希捷科技 (STX) 2025 Q1 法說會逐字稿

Welcome.

歡迎。

No Welco me to Seagate Technology Fiscal first-quarter 2025 conference call.

否 歡迎參加希捷科技 2025 年第一季財年電話會議。

All participants will be in a listen only mode.

所有參與者將處於只聽模式。

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

如果您需要協助，請按星號鍵，然後按零，向會議專家發出訊號。

After today's presentation there will be an opportunity to ask questions.

今天的演講結束後，將有機會提問。

To ask a question, you may press star, then one.

要提問，您可以按星號，然後按一個。

I'm pleased to know this I would now like to Senior Vice President, Investor Relations.

我很高興知道這一點，現在我想擔任投資者關係高級副總裁。

Please go ahead.

請繼續。

Thank you, and hello, everyone, and welcome to today's call.

謝謝大家，大家好，歡迎參加今天的電話會議。

Joining me are Dave Mosley, Seagate's Chief Executive Officer and General Government on our Chief Financial Officer.

與我一起的還有 Seagate 執行長兼政府財務長 Dave Mosley。

We've posted our earnings press release and detailed supplemental information for our September quarter results on the Investors section of our website.

我們已在網站的投資者部分發布了收益新聞稿和九月份季度業績的詳細補充資訊。

During today's call, we'll refer to GAAP and non-GAAP measures.

在今天的電話會議中，我們將提及 GAAP 和非 GAAP 指標。

Non-gaap figures are reconciled to GAAP figures in the earnings press release posted on our website and included in our Form eight K

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

.

。

We that reconciles certain non-GAAP outlook measures because material items that may impact these measures are out of our control oil and or cannot be reasonably predicted there for a reconciliation to the corresponding GAAP measures is not available without unreasonable effort.

我們對某些非公認會計原則展望措施進行了協調，因為可能影響這些措施的重大項目超出了我們的控制範圍，或者無法合理預測，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協調。

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 information available to us as of today should not be relied upon as of any subsequent date.

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我們今天掌握的資訊的當前觀點和假設，在任何後續日期不應依賴這些觀點和假設。

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.

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。

To learn more about the risks, uncertainties and other factors that may affect our future business results.

詳細了解可能影響我們未來業務績效的風險、不確定性和其他因素。

Please refer to the press release issued today.

請參閱今天發布的新聞稿。

Great 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 on the Investors section of our website.

Great 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 Q 表季度報告以及補充信息，所有這些都可以在我們網站的投資者部分找到。

Following our prepared remarks, we'll open the call up for questions.

在我們準備好的發言之後，我們將開始提問。

In order to provide all analysts with the opportunity to participate.

為了給所有分析師參與的機會。

We thank you in advance for asking one primary question and then reenter the queue.

我們預先感謝您提出一個主要問題，然後重新進入隊列。

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

我現在把電話轉給你，戴夫。

Thank you, Jamie, and hello, everyone.

謝謝你，傑米，大家好。

Figure delivered a strong start to the fiscal year, with revenue growing nearly 50% and non-GAAP gross profit increasing over 173% compared with the prior year period.

Figure 為本財年帶來了良好的開端，與去年同期相比，營收成長了近 50%，非 GAAP 毛利成長了 173% 以上。

These results demonstrate our ability to drive profitable growth, which is the outcome of sustaining supply discipline and the strategic cost efficiencies that we have built into our operations.

這些結果證明了我們推動獲利成長的能力，這是維持供應紀律和我們在營運中建立的策略成本效率的結果。

Fiscal first quarter revenue came in at $2.17 billion and non-GAAP EPS was $1.58. Both were above the midpoint of our guidance range, benefiting from better than anticipated mass capacity, product mix and an improved pricing environment.

第一財季營收為 21.7 億美元，非 GAAP 每股盈餘為 1.58 美元。受益於好於預期的批量產能、產品組合和改善的定價環境，兩者均高於我們指導範圍的中點。

Continuing cloud demand strength, coupled with improvement in the enterprise and OEM markets, drove top line growth and also contributed to enhance profitability.

雲端需求的持續強勁，加上企業和 OEM 市場的改善，推動了收入成長，也有助於提高獲利能力。

Company.

公司。

Non-gaap gross margin expanded by 240 basis points sequentially to 33.3%, the highest level of and over a decade.

非 GAAP 毛利率較上季成長 240 個基點，達到 33.3%，為十多年來的最高水準。

This impressive performance was driven by our HDD business with non-GAAP gross margins now in the mid-30 percent range, amended healthy industry supply demand environment.

這一令人印象深刻的業績是由我們的 HDD 業務推動的，非 GAAP 毛利率目前處於 30% 的中間範圍，修正了健康的行業供需環境。

We anticipate further margin expansion opportunities as we ramp our portfolio of high-capacity nearline drives, including our Mosaic based hammer products, which I'll discuss shortly.

隨著我們擴大高容量近線驅動器產品組合（包括我們基於 Mosaic 的錘產品），我們預計將有進一步的利潤擴張機會，我將很快對此進行討論。

The increasingly favorable business landscape, combined with our industry-leading technology roadmap lens, growing confidence in Seagate's future opportunities.

日益有利的商業環境，加上我們業界領先的技術路線圖鏡頭，使人們對希捷未來機會的信心不斷增強。

Reflecting this confidence, we are increasing our quarterly dividend by nearly 3%.

為了體現這種信心，我們將季度股息增加了近 3%。

Our optimism is reinforced by our build to order model, which provides us with good demand visibility over the next few quarters.

我們的單單生產模式增強了我們的樂觀態度，該模式為我們提供了未來幾季良好的需求可見度。

We see the potential for significant revenue growth for fiscal 2025, inclusive of the seasonal demand fluctuation that is typical for the March quarter.

我們認為 2025 財年營收預計將大幅成長，其中包括 3 月季度典型的季節性需求波動。

We are maintaining supply discipline, and we'll address near-term exabyte demand growth by efficiently leveraging our available capacity.

我們正在維持供應紀律，並將透過有效利用我們的可用產能來解決近期艾字節需求成長問題。

Beyond that, we are well-positioned to support further demand growth, mainly through technology node transitions with hammer playing a vital role as we complete qualifications and right shipments.

除此之外，我們有能力支持進一步的需求成長，主要是透過技術節點轉型，而錘子在我們完成資格認證和正確出貨時發揮著至關重要的作用。

Turning to the mass capacity market trends, cloud demand for our nearline drives remains robust, and we believe customers are managing their inventory levels well, in the September quarter, revenue growth was driven by U.S. cloud providers, so we continue to see positive demand trends globally, pilot, the growing use of video content on e-commerce and social media platforms.

談到大容量市場趨勢，我們的近線驅動器的雲端需求仍然強勁，我們相信客戶管理庫存水準良好，在九月季度，收入成長是由美國雲端供應商推動的，因此我們繼續看到積極的需求趨勢在全球範圍內，試點越來越多地在電子商務和社交媒體平台上使用視訊內容。

Data indicates that video is the most effective format for engaging digital audiences.

數據表明，影片是吸引數位受眾的最有效的格式。

Furthermore, research suggests that longer form video content and personalization through AI technology can significantly enhance revenue generation opportunity for our customers.

此外，研究表明，較長的影片內容和透過人工智慧技術實現的個人化可以顯著增加我們客戶的創收機會。

These trends bode well for mass capacity HDDs, which are ideally suited for storing large and diverse data intensive video content HDDs comprise close to 90% of bite stored in public cloud environments, and we are confident that proportion will hold for the foreseeable future.

這些趨勢對於大容量HDD 來說是個好兆頭，它非常適合儲存大量且多樣化的資料密集型視訊內容HDD 占公有雲環境中儲存容量的近90%，我們相信在可預見的未來，這一比例將保持不變。

Among the enterprise and OEM customers, we observed the first meaningful uptick in nearline demand following a multi-quarter period of stability.

在企業和 OEM 客戶中，我們觀察到近線需求在經歷了多個季度的穩定期後首次有意義的成長。

This increase reflects an improvement in traditional server demand as well as higher storage content per unit, pushing the average capacity per enterprise drive to a new record high in the VM markets.

這一增長反映了傳統伺服器需求的改善以及單位儲存內容的增加，將每個企業驅動器的平均容量推至虛擬機器市場的新高。

Sales remained stable in the September quarter and slightly ahead of our expectations.

九月季度的銷售額保持穩定，略高於我們的預期。

We are witnessing a shift towards more cloud-like storage solutions that utilize higher capacity drives.

我們正在見證向使用更高容量驅動器的更多類似雲端儲存解決方案的轉變。

This transition is due in part to longer data retention needs and increase video analytics.

這種轉變部分是由於更長的資料保留需求和視訊分析的增加。

Our HDD solutions, including Mosaic camera products, provide cost efficiency, fee and scalability to our via customers' evolving demands.

我們的 HDD 解決方案（包括 Mosaic 相機產品）可根據客戶不斷變化的需求提供成本效益、成本和可擴展性。

The same advantages are also crucial for generative AI applications, which is why we continue to believe Gen-i will be a driver of mass capacity storage simply by being a powerful catalyst for data creation.

同樣的優勢對於生成式人工智慧應用也至關重要，這就是為什麼我們仍然相信 Gen-i 將透過成為資料創建的強大催化劑而成為大容量儲存的驅動力。

Hdds provide a trusted, economical and secure platform to host data that feeds into AI engines and preserves the content produced by a high-powered applications.

硬碟提供了一個值得信賴、經濟且安全的平台來託管輸入人工智慧引擎的資料並保存高效能應用程式產生的內容。

This data is ultimately fed back into the training models and a continuous cycle as data center architectures prepare for G&A item move into the widespread adoption phase.

隨著資料中心架構為 G&A 專案進入廣泛採用階段做準備，這些資料最終會回饋到訓練模型和連續循環。

They continue to grapple with cost scale and power challenges.

他們繼續應對成本規模和電力挑戰。

Seagate product road map is addressing each of these challenges compared with N.

