威騰電子 (WDC) 2022 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Western Digital's First Quarter Fiscal Year 2022 Conference Call.

感謝您的支持，歡迎參加西部數據 2022 財年第一季度電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your first speaker, Mr. Peter Andrew.

我現在想把會議交給你的第一位發言人彼得·安德魯先生。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Joining me today are David Goeckeler, Chief Executive Officer; and Bob Eulau, Chief Financial Officer.

今天加入我的是首席執行官 David Goeckeler；和首席財務官 Bob Eulau。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements, including product portfolio expectations, business plans and performance, trends and financial outlook based on management's current assumptions and expectations, and as such, does include risks and uncertainties.

在開始之前，讓我提醒大家，今天的討論包含前瞻性陳述，包括基於管理層當前假設和預期的產品組合預期、業務計劃和業績、趨勢和財務前景，因此確實包含風險和不確定性。

We assume no obligation to update these statements.

我們不承擔更新這些聲明的義務。

Please refer to our most recent financial report on Form 10-K filed with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially.

請參閱我們最近提交給 SEC 的 10-K 表格財務報告，以了解有關可能導致實際結果出現重大差異的風險和不確定性的更多信息。

We will also make references to non-GAAP financial measures today.

今天，我們還將參考非公認會計準則財務指標。

Reconciliations between the non-GAAP and comparable GAAP financial measures are included in the press release and other materials that are being posted in the Investor Relations section of our website.

非 GAAP 和可比 GAAP 財務措施之間的對賬包含在新聞稿和我們網站投資者關係部分發布的其他材料中。

With that, I will now turn the call over to David for his introductory remarks.

有了這個，我現在將把電話轉給大衛，讓他做介紹性發言。

Thank you, Peter.

謝謝你，彼得。

Good afternoon, everyone, and thanks for joining the call to discuss our first quarter of fiscal year 2022 results.

大家下午好，感謝您加入電話會議，討論我們 2022 財年第一季度的業績。

We reported revenue of $5.1 billion, non-GAAP gross margin of 33.9% and non-GAAP earnings per share of $2.49, all within the guidance ranges we provided in August.

我們報告的收入為 51 億美元，非美國通用會計準則毛利率為 33.9%，非美國通用會計準則每股收益為 2.49 美元，所有這些都在我們 8 月份提供的指導範圍內。

This marks the sixth quarter in a row of meeting or exceeding guidance, a point that we are particularly proud of as we continue to navigate uncertainty and volatility in the market.

這標誌著連續第六個季度達到或超過指引，在我們繼續應對市場的不確定性和波動性時，我們對此感到特別自豪。

Strong demand across diverse end markets, particularly for our cloud products, combined with Western Digital's strong innovation, broad routes to market and sharpened execution enabled us to deliver results within our guidance range despite significant COVID impacts and supply chain disruptions.

不同終端市場的強勁需求，尤其是對我們的雲產品的強勁需求，再加上西部數據強大的創新能力、廣闊的市場路線和更敏銳的執行力，使我們能夠在我們的指導範圍內交付成果，儘管 COVID 影響和供應鏈中斷了重大。

While these disruptions are transitory, the long-term opportunities for Western Digital remain unchanged as the world's digital transformation continues to accelerate.

儘管這些中斷是暫時的，但隨著世界數字化轉型的持續加速，西部數據的長期機遇保持不變。

During the quarter, we shipped a record level of exabytes, while also improving non-GAAP gross margins across both flash and HDD and generating profitable growth.

在本季度，我們的出貨量達到了創紀錄的 EB 水平，同時還提高了閃存和 HDD 的非 GAAP 毛利率，並實現了盈利增長。

We saw strong demand for our latest generation hard drives and flash products in the cloud end market as well as strong consumer demand for new 5G-based mobile phones incorporating our latest BiCS5 flash solutions.

我們看到雲終端市場對我們最新一代硬盤和閃存產品的強勁需求，以及消費者對採用我們最新 BiCS5 閃存解決方案的新型 5G 手機的強勁需求。

The strong demand for these products were partially offset by pressure in the commercial channel within the client end market and certain portions of the consumer end market, particularly retail.

對這些產品的強勁需求被客戶端市場和部分消費者終端市場（尤其是零售）的商業渠道壓力部分抵消。

This was attributable to component issues impacting our customers' ability to ship products, greater component sourcing constraints within our own operations and uneven geographic demand due to COVID lockdowns.

這是由於組件問題影響了我們客戶的產品運輸能力、我們自己的運營中更大的組件採購限制以及由於 COVID 鎖定導致的地理需求不均衡。

Our continued focus on innovation and a more agile business unit structure enabled us to quickly adapt to these dynamics.

我們對創新的持續關注和更靈活的業務單元結構使我們能夠快速適應這些動態。

When combined with an industry-leading portfolio and a strong go-to-market operation, I'm confident in Western Digital's ability to continue to generate improved operational performance for all of our stakeholders.

結合行業領先的產品組合和強大的上市運營，我相信西部數據有能力繼續為我們所有的利益相關者帶來更好的運營績效。

Before I get into the business trends, I want to highlight a few changes we made to our end market breakdown, which, we believe, will help you understand why Western Digital is well positioned to capitalize on the opportunity presented by the increasing value and importance of data.

在深入探討業務趨勢之前，我想強調一下我們對終端市場細分所做的一些改變，我們相信，這將幫助您理解為什麼西部數據能夠很好地利用不斷增長的價值和重要性所帶來的機會數據的。

We now split our end markets into cloud, client and consumer.

我們現在將終端市場分為雲、客戶端和消費者。

The cloud represents an incredibly large and growing end market for Western Digital, and we are uniquely positioned to address customer storage needs as the only provider of both hard drive and flash products.

對於西部數據來說，雲代表了一個非常龐大且不斷增長的終端市場，作為唯一的硬盤和閃存產品供應商，我們具有獨特的優勢來滿足客戶的存儲需求。

During the first quarter, cloud represented a record 44% of total revenue, led by record capacity enterprise hard drive revenue and nearly 30% sequential growth in enterprise SSD revenue.

在第一季度，雲計算佔總收入的 44% 創歷史新高，這主要得益於創紀錄的企業級硬盤收入和近 30% 的企業級 SSD 收入環比增長。

We believe the accelerated digital transformation will continue to drive growth in this end market and continue to shift our business mix towards the cloud.

我們相信，加速的數字化轉型將繼續推動這個終端市場的增長，並繼續將我們的業務組合轉向雲端。

As we ramp our new innovative products and continue leveraging the benefits of the organization structure we put into place last September, I am confident we will capture opportunities to achieve a more stable and profitable growth profile over the long term.

隨著我們推出新的創新產品並繼續利用我們去年 9 月建立的組織結構的好處，我相信我們將抓住機會，實現更穩定和更有利可圖的長期增長。

The client end market represented 37% of revenue in the first quarter.

客戶端市場佔第一季度收入的 37%。

Here, we are providing a broad array of high-performance flash and hard drive solutions to our OEM and channel customers across PC, mobile, gaming, automotive, VR headsets, at-home entertainment devices and industrial spaces.

在這裡，我們為 PC、移動設備、遊戲、汽車、VR 耳機、家庭娛樂設備和工業空間的 OEM 和渠道客戶提供廣泛的高性能閃存和硬盤驅動器解決方案。

Lastly, the consumer end market accounted for 19% of revenue in the first quarter.

最後，消費端市場在第一季度佔收入的 19%。

The highlight of this end market is the strength of our SanDisk brand of retail products and the WD_BLACK brand of storage products for gaming enthusiasts, which is strong and growing.

這個終端市場的亮點是我們的SanDisk品牌零售產品和遊戲愛好者存儲產品WD_BLACK品牌的實力，並且不斷壯大。

The brand recognition and infinity, combined with our unmatched reach with nearly 400,000 points of presence across the world is a great setup for Western Digital as we enter a seasonally stronger part of the year.

品牌知名度和無限性，再加上我們無與倫比的影響力和全球近 400,000 個存在點，對於西部數據來說是一個很好的設置，因為我們進入了一年中季節性更強的部分。

With that, I'll now provide a recap of our HDD and flash businesses as it relates to our first quarter results.

有了這個，我現在將回顧一下我們的硬盤和閃存業務，因為它與我們的第一季度業績有關。

In HDD, continued strong demand for our latest generation energy-assisted drives among our cloud and enterprise customers drove record revenue and exabyte shipments in our cloud end market.

在 HDD 方面，我們的雲和企業客戶對我們最新一代能源輔助驅動器的持續強勁需求推動了我們雲終端市場創紀錄的收入和 EB 級出貨量。

In addition, we experienced strong revenue growth in our smart video product line, and we're unable to meet demand.

此外，我們的智能視頻產品線收入增長強勁，無法滿足需求。

During the quarter, we announced OptiNAND, a revolutionary technology that utilizes flash in the HDD control plane to further increase aerial density.

在本季度，我們發布了 OptiNAND，這是一項革命性的技術，它利用 HDD 控制平面中的閃存來進一步提高天線密度。

With this leading architecture, we achieved 20-terabyte capacity using our field-proven 9-disk mechanical platform and ePMR technology.

借助這種領先的架構，我們使用經過現場驗證的 9 磁盤機械平台和 ePMR 技術實現了 20 TB 的容量。

Next month will commence volume shipments of our 20-terabyte CMR hard drives based on OptiNAND technology.

下個月我們將開始批量出貨基於 OptiNAND 技術的 20 TB CMR 硬盤。

In flash, revenue grew in the quarter due to continued strong demand within the cloud and client end markets for our latest generation of our enterprise SSD products and the ramp of new 5G phones incorporating our latest BiCS5 node.

在閃存方面，由於雲和客戶端市場對我們最新一代企業 SSD 產品的持續強勁需求以及採用我們最新 BiCS5 節點的新 5G 手機的興起，本季度收入增長。

Within enterprise SSD, we experienced continued success in the cloud with another successful quarter of qualifications.

在企業級 SSD 中，我們在雲計算方面取得了持續的成功，並獲得了又一個成功的季度資格。

We are now qualified at 3 cloud titans and have made excellent progress working our way through the qualification process in the enterprise and distribution channels.

我們現在獲得了 3 個雲巨頭的資格，並且在企業和分銷渠道的資格認證過程中取得了出色的進展。

We expect these qualifications to start to drive accelerated revenue growth in 2022 as our customers begin to deploy these products into their networks.

隨著我們的客戶開始將這些產品部署到他們的網絡中，我們預計這些資格將在 2022 年開始推動收入加速增長。

The ramp of next-generation 5G phones incorporating our latest generation of BiCS5 products accelerated in the quarter, with revenue growing over 20% sequentially.

