威騰電子 (WDC) 2022 Q3 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Western Digital's Fiscal Third Quarter 2022 Conference Call. (Operator Instructions) As a reminder, this call is being recorded. Now I will turn the call over to Mr. Peter Andrew, Vice President, Financial Planning and Analysis and Investor Relations. You may begin.

下午好，感謝您的支持。歡迎參加西部數據 2022 財年第三季度電話會議。 （操作員說明）作為提醒，此通話正在錄音中。現在我將把電話轉給財務規劃和分析以及投資者關係副總裁彼得安德魯先生。你可以開始了。

Thank you, and good afternoon, everyone. Joining me today are David Goeckeler, Chief Executive Officer; and Wissam Jabre, Chief Financial Officer.

謝謝大家，大家下午好。今天加入我的是首席執行官 David Goeckeler；和首席財務官 Wissam Jabre。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements, including product portfolio expectations, business plans and performance, demand and market trends, and financial outlook based on management's current assumptions and expectations, and as such, does include risks and uncertainties. We assume no obligation to update these statements. Please refer to our most recent financial report on Form 10-K filed with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially.

在開始之前，讓我提醒大家，今天的討論包含前瞻性陳述，包括產品組合預期、業務計劃和業績、需求和市場趨勢以及基於管理層當前假設和預期的財務前景，因此確實包含風險和不確定性。我們不承擔更新這些聲明的義務。請參閱我們最近提交給 SEC 的 10-K 表格財務報告，以了解有關可能導致實際結果出現重大差異的風險和不確定性的更多信息。

We will also make references to non-GAAP financial measures today. Reconciliations between the non-GAAP and comparable GAAP financial measures are included in the press release and other materials that are being posted in the Investor Relations section of our website.

今天，我們還將參考非公認會計準則財務指標。非 GAAP 和可比 GAAP 財務措施之間的對賬包含在新聞稿和我們網站投資者關係部分發布的其他材料中。

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

有了這個，我現在將把電話轉給大衛做介紹性發言。

Thank you, Peter. Good afternoon, everyone, and thanks for joining the call to discuss our fiscal 2022 third quarter results. We delivered excellent performance in the quarter, with revenue of $4.4 billion and non-GAAP gross margin of 31.7%, both of which are at the higher end of our updated guidance ranges we provided in early March. Additionally, we reported non-GAAP earnings per share of $1.65, which exceeded our revised guidance. I am proud of the team's execution as we navigated dynamic geopolitical and macroeconomic environment as well as ongoing supply challenges. On top of that, we successfully managed through a fab contamination event that is now fully resolved.

謝謝你，彼得。大家下午好，感謝您加入討論我們 2022 財年第三季度業績的電話會議。我們在本季度取得了出色的業績，收入為 44 億美元，非公認會計準則毛利率為 31.7%，兩者均處於我們在 3 月初提供的更新指導範圍的高端。此外，我們報告的非公認會計原則每股收益為 1.65 美元，超出了我們修訂後的指引。我為團隊在動態的地緣政治和宏觀經濟環境以及持續的供應挑戰中的執行感到自豪。最重要的是，我們成功地通過了現在已完全解決的晶圓廠污染事件。

Overall, the Western Digital team did an amazing job of meeting our customers' growing and evolving storage needs. This has all been made possible by the operational and technological improvements we have made over the last couple of years that enable us to unlock the true earnings power of the Western Digital model.

總體而言，Western Digital 團隊在滿足客戶不斷增長的存儲需求方面做得非常出色。這一切都歸功於我們在過去幾年中所做的運營和技術改進，使我們能夠釋放西部數據模式的真正盈利能力。

Looking ahead, we are optimistic about the business outlook for calendar year 2022. We believe the secular demand for storage in our new product ramps in HDD and Flash, combined with the seasonally stronger second half of the calendar year, will drive growth across our end markets.

展望未來，我們對 2022 日曆年的業務前景持樂觀態度。我們相信，硬盤和閃存新產品對存儲的長期需求，加上日曆年下半年的季節性強勁增長，將推動我們年底的增長市場。

With 40% of the world's data stored on Western Digital products, our innovation powers the global technology ecosystem from consumer devices to the edge to the heart of the cloud. Our vision is to create breakthrough innovation inspired by the convergence of human potential and digital transformation that enables the world to actualize its aspirations.

全球 40% 的數據存儲在 Western Digital 產品中，我們的創新為從消費設備到邊緣再到雲核心的全球技術生態系統提供動力。我們的願景是創造突破性的創新，靈感來自人類潛力和數字化轉型的融合，使世界能夠實現其願望。

At Western Digital, we have established an admirable position in the large and growing storage markets. Our proven ability to develop a diversified portfolio of industry-leading products, coupled with our broad routes to market, puts Western Digital in a unique position to capitalize on the promising growth opportunities ahead of us.

在西部數據，我們在龐大且不斷增長的存儲市場中建立了令人欽佩的地位。我們久經考驗的開發多元化行業領先產品組合的能力，加上我們廣泛的市場途徑，使西部數據處於獨特的地位，可以利用我們面前充滿希望的增長機會。

I'll now turn to an update on our HDD and Flash businesses.

我現在將轉向我們的 HDD 和 Flash 業務的更新。

Our HDD revenue was as forecast and in line with typical March quarter seasonality, led by growth in capacity enterprise drives. Robust demand in the cloud end market for 18- and 20-terabyte drives generated a nearly 40% increase in nearline revenue from the same period last year. Of note, our 20-terabyte drive exabyte shipments approached high single-digit percentage of total capacity enterprise shipments.

