希捷科技 (STX) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to the Seagate Technology fiscal third-quarter 2026 conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Seagate Technology 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係資深副總裁 Shanye Hudson。請開始。

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

謝謝。各位好，歡迎參加今天的電話會議。與我一同出席的有 Seagate 董事長暨執行長 Dave Mosley，以及我們的財務長 Gianluca Romano。我們已在公司網站「投資人」專區公布本次 3 月季度業績的新聞稿與詳細補充資料。

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 efforts.

在今天的電話會議中，我們將提及 GAAP 與非 GAAP 指標。非 GAAP 數據已在我們網站上發布的財報新聞稿中，並於 Form 8-K 中，與 GAAP 數據進行調節對帳。我們尚未就部分非 GAAP 展望指標提供對帳，因為可能影響這些指標的重大項目不在我們控制範圍內，且／或無法合理預測。因此，若不付出不合理的努力，將無法提供與相對應 GAAP 指標的對帳。

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 is associated with our business. To learn more about the risks, uncertainties, and other factors that 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.

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，反映管理層基於截至今日我們可取得資訊所形成的當前觀點與假設，且不應在任何後續日期被依賴。實際結果可能與這些前瞻性陳述所載或所暗示者有重大差異，因其受與我們業務相關的風險與不確定性影響。若要進一步了解影響我們未來業務結果的風險、不確定性及其他因素，請參閱我們今日發布的新聞稿與向 SEC 提交的文件，包括最近一期 Form 10-K 年報與 Form 10-Q 季報，以及補充資料；上述資料皆可於我們網站「投資人」專區查閱。

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 reentering the queue.

在我們的準備發言結束後，我們將開放提問。為了讓所有分析師都有機會參與，我們先行感謝各位每次先提出一個主要問題，之後再重新排隊。

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

接下來，我把電話交給你，Dave。

Thanks, Shanye, and hello, everyone. Seagate delivered a very strong March quarter. underscoring both the durability of demand and the leverage in our model. We grew revenue 44% year over year, achieved record gross margins more than doubled non-GAAP operating income and generated one of our highest ever levels of free cash flow at close to $1 billion.

謝謝你，Shanye，各位好。Seagate 在 3 月季度交出非常強勁的成績，凸顯需求的韌性以及我們商業模式的槓桿效應。我們營收年增 44%，達成創紀錄的毛利率，非 GAAP 營業利益超過倍增，並創造接近 10 億美元、為歷史高位之一的自由現金流。

Momentum continues to build for our Mozaic HAMR-based platforms with two of the world's largest CSPs now qualified on our 4 terabyte per disk product. For both of these customers, qualification timelines were in line with PMR products, underscoring the maturity of the platform, and our team's outstanding execution as we work to meet customers' accelerated demand requirements. Our strong Q4 guidance issued today demonstrates our growing conviction in the business and future opportunities. As we look ahead, we see Seagate now entering a period of structural growth.

我們以 Mozaic HAMR 平台為基礎的產品動能持續增強，目前全球兩家最大的 CSP 已完成我們每碟 4TB 產品的資格認證。對這兩位客戶而言，認證時程與 PMR 產品一致，凸顯平台成熟度，以及我們團隊在滿足客戶加速需求要求方面的卓越執行力。我們今日發布的強勁第四季指引，展現我們對業務與未來機會日益提升的信心。展望未來，我們看到 Seagate 正進入一段結構性成長期。

Our belief is rooted in three pillars. First is the sustainability of rising storage demand. AI-enhanced applications are accelerating data creation, expanding retention, and increasing reliance on historical data sets for advanced reasoning. Extending beyond cloud data centers to the enterprise edge, these trends require storage solutions that deliver cost and energy efficiency at scale, making high capacity hard drives essential to modern data center architectures.

我們的信念建立在三大支柱之上。第一，是儲存需求上升的可持續性。AI 強化型應用正在加速資料生成、擴大資料留存，並提高對歷史資料集用於進階推理的依賴。這些趨勢不僅存在於雲端資料中心，也延伸至企業邊緣端；因此需要能以規模提供成本與能源效率的儲存解決方案，使高容量硬碟成為現代資料中心架構不可或缺的一環。

Second is our strategic technology road map. Anchored by the Mozaic platform and HAMR innovation, we are delivering critical technology breakthroughs at the right time to support our customers' rising demand now and into the future.

第二，是我們的策略性技術藍圖。以 Mozaic 平台與 HAMR 創新為核心，我們在正確的時間交付關鍵技術突破，以支援客戶當前及未來持續攀升的需求。

Third is our proven strategy focused on converting demand into profitable growth and value creation. Our build-to-order model enhances demand visibility and supports pricing and supply discipline. Our HAMR-based product road map enables margin expansion as we scale. And our capital allocation framework enables us to leverage our earnings growth and cash flow generation into strengthening our balance sheet and enhancing shareholder returns over the long term.

第三，是我們經驗證的策略，聚焦於將需求轉化為獲利成長與價值創造。我們的按單生產（build-to-order）模式提升需求能見度，並支持價格與供應紀律。我們以 HAMR 為基礎的產品藍圖，讓我們在擴大規模時得以推動毛利率擴張。而我們的資本配置框架，使我們能將獲利成長與現金流創造轉化為強化資產負債表，並在長期提升股東報酬。

The combination of these pillars, robust market demand, a proven technology road map and disciplined operational execution is already driving performance ahead of the financial targets outlined at our analyst event a year ago. The progress we have made gives us confidence to significantly increase our annual revenue growth target from the low- to mid-teens to a minimum of 20% over the next few years.

這些支柱的結合——強勁的市場需求、經驗證的技術藍圖，以及嚴謹的營運執行——已在推動我們的表現超越一年前分析師活動中所提出的財務目標。我們所取得的進展，讓我們有信心在未來幾年將年度營收成長目標由低至中十位數百分比，大幅提高至至少 20%。

This confidence is reinforced by the strength of the current demand environment shaped by ongoing momentum from cloud investments. The March quarter marked our tenth consecutive period of revenue growth from cloud customers, who have committed hundreds of billions of dollars in infrastructure CapEx investment to support their own long-term growth in AI transformations.

這份信心也因當前需求環境的強勁而更加鞏固，而該環境受到雲端投資持續動能所塑造。3 月季度是我們來自雲端客戶營收連續第十個期間成長；這些客戶已承諾投入數千億美元的基礎設施資本支出（CapEx），以支援其在 AI 轉型中的長期成長。

Using remaining performance obligations, or RPO, as a proxy for future revenue potential, the top three global CSPs alone have nearly doubled their RPO to staggering $1.1 trillion, a clear indicator of sustained growth ahead. Assurance of reliable supply is our customers' highest priority particularly for nearline products, which accounted for close to 90% of total exabyte shipments in the March quarter. We have Exabyte scale supply agreements in place with nearly all major cloud and hyperscale customers, with nearline capacity almost fully allocated through calendar 2027.

以剩餘履約義務（RPO）作為未來營收潛力的替代指標，僅前三大全球 CSP 的 RPO 就幾乎倍增至驚人的 1.1 兆美元，清楚顯示未來仍有持續成長動能。確保可靠供應是客戶的最高優先事項，尤其是近線（nearline）產品；近線產品在 3 月季度約占我們總 Exabyte 出貨量的 90%。我們已與幾乎所有主要雲端與超大規模客戶簽訂 Exabyte 規模的供應協議，且近線產能幾乎已分配至 2027 年曆年。

At the same time, we are finalizing build-to-order contracts with these customers through te end of fiscal 2027, which defines specific configuration and pricing. Our value-based pricing approach enables customers to plan with confidence while contributing to sustained profit growth for Seagate. And we are actively engaged in strategic planning discussions now reaching into calendar 2028 and beyond.

同時，我們正與這些客戶敲定按單生產合約，涵蓋至 2027 會計年度末，並明確定義特定配置與定價。我們以價值為基礎的定價方式，讓客戶能更有信心地進行規劃，同時也有助於 Seagate 維持獲利成長。此外，我們目前也正積極參與策略規劃討論，時程已延伸至 2028 年曆年及更遠的未來。

Today, AI sits at the center of nearly all customer demand conversations. We are in the midst of an inference inflection where compute infrastructure is shifting from periodic training to becoming engines that continually generate mass capacity data. Leading AI chatbots now handle billions of user prompts daily, each consuming and producing multimodal outputs that fuel an unprecedented surge in data creation.

