希捷科技 (STX) 2025 Q3 法說會逐字稿

Welcome to the Seagate Technology fiscal third quarter 2025 conference call. (Operator Instructions) Please note this event is being recorded.

歡迎參加希捷科技2025財年第三季電話會議。（操作員指示）請注意，此事件正在被記錄。

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

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

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

謝謝。大家好，歡迎參加今天的電話會議。與我一起出席的還有希捷執行長 Dave Mosley；以及我們的財務長 Gianluca Romano。我們已在網站的投資者部分發布了我們的收益新聞稿和三月季度業績的詳細補充資訊。

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

在今天的電話會議中，我們將參考 GAAP 和非 GAAP 指標。非 GAAP 數據與我們網站上發布的收益新聞稿中的 GAAP 數據相協調，並包含在我們的 8-K 表中。我們尚未協調某些非公認會計準則展望指標，因為可能影響這些指標的重要項目是我們無法控制的和/或無法合理預測的。因此，如果不付出不合理的努力，就無法實現與相應的 GAAP 指標的協調。

Before we begin, I'd like to remind you that today's call contains forward-looking statements that reflect management's current views and assumptions based on information available to us as of today and should not be relied upon as of any subsequent date. Actual results may differ materially from those contained in or implied by these forward-looking statements and are subject to risks and uncertainties associated with our business.

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陳述。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，並受與我們的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.

要了解可能影響我們未來業務成果的風險、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美國證券交易委員會提交的文件，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，所有這些文件均可在我們網站的“投資者”部分找到。

Following our prepared remarks, we'll open the call up for questions. In order to provide all analysts with the opportunity to participate, we thank you in advance for asking one primary question and then re-entering the queue.

在我們準備好發言之後，我們將開始提問。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。

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

說完這些，我就把電話交給你了，戴夫。

Thank you, Shanye, and hello, everyone. Seagate delivered another solid quarter of profitable year-on-year growth and strong execution. Our third quarter results are highlighted by a 31% year-on-year increase in revenue and 81% growth in non-GAAP gross profit dollars. We continue to demonstrate strong financial leverage, expanding gross margin for the eighth straight quarter and achieving the third highest operating margin in the company's history. This performance supported non-GAAP EPS performance at the top of our guidance range and increased free cash flow generation.

謝謝 Shanye，大家好。希捷又一個季度實現了盈利同比增長和強勁執行力。我們第三季業績的亮點是營收年增 31%，非 GAAP 毛利成長 81%。我們持續展現強大的財務槓桿，連續第八個季度擴大毛利率，並實現公司史上第三高的營業利潤率。這項績效支持了非公認會計準則每股盈餘 (non-GAAP EPS) 表現達到我們的指導範圍上限，並增加了自由現金流的產生。

These strong levels of performance reflect the combination of a healthy supply demand environment for mass capacity storage and the proactive steps we've taken over the recent cycle to transform how we operate. Our supply discipline, the visibility we gained through our build-to-order strategy and our execution on strategic pricing actions all contribute to sustainable and profitable growth over the long term. In addition to strengthening our operating model, these factors further enhance our agility, which is critical to our ability to navigate the fluid business environment.

這些強勁的表現水準反映了大容量儲存的健康供需環境與我們在最近一個週期內為改變營運方式而採取的主動措施的結合。我們的供應紀律、透過按訂單生產策略獲得的知名度以及策略定價行動的執行都有助於長期可持續的獲利成長。除了加強我們的營運模式之外，這些因素還進一步增強了我們的敏捷性，這對於我們應對不斷變化的商業環境的能力至關重要。

Based on the latest trade policy announcements, we expect minimal impact to fourth quarter financial performance due to tariffs. We are continuing to monitor the situation and evaluate strategic solutions, including geographically shifting certain of our manufacturing processes and aligning our supply chains to mitigate risks associated with trade policies over the long-term should the need arise.

根據最新的貿易政策公告，我們預期關稅對第四季財務表現的影響微乎其微。我們將繼續監控局勢並評估策略解決方案，包括在必要時將某些製造流程轉移到地理上，並調整我們的供應鏈，以減輕與長期貿易政策相關的風險。

In this dynamic macro landscape, we will continue to focus on managing controllable factors while executing our aerial density driven technology roadmap, which delivers increasing value to our customers. Seagate's HAMR-based Mozaic drives represent the industry's only 3 terabyte per disk products. We are ramping volume to qualified customers and remain on track to qualify a broader range of cloud customers with shipments beginning in the second half of calendar 2025.

在這個動態的宏觀情況下，我們將繼續專注於管理可控因素，同時執行我們的空中密度驅動技術路線圖，為我們的客戶帶來越來越多的價值。希捷基於 HAMR 的 Mozaic 硬碟是業界唯一一款每盤容量達 3TB 的產品。我們正在向合格客戶增加產量，並將繼續努力使更廣泛的雲端客戶獲得合格資格，出貨量將於 2025 年下半年開始。

Turning to the demand environment. We are mindful that tariff measures could affect customer buying decisions. However, current demand indicators remain intact particularly among global cloud customers. In the March quarter, cloud nearline revenue and exabytes were up by nearly 10% sequentially, almost doubling year-over-year amid a very tight supply environment. The growing demand for mass capacity storage aligns with the cloud CapEx investment cycle and ongoing build-out of data center infrastructure to support AI transformation.

轉向需求環境。我們注意到關稅措施可能會影響客戶的購買決定。然而，目前的需求指標依然完好，尤其是全球雲端客戶。在三月季度，雲端近線營收和EB數較上季成長近10%，在供應非常緊張的環境下，比去年同期幾乎翻了一番。對大容量儲存日益增長的需求與雲端運算資本支出投資週期以及為支援人工智慧轉型而不斷建設的資料中心基礎設施相一致。

Hard drives continue to store close to 90% of the bits in large-scale data center deployments. Data center architects are highly sophisticated and have consistently employed a strategic mix of storage solutions to optimize scalability, cost efficiency and workload performance.

在大型資料中心部署中，硬碟繼續儲存近 90% 的資料。資料中心架構師非常老練，並一直採用多種儲存解決方案的策略組合來優化可擴展性、成本效率和工作負載效能。

Reinforcing this approach, Google recently unveiled details about their foundational Colossus storage system, highlighting the use of SSDs for fast data access while depending on hard drives for mass storage and data retention needs due to their scalability and cost benefits. This hybrid storage strategy is particularly vital for AI workloads that require access to massive data sets for training and entrants and subsequently generate valuable data content that users want to retain.

為了強化這種方法，谷歌最近公佈了有關其基礎 Colossus 存儲系統的詳細信息，強調使用 SSD 實現快速數據訪問，同時依靠硬碟實現大容量存儲和數據保留需求，因為硬碟具有可擴展性和成本效益。這種混合儲存策略對於需要存取海量資料集進行訓練和輸入並隨後產生使用者想要保留的有價值的資料內容的 AI 工作負載尤其重要。

For instance, training in an AI model to generate images requires billions of static pictures. While AI-based video generation demands thousands of hours of footage to accurately capture transitions and variations between frames. At 24 frames per second, each hour of video equates to roughly 80,000 images.

例如，訓練人工智慧模型產生圖像需要數十億張靜態圖片。而基於人工智慧的視訊產生需要數千小時的素材來準確捕捉幀之間的轉換和變化。以每秒 24 幀的速度計算，每小時的影片大約相當於 80,000 張影像。

Hard drives have historically benefited from the growth in video content on social media platforms and content delivery networks. Emerging text-to-video applications promise to revolutionize content creation and lower production costs likely to increase storage demand.

