威騰電子 (WDC) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Western Digital Fiscal Second Quarter 2023 Conference Call. (Operator Instructions) And as a reminder, this call is being recorded.

下午好，謝謝你的支持。歡迎來到 Western Digital 2023 財年第二季度電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

Now I will 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 Wissam Jabre, Chief Financial Officer.

謝謝，大家下午好。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 expectations for our product portfolio, cost reductions, business plans and performance, demand and market trends and financial results based on management's current assumptions and expectations, and as such, does include risks and uncertainties.

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，包括對我們產品組合的預期、成本降低、業務計劃和績效、需求和市場趨勢以及基於管理層當前假設和預期的財務結果等，確實包括風險和不確定性。

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. 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.

我們不承擔更新這些聲明的義務。請參閱我們最近向美國證券交易委員會提交的 10-K 表格財務報告，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。我們今天還將提及非 GAAP 財務指標。非 GAAP 和可比較的 GAAP 財務指標之間的對賬包含在我們網站投資者關係部分發布的新聞稿和其他材料中。

With that, I will 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作介紹性發言。

Thank you, Peter. Good afternoon, and thank you for joining the call to discuss our 2023 second quarter results. The Western Digital team worked diligently within a dynamic market and delivered revenue at the high end of the guidance range we provided in October. We reported second quarter revenue of $3.1 billion and non-GAAP operating loss of $119 million. Our non-GAAP loss per share was $0.42.

謝謝你，彼得。下午好，感謝您加入討論我們 2023 年第二季度業績的電話會議。 Western Digital 團隊在充滿活力的市場中努力工作，並在我們 10 月份提供的指導範圍的高端實現了收入。我們報告第二季度收入為 31 億美元，非 GAAP 營業虧損為 1.19 億美元。我們的非 GAAP 每股虧損為 0.42 美元。

Our ongoing efforts to control expenses, optimize working capital and deploy capital judiciously helped us manage cash flow amidst a challenging flash pricing environment and larger-than-expected ACD underutilization that pressured gross margins.

我們在控制費用、優化營運資金和明智地部署資本方面的持續努力幫助我們在充滿挑戰的快速定價環境和高於預期的 ACD 未充分利用對毛利率造成壓力的情況下管理現金流。

Before we discuss the details of our second quarter results, I wanted to cover 2 other announcements that we are making today. First, we disclosed that Western Digital has entered into agreements with Apollo Global Management and Elliott Investment Management for convertible preferred equity investments totaling $900 million.

在我們討論第二季度業績的細節之前，我想介紹一下我們今天發布的另外 2 個公告。首先，我們披露西部數據已與Apollo Global Management 和Elliott Investment Management 就總計9 億美元的可轉換優先股投資達成協議。

In connection with the agreement, Reed Rayman, a partner at Apollo, will join our Board starting immediately. On behalf of the Board, I am pleased to welcome Reed, a leading technology investor who will provide us with additional financial and strategic expertise, which will be critical as we continue to execute on our business strategy and complete our strategic review. Second, on January 25, we secured access to $875 million of financing through a delayed draw term loan.

根據協議，Apollo 的合夥人 Reed Rayman 將立即加入我們的董事會。我很高興代表董事會歡迎領先的技術投資者 Reed，他將為我們提供額外的財務和戰略專業知識，這對於我們繼續執行我們的業務戰略並完成我們的戰略審查至關重要。其次，在 1 月 25 日，我們通過延遲提取期限貸款獲得了 8.75 億美元的融資。

When combined with the actions we undertook to structurally lower our cost structure, these financings provide valuable financial optionality and flexibility to Western Digital as we continue our strategic review. Regardless of the outcome of the strategic review, our goal is to ensure the business is in a solid financial position to invest in innovation and create long-term shareholder value.

結合我們為從結構上降低成本結構而採取的行動，這些融資在我們繼續進行戰略審查時為西部數據提供了寶貴的財務選擇權和靈活性。無論戰略審查的結果如何，我們的目標都是確保企業在投資創新和創造長期股東價值方面處於穩健的財務狀況。

Given the ongoing nature and confidentiality of the process, we will not be answering any questions about the strategic review process or making comments on market rumors. We will provide updates as we have them. Over the past 3 years, we have worked continuously to reinvigorate innovation and bolster business agility for both our flash and HDD organizations, which enabled the Western Digital team to stay ahead of the market. Over the same period, we paid down $2.7 billion in debt and arranged for settlement of a long-standing tax dispute.

鑑於該過程的持續性和機密性，我們不會回答有關戰略審查過程的任何問題或對市場傳言發表評論。我們將提供更新。在過去的 3 年裡，我們一直致力於為我們的閃存和 HDD 組織重振創新並增強業務敏捷性，這使 Western Digital 團隊能夠保持市場領先地位。同期，我們還清了 27 億美元的債務，並安排解決長期存在的稅務糾紛。

Since the beginning of fiscal year 2023, we have taken additional actions to reset the business in response to the post-pandemic environment. These actions include: first, we have further reduced our capital expenditures across flash and HDD to moderate our supply. As a result, our projected cash capital expenditure for fiscal 2023 has declined nearly 40% from 6 months ago. Second, we have decreased supply bit growth across both flash and HDD. In flash, we reduced wafer starts by 30% in January.

自 2023 財年開始以來，我們採取了額外的行動來重置業務，以應對大流行後的環境。這些行動包括：首先，我們進一步減少了閃存和 HDD 的資本支出，以調節我們的供應。因此，我們預計 2023 財年的現金資本支出比 6 個月前下降了近 40%。其次，我們降低了閃存和 HDD 的供應位增長。在閃存方面，我們在 1 月份將晶圓啟動減少了 30%。

In HDD, during the fiscal first quarter, we consolidated production lines across our manufacturing facilities and idled certain media production lines in Asia, reducing client hard drive capacity by approximately 40%. During the fiscal second quarter, we continued to optimize our capacity enterprise manufacturing footprint to align our supply with the new demand environment.

在 HDD 方面，在第一財季，我們整合了整個製造設施的生產線，並閒置了亞洲的某些媒體生產線，將客戶硬盤容量減少了約 40%。在第二財季，我們繼續優化我們的產能企業製造足跡，以使我們的供應與新的需求環境保持一致。

Third, we have reduced our quarterly non-GAAP operating expense by over $100 million since the close of fiscal year 2022, driven by lower headcount, discretionary spending and variable compensation. We are targeting to reduce quarterly non-GAAP operating expense level to below $600 million by the time we exit the fiscal year. And lastly, in December, we successfully executed an amendment to the existing financial covenants under our credit agreement.

第三，自 2022 財年結束以來，我們已將季度非 GAAP 運營費用減少超過 1 億美元，原因是員工人數減少、可自由支配支出和可變薪酬。我們的目標是在本財年結束時將季度非 GAAP 運營費用水平降至 6 億美元以下。最後，在 12 月，我們根據信貸協議成功執行了對現有財務契約的修訂。

Turning to end market demand during the fiscal second quarter. Demand for consumer-oriented products stabilized as we discussed in October. In consumer, we experienced a seasonal uptick across both flash and HDD. In client, channel demand for both SSD and HDD have improved. However, commercial PCs are now being impacted by tightening budgets and spending across corporations, which is negatively affecting client SSD shipments.

轉向第二財季的終端市場需求。正如我們在 10 月份討論的那樣，面向消費者的產品需求趨於穩定。在消費者方面，我們經歷了閃存和 HDD 的季節性增長。在客戶端，SSD和HDD的渠道需求都有所改善。然而，商用 PC 現在正受到預算緊縮和企業支出的影響，這對客戶端 SSD 出貨量產生了負面影響。

In cloud, we experienced a decline in nearline shipments as our customers were undergoing inventory digestion and ongoing subdued China demand.

在雲端，由於我們的客戶正在消化庫存和持續低迷的中國需求，我們的近線出貨量有所下降。

I'll now turn to business updates, starting with HDD. During the fiscal second quarter, our HDD revenue declined significantly as cloud inventory digestion intensified, while demand for retail and client HDD improved. We continue to successfully execute on our product road map as we completed qualifications and commenced shipments of our latest generation 22-terabyte CMR hard drives at multiple cloud and major OEM customers last quarter.

我現在將轉向業務更新，從 HDD 開始。在第二財季，我們的 HDD 收入隨著雲庫存消化的加劇而大幅下降，而零售和客戶端 HDD 的需求有所改善。上個季度，我們在多個雲和主要 OEM 客戶完成了最新一代 22 TB CMR 硬盤的資格認證並開始發貨，我們繼續成功地執行我們的產品路線圖。

We are aggressively ramping this 22-terabyte CMR product this quarter and expect this drive along with its SMR variants to be our growth engine going forward. Qualifications of our 26-terabyte UltraSMR drives are also progressing well. Our major customers remain committed to adopting SMR drives as the 20% capacity gain that UltraSMR drives over CMR offers multi-generation TCO benefits to the most complex data centers worldwide.

