威騰電子 (WDC) 2021 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Western Digital's Fiscal Second Quarter 2021 Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

下午好，感謝您的支持。歡迎參加西部數據 2021 財年第二季電話會議。（操作員指示）提醒一下，此通話正在被錄音。

Now I'll turn the call over to Mr. Peter Andrew. You may begin.

現在我將把電話轉給彼得·安德魯先生。你可以開始了。

Thank you, and good afternoon, everyone. Joining me today are David Goeckeler, Chief Executive Officer; and Bob Eulau, Chief Financial Officer.

謝謝大家，下午好。今天與我一起出席的還有執行長 David Goeckeler 和財務長 Bob Eulau。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements, including product portfolio expectations, business plans, trends and financial outlook based on management's current assumptions and expectations and, as such, does include risks and uncertainties. We assume no obligation to update these statements. 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.

在我們開始之前，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、趨勢和財務展望，因此確實包含風險和不確定性。我們不承擔更新這些聲明的義務。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，請參閱我們向美國證券交易委員會提交的最新 10-K 表財務報告。

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

今天我們也將參考非公認會計準則財務指標。非公認會計準則 (non-GAAP) 和可比較公認會計準則 (GAAP) 財務指標之間的對帳已包含在新聞稿和我們網站投資者關係部分發布的其他資料中。

With that, I will now turn the call over to David.

說完這些，我現在將電話轉給大衛。

Thanks, Peter, and thanks, everyone, for joining us today. To start, our second quarter results were at or above the upper end of guidance ranges we provided in October. We reported revenue of $3.9 billion and non-GAAP earnings per share of $0.69. These results reflect continued growth in retail in what was a seasonally strong quarter. In addition, stronger demand for our client SSD products as well as our notebook and desktop hard drives contributed to upside in revenue.

謝謝彼得，也謝謝大家今天加入我們。首先，我們的第二季業績達到或超過了我們十月份提供的指導範圍的上限。我們報告的收入為 39 億美元，非 GAAP 每股收益為 0.69 美元。這些結果反映出零售業在季節性強勁的季度中持續成長。此外，我們的客戶 SSD 產品以及筆記型電腦和桌上型電腦硬碟的需求強勁，也推動了營收的成長。

We continue to work hard delivering for our shareholders, customers, partners and communities. We adapted to changes in our business and continue to manage the ongoing challenges presented by the pandemic. Our results reflect the benefits of having such a diverse and deep product portfolio, fantastic franchises, a vast customer base and now an optimized organizational structure. As a result, we have a solid foundation to capitalize on the significant growth opportunities in front of us. I'm excited about the progress we've made over the last few months in the recently established Flash and HDD business units. Both franchises are led by exceptional leaders who are highly focused on executing their respective strategies by establishing their teams, evaluating technology and product development, engaging with customers and analyzing and effectively capturing target end markets.

我們將繼續努力為我們的股東、客戶、合作夥伴和社區提供服務。我們適應了業務的變化，並持續應對疫情帶來的持續挑戰。我們的業績反映了擁有如此多樣化和深度的產品組合、出色的特許經營權、龐大的客戶群以及優化的組織結構的好處。因此，我們擁有堅實的基礎來利用眼前的重大成長機會。我對最近幾個月新成立的 Flash 和 HDD 業務部門所取得的進展感到非常興奮。兩家特許經營店均由傑出的領導者領導，他們高度專注於透過建立團隊、評估技術和產品開發、與客戶互動以及分析和有效佔領目標終端市場來執行各自的策略。

As we've highlighted in previous earnings calls, we are committed to delivering on our product road map, including advancing our product transitions. Notably, we are making great headway with the product transitions of our energy-assisted hard drives and enterprise SSDs. As you all know, these transitions are multi-quarter journeys, but I'm pleased with our progress, which I'll detail shortly. Although our progress to date is showing tangible results, there's still work to be done. We remain extremely focused on enhancing our ability to drive continued innovation and sustainable long-term shareholder value.

正如我們在先前的財報電話會議上所強調的那樣，我們致力於實現我們的產品路線圖，包括推動我們的產品轉型。值得注意的是，我們在能源輔助硬碟和企業級固態硬碟的產品轉型方面取得了巨大進展。眾所周知，這些轉變需要多個季度的時間，但我對我們的進展感到滿意，我很快就會詳細介紹。儘管我們迄今為止的進展已取得切實成果，但仍有工作要做。我們仍然高度重視增強推動持續創新和永續長期股東價值的能力。

Let me now provide a recap of our Flash and HDD businesses. Within Flash, we remain well positioned to address the digital transformation driven by businesses, schools and consumers that continue to leverage technology as a daily necessity for work, learning and a much needed form of entertainment. The pandemic has not only accelerated this transformation by the way we all use the cloud, but it has spurred technological innovation by driving the ability to access the cloud using very powerful and advanced end devices. The increasingly pervasive ability to access, store and share data from anywhere on any device has resulted in robust storage demand, particularly in smaller form factors, such as notebook, tablet and Chromebook.

現在讓我回顧一下我們的 Flash 和 HDD 業務。在 Flash 內部，我們仍然能夠很好地應對由企業、學校和消費者推動的數位轉型，他們繼續利用科技作為日常工作、學習和娛樂的必需品。疫情不僅透過我們所有人使用雲端的方式加速了這種轉變，而且還透過推動使用非常強大和先進的終端設備存取雲端的能力刺激了技術創新。隨著人們能夠從任何地方透過任何裝置存取、儲存和共享資料的能力日益普及，儲存需求也日益旺盛，尤其是在筆記型電腦、平板電腦和 Chromebook 等小型裝置上。

The attach rate of client SSDs into notebooks now exceeds 80%, while desktop penetration of client SSDs is around 40%. Furthermore, tablets and Chromebooks, which are all-flash based, represent a growing percentage of total PC demand. Our leading position in client NVMe-based SSDs and our strong relationships with the major PC OEMs drove our our client SSD business to a record level of exabyte shipments.

目前客戶端SSD在筆記型電腦的配售率已超過80%，而桌上型電腦用戶端SSD的普及率約為40%。此外，全快閃平板電腦和 Chromebook 在整體 PC 需求中所佔的比例越來越大。我們在基於 NVMe 的客戶端 SSD 領域的領先地位以及與主要 PC OEM 的牢固關係推動了我們的客戶端 SSD 業務達到了創紀錄的 EB 出貨量水準。

Retail continued to perform well in a seasonally strong quarter, and we achieved a 2-year high in revenue, supported by the strength of our brand and the breadth of our portfolio. We continue to make progress with our second-generation enterprise SSD products, completing nearly 150 qualifications. Importantly, we completed the qualification process at one cloud titan, which was an objective we committed to last quarter. We are shipping to this cloud titan in the fiscal third quarter. The second-generation enterprise SSD qualification process is well underway with additional cloud titans and large OEMs.

零售業在季節性強勁的季度中繼續表現良好，在品牌實力和產品組合廣度的支持下，我們的收入創下了兩年來的新高。我們在第二代企業級 SSD 產品方面繼續取得進展，並已完成近 150 項認證。重要的是，我們完成了一個雲端巨頭的資格認證過程，這是我們上個季度承諾的目標。我們將在第三財季向這個雲巨頭髮貨。隨著更多雲端巨頭和大型 OEM 的加入，第二代企業級 SSD 認證流程正在順利進行中。

From a technology perspective, we began shipping our 112 layer BiCS5 technology and client SSD products in the December quarter. BiCS5 remains the most capital-efficient technology node in the recent history of NAND going back to the 2D era, and we are preparing for a significant ramp of this node through 2021.

從技術角度來看，我們在 12 月季度開始發售我們的 112 層 BiCS5 技術和客戶端 SSD 產品。BiCS5 仍然是 NAND 自 2D 時代以來近代史上最具資本效率的技術節點，我們正準備在 2021 年實現該節點的大幅提升。

Ultimately, customers want the best product that offers a blend of cost, performance and power, and Western Digital provides that. Our focus on technological and architectural innovations, coupled with the benefits of size and scale that we have with our joint venture with Kioxia, has enabled us to deliver the industry's highest bit density per layer at the lowest cost per bit. As the result of our inherent advantages with the joint venture, particularly our scale and consistent track record of technological innovation, we are able to deliver the required bit growth and performance with the lowest capital intensity in the industry. We are highly confident in our ability to continue this momentum as we ramp BiCS5 through calendar year 2021 and begin BiCS6 productization.

最終，客戶想要的是兼具成本、性能和功率的最佳產品，而西部數據正好能滿足這項需求。我們專注於技術和架構創新，再加上與 Kioxia 合資所擁有的規模優勢，使我們能夠以最低的每位成本提供業界最高的每層位密度。由於我們在合資企業中擁有固有的優勢，特別是我們的規模和一貫的技術創新記錄，我們能夠以業內最低的資本強度實現所需的鑽頭增長和性能。隨著我們在 2021 年推出 BiCS5 並開始 BiCS6 產品化，我們對自己繼續保持這股勢頭的能力充滿信心。

On the HDD side of the business, upside demand in PC, notebook and smart video more than offset weakness in capacity enterprise. The persisting work-from-home and distance learning trends I touched upon earlier drove higher demand for both desktop and notebook PC hard drives and propelled retail hard drive revenue to a 3-year high. The smart video business continued to recover, growing 30% sequentially.