從歷史上看，硬碟一直受益於社群媒體平台和內容傳遞網路上的影片內容的成長。新興的文本到視訊應用程式有望徹底改變內容創作並降低製作成本，從而可能增加儲存需求。

In this context, hard drives are crucial for storing training data, maintaining model checkpoints and preserving both interest and generated content. Over the past 18 months, large cloud and hyperscale customers have driven HDD demand growth. However, we have also started to see a pickup from smaller edge data centers and private cloud that seek to preserve their valuable data for privacy or sovereign purposes. In the year ahead, nearline exabyte demand looks strong through calendar 2025, and we now have visibility of demand with several customers into the first half of calendar 2026 as we negotiate new build-to-order agreements.

在這種情況下，硬碟對於儲存訓練資料、維護模型檢查點以及保存興趣和產生的內容至關重要。在過去的 18 個月中，大型雲端和超大規模客戶推動了 HDD 需求的成長。然而，我們也開始看到小型邊緣資料中心和私有雲的興起，它們尋求出於隱私或主權目的來保存其寶貴的資料。在未來的一年裡，到 2025 年，近線 EB 需求看起來都很強勁，現在，隨著我們正在協商新的按訂單生產協議，我們已經可以預見到 2026 年上半年幾位客戶的需求。

Seagate is in a strong position to address the favorable demand outlook as we ramp shipments of our high-capacity drives. Our 24 terabyte and 28 terabyte PMR platforms continue to ramp aggressively, with exabyte shipments up roughly 60% quarter-over-quarter. Additionally, we're continuing to ramp HAMR-based products with our first hyperscale customer and we are approaching the conclusion of our second major CSP qualification. Feedback from other cloud customers has been positive as they progress through their respective qualification timelines.

隨著我們增加高容量硬碟的出貨量，希捷有能力應對有利的需求前景。我們的 24 TB 和 28 TB PMR 平台持續強勁成長，EB 出貨量較上季成長約 60%。此外，我們正在繼續與我們的第一位超大規模客戶合作，擴大基於 HAMR 的產品，我們即將完成第二個主要 CSP 認證。隨著其他雲端客戶在各自的資格認證時間表上取得進展，他們的回饋也十分正面。

We expect an appreciable increase in HAMR product shipments over the coming quarters as these future qualifications conclude. Based on the time required to fully scale HAMR production, we plan to fulfill build-to-order commitments through a blend of HAMR and PMR products over the next several quarters.

隨著這些未來資格的完成，我們預計未來幾季 HAMR 產品的出貨量將大幅增加。根據全面擴大 HAMR 生產所需的時間，我們計劃在未來幾季內透過混合使用 HAMR 和 PMR 產品來履行按訂單生產的承諾。

It is becoming increasingly evident to both our customers and the market that HAMR is a ground-breaking technology that will extend TCO advantages for hard drives over other storage media for many years to come. More than a decade in the making, HAMR is pivotal in enabling Seagate to meet the world's exabyte demand growth through technology innovation rather than supply expansion, thereby supporting Seagate's ability to deliver sustained and profitable growth.

對於我們的客戶和市場來說，越來越明顯的是，HAMR 是一項突破性的技術，它將在未來許多年內擴大硬碟相對於其他儲存媒體的 TCO 優勢。經過十多年的發展，HAMR 在希捷透過技術創新而非供應擴張來滿足全球 EB 級需求成長方面發揮了關鍵作用，從而支持了希捷實現持續獲利成長的能力。

I'll stop here and turn the call over to Gianluca.

我就此打住，把電話轉給詹盧卡。

Thank you, Dave. In the March quarter, we delivered strong earnings and free cash flow generation underscored by solid execution and our focus on profitability. March quarter revenue came in at $2.16 billion, above the mid-point of our guidance and down 7% sequentially, limited by the temporary supply constraints we discussed last quarter. Despite lower revenue levels, we expanded non-GAAP gross margin by 70 basis points sequentially to 36.2%, supported by strong adoption of our high capacity nearline drives. Non-GAAP operating margin increased to 23.5% of revenue sequentially. Our result in non-GAAP EPS was $1.90, which is the top end of our guided range.

謝謝你，戴夫。在三月季度，我們實現了強勁的獲利和自由現金流，這得益於穩健的執行力和對獲利能力的關注。3 月季度營收為 21.6 億美元，高於我們預期的中點，環比下降 7%，受上個季度討論過的臨時供應限制的影響。儘管收入水準較低，但由於高容量近線硬碟的廣泛採用，我們的非 GAAP 毛利率仍較上季成長 70 個基點至 36.2%。非公認會計準則營業利潤率季增至營收的 23.5%。我們的非 GAAP EPS 結果是 1.90 美元，這是我們指導範圍的最高端。

Within our hard drive business, continued strength in nearline cloud demand partially offset the anticipated decline across most of the other end markets due to typical seasonality and allocation of our available supply. Hard drive revenue was $2 billion, down 8% sequentially on volume shipment of 144 exabytes compared with 151 exabytes in the December quarter.

在我們的硬碟業務中，近線雲端需求的持續強勁部分抵消了由於典型的季節性和可用供應的分配而導致的大多數其他終端市場的預期下滑。硬碟營收為 20 億美元，季減 8%，出貨量為 144 EB，而去年 12 月季為 151 EB。

Mass capacity revenue declined sequentially by $145 million to $1.7 billion, which represents a 48% increase year-on-year. Mass capacity shipments of 133 exabytes were down 5% sequentially and up 50% year-on-year. Nearlines represented roughly 90% of mass capacity volume in the March quarter with shipments of 120 exabytes, down 5% sequentially, while up 55% year-on-year. We continue to experience strong gross base demand for our 24 terabytes and 28 terabytes PMR products which remains the highest revenue and exabyte volume product.

大容量營收季減 1.45 億美元至 17 億美元，年增 48%。大容量出貨量為133EB，季減5%，較去年同期成長50%。近線儲存約佔 3 月季度大容量容量的 90%，出貨量為 120 EB，季減 5%，但年增 55%。我們的 24 TB 和 28 TB PMR 產品持續保持強勁的總基數需求，這兩款產品仍然是營收和 EB 容量最高的產品。

The richer mix of these higher capacity drives, along with initial volume ramp of HAMR-based products drove a sizable uptick in average nearline right capacity for the quarter. Sales of our legacy products totaled $254 million, down 8% sequentially, primarily reflecting expected seasonal trend in the consumer markets. Finally, revenue for our other businesses, which include systems, SSD and refurbished drives was relatively flat at $157 million.

這些更高容量驅動器的更豐富組合，加上基於 HAMR 的產品的初始容量增長，推動了本季平均近線容量的大幅上升。我們傳統產品的銷售額總計 2.54 億美元，季減 8%，主要反映了消費市場的預期季節性趨勢。最後，我們的其他業務（包括系統、SSD 和翻新驅動器）的收入相對持平，為 1.57 億美元。

Moving on to the rest of the income statement. Non-GAAP gross profit was $781 million compared with $825 million in the prior quarter and $432 million in the prior year period. At the company level, non-GAAP gross margin expanded by 70 basis points to 36.2% sequentially and expanded by over 1,000 basis points year-over-year. We continue to benefit from a favorable mix including increased option of our data generation products and ongoing pricing adjustments. These factors support non-GAAP gross margin for the hard drive business above the corporate average.

繼續討論損益表的其餘部分。非公認會計準則毛利為 7.81 億美元，而上一季為 8.25 億美元，去年同期為 4.32 億美元。從公司層級來看，非公認會計準則毛利率較上月擴大 70 個基點至 36.2%，較去年同期成長超過 1,000 個基點。我們繼續受益於有利的組合，包括增加數據生成產品的選擇和持續的價格調整。這些因素支持硬碟業務的非公認會計準則毛利率高於公司平均。

Non-GAAP operating expenses totaled $274 million, down 5% quarter-over-quarter. Relative to our plans, we benefit from the timing from R&D-related material expenses and certain one-off items. For your awareness, the September quarter will have 14 weeks instead of the typical 13-week period. As a result, we expect to incur higher operating expenses for the period. However, revenue patterns tend to be based on calendar quarters and would therefore be largely unaffected by the additional week. We will provide further clarity on our July earnings call.