採用我們最新一代 BiCS5 產品的下一代 5G 手機在本季度加速增長，收入環比增長超過 20%。

We expect this migration to 5G, combined with a continued increase in the amount of storage per phone to drive another strong quarter of revenue growth in the fiscal second quarter.

我們預計這種向 5G 的遷移，再加上每部手機存儲量的持續增加，將推動第二財季收入的另一個強勁增長。

Gaming was strong in the quarter with a solid lineup of products for game consoles along with a growing brand recognition of WD_BLACK based products in the channel and retail.

遊戲在本季度表現強勁，遊戲機產品陣容穩固，渠道和零售中基於 WD_BLACK 的產品的品牌認知度不斷提高。

Heading into the second fiscal quarter, we are well positioned to take advantage of seasonal strength and grow in a wide variety of gaming channels.

進入第二財季，我們已準備好利用季節性優勢並在各種遊戲渠道中增長。

As I noted earlier, the client PC OEMs' distribution channel and retail were impacted by our customers' ability to ship product, greater component sourcing constraints within our own operations and uneven geographic demand due to COVID lockdowns.

正如我之前提到的，客戶 PC OEM 的分銷渠道和零售受到我們客戶運輸產品的能力、我們自己運營中更大的組件採購限制以及由於 COVID 鎖定導致的地理需求不均衡的影響。

Demand was solid, but these transitory issues impacted our ability to realize this demand in our results.

需求穩定，但這些暫時性問題影響了我們在結果中實現這一需求的能力。

In total, bit growth accelerated to 30% year-over-year in the first quarter as we ramp BiCS5 to 17% of flash revenue.

總體而言，隨著我們將 BiCS5 提高到閃存收入的 17%，第一季度比特增長率同比增長 30%。

This quarter, we expect year-over-year bit growth to further accelerate to the mid-30s range with BiCS5 bit crossover to happen later in the quarter.

本季度，我們預計比特同比增長將進一步加速至 30 年代中期，BiCS5 比特交叉將在本季度晚些時候發生。

Our long-term goal is to grow bits in line with the market, taking advantage of our product and end market breadth to shift our bits to optimize profitability.

我們的長期目標是根據市場增長比特，利用我們的產品和終端市場廣度來轉移我們的比特以優化盈利能力。

As we look into calendar year 2022, we are optimistic as our customers continue to indicate strong end demand across cloud, client and consumer end markets.

展望 2022 日曆年，我們感到樂觀，因為我們的客戶繼續表示雲、客戶端和消費者終端市場的終端需求強勁。

We have industry-leading technology, the right product portfolio and investments and the organizational agility to fundamentally drive improved profitability regardless of market condition.

無論市場狀況如何，我們都擁有行業領先的技術、正確的產品組合和投資以及組織敏捷性，可以從根本上提高盈利能力。

We have a great position in 2 large and growing markets in flash and HDD, and we have proven our ability to drive innovation throughout our portfolio and deliver industry-leading products to a broad and loyal customer base.

我們在閃存和 HDD 兩個大型且不斷增長的市場中擁有出色的地位，我們已經證明了我們在整個產品組合中推動創新並向廣泛而忠誠的客戶群提供行業領先產品的能力。

We believe that the migration to the cloud and demand for storage solutions throughout the client and consumer markets will drive a huge opportunity for Western Digital and our customers.

我們相信，向雲的遷移以及整個客戶和消費者市場對存儲解決方案的需求將為西部數據和我們的客戶帶來巨大的機遇。

I'll now turn the call over to Bob to share details on our financial results.

我現在將把電話轉給 Bob，以分享我們財務業績的詳細信息。

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

As Dave mentioned, overall results for the fiscal first quarter were within the guidance ranges provided in August, marking the sixth quarter in a row that we've met or exceeded guidance.

正如戴夫所說，第一財季的總體業績在 8 月份提供的指導範圍內，這標誌著我們連續第六個季度達到或超過了指導。

Total revenue for the quarter was $5.1 billion, up 3% sequentially and up 29% year-over-year.

本季度總收入為 51 億美元，環比增長 3%，同比增長 29%。

Non-GAAP earnings per share was $2.49.

非公認會計原則每股收益為 2.49 美元。

Please note that EPS included $56 million in total COVID-related costs, which was higher than we anticipated entering the quarter.

請注意，每股收益包括與 COVID 相關的總成本 5600 萬美元，高於我們進入本季度的預期。

I'll provide more details on these costs in a minute, but we are pleased to deliver such good results in the face of this unanticipated headwind and other supply chain issues.

我將在一分鐘內提供有關這些成本的更多詳細信息，但面對這種意料之外的逆風和其他供應鏈問題，我們很高興能夠提供如此好的結果。

From a disclosure perspective, in addition to the change in our end market breakdown that Dave discussed, this quarter, we moved to segment reporting for our flash and hard drive businesses.

從披露的角度來看，除了 Dave 討論的終端市場細分變化之外，本季度，我們轉向了閃存和硬盤驅動器業務的細分報告。

For more details, please refer to our earnings deck.

有關更多詳細信息，請參閱我們的收益表。

Looking at our end markets, cloud represented 44% of revenue at $2.2 billion, up 12% sequentially and up 72% from a year ago.

看看我們的終端市場，雲佔收入的 44%，達到 22 億美元，環比增長 12%，比一年前增長 72%。

This represented the second quarter in a row of record revenue.

這代表了連續第二個季度創紀錄的收入。

What is encouraging about this cloud revenue growth is the strength and breadth of our revenue streams across product areas.

這種雲收入增長令人鼓舞的是我們跨產品領域的收入流的實力和廣度。

There was growth on a sequential basis in both the flash and hard drive business units as well as across every product category within the cloud, including capacity enterprise drives, enterprise SSDs, smart video and platforms.

閃存和硬盤業務部門以及雲中的每個產品類別（包括容量企業驅動器、企業 SSD、智能視頻和平台）均出現連續增長。

As the cloud continues to grow as a percentage of our revenue, we see an opportunity to reduce volatility in revenue and profitability.

隨著雲計算占我們收入的百分比繼續增長，我們看到了減少收入和盈利能力波動的機會。

Over the last 3 quarters, we have successfully ramped our 18-terabyte energy-assisted drive to our highest volume mainstream product within the cloud end market.

在過去的 3 個季度中，我們已成功將 18 TB 的能量輔助驅動器提升為我們在雲終端市場中銷量最高的主流產品。

Overall, cloud HDD exabyte shipments grew 9% sequentially and over 70% year-over-year and comprised over 80% of total HDD exabyte shipments.

總體而言，雲 HDD EB 出貨量環比增長 9%，同比增長超過 70%，佔 HDD EB 總出貨量的 80% 以上。

Client represented 37% of revenue at $1.9 billion, down 2% sequentially and up 6% year-over-year.

客戶佔收入的 37%，為 19 億美元，環比下降 2%，同比增長 6%。

A highlight within the client end market was growth within our flash business unit, specifically in mobile, gaming, automotive, IoT and industrial applications.

客戶端市場的一個亮點是我們閃存業務部門的增長，特別是在移動、遊戲、汽車、物聯網和工業應用方面。

Our strength here was more than offset by pressure in desktop and notebook hard drives due to supply disruptions at our customers and within our own operations.

由於我們的客戶和我們自己的運營中的供應中斷，我們在這方面的優勢被台式機和筆記本電腦硬盤驅動器的壓力所抵消。

Finally, consumer represented 19% of revenue at $973 million, down 6% sequentially, but up 10% year-over-year.

最後，消費者佔收入的 19%，為 9.73 億美元，環比下降 6%，但同比增長 10%。

Both our flash and hard drive business units declined on a sequential basis due to similar supply disruptions in addition to uneven geographic demand due to COVID lockdowns.

由於類似的供應中斷以及由於 COVID 鎖定導致的地理需求不均衡，我們的閃存和硬盤驅動器業務部門均出現環比下降。

Turning now to revenue by segment.

現在轉向按部門劃分的收入。

We reported flash revenue of $2.5 billion, up 3% sequentially and up 20% year-over-year.

我們報告的閃存收入為 25 億美元，環比增長 3%，同比增長 20%。

On a blended basis, flash ASPs were down 3% sequentially, primarily due to mix and pricing within our transactional markets.

在混合基礎上，閃存 ASP 環比下降 3%，這主要是由於我們交易市場的混合和定價。

On a like-for-like basis, flash ASPs were flat.

在類似的基礎上，閃存平均售價持平。

Flash bit shipments increased 8% sequentially and 30% year-over-year.

閃存位出貨量環比增長 8%，同比增長 30%。

Hard drive revenue was $2.6 billion, up 2% sequentially and up 39% year-over-year.

硬盤收入為 26 億美元，環比增長 2%，同比增長 39%。

On a sequential basis, total hard drive exabyte shipments increased 4%, while the average price per hard drive increased 5% to $102.

在連續的基礎上，硬盤驅動器 EB 總出貨量增長了 4%，而每個硬盤驅動器的平均價格增長了 5%，達到 102 美元。

As we move to costs and expenses, please note that my comments will be related to non-GAAP results unless stated otherwise.

當我們轉向成本和費用時，請注意，除非另有說明，否則我的評論將與非公認會計原則的結果有關。

Gross margin for the first quarter was 33.9%, up 1 percentage point sequentially.

一季度毛利率為33.9%，環比上升1個百分點。

As noted earlier, this included $56 million in COVID-related costs or a 1.1 percentage point impact.

如前所述，這包括 5600 萬美元的 COVID 相關成本或 1.1 個百分點的影響。

These were highest COVID-related costs in over a year.

這是一年多以來與 COVID 相關的最高成本。

Our broad routes to market and ability to proactively shift bits to the most attractive end markets enabled us to expand our flash gross margin by 1.5 percentage points sequentially to 37%.

我們廣泛的市場路線和主動將位轉移到最具吸引力的終端市場的能力使我們的閃存毛利率連續增長 1.5 個百分點至 37%。

Our hard drive gross margin was 30.9%, up 60 basis points sequentially.

我們的硬盤毛利率為 30.9%，環比增長 60 個基點。

This included COVID-related impact of $51 million or approximately 2 percentage points.

這包括與 COVID 相關的 5100 萬美元或約 2 個百分點的影響。

Operating expenses were $761 million, within our guidance range.

運營費用為 7.61 億美元，在我們的指導範圍內。

Operating income was $952 million, representing a 15% increase from the prior quarter and tripling year-over-year, highlighting our profitable growth.