與 N 相比，希捷產品路線圖正在解決這些挑戰。

Ambridge alternatives are HDD solutions offer approximately six times lower cost per terabyte and HDDs are roughly nine times more capital efficient, delivering the economies of scale necessary to support the anticipated surge in data demand and according to cloud customers, HDTV, we have 10 times lower embodied carbon per terabyte relative demand, which can translate into a much lower carbon footprint.

Ambridge 的替代方案是HDD 解決方案，每TB 成本降低約六倍，HDD 的資本效率提高約九倍，提供支持預期數據需求激增所需的規模經濟，根據雲端客戶HDTV 的說法，我們的成本降低了10 倍每 TB 相對需求所包含的碳，這可以轉化為低得多的碳足跡。

Very important given the world's growing number of data centers that provides a good segue into our product ramping qualification plans.

鑑於世界上資料中心數量不斷增加，這一點非常重要，這為我們的產品提升資格計畫提供了良好的延續。

We have three primary areas of focus for fiscal 2025 aimed at driving profitable growth over the long term, and we're progressing on all of them.

我們 2025 財年的三個主要重點領域旨在推動長期獲利成長，並且我們正在所有這些領域取得進展。

They include ramping the Company's last PMR platform, expanding Mosaic adoption and executing our Mosaic product roadmap that will enable Seagate to address the breadth of customers mass capacity storage needs consistent with our plans.

其中包括提升公司最後一個 PMR 平台、擴大 Mosaic 的採用以及執行我們的 Mosaic 產品路線圖，這將使希捷能夠滿足客戶與我們的計劃一致的大容量存儲需求。

We began to aggressively ramp our final PMR platform in the September quarter, which is currently up to 28 terabytes and capacity.

我們在 9 月季度開始積極提升最終的 PMR 平台，目前容量和容量高達 28 TB。

We are very pleased with the pace of customer adoption.

我們對客戶採用的速度感到非常滿意。

These drives it quickly catapulted to our second highest revenue product, and we're continuing to both brand volume and broaden our customer base.

這些推動它迅速躍升為我們第二大收入產品，我們將繼續擴大品牌銷售並擴大我們的客戶群。

In the December quarter, we have expanded customer qualifications on our three plus terabyte ProDisc Mosaic camera-based platform with a few customer calls already completed, spending the enterprise nearline via and mass market segments.

在 12 月季度，我們擴大了基於 3TB 以上 ProDisc Mosaic 相機平台的客戶資格，並已完成一些客戶電話，將企業近線通過和大眾市場細分。

The qualification with our lead CSP. customer is progressing well through what has been a very intensive and thorough testing process.

我們的領先 CSP 的資格。客戶在非常密集和徹底的測試過程中進展順利。

The learnings that we have gained are already being leveraged into future customer qualifications and product generations.

我們所獲得的經驗教訓已經被用於未來的客戶資格認證和產品迭代。

To that end, hammer qualification drives are now in the hands of multiple global cloud and enterprise customer.

為此，錘子資格認證現已掌握在多個全球雲端和企業客戶手中。

There's our expectation for shipment and revenue ramp timing across the broad customer base still points to mid-calendar 2025.

我們預期廣大客戶群的出貨量和收入成長時間仍指向 2025 年中期。

Our confidence in hematology remained strong and customer feedback has reinforced our value proposition that the MosaiQ platform provides the foundational technologies required to satisfy high capacity storage requirements at the lowest total cost of ownership.

我們對血液學的信心依然強勁，客戶回饋強化了我們的價值主張，即 MosaiQ 平台提供了以最低總擁有成本滿足高容量儲存要求所需的基礎技術。

We expect to extend our technology leadership as we deliver on the next stage of our hammer roadmap for plus terabyte for this platform.

隨著我們為該平台提供超過 TB 的錘子路線圖的下一階段，我們希望擴大我們的技術領先地位。

As a reminder, the step function capacity increased to 40 terabytes per desk is being achieved entirely through areal density gates, supporting our cost per terabyte reduction path with additional benefit to both customer TCO and Seagate structurally improved margin profile.

提醒一下，每台辦公桌的階梯功能容量增加到 40 TB 完全是透過面密度門實現的，支援我們的每 TB 成本降低路徑，並為客戶 TCO 和希捷在結構上改善利潤狀況帶來額外好處。

In closing, Seagate is performing well amid an improving demand backdrop with healthy industry supply dynamics, we are at an exciting inflection point rooted in the structural changes we've made to our business and with our compelling technology roadmap.

最後，希捷在需求改善的背景下表現良好，行業供應動態健康，我們正處於一個令人興奮的拐點，這植根於我們對業務所做的結構性變革以及我們引人注目的技術路線圖。

These factors underpin our ability to build on the last four quarters of strong sequential performance and drive future profitable growth to create long-term value for our customers and stakeholders.

這些因素支撐了我們在過去四個季度強勁的連續業績基礎上繼續發展的能力，並推動未來的獲利成長，為我們的客戶和利害關係人創造長期價值。

Thank you, and I'll now hand it off to John.

謝謝，我現在將其交給約翰。

Luca, thank you.

盧卡，謝謝你。

This Seagate's back in fiscal 2025, delivering strong revenue and profitability growth, but a fourth consecutive quarter.

希捷在 2025 財年回歸，實現了強勁的營收和獲利成長，而且是連續第四個季度成長。

But I flipped that having him was 2.17 billion, up 15% sequentially and 49% year-over-year.

但我反駁說，擁有他的收入為 21.7 億，季增 15%，年增 49%。

We increased non-GAAP operating income 35% sequentially to $442 million, translating to a non-GAAP operating margin of 20.4% of having and our non-GAAP EPS was $1.88 at the high end of our guidance today gains and reflecting the improving demand trends, ongoing price adjustment and continued cost discipline within our adhesive business.

我們的非GAAP 營業收入比上一季增加了35%，達到4.42 億美元，這意味著非GAAP 營業利潤率為20.4%，我們的非GAAP 每股收益為1.88 美元，處於我們今天指導收益的上限，反映了需求趨勢的改善、我們黏合劑業務中持續的價格調整和持續的成本控制。

Exabyte shipments grew at 20% sequentially to 138 petabytes and having increased 16% to 2 billion or less mass capacity at a premium video for the fifth consecutive quarter, more than offsetting the expected decline in the legacy business.

艾字節出貨量較上季成長 20%，達到 138 拍字節，優質影片的大量容量連續第五個季度成長 16%，達到 20 億或更少，遠遠抵消了傳統業務的預期下降。

Mass capacity revenue was $1.7 billion, up 21% sequentially, driven by continued strength in yen.

在日圓持續走強的推動下，大規模產能收入為 17 億美元，較上季成長 21%。

Lincoln have demand along with a significant uptick in the online enterprise sales.

隨著線上企業銷售的大幅成長，林肯的需求也隨之增加。

Mass capacity shipment total 120 days exabyte compared with 140 exabyte in the June quarter, up 23% sequentially.

海量容量出貨量總計 120 天艾字節，而 6 月份季度為 140 艾字節，較上季成長 23%。

Past capacity shipment now represent an equal to 98% of total SDD. exabyte, reflecting the continued long-term secular growth for the cost efficient, scalable storage.

過去的產能出貨量現在相當於 SDD 總量的 98%。艾字節，反映了經濟高效、可擴展儲存的持續長期成長。

As planned, we began to ramp up 24 and 28 terabyte DMR, which add to was the case in the Atlanta achievement to 109 exiting the quarter, up from 84 exabyte in the prior period.

按照計劃，我們開始增加 24 TB 和 28 TB 的 DMR，本季亞特蘭大的 DMR 成績從上一時期的 84 EB 增加到 109 TB。

As Dave highlighted, Aerojet has been strong and represented more than 20%.

正如 Dave 所強調的，Aerojet 一直表現強勁，佔超過 20%。

Our Atlanta having him in the September quarter.

我們的亞特蘭大在九月季度有他。

We expect the airline demand will continue to improve in the December quarter as shipments for our latest high-capacity products, but other than that, first global CSP and enterprise customers Newman our VA product, and it may never happy with the stable in the September quarter, and we currently project seem to have a venue in the December fourth, Smart City projects remain a key demand driver for VF products worldwide and the regional economic conditions.

我們預計，隨著我們最新大容量產品的出貨量，航空公司的需求將在12 月季度繼續改善，但除此之外，全球首個CSP 和企業客戶紐曼我們的VA 產品，可能永遠不會對9 月的穩定感到滿意季度，我們目前的專案似乎在 12 月 4 日有一個場地，智慧城市專案仍然是全球 VF 產品和地區經濟狀況的關鍵需求驅動力。

A key factor in binded decision for the new projects ongoing economic uncertainties in China, I've been an evergreen funds.

由於中國經濟持續存在不確定性，新專案的約束決策的關鍵因素是我一直是常青基金。

They have the business in that market.

他們在那個市場有業務。

We are cautiously optimistic that the recently announced stimulus plan in China will positively impact on the demand over time.

我們謹慎樂觀地認為，中國最近宣布的刺激計畫將隨著時間的推移對需求產生正面影響。

As of our legacy products totaled 270 million, representing a capacity 12% of total revenue.

截至我們的遺留產品總計 2.7 億個，佔總營收的 12%。

The remaining 8% of revenue was derived from our other businesses, which as steady at $164 million.

其餘 8% 的收入來自我們的其他業務，穩定在 1.64 億美元。

The other businesses include the system.

其他業務包括系統。

It is the and if I missed the types of business, that has grown by about 25% year-over-year and in close ties and that I want to see liquidity products.

如果我錯過了這些類型的業務，那麼它們比去年同期增長了約 25%，並且與我希望看到的流動性產品密切相關。

Moving on to that end of the income statement.

繼續看損益表的最後部分。

Non-gaap gross profit increased 24% sequentially in the September quarter from 723 million.

9 月季度的非 GAAP 毛利比上一季成長 24%，為 7.23 億美元。

We significantly increase reflected favorable mix shift or mass capacity, product container price adjustment and ongoing cost efficiency improving demand environment.

