威騰電子 (WDC) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Western Digital's Fiscal Fourth Quarter 2022 Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

美好的一天，感謝您的支持。歡迎參加西部數據 2022 財年第四季度電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

I will now turn the call over to Mr. Peter Andrew, Vice President, FP&A and Investor Relations. You may begin.

我現在將把電話轉給 FP&A 和投資者關係副總裁 Peter Andrew 先生。你可以開始了。

Thank you, and good morning, everyone.

謝謝大家，大家早上好。

Joining me today are David Goeckeler, Chief Executive Officer; and Wissam Jabre, Chief Financial Officer.

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

Before we begin, let me remind everyone that today's discussion contains forward-looking statements, including product portfolio expectations, business plans and performance, demand and market 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.

在開始之前，讓我提醒大家，今天的討論包含前瞻性陳述，包括產品組合預期、業務計劃和業績、需求和市場趨勢以及基於管理層當前假設和預期的財務前景，因此確實包括風險和不確定性。我們不承擔更新這些聲明的義務。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. 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，我們還將參考非公認會計準則財務指標。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'll now turn the call over to David for introductory remarks.

有了這個，我現在將把電話轉給大衛做介紹性發言。

Thank you, Peter. Good morning, everyone, and thanks for joining the call to discuss our fourth quarter and fiscal 2022 results.

謝謝你，彼得。大家早上好，感謝您加入討論我們第四季度和 2022 財年業績的電話會議。

I'm pleased that the Western Digital team executed well and delivered solid results in light of the ongoing macro and geopolitical dynamics. We reported fourth quarter revenue of $4.5 billion, non-GAAP gross margin of 32% and non-GAAP earnings per share of $1.78, all within the guidance ranges we provided in April.

鑑於當前的宏觀和地緣政治動態，西部數據團隊表現出色並取得了可靠的成果，我很高興。我們報告第四季度收入為 45 億美元，非 GAAP 毛利率為 32%，非 GAAP 每股收益為 1.78 美元，所有這些都在我們 4 月份提供的指導範圍內。

Fiscal year 2022 revenue totaled $18.8 billion, and we reported non-GAAP earnings per share of $8.22. This compares to revenue of $16.9 billion and non-GAAP earnings per share of $4.55 in fiscal year 2021. We grew revenue 11% and EPS increased 81%, demonstrating progress in unlocking the earnings potential of our business.

2022 財年收入總計 188 億美元，我們報告的非公認會計原則每股收益為 8.22 美元。相比之下，2021 財年的收入為 169 億美元，非公認會計準則每股收益為 4.55 美元。我們的收入增長了 11%，每股收益增長了 81%，這表明我們在釋放我們業務的盈利潛力方面取得了進展。

In addition to strong financial performance, fiscal year 2022 was a hallmark year for Western Digital from an innovation, product development and execution perspective. In particular, we regained innovation leadership with the introduction of multiple products and technologies for the cloud.

除了強勁的財務業績外，從創新、產品開發和執行的角度來看，2022 財年對西部數據來說也是標誌性的一年。特別是，我們通過推出多種雲產品和技術重新獲得了創新領先地位。

In May, we announced a 26-terabyte drive, leveraging our OptiNAND and UltraSMR technologies as well as ePMR. Impressively, this means we've nearly doubled drive capacity relative to when I joined Western Digital just over 2 years ago.

5 月，我們發布了 26 TB 驅動器，利用了我們的 OptiNAND 和 UltraSMR 技術以及 ePMR。令人印象深刻的是，這意味著與兩年多前我加入西部數據時相比，我們的硬盤容量幾乎翻了一番。

In Flash, we expanded adoption of our NVMe enterprise SSD from 1 cloud titan to 3 as well as qualification at several enterprise OEM suppliers.

在 Flash 中，我們將 NVMe 企業 SSD 的採用率從 1 個雲巨頭擴大到 3 個，並獲得了多家企業 OEM 供應商的資格。

From an organization perspective, we have bolstered the company's executive management team, further strengthening our ability to drive operational excellence, innovation and disciplined financial management.

從組織的角度來看，我們加強了公司的執行管理團隊，進一步增強了我們推動卓越運營、創新和規範財務管理的能力。

On top of all of these achievements, we reduced debt by $1.7 billion and attained an investment-grade corporate rating, placing Western Digital on a solid financial foundation.

除了所有這些成就之外，我們還減少了 17 億美元的債務並獲得了投資級公司評級，為西部數據奠定了堅實的財務基礎。

Before I jump into additional detail on the quarter, I wanted to provide an update on our strategic review. As you know, 2 months ago, we announced that we are reviewing potential strategic alternatives aimed at further optimizing long-term value for our shareholders. The Executive Committee of the Board, which I lead, continues to oversee the review and Elliott Management is participating alongside us under a nondisclosure agreement, along with other interested parties. We're evaluating a range of alternatives, including options for separating our market-leading Flash and HDD franchises. We are moving expeditiously, but this work will take time. We will not be answering any questions about the strategic review today given the ongoing nature and confidentiality of the process. We will provide updates in the future as appropriate.

在深入了解本季度的更多細節之前，我想提供有關我們戰略審查的最新信息。如您所知，2 個月前，我們宣布我們正在審查潛在的戰略選擇，旨在進一步優化我們股東的長期價值。我領導的董事會執行委員會繼續監督審查，Elliott Management 與我們一起根據保密協議與其他相關方一起參與。我們正在評估一系列替代方案，包括分離我們市場領先的閃存和 HDD 特許經營權的選項。我們正在迅速行動，但這項工作需要時間。鑑於該過程的持續性質和保密性，我們今天不會回答有關戰略審查的任何問題。我們將在未來酌情提供更新。

Now I'll provide updates on our HDD and Flash businesses. During the fiscal fourth quarter, strong demand from our cloud customers for our latest generation energy-assisted drives drove near-record nearline shipments of 111 exabytes. Total HDD revenue declined sequentially due primarily to consumer and client HDD demand.

現在，我將提供有關我們的 HDD 和 Flash 業務的更新。在第四財季，我們的雲客戶對我們最新一代能源輔助驅動器的強勁需求推動近線出貨量接近創紀錄的 111 艾字節。硬盤驅動器總收入環比下降主要是由於消費者和客戶對硬盤驅動器的需求。

We commenced commercial shipment of a number of products incorporating our OptiNAND technology. In addition to shipments of our 20- and 22-terabyte CMR drives, qualifications of our 26-terabyte SMR drive are underway as we noted at our product launch event in May. This SMR-enabled drive enables 20% higher capacity than our CMR variants, offering significantly better TCO for our cloud customers and further highlighting the performance-driven benefits of the innovation that Western Digital is packing into a hard drive.

我們開始商業發貨一些採用我們的 OptiNAND 技術的產品。除了我們的 20 和 22 TB CMR 驅動器的發貨外，我們的 26 TB SMR 驅動器的認證正在進行中，正如我們在 5 月的產品發布會上所指出的那樣。這款支持 SMR 的驅動器的容量比我們的 CMR 變體高 20%，為我們的雲客戶提供顯著更好的 TCO，並進一步突出了西部數據正在打包到硬盤驅動器中的創新的性能驅動優勢。

Finally, we are ramping a second cloud customer with SMR technology this quarter and remain on track to lead the industry's transition to SMR-based drives for the cloud.

最後，我們在本季度使用 SMR 技術增加了第二個雲客戶，並將繼續引領行業向基於 SMR 的雲驅動器過渡。

We are very confident in our multiyear product road map for capacity enterprise drives, which combine ePMR, OptiNAND, UltraSMR and triple-stage actuators to deliver a cutting-edge portfolio of drives in commercial volumes at a wide variety of capacity points.

我們對容量企業驅動器的多年產品路線圖非常有信心，該路線圖結合了 ePMR、OptiNAND、UltraSMR 和三級執行器，在各種容量點提供商業量的尖端驅動器組合。

We also continue to invest in HAMR and the commercialization of this technology alongside our other HDD technologies that are leading the industry. The breadth and depth of this portfolio strongly positions us to be the provider of choice for the largest and most complex data centers in the world. Building on the expertise cultivated over decades of bringing to market industry-leading technologies, we are committed to leveraging our innovations to continue driving business results in capacity enterprise into the future.

我們還繼續投資於 HAMR 和該技術的商業化以及我們領先行業的其他 HDD 技術。該產品組合的廣度和深度使我們成為世界上最大、最複雜的數據中心的首選供應商。基於數十年來將行業領先技術推向市場所積累的專業知識，我們致力於利用我們的創新繼續推動容量企業的業務成果走向未來。

Turning to Flash. Revenue grew sequentially on an improving product mix and increased Flash supply. Growth in Flash during the quarter came primarily from enterprise SSD, with revenue more than doubling sequentially.

轉向閃光。由於產品組合的改善和閃存供應的增加，收入環比增長。本季度閃存的增長主要來自企業級 SSD，收入環比增長一倍以上。

Gaming is another key growth market for us, where we continue to demonstrate the strength of our client SSD franchise, with exabyte shipment growing nearly 70% year-over-year. We have a leading position in gaming with our WD_BLACK brand being recognized globally for innovation, performance and quality. The latest example of this is our WD_BLACK SN850 NVMe SSD product certified for Sony PS5 game consoles which enables players to expand the high-speed storage capacity of their PS5 console and allows them to store and play both PS5 and PS4 games directly from the drive.