非公認會計準則營運費用總計 2.74 億美元，季減 5%。相對於我們的計劃，我們受益於與研發相關的材料費用和某些一次性項目的時機。請注意，九月的季度將有 14 週，而不是通常的 13 週。因此，我們預計本期間的營運費用將增加。然而，收入模式往往基於日曆季度，因此基本上不會受到額外一周的影響。我們將在七月的收益電話會議上提供進一步的說明。

Other income and expenses decreased 7% sequentially to $80 million due to lower interest expenses from recurring debt and is expected to remain relatively flat in the June quarter. Adjusted EBITDA was $563 million compared to $591 million in the prior quarter and $278 million a year ago, doubling year-on-year. Non-GAAP net income was $407 million, resulting in non-GAAP EPS of $1.90 per share, based on diluted share count of approximately 214 million shares.

由於經常性債務的利息支出減少，其他收入和支出環比下降 7% 至 8,000 萬美元，預計 6 月季度將保持相對穩定。調整後 EBITDA 為 5.63 億美元，較上一季的 5.91 億美元和去年同期的 2.78 億美元年增一倍。非公認會計準則淨收入為 4.07 億美元，基於約 2.14 億股稀釋股數計算，非公認會計準則每股收益為 1.90 美元。

We are managing the business for long-term durability, optimizing both profitability and cash generation. In the March quarter, we increased free cash flow generation to $216 million compared with $150 million in the prior period. Based on our current outlook, we expect free cash flow generation to improve sequentially through the rest of the calendar year. Inventory remained flat at $1.5 billion as we prepare to support future demand growth, including HAMR products.

我們正在管理業務的長期穩定性，以優化獲利能力和現金產生能力。在三月季度，我們的自由現金流產生量從上一季的 1.5 億美元增加到 2.16 億美元。根據我們目前的展望，我們預計今年剩餘時間內自由現金流的產生將持續改善。由於我們準備好支持未來的需求成長，包括 HAMR 產品，庫存將保持在 15 億美元不變。

Capital expenditures were $43 million for the quarter and represent roughly 3% of revenue for fiscal year-to-date as we continue to maintain capital discipline. We returned $152 million to shareholders through the quarterly dividend and closed the March quarter with ample liquidity of $2.1 billion, including our undrawn amount of $1.3 billion from our new revolving credit facilities.

由於我們繼續保持資本紀律，本季的資本支出為 4,300 萬美元，約佔本財年迄今收入的 3%。我們透過季度股息向股東返還了 1.52 億美元，並在 3 月季度結束時擁有 21 億美元的充足流動資金，其中包括我們從新的循環信貸安排中未提取的 13 億美元。

Our debt balance was $5.1 billion at the end of the March quarter after retiring approximately $536 million of debt during the quarter, consistent with our intent to reduce debt. Our resulting net leverage ratio was 2.1 times, and we expect to see further reduction in the coming quarters.

在本季償還約 5.36 億美元的債務後，截至 3 月底的季度末，我們的債務餘額為 51 億美元，這與我們減少債務的意圖一致。我們的淨槓桿率為 2.1 倍，預計未來幾季將進一步下降。

Turning now to our June quarter outlook. We have continued to see a robust demand for our high capacity nearline products across the global cloud customer base which, along with incremental improvements in the (inaudible) market, are expected to drive revenue and profits higher in the June quarter. As noted earlier, we currently forecast minimum direct impact from tariff policies and will be monitoring for secondary impacts, including changes in customer demand.

現在來談談我們六月季度的展望。我們持續看到全球雲端客戶群對我們的高容量近線產品的強勁需求，加上（聽不清楚）市場的逐步改善，預計將推動 6 月季度的營收和利潤成長。如前所述，我們目前預測關稅政策的直接影響最小，並將監控次要影響，包括客戶需求的變化。

Based on what we know today, we expect June quarter revenue to be in the range of $2.4 billion, plus or minus $150 million. At the midpoint, this reflects 11% improvement sequentially and 27% improvement year-over-year. Non-GAAP operating expenses are expected to be approximately $285 million. And at the midpoint of our revenue guidance, we expect non-GAAP operating margin to expand into the mid-20s percentage range. We expect our non-GAAP EPS to be $2.40 plus or minus $0.20 based on a diluted share count of approximately 214 million shares and non-GAAP tax expense of roughly $10 million.

根據我們今天所掌握的信息，我們預計 6 月份季度營收將在 24 億美元左右，上下浮動 1.5 億美元。從中間值來看，這比上一季提高了 11%，比去年同期提高了 27%。非公認會計準則營運費用預計約為 2.85 億美元。在我們的收入預期中點，我們預計非 GAAP 營業利潤率將擴大到 20% 左右。我們預計，基於約 2.14 億股的稀釋股數和非 GAAP 稅費約為 1,000 萬美元，我們的非 GAAP 每股收益為 2.40 美元，上下浮動 0.20 美元。

As a reminder, starting in fiscal 2026, we estimate a tax rate in the mid-teens as a value jurisdiction in which we operate, adopt the Pillar 2 global minimum tax. To close, we are continuing to demonstrate strong financial discipline and operating leverage, we support both profitable growth and greater agility to navigate the dynamic macro environment.

提醒一下，從 2026 財年開始，我們估計我們經營所在價值管轄區的稅率在十幾歲左右，採用第二支柱全球最低稅率。最後，我們將繼續展示強大的財務紀律和經營槓桿，我們支持獲利成長和更大的靈活性以應對動態的宏觀環境。

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

現在我將把電話轉回給戴夫，請他發表最後的評論。

Thanks, Gianluca. I would like to conclude by reiterating three key points that underscore my excitement for Seagate's opportunities over the long term. First, we've transformed our business model and made a cultural shift to prioritize profits and cash generation with a sustained focus on driving healthy industry supply-demand fundamentals.

謝謝，詹盧卡。最後，我想重申三個要點，以強調我對希捷長期機會的興奮。首先，我們轉變了商業模式，實現了文化轉變，將利潤和現金創造放在首位，並持續專注於推動健康的產業供需基本面。

Second, these changes are taking place have been secular growth tailwinds for mass capacity storage that are underpinned by the ever increasing rise in data generation and data value.

其次，正在發生的變化已經成為大容量儲存長期增長的順風，而數據生成和數據價值的不斷增長則為其提供了支撐。

And third, Seagate's winning technology platform and clear roadmap positions us to capitalize on those tailwinds to deliver sustained profitable growth with agility. We look forward to sharing more about how this winning combination of technology leadership profitable growth and healthy industry fundamentals set Seagate up for even greater success at our Investor and Analysts event taking place on May 22.

第三，希捷成功的技術平台和清晰的路線圖使我們能夠利用這些順風優勢，靈活地實現持續的獲利成長。我們期待在 5 月 22 日舉行的投資者和分析師活動中分享更多關於技術領先、盈利增長和健康的行業基本面的成功組合如何幫助希捷取得更大成功的信息。

I'd like to thank our global teams, supply partners and customers for your ongoing contributions to our success and to our shareholders for your continued support.