我們大幅增加反映了有利的組合轉變或大規模產能、產品貨櫃價格調整以及持續改善的需求環境的成本效率。

Our resulting non-GAAP gross margin was 33.3% as the company's data over non-GAAP gross margin expanded by 240 basis points quarter-over-quarter.

我們得出的非 GAAP 毛利率為 33.3%，因為該公司的非 GAAP 毛利率數據環比擴大了 240 個基點。

Which was slightly more than we had originally anticipated.

這比我們最初的預期略多。

Non-gaap gross margin for the HTT. business and mass capacity in particular remains significantly higher than corporate average.

HTT 的非公認會計準則毛利率。尤其是業務容量和大眾容量仍顯著高於企業平均。

Non-gaap operating expenses totaled $281 million, up 10% quarter-over-quarter and above our original plan, largely due to higher variable compensation commensurate with improved profitability.

非 GAAP 營運費用總計 2.81 億美元，季增 10%，高於我們最初的計劃，這主要是由於與獲利能力提高相稱的可變薪酬上升。

Rebates.

回扣。

Other income and expense were 86 million or less.

其他收入和支出在8600萬以下。

And we project seem Atlantis in the December quarter.

我們預計亞特蘭提斯酒店將在十二月季度上市。

Adjusted EBITDA continued to improve and was up 23% sequentially in the September quarter to $498 million. Non-gaap

調整後 EBITDA 持續改善，9 月季度季增 23%，達到 4.98 億美元。非公認會計原則

net income increased to $337 million, resulting in non-GAAP EPS of $1.50 per share.

淨利潤增至 3.37 億美元，非 GAAP 每股收益為 1.50 美元。

Basic and diluted share count of approximately 213 million shares.

基本股和稀釋股數約為2.13億股。

Moving on to cash flow and balance sheet.

轉向現金流和資產負債表。

Free cash flow generation was $27 million, reflecting our initial steps to a normalized working capital to support our supply chain, while at the same time meeting increasing mass capacity demand, it will take a couple more quarters for working capital if we adjust, which will have some impact to free cash flow generation.

自由現金流量為2,700 萬美元，反映了我們為支持供應鏈而實現營運資金正常化的初步舉措，同時滿足不斷增長的大規模產能需求，如果我們進行調整，則將需要更多季度的營運資金，這將對自由現金流產生有一定影響。

Even so we expect free cash flow to improve in the December quarter.

即便如此，我們預計 12 月季度的自由現金流將會改善。

And through that and because of his career, capital expenditures for the quarter were 68 million for the fiscal 25, we will maintain capital discipline and continue to expect CapEx to be at the low end of the long-term target range of 4% to 6% of revenue.

通過這一點，並且由於他的職業生涯，25 財年該季度的資本支出為 6800 萬美元，我們將維持資本紀律，並繼續預計資本支出將處於 4% 至 6 的長期目標範圍的低端。收入的百分比。

We returned $147 million to shareholders through the quarterly dividend

我們透過季度股息向股東返還 1.47 億美元

Exiting the quarter was 211 million shares outstanding.

本季末流通股數為 2.11 億股。

As I mentioned earlier, say, company approved an increase to our quarterly dividend, raising the quarterly payout to $0.72 per share, reflecting our long-term confidence in the business.

正如我之前提到的，公司批准增加季度股息，將季度派息提高至每股 0.72 美元，反映了我們對業務的長期信心。

We closed the September quarter with $2.7 billion in available liquidity, including our undrawn revolving credit facility.

截至 9 月季度，我們擁有 27 億美元的可用流動資金，其中包括未提取的循環信貸額度。

Inventory increased to 1.4 billion, including material Mediware staging in support of improving mass capacity to demand.

庫存增加至 14 億，其中包括用於支援提高大規模需求能力的材料 Mediware 分期。

Our debt balance was $5.7 billion at the end of the September quarter, with more than 90% of our long-term debt obligations maturing in fiscal 27 and beyond.

截至 9 月季末，我們的債務餘額為 57 億美元，其中 90% 以上的長期債務將在 27 財年及以後到期。

We exited the quarter with a net leverage ratio of 3.2 times and expect to see fund that adoption in the coming quarters.

本季結束時，我們的淨槓桿率為 3.2 倍，並預計在未來幾季中採用該基金。

Turning now to our outlook, mass capacity at saving and continuing to trend higher with growth driven by robust customer demand for our high-capacity nearline drives, along with ongoing improvement in the enterprise and end markets.

現在轉向我們的展望，隨著客戶對我們高容量近線驅動器的強勁需求以及企業和終端市場的持續改善所推動，大規模儲存容量將繼續呈上升趨勢。

These positive trends are expected to more than offset lower sales into the legacy and other markets.

預計這些積極趨勢將足以抵消傳統市場和其他市場銷售額的下降。

We anticipate profit to five that expand from the richer mix of mass capacity revenue methods at this time and ongoing pricing actions.

我們預計利潤將增加到五倍，這得益於目前大規模產能收入方法和持續定價行動的更豐富組合。

With that as a context, December quarter revenue is expected to be in a range of 2.3 billion or less flat sort of minus 150 million or less at the midpoint.

以此為背景，12 月季度營收預計將在 23 億美元或更少的範圍內，中間值持平於負 1.5 億美元或更少。

This represents an increase of 6% sequentially and 48% year-over-year.

這意味著比上一季成長 6%，比去年同期成長 48%。

Non-gaap operating expenses are expected to be in the range of 285 million or less at the midpoint of our revenue guidance.

以我們的收入指引中位數計算，非公認會計準則營運費用預計將在 2.85 億美元或以下。

We expect non-GAAP operating margin to expand into the low 20s percentage range.

我們預計非 GAAP 營運利潤率將擴大至 20% 左右的百分比範圍。

We expect our non-GAAP EPS to be $1.85 plus or minus $0.2 basic and diluted share count of approximately 214 million shares and a non-GAAP tax expense of about $20 million.

我們預計非 GAAP 每股盈餘為 1.85 美元加減 0.2 美元，基本股和稀釋股數約為 2.14 億股，非 GAAP 稅費約為 2,000 萬美元。

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, John will give In closing, Seagate is achieving significant profitability expansion in a favorable demand environment.

謝謝，約翰將給予 最後，希捷在有利的需求環境中實現了盈利能力的顯著擴張。

I'm confident that the structural improvements we've implemented and our differentiated technology roadmap will further enhance profitability and meet the evolving requirements for our customers.

我相信，我們實施的結構改進和差異化技術路線圖將進一步提高獲利能力並滿足客戶不斷變化的需求。

Demand for our high-capacity nearline drives remained strong, and we will build on that momentum to deliver scalable cost efficient storage solutions to support the anticipated growth in data demand, including from Jim AI applications, Seagate dedicated global team, strong business model and technology leadership form a winning combination positions us well for future success and underscores our confidence in deploying capital and enhancing value for our shareholders.

對我們的大容量近線硬碟的需求仍然強勁，我們將在此勢頭的基礎上提供可擴展且經濟高效的存儲解決方案，以支持數據需求的預期增長，包括來自Jim AI 應用程序、Seagate 專業全球團隊、強大的業務模式和技術領導層形成了一個成功的組合，為我們未來的成功奠定了良好的基礎，並強調了我們對部署資本和提高股東價值的信心。

Operator, let's now open up the call for questions.

接線員，現在讓我們開始提問。

We will now begin the question and answer session.

我們現在開始問答環節。

To ask a question.

來問一個問題。

You may press star then one on your telephone keypad.

您可以按下電話鍵盤上的星號，然後按一個。

If you're using a speakerphone, please pickup your handset before pressing the keys.

如果您使用免持電話，請在按鍵前拿起聽筒。

To withdraw your question, please press star then two, the interest of time.

若要撤回您的問題，請按星號然後按兩下，即時間的興趣。

We ask that you limit yourself to one question.

我們要求您只回答一個問題。

If you have further questions, you may re-enter the question queue.

如果您還有其他問題，可以重新進入問題佇列。

Once again, that's star then one to ask your question, Mr.

再說一遍，這是問你問題的明星，先生。

First question today comes from Wamsi Mohan with Bank of America.

今天的第一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Please go ahead.

請繼續。

Hi, yes, thank you so much.

你好，是的，非常感謝你。

There was wondering if you could flesh out a little about your commentary around this build to order and very good demand visibility into this fiscal year.

有人想知道您是否可以充實一下您對按訂單生產以及本財年良好的需求可見性的評論。

You noted significant demand growth, including some seasonality that you typically expect around around March quarter.

您注意到需求顯著增長，包括您通常預計在三月季度左右的一些季節性。

I was wondering if you could maybe elaborate a bit bet on on maybe some bookends around what your thinking around demand growth as March quarter seasonality going to be different from what you experienced before.

我想知道您是否可以在一些書擋上詳細說明您對需求增長的看法，因為三月季度的季節性將與您之前經歷的有所不同。

And I'd be curious to also hear your thoughts around if I could be how you're expecting to compete versus your competitors products, which have slightly higher capacities on currently as you're ramping Hammer, it sounds like hammer gets their sort of mid next year in volume.

我也很想聽聽您的想法，如果我能成為您期望如何與您的競爭對手產品競爭的方式，當您正在提升Hammer 時，這些產品目前的容量稍高，聽起來Hammer 得到了他們的那種明年中期量產。

Thank you so much.

太感謝了。

Thanks, Wamsi.

謝謝，瓦姆西。

Some So a couple of things.

一些 所以有幾件事。

If I go back at six months ago or a year ago, we instilled these build to order model is largely due to good predictability.

如果我回到六個月前或一年前，我們灌輸這些按訂單生產模式很大程度上是由於良好的可預測性。

And I think it's working well, Tom, as we look into the next year, we're confident that we booked those quarters pretty well.

我認為它運作良好，湯姆，當我們展望明年時，我們相信我們的這些季度預訂得很好。

So I'm I'm very happy the way we're running the business.