遊戲是我們的另一個關鍵增長市場，我們繼續展示我們客戶 SSD 特許經營權的實力，EB 出貨量同比增長近 70%。我們在遊戲領域處於領先地位，我們的 WD_BLACK 品牌因其創新、性能和質量而享譽全球。最新的例子是我們的 WD_BLACK SN850 NVMe SSD 產品通過了索尼 PS5 遊戲機的認證，它使玩家能夠擴展其 PS5 遊戲機的高速存儲容量，並允許他們直接從驅動器存儲和玩 PS5 和 PS4 遊戲。

On the technology front, BiCS5 represented about half of our Flash revenue in the June quarter, up from 46% in the previous quarter. We are preparing to ramp BiCS6 late this calendar year and into 2023. Based on circuit under array architecture, BiCS6 enables many exciting high-performance products for 5G phones, SSDs and QLC flash.

在技術方面，BiCS5 占我們 6 月季度 Flash 收入的一半左右，高於上一季度的 46%。我們正準備在今年晚些時候到 2023 年推出 BiCS6。基於陣列架構下的電路，BiCS6 為 5G 手機、SSD 和 QLC 閃存提供了許多令人興奮的高性能產品。

Let me now offer a few observations on the demand environment. In the cloud end market, we experienced strength in the fiscal fourth quarter as supply constraints at Western Digital and our end customers started to ease. Overall demand from our cloud customers has been consistently strong and we expect this strength in cloud to carry into the second half of calendar year 2022. We believe the accelerated digital transformation will continue to drive cloud growth and believe we are on track to generate about a half of our revenue from this market by fiscal year '25.

現在讓我對需求環境進行一些觀察。在雲終端市場，由於西部數據和我們的終端客戶的供應限制開始緩解，我們在第四財季表現強勁。我們的雲客戶的整體需求一直保持強勁，我們預計雲的這種優勢將持續到 2022 年下半年。我們相信加速的數字化轉型將繼續推動雲增長，並相信我們有望產生約到 25 財年，我們一半的收入來自這個市場。

Outside of cloud, our expectations for calendar year 2022 demand growth have moderated since our last earnings call. As the fiscal fourth quarter progressed, we saw consumer spending soften, impacting both retail Flash and HDD demand. This weakness has migrated to the consumer PC end market as we enter the second half of the calendar year.

在雲之外，自上次財報電話會議以來，我們對 2022 日曆年需求增長的預期已經放緩。隨著第四財季的進展，我們看到消費者支出疲軟，影響了零售閃存和硬盤需求。隨著我們進入日曆年的下半年，這種弱點已經轉移到消費 PC 終端市場。

In Client, the market generally expect PC shipments to decline approximately 10% in calendar year 2022. We are seeing our PC OEM customers aggressively right size their inventory to reflect current demand conditions, which will impact our business in this market in the second half of the calendar year. After going through that correction, we expect a more normal flow of business going forward as we believe PCs will continue to fulfill broader use cases as the foundation of the increasingly common hybrid enterprise, driving unit demand above pre-pandemic levels in richer SSD content.

在客戶方面，市場普遍預計 2022 日曆年 PC 出貨量將下降約 10%。我們看到我們的 PC OEM 客戶積極調整其庫存規模以反映當前的需求狀況，這將影響我們下半年在該市場的業務日曆年。在經歷了這一修正之後，我們預計未來的業務流程將更加正常，因為我們相信 PC 將繼續滿足更廣泛的用例，作為日益普遍的混合企業的基礎，推動單位需求在更豐富的 SSD 內容方面高於大流行前的水平。

All of these PC market dynamics are accelerating the final phase of the shift of client devices from HDD to flash technology. Consequently, the client HDD market is now declining at an accelerated rate relative to the period before the onset of the pandemic. To reflect this reality, we are now taking aggressive action to restructure our HDD manufacturing footprint to reflect this market dynamic.

所有這些 PC 市場動態正在加速客戶端設備從 HDD 向閃存技術轉變的最後階段。因此，與大流行爆發前的時期相比，客戶 HDD 市場現在正在以加速的速度下降。為了反映這一現實，我們現在正在採取積極行動來重組我們的 HDD 製造足跡，以反映這一市場動態。

In mobile, expectations for smartphone units have come down in recent months, led primarily by reduced demand in China. Industry analysts expect the smartphone industry unit volume to decrease by a mid-single-digit percentage year-over-year in calendar 2022.

在移動領域，近幾個月對智能手機銷量的預期有所下降，主要是由於中國需求減少。行業分析師預計，智能手機行業的銷量將在 2022 年同比下降中個位數百分比。

While we are well-positioned in supplying flash memory for 5G smartphones, we are also seeing our largest customers aggressively resetting their inventories for these products. We expect the inventory correction to be primarily impact our fiscal first quarter and return to market demand for the remainder of the fiscal year.

雖然我們在為 5G 智能手機提供閃存方面處於有利地位，但我們也看到我們的最大客戶積極重置這些產品的庫存。我們預計庫存調整將主要影響我們的第一財季，並在本財年剩餘時間內恢復市場需求。

In consumer, we have a premium brand and a great franchise in the marketplace. In particular, we have developed an enviable position and excellent relationships with major brick-and-mortar retailers and online retailers across the globe, including Best Buy and Target in the U.S., MSH Group in Europe, JD.com in China and Officeworks in Australia. As a result of these strong relationships, our impressive scale, product breadth and trusted brand, we lead most consumer storage product categories.

在消費者方面，我們在市場上擁有優質品牌和出色的特許經營權。特別是，我們與全球主要的實體零售商和在線零售商建立了令人羨慕的地位和良好的關係，包括美國的 Best Buy 和 Target、歐洲的 MSH 集團、中國的京東和澳大利亞的 Officeworks .由於這些牢固的關係、我們令人印象深刻的規模、產品廣度和值得信賴的品牌，我們在大多數消費存儲產品類別中處於領先地位。

While macroeconomic factors and COVID measures have impacted consumer demand in the near term, our customers' loyalty and preference for the performance and quality of our solutions are key differentiators which will position Western Digital well for the upcoming back-to-school and holiday seasons.

雖然宏觀經濟因素和 COVID 措施在短期內影響了消費者需求，但我們客戶的忠誠度和對我們解決方案的性能和質量的偏好是關鍵的差異化因素，這將使西部數據在即將到來的返校和假期旺季中處於有利地位。

Before turning the call over to Wissam, I want to leave you with a few takeaways. First, at the Investor Day, we laid out the case where the world of ever-increasing intelligent devices powered by the cloud is creating an astonishing amount of data, of which only a small percentage is stored. Our conviction remains strong and our view on near double-digit revenue growth remains intact.

在將電話轉給 Wissam 之前，我想給您一些要點。首先，在投資者日，我們展示了這樣一個案例，即由雲驅動的智能設備世界正在創造數量驚人的數據，其中只有一小部分被存儲。我們的信念仍然堅定，我們對接近兩位數的收入增長的看法保持不變。

Over the past several years, the storage market has entered an era of accelerated growth led by the strength of the cloud market, which drove HDD revenue growth for Western Digital and the industry. In Flash, capital investments for incremental NAND bit growth are becoming more expensive, resulting in a more disciplined investment across the industry. At Western Digital, our long-standing and growing relationships with hyperscale and OEM customers across the world, coupled with our leadership in commercializing innovations for capacity enterprise hard drives and momentum with NVMe enterprise SSD for data center, has made us a trusted partner. This combination of rapid demand growth in storage, technology leadership and product momentum offer Western Digital opportunities for financial outperformance.

過去幾年，存儲市場進入了由雲市場帶動的加速增長時代，帶動了西部數據和行業硬盤收入的增長。在閃存中，用於增量 NAND 位增長的資本投資變得更加昂貴，導致整個行業的投資更加嚴格。在西部數據，我們與世界各地的超大規模和 OEM 客戶建立了長期且不斷發展的關係，再加上我們在容量企業硬盤驅動器創新商業化方面的領先地位以及用於數據中心的 NVMe 企業級 SSD 的勢頭，使我們成為值得信賴的合作夥伴。存儲需求的快速增長、技術領先地位和產品發展勢頭相結合，為西部數據的財務表現提供了機會。

With that, let me now turn the call over to Wissam, who will discuss our fiscal fourth quarter results and provide an outlook for the fiscal first quarter.

有了這個，現在讓我把電話轉給 Wissam，他將討論我們的第四財季業績並提供第一財季的展望。

Thanks, David, and good morning, everyone.

謝謝，大衛，大家早上好。

As David mentioned, overall results for the fiscal fourth quarter were in line with our expectations, reflecting the resilience and agility of our business model against such a dynamic macro environment.

正如大衛所說，第四財季的整體業績符合我們的預期，反映了我們的商業模式在如此動態的宏觀環境中的彈性和敏捷性。

Total revenue for the quarter was $4.5 billion, up 3% sequentially and down 8% year-over-year. Non-GAAP earnings per share was $1.78, within the guidance range we provided in April.

本季度總收入為 45 億美元，環比增長 3%，同比下降 8%。非公認會計原則每股收益為 1.78 美元，在我們 4 月份提供的指導範圍內。

For the full fiscal year 2022, revenue was $18.8 billion, up 11% from fiscal 2021. Non-GAAP gross margin expanded 4.3 percentage points and non-GAAP operating margin increased 5.7 percentage points as we proactively manage our expenses resulting in non-GAAP EPS of $8.22, up 81% from last year.

2022 財年全年，收入為 188 億美元，比 2021 財年增長 11%。非 GAAP 毛利率增長 4.3 個百分點，非 GAAP 營業利潤率增長 5.7 個百分點，因為我們積極管理費用，實現非 GAAP 每股收益8.22 美元，比去年增長 81%。

Turning to our end markets. For the fiscal fourth quarter, Cloud represented 46% of total revenue at $2.1 billion, up 18% sequentially and 5% from a year ago. Within Cloud, Western Digital's continued success in leading the industry transition to energy-assisted hard drives drove the growth. The continued ramp of our 18-terabyte and 20-terabyte drives drove a 7% year-over-year increase in nearline HDD revenue. Sequentially, nearline bit shipments increased 9% to 111 exabytes.

