希捷科技 (STX) 2025 Q4 法說會逐字稿

Welcome to the Seagate Technology fiscal fourth quarter and fiscal-year 2025 conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Shanye Hudson, Senior Vice President, Investor Relations. Please go ahead, ma'am.

歡迎參加希捷科技第四財季及2025財年電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係高級副總裁 Shanye Hudson。請繼續，女士。

Thank you. Hello, everyone, and welcome to today's call. Joining me are Dave Mosley, Seagate's Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer. We posted our earnings press release and detailed supplemental information for our June quarter and fiscal year-end 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戴夫·莫斯利 (Dave Mosley) 和財務長詹盧卡·羅馬諾 (Gianluca Romano)。我們在網站的「投資者」部分發布了我們的收益新聞稿以及六月季度和財政年度末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 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事項超出了我們的控制範圍和/或無法合理預測。因此，如果不付出不合理的努力，就無法實現與相應的 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 as they 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，因為它們受到與我們的業務相關的風險和不確定性的影響。

To learn more about the risks, uncertainties and other factors that may affect our future business results, please refer to the press release issued today and our SEC filings, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q as well as the supplemental information, all of which may be found on the Investors section of our website.

欲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，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告以及補充信息，所有這些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。

Thanks, Shanye, and hello, everyone. Seagate closed out fiscal '25, delivering strong financial results for the June quarter marked by 30% year-over-year revenue growth and record gross margins, which improved for a ninth consecutive quarter a trend that is set to continue as HAMR adoption gains momentum. We achieved non-GAAP earnings per share near historic highs and generated strong free cash flow.

謝謝 Shanye，大家好。希捷結束了 2025 財年，其 6 月季度的財務業績表現強勁，營收年增 30%，毛利率創歷史新高，連續第九個季度實現成長，隨著 HAMR 的普及，這一趨勢將持續下去。我們的非公認會計準則每股收益接近歷史高位，並產生了強勁的自由現金流。

For the fiscal year, revenue increased 39%, non-GAAP gross profit dollars nearly doubled and operating profit more than tripled, demonstrating our focus on supply/demand alignment and ongoing cost discipline. Our execution resulted in one of the most profitable fiscal years in the company's long storied history. The structural changes in our business model and strong product pipeline makes Seagate well positioned to deliver improving profitability and cash generation in fiscal '26.

本財年，營收成長了 39%，非公認會計準則毛利幾乎翻了一番，營業利潤成長了兩倍多，這顯示我們注重供需協調和持續的成本控制。我們的執行使公司度過了悠久歷史上最盈利的財政年度之一。我們業務模式的結構性變化和強大的產品線使希捷在 26 財年能夠提高獲利能力和現金產生能力。

Reflecting our confidence, we expect to resume share repurchases later this quarter, enhancing capital returns to shareholders. Operationally, in fiscal '25, we started the high-volume ramp of two new nearline platforms, including the industry's first heat-assisted magnetic recording hard drive, an engineering feat more than a decade in the making. These new cost-effective and energy-efficient platforms aligned well with data growth driven by traditional compute workloads and increasingly from AI-supported applications.

為了體現我們的信心，我們預計將在本季稍後恢復股票回購，從而提高股東的資本回報。在營運方面，在 25 財年，我們開始大量生產兩個新的近線平台，其中包括業界第一個熱輔助磁記錄硬碟，這是一項歷時十多年的工程壯舉。這些新的經濟高效且節能的平台與傳統運算工作負載以及日益增長的人工智慧支援應用程式所驅動的數據成長完美契合。

Looking at the current end market dynamics, we see a continuation of strong global cloud demand for our nearline products. The visibility afforded by our build-to-order strategy indicates our nearline exabyte production capacity is largely spoken for through the middle of next calendar year with visibility building into the second half.

縱觀當前的終端市場動態，我們看到全球對我們的近線產品的雲端需求持續強勁。我們的按訂單生產策略所提供的可見性表明，我們的近線 EB 生產能力在明年年中基本上得到保證，並且下半年的可見性將不斷增強。

We believe BTO contracts are also beneficial for our customers by providing predictable assurance of supply. With installed data center capacity expected to more than double by 2029 on a gigawatt basis, these contracts support the CSP's efforts to keep pace with end user demand.

我們相信，BTO 合約透過提供可預測的供應保證也將使我們的客戶受益。預計到 2029 年，已安裝的資料中心容量將以千兆瓦為基礎增加一倍以上，這些合約支援 CSP 努力滿足最終用戶的需求。

Within cloud data centers, we see an evolving diversity of workloads and applications addressed through a combination of storage media. Optimized across a multitude of factors, including performance, cost, floor space and energy efficiency.

在雲端資料中心內，我們看到透過儲存媒體組合解決的工作負載和應用程式的多樣性不斷增長。針對效能、成本、佔地面積和能源效率等多種因素進行最佳化。

The diverse solutions that emerge are shaped by how these factors are prioritized and the scale that is required. For instance, one of the world's largest cloud service providers recently developed a tiered storage solution to support an application for a widely used social media platform, leveraging hard drives for both mass data storage in addition to a cashing layer to enable fast, repeatable data access, this customer was able to realize significant cost savings and efficiency gains compared with alternative storage solutions. In today's data-driven world, the growing need for mass capacity storage extends beyond the cloud to edge data centers.

出現的各種解決方案取決於這些因素的優先順序和所需的規模。例如，全球最大的雲端服務供應商之一最近開發了一種分層儲存解決方案，以支援廣泛使用的社交媒體平台的應用程序，利用硬碟進行海量資料儲存以及快取層以實現快速、可重複的資料訪問，與其他儲存解決方案相比，該客戶能夠實現顯著的成本節約和效率提升。在當今數據驅動的世界中，對大容量儲存日益增長的需求已從雲端延伸到邊緣資料中心。

There are multiple trends that underpin this view. First, as more data is created at the edge, it will be replicated and retained across multiple locations to capture actionable insights through AI models. To preserve the integrity of these models, large volumes of data are being retained longer to support checkpoints in inferencing.

有多種趨勢支持這一觀點。首先，隨著在邊緣創建越來越多的數據，它將被複製並保留在多個位置，以透過人工智慧模型捕捉可操作的見解。為了保持這些模型的完整性，大量資料被保留更長時間以支持推理中的檢查點。

Additionally, today, roughly 50% of the world's data centers are concentrated in just four countries. As data sovereignty regulations evolve and proliferate around the globe, we expect the growing demand for localized data storage.

此外，目前全球約 50% 的資料中心集中在四個國家。隨著資料主權法規在全球範圍內不斷發展和普及，我們預計對在地化資料儲存的需求將持續增長。

In this context, mass capacity hard drives will be critical from a footprint, efficiency and TCO perspective, ensuring data is safe, secure and compliant. For data centers at the edge, we expect enterprise storage demand will mirror the trends we've seen in the cloud where upfront AI infrastructure investments led to increased demand for mass data storage over time.

在此背景下，從佔用空間、效率和 TCO 的角度來看，大容量硬碟至關重要，可確保資料安全、可靠且合規。對於邊緣資料中心，我們預期企業儲存需求將反映我們在雲端看到的趨勢，即前期人工智慧基礎設施投資導致對大量資料儲存的需求隨著時間的推移而增加。

Supporting this point of view, a leading enterprise IT infrastructure provider is introducing new tiered store system solutions later this year for AI applications designed to optimize their end customers TCO and data utilization requirements by integrating high-capacity hard drives based on HAMR technology.

為了支持這一觀點，一家領先的企業 IT 基礎設施供應商將在今年稍後為 AI 應用推出新的分層儲存系統解決方案，旨在透過整合基於 HAMR 技術的高容量硬碟來優化最終客戶的 TCO 和資料利用率要求。

While momentum for our high-capacity hammer drives builds, we also have continued to increase a bit shipments of our PMR 24 to 28 terabyte form to address demand. In fact, in the June quarter, we achieved record quarterly sales and volume shipments for any nearline product with this platform. Leveraging the commonality across our PMR and HAMR comps, we are executing volume ramp of Mozaic 3+ products. We are tracking to plan with shipments expanding to additional CSP in the September quarter.

在我們高容量錘式驅動器發展勢頭強勁的同時，我們也繼續增加 PMR 24 至 28 TB 形式的出貨量以滿足需求。事實上，在二月這個季度，我們憑藉該平台實現了任何近線產品的季度銷售額和出貨量創紀錄。利用 PMR 和 HAMR 產品的共通性，我們正在實現 Mozaic 3+ 產品的產量提升。我們正在按計劃進行，9 月季度的出貨量將擴大至更多的 CSP。

Across the board, qualifications are progressing exceedingly well, and we continue to expect the key global CSP customers to be qualified by mid-calendar 2026. Our progress in bringing HAMR-based Mozaic drives to Mark scale strongly position Seagate to address the significant opportunities we foresee in the cloud and at the edge.

整體而言，資質認證工作進展非常順利，我們預計全球主要 CSP 客戶將在 2026 年中期獲得資格。我們在將基於 HAMR 的 Mozaic 硬碟推向 Mark 規模方面取得的進展，使 Seagate 能夠有效應對我們在雲端和邊緣領域預見到的重大機會。

The top priority during fiscal '26 is executing our 4+ terabyte for disqualification and volume ramp. This product will support cloud workloads with capacities of up to 44 terabytes and also supports lower capacity drives ideal for edge workloads. As planned, we recently started qualification with the global CSP on the 4 terabyte per disk platform and expect to begin volume ramp in the first half of calendar 2026.

