希捷科技 (STX) 2024 Q2 法說會逐字稿

Welcome to the Seagate Technology Fiscal Second Quarter 2024 Conference Call. (Operator Instructions) Please note this event is being recorded.

歡迎參加希捷科技 2024 年第二季財年電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Shanye Hudson, Senior Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係高級副總裁 Shanye Hudson。請繼續。

Thank you. Hello, 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 the detailed supplemental information for our December quarter results on the Investors section of our website.

謝謝。大家好，歡迎參加今天的電話會議。與我一起的還有 Seagate 執行長 Dave Mosley；以及我們的財務長 Gianluca Romano。我們在網站的投資者部分發布了收益新聞稿和 12 月季度業績的詳細補充資訊。

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. We have 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 effort.

在今天的電話會議中，我們將提及 GAAP 和非 GAAP 指標。非 GAAP 數據與我們網站上發布的收益新聞稿中的 GAAP 數據進行了核對，並包含在我們的 8-K 表格中。我們尚未對某些非公認會計準則展望指標進行調整，因為可能影響這些指標的重大項目超出了我們的控制範圍和/或無法合理預測。因此，如果不付出不合理的努力，就無法與相應的公認會計原則措施進行調節。

Before we begin, I'd like to remind you that today's call contains forward-looking statements that reflect management's current views and assumptions based on the information available to us as of today, and should not be relied upon as of any subsequent date. Actual results may differ materially from those contained in or implied by these forward-looking statements as they are subject to risks and uncertainties associated with our business. To learn more about the risks, uncertainties and other factors that may affect our future business results, please refer to the press release issued today and our SEC filings, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q as well as the supplemental information, all of which may be found in the Investors section of our website.

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，這些陳述反映了管理層基於截至今天我們掌握的資訊的當前觀點和假設，不應在任何後續日期依賴。實際結果可能與這些前瞻性陳述中包含或暗示的結果有重大差異，因為它們受到與我們業務相關的風險和不確定性的影響。要了解有關可能影響我們未來業務業績的風險、不確定性和其他因素的更多信息，請參閱今天發布的新聞稿和我們向SEC 提交的文件，包括我們最新的10-K 表年度報告和10 -表格季度報告問以及補充信息，所有這些都可以在我們網站的投資者部分找到。

As always, following our prepared remarks, we'll open the call for questions. I'll now turn the call over to Dave for his opening remarks.

像往常一樣，在我們準備好的發言之後，我們將開始提問。現在我將把電話轉給戴夫，讓他致開幕詞。

Thanks, Shanye, and hello, everyone. I am going to focus on 2 key topics in my remarks today. First, we delivered solid fiscal second quarter results, with revenue at the midpoint of our guidance and non-GAAP earnings of $0.12 per share, exceeding the upper end of our guided range.

謝謝山野，大家好。我今天的發言將重點放在兩個關鍵主題。首先，我們實現了穩健的第二財季業績，收入處於我們指導範圍的中點，非 GAAP 每股收益為 0.12 美元，超出了我們指導範圍的上限。

And second, last week, we marked a major inflection point in mass capacity storage with the launch of our groundbreaking Mozaic platform. Mozaic is intentionally named to describe the fusion of innovative technologies, including Seagate's unique implementation of HAMR that collectively enable us to extend our areal density leadership. As we shared in the past, growing areal density is the most efficient way to enable data center operators to scale mass capacity storage to lower their TCO and to advance their sustainability targets.

其次，上週，我們推出了突破性的 Mozaic 平台，標誌著大容量儲存領域的重大轉折點。 Mozaic 的命名是為了描述創新技術的融合，包括 Seagate 獨特的 HAMR 實施，這些技術共同使我們能夠擴大我們的面密度領先地位。正如我們過去所分享的，增加面密度是使資料中心營運商能夠擴展大容量儲存以降低總體擁有成本並推進永續發展目標的最有效方式。

I'll discuss the platform in more detail shortly and also share progress towards qualification and volume ramp of our first HAMR-based Mozaic product, which lays the foundation for products boasting 5 terabytes per disk and beyond.

我很快就會更詳細地討論該平台，並分享我們第一個基於 HAMR 的 Mozaic 產品的資格認證和容量增長的進展，該產品為每磁碟 5 TB 及以上的產品奠定了基礎。

Let me start by highlighting our fiscal Q2 performance. Revenue of $1.56 billion was led by sequentially improving cloud nearline demand and a seasonal uptick in consumer drives, offset partially by the decline in VIA sales that we anticipated. Strong cost discipline and execution on pricing adjustments resulted in non-GAAP operating income tripling quarter-over-quarter and increasing roughly 17% year-over-year despite lower revenue levels. These performance and demand trends affirm our expectation for the September quarter to be the bottom of this prolonged down cycle.

首先我要強調一下我們第二季的財務表現。 15.6 億美元的收入主要得益於雲端近線需求的連續改善和消費者驅動器的季節性增長，但部分被我們預期的威盛銷售額下降所抵消。儘管收入水平較低，但嚴格的成本紀律和定價調整的執行導致非 GAAP 營業收入環比增長兩倍，同比增長約 17%。這些業績和需求趨勢證實了我們對 9 月季度將成為這一長期下行週期底部的預期。

The enhanced discipline we've built into the business, including strict cost controls, management of supply and strengthening of our balance sheet gives us an excellent foundation to build on as we move into a broader recovery. Additionally, execution of our product road map is expected to structurally improve profitability and return us to our targeted financial model, which supports healthier industry economics. We enter calendar 2024 with increased confidence in our non-GAAP gross margin trajectory, including our ability to reclaim 30% minimum benchmark level at quarterly revenues that are at least 20% below our prior cyclical peak.

我們在業務中加強了紀律，包括嚴格的成本控制、供應管理和加強資產負債表，為我們進入更廣泛的復甦階段奠定了良好的基礎。此外，我們產品路線圖的執行預計將在結構上提高獲利能力，並使我們回歸目標財務模型，從而支持更健康的產業經濟。進入 2024 年，我們對非 GAAP 毛利率軌蹟的信心增強，包括我們有能力將季度收入恢復 30% 的最低基準水平，比之前的周期性峰值至少低 20%。

From a demand standpoint, gradual recovery within the U.S. cloud market has started to take shape, reflecting solid progress in consuming excess inventory, along with more stable end market behavior. Enterprise OEM demand trends have also stabilized within the U.S. markets. Customer feedback still points to macro-related concerns, although IT hardware budgets are projected to modestly improve in calendar 2024 and traditional server growth is expected to resume, trends that support incremental HDD demand growth in the calendar year. We were also encouraged to see incremental demand among certain non-U.S. cloud and enterprise customers in the December quarter.

從需求角度來看，美國雲端市場的逐步復甦已經開始形成，反映出消耗過剩庫存的紮實進展以及終端市場行為更加穩定。美國市場內的企業 OEM 需求趨勢也趨於穩定。儘管 IT 硬體預算預計將在 2024 年略有改善，並且傳統伺服器預計將恢復成長，但客戶回饋仍然指向與宏觀相關的擔憂，這些趨勢支持了歷年 HDD 需求的增量成長。我們也很欣喜地看到某些非美國雲端和企業客戶在 12 月季度的需求增量。

Across the broader China markets, we project a relatively slower pace of recovery given the ongoing economic challenges within the region. However, some local governments announced further steps to support the region's economy, which our customers believe will bolster local demand across mass capacity markets in China in the second half of the calendar year. These efforts support our view for demand in the VIA markets to pick up sometime after the Lunar New Year.

鑑於該地區持續面臨的經濟挑戰，我們預期整個中國市場的復甦步伐相對較慢。然而，一些地方政府宣布了進一步的措施來支持該地區的經濟，我們的客戶認為這將在今年下半年提振中國大容量市場的當地需求。這些努力支持了我們對威盛市場需求將在農曆新年後某個時間回升的看法。

Against the dynamic market environment, Seagate has continued to execute on a mass capacity product portfolio that further advances our technology leadership and serves the breadth of our customers' unique workload requirements while also supporting our objective of improving profitability. I'll outline the execution path for our latest product launches and the relevance of the new platform and then share how we believe our mass capacity solutions deliver economic value both to our customers and to Seagate.

針對動態的市場環境，希捷持續執行大容量產品組合，進一步提升我們的技術領先地位，滿足客戶獨特的工作負載需求，同時支持我們提高獲利能力的目標。我將概述我們最新產品發布的執行路徑以及新平台的相關性，然後分享我們如何相信我們的大容量解決方案可以為我們的客戶和希捷帶來經濟價值。

Our product qualification and ramp plans are on track with what we've been articulating over the past several quarters. We began shipping initial volumes of our 24-terabyte CMR, 28-terabyte SMR drives in the December quarter. Customer reception has been positive, as illustrated by the numerous active qualifications underway across multiple cloud and enterprise customers.

我們的產品資格和升級計劃與我們過去幾季所闡述的計劃相符。我們在 12 月所在季度開始批量發貨 24 TB CMR、28 TB SMR 硬碟。多個雲端和企業客戶正在進行的眾多積極的資格認證表明，客戶的反應是積極的。

Our 3-plus terabyte per disk product is the first major release of the HAMR-based Mozaic platform and we are rapidly nearing qual completion with our initial hyperscale launch partner. The qual has gone very well, and we are working with this customer at their request to fully transition future Seagate demand to the 3-plus terabyte per disk platform. Volume ramp is starting in the March quarter according to plan, with a goal to ship about 1 million units in the first half of this calendar year.