營業收入為 9.52 億美元，比上一季度增長 15%，同比增長三倍，突顯了我們的盈利增長。

With our improving profitability, our tax rate in the fiscal first quarter was 11%.

隨著我們盈利能力的提高，我們第一財季的稅率為 11%。

Earnings per share was $2.49, toward the top of our guidance range.

每股收益為 2.49 美元，接近我們指導範圍的頂部。

Operating cash flow for the first quarter was $521 million, and free cash flow was $224 million.

第一季度經營現金流為 5.21 億美元，自由現金流為 2.24 億美元。

Capital expenditures, which include the purchase of property, plant and equipment and activity related to our flash joint ventures on our cash flow statement, was a cash outflow of $297 million.

資本支出，包括購買物業、廠房和設備以及與我們現金流量表上的閃速合資企業相關的活動，是現金流出 2.97 億美元。

We continue to expect gross CapEx for this fiscal year to be approximately $3 billion and cash CapEx to be around $2 billion.

我們繼續預計本財年的總資本支出約為 30 億美元，現金資本支出約為 20 億美元。

In the fiscal first quarter, we paid off $213 million in debt, including a discretionary debt repayment of $150 million.

在第一財季，我們還清了 2.13 億美元的債務，其中包括 1.5 億美元的全權債務償還。

Our gross debt outstanding was $8.6 billion at the end of the fiscal quarter.

截至本財季末，我們的未償債務總額為 86 億美元。

In addition, as a result of our strong financial results and free cash flow generation, last week, we repaid the remaining balance of our term Loan B in the amount of $943 million, bringing total gross debt outstanding to $7.7 billion.

此外，由於我們強勁的財務業績和自由現金流的產生，上週我們償還了期限貸款 B 的餘額 9.43 億美元，使未償債務總額達到 77 億美元。

Our adjusted EBITDA at the end of the first quarter, as defined in our credit agreement, was $4.2 billion, resulting in a gross leverage ratio of 2.0x, down from 2.7 a year ago and was the lowest in 3 years.

根據我們的信貸協議，我們在第一季度末調整後的 EBITDA 為 42 億美元，總槓桿率為 2.0 倍，低於一年前的 2.7，是 3 年來的最低水平。

As a reminder, our credit agreement includes $1 billion in depreciation add-back associated with the flash ventures.

提醒一下，我們的信貸協議包括與閃現企業相關的 10 億美元折舊加回。

This is not reflected in our cash flow statement.

這沒有反映在我們的現金流量表中。

Please refer to the earnings presentation on the Investor Relations website for further details.

有關詳細信息，請參閱投資者關係網站上的收益報告。

Moving on to our outlook.

繼續我們的展望。

Our fiscal second quarter non-GAAP guidance is as follows.

我們的第二財季非公認會計準則指引如下。

We expect revenue to be in the range of $4.7 billion to $4.9 billion and we expect flash revenue to increase sequentially and hard drive revenue to decline sequentially.

我們預計收入將在 47 億美元至 49 億美元之間，我們預計閃存收入將環比增長，而硬盤收入將環比下降。

We expect gross margin to be between 32% and 34%.

我們預計毛利率在 32% 至 34% 之間。

We expect operating expenses to be between $760 million and $780 million.

我們預計運營費用將在 7.6 億美元至 7.8 億美元之間。

Interest and other expense is expected to be approximately $70 million.

利息和其他費用預計約為 7000 萬美元。

Our tax rate is expected to be approximately 11% in the second quarter and for the fiscal year.

我們的稅率預計在第二季度和本財年約為 11%。

We expect earnings per share to be between $1.95 and $2.25 in the second quarter, assuming approximately 316 million fully diluted shares outstanding.

假設大約有 3.16 億股完全稀釋的流通股，我們預計第二季度的每股收益將在 1.95 美元至 2.25 美元之間。

I'll now turn the call back over to Dave.

我現在將電話轉回戴夫。

Thanks, Bob.

謝謝，鮑勃。

I want to conclude by thanking the Western Digital team for their hard work and commitment to our customers throughout a challenging quarter.

最後，我要感謝西部數據團隊在充滿挑戰的季度中的辛勤工作和對客戶的承諾。

Despite the transitory issues we have been able to successfully navigate, it is clearer than ever Western Digital's innovative technology portfolio is foundational to the rapid digital transformation and transition to the cloud that the world is experiencing.

儘管我們能夠成功解決暫時性問題，但西部數據的創新技術組合比以往任何時候都更加清楚，它是世界正在經歷的快速數字化轉型和向雲過渡的基礎。

With our deep roots in a broad range of end markets and a sharp focus on execution, I'm confident in Western Digital's ability to capture this massive opportunity, and I'm looking forward to the rest of the fiscal year.

憑藉我們在廣泛的終端市場中的深厚根基和對執行的高度關注，我對西部數據抓住這一巨大機遇的能力充滿信心，我對本財年的剩餘時間充滿期待。

Let's now begin the Q&A.

現在讓我們開始問答吧。

(Operator Instructions) Our first question comes from Aaron Rakers with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Aaron Rakers。

Hey, Aaron?

嘿，亞倫？

Yes.

是的。

Sorry guys.

對不起大家。

Can you hear me?

你能聽到我嗎？

No problem.

沒問題。

We hear you.

我們聽到你的聲音。

Sorry about that.

對於那個很抱歉。

Yes, so I've got 2 quick questions, if I can.

是的，如果可以的話，我有兩個快速的問題。

I guess, first of all, it seems like there's a lot of moving parts in the quarter and more importantly, into the guidance outlook for fiscal 2Q.

我想，首先，本季度似乎有很多變化的部分，更重要的是，第二財季的指導展望。

Bob, I'm just wondering if you can help quantify to your best estimate of how much impact you're carrying in revenue expectations relative to some of these "transitory effect"?

鮑勃，我只是想知道您是否可以幫助量化您對收入預期相對於其中一些“暫時性影響”的影響的最佳估計？

Yes, it's difficult to quantify, right, because there's impact in terms of our own execution, which, I think, we worked our way through pretty well during the quarter.

是的，這很難量化，對，因為我們自己的執行會產生影響，我認為，我們在本季度的表現非常好。

And then we have customers who have supply chain challenges as well where they're trying to get match sets and build out their environments.

然後我們的客戶也面臨供應鏈挑戰，他們正試圖獲得匹配集並構建他們的環境。

And then, of course, we have supplier challenges as well, where we're working like everybody else, pretty hard to get components in.

然後，當然，我們也面臨供應商挑戰，我們和其他人一樣工作，很難獲得組件。

So it's difficult to give you a definitive answer in terms of what the impact was in the quarter, we just closed or even obviously, in the next quarter.

因此，很難就本季度的影響給你一個明確的答案，我們剛剛結束，甚至很明顯，在下一季度。

But it's certainly somewhere in the couple of hundred million dollar range and potentially a little worse in the December quarter.

但它肯定在幾億美元的範圍內，並且在 12 月季度可能會更糟。

Aaron, this is Dave.

亞倫，這是戴夫。

First of all, thanks for the question.

首先，感謝您的提問。

I guess the one thing I would say as well is, whereas maybe a quarter or 2 ago, we were seeing it in maybe certain parts of the business, some of the OEMs, PC OEMs.

我想我還要說的一件事是，也許在一兩個季度之前，我們可能在業務的某些部分，一些原始設備製造商、PC 原始設備製造商中看到了它。

Now we're seeing it more broadly, even the big data center players are having their demand impact.

現在我們看到的範圍更廣，即使是大數據中心的參與者也正在對需求產生影響。

Our demand from them is being impacted by their ability to get other components.

我們對他們的需求受到他們獲得其他組件的能力的影響。

So it's really become a much more broad-based issue across the portfolio.

因此，它確實成為整個投資組合中一個基礎更廣泛的問題。

Yes.

是的。

And then if I can follow up real quickly, one of the things that stands out to me is that I think you reported a blended ASP decline of about 3% sequential in the flash business.

然後，如果我能快速跟進，對我來說突出的一件事是，我認為您報告的閃存業務的混合 ASP 連續下降約 3%。

So I believe the mix of enterprise actually went up to the positive.

所以我相信企業的組合實際上是積極的。

So when I look at that ASP erosion relative to actually some of your peers in the NAND market, it seems to be a bit of a disconnect.

因此，當我看到與 NAND 市場上的一些同行相比的 ASP 侵蝕時，它似乎有點脫節。

Can you help me understand the pricing dynamics you're seeing in NAND right now?

您能幫我了解一下您現在在 NAND 中看到的定價動態嗎？

Yes, I can start, and then Dave can fill in.

是的，我可以開始，然後戴夫可以填補。

Yes, I mean, the blended ASP, as we started the quarter, we indicated we expected it to be down.

是的，我的意思是，混合 ASP，當我們在本季度開始時，我們表示我們預計它會下降。

And it was based on the mix we were anticipating.

它是基於我們預期的組合。

The mix came in essentially the way we had expected.

混合基本上以我們預期的方式出現。

And it was -- I don't want to get into every little detail of the mix.

它是 - 我不想進入混合的每一個小細節。

But one of the things we said at the beginning of the quarter was we expected more mobile volume in the September quarter, and that is what we saw.

但我們在本季度初說過的一件事是，我們預計 9 月季度的移動量會增加，這就是我們所看到的。

We actually think we'll see even more mobile as a percentage of the total in the December quarter.

實際上，我們認為我們會在 12 月季度看到更多移動設備佔總數的百分比。

So mix is definitely a bit of a headwind for us.

所以混合對我們來說絕對是一個逆風。

But really, ASPs are not going down that much.

但實際上，ASP 並沒有下降那麼多。

And we're really pleased with the cost reductions we've been able to achieve both in the quarter we just finished as well as what we're expecting to do this quarter.

我們對我們剛剛完成的季度以及我們本季度的預期實現的成本降低感到非常滿意。

Yes, I guess, Aaron, Bob right on the money on that.

是的，我猜，Aaron，Bob 就在這方面的錢。

I guess the only thing I would add is a little bit of softness in some of the transactional and consumer markets, but that we're already seeing that level out a little bit.

我想我唯一要補充的是一些交易和消費市場的疲軟，但我們已經看到這種水平有所下降。

And we're really seeing this bifurcation where the qualified bits in the market are strong and unqualified are a little bit weaker.

我們真的看到了這種分叉，市場上合格的比特很強大，而不合格的比特則稍弱一些。

I guess that's not surprising given all the nodal transitions the industry is going through.

鑑於行業正在經歷的所有節點轉變，我想這並不奇怪。

But the primary issue, I would say that's the issue in mix, as Bob pointed out.

