希捷科技 (STX) 2025 Q1 法說會逐字稿

Welcome. No Welco me to Seagate Technology Fiscal first-quarter 2025 conference call. All participants will be in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation there will be an opportunity to ask questions. To ask a question, you may press star, then one. I'm pleased to know this I would now like to Senior Vice President, Investor Relations. Please go ahead.

歡迎。不，歡迎參加希捷科技 2025 財年第一季電話會議。所有參與者將處於僅聆聽模式。如果您需要協助，請按星號鍵然後按零來通知會議專家。今天的演講結束後將有機會提問。要提問，您可以先按星號，然後按一。我很高興知道這一點，我現在想擔任投資者關係高級副總裁。請繼續。

Thank you, and hello, everyone, and welcome to today's call. Joining me are Dave Mosley, Seagate's Chief Executive Officer and General Government on our Chief Financial Officer. We've posted our earnings press release and detailed supplemental information for our September quarter results on the Investors section of our website. 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 eight K .

謝謝大家，大家好，歡迎參加今天的電話會議。與我一起的還有希捷執行長兼財務長戴夫‧莫斯利 (Dave Mosley)。我們已在網站的投資者部分發布了我們的收益新聞稿和九月季度業績的詳細補充資訊。在今天的電話會議中，我們將參考 GAAP 和非 GAAP 指標。非公認會計準則資料與我們網站上發布的收益新聞稿中的公認會計準則資料一致，並包含在我們的 8K 表中。

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. 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.

我們需要對某些非 GAAP 展望指標進行調節，因為可能影響這些指標的重要項目超出了我們的控制範圍，並且無法合理預測，因此，如果不付出不合理的努力，就無法與相應的 GAAP 指標進行調節。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根據截至今天我們掌握的資訊所形成的當前觀點和假設，不應在任何後續日期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. 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. 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. Following our prepared remarks, we'll open the call up for questions.

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的業務相關的風險和不確定性的影響。了解更多可能影響我們未來業務結果的風險、不確定性和其他因素。請參閱今天發布的新聞稿。很棒，還有我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最近的 10 K 表年度報告和 10 Q 表季度報告以及補充信息，所有這些均可在我們網站的“投資者”部分找到。在我們發表完準備好的發言後，我們將開始提問。

In order to provide all analysts with the opportunity to participate. We thank you in advance for asking one primary question and then reenter the queue. I'll now hand the call over to you, Dave.

為了給所有分析師參與的機會。我們提前感謝您提出一個主要問題，然後重新進入隊列。我現在將電話交給你，戴夫。

Thank you, Jamie, and hello, everyone. 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. 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. 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. Continuing cloud demand strength, coupled with improvement in the enterprise and OEM markets, drove top line growth and also contributed to enhance profitability. Company. Non-gaap gross margin expanded by 240 basis points sequentially to 33.3%, the highest level of and over a decade.

謝謝你，傑米，大家好。Figure 的財年開局表現強勁，與去年同期相比，營收成長近 50%，非 GAAP 毛利成長超過 173%。這些結果證明了我們推動獲利成長的能力，這是我們維持供應紀律和在營運中建立的策略成本效率的結果。第一財季營收為 21.7 億美元，非 GAAP 每股盈餘為 1.58 美元。兩項數據均高於我們預期範圍的中點，受益於好於預期的大規模產能、產品組合和改善的定價環境。持續的雲端需求強勁，加上企業和 OEM 市場的改善，推動了營收成長並有助於提高獲利能力。公司。非公認會計準則毛利率季增240個基點，至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. 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. The increasingly favorable business landscape, combined with our industry-leading technology roadmap lens, growing confidence in Seagate's future opportunities. Reflecting this confidence, we are increasing our quarterly dividend by nearly 3%. Our optimism is reinforced by our build to order model, which provides us with good demand visibility over the next few quarters.

這一令人印象深刻的業績得益於我們的 HDD 業務，該業務的非 GAAP 毛利率目前處於 30% 左右，並且行業供需環境健康。隨著我們擴大高容量近線驅動器產品組合（包括基於 Mosaic 的錘子產品，我將在稍後討論），我們預計利潤率將進一步擴大。日益有利的商業環境，加上我們業界領先的技術路線圖，對希捷未來機會的信心日益增強。為了體現這種信心，我們將季度股息提高近 3%。我們的按訂單生產模式增強了我們的樂觀情緒，它為我們提供了未來幾季的良好需求可見度。

We see the potential for significant revenue growth for fiscal 2025, inclusive of the seasonal demand fluctuation that is typical for the March quarter. We are maintaining supply discipline, and we'll address near-term exabyte demand growth by efficiently leveraging our available capacity. 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.

我們認為 2025 財年的營收具有大幅成長的潛力，其中包括 3 月季度典型的季節性需求波動。我們正在保持供應紀律，並將透過有效利用我們的可用容量來滿足近期的 EB 需求成長。除此之外，我們完全有能力支持進一步的需求成長，主要是透過技術節點轉換，其中錘子在我們完成資格認證和正確的出貨量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，我們的近線硬碟的雲端需求依然強勁，我們相信客戶正在很好地管理他們的庫存水平，在9月份季度，收入增長是由美國雲提供商推動的，因此我們繼續看到全球積極的需求趨勢、試點、電子商務和社交媒體平台上視頻內容的使用日益增多。

Data indicates that video is the most effective format for engaging digital audiences. Furthermore, research suggests that longer form video content and personalization through AI technology can significantly enhance revenue generation opportunity for our customers. 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. Among the enterprise and OEM customers, we observed the first meaningful uptick in nearline demand following a multi-quarter period of stability.

數據顯示影片是吸引數位觀眾最有效的格式。此外，研究表明，更長的視訊內容和透過人工智慧技術進行的個人化可以顯著提高我們客戶的創收機會。這些趨勢對大容量 HDD 來說是個好兆頭，它們非常適合儲存大型且多樣化的資料密集型視訊內容。在企業和 OEM 客戶中，我們觀察到近線需求在經過多個季度的穩定期後首次顯著上升。

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. Sales remained stable in the September quarter and slightly ahead of our expectations. We are witnessing a shift towards more cloud-like storage solutions that utilize higher capacity drives. This transition is due in part to longer data retention needs and increase video analytics.

這一增長反映了傳統伺服器需求的改善以及每單位儲存內容的增加，推動虛擬機器市場每企業驅動器的平均容量創下新高。9 月季度銷售額保持穩定，略高於我們的預期。我們正在見證向使用更高容量驅動器的更像雲端的儲存解決方案的轉變。這種轉變部分歸因於更長的資料保留需求和增加的視訊分析。

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

我們的 HDD 解決方案（包括 Mosaic 攝影機產品）可滿足客戶不斷變化的需求，提供成本效益、費用和可擴展性。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 將成為大容量儲存的驅動力，因為它是資料創建的強大催化劑。

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. 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. They continue to grapple with cost scale and power challenges.

Hdds 提供了一個可信任、經濟且安全的平台來託管輸入 AI 引擎的資料並保存高效能應用程式產生的內容。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中並形成一個連續的循環。他們繼續努力應對成本規模和電力挑戰。

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

與 N 相比，希捷的產品路線圖正在解決上述每一個挑戰。Ambridge 的替代方案是 HDD 解決方案，其每 TB 成本大約低六倍，而 HDD 的資本效率大約高九倍，能夠提供必要的規模經濟來支持預期的數據需求激增。

Very important given the world's growing number of data centers that provides a good segue into our product ramping qualification plans. 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. 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. We began to aggressively ramp our final PMR platform in the September quarter, which is currently up to 28 terabytes and capacity. We are very pleased with the pace of customer adoption.

