威騰電子 (WDC) 2025 Q3 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Western Digital's third-quarter fiscal 2025 conference call. (Operator Instructions) As a reminder, this call is being recorded.

下午好，感謝您的支持。歡迎參加西部數據2025財年第三季電話會議。（操作員指示）提醒一下，此通話正在被錄音。

Now, I will turn the call over to Mr. Ambrish Srivastava, Vice President and Investor Relations. You may begin.

現在，我將電話轉交給投資者關係副總裁 Ambrish Srivastava 先生。你可以開始了。

Thank you, and good morning, everyone. Joining me today are Irving Tan, Chief Executive Officer; and Don Bennett, Interim Chief Financial Officer.

謝謝大家，早安。今天與我一起出席的還有執行長 Irving Tan；以及臨時財務長唐貝內特 (Don Bennett)。

Before we begin, please note that today's discussion will contain forward-looking statements based on management's current assumptions and expectations which are subject to various risks and uncertainties. These forward-looking statements include expectations for our product portfolio, our business plans and performance, ongoing market trends and our future financial results. We assume no obligations to update these statements. 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. We will also make references to non-GAAP financial measures today.

在我們開始之前，請注意，今天的討論將包含基於管理層當前假設和期望的前瞻性陳述，這些假設和期望受各種風險和不確定性的影響。這些前瞻性陳述包括對我們的產品組合、我們的業務計劃和業績、持續的市場趨勢以及我們未來財務表現的預期。我們不承擔更新這些聲明的義務。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信息，請參閱我們最新的 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。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 at investor.wdc.com.

非 GAAP 與可比較 GAAP 財務指標之間的對帳資訊包含在新聞稿以及我們網站 investor.wdc.com 的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 Irving for introductory remarks.

現在，我將把電話交給歐文作開場發言。

Thanks, Ambrish. Good morning, everyone, and thank you for joining us today. I'm honored to be speaking with you for the first time as the CEO of Western Digital. It is a privilege to lead this exceptional organization. And I want to start by recognizing the outstanding work of our employees across the company who managed a complex separation process over the last several months, while also continuing to drive the strong performance we are reporting today.

謝謝，Ambrish。大家早安，感謝大家今天加入我們。我很榮幸能夠作為西部數據公司的執行長第一次與您交談。能夠領導這個卓越的組織是我的榮幸。首先，我要對公司全體員工的出色工作表示讚賞，他們在過去幾個月中完成了複雜的分離過程，並繼續推動我們今天報告的強勁業績。

Throughout that time, they remained deeply connected to our customers, continue pushing the boundaries of leading-edge innovation and sustained a strong focus on our operational excellence. This combination of customer focus, innovation and execution positions us well for the opportunities ahead.

在此期間，他們與我們的客戶保持著密切的聯繫，不斷突破前沿創新的界限，並持續高度關注我們的卓越營運。這種以客戶為中心、創新和執行的結合使我們為未來的機會做好了準備。

In the past month, we've also welcomed our new Chief Product Officer, Ahmed Shihab. Having held leadership positions at two large hyperscalers, Ahmed is a seasoned expert in cloud storage needs and requirements, making him the right present to lead our product strategy and engineering teams as we continue to drive innovation and deliver solutions that meet the evolving demands of our data-driven well. We're excited to have Ahmed join Western Digital as its customer-centric perspective and deep industry knowledge, particularly with data centers will be invaluable to us going forward.

在過去的一個月裡，我們也迎來了新任首席產品長艾哈邁德‧希哈布 (Ahmed Shihab)。Ahmed 曾在兩家大型超大規模企業擔任領導職務，是雲端儲存需求和要求方面的經驗豐富的專家，這使他成為領導我們的產品策略和工程團隊的最佳人選，因為我們將繼續推動創新並提供滿足我們數據驅動型油井不斷變化的需求的解決方案。我們很高興艾哈邁德加入西部數據，因為其以客戶為中心的視角和深厚的行業知識，尤其是數據中心方面的知識，對我們未來的發展非常寶貴。

Let me now provide you with a few updates on our business. Since stepping into this role, I've been spending a great deal of time with our customers, employees and the investment community. What's clear to me is that Western Digital has an incredibly strong foundation, a resilient business model and incredible potential to benefit from the demand in the age of AI. Even in the world marked by geopolitical uncertainty and shifting trade dynamics, one thing remains constant, the exponential growth of data from enterprise workloads to the explosion of AI-generated content, such as the millions of images and viral videos generated through AI. Data generation is accelerating at an unprecedented pace.

現在讓我向您提供一些有關我們業務的最新情況。自從我擔任這個職位以來，我花了大量時間與我們的客戶、員工和投資界打交道。我很清楚的是，西部數據擁有極其強大的基礎、有彈性的商業模式以及從人工智慧時代的需求中獲益的巨大潛力。即使在地緣政治充滿不確定性和貿易動態不斷變化的世界中，有一件事始終不變，那就是從企業工作負載的數據呈指數級增長，到人工智能生成的內容呈爆炸式增長，例如通過人工智能生成的數百萬張圖像和病毒式視頻。數據生成正在以前所未有的速度加速。

Will it comes to storing data at scale, no technology rivals the cost efficiency and reliability of HDDs. We continue to serve as the backbone of the world's data infrastructure, delivering unmatched value to mass storage needs. As we deliver our critical HDD technology to our customers, we are focused on continued innovation to provide the highest capacity drives with improved performance, energy efficiency and lower total cost of ownership.

在大規模儲存資料方面，沒有任何技術能夠與 HDD 的成本效率和可靠性相媲美。我們將繼續作為世界資料基礎設施的支柱，為海量儲存需求提供無與倫比的價值。在向客戶提供關鍵的 HDD 技術時，我們專注於持續創新，以提供具有更高性能、更高能源效率和更低整體擁有成本的最高容量驅動器。

Our industry-leading 11 disk drives with capacities of up to 26 terabytes CMR and 32 terabyte UltraSMR are now ramping rapidly with over 800,000 units shipped in the March quarter. We are also on track to ship well over 1 million units in the June quarter. The swift qualification and adoption cycle is a hallmark of our technology roadmap, demonstrating reliability, ease of implementation and scalability with fastest time to value for our customers.

我們業界領先的 11 款磁碟機，容量高達 26 TB CMR 和 32 TB UltraSMR，目前銷量正在迅速成長，3 月季度出貨量超過 80 萬台。我們還有望在六月季度出貨超過 100 萬台。快速的資格認證和採用週期是我們技術路線圖的標誌，它展示了可靠性、易於實施和可擴展性，並為我們的客戶提供了最快的價值實現時間。

On HAMR, we remain on track with respect to our milestones and roadmap that we communicated at our Investor Day in February. We are working closely on HAMR with two hyperscale customers and continue to receive encouraging ongoing feedback on our drives. Let me now turn to our quarterly results. For the third fiscal quarter, Western Digital delivered revenue of $2.3 billion, non-GAAP gross margin of 40.1% and non-GAAP earnings per share of $1.36. Free cash flow for the quarter was $436 million.

在 HAMR 方面，我們仍按照我們在二月投資者日上傳達的里程碑和路線圖進行。我們正與兩家超大規模客戶就 HAMR 展開密切合作，並繼續收到有關我們驅動器的令人鼓舞的持續反饋。現在讓我來談談我們的季度業績。第三財季，西部數據營收為 23 億美元，非公認會計準則毛利率為 40.1%，非公認會計準則每股收益為 1.36 美元。本季自由現金流為4.36億美元。

At our Investor Day, we outlined the three pillars of our shareholder-friendly capital allocation approach. They are, to reinvest in the business, reduce debt and return cash to our shareholders. On April 14, we redeemed $1.8 billion of our 2026 senior notes, thus further strengthening our balance sheet. I'm also pleased to announce that we are initiating a quarterly dividend of $0.10 per share in our fiscal Q4. These actions are underpinned by our strong belief in the strength and durability of our business.

在我們的投資者日，我們概述了股東友善資本配置方法的三大支柱。它們是：對業務進行再投資、減少債務並向股東返還現金。4月14日，我們贖回了18億美元的2026年優先票據，進一步增強了我們的資產負債表。我還很高興地宣布，我們將在第四財季派發每股 0.10 美元的季度股息。這些行動源自於我們對業務實力和持久性的堅定信念。

Don will cover this in greater detail in his remarks.

唐將在他的演講中更詳細地闡述這一點。

Now turning to our outlook. First, I want to acknowledge the current environment, which remains highly uncertain and volatile, driven in a large part by tariffs and global trade tensions. At Western Digital, we are addressing these challenges on two fronts. In the near term, we've established cross-functional teams to minimize disruption and mitigate the impact of tariffs on our customers and operations. At the same time, we're taking a strategic view, evaluating the longer-term implications of supply chain shifts to ensure we stay agile, resilient and are well positioned for the future.

現在轉向我們的展望。首先，我要承認當前的環境仍然高度不確定和動盪，很大程度上受到關稅和全球貿易緊張局勢的影響。在西部數據，我們從兩個方面來應對這些挑戰。短期內，我們將建立跨職能團隊，以盡量減少干擾並減輕關稅對我們的客戶和營運的影響。同時，我們從策略角度評估供應鏈轉變的長期影響，以確保我們保持敏捷、有彈性，並為未來做好充分準備。

Though the broader environment has some uncertainty, demand from our hyperscale customers remains robust in a tight supply environment.