但正如 Bob 指出的那樣，主要問題是混合問題。

And we expected that walking into the quarter.

我們預計會進入本季度。

Our next question will come from C.J. Muse with Evercore.

我們的下一個問題將來自 C.J. Muse 和 Evercore。

I guess if I look at your revenue guide and kind of the commentary on NAND bits, it sounds like the implied HDD revenue guide is roughly down 15% sequentially.

我想如果我看一下你的收入指南和對 NAND 位的評論，聽起來隱含的 HDD 收入指南大約環比下降了 15%。

So I guess, A, is the math right there?

所以我猜，A，數學就在那裡嗎？

And B, I guess, what's causing the severity of decline?

B，我猜，是什麼導致了衰退的嚴重性？

Can you kind of help us understand what's digestion versus some of the transitory supply chain issues that you spoke to?

你能幫助我們理解什麼是消化與你談到的一些暫時的供應鏈問題嗎？

Yes.

是的。

I think that's probably a little -- we don't guide each individual business, but I think your number is probably a little heavy.

我認為這可能有點——我們不會指導每個單獨的業務，但我認為您的數字可能有點沉重。

You hit on some of the issues.

你碰到了一些問題。

Some of it is mix.

其中一些是混合的。

We've actually got one of our very, very big customers that has their own supply chain issues that's pushing out some orders.

實際上，我們有一個非常非常大的客戶，他們有自己的供應鏈問題，正在推出一些訂單。

So that's a bit of an idiosyncratic thing that's happening there.

所以這就是那裡發生的一件特殊的事情。

There's some supply chain issues with, especially in kind of mid-cap and the ability to build all of that supply we want.

存在一些供應鏈問題，特別是在中型股和建立我們想要的所有供應的能力方面。

We talked about that even in this past quarter in the smart video market, which is strong and there's some unmet demand there.

即使在上個季度的智能視頻市場中，我們也談到了這一點，這個市場很強勁，而且那裡有一些未滿足的需求。

And then we've got -- we're seeing a little bit of an inventory issue, quite frankly, in China, where there's a lot of high-cap inventory there, and that's kind of pulling the number down a little bit for the next quarter.

然後我們得到了 - 坦率地說，在中國，我們看到了一些庫存問題，那裡有很多高盤股，這有點把數字拉低了一點。下個季度。

But we -- so we expect all those things are transitory issues.

但是我們 - 所以我們希望所有這些事情都是暫時的問題。

We're really happy about the portfolio.

我們對投資組合感到非常高興。

I think the fact that AT&T was now -- the majority of the portfolio, we talked about shipping 20-t on a 9-disk platform and OptiNAND is out there and in customers' hands.

我認為 AT&T 現在是產品組合的大部分，我們談到在 9 磁盤平台上運送 20 噸，OptiNAND 就在客戶手中。

So we feel really good about the innovation that was delivered in the quarter and about where the road map is going in the drive business and the new technology has been very well received.

因此，我們對本季度交付的創新以及驅動業務的路線圖以及新技術的接受度非常好感到非常滿意。

That's great.

那太棒了。

And I guess as my follow-up, Bob, could you speak to how we should be thinking about gross margins into the first half of '22?

我想作為我的後續行動，鮑勃，你能談談我們應該如何考慮到 22 年上半年的毛利率嗎？

Obviously, there's certain unknowns in terms of revenues and NAND pricing.

顯然，在收入和 NAND 定價方面存在某些未知數。

But would love to hear perhaps some of the other puts and takes that we should be thinking about as well as the timing of when you think some of the COVID-related costs may abate?

但是很想听聽我們應該考慮的其他一些看跌期權以及您認為某些與 COVID 相關的成本可能會減少的時間？

Yes, C.J., you're right.

是的，C.J.，你是對的。

It's difficult to say exactly what's going to happen over the next few quarters.

很難準確地說出接下來幾個季度會發生什麼。

But -- and as you know, we only give guidance 1 quarter at a time.

但是 - 如您所知，我們一次只提供 1 個季度的指導。

Now having said that, we're pretty optimistic on 2022.

話雖如此，我們對 2022 年非常樂觀。

Again, we think a lot of the challenges in the quarter we closed, in the quarter we're in now are really supply chain related.

同樣，我們認為我們結束的那個季度的很多挑戰，在我們現在所在的這個季度，確實與供應鏈有關。

We think the underlying demand situation is very positive.

我們認為潛在需求形勢非常樂觀。

We really believe, as I said in our cost reduction plans, and we think we'll be able to deliver solid margins.

正如我在降低成本計劃中所說，我們真的相信，我們認為我們將能夠提供可觀的利潤。

So I don't want to get into giving guidance for next year, but we're definitely optimistic.

所以我不想為明年提供指導，但我們絕對是樂觀的。

Our next question will come from Joe Moore with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的喬摩爾。

I wonder if you could update us on where you are with BiCS5 qualification?

我想知道您是否可以向我們介紹您獲得 BiCS5 資格的最新情況？

I assume saying you'll be mobile heavy this quarter.

我假設你會在本季度移動沉重。

It means you're kind of still getting qualified across the SSD markets?

這意味著您在 SSD 市場上仍然有資格獲得資格？

And I had a follow-up.

我進行了跟進。

Yes, I think that's right.

是的，我認為這是正確的。

I mean it's early in the node.

我的意思是它在節點的早期。

We are happy with the ramp this quarter.

我們對本季度的坡道感到滿意。

We ended at, I think, 17% BiCS5, and we expect to get crossover before we exit the year.

我認為，我們以 17% 的 BiCS5 結束，我們希望在今年退出之前獲得交叉。

But like any new node, you're in more of the mobile components market as the rest of the products get qualified, but that's all work underway.

但與任何新節點一樣，隨著其他產品獲得合格，您將進入更多的移動組件市場，但這一切都在進行中。

And our customers are definitely pulling us in that direction.

我們的客戶肯定在把我們拉向那個方向。

They want BiCS5 on the SSD products and the engineers are hard at work at getting that work done.

他們希望在 SSD 產品上使用 BiCS5，工程師們正在努力完成這項工作。

That will be an evolving story as we work through '22.

隨著我們工作到 22 年，這將是一個不斷發展的故事。

Great.

偉大的。

Thank you.

謝謝你。

And then I think you referenced some of the segments in client SSD maybe being a little weaker.

然後我認為您引用了客戶端 SSD 中的某些部分可能會更弱一些。

Can you separate out?

你能分開嗎？

Is there a Chi effect there where it was good for a while and then it was less good versus just overall client SSD being oversupplied because of other issues in the supply chain.

那裡是否存在 Chi 效應，它在一段時間內很好，然後由於供應鏈中的其他問題而導致整體客戶端 SSD 供過於求。

Like how do you sort that out?

比如你是怎麼解決的？

And what do you see happening in the client SSD market?

您認為客戶端 SSD 市場會發生什麼？

I don't think we see it as a Chi effect.

我不認為我們將其視為 Chi 效應。

I mean, I was just talking to our sales team this morning, and I think the channel has now kind of normalized and back on seasonality after the Chi disruption.

我的意思是，我今天早上剛剛和我們的銷售團隊交談，我認為渠道現在已經正常化，並且在 Chi 中斷後恢復了季節性。

I think we just see this issue with people not able to get all the components they need to put together the full kit for what they want to ship, and that's causing some softness in the channel.

我認為我們只是看到了這個問題，人們無法獲得他們需要的所有組件來組裝他們想要發布的完整套件，這導致了渠道的一些軟化。

So I think it's more related to that than it is anything Chi related, at least in my view.

所以我認為這比與 Chi 相關的任何事情都更相關，至少在我看來。

(Operator Instructions) Our next question will come from Karl Ackerman with Cowen.

（操作員說明）我們的下一個問題將來自 Karl Ackerman 和 Cowen。

Bob, earlier in a response to a question, you had indicated some of the impact or challenge in your enterprise, I believe, HDD business and SSD business was a result of a push out by a customer.

Bob，早些時候在回答一個問題時，您曾表示您的企業中的一些影響或挑戰，我相信，HDD 業務和 SSD 業務是客戶推出的結果。

My question there is if we isolate that customer, how do you see the demand trajectory of cloud in mass capacity markets not just into the December quarter, but also into the second half of your fiscal year?

我的問題是，如果我們隔離該客戶，您如何看待大容量市場中云的需求軌跡，不僅是到 12 月季度，而且到您的財年下半年？

Certainly, as you begin to ramp some of these 20 terabyte drives and other higher capacity drives in HDDs as well as some of these new design wins you have in enterprise SSD.

當然，當您開始在 HDD 中增加這些 20 TB 驅動器和其他更高容量的驅動器時，以及在企業 SSD 中贏得的一些新設計。

Do you want me to take that or you?

你要我拿還是你拿？

I can start.

我可以開始了。

Okay.

好的。

Yes.

是的。

So I think as a general statement, we're seeing continued very strong demand from our data center customers, especially we've very big data center customers.

因此，我認為作為一般性聲明，我們看到數據中心客戶的需求持續強勁，尤其是我們擁有非常大的數據中心客戶。

They're giving us good signals about next year and what they plan to do.

他們正在向我們發出關於明年以及他們計劃做什麼的良好信號。

It's hard to pin that down to a certain quarter right now, but we continue to see very strong demand there.

現在很難將其確定為某個季度，但我們仍然看到那裡的需求非常強勁。

Like I said, we're starting to see the supply chain impact show up there as well.

就像我說的，我們開始看到供應鏈的影響也出現了。

But I'm sure that will all get worked through as we go through the year.

但我相信隨著我們這一年的到來，這一切都會得到解決。

But we look into '22, and we have our customers telling us, it continues to be a strong demand environment.

但我們調查了 22 年，我們的客戶告訴我們，這仍然是一個強勁的需求環境。

Yes.

是的。

I don't think I have anything to add.

我不認為我有什麼要補充的。

I mean we believe in the cloud demand.

我的意思是我們相信雲需求。

I think it's strong, and there just is a lot of supply chain dislocation right now.

我認為它很強大，而且現在有很多供應鏈錯位。

Our next question will come from Wamsi Mohan with Bank of America.

我們的下一個問題將來自美國銀行的Wamsi Mohan。

This is actually [John] on behalf of Wamsi.

這實際上是代表Wamsi 的[John]。

Just curious, there has been a lot of media focus on Kioxia.

只是好奇，有很多媒體關注鎧俠。

And in the past, Western Digital has expressed interest in the asset.

過去，西部數據曾表達過對該資產的興趣。

Do you think that consolidation still make sense?