鑑於世界上資料中心的數量不斷增長，這一點非常重要，它為我們的產品提升資格計劃提供了良好的銜接。2025財年我們主要關註三個領域，旨在推動長期獲利成長，而且我們在所有領域都取得了進展。它們包括提升公司最新的 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 Seagate 能夠按照我們的計劃滿足廣大客戶的大容量存儲需求。我們從 9 月季度開始積極拓展我們的最終 PMR 平台，目前其容量已達到 28 TB。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. 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. The qualification with our lead CSP. customer is progressing well through what has been a very intensive and thorough testing process.

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。在 12 月季度，我們擴大了基於 3+TB ProDisc Mosaic 攝影機平台的客戶資格，並且已經完成了一些客戶電話聯繫，涉及企業近線和大眾市場領域。我們首席 CSP 的資格。客戶在經過非常密集和徹底的測試過程後進展順利。

The learnings that we have gained are already being leveraged into future customer qualifications and product generations. To that end, hammer qualification drives are now in the hands of multiple global cloud and enterprise customer. There's our expectation for shipment and revenue ramp timing across the broad customer base still points to mid-calendar 2025.

我們所獲得的經驗已經被運用到未來客戶資格和產品更新換代。為此，錘子資格認證活動現已掌握在多個全球雲端和企業客戶手中。我們對廣大客戶群的出貨量和收入成長時間的預期仍指向 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. We expect to extend our technology leadership as we deliver on the next stage of our hammer roadmap for plus terabyte for this platform.

我們對血液學的信心依然堅定，客戶回饋也強化了我們的價值主張，即 MosaiQ 平台提供了以最低總體擁有成本滿足高容量儲存要求所需的基礎技術。我們期望在為該平台實現超過 TB 容量的 hammer 路線圖的下一階段時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，將每張桌子的階躍功能容量增加到 40 TB 完全是透過面密度門實現的，這支持了我們每 TB 成本的降低路徑，同時為客戶的 TCO 和希捷結構性改善的利潤率帶來了額外的好處。

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. 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.

最後，在需求不斷改善的背景下，隨著行業供應動態的良好發展，希捷的表現良好，我們正處於一個令人興奮的轉折點，這一轉折點源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。這些因素鞏固了我們在過去四個季度強勁業績的基礎上，推動未來獲利成長，為我們的客戶和利害關係人創造長期價值的能力。

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

謝謝，現在我將它交給約翰。盧卡，謝謝你。

This Seagate's back in fiscal 2025, delivering strong revenue and profitability growth, but a fourth consecutive quarter. But I flipped that having him was 2.17 billion, up 15% sequentially and 49% year-over-year.

希捷在2025財年重回正軌，實現了強勁的營收和獲利成長，但這已是連續第四個季度實現。但我反過來想，他的營收是21.7億，比上一季成長15%，比去年同期成長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.

我們的非公認會計準則營業收入環比增長 35% 至 4.42 億美元，相當於非公認會計準則營業利潤率為 20.4%，我們的非公認會計準則每股收益為 1.88 美元，處於當日指導收益的高位，反映了我們粘合劑業務中需求趨勢的改善、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. Mass capacity revenue was $1.7 billion, up 21% sequentially, driven by continued strength in yen.

EB 出貨量較上季成長 20%，達到 138PB，連續第五個季度成長 16%，達到優質影片的 20 億或以下海量容量，超過了傳統業務的預期下滑。受日圓持續走強的推動，大容量營收為 17 億美元，季增 21%。

Lincoln have demand along with a significant uptick in the online enterprise sales. Mass capacity shipment total 120 days exabyte compared with 140 exabyte in the June quarter, up 23% sequentially. 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. 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. As Dave highlighted, Aerojet has been strong and represented more than 20%. Our Atlanta having him in the September quarter.

林肯的需求隨著線上企業銷售的大幅上升而上升。大容量出貨量總計 120 EB，而 6 月季為 140 EB，季增 23%。過去的容量出貨量現在相當於總 SDD 的 98%。艾字節，反映了具有成本效益、可擴展儲存的長期持續成長。按照計劃，我們開始增加 24 和 28 TB 的 DMR，這使得亞特蘭大的 DMR 數量在本季度達到 109，高於上一季的 84 EB。正如戴夫所強調的，Aerojet 實力雄厚，佔有率超過 20%。我們的亞特蘭大隊在九月季度擁有他。

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. A key factor in binded decision for the new projects ongoing economic uncertainties in China, I've been an evergreen funds. They have the business in that market. We are cautiously optimistic that the recently announced stimulus plan in China will positively impact on the demand over time. As of our legacy products totaled 270 million, representing a capacity 12% of total revenue. The remaining 8% of revenue was derived from our other businesses, which as steady at $164 million. The other businesses include the system. 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. Moving on to that end of the income statement.

我們預計，隨著我們最新高容量產品的出貨量，航空公司的需求將在 12 月季度繼續改善，但除此之外，首先是全球 CSP 和企業客戶 Newman 我們的 VA 產品，它可能永遠不會對 9 月季度的穩定感到滿意，我們目前預計 12 月第四季度似乎有一個場地，智慧城市項目仍然是全球 VF 產品和區域經濟狀況的主要需求驅動因素。決定新項目綁定的一個關鍵因素是中國持續的經濟不確定性，我一直是一檔常青基金。他們在那個市場有生意。我們謹慎樂觀地認為，中國最近宣布的刺激計畫將會隨著時間的推移對需求產生正面影響。截至目前，我們的傳統產品總額為2.7億，佔總收入的12％。剩餘 8% 的收入來自我們的其他業務，穩定為 1.64 億美元。其他業務包括系統。如果我錯過了這些類型的業務，那麼這些業務比去年同期增長了約 25%，並且與流動性產品密切相關。繼續看損益表的最後。

Non-gaap gross profit increased 24% sequentially in the September quarter from 723 million. We significantly increase reflected favorable mix shift or mass capacity, product container price adjustment and ongoing cost efficiency improving demand environment. 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. Which was slightly more than we had originally anticipated.

9月當季非公認會計準則毛利較上一季的7.23億美元季增24%。我們大幅增加反映有利的組合轉變或大規模產能、產品貨櫃價格調整和持續的成本效率改善的需求環境。我們得出的非 GAAP 毛利率為 33.3%，因為公司非 GAAP 毛利率數據環比擴大了 240 個基點。這比我們最初預期的要稍微多一些。

Non-gaap gross margin for the HTT. business and mass capacity in particular remains significantly higher than corporate average. 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. Rebates. Other income and expense were 86 million or less. And we project seem Atlantis in the December quarter.

HTT 的非公認會計準則毛利率。尤其是業務和大眾產能仍明顯高於企業平均。非公認會計準則營業費用總計 2.81 億美元，比上一季增長 10%，且高於我們原計劃，這主要是由於盈利能力提高而導致的浮動薪酬增加。回扣。其他收入和支出為8600萬或以下。我們預計亞特蘭提斯將在 12 月季度上市。

Adjusted EBITDA continued to improve and was up 23% sequentially in the September quarter to $498 million. Non-gaap net income increased to $337 million, resulting in non-GAAP EPS of $1.50 per share. Basic and diluted share count of approximately 213 million shares. Moving on to cash flow and balance sheet. 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.

