威騰電子 (WDC) 2025 Q2 法說會逐字稿

Good afternoon, and thank you for standing by.

下午好，感謝您的支持。

Welcome to Western Digital's Second Quarter Fiscal 2025 Conference Call.

歡迎參加西部數據2025財年第二季電話會議。

(Operator Instructions).

（操作員指令）。

As a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

Now I will turn the call over to Mr. Peter Andrew.

現在我將電話轉給彼得·安德魯先生。

Vice President, Financial Planning and Analysis and Investor Relations.

財務規劃和分析及投資者關係副總裁。

You may begin, sir.

您可以開始了，先生。

Thank you, and good afternoon, everyone.

謝謝大家，下午好。

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

今天與我一起參加的是執行長 David Goeckeler；以及財務長 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.

在我們開始之前，讓我提醒大家，今天的討論包含基於管理層當前假設和期望的前瞻性陳述，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分離、持續的市場趨勢以及未來財務表現的預期。

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.

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因素的更多信息，請參閱我們最近的 10-K 表財務報告和向美國證券交易委員會提交的其他文件。

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

今天我們也將參考非公認會計準則財務指標。

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

非公認會計準則和可比較公認會計準則財務指標之間的對帳包含在新聞稿和我們網站投資者關係部分發布的其他資料中。

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

說完這些，我現在將電話轉給戴維 (David) 作開場發言。

Thanks, Peter.

謝謝，彼得。

Good afternoon, everyone, and thank you for joining the call to discuss our second quarter fiscal year 2025 performance.

大家下午好，感謝大家參加電話會議討論我們 2025 財年第二季的業績。

As many of you know the completion of our separation later in the fiscal third quarter, I will become the CEO of SanDisk.

你們很多人都知道，我們將在第三財季末完成分離，屆時我將成為 SanDisk 的執行長。

As a result, this will be my last earnings call as the CEO of Western Digital.

因此，這將是我作為西部數據執行長的最後一次財報電話會議。

Before we dive into our second quarter results, I want to express my gratitude to our employees, customers, partners and shareholders for their unwavering support throughout my tenure.

在深入探討第二季業績之前，我想向我們的員工、客戶、合作夥伴和股東表示感謝，感謝他們在我任職期間給予我的堅定支持。

It’s been an honor and a privilege to serve as the CEO of Western Digital and I’m immensely proud of what we’ve accomplished together to position both of our franchisees for long-term success as standalone companies.

能夠擔任西部數據的執行長是我的榮幸，我為我們共同取得的成就感到無比自豪，我們兩家特許經營商作為獨立公司能夠取得長期成功。

Now onto the results.

現在來看看結果。

For the second fiscal quarter Western Digital delivered revenue of $4.3 billion, non-GAAP gross margin of 35.9% and non-GAAP earnings per share of $1.77. Our commitment to enduring quality and reliability driven by our industry leading innovation and diversified portfolio has enabled us to navigate the current market's dynamics effectively.

西部數據第二財季營收為 43 億美元，非公認會計準則毛利率為 35.9%，非公認會計準則每股收益為 1.77 美元。我們致力於持久的品質和可靠性，這得益於我們行業領先的創新和多元化的產品組合，這使我們能夠有效駕馭當前市場的動態。

While our HDD business is experiencing robust growth, particularly in high capacity enterprise drives, our Flash segment faces temporary headwinds due to pricing pressure.

雖然我們的 HDD 業務正在經歷強勁成長，特別是在高容量企業級硬碟方面，但我們的快閃記憶體部門卻因價格壓力而面臨暫時的阻力。

Despite these challenges, we are strategically well positioned to capitalize on growing long-term storage demand from the AI data cycle.

儘管面臨這些挑戰，但我們在策略上處於有利地位，可以利用人工智慧資料週期不斷增長的長期儲存需求。

Our HDD business continues to perform well, propelled by our cutting edge Ultra SMR technology.

由於我們先進的 Ultra SMR 技術，我們的 HDD 業務繼續表現良好。

This innovation allows us to push the boundaries of storage capacity while maintaining the gold standard in reliability, quality and performance.

這項創新使我們能夠突破儲存容量的界限，同時保持可靠性、品質和性能的黃金標準。

The market has responded to our products enthusiastically, driving our HDD revenues to a 12 quarter high with a record non-GAAP gross margin.

市場對我們的產品反應熱烈，推動我們的 HDD 收入創下 12 個季度以來的新高，非 GAAP 毛利率也創下歷史新高。

We're seeing increasing adoption of our newer and higher density drives, underscoring their ability to meet the evolving demands of the storage market.

我們看到，我們新型、更高密度的硬碟的採用率正在不斷提高，這凸顯了它們滿足儲存市場不斷變化的需求的能力。

I'm pleased to report that we're in the final stages of our plan to separate our Flash and HDD businesses and expect this to be completed on schedule.

我很高興地報告，我們分離快閃記憶體和硬碟業務的計劃已進入最後階段，預計該計劃將按計劃完成。

During the second fiscal quarter, we achieved two crucial milestones completing our Form-10 filing and finalizing key financing activities necessary for the separation.

在第二財政季度，我們實現了兩個重要的里程碑：完成了 Form-10 申報並完成了分離所需的關鍵融資活動。

Thanks to the meticulous planning and dedication of our teams, we're ready to operate as independent entities.

感謝我們團隊的精心策劃和奉獻，我們已準備好作為獨立實體運作。

We invite you to join us for our upcoming Investor days on February 11 for SanDisk and February 12 for Western Digital, where our respective management teams will share their strategic visions and demonstrate how each business will drive shareholder value as standalone entities.

我們邀請您參加我們即將於 2 月 11 日舉行的 SanDisk 投資者日和 2 月 12 日舉行的 Western Digital 投資者日，屆時我們各自的管理團隊將分享他們的戰略願景並展示每個業務如何作為獨立實體推動股東價值。

We anticipate that within a few weeks after the Investor Days, Western Digital and SanDisk shares will begin trading as independent companies.

我們預計，在投資者日結束後的幾週內，西部數據和 SanDisk 的股票將開始作為獨立​​公司進行交易。

Turning to our business units update.

談到我們業務部門的更新。

In Flash, revenue was stable and in line with expectations.

Flash 方面，營收穩定且符合預期。

Strength in client and consumer resulted in better than expected bit shipments.

客戶和消費者的強勁表現導致出貨量優於預期。

However, increased pricing pressure due to short term oversupply from increased utilization rates throughout calendar year 2024 coupled with customers working down inventory offset our bit shipment results.

然而，由於 2024 年全年利用率提高導致短期供應過剩，加上客戶庫存減少，導致價格壓力增加，抵消了我們的出貨量表現。

Cloud pricing was a positive given continued AI driven demand.

鑑於人工智慧持續推動的需求，雲端運算定價是一個積極因素。

Taken together, the result was sequential decline in profitability.

綜合來看，其結果是獲利能力連續下降。

In fiscal year 2024, consumer experienced growth across revenue units and gross margins as the end market benefited from a market recovery.

2024 財年，由於終端市場受惠於市場復甦，消費者業務的收入單位和毛利率均成長。

While revenue and units grew sequentially in the fiscal second quarter of 2025 gross margin declined due to pricing pressure caused by oversupply in the broader NAND market.

儘管 2025 財年第二季的營收和銷售量較上季成長，但由於更廣泛的 NAND 市場供應過剩導致的價格壓力，毛利率下降。

Despite this recent softening, our external SSD drive shipments grew 50% sequentially.

儘管近期表現疲軟，但我們的外部 SSD 硬碟出貨量仍較上季成長了 50%。

Our efforts in bolstering consumer preference, expanding partnerships and launching our new creator series at CES all provide SanDisk with the right foundation to drive organic demand and margin expansion.

我們在提升消費者偏好、擴大合作夥伴關係以及在 CES 上推出全新創作者係列方面所做的努力，都為 SanDisk 提供了推動有機需求和利潤擴大的良好基礎。

Now turning to the Flash outlook, we believe that we are currently in a mid-cycle pause.

現在回顧 Flash 展望，我們認為我們目前正處於週期中期停頓。

In the fiscal third quarter, we expect bit shipments to be down with stronger demand in data center and mobile more than offset by lower bit shipments in PC OEM and consumer.

在第三財季，我們預計比特出貨量將下降，因為資料中心和行動市場的需求強勁，但個人電腦 OEM 和消費者市場的比特出貨量下降將抵消這一影響。

Given the stronger than anticipated pricing headwinds, we are proactively managing production levels to respond to ongoing inventory adjustments and evolving demand dynamics across our end markets.

