希捷科技 (STX) 2026 Q4 法說會逐字稿

Welcome to the Seagate Technology fiscal fourth quarter and fiscal year 2026 conference call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Seagate Technology 2026 會計年度第四季及 2026 會計年度全年電話會議。(操作員指示) 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, Investor Relations. Please go ahead.

現在我想將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 Q4 and fiscal 2026 year-end results on the Investors section of our website. During today's call, we'll refer to GAAP and non-GAAP measures.

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 董事長兼執行長 Dave Mosley，以及財務長 Gianluca Romano。我們已在公司網站「投資人」專區發布本公司第四季及 2026 會計年度年終業績的新聞稿與詳細補充資料。在今天的電話會議中，我們將提及 GAAP 與非 GAAP 指標。

Non-GAAP figures are reconciled to GAAP figures in the earnings press release posted on our website and also 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, a reconciliation to the corresponding GAAP measures is not available without unreasonable efforts.

非 GAAP 數據與 GAAP 數據之調節，已載於我們網站上發布的盈餘新聞稿中，並同時包含於我們的 Form 8-K。我們未就部分非 GAAP 展望指標提供與 GAAP 的調節，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 指標的調節。

Before we begin, I'd like to remind you that today's call contains forward-looking statements that reflect management's current views and assumptions based on information available to us as of today and should not be relied upon as of any subsequent date. Actual results may differ materially from those contained in or implied by these forward-looking statements as they're 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，反映管理層基於截至今日我們可得資訊所形成的當前觀點與假設，且不應在任何後續日期加以依賴。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之風險與不確定性影響。

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

如欲進一步了解可能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及向 SEC 提交的文件，包括最新的 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的「投資人」專區查閱。

Following our prepared remarks, we'll open the call up for questions 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，將開放提問。為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, Shaney, and hello, everyone. Seagate delivered a very strong finish to an outstanding fiscal 2026. Our June quarter results outperformed our expectations for both revenue and non-GAAP EPS and and we expanded our non-GAAP gross margin for the 13th consecutive quarter. Our performance led to free cash flow margins of 31%, which totaled more than $1.1 billion, our strongest quarter in over a decade.

謝謝你，Shaney，各位好。Seagate 以非常強勁的表現為卓越的 2026 會計年度畫下句點。我們 6 月季度的營收與非 GAAP 每股盈餘（EPS）均優於預期，且非 GAAP 毛利率已連續第 13 個季度擴張。我們的表現帶動自由現金流利潤率達 31%，自由現金流合計超過 11 億美元，為十多年來最強的一季。

Our impressive fiscal 2026 financial performance was underpinned by the three structural growth pillars that I outlined last quarter: sustainable market demand, our differentiated technology road map, and disciplined operational execution.

我們令人印象深刻的 2026 會計年度財務表現，係由我在上季所概述的三大結構性成長支柱所支撐：可持續的市場需求、我們具差異化的技術路線圖，以及嚴謹的營運執行。

First, sustainable market demand. As our results show, demand for mass capacity storage is strong and growing. We delivered fiscal year revenue growth of 34%, led by cloud customers' demand for data storage solutions amplified by the adoption of AI-enhanced applications. Given our momentum and the improved visibility we have into demand, we expect fiscal 2027 revenue growth to outpace our performance in fiscal 2026.

第一，可持續的市場需求。從我們的結果可見，大容量儲存的需求強勁且持續成長。我們 2026 會計年度營收成長 34%，主要由雲端客戶對資料儲存解決方案的需求所帶動，並因採用 AI 強化應用而進一步放大。鑑於我們的動能以及對需求更佳的能見度，我們預期 2027 會計年度的營收成長將超越 2026 會計年度的表現。

Second, we are executing our differentiated technology road map, anchored by our HAMR-based Mosaic platform. HAMR enables us to increase aerial density and store more data on each disc. As a result, we can scale exabyte shipments to meet rising demand in a highly capital-efficient manner to capture more value per drive. Exiting the year, HAMR-based products represented approximately 40% of our nearline exabyte shipment run rate, and we continue to invest in HAMR capabilities to support our mid-20% exabyte growth target while further enhancing profitability and capital efficiency.

第二，我們正執行具差異化的技術路線圖，其核心為以 HAMR 為基礎的 Mosaic 平台。HAMR 使我們得以提升面密度，並在每片碟片上儲存更多資料。因此，我們能以高度資本效率擴大 EB（exabyte）出貨量以滿足上升的需求，並在每顆硬碟上擷取更多價值。在年度結束時，HAMR 產品約占我們近線（nearline）EB 出貨運行速率的 40%；我們也持續投資 HAMR 能力，以支援我們 EB 成長中段 20% 的目標，同時進一步提升獲利能力與資本效率。

Our third pillar centers on translating demand strength and technology advancements into profitable growth. In fiscal '26, we increased non-GAAP gross margin 10 percentage-points, grew non-GAAP EPS more than 90% and generated record free cash flow of $3.1 billion. Looking ahead to fiscal '27, we expect to deliver sequential margin and cash generation growth throughout the year. Our confidence is supported by the scale, quality and duration of our data center customer commitments in a strengthening demand environment.

第三個支柱著重於將需求強勁與技術進展轉化為獲利性成長。在 2026 會計年度，我們的非 GAAP 毛利率提升 10 個百分點，非 GAAP EPS 成長超過 90%，並創造 31 億美元的創紀錄自由現金流。展望 2027 會計年度，我們預期全年將逐季實現毛利率與現金創造能力的成長。我們的信心來自於在需求環境轉強之際，資料中心客戶承諾的規模、品質與期間。

Data center demand now represents approximately 90% of our exabyte shipments. Based on the long-term supply agreements in place today the vast majority of our nearline exabytes are now allocated into calendar 2028. Importantly, we are not seeing customers pull back on planning horizons. As our strategic relationships deepen, many are actively seeking to extend planning horizons through 2029 and beyond, which we believe reflects growing confidence in their own long-term infrastructure needs.

資料中心需求目前約占我們 EB 出貨量的 90%。根據目前已簽訂的長期供應協議，我們絕大多數的近線 EB 產能已分配至 2028 年曆年。重要的是，我們未看到客戶縮短規劃期。隨著我們的策略關係加深，許多客戶正積極尋求將規劃期延伸至 2029 年及更久；我們認為這反映其對自身長期基礎設施需求的信心提升。

These engagements reinforce our view of demand durability while providing customers greater supply assurance and support for the key technology transitions. We remain disciplined in securing orders from these customers prior to initiating drive production with contracts that define both product configuration and pricing terms covering the entirety of calendar 2027. We continue to execute our value-based pricing strategy, balancing a stronger demand environment with our objective of supporting sustainable, profitable growth over the long term.

這些合作進一步強化我們對需求韌性的看法，同時也為客戶提供更高的供應保障，並支援關鍵技術轉換。在啟動硬碟生產之前，我們仍嚴守紀律，先向這些客戶取得訂單，並以合約明確規範產品配置與定價條款，涵蓋整個 2027 年曆年。我們持續執行以價值為基礎的定價策略，在需求環境轉強與我們支持長期可持續、獲利性成長的目標之間取得平衡。

Cloud customers remain the largest driver for nearline demand today with three years of sequential quarterly exabyte growth, no evidence of a slowdown as AI adoption now builds on demand for traditional data-intensive applications, including video. We continue to benefit from cloud infrastructure deployments, which fuel the need for scalable, cost-efficient and reliable storage. At the same time, we believe storage demand will improve durable through investment cycles.

雲端客戶仍是當前近線需求的最大驅動力，EB 出貨已連續三年逐季成長；隨著 AI 採用在傳統資料密集型應用（包括影音）需求之上持續疊加，我們未見放緩跡象。我們持續受惠於雲端基礎設施部署，推動對可擴展、具成本效率且可靠的儲存需求。同時，我們相信儲存需求將在投資循環中維持韌性並持續改善。

First, new data is constantly being created across existing cloud and enterprise infrastructure. And second, customers are retaining and reusing more of that data over time as its value extends beyond its initial use. AI is reinforcing these trends and illustrating how data is not only growing it is compounding. With the transition from AI model training to inference to Agentic applications, more data is generated and retained for historical context, compliance and future reviews.

第一，新資料在既有的雲端與企業基礎設施中持續被創造。第二，隨著資料價值超越其初始用途，客戶會隨時間保留並重複使用更多資料。AI 正在強化這些趨勢，並顯示資料不僅在成長，更在加速累積。隨著 AI 從模型訓練轉向推論，再到代理式（Agentic）應用，為了歷史脈絡、合規與未來審查，將產生並保留更多資料。

As these data center environments become larger and more complex, customers must balance performance, energy consumption and cost across distributed infrastructures. Cloud providers have long addressed these challenges through tiered storage architectures that combine high-performance memory and SSDs with mass capacity hard drives to optimize performance and economics at scale.

隨著這些資料中心環境變得更大且更複雜，客戶必須在分散式基礎設施中平衡效能、能源消耗與成本。雲端服務供應商長期以來透過分層儲存架構來因應這些挑戰：結合高效能記憶體與 SSD，以及大容量硬碟，以在規模化情境下最佳化效能與經濟性。

Our recent white paper with SK Hynix illustrates the importance of tiered storage for inference and agentic AI workloads, which show a direct benefit to hard drive storage. These workloads rely on persistent context across user interactions and key value or KV Cache is used to retain and reduce that context efficiently. KV Cache can expand significantly as the number of users increase, and interactions become longer and more sophisticated. Our research found that by extending KB Cache data across memory, SSD and hard drive tiers, organizations can retain more context and avoid recomputing previously generated data.