我們的每磁碟超過 3 TB 的產品是基於 HAMR 的 Mozaic 平台的第一個主要版本，我們正迅速接近與我們最初的超大規模發布合作夥伴的品質完成。品質進展非常順利，我們正在應該客戶的要求與他們合作，將希捷未來的需求完全過渡到每磁碟 3 TB 以上的平台。按計劃，銷量將從三月季度開始，目標是在今年上半年出貨約 100 萬台。

We then expect to continue to ramp through the balance of the calendar year, and we are currently broadening our customer engagements. Based on their planned time lines, we expect to complete qualifications with a majority of U.S. hyperscalers and a couple of global cloud customers during calendar 2024.

然後，我們預計將在日曆年的剩餘時間內繼續增加，目前我們正在擴大我們的客戶參與範圍。根據他們的規劃時間表，我們預計將在 2024 年期間完成對大多數美國超大規模企業和一些全球雲端客戶的資格認證。

Starting at 3 terabytes per disk, Mozaic delivers a quantum leap forward in areal density innovation with a well-defined path that extends to 5 terabytes per disk and beyond. This transformative platform is the culmination of decades of development and numerous technologies pioneered by Seagate, including our superlattice platinum alloy media that enables higher bit density. The revolutionary plasmonic writer with integrated laser capable of reliability writing each bit and an advanced reader technology that boasts one of the world's smallest reading sensors. While Mozaic represents groundbreaking technology, the platform is fully plug-and-play with existing conventional drives and addresses the breadth of our customers' mass capacity workloads. These drives can also be deployed with SMR technologies for the few customers able to integrate SMR to take advantage of the additional capacity gains.

從每個磁碟 3 TB 開始，Mozaic 透過一條明確定義的路徑擴展到每個磁碟 5 TB 甚至更高，在面密度創新方面實現了巨大飛躍。這個變革性平台是 Seagate 數十年發展和眾多技術的結晶，其中包括我們的超晶格鉑合金介質，可實現更高的位密度。革命性的等離子體寫入器配備整合式雷射器，能夠可靠地寫入每一位，並採用先進的讀取器技術，擁有世界上最小的讀取感測器之一。雖然 Mozaic 代表了突破性技術，但該平台與現有傳統驅動器完全即插即用，可滿足客戶的海量容量工作負載的需求。這些驅動器還可以與 SMR 技術一起部署，以便少數能夠整合 SMR 的客戶以利用額外的容量增益。

As I noted earlier, areal density gains are the most efficient way to scale storage capacity. Let me offer a few clear examples. First, as we execute our product road map, we can deliver increasingly higher capacity drives with minimal changes to the Bill of Materials. This results in a better TCO value proposition for our customers and attractive economics for Seagate. Second, as we scale areal density to 4 terabytes per disk, this enables extremely cost-effective product offerings in the low to midrange capacity points used by a majority of our enterprise via NAS customers. With 4 terabytes per disk, we used half the number of heads and disks to produce a 20-terabyte drive. Prototypes are already working in our labs, with revenue planned for the second half of calendar 2025.

正如我之前指出的，面密度增益是擴展儲存容量最有效的方法。讓我舉幾個明顯的例子。首先，當我們執行產品路線圖時，我們可以透過對物料清單進行最小的更改來提供越來越高的容量驅動器。這為我們的客戶帶來了更好的 TCO 價值主張，並為 Seagate 帶來了有吸引力的經濟效益。其次，當我們將面密度擴展到每個磁碟 4 TB 時，這可以在我們大多數企業透過 NAS 客戶使用的中低容量點提供極具成本效益的產品。每個磁碟容量為 4 TB，我們使用了一半數量的磁頭和磁碟來生產 20 TB 的磁碟機。原型已在我們的實驗室中運行，計劃於 2025 年下半年實現收入。

As we ramp production to expand to other end markets, we gained tremendous manufacturing efficiencies, adding to the attractive margin opportunities that I just described. We continue to build on our technology and operational innovations with each successive product generation. For example, we are executing plans to vertically integrate the laser manufacturing process, which enhances supply flexibility, provides greater control of the technology and provides opportunities to lower production costs. Collectively, we believe these actions underpin our mass capacity cost reduction road map while also providing a very strong TCO story for a broad range of customers.

當我們提高產量以擴展到其他終端市場時，我們獲得了巨大的製造效率，增加了我剛才描述的有吸引力的利潤機會。我們繼續在每一代產品中不斷發展我們的技術和營運創新。例如，我們正在執行垂直整合雷射製造流程的計劃，這增強了供應靈活性，提供了對技術的更大控制，並提供了降低生產成本的機會。總的來說，我們相信這些行動鞏固了我們大規模產能成本降低路線圖，同時也為廣大客戶提供了非常強大的 TCO 故事。

While TCO remains a key driver for mass capacity storage, data center operators are also focused on power and space consumption, particularly as investments in compute-intensive infrastructure proliferates to support generative AI applications. For context, the latest AI GPUs consume up to 700 watts, which is roughly 100x more power-intensive than a hard drive operating at maximum performance.

雖然整體擁有成本仍然是大容量儲存的關鍵驅動因素，但資料中心營運商也關注電力和空間消耗，特別是隨著對運算密集基礎設施的投資激增以支援生成型人工智慧應用。就上下文而言，最新的 AI GPU 功耗高達 700 瓦，這比以最大效能運行的硬碟大約高 100 倍。

Our products can help data center operators store more exabytes using less power and space. To quantify this, a single 32-terabyte Mozaic drive can replace 3 10-terabyte drives storing more capacity at 1/3 of the power and footprint. TCO and sustainability gains of this magnitude are decision-altering when architecting a new data center and offer a highly economical path to modernizing existing infrastructure. We believe that this dynamic can potentially accelerate the replacement cycle.

我們的產品可以幫助資料中心營運商使用更少的電力和空間儲存更多艾字節。為了量化這一點，單一 32 TB Mozaic 硬碟可以取代 3 個 10 TB 硬碟，以 1/3 的功耗和佔用空間儲存更多容量。在建立新資料中心時，如此龐大的總體擁有成本和永續性效益會改變決策，並為現有基礎設施現代化提供高度經濟的途徑。我們相信這種動態可能會加速更換週期。

As we move into the early stages of demand recovery, Seagate's strong focus on maintaining our product and technology road map through this past down cycle position us to return to profitable growth and address data center operators most important challenges: cost, power and space. We believe we've got the right product at the right time heading into a gradual recovering mass capacity market.

隨著我們進入需求復甦的早期階段，希捷在過去的下行週期中重點關注維持我們的產品和技術路線圖，使我們能夠恢復獲利成長並解決資料中心營運商最重要的挑戰：成本、功耗和空間。我們相信，我們在正確的時間推出了正確的產品，進入了逐漸復甦的大容量市場。

With that, Gianluca will now cover details on our financial performance and outlook.

接下來，Gianluca 將詳細介紹我們的財務表現和前景。

Thank you, Dave. Seagate's December quarter financial results reflect solid operational execution. Revenue was $1.56 billion, up 7% quarter-over-quarter. Non-GAAP operating income more than tripled sequentially to $127 million, leading to non-GAAP operating margin expanding to 8.2% of revenue, up 540 basis points quarter-over-quarter. And non-GAAP EPS was $0.12, improving $0.34 sequentially and exceeding the high end of our original guidance range, reflecting both improving demand trends and our focus on profitability.

謝謝你，戴夫。希捷 12 月季度的財務表現反映了穩健的營運執行力。營收為 15.6 億美元，季增 7%。非 GAAP 營業收入比上一季成長兩倍多，達到 1.27 億美元，導致非 GAAP 營業利潤率擴大至營收的 8.2%，季增 540 個基點。非 GAAP 每股收益為 0.12 美元，比上一季提高 0.34 美元，超出了我們最初指導範圍的上限，反映了需求趨勢的改善和我們對盈利能力的關注。

As these trends continue, we expect our results to improve and reach the target financial model over time. Within our hard disk drive business, exabyte shipments grew 6% sequentially to 95, with revenue growing 7% to $1.4 billion. Revenue performance was mainly driven by an expected improvement in cloud customer demand, along with seasonal improvement in the consumer market.

隨著這些趨勢的持續，我們預計我們的業績將隨著時間的推移而改善並達到目標財務模型。在我們的硬碟業務中，艾字節出貨量較上季成長 6%，達到 95 艾字節，營收成長 7%，達到 14 億美元。收入表現主要受到雲端客戶需求預期改善以及消費者市場季節性改善的推動。

Within the mass capacity market, revenue increased 4% sequentially to $1.1 billion, driven mainly by strong nearline cloud demand, offsetting the expected decline in the VIA market. Mass capacity shipments totaled 83 exabytes, compared with 79 exabytes in the September quarter. Mass capacity shipments as a percent of total HDD exabyte was 87%, which is comparable to the prior quarter 88%.

在大容量市場中，營收季增 4% 至 11 億美元，主要受到強勁的近線雲需求的推動，抵消了威盛市場的預期下滑。海量容量出貨量總計 83 艾字節，而 9 月季為 79 艾字節。海量容量出貨量佔 HDD EB 總量的百分比為 87%，與上一季的 88% 相當。

For nearline products, shipment of 65 exabytes were up quarter-over-quarter from 56 exabytes. Average capacity per nearline drive continue to increase sequentially, reflecting modest demand improvement among both U.S. cloud customer and China cloud customers. We believe that inventory among many CSP customers is reaching more normalized levels and anticipate continued nearline demand improvement in the March quarter and beyond.