鑑於定價阻力比預期更強，我們正在積極管理生產水平，以應對終端市場正在進行的庫存調整和不斷變化的需求動態。

By optimizing utilization and total capacity with a key focus on delivering premium nodes, we aim to accelerate stabilizing profitability in this dynamic market.

透過優化利用率和總容量，並專注於提供優質節點，我們的目標是加速在這個充滿活力的市場中穩定獲利能力。

In this new era of NAND, with lower utilization and less intense CapEx environment relative to historical periods, we are seeing supply growth appropriately responding to the current short term headwinds affecting demand and we expect to see a recovery as we move through calendar year 2025.

在 NAND 的新時代，與歷史時期相比，利用率較低且資本支出環境不那麼緊張，我們看到供應增長適當地應對了當前影響需求的短期逆風，我們預計在 2025 年將出現復甦。

Specifically, we expect client inventory digestion to continue into the first half of calendar year 2025 with normalization in the second half paving the way for recovery that will enable the AI driven PC ramp in the Windows refresh cycle to gain momentum.

具體而言，我們預計客戶庫存消化將持續到 2025 年上半年，下半年的正常化將為復甦鋪平道路，這將使 Windows 更新週期中由人工智慧驅動的 PC 成長獲得動力。

In data center, we project Cloud CapEx to continue to grow in calendar year 2025 and we continue to make good progress qualifying our cloud products with customers to capture our fair share of this market.

在資料中心，我們預計雲端資本支出將在 2025 日曆年繼續成長，並且我們將繼續在向客戶推廣我們的雲端產品方面取得良好進展，以佔據該市場的公平份額。

Lastly, our consumer business continues to perform well and while we expect seasonal weakness in bit shipments, our premium brands are providing ASP support to the overall portfolio.

最後，我們的消費者業務持續表現良好，雖然我們預計出貨量會出現季節性疲軟，但我們的高端品牌正在為整體產品組合提供 ASP 支援。

We look forward to discussing our views on the Flash business at the SanDisk Investor Day on February 11.

我們期待在 2 月 11 日的 SanDisk 投資者日上討論我們對 Flash 業務的看法。

The team and I will discuss why we believe that our markets are strong and growing, how rapid adoption of AI is creating new opportunities, what differentiates SanDisk and how the Flash industry is evolving.

我和團隊將討論為什麼我們相信我們的市場強勁且不斷成長，人工智慧的快速應用如何創造新的機遇，SanDisk 的與眾不同之處以及快閃記憶體產業如何發展。

We are very excited and believe you will -- be as well.

我們非常興奮並且相信您也會如此。

Our HDD business delivered another quarter of strong performance with data center revenue hitting an all-time high.

我們的 HDD 業務又一個季度表現強勁，資料中心營收創下歷史新高。

This achievement underscores the strength of our near line storage solutions and how well positioned we are to benefit from ongoing market tailwinds.

這項成就凸顯了我們的近線儲存解決方案的實力，以及我們如何能夠從持續的市場順風中獲益。

The HDD business also achieved record gross margins as customers continued to increase the adoption of our higher capacity drives and we shared in the TCO benefit provided by our innovative products.

由於客戶繼續增加對我們更高容量硬碟的採用，並且我們分享了創新產品帶來的 TCO 效益，HDD 業務也實現了創紀錄的毛利率。

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

我們處於產品需求超過供應的環境。

To proactively manage this, we continually work with our customers to get visibility into their future needs.

為了積極管理這一點，我們不斷與客戶合作以了解他們未來的需求。

In these tight conditions, we might see volatility in shipments from quarter-to-quarter, but over the longer-term we continue to progress toward a state of predictable business operations and sustainable profitable growth.

在這種緊張的情況下，我們可能會看到出貨量逐季度波動，但從長遠來看，我們將繼續朝著可預測的業務運營和可持續的盈利增長的方向前進。

Turning to the HDD outlook.

轉向 HDD 前景。

In the fiscal third quarter, we anticipate continued momentum in data center to drive strong demand across our nearline portfolio.

在第三財季，我們預計資料中心將持續保持強勁發展勢頭，推動我們近線產品組合的強勁需求。

As I mentioned, our supply is now very tight which is helping us get better visibility into long-term customer demand and enabling better planning for product deliveries in the coming quarters.

正如我所提到的，我們的供應現在非常緊張，這有助於我們更好地了解長期客戶需求，並能夠更好地規劃未來幾季的產品交付。

Our customers increasingly appreciate the complexity of the HDD supply chain and the need for us to better anticipate future demand.

我們的客戶越來越認識到 HDD 供應鏈的複雜性以及我們更好地預測未來需求的必要性。

As we continue to broaden adoption of our UltraSMR portfolio at our largest customers and complete the qualification and ramp of our newest drives, we anticipate profitability will continue to improve in the coming quarters.

隨著我們繼續在最大客戶中擴大 UltraSMR 產品組合的採用，並完成最新驅動器的認證和提升，我們預計未來幾季的獲利能力將繼續提高。

The HDD business’s positive structural transformation continues to gain momentum.

HDD業務的積極結構轉型持續獲得動力。

We remain focused on operational excellence, efficient cost structure and a strong commitment to maintaining a balanced supply demand dynamic.

我們始終專注於卓越的營運、高效的成本結構以及維持平衡的供需動態的堅定承諾。

We are well positioned to continue delivering the most profitable and innovative product portfolio while establishing long-term industry leadership through our earnings potential.

我們有能力繼續提供最賺錢、最具創新性的產品組合，同時透過我們的獲利潛力確立長期的產業領導地位。

During the upcoming WD Investor Day on February 12, Irving and his team will provide a detailed overview of HDD's strategic roadmap.

在2月12日即將到來的西部數據投資者日上，Irving和他的團隊將詳細概述HDD的策略路線圖。

I want to take a moment to acknowledge the CFO transition announcement that we made two weeks ago.

我想花點時間來回顧我們兩週前宣布的財務長過渡公告。

After nearly three years with us Wissam will be moving on to another opportunity.

與我們共事近三年後，Wissam 將尋找另一個機會。

Wissam has been an outstanding partner and leader at Western Digital, helping us successfully navigate the company through the ups and downs of our end markets and build a strong financial profile at both HDD and Flash.

Wissam 一直是西部數據的傑出合作夥伴和領導者，幫助我們成功度過終端市場的起伏，並在 HDD 和 Flash 領域建立了強大的財務狀況。

On behalf of the Board and everyone at Western Digital, I want to thank Wissam for his many contributions, including seeing us through the separation, and wish him the best of luck in his next role.

我謹代表西部數據董事會和全體員工，感謝 Wissam 所做的諸多貢獻，包括幫助我們度過分離階段，並祝他在下一個職位上一切順利。

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

現在，我將電話轉給 Wissam，他將討論我們的第二財季業績。

Thank you David, and good afternoon everyone.

謝謝大衛，大家下午好。

In the fiscal second quarter, Western Digital delivered results generally within the guidance ranges we gave in October in the face of a challenging pricing environment in Flash.

在第二財季，儘管快閃記憶體價格環境充滿挑戰，但西部數據仍然取得了基本符合我們十月份給出的預期業績。

Total revenue for the quarter was $4.3 billion, up 5% sequentially and 41% year-over-year.

本季總營收為 43 億美元，季增 5%，年增 41%。

Non-GAAP earnings per share was $1.77. Looking at end markets, Cloud represented 55% of total revenue at $2.3 billion, up 6% sequentially and more than doubling year-over-year.

非公認會計準則每股收益為 1.77 美元。從終端市場來看，雲端運算佔總營收的 55%，達到 23 億美元，比上一季成長 6%，比去年同期成長一倍以上。

On a sequential basis, the growth was due to an increase in nearline HDD shipments, while Flash was down.

與上一季相比，成長的原因是近線 HDD 出貨量增加，而快閃記憶體出貨量則下降。

On a year-over-year basis both HDD and Flash revenue grew.

與去年同期相比，HDD 和 Flash 的營收均有所成長。

Client represented 27% of total revenue at $1.2 billion, down 3% sequentially and up 4% year over year.

客戶營收佔總營收的 27%，為 12 億美元，較上一季下降 3%，比去年同期成長 4%。

Compared to last quarter, Flash revenue declined as bid shipment growth was offset by pricing pressure while HDD revenue was flat.