轉向我們的終端市場。在第四財季，雲計算佔總收入的 46%，達到 21 億美元，環比增長 18%，同比增長 5%。在 Cloud 領域，西部數據在引領行業向能源輔助硬盤轉型方面的持續成功推動了增長。我們 18 TB 和 20 TB 驅動器的持續增長推動近線 HDD 收入同比增長 7%。隨後，近線位出貨量增加了 9%，達到 111 艾字節。

In Flash, enterprise SSD revenue more than doubled sequentially and was up 38% year-over-year.

在閃存方面，企業級 SSD 收入環比增長一倍以上，同比增長 38%。

The Client end market represented 36% of total revenue at $1.6 billion, down 5% sequentially and 14% year-over-year. On both a sequential and year-over-year basis, Client HDD led the revenue decline, while Flash revenue was roughly flat.

客戶端市場佔總收入的 36%，為 16 億美元，環比下降 5%，同比下降 14%。在連續和同比的基礎上，客戶端硬盤導致收入下降，而閃存收入大致持平。

Consumer represented 18% of revenue at $0.8 billion, down 9% sequentially and 23% year-over-year. On a sequential basis, the revenue decline was primarily due to lower HDD retail shipments. The year-over-year decrease was due to broad-based decline in retail products across HDD and Flash.

消費者佔收入的 18%，為 8 億美元，環比下降 9%，同比下降 23%。環比來看，收入下降主要是由於硬盤零售出貨量下降。同比下降的原因是 HDD 和閃存的零售產品普遍下降。

For the full fiscal year 2022, Cloud revenue increased 40% year-over-year, led by a 38% increase in nearline HDD. Flash product revenue for enterprise SSD applications more than doubled year-over-year.

在整個 2022 財年，雲收入同比增長 40%，其中近線硬盤增長了 38%。企業 SSD 應用的閃存產品收入同比增長一倍以上。

Client revenue decreased 3% year-over-year as growth in Flash was offset by a 30% decrease in Client HDD. Client HDD for PCs and notebooks represents just mid-single-digit percentage of total HDD revenue exiting the fiscal year.

客戶收入同比下降 3%，因為 Flash 的增長被客戶端 HDD 下降 30% 所抵消。用於 PC 和筆記本電腦的客戶端 HDD 僅佔本財年結束時 HDD 總收入的中個位數百分比。

Lastly, consumer revenue decreased 6% for the year, all attributed to a decline in retail HDD.

最後，今年消費者收入下降了 6%，這都歸因於零售硬盤的下降。

Turning now to revenue by segment. In the fiscal fourth quarter, we reported Flash revenue of $2.4 billion, up 7% sequentially and down 1% year-over-year. Sequentially, Flash ASPs were up 2% on a blended basis and up slightly on a like-for-like basis. Flash bit shipments increased 6% sequentially and 11% year-over-year.

現在轉向按部門劃分的收入。在第四財季，我們報告 Flash 收入為 24 億美元，環比增長 7%，同比下降 1%。隨後，Flash ASP 在混合基礎上增長了 2%，在同類基礎上略有上升。閃存位出貨量環比增長 6%，同比增長 11%。

HDD revenue of $2.1 billion was flat sequentially and down 15% year-over-year. Sequentially, total HDD exabyte shipments increased 1%, while the average price per HDD increased by 19% to $120 as our mix continues to transition towards the cloud. On a year-over-year basis, total HDD exabyte shipments decreased by 10% and average price per unit increased by 24%.

硬盤驅動器收入為 21 億美元，環比持平，同比下降 15%。隨後，隨著我們的組合繼續向雲過渡，HDD EB 總出貨量增加了 1%，而每個 HDD 的平均價格增加了 19% 至 120 美元。與去年同期相比，HDD 艾字節總出貨量下降了 10%，每單位平均價格上漲了 24%。

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

當我們轉向成本和費用時，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。

We continue to exert disciplined financial management to drive better results. Gross margin for the fourth quarter was 32.3%, up 60 basis points sequentially and down 60 basis points year-over-year. Our Flash gross margin was 35.9%, up 30 basis points sequentially and 40 basis points year-over-year. On both a sequential and year-over-year basis, growth in enterprise SSD for data center applications led the improvement in gross margin. Our HDD gross margin was 28.2%, up 50 basis points sequentially and down 210 basis points year-over-year.

我們將繼續加強嚴謹的財務管理，以取得更好的業績。第四季度毛利率為 32.3%，環比上升 60 個基點，同比下降 60 個基點。我們的 Flash 毛利率為 35.9%，環比增長 30 個基點，同比增長 40 個基點。在環比和同比基礎上，用於數據中心應用的企業級 SSD 的增長引領了毛利率的提高。我們的 HDD 毛利率為 28.2%，環比增長 50 個基點，同比下降 210 個基點。

Operating expenses of $760 million were below our guidance range as we continue to prudently manage our expenses.

7.6 億美元的運營費用低於我們的指導範圍，因為我們繼續謹慎管理我們的費用。

Operating income was $702 million, representing an 8% increase from the prior quarter and a 15% decrease year-over-year.

營業收入為 7.02 億美元，比上一季度增長 8%，同比下降 15%。

Our tax rate was 11% for both the fiscal fourth quarter and fiscal year 2022.

我們在第四財季和 2022 財年的稅率均為 11%。

Earnings per share was $1.78 compared to $1.65 in the prior quarter and $2.16 in the year-ago quarter.

每股收益為 1.78 美元，上一季度為 1.65 美元，去年同期為 2.16 美元。

Operating cash flow for the fourth quarter was $295 million, and free cash flow was an outflow of $97 million. Operating cash flow was impacted by revenue linearity.

第四季度的經營現金流為 2.95 億美元，自由現金流為流出 9700 萬美元。營業現金流受到收入線性的影響。

The ramp back to normal production output at the Flash joint venture, timing of component deliveries to our factories and corporate-related control measures in China contributed to a back-end loaded quarter. Cash, capital expenditures, which include the purchase of property, plant and equipment, and activity related to our Flash joint ventures on our cash flow statement represented a cash outflow of $392 million in the fiscal fourth quarter.

Flash 合資企業恢復正常產量、向我們的工廠交付組件的時間以及中國企業相關的控制措施促成了後端負荷季度。現金、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 Flash 合資企業相關的活動在第四財季產生了 3.92 億美元的現金流出。

We remain disciplined in investing in manufacturing capacity. Gross CapEx and cash CapEx for the fiscal year 2022 were $2.7 billion and $1.2 billion, respectively, below our expectation as we actively managed our capital investments.

我們在投資製造能力方面保持紀律。由於我們積極管理資本投資，2022 財年的總資本支出和現金資本支出分別為 27 億美元和 12 億美元，低於我們的預期。

We made a $150 million scheduled and discretionary debt repayment. Our gross debt outstanding was $7.1 billion at the end of the fiscal fourth quarter. We ended the quarter with $2.3 billion of total cash and cash equivalents.

我們進行了 1.5 億美元的定期和全權債務償還。截至第四財季末，我們的未償債務總額為 71 億美元。我們在本季度末擁有 23 億美元的現金和現金等價物總額。

Our trailing 12 months adjusted EBITDA at the end of the fourth quarter as defined in our credit agreement was $4.8 billion, resulting in a gross leverage ratio of 1.5x compared to 2.4x a year ago. As a reminder, our credit agreement includes $0.9 billion in depreciation add-back associated with the Flash Ventures. This amount is not reflected in the cash flow statement. Please refer to our earnings presentation on the Investor Relations website for further details.

根據我們的信貸協議，截至第四季度末，我們過去 12 個月調整後的 EBITDA 為 48 億美元，總槓桿率為 1.5 倍，而一年前為 2.4 倍。提醒一下，我們的信貸協議包括與 Flash Ventures 相關的 9 億美元的折舊加回。該金額未反映在現金流量表中。請參閱我們在投資者關係網站上的收益報告了解更多詳情。

I'll now provide our view of both HDD and Flash businesses for the fiscal first quarter as well as comments on several key items for fiscal year 2023.

我現在將提供我們對第一財季硬盤和閃存業務的看法，以及對 2023 財年幾個關鍵項目的評論。

For the fiscal first quarter, we expect Flash to lead the sequential revenue decline as our customers right size their inventory. We expect a relatively modest decline in overall HDD revenue, primarily driven by client and consumer, with gross margins relatively flat.

對於第一財季，我們預計隨著我們的客戶正確調整庫存規模，Flash 將導致收入連續下降。我們預計整體硬盤收入將相對溫和下降，主要由客戶和消費者推動，毛利率相對持平。

As we look towards fiscal year 2023, we expect cash capital expenditures to be in line with our target model, within the range of 8% to 10% of total revenue. Total gross capital expenditures are expected to be approximately $3.2 billion.

展望 2023 財年，我們預計現金資本支出將符合我們的目標模型，佔總收入的 8% 至 10%。總資本支出預計約為 32 億美元。

Regarding Flash CapEx, we remain excited about our technology road map despite what is clearly a volatile period in the memory industry. As we have discussed on prior calls, BiCS6 is a more capital-intensive technology node that will require an increase in capital expenditures. Our CapEx outlook for fiscal year 2023 reflects our commitment to technology leadership and will accelerate our path to leapfrog from BiCS6 to BiCS+ in the next several years.