我們在本季度積極推出這款 22 TB CMR 產品，並期望這種驅動及其 SMR 變體成為我們未來的增長引擎。我們的 26 TB UltraSMR 驅動器的認證也進展順利。我們的主要客戶仍然致力於採用 SMR 驅動器，因為 UltraSMR 驅動器比 CMR 驅動器增加 20% 的容量，為全球最複雜的數據中心提供多代 TCO 優勢。

We expect sequential growth in revenue and margin into our fiscal third quarter and continued recovery as we move through calendar year 2023. Turning to flash. Thanks to our broad portfolio, diverse routes to market and leading retail franchise combined with strong seasonal demand, bit shipments increased 20% sequentially, exceeding our forecast. While we continue to experience pricing pressure in the market, our premium brands, including SanDisk, SanDisk Professional and WD_BLACK continued to deliver strong share and profitability to support the business.

我們預計收入和利潤率將連續增長到我們的第三財季，並在我們進入 2023 日曆年時繼續復甦。轉向閃存。得益於我們廣泛的產品組合、多樣化的上市途徑和領先的零售特許經營權，再加上強勁的季節性需求，比特出貨量環比增長 20%，超出了我們的預期。雖然我們繼續承受市場定價壓力，但我們的高端品牌，包括 SanDisk、SanDisk Professional 和 WD_BLACK 繼續提供強大的市場份額和盈利能力來支持業務。

Our premium WD_BLACK client SSD, which is optimized for gaming continues to be well received in the marketplace. It achieved a record exabyte shipments, unit shipments and average capacity per drive resulting in exabyte shipment increase of 73% sequentially and 41% year-over-year for this product.

我們的優質 WD_BLACK 客戶端 SSD 針對遊戲進行了優化，繼續在市場上廣受歡迎。它實現了創紀錄的艾字節出貨量、單位出貨量和每個驅動器的平均容量，導致該產品的艾字節出貨量環比增長 73%，同比增長 41%。

On the technology front, BiCS5 represented 70% of our flash revenue in the December quarter, while BiCS6 will reach cost crossover in the fiscal third quarter. Our next-generation 3D NAND node BiCS8 has entered productization phase. BiCS8 incorporates several groundbreaking 3D NAND architectural innovations to deliver a major leap in performance and cost-effective solutions to a broad range of exciting products, demonstrating the benefits of Western Digital's strong partnership with Kioxia and our innovation leadership in 3D NAND architecture.

在技術方面，BiCS5 在 12 月季度占我們閃存收入的 70%，而 BiCS6 將在第三財季實現成本交叉。我們的下一代3D NAND節點BiCS8已經進入量產階段。 BiCS8 融合了多項突破性的 3D NAND 架構創新，為一系列令人興奮的產品帶來了性能和成本效益解決方案的重大飛躍，展示了西部數據與鎧俠強大合作夥伴關係的優勢以及我們在 3D NAND 架構方面的創新領導地位。

As we look into the fiscal third quarter, in hard drives, overall demand in cloud has stabilized, and we expect modest improvement in near line to offset a seasonal decline in client and consumer hard drives. We expect stronger improvements in the second half of this calendar year, led by the aggressive ramp of our 22 and 26 terabyte hard drives. In flash, we expect enterprise SSD product demand for the fiscal third quarter to be sharply reduced as certain large cloud customers have entered a digestion period.

當我們展望第三財季時，在硬盤驅動器方面，雲的整體需求已經穩定，我們預計近線的適度改善將抵消客戶端和消費者硬盤驅動器的季節性下降。我們預計，在我們 22 和 26 TB 硬盤驅動器的積極增長的帶動下，本日曆年下半年會有更強勁的改進。閃存方面，我們預計第三財季企業級SSD產品需求將大幅減少，因為部分大型雲客戶已進入消化期。

In addition, a reduction in commercial PC demand is expected to impact client SSD shipments in the near term. Driven by the lower customer demand forecast in enterprise and client SSDs, we anticipate bit shipments to decline in the fiscal third quarter and return to growth in the fiscal fourth quarter. As I mentioned earlier, Western Digital lowered wafer starts in January, and we remain flexible in adjusting the magnitude and duration to restore our flash supply and demand balance.

此外，商用 PC 需求的減少預計將在短期內影響客戶端 SSD 的出貨量。受企業和客戶端 SSD 客戶需求預測下降的推動，我們預計位出貨量將在第三財季下降，並在第四財季恢復增長。正如我之前提到的，Western Digital 在 1 月份降低了晶圓開工量，我們在調整幅度和持續時間方面保持靈活，以恢復我們的閃存供需平衡。

As noted, for calendar year 2023, we expect reduced capital investment and lower utilization in response to the new demand environment. Our initial estimate is for flash demand bit growth to be in the low 20% range with production bit growth to be well below that of demand.

如前所述，對於 2023 日曆年，我們預計會減少資本投資和降低利用率，以應對新的需求環境。我們的初步估計是閃存需求位增長在 20% 的低範圍內，生產位增長遠低於需求。

With that, let me turn the call over to Wissam, who will discuss our second quarter results in greater detail and provide an outlook for the third quarter.

有了這個，讓我把電話轉給 Wissam，他將更詳細地討論我們第二季度的業績並提供第三季度的展望。

Thank you, David, and good afternoon, everyone. Total revenue for the quarter was $3.1 billion, down 17% sequentially and 36% year-over-year. Non-GAAP loss per share was $0.42. Looking at our end markets, cloud represented 39% of revenue at $1.2 billion, down 33% sequentially and 36% year-over-year.

謝謝你，大衛，大家下午好。本季度總收入為 31 億美元，環比下降 17%，同比下降 36%。非 GAAP 每股虧損為 0.42 美元。從我們的終端市場來看，雲佔收入的 39%，為 12 億美元，環比下降 33%，同比下降 36%。

Sequentially, the declines in capacity enterprise drives sold to our cloud customers and smart videos were partly offset by an increase in flash shipments. Nearline bit shipments were 61 exabytes, down sequentially, driven by inventory digestion. The year-over-year decline was also primarily due to inventory digestion in hard drives. Client represented 35% of total revenue at $1.1 billion, down 11% sequentially and 41% year-over-year.

因此，向我們的雲客戶和智能視頻銷售的容量企業驅動器的下降部分被閃存出貨量的增加所抵消。受庫存消化的推動，近線位出貨量為 61 艾字節，環比下降。同比下降也主要是由於硬盤驅動器的庫存消化。客戶佔總收入的 35%，為 11 億美元，環比下降 11%，同比下降 41%。

Sequentially, the decline was driven by pricing pressure across our flash products, which was partly offset by an increase in hard drive shipments. The year-over-year decline was also due to pricing pressure in flash as well as lower client SSD shipments for PC applications. Finally, consumer represented 26% of revenue at $0.8 billion, up 17% sequentially and down 25% year-over-year.

因此，下降的原因是我們閃存產品的定價壓力，這在一定程度上被硬盤出貨量的增加所抵消。同比下降也是由於閃存的定價壓力以及 PC 應用程序的客戶端 SSD 出貨量下降。最後，消費者佔收入的 26%，為 8 億美元，環比增長 17%，同比下降 25%。

Sequentially, the increase was driven by a seasonal uptick in both retail hard drives and Flash shipments. The year-over-year decline was driven by lower retail hard drive shipments and pricing pressure in flash.

隨後，這一增長是由零售硬盤驅動器和閃存出貨量的季節性增長推動的。同比下降的原因是零售硬盤出貨量下降和閃存定價壓力。

Turning now to revenue by segment. We reported HDD revenue of $1.5 billion down 28% sequentially and 34% year-over-year. Sequentially, total HDD exabyte shipments decreased 35% and average price per hard drive decreased 21% to $99. On a year-over-year basis, total HDD exabyte shipments decreased 33%, and average price per unit increased 2%. Flash revenue was $1.7 billion, down 4% sequentially and 37% year-over-year. Sequentially, flash ASPs were down 20% on a blended basis and 13% on a like-for-like basis.

現在轉向按部門劃分的收入。我們報告 HDD 收入為 15 億美元，環比下降 28%，同比下降 34%。隨後，硬盤驅動器艾字節總出貨量下降了 35%，每個硬盤驅動器的平均價格下降了 21% 至 99 美元。與去年同期相比，HDD 艾字節總出貨量下降了 33%，每單位平均價格上漲了 2%。閃存收入為 17 億美元，環比下降 4%，同比下降 37%。隨後，閃存平均售價在混合基礎上下降了 20%，在同類基礎上下降了 13%。

Flash bit shipments increased 20% sequentially and remained approximately flat year-over-year. As we move to costs and expenses, please note that my comments will be related to non-GAAP results unless stated otherwise. Gross margin for the fiscal second quarter was 17.4%, down 9.3 percentage points sequentially and 16.2 percentage points year-over-year. Our HDD gross margin was 20.7%, down 7.8 percentage points sequentially and 9.9 percentage points year-over-year.

閃存位出貨量環比增長 20%，同比基本持平。當我們轉向成本和費用時，請注意，除非另有說明，否則我的評論將與非 GAAP 結果相關。第二財季毛利率為 17.4%，環比下降 9.3 個百分點，同比下降 16.2 個百分點。我們的硬盤驅動器毛利率為 20.7%，環比下降 7.8 個百分點，同比下降 9.9 個百分點。

On both a sequential and year-over-year basis, the decline was due to underutilization related charges of approximately $100 million. Our flash gross margin was 14.5%, down 10 percentage points sequentially and 21.6 percentage points year-over-year. We are continuing to reduce our costs with operating expenses at $659 million for the quarter, down $30 million sequentially. Operating loss was $119 million. Taxes were a benefit of $48 million. Taxes are influenced by several factors, including the projected quarterly profitability for the rest of the year and our corporate tax structure.