調整後 EBITDA 持續改善，9 月季度環比成長 23%，達到 4.98 億美元。非公認會計準則淨收入增加至 3.37 億美元，非 GAAP 每股收益為 1.50 美元。基本和稀釋股數約為2.13億股。繼續討論現金流和資產負債表。自由現金流產生量為 2,700 萬美元，反映了我們為支持供應鏈而採取的正常化營運資本的初步措施，同時滿足日益增長的大規模產能需求，如果我們進行調整，營運資本將需要幾個季度的時間，這將對自由現金流產生一定影響。

Even so we expect free cash flow to improve in the December quarter. 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. We returned $147 million to shareholders through the quarterly dividend

即便如此，我們預計 12 月季度的自由現金流將會改善。通過這一點，也由於他的職業生涯，本季度的資本支出為 6800 萬美元，我們將保持資本紀律，並繼續預計資本支出將處於長期目標範圍的低端，即收入的 4% 至 6%。我們透過季度股息向股東返還了 1.47 億美元

Exiting the quarter was 211 million shares outstanding. 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. We closed the September quarter with $2.7 billion in available liquidity, including our undrawn revolving credit facility. Inventory increased to 1.4 billion, including material Mediware staging in support of improving mass capacity to demand.

本季末流通股數為 2.11 億股。正如我之前提到的，公司批准增加季度股息，將季度股息提高至每股 0.72 美元，這反映了我們對業務的長期信心。截至 9 月季度，我們擁有 27 億美元的可用流動資金，其中包括未使用的循環信貸額度。庫存增加至 14 億，包括材料 Mediware 分期，以支援提高大規模產能來滿足需求。

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

截至 9 月底，我們的債務餘額為 57 億美元，超過 90% 的長期債務將在 27 財年及以後到期。本季末，我們的淨槓桿率為 3.2 倍，預計未來幾季將實現該目標。

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

現在談談我們的展望，大規模節省容量並繼續呈上升趨勢，成長受到客戶對我們的高容量近線硬碟的強勁需求以及企業和終端市場的持續改善的推動。預計這些正面趨勢將足以抵消傳統市場和其他市場的銷售下滑。

We anticipate profit to five that expand from the richer mix of mass capacity revenue methods at this time and ongoing pricing actions. 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. This represents an increase of 6% sequentially and 48% year-over-year. Non-gaap operating expenses are expected to be in the range of 285 million or less at the midpoint of our revenue guidance.

我們預計利潤將達到五倍，這得益於目前更豐富的大規模容量收入方法組合和正在進行的定價行動。在此背景下，預計 12 月季度營收將在 23 億美元或以下，中間值為負 1.5 億美元或以下。這比上一季成長了 6%，比去年同期成長了 48%。以我們的收入指引中位數計算，非公認會計準則下的營業費用預計在 2.85 億美元或以下。

We expect non-GAAP operating margin to expand into the low 20s percentage range. 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. I will now turn the call back to Dave for final comments.

我們預計非公認會計準則營業利潤率將擴大至 20% 以下。我們預計非公認會計準則每股收益為 1.85 美元，加上或減去 0.2 美元基本和稀釋股數約為 2.14 億股，非公認會計準則稅費約為 2,000 萬美元。現在我將把電話轉回給戴夫以徵求最後的評論。

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

謝謝，約翰將最後說，希捷在有利的需求環境下實現了顯著的盈利擴張。我相信，我們實施的結構性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. Operator, let's now open up the call for questions.

市場對我們大容量近線硬碟的需求仍然強勁，我們將在此基礎上提供可擴展且成本高效的存儲解決方案，以支持預期的數據需求增長，其中包括來自 Jim AI 應用程序、Seagate 專門的全球團隊、強大的商業模式和技術領導力形成的成功組合，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股東為資本的信心。接線員，現在讓我們開始提問。

We will now begin the question and answer session. To ask a question. You may press star then one on your telephone keypad. If you're using a speakerphone, please pickup your handset before pressing the keys. To withdraw your question, please press star then two, the interest of time. We ask that you limit yourself to one question. If you have further questions, you may re-enter the question queue. Once again, that's star then one to ask your question, Mr.

我們現在開始問答環節。提出一個問題。您可以在電話鍵盤上按星號，然後按一。如果您使用揚聲器，請在按下按鍵之前拿起聽筒。若要撤回您的問題，請按星號，然後按二，以表示時間的緊迫。我們要求您將問題限制為一個。如果您還有其他問題，可以重新進入提問佇列。再次，那是明星，然後是問你的問題的人，先生。

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

今天的第一個問題來自美國銀行的 Wamsi Mohan。請繼續。

Hi, yes, thank you so much. 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. You noted significant demand growth, including some seasonality that you typically expect around around March quarter.

嗨，是的，非常感謝。我們想知道您是否可以稍微詳細地談談您對本財年按訂單生產和非常好的需求可見性的評論。您注意到需求顯著增長，包括一些您通常預計在三月季度左右出現的季節性因素。

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. 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. Thank you so much. Thanks, Wamsi. Some So a couple of things. 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. 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.

我想知道您是否可以詳細說明您對需求成長的看法，因為三月季度的季節性與您之前經歷的情況有所不同。我也很想聽聽您的想法，如果我可以問的話，您預計如何與競爭對手的產品進行競爭？ 目前，競爭對手的產品產能略高一些，隨著您加大對 Hammer 的投入，聽起來 Hammer 的產量將在明年中期達到。太感謝了。謝謝，Wamsi。有些所以有幾件事。如果我回顧六個月前或一年前，我們灌輸這些按訂單生產模型很大程度上是由於良好的可預測性。湯姆，我認為它運作良好，展望明年，我們有信心這些季度的預訂情況會很好。

So I'm I'm very happy the way we're running the business. 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. So I'm quite pleased with how the build to order models have gone. There is some seasonality in some markets as you allude to, and we'll watch that carefully.

所以我對我們的經營方式非常滿意。但鑑於這種可預測性，我們只會建立我們需要建造的東西，我們這個行業仍然沒有從幾年前經歷的困境中完全恢復過來。因此，我對按訂單生產模型的進展非常滿意。正如您所說，一些市場存在一些季節性，我們會密切關注。

But and I think everyone is a little cautious on next year. From a cloud perspective, I don't think inventory is built up any I think the buffers are still low from my perspective. 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. And as we mentioned in the prepared remarks, there's unit capacity points even higher net going up. And we put us more on top of that, we can call even higher. So I'm very comfortable with our positions there. So I'm not quite sure exactly what you're referring to on capacity leadership for lack of leadership on United from our peers.

