希捷科技 (STX) 2026 Q2 法說會逐字稿

Welcome to the Seagate Technology fiscal second-quarter conference call.

歡迎參加希捷科技第二財季電話會議。

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

（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係高級副總裁 Shanye Hudson。請繼續。

Thank you. Hello, everyone. Welcome to today's call.

謝謝。大家好。歡迎參加今天的電話會議。

Joining me are Dave Mosley, Seagate's Chair and Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer.

與我一同出席的還有希捷董事長兼執行長戴夫·莫斯利，以及我們的財務長詹盧卡·羅馬諾。

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

我們已在網站的投資者關係版塊發布了獲利新聞稿和12月季度業績的詳細補充資訊。

During today's call, we'll refer to GAAP and non-GAAP measures. Non-GAAP figures are reconciled to GAAP figures in the earnings press release posted on our website and included on 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, reconciliation to corresponding GAAP measures is not available without unreasonable effort.

在今天的電話會議中，我們將提到GAAP和非GAAP指標。非GAAP資料與GAAP資料的調節表已在公司網站上發布的獲利新聞稿中公佈，並包含在我們的8-K表格中。我們尚未對某些非GAAP展望指標進行調整，因為可能影響這些指標的重大事項超出我們的控制範圍和/或無法合理預測。因此，不付出不合理的努力就無法與相應的 GAAP 指標進行核對。

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. They 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.

在開始之前，我想提醒各位，今天的電話會議包含前瞻性陳述，這些陳述反映了管理層基於截至今天我們所掌握的資訊而作出的當前觀點和假設。不應依賴這些資訊作為任何後續日期的依據。實際結果可能與這些前瞻性聲明中包含或暗示的結果有重大差異，因為它們受到與我們業務相關的風險和不確定性的影響。

To learn more about these 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.

要了解這些風險、不確定性以及可能影響我們未來業務業績的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 表格年度報告和 10-Q 表格季度報告以及補充信息，所有這些文件都可以在我們網站的投資者關係部分找到。

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.

在我們發表完準備好的演講後，我們將開放提問環節。為了讓所有分析師都有機會參與，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 turn the call over to you, Dave.

那麼，我就把電話交給你了，戴夫。

Thanks, Shanye. Hello, everyone.

謝謝你，珊妮。大家好。

Seagate closed out calendar 2025 with a record-breaking quarter, driven by sequential revenue growth across nearly all end markets. December-quarter financial results exceeded both top- and bottom-line expectations and set new company records for exabyte shipments, gross margin, operating margin, and non-GAAP earnings per share. We expanded non-GAAP gross margin above 42%, supported by the execution of our pricing strategy, along with an improving mix of our high-capacity drives, as HAMR shipments ramp.

希捷在 2025 年底迎來了一個破紀錄的季度，這主要得益於幾乎所有終端市場收入的環比增長。12 月季度財務業績超出預期，營收和利潤均創下公司新紀錄，包括艾字節出貨量、毛利率、營業利潤率和非 GAAP 每股收益。在定價策略的執行以及高容量驅動器組合的改善（HAMR 出貨量增加）的支持下，我們的非 GAAP 毛利率擴大到 42% 以上。

Looking at the entire calendar year, 2025 marked a transformational period for Seagate, both financially and operationally. Over the calendar year, we increased revenue by over 25%, improved gross margins by nearly 740 basis points, and expanded operating margins by an even greater amount, demonstrating the profitability leverage in our financial model.

從整個日曆年來看，2025 年對希捷來說是一個變革性的時期，無論是在財務上還是在營運上。在過去一年中，我們的收入成長了 25% 以上，毛利率提高了近 740 個基點，營業利潤率的提升幅度更大，這證明了我們財務模型的獲利能力槓桿作用。

2025 also solidified HAMR technology as a long-term enabler of mass capacity storage. We entered the year shipping 3 terabyte per disk Mozaic-based HAMR products to our first CSP customer. By year's end, quarterly HAMR shipments exceeded 1.5 million units and have continued to ramp.

2025 年也鞏固了 HAMR 技術作為大容量儲存長期推動技術的地位。今年年初，我們向我們的第一位 CSP 客戶交付了每個磁碟 3 TB 的基於 Mozaic 的 HAMR 產品。到年底，HAMR 的季度出貨量超過 150 萬台，並且持續成長。

Mozaic 3 HAMR drives are now qualified with all of the major US CSP customers. Qualifications for our second-generation Mozaic 4 terabytes per disk products are tracking well to plan. These developments align with our long-term aerial density roadmap that extends to 10 terabytes per disk, which we expect to deliver early in the next decade.

Mozaic 3 HAMR 硬碟現已獲得美國所有主要 CSP 客戶的認證。我們第二代 Mozaic 4TB/磁碟產品的認證工作進展順利，符合計畫。這些進展與我們長期的空中密度路線圖相符，該路線圖的目標是每塊磁碟儲存 10 TB 的數據，我們預計將在下一個十年的早期實現這一目標。

I want to thank our Seagate teams around the world for exceeding our performance expectations and delivering outstanding value to our global customers. We continue to operate in an exceptionally strong demand environment, particularly within the data center end markets. In the December quarter, we saw sustained demand growth for our high-capacity nearline drives across global cloud data centers, as well as continued improvement from the enterprise edge. Based on our build-to-order pipeline, we anticipate these positive demand trends will continue for some time.

我要感謝希捷全球團隊，他們超越了我們的績效預期，為全球客戶創造了卓越的價值。我們持續在異常強勁的需求環境下運營，尤其是在資料中心終端市場。在 12 月季度，我們看到全球雲端資料中心對我們高容量近線硬碟的需求持續成長，企業邊緣的需求也持續改善。根據我們目前的按訂單生產能力，我們預計這種積極的需求趨勢將持續一段時間。

Our nearline capacity is fully allocated through calendar year 2026. We expect to begin accepting orders for the first half of calendar year 2027 in the coming months. Further out, demand visibility is strengthening, based on the long-term agreements in place with major cloud customers through calendar '27.

我們的近線產能已全部分配至 2026 年。我們預計在未來幾個月內開始接受 2027 年上半年的訂單。從長遠來看，需求可見度正在增強，這得益於與主要雲端客戶簽訂的、有效期至 2027 年的長期協議。

Additionally, multiple cloud customers are discussing their demand growth projections for calendar '28, underscoring that supply assurance remains their highest priority. We will continue to meet strengthening demand through our strategy to maintain supply discipline and satisfy exabyte growth through areal density advancements and without increasing unit production volume.

此外，多家雲端客戶正在討論他們對 2028 年的需求成長預測，這凸顯了供應保障仍然是他們的首要任務。我們將繼續透過維持供應紀律的策略來滿足不斷增長的需求，並透過提高面密度來滿足艾字節的成長，而無需增加單位產量。

In the December quarter, our average nearline drive capacities rose by 22% year over year, approaching 23 terabytes per drive, with those sold to cloud customers averaging significantly higher. This trend underscores the strong adoption of our higher-capacity drives to support demand growth. At the same time, revenue per terabyte sold has remained relatively stable, reflecting the effectiveness of our pricing strategy.

在 12 月季度，我們的平均近線硬碟容量年增 22%，接近每塊硬碟 23 TB，而售給雲端客戶的硬碟平均容量則更高。這一趨勢凸顯了我們更大容量驅動器的強勁市場需求，以滿足不斷增長的需求。同時，每TB的銷售收入保持相對穩定，這反映了我們定價策略的有效性。

Seagate is well positioned to continue benefiting from the combination of powerful secular tailwinds and supply discipline. Video applications continue to drive significant demand for hard drives, with platforms like YouTube witnessing 20 million video uploads daily, up from just 2 million three years ago. This staggering pace of growth extends to other cloud video platforms and doesn't yet include the full surge in content generation expected from emerging AI-driven video applications.

希捷已做好充分準備，將繼續受益於強勁的長期利好因素和供應紀律的雙重作用。影片應用程式持續推動對硬碟的巨大需求，像 YouTube 這樣的平台每天的影片上傳量已達 2,000 萬次，而三年前僅為 200 萬次。這種驚人的成長速度也延伸到了其他雲端視訊平台，而且尚未包括新興人工智慧驅動的視訊應用所帶來的內容生成量的全面激增。

These applications are not only fueling social media uploads, we're also transforming how organizations turn their data into tangible value, enabling personalized marketing, interactive education, and advanced simulations capable of training manufacturing, engineering, healthcare, and other professionals.

這些應用不僅推動了社群媒體上傳，我們還在改變組織將數據轉化為實際價值的方式，從而實現個人化行銷、互動教育和高級模擬，能夠培訓製造、工程、醫療保健和其他領域的專業人士。

The strategic value of data is further underscored as new applications and use cases emerge across cloud and edge workloads. Among the most promising of these is agentic AI, which relies on persistent access to large volumes of historic data to enable effective planning, reasoning, and independent decision-making.