在環比和同比基礎上，下降的原因是與未充分利用相關的費用約為 1 億美元。我們的閃存毛利率為 14.5%，環比下降 10 個百分點，同比下降 21.6 個百分點。我們將繼續降低成本，本季度運營費用為 6.59 億美元，比上一季度減少 3000 萬美元。營業虧損為 1.19 億美元。稅收是 4800 萬美元的收益。稅收受到多種因素的影響，包括今年剩餘時間的預計季度盈利能力和我們的公司稅收結構。

Earnings per share was a loss of $0.42. operating cash flow for the second quarter was $35 million, and free cash flow was an outflow of $240 million. Cash capital expenditure, which includes the purchase of property, plant and equipment and activity related to our Flash joint ventures on our cash flow statement was $275 million. Our gross debt outstanding remained at $7.1 billion at the end of the fiscal second quarter. Our trailing 12 months adjusted EBITDA at the end of the second quarter, as defined in our credit agreement, was $3.3 billion, resulting in a gross leverage ratio of 2.1x compared to 1.5x a year ago.

每股收益為虧損 0.42 美元。第二季度經營現金流為3500萬美元，自由現金流為流出2.4億美元。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中的 Flash 合資企業相關的活動，為 2.75 億美元。截至第二財季末，我們的未償債務總額仍保持在 71 億美元。根據我們的信貸協議的定義，我們在第二季度末過去 12 個月的調整後 EBITDA 為 33 億美元，導致總槓桿率為 2.1 倍，而一年前為 1.5 倍。

As a reminder, our credit agreement includes $0.8 billion in depreciation add-back associated with the Flash Ventures. This is not reflected in our cash flow statement. Please refer to the earnings presentation on the Investor Relations website for further details.

提醒一下，我們的信貸協議包括與 Flash Ventures 相關的 8 億美元折舊加回。這沒有反映在我們的現金流量表中。有關詳細信息，請參閱投資者關係網站上的收益介紹。

As David mentioned, during the fiscal second quarter, we executed an amendment to the credit agreement that temporarily increased the covenant leverage ratio for the next 7 quarters. Our liquidity position continues to be strong.

正如大衛所提到的，在第二財季，我們對信貸協議進行了修正，暫時提高了未來 7 個季度的契約槓桿率。我們的流動性狀況繼續保持強勁。

At the end of the quarter, we had $1.9 billion of cash and cash equivalents and a revolver capacity of $2.25 billion for total liquidity of $4.1 billion. Today, we announced multiple agreements to further enhance our liquidity position by $1.8 billion as follows: On January 25, we closed the delayed draw term loan agreement with our lenders in the amount of $875 million. In addition, as David mentioned, Western Digital entered into an agreement with Apollo Global Management and Elliott Investment Management for a convertible preferred investment of $900 million. Together, these actions significantly increase our ability to access liquidity and provide additional financial flexibility and optionality as we manage through this challenging downturn and execute on our strategic review.

在本季度末，我們擁有 19 億美元的現金和現金等價物以及 22.5 億美元的周轉能力，總流動資金為 41 億美元。今天，我們宣布了多項協議，以進一步將我們的流動性頭寸增加 18 億美元，具體如下： 1 月 25 日，我們與貸方達成了 8.75 億美元的延遲提取期限貸款協議。此外，正如大衛提到的，西部數據與阿波羅全球管理公司和埃利奧特投資管理公司就 9 億美元的可轉換優先投資達成協議。這些行動共同顯著提高了我們獲得流動性的能力，並在我們度過這一具有挑戰性的低迷時期並執行我們的戰略審查時提供了額外的財務靈活性和可選性。

Before I go over guidance for the fiscal third quarter, I'll discuss the business outlook and the financial impact associated with the actions we are taking to rightsize our cost structure. In HDD, we expect revenue to increase modestly in the fiscal third quarter as growth in nearline shipments outpaces decline in consumer. In Flash, we expect both shipments and ASP to decrease sequentially. We expect bit growth to resume in the fiscal fourth quarter.

在我回顧第三財季的指導之前，我將討論業務前景以及與我們為調整成本結構而採取的行動相關的財務影響。在 HDD 方面，我們預計第三財季的收入將溫和增長，因為近線出貨量的增長超過了消費者的下降。在 Flash 方面，我們預計出貨量和 ASP 都將連續下降。我們預計位元增長將在第四財季恢復。

For the fiscal year 2023, we are reducing our gross capital expenditures to approximately $2.3 billion compared to our prior forecast of $3.2 billion entering this fiscal year. We are also aiming to reduce our cash capital expenditure to $900 million which is about 40% below our forecast 6 months ago.

對於 2023 財年，我們將把我們的總資本支出減少到大約 23 億美元，而我們之前預測進入本財年的資本支出為 32 億美元。我們還計劃將現金資本支出減少至 9 億美元，這比我們 6 個月前的預測低約 40%。

The primary drivers of our lower capital expenditures are the delay of the BiCS6 transition in flash and reduced investment levels in both client and capacity enterprise hard drive manufacturing. We have reduced our quarterly operating expenses by over $100 million compared to 6 months ago. We are targeting to exit this fiscal year with quarterly operating expenses below $600 million. These actions will allow us to weather this cycle while also enabling us to continue advancing our innovative product road map going forward.

我們較低資本支出的主要驅動因素是閃存中 BiCS6 過渡的延遲以及客戶和容量企業硬盤製造的投資水平降低。與 6 個月前相比，我們的季度運營費用減少了 1 億多美元。我們的目標是在本財年結束時，季度運營費用低於 6 億美元。這些行動將使我們能夠度過這個週期，同時也使我們能夠繼續推進我們的創新產品路線圖。

I'll now turn to guidance. For the fiscal third quarter, our non-GAAP guidance is as follows: We expect revenue to be in the range of $2.6 billion to $2.8 billion. We expect gross margin to be between 9% and 11%, which includes underutilization charges in flash and HDD totaling $250 million, with flash driven by a 30% reduction in wafer starts.

我現在轉向指導。對於第三財季，我們的非 GAAP 指引如下：我們預計收入將在 26 億美元至 28 億美元之間。我們預計毛利率在 9% 至 11% 之間，其中包括總計 2.5 億美元的閃存和 HDD 未充分利用費用，其中晶圓啟動減少 30% 推動了閃存。

We expect operating expenses to be between $600 million and $620 million. Interest and other expenses are expected to be approximately $90 million. We expect tax expenses to be between $60 million and $70 million for the fiscal third quarter and approximately $240 million to $260 million for the fiscal year. We expect loss per share of $1.70 to $1.40 in the third quarter, assuming approximately 319 million shares outstanding.

我們預計運營費用將在 6 億美元至 6.2 億美元之間。利息和其他費用預計約為 9000 萬美元。我們預計第三財季的稅收支出將在 6000 萬至 7000 萬美元之間，本財年的稅收支出約為 2.4 億至 2.6 億美元。假設流通股約為 3.19 億股，我們預計第三季度每股虧損 1.70 美元至 1.40 美元。

I will now turn the call back over to David.

我現在將把電話轉回給大衛。

Thanks, Wissam. Before we open up for questions, I wanted to reiterate our view of the long-term opportunities for both flash and HDD storage. Importantly, our efforts have enabled us to regain architectural leadership in both flash and HDD, and we are preparing these technologies to address the meaningful long-term growth for data storage from client to edge to cloud. With our diverse portfolio, broad go-to-market engine, an enviable retail franchise and a lower cost structure, we remain confident in our ability to deliver long-term shareholder value.

謝謝，維薩姆。在我們開始提問之前，我想重申我們對閃存和 HDD 存儲的長期機會的看法。重要的是，我們的努力使我們能夠重新獲得閃存和 HDD 架構方面的領先地位，並且我們正在準備這些技術來解決從客戶端到邊緣再到雲的數據存儲有意義的長期增長。憑藉我們多樣化的產品組合、廣泛的上市引擎、令人羨慕的零售特許經營權和較低的成本結構，我們對實現長期股東價值的能力充滿信心。

Okay. Peter, let's open up for Q&A.

好的。彼得，讓我們開始問答。

(Operator Instructions) And our first question today will come from C.J. Muse with Evercore.

（操作員說明）我們今天的第一個問題將來自 Evercore 的 C.J. Muse。

Obviously, we're kind of in a perfect storm here. But curious, as you think about maintaining your technological competitiveness in the NAND side, while at the same time, significantly slowing down CapEx for both you as well as what we've heard from Kioxia for BiCS6. I guess, how do you balance those 2 things? How do you set the stage into a recovery and maintaining that leadership? And how much longer can you squeeze the requisite kind of 15% cost downs out of BiCS5?

顯然，我們這裡有點像一場完美風暴。但奇怪的是，當您考慮在 NAND 方面保持技術競爭力時，同時顯著降低您和我們從 Kioxia 聽到的 BiCS6 的資本支出。我想，你如何平衡這兩件事？您如何為複蘇做好準備並保持領先地位？您還能從 BiCS5 中擠出必要的 15% 成本下降多長時間？

C.J., thanks for the question. Good to hear from you. So yes, that's a balancing act. There's no doubt. I mean one of the things we talked about in the script and we feel really good about is BiCS8, I think BiCS8 has reached productization. We'll have more to say about BiCS8. Siva will do -- I think we'll do a webinar during the quarter on all the technological innovation there. There's been an enormous amount of R&D going into that.