對於近線產品，出貨量從 56 艾字節環比增長至 65 艾字節。每個近線驅動器的平均容量持續較上季增加，反映出美國雲端客戶和中國雲端客戶的需求略有改善。我們認為，許多 CSP 客戶的庫存正在達到更正常的水平，並預計 3 月季度及以後的近線需求將持續改善。

VIA market revenue was down sequentially in the December quarter, consistent with our expectations. Looking ahead, we expect VIA to reflect more typical seasonal patterns through calendar 2024, with the March quarter representing the low point. Legacy product revenue was $324 million, up from $278 million in the prior quarter, driven by higher seasonal demand in the consumer market. We expect the legacy market to be sequentially lower in the March quarter following typical consumer demand trends post-holiday season. Finally, revenue for our non-HDD business increased to $171 million compared with $159 million last quarter, primarily driven by improved SSD demand.

威盛市場營收在 12 月季度環比下降，與我們的預期一致。展望未來，我們預計威盛將在 2024 年之前反映更典型的季節性模式，其中 3 月季度為最低點。受消費市場季節性需求增加的推動，傳統產品收入為 3.24 億美元，高於上一季的 2.78 億美元。我們預計，根據節後典型的消費者需求趨勢，傳統市場將在三月季度連續走低。最後，我們的非 HDD 業務收入從上個季度的 1.59 億美元增至 1.71 億美元，這主要是受到 SSD 需求改善的推動。

Moving on to the rest of the income statement. Non-GAAP gross profit increased sequentially by roughly $80 million in the December quarter to $367 million, ahead of our original expectations. Non-GAAP gross margin of 23.6% expanded nearly 400 basis points compared to the previous quarter, due in part to pricing adjustment and cost savings from earlier restructuring activities as well as lower amortization costs, which were about $40 million, consistent with our view for ongoing demand recovery. However, we expect amortization cost to marginally increase for the next couple of quarters as we transition some of our production line to Mozaic.

繼續看損益表的其餘部分。 12 月季度的非 GAAP 毛利環比增長約 8,000 萬美元，達到 3.67 億美元，超出了我們最初的預期。非 GAAP 毛利率為 23.6%，較上一季增加近 400 個基點，部分原因是定價調整和早期重組活動節省的成本，以及攤銷成本降低（約 4,000 萬美元），這與我們對需求持續復甦。然而，隨著我們將部分生產線轉向 Mozaic，我們預計未來幾季的攤銷成本將小幅增加。

Accounting for this [happening], we still expect to see margin expansion every quarter in calendar 2024 as nearline demand continues to improve gradually and we ramp our latest products along with continued execution of price adjustment across the entire portfolio. Non-GAAP operating expenses totaled $240 million, down from $248 million in the September quarter and reflecting ongoing spending optimization.

考慮到這種情況，我們仍然預計 2024 年每季的利潤率都會擴大，因為近線需求繼續逐步改善，我們會增加最新產品，同時繼續對整個產品組合進行價格調整。非 GAAP 營運費用總計 2.4 億美元，低於 9 月季度的 2.48 億美元，反映了持續的支出優化。

With the benefit of diligent expense management and higher margins, adjusted EBITDA improved more than 50% sequentially to $216 million. Non-GAAP net income turned positive in the December quarter, resulting in non-GAAP EPS of $0.12 per share, based on diluted share count of approximately 211 million shares and tax expense of $17 million.

由於勤奮的費用管理和更高的利潤率，調整後的 EBITDA 環比增長了 50% 以上，達到 2.16 億美元。根據約 2.11 億股的稀釋股數和 1,700 萬美元的稅費，非 GAAP 淨利在 12 月季度轉為正數，導致非 GAAP 每股收益為 0.12 美元。

Moving on to cash flow and the balance sheet. In the December quarter, we had the inventory flat at just below $1.1 billion. Capital expenditures were also flat sequentially at $70 million. A majority of planned capital expenditure were completed in the first half of fiscal '24. Consistent with prior commentary, we still expect fiscal '24 CapEx to be down significantly compared with fiscal '23, although still sufficient to support our innovation-driven product road map. We generated about $100 million in free cash flow and returned $146 million to shareholders through the quarterly dividend, exiting the quarter with 210 million shares outstanding.

轉向現金流和資產負債表。在 12 月季度，我們的庫存持平於略低於 11 億美元。資本支出也與上一季持平，為 7,000 萬美元。大部分計畫資本支出已於 2024 財年上半年完成。與先前的評論一致，我們仍然預計 24 財年的資本支出將比 23 財年大幅下降，儘管仍足以支持我們的創新驅動產品路線圖。我們產生了約 1 億美元的自由現金流，並透過季度股息向股東返還了 1.46 億美元，本季末流通股數為 2.1 億股。

We closed the December quarter with $2.3 billion in available liquidity, including our undrawn revolving credit facility. Our debt balance was $5.7 billion at the end of December quarter, with more than 90% of our long-term debt obligation beyond 3 years. Non-GAAP interest expense were flat quarter-over-quarter at $84 million, and we project similar expense levels in the March quarter.

截至 12 月季度，我們擁有 23 億美元的可用流動資金，其中包括未提取的循環信貸額度。截至 12 月季末，我們的債務餘額為 57 億美元，其中 90% 以上的長期債務期限超過 3 年。非 GAAP 利息支出與上一季持平，為 8,400 萬美元，我們預期 3 月季度的支出水準類似。

Turning to our outlook. We expect incremental improvements in mass capacity demand from both cloud and enterprise customers to more than offset seasonal related decline in VIA and the legacy markets. With better context, March quarter revenue is expected to be in the range of $1.65 billion, plus or minus $150 million, an increase of 6% sequentially at the midpoint.

轉向我們的展望。我們預計雲端和企業客戶的海量容量需求的逐步改善將足以抵消威盛和傳統市場與季節性相關的下降。在更好的背景下，3 月份季度營收預計將在 16.5 億美元上下，上下浮動 1.5 億美元，中位數環比增長 6%。

We are planning for non-GAAP operating expenses of approximately $260 million as our temporary pay reduction ended late in the December quarter. At the midpoint of our revenue guidance, we expect non-GAAP operating margin to expand to the low double-digit percentage range, including underutilization cost of approximately $50 million.

由於我們的臨時減薪已於 12 月季度末結束，因此我們計劃非 GAAP 營運費用約為 2.6 億美元。在我們收入指引的中點，我們預計非 GAAP 營業利潤率將擴大至兩位數百分比範圍，其中包括約 5,000 萬美元的未充分利用成本。

We expect our non-GAAP EPS to be $0.25 plus or minus $0.20, based on a diluted share count of approximately 212 million shares and a non-GAAP tax expense of $27 million.

基於約 2.12 億股的稀釋股數和 2,700 萬美元的非 GAAP 稅收費用，我們預期非 GAAP 每股盈餘為 0.25 美元上下 0.20 美元。

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

我現在將把電話轉回戴夫以徵求最終意見。

Thanks, Gianluca. Heading into calendar 2024, we have increased confidence in a gradual nearline demand recovery that coincides with the launch of Mozaic. We believe this platform delivers sustainable areal density leadership with compelling TCO advantages, enabling data center operators to satisfy their increasing workload demands while conserving both power and space. This combination of capabilities is significant, and our timing is fortuitous. We've navigated the last 7 quarters with discipline and focus while maintaining our product and technology execution plans. As a result, we emerge well positioned to drive optimized financial performance to support our capital return commitments and return to our targeted profitability levels over time.

謝謝，吉安盧卡。進入 2024 年，我們對 Mozaic 推出之際需求逐步復甦的信心增強。我們相信，該平台可提供可持續的面密度領先地位以及引人注目的 TCO 優勢，使資料中心營運商能夠滿足其不斷增長的工作負載需求，同時節省電力和空間。這種能力的結合意義重大，而我們的時機也很偶然。在過去的 7 個季度中，我們始終保持紀律和專注，同時維持我們的產品和技術執行計劃。因此，我們處於有利地位，可以推動優化財務業績，以支持我們的資本回報承諾，並隨著時間的推移恢復到我們的目標獲利水準。

Our strong execution is only possible through the tremendous efforts of our global team, and I would like to thank them for their resiliency and dedication through this dynamic period. I would also like to thank our suppliers, customers and shareholders for your ongoing support of Seagate. Operator, let's open up the call for questions.

我們強大的執行力只有透過我們全球團隊的巨大努力才能實現，我要感謝他們在這個充滿活力的時期所展現的韌性和奉獻精神。我還要感謝我們的供應商、客戶和股東對希捷的持續支持。接線員，讓我們開始提問吧。

(Operator Instructions) And today's first question comes from Wamsi Mohan with BofA.

（操作員說明）今天的第一個問題來自美國銀行的 Wamsi Mohan。

Dave, you alluded to the progress that you've made on Mozaic. Given what you know now, how would you characterize the outlook for maybe HAMR units in the second half of '24 or perhaps into '25? And I think you mentioned your first customer looking to transition to 3-terabyte HAMR. What kind of exabyte installed base opportunity is that? And maybe you could address it even more broadly across hyperscalers. That would be very helpful.