隨著雲端和邊緣工作負載中不斷湧現新的應用和用例，資料的策略價值進一步凸顯。其中最有前景的是智慧體人工智慧，它依賴持續存取大量歷史數據來實現有效的規劃、推理和獨立決策。

Adoption is already gaining momentum, with one recent survey conducted by a leading cloud service provider reporting more than half of participating customers were actively using AI agents. Early adopters are already realizing measurable returns, with benefits ranging from lower cost to increased revenue opportunities.

AI技術的普及應用正在加速，最近一家領先的雲端服務供應商進行的一項調查顯示，超過一半的受訪客戶正在積極使用AI代理。早期採用者已經獲得了可衡量的回報，其好處包括降低成本和增加收入機會。

With the deployment of AI agents at the edge, where untapped data often resides, we believe the stage is set for a sustained and meaningful increase in data generated and stored that will support inferencing, continuous training, and also maintain model integrity.

隨著人工智慧代理部署在邊緣（那裡往往蘊藏著未開發的數據），我們相信，這將為生成和存儲的數據的持續和有意義的增長奠定基礎，從而支持推理、持續訓練，並保持模型的完整性。

Modern data centers have evolved to address the complexity and scale that massive workloads bring through sophisticated data-tiering architectures, ensuring that the right data is available at the right time and place.

現代資料中心透過複雜的資料分層架構，不斷發展以應對海量工作負載帶來的複雜性和規模，確保在正確的時間和地點提供正確的資料。

Hard drives are essential to these architectures, anchoring the mass capacity data tier that stores the vast majority of exabytes, from storing the checkpoint data sets used to train and maintain model integrity to supporting vector databases that provide the context necessary for accurate inference results and agentic AI performance.

硬碟對於這些架構至關重要，它們支撐著儲存絕大多數艾字節資料的海量容量資料層，從儲存用於訓練和維護模型完整性的檢查點資料集，到支援向量資料庫，為準確的推理結果和智慧AI性能提供必要的上下文。

By leveraging hard drives, data center operators, whether in the cloud or on-prem, can achieve the optimal balance of performance, capacity, and cost efficiency at scale.

透過利用硬碟驅動器，資料中心營運商（無論是在雲端還是在本地）都可以大規模地實現效能、容量和成本效益的最佳平衡。

Against this transformational backdrop, Seagate's HAMR technology roadmap positions us to meet growing demand and deliver ongoing TCO improvement for our customers. HAMR is a proven technology, with large volumes of drives running in cloud production environments for more than three quarters now and performing well across a broad spectrum of use cases.

在這種變革性的背景下，希捷的 HAMR 技術路線圖使我們能夠滿足不斷增長的需求，並為我們的客戶帶來持續的 TCO 改進。HAMR 是一項成熟的技術，大量硬碟已經在雲端生產環境中運行了超過三個季度，並且在各種使用場景中都表現良好。

We are systematically ramping our Mozaic 3 HAMR products to qualified customers, while maintaining focus on optimizing the profitability of our available supply. As noted earlier, Mozaic 3 is now qualified with all major US CSP customers and remains on track to have all global CSPs qualified within the first half of calendar 2026.

我們有條不紊地向合格的客戶逐步增加 Mozaic 3 HAMR 產品的供應，同時持續專注於優化現有供應的獲利能力。如前所述，Mozaic 3 目前已獲得所有美國主要 CSP 客戶的認可，並預計在 2026 年上半年獲得所有全球 CSP 客戶的認可。

Additionally, qualifications of our second-generation Mozaic 4 products are progressing well. We expect to begin the ramp of Mozaic 4 later this quarter and have multiple CSPs qualified in the coming months in line with our plans.

此外，我們第二代 Mozaic 4 產品的認證工作進展順利。我們預計將於本季稍後開始 Mozaic 4 的量產，並在未來幾個月內按照我們的計劃完成多個 CSP 的認證。

We continue to set the pace for the industry, recently demonstrating 7 terabytes per disk capability in our labs. As one of our largest CSP customers recently aptly described, hard drives our engineering marvel, a sentiment that we obviously share.

我們持續引領產業發展，最近在實驗室中展示了每塊磁碟 7 TB 的儲存能力。正如我們最大的 CSP 客戶之一最近恰如其分地描述的那樣，硬碟是我們工程上的奇蹟，我們顯然也認同這種觀點。

Our deep expertise across mechanical engineering; material science; nanoscale fabrication; and, now, advanced photonics not only enables Seagate to deliver on the HAMR roadmap but also creates a durable competitive moat for hard drive technology well into the future.

我們在機械工程、材料科學、奈米級製造以及現在的先進光子學方面的深厚專業知識，不僅使希捷能夠實現 HAMR 路線圖，而且還為硬碟技術創造了持久的競爭優勢，使其在未來很長一段時間內都能保持領先地位。

Wrapping up, 2025 was a milestone year for Seagate in every respect: financial performance, operational execution, and technology leadership. We are carrying this momentum into calendar 2026, supported by a powerful demand backdrop, as new AI applications start to complement traditional workloads.

綜上所述，2025 年對希捷來說是一個具有里程碑意義的年份，在財務業績、營運執行和技術領先地位方面均取得了顯著成就。在強勁的需求背景下，隨著新的人工智慧應用開始補充傳統工作負載，我們將把這種勢頭延續到 2026 年。

We will remain highly disciplined and focused on expanding profitability through our higher-capacity product mix, underpinned by the strong economics of HAMR. Our areal density roadmap positions Seagate to sustain the core TCO and efficiency advantages of hard drives, as data creation and storage requirements accelerate in the AI era.

我們將繼續保持高度自律，專注於透過產能更高的產品組合來擴大獲利能力，而HAMR的強勁經濟效益將為此提供支撐。隨著人工智慧時代資料創建和儲存需求的加速成長，我們的面密度路線圖使希捷能夠保持硬碟的核心總擁有成本和效率優勢。

We believe this foundation creates a compelling long-term value proposition for the company, our customers, and our shareholders.

我們相信，這項基礎為公司、我們的客戶和股東創造了引人注目的長期價值。

I'll now turn the call over to Gianluca to cover our results in greater detail.

現在我將把電話交給 Gianluca，讓他更詳細地介紹我們的結果。

Thank you, Dave.

謝謝你，戴夫。

Seagate delivered another quarter of strong year-over-year revenue growth and set new record profitability metrics in the December quarter, underscoring the durability of data center demand trends. Additionally, we strengthened our financial position by retiring $500 million in gross debt and generating over $600 million in free cash flow, marking the highest level in eight years. .

希捷在 12 月季度再次實現了強勁的同比增長，並創下了新的盈利指標紀錄，凸顯了數據中心需求趨勢的持久性。此外，我們償還了 5 億美元的總債務，並產生了超過 6 億美元的自由現金流，從而加強了財務狀況，創下八年來的最高水平。。

December-quarter revenue came in at $2.83 billion, up 7% sequentially and up 22% year over year. We achieved non-GAAP gross margin of 42.2%, up 210 basis points sequentially. We expanded non-GAAP operating margin by 290 basis points sequentially to 31.9%. Our resulting non-GAAP EPS was $3.11, up 19% quarter over quarter.

12 月季度營收為 28.3 億美元，季增 7%，年增 22%。我們實現了 42.2% 的非 GAAP 毛利率，季增 210 個基點。非GAAP營業利益率較上季成長290個基點至31.9%。我們最終的非GAAP每股收益為3.11美元，季增19%。

These strong financial results demonstrate our ability to execute our strategic objectives, including leveraging our technology roadmap to support demand growth.

這些強勁的財務表現證明了我們有能力執行我們的策略目標，包括利用我們的技術路線圖來支持需求成長。

To that end, we shipped 190 exabytes in the December quarter, up 26% year over year, while keeping overall unit capacity relatively flat. The data center market accounted for 87% of our shipment volume, supported by ongoing demand momentum from global cloud customers and sequential growth across the enterprise OEM markets.

為此，我們在 12 月季度出貨了 190 EB，年增 26%，同時維持了整體單位產能相對穩定。資料中心市場占我們出貨量的 87%，這得益於全球雲端客戶的持續需求動能以及企業 OEM 市場的持續成長。

We shipped 165 exabytes in the data center market, up 4% sequentially and 31% year on year. Data center revenue grew at roughly the same pace, totaling $2.2 billion for the quarter, up 5% sequentially and 28% year on year.

我們在資料中心市場出貨量為 165 EB，季增 4%，較去年同期成長 31%。資料中心營收以大致相同的速度成長，本季總計 22 億美元，較上季成長 5%，較去年同期成長 28%。

Against this strong demand backdrop, both cloud and enterprise customers are transitioning to higher-capacity drives. Average cloud nearline capacity increased to nearly 26 terabytes in the December quarter and will continue to grow with the ramp of HAMR-based Mozaic products.

在這種強勁的需求背景下，雲端客戶和企業客戶都在向更高容量的硬碟過渡。12 月季度平均雲端近線容量增加到近 26 TB，隨著基於 HAMR 的 Mozaic 產品的推廣，此容量將持續成長。

As Dave highlighted, Mozaic drives are running very well in production environment and meeting all performance, reliability, and integration expectations.

