希捷科技 (STX) 2022 Q3 法說會逐字稿

Welcome to the Seagate Technology Fiscal Third Quarter 2022 Conference Call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Seagate Technology 2022 財年第三季度電話會議。 （操作員說明）請注意，此事件正在記錄中。

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

我現在想將會議轉交給投資者關係和財政部高級副總裁 Shanye Hudson。請繼續。

Thank you. Good afternoon, everyone, and welcome to today's call. Joining me are Dave Mosley, Seagate's Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer.

謝謝你。大家下午好，歡迎參加今天的電話會議。希捷首席執行官戴夫·莫斯利 (Dave Mosley) 加入我的行列。和我們的首席財務官 Gianluca Romano。

We posted our earnings press release and detailed supplemental information for our March quarter fiscal 2022 on the Investors section of our website.

我們在網站的“投資者”部分發布了 2022 財年 3 月季度的收益新聞稿和詳細補充信息。

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 that was filed with the SEC. 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 of the corresponding GAAP measures is not available without unreasonable effort.

在今天的電話會議中，我們將參考 GAAP 和非 GAAP 措施。非 GAAP 數據與我們網站上發布的收益新聞稿中的 GAAP 數據一致，並包含在我們向 SEC 提交的 8-K 表格中。我們沒有對某些非公認會計原則的展望措施進行核對，因為可能影響這些措施的重大項目超出了我們的控制和/或無法合理預測。因此，如果不付出不合理的努力，就無法對相應的 GAAP 措施進行調節。

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 are subject to risks and uncertainties associated with our business. 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.

在我們開始之前，我想提醒您，今天的電話會議包含前瞻性陳述，這些陳述反映了管理層基於截至今天我們可獲得的信息的當前觀點和假設，不應依賴於任何後續日期。實際結果可能與這些前瞻性陳述中包含或暗示的結果存在重大差異，因為它們受到與我們業務相關的風險和不確定性的影響。要了解有關可能影響我們未來業務結果的風險、不確定性和其他因素的更多信息，請參閱今天發布的新聞稿和我們提交給美國證券交易委員會的文件，包括我們最近的 10-K 表格年度報告和 10 表格季度報告- Q 以及補充信息，所有這些都可以在我們網站的投資者部分找到。

As always, following our prepared remarks, we'll open the call for questions. Let me turn the call over to Dave for opening remarks.

與往常一樣，在我們準備好的評論之後，我們將打開提問電話。讓我把電話轉給戴夫做開場白。

Thank you, Shanye, and a warm welcome to those of you joining us on today's call.

謝謝你，山野，並熱烈歡迎各位加入我們今天的電話會議。

Before I begin, I would like to recognize the growing humanitarian crisis taking place in Ukraine. Our thoughts are with the people impacted by the devastation as we continue to hope for a rapid end to this conflict. As this crisis unfolded, distribution channels across the region were understandably impacted, adding to an already strained global supply chain. Specific to our business, we ceased shipments into Russia and Belarus at the onset of the invasion, which typically represents 1 to 2 percentage points of revenue on a quarterly basis. We expect these impacts to persist at least through the fiscal year.

在開始之前，我想承認烏克蘭正在發生日益嚴重的人道主義危機。在我們繼續希望這場衝突迅速結束之際，我們與受災影響的人們同在。隨著這場危機的展開，整個地區的分銷渠道受到影響，這是可以理解的，加劇了本已緊張的全球供應鏈。具體到我們的業務，我們在入侵開始時停止向俄羅斯和白俄羅斯發貨，這通常佔每個季度收入的 1 到 2 個百分點。我們預計這些影響至少會持續到本財年。

Turning to Seagate's March quarter financial performance. Revenue of $2.8 billion and non-GAAP EPS of $1.81 were within the ranges provided on our last earnings call and consistent with the revised outlook we shared last month.

談到希捷 3 月季度的財務業績。 28 億美元的收入和 1.81 美元的非公認會計原則每股收益在我們上次財報電話會議提供的範圍內，並且與我們上個月分享的修訂後的前景一致。

We continue to see solid cloud demand, and that boosted revenue for our nearline products to a fifth consecutive quarterly record. The strong nearline performance was offset to a degree by demand disruptions in other end markets. These include non-HDD component shortages as well as new COVID lockdown measures that intensified toward the end of March, sharply impacting the video and image applications or via market.

我們繼續看到穩定的雲需求，這將我們的近線產品的收入提高到連續第五個季度的記錄。強勁的近線表現在一定程度上被其他終端市場的需求中斷所抵消。其中包括非 HDD 組件短缺以及新的 COVID 鎖定措施，這些措施在 3 月底加劇，對視頻和圖像應用或通過市場產生了巨大影響。

Rising inflationary pressures were an additional burden on profitability for the quarter as we continue to operate amid an unusual mix of external challenges. Our team is executing at a high level in this environment, and that is best illustrated with a few key year-over-year comparisons.

隨著我們在各種不同尋常的外部挑戰中繼續運營，不斷上升的通脹壓力是本季度盈利能力的額外負擔。我們的團隊在這種環境下的執行水平很高，通過一些關鍵的年度比較可以最好地說明這一點。

Relative to Q3 of fiscal '21, we grew total revenue 3% and nearline revenue 24%. We improved margins and demonstrated strong financial leverage with operating income growth of 12%, significantly faster than revenue growth. And we generated free cash flow of $363 million, up 32% year-over-year.

相對於 21 財年第三季度，我們的總收入增長了 3%，近線收入增長了 24%。我們提高了利潤率，並展示了強大的財務槓桿，營業收入增長 12%，明顯快於收入增長。我們產生了 3.63 億美元的自由現金流，同比增長 32%。

These achievements reflect the resiliency of our financial model and our focus on driving profitability and cash generation in an environment where we are poised to capitalize on strong secular growth for mass capacity storage. While the underlying storage demand trends remain intact, the industry-wide supply challenges impacts from the ongoing conflict in Ukraine and COVID restrictions are constraining growth over the near term, which we factored into the June quarter guidance we're providing today.

這些成就反映了我們財務模式的彈性，以及我們在準備利用大容量存儲的強勁長期增長的環境中提高盈利能力和現金生成的重點。雖然潛在的存儲需求趨勢保持不變，但烏克蘭持續衝突和 COVID 限制對整個行業的供應挑戰的影響正在限制短期內的增長，我們在今天提供的 6 月季度指導中考慮了這一點。

Throughout the past couple of years, our strong supplier relationships, combined with our vertically integrated business model, have enabled us to navigate supply risks to support HDD customer demand. All the while, we've remained highly focused on protecting profitability. In addition to maintaining strong expense discipline, we have recently started to adjust pricing to help combat inflationary impacts in future quarters.

在過去的幾年裡，我們強大的供應商關係，加上我們垂直整合的商業模式，使我們能夠駕馭供應風險，以支持 HDD 客戶的需求。一直以來，我們一直高度關注保護盈利能力。除了保持嚴格的費用紀律外，我們最近還開始調整定價以幫助應對未來幾個季度的通脹影響。

Finally, we continue to strategically manage production and execute our product and technology road map. These actions are intended to reduce our cost per terabyte and realize operational efficiencies while delivering cost-efficient, higher-capacity solutions to our customers when they need them most.

最後，我們繼續戰略性地管理生產並執行我們的產品和技術路線圖。這些行動旨在降低我們的每 TB 成本並實現運營效率，同時在客戶最需要時為他們提供經濟高效、容量更大的解決方案。

As we indicated on our last call, we leveraged the seasonal slowdown in the March quarter to begin staging our factories to support strong 20-terabyte demand. I'm delighted to report that we are shipping 20-plus terabyte products in high volume and expect unit shipments to more than triple quarter-over-quarter in F Q4 to well over 1 million units. This puts us on a pace for the company to achieve crossover with 18-terabyte drives early in the new fiscal year.

正如我們在上次電話會議中所指出的那樣，我們利用 3 月季度的季節性放緩開始建設我們的工廠，以支持強勁的 20 TB 需求。我很高興地報告，我們正在大批量運送 20 多 TB 的產品，預計第四季度的單位出貨量將比上一季度增加三倍以上，超過 100 萬台。這使我們加快了公司在新財年初期實現與 18 TB 驅動器交叉的步伐。

The ability to quickly ramp and yield higher capacity products is especially important considering the strong cloud data center demand for nearline drives. Recent CIO surveys confirm that even in today's challenging macro environment, digital transformation, AI and machine learning remain among the top handful of IT investment priorities. With current non-HDD supply shortages impacting new data center build-outs, many of our cloud customers, particularly in the U.S., are operating at or near record utilization levels and upgrading to higher capacity drives in an effort to keep pace with demand.

考慮到雲數據中心對近線驅動器的強勁需求，快速提升和生產更高容量產品的能力尤為重要。最近的 CIO 調查證實，即使在當今充滿挑戰的宏觀環境中，數字化轉型、人工智能和機器學習仍然是少數 IT 投資優先事項之一。由於當前非 HDD 供應短缺影響了新數據中心的擴建，我們的許多雲客戶，尤其是在美國的客戶，正在以或接近創紀錄的利用率水平運行，併升級到更高容量的驅動器，以跟上需求的步伐。

Seagate is addressing these needs by being the first to high volume with the 20-plus terabyte products, which represents the highest capacity drives commercially available today. With more than half of our cloud business currently covered under long-term agreements, we have visibility to healthy cloud demand into the back half of the calendar year.

希捷通過率先推出 20 多 TB 產品（代表當今市售的最高容量硬盤）來滿足這些需求。目前，我們一半以上的雲業務都包含在長期協議中，因此我們可以在日曆年的後半段看到健康的雲需求。

In the March quarter, mass capacity revenue increased 18% year-over-year and decreased 6% sequentially off a record December quarter. Strong double-digit sequential growth in cloud nearline sales partially offset the impacts of demand constraints in the other mass capacity end markets.

