希捷科技 (STX) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Seagate Technology fiscal second quarter 2025 conference call.

下午好，歡迎參加希捷科技 2025 財年第二季電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

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

我現在想將會議交給投資者關係高級副總裁 Shanye Hudson。

Please go ahead.

請繼續。

Thank you.

謝謝。

Hello, everyone, and welcome to today's call.

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 Gianluca Romano, our Chief Financial Officer.

與我一起的還有 Seagate 執行長 Dave Mosley；以及我們的財務長 Gianluca Romano。

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

我們在網站的投資者部分發布了收益新聞稿和 12 月季度業績的詳細補充資訊。

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

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 8-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 do not reconcile certain non-GAAP outlook measures because material items that may impact these measures are out of our control and/or cannot be reasonably predicted.

我們不會對某些非公認會計準則展望指標進行調整，因為可能影響這些指標的重大項目超出了我們的控制範圍和/或無法合理預測。

Therefore, reconciliation to the corresponding GAAP measures is not available without unreasonable effort.

因此，如果不付出不合理的努力，就無法與相應的公認會計原則措施進行調節。

Before we begin, I'd like to remind you that today's call contains forward-looking statements that reflect management's current views and assumptions based on information available to us as of today and should not be relied upon as of any subsequent date.

在開始之前，我想提醒您，今天的電話會議包含前瞻性陳述，這些陳述反映了管理層基於截至今天我們掌握的資訊的當前觀點和假設，不應在任何後續日期依賴。

Actual results may differ materially from those contained in or implied by these forward-looking statements and 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，並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 impact our future business results, please refer to the press release issued today and our SEC filings, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as the supplemental information, all of which may be found on the Investors section of our website.

要了解有關可能影響我們未來業務業績的風險、不確定性和其他因素的更多信息，請參閱今天發布的新聞稿和我們向SEC 提交的文件，包括我們最新的10-K 表年度報告和10表季度報告-Q，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, we thank you in advance for asking one primary question and then reentering the queue.

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，然後重新加入隊列。

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

現在，我將把電話轉交給你，戴夫。

Thank you, Shanye, and hello, everyone.

謝謝山野，大家好。

Seagate closed out calendar 2024 on a strong note, driving to 7% sequential revenue growth in the December quarter.

希捷以強勁的表現結束了 2024 年日曆，推動 12 月的季度營收環比增長 7%。

Our non-GAAP gross margin expanded by more than 200 basis points and non-GAAP earnings per share exceeded $2 for the first time in 12 quarters, underscoring our continued focus on profitability.

我們的非 GAAP 毛利率擴大了 200 多個基點，非 GAAP 每股收益 12 個季度以來首次超過 2 美元，凸顯了我們對盈利能力的持續關注。

Our performance was supported by increased demand across nearly all markets we serve with the most significant growth in the cloud sector.

我們的業績得益於我們所服務的幾乎所有市場的需求成長，其中雲端領域的成長最為顯著。

This broad-based demand from global cloud customers, but to an almost doubling of nearline product revenue in the December quarter on a year-on-year basis and close to 60% nearline revenue growth for the entire calendar year.

全球雲端客戶的這種廣泛需求，使 12 月季度的近線產品收入同比幾乎翻倍，並且整個日曆年的近線收入增長接近 60%。

We are experiencing strong momentum with our areal density-driven roadmap, which positions us well to offer compelling storage solutions to our customers and also supports our expectation for significant profitable revenue growth for fiscal 2025 and beyond.

我們的面密度驅動路線圖正在經歷強勁的發展勢頭，這使我們能夠為客戶提供引人注目的儲存解決方案，並支持我們對 2025 財年及以後盈利性收入大幅增長的預期。

We continue to advance our product roadmap and have achieved several key milestones related to our HAMR-based Mozaic platform in the December quarter.

我們繼續推進我們的產品路線圖，並在 12 月季度實現了與基於 HAMR 的 Mozaic 平台相關的幾個關鍵里程碑。

We completed qualification and started to ramp HAMR-based products to our initial CSP customer.

我們完成了資格認證並開始向我們最初的 CSP 客戶推出基於 HAMR 的產品。

Earlier today, we also announced a sampling of Mozaic drives with capacities of up to 36 terabytes.

今天早些時候，我們也發布了容量高達 36 TB 的 Mozaic 硬碟樣本。

Overall, Seagate is in an outstanding, competitive, and technology position in a strengthening demand environment.

整體而言，希捷在不斷增強的需求環境中處於突出的、具有競爭力的技術地位。

Prior to discussing the end market environment, I'll briefly address the production issue that we diclosed last month, which has led to supply constraints for the March quarter.

在討論終端市場環境之前，我將簡要討論我們上個月披露的生產問題，該問題導致了三月份季度的供應限制。

Gianluca will provide details on our fiscal Q3 outlook.

Gianluca 將提供有關我們第三季財政前景的詳細資訊。

However, I can confirm that this issue has been resolved.

不過，我可以確認這個問題已經解決。

We are able to meet our build-to-order commitments to major customers, and we expect the revenue impact to be limited to the March quarter.

我們能夠履行對主要客戶的按訂單生產承諾，我們預計收入影響將僅限於三月季度。

Now turning to the mass capacity markets.

現在轉向大容量市場。

Cloud remains the primary demand driver.

雲端仍然是主要需求驅動力。

The surge in nearline product demand that I referenced earlier aligns with a nearly 50% increase in cloud capital investments made by our customers in 2024, with their CapEx expected to continue grow going in calendar 2025.

我之前提到的近線產品需求的激增與我們的客戶在 2024 年進行的雲端資本投資增加了近 50% 一致，他們的資本支出預計將在 2025 年繼續成長。

We believe hyperscale customers are continuing to manage their inventory levels well, while making infrastructure investments to support growing demand for traditional services, advertising, and e-commerce, as well as emerging GenAI applications.

我們相信，超大規模客戶將繼續良好地管理其庫存水平，同時進行基礎設施投資，以支援對傳統服務、廣告和電子商務以及新興 GenAI 應用程式不斷增長的需求。

These applications will be prolific creators of data.

這些應用程式將成為多產的數據創造者。

And given that a substantial volume of the data will be stored on HDDs, we expect GenAI to drive future mass capacity storage growth.

鑑於大量數據將儲存在 HDD 上，我們預計 GenAI 將推動未來大容量儲存的成長。

This is particularly true of data-rich imagery and video content created by GenAI models, which is projected to expand nearly 170 times from 2024 through 2028.

對於由 GenAI 模型創建的數據豐富的圖像和影片內容尤其如此，預計從 2024 年到 2028 年，其數量將擴大近 170 倍。

Today, HDDs play a crucial role in housing the massive data sets required for training AI models, serving as central repositories when these data sets are not actively being processed by GPUs.

如今，HDD 在容納訓練 AI 模型所需的大量資料集方面發揮著至關重要的作用，當 GPU 不主動處理這些資料集時，HDD 充當中央儲存庫。

These mass storage data lakes form the backbone of trustworthy AAI by storing checkpoints or snapshots of AI model data sets, ensuring that data is both retained and available in the future for continuous model refinement.

這些海量儲存資料湖透過儲存 AI 模型資料集的檢查點或快照，構成了值得信賴的 AAI 的支柱，確保資料得以保留並在未來可供持續模型細化。

A recent survey of over 1,000 business leaders and AI decision-makers underscores the critical importance of data retention and checkpoints in enhancing the quality of AI outcomes.

最近對 1,000 多名企業領導者和 AI 決策者進行的一項調查強調了資料保留和檢查點對於提高 AI 結果品質的至關重要性。

These insights are not only applicable for the cloud, but also the edge where the vast majority of data is generated.

這些見解不僅適用於雲，也適用於產生絕大多數資料的邊緣。

The enterprise markets fall under this edge umbrella.

企業市場屬於這種邊緣保護傘。

We expect enterprises to replicate and store more data locally at the edge as AI computing and inferencing moves closer to the source of data generation.

隨著人工智慧運算和推理越來越接近資料生成來源，我們預計企業將在邊緣本地複製和儲存更多資料。

VIA is another opportunity-rich market at the edge.

威盛是另一個機會豐富的邊緣市場。

For some time now, we've spoken about the increased adoption of AI analytics within the VIA markets, which help form actionable insights from data for applications such as smart cities and smart factories.

一段時間以來，我們一直在談論威盛市場中越來越多地採用人工智慧分析，這有助於從智慧城市和智慧工廠等應用程式的數據中形成可行的見解。

In the December quarter, average drive capacities for VIA products set a record, reflective of increasing use of video analytics as well as longer data retention periods.

在去年第四季度，威盛產品的平均驅動器容量創下了紀錄，反映出視訊分析使用的增加以及資料保留期的延長。

Overall, we believe mass capacity storage remains both an enabler and a beneficiary of these emerging data trends.