但我認為每個人對明年都有些謹慎。從雲的角度來看，我認為庫存沒有增加，我認為從我的角度來看緩衝區仍然很低。因此，我認為我們對雲端可預測性與大規模容量可預測性的比較感到滿意，在第二部分中，我認為從容量點領導力的角度來看，我們正在運送領先的產品，從 CMR 的角度來看，肯定沒有其他人運送超過 30 TB 的容量。正如我們在準備好的評論中提到的那樣，單位容量點的淨值甚至會更高。我們把更多的精力放在了這個目標上，我們甚至可以實現更高的目標。所以我對我們在那裡的地位非常滿意。因此，我不太清楚您所指的聯合航空的領導能力指的是什麼，因為我們的同行缺乏對聯合航空的領導力。

Perspective, we've got to get all the calls and all the ramps done and so on. And then we get onto the four terabytes of this console. And we're very comfortable with our technology portfolio that way. Thanks. Our next question comes from Krish Sankar with TD. Cohen. Please go ahead. Yes, thanks for taking my question. Dave, I had a question on your market share.

從這個角度來看，我們必須接聽所有電話，完成所有準備工作等等。然後我們來看看這個控制台的 4TB 容量。我們對我們的技術組合非常滿意。謝謝。下一個問題來自 TD 的 Krish Sankar。科恩。請繼續。是的，感謝您回答我的問題。戴夫，我對你的市場佔有率有一個疑問。

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. Can you talk about the factors that are beyond the motion? 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? How to think about the industry pricing in calendar 25 has been extremely rational in SGD., how to think about in 2025? Thank you.

你知道，從歷史上看，這一比例超過 40%，但最近幾個季度，這一比例下降到了 30% 以上的高點。能談談超出活動範圍的因素嗎？漢堡的潛在中斷是否會導致暫時的份額損失，這是特定於客戶的 WD 客戶訂購更多的 neos 並且都採用相同的路徑？如何看待2025年產業定價以新加坡元計算已經極為理性，那麼如何看待2025年呢？謝謝。

Thanks, Chris. Yes, for market share of sudden a number of times marketers and outcome of running your play. And I and exactly the onesies question, we we changed our place a year ago when we said we want these bills orders. 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. And that is going for market share, something like that. I think when we were at the bottom of the demand cycle of market share doesn't really matter. It's more of the predictability of the cash that you're generating.

謝謝，克里斯。是的，對於市場佔有率的突然增加，行銷人員和運作結果的發揮是不一樣的。我和這個問題的答案完全一致，我們在一年前就改變了主意，當時我們說我們想要這些帳單和訂單。所以我們說我想要更長時間範圍的可預測性，而不是建立一堆然後希望將其推入某個管道。這就是為了爭奪市場份額，諸如此類。我認為，當我們處於需求週期的底端時，市場佔有率並不重要。這更多的是關於您所賺取的現金的可預測性。

And so on. As we get back into things, you know, obviously, we're taking now that the margins are higher. 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. 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. I think we're going to be fine there.

等等。當我們重新回到正軌時，您知道，顯然我們現在的利潤率更高了。我們將因我們擴大的資金和進行的投資等而獲得回報，然後我們顯然會以自己的方式滿足更多的需求。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，我想，你知道，我們會沒事的，因為客戶希望繼續推動 TCO 主張越來越高的容量點。我想我們在那裡會過得很好。

On the pricing side? I think I'll let John answer that and they're thinking. Yes, I think the pricing environment continues to be positive for the industry. The quarter, we have seen a little bit of improvement and this is what is also driving our gross margin higher.

在定價方面？我想我會讓約翰回答這個問題，他們正在思考。是的，我認為定價環境對產業來說仍然有利。本季度，我們看到了一些改善，這也是推動我們毛利率上升的原因。

It's a bit every quarter. 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. So we all said that it could be at or better as in that gross margin.

每個季度都會有一點。如您所知，在成本方面，我們在 6 月季度和 9 月季度仍有一定的使用容量，我們沒有任何額外成本。因此我們都說毛利率可以達到或超過這個水準。

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

進入 12 月，如果你看看我們的預期，我們預計毛利率將有所提高，發現營業利潤率的提高當然對我們來說非常重要，而這來自於我們最新 TMR 產品的增加。當然，我們也在 12 月季度對所有錘子的數量以及它們持續進行的定價行動進行了測試。

And now we have had a good balance between supply and demand in January for Seagate and they're seeing for the industry. And we are continuing for our long-term strategy.

目前，希捷 1 月的供需已經達到了良好的平衡，整個產業也都在關注這項平衡。我們將繼續執行我們的長期策略。

Thanks, Dave and John. And our next question comes from Amit Daryanani with Evercore. Please go ahead. Bob. Good afternoon. Thanks for taking my question on. 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. 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. How do you kind of gain that confidence?

謝謝，戴夫和約翰。下一個問題來自 Evercore 的 Amit Daryanani。請繼續。鮑伯。午安.感謝您回答我的問題。我想我的問題實際上是，戴夫是否擔心 H 對整個行業尤其是希捷昨天的周期性峰值水平產生了影響，我很想聽聽你的看法。當您查看現在擁有的 EB 級出貨量時，我們非常有信心，您所運送的資料將由我們的客戶部署，而不是最終成為他們的庫存。您是如何獲得這種信心的？

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? Thanks about, um, yes, we have run a cyclical business over the many, many years. I think it's changed quite a bit. As we came down from client server. They're used to be a lot of seasonality in that market. And now we're in the cloud, the cyclicality.

然後真正與週期性恐懼相關的是，我想說，你們非常有信心，與今天的水平相比，毛利率還有很大的上升空間，這實際上高於你們的長期目標，你認為現在對希捷來說合適的利潤框架是什麼？謝謝，嗯，是的，我們多年來一直經營週期性業務。我認為它已經改變了很多。當我們從客戶端伺服器下來時。他們已經習慣了該市場的許多季節性特徵。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. So I think that's kind of an anomaly there. But how do we know what customers actually have?

我不確定這是否完全是週期性的，但你知道，特定作物的流行病引起了非常大的泡沫，然後在背後引發了巨大的崩盤。所以我認為這是一種異常現象。但我們如何知道客戶實際上擁有什麼？

We have to triangulate ourselves. And and I think we've really improved our processes for for being able to do that. But we're also not pushing in nearly as many drive some units or of exabyte points. 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.

我們必須對自己進行三角測量。而且我認為我們確實改進了流程以實現這一點。但我們並沒有投入那麼多的驅動單元或艾字節點。而且一些按訂單生產模式實際上對我們有很大幫助，因此我們知道如果您計劃過度建設，我們就不會過度建設，這對雙方的毛利率都有好處。

I mean, we I believe that the way we bring on more capacity is to drive for more areal density gains. And we have to go work the cost on those platforms. 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.

我的意思是，我們相信提高容量的方法是提高面密度。我們必須計算這些平台的成本。這正是我們真正關注的事情，確保 20 年代、30 年代和 40 年代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.

很好的 TC。對於正在建造資料中心並且希望長期支援資料中心的客戶，我們的建議是將更多的容量投入使用，因為這對他們來說效率更高，但我們也需要透過持續降低成本來獲得這種效率。

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

因此，我確實認為毛利率仍有很大的上升空間，但這一切都始於你所說的供需關係，即妥善管理供需。今天的下一個問題來自摩根士丹利的艾瑞克‧伍德林。請繼續。

Great. Thank you, guys, for taking my question. Jim, we could maybe if we just see them staying the same of gross margins here. I think your guidance for the sub-debt for the December quarter implies about a 34% gross margin, approximately 70 basis points sequentially. You've been growing gross margins by about two to four points sequentially over the last four quarters.