在 3 月季度，大規模產能收入同比增長 18%，環比下降 6%，低於 12 月季度的創紀錄水平。雲近線銷售強勁的兩位數連續增長部分抵消了其他大容量終端市場需求限制的影響。

In the enterprise and OEM market, some customers continue to grapple with non-HDD supply shortages that have impacted their ability to get parts and address their own in demand. COVID lockdown measures are limiting near-term demand in the VIA markets. In the March quarter, new security surveillance and smart city infrastructure projects were delayed due in large part to physical installations being hindered. This situation is similar to what the VIA market experienced in the early days of the pandemic. And based on input from our customers, we remain confident that these projects will resume once conditions improve, which we now expect to occur in the back half of the calendar year.

在企業和 OEM 市場中，一些客戶繼續努力解決非 HDD 供應短缺的問題，這影響了他們獲得零件和滿足自己需求的能力。 COVID 鎖定措施限制了 VIA 市場的近期需求。在 3 月季度，新的安全監控和智能城市基礎設施項目被推遲，這在很大程度上是由於物理安裝受到阻礙。這種情況類似於大流行初期威盛市場所經歷的情況。根據客戶的意見，我們仍然相信，一旦條件改善，這些項目將恢復，我們現在預計這將在日曆年的後半段發生。

At a high level, demand for video and image applications is on the rise. Increasing adoption of high-definition cameras, longer data retention rates and the use of AI and analytics enable end users to identify patterns for months of captured data and extract value. Analysts predict that nearly 2/3 of network video cameras will have embedded AI deep learning analytics by 2025 compared with about 15% in 2020. Indicative of these demand trends, Seagate offers purpose-built VIA drives that support the heavier workloads and firmware to optimize video AI applications.

在高層次上，對視頻和圖像應用的需求正在上升。越來越多地採用高清攝像頭、更長的數據保留率以及人工智能和分析的使用，使最終用戶能夠識別數月捕獲數據的模式並提取價值。分析師預測，到 2025 年，近 2/3 的網絡攝像機將嵌入 AI 深度學習分析，而 2020 年這一比例約為 15%。希捷提供了支持更重工作負載和固件以優化的專用威盛驅動器，表明這些需求趨勢視頻人工智能應用。

Our strong customer relationships and breadth of knowledge and storage devices and systems and software and architectures have enabled us to develop product and technology solutions that address the evolving mass capacity storage and infrastructure needs. For example, Seagate's Lyve Cloud platform is aimed at meeting the growing need for a simple, predictable and cost-efficient mass data storage as a service solution. To date, we've qualified nearly 30 ecosystem service providers offering capabilities such as backup and recovery that are interoperable with Lyve Cloud. We recently launched Lyve Cloud Singapore, our first platform in the Asia markets.

我們強大的客戶關係和廣泛的知識以及存儲設備和系統以及軟件和架構使我們能夠開發產品和技術解決方案，以滿足不斷發展的大容量存儲和基礎設施需求。例如，希捷的 Lyve Cloud 平台旨在滿足對簡單、可預測和經濟高效的海量數據存儲即服務解決方案日益增長的需求。迄今為止，我們已經認證了近 30 家生態系統服務提供商，提供與 Lyve Cloud 互操作的備份和恢復等功能。我們最近推出了 Lyve Cloud Singapore，這是我們在亞洲市場的第一個平台。

We are continuing to responsibly build out our infrastructure and selectively work with new customer use cases. Overall, I'm really pleased with our progress and ongoing customer momentum. We look forward to sharing more in the year ahead.

我們將繼續負責任地構建我們的基礎設施，並有選擇地處理新的客戶用例。總的來說，我對我們的進步和持續的客戶勢頭感到非常滿意。我們期待在來年分享更多內容。

Looking ahead, Seagate remains well positioned to achieve our long-term financial and business goals. We are focused on driving profitability towards the upper half of our long-term margin ranges over the next few quarters. At the same time, we expect to extend our track record of strong cash flow generation while executing our product and technology road map that collectively puts us on the right path to capture mass capacity storage opportunities and enhance value for all of our key stakeholders. We are taking aggressive actions that span cost management, pricing strategy and operational efficiencies that target margin expansion and further strengthen our competitive position.

展望未來，希捷在實現我們的長期財務和業務目標方面仍處於有利地位。我們專注於在接下來的幾個季度將盈利能力推向我們長期利潤率範圍的上半部分。與此同時，我們希望在執行我們的產品和技術路線圖的同時擴大我們產生強勁現金流的記錄，共同使我們走上正確的道路，以抓住大容量存儲機會並為我們所有的關鍵利益相關者提高價值。我們正在採取跨越成本管理、定價策略和運營效率的積極行動，以擴大利潤並進一步加強我們的競爭地位。

I'll now hand the call over to Gianluca to cover the financial results.

我現在將電話轉給 Gianluca 以涵蓋財務結果。

Thank you, Dave. Seagate navigated its way through a very dynamic market environment and typically the slowest seasonal period of the year to deliver financial performance consistent with our revised expectation from the beginning of March.

謝謝你，戴夫。希捷在充滿活力的市場環境中航行，通常是一年中最慢的季節性時期，以提供符合我們從 3 月初修訂的預期的財務業績。

In the March quarter, revenue was $2.8 billion and reflected 3% year-over-year increase. Non-GAAP operating margin was nearly 17%, up 140 basis points year-over-year. Non-GAAP EPS was $1.81, up 22% year-over-year.

在 3 月季度，收入為 28 億美元，同比增長 3%。非美國通用會計準則營業利潤率接近 17%，同比增長 140 個基點。非美國通用會計準則每股收益為 1.81 美元，同比增長 22%。

The hard disk business ship approximately 154 exabytes, down 6% sequentially and up 10% year-on-year. Strong demand for high-capacity nearline drives boosted average capacity per total HDD drive to a record 6.7 terabyte, up 10% sequentially and 32% year-on-year.

硬盤業務出貨量約為 154 EB，環比下降 6%，同比增長 10%。對高容量近線驅動器的強勁需求將總 HDD 驅動器的平均容量提高到創紀錄的 6.7 TB，環比增長 10%，同比增長 32%。

Demand for our nearline product supported mass capacity revenue of $1.9 billion, down 6% sequentially but up 18% compared with the prior year period. Shipment into the mass capacity market totaled 133 exabytes, down 3% sequentially and up 20% year-over-year.

對我們近線產品的需求支撐了 19 億美元的大規模產能收入，環比下降 6%，但與去年同期相比增長 18%。大容量市場的出貨量總計 133 EB，環比下降 3%，同比增長 20%。

Our nearline product segment continues to grow, with revenue outpacing the broader mass capacity business once again. In the March quarter, we increased shipment to 117 exabytes, up 6% sequentially and 23% year-on-year, supported by the ongoing adoption of our 18-terabyte drives and initial volume shipments of our new 20-plus terabyte products.

我們的近線產品部門繼續增長，收入再次超過更廣泛的大容量業務。在 3 月季度，我們將出貨量增加到 117 EB，環比增長 6%，同比增長 23%，這得益於我們 18 TB 驅動器的持續採用和我們新的 20 多 TB 產品的初始批量出貨量。

Our leading nearline portfolio, coupled with a very agile supply chain, resulted in record cloud market revenue in the March quarter. Consistent with our comments in early March, demand for the VIA market were lower than anticipated due primarily to delayed project spending in China, resulting from disruption related to COVID and shifting government priorities. We do expect demand to improve once COVID-related restrictions begin to ease and project installation can resume.

我們領先的近線產品組合，加上非常靈活的供應鏈，在 3 月季度創造了創紀錄的雲市場收入。與我們在 3 月初的評論一致，VIA 市場的需求低於預期，這主要是由於與 COVID 相關的中斷和政府優先事項的轉變導致中國項目支出延遲。我們確實預計，一旦與 COVID 相關的限制開始放鬆並且項目安裝可以恢復，需求將會改善。

Within the legacy markets, revenue came in at $642 million, down 17% sequentially and 26% year-over-year. Quarter-over-quarter, the pace of decline was similar across each of the legacy end markets. However, the year-over-year decline was more pronounced in the PC market due in part to OEM continuing to balance component inventory.

在傳統市場中，收入為 6.42 億美元，環比下降 17%，同比下降 26%。與上一季度相比，每個傳統終端市場的下降速度都相似。然而，PC 市場的同比下降更為明顯，部分原因是 OEM 繼續平衡組件庫存。

Non-HDD revenue was down roughly 19% sequentially to $237 million, coming off a record December quarter. Both our systems and SSD businesses were impacted by key component availability, which left us unable to fulfill all the customer demand, a trend that we expect to continue in the June quarter.

非 HDD 收入環比下降約 19%，至 2.37 億美元，低於 12 月季度的創紀錄水平。我們的系統和 SSD 業務都受到關鍵組件可用性的影響，這使我們無法滿足所有客戶的需求，我們預計這一趨勢將在 6 月季度持續下去。

Despite these challenges, non-HDD revenue was essentially flat year-over-year, and demand remains solid, notably for the system business with record order backlog exiting the quarter.

儘管存在這些挑戰，非 HDD 收入與去年同期基本持平，需求保持穩定，特別是對於本季度結束後訂單積壓創紀錄的系統業務。

Moving on to our operational performance. Non-GAAP gross profit in the March quarter was $817 million compared to $749 million in the prior year period. Our corresponding non-GAAP gross margin was 29.2%, down 150 basis points sequentially but up 180 basis points year-over-year. The ongoing transition to both higher capacity drives and cost-optimized products provided some offset to the slowdown in the VIA market and continued elevated logistics and component costs. HDD gross margin was inside of our long-term target range of 30% to 33%, and we expect our HDD and total company gross margin to trend higher in the June quarter.

繼續我們的運營績效。 3 月季度的非美國通用會計準則毛利潤為 8.17 億美元，而去年同期為 7.49 億美元。我們相應的非美國通用會計準則毛利率為 29.2%，環比下降 150 個基點，但同比增長 180 個基點。向更高容量驅動器和成本優化產品的持續過渡為威盛市場放緩以及物流和組件成本持續上漲提供了一些補償。 HDD 毛利率在我們 30% 至 33% 的長期目標範圍內，我們預計我們的 HDD 和公司總毛利率將在 6 月季度走高。

Non-GAAP operating expenses were $345 million, in line with our expectation. We estimate the OpEx will move slightly higher in the June quarter due to an increase in business travel and sales and marketing activities. Our resulting non-GAAP operating income was $472 million, which translates into non-GAAP operating margin of 16.8% and reflecting lower sequential business volumes and the temporary margin pressure discussed earlier.