總體而言，我們認為大容量儲存仍然是這些新興資料趨勢的推動者和受益者。

Seagate is in a great position to address the resulting demand growth through our areal density-driven product roadmap.

希捷處於有利地位，可以透過我們的面密度驅動的產品路線圖來滿足由此產生的需求成長。

As we've shared in the past, we are maintaining a disciplined approach in planning our production capacity.

正如我們過去所分享的，我們在規劃生產能力時保持嚴格的方法。

We will leverage technology transitions to support exabyte growth rather than adding new head and media unit capacity.

我們將利用技術轉型來支持艾字節成長，而不是增加新的磁頭和媒體單元容量。

Looking at our long-term roadmap, our Mozaic-based technology provides Seagate with a highly capital-efficient means to satisfy growing exabyte demand to deliver a strong TCO value proposition for our customers and expand profitability over the long term for the company.

縱觀我們的長期路線圖，我們基於Mozaic 的技術為Seagate 提供了一種高度資本效率的方式來滿足不斷增長的EB 需求，從而為我們的客戶提供強大的TCO 價值主張，並擴大公司的長期盈利能力。

Today, we have continued to ramp our 24-, 28-terabyte PMR platform, which has rapidly become our top product platform in terms of both revenue and exabyte shipments.

今天，我們繼續提升我們的 24、28 TB PMR 平台，該平台在收入和 EB 出貨量方面已迅速成為我們的頂級產品平台。

At 30 terabytes are higher, our Mozaic HAMR technology delivers leading capacities and is gaining momentum across our customer base.

我們的 Mozaic HAMR 技術容量高達 30 TB，可提供領先的容量，並在我們的客戶群中獲得發展動能。

There are no multiple customers qualified on this platform across each of the mass capacity end markets.

在每個大容量終端市場中，沒有多個符合該平台資格的客戶。

Currently, we are ramping volume to our lead CSP customer while progressing on qualifications at additional cloud and hyperscale customers.

目前，我們正在增加主要 CSP 客戶的銷售量，同時在其他雲端和超大規模客戶的資格認證方面取得進展。

These qualifications will set the foundation for the next phase of our Mozaic volume ramp starting in the second half of calendar 2025.

這些資格將為我們從 2025 年下半年開始的下一階段 Mozaic 銷售提升奠定基礎。

We are confident that our Mozaic HAMR technology provides a strong and sustainable competitive advantage at scale for mass capacity storage and underpins a cost-efficient roadmap to build on those advantages.

我們相信，我們的 Mozaic HAMR 技術可為大容量儲存提供強大且可持續的大規模競爭優勢，並支援基於這些優勢的經濟高效的路線圖。

Consistent with feedback we've received from many cloud customers, AWS highlighted at their recent re:Invent Conference that adopting the highest capacity hard disk drives allows their storage system architecture to lower costs, conserve floor space, and reduce power consumption.

與我們從許多雲端客戶收到的回饋一致，AWS 在最近的 re:Invent 會議上強調，採用最高容量的硬碟可以使其儲存系統架構降低成本、節省佔地面積並降低功耗。

Data center architects will continue to adopt both hard disk drive storage and compute-oriented memory technologies such as NAND flash to support the breadth of their workloads.

資料中心架構師將繼續採用硬碟儲存和以運算為導向的記憶體技術（例如 NAND 快閃記憶體）來支援其廣泛的工作負載。

NAND is best suited for high throughput, low latency tasks, while hard disk drives remain the preferred storage solution for the bulk of data storage needed in the Cloud.

NAND 最適合高吞吐量、低延遲任務，而硬碟仍然是雲端中所需的大量資料儲存的首選儲存解決方案。

We do not see these dynamics changing over the foreseeable future due to several advantages that HDDs hold over NAND.

由於 HDD 相對 NAND 具有多項優勢，我們認為在可預見的未來這些動態不會改變。

HDDs offer customers at least 6 times lower cost per terabyte of storage capacity.

HDD 為客戶提供的每 TB 儲存容量成本至少降低了 6 倍。

They possess a significantly smaller embodied carbon footprint and provide manufacturing scale that is highly capital efficient.

它們的具體碳足跡要小得多，並提供資本效率高的製造規模。

Wrapping up, Seagate is in position to deliver further improvements in revenue and profitability in fiscal 2025.

總而言之，希捷預計在 2025 財年進一步提高收入和獲利能力。

Looking out further, we have a practice setup for Seagate, with our steadfast focus on supply discipline in a favorable demand environment, a leading technology roadmap, and the tailwind of AI's massive data storage requirements.

展望未來，我們為希捷制定了一套實踐方案，堅定地專注於有利的需求環境中的供應紀律、領先的技術路線圖以及人工智慧海量資料儲存需求的順風車。

I'll turn it over to Gianluca now.

我現在就把它交給吉安盧卡。

Thank you, Dave.

謝謝你，戴夫。

Seagate's strong December quarter results were highlighted by 50% growth in revenue and a fourfold increase in non-GAAP operating income on a year-over-year basis.

希捷 12 月季度的強勁業績突顯在營收成長 50% 以及非 GAAP 營業收入年增四倍。

We delivered December quarter revenue of $2.33 billion, up 7% sequentially.

我們 12 月季度的營收為 23.3 億美元，比上一季成長 7%。

We increased non-GAAP operating income 22% sequentially to $538 million, translating to non-GAAP operating margin of 23.1% of revenue.

我們將非 GAAP 營業收入比上一季成長 22% 至 5.38 億美元，相當於非 GAAP 營業利潤率佔營收的 23.1%。

And our non-GAAP EPS was $2.03, at the high end of our guidance range, reflecting strong adoption of our high capacity nearline drive, along with ongoing price adjustment and cost discipline.

我們的非 GAAP 每股收益為 2.03 美元，處於指導範圍的高端，反映出我們對高容量近線驅動器的大力採用，以及持續的價格調整和成本控制。

Within our hard disk drive business, revenue increased 8% to $2.2 billion, with volume shipments of 151 exabytes, up from 128 exabytes in the September quarter.

在我們的硬碟業務中，營收成長了 8%，達到 22 億美元，出貨量為 151 艾字節，高於 9 月季度的 128 艾字節。

Mass capacity revenue grew for the sixth consecutive quarter, reflecting continued strength in nearline cloud demand, along with anticipated improvement in the enterprise and OEM markets and seasonal uplift from VIA customer.

海量容量收入連續第六個季度成長，反映出近線雲需求的持續強勁，以及企業和 OEM 市場的預期改善以及威盛客戶的季節性成長。

Mass capacity revenue and exabyte shipments both increased 9% sequentially and totaled $1.9 billion and 140 exabytes, respectively.

海量容量收入和艾字節出貨量均較上季成長 9%，總計分別達到 19 億美元和 140 艾字節。

Starting this quarter, we are including nearline exabyte shipped to VIA customers within our overall nearline exabyte reporting.

從本季開始，我們將向威盛客戶出貨的近線艾位元組納入我們的整體近線艾位元組報告中。

Many VIA customers are adopting nearline drives consistent with the shift towards more cloud-like solution that we had highlighted last quarter.

許多威盛客戶正在採用近線驅動器，這與我們上季度強調的更類似於雲端的解決方案的轉變是一致的。

Consequently, we believe this reporting change more accurately reflect how customers are utilizing these drives and aligns with industry reporting standards.

因此，我們相信這項報告變化更準確地反映了客戶如何利用這些驅動器並符合行業報告標準。

With this change to all periods presented, Seagate's total nearline shipments were 126 exabytes in the December quarter, up from 114 exabytes in the prior period.

透過對所有期間提出的這項變化，希捷在 12 月季度的近線總出貨量為 126 艾字節，高於上一期間的 114 艾字節。

Our performance reflects strong demand for our 24 and 28 terabytes PMR products, particularly among cloud customers as well as continued improvement in enterprise, marked by record high average drive capacity for the second consecutive quarter, extending the trend for a higher storage content per server unit.

我們的業績反映了對24 TB 和28 TB PMR 產品的強勁需求，特別是在雲端客戶中，以及企業的持續改進，其特點是平均驅動器容量連續第二個季度創歷史新高，延續了每伺服器單元更高儲存內容的趨勢。

Sales of our legacy products totaled $275 million, up 2% sequentially, supported by higher seasonal demand in the consumer market.

在消費市場季節性需求增加的支持下，我們傳統產品的銷售額總計 2.75 億美元，季增 2%。

Finally, for our other business, which include systems, SSD, and refurbished drives, revenue was $156 million, down slightly from last quarter as lower SSD revenue was partially offset by improved system demand.