C.J.，謝謝你的提問。很高興聽到你的消息。所以是的，這是一種平衡行為。毫無疑問。我的意思是我們在腳本中討論的其中一件事我們感覺非常好是 BiCS8，我認為 BiCS8 已經實現了產品化。關於 BiCS8，我們還有更多要說的。 Siva 會做——我想我們會在本季度就那裡的所有技術創新舉辦一次網絡研討會。已經有大量的研發投入。

So we feel very good about where we are from a technology road map. I'm, actually in my hand right here, I'm holding a BiCS8 USB, one of the first ones. And so we're putting enough capital in the system to move BiCS6 along. I mean, BiCS6 will be a shorter node for us. It won't go into all products. We'll be making choices about what we take it into or where we need BiCS6, BiCS5 will serve us well for the rest of the portfolio, and then we'll move right into BiCS8, which quite frankly, is ahead of schedule as far as production, and we feel very good about it.

因此，我們對技術路線圖所處的位置感到非常滿意。實際上，我手裡拿著一個 BiCS8 USB，這是最早的 USB 之一。因此，我們在系統中投入了足夠的資金來推動 BiCS6 的發展。我的意思是，BiCS6 對我們來說將是一個較短的節點。它不會進入所有產品。我們將選擇我們將它帶入什麼或我們需要 BiCS6 的地方，BiCS5 將為我們的其餘產品組合提供良好的服務，然後我們將直接進入 BiCS8，坦率地說，它比計劃提前了作為生產，我們對此感覺非常好。

So we'll balance all of that and have enough capital to accelerate, have enough BiCS6 there than we needed and then accelerate BiCS8 when we see the growth come back.

因此，我們將平衡所有這些，並有足夠的資金來加速，在那裡擁有比我們需要的足夠的 BiCS6，然後在我們看到增長恢復時加速 BiCS8。

As far as the cost downs, look, I mean, in the second half of the year, cost downs are going to be very difficult because we are far along in BiCS5 and BiCS6 is not ramping that much. We'll return to those as we start to ramp BiCS8. But we'll still have some, but not to the level, especially with the underutilization of fabs. So all of those mixed in, we're going to -- we will have gotten most of our cost downs in the first half of the year, and then we'll see them come back as we ramp up BiCS6 and especially BiCS8.

至於成本下降，看，我的意思是，在今年下半年，成本下降將非常困難，因為我們在 BiCS5 方面走得很遠，而 BiCS6 並沒有那麼多。當我們開始提升 BiCS8 時，我們將回到那些。但我們仍然會有一些，但不會達到這個水平，尤其是在晶圓廠未得到充分利用的情況下。所以所有這些混合在一起，我們將 - 我們將在今年上半年實現大部分成本下降，然後我們將看到它們在我們提升 BiCS6 尤其是 BiCS8 時回歸。

Very helpful. If I could follow up, Wissam, Can you confirm that for the March quarter is just $150 million incremental underutilization charges? And then how are you thinking about that rolling off through calendar '23.

非常有幫助。如果我可以跟進，Wissam，你能否確認 3 月季度只有 1.5 億美元的增量未充分利用費用？然後你如何看待 23 年日曆的滾動。

Yes. C.J., so the -- for the March quarter, we're projecting $250 million in total. That's between both flash and HDD. We expect the probably, I would say, 3/4 of those to be in the flash -- on the flash side and 1/4 in the HDD business. As we roll into the fourth quarter, I expect HDD to become minimal. But Flash will depend on how long we continue with the underutilization.

是的。 C.J.，所以 - 對於三月季度，我們預計總計 2.5 億美元。那介於閃存和硬盤之間。我想說，我們預計其中 3/4 可能在閃存中——在閃存方面，1/4 在 HDD 業務中。隨著我們進入第四季度，我預計 HDD 將變得最小。但 Flash 將取決於我們繼續使用多長時間。

The way to think of it is typically we -- as we under -- or as sort of we reduce the wafer starts, given the cycle time, we expect approximately 60% to 70% of the impact to come in the first, let's say, 90 days and then the remaining impact would be in the following quarter. So the way to think of it is the March quarter would have around 60% to 70% of the impact from the underutilization for -- that we've taken -- the actions we've taken so far.

考慮它的方式通常是我們 - 正如我們所了解 - 或者我們減少晶圓啟動，考慮到週期時間，我們預計大約 60% 到 70% 的影響首先出現，比方說, 90 天，然後剩餘的影響將出現在下一季度。因此，考慮它的方式是 3 月季度將產生大約 60% 到 70% 的影響，因為我們已經採取了我們迄今為止採取的行動的未充分利用。

Now that said, it could be that, depending on how the demand picture evolves, we haven't yet decided how long the underutilization is going to be, and we'll manage this in a very dynamic way as we continue to look at market inputs and so on. My comments were around assuming, let's say, a 1-quarter event.

話雖如此，這可能是因為，根據需求情況的演變，我們尚未決定未充分利用將持續多長時間，隨著我們繼續關注市場，我們將以非常動態的方式對此進行管理輸入等。我的評論是圍繞假設，比方說，一個 1 季度的事件。

And our next question will come from Aaron Rakers with Wells Fargo.

我們的下一個問題將來自富國銀行的 Aaron Rakers。

I'll try to slip in 2 as well here real quick. First of all, on the 30% reduction of the wafer starts starting in early January. I'm just curious in the context of what you had outlined, you still -- it sounds like I think that NAND flash bit demand growth is somewhere in the 20% plus range. With that 30% reduction, how has your bit production changed as you look at calendar '23, how much -- what's your assumption as far as your own bit supply growth as we move forward?

我也會嘗試在這裡快速插入 2。首先，晶圓30%的減產從1月初開始。我只是對你概述的內容感到好奇，你仍然 - 聽起來我認為 NAND 閃存位需求增長在 20% 以上的範圍內。隨著 30% 的減少，當您查看 23 年日曆時，您的比特產量發生了怎樣的變化？隨著我們前進，您對自己的比特供應增長的假設是多少？

So first of all, let me talk about the kind of how we're thinking about it. It is a very dynamic situation. I think when we were looking at our [CQ1], we've seen some demand drops. We've come off a very strong quarter of bit growth. We just delivered 20% sequential bit growth. That's why we didn't cut wafers earlier.

所以首先，讓我談談我們是如何思考它的。這是一個非常動態的情況。我認為當我們查看 [CQ1] 時，我們看到了一些需求下降。我們已經完成了一個非常強勁的比特增長季度。我們剛剛實現了 20% 的連續位增長。這就是我們沒有早點切割晶圓的原因。

When we look at our fiscal Q3, we're seeing some drop in both client and enterprise. The enterprise SSD side of it is more a digestion issue. So we want to make sure we manage our inventory and we don't get things to build up. And so that's why we're -- we've decided to cut wafer starts in the first quarter. Again, as Wissam said, that's a -- it's literally a decision we can make every week about how do we load wafers into the fab. Right now, that's a 1-quarter decision to make sure we keep our supply and demand balanced as best we can. I see Wissam looking up -- do you have a number on the overall bit growth for the year?

當我們查看我們的第三財季時，我們看到客戶和企業都有所下降。它的企業級 SSD 方面更像是一個消化問題。所以我們要確保我們管理我們的庫存，我們不會讓東西堆積起來。所以這就是為什麼我們 - 我們決定在第一季度削減晶圓啟動。同樣，正如 Wissam 所說，這實際上是我們每週都可以做出的關於如何將晶圓裝載到晶圓廠的決定。現在，這是一個 1 季度的決定，以確保我們盡可能保持供需平衡。我看到 Wissam 在抬頭——你有關於今年整體位增長的數字嗎？

Yes. I think the -- from a supply perspective, I would say, it will be in the lower -- I would say, it's probably given the CapEx situation, we're looking at this to be in the single-digit growth from a supply perspective.

是的。我認為 - 從供應的角度來看，我會說，它會處於較低的 - 我會說，這可能是考慮到資本支出的情況，我們正在考慮供應的個位數增長看法。

That's helpful. And then as a quick follow-up, on the hard disk drive side, I mean, looking at 61 exabyte of capacity shift, that's down 40%, 45% sequential. What gives you the confidence that, that's just a transitory digestion thing? And maybe there isn't anything going on competitively? Just any kind of visibility you want to share in that business?

這很有幫助。然後作為快速跟進，在硬盤驅動器方面，我的意思是，看看 61 艾字節的容量轉移，下降了 40%，連續下降了 45%。是什麼讓你相信，那隻是一種短暫的消化？也許沒有任何競爭性的事情發生？您想在該業務中分享任何一種可見性？

Yes. I think we signaled this a little bit last quarter. We knew there was going to be some variability in demand across the industry and across customers. Quite frankly, when you're at these revenue levels, which are the lowest we've seen in the long time, orders from big customers make a very big difference. So if you go back for the last couple of quarters, the way different big cloud customers, the way either LTAs restructured, the way big orders came in one way or another, you're seeing some pretty large share shifts quarter-over-quarter.