在 HDD 業務方面，個人電腦、筆記型電腦和智慧影片的上行需求足以抵消產能企業的疲軟。我之前提到的持續的在家工作和遠距學習趨勢推動了對桌上型電腦和筆記型電腦硬碟的需求增加，並推動零售硬碟收入達到 3 年來的最高水平。智慧視訊業務持續復甦，季增30%。

The biggest HD update is our solid progress against the initiatives we outlined last quarter, completing the qualification process at the cloud titans with our mass market energy-assisted hard drives. I'm pleased to share that we have now completed qualifications at 3 of the 4 U.S. cloud titans. While one now completed cloud titan qualification slipped beyond our anticipated time line in the fiscal second quarter, another cloud titan qualification scheduled to complete in the fiscal third quarter was completed in the second quarter. With these significant milestones now behind us, we have staged products in anticipation of the ramp of these drives as we continue through 2021.

最大的 HD 更新是我們在上個季度概述的計劃方面取得了堅實的進展，透過我們的大眾市場能源輔助硬碟完成了雲端巨頭的資格認證過程。我很高興地告訴大家，我們現在已經在美國四大雲端運算巨頭中的三家完成了資格認證。雖然目前已完成的一項雲巨人資格認證超出了我們在第二財季的預期時間表，但原定於第三財季完成的另一項雲巨人資格認證已於第二季完成。隨著這些重要的里程碑已經實現，我們已經分階段推出產品，以期在 2021 年繼續推動這些驅動力的發展。

With cloud digestion abating and the stabilization of OEM demand, we believe the demand in capacity enterprise bottomed in the fiscal second quarter and are anticipating a rebound in the fiscal third quarter. 18-terabyte is expected to be our leading capacity point as we head into the second half of the calendar year, which should propel nice growth in this segment going forward. As the volume of these drives continues to ramp through the calendar year, we expect our revenue and gross margin to recover.

隨著雲端消化的減弱和 OEM 需求的穩定，我們相信產能企業的需求在第二財季觸底，並預計在第三財季反彈。隨著我們進入下半年，預計 18TB 將成為我們的主要容量點，這將推動該領域未來的良好成長。隨著這些驅動器的產量在全年持續增長，我們預計我們的收入和毛利率將會恢復。

Before I turn it over to Bob, I'll quickly summarize our perspective on what's to come. We continue to deal with the far-reaching effects of the pandemic, and no one can be certain of what the new normal will look like. However, there is no question the accelerated digital transformation has only increased the reliance on data and technology in both our professional and our personal lives, which we are confident will have a lasting impact for years to come. To this point, some industry analysts are raising the possibility that in certain portions of the market, such as the cloud, the storage industry will not be able to meet the extraordinary demand for both flash and hard drive solutions over the course of the next 10 years. Western Digital's unique ability to provide flash and hard drive storage solutions for customers spanning individual consumers to cloud titans highlights the value and importance of our broad portfolio and strong competitive position.

在將其交給鮑伯之前，我將快速總結我們對未來的看法。我們仍在應對疫情的深遠影響，沒有人能夠確定新常態將會是什麼樣子。然而，毫無疑問，加速的數位轉型只會增加我們在職業和個人生活中對數據和技術的依賴，我們相信這將在未來幾年產生持久的影響。對此，一些產業分析師提出了這樣一種可能性：在雲端運算等某些市場領域，儲存產業將無法在未來 10 年內滿足對快閃記憶體和硬碟解決方案的巨大需求。西部數據擁有為從個人消費者到雲端運算巨頭的客戶提供快閃記憶體和硬碟儲存解決方案的獨特能力，凸顯了我們廣泛的產品組合和強大競爭地位的價值和重要性。

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

現在我將把電話轉給鮑勃，讓他分享我們的財務業績細節。

Thanks, Dave, and good afternoon, everyone. As Dave mentioned, overall results for the fiscal second quarter were at or above the upper end of the guidance ranges we provided in October. Revenue was $3.9 billion, up slightly sequentially and down 7% year-over-year. Growth in Client Devices and Client Solutions was mostly offset by a decline in our Data Center Devices and Solutions end market.

謝謝，戴夫，大家下午好。正如戴夫所提到的，第二財季的整體表現達到或超過了我們十月份提供的指導範圍的上限。營收為 39 億美元，較上季略有成長，年減 7%。客戶端設備和客戶端解決方案的成長大部分被資料中心設備和解決方案終端市場的下滑所抵消。

Looking at our end markets. Client Devices revenue was $2.1 billion, up 10% sequentially and 19% year-over-year. Work, school and game from home trends continue to drive demand for both our flash and hard drive solutions for notebook and desktop applications.

看看我們的終端市場。客戶端設備營收為 21 億美元，季增 10%，年增 19%。在家工作、上學和玩遊戲的趨勢繼續推動對筆記型電腦和桌上型電腦應用的快閃記憶體和硬碟解決方案的需求。

In notebook and desktop, our Flash and Hard Drive revenue each grew over 20% sequentially, highlighting the power and value of our portfolio for our leading OEM customers. Demand for our smart video hard drive was much stronger than expected, growing 30% sequentially as demand continued to recover from the bottom set in fiscal fourth quarter of 2020 during the height of the COVID-related lockdowns. And lastly, Mobile revenue was down sequentially with growth in recently introduced 5G phones, offset by dynamics within China.

在筆記型電腦和桌上型電腦領域，我們的快閃記憶體和硬碟收入分別較上季成長了 20% 以上，凸顯了我們的產品組合對主要 OEM 客戶的強大功能和價值。我們的智慧視訊硬碟的需求遠超預期，季增 30%，需求持續從 2020 財年第四季 COVID 相關封鎖高峰期創下的底部回升。最後，由於最近推出的 5G 手機的成長，行動收入環比下降，但被中國國內的動態所抵消。

Moving on to Data Center Devices and Solutions. Revenue was $807 million, down 29% sequentially and 46% from a year ago. Revenue from both capacity enterprise hard drives and enterprise SSDs were down sequentially. As Dave mentioned, we had an unexpected delay in a qualification at a cloud titan. As a result, during the quarter, our capacity enterprise drive shipments were negatively impacted and inventory grew. We have since completed this qualification. And as Dave noted, given that a separate cloud titan qualification was completed ahead of schedule, we now have 3 of the 4 cloud titans qualified on our new energy-assisted drives. In addition, we are beginning to ramp our second-generation enterprise SSD products through calendar year 2021.

繼續討論資料中心設備和解決方案。營收為 8.07 億美元，較上一季下降 29%，比去年同期下降 46%。容量企業硬碟和企業固態硬碟的收入均持續下降。正如戴夫所提到的，我們在雲端巨頭的資格認證方面遇到了意外的延遲。因此，在本季度，我們的容量企業驅動器出貨量受到負面影響，庫存增加。至此，我們已經完成了這項資格認證。正如戴夫所指出的，由於單獨的雲端巨人認證提前完成，我們現在有 4 個雲端巨人中的 3 個在我們的新型能源輔助驅動器上獲得了認證。此外，我們將在 2021 年開始推出第二代企業級 SSD 產品。

Next, Client Solutions revenue was above expectations at $1 billion, up 19% sequentially and 6% from a year ago. The work, school and gaming from home trend benefited both hard drive and flash-based products, again, highlighting the powerful go-to-market synergies of this channel.

其次，客戶解決方案營收超出預期，達到 10 億美元，季增 19%，年增 6%。在家工作、上學和玩遊戲的趨勢使硬碟和基於快閃記憶體的產品都受益，再次凸顯了該管道強大的市場協同效應。

Turning to revenue by technology. Flash revenue was $2 billion, down 2% sequentially and up 11% year-over-year. Flash ASPs were down 9% sequentially on a blended basis and down 6% on a like-for-like basis. Bit shipments were up 7% sequentially. Hard drive revenue was $1.9 billion, up 4% sequentially and down 20% year-over-year. On a sequential basis, total exabyte shipments were up 2%, while the average price per hard drive decreased 8% to $73.

透過技術實現收入。Flash 營收為 20 億美元，季減 2%，年增 11%。Flash 平均售價以混合基礎較上季下降 9%，以同類基礎較上季下降 6%。比特出貨量較上季成長 7%。硬碟營收為 19 億美元，季增 4%，年減 20%。與上一季相比，EB 出貨量整體成長了 2%，而每塊硬碟的平均價格下降了 8%，至 73 美元。

As we move into cost and expenses, please note that all of my comments will be related to non-GAAP results unless stated otherwise. Gross margin for the second quarter was 26.4%, up slightly sequentially and above the upper end of the guidance range provided in October. Our Flash gross margin was up 0.7 points from the last quarter to 27.1% as the mix shifted toward our client SSDs and we experienced a strong seasonal quarter in client solutions. We continued to achieve solid cost reductions. Our hard drive gross margin was 25.6%, down 0.6 points sequentially. The mix shift towards notebook and desktop hard drives and the early ramp of our energy-assisted drives pressured our gross margin. This includes COVID-related impact of approximately $32 million.