如今，AI 位於幾乎所有客戶需求對話的核心。我們正處於推論（inference）拐點之中，運算基礎設施正從週期性的訓練，轉變為持續生成海量容量資料的引擎。領先的 AI 聊天機器人目前每天處理數十億次使用者提示（prompts），每一次互動都會消耗並產生多模態輸出，推動資料生成出現前所未有的激增。

Agentic AI pushes this even further, transforming sporadic engagements into autonomous workflows that continuously ingest inputs, generate reasoning and store durable outputs that are dramatically increasing data intensity and long-term storage requirements. AI is amplifying demand across existing applications such as video, where large cloud providers are integrating AI into platforms to boost user engagement and revenue opportunities, driving new video creation, and the need to store it. We believe demand will further accelerate as AI applications move beyond the data center into the physical world, powering manufacturing systems, autonomous vehicles and robotics.

代理式 AI（Agentic AI）更進一步，將零星互動轉化為自主工作流程，持續攝取輸入、產生推理並儲存可長期保存的輸出，從而大幅提高資料密度與長期儲存需求。AI 也正在放大既有應用的需求，例如影片；大型雲端供應商正將 AI 整合至平台以提升使用者互動與營收機會，帶動新的影片生成以及儲存需求。我們相信，隨著 AI 應用從資料中心走向實體世界，為製造系統、自動駕駛車輛與機器人提供動力，需求將進一步加速。

These physical AI deployments generate massive data streams from sensors, cameras, and telemetry with a single autonomous vehicle producing up to 4 terabytes per hour. A portion of this data is reused for simulation, validation, and retraining with retention requirements stretching 5 to 10 years to meet compliance standards. These inference-based applications are creating a growing need for both cloud and local storage. We have started to see interest from sovereign and neo cloud data centers for our enterprise nearline drives and system solutions.

這些實體 AI 部署會從感測器、攝影機與遙測（telemetry）產生龐大的資料流；單一自動駕駛車輛每小時可產生高達 4TB 的資料。其中一部分資料會被重複用於模擬、驗證與再訓練，而留存要求為符合合規標準可延伸至 5 到 10 年。這些以推論為基礎的應用，正在帶動雲端與本地端儲存需求同步成長。我們已開始看到主權雲與新型雲端資料中心（neo cloud data centers）對我們企業級近線硬碟與系統解決方案的興趣。

To manage these intensifying workloads, cloud, and edge data centers deploy storage tiers that work in concert to optimize performance, cost, energy efficiency, and data durability. Hard drives are critical to these modern data center architectures, delivering scalable capacity along with energy and cost efficiencies and that form the foundation of the mass data storage tier.

為了管理這些日益加劇的工作負載，雲端與邊緣資料中心部署可協同運作的分層儲存，以最佳化效能、成本、能源效率與資料耐久性。硬碟在這些現代資料中心架構中至關重要，提供可擴充的容量，同時具備能源與成本效率，並構成大量資料儲存層的基礎。

Seagate's proven product portfolio makes us well positioned to address this broadening opportunity set. Our technology strategy prioritizes aerial density innovation over increasing unit volumes to address rising demand. Leveraging our technology strengths, we provide the most capital and manufacturing efficient path to scale while delivering improved cost and power efficiency per terabyte for our customers. This approach supports our goal to supply data center exabyte growth in the mid-20% range.

Seagate 經驗證的產品組合使我們具備良好條件來把握這個不斷擴大的機會集合。我們的技術策略優先推動面密度創新，而非增加單位出貨量，以因應需求上升。憑藉我們的技術優勢，我們提供最具資本效率與製造效率的擴產路徑，同時為客戶帶來每 TB 更佳的成本與功耗效率。此一作法支持我們的目標：供應資料中心 EB（exabyte）成長維持在約 20% 中段的水準。

Our Mozaic 4+ platform is a prime example. As our second-generation HAMR-based product, Mozaic 4+, can deliver up to 44 terabytes per drive, over 30% more capacity compared to the first-generation Mozaic drives, which we achieved with the same number of disks and heads with minimal change to the bill of materials. Mozaic 4+ also incorporates our internally designed laser and integrated photonic circuitry into the recording head. This innovation enables high-volume, extreme precision manufacturing that enhances our ability to increase drive capacity and cost efficiency. We began revenue shipments from Mozaic 4+ in late March, and based on current ramp plans, we expect Mozaic 4+ to represent a majority of our HAMR exabyte shipments exiting calendar 2026.

我們的 Mozaic 4+ 平台就是一個典型例子。作為我們第二代基於 HAMR 的產品，Mozaic 4+ 每顆硬碟可提供最高 44TB 容量，較第一代 Mozaic 硬碟容量提升逾 30%；我們是在維持相同碟片與磁頭數量、且對物料清單（BOM）僅做最小變更的情況下達成。Mozaic 4+ 也將我們內部設計的雷射與整合式光子電路整合到寫入磁頭中。此項創新使我們能以高產量、極高精度進行製造，強化我們提升硬碟容量與成本效率的能力。我們已於 3 月下旬開始以 Mozaic 4+ 進行營收出貨；依據目前的爬坡計畫，我們預期在 2026 年曆年結束時，Mozaic 4+ 將占我們 HAMR EB 出貨量的多數。

We have shipped millions of HAMR-based drives highlighting our ability to engineer with atomic-level precision and then integrate that innovation into high-volume exabyte scale. We work closely with customers to ensure our technology road map aligns with our future storage capacity and performance needs. Customer feedback consistently indicates that tiered storage architectures and software solutions meet their performance needs over the next few years. Capacity scaling remains their top priority, and we are executing the plan.

我們已出貨數百萬顆基於 HAMR 的硬碟，突顯我們具備以原子級精度進行工程設計的能力，並能將創新整合到高產量、EB 規模的量產中。我們與客戶緊密合作，確保我們的技術路線圖與其未來的儲存容量與效能需求一致。客戶回饋一貫顯示，分層儲存架構與軟體解決方案可滿足其未來幾年的效能需求。容量擴充仍是他們的首要優先事項，而我們正在按計畫執行。

Our Mozaic 5 product development is progressing well to plan to deliver capacities at 50 terabytes with qualification shipments targeted for late calendar 2027. These drives leverage our advanced photonics expertise internally designed laser and mature tends platform to extend the aerial density capabilities. This approach offers customers a predictable path for addressing their future exabyte growth needs, as well as upgrade the storage capacity of their installed base, while using the same power budget and lower space. And the momentum we've seen in qualifying Mozaic products continues to validate this approach.

我們的 Mozaic 5 產品開發依計畫順利推進，目標提供 50TB 容量，並預計於 2027 年曆年下半年進行認證出貨。這些硬碟運用我們在光子技術方面的先進專長、內部設計的雷射，以及成熟的 tends 平台，以延伸面密度能力。此一作法為客戶提供可預期的路徑，以因應其未來 EB 成長需求，並在相同電力預算與更低空間占用下，升級其既有裝機基礎的儲存容量。而我們在 Mozaic 產品認證方面所見到的動能，持續驗證此一作法。

Today, the vast majority of HAMR supply is allocated to cloud and hyperscale customers. 1However, as production scales. We expect to leverage 4 and 5 terabyte per disk capabilities to produce cost-efficient, lower capacity products for enterprise data centers and edge IoT applications. This unified platform approach will simplify our product portfolio and enable manufacturing, supply chain and cost efficiencies to deliver strong economics for Seagate over the long term.

目前，絕大多數 HAMR 供應量配置給雲端與超大規模（hyperscale）客戶。然而，隨著產能擴大。我們預期將運用每碟片 4TB 與 5TB 的能力，為企業資料中心與邊緣 IoT 應用生產具成本效率、較低容量的產品。此一統一平台作法將簡化我們的產品組合，並帶來製造、供應鏈與成本效率，長期為 Seagate 創造強勁的經濟效益。

In summary, Seagate is entering a period of structural growth, powered by durable demand, increasing adoption of our Mozaic-based products, and continued execution against the strategy designed to drive margin expansion, cash flow and long-term value creation. I want to thank our global team for delivering another strong quarter and recognize our suppliers, customers and shareholders for their ongoing support.

總結而言，Seagate 正進入結構性成長期，動能來自持久的需求、Mozaic 系列產品採用率提升，以及持續落實旨在推動毛利率擴張、現金流與長期價值創造的策略。我要感謝我們全球團隊再度交出強勁的一季，並感謝供應商、客戶與股東持續的支持。

With that, I'll turn it over to Gianluca.

接下來我把時間交給 Gianluca。

Thank you, Dave. Seagate posted very strong results for the March quarter, exceeding our expectation of revenue, operating margin and earnings per share, while setting new profitability record that reflects sustained data center demand.

謝謝你，Dave。Seagate 在 3 月季度繳出非常強勁的成果，營收、營業利益率與每股盈餘均超出我們預期，同時創下新的獲利紀錄，反映資料中心需求持續強勁。

Additionally, we further strengthened our balance sheet by retiring [$641 million] in gross debt and achieved free cash flow margin of [31%].