非美國通用會計準則運營費用為 3.45 億美元，符合我們的預期。我們估計，由於商務旅行以及銷售和營銷活動的增加，6 月季度的運營支出將略有上升。我們由此產生的非 GAAP 營業收入為 4.72 億美元，這轉化為 16.8% 的非 GAAP 營業利潤率，反映了較低的連續業務量和前面討論的臨時利潤率壓力。

Based on diluted share count of approximately 222 million shares, non-GAAP EPS for the March quarter was $1.81, within our original guidance range and consistent with our update in early March.

基於約 2.22 億股的稀釋股數，3 月季度的非公認會計原則每股收益為 1.81 美元，在我們最初的指導範圍內，並且與我們 3 月初的更新一致。

Inventory increased by $192 million to approximately $1.5 billion as we continue making strategic purchases of critical components, optimize use of ocean freight to reduce logistic costs and support future product demand. Given the current macro environment, we believe inventory around this level is appropriate for the next couple of quarters.

庫存增加了 1.92 億美元，達到約 15 億美元，因為我們繼續戰略性地採購關鍵部件、優化海運使用以降低物流成本並支持未來的產品需求。鑑於當前的宏觀環境，我們認為該水平的庫存適合未來幾個季度。

Capital expenditures were $97 million for the quarter, up slightly quarter-over-quarter. We expect to be at or below the low end of our target range of 4% to 6% of revenue for fiscal '22, which is adequate to support our future product and services road map while maintaining our focus on aligning HD supply with demand.

本季度資本支出為 9700 萬美元，環比略有增長。我們預計 22 財年收入的 4% 至 6% 的目標範圍將處於或低於目標範圍的低端，這足以支持我們未來的產品和服務路線圖，同時保持我們專注於使高清供應與需求保持一致。

Free cash flow generation for the March quarter was $363 million, up 32% year-over-year. Fiscal year-to-date through our March quarter, we have generated nearly $400 million more in free cash flow as compared to the previous year, enabling Seagate to continue its strong return of capital to shareholders.

3 月季度的自由現金流產生為 3.63 億美元，同比增長 32%。從本財年至今，截至 3 月季度，我們的自由現金流比上一年增加了近 4 億美元，使希捷能夠繼續向股東提供強勁的資本回報。

In the March quarter, we used $154 million for the quarterly dividend and $417 million to repurchase 4.2 million ordinary shares, exiting the quarter with 216 million shares outstanding and approximately $2.8 billion remaining in our authorization.

在 3 月季度，我們使用 1.54 億美元的季度股息和 4.17 億美元回購了 420 萬股普通股，本季度末有 2.16 億股流通股，我們的授權剩餘約 28 億美元。

We ended the March quarter with cash and cash equivalents of $1.1 billion and total liquidity with approximately $2.9 billion, including our revolving credit facility.

我們在第三季度結束時擁有 11 億美元的現金和現金等價物，總流動性約為 29 億美元，包括我們的循環信貸額度。

Adjusted EBITDA was $2.7 billion for the 12-month period ending in March, with our leverage ratio declining slightly to 2.1x.

截至 3 月的 12 個月期間，調整後的 EBITDA 為 27 億美元，我們的槓桿比率小幅下降至 2.1 倍。

Total debt balance at the end of the quarter declined to $5.6 billion, reflecting the planned repayment of $220 million in debt during the March quarter.

本季度末的總債務餘額下降至 56 億美元，反映出計劃在 3 月季度償還 2.2 億美元的債務。

In summary, while the March quarter was very challenging, we delivered top and bottom line results which were within our original guidance range with agile operational execution and ongoing focus on optimizing profitability and free cash flow generation.

總而言之，雖然 3 月季度非常具有挑戰性，但我們通過靈活的運營執行和持續關注優化盈利能力和自由現金流的產生，實現了在我們最初的指導範圍內的頂線和底線結果。

Entering the June quarter, the operating environment has remained challenging. We have not yet seen an improvement relative to COVID shutdowns in China that we anticipated in early March, and non-HDD component shortages and geopolitical dynamics have intensified. As a result, we expect these external factors to constrain demand growth over the near term.

進入六月季度，經營環境依然充滿挑戰。相對於我們在 3 月初預期的中國 COVID 關閉情況，我們尚未看到任何改善，並且非 HDD 組件短缺和地緣政治動態已經加劇。因此，我們預計這些外部因素將在短期內限制需求增長。

With that in mind, we expect June quarter revenue to be in the range of $2.8 billion plus or minus $150 million. We expect the actions that we are taking to mitigate external challenges combined with a more favorable product mix to support June quarter non-GAAP operating margin at the low end of our revised long-term range of 18% to 22% of revenue.

考慮到這一點，我們預計 6 月季度收入將在 28 億美元上下 1.5 億美元之間。我們預計，我們為緩解外部挑戰而採取的行動，加上更有利的產品組合，將支持 6 月季度非公認會計準則營業利潤率處於我們修訂後的長期收入範圍 18% 至 22% 的低端。

Finally, we expect non-GAAP EPS to be in the range of $1.90 plus or minus $0.20, an increase of 5% sequentially at the midpoint.

最後，我們預計非 GAAP 每股收益將在 1.90 美元上下 0.20 美元的範圍內，中點環比增長 5%。

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

我現在將電話轉回戴夫以徵求最終意見。

Thanks, Gianluca. The fundamental demand drivers for mass capacity storage remain intact. While the external challenges discussed today are impacting our Q4 outlook, I am confident in the long-term growth trajectory of the business backed by the combined strength of our operational execution, technology road map and strong product portfolio.

謝謝，吉安盧卡。大容量存儲的基本需求驅動因素保持不變。雖然今天討論的外部挑戰正在影響我們的第四季度前景，但我對業務的長期增長軌跡充滿信心，這得益於我們的運營執行、技術路線圖和強大的產品組合的綜合實力。

Demand for data continues to grow in both public and private clouds and at the edge with a broadening of VIA applications. These trends support mass capacity revenue TAM doubling every 5 years or so and reaching $26 billion by calendar 2026.

隨著威盛應用程序的擴展，公共雲和私有云以及邊緣數據的需求持續增長。這些趨勢支持大規模產能收入 TAM 每 5 年左右翻一番，到 2026 年達到 260 億美元。

Seagate's leadership in mass capacity technology and strong product portfolio makes us ideally positioned to capture these opportunities from the 20-plus terabyte drives we are shipping today to the 30-plus terabyte HAMR products under development, along with our cost optimized portfolio of mid-cap drives.

希捷在大容量技術和強大的產品組合方面的領先地位使我們能夠很好地抓住這些機會，從我們今天發貨的 20 多 TB 驅動器到正在開發的 30 多 TB HAMR 產品，以及我們成本優化的中型盤產品組合驅動器。

We are taking actions to improve margin and cash flow as we move through the calendar year, barring any additional macro disruption, which is consistent with our priorities to drive profitability and free cash flow generation.

在整個日曆年中，我們正在採取措施提高利潤率和現金流，除非出現任何額外的宏觀中斷，這與我們推動盈利能力和自由現金流產生的優先事項一致。

Finally, embedded in Seagate's culture of innovation and execution is our commitment to running a sustainable business, one that balances profitability with people and our planet. We marked Earth Day this year with the release of our 16th Global Citizenship annual report and announcement of 2 important goals that reflect our deep commitment to sustainability. The first goal is to utilize 100% renewable energy across our global footprint by 2030. The second is to achieve net zero carbon footprint by 2040, done in collaboration with our customers to eliminate Scope 3 emissions and, in turn, support their environmental goals.

最後，Seagate 的創新和執行文化中蘊含著我們對經營可持續業務的承諾，即在盈利能力與人類和地球之間取得平衡。今年的地球日，我們發布了第 16 份全球公民年度報告，並宣布了兩個重要目標，這些目標反映了我們對可持續發展的堅定承諾。第一個目標是到 2030 年在我們的全球足跡中使用 100% 的可再生能源。第二個目標是到 2040 年實現淨零碳足跡，與我們的客戶合作消除範圍 3 排放，進而支持他們的環境目標。

We continue to see opportunities to partner more closely with customers for the benefit of sustainability as well as circularity. The world's precious resources are finite, and we are working to expand programs focused on reducing our impact to the planet through efforts to recycle and reuse drives, components and raw materials.

我們繼續看到與客戶更密切合作的機會，以實現可持續性和循環性。世界上寶貴的資源是有限的，我們正在努力擴大計劃，重點是通過回收和再利用驅動器、組件和原材料來減少我們對地球的影響。

I'm very proud of the important work our teams are accomplishing. In fiscal 2021, we recycled more than 1 million drives and recovered over 1 metric ton of rare earth materials.

我為我們的團隊正在完成的重要工作感到非常自豪。在 2021 財年，我們回收了超過 100 萬個驅動器並回收了超過 1 公噸的稀土材料。

I'd like to conclude by thanking our employees for their incredible efforts, our suppliers and customers for their partnership and our shareholders for their ongoing trust in Seagate.

最後，我要感謝我們的員工付出了難以置信的努力，感謝我們的供應商和客戶的合作夥伴關係以及我們的股東對希捷的持續信任。

Gianluca and I will now take your questions.

Gianluca 和我現在將回答您的問題。

(Operator Instructions) Our first question comes from Wamsi Mohan from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的Wamsi Mohan。

Can you talk a little bit about the demand trends in China more broadly beyond the video and image applications market? And any impacts that you might be seeing from the lockdowns from a supply perspective as well and maybe also comment on demand trends at hyperscalers? And I have a follow-up.