當我們討論成本和費用時，請注意，除非另有說明，我的所有評論都將與非 GAAP 結果相關。第二季毛利率為 26.4%，環比略有上升，高於 10 月給出的指導範圍上限。由於產品組合轉向客戶端 SSD，並且我們在客戶端解決方案方面經歷了強勁的季節性增長，我們的 Flash 毛利率較上一季上升了 0.7 個百分點，達到 27.1%。我們繼續大幅降低成本。我們的硬碟毛利率為25.6%，季減0.6個百分點。產品組合向筆記本和桌上型電腦硬碟的轉變以及我們能源輔助硬碟的早期增長給我們的毛利率帶來了壓力。其中包括與 COVID 相關的約 3200 萬美元的影響。

Non-GAAP earnings per share was $0.69, above our guidance range. Operating cash flow for the second quarter was $425 million, and free cash flow was $149 million. Capital expenditures, which include the purchase of property, plant and equipment, and activity related to flash joint ventures on our cash flow statement with a cash outflow of $276 million.

非公認會計準則每股收益為 0.69 美元，高於我們的指導範圍。第二季營運現金流為4.25億美元，自由現金流為1.49億美元。資本支出包括購買物業、廠房和設備，以及與現金流量表上的閃電合資企業相關的活動，現金流出為 2.76 億美元。

In the fiscal second quarter, we paid off $248 million in debt, including an optional debt paydown of $150 million and $35 million of the remaining SanDisk convertible notes. Our liquidity position continues to be strong. At the end of the quarter, we had $3 billion in cash and cash equivalents, and our gross debt outstanding was $9.3 billion. Our debt-to-EBITDA ratio was 3.9x in the second quarter. Our adjusted EBITDA, as defined in our credit agreement, was $3.5 billion, flat sequentially, resulting in a leverage ratio of 2.7x. As a reminder, our credit agreement includes $1 billion in depreciation add-back associated with the joint ventures. This is not reflected in our cash flow statement. Please refer to the earnings presentation on the Investor Relations website for further details.

在第二財季，我們償還了 2.48 億美元的債務，其中包括 1.5 億美元的可選債務償還和剩餘的 3500 萬美元 SanDisk 可轉換票據。我們的流動性狀況持續強勁。截至本季末，我們擁有 30 億美元現金和現金等價物，未償還債務總額為 93 億美元。我們第二季的負債與 EBITDA 比率為 3.9 倍。根據我們的信貸協議定義，我們的調整後 EBITDA 為 35 億美元，環比持平，槓桿率為 2.7 倍。提醒一下，我們的信貸協議包括與合資企業相關的 10 億美元折舊加回。這並沒有反映在我們的現金流量表中。請參閱投資者關係網站上的收益報告以了解更多詳情。

Moving on to our outlook. Our fiscal third quarter guidance is as follows. We expect revenue to be in the range of $3.85 billion to $4.05 billion, and we expect both HDD and Flash revenue to be in a similar range in the third quarter as they were in the second. This range is better than expected when you consider normal seasonality, which would have implied a 7% decrease sequentially in the third quarter.

繼續我們的展望。我們對第三財季的指導如下。我們預計營收將在 38.5 億美元至 40.5 億美元之間，並且我們預計第三季的 HDD 和 Flash 收入都將與第二季處於相似的範圍內。如果考慮正常的季節性因素，這個範圍會比預期的要好，這意味著第三季較上季下降 7%。

We expect non-GAAP gross margin to be between 25.5% and 27.5%. We expect flash gross margin to improve sequentially as we anticipate flash price declines will improve from the fiscal second quarter and cost reductions will continue. Hard drive gross margin is expected to be down sequentially, primarily due to higher volumes of our 16-terabyte drive and a planned reduction in production volume. We expect the 18-terabyte drive to be the leading capacity point as we head into the second half of the calendar year, which should propel growth in this segment going forward.

我們預計非公認會計準則毛利率在 25.5% 至 27.5% 之間。我們預計快閃記憶體毛利率將環比提高，因為我們預計快閃記憶體價格下降的趨勢將從第二財季開始改善，成本降低也將繼續。硬碟毛利率預計將環比下降，主要原因是我們的 16TB 硬碟產量增加以及計劃減少產量。我們預計，隨著我們進入下半年，18TB 硬碟將成為領先的容量點，這將推動該領域的未來成長。

We expect operating expenses to be between $705 million and $725 million. Interest and other expense is expected to be approximately $70 million. The tax rate is expected to be approximately 23% in the third quarter, and we expect non-GAAP earnings per share to be between $0.55 and $0.75 in the third quarter, assuming approximately 310 million fully diluted shares.

我們預計營運費用將在 7.05 億美元至 7.25 億美元之間。利息和其他費用預計約為 7000 萬美元。預計第三季稅率約為 23%，我們預計第三季非 GAAP 每股盈餘將在 0.55 美元至 0.75 美元之間，假設完全稀釋股份約為 3.1 億股。

Now I'll turn it back over to Dave.

現在我將把發言權交還給戴夫。

Thanks, Bob. As we discussed, Western Digital has worked hard to position ourselves to address this unabated growth in data and, therefore, storage technology. And thanks to these efforts, the market has aligned favorably for us. We're running 2 industry-leading technology franchises in end markets that will only continue to grow as the digital transformation further accelerates.

謝謝，鮑伯。正如我們所討論的，西部數據一直努力定位自己，以應對數據和儲存技術的持續成長。由於這些努力，市場對我們有利。我們在終端市場經營兩個領先業界的技術特許經營權，隨著數位轉型的進一步加速，這些特許經營權將繼續增長。

We know that our HDD business is less encumbered by workload mix shifts today and that our Flash business is becoming more and more driven by applications. We also have made the right investments, and our joint ventures with Kioxia are a strategic differentiating asset.

我們知道，如今我們的 HDD 業務受工作負載組合變化的影響較小，而我們的 Flash 業務越來越多地受到應用程式的驅動。我們也進行了正確的投資，與 Kioxia 的合資企業是一項策略差異化資產。

It is an extremely exciting time for our company as we are focused on capitalizing on the tremendous opportunities in front of us. Accordingly, we will continue building momentum behind our business unit strategies, company positioning, strong brand and industry-leading portfolio.

對我們公司來說，這是一個極其令人興奮的時刻，因為我們正專注於利用眼前的巨大機會。因此，我們將繼續為我們的業務部門策略、公司定位、強大的品牌和領先業界的產品組合累積動力。

I'll now turn the call over to the operator to begin Q&A.

我現在將電話轉給接線員開始問答。

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

（操作員指示）我們的第一個問題來自富國銀行的 Aaron Rakers。

Yes. Just kind of on the nearline hard disk drive market, I know that you talked about some puts and takes with regard to qualification cycles on the 18-terabytes. But I guess the question first of all is, can you help us understand what capacity shipments did in the quarter for nearline? And just help us understand the kind of the shape of the ramp that you expect on nearline as far as capacity shift over the next quarter or a couple of quarters, which -- however you want to kind of discuss your expectations on 18 TBs ramping going forward?

是的。就近線硬碟市場而言，我知道您談到了與 18TB 的認證週期有關的一些利弊。但我想首先的問題是，您能否幫助我們了解本季近線容量的出貨量？請幫我們了解一下，就下一季或未來幾季的近線容量變化而言，您預計會出現什麼樣的成長趨勢，您想如何討論一下您對未來 18 TB 成長的預期？

Yes, I would say -- thanks, Aaron. So I would say the mix last quarter was still 14, 16 for the most part. Of course, there are some 18s mixed in there. But as we said, one of the big calls that we were working on kind of finished right in the first week of the following quarter, so we expect that now to start ramping.

是的，我想說──謝謝，亞倫。所以我想說上個季度的混合比例大部分還是 14、16。當然，其中也混雜著一些18歲的人。但正如我們所說，我們正在進行的一項重要工作將在下一季的第一周完成，因此我們預計現在將開始加速。

I think -- as I said in the remarks, I think cloud digestion is abating. So there -- I think the different big players come out of it at different rates, and the first ones are already starting to come out. And we expect other ones to pick up as we go through the year.

我認為——正如我在評論中所說，我認為雲消化正在減弱。所以——我認為不同的大公司會以不同的速度出現，而第一批大公司已經開始出現。我們預計，隨著時間的推移，其他業務也會有所回升。

So the big thing for us is we expect 18 to -- as we get into the middle part of the year, that's where the transition will happen at being the leading capacity point for us. And as that happens, that's good for our business. So that's basically how we see it.

因此，對我們來說最重要的是，我們預計 18 月將實現轉型，成為我們的主要產能點。而這種情況發生時，對我們的業務有利。這就是我們基本上的看法。

And what did capacity shipments during the quarter?

本季的產能出貨量如何？

Bob, do you have the capacity shipment for the quarter?

鮑勃，您有本季的產能出貨量嗎？

Well, I mean we don't split it out specifically, but you can see that on the Data Center Devices and Solutions, we were down quite a bit, and that was driven both by the capacity enterprise as well as enterprise SSDs.

嗯，我的意思是我們不會具體地將其分開，但你可以看到，在資料中心設備和解決方案方面，我們下降了不少，這是由企業容量和企業 SSD 共同推動的。

Our next question comes from the line of Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬·摩爾。

Great. In terms of the NAND gross margins, the improvement that you saw in the December quarter sequentially with prices down 6% like-for-like and the improvement that you're seeing in Q1, where is that coming from? And can you remind us where you are with the startup expenses from the new fab rolling off?

偉大的。就 NAND 毛利率而言，您看到 12 月季度環比改善，價格同比下降 6%，並且您看到第一季也有所改善，這從何而來？您能否提醒我們新廠投產後的啟動費用是多少？

Yes. So I'd say, kind of as we started talking about last quarter, in the more transactional markets, we're seeing pricing get better. We'll see how that flows through to the negotiated markets over the next couple of quarters. But basically, as we went through the quarter, we saw retail and parts of the channel improve. And as far as K1 costs?