26 財年的首要任務是執行 4+ TB 的取消資格和容量提升。該產品將支援容量高達 44 TB 的雲端工作負載，同時也支援適合邊緣工作負載的低容量驅動器。按照計劃，我們最近開始在每磁碟 4 TB 的平台上與全球 CSP 進行資格認證，並預計在 2026 年上半年開始增加容量。

This time line is consistent with our target for exabyte shipment crossover on HAMR-based nearline drives in the second half of calendar '26. Ongoing investments in innovations such as granular iron platinum media and breakthrough photonics technology are critical to delivering our aerial density road map.

該時間表與我們在 2026 年下半年實現基於 HAMR 的近線硬碟的 EB 出貨量交叉的目標一致。對顆粒鐵鉑介質和突破性光子技術等創新的持續投資對於實現我們的空中密度路線圖至關重要。

We continue to make steady progress with 5 terabytes per disc technology aligning to our goal of introducing it into the market in early calendar 2028, a time frame when we also expect to demonstrate double that capacity, 10 terabytes per disc in the lab.

我們在每張光碟 5TB 技術方面繼續取得穩步進展，朝著我們在 2028 年初將其推向市場的目標邁進，同時我們也希望在實驗室中展示兩倍於此的容量，即每張光碟 10TB。

To close, I believe this is one of the most exciting periods in Seagate's history. Recall at our Investor and Analyst Day in May, we discussed how Seagate is in the right markets with the right technology and the right execution to enhance shareholder value. Demand for mass data storage is expected to grow as our cloud and Edge IoT customers continue investing in AI-driven strategic imperatives to unlock and protect data value.

最後，我相信這是希捷歷史上最令人興奮的時期之一。回想一下，在五月的投資者和分析師日上，我們討論了希捷如何利用正確的技術和正確的執行力進入正確的市場，從而提升股東價值。隨著我們的雲端和邊緣物聯網客戶繼續投資人工智慧驅動的策略要務以釋放和保護資料價值，對大容量資料儲存的需求預計將會成長。

Amid this strong demand backdrop, we are mindful of the evolving trade policy landscape. Based on our current outlook, we expect minimal tariff-related impacts to the business. We will continue to closely track developments and stand ready to deploy mitigation strategies that minimize potential future impact to Seagate and our customers over the long term.

在這種強勁的需求背景下，我們關注著不斷變化的貿易政策格局。根據我們目前的展望，我們預期關稅對業務的影響微乎其微。我們將繼續密切關注事態發展，並隨時準備部署緩解策略，以最大限度地減少未來對希捷和客戶的長期潛在影響。

In this environment, our HAMR-based technology road map makes us uniquely positioned to capture these growth opportunities in the cloud and at the edge as we push forward aerial density gains to efficiently expand output, while enabling our customers to benefit from the improving total cost of ownership. As a result, we are confident in our ability to produce compelling growth revenue, profitability and cash generation in fiscal '26 and beyond.

在這種環境下，我們基於 HAMR 的技術路線圖使我們處於獨特的地位，可以抓住雲端和邊緣領域的成長機會，推動空中密度的提高，從而有效地擴大產出，同時使我們的客戶能夠從改善的總體擁有成本中受益。因此，我們有信心在 26 財年及以後實現令人矚目的成長收入、獲利能力和現金創造。

I'd like to thank our global teams, our partners and customers for your contributions to a strong fiscal year and to Seagate's ongoing success. Let me now turn the call over to Gianluca.

我要感謝我們的全球團隊、合作夥伴和客戶，感謝你們為強勁的財政年度和希捷的持續成功所做的貢獻。現在讓我把電話轉給詹盧卡。

Thank you, Dave. We -- fiscal 2025, delivering strong double-digit top and bottom line growth and achieving record gross margin levels. June quarter revenue came in at $2.44 billion up 13% sequentially and up 30% year over year. We expanded non-GAAP gross margin by 170 basis points sequentially to 37.9%. And we increased nonoperating margin by 270 basis points to 26.2%. Our resulting non-GAAP EPS was $2.59 at the high end of our guided range.

謝謝你，戴夫。我們－2025財年，實現強勁的兩位數營收和利潤成長，並達到創紀錄的毛利率水準。六月當季營收為 24.4 億美元，季增 13%，年增 30%。非公認會計準則毛利率較上季成長 170 個基點，達到 37.9%。我們將非營業利潤率提高了 270 個基點，達到 26.2%。我們最終的非 GAAP EPS 為 2.59 美元，處於指導範圍的高端。

For fiscal 2025, we grew revenue by nearly 40% to $9.1 billion. We achieved non-GAAP operating profit of $2.1 billion, marking one of our strongest annual performances and recorded non-GAAP EPS of $8.10. These results underscore our solid operational execution and the ongoing momentum for data center demand, particularly among global cloud customers.

2025財年，我們的營收成長近40%，達到91億美元。我們實現了21億美元的非公認會計準則營運利潤，創下年度最佳業績之一；非公認會計準則每股收益達8.10美元。這些業績凸顯了我們穩健的營運執行力，以及資料中心需求（尤其是全球雲端客戶的需求）的持續成長動能。

Trend from nearline cloud sales along with seasonal improvement in the VM market led to a 14% sequential increase in our drive revenue, reaching $2.3 billion. Volume shipments increased to 163 exabytes from 144 exabytes in the March quarter.

近線雲銷售趨勢以及虛擬機器市場的季節性改善導致我們的驅動器收入環比增長 14%，達到 23 億美元。出貨量從三月季度的 144 EB 增加到 163 EB。

Mass capacity revenue topped the $2 billion mark, up 15% sequentially and 40% year on year. As capacity shipments were 151 exabytes compared to 133 exabytes in the prior quarter. The airline shipments into cloud and edge data center made up the vast majority of mass capacity volume.

大規模產能收入突破 20 億美元，季增 15%，年增 40%。容量出貨量為 151 EB，而上一季為 133 EB。航空公司向雲端和邊緣資料中心的出貨量佔大容量出貨量的絕大部分。

In the June quarter, nearline represented 91% of mass capacity exabytes with shipments of 137 exabytes, up 14% sequentially and 52% year on year. Our 24 and 28 terabytes PMR products has been widely adopted by global cloud and enterprise data centers to support their massive data workloads.

在六月季度，近線儲存佔了高容量EB的91%，出貨量為137EB，較上季成長14%，較去年同期成長52%。我們的 24 和 28 TB PMR 產品已被全球雲端和企業資料中心廣泛採用，以支援其大量資料工作負載。

At the same time, we are ramping our HAMR-based Mozaic products and continue to build customer momentum. The major cloud service providers are qualified on our Mozaic products with additional qualification proceeding extremely well.

同時，我們正在加大基於 HAMR 的 Mozaic 產品力度，並持續為客戶創造動力。主要的雲端服務供應商都已獲得我們 Mozaic 產品的認證，且附加認證進展非常順利。

On top of strong demand growth from cloud customers, nearline sales into the enterprise OEM market show a modest sequential improvement in the quarter, and we expect stable demand over the next few quarters. The remaining 18% of revenue came from legacy and other product lines. Sales from the legacy market totaled $270 million, up 6% sequentially, while revenue from our other product lines increased 3% sequentially to $163 million.

除了雲端客戶需求強勁成長之外，本季企業 OEM 市場的近線銷售額也出現了小幅環比成長，我們預計未來幾季的需求將保持穩定。其餘 18% 的收入來自傳統產品線和其他產品線。來自傳統市場的銷售額總計 2.7 億美元，環比成長 6%，而來自其他產品線的營收則是季增 3%，達到 1.63 億美元。

Starting in the September quarter, we plan to adjust how we discuss our end markets. We will focus on two main areas: data center and Edge IoT. The data center markets accounted for about 75% of our fiscal 2025 revenue and include nearline products and systems sold into cloud and enterprise customers as well as cloud-based via applications. IoT includes consumer and client-centric markets along with network attached storage. We believe this new framework is better aligned with industry practice and reflects the AI-driven market we serve today.

從九月季度開始，我們計劃調整討論終端市場的方式。我們將重點關注兩個主要領域：資料中心和邊緣物聯網。資料中心市場約占我們 2025 財年收入的 75%，包括銷售給雲端和企業客戶的近線產品和系統以及基於雲端的應用程式。物聯網包括以消費者和客戶為中心的市場以及網路附加儲存。我們相信這個新框架更符合行業實踐，並反映了我們今天服務的人工智慧驅動的市場。

Moving on to the rest of the income statement. Non-GAAP gross profit increased to $926 million, up 19% quarter-over-quarter and 59% compared with the prior year period. Our resulting non-GAAP gross margin expanded to 37.9%.

繼續討論損益表的其餘部分。非公認會計準則毛利增加至 9.26 億美元，較上季成長 19%，較去年同期成長 59%。我們的非公認會計準則毛利率擴大至 37.9%。

We continue to benefit from a favorable mix, including increased adoption of our later generation products and ongoing pricing adjustments. These factors, combined with a strong demand environment for data center products supported non-GAAP gross margin for the other business above the corporate here.

我們繼續受益於有利的產品組合，包括我們新一代產品的採用率不斷提高以及持續的價格調整。這些因素，加上對資料中心產品的強勁需求環境，支持了公司其他業務的非 GAAP 毛利率。

Non-GAAP operating expenses totaled $286 million, up 4% quarter-on-quarter and in line with our expectations, and an income and expenses decreased 9% sequentially to $73 million, due in part to lower net interest expense during the quarter.

非公認會計準則營運費用總計 2.86 億美元，季增 4%，符合我們的預期，營收和支出較上季下降 9% 至 7,300 萬美元，部分原因是本季淨利息支出較低。

Adjusted EBITDA was $697 million up 24% quarter over quarter and up 73% year on year. Non-GAAP net income was $556 million, resulting in non-GAAP EPS of $2.59 per share, based on a diluted share count of approximately 215 million shares.