您認為合併仍然有意義嗎？

And do you still have an appetite for it?

你還有胃口嗎？

Well, I mean I think I'll speak in general about Kioxia.

好吧，我的意思是我想我會籠統地說一下鎧俠。

They're a tremendous JV partner.

他們是一個巨大的合資夥伴。

And we've spoken a lot about the JV and what the benefits of that are.

我們已經談了很多關於合資企業以及這樣做的好處。

And all the -- I think one of the highlights of the quarter is the continued production of the flash road map and BiCS5 and the cost situation that, that's driving.

所有 - 我認為本季度的亮點之一是閃存路線圖和 BiCS5 的持續生產以及推動的成本情況。

I mean I think it's always been a very big focus of the Western Digital and Kioxia team to very focus on capital efficiency and cost downs in the portfolio.

我的意思是，我認為西部數據和鎧俠團隊一直非常關注投資組合中的資本效率和成本下降。

Those -- the seeds for BiCS5 performance that we're seeing now were shown many years ago.

那些——我們現在看到的 BiCS5 性能的種子是多年前展示的。

That continues to be a great focus of the joint teams.

這仍然是聯合團隊的重點。

And I think the fact that we have a joint road map with another supplier as big as Kioxia gives us a lot of investment in our road map.

而且我認為，我們與另一家像鎧俠一樣大的供應商制定了聯合路線圖，這一事實使我們在路線圖上投入了大量資金。

And then, of course, we produce together as well and have a lot of synergies there as well.

然後，當然，我們也一起製作，並且在那裡也有很多協同作用。

So it's a great partnership.

所以這是一個很好的伙伴關係。

We -- it's been going for over 20 years now.

我們——它已經持續了 20 多年。

It's going to go for -- we're signed up for at least another decade.

它會去的——我們至少再簽十年。

And we always look at that as we continue to invest in fabs, and we're really happy with the partnership, and we're going to continue to get the best out of it.

當我們繼續投資晶圓廠時，我們總是會關注這一點，我們對合作夥伴關係非常滿意，我們將繼續從中獲得最大收益。

Our next question will come from Mehdi Hosseini with SIG.

我們的下一個問題將來自 SIG 的 Mehdi Hosseini。

Two questions.

兩個問題。

The first one is for the team.

第一個是針對團隊的。

Obviously, there is a long lead time associated with the equipment procurement.

顯然，與設備採購相關的交貨時間很長。

So at this point, I would think that you have a pretty good feel for a bit, NAND, bit supply growth in calendar year '22.

所以在這一點上，我認為你對 22 日曆年的位、NAND、位供應增長有很好的感覺。

Is there any color you can share with us?

有什麼顏色可以和我們分享嗎？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

I mean we do have good visibility, and you saw our bit growth came back up again this quarter.

我的意思是我們確實有很好的知名度，你看到我們的比特增長在本季度再次回升。

We expect it to be a bit higher year-over-year next quarter.

我們預計下個季度的同比增幅會略高。

Our long-term goal continues to be to grow at the rate the market is growing, and we won't get that perfectly every quarter, but that's our objective.

我們的長期目標仍然是按照市場增長的速度增長，我們不會每個季度都做到完美，但這是我們的目標。

And we think that, again, with Kioxia, we've got the right plans in place for next year.

我們認為，再一次，有了鎧俠，我們已經為明年制定了正確的計劃。

But what is the target for next year, calendar year?

但是明年，日曆年的目標是什麼？

Yes.

是的。

I don't think we put a specific number out there yet.

我認為我們還沒有給出具體的數字。

Some of the industry analysts suggesting industry demand growth in the low 30% range.

一些行業分析師建議行業需求增長在 30% 的低範圍內。

Got it.

知道了。

Thank you.

謝謝你。

And given the fact that your enterprise and cloud customers are expressing a good solid demand in calendar year '22.

鑑於您的企業和雲客戶在 22 日曆年表達了良好的穩定需求。

Have you determined how to allocate, and perhaps I'm trying to better understand how you're thinking about the mix between cloud enterprise and client and consumer.

您是否確定瞭如何分配，也許我正試圖更好地理解您是如何考慮雲企業與客戶和消費者之間的混合的。

Yes.

是的。

I think we're certainly having those discussions with them.

我認為我們肯定正在與他們進行這些討論。

I mean, I think every quarter, we discussed the current quarter and out many quarters -- several quarters in advance at least, I mean, we don't lock in per se on those numbers exactly, but we think about share of their particular businesses and what that's going to look like and what that means to demand for us.

我的意思是，我認為每個季度，我們都會討論當前季度和許多季度——至少提前幾個季度，我的意思是，我們本身並沒有完全鎖定這些數字，但我們會考慮他們特定的份額業務以及它的外觀以及對我們的需求意味著什麼。

So yes, we're having those conversations, and we're factoring them into the mix of bits for next year and how we allocate across the portfolio.

所以是的，我們正在進行這些對話，我們正在將它們納入明年的比特組合以及我們如何在投資組合中進行分配。

Of course, there's a nodal mix equation of that as well as it's kind of referred to in the previous question, when are different products available on different nodes out of the fab.

當然，有一個節點混合方程，就像在上一個問題中提到的那樣，何時在工廠外的不同節點上提供不同的產品。

So we're working through all that right now.

所以我們現在正在解決所有這些問題。

Our next question will come from Timothy Arcuri with UBS.

我們的下一個問題將來自瑞銀的 Timothy Arcuri。

I want to go back to the HDD guidance and just maybe ask around what the normalized base of revenue is.

我想回到 HDD 指南，可能會問一下標準化的收入基礎是多少。

I mean, obviously, your peer guided flat, you're down kind of like low teens.

我的意思是，很明顯，你的同輩指導單位，你有點像低齡青少年。

It sounds like something in the range of $2.25 billion in that range.

這聽起來像是在這個範圍內的 22.5 億美元。

It sounds like part of that is a push out and some of that some company-specific issues on the supply side.

聽起來其中一部分是推出，其中一些是供應方面的一些公司特定問題。

So can you help us bridge the gap there?

那麼你能幫助我們彌合那裡的差距嗎？

Is it -- is 2.6% kind of flat like the normalized level if you adjust for all that?

是不是 - 如果你調整所有這些，2.6% 的水平就像標準化水平一樣嗎？

Or is it something that's slightly down Q-on-Q, but not down low teens?

還是 Q-on-Q 略有下降，但青少年沒有下降？

Yes.

是的。

I mean, again, it's hard to quantify exactly what the supply chain impacts were, and we're actually not giving guidance by segment, but we definitely believe the hard drive business is a growth business and it will continue to grow over the next few quarters.

我的意思是，很難準確量化供應鏈的影響是什麼，我們實際上並沒有按細分市場提供指導，但我們絕對相信硬盤業務是一項增長業務，它將在接下來的幾年內繼續增長宿舍。

We think 2022 will be a strong year.

我們認為 2022 年將是強勁的一年。

And yes, this is a bit of an aberration in the December quarter, but it's -- the business is really solid.

是的，這在 12 月季度有點反常，但它是 - 業務非常穩固。

The underlying demand is very good.

潛在需求非常好。

And you're right.

你是對的。

I mean we already commented that there are some supply chain issues that are impacting us right now.

我的意思是我們已經評論說現在有一些供應鏈問題正在影響我們。

Our next question will come from Toshiya Hari with Goldman Sachs.

我們的下一個問題將來自高盛的 Toshiya Hari。

Dave, I wanted to ask about enterprise SSDs.

Dave，我想問一下企業級 SSD。

You talked about now being qualified 3 cloud titans, which is great.

你說現在是合格的3雲泰坦，太好了。

You also talked about some of these wins translating into revenue growth and potentially driving an acceleration and growth in '22.

您還談到了其中一些勝利轉化為收入增長，並可能推動 22 年的加速和增長。

Can you help us kind of shape the ramp into '22?

你能幫我們把坡道塑造成 22 年嗎？

Could it be more first half weighted, second half weighted?

可以更上半場加權，下半場加權嗎？

I know these projects can move around a little bit.

我知道這些項目可以移動一點。

But any help there would be really, really helpful.

但是那裡的任何幫助都會非常非常有幫助。

And then related to that, the impact on profitability as you ramp that business, initially, would it be a headwind and then eventually a tailwind?

然後與此相關，當你擴大業務時對盈利能力的影響，最初會是逆風，然後最終是順風嗎？

Or should it be fairly margin neutral from the get-go?

還是應該從一開始就保持相當的利潤中性？

Toshi Hari, so first of all, yes, we are really happy with the progress of the portfolio.

Toshi Hari，首先，是的，我們對投資組合的進展感到非常滿意。

I remember sitting here a year ago, and we were just trying to get over the hump on the first one, and now we're over 3 of them, and we continue to work at the OEMs, which the enterprise OEMs, which tend to be longer call cycles, and we're making good progress there as well.

我記得一年前坐在這裡，我們只是想克服第一個困難，現在我們已經超過 3 個了，我們繼續在 OEM 工作，企業 OEM 傾向於更長的通話週期，我們在這方面也取得了良好的進展。

And you're right.

你是對的。

We'll -- we got the calls done.

我們將 - 我們完成了電話。

We'll start to see some -- a little bit of deployment next quarter and then start to ramp it throughout '22.

我們將在下個季度開始看到一些部署，然後在整個 22 年開始增加部署。

So I think it's an evolving story as we go throughout the year.

所以我認為隨著我們全年的發展，這是一個不斷發展的故事。

From what is -- I think it's a very attractive TAM.

從現狀來看——我認為這是一個非常有吸引力的 TAM。

I think with good margins, and that's why we're investing in the products.

我認為利潤率很高，這就是我們投資產品的原因。

And I think as we mix more into that and have more supply into that, it's a tailwind for the overall portfolio.

我認為，隨著我們更多地融入其中並有更多的供應，這對整個投資組合來說是一個順風。

That's definitely a true statement.

這絕對是一個真實的說法。

Your next question will come from Ananda Baruah with Loop Capital.

您的下一個問題將來自 Loop Capital 的 Ananda Baruah。

Yes, I guess my question would be for whatever it is that you guys consider to be the revenue impact to the December quarter guide, could you just sort of anecdotally map out for us, how much is from the flash business relative to HDD?

是的，我想我的問題是你們認為對 12 月季度指南的收入影響是什麼，您能否為我們提供一些軼事，閃存業務相對於 HDD 有多少？

And then inside of HDD, how much would be from the impact of kind of the cloud type.

然後在 HDD 內部，多少會受到雲類型的影響。

It sounds like there's some component stuff on their side there?