與上一季相比，由於出貨量成長被定價壓力所抵消，Flash 收入出現下降，而 HDD 收入則持平。

Year-over-year an increase in Flash revenue was primarily due to higher ASPs as bid 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由於出貨量下降導致平均售價上漲，但被硬碟收入的下降部分抵消。

Consumer represented 18% of revenue at $0.8 billion, up 14% sequentially and down 8% year-over-year.

消費者業務佔總營收的 18%，為 8 億美元，比上一季成長 14%，比去年同期下降 8%。

Sequentially, both Flash and HDD bid shipments grew and drove revenue growth while pricing was a headwind.

相比之下，快閃記憶體和 HDD 出貨量均有所增長，並推動了收入成長，但定價則面臨阻力。

Year over year the decrease was due to lower shipments in Flash and HDD and pricing in Flash.

與去年同期相比，下降的原因是快閃記憶體和 HDD 的出貨量下降以及快閃記憶體價格下降。

Turning now to revenue by business unit.

現在來看看按業務部門劃分的收入。

In the fiscal second quarter, Flash revenue was $1.9 billion flat from last quarter and up 13% year-over-year.

第二財季，Flash營收為19億美元，與上一季持平，年增13%。

Sequentially, Flash ASPs decreased 13% on a like-for-like basis and 10% on a blended basis.

與上一季相比，Flash 平均售價年減 13%，綜合平均售價下降 10%。

Bit shipments were up 9% from the previous quarter and down 2% compared to last year.

位元出貨量比上一季成長了 9%，比去年同期下降了 2%。

HDD revenue was $2.4 billion, up 9% sequentially and 76% year-over-year.

HDD 營收為 24 億美元，季增 9%，年增 76%。

The strength of our nearline portfolio delivered exabyte growth of 7% on a sequential basis and 93% versus a year ago.

我們近線產品組合的實力使其EB數量較去年同期成長7%，較去年同期成長93%。

Average price per unit increased 5% sequentially to $172.

每單位平均價格較上季上漲 5%，達到 172 美元。

Nearline bid shipments were at a record level of 154 exabytes.

近線投標出貨量達到了創紀錄的154EB。

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

轉到損益表的其餘部分，請注意，除非另有說明，我的評論將與非 GAAP 結果相關。

Gross margin for the fiscal second quarter was 35.9% which was below our guidance range.

第二財季的毛利率為 35.9%，低於我們的預期範圍。

Sequentially, gross margin was down 2.6 percentage points and up 20.4 percentage points from a year ago.

環比毛利率下降2.6個百分點，較去年同期上升20.4個百分點。

Flash gross margin was 32.5%, down 6.4 percentage points sequentially due to pricing pressure late in the quarter.

Flash 毛利率為 32.5%，由於季末的價格壓力，比上一季下降 6.4 個百分點。

Flash gross margin was up 24.6 percentage points from a year ago.

Flash毛利率較上年同期上升了24.6個百分點。

In HDD, strong demand for nearline drives resulted in gross margin improvement of half a percentage point on a sequential basis to 38.6% and 13.8 percentage points from a year ago.

在 HDD 領域，近線硬碟的強勁需求導致毛利率比上一季提高了半個百分點，達到 38.6%，比去年同期提高了 13.8 個百分點。

Operating expenses were down sequentially at $674 million including the synergy expenses of $17 million.

營業費用較上季下降至 6.74 億美元，其中包括 1,700 萬美元的綜效費用。

Lower than expected operating expenses were due to the synergy costs being lower than expectations while progress towards executing the SanDisk spin remains on track.

低於預期的營運費用是由於協同成本低於預期，而 SanDisk 分拆的執行進度仍在正常進行中。

In addition, variable compensation was lower than expectations aligned with business performance.

此外，浮動薪酬低於與業務表現相符的預期。

Our results demonstrate continued focus on cost discipline while making progress towards the completion of the business separation.

我們的結果表明，在完成業務分離的同時，我們繼續專注於成本控制。

Operating income was $864 million, down 2% sequentially driven by lower gross margin, partially offset by lower operating expenses.

營業收入為 8.64 億美元，比上一季下降 2%，原因是毛利率下降，但營業費用下降部分抵消了這一影響。

Operating margin was 20.2%, down approximately 140 basis points sequentially but favorable compared to operating losses posted last year.

營業利益率為 20.2%，比上一季下降約 140 個基點，但與去年的營業虧損相比有所改善。

Income tax expense was $105 million and the effective tax rate was 14%.

所得稅費用為1.05億美元，有效稅率為14%。

Earnings per share was $1.77.

每股收益為 1.77 美元。

Operating cash flow for the fiscal second quarter was $403 million and free cash flow generation was $335 million.

第二財季營運現金流為 4.03 億美元，自由現金流產生額為 3.35 億美元。

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 $68 million.

現金資本支出（包括購買物業、廠房和設備以及現金流量表上與閃電合資企業相關的活動）代表 6,800 萬美元的現金流出。

Fiscal second quarter inventory was largely flat at 3.4 billion, with days of inventory declining by 9 days to 112 days.

第二財季庫存基本上持平於 34 億，庫存天數減少 9 天至 112 天。

A decrease in HDD inventory was offset by an increase in flash inventory.

硬碟庫存的減少被閃存庫存的增加所抵消。

Gross Debt outstanding was $7.4 billion at the end of fiscal second quarter.

截至第二財季末，未償還債務總額為 74 億美元。

Cash and cash equivalents were $2.3 billion and total liquidity was $4.5 billion, including undrawn revolver capacity.

現金和現金等價物為 23 億美元，總流動資金為 45 億美元，包括未提取的循環信貸額度。

During the fiscal second quarter we successfully arranged financing for the upcoming separation of our business, which is a key milestone in the progress towards the spin of SanDisk.

在第二財季，我們成功地為即將到來的業務分離安排了融資，這是 SanDisk 分拆進程中的一個重要里程碑。

I'll now turn to the fiscal third quarter non-GAAP guidance for Western Digital on a combined basis.

現在我將介紹西部數據第三財季非 GAAP 綜合業績指引。

We anticipate overall revenue to be in the range of $3.75 billion to $3.95 billion.

我們預計總收入在 37.5 億美元至 39.5 億美元之間。

Gross margin is expected to be between 31.5% and 33.5%.

預計毛利率在31.5%至33.5%之間。

We expect operating expenses to increase slightly to a range of $700 million to $720 million including the synergy costs of $25 million to $40 million as we finalize the separation of our businesses.

隨著我們最終完成業務分離，我們預計營運費用將小幅增加至 7 億至 7.2 億美元之間，其中包括 2,500 萬至 4,000 萬美元的協同成本。

Interest and other expenses are anticipated to be approximately $100 million.

預計利息和其他費用約為1億美元。

The tax rate is expected to be between 14% and 16%.

預計稅率在14%至16%之間。

We expect EPS of $0.90 to $1.20 based on approximately 358 million shares outstanding.

基於約 3.58 億股流通股，我們預計每股收益為 0.90 美元至 1.20 美元。

We are looking forward to both of our Western Digital and SanDisk Investor Days in just a couple of weeks to discuss each business in more specific detail.

我們期待幾週後西部數據和 SanDisk 投資者日的召開，以便更詳細地討論各自的業務。

For now, I provide directional perspective on expectations from each business in the fiscal third quarter.

目前，我將對第三財季各業務的預期提供方向性看法。

For Flash we expect revenue to decline sequentially in the mid-teens percentage and gross margin to decrease due to lower blended ASPs, higher cost per bit and underutilization charges of $20 million to $30 million as we manage our supply.

對於閃存，我們預計收入將環比下降 15% 左右，毛利率也將下降，原因是我們管理供應時混合平均售價較低、每比特成本較高以及 2000 萬至 3000 萬美元的未充分利用費用。

Flash bits are expected to decline sequentially by mid-single digit percentage.

預計閃存位元率將環比下降中等個位數百分比。

We also expect underutilization charges to continue in the June quarter.

我們也預計，6 月季度的利用率不足現象將持續存在。

For HDD we expect revenue to decrease sequentially by mid-to-high single digit percentage on lower volume.

對於 HDD，我們預計由於銷量下降，收入將環比下降中高個位數百分比。

While gross margin is expected to improve by approximately 50 basis points as average price per unit continues to trend higher.

隨著單位平均價格持續走高，預計毛利率將提高約 50 個基點。

We are focused on executing the final stages of the spin and navigating current market dynamics while continuing to deliver robust financial performance.

我們專注於執行分拆的最後階段並駕馭當前的市場動態，同時繼續提供強勁的財務表現。

I would like to close by saying that it has been a tremendous honor to partner with David and the fantastic team at Western Digital.