調整後 EBITDA 為 6.97 億美元，季增 24%，年增 73%。非公認會計準則淨收入為 5.56 億美元，基於約 2.15 億股稀釋股數計算，非公認會計準則每股收益為 2.59 美元。

Turning now to cash flow and the balance sheet. We invested $83 million in capital expenditures for the June quarter and $265 million for fiscal '25, which equates to 3% of revenue. Looking ahead to fiscal '26, we anticipate capital expenditure to be inside our target range of 4% to 6% of revenue, while we continue maintaining capital discipline.

現在轉向現金流和資產負債表。我們在 6 月季度的資本支出為 8,300 萬美元，在 25 財年投資了 2.65 億美元，相當於營收的 3%。展望26財年，我們預期資本支出將在收入的4％至6％的目標範圍內，同時我們將繼續保持資本紀律。

Free cash flow nearly doubled in the June quarter to $425 million, up from [$216 million] in the prior period. Based on our current outlook, we expect free cash flow generation to expand further in the second half of calendar year 2025 compared to the first half. This is even accounting for a substantial variable compensation payout in the September quarter which is consistent with our strong performance.

6 月季度的自由現金流幾乎翻了一番，達到 4.25 億美元，高於上一季的 [2.16 億美元]。根據我們目前的展望，我們預計 2025 年下半年的自由現金流產生量將比上半年進一步擴大。這甚至考慮到 9 月季度的大量浮動薪資支出，這與我們的強勁業績一致。

In the June quarter, we returned $153 million to shareholders through the quarterly dividend and we returned nearly 75% of free cash flow to shareholders for the fiscal year, demonstrating a strong commitment to our capital return strategy.

在六月季度，我們透過季度股息向股東返還了 1.53 億美元，並且我們在本財年向股東返還了近 75% 的自由現金流，這表明了我們對資本回報策略的堅定承諾。

Cash and cash equivalents increased 9% sequentially to close the June quarter with ample liquidity of $2.2 billion, including our undrawn revolving credit facility of $1.3 billion. We reduced our debt balance by approximately $150 million during the quarter, including retiring $505 million through a new $400 million note issuance and cash on it.

截至 6 月份季度，現金和現金等價物環比增長 9%，擁有 22 億美元的充足流動資金，其中包括 13 億美元未提取的循環信貸額度。我們在本季減少了約 1.5 億美元的債務餘額，包括透過發行 4 億美元新票據和現金償還 5.05 億美元。

We exited the quarter with gross debt of approximately $5 billion. The combination of lower debt and strong profitability resulted in net leverage ratio of 1.8 times with further reductions anticipated in the coming quarter as profit expense.

本季末我們的總債務約為 50 億美元。較低的債務和強勁的盈利能力相結合，使淨槓桿率達到 1.8 倍，預計下一季將作為利潤支出進一步降低。

Turning now to September quarter outlook. From a demand perspective, the visibility gain through our B2O strategy instill confidence in sustained demand strength for our high capacity nearline drives and support both revenue and margin expansion in the September quarter. As previously communicated, starting in fiscal 2026, we will be subject to a global minimum tax rate in the mid-teens.

現在來談談九月季度展望。從需求角度來看，透過我們的 B2O 策略獲得的可見度增強了我們對高容量近線驅動器持續需求強勁的信心，並支持 9 月季度的收入和利潤率擴張。如同先前所傳達的，從 2026 財年開始，我們將適用 15% 左右的全球最低稅率。

Accounting for these factors and for the 14-week period, we expect September quarter revenue to be in the range of $2.5 billion, plus or minus $150 million. As a midpoint, this reflects a 15% improvement year over year. Non-GAAP operating expenses are expected to be approximately $290 million, reflecting the 14-week period partially offset by lower variable compensation as we reset the annual plan for fiscal '26.

考慮到這些因素以及這 14 週的時間，我們預計 9 月季度營收將在 25 億美元左右，上下浮動 1.5 億美元。作為中間點，這反映出同比增長了 15%。非公認會計準則營運費用預計約為 2.9 億美元，這反映了 14 週期間的支出，但由於我們重新設定了 26 財年的年度計劃，因此可變薪酬的降低部分抵消了這一支出。

Based on the midpoint of our revenue guidance, non-GAAP operating margin is expected to expand into the mid to 20 percentage range. And non-GAAP EPS is expected to be $2.30 plus or minus $0.20, business 16% tax rate and non-GAAP diluted share count of 221 million shares.

根據我們收入預期的中點，非公認會計準則營業利潤率預計將擴大至 20% 左右。非 GAAP 每股盈餘預計為 2.30 美元，上下浮動 0.20 美元，營業稅率為 16%，非 GAAP 稀釋股數為 2.21 億股。

Our EPS guidance reflects estimated dilution from our 2028 convertible notes and equity compensation, dilution to non-GAAP earnings from the convertible notes, of course, when the volume weighted average price of Seagate stock trades above approximately $108 during the period. We target to partially offset the dilutive impact of the convertible notes through share repurchases, which we expect to resume in the current quarter.

我們的每股盈餘指引反映了我們 2028 年可轉換票據和股權補償的預期稀釋，當然，當希捷股票的成交量加權平均價格在此期間交易價格高於約 108 美元時，可轉換票據對非 GAAP 收益的稀釋。我們的目標是透過股票回購來部分抵銷可轉換票據的稀釋影響，我們預計將在本季恢復股票回購。

To close, we get strong June quarter performance underscores our continued focus on driving growth, enhancing profitability and optimizing cash generation. We are executing our strategic objectives, underpinned by a structurally changed business model and leading technology road map to deliver on our financial targets and enhance value for both customers and shareholders.

最後，我們 6 月季度的強勁業績凸顯了我們持續專注於推動成長、提高獲利能力和優化現金創造。我們正在執行我們的策略目標，以結構性變化的業務模式和領先的技術路線圖為基礎，實現我們的財務目標並為客戶和股東提升價值。

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

接線員，讓我們開始提問吧。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Super. Good afternoon guys. Thank you very much for taking my question. Gianluca, I just wanted to kind of ask you about the maybe implied gross margin guidance for the September quarter, over the last eight quarters, you've expanded gross margins by over 200 basis points sequentially on average.

極好的。大家下午好。非常感謝您回答我的問題。詹盧卡，我只是想問一下您關於 9 月份季度的隱含毛利率指導，在過去的八個季度中，您的毛利率平均連續擴大了 200 個基點。

I believe at the midpoint of your guide, depending on the interpretation of mid- to high 20% operating margins guiding to something like 20 basis points of sequential margin expansion. Can you maybe, one, just to confirm kind of that math?

我認為，在您的指導中點，取決於對 20% 中高營業利潤率的解釋，這將引導出類似 20 個基點的連續利潤率擴張。您能否先確認一下這種數學計算？

And then two, just help us understand the puts and takes and maybe why we're not seeing that gross margin -- implied gross margin expansion in September despite the confidence that we're hearing from you guys about getting to 40% gross margins in a few quarters. Thanks so much.

其次，請幫助我們理解其中的利弊，以及為什麼我們沒有看到毛利率——儘管我們從你們那裡聽說有信心在幾個季度內達到 40% 的毛利率，但 9 月份隱含的毛利率卻沒有擴大。非常感謝。

Thank you, Erik. I would say your estimate is a bit low actually, is significantly lower than what is implied in the guidance. So we have just achieved a new record eye in our history in terms of gross margin and having a very high operating margin, but we are guiding up revenue.

謝謝你，埃里克。我想說你的估計實際上有點低，明顯低於指導中暗示的水平。因此，我們在毛利率方面剛剛創下了歷史新高，並且擁有非常高的營業利潤率，但我們正在提高收入。

We are guiding out gross margin and operating margin, I would say, significantly more than what you're modeling right now. So our path to achieve the milestone of the first milestone that we discussed at our Investor Day just a few weeks ago, is intact. Now we are going exactly in that direction. I think we can be there fairly soon.

我想說的是，我們指導的毛利率和營業利潤率遠高於你現在所模擬的水平。因此，我們實現幾週前在投資者日討論的第一個里程碑的道路是完好的。現在我們正朝著這個方向前進。我認為我們很快就能到達那裡。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Great, thank you for taking my question. If you can talk a little bit on the AI inference edge demand, both on the cloud side, maybe also on the edge side. What are you seeing perhaps in the customer commentaries that you're having that would suggest that there is an uplift here from AI?

太好了，謝謝你回答我的問題。您可以稍微談談人工智慧推理邊緣需求嗎？既包括雲端，也包括邊緣端。您在客戶評論中看到了什麼，顯示人工智慧帶來了提升？

And sort of what's kind of your -- as you look ahead into the next few quarters, what are you implying or what are you seeing in terms of the AI exabyte demand, just specifically from inferencing and workloads that are sort of baking workloads that you're expecting for your guidance? Thank you.

那麼，展望未來幾個季度，您暗示了什麼，或者您看到了什麼關於 AI EB 需求的情況，特別是從推理和烘焙工作負載的角度，您對此有何預期？謝謝。

Thanks, Asiya. It's a fairly complex space, a lot of different things being called AI. What I would say, generally speaking in the cloud, it's about video properties. We've seen this for many quarters in a row now where video is actually stored in the cloud and the diversity of video that's actually coming in from all parts of the world that gets stored in the cloud, those are tremendously rich data sets for us to ultimately store on hard drives.

