威騰電子 (WDC) 2025 Q1 法說會逐字稿

Good afternoon, and thank you for standing by.

下午好，感謝您的耐心等待。

Welcome to Western Digital's fiscal first quarter 2025 conference call.

歡迎參加西部數據 2025 年第一財季電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

（操作員說明）謹此提醒，此通話正在錄音。

Now I will turn the call over to Mr. Peter Andrew, Vice President, Financial Planning and Analysis and Investor Relations.

現在我將把電話轉給負責財務規劃和分析以及投資者關係的副總裁彼得安德魯先生。

You may begin.

你可以開始了。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

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

今天與我一起出席的有執行長 David Goeckeler 和財務長 Wissam Jabre。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on management's current assumptions and expectations and as such does include risks and uncertainties.

在開始之前，讓我提醒大家，今天的討論包含基於管理層當前假設和預期的前瞻性陳述，因此確實包含風險和不確定性。

These forward looking statements include expectations for our product portfolio, our business plans and performance, the separation of our flash and HDD businesses, ongoing market trends, and our future financial results.

這些前瞻性陳述包括對我們的產品組合、業務計劃和業績、快閃記憶體和硬碟業務的分離、持續的市場趨勢以及我們未來的財務表現的預期。

We assume no obligation to update these statements.

我們不承擔更新這些聲明的義務。

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

請參閱我們最新的 10-K 表格財務報告以及我們向 SEC 提交的其他文件，以了解有關可能導致實際結果與預期存在重大差異的風險和不確定性的更多資訊。

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

今天我們也將提及非公認會計準則財務指標。

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

非公認會計原則和可比較公認會計原則財務指標之間的調節包含在我們網站投資者關係部分發布的新聞稿和其他資料中。

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

現在，我請大衛做介紹性發言。

Thanks, Peter, and good afternoon, everyone, and thank you for joining the call to discuss our first quarter fiscal year 2025 performance.

謝謝彼得，大家下午好，謝謝您參加電話會議討論我們 2025 財年第一季的業績。

Western Digital delivered revenue of $4.1 billion, non-GAAP gross margin of 38.5% and non-GAAP earnings per share of $1.78. Our dedication to lasting quality and reliability through our industry-leading innovation and diversified portfolio have allowed us to proactively mix fits into the most profitable end markets, resulting in sequential revenue growth and margin improvement across both flash and HDD.

西部數據實現營收 41 億美元，非 GAAP 毛利率為 38.5%，非 GAAP 每股收益為 1.78 美元。我們透過業界領先的創新和多元化的產品組合致力於持久的品質和可靠性，這使我們能夠主動融入最有利可圖的終端市場，從而實現快閃記憶體和硬碟的收入連續成長和利潤率提高。

These growth opportunities are bolstered by the AI data cycle, substantially increasing the long-term need for storage across both our flash and HDD markets.

這些成長機會得到了人工智慧資料週期的支持，大大增加了快閃記憶體和硬碟市場對儲存的長期需求。

In flash, the proactive measures we took during the downturn, along with our disciplined capital investment strategy, have significantly enhanced Western Digital's business agility and structural margin potential.

乍一看，我們在經濟低迷時期採取的積極措施，以及嚴格的資本投資策略，顯著增強了西部數據的業務敏捷性和結構性利潤潛力。

Combined with our flexibility and bit allocation and continued progress in bringing highly the compelling enterprise SSDs to market, we mitigated headwinds in certain core end markets, achieving sequential and year-over-year revenue growth and improving flash gross margin beyond our through-cycle target.

結合我們的靈活性和位元分配以及在將極具吸引力的企業級SSD 推向市場方面的持續進展，我們減輕了某些核心終端市場的不利因素，實現了環比和同比收入增長，並提高了快閃記憶體毛利率，超出了我們的整個週期目標。

In HDD, the strength of our portfolio lies in our Ultra SMR technology, which empowers us to deliver the industry's highest capacity hard drives while ensuring unmatched reliability, quality, and performance.

在 HDD 領域，我們產品組合的優勢在於 Ultra SMR 技術，該技術使我們能夠提供業界最高容量的硬碟，同時確保無與倫比的可靠性、品質和性能。

Western Digital has achieved record HDD gross margin in the highest revenue levels in 11 quarters, driven by the growing adoption of our Ultra SMR drives to meet the demand for scalable and cost-effective storage solutions.

由於越來越多地採用我們的 Ultra SMR 硬碟來滿足對可擴展且經濟高效的儲存解決方案的需求，西部數據在 11 個季度中實現了創紀錄的 HDD 毛利率和最高收入水平。

This technology is a key driver of our continued gross margin improvement with wide adoption at two cloud customers and a third expected ramp shortly.

這項技術是我們毛利率持續提高的關鍵驅動力，在兩個雲端客戶中廣泛採用，預計很快就會出現第三個成長。

We anticipate Ultra SMR will continue to grow across the US and beyond, solidifying our leadership in the market over time.

我們預計 Ultra SMR 將在美國及其他地區繼續成長，隨著時間的推移鞏固我們在市場上的領導地位。

Now I would like to provide an update on our business separation plans.

現在我想提供有關我們業務分拆計劃的最新資訊。

We are on track with the separation of our flash and HDD businesses.

我們正在將閃存和硬碟業務分開。

At the start of the fiscal second quarter, we completed our soft spin phase.

在第二財季初，我們完成了軟旋轉階段。

Through meticulous planning and project management, this massive initiative has been executed exceptionally well, in the businesses have hit the ground running, thanks to the dedicated efforts of numerous teams over the past year.

透過縝密的規劃和專案管理，這項龐大的舉措得到了很好的執行，在過去一年中眾多團隊的不懈努力下，業務已步入起步階段。

In the fiscal second quarter, we continued to execute our soft spin stage and are working diligently on the critical work streams needed as we make significant progress on the regulatory filings required in connection with the spin.

在第二財季，我們繼續執行軟旋轉階段，並在所需的關鍵工作流程上努力工作，因為我們在與旋轉相關的監管備案方面取得了重大進展。

Financing activities are anticipated to start soon, which will set the stage for us to execute the separation, which we expect will occur once we close the second quarter.

預計融資活動將很快開始，這將為我們執行分拆奠定基礎，我們預計這將在第二季結束後發生。

I'll now turn to business updates.

我現在將轉向業務更新。

Starting with flash, revenue reached its highest level in nine quarters.

從閃存開始，收入達到九個季度以來的最高水平。

Sequentially, revenue growth was driven by continued recovery in data center, fueled by strong demand for our enterprise SSD applications, which grew 76% sequentially, reaching the highest revenue levels since fiscal fourth quarter of 2022.

隨後，營收成長是由資料中心的持續復甦推動的，在我們的企業SSD 應用程式的強勁需求的推動下，該應用程式連續成長了76%，達到了2022 財年第四季以來的最高收入水平。

The cloud tailwind in the quarter was offset by ongoing weakness in consumer and in client with PC OEMs, working down inventory and pushing out the refresh purchase cycle.

本季的雲端順風被消費者和 PC OEM 客戶持續疲軟、庫存減少和更新購買週期延遲所抵消。

On the technology front, we made significant progress with several hyperscaler and storage OEM qualifications, including developments with PCIgen5 data center enterprise SSD and our 30 and 60 terabyte high-capacity offerings.

在技​​術方面，我們在多項超大規模和儲存 OEM 資格方面取得了重大進展，包括 PCIgen5 資料中心企業級 SSD 以及我們的 30 和 60 TB 高容量產品的開發。

In addition, we continue to enhance our premium SanDisk brand by delivering on our leadership group blueprint and core devices roadmap, expanding our platform capabilities with product partnerships developing robustly.

此外，我們透過交付我們的領導團隊藍圖和核心設備路線圖，透過產品合作夥伴關係的強勁發展來擴展我們的平台能力，繼續增強我們的優質 SanDisk 品牌。

I'll now to our flash outlook.

現在我將介紹我們的 Flash 展望。

As we look ahead to the fiscal second quarter, we expect a continued ramp of our new enterprise SSD offerings to supplement seasonal strength in our consumer end market.

展望第二財季，我們預期新的企業級 SSD 產品將持續增加，以補充消費者終端市場的季節性優勢。

Within client, we expect PC OEM demand to stabilize while gaming declines as we have successfully met the demand for the holiday season.

在客戶方面，我們預計 PC OEM 需求將穩定，而遊戲需求將下降，因為我們已經成功滿足了假期季節的需求。

We anticipate a recovery in our consumer and client end markets as we move through calendar year 2025.

我們預計，隨著 2025 年的到來，我們的消費者和客戶端市場將會復甦。

Furthermore, we are seeing high demand for our enterprise SSD product offering and anticipated to serve as the primary driver for revenue growth for the full fiscal year with qualifications doubling since the start of the fiscal fourth quarter 2024.

此外，我們看到對我們的企業級 SSD 產品的需求很高，預計將成為整個財年收入成長的主要驅動力，自 2024 財年第四季開始以來，資格數量將增加一倍。

We now expect our enterprise SSD mix to comprise over 15% of our overall portfolio bit shipments in fiscal year 2025, growing at a pace significantly faster than previously anticipated.

我們現在預計，到 2025 財年，我們的企業級 SSD 組合將占我們整體產品組合位出貨量的 15% 以上，成長速度明顯快於先前的預期。

Our overall view of the flash market remains positive as we maintain supply and demand balance by remaining committed to disciplined capital spending in improving profitability through proactive bit allocation across our most high value end markets, increasing our exposure to enterprise SSDs.

我們對快閃記憶體市場的整體看法仍然樂觀，因為我們繼續致力於嚴格的資本支出，透過在我們最高價值的終端市場進行主動的位元分配來提高獲利能力，從而保持供需平衡，從而增加我們對企業級SSD的投資。

Turning to HDD, in the fiscal first quarter, we achieved record revenue and data center, reflecting the strength of our near-line portfolio and our ongoing efforts to capitalize on market tailwinds.