此外，我們透過償還總額 [$641 million] 的債務，進一步強化資產負債表，並達成自由現金流利潤率[31%]。

Revenue for the March quarter was $3.1 billion, up 10% sequentially and up 44% year over year. We achieved non-GAAP gross margin of 47%, up 180 basis points sequentially, and we expanded non-GAAP operating margin by 560 basis points sequentially to 37.5%.

3 月季度營收為 31 億美元，季增 10%，年增 44%。我們的非 GAAP 毛利率達 47%，季增 180 個基點；非 GAAP 營業利益率季增 560 個基點至 37.5%。

Our result in non-GAAP EPS was $4.10, up 32% quarter over quarter and 115% year over year. We shipped 199 exabytes in the quarter, up 29% year over year. The data center market accounted for 88% of exabyte shipments and 80% of revenue, with strong demand contribution from both global cloud and enterprise customers. We shipped 175 exabytes into the data center market, up 6% sequentially and 47% year on year. Data center revenue increased even faster over the same period, up 12% sequentially and 55% year on year, totaling $2.5 billion.

非 GAAP 每股盈餘（EPS）為 4.10 美元，季增 32%，年增 115%。本季出貨 199EB，年增 29%。資料中心市場占 EB 出貨量的 88% 與營收的 80%，全球雲端與企業客戶皆對需求提供強勁貢獻。我們在資料中心市場出貨 175EB，季增 6%，年增 47%。同期間資料中心營收成長更快，季增 12%、年增 55%，合計達 25 億美元。

Cloud makes up the vast majority of data center revenue and capacity shipments. We are focused on ramping Mozaic to address growing cloud customer demand. In the March quarter, we shipped Mozaic drives for revenue to 75% of the leading global cloud customers, and we remain on track to complete qualification with the remaining two customers in the current quarter.

雲端占資料中心營收與容量出貨的絕大多數。我們專注於加速 Mozaic 的爬坡，以滿足雲端客戶日益成長的需求。在 3 月季度，我們已向 75% 的全球領先雲端客戶出貨 Mozaic 硬碟並認列營收；我們仍按計畫在本季完成其餘兩家客戶的認證。

In the enterprise OEM data center market, we saw a notable sequential revenue increase, reflecting growing deployment of AI application along with renewed demand for hybrid and tier storage architectures. This proven strategy widely adopted by cloud and hyperscale customers, provide scalable, and efficient infrastructure solutions across all market conditions.

在企業 OEM 資料中心市場，我們看到顯著的季對季營收成長，反映 AI 應用部署增加，以及混合式與分層儲存架構需求回溫。這項已被雲端與超大規模客戶廣泛採用、且經驗證的策略，可在各種市場環境下提供可擴充且高效率的基礎設施解決方案。

Our edge IoT market made up the remaining 20% of revenue at $612 million, up 2% sequentially. In the client and consumer markets, high supply, and higher NAND cost offset the typical seasonal demand slowdown in the March quarter.

我們的邊緣 IoT 市場占其餘 20% 的營收，為 6.12 億美元，季增 2%。在用戶端與消費性市場方面，供給偏高與 NAND 成本上升，抵銷了 3 月季度典型的季節性需求放緩。

Moving on to the rest of the income statement. Non-GAAP gross profit increased to $1.5 billion, up 23% quarter over quarter and 87% compared with the prior year period, growing roughly twice the rate of revenue.

接著看損益表其餘項目。非 GAAP 毛利增加至 15 億美元，季增 23%，較去年同期增加 87%，成長速度約為營收的兩倍。

Non-GAAP gross margin expanded to 47% in the March quarter from 42.2% in the prior period. This improvement reflects continued execution of our long-term pricing strategy, along with improving product mix. Together, this drove a mid-single-digit increase in year-over-year data center revenue per terabyte. We expect this trend to continue, supported by a strong demand environment.

3 月季度非 GAAP 毛利率由前一季的 42.2% 擴大至 47%。此一改善反映我們持續執行長期定價策略，以及產品組合的改善。兩者共同推動資料中心每 TB 營收年增達中個位數幅度。在強勁需求環境的支撐下，我們預期此趨勢將持續。

Non-GAAP operating expenses were in line with our expectations at $296 million or 9.5% of revenue. The combination of higher revenue and expense discipline enabled us to achieve our long-term target earlier than originally planned.

非 GAAP 營業費用符合我們預期，為 2.96 億美元，約占營收 9.5%。更高的營收與費用紀律的結合，使我們得以比原先規劃更早達成長期目標。

As we effectively execute our strategy around advancing aerial density, supply discipline and pricing, we delivered a 30% sequential improvement in non-GAAP operating profit to $1.2 billion or 37.5% of revenue. Other income and expense were $62 million, reflecting lower interest expense on the reduced outstanding debt balance. We expect other income expense to remain relatively flat in the June quarter.

隨著我們有效執行提升面密度、供給紀律與定價等策略，非 GAAP 營業利益季增 30% 至 12 億美元，約占營收 37.5%。其他收益與費用為 6,200 萬美元，反映未償債務餘額降低帶來的利息費用下降。我們預期 6 月季度的其他收益費用將維持相對持平。

Non-GAAP net income grew to $934 million, with corresponding non-GAAP EPS of $4.10 per share based on tax expenses of $171 million and a diluted share count of approximately 228 million shares, including the net impact of our 2028 convertible notes.

非 GAAP 淨利增至 9.34 億美元；在稅費 1.71 億美元、稀釋後股數約 2.28 億股（包含我們 2028 年可轉換公司債的淨影響）的基礎上，對應的非 GAAP 每股盈餘為每股 4.10 美元。

Turning now to cash flow and the balance sheet. We invested $151 million in capital expenditures for the March quarter or roughly 4% of revenue year-to-date. We expect capital expenditure for fiscal year 2026 to be inside our target range of 4% to 6% of revenue, with investments aimed at the ongoing transition and ramp of hammer based products.

接下來談現金流與資產負債表。我們在 3 月季度投入 1.51 億美元資本支出，約占本財年至今營收的 4%。我們預期 2026 會計年度的資本支出將落在我們目標區間（營收的 4% 至 6%）之內，投資重點在於持續推進並加速以 HAMR 為基礎產品的轉換與放量。

Free cash flow generation expanded significantly to $953 million, up 57% from the prior quarter, representing our highest level in over take. We expect free cash flow generation to improve further through the remaining quarter in calendar '26, supported by sustained demand trends, operational efficiencies, and capital discipline.

自由現金流大幅擴增至 9.53 億美元，較前一季成長 57%，創下我們長期以來的最高水準。在需求趨勢持續、營運效率提升與資本紀律的支撐下，我們預期在 2026 年曆年剩餘季度，自由現金流將進一步改善。

Cash and cash equivalents increased to $1.1 billion at the end of March quarter with ample liquidity of $2.4 billion, including our undrawn revolving credit facility.

截至 3 月季度末，現金及約當現金增加至 11 億美元；包含未動用的循環信用額度在內，我們擁有充裕的流動性 24 億美元。

During the last quarter, we recorded approximately $191 million to shareholders through dividend and share repurchases. We also retired $641 million in debt including over $600 million of exchangeable senior note due 2028 using cash on hand. Our adulting gross debt balance was approximately $3.9 billion exiting the March quarter. Year-to-date fiscal 2026, we have reduced gross debt by approximately $1.1 billion.

在上一季，我們透過股利與庫藏股回購，合計向股東回饋約 1.91 億美元。我們也以手上現金償還 6.41 億美元債務，其中包含超過 6 億美元、2028 年到期的可交換優先票據。我們在 3 月季度結束時的總債務餘額約為 39 億美元。2026 會計年度截至目前，我們已將總債務降低約 11 億美元。

Net leverage ratio improved to 0.7x based on our adjusted EBITDA of $1.2 billion for the March quarter, up 28% quarter over quarter and more than doubled year on year. We expect the net leverage ratio to continue declining as profitability and cash generation increase while we plan to further reduce debt.

以 3 月季度調整後 EBITDA 12 億美元計算，淨槓桿比率改善至 0.7 倍；該 EBITDA 較前一季成長 28%，較去年同期更是倍增以上。隨著獲利能力與現金創造提升，且我們計畫進一步降低負債，我們預期淨槓桿比率將持續下降。

I'm pleased to share that Fitch recently upgraded Seagate credit to investment grade, recognizing our strengthening balance sheet and profitability expansion.

我很高興分享，惠譽（Fitch）近期將 Seagate 的信用評等上調至投資等級，肯定我們資產負債表的強化以及獲利能力的擴張。

Turning now to the June quarter outlook. Despite rising geopolitical tensions, including the ongoing complete in the Middle East, we do not currently expect material impacts to the business. Our teams acted quickly to mitigate supply and logistics disruption, and we will continue to monitor this dynamic situation.