所以我對我們經營業務的方式感到非常滿意。

But with given that predictability and we're only going to build what would be what we need to build, we're still not fully recovered as an industry from what we just went through a couple of years ago.

但考慮到這種可預測性，而且我們只會建造我們需要建造的東西，作為一個行業，我們仍然沒有完全從幾年前經歷的情況中恢復過來。

So I'm quite pleased with how the build to order models have gone.

因此，我對按訂單生產模型的進展感到非常滿意。

There is some seasonality in some markets as you allude to, and we'll watch that carefully.

正如您所提到的，某些市場存在季節性，我們會仔細觀察。

But and I think everyone is a little cautious on next year.

但我認為每個人對明年都有點謹慎。

From a cloud perspective, I don't think inventory is built up any I think the buffers are still low from my perspective.

從雲的角度來看，我認為庫存沒有增加，從我的角度來看，緩衝仍然很低。

And and so I think we are happy with the cloud predictability to mass capacity predictability compare on the second part, I think from a capacity point leadership perspective, we're shipping leading products at the end of the from a CMR perspective, no one else is shipping over 30 terabytes for sure.

因此，我認為我們對第二部分的雲端可預測性與大規模容量可預測性比較感到滿意，我認為從容量點領導力的角度來看，我們在年底交付了領先的產品，從CMR 的角度來看，沒有其他人出貨量肯定超過 30 TB。

And as we mentioned in the prepared remarks, there's unit capacity points even higher net going up.

正如我們在準備好的評論中所提到的，單位產能點的淨值甚至更高。

And we put us more on top of that, we can call even higher.

在此基礎上我們投入更多，我們可以稱得更高。

So I'm very comfortable with our positions there.

所以我對我們在那裡的立場非常滿意。

So I'm not quite sure exactly what you're referring to on capacity leadership for lack of leadership on United from our peers.

所以我不太清楚你所說的能力領導力是指我們的同儕缺乏對曼聯的領導力。

Perspective, we've got to get all the calls and all the ramps done and so on.

從角度來看，我們必須完成所有的呼叫和所有的坡道等等。

And then we get onto the four terabytes of this console.

然後我們進入這個控制台的 4 TB。

And we're very comfortable with our technology portfolio that way.

我們對我們的技術組合非常滿意。

Thanks.

謝謝。

Our next question comes from Krish Sankar with TD.

我們的下一個問題來自 TD 的 Krish Sankar。

Cohen.

科恩.

Please go ahead.

請繼續。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

Dave, I had a question on your market share.

戴夫，我有一個關於你的市場份額的問題。

You know, historically you have more than the mid 40s, but last few quarters, it's kind of dipped down to 30 plus in the high 30% range.

你知道，從歷史上看，你的年齡超過了 40 歲左右，但最近幾個季度，這個數字在 30% 的高位範圍內下降到了 30 歲以上。

Can you talk about the factors that are beyond the motion?

您能談談動議以外的因素嗎？

Is it potential disruption from Hamburg causing temporary share loss is a customer-specific WD customers ordering more the neos and all the same path?

漢堡的潛在中斷是否會導致暫時的份額損失，是特定客戶的 WD 客戶訂購更多 Neo，路徑相同？

How to think about the industry pricing in calendar 25 has been extremely rational in SGD., how to think about in 2025?

如何看待日曆25年的產業定價在SGD已經極為理性，2025年如何看待？

Thank you.

謝謝。

Thanks, Chris.

謝謝，克里斯。

Yes, for market share of sudden a number of times marketers and outcome of running your play.

是的，對於行銷人員突然的市場佔有率和運作結果的影響。

And I and exactly the onesies question, we we changed our place a year ago when we said we want these bills orders.

我和連身衣問題一樣，我們一年前改變了立場，當時我們說我們想要這些帳單訂單。

So we said I want predictability of a longer time horizon rather than building a bunch and then hoping to push it into a channel.

所以我們說我想要更長的時間範圍的可預測性，而不是建立一堆然後希望將其推入一個頻道。

And that is going for market share, something like that.

這就是為了爭奪市場佔有率之類的東西。

I think when we were at the bottom of the demand cycle of market share doesn't really matter.

我認為當我們處於需求週期的底部時，市場份額並不重要。

It's more of the predictability of the cash that you're generating.

更多的是你所產生的現金的可預測性。

And so on.

等等。

As we get back into things, you know, obviously, we're taking now that the margins are higher.

當我們回到正題時，你知道，顯然，我們現在的利潤率更高了。

We're getting rewarded for the money that we extend and the investments we've made and so on, then we'll clearly take more more of that demand our way on.

我們因提供的資金和所做的投資等而獲得回報，然後我們顯然會繼續滿足更多的需求。

And so I think close to market share re equilibrate from an exabyte share perspective, I think, you know, we'll just be just fine because customers want to continue to push the TCO proposition going higher and higher capacity points.

因此，我認為從艾字節份額的角度來看，市場份額接近重新平衡，我認為，我們會很好，因為客戶希望繼續推動 TCO 主張越來越高的容量點。

I think we're going to be fine there.

我想我們在那裡會沒事的。

On the pricing side?

在定價方面？

I think I'll let John answer that and they're thinking.

我想我會讓約翰回答這個問題，他們正在思考。

Yes, I think the pricing environment continues to be positive for the industry.

是的，我認為定價環境繼續對該行業有利。

The quarter, we have seen a little bit of improvement and this is what is also driving our gross margin higher.

本季度，我們看到了一些改善，這也推動了我們毛利率的提高。

It's a bit every quarter.

每個季度都會有一點。

As you know, on the cost side, we still had some time use capacity in the June quarter and in September quarter, we don't have any of those extra costs.

如您所知，在成本方面，我們在六月季度和九月季度仍然有一些時間使用能力，我們沒有任何額外成本。

So we all said that it could be at or better as in that gross margin.

所以我們都說它的毛利率可能等於或更好。

And going into December, if you look at how we guided, we expect that improvement in gross margin, find that improvement in operating margin of it is, of course, very important to us and that is coming from that mix add ramping more of our latest TMR product.

進入12 月，如果你看看我們的指導方式，我們預計毛利率會有所改善，會發現營業利潤率的改善對我們來說當然非常重要，而這來自於這種組合增加了我們更多的收入最新的TMR產品。

Of course, we also had a test them volume all the hammer in our December quarter and the pricing actions that they stayed ongoing.

當然，我們也對他們在 12 月季度的所有錘子交易量以及他們持續進行的定價行為進行了測試。

And now we have had a good balance between supply and demand in January for Seagate and they're seeing for the industry.

現在，我們在一月份希捷的供需之間取得了良好的平衡，他們也看到了該行業的情況。

And we are continuing for our long-term strategy.

我們將繼續執行我們的長期策略。

Thanks, Dave and John.

謝謝，戴夫和約翰。

And our next question comes from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

Please go ahead.

請繼續。

Bob.

鮑伯.

Good afternoon.

午安.

Thanks for taking my question on.

感謝您回答我的問題。

I guess my question really, Dave is around does all this fear that the H to the industry broadly Seagate specific yesterday at the cyclical peak levels, I'd love to get your perspective.

我想我的問題確實是，戴夫是否擔心所有這些恐懼都對行業廣泛的希捷具體昨天在周期性峰值水平，我很想聽聽你的觀點。

As you look at the exabyte shipment that you have right now, we are highly confident that what you're shipping is that you're getting deployed by our customers versus perhaps ending up in inventory for them.

當您查看您現在擁有的艾字節出貨量時，我們非常有信心您所運送的產品是由我們的客戶部署的，而不是最終成為他們的庫存。

How do you kind of gain that confidence?

你如何獲得這種信心？

And then really related that cyclical fear, I would say you folks are very confident that there's a lot more upside to gross margins versus where you you are today, which is actually above your long-term target of what do you think is appropriate margin framework for Seagate as you go forward now?

然後，與週期性恐懼真正相關的是，我想說，你們非常有信心，毛利率比現在的水平有更多的上升空間，這實際上高於您認為適當的利潤框架的長期目標對於希捷，您現在的進度如何？

Thanks about, um, yes, we have run a cyclical business over the many, many years.

謝謝，嗯，是的，我們多年來一直經營週期性業務。

I think it's changed quite a bit.

我認為它已經改變了很多。

As we came down from client server.

當我們從客戶端伺服器下來時。

They're used to be a lot of seasonality in that market.

他們在那個市場上曾經有很多季節性。

And now we're in the cloud, the cyclicality.

現在我們處於雲端中，處於週期性之中。

I'm not sure it's total totally periodical, but you know, the pandemic in particular crop caused a very big bubbles and then a big crash on the back side of it.

我不確定這是否完全是週期性的，但你知道，這種流行病，特別是農作物，造成了非常大的泡沫，然後在其背面發生了巨大的崩潰。

So I think that's kind of an anomaly there.

所以我認為這有點反常。

But how do we know what customers actually have?

但我們如何知道客戶實際上擁有什麼？

We have to triangulate ourselves.

我們必須對自己進行三角測量。

And and I think we've really improved our processes for for being able to do that.

而且我認為我們確實改進了我們的流程，以便能夠做到這一點。

But we're also not pushing in nearly as many drive some units or of exabyte points.

但我們也沒有推出幾乎同樣多的驅動器某些單位或艾字節點。

And some of the build to order model actually helps us with quite a bit so that we we know that we're not overbuilding if you were planning to overbuild exactly to your point on both sides to gross margin.

一些按訂單生產的模式實際上對我們有很大幫助，因此我們知道，如果您計劃在雙方毛利率方面完全按照您的觀點進行過度建設，那麼我們就不會過度建設。

I mean, we I believe that the way we bring on more capacity is to drive for more areal density gains.

我的意思是，我們相信增加容量的方式是推動更多的面密度增益。

And we have to go work the cost on those platforms.

我們必須計算這些平台上的成本。

And that's what we're really focused on doing, making sure that whereby 20s and 30s and 40s with lower lower costs to be able to serve the market.