最後，對於我們的其他業務，包括系統、SSD 和翻新驅動器，收入為 1.56 億美元，較上季度略有下降，因為 SSD 收入的下降被系統需求的改善部分抵消。

Moving on to the rest of the income statement.

繼續看損益表的其餘部分。

Non-GAAP gross profit increased 14% sequentially in the December quarter to $825 million.

12 月季度的非 GAAP 毛利較上季成長 14%，達到 8.25 億美元。

This increase reflects continued revenue growth of mass capacity products, increasing mix of new high capacity drives, ongoing price adjustment, and cost efficiencies.

這一成長反映了大容量產品收入的持續成長、新型大容量硬碟組合的增加、持續的價格調整和成本效率。

Our resulting non-GAAP gross margin expanded by 220 basis points to 35.5% at the company level, marking our seventh consecutive quarter of sequential gross margin improvement.

我們的非 GAAP 毛利率在公司層級成長了 220 個基點，達到 35.5%，標誌著我們的毛利率連續第七個季度實現成長。

Non-GAAP gross margin for the HDD business remained significantly higher than the corporate average.

硬碟業務的非公認會計原則毛利率仍顯著高於公司平均。

Non-GAAP operating expenses totaled $187 million, consistent with our plans and up 2% quarter over quarter.

非 GAAP 營運費用總計 1.87 億美元，與我們的計畫一致，季增 2%。

Other income and expense was stable at $86 million and are expected to be relatively flat in the March quarter.

其他收入和支出穩定在 8,600 萬美元，預計三月季度將相對持平。

Adjusted EBITDA increased 19% sequentially in the December quarter to $591 million. Non-GAAP

調整後 EBITDA 在 12 月季度環比成長 19%，達到 5.91 億美元。非公認會計準則

net income increased to $433 million, resulting in non-GAAP EPS of $2.03 per share based on a diluted share count of approximately 213 million shares.

淨利潤增至 4.33 億美元，根據約 2.13 億股的稀釋股數計算，非 GAAP 每股收益為 2.03 美元。

Moving on to cash flow and the balance sheet.

轉向現金流和資產負債表。

We continue to focus on driving free cash flow generation, which increased to $150 million in the December quarter compared with $27 million in the prior period.

我們繼續專注於推動自由現金流的產生，12 月所在季度的自由現金流增加至 1.5 億美元，而上一季為 2,700 萬美元。

We continue to expect free cash flow generation to improve sequentially through the rest of the fiscal year.

我們繼續預期自由現金流的產生將在本財年剩餘時間內持續改善。

Capital expenditures for the quarter were $71 million.

該季度的資本支出為 7,100 萬美元。

For 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.

對於 25 財年，我們將維持資本紀律，並繼續預計資本支出將處於收入的 4% 至 6% 的長期目標範圍的低端。

We returned $148 million to shareholders through the quarterly dividend and closed the December quarter with $2.7 billion in available liquidity, including our undrawn revolving credit facility.

我們透過季度股息向股東返還 1.48 億美元，並在 12 月季度結束時擁有 27 億美元的可用流動資金，包括我們未提取的循環信貸額度。

Inventory increased slightly to $1.5 billion, primarily to support the ramp of new high-capacity products.

庫存小幅增加至 15 億美元，主要是為了支持新的高產能產品的增加。

Our debt balance was $5.7 billion at the end of December quarter.

截至 12 月季末，我們的債務餘額為 57 億美元。

Consistent with our intent to reduce debt, we retired approximately $479 million of notes as they mature in early January.

與我們減少債務的意圖一致，我們在 1 月初到期時註銷了約 4.79 億美元的票據。

As a result, we have no debt obligation until late fiscal 2027.

因此，直到 2027 財年末，我們都沒有債務義務。

We exited the December quarter with a net leverage ratio of 2.5 times and expect to see further reduction in the coming quarters.

我們以 2.5 倍的淨槓桿率結束 12 月季度，預計未來幾季將進一步下降。

Turning now to our March quarter outlook.

現在轉向我們的三月季度展望。

We expect ongoing demand strength from cloud customers to partially offset seasonal decline in the VIA and legacy markets, along with the supply constraints that we have already discussed.

我們預計雲端客戶的持續需求強勁將部分抵消威盛和傳統市場的季節性下滑以及我們已經討論過的供應限制。

We still expect to meet our build-to-order commitments, but our ability to respond to in-quarter volume upside opportunities will be limited.

我們仍然希望履行按訂單生產的承諾，但我們應對季度銷售上升機會的能力將受到限制。

Consequently, embedded in our guidance is approximately $200 million of revenue impact from these supply constraints.

因此，我們的指導中包含了這些供應限制對收入造成的約 2 億美元的影響。

With better context, March quarter revenue is expected to be in the range of $2.1 billion, plus or minus $150 million.

在更好的背景下，3 月季度的營收預計將在 21 億美元上下浮動 1.5 億美元之間。

As a midpoint, this reflects more than 25% year-over-year improvement.

作為中點，這反映出超過 25% 的同比改善。

Despite supply limitation in the March quarter, ongoing demand for our latest generation nearline products, including Mozaic, offers the potential for sequential improvement in gross margin performance.

儘管三月季度的供應有限，但對包括 Mozaic 在內的最新一代近線產品的持續需求，為毛利率表現提供了連續改善的潛力。

We expect non-GAAP operating expenses to be in the range of $290 million.

我們預計非 GAAP 營運費用將在 2.9 億美元左右。

And at the midpoint of our revenue guidance, we expect non-GAAP operating margin to remain in the low 20% range.

在我們收入指引的中點，我們預期非 GAAP 營運利潤率將維持在 20% 的低水準範圍內。

We expect non-GAAP EPS to be $1.70, plus or minus $0.20, based on a diluted share count of approximately 214 million shares and non-GAAP tax expense of roughly $20 million.

基於約 2.14 億股的稀釋股數和約 2,000 萬美元的非 GAAP 稅收費用，我們預計非 GAAP 每股收益為 1.70 美元，上下浮動 0.20 美元。

In summary, Seagate's strong December quarter financial performance underscores our continued focus on enhancing profitability, optimizing cash generation, and driving growth.

總而言之，希捷 12 月季度強勁的財務業績凸顯了我們對提高獲利能力、優化現金產生和推動成長的持續關注。

As we focus on capturing the significant opportunities ahead, we will remain diligent in supporting a healthy supply and demand environment, which we believe positions Seagate to deliver further improvement in revenue and enhanced profitability this fiscal year and beyond.

當我們專注於抓住未來的重大機會時，我們將繼續努力支持健康的供需環境，我們相信這將使希捷在本財年及以後的收入和盈利能力方面取得進一步的改善。

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

我現在將把電話轉回戴夫以徵求最終意見。

Thanks, Gianluca.

謝謝，吉安盧卡。

As data value continues to increase, so too does the strategic relevance of mass capacity storage, particularly in the era of AI.

隨著資料價值不斷增加，大容量儲存的戰略意義也不斷增加，特別是在人工智慧時代。

Against this backdrop, Seagate is executing a strong product and technology roadmap to deliver a compelling value proposition for our customers.

在此背景下，希捷正在執行強大的產品和技術路線圖，為我們的客戶提供令人信服的價值主張。

In short, we are responding with technology to store the world's data.

簡而言之，我們正在用科技來儲存世界數據。

We've crossed an exciting inflection point with our Mozaic HAMR platform now ramping volume to address customer demand at exabyte scale.

我們的 Mozaic HAMR 平台已經跨越了一個令人興奮的轉折點，現在我們的容量正在增加，以滿足艾字節規模的客戶需求。

The Mozaic platform provides a capital-efficient solution for Seagate to sustain areal density leadership and effectively address the growing demand for mass storage.

Mozaic 平台為 Seagate 提供了資本高效的解決方案，以保持面密度領先地位並有效滿足對海量儲存不斷增長的需求。

This takes the way for Seagate to offer significant economic advantages both to our customers and the company.

這使得希捷能夠為我們的客戶和公司提供顯著的經濟優勢。

These achievements are only possible through the hard work of Seagate's global team.

這些成就是希捷全球團隊辛勤努力的成果。

I extend my thanks to them as well as recognize our suppliers, customers, and shareholders for their ongoing support.

我向他們表示感謝，並感謝我們的供應商、客戶和股東的持續支持。

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

接線員，現在讓我們開始提問。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作指示）Erik Woodring，摩根士丹利。

Dave, maybe just to start, if I look to past June quarters, I know we're getting ahead of ourselves here, but we've seen sequential growth historically.

戴夫，也許只是開始，如果我回顧過去的六月季度，我知道我們在這裡有點超前了，但我們從歷史上看已經看到了連續增長。

And in light of your positive demand comments and the fact that March quarter supply issues would be transitory, how do you think about that incremental $200 million of shortfall in the March quarter?