儘管整體環境存在一些不確定性，但在供應緊張的環境下，我們的超大規模客戶的需求仍然強勁。

We are thankful to our customers who increasingly recognize the complexity of the HDD supply chain and are partnering with us to provide visibility into their future needs. This collaboration enables us to plan more effectively. And we now have long-term agreements to extend through the first half of calendar year 2026 with two of our largest customers. However, there are areas such as in the enterprise and in certain parts of our distribution and retail business, where there could be more uncertainty with respect to demand, driven largely by the current tariff environment. Taking these factors into account and looking ahead into the fiscal fourth quarter, we expect sequential revenue growth driven by sustained strength in data center demand.

我們感謝我們的客戶，他們越來越認識到 HDD 供應鏈的複雜性，並與我們合作以了解他們的未來需求。此次合作使我們能夠更有效地進行規劃。目前，我們與兩位最大的客戶簽訂了長期協議，有效期將延長至 2026 年上半年。然而，在企業和分銷及零售業務的某些部分等領域，需求方面可能存在更多不確定性，這主要受到當前關稅環境的影響。考慮到這些因素並展望第四財季，我們預計在資料中心需求持續強勁的推動下，營收將實現連續成長。

We continue to work closely our customers to align with their long-term requirements, while delivering the best possible total cost of ownership.

我們將繼續與客戶密切合作，以滿足他們的長期需求，同時提供盡可能最佳的整體擁有成本。

Let me now turn the call over to Don who will discuss our fiscal third quarter results and fiscal fourth quarter guidance in more detail.

現在，我將把電話轉給唐，他將更詳細地討論我們的第三財季業績和第四財季指引。

Thank you, Irving, and good morning, everyone. In the fiscal third quarter, Western Digital delivered strong financial results and successfully completed the planned separation of the company's Flash business on February 21. As such, the historical results for the Flash business segment are reported as discontinued operations and excluded from these results unless otherwise noted in my comments.

謝謝你，歐文，大家早安。西部數據第三財季取得了強勁的財務業績，並於2月21日成功完成了公司快閃記憶體業務的計畫分離。因此，Flash 業務部門的歷史結果被報告為已終止經營的業務，並且不包含在這些結果中，除非我的評論中另有說明。

Total revenue for the quarter was $2.3 billion, down 5% sequentially and up 31% year over year. Non-GAAP earnings per share was $1.36, driven by gross margin of 40.1%, disciplined cost management and tax benefits. Total exabytes shipments were down 6% sequentially, driven by lower nearline shipments related to deployment plans of our customers. Average price per unit increased 4% sequentially to $179. Looking at end market cloud represented 87% of total revenue at $2.0 billion, down 4% sequentially and up 38% year over year.

本季總營收為 23 億美元，季減 5%，年增 31%。非公認會計準則每股收益為 1.36 美元，受 40.1% 的毛利率、嚴格的成本管理和稅收優惠的推動。由於客戶的部署計畫導致近線出貨量下降，EB 總出貨量較上季下降 6%。平均單位價格季增 4%，達到 179 美元。從終端市場來看，雲端運算佔總營收的 87%，達到 20 億美元，季減 4%，年增 38%。

On a sequential basis, the decline was due to a 6% reduction in nearline byte shipments to 145 exabytes, while pricing per unit in cloud was up 5%. On a year-over-year basis, both revenue and byte shipments grew at 38% and 32%, respectively, driven by the strength of our product portfolio.

與上一季相比，下降的原因是近線位元組出貨量減少 6% 至 145 EB，而雲端運算每單位價格上漲 5%。與去年同期相比，由於我們產品組合的強勁增長，收入和字節出貨量分別增長了 38％ 和 32％。

Client represented 6% of total revenue at $137 million, down 2% on both a sequential and year-over-year basis compared to last quarter and last year, revenue was down due to lower unit shipments. Consumer represented 7% of revenue at $150 million, down 13% sequentially and 4% year over year. The sequential decline in consumer was primarily due to lower unit shipments, while year over year, the decrease was largely due to pricing.

客戶收入佔總收入的 6%，為 1.37 億美元，與上一季和去年相比，環比和​​年比均下降 2%，收入下降是由於單位出貨量下降。消費者業務佔總營收的 7%，為 1.5 億美元，比上一季下降 13%，比去年同期下降 4%。消費性產品銷售的環比下降主要是由於單位出貨量下降，而年減主要是由於定價因素。

Moving to the rest of the income statement. Please note, my comments will be related to non-GAAP results on a continuing operations basis, unless stated otherwise. Gross margin for the fiscal third quarter was 40.1%. Sequentially, gross margin improved 1.7 percentage points ahead of our guidance of 50 basis points improvement. Operating expenses were down sequentially to $324 million.

轉到損益表的其餘部分。請注意，除非另有說明，我的評論將與持續經營基礎上的非 GAAP 結果相關。第三財季毛利率為40.1%。環比而言，毛利率提高了 1.7 個百分點，高於我們預期的 50 個基點的提高。營運費用環比下降至 3.24 億美元。

Our results demonstrate continued focus on cost discipline, as we concluded our business separation process. Operating income was $596 million, up 85 basis points sequentially, driven by higher gross margin and lower operating expenses, partially offset by lower revenue.

我們的結果表明，隨著我們完成業務分離流程，我們繼續專注於成本約束。營業收入為 5.96 億美元，比上一季增長 85 個基點，這得益於毛利率上升和營業費用下降，但被收入下降部分抵消。

Operating margin was 26.0%, up 1.5 percentage points sequentially and up 17.3 percentage points on a year-over-year basis. Income tax expense was $12 million, and the effective tax rate for the fiscal third quarter was 2%. The decline in the company's effective tax rate from guidance is a result of the recognition of onetime deferred tax benefits in conjunction with the separation of the Flash business.

營業利益率為26.0%，較上一季成長1.5個百分點，較去年同期成長17.3個百分點。所得稅費用為 1,200 萬美元，第三財季有效稅率為 2%。公司有效稅率較預期有所下降，是由於在分離 Flash 業務的同時確認了一次性遞延稅項收益。

Turning to the balance sheet. At the end of our fiscal third quarter, cash and cash equivalents were $3.5 billion and total liquidity was $4.7 billion, including undrawn revolver capacity. Gross debt outstanding was $7.4 billion at the end of the fiscal third quarter. Inventory was $1.3 billion, representing 86 days of inventory, up $63 million sequentially and down $174 million on a year-over-year basis. Our net leverage ratio at the end of the fiscal third quarter was 1.7 times.

轉向資產負債表。截至我們第三財季末，現金和現金等價物為 35 億美元，總流動資金為 47 億美元，其中包括未提取的循環信貸額度。第三財季末未償還債務總額為 74 億美元。庫存為 13 億美元，相當於 86 天的庫存，比上一季增加 6,300 萬美元，比去年同期減少 1.74 億美元。我們第三財季末的淨槓桿率為1.7倍。

Please note after the close of the March quarter we successfully redeemed $1.8 billion of our 2026 senior notes using cash on hand. The redemption reflects our commitment to strengthening the balance sheet and achieving our target net leverage ratio of 1.0 to 1.5 times as outlined at our Investor Day. Operating cash flow for the fiscal third quarter was $508 million and cash capital expenditures represented a cash outflow of $72 million, resulting in free cash flow generation of $436 million for the quarter. Please note that this is on a consolidated basis for the quarter.

請注意，在三月季度結束後，我們利用庫存現金成功贖回了 18 億美元的 2026 年優先票據。此次贖回體現了我們致力於加強資產負債表和實現投資者日所概述的 1.0 至 1.5 倍的目標淨槓桿率的承諾。第三財季的營運現金流為 5.08 億美元，現金資本支出代表現金流出 7,200 萬美元，導致本季的自由現金流產生 4.36 億美元。請注意，這是本季度的合併數據。

As Irving highlighted in his opening remarks, we are pleased to announce that we are initiating a quarterly dividend of $0.10 per share, reflecting the strength of our balance sheet and confidence in the long term cash generating ability of our business. This decision underscores our commitment to delivering value to our shareholders.

正如歐文在開場白中所強調的那樣，我們很高興地宣布，我們將開始派發每股 0.10 美元的季度股息，這反映了我們資產負債表的強勁以及對我們業務長期現金創造能力的信心。這項決定強調了我們致力於為股東創造價值的承諾。

I'll now turn to the fiscal fourth quarter non-GAAP guidance. This guidance includes our current anticipated or known tariff-related impacts on our business in this period.

現在我將轉向第四財季非公認會計準則指引。該指引包括我們目前預期或已知的關稅對本期間業務的影響。

We anticipate revenue to be $2.45 billion, plus or minus $150 million. Gross margin is expected to be between 40% and 41%. We expect operating expenses to increase slightly on a sequential basis to a range of $330 million to $340 million dollars. The increase is due to the variable compensation reflecting improvement in the underlying business, hiring to fill critical open positions resulting from the business separation and increased investments in research and development.

我們預計營收為 24.5 億美元，上下浮動 1.5 億美元。預計毛利率在40%至41%之間。我們預計營運費用將環比小幅增加至 3.3 億美元至 3.4 億美元之間。增加的原因是浮動薪酬反映了基礎業務的改善、招聘以填補因業務分離而產生的關鍵空缺職位以及研發投資的增加。

As a result, our first fiscal quarter in FY26 will have 14 weeks. In addition, we expect the tax rate for FY26 to be between 16% and 18%.