偉大的。謝謝你們回答我的問題。吉姆，如果我們看到他們的毛利率保持不變，我們也許可以。我認為您對 12 月季度子債務的預期意味著毛利率約為 34%，環比增長約 70 個基點。在過去四個季度裡，你們的毛利率連續增加了約 2 到 4 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. 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? Thanks so much.

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價。您能否幫助我理解為什麼我們在本季可能不會看到更多的毛利率擴大，相對於過去相當長一段時間內您所能推動的多個點的毛利率擴大？非常感謝。

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

是的，埃里克。好吧，正如我之前所說的，按季度計算，你有 10 個。我們今天還補充說，從更好的成本結構來看，因為那些知道更高容量的人會消除未充分利用的費用，這在我們的增長模型改進中大約是 100 個基點，因為我們不會補充說 12 月季度有所改善，因為現在我們不再有任何未充分利用的費用，但我們已經聲明我們的定價產品在不斷進步，我們正在使其成為一些成交量的最終空間，我們已經聲明我們的定價產品在不斷進步，我們正在使其成為我們一些成交量的最終空間，我們已經聲明我們的定價產品在不斷進步，我們正在使其成為我們的一些成交量，它已經聲明我們的定價率在不斷進步，我們正在使其成為一些成交量。

So those are positive annualizing out. 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. And our focus is to keep improving. Quarter after quarter, we had no non-title increase that too much at one time. We want to be consistent.

因此，這些都是正的年化結果。我們根據波羅的海的估計進行指導，我們在開始時就購買了它們，然後我們在本季度盡了最大的努力執行。我們的重點是持續改進。每個季度之後，我們的非產權收入都沒有太大的成長。我們希望保持一致。

And at this time you called out for now for as long as we can. And our next question today comes from Toshiya Hari with Goldman Sachs. Please go ahead. Hi, thank you so much for taking the question. I had a multipart one on hammer. 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.

此時，您可以盡可能長時間地呼叫我們。今天的下一個問題來自高盛的Toshiya Hari。請繼續。你好，非常感謝您回答這個問題。我有一個關於錘子的多個部分。我想在上次電話會議或會議上，你們談到了對在第三季獲得資格事宜領先客戶的期望。

I believe it is that now Q4, is that early 25? Any thoughts on that would be helpful. And then David, you talked about additional power companies or customers having some qualification products on hand. 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.

我認為現在是 Q4，那是 25 月初嗎？對此的任何想法都會有幫助。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。我們是否應該期望其中一些客戶的資格認證過程比歐元消費者的失敗更加順利，我們已經身後了團隊非常努力地確保我們獲得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. 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. So we're confident that is behind us. That's that initial learning that we get relative to proving it.

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正在進行的測試，這些測試都是為了檢測超出我們規格的強烈壓力下的填充模式。而在接下來的一個季度裡，我們擁有更多的驅動器、更多的配置，投入更多的資金進行測試，但我們還沒有看到故障模式的加劇。因此我們相信，這一切都已經過去了。這是我們為了證明這一點而獲得的初步認知。

Sometimes it takes a little bit of time with the customers to prove it. But I'm confident we're going to be able to prove it right now. 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. No, no significant concerns there. It really does come down this one last issue.

有時需要花一點時間與顧客溝通來證明這一點。但我相信我們現在就能證明這一點。當我們考慮資格時，這些測試歸於品質、互通性和不同的資料中心應用程式等許多不同的方面。不，沒有什麼重大問題。這確實歸結為最後一個問題。

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. And already we're already getting volume shipments there.

這就是為什麼我們有信心，沒有其他人會看到它，因為隨著我們增加產量，那些其他客戶，我們已經修復了這個問題，但是對於那些其他客戶來說，一些多個非雲端客戶已經認可了該產品。我們已在那裡獲得了大批量發貨。

They run tough calls themselves would maybe you'll have the same kinds of stresses. But now that we have the recipe, I think we're going to apply it. Thank you.

他們自己也會做出艱難的決定，也許你也會面臨同樣的壓力。但是現在我們有了配方，我想我們就要運用它了。謝謝。

And our next question today comes from Asiya Merchant with Citigroup. Please go ahead. Great. Thank you very much. We. Thank you very much, ma'am . 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. Just given the shipment volumes are lower, the you might be some ramp issues there.

今天的下一個問題來自花旗集團的 Asiya Merchant。請繼續。偉大的。非常感謝。我們。非常感謝，女士。你知道，Hammer，你開始看到 Siguiri 的資格越來越好，出貨量也越來越大，從 12 月底到 3 月底，這對毛利率產生了負面影響。由於貨運量較低，因此可能會遇到一些問題。

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. But near term, how should we think about the impact to margins from hand they're ramping thinking Ixia yet near term? We don't want to give it away long term. We don't want to give it away.

當 Hammer、Randy 和我獲得這個實體時，我們應該如何看待對利潤率的整體影響？ 顯然，一旦你們取得更大進展，這就會成為利潤率的驅動因素。但短期內，我們該如何看待 Ixia 近期加大產能對利潤率的影響？我們不想長期放棄它。我們不想把它白白送人。

So we definitely want to hammer to be accretive to gross margin than we think it does add benefit to our customers as well. 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. And then we have to say you have to make sure you pay for it to replace the drives. As we've said before, our factories are largely full.

因此，我們肯定希望透過努力來提高毛利率，同時我們也認為這確實為我們的客戶帶來了利益。因此，存在一個權衡，你知道，他們是否想提高他們正在建造的資料中心的容量。然後我們必須說你必須確保支付更換驅動器的費用。正如我們之前所說，我們的工廠基本上已經滿載。

So you know, to take drives out of those or take the supply out and turn it over to hammer. We have to make sure we're getting paid for, and I'm confident we can do that in the near term as well. That's just a matter of managing the supply and demand picture properly. How say on the cost side as immunized label volume and cost per terabyte is below the PMR cost that data back.

所以你知道，把驅動器從其中取出來，或者把供給品取出來，然後交給錘子。我們必須確保得到報酬，我相信我們也能在短期內做到這一點。這只是妥善管理供需狀況的問題。從成本方面來看，免疫標籤量和每TB的成本低於PMR數據成本。

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? But at this point in the short term and ladies Nordea is online Hemerson, albeit a 12 plus months. And our next question today comes from Aaron Rakers with Wells Fargo. Please go ahead. Yes, thanks for taking the question. Thanks for taking the questions. A couple of just real quick model questions. It looks like your OpEx was a little bit higher than you expected in this quarter.

因此可以肯定的是，MI 具有優勢，而且定價當然取決於時間，以及我們在週期中添加了什麼？但就短期而言，Nordea 和女士們目前仍在 Hemerson 線上，儘管已經過去了 12 個多月。今天的下一個問題來自富國銀行的 Aaron Rakers。請繼續。是的，感謝您回答這個問題。感謝您回答這些問題。這只是幾個非常簡單的模型問題。看起來您本季的營運支出比預期的要高一點。

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

我很好奇，如您所知，相對於 2.85 億美元的指導方針，當我們展望 3 月份季度時，您如何看待營運費用的走勢，超越我們可以從正常化營運費用角度考慮的任何框架？然後如您所知，當您得到這種快速的後續資訊時，我認為從這個水平來看，1 月份到期的債務為 4.8 億美元。您如何看待未來重新開始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. So we are not hiring more. 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. 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. I think that a fair bit of a new range that debt, as you said, is maturing in the beginning of January.