談到硬碟，在第一財季，我們實現了創紀錄的收入和資料中心，反映了我們近線投資組合的實力以及我們利用市場順風車的持續努力。

We are operating in an environment where demand for our products exceeds supply.

我們所處的環境是產品供不應求。

To address this, we are working with our customers to improve our visibility into their future needs with our largest customers on a two to six quarter agreements cycle, aligning seamlessly with our proactive supply management strategy that supports predictable business operations and sustainable profitable growth.

為了解決這個問題，我們正在與客戶合作，以兩到六個季度的協議週期與我們最大的客戶合作，提高對他們未來需求的了解，與我們支持可預測業務運營和可持續盈利增長的主動供應管理策略無縫結合。

This long-term visibility allows us to not only better serve our customers, but also mitigate volatility while structurally improving our through-cycle profitability.

這種長期可見性使我們不僅能夠更好地服務客戶，還能減輕波動性，同時從結構上提高我們的整個週期獲利能力。

On the technology front, we see increasing adoption of our Ultra SMR technology, showcasing strong confidence in our product's capabilities and benefits.

在技​​術方面，我們看到越來越多的人採用我們的 Ultra SMR 技術，這表明我們對我們產品的功能和優勢充滿信心。

In the fiscal second quarter, we launched our 32 terabyte Ultra SMR and 26 terabyte CMR drives, marking the world's first commercially available hard drives, with 11 disks.

在第二財季，我們推出了 32 TB Ultra SMR 和 26 TB CMR 硬碟，這標誌著世界上第一款商用硬碟，配備 11 個磁碟。

Developed with our time-tested and reliable EPMR and Ultra SMR technologies, we expect these products to complete customer qualifications and ramp in the coming quarters, delivering a compelling TCO to our customers and improving portfolio profitability.

這些產品採用我們經過時間考驗且可靠的EPMR 和Ultra SMR 技術開發，我們預計這些產品將在未來幾季完成客戶資格認證並擴大規模，為我們的客戶提供令人信服的TCO，並提高產品組合的盈利能力。

Turning to the HDD outlook.

轉向硬碟前景。

As we head into the fiscal second quarter, we anticipate continued momentum in data center to drive growth across our near-line portfolio.

隨著我們進入第二財季，我們預計資料中心的持續成長動能將推動我們近線投資組合的成長。

Adoption of our Ultra SMR product line is expanding, particularly among cloud customers.

我們的 Ultra SMR 產品線的採用範圍正在擴大，特別是在雲端客戶中。

The HD business continues to undergo a positive structural transformation.

高清業務持續進行積極的結構轉型。

Our thoughtful approach to commercializing our product line, especially our Ultra SMR technologies, has enabled us to drive record revenue in the midst of AI's emergence as another pivotal growth driver for the industry.

我們對產品線（尤其是 Ultra SMR 技術）商業化的深思熟慮的方法使我們能夠在人工智慧成為行業另一個關鍵增長動力的過程中創造創紀錄的收入。

And with improved visibility into future demand, the focus on operational excellence, efficient cost structure, and a strong commitment to maintaining a balanced supply demand dynamic, we are well positioned to continue delivering the most profitable and innovative product portfolio while establishing long-term industry leadership through our earnings potential.

透過提高對未來需求的洞察力、對卓越營運的關注、高效的成本結構以及對維持平衡的供需動態的堅定承諾，我們有能力繼續提供最有利可圖和創新的產品組合，同時建立長期的行業透過我們的獲利潛力取得領先地位。

Let me now turn the call over to Wissam, who will discuss our fiscal first quarter results.

現在讓我將電話轉給維薩姆，他將討論我們第一財季的業績。

Thank you, David, and good afternoon, everyone.

謝謝大衛，大家下午好。

And the fiscal first quarter, Western Digital delivered great results with gross margin and earnings per share above the midpoint of the guidance range.

第一財季，西部數據取得了出色的業績，毛利率和每股收益均高於指導範圍的中點。

Total revenue for the quarter was $4.1 billion, up 9% sequentially and 49% year over year.

該季度總營收為 41 億美元，季增 9%，年增 49%。

Non-GAAP earnings per share was $1.78.

非 GAAP 每股收益為 1.78 美元。

Looking at end markets, cloud represented 54% of total revenue at $2.2 billion, up 17% sequentially and more than doubling year over year.

從終端市場來看，雲端收入佔總營收的 54%，達到 22 億美元，較上季成長 17%，較去年同期成長一倍多。

On a sequential and year-over-year basis, the increases were driven by higher nearline shipments in HDD and enterprise SSD bit shipments to data center customers.

從環比和年比來看，成長是由於向資料中心客戶的 HDD 和企業級 SSD 位元出貨量的近線出貨量增加所致。

Client represented 29% of total revenue at $1.2 billion, flat sequentially and up 5% year over year.

客戶營收為 12 億美元，佔總營收的 29%，與上一季持平，年增 5%。

Compared to last quarter, flash bit shipment growth in gaming and mobile was offset by declining PC OEM while HDD revenue was flat.

與上季相比，遊戲和行動領域的快閃記憶體位出貨量成長被 PC OEM 的下降所抵消，而 HDD 收入則持平。

Year over year, an increase in flash revenue was primarily due to higher ASPs as bit shipments declined and was partially offset by lower HDD revenue.

與去年同期相比，快閃記憶體收入的成長主要是由於位元出貨量下降導致平均售價上升，但部分被 HDD 收入下降所抵消。

Consumer represented 17% of revenue of $0.7 billion, flat sequentially and down 7% year over year.

消費者營收佔 7 億美元營收的 17%，與上一季持平，年減 7%。

Sequentially, a slight growth in HDD offset the declining flash driven by softer consumer demand.

隨後，HDD 的小幅成長抵消了消費者需求疲軟導致的快閃記憶體下降。

Year over year, the decrease was due to lower flash and HDD bit shipments, partially offset by improved pricing in both flash and HDD.

與去年同期相比，下降的原因是快閃記憶體和 HDD 位元出貨量下降，但部分被快閃記憶體和 HDD 定價的提高所抵消。

Turning now to revenue by segment.

現在轉向按細分市場劃分的收入。

In the fiscal first quarter, flash revenue was $1.9 billion, up 7% from last quarter and 21% year over year.

第一財季快閃記憶體營收為 19 億美元，較上季成長 7%，較去年同期成長 21%。

Continued recovery in data center drove strong demand for enterprise SSD products.

資料中心的持續復甦帶動了企業級SSD產品的強勁需求。

Sequentially, flash ASPs increased 4% on a like-for-like basis and decreased 6% on a blended basis.

隨後，快閃記憶體平均售價年增 4%，混合後下降 6%。

Bit shipments were up 14% from the previous quarter and down 12% compared to last year.

位元出貨量較上一季成長 14%，較去年下降 12%。

HDD revenue was $2.2 billion, up 10% sequentially and 85% year over year.

HDD 營收為 22 億美元，季增 10%，年增 85%。

Sequentially, strong performance in the new loan portfolio led to a 14% increase in HDD exabyte shipments.

隨後，新貸款組合的強勁表現導致 HDD 艾字節出貨量成長 14%。

On a year-over-year basis, total HDD exabyte shipments increased 107% and average price per unit increased 46% to $164.

與去年同期相比，HDD EB 總出貨量成長了 107%，單位平均價格成長了 46%，達到 164 美元。

Nearline bit shipments were at a record level of 441 gigabytes, up 12% from the previous quarter and 157% compared to the fiscal first quarter of 2024.

近線位出貨量達到創紀錄的 441 GB，較上一季成長 12%，較 2024 年第一財季成長 157%。

Moving to the rest of the income statement, please note, my comments will be related to non-GAAP results unless stated otherwise.

前往損益表的其餘部分，請注意，除非另有說明，否則我的評論將與非公認會計準則結果相關。

Gross margin for the fiscal first quarter was 38.5%, which was at the higher end of the guidance range.

第一財季的毛利率為 38.5%，處於指導範圍的高端。

Gross margin increased 220 basis points sequentially due to improved mix, better pricing, and continued focus on cost reduction.

由於產品組合的改善、定價的改善以及對成本降低的持續關注，毛利率環比增長了 220 個基點。

Flash gross margin was 38.9%, up 240 basis points sequentially, driven by a higher mix of enterprise SSD bits, improvement in like-for-like pricing, and continued cost reduction.

快閃記憶體毛利率為 38.9%，季增 240 個基點，這主要得益於企業級 SSD 位的增加、同類定價的改善以及成本的持續降低。

In HDD, strong demand for nearline drives as well as efficient manufacturing operations and cost structure have driven continued margin expansion, resulting in gross margin of 38.1%, up 200 basis points sequentially.

HDD方面，近線驅動器的強勁需求以及高效的製造營運和成本結構推動了利潤率持續擴張，毛利率達到38.1%，環比增長200個基點。

We have structurally changed the way we operate our businesses.

我們從結構上改變了經營業務的方式。

Combined with our strong product portfolio, this has enabled us to generate gross margins above our long-term target ranges in both flash and HDD.

結合我們強大的產品組合，這使我們能夠在快閃記憶體和硬碟領域實現高於長期目標範圍的毛利率。

Operating expenses were down sequentially to $691 million, including the synergies of $8 million.

營運費用較上季下降至 6.91 億美元，其中包括 800 萬美元的綜效。

These results demonstrate continued focus on cost discipline while making progress on the execution of the business separation plans.

這些結果表明，在執行業務分離計劃方面取得進展的同時，我們繼續專注於成本紀律。

Operating income was $884 million, up 33% sequentially, driven by better gross margins and disciplined spending.

受毛利率提高和嚴格支出的推動，營業收入為 8.84 億美元，季增 33%。

Operating margin was 21.6%, up 390 basis points sequentially, which is the highest in five years and was previously achieved at the higher revenue level.