我要感謝我們的全球團隊、供應夥伴和客戶為我們的成功做出的持續貢獻，並感謝我們股東的持續支持。

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

接線員，讓我們開始提問吧。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作員指示） 摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Hey, guys. Good afternoon. Thanks for taking the question and nice quarter here. I know you guys were capacity constrained in the March quarter. So can you maybe just help us better understand how and where you got some of the upside in the quarter with that supply shortage? And as I just extend that to the June quarter, how do we think about the risk of pull forward impacting June quarter revenue. Maybe if I ask you differently, if you guided to the June quarter, a month ago, would you have still guided to $2.4 billion of revenue at the midpoint or has anything changed over the last month as it relates to your ability to your customers maybe needs to pull forward any demand? Thank you so much

嘿，大家好。午安.感謝您提出這個問題，我們對此表示感謝。我知道你們三月的季度產能受到限制。那麼，您能否幫助我們更好地了解，在供應短缺的情況下，您在本季度是如何以及在何處獲得了一些好處的？當我將其延伸至六月季度時，我們如何看待提前影響六月季度收入的風險。也許如果我換個方式問您，如果您在一個月前預測 6 月份季度，您是否仍會預測中期收入為 24 億美元，或者上個月有什麼變化，因為這與您滿足客戶需求的能力有關，可能需要提前滿足任何需求？太感謝了

Thanks for the question, Erik. Simple answer is, yes, we would have guided the same thing a month ago, and that's largely this predictability that we've built in through the build-to-order process playing through. We were underserving the market last quarter. I think that's probably true not only for Seagate but for other players in the market, we'll be able to assess that more over time.

謝謝你的提問，艾瑞克。簡單的回答是，是的，一個月前我們會指導同樣的事情，而這主要是我們透過按訂單生產流程建立的可預測性。上個季度我們的市場服務不足。我認為這不僅適用於希捷，也適用於市場上的其他參與者，我們將能夠隨著時間的推移對此進行更多評估。

And some of that's due to our operational issues that we had. We discussed this back in November. It really came through last quarter. Those operational issues have been fixed. And so all that's been planned for quite some time that affects the Q4 guide here, this in front of us. As far as longer term, the build-to-order continues to serve us quite well, and we're doing it through product transitions as well, which helps the qualification predictability and all other financial aspects of Seagate. So I'm quite pleased with that.

部分原因是我們遇到的營運問題。我們去年 11 月就討論過這個問題。它確實在上個季度實現了。這些操作問題已解決。因此，所有計劃已經進行了相當長一段時間，影響著我們面前的第四季指南。從長遠來看，按訂單生產仍然對我們很有利，而且我們也透過產品轉型來實現這一點，這有助於提高希捷的資格可預測性和所有其他財務方面。所以我對此非常滿意。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Great, thank you for the question and great quarter. If I can just -- if you can double-click on where we are with HAMR, where you are with your qualifications with your other customers? And how much did HAMR contribute to the March quarter results? And how we should think about the contribution of HAMR to your bits as you progress through calendar '25? Thank you.

太好了，感謝您的提問和精彩的演講。如果我可以——如果您可以雙擊我們與 HAMR 的現狀，以及您與其他客戶的資格如何？HAMR 對 3 月季度業績的貢獻有多大？當您在 25 年日曆中前進時，我們應該如何看待 HAMR 對您的貢獻？謝謝。

Thanks, Asiya. Yeah, I'll let Gianluca speak specifically to the numbers. HAMR is growing quite well. I would say, quarter-over-quarter, since the last time we spoke, we're still on the exact same plan. So I'm very happy with the qualification progress. And we'll share a little bit more of that in the May 22 Analyst Day. So I'd say please attend relative to how we are standing right now, we talked about in the prepared remarks, one qualification, a major CSP almost complete and we have another -- quite a few in flight as well so.

謝謝，阿西婭。是的，我會讓詹盧卡具體談談這些數字。HAMR 發展相當好。我想說，自從我們上次談話以來，我們每個季度都仍然在執行完全相同的計劃。所以我對資格賽的進展感到非常高興。我們將在 5 月 22 日的分析師日分享更多相關內容。因此我想說，請關注我們目前的狀況，我們在準備好的發言中談到，一項資格認證、一項主要的 CSP 幾乎完成，我們還有另一項 — — 相當多的認證也在進行中。

Yeah. And also, referring back to Erik's question about the revenue increase compared to the midpoint of our guidance. I would say that is actually coming from more volume on the HAMR products. So where we were able to squeeze a bit more supply during the quarter was mainly on the HAMR part. And HAMR is ramping very well and very rapidly, and we will disclose more about future development in a few weeks from now at the Analyst Day.

是的。另外，回顧一下艾瑞克關於收入與我們預期中點相比的成長情況的問題。我想說這實際上來自於 HAMR 產品的更大銷售量。因此，我們本季能夠擠出更多供應的地方主要是在 HAMR 部分。HAMR 的發展非常順利且迅速，我們將在幾週後的分析師日上披露更多有關未來發展的資訊。

Thank you.

謝謝。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，領唱費茲傑拉。

Yeah, good afternoon. Thank you for taking the question. I guess, Dave, on the call today, you've discussed the industry ownership in end demand. You're seeing new demand from Neoclouds and others. So the question is, how has your visibility improved? What kind of sense of urgency are you getting from your customers? And I guess is that extending beyond kind of a 52-week lead time? And last part of the third part question would be, how do you see that kind of playing out in pricing over time? Thanks so much.

是的，下午好。感謝您回答這個問題。我想，戴夫，在今天的電話會議上，你已經討論了最終需求中的產業所有權。您將看到來自 Neoclouds 和其他公司的新需求。那麼問題是，你的知名度如何提升？您從客戶那裡得到了什麼樣的迫切感？我猜這是否會超出 52 週的交貨期？第三部分問題的最後一個部分是，您如何看待這種定價方式隨著時間的推移而產生的影響？非常感謝。

Thanks, C.J. I think there's two components to your question. Obviously, the build-to-order as we've discussed about the remainder of this calendar year and already into next calendar year, we're starting to have visibility. People who are building data centers and refreshing data centers need that predictability of supply, and we need that as far as running our own shop. So all of that is run fairly predictably. There's occasionally swaps where for some reason, somebody comes down and another person needs more. But I think that's what we mean by healthy supply, demand and agility.

謝謝，C.J。我認為你的問題有兩個部分。顯然，正如我們討論過的關於今年剩餘時間和明年的按訂單生產的情況，我們開始有了清晰的認識。建造和更新資料中心的人們需要供應的可預測性，就經營自己的商店而言，我們也需要這種可預測性。所以這一切都是相當可預測的。偶爾會發生交換，因為某種原因，某人的錢不夠，而另一個人需要更多。但我認為這就是我們所說的健康的供應、需求和敏捷性。

And relative to pricing, as we continue to plow through these product transitions, especially at higher and higher capacity points, we negotiate those new build-to-order agreements. With that in mind, we need to continue to get paid more and more for what we do because we're making the requisite investments to make these people more efficient in their own data centers. So there's a win-win there. And we're factoring that into all forward-looking financial discussions.

就定價而言，隨著我們繼續努力完成這些產品轉型，特別是在越來越高的產能點上，我們會協商那些新的按訂單生產協議。考慮到這一點，我們需要繼續為我們所做的事情獲得越來越多的報酬，因為我們正在進行必要的投資，以使這些人在自己的資料中心更有效率。因此這是一個雙贏的局面。我們將這一點納入所有前瞻性的財務討論中。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you. You just reported an increase of 70 bps in gross margins even when nearline was down quarter-on-quarter in total. In the June quarter, you're guiding a similar gross margin expansion, but nearline, I think, should be up quarter-on-quarter. So why are we not seeing more upside on June quarter for margins? And is the cloud versus enterprise mix changing significantly in the June quarter because it feels like it was very tilted cloud in the March quarter, if you can square those. Thank you.