接下來談 6 月季度展望。儘管地緣政治緊張升溫（包括中東地區持續的衝突），我們目前不預期對業務造成重大影響。我們的團隊迅速採取行動以降低供應與物流中斷風險，並將持續監測這個動態情勢。

Underlying demand fundamentals have not changed. AI is reshaping data into a strategic asset, accelerating our customer need for storage capacity at scale. We see strengthening exabyte demand and continue to execute our Mozaic product qualification alongside our pricing strategy. With better context, we expect June quarter revenue to be in a range of $3.45 billion, plus or minus $100 million, which represents a 41% year-over-year improvement at the midpoint.

基本需求面並未改變。AI 正在將資料重塑為策略性資產，加速客戶對大規模儲存容量的需求。我們看到 EB（Exabyte）需求走強，並持續推進 Mozaic 產品認證，同時配合我們的定價策略執行。在更清楚的脈絡下，我們預期 6 月季度營收將落在 34.5 億美元上下 1 億美元的區間；以中位數計算，年增 41%。

Non-GAAP operating expenses are expected to be approximately $295 million. Based on the midpoint of our revenue guidance, non-GAAP operating margin is expected to be in the lower 40% range. Non-GAAP EPS is expected to be $5 plus or minus $0.20, based on a tax rate of about 16% and non-GAAP diluted share count of 231 million shares, including estimated dilution from our 2028 convertible notes of approximately 3 million shares.

非 GAAP 營業費用預期約為 2.95 億美元。以營收指引中位數計算，非 GAAP 營業利益率預期落在 40% 出頭的區間。非 GAAP 每股盈餘預期為 5.00 美元上下 0.20 美元；假設稅率約 16%，非 GAAP 稀釋後股數為 2.31 億股（包含我們 2028 年可轉換公司債估計稀釋約 300 萬股）。

Our financial performance and guidance demonstrate our focus on profitable revenue growth, alongside a product strategy designed to capture the significant opportunities ahead. Combined with the visibility gain through our customer agreements, we are confident in delivering quarterly revenue growth and margin expansion through fiscal 2027, positioning Seagate to enhance value for both customers and shareholders over the long term.

我們的財務表現與指引展現了我們對獲利性營收成長的聚焦，同時也反映出我們的產品策略旨在掌握未來可觀的機會。再加上透過客戶協議所提升的能見度，我們有信心在 2027 會計年度之前持續實現季度營收成長與毛利率擴張，讓 Seagate 長期為客戶與股東提升價值。

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

接線員，請開放電話會議進入問答。

(Operator Instructions) Erik Woodring, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Erik Woodring。

Awesome. Good evening, guys. Thank you very much for the questions and congrats on the results and guide. Dave, I was wondering if you could go a bit more into the detail on specific tailwinds to HDDs from Agentic AI? And I guess, meaning like the broad tailwinds to HDD storage demand for multimodal models and physical AI is pretty clear, but it's less clear exactly what parts of the adjunctive are ripe for HDD.

太棒了。各位晚安。非常感謝讓我提問，也恭喜你們的業績與指引。Dave，我想請你更深入談談 Agentic AI 對 HDD 的具體順風因素。我的意思是，多模態模型與實體 AI 對 HDD 儲存需求的整體順風很清楚，但對於 Agentic 這一塊究竟哪些部分特別適合 HDD，還不太明確。

So I guess my question is specifically how does Agentic AI-benefit HDD demand? And does that have any impact on how you think about that mid-20% nearline exabyte CAGR you provided at Investor Day a year ago? Thank you.

所以我具體的問題是：Agentic AI 如何帶動 HDD 需求？這是否會影響你們對一年前投資人日所提供的近線（nearline）Exabyte 需求約 20% 中段 CAGR 的看法？謝謝。

Thanks, Erik. Yeah, we are picking up confidence because of some of these new applications. I think it's important to realize that some of the applications, while important, are fairly small data applications, some drive enormous data sets.

謝謝你，Erik。是的，因為一些新應用，我們的信心正在提升。我認為重要的是要理解：有些應用雖然重要，但屬於資料量相對小的應用；也有些應用會驅動極為龐大的資料集。

And so when I think about Agentic AI, I think about frequently asked questions, rather than just periodically querying something you're doing as part of workflow. And when you do that, you may actually reference enormous data sets to draw your conclusion then you may actually create new data that needs to be propagated out in the world to the extent that that's unstructured data, video data, that's where it's actually hitting the storage tiers fairly hard. So not entirely related to mass capacity storage, but we're starting to see a lot of this pick up.

因此，當我想到 Agentic AI，我想到的是「頻繁提問」，而不只是你在工作流程中偶爾查詢某些內容。而當你這麼做時，你可能會參照龐大的資料集來得出結論，接著你也可能會產生需要向外部世界傳播的新資料；只要那是非結構化資料、影片資料，就會對各個儲存層級造成相當大的壓力。所以它不完全只與大容量儲存相關，但我們開始看到這類需求明顯升溫。

Asiya Merchant, Citigroup.

Citigroup 的 Asiya Merchant。

Great. Thank you for taking my question, and great set of numbers here. Congratulations. If you could just talk a little bit about cost reductions, pretty impressive year. You guys are on the second-generation Mozaic now.

很好。謝謝讓我提問，這次數字表現很出色。恭喜。能否談談成本降低？今年的表現相當令人印象深刻。你們現在已進入第二代 Mozaic。

How should we think about these cost reductions? And if you could just update where you think you would be for HAMR? I think you said majority of them exiting, I think, fiscal '26, if I heard that correct. But if you could just update us on where you are with the HAMR targets and the blended cost reductions we should expect as you ramp into the second generation? Thank you.

我們應該如何看待這些成本降低？另外，能否更新一下你們對 HAMR 的進度看法？我記得你們提到在 26 會計年度結束時，多數會完成（如果我聽得沒錯）。但能否更新一下你們在 HAMR 目標上的進展，以及隨著第二代放量，我們應預期的混合成本下降幅度？謝謝。

Yeah. Thanks. That's one of the reasons we try to change as little as we can, platform to platform. It just -- it derisks the product transition, but it also allows ourselves and our suppliers to leverage all the installed base as well. So we're trying not to change as many parts as we possibly can.

好的。謝謝。這也是我們盡量在不同平台之間少做變更的原因之一。這不僅能降低產品轉換風險，也讓我們與供應商能夠充分利用既有的安裝基礎。因此，我們正努力盡可能少更換零組件。

Obviously, there are technology changes. Most of those are under our control and that heads and media. But right now, because of the momentum that we're seeing with the HAMR road map, we're seeing that we can get more aerial density for fairly small changes inside of our portfolio. Most of it affects the laser and the photonic circuitry and the material set on the media like we talked about.

當然，仍然會有技術變更。其中多數在我們可控範圍內，主要是磁頭與碟片（media）。但目前，基於我們在 HAMR 路線圖上看到的動能，我們發現只需在產品組合內做相對小的變更，就能取得更高的面積密度。如同我們先前提到的，影響最大的多半在雷射、光子電路，以及碟片上的材料組合。

So all of this is not netting out to much of our bill of materials change, and therefore, we're getting a lot of the cost leverage. Gianluca, do you want to expand on that?

因此，所有這些並沒有讓我們的物料清單（BOM）變動抵消掉太多，因此我們正在獲得相當多的成本槓桿效益。Gianluca，你要不要補充說明一下？

Yeah. I'll say, if you look at our last several quarters, the cost reduction was coming from mainly two items. One is for sure are the mix going to higher capacity drives. And second was the full utilization of our manufacturing. When I look into the future, of course, now we are full. So that part maybe will not be so important in terms of cost reduction, but our mix change continued to be very fast.

好的。我會說，如果你看我們過去幾個季度，成本降低主要來自兩個項目。第一個當然是產品組合轉向更高容量的硬碟。第二個是我們製造產能的完全利用。展望未來，當然，現在我們已經滿載。所以那一部分在成本降低方面可能就不會那麼重要，但我們的組合變化仍然非常快速。

We are going faster than what we were thinking on the transition to HAMR. And now that we have second-generation HAMR now, we have a very good increase in terabytes per unit. And of course, this is the driver, not adding more below material to the disk, which is the main driver for the future cost reduction.

我們在轉向 HAMR 的進度比原先想的更快。而且現在我們已經有第二代 HAMR，因此每顆硬碟的 TB 容量提升非常可觀。當然，這就是驅動因素——不需要在磁碟上增加更多的物料，這將是未來成本降低的主要驅動力。

And I think, Asiya, your second question was around where we stand in terms of HAMR, Dave had mentioned on the call that we would expect towards the end of this calendar year for Mozaic 4 to cross over with Mozaic 3. And then we remain on track for overall HAMR exabyte crossover at that time as well.\

我想，Asiya，你的第二個問題是關於我們在 HAMR 方面目前的進展。Dave 在電話會議中提到，我們預期在今年曆年年底左右，Mozaic 4 會與 Mozaic 3 出現交叉。而且我們也仍按計畫在那個時間點達成整體 HAMR 的 EB（exabyte）交叉。\

Great. Thank you.