這就是我們真正專注於做的事情，確保 20 歲、30 歲和 40 歲的人能夠以更低的成本服務市場。

Good TC. proposition for our customers who are building data centers and want to support data centers for a long time is just to put more more capacity online because there's so much more efficient for them, but we need to be able to get that efficiency through our continued cost reductions also.

好的TC。對於正在建造資料中心並希望長期支援資料中心的客戶來說，他們的建議就是增加線上容量，因為這對他們來說效率更高，但我們需要能夠透過持續的成本來獲得這種效率減減也。

So I do think there's significant upside to gross margin still, but it all starts to your point with supply and demand managing supply and demand properly.

因此，我確實認為毛利率仍然有顯著的上升空間，但這一切都始於供需正確管理供需。

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。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you, guys, for taking my question.

謝謝你們回答我的問題。

Jim, we could maybe if we just see them staying the same of gross margins here.

吉姆，如果我們看到他們的毛利率保持不變，我們也許可以。

I think your guidance for the sub-debt for the December quarter implies about a 34% gross margin, approximately 70 basis points sequentially.

我認為你們對 12 月季度次級債務的指導意味著毛利率約為 34%，比上一季增加約 70 個基點。

You've been growing gross margins by about two to four points sequentially over the last four quarters.

在過去的四個季度中，您的毛利率連續成長了約兩到四個百分點。

And so I'm just wondering if pricing and mix are still favorable and obviously, they just made some positive comments on gross margins.

所以我只是想知道定價和組合是否仍然有利，顯然，他們只是對毛利率做出了一些積極的評論。

Can you help me understand why we might not be seeing more gross margin expansion in the quarter, again, relative to the multiple points of gross margin expansion you've been able to drive over the last much?

您能否幫助我理解為什麼相對於您過去能夠推動的多個點的毛利率擴張，我們在本季可能看不到更多的毛利率擴張？

Thanks so much.

非常感謝。

Yes, Eric.

是的，埃里克。

Well, as I said before, that you have 10 by quarter.

嗯，正如我之前所說，按季度有 10 個。

We also add today as to thought from better cost structure because those that know higher capacity and they eliminate and Jose underutilization charges, that was about 100 basis points in our growth model improvement as we are not going to add that had an improvement in the December quarter because now we don't have any underutilization charges anymore, but we have stated progressing with our pricing traction and we are making it go to the end of our latest PMR products and we will see some volume on hammer.

我們今天也補充了更好的成本結構的想法，因為那些知道更高容量的人，他們消除了利用不足的費用，這在我們的成長模型改進中大約是100 個基點，因為我們不會添加12月的改進因為現在我們不再有任何未充分利用的費用，但我們已經表示我們的定價牽引力正在取得進展，並且我們將使其進入最新PMR 產品的末尾，我們將看到錘子上有一些交易量。

So those are positive annualizing out.

所以這些都是正面的年化結果。

We guide based on that on the Baltic estimates, we at the beginning of that, bought them and then we've executed during the quarter as bad as best as we can.

我們的指導基於波羅的海的估計，我們在一開始就購買了它們，然後我們在本季度盡可能地執行。

And our focus is to keep improving.

我們的重點是不斷改進。

Quarter after quarter, we had no non-title increase that too much at one time.

一季度又一季度，我們的非頭銜一次沒有增加太多。

We want to be consistent.

我們希望保持一致。

And at this time you called out for now for as long as we can.

這時你盡可能地呼喊。

And our next question today comes from Toshiya Hari with Goldman Sachs.

今天我們的下一個問題來自高盛的 Toshiya Hari。

Please go ahead.

請繼續。

Hi, thank you so much for taking the question.

您好，非常感謝您提出問題。

I had a multipart one on hammer.

我在錘子上有一個多部分的。

I think on the last call or at a conference you guys talked about your expectation around getting qualification matter lead customer in Q three.

我認為在上次電話會議或會議上，你們談到了對第三季度獲得資格問題領先客戶的期望。

I believe it is that now Q4, is that early 25?

我相信現在是第四季，是25號出頭嗎？

Any thoughts on that would be helpful.

對此的任何想法都會有所幫助。

And then David, you talked about additional power companies or customers having some qualification products on hand.

然後大衛，您談到了其他電力公司或客戶手頭上有一些合格產品。

Should we expect the qualification process with some of those customer customers to be smoother than euro failure in consumer is behind us on the teams worked really hard to make sure we get all the process improvements that we talked about last time in.

我們是否應該期望與其中一些客戶的資格認證流程比歐洲消費者的失敗更順利，因為我們的團隊非常努力地工作，以確保我們獲得我們上次談到的所有流程改進。

I did speak on last earnings call that the our confidence was based on the test that we have running that are all designed to detect these fill modes with intense stresses that are way beyond our spec.

我在上次財報電話會議上確實說過，我們的信心是基於我們運行的測試，這些測試都是為了檢測這些填充模式而設計的，其承受的強烈壓力遠遠超出了我們的規格。

And and here we are for another quarter later, we have more drives more configurations, running more money to tell test, and we haven't seen heightened or the failure mode.

又一個季度過去了，我們有更多的驅動器、更多的配置、運行更多的資金來進行測試，而且我們還沒有看到加劇或故障模式。

So we're confident that is behind us.

所以我們有信心這一切都在我們身後。

That's that initial learning that we get relative to proving it.

這就是我們在證明這一點時所獲得的初步知識。

Sometimes it takes a little bit of time with the customers to prove it.

有時需要花一點時間與客戶一起證明這一點。

But I'm confident we're going to be able to prove it right now.

但我相信我們現在就能證明這一點。

And those tests are owned by the when we think about qualifications, there's a lot of different facets of quality, interoperability and different data center applications and so on and so forth.

當我們考慮資格時，這些測試屬於品質、互通性和不同資料中心應用程式等許多不同方面。

No, no significant concerns there.

不，沒有什麼重大問題。

It really does come down this one last issue.

這確實是最後一個問題。

And and that's why we have confidence the confidence that no one else is going to see it because as we ramp the high volume, those other customer, we've got this problem fixed sites, but to those other customers wanted some multiple non-cloud customers have already qualified the product.

這就是為什麼我們有信心沒有其他人會看到它，因為當我們增加高容量時，其他客戶，我們已經解決了這個問題的站點，但對於那些其他客戶想要一些多個非雲客戶已經對產品進行了鑑定。

And already we're already getting volume shipments there.

我們已經在那裡批量發貨。

They run tough calls themselves would maybe you'll have the same kinds of stresses.

他們自己也會提出嚴厲的要求，也許你也會面臨同樣的壓力。

But now that we have the recipe, I think we're going to apply it.

但現在我們已經有了秘訣，我想我們應該應用它。

Thank you.

謝謝。

And our next question today comes from Asiya Merchant with Citigroup.

今天我們的下一個問題來自花旗集團的 Asiya Merchant。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you very much.

非常感謝。

We.

我們。

Thank you very much, ma'am

非常感謝你，女士

.

。

Hammer, you know, and you start to see more qualifications and more shipments at Siguiri, December ending to the March and how it was a negative to gross margins.

Hammer，你知道，從 12 月到 3 月，你開始在 Siguiri 看到更多的資格和更多的發貨量，這對毛利率產生了負面影響。

Just given the shipment volumes are lower, the you might be some ramp issues there.

鑑於出貨量較低，您可能會遇到一些斜坡問題。

How should we think about overall impact to margins as Hammer, Randy and I get this entity and obviously, once you guys are much further along, that's a margin driver.

當哈默、蘭迪和我得到這個實體時，我們應該如何考慮對利潤率的整體影響，顯然，一旦你們走得更遠，這就是利潤率的驅動因素。

But near term, how should we think about the impact to margins from hand they're ramping thinking Ixia yet near term?

但從短期來看，我們該如何考慮 Ixia 近期對利潤率的影響？

We don't want to give it away long term.

我們不想長期放棄它。

We don't want to give it away.

我們不想放棄它。

So we definitely want to hammer to be accretive to gross margin than we think it does add benefit to our customers as well.

因此，我們絕對希望努力提高毛利率，而不是我們所認為的那樣，這也確實為我們的客戶帶來了好處。

So there's a trade-off that, you know, do they want to increase the higher the capacity for the data center build us that they're doing.

因此，需要權衡，你知道，他們是否想要增加我們正在建造的資料中心的容量。

And then we have to say you have to make sure you pay for it to replace the drives.

然後我們不得不說，您必須確保支付更換驅動器的費用。

As we've said before, our factories are largely full.

正如我們之前所說，我們的工廠基本上已經滿了。

So you know, to take drives out of those or take the supply out and turn it over to hammer.

所以你知道，從那些驅動器中取出或取出電源並將其轉交給錘子。

We have to make sure we're getting paid for, and I'm confident we can do that in the near term as well.

我們必須確保我們得到報酬，我相信我們在短期內也能做到這一點。

That's just a matter of managing the supply and demand picture properly.

這只是正確管理供需情況的問題。

How say on the cost side as immunized label volume and cost per terabyte is below the PMR cost that data back.

從成本方面來說，免疫標籤數量和每 TB 成本低於資料返回的 PMR 成本。

So for sure, there is an advantage on MI and the pricing of, of course, depend on timing and that and what are we adding in the cycle?

因此，可以肯定的是，MI 和定價有優勢，當然，取決於時間安排，以及我們在週期中添加什麼？

But at this point in the short term and ladies Nordea is online Hemerson, albeit a 12 plus months.

但在短期內，Nordea 女士已上線 Hemerson，儘管已經有 12 個多月了。

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。

Please go ahead.

請繼續。

Yes, thanks for taking the question.

是的，感謝您提出問題。

Thanks for taking the questions.

感謝您提出問題。

A couple of just real quick model questions.

幾個真正的快速模型問題。

It looks like your OpEx was a little bit higher than you expected in this quarter.

您本季的營運支出似乎略高於您的預期。

I'm curious, as you know, relative to the 285 million guide, how do you think about the trajectory of operating expenses as we look out into the March quarter beyond any kind of framework of what kind of we could think about from a normalizing operating expense perspective?