正如 Dave 所強調的，Mozaic 硬碟在生產環境中運作良好，滿足所有效能、可靠性和整合方面的預期。

In the enterprise OEM market, we are benefiting from slight improvement in traditional server units, along with increasing demand for storage servers, driven, in large part, by the adoption of AI applications and need-to-store data at an enterprise edge.

在企業 OEM 市場，我們受益於傳統伺服器單元的輕微改善，以及對儲存伺服器需求的增加，這在很大程度上是由人工智慧應用程式的採用和在企業邊緣儲存資料的需求所驅動的。

The edge IoT market made up the remaining 21% of revenue at $601 million, supported by anticipated seasonal improvement for consumer products in the [VIA] client market. We project the broader VIA market to grow over time, with the largest growth contribution coming from VIA nearline products that are captured as part of our data center end market.

邊緣物聯網市場佔剩餘的 21% 收入，達到 6.01 億美元，這得益於 [VIA] 客戶市場消費產品預期季節性改善。我們預計 VIA 的整體市場將隨著時間的推移而成長，其中最大的成長貢獻來自 VIA 近線產品，這些產品被納入我們的資料中心終端市場。

Moving on to the rest of the income statement, non-GAAP gross profit increased to $1.2 billion, [up 14%] quarter over quarter and 44% compared with the prior year period, significantly outpacing revenue growth.

接下來來看損益表的其他部分，非GAAP毛利成長至12億美元，較上季成長14%，較去年同期成長44%，顯著超過了營收成長。

Non-GAAP gross margin expanded to 42.2% in the December quarter, up from 40.1% in the prior period. This improvement reflects the ongoing execution of our pricing strategy and the growing adoption of our latest-generation high-capacity products, which collectively drove a modest sequential increase in revenue per terabyte, a trend we expect to continue into the March quarter.

12 月季度非 GAAP 毛利率擴大至 42.2%，高於上一季的 40.1%。這項改善反映了我們定價策略的持續執行以及我們最新一代高容量產品的日益普及，這兩者共同推動了每TB收入的環比小幅增長，我們預計這一趨勢將持續到3月份的季度。

Non-GAAP operating expenses were $290 million, relatively flat quarter over quarter and in line with our expectations. Operating expense as a percent of revenue declined to 10.3%, rapidly trending towards our long-term target of 10%. The combination of strong top-line growth and significant financial leverage drove an 18% sequential improvement in non-GAAP operating profit to $901 million, almost 32% of revenue.

非GAAP營運費用為2.9億美元，與上一季基本持平，符合我們的預期。營業費用佔收入的百分比下降至 10.3%，正迅速朝著我們 10% 的長期目標邁進。強勁的營收成長和顯著的財務槓桿作用推動非GAAP營業利潤季增18%，達到9.01億美元，佔營收的近32%。

Other income and expenses were $70 million, reflecting slightly lower interest expenses on the reduced outstanding debt balance. We currently project other income expenses to remain relatively flat in the March quarter.

其他收入和支出為 7,000 萬美元，反映出未償債務餘額減少導致利息支出略有下降。我們目前預計三月季度其他收入支出將保持相對穩定。

We grew non-GAAP net income to $702 million, with corresponding non-GAAP EPS of $3.11 per share, based on tax expenses of $129 million and a diluted share count of approximately 226 million shares, including the net impact of our 2028 convertible notes.

我們實現了非GAAP淨收入增長至7.02億美元，相應的非GAAP每股收益為3.11美元，基於1.29億美元的稅收支出和約2.26億股的稀釋股份數，其中包括我們2028年可轉換票據的淨影響。

Turning now to cash flow and the balance sheet, we invested $116 million in capital expenditures for the December quarter or roughly 4% of revenue. We are maintaining capital discipline, while we continue to transition and ramp HAMR technology. To support these objectives, we anticipate capital expenditures for fiscal year 2026 to be inside our target range of 4% to 6% of revenue.

現在來看現金流和資產負債表，我們在 12 月季度投入了 1.16 億美元用於資本支出，約佔收入的 4%。我們保持資本紀律，同時持續推動HAMR技術的轉型與推廣。為了支持這些目標，我們預期 2026 財年的資本支出將達到營收的 4% 至 6%，在我們設定的目標範圍內。

Free cash flow generation was strong at $607 million, up 42% from the prior quarter. Looking ahead, we expect free cash flow generation to further expand in the March quarter, supported by sustained demand trends, operational efficiency, and capital discipline. These factors position us well for durable long-term cash flow generation.

自由現金流強勁，達到 6.07 億美元，比上一季成長 42%。展望未來，我們預計在持續的需求趨勢、營運效率和資本紀律的支持下，3 月季度的自由現金流將進一步擴大。這些因素使我們能夠實現持久的長期現金流。

Cash and cash equivalents totaled just over $1 billion at the end of December quarter, with ample liquidity of $2.3 billion, including our undrawn revolving credit facility. During the December quarter, we returned $154 million to shareholders through dividends. We retired approximately $500 million of exchangeable senior notes due 2028, which serves to limit further dilutive impact from business and optimized cash deployed for future share repurchases.

截至 12 月季末，現金及現金等價物總額略高於 10 億美元，流動資金充足，達 23 億美元，其中包括我們未提取的循環信貸額度。在 12 月季度，我們透過股息向股東返還了 1.54 億美元。我們償還了約 5 億美元將於 2028 年到期的可交換優先票據，這有助於限制業務的進一步稀釋影響，並優化用於未來股票回購的現金部署。

Our resulting gross debt balance was approximately $4.5 billion exiting the quarter. Net leverage ratio improved to 1.1 times, based on adjusted EBITDA of $962 million for the December quarter, up 16% quarter over quarter and up 63% year on year. We expect the net leverage ratio will trend lower as profitability and cash generation increase, while we continue to evaluate opportunities to further reduce debt.

本季末，我們的總債務餘額約為 45 億美元。淨槓桿率改善至 1.1 倍，根據 12 月季度調整後的 EBITDA 為 9.62 億美元，季增 16%，年增 63%。我們預計隨著獲利能力和現金流的增加，淨槓桿率將呈下降趨勢，同時我們將繼續評估進一步降低債務的機會。

Turning now to the March-quarter outlook, the demand environment remains strong, particularly among global cloud customers. As a result, we expect data center demand will more than offset typical March quarter seasonality in the edge IoT markets.

現在來看三月季度的展望，需求環境依然強勁，尤其是全球雲端客戶的需求。因此，我們預期資料中心的需求將足以抵銷邊緣物聯網市場在三月季度的典型季節性波動。

We expect March-quarter revenue to be in the range of $2.9 billion, plus or minus $100 million, which represented a 34% year-over-year improvement at the midpoint.

我們預計 3 月季度的營收將在 29 億美元左右，上下浮動 1 億美元，以中間值計算，年增 34%。

Non-GAAP operating expenses are expected to be approximately $290 million. Based on the midpoint of our revenue guidance, non-GAAP operating margin is expected to approach the [mid-30%s] range.

預計非GAAP營運費用約2.9億美元。根據我們收入預期的中點，非GAAP營業利潤率預計將接近[30%左右]。

Non-GAAP EPS is expected to be $3.40, plus or minus $0.20, based on a tax rate of about 16% and non-GAAP diluted share count of 230 million shares, including estimated dilution from our 2028 convertible notes of approximately 7.6 million shares.

根據約 16% 的稅率和 2.3 億股的非 GAAP 稀釋股份數（包括 2028 年可轉換債券約 760 萬股的預期稀釋），預計非 GAAP 每股收益為 3.40 美元，上下浮動 0.20 美元。

Seagate's Strong December-quarter performance and March-quarter guidance underscore our continued focus on driving growth, enhancing profitability, and optimizing cash generation. Based on our current outlook, we expect to deliver sequential improvement to both the top and bottom line throughout calendar 2026 and remain in a strong position to enhance value for both customers and shareholders over the long term.

希捷強勁的 12 月季度業績和 3 月季度業績指引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流。根據我們目前的展望，我們預計在 2026 年全年，公司營收和利潤將持續成長，並保持強勁的勢頭，從而在長期內為客戶和股東創造更多價值。

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

接線員，現在開始接受提問。

Thank you. We will now begin the question-and-answer session.

謝謝。現在開始問答環節。

CJ Muse, Cantor Fitzgerald.

CJ Muse，坎托·菲茨杰拉德。

Given the supply-demand dynamics, you're obviously in the [catbird seat], wanted to really try to get some more detail on gross margins, going forward. Your philosophy, historically, has been to share gains, both your customers and yourselves. But, at the same time, given this tight environment, you are raising like-for-like pricing.

鑑於供需動態，您顯然處於有利地位，因此我想進一步了解毛利率的更多細節。從歷史上看，你們的理念是共享收益，既包括客戶，也包括你們自己。但同時，在當前競爭激烈的市場環境下，你們卻提高了同類產品的價格。

Curious, is there a framework to think about, in terms of the incremental gross margins that we should model from here?

我很好奇，從增量毛利率的角度來看，是否有一個可供我們參考的框架，以便我們以此為基礎進行建模？

And then, maybe bigger picture, as you think about overall average pricing per exabyte, we've gone from down double digits to high single digits and I think we just exited the quarter down 4% year on year, do you see a world where pricing could flat or even move positive year over year?