營業利潤率為 21.6%，環比上升 390 個基點，為五年來最高水平，此前是在較高收入水平下實現的。

Income tax expense was $124 million, and effective tax rate was 16.1%.

所得稅費用為1.24億美元，有效稅率為16.1%。

Earnings per share was $1.78.

每股收益為 1.78 美元。

Operating cash flow for the fiscal first quarter was $34 million and free cash flow was an outflow of $14 million.

第一財季營運現金流為 3,400 萬美元，自由現金流流出 1,400 萬美元。

Operating and free cash flows included payments of $418 million for the company's repatriation, tax installment, along with IRS settlement payments.

營運現金流和自由現金流包括 4.18 億美元的公司匯回款、稅款分期付款以及 IRS 結算付款。

Cash, capital expenditures, which include the purchase of property, plant and equipment and activity related to flash joint ventures on the cash-flow statement represented a cash outflow of $48 million.

現金流量表上的現金、資本支出（包括購買不動產、廠房和設備以及與快閃記憶體合資企業相關的活動）代表現金流出 4,800 萬美元。

Fiscal first quarter inventory increased sequentially to $3.4 billion, with days of inventory declining by 5 days to 121 days.

第一財季庫存較上月增加至 34 億美元，庫存天數減少 5 天至 121 天。

A decrease in HDD inventory was more than offset by an increased in flash inventory.

HDD 庫存的減少被快閃庫存的增加所抵消。

Gross debt outstanding was $7.5 billion at the end of the fiscal first quarter.

截至第一財季末，未償債務總額為 75 億美元。

Cash and cash equivalents were $1.7 billion and total liquidity was $3.9 billion, including undrawn revolver capacity of $2.2 billion.

現金和現金等價物為 17 億美元，流動資金總額為 39 億美元，其中未提取的左輪手槍容量為 22 億美元。

After the close of fiscal first quarter, we completed the previously announced sale of 80% of equity interest in SanDisk Semiconductor Shanghai to JCET, thereby forming a joint venture between SanDisk China and JACET.

第一財季結束後，我們完成了先前宣布的向長電科技出售閃迪半導體上海80%股權的交易，從而形成閃迪中國與JACET的合資公司。

Proceeds from the sale will be reflected in the fiscal second quarter's cash flow.

出售收益將反映在第二財季的現金流中。

I'll now turn to the fiscal second quarter non-GAAP guidance.

我現在將談談第二財季的非公認會計準則指引。

We anticipate both flash and HDD revenue to grow on a sequential basis.

我們預計快閃記憶體和硬碟收入將環比成長。

In flash, we expect the ramp of the enterprise SSD products and seasonality of consumer demand to drive bit shipment increases in the mid-single digit percentage points.

在快閃記憶體方面，我們預期企業級 SSD 產品的成長和消費者需求的季節性將推動位出貨量成長中個位數百分點。

In HDD, we expect continued growth momentum in the nearline product portfolio.

在硬碟方面，我們預計近線產品組合將繼續保持成長動能。

We anticipate revenue to be in the range of $4.2 billion to $4.4 billion.

我們預計營收將在 42 億美元至 44 億美元之間。

Gross margin is expected to be between 37% and 39%.

毛利率預計在37%至39%之間。

We expect operating expenses to increase slightly to a range of $695 million to $715 million, including the synergy costs of $25 million to $35 million as we continue to make progress executing on the business separation plans.

我們預計營運費用將小幅增加至 6.95 億至 7.15 億美元，其中包括隨著我們繼續推進業務分拆計畫的執行而產生的 2,500 萬至 3,500 萬美元的協同成本。

Interest and other expenses are anticipated to be approximately $110 million.

利息和其他費用預計約為 1.1 億美元。

Tax rate is expected to be between 15% and 17%.

稅率預計在15%至17%之間。

We expect EPS of $1.75 to $2.05 based on approximately $357 million shares outstanding.

基於約 3.57 億美元的已發行股票，我們預計每股收益為 1.75 美元至 2.05 美元。

As shown in our guidance, we remain committed to executing our business, driving higher profitability and cost discipline while making great progress towards the completion of our business separation plans.

正如我們的指導所示，我們仍然致力於執行我們的業務，推動更高的盈利能力和成本控制，同時在完成我們的業務分離計劃方面取得巨大進展。

I will now turn the call back over to David.

我現在將把電話轉回給大衛。

Thanks Wissam.

謝謝維薩姆。

Let me wrap up and then we'll open it up for questions.

讓我總結一下，然後我們將開始提問。

Our results this quarter are a testament to our efforts to optimize our business for the long term and execute on our strategic initiatives.

我們本季的業績證明了我們為長期優化業務和執行策略舉措所做的努力。

We are confident in our product road map across both our flash and HDD businesses and are excited by the significant opportunities ahead that each present, especially with the content renewed proliferation of the AI data cycle.

我們對快閃記憶體和硬碟業務的產品路線圖充滿信心，並對各自所呈現的重大機會感到興奮，特別是隨著人工智慧資料週期內容的重新擴散。

As we continue to work towards the completion of our business separation plans, we are confident in our ability to drive long-term shareholder value and deliver the most compelling and innovative products to our customers.

隨著我們繼續努力完成業務分離計劃，我們對推動長期股東價值並為客戶提供最具吸引力和創新產品的能力充滿信心。

Let's begin the Q&A.

讓我們開始問答。

(Operator Instructions)

（操作員說明）

CJ Muse, Cantor Fitzgerald.

CJ 繆斯、坎托·費茲傑拉。

Yeah, good afternoon, and thank you for taking the question.

是的，下午好，感謝您提出問題。

I guess first question, you raised your enterprise SSD as part of the mix of 15%, which I think is a pretty important inflection.

我想第一個問題，您將企業 SSD 作為 15% 組合的一部分，我認為這是一個非常重要的變化。

So I'm just hoping you could speak to the qualifications that you've seen.

所以我只是希望你能談談你所看到的資格。

And in particular, would love to hear more around the recently announced qualification and with NVIDIA GB200 NVL72 rack-system.

特別是，希望了解有關最近宣布的資格和 NVIDIA GB200 NVL72 機架系統的更多資訊。

If there's any way to go to quantify how to think about the ramp and magnitude of incremental dollars your business, would be great.

如果有任何方法可以量化如何思考您的業務增量的成長和幅度，那就太好了。

Hey, CJ.

嘿，CJ。

Thanks for the question.

謝謝你的提問。

Yeah, we feel really good about where the portfolio, as we've talked, I think, for quarter or so now about this.

是的，我們對投資組合的位置感覺非常好，我想，我們已經討論了大約一個季度的時間了。

Our compute focus to PCIgen5 product, that's what was qualified by NVIDIA in their reference architecture that allows us to go to all the folks that are building those products for customers and being a good position to have those conversations as we drive that product more broadly in the market.

我們的計算重點是PCIgen5 產品，這就是NVIDIA 在其參考架構中所認可的，這使我們能夠接觸到所有為客戶構建這些產品的人員，並在我們更廣泛地推動該產品時處於進行這些對話的有利位置。

We also have a very deep engagement with one -- couple of large hyperscalers on that product as well.

我們也與幾家大型超大規模供應商就該產品進行了非常深入的合作。

So to your point, we've got more confidence in the growth of the portfolio.

因此，就您而言，我們對投資組合的成長更有信心。

It's a very good demand environment.

這是一個非常好的需求環境。

I don't think that's new news for enterprise SSDs.

我認為這對企業級 SSD 來說並不是什麼新消息。

And it's nice to have the portfolio where we can play into that.

很高興擁有我們可以發揮作用的投資組合。

And as you said, we expect our mix of bits.

正如你所說，我們期待我們的混合。

When you add it all up the in the fiscal year last quarter, we having this conversation.

當你把上一財年的所有數據加起來時，我們就進行了這樣的對話。

We thought it would be around 10% now are more in the 15% to 20% range.

我們原以為會在 10% 左右，現在更多的是在 15% 到 20% 的範圍內。

So demand keeps going up.

所以需求不斷上升。

The number of qualifications, we've doubled in the last quarter.

上季我們的資格數量增加了一倍。

So the traction with the portfolio is good.

因此，該投資組合的吸引力很好。

It's all -- aligns well with the AI data cycle.

這一切都與人工智慧資料週期很好地保持一致。

We put out there both for the compute focused SSDs and then the high capacity data lake focus, SSDs 30 and 60 terabytes.

我們推出了以運算為重點的 SSD，然後以高容量資料湖為重點，即 30 TB 和 60 TB 的 SSD。

And again, the traditional products that we were selling to the hyperscalers are also doing well also.

同樣，我們向超大規模企業銷售的傳統產品也表現良好。

So just, I think that portfolio is something we've been working on for quite some time.

所以，我認為這個投資組合是我們已經研究了相當長一段時間的東西。

As you know, we got qualified before the downturn.

如您所知，我們在經濟衰退之前就獲得了資格。

We came out of it with a better portfolio.

我們走出了困境，獲得了更好的投資組合。

I think we really did a good job.

我認為我們確實做得很好。

Teams did a great job throughout the downturn of staying focused on building those products and build a stronger portfolio.

在整個經濟低迷時期，團隊做得很好，專注於開發這些產品並建立更強大的產品組合。

And now we're seeing the results of that.

現在我們看到了結果。

Very helpful.

非常有幫助。

Thank you.

謝謝。

And I guess a quick follow-up.

我想會很快跟進。

You talked around the ongoing transformation of the HDD industry and now two to six quarters of customer visibility.

您談到了 HDD 行業正在進行的轉型以及現在兩到六個季度的客戶可見度。

We'd love to hear kind of how perhaps pricing negotiation is evolving and within that construct, do you have visibility today for pricing beyond one quarter in the drive business?

我們很想聽聽定價談判可能是如何演變的，在這種結構中，您今天對驅動器業務四分之一以上的定價是否有了解？

Thank you.

謝謝。

Sure.

當然。

I think as you said, we've gotten to the plant where I think we have a better supply demand balance in this industry for the first time.