是的。所以我想說，正如我們在上個季度開始談論的那樣，在交易量更大的市場中，我們看到定價變得更好了。我們將觀察其在未來幾季內如何影響談判市場。但基本上，隨著我們度過這個季度，我們看到零售和部分管道有所改善。那麼 K1 的費用是多少呢？

Yes, I can update you on K1. So I think I had originally guided to around $50 million in K1 startup costs this quarter, and we actually came in around $40 million. And this quarter, the quarter we're now in, will be at normal production volume. So we're not going to continue reporting startup costs because we're really not in startup mode anymore.

是的，我可以向您更新 K1 的最新情況。所以我認為我最初預計本季 K1 啟動成本約為 5000 萬美元，而我們實際的成本約為 4000 萬美元。本季度，也就是我們現在所處的季度，產量將恢復正常。因此，我們不會繼續報告啟動成本，因為我們實際上不再處於啟動模式。

Great. And then in terms of your inventory level, I think you said that the inventory increase was mostly on the drive side. Where are you in terms of your internal NAND inventory?

偉大的。然後就您的庫存水平而言，我認為您說庫存增加主要是在驅動方面。你們的內部 NAND 庫存狀況如何？

The flash inventory is pretty consistent with the last couple of quarters, and we're not -- we haven't really built inventory on the Flash side. We really, as we mentioned in our remarks, really built some inventory in anticipation of the new drive -- the new capacity enterprise drives shipping, and that's going to start higher and higher volumes as we go forward.

閃存庫存與過去幾個季度相當一致，我們並沒有——我們還沒有在閃存方面真正建立庫存。正如我們在評論中提到的那樣，我們確實建立了一些庫存，以應對新的動力——新產能企業推動運輸，隨著我們前進，運輸量將會越來越大。

And our next question comes from the line of Wamsi Mohan with Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Thanks for the color on the data center side. I was wondering, just given your comments around the qualification timing, can this segment grow in fiscal second half versus fiscal second half of 2020, especially given that the comps sort of get tougher by the end of the fiscal year?

感謝資料中心方面的顏色。我想知道，根據您對資格時間的評論，這個細分市場在 2020 財年下半年與 2021 財年下半年相比是否會增長，尤其是考慮到到本財年末競爭會變得更加激烈？

And your comments on HDD gross margins sort of worsening sequentially, is this basically -- are we waiting for one more quarter, basically the end of the fiscal year, before we see HDD margins pick up as you get material pickup in 18 TB? Or will these cloud sort of abatement plus the OEM pickup help by your fiscal fourth quarter?

您對 HDD 毛利率環比下降的評論是這樣的——我們是否還要等待一個季度，也就是財年末，才能看到 HDD 利潤率隨著 18 TB 材料的回升而回升？或者這些雲端的減少加上 OEM 的回升會對您的第四財季有所幫助嗎？

Okay. Let me see if I can decompose that a little bit. So yes, we expect a pickup in -- as we move throughout the year. I think your call on the gross market -- we see the revenue coming back as we move into next quarter and then getting better throughout the year. We kind of guide one quarter at a time. I don't have the year-over-year number on the top of my head. But you're right on margin. We kind of expect one more quarter of maybe flat to slightly down margin on the drive side, and then we'll start to see that accelerate, especially as we move through into higher percentage of 18 Ts.

好的。讓我看看是否可以稍微分解。所以是的，我們預計隨著全年的發展，銷量會有所回升。我認為您對整個市場的預測是——隨著進入下個季度，我們會看到收入回升，並且全年都會變得更好。我們每次只指導一個季度。我還沒有記住同比的具體數字。但你對邊際的看法是正確的。我們預計，再過一個季度，驅動方面的利潤率可能會持平或略有下降，然後我們將開始看到利潤率加速，特別是當我們進入 18 Ts 的更高百分比時。

And our next question comes from the line of Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I wanted to follow up on gross margins in your ACD business, David. So again, as you mentioned, this quarter is going to be flat to down. As you move forward with mix improving, hopefully COVID costs abating at some point, maybe some of the costs related to energy assist going away, do you think getting back to 30% over the next year or so is a reasonable target? Or is the margin profile structurally different today versus a year ago, 2 years ago?

大衛，我想了解一下你的 ACD 業務的毛利率。所以，正如您所提到的，本季將持平或下降。隨著組合不斷改善，希望 COVID 成本在某個時候會減少，也許一些與能源相關的成本會消失，您認為在未來一年左右回到 30% 是一個合理的目標嗎？或者今天的利潤率結構與一年前或兩年前相比是否有所不同？

No. I think you hit on the issues there. I mean, first of all, COVID last quarter was about 1.7% of a headwind in that business. In mix, we talked about retail being multiyear high. But we believe as we get -- we go into 18, we have a path back to the kind of margin profile you're talking about. We just need to get the mix better. I mean COVID's a bit of a wildcard. How fast the -- it's really the freight costs, how fast we can get freight costs to come down. It's been obviously pretty sticky about where it's been for the last couple of quarters. And then as I said, as we move into 18 and we see the cloud digest -- fully come out of cloud digestion, I think you'll see a path back to the more traditional margin structure.

不。我認為您觸及了那裡的問題。我的意思是，首先，上個季度的 COVID 對該業務造成了約 1.7% 的阻力。在組合中，我們討論了零售業多年來的高點。但我們相信，隨著我們進入 18 歲，我們就能回到您所說的那種利潤率。我們只需要讓混合變得更好。我的意思是，COVID 有點難以預測。這其實是運費成本的問題，我們可以多快讓運費下降。顯然，過去幾季的情況一直相當不穩定。然後，正如我所說的，當我們進入 18 並且看到雲消化時 - 完全擺脫雲消化，我認為你會看到一條回歸更傳統的保證金結構的道路。

Our next question comes from the line of Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes. On the Flash side, can you please provide some color as to what percentage of flash revenue were driven from gaming? And how do you see that trending for the rest of the year? And I have a follow-up.

是的。在 Flash 方面，您能否提供一些細節，說明 Flash 收入中有多少百分比來自遊戲？您認為今年剩餘時間的趨勢如何？我還有一個後續問題。

Yes. Gaming was -- gaming is still -- I think it's not as significant as it was last quarter, given last quarter, there was a lot of buy-in anticipation of the initial builds. So I would say it's down a little bit sequentially, but it's still a great market for us because we can play the console side of it and the retail with WD Black, which has been very, very well received in the retail channels. And it is part of the reason the retail business is doing well, and the margins are good as we're investing in brand in addition to just the product. So sequentially down a little bit but still expected to be a good market as we move throughout the year.

是的。遊戲是 - 遊戲仍然是 - 我認為它不像上個季度那麼重要，因為上個季度，人們對初始版本抱有很高的期望。所以我想說，它的銷量環比有所下降，但對我們來說這仍然是一個很好的市場，因為我們可以涉足遊戲機市場，也可以透過 WD Black 進行零售，而 WD Black 在零售通路中受到了非常熱烈的歡迎。這也是零售業務表現良好的原因之一，利潤率也很高，因為我們除了投資產品之外，還投資了品牌。因此，雖然環比有所下降，但預計全年市場仍將保持良好狀態。

Got you. And then one additional follow-up on the Flash side. Last earning conference call, you alluded to the fact that you are a couple of quarters away from finalizing contracts with OEMs. And as prices or supply/demand at titans, do you see OEMs stepping up and signing longer-term contract? Or is this just going to be a guesswork as to how they plan for -- especially like 1 or 2 quarters out?

明白了。然後是關於 Flash 方面的一個額外後續內容。在上次收益電話會議上，您提到距離與 OEM 簽訂合約還有幾個季度的時間。隨著價格或供需情勢的惡化，您是否認為原始設備製造商會加快步伐並簽署長期合約？或者這只是對他們如何計劃的猜測——尤其是像 1 或 2 個季度之後？

Yes, I think what I talked about last quarter was actually a qualification at the OEMs, and that's a multi-quarter activity. The pricing is negotiated on a quarterly basis, and there's kind of a long-term agreement of, let's say, on a year time frame of what the target share is, but that can move around a little bit. But that gives you a sense about kind of how the market works.

是的，我認為我上個季度談到的實際上是 OEM 的資格認證，這是一項持續多個季度的活動。定價是按季度協商的，並且有一種長期協議，比如說，在一年的時間範圍內確定目標份額，但這可能會有一點變動。但這能讓你了解市場是如何運作的。

But how do you see the dynamics like today compared to like October conference call?

但是與 10 月的電話會議相比，您如何看待今天的動態？

Of which part? The call or the share or the pricing?

屬於哪一部分？看漲期權、股票還是定價？

Well, the qualification and how I think as you look into rest -- remainder of the year, do you see more of a pricing power coming back to the suppliers? Or is it still going to be a hard negotiation?

好吧，資格以及我認為當您考慮今年剩餘時間時，您是否看到更多的定價權回歸供應商？或者這仍將是一場艱難的談判？

Well, I mean -- so the qualification was all about our second-generation NVMe enterprise SSD product, which is quite a mouthful. But that qualification -- I think last quarter, I said we were scheduled to start a qualification this quarter. I said in October, we were scheduled to start qualification in our fiscal second quarter, which did start and is underway. And that is a multi-quarter process, and assuming it's successful, put us in a stronger position to ship that product into the OEM -- into the big OEM.