Dave，您提到了在 Mozaic 上取得的進展。根據您現在所了解的情況，您如何描述 HAMR 裝置在 24 年下半年或 25 年的前景？我想您提到了您的第一個客戶希望過渡到 3 TB HAMR。這是什麼樣的 EB 裝置機會？也許您可以在超大規模企業中更廣泛地解決這個問題。這將非常有幫助。

Yes. Thanks, Wamsi. So we were very quantitative and prescriptive on the last call about the front half of this year. I think we won't be as much on the back half of this year, but the ramp is continuing on at a healthy pace. And we're continuing to look at all what customers need on the last generation platform, next-generation platform, trying to balance supply and demand really well. I think that's the primary metric that we're focused on, make sure we get financial predictability. We'll drive the HAMR transition aggressively this year. And then Mozaic really gets into when we get to 4 terabytes of platter and how are we populating that chain. I mean we expect to drive as many HAMR exabytes into 2025 as we can.

是的。謝謝，瓦姆西。因此，我們在今年上半年的最後一次電話會議上非常定量和規範。我認為今年下半年的情況不會那麼嚴重，但成長仍在以健康的速度繼續進行。我們將持續專注於客戶對上一代平台、下一代平台的所有需求，並努力平衡供需。我認為這是我們關注的主要指標，確保我們獲得財務可預測性。今年我們將積極推動 HAMR 過渡。然後，當我們的盤片達到 4 TB 時，Mozaic 就真正開始討論我們如何填充該鏈。我的意思是，我們預計到 2025 年將盡可能地驅動 HAMR EB。

So we're off to a good start, I think, and we're going up the ramp and trying to work the yields and get everybody qualified like we talked about. Nothing really changed in the last 90 days, I would say. Problems are tough problems, but the team is knocking them down. So I'm pretty happy with that.

因此，我認為我們有了一個良好的開端，我們正在努力提高產量，讓每個人都像我們所說的那樣合格。我想說，過去 90 天沒有任何真正的改變。問題是棘手的問題，但團隊正在解決它們。所以我對此很滿意。

Okay. And Gianluca, maybe could you help us just think about the margin ramp? I think you noted some headwinds that will continue from underutilization charges, but you're also expecting the margins to increase all through calendar '24. Could you maybe also help us think through in that margin commentary, how -- what the margin differential is between HAMR and CMR mass capacity drives and how that might change over time?

好的。 Gianluca，也許你能幫我們考慮一下利潤率上升的問題嗎？我認為您注意到了一些不利因素，這些不利因素將因未充分利用費用而持續存在，但您也預計整個 24 年利潤率都會增加。您是否也可以幫助我們在利潤評論中思考一下 HAMR 和 CMR 大容量硬碟之間的利潤差異是多少，以及隨著時間的推移，這種差異可能會如何變化？

Yes, good question. Well, first of all, our December quarter showed a good improvement in profitability. Our gross margin was up about 4%. Operating margin was up more than 5%, so I'll say this profitability recovery already started. Part of that is, of course, coming from Mozaic cost actions that we have taken in the last almost 2 years. And of course, the mix improvement and of course the pricing action also that we have taken in the last several quarters. So this will continue to be reflected also in the future quarters.

是的，好問題。嗯，首先，我們 12 月季度的獲利能力有了良好的改善。我們的毛利率成長了約 4%。營業利潤率成長了 5% 以上，所以我想說，獲利能力的復甦已經開始。當然，其中一部分來自我們在過去近兩年中採取的 Mozaic 成本行動。當然，還有我們在過去幾季採取的產品組合改善和定價行動。因此，這也將繼續反映在未來幾季。

Mix will continue to go through more mass capacity volume and those cost actions are, of course, continuing to be very effective. In terms of the underutilization, depending a bit what we ramped during the quarter. In the December quarter, we ramped a little bit more of the wafers, but of course, has high cost in our manufacturing to get ready for the shipment of the current quarter and next quarter in terms of HAMR. And then now we can mediate use it to be the wafer and trend more on the media and, of course, having more drive in the final test. So depending a little bit on the mix inside our production. So we said underutilization charges could be slightly higher, a little bit higher, but not very much higher, which is a little bit higher. So I expect that for the next few quarters to see mix going in the right direction, meaning more high-capacity drive and starting to see the impact from some volume of HAMR. So March will not be particularly high volume, but we will have more in June. And as Dave said, we will have even more into the second part of the calendar year.

混合將繼續經歷更多的容量容量，這些成本行動當然將繼續非常有效。就利用率不足而言，這在一定程度上取決於我們在本季的成長情況。在 12 月季度，我們增加了一些晶圓，但當然，就 HAMR 而言，我們的製造成本很高，為本季和下季的出貨做好準備。然後現在我們可以調解使用它作為晶圓和媒體上更多的趨勢，當然，在最終測試中有更多的驅動器。因此，這取決於我們生產中的混合。所以我們說，未充分利用的費用可能會稍微高一點，高一點，但不會高很多，也就是高一點。因此，我預計在接下來的幾個季度中，混合動力將朝著正確的方向發展，這意味著更多的高容量驅動，並開始看到一定數量的 HAMR 的影響。因此，3 月份的銷量不會特別高，但 6 月份我們的銷量會更多。正如戴夫所說，我們將在今年下半年推出更多內容。

With the business improving, demand improving, we go into possibly higher revenue, and we are, of course, targeting to bring back our gross margin into the target range of 30% to 33%, as we said in the prior quarter at a much lower level of revenue compared to the prior upside.

隨著業務改善、需求改善，我們的收入可能會更高，當然，我們的目標是將毛利率恢復到 30% 至 33% 的目標範圍，正如我們在上一季所說的那樣與之前的上漲相比，收入水平較低。

And our next question today comes from Erik Woodring with Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的艾瑞克‧伍德林。

Dave, I was wondering if you could just double-click again on some of the dynamics behind the hyperscalers and where their inventory is. How long do you see any more pain or what their behavior is, what your conversations look like? And then again, how they're responding to any pricing actions and production changes that you've been making over the last -- relative to 90 days ago.

戴夫，我想知道您是否可以再次雙擊超大規模企業背後的一些動態及其庫存位置。您多久會看到更多的痛苦或他們的行為是什麼，你們的談話是什麼樣的？再說一遍，他們如何應對您在過去（相對於 90 天前）所做的任何定價行為和生產變化。

Yes. The dynamics for them is very interesting, and it has affected us quite a bit over the last year or so. I do think the inventory situation is much, much better than it was 6 months ago. So I'll say, it's basically cleaned up at this point. And it's going into the inventory changes going out and being consumed by the data centers again. So we're much happier with that. The rate of consumption isn't what it was 2 years ago. And -- but I do think it's going to accelerate a little bit. And this is where we get into the forecast numbers of what the CAGR is, the exabyte CAGR.

是的。他們的動態非常有趣，在過去一年左右的時間裡對我們影響很大。我確實認為庫存狀況比 6 個月前好得多。所以我想說，到這裡基本上已經清理乾淨了。它會進入庫存變化，並再次被資料中心消耗。所以我們對此感到非常高興。消費率已不如兩年前。而且——但我確實認為它會加速一點。這就是我們獲得複合年增長率（EB 複合年增長率）的預測數字的地方。

In 2020, we were in the high 50s and then we stayed in the 30s for 2021 and 2022. And then for the first time ever for the last year, 1.5 years, we've seen negative exabyte growth, which doesn't make any sense. We're forecasting still in the mid-20s right now. And it may be a little bit higher as people get into some of these replacement cycles that we talked about. The interesting dynamic as I look back on the last 1.5 years was the push for AI and how it consumed a lot of compute dollars for the compute infrastructure that was going on in the data centers. And that's critical for most of our customers. They have been raised up to get as much compute memory for that compute online as they could to be able to handle all these AI applications everyone's talking about. I do think ultimately, there's a data back end piece of that. And then also, there's the fact that they were -- as they were prioritizing that, they were letting the drives that they had in the data centers just continue to run. So there's the replacement cycle for power and space and just overall cost benefits.

2020 年，我們處於50 多歲的水平，然後在2021 年和2022 年保持在30 多歲。然後，在去年，即1.5 年裡，我們第一次看到艾字節的負增長，這並沒有帶來任何影響。感覺。我們目前預測仍為 20 多歲。隨著人們進入我們討論的一些更換週期，這個數字可能會更高一些。回顧過去 1.5 年，有趣的動態是人工智慧的推動以及它如何消耗大量計​​算資金用於資料中心的運算基礎設施。這對我們的大多數客戶來說至關重要。他們被提出來為在線計算獲得盡可能多的計算內存，以便能夠處理每個人都在談論的所有這些人工智能應用程式。我確實認為最終會有一個數據後端部分。此外，還有一個事實是，當他們優先考慮這一點時，他們會讓資料中心中的驅動器繼續運作。因此，存在電力和空間的更換週期以及整體成本效益。

We're all -- we're definitely having those conversations with our customers, and then factoring that into what exactly our volume plans are for the next 3 years and saying this is what we're intending to build. This is the economics that you could get it to -- and we've talked about this build-to-order before and I think we're getting a lot of good reception. There's a lot of other supply chains that are actually managed this way by these people. So they understand it fairly well, and they see the TCO benefits of the higher capacity drives, so they want to reach for that, plan it well and they'll get it. And we have to be careful, of course, because the factories have been so decimated by this downturn that we need to make sure that as we grow back, we grow back in a smart way.