我們近期與 SK Hynix 共同發布的白皮書，說明分層儲存對推論與代理式 AI 工作負載的重要性，而這些工作負載可直接受益於硬碟儲存。這些工作負載仰賴跨使用者互動的持久化脈絡，而鍵值（KV）快取用於有效保留並縮減該脈絡。隨著使用者數增加、互動時間更長且更複雜，KV 快取可能大幅擴張。我們的研究發現，透過將 KV 快取資料延伸至記憶體、SSD 與硬碟等分層，組織可保留更多脈絡，並避免重新計算先前已生成的資料。

This drives the need for increased hard drive storage and reduces GPU usage during the most compute-intensive phases of an agentic application. As a result, GPU resources are available for additional revenue-generating workloads. Additionally, we are now seeing the relevance of tiered storage extend beyond large cloud data centers into enterprise deployments. As enterprises increasingly operate across public cloud, private cloud and on-prem environments, they must manage growing volumes of structured and unstructured data while facing similar performance, cost and energy consumption trade-offs that hyperscalers have addressed for years.

這將推動對更多硬碟儲存的需求，並在代理式應用最耗算力的階段降低 GPU 使用量。因此，GPU 資源可用於更多可帶來營收的工作負載。此外，我們也開始看到分層儲存的相關性，正從大型雲端資料中心延伸至企業部署。隨著企業日益在公有雲、私有雲與地端（on-prem）環境間運作，必須管理不斷成長的結構化與非結構化資料量，同時面臨與超大規模業者多年來所處理的相似效能、成本與能源消耗取捨。

We see this broadening of demand in our business. Enterprise nearline revenue increased for a fifth consecutive quarter in June and we are engaging more frequently with Neo cloud operators and leading model developers. As our data management needs scale, these providers are starting to adopt modern tier storage architectures where hard drives provide a trusted mass capacity foundation.

我們在業務中看到需求正在擴大。6 月企業近線（nearline）營收連續第五個季度成長，我們也更頻繁地與新型雲端營運商及領先的模型開發者互動。隨著我們的資料管理需求擴大，這些供應商開始採用現代分層儲存架構，其中硬碟提供可信賴的大容量基礎。

Looking ahead, we believe physical AI applications, such as robotics and autonomous vehicles will drive the next step function expansion in data creation and retention at the edge. These applications rely on world models trained on millions of hours of historical and synthetic video content in order to understand and reliably interact with the physical world. Taken together, these trends reinforce a structural change in storage demand.

展望未來，我們相信實體 AI 應用（例如機器人與自動駕駛車）將推動邊緣端資料產生與留存的下一階段跳躍式成長。這些應用仰賴以數百萬小時的歷史與合成影片內容訓練出的世界模型，才能理解並可靠地與物理世界互動。綜合而言，這些趨勢強化了儲存需求的結構性改變。

Applications are creating, retaining and reusing more data across cloud and enterprise environments than ever before, extending the role of mass capacity storage across modern tiered architectures and creating additional opportunities for Seagate over time.

應用程式在雲端與企業環境中以前所未有的規模產生、留存並重複使用更多資料，進一步擴大大容量儲存在現代分層架構中的角色，並隨時間推移為 Seagate 創造更多機會。

Our technology road map plays an integral role in Seagate's ability to capitalize on growing storage demand. Advancing aerial density is our North Star. We believe that increasing the amount of data stored on every desk we produce is the fastest, most capital-efficient path to supporting long-term exabyte growth while maintaining relatively stable hard drive unit output.

我們的技術路線圖在 Seagate 把握不斷成長的儲存需求方面扮演關鍵角色。提升面密度是我們的北極星指標。我們相信，提高我們所生產每一顆磁碟上可儲存的資料量，是在維持硬碟出貨量相對穩定的同時，支援長期 EB（exabyte）成長最快、且最具資本效率的途徑。

Our expertise across material science, precision manufacturing, advanced photonics and nanoscale wafer production has enabled us to pioneer HAMR technology and the Mosaic platform, which has increased storage density per disc and per drive. We continue to push the boundaries of innovation as demonstrated by our vertically integrated laser manufacturing capabilities, which yielded tens of millions of edge-emitting lasers last quarter.

我們在材料科學、精密製造、先進光子學與奈米尺度晶圓製程方面的專業，使我們得以率先開發 HAMR 技術與 Mosaic 平台，提升每片碟片與每顆硬碟的儲存密度。我們持續突破創新邊界，例如我們垂直整合的雷射製造能力，上季產出數千萬顆邊射型雷射（edge-emitting lasers）。

Our team's achievements underscore the scale, maturity and supply chain resilience behind our Mosaic platform. These innovations are improving the total cost of ownership for our customers. while expanding our exabyte output and enhancing efficiency across our operations and supply chain. We ended fiscal 2026 on schedule with our HAMR based product ramp. Our Mosaic 3 products are now qualified and operating in production environments across all major cloud customers.

我們團隊的成果凸顯 Mosaic 平台背後的規模、成熟度與供應鏈韌性。這些創新在提升客戶總持有成本（TCO）的同時，也擴大我們的 EB 產出，並提升我們營運與供應鏈的效率。我們按計畫在 2026 財年完成 HAMR 產品的量產爬坡。我們的 Mosaic 3 產品現已在所有主要雲端客戶的生產環境中完成認證並投入運作。

Our second-generation Mosaic core platform capable of supporting up to 44 terabytes per drive continues to ramp with the two largest global CSPs and additional customer qualifications are underway. We expect to achieve our next ramp milestone by exiting calendar '26 with 50% of our HAMR exabytes on our Mosaic 4 platform. Looking further ahead, Mosaic 5, our 5-plus terabyte for disk platform remains on track for qualification shipments in late calendar 2027.

我們第二代 Mosaic 核心平台可支援每顆硬碟最高 44TB，並持續在全球兩大 CSP（雲端服務供應商）加速量產爬坡，同時也在進行更多客戶的認證。我們預期在 2026 年曆年結束時達成下一個量產里程碑：我們的 HAMR EB 產出有 50% 將來自 Mosaic 4 平台。再往後看，Mosaic 5（每片碟片 5TB 以上的平台）仍按計畫於 2027 年曆年下半年進行認證出貨。

Wrapping up, we delivered across the board in fiscal 2026 with each quarter building on the momentum of the last, and we expect that momentum to continue through fiscal 2027. The growth in data creation, retention and utilization continues to elevate the importance of hard drive storage and modern data architectures. Together, our demand outlook, differentiated technology strategy and disciplined execution position Seagate to capture the significant opportunities ahead and create long-term value for our stakeholders.

總結來說，我們在 2026 財年各方面均有交付成果，每一季都在前一季的動能上再接再厲，我們預期這股動能將延續至 2027 財年。資料的產生、留存與使用持續成長，進一步提升硬碟儲存與現代資料架構的重要性。結合我們的需求展望、差異化技術策略與嚴謹執行力，Seagate 已就位把握前方重大機會，並為利害關係人創造長期價值。

I'll close by thanking our global team for another year of outstanding execution. I'd also like to thank our customers, suppliers, partners and shareholders for their continued support and trust in the company.

最後，我要感謝我們全球團隊在過去一年再次展現卓越的執行力。我也要感謝我們的客戶、供應商、合作夥伴與股東持續的支持，以及對公司的信任。

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

接下來，我把時間交給 Gianluca。

Thank you, Dave. We capped fiscal 2026 delivering strong sequential double-digit top and bottom line growth in the June quarter, supported by disciplined operational execution and both revenue and gross margin expansion across every end market we serve. June quarter revenue was $3.6 billion, up 17% sequentially and up 48% year over year exceeding the high end of our guidance range. We achieved record profitability levels across gross margin, operating margin and earnings per share. Non-GAAP gross margin came in at 52.7%, up 570 basis points sequentially.

謝謝你，Dave。我們以 6 月季度的強勁表現為 2026 財年畫下句點，在嚴謹的營運執行，以及我們所服務的每個終端市場皆實現營收與毛利率擴張的支撐下，營收與獲利（上、下線）皆呈現連續性的雙位數成長。6 月季度營收為 36 億美元，季增 17%、年增 48%，並超越我們財測區間上緣。我們在毛利率、營業利益率與每股盈餘方面皆達到創紀錄的獲利水準。非 GAAP 毛利率為 52.7%，季增 570 個基點。

Non-GAAP operating margin increased 710 basis points sequentially to 44.6% and non-GAAP EPS was $5.71, up 39% quarter over quarter and 121% year over year, exceeding the high end of our guidance range by a wide margin.

非 GAAP 營業利益率季增 710 個基點至 44.6%，非 GAAP EPS 為 5.71 美元，季增 39%、年增 121%，且大幅超越我們財測區間上緣。

As Dave noted earlier, we generated free cash flow of more than $1.1 billion, rounding out our best quarterly performance in over a decade. Sustained data center demand continue to outpace broader company growth. In the June quarter, we shipped a total of 218 exabytes, up 34% year over year, with data centers representing 89% of the total. We shipped 195 exabytes into the data center market, up 11% sequentially and 43% year over year. With data center revenue coming in at $2.9 billion, up 17% sequentially and 57% year over year.