因此，我們的 26 財年第一財季將有 14 週。此外，我們預計26財年的稅率將在16%至18%之間。

In closing, Western Digital is well positioned to navigate the current dynamic environment. We remain focused on creating value for our stakeholders and investing in our future to capture the significant growth in data ahead. while maintaining a healthy supply and demand environment.

最後，西部數據已做好充分準備來應對當前的動態環境。我們始終致力於為利害關係人創造價值，並投資未來，以抓住未來數據的顯著成長。同時保持健康的供需環境。

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

說完這些，我現在將電話轉回給歐文。

Thanks, Don. Western Digital's results this quarter and guidance reflect the ongoing structural transformation of our business with continued progress towards a business that delivers sustained profitability. We continue to maintain strong conviction in the business and are confident that we will weather this uncertainty and come out even stronger.

謝謝，唐。西部數據本季的業績和預期反映了我們業務的持續結構轉型，並繼續朝著實現持續盈利的業務邁進。我們繼續對業務保持堅定的信念，並相信我們將度過這種不確定性並變得更強大。

With that, let's now begin the Q&A.

現在讓我們開始問答環節。

Thank you, Irving. Operator, you can now open the line to questions, please. (Event Instructions) Operator?

謝謝你，歐文。接線員，您現在可以接聽電話詢問了。（活動說明）操作員？

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作員指示） 摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Congrats on the nice quarter at the gate. Instead of asking a demand question, I wanted to actually ask about capital allocation. And so Irving, you have a dividend yield of about 1% soon to be lower than that given how your stock is trading in the premarket, that's about $100 million annual cash outflow. Can you maybe just help us understand how we should be thinking about both dividend growth going forward, given it seems like you have some capacity there, but then also maybe how you're thinking about potential share buybacks. And I know your intent is to delever with the SanDisk stake.

恭喜您在門口度過了愉快的時光。我實際上想問的不是需求問題，而是資本配置問題。因此，歐文，鑑於你的股票在盤前交易的情況，你的股息收益率約為 1%，很快就會低於這一水平，這相當於每年約 1 億美元的現金流出。您能否幫助我們理解我們應該如何考慮未來的股息成長，因為您似乎在這方面有一定的能力，但也許您又是如何考慮潛在的股票回購的。我知道您的意圖是利用 SanDisk 股份來降低槓桿率。

But just help us understand on the cash return side to equity holders, how we could be thinking about the cadence of both dividend growth and buybacks.

但只是幫助我們了解股東的現金回報方面，我們如何考慮股息成長和回購的節奏。

Yes, Erik, thanks for the question, and I appreciate it. Well, as we laid out at our Investor Day, our goal is to get our net leverage down to the 1.5 times range. And once we're there, we intend to return 100% of our excess cash to our shareholders, and that will be in the form of both dividend and share buybacks. As we also indicated at Investor Day, which we have honored and committed to today, we're starting off with a relatively small dividend to begin with. And then as we progress, we'll look to increase that and complement that with buybacks as well.

是的，艾瑞克，謝謝你的提問，我很感激。正如我們在投資者日上所述，我們的目標是將淨槓桿率降至 1.5 倍左右。一旦實現這一目標，我們打算將 100% 的剩餘現金返還給股東，形式包括股息和股票回購。正如我們在今天的投資者日上所表明的那樣，我們一開始將以相對較少的股息開始，我們對此表示敬意並承諾。然後，隨著我們的進步，我們將尋求增加這一點，並透過回購來補充這一點。

So stay tuned for that.

因此請繼續關注。

Erik, did you have a follow-up.

艾瑞克，你有後續消息嗎？

Yes, just the quick follow-up was Irving, what I hear from you is kind of more visibility because of some of these LTAs. And I'm just -- and I'm curious, with customers now giving you some indications into the first half of calendar '26, does that mean you have enough visibility to expect revenue margins and EPS sequential growth through calendar '25? Or is it too early to make that call?

是的，接下來的快速跟進是歐文，我從您那裡聽到的是由於其中一些長期協議的出現，知名度有所提高。我只是 — — 我很好奇，現在客戶給你提供了 26 年上半年的一些跡象，這是否意味著你有足夠的預見性來預期 25 年的收入利潤率和每股收益的連續增長？或者說現在做出這個判斷還太早？

Yes, Erik, thanks. Well, I think the shift to LTAs has given us greater visibility. And as I highlighted in my opening comments. We now have two hyperscale customers that have given us LTAs up to the first half of calendar '26. And that's really helped us plan our supply chain appropriately, along with the CapEx investments that we need to -- it gives us a lot more confidence in the business.

是的，艾瑞克，謝謝。嗯，我認為轉向長期協議讓我們獲得了更大的知名度。正如我在開場白中所強調的。我們現在有兩家超大規模客戶，他們已經向我們提供了截至 26 年上半年的長期協議。這確實幫助我們適當地規劃我們的供應鏈以及我們需要的資本支出投資——它讓我們對業務更有信心。

And so as I've highlighted in the past, I think especially when it comes to the hyperscaler business, we see demand continuing to be strong and robust throughout the calendar year '25 and now, as I mentioned, into the middle of calendar year '26 as well.

正如我過去所強調的那樣，我認為特別是在超大規模業務方面，我們看到需求在整個 2025 日曆年以及現在（正如我所提到的）到 2026 日曆年中期都將持續強勁增長。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Congrats on the first quarter out of the gate. In the comments around the guidance you guys alluded to into the fiscal fourth quarter, you did point out that it reflected all known or anticipated tariff impact. I'm curious if you could unpack that a little bit I believe the majority, if not all, of your manufacturing footprint is in Thailand. So just curious on how you're thinking about how your best assessment of what these tariff impacts might be or any indications that you've seen with customers at this point?

恭喜第一季取得圓滿成功。在你們提到的第四財季指引的評論中，你們確實指出它反映了所有已知或預期的關稅影響。我很好奇，您是否可以稍微解釋一下，我相信您的大部分（如果不是全部）製造業務都在泰國。所以我只是好奇您如何看待這些關稅影響的最佳評估，或者您目前從客戶身上看到的任何跡象？

Yes, Aaron, thanks for the question and good to hear from you again. Well, in Q4, we don't anticipate any direct tariff impact in relation to its translation into pricing or cost to customers. But where, as we've highlighted in our prepared statements, we do see some potential demand uncertainty in the enterprise distribution and retail segments of the business just due to the unpredictability and volatility, and you would have heard a lot of comments in the marketplace around enterprises and consumers sort of pausing or holding back on making purchases as well. So factoring all that in, that's the guide that we gave. But again, the growth that we've guided to is really driven primarily by the strength that we continue to see in the data center, specifically in our hyperscale business.

是的，Aaron，感謝您的提問，很高興再次收到您的來信。嗯，在第四季度，我們預計關稅不會對定價或客戶成本產生任何直接影響。但是，正如我們在準備好的聲明中所強調的那樣，我們確實看到企業分銷和零售業務領域存在一些潛在的需求不確定性，這是由於不可預測性和波動性造成的，而且您可能已經聽到市場上有很多關於企業和消費者暫停或抑制購買的評論。考慮到所有這些因素，這就是我們給出的指南。但同樣，我們預期的成長實際上主要受到資料中心（特別是超大規模業務）持續成長的推動。

And Aaron, I'll just add that in Irving's prepared remarks, we talked about establishing cross-functional teams to minimize disruption and mitigation to both our customers as well as our internal operations. Additionally, we're taking a strategic view on looking at multiple alternatives, depending on what the tariff situation looks like tomorrow or in mid-May or June, whatever the next round of tariff guidance comes out on our products. As you know, we're part of the semiconductor group. We currently have 0% tariff on our products.

亞倫，我只想補充一點，在歐文的準備好的演講中，我們談到了建立跨職能團隊，以最大限度地減少對我們的客戶和內部運營的干擾和緩解。此外，我們正在從戰略角度考慮多種替代方案，具體取決於明天或五月中旬或六月的關稅情況，無論下一輪針對我們產品的關稅指導如何。如您所知，我們是半導體集團的一部分。我們目前對我們的產品徵收0%的關稅。

Aaron, did you have a follow-up?

亞倫，你有後續消息嗎？

Yes, I do. Thanks, Ambrish. When I think about the gross margin, right, 40.1%, I think at the Analyst Day, you talked about 38% plus is kind of being the longer-term model. When I look at the guidance into this next quarter, if my math is right, it looks like the incremental margin that you're alluding to is like north of 45%. So I guess my question is, is there anything structurally in the business or kind of the path forward that keeps us from thinking that gross margin could trend into that mid-40%, if not higher range overtime?

是的，我願意。謝謝，Ambrish。當我考慮毛利率時，對，40.1%，我認為在分析師日，你談到的 38% 以上是一種長期模型。當我查看下一季度的指導時，如果我的計算正確的話，看起來您所暗示的增量利潤率就在 45% 以上。所以我想我的問題是，業務結構上或前進道路上是否存在什麼因素，使我們無法認為毛利率會趨向於 40% 左右，甚至更高的水平？

Yes. I think, Aaron, on -- at Investor Day, we provided a guide or a model on gross margin, that was a floor of 38%, and that's over a five-year period. As you know, they are market vagaries and ups and downs along the way. So 38% was the floor. We obviously were able to deliver very strong gross margins this quarter.