嗯，我的意思是——資格認證都是關於我們的第二代 NVMe 企業 SSD 產品，這是一個相當拗口的名字。但是那個資格——我想上個季度，我說過我們計劃在本季開始資格認證。我在十月就說過，我們原計劃在第二財季開始資格審查，目前資格審查已經啟動並且正在進行中。這是一個持續多個季度的過程，假設它成功了，我們將更有優勢將產品運送到 OEM——大型 OEM。

So it's underway, as I said in the prepared remarks and I think I've been talking about now for a couple of quarters. The qualification in my book is the last phase of the development process. It can move around a little bit. But the fact that it's underway is a good sign for -- we're working to expand the TAM of that product.

正如我在準備好的演講中所說的那樣，它正在進行中，我想我已經談論了幾個季度了。在我看來，資格認證是開發過程的最後階段。它可以稍微移動一下。但事實上，它的進行是一個好兆頭——我們正在努力擴大該產品的 TAM。

Our next question comes from the line of C.J. Muse with Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

A question on the NAND side. Can you speak to what's driving the better than seasonal demand in Q1? And then beyond March, how are you thinking about changes in your mix? And what impact that will have on your gross margins?

關於 NAND 方面的一個問題。您能說說是什麼原因推動了第一季需求好於季節性嗎？那麼三月之後，您打算如何改變您的組合？這會對您的毛利率產生什麼影響？

So I'll take -- I'll give you a perspective, and share Bob's perspective as well. So we've been talking about retail for several quarters now. It's been good. The team has been doing a great job launching new products. I talked about WD Black in the gaming segment, ArmorLock, security and enterprise SSD. So lot of really good work there. And so that continue -- we expect that there's momentum there, let me put it that way.

所以我會——我會給你一個觀點，並分享鮑伯的觀點。我們已經討論零售業好幾個季度了。一切都很好。該團隊在推出新產品方面做得非常出色。我談到了遊戲領域的 WD Black、ArmorLock、安全性和企業 SSD。那裡有很多非常好的工作。這樣一來，我們預計那裡就會有動力，讓我這樣說吧。

PC, notebook demand, we still see as being strong. And we talked about what I think was a significant milestone for us this past quarter was finishing the qualification of our second-generation NVMe enterprise SSD product at one of the cloud titans. And that finished right at the end of the quarter, and we started shipping. So that's accretive as well.

我們仍然認為個人電腦和筆記型電腦的需求強勁。我們談到了我認為上個季度對我們來說的一個重要里程碑，那就是在一家雲端巨頭公司完成了第二代 NVMe 企業級 SSD 產品的認證。這項工作在本季度末完成，然後我們開始發貨。所以這也是一種增值。

Yes, I don't have a lot to add. I mean I think it's -- retail continues to be strong in this work-from-home environment, and the enterprise SSD business will just keep picking up.

是的，我沒什麼好補充的。我的意思是，我認為在這種在家工作的環境下，零售業將繼續保持強勁，企業 SSD 業務也將繼續回升。

And just to follow-up on how you're thinking about mix beyond the current quarter and what the implications are for margins.

只是想跟進一下您對本季之後的組合有何看法，以及這對利潤率有何影響。

Well, I mean say a little more. I mean we're still -- I mean we still have a -- I would say we're focused on a balanced portfolio. I mean we're clearly working on improving our position on enterprise SSD. That's been a big goal for the company for -- even before I got here. And our second-generation product is things are going well. I think 150 qualifications now, including one of the big cloud players, which is a good breakthrough.

好吧，我的意思是再多說一點。我的意思是我們仍然——我的意思是我們仍然有——我想說我們專注於平衡投資組合。我的意思是，我們顯然正在努力提高我們在企業級 SSD 方面的地位。在我來到這裡之前，這已經是公司的一個大目標了。我們的第二代產品進展順利。我認為現在有 150 個資質，其中包括一個大型雲端運算公司，這是一個很好的突破。

We're still -- client SSD is obviously a strength for the company and has been for a while. We talked about gaming last quarter. And then mobile, we still have a healthy mix into mobile. I think we're under-indexed to the market, but we're still in that market because it's very, very important to be in that market. So I expect a balanced mix across that. And then you mix in some IoT and automotive, and you get most of the portfolio.

我們仍然——客戶端 SSD 顯然是公司的優勢，並且已經持續了一段時間。我們上個季度討論了遊戲。然後是行動領域，我們在行動領域仍然保持著健康的發展勢頭。我認為我們對市場的重視程度較低，但我們仍然在這個市場，因為在這個市場中佔有一席之地非常非常重要。因此我期望實現平衡的組合。然後你加入一些物聯網和汽車技術，你就得到了大部分的投資組合。

And our next question comes from the line of Sidney Ho with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

Great. The question I have is on NAND. It's good to see NAND margins improving and price decline moderating. How do you see industry supply/demand balance for the rest of the year maybe compared to what you think a quarter ago? And how do you see your own bit shipment growth this calendar year and kind of the shape of that for the rest of this year?

偉大的。我的問題是關於 NAND 的。很高興看到 NAND 利潤率提高且價格下跌趨勢減緩。與上一季相比，您如何看待今年剩餘時間的產業供需平衡？您如何看待今年的比特出貨量成長以及今年剩餘時間的出貨量成長？

I guess what we would say about investment in the industry is we're pretty much where we've been, which we think the industry has been pretty good about this. I mean there's a lot of variability on investment on supplier by supplier. Capital cycles vary. Even no transitions within each supplier vary about how much capital require -- how much capital is required. In our case, BiCS5 is a very capital-efficient node. BiCS6 will require a little more capital. We'll talk about that when we get there. So we still see a pretty good balance. We see strong demand drivers. We see -- I think we see bit growth this year, probably low 30s, low to mid-30s, and we see demand above that. So I think nothing we're seeing in the environment surprises us tremendously.

我想，關於該行業的投資，我們會說我們基本上處於目前的水平，我們認為該行業在這方面做得相當不錯。我的意思是，不同供應商的投資有很大的差異。資本週期各不相同。即使每個供應商內部沒有轉變，需要多少資本也會有所不同——需要多少資本。在我們的案例中，BiCS5 是一個非常資本有效率的節點。BiCS6 需要更多一點的資金。我們到那兒後再討論這件事。所以我們仍然看到相當好的平衡。我們看到了強勁的需求驅動力。我們看到——我認為今年我們會看到一點成長，可能是 30% 出頭，30% 出頭到 30% 中段，而且我們看到需求會高於這個水平。所以我認為我們在環境中看到的一切都不會讓我們感到非常驚訝。

And our next question comes from the line of Patrick Ho with Stifel.

我們的下一個問題來自 Stifel 的 Patrick Ho。

Dave, maybe qualitatively, now that you've been at the company for almost a year, without the, I guess, financial quantification, with the 2 businesses now separated, where do you see the most improvement in the time that you've been here so far? Is it in the R&D side of things? Are you more efficient there, manufacturing supply chain? Where are you seeing the most gains? And where do you think, as you go into your second year, you see more opportunities to improve?

戴夫，也許從品質上講，現在你已經在公司工作了將近一年，我想，沒有財務量化，現在兩個業務已經分開，你認為到目前為止，你在這裡工作期間最大的進步是什麼？這是研發方面的事嗎？你們的製造供應鏈效率更高嗎？您在哪裡看到最大的收益？您認為，進入第二年，您在哪些方面會有更多的進步機會？

So I guess what I would say is, first of all, it's been an extraordinary 10 months and especially to join the company at the beginning of a global pandemic that I don't -- that hasn't happened in our lifetimes, at least not mine. And so I think it's been -- it's just been extremely impressive to see how the company has responded to that and the evolution of that in the early days, a lot of issues on the supply side that have just been completely worked out and things are running extremely well.

所以我想說的是，首先，這是非同尋常的 10 個月，尤其是在全球疫情爆發之初加入公司，這種事在我們一生中從未發生過，至少在我一生中從未發生過。所以我認為——看到公司對此的反應以及早期的發展令人印象深刻，供應方面的許多問題已經徹底解決，事情進展得非常順利。

I think we've made a lot of progress on the -- what -- just what you said, really understanding where the synergies of this portfolio are, which are on the go-to-market side, the fact that we bring a broader solution to our customers. And I think we understand our customers' requirements well given that we can play in both the drive market and the flash market, but that they're very different products and driving the road maps up. I mean the technology is extremely important and to separate those in the BU. And I think we're -- it's still pretty early, but the impact of having 2 very accomplished leaders join an already strong team, it just has an immediate impact on clarifying the road map, understanding where we're investing our R&D dollars, engaging with customers in a way that can drive the portfolio. So I think we've made really good progress there, but I think it'll continue to get better as we go when these leaders get -- and the groups get more established.

我認為我們已經取得了很大進展——正如你所說的，真正理解這個產品組合的協同效應在哪裡，即在市場進入方面，事實上我們為客戶帶來了更廣泛的解決方案。而且我認為我們非常了解客戶的需求，因為我們可以同時涉足驅動器市場和快閃記憶體市場，但它們是非常不同的產品，並且推動著路線圖的發展。我的意思是技術極為重要，並且要將 BU 中那些技術分開。我認為我們——現在還為時過早，但兩位非常有成就的領導者加入一個已經很強大的團隊，將對明確路線圖、了解我們在哪裡投資研發資金、以能夠推動投資組合的方式與客戶互動產生直接影響。所以我認為我們在那裡已經取得了很好的進展，但我認為隨著這些領導人和團體變得更加成熟，情況會繼續變得更好。

And then the other thing I'll say, which is not really something that I expect to get better, I think it's something that I just always want to reinforce is the value of the partnership with Kioxia. And I've spent -- given I can't travel, we still spend a lot of time with the leadership there. Obviously, our teams work together on a day-by-day basis. I'm not saying -- I'm not pointing this out because it works extraordinarily well, and it's just a tremendous strength of the company, and it's been really great for me to be a part of it over the last 10 months.