在容量企業驅動器增長的帶動下，我們的 HDD 收入與預期一致，並且符合典型的 3 月季度季節性。雲終端市場對 18 TB 和 20 TB 驅動器的強勁需求使近線收入比去年同期增長了近 40%。值得注意的是，我們的 20 TB 驅動器 EB 出貨量接近企業總容量出貨量的個位數百分比。

During the quarter, qualification of OptiNAND-based hard drives progressed as planned across multiple cloud and OEM customers. Combining OptiNAND with our SMR leadership uniquely positions Western Digital in the marketplace. Putting it all together, we have positioned our innovations in OptiNAND and SMR to drive business results in our capacity enterprise business for the rest of this calendar year and into the future. Our largest cloud customers are aligned with this strategy and are accelerating adoption of SMR products within data centers later this year. We are laser-focused on bringing new cutting-edge features and functions to our products for cloud storage. We will provide more details around these exciting innovations at our Investor Day on May 10.

在本季度，基於 OptiNAND 的硬盤的認證在多個雲和 OEM 客戶中按計劃進行。將 OptiNAND 與我們在 SMR 的領先地位相結合，使西部數據在市場上處於獨特地位。綜上所述，我們已將我們的創新定位在 OptiNAND 和 SMR 中，以在本日曆年剩餘時間和未來推動容量企業業務的業務成果。我們最大的雲客戶都與這一戰略保持一致，並在今年晚些時候加速在數據中心內採用 SMR 產品。我們專注於為我們的雲存儲產品帶來新的尖端特性和功能。我們將在 5 月 10 日的投資者日提供有關這些令人興奮的創新的更多詳細信息。

Turning to Flash. Our overall business was impacted by our ability to ship product due to the fab excursion. In light of this event, coupled with the supply chain challenges facing all companies across the industry, I would like to thank our customers and the Western Digital teams for working together diligently to mitigate the impact of supply chain disruptions. From a product perspective, client SSD demand improved in the quarter as our PC OEM customers successfully worked through their own supply chain issues.

轉向閃光。由於工廠出差，我們的整體業務受到了我們運送產品的能力的影響。鑑於這一事件，再加上整個行業所有公司面臨的供應鏈挑戰，我要感謝我們的客戶和西部數據團隊為減輕供應鏈中斷的影響而努力合作。從產品角度來看，本季度客戶 SSD 需求有所改善，因為我們的 PC OEM 客戶成功解決了他們自己的供應鏈問題。

Gaming is another growth market for us, where we continue to have success, with exabyte shipment nearly doubling year-over-year. We have a leading position in the marketplace with our brands, including WD_BLACK, SanDisk and SanDisk Professional, recognized globally for cutting-edge innovation, performance and quality. An example of this is our WD_BLACK SN-770 SSD product, which leverages our cutting-edge BiCS5 technology and in-house DRAM-less controller architecture. This SSD product is one of the fastest and best drives available in the market. We have received excellent reviews from tech journalists, which is a great testament to the company's strength in both our BiCS technology leadership and our ability to develop innovative solutions, enabling our customers to unlock the potential of their PCs.

遊戲是我們的另一個增長市場，我們繼續取得成功，EB 出貨量同比幾乎翻了一番。我們的品牌在市場上處於領先地位，包括 WD_BLACK、SanDisk 和 SanDisk Professional，這些品牌因尖端創新、性能和質量而享譽全球。這方面的一個例子是我們的 WD_BLACK SN-770 SSD 產品，它利用了我們尖端的 BiCS5 技術和內部無 DRAM 控制器架構。這款 SSD 產品是市場上最快、最好的驅動器之一。我們收到了科技記者的好評，這很好地證明了公司在 BiCS 技術領先地位和我們開發創新解決方案的能力方面的實力，使我們的客戶能夠釋放其 PC 的潛力。

Qualifications of BiCS5-based products for clients and consumer end markets were largely completed, and we are making great progress in qualifying our next-generation BiCS5 enterprise SSD products. We expect these products to drive revenue growth and mix improvements into the future. Lastly, BiCS5 represented nearly half of the Flash revenue, up from 41% in the previous quarter.

面向客戶和消費終端市場的基於 BiCS5 的產品的認證工作已基本完成，我們在下一代 BiCS5 企業級 SSD 產品的認證方面取得了長足的進步。我們預計這些產品將推動收入增長並在未來進行改進。最後，BiCS5 佔 Flash 收入的近一半，高於上一季度的 41%。

Let me now offer a few observations on the demand environment. In cloud, we see continued strength in calendar year 2022. The increase in cloud capital investment for data center build-outs is expected to propel growth for our HDD and Flash products in this growing end market. In client, PC end demand growth has been solid for the last 2 years, and we are starting to see some normalization in the PC market. We expect PC unit demand to remain significantly above pre-pandemic levels, with the return-to-site trend driving a mix shift towards commercial and enterprise PCs with richer client SSD content versus consumer-oriented PCs.