我們肯定會與客戶進行這些對話，然後將其納入我們未來 3 年的銷售計劃中，並表示這就是我們打算打造的產品。這就是你可以得到的經濟效益——我們之前已經討論過這種按訂單生產的方式，我認為我們得到了很多好評。實際上還有很多其他供應鏈是由這些人以這種方式管理的。因此，他們非常了解這一點，並且看到了更高容量驅動器的 TCO 優勢，因此他們希望實現這一點，精心規劃，他們就會得到它。當然，我們必須小心，因為工廠在這次經濟衰退中遭受重創，我們需要確保在我們恢復成長時，我們以明智的方式恢復成長。

And our next question today comes from Aaron Rakers with Wells Fargo.

今天我們的下一個問題來自富國銀行的 Aaron Rakers。

I wanted to maybe just ask about the income statement, just the P&L trajectory from here. This guidance that you've given looks like it's the first kind of sequential increase in OpEx that we've seen, and I can appreciate improving fundamentals, et cetera. I'm just curious, how do we think about the pace of quarterly OpEx and maybe a normalized level of operating expenses looking out over a couple of quarters. And then kind of building off of that with free cash flow generation returning, just remind us again how you think about the capital structure and possibility of coming back into the market in terms of share repo?

我想也許只是問損益表，只是從這裡開始的損益軌跡。您給出的指導看起來是我們見過的第一種營運支出連續成長的方式，我很欣賞基本面的改善等等。我只是很好奇，我們如何看待季度營運支出的速度，以及未來幾季營運支出的正常水平。然後，在自由現金流產生回歸的基礎上，再次提醒我們，您如何看待資本結構以及在股票回購方面重返市場的可能性？

Thanks, Aaron. Well, in terms of OpEx, if you look our trend has always been very positive in terms of OpEx control, cost control. Just a few quarters ago, we were at well above $300 million. So we went fairly low, especially in the last quarter, now at $240 million. As I said in the prepared remarks, we have little bit of higher costs expected in this quarter because we took some extraordinary action on salary that ended at the end of last quarter. So we have a little bit of higher labor cost. As usual, we will focus on OpEx control. It's still a very, very good number. And I think in the next few quarters, we will stay around this level of OpEx until next fiscal year. As you know, in the current fiscal year, we don't have any variable compensation overall in our COGS and OpEx, but a big part is in OpEx. So I think this level is probably reasonable for fiscal Q3 and fiscal Q4. And then next fiscal year, probably a little bit higher cost in OpEx. Still, I think well below the $300 million, probably between $270 million, $280 million a quarter is probably a reasonable way to model it.

謝謝，亞倫。嗯，就營運支出而言，如果你看看我們在營運支出控制、成本控制方面的趨勢一直非常積極。就在幾個季度前，我們的營收還遠高於 3 億美元。所以我們的價格相當低，尤其是在上個季度，目前為 2.4 億美元。正如我在準備好的演講中所說，我們預計本季的成本會略有上升，因為我們對上季末結束的工資採取了一些非常規行動。所以我們的勞動成本有點高。與往常一樣，我們將重點關注營運支出控制。這仍然是一個非常非常好的數字。我認為在接下來的幾個季度中，我們的營運支出將保持在這個水平，直到下一財年。如您所知，在本財年，我們的銷貨成本和營運支出總體上沒有任何可變薪酬，但很大一部分是營運支出。所以我認為這個水準對於第三財季和第四財季來說可能是合理的。然後下一個財年，營運支出的成本可能會更高一些。儘管如此，我認為遠低於每季 3 億美元，可能在 2.7 億美元到 2.8 億美元之間可能是合理的建模方式。

Free cash flow. We had another positive free cash flow quarter. Of course, always very important for us to generate positive free cash flow. Revenue is increasing, profitability is increasing and therefore, we expect free cash flow also to improve sequentially through the next few quarters.

自由現金流。我們又經歷了一個積極的自由現金流季度。當然，產生正的自由現金流對我們來說始終非常重要。收入正在增加，獲利能力正在增加，因此，我們預計自由現金流在未來幾季也將連續改善。

And our next question today comes from Krish Sankar with TD Cowen.

今天我們的下一個問題來自 Krish Sankar 和 TD Cowen。

This is Eddy for Krish. Congrats on the HAMR launch. It's an exciting opportunity for you guys. I have a question regarding the customer value you are providing with these 32-terabyte HAMR drives. Will customers be enjoying lower price for terabyte versus 22 and 24 terabytes CMR drives, for example? Or because HAMR yields haven't matured yet, this benefit will be more about power and space and the lower price per terabyte to take place in the future.

這是克里什的艾迪。恭喜 HAMR 啟動。這對你們來說是一個令人興奮的機會。我對您透過這些 32 TB HAMR 硬碟提供的客戶價值有疑問。例如，與 22 TB 和 24 TB 的 CMR 硬碟相比，客戶是否會享受到 TB 硬碟更低的價格？或者因為 HAMR 產量尚未成熟，這種優勢將更多地體現在功率和空間以及未來每 TB 價格的降低。

Yes. Well, it's a good question. We will balance everything, of course, what our yields are and our costs are and then try to get the customers incentivized. But there is some incentive business provided by their power and space reductions as well. We call that their TCO proposition. So all things in balance. I do think that the price per terabyte, if you will, is nominally the same. It may be just slightly lower, but there's definitely going to be a TCO incentive for the customers to move off of the lower capacities and under guidance.

是的。嗯，這是一個好問題。當然，我們會平衡一切，我們的產量和成本，然後努力激勵客戶。但功率和空間的減少也提供了一些激勵業務。我們稱之為他們的 TCO 主張。所以一切事物都處於平衡狀態。如果你願意的話，我確實認為每 TB 的價格名義上是相同的。它可能只是稍微低一點，但肯定會有總體擁有成本激勵客戶放棄較低的產能並在指導下進行。

That's great color. And if we juxtapose the HAMR transition to the transition from LMR to PMR that took place back in 2006, 2008, you guys went from like 0% PMR mix to 100% within 5 to 6 scores. Do you think the HAMR transition will be as quick or you see some reasons why this trans may be a little bit slower transition from LMR to PMR, in that sense...

那顏色真棒。如果我們將 HAMR 轉變與 2006 年、2008 年發生的從 LMR 到 PMR 的轉變並列，你們在 5 到 6 分之內從 0% PMR 混合到 100%。您認為 HAMR 過渡會一樣快嗎？還是您看到了為什麼從 LMR 到 PMR 的過渡可能會慢一些的一些原因，從這個意義上說...

The cycle times are a little bit longer now. So I don't think it will be as fast. I mean I'd like it to be as fast and we'll continue to drive it as quick as we possibly can. The one thing I will say is that our last generation PMR product, if you will, the 2.4 terabytes platter drive that we've just talked about has a remarkably similar kit of parts as the HAMR drives do. So relative to what we're making one versus the other, it's not a big deal and we can get through customer transitions easier.

現在循環時間有點長了。所以我認為不會那麼快。我的意思是我希望它能盡可能快，我們將繼續盡可能快地駕駛它。我要說的一件事是，我們的上一代 PMR 產品（如果您願意的話）我們剛才談到的 2.4 TB 碟片驅動器具有與 HAMR 驅動器非常相似的部件套件。因此，相對於我們所做的事情，這並不是什麼大問題，我們可以更輕鬆地完成客戶轉換。

I think as we gain more confidence in a year over the 4-plus terabyte Mozaic platforms, then we'll definitely want to accelerate. Because by the time you get to say, 5-plus terabytes, then it's such a great replacement on every legacy product that you have that we want to drive the whole portfolio there because utilization is much better in the factories and the costs come way down.

我認為，隨著我們在一年內對超過 4 TB 的 Mozaic 平台更有信心，我們肯定會想要加速。因為當你說5 TB 以上時，它對於你所擁有的每一個傳統產品來說都是一個很好的替代品，我們希望在那裡推動整個產品組合，因為工廠的利用率要好得多，而且成本也大幅下降。

And our next question comes from Thomas O'Malley with Barclays.

我們的下一個問題來自巴克萊銀行的托馬斯·奧馬利。

I appreciate it. So I just wanted to understand the move from qualification to revenue recognition. It sounds like with your largest customer, you're finishing qualification right now and you're obviously pointing to some big units in the first half. You mentioned on the call that you're expecting quals with the majority of the U.S. cloud guys and a couple of others in calendar year '24. Would you expect a similar time frame between qualification and revenue recognition? Aka, like if those are getting qualified in the second half of this year, you could see revenue from a large number of additional customers. Just wanted to understand the timing.

我很感激。所以我只是想了解從資格到收入確認的轉變。聽起來像您最大的客戶，您現在正在完成資格認證，並且您顯然指向上半年的一些大單位。您在電話會議上提到，您期望在 24 日曆年與大多數美國雲端運算人員和其他一些人取得相同的成績。您期望資格認證和收入確認之間有相似的時間框架嗎？也就是說，如果這些在今年下半年獲得資格，您可以看到來自大量額外客戶的收入。只是想了解一下時間安排。

Thanks, Thomas. It's complex. There are some customers that are relatively shorter qualifications. And that -- some of that's because of feature set, making sure we get the feature set checked out. If they're on a generic feature set that we're already shipping versus their own unique feature set, we have to make sure we're doing all those things right. That's normal in any nearline transition. And I will say that a lot of people are seeing the TCO benefits. So they're asking and trying to speed these qualifications through, right, because they want that benefit to flow through as well. We will also be limited on our ramp as to what we can do and the cycle times are quite long. So we're going to balance all these things together, if that helps you.