6 月至 9 月之間的營運支出增加僅是由於可變薪酬造成的。因此我們不再招募更多員工。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。因此從現在開始，我想說可能會保持相當平穩，就像我們的財政年度一樣，不會達到 80 到 85。我認為，正如您所說，相當一部分新範圍的債務將在 1 月初到期。

So as we said before, we are going to address that. We had cash on hand. So we started using our net. We want to be even a little bit lower as before with our share buyback. So I would say, as you know, we are adding pays dividends that you that our priority for the company. And then we want to take handles at that. And then after that, we will. Okay share buyback, probably not a big side that in time. Thank you. Thank you. And our next question today will come from Timothy Arcuri with UBS. Please go ahead.

正如我們之前所說，我們將解決這個問題。我們手頭上有現金。因此我們開始使用我們的網路。我們希望股票回購的價格比以前更低。因此我想說，如你所知，我們正在增加股息，這是我們公司的首要任務。然後我們想對此進行處理。然後之後我們就會。好的，股票回購，但可能不是及時的大規模回購。謝謝。謝謝。今天的下一個問題來自瑞銀的提摩西‧阿庫裡。請繼續。

Thanks a lot. I had a question about the capacity outlook now . Given that you're kind of bumping up against your of your max? Okay. 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. So I mean, you've grown nicely off the bottom on mix and on exabytes coming back. But if you're not going to expand our capacity, should we think of things starting to flatten off from here? 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.

多謝。我對現在的產能前景有疑問。鑑於您已經達到了自己的最大值？好的。所以嗯，除非你決定添加更多，我的意思是，你將要發送接近 130 EB 的部分產品線，這可能不是 12 月，但很快。所以我的意思是，你們在混合和艾字節數方面已經取得了很好的增長。但如果您不打算擴大我們的產能，我們是否應該考慮從現在開始事情會變得穩定？我知道價格會上漲，但似乎在模型中失去了一定程度的自由，他們應該開始擴大實際購買容量。

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

謝謝。是的，吉姆，我認為正如你所說，透過轉換到新產品可以擴大 EB 容量。所以如果你想一想，當我從 20 TB 增加到 30 TB，甚至有一天會達到 40 TB 時，我們將能夠擴展容量，而無需從驅動器頭或媒體角度增加大量容量，我們將在 EB 基礎上更有效地使用它。正是因為這個原因，我們有信心能夠在這些更高的容量點上降低成本，而這正是模型中利潤主張的基礎。

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

今天的下一個問題來自 Cantor Fitzgerald 的 CJ Muse。請繼續。

Yes, good afternoon, and thank you for taking the question. Dave, in your prepared remarks, you talked about good visibility for growth in fiscal 25, notwithstanding seasonality for March. So I was hoping you can kind of speak to where your visibility is today. Nearline is at three, six, nine months. 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?

是的，下午好，感謝您回答這個問題。戴夫，在您準備好的發言中，您談到了儘管 3 月份存在季節性因素，但 25 財年的增長前景良好。所以我希望你能談談你今天的知名度。Nearline 的時間為三、六、九個月。然後基於這樣的背景，我們應該如何考慮至少對於大規模產能而言，三月季度的季節性會是什麼樣的？

Yes, I think of mass capacity is pretty full. 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. 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. That's all serving us.

是的，我認為質量容量已經夠滿了。而且，C.J.，您提到的這個九個月週期，得益於我們實際建立的按訂單生產模式。我認為客戶明白，他們可以獲得可預測的經濟效益，然後經過所有這些資格認證流程，因此他們也可以獲得該技術。這一切都是為了我們服務。

Well, I think right now now I would say the total demand is not on is not significantly higher than historical demands. And I certainly don't think there's inventory build up going in or anything. So I don't think there's a cycle coming. I think we're running a fairly predictable business and we'll get better visibility as we get through. Obviously, early next year.

嗯，我認為現在我要說的是總需求並沒有明顯高於歷史需求。我當然不認為會出現庫存積壓的情況或類似情況。所以我不認為會出現一個週期。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，我們將獲得更好的知名度。顯然是明年年初。

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

如果你願意的話，人們正在重新制定按訂單生產的配置。但現在，我對上半年甚至下半年都充滿信心。是的，安德烈亞斯是 90 天的 C J。

In than a year. But we also, as part of mass capacity, in particular, the Vienna. 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.

不到一年。但我們也是大規模容量的一部分，特別是維也納。因此，作為對企業的監控偏見，該企業通常在 6 月必須投資才能成長，而在 9 月和 12 月則相當強勁。

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. Very helpful. Thank you. Okay, thanks. And our next question today comes from Steven Fox with Fox Advisors LLC. Please go ahead. Thanks for taking my question. Good afternoon, guys. 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. I think last quarter you talked about de-bottlenecking, there's a potential there.

因此，當您想告訴您有四個季度的 25 種情況時，當然，會看到有一個非常成熟的 19，而不僅僅是在傳統思想中，比如說，在一些安全和大容量產品中。非常有幫助。謝謝。好的，謝謝。今天的下一個問題來自 Fox Advisors LLC 的 Steven Fox。請繼續。感謝您回答我的問題。大家下午好。我想，只是想跟進關於您有多少可用容量的另一點，我想我了解當您從現在的每盤 3TB 增加到每盤 4 英尺時，比如說在未來 12 個月內，您如何創造容量。我認為上個季度您談到了消除瓶頸，這是一個潛力所在。

Maybe you do get a better cycle in enterprise and the next year. 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? Or any further color now would be helpful.

也許你確實會在企業和明年獲得更好的周期。例如，我們如何接受這樣的想法：你可以管理所有這些，同時也能滿足所有客戶的需求？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. 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.

是的，我認為這是一個好問題，如果 Edge 真的啟動，事情會變得多大，如果你知道 Gen-i AI。我想說，這仍然處於非常非常早期的階段，嗯，你知道，如果出現某種宏觀復甦、成長復甦和所有市場復甦，我們還沒有到達那一步。我們對於任何供應仍非常謹慎，任何額外的供應都需要很長的準備時間。

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. 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.

因此，我們可以滿足您所描述的更多艾字節，並且我們之前已經討論過，但是，如果您願意的話，還可以滿足額外的驅動器需求。我認為我們必須增加供應，這將會延長交貨時間，因為我們將 4% 的收入用於資本支出，我們確實增加了技術轉型能力。

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. I think. Okay, that's helpful. Thank you.

因此，當您購買新工具時，您會獲得一些小容量的增加，而且它們往往更有效率，但成長必然會緩慢。我認為。好的，這很有幫助。謝謝。

And our next question today comes from Ananda Baruah with Loop Capital. Please go ahead. Good afternoon, guys.