現在讓我對需求環境進行一些觀察。在雲計算方面，我們看到 2022 日曆年的持續增長。數據中心建設的雲資本投資增加預計將推動我們的 HDD 和閃存產品在這個不斷增長的終端市場中的增長。在客戶端，過去 2 年 PC 終端需求增長穩健，我們開始看到 PC 市場出現一些正常化。我們預計 PC 單位需求將顯著高於大流行前的水平，返廠趨勢將推動向具有更豐富客戶端 SSD 內容的商業和企業 PC 與面向消費者的 PC 的混合轉變。

In mobile, we have a strong position in 5G phones and we see demand for the latest 5G flagship phones remaining solid, with NAND content doubling from prior generation smartphones. In other emerging applications, demand from gaming and VR/AR devices remains robust. Industry analysts expect VR headset sales to grow at a 47% CAGR over the next couple of years.

在移動領域，我們在 5G 手機中佔據強勢地位，我們看到對最新 5G 旗艦手機的需求保持穩定，NAND 內容比上一代智能手機翻了一番。在其他新興應用中，遊戲和 VR/AR 設備的需求依然強勁。行業分析師預計，未來幾年 VR 頭戴設備的銷售額將以 47% 的複合年增長率增長。

In consumer, we are experiencing short-term demand weakness outside the U.S. tied to the geopolitical events in Europe, as well as COVID-related lockdowns in China. However, we are confident in the strength of the business as we are entering a seasonally stronger second half of the calendar year with a number of new innovative products.

在消費者方面，我們正在經歷美國以外的短期需求疲軟，這與歐洲的地緣政治事件以及中國與 COVID 相關的封鎖有關。然而，我們對業務的實力充滿信心，因為我們正在進入一個季節性更強的日曆年下半年，推出了許多新的創新產品。

We feel good about the overall demand in calendar year 2022. We are continuing to navigate the macroeconomic and geopolitical factors I mentioned earlier. While these transitory issues are affecting both revenue and gross margin in the near term, we expect them to subside over time. We are confident that the growth and profitability opportunities in front of us have not changed.

我們對 2022 日曆年的整體需求感覺良好。我們將繼續應對我之前提到的宏觀經濟和地緣政治因素。雖然這些暫時性問題在短期內會影響收入和毛利率，但我們預計它們會隨著時間的推移而消退。我們相信，擺在我們面前的增長和盈利機會並沒有改變。

In closing, I want to acknowledge the hard work and unrelenting spirit of our employees that goes into creating our game-changing products. In particular, I want to thank our employees in China for their efforts to work through all the supply chain and logistics challenges during the lockdowns.

最後，我要感謝我們的員工在創造我們改變遊戲規則的產品時的辛勤工作和不懈的精神。我要特別感謝我們在中國的員工在封鎖期間努力應對所有供應鍊和物流挑戰。

Before turning the call over to Wissam, I wanted to make a quick announcement that Western Digital and the IRS have reached a tentative agreement to resolve a long-running tax matter, covering the fiscal years 2008 through 2015. With offsetting tax benefits, we expect the ultimate net amount will be in the range of $500 million to $600 million. While this settlement will result in a previously unforecasted cash payment in fiscal year 2023, it does highlight the work that I and the rest of the Western Digital team have undertaken in the last 2 years to instill strong financial discipline and provide greater financial flexibility upon which we are building a foundation for future growth for the company. Wissam will go into more detail in a minute.

在將電話轉給 Wissam 之前，我想快速宣布，西部數據和美國國稅局已達成一項臨時協議，以解決一個長期存在的稅務問題，涵蓋 2008 至 2015 財年。通過抵消稅收優惠，我們預計最終淨額將在 5 億美元至 6 億美元之間。雖然這項和解將導致在 2023 財年之前未預料到的現金支付，但它確實突出了我和西部數據團隊的其他成員在過去 2 年中為灌輸強大的財務紀律和提供更大的財務靈活性所做的工作我們正在為公司的未來發展奠定基礎。 Wissam 將在一分鐘內詳細介紹。

Let me now turn the call over to Wissam, who will discuss our fiscal third quarter results and provide a more detailed outlook for the fiscal fourth quarter. Wissam?

現在讓我把電話轉給維薩姆，他將討論我們第三財季的業績，並提供更詳細的第四財季展望。維薩姆？

Thanks, David, and good afternoon, everyone. As David mentioned, overall results for the fiscal third quarter were better than our revised expectations. Despite the incredibly dynamic macro environment that David discussed, our results reflected the resilience of our business and our ability to continually deliver solid financial performance. In addition, we completed a debt restructuring with our lenders in the March quarter, marking continued success in paying down debt and providing increased financial flexibility and stability.

謝謝，大衛，大家下午好。正如大衛所說，第三財季的整體業績好於我們修正後的預期。儘管大衛討論了令人難以置信的動態宏觀環境，但我們的結果反映了我們業務的彈性以及我們持續提供穩健財務業績的能力。此外，我們在 3 月季度完成了與貸方的債務重組，標誌著在償還債務和提高財務靈活性和穩定性方面繼續取得成功。

Total revenue for the quarter was $4.4 billion, down 9% sequentially and up 6% year-over-year. Non-GAAP earnings per share was $1.65, above the revised guidance range of $1.30 to $1.60 we provided in early March. We are pleased to have delivered such strong results in the face of the challenging environment.

本季度總收入為 44 億美元，環比下降 9%，同比增長 6%。非 GAAP 每股收益為 1.65 美元，高於我們在 3 月初提供的 1.30 美元至 1.60 美元的修訂指導範圍。面對充滿挑戰的環境，我們很高興能取得如此出色的成績。

Turning to our end markets. Cloud represented 40% of total revenue at $1.8 billion, down 8% sequentially and up 25% from a year ago. Within cloud, Western Digital's leadership position at the 18-terabyte capacity point and ramp of 20-terabyte drives drove a nearly 40% year-over-year increase in nearline revenue. This growth was partially offset by lower enterprise SSD and smart video hard drive revenues.