關於閃存資本支出，儘管內存行業顯然處於動盪時期，但我們仍然對我們的技術路線圖感到興奮。正如我們在之前的電話會議中所討論的，BiCS6 是一個資本密集型技術節點，需要增加資本支出。我們對 2023 財年的資本支出展望反映了我們對技術領先地位的承諾，並將在未來幾年加速我們從 BiCS6 向 BiCS+ 的跨越。

I am also pleased to share that the Flash JV Fab 7 manufacturing facility at Yokkaichi plant has been approved to receive a subsidy of up to JPY 92.9 billion from the Japanese government, further demonstrating the strategic importance of what is the world's largest NAND manufacturing facility.

我也很高興地與大家分享，四日市工廠的 Flash JV Fab 7 製造工廠已獲批獲得日本政府高達 929 億日元的補貼，這進一步證明了世界上最大的 NAND 製造工廠的戰略重要性。

Given the macro environment, we continue to actively manage our capital expenditures and supply. We are in discussion with our joint venture partner to adjust capital investments and align our production growth with demand.

鑑於宏觀環境，我們繼續積極管理我們的資本支出和供應。我們正在與我們的合資夥伴討論調整資本投資並使我們的生產增長與需求保持一致。

In HDD, we will continue to focus our capital spending primarily in heads and media in order to meet the future growth in cloud demand. Offsetting these investments, we are taking aggressive actions to restructure our client HDD manufacturing footprint. We strive to optimize free cash flow generation in response to the macroeconomic dynamics.

在硬盤方面，我們將繼續將資本支出主要集中在磁頭和媒體上，以滿足未來雲需求的增長。為了抵消這些投資，我們正在採取積極行動來重組我們的客戶 HDD 製造足跡。我們努力優化自由現金流的產生，以響應宏觀經濟動態。

For our fiscal first quarter, our non-GAAP guidance is as follows: We expect revenue to be in the range of $3.6 billion to $3.8 billion. We expect gross margin to be between 27.5% and 29.5%. We expect operating expenses to be between $760 million and $780 million. Interest and other expenses are expected to be approximately $70 million. Our tax rate is expected to be between 28% and 30% in the first quarter and for fiscal year 2023. This increase is due to the tax law changes that became effective for our fiscal year 2023, requiring the capitalization of certain R&D expenses that were previously eligible for immediate deduction from taxable income. These changes are expected to result in an immediate increase in our tax rate of approximately 12 percentage points, which will then decrease gradually over time.

對於我們的第一財季，我們的非公認會計準則指導如下：我們預計收入將在 36 億美元至 38 億美元之間。我們預計毛利率在 27.5% 至 29.5% 之間。我們預計運營費用將在 7.6 億美元至 7.8 億美元之間。利息和其他費用預計約為 7000 萬美元。我們的稅率預計在第一季度和 2023 財年將在 28% 至 30% 之間。這一增長是由於對我們 2023 財年生效的稅法變更，要求將某些研發費用資本化以前有資格立即從應稅收入中扣除。這些變化預計將導致我們的稅率立即增加約 12 個百分點，然後隨著時間的推移逐漸下降。

We expect earnings per share to be between $0.35 and $0.65 in the first quarter, assuming approximately 319 million fully diluted shares outstanding.

我們預計第一季度每股收益將在 0.35 美元至 0.65 美元之間，假設大約有 3.19 億股完全稀釋的流通股。

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

我現在將電話轉回給大衛。

Thanks, Wissam. Let me just wrap up, and then we'll open up for questions.

謝謝，維薩姆。讓我總結一下，然後我們會提出問題。

In summary, we continue to believe that we have built the right foundation for long-term growth. We have reignited our innovation, established discipline in spending and investment and remain consistent in deleveraging our balance sheet.

總之，我們仍然相信我們已經為長期增長奠定了正確的基礎。我們重新點燃了創新，在支出和投資方面建立了紀律，並在去槓桿化資產負債表方面保持一致。

The innovation engine that drives TCO benefits and value to our customers, the multiple channels to deliver our products to market and the large and growing storage markets put us in a great position to capitalize on the opportunity presented by the proliferation of intelligent devices and rapidly accelerating data creation.

為我們的客戶帶來 TCO 收益和價值的創新引擎、將我們的產品推向市場的多種渠道以及不斷增長的龐大存儲市場使我們處於有利位置，可以利用智能設備激增和快速加速所帶來的機遇數據創建。

While segments of our end markets are now going through an aggressive inventory adjustment as supply chain impacts of the pandemic start to ease and the macro economy softens, secular demand for storage continues to be strong and underpins the digital transformation that continues across all industries.

儘管隨著大流行病對供應鏈的影響開始緩解和宏觀經濟疲軟，我們的終端市場部分現在正在經歷積極的庫存調整，但對存儲的長期需求仍然強勁，並支撐著所有行業持續進行的數字化轉型。

I also want to thank our employees for their hard work during the fiscal year. Despite ongoing geopolitical and macro challenges, our team worked together to deliver strong financial performance for Western Digital. I am proud of what this team has accomplished and excited to see what we can do together in the next fiscal year.

我還要感謝我們的員工在本財年的辛勤工作。儘管地緣政治和宏觀挑戰持續存在，我們的團隊仍共同努力為西部數據帶來強勁的財務業績。我為這個團隊所取得的成就感到自豪，並很高興看到我們在下一個財政年度可以一起做些什麼。

All right. Peter, with that, let's open it up for Q&A.

好的。彼得，讓我們打開它進行問答。

(Operator Instructions) And today's first question comes from C.J. Muse with Evercore ISI.

（操作員說明）今天的第一個問題來自於 Evercore ISI 的 C.J. Muse。

I guess, first off, just want to clarify here. In terms of what's driving the weakness, is it safe to say that it's entirely consumer client and that on the hyperscale and enterprise side, you're not seeing any changes? And as part of that, as you think about this inventory correction on the consumer client side, how long do you think the duration will last? Is this a 1-quarter phenomenon? Too early to tell? Would love to hear your thoughts there.

我想，首先，我想在這裡澄清一下。就導致弱點的原因而言，可以肯定地說它完全是消費者客戶，而在超大規模和企業方面，你沒有看到任何變化嗎？作為其中的一部分，當您考慮消費者客戶端的庫存修正時，您認為持續時間會持續多久？這是一個季度的現象嗎？說得太早了？很想听聽你的想法。

C.J., yes, I would say you've pretty much got it right. The one thing I would add to that on the Cloud side is we are seeing some inventory digestion in China cloud. The U.S. hyperscalers continue to chug along. But especially in the PC OEMs is where we saw it first, a very sharp inventory correction. Really in the current quarter, taking down their demand significantly to reset their inventory for what is the reality for the number of unit sales.

C.J.，是的，我會說你做對了。我要在雲方面補充的一件事是，我們看到中國雲中的一些庫存消化。美國的超大規模企業繼續前進。但尤其是在 PC OEM 中，我們首先看到了它，這是一個非常急劇的庫存調整。真的在本季度，他們的需求顯著下降，以重置他們的庫存，以了解單位銷售數量的實際情況。

So right now, we think that is a relatively short period of time. Is it 1 quarter, 2 quarter, we'll see that as we go through the quarter, but it's definitely very, very sharp in the quarter we're in.

所以現在，我們認為這是一個相對較短的時間。是第 1 個季度還是第 2 個季度，我們會在整個季度看到這一點，但在我們所處的這個季度肯定非常非常尖銳。

And then in the smartphone market, we're seeing it as well. As a matter of fact, it's even developing within the quarter. Just a couple of weeks ago, we had one of our biggest customers take down their forecast in the quarter by over $150 million. So -- and it's all like the message, very strong message we're getting directly from our customers, this is just resetting inventory. So that one, we expect to be a 1-quarter phenomena. I think in a larger market, we'll see over the next couple of quarters.

然後在智能手機市場，我們也看到了它。事實上，它甚至在本季度內發展。就在幾週前，我們最大的客戶之一將本季度的預測下調了超過 1.5 億美元。所以 - 這就像我們直接從客戶那裡得到的信息，非常強烈的信息，這只是重置庫存。因此，我們預計會出現 1 個季度的現象。我認為在更大的市場中，我們將在接下來的幾個季度中看到。

I will say that in the consumer and channel space, given our broad reach and where we operate around the world in the consumer business, we are starting to see some stabilization of those markets. Our channel business, if you look at sell-through, for the first 4 weeks of the quarter, has been on plan. And even some regions like Europe, we're starting to see some strength. And I would say consumer is pretty much in the same place, starting to stabilize, not great growth yet, but that part of the market looks better than it did, let's say, 2 months ago. And it's really the OEMs that are really in a rapid and significant correction of inventory as well as, as I said, some of the cloud business in China.

我想說的是，在消費者和渠道領域，鑑於我們廣泛的影響力以及我們在全球範圍內開展消費者業務的地方，我們開始看到這些市場有所穩定。如果您看一下本季度前 4 週的銷售情況，我們的渠道業務一直在按計劃進行。甚至像歐洲這樣的一些地區，我們也開始看到一些實力。我會說消費者幾乎處於同一個地方，開始穩定，還沒有很大的增長，但是這部分市場看起來比兩個月前更好。實際上，真正處於快速和顯著調整庫存的 OEM 以及正如我所說的中國的一些雲業務。

Very helpful. And just a follow-up question on the NAND side of the house. You talked about rising cap intensity at BiCS6 and what's next. But at the same time, it sounds like you're talking about tempering investments at the JV. So could you kind of walk through how you're thinking about forward CapEx given the changes you're seeing in the end markets?

非常有幫助。還有一個關於 NAND 方面的後續問題。你談到了 BiCS6 的上限強度上升以及接下來會發生什麼。但與此同時，聽起來您正在談論在合資企業中緩和投資。那麼，鑑於您在終端市場看到的變化，您能否介紹一下您如何看待遠期資本支出？

Yes, I'll make a few comments and Wissam can comment as well. But we've always known that BiCS6 was going to be a more capital-intensive node. I mean, again, we're coming off of a BiCS5, which is the most capital efficient node in the history of the -- our road map, so that's not surprising. And we're driving through that transition. We feel very good about the node. It's just it's a more capital-intensive note.