今天的下一個問題來自 Loop Capital 的 Ananda Baruah。請繼續。大家下午好。

Thanks for taking the question. I guess date. 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. Yes, all of that were to take any position relo where you were to want to be increasing capacity. What you just mentioned long lead times. What does that process? You give us some sense of what that platform that look like? 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. Yes, thanks. And I think that we fix it in our industry on the highest capacity point. And obviously, you know that that's the max capacity gets a lot of attention

感謝您回答這個問題。我猜是日期。因此，它已經解決了容量問題，正如你在這個階段所看到的，令人興奮的進展，Hammer，印度，即使Hammer和Eyal的密度在增加，是的，數據在增加，他們仍然拒絕阿拉斯加等等。是的，所有這些都是為了在您想要增加容量的地方採取任何立場。您剛才提到的交貨時間很長。這個過程是怎麼樣的？您能給我們簡單描述一下這個平台是什麼樣子的嗎？我還聽說過，你們需要關注整個組件變化的時間，我想，你們可能和約翰和鮑勃談論過我們的這項功能，那麼你們會採用什麼方式呢？是的，謝謝。我認為我們已經在我們行業中將這一問題解決到了最高容量點。顯然，你知道這是最大容量，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? And by pushing forward and aerial density, we get to take components out of those those capacity points. So we can actually hit much more aggressive price bands if we want to and still maintain really good gyms.

但是當你談到其他一些市場的成長時，我們談論的可能是 20TB 甚至更少，你在那個層面上的價值主張是什麼？透過提高空中密度，我們可以從這些容量點中取出組件。因此，如果我們願意的話，我們實際上可以達到更激進的價格區間，同時仍然保持真正優質的健身房。

And then those components that are freed up go. So you can make twice as many drives with half the components going being dedicates, the Stride Rite. So. 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. I got it. That's That's super helpful.

然後那些被釋放的組件就會消失。因此，您只需使用一半專用的組件（Stride Rite）即可製造兩倍數量的驅動器。所以。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去解決那些容量為一半的市場，如果你願意的話，最大容量的市場。我得到了它。這非常有幫助。

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? 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. We know what he said. Demand is much higher than our asset type. And of course, we will have a little bit of that on balance that we have time for us. But our focus is on an organization not on more units. And as we think we see is the most profitable way for the industry to progress in this period of time. And we see is what we want to do.

只是為了完成這一點，這是否意味著即使在 Hammer 的強力推動下，當 Knapp 先生，你們仍然感覺很好，我們有能力提供幫助？是的，為能源運送的艾字節數，總而言之，為大量資金而進行的衡量是一個可能耗時數年而不是數月的過程，今天爭論頗多，我們有供應計劃。我們知道他說了什麼。需求遠高於我們的資產類型。當然，我們會把時間安排得比較平衡，以便我們有足夠的時間。但我們的重點是一個組織，而不是更多的單位。我們認為，這是這段時期產業發展最有利可圖的方式。我們看到了我們想要做的事情。

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

所以讓我們看看從現在起兩到三個季度後的需求會是多少，但我們知道我們的供應會是多少。謝謝大家。謝謝，傑森。

And our next question today comes from Vijay Rakesh with Mizuho. Please go ahead. 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. Can you know how that roadmap looks? Looks like.

今天的下一個問題來自瑞穗的 Vijay Rakesh。請繼續。關於核心的側面數據，我確實想強調一下，您認為單位出貨量可以用於什麼，可以液化詹盧卡，我認為在被動客戶試圖帶來健全的閒置產能和員工人數時，您開始重新啟用部分產能。你知道那張路線圖是什麼樣的嗎？看起來像。

Thanks, Vijay. Yes, we didn't we didn't speak specifically about how many units and how fast will push. We just said, the mass qualification will be done for all these customers that we just shipped to probably mid 2025. From my perspective, the factories are relatively full right now. 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. But it will be probably less of a transition than we would have made us a year ago. And we had empty factories. We would have ramp much more aggressively this time.

謝謝，維傑。是的，我們沒有具體說會推進多少個單位以及推進速度有多快。我們剛才說過，我們剛剛發貨的所有客戶的大規模資格認證都將在 2025 年中期完成。從我的角度來看，工廠現在相對繁忙。因此，當我們與這些客戶制定計劃時，他們會說，嘿，我想要這種形式的艾字節，而不是這種形式的艾字節，這樣就會實現轉變。但與一年前相比，這次轉變可能沒那麼劇烈。我們的工廠空置了。這次我們會更加積極地推進。

I think we'll we'll make sure that we pivot accordingly and carefully. 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. So not not the critical components heads and media, obviously, but all the other components. 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.

我認為我們將確保我們做出相應且謹慎的調整。認識到我們在上一代 PMR 產品中使用的組件與我們使用的錘子組件非常非常相似，這一點非常重要。因此，顯然，關鍵組件不是磁頭和介質，而是所有其他組件。因此，如果我們能夠透過機械電子設備從一種產品轉向另一種產品，我們會感到非常舒服，因為這有很大的槓桿作用。

So that's what allows us that flexibility. Yes. From a capacity standpoint, I would say at this point, we don't have much either capacity anymore. 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. And that generates nice at than they have. A little addition on a current life better will support the increasing demand. So thank you, Dan. Sequentially.

這也正是我們擁有這種彈性的原因。是的。從產能角度來看，我想說，目前我們的產能已經不多了。因此，我們現在正在做的是利用我們最新的 PMR 產品加快進入技術轉型階段，我們正在積極提高 9 月和 12 月季度 ATM 的投標，以迎接它們的轉型。這會產生比他們擁有的更好的效果。在當前生活水準上稍加提高就能滿足日益增長的需求。所以謝謝你，丹。依次。

And our next question today comes from Thomas O'Malley with Barclays. Hey, guys. Thanks for taking my question. 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 .

今天的下一個問題來自巴克萊銀行的托馬斯·奧馬利。嘿，大家好。感謝您回答我的問題。你是不是只是想逗我玩玩，因為我只是想澄清一下後半部分的事情，聽起來你已經完全發揮了能力，技術轉型也給你帶來了一些增長，聽起來這真的很好。

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

顯然，過去幾個季度你們的業績都非常好，但是，假設我們已經進入了 26 財年，那麼你說的應該是在下一個日曆年中期她的錘子的銷量會更高。因此，你們會對下一個財政年度有更深入的想像。

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遲，考慮到你們的產能已經達到極限，你們會採取什麼行動，而從工廠的角度來看，你們不會看到技術轉型，只是告訴我你們在那種情況下會做什麼，顯然，那不是理想的，你也沒有為此做計劃，但我們已經看到，最大的傢伙的資格在幾個季度內下滑了。

So I just wanted to understand how you guys think about things if it's further delayed. Yes. I am not really worried about it for exactly the reasons that you talked about. We see the how the test that you're running. We see other qualifications are running, and we're very confident in being able to make the pivot.

所以我只是想要了解，如果事情進一步拖延，你們會如何看待。是的。我並不真正擔心這一點，原因正如您所說。我們看到了您正在運行的測試的情況。我們看到其他資格正在推進，我們非常有信心能夠做出轉變。

But exactly to the earlier question, I think it was Vijay's question on. We can pivot from the last generation PMR to the amateur technology very, very easily and less generous. And PMR is a great product for us was really good margins that were not fully ramped on yet either.

但對於之前的問題，我認為這是 Vijay 提出的問題。我們可以非常非常輕鬆地從上一代 PMR 轉向業餘技術，而且不需要那麼慷慨。對我們來說，PMR 是一款很棒的產品，它的利潤率確實很高，而且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. And then in terms of just your outlook on a are you obviously made some comments earlier on the call. I'm just saying it's still kind of on the come in terms of initial come decisions with customers. Do you have a timeframe of when you may start to see some contribution there? Or is that something that would come as early as this next fiscal year?