您能否談談視頻和圖像應用市場之外更廣泛的中國需求趨勢？從供應的角度來看，您可能會從封鎖中看到任何影響，並且還可能對超大規模企業的需求趨勢發表評論？我有一個後續行動。

Sure. Thanks, Wamsi. Thanks for the question. A few things I'd say, just mindful of geopolitical challenges everywhere. And I think the channels, to your question, the distribution channels are quite disrupted everywhere, not just in Europe but all over the world.

當然。謝謝，萬西。謝謝你的問題。我想說幾件事，只是考慮到各地的地緣政治挑戰。我認為渠道，對於你的問題，分銷渠道在所有地方都非常混亂，不僅在歐洲，而且在世界各地。

The COVID shutdowns, obviously affecting major cities. To the extent, we have customers in those cities. The customers aren't -- can't deal with their demand predictably. They can't install gear at the rate that they were thinking about because people are in lockdown and, of course, having issues. We don't really have any concerns over China cloud long term, and there's strong customer interest in 18s and 20s and dual actuators and all the other things that we make for the cloud. So that's actually a pretty good story for us still.

COVID關閉，顯然影響了主要城市。在某種程度上，我們在這些城市有客戶。客戶不是 - 無法以可預測的方式處理他們的需求。他們無法以他們考慮的速度安裝設備，因為人們處於鎖定狀態，當然還有問題。從長遠來看，我們對中國雲並沒有任何顧慮，客戶對 18 年代和 20 年代、雙執行器以及我們為雲製作的所有其他產品有著濃厚的興趣。所以這對我們來說實際上仍然是一個很好的故事。

The VIA markets, like you've mentioned, but also the distribution channel, what's really being impacted more, and that's where you get value-added resellers that just can't -- they don't have access to either their end customers very well or they don't have confidence. So there's a lot of interpretation around the channel. They're not pulling a lot of inventory into which is from a disk drive perspective is actually -- I don't think there's too much inventory in the channels. There are some other component issues to your question, so some people are having challenges getting smaller components.

正如您所提到的，威盛市場，還有分銷渠道，真正受到的影響更大，這就是您獲得增值經銷商的地方——他們無法接觸到他們的最終客戶好吧，否則他們沒有信心。所以圍繞頻道有很多解釋。他們並沒有從磁盤驅動器的角度提取大量庫存，實際上-我認為渠道中沒有太多庫存。您的問題還有其他一些組件問題，因此有些人在獲得更小的組件時遇到了挑戰。

Relative to our logistics, the costs are up, but there's no real impact to our supply for HDDs. But we are mindful of the fact that they're -- especially when we build the systems business, like in our script, Gianluca talked about some shortages we had in the systems business. When you get into smaller piece parts and more boutique parts that aren't high volume, it gets tougher, especially for all those people doing the integration. That's what's affecting demand.

相對於我們的物流，成本上升了，但對我們的 HDD 供應沒有真正的影響。但我們注意到他們是——尤其是當我們建立系統業務時，就像在我們的腳本中，Gianluca 談到了我們在系統業務中存在的一些短缺。當您進入較小的零件和更多數量不高的精品零件時，它會變得更加困難，尤其是對於所有進行集成的人而言。這就是影響需求的因素。

Okay. Great. And then as a follow-up, given sort of all these macro headwinds and the changes in sort of the demand trajectory, at least in the near term, how are you thinking about the calendar year? I know you had previously expected sort of a mid-single-digit growth in that. It feels as though the second half now needs to have significantly higher growth than the first half and compares are also a little bit tougher in the third quarter. So anything you can help us to think about the second half of the calendar year?

好的。偉大的。然後作為後續行動，考慮到所有這些宏觀逆風和需求軌蹟的變化，至少在短期內，你如何看待日曆年？我知道你之前預計會出現中個位數的增長。感覺好像下半年現在需要比上半年有明顯更高的增長，相比之下，第三季度也有點艱難。那麼，您有什麼可以幫助我們思考日曆年下半年的事情嗎？

Yes, that's right. The lockdowns and some of the other things that are going on macro level have affected the first half. We still think that there's growth coming in the second half. There's another year of mass capacity revenue growth, which is plugging along nicely. There's healthy cloud demand we see further out. We do think some of these temporal things that I just referenced is -- will abate at some point, but I think it's a little bit too early to call that number. So we'll probably just talk to you about it on the next earnings call.

是的，這是正確的。宏觀層面的封鎖和其他一些事情影響了上半年。我們仍然認為下半年會有增長。還有一年的大規模產能收入增長，進展順利。我們看到更遠的地方有健康的雲需求。我們確實認為我剛才提到的一些暫時性的事情會在某個時候減弱，但我認為現在調用這個數字有點為時過早。因此，我們可能會在下一次財報電話會議上與您討論。

Yes, Gianluca wants to add something.

是的，Gianluca 想要添加一些東西。

Yes. I would say the COVID situation in China and Asia in general is probably limiting a little bit our visibility right now. So it's difficult to now have a clear estimate of the calendar '22. But as Dave said, we are confident on a very strong second half of the calendar year.

是的。我想說的是，中國和整個亞洲的新冠肺炎疫情現在可能會稍微限制我們的知名度。所以現在很難對 22 年日曆有一個明確的估計。但正如戴夫所說，我們對日曆年下半年的強勁表現充滿信心。

The next question comes from Tom O'Malley from Barclays.

下一個問題來自巴克萊的 Tom O'Malley。

You mentioned a couple of times in the script that you're going to continue to take actions to help margins and cash flow. Can you talk about the pricing environment? Are you looking strategically at how you're pricing your product given the way that market trends have gone? I know like specifically outside of the COVID impact you've already seen, just talk about the broad market. And are you using pricing to your advantage as you see inflation and some other factors impact to your supply chain?

您在腳本中多次提到您將繼續採取行動來提高利潤率和現金流。您能談談定價環境嗎？鑑於市場趨勢的變化，您是否在戰略性地看待您如何為產品定價？我知道，除了你已經看到的 COVID 影響之外，只談談廣闊的市場。當您看到通貨膨脹和其他一些因素對您的供應鏈產生影響時，您是否正在利用定價來發揮自己的優勢？

Yes. Thanks, Tom. I wouldn't say pricing to our advantage, but I would say that we're very mindful of all the trends that are going on. So there are freight and logistics costs, which we've talked about fairly openly. In the early days, we called some of that COVID impact. We really didn't quantify it anymore, but there is other raw materials that the prices are going up. And the way we address those things are product transitions, complexity reduction, which is actually helping with some of the supply chain challenges, working with our customers to come up with more creative alternatives, say, for example, ocean freight and the customers can help there as well. So we work in partnership.

是的。謝謝，湯姆。我不會說定價對我們有利，但我會說我們非常關注正在發生的所有趨勢。所以有運費和物流成本，我們已經相當公開地討論過了。在早期，我們稱其中一些是 COVID 影響。我們真的不再量化它了，但是還有其他原材料的價格在上漲。我們解決這些問題的方式是產品轉換，降低複雜性，這實際上有助於解決一些供應鏈挑戰，與我們的客戶合作提出更具創意的替代方案，例如海運，客戶可以提供幫助也有。所以我們合作工作。

But we do need to be very mindful of the fact that as we go through product transitions to higher and higher content drives, we need to get paid for our investment as well. So pricing will be a factor in all of those things, and that's what we're driving with the discussions that we have with our customers.

但是我們確實需要非常注意這樣一個事實，即當我們通過產品過渡到越來越高的內容驅動器時，我們也需要為我們的投資獲得回報。因此，定價將成為所有這些事情的一個因素，這就是我們與客戶進行討論的動力所在。

Yes. The pricing environment in March was still favorable, so it's not that we see a deterioration on that standpoint. However, now, we need to improve our gross margin. Part of the improvement will come from our mix with a much higher 20-terabyte volume, but we also need to work on our pricing in order to offset at least partially all the cost increase that now we are getting from higher inflation and still very high freight cost.

是的。 3 月份的定價環境仍然有利，因此我們並沒有看到從這個角度來看惡化。然而，現在，我們需要提高我們的毛利率。部分改進將來自我們與更高的 20 TB 容量的組合，但我們還需要調整定價，以至少部分抵消現在我們從更高的通貨膨脹中獲得的所有成本增加，而且仍然非常高運費。

So -- and also a little bit of the impact from the VIA segment. VIA segment is a segment with a good gross margin for us. So having lower volume is, of course, impacting our financial performance. We think in the June quarter, the VIA segment will start to improve, but still not at the level that we were expecting maybe 3 or 4 months ago. So all this together is driving our decision to work a little bit on the pricing side. And as we said in the prepared remarks, we expect the June quarter to have higher profitability for Seagate.

所以 - 還有一點來自威盛細分市場的影響。威盛分部對我們來說是一個具有良好毛利率的分部。因此，數量減少當然會影響我們的財務業績。我們認為在 6 月季度，VIA 部分將開始改善，但仍沒有達到我們在 3 或 4 個月前預期的水平。因此，所有這些共同推動我們決定在定價方面進行一些工作。正如我們在準備好的評論中所說，我們預計希捷 6 月季度的盈利能力將更高。

Got you. And then just as a follow-up. You've given some color on the VIA market. But just on the legacy market in terms of exabytes, you saw a pretty substantial step down. I think you mentioned PCs year-over-year. What do you see that market doing in June? Obviously, that is probably external from some of the COVID and China impacts that you've seen. Where do you see that business trending into the June quarter? And could you just describe some of the factors that are moving that around right now?

得到你。然後只是作為後續行動。您在威盛市場上增添了一些色彩。但僅在以艾字節計的遺留市場上，您就看到了相當大的下降。我想你每年都提到個人電腦。您認為該市場在 6 月份的走勢如何？顯然，這可能與您所看到的一些 COVID 和中國影響無關。您認為該業務將在哪裡進入六月季度？您能否描述一下目前正在推動這一趨勢的一些因素？

Yes. I think the large -- for the large part, Seagate is not really exposed to the PC market anymore. There is a little bit, especially gaming PCs and some specialty PCs, there's a little bit in there still. The distribution channel still uses some PC drives as well, but the volume is very small compared to what it was historically.