是的，謝謝。您剛剛報告稱，儘管近線業務總體環比下降，但毛利率仍增長了 70 個基點。在六月季度，您預計毛利率將出現類似的擴張，但我認為近線業務的毛利率應該會比去年同期上升。那麼，為什麼我們沒有看到 6 月當季利潤率有更大的上漲空間呢？如果您能理清這些，那麼 6 月份季度雲端運算與企業組合是否發生了顯著變化，因為感覺 3 月份季度雲端運算非常傾斜。謝謝。

Thank you, Wamsi. And happy you have strong expectations. I think we are doing a very good job in driving our profitability up every quarter since like eight quarters, as Dave said in the prepared remarks. Mix is important to us. So of course, nearline and cloud, in particular, will be higher in the June quarter. And we have no build-to-order, we have contracts. And depending from the time of the negotiation of those contracts, we have price increase in certain quarters that are maybe higher than other quarters. But I would say important is that the trend is continuing, the strategy is strong and we will continue to deliver.

謝謝你，Wamsi。很高興你抱有強烈的期望。正如戴夫在準備好的發言中所說的那樣，我認為自八個季度以來，我們每個季度都在提高盈利能力，做得非常好。混合對我們很重要。因此，當然，近線和雲端運算在 6 月季度將會更高。我們沒有按訂單生產，我們有合約。根據這些合約的談判時間，某些季度的價格漲幅可能高於其他季度。但我想說，重要的是，這種趨勢仍在繼續，策略強勁，我們將繼續努力。

I think the other thing, Wamsi, is that we also underserved the market quite a bit in Q3. And now we're back to serving customers the way we want to. So all this is long-term planning, but we prioritize in particular the certain segments that Q3 needed where we actually had product for them.

瓦姆西，我認為另一件事是我們在第三季對市場的服務也嚴重不足。現在我們又回到了我們想要的方式為客戶提供服務。所以所有這些都是長期規劃，但我們特別優先考慮 Q3 所需的某些特定細分市場，我們實際上為他們提供了產品。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hey, guys. This is Hadi for Krish. Thanks for taking my question. Your guidance includes minimal impact from the tariffs in place, and that makes sense due to the 90-day exemption. But I wonder if these tariffs were to take place in the September quarter, how should we think about the impact on the financial model? Like, is there a time lag where you guys might take the tariff hit initially? And it's a matter of a quarter or two until you raise prices or you expect to pass through tariff-related costs right away?

嘿，大家好。這是克里什 (Krish) 的哈迪 (Hadi)。感謝您回答我的問題。您的指導包括現行關稅的影響極小，而且由於有 90 天的豁免期，所以這是有道理的。但我想知道，如果這些關稅在 9 ​​月季度實施，我們應該如何看待其對財務模型的影響？例如，你們最初受到關稅衝擊時是否存在時間差？你們會在一、兩個季度後提高價格，還是會立即轉嫁與關稅相關的成本？

I just wonder like if you can share any color on how your conversation is going with customers about pricing, how long it would take you guys to pass through tariff-related costs, would be helpful. Thank you.

我只是想知道，如果您可以分享一下您與客戶就定價進行的對話情況，以及您需要多長時間才能轉嫁與關稅相關的成本，這是否會有所幫助。謝謝。

Yeah, thanks, Hadi. It's a complex world. Like you said, there's many scenarios being run. And our first response is to go work the supply chain or operational details, such as the rules are with our customers. And that will impact their demand, what they want, where, when. Ultimately, as we drive through these product transitions, as we talked about before, we're going to be adding more value, so we have a chance to reset the negotiation. Passing through the cost is a last resort option, but we'll factor that in any cost increases due to whatever reasons into the go forward model.

是的，謝謝，哈迪。這是一個複雜的世界。正如您所說，有很多場景正在運行。我們的第一個反應是去處理供應鏈或營運細節，例如與客戶一起制定規則。這將影響他們的需求、他們想要什麼、在哪裡、何時。最終，正如我們之前談到的，隨著我們推動這些產品轉型，我們將增加更多價值，因此我們有機會重新開始談判。轉嫁成本是最後手段，但我們會將任何因任何原因而導致的成本增加納入未來的模型中。

I think everyone understands that we need those margins, as I referenced before, to go reinvest in our business and keep driving forward the technology, which is great value to the customer. So I won't get into specifics about what the different scenarios are because we just don't know yet, but operationally we've dealt with these kinds of problems before and we'll deal with them again. I think we're very agile, nimble operationally to do that.

我想每個人都明白，正如我之前提到的，我們需要這些利潤來重新投資我們的業務並繼續推動技術進步，這對客戶來說非常有價值。因此，我不會詳細說明不同的情況，因為我們還不知道，但在操作上，我們以前處理過這類問題，並且我們會再次處理它們。我認為我們在操作上非常敏捷、靈活，可以做到這一點。

Thank you, Dave.

謝謝你，戴夫。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Thanks for taking my question and congrats on a nice set of numbers here. Dave, as we look at the predictability in the business and you sort of talked about you see nearline exabyte demand I think looking strong not just to the end of this year, but also into early ‘26. Does that imply that you expect to see sequential revenue growth, gross margin expansion in the back half versus what you folks are guiding to June? I'd love to just understand how much visibility you have in the back half.

感謝您回答我的問題，並祝賀您取得了一組不錯的成績。戴夫，當我們看一下業務的可預測性時，您談到了近線 EB 需求，我認為這種需求不僅會持續到今年年底，而且會持續到 2026 年初。這是否意味著您預計下半年營收將季增，毛利率將比 6 月擴大？我很想了解你在後半部的可見度有多高。

And then maybe something related to that, Meta had a white paper out, I think, in the last 90-days, which got a lot of attention in terms of how QLC could be used almost as a new storage medium between traditional flash and nearline. Would love to get your perspective on that and if you see that having any sort of dampening effect in the nearline drives over the long-term. Thank you.

然後也許與此相關的事情，我認為，Meta 在過去 90 天內發布了一份白皮書，其中引起了很多關注，關於 QLC 如何用作傳統閃存和近線之間的新存儲媒體。我很想聽聽您對此的看法，以及您是否認為從長遠來看這會對近線驅動產生任何抑製作用。謝謝。

Sure, Amit. I'll let Gianluca take the gross margin, then I'll take the flash discussion.

當然，阿米特。我會讓 Gianluca 負責毛利率，然後我負責快閃記憶體討論。

Yes, Amit, our plan has not changed. As we were discussing also in prior quarters, we see opportunity to grow revenue, profitability. Of course, this is our current expectation. We need to wait and see if there are any new rules that could impact this view, but currently, we have no reason to change our expectations.

是的，阿米特，我們的計劃沒有改變。正如我們在前幾季所討論的那樣，我們看到了增加收入和利潤的機會。當然，這是我們目前的期望。我們需要拭目以待，看看是否有任何新規則可能影響這種觀點，但目前，我們沒有理由改變我們的期望。

And on the discussion about the Meta blog, I've read it. My first reaction was it's a fairly niche application and it makes sense. I mean, there's a lot of different types of applications in the cloud, some of which may benefit from QLC-NAND, especially if they're very read intensive. But I don't think that it comes anywhere close to disrupting the general blend of NAND and HDD in the cloud, in the larger cloud.

關於 Meta 部落格的討論，我已經讀過了。我的第一個反應是，這是一個相當小眾的應用程序，而且很有意義。我的意思是，雲端中有很多不同類型的應用程序，其中一些可能會受益於 QLC-NAND，特別是如果它們讀取密集型。但我並不認為它能夠破壞雲中、更大的雲中 NAND 和 HDD 的整體混合。

Again, NAND is a very critical technology for everyone. And the data center architects know how to manage it. We pointed to a Google white paper as well in the prepared remarks. And there are others out there. I think a lot of our customers are some of the best storage architects in the world. And they're making these decisions very consciously, spreading the workload, if you will, to maximize cost power performance, so on and so forth.