然後我要說的另一件事，這並不是我真正期望會變得更好的事情，我認為這只是我一直想強調的事情，那就是與 Kioxia 合作的價值。儘管我不能出行，但我們仍然花了很多時間與那裡的領導層在一起。顯然，我們的團隊每天都在一起工作。我並不是說——我並不是指出這一點，因為它的效果非常好，而且這只是公司的一大優勢，而且在過去 10 個月裡，能夠成為其中的一員對我來說真的很棒。

Our next question comes from the line of Mitch Steves with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Mitch Steves。

I had 2 questions. I'm actually going to focus a little bit more on the hard disk drive side. So first is just kind of on the margins. If I look at the kind of the run rate of the business right now and I compare it to 2018, it was back then, it was kind of a 27% gross margin business on roughly $2 billion of revenue. So if I assume that COVID-related headwinds and kind of the supply chain issues were about 100 basis points of headwind to gross margin, am I roughly accurate there? So I'll start with that one, I have a follow-up after that.

我有兩個問題。我實際上將更多地關注硬碟方面。所以首先只是處於邊緣。如果我看一下現在的業務運作率，並將其與 2018 年進行比較，當時的業務毛利率約為 27%，收入約為 20 億美元。因此，如果我假設與 COVID 相關的不利因素和供應鏈問題對毛利率造成了約 100 個基點的不利影響，那麼我的假設是否大致準確？所以我將從那一點開始，然後再進行後續跟進。

Yes, I think it's closer to 170 basis points of headwind.

是的，我認為逆風接近 170 個基點。

So the number would have been kind of 27.2%, 27.3% in that rough range?

那麼這個數字大概是 27.2% 或 27.3% 左右？

Yes. Yes, that's correct.

是的。是的，沒錯。

Okay. And then secondly, you guys used to disclose a little bit more detail on the non-compute units. I think those were up pretty significantly Q-over-Q, 8.2 going to 10.1. I'm just curious if you can give us any sort of like directionality in -- was it more consumer electronics? Or was it more your branded units are doing better for the quarter?

好的。其次，你們過去常常揭露有關非計算單元的更多細節。我認為這些數字與上一季相比有顯著上升，從 8.2 上升到 10.1。我只是好奇您是否可以給我們一些類似的指導——它是否更多的是消費性電子產品？還是說您的品牌部門本季表現較好？

I don't want to get too much into the specifics. So one of the things we did mention was smart video was up quite a bit sequentially, and that's in the non-compute area. But we're -- just on the hard drive side, on client and notebook, we did really well.

我不想談論太多細節。因此，我們提到的一件事是智慧視訊的環比增長相當大，而且這是在非計算領域。但我們——僅在硬碟方面，在客戶端和筆記型電腦方面，我們做得非常好。

And our next question comes from the line of Tom O'Malley with Barclays.

我們的下一個問題來自巴克萊銀行的湯姆奧馬利。

My question is really centered around the transition of the 2 cloud titans with the HD qualifications. You said one slipped a little, one came in a bit earlier. Can you talk about what the mix of those transitions kind of net? You talked about, obviously, the gross margin slipping into the next quarter but then kind of recovering. So we're seeing a bottom there. Do you think that the out quarter is benefiting from this with the one coming in earlier? Or do you think it's a net negative transaction in the near term? I just want to get a little bit more color about how it affects the business into March.

我的問題實際上集中在具有高清資格的 2 個雲巨人的轉變上。你說一個落後了一點，一個來得早一點。您能談談這些轉變的混合類型嗎？您提到，顯然，毛利率在下個季度會下滑，但隨後會有所回升。因此我們看到那裡已經觸底。您是否認為，由於提前到來，外季會從中受益？還是您認為短期內這是一筆淨負交易？我只是想進一步了解它對三月的業務有何影響。

Yes. I think -- so if you look in last quarter, there was some business we expected to ship on 18 that we didn't because the qualification wasn't done. And it actually wrapped up, I think, the first week of January. So some of that business mixes into other capacity points, and some of it goes to other suppliers. But -- and then in the other qualification that we didn't expect to finish until -- it wasn't -- we didn't -- and the schedule was the end of the -- towards the end of this quarter we're in. That actually finished sometime last quarter, very smooth. So what it says is looking backwards that things could have been a little better if the one would have finished on time, but going -- now they're both behind us. So going forward, we're in a position to start to ship 18s to both of those customers as they ramp the capacity point. Does that help?

是的。我認為——如果你看一下上個季度，你會發現我們原本計劃在 18 日發貨的一些業務，但由於資格審查尚未完成，我們並沒有發貨。我認為它實際上在一月的第一周就結束了。因此，部分業務會混入其他產能點，部分業務則會流向其他供應商。但是 — — 然後，在另一場資格賽中，我們預計要到 — — 才可以完成 — — 我們沒有 — — 並且時間表是在本季度末 — — 接近尾聲。這實際上是在上個季度的某個時候完成的，非常順利。所以它說的是回顧過去，如果其中一個能按時完成，事情可能會更好一些，但是現在它們都已經落後了。因此，展望未來，隨著這兩個客戶產能的提升，我們準備開始向他們運送 18 輛。這樣有幫助嗎？

And our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

On the gross margins on the Flash side of the business, good to see the inflection in gross margins in December. As you guys mentioned, startup costs are coming out here in the March quarter. So that's about 150, 175 basis points gross margin tailwind to NAND. And then on top of that, you're seeing better pricing trends and maybe getting a little bit of benefit from the higher-margin trends from your initial shipments of your Gen 2 NVMe products. So are gross margins approaching 30% here in the March quarter? Or maybe if you could just help me understand some of the puts and takes on gross margins for NAND.

就 Flash 業務的毛利率而言，很高興看到 12 月毛利率出現轉折點。正如你們所提到的，啟動成本將在三月季度出現。因此，這對 NAND 來說意味著約 150 至 175 個基點的毛利率順風。除此之外，您還會看到更好的定價趨勢，並可能從第二代 NVMe 產品初始出貨量的高利潤趨勢中獲得一些好處。那麼，3 月季度的毛利率是否接近 30%？或者也許您能幫助我了解 NAND 毛利率的一些影響因素。

Yes. So Harlan, I mean you talked about a number of the moving parts. And we're definitely, as I said earlier, expecting gross margins to improve on the Flash side. We saw in the last quarter, I'd say, very -- good pricing trends in the transactional markets. In the OEM markets, we negotiate one quarter a time. So it's -- and we did that, obviously, in the middle of last quarter. So it's a little hard to say how much we'll see there. And then we're continuing to do a good job on the other part of the equation, which is cost reduction. We still think we're very confident in our 15% year-over-year cost decline. So I think it's just a question of how pricing plays out as we move forward, but I think we're in a very good place.

是的。哈蘭，我的意思是你談到了許多活動部件。正如我之前所說，我們確實預計 Flash 方面的毛利率會提高。我想說，我們在上個季度看到了交易市場的非常好的定價趨勢。在OEM市場，我們每季進行一次談判。所以 — — 顯然，我們在上個季度中期就做到了這一點。因此很難說我們能在那裡看到多少東西。然後，我們將繼續做好等式的另一部分，即降低成本。我們仍然認為，我們對成本年減 15% 非常有信心。所以我認為這只是一個關於定價如何發揮作用的問題，但我認為我們處於一個非常好的位置。

Yes. Absolutely. And just a follow-up. So many of the suppliers of your HDD and SSD controller chips are seeing tightness in wafer supply, assembly and test capacity. Are your shipments here in the March quarter potentially being somewhat held back because of lack of controller availability from some of your merchant or ASIC controller chip suppliers?

是的。絕對地。這只是後續行動。因此，許多 HDD 和 SSD 控制器晶片供應商都面臨晶圓供應、組裝和測試能力緊張的問題。由於部分商家或 ASIC 控制器晶片供應商缺乏控制器，你們 3 月季度的出貨量是否會受到一定程度的阻礙？

Yes, there's no doubt things are tight, and we're not immune from that. I mean, clearly, we have our financial plan covered with components. But when you do go looking for things from the semiconductor supply chain, it is tight right now. So we'll see how it plays out during the quarter.

是的，毫無疑問情況很緊張，我們也無法倖免。我的意思是，顯然我們的財務計劃已經涵蓋了各個部分。但當你從半導體供應鏈中尋找東西時，你會發現現在的情況很緊張。因此，我們將觀察其在本季的表現。

And our next question comes from the line of Nik Todorov with Longbow Research.

我們的下一個問題來自 Longbow Research 的 Nik Todorov。

I understand, David, I think you talked about seeing continued momentum in retail and PCs. But maybe we can extend a little bit. I would like to hear your thoughts about how you see those trends persisting as we look forward. I know visibility is probably not as good. But I just want to hear your thoughts, how you're thinking as we go into the following quarters, the demand from PCs and retail and work-from-home specifically.