鑑於您對需求的正面評論以及 3 月份季度的供應問題將是暫時的這一事實，您如何看待 3 月份季度新增的 2 億美元缺口？

What exactly happens there?

那裡到底發生了什麼事？

Does it get pushed to June?

難道要延到6月嗎？

Does it get pushed to multiple quarters in the future?

未來是否會被推遲到多個季度？

Can you just help us understand the magnitude and timing of when you expect to call that back?

您能否幫助我們了解您希望回電的規模和時間？

Thanks so much.

非常感謝。

Yeah.

是的。

Thanks, Erik.

謝謝，埃里克。

As you know, we've tried really hard to get predictable in the last couple of years, especially with the downturn.

如您所知，在過去幾年中，尤其是在經濟低迷時期，我們非常努力地實現可預測性。

And so as we come out of it, we've really valued that predictability.

因此，當我們走出困境時，我們非常重視這種可預測性。

This temporary issue that we're dealing with limited to this quarter only, I think as we look out further and further, especially through some of the product transitions that are coming, we have confidence in the predictability.

我們處理的這個臨時問題僅限於本季度，我認為隨著我們越來越深入地觀察，特別是透過即將到來的一些產品轉型，我們對可預測性充滿信心。

And so I think exabytes are going to continue to grow.

因此我認為艾字節將會繼續成長。

Demand is going to continue to grow.

需求將持續成長。

We're confident in that, and we'll get through those product transitions as well, which allows us to grow our margin profile as well.

我們對此充滿信心，我們也將完成這些產品轉型，這也使我們能夠提高利潤率。

So I do think this is a very temporary issue.

所以我確實認為這是一個非常暫時的問題。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

I just wanted to clarify the comment about the transitory nature of this $200 million.

我只是想澄清一下關於這 2 億美元的暫時性的評論。

So if it is transitory, should we think that the true baseline for March was $2.3 billion and then June should be sequentially up from that?

因此，如果這是暫時的，我們是否應該認為 3 月份的真實基準是 23 億美元，然後 6 月份應該在此基礎上依次上升？

That's just a clarification, if you could clarify that.

這只是一個澄清，如果你能澄清一下的話。

And my main question is really around, the fact that you've seen six quarters of really strong nearline and mass capacity exabyte shipment increases, historically, these have been 1.5 to 2-year cycles and then there's a period of a pause.

我的主要問題實際上是，事實上，您已經看到近六個季度的近線和大容量艾字節出貨量增長非常強勁，從歷史上看，這些週期為1.5 到2 年，然後有一段時間的暫停。

Can you perhaps, maybe Dave, share your view on where we are in the cycle and anything that you see that could cause the cycle to turn in 2025.

您（也許是戴夫）能否分享一下您對我們所處週期的看法，以及您認為可能導致週期在 2025 年轉變的任何情況。

Thank you so much.

太感謝了。

Yeah, Wamsi.

是的，瓦姆西。

I think we're still pretty early in calling this a cycle because the overbuild at the start of the pandemic was probably substantial.

我認為我們將其稱為週期還為時過早，因為大流行開始時的過度建設可能是巨大的。

And then the last few years, the exabyte shipments has been really low.

在過去的幾年裡，艾字節的出貨量非常低。

So it's a very profound cycle compared to those previous ones that we had seen before.

因此，與我們之前見過的周期相比，這是一個非常深刻的周期。

That said, these build-to-order -- the build-to-order discipline that we have is giving us good predictability and people continue to ask for -- with that predictability, more certainty of the build-outs they're doing the data centers that they built need population, the refreshes that they're doing of old gear.

也就是說，這些按訂單生產——我們所擁有的按訂單生產紀律為我們提供了良好的可預測性，人們不斷要求——有了這種可預測性，他們正在做的擴建就更有確定性了。

The wholesale replace entire data centers to uplift their capacity.

批發更換整個資料中心以提高其容量。

I think the whole industry and supply chain is getting more predictable and quite happy about that.

我認為整個產業和供應鏈變得更加可預測，並且對此感到非常高興。

So that gives us confidence through this calendar year.

這讓我們對今年充滿信心。

Relative to -- kind of like Erik's question, same one you asked relative to this issue that we have this quarter, it's really hard to tell in that predictable behavior that we're doing for, say, a year in a build-to-order or visibility that's even going beyond a year, whether or not this quarter effect is a pull-in or is a push out.

相對於——有點像埃里克的問題，你就我們本季遇到的這個問題提出的同樣的問題，很難以可預測的行為來判斷我們正在做的事情，比如說，一年的構建— —訂單或可見度甚至超過一年，無論本季效應是拉入還是推出。

That's really hard.

這真的很難。

But I'm confident in the financial expectations that we have, and I'm also confident in these product transitions that we have that, that's building value for our customers, and we're going to be able to execute them.

但我對我們的財務預期充滿信心，我對我們擁有的這些產品轉型也充滿信心，這將為我們的客戶創造價值，我們將能夠執行它們。

So that's how I think about it.

這就是我的想法。

So Gianluca, do you want to add something?

Gianluca，你想補充點什麼嗎？

Yeah, no.

是的，不。

Related to the part of the question on the impact to the March quarter, the short answer is yes, we could have been higher.

關於對三月季度影響的問題部分，簡短的回答是肯定的，我們本來可以更高。

Now demand is there.

現在需求就在那裡。

Unfortunately, for the short term, we don't have the volume to satisfy the demand.

不幸的是，短期內我們沒有足夠的數量來滿足需求。

So we could have, of course, achieve a higher level of revenue.

因此，我們當然可以實現更高水準的收入。

But as they said, we see further improvement to the calendar year.

但正如他們所說，我們看到了日曆年的進一步改善。

So it is not going to impact our overall results.

所以這不會影響我們的整體結果。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Gianluca, when I look at your guidance, it seems like your March quarter gross margin is about 36%, give or take.

Gianluca，當我查看您的指導時，您的 3 月份季度毛利率似乎約為 36%，無論大小。

And you said HAMR obviously going to be accretive in numbers.

你說 HAMR 的數量顯然會增加。

And both you and Dave seem pretty optimistic on nearline for the rest of the year.

你和戴夫似乎都對今年剩餘時間的近線持樂觀態度。

So is it fair to view as the nearline grows, the gross margin should improve quarter-over-quarter through the rest of half of the 36% baseline in March?

那麼，隨著近線增長，毛利率應該會在 3 月 36% 基線的剩餘一半期間環比改善，這樣公平嗎？

Yeah.

是的。

We see good opportunity to continue the trend that started like six quarters ago. to improve our gross margin sequentially, part is mix, of course, now moving more and more into the high capacity drives, give us opportunity to improve gross margin.

我們看到了繼續六個季度前開始的趨勢的好機會。當然，要提高我們的毛利率，一部分是混合，現在越來越多地轉向高容量驅動器，這給了我們提高毛利率的機會。

And of course, there is always our strategy in terms of stable, consistent price increase quarter after quarter, cost efficiency.

當然，我們的策略始終是穩定、持續地逐季漲價和成本效率。

HAMR will help us, especially in the second part of the calendar year when we can ramp much higher volume.

HAMR 將為我們提供協助，尤其是在今年下半年，我們可以大幅提高產量。

So no, right now, we are very confident that our profitability will continue to improve.

所以不，現在我們非常有信心我們的獲利能力將繼續提高。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

I guess, Dave, I was hoping you just talk a little bit about -- there's always a spear when you hear about HDD companies adding capacity.

我想，戴夫，我希望你能談談——當你聽到硬碟公司增加容量時，總會有一個矛。

What does that really mean for the industry.

這對這個行業到底意味著什麼？

So can you just talk about, are you really adding net new capacity trying to get back to some baseline level?

那麼您能否談談，您是否真的在增加淨新產能以試圖回到某個基準水平？

And what do you think sort of Seagate total exabyte capacity could be once these additions are done?

您認為這些添加完成後希捷總 EB 容量會是多少？

You just touch on that part.

你只要觸及那部分就可以了。

And then maybe along that theme, I'm somewhat surprised that your gross margins are expected to go up in March despite revenues coming down and despite the capacity addition.

然後，也許沿著這個主題，我有點驚訝的是，儘管收入下降且產能增加，但你們三月的毛利率預計會上升。

So just talk about what's going well or what's offsetting what I think and sequentially in March quarter that's enabling gross margins expand.

因此，只需談談哪些方面進展順利，或者哪些因素抵消了我認為的三月季度的毛利率上升。

Thanks, Amit.

謝謝，阿米特。

If it helps, if you think back three quarters or four quarters ago, when demand was a lot lower, we were on older product generations, and we had buffers of those product generations because demand's picked up, those have blown through largely.