轉向我們的終端市場。雲佔總收入的 40%，為 18 億美元，環比下降 8%，比一年前增長 25%。在雲計算領域，西部數據在 18 TB 容量點和 20 TB 驅動器上的領先地位推動近線收入同比增長近 40%。這一增長被較低的企業級 SSD 和智能視頻硬盤收入部分抵消。

The client end market represented 40% of total revenue at $1.7 billion, down 7% sequentially and 2% year-over-year. The sequential decrease was primarily due to typical seasonality in both Flash for mobile and client hard drives. On a year-over-year basis, growth in Flash was offset by a decline in hard drive. Lastly, consumer represented 20% of revenue at $0.9 billion, down 17% sequentially and 8% year-over-year. On a sequential basis, the decline was primarily due to lower retail Flash shipments. The year-over-year decrease was roughly evenly split between hard drive and Flash products.

客戶端市場佔總收入的 40%，為 17 億美元，環比下降 7%，同比下降 2%。環比下降主要是由於移動硬盤和客戶端硬盤的 Flash 具有典型的季節性。與去年同期相比，閃存的增長被硬盤的下降所抵消。最後，消費者佔收入的 20%，為 9 億美元，環比下降 17%，同比下降 8%。環比下降主要是由於零售閃存出貨量下降。硬盤驅動器和閃存產品之間的同比下降大致平均分配。

Turning now to revenue by segment. We reported flash revenue of $2.2 billion, down 14% sequentially and up 3% year-over-year. On a blended basis, Flash ASPs were down 1% sequentially. On a like-for-like basis, Flash ASPs were down 2% sequentially. Flash bit shipments decreased 14% sequentially and increased 9% year-over-year. During the quarter, we recognized the majority of the bit supply impact caused by the fab contamination.

現在轉向按部門劃分的收入。我們報告的閃存收入為 22 億美元，環比下降 14%，同比增長 3%。綜合來看，Flash ASP 環比下降 1%。在類似的基礎上，Flash ASP 連續下降 2%。閃存位出貨量環比下降 14%，同比增長 9%。在本季度，我們認識到晶圓廠污染對鑽頭供應的大部分影響。

Hard drive revenue was $2.1 billion, down 3% sequentially and up 9% year-over-year. Sequentially, total hard drive exabyte shipments increased 1%, while the average price per hard drive increased by 4% to $101. On a year-over-year basis, total hard drive exabyte shipments and average price per hard drive increased by 20% and 22%, respectively.

硬盤收入為 21 億美元，環比下降 3%，同比增長 9%。隨後，硬盤驅動器 EB 總出貨量增長了 1%，而每個硬盤驅動器的平均價格增長了 4%，達到 101 美元。與去年同期相比，硬盤驅動器 EB 總出貨量和每個硬盤驅動器的平均價格分別增長了 20% 和 22%。

As we move to costs and expenses, my comments will be related to non-GAAP results unless stated otherwise. In the March quarter, total fab contamination charges of $203 million were excluded from our non-GAAP results. Gross margin for the third quarter was 31.7%, down 190 basis points sequentially and up 400 basis points year-over-year, including approximately $59 million in COVID-related expenses. Our flash gross margin was 35.6%, down 50 basis points sequentially and up 560 basis points year-over-year.

當我們轉向成本和費用時，除非另有說明，否則我的評論將與非公認會計原則的結果有關。在 3 月季度，我們的非 GAAP 業績不包括 2.03 億美元的總晶圓廠污染費用。第三季度毛利率為 31.7%，環比下降 190 個基點，同比增長 400 個基點，其中包括約 5900 萬美元的 COVID 相關費用。我們的閃存毛利率為 35.6%，環比下降 50 個基點，同比增長 560 個基點。

Our hard drive gross margin was 27.7%, down 290 basis points sequentially and up 270 basis points year-over-year. Hard drive gross margin included coverage-related impact of approximately $51 million or 240 basis points.

我們的硬盤毛利率為 27.7%，環比下降 290 個基點，同比增長 270 個基點。硬盤毛利率包括約 5100 萬美元或 240 個基點的覆蓋相關影響。

Operating expenses of $740 million were below our guidance range as we tightly managed our expenses. Operating income was $650 million, representing a 26% decrease from the prior quarter and a 58% increase year-over-year. Earnings per share was $1.65, up from $1.02 in the year-ago quarter. Operating cash flow for the third quarter was $398 million, and free cash flow was $148 million.

由於我們嚴格管理費用，7.4 億美元的運營費用低於我們的指導範圍。營業收入為 6.5 億美元，比上一季度下降 26%，同比增長 58%。每股收益為 1.65 美元，高於去年同期的 1.02 美元。第三季度的經營現金流為 3.98 億美元，自由現金流為 1.48 億美元。

Cash and capital expenditures, which include the purchase of property, plant and equipment, and activity related to our Flash joint ventures on our cash flow statement represented a cash outflow of $250 million. We remain disciplined in investing in manufacturing capacity and expect gross CapEx for the current fiscal year to be around $2.9 billion. We expect cash CapEx to be around $1.3 billion as we actively manage our overall spending.