是的。我認為我們在上個季度發出了一點信號。我們知道整個行業和客戶的需求會有一些變化。坦率地說，當你處於這些收入水平時，這是我們長期以來看到的最低水平，來自大客戶的訂單會產生很大的不同。因此，如果你回顧過去幾個季度，不同的大雲客戶的方式，LTA 重組的方式，大訂單以這種或那種方式到來的方式，你會看到一些相當大的季度份額變化.

But when you look at it on a 6-month basis, you look at it on a 12-month basis, you see pretty consistent share. I think we've gained a little bit. But again, we're managing for profitability. We think share is going to be over a multi-quarter period, pretty stable, and that's actually the way it's working out, you're just seeing some pretty big swings here quarter-over-quarter. So we feel really good about the competitive situation. The 22-terabyte drive shipped in significant volume this quarter. We expect to ramp that throughout the year. We've got big customers very committed to SMR.

但是當你以 6 個月為基礎查看它時，以 12 個月為基礎查看它時，你會看到相當一致的份額。我認為我們已經有所收穫。但同樣，我們正在管理盈利能力。我們認為份額將在多個季度內保持穩定，實際上這就是它的運作方式，你只是看到每個季度都有一些相當大的波動。所以我們對競爭形勢感覺非常好。本季度 22 TB 驅動器的出貨量很大。我們預計全年都會增加。我們有大客戶非常致力於 SMR。

Our UltraSMR technology gives us a unique position of an additional 20% gain over CMR. And that is in qualification across a number of very large customers. So we feel like as we ramp throughout calendar year '23, we ramp into a stronger and stronger portfolio as we move through the year.

我們的 UltraSMR 技術為我們提供了比 CMR 額外增加 20% 的獨特優勢。這就是許多非常大的客戶的資格。因此，我們覺得隨著我們在整個 23 日曆年的發展，我們在這一年中逐漸進入越來越強大的投資組合。

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

我們的下一個問題將來自摩根士丹利的喬摩爾。

I just wanted to make sure I understood the mechanics of the underutilization charge. Is that sort of the cost of just higher cost per bit because you're running underutilized? Or are you -- I mean it sounds like you're pulling some of that forward in time, but maybe not all of it. Can you just talk about what exactly that charge will represent and how that's going to play out this quarter and next?

我只是想確保我了解未充分利用費用的機制。這種成本只是因為您未充分利用而導致的每比特成本更高嗎？或者你是——我的意思是，聽起來你正在及時推動其中的一些，但也許不是全部。您能否談談這筆費用究竟代表什麼以及本季度和下一季度將如何發揮作用？

Yes. Sure, Joe. I should have clarified when I talked about the underutilization that we don't necessarily have a similar approach to the accounting for underutilization as some of our peers. For us, the underutilization charges are taken as a period expense. And so any portion of the factory that's not being utilized is basically expensed within the quarter. And so it does not flow through the inventory and back to the P&L, if that helps.

是的。當然，喬。當我談到未充分利用時，我應該澄清一下，我們不一定像我們的一些同行那樣採用類似的方法來解釋未充分利用。對我們來說，未充分利用費用被視為期間費用。因此，工廠中未使用的任何部分基本上都在本季度內支出。因此，如果有幫助的話，它不會流經庫存並返回損益表。

Okay. It does. I guess, how are you guys thinking about the signals of like when that goes back to full utilization? I mean do you wait for pricing to stabilize? Or is there something you can see beforehand that will tell you, hey, it's time to kind of keep the -- move the fab back to full.

好的。確實如此。我想，你們是如何考慮回到充分利用時的信號的？我的意思是你要等價格穩定下來嗎？或者有什麼你可以事先看到的東西會告訴你，嘿，是時候保持——把工廠恢復到滿負荷狀態。

Yes. Well, we're always talking to our customers, right? So we have a very good sense of where they're at and what the demand signals are going to be. I mean as we talked about, we expect volumes to increase going into our fiscal fourth quarter. So as we get closer to that and we understand what that looks like we'll make an incremental decision on when and how to ramp back up the fab.

是的。好吧，我們一直在與客戶交談，對嗎？因此，我們非常了解他們的位置以及需求信號將是什麼。我的意思是，正如我們所說，我們預計進入第四財季的銷量會增加。因此，當我們越來越接近它並且我們了解它看起來像什麼時，我們將對何時以及如何恢復晶圓廠做出漸進的決定。

And our next question will come from Tim Arcuri with UBS.

我們的下一個問題將來自瑞銀的 Tim Arcuri。

This is Jason on for Tim from UBS. I have a couple of questions. So my first question is on your -- on the NAND segment. Sorry if I misunderstood, but I believe you said single-digit bit growth for NAND in calendar year '23. So I was just curious which end markets are driving this demand weakness this year. Also, I was just curious whether we should expect any potential risk for NAND inventory write-downs in March quarter or June quarter.

我是來自瑞銀的 Jason for Tim。我有一些問題。所以我的第一個問題是關於你的——關於 NAND 部分。對不起，如果我誤解了，但我相信你說的是 NAND 在 23 日曆年的個位數位增長。所以我很好奇今年哪些終端市場正在推動這種需求疲軟。此外，我只是好奇我們是否應該預期 3 月季度或 6 月季度 NAND 庫存減記的任何潛在風險。

Yes. So Jason, my comment was around the supply side. I would say, single digit, let's call it, high single-digit percentage growth. I didn't necessarily make any comments on the demand side. On the demand side, it'll probably be in the low 20% range in calendar '23 versus calendar '22.

是的。所以傑森，我的評論是圍繞供應方面的。我會說，個位數，讓我們稱之為高個位數百分比增長。我不一定對需求方發表任何評論。在需求方面，它可能會在 23 年日曆與 22 年日曆的低 20% 範圍內。

As for the second part of your question, which is related to inventory. Look, we go through the process at the end of every quarter as part of our quarter close. We look at the various demand signals versus the inventory on hand and the costs, et cetera. And we're comfortable with where we ended at the end of calendar Q4.

至於你問題的第二部分，是關於存貨的。看，作為季度結束的一部分，我們會在每個季度末完成這個過程。我們查看各種需求信號與手頭庫存和成本等。我們對我們在日曆第四季度末結束的地方感到滿意。

Got it. And my second question is, apart from your comment on underutilization charges, do you guys also see any potential additional risk for purchase order cancellation fees or any take-or-pay agreements you have with your suppliers if it remains weak in the near term?

知道了。我的第二個問題是，除了您對未充分利用費用的評論之外，如果短期內仍然疲軟，你們是否還看到採購訂單取消費用或您與供應商簽訂的任何照付不議協議的任何潛在額外風險？

I mean we typically don't forecast these things and we manage the business in a dynamic way. So I don't expect anything major there.

我的意思是我們通常不預測這些事情，我們以動態方式管理業務。所以我不指望那裡有什麼大事。

Yes. Again, going back to Wissam's prior comment, that's part of our normal quarterly close process. And if there were any adjustments that were needed to be made, we would have made them at that time. But of course, you got to remeasure it and take a look at it every quarter.

是的。再次回到 Wissam 之前的評論，這是我們正常的季度結算流程的一部分。如果需要進行任何調整，我們會在那個時候進行。但是，當然，你必須重新衡量它並每季度檢查一次。

And our next question will come from Krish Sankar with Cowen and Company.

我們的下一個問題將來自 Cowen and Company 的 Krish Sankar。

I have two. first one, David, you mentioned nearline HDD could improve. I'm kind of curious how to think about pricing trends for nearline HDD into the March and June quarter? And also think about the nearline exabyte growth in the first half of this year in calendar '23 overall. And then I had a follow-up.

我有兩個。第一個，大衛，你提到近線硬盤驅動器可以改進。我很好奇如何考慮 3 月和 6 月季度近線 HDD 的定價趨勢？還要考慮今年上半年日曆'23 總體上的近線艾字節增長。然後我進行了跟進。

Yes. I mean, I think the pricing environment has been pretty good in HDD throughout this whole cycle. I mean any time you're seeing this kind of underutilization, you're going to see a little bit of pressure on pricing, which is not surprising, I would say we're seeing a little bit more. I mean I think as we look at -- exabyte growth is -- I think it's pretty clear to say it will be stronger in the second half than the first half.

是的。我的意思是，我認為在整個週期中 HDD 的定價環境都非常好。我的意思是，任何時候你看到這種未充分利用的情況，你都會看到定價方面的一些壓力，這並不奇怪，我想說我們看到的更多一些。我的意思是，我認為，正如我們所看到的——艾字節的增長——我認為可以很明確地說，下半年它會比上半年更強勁。

I mean we're going to now ramp back off of this very low in calendar Q4, and we expect growth as we move throughout the calendar year. As we said, we're anticipating modest revenue growth, maybe low to mid-single digits quarter-over-quarter here going into calendar Q1, our fiscal Q3, we expect margin improvement is, of course, the volume comes back and the underutilization charges drop, and we'll see that continue as we go throughout the calendar year.

我的意思是，我們現在要從日曆第四季度的這個非常低的水平回落，我們預計隨著我們在整個日曆年的移動而增長。正如我們所說，我們預計收入將適度增長，進入日曆 Q1，即我們的財政 Q3，我們預計收入增長可能會比上一季度低到中個位數，我們預計利潤率的改善當然是數量回升和利用率不足費用會下降，我們會看到這種情況在整個日曆年中都會繼續。

So -- but we are coming off of very low levels. I think that exabyte growth in the full calendar year will probably be below 20%, something around that. But again, we got to see how it plays out. We got -- we still got big customers going through inventory digestion, some are coming out of it. We'll know more as we work our way through the calendar quarter.