再次強調，NAND 對每個人來說都是非常關鍵的技術。資料中心架構師知道如何管理它。我們在準備好的發言中也提到了Google白皮書。還有其他的。我認為我們的許多客戶都是世界上最好的儲存架構師。他們非常有意識地做出這些決定，如果他們願意的話，可以分散工作量，以最大限度地提高成本、功率和性能，等等。

And so from a hard drive perspective, we still believe there's a very substantial cost differential between any kind of manned and hard drives, especially in the performance tiers that we have to operate in. And hard drives are much, much more capital efficient. We can add exabytes to the world in a much more capital efficient way.

因此，從硬碟的角度來看，我們仍然認為任何類型的載人硬碟和硬碟之間的成本差異非常大，特別是在我們必須操作的效能層中。而且硬碟的資本效率也高很多。我們可以用一種資本效率更高的方式為世界增加艾字節。

What, Amit, I'm kind of excited about on this front is there's a bigger move to disaggregated storage, which is decouple compute from storage investments. And if that's the case, I think for some cloud service providers and even some on-prem instances, there's more opportunities for HDDs rather than less.

阿米特，我對此感到興奮的是，分解儲存正在發生更大的轉變，即將計算與儲存投資分離。如果是這樣的話，我認為對於一些雲端服務提供者甚至一些內部部署實例來說，HDD 的機會​​是更多的，而不是更少的。

Perfect. Thanks a lot.

完美的。多謝。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Hi, this is Jake on for Aaron. Thanks for taking the question and congrats on the results. I was wondering if you could get some color on how material you see emerging AI inference storage your mid to long-term TAM. And how, if at all, hyperscale purchasing patterns have changed over the last few quarters or two to support the ongoing shift in training to inference driven by some of these newer reasoning models?

大家好，我是 Jake，代表 Aaron。感謝您提出這個問題，並對結果表示祝賀。我想知道您是否可以談談新興人工智慧推理儲存對中長期 TAM 的影響。以及，在過去的幾個或兩個季度中，超大規模的購買模式發生了怎樣的變化，以支持由一些較新的推理模型驅動的從訓練到推理的持續轉變？

Thanks, Jacob. What we would have said three or four quarters ago was the first recovery, if you will, of the cloud was largely based on video applications, which a lot of people might call that AI models themselves. I think you have to be a little bit careful with this to the extent that large language models are opening up data analytics to much larger data sets. I think we're still in the early days of that. And then, relative to new video applications, I think that's still in our future.

謝謝，雅各。我們在三、四個季度前就說過，雲端運算的第一次復甦主要是基於視訊應用程序，很多人可能稱之為人工智慧模型。我認為你必須對此稍微小心一點，因為大型語言模型正在向更大的資料集開放資料分析。我認為我們仍處於早期階段。然後，相對於新的視訊應用，我認為這仍然是我們的未來。

So quite excited about it. There's a lot of -- and we've made some prepared remarks on this. There's a lot of new video applications coming that we believe that stores will really benefit from. And then, there are bigger and bigger training sets, if you will. And some of those training sets, as they're adjusted, they have to spin off more data that has to be stored so that you can go back and prove that they did it right, that data infrastructure that's going to come behind AI is very exiting to us.

我對此感到非常興奮。有很多——我們已經就此做了一些準備好的評論。我們相信，即將推出的許多新視訊應用程式將為商店帶來真正的好處。然後，如果你願意的話，會有越來越大的訓練集。其中一些訓練集在進行調整時，必須分離出更多需要儲存的數據，以便您可以回頭證明他們做得對，人工智慧背後的數據基礎設施對我們來說非常令人興奮。

Great. Thanks, And then, I was wondering if you could just give a little additional color on your capital allocation priorities moving into the back half of the year and how that's changed, if at all, given the increased tariff uncertainties? Thanks.

偉大的。謝謝。然後，我想知道您是否可以稍微補充下半年的資本配置重點，以及考慮到關稅不確定性的增加，這些重點發生了怎樣的變化？謝謝。

No changes, but I'll let Gianluca answer specific.

沒有變化，但是我會讓 Gianluca 具體回答。

Yes, we are still working on reducing our debt. As you know, we have done a big step forward in the March quarter. We reduced more than $500 million of our debt, but we are still not at the level we want. So in the next few quarters, we will continue to address that level. And as we said, after that, we will start working on the share buyback. And of course, we are always focusing on our dividends.

是的，我們仍在努力減少債務。如您所知，我們在三月季度取得了很大進步。我們減少了5億多美元的債務，但仍然沒有達到我們想要的水平。因此，在接下來的幾個季度中，我們將繼續解決這個問題。正如我們所說，此後，我們將開始進行股票回購。當然，我們始終關注我們的股息。

Great. Thank you so much.

偉大的。太感謝了。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yeah. Hi, thanks, good quarter. Dave, just a quick question on HAMR side. I'm just wondering what the mix of HAMR would be, let's say, exiting fiscal '26. And then, Gianluca, are you still comfortable with the roadmap to the mid-40% gross margin as you look out? Thanks.

是的。嗨，謝謝，好季度。戴夫，我只想問一個關於 HAMR 方面的簡單問題。我只是想知道 HAMR 的組合會是什麼樣的，比如說，退出 26 財年。那麼，詹盧卡，您是否仍然對達到 40% 左右毛利率的路線圖感到滿意？謝謝。

Yeah. We haven't guided exactly how fast our HAMR transition is going to be, although as these qualifications complete as we referenced earlier, we're going to continue to accelerate. So I'm happy with the progress that the team has made right now. And I think as we look forward, there will be more and more HAMR drives in the world very, very soon. So I'm excited about that.

是的。我們還沒有確切地指出我們的 HAMR 轉型將會以多快的速度進行，但正如我們之前提到的，隨著這些資格的完成，我們將繼續加速。所以我對球隊目前的進展感到滿意。我認為，展望未來，世界上很快就會出現越來越多的 HAMR 驅動器。所以我對此感到很興奮。

Yeah. For the gross margin, as I said before, we continue to improve every quarter. So this is our objective. We are -- and I think you need to wait a few more weeks to have a better idea of the model for the future. But the important is, we have a strong demand. We have a very good mix, and this is, of course, helping in improving the profitability. The gross margin and operating margin. I would like to bring your attention on the very strong operating margin that we are generating at this point.

是的。對於毛利率，正如我之前所說，我們每個季度都在持續提高。這就是我們的目標。我們是——而且我認為您需要再等待幾週才能更好地了解未來的模型。但重要的是，我們有強勁的需求。我們擁有非常好的組合，這當然有助於提高獲利能力。毛利率和營業利潤率。我想提請您注意我們目前正在產生的非常強勁的營業利潤率。

Thank you.

謝謝。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot. I had a multi-part question. So you've guided revenue of $250 million. How much of that's related to the $200 million that you lost in March? I know it's probably a little hard to tell. But I guess the question is like, have you caught up with demand yet? That's the first part. And then, the back part is, I would think that customers are probably placing double orders, but how could you tell if there were? Are there enforceable pieces that come with the orders? I know you're talking about visibility now into next year. How do you know how much of that is real? Are there penalties that are associated with these? Thanks.

多謝。我有一個由多個部分組成的問題。所以您預計收入為 2.5 億美元。這與您 3 月損失的 2 億美元有多少關係？我知道這可能有點難說。但我想問題是，你已經滿足需求了嗎？這是第一部分。然後，後面的部分是，我認為顧客可能會下重複的訂單，但如果有的話你怎麼知道呢？命令中是否包含可強制執行的部分？我知道您正在談論現在到明年的可見性。你怎麼知道其中有多少是真的？這些行為會受到處罰嗎？謝謝。

Yeah. Thanks, Tim. So the build-to-order model, especially when we realized that we had these supply constraints now more than three months ago, we are communicating that specifically to the customers. This is long before any of the current macro issues have arisen. From my perspective, Q4 is happening to plan and Q1 will happen to plan half of that as well. That's how these build-to-order models are giving us that predictability.