如您所知，我很好奇，相對於 2.85 億美元的指導，當我們展望 3 月份季度時，您如何看待營運支出的軌跡，超越我們可以從正常化中考慮的任何類型的框架？ ？

And then as you know, the kind of quick follow-up as you as you get the I think it's 480 million of debt maturing in January from that level.

然後，如您所知，當您收到資訊時，會進行快速跟進，我認為 1 月份將有 4.8 億美元的債務從該水平到期。

How are you thinking about the possibility of reentering share repurchase activity going forward?

您如何看待未來重新參與股票回購活動的可能性？

On the OpEx increase between June and September is only add due to a variable compensation.

6 月至 9 月期間的營運支出成長只是由於可變補償而增加。

So we are not hiring more.

所以我們不會再招募更多人。

People is testament that of last year we didn't have variable account and they see it when we add variable comp at a fairly good level.

人們證明，去年我們沒有可變帳戶，當我們在相當好的水平上添加可變補償時，他們就看到了這一點。

So from here, I would say probably will stay fairly flat through that as does our fiscal year it had they not to 80 to 85.

因此，從這裡開始，我想說，在這段期間，情況可能會保持相當平穩，就像我們的財政年度那樣，如果他們沒有達到 80 到 85。

I think that a fair bit of a new range that debt, as you said, is maturing in the beginning of January.

我認為，正如您所說，債務的相當一部分新範圍將在一月初到期。

So as we said before, we are going to address that.

正如我們之前所說，我們將解決這個問題。

We had cash on hand.

我們手頭上有現金。

So we started using our net.

所以我們開始使用我們的網路。

We want to be even a little bit lower as before with our share buyback.

我們希望股票回購的價格比以前低一點。

So I would say, as you know, we are adding pays dividends that you that our priority for the company.

所以我想說，正如你所知，我們正在增加向你支付股息，這是我們公司的首要任務。

And then we want to take handles at that.

然後我們想要掌控這件事。

And then after that, we will.

然後在那之後，我們會的。

Okay share buyback, probably not a big side that in time.

好吧，股票回購，可能不是一個大的方面。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question today will come from Timothy Arcuri with UBS.

今天我們的下一個問題將來自瑞銀集團的提摩西‧阿庫裡。

Please go ahead.

請繼續。

Thanks a lot.

多謝。

I had a question about the capacity outlook now

我現在對產能前景有疑問

.

。

Given that you're kind of bumping up against your of your max?

考慮到你已經達到你的極限了？

Okay.

好的。

So um, so unless you decide to add more your I mean, you're going to ship close to that 130 exabyte of some of your line is probably not a December, but but quite soon.

所以嗯，除非你決定添加更多，我的意思是，你將在你的一些產品線中發送接近 130 艾字節的數據，這可能不是 12 月，而是很快。

So I mean, you've grown nicely off the bottom on mix and on exabytes coming back.

所以我的意思是，你在混合和艾字節回歸方面已經從底部很好地增長了。

But if you're not going to expand our capacity, should we think of things starting to flatten off from here?

但如果你不打算擴大我們的產能，我們是否應該考慮從這裡開始趨於平緩？

And I realize that pricing is going to go up, but but it seems like you kind of lose a degree of freedom in the model and they should start to expand actually buy capacity.

我意識到定價將會上漲，但似乎你在模型中失去了一定程度的自由度，他們應該開始擴大實際購買能力。

Thanks.

謝謝。

Yes, Jim, I think exactly to your point will expand exabyte capacity by transitioning to new products.

是的，吉姆，我認為正是按照您的觀點，透過過渡到新產品來擴大艾字節容量。

And so if you think about it, as I go to from 20 terabytes ish to 30 terabytes, in addition to even 40 someday, we'll we'll be able to expand ex by capacity without adding significant capacity from a driver heads or media perspective, we'll just use it much more efficiently on an exabyte basis.

因此，如果您考慮一下，當我從 20 TB 左右增加到 30 TB 時，甚至有一天甚至會增加到 40 TB，我們將能夠通過容量進行擴展，而無需從驅動器頭或介質中增加大量容量從角度來看，我們將在艾字節的基礎上更有效地使用它。

And that's where we're confident that we'll be able to also take out cost at those higher capacity points at which is what builds into the margin proposition into the into the model.

這就是我們有信心的地方，我們也能夠在那些更高的產能點上降低成本，這就是模型中利潤主張的內容。

And our next question today comes from CJ Muse with Cantor Fitzgerald.

今天我們的下一個問題來自 CJ Muse 和 Cantor Fitzgerald。

Please go ahead.

請繼續。

Yes, good afternoon, and thank you for taking the question.

是的，下午好，感謝您提出問題。

Dave, in your prepared remarks, you talked about good visibility for growth in fiscal 25, notwithstanding seasonality for March.

戴夫，在您準備好的發言中，您談到了 25 財年增長的良好前景，儘管 3 月份存在季節性因素。

So I was hoping you can kind of speak to where your visibility is today.

所以我希望你能談談你今天的知名度。

Nearline is at three, six, nine months.

近線是在三個月、六個月、九個月時。

And then based on that backdrop, how should we be thinking about at least for mass capacity, what seasonality will look like into the March quarter?

然後基於這種背景，我們至少應該如何考慮大規模產能，而三月季度的季節性會是什麼樣子？

Yes, I think of mass capacity is pretty full.

是的，我認為海量容量已經相當滿了。

And it goes out that nine month period that you talked about, C.J., and that's of virtue of the build to order model that we've actually established.

C.J.，你談到的九個月時間就過去了，這得益於我們實際建立的按訂單生產模式。

I think customers understand that they get predictable economics and then in for all going through these qualification processes, so they get access to that technology as well.

我認為客戶明白他們會獲得可預測的經濟效益，然後參與所有這些資格認證流程，因此他們也可以獲得該技術。

That's all serving us.

這一切都是為我們服務的。

Well, I think right now now I would say the total demand is not on is not significantly higher than historical demands.

嗯，我想現在我會說總需求並沒有明顯高於歷史需求。

And I certainly don't think there's inventory build up going in or anything.

我當然不認為庫存會增加或發生任何事情。

So I don't think there's a cycle coming.

所以我認為不會出現週期。

I think we're running a fairly predictable business and we'll get better visibility as we get through.

我認為我們正在經營一項相當可預測的業務，隨著我們的發展，我們將獲得更好的可見度。

Obviously, early next year.

顯然，明年初。

People are re-upping, if you will, the the build to order configurations

如果你願意的話，人們正在重新調整按訂單建立的配置

.

。

But right now, I feel fairly confident certainly through the front half of the year and probably even into the back half of the year.

但現在，我對今年上半年甚至下半年都相當有信心。

Yes, Andreas is a 90 day C J. It usually is a majority of that seasonality is on the legacy part of the business where it is a March quarter for the quarter.

是的，Andreas 是一名 90 天的 CJ。

In than a year.

一年多的時間裡。

But we also, as part of mass capacity, in particular, the Vienna.

但我們也作為大眾能力的一部分，特別是維也納。

So as a surveillance bias towards a business that isn't usually fairly weak in must invest to grow in June and is fairly strong in September and December.

因此，作為對通常不太弱的企業的監督偏見，必須在 6 月份投資成長，而在 9 月和 12 月則相當強。

So when you want to tell you that there are four quarters for kind of 25, of course, see that have a very seasoned 19, not only in the legacy thoughts about the, let's say, in some of the safe and mass capacity products.

因此，當您想告訴您 25 號有四個季度時，當然，請注意有一個非常經驗豐富的 19 號，不僅在關於某些安全和大容量產品的遺留思想中。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Okay, thanks.

好的，謝謝。

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

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

Please go ahead.

請繼續。

Thanks for taking my question.

感謝您提出我的問題。

Good afternoon, guys.

下午好，夥計們。

I guess just following up on the other point on how much capacity you have available, I think I understand how you create capacity when you go from like three terabyte per platter to four foot from here going over, say, the next 12 months.

我想，只要跟進關於您有多少可用容量的另一點，我想我明白，當您從每盤 3 TB 增加到 4 英尺時，比如說，接下來的 12 個月，您將如何創建容量。

I think last quarter you talked about de-bottlenecking, there's a potential there.

我認為上個季度您談到了消除瓶頸，那裡有潛力。

Maybe you do get a better cycle in enterprise and the next year.

也許你確實會在企業和明年獲得更好的周期。

Like how do we how do we get comfortable with the idea that you can manage all that and still satisfy all your customer needs?

就像我們如何接受這樣的想法：您可以管理所有這些並且仍然滿足所有客戶需求？

Or any further color now would be helpful.

或者現在任何其他顏色都會有幫助。

Yes, I think that's a question good question about how big could things get if the Edge really turns on, if you know, Gen-i AI. turns on which was up, I would say, is still very, very early innings of that, um, you know, if there's some kind of macro recovery growth recovery and all the markets and we're not there yet.

是的，我認為這是一個很好的問題，如果邊緣真的開啟，如果你知道，Gen-i AI，事情會變得有多大。我想說的是，這仍然是非常非常早期的階段，嗯，你知道，如果有某種宏觀經濟復甦，成長復甦和所有市場，但我們還沒有實現。

We're still being very cautious on any supply and any additional supply we would have to put on would be very long lead time.

我們仍然對任何供應都非常謹慎，並且我們必須提供的任何額外供應都將需要很長的交貨時間。

So we can satisfy more exabytes exactly as you described and we've talked about earlier, but but you know, additional drive demand, if you will.

因此，我們可以完全按照您所描述的和我們之前討論過的那樣滿足更多艾字節，但您知道，如果您願意的話，還可以滿足額外的驅動器需求。

I think we'd have to add supply, which would be longer much longer lead time as we spend 4% of our revenue on CapEx, we do add technology transition capacity.

我認為我們必須增加供應，這會延長交貨時間，因為我們將收入的 4% 用於資本支出，我們確實增加了技術轉換能力。

So you get some small capacity adds because of that as you're buying new tools there and what they tend to be more efficient, um, but the growth would be necessarily slow.