很好。謝謝。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Okay. Thanks for taking my question. Maybe on the pricing side, pretty strong price increase, both on a year-over-year and quarter-over-quarter basis here. I know you sort of expect these pricing trends to continue. But just trying to think through why shouldn't we see pricing maybe accelerate a bit as more new contracts come into play as you go through sort of end of 2026 and 2027, why shouldn't sort of -- how should we think about pricing? And why should it sort of accurate more as more new contracts come into the P&L from here on? Thanks.

好的。謝謝讓我提問。也許先談定價面：這裡的價格上漲相當強勁，無論是年增或季增。我知道你們某種程度上預期這些定價趨勢會持續。但我想釐清的是，隨著更多新合約在 2026 年底到 2027 年陸續生效，為什麼我們不應該看到定價可能再加速一些？也就是說——我們應該如何看待定價？以及為什麼它不會隨著更多新合約開始反映在損益表（P&L）而變得更明顯？謝謝。

Yeah, thanks. The first way I think about it is what is the true demand and I think the demand is rising to your point, further out in time as we roll out of one LTA and into the next, then the market demand dictates what the economics. We talked about this a little bit in the prepared remarks about when we set exact capacity configurations, what products are qualified with what customers, and therefore, what price.

好的，謝謝。我思考的第一個角度是：真正的需求是什麼？我認為如你所說，需求正在上升；而且在更長的時間軸上，當我們從一個長期協議（LTA）過渡到下一個時，市場需求會決定經濟條件。我們在事先準備的發言中也稍微談到：當我們設定精確的容量配置、哪些產品通過哪些客戶的認證，因此也就決定了對應的價格。

As we've been rolling forward, though, we have the ability to -- just a few more drives out of manufacturing or whatever. So we can always test what that demand is and the demand keeps going up. And so we're seeing what the market price, if you will, is our goal still is to try to lock in with our customers and give them predictability so that they have a great economics plan to build their data centers out and we know what we're going to get paid for, for what we start in our factories.

不過，隨著我們持續往前推進，我們也有能力——例如從製造端多拿出一些硬碟之類的。所以我們可以隨時測試需求到底有多強，而需求也持續上升。因此我們正在觀察市場價格（如果你願意這麼說）。我們的目標仍然是盡量與客戶鎖定，給他們可預測性，讓他們能有很好的經濟性規劃來擴建資料中心；同時我們也知道，對於我們在工廠開始生產的產品，我們將會以什麼價格收款。

Yeah. We have now finalized our build-to-order for our fiscal '27. So we see how the pricing is trending, how, say, there are no changes to our pricing strategy. We are continuing to execute the strategy that allowed us to increase profitability for the last 12 consecutive quarters. And based on those orders that we have now finalized in terms of mix, in terms of pricing, in terms of volume, we said that for the next four quarters or for the fiscal '27, we are confident in saying that we have a good opportunity to increase our profit and our revenue sequentially through the fiscal '27.

是的。我們現在已經完成了 2027 會計年度的按單生產（build-to-order）規劃。因此我們看到定價趨勢如何發展，也就是說，我們的定價策略沒有改變。我們持續執行這個策略，而它讓我們在過去連續 12 個季度提升了獲利能力。並且基於我們現在已經最終確定的訂單（在組合、定價與數量方面），我們表示在接下來四個季度、也就是 2027 會計年度，我們有信心認為有很好的機會在整個 2027 會計年度中，營收與獲利都能逐季成長。

Thank you.

謝謝。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，Cantor Fitzgerald。

Hey, good afternoon. Thank you for taking the question. I guess another question on Agentic AI. And particularly as you think about the need for large-scale data lakes and overall demand for persistent memory, is this changing perhaps your product structure road map? I know you announced a partnership with NVIDIA. Curious how this is augmenting kind of your product road map? And also, does this change kind of your thinking around supporting demand via only aerial density improvements? Thanks so much.

嗨，午安。謝謝讓我提問。我想再問一個關於 Agentic AI 的問題。特別是當你們思考大型資料湖的需求，以及對持久性記憶體的整體需求時，這是否可能改變你們的產品結構路線圖？我知道你們宣布了與 NVIDIA 的合作夥伴關係。想了解這如何增強你們的產品路線圖？另外，這是否也改變你們對於僅透過面密度（aerial density）提升來支撐需求的看法？非常感謝。

Yeah. It's an interesting question, C.J. I think architectures still are largely driven the same way they were a couple of years ago, which is -- and we said this before, our customers want more capacity per spindle and that's our highest priority. And so we're still racing on aerial density exactly to your point.

是的。這是個有趣的問題，C.J. 我認為整體架構的驅動方式，仍大致與幾年前相同；也就是——我們之前也說過，我們的客戶希望每個主軸（spindle）有更高的容量，而這是我們的最高優先事項。因此我們仍然如你所說，在面密度上全力競速。

There are a lot of conversations about performance tiers, can we get a little bit more performance out of the drive. And so for example, we've talked about this in the past. We had stacked actuator designs in the past. We've shipped millions of those drives in the tens of exabytes range. for performance tiers, and we can certainly pull those designs back down off the shelf. But I would still say, while those discussions are happening, the biggest driver for us is get more capacity per drive.

關於效能分層（performance tiers）也有很多討論：我們能否讓硬碟再多一些效能。例如，我們過去談過這點。我們以前有堆疊式致動器（stacked actuator）的設計。我們已經出貨了數百萬顆這類硬碟，規模達到數十 EB 的等級，用於效能分層；而且我們當然可以把這些設計再從架上拿回來使用。但我仍會說，雖然這些討論正在進行，對我們而言最大的驅動因素仍是：讓每顆硬碟提供更高容量。

Yeah. On Agentic AI, you need historical data for agents to reason, and you need to store that data for compliance. So we see those huge benefit to our business.

是的。就 Agentic AI 而言，你需要歷史資料讓代理（agents）進行推理，而且你也需要為了合規而儲存那些資料。因此我們看到這對我們的業務有巨大的好處。

Thank you.

謝謝。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Thanks so much. So you generated almost $1 billion in free cash flow, so over 30% plus free cash flow margin in the quarter. And given your view that you're entering a new structural growth, how should we think about how you're going to deploy this cash beyond sort of the next 12 months, where I think you said you're going toward higher that?

非常感謝。你們本季產生了將近 10 億美元的自由現金流，單季自由現金流利潤率超過 30%。鑑於你們認為正進入新的結構性成長階段，我們應該如何看待你們在未來 12 個月之後（超出接下來 12 個月）的現金部署？我想你們提到你們會朝更高的方向走？

And a quick clarification around pricing. When you say you have pricing locked in for fiscal how much of the capacity for fiscal '27 has pricing been locked in? And how much is sort of floating at the moment?

另外快速釐清一下定價。當你說你們已為某個會計年度鎖定定價時，2027 會計年度有多少產能的定價已經鎖定？又有多少目前仍是浮動的？

Yeah. We said the vast majority of our nearline capacity is allocated during the next four quarters. So of course, it's not 100%, but it's a very high percentage. On capital allocation, in the last few quarters, we have focused a lot on reducing our debt, especially our convertible because somehow that would have created even more dilution.

好的。我們說過，在接下來四個季度，我們絕大多數的近線（nearline）產能都已分配。所以當然不是 100%，但比例非常高。在資本配置方面，過去幾個季度我們非常專注於降低負債，尤其是可轉債，因為那在某種程度上會造成更大的稀釋。

We still have about $400 million of the convertible that is open, but we will probably address this quarter or next. So a little bit of a reduction in debt and then I would say the majority will probably go to share buybacks. Now we are active already today in the market, and we will probably do more in the next few quarters.

我們仍有約 4 億美元的可轉債尚未處理，但我們可能會在本季或下季處理。所以會先做一些降債，接著我會說大部分資金可能會用於庫藏股回購。我們目前已經在市場上積極進行，接下來幾個季度可能還會做得更多。

Yeah. Wamsi, I would say that last year, we were focused very much on working capital and just getting the supply chain back healthy again from what we went through.

是的。Wamsi，我會說去年我們非常專注於營運資金，並且只是讓供應鏈從我們所經歷的狀況中恢復健康。

Now to Gianluca's point, we have to take care of some of the debt that we have. And I think the next place that we go to exactly to your point, is back to where we were before, which is returning value to shareholders.