現金和資本支出，包括購買不動產、廠房和設備，以及在我們的現金流量表上與我們的 Flash 合資企業相關的活動，代表了 2.5 億美元的現金流出。我們在投資製造能力方面保持自律，預計本財年的總資本支出約為 29 億美元。由於我們積極管理整體支出，我們預計現金資本支出約為 13 億美元。

In the fiscal third quarter, we made a discretionary debt repayment of $150 million. Our gross debt outstanding was $7.25 billion at the end of the fiscal quarter. We ended the quarter with $2.51 billion of total cash and cash equivalents. Our trailing 12-month adjusted EBITDA at the end of the third quarter, as defined in our credit agreement, was $5 billion, resulting in a gross leverage ratio of 1.4x compared to 2.6x a year ago. As a reminder, our credit agreement includes $1 billion in depreciation add-back associated with the Flash ventures. This is not reflected in our cash flow statement. Please refer to our earnings presentation on the Investor Relations website for further details.

在第三財季，我們償還了 1.5 億美元的可自由支配債務。截至本財季末，我們的未償債務總額為 72.5 億美元。我們在本季度末的現金和現金等價物總額為 25.1 億美元。根據我們的信貸協議，我們在第三季度末的 12 個月調整後 EBITDA 為 50 億美元，總槓桿率為 1.4 倍，而一年前為 2.6 倍。提醒一下，我們的信貸協議包括與 Flash 企業相關的 10 億美元折舊加回。這沒有反映在我們的現金流量表中。請參閱我們在投資者關係網站上的收益報告了解更多詳情。

Before discussing our outlook, I wanted to provide some more details on the settlement with the IRS that David mentioned. As previously disclosed in our quarterly SEC filings, the company has been in a significant long-running situation with the IRS regarding taxes owed for fiscal years 2008 through 2015. As you can see in our GAAP statements, we took a tax charge in the fiscal third quarter, primarily based on our latest assessment of the situation.

在討論我們的前景之前，我想提供更多關於大衛提到的與美國國稅局達成和解的細節。正如之前在我們提交給美國證券交易委員會的季度文件中所披露的那樣，該公司在 2008 至 2015 財年所欠稅款方面與美國國稅局一直處於嚴重的長期關係中。正如您在我們的 GAAP 報表中看到的那樣，我們在本財年收取了稅款。第三季度，主要基於我們對情況的最新評估。

In the last few days, we reached a tentative agreement to settle the transfer pricing issues in dispute. The actual amount to Western Digital will have to pay and exact timing of the payments have not been determined yet. However, we currently expect to make a cash payment in the range of $600 million to $700 million some time in the first half of fiscal 2023. Please note that this is the cash out number. We currently expect that the ultimate net amount will be in the range of $500 million to $600 million after accounting for certain offsetting tax benefits expected to be recouped over the next 3 years. Finally, in the fourth quarter, we will make a GAAP-only adjustment to the reserve associated with this settlement. You will find additional details in our 10-Q, which we plan to file next week.

在過去的幾天裡，我們達成了解決轉讓定價爭議的初步協議。西部數據的實際金額將不得不支付，確切的支付時間尚未確定。但是，我們目前預計將在 2023 財年上半年的某個時間支付 6 億至 7 億美元的現金。請注意，這是現金支出數字。我們目前預計，在考慮到預計將在未來 3 年內收回的某些抵消性稅收優惠後，最終淨金額將在 5 億美元至 6 億美元之間。最後，在第四季度，我們將對與此結算相關的準備金進行僅 GAAP 調整。您將在我們計劃下週提交的 10-Q 中找到更多詳細信息。

I'll now provide our view of both hard drive and Flash businesses for the fiscal fourth quarter. As we indicated on our last earnings call, we continue to expect hard drive revenue to increase driven by growth in nearline hard drives. We also expect Flash revenue to increase sequentially in the fourth fiscal quarter as our Flash supply improves. For our fiscal fourth quarter, our non-GAAP guidance is as follows:

我現在將提供我們對第四財季硬盤和閃存業務的看法。正如我們在上次財報電話會議上指出的那樣，我們繼續預計硬盤收入將在近線硬盤增長的推動下增加。我們還預計，隨著我們閃存供應的改善，第四財季閃存收入將環比增長。對於我們的第四財季，我們的非公認會計準則指導如下：

We expect revenue to be in the range of $4.5 billion to $4.7 billion with sequential revenue growth for both hard drive and flash businesses; we expect gross margin to be between 31% and 33%; we expect operating expenses to be between $770 million and $790 million; interest and other expenses are expected to be approximately $70 million; our tax rate is expected to be approximately 11% in the fourth quarter; we expect earnings per share to be between $1.60 and $1.90 in the fourth quarter, assuming approximately 317 million fully diluted shares outstanding.

我們預計收入將在 45 億美元至 47 億美元之間，硬盤和閃存業務的收入將連續增長；我們預計毛利率在 31% 至 33% 之間；我們預計運營費用將在 7.7 億美元至 7.9 億美元之間；利息和其他費用預計約為 7,000 萬美元；我們的稅率預計在第四季度約為 11%；假設大約有 3.17 億股完全稀釋的流通股，我們預計第四季度的每股收益將在 1.60 美元至 1.90 美元之間。

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

我現在將電話轉回給大衛。

Thanks, Wissam. Looking ahead, we remain optimistic about our business outlook for the calendar year as customer demand across our end markets continues to be generally strong. Despite the supply chain challenges and macroeconomic factors we discussed earlier, it is evident that we have the right foundation for long-term growth, the right technology portfolio in place to meet evolving customer needs and the broad routes to market necessary to scale our business.