所以 - 但我們正在脫離非常低的水平。我認為整個日曆年的艾字節增長可能會低於 20%，大約在這個水平左右。但同樣，我們必須看看它是如何發揮作用的。我們得到了 - 我們仍然有大客戶正在消化庫存，有些正在從中脫穎而出。我們將在整個日曆季度中努力了解更多信息。

And we also have a very dynamic situation in China. The China market has been very subdued for quite a long time now. I would say there are some signs of things getting better. We'll see after we get past the new year, how that progresses. But that could be that -- depending on how that comes back, will have an impact as well, of course.

我們在中國也有一個非常動態的情況。中國市場很長一段時間以來一直很低迷。我會說有一些跡象表明情況正在好轉。過了新的一年，我們會看到進展如何。但這可能是——當然，這取決於它如何回歸，也會產生影響。

Got it. Got it. Very helpful. And then as a follow-up, just kind of curious, you mentioned the cloud inventory digestion. And you also mentioned that for HDD in March, the cloud business stabilized. So curious on the NAND side or even HDD side, when do you expect this digestion to bottom? And then when you think things start improving from a demand standpoint or maybe [continuing] your own inventory standpoint?

知道了。知道了。非常有幫助。然後作為後續行動，只是有點好奇，你提到了雲庫存消化。你也提到了 3 月份的 HDD，雲業務趨於穩定。在 NAND 端甚至 HDD 端非常好奇，您預計這種消化什麼時候會觸底？然後，當您認為從需求的角度或可能 [繼續] 您自己的庫存角度來看情況開始改善時？

Yes. That's a very difficult question given how dynamic the market is. I mean I think we're coming off of a very strong quarter of bit growth, 20% sequential bit growth in our FQ2 was a good result. Obviously, it's a very challenging pricing environment. Going into our fiscal third quarter, we see a drop in both bits and pricing. So that's a pretty significant impact on the business. And then current forecast is going into our fiscal Q4, we see the volume pick back up. So that's a little bit a little bit of how we see the dynamics.

是的。考慮到市場的動態，這是一個非常困難的問題。我的意思是我認為我們正在經歷一個非常強勁的比特增長季度，我們的 FQ2 連續比特增長 20% 是一個很好的結果。顯然，這是一個非常具有挑戰性的定價環境。進入我們的第三財季，我們看到比特和定價都有所下降。所以這對業務有相當大的影響。然後當前的預測將進入我們的第四財季，我們看到交易量回升。所以這就是我們如何看待動態的一點點。

The pricing environment will change as supply and demand come more into balance. And we're doing everything we can to manage our supply situation, demand balance so that we keep our inventory situation under control, very important in this kind of cycle. And we'll continue to be very dynamic of how we manage it. It literally changes week over week. And again, one of the things I'm very happy about what we've built in the organization over the last several years is a tremendous amount of agility in the organization to react.

隨著供需更加平衡，定價環境將發生變化。我們正在盡我們所能來管理我們的供應情況、需求平衡，以便我們控制庫存情況，這在這種週期中非常重要。我們將繼續對我們的管理方式保持動態。它逐週變化。再一次，我對過去幾年我們在組織中建立的東西感到非常高興的一件事是組織中的巨大反應敏捷性。

It's important that we react faster than the market is moving. Otherwise, we just get carried along with the market. And I think we're doing a good job with that to get the best result we can out of a difficult market and prepare ourselves from a technology and portfolio position that when things get more in balance and we get to the inevitable upturn that we're very, very well positioned, and we feel good about that from flash technology. I talked about BiCS8. Again, we'll talk more about that throughout the quarter. I think you're going to be impressed about the innovation that's in that. I certainly was and also about where we're at in the product portfolio.

重要的是我們的反應要快於市場的變化。否則，我們只會隨波逐流。而且我認為我們在這方面做得很好，以便在艱難的市場中獲得最好的結果，並從技術和投資組合的立場上做好準備，當事情變得更加平衡並且我們不可避免地出現好轉時，我們'我們的定位非常非常好，我們對閃存技術感到滿意。我談到了 BiCS8。同樣，我們將在整個季度中更多地討論這一點。我認為您會對其中的創新印象深刻。我當然也是關於我們在產品組合中所處的位置。

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

我們的下一個問題將來自美國銀行的 Wamsi Mohan。

If I could just follow up on your comment on underutilization charges will be minimal in HDDs in fiscal 4Q. What's giving you the confidence there that this inventory digestion and particularly in the high cap price will largely be done? I know you're coming off low levels, but it also seems like some of the broader cloud customers are starting to tick down as well in terms of their own demand. So any color you can share on what you're seeing in the market that's giving you the confidence that those underutilization charges will go away in HDDs by fiscal 4Q. And I have a follow-up.

如果我能跟進你關於第四財季 HDD 的未充分利用費用的評論將是最低的。是什麼讓您有信心認為這種庫存消化，尤其是高價上限的消化將在很大程度上完成？我知道你的水平很低，但似乎一些更廣泛的雲客戶在他們自己的需求方面也開始下降。因此，您可以分享您在市場上看到的任何顏色，讓您相信這些未充分利用的費用將在第四財季在 HDD 中消失。我有一個後續行動。

Well, let me start with the answer, Wamsi. When we look at our inventory exiting the fourth quarter, our inventory appears to be in a better position than our peers. And so obviously, when we consider the utilization and where the demand is and the improvement in demand over time on the HDD side, that's really what drove my comment. And so based on what we see today, this is how we anticipate things to unfold.

好吧，讓我從答案開始，Wamsi。當我們查看第四季度結束的庫存時，我們的庫存似乎比我們的同行處於更好的位置。很明顯，當我們考慮硬盤方面的利用率和需求所在以及隨著時間的推移需求的改善時，這才是我發表評論的真正原因。因此，根據我們今天所看到的，這就是我們對事情發展的預期。

Okay. Okay. And Dave, you noted in your prepared remarks a lot of different things that you're doing. All the things that are kind of under your control, right, negotiating covenants, cutting costs, lowering CapEx, OpEx. And despite all of these, you are sort of doing these converts. So maybe you can just talk about why this incremental liquidity is needed as your view on the market changed materially or your share assumptions changed materially? Or is this more of a strategic investment and just optionality? Just -- maybe any color you can share around that would be helpful.

好的。好的。戴夫，你在準備好的發言中提到了你正在做的很多不同的事情。所有的事情都在你的控制之下，對，談判契約，削減成本，降低資本支出，運營支出。儘管有所有這些，你還是在做這些皈依。所以也許你可以談談為什麼需要這種增量流動性，因為你對市場的看法發生了重大變化，或者你的股票假設發生了重大變化？或者這更像是一項戰略投資，只是一種選擇？只是 - 也許您可以分享的任何顏色都會有所幫助。

Yes. It's a number of things. So first of all, it is to give us the flexibility to manage through the depths of the downturn. It's important that we look at -- we have a blend of different kind of financing, both debt and equity. We can't just take all debt. We've got to watch our debt-to-equity -- our EBITDA-to-debt ratios and make sure we manage it all as one package.

是的。這是很多事情。因此，首先，它是為了讓我們能夠靈活應對經濟低迷的嚴重程度。重要的是我們要看看——我們混合了不同類型的融資，包括債務和股權。我們不能只承擔所有債務。我們必須關注我們的債務與權益——我們的 EBITDA 與債務比率，並確保我們將其作為一個整體來管理。

And I think so that's part of it. A big part of it is kind of facilitating the execution of our strategic review. These -- you'll see in the 8-Ks that are filed. These agreements are very complicated and they're very well thought through to give us the ability to execute a range of outcomes and make sure that we can be in a good position as we move to that stage of the process of not putting a time line on that, but these are set up in a way that give us a lot of optionality and flexibility to facilitate that outcome.

我認為這是其中的一部分。其中很大一部分是促進我們戰略審查的執行。這些——您將在提交的 8-K 中看到。這些協議非常複雜，經過深思熟慮，使我們能夠執行一系列結果，並確保我們在進入不設定時間表的流程階段時處於有利地位在此基礎上，但這些設置的方式為我們提供了很多選擇性和靈活性，以促進實現這一結果。

And then third thing it brings additional capability to our company. Reed Rayman is a very sophisticated technology investor that will join our Board. Elliott will have the right to join our Board under an amended letter agreement with them when they clear some issues at their choice. So it brings a lot of capability to us as well. So we feel good about people investing in the business about the opportunity to do this, and it puts us in a very strong position to continue to execute the business, invest in innovation as well as set ourselves up for the next phase of our strategic review.

第三，它為我們公司帶來了額外的能力。 Reed Rayman 是一位非常老練的技術投資者，他將加入我們的董事會。當他們根據自己的選擇解決一些問題時，Elliott 將有權根據與他們簽訂的修訂後的信函協議加入我們的董事會。所以它也給我們帶來了很多能力。因此，我們對投資該業務的人有機會這樣做感到滿意，這使我們處於非常有利的地位，可以繼續執行業務、投資創新以及為下一階段的戰略審查做好準備.