最後，我想說，能夠與大衛和西部數據的優秀團隊合作是莫大的榮幸。

I'm extremely proud of the team's accomplishments over the past three years.

我對球隊過去三年所取得的成就感到非常自豪。

There is no doubt in my mind that both the HDD and Flash businesses are strong and resilient and both will continue to provide industry leading products to the marketplace while unlocking significant shareholder value for the respective shareholders.

我毫不懷疑，HDD 和 Flash 業務都很強大且具有韌性，並且都將繼續向市場提供行業領先的產品，同時為各自的股東釋放巨大的股東價值。

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

說完這些，我現在將電話轉回給大衛。

Thanks Wissam.

謝謝 Wissam。

Our results this quarter reflect our efforts to actively manage near term cyclicality across our end, knowing we have a solid foundation for future success that is underscored by our industry leading product roadmap.

本季的業績反映了我們積極管理短期週期性的努力，我們知道我們為未來的成功奠定了堅實的基礎，而這一基礎由我們行業領先的產品路線圖所強調。

As we complete the separation, I am extremely confident in our respective team's ability to drive shareholder value in both the HDD and Flash businesses.

隨著我們完成分離，我對我們各自的團隊在 HDD 和快閃記憶體業務中推動股東價值的能力非常有信心。

Both companies will continue to be driven by the structural long-term tailwinds of the AI data cycle and our ability to consistently offer our customers the most compelling and innovative storage solutions.

兩家公司將繼續受到人工智慧資料週期結構性長期順風的推動，以及我們持續向客戶提供最引人注目和最具創新性的儲存解決方案的能力。

Before we move to the Q&A session, I'd like to highlight that we will also be joined today by Irving Tan, who will step into the role of CEO at Western Digital, and Luis Visoso, who will assume the position of CFO at SanDisk.

在我們進入問答環節之前，我想強調一下，今天與我們一起出席的還有 Irving Tan，他將擔任西部數據公司的首席執行官，以及 Luis Visoso，他將擔任 SanDisk 公司的首席財務官。

Peter, let's start the Q&A.

彼得，我們開始問答環節。

Thank you and ladies and gentlemen, we will now begin the question-and-answer session

謝謝各位，女士們，先生們，我們現在開始問答環節

(Operator Instructions)

（操作員指令）

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

Yes, good afternoon.

是的，下午好。

Thank you for taking the question.

感謝您回答這個問題。

I guess first question on the HDD side, you talked about a sequential decline for the March quarter.

我想第一個問題是關於硬碟方面，您談到了三月季度的連續下滑。

Curious, is that a function of simply lower client and consumer units, or are you also seeing a pause in cloud?

好奇，這只是較低的客戶端和消費者單位的功能，還是您也看到雲端運算的暫停？

And within that construct, can you speak a bit more about your prepared remarks related to expectations for volatility, Q-on-Q and HDD?

在此框架內，您能否再談談與波動性、季度環比和 HDD 預期相關的準備好的評論？

Trying to better understand what's really driving that underlying change.

試圖更好地理解推動這一根本變化的真正因素。

Hey C.J., thanks for the question.

嘿，C.J.，謝謝你的提問。

I'm going to let Irving take that one.

我要讓歐文拿下這個。

Thanks, David.

謝謝，大衛。

Hi C.J. look, I think we've seen over five quarters of very strong positive growth in revenue and the outlook for the business remains healthy.

你好，C.J，看，我認為我們已經看到五個多季度的收入強勁增長，而且業務前景依然健康。

There will be quarter-on-quarter variations as we support customers with the timing of their deployments and also balancing the supply demand tightness that we have.

由於我們支持客戶安排部署時間並平衡供需緊張狀況，因此季度間會出現差異。

So that's really what's driving the slight decline in Q3.

這才是導致第三季略有下滑的真正原因。

Great, very helpful.

非常好，非常有幫助。

And I guess Dave, a question for you two part.

我想戴夫，我要問你們兩個問題。

First, what gives you the confidence that this is just a mid-cycle pause and then within the spin of the NAND asset, are there any other sort of technical regulatory things that we should be thinking about that are necessary to get that done in the next four weeks?

首先，什麼讓您有信心這只是一個週期中期的停頓，然後在 NAND 資產的旋轉中，我們是否應該考慮其他類型的技術監管事項，以便在接下來的四周內完成這些事項？

Thank you very much.

非常感謝。

On the spin, you'll see more about that literally the next couple days.

在旋轉中，您將在接下來的幾天內看到有關此內容的更多內容。

We feel really good about that being on track.

我們對於一切進展順利感到非常高興。

Wissam can go through some of the dates here in a minute.

維薩姆 (Wissam) 可以在一分鐘內瀏覽這裡的一些日期。

Look, on the NAND we’re still seeing, bits were up 9% this quarter.

你看，就 NAND 而言，我們仍然看到，本季比特率上漲了 9%。

They're going to be down just mid-single digits next quarter.

下個季度的下降幅度將只有個位數的中段。

We're still seeing good volume.

我們仍然看到良好的交易量。

We think some of the demand that we expected to materialize in PC and smartphone has moved to the right a couple of quarters.

我們認為，我們預期在個人電腦和智慧型手機領域出現的部分需求在前幾季已經向右移動。

I don't think that's any secret.

我認為這沒有什麼秘密。

We, the industry probably overproduced a little bit too much.

我們這個行業可能生產過剩了一點。

We don't see a big drop in the volume.

我們沒有看到交易量大幅下降。

We see still good, good discussions with our customers.

我們看到我們與客戶之間的討論仍然十分順利。

It's just the market's oversupplied right now.

目前市場供應過剩。

So we saw some pricing headwinds especially as we move through the quarter which we talked about.

因此，我們看到了一些定價阻力，特別是當我們進入我們所談論的這個季度時。

Going forward, we expect pricing headwinds next quarter but we expect them to be lower than we saw this quarter.

展望未來，我們預計下個季度定價將面臨阻力，但預計阻力將低於本季。

So we feel like this is a pause but we're also going to take, action.

因此，我們覺得這只是一個暫停，但我們也將採取行動。

As we talked in the past, this new era of NAND, we're going to be much more responsive to the demand signals we see in the market and adjust our production.

正如我們過去所談到的，在 NAND 的新時代，我們將更加響應市場上的需求訊號並調整我們的生產。

So we're going to go ahead and do that and take a little bit of supply out of the market as we move through 2025 and we think that will support pricing stabilization coming back faster.

因此，我們將繼續這樣做，並在 2025 年之前從市場上減少一些供應，我們認為這將支持價格更快地恢復穩定。

So feel good about where the overall business is.

因此對整體業務的狀況感到滿意。

We've had a number of quarters of an upcycle now.

我們現在已經經歷了多個季度的上升週期。

Really quite unusual when you look going back, we have a chart here that goes all the way back to 07 and the sequential price changes in the market.

回顧過去，這確實很不尋常，我們這裡有一張可以追溯到 07 年的圖表，顯示了市場連續的價格變化。

And it's very, very unusual.

這是非常非常不尋常的。

It's not unprecedented to see this many quarters of up in a row without some down.

連續多個季度出現上漲且沒有出現下滑的情況並非史無前例。

So, the thing here now is just to stabilize the market and we'll do that through the supply side and then we'll get back to what we think is a strong market as we move through 2025 and into 2026.

因此，現在要做的就是穩定市場，我們將透過供應方面來實現這一目標，然後在 2025 年和 2026 年回到我們認為強勁的市場。

And C.J. just to follow on David's comments around the spin and the timing, the record date for the distribution will be February 12 and the date of the distribution will be on or about February 21.

C.J. 根據 David 關於旋轉和時間的評論，分配的記錄日期將是 2 月 12 日，分配日期將在 2 月 21 日左右。

And then the shares of SanDisk would be trading in the active markets shortly after.

隨後 SanDisk 的股票不久後便會在活躍的市場上交易。

Thanks so much.

非常感謝。

Thanks CJ.

謝謝 CJ。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yes, thanks for taking the question.

是的，感謝您回答這個問題。

Good afternoon as well.

午安.

I guess thinking about the NAND gross margins, I'm wondering if you can unpack if I think about the $20 million to $30 million that you talked about as being underutilization charges in the current quarter.

我想考慮到NAND的毛利率，我想知道您是否可以解釋一下您提到的本季度2000萬到3000萬美元的未充分利用費用。

If I look back the last time that you took capacity out, that looks like that's around 10% or 15% of the underutilization charges you took a year or so ago.

如果我回顧一下您上次削減產能的情況，那看起來大約是您一年前所收取的未充分利用費用的 10％ 或 15％。

Is that how I think about how much capacity out you're taking?