聽起來他們那邊有一些組件的東西？

And then you had mentioned some channel dynamics and some WD dynamics as well on the PC business.

然後你提到了一些渠道動態和一些 WD 動態以及 PC 業務。

That would be helpful.

那會很有幫助。

Yes.

是的。

I mean this is -- I'm trying to think how to answer this question differently.

我的意思是——我試圖思考如何以不同的方式回答這個問題。

I mean we're actually not giving guidance by segment.

我的意思是我們實際上並沒有按細分提供指導。

However, we did say we expect revenue to be down a bit on the hard drive side.

然而，我們確實說過我們預計硬盤方面的收入會有所下降。

We expect it to be up sequentially on the flash side.

我們預計它會在閃存方面按順序上升。

There are supply chain challenges in -- with some cloud customers.

一些雲客戶面臨供應鏈挑戰。

There are supply chain challenges with some PC OEMs.

一些 PC OEM 面臨供應鏈挑戰。

We also mentioned that there seems to be a fair amount of inventory in China right now.

我們還提到，目前中國似乎有相當數量的庫存。

So there's -- there definitely are some short-term challenges with respect to the hard drive business.

因此，硬盤業務肯定存在一些短期挑戰。

But again, long term, the underlying growth is really good there.

但是，從長遠來看，那裡的潛在增長確實很好。

Your next question will come from Vijay Rakesh with Mizuho.

您的下一個問題將來自瑞穗的 Vijay Rakesh。

Just had a couple of quick questions.

剛問了幾個簡單的問題。

On the client SSD side, as you look at next year, just wondering how you're thinking, what the outlook was.

在客戶端 SSD 方面，當您展望明年時，只是想知道您的想法，前景如何。

I know server looks pretty strong for next year.

我知道明年的服務器看起來很強大。

But on the client SSD side and on mobile too, how you are looking at next year's demand?

但在客戶端 SSD 端和移動端，您如何看待明年的需求？

Yes.

是的。

We think the PC TAM is good next year.

我們認為 PC TAM 明年會很好。

I mean we're obviously coming off of a blockbuster year with COVID.

我的意思是，我們顯然正在結束與 COVID 合作的轟動一時的一年。

I mean we see the pre-COVID baseline is around 265 million, 270 million units.

我的意思是，我們看到 COVID 之前的基線約為 2.65 億，即 2.7 億單位。

That went up to 340 million this year expected around that number, and we see somewhere around 320 million to 335 million next year.

在這個數字附近，今年預計達到 3.4 億，我們預計明年將達到 3.2 億至 3.35 億。

So definitely been -- we're going to come off this year a little bit.

所以肯定是 - 我們今年會有所下降。

But we're -- we see basically the baseline has been reset, pre-COVID by a significant amount.

但是我們 - 我們基本上看到基線已被重置，在 COVID 之前已經大幅重置。

So we feel good about that.

所以我們對此感覺很好。

We're hearing that from our customers.

我們從客戶那裡聽到了這一點。

We're talking to those customers now about 2022 plans and what they plan to do and how much supply they're going to need and share conversations with each of them and those conversations are going well.

我們現在正在與這些客戶討論 2022 年的計劃以及他們計劃做什麼以及他們需要多少供應，並與他們每個人分享對話，這些對話進展順利。

The smartphone market, again, we continue to see this past quarter and the quarter in, we're seeing really good strength in that market.

再次，智能手機市場，我們繼續看到過去一個季度和這個季度，我們看到該市場的實力非常強勁。

So I think this is -- there's a larger point here about the flash market is that the number of end markets is just more diverse now, especially with enterprise SSD growing and getting to be such a big market that there's a much better mix of demand that we play across in the market.

所以我認為這是 - 關於閃存市場，更重要的一點是，終端市場的數量現在更加多樣化，特別是隨著企業級 SSD 的增長和成為如此大的市場，需求組合要好得多我們在市場上玩過。

And so we see strength in PC.

因此，我們看到了 PC 的實力。

We see strength in smartphones.

我們看到智能手機的實力。

We see strength in data center.

我們看到了數據中心的實力。

Like we said, the more transactional markets this past quarter is more nodal transitions going on.

就像我們說的那樣，上個季度的交易市場越多，節點轉換就越多。

There was more bits available in those markets, and we definitely saw that.

這些市場上有更多可用的比特，我們肯定看到了這一點。

But again, we're heading into a seasonally strong quarter on retail.

但同樣，我們正進入一個季節性強勁的零售季度。

So as we go through the quarter, we'll get a very strong idea about how retail is going to play out as well as we go through the holiday season.

因此，當我們度過本季度時，我們將對零售將如何發揮作用以及我們度過假期季節有一個非常強烈的想法。

Our next question will come from Sidney Ho with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Sidney Ho。

Relates to hard drive business, earlier, you talked about inventory issues in China.

涉及到硬盤業務，剛才您談到了中國的庫存問題。

Can you add a little color to that?

你可以給它加一點顏色嗎？

How much are -- how much excess inventory are there?

有多少——有多少多餘的庫存？

Do you think that will get back to normalized levels exiting the year?

你認為這會回到今年退出的正常水平嗎？

And any other geography you're watching out right now?

還有你現在正在註意的其他地理嗎？

That's the main geography we're watching, and it's mainly high capacity, and we think it will get worked through in the next quarter.

這是我們正在關注的主要地理位置，主要是高容量，我們認為它將在下個季度得到解決。

But it's definitely in the channel and it's some of the big customers.

但它肯定是在渠道中，它是一些大客戶。

So it's just something that's going to impact the amount of business that goes -- that flows through that part of the market, which is a pretty big market for all of us, but we don't see it more than a quarter, maybe a little bit more of impact.

所以這只是會影響業務量的東西——流經市場的那一部分，這對我們所有人來說都是一個相當大的市場，但我們認為它不會超過四分之一，也許是多一點影響。

Our next question will come from Patrick Ho with Stifel.

我們的下一個問題將來自 Patrick Ho 和 Stifel。

Bob, on the prepared remarks, you talked about the different variables in terms of the supply chain shrink and the suppliers, your own manufacturing efficiencies as well as the customers.

Bob，在準備好的評論中，您談到了供應鏈收縮和供應商、您自己的製造效率以及客戶方面的不同變量。

Can you for both September and December give kind of a qualitative commentary on which were the biggest impacts in both September and December?

您能否就 9 月和 12 月給出定性評論，說明 9 月和 12 月影響最大的因素是什麼？

Yes.

是的。

I think what I said earlier is we're actually expecting December to be a little more challenging than what we saw in September and the September quarter was not easy.

我認為我之前所說的是，我們實際上預計 12 月將比我們在 9 月看到的更具挑戰性，而 9 月這個季度並不容易。

And starting with our own teams, I think we did a really good job given what was going on with COVID in Southeast Asia.

從我們自己的團隊開始，考慮到東南亞 COVID 的情況，我認為我們做得非常好。

We did mention our COVID costs were up to $56 million this quarter.

我們確實提到本季度我們的 COVID 成本高達 5600 萬美元。

And we've done a really excellent job in terms of working with local governments to try and get as many employees vaccinated as possible and to really do the best we can to assure supply in terms of our own factories.

我們在與地方政府合作方面做得非常出色，試圖讓盡可能多的員工接種疫苗，並儘我們所能確保我們自己工廠的供應。

Now as we mentioned, like everyone else, we have challenges in terms of getting components as well, particularly, obviously, the controllers on both the hard drive and the flash side, and that has an impact on the business.

現在，正如我們提到的，與其他所有人一樣，我們在獲取組件方面也面臨挑戰，尤其是顯然，硬盤驅動器和閃存端的控制器，這對業務產生了影響。

I don't know quarter-to-quarter, which quarter is worse, but it's a challenge in both of them.

我不知道每個季度，哪個季度更糟，但這對他們來說都是一個挑戰。

And it's a challenge that's not going to go away soon in terms of the semiconductor availability.

就半導體可用性而言，這是一個不會很快消失的挑戰。

I mean we're getting some lead times of 50 weeks right now.

我的意思是我們現在的交貨時間是 50 週。

So it's definitely a very real issue in terms of getting components in.

因此，就獲取組件而言，這絕對是一個非常現實的問題。

And then we've already talked a fair amount about the customer challenges.

然後我們已經討論了相當多的客戶挑戰。

And I would say it feels to me and Dave can comment like there are more customers impacted by the supply chain in the December quarter than there were in the September quarter.

我想說，在我看來，戴夫可以評論說，在 12 月季度，受供應鏈影響的客戶比在 9 月季度要多。

It seems a little more broad-based.

它似乎更廣泛一些。

Yes, I don't think there's any doubt about that.

是的，我認為這沒有任何疑問。

I think when we talk to our sales teams and we talk to our customers, I mean it's -- I think just over the last month or so, the number of places where we're hearing, they are not able to meet their own true demand or they can't pull the demand from us if they're building their own infrastructure because the supply chain components has definitely broadened.

我認為當我們與我們的銷售團隊和我們的客戶交談時，我的意思是 - 我認為就在過去一個月左右，我們聽到的地方數量，他們無法滿足他們自己的真實如果他們正在建立自己的基礎設施，他們就無法從我們這里拉動需求，因為供應鏈組件肯定已經擴大了。

And it's -- I think it started in some of the PC makers.

它是——我認為它始於一些個人電腦製造商。

I think that's where we heard the most about it, if you go back a couple of quarters.

如果你回到幾個季度，我認為這是我們聽到最多的地方。

And now, like I said, we're hearing more about it in other segments, including the big data center providers.

現在，就像我說的那樣，我們在其他領域聽到了更多關於它的信息，包括大數據中心提供商。

So it's definitely an impact of the business, and we just navigate through it.

所以這絕對是對業務的影響，我們只是瀏覽它。

I mean, I think when you talk to our customers and we talk to our own sales teams and we look at what everybody is telling us, the end demand continues to be very, very strong.

我的意思是，我認為當你與我們的客戶交談，我們與我們自己的銷售團隊交談，我們看看每個人都告訴我們什麼，最終需求仍然非常非常強勁。

And everybody is just trying to figure out how to meet that and how to get enough components and get the right components to build the right kit, whether it's for something they're going to sell or it's building their own infrastructure to build what they need.

每個人都只是想弄清楚如何滿足這一點，以及如何獲得足夠的組件和正確的組件來構建正確的套件，無論是為了他們要出售的東西，還是建立他們自己的基礎設施來構建他們需要的東西.

And as Bob said, we see that ourselves.

正如鮑勃所說，我們自己也看到了這一點。

And our ability to get components and our ability to make sure our factories continue to run.