謝謝，托馬斯。這很複雜。有一些客戶的資歷相對較短。其中一些是因為功能集，確保我們檢查了功能集。如果他們使用的是我們已經發布的通用功能集而不是他們自己的獨特功能集，那麼我們必須確保所有這些事情都做對了。這在任何近線過渡中都是正常的。我想說的是，很多人都看到了 TCO 帶來的好處。所以他們正在要求並試圖加快這些資格的通過，對吧，因為他們也希望這種好處能夠通過。我們的能力也會受到限制，而且週期時間也相當長。因此，如果這對您有幫助，我們將平衡所有這些事情。

Yes, that's helpful. And then I just wanted to ask one on the margin side. So you guys have talked about 20% below peak, but still getting back to that 30% gross margin target or at least at the low end. If you look at what you're saying for mass capacity growth for the industry, mid-20s, if you just assigned that to kind of your revenue ramp over the next couple of years, it takes probably 1.5 years to kind of get to that $2.5 billion, $2.6 billion mark, just using like a linear growth rate. Is that the time frame we should be thinking about until you get back to that 30% to 32% gross margin? Or can you get there before? And what are the levers that get you there before revenue gets back to that $2.5 billion, $2.6 billion?

是的，這很有幫助。然後我只想問一個邊緣方面的問題。所以你們談到了比峰值低 20% 的情況，但仍然回到了 30% 的毛利率目標，或者至少回到了低端。如果你看看你所說的產業大規模產能成長，20 多歲，如果你只是將其分配給未來幾年的收入成長，那麼可能需要 1.5 年才能達到這一目標25 億美元，26 億美元，就像線性增長率一樣。在毛利率回到 30% 到 32% 之前，我們應該考慮這個時間範圍嗎？或是你能提前到達嗎？在收入回到 25 億美元、26 億美元之前，有哪些槓桿可以幫助你實現這個目標？

Thank you, Tom. Well, the major lever is HAMR. So the more we ramp up HAMR, the better will be the margin. So we are becoming more and more positive on, of course, the timing of the continuous improvement in our margin. I would say, we gave an indication last quarter in terms of the level of revenue, what we think we need to achieve in order to get a certain level of gross margin. That is probably I'm getting a little bit more optimistic right now. So probably we can do at even lower level of revenue.

謝謝你，湯姆。嗯，主要的槓桿是 HAMR。因此，HAMR 提高越多，利潤率就越高。因此，我們對利潤率持續改善的時機變得越來越積極。我想說，我們上季度就收入水平給出了指示，我們認為我們需要實現什麼才能獲得一定水平的毛利率。這可能是我現在變得更樂觀了。因此，我們可能可以以更低的收入水準做到這一點。

As you said before, qualification of customers is important, but we are working hard on qualifying more and more customers. So assuming we can continue our ramp on HAMR, now I'm fairly positive we can do earlier than what you said and also at the lower level of revenue.

正如您之前所說，客戶的資格很重要，但我們正在努力爭取越來越多的客戶。因此，假設我們可以繼續推進 HAMR，現在我相當肯定我們可以比您所說的更早完成，而且收入水平也較低。

And our next question comes from Karl Ackerman with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的卡爾·阿克曼。

Gianluca, it's encouraging to see an improving gross margin trajectory, but it doesn't appear to be driven by price yet. Given our mass capacity suggests that price per terabyte did fall low single digits sequentially and year-over-year, could you perhaps address whether we should expect previous actions to raise prices across the channel may occur over the next couple of quarters? I have a follow-up, please.

Gianluca，看到毛利率軌跡不斷改善令人鼓舞，但它似乎還不是由價格驅動的。鑑於我們的海量容量表明每 TB 的價格確實連續和同比下降了個位數，您是否可以解決我們是否應該預期在接下來的幾個季度可能會發生之前通過渠道提高價格的行動？我有後續行動，請。

Well, I would say, you can see the good improvement in our profitability. A good part of that is actually coming from pricing. Of course, you need to check into the like-for-like pricing. The mix is, of course, always a major impact on the average. We are very happy with what we are doing, both on pricing and on cost. This quarter show a fantastic improvement in profitability, both gross margin and operating margin. And if you look at our guidance, this imply another strong improvement in profitability. So pricing is a good part of that. Mix is another part of that improvement. And we will continue to do exactly execute the strategy, and we are very glad with the outcome so far.

嗯，我想說，你可以看到我們獲利能力的良好改善。其中很大一部分實際上來自定價。當然，您需要檢查同類定價。當然，這種混合總是對平均水平產生重大影響。我們對我們所做的事情非常滿意，無論是在定價還是成本方面。本季的獲利能力（毛利率和營業利潤率）均出現了顯著改善。如果你看看我們的指導，這意味著獲利能力再次強勁改善。所以定價是其中的一個很好的部分。混合是這項改進的另一部分。我們將繼續準確執行該策略，我們對迄今為止的結果感到非常高興。

Yes. I would say, Karl, the raw demand is still not what it was 2 years ago. And so -- and we have a supply chain that's not entirely healthy yet. We have to go continue to work on those actions. But I do think over time, especially incentivizing transitions to newer mass capacity drives. And then if there's price raises, it tends to be more on legacy and to the extent that everyone is under the same strain throughout the entire ecosystem, this is the trend that we're seeing. I think we'll probably take advantage of it.

是的。我想說，卡爾，原始需求仍然不如兩年前。因此，我們的供應鏈尚未完全健康。我們必須繼續致力於這些行動。但我確實認為隨著時間的推移，尤其是鼓勵向更新的大容量硬碟的過渡。然後，如果價格上漲，則往往更多地取決於遺留問題，而整個生態系統中的每個人都承受著相同的壓力，這就是我們所看到的趨勢。我想我們可能會利用它。

My sense is that in the next year or 2, we'll get to the point where we get high enough of the ramp that we can be very predictable. And then I think things will stabilize quite a bit. But we're not at a place where the industry has enough demand relative to the capacity that has online yet.

我的感覺是，在未來一兩年內，我們將達到足夠高的坡度，我們可以非常可預測。然後我認為事情會穩定下來。但相對於線上容量，我們的產業還沒有達到足夠的需求。

And our next question today comes from Kevin Cassidy of Rosenblatt Securities.

今天我們的下一個問題來自羅森布拉特證券公司的凱文卡西迪。

Congratulations on the great results. You implemented a build-to-order program with your customers. Can you give an update on that? Is that still active? And how is it giving you visibility?

祝賀取得的優異成績。您與客戶實施了按訂單生產計劃。能提供最新情況嗎？那還活躍嗎？它如何為您提供可見性？

Yes. Thanks very much. It is, and it's transitioned from my last comments as well because the industry just at the levels that we're at, to build on my last comment is just can't fund the investment to make an areal density and exabyte growth over time with the revenue and margins where it was. And what helps us is -- to run factories is the improved visibility and the predictability towards that in demand. And so I think that's why the HDD industry has changed fairly dramatically through this cycle, these last 6 or 8 quarters, because capacity did come at the same time that people were -- that demand was down.

是的。非常感謝。是的，而且它也是從我最後的評論轉變而來的，因為該行業處於我們所處的水平，以我最後的評論為基礎，無法為投資提供資金，以隨著時間的推移實現面密度和艾字節的成長收入和利潤率。對我們有幫助的是——營運工廠是提高對需求的可見度和可預測性。因此，我認為這就是為什麼 HDD 行業在這個週期（過去的 6 或 8 個季度）中發生了相當大的變化，因為容量確實在人們需求下降的同時出現了。

And the industry is, therefore, underinvested in capital and lead times are going up, as we've talked about before. So we need this build-to-order framework to just get back to a healthy industry. And we are rewarding predictability with our customers, and we're incentivizing that predictability and where the people aren't predictable, and they come in at the last minute for product that either we don't have it or they have to pay for our flexibility. I think that's the way we're thinking about it. And then making sure that we stabilize the supply base as well because it's not just ourselves as the HDD supplier, but we have numerous upstream supplies that need to be stabilized as well. So it's still going to take some time.

因此，正如我們之前談到的，該行業的資本投資不足，交貨時間正在延長。因此，我們需要這種按訂單建立的框架來恢復健康的產業。我們獎勵客戶的可預測性，我們會激勵這種可預測性，而在人們不可預測的情況下，他們在最後一刻才購買我們沒有的產品，或者他們必須為我們的產品付費。靈活性。我認為這就是我們思考問題的方式。然後還要確保我們穩定供應基礎，因為不僅僅是我們自己作為硬碟供應商，我們還有大量的上游供應需要穩定。所以還需要一些時間。

Okay. Great. And you mentioned vertical integration of your laser technology. Is that a cost savings? Or is it more controlling the supply chain?

好的。偉大的。您提到了雷射技術的垂直整合。這是節省成本嗎？還是更能控制供應鏈？

Yes. I think at this point, it's been a long time coming, and we definitely value the suppliers that have helped us get HAMR products to market. We also feel like given how intricate this silicon photonic circuitry is, is that we needed our own capability to control. But right now, it's more of a technology second sourcing, if you will. And so we're going to continue to run with a few sources.