謝謝，阿西婭。這是一個相當複雜的領域，很多不同的東西都被稱為人工智慧。我想說的是，一般來說，在雲端，它是關於視訊屬性的。我們已經連續多個季度看到這種情況，影片實際上儲存在雲端，來自世界各地的各種影片都儲存在雲端，這些都是非常豐富的資料集，我們最終可以將其儲存在硬碟上。

As far as edge goes, you're starting to see all kinds of different applications, whether they're video applications themselves, factories safety, factory efficiency, hospitals. There's a lot of big data sets that exist, especially video data sets that exist at the edge. And some of those applications are taking -- inferencing, but they need a lot of data to be fed with at the edge.

就邊緣而言，您開始看到各種不同的應用程序，無論是視頻應用程式本身、工廠安全、工廠效率還是醫院。存在大量大數據集，尤其是邊緣的視訊資料集。其中一些應用程式正在進行推理，但它們需要在邊緣輸入大量資料。

And then there's also just the normal growth of, I'll call it, data analytics, text data analytics still. But interestingly at the edge, starting to cross over from a point where you maybe treated data as something that you had to sort through and then delete.

然後還有正常的成長，我稱之為數據分析，文字數據分析。但有趣的是，在邊緣處，開始跨越從一個點，你可能會將資料視為必須排序然後刪除的東西。

Now it's just snapshot, just keep saving lots of snapshots at the edge because you might want to go back and look through it. So those are actually driving some of the edge growth that we've made reference to as well.

現在它只是快照，只需在邊緣保存大量快照，因為您可能想回去查看它。因此，這些實際上也推動了我們所提到的一些邊緣增長。

If I may, just how does that affect kind of what you guys shared at the analyst event in terms of exabyte CAGR as you kind of look ahead? Thank you.

如果可以的話，這對你們在分析師活動中分享的EBCAGR 未來發展有何影響？謝謝。

Yeah. I think the biggest wildcard in that, we're still sticking to the same exabyte CAGRs that we talked about mid-20s that we're comfortable with that. But there are -- we are watching some of these new applications that people talk about viral applications that happen to be very data dependent are very interesting to us. And most of those are edge applications because there's a lot of data at the edge that ultimately gets just thrown away. And so if it could be processed or stored longer, it's more interesting to us.

是的。我認為其中最大的不確定因素是，我們仍然堅持相同的 EB 複合年增長率，即我們所說的 20 年代中期，我們對此感到滿意。但是，我們正在觀察一些新的應用程序，人們談論的病毒式應用程式恰好非常依賴數據，這對我們來說非常有趣。其中大多數都是邊緣應用程序，因為邊緣的大量數據最終都會被丟棄。因此，如果它可以被處理或儲存更長時間，我們就會更感興趣。

So I think the cloud knows how to deal with the data that actually ultimately resides on the cloud very well.

所以我認為雲端非常清楚如何處理最終駐留在雲端上的資料。

Great. Thank you --

偉大的。謝謝--

Sorry, especially sovereign data sets where people are wanting to keep the data locally like we made reference to in the prepared remarks. I mean those are interesting as well.

抱歉，尤其是主權資料集，人們希望將資料保存在本地，就像我們在準備好的評論中提到的那樣。我的意思是這些也很有趣。

Thank you.

謝謝。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good afternoon. Thanks for taking my question. I was wondering maybe if you could talk a little bit about the HAMR contribution you saw in terms of revenue in this quarter and whether you expect how much you would expect that to increase, if at all, in the September quarter? And then maybe following on to that, any kind of impact you expect that would have on gross margin that you were either positive or negative in the out quarter? Thank you.

午安.感謝您回答我的問題。我想知道您是否可以談談 HAMR 對本季度收入的貢獻，以及您預計 9 月份季度 HAMR 的貢獻會有多少？那麼接下來，您預期這會對毛利率產生什麼影響，是正數影響還是負數影響？謝謝。

Yeah. Thanks, Jim. So HAMR is growing steadily, and we're very happy with. So we get more people qualified like we've talked about, then we'll continue to ramp. What we're very focused on in the company right now is getting to the 4 terabyte platter platform, and we're in some sense, winding up for that, which we'll expect that ramp early in calendar 2026, like we said in the prepared remarks. As far as gross margin, the current product sets are still accretive to gross margin as we get higher and higher, we expect it to be more accretive. But Gianluca, do you want to give some more color on that?

是的。謝謝，吉姆。因此，HAMR 正在穩步增長，我們對此感到非常高興。因此，我們會像我們所說的那樣，讓更多人獲得資格，然後我們將繼續加強。我們公司目前非常關注的是 4TB 盤片平台，從某種意義上說，我們正在為此做準備，我們預計這一目標將在 2026 年初實現，就像我們在準備好的評論中所說的那樣。就毛利率而言，目前的產品組合仍然可以增加毛利率，隨著毛利率越來越高，我們預計毛利率還會進一步增加。但是詹盧卡，你想對此做更多的解釋嗎？

Yeah. No, we are ramping HAMR higher quarter over quarter, and we have already three major cloud customers that are qualified on Mozaic 3 and we are starting Mozaic 4 terabyte per disk. So we are executing HAMR roadmap recently discussed at our Investor Day, and we expect Q1 to be another step higher in terms of volume. And of course, in terms of revenue. And as we discussed, because HAMR's higher capacity drive and lower cost per terabyte, we expect a positive impact to our gross margin.

是的。不，我們的 HAMR 產量正在逐季增加，我們已經擁有三家符合 Mozaic 3 資格的主要雲端客戶，我們開始為每張磁碟配備 4 TB 的 Mozaic 容量。因此，我們正在執行最近在投資者日討論的 HAMR 路線圖，並且我們預計第一季的銷售將再上一個台階。當然，就收入而言。正如我們所討論的，由於 HAMR 的容量更高且每 TB 的成本更低，我們預計它會對我們的毛利率產生積極影響。

Thank you.

謝謝。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you. Yeah, you had a strong quarter, clearly, but you guided revenue slightly below consensus for the September quarter and your DSO also jumped up. So I was wondering if you could clarify if there was anything that you would point out in linearity in the quarter?

是的，謝謝。是的，顯然您本季的業績表現強勁，但您預計 9 月季度的營收略低於預期，而且您的 DSO 也出現了上漲。所以我想知道您是否可以澄清一下本季線性方面是否存在任何問題？

And I guess the question is, how well is your HAMR capacity ramp aligned with qualifications and demand? Like are you tracking better on production versus demand because of qualification, which could maybe potentially drive some catch-up in the December quarter? Thank you so much.

我想問題是，您的 HAMR 容量提升與資格和需求的匹配程度如何？例如，您是否因為資格認證而更好地追蹤生產與需求，這可能會在 12 月季度推動一些追趕？太感謝了。

Yeah, Wamsi, I'll let Gianluca jump in here. But relative to the HAMR ramp, sorry, let me just talk about this quarter versus last quarter. Last quarter, obviously, the planning for these quarters is six months, nine months ago with build-to-order or more. in some cases. And so we have to look at what is qualified exactly to your point.

是的，Wamsi，我會讓 Gianluca 加入進來。但相對於 HAMR 的成長，抱歉，我只能談談本季與上一季相比的情況。上個季度，顯然，這些季度的計劃是六個月、九個月前製定的，在某些情況下是按訂單生產或更長時間的。因此，我們必須看看什麼才符合您的觀點。

And then what's going to be qualified in six months or nine months, we're leaning into the product transitions that happen along the way. If anything, if we can make more product of any kind, we would make it, but we're also trying to incentivize these product transitions to 3+ and then 4+ as well.

然後，什麼將在六個月或九個月內得到認證，我們傾向於在過程中發生的產品轉變。如果有的話，如果我們可以生產更多類型的產品，我們就會生產，但我們也會嘗試激勵這些產品過渡到 3+，然後是 4+。

And we're consuming a lot of our operational efficiency that way. Maybe there was a little bit overall to your question last -- about last quarter, and that's indicative of strong demand. I mean, this demand may be stronger as we get out to the back half of the year. We certainly see fairly strong demand right now.

我們以這種方式消耗了大量的營運效率。也許您的問題與上個季度總體上有些相似，這表明需求強勁。我的意思是，隨著我們進入下半年，這種需求可能會更加強烈。我們現在確實看到相當強勁的需求。

We're trying to balance our manufacturing capability and that planning that we've done long term, what we had promised people nine months ago, we're trying to balance all of that together, but also prioritizing the product transitions.

我們正在努力平衡我們的製造能力和長期規劃，以及我們九個月前向人們所做的承諾，我們正在努力平衡所有這些，同時也優先考慮產品轉型。

Yes. No, Wamsi, you said well, we had a very strong June quarter. We achieved better results than also what we were estimating at the beginning of the quarter, and we are guiding a better quarter in September. Demand is strong, is above supply. So our guidance is mainly based on what we think we are ready to supply during the quarter and that volume of exabyte, they will be fully sold.

是的。不，Wamsi，你說得很好，我們的六月季度表現非常強勁。我們取得的業績比本季初的預期要好，並且我們預計 9 月份的季度業績會更好。需求強勁，高於供應。因此，我們的指導主要基於我們認為我們準備在本季度供應的產品以及將完全售出的EB數量。

We also need to dedicate a little bit of our production to qualification. So some of our volume is dedicated to coal. And as you know, we are qualifying a big number of customers on HAMR. And so, of course, we are slightly impacted in the volume that we sell because we need to keep some volume for customer care. But we are going in the direction where we recently discussed is another step further into our improvement in not only revenue, but even more importantly, in profitability.