是的，我會發表一些評論，Wissam 也可以發表評論。但我們一直都知道，BiCS6 將成為一個資本密集型節點。我的意思是，我們再次脫離 BiCS5，這是我們的路線圖歷史上資本效率最高的節點，所以這並不奇怪。我們正在推動這一轉變。我們對節點感覺非常好。只是它是一種資本密集型的票據。

Now I will note, as we talked extensively about our Investor Day, our capital intensity in general per bit is the best in the industry, and that's something we really strive for in our road map. So when we're talking about a more capital-intensive node, remember, that's a relative issue. We're still in the best position as far as capital per additional bit, and that's a very, very big focus of ours.

現在我要指出，當我們廣泛討論我們的投資者日時，我們的每比特資本密集度總體上是業內最好的，這也是我們在路線圖中真正努力的目標。因此，當我們談論資本密集型節點時，請記住，這是一個相對問題。就每額外比特的資本而言，我們仍處於最佳位置，這是我們非常非常關注的重點。

Now the more macro question is, we're obviously having conversations across the JV about resetting our bit growth in general, independent of node, given the reality of what the demand environment is. Overall, bit demand is coming down. We're in an oversupply environment. It's a demand-driven oversupply, it's not a supply-driven oversupply. But we'll reset. We're looking at our CapEx. And we'll make adjustments given what the current situation is.

現在更宏觀的問題是，鑑於需求環境的現實，我們顯然正在整個合資企業就重置我們的比特增長進行對話，與節點無關。總體而言，鑽頭需求正在下降。我們處於供過於求的環境中。這是需求驅動的供過於求，而不是供應驅動的供過於求。但我們會重置。我們正在關注我們的資本支出。我們會根據目前的情況進行調整。

Wissam?

維薩姆？

Yes. If I can add, C.J. The -- we're targeting our cash CapEx per our target model, which is 8% to 10% of revenue. But of course, as the macro conditions develop, if we need to adjust to that, we will manage dynamically.

是的。如果我可以補充的話，C.J. - 我們的目標是按照目標模型的現金資本支出，即收入的 8% 到 10%。但是當然，隨著宏觀形勢的發展，如果我們需要適應，我們會動態管理。

And ladies and gentlemen, our next question today comes from Aaron Rakers at Wells Fargo.

女士們先生們，我們今天的下一個問題來自富國銀行的 Aaron Rakers。

So I've got a couple of questions, if I can as well. I just -- I wanted to unpack a little bit more the implied Flash revenue expectation you're making this quarter. With hard disk drive revenue being flat roughly sequentially, it looks like you're talking about a high 20% or 30% sequential decline in the NAND revenue this quarter, the Flash revenue. With that in mind, I mean, how are you guys thinking about bit shift versus what is your assumption around pricing baked into that expectation? I'm just trying to understand, is this more pricing versus bit shift? And is this really kind of -- do you think that this guide represents a bottom here?

所以我有幾個問題，如果可以的話。我只是 - 我想更多地解開你在本季度所做的隱含 Flash 收入預期。由於硬盤驅動器收入環比基本持平，看起來你在談論本季度 NAND 收入（閃存收入）連續下降 20% 或 30% 的高位。考慮到這一點，我的意思是，你們是如何考慮位移的，而不是你們對定價的假設是什麼？我只是想了解，這是更多的定價而不是位移嗎？這真的是——你認為本指南代表了這裡的底部嗎？

I think the way to think about it, as I said earlier, it's kind of a demand-driven situation where we're just seeing our biggest customers, and really not all of our customers across the PC space, just resetting inventory and really dropping their demand in the quarter so they can reset their inventory. So that leads to pricing pressure and volume pressure, so it's both of them. And so as we work through the quarter and they get their inventory to where they need it to, then I think we'll see some of the volume come back as we work through this.

我認為思考的方式，正如我之前所說，這是一種需求驅動的情況，我們只是看到我們最大的客戶，而不是我們整個 PC 領域的所有客戶，只是重置庫存並真正下降他們在本季度的需求，以便他們可以重置庫存。所以這會導致定價壓力和銷量壓力，所以兩者都是。因此，當我們在整個季度工作並且他們將庫存送到他們需要的地方時，我認為我們會看到一些數量在我們完成這個工作時回來。

From some of our customers, I have more confidence that this is a 1-quarter change. But other ones, I think it may take a little longer than that. So we'll see -- we'll have more information as we work through the quarter and we'll be talking about that through the quarter in the appropriate forums.

從我們的一些客戶那裡，我更有信心這是一個季度的變化。但其他一些，我認為可能需要更長的時間。所以我們會看到 - 我們將在本季度工作時獲得更多信息，我們將在本季度在適當的論壇中討論這一點。

As I said before, I will point out, I mean, this is a very dynamic market. I mean this is -- some of this has happened in the quarter. So it's very difficult to bound this, but we think we're very -- we're confident in the guide, don't get me wrong. But I'm happy we guided when we did because the -- it's a very, very dynamic environment out there. But I think -- I think our customers are aggressively managing their inventory. And my sense is they'll get through it in a pretty expeditious fashion.

正如我之前所說，我要指出，我的意思是，這是一個非常活躍的市場。我的意思是 - 其中一些已經發生在本季度。所以很難對此加以約束，但我們認為我們非常——我們對指南充滿信心，不要誤會我的意思。但我很高興我們在這樣做時得到了指導，因為這是一個非常非常動態的環境。但我認為 - 我認為我們的客戶正在積極管理他們的庫存。我的感覺是他們會以相當迅速的方式度過難關。

Like I said in the prepared remarks, we've got kind of the supply chain is loosening up. We're getting more components. I think our customers are getting more components. Maybe that's giving them more confidence in how they manage their own inventory. And at the same time, we're going into a softer economy. So everybody is in a big reset and it's especially impacting the Flash business, to your point. The HDD business they'd still get consistent strong growth out of the hyperscalers in the U.S. and feel very, very good about the portfolio position there and what we're going to drive throughout the fiscal year.

就像我在準備好的評論中所說的那樣，我們的供應鏈正在放鬆。我們正在獲得更多組件。我認為我們的客戶正在獲得更多的組件。也許這讓他們對如何管理自己的庫存更有信心。與此同時，我們正在進入一個更疲軟的經濟。因此，每個人都處於重大調整之中，這對 Flash 業務的影響尤其大，就您而言。硬盤業務他們仍然會從美國的超大規模企業中獲得持續的強勁增長，並且對那裡的投資組合狀況以及我們將在整個財政年度推動的業務感到非常非常好。

Okay. And as a quick follow-up, just kind of thinking about the Flash business a little bit more. These last couple of quarters, and appreciating that mix is a factor, but these last couple of quarters, it looks like you've seen a little bit of a slowing of your ability to kind of drive cost down in the Flash business. As we think about BiCS6, how are you thinking about the relative cost down structure of BiCS6 relative to BiCS5?

好的。作為一個快速跟進，只是稍微考慮一下 Flash 業務。在過去的幾個季度中，欣賞這種組合是一個因素，但在過去的幾個季度中，您似乎已經看到您在 Flash 業務中降低成本的能力有所放緩。當我們考慮 BiCS6 時，您如何看待 BiCS6 相對於 BiCS5 的相對成本下降結構？

Yes. I mean the -- as we've talked about cost downs, we target 15%. We always know there's going to be some quarters below, some above. Hopefully, there's more on the favorable side, and I think that's been the history, but we've hit a couple of quarters where that's not the case. But if you look at our fiscal year, we delivered right at the 15%, I think, even a tick over.

是的。我的意思是——正如我們所說的降低成本，我們的目標是 15%。我們總是知道下面會有一些宿舍，一些在上面。希望還有更多有利的一面，我認為這已經是歷史了，但我們已經遇到了一些情況並非如此。但是，如果您查看我們的財政年度，我認為我們的交付率是 15%，甚至超過了 15%。

Is that right, Wissam?

是這樣嗎，維薩姆？

Yes, that's correct, David. And one of the things to keep in mind, Aaron, is we did have the Fab contamination in the third fiscal quarter. And so this is why -- this is partly why we haven't seen necessarily the same cadence of cost reduction in the last couple of quarters of the fiscal 2022.

是的，這是正確的，大衛。亞倫，要記住的一件事是，我們在第三財季確實受到了 Fab 污染。這就是為什麼——這就是為什麼我們在 2022 財年的最後幾個季度沒有看到一定的成本降低節奏的部分原因。

So Aaron, we feel really good about the BiCS6 transition and what that's going to bring. And I think you'll see in the upcoming quarters the costs will get back to where we expect it to be. We explicitly drive our road map around this number. We explicitly drive the nodal transition and the road map development around making sure we can deliver the 15% year-over-year and we are very pleased that we just delivered it again in the last fiscal year.

所以 Aaron，我們對 BiCS6 過渡以及它將帶來什麼感覺非常好。而且我認為您會在接下來的幾個季度中看到成本將回到我們預期的水平。我們明確地圍繞這個數字推動我們的路線圖。我們明確推動節點過渡和路線圖制定，以確保我們能夠實現 15% 的同比增長，我們很高興我們在上一財年再次實現了這一目標。

And our next question today comes from Joe Moore of Morgan Stanley.

我們今天的下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could address -- I mean, I didn't hear a specific answer to volume versus prices in NAND in Q3, but I guess what is your inventory balance going to look like at the end of Q3? And I know in the past, you guys have been willing to take Fab utilization adjustments to keep that number under control. Have you thought about that in this environment?