是的。我認為，Aaron，在投資者日，我們提供了一份毛利率指南或模型，其下限是 38%，這是五年期間的毛利率。如你所知，市場瞬息萬變，一路跌宕起伏。所以 38% 是底線。我們本季顯然能夠實現非常強勁的毛利率。

We crossed the 40% threshold. And that's really driven by the value that customers see in the technology that we are providing them as well as very strong operational discipline and also pricing discipline that we've experienced within the market. So we -- as we continue to currently deliver total cost of ownership value to our customers, innovation capability, whilst maintaining their operational discipline within the customers -- within our operations, sorry, we see gross margins continuing to remain strong.

我們突破了40%的門檻。這實際上是由客戶在我們為他們提供的技術中所看到的價值以及我們在市場上經歷的非常嚴格的營運紀律和定價紀律所驅動的。因此，當我們繼續向客戶提供總擁有成本價值和創新能力，同時在客戶內部保持營運紀律時——在我們的營運中，很抱歉，我們看到毛利率繼續保持強勁。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

For my first question. I know you have focus on technology transitions to drive exabyte demand from here. However, what are the hurdles for you to add manufacturing capacity? Is it driven by a certain visibility you have on LTAs or other things we should consider.

我的第一個問題。我知道您一直致力於技術轉型，以推動艾字節需求。然而，增加製造能力面臨哪些障礙？這是由您對長期協議的某種了解還是我們應該考慮的其他事情所驅動的？

Yes. Thanks for the question, Karl. A lot of our exabyte growth has really been driven by air density improvement and technology improvement as we've highlighted, our UltraSMR technology, which is unique to us, gives us a 20% capacity uplift over the standard recording media. So our ability to deliver incremental exabytes without having to put in CapEx in terms of more production units has been one of the big differentiators that we've been able to create.

是的。謝謝你的提問，卡爾。正如我們所強調的，我們的 EB 成長很大程度上是由空氣密度的提高和技術的改進所推動的，我們獨有的 UltraSMR 技術使我們的容量比標準記錄介質提高了 20%。因此，我們能夠提供增量 EB 數據，而無需投入更多生產單位的資本支出，這是我們能夠創造的一大差異化因素。

And so that's an area that we continue to invest in. In our R&D function to continue to drive greater air density performance, we've recently just launch our 26 and 32 terabytes industry-leading platforms and will bring out in the next few months our 28 and 36 terabyte platforms as well. So those increases to air density will continue to enable us to deliver exabyte growth without having to invest in CapEx for additional unit growth.

因此，這是我們將繼續投資的領域。在我們的研發功能中，為了繼續推動更高的空氣密度性能，我們最近剛推出了 26 和 32 TB 行業領先平台，並將在未來幾個月推出我們的 28 和 36 TB 平台。因此，空氣密度的增加將繼續使我們能夠實現艾字節的成長，而無需投資資本支出來實現額外的單位成長。

Do you have a follow-up, Karl.

卡爾，你還有後續問題嗎？

I do, Ambrish, please. Thanks for that, Irving. I wanted to follow up on the comments you made with regard to LTAs. It sounds like demand for hyperscale is quite good and has strong visibility into the first half of '26. However, I was hoping you could provide a bit more color on the growth curve of private cloud and SMB customers.

是的，Ambrish，謝謝。謝謝你，歐文。我想跟進您關於長期協議的評論。聽起來對超大規模的需求相當不錯，並且在 26 年上半年具有很強的可預見性。不過，我希望您能提供更多關於私有雲和 SMB 客戶的成長曲線的資訊。

I'm curious whether you have seen perhaps any pull forward in counter Q2 ahead of tariffs? And secondarily, how you think about the demand dynamic for those customers in the second half?

我很好奇，您是否看到關稅前第二季的反傾銷增加？其次，您如何看待下半年這些顧客的需求動態？

Thank you. We definitely do see opportunities, especially in sovereign clouds and private clouds going forward. Even in the age of AI, where the primary beneficiaries have been the large hyperscalers, we also see growth sort of at the edge happening. So that's an opportunity that we look to pursue going forward as well as a growth driver. We haven't seen any pull forwards.

謝謝。我們確實看到了機遇，特別是在未來的主權雲和私有雲領域。即使在人工智慧時代，主要受益者是大型超大規模企業，我們也看到邊緣成長的發生。因此，這是我們期待抓住的機會，也是成長動力。我們還沒有看到任何向前的拉動。

The linearity that we saw within Q3 was very consistent with the linearity that we've seen in the past. And then also as we look at sequential quarter-on-quarter growth very consistent with what we've seen in the past. So no real change in terms of pull-ins both last quarter and what we see happening in this quarter as well.

我們在第三季看到的線性與我們過去看到的線性非常一致。然後，我們再看看連續的季度環比成長，發現與我們過去看到的非常一致。因此，無論是上個季度還是本季度，吸引力方面都沒有真正的變化。

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

I guess to follow up on the prior question, I was hoping you could speak a bit about supply and what kind of exabyte growth you can get just from delivering higher capacity drives. And I guess what is the time frame where you would potentially consider adding more capacity?

我想繼續前面的問題，我希望您能談談供應情況，以及透過提供更高容量的硬碟可以獲得什麼樣的 EB 成長。我想問一下，您會在什麼時間範圍內考慮增加更多容量？

Thanks for the question, C.J. Look, we feel confident right now with the forecast that we have and the outlook that we see in terms of exabyte growth. We are able to deliver that through, again, the technology and innovation we are delivering that provides us that capacity uplift without putting in any capacity, if there was any need to put in any capacity, it would probably be more on the hidden media side of the house, but we don't anticipate any capacity investments in those areas for the near term.

感謝 C.J. 的提問。您看，我們現在對我們的預測以及我們所看到的 EB 成長前景充滿信心。我們能夠透過我們提供的技術和創新來實現這一目標，這些技術和創新為我們提供了容量提升，而無需投入任何容量，如果需要投入任何容量，它可能更多地是在隱藏媒體方面，但我們預計短期內不會在這些領域進行任何容量投資。

And CJ, I'll just add that in this uncertain environment, we're very tightly managing our capital expenditures and we're -- we continue to manage the business to the low end of our guidance range of 4% to 6%.

CJ，我只想補充一點，在這種不確定的環境中，我們正在嚴格管理我們的資本支出，並且我們將繼續將業務管理在 4% 至 6% 的指導範圍的低端。

Do you have a follow-up, CJ?

您還有後續消息嗎，CJ？

I do, Ambrish. I guess could you speak to gross margins? Obviously, great results and guide. Curious in terms of the drivers from here, is there still kind of a fixed cost benefit that would arise? Or is it really all about higher capacity drives delivering higher ASPs?

是的，安布里什。我想您可以談談毛利率嗎？顯然，結果和指導都很棒。好奇的是，就這裡的驅動因素而言，是否還會產生某種固定的成本效益？或者這真的只是關於更高容量的驅動器提供更高的平均售價嗎？

Is that the main driver? Or are there other factors that we should consider?

這是主要驅動因素嗎？或者我們還應該考慮其他因素嗎？

Yes. CJ, you hit it right. It's really about the product technology that we're delivering to our customers. We continue to add TCO benefit to them, and we're participating in that value that we're bringing to the customers. We're tightly matching supply and demand.

是的。CJ，你說對了。這實際上與我們向客戶提供的產品技術有關。我們將繼續為他們增加 TCO 效益，我們也為客戶帶來這一價值。我們正在緊密匹配供需。

So we're not going to see great impact from increased production over time because we're very tight in our supply allocation. So it's really about delivering value to our customers through technology and continue to drive leading-edge products at scale.

因此，我們不會看到產量隨時間增加而產生的巨大影響，因為我們的供應分配非常緊張。因此，這實際上是透過技術為我們的客戶提供價值，並繼續大規模地推動尖端產品的發展。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Nice results here. Irving, if I heard right, the potential for some enterprise slowdown driven by tariffs. I was curious, have you seen anything in your order patterns to suggest that? Or is this sort of more anticipatory in terms of what could happen if a tariff regime became more onerous.

結果不錯。歐文，如果我沒聽錯的話，關稅可能會導致一些企業放緩。我很好奇，您在訂單模式中看到任何表明這一點的東西嗎？或者說，這是否更具預見性，可以預測如果關稅制度變得更加繁重會發生什麼。

Yes. Thanks for the question, Wamsi. It's more the latter, right? We haven't seen any slowdown just yet, but obviously, there is demand uncertainty because of the tariffs. And obviously, we've heard a lot of news coming out of enterprises and earnings over the last few days around customers being a bit more cautious in terms of spending and capital investments as well.

是的。謝謝你的提問，Wamsi。更像是後者，對吧？目前我們還沒有看到任何放緩，但顯然，由於關稅，需求存在不確定性。顯然，過去幾天我們聽到了很多來自企業和收益的消息，顯示客戶在支出和資本投資方面也更加謹慎。

So given that, we've just factored that into the guide. But nothing untowards for the time being. That's how we just widen the range in terms of our guide for Q4.

因此，考慮到這一點，我們已將其納入指南中。但目前還沒有什麼不愉快的事。這就是我們如何擴大第四季度指南的範圍。

A follow-up, Wamsi?

還有後續嗎，Wamsi？

Yes. Thanks, Ambrish. Maybe for Don, as you look into the September quarter, where you're calling out the 14 weeks, any parameters you can help us think through in terms of revenue and OpEx into that quarter, please?