以及我們獲得組件的能力以及確保我們的工廠繼續運行的能力。

And I will say I'll be a little bit selfish here and complement our own teams.

我會說我在這裡會有點自私並補充我們自己的團隊。

But the Delta variant in Asia was a very big impact.

但亞洲的 Delta 變體產生了非常大的影響。

And this quarter was probably one of the most difficult since COVID started.

本季度可能是自 COVID 開始以來最困難的季度之一。

There were points where we had thousands of employees in quarantine and still kept everything going.

在某些情況下，我們有數千名員工被隔離，但一切仍在繼續。

So when you see what's happening on the ground and what the impact has been, it's not hard to understand how all the discussions around supply chain impacts.

因此，當您看到當地正在發生的事情以及產生的影響時，不難理解圍繞供應鏈的所有討論是如何影響的。

I think the good news is that we're working very, very hard, as Bob said, with governments to get vaccines distributed and get things back on track.

我認為好消息是，正如鮑勃所說，我們正在非常非常努力地與政府合作，以分發疫苗並使事情重回正軌。

And as we exit the quarter, and we sit here today, things were in a much, much better shape than they were a couple of months ago.

當我們退出本季度時，我們今天坐在這裡，情況比幾個月前要好得多。

So it makes us optimistic as we go through 2022 that this will get worked out and that will all be able to meet the true demand that's out there.

因此，當我們度過 2022 年時，這讓我們感到樂觀，這將得到解決，這一切都將能夠滿足那裡的真正需求。

Our next question will come from Harlan Sur with JPMorgan.

我們的下一個問題將來自摩根大通的 Harlan Sur。

So on your client business, you guys talked about the PC market being weak in September due to supply disruptions at customers.

所以在你們的客戶業務上，你們談到了由於客戶供應中斷，9 月份 PC 市場疲軟。

We all know about the match set challenges on component shortages, that's been pretty well telegraphed.

我們都知道組件短缺的比賽設置挑戰，這已經很好地傳達了。

But you also mentioned the WD sort of specific supply chain disruptions on client HDD as well.

但是您也提到了 WD 對客戶端 HDD 的特定供應鏈中斷。

Is the primary impact the shortage of HDD controllers and preamps or is the primary impact on the COVID-19 related sort of operations disruptions?

主要影響是 HDD 控制器和前置放大器的短缺，還是對 COVID-19 相關的操作中斷的主要影響？

And given your semiconductor suppliers' lead times, when do you expect to see your client HDD specific chip supply issues start to ease?

考慮到您的半導體供應商的交貨時間，您預計您的客戶 HDD 特定芯片供應問題何時開始緩解？

I'll take a crack and then Bob can add some color as well.

我會嘗試一下，然後 Bob 也可以添加一些顏色。

I mean it depends on how you look at it.

我的意思是這取決於你如何看待它。

I mean, certainly, our COVID costs are up significantly this quarter.

我的意思是，當然，本季度我們的 COVID 成本顯著上升。

I think nearly 50% or more, 60% on what they were last quarter.

我認為接近 50% 或更多，比上一季度高出 60%。

We had been steady state for probably 3, 4 quarters in a row, and now we've bumped up significantly.

我們可能連續 3、4 個季度保持穩定狀態，現在我們已經大幅增長。

So a lot of that is cost going into managing our own infrastructure and work that's going on with our own teams.

因此，其中很大一部分是用於管理我們自己的基礎設施和我們自己的團隊正在進行的工作的成本。

Of course, a lot of it is logistics as well.

當然，其中很多也是物流。

That's always a big component of it.

這始終是其中的重要組成部分。

So those costs are going up.

所以這些成本正在上升。

Our own supply is mainly around controllers.

我們自己的供應主要圍繞控制器。

I think it's fair to say.

我覺得可以這麼說。

And as Bob said, we're planning a year out on lead times and working with our own suppliers on how we, number one, make sure we get everything we need to meet our demand, which has been challenging and then get it in a time frame that we need.

正如鮑勃所說，我們正在計劃一年的交貨時間，並與我們自己的供應商合作，首先，我們如何確保我們獲得滿足我們需求所需的一切，這一直具有挑戰性，然後在一個我們需要的時間框架。

But we're working through it.

但我們正在努力解決它。

And like I said, I think that there's no doubt, if you go back a couple of quarters, we've been talking about this about how we were not able to meet all the demand that we saw out there.

就像我說的那樣，我認為毫無疑問，如果你回到幾個季度，我們一直在談論我們如何無法滿足我們在那裡看到的所有需求。

I think the thing that we see different walking into this quarter is there's -- we're seeing even a greater impact across all of our customer base, and it's spreading to places where we hadn't seen it before.

我認為我們在本季度看到的不同之處在於——我們看到對我們所有客戶群的影響甚至更大，而且它正在蔓延到我們以前從未見過的地方。

And that's both raising the uncertainty and also just depressing the demand because customers can't get all the pieces they need, so they don't need everything from us.

這既增加了不確定性，也抑制了需求，因為客戶無法獲得他們需要的所有部件，所以他們不需要我們提供的一切。

So we're starting to see some hints in some markets, starting to clear up a little bit, super early days.

所以我們開始在一些市場上看到一些跡象，開始有點清晰，超級早期。

But again, if you look at what's going on in the ground in Asia, things are getting better, at least from our perspective, our narrow perspective, although we have 40,000, 50,000 people there.

但是再一次，如果你看看亞洲正在發生的事情，情況正在好轉，至少從我們的角度來看，我們狹隘的觀點，儘管我們在那裡有 40,000 到 50,000 人。

Things are getting better on the ground and that gives us optimism that the situation will improve from here as we go through '22.

實際情況正在好轉，這讓我們樂觀地認為，隨著 22 年的到來，情況將從這裡有所改善。

Our next question will come from Tom O'Malley with Barclays.

我們的下一個問題將來自巴克萊的 Tom O'Malley。

I had another one on the HDD business.

我在 HDD 業務上還有一個。

You guys have done a really good job of improving profitability over the last year plus.

在過去的一年裡，你們在提高盈利能力方面做得非常好。

My question is, as related to supply issues, clearly, there's a revenue headwind here.

我的問題是，就供應問題而言，顯然，這裡存在收入逆風。

Could you talk about the impact to gross margins?

你能談談對毛利率的影響嗎？

Do you expect that you see a greater impact there because of the supply issues?

由於供應問題，您是否認為那裡會產生更大的影響？

Or is this more of a revenue issue with gross margins kind of hanging in?

或者這更像是一個毛利率懸而未決的收入問題？

Any help there would be nice.

任何幫助都會很好。

Yes.

是的。

Let me start and then turn it over to Bob.

讓我開始，然後把它交給鮑勃。

I mean I think there are some headwinds.

我的意思是我認為有一些不利因素。

I mean one of them would be a little bit of mix because at least for a 1 quarter impact because we've got such a big customer pushing out some demand.

我的意思是其中一個會有點混合，因為至少會產生 1 個季度的影響，因為我們有這麼大的客戶推出了一些需求。

And then you've got pricing going up on components.

然後你的組件價格就會上漲。

So you've got inflation in the supply chain is a bit of a headwind as well.

因此，供應鏈中的通貨膨脹也有點不利。

All that said, we appreciate your comments.

說了這麼多，我們感謝您的評論。

The team has worked extremely hard.

團隊工作非常努力。

We've rolled out a lot of innovation in the drive business and driven the gross margins.

我們在驅動業務中推出了許多創新並推動了毛利率。

30.9% this quarter, we thought was a great result.

本季度 30.9%，我們認為這是一個很好的結果。

And on top of that, we had couple of points of COVID headwind on top of it.

最重要的是，我們還遇到了一些 COVID 逆風。

So it all starts with making sure we deliver a great product to our customers.

因此，這一切都始於確保我們為客戶提供出色的產品。

It starts with innovation.

它始於創新。

You guys have heard me say this many, many times, and I think the innovation engine is alive and well.

你們已經聽我說過很多很多次了，我認為創新引擎還活著而且很好。

Another big step forward this quarter with OptiNAND.

本季度 OptiNAND 又向前邁出了一大步。

And I think as the team continues to drive innovation and we drive great products to our customers, we'll have the opportunity to continue to have a better conversation with our customers around profitability.

我認為，隨著團隊繼續推動創新，我們為客戶提供優質產品，我們將有機會繼續與客戶就盈利能力進行更好的對話。

All that said, there are some headwinds, I would say, in the near term.

綜上所述，我想說，在短期內會有一些不利因素。

Yes, there are definitely headwinds.

是的，肯定有逆風。

But like you said, the team has done a great job in terms of the product portfolio, and we think the gross margins will be down a little.

但就像你說的，團隊在產品組合方面做得很好，我們認為毛利率會下降一點。

We are going to have probably COVID costs in the same ballpark as we have this quarter.

我們可能會在與本季度相同的情況下獲得 COVID 成本。

So that's a couple of points.

這是幾點。

But I think we've got a really good chance of having gross margins above 30%, again, on the hard drive business.

但我認為我們在硬盤業務上再次獲得超過 30% 的毛利率的機會非常大。

Your next question will come from Jim Suva with Citigroup.

您的下一個問題將來自花旗集團的 Jim Suva。

I just have one question, and it sounds like the December outlook is truly in aberration.

我只有一個問題，聽起來 12 月的前景確實出現了偏差。

So the people will push back and say, well, why is it truly an aberration and not simply the new norm.

所以人們會反駁說，好吧，為什麼這真的是一種失常，而不僅僅是新規範。

So maybe if you can walk us through around why December is so unique because whether it'd be supply chain or shipping costs, they look quite prolonged.

所以也許如果你能告訴我們為什麼 12 月如此獨特，因為無論是供應鏈還是運輸成本，它們看起來都相當漫長。

So if you could just kind of lay out the reasons about why December is so unique for such aberration?

所以，如果你能列出為什麼十二月是如此獨特的這種反常現象的原因？

Well, I mean, first of all, we're in a very unique time and we're still.

嗯，我的意思是，首先，我們正處於一個非常獨特的時代，我們仍然如此。

I think as we talked about the supply chain disruptions that have been brought by COVID and especially the Delta variant that really pushed through Asia over the last quarter or more have been very, very significant and very severe.

我認為，當我們談到 COVID 帶來的供應鏈中斷時，尤其是在上個季度或更長時間內真正席捲亞洲的 Delta 變體已經非常、非常重要和非常嚴重。

And to the people that were managing the situation on the ground there, they did a tremendous job, they had an enormous amount of work just to keep everything running.