謝謝，維薩姆。展望未來，我們對本日曆年的業務前景保持樂觀，因為我們終端市場的客戶需求繼續普遍強勁。儘管我們之前討論了供應鏈挑戰和宏觀經濟因素，但很明顯，我們擁有長期增長的正確基礎、正確的技術組合以滿足不斷變化的客戶需求以及擴展業務所需的廣泛市場途徑。

Over the last couple of years, we have planned and executed significant changes to improve our focus, sharpen execution and set strategic goals to place Western Digital in a position of greater strength. And I'm excited that we are witnessing the positive impacts of those changes.

在過去的幾年裡，我們計劃並實施了重大變革，以提高我們的重點、加強執行並設定戰略目標，使西部數據處於更強大的地位。我很高興我們正在見證這些變化的積極影響。

Before I wrap up, I want to remind everyone, we have an Investor Day coming up on May 10, and I look forward to seeing you all there. Let's start the Q&A.

在結束之前，我想提醒大家，我們將在 5 月 10 日迎來投資者日，期待與大家見面。讓我們開始問答吧。

(Operator Instructions) Our first question will come from C.J. Muse with Evercore.

（操作員說明）我們的第一個問題將來自 C.J. Muse with Evercore。

I guess the question relates to your June quarter outlook. I would love to hear how you're thinking about any kind of ongoing implications to both the NAND contamination issue, what kind of impact that might have on your bit availability.

我想這個問題與您的 6 月季度展望有關。我很想听聽您如何考慮對 NAND 污染問題的任何持續影響，以及可能對您的位可用性產生什麼樣的影響。

And then secondly, in terms of the China lockdown, the impact on your HDD media side and whether that's pushing out any shipments beyond the June quarter.

其次，就中國的封鎖而言，對您的 HDD 媒體方面的影響以及這是否會將任何出貨量推遲到 6 月季度之後。

C.J., thanks for the question. Yes, on the Flash side, so first of all, as we said, the flash contamination issue is behind us in the fab. We expect a bit growth next quarter. We won't be all the way back, but we'll -- we expect to accelerate from where we were this quarter.

C.J.，謝謝你的提問。是的，在閃存方面，首先，正如我們所說，閃存污染問題在晶圓廠中已經解決。我們預計下個季度會有所增長。我們不會一路回來，但我們會 - 我們預計會從本季度的水平加速。

As far as the situation in Penang in China, we did have facility shut down for a couple of weeks. At the end of last quarter. We've mostly recovered that as far as the -- as being able to meet demand for this quarter. I would say that as a general statement, it's -- I think it's very difficult for everybody to meet what true demand is right now in the market. So between component shortages and the situation in China, it makes it really tough.

就中國檳城的情況而言，我們確實關閉了幾個星期的設施。在上個季度末。就能夠滿足本季度的需求而言，我們基本上已經恢復了這一點。我想說的是，作為一般性聲明，我認為每個人都很難滿足目前市場上的真正需求。因此，在零部件短缺和中國的情況之間，這真的很艱難。

But I think we were able to navigate through the situation quite well, quite -- frankly, the team there did a fantastic job and has kind of recovered. There were some incremental costs as we saw in the HDD margin line that we didn't expect. But all in all, I think we navigated through the situation fairly well.

但我認為我們能夠很好地應對這種情況，坦率地說，那裡的團隊做得非常出色，並且已經恢復了一些。正如我們在 HDD 邊際線中看到的，我們沒有預料到會有一些增量成本。但總而言之，我認為我們很好地應對了這種情況。

For the coming quarter, yes, we're still dealing with the situations in China, but we think we'll be able to navigate although, it is very, very dynamic. But we factored in all the risks into the guide, and we're comfortable with where the numbers' at. Wissam, anything to add?

對於下一季度，是的，我們仍在處理中國的情況，但我們認為我們將能夠駕馭它，儘管它非常非常有活力。但是我們在指南中考慮了所有風險，並且我們對數字的位置感到滿意。維薩姆，有什麼要補充的嗎？

Not much, David. I think you've covered it well.

不多，大衛。我認為你已經很好地涵蓋了它。

Our next question will come from Aaron Rakers with Wells Fargo.

我們的下一個問題將來自富國銀行的 Aaron Rakers。

I'll stick to 1 as well. I -- just kind of thinking about the gross margin guidance into this next quarter, I think it was 31% to 33%. I was curious if you could help kind of unpack the variables. Maybe give us some color on how you're thinking about the flash gross margin relative to the hard disk drive gross margin.

我也會堅持1。我 - 只是考慮到下個季度的毛利率指導，我認為它是 31% 到 33%。我很好奇您是否可以幫助解壓縮變量。也許讓我們了解一下您是如何考慮閃存毛利率相對於硬盤驅動器毛利率的。

And I guess within hard disk drives, how much COVID-related expenses, are you still embedding? Just any other variables you can help us appreciate on both those 2 segments.

而且我猜在硬盤驅動器中，您還嵌入了多少與 COVID 相關的費用？您可以幫助我們了解這兩個部分的任何其他變量。

So I'll take -- I'll start on it, and Wissam can add. So on the drive business, last quarter, we talked about the 200 to 300 basis point impact that we were expecting. I think we took a little that in this quarter than we had expected. Some of that was some cost we didn't expect, like I just talked about in Shenzhen. I think I said Penang earlier, but Shenzhen.