如果這有幫助的話，如果你回想一下三個季度或四個季度前，當時需求要低得多，我們使用的是較舊的產品代，並且我們對這些產品代有緩衝，因為需求回升，這些產品已經在很大程度上消失了。

And then we had this production issue on some of the new product generations.

然後我們在一些新產品上遇到了這個生產問題。

But it's really -- the answer to your question is all about mix.

但實際上，你的問題的答案全都與混合有關。

So as we mix to higher and higher capacity points, we believe that that's a compelling value proposition for our customers.

因此，當我們混合越來越高的容量點時，我們相信這對我們的客戶來說是一個令人信服的價值主張。

We also believe that we're giving predictable economics for them and for ourselves as well, and that's what's building the margin structure in.

我們也相信，我們正在為他們和我們自己提供可預測的經濟效益，這就是建立利潤結構的原因。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

I just wanted to ask about this $200 million the effect into June again because I'm not sure I understand what the message is.

我只是想再次詢問這 2 億美元對 6 月的影響，因為我不確定我是否理解其中的含義。

I think, Dave, in the remarks, you said that the impact will be completely limited to the March quarter.

我想，戴夫，您在講話中說影響將完全限於三月季度。

So it sounds like you think that June, you get the entire $200 million back, but you seem like you're not really willing to clarify that.

所以聽起來你認為 6 月你會拿回全部 2 億美元，但你似乎不太願意澄清這一點。

So can you clarify exactly what you meant by the entirety of the impact that's being felt in March?

那麼您能否準確地解釋三月感受到的全部影響是什麼意思？

Yeah.

是的。

Remember, this is -- thanks, Tim.

請記住，這是——謝謝，提姆。

This is a supply issue, not a demand issue.

這是供給問題，不是需求問題。

So from our perspective, we're communicating this.

所以從我們的角度來看，我們正在傳達這一點。

And we started after the conference in December there, we started communicating to the customers exactly what's going on.

12 月的會議結束後，我們開始向客戶傳達到底發生了什麼事。

We can maintain all the build-to-order commitments that we have this quarter.

我們可以維持本季的所有按訂單生產承諾。

Next others, next quarter.

接下來是下個季度的其他人。

We're recovering from the issue as quickly as we can.

我們正在盡快從這個問題中恢復過來。

But again, it's not a demand compression.

但同樣，這不是需求壓縮。

It's only our ability to hit the supply.

只有我們有能力滿足供應。

Gianluca, do you want to add something?

Gianluca，你想補充點什麼嗎？

Yes.

是的。

Well, Tim, basically, as we explained in December, we did not start enough material in a certain period of time because we didn't put back the equipment that were necessary to produce well materials.

嗯，蒂姆，基本上，正如我們在 12 月解釋的那樣，我們在一段時間內沒有啟動足夠的材料，因為我們沒有放回生產良好材料所需的設備。

So we don't have that level of supply that could have been necessary to match demand in the March quarter.

因此，我們沒有足夠的供應水準來滿足三月季度的需求。

So that $200 million is not coming back if that material we were not able to start.

因此，如果我們無法啟動這些材料，那麼 2 億美元就無法收回。

And so we missed that opportunity in the March quarter, and then we go back to June with the right level of supply that will match the June demand.

因此，我們在 3 月份季度錯過了這個機會，然後我們回到 6 月份，供應水準與 6 月份的需求相符。

But of course, the one that is in March is probably going away.

但當然，三月的那個可能會消失。

And as we discussed in December, this is yet another reason you see the long lead times that we have in some of these wafer equipment, which is why we need the build-to-order predictability for our customers and for ourselves.

正如我們在12 月討論的那樣，這是我們在某些​​晶圓設備中的交貨時間較長的另一個原因，這就是為什麼我們需要為我們的客戶和我們自己提供按訂單生產的可預測性。

This problem started manifesting itself late summer, and we realized that we had it in late November.

這個問題在夏末開始顯現出來，我們在 11 月底就意識到了這個問題。

And it's still flowing through the system.

而且它仍然在系統中流動。

We're going to try our best to recover as much as we can, but we know that -- and so I guess, the backdrop of a very steep ramp.

我們將盡力恢復，但我們知道這一點 - 所以我想，這是一個非常陡峭的坡道的背景。

So it's not like a hole that goes away.

所以它不像一個會消失的洞。

It's a ramp that we're on that's very steep.

我們所在的坡道非常陡。

There is an impact this quarter as these parts don't flow through that we wanted to at the level of it, and then we fixed the problem now.

本季會產生影響，因為這些部分沒有達到我們想要的水平，然後我們現在解決了這個問題。

So we're convinced that we can get back and satisfy demand next quarter and beyond.

因此，我們相信我們可以在下個季度及以後恢復並滿足需求。

Asiya Merchant, Citi.

阿西亞商人，花旗銀行。

You sound very confident about a lot more upside to gross margin, especially as HAMR ramps here and you're shifting your mix to even these higher capacity drives.

聽起來您對毛利率的上升空間非常有信心，尤其是當 HAMR 在這裡增加並且您正在將您的組合轉向這些更高容量的驅動器時。

Maybe if you can shed some light on what do you think about the appropriate margin for Seagate as you go forward, given you're executing well above your target range at this point.

也許您可以透露您對希捷在前進過程中的適當利潤的看法，因為您目前的執行情況遠高於目標範圍。

Thank you.

謝謝。

Yeah.

是的。

I think that depends largely on the demand picture.

我認為這很大程度取決於需求情況。

We think the demand picture is strengthening, and we think we have a good portfolio against it.

我們認為需求狀況正在加強，我們認為我們有良好的投資組合來應對。

People will buy the new drives higher and higher capacities because they're going to run these in data centers for a long time, and they see a great value proposition for those.

人們會購買容量越來越大的新驅動器，因為他們將在資料中心長期運行這些驅動器，並且他們看到了這些驅動器的巨大價值主張。

And to the extent that we can be more predictable with these build-to-order negotiations and we know what we're building anyway, so we can go out and have those negotiations and say, we'll build it for you if we all agree to this.

在某種程度上，我們可以透過這些按訂單生產的談判更加可預測，而且我們知道我們正在建造什麼，所以我們可以出去進行這些談判並說，如果我們都這樣做，我們將為您建造它同意這一點。

And so I think that's served the industry really well, served our supply base really well, helping us recover from the situation we were in a year or two ago.

因此，我認為這對整個產業、對我們的供應基地都非常有利，幫助我們從一兩年前的情況中恢復過來。

Yeah.

是的。

And that target range that you're referring to, we gave the target and we clearly said that this is not including HAMR.

你提到的目標範圍，我們給了目標，我們明確表示這不包括 HAMR。

So of course, in future, we were already expecting a higher profitability, and we will rent HAMR in not just two or three quarters from now.

當然，未來我們已經期待更高的獲利能力，而且我們將在未來的兩三個季度內租用HAMR。

We will discuss maybe more at our Analyst Day in the future what will be our next model.

我們可能會在未來的分析師日上更多地討論我們的下一個模型是什麼。

But I would say, I would not focus on that old gross margin range that we were discussing in the past.

但我想說，我不會關注我們過去討論的舊毛利率範圍。

Yeah.

是的。

One of the things I'd say about margins -- gross margins and operating margins is that even at the revenue levels that we're at right now, we have to continue to fund the R&D in order to keep driving the roadmap 4 terabytes, 5 terabytes that we have to fund CapEx, so on and so forth.

關於利潤率（毛利率和營業利潤率），我要說的一件事是，即使按照我們現在的收入水平，我們也必須繼續為研發提供資金，以便繼續推動 4 TB 的路線圖，我們必須為資本支出提供5 TB 的資金，依此類推。

And from my perspective, those things provide such a compelling value proposition to our end customers.

從我的角度來看，這些東西為我們的最終客戶提供瞭如此引人注目的價值主張。

They want us to as well.

他們也希望我們這樣做。

So we're going to need the right combination of margin and revenue to be able to continue to drive the roadmap for the end user value propositions.

因此，我們需要利潤率和收入的正確組合，以便能夠繼續推動最終用戶價值主張的路線圖。

I think everyone's kind of understood that even though the undulations in supply and demand that we went through in the pandemic were so painful, but I think we're starting to come out of it and people understand the financial impact of those a lot more and allows us to be a lot more predictable.

我認為每個人都明白，儘管我們在大流行中經歷了供需波動如此痛苦，但我認為我們已經開始走出困境，人們更加了解這些波動對財務的影響，讓我們更加可預測。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Dave, I was just wondering as we think about the longer-term impact of transitioning to HAMR, you move [versely] through the initial ramps of new technology.