因此，當你在那裡購買新工具時，你會得到一些小容量的增加，而且它們往往更有效率，嗯，但成長必然會很慢。

I think.

我認為。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

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

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

Please go ahead.

請繼續。

Good afternoon, guys.

下午好，夥計們。

Thanks for taking the question.

感謝您提出問題。

I guess date.

我猜約會。

So it has taken right down the capacity question, exciting progress as you at this stage Hammer, India's that that even with hammer and Eyal density increasing, yes, sort of data increase, they deny the Alaska, et cetera.

因此，它已經解決了容量問題，令人興奮的進展，因為您在這個階段錘子，印度，即使錘子和埃亞爾密度增加，是的，數據增加，他們否認阿拉斯加，等等。

Yes, all of that were to take any position relo where you were to want to be increasing capacity.

是的，所有這些都是為了在你想要增加容量的地方重新定位任何位置。

What you just mentioned long lead times.

你剛才提到的交貨時間很長。

What does that process?

那個過程是什麼？

You give us some sense of what that platform that look like?

您讓我們了解一下這個平台是什麼樣子的嗎？

I've also heard about the time that the whole component changes you have also needs to be tended to, I guess, just what would be the ways that you guys to maybe John and Bob's talked about this a function of us.

我還聽說，有時您也需要關注整個組件的變化，我想，你們約翰和鮑勃談論這個問題的方式是什麼？

Yes, thanks.

是的，謝謝。

And I think that we fix it in our industry on the highest capacity point.

我認為我們將其固定在我們行業的最高容量點上。

And obviously, you know that that's the max capacity gets a lot of attention

顯然，你知道這就是最大容量引起了很多關注

But when you get to the growth of some of these other markets, we would be talking about 20 terabytes or maybe even less less than that and what's your value prop at that level?

但是，當您考慮到其他一些市場的成長時，我們會談論 20 TB 甚至更少，那麼您在該水平上的價值支撐是多少？

And by pushing forward and aerial density, we get to take components out of those those capacity points.

透過向前推進和提高空中密度，我們可以從這些容量點中取出組件。

So we can actually hit much more aggressive price bands if we want to and still maintain really good gyms.

因此，如果我們願意並且仍然保持真正好的健身房，我們實際上可以達到更激進的價格範圍。

And then those components that are freed up go.

然後那些被釋放的組件就會消失。

So you can make twice as many drives with half the components going being dedicates, the Stride Rite.

因此，您可以使用 Stride Rite 專用的一半組件來製造兩倍數量的驅動器。

So.

所以。

So I think that's where our if we saw a resurgence, yes, areal density help solve a lot of problems because you can go address those markets that are half capacity, if you will, the max capacity in a much more efficient way.

所以我認為，如果我們看到復甦，是的，面密度有助於解決很多問題，因為你可以以更有效的方式解決那些容量一半的市場，如果你願意的話，可以以更有效的方式處理最大容量。

I got it.

我得到了它。

That's That's super helpful.

這真是太有幫助了。

Just to complete that, does that mean like even in light of strong case was Hammer, you guys feel pretty good when Mr. Knapp, our ability to help?

為了完成這一點，這是否意味著即使在哈默的強有力的情況下，當納普先生，我們有能力提供幫助時，你們感覺很好？

Yes, exabytes shipped for the energy, all for all for a good amount of funds become a measured and probably years, not months, quite a debate today, we have that we have our supply plan.

是的，為能源運輸的艾字節，所有的一切都需要大量的資金，這可能需要數年，而不是數月，今天引起了很大的爭論，我們有我們的供應計劃。

We know what he said.

我們知道他說了什麼。

Demand is much higher than our asset type.

需求遠高於我們的資產類型。

And of course, we will have a little bit of that on balance that we have time for us.

當然，總的來說，我們會有一點時間。

But our focus is on an organization not on more units.

但我們的重點是一個組織而不是更多的單位。

And as we think we see is the most profitable way for the industry to progress in this period of time.

正如我們所認為的那樣，這是該行業在這段時間內取得進步的最有利可圖的方式。

And we see is what we want to do.

我們看到的是我們想做的事情。

So so let's see where demand is in two or three quarters from now, but we know what our supply will be.

因此，讓我們看看從現在起兩三個季度後的需求情況，但我們知道我們的供應量。

Thanks, guys.

謝謝，夥計們。

Thanks, Jason.

謝謝，傑森。

And our next question today comes from Vijay Rakesh with Mizuho.

今天我們的下一個問題來自 Mizuho 的 Vijay Rakesh。

Please go ahead.

請繼續。

Side data on the heart of just wondering, you know, I do want to highlight what do you think the unit shipments could be for can liquefy Gianluca, I think in the passive customers trying to bring on sound idled capacity and headcount as you start to bring some of that capacity back on.

側面數據只是想知道，你知道，我確實想強調你認為單位出貨量可以用來液化 Gianluca，我認為在被動客戶中試圖帶來良好的閒置產能和員工數量，因為你開始恢復部分產能。

Can you know how that roadmap looks?

你知道路線圖是什麼樣子嗎？

Looks like.

看起來像。

Thanks, Vijay.

謝謝，維傑。

Yes, we didn't we didn't speak specifically about how many units and how fast will push.

是的，我們沒有，我們沒有具體談論有多少單位以及推動的速度。

We just said, the mass qualification will be done for all these customers that we just shipped to probably mid 2025.

我們剛剛說過，我們將在 2025 年中期對所有這些客戶進行大規模資格認證。

From my perspective, the factories are relatively full right now.

在我看來，目前工廠已經比較滿了。

And so as we plan with those customers and they say, hey, I'd like the exabytes in this form rather than this form will make the transition.

因此，當我們與這些客戶一起計劃時，他們說，嘿，我希望以這種形式的艾字節而不是這種形式來進行轉換。

But it will be probably less of a transition than we would have made us a year ago.

但與一年前相比，這次轉變可能不會那麼大。

And we had empty factories.

我們的工廠空無一人。

We would have ramp much more aggressively this time.

這次我們會更加積極地提升。

I think we'll we'll make sure that we pivot accordingly and carefully.

我想我們會確保我們會相應地、謹慎地進行調整。

It's very important that to realize that the components that we use in our last generation of PMR product are very, very similar to the components we use and hammer as well.

認識到我們在上一代 PMR 產品中使用的組件與我們使用的組件和錘子非常非常相似，這一點非常重要。

So not not the critical components heads and media, obviously, but all the other components.

因此，顯然不是關鍵組件磁頭和介質，而是所有其他組件。

And so we feel very comfortable being able to pivot from one product to the the other if we have through the mechanics electronics, there's so much leverage there.

因此，如果我們透過機械電子設備，能夠從一種產品轉向另一種產品，我們會感到非常舒服，那裡有很大的槓桿作用。

So that's what allows us that flexibility.

這就是我們擁有靈活性的原因。

Yes.

是的。

From a capacity standpoint, I would say at this point, we don't have much either capacity anymore.

從容量的角度來看，我想說，目前我們已經沒有太多的容量了。

And so what we are doing is now moving faster into technology transition now with our latest PMR products that we are ramping bid aggressively for ATMs in September and December quarter as they transition to.

因此，我們現在正在做的是透過我們最新的 PMR 產品更快地進行技術轉型，我們將在 9 月和 12 月季度積極提高對 ATM 的出價，因為它們正在過渡。

And that generates nice at than they have.

這會產生比他們更好的能力。

A little addition on a current life better will support the increasing demand.

當前生活的一點改善將支持不斷增長的需求。

So thank you, Dan.

所以謝謝你，丹。

Sequentially.

依次。

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

今天我們的下一個問題來自巴克萊銀行的托馬斯·奧馬利。

Hey, guys.

嘿，夥計們。

Thanks for taking my question.

感謝您提出我的問題。

Do you just just humor me as I'm trying to clarify things just in the back half, it sounds like you are fully at capacity and technology transitions are giving you some growth and it sounds like that literally Good

當我試圖在後半部分澄清事情時，你只是在幽默我嗎，聽起來你已經完全發揮了能力，技術轉型正在為你帶來一些成長，聽起來確實很好

.

。

It's obviously been a couple of really good quarter you guys, but let's just say we had out into fiscal year 26, you're talking about more volume for her hammer kind of coming in the middle of the next calendar year.

這顯然是你們幾個非常好的季度，但我們已經進入第 26 財年了，你們談論的是她的錘子的銷量將在下一個日曆年中期增加。

And so you would imagine more substantially into the next fiscal year for you guys.

因此，你們會對你們的下一個財政年度進行更實質的想像。

If you guys were to see further delays on the hammer side, what actions would you guys take just given the fact that you're at capacity and wouldn't from a factory perspective and you wouldn't see that the technology transitions just walk me through what you would do in that instance, obviously, that's not ideal and you're not planning for that, but we've seen the qualifications slip a couple of quarters with the largest guy.

如果你們看到錘子方面的進一步延誤，鑑於你們已經達到產能，並且從工廠的角度來看，你們不會看到技術轉型，你們會採取什麼行動通過你在那種情況下會做什麼，顯然，這並不理想，你也沒有為此做好計劃，但我們已經看到最大的傢伙的資格下滑了幾個季度。

So I just wanted to understand how you guys think about things if it's further delayed.

所以我只是想了解如果事情進一步延遲的話你們會如何看待事情。

Yes.

是的。

I am not really worried about it for exactly the reasons that you talked about.

出於您所說的原因，我並不真正擔心它。

We see the how the test that you're running.

我們了解您正在執行的測試的情況。

We see other qualifications are running, and we're very confident in being able to make the pivot.

我們看到其他資格正在運行，我們對能夠實現這一轉變非常有信心。

But exactly to the earlier question, I think it was Vijay's question on.

但對於之前的問題，我認為這是 Vijay 的問題。

We can pivot from the last generation PMR to the amateur technology very, very easily and less generous.