如 Dave 先前所提，我們創造超過 11 億美元的自由現金流，完成我們十多年來最佳的單季表現。資料中心需求的持續成長仍領先公司整體成長。在 6 月季度，我們總計出貨 218EB，年增 34%，其中資料中心占總量的 89%。我們在資料中心市場出貨 195EB，季增 11%、年增 43%。資料中心營收為 29 億美元，季增 17%、年增 57%。

Global Cloud customers are driving the vast majority of data center revenue and exabyte demand. At the same time, demand trends in the enterprise OEM data center market has strengthened, reflecting growing storage requirements across a broader set of customers and workloads, many of which Dave highlighted earlier.

全球雲端客戶推動了資料中心營收與 EB 需求的絕大部分。同時，企業 OEM 資料中心市場的需求趨勢也轉強，反映更廣泛的客戶與工作負載對儲存的需求提升，其中許多正如 Dave 先前所強調。

In the June quarter, we delivered strong double-digit year over year growth across both revenue and exabyte shipments into the enterprise OEM markets. To support long-term demand growth, we continue to expand the deployment of HAMR technology across our product portfolio. Our goal is to transition an increasing portion of production to HAMR-based products, first to address cloud customers and over time to broaden adoption across enterprise deployments.

在 6 月季度，我們在企業 OEM 市場的營收與 EB 出貨量皆實現強勁的雙位數年增。為支援長期需求成長，我們持續擴大 HAMR 技術在產品組合中的部署。我們的目標是將愈來愈多的產能轉向 HAMR 產品：先滿足雲端客戶需求，並隨時間推進擴大至企業部署的採用。

As we make this transition, we are strategically investing in additional tools and technology to support the manufacturing of our HAMR products. These investments enable us to maintain relatively stable drive unit output as customers mix up to higher capacity drives and manufacturing cycle time increase. We believe this action will enable us to deliver nearline exabyte growth in the mid-20% range over the next few years. Beyond the data center, our IoT market made up 19% of revenue at $697 million, up 14% sequentially and 20% year over year. Due in part to ongoing tight supply conditions and increasing NAND pricing.

在推動這項轉型的同時，我們正策略性投資額外的設備與技術，以支援 HAMR 產品的製造。這些投資使我們能在客戶組合轉向更高容量硬碟、且製造週期時間增加的情況下，仍維持硬碟出貨量相對穩定。我們相信，這將使我們在未來幾年實現近線 EB 成長約中 20%（mid-20%）的水準。除資料中心之外，我們的 IoT 市場營收為 6.97 億美元，占營收 19%，季增 14%、年增 20%。部分原因在於供應持續吃緊，以及 NAND 價格上升。

Moving on to the rest of the income statement. Non-GAAP gross profit increased significantly to $1.9 billion, up 31% quarter over quarter and more than doubling year over year. Non-GAAP gross margin expanded to 52.7%, up from 47% in the prior period. This improvement reflects continued execution of our long-term pricing strategy and a stronger product mix. We expect this trend to remain favorable, underpinned by strong demand.

接著看損益表其餘項目。非 GAAP 毛利大幅提升至 19 億美元，季增 31%，且年增超過一倍。非 GAAP 毛利率擴張至 52.7%，高於前期的 47%。此改善反映我們長期定價策略的持續落實，以及更佳的產品組合。在強勁需求支撐下，我們預期此趨勢將持續有利。

Non-GAAP operating expenses were $293 million or 80% of revenue, reflecting our discipline in cost management. Non-GAAP operating profit increased 39% sequentially to $1.6 billion, representing 44.6% of revenue and underscoring the scalability of our financial model. Continued areal density innovation, supply discipline and pricing strategy execution.

非 GAAP 營業費用為 2.93 億美元，約占營收 8.0%，反映我們在成本管理上的紀律。非 GAAP 營業利益季增 39% 至 16 億美元，占營收 44.6%，凸顯我們財務模型的可擴展性。這得益於面密度創新、供給紀律與定價策略的持續執行。

In the June quarter, other income and expenses were $58 million and we project OI&E to decrease further in the September quarter to approximately $45 million, reflecting the benefit from lower interest expense as we continue to reduce our outstanding debt balance. Non-GAAP net income grew to $1.3 billion with corresponding non-GAAP EPS of $5.71 per share. Based on tax expense of $242 million and a diluted share count of approximately 231 million shares, including the net impact of our 2028 convertible notes.

在 6 月季度，其他收入與費用（OI&E）為 5,800 萬美元；我們預估 9 月季度 OI&E 將進一步降至約 4,500 萬美元，反映我們持續降低未償債務餘額所帶來的利息費用下降效益。非 GAAP 淨利成長至 13 億美元，對應的非 GAAP EPS 為每股 5.71 美元。此係以 2.42 億美元的稅費，以及約 2.31 億股的稀釋後股數為基礎計算，其中包含我們 2028 年可轉換公司債的淨影響。

Turning now to the cash flow and the balance sheet. In the June quarter, we invested $187 million of capital expenditures with total fiscal 2026 CapEx, representing 4.7% of revenue. Looking ahead, we expect capital expenditures for fiscal 2027 will remain well within our target range of 4% to 6% of revenue. Free cash flow generation expanded to $1.1 billion, up 17% from the prior quarter. We expect cash generation to further improve throughout fiscal 2027 supported by sustained demand, operational efficiencies and CapEx investment discipline.

現在來看現金流與資產負債表。在 6 月季度，我們投入了 1.87 億美元的資本支出；2026 會計年度的總資本支出占營收 4.7%。展望未來，我們預期 2027 會計年度的資本支出將維持在我們目標區間內，即營收的 4% 至 6%。自由現金流擴大至 11 億美元，較上一季成長 17%。在需求持續、營運效率提升以及資本支出投資紀律的支持下，我們預期 2027 會計年度的現金創造能力將進一步改善。

During the June quarter, we returned approximately $283 million to shareholders through dividends and share repurchases. Strengthening the balance sheet was a key objective for fiscal 2026 and we delivered on our plans. We ended the year with cash and cash equivalents of $1.7 billion and strong liquidity of $3 billion, including our undrawn revolving credit facility.

在 6 月季度，我們透過股利與庫藏股回購向股東返還約 2.83 億美元。強化資產負債表是 2026 會計年度的關鍵目標，我們也如期達成計畫。我們在年度結束時的現金及約當現金為 17 億美元，流動性強勁達 30 億美元，其中包含我們尚未動用的循環信用額度。

Our gross debt balance was approximately $3.6 billion exiting fiscal '26, down $1.4 billion year over year, including $300 million that we retired in the June quarter. Our resulting net leverage ratio improved to 0.4 times based on adjusted EBITDA of $1.7 billion for the June quarter, up 37% quarter over quarter and 142% year over year.

在 2026 會計年度結束時，我們的總負債餘額約為 36 億美元，較去年同期減少 14 億美元，其中包含我們在 6 月季度償還的 3 億美元。因此，依據 6 月季度調整後 EBITDA 為 17 億美元計算，我們的淨槓桿比率改善至 0.4 倍；該調整後 EBITDA 較上一季成長 37%，較去年同期成長 142%。

During the September quarter, we are retiring an additional $1.2 billion in debt. We have already extinguished $1 billion in high-yield senior notes in July and plan to retire the remaining balance on our convertible notes in September.

在 9 月季度，我們將再償還 12 億美元的債務。我們已於 7 月提前清償 10 億美元的高收益優先票據，並計畫於 9 月償還可轉換公司債的剩餘餘額。

Turning now to the September quarter outlook. Visibility from our BTO model reinforces our confidence in sustained demand for high-capacity nearline drives as AI adoption accelerates. We see continued revenue and profitability expansion in the September quarter, supported by our Mosaic rent and pricing strategy. We expect September quarter revenue to be in the range of $4.1 billion, plus or minus $100 million, which represents a 56% year over year improvement at the midpoint.

接著談 9 月季度展望。我們 BTO（按單生產）模式所帶來的能見度，強化了我們對高容量近線硬碟在 AI 採用加速下需求可持續的信心。在 Mosaic 租賃與定價策略的支持下，我們預期 9 月季度營收與獲利能力將持續擴張。我們預期 9 月季度營收將落在 41 億美元上下 1 億美元的區間，中位數較去年同期提升 56%。

Non-GAAP operating expenses are expected to be approximately $300 million. Based on the midpoint of our revenue guidance, non-GAAP operating margin is expected to be around 50%. Non-GAAP EPS is expected to be $7.30 plus or minus $0.20, based on 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 2 million shares.

非 GAAP 營業費用預期約為 3 億美元。以營收指引中位數計算，非 GAAP 營業利益率預期約為 50%。非 GAAP 每股盈餘（EPS）預期為 7.30 美元上下 0.20 美元，係以約 16% 的稅率與 2.31 億股的非 GAAP 稀釋後股數為基礎，其中包含我們 2028 年可轉換公司債估計稀釋約 200 萬股。

To close, Seagate's financial results and outlook demonstrate our ability to deliver profitable growth, expand margins and drive significant cash generation. We remain confident in delivering sequential revenue growth and margin expansion through fiscal 2027, while creating long-term value for customers and shareholders.