戴夫，我只是想知道，當我們考慮過渡到 HAMR 的長期影響時，你[相反]經歷了新技術的最初階段。

Does the customer mix or how you ramp become faster, slower, more broad.

客戶組合或你的成長方式是否變得更快、更慢、更廣泛。

Like I'm just -- you mentioned like going from one cloud guy to having a second and third.

就像我——你提到從一個雲端運算人員發展到擁有第二個和第三個雲端運算人員。

But as you go towards 36 terabytes, what changes and how this technology hits the market?

但當您走向 36 TB 時，會發生什麼變化以及該技術如何進入市場？

I'd say our first ramp was tougher than we expected, even right up against it.

我想說，我們的第一個坡道比我們預期的要艱難，即使是面對它的時候。

We had great results out of the labs and the first experiments.

我們在實驗室和第一次實驗中取得了很好的成果。

And then we ran into some problems in productization.

然後我們在產品化方面遇到了一些問題。

We don't exactly see any of those problems in future productization so it should shorten the cycle.

我們在未來的產品化中並沒有看到任何這些問題，因此它應該縮短週期。

The strain on all the other subsystems, not just the recording subsystem, but all the other subsystems as we go from 30 terabytes to 40 terabytes to 50 terabytes is still great, but we have confidence, and we've told people that based on what we see right now, we should -- we're going to drive as aggressively as we can through all those transitions.

當我們從 30 TB 到 40 TB 再到 50 TB 時，所有其他子系統（不僅僅是記錄子系統）的壓力仍然很大，但我們有信心，並且我們已經告訴人們，基於什麼我們現在看到，我們應該——我們將盡可能積極地推動所有這些轉變。

And that's why the announcement of drives -- shipping drives already up to 36 terabytes, that's already happened, by the way, so from my perspective, onward and upward, that's what this industry gets paid for as areas.

這就是為什麼宣布推出驅動器——運輸驅動器容量已高達 36 TB，順便說一句，這已經發生了，所以從我的角度來看，向前和向上，這就是這個行業作為領域獲得報酬的原因。

So we bring value in the world, and that's what we're continuing to drive.

因此，我們為世界帶來價值，這就是我們持續推動的目標。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

I just want to get a better picture for your mix of business.

我只是想更了解您的業務組合。

I think you like to talk in exabytes that are moving towards HAMR.

我認為您喜歡談論正在朝著 HAMR 邁進的艾字節。

You guys had originally talked about a unit forecast, you've adjusted that over time.

你們最初討論的是單位預測，隨著時間的推移，你們已經對其進行了調整。

But maybe as we look out into the calendar year '25 you could talk about how much of your business in terms of mix is HAMR today and maybe how much you think exiting the year?

但也許當我們展望 25 日曆年時，您可以談談您今天的業務在混合方面有多少是 HAMR，也許您認為今年會退出多少？

Obviously, you had enough to impact gross margins in the near term.

顯然，您在短期內足以影響毛利率。

So maybe if you could size that for us, that would be really helpful.

因此，如果您能為我們確定尺寸，那可能會非常有幫助。

Thanks, Tom.

謝謝，湯姆。

We did talk about the success of the 24-, 28- platform.

我們確實談論了 24、28 平台的成功。

So that's growing at a very, very fast ramp, very high volume.

因此，其成長速度非常非常快，數量非常大。

There's a lot of common parts with that in HAMR.

HAMR 中有很多共同的部分。

So we can ramp HAMR quickly as well, and we're focused on doing that, getting through the qualifications and ramping.

因此，我們也可以快速提升 HAMR，我們專注於做到這一點，通過資格認證並提升。

Last year, we were pushing through these transitions as hard as we could just to inject some margin back in the business.

去年，我們盡最大努力推動這些轉型，只是為了為業務注入一些利潤。

This year, the demand picture is quite different.

今年，需求情況截然不同。

And the response of people and where they are in qualifications is very different.

人們的反應以及他們的資歷水平是非常不同的。

So we're going to be a little bit more careful.

所以我們要更加小心一點。

Remember, HAMR is still accretive to margins and we still want to drive it, and we still have parts that are coming.

請記住，HAMR 仍然會增加利潤，我們仍然希望推動它，而且我們仍然有零件即將推出。

But we'll just be a little bit more cautious and make sure we work with the customers on exactly what they need.

但我們會更加謹慎一點，確保我們與客戶合作，滿足他們的需求。

I think as we get higher and higher capacity point is such a good compelling value proposition for our end customers, and they're pulling very hard.

我認為，隨著我們的容量越來越高，對於我們的最終客戶來說，這是一個非常有吸引力的價值主張，他們正在努力推動。

So maybe even to some of the earlier questions, I do think that there's going to be an acceleration based on the fact that we are already at the curve productization is we have all those learnings.

因此，即使是對於之前的一些問題，我確實認為，基於我們已經處於產品化曲線的事實，我們確實會加速，因為我們已經掌握了所有這些知識。

So the other person doesn't have to learn those same lessons and there is this compelling value proposition that people know about.

因此，其他人不必學習同樣的課程，而且人們都知道這種令人信服的價值主張。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

I'm going to stick with the gross margin narrative here a little bit.

我將在這裡稍微堅持一下毛利率的敘述。

If I try and make some adjustments for your non-HDD gross margin, I guess what I'd be left to think about is that your hard disk drive gross margin is probably in the 37%, plus or minus range.

如果我嘗試對您的非 HDD 毛利率進行一些調整，我想我需要考慮的是您的硬碟毛利率可能在 37% 的正負範圍內。

I guess the question is that would you say even today as you're initially ramping HAMR that your HAMR gross margin is accretive to the hard disk drive only gross margin?

我想問題是，即使在今天，當您最初提高 HAMR 時，您是否會說您的 HAMR 毛利率只增加了硬碟的毛利率？

And is there anything structurally that keeps you from thinking, hey, gross margin could have a four in front of it just structurally as we look forward in pricing continues to progress, et cetera, et cetera.

有沒有什麼結構性的東西讓你不去思考，嘿，毛利率可能會在它前面有一個四，只是結構性的，因為我們期待定價繼續進步，等等，等等。

Just curious on what your thoughts are.

只是好奇你的想法是什麼。

Yeah, Aaron.

是的，亞倫。

Thanks.

謝謝。

I would say that -- and you know our history really well.

我想說的是──你非常了解我們的歷史。

I'm pretty happy where we are right now.

我很高興我們現在所處的位置。

So as we're looking out into the future, we're signing up for business that's good business and higher capacity points through these transitions.

因此，當我們展望未來時，我們正在簽署透過這些轉型獲得良好業務和更高容量點的業務。

So that's what allows me to build confidence.

這就是讓我建立信心的原因。

Is there a theoretical maximum?

有理論最大值嗎？

I think a lot of that depends on the demand picture that ultimately comes.

我認為這在很大程度上取決於最終的需求情況。

And we'll keep you informed on that as time goes on.

隨著時間的推移，我們會隨時向您通報相關情況。

But I think we've done a really good job getting the margin structure back into the industry or even in some cases, to all-time highs.

但我認為我們做得非常好，使利潤結構重新回到行業中，甚至在某些情況下達到歷史最高水平。

The revenue is still not back and the output is still not back, frankly.

坦白說，收入還沒回來，產出也還沒回來。

I mean we could do some more output.

我的意思是我們可以做更多的輸出。

But we want to do it in a very predictable way and defend what we've had to rebuild.

但我們希望以一種非常可預測的方式做到這一點，並捍衛我們必須重建的東西。

We still have some supply chain issues that we have to take care of as well, and that's going to be going on for the next few quarters.

我們仍然有一些供應鏈問題需要解決，而且這種情況將在接下來的幾季持續存在。

So we're kind of in that traditionary period to future model versus continue to just execute as hard as we can to rebuild.

因此，我們正處於未來模型的傳統時期，而不是繼續盡我們所能地執行重建。

And we're quite happy with the progress.

我們對進展感到非常滿意。

And Aaron, part of the confidence we have in improving gross margin even in the March quarter where the revenue is lower, is coming from the increased volume of HAMR.

即使在收入較低的三月季度，我們對提高毛利率的信心部分來自於 HAMR 數量的增加。

So in general, the mix moving to higher capacity drives has always helped us to improve margins and HAMR will increase a lot the capacity per unit.

因此，總的來說，轉向更高容量驅動器的組合總是幫助我們提高利潤，而 HAMR 將大幅增加單位容量。

So it's a good contributor to the improved gross margin.

因此，它對提高毛利率有很大貢獻。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes.

是的。

As we think about the sustainability of the cycle, are your nearline and hyperscale customers giving you more visibility today, which I think was six months or longer last quarter, since you've experienced these production capacity constraints?