是的。謝謝，Ambrish。也許對唐來說，當您研究 9 月份的季度時，也就是您所說的 14 週，您能幫助我們思考一下該季度的收入和營運支出方面的任何參數嗎？

Yes. So we guide one quarter at a time, but the reason I mentioned a 14-week is because, obviously, we'll have 14 weeks of expenses typically our customers order on a quarterly basis. So the revenue will be -- it will follow typical seasonal patterns. But at this point, we're not guiding revenue for that quarter.

是的。因此，我們每次指導一個季度，但我提到 14 週的原因是因為，顯然，我們會有 14 週的開支，通常我們的客戶是按季度訂購的。因此收入將遵循典型的季節性模式。但目前，我們還沒有公佈該季度的營收預期。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Great quarter, by the way. Just there seems to be some concerns like just around hyperscalers. I know your competitor talked about demand being very strong there as well and good visibility. Just anything on why you don't think this could be double ordering? Anything as it relates to pricing negotiations that would limit the impact if indeed there was any double ordering?

順便說一句，這是一個很棒的季度。只是似乎存在一些擔憂，例如圍繞超大規模的問題。我知道您的競爭對手也說過那裡的需求非常強勁，知名度很高。為什麼您認為這不是重複訂購？與定價談判有關的任何事情都可以限制重複訂購造成的影響嗎？

Yes. Thanks for the question, Asiya. We definitely don't see any double ordering at this time as I think one of the key things is we are in a very tight supply demand environment. So even if there were double orders, I think we will be challenged to fulfill them, right now. And I think, more importantly, the demand profile that we are seeing given the LTA visibility that we have all the way to middle of 2026 is -- we are seeing order patterns very much follow the LTA demand.

是的。謝謝你的提問，Asiya。我們目前肯定沒有看到任何重複訂購，因為我認為關鍵因素之一是我們處於非常緊張的供需環境中。因此，即使有雙重訂單，我認為我們現在也面臨著完成這些訂單的挑戰。我認為，更重要的是，鑑於我們對 2026 年中期 LTA 的可見性，我們看到的需求概況是 - 我們看到訂單模式非常符合 LTA 需求。

So there's nothing really abnormal. As Don mentioned, it follows very much both seasonality quarter to quarter and linearity within quarter as well. So we don't see any double ordering. If anything on pricing, obviously, as we transition to new platforms that always gives us an ability to deliver better TCO value to our customers and the opportunity for us to deliver greater pricing upside as well.

所以並沒有什麼不正常的事。正如唐所提到的，它既遵循季度間的季節性，也遵循季度內的線性。因此我們沒有看到任何重複排序。如果在定價方面有什麼變化的話，顯然，當我們過渡到新平台時，我們總是能夠為客戶提供更好的 TCO 價值，同時也有機會提供更大的定價優勢。

Asiya, did you have a follow-up?

Asiya，你有後續消息嗎？

Yes, sure. On gross margins, it was better than expected in the current quarter that you reported. Why can't gross margins do similar incremental step up, you are seeing better revenues in the June quarter? And then as you think about the remainder of the calendar or the fiscal '26, should we continue to expect margin expansion from these levels?

是的，當然。就毛利率而言，您報告的本季業績優於預期。為什麼毛利率不能實現類似的增量成長，而你們在 6 月季度的營收卻有所改善？然後，當您考慮日曆的剩餘時間或 26 財年時，我們是否應該繼續預期利潤率從這些水準擴大？

Yes. Thanks for the question. I think the strong gross margins that we have delivered and also guided to is a reflection of the value that we bring to our customers, particularly through the technology enhancements that really gives them both better TCO, but also very fast time to value. And that's what we continue to focus on. And if we are able to continue to deliver that innovation, continue to deliver that total cost of ownership benefit and giving them fast time to value.

是的。謝謝你的提問。我認為，我們所實現的以及預期的強勁毛利率反映了我們為客戶帶來的價值，特別是透過技術增強，這不僅真正為他們帶來了更好的總體擁有成本 (TCO)，而且還讓他們能夠非常快速地實現價值。這正是我們持續關注的重點。如果我們能夠繼續提供這種創新，繼續提供整體擁有成本優勢並讓他們快速實現價值。

We don't see any reason why gross margin could expand going forward as well. So that's our focus. We don't worry too much about the gross margin but continue to focus on delivering value to our customers, and I think the gross margin will flow from that.

我們看不出未來毛利率還會繼續擴大的任何理由。這就是我們的重點。我們不會太擔心毛利率，而是繼續專注於為客戶提供價值，我認為毛利率將由此而來。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

I guess maybe just to stop on the tariff dynamic, I realize you don't have much of an impact on tariff right now. But as you're signing these LTAs in 2026, can you talk about if you sort of have tariff escalators embedded in them to ensure you can pass through the cost of these to your customers? Or would that be a difference sort of discussions to be had once you know what the tariff scenario looks like?

我想也許只是為了停止關稅動態，我意識到你現在對關稅沒有太大的影響。但是，由於您將在 2026 年簽署這些長期協議，您能否談談其中是否嵌入了關稅升級機制，以確保您可以將這些成本轉嫁給您的客戶？或者，一旦您了解了關稅情況，這是否會是一種不同的討論？

Yes. Thanks for the question. We are obviously working very closely with our customers. As we all know, I think the situation is evolving on a daily basis and extremely fluid. So it's hard for us to really speculate what the outcome would be.

是的。謝謝你的提問。我們顯然正在與客戶密切合作。眾所周知，我認為局勢每天都在變化，而且極不穩定。因此我們很難真正推測結果會是什麼。

Right now, as I mentioned in my prepared remarks and Don emphasized as well, we have teams that are working across the company closely with our customers to really understand how we can mitigate the impacts of tariffs and also any supply disruptions in the near term. And then in the long term, we're also evaluating with them what their supply chain shifts may be so that we can also align to that. So we are also prepared both from an agility, resiliency and long-term readiness perspective to be able to work for our customers as they shift their supply chains to be able to best support them as well.

目前，正如我在準備好的演講中提到的以及唐也強調的那樣，我們公司的各個團隊正在與客戶密切合作，以真正了解如何減輕關稅以及短期內任何供應中斷的影響。從長遠來看，我們也會與他們一起評估他們的供應鏈可能發生的變化，以便我們也能與之保持一致。因此，我們也從敏捷性、彈性和長期準備的角度做好了準備，以便在客戶轉變供應鏈時能夠為他們提供服務，從而能夠為他們提供最佳支援。

Amit, did you have a follow-up?

阿米特，你有後續消息嗎？

I do. And then maybe just on the HAMR side, I think you folks mentioned you're working with two cloud customers at this point on HAMR. Just any sense on when you expect these qualifications to happen, and as you work towards them, should we think of some sort of upside bias to your R&D or OpEx investments through that process?

我願意。然後也許只是在 HAMR 方面，我想你們提到過，目前你們正在與兩家雲端客戶就 HAMR 展開合作。您預計這些資格何時能夠實現，當您為此努力時，我們是否應該考慮透過此過程對您的研發或營運支出投資產生某種上行影響？

I think we've laid it out very clearly at Investor Day. We are looking to start qualification in the second half of calendar year '26 and then ramping up production at scale in the first half of calendar year '27. We have engineering samples with two large hyperscalers already today, we're in close contact with them on the performance of those trials, we're getting regular feedback from them. I would say so far, the performance has been meeting the milestones that we both laid out. And on a quarterly basis, based on the feedback that we see from them, we are delivering the next generation of enhancements on those drives.

我認為我們在投資者日已經把這一點闡述得非常清楚了。我們希望在 2026 年下半年開始進行資格審查，然後在 2027 年上半年大規模提高產量。我們今天已經向兩家大型超大規模廠商提供了工程樣品，我們正在就這些試驗的表現與他們保持密切聯繫，並定期從他們那裡獲得反饋。我想說，到目前為止，業績已經達到了我們雙方設定的里程碑。並且，根據我們從他們那裡得到的反饋，我們每個季度都會對這些驅動器進行下一代增強。

So I'll say we are comfortable with where we are. We're on track with that road map that we laid out. At the same time, we're also preparing to introduce our new 28 terabyte and 36 terabyte ePMR platforms as well. So our whole focus is on ensuring that we really derisk transitions, how our customers continue to deliver very scalable, predictable, reliable capacity points that gives them the fastest time to value.

所以我想說我們對目前的狀況感到滿意。我們正在按照我們制定的路線圖進行。同時，我們也準備推出新的 28 TB 和 36 TB ePMR 平台。因此，我們的全部重點是確保我們真正降低轉型風險，以及我們的客戶如何繼續提供高度可擴展、可預測、可靠的容量點，讓他們能夠以最快的時間實現價值。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

I just wanted to focus in a little bit on the LTA. So we had this period in memory on the NAND and DRAM side through the pandemic, where in the end, LTAs were pretty much torn up and were largely hyperscalers advantage over suppliers. Could you talk about like what benefit you get from these LTAs, like is this a take-or-pay agreements, are these in writing where you get some sort of compensation if your customers aren't going to take these? Or is this just like a framework that you have with your customers that says we will supply this much over this period of time. Can you just maybe dive into those a little bit because historically, they really haven't meant much.