是的。謝謝，蒂姆。因此，按訂單生產模式，特別是當我們意識到三個多月前我們就有這些供應限制時，我們正在專門向客戶傳達這一點。這遠早於當前宏觀問題的出現​​。從我的角度來看，第四季正在按計劃進行，第一季也將按計劃進行一半。這就是這些按訂單生產模式為我們帶來可預測性的方式。

I would say it's difficult to say how much of that $200 million demand that we're not able to serve in March is now the demand in June. Of course, the demand has shift to the future and it's probably not part in June. And as I said before, we expect revenue to grow even in the following quarter.

我想說，很難說 3 月我們無法滿足的 2 億美元需求中有多少是 6 月的需求。當然，需求已經轉向未來，而且可能不會出現在六月。正如我之前所說，我們預計下一季的營收還會成長。

So it's just a situation where demand is above supply. I have no -- I don’t think we have any evidence of double orders. So I don't share that comment from you, but I will just say demand is continuing to go in the direction that we had even before -- even a quarter ago or two quarter ago. Now, the build-to-order are not changing in the next few quarters and as Dave said, now we ae starting negotiating event calendar of '26.

所以這只是需求大於供給的情況。我沒有——我認為我們沒有任何重複訂單的證據。因此，我不同意您的評論，但我只想說，需求正在繼續朝著我們之前的方向發展——甚至一個季度前或兩個季度前。現在，按訂單生產在接下來的幾個季度內不會改變，正如戴夫所說，現在我們要開始協商 26 年的活動日程。

I think the other thing is that the data center infrastructure, the investments that need to be made are not these temporal things anymore, and there's not a lot of excess supply as we just said that to pull forward or to do deals at the end of quarters anyway. So as these new applications come online, we're not seeing any inventory buildup, we're seeing people demand -- the demand be fairly stable. This is the point of the build-to-order. So happy that some of the new applications are starting to launch more and more data. And I think it's been a fairly predictable world for us other than the supply issue that we had.

我認為另一件事是，資料中心基礎設施，需要進行的投資不再是這些暫時的事情，而且沒有太多的過剩供應，正如我們剛才所說的那樣，無論如何都要提前或在季度末進行交易。因此，隨著這些新應用程式上線，我們沒有看到任何庫存積累，我們看到人們的需求 - 需求相當穩定。這就是按訂單生產的要點。很高興看到一些新的應用程式開始發布越來越多的數據。我認為，除了我們面臨的供應問題之外，這個世界對我們來說是相當可預測的。

Okay. Thank you.

好的。謝謝。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah, thanks guys. Appreciate you guys taking the question. Dave, just on sort of new data center creation. I guess the question is for Gen AI data centers, what's a decent way -- is there a decent way to think about sort of typical storage consumption into a Gen AI data center relative to like a classic cloud data center. I guess any context there would be useful.

是的，謝謝大家。感謝你們回答這個問題。戴夫，我們只是討論一下新資料中心的創建。我想問題在於，對於 Gen AI 資料中心來說，有什麼合適的方法——有沒有一種合適的方法來考慮 Gen AI 資料中心相對於傳統雲端資料中心的典型儲存消耗。我想任何背景資訊都是有用的。

It's really hard, Ananda. I think there are many different kinds of applications, and we're all looking for which are the killer apps and what order do they take off. And from our perspective, some of the early applications around large language models are very compute-intensive and opening up bigger, bigger data sets to be ingested and analyzed maybe data sets that are old, things from the past, makes data more valuable. As I said before, still early days of that. And then if you get into the types of Gen AI that actually create new data, video applications and things like that, very exciting for storage, long-term storage as well. But it's still very early days.

這真的很難，阿難。我認為有許多不同類型的應用程序，我們都在尋找哪些是殺手級應用程式以及它們以什麼樣的順序流行起來。從我們的角度來看，一些圍繞大型語言模型的早期應用是非常計算密集型的，並且需要開放越來越大的數據集來進行提取和分析，這些數據集可能是舊的、過去的數據集，這使得數據更有價值。正如我之前所說，這仍處於早期階段。然後，如果你研究實際上創建新數據、視訊應用程式等的 Gen AI 類型，那麼對於儲存和長期儲存來說，這將是非常令人興奮的。但現在還處於早期階段。

And I guess just a follow-on there. Is there -- and this may be getting sort of like two in the week, but do you guys have any sense on if you're starting to see more storage arrays, well, sort of more nearline drives that they use for their own storage arrays be placed into what's been existing data centers. Any context there?

我想這只是一個後續。有沒有——這可能有點像是一周中的兩週，但是你們有沒有意識到，你們是否開始看到更多的儲存陣列，嗯，更多的近線驅動器，他們用於自己的儲存陣列，被放置到現有的資料中心。有上下文嗎？

Yeah. What I would say is that and I referenced this already, this concept of disaggregated storage is much more interesting. So that compute and storage is decoupled to some extent. And then, if you need to scale storage, you can without the overhead and costs associated with adding more compute to that. So the compute can scale one way and that storage can scale the other. That, to me, is a more interesting trend as applications develop that need to ingest and spin off more and more storage, then that storage investment will be relatively more efficient. So I'm really interested in those architectural changes.

是的。我想說的是，我已經提到過，分解儲存的概念更有趣。這樣計算和儲存就在一定程度上分開了。然後，如果您需要擴展存儲，則無需增加更多計算的開銷和成本。因此，計算可以以一種方式擴展，而儲存可以以另一種方式擴展。對我來說，這是一個更有趣的趨勢，因為應用程式的發展需要吸收和分離越來越多的存儲，那麼儲存投資將相對更有效率。所以我對這些架構變​​化非常感興趣。

That’s great. I appreciate it. Thanks, guys.

那太好了。我很感激。謝謝大家。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, guys. Thanks for taking my question. June 14 quarter, you're saying OpEx is impacted, but no real change on the revenue side. You guys are kind of talking about a continued growth profile into the back half of the year, talking about good visibility. Should we be thinking about September with any kind of headwind from that 14-weeks? Or does the same rule apply to the back half of the year with just revenue unaffected? Do we need to be kind of discounting that September quarter after the stronger June?

嘿，大家好。感謝您回答我的問題。6 月 14 日季度，您說營運支出受到了影響，但收入方面沒有真正的變化。你們正在談論今年下半年的持續成長態勢，談論良好的可見度。我們是否應該考慮九月會面臨這 14 週的任何不利因素？還是同樣的規則適用於下半年，只是收入不受影響？在六月表現更強勁之後，我們是否需要對九月份季度進行某種程度的折扣？

In general, when you have this extra week in the quarter, it's only impacting your OpEx. It's not really impacting your revenues. Revenues are generally negotiated based on a quarter, not based on a week.

一般來說，當您在本季有這額外的一周時，它只會影響您的營運支出。這實際上不會影響您的收入。收入通常是按季度協商的，而不是按週協商的。

And Tom, I think I heard you say June quarter. That will be the September quarter.

湯姆，我想我聽到你說六月季度。那將是九月的季度。

Yeah. September, it is 14-weeks.

是的。九月，有14週。

Excuse me, sorry for misspeaking. I was just talking about September. Yeah, thank you. And then, the second is just if you look at the exabyte shipments, like rewind the clock, you're kind of getting back to where you were kind of pre-pandemic from a total exabyte shipments. I think you guys have talked about like 160 exabytes is kind of the range where you need technology transitions to move ahead of that.

不好意思，抱歉說錯了。我剛才談到九月。是的，謝謝。其次，如果您看一下 EB 出貨量，就像倒回時鐘一樣，您就會從 EB 總出貨量回到疫情之前的水平。我認為你們討論過的 160 EB 是一個需要技術轉型才能達到的範圍。

So I guess part one is when do you guys think -- do you think that this is in the next fiscal year that you're going to kind of hit that wall because it sounds like you're accelerating very quickly? And then secondarily, like on the pricing side, I know you talked about direct impact to tariffs. But indirect impacts, oftentimes, the conversation comes up, will your large customers be more aggressive with pricing. Do you feel like you're going to -- have you seen any behavior change to your customers? Are you safeguarding against that with this view that you have your kind of fully baked already? Thank you, I know that was a bunch there.