是的。我認為，在很大程度上，希捷不再真正涉足 PC 市場。有一點，尤其是遊戲 PC 和一些專業 PC，還有一點。分銷渠道仍然使用一些 PC 驅動器，但與過去相比，數量非常小。

The other things like consumer, obviously consumers impacted by inflation mission-critical. It's still in there because there's 100 million SaaS slots out there in the world. Some of them want replacement drives and things like that.

像消費者這樣的其他事物，顯然是受通脹影響的關鍵任務。它仍然存在，因為世界上有 1 億個 SaaS 插槽。他們中的一些人想要更換驅動器之類的東西。

So it's -- I would say generally flat. It is impacted by spending reductions that happened when things happen in the world. But what we saw in the front end of the pandemic as it came back relatively strong, I don't expect consumer to come back strong, like the work-from-home trends created. I don't expect this part of the pandemic to create the same thing. But the legacy market is not going down very much anymore. So flat is probably the way I'd call it for a couple of quarters.

所以它 - 我會說一般是平坦的。它受到世界上發生事情時發生的支出減少的影響。但是，我們在大流行的前端看到的情況是，隨著它相對強勁地反彈，我預計消費者不會像在家工作的趨勢一樣強勢回歸。我不認為大流行的這一部分會產生同樣的結果。但傳統市場不再下跌太多。所以平坦可能是我稱之為幾個季度的方式。

The next question comes from Patrick Ho from Stifel.

下一個問題來自 Stifel 的 Patrick Ho。

Dave, maybe if you could add a little more color in terms of the supply chain issues. You mentioned that it wasn't so much at Seagate, but your customers. Is there a possibility that there could be a large ramp-up when some of these supply chain issues abate where you'll have to ramp up to meet, I guess, pent-up customer demand? And how do you look at your current capacity in meeting that kind of potential surge down the road?

戴夫，也許你可以在供應鏈問題上增加一點色彩。您提到不是希捷，而是您的客戶。當這些供應鏈問題中的一些問題減輕時，是否有可能會出現大幅增長，而我猜你必須加大力度以滿足被壓抑的客戶需求？您如何看待您目前應對這種潛在激增的能力？

Thanks, Patrick. Yes, a couple of things on that point. We talk to the customers deeply, trying to understand their forecasts and things like that for what they need. So we know there is pent-up demand out there. We always -- all of us, the customers and ourselves are always asking is it double booking or something like that. But the way the orders are getting filled today when the supply does break free, I'm confident that there is some snowplow pent-up demand there coming.

謝謝，帕特里克。是的，在這一點上有幾件事。我們與客戶進行深入交談，試圖了解他們的預測和類似的事情，以滿足他們的需求。所以我們知道那裡有被壓抑的需求。我們總是——我們所有人、客戶和我們自己總是在問是重複預訂還是類似的事情。但是今天當供應確實釋放時訂單被填補的方式，我相信那裡會有一些被積壓的雪犁需求。

So that's a good trend. It doesn't mean that it will be solved overnight. It's not one particular type, like everyone talks about semiconductor parts being the gate or something like that. I mean from what we see, there's small piece parts passive. There's even sheet metal. I mean, it's -- a lot of it comes down to whether people can get people into factories, whether the suppliers can get people into factories to build all the parts, and that's where the shutdown start having some problems, but are creating some problems just like the front end of the pandemic. I do think it's going to abate a little bit quicker this time.

所以這是一個很好的趨勢。這並不意味著它會在一夜之間解決。它不是一種特定的類型，就像每個人都在談論半導體部件是柵極或類似的東西。我的意思是，從我們看到的情況來看，有小零件是被動的。甚至還有鈑金。我的意思是，這在很大程度上取決於人們是否可以讓人們進入工廠，供應商是否可以讓人們進入工廠來製造所有零件，這就是停工開始出現一些問題的地方，但正在製造一些問題就像大流行的前端一樣。我確實認為這一次會緩和一些。

And so we'll see. We're working with the customers. We are also building up a little bit of inventory right now, and so we have inventory to answer the call for them. We're kind of happy with our balance of supply and demand today and happy to go into the back half of the year, but we do have a little bit of extra inventory should the customers need it.

我們拭目以待。我們正在與客戶合作。我們現在也在建立一些庫存，所以我們有庫存來響應他們的需求。我們對今天的供需平衡感到滿意，也很高興進入下半年，但如果客戶需要，我們確實有一點額外的庫存。

We are ramping the 20 terabyte very, very rapidly. And as we said before, we will move an important volume in the June quarter, but we are still ramping production so that we will have even a higher volume for September and December.

我們正在非常非常迅速地增加 20 TB。正如我們之前所說，我們將在 6 月季度轉移重要的數量，但我們仍在增加產量，以便 9 月和 12 月的產量更高。

Great. That's helpful. And maybe as my follow-up question for you, Gianluca, in terms of gross margins. I know there are a lot of moving pieces in terms of pricing, capacity, drives, but maybe just focusing on the cost front. Is -- are freight and logistics costs the largest, I guess, headwind that is facing gross margins? Or are there other costs that are having a bigger impact at least in the near term?

偉大的。這很有幫助。就毛利率而言，Gianluca 也許是我對你的後續問題。我知道在定價、容量、驅動器方面有很多變動因素，但也許只關注成本方面。我猜，貨運和物流成本是最大的，面臨毛利率的逆風嗎？或者是否有其他成本至少在短期內會產生更大的影響？

I would say in the near term, for sure, freight and logistic is a major item. We also had some of the component costs that are increasing not at the level of inflation, but they are increasing a little bit compared to what was maybe in September quarter and December quarter last year. And now we are taking our actions to improve our efficiency internally, to move our mix as much as we can to higher capacity drive and some of the pricing actions we discussed before. So we think already in the June quarter, we will have a better gross margin and operating margin.

我會說，在短期內，貨運和物流是一個主要項目。我們也有一些組件成本沒有在通貨膨脹水平上增加，但與去年 9 月季度和 12 月季度相比可能有所增加。現在我們正在採取行動提高內部效率，盡可能地將我們的組合轉移到更高的容量驅動和我們之前討論過的一些定價行動。因此，我們認為已經在 6 月季度，我們將擁有更好的毛利率和營業利潤率。

The next question comes from Krish Sankar from Cowen.

下一個問題來自 Cowen 的 Krish Sankar。

This is Eddy for Krish. Congrats on strong results and challenging environment. I have a question on gross margin. I'm not asking for second half, but it seems like June implies improvement in gross margin. And the way I'm thinking about it is if video comes back and 20-terabyte continues to ramp, we should see improvement in second half for gross margin. Is it the right way to think about it?

這是 Krish 的 Eddy。祝賀您取得了優異的成績和充滿挑戰的環境。我有一個關於毛利率的問題。我不是要求下半年，但似乎 6 月意味著毛利率的改善。我的想法是，如果視頻回歸併且 20 TB 繼續增長，我們應該會看到下半年毛利率有所改善。這是正確的思考方式嗎？

Yes. Thanks, Eddy. It is. We -- to first order supply and demand being balanced is the thing that affects it the most. To the extent that we can ramp the new programs and sell those, I think, and they're yielding well and the scrap is low and everything else, which I'm very happy with, I think that's the best way to address the market. The 20-terabyte high volume that we talked about in the back half of the year will certainly be a great product from a margin perspective.

是的。謝謝，艾迪。這是。我們——首先是供需平衡是影響最大的事情。在某種程度上，我們可以增加新項目並出售它們，我認為，它們的產量很好，廢品率很低，其他一切，我很滿意，我認為這是解決市場問題的最佳方式.我們在下半年談到的 20 TB 的大容量，從利潤率的角度來看，肯定會是一個很棒的產品。

But even these mid-cap cost optimized drives that we've launched in the last 6 months, those are really hitting their stride as well. So I think we've got a good portfolio to go forward. When all the demand comes back, to Patrick's question, right, we've got a good portfolio to go forward. Factories will be full, so the margin should improve.

但即使是我們在過去 6 個月中推出的這些中型成本優化驅動器，它們也確實取得了進展。所以我認為我們有一個很好的投資組合可以繼續前進。當所有需求都回來時，帕特里克的問題是，對，我們有一個很好的投資組合可以繼續前進。工廠將滿員，因此利潤率應該會提高。

The next question comes from Steven Fox from Fox Advisors, LLC.

下一個問題來自 Fox Advisors, LLC 的 Steven Fox。

Two questions, if I could. First of all, can you just be a little bit more specific on your expectations for how the lockdowns in China impact the business relative in the June quarter relative to where we're at right now? I'm just wondering what you're factoring in there.

兩個問題，如果可以的話。首先，相對於我們現在的情況，您能否更具體地說明您對中國的封鎖如何影響 6 月季度的業務相關的預期？我只是想知道你在考慮什麼。

And then secondly, if I look at the margin guidance for the June quarter, it looks like the operating margins, call it, roughly flat on slight decline in sales on a year-over-year basis. Can you talk about the puts and takes versus a year ago in terms of the flat margins, what you're dealing with now versus a year ago and how the mix is helping, et cetera?

其次，如果我看一下 6 月季度的利潤率指導，它看起來像營業利潤率，稱之為，由於銷售額同比略有下降而大致持平。你能否談談與一年前相比的看跌期權與一年前的持平利潤率，你現在與一年前處理的事情以及混合如何幫助等等？

Yes. I would say for the COVID, we expect, unfortunately, this situation to last probably through big -- major part of the quarter, maybe the entire quarter. As we have seen in the last 2.5 years, those things usually don't go away very quickly. So this is part of what we guided.

是的。我想說的是，對於 COVID，不幸的是，我們預計這種情況可能會持續到本季度的大部分時間，甚至可能是整個季度。正如我們在過去 2.5 年中看到的那樣，這些事情通常不會很快消失。所以這是我們指導的一部分。

Then in terms of gross margin, as I said before, we have items that we can work on in order to improve our profitability also in the short term. And despite those cost increases that we are experiencing right now, we are very confident with demand on our 20 terabyte. I would say this is probably the major driver for our improvement in gross margin in the short term. And as you know, every quarter, we are able to improve our internal efficiency and get a little bit of the cost down, despite all the external cost that we need to offset.