我只是想稍微關註一下 LTA。因此，在疫情期間，我們在 NAND 和 DRAM 記憶體方面經歷了一段時期，最終，LTA 幾乎被撕毀，並且超大規模廠商相對於供應商具有很大的優勢。您能否談談您從這些長期協議中獲得了什麼好處，例如，這是一份照付不議的協議嗎？這些協議是否是書面的，如果您的客戶不接受這些協議，您會得到某種補償？或者這只是您與客戶之間達成的一個框架，規定我們將在這段時間內供應這麼多產品。您能否稍微深入探討這些內容，因為從歷史上看，它們確實沒有太大意義。

Yes. Thanks for the question, Tom. Well, first of all, we don't disclose the terms of the commercial contracts that we have. But I think it's important to note there's some quite significant structural changes that have happened within our business, I would say, across the entire hard drive industry over the last year, where a lot of the excess capacity and existing inventory within the supply chain has been removed from the system to really reset the entire supply base to where we think the right demand profile is going forward. And the LTAs play a very critical role to ensure that we have that right supply demand balance.

是的。謝謝你的提問，湯姆。首先，我們不會透露我們所簽訂的商業合約的條款。但我認為值得注意的是，在過去的一年裡，我們的業務，尤其是整個硬碟行業，發生了一些相當重大的結構性變化，供應鏈中的大量過剩產能和現有庫存已從系統中移除，從而真正將整個供應基礎重置到我們認為未來需求狀況正確的水平。長期協議在確保我們實現正確的供需平衡方面發揮著非常關鍵的作用。

And given the criticality that hard drives plays to the business of our hyperscale customers, I think as I've mentioned in my opening comments as well, they've been working very closely with us to ensure that sort of supply-demand imbalance that we saw during COVID and post COVID as well, doesn't reoccur. And I think we're in a good place where the LTAs really give us good visibility. We're seeing pretty much demand stick to those LTAs that we've outlined with them with -- and the LTAs have moved from pretty much three to six months now to 9 to 12 months as well. So that's giving us a lot more visibility to plan our supply chain very closely for our customers as well.

鑑於硬碟對我們超大規模客戶業務的關鍵性，我想正如我在開場白中提到的那樣，他們一直與我們密切合作，以確保我們在 COVID 期間和 COVID 之後看到的那種供需失衡不會再次發生。我認為我們處於一個很好的位置，長期協議確實給了我們很好的可見性。我們看到，大部分的需求都遵循我們與他們制定的長期協議——而且長期協議的期限也從原來的 3 至 6 個月延長到 9 至 12 個月。因此，這讓我們能夠更清楚地為客戶規劃供應鏈。

Do you have a follow-up, Tom?

湯姆，你還有後續問題嗎？

Yes. I just want to dive into the differences between the unit and pricing in the guide. So like you had a pretty consistent track over the last couple of years of increased pricing. Is there any different type of dynamic we should think about? I know you guys don't guide by more than one quarter out.

是的。我只是想深入了解指南中單位和定價之間的差異。因此，在過去幾年裡，價格上漲的軌跡一直相當穩定。我們是否應該考慮其他類型的動態？我知道你們的指導不會超過四分之一。

But looking into the June quarter, units versus pricing? Any commentary you have that get you to that guide?

但縱觀六月季度，銷售與定價如何？您有任何評論可以指導您完成指南嗎？

Sure, Tom. Yes, we've had, as Irving mentioned, a structural change in our business. So the majority of our business today is in data centers or at the edge. And so we've seen this continued progression of ASP. Currently, we announced we're at $179, which is up 23% year over year on an aggregate weighted average basis.

當然，湯姆。是的，正如歐文所提到的，我們的業務發生了結構性變化。因此，我們今天的大部分業務都在資料中心或邊緣。因此，我們看到了 ASP 的持續進步。目前，我們宣布我們的價格為 179 美元，以加權平均數計算，年增 23%。

So as that mix continues to move to cloud, we should see sustained increases in ASP, obviously, it will move around quarter to quarter depending on what our client and consumer mix is because that typically is a lower capacity drive overall. But -- so it's impacted by segment mix, customer mix as well as we continue to drive TCO value to our customers. So we see price per unit stable or up in most cases as we deliver further technology into those accounts.

因此，隨著這種組合繼續轉向雲端，我們應該會看到 ASP 的持續成長，顯然，它將根據我們的客戶和消費者組合而逐季度變化，因為這通常是一種整體容量較低的驅動。但是 - 因此它會受到細分市場組合、客戶組合以及我們繼續為客戶推動 TCO 價值的影響。因此，隨著我們向這些帳戶提供進一步的技術，我們在大多數情況下都會看到每單位價格保持穩定或上漲。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I guess, first one, I just was curious if you could sort of give yourself a grade on the free cash flow for the quarter. It seemed pretty good to me at 78% of net income. And how we can think about sort of what you're measuring yourselves against in future quarters for free cash flow? And then I have a follow-up.

我想，首先，我只是好奇您是否可以對本季的自由現金流進行評分。我覺得 78% 的淨收入相當不錯了。我們如何思考你們在未來幾季如何衡量自由現金流？然後我有一個後續問題。

Yes. Thanks for the question. So free cash flow, we don't guide cash flow on a quarterly basis because there's a lot of moving parts in cash flow. As you mentioned, we did have very strong both operating and free cash flow. We are driving the business to operating profit and to free cash flow generation so that we can execute on our capital allocation priorities, and Irving laid those out in the script, but I'll just repeat them.

是的。謝謝你的提問。因此，對於自由現金流，我們不會按季度指導現金流，因為現金流中有很多活動部分。正如您所說，我們的營運現金流和自由現金流確實非常強勁。我們正在推動業務實現營業利潤和自由現金流的產生，以便我們能夠執行資本配置優先事項，歐文在腳本中列出了這些，但我只是重複一下。

One is to reinvest in the business, to deliver leading-edge technology at scale our customers. The second thing is to delever our balance sheet. And you've seen us do that with taking out $1.8 billion of our 2026 notes. So we're now down below $4 billion of net debt on the balance sheet. And lastly is returning capital to our shareholders.

一是對業務進行再投資，大規模地向客戶提供尖端技術。第二件事是降低我們資產負債表的槓桿率。你已經看到我們這樣做了，從 2026 年票據中取出了 18 億美元。因此，我們現在資產負債表上的淨債務已降至 40 億美元以下。最後是向股東返還資本。

We started that with the initiation of the dividend, and there will be more to come on that in the future.

我們從派發股息開始做這件事，未來還會有更多。

Did you have a follow-up, Steve?

史蒂夫，你還有後續消息嗎？

Yes. I was just curious, when we think about non-enterprise and non-cloud markets, how you're managing those against all the demand you're seeing? Do you feel like you're deemphasizing those or figuring out a way to maybe more efficiently manage them? I'm just curious what we think about those markets over the next year or two.

是的。我只是好奇，當我們考慮非企業和非雲端市場時，您如何管理這些市場以滿足您所看到的所有需求？您是否覺得自己正在淡化這些因素，或是正在想辦法更有效地管理它們？我只是好奇我們對未來一兩年這些市場有何看法。

Yes. We're definitely not deemphasizing them. There's still a material part of our business. The supply chains for cloud and non-cloud business are really quite discrete and separate, and we sort of manage them independently. If anything, we are looking at opportunities to see whether we can sort of drive incremental growth in those areas.

是的。我們絕對不會輕視它們。我們的業務中仍有相當一部分是實質的。雲端業務和非雲端業務的供應鏈實際上是相當離散和獨立的，我們對它們進行獨立管理。如果有的話，我們正在尋找機會，看看我們是否能夠推動這些領域的增量成長。

Mark Miller, Benchmark Company.

馬克·米勒，Benchmark 公司。

Congratulations on your first report after the spin out. I'm just curious, can you tell us how many shares you currently hold with SanDisk? And have your plans changed because of the relatively low price of SanDisk about what you're going to do with the shares?

恭喜您完成分拆後的第一份報告。我只是好奇，您能告訴我們您目前持有多少 SanDisk 股份嗎？由於 SanDisk 的股價相對較低，你們對股票的處理計畫是否改變了？

Yes. We own 19.9% of SanDisk as the retained stake that we have. And as we've communicated in Investor Day, we will look to disposition those shares, ideally over a 12-month period, starting in February as part of our deleveraging strategy going forward.

是的。我們擁有 SanDisk 19.9% 的保留股份。正如我們在投資者日所傳達的那樣，作為我們未來去槓桿策略的一部分，我們將尋求處置這些股票，理想情況下是從 2 月開始的 12 個月內處置。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Great job on the quarterly execution. Back in February, the team outlined a three-year nearline exabyte growth CAGR of around 20%, 25%, which is what some of the third-party research firms are kind of forecasting for this calendar year, which is also consistent, Irving, with the strong cloud data center CapEx spending trends that you talked about this year, given your fairly good visibility. Does your forward profile also suggest a low 20% exabyte growth profile in this calendar year or better?

季度執行情況非常好。早在二月份，該團隊就概述了三年內近線 EB 的複合年增長率約為 20% 至 25%，這也是一些第三方研究公司對今年的預測，這也與您今年談到的強勁的雲端資料中心資本支出趨勢相一致，因為您有相當好的洞察力。您的前瞻性預測是否也顯示今年的EB成長率將達到20%或更高？

I think you're in the ballpark.

我認為你的判斷是正確的。

And Harlan, this is Ambrish. Remember, we had given a three- to five-year forecast. Did you have a follow-up, Harlan?

哈蘭，這是安布里什。請記住，我們給出了三到五年的預測。哈蘭，你還有後續消息嗎？

Yes. No, I know Irving had given a three- to five-year forecast, but that sort of 23% kind of aligns with some of the what the third-party research guys are kind of forecasting for this calendar year, but I appreciate the answer there. Also, back in February, Irving, you did articulate about a 40% like current mix of your nearline capacity was UltraSMR base. As you look at your order book and shipment plans, where do you expect that mix to be either second half of this year or exiting this calendar year and you're driving obviously strong TCO benefits. You're driving strong pricing power.