我想知道你是否可以解決——我的意思是，我沒有聽到第三季度 NAND 的數量與價格的具體答案，但我猜你的庫存平衡在第三季度末會是什麼樣子？而且我知道過去，你們一直願意調整 Fab 利用率來控制這個數字。在這樣的環境下，你有沒有想過？

Yes. I'll make a few comments. I'll let Wissam make a few comments. And we don't guide to that level of specificity, but they're both roughly down about the same.

是的。我會發表一些評論。我會讓 Wissam 發表一些意見。而且我們沒有指導那種水平的特異性，但它們都大致相同。

Yes. That's where the numbers shape up, roughly about the same.

是的。這就是數字形成的地方，大致相同。

And your inventory balance?

你的庫存餘額呢？

Well, given that this is mostly demand-driven, we expect inventory to be -- to grow a bit this quarter as the supply -- as the supply is higher than the -- where the demand is.

好吧，鑑於這主要是由需求驅動的，我們預計本季度庫存將隨著供應量的增加而略有增長，因為供應量高於需求量。

However, as we said in the prepared remarks, we are in discussions with our JV partners to take appropriate action if -- to the extent we can to limit that.

然而，正如我們在準備好的評論中所說，我們正在與我們的合資夥伴討論採取適當的行動，如果——在我們可以限制的範圍內。

Our next question today comes from Patrick Ho with Stifel.

我們今天的下一個問題來自於 Stifel 的 Patrick Ho。

Maybe just as a follow-up on the HDD side, taking it on the positive end. Dave, maybe if you could give a little color on your confidence level on the sustainability of the U.S. hyperscaler spending trends. What gives you the confidence that this will at least carry through the second half of this year and maybe into the early parts of 2023?

也許只是作為 HDD 方面的後續行動，將其放在積極的一面。戴夫，如果你能對你對美國超大規模消費趨勢可持續性的信心水平給出一點看法。是什麼讓你有信心這至少會持續到今年下半年，甚至可能會持續到 2023 年初？

Yes, a couple of things. One is the message we get from them -- obviously, we have a very, very close relationship and talk on a daily basis. And so the message we get in planning for the second half continues to be a strong and consistent message. We've got a great portfolio around 22 and 26 and SMR. I think one of the big highlights of last quarter on the HDD side is we got a second hyperscaler that fully qualified SMR. And with our position with UltraSMR getting 20% more out of a drive, puts us in a great position for that transition.

是的，有幾件事。一個是我們從他們那裡得到的信息——顯然，我們的關係非常非常密切，並且每天都在交談。因此，我們在下半年計劃中獲得的信息仍然是一個強有力且一致的信息。我們在 22 和 26 以及 SMR 周圍有一個很棒的產品組合。我認為上個季度在 HDD 方面的一大亮點是我們獲得了第二個完全合格的 SMR 的超大規模。我們在 UltraSMR 中的地位使驅動器的效率提高了 20%，這使我們處於過渡的有利位置。

So it continues to be a very, very consistent message from them about how they plan to consume the product in the second half and going into next year. And like I said, from the portfolio point of view, we've got lots of new qualifications underway on 22 terabytes CMR, 26 terabyte SMR. And as we go through the fiscal year, you'll see all of those products start to ramp and be adopted at volume.

因此，關於他們計劃如何在下半年和明年消費該產品，這仍然是他們非常非常一致的信息。就像我說的那樣，從產品組合的角度來看，我們在 22 TB CMR 和 26 TB SMR 上進行了許多新的認證。隨著我們度過本財年，您會看到所有這些產品都開始量產並被大量採用。

Great. That's helpful. And maybe as my follow-up question, in terms of following up from your Analyst Day where you did put a big focus on the NAND flash moving to the SSD market for the Cloud segment itself as well. Do you see this shift beginning with BiCS6? Or is this more of a BiCS+ type of endeavor where it will be future generations where you see the biggest shift towards SSD NAND?

偉大的。這很有幫助。也許作為我的後續問題，就您的分析師日的後續行動而言，您確實將 NAND 閃存轉移到雲領域本身的 SSD 市場。您是否看到從 BiCS6 開始的這種轉變？還是這更像是一種 BiCS+ 類型的努力，在未來幾代中，您會看到向 SSD NAND 的最大轉變？

No. I mean the shift is happening now. I mean we just delivered a quarter of 105% sequential growth on our enterprise SSD portfolio. Now that's a particularly strong result. But we're very confident that as we work through the next couple of years, we're going to drive our share of enterprise SSD from the 8% to 16%. We've got a very good plan for that. It's a great market to participate in. Like I said, we broke through with the qualifications and the success has been strong.

不，我的意思是轉變正在發生。我的意思是，我們的企業 SSD 產品組合剛剛實現了 105% 的連續增長的四分之一。現在這是一個特別強大的結果。但我們非常有信心，在接下來的幾年裡，我們將把企業級 SSD 的份額從 8% 提高到 16%。我們為此制定了一個非常好的計劃。這是一個很好的市場參與。就像我說的，我們突破了資格並且取得了很大的成功。

Now it will be lumpy, not every quarter is going to be up. But the trajectory over the 3-year time span is we have a lot of confidence we're going to drive that to the 16% share in FY '25.

現在它會很不穩定，不是每個季度都會上漲。但 3 年時間跨度的軌跡是，我們非常有信心在 25 財年將其推向 16% 的份額。

(Operator Instructions) Today's next question comes from Wamsi Mohan with Bank of America.

（操作員說明）今天的下一個問題來自美國銀行的Wamsi Mohan。

You're basically shipping well below demand levels given the inventory correction when you look at the September quarter. Can you maybe help quantify that and help us think through if the digestion that you're calling for is completed, let's say, in September, what's roughly the right base we should be thinking of to drive any sequential growth off of that in -- for the December quarter?

當您查看 9 月季度時，考慮到庫存修正，您的出貨量基本上遠低於需求水平。您能否幫助量化這一點並幫助我們考慮是否完成了您要求的消化，比方說，在 9 月，我們應該考慮的大致正確的基礎是什麼，以推動任何連續增長 -十二月季度？

Well, I mean, for -- in the PC market, we think the market is -- there was consensus earlier in the year of maybe 325 million units. We think that's going to land more around 305 million units. So that gives you a sense of the correction that's happening aggressively right now. And we saw -- I think we talked about smartphone demand being down single digits, mid-single digits on a unit percentage.

嗯，我的意思是，在個人電腦市場，我們認為市場是——今年早些時候的共識可能是 3.25 億台。我們認為這將登陸更多約 3.05 億台。因此，這讓您了解目前正在積極進行的修正。我們看到 - 我認為我們談到智能手機需求下降個位數，單位百分比的中個位數。

So I think, Wamsi, we're just going through this very sharp step-down right now where everybody resets their inventory, especially as they have -- I personally think, as they have more confidence, that the inventory -- the supply chain is loosening up. It's not completely loosened up, there's still tight areas. But in general, we're able to get more upsides on products that -- components that even a couple of quarters ago were very tight. So I think everybody is kind of resetting for that world and they're resetting going into a softer consumer environment. So I think that gives you a little bit to bracket how we're thinking about it.

所以我認為，Wamsi，我們現在正在經歷一次非常急劇的降級，每個人都重新設置他們的庫存，特別是因為他們有 - 我個人認為，因為他們更有信心，庫存 - 供應鏈正在放鬆。它沒有完全放鬆，仍然有緊張的地方。但總的來說，我們能夠在產品上獲得更多優勢——即使是幾個季度前的組件都非常緊張。所以我認為每個人都在為那個世界重新設定，他們正在重新進入一個更柔軟的消費環境。因此，我認為這可以讓您稍微概括一下我們的想法。

And our next question today comes from Sidney Ho with Deutsche Bank.

我們今天的下一個問題來自德意志銀行的 Sidney Ho。

So looking at your Flash margins, they are still at a pretty decent level in the June quarter, but obviously that will come down in the September quarter. But with margins coming down into, let's say, the next few quarters given where the pricing is heading, do you think your margins will get back to that last trough in 2019 when it was below 20%? Obviously, pricing is out of your control, but are there things in your control that you will make the mix trough be better than the last one?

所以看看你的 Flash 利潤率，它們在 6 月季度仍然處於相當不錯的水平，但顯然這將在 9 月季度下降。但是隨著利潤率下降，比如說，考慮到定價的未來幾個季度，你認為你的利潤率會回到 2019 年低於 20% 的最後一個低谷嗎？顯然，定價超出了您的控制範圍，但是您是否可以控制某些事情，使混合槽比上一個更好？

Yes. I mean I think that we've done a tremendous amount of work on the portfolio in the last couple of years, and I think that is going to show up. And the way we think about through cycle margin, we talked a lot about this at the -- our Investor Day, we're managing for through-cycle margin. We want to drive the higher lows and higher highs. And we think we're set up well to do that given the qualifications across enterprise SSD. Our very strong position in gaming, that's been a great market for us and a growth area just over the last 1.5 years.

是的。我的意思是我認為我們在過去幾年裡在投資組合上做了大量的工作，我認為這將會顯現出來。以及我們通過週期保證金思考的方式，我們在投資者日對此進行了很多討論，我們正在管理整個週期保證金。我們希望推動更高的低點和更高的高點。我們認為，鑑於企業 SSD 的資質，我們已經做好了準備。我們在遊戲領域的強勢地位，這對我們來說是一個巨大的市場，也是過去 1.5 年的增長領域。

So yes, I think it's -- I think we go into this situation with a lot better portfolio and a lot better diversity, a lot more places to put our supply, and we think that's going to lead to a better result.

所以是的，我認為它是——我認為我們進入這種情況時會擁有更好的產品組合和更好的多樣性，更多的地方可以放置我們的供應，我們認為這將帶來更好的結果。

And our next question today comes from Toshiya Hari with Goldman Sachs.