這就是我對您所佔用容量大小的看法嗎？

I think the other way of asking it is, I look at some of your competitors and the news is that they're taking -- or so percent of their bit supply out.

我認為另一種問法是，我觀察了你們的一些競爭對手，有消息稱他們正在搶佔其部分供應量。

Is that a fair assessment of what you guys are doing?

這是對你們所做工作的公正評價嗎？

Yes, we're not going to go into exactly how much we're taking out.

是的，我們不會詳細透露我們取出了多少。

That's a dynamic decision we make week-over-week, month after month as we look at the business.

這是我們根據業務狀況每週、每月做出的動態決定。

I think unpacking the gross margin is an important discussion as we go into next quarter.

我認為，進入下個季度，解讀毛利率是一項重要的討論。

I think one thing for all of you guys to recognize, we're going to see a quarter of cost increases.

我想大家都應該認識到一件事，我們將看到成本增加四分之一。

We managed to that 15% cost decline.

我們成功將成本降低了 15%。

We talked about the new era NAND that maybe be more about 12% as we go forward over the next several years.

我們討論了新時代的 NAND，在未來幾年內，其成長率可能會超過 12%。

But we had a very good start to the year in cost downs and now we're going to see Q3 were actually up low single digits.

但我們今年在成本下降方面有一個非常好的開端，現在我們將看到第三季的成本實際上上漲了個位數。

So that's a big impact on gross margin.

所以這對毛利率有很大影響。

You add underutilization charges on that and then some ASP headwinds as well.

您可以在此基礎上添加未充分利用的費用，然後添加一些 ASP 阻力。

Like I said, as we sit here today, we see the ASP headwinds to be moderating versus what we saw this quarter and then bits down mid-single digits.

就像我說的，今天我們在這裡看到，與本季相比，ASP 的逆風正在減弱，然後下降到中等個位數。

So that kind of gives you unpacking a little bit the gross margin number going forward.

這樣，您就可以稍微了解一下未來的毛利率數字。

Yes, that's very helpful.

是的，這很有幫助。

And just to kind of build on that, is there any way to frame how we should think about the underutilization impact into the fiscal fourth quarter?

那麼，在此基礎上，有沒有什麼方法可以幫助我們思考第四財季的未充分利用的影響？

And just to be clear, is there any risk of inventory charges taken based on the current market dynamics?

需要明確的是，根據當前市場動態，是否存在庫存費用的風險？

Thank you

謝謝

I think you can probably think about Q4.

我想您可能考慮 Q4。

They'll come up just.

他們就會上來。

They'll come up a little bit from where we were in what we expect in Q3.

它們將比我們預期的第三季水準略有上升。

Maybe think about it, maybe 60, 40 kind of split or 40, 60 kind of split.

也許想想看，也許是 60、40 分割，或是 40、60 分割。

Yes.

是的。

And on the inventory, Aaron, look, it all depends on what pricing does.

關於庫存，Aaron，你看，這完全取決於定價。

And so -- but as of the end of Q2, our inventory is appropriately stated.

所以 - 但截至第二季末，我們的庫存情況已得到適當說明。

Okay.

好的。

Thank you.

謝謝。

You're welcome.

不客氣。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you so much.

是的，非常感謝。

Dave or Irving.

戴夫或歐文。

Can you talk about just at a high level where we are in the HDD cycle overall, I think, Dave, you said in your prepared remarks a few times that demand is exceeding supply.

您能否從總體上談談我們處於 HDD 週期的哪個階段？

Like the calendar Q1 guide is to be down sequentially slightly.

就像日曆上的 Q1 指南一樣，它將連續略微下降。

So can you help us unpack if that is just seasonality, is there something beyond that?

那麼，您能否幫我們解釋一下，這是否只是季節性現象，還有其他因素嗎？

And how should we think about pricing as we think about 20, 25 and maybe the maximum amount of exabytes that you can ship, given that supply is so tight at the current time.

而且，考慮到目前供應非常緊張，當我們考慮可以發送 20、25 甚至最大 EB 數量時，我們應該如何考慮定價？

And I will quick follow up.

我會迅速跟進。

I'm going to let Irving Talk about 2025.

我要讓歐文談 2025 年。

I have enormous confidence in this business and enormous confidence in Irving driving it forward and the entire team.

我對這項事業充滿信心，也對歐文帶領它和整個團隊向前發展充滿信心。

Going into the next quarter, you're going to see some revenue, revenue down a little bit on volume.

進入下個季度，你會看到一些收入，收入量下降。

Look, it's been quite a run.

瞧，這已經是一段相當漫長的旅程了。

I mean, it's, we got to manage the supply chain, all the components.

我的意思是，我們必須管理供應鏈和所有組件。

We do have much more visibility to where our customers are going.

我們確實更加清楚我們的客戶去向。

It's just order flow.

這只是訂單流。

We continue, we're going to continue to see margin improving going into next quarter.

我們將繼續看到下個季度的利潤率提高。

So structurally, I think the business is just in a fantastic place, we're getting more visibility, we have increasing profitability and we've got a lot of tailwinds from AI.

因此從結構上來說，我認為我們的業務處於非常好的狀態，我們的知名度越來越高，獲利能力越來越強，而且人工智慧也為我們帶來了很多推動力。

More demand than supply.

需求大於供給。

But let me let Irving talk about how he sees 2025 playing out.

但是，我讓歐文來談談他對 2025 年前景的看法。

Yes, thanks, David.

是的，謝謝，大衛。

As I mentioned briefly, we see the outlook for 2025 still being relatively robust going forward.

正如我簡要地提到的，我們認為 2025 年的前景仍然相對強勁。

And as David mentioned, there will be some slight variations quarter-on-quarter, but the outlook for the rest of the year is relatively robust.

正如戴維所提到的，季度環比會有一些細微的變化，但今年剩餘時間的前景相對強勁。

In terms of pricing, as Wissam alluded to as well, we're looking at pricing to remain stable to slightly up for Q3.

在定價方面，正如 Wissam 所提到的，我們預計第三季的定價將保持穩定或略有上漲。

And in terms of exabytes, it's really a function of mix.

而就艾字節而言，它實際上是一種混合函數。

And as we look forward to qualifying our new 32 terabyte drives, that gives us more capacity to provide into the market from an exabyte perspective as well.

我們期待著對我們的新型 32TB 硬碟進行認證，從 EB 的角度來說，這也為我們向市場提供了更大的容量。

Okay.

好的。

Great.

偉大的。

As a follow up, can I just ask quickly, on the NAND side, I think you used the word temporary weakness?

作為後續問題，我能否快速問一下，在 NAND 方面，我認為您使用了“暫時弱勢”這個詞？

And I'm just wondering, as you think about some of the actions that you're taking from a supply standpoint, what kind of assumptions are you making around demand recovery, whether it be on PC side or smartphone side, into maybe the second half of the year and is that the timeframe when you're thinking that the market gets tight again?

我只是想知道，當您從供應的角度考慮採取一些行動時，您對需求復甦做出了什麼樣的假設，無論是在個人電腦方面還是智慧型手機方面，也許是在今年下半年，您是否認為這個時間範圍將再次變得緊張？

Thank you.

謝謝。

Yes, I mean, we think as we move through 2025, we're going to see, by the time we get done with 2025, we'll see PC units up, we'll see smartphone units up.

是的，我的意思是，我們認為，隨著我們進入 2025 年，我們將會看到，到 2025 年結束時，我們將看到 PC 單位數量的上升，我們將看到智慧型手機單位數量的上升。

Data center continues to remain strong.

數據中心持續保持強勁。

So we, the demand side, we see that mid-teens demand for the calendar year, we see the market slightly under supplied to that, quite frankly, you didn't ask the question.

因此，從需求方面來看，我們看到歷年的需求處於十幾歲的中段，我們看到市場供應略顯不足，坦白說，你沒有問這個問題。

But we see a bigger step up in demand in 2026.

但我們預計 2026 年需求將出現更大成長。

But let's, let's stay with 2025 for now.

但是，我們現在就先停留在 2025 年吧。

So, so as I said earlier, we still see good volume in the business.

所以，正如我之前所說，我們的業務量仍然良好。

Discussions with customers are very good.

與顧客的討論非常好。

We're just in a spot right now where some of that demand we thought was going to come in the PC and smartphone market around this time has been pushed out a little bit.

我們現在所處的境地是，我們原以為這段時間個人電腦和智慧型手機市場會出現的一些需求已經有所延遲。

And so we're going to make some adjustments in our supply to support pricing and we think we'll be good as we move throughout 2025.