我們還需要將部分生產投入資格認證。因此我們的部分卷冊專門用於煤炭。如您所知，我們正在對 HAMR 上的大量客戶進行資格審查。因此，我們的銷售量當然會受到輕微影響，因為我們需要保留一些銷售量來滿足客戶需求。但我們正朝著最近討論的方向前進，不僅在收入方面更進一步，更重要的是在獲利能力方面也更進一步。

And when you look at our guidance. Of course, you need to remember that starting this quarter, we will be subject to the global minimum tax. So when you look at EPS, of course, there is an impact from the tax expense and there is also an impact from a higher number of shares outstanding because of the convertible and equity compensation. So when you model all those things correctly, you will see actually a fairly good improvement in both gross margin and operating margin.

當您查看我們的指導。當然，您需要記住，從本季開始，我們將遵守全球最低稅率。因此，當您查看每股盈餘時，當然會受到稅費的影響，而且由於可轉換和股權補償，流通股數量增加也會產生影響。因此，當您正確地模擬所有這些因素時，您實際上會看到毛利率和營業利潤率都有相當好的改善。

Thanks, Jen. Just to clarify that one last point you made around the capacity ramp and some of the capacity being talked away sort of for these calls. Would you say that that's something that just continues to roll forward as you're qualifying more customers? Or do you have a potential for a really meaningful step up once you get into December because now you've got the CSPs called on Mozaic 3. Thank you so much.

謝謝，Jen。只是想澄清一下您提出的最後一點，關於容量提升以及為了這些電話會議而討論的一些容量問題。您是否認為，隨著您吸引更多客戶，這種情況會繼續向前發展？或者，一旦進入 12 月，您是否有可能實現真正有意義的進步，因為現在您已經有了 Mozaic 3 上的 CSP。太感謝了。

We don't guide December, but as I said before, we are going into the generation of continuing to improve revenue and profitability and, of course, part of this revenue is coming from having a little bit more supply available. So we are executing our plan. We don't see any major constraint right now in achieving what we said recently, we are very, very confident.

我們沒有對 12 月做出預測，但正如我之前所說，我們將進入持續提高收入和獲利能力的階段，當然，部分收入來自於更多的供應。所以我們正在執行我們的計劃。我們認為目前實現我們最近所說的目標沒有任何重大障礙，我們非常非常有信心。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Guys, thanks for taking my question. On the HAMR side, I'll ask it a different way. I don't think you guys want to give out the exact percentage of revenue over the next couple of quarters. I think you did a good job at the Analyst Day of showing where the crossover point was in the first half of fiscal-year '27.

夥計們，謝謝你們回答我的問題。在 HAMR 方面，我會以不同的方式詢問。我認為你們不想透露未來幾季的具體收入百分比。我認為您在分析師日上做得很好，展示了 27 財年上半年的交叉點在哪裡。

But maybe from a customer perspective, like a large part of the ramp thus far has been with a single customer talking about multiple customers qualified. At this point, our customers et cetera, outside of customer on making up a significant portion of the ramp, like 10% or more, let's say, I just am trying to get an understanding of the adoption outside of the first guy. Thank you.

但也許從客戶的角度來看，到目前為止，很大一部分成長都是由單一客戶談論多個合格客戶。此時，我們的客戶等等，除了客戶之外，還佔據了成長的很大一部分，例如 10％ 或更多，我只是想了解第一個人之外的採用情況。謝謝。

Thanks, Tom. Yes, simple answer to your question is yes. The other customers are starting to ramp as well. And the pull is pretty strong also, depending on who's called where they may ask for more of the last generation product or may want to wait until the 4 terabyte per platter, but everybody has pretty good visibility, and we have multiple customers pulling hard. And that's indicative of the exabyte demand.

謝謝，湯姆。是的，對你的問題的簡單答案是肯定的。其他客戶也開始增加。而且拉動也相當強勁，取決於接到電話的客戶，他們可能會要求更多上一代產品，或者可能想等到每張碟片 4 兆字節，但每個人都有相當好的可見性，我們有多個客戶在努力拉動。這顯示了艾字節的需求。

Maybe to the earlier question that Wamsi was asking, we add exabyte capacity by getting through these transitions. And so that's our move is we're not really trying to add gross capacity of a number of drives. We're trying to get through these transitions as fast as we can to be much more efficient with the exhibits.

也許對於 Wamsi 先前提出的問題，我們透過這些轉變來增加 EB 容量。所以我們的舉措是，我們實際上並不是想增加多個驅動器的總容量。我們正在努力盡快完成這些轉變，以提高展覽的效率。

Helpful. And in terms of that transition, I think you guys had previously said on the mass capacity side. like where you kind of ran into a wall in terms of where you were willing to produce with like 160 exabytes on the mass capacity side.

很有幫助。就這種轉變而言，我認為你們之前已經在大規模容量方面談過。例如，在大規模容量方面，你們在生產 160 EB 容量方面遇到了瓶頸。

Is that still the right way to think about where things are stopping before you get just the growth from the technology side? Or are you looking at that in any different way now? I just wanted to see if there was an update there.

在技術方面獲得成長之前，這仍然是正確的思考方式嗎？或者您現在以不同的方式看待這個問題？我只是想看看那裡是否有更新。

With continued ramp of Mozaic 3+ platforms, we could continue to grow, but 4+ allows significant growth above that, yes. So it's not a wall so much anymore. It really was when we were stuck in the middle of 2 terabytes per platter product, but -- past that now.

隨著 Mozaic 3+ 平台的持續成長，我們可以繼續成長，但是 4+ 可以實現顯著的成長，是的。所以它不再是一堵牆了。當我們停留在每張盤片 2TB 產品的中間階段時，確實如此，但是——現在已經過去了。

Super helpful. Thank you.

超有幫助。謝謝。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Thanks. Good afternoon, everyone. Dave, as you think about the LTAs that are giving you visibility, it sounds like into early '26 right now. Can you just touch on what pricing assumptions are you seeing embedded on an exabyte basis in these contracts?

謝謝。大家下午好。戴夫，當您想到為您提供可見性的 LTA 時，聽起來現在就像是進入 26 年初了。您能否簡單談談這些合約中基於EB的定價假設是什麼？

And really, as you think about the HAMR products starting to ramp up over the next 12 months, you end up in a pretty good cost advantage, I think, on a per exabyte basis on HAMR exabytes. Do you think these LTAs will enable you to keep those cost savings for Seagate or would you see a bigger drop in price per exabyte you have to engage with your customers with at that point?

實際上，當您想到 HAMR 產品在未來 12 個月內開始成長時，我認為，在每 EB 基礎上，您將獲得相當不錯的成本優勢。您是否認為這些長期協議能夠幫助您為希捷保留這些成本節省，或者您是否會看到每EB的價格出現更大幅度的下降，以便您在那時與客戶互動？

Yeah. No, we don't have to -- we don't have to incentivize the transition. I mean there's a significant TCO benefit of running these new products in your data center. So if you think about a 40 terabyte versus a 30 terabyte for example, you're going to run that for six or seven years. That's a huge TCO benefit.

是的。不，我們沒必要──我們沒必要激勵這種轉變。我的意思是，在您的資料中心運行這些新產品可以帶來顯著的 TCO 優勢。因此，如果您考慮 40 兆位元組與 30 兆位元組的比較，那麼您將運行六到七年。這是一個巨大的 TCO 優勢。

So there's an incentive baked in right there. We know what our costs are going to be, and we know what pricing we want to incentivize and we know what margin that we need to be able to go back and refeed our R&D and our supply chain and everything else. So we're balancing all these things in the planning that we're doing.

因此，這裡面就蘊含著一種激勵。我們知道我們的成本是多少，我們知道我們想要激勵的定價，我們知道我們需要多少利潤才能回饋我們的研發、供應鏈和其他一切。因此，我們在製定計劃時要平衡所有這些因素。

Gianluca, do you want to talk about pricing?

詹盧卡，你想談談定價嗎？

Yeah, we are not changing our pricing strategy that we have started more than two years ago. So our like-for-like pricing will continue to slightly increase every time we negotiate a new build to order. Of course, the mix is going to more higher capacity so -- but it's also the part of the set. But again, everything is aligned to how we are executing our plan that we presented just a few weeks ago.

是的，我們不會改變兩年多前開始實施的定價策略。因此，每次我們協商新的訂單時，我們的同類定價都會繼續略有增加。當然，混合的容量會更高——但它也是設備的一部分。但再次強調，一切都與我們幾週前提出的計劃的執行情況一致。

Perfect. Thank you.

完美的。謝謝。

Thanks.

謝謝。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question. I will ask a little bit about free cash flow generation and how we should think about share repurchase. So I think in the prepared comments, you had pointed out that you should be in your CapEx -- CapEx spend range of 4% to 6%. I guess the first part of this is that, that would seem to apply a fairly healthy uptick in the CapEx spend year-over-year for fiscal '26 versus fiscal '25. And I guess why would that be?

是的，感謝您提出這個問題。我會問一些有關自由現金流產生以及我們應該如何考慮股票回購的問題。因此，我認為在準備好的評論中，您已經指出您的資本支出應該在 4% 到 6% 的範圍內。我想首先要說的是，與 25 財年相比，26 財年的資本支出似乎出現了相當健康的年增長。我想這是為什麼呢？

And then the second question is kind of tied to that is that as we see the generation of free cash flow, you've hit the sub-$5 billion gross debt level. How do we think about the right level of cash operationally you're willing to hold? Or maybe in the opposite way, we should think about excess cash being built in capacity for share repurchase. Any thoughts around that would be helpful. Thank you.