現在回到 Gianluca 的觀點，我們必須處理我們的一部分債務。而我認為接下來我們要去的地方，正如你所說，就是回到我們以前的狀態，也就是把價值回饋給股東。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah , hi, thanks for taking my questions. Dave or Gianluca, on the mid-20% exabyte growth, are you just increasing capacity per unit or are you actually increasing the units or ahead capacity?

是的，嗨，謝謝讓我提問。Dave 或 Gianluca，關於 20% 中段的 EB（exabyte）成長，你們是單位容量提升，還是實際上增加出貨單位數或前端產能？

Yeah. I would say capacity per unit is where our focus is. If you think about it, and a lot of people get this wrong in the -- when thinking about hard drives, it's a very complex supply chain with many different suppliers coming in. And then there's our critical components that we control, but they have very long lead times, not just for the capital to build more, but also for the product itself when it's inside the machines. And so therefore, it's really needs to be well orchestrated in our supply chain. It's not like just plugging in a few more machines to get more capacity out.

是的。我會說我們的重點在於單位容量的提升。如果你仔細想，很多人在思考硬碟時會搞錯——這是一條非常複雜的供應鏈，有許多不同的供應商參與。然後有我們可控的關鍵零組件，但它們的交期非常長，不只是擴建更多產能所需的資本交期，產品本身在機台內製程的時間也很長。因此，這真的需要在我們的供應鏈中被良好地協同與編排。這不像只是多插幾台機器就能產出更多容量。

Our people are very much focused on increasing the aerial density, the amount that comes out of the entire fleet, that's the way we believe gets the most exhibited into the world. And if we took those people off and had them make more parts to your point, we would probably net-net fewer exabytes over the next few years. So we're very focused on with the technology innovation that we see coming in front of us, continuing to drive those efficiencies.

我們的團隊非常專注於提升面密度（aerial density），也就是整個機群能產出的總量；我們相信這才是讓全球可供應 EB 最大化的方式。如果照你說的把這些人力抽走去做更多零件，未來幾年我們的 EB 供給反而可能淨額更少。所以我們非常專注於，面對我們看到的技術創新趨勢，持續推動這些效率提升。

The customers benefit from those with energy efficiency and efficiency and scale as well. So this is in concert with our customers. This is the way we're driving and trying to be as aggressive as we can.

客戶也能從中受益，包括能源效率、整體效率以及規模效益。所以這是與客戶協同進行的。這就是我們推動的方式，也是在力求盡可能積極。

I'll say the move to the second generation HAMR now is giving us the opportunity to continue to grow and to achieve a target CAGR that we discussed about a year ago. And then after the second generation, we will have the third generation that Dave was mentioning in the prepared remarks, that is not too far in time from now. It's basically at the end of next calendar year, we will be already in call with a 50-terabyte drive. So that is our strategy and all based on technology transition and automating units.

我想補充的是，現在轉向第二代 HAMR，讓我們有機會持續成長，並達成我們大約一年前討論過的目標 CAGR。而在第二代之後，還會有 Dave 在事先準備的講稿中提到的第三代，時間點也不會太遠。基本上在下一個曆年年底，我們就會開始導入 50TB 硬碟。這就是我們的策略，完全建立在技術轉換與單位自動化之上。

Mark Newman, Bernstein.

Mark Newman，Bernstein。

Hi, thanks so much for the question and congrats on the quarter. Just wanted to double-click on pricing. It seems like on my math, your pricing per exabyte seemed to accelerate a bit something like mid-single digits Q on Q. And I wanted to understand, is that more from is that more because you had a higher portion of new contracts signed this quarter versus previous quarters? Or was it just that the magnitude of the price increase on new contracts has gone up?

嗨，非常感謝讓我提問，也恭喜本季表現。我想再深入確認一下定價。看起來按我的計算，你們每 EB 的定價似乎有些加速，約為季對季中個位數成長。我想了解，這更多是因為本季新簽合約占比高於前幾季？還是新合約的漲價幅度本身變得更大？

I guess, the reason for this question is we're just trying to get a sense of if this magnitude of price increase is going to continue every quarter going forward. Or was this because you had a number of new signed and so perhaps it was a bit higher than normal? I really appreciate any kind of clarity you can get on the pricing dynamic. Thanks so much.

我之所以這樣問，是因為我們想掌握這種漲價幅度是否會在未來每一季都持續。或者這只是因為你們本季新簽的合約數量較多，所以看起來比平常高一些？若能釐清定價動態，我會非常感謝。非常謝謝。

Yeah. We are not changing our pricing strategy. So as I said before, we have executed this strategy for a long time. and we are continuing to do the same. Every quarter is different, depends from how many new contracts we have in the quarter depend a lot from the mix also know how we move customers from one product to the next.

是的。我們沒有改變定價策略。所以如我先前所說，我們執行這個策略已經很長一段時間，現在也會持續照做。每一季都不一樣，取決於當季有多少新合約，也很大程度取決於產品組合，以及我們如何把客戶從一個產品轉移到下一個產品。

But in general say, there are no changes in how we address our pricing strategy. So we have done that for many quarters. And as I said before, we have the same trend for the next four quarters for the entire fiscal '27 and possibly even for longer.

但總體而言，我們在定價策略的做法上沒有任何改變。我們已經這樣做了很多季。而且如我先前所說，我們預期未來四季、整個 2027 會計年度，甚至可能更久，都會維持相同的趨勢。

Thanks so much.

非常謝謝。

Jim Schneider, Goldman Sachs.

Jim Schneider，Goldman Sachs。

Good evening. Thanks for taking the question. I was wondering if you could just maybe frame for us a little bit with a little more precision as we look out, say, towards the end of fiscal '27. Given your pricing visibility, would you characterize your price per exabyte growth year over year for those longer-dated orders as sort of up low-, mid- or high-single digits year-over-year?

晚安。謝謝讓我提問。我想請你們能否更精準地幫我們框架一下展望，例如看到 2027 會計年度年底。以你們對定價的可見度來看，對於那些較長交期的訂單，你們會把每 EB 的價格年增率描述為低、中或高個位數的年增嗎？

Yeah, we probably don't guide so far in time. So as I said before, every quarter, we'll be a little bit better and we expect revenue improvement. We expect profitability improvement. A big part of the profitability improvement is coming from pricing, but is also coming from the change in mix and the reduction costs that the 40-terabyte HAMR drive will give us.

是的，我們可能不會把指引給到那麼久以後。所以如我先前所說，每一季我們都會好一些，我們預期營收會改善。我們也預期獲利能力會改善。獲利改善的一大部分來自定價，但也來自產品組合的變化，以及 40TB HAMR 硬碟帶來的成本降低。

Yeah, Jim. That's the way I look at it is there's new products coming, higher capacity products, and then we said this in the prepared remarks as well, the ability to address some of the lower price bands, if you will, with better products, fewer components in them with -- that's what aerial density provides us, and that's the way we think about it.

是的，Jim。我的看法是，會有新產品推出、更高容量的產品；另外我們在事先準備的講稿中也提到，透過更好的產品、用更少的零組件——也就是面密度帶給我們的能力——我們也能去覆蓋一些較低的價格帶（如果你願意這麼說），這就是我們思考的方式。

So fundamentally, it will still come down to demand as we play out through '27. To the extent that we can get up the ramp faster than we think on yields and get the scrap down and be able to address other people through completing the customer qualification, that product is very -- that allows us to get into those other markets very aggressively. And I think that's where we're focused.

所以從根本上說，到了 2027 年仍然會回到需求面。如果我們能在良率爬坡上比預期更快、把報廢率降下來，並且透過完成客戶認證去觸及其他客戶，那個產品就非常——它讓我們能非常積極地切入其他市場。我想這就是我們的重點。

And then whatever the ultimate demand is, we don't know, but we think it's pretty high relative to our supply as well. So we'll continue to negotiate with customers to give them predictability and they'll determine what the price is.

至於最終需求會是多少，我們不知道，但我們認為相對於我們的供給而言，需求相當高。所以我們會持續與客戶協商，給他們可預測性，而價格將由他們來決定。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Thanks for taking my question. I just have a question just on gross margins. And if I think about the Analyst Day, you folks talked about 50% incremental gross margin, seems like a while back that happened. You positing 70% plus pretty consistently. I'd love to understand, is this outperformance kind of driven by pricing or mix or shift to HAMR? And then importantly, is 70% incremental sort of the right framework to have as you go through the fiscal '27 model?

謝謝讓我提問。我只有一個關於毛利率的問題。如果我回想你們的 Analyst Day，你們當時談到 50% 的增量毛利率，感覺那是很久以前的事了。而你們現在相當一致地提出 70% 以上。我很想了解，這種超預期表現主要是由定價、產品組合，或是轉向 HAMR 所驅動？另外更重要的是，當你們建立到 2027 會計年度的模型時，把 70% 增量毛利率當作框架是否是合理的？

Yeah. I think, I'll let Gianluca talk quantitatively here, but I think that the strong demand is something that we -- even we weren't focusing on a year ago to your point. And we've executed really well against that, maybe even better than I thought we would. We're pushing aerial density really aggressively and the team has done a great job.