然後，從更宏觀的角度來看，考慮到每艾字節的平均價格，我們已經從兩位數的下降幅度降至個位數高位，而且我認為我們剛剛結束了一個季度，同比下降了 4%，您認為價格有可能保持平穩甚至同比上漲嗎？

Yeah. Thanks, CJ. I'll let Gianluca chime in here, as well.

是的。謝謝，CJ。我也請吉安盧卡說幾句。

But the pricing will be dictated by the demand. Right now, the demand is really strong. So I think as we roll through into '27 and '28, we look at how much capacity we're having, we're bringing online, by virtue of the fact that we're making all these aggressive product transitions.

但價格將由需求決定。目前需求非常強勁。所以我認為，隨著我們進入 2027 年和 2028 年，我們會看看我們有多少產能，我們有多少產能上線，這都得益於我們正在進行所有這些積極的產品轉型。

We'll bring more exabytes to (inaudible). And then, people go out there and renegotiate for those.

我們將帶來更多艾字節的數據（聽不清楚）然後，人們會出去重新談判這些協議。

I think flat to slightly up is certainly possible. That's the way we're really managing it: We talk to our customers the value proposition of the new drives, as they go up 5, 10 terabytes at a time. It's pretty strong.

我認為平坦到略微抬升是完全有可能的。這就是我們實際的管理方式：隨著容量一次增加 5TB 到 10TB，我們向客戶介紹新硬碟的價值主張。它威力很強。

Hey, CJ. On the gross margin, we are executing very well but executing a little bit better than what we discussed at our Investor Day, where we presented a model with a 50% incremental margin, above (inaudible) $2.6 billion of revenue.

嘿，CJ。在毛利率方面，我們做得非常好，但比我們在投資者日上討論的要好一些，當時我們展示了一個毛利率增量為 50% 的模型，收入超過（聽不清楚）26 億美元。

We have done better every quarter. Of course, it's our objective to continue to optimize what we produce, what we sell, and finance the profitability that we can get from the product.

我們每季的業績都在進步。當然，我們的目標是不斷優化我們的生產、銷售和融資，以實現產品帶來的利潤。

So the models cover over a longer period of time. Now two, three years, not two or three quarters. But I'm positive we are continuing to progress in the right direction.

因此，這些模型涵蓋的時間跨度更長。現在是兩三年，而不是兩個季度或三個季度。但我確信我們正朝著正確的方向繼續前進。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

I have a similar type of question. The gross margins in the guide and the incremental quarter-on-quarter gross margins on the guide are very strong. Can you maybe help bridge the drivers between mix and price? Obviously, you've got a better mix of data center revenue next quarter but just wondering if you can dimensionalize that.

我也有類似的問題。指導圖中的毛利率和季度環比毛利率增幅都非常強勁。您能否幫忙釐清產品組合和價格之間的驅動因素？顯然，下個季度資料中心收入的組成會更好，但我只是想知道您能否對此進行維度分析。

The opportunity for pricing, David, you just said, flat to up as possible. But as we think about the pricing that might be getting embedded within these LTAs and beyond, why can't that be a lot higher, just given the tightness in the supply-demand environment?

大衛，你剛才說了，定價的機會在於盡可能從平價到上漲。但當我們考慮這些長期協議及其他協議中可能包含的價格時，考慮到供需環境緊張，為什麼價格不能高得多？

Yeah. I think this gets into how persistent is the demand going to be, Wamsi, (inaudible) we talked about two or three years from now.

是的。我認為這涉及到需求的持續性，Wamsi，（聽不清楚）我們討論的是兩三年後的情況。

The one behavior change that I really like in the last year is that people are starting to say, if I can't get it now, I'll plan next year better and the following year better. So we're having great dialogues on that front.

過去一年我最喜歡的一個行為改變是，人們開始說，如果我現在得不到，我會把明年和後年的計畫做得更好。所以，我們在這方面進行了很好的對話。

Of course, supply has risen quite a bit in the last year's supply of exabytes from the industry. The industry has reacted pretty well. But I think demand is still pretty strong.

當然，過去一年產業內EB級數據的供應量已大幅成長。業界的反應相當不錯。但我認為需求依然相當強勁。

My perspective on this is I think demand will stay strong for quite some time.

我的看法是，我認為需求將在相當長的一段時間內保持強勁。

In that world, we're having great discussions with customers further out in time. The biggest part that helps us in our planning is through these product transitions. They know that's how they get more exabytes.

在那種情況下，我們正在與未來一段時間內的客戶進行深入的討論。這些產品轉型對我們的規劃幫助最大。他們知道這樣才能獲得更多艾字節的數據。

Wamsi, we are saying in the script today that for the rest of the calendar year, we expect revenue and profitability to continue to improve sequentially every quarter so we are not implying, in any way, that this trend is changing. It's actually now getting better somehow.

Wamsi，我們今天在腳本中表示，在今年剩餘的時間裡，我們預計收入和盈利能力將繼續逐季改善，所以我們絕不暗示這種趨勢正在改變。情況似乎正在好轉。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Congrats on these results. Incredible.

恭喜取得這些成績。極好的。

David, at your Analyst Day last year, you pointed to a mid-20% exabyte growth CAGR. I'm just wondering where you think that supply growth can land this calendar year. As you get closer to that HAMR crossover point later this year, like, does that pace of exabyte growth accelerate?

David，在去年的分析師日上，你指出eB的複合年增長率將達到20%左右。我只是想知道您認為今年的供應成長會達到什麼水準。今年晚些時候，隨著 HAMR 交叉點的臨近，EB 級增長的速度是否會加快？

I'm just asking this because demand is clearly outpacing supply. Can you maybe just help us try to better understand the shape of your exabyte supply growth because, obviously, it will dictate exabyte shipments for the year.

我這麼問是因為需求明顯超過了供應。您能否幫助我們更了解貴公司 EB 級儲存供應成長的趨勢，因為很顯然，這將決定今年的 EB 等級儲存出貨量。

Yeah. Thanks, Erik.

是的。謝謝你，埃里克。

We are planning to transition to 4 terabytes per platter, fairly aggressively. But I think what people have to keep in mind is that we were fairly tight all throughout manufacturing.

我們計劃以相當積極的步伐，逐步過渡到每張光碟 4 TB 的儲存容量。但我認為大家需要記住的是，我們在整個生產過程中都保持著相當嚴格的控制。

We have products that are in the pipeline already that are committed to customers and so on. We don't just move very quickly to 3 or 4 terabytes of platter as things come.

我們已經有一些產品正在研發中，並已承諾交付給客戶等等。我們不會隨著需求的成長而迅速轉向 3 或 4 TB 的硬碟空間。

It's a good problem to have, actually. We're running manufacturing quite, quite tight, right now. So I think it will be a fairly prescriptive ramp, to your point. It would not be as fast as maybe we've done some ramps in the past but it will be very profitable. That's the way we look at it.

實際上，這算是個幸福的煩惱。目前我們的生產運作非常緊張。所以我認為，正如你所說，這將是一個相當有指導意義的漸進過程。雖然速度可能不如我們過去建造的一些斜坡道那麼快，但利潤會非常豐厚。我們是這麼看的。

As we go further out in time, I'm very optimistic that the 4-terabyte per platter is a very strong product. It will start to replace some of the other legacy products, I'll say, that way because it has so much better value proposition in a lot of those markets. And then, when that happens, then we see more opportunity.

隨著時間的推移，我對每張碟片 4TB 的儲存容量非常樂觀，認為它是一款非常強大的產品。我認為，它將逐漸取代一些其他傳統產品，因為它在許多市場中具有更好的價值主張。然後，當這種情況發生時，我們就會看到更多的機會。

Great. Thank you, guys. Best of luck.

偉大的。謝謝大家。祝你好運。

Asiya Merchant, Citi.

Asiya Merchant，花旗銀行。

Great results here. Just a couple that are related to the prior question.

結果非常棒。僅舉兩例與上一個問題相關的例子。

You guys gave some projections on HAMR, not just for fiscal year '26 but even into fiscal '27 so if you could talk about upside to achieving those targets for the HAMR roll-out.

你們對 HAMR 做出了一些預測，不僅是 2026 財年，甚至還有 2027 財年，所以如果你們能談談實現 HAMR 推廣目標的利好因素就好了。

Related to that, how we should think about the blended cost reductions -- pretty impressive, again, margins here -- and guiding for improved profitability?

與此相關的是，我們應該如何看待綜合成本削減——再次強調，這裡的利潤率相當可觀——以及如何指導提高獲利能力？

If you could talk to us a little bit about the cost reductions, going forward, especially as you ramp HAMR here with the Mozaic 4, that would be great.

如果您能和我們談談未來成本降低的問題，特別是隨著您在 Mozaic 4 上加大對 HAMR 的投入，那就太好了。

Yes, Asiya. I would say, first of all, we are very happy with the transition to HAMR. We qualified the last big cloud service provider in the US. We have qualified 6 out of 8 of the top cloud service providers. So the transition from [PMR] technology to HAMR technology, it's progressing very well.