因此，我們將對供應做出一些調整以支持定價，我們認為在 2025 年我們會表現良好。

We're very, very optimistic on where we're at from when we again we go back and we look at overall wafer spending in this market.

當我們再次回過頭來觀察這個市場的整體晶圓支出時，我們對目前的狀況非常非常樂觀。

We think that the market is set up in a very strong position.

我們認為市場已經處於非常強勁的地位。

As I said earlier, we've had a very good run of price increases, almost unprecedented.

正如我之前所說，我們的價格上漲幅度非常大，幾乎是史無前例的。

When you go back over the last decade, it's not surprising we'd see some kind of pause like this and we'll -- I think what's different this time is, we're going to adjust supply much more quickly than we have in the past to respond to this and accelerate bringing the market back to a more of an equilibrium to an undersupplied position.

回顧過去十年，我們會看到這樣的停頓，這並不奇怪，而且我認為這次的不同之處在於，我們將比過去更快地調整供應以應對這一情況，並加速使市場恢復到供應不足的平衡狀態。

Thank you so much.

太感謝了。

Thanks Wamsi.

謝謝 Wamsi。

Tim Arcuri, UBS.

瑞銀的蒂姆·阿庫裡（Tim Arcuri）。

Hey guys, this is Ari and on for Tim.

嘿，大家好，我是 Ari，代表 Tim 發言。

Thanks for taking my question.

感謝您回答我的問題。

It is one thing when you and Seagate had excess capacity, but seems like you really can't ship much if any more than the 13.5 million drives you're shipping and now passing above this 10 year trend line.

當您和 Seagate 擁有過剩產能時，情況是一回事，但似乎您真的無法出貨更多硬碟，即使您出貨的硬碟數量超過 1,350 萬個，而且已經超過了 10 年的趨勢線。

I would think that maybe there's more urgency from the customers on getting in orders for BTO.

我認為客戶可能更急切地想要獲得 BTO 訂單。

So any change in behavior and I will follow up after.

因此，如果行為發生任何變化，我都會進行跟進。

Yes, we haven't seen any change.

是的，我們沒有看到任何變化。

Thanks for the question.

謝謝你的提問。

We haven't seen any change in behavior.

我們沒有看到任何行為改變。

As you're aware, one of the things we've pivoted to is really moving to BTO.

如您所知，我們重點關注的事情之一就是轉向 BTO。

That's giving us a lot more visibility on a 52-week time horizon so that we can better plan with our customers and ensure we have the right supply demand balance and that's really ensuring that there's not buildup of inventory within our customer environments.

這使我們在 52 週的時間範圍內擁有更大的可視性，以便我們能夠更好地與客戶一起制定計劃，並確保我們擁有正確的供需平衡，從而真正確保我們的客戶環境中不會出現庫存積壓。

And then on the -- my follow up on the NAND side, the NAND cycle just got started and we turned capacity back on.

然後——我對 NAND 方面的跟進，NAND 週期剛開始，我們重新開啟了產能。

Now we're going through another correction on the consumer side.

現在，我們正經歷消費者方面的另一個調整。

And so what would you do once this is a standalone business?

那麼，一旦這成為一家獨立企業，您會做什麼呢？

Are you still going to care all about market share or will you do more like what you did on the HDD and manage to driving margins higher with less regard per share?

您是否還會關心市場份額，還是會像在 HDD 上所做的那樣，在較少關注每股收益的情況下提高利潤率？

Thank you.

謝謝。

Yes, that's a question for our investor day on the 11th and we're going to talk about that in quite a bit of detail.

是的，這是我們 11 日投資者日要問的問題，我們將詳細討論這個問題。

So we'll have a lot to say about that here in another week and a half.

因此，在接下來的一個半星期裡，我們也會在這裡討論很多這個問題。

But I think the way we're managing the business now is what you're going to see more of going forward.

但我認為，我們現在管理業務的方式將會在未來得到更多的體現。

We were very clear.

我們非常清楚。

We put out a pretty big webcast on the new era of NAND about how we thought about this business, how it's changed in the 3D era, how we -- our belief and how it needs to be managed.

我們在 NAND 的新時代推出了一個相當大的網路廣播，介紹了我們對這個業務的看法、它在 3D 時代是如何變化的、我們的信念以及如何管理它。

And I think you're seeing that play out in real time here this quarter.

我認為您將在本季度實時看到這一情況。

And we'll talk about that in more detail here in a couple weeks and we'll hope to see you in New York.

我們將在幾週後更詳細地討論這個問題，我們希望在紐約見到您。

Awesome.

驚人的。

Thank you guys.

謝謝你們。

Thank you.

謝謝。

Appreciate it.

非常感謝。

(Operator Instructions)

（操作員指令）

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great, thank you.

太好了，謝謝。

I wonder if you could give us an update on Enterprise solid state drives.

我想知道您是否能向我們提供有關企業固態硬碟的最新資訊。

I know there's been some choppiness in that segment.

我知道該部分有些不連貫。

Are you still tracking your targets and just how are you, how are you doing there?

你還在追尋你的目標嗎？

Hey, Joe. Yes, we're doing fine there.

嘿，喬。是的，我們在那裡過得很好。

We're still tracking the targets.

我們仍在追蹤目標。

There is some -- there.

有一些--那裡。

I think I said during the quarter we're in for a couple choppy quarters and I think that's what we're seeing.

我想我說過，在本季度，我們將經歷幾個動蕩的季度，我認為這就是我們所看到的。

That was a highlight last quarter, certainly from supporting pricing.

這是上個季度的一大亮點，無疑地從支持定價的角度來說。

We still feel good about our 15% plus 15% to 20% of mix as we're sitting here at the halfway point through the year.

由於今年已過半，我們仍然對 15% 加 15% 至 20% 的混合比例感到滿意。

This is another thing we're going to have a lot to talk about our investor day about kind of what our roadmap looks like in Enterprise SSD.

這是我們在投資者日要討論的另一件事，關於我們在企業 SSD 方面的路線圖。

But we're still seeing strong demand there, Joe.

但我們仍然看到那裡需求強勁，喬。

Great, that's helpful.

很好，很有幫助。

Thank you.

謝謝。

And then just more of a procedural question, but is there a time where you'll give guidance for the two businesses separately?

然後這只是一個程序性問題，但是您是否會分別為這兩個業務提供指導？

Does that happen at the analyst days at the spin and form 10 just or just how should I think about that?

這是否會在分析師工作日和形成 10 時發生，或者我應該如何看待它？

Yes, we'll talk more about that at the investor days.

是的，我們將在投資者日進一步討論這個問題。

I think with Wissam’s prepared remarks, he gave you enough guidance there that you can kind of get a very good idea of what the numbers are going to be.

我認為，透過 Wissam 的準備好的發言，他已經為您提供了足夠的指導，讓您能夠很好地了解具體數字。

But we'll reinforce that here in another 10 days.

但我們將在 10 天後再次強調這一點。

Okay, thank you very much.

好的，非常感謝。

Thanks Joe.

謝謝喬。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

I just wanted to ask about CapEx.

我只是想問一下有關資本支出 (CapEx) 的問題。

You're starting a new calendar year here and I'm sure you'll give us a broader update at the analyst day.

您即將開始新的一年，我相信您會在分析師日為我們提供更廣泛的更新。

But given the reduction in utilization and just a broader pause, you're saying kind of a mid-cycle pause in the business.

但考慮到利用率的降低和更大範圍的停頓，您說的是業務的中期停頓。

Any update on how you're thinking about spend on the Flash side?

您對 Flash 方面的支出有什麼新想法嗎？

You've talked about technology transitions.

您談到了技術轉型。

It sounds like the SSD business is going through a couple of lumpy quarters just with all of those factors in.

聽起來，由於所有這些因素，SSD 業務正在經歷幾個不景氣的季度。

Any additional color on how you think about spending on the NAND side of the business, particularly?

您能具體詳細說明一下您對 NAND 業務支出的看法嗎？

Thank you.

謝謝。

Yes.

是的。

Hey Tom, thanks for the question.

嘿，湯姆，謝謝你的提問。

So look, there's no change in the approach on CapEx.

所以看起來，資本支出的方法沒有改變。

As we've said all along, we want to stay, remain disciplined in how we deploy the cash and capital for the company.

正如我們一直所說的，我們希望在公司現金和資本配置上保持紀律。

Obviously, probably the next thing over time will be just at some point ramping the next node, but from an overall perspective, there's no real change on the thinking.