是的。我認為在這一點上，已經有很長一段時間了，我們絕對重視幫助我們將 HAMR 產品推向市場的供應商。我們也認為，考慮到這種矽光子電路的複雜性，我們需要自己的控制能力。但現在，如果你願意的話，它更多的是技術二次採購。因此，我們將繼續使用一些來源。

I think over time, there should be the opportunity to go drive the cost down and balance all things with multiple sources and the ability to control the investments that we make in capital, for example, and things like that. But it's been a long time coming and part of the reason we're talking about it as part of Mozaic because it's very relevant as we get to 4-terabyte platter and 5 terabyte platter. I think also there's been some noise out there in the industry about, well, as goes the ramp of that supplier so goes the Seagate ramp, and that's clearly not true.

我認為隨著時間的推移，應該有機會降低成本，平衡多種來源的所有事物，並有能力控制我們在資本方面的投資，等等。但這已經是一個很長的時間了，我們將其作為 Mozaic 的一部分來討論的部分原因是因為它與我們達到 4 TB 盤片和 5 TB 盤片非常相關。我認為業界也存在一些噪音，隨著該供應商的坡道的發展，希捷的坡道也隨之而來，但這顯然不是真的。

And our next question today comes from Steven Bryant Fox with Fox Advisors LLC.

今天我們的下一個問題來自 Fox Advisors LLC 的 Steven Bryant Fox。

Dave, I was just wondering if you could zoom out a little bit, without putting any kind of time frame on it, to get to the 30% gross margins. It seems like you can almost get there from here on just the typical incremental margins from volumes. But based on everything you said, it doesn't seem that easy, especially early stage with HAMR versus later stage. So can you sort of walk through some of the puts and takes, say, over the next 2 to 3 quarters versus, say, when you hit that volume crossover where it becomes more smooth to get to the margin? It's just -- there's been a lot of comments around this. Maybe you could just sum it up.

戴夫，我只是想知道你是否可以在不設定任何時間框架的情況下縮小一點，以達到 30% 的毛利率。看起來你幾乎可以從這裡僅依靠典型的增量利潤來實現這一目標。但根據你所說的一切，這似乎並不那麼容易，尤其是早期階段的 HAMR 與後期階段。那麼，您能否詳細介紹一下未來 2 到 3 個季度的一些看跌期權和看跌期權，以及當您達到交易量交叉點時的情況，從而更順利地達到利潤率？只是——對此有很多評論。也許你可以總結一下。

Yes. And Gianluca can share some insights as well here. I think that first of all, we're ramping HAMR according to some prescriptive schedule. We can deploy it into certain mass capacity hyperscaler markets. We can also deploy it in other markets, depending on how we choose to do things so we can put it in VIA markets, for example, over time. And the rate at which we are able to transition and our yields and scrap and things like that, especially once we get to 4 terabytes per platter, then I think that becomes more and more accretive in margin. Fundamentally, though, I still think the demand picture actually is going to shape the next few quarters from a margin perspective.

是的。 Gianluca 也可以在這裡分享一些見解。我認為首先，我們正在根據一些規定的時間表來提高 HAMR。我們可以將其部署到某些大容量超大規模市場。我們也可以將其部署在其他市場，具體取決於我們選擇的做事方式，以便隨著時間的推移，我們可以將其部署在威盛市場等。我們能夠轉變的速度、我們的產量和廢品以及類似的事情，特別是一旦我們達到每盤 4 TB，那麼我認為利潤會變得越來越多。但從根本上講，我仍然認為從利潤率角度來看，需求狀況實際上將影響未來幾季。

My sense is the demand has still not come anywhere close to where it was 2 years ago. We may see with the growth of data and with investments that people need to make in data around all these AI applications, we may see demand pick back up again, and that will be the fundamental driver.

我的感覺是，需求仍遠遠未達到兩年前的水準。我們可能會看到，隨著數據的成長以及人們需要對所有這些人工智慧應用程式的數據進行投資，我們可能會看到需求再次回升，這將是根本驅動力。

Gianluca, go ahead.

吉安盧卡，繼續吧。

Yes. No, I said that before, I think the combination of stronger demand through the cycle and our very good products based on HAMR technology will drive further improvement in gross margin, sequential improvement. Now I think we will have a sequential improvement through the entire kind of '24. And this is, of course, based on our view of the ramp of HAMR and also the recovery from the prior down cycle that we expect, especially in the mass capacity to continue through the entire kind of '24 and actually even kind of '25 in it.

是的。不，我之前說過，我認為整個週期中更強勁的需求與我們基於HAMR技術的非常好的產品相結合將推動毛利率的進一步提高，環比改善。現在我認為我們將在整個「24」期間取得連續的改進。當然，這是基於我們對 HAMR 增長的看法，以及我們預期從之前的下行週期中恢復過來的情況，特別是在整個 24 年乃至 25 年期間的大規模產能方面。在裡面。

That's helpful. Just can you fill in one other blank, which is back-end testing capacity? How does that sort of help hurt margins as this ramp happens?

這很有幫助。您能否補充一個空白，即後端測試能力？當這種成長發生時，這種幫助會如何損害利潤率？

Based on where we were from legacy products years ago on desktop and so on and even just the volumes we were at a couple of years ago, I think we have plenty of back end test capacity.

根據我們幾年前在桌面等方面的遺留產品的情況，甚至只是幾年前我們的數量，我認為我們擁有充足的後端測試能力。

But is it a longer test cycle though? Is it going to be a long test cycle as you did before...

但這是一個更長的測試週期嗎？是否會像以前一樣需要一個很長的測試週期...

It is. It certainly is. The bigger the drive, the longer the test cycle, but we still have plenty of capacity to cover the demands at this level.

這是。必然是。驅動器越大，測試週期就越長，但我​​們仍然有足夠的容量來滿足這個等級的需求。

And our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

This is [Leo] on for Tim. Just one for me. Now you don't report orders, but perhaps you could give us some color on book-to-bill and just some idea of where orders are relative to revenues and where that -- how that book-to-bill has been trending and where you think that's going over the next couple of quarters. That would be helpful.

這是蒂姆的[Leo]。只給我一個。現在你不報告訂單，但也許你可以給我們一些有關訂單到賬單的信息，以及訂單與收入的關係以及訂單到賬單的趨勢如何以及在哪裡的一些想法你認為接下來的幾個季度都會出現這種情況。那會有幫助的。

Thanks. Yes, that does get into our build-to-order plans. We are definitely, like I said before, very prescriptive on what we're building for people 2, 3, 4 quarters out. And as long as we all stay on that plan, I think that's predictable economics for our customers as well. So it's going better and better every quarter. I think when we first launched this, there were questions that I was getting on these earnings calls about supply is so far below -- or sorry, since demand is so far below supply today, how can you do something like this? But we need that predictability in order to run the supply chain and reward everyone upstream of the supply chain. So far, the progress has been fairly good and we're getting better visibility in the next quarter and beyond.

謝謝。是的，這確實包含在我們的按訂單生產計劃中。正如我之前所說，我們對於為 2、3、4 個季度的人們所建構的內容絕對是非常規範的。只要我們都堅持這個計劃，我認為這對我們的客戶來說也是可預測的經濟效益。所以每季它都變得越來越好。我想當我們第一次推出這個產品時，我在這些財報電話會議上收到了一些關於供應遠低於供應的問題——或者抱歉，由於今天的需求遠低於供應，你怎麼能做這樣的事情呢？但我們需要這種可預測性來運行供應鏈並獎勵供應鏈上游的每個人。到目前為止，進展相當不錯，我們在下個季度及以後將獲得更好的知名度。

And our next question comes from Vijay Rakesh with Mizuho.

我們的下一個問題來自 Mizuho 的 Vijay Rakesh。

Dave and Gianluca, just on the enterprise hard disk drive side, on the hard disk asset, do you see, given the 25% exabyte growth and recovery on the TC side this year, do you expect those revenues to get back to that $2 billion run rate exiting '24 , I guess, calendar '24?

Dave 和 Gianluca，就企業硬碟方面而言，在硬碟資產方面，您認為考慮到今年 TC 方面 25% EB 的增長和復蘇，您是否預計這些收入會回到 20 億美元運行率退出'24，我猜，日曆'24？

No, we don't guide after this quarter. So we just gave a good guidance for the March quarter in terms of revenue increase and profitability increase. And as we said, no, we are ramping HAMR volume. We are seeing better demand environment. So we expect sequential improvement through the quarter, but we don't give specific guidance on revenue for the end of the calendar year.

不，我們不會在本季度之後提供指導。所以我們只是在收入成長和獲利能力成長方面對三月季度給出了很好的指導。正如我們所說，不，我們正在增加 HAMR 的數量。我們看到更好的需求環境。因此，我們預計本季將出現連續改善，但我們不會對日曆年末的收入給予具體指引。

Yes. I would say that obviously we're watching nearline demand, CSP demand, on-prem enterprise demand continuing to build strength but not nearly be as big as it was a couple of years ago, but that's very good and we're being very careful building into it.