是的，Asiya。首先，我想說，我們對過渡到 HAMR 非常滿意。我們對美國最後一家大型雲端服務供應商進行了資格認證。我們已經篩選出了8家頂級雲端服務供應商中的6家。因此，從[PMR]技術到HAMR技術的過渡進展非常順利。

We are now qualifying the new product, the 4 terabytes per disk so it's 40 terabytes per drive. Of course, this will help with the increase in exabyte, in terms of mix. We gave a good indication, I think, at our Investor Day, and we want to be aligned to that.

我們現在正在對新產品進行認證，每塊磁碟容量為 4 TB，因此每個磁碟機的容量為 40 TB。當然，就混合數據而言，這將有助於增加EB級數據量。我認為，我們在投資者日上已經給出了一個很好的信號，我們希望與此保持一致。

The cost will be favorably impacted, especially when we start ramping high volume of the 40-terabyte drive. Of course, that will drive a fairly important reduction in cost per terabyte compared to the current HAMR; and, of course, will be a good contributor to further increase our gross margin.

成本將受到有利影響，尤其是在我們開始大規模生產 40TB 硬碟的時候。當然，與目前的HAMR相比，這將大幅降低每TB的成本；當然，也將為進一步提高我們的毛利率做出重要貢獻。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

I was hoping you could clarify what portion of your LTAs for overall nearline ACV capacity has fixed or multi-quarter pricing agreements. I ask because as these LTAs roll off throughout 2026, any new agreements will be locked in at higher values, reflective of not only (inaudible) [use case] but, also, widening price per terabyte gap between enterprise hard drive and (inaudible).

我希望您能澄清一下，您整體近線 ACV 容量的 LTA 中，有多少部分是固定價格協議或多季度價格協議。我這麼問是因為隨著這些長期協議在2026年陸續到期，任何新的協議都將鎖定在更高的價格上，這不僅反映了（聽不清楚）[用例]，也反映了企業級硬碟和家用硬碟之間每TB價格差距的擴大。（聽不清楚）

Karl, the second part of your question was a little fuzzy.

卡爾，你問題的第二部分有點模糊。

We captured the first part but I might ask you for clarity on that second.

第一部分我們已經記錄下來了，但我可能需要你澄清第二部分的內容。

Sure. Yes, I'll just repeat, if I could.

當然。是的，如果可以的話，我再重複一次。

As these LTAs roll off throughout 2026, I would imagine those new LTAs will be priced at, perhaps, a higher value or higher order value, particularly given the widening gap between hard drives and [SSDs]. Any comment on the mix of LTAs and how you think that progresses for '26 would be great.

隨著這些長期授權協議 (LTA) 在 2026 年陸續到期，我估計新的 LTA 的定價可能會更高，或者訂單金額會更高，尤其考慮到硬碟和…之間的差距正在擴大。[固態硬碟]。如果您對LTA的組合以及您認為它在2026年的發展有任何評論，那就太好了。

Yeah. Thanks, Karl.

是的。謝謝你，卡爾。

As we roll off, say, for example, somebody might have been qualified on a 2.4-terabyte per platter product or something and then, they might be qualifying a 3.2 or even a 4-terabyte per platter, as we roll forward, so we change based on the demand that we see; we change -- and our available supply, we changed the pricing dynamic there. I think that's one of the biggest things you're pointing out.

例如，當我們推出新產品時，有人可能已經獲得了每碟 2.4 TB 產品的認證，然後，隨著我們不斷推出新產品，他們可能正在申請每碟 3.2 TB 甚至 4 TB 的產品認證，所以我們會根據我們看到的需求進行調整；我們會根據我們的可用供應情況調整價格策略。我認為這是你指出的最重要的一點。

I'll say that '26 is fairly booked. We talked about that in the call a bit. To the extent that we can out-execute our plan, it will be marginal. Like you saw last quarter, we get the qualifications done a little faster. We ship a few more drives. That's how we can do better than planned.

我想說，26號的檔期已經基本訂滿了。我們在電話裡稍微聊了一下。即使我們能夠超額完成計劃，效果也微乎其微。正如你上個季度所看到的，我們完成資格審查的速度更快了。我們又出貨了一些硬碟。這樣我們就能做得比計畫更好。

But, other than that, it's fairly predictable in '26. We're looking to start '27 the same way.

但除此之外，2026 年的情況相當可預測。我們希望以同樣的方式開啟 2027 年。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

I was wondering if you could maybe address -- given everything you just said about demand and about the mix effect from HAMR this year, maybe, can you give us any directional guidance about where you might expect exabyte shipments to end up on a calendar '26 versus calendar '25 basis, relative to the long-term targets you've laid out previously.

我想問一下，鑑於您剛才談到的需求以及今年 HAMR 帶來的混合效應，您能否就 2026 年與 2025 年相比，相對於您之前製定的長期目標，您預計 EB 級出貨量最終會達到什麼水平給出一些方向性指導？

It seems like you could do materially better than that. But I just wanted to confirm what your expectations where if you could give us a numerical range.

你似乎可以在物質方面做得更好。但我只是想確認一下您的期望值是多少，如果您能提供一個數值範圍的話。

Hey, Jim. No, we are not guiding calendar '26. But we said in our financial model, we said that we expect exabytes -- nearline exabytes -- to grow in the mid-20%. We have done a little bit better, if you look at the last few quarters.

嘿，吉姆。不，我們並沒有指導 2026 年的日曆。但我們在財務模型中表示，我們預計艾字節（近線艾字節）將成長 20% 左右。如果看看最近幾個季度，我們做得稍微好一點。

We always -- as Dave said before -- try to extract as many exabyte as we can from our manufacturing. So we are continuing this trend but we don't guide calendar '26.

正如戴夫之前所說，我們總是盡力從生產製造中榨取盡可能多的EB數據。所以我們會延續這一趨勢，但我們不會在 2026 年發布日曆。

But moving from 2.4 per platter to 3 per platter to 4 per platter, you can see that we're on a trajectory like you described.

但從每盤 2.4 個增加到每盤 3 個，再到每盤 4 個，你可以看出我們正朝著你所描述的方向發展。

When it gets down to the individual customer level, obviously, we have to be very predictable because they need what they need and what we've committed to in order to build out that data center.

當涉及到單一客戶層面時，顯然，我們必須非常可預測，因為他們需要他們所需要的，以及我們為了建立資料中心而做出的承諾。

So we'll continue to execute that plan. Maybe we can do a little bit better as we transition to 4 terabytes per platter.

所以我們會繼續執行該計劃。或許隨著我們向每盤 4 TB 的容量過渡，我們可以做得更好一些。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Gianluca, I'm hoping you can talk a little bit about the March-quarter guide because it seems to be a really sizable uptick in gross margins. I think it's up, like, 250 basis points or 100%-plus incrementals.

Gianluca，我希望你能談談三月的季度業績指引，因為毛利率似乎出現了非常大幅度的成長。我認為上漲幅度大概是 250 個基點，也就是 100% 以上的幅度。

Is there any you would call out in March quarter that's unique that's helping drive that margin expansion? Is this really all coming from the core HDD business? Or is there a potential benefit from the old systems business that's helping you, as well?

在三月的季度中，有哪些獨特的因素推動了利潤率的提升？這些真的都來自硬碟的核心業務嗎？或者，舊系統業務是否也能為你帶來潛在的好處？

Well, I would say no. We expect to be a very good quarter. I don't think it's different than what we have done before.

嗯，我的答案是否定的。我們預計這將是一個非常好的季度。我認為這和我們以前做的事情沒什麼不同。

It's always based on the pricing strategy and the mix. As you know, we qualified another customer on HAMR so we will ramp a little bit more volume on HAMR, which is helping us to get better margin.

定價始終取決於定價策略和產品組合。如您所知，我們已在 HAMR 上獲得了另一位合格客戶，因此我們將稍微增加 HAMR 的產量，這有助於我們獲得更高的利潤率。

But, fundamentally, it's not really different in how we think we are going to execute the quarter is good. I think the incremental margin was very good.

但從根本上講，我們認為本季業績良好的執行方式並沒有太大不同。我認為增量利潤率非常好。

Yeah. It's not the systems business. The systems business is doing well but it's fairly small scale in comparison.

是的。這不是系統業務。系統業務發展良好，但規模相對較小。

Got it.

知道了。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Congrats on great numbers today.

恭喜今天能取得如此優異的成績！

Just want to touch again on this -- the LTAs and pricing arrangements you have. Just curious, do you think there's an opportunity here for more significant price increases? In NAND flash, we're hearing things like 40% to 100% up QoQ for some contracts.

我想再次提及你們的長期協議和定價安排。我只是好奇，你認為這裡有更大幅度漲價的機會嗎？NAND快閃記憶體方面，我們聽說某些合約的季度環比增長了40%到100%。

I appreciate hard disk drives -- you have very long-term agreements. But I think there's a lot of questions I'd like to just touch on this, as well. A lot of -- as the LTAs roll off, is there an opportunity for some of those to be repriced at a more significantly higher price to change the trajectory?