我認為正如你所說，我們已經到達了工廠，我認為我們在這個行業第一次實現了更好的供需平衡。

Well, let's just talk about our business.

好吧，我們就談談我們的生意吧。

In our business for a very, very long time based on the actions we took coming out of the downturn.

基於我們走出低迷時期所採取的行動，我們的業務已經持續了很長一段時間。

That matched against a fantastic portfolio that continues to get traction.

這與持續受到關注的出色投資組合相符。

We talked a lot about it in the script.

我們在劇本中談論了很多。

Ultra SMR technology is really getting very good traction with customers that had adopted.

Ultra SMR 技術確實受到了已採用的客戶的廣泛關注。

Quite a bit of scale.

頗有一點規模。

I mean, once you go through the work to implement that technology, you get that additional 10% of capacity on every drive you deploy.

我的意思是，一旦您完成了實施該技術的工作，您就可以在部署的每個驅動器上獲得額外 10% 的容量。

So it gives customers a very good reason to keep deploying those drives.

因此，這為客戶提供了繼續部署這些驅動器的充分理由。

And we just had the third hyperscaler and get the official qualification very recently, and we expect them to ramp pretty quickly now over the next several quarters.

我們剛剛擁有第三家超大規模企業，並於最近獲得了官方資格，我們預計它們將在接下來的幾個季度內快速成長。

So both of those things allow us to get more visibility into the business.

因此，這兩件事使我們能夠更好地了解業務。

More visibility, more predictability is always great on a business where you were vertically integrated.

對於垂直整合的企業來說，更高的可見度、更高的可預測性總是很棒的。

And it does give us also -- I've said it for many years now pricing is all about TCO.

它確實也為我們帶來了 — 我已經說過很多年了，現在定價完全取決於 TCO。

It's about delivering a better product.

這是為了提供更好的產品。

We deliver a better product that drives the TCO down for our customers.

我們提供更好的產品，為客戶降低 TCO。

We get to participate in that equation and monetize that R&D that we developed.

我們可以參與這個等式中，並將我們所發展的研發成果貨幣化。

And we do just launched a 26 terabytes CMR, 32 terabyte Ultra SMR drive.

我們剛剛推出了 26 TB CMR、32 TB Ultra SMR 硬碟。

So we expect that to ramp as we go through '25.

因此，我們預計隨著 25 年的到來，這一數字將會增加。

And as we do that, that will bring better pricing and margin dynamics to the business.

當我們這樣做時，這將為業務帶來更好的定價和利潤動態。

Okay.

好的。

Thanks so much.

非常感謝。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great.

偉大的。

Thank you.

謝謝。

I just want make sure I understand the steps towards separating the companies.

我只是想確保我了解分離公司的步驟。

You talked about having kind of prepared to stop spenders.

你談到已經做好了阻止花錢的準備。

So you're going to report -- you'll have two separate sets of numbers for the December quarter.

因此，您將報告 12 月所在季度的兩組獨立數字。

And assuming if that goes well, you'll be able to file the Form 10 at some point during the March quarter.

假設如果進展順利，您將能夠在 3 月季度的某個時間提交 Form 10。

Is that the plan?

是這樣的計劃嗎？

And where the -- anything that could cause that to come later?

還有什麼可能導致稍後發生的事情？

Yeah.

是的。

Let me walk through that, Joe, because a little different than you describe.

讓我來解釋一下，喬，因為與你描述的有點不同。

So we will -- we're in the soft spin stage, which means we're still running the company has Western Digital, right?

因此，我們正處於軟旋轉階段，這意味著我們仍在經營西部數據公司，對吧？

There's one company.

有一家公司。

But behind the scenes, we've separated all the systems into basically two stacks system.

但在幕後，我們將所有系統基本上分為兩個堆疊系統。

So for example, if customers want to send this orders now.

例如，如果客戶現在想發送此訂單。

They have to send us to different orders for HDDs and flash because they go into two different sets of systems, they have a different vendor ID for those.

他們必須向我們發送不同的 HDD 和快閃記憶體訂單，因為它們進入兩組不同的系統，它們有不同的供應商 ID。

All of those kinds of issues.

所有這些問題。

Our own teams as they go through the process to build those products, ship those products are logging into different systems to manage the flow of that business through the enterprise.

我們自己的團隊在建構這些產品、運送這些產品的過程中會登入不同的系統來管理整個企業的業務流程。

Now in -- so what we're doing as we were running Western Digital, we're doing this behind the scenes.

現在，當我們運作西部數據時，我們正在做的事情是在幕後進行的。

That's called the soft spin.

這就是所謂的軟旋轉。

We're actually essentially doing both.

事實上，我們實際上兩者都在做。

And what we'll do is we will execute in this mode for a full quarter because we want to go through a full quarter of all the financial things we do on a monthly and quarterly basis to give ourselves confidence that both of those systems work great.

我們要做的是，我們將以這種模式執行整個季度，因為我們希望每月和每季度完成我們所做的所有財務工作的整個季度，以使我們相信這兩個系統都運作良好。

And then we'll go do the spin.

然後我們就去旋轉。

So what we expect to do now is we will execute the business in this Form for the full second quarter.

因此，我們現在期望做的是，我們將在整個第二季度執行此表格中的業務。

We will close the December quarter as Western Digital.

我們將以西部數據公司名義結束 12 月季度。

We will only issue one set of numbers for Western Digital.

我們只會向西部數據發布一組號碼。

We only did one guide for Western Digital this time.

這次我們只為西部數據做了一份指南。

But behind the scenes, we're doing all that work to build confidence, we can do it as two separate companies.

但在幕後，我們正在做所有工作來建立信心，我們可以作為兩家獨立的公司來做到這一點。

Sometime in the next, I would say a couple of months we'll flip the Form 10 to public.

我想說，接下來的某個時候，我們將在幾個月內將 Form 10 公開。

We're going through the final phases of that with the appropriate authorities.

我們正在與有關當局一起完成最後階段的工作。

Once we get that done will make it public.

一旦我們完成了，就會將其公開。

So we can start financing activities for both businesses to basically get all the financing in place so that we -- once we close the books and we get confidence in that than we could then move on with the actual distribution.

因此，我們可以開始為兩家企業開展融資活動，基本上讓所有融資到位，這樣我們——一旦我們結清賬目並且對此有信心，我們就可以繼續進行實際分配。

So that's the way it'll work.

這就是它的運作方式。

So cut through all that we got a lot of work to do.

因此，我們還有很多工作要做。

It's on track.

一切步入正軌。

You should think about this happening around the time we would do an earnings call for the December quarter.

您應該考慮一下這種情況發生在我們為 12 月季度進行收益電話會議的時間。

Great.

偉大的。

Thank you so much for that.

非常感謝你。

And I guess, I get a lot of questions from more event driven types of investors about the resolve to do this in the wake of things are happening with your JV partner, things like that.

我想，我從更多事件驅動類型的投資者那裡收到了很多問題，詢問在與合資夥伴發生類似事情之後是否決心這樣做。

So just maybe you could just kind of state how focused you are getting this time?

那也許你可以簡單說明一下你這次的注意力有多集中？

Any impediments?

有什麼障礙嗎？

Any chance that this doesn't happen from out of your discretion?

由於您的判斷，這種情況是否有可能不會發生？

We're very focused on getting this done, Joe. As you know, we went through a thorough strategic review that we announced the outcome of October 30, of last year, and we started down this path.

我們非常專注於完成這件事，喬。如您所知，我們進行了徹底的策略審查，並於去年 10 月 30 日宣布了結果，並開始了這條道路。

We knew it was a big thing to do vote.

我們知道投票是一件大事。

We're not -- the result of the strategic review.

我們不是——戰略審查的結果。

Is this is there right answer for our shareholders.

這對我們的股東來說是正確的答案嗎？

We're not trying to time the cycle or anything else.

我們並不是想計算週期或其他任何事情的時間。

So we plan to move forward with this when we're ready.

因此，我們計劃在準備好後繼續推進這項工作。

And it's all about building confidence and the ability to execute two independent companies.

這一切都是為了建立信心和執行兩家獨立公司的能力。

And that's what we're driving to.

這就是我們的目標。

I can't predict any -- everything that will happen in the future, but from our perspective we're driving to get this done as expeditiously as we can.

我無法預測未來會發生的任何事情，但從我們的角度來看，我們正在努力盡快完成這件事。

Great.

偉大的。

Thank you, much.

非常感謝。

Thanks, Joe.

謝謝，喬。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes, thank you.

是的，謝謝。

Two, if I may.

如果可以的話，兩個。

First off, how much room do you have in your existing facilities to expand capacity of heads and media for hard disk drives?

首先，您現有的設施中有多少空間可以擴展硬碟磁頭和媒體的容量？

I ask if you just reported record exabytes in hard drives are moving about 180.

我問您是否剛剛報告過硬碟中的艾字節數量正在移動約 180 個創紀錄的數據。

And as we address that question, you spoke of a third hyperscaler that is qualified SMR, David and will ramp in the coming quarters.

當我們解決這個問題時，您談到了第三個超大規模企業，它已獲得 SMR 資格，David，並將在未來幾個季度擴大規模。

Is that for your 32TB offering?

這是您的 32TB 產品嗎？

Or is that just a broad statement?

或者這只是一個廣泛的陳述？

Thank you.

謝謝。

I think there's a general -- we're not getting into specifics on any particular customer.

我認為有一個一般性的原則—我們不會詳細討論任何特定客戶的具體情況。

I think in general, most customers want to go with the most dense drive they can once they start deploying.

我認為一般來說，大多數客戶在開始部署後都希望使用盡可能密集的驅動器。

So we expect that customers will move to the 32 terabyte drive pretty quickly.

因此，我們預計客戶將很快轉向 32 TB 硬碟。

And I think this is -- the product strategy I think is really playing out well here.

我認為這是——我認為這裡的產品策略確實發揮了很好的作用。

These drives can be qualified very quickly.