第二個問題與此相關，我們看到自由現金流的產生，而你們的總債務水準已經達到 50 億美元以下。我們如何考慮您願意持有的適當的現金營運水準？或者反過來，我們應該考慮將多餘的現金用於股票回購。任何有關此的想法都會有幫助。謝謝。

Thanks, Aaron. I'll hand it over to Gianluca in just a second. But just to handle from an operations perspective, I mean, obviously, given what we've been through in the last few years, we were pretty tight on CapEx. So I'm not sure that looking at a year ago or two years ago, baseline is a great way to think about it. Some of our gear needs to be replaced.

謝謝，亞倫。我馬上就把它交給詹盧卡。但僅從營運角度來看，顯然，考慮到我們過去幾年所經歷的情況，我們的資本支出相當緊張。所以我不確定回顧一年前或兩年前，基線是否是一種很好的思考方式。我們的一些裝備需要更換。

There's a small tick up for that, but then there's also us looking forward into FY27 and FY28 and saying how do we make sure we stage for 4 terabytes of platter in 5 terabytes platter make sure we have the right gear for that. that may drive CapEx a little bit. It will still be well within our range, though. And then Gianluca (inaudible)

這方面有一個小幅上漲，但我們也展望了 27 財年和 28 財年，並說我們如何確保在 5 TB 盤片中安排 4 TB 盤片，確保我們擁有合適的設備。這可能會稍微推動資本支出。但它仍然在我們的範圍內。然後是詹盧卡（聽不清楚）

Yes, Aaron. So free cash flow is improving a lot. You have seen already in the June quarter, a major step-up. This will continue, as we said, during the second part of calendar '25 and will also continue for the second part of our fiscal '26. We have reduced our debt, as you said, at the target level we were targeting since more than a year at this point.

是的，亞倫。因此自由現金流正在大幅改善。您已經看到了 6 月季度的重大進步。正如我們所說，這種情況將在 2025 年下半年繼續，也將在 2026 財年下半年繼續。正如您所說，我們已經將債務削減到了一年多以來設定的目標水平。

And Dave just announced that we are restarting share buyback. So again, we are executing our plan. I think obviously is a good time to restart the share buyback. And in terms of liquidity, we're asking and excess cash flow or excess cash, we don't have excess cash right now. I think we can maybe still increase a little bit our cash position, but the vast majority of our free cash flow, of course, we'll go back to our shareholders through the dividend and through the share buyback.

戴夫剛剛宣布我們將重新開始股票回購。因此，我們正在再次執行我們的計劃。我認為現在顯然是重新開始股票回購的好時機。就流動性而言，我們要求過剩現金流或過剩現金，但目前我們沒有過剩現金。我認為我們或許還能稍微增加一下我們的現金狀況，但我們的絕大部分自由現金流當然會透過股利和股票回購返還給股東。

Yeah, thank you.

是的，謝謝。

Thank you, Aaron.

謝謝你，亞倫。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah, thanks [got] for taking the question, Thanks, Dave, just going back to your prior remarks about the AI drivers that you're seeing in your business. And this would be sort of not at the end of the data center remarks. Did you actually make mention that you're seeing multiple types of AI video drivers? And if you are, you might just sort of speaking to those again. I just wanted to get clear on this. Thanks.

是的，感謝您提出這個問題，謝謝，戴夫，回到您之前關於您在業務中看到的人工智慧驅動因素的評論。這在某種程度上並不是資料中心評論的結束。您是否確實提到您看到了多種類型的 AI 視訊驅動程式？如果是的話，您可能只是再次談論這些問題。我只是想弄清楚這一點。謝謝。

Well, yeah, I would say, Ananda, there's the video properties that I call them the things that are storing a lot of video in the cloud and then sharing that video across many, many users around the world, right? So we all are familiar with those. And use those every day. There's also just unstructured data that's coming into the cloud IV processing could be video content as well.

嗯，是的，我想說，阿南達，我所說的視頻屬性就是在雲中存儲大量視頻，然後與世界各地的眾多用戶共享這些視頻，對嗎？所以我們都很熟悉這些。並且每天使用它們。進入雲端 IV 處理的非結構化資料也可能是視訊內容。

And then there's video generation from some of the new AI applications also that some of those are starting to go viral as well. That's a small trend so far. So the video processing, the unstructured data processing is big. And then the video properties, as I call them, is just huge, creating because humans are creating all kinds of diverse content and then storing them through these applications.

此外，一些新的人工智慧應用程式還可以產生視頻，其中一些也開始流行起來。到目前為止，這只是一個小趨勢。因此視訊處理、非結構化資料處理規模很大。然後，我所說的視訊屬性非常龐大，因為人類正在創建各種不同的內容，然後透過這些應用程式儲存它們。

And are you seeing from the autonomous sector, anything starting to happen with generative AI, any visibility into that? And that's it for me, thanks.

您是否從自主領域看到，產生人工智慧開始出現任何進展，對此有任何預見性？對我來說就這樣了，謝謝。

That's an interesting question. So we do have some partnerships with people that are making autonomous vehicles. Typically, so far, the data is actually gathered in the field and then processed in a local cloud and it's fairly data rich.

這是一個有趣的問題。因此，我們確實與製造自動駕駛汽車的一些人建立了合作夥伴關係。通常，到目前為止，數據實際上是在現場收集的，然後在本地雲端中進行處理，並且數據相當豐富。

But so far, there hasn't really been a generation of data at the extreme edge and then monetization somewhere else besides just teaching the car how to drive better. Should that ever happen, so that the cars themselves become units that are actually picking up a lot of data and then sharing it some other way, that could be a huge opportunity.

但到目前為止，除了教汽車如何更好地駕駛之外，還沒有真正產生極端邊緣的數據，然後在其他地方實現貨幣化。如果這種情況真的發生，那麼汽車本身就會成為收集大量數據並以其他方式共享數據的單元，這可能是一個巨大的機會。

So far, we haven't seen that. It's more about training and inferencing just to make sure that the vehicles are driving right and staying safe.

到目前為止，我們還沒有看到這種情況。它更多的是關於訓練和推理，以確保車輛正確行駛並保持安全。

Got it. Thanks a lot.

知道了。多謝。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，領唱費茲傑拉。

Yeah, good afternoon. Thank you for taking the question. So I was hoping to better understand your ability to drive revenue growth, both short-term and longer-term. So for the September quarter, you're guiding up 2%. You have an extra week, but you talked about select hammer bits going to qualification. So I would have thought perhaps with the extra week, maybe you could have had more output. So is there something else going on there?

是的，下午好。感謝您回答這個問題。因此，我希望更了解您推動短期和長期收入成長的能力。因此，對於 9 月季度，您預計將成長 2%。您有一周的空閒時間，但您談到了選擇鎚鑽頭進行資格審查。因此我想，也許多一週的時間，你就能獲得更多的產出。那麼那裡還發生其他什麼事嗎？

Is there a mix issue? Would love to have help there? And then for fiscal '26 at your Analyst Day, you talked about longer-term growth of low to mid-teens top line. And I'm just curious, at what point in the HAMR ramp, do you think you will have the capacity to support that type of growth? Thanks so much.

是否有混合問題？想要得到幫助嗎？然後，在分析師日上，您談到了 26 財年的長期成長，即低至十幾歲的營收成長。我只是好奇，在 HAMR 發展到什麼階段時，您認為您將有能力支持這種類型的成長？非常感謝。

Yeah. I'll let Gianluca to deal with the longer-term period. But obviously, as I said before, the quarter-over-quarter stuff was a lot of the supply perspective on these quarters was dictated six months ago or nine months ago under built to order.

是的。我會讓詹盧卡來處理長期事務。但顯然，正如我之前所說，季度環比數據很大程度上取決於六個月前或九個月前按訂單生產的供應情況。

And I don't think our customers look at it as 14 week or an extra week or whatever. So if there happens to be a little bit more demand at the end of the quarter, maybe it will come our way. There's maybe some evidence that it did last quarter. But I don't really get into the -- what happened in one week period.

我不認為我們的客戶會將其視為 14 週或額外一周或其他什麼。因此，如果本季末的需求恰好稍微多一點，也許我們就能實現這一目標。或許有一些證據顯示上個季度確實如此。但我不太清楚這一週內到底發生了什麼事。

From our perspective, the way we put more exabytes online is to go through the product transition, not necessarily buy capital to try to build more for demand. So that would be a long, long lead time anyway. So we're actually very focused on getting the new products in, qualified, up the ramp, so on and so forth. And that will help build our margins.

從我們的角度來看，我們將更多的 EB 資料放到網路上的方式是透過產品轉型，而不一定購買資本來嘗試根據需求建立更多資料。所以無論如何這都會是一個很長很長的準備時間。因此，我們其實非常注重新產品的引進、品質檢驗、產品上線等等。這將有助於提高我們的利潤。

Yeah, the mix is going in the right direction. So we are increasing both Mozaic or the HAMR products and the last generation of PMR products. So you will see the increase in exabytes that are not implied in our guidance and also what we have done in the most recent quarter, we are increasing exabyte. We are not increasing units. So this is all technology transition.

是的，混合正朝著正確的方向發展。因此，我們正在增加 Mozaic 或 HAMR 產品以及最新一代 PMR 產品。因此，您將看到我們的指導中未暗示的EB數量的增加，以及我們在最近一個季度所做的，我們正在增加EB數量。我們不增加單位。所以這都是技術轉變。

So more and more, we move customers to HAMR. And more and more, we have the opportunity to increase the cabin of course, that will result in higher revenue. In terms of what we said at our Analyst Day in terms of revenue growth, so the low to mid-teens we guided next quarter at $2.5 billion.