最後，Seagate 的財務結果與展望展現了我們交付獲利性成長、擴大利潤率並帶動顯著現金創造的能力。我們仍有信心在 2027 會計年度期間實現營收逐季成長與利潤率擴張，同時為客戶與股東創造長期價值。

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

接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

I want to dig a little bit deeper into the gross margin. I guess given the guidance that you've outlined it looks like your guide is implying like a mid-57% or so gross margin into this next quarter. So I guess my question is, one, is that kind of the guidance that you're providing? And two, how do you think about the cost down execution as we move through Mosaic 3 to Mosaic 4. you've been operating at like the mid-teens kind of cost down per year on a per terabyte basis. Do you think that's sustainable? Or how should we think about modeling that over the longer term?

我想更深入探討一下毛利率。我想依照你們提出的指引，看起來你們的指引隱含下一季毛利率大約在 57% 中段左右。所以我的問題是：第一，這是否就是你們提供的指引方向？第二，當我們從 Mosaic 3 走向 Mosaic 4 時，你們如何看待降本執行？你們一直以每 TB 計算、每年大約中十位數百分比的降本幅度在運作。你們認為這是可持續的嗎？或者我們在更長期的模型上應該如何看待？

Aaron, I'll let Gianluca answer this quantitatively, but the way we're thinking about these product transitions is -- and I think you know this well, we have to actually put our factories on pause to go through the product and transition a little bit. So as we're moving product from 3 terabytes to 4 terabytes of 5 terabytes and then there's yield issues. And as we out-execute our plan, what happens is we have opportunity for costs to drive better costs than we thought. So that answers the second part of your question. Gianluca?

Aaron，我先請 Gianluca 用數字來回答，不過我們對這些產品轉換的看法是——我想你也很清楚——我們必須讓工廠實際暫停一下，才能進行產品與轉換作業。因此，當我們把產品從每碟 3TB 轉到 4TB 或 5TB 時，會有良率方面的問題。而當我們執行得比計畫更好時，就有機會讓成本表現優於原先預期。這也就回答了你第二個問題。Gianluca？

Yeah. Aaron. So yes, very good result, I'll say, on gross margin already in fiscal Q4. So strong improvement sequentially and we are guiding out again. So our pricing strategy is continuing. As we have discussed now for several quarters. I would say we have updated this strategy more than 12, 13 quarters ago. So we are continuing in that direction. Every quarter is a bit different, but the strategy is the same. The mix is helping. We are moving more and more into the high capacity nearline product.

是的。Aaron。所以是的，我會說在第 4 會計季度毛利率已經有非常好的成果。因此，毛利率環比大幅改善，而我們也再次給出指引。我們的定價策略仍在持續。正如我們過去幾季所討論的。我會說我們在 12、13 季之前就更新了這個策略。所以我們會持續朝這個方向前進。每一季會有些不同，但策略是一樣的。產品組合也在幫忙。我們正越來越多轉向高容量近線產品。

You have seen another strong increase in nearline exabyte in the quarter. So everything is continuing in the same direction that we have driven the company for many quarters or they've discussed about the cost, of course, moving the mix from 3 terabyte to 4 terabyte per disk is, of course, giving us another boost in terms of profitability.

你們也看到本季近線 Exabyte 出貨量再次強勁增加。所以一切都延續我們推動公司、以及我們討論了許多季的同一方向。至於成本方面，當然，把每碟容量的組合從 3TB 轉到 4TB，確實在獲利能力上再帶來一波提升。

Ben Reitzes, Melius.

Ben Reitzes，Melius。

It's great to be covering you again. I wanted to talk about two longer term, to ask you about two longer-term demand drivers potentially. I mean, this key value cash use of the HDD peer at hyperscalers. How much is that helping right now? Is it on the comp? And do you expect it to kind of ease into your exabytes? And how do we look at that? And then -- and when do you think physical AI really starts helping your exabytes as well?

很高興再次追蹤你們。我想談兩個較長期的面向，向你們請教兩個可能的長期需求驅動因素。我是指在超大規模業者那邊，HDD 同業的這個關鍵價值——KV Cache 的使用。這對目前的幫助有多大？它是否已經反映在同比比較裡？你們預期它會逐步反映到你們的 Exabytes 嗎？我們應該怎麼看待？另外——你們認為實體 AI 何時也會開始帶動你們的 Exabytes？

Right. Ben, I think that's good. Both very, very early days. I would say that the agentic flows that we're seeing are actually what -- that's the reason we pointed to the KV Cache discussion. I think the key word here is context when you set up these agents, you really need to give them context and sometimes that's a very broad set of rules across your business or your problem set or whatever. And as you do that, then you don't want to have to redo that context every time. You don't want to have to recompute all that context every time. So that's what's driving storage, but still very early days. . Fiscal AI, we are quite excited about.

好的。Ben，我覺得這很好。兩者都還在非常、非常早期的階段。我會說，我們看到的代理式（agentic）流程其實就是——這也是我們提到 KV Cache 討論的原因。我認為這裡的關鍵字是「情境（context）」。當你建立這些代理時，你真的需要給它們情境，而有時那是一套非常廣泛的規則，涵蓋你的業務、你的問題集合或其他內容。而當你這麼做時，你不希望每次都要重新建立那個情境。你不希望每次都要重新計算所有情境。所以這正在推動儲存需求，但仍然非常早期。.我們對實體 AI 感到相當興奮。

I think I hear a lot about robotics. We've all seen autonomous vehicles, people focus very much on the end product, the robot, if you will, but I actually think it's a lot more of a data play. These are -- these robust have sensors on them, they're sensor networks in order for them to learn. The data actually comes back up into a local cloud or a bigger cloud. And so when people say physical AI to me, I think it's a lot more about the data, the data processing, what kind of learning you're getting from that and exactly to your question, how much you have to store to make sure you have that context long term.

我想我聽到很多關於機器人的討論。我們都看過自動駕駛車，人們非常聚焦在最終產品，也就是你所說的機器人本體，但我其實認為這更像是一個資料的賽局。這些——這些機器人上面有感測器，它們是感測器網路，用來學習。資料實際上會回傳到本地雲或更大的雲端。所以當人們對我說「實體 AI」時，我想到的更多是資料、資料處理、你從中得到什麼樣的學習，以及正如你問題所問的，為了確保長期保有那個情境，你需要儲存多少資料。

So we think these are both great opportunities. In particular, the fiscal AI stuff is largely more about video. So it's a very unstructured type of data coming. It's not like the days of old where you had spreadsheets or tech list to fill out that were complete structured data. This is very unstructured data that the machines are learning from and they might want to learn again and again and again, but you don't want to have to repromote that into the memory tier. So we think that's a great opportunity for us.

所以我們認為這兩者都是很好的機會。特別是，財務年度的 AI 相關內容很大程度上更多是關於影片。因此，進來的是一種非常非結構化的資料型態。不像過去那種你有試算表或技術清單要填、而且是完全結構化資料的年代。這是非常非結構化的資料，機器正在從中學習，而且它們可能想一遍又一遍又一遍地學習，但你不希望必須把那些內容反覆重新推送到記憶體層。所以我們認為這對我們來說是個很好的機會。

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利。

And congrats on the really nice results and guide. Gianluca, for a number of quarters, you've been quite steadfast that price per exabyte growth would be kind of mid- to high single digits year over year. You just reported 10% year over year price per exabyte growth in June. I think the September quarter guide implies pricing growth closer to maybe 20% year over year or even above that. Can you maybe just provide an update for us on how we should be thinking about pricing looking forward? Why this trend we're seeing in the September quarter shouldn't sustain or maybe even accelerate just given supply-demand imbalance, customer demand strength, delivering more value to customers, et cetera.

另外也恭喜你們交出非常亮眼的業績與指引。Gianluca，過去好幾個季度你一直相當堅定地表示，每 EB（exabyte）價格的年增幅大概會是中到高個位數。你們剛剛公布 6 月每 EB 價格年增 10%。我認為 9 月季度的指引意味著定價成長可能更接近年增 20%，甚至高於此。你能否更新一下，未來我們應該如何看待定價？為什麼我們在 9 月季度看到的這個趨勢不會持續，或甚至在供需失衡、客戶需求強勁、為客戶交付更多價值等因素下，可能還會加速？

Yeah, correct. As I said before, it's not that we are changing our strategy. But for sure, the gap between supply and demand is now a little bit bigger than a few quarters ago. And our volume was a little bit higher in fiscal Q4. Now we think it can be maybe a little bit of output available in fiscal Q1. And of course, we are pricing that increased output at a very good price right now.

對，沒錯。如我之前所說，並不是我們在改變策略。但可以確定的是，供給與需求之間的缺口，現在比幾個季度前更大一些。而我們在財年第四季的出貨量也稍微高一些。現在我們認為在財年第一季可能會有一些額外的產出可供應。當然，我們目前也以非常好的價格來為這些增加的產出定價。

So I'd say not really change in our strategy, but a very good execution and with demand being particularly strong right now, we take a little bit more pricing benefit. Now of course, every quarter is different. We will see in the following few quarters how the pricing will evolve, but I think we were very clear both Dave and I -- in our prepared remarks, we see every quarter revenue to improve. And every quarter, gross margin and profitability in general to increase. So of course, pricing is a part of the sequential improvement through the fiscal year.