是的。我想我先讓 Gianluca 從量化角度說明，但我認為強勁需求是我們——甚至一年前如你所說——並沒有把重點放在那裡的因素。而我們在因應這點的執行做得非常好，甚至可能比我原先預期的還要好。我們非常積極地推進面密度，團隊做得很出色。

Yeah. No, we have executed better than what we were planning a year ago from different drivers. Now, I say pricing was a title it better. This was a mix transition a little bit faster. So now we can leverage more on the 40 terabyte drive.

是的。不，我們從不同的驅動因素來看，執行成果比一年前的規劃更好。現在，我會說定價的表現更好。這個組合轉換也稍微更快一些。所以現在我們可以更充分地運用 40TB 硬碟。

So I'll say, yeah, I'm looking at what we have done in the last few quarters and I don't see a reason why we should not do the same in the future. But of course, every quarter is different. So let's see what we can achieve.

所以我會說，是的，我回顧過去幾個季度我們所做的，我看不出為什麼未來我們不能做出同樣的表現。但當然，每一季都不一樣。所以就看看我們能達成什麼。

Perfect. Thank you. Congratulations on a nice [year].

很好。謝謝。恭喜你們有個很棒的[年度]。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行（Wells Fargo）。

Yeah, thanks for taking the question. Maybe I'll stick with the P&L kind of similar to Amit. When we think about the model you framed out at the Analyst Day, I'm curious, as we look into fiscal '27 and given variable comp dynamics, how do we think about operating expenses? I think your prior target was to kind of maintain roughly 10% OpEx to revenue. Clearly, we're now breaking through that. So I'm curious how should we think about the OpEx trajectory going forward?

是的，謝謝讓我提問。我可能會像 Amit 一樣，聚焦在損益表（P&L）。當我們回想你們在分析師日所描繪的模型，我想了解：展望 2027 財年，考量變動薪酬的動態，我們該如何看待營業費用（OpEx）？我記得你們先前的目標大致是把 OpEx 維持在營收的約 10%。顯然我們現在已經突破那個水準。所以我想請教，未來 OpEx 的走勢應該怎麼看？

I would say, think about it as relatively flat. Obviously, if we see the need to go invest more for the technology to drive the technology even further we can. But right now, I think our team is doing very well, and we have a fairly big OpEx portfolio that we can readjust priorities inside of. So I think the way I think about it is relatively flat.

我會說，把它視為相對持平。當然，如果我們看到需要加大投資、以進一步推動技術，我們也可以。但就目前而言，我認為團隊做得很好，而且我們有相當大的 OpEx 組合，可以在其中重新調整優先順序。所以我看待它的方式是相對持平。

Yeah. Just to be sure, flat on a dollar basis, not as a percentage of revenue, as we discussed also in prior quarters. And as Dave said, this is a good level for us. And if we need to do something, we will do it. But right now, we don't see the need.

是的。為了確認，是以金額（美元）計持平，而不是以營收百分比計持平；這點我們在前幾季也討論過。而且如 Dave 所說，這對我們來說是個不錯的水準。如果我們需要做些什麼，我們會去做。但目前我們看不到那個需要。

Okay, thank you.

好的，謝謝。

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Thanks so much. I just wanted to clarify exactly what the message is on units. I know you and your peers stopped giving us units a few quarters back, but there was a big head supplier that did report last night. Again, it heads up 40% year over year, and they specifically indicated that its demand from the US HDV guys.

非常感謝。我只是想釐清你們對出貨「台數（units）」的訊息到底是什麼。我知道你們和同業在幾個季度前就不再提供台數，但昨晚有一家大型磁頭供應商確實有揭露。他們再次表示年增 40%，並且特別指出需求來自美國的 HDV 業者。

So I know maybe some element of it is that you want to prioritize internal head capacity for HAMR. But how does that fit with the idea that you're not growing units? Or are you, in fact, beginning to grow units because of some of these new demand drivers stack?

所以我知道其中可能有一部分原因是你們想把內部磁頭產能優先留給 HAMR。但這和你們說台數不成長的說法要怎麼對上？或者事實上，你們是否因為這些新的需求驅動因素疊加，而開始讓台數成長？

To first order, Tim, no. We're still not growing units. I mean, inside of the mix, there may be more heads inside of the drive, right? So the average number of heads per drive, which we don't talk about very much, may be increasing. It's not 20 heads, which isn't the highest capacity drive that we have yet, and there's still quite a bit of the low capacity drives that are serving customers that are very important to us.

就第一層次來看，Tim，不是。我們的台數仍然沒有成長。我的意思是，在產品組合裡，每顆硬碟裡可能會用到更多磁頭，對吧？所以每顆硬碟的平均磁頭數（我們其實不太談這個）可能在上升。但也不是 20 顆磁頭；那也不是我們目前最高容量的硬碟，而且仍有相當多的低容量硬碟在服務對我們非常重要的客戶。

So as we look across that blend, probably more heads of media going into the average drive is the way to think about it. The total number of units is not really increasing. And I don't think it will, unless we see a resurgence at the edge. And that may be over a long period of time.

所以當我們看整體的組合，較合理的理解方式是：平均每顆硬碟投入更多磁頭與碟片（media）。總台數其實沒有真正增加。而且我認為也不會增加，除非我們看到邊緣端（edge）需求復甦。而那可能會是在很長一段時間之後。

Yeah. As you know, Tim, HAMR cycle takes a bit longer than PMR. So we use a little bit of PMR heads just to keep the units as they are today. Otherwise, the units will actually go down.

是的。如你所知，Tim，HAMR 的週期比 PMR 需要更長時間。所以我們會用一小部分 PMR 磁頭，讓台數維持在今天的水準。否則台數其實會下滑。

Thanks a lot.

非常感謝。

Karl Ackerman, BNP Paribas.

Karl Ackerman，法國巴黎銀行（BNP Paribas）。

Yeah, thank you. You spoke about how the Mozaic 4 platform will command 70% of your HAMR shipments by the end of fiscal '27. But how quickly might HAMR exceed half of your total exabyte shipments? I ask because it seems to support favorable capital intensity. And as yields improve on HAMR, it seems easier and more economical for you to replace lower capacity data center edge hard drives with HAMR had in media.

是的，謝謝。你們提到 Mozaic 4 平台到 2027 財年末將占你們 HAMR 出貨的 70%。但 HAMR 多快可能會超過你們總 exabyte 出貨的一半？我這樣問是因為這似乎有利於資本強度（capital intensity）。而且隨著 HAMR 良率提升，對你們來說，用 HAMR 磁頭與碟片來替換資料中心邊緣端的較低容量硬碟，似乎更容易也更具經濟性。

Maybe let me clarify those percentages. What we said is we will achieve 70% of exabyte, nearline exabyte built on HAMR drive by the end of calendar '27, actually by fiscal '27, sorry. And by the end of this calendar '26, we said the majority of HAMR exabyte, so inside the exabyte will be 40 terabyte drives product versus the 20 terabyte in for that we were building before, so those are the percentages.

也許我先釐清一下那些百分比。我們說的是：到 2027 財年末（其實是 2027 財年末，不好意思），我們將達到近線（nearline）exabyte 中有 70% 是建立在 HAMR 硬碟之上。而到 2026 年曆年末，我們說 HAMR 的 exabyte 中，多數會是 40TB 硬碟產品，而不是我們之前在做的 20TB；所以這些是那些百分比的意思。

But still a quite aggressive ramp on Mozaic 4+. To your point, I think the other way to think about it is our wafer fab is relatively full. And so therefore, everything spoken for.

但 Mozaic 4+ 的爬坡仍然相當積極。就你提到的點，另一種思考方式是：我們的晶圓廠（wafer fab）產能相對滿載。因此，基本上所有產能都已被分配。

We're making sure we do that blend just right. We're not leaning too hard into the Mozaic for because some of the other product families are still doing quite well and needed for various customers.

我們會確保把這個組合配置得恰到好處。我們不會過度傾斜到 Mozaic 4，因為其他一些產品系列仍然表現很好，而且對不同客戶仍有需求。

Thank you.

謝謝。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗（Mizuho）。

Yeah, hi, thanks. Just a quick question on the margins. Obviously, very solid margin pickup in the quarter and the guide. Just wondering if there's a way to look at it on what's the impact from HAMR mix versus utilization or price? And how does this change with the Mozaic 5, I guess?