然後就毛利率而言，正如我之前所說，我們有一些可以在短期內提高盈利能力的項目。儘管我們現在正在經歷這些成本增加，但我們對 20 TB 的需求非常有信心。我想說這可能是我們在短期內提高毛利率的主要動力。如您所知，每個季度，我們都能夠提高內部效率並降低一點成本，儘管我們需要抵消所有外部成本。

The next question comes from Erik Woodring from Morgan Stanley.

下一個問題來自摩根士丹利的 Erik Woodring。

Maybe just to start, Dave, do you mind just providing a few more details just on some of the pricing actions you guys are taking in this market in ways that you can offset some of this component cost inflation?

也許只是開始，戴夫，你介意提供一些關於你們在這個市場上採取的一些定價行動的更多細節，以抵消部分組件成本膨脹嗎？

Yes. Obviously, Erik, there's a distribution channel worldwide. As we -- that's the stuff that we can move fastest, things that we have, for example, long-term agreements or key OEM relationships where we're trying to drive predictability. That stuff moves slower. Sometimes, the inflationary pressures come really quickly. Sometimes, there are things that are affecting everyone.

是的。顯然，Erik，有一個全球分銷渠道。因為我們 - 這是我們可以最快移動的東西，我們擁有的東西，例如，我們試圖推動可預測性的長期協議或關鍵 OEM 關係。那東西移動得慢。有時，通脹壓力來得非常快。有時，有些事情會影響每個人。

And so I think everyone gets it. We deal with procurement people who are experts themselves. They know what's going on. They know what we're suffering with. We -- again, our first answer isn't pricing. It's usually to try to help each other for ways around it. But ultimately, we have to get paid for what we do. So I mean, there's different time horizons, I guess, is the best way to say it for what we can go implement.

所以我想每個人都明白。我們與本身就是專家的採購人員打交道。他們知道發生了什麼。他們知道我們正在遭受什麼痛苦。我們 - 再次，我們的第一個答案不是定價。通常是嘗試互相幫助以解決問題。但最終，我們必須為我們所做的事情獲得報酬。所以我的意思是，我想，不同的時間範圍是我們可以實施的最佳方式。

Okay. And then maybe just as a follow-up, to get back to one of the questions about legacy markets earlier. Maybe can you just dig one level deeper and try to parse out maybe how you guys are thinking about the supply challenges that your customers are going through versus any kind of impact to demand that they might be seeing that might compound those supply challenges or more than offset those supply challenges?

好的。然後也許只是作為後續行動，回到早些時候關於遺留市場的問題之一。也許您可以更深入地挖掘一個層次並嘗試解析出你們是如何考慮您的客戶正在經歷的供應挑戰與他們可能看到的任何可能加劇這些供應挑戰或更多的對需求的影響抵消這些供應挑戰？

Yes. Not too much on legacy. I think it does -- there's some interesting trends going on. I won't opine on this too much other than to say that, as I talk to different customers, there are some people who are being forced through product transitions. And sometimes, that's a way to alleviate ultimately the supply challenge, but you go through a product transition to the new product to make it more efficient so that people can get more parts, but then your legacy stuff, if you will, goes into light and that becomes a challenge for you as well because you need some of the legacy stuff that will make your products.

是的。沒有太多的遺產。我認為確實如此——有一些有趣的趨勢正在發生。我不會對此發表太多意見，只是說，當我與不同的客戶交談時，有些人被迫進行產品轉型。有時，這是最終緩解供應挑戰的一種方式，但是您要通過產品過渡到新產品以提高效率，以便人們可以獲得更多零件，但是如果您願意的話，您的舊產品就會曝光這對你來說也是一個挑戰，因為你需要一些可以製作你的產品的遺留物。

So it's a complicated world in -- when there's -- when supply is behind demand on all of these parts because people are trying to get you more parts, but they're taking it through these product transitions, and not everybody goes at the same speed through them. And we don't really have that issue too much in the HDD business, but we see it a lot outside of us. So we're mindful of that, and we'll have to work with the customers on it.

所以這是一個複雜的世界 - 當存在 - 當所有這些部件的供應落後於需求時，因為人們試圖讓你獲得更多的部件，但他們正在通過這些產品過渡，並不是每個人都一樣快速通過它們。我們在 HDD 業務中並沒有太多這個問題，但我們在我們之外看到了很多。所以我們注意到了這一點，我們將不得不與客戶合作。

The next question comes from Aaron Rakers from Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

I wanted to go back to Wamsi's question at the beginning around kind of the full calendar year. I can appreciate that there's a lot of moving parts, and you don't want to give a full year guidance. But I guess, my simple question is do you think this calendar year you can grow revenue? And the reason I'm asking is that, even on a flattish revenue basis, it would imply seemingly healthier that ramp into the second half of the calendar year than we've seen over the last couple of years. So I'm just going to -- any thoughts around that? I know you talked about visibility on the cloud side into the second half being strong. Again, can you grow this calendar year?

我想在整個日曆年開始時回到Wamsi的問題。我可以理解有很多活動部分，你不想給出一整年的指導。但我想，我的簡單問題是你認為這個日曆年你能增加收入嗎？我要問的原因是，即使在收入持平的基礎上，這意味著進入日曆年下半年似乎比我們過去幾年看到的更健康。所以我要-- 有什麼想法嗎？我知道你談到下半場雲方面的能見度很強。再說一次，你能在這個日曆年成長嗎？

Sure. I'll give my take on it, Aaron, and then I'll hand it over to Gianluca. I think it all comes down to what are the dynamics that we're seeing tactically in the channels right now. I mean, I think the demand is out there. And certainly, from the cloud side, the demand is ultimately out there. And then even on the enterprise side, the nearline enterprise, if you will, there's demand. People getting the entire kit of parts is probably more of the issue. So like we referred to earlier, we're actually snowplowing some of that demand right now.

當然。我會給出我的看法，Aaron，然後我會把它交給 Gianluca。我認為這一切都歸結為我們現在在渠道中看到的戰術動態。我的意思是，我認為需求就在那裡。當然，從雲端來看，需求最終是存在的。然後即使在企業方面，近線企業，如果你願意，也有需求。人們得到整套零件可能是更多的問題。所以就像我們之前提到的那樣，我們現在實際上是在掃雪一些需求。

To the extent we can get all of that, we've got a great product set coming as well. So we're really happy about that. We do think there's going to be revenue growth in the back half of the year. But when you get into these compares, I think it just gets a little too early given exactly what we're going through right now. So...

在我們能夠獲得所有這些的範圍內，我們也推出了一套很棒的產品。所以我們對此感到非常高興。我們確實認為今年下半年的收入將會增長。但是當你進行這些比較時，我認為考慮到我們現在正在經歷的事情，這有點為時過早。所以...

Yes. I'll say, if you just look at demand, demand could drive revenue above what we did in calendar '21. The point is how much of that demand we can really serve. And right now, we don't have the full visibility to give you a clear indication. So as we said before, we are confident on demand. We are confident that the second part of the calendar year will be strong. But again, we are not today in a position to really quantify that because we don't know how much we can serve.

是的。我會說，如果你只看需求，需求可能會推動收入超過我們在 21 日曆年所做的。關鍵是我們可以真正滿足多少需求。現在，我們還沒有完全的可見性來給你一個明確的指示。因此，正如我們之前所說，我們對需求充滿信心。我們有信心，日曆年的第二部分會很強勁。但同樣，我們今天無法真正量化這一點，因為我們不知道我們可以提供多少服務。

Yes. And I guess as a quick follow-up, and I appreciate that. Thinking about gross margin, you've said for the last couple of quarters, HDD gross margin has been solidly in your 30% to 33% range. How do we think about the trajectory of the non-HDD gross margin as we look forward?

是的。我想這是一個快速的跟進，我很感激。考慮到毛利率，您在過去幾個季度說過，HDD 毛利率一直穩定在您的 30% 到 33% 範圍內。展望未來，我們如何看待非 HDD 毛利率的軌跡？

Yes. It's actually an interesting question. We think that we were definitely snowplowing some of the demand on the system side. We made reference to that. That's where we had some of our component challenges that we couldn't get enough components. And so had we probably been able to attain that, I think the margins would have been higher and, I'll say, at the same level as the HDD gross margins per our plans. But if it were to drop too much, then we might not do that business. But we think that on the system side, there's quite a bit of opportunity. And the rest of the stuff in the consumer markets and SSD, we're opportunistic and we take advantage of the kind of current environment to use our brand well. So I would say, think about it as flat. We were just challenged because we didn't get enough parts last quarter.

是的。這實際上是一個有趣的問題。我們認為我們肯定是在掃雪系統方面的一些需求。我們提到了這一點。這就是我們遇到一些組件挑戰的地方，我們無法獲得足夠的組件。因此，如果我們可能能夠實現這一目標，我認為利潤率會更高，並且我會說，與我們計劃中的 HDD 毛利率處於同一水平。但如果它下降太多，那麼我們可能不會做那件事。但我們認為在系統方面，有相當多的機會。而消費市場和 SSD 中的其他東西，我們是機會主義的，我們利用當前的環境來很好地使用我們的品牌。所以我會說，把它想像成平坦的。我們只是受到了挑戰，因為上個季度我們沒有得到足夠的零件。

Yes, this quarter in SSD, we also had some component cost increase. So we didn't have a particularly high gross margin, so which is also impacting our total gross margin for the quarter. But on the RD side, as you said, we were well into the range.

是的，本季度在 SSD 方面，我們還增加了一些組件成本。所以我們沒有特別高的毛利率，所以這也影響了我們本季度的總毛利率。但在研發方面，正如你所說，我們已經進入了這個範圍。

The next question comes from C.J. Muse from Evercore.

下一個問題來自 Evercore 的 C.J. Muse。

Another gross margin question. Implied in your guide, it looks like roughly 75 to 100 bp increase in gross margins on flattish revenue. So curious what the key kind of positive drivers are there. Is that entirely higher pricing? Or is there a little kiss from VIA mix? Or is there something else in there that we should be thinking of?