所以我會接受——我會開始，Wissam 可以補充。所以在驅動業務上，上個季度，我們談到了我們預期的 200 到 300 個基點的影響。我認為我們在本季度的支出比我們預期的要少。其中一些是我們沒有預料到的成本，就像我剛剛在深圳談到的那樣。我想我之前說的是檳城，但深圳。

And -- so in that business, looking forward, I think we see it as pretty much -- we've pretty much hit the bottom. We basically see it flat going forward. In the flash business, we expect some acceleration of gross margin given the supply-demand balance situation. So Wissam, anything to add to that?

而且 - 所以在那個行業，展望未來，我認為我們幾乎看到了 - 我們幾乎已經觸底。我們基本上認為它是平的。在閃存業務中，鑑於供需平衡的情況，我們預計毛利率會有所加速。那麼Wissam，還有什麼要補充的嗎？

Yes, David, just maybe to follow on, on the comments or Aaron's question with respect to COVID, where we see the COVID costs going into next quarter are expected to be a little bit less than what we've experienced in the fiscal third quarter.

是的，大衛，可能會繼續討論關於 COVID 的評論或 Aaron 的問題，我們認為下一季度的 COVID 成本預計將比我們在第三財季所經歷的要少一些.

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

我們的下一個問題將來自摩根士丹利的喬摩爾。

Just following up on the contamination issue. Is the 7 exabyte number that you guys talked about still the right kind of number to think about the lost production? And how does that split across the March and June quarters?

只是跟進污染問題。你們談論的 7 EB 數字仍然是考慮生產損失的正確數字嗎？三月和六月季度的情況如何？

Joe, yes, that's still the right number. I mean the team will always work in kind of an evolving situation to see what they can do with the material that we had to take out. But I don't think it will be super material to the numbers. So 7 is a good place to work from. And we haven't split it up over the quarters, but the majority of it we took in the previous quarter.

喬，是的，這仍然是正確的數字。我的意思是，團隊總是會在不斷變化的情況下工作，看看他們能用我們不得不取出的材料做些什麼。但我不認為這對數字來說是超級重要的。所以 7 是一個工作的好地方。而且我們沒有在季度中拆分它，但我們在上一季度獲得了大部分。

Okay. And your joint venture partner, I don't want to speak for them, but like just in terms of assessing the industry situation, would have lost proportionally the same amount?

好的。而你的合資夥伴，我不想為他們說話，但就像只是在評估行業情況方面，會按比例損失相同的金額？

Yes. I'm not going to speak for them. But we have joint manufacturing facilities, for sure.

是的。我不會為他們說話。但我們肯定有聯合製造設施。

Our next question will come from Patrick Ho with Stifel.

我們的下一個問題將來自 Patrick Ho 和 Stifel。

Patrick, are you there? Cherie, why don't we skip over and try to get Patrick back in.

帕特里克，你在嗎？切麗，我們為什麼不跳過並嘗試讓帕特里克回來。

Okay. Our next question will go to Tom O'Malley with Barclays.

好的。我們的下一個問題將交給巴克萊銀行的 Tom O'Malley。

You're seeing a really -- you're seeing a really strong trend in the HDD pricing side. Is that entirely related to the mix more towards nearline? Or are you seeing any underlying trends in other parts of the business as well? Anything helpful there would be really good.

你看到了一個非常 - 你看到了 HDD 定價方面的一個非常強勁的趨勢。這完全與更接近近線的混合有關嗎？或者您是否也看到了業務其他部分的任何潛在趨勢？任何有幫助的東西都會非常好。

I'll put a much larger frame on it, Tom. I think what's happening, and we see it show up in a number of ways, and there's a lot of COVID implications and costs in it, too. But I just -- I think we're just seeing the industry change from a world where there was always capacity enterprise drives available. Hard drives were available. It was about putting as many as you could in places where you could fill up factories and get good absorption and not have to pay incremental cost for that.

我會在上面放一個更大的框架，湯姆。我認為正在發生的事情，我們看到它以多種方式出現，其中也有很多 COVID 影響和成本。但我只是 - 我認為我們只是看到行業從一個總是有容量企業驅動器可用的世界發生變化。硬盤驅動器可用。這是關於將盡可能多的地方放在可以填滿工廠並獲得良好吸收的地方，而不必為此支付增量成本。

That's kind of decline of the client era and the rise of the cloud era. We're pretty much through that, we're in the last legs of it. And I just think you're seeing a lot of industry dynamics change. You're seeing long-term agreements come in much more, something that last year was kind of a new concept that we were working through. Now it's becoming much more mainstream with our big customers just to give us visibility to making investments in this business.

這就是客戶端時代的衰落和雲時代的興起。我們幾乎已經完成了，我們正處於最後階段。我只是認為你看到了很多行業動態的變化。你會看到更多的長期協議，這是去年我們正在研究的一種新概念。現在，它在我們的大客戶中變得越來越主流，只是為了讓我們了解在這項業務中進行投資。

Essentially, we don't have a lot of capacity anymore to shift from client to enterprise and the cloud, and we're having to invest in that, and that's causing the whole industry to shift the way it thinks about this technology, in my point of view. I think it starts with we're still driving a strong TCO model for our customers. That's where it all starts. Every generation of technology, we're able to bring down the TCO for our customers.