這些驅動器可以很快獲得資格。

Customers understand the technology.

客戶了解該技術。

It's been in their environment for quite some time.

它已經在他們的環境中存在相當長一段時間了。

So I'm talking about the base ePMR technology and the base architecture we have in these drives.

所以我談論的是基本 ePMR 技術和我們在這些驅動器中擁有的基本架構。

And now we can move capacity quickly.

現在我們可以快速轉移產能。

So in general, customers want to deploy the densest drive possible.

因此，一般來說，客戶希望部署盡可能密集的驅動器。

So we expect the 32s as they once they get through qualifications, will start being deployed, let's say, as we move through '25.

因此，我們預計 32 號一旦通過資格賽，就會開始部署，比如說，當我們進入 25 年時。

Your first question on capacity for heads and media.

你的第一個問題是關於首腦和媒體的能力。

I mean, we don't really talk about what are you capacity is.

我的意思是，我們並沒有真正談論你的能力是什麼。

We've sized our infrastructure for a number of units that we think is going to satisfy the market.

我們已經為一些我們認為能夠滿足市場需求的單位調整了基礎設施的規模。

And then we're going to increase exabytes by continuing to drive innovation and more density per unit.

然後，我們將透過繼續推動創新和更高的單位密度來增加艾字節數。

You're seeing that happen in real time as we just launched a new drive.

當我們剛推出新驅動器時，您會看到這種情況會即時發生。

And we've got the capacity at all the way through heads and media and test capacity and assembly to support that level of capacity.

我們擁有透過頭部和媒體、測試能力和組裝來支持這種能力水平的能力。

And that was really a big move in the downturn to get that right.

在經濟低迷時期，這確實是一個重大舉措，以實現這一目標。

And so that we can get our -- make sure we keep our costs under control.

這樣我們就可以確保我們的成本受到控制。

And then Karl, the real focus is to get more visibility from our customers and what their plans are and planning so that we can make sure we've got that capacity aligned with what demand is and try and dampen some of the volatility of the typical

然後，卡爾，真正的重點是從我們的客戶那裡獲得更多的資訊以及他們的計劃和計劃，以便我們可以確保我們的產能與需求一致，並嘗試抑制典型的波動性。

--.

--.

We typically talk about -- maybe not anymore, hopefully not anymore.

我們通常會談論——也許不再，希望不再。

We're talking about being ingestion cycles and then big degestion cycles.

我們談論的是攝取週期，然後是大的消化週期。

And we want to more predictable business and as we wanted to -- the key to that is visibility into customer demand.

我們希望業務更加可預測，正如我們所希望的那樣，關鍵是了解客戶需求。

Very clear.

非常清楚。

Thanks.

謝謝。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah, thanks for taking the questions.

是的，感謝您提出問題。

I'll stick with you as well.

我也會和你一起堅持下去。

I guess the first question is going back to kind of operating the two entities separately now starting in this October period, can you just remind us again of how we should think about dissynergies?

我想第一個問題是回到從今年 10 月開始分別經營這兩個實體的問題，您能否再次提醒我們應該如何考慮不協同效應？

What may be factored into your December quarter guide?

您的 12 月季度指南可能會考慮哪些因素？

Clearly you're carrying two company cost structures.

顯然，您面臨著兩種公司的成本結構。

And then as kind of a follow-up to Karl's question, you are shipping nearline capacity 25% above your prior peak levels.

作為 Karl 問題的後續，您的近線運力比之前的峰值水平高出 25%。

If my math close to be right.

如果我的數學接近正確的話。

How much of it -- how quickly can you bring on new capacity?

其中有多少—您能多快增加新產能？

And is there any way to frame like -- I can appreciate technology and aerial density expansion of the key driver, but do you see a situation where you will be constrained over the foreseeable next couple of quarters or just

有沒有辦法可以框架——我可以欣賞關鍵驅動因素的技術和空中密度擴展，但你是否看到一種情況，在可預見的接下來的幾個季度內，你將受到限制，或者只是

--?

——？

I'll love to dig a little bit deeper into Karl's question there.

我很樂意更深入地探討卡爾的問題。

So let me start with the first part of the question, and I think your question was on dissynergies.

讓我從問題的第一部分開始，我認為你的問題是關於不協同效應。

So in the first quarter that we announced, we had approximately $8 million of this synergies in the operating expenses.

因此，在我們宣布的第一季度，我們的營運支出中約有 800 萬美元的協同效應。

And the guide there is a $25 million to $35 million of OpEx assumed in the OpEx in the current guide.

該指南在目前指南的營運支出中假定了 2,500 萬至 3,500 萬美元的營運支出。

In other words, the [705] midpoint of OpEx includes approximately, let's say, mid-point $30 million.

換句話說，OpEx 的 [705] 中點大約包括 3000 萬美元的中點。

Basically, as we said last time, the dissynergies are assumed to be roughly split 50-50 between the two operating businesses.

基本上，正如我們上次所說，假設兩個營運業務之間的不協同效應大致各佔 50-50。

And so this is what's in the guide.

這就是指南中的內容。

In terms of where we would be at this stage state.

就我們現階段的情況而言。

I would say at this point to it hasn't changed from what we discussed last quarter.

我想說，在這一點上，我們上季討論的內容並沒有改變。

And the steady state, I anticipate it to be roughly in the, let's say, $40 million range, divided equally by each of the businesses.

在穩定狀態下，我預計它大約在 4000 萬美元範圍內，由每個企業平均分配。

So that's how we should think of it beyond this quarter.

這就是我們應該如何看待本季之後的情況。

But for this quarter, it is around $30 million, plus or minus $5 million.

但本季約 3,000 萬美元，上下浮動 500 萬美元。

Maybe for the second part of your question.

也許是你問題的第二部分。

I don't know, David, maybe I'll start making some comments and I'll ask David to chime in.

我不知道，大衛，也許我會開始發表一些評論，然後請大衛插話。

With respect to the manufacturing capacity, our focus in the hard drive business, as we've said all along, is really on driving profitability and maintaining that supply-demand balance for our business.

就製造能力而言，正如我們一直以來所說，我們對硬碟業務的重點實際上是提高獲利能力並維持業務的供需平衡。

And so from where we stand now, we think is -- with good visibility that we're getting from our customers in the implementation of build-to-order, we think we're in a good place from a capacity or from a manufacturing capacity perspective, and we don't see the need for us to expand our manufacturing capacity footprint.

因此，從我們現在的立場來看，我們認為，憑藉我們在實施按訂單生產過程中從客戶那裡獲得的良好可見性，我們認為我們在產能或製造方面處於有利位置從產能角度來看，我們認為沒有必要擴大製造產能。

I don't know, David, if you had a few things to add?

大衛，我不知道你有什麼要補充的嗎？

I think that's right, Aaron.

我認為是的，亞倫。

Look, I mean, at least the way I think about this, capacity -- if you look at the units we've shipped in the last two or three quarters, they've all converge pretty closely.

看，我的意思是，至少我對容量的看法是這樣的——如果你看看我們在過去兩三個季度發貨的設備，它們都非常接近。

So there's not a lot of variability in that number.

所以這個數字沒有太大的變化。

It goes up and down some like less than 1 million units.

它的上下波動大約不到 100 萬單位。

But for an industry that shipped hundreds and hundreds of millions of units, not there that long ago, that's a pretty tight window.

但對於一個出貨量達數億台的產業來說，這個窗口期並不遙遠。

I think the way we're thinking about this is, what's demand going to be a year from now?

我認為我們思考這個問題的方式是，一年後的需求是什麼？

It takes a year to build a hard drive.

建造一個硬碟需要一年的時間。

No matter what our wafer capacity is for heads, once we start a wafer, it's going to be a year before that shows up in a hard drive.

無論我們的磁頭晶圓產能是多少，一旦我們開始生產晶圓，就需要一年的時間才能出現在硬碟中。

So we really are working to understand is what demand is going to be a year from now and how our customers are thinking about that.

因此，我們確實正在努力了解一年後的需求以及我們的客戶對此的看法。

And that's something new for them, right?

這對他們來說是新事物，對吧？

And we're working through that process with them.

我們正在與他們一起完成這個過程。

And it's -- that everything's going in the right direction.

一切都在朝著正確的方向發展。

We talked about -- we have between two and six quarters of visibility as we continue to get more visibility and develop conviction about what demand is going to look like over the next year plus then we'll start looking at the capacity question.

我們談到 - 我們有兩到六個季度的可見性，因為我們將繼續獲得更多的可見性並對明年的需求情況形成信心，然後我們將開始研究產能問題。

And if it's different than what we plan, we'll think about capacity at that point.

如果與我們的計劃不同，我們會考慮當時的容量。

But we've there's still more work to do to understand what capacity is going to look like in that kind of timeframe before we start adding that cost back into the system.

但在我們開始將成本重新加入系統之前，我們還需要做更多的工作來了解在這樣的時間範圍內容量會是什麼樣子。

We don't want to -- I talked about in the script better through cycle dynamics.

我們不想——我在劇本中談到了透過循環動力學更好。

We don't want underutilization charges.

我們不希望收取未充分利用費用。

We want more predictable flow of business and our supply chain wants that too.

我們希望業務流程更加可預測，我們的供應鏈也希望如此。

So that's just a little bit on how I'm thinking about it.

這只是我的一點想法。

Very helpful.

非常有幫助。

Thank you, guys.

謝謝你們，夥計們。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot.

多謝。

Can you just talk about bookings on the HDD side?

能談談硬碟方面的預訂嗎？

I mean, they see pricing going higher.

我的意思是，他們認為定價會更高。

They see you and Seagate talking about not adding capacity.

他們看到您和希捷談論不增加容量。

So why would they not just placed shadow orders to make sure they get what they need a year from now?

那麼，他們為什麼不直接下影子訂單來確保一年後獲得所需的東西呢？

I mean, that's often how it works in memory.