當我們考慮週期的可持續性時，您的近線和超大規模客戶今天是否為您提供了更多的可見性（我認為上個季度是六個月或更長時間），因為您經歷了這些產能限制？

And for my clarification question, does the production capacity address only HAMR drives?

對於我的澄清問題，生產能力是否僅適用於 HAMR 驅動器？

Or were these tools used for conventional nearline drugs as well?

或者這些工具也用於傳統的近線藥物嗎？

Thank you.

謝謝。

Thanks, Karl.

謝謝，卡爾。

Yeah, the second question first.

是的，先說第二個問題。

The production capacity issue affected non-HAMR drives, not the HAMR drives.

生產容量問題影響非 HAMR 驅動器，而不影響 HAMR 驅動器。

So it was the ramp of the 24, 28.

所以這是24、28號的坡道。

I think of it this way.

我是這樣想的。

We've actually qualified that back and even some old programs, but it's the non-HAMR product being affected.

我們實際上已經驗證了這一點，甚至驗證了一些舊程序，但受到影響的是非 HAMR 產品。

So stepping out a little bit more into the future.

因此，我們要多踏出一步，邁向未來。

I think that the HAMR transition is actually -- we're going to drive it more and more aggressively just because we get the extra capacity points like Gianluca was talking about.

我認為 HAMR 轉型實際上是——我們將越來越積極地推動它，因為我們獲得了 Gianluca 所說的額外容量點。

Higher capacity points, and then we can also refresh lower capacity points as well.

更高的容量點，那我們也可以刷新更低的容量點。

So that's what helps to build the margin into the entire portfolio, not just the highest capacity point.

因此，這有助於將利潤納入整個投資組合，而不僅僅是最高容量點。

Yeah, thank you.

是的，謝謝。

I was hoping you talked about the visibility you're receiving from hyperscale customers today since those capacity constraints.

我希望您能談談由於容量限製而今天從超大規模客戶那裡獲得的可見性。

Thanks.

謝謝。

Oh, yeah.

哦，是的。

So the build-to-order models that we're coming up with have given us good visibility.

因此，我們提出的按訂單生產模型為我們提供了良好的可見度。

Maybe as we get through the supply constraint issue that we have this quarter, we said we're protecting all the build-to-order commitments that we have.

也許當我們解決本季的供應限制問題時，我們說我們正在保護我們所擁有的所有按訂單生產的承諾。

So on an account-by-account by coup basis, then I think it's almost that particular issue is almost irrelevant for them, right?

因此，在逐一政變的基礎上，我認為這個特定問題幾乎與他們無關，對嗎？

So we're talking about Q4 is Q4, Q3 is Q3.

所以我們說的 Q4 是 Q4，Q3 是 Q3。

Q1 next year is Q1 next year.

明年第一季就是明年第一季。

So they're helping us with that visibility and this temporary issue is irrelevant in that BTO model.

因此，他們正在幫助我們提高可見性，而這個臨時問題與 BTO 模型無關。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

David, look, just looking at the HAMR.

大衛，看，只是看 HAMR。

When you look at your 150-exabyte [shipped] and so the 26-exabyte nearline, do you expect HAMR to get to like 10% to 20% of that mix by like first-half calendar, let's say, '26?

當您查看 150 艾字節（已發貨）和 26 艾字節近線時，您是否預計 HAMR 會在上半年日曆（比如說“26”）之前達到該組合的 10% 到 20%？

Well, we certainly expect to make it to the ramp really hard, yes.

嗯，我們當然希望能夠非常艱難地到達坡道，是的。

We're not going to say a specific number.

我們不會透露具體數字。

We're in a very different space than we were a year ago, right?

與一年前相比，我們現在處於一個非常不同的空間，對嗎？

But we're not going to say a very specific number.

但我們不會透露一個非常具體的數字。

But we expect it to ramp very hard.

但我們預計它會非常艱難。

The customers are pulling out of hard because of the value proposition that they see.

客戶因為看到了價值主張而退出了努力。

So it has to be accretive as well.

所以它也必須是增值的。

We've said that for some quarters now, but we're confident that it is.

我們已經這麼說了幾個季度了，但我們對此充滿信心。

So yes, we're going to drive it hard and drive the volumes very soon.

所以，是的，我們將大力推動並很快提高銷售量。

We will have improvement every quarter.

我們每季都會有進步。

Of course, that will have to follow the qualifications with the different customers.

當然，這必須遵循不同客戶的資格。

And as we said, we expect multiple qualification between December last year and mid of calendar '25.

正如我們所說，我們預計在去年 12 月到 25 年中旬之間將獲得多項資格。

So we still expect the majority of the ramp to happen in the second part of HAMR '25, and that would be another improvement for our business and our performance in just a few quarters from now.

因此，我們仍然預計大部分成長將在 HAMR '25 的第二部分發生，這將是我們業務和業績在短短幾個季度內的另一個改進。

Got it.

知道了。

Thanks.

謝謝。

And then in terms of capacity, as you ramp HAMR, do you expect you need to add more capacity in the back half?

然後就容量而言，隨著 HAMR 的增加，您是否預計需要在後半段增加更多容量？

Or how do you see the available capacity and the ramp of HAMR with that?

或者您如何看待 HAMR 的可用容量和坡度？

Thanks.

謝謝。

No.

不。

Most of the tools or almost all the tools that we're using for our non-HAMR products are convertible to the HAMR product.

我們用於非 HAMR 產品的大多數工具或幾乎所有工具都可以轉換為 HAMR 產品。

So there's really no added tools that we need to bring on.

因此，我們實際上不需要添加任何額外的工具。

We plan this transition for quite some time.

我們為這一轉變計劃了相當長的一段時間。

And we we've said in the prepared remarks, we would not add head and media unit capacity.

我們在準備好的發言中已經說過，我們不會增加頭部和媒體部門的能力。

The capacity adds that we get are by virtue of driving the areal density.

我們獲得的容量增加是透過驅動面密度來實現的。

So we can go to customers and say, hey, instead of shipping 4-terabyte drive, I'll ship you a 32-terabyte drive, hopefully, someday we'll ship you a 40-terabyte drive.

因此，我們可以對客戶說，嘿，我不會為您提供 4 TB 驅動器，而是為您提供 32 TB 驅動器，希望有一天我們能為您提供 40 TB 驅動器。

And that gives us more exabyte capacity and more relative power, more TCO proposition for them benefits for their value and more power for us to go increase our margin picture that plan is working.

這為我們提供了更多的艾字節容量和更多的相對能力，為他們提供更多的TCO 主張，讓他們受益於其價值，並為我們提供更多的力量來提高計劃正在發揮作用的利潤率。

C.J. Muse, Cantor Fitzgerald.

C.J.繆斯，坎托·費茲傑拉。

I guess first question is a clarification.

我想第一個問題是一個澄清。

On the $200 million for March, is that completely traded away?

3月的2億美元，完全被交易掉了嗎？

Or are you expecting partial part of that business in the June quarter?

或者您預計在六月季度獲得部分業務？

And then for my main question, in your prepared remarks, you talked about increasing focus on imagery and video as part of Generative AI.

然後，對於我的主要問題，在您準備好的發言中，您談到了越來越多地關注圖像和影片作為生成人工智慧的一部分。

I'm curious if you've done any work in terms of sizing what that might mean.

我很好奇您是否做過任何工作來確定這可能意味著什麼。

It looks like meta is really the big driver today, but curious if you've sized at all and how you think about the incremental demand to your overall business?

看起來元確實是當今的主要推動力，但很好奇您是否已經確定了規模以及您如何看待整體業務的增量需求？

Yeah.

是的。

So the $200 million, I think we answered this a little bit earlier, CJ.

所以，2 億美元，我想我們早一點回答了這個問題，CJ。

So the way I think about it is the build to orders or all those commitments are being made.

因此，我的想法是按訂單生產或做出所有這些承諾。

So if there was stuff on top of it, does it transact this quarter or next quarter.

因此，如果上面有東西，它會在本季度還是下個季度進行交易。

I mean we'll get into that.

我的意思是我們會討論這個問題。

But as far as the major accounts that are participating in build to order, it's really not an impact.

但對於參與按訂單生產的主要客戶來說，這確實沒有影響。

The supply hole, remember, it's not a demand pull.

請記住，供應缺口不是需求拉動。

So the demand is still fairly strong.

所以需求還是比較旺盛的。

When we talk about video and imaging, we're usually talking about what's going on at the edge, smart cities, smart factories, the data that's actually being created at the edge and finally making it to the cloud.

當我們談論視訊和成像時，我們通常談論的是邊緣發生的事情、智慧城市、智慧工廠、實際在邊緣創建並最終到達雲端的資料。

But there are video applications as well that are ranging in the cloud.