所以我會說，我們的策略並沒有真正改變，而是執行得非常好；在目前需求特別強勁的情況下，我們取得了多一些的定價效益。當然，每一季都不一樣。接下來幾季我們會觀察定價如何演變，但我想 Dave 和我都很清楚——在我們的事先準備發言中，我們看到每一季營收都會改善。而且每一季毛利率以及整體獲利能力都會提升。因此，定價當然是整個財年逐季改善的一部分。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗集團。

Great -- great results here. And if I may, just on the CAGR growth, I think you guys reiterated sort of this mid 20%. You guys obviously have been executing too much greater than that. I think I heard about some investments that you're doing. Just help us understand like this above 30% exabyte growth rate, could that sustain as you enter fiscal '27 especially as you're migrating more towards your second-generation HAMR and then you're ramping into -- further out into your Mosaic 5.0. So if you could just help us understand why exit by CAGR could or could not sustain at this 30% as we look into fiscal '27?

很棒——這裡的結果非常好。如果可以的話，關於 CAGR 成長，我想你們重申的是大約 20% 中段。但你們顯然執行表現遠高於此。我也聽到你們正在做一些投資。請幫我們理解一下：這種超過 30% 的 EB 成長率，當你們進入 2027 財年時是否能持續？尤其是你們正更多轉向第二代 HAMR，同時也在更長期地推進 Mosaic 5.0 的放量。能否協助我們理解，為什麼以 EB 計的 CAGR 在展望 2027 財年時，可能或不可能維持在 30%？

Thanks, Asiya. We -- as we've said before, we're not really increasing the box count. We are working really hard to get the heads and media inside the boxes to be able to go up in the technology capability to get exabytes out. And exactly to your point, what's the ultimate CAGR? It's how fast we can do that, how successfully we can do that.

謝謝你，Asiya。我們——如同之前所說，我們並沒有真的增加機箱（box）數量。我們非常努力地把磁頭與媒體放進機箱裡，讓技術能力提升，從而輸出更多 EB。而正如你所說，最終的 CAGR 是多少？取決於我們能多快做到、以及能多成功地做到。

We are going through product transitions. I mentioned this earlier. So as you do that, there's a little bit of inefficiency in your factories. But long term, you actually get many, many more exabytes out as we go from 3 to 4 to 5. And that's the way we're focused what you've seen so far is the transition largely the 3, we are ramping the 4 right now and the 5 is coming and so on.

我們正在經歷產品轉換。我之前也提到過。因此在轉換期間，工廠會有一些效率損失。但長期來看，當我們從 3 走到 4 再到 5 時，實際上能產出更多、更多的 EB。而這就是我們的重點；到目前為止你看到的主要是第 3 代的轉換，我們現在正在拉升第 4 代，而第 5 代也即將到來，依此類推。

How we play that is depending upon how we see end customer demand what the qualification schedules like for those customers, and we need visibility because that's three to four quarters out from when we do wafer start. But also, we get a little bit better yields. We can add a few more exabytes here and there, and the team has been doing fantastic on that front. So all of these dynamics are how we actually have to predict the next few years. And that's one of the reasons we say mid-20s could we execute a little bit beter not conceivable but there's a lot of invention required still.

我們如何推進，取決於我們如何看終端客戶需求、那些客戶的認證（qualification）時程是什麼樣子；而我們需要能見度，因為從我們開始晶圓投片（wafer start）到出貨大約是三到四個季度之後。同時，我們的良率也會變得更好一些。我們可以在這裡或那裡再多增加一些 EB，而團隊在這方面做得非常出色。所以，所有這些動態因素，就是我們必須用來預測未來幾年的依據。這也是我們說 20% 中段的原因；我們能否執行得更好一些——並非不可想像——但仍然需要大量的創新。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，Cantor Fitzgerald。

Follow-up on pricing. I'm curious if you could kind of speak to like-for-like versus the benefit of newer products. And then moreover, if you could speak to how we should be thinking about contracts rolling off. renegotiating of existing contracts and how that is impacting the relative kind of year over year pricing particularly as it relates to that strong 20%-plus number embedded in the September guide? And how to think about the moving parts into December and beyond.

關於定價的追問。我想請你們談談同規格（like-for-like）比較，與新產品帶來的效益之間的差異。另外，也請談談我們應該如何看待合約到期、既有合約重新談判，以及這些因素如何影響年對年定價的相對變化——特別是與 9 月指引中隱含的 20% 以上強勁數字相關的部分？以及如何看待進入 12 月及之後的各項變動因素。

Thanks, CJ. We are -- as we said in the prepared remarks, we're trying to be predictable for at least the next year because that's what we have visibility to in our factories. And that's when we know the exact configuration and we determine pricing with our customers. But as various customers are rolling through those periods, interesting things happen. First, there's product qualification, like-for-like is kind of tough because we are moving products so quickly through transitionary periods that benefits us and also benefits them.

謝謝你，CJ。我們——如同在事先準備發言中所說——我們希望至少在未來一年能夠更可預測，因為這是我們在工廠端能看得到的能見度。在那個時間範圍內，我們知道確切的配置，並與客戶一起決定定價。但當不同客戶在那些期間內陸續推進時，會發生一些有趣的事情。首先是產品認證；同規格比較其實有點困難，因為我們在轉換期內推進產品的速度非常快，這對我們有利，對他們也有利。

If they're building a data center, they get a better TCO out of those products. And then there's other architectural reasons that may slow down or speed up their ability to ingest these things. So it is fairly complicated. . What we're seeing over time is not only what we lock in for that period of a year is we also see our ability to execute a little bit better and that's usually two or three quarters out.

如果他們在建資料中心，使用這些產品可以得到更好的 TCO（總持有成本）。此外，還有其他架構面的原因，可能會讓他們吸收（ingest）這些產品的速度變慢或變快。所以這其實相當複雜。.我們隨時間看到的不只是我們在那一年期間鎖定的內容，我們也看到自身的執行能力會變得更好，而這通常是在兩到三個季度之後。

That's not in quarter, but we execute a little bit better. We have more exabytes to give and we determine how hungry the market really is for those exabytes. And usually, they'll pay more than that contract price, if you will, for those exabytes. And so that's why you see these step functions. And therefore, I think we're all confident about the demand that we're seeing, both ourselves and our customers, but also they're voting every day with that by signing up to pricing that is even higher than some of the contractual stuff that we had done together.

這不是在當季內發生，但我們的執行會變得更好。我們有更多 EB 可以提供，然後我們會判斷市場對這些 EB 到底有多渴求。通常，他們會願意為這些 EB 支付高於合約價格的費用（如果你這麼說的話）。所以你才會看到這些階梯式的跳升。因此，我想我們對目前看到的需求都很有信心——不只是我們自己，我們的客戶也是——而且他們每天都在用行動投票，透過簽下甚至高於我們先前共同訂下的一些合約條款的價格來證明。

Yeah. CJ, you were asking about the new orders that we are negotiating in the new LTAs that we are negotiating. The trend is the same as the past. So we see strong demand, and of course, opportunity for us to continue to push on our pricing and pricing strategy and continuing in the same direction. Every quarter is a bit different, depends how many contract, we negotiate what is the volume for different customers, what is upside volume, if any, what is available and what is the price.

對。CJ，你問的是我們正在談的新訂單，以及我們正在談的新 LTA（長期協議）。趨勢與過去相同。所以我們看到強勁需求，當然也看到我們持續推進定價與定價策略、並沿著同一方向前進的機會。每一季都會有些不同，取決於我們談了多少合約、不同客戶的量是多少、是否有任何上修量（upside volume）、可供應的量是多少，以及價格是多少。

So it's not a straight line. But I would say the trend is clear. I'd say we are really performing the same way for more than three years at this point is right now, it's particularly strong in terms of supply demand and pricing, but it's going to continue, we're already discussing about the next two or three quarters going in the same direction.

所以這不是一條直線。但我會說趨勢很清楚。我會說，到目前為止我們已經連續三年多表現得差不多；就供需與定價而言，現在特別強勁，但這種態勢會持續下去，我們已經在討論接下來兩到三個季度也會朝同一方向發展。

Tom O'Malley, Barclays.

Tom O'Malley，巴克萊。

I just had a two parter here. So you guys have previously said 70% of nearline expects will be hammered by June of 2027. How are you tracking to that? And then I saw in the preamble that you specifically called out as you're transitioning there, you're strategically investing additional tools, technology and manufacturing. Is that just something that you would normally put the frame it stood out a little bit on me. Could you maybe be more specific on what you're investing in there to help you get to that percentage of the total mix.

我這裡有兩個問題。你們之前說過，到2027年6月，近線（nearline）出貨的70%（以EB計）預期會轉到HAMR。目前進度追蹤得如何？另外我在開場白看到你們特別提到，在轉換過程中，你們正策略性地加碼投資額外的工具、技術與製造能力。這是你們平常就會做的事嗎？只是這次特別寫出來讓我覺得有點突出。能否更具體說明你們在投資哪些項目，以協助達到總組合中那個比例？

Yeah. Tom, we're still pushing HAMR well, and it's reacting exactly what we thought it would a couple of years ago. There we have -- as time has Marched on, we have pushed maybe PMR a little bit harder than we thought. So transitionary I think we're still on the -- generally the same trends and everything is going well. Relative to the investment, most of the tools that we're investing in are directly contributing to those heads and media that are driving those technology transitions.