我的意思是，這通常就是它在記憶中的運作方式。

I certainly understand that the cycle times here are a much, much longer.

我當然知道這裡的周期時間要長得多。

But can you talk about that as sort of what is two to six quarter agreement cycle mean?

但您能談談二到六個季度協議週期的含義嗎？

Are these take-or-pay so that they can't just place shadow orders that they'd be on the hook to take this stuff when you build it?

這些是照付不議的方式，這樣他們就不能只下影子訂單，這樣他們就可以在你建造它時拿走這些東西嗎？

Can you talk about all that?

你能談談這一切嗎？

Thanks.

謝謝。

Yeah, Tim, I would say the industry's evolving, right?

是的，提姆，我想說這個行業正在不斷發展，對嗎？

This is something new.

這是新事物。

I mean this is an industry, the ones that long ago, all the business transacted every quarter.

我的意思是，這是一個行業，很久以前，所有業務每季都會進行交易。

So we're asking customers more visibility, understanding what their demand is.

因此，我們要求客戶提供更多的可見性，以了解他們的需求是什麼。

They haven't particularly thought about this franchise that way and getting that much visibility into it.

他們並沒有特別以這種方式考慮這個特許經營權並獲得如此多的知名度。

So they're big relationships, especially with the big hyperscalers, like very, very big relationships.

因此，它們是重要的關係，尤其是與大型超大規模企業，就像非常非常大的關係。

Nobody wants to yank each other around unnecessarily.

沒有人願意不必要地互相拉扯。

So I think it's in all of our best interest of us have as much visibility as possible so that we can supply the market.

因此，我認為擁有盡可能多的知名度，以便我們能夠供應市場，這符合我們所有人的最大利益。

We don't want to short the market, but we are also don't want to basically build capacity that we don't have visibility into how it's going to be used.

我們不想做空市場，但我們也不想基本上建立我們不知道如何使用它的能力。

So at this point, it's not take-or-pay is just about getting visibility into kind of how they're thinking about their infrastructure and what their demand is going to be.

因此，在這一點上，這不是照付不議的問題，而是了解他們如何看待他們的基礎設施以及他們的需求是什麼。

So we know how much supply we're going to have, the ability to produce from a unit perspective that we get that align with their demand.

因此，我們知道我們將擁有多少供應量，以及從單位角度生產與他們的需求相符的能力。

And I would say we're working through that process right now.

我想說我們現在正在完成這個過程。

And I mean, clearly, the more visibility people -- our customers and partners can give us than we can allocate that future supply to them.

我的意思是，很明顯，人們——我們的客戶和合作夥伴可以給我們帶來的可見性比我們可以分配給他們的未來供應的多。

And that's just kind of the process we're going through right now.

這就是我們現在正在經歷的過程。

So it's -- we're kind of walking into this and changing the industry, we think, in a very positive way for everybody involved.

所以，我們認為，我們正在以一種對每個參與者都非常積極的方式介入這個行業並改變這個行業。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Thank you so much.

太感謝了。

Your guidance suggests that a slight tick down in gross margins at the midpoint sequentially.

您的指引表明，毛利率將在中點處連續略有下降。

Can you just help us think through the drivers of that?

您能幫助我們思考一下其驅動因素嗎？

And you obviously the larger 11 flatter mass capacity drives too.

顯然，您也有更大的 11 扁平大容量驅動器。

How should we think of margins of with that scale higher as you go through the course of the course of fiscal '25?

當你經歷 25 財年的過程時，我們該如何看待更高規模的利潤率？

Thank you.

謝謝。

Yeah.

是的。

So you got it right, Wamsi that is as we introduce new products, we have the opportunity to drive margin higher.

所以你說得對，Wamsi，那就是當我們推出新產品時，我們有機會提高利潤率。

We just launched the new product.

我們剛推出了新產品。

It'll just start qualifications.

這才剛開始資格賽。

So it's not going to start deployment for another couple of quarters.

因此，接下來的幾個季度它不會開始部署。

So in the HDD business, we're going to see margins basically flat q-to-q.

因此，在硬碟業務中，我們將看到利潤率環比基本持平。

Flash will see a little bit down driven by some -- the cost to the next quarter are a little bit up from what they usually would be probably what you guys model on a 15% down year over year we're going to get a quarter.

Flash 將在一些因素的推動下出現一點下降——下個季度的成本比通常情況下要稍高一些，你們模型中的成本同比下降 15%，我們將獲得一個季度的成本。

We have a little cost increase just given the way the expenses are flowing.

考慮到支出的流動方式，我們的成本略有增加。

So I think that should help you understand the way the margins are going to work.

所以我認為這應該可以幫助您了解利潤的運作方式。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon, and thanks for taking my question.

下午好，感謝您提出我的問題。

So on enterprise SSD, it's taken a while, but now there's clarity on the really strong pie and right to the AI and accelerated compute clusters.

因此，在企業級 SSD 上，這需要一段時間，但現在真正強大的餡餅以及人工智慧和加速運算叢集的權利已經清晰可見。

Can you give us your view on a bit mix.

您能告訴我們您對混合的看法嗎？

But according to my calculations, I think June quarter enterprise SSD was about 7%, 8% of your total flash fabs effect.

但根據我的計算，我認為 6 月季度企業級 SSD 約佔快閃廠總效應的 7%、8%。

In the September quarter, it stepped up to about 12%, 13% of your flash revenues.

在 9 月的季度，它佔快閃記憶體收入的比例上升到了 12%、13% 左右。

Is that about right?

是這樣嗎？

And then on some of the recent stats on your high capacity 54 terabyte, 128 terabyte platforms targeted for AI.

然後是針對 AI 的高容量 54 TB、128 TB 平台的最新統計資料。

Looks like the team has really stepped up their competitiveness here.

看來球隊在這裡的競爭力確實增強了。

What have been the biggest drivers of that better performance with controller technologies, with firmware?

控制器技術和韌體實現更好性能的最大驅動因素是什麼？

Is it reliability, quality metric?

是可靠性、品質指標嗎？

Like any color here would be great.

就像這裡的任何顏色都會很棒一樣。

Thank you.

謝謝。

Yeah, let me start with the first part of the question, Harlan, with respect to where we are from an enterprise SSD as a mix, we're basically in the Q1, we've exceeded little bit the 15% of that mix.

是的，讓我從問題的第一部分開始，Harlan，關於我們在企業 SSD 組合中的位置，我們基本上處於第一季度，我們已經超過了該組合的 15%。

And as David mentioned in his in his comments a bit earlier that we would expect for the year the mix of enterprise SSD as a percentage of total for that flash business to be between 15% and 20%.

正如 David 在早些時候的評論中提到的那樣，我們預計今年企業級 SSD 佔快閃記憶體業務總量的比例將在 15% 到 20% 之間。

So Harlan, on the competitive part, I mean, kind of you got it right.

哈倫，在競爭方面，我的意思是，你說得對。

I mean, it's about getting the controller technology, right?

我的意思是，這是為了獲得控制器技術，對嗎？

And as I said, during the downturn, we stayed very focused on that.

正如我所說，在經濟低迷時期，我們非常關注這一點。

Got the right thing controllers built.

控制器構建了​​正確的東西。

We've always had great underlying nanotechnology.

我們一直擁有出色的基礎奈米技術。

The bits roadmap is something we've talked about a lot.

位路線圖是我們已經討論過很多次的內容。

And we feel good about that now and going forward.

我們現在對此感覺良好，並將繼續前進。

We still got all the bit site in front of us in the 2 terabit die that helps build higher density enterprise SSDs as well because lower number of die to get the density.

我們仍然在 2 太比特晶片中擁有所有位點，這也有助於建立更高密度的企業級 SSD，因為獲得密度的晶片數量較少。

We're not quite there yet, but we have that in our future.

我們還沒有完全做到這一點，但我們的未來已經實現了。

So it's about getting it all of it aligned.

因此，關鍵在於讓所有內容保持一致。

And we stayed very focused over the last two, three years since I got here.

自從我來到這裡以來，我們在過去的兩三年裡一直非常專注。

This was a big focus of, again, going back to how we structure the company into kind of a business unit model, bringing in a general manager that can stay very focused on what should be built, stay on top of all the program, and make sure we deliver the right products that drive -- make the highest ROI investments and make sure those products -- those projects deliver the right products to market.

這是一個重點，再次回到我們如何將公司構建為某種業務單元模型，引入一位總經理，他可以非常專注於應該建立的內容，掌握所有計劃，並確保我們提供正確的產品來推動投資回報率最高的投資，並確保這些產品將正確的產品推向市場。

And I think we feel good about where we're at.

我認為我們對自己所處的位置感覺良好。

We're hitting this AI data cycle with the right -- it's the right time for the portfolio to emerge.

我們正以正確的方式進入這個人工智慧資料週期——這是投資組合出現的正確時機。

We still got some more work to do, but we feel good about where we're at in the trajectory.

我們還有更多工作要做，但我們對目前的發展軌跡感到滿意。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Yeah, hi.

是的，嗨。

Thanks for taking my question.

感謝您提出我的問題。

And Dave, thanks for the color.

戴夫，謝謝你的顏色。

When I look at December quarter, you said flash revenues should grow, while bit shipments should be up mid-single digits.

當我查看 12 月季度時，您說快閃記憶體收入應該會成長，而位元出貨量應該會成長中個位數。

So what does it mean for ASPs.

那麼這對 ASP 意味著什麼呢？

The reason I'm asking is that while eSSD is strong, you keep hearing the non-eSSD data points are not good.

我問的原因是，雖然 eSSD 很強大，但您總是聽說非 eSSD 數據點不好。

So that's what I'm wondering how to think about ASP.

這就是我想知道如何看待 ASP。

And if I may extrapolate, how to think about March quarter for both flash and hard drives, given there is some seasonality aspects of both those segments in March?

如果我可以推斷一下，考慮到三月快閃記憶體和硬碟這兩個細分市場都存在一些季節性因素，如何看待三月季度？

Thank you.