我明白，大衛，我想您談到了零售業和個人電腦行業的持續發展勢頭。但也許我們可以稍微延長一下。我想聽聽您的看法，您如何看待這些趨勢在未來的持續發展。我知道能見度可能不太好。但我只是想聽聽您的想法，當我們進入下一季時，您對個人電腦、零售和在家工作的需求有何看法？

Yes. I mean it's obviously a very dynamic environment with the pandemic and seeing resurgence in certain parts of the world and more lockdowns in parts of the world. So it's hard to call it more than one quarter a time. We guide one quarter at a time, but I think I understand your question a little bit broader.

是的。我的意思是，這顯然是一個非常動態的環境，疫情在世界某些地區捲土重來，世界部分地區實施了更多封鎖。因此，很難稱其超過一個季度。我們每次只指導一個季度，但我認為我對您的問題的理解更加廣泛一些。

I guess what I would say is in retail, we've really just dialed in like how to deal with this environment we're in and the dynamic nature of it. And I think that the new products that we've been launching have been well received. Again, I mean the WD Black gaming product, we're doing co-branding with other folks. We introduced a product around security and storage that I think is going to be good for us. So a lot of investment in the brands, which are strong, make sure we keep share voice high. And it has been an area where we've been able to get some momentum and keep some momentum, I think, going a couple of quarters back.

我想說的是，在零售業中，我們真正關心的是如何處理我們所處的環境及其動態特性。我認為我們推出的新產品受到了好評。再說一次，我的意思是 WD Black 遊戲產品，我們正在與其他人進行聯合品牌推廣。我們推出了一款圍繞安全和儲存的產品，我認為這對我們有益。因此，對實力雄厚的品牌進行大量投資，確保我們保持較高的市場份額。我認為，在過去的幾個季度裡，我們已經在這個領域獲得了一些動力，並保持了一定的勢頭。

So but it is, to your point, it's very dynamic given the COVID situation and the lockdown. So we'll see above seasonality performance. Q1 is a seasonally weak quarter for retail, but we're planning to do a little bit better than that.

所以，正如你所說，考慮到 COVID 的情況和封鎖，情況非常活躍。因此我們將看到上述季節性表現。第一季是零售業的季節性疲軟季度，但我們計劃做得更好一些。

And our next question comes from the line of Ananda Baruah with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda Baruah。

Yes, I guess if I could just go back to the gross margins on the flash side. Longer term, intermediate- to a longer-term view, you guys see a path to sustainably greater than 30% margins? I think you've talked about it in the past. And if so, what are the kind of signposts or mechanisms that need to manifest to have that be the case? Appreciate it.

是的，我想如果我可以回到快閃記憶體方面的毛利率。從長期、中期和長期來看，你們認為利潤率可持續超過 30% 的途徑是什麼？我想你以前曾經談論過這個問題。如果是這樣，那麼需要體現什麼樣的路標或機制才能實現這一目標？非常感謝。

Yes, I guess I can start with that. And again, as we all know, a lot of this depends on the supply and demand and what's going on with the industry. We've been encouraged, as we said, about the pricing in the transactional markets over the last few months. As we move forward, we're pretty confident on the demand side for the year. I mean there's just obviously a big demand on the mobile side. We think we're going to see very good demand on the enterprise SSDs. We've already had a strong position on client SSDs. So we feel pretty confident on the demand side. And we think the supply side appears to be pretty rational. And I think if that's the case, we should see margins improve from here. But I don't want to put a particular milestone or a particular goal out there, but I think it's going to be a pretty good market in 2021.

是的，我想我可以從那裡開始。眾所周知，這在很大程度上取決於供需關係以及產業的發展。正如我們所說，過去幾個月交易市場的定價令我們感到鼓舞。隨著我們不斷前進，我們對今年的需求方面非常有信心。我的意思是，行動端的需求顯然很大。我們認為我們將會看到企業級 SSD 的非常好的需求。我們在客戶端 SSD 領域已經佔據了強勢地位。因此，我們對需求方面非常有信心。我們認為供應方面似乎相當理性。我認為，如果情況確實如此，我們應該會看到利潤率從現在開始提高。但我不想設定一個特定的里程碑或特定的目標，但我認為 2021 年的市場將會非常好。

Yes, I think we've been signaling that about 2021 for a couple of quarters now. Again, we don't want to get ahead of ourselves. We do have more exposure to the transactional markets, which helps when things start going in a positive direction, but it's got to flow through to the negotiated market still, and we'll see how that plays out over the next couple of quarters.

是的，我認為我們已經連續幾個季度暗示 2021 年會出現這種情況。再說一次，我們不想超越自己。我們確實更多地接觸了交易市場，這在事情開始朝著積極的方向發展時會有所幫助，但它仍然必須流入協商市場，我們將看看它在接下來的幾個季度中如何發揮作用。

The other thing I'll highlight on this is really important, and Bob touched on earlier, is just make sure we maintain our cost position. And as I've highlighted a couple of times in the prepared remarks and what I said earlier, with our partner, Kioxia, we're the largest provider of NAND flash memory in the industry. We jointly develop our technology road map, so we're heavily invested in that. We believe we've got tremendous technology that allows us to deliver the power performance bits we need. You see our technology is lower layer count than others. That means it's more efficient process. So we feel good about that, that sets us up to continue to drive the 15% year-over-year cost declines. So we got to make sure we keep our eye on that side of the equation as well.

我要強調的另一件事非常重要，鮑伯之前也提到過，就是確保我們保持成本地位。正如我在準備好的演講中多次強調的那樣，我之前說過，與我們的合作夥伴 Kioxia 一起，我們是業內最大的 NAND 快閃記憶體供應商。我們共同製定技術路線圖，因此我們對此投入了大量資金。我們相信，我們擁有強大的技術，能夠提供我們所需的強大性能。您會發現我們的技術層數比其他技術低。這意味著這是一個更有效率的過程。因此我們對此感到滿意，這使我們能夠繼續推動成本年減 15%。因此，我們必須確保也專注於等式的這一邊。

And our next question comes from the line of Jim Suva with Citigroup Investments.

我們的下一個問題來自花旗投資的 Jim Suva。

You have implemented a more tightly focus on your 2 different segments, Flash and HDD segment, and kind of have been out for a little bit now. Have they, those leaders, done the work to where we're actually seeing the fruit of all their efforts now? Or are they still kind of implementing a lot of those and the fruit still have to be rolled out of their efforts? Because it seems like prior to this, Western Digital has been very much known for a company that sometimes executes very well and other times has a few slip-ups. So I'm just trying to figure out, are we at the midpoint of them implementing all their changes in the early innings? Or are we actually at the point now where what they found and discovered and wanted to align that we should expect going forward?

您已經更加緊密地關注了兩個不同的領域，即 Flash 和 HDD 領域，現在已經有點偏離了。這些領導人是否已經完成了工作，以至於我們現在真正看到了他們所有努力的成果？或者他們仍在實施其中的許多措施，而他們的努力仍未有成果？因為在此之前，西部數據似乎一直以有時執行得很好、有時卻犯一些錯誤而聞名。所以我只是想弄清楚，我們是否正處於他們在早期階段實施所有變革的中間階段？或者我們現在真的處於他們所發現、所希望的調整階段，我們應該期待這樣的發展？

Yes, Jim, I think that -- so first of all, I think we see benefits of -- any time you add 2 leaders to your business that are run multi $10 billion portfolios in the technology space, you're going to get an immediate benefit from that. You just have 2 more very, very senior business leaders that are looking at the portfolio every day, that are engaging with customers every day, reviewing engineering products every day and providing a level of perspective that is highly developed. And their main job is to integrate all the different pieces together into a business. So you're going to see an immediate benefit of that, and we have.

是的，吉姆，我認為——首先，我認為我們看到了好處——任何時候，當你為你的企業增加兩位在技術領域管理著價值 100 億美元的投資組合的領導者時，你都會立即從中受益。您只需要另外兩位非常非常資深的業務領導，他們每天都在關注產品組合，每天與客戶互動，每天審查工程產品並提供高度發展的觀點。他們的主要工作是將所有不同的部分整合成一個企業。因此，您將立即看到它帶來的好處，事實也確實如此。

But then they're going to start working on, okay, I'm going to start looking at the road map of our products and make sure I've got the right fit, I'm investing in the right places. To me, your technology road map is kind of like an articulation of the future value of your company. What markets are you going to be in? Where are you going to invest? And the time line for those payouts are different -- there's different time horizons to that.

但隨後他們將開始著手，好吧，我將開始研究我們產品的路線圖，並確保我找到了合適的產品，並在正確的地方進行了投資。對我來說，你的技術路線圖有點像是你公司未來價值的表達。您要進入哪些市場？你打算去哪裡投資？這些支出的時間表是不同的——有不同的時間範圍。

So if you come into a technology franchise and you own it and you're in the middle of a big engagement with a customer, for example, you now have another person that can get involved in that process and understands immediately how to engage in that in a very senior way, how to communicate information, how to guide their teams, and so I think you'll see an immediate benefit. There's other parts of it where we're making decisions on what products are going to come to market in 2 years from now or 3 years from now. And so their job is to really integrate over all of those time horizons and get the best results, given the investment we put in the business. So we've seen benefits already, but there will be more to come. And I think you will see crisper execution, and you'll see that the portfolio is optimized to give us the best return for the investment we're making.