Our next question will come from Shannon Cross with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Shannon Cross。

I have a follow-up to the last question and then an additional question. I just want to -- should we assume that you're not going to initially draw down the term loan that you have and that's kind of an insurance policy? And how should we -- I'm just trying to figure out interest expense on that. And then I have a follow-up.

我有最後一個問題的跟進，然後是另一個問題。我只是想 - 我們是否應該假設您最初不會提取您擁有的定期貸款並且這是一種保險政策？我們應該如何 - 我只是想計算出利息費用。然後我有一個後續行動。

Yes, Shannon. So the one thing to keep in mind is the -- we still have the IRS settlement payment that's expected to be in the fourth quarter. And so when the time comes for that, we will make a decision based on what's the most efficient way to pay. If we don't need to draw down on our new facility, then we won't do that because obviously, the additional investment also gives us flexibility and optionality from a liquidity perspective.

是的，香農。所以要記住的一件事是——我們仍然有預計在第四季度支付的美國國稅局結算款項。因此，當時機成熟時，我們將根據最有效的支付方式做出決定。如果我們不需要動用我們的新設施，那麼我們就不會這樣做，因為顯然，從流動性的角度來看，額外的投資也給了我們靈活性和選擇性。

Okay. And then I'm curious, what changes are you looking at to get down to OpEx at about $600 million a quarter just as you look across your cost basis?

好的。然後我很好奇，在查看成本基礎時，您希望將 OpEx 降至每季度約 6 億美元的哪些變化？

Yes. So when you look at where we ended the December quarter, we were down versus also the September quarter, which was also down versus the previous quarter. So in other words, from the beginning of the fiscal year until now, we've taken down approximately $100 million. And we guided to be $600 million to $620 million. We continue to take similar actions going through the typical focusing on exiting or reducing all sorts of discretionary expenses.

是的。因此，當您查看我們在 12 月季度結束時的位置時，我們也低於 9 月季度，而 9 月季度也低於上一季度。所以換句話說，從本財年開始到現在，我們已經減少了大約 1 億美元。我們指導為 6 億至 6.2 億美元。我們繼續採取類似的行動，通過典型的專注於退出或減少各種可自由支配的費用。

But more importantly, we're basically focusing on maintaining the critical R&D investments so that we continue to invest in our technology and drive the long-term growth. So more of a similar type of actions as we've taken so far. And that should get us close to the $600 million and below that by the end of the fourth quarter.

但更重要的是，我們基本上專注於維持關鍵的研發投資，以便我們繼續投資於我們的技術並推動長期增長。到目前為止，我們採取了更多類似的行動。這應該會讓我們在第四季度末接近 6 億美元，甚至低於 6 億美元。

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

我們的下一個問題將來自巴克萊銀行的 Tom O'Malley。

My question is on the preferred equity convert. We've seen different companies handle them from a dilution perspective where sometimes even out of the money, you'll see them come into the non-GAAP share count. Can you just talk about what you're expecting from dilution there and how you're handling that and the guidance given I really don't see shares getting moved around at all?

我的問題是關於優先股轉換。我們已經看到不同的公司從稀釋的角度處理它們，有時甚至在資金之外，你會看到它們進入非 GAAP 份額計數。你能談談你對那裡稀釋的期望以及你如何處理它以及給出的指導我真的沒有看到股票被轉移嗎？

So Tom, maybe I'll start with the latter part of your question. As we're guiding for a share loss for this quarter, including the dilution of the preferred -- the convert would be anti-dilutive. And so that's why you don't see them reflected in the share count. However, as we swing to a profit, I would expect us to include them as part of our fully diluted share count. So they'll have some limited dilution impact.

湯姆，也許我將從你問題的後半部分開始。由於我們指導本季度的股票虧損，包括優先股的稀釋——轉換將是反稀釋的。這就是為什麼你看不到它們反映在份額數中的原因。然而，隨著我們扭虧為盈，我希望我們將它們納入我們完全稀釋後的股票數量。因此，它們的稀釋影響有限。

Helpful. And then just on the recovery side into the fourth quarter on some of the bit shipments or the exabyte shipments of NAND. Can you just -- are you just thinking that it will inflect higher? Or are you expecting a material step-up because you outperformed your peers in the December quarter with the growth you saw there. You're obviously expecting a step down in March. But just talk about the cadence. Is it an extreme step down in March with a small step up? Any kind of color on how you're looking at that forecast given you're -- given some color there.

有幫助。然後只是在恢復方面進入第四季度的一些位出貨量或 NAND 的 exabyte 出貨量。你能不能——你只是認為它會更高？或者您是否期待實質性的提升，因為您在 12 月季度的表現優於同行，您在那裡看到的增長。您顯然期望在 3 月份下台。但只談節奏。這是三月份的極端退步和小幅度的上漲嗎？給定一些顏色，關於您如何看待該預測的任何顏色。

Yes. I think one of the things we're seeing is one of our big enterprise SSD customers go through a digestion phase in our FQ3 and I think they'll get through that in a quarter and be back to buying. So that should be a -- that will get back to a good guy instead of a bad guy as far as the volume. And then we'll -- this is a very seasonally weak quarter for consumers. So we'll see some step-up there. Client is a little bit TBD is now commercial and enterprise is a little weaker. The consumer side has stabilized.

是的。我認為我們看到的一件事是我們的一個大型企業 SSD 客戶在我們的 FQ3 中經歷了消化階段，我認為他們將在一個季度內完成並重新購買。所以這應該是 - 就數量而言，這將回到一個好人而不是一個壞人。然後我們將 - 對於消費者來說，這是一個季節性非常疲軟的季度。所以我們會在那裡看到一些升級。客戶端有點待定，現在是商業的，企業有點弱。消費端趨於穩定。

So I don't want to put too much of qualification on it. But again, we feel good about our ability to have a very diverse portfolio, very diverse go-to-market engine. We've talked about this from the channel to consumer to the big OEMs to the web players. And I think, quite frankly, we saw last quarter that go-to-market engine performed really well. And when we get past a few seasonality things and a few things that are idiosyncratic with big customers, we'll see it kick back in and perform well.

所以我不想給它太多的限制。但同樣，我們對擁有非常多樣化的產品組合、非常多樣化的上市引擎的能力感到滿意。從渠道到消費者，再到大型原始設備製造商，再到網絡播放器，我們都談到了這一點。而且我認為，坦率地說，我們在上個季度看到上市引擎表現非常好。當我們克服一些季節性的事情和一些大客戶特有的事情時，我們會看到它重新開始並表現良好。

Our next question will come from Jim Suva with Citi.

我們的下一個問題將來自花旗銀行的 Jim Suva。

It sounds like with the charge of $250 million now, and you mentioned NAND underutilization starts to kind of go away in Q4. That kind of you're seeing a bottom or the worst of the utilization charges kind of in the March quarter. Is that fair to say? I know you still have to do some adjustments for NAND and wafers based upon how the market goes. But is that fair to say kind of the worst of it and the digestion and equilibrium are kind of hitting in the March quarter?

聽起來現在收費 2.5 億美元，你提到 NAND 未充分利用在第四季度開始消失。那種情況下，您會看到 3 月季度的使用費用觸底或最差。這樣說公平嗎？我知道你仍然需要根據市場的情況對NAND和晶圓做一些調整。但是，公平地說最糟糕的是，消化和平衡在 3 月季度受到衝擊嗎？

So Jim, thanks for the question. My comment around underutilization going away was more related to the HDD side of the business. On the flash side or on the NAND side, I would say it is a dynamic situation. We will continue to assess as we see the demand signal coming. And so the example I gave earlier was on the assumption that we don't -- that we have only 1 quarter of underutilization. I wanted to make sure that's well described, so that -- for modeling purposes.

吉姆，謝謝你的提問。我對未充分利用消失的評論更多地與業務的 HDD 方面有關。在閃存方面或在 NAND 方面，我會說這是一個動態的情況。我們將繼續評估，因為我們看到需求信號即將到來。所以我之前給出的例子是基於我們沒有的假設——我們只有四分之一的未充分利用。我想確保對此進行了很好的描述，以便 - 用於建模目的。

But yes, the comment around underutilization disappearing was mostly related to the hard drive side. And look, on the NAND side, also when we exited Q4, we -- our inventory position was better than some of our peers. And we're taking this action to continue to manage our inventory given where the demand picture is today. But that's an evolving situation, and we will be -- we can -- as David said, this is a decision that we can take on a weekly basis if we need to change the approach.

但是，是的，關於未充分利用消失的評論主要與硬盤驅動器方面有關。看看，在 NAND 方面，當我們退出第四季度時，我們 - 我們的庫存狀況比我們的一些同行更好。考慮到今天的需求情況，我們正在採取這一行動來繼續管理我們的庫存。但這是一個不斷變化的情況，我們將——我們可以——正如大衛所說，如果我們需要改變方法，我們可以每週做出這個決定。

And your next question will come from Karl Ackerman with BNP Paribas.

你的下一個問題將來自法國巴黎銀行的 Karl Ackerman。

I was wondering -- I wanted to talk about NAND for a second. Does the capital infusion from the convertible stock and draw on your revolver change your approach to ramping BiCS6 and BiCS8. I asked because 90 days ago, you indicated you'd be pushing out to BiCS transition to reduce your CapEx for fiscal '23. But today, you're also indicating BiCS6 will reach cost crossover with BiCS5 in March, and you're also currently in production of BiCS8. And so I guess, specifically, when should we expect BiCS8 should reach volume crossover to your NAND business?