是的。Tom，我們仍在大力推進HAMR，而且它的反應完全符合我們兩年前的預期。隨著時間推進，我們可能把PMR推得比原先想像更用力一些。所以在過渡期方面，我認為我們整體仍在——大致相同的趨勢上，一切進展順利。至於投資，大多數我們投入的工具都直接用於那些推動技術轉換的磁頭與碟片（media）。

I'm very happy with how the team has executed on that front, 3 to 4 to 5, like we've talked about before. very optimistic about it. And I think, ultimately, HAMR is going to completely take over the portfolio because of it. we're learning more and more about the tools all the time, and that's part of how we do aerial density development is to get the latest tools on, learn how to run them and see what we can do with them. And I would say long term, I think there's probably more favorability for aerial density than I had thought a couple of years ago.

我對團隊在這方面的執行非常滿意，3到4到5，就像我們之前談過的那樣；我非常樂觀。而且我認為，最終HAMR會因此完全接管整個產品組合。我們一直在持續學習這些工具；而我們進行面密度（areal density）開發的一部分方式，就是導入最新的工具、學會如何操作，並看看能做到什麼程度。我會說從長期來看，面密度的提升空間可能比我兩年前想的還更有利。

Yeah. In terms of percentage of exabytes, we have actually just achieved our first milestone, which was to achieve 40% of nearline exabyte sold on Amerive by June. So we just did that. And so I'll say we are we are on track to achieve the future goals. Actually, on the new investment, there is, of course, a big difference between components and are these drive units. Now if you -- for example, if you look at our last year and if you look at the number of disk and the number of heads in sizable. They probably grew between 15% and 20%, and the units were absolutely flat.

是的。以EB占比來看，我們其實剛達成第一個里程碑，也就是在6月前讓近線出貨（以EB計）中有40%採用Amerive。所以我們剛做到這點。因此我會說，我們正按計畫達成未來目標。另外，關於新的投資，當然，零組件與整機硬碟（drive units）之間有很大的差異。如果你——例如看我們去年，看看碟片數量與磁頭數量（規模相當可觀）。它們大概成長了15%到20%，但整機出貨量則完全持平。

So there is always a mix up of drives going more and more into the near line and going more and more close to the 10 years and 20. But of course, there is strong shift year-over-year-over-year. This happened for the last 10, 20 years. So it's normal that even with flat and these drive units, we need to increase as a media through time. That's the best normal part of the business.

所以硬碟的組合一直在變，越來越多往近線市場走，也越來越接近10碟、20碟的配置。但當然，年復一年都有很強的結構性轉移。這在過去10年、20年都一直發生。因此即使整機出貨量持平，我們仍需要隨時間增加碟片（media）的產出，這是很正常的。這就是這個業務最典型、最正常的一部分。

Sorry, one more thing on that point. because I think a lot of people still don't understand this. So the thing that's actually driving factory complexity is not just drive numbers over heads numbers or media numbers, it's actually the product transition. These new products, say, 4 terabytes going to 5 terabytes -- there will be more time in the tools, more time through the tools. Sometimes it has to touch the tool multiple times. The factory complexity is what's driving a lot of the investment that you made reference at the time.

抱歉，針對這點再補充一句，因為我覺得很多人仍不理解。真正推升工廠複雜度的，不只是硬碟數量、磁頭數量或碟片數量，而是產品轉換本身。這些新產品，例如從每碟4TB到每碟5TB——會需要在工具上花更多時間、在製程工具中停留更久。有時候還必須多次回到同一台工具處理。工廠複雜度才是驅動你剛才提到那些投資的主要原因。

Mark Newman, Bernstein.

Mark Newman，Bernstein。

Congrats on another good quarter. Lots of questions on the pricing. So I wanted to talk more about the technology and the cost. Could you update us on the HAMR portion of your shipments. I think you've guided before 40% exiting the fiscal year on HAM and 50% exiting calendar year '26.

恭喜又交出一個不錯的季度。大家對定價有很多問題。所以我想更多談談技術與成本。你能否更新一下HAMR在你們出貨中的占比？我記得你們之前指引是：在本財年結束時HAMR占比達40%，並在2026年曆年結束時達50%。

Is -- are we on target for that or tracking ahead of that guidance you can say on that? And then also Mosaic 4, you still ramping to global CSPs. So is that going to I think you said it's a very small portion of revenue in the previous quarter, but it's going to become more significant in the first -- in the September quarter. Just want to clarify that.

我們是否仍朝這個目標前進，或是進度超前？你能否就此說明？另外，Mosaic 4 仍在向全球CSP（雲端服務供應商）放量爬坡。所以我想你們之前一季說它在營收中占比很小，但在——9月季度會變得更顯著。我只是想確認一下。

And then given all that, -- should we expect that cost declines should be potentially accelerating given this upcoming ramp of MSCI and now you have almost now the shock is part of the score the hammer adoption. So just don't want to see if anything you can comment on that would be really appreciated.

再者，考量上述因素——隨著接下來MSC（Mosaic）爬坡，以及現在HAMR採用率幾乎已成為核心的一部分，我們是否應該預期成本下降可能會加速？想請問你是否能對此做任何評論，將非常感謝。

Thanks, Mark. Yeah, we're on target for all the metrics that you talked about. I would say relative to Mosaic 4, it was pretty consequential last quarter even, and it's ramping quite nicely. We intentionally have maybe throttled the Mosaic 4 ramp because of qualification cycles and everything else other customers as they qualify, they're full of the last generation product as well. So things are fairly complicated in the supply chain. But Mosaic 4 is quite successful out in the market. It will continue to ramp over the course of this next fiscal year.

謝謝，Mark。是的，你提到的所有指標我們都在目標軌道上。至於Mosaic 4，我會說即使在上一季它也相當關鍵，而且爬坡進展很不錯。我們有意在某種程度上放慢Mosaic 4的放量速度，因為認證週期等因素；其他客戶在完成認證時，他們也仍在消化上一代產品。所以供應鏈的情況相當複雜。但Mosaic 4在市場上非常成功。在接下來這個財年期間，它會持續放量成長。

Yeah. No, just to clarify. No, we start shipping Mosaic 4 in March. So March quarter volume was pretty low, but June quarter was a good ramp-up is also a strong contributor to our financial performance and will be even better in the September quarter. And then of course, we are already all focusing on the next steps that will be the 5 terabyte per disk and the 50 terabyte drive in next calendar year.

是的。不，我只是澄清一下。我們是在3月開始出貨Mosaic 4。所以3月季度的量還很低，但6月季度有不錯的放量爬坡，也對我們的財務表現有很強的貢獻，並且在9月季度會更好。當然，我們也都已經把重心放在下一步，也就是明年曆年的每碟5TB以及50TB硬碟。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

I was wondering if you could maybe just clarify on how much of your fiscal '27, fiscal '28 exabyte view is locked in via build-to-order versus maybe not under LTAs. And as you think about the pricing uplift in September, part of that is coming from one of your initial HAMR customers that had more favorable pricing rolling off. So should we still expect the price momentum to continue at those levels for the rest of for the rest of the fiscal year? I know you said that you would see revenue and margin increase every quarter, but any thoughts on sort of the magnitude of either sequential or year on year given those comments around the initial customer?

我想請你澄清一下：你們對財年'27、財年'28的EB（exabyte）展望中，有多少是透過按單生產（build-to-order）已鎖定的，與可能未在長期協議（LTA）之下的部分相比各占多少？另外，當你們看9月的價格上調，其中一部分來自你們某個早期HAMR客戶較優惠的定價條款到期。那麼，我們是否仍應預期在本財年剩餘期間，價格動能會以相近的幅度持續？我知道你們說過每一季營收與毛利都會提升，但就你剛提到早期客戶的因素，對於季增或年增幅度的大小，你們有什麼看法嗎？

Yeah, Wamsi, you're right. On the second point, I think it's important to realize that as we do roll through, there's different phases that different customers are under and that renegotiation occurs. We are pretty predictable, I think, through FY27. So we have a good line of sight, but we are also getting a little bit more product out as we continue these product ramps because we're working the yields and scrap really aggressively on new products. So to the extent that we can, since there's such strong exabyte demand out there, we'll offer that to people out in the market that are showing us that opportunity.

是的，Wamsi，你說得對。關於第二點，我認為重要的是要認知到，隨著我們持續推進，不同客戶所處的階段不同，而重新談判也會發生。我認為我們到 FY27 為止都相當可預期。因此我們有很好的能見度；但同時，隨著我們持續進行這些產品爬坡，因為我們在新產品上非常積極地改善良率並降低報廢，我們也能多釋出一些產品。因此在我們能力所及的範圍內，鑑於市場上有如此強勁的 EB 級需求，我們會把這些供給提供給市場上向我們展現機會的客戶。

Yeah, relatively to that particular customer, the volume that was sold at a preferential price in June was minimal. So September, we will not have any. So there is a little bit of positive impact from there. But it's not the major reason why pricing is a little bit better in September than June, of course, it's more overall demand and those are customers that are chasing a bit more volume right now.