我喜歡硬碟——你們的合約期限都很長。但我認為還有很多問題我想就此談談。隨著長期協議到期，是否有可能對其中一些協議進行重新定價，使其價格大幅上漲，從而改變其發展軌跡？

Certainly, numbers are great. You're printing. We're just trying to figure out, could you start to see more significant price increases rather than -- at the moment, you're seeing flattish, down a little bit, up a little bit. But, overall, your average prices are flat, which I understand is a mixture of like-for-like slightly up, offset by new products coming in at lower price. Just wondered if that may change.

當然，數字很棒。您正在列印。我們只是想弄清楚，價格是否會開始出現更顯著的上漲，而不是像現在這樣，價格基本上持平，偶爾小幅下跌，小幅上漲。但總體而言，你們的平均價格保持平穩，據我了解，這是由於同類產品價格略有上漲，但新產品價格較低所抵消的。只是想知道這種情況是否會改變。

And then, just a quick update on HAMR mix, if there's any update on the trajectory of the HAMR mix that you've outlined before.

然後，關於 HAMR 混合療法，能否簡要更新您先前概述的 HAMR 混合療法的發展軌跡？

Thanks, Mark. A couple of points.

謝謝你，馬克。幾點說明。

On the HAMR mix, we necessarily constrained ourselves on the 3 terabytes per platter because the factories were fairly full. We knew we would be going to the 4 terabytes per platter product. So we've been leaning harder on that and making sure it gets through the development and qualification phases.

在 HAMR 混合式儲存方面，由於工廠產能相當緊張，我們不得不將每張盤片的容量限制在 3 TB。我們知道我們會採用每盤 4 TB 的產品。所以我們一直在更加重視這一點，並確保它能夠順利通過開發和認證階段。

As time goes on, then we'll move off and on to the 4 terabytes per platter very aggressively. That helps you on the mix side.

隨著時間的推移，我們將非常積極地逐步過渡到每碟 4 TB 的儲存容量。這有助於你進行混音。

The other thing about HAMR mix is it will be necessarily mixed up. I think the demand for those products will be at the high capacity points, not necessarily the lower capacity points just yet.

HAMR混合物的另一個特點是它必然會被混合均勻。我認為這些產品的需求將主要集中在產能較高的產能點，而不是產能較低的產能點。

And then, relative to pricing, I think I said before, as we -- as one long-term agreement rolls into the next year or the next year, we've satisfied our existing supply commitments, people are looking at the new products, we have constrained supply of those new products, then we look at what the demand is and we dictate where our pricing is.

至於定價方面，我想我之前說過，隨著一項長期協議進入下一年或下一年，我們履行了現有的供應承諾，人們開始關注新產品，而我們這些新產品的供應又受到限制，這時我們會觀察市場需求，並以此來決定我們的定價。

To one of the very first questions, I said, it could be flat to up, a little bit. That's the way I think about it, right now. But it all depends on what the demand is. Demand continues very strong. That's great.

對於最早提出的問題之一，我回答說，地形可能平坦，也可能略微抬升。我現在就是這麼想的。但這完全取決於市場需求。需求依然非常強勁。那太棒了。

Again, what we're seeing is people can't get what they need today. They're saying, okay, I need to be able to plan my data center procurement out in the future. Let's get more predictable in the future. It has given us better visibility; helps us run our factories for better cost and so on so that's great.

再次證明，人們現在無法獲得所需的東西。他們說，好吧，我需要能夠規劃未來的資料中心採購。讓我們在未來變得更可預測。它提高了我們的透明度；幫助我們以更低的成本運作工廠等等，這真是太好了。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

I had a question (inaudible) in two parts.

我有一個問題（聽不清楚），分成兩個部分。

One is, how much was your HAMR as a percentage of your exabyte shipment last year? How much do you expect it to be this year? The genesis of the question is I'm just trying to figure out -- obviously, a lot of questions on the very strong gross margins -- if there's a way to put it in three buckets.

第一個問題是，去年您的 HAMR 佔您 EB 級出貨量的百分比是多少？你預計今年會是多少？這個問題的起因是我只是想弄清楚——顯然，關於非常高的毛利率有很多問題——是否有一種方法可以將其歸類為三類。

Like, how much of the gross margin upside is driven by pricing? How much is driven by product mix? How much is driven by cost reduction by offshoring manufacturing?

例如，毛利率的成長有多少是由定價驅動的？產品組合在其中扮演了多大的角色？外包製造業在多大程度上是受降低成本的驅動？

Yeah. There's really no offshoring manufacturing or anything like that involved. Our manufacturing operations around the world are doing quite well and quite full. So that's helping from a cost perspective. But, really, no change in any manufacturing strategy to speak of.

是的。實際上，這其中並沒有涉及生產外包或其他類似的事情。我們在世界各地的生產營運狀況良好，產能利用率也很高。所以從成本角度來看，這是有幫助的。但實際上，生產策略並沒有任何實質的改變。

Relative -- I would say a lot of the benefits we're seeing is mix. Mix not just because we're actually transitioning into higher and more -- better products, over time, but also because the demand for those products is quite high.

相對而言——我認為我們看到的許多好處都是綜合性的。我們之所以進行產品混合，不僅是因為我們實際上正在逐步過渡到更高、更好的產品，而且還因為對這些產品的需求相當高。

If you think about it, if you're building a data center with a 3 terabytes per platter versus the 4 terabytes per platter, you're going to be running that data center for a long time. You want the higher capacity point.

仔細想想，如果你要建造一個每盤片容量為 3 TB 的資料中心，而不是每盤片容量為 4 TB 的資料中心，那麼你將運行這個資料中心很長一段時間。你想要容量更高的那個點。

To the extent that we can do that as predictably as possible, that mix is what's driving the stability out in the market for us and helping us plan.

如果我們能夠盡可能可預測地做到這一點，那麼這種組合就能為我們帶來市場的穩定性，並幫助我們進行規劃。

Yeah. Krish, we don't give specific details on the impact of pricing, mix, and cost. But they are somehow interrelated.

是的。Krish，我們不提供定價、組合和成本影響的具體細節。但它們之間存在某種關聯。

I would say the change in mix is helping with the cost reduction. The supply-demand situation is, of course, supporting our pricing strategy. So they are all very good contributor to the increase in gross margin.

我認為產品組合的變化有助於降低成本。當然，供需狀況也支撐著我們的定價策略。因此，它們都對毛利率的成長做出了非常好的貢獻。

As we said before, this is going to continue through the calendar year.

正如我們之前所說，這種情況將持續到年底。

How much of HAMR is the percentage of the mix?

混合物中HAMR的百分比是多少？

Well, Dave gave an indication of the units that we shipped in the last quarter so I think you can fairly easily calculate that.

Dave 已經大致說明了我們上個季度的出貨量，所以我認為你可以輕鬆計算出來。

Thank you very much. Thank you.

非常感謝。謝謝。

Thank you.

謝謝。

Steven Fox, Fox Advisors, LLC.

Steven Fox，Fox Advisors, LLC。

I was just wondering on this -- on your mix question -- looking at your average capacity per drive being up 22%. Like, how much of that -- like, obviously, the supply demand environment has tightened over the last year.

我只是想問一下——關於你的混合容量問題——你看你的每塊硬碟的平均容量提高了 22%。例如，其中有多少——顯然，過去一年供需環境趨緊了。

In reaction to that, are you taking steps to accelerate that mix up, as the customers push you that way? Like, I'm just curious how much you can control, going forward, now that we're here on even tighter supply to help your customers, in terms of absolute [petabytes] you're delivering. .

面對客戶的這種需求，您是否正在採取措施加速這種融合進程？我只是好奇，既然我們現在面臨更加緊張的供應形勢，為了幫助你們的客戶，你們未來能夠控制多少，就你們交付的絕對[PB]而言。。

Thanks, Steve.

謝謝你，史蒂夫。

Yeah. We are -- the lead time out of the wafer fab is quite long so we have to be predictable for our customers, say, six months, nine months later and so on and so forth. That's one of the reasons why we talk a year at a time inside of these LTAs.

是的。晶圓廠的生產週期很長，所以我們必須能夠提供客戶可預測的交貨時間，例如六個月後、九個月後等等。這也是為什麼我們在這些長期協議中每次只討論一年的原因之一。

We start wafers based on what we know we're going to be able to deliver so that we're as predictable as we can be for our customers.

我們根據我們能夠交付的產品數量來開始晶圓生產，以便盡可能為客戶提供可預測的服務。

If we're deploying manufacturing-engineered resources we're trying to get through these product transitions, that's what gets us the most exabytes after that. And so mixing up is our goal, if that helps clarify what our strategy is.

如果我們正在部署製造工程資源，我們試圖完成這些產品過渡，那麼之後我們就能獲得最多的EB數據。因此，我們的目標是不斷創新，希望這有助於闡明我們的策略。

It does, Dave. I'm just wondering, like, when you had your analyst meeting, you said that -- a pretty well-defined timeline for node transitions. Maybe just -- can you give yourself a report card on how you're doing on some of those timelines, if we look out now versus the next year or longer term?