因此，我們越來越多地將客戶轉向 HAMR。當然，我們有更多的機會增加客艙，這將帶來更高的收入。就我們在分析師日上所說的營收成長而言，我們預計下個季度的營收將達到 25 億美元的低點至中位數成長。

If you look where we were a year ago, I think it's probably 15% higher. So I don't see any -- now anything different compared to what we were saying a few weeks ago and what we are executing. Of course, every quarter is different. And as I said before, we guide based on what we think we are producing in the quarter. If we will produce it any more, we will be able to generate a little bit more revenue. But right now, we see the visibility.

如果你看看我們一年前的情況，我認為它可能高出了 15%。因此，我認為與我們幾週前所說的和正在執行的相比，沒有任何不同。當然，每季的情況都不同。正如我之前所說，我們根據我們認為本季的產量來制定指引。如果我們繼續生產，我們就能創造更多的收入。但現在，我們看到了其可見性。

Very helpful, thank you.

非常有幫助，謝謝。

Thank you.

謝謝。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hey guys, this is Adi for Krish. Just a question on the guide. It seems that your guidance implies incremental gross margins, about like 50%, even though we are still below the $2.6 billion revenue baseline you outlined on the Analyst Day.

大家好，我是 Krish 的 Adi。這只是關於指南的一個問題。看來您的指引意味著增量毛利率，大約 50%，儘管我們仍然低於您在分析師日概述的 26 億美元收入基準。

I wonder as you go from the $2.5 billion in September to $2.6 billion and above. Why would your incremental gross margin not be better than the 50% number you guided at the Analyst Day. Like are there some headwinds in the near term.

我想知道您如何從 9 月的 25 億美元成長到 26 億美元甚至更多。為什麼你們的增量毛利率沒有高於分析師日指導的 50% 呢？例如短期內是否存在一些阻力。

It's just like a little bit puzzling, especially given that the HAMR ramp is still in very early stages. So someone should expect like revenue -- gross margin accretion above the 50% you guided. So any color on that regard would be helpful.

這有點令人費解，特別是考慮到 HAMR 的發展仍處於非常早期的階段。因此，有人應該預期收入——毛利率將增長至您預測的 50% 以上。因此，任何與此相關的顏色都會有幫助。

Yeah. I think you need to look at your model it deeper because the implied gross margin in the guidance is way higher what you are seeing. Again, look at your model, look at the impact of the increase in the share outstanding, the increase in the tax. But the gross margin in our guidance is much higher than 50 basis points sequentially.

是的。我認為您需要更深入地研究您的模型，因為指導中隱含的毛利率比您所看到的要高得多。再一次，看看你的模型，看看流通股增加、稅收增加的影響。但我們預期的毛利率遠高於上一季的 50 個基點。

Sorry, Gianluca, I meant 50% incremental gross margin at 15 basis points.

抱歉，Gianluca，我的意思是 15 個基點的增量毛利率為 50%。

Okay. Perfect. Well, no, I'll say every quarter will be a little bit different depending exactly from nose mix that we change quarter-over-quarter. But I would say our first goal is to achieve the $2.6 billion in revenue and the 40% gross margin. And I think we are trending well in that direction.

好的。完美的。嗯，不，我想說每個季度都會有點不同，這取決於我們每個季度變化的鼻子組合。但我想說我們的首要目標是實現 26 億美元的營收和 40% 的毛利率。我認為我們正朝著這個方向發展。

And after that, our goal is to continue to increase revenue in the low to mid-teens as we discussed at the Day and increase our profitability for an incremental 50% gross margin. So I would say nothing changed in the last eight weeks. So I think the plan is ongoing, and we are executing well.

此後，我們的目標是繼續將收入提高到十幾到十幾個百分點，正如我們在當天討論的那樣，並將盈利能力提高到 50% 的增量毛利率。所以我想說過去八週內甚麼都沒有改變。所以我認為該計劃正在進行中，而且我們執行得很好。

Got it. Thank you.

知道了。謝謝。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot. Dave, you made a comment that I haven't heard you make before. You said the capacity is booked out to mid-'26 and visibility is extending into the back half. What does that mean? Because build-to-order, I mean the lead time to build the drive is a year. So if you place something now, you're not going to get to drive until this time next year anyway.

多謝。戴夫，你發表了一則我從未聽過的評論。您說容量已預訂到 26 年中期，並且可見性延伸到下半年。這意味著什麼？因為是按訂單生產的，所以製造驅動器的準備時間是一年。因此，如果您現在放置某件物品，無論如何您都要等到明年這個時候才能駕駛。

So sort of by definition, you have a year worth of visibility. Are you changing how you book that capacity? And I guess part of that is what does that really give you? Like do you know exactly what's going to ship in December? I know you don't want to give us guidance, but can customers push out like, like if you wanted to guide December, could you tell us what you're going to ship in December. I'm just wondering if something changed to give that comment? Thanks.

因此，根據定義，您擁有一年的可見性。您是否會改變預訂該容量的方式？我想其中一部分就是這到底為你帶來了什麼？例如，您確切知道 12 月會出貨什麼嗎？我知道您不想給我們指導，但是客戶能否推出，例如，如果您想指導 12 月，您能告訴我們您將在 12 月發貨什麼嗎？我只是想知道是否發生了一些變化以致於出現這樣的評論？謝謝。

Thanks. Nothing's really changed. And you're somewhat right. Remember, we're leading through these product transitions. So we have customers who are driving us to not only start the ramp of Mozaic 3+ but start to ramp Mozaic 4+ and so on, and they're working with us on qualifications. And that's some of the stuff that we talk about visibility.

謝謝。一切都沒有真正改變。你說得有些對。請記住，我們正在引領這些產品轉型。因此，我們的客戶不僅推動我們開始推進 Mozaic 3+，還推動我們開始推進 Mozaic 4+ 等等，並且他們正在與我們合作進行資格認證。這就是我們談論可見性的一些內容。

They generally want exabytes. They don't want specific boxes, but they want the most efficient boxes they can get. And so do we have pretty good visibility into that? Yes, and we have long lead times for some of the components. So we have to make sure we start those components right now. If that helps you comment, Tim.

他們通常想要艾位元組。他們不想要特定的盒子，而是想要盡可能最有效率的盒子。那麼我們對此有很好的了解嗎？是的，我們的某些組件的交貨時間很長。因此我們必須確保立即啟動這些元件。如果這對你的評論有幫助的話，蒂姆。

Yeah. I guess I'm just trying to figure out like, do you know exactly what you're going to ship in December. I know you don't want to give guidance, but I mean, could December be down potentially? Or do you have visibility to say, look, we know exactly what we're going to ship in December, and we don't want to tell you, but we at least know what it's going to be.

是的。我想我只是想弄清楚，你是否確切知道 12 月要運送什麼。我知道您不想給出指導，但我的意思是，12 月可能會下降嗎？或者您是否有透明度地說，看，我們確切地知道我們將在 12 月發貨什麼，我們不想告訴您，但我們至少知道它會是什麼。

Right. I would say we know what the customers want and demand is very strong. So we made -- as far as what else might happen in the world, I don't know what else might happen in the world. But from our perspective, demand is still strong, probably stronger than what we have capacity for. And even though we're building capacity as we get through some of these transitions, the exabyte capacity via the transition.

正確的。我想說我們知道客戶想要什麼，需求非常強烈。所以我們做了——至於世界上還會發生什麼，我不知道世界上還會發生什麼。但從我們的角度來看，需求仍然強勁，可能比我們的產能還要強勁。儘管我們在完成一些轉變的過程中正在建立容量，但透過轉變可以實現 EB 容量。

And Tim, we said previously also in prior calls, we expect calendar '25 to sequentially increase revenue and profitability. So we're continuing in that direction. So December will be higher revenue and high profitability.

提姆，我們之前在電話會議中也說過，我們預計 25 年的收入和獲利能力將持續增加。因此，我們會繼續朝這個方向努力。因此12月份的收入和利潤將會更高。

Thank you.

謝謝。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. I was just curious if there's any seasonality, we have to think about as we figure out the full fiscal-year quarters. It seems like there's a lot of positive quarter-on-quarter tailwinds as you go through the year? What kind of seasonal warnings would you throw up, Gianluca?

嗨，下午好。我只是好奇是否存在任何季節性，我們在計算整個財政年度季度時必須考慮這一點。看起來今年以來，季度環比出現了許多積極的有利因素？詹盧卡，您會提出什麼樣的季節性警告？

The seasonality is starting to really diminish in our business. So if the legacy and other businesses are still have some seasonality. And then via is interesting because as time marches on via some of the workloads are moving to the cloud as well. And so we're seeing not the typical seasonality that we would have seen in the VIA markets more muted now. But I think the bulk of our business, there really isn't any seasonality anymore.

我們的業務的季節性開始真正減弱。因此，如果遺留業務和其他業務仍然具有一些季節性。然後 via 很有趣，因為隨著時間的推移，一些工作負載也轉移到了雲端。因此，我們現在看到的不是 VIA 市場所常見的典型季節性，而是更溫和。但我認為我們的大部分業務實際上已經不再受季節性影響。

Thank (multiple speakers) --

感謝（多位發言者）——

Sorry, in total, I would say, March quarter is usually our lower quarter in term of revenue. But as Dave said, that seasonality impact every year becomes a little bit smaller.

抱歉，總的來說，我想說，三月季度通常是我們收入較低的季度。但正如戴夫所說，季節性的影響每年都會變小。

Thank you. And just real quick, if I could squeeze one in. I know someone asked you about receivables. I'm not clear on the answer in terms of why the receivables were up so much in the quarter. Thanks.