另一個毛利率問題。在您的指南中暗示，由於收入持平，毛利率似乎增加了大約 75 到 100 個基點。很好奇那裡有哪些關鍵的積極驅動因素。這完全是更高的定價嗎？還是有來自 VIA mix 的小吻？或者那裡還有其他我們應該考慮的東西？

I think it's largely mix, not just VIA mix, but VIA mix is a little bit of it. I mean, we do see that market starting to recover, like there's pent-up demand there that ultimately gets served if people find the right components. But 20 terabytes, the mid-cap drives that we talked out, cost optimized mid-cap drives, which are ramping as well, I'm happy with the yields. The factories are full. Those are the things that really helped us drive the margin.

我認為這主要是混合，不僅僅是威盛混合，威盛混合是其中的一部分。我的意思是，我們確實看到市場開始復蘇，就像人們找到合適的組件時，那裡有被壓抑的需求最終會得到滿足。但是 20 TB，我們談到的中型驅動器，成本優化的中型驅動器，它們也在增長，我對產量感到滿意。工廠都滿了。這些是真正幫助我們提高利潤率的東西。

Very helpful. And I guess, as my follow-up, is there a way to put a number on what kind of demand from the VIA side has been pushed out to the second half? And if you assume there's no demand destruction, what kind of incremental revenues that could look like?

很有幫助。而且我想，作為我的後續，有沒有辦法對VIA方面的什麼樣的需求被推到下半年進行數字化？如果你假設沒有需求破壞，那會是什麼樣的增量收入？

Tough question. I don't know that we've ever really thought of it like that, but I do think that -- I'll let Gianluca answer here. What I would say, C.J., is that at a high level, there's big customers and small customers. The small customers in the channel are the ones that are the most disrupted. The business is being serviced around the world. VIA business is being serviced by individual operators. I call it a white van business sometimes, and so -- and that's a fairly profitable set of channels for us. So I think that's where we're going to have to watch the recovery of in order to predict how it goes.

棘手的問題。我不知道我們是否真的這樣想過，但我確實認為——我會讓 Gianluca 在這裡回答。我想說的是，C.J.，在高層次上，有大客戶和小客戶。渠道中的小客戶是最受干擾的客戶。該業務正在世界各地提供服務。威盛業務由個體運營商提供服務。我有時稱其為白色麵包車業務，因此——這對我們來說是一組相當有利可圖的渠道。所以我認為這就是我們必須觀察復甦的地方，以預測它的進展情況。

Yes. No. If -- I'm trying to quantify. Last quarter, we said we were expecting a fiscal '22 to be between 12% and 14% higher than fiscal '21. And right now, based on what we guided, we'll be probably around between 10% and 11%. So the delta is mainly the VIA market decline. So this is what is probably pushing out, more or less.

是的。不，如果——我正在嘗試量化。上個季度，我們表示我們預計 22 財年將比 21 財年高 12% 到 14%。現在，根據我們的指導，我們可能會在 10% 到 11% 之間。所以delta主要是VIA市場的下滑。因此，這可能或多或少地正在推出。

Yes. It's not just the 1 big customer, 2 big customers. The diverse channels are the ones that are really being impacted, I think.

是的。不只是 1 個大客戶，2 個大客戶。我認為，不同的渠道才是真正受到影響的渠道。

The next question comes from Kevin Cassidy from Rosenblatt Securities.

下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。

Yes. Maybe my question is around the same -- the inventory builds that you saw this quarter. Was that VIA products, did you say? And also how fungible is your manufacturing? Can you move from VIA to the -- more of the nearline products?

是的。也許我的問題大致相同——您在本季度看到的庫存增加。你說的是威盛的產品嗎？還有你的製造的可替代性如何？你能從威盛轉向——更多的近線產品嗎？

Yes. Thanks, Kevin. There is some VIA product that is actually a nearline product, yes. And to the extent that we're ramping those cost optimized mid-cap to satisfy those markets, it's the same product exactly.

是的。謝謝，凱文。有一些威盛產品實際上是近線產品，是的。就我們正在提高成本優化的中型股以滿足這些市場而言，它是完全相同的產品。

Not too much. Most of what we're talking about as far as inventory, WIP and raw materials is really driving 20-terabyte transitions and still selling what we had on the older products, but making sure we wind up for this big ramp that we've got on 20. So that's the big play there. There's some small VIA, and there's some small even legacy just because the demand is down a little bit. We keep the factories going, and then we repurpose the factories towards more mass capacity later that we've been on that trajectory of transition, if you will, for the last 5 years.

沒有太多。就庫存、在製品和原材料而言，我們談論的大部分內容確實推動了 20 TB 的過渡，並且仍在銷售我們在舊產品上所擁有的東西，但要確保我們能夠完成我們所擁有的這個大坡道20 日。所以這就是那裡的大戲。有一些小的威盛，還有一些小的甚至是因為需求下降了一點。我們讓工廠繼續運轉，然後我們將工廠重新調整為更大的產能，如果你願意的話，在過去的 5 年裡，我們一直處於過渡的軌道上。

Right. And maybe just the -- what visibility do you have? I guess, what lead time are you giving your customers if they place an order today?

對。也許只是——你有什麼能見度？我想，如果他們今天下訂單，您給客戶的交貨時間是多少？

It totally depends on the product, of course. But one of the reasons why we're driving the discussions that we are with the cloud is because their volume is so high, not just in number of drives, but in heads and media and things like that. We want to make sure we have the right thing for their transition. So those visibilities, if you will, the lead times could be 6 months. That's from wafer start to drive out. It's longer than that for some of these big cloud drives.

當然，這完全取決於產品。但是，我們推動與雲進行討論的原因之一是因為它們的數量如此之高，不僅在驅動器數量上，而且在頭部和媒體等方面。我們要確保我們有適合他們過渡的東西。所以這些可見性，如果你願意的話，交貨時間可能是 6 個月。那是從晶圓開始驅趕出去的。對於其中一些大型雲驅動器，它比這更長。

Other markets, we may have -- we may want 6- or 8-week visibility. Not too much of our business is, I'll call it, highly transactional at the end like it used to be. But if that helps you, different markets are different, the cloud being the longest.

我們可能有其他市場——我們可能需要 6 或 8 週的可見度。我們的業務並沒有太多，我會稱之為，最終像過去那樣高度交易。但如果這對你有幫助，不同的市場是不同的，雲是最長的。

The next question comes from Ananda Baruah from Loop Capital.

下一個問題來自 Loop Capital 的 Ananda Baruah。

Yes, a couple if I could. Dave, what's your, guys, view on this cloud kind of cloud demand, this cloud cycle kind of going into calendar year '23 at this point? And I have a quick related follow-up.

是的，如果可以的話，一對夫婦。戴夫，伙計們，你對這種雲需求的看法是什麼，這種雲週期現在進入 23 日曆年？我有一個快速的相關跟進。

Yes. I think there's a lot. It is hard to manage data centers at high volume, I think, like a lot of people are learning in the world. So as I think about some of the smaller providers around the world, it's not easy to ramp and scale and things like that. So there are all kinds of distractions, especially with the supply chain things that are going on in the world. The bigger you get, the more you have to take offline some older stuff and refurb and upgrade. And so it becomes an enormous operational challenge.

是的。我認為有很多。我認為，很難管理大量數據中心，就像世界上很多人都在學習一樣。因此，當我想到世界上一些較小的供應商時，斜坡和規模之類的事情並不容易。所以有各種各樣的干擾，尤其是世界上正在發生的供應鏈事情。你得到的越大，你就越需要離線一些舊的東西並翻新和升級。因此，它成為一個巨大的運營挑戰。

And I really appreciate how hard that is for everyone to manage. And so therefore, you hear people going through various trends. My sense is, right now, higher capacity drives are in a hot commodity. I think that the world will go to more -- a bigger percentage of higher capacity drives in the future. I think when we talked about these utilization rates being larger than they ever have been, kind of record utilization rates in the cloud, I mean people have really kind of squeezed as much as they could out of the existing data infrastructure. There's not a lot of drives that aren't working 24/7 or aren't full or that kind of thing in that environment, and data just keeps growing.

我真的很感激每個人都很難管理。因此，您會聽到人們經歷各種趨勢。我的感覺是，現在，更高容量的驅動器是熱門商品。我認為，未來世界將走向更多——更大比例的更高容量驅動器。我認為，當我們談到這些利用率比以往任何時候都高時，雲中創紀錄的利用率，我的意思是人們已經盡可能多地從現有的數據基礎設施中擠出來。在那種環境中，沒有很多驅動器不能 24/7 工作或未滿或類似的事情，而且數據一直在增長。

So from my perspective, directly to question, CY '23 will continue to grow in exabytes, and we're on a trajectory here in 5-plus years to double the revenue out of mass capacity. And our products are staged really well for that. So the discussions -- over the long-term discussions that we're having with everybody, again, everyone going through temporal problems right now in supply chain, but the long-term discussions are quite favorable for us.

因此，從我的角度來看，直接質疑，CY '23 將繼續以艾字節為單位增長，我們正處於 5 年多的軌道上，以使大規模容量的收入翻一番。我們的產品為此做好了準備。所以討論——在我們與每個人進行的長期討論中，每個人現在都在經歷供應鏈中的時間問題，但長期討論對我們非常有利。

That's super helpful. And I guess, a follow-on to that is you guys have talked -- you did some -- sort of had some conversation last year about increasing sort of the number of what you consider to be sort of your larger cloud-related customers. I think to 15 or so from 10 or so. Are you seeing -- like with what's going on with supply chain and macro, et cetera, are you seeing any impact to the pacing of the development of those customers?