是的，就那位特定客戶而言，6 月以優惠價格售出的量非常少。所以 9 月我們不會有任何這類情況。因此那裡會帶來一點正面影響。但這並不是 9 月價格比 6 月稍好的一個主要原因；當然，更主要的是整體需求，以及那些目前正在追求更大出貨量的客戶。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Maybe just a clarification from my end, I'm not really seeing or trying to increase the box count here. Does that encompass the visibility into nearline allocations into 2028 and the planning that you're seeing extending into 2019? And then how should we think about visibility into pricing in those outer years as well?

我這邊可能只是想釐清一下，我其實不是在看或試圖在這裡提高硬碟箱數。這是否涵蓋你們對 2028 年近線（nearline）配額的能見度，以及你們看到延伸到 2019 年的規劃？另外，我們應該如何看待那些更遠年度的定價能見度？

Thanks, Joseph. Yeah. I mean you're right. Thanks for the question because many investors are new to stock, so we'll try to explain this again. So our strategy coming out of the last down cycle has been to keep the number of drives flat, and we're still on that path. Inside the drives, however, there's all these critical complements heads and media, and that is rising slightly. I think John Lukamade reference to this before. So that puts a strain on our internal heads and media fabs, which are under our control.

謝謝，Joseph。是的。你的看法沒錯。也謝謝你的問題，因為很多投資人是新加入這檔股票的，所以我們再解釋一次。我們從上一個景氣下行週期走出來的策略，是讓硬碟數量維持持平，而我們仍然走在這條路上。不過在硬碟內部，還有許多關鍵的互補元件，例如磁頭與碟片，而這部分正在小幅上升。我想 John Lukamade 之前也提過。因此這會對我們可控的內部磁頭與碟片晶圓廠（fabs）造成壓力。

And we're going through these aggressive transitions, that's the big story. The big story is the process content of manufacturing complexity as we move from 3 terabytes to 4 terabytes to 5 terabytes the routes get more complicated and the technology transitions are putting a large strain on these -- on our internal complements. But with the curves that we're on, we believe that this is the best way to bring more exabytes out in the world is to stay focused this way. And so that's our strategy.

而我們正在經歷這些激進的轉換，這才是重點。重點在於，當我們從 3TB 到 4TB 再到 5TB，製造的製程含量與複雜度都在提升，流程路徑變得更複雜，而技術轉換對這些——對我們內部互補元件造成很大的壓力。但以我們目前的曲線來看，我們相信要把更多 EB 級容量帶到世界上，最好的方式就是持續專注於這條路徑。因此這就是我們的策略。

Karl Ackerman, BNP Paribas.

Karl Ackerman，法國巴黎銀行。

Dave, you spoke about qualifications on Mosaic among hyperscalers. But how should we think about CA growing exposure to Neoclouds and foundational model companies. I was hoping you could parse between demand from traditional hyperscale neoCloud and maybe on-prem and list in your September outlook.

Dave，你談到 Mosaic 在超大規模客戶（hyperscalers）之間的認證（qualification）。但我們應該如何看待 CA 對新雲（Neoclouds）以及基礎模型公司曝險的增加？我希望你能在 9 月展望中，拆解一下傳統超大規模、新雲，以及可能的地端（on-prem）需求。

Thanks, Karl. Yeah, I -- two years ago, I would have said NeoClad is probably largely compute-based -- but we're starting to see that even some of the large neo clouds, they need a lot of data coming at them. And where did they get that data in the past, they might have got that from traditional hyperscalers but there are some places where neoClouds are saying, I need instances close to me. By the way, I do not think that's necessarily competitive with the hyperscalers. I mean, there are so many different applications specific reasons for people to have an exabyte or two sitting around, especially training various types of training for applications.

謝謝，Karl。是的——兩年前我可能會說，新雲大多是以運算為主——但我們開始看到，即使是一些大型新雲，也需要大量資料流入。而他們過去從哪裡取得這些資料？可能是從傳統超大規模業者取得；但也有一些情況是新雲在說：我需要離我更近的運算實例（instances）。順帶一提，我不認為這必然是在與超大規模業者競爭。我的意思是，基於各種特定應用的原因，人們需要放著一到兩個 EB 的資料，尤其是針對各類應用的訓練。

So -- we are starting to have exactly the dialogues that you talked about. Everyone knows the hyperscaler architectures and the efficiency of the hyperscale architecture because they know that they want that same efficiency. And in some cases, we're talking about systems level discussions with these customers. In other cases, we're just talking about drive. They also -- since they're going to be running this gear for a long time, they want to be on the cutting edge of technology transition. Sometimes that's hard because of feature sets and they may not be as robust as some of the other people said they need help with that, and it is a very complicated qualification space.

所以——我們確實開始出現你所提到的那些對話。大家都了解超大規模架構以及其效率，因為他們也想要同樣的效率。在某些情況下，我們與這些客戶討論的是系統層級的議題。在其他情況下，我們只是在談硬碟。另外——由於他們會長時間運行這些設備，他們希望站在技術轉換的最前沿。有時這會很難，因為功能集合（feature sets）等因素，他們可能不像其他人那樣成熟；有人會說他們需要協助，而這是一個非常複雜的認證領域。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

I guess, Dave, as you look at the LTAs and the visibility on exabyte demand that you have for '28 and net income to '29. Can you meet all the exabyte demand that's out there in '28, '29 entirely through air density gains -- and maybe just touch on how secure do you think your own upstream supply chain is for specialized components, especially as HAMR to scale up. I'd love to just kind of understand the component side from your perspective, -- and John, look, I'd love to understand where you're going to get to 80% gross margins, if you want to oblige and answer that.

我想問，Dave，當你看 LTAs（長期協議）以及你們對 2028 年 EB 級需求、以及到 2029 年淨利的能見度時。你們能否在 2028、2029 年完全透過面密度提升來滿足所有 EB 級需求——另外也請談談你們對自身上游供應鏈（特別是專用元件）的把握程度，尤其是在 HAMR 擴產放量之際。我很想從你們的角度理解元件端的情況——另外 John，如果你願意回答的話，我也想了解你們要如何達到 80% 毛利率。

Thanks, Amit. So on the supply chain piece, working with our supply partners that have been through a lot, like we were a few years ago, as you know. We're making sure that everybody is kind of lined up and it's well orchestrated. That's an important part of our supply chain. We cannot have people kind of individually doing investments and then someone else not doing the investment, it not be well orchestrated because that drives cost the wrong way. How confident are we in demand long term, very confident.

謝謝，Amit。先談供應鏈部分：我們正與供應夥伴合作，他們也經歷了很多，就像我們幾年前一樣，你也知道。我們在確保每個環節都大致對齊，並且協同運作良好。這是我們供應鏈中很重要的一部分。我們不能讓各家各自單獨投資、而另一家不投資；如果協同不佳，就會把成本推向不利的方向。至於我們對長期需求有多有信心？非常有信心。

I do think that there's a lot of people out trying to understand all these new applications that are coming at us and saying, what does that mean for the storage tier. I also think that there's well traction to applications already in the market, whether they're pre AI, which was huge, right? And some of the video applications we've talked about before or whether they're now AI enabled that are driving the storage tier even higher.

我確實認為，很多人都在試著理解這些迎面而來的新應用，並在問：這對儲存層（storage tier）意味著什麼。我也認為，市場上既有的應用已經有很好的動能，不論是 AI 之前的應用——那已經非常龐大，對吧？以及我們之前談過的一些影音應用，或是現在由 AI 賦能的應用，都在把儲存層需求推得更高。

And so the forecasting, especially for some of those new applications is relatively harder. I think there's a lot of optimism around it. But I also think that the existing data sphere, if you will, inside of these called service providers is growing at a certain large clip anyway. I do not think that probably our aerial density transitions are going to be sufficient. But I do think that they are strong, and I think that allows people to plan their business as well, and that's one of the reasons we're having good conversations out in that time frame.

因此，特別是對某些新應用而言，預測相對更困難。我認為市場對此有很多樂觀情緒。但我也認為，若你所說的既有資料圈（data sphere）——在這些所謂的服務供應商內部——本來就以相當高的速度在成長。我不認為僅靠我們的面密度轉換就會足夠。但我確實認為它們很強，而這也讓客戶能更好地規劃其業務；這也是我們在那個時間範圍內能有良好對話的原因之一。

On the gross margin, Amit, I would say our incremental gross margin has been very strong for the last several quarters. Overall, gross margin is improving sequentially very well. So we don't have a specific target. We will continue to improve based on the business situation and -- and we know already that for the rest of the fiscal year, we will have sequential improvement every quarter. And then we will see at a certain point where we are, but we don't have a specific number that we are trying to achieve.

至於毛利率，Amit，我會說我們過去幾季的增量毛利率（incremental gross margin）一直非常強勁。整體毛利率也在逐季改善，表現很好。所以我們沒有特定目標。我們會根據業務狀況持續改善——而且我們已經知道，在本財年剩餘期間，我們每一季都會逐季改善。之後我們會在某個時間點看看達到什麼水準，但我們沒有一個特定數字是一定要達成的。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

I just wanted to ask a free cash flow question, if I could. So off of a 10-year high. Like can you talk about, I guess, the dynamics that drive from just a manufacturing standpoint, a higher free cash flow margin in the future? Because as the aerial density increases, the increases as a percentage are smaller. So I don't know if that helps or Dave, to your other point about passing through the same equipment, makes it more capital intensive, et cetera. And just as a follow-up to that, just can you maybe talk about where -- remind us where you want to get debt levels to and when buybacks could start?