顯然，隨著時間的推移，下一步可能只是在某個時間點推進下一個節點，但從整體來看，思維並沒有真正的改變。

I'm pretty sure as we get to investor day, David and Luis will have much more to add on that as well.

我很確定，當我們迎接投資者日時，大衛和路易斯還會有更多內容要補充。

Yes, helpful.

是的，很有幫助。

And then pivoting to the HDD side.

然後轉向 HDD 側。

So Seagate has given us some framework for where they think their capacity kind of hits a wall on the HDD side that's about 160 exabytes on a quarterly basis.

因此，希捷為我們提供了一些框架，他們認為他們的 HDD 容量在每季都會遇到瓶頸，約 160 EB。

You guys have kind of gotten, I believe in this last quarter to around 175 exabytes.

我相信，你們在上個季度已經達到了約 175 EB。

Could you help us understand where you guys start running into a wall in terms of capacity?

您能否幫助我們了解你們在容量方面遇到的障礙是什麼？

You've talked about some capacity drawdown potentially into the March quarter.

您曾談到三月季度可能出現的產能下降。

But is there a similar framework that you guys go by?

但你們是否遵循類似的框架？

Just historically the market has been a little bit different than you guys being ahead in terms of the number of exabyte chips.

從歷史上看，市場與你們在 EB 晶片數量方面領先的情況略有不同。

So any kind of help with where you run into a wallet, you continue to grow there.

因此，無論您在哪裡遇到錢包問題，您都可以繼續獲得幫助。

Thank you.

謝謝。

Yes, I don't think we're going to make any comment on that.

是的，我認為我們不會對此發表任何評論。

We are quite focused on ensuring we get the right, we have the supply, demand, balance and continuing to be very prudent and disciplined in our capital expenditure.

我們非常注重確保我們獲得正確的結果，確保供應、需求和平衡，並繼續在資本支出方面保持審慎和嚴謹。

Thank you.

謝謝。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼（Karl Ackerman）。

Yes, thank you gentlemen.

是的，謝謝各位先生。

The last quarter you launched the 32 terabyte SMR and 26 terabyte CMR with 11 disks.

上個季度，你們推出了 11 個磁碟的 32 TB SMR 和 26 TB CMR。

And I think you noted you would complete qualifications in coming quarters.

我認為您曾表示，您將在接下來的幾個季度內完成資格認證。

I think you have that beginning to ship at two hyperscalers now and perhaps a third one is in the process of qualifying.

我認為現在已經有兩家超大規模製造商開始推出該產品，或許第三家正在審核過程中。

So I was hoping you could discuss the order rates and visibility you see for these high capacity drives as we think about the sustainability and growth of the HDD business throughout 2025.

因此，我希望您能討論這些高容量硬碟的訂單率和可見性，因為我們考慮 2025 年 HDD 業務的可持續性和成長。

Thank you.

謝謝。

Hi, this is Irving.

你好，我是歐文。

Thanks for the question.

謝謝你的提問。

As mentioned, we see the outlook for nearline continuing to be healthy as you've alluded to.

正如前文所提到的，我們認為近線市場的前景將繼續保持健康。

We expect the qualification for new 32 terabyte SMR and 24 terabytes CMR to be completed sometime in CQ1 of the calendar year.

我們預計新的 32 TB SMR 和 24 TB CMR 的認證將在今年第一季的某個時候完成。

And I would say our customers are very excited about those drives and will provide you more visibility as we move forward.

我想說的是，我們的客戶對這些驅動器感到非常興奮，並將在我們前進的過程中為您提供更多的可見性。

Thank you.

謝謝。

Thanks, Karl.

謝謝，卡爾。

Asiya Merchant, Citigroup.

花旗集團亞洲商人。

Yes, thank you very much.

是的，非常感謝。

One question we get.

我們收到一個問題。

I understand the seasonality here in March and I understand a couple of quarter where there is some variability.

我了解三月的季節性，也了解有幾個季度存在一些變化。

But any visibility into the inventory levels here and then just at the hyperscalers how you guys are thinking about it and then just the supply chain on the HDD side.

但是，這裡的庫存水準是否清晰，以及超大規模企業是如何考慮的，以及硬碟方面的供應鏈。

How are you thinking about the supply chain being able to meet the rising demand that you guys are thinking about?

您認為供應鏈如何能滿足您們日益增長的需求？

Thank you.

謝謝。

Yes, thanks for the question.

是的，謝謝你的提問。

Look, when we talk about Q3 and what we guided is very much necessarily indicate lower visibility or higher visibility.

你看，當我們談論 Q3 時，我們的指導必然表明可見度降低或可見度提高。

We think we have good visibility of what the inventory is doing in our customers and where the orders look for the next few quarters.

我們認為，我們對客戶的庫存狀況以及未來幾季的訂單走向有很好的了解。

It's just a matter of timing of orders.

這只是訂單時間的問題。

And so this is how sort of probably the best way to think of it.

這可能是最好的思考方式。

There isn't very much more than that going on at least as we see from where our customer’s inventories and orders look like.

至少從我們客戶的庫存和訂單情況來看，情況並沒有那麼糟。

In terms of the supply chain.

就供應鏈而言。

Look, we are operating in a tighter supply chain on the hard drive side.

你看，我們在硬碟上的供應鏈更加緊密地運作。

We've said that for the last couple of quarters.

過去幾季我們一直這麼說。

I think we have a great operations team that continues to be able to manage to deliver to our customers as many products as we can and we will continue to operate as such in the next few quarters.

我認為我們擁有一支出色的營運團隊，該團隊能夠繼續向我們的客戶提供盡可能多的產品，並且我們將在接下來的幾個季度繼續保持這種運作方式。

The fact that we moved to build to orders with many of our customers gives us great visibility or greater visibility than before and so that also helps in the ability to continue to deliver the products when required, when needed.

事實上，我們已開始根據許多客戶的訂單進行生產，這為我們提供了比以前更大的可視性，這也有助於我們在需要時繼續交付產品。

Thank you.

謝謝。

You're welcome.

不客氣。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yes, hi.

是的，你好。

Just to follow up on the hard disk drive side, good numbers there.

只是為了跟進硬碟方面的情況，那裡的數字不錯。

But I think as you move this capacity to create two terabyte disks, I think we were going up to 11.

但我認為，當您移動此容量來建立 2 TB 磁碟時，我認為我們會將其增加到 11。

Do you see the need to kind of push on the areal density side too as your fear is moving on the hammer side?

由於您對錘子方面的擔憂不斷增加，您是否認為也有必要在面密度方面做出努力？

Any thoughts there and then a follow up.

有任何想法都可以隨時跟進。

Yes, thanks for the question.

是的，謝謝你的提問。

We always focus on improving aerial density and performance.

我們始終專注於提高空中密度和性能。

That's something we also get a major lift from our Ultra SMR capability and we think that's a huge competitive advantage.

這也是我們從 Ultra SMR 能力中獲得的重大提升，我們認為這是一個巨大的競爭優勢。

And obviously Ultra SMR capability will be extensible even as we transition from our ePMR portfolio eventually to our HAMR portfolio as well.

顯然，即使我們最終從 ePMR 產品組合過渡到 HAMR 產品組合，Ultra SMR 功能也將是可擴展的。

Got it.

知道了。

And then on the NAND side, I know you talked about gaining more CapEx guidance at the analyst day.

然後在 NAND 方面，我知道您在分析師日談到了獲得更多資本支出指導。

Any thoughts on how you see the pricing margin kind of trend to the year?

您對今年的價格利潤趨勢有何看法？

I know probably haven't talked about that in the past.

我知道過去可能沒有談論過這個問題。

Yes, we don't talk too much about that.

是的，我們不會談論太多這個。

I mean I think what, I think I said I see going into next quarter, I see.

我的意思是，我認為我說過我看到進入下個季度，我明白。

We see some ASP headwinds but those moderating in intensity from what we saw this quarter.

我們看到 ASP 面臨一些阻力，但與本季相比，阻力的強度有所緩和。

So that's, that's a good sign as we sit here today.

所以，這對我們今天坐在這裡來說是一個好兆頭。

And this is why we're taking the supply actions we're taking is to support pricing, to get, we're seeing some headwinds here.

這就是我們採取供應行動的原因，我們採取這些行動是為了支持定價，我們在這裡看到了一些阻力。

We still have some, we still have a lot of confidence in demand as we move throughout the year.

我們仍然有一些，我們仍然對全年的需求充滿信心。

But we'll make some, some adjustments here to make sure that we bring the market back into balance and an slightly undersupplied spot as quickly as possible to support pricing and margins in the business.