對於在那裡管理當地局勢的人來說，他們做得非常出色，他們有大量的工作來保持一切正常運轉。

So I think that just leads to a very unique environment, Jim, that we're navigating through.

所以我認為這只會帶來一個非常獨特的環境，吉姆，我們正在經歷這個環境。

Like I said, when we look at demand and we look at what our customers are telling us about demand in the market, we hear very good things.

就像我說的，當我們觀察需求並觀察客戶告訴我們的市場需求時，我們會聽到非常好的消息。

We -- they're very positive and very bullish.

我們——他們非常積極和樂觀。

We just have -- you just have different customers in different states of their own ability to build what they need to build or want to build and that's constantly shifting.

我們只是——你只是有不同的客戶，他們有不同的能力來構建他們需要構建或想要構建的東西，而且這種情況在不斷變化。

And when you add it all up in any particular quarter, you're going to get a result and that's what we got, and that's what we'll manage to.

當您在任何特定季度將其全部加起來時，您將得到一個結果，這就是我們得到的，這就是我們將設法做到的。

But we think that as the supply chain issues get worked out, the demand trends in the business are very, very strong, and we're on the right side of where the world is going from a technology point of view.

但我們認為，隨著供應鏈問題得到解決，業務的需求趨勢非常非常強勁，從技術的角度來看，我們站在世界發展方向的正確一邊。

Now I thought it was significant this quarter to 44%, record percent of our quarter was in the cloud.

現在我認為本季度達到 44% 很重要，我們季度的創紀錄百分比是在雲中。

And hopefully, you guys react positively to our simpler decomposition of our revenue across cloud, client and consumer, but we expect to see more growth in cloud, 72% year-over-year growth in that part of the business, and we continue to have the portfolio pivoting in that direction and expect it to be -- expect to participate in that growth as it goes forward.

希望你們對我們對雲、客戶和消費者收入的簡單分解反應積極，但我們預計雲計算將出現更多增長，該部分業務同比增長 72%，我們將繼續讓投資組合朝那個方向轉動，並期望它能夠——期望隨著它的發展而參與到這種增長中。

Our next question will come from Steven Fox with Fox Advisors.

我們的下一個問題將來自 Fox Advisors 的 Steven Fox。

So I guess I'm just trying to understand the idea that none of the demand pushouts are perishable because this is the seasonally strongest quarter of the year.

所以我想我只是想理解這樣一個想法，即沒有一個需求推動是易腐爛的，因為這是一年中季節性最強的季度。

How do we have confidence around that maybe not necessarily that it's perishable, but maybe spending that would have occurred in December, it doesn't occur in March, even if there's availability just because of timing around -- usual timing around spending?

我們如何有信心可能不一定會腐爛，但可能會發生在 12 月的支出，但不會發生在 3 月，即使只是因為時間安排而可用 - 通常支出時間安排？

Well, again, I think it goes back to -- if you're talking to a very large cloud provider that's trying to build out their infrastructure, I think they're going to catch up on building it out to what their demand is.

好吧，我認為這又可以追溯到 - 如果您正在與一個非常大的雲提供商交談，該提供商正在嘗試構建他們的基礎架構，我認為他們會趕上構建它以滿足他們的需求。

If they can't do it this quarter, they'll get the components in the next quarter.

如果他們本季度做不到，他們將在下一季度獲得組件。

So again, we see very good demand environment.

因此，我們再次看到非常好的需求環境。

And I think that as our customers are able to get all the components they need, they will continue to come back to us and adjust their demand to us.

而且我認為，隨著我們的客戶能夠獲得他們需要的所有組件，他們將繼續回到我們身邊並調整他們對我們的需求。

That's what we see.

這就是我們所看到的。

We have very close relationships with them.

我們與他們有著非常密切的關係。

And so I don't expect that the demand from our customers' point of view is not like kind of a 1-quarter thing.

所以我不認為從我們客戶的角度來看的需求不像一個季度的事情。

It's like -- it's just -- it's a demand curve that goes on, and I don't see it as being perishable demand.

這就像 - 它只是 - 這是一條持續的需求曲線，我不認為它是易腐爛的需求。

I see it as everybody is trying to figure out how they can get as many components as they can to build complete kits for what they need to do.

我認為這是因為每個人都在試圖弄清楚如何獲得盡可能多的組件來構建他們需要做的完整套件。

And as they do that, they come back to us and change their demand signal.

當他們這樣做時，他們會回到我們身邊並改變他們的需求信號。

And we've seen that.

我們已經看到了。

Maybe a good example is on some of the PC manufacturers, where 1 quarter, they'll drop their demand significantly.

也許一個很好的例子是一些 PC 製造商，他們將在 1 季度大幅下降需求。

In the next quarter, they'll come back and raise it significantly when they've got their own supply chain issues worked out.

在下個季度，當他們解決了自己的供應鏈問題時，他們會回來並大幅提高。

So as I said, we've seen this in other parts of the market, and we've dealt with it, and we know how to deal with it.

所以正如我所說，我們已經在市場的其他部分看到了這種情況，我們已經處理了它，我們知道如何處理它。

Now we're just seeing it across -- the broader cross-section of our business.

現在我們只是看到了它——我們業務的更廣泛的橫截面。

And quite frankly, some really big customers across that are in that mix now.

坦率地說，現在有一些真正的大客戶在這個組合中。

And we'll -- we've been working through this now for the last several quarters, and we'll work through it this quarter.

我們將 - 在過去的幾個季度中我們一直在努力解決這個問題，我們將在本季度完成它。

Yes.

是的。

And the most seasonal business is the consumer business, and we are expecting to have a sequential increase in the consumer business.

而最具季節性的業務是消費者業務，我們預計消費者業務將出現環比增長。

So I think that's probably where it might be perishable demand.

所以我認為這可能是易腐需求的地方。

But we think that will be pretty solid this quarter.

但我們認為本季度將非常穩定。

And today's final question will come from Srini Pajjuri with SMBC Nikko Securities.

今天的最後一個問題將來自 SMBC Nikko Securities 的 Srini Pajjuri。

Dave, I had a question about your pricing strategy going forward, especially given the cost inflation we are seeing in the supply chain.

戴夫，我對你們未來的定價策略有疑問，特別是考慮到我們在供應鏈中看到的成本膨脹。

I guess some of the cost increases are temporary and some may be permanent.

我想有些成本增加是暫時的，有些可能是永久性的。

I'm just curious as to hear your thoughts in your conversations with your customers, what kind of feedback you're getting as you kind of look to pass through some of these costs to your customers?

我只是想知道您在與客戶的對話中的想法，當您希望將其中一些成本轉嫁給客戶時，您會得到什麼樣的反饋？

And also I want to hear about your -- what you think your ability is in terms of passing through some of these incremental costs if these costs continue to, I guess, remain permanent?

我還想听聽你的——如果這些成本繼續保持不變，你認為你的能力是什麼？

I think you hit on the answer in your first part of your question set up, which is these are broad and long relationships with our customers, and they don't go up and down quite so fast.

我認為您在問題設置的第一部分中找到了答案，即與我們的客戶建立了廣泛而長期的關係，而且他們的上升和下降速度不會那麼快。

So we certainly have conversations with our customers when our costs increase, but it's not as simple as just passing it along.

因此，當我們的成本增加時，我們當然會與客戶進行對話，但這並不像傳遞它那麼簡單。

It's got to persist for a while before we would have that conversation.

在我們進行那次談話之前，它必須持續一段時間。

And quite frankly, we participate in a market.

坦率地說，我們參與了一個市場。

It's -- and so it's more about the market price.

它是 - 所以它更多的是關於市場價格。

I think the overwhelming issue with pricing is around innovation, and making sure we continue to drive innovation across our portfolio.

我認為定價的壓倒性問題圍繞著創新，並確保我們繼續推動我們產品組合的創新。

And as I look back on last quarter, the 2 things that -- 2 really big things that stand out to me from last quarter is, one, is just the execution of the team in a really, really difficult environment, especially the -- as I've talked a lot about the factories in Asia; and two is the innovation road map and the fact we're transitioning aggressively to BiCS5.

當我回顧上個季度時，有兩件事——上個季度對我來說非常突出的兩件事是，一個是團隊在一個非常非常困難的環境中的執行，尤其是——正如我已經談了很多關於亞洲工廠的事情；第二是創新路線圖以及我們正在積極過渡到 BiCS5 的事實。

We introduced OptiNAND.

我們介紹了 OptiNAND。

Those are the things.

就是這些。

We introduced a 20-terabyte drive and are going to be shipping that in volume now here in the next month.

我們推出了一個 20 TB 的驅動器，並將在下個月開始批量發貨。

That's with our energy assist technology 9-platter, 9 disk drive, 2.2 terabytes per platter.

這就是我們的能源輔助技術 9 盤片、9 個磁盤驅動器、每盤片 2.2 TB 的容量。

So that's the primary issue where it's going to drive an innovation-led discussion with our customers about pricing.

因此，這是推動與我們的客戶就定價進行以創新為主導的討論的主要問題。

In the cost side of it, of course, as if they're going to be very long term, we're going to have those conversations.

當然，在成本方面，就好像它們將是非常長期的一樣，我們將進行這些對話。

But I would say they're long and substantial relationships, and we manage through the quarter-to-quarter stuff with them really in both directions.

但我會說他們是長期而實質性的關係，我們確實在兩個方向上都與他們管理了季度到季度的事情。

But really, the focus is on that -- on driving innovation.

但實際上，重點在於推動創新。

If you drive innovation, you're going to get a better return for it.

如果您推動創新，您將獲得更好的回報。

And quite frankly, I think we've seen that over the last 3 or 4 quarters as we brought energy assist in our 18-terabyte drive, the 30.9% gross margin this quarter in HDD is a multiyear high.

坦率地說，我認為我們已經看到，在過去的 3 或 4 個季度中，我們在 18 TB 驅動器中引入了能源支持，本季度 HDD 的 30.9% 的毛利率是多年來的最高水平。

So we feel very good about that.

所以我們對此感覺很好。

And speakers, that was our final question.

發言者，這是我們的最後一個問題。

I'll turn it over to you for any closing remarks.

我會把它交給你的任何結束語。

All right, everyone.

好吧，大家。

Thanks for joining us.

感謝您加入我們。

We really appreciate it.

我們真的很感激。

It's always good to talk to everyone.

和每個人交談總是好的。

Thank you for all your questions, and we look forward to talking to all of you throughout the quarter.

感謝您提出的所有問題，我們期待在整個季度與大家交流。

Take care.

小心。

Thanks, everyone.

感謝大家。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。