今天我們的下一個問題來自高盛的 Toshiya Hari。

I had a multipart question on your HDD business, primarily around utilization rates and CapEx and the restructuring plan that you talked about. In terms of utilization rates, your nearest competitor talked about making some adjustments in the near term. Is that something that you guys are thinking about or doing in HDD?

我對你們的硬盤業務有一個多方面的問題，主要是關於利用率和資本支出以及你們談到的重組計劃。在利用率方面，您最接近的競爭對手談到在短期內進行一些調整。這是你們正在考慮或在 HDD 中做的事情嗎？

And on the CapEx side, what's contemplated in your fiscal '23 outlook, again, as it pertains to your hard drive business?

在資本支出方面，您在 23 財年的展望中又會考慮什麼，因為它與您的硬盤業務有關？

And then on the restructuring, I was hoping you could expand on what exactly you're doing, how much capacity is coming online over the next -- in the medium to long term?

然後在重組方面，我希望你能詳細說明你正在做什麼，下一個將有多少容量上線——從中長期來看？

Thanks, Toshiya. So let me just add a little context and, Wissam, give a little more detail on CapEx and how we're thinking about this.

謝謝，東也。因此，讓我添加一些背景信息，Wissam，提供更多關於資本支出的細節以及我們如何考慮這一點。

So as we talked about that the Client HDD market has been interesting over the last couple of years. We went into the pandemic and we saw a big surge in demand for Client hard drives. Just in general, we saw a big surge in demand for PCs. That has turned around dramatically. And what we're seeing right now is that business is down over 50% year-over-year. So we're seeing -- it's returning to pre-pandemic trajectory and even going down faster than that now as far as the transition to Flash happens. That's a good transition for us because we have such a great portfolio in Client SSD. So we've been playing that transition for years. But it really calls for us to reset our -- how much Client HDD capacity we have in the system and that's what we're aggressively undertaking right now.

因此，正如我們所說，客戶端硬盤市場在過去幾年中一直很有趣。我們進入了大流行，我們看到對客戶端硬盤驅動器的需求激增。總的來說，我們看到對個人電腦的需求激增。這已經發生了戲劇性的轉變。我們現在看到的是，業務同比下降了 50% 以上。所以我們看到——它正在回到大流行前的軌跡，甚至在向 Flash 過渡的情況下下降得更快。這對我們來說是一個很好的過渡，因為我們在客戶端 SSD 方面擁有如此出色的產品組合。所以我們多年來一直在玩這種過渡。但這確實需要我們重新設置我們在系統中擁有多少客戶端硬盤容量，這就是我們現在正在積極開展的工作。

Yes. So on that, Toshi, on the restructuring, we're basically, as David said, we're taking -- we're reducing our manufacturing footprint on the Client side. And the expectation is this should benefit us from a couple of areas, a little bit on the CapEx side, but also in terms of the cost of goods sold. And so if there's any underutilization that was associated with that or would have been associated with that part of the manufacturing capacity, it's being basically managed out. And so that should help us be able to -- as we sort of said, in terms of the gross margin transition for the HDD business from the fourth quarter to the first quarter, we're expecting it to be more or less flat. And so based on that, we should probably see even further improvements in the following quarters.

是的。因此，Toshi，在重組方面，我們基本上是，正如大衛所說，我們正在採取 - 我們正在減少我們在客戶端的製造足跡。並且期望這應該使我們受益於幾個領域，在資本支出方面，但在銷售商品成本方面也是如此。因此，如果有任何與該部分相關的或可能與該部分製造能力相關的未充分利用，它基本上已被管理。因此，這應該有助於我們能夠 - 正如我們所說的那樣，就 HDD 業務從第四季度到第一季度的毛利率過渡而言，我們預計它或多或少會持平。因此，基於此，我們可能會在接下來的幾個季度看到進一步的改進。

On CapEx.

在資本支出上。

And on CapEx, we typically don't break out the CapEx between HDD and Flash. But as I said, we do plan to stay within our target model of the 8% to 10% of revenue. And if you recall on Investors Day, I did say that the -- we typically -- we would like to get to a point where for the HDD business we target 4% to 6%, maybe higher than this, in the near term simply because we are investing in the capacity enterprise side of the -- of the manufacturing of the house.

在資本支出方面，我們通常不會在 HDD 和閃存之間劃分資本支出。但正如我所說，我們確實計劃保持在收入的 8% 到 10% 的目標模型內。如果你還記得在投資者日，我確實說過 - 我們通常 - 我們希望達到一個點，即我們的 HDD 業務目標是 4% 到 6%，可能會更高，只是在短期內因為我們正在投資房屋製造的產能企業方面。

The one thing though to keep in mind is we are keeping a close eye to the supply-demand situation and we do not plan to be investing or building overcapacity short term to be able to maintain that supply-demand balance.

不過要記住的一件事是，我們正在密切關注供需情況，我們不打算在短期內投資或建設產能過剩來維持供需平衡。

So Toshiya, just a few more comments on this so we fully paint the picture. So you're really starting to see this, what we talked about at our Analyst Day. In heads and media, we still have to invest. I mean there's -- we need -- these big drives have a lot of heads in them, so we're still investing in heads. Media, we transition to capacity enterprise. But we just have the manufacturing ability to produce millions and millions of Client drives that we don't need anymore. So that's the part we're resetting and to get that cost out of the system.

所以 Toshiya，請對此再發表一些評論，這樣我們就可以完整地描繪這幅畫了。所以你真的開始看到這一點，我們在分析師日討論的內容。在頭部和媒體方面，我們仍然需要投資。我的意思是——我們需要——這些大型驅動器中有很多磁頭，所以我們仍在投資磁頭。媒體，我們過渡到容量企業。但我們只是擁有生產數百萬個我們不再需要的客戶端驅動器的製造能力。所以這就是我們正在重置的部分，並將成本從系統中剔除。

Ladies and gentlemen, our next question today comes from Tom O'Malley of Barclays.

女士們先生們，我們今天的下一個問題來自巴克萊銀行的 Tom O'Malley。

I just wanted to look at the overall business. Obviously, you've talked about the moving parts into September. But could you talk about when you think you might see the total top line start to recover? I know there's a lot of moving parts. I know there's not a ton of visibility right now. But obviously, from a net income pro forma earnings perspective, do you guys see yourselves making losses in the coming quarters? And just if you do, can you talk about the depth in which you're kind of planning for that based on recessionary scenario? Just any color on where you might see this bottom from a total company perspective.

我只是想看看整體業務。顯然，您已經談到了 9 月份的活動部分。但是您能否談談您認為您可能會看到總收入開始恢復的時間？我知道有很多活動部件。我知道現在沒有很多能見度。但很明顯，從淨收入預估收益的角度來看，你們認為自己在未來幾個季度會虧損嗎？如果你這樣做了，你能談談你根據衰退情景規劃的深度嗎？從整個公司的角度來看，你可能會看到這個底部的任何顏色。

So first off, we don't see losses, no. So look, you hit on it. It's just very dynamic right now. Let me paint the picture and Wissam can say maybe a little bit about the out quarters.

所以首先，我們看不到損失，不。所以看，你擊中了它。它現在非常動態。讓我畫一幅畫，維薩姆可以說一些關於外場的事情。

We're seeing -- I would say if we went back several quarters, we started talking about it very early this year, the consumer started softening really in Europe when the war broke out, in China with the lockdowns and that progressed throughout the first half of the year. The consumer business is something that usually is soft. It's seasonally the weakest part of the year.

我們看到——我想說，如果我們回到幾個季度，我們今年很早就開始談論它，戰爭爆發時，歐洲的消費者開始真正軟化，在中國，隨著封鎖，這種情況在整個第一季度都在發展半年。消費者業務通常是軟的。這是一年中季節性最弱的部分。

April and May, calendar Q2 is an interesting quarter for that business because it always starts off in April and May and comes on strong in June. That really didn't happen. It stayed soft. And then we started to see the spread into consumer -- consumers purchasing PCs and now smartphones. And so now we're seeing the OEMs in the PC and the smartphone business, as we talked about, very aggressively reset their inventory levels.

4 月和 5 月，日曆 Q2 對該業務來說是一個有趣的季度，因為它總是在 4 月和 5 月開始，並在 6 月表現強勁。那真的沒有發生。它保持柔軟。然後我們開始看到向消費者傳播——消費者購買個人電腦，現在購買智能手機。因此，正如我們所談到的，現在我們看到 PC 和智能手機業務中的 OEM 非常積極地重置他們的庫存水平。

At the same time, we're starting to see the consumer in our channel business stabilized. So we're starting to see the early signs of the consumer business stabilizing, the channel business stabilizing. If I look at sell-through for the first part of the quarter, it was to plan. Sell-in, it's still a little bit behind because nobody wants to build inventory right now. But sell-through has stabilized. And in some regions, like I said, in Europe, we're even seeing Q-over-Q growth in the channel. So it all depends on how we get -- how fast we get through the inventory correction on the OEM side.

與此同時，我們開始看到我們渠道業務中的消費者趨於穩定。所以我們開始看到消費業務企穩、渠道業務企穩的早期跡象。如果我看一下本季度第一部分的銷售情況，那就是計劃。賣出，它仍然有點落後，因為現在沒有人想建立庫存。但是銷售已經穩定下來。在某些地區，就像我說的那樣，在歐洲，我們甚至看到渠道的 Q-over-Q 增長。所以這一切都取決於我們如何獲得——我們在 OEM 方面通過庫存修正的速度有多快。

And then just to cap that off, in the cloud, we continue to see very consistent demand from the U.S. hyperscalers, and we see some digestion in China cloud. And we expect that digestion in China cloud to work its way through this quarter.