是的。不，我知道歐文給了三到五年的預測，但 23% 這個數字與第三方研究人員對今年的預測一致，我很感謝你的回答。此外，Irving，早在二月份，您就明確表示過，目前近線容量的 40% 是基於 UltraSMR 的。當您查看訂單和出貨計劃時，您預計今年下半年或今年年底的組合情況如何，並且您顯然正在獲得強勁的 TCO 效益。您擁有強大的定價能力。

But on a like-for-like basis capacity-wise, which carries the higher gross margin profile? Is it your CMR or UltraSMR based drives?

但從同類產能來看，哪家公司的毛利率較高？這是基於 CMR 還是 UltraSMR 的驅動器？

Well, I think we look to deliver value across the portfolio. So I think we see pricing leverage across both our CMR and UltraSMR platforms. Obviously, our UltraSMR platforms give us better ASPs per drive because of the additional capacity we deliver from it. It also helps us with CapEx, as I've highlighted earlier, because of the technology benefit we have without having to put CapEx into it. In terms of mix in any given quarter, it's probably around 40% to 45% ratio.

嗯，我認為我們希望在整個投資組合中實現價值。因此我認為我們在 CMR 和 UltraSMR 平台上都看到了定價優勢。顯然，我們的 UltraSMR 平台為我們提供了更好的每個驅動器 ASP，因為我們從中提供了額外的容量。正如我之前強調的那樣，它還可以幫助我們降低資本支出，因為我們可以獲得技術優勢，而無需投入資本支出。就任何特定季度的組合而言，其比例大概在 40% 到 45% 左右。

So it depends on -- because these are large hyperscalers and they have different deployment timeframes and different hyperscalers use different technologies. So it can fluctuate from quarter to quarter, but somewhere between 40% to 45% in any given quarter is what we see.

所以這取決於——因為這些都是大型超大規模企業，它們有不同的部署時間表，不同的超大規模企業使用不同的技術。因此，它可能每個季度都會有所波動，但我們看到的任何一個季度的漲幅都在 40% 到 45% 之間。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Congrats on getting out the gate here as Newco. I guess, yes, Ambrish, to you if I could. I guess the first one is really an architectural question. So as -- like assuming Seagate continues to progress with HAMR and you guys continue to progress over the next, call it, 24 months with your legacy tech kind of pre getting to HAMR volume just as per the Analyst Day. Does that create any new architectural realities inside the data center with what can be mixed and matched or how folks begin thinking about storage system stacks would love any context there if there's anything?

恭喜您以 Newco 的身份走出大門。我想，是的，Ambrish，如果可以的話。我猜第一個問題其實是建築問題。因此 — — 假設 Seagate 繼續在 HAMR 方面取得進展，並且你們在接下來的 24 個月內繼續取得進展，使用你們的傳統技術預先達到 HAMR 容量，就像分析師日所說的那樣。這是否會在資料中心內部創造任何新的架構現實，可以混合搭配，或者人們如何開始思考儲存系統堆疊，如果有的話，會喜歡那裡的任何背景？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

Yes. Look, I think there will be some architectural adjustments accordingly. Obviously, at the highest level the interplay between what's on flash, what's on hard drives and what's on take will continue to be there. As we've highlighted at Investor Day, how drives again will be the predominant storage media with over 80% of bytes stored start on hard drives. We don't anticipate that changing, whether that's ePMR or HAMR.

是的。看起來，我認為相應地會有一些架構調整。顯然，在最高層面上，快閃記憶體、硬碟和儲存內容之間的相互作用將繼續存在。正如我們在投資者日所強調的那樣，驅動器將再次成為主要的儲存介質，超過 80% 的位元組儲存在硬碟上。我們預計這種情況不會改變，無論是 ePMR 還是 HAMR。

Going forward, there are some rack level changes that will be required for the deployment of HAMR, so you're not going to be able to mix and match the drive that easily similar to UltraSMR, there are some whole site software changes that are required as well. But these are very sophisticated customers, their data center architects are very familiar with what's needed to be done. And again, the success that we've had and the continued growth that we see in our UltraSMR portfolio is a great example of people really embracing the technology and really making and investing in the architectural changes within both their data center environment in their software stack to be able to take advantage of that benefit, and we see that going forward.

展望未來，部署 HAMR 需要進行一些機架層級的更改，因此您將無法像 UltraSMR 那樣輕鬆地混合搭配驅動器，還需要進行一些整個網站軟體變更。但這些都是非常老練的客戶，他們的資料中心架構師非常熟悉需要做什麼。再說一次，我們所取得的成功以及我們在 UltraSMR 產品組合中看到的持續成長是一個很好的例子，表明人們真正擁抱這項技術，並真正在資料中心環境和軟體堆疊中進行架構變革並進行投資，以便能夠利用這一優勢，我們看到這種情況正在向前發展。

You had a follow up Ananda.

您有一個後續行動，阿南達。

Yes. Maybe this is for Don. I guess the March quarter gross margin, am I correct in recalling that March quarter gross margin was actually originally anticipated to be impacted by product transition, yield dynamics, normal stuff. And if that did in fact occur, does that actually mean that the normal -- the structural margin is actually set up higher than what you guys reported?

是的。也許這是給唐的。我想，三月季度的毛利率，我記得沒錯的話，三月季度的毛利率實際上最初預計會受到產品轉型、產量動態和正常因素的影響。如果確實發生了這種情況，這是否意味著正常的結構性利潤實際上比你們報告的要高？

Well, I think we guided at 50-basis-point improvement. We actually saw better yields and utilization and the ramp of our new product technology was faster than expected as we announced in our press release. So we shipped over 800,000 units of our new 11 disc platform, and that's being produced at very high quality, reliability and yields in our factory today. So that was one of the things that improved gross margin above guide.

嗯，我認為我們預計會提高 50 個基點。事實上，我們看到了更好的產量和利用率，而且我們的新產品技術的成長速度比我們在新聞稿中宣布的預期要快。因此，我們已出貨超過 80 萬台新的 11 碟平台，目前在我們的工廠中生產的產品品質、可靠性和產量都非常高。所以這是毛利率高於預期的因素之一。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼（Mehdi Hosseini），SIG。

Your main competitor recently announced their intention to acquire Intevac. And I want to learn more how you're thinking about procuring the key components for HAMR technology, especially as you engage with two hyperscalers that you highlighted in your prepared remarks. And I have a follow-up.

您的主要競爭對手最近宣布了收購 Intevac 的意向。我想進一步了解您如何考慮採購 HAMR 技術的關鍵組件，特別是當您與您在準備好的發言中強調的兩個超大規模企業進行合作時。我還有一個後續問題。

Yes. First and foremost, I think the Intevac acquisition by our peer doesn't have any impact on us because we have obviously two sputtering systems that we use. So we have resiliency within our technology supply chains as well. We're obviously looking out for opportunities in which we can continue to capture even more value and create even more value to our products through potential acquisitions and vertical integration. So we continue to keep a lookout for them.

是的。首先，我認為我們的同業收購 Intevac 不會對我們產生任​​何影響，因為我們顯然使用了兩套濺鍍系統。因此，我們的技術供應鏈也具有彈性。我們顯然正在尋找機會，透過潛在的收購和垂直整合，我們可以繼續獲得更多價值，並為我們的產品創造更多價值。因此我們會繼續關注他們。

In many cases, in terms of two providers, we actually do feel and our philosophy is that they actually benefit from actually servicing multiple customers because that's how they can innovate better as well, but that's generally our rule of thumb. But we're constantly looking at opportunities to see how we can continue to vertically integrate and capture more value within our portfolio.

在許多情況下，就兩家供應商而言，我們確實感覺到，我們的理念是，他們實際上可以從為多個客戶提供服務中受益，因為這也是他們能夠更好地創新的方式，但這通常是我們的經驗法則。但我們一直在尋找機會，看看如何繼續垂直整合並在我們的投資組合中獲得更多價值。

Do you have a follow-up, Mehdi.

您還有後續問題嗎，Mehdi？

Yes, sir. And a follow-up has to do with the CFO, sir, especially since you're executing well read and coming into dividend, cash dividend. And to what extent, what's the update on the CFO search? And how should we think about the execution and search for the CFO.

是的，先生。先生，後續問題與財務長有關，特別是因為您執行得很好，並且開始發放股息和現金股息。在多大程度上，財務長搜尋的最新進展是什麼？以及我們應該如何思考執行和尋找CFO。

Yes. Thanks for the question. First and foremost, I really must thank Don for agreeing and stepping into the interim CFO role. He's done a great job, as you can hear from the results as well. The search is progressing very well, and we'll communicate in due course once we have a CFO identified.

是的。謝謝你的提問。首先，我必須感謝唐同意並擔任臨時財務長一職。他做得非常出色，從結果中你也可以看出來。搜尋工作進展順利，一旦我們確定了財務官，我們將及時溝通。

Tim Arcuri, UBS.

瑞銀的提姆·阿庫裡。

Drive units were down from $13.5 million down to like $12.1 million in March. So is $13.5 million, is that kind of like -- should we think about that as the high watermark for the number of drivers you could produce in a quarter?