謝謝。非常快，如果我能擠進去的話。我知道有人問過你有關應收帳款的問題。我不清楚為什麼本季應收帳款成長如此之多。謝謝。

There is nothing strange. You know in the past, we did also some factoring, and we didn't do any factor in this quarter. And that's because our free cash flow was really strong already. So nothing unusual, I would say, in the business that drive receivable higher.

沒什麼奇怪的。您知道，過去我們也做了一些保理，但本季我們沒有做任何保理。這是因為我們的自由現金流已經非常強大。因此，我想說，在業務中，推動應收帳款增加的情況並沒有什麼不尋常之處。

Yeah, I'd say we're back to running the business the way we want to. And we've got the supply chain moving the way we want to. So we're very pleased with the progress in FY25.

是的，我想說我們又回到了以我們想要的方式經營業務。我們已經讓供應鏈以我們想要的方式運作。因此，我們對 25 財年的進展感到非常滿意。

Great. Thank you.

偉大的。謝謝。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi, good afternoon. High-level question. It looks like NAND hasn't been cannibalistic to HDD demand for some time, each storage type as their own respective end market. And there's been so much in terms of capacity cuts in NAND recently that has precluded any production cost down.

嗨，下午好。高層次的問題。看起來 NAND 暫時還沒有蠶食 HDD 的需求，每種儲存類型都有各自的終端市場。最近 NAND 產能大幅削減，導致生產成本無法降低。

So eventually, NAND capacity normalizes and production costs return to a normal curve, should we view this as a potential pressure on HDD demand in certain end markets? Or is that such that, notably with HAMR, your density versus production costs to maintain the gap with NAND?

因此，最終，NAND 容量將恢復正常，生產成本將回歸正常曲線，我們是否應該將此視為對某些終端市場 HDD 需求的潛在壓力？或者，特別是對於 HAMR 來說，您的密度與生產成本是否能夠保持與 NAND 的差距？

Yeah. It's a complex question, but I would say that your last point is the way we think about it. We're continuing to increase the capacity point per drive and also keep our costs in line. We have a great value proposition for customers. And so therefore, in the markets that we are really material to us like the cloud markets, the interface between NAND and HDD is not really changing that much.

是的。這是一個複雜的問題，但我想說，你的最後一點就是我們思考這個問題的方式。我們正在繼續增加每個驅動器的容量點，同時保持成本穩定。我們為客戶提供極具價值的主張。因此，在對我們真正重要的市場（例如雲端市場）中，NAND 和 HDD 之間的介面實際上並沒有發生太大變化。

And when I say interface, keep in mind, there's a lot of NAND in the cloud. right? There's a lot of front-end memory in these application spaces. And in some cases, some are very memory-dependent. But when it comes to mass data storage, the interface between all demand that's being used and all the hard drive bits that are being used is not changing that much.

當我說介面時，請記住，雲端中有很多 NAND。對嗎？這些應用空間中有大量前端記憶體。在某些情況下，有些情況非常依賴記憶。但當談到海量資料儲存時，所有正在使用的需求和所有正在使用的硬碟位元之間的介面並沒有發生太大的變化。

And because of the economics that you talked about because of the -- like we've talked about in the Analyst Day, the total amount of capital that would be required to replace the exabytes that are HDD with NAND. So NAND is a great technology. It's got a lot of interesting applications on the edge.

而且由於您所談論的經濟因素——就像我們在分析師日所討論的那樣，用 NAND 取代 HDD 所需的總資本額。所以 NAND 是一項偉大的技術。它有很多有趣的邊緣應用。

They need to manage the biz well, that may be the result -- that may be what's resulting in some of the behaviors that you made reference to, but in the bulk of mass storage applications, certainly in the cloud, the architectures are not changing.

他們需要妥善管理業務，這可能是結果——這可能是導致您提到的一些行為的原因，但在大多數大容量儲存應用程式中，當然在雲端，架構並沒有改變。

Great. Thank you very much.

偉大的。非常感謝。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yeah, hi, Dave and Jan, look, first question on the gross margin side, assuming your margins go to like 38% -- 3.8% in the September quarter. Is that pickup coming from pricing, utilization and the HAMR mix. Can you give us some attribution like what percent goes to -- from the pricing improvement versus utilization versus the HAMR mix? And then I have a follow-up.

是的，嗨，戴夫和簡，看，第一個問題是關於毛利率方面的，假設你們的利潤率在 9 月份季度達到 38% - 3.8%。這種成長是否來自於定價、利用率和 HAMR 組合？您能否給我們一些歸因，例如從定價改善、利用率到 HAMR 組合，百分比是多少？然後我有一個後續問題。

And you're talking about the September quarter or the June quarter?

您說的是九月季度還是六月季度？

Yeah. September quarter, sorry, yeah.

是的。九月季度，抱歉，是的。

Yeah. I would say, all those factors that you mentioned. So HAMR volume will be higher, and this is, of course, a good health to our gross margin. And the pricing strategy, as we said before, is not changing. So for the few contract that we will have news in the September quarter.

是的。我想說的是，所有這些因素都與你提到的有關。因此 HAMR 的銷量將會更高，這當然對我們的毛利率來說是一個好兆頭。正如我們之前所說，定價策略不會改變。因此，對於少數合同，我們將在 9 月季度獲得消息。

We will leverage a bit better pricing. And we are selling all our production. So of course, also on the cost side, we are getting fairly good cost per terabyte decline. So I would say not differently from the last few quarters, we are trending in the same direction, and we are continuing this sequential improvement.

我們將利用更優惠的價格。我們正在銷售我們所有的產品。當然，在成本方面，我們每 TB 的成本下降也相當不錯。因此我想說，與過去幾季沒有什麼不同，我們正朝著同一個方向發展，我們正在繼續這種連續的改善。

Got it. And Dave mentioned three customers on HAMR now. And I think you guys have said five customers by the end of fiscal '26. Can you talk to what the -- how the other two are going and how you expect the number two and number three ramps to progress, I guess. thanks.

知道了。戴夫現在提到了 HAMR 上的三位客戶。我認為你們已經說過到 26 財年末會有五位客戶。您能否談談其他兩個坡道的進展以及您預計二號和三號坡道將如何進展？謝謝。

Yes. So earlier, I talked about the fact that there were more people ramping the product relative to the three customer comments. We haven't really said five yet, but we've said major customers will be qualified by early '26 as we said in the prepared remarks, and we actually talked about that at Analyst Day as well. So we're still on exactly that path.

是的。所以之前，我談到了相對於三個客戶評論而言，有更多的人對產品進行推廣。我們還沒有真正說過是五個，但我們已經說過，主要客戶將在 26 年初獲得資格，正如我們在準備好的評論中所說的那樣，我們實際上也在分析師日談到了這一點。所以我們仍然在走這條路。

To your question about how are the calls going. They're going very well. I think as customers need more bites, they see that as they get through the qualification, they see that as an option, and then they're creating that demand.

關於您關於通話進度如何的問題。他們進展順利。我認為，隨著顧客需要更多的食物，他們發現，通過資格審查後，他們會將其視為一種選擇，然後他們就會創造這種需求。

Obviously, with the build to order, we have to be very prescriptive of it. So we know exactly what we're going to be able to build. We know which wafers are flowing, and we know what heads and media capabilities we're going to have to hit those things will be as predictable as we can for them. But the progress on the qualifications is going quite well.

顯然，對於按訂單生產，我們必須非常嚴格地遵守規定。所以我們確切地知道我們能夠建造什麼。我們知道哪些晶圓在流動，我們知道需要什麼樣的磁頭和介質能力來達到這些目的，我們會盡可能地預測它們。但資格審查的進展相當順利。

All right. Thank you.

好的。謝謝。

Mark Miller, The Benchmark Company.

馬克‧米勒（Mark Miller），基準公司。

Yeah, I'm trying to get my arms around the impact of this global minimum tax, which kicks in fiscal 2026. I believe you said the non-GAAP tax rate will be 16%. Can you give any insight on what the GAAP tax rate will be with this global minimum tax?

是的，我正在努力了解這項將於 2026 財年生效的全球最低稅的影響。我相信您說過非 GAAP 稅率將為 16%。您能否介紹一下，在實施這項全球最低稅率的情況下，GAAP 稅率是多少？

Yeah, it will be very similar. So the cover minimum taxes is impacting us on both GAAP and non-GAAP.

是的，非常相似。因此，最低稅額對我們 GAAP 和非 GAAP 都有影響。

Okay. Thank you.

好的。謝謝。

Thanks, Mark.

謝謝，馬克。

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, Nick. Thanks, everyone, for joining us today. Fiscal '25 was an incredible year for Seagate, and I'm really proud of our team's execution. We're operating in a strong demand environment, driven in part by advancements in GenAI and the markets towards all these Agentic models. These breakthroughs has solidified data as one of the world's most critical resources.

謝謝，尼克。感謝大家今天加入我們。25 財年對希捷來說是不可思議的一年，我為我們團隊的表現感到非常自豪。我們處於強勁的需求環境中，部分原因是 GenAI 的進步以及市場對所有這些 Agentic 模型的需求。這些突破鞏固了數據作為世界上最重要的資源之一的地位。

Hard drive is our key component in powering businesses to harness the full value of their data, and Seagate's leading technology road map make us uniquely positioned to capture value from those growing opportunities. We appreciate the ongoing support of our customers, our suppliers, our employees and the shareholders, and we look forward to sharing our progress in the quarters ahead. Thank you.

硬碟是我們幫助企業充分發揮數據價值的關鍵部件，而希捷領先的技術路線圖使我們擁有獨特的優勢，可以從這些不斷增長的機會中獲取價值。我們感謝客戶、供應商、員工和股東的持續支持，並期待在未來幾季分享我們的進度。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。