但也有一些視訊應用程式位於雲端。

I mean some of the use of video on some of the major media properties and things, the videos themselves are growing in length, in number, in the long tail is getting huge as more our long documentaries.

我的意思是影片在一些主要媒體屬性和事物上的使用，影片本身的長度和數量都在增長，隨著我們的長紀錄片的增多，長尾也變得越來越大。

And then the creation tools with AI are coming that allows people to create video, be more inventive on that.

然後人工智慧創作工具的出現，讓人們能夠創作視頻，並在這方面更具創造力。

So I think the creative professionals that are out there creating content.

所以我認為那些創造內容的創意專業人士。

So all those trends are very beneficial for us.

因此，所有這些趨勢對我們都非常有利。

And yes, some of the first movers that we saw in this resurgence as demand started coming back were those people who are servicing those models.

是的，隨著需求開始回升，我們在這次復甦中看到的一些先行者是那些為這些模型提供服務的人。

Video is creating a lot of demand in the cloud, yes.

是的，影片在雲端創造了大量需求。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

So maybe I'd like to hear maybe from both of you guys.

所以也許我想聽聽你們兩個的意見。

This is just sort of HAMR transition question.

這只是 HAMR 轉換問題。

So I might have missed this, but Gianluca, are you communicating that the HAMR margin -- I guess at what point are the HAMR margins accretive?

所以我可能錯過了這一點，但是 Gianluca，你是否在傳達 HAMR 邊際——我猜 HAMR 邊際在什麼時候會增值？

And then, Dave, I guess, for you in that question, I was going to ask like how to think about the pacing of volume of HAMR given the richness of the legacy tech margins right now?

然後，戴夫，我想，對於你這個問題，我想問的是，考慮到目前傳統技術利潤豐厚，如何考慮 HAMR 的數量節奏？

And I guess I was thinking you might be more selective with rolling them out given the margins, but you also just made a comment about driving HAMR into the market with some energy.

我想我認為考慮到利潤率，您可能會更有選擇性地推出它們，但您也剛剛發表了關於以一些精力推動 HAMR 進入市場的評論。

So I guess just sort of -- those are really the questions.

所以我想這些都是真正的問題。

I appreciate it.

我很感激。

Thanks.

謝謝。

Hey, Ananda.

嘿，阿難。

Yes, no.

是的，不是。

HAMR is that is generating a higher level of gross margin and, of course, other drives.

HAMR 正在產生更高水準的毛利率，當然還有其他驅動力。

As I said before, it will be more visible later during the calendar year when we can ramp more.

正如我之前所說，當我們可以增加更多產能時，這一點在今年晚些時候會更加明顯。

And we would like to have more volume today, but we need to go through a certain number of call before we can really ramp up in a much higher quantity.

我們希望今天有更多的交易量，但我們需要經過一定數量的電話才能真正增加更多的數量。

But as all the capacity drive, we expect a very good profitability from this product and this technology.

但隨著所有產能的推動，我們預計該產品和這項技術將帶來非常好的獲利能力。

Right.

正確的。

And then if this helps if you go back a year ago, when our gross margins were considerately lower.

如果你回到一年前，當我們的毛利率相當低時，這是否有幫助。

Of course, we were saying HAMR is accretive to the gross margin.

當然，我們說 HAMR 會增加毛利率。

Now the gross margins are considerably higher on some of the legacy products like you talked about, so the 24, 28 PMR platform, PMR SMR platforms.

現在，像您談到的一些傳統產品的毛利率要高得多，例如 24、28 PMR 平台、PMR SMR 平台。

HAMR is still accretive.

HAMR 仍然具有增值性。

And the more we can drive through these transitions that we're talking about, not only do we increase the top-line capacity, if you will, which provides such a compelling value proposition that we can actually get paid for it, but also we can start to refresh some of the lower platform drives it lower capacity points with fewer fee components inside and therefore, you get margin uplift that way.

我們越能推動我們正在談論的這些轉型，我們不僅可以增加營收能力（如果你願意的話），這提供瞭如此引人注目的價值主張，我們實際上可以為此獲得報酬，而且我們可以開始刷新一些較低的平台，從而降低容量點，內部費用組件較少，因此，您可以透過這種方式獲得利潤提升。

So we're still driving the HAMR transition if that helps.

因此，如果有幫助的話，我們仍在推動 HAMR 過渡。

I got it.

我得到了它。

No, that's great.

不，那太好了。

So you're going to ship as much same as you can and it's as quickly as you can, and it's going to be accretive all.

因此，您將盡可能多地交付相同的產品，並且盡可能快地交付，並且這一切都會增值。

Yes.

是的。

And we just have to get the qualifications done and then we'll make the right decision based on the specifics of what the customers want at the time.

我們只需要完成資格審查，然後我們就會根據客戶當時的特定需求做出正確的決定。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

I guess a quick question on HAMR.

我想問一個關於 HAMR 的簡單問題。

The sampling of the 36-terabyte drives that you announced, is that with the same leading CSP that you qualified the earlier HAMR drives?

您宣布的 36 TB 硬碟樣本是否使用與您鑑定早期 HAMR 硬碟相同的領先 CSP？

And any color that you could share on HAMR units?

您可以分享 HAMR 裝置的任何顏色嗎？

Originally, your expectation was shipping $1 million in the first half of last year.

最初，您的預期是去年上半年的出貨量為 100 萬美元。

Clearly, now with this ramp being much more significantly underway, would you say that it should be orders of magnitude higher than that in the second half of this year?

顯然，現在隨著這種增長更加顯著地進行，您是否會說它應該比今年下半年高出幾個數量級？

Thank you so much.

太感謝了。

Yeah.

是的。

Thanks, Wamsi.

謝謝，瓦姆西。

So it's much more broad-based.

所以它的基礎更加廣泛。

We're shipping sample units to more than one person, let me say it that way, not to just one.

我們將樣品單位運送給不只一個人，讓我這樣說，而不是只運送給一個人。

We won't comment specifically on any one customer, of course.

當然，我們不會具體評論任何一位客戶。

And then relative to the size of the ramp, yeah, we've got customers that are lasted pretty well right now on the product.

然後，相對於坡道的大小，是的，我們的客戶現在對產品的滿意度非常好。

And we talked about factories being full with the ramp being really high.

我們談到工廠已經滿員，坡道非常高。

We will supplant some of that product with HAMR product.

我們將用 HAMR 產品取代部分該產品。

We'll do it in a measured way based on when the qualification is complete, what those customers exactly want.

我們將根據資格認證何時完成以及這些客戶的真正需求，以謹慎的方式進行。

Some of them, you always have to keep in mind, they have to get their systems ready.

你必須始終記住，他們中的一些人必須讓他們的系統做好準備。

Some of the transitions that they're going through is silicon transition of software capability versus some of their fleet management features.

他們正在經歷的一些轉變是軟體功能與一些車隊管理功能的矽轉變。

They'll say, I'll do that on the next-generation product.

他們會說，我會在下一代產品上這樣做。

So there's a lot of -- it's not as easy as us just ramping HAMR and then shipping more HAMR.

所以有很多——這並不像我們只是增加 HAMR 然後運送更多 HAMR 那麼容易。

We have to go through those qualification cycles.

我們必須經歷這些資格週期。

But that's ongoing, and we're going to drive as areas we can because we think it's so accretive.

但這仍在繼續，我們將盡我們所能推動這一領域，因為我們認為它是如此具有增值作用。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Gianluca, a quick question of the 126-exabyte nearline shipped in December, how much went to surveillance?

Gianluca，一個關於 12 月發貨的 126 艾字節近線數據的簡短問題，有多少用於監控？

You started to do a comparison because you did 109 in September, but that is only a traditional nearline definition, some us trying to figure out to 126.

你開始做比較，因為你在 9 月做了 109，但這只是傳統的近線定義，我們有些人試圖找出 126。

How much is surveillance versus traditional nearline?

與傳統的近線監控相比，監控的成本是多少？

In general, in different quarters, it's about 4, 5 exabytes.

一般來說，在不同的地方，大約是 4、5 艾字節。

And our supplemental will show the history for the last five quarters so that you have like-for-like over the prior-year period.

我們的補充資料將顯示過去五個季度的歷史記錄，以便您了解去年同期的情況。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to management for any closing remarks.

我想將會議轉交管理層發表閉幕詞。

Thanks, everyone.

謝謝大家。

I wish everyone a Happy New Year.

祝大家新年快樂。

Happy Lunar New Year.

農曆新年快樂。

Really appreciate all the efforts of our employees and our suppliers and helping the recovery with still ongoing and looking forward to talking to everyone this quarter or next quarter's call.

非常感謝我們的員工和供應商所做的所有努力，並幫助仍在繼續的復甦，並期待在本季度或下季度的電話會議中與每個人交談。

Take care.

小心。

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。