因此，如果您進入一個技術特許經營領域並擁有它，並且您正在與客戶進行大型合作，那麼您現在就有另一個人可以參與該過程並立即了解如何以非常高級的方式參與其中，如何溝通信息，如何指導他們的團隊，所以我認為您會立即看到好處。我們也負責決定兩年後或三年後哪些產品將進入市場。因此，他們的工作就是真正整合所有時間範圍，並根據我們在業務上的投資獲得最佳結果。因此，我們已經看到了好處，但未來還會有更多好處。我認為您將看到更清晰的執行，並且您將看到投資組合得到最佳化，從而為我們所做的投資帶來最佳回報。

And our next question comes from the line of Karl Ackerman with Cowen.

我們的下一個問題來自 Cowen 的 Karl Ackerman。

I had a question just on, I guess, your Hard Drive business. Your peer spoke about a recovery in data center in the first half of the year, and I'm curious if that resonates with you such that you could achieve 35% x by growth for your nearline business in fiscal 2021. And I was also hoping you could juxtapose what you're seeing across on-prem and cloud within that nearline business. And then I guess, thirdly, if I may, I was hoping if you can achieve that 35% x by growth, can you do that with your existing capacity today? Or if you could touch on your capacity expansion plans as well.

我只是想問一下您的硬碟業務。您的同事談到了上半年資料中心的復甦，我很好奇這是否引起了您的共鳴，以至於您可以在 2021 財年實現近線業務 35% 的成長。我還希望您可以將您在近線業務中看到的內部部署和雲端的情況並列起來。然後我想，第三，如果可以的話，我希望如果你能透過成長實現 35% x，你能以現有的產能做到這一點嗎？或者您是否可以談談您的產能擴張計劃。

So I think your first part of the question was about what are we seeing when you say enterprise on-prem market. So...

所以我認為你問題的第一部分是關於當你說企業內部部署市場時我們看到了什麼。所以...

Nearline, specifically.

具體來說，就是近線。

Yes, nearline. I would say it's -- I think the term I used in the prepared remarks was stabilization of the enterprise of the OEM market, and I think that's kind of how we're seeing it. It's on or above forecast of what our customers are telling us. So it looks better. I wouldn't -- it's certainly not pre-COVID yet. And it's easier to judge going forward but not back to where it was, and that's not surprising given the environment we're in.

是的，近線。我想說的是——我認為我在準備好的演講中使用的術語是 OEM 市場企業的穩定，我認為這就是我們所看到的。它符合或超越了客戶告訴我們的預測。所以看起來更好。我不會——現在肯定還不是新冠疫情之前。要判斷前進的方向比較容易，但判斷回到原來的位置就比較困難了，考慮到我們所處的環境，這並不奇怪。

As far as the cloud, we talked about different cloud providers come out of digestion at different rates throughout the year. And then as far as exabyte growth, we see that 32%, 35% in that range, exabyte growth. I think that's been the long-term growth of the industry. We see that going forward. Again, I think coming out of the pandemic, we'll see does that line tilt up or not, given the dependence on technology in the cloud that we all see, but we have yet to see that. So we see good growth in the capacity enterprise business as we move through the year.

就雲端而言，我們討論了不同的雲端供應商全年以不同的速度消化雲。就艾字節成長而言，我們看到艾字節成長率在 32% 到 35% 之間。我認為這是該行業的長期成長。我們預見到這種情況將會繼續發生。再說一次，我認為，走出疫情之後，考慮到我們都看到的對雲端運算技術的依賴，我們將看到這條線是否會向上傾斜，但我們還沒有看到這種情況。因此，我們看到產能企業業務在今年呈現良好的成長動能。

And our next question comes from the line of Srini Pajjuri with SMBC Nikko.

我們的下一個問題來自 SMBC Nikko 的 Srini Pajjuri。

First, I have a clarification for Bob. Bob, on the client devices growing 10%, you said the desktop and notebook grew 20% and video grew 30% and there was an issue in China. Just trying to understand what that was in mobile in China that you're referring to.

首先，我要向鮑伯澄清一下。鮑勃，關於客戶端設備增長 10%，您說台式機和筆記型電腦增長了 20%，視頻增長了 30%，而中國存在問題。我只是想了解您所指的中國行動業務到底是什麼。

Yes, it was actually Huawei, which we talked about last quarter, and so we're not shipping to Huawei either on the flash side or on the hard drive side.

是的，實際上是華為，我們上個季度討論過這個問題，因此我們不會向華為運送閃存或硬碟。

And our next question comes from the line of Shannon Cross with Cross Research.

我們的下一個問題來自 Cross Research 的 Shannon Cross。

I just had a question on CapEx. It seems as if you've shifted a little bit more, I think, from cash CapEx into the flash ventures. And I'm just curious how we should think about that, if there's anything there. And then also, what are your thoughts on the amount of CapEx that's going to be needed over the next few years as you look at, hopefully, an improving market?

我剛剛對資本支出有一個疑問。我認為，您似乎已經從現金資本支出轉向了快閃記憶體投資。我只是好奇，如果有的話，我們應該如何看待這個問題。另外，當您看到市場有所改善時，您對未來幾年所需的資本支出金額有何看法？

Yes. No, it's a good question. And first of all, what I would say is in terms of gross CapEx, which we define as the -- our portion of the investments that are made in the flash joint ventures as well as investments we make on our own balance sheet for the back end of the Flash business as well as the Hard Drive business, we expect gross CapEx of around $3 billion this year, and that's been -- what I've said the last couple of quarters. What's a little different this year relative to last year is that we are investing more on the Hard Drive side.

是的。不，這是個好問題。首先，我想說的是，就總資本支出而言，我們將其定義為——我們在閃存合資企業中進行的投資份額，以及我們在自己的資產負債表上為閃存業務後端以及硬碟業務進行的投資，我們預計今年的總資本支出約為 30 億美元，這就是——我在過去幾個季度所說的。今年與去年相比略有不同的是，我們在硬碟上的投資更多。

As we look out over the next few years, I mean the first priority is always going to be reinvest in the business, and so we'll see how the growth goes over the next few years and make sure that we're investing to support the growth in the market. But I think probably where we're at right now is about what I would think about for the future.

展望未來幾年，我的意思是首要任務始終是對業務進行再投資，因此我們將觀察未來幾年的成長情況，並確保我們的投資能夠支持市場的成長。但我想，我們現在的位置可能就是我對未來的思考。

Our last question comes from the line of Steven Fox with Fox Advisors.

我們的最後一個問題來自 Fox Advisors 的 Steven Fox。

Can you just maybe broadly talk about your thinking around edge cloud compute for 2021? It seems like based on what the service providers are talking about that this could be a year where it starts to pick up noticeably. And so where do you think you're going to play with NVMe drives versus HDDs? And how you think you're positioned competitively?

您能否大致談談您對 2021 年邊緣雲端運算的看法？根據服務提供者的討論，今年似乎是該業務開始明顯回升的一年。那麼，您認為 NVMe 驅動器與 HDD 相比會如何呢？您認為您的競爭地位如何？

Yes. I mean, I think that's potentially a very deep conversation. So how are we positioned? I think we're positioned actually quite well because we can play in -- if it's -- a lot of the heavy lifting of big time storage is HDDs and will be for a long time. But obviously, enterprise SSD is going to be a big growing market there as well, and that's why we're so focused on our NVMe enterprise SSD.

是的。我的意思是，我認為這可能是一個非常深入的對話。那我們的定位是怎麼樣的呢？我認為我們實際上處於相當有利的位置，因為我們可以參與其中——如果是的話——大型儲存的許多繁重工作都是由 HDD 承擔的，而且這種情況還會持續很長一段時間。但顯然，企業級 SSD 也將成為一個巨大的成長市場，這就是我們如此關注 NVMe 企業級 SSD 的原因。

As far as how the architecture of the cloud plays out, I mean, clearly, as we have more devices that are enabled at the edge, I think you're going to see more points of compute and storage that get closer to that. I agree with you, this could be -- it could be getting closer. It's been talked about for a while. But I think this is something that's so exciting about our business. I mean the whole world is more technology-enabled. I think the pandemic accelerated that. I think the architectures to support that are going to continue to evolve, and I think we have the portfolio that's well positioned no matter how that plays out. We can play on the edge all the way to the device. And clearly, we play at the foundation of the cloud as well. So it's a fun place to be.

至於雲端架構如何發揮作用，我的意思是，顯然，隨著我們在邊緣啟用更多的設備，我認為你會看到更多接近邊緣的運算和儲存點。我同意你的看法，這可能——可能越來越接近了。這件事已經討論了一段時間了。但我認為這是我們業務中令人興奮的事情。我的意思是整個世界都更科技化了。我認為疫情加速了這一進程。我認為支持這一點的架構將會繼續發展，而且我認為無論結果如何，我們的產品組合都處於有利地位。我們可以在邊緣一直玩到設備。顯然，我們也在雲端的基礎上發揮作用。所以這是一個有趣的地方。

I would now like to turn the call back over to CEO, Dave Goeckeler, for any closing remarks.

現在，我想將電話轉回給執行長 Dave Goeckeler，請他做最後發言。

All right, everybody. Thanks for joining us today. We appreciate it. We will see you during the quarter. Take care.

好的，各位。感謝您今天加入我們。我們對此表示感謝。我們將在本季與您見面。小心。

All right. Thank you.

好的。謝謝。

This concludes today's conference call. Thank you for joining, and you may now disconnect.

今天的電話會議到此結束。感謝您的加入，您現在可以斷開連接。