我們可以非常非常輕鬆地從上一代 PMR 轉向業餘技術，而且不那麼慷慨。

And PMR is a great product for us was really good margins that were not fully ramped on yet either.

PMR 對我們來說是一個很棒的產品，它的利潤率確實很高，但目前還沒有完全實現。

So on from that perspective, if it came down to like one quarter of delay in some customers that I want like this rather than like this, we can very easily because it back helpful.

因此，從這個角度來看，如果我想要這樣而不是這樣的某些客戶的四分之一的延遲，我們可以很容易地因為它會有所幫助。

And then in terms of just your outlook on a are you obviously made some comments earlier on the call.

然後就您的前景而言，您顯然在早些時候的電話會議中發表了一些評論。

I'm just saying it's still kind of on the come in terms of initial come decisions with customers.

我只是說，就與客戶的初步決策而言，這仍然是即將發生的事情。

Do you have a timeframe of when you may start to see some contribution there?

您是否有一個時間表，說明您何時可以開始在那裡看到一些貢獻？

Or is that something that would come as early as this next fiscal year?

或者這最早會在下一個財政年度實現嗎？

I think this is a really complex topic because the and I think there's a lot of different things that are called AI. on some of more traditional workloads that we've seen for years and years and some number of brand new workloads.

我認為這是一個非常複雜的話題，因為我認為有很多不同的東西被稱為人工智慧。我們多年來看到的一些更傳統的工作負載以及一些全新的工作負載。

And we are seeing demand coupled to brand new workloads, right with the purchase orders that reference specifically things that people would identify as predictive AI, our G&A applications.

我們看到需求與全新的工作負載相結合，採購訂單特別提到了人們認為是預測性人工智慧的東西，即我們的 G&A 應用程式。

What I would say is that the recent trends are really more towards video, which we talked about in our prepared remarks.

我想說的是，最近的趨勢確實更傾向於視頻，我們在準備好的演講中談到了這一點。

And that's the biggest thing that we're seeing right now grow in, I'll call that a I for a while, because I think it is a much more efficient way to drive cost our customers' business models.

這是我們現在看到的最重要的成長點，我暫時將其稱為“I”，因為我認為這是一種更有效地推動客戶業務模式成本的方式。

And that's we see that demand flowing through right now.

這就是我們現在看到的需求流動。

I don't think there's a bubble going on in there.

我不認為其中有泡沫。

I think there's a continued value competition happening in the month month and a bunch of different vectors with new technologies, new applications coming that you could continue to drive video as a as a fundamental values for our customers.

我認為本月會發生持續的價值競爭，大量不同的新技術、新應用程式即將出現，您可以繼續推動影片作為我們客戶的基本價值。

And that's why we're excited about it.

這就是我們對此感到興奮的原因。

And I know some people call of those traditional workloads, but in all of give credit to a I because I think they're being used in very interesting, creative new ways.

我知道有些人稱之為傳統工作負載，但總的來說，我認為它們正在以非常有趣、創意的新方式使用。

Our next question today comes from Mark Miller with The Benchmark Co. Please go ahead.

今天我們的下一個問題來自 The Benchmark Co. 的 Mark Miller。

So congratulations on your upside results and your good guidance.

因此，祝賀您取得了良好的成果和良好的指導。

I just wanted to go back to a high and the opportunity there.

我只是想回到巔峰並享受那裡的機會。

I do believe that the PCs with AI chips will drive a major refresh cycle.

我確實相信配備人工智慧晶片的個人電腦將推動重大更新周期。

And if so, when second half of next year?

如果是的話，明年下半年是什麼時候？

Yes, Mark, I don't have a ton of visibility into that a low.

是的，馬克，我對這個低點沒有太多了解。

I do talk to some of these customers that I grew up with about that exact topic on look, I think that the PC space has been relatively slow to adopt new applications of late.

我確實和一些和我一起長大的客戶談論了關於外觀的確切話題，我認為個人電腦領域最近採用新應用程式的速度相對較慢。

And I think that's about to change how quickly it will change is still anybody's guess.

我認為這將會改變，它會以多快的速度改變仍然是任何人的猜測。

And of course, it's not about specking new hardware.

當然，這並不是為了測試新硬體。

It's about specking new applications that have come and most of those applications are to your point there, video applications.

這是關於檢驗已經出現的新應用程序，其中大多數應用程式都符合您的觀點，即視訊應用程式。

So yes, I do think that when you can enable Creative Professional, certainly to do on to create on especially video, but audio accounts as well.

所以，是的，我確實認為，當您可以啟用 Creative Professional 時，當然可以在視訊帳戶和音訊帳戶上進行創作。

And, you know, all kinds of other analytical tools that happened at the edge that you allow them to create much more aggressively.

而且，你知道，發生在邊緣的各種其他分析工具讓他們能夠更積極地創建。

I think they'll spend up more data.

我認為他們會花費更多的數據。

Com.

com。

Some of that data will be serviced by the cloud service providers there already are.

其中一些數據將由現有的雲端服務供應商提供服務。

And so we see see those applications growing, but some of it may be closer to the edge and we're really excited about that.

因此，我們看到這些應用程式正在成長，但其中一些可能更接近邊緣，我們對此感到非常興奮。

It's still very early, but I can't really predict where the IPC.s are going to be just yet.

現在還很早，但我還不能真正預測 IPC.s 將會在哪裡。

But I think from what I'm seeing from application development, I'm excited about it.

但我認為從應用程式開發中看到的情況來看，我對此感到興奮。

I think it is going to be a driver in the near future.

我認為在不久的將來它將成為一名司機。

Just one other question.

還有一個問題。

You mentioned there is little line of capacity at the moment.

您提到目前產能很少。

What does the factory utilization in your head media fabs or the 85% or higher?

你們頭部媒體工廠的工廠利用率是多少還是85%以上？

Yes, fairly high in both.

是的，兩者都相當高。

I think we do have capacity as we have transition to hammer, we can because we've dedicated a lot of that space to experiments, if you will, in the last few years.

我認為我們確實有能力，因為我們已經過渡到錘子，我們可以，因為我們在過去幾年中投入了大量空間進行實驗，如果你願意的話。

And so now some of that can become production instead of experimentation on.

所以現在其中一些可以變成生產而不是實驗。

But but I think very high over 90% utilization right now.

但我認為目前利用率非常高，超過 90%。

And and that's the way we want to.

這就是我們想要的方式。

But we don't want to come down because as you know, that has a lot of cost implications back into the business and we want to make sure we maintain this stuff running for some of the grid or 90% is both for his many fabs.

但我們不想降低，因為如你所知，這會對業務產生很大的成本影響，我們希望確保我們維持這些東西在某些電網上運行，或者 90% 都是為他的許多晶圓廠提供的。

Is that correct?

這是正確的嗎？

That's right.

這是正確的。

Thank you.

謝謝。

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

我們的下一個問題來自 PNB Paribas 的 Karl Ackerman。

Please go ahead.

請繼續。

Thank you.

謝謝。

I was hoping you could discuss your build to order visibility and whether it's based on take or pay contracts or if it would be better characterized by a strong indications of interest as you and customers plan their storage capacity additions over the coming quarters.

我希望您能討論您的按訂單構建的可見性，以及它是否基於照付不議合同，或者當您和客戶計劃在未來幾個季度增加存儲容量時，是否可以通過強烈的興趣跡象來更好地描述它。

And secondarily, if I may sneak in another one, I was just hoping you could also discuss the mix of SMR today and perhaps going forward as we think about the mix of these higher capacity products going into December and into 2025.

其次，如果我可以偷偷介紹一下，我只是希望您今天也能討論一下 SMR 的組合，也許我們會考慮從 12 月到 2025 年這些更高容量產品的組合。

Thank you.

謝謝。

Yes.

是的。

Thanks, Carla.

謝謝，卡拉。

You know, I'll let Gianluca do the build to order question.

你知道，我會讓 Gianluca 做單單生產的問題。

Just on the SMR.

就在SMR上。

I say this many times, there's only a couple of cloud customers that really take SMR.

我多次說過，只有少數雲端客戶真正採用 SMR。

There's a couple of client server customers that take us more as well.

還有一些客戶端伺服器客戶也為我們提供了更多服務。

So we ship it into multiple markets.

因此，我們將其運送到多個市場。

But on we talked about Edmar versus CMR, but I just look at it as drives drives, how does the customer need them, and we can configure them for those applications for those particular customers, whether it's one or two people accordingly.

但是我們談到了 Edmar 與 CMR，但我只是將其視為驅動器驅動器，客戶如何需要它們，我們可以為那些特定客戶的應用程式配置它們，無論是一兩個人。

From my perspective, we have a great technology set that we can deploy everyplace and will strive to keep those factors as full as we possibly can to maximize it.

從我的角度來看，我們擁有一套出色的技術，可以在任何地方部署，並將努力盡可能充分地保留這些因素，以使其最大化。

So that's how I think about the SMR mix.

這就是我對 SMR 組合的看法。

Yes, they've been through all that out.

是的，他們已經經歷了這一切。

We have different pad kind of agreements with different customers, but the vast majority are for Bestway pad for fully committed by by customers.

我們與不同的客戶有不同的墊類型協議，但絕大多數是Bestway墊由客戶完全承諾。

Out of time.

沒時間了。

Okay.

好的。

This concludes our question and answer session.

我們的問答環節到此結束。

I'd like to turn the conference back over to Dave, mostly for any closing remarks.

我想把會議轉回給戴夫，主要是讓他做總結發言。

So thanks, Nick.

謝謝，尼克。

Our strategic improvements and inventing cover needs and drive future growth.

我們的策略改進和發明滿足需求並推動未來的成長。

We remain committed to delivering value and scalable storage solutions for our customers.

我們仍然致力於為客戶提供價值和可擴展的儲存解決方案。

I'd like to thank our dedicated team, our supply chain partners and our shareholders for your continued support.

我要感謝我們的敬業團隊、供應鏈夥伴和股東的持續支持。

Thanks.

謝謝。

Talk to you next quarter.

下個季度再聊。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。