這非常有幫助。我想，接下來你們已經談過——你們做了一些——去年有過一些關於增加你認為是更大的雲相關客戶的數量的談話。我想從10個左右到15個左右。您是否看到 - 就像供應鍊和宏觀等方面的情況一樣，您是否看到對這些客戶的發展步伐有任何影響？

Yes. You read that -- if you read that into my last answer, there's definitely some of the smaller players that are trying to grow more quickly, that are having their own issues and -- with supply chain. And that's a function of maybe just experience so far. They have aspirational goals to grow much bigger. We can try to help them, but they are going through various supply chain issues. And we think some of that will abate over time.

是的。你讀到了——如果你在我的最後一個答案中讀到了，肯定有一些較小的參與者正在努力更快地發展，他們有自己的問題，而且——與供應鏈有關。到目前為止，這可能只是經驗的一個功能。他們有遠大的目標。我們可以嘗試幫助他們，但他們正在經歷各種供應鏈問題。我們認為其中一些會隨著時間的推移而減弱。

And some of it, actually, frankly, they'll pick architectures that are much more common out there in the world versus trying to optimize their own architecture as well to satisfy the application set, just because of the supply chain problem. So that will probably help the supply situation as well.

其中一些，實際上，坦率地說，他們會選擇世界上更常見的架構，而不是試圖優化他們自己的架構以滿足應用程序集，只是因為供應鏈問題。因此，這可能也有助於供應情況。

The next question comes from Jim Suva from Citigroup.

下一個問題來自花旗集團的 Jim Suva。

You've been very clear about the challenges in China on the video imaging and also the visibility you have kind of in the second half of the year. The question I have is, is there a risk that if -- and who knows, but if COVID continues to remain an issue and certain locations have kind of a zero tolerance policy, that this actually could not come back in the second half of the year? Or is there -- you have visibility that regardless of the demand for the video imaging in Asia will come back in the second half of the year? I'm just trying to understand that a little bit.

您已經非常清楚中國在視頻成像方面的挑戰以及您在下半年的知名度。我的問題是，是否存在風險，如果——誰知道，但如果 COVID 仍然是一個問題並且某些地方有某種零容忍政策，那麼這實際上不可能在下半年恢復年？或者有沒有——你知道無論亞洲對視頻影像的需求如何，下半年都會回來？我只是想稍微理解一下。

Right. I think, Jim, it's too early to tell, but there is uncertainty, yes. And you can tell that in our comments. Talking to our customers, the demand is out there. They continue to innovate on feature sets and smart city feature sets and surveillance feature sets, and these things are needed around the world, I mean, to make people safer and to drive all kinds of efficiencies. I've had some great conversations about consumer behavior and getting some efficiencies out of that, that would help everybody's margins. And so there's all these ideas. Usually, that comes with installing new NVR, DVR boxes at the edge because that's where a lot of the analytics are done.

對。我認為，吉姆，現在說還為時過早，但存在不確定性，是的。您可以在我們的評論中說明這一點。與我們的客戶交談，需求就在那裡。他們繼續在功能集、智慧城市功能集和監控功能集上進行創新，我的意思是，全世界都需要這些東西，以使人們更安全並提高各種效率。我就消費者行為進行了一些精彩的對話，並從中獲得了一些效率，這將有助於每個人的利潤。於是就有了所有這些想法。通常，這會在邊緣安裝新的 NVR、DVR 盒，因為這是完成大量分析的地方。

It's just, right now, I think the -- these channels are fairly disrupted and worldwide. And the VARs are -- the integrators are not willing to stick their necks out too far because they don't know exactly what's going to happen next. And I do think that COVID is a significant part of that, especially in China. I think that once that abates, then the new feature sets will be in demand, and I think we'll start to see it come back.

只是，現在，我認為——這些渠道在全球範圍內都受到了相當大的干擾。而 VAR 是——集成商不願意把脖子伸得太遠，因為他們不知道接下來會發生什麼。我確實認為 COVID 是其中的重要組成部分，尤其是在中國。我認為一旦這種情況減弱，那麼新的功能集就會有需求，我認為我們會開始看到它回來。

In the last 2.5 years, we have lived with a lot of uncertainties. So we think we have managed those fairly well. But of course, depending on the magnitude, we don't know what will happen next month and next quarter. But as Dave said, we expect that to start to improve hopefully soon and that demand to come back quickly.

在過去的 2.5 年裡，我們生活在很多不確定因素中。所以我們認為我們已經很好地管理了這些。但當然，根據規模，我們不知道下個月和下個季度會發生什麼。但正如戴夫所說，我們預計這種情況有望很快開始改善，並且需求會迅速恢復。

The next question comes from Mehdi Hosseini from SEI.

下一個問題來自 SEI 的 Mehdi Hosseini。

SIG. One quick follow-up. I'm just curious, how do you guys forecast nearline demand for more than 1 quarter and specifically for North American customers?

SIG。快速跟進。我只是好奇，你們如何預測超過 1 個季度的近線需求，特別是針對北美客戶的需求？

Well, we -- Mehdi, I think we've talked about quite a bit of our LTAs that we have. It's not really even forecast at some level. It's strong discussions that we're having with customers. And when you talk -- start talking in the millions and millions of units, then -- and staging the right product for what they need and filling hubs, even a 10% error is just something that we actually put in the hubs around. So we're not even forecasting. It's more co-planning, I would say, the co-planning exercises that we're doing now.

好吧，我們-- Mehdi，我想我們已經討論了很多我們擁有的長期協議。甚至在某種程度上都沒有真正預測。這是我們與客戶進行的激烈討論。當你談論——然後開始談論數百萬個單位——並為他們需要的東西和填充集線器準備正確的產品時，即使是 10% 的錯誤也只是我們實際放在集線器周圍的東西。所以我們甚至沒有預測。我想說，這更像是共同計劃，我們現在正在進行的共同計劃練習。

The next question comes from Mark Miller from The Benchmark Company.

下一個問題來自 The Benchmark Company 的 Mark Miller。

First question, can you give us an update on HAMR? And then the follow-up question is you're talking about being at the low end of your capital spending for fiscal '22. Do you anticipate you'll have to add component production capacity in fiscal '23?

第一個問題，你能給我們介紹一下 HAMR 的最新情況嗎？然後接下來的問題是，您說的是 22 財年的資本支出處於低端。您是否預計必須在 23 財年增加組件生產能力？

Thanks, Mark. So yes, HAMR, we started talking a couple of quarters ago about being in product development. So if you've watched our companies long enough, you know what that means. We're kind of in the final throes of development. It doesn't mean that the product is done by any stretch of the imagination, but confidence is pretty high. The gains that have been made in HAMR and reliability testing have been fantastic late. I mean to the point where we have productizable components right now, we've got to get the yields up. We got to solve all the other problems. It's not just about heat assisted magnetic recording. It's about all the other things that have to come together in a 30-plus terabyte drive.

謝謝，馬克。所以是的，HAMR，我們在幾個季度前開始談論產品開發。因此，如果您已經關注我們的公司足夠長的時間，您就會知道這意味著什麼。我們正處於發展的最後陣痛中。這並不意味著該產品是由任何想像力完成的，但信心相當高。在 HAMR 和可靠性測試中取得的進展已經非常晚了。我的意思是，我們現在擁有可生產的組件，我們必須提高產量。我們必須解決所有其他問題。這不僅僅是關於熱輔助磁記錄。這是關於必須在 30 多 TB 驅動器中組合在一起的所有其他內容。

But we have confidence. We've been staging for quite a long time. We're very communicative with our customers on this because this is a jump that, frankly, they want really badly because that helps their TCO proposition. And so -- and there's a whole host of new features that come out on some other schedule that we're working with them on as well. So we're in the throes of product development, customer communications and everything else. And we'll keep you posted on that. It's going quite well.

但我們有信心。我們已經演出了很長時間。我們在這方面與我們的客戶進行了非常多的溝通，因為坦率地說，這是一個跳躍，他們非常想要，因為這有助於他們的 TCO 主張。所以——還有一大堆新功能會在我們正在與他們合作的其他計劃中推出。因此，我們正處於產品開發、客戶溝通和其他一切方面的陣痛之中。我們會及時通知您。進展順利。

I think the second question was on CapEx, I think, yes. So for fiscal '22, we are at the low -- in the low part of the 4% to 6% range of revenue, of course. I know we don't guide fiscal '23 today, but I don't see any reason why we should be out of that range also for next year.

我認為第二個問題是關於資本支出的，我認為是的。因此，對於 22 財年，我們處於低位——當然，在 4% 到 6% 的收入範圍內。我知道我們今天不指導 23 財年，但我看不出有任何理由說明我們明年也應該超出這個範圍。

Yes. And if your implication, Mark, was about components around HAMR, I think we've been planning for that for quite some time. So the tools that we're using that we have to buy are HAMR compatible to the first order, and we know how to integrate those.

是的。如果馬克，你的意思是關於 HAMR 周圍的組件，我想我們已經為此計劃了很長時間。因此，我們必須購買的工具與 HAMR 兼容，並且我們知道如何集成這些工具。

I was also thinking about the ramp of 20 terabyte.

我也在考慮 20 TB 的斜坡。

Yes, yes. It's the same tool set, yes.

是的是的。這是相同的工具集，是的。

There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

隊列中沒有更多問題。我們的問答環節到此結束。我想把會議交還給管理層，以便發表任何結束語。

Yes. Thanks, Jason. In summary, long-term growth drivers for mass capacity infrastructure haven't changed, and it's all underpinning growing demand in the cloud and the edge. It's all about data. Seagate's strong operational execution and product road map position, our technology, we're really well positioned to capture these opportunities. We'll expand profitability, enhance value for all of our stakeholders.

是的。謝謝，傑森。總而言之，大容量基礎設施的長期增長動力沒有改變，這一切都支撐著雲和邊緣不斷增長的需求。一切都與數據有關。希捷強大的運營執行力和產品路線圖地位，我們的技術，我們真的有能力抓住這些機會。我們將擴大盈利能力，提高所有利益相關者的價值。

I'd like to thank our employees again for their outstanding efforts in these tough times and thank our customers, suppliers and investors for their continued support. Thanks for joining us.

我要再次感謝我們的員工在這些艱難時期做出的傑出努力，並感謝我們的客戶、供應商和投資者的持續支持。感謝您加入我們。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。