我想請教一個關於自由現金流的問題，如果可以的話。目前是處於10年高點。從製造端的角度來看，能否談談未來推動更高自由現金流利潤率的動態因素？因為隨著面積密度提升，增幅以百分比來看會變小。所以我不確定這是否有幫助，或是 Dave，呼應你先前提到的，使用同一套設備去處理，會讓資本密集度更高等等。另外追問一下，能否談談你們希望把負債水位降到哪裡，以及何時可能開始回購？

Yeah. Thanks, Steve. So we'll stay within our capital model. I mean we talked about 5% -- 4% to 6% of revenue is our range for CapEx. The tools we're buying are modern tools, and we're refreshing part of the fleet, even with that 5% of CapEx to 5% of revenue as CapEx. We're refreshing the fleet and doing quite well with that. So we'll turn all that into aerial density, and that's what we're really excited about.

好的。謝謝你，Steve。我們會維持在我們的資本配置模型之內。我們提過資本支出（CapEx）占營收的4%到6%是我們的區間。我們購買的工具是現代化設備，我們也在更新部分設備群，即使在CapEx占營收5%的情況下也是如此。我們正在更新設備群，而且在這樣的投入下做得相當不錯。因此我們會把這些轉化為面積密度，這也是我們真正感到興奮的地方。

I think relative to free cash flow, from an OpEx perspective, we don't see the need to add a bunch of OpEx. We feel our team is doing really well on all the innovation vectors, whether it's a sort of mechanical vector or it's quantum device vector and the recording fabs or lasers now or whatever. I mean, we think that the team is funded well and doing well. And so we think we have visibility to continue aerial density without raising CapEx too much. So I think all of that translates into free cash flow that's growing like we talked about.

我認為就自由現金流而言，從營運費用（OpEx）的角度，我們看不到需要大幅增加OpEx的必要。我們覺得團隊在所有創新向量上都做得很好，不論是機械向量、量子裝置向量、記錄晶圓廠（recording fabs）、雷射等等。我們認為團隊的資金配置充足且表現良好。因此我們認為，在不大幅提高CapEx的情況下，我們對持續提升面積密度是有能見度的。所以我想這些都會轉化為我們先前談到的自由現金流成長。

On the debt part, we ended our fiscal '26 with $3.6 billion in debt. That is already a huge reduction from about $5 billion that we had at the beginning of the fiscal year. we will reduce debt even more during the quarter, actually already done a good step in the month of July, but we will probably end fiscal Q1 at $2.4 billion in debt.

在負債方面，我們在2026會計年度結束時的負債為36億美元。這已經是相較於會計年度初約50億美元的大幅下降。我們在本季還會進一步降低負債，事實上在7月已經完成了相當大的一步，但我們可能會在會計年度第一季末將負債降至24億美元。

And we still have one note that has a fairly high interest rate that I would like to address in the near future, maybe next quarter, maybe the following quarter. But we are doing already more share buyback than what we have done in the prior quarter. So this quarter, we are having -- we are executing a higher level of share buyback, and we will continue in the next several quarters.

我們仍有一筆票據利率相當高，我希望在不久的將來處理它，可能是下季，也可能是再下一季。不過我們目前進行的股票回購已經比上一季更多。因此本季我們正在——我們正在執行更高水準的股票回購，並且會在接下來幾季持續。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗（Mizuho）。

Congratulations, Dave and Luca. Just two quick questions. One, when you look at the -- how does it drive the nearline attach rate? Is there a way to look at how the attach rate has changed on the GPU ASIC side per WAC with agent AI or KV Cache picking up? And how does -- how is that trend looking this year versus last year, let's say, when there was no agentic AI. And then look, on the margin side, should we expect margins to kind of get to the 60% plus? Or if you can give us what the incremental margins are on HAMR 4 versus prior? Or is there a way to look at mix of HAMR 4, I guess?

恭喜你們，Dave 和 Luca。兩個簡短問題。第一，當你們看——它如何推動近線（nearline）附加率（attach rate）？有沒有方法可以看在GPU ASIC端、每WAC（每個WAC）隨著代理式AI（agent AI）或KV Cache增加，附加率如何變化？以及相較於去年（例如當時還沒有代理式AI），今年這個趨勢看起來如何？第二，在毛利率方面，我們是否應該預期毛利率能到60%以上？或者你能否提供HAMR 4相較於先前版本的增量毛利率？或者有沒有方法可以看HAMR 4的組合占比？

I'll take the attach rate discussion. I know there are people out there in the world trying to model this, and it's a noble effort, but I think it all comes down to application space. So there are certain applications where you may need a lot more context and there are certain applications where maybe you don't need as much. And so depending on the application pickup on this Agentic AI, we talked about KV Cache in the prepared remarks, it could be a little. I think we're still trying to factor that in.

我來回答附加率的部分。我知道外界有人在嘗試建立模型，這是很值得肯定的努力，但我認為最終都取決於應用空間。有些應用可能需要更多上下文，有些應用可能不需要那麼多。因此，取決於這些代理式AI應用的採用情況——我們在準備稿中談到KV Cache——可能影響不大，也可能影響較大。我想我們仍在嘗試把這部分納入考量。

And that's some of the stuff that -- as we get into modeling '29 and '30 and beyond, I think we're going to have to work study with our customers to watch those applications carefully, pretty excited about it. And that's not the discussion about physical AI, either that's just on what I would call more enterprise-type applications.

而這也是一些——當我們開始對2029、2030以及更長期進行建模時，我認為我們必須與客戶一起做研究，密切觀察這些應用，我們對此相當興奮。而且這還不包含實體AI（physical AI）的討論；這只是我所謂更偏企業型的應用。

Yeah. On the margin, we -- last quarter, we were at almost 53%. We are guiding higher in September. Our incremental gross margin is well above the 60% that you were indicating. So I'm not guiding for the future, but now the trend is, of course, to have a stronger and stronger gross margin and we will see what we will achieve in the next few quarters. But as you know, we are guiding something that is not too far from that number already in September.

是的。在毛利率方面，我們上季接近53%。我們對9月季度的指引更高。我們的增量毛利率遠高於你提到的60%。所以我不對更遠的未來做指引，但目前趨勢當然是毛利率會越來越強，我們會看看接下來幾季能達到什麼水準。但如你所知，我們在9月的指引已經離那個數字不遠了。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Dave, maybe just sort of dovetailing off your comments about application type. Is there an easy way or a simple way to think about currently what you guys see as the more prominent applications driving demand right now. And before you get to physical, maybe how you see those meaningful application types manifesting over the next couple of years?

Dave，或許延續你對應用類型的評論。有沒有一個容易或簡單的方式來理解，目前你們看到哪些較突出的應用正在推動當前需求？以及在談到實體AI之前，你如何看待這些重要的應用類型在未來幾年會如何呈現？

Thanks, Ananda. Yeah, the way I think about it, and I've been around for a long time, we know so you have to be careful with me. But taking small blocks of text, whether it's forms that somebody filled out or an ERP or something like that in the -- and I say small blocks of text kind of jokingly because that could still be terabytes worth of tax. I think that's probably not what we're talking about.

謝謝你，Ananda。是的，我的看法是——我在這行很久了，你們也知道，所以聽我說要小心。如果只是處理小段文字，不論是某人填寫的表單、ERP之類的——我說小段文字有點開玩笑，因為那仍可能是數TB的資料。我認為那大概不是我們在談的重點。

But when you start to have a lot of unstructured data like video data or multiple sources of unstructured data, sometimes may be sensor data -- it may actually still be taxed, but it's just necessarily coming in from all kinds of different sources. Those are the applications that I think are going to require a lot more processing power, and you don't want to redo that processing power over and over again.

但當你開始有大量非結構化資料，例如影片資料或多來源的非結構化資料，有時可能是感測器資料——它其實也可能仍是文字資料，但只是必然來自各式各樣不同來源。我認為這些應用將需要更多的處理能力，而你不希望一再重做那些運算。

So -- this is happening in enterprises. It's not just happening in hyperscalers. It's happening at the extreme edge as well. And I think these trends are very favorable for us before we ever get into something like physical AI.

所以——這正在企業中發生。不只是在超大規模業者（hyperscalers）發生。在極端邊緣端（extreme edge）也正在發生。我認為在我們真正進入像實體AI這類領域之前，這些趨勢就已經對我們非常有利。

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

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。

Thanks, Gary, and thanks, everyone, for joining us today. Fiscal 2026 was an outstanding year for Seagate, reflecting strong execution by our global team and deep engagement with our customers. As we move into fiscal 2027, we are well positioned to address the opportunities in front of us. We remain focused on executing our technology road map, capturing profitable revenue growth and delivering long-term value creation for all of our stakeholders. We look forward to updating our progress with you in the quarters ahead.

謝謝你，Gary，也謝謝各位今天加入我們。2026會計年度對Seagate而言是非常出色的一年，反映了我們全球團隊強勁的執行力以及與客戶的深度互動。邁入2027會計年度，我們已做好充分準備，把握眼前的機會。我們將持續專注於執行技術路線圖、取得具獲利性的營收成長，並為所有利害關係人創造長期價值。我們期待在未來幾季向各位更新我們的進展。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以中斷連線。