是的。我想說的是，顯然我們正在觀察近線需求、CSP 需求、本地企業需求繼續增強實力，但遠沒有幾年前那麼大，但這非常好，我們非常小心融入其中。

The one point that you just raised, which was the whole AI PC demand, which I think it's still very early innings in this, but we do see opportunity there. High-end workstations, if you will, that are running AI applications may actually be an interesting opportunity.

您剛才提出的一點是整個人工智慧 PC 需求，我認為這還處於早期階段，但我們確實看到了機會。如果你願意的話，運行人工智慧應用程式的高端工作站實際上可能是一個有趣的機會。

Got it. And then on the gross margin line, sorry to belabor that, Gianluca, do you see you guys getting back to that target window 33% exiting this year? And especially on the HAMR side, I think Dave mentioned you can do with 4-terabyte-plus 5 disks for a 20-terabyte drive versus 7 to 10 disks now. What are the gross margins on HAMR versus where you see your corporate margins today, I guess?

知道了。然後在毛利率方面，抱歉要多說，Gianluca，你們認為你們今年能回到 33% 的目標窗口嗎？尤其是在 HAMR 方面，我認為 Dave 提到您可以使用 4 TB 加 5 個磁碟來建立 20 TB 驅動器，而不是現在的 7 到 10 個磁碟。我猜，HAMR 的毛利率與您現在看到的公司毛利率相比是多少？

We know we said in the past amortized gross margin is, for sure, accretive to the corporation. So it's always above our average. Right now, as you know, there is no HAMR drive in our results. But now we see starting in the March quarter, and you already see some improvement in our guidance. It will be, I expect, more when we go into the June quarter and through the rest of the calendar year. So we are positive on the profitability from that product. And we need to take our time to qualify big customers and then to start ramp because, as Dave said, we take a little bit of time to ramp high-volume production for the new product.

我們知道，我們過去說過，攤銷毛利率肯定會為公司帶來增值。所以它總是高於我們的平均水平。如您所知，目前我們的結果中沒有 HAMR 硬碟。但現在我們看到從三月的季度開始，您已經看到我們的指導有所改善。我預計，當我們進入六月季度以及整個日曆年的剩餘時間時，這一數字將會更多。因此，我們對該產品的獲利能力持樂觀態度。我們需要花一些時間來確定大客戶的資格，然後開始提高產能，因為正如戴夫所說，我們需要一點時間來提高新產品的大量生產。

And our next question comes from Ananda Baruah with Loop Capital.

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

Really appreciate it. I guess for Dave, and Gianluca can jump in here, too. The hyperscalers are sort of having some conversation about data center redesign over the coming years, a lot of this is around GPU compute. But they are referring to it as data center (inaudible). And I guess would there -- if that occurs, do you have any opinion on if there would be incremental opportunity for nearline drive that would, I guess, substantively be like in addition to whatever data growth is going on? So really I just wanted to -- if you have any thoughts on that in any context. And that's it.

真的很感激。我想戴夫和吉安盧卡也可以加入。超大規模企業正在就未來幾年的資料中心重新設計進行一些討論，其中許多都是圍繞著 GPU 運算進行的。但他們稱之為資料中心（聽不清楚）。我想如果發生這種情況，您對近線驅動是否會有增量機會有什麼看法嗎？我想，除了正在發生的數據增長之外，這種機會實質上會像這樣？所以我真的只是想——如果你在任何情況下對此有任何想法。就是這樣。

Yes. Ananda, it's a real complex topic. What I would say is that the compute infrastructure is changing dramatically and the memory architectures will change to support that computer architecture very dramatically as well. So there is a lot of redesign discussion going on. There are different types of applications and things that are being branded AI. There's stuff that's very focused on text or large language models. And then there's image recognition and video creation. And so there's a lot of different types of applications that are propagating. And I think this is just normal application development that's been going on for years and years and years. But I do think there's different types of hardware. So I think there are some now AI data centers being discussed that are largely compute.

是的。阿難，這是一個非常複雜的話題。我想說的是，運算基礎設施正在發生巨大變化，記憶體架構也將發生巨大變化以支援該電腦架構。因此，有很多重新設計的討論正在進行中。有不同類型的應用程式和事物被貼上人工智慧的標籤。有些東西非常關注文字或大型語言模型。然後是圖像識別和視頻創建。因此，有許多不同類型的應用程式正在傳播。我認為這只是正常的應用程式開發，已經持續了很多年了。但我確實認為有不同類型的硬體。所以我認為現在正在討論的一些人工智慧資料中心主要是計算的。

I also think that some of these applications are spinning off a lot of data and they're requiring data to be stored for a certain period of time and then brought back up to the higher levels to be reprocessed. And so that's just normal data growth as well. So I think the net of it is there's a lot of architectural redesign going on, probably not affecting the tiers that we're in. If anything, and we made reference to this in the prepared remarks, there's cost power and space at a premium. There's many AI applications from what I'm hearing that there's just not enough power for and our infrastructure is going to be critical. But to the extent that you can do your part to buy transitioning to higher capacity drives that net-net gives you the same exabyte capacity with less power. I think that's a good thing. It may be an opportunity for us.

我還認為，其中一些應用程式會產生大量數據，並且需要將數據儲存一段時間，然後返回到更高級別進行重新處理。所以這也只是正常的數據成長。所以我認為最終的結果是正在進行大量的架構重新設計，可能不會影響我們所處的層級。如果有的話，我們在準備好的評論中提到了這一點，那就是成本能力和空間非常寶貴。據我所知，有許多人工智慧應用程式沒有足夠的能力，而我們的基礎設施將變得至關重要。但在某種程度上，您可以盡自己的努力購買過渡到更高容量的驅動器，net-net 可以為您提供相同的 EB 容量，但功耗更低。我認為這是一件好事。這對我們來說可能是一個機會。

So that would be in addition to like the 25% kind of data run rate driven -- that sort of power as a catalyst, Dave?

那麼，這將是除了 25% 的數據運行率驅動之外的——那種作為催化劑的力量，戴夫？

It's hard to say. It depends on the bills and how much people are having to pay for it. Again, I think in the AI applications that are really exploding right now, power is going to become one of the limiting factors. And so to the extent that there may be a really good payoff in not only cost savings, space savings and so on, but also just freeing up that power infrastructure to go do other things. I mean that might actually help us get above the 25%.

很難說。這取決於帳單以及人們需要支付多少費用。再說一次，我認為在目前真正爆炸性成長的人工智慧應用中，功率將成為限制因素之一。因此，在某種程度上，不僅可以節省成本、節省空間等，而且還可以釋放電力基礎設施來做其他事情，從而獲得真正良好的回報。我的意思是，這實際上可能會幫助我們達到 25% 以上。

And our next question comes from Mark Miller of The Benchmark Company.

我們的下一個問題來自基準公司的馬克米勒。

Congratulations on the launch of Mozaic. I'm just wondering, you mentioned it briefly. What kind of traction are you seeing from AI-related opportunities? And what do you -- how do you see that ramping throughout the year?

恭喜 Mozaic 上線。我只是想知道，你簡單地提到了這一點。您從人工智慧相關的機會中看到了什麼樣的吸引力？您如何看待全年的成長？

Yes, Mark, me, I'm pretty cynical sometimes on these things, and I'm looking for POs that actually say AI on them. And they are starting to happen, but it's still fairly small. And again, I'll go back to my previous comments. These are really applications that have been developing on a lot of fronts over many years anyway. So say, for example, image recognition, whether it's at the edge or in the cloud, that application space has been developing over time quite a bit. When we get into specific things like large language models where people talk about, I think the data infrastructure impact piece is still secondary to the compute piece even at this point. So at some point, there will be compute enabling all these really cool applications and efficiencies that people and businesses like ours were taking advantage of and then the data will continue to grow on the back side of that, but we're still early innings on that.

是的，馬克，我，有時我對這些事情非常憤世嫉俗，我正在尋找實際上在這些事情上說人工智慧的 PO。它們已經開始發生，但規模仍然相當小。再次，我將回到我之前的評論。無論如何，這些確實是多年來在多個領域不斷開發的應用程式。例如，圖像識別，無論是在邊緣還是在雲端，該應用程式空間隨著時間的推移已經發展了相當長的一段時間。當我們討論人們談論的大型語言模型等具體事物時，我認為即使在這一點上，資料基礎設施影響部分仍然僅次於計算部分。因此，在某種程度上，計算將支援所有這些非常酷的應用程式和效率，像我們這樣的人們和企業正在利用這些應用程式和效率，然後數據將繼續增長，但我們仍處於早期階段那。

So that's more 2025, you think?

你認為那是 2025 年嗎？

For large language models, I'd say maybe. I don't know exactly.

對於大型語言模型，我想說也許吧。我不太清楚。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to management for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回管理階層進行閉幕致詞。

Thanks, Marco. Seagate is focused on executing our product road map, leveraging the advanced technologies in our Mozaic platform, which we believe positions us well to enhance profitability over the near term and capture long-term opportunities for mass capacity storage. I'd like to close by once again thanking all of our stakeholders for their ongoing support of Seagate. Thanks for joining us today, and we look forward to speaking with you during the quarter.

謝謝，馬可。希捷專注於執行我們的產品路線圖，利用 Mozaic 平台中的先進技術，我們相信這使我們能夠很好地提高短期盈利能力並抓住大容量儲存的長期機會。最後，我想再次感謝所有利害關係人對希捷的持續支持。感謝您今天加入我們，我們期待在本季與您交談。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。