是的，你好，謝謝。關於毛利率我有個簡短問題。本季以及你們的指引都顯示毛利率提升非常穩健。想請教是否有方法拆解：HAMR 組合的影響，相對於產能利用率或價格的影響各是多少？以及我想，到了 Mozaic 5 會如何改變？

Yeah. I think as we continue to go up the curve and we can hold the line on new piece parts in the bill of materials, like we talked about before, leverage as much technology that already exists. I think that's where we get the best cost leverage. And again, the technology in the heads of media was fundamentally enables all of this. So that's why we're investing very heavily.

是的。我認為，隨著我們持續往曲線上移，而且能在物料清單（BOM）中的新零組件上守住成本，如同我們之前談過的，盡可能沿用既有技術。我認為那就是我們取得最佳成本槓桿的地方。而且再次強調，磁頭與碟片（heads and media）的技術從根本上使這一切成為可能。所以這也是我們投入非常多資源的原因。

We get more exabyte output as well, and that will help drive margins. I think when you think about a 3-terabyte per platter a 4-terabyte per platter or 5-terabyte per platter drive, that value into the data center is enormous. I mean, it's space efficiency on all the parts around it for -- on a per terabyte basis and then obviously, power and things like that.

我們也會得到更多 exabyte 的產出，這將有助於推動毛利率。我認為當你想到每碟片 3TB、每碟片 4TB 或每碟片 5TB 的硬碟時，對資料中心的價值是巨大的。我的意思是，在每 TB 的基礎上，它能提升周邊所有零組件的空間效率，然後當然還有功耗等等。

So the customers lean very hard into those things, and that's why we -- that's giving us great visibility. And as we drive that without adding too much incremental cost, I think that's why our margins are defending.

因此，客戶非常倚重這些事情，這也是為什麼我們——這讓我們有很高的能見度。而當我們在不增加太多額外成本的情況下推動這些，我認為這就是我們的利潤率得以守住的原因。

Great. Thanks!

很好。謝謝！

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

Hi. Congrats on the great quarter. I was just curious if this latest inflection point has anything to do with what seems like a rising cost differential between HDDs per gigabyte and NAND? And if it doesn't, right now, could it in the future sort of help for a future inflection?

嗨。恭喜這一季表現很棒。我只是好奇，這次最新的拐點是否與看起來 HDD 每 GB 成本與 NAND 之間的成本差距正在擴大有關？如果沒有，那麼就目前而言，未來是否可能在某個時點對下一個拐點有所幫助？

Thanks for your question, Steve. I say this all the time, NAND is a great technology. It has many niches that hard drives are not in. So it's -- and we need those niches to continue to grow because they serve data markets, either on the ingest side or on the consumption side as well. But in the storage tiers that we largely talk about inside the data center, I don't see the architectures changing very much.

謝謝你的問題，Steve。我一直都這麼說，NAND 是很棒的技術。它有許多硬碟不在其中的利基應用。所以——而且我們也需要那些利基持續成長，因為它們服務資料市場，無論是在資料匯入端或消費端也是如此。但在我們主要在資料中心內討論的那些儲存分層，我不認為架構會有太大的改變。

If anything, because of the economics of what's going on right now, people are coming back to hard drives and saying, what can you do? And I think that was referenced to some of the earlier questions on the performance side, is there something else that hard drives can do inside of their tier to make sure they're improving their performance.

如果說有什麼不同，因為目前正在發生的經濟因素，人們正回到硬碟並問：你們能做什麼？我想這也呼應了先前一些關於效能面的問題：硬碟在其所屬分層內，是否還能做些別的事，以確保它們持續提升效能。

Again, we get driven very hard to just get more exabytes out. And I think the architects understand this really well. And I see these architectures pretty sticky for a long, long time into the future.

再說一次，我們被非常強力地驅動去把更多 EB（exabytes）的容量做出來。我認為架構師非常了解這點。而我也看到這些架構在未來很長、很長一段時間都會相當黏著、難以改變。

Great. Thank you.

很好。謝謝你。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yeah, thank you, hi. Good afternoon. Appreciate you taking the question. Dave, I wanted to ask you, just going back to your remark a little while ago about using hammer to go down to lower capacity points. Is Mozaic 4 -- is that sort of the model that gets either go down to 20 terabyte HAMR? And if so, like at what point of the Mozaic 4 ramp do you think that you guys might have an opportunity to do that?

是的，謝謝，嗨。下午好。感謝你們回答問題。Dave，我想問你，回到你剛才提到用 HAMR 往下延伸到較低容量點的說法。Mozaic 4——那是否就是能夠往下做到 20TB HAMR 的那種模式？如果是的話，你們認為在 Mozaic 4 的爬坡到什麼階段，可能會有機會去做這件事？

Yeah, we had originally talked about it, Ananda, in that context, Mozaic 4, 20 terabyte, if you will, with the 5 disk. I think the demand for Mozaic 4 at the high end is so high right now that as we look forward, I don't think you'll see very many of those, but we'll see how the market plays out over the next three, four quarters. Mozaic 5 obviously changes the economics again. And at some point, we're going to be able to readdress those markets in a very cost-efficient way.

是的，Ananda，我們原本確實是在那個脈絡下談的：Mozaic 4、20TB（如果你這麼說的話）、搭配 5 片碟片。我認為目前高階對 Mozaic 4 的需求非常高，所以往前看，我不覺得你會看到很多那種配置，但我們會看看未來三到四個季度市場如何發展。Mozaic 5 顯然又會再次改變經濟性。而在某個時間點，我們將能以非常具成本效率的方式重新切入那些市場。

Yeah, I would say now in theory it is a great strategy. The problem we have is demand is so strong in the public cloud that we don't have enough volume to also implement with lower capacity base strategy based on the 4 terabyte per disk. So again, possibly, we will address a little bit later out in time.

是的，我會說從理論上看，這是一個很棒的策略。我們面臨的問題是，公有雲的需求太強，我們沒有足夠的產量，也能同時用每片碟 4TB 的較低容量基礎策略來推行。所以同樣地，可能我們會在更往後的時間點再來處理。

Yeah. So the economics are so attractive at the higher end that it's not worth doing yet. Got it. Thank you, guys.

是的。所以高階端的經濟性太有吸引力，以至於現在還不值得去做。了解。謝謝你們。

Tom O'Malley, Barclays.

Tom O'Malley，Barclays。

Hey, guys. Thanks for taking the question. Reach in DPR, there's been a lot before here on the pricing and the contract side. But just if you look at the NAND industry and potentially DRM as well, you're hearing more about potential prepayments over the course of the contract life. Are you guys seeing that in the market? And would you ever consider this as new contracts come up over the coming years and demand continues to grow just given your production footprint? Would that be something you would consider in the future?

嗨，各位。謝謝回答問題。關於 DPR 的觸及（reach in），前面已經談了很多定價和合約面的內容。但如果你看 NAND 產業，可能還有 DRM，你會聽到更多關於在合約期間內可能採取預付款的討論。你們在市場上有看到這種情況嗎？而且未來幾年新合約陸續到期、需求持續成長，考量到你們的產能佈局，這會是你們未來會考慮的事情嗎？

Thank you, Tom. I would say right now, our free cash flow is very strong. So we are not looking at prepayment in particular. I think we are mainly focus on predictability of the shipments and on optimizing our pricing strategy. Now I don't exclude that in the future, we will maybe implement prepayments. But so far, we have not focused on that part.

謝謝你，Tom。我會說目前我們的自由現金流非常強勁。所以我們並沒有特別在看預付款這件事。我認為我們主要聚焦在出貨的可預測性，以及最佳化我們的定價策略。當然我不排除未來我們可能會導入預付款。但到目前為止，我們還沒有把重點放在那一塊。

Yeah. Tom, we've really been going for demand predictability. And the customers have to drive through important architectural transitions themselves. We have to drive through the product transitions. We have to make sure all that's synced up. And so that predictability is top of mind for us, not necessarily any other economics.

是的。Tom，我們一直在追求需求的可預測性。而客戶自己也必須推進重要的架構轉換。我們必須推進產品轉換。我們必須確保這一切都能同步。因此，對我們而言最重要的是可預測性，而不一定是其他經濟條件。

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。我想把電話會議交回管理層，請他們做任何結語。

Thank you, Gary, and thanks to everyone who joined us on the webcast today. We're excited about the strong March quarter and the accelerating momentum building for our Mozaic technology platforms as we enter this period of structural growth. We'll keep executing with discipline to expand margins, drive cash flow and build long-term value creation. Thank you for your continued support.

謝謝你，Gary，也謝謝今天透過網路直播加入我們的各位。我們對 3 月季度的強勁表現，以及在進入這段結構性成長期間、Mozaic 技術平台加速累積的動能感到振奮。我們將持續以紀律執行，擴大利潤率、推動現金流並建立長期價值創造。感謝各位持續的支持。

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

本次電話會議現在結束。感謝您參加今天的簡報。您現在可以掛線。