確實如此，戴夫。我只是想知道，例如，在你召開分析師會議的時候，你說過——節點轉換有一個相當明確的時間表。或許你可以為自己做成績單，評估一下你在某些時間節點上的表現，例如從現在到明年或更長遠的時間來看？

Yeah. I think that's good. We're on the plan or slightly ahead.

是的。我覺得這樣很好。我們按計劃進行，甚至略微超前。

Again, most of that's under our control. We execute well. We've been executing well.

再說一遍，大部分都在我們的掌控之中。我們執行得很好。我們執行得一直都很好。

Some of it's under our customers' control, as well. The behavioral changes we've seen in the customer I made reference to earlier, they're really pulling hard because they need more exabytes. And so that helps get the [calls] done quickly. It helps roadmap alignment and then, specific supply alignment, which helps our factories.

其中一部分也由我們的客戶掌控。我之前提到的那位客戶的行為變化表明，他們正在努力爭取更多EB級的數據。這樣有助於快速完成通話。它有助於路線圖的協調，進而有助於具體的供應鏈協調，這對我們的工廠大有裨益。

Great. That's helpful. Thank you.

偉大的。那很有幫助。謝謝。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Congrats on the results.

恭喜取得好成績。

I want to go back to gross margin. I know you talked a lot about the pricing dynamics and the visibility you have. But the thing that stands out to me is you've been executing on, like, a cost per terabyte of, like, a mid-teens year-on-year decline in these last several quarters.

我想回到毛利率這個概念。我知道你談了很多關於定價動態和你所掌握的資訊。但最讓我印象深刻的是，在過去的幾個季度裡，你們每TB的成本比去年同期下降了大約15%左右。

As we roll out the 4 terabytes per platter Mozaic drive, how do I think about that cost-down curve? Is it mid-single digits? Is it -- can you sustain at double digit and would not -- wouldn't we expect the 4-terabyte per platter HAMR drive to actually maybe accelerate the cost down, given the ability to bring that into lower end, other -- outside of the nearline platforms.

隨著我們推出每碟 4TB 的 Mozaic 硬碟，我該如何看待成本下降曲線呢？是幾度嗎？是嗎？你能維持兩位數的成本嗎？我們不應該期待每碟 4TB 的 HAMR 硬碟實際上可能會加速成本下降嗎？考慮到它能夠被應用到低端、其他（近線平台之外的）產品。

I'm just curious how you think about that cost-down curve.

我只是好奇你對這條成本下降曲線有什麼看法。

Yeah. We are very positive on the 4 terabytes per disk, in terms of impact on the cost, as we discussed before. The unit costs tend to be fairly similar. But, of course, we are adding a lot of content per unit. So that will be a good help to reducing the cost and improving profitability.

是的。正如我們之前討論過的，我們對每塊磁碟 4 TB 的容量非常看好，因為它對成本的影響很大。單位成本往往相當接近。當然，我們每個單元都增加了大量內容。這樣將有助於降低成本，提高獲利能力。

As you know, we are qualifying to major customers on these new products. The time to finalize the call and their ramp, probably through the end of the calendar year and, for sure, well into the -- the impact will be strong, I think, in the next calendar year, too.

如您所知，我們正在向主要客戶推廣這些新產品。最終確定通話及其推廣計劃的時間可能要到年底，而且肯定會持續到明年——我認為，其影響在下一個日曆年也會非常顯著。

We plan on making a big transition to 4 terabytes per platter over the coming few years and then, getting to the 5 terabytes per platter, as well. We do add complexity as we make those transitions.

我們計劃在未來幾年內實現單盤容量 4 TB 的重大轉型，然後最終達到單盤容量 5 TB。我們在進行這些過渡時確實會增加複雜性。

But I'd say the first order, the things that dictate the speed of the ramp, are our ability to go work scrap and yield all through our supply chain and so on. We're working very hard on that.

但我認為，決定產能爬坡速度的首要因素，是我們能否在整個供應鏈中有效利用廢料並提高產量等等。我們正在為此付出巨大的努力。

I like the product. So I think (inaudible) provide for a bright and stable future for us. We just need to stay focused on it.

我喜歡這款產品。所以我認為（聽不清楚）能為我們提供一個光明穩定的未來。我們只需要專注於此。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

I want to ask about LTSAs. I think you said nearline capacity is allocated through 2026. It sounds like both pricing and exabytes are locked in this year. But for '27, I think you said something that I took that exabyte and pricing is not locked in but you have some agreement. I had two questions.

我想諮詢長期服務協議（LTSA）。我想你說過近線產能已經分配到2026年了。看來今年的價格和容量（以艾字節為單位）都已經確定了。但對於 '27，我想你說過一些話，我理解為 EB 和定價還沒有最終確定，但你們之間達成了一些協議。我有兩個問題。

First of all, is it right to assume that pricing is also locked in for all of '26? What agreement are you referring to for 2027, if volume and pricing is not locked in next year?

首先，是否可以假設 2026 年全年的價格都已鎖定？如果明年的銷售和價格還沒確定，您指的是2027年的哪一項協議？

Yes. For this calendar year, we said, basically, we have in [PO] in place for all the quarters so volume and pricing is well defined.

是的。對於本年度，我們基本上已經制定了所有季度的採購訂單，因此銷售量和價格都已明確。

As Dave said before, if in a quarter we can produce a little bit more, of course, we will sell those exabytes in the open market at a good profitability.

正如戴夫之前所說，如果一個季度我們能多生產一點，當然，我們會把這些艾字節的數據在公開市場上以良好的利潤出售。

But I would say we have -- the vast, vast majority of the volume is already allocated. Calendar '27, we will start working on that fairly soon.

但我認為，絕大多數的份額已經分配完畢。關於2027年日曆，我們很快就會開始著手製作。

Of course, we have very good indication and agreement on volume. But we have not fixed the price yet.

當然，我們對成交量有非常明確的指示和共識。但我們尚未確定價格。

Yeah. Tim, if this helps, we haven't really started the longest lead time parts. But we will very soon for the start of '27.

是的。提姆，如果這能幫到你的話，我們還沒有真正開始生產交貨週期最長的零件。但到 2027 年初，我們很快就會開始了。

We need to start having those discussions with our customers: which calls are we going to get through together with; what exactly is the plan because a lot of them need predictability, as well.

我們需要開始與客戶進行這些討論：我們將共同完成哪些通話；具體的計劃是什麼，因為許多客戶也需要可預測性。

So we'll have to build in our factories, based upon how hard they want to pull on those new products.

所以，我們需要根據他們對這些新產品的需求量，在我們的工廠進行相應的生產。

Mehdi Hosseini, Susquehanna Financial Group.

Mehdi Hosseini，Susquehanna Financial Group。

Just a quick housekeeping item. Gianluca, your CapEx has been increasing on a QoQ basis. How should I think about depreciation, especially since it did dip in the December quarter? Any color here would be great, looking forward.

一件簡單的家事。Gianluca，你的資本支出一直逐季成長。我該如何看待折舊問題，尤其是在12月季度折舊下降的情況下？任何顏色都行，期待！

Yeah., No. Our CapEx is aligned to our target of 4% to 6% of revenue. We are actually at the bottom of that range. It's not increasing, in terms of what we want to achieve of what we said.

是啊，不。我們的資本支出與收入佔比4%至6%的目標相符。我們實際上已經處於該範圍的底部。就我們想要達成的目標而言，它並沒有增加。

Of course, comparing to a period where we were more into the down cycle in terms of dollars, of course, it's higher.

當然，與美元處於下行週期的時期相比，現在的水平當然更高。

We are supporting our HAMR transition and HAMR ramp. So I would say there is nothing different than what we said.

我們正在支持我們的HAMR過渡和HAMR爬坡。所以我覺得跟我們之前說的沒什麼不同。

Yeah. That's the way I think about it, as well, Mehdi -- is that if you go back two years ago and you use that as a baseline, we were still significantly lower revenue but, also, we were challenged on the supply and demand balance.

是的。我也是這麼想的，Mehdi——如果你回顧兩年前，並以此為基準，我們的收入仍然低得多，而且，我們在供需平衡方面也面臨著挑戰​​。

Right now, we're in a totally different environment, of course. So we'll probably stay well within the 4% to 6% range.

當然，我們現在所處的環境完全不同了。所以，我們大概會將誤差控制在 4% 到 6% 的範圍內。

But as the revenue goes up, we'll spend a little bit more. Probably, the first priority is maintenance tools and the things that we weren't doing a couple of years ago.

但隨著收入增加，我們會稍微增加一些支出。或許，首要任務是維護工具以及我們幾年前沒有做過的事情。

I apologize. I may have confused. I was focusing more on depreciation.

我道歉。我可能搞混了。我當時更關注的是折舊。

Given these several quarters of increase in CapEx, should I expect a step-up in depreciation, looking forward?

鑑於資本支出連續幾季成長，我是否應該預期未來折舊也會增加？

Depreciation will follow the CapEx. You have your model on the revenue so you can calculate the 4% to 6% of CapEx. And then, depreciation for us is on a 10 years useful life so you can probably model it that way.