謝謝。

Yeah, Krish, so you got.

是的，克里什，所以你明白了。

I mean, again, I think you've got it in the way you framed your question.

我的意思是，我認為你已經按照你提出問題的方式得到了答案。

The flash market is a big market.

閃存市場是一個很大的市場。

There's a lot of submarkets inside of it.

裡面有很多子市場。

The PC market is -- some inventory there.

個人電腦市場—那裡有一些庫存。

Those customers restocked and not replenished inventory there, just building to demand at this point,.

這些客戶重新進貨，但沒有補充庫存，僅在此時根據需求進行建造。

Same with smartphone.

與智慧型手機相同。

The consumer business has just been a little bit soft.

消費者業務有點疲軟。

So you've got kind of that dynamic.

所以你就有了這樣的動力。

And on the other side of it, you've got very, very strong enterprise SSD.

另一方面，您擁有非常非常強大的企業級 SSD。

Now as we go through '25, we expect those smartphone and PC markets to recover as we go throughout the year and be stronger.

現在，隨著我們進入 25 年，我們預計智慧型手機和 PC 市場將隨著全年的發展而復甦，並變得更加強勁。

We could talk about that more detail.

我們可以討論更多細節。

But I think that's a well understood topic.

但我認為這是一個很好理解的話題。

And we expect enterprise SSD to stay very strong.

我們預計企業級 SSD 將保持強勁勢頭。

But when you then you look at on a sequential basis, you're looking at basically flat blended pricing and a little bit of cost headwind, which is where you get a little bit of a sequential decline in margins.

但是，當您按順序查看時，您會看到基本持平的混合定價和一點成本逆風，這就是利潤率連續下降的原因。

Going, it's a little early to talk about the March quarter, but again, you got it right on seasonality there.

現在談論三月季度還為時過早，但同樣，您對季節性的理解是正確的。

There might be some seasonality head.

可能有一些季節性的頭。

I would expect some seasonality headwinds going into the March quarter, but we'll have more to say about that as we move through the quarter and especially gets at this time next quarter.

我預計三月的季度會出現一些季節性逆風，但隨著本季的進展，尤其是下個季度的這個時候，我們將對此有更多的說法。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Thanks for taking my question.

感謝您提出我的問題。

I guess, Dave, if I just go back to the 100 -- exabyte shipments of 163 on the HDD side, how do you get confidence that this is not sitting in inventory versus actually getting deployed by customers?

我想，Dave，如果我回到 HDD 方面的 100 — EB 出貨量（163 個），您如何才能確信這不是庫存，而是實際由客戶部署？

Is there any metrics in the UC internally that gives you confidence that this is actually getting used up and not piling up as inventory potentially?

UC 內部是否有任何指標可以讓您確信這實際上已經用完，而不是潛在地堆積為庫存？

Anything on that front would be really helpful to understand.

這方面的任何內容對於理解都會非常有幫助。

And then Wissam, have you just touch on your CapEx expectations for HDD and flash business for rest of the year, that would be helpful.

然後，Wissam，您能否談談今年剩餘時間對 HDD 和快閃記憶體業務的資本支出預期，這將會有所幫助。

Thank you.

謝謝。

Yeah, we know we don't see a lot of inventory at the big players, right?

是的，我們知道大型企業的庫存不多，對吧？

We're coming off of

我們即將離開

--.

--.

We're still like in a cyclical recovery from the very deep, deep downturn we're coming out of and we're very, very close to these customers given the size of the relationship.

我們仍然處於從非常嚴重的低迷中走出來的周期性復甦中，考慮到關係的規模，我們與這些客戶非常非常接近。

So we don't think so there's excessive inventory being built here or double ordering or any of that happening.

因此，我們認為這裡不會出現過多的庫存或重複訂購或發生任何此類情況。

We think everybody's just trying to figure out what their future demand is, so we can make sure we do the best we can to meet it.

我們認為每個人都只是想弄清楚他們未來的需求是什麼，因此我們可以確保盡最大努力來滿足它。

And they give us the best, the highest integrity signal possible on what that demand is.

他們向我們提供了有關需求的最佳、最高完整性訊號。

And with respect to the CapEx, Amit, what we've started doing last quarter is we're talking about CapEx for the quarter.

關於資本支出，阿米特，我們上個季度開始做的是我們正在討論本季的資本支出。

So for this quarter, I expect our gross CapEx to be more or less in line with the last few quarters -- the average over the last few quarters.

因此，對於本季度，我預計我們的總資本支出將或多或少與過去幾季一致——過去幾季的平均值。

So there's no reason inflection.

所以沒有理由屈折。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hey, Dave, Wamsi.

嘿，戴夫，瓦姆西。

Thanks for taking the question.

感謝您提出問題。

I just wanted to ask you to help quantify the benefit on the eSSD side versus the traditional million portfolio.

我只是想請您幫忙量化 eSSD 方面相對於傳統的百萬級產品組合的優勢。

Obviously, you're saying that grows from 15% today, 15% to 20%, so a nice tailwind throughout the year.

顯然，你說的是從今天的 15% 增加到 15% 到 20%，所以全年都是一個不錯的順風車。

But just on a like-for-like basis, could you just try to help describe what that tailwind means?

但在類似的基礎上，您能否試著幫忙描述順風意味著什麼？

Obviously, you're not going to give exact pricing, but just give us a flavor for how beneficial that is for the business.

顯然，您不會給出確切的定價，而只是讓我們了解這對業務有多大好處。

Thank you.

謝謝。

Yeah, it's accretive to the portfolio, let's put it that way.

是的，它會增加投資組合，讓我們這樣說吧。

That's a good starting point.

這是一個很好的起點。

You probably knew that, but it tends to be one of the better, if not the best price markets in the flash business.

您可能知道這一點，但它往往是快閃記憶體行業中最好的市場之一，即使不是最好的價格市場。

So it provides a nice tailwind to the portfolio.

因此，它為投資組合提供了良好的推動力。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Thank you, David, just to follow up to the previous question, I'm looking at your flash ASPs being down 6% on a blended basis.

謝謝你，David，為了跟進上一個問題，我發現你們的閃存 ASP 在混合基礎上下降了 6%。

But on a like-for-like basis, it's only down 4%.

但以同類計算，僅下降了 4%。

So it seems somewhat counterintuitive because your eSSD mix is growing, but the blended ASP is actually worse then like for like.

因此，這似乎有點違反直覺，因為您的 eSSD 組合正在增長，但混合的 ASP 實際上比同類更糟糕。

I'm just trying to understand those dynamics as to why that's the case.

我只是想了解這些動態以及為什麼會發生這種情況。

And as I guess, eSSD grows, how should we think about the blended ASP going forward?

正如我猜測的那樣，eSSD 不斷增長，我們應該如何考慮未來的混合 ASP？

Thank you.

謝謝。

Yeah.

是的。

So I think it's even a little different that what you said, I think you said down 4% on like-for-like.

所以我認為這與你所說的甚至有點不同，我認為你說的同比下降了 4%。

Like-for-like was up 4% blended was down 6%.

年比上漲 4%，混合下跌 6%。

So it's all mix related.

所以這都是與混合相關的。

I think we said going into this quarter, we were mixing more into mobile.

我想我們說過進入本季度，我們將更多地融入行動領域。

Clearly, as we mix in more enterprise SSD, that helps.

顯然，當我們混合更多企業級 SSD 時，這會有所幫助。

But that's an emerging story and ascendant story for us.

但這對我們來說是一個新興的故事和上升的故事。

And so that's why you see that dynamic there.

這就是為什麼你會看到這種動態。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

I appreciate it.

我很感激。

Thanks for question.

謝謝提問。

Actually, I wanted to ask you could you refresh our memory on what your conventional technology areal density roadmap looks like kind of up until -- I know you talked about Hammer loosely kind of next few year, but how should we think about the conventional tech areal density roadmap up until then?

事實上，我想問你能否刷新我們對傳統技術面密度路線圖的記憶，直到 - 我知道你在未來幾年鬆散地談論了 Hammer，但我們應該如何考慮傳統技術到那時為止的面密度路線圖？

That would be helpful.

那會有幫助的。

Thanks a lot.

多謝。

Well, it's -- that's a very interesting area to explore.

嗯，這是一個非常值得探索的有趣領域。

One thing is, as it changes over time as you keep getting better -- and I think a good example of that is we just introduced in 11 platter drive.

有一件事是，隨著時間的推移，隨著你的不斷進步，它會發生變化——我認為一個很好的例子就是我們剛剛推出的 11 碟驅動器。

I think for a long time, people thought 10 was probably the limits, given the form factor.

我認為很長一段時間以來，考慮到外形因素，人們認為 10 可能是極限。

But advance is it material science and things like that allows us to build dinner platters and we can put it in 11 thin and there you go, you get 10% more just by doing that.

但材料科學和類似技術的進步使我們能夠製作晚餐拼盤，我們可以將其放入 11 薄的盤子中，這樣一來，您就可以多獲得 10% 的收益。

So it's always an evolving story, but we clearly see the ability to drive our current platform to 40 terabytes to make that bridge from 30 to 40.

所以這始終是一個不斷發展的故事，但我們清楚地看到有能力將我們目前的平台驅動到 40 TB，從而使這個橋樑從 30 TB 到 40 TB。

We're driving through that now.

我們現在正在經歷這個過程。

And that's where we expect hammered be introduced to carry the portfolio from there.

這就是我們期望引入錘子來承載投資組合的地方。

So we think we've still got a generation or so here to go.

所以我們認為我們還有大約一代人的時間。

We just announced one generation that just came into the market this quarter.

我們剛剛宣布了本季剛進入市場的一代產品。

Customers are excited about it.

顧客對此感到興奮。

They have it in their labs.

他們的實驗室裡有它。

They're trying to get it qualified.

他們正在努力使其合格。

They want to get it deployed.