驅動單位的銷售額從 3 月的 1,350 萬美元下降至 1,210 萬美元。那麼 1,350 萬美元，這有點像——我們是否應該將其視為一個季度內可以培養的車手數量的最高水準？

I wouldn't use that as a watermark. I think it really depends on mix. It also depends on the various capacities that we are delivering. As Don mentioned, the teams continue to do a great job on really pushing the boundaries of yield and output that we can within the supply environment that we have. So again, it fluctuates really based on yield and the mix of products that we have.

我不會用它作為浮水印。我認為這確實取決於混合。這也取決於我們提供的各種能力。正如唐所提到的，我們的團隊繼續出色地完成工作，在現有的供應環境下真正突破產量和產出的界限。所以，它實際上是根據產量和我們擁有的產品組合而波動的。

And I'll just add, there's segment mix, client and consumer was down for the quarter as we ramp in the seasonal periods with Prime Day and back-to-school and Christmas. We may see some of that volume come back in the client and consumer space as well, and we have capacity there to expand.

我還要補充一點，由於 Prime Day、返校季和聖誕節等季節性因素的影響，本季客戶和消費者的細分市場組合有所下降。我們也可能會看到部分交易量在客戶和消費者領域回升，而且我們有能力在那裡擴展。

Did you have a follow-up, Tim?

提姆，你有後續消息嗎？

I do. Yes. Just back on this question about these LTAs. I mean these same large customers have similar deals for memory, and they routinely overstate what they need. So why would they not be doing that with you as well? So I mean, I certainly understand that demand is good. But for this stuff that is looking out to next year, why would they not if they need two drives, why would they not tell you that they need three? And if they didn't take the driver, are you going to enforce the cancellation policy on them?

我願意。是的。回到關於這些 LTA 的問題。我的意思是，這些大客戶對記憶體有類似的交易，而且他們經常誇大他們的需求。那他們為什麼不對你也這樣做呢？所以我的意思是，我當然知道需求是好的。但是對於這些著眼於明年的產品，如果他們需要兩個驅動器，為什麼他們不告訴你他們需要三個？如果他們不帶司機，你會對他們強制執行取消政策嗎？

Yes. Look, I think we've got into a good healthy relationship with our customers. They have understood that in order for the hard drive industry to be healthy for us to continue to be able to be profitable and invest in innovation that they benefit from, from a TCO advantage, it's in both our best interest to provide as best as possible the demand outlook given the long lead times, especially when it comes to nearline drives. So that's something we've clearly gotten visibility. And in fact, for the two LTAs that we have into the first half of calendar '26, we actually have some POs associated with them as well.

是的。看，我認為我們與客戶建立了良好健康的關係。他們明白，為了使硬碟產業健康發展，讓我們能夠繼續獲利，並投資於他們從中受益的創新，從整體擁有成本 (TCO) 優勢，​​考慮到較長的交貨週期，盡可能提供最好的需求前景符合我們雙方的最佳利益，尤其是在近線硬碟方面。所以這是我們清楚看到的事情。事實上，對於我們在 26 年上半年簽訂的兩份長期協議，我們實際上也有一些與之相關的採購訂單。

I guess the question is, do we put in a clause around take or pay? To be frank, I'm not -- we are not a fan of that because all you're doing is creating problems down the road. And so we rather work with our customers to smooth out demand and make sure we continue to work with them to have the right and appropriate supply-demand balance to sustain a profitable business that we can continue to invest in innovation for them going forward.

我想問題是，我們是否要加入有關索取或支付的條款？坦白說，我不喜歡——我們不喜歡那樣，因為你所做的只會在未來製造問題。因此，我們寧願與客戶合作，以平衡需求，並確保我們繼續與他們合作，實現正確和適當的供需平衡，以維持盈利業務，以便我們可以繼續為他們進行創新投資。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Just a quick question on the hammer side. When you look at the two hyperscale customers you mentioned, is that -- are you still looking at ramping those like in calendar '26, second half '26, I think, as you mentioned on the Analyst Day, Irving?

關於錘子方面的一個簡單問題。當您看到您提到的兩個超大規模客戶時，您是否仍考慮在 2026 年日曆、2026 年下半年增加這些客戶的數量，我想，正如您在分析師日上提到的那樣，歐文？

Yes. So as per the road map, we've communicated, which has been shared with our customers for quite a while at Analyst Day, it was when we made it more public to the general population, but that roadmap has been done in partnership with customers for quite a while. Just to reiterate what we shared, we're looking to start qualifications in the second half of calendar '26 with high-volume production ramp in the first half of calendar '27.

是的。因此，按照路線圖，我們已經進行了溝通，該路線圖已在分析師日與我們的客戶分享了很長一段時間，當時我們將其向廣大民眾公開，但該路線圖已經與客戶合作完成了很長一段時間。重申我們所分享的內容，我們希望在 26 年下半年開始資格認證，並在 27 年上半年實現大量生產。

Got it. And then on the tariffs, just a quick clarification. When you look at shipping into China, is that going from your Malaysia facilities? Or do you ship hard drives into China? And likewise, in the US, how much of that is you have production here versus coming in from Malaysia, et cetera? If you can give a little bit of color around that.

知道了。然後關於關稅，我做一個快速澄清。當您考慮將貨物運往中國時，是從馬來西亞的工廠出發嗎？或者你們將硬碟運往中國嗎？同樣，在美國，有多少是自己生產的，有多少是從馬來西亞進口的？如果你能對此進行一些說明的話。

Yes. We have production facilities throughout Asia. So none of our products that we ship into the US is coming from China. Most of it is coming in from Southeast Asia products going into China are not subject to any tariffs. As of April 11, products that we ship into the US are also not subject to any tariffs. Obviously, that situation is evolving and fluid. So we stay very close to it.

是的。我們在亞洲各地設有生產設施。因此，我們運往美國的所有產品都不是來自中國。其中大部分來自東南亞的產品進入中國無需繳納任何關稅。自 4 月 11 日起，我們運往美國的產品也不受任何關稅的約束。顯然，這種情況正在不斷演變和變化。因此我們非常接近它。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

This is Eddie for Krish. How should investors think about the impact from export control from China? I think historically, you guys were able to recycle some of these metals. But at some point, it didn't impact your margins. I just wonder if down the road, it's an area investors should be thinking about?

這是 Eddie，代表 Krish。投資人該如何看待中國出口管制的影響？我認為從歷史上看，你們能夠回收其中一些金屬。但在某種程度上，它不會影響你的利潤。我只是想知道，未來這是否是投資人應該考慮的領域？

Yes. Thanks for the question, and it's a good one. We, over the last few years, have really been on a supply chain resiliency program where we have been able to develop alternate sources of supply for both rare earth and precious minerals as well. So we don't anticipate there being any material impact as a result of some of those controls.

是的。謝謝你的提問，這是一個好問題。過去幾年來，我們一直致力於供應鏈彈性計劃，為稀土和貴重礦物開發替代供應來源。因此，我們預計其中一些控制措施不會產生任何重大影響。

Did you have a follow-up?

你有後續行動嗎？

Sure. And as you guys ramp the 11 disc platform, how should we think about the margin impact? Because my understanding is as you add discs it may reduce the gross margin accretion? Or do you think it's at a point where it's mature enough where margins would be unaffected by that ramp.

當然。當你們推出 11 碟平台時，我們該如何考慮利潤影響？因為我的理解是，當你添加光碟時，它可能會減少毛利率的成長？或者您認為它已經足夠成熟，利潤率不會受到這種成長的影響。

Yes. So the margin accretion is included in our guidance. So we factor the ramp of the new technology into guidance.

是的。因此，利潤增長已包含在我們的指導中。因此，我們將新技術的​​成長納入指導之中。

Yes. Maybe just to add on to Don's comment, we were already ahead of our ramp plans in Q3, as I mentioned in my prepared remarks, we shipped over 800,000 units of that new 11 disc platform. We'll be shipping well over 1 million units in we are seeing very high yields and productivity coming out of those platforms. So I guess to your question, they're actually margin accretive as opposed to being dilutive.

是的。也許只是為了補充唐的評論，我們在第三季度已經提前完成了我們的提升計劃，正如我在準備好的發言中提到的那樣，我們已經出貨了超過 800,000 台新的 11 碟平台。我們的出貨量將超過 100 萬台，我們看到這些平台的產量和生產力非常高。所以我猜你的問題是，它們實際上是增加利潤，而不是稀釋利潤。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Irving Tan, Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給執行長 Irving Tan 先生，請他做最後發言。

Well, first, thank you all very much for joining us today, and it's very exciting to have our first quarter out as a stand-alone HDD company. As you can see from the results in the guide. We're executing well on our strategy that we've laid out at Investor Day, really being focused on our customers, driving leading-edge innovation being extremely disciplined on operational excellence and having rigorous financial discipline and a very capital-friendly return policy this quarter and the guide that we have shared, I think, truly reflects that. And so we ask that -- we thank you for your ongoing interest in WDC, and I look forward to catching up with all of you in due course.

首先，非常感謝大家今天加入我們，作為一家獨立的 HDD 公司，我們非常高興能夠迎來第一個季度。正如您從指南中的結果所看到的。我們正在順利執行投資者日制定的策略，真正關注我們的客戶，推動前沿創新，嚴格遵守卓越運營，擁有嚴格的財務紀律和非常有利於資本的回報政策，我認為我們本季度分享的指南真正反映了這一點。因此，我們請求您——感謝您對 WDC 的持續關注，我期待在適當的時候與大家見面。

This concludes today's conference call. Thank you for joining us. You may now disconnect.

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開連線。