所以我想第一部分是，你們認為什麼時候──你們認為在下一個財政年度你們會遇到那種瓶頸嗎，因為聽起來你們正在快速加速？其次，例如在定價方面，我知道您談到了對關​​稅的直接影響。但間接影響是，很多時候，談話中會出現這樣的問題：你的大客戶是否會在定價方面更積極。您是否覺得您會—您是否看過客戶的行為有任何變化？您是否以已經完全成熟的觀點來防範這種情況？謝謝，我知道那裡有很多東西。

No worries. So recall our strategy, we're adding exabyte capacity through aerial density technology, which makes our ability to serve the market more and more efficient. As we do that, we can grow revenue and profit and deliver better value to customers as well. So I wouldn't think about [160 or 165] as being the peak ever. The drives are much more exabyte efficient than they used to be. And so we're really excited about our ability to deliver more and more exabytes and therefore, see that kind of growth.

不用擔心。因此回想一下我們的策略，我們正在透過空中密度技術增加 EB 容量，這使得我們服務市場的能力越來越有效率。透過這樣做，我們可以增加收入和利潤，並為客戶提供更好的價值。所以我不會認為 [160 或 165] 是巔峰。這些驅動器的效率比以前高得多。因此，我們對能夠提供越來越多的 EB 並因此看到這種增長感到非常興奮。

From the broader perspective, tactically, we have not really seen very much impact from customers changing anything, one way or the other. Nobody is losing their place in line. People are still making the data center infrastructure investments they are because data infrastructure is key to some of this cloud applications or the AI applications that are going to come. And so we expect predictability from that, and that's what we need as manufacturers as well as predictability. So that's one of the reasons we've driven these new strategies.

從更廣泛的角度來看，從戰術上來說，我們並沒有真正看到客戶以任何方式改變任何東西帶來太大的影響。沒有人會失去排隊的位置。人們仍在對資料中心基礎設施進行投資，因為資料基礎設施是一些即將出現的雲端應用程式或人工智慧應用程式的關鍵。因此，我們期望可預測性，而這正是我們作為製造商所需要的，也是可預測性。這就是我們推動這些新策略的原因之一。

Thank you.

謝謝。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi, good afternoon. A quick follow-up on the question you just addressed about adding exabyte capacity. So in an environment where you were in shortfall a quarter ago, do you have to -- and assuming your utilization rates are pretty much at peak. So are you dedicating more CapEx to ramp capacity? How linear is this of a step function? And are you going to pose on any capacity ramp because of the uncertainty of indirect effect of tariffs?

嗨，下午好。快速跟進一下您剛才提出的有關增加 EB 容量的問題。那麼，在一個季度前資金短缺的環境中，您是否必須這樣做—假設您的使用率已達到高峰。那麼，您是否會投入更多資本支出來提高產能？這個階躍函數的線性程度如何？由於關稅間接影響的不確定性，您是否會提出任何產能提升計畫？

Thanks for the question, Tristan. So the issue that we had in supply that really manifested itself last quarter, but that started in wafer last summer actually, during August. That issue was only on PMR products. And so we have the HAMR technology products. We've already planned the CapEx. So we don't need to add any additional CapEx to continue to ramp the HAMR products. I say this all the time, we already have this advanced manufacturing that's some of the most sophisticated manufacturing of the world build these devices atom by atom by atom. It takes a long, long time.

謝謝你的提問，特里斯坦。因此，我們的供應問題實際上在上個季度就顯現出來了，但實際上這個問題從去年夏天（8 月）的晶圓供應開始出現。此問題僅出現在 PMR 產品上。因此我們有了HAMR技術產品。我們已經規劃好了資本支出。因此，我們不需要增加任何額外的資本支出來繼續增加 HAMR 產品。我一直這麼說，我們已經擁有這種先進的製造技術，這是世界上最複雜的製造技術之一，可以逐個原子製造這些設備。這需要很長很長的時間。

And we're going to continue to invest in that. Some of that investment is in the US as well. So we're going to continue to invest in that, but we need demand predictability. We need to be able to predict the rate of return. Right now, we're fairly happy with where our capital is versus the demand that we see. And maintaining an eye with healthy supply-demand balance. Should there be more demand then we can address that when we need to, but we haven't done that just yet.

我們將繼續對此進行投資。其中一些投資也在美國。因此我們將繼續在這方面進行投資，但我們需要需求可預測性。我們需要能夠預測回報率。目前，我們對我們的資本狀況和需求相當滿意。並保持健康的供需平衡。如果有更多需求，我們可以在需要時解決這個問題，但我們目前還沒有這樣做。

Yeah, we are not planning for more heads or media production, but of course, those heads and media will generate a higher volume of exabytes because of the technology transition. And this is how we want to address the increasing demand.

是的，我們沒有計劃生產更多的磁頭或介質，但當然，由於技術轉型，這些磁頭和介質將產生更高的EB容量。這就是我們希望滿足日益增長的需求的方法。

Great. Thank you very much.

偉大的。非常感謝。

Mark Miller, Benchmark Company.

馬克·米勒，Benchmark 公司。

Congrats on your quarter, and thanks for the question. I’m wondering if you have seen any recent or do you expect any significant changes in data center CapEx by your major hyperscale customers? And second question is any significant component sourcing out of China?

恭喜您取得本季的優異成績，感謝您的提問。我想知道您是否看到最近或預計主要超大規模客戶的資料中心資本支出會發生重大變化？第二個問題是否有任何重要的零件採購自中國？

So Mark, I would say that we have recoupled supply chains long ago. So I think we can control sourcing whatever we need to make sure that we don't run out of parts or there aren't any significant cost impacts. So that's one of the reasons why we said whatever has happened so far has been minimal. But we always watch specific sourcing issues to make sure that we have what we need. I think there are geocentric options for anything that we need from a sourcing perspective.

所以馬克，我想說我們很久以前就已經重新連接了供應鏈。因此我認為我們可以控制所需的任何採購，以確保我們不會耗盡零件或不會產生任何重大的成本影響。這就是我們說迄今為止所發生的一切影響都很小的原因之一。但我們始終專注於具體的採購問題，以確保我們擁有所需的東西。我認為從採購角度來看我們需要的任何東西都有地心選擇。

And relative to predictability of the cloud customers, their demand. We've said before that this has been fairly predictable. Some of it is because the market has been underserved, but we're running the play and there's visibility into more demand in the back half of the year and even people are starting to book into calendar year '26 because data center infrastructure is very important in their business models. It's a relatively small percentage of their CapEx too is what they spend on storage. So given how important it is and how data continues to grow, they're making that a priority.

並且相對於雲端客戶的可預測性，他們的需求。我們之前說過，這是相當可以預見的。部分原因是市場服務不足，但我們正在努力，預計下半年需求將會增加，甚至人們開始預訂 26 日曆年，因為資料中心基礎設施在他們的商業模式中非常重要。他們在儲存方面的支出只佔其資本支出的一小部分。因此，考慮到它的重要性以及數據的持續增長，他們將其列為優先事項。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Thanks very much, Gary. I'd also like to take the opportunity to once again thank our employees and our customers and our suppliers for contributing to our results and our shareholders for your support. We look forward to speaking with you in a few weeks at our Analyst event, May 2. Thank you.

非常感謝，加里。我也想藉此機會再次感謝我們的員工、客戶和供應商為我們的業績做出的貢獻，並感謝股東的支持。我們期待在幾週後的 5 月 2 日分析師活動上與您交談。謝謝。