因此從這個角度來看，如果某些客戶的延遲降到四分之一，那麼我們可以輕鬆做到這一點，因為它會有所幫助。然後就您對某個問題的看法而言，您顯然在早些時候的電話會議上發表了一些評論。我只是說，從與客戶的初步決策來看，它仍處於醞釀階段。您是否有預期何時會開始看到一些貢獻的時間範圍？或者這最早會在下一個財政年度實現？

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. 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. What I would say is that the recent trends are really more towards video, which we talked about in our prepared remarks. 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. And that's we see that demand flowing through right now. I don't think there's a bubble going on in there.

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。一些我們多年來一直看到的比較傳統的工作負載和一些全新的工作負載。我們看到需求與全新的工作負載相結合，採購訂單中具體提到了人們所認為的預測性人工智慧，即我們的 G&A 應用程式。我想說的是，最近的趨勢實際上更多是視頻，我們在準備好的演講中已經談到了這一點。這是我們目前看到的最大的成長，我暫時稱之為“I”，因為我認為這是一種更有效的方式來推動我們客戶的商業模式的成本。這就是我們現在看到的這種需求。我不認為那裡有泡沫。

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

我認為本月將持續發生價值競爭，一系列不同載體的新技術、新應用將不斷湧現，您可以繼續推動影片作為我們客戶的基本價值。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. Our next question today comes from Mark Miller with The Benchmark Co. Please go ahead.

我知道有些人稱之為傳統的工作量，但總的來說，我應該給予讚揚，因為我認為它們的使用方式非常有趣、有創意。今天的下一個問題來自 The Benchmark Co. 的馬克米勒。

So congratulations on your upside results and your good guidance. I just wanted to go back to a high and the opportunity there. I do believe that the PCs with AI chips will drive a major refresh cycle. And if so, when second half of next year? Yes, Mark, I don't have a ton of visibility into that a low.

所以祝賀您取得的良好業績和良好的指導。我只是想回到巔峰並抓住那裡的機會。我確實相信，搭載 AI 晶片的個人電腦將推動重大更新周期。如果是的話，明年下半年什麼時候？是的，馬克，我不太清楚這個低點。

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. And I think that's about to change how quickly it will change is still anybody's guess. And of course, it's not about specking new hardware. It's about specking new applications that have come and most of those applications are to your point there, video applications.

我確實與一些和我一起長大的客戶討論過這個主題，我認為最近 PC 領域採用新應用程式的速度相對較慢。我認為這種情況即將改變，但改變的速度如何仍是未知數。當然，這與新硬體的規格無關。這是關於指定已經出現的新應用程序，其中大多數應用程式都是您所說的視訊應用程式。

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. And, you know, all kinds of other analytical tools that happened at the edge that you allow them to create much more aggressively. I think they'll spend up more data. Com. Some of that data will be serviced by the cloud service providers there already are.

所以是的，我確實認為，當您可以啟用 Creative Professional 時，當然可以繼續建立視訊帳戶，但音訊帳戶也可以。而且，您知道，邊緣處出現的各種其他分析工具允許他們更積極地進行創建。我認為他們會花費更多的數據。公司。部分數據將由現有的雲端服務供應商提供。

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. It's still very early, but I can't really predict where the IPC.s are going to be just yet. But I think from what I'm seeing from application development, I'm excited about it.

因此我們看到這些應用程式不斷增長，但其中一些可能更接近邊緣，我們對此感到非常興奮。現在還為時過早，但我真的無法預測 IPC 將會達到什麼水平。但我認為，從我所看到的應用程式開發來看，我對此感到興奮。

I think it is going to be a driver in the near future. Just one other question. You mentioned there is little line of capacity at the moment. What does the factory utilization in your head media fabs or the 85% or higher? Yes, fairly high in both.

我認為在不久的將來它會成為一個驅動力。還有一個問題。您提到目前產能很少。你們頭部媒體工廠的工廠利用率是多少？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. And so now some of that can become production instead of experimentation on. But but I think very high over 90% utilization right now.

我認為我們確實有能力，因為我們已經過渡到錘子，我們可以這樣做，因為在過去幾年中，我們已經將大量的空間用於實驗。因此現在其中一些可以轉化為生產而不是實驗。但我認為現在利用率非常高，超過 90%。

And and that's the way we want to. 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. Is that correct? That's right.

這正是我們想要的。但我們不想降低價格，因為如你所知，這會對企業產生很大的成本影響，我們希望確保維持部分電網或 90% 電網的運行，無論是對於他的許多晶圓廠而言。那正確嗎？這是正確的。

Thank you. And our next question comes from Karl Ackerman with PNB Paribas. Please go ahead.

謝謝。我們的下一個問題來自巴黎銀行的卡爾·阿克曼。請繼續。

Thank you. 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.

謝謝。我希望您能討論一下您的按訂單生產可視性，以及它是否基於照付不議合同，或者在您和客戶計劃在未來幾個季度增加存儲容量時，是否可以更好地以強烈的興趣跡象為特徵。

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，如果我可以再偷偷說一句，我只是希望您今天也可以討論一下 SMR 的組合，也許在我們考慮 12 月和 2025 年這些更高容量產品的組合時，也可以討論一下未來。

Thank you. Yes. Thanks, Carla. You know, I'll let Gianluca do the build to order question. Just on the SMR. I say this many times, there's only a couple of cloud customers that really take SMR. There's a couple of client server customers that take us more as well. So we ship it into multiple markets.

謝謝。是的。謝謝，卡拉。你知道，我會讓詹盧卡 (Gianluca) 來做按訂單生產的問題。就在 SMR 上。我說過很多次，真正採用 SMR 的雲端客戶只有幾個。還有一些客戶端伺服器客戶也採用了我們更多的產品。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. 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.

但是我們討論了 Edmar 與 CMR，但我只是將其視為驅動器，看看客戶如何需要它們，我們可以為特定客戶（無論是一人還是兩個人）的應用程式配置它們。從我的角度來看，我們擁有一套出色的技術，可以部署在任何地方，我們將努力盡可能地保持這些因素的充分性，以最大限度地發揮其作用。

So that's how I think about the SMR mix. Yes, they've been through all that out. We have different pad kind of agreements with different customers, but the vast majority are for Bestway pad for fully committed by by customers.

這就是我對 SMR 混合的看法。是的，他們經歷了這一切。我們與不同的客戶簽訂了不同類型的墊塊協議，但絕大多數都是由客戶全額承諾使用 Bestway 墊塊。

Out of time. Okay. This concludes our question and answer session. I'd like to turn the conference back over to Dave, mostly for any closing remarks. So thanks, Nick. Our strategic improvements and inventing cover needs and drive future growth. We remain committed to delivering value and scalable storage solutions for our customers. I'd like to thank our dedicated team, our supply chain partners and our shareholders for your continued support. Thanks. Talk to you next quarter.

超出時間了。好的。我們的問答環節到此結束。我想將會議交還給戴夫，主要做結束語。所以謝謝你，尼克。我們的策略改進和發明滿足了需求並推動了未來的成長。我們始終致力於為客戶提供有價值且可擴展的儲存解決方案。我要感謝我們敬業的團隊、供應鏈夥伴和股東的持續支持。謝謝。下個季度再聊。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。