但我們會在這裡做出一些調整，以確保盡快使市場恢復平衡並略微供應不足，以支持業務的定價和利潤。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yes, thanks guys for taking the question.

是的，感謝大家回答這個問題。

I'll just keep it to one, but David would love to get your or any of your view on sort of Flash, the role of Flash in hyperscale storage.

我只會說一個，但 David 很想聽聽你對 Flash 的看法，以及 Flash 在超大規模儲存中的作用。

The area that's been sort of overwhelmingly represented by Neil and Jack.

這個地區主要由尼爾和傑克代表。

There's a pretty, it's a pretty big flash vendor, systems vendor that made it pretty public announcement in December about having a hyperscale win.

有一個相當大的快閃記憶體供應商和系統供應商，該公司於 12 月公開宣布其在超大規模市場中獲勝。

And that's been a big topic of conversation over the last few months here in both businesses.

這也是過去幾個月來兩家公司討論的熱門話題。

So we'd just love to get your view on dynamics in that market.

因此，我們很想了解您對該市場動態的看法。

That's it for me, thanks.

對我來說就這樣吧，謝謝。

All right.

好的。

Yes, my position's been pretty stable here for quite some time.

是的，我在這裡的職位已經穩定了相當一段時間了。

This is use case driven.

這是用例驅動的。

There's always going to be use cases that use Flash.

總是會有使用 Flash 的用例。

There's always going to be use cases that use hard drives.

總是會有使用硬碟的用例。

That mix has been relatively stable.

這種組合一直相對穩定。

Maybe it changes a little bit simply because Flash is growing faster and you tend to see newer use cases come for Flash.

也許它會有所改變，只是因為 Flash 發展更快，你往往會看到 Flash 出現新的用例。

I think AI model training is a good one.

我覺得AI模型訓練是很好的。

That's very Flash driven type use case.

這是非常 Flash 驅動類型的用例。

However, once you start generating all that data, it's going to go back onto hard drives.

然而，一旦開始產生所有數據，它們就會回到硬碟上。

And the hard drives have a very robust roadmap as Irving talked about.

正如歐文所說，硬碟擁有非常強大的發展路線圖。

Very strong focus on aerial density.

非常關注空中密度。

Continue to drive cost downs there.

繼續降低那裡的成本。

Tremendous innovations.

巨大的創新。

The arbitrage on the cost there is going to stay the same for quite some time.

那裡的成本套利將會在相當長的一段時間內保持不變。

But Flash is going to grow a little faster.

但Flash的成長速度會更快一些。

Hard drives are going to grow.

硬碟將會越來越大。

As they say, two things can be true.

正如人們所說，有兩件事可能是真的。

They're both true and we feel very strong about both of them.

它們都是真實的，我們對它們都非常有信心。

As far as hard drives in the cloud, I'll note that we just shipped nearly 161exabytes in a quarter into the cloud.

就雲端的硬碟而言，我要指出的是，我們在一個季度內向雲端運送了近 161EB 的資料。

So this is a very big at scale business.

所以這是一項規模非常大的事業。

There's always going to be use cases where again, there's always going to be use cases in the hyperscale that come up that can be satisfied with Flash.

總是會有用例，同樣，總是會有超大規模的用例可以透過 Flash 來滿足。

We're very big fans of that.

我們非常喜歡它。

Right.

正確的。

We're very bullish on Flash as well.

我們對 Flash 也非常看好。

It doesn't mean it's at the expense of hard drives.

這並不意味著要以硬碟為代價。

It's just that's how we see the market.

這就是我們看待市場的方式。

We've called that way for years and we continue to see that dynamic playing out.

多年來我們一直這樣呼籲，並且我們繼續看到這種動態發揮作用。

It's good for both businesses.

這對於雙方企業都有利。

I mean, look, take it up a level.

我的意思是，看，將其提升一個層次。

We've got all this AI demand.

我們已經滿足了所有這些人工智慧需求。

There's been a lot of conversation about AI in the last several days.

過去幾天，人們對於人工智慧的討論很多。

As a matter of fact, some major innovations in accelerating the adoption of AI.

事實上，在加速人工智慧的應用方面有一些重大創新。

It's an area where there's an incredible amount of investment going which leads to amazing innovations.

這個領域有大量的投資，並帶來了令人驚嘆的創新。

And as this market continues to accelerate, that's going to be great for both of these businesses.

隨著這個市場持續加速發展，這對這兩家企業來說都將是件好事。

It's going to accelerate the creation of data.

它將加速數據的創建。

It increases the value of data to train more models, which increases the amount of data that gets stored.

它增加了資料的價值以訓練更多的模型，從而增加了儲存的資料量。

So this is going to drive hard drives dramatically as inference moves to the edge.

因此，隨著推理轉移到邊緣，這將極大地推動硬碟的發展。

Remember, we talk a lot about enterprise SSDs.

請記住，我們討論了很多關於企業級 SSD 的內容。

It's a very important, very big market.

這是一個非常重要、非常大的市場。

But NAND is predominantly an edge business.

但NAND主要是一項邊緣業務。

And as inference moves to the edge, it's going to drive an enormous amount of NAND consumption there as well, both in unit growth capacity per unit.

並且隨著推理轉移到邊緣，它也將推動那裡大量的 NAND 消費，無論是單位增長容量還是單位增長容量。

So we're very, very bullish on the storage market and we've seen some great dynamics here over the last year and we think this is going to continue for quite some time.

因此，我們非常看好儲存市場，並且我們在過去的一年中看到了一些很好的動態，我們認為這種情況將持續相當長的一段時間。

Thank you for all that, really appreciate it.

謝謝你所做的一切，我真的很感激。

Thank you.

謝謝。

Mark Miller, The Benchmark Company.

馬克‧米勒 (Mark Miller)，The Benchmark Company。

Thank you for the question.

感謝您的提問。

I just was wondering, are you seeing across the board supply reductions by your NAND competitors and if so, any estimate on how much they're reducing?

我只是想知道，您是否看到您的 NAND 競爭對手全面減少供應，如果是，您能估計一下他們減少了多少嗎？

I don't, I think, we don't, we don't really talk about what our competitors are doing.

我認為，我們並沒有真正談論過我們的競爭對手在做什麼。

We're going to focus on talking about our business.

我們將集中討論我們的業務。

I mean, we've been very clear about what we've been doing.

我的意思是，我們非常清楚我們在做什麼。

We see this little pause in the market.

我們看到市場出現了一點停頓。

We were very, very open about how we're going to manage the business going forward in this new era of NAND.

我們對如何在 NAND 新時代管理未來業務的態度非常非常開放。

We talked a lot about that, just about how the -- how expensive the nodal transitions are and how we have to be very disciplined on cap backs and we have to be very disciplined about how we supply the market, given just how big the market is now and how much productivity comes out of these nodal transitions.

我們對此進行了大量討論，只是談論了節點轉換的成本有多高，我們必須如何非常嚴格地控制資本回流，我們必須非常嚴格地控制我們如何供應市場，考慮到現在的市場規模以及這些節點轉換產生了多少生產力。

So that's the way we're managing the business.

這就是我們管理業務的方式。

We continue to see good demand throughout this year.

我們今年全年繼續看到良好的需求。

We continue to see a balanced, undersupplied market and we're going to take some actions just to make sure that's the case across our portfolio based on what we're seeing.

我們繼續看到市場處於平衡和供應不足的狀態，我們將根據所看到的情況採取一些行動，以確保我們的整個投資組合都是如此。

Thank You.

謝謝。

Thank you.

謝謝。

And this concludes the question-and-answer session.

問答環節到此結束。

I'd like to turn it back over to the management team for closing remarks.

我想將發言權交還給管理團隊，由他們來做最後的發言。

Thank you everybody for joining us.

感謝大家的參與。

We look forward to seeing all of you in New York here in a couple weeks and talking about these two businesses we feel very good about.

我們期待幾週後在紐約與大家見面並討論這兩家我們非常看好的企業。

We've executed this separation over the last year, and we're right here on the doorstep of launching these as two separate companies.

我們在去年就實現了這一分離，現在我們即將將其作為兩家獨立的公司推出。

And we look forward to talking to all of you about that in great detail here in just another 10, 11 days.

我們期待在接下來的 10 到 11 天裡與大家詳細討論這個問題。

So we look forward to seeing you then.

所以我們期待到時候見到您。

Thanks for joining us today.

感謝您今天加入我們。

Thank you, everyone.

謝謝大家。

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.

現在您可以斷開連接，享受美好的一天。