我在想——我想談談 NAND。從可轉換股票注入資金並動用您的左輪手槍是否會改變您提高 BiCS6 和 BiCS8 的方法。我問是因為 90 天前，您表示您將推動 BiCS 過渡以減少 23 財年的資本支出。但是今天，你們還表示 BiCS6 將在 3 月份與 BiCS5 實現成本交叉，你們目前也在生產 BiCS8。所以我想，具體來說，我們應該期望 BiCS8 什麼時候能達到與您的 NAND 業務的交叉？

Yes. I don't think we're that far along to say -- to issue that kind of guidance, I guess, I would call that. But I think what we're saying is BiCS8 is well along in its technology evolution and it's reached production phase like I said -- I wish we had -- on video, I can show you the BiCS8 product I'm holding in my hands and playing with.

是的。我不認為我們說的那麼遠——發布那種指導，我想，我會這樣稱呼。但我認為我們所說的是 BiCS8 在其技術發展方面進展順利，它已經達到了生產階段，就像我說的那樣——我希望我們有——在視頻中，我可以向你展示我手中的 BiCS8 產品和玩。

But yes, I would say the investment doesn't change the way we're thinking about our supply situation. What we're trying to do is match our supply situation to our demand and make sure we can manage our inventory and it doesn't get out of control as we go through this process. We're trying to be very dynamic. And obviously, when you're slowing down the fab. And one of the ways to do that is to slow down the nodal transition. It brings in this whole question of how long we're going to stay on BiCS6, how fast do we transition to BiCS8. And we're working through all of that. Again, that's a bit dynamic. A lot of it depends on what BiCS8 looks like and how it's being productized.

但是，是的，我會說投資不會改變我們對供應情況的思考方式。我們正在努力做的是將我們的供應情況與我們的需求相匹配，並確保我們能夠管理我們的庫存，並且在我們經歷這個過程時它不會失控。我們正在努力變得非常有活力。很明顯，當你放慢晶圓廠的速度時。其中一種方法是減慢節點轉換。它帶來了整個問題，即我們將在 BiCS6 上停留多長時間，我們將以多快的速度過渡到 BiCS8。我們正在努力解決所有這些問題。同樣，這有點動態。這在很大程度上取決於 BiCS8 的外觀及其產品化方式。

And I think one of the things we're seeing here today is it has reached the productization stage ahead of schedule. And so we'll have more to say about what that fab mix looks like as we go forward. It's clear we're going to have -- BiCS6 will be a shorter node. It won't go into every single product if it will go into the products that it needs and then we'll move other products straight to BiCS8.

我認為我們今天在這裡看到的一件事是它已經提前進入了產品化階段。因此，在我們前進的過程中，我們將有更多話要說。很明顯我們將擁有——BiCS6 將是一個更短的節點。它不會進入每個產品，如果它進入它需要的產品，然後我們將把其他產品直接轉移到 BiCS8。

I appreciate that. If I may -- because you are discussing an improvement in HDDs beginning in March, could you discuss whether you need to take further action to rightsize your own inventory of components?

我很感激。如果可以 - 因為您正在討論從 3 月開始的 HDD 改進，您能否討論您是否需要採取進一步行動來調整您自己的組件庫存？

The quick answer to this, Karl, is we don't see the need to do that. And so this is why we don't project it. We continue to manage the inventory situation on a dynamic basis. But as of the end of the quarter, we were comfortable on where we are. And from where I stand today, we don't see the need to do that.

卡爾，對此的快速回答是我們認為沒有必要這樣做。所以這就是為什麼我們不投射它。我們繼續動態管理庫存情況。但截至本季度末，我們對自己的處境感到滿意。從我今天的立場來看，我們認為沒有必要這樣做。

And our next question will come from Steven Fox with Fox Advisors.

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

I just want to follow up on that last question about the inventories. Can you expand on the strategy from here? Because I'm looking at your inventory days and they're up from 102 a year ago to 133 days. And you mentioned there's still some demand question. So I'm trying to understand why start ramping back HDDs next quarter versus taking an inventory write-down versus other strategies to sort of get your inventories in better alignment and generate some better cash flows?

我只想跟進關於庫存的最後一個問題。你能從這裡擴展戰略嗎？因為我正在查看您的庫存天數，它們從一年前的 102 天增加到 133 天。你提到還有一些需求問題。因此，我試圖理解為什麼下個季度開始減少 HDD，而不是採取庫存減記，而不是其他策略，以使您的庫存更好地對齊並產生更好的現金流？

So let me maybe just clarify on the HDD side, to be clear, when we look at the inventory movement in the December quarter that just ended, we did reduce the HDD inventory quite a bit. In fact, the increase came from the flash side. So when we look at the numbers, I think quarter-to-quarter at the company level, we saw around $90 million reduction in inventories. And those were -- more than $200 million of reduction was in the HDD side that was partly offset by some of the growth in flash.

因此，讓我在硬盤方面澄清一下，明確地說，當我們查看剛剛結束的 12 月季度的庫存變動時，我們確實減少了硬盤庫存。事實上，增長來自閃存方面。因此，當我們查看這些數字時，我認為在公司層面每個季度，我們看到庫存減少了約 9000 萬美元。那些 - 超過 2 億美元的減少是在 HDD 方面，部分被閃存的一些增長所抵消。

And so we don't think the inventory situation on the hard drive side is bad. We obviously will continue to monitor as we do on a regular basis. We also are, as part of the $250 million underutilization that we talked about for the March quarter, there are some continued underutilization on the hard drive side, which would allow us to continue to manage inventory very tightly and maintain that discipline on the supply side until, obviously, the demand growth accelerates. And that's what my comment was about the next quarter, not necessary -- in other words, the June quarter, not necessarily seeing as much of hard drive underutilization charges. I hope this clarifies.

因此我們認為硬盤方面的庫存情況並不糟糕。我們顯然會像往常一樣繼續進行監控。我們也是，作為我們在 3 月季度談到的 2.5 億美元未充分利用的一部分，硬盤驅動器方面仍有一些未充分利用，這將使我們能夠繼續非常嚴格地管理庫存並在供應方面保持紀律顯然，直到需求增長加速。這就是我對下個季度的評論，沒有必要——換句話說，6 月這個季度，不一定會看到那麼多的硬盤未充分利用費用。我希望這能澄清。

Yes. No, that definitely helps filling some of the blanks. I appreciate that.

是的。不，這肯定有助於填補一些空白。我很感激。

And our last question will come from Sidney Ho with Deutsche Bank.

我們的最後一個問題將來自德意志銀行的 Sidney Ho。

A couple of quick ones. On the gross margin side, if I think about fiscal third quarter, if hard drive underutilization charges goes down quarter-over-quarter and revenue goes up modestly, is it fair to assume that gross margins for hard drive goes up. And if that's the case, does that mean NAND gross margin could go below 0 in the quarter. Obviously, there's a onetime charges involved.

幾個快速的。在毛利率方面，如果我考慮第三財季，如果硬盤未充分利用費用環比下降且收入溫和增長，那麼假設硬盤毛利率上升是否公平。如果是這樣的話，這是否意味著 NAND 毛利率在本季度可能會低於 0。顯然，涉及一次性費用。

So Sidney, this is a fair way of looking at the transition from Q2 to Q3. With the improved utilization or, let's say, smaller -- lesser underutilization on the hard drive side, we expect to see some improvement in the gross margin quarter-to-quarter. And unfortunately, with the high underutilization charge related to the 30% supply cut on the flash side, we're anticipating the gross margin there to be slightly negative. And so that sums it up.

所以西德尼，這是看待從第二季度到第三季度過渡的一種公平方式。隨著利用率的提高，或者說，硬盤驅動器方面利用率的降低，我們預計毛利率將有所改善。不幸的是，由於與閃存方面 30% 的供應削減相關的高額未充分利用費用，我們預計那裡的毛利率將略微為負。所以總結起來。

Great. And then my quick follow-up here is -- just maybe you have covered this already. But how would you characterize the inventory level in the channel and the customers for both hard drive and Flash. It sounds like hard drive is in decent shape. But curious, more curious on the flash side.

偉大的。然後我在這裡的快速跟進是——也許你已經涵蓋了這一點。但是，您如何描述渠道中的庫存水平以及硬盤和閃存的客戶。聽起來硬盤驅動器狀況良好。但是很好奇，在閃光方面更好奇。

Yes. I would say it's -- actually, the channel has been pretty good on the client -- on SSDs this past quarter. So I don't think there's anything particularly unusual in the channel. I think the channel performance has been -- was actually one of the bright spots last quarter. So I don't think we see anything too unusual there.

是的。我想說的是——實際上，這個渠道在客戶端上一直很好——上個季度在 SSD 上。所以我不認為頻道中有什麼特別不尋常的地方。我認為渠道表現實際上是上個季度的亮點之一。所以我不認為我們在那裡看到任何太不尋常的東西。

All right. Everyone. Thanks for joining us on the call. We look forward to talking to you throughout the quarter. Take care.

好的。每個人。感謝您加入我們的電話會議。我們期待在整個季度與您交談。小心。

Thank you.

謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。此時您可以斷開線路。