折舊將跟隨資本支出發生。你已經建立了收入模型，所以可以計算出 4% 到 6% 的資本支出。然後，我們的折舊是以 10 年使用壽命計算的，所以你們大概也可以這樣建模。

It's not like -- some other fabs, it's not necessarily the huge part of the cost drivers. There's a lot of other pieces of the cost that we can go manage (inaudible).

與其他一些晶圓廠不同，這不一定是成本的主要驅動因素。還有很多其他成本部分我們可以控制。（聽不清楚）

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Dave, while we have you, a little bit of a technical one, are you -- what activity are you seeing at the so-called [warm tier] of storage? It's a question that comes up a bunch in our conversations. We've heard that it's obviously growing. It's growing both hard drive -- and flash storage is participating nicely.

Dave，趁你還在，問你一個技術性的問題，你－你在所謂的[溫儲存層]看到了什麼活動？這是我們談話中常被問到的問題。我們聽說它顯然正在發展壯大。硬碟和快閃記憶體儲存都在成長，而且快閃記憶體儲存也發揮了很好的作用。

But would love to get your input on it because I think there's still -- first of all, we'd love to know if what we're hearing is accurate. But, secondarily, I think there's a lot of people that are assuming that that's really -- like, it's becoming a NAND tier and largely a NAND tier in the gen AI world.

但我很想聽聽你們的意見，因為我覺得還有──首先，我們很想知道我們聽到的消息是否準確。但其次，我認為很多人都認為，這真的——就像，它正在成為 NAND 層級，而且在人工智慧領域很大程度上是 NAND 層級。

Anyway, just would love to get any context there that you have.

總之，我很想知道你掌握的任何背景資訊。

Yeah. I think you have to be a little bit careful, Ananda.

是的。阿南達，我覺得你得稍微小心一點。

There are applications that are very memory dependent that are attached to compute. Some of these applications are [neat]. I like them.

有些應用程式非常依賴內存，它們都依賴計算資源。這些應用有些是[整潔的]。我喜歡它們。

When you start talking about big data storage, if you will, in data centers, the tiering architecture is fairly well set and probably would not change, based on economics and also architectures that are well known. People know how to play.

當你開始談論大數據儲存時，例如在資料中心，分層架構已經相當完善，根據經濟因素和眾所周知的架構，可能不會改變。人們都知道怎麼玩。

So if the concept is that drives aren't working hard, they're in the background, just storing data, that's not the a good way to think about it. That's not the way hard drives are being used, right now. They're working 24/7.

所以，如果認為硬碟沒有在努力工作，它們只是在後台儲存數據，那麼這種想法是不正確的。目前硬碟的使用方式並非如此。他們24小時不間斷地工作。

A lot of times, they're optimized for performance themselves; largely streaming performance, not random small block workloads. That's more of a memory thing.

很多時候，它們本身就是針對效能進行最佳化的；主要是串流效能，而不是隨機的小塊工作負載。那更多的是一種記憶方面的問題。

And so if you had an application that's (inaudible) small block, it's probably memory. If you have big data, it's probably a little bit of memory on the front end and a lot of hard drive on the back end.

所以，如果你有一個（聽不清楚）很小的應用程序，那它很可能佔用大量記憶體。如果你的資料量很大，那麼前端可能只需要少量內存，而後端則需要大量的硬碟空間。

We think that -- there are applications across the entire spectrum, of course. But we think that in the future, when we start to talk about the concepts in their enormity about checkpoints and physical AI and video and things like that, it's large, large data so that the architectural tier that stores the data will probably remain constant for the next decade.

我們認為——當然，它在所有領域都有應用。但我們認為，未來當我們開始討論檢查點、實體人工智慧、視訊等概念時，涉及的資料量非常龐大，因此儲存資料的架構層在未來十年內可能會保持不變。

That's super helpful. I'll keep it there. Thanks a lot. That's great.

這太有幫助了。我就把它放在那裡。多謝。那太棒了。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗銀行。

Just a quick question on HAMR. I know you're ramping it faster in the March quarter.

關於HAMR，我有個小問題。我知道你們在三月的季度裡加快了腳步。

Should that drive a much better gross margin profile? Any thoughts on how we should see the margins improve, as HAMR starts to ramp?

這是否會帶來更好的毛利率表現？隨著HAMR產能逐步提升，大家認為利潤率該如何提升？

I have a follow-up.

我還有一個後續問題。

Vijay, if you are referring to the March quarter, of course, ramp of HAMR is included in our guidance. Our guidance is indicating a fairly good improvement in gross margin, again.

Vijay，如果你指的是三月的季度，那麼當然，HAMR的產能爬坡已經包含在我們的指導方針中。我們的預測顯示，毛利率將再次出現相當不錯的改善。

And then, I said, for the rest of the calendar year, we expect both revenue and profitability to improve sequentially. Of course, part of that is coming from additional HAMR products.

然後我說，在今年剩餘的時間裡，我們預計收入和獲利能力都會較上季改善。當然，其中一部分來自其他 HAMR 產品。

We think demand will be strong for the 4 terabytes per platter, of course. And so that's one of the reasons why we're making that a priority in the transition that we go through this calendar year and into next.

我們認為，每張光碟 4TB 的容量肯定會受到市場的強勁需求。所以，這也是為什麼我們將此事作為今年及明年過渡時期的優先事項的原因之一。

Got it. Very helpful. Just a quick question, also, on the OpEx side.

知道了。很有幫助。另外，關於營運支出方面，我還有個小問題。

Very nice -- obviously, OpEx at same time last year was somewhere in the 14% range. Now, it's down to 10%. I know, Gianluca, you said probably that's a long-term target but it looks like -- as Dave mentioned, with the top line ramping up with all the design, it looks like OpEx could go down again.

非常好——顯然，去年同期營運支出佔比在 14% 左右。現在，這個比例已經降到了10%。我知道，Gianluca，你說過這可能是長期目標，但正如Dave所提到的，隨著所有設計工作的推進，收入不斷增長，營運成本似乎可能會再次下降。

Is that fair as a percent of mix?

這個比例作為混合物中的百分比是否合理？

Well, I would say we are getting closer and closer to our (inaudible) target of 10% of revenue for OpEx. We are almost there. We should be there actually in the March quarter.

嗯，我想說我們離營運支出佔收入 10% 的目標越來越近了（聽不清楚） 。我們快要到達目的地了。我們實際上應該在三月的季度就能到達那裡。

And then, of course, now that we relaxed our cost control, we will continue to keep our cost control. Revenue is supposed to increase so we can probably be a bit better.

當然，現在我們放鬆了成本控制，但我們仍將繼續保持成本控制。收入應該會增加，所以我們的情況可能會好轉一些。

Yeah. I'm glad you asked that, Vijay, because, obviously, a few years ago, the tough times that we went through, we weren't investing in ourselves to the rate that I'd like. Of course, with the HAMR transition in front of us, that was a lot of work.

是的。很高興你問了這個問題，Vijay，因為很顯然，幾年前我們經歷的那段艱難時期，我們對自己投資的力度並沒有達到我的預期。當然，由於我們面臨 HAMR 過渡的挑戰，那是一項艱鉅的工作。

Now that we've cleared that HAMR transition, we can see the future fairly well. The cloud are departing, if you will.

既然我們已經完成了HAMR過渡，我們對未來就能看得比較清楚了。雲層正在消散。

We can see aerial density opportunities in front of us. We will take that the money, such as it is, even staying within our same model. We'll take that money and reinvest in ourselves so that we can continue to drive the areal density.

我們可以看到擺在我們面前的空中密度提升機會。即使維持在同樣的模式，我們也會接受這筆錢，無論金額多少。我們將把這筆錢重新投資於自身，以便繼續提高區域密度。

Got it. Great. Thanks a lot, guys. Appreciate it.

知道了。偉大的。非常感謝各位。謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

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

我想把會議交還給管理階層，請他們作總結發言。

Thank you, [Nick]. Thanks to everyone for joining us on the call.

謝謝你，[缺口]。感謝各位參加本次電話會議。

The Seagate team is executing very well, delivering on our financial targets and advancing areal density roadmaps and successfully qualifying customers on our HAMR-based Mozaic products to address the sustained and growing demand for data storage.

希捷團隊執行力非常強，實現了財務目標，推進了面密度路線圖，並成功地讓客戶認可我們基於 HAMR 的 Mozaic 產品，以滿足持續成長的資料儲存需求。

As data creation accelerates, driven by both traditional workloads and these emerging AI applications, Seagate's transformational technology positions us well to capture the significant demand opportunities ahead.

隨著傳統工作負載和新興人工智慧應用推動資料創建速度加快，希捷的變革性技術使我們能夠更好地掌握未來巨大的需求機會。

I'd like to thank our employees for their dedication and innovation; and our customers and suppliers for their trust and collaboration; and our shareholders, as well, for their continued support. Together, we're driving Seagate's ongoing success.

我要感謝全體員工的奉獻與創新；感謝客戶與供應商的信任與合作；也要感謝股東們的持續支持。我們攜手並進，共同推動希捷的持續成功。

Thank you.

謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。