然後只是為了限制這一點，在雲中，我們繼續看到來自美國超大規模企業的非常一致的需求，我們看到中國雲的一些消化。我們預計中國雲的消化將在本季度發揮作用。

In general, China has been, I think the word I would say, has been quiet across all the markets. There's not a lot of visibility. We'll see how that comes back throughout the quarter.

總的來說，我想我想說的話，中國在所有市場上一直很安靜。能見度不是很高。我們將在整個季度看到這種情況如何恢復。

But that gives you a little bit of kind of the evolution of how we've seen this and kind of how we see it going forward, as I said. Although the PC and the OEMs are going through -- PC and smartphone OEMs are going through very, very sharp correction, we are seeing other parts of the market start to stabilize.

但這讓你有點了解我們如何看待這一點以及我們如何看待它的發展，正如我所說。儘管 PC 和 OEM 正在經歷——PC 和智能手機 OEM 正在經歷非常、非常急劇的調整，但我們看到市場的其他部分開始趨於穩定。

So I don't know, Wissam, you want to add that up? We don't really forecast the out quarters, but anything to say about that?

所以我不知道，Wissam，你想把它加起來嗎？我們並沒有真正預測出季度，但對此有什麼要說的嗎？

Yes. I mean we don't forecast the out quarters. We don't see losses. The one -- the couple of points I would add to that, David, is we obviously are -- with this down cycle, we're starting from a much, much stronger financial position. We've done a lot over the last couple of years to strengthen our financial position. We also launched a very exciting set of products last quarter. So we have really a very strong portfolio. We have good additions to the leadership team. And so we're in a much better position to manage through this.

是的。我的意思是我們不預測出季度。我們沒有看到損失。一個 - 我要補充的幾點，大衛，我們顯然是 - 在這個下行週期中，我們從一個非常非常強大的財務狀況開始。在過去的幾年裡，我們做了很多工作來加強我們的財務狀況。上個季度，我們還推出了一系列非常令人興奮的產品。所以我們有一個非常強大的產品組合。我們對領導團隊有很好的補充。因此，我們處於更好的位置來解決這個問題。

And our next question today comes from Timothy Arcuri with UBS.

我們今天的下一個問題來自瑞銀的 Timothy Arcuri。

I also had a 2-part question. I guess the first question is on HDD gross margin. And you're still running a couple of hundred basis points lower than your peer. And I'm wondering if you can sort of unpack that. Is this related to the client capacity that you're trying to take out?

我也有一個兩部分的問題。我想第一個問題是關於硬盤的毛利率。而且您仍然比同行低幾百個基點。我想知道你是否可以打開它。這是否與您要消除的客戶容量有關？

And then on the NAND side, you answered a prior question saying that -- I think you're implying that the decline is roughly equal between bits and pricing. And I just want to clarify, is that what you meant to say? Because if that's the case, then bits are certainly -- well, I mean, both bits and pricing are down more than your peers. So I'm just wondering if you can sort of handicap why your NAND business is performing worse than your peers.

然後在 NAND 方面，您回答了一個先前的問題，說 - 我認為您的意思是比特和定價之間的下降大致相等。我只是想澄清一下，這就是你的意思嗎？因為如果是這樣的話，那麼比特肯定是——嗯，我的意思是，比特和價格都比你的同行下降得更多。因此，我只是想知道您是否可以在某種程度上妨礙您的 NAND 業務表現比同行差的原因。

So on HDD, I think -- I think the gap in gross margin is now 100 basis points. But first of all, I feel good about the quarter we had on gross margin. We expected -- we expected -- well, let's put it this way. We're able to get the gross margins up in HDD a little faster than we thought. When we talked about last quarter, we thought they would start going up sequentially going into the second half, and we were able to pull some of that back into calendar Q2, our fiscal Q4.

所以在硬盤上，我認為 - 我認為毛利率的差距現在是 100 個基點。但首先，我對我們的毛利率季度感到滿意。我們期待——我們期待——好吧，讓我們這樣說吧。我們能夠比我們想像的更快地提高 HDD 的毛利率。當我們談到上個季度時，我們認為他們會在下半年開始連續上漲，我們能夠將其中的一部分拉回日曆 Q2，即我們的財政 Q4。

That was due to a number of things. One is pricing continues to be pretty benign to even up a little bit, which is something we've been -- I think the industry has been striving for, again, given all the innovation we're bringing to market. And then we were able to work some on the cost side as well.

那是由於很多事情。一個是定價仍然相當溫和，甚至會上漲一點點，這是我們一直在努力的事情——我認為，考慮到我們為市場帶來的所有創新，該行業一直在努力爭取。然後我們也能夠在成本方面進行一些工作。

Us versus our competitors, remember, everybody has a different mix. And they -- there are some markets, especially the performance enterprise markets that Western Digital exited a number of years ago, and that's a declining but margin-rich part of the HDD market that we don't participate in.

我們與我們的競爭對手，記住，每個人都有不同的組合。他們 - 有一些市場，特別是西部數據幾年前退出的性能企業市場，這是我們不參與的 HDD 市場中正在下降但利潤豐厚的部分。

But in general, from a margin perspective, on HDD, I get back to innovation, the portfolio, the 22-terabyte drive, the 26-terabyte UltraSMR drives, those are in a unique position in the industry. And we have a plan as we move through FY '23, those will become bigger and bigger and, in fact, the predominant part of the portfolio and what we're shipping as we move through the year. So I think that sets us up in a very strong position to have a really good TCO conversation with our customers as we continue to drive innovation.

但總的來說，從利潤的角度來看，在 HDD 上，我回到了創新、產品組合、22 TB 驅動器、26 TB UltraSMR 驅動器，它們在行業中處於獨特的位置。我們在 23 財年制定了一個計劃，這些計劃將變得越來越大，事實上，這是投資組合的主要部分，以及我們在這一年中運送的內容。因此，我認為這使我們處於一個非常有利的位置，可以在我們繼續推動創新的同時與我們的客戶進行非常好的 TCO 對話。

Second part of your question was in Flash. Again, this is a very dynamic market. Things have changed even in the last 1.5 weeks to 2 weeks. So I think that we're at a different point of when we're forecasting and we are rolling in everything we have heard from our customers. As I said, we have customers that have very, very significant amounts of demand that are changing within the quarter. So we put a guide around that. Obviously, we'll work to make that better, but that's the reality of where the business is today.

您問題的第二部分是在 Flash 中。同樣，這是一個非常活躍的市場。即使在過去的 1.5 周到 2 週內，情況也發生了變化。因此，我認為我們在預測時處於不同的階段，並且我們正在滾動從客戶那裡聽到的所有信息。正如我所說，我們的客戶在本季度內的需求量非常非常大。因此，我們為此提供了指南。顯然，我們會努力讓它變得更好，但這就是當今業務的現實。

And ladies and gentlemen, today's final question comes from Mehdi Hosseini with SIG.

女士們先生們，今天的最後一個問題來自 SIG 的 Mehdi Hosseini。

David, I just wanted to follow up to the last comment. You highlighted earlier in the call that you remain comfortable with nearline cloud demand, especially in North America. And then you just said that demand is very volatile. What gives you confidence that the North American cloud service providers go through inventory digestion later this year and into next year? Is there anything that you can share with us? And I have a follow-up.

大衛，我只是想跟進最後的評論。您在電話會議的早些時候強調，您對近線雲需求感到滿意，尤其是在北美。然後你剛才說需求非常不穩定。是什麼讓您對北美雲服務提供商在今年晚些時候和明年進行庫存消化有信心？有什麼可以和我們分享的嗎？我有一個後續行動。

I think it's just our deep relationship with them and the conversation we have. We also have multi-quarter agreements with a lot of these customers which gives us more visibility into what their plans are. We're obviously in deep conversations with them about our next-generation products, which is very exciting. We're able to bring a market-leading capacity points to them across CMR and SMR.

我認為這只是我們與他們的深厚關係以及我們之間的對話。我們還與許多此類客戶簽訂了多季度協議，這使我們能夠更清楚地了解他們的計劃。我們顯然正在與他們就我們的下一代產品進行深入對話，這非常令人興奮。我們能夠通過 CMR 和 SMR 為他們帶來市場領先的容量點。

So again, 22-terabyte CMR is a unique product in the industry. And then we have 26-terabyte SMR, which is again a unique product in the industry. Nobody else can go to those capacity points. And so we feel very good about where the portfolio is. Those are being adopted and qualified across our customer base. I think the strength of where we're at in the TCO equation we bring to our customers as well as the visibility that we see and given the relationship gives us confidence as we move through the second half of the year.

同樣，22 TB CMR 是業內獨一無二的產品。然後我們有 26 TB SMR，這又是業內獨一無二的產品。沒有其他人可以達到這些容量點。因此，我們對投資組合的位置感到非常滿意。這些正在我們的客戶群中被採用和認證。我認為，我們在為客戶帶來的 TCO 方程式中所處的位置以及我們所看到的可見性和鑑於這種關係，在我們度過下半年時給了我們信心。

Thank you. And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to the management team for any final remarks.

謝謝你。女士們，先生們，我們的問答環節到此結束。我想將會議轉回給管理團隊，以進行最後的評論。

All right. Thanks, everyone. We appreciate you spending time with us here early on a Friday morning. Thanks for all the great questions, and we'll look forward to talking to you throughout the quarter.

好的。感謝大家。感謝您在星期五早上與我們共度時光。感謝您提出的所有好問題，我們期待在整個季度與您交談。

Thank you. Ladies and gentlemen, this concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝你。女士們，先生們，今天的電話會議到此結束。我們感謝大家出席今天的演講。您現在可以斷開線路，度過美好的一天。