他們希望部署它。

I'm not going to announce a new product here right now, but you can assume there's going to be another generation after that.

我現在不打算在這裡宣布新產品，但你可以假設之後還會有另一代產品。

So we've got quite a bit of runway here on the portfolio, and those drives are drives that customers really understand they're in their infrastructure now.

因此，我們的產品組合中有相當多的跑道，這些驅動器是客戶真正了解它們現在位於其基礎設施中的驅動器。

There are, it's a straightforward qualification process.

這是一個簡單的資格認證過程。

They understand the performance.

他們了解表演。

They understand the reliability, the quality of those drive.

他們了解這些驅動器的可靠性和品質。

So really feel good about the technology decisions we've made to kind of fuel this market.

因此，我們對我們為推動這個市場所做的技術決策感到非常滿意。

And now we have kind of these AI tailwinds behind it.

現在我們背後有人工智慧的推動力。

And I think the portfolio is just extraordinarily well positioned to continue to drive growth in the business and continue to drive increased profitability.

我認為該投資組合處於非常有利的位置，可以繼續推動業務成長並繼續提高獲利能力。

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great.

偉大的。

Thank you for taking the call -- taking the question.

感謝您接聽電話並提出問題。

So just in terms of HDD, I understand that this trend here continued trend here in the December quarter.

因此，就 HDD 而言，我了解到這一趨勢在 12 月季度延續了這一趨勢。

We typically see some seasonality on the flash side in the March quarter.

我們通常會在三月的季度看到一些季節性因素。

Given the strength you're seeing the HDD side, should we expect some seasonality here in the March quarter on the HDD side as well, both in terms of bit shipments and then also on the ASP side?

鑑於您所看到的 HDD 方面的實力，我們是否應該預期 3 月季度 HDD 方面也會出現一些季節性，無論是在位元出貨量方面還是在 ASP 方面？

Thank you.

謝謝。

Yeah.

是的。

I mean, it's a little early for March, but I don't think that's a bad assumption to make at this point from where we are.

我的意思是，現在三月還為時過早，但我認為從目前的情況來看，做出這樣的假設並不是一個糟糕的假設。

I see that on the HDD side as well.

我在 HDD 方面也看到了這一點。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon.

嗨，下午好。

I was just wondering if you could provide a little bit more color into the manufacturing efficiencies you think you get on a regular basis, how the HDD business.

我只是想知道您是否可以為您認為定期獲得的製造效率提供更多的信息，例如硬碟業務如何。

I would imagine there's de-bottlenecking still going on and also as mix changes, it helps to utilization on that had some platters.

我想，消除瓶頸的工作仍在繼續，而且隨著混合的變化，它有助於利用一些盤片。

I don't know if there's any rule of thumb we can think about or just maybe a little bit more color on that would be helpful.

我不知道我們是否可以考慮任何經驗法則，或者只是多一點顏色會有所幫助。

Thank you.

謝謝。

I mean, the way to think of it is we typically have -- obviously many programs in terms of cost reductions, which would drive manufacturing efficiency as well as things like improving yields, et cetera, and various parts of the supply of our manufacturing sort of process.

我的意思是，我們通常有很多關於降低成本的計劃，這將提高製造效率以及提高產量等，以及我們製造類型供應的各個部分。

The typical, I mean -- I don't know if there's a typical, but to the way to think of it is we would still be getting in the cost improvements in the probably mid to high single digit percentage on annual basis.

我的意思是，典型的——我不知道是否有典型的，但想想它的方式是，我們仍然會以每年可能中到高個位數的百分比實現成本改進。

That will be probably a fair assumption.

這可能是個合理的假設。

But of course, it varies.

但當然，情況有所不同。

It varies, of course, with respect to how we move from one capacity point to another as well.

當然，它也因我們如何從一個容量點轉移到另一個容量點而有所不同。

So it's not like a linear thing.

所以這不像是線性的事情。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Thanks.

謝謝。

Just a quick question on the Ultra SMR 32 terabyte, with 11 disk, are you be able to still make it accretive on the margin side to your current portfolio?

關於具有 11 個磁碟的 Ultra SMR 32 TB 的一個簡單問題，您是否仍然能夠使其在當前投資組合的利潤方面增值？

And also on the flash side, just wondering what the CapEx looks like for next year?

還有閃現方面，只是想知道明年的資本支出會是什麼樣子？

This year, I think you had like a pointed fairly low cash outlay on the CapEx side.

今年，我認為您在資本支出方面的現金支出相當低。

But just wondering how it looks like next year.

但只是想知道明年會是什麼樣子。

Thanks.

謝謝。

Yeah, I mean, the 32 terabyte Ultra SMR drive is a perfect example of us delivering a drive to our customers that drives our TCO down.

是的，我的意思是，32 TB Ultra SMR 硬碟是我們向客戶提供硬碟以降低 TCO 的完美範例。

So as we drive their TCO down, it will drive our profitability up.

因此，當我們降低他們的整體擁有成本時，我們的獲利能力就會提高。

And so we're very anxious to get that drive deploy just like our customers are.

因此，我們非常渴望像我們的客戶一樣部署該驅動器。

And we expect that will provide some profitability tailwinds to the business.

我們預計這將為業務帶來一些盈利能力。

Yeah.

是的。

And with respect to the flash CapEx, as I mentioned earlier, we're not providing any sort of longer-term view in terms of quantitatively.

至於閃現資本支出，正如我之前提到的，我們沒有提供任何定量的長期觀點。

But what I would say is, we'll continue to be focused on the profitability of the business.

但我想說的是，我們將繼續專注於業務的獲利能力。

And so when -- our focus is really to drive costs down.

因此，我們的重點實際上是降低成本。

But when you look at CapEx, last fiscal year, our CapEx was very, very low.

但當你看看上一財年的資本支出時，我們的資本支出非常非常低。

So you'd expect it to be a little bit higher from there.

所以你預計它會比現在高一點。

Matt Bryson, Wedbush.

馬特布萊森，韋德布希。

Thanks for taking my question.

感謝您提出我的問題。

Sure.

當然。

What I was wondering, your hardware pricing was relatively stable quarter over quarter.

我想知道的是，你們的硬體定價季度較上季相對穩定。

I would have thought with the greater shipments into the cloud as well as the mix of towards hard copy drives. you would have seen a little bit of benefit there.

我以為雲端中的出貨量以及硬碟的組合會增加。你會在那裡看到一點好處。

And then just one more point.

然後還有一點。

When you talk about there being production constraints, one of the things that are I've heard is being constraining factors test paradigm telling us that they're not seeing a test stores.

當您談論生產限制時，我聽到的一件事是限制因素測試範式告訴我們他們沒有看到測試商店。

Should we take that as a sign that the hard drive industry is acting in a more rational fashion than in the past?

我們是否應該將此視為硬碟產業比過去更理性的標誌？

Thank you.

謝謝。

Yeah.

是的。

I mean, look, on the second part of the question, I think we've just been pretty clear.

我的意思是，看，關於問題的第二部分，我認為我們已經非常清楚了。

We've kind of set our manufacturing capacity for a certain number of units.

我們已經設定了一定數量的製造能力。

We think that unit times what our product roadmap is going to satisfy the exabyte growth in the industry.

我們認為我們的產品路線圖的單位倍數將滿足產業的艾位元組成長。

And we are good with where we're at.

我們對自己所處的位置很滿意。

And again, if we get strong enough signals from our customers that four to six quarter timeframe, then we'll -- we can start talking about what that means for our production capacity.

再說一遍，如果我們在四到六個季度的時間範圍內從客戶那裡得到足夠強烈的信號，那麼我們就可以開始討論這對我們的生產能力意味著什麼。

But we got a ways to go before we get something like that.

但在實現這樣的目標之前，我們還有很長的路要走。

On pricing, we did see a little bit of like-for-like pricing increase, very low single digits this quarter.

在定價方面，我們確實看到了一些同類價格的上漲，本季的個位數非常低。

It was good, a good quarter for margin improvement again in HDD. 38.1%, another record.

這是一個很好的季度，硬碟的利潤率再次提高。 38.1%，再創紀錄。

I think we've added over 15 points of margin in the last four quarters.

我認為過去四個季度我們的利潤率增加了超過 15 個百分點。

So it's been a good run.

所以這是一個很好的運行。

We'll take a little breather here maybe for a quarter.

我們可能會在這裡休息一會兒。

And then as new products get deployed, will see more tailwinds behind that.

然後，隨著新產品的部署，將會看到更多的推動力。

So we just feel like this business is in a great spot.

所以我們覺得這個業務處於一個很好的位置。

And quite frankly, that's because our technology is in a great spot and it's really being adopted strongly by our customers.

坦白說，這是因為我們的技術處於一個很好的位置，而且它確實被我們的客戶強烈採用。

They're very much voting with their dollars behind the architecture that we're driving.

他們非常用自己的錢來支持我們正在推動的架構。

And then during the downturn, the teams just did an awesome job of really getting our costs in the right spot to support this business and get supply demand balance.

然後在經濟低迷時期，團隊做得非常出色，真正將我們的成本控制在正確的位置，以支持這項業務並實現供需平衡。

So we feel good about the business, and we look forward to drive us forward over the next several years.

因此，我們對這項業務感覺良好，並期待在未來幾年推動我們向前發展。

Thank you.

謝謝。

That concludes the question-and-answer session.

問答環節到此結束。

I'd like to turn the conference back over to the management team for any final remarks.

我想將會議轉回管理團隊，讓他們發表最後的評論。

Hi, everyone.

大家好。

Thanks for joining today.

感謝您今天加入。

I really appreciate the interest in the business and all great questions, and we look forward to talking to you throughout the quarter.

我非常感謝您對業務的興趣和所有重要的問題，我們期待在整個季度與您交談。

Take care.

小心。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

We thank you all for joining.

我們感謝大家的加入。

You may now disconnect your lines and have a wonderful day.

您現在可以斷開線路並度過美好的一天。