從本質上講，我們不再有太多的能力從客戶端轉移到企業和雲，我們不得不在這方面進行投資，這導致整個行業改變了對這項技術的看法，在我看來觀點看法。我認為首先是我們仍在為我們的客戶推動強大的 TCO 模型。這就是一切的開始。每一代技術，我們都能夠為我們的客戶降低 TCO。

In the past, I think as we did that, the reward for our side of it was more volume, to soak up that capacity. Well, that's not the case anymore. Now we have to invest in new volume, so the industry has to change. So we're bringing a lot of TCO value. And I think you're seeing the industry move to providing more visibility, thinking about value-based pricing more, and how do we move that value equation in a way that we can continue to drive the TCO down and drive a better pricing environment.

在過去，我認為當我們這樣做時，我們這邊的獎勵是更多的容量，以吸收這種容量。好吧，情況不再如此。現在我們必須投資新的數量，所以行業必須改變。因此，我們帶來了很多 TCO 價值。而且我認為您正在看到該行業正在轉向提供更多可見性，更多地考慮基於價值的定價，以及我們如何以能夠繼續降低 TCO 並推動更好的定價環境的方式移動該價值等式。

So that's the big picture. And then, of course, there's a lot of costs in the system right now, and inflation input costs are going up, and we're working through pricing if we can mitigate parts of that. That's happening as well.

這就是大局。然後，當然，現在系統中有很多成本，通貨膨脹投入成本正在上升，如果我們可以減輕部分成本，我們正在通過定價。這也正在發生。

Helpful. And if I could just sneak just another quick one in. On the Flash side, obviously, you had a lot of disruptions during the quarter. It looks like the implied cost was relatively flat. When you're looking into the out quarter, you're obviously saying gross margins are up. You should see some pricing tailwinds given the industry.

有幫助。如果我可以再偷偷溜進去。顯然，在 Flash 方面，您在本季度遇到了很多中斷。看起來隱含成本相對持平。當您查看第二季度時，您顯然是在說毛利率上升。鑑於該行業，您應該會看到一些定價順風。

But Wissam, maybe any sort of color on the cost versus pricing impact in the quarter. I know you don't like to get specific, but obviously, given the situation, anything would be helpful here to kind of move -- on the moving pieces.

但是 Wissam，也許對本季度的成本與定價影響有任何不同的看法。我知道你不喜歡具體化，但顯然，考慮到這種情況，這裡的任何事情都會對移動有所幫助——在移動的部分上。

Go ahead.

前進。

Yes, of course. Yes, Tom. So we do expect that our long term -- to continue to reach our long-term target of cost reduction, which is a 15% year-on-year. The -- we did see a bit of a headwind in the current quarter, but it's really impacted by a few factors that we expect will anticipate in the next couple of quarters.

是的當然。是的，湯姆。因此，我們確實希望我們的長期 - 繼續達到我們降低成本的長期目標，即同比下降 15%。 - 我們確實在本季度看到了一些逆風，但它確實受到了我們預計將在接下來的幾個季度中預期的一些因素的影響。

So we saw, for instance, we continue to ramp our BiCS5 technology, as well as just like everybody, we're seeing some inflationary pressure as well as the start-up of our Yokkaichi Fab 7. But we still expect for this fiscal year '22 to be at least 15% year-on-year in terms of cost reduction. And as I started with, we do expect to continue to meet that target going forward.

所以我們看到，例如，我們繼續提升我們的 BiCS5 技術，就像所有人一樣，我們看到一些通貨膨脹壓力以及我們的 Yokkaichi Fab 7 的啟動。但我們仍然預計本財年'22 在成本降低方面至少同比下降 15%。正如我開始的那樣，我們確實希望繼續實現這一目標。

Our next question will go to Timothy Arcuri with UBS.

我們的下一個問題將交給瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

This is [Jason] on for Tim. So, could you please provide any color on the trajectory of your HDD gross margins through the second half of this year? I'm asking because we're expecting some benefit that we'll get for the -- on the stronger -- likely stronger pricing environment in the second half versus the first half.

這是蒂姆的[傑森]。那麼，您能否就今年下半年的硬盤毛利率軌跡提供任何顏色？我之所以這麼問，是因為我們預計下半年與上半年相比可能會更強勁的定價環境會帶來一些好處。

Yes. We do expect -- as we talked about last quarter, we're pretty much in the same place, which is we expected the decline we saw this quarter. We actually expected gross margin to be a little lower next quarter. Now we think that will be flat. And then we expect that to improve in the second half for a number of reasons: mix, input costs that are changing a bit and also some pricing benefit. So yes, we expect next quarter to be the low and then we expect to improve from there.

是的。我們確實期望 - 正如我們上個季度談到的那樣，我們幾乎處於同一個地方，這是我們預計本季度看到的下降。我們實際上預計下個季度的毛利率會略低。現在我們認為這將是平穩的。然後我們預計下半年情況會有所改善，原因有很多：混合、投入成本發生了一些變化，還有一些定價優勢。所以是的，我們預計下個季度將是低點，然後我們預計會從那裡改善。

Our next question will come from Patrick Ho with Stifel.

我們的下一個問題將來自 Patrick Ho 和 Stifel。

I apologize before. Dave, maybe if you could give a little bit of color. You gave some very encouraging commentary regarding the data center and cloud spending into the second half of the year. One, are these because of the long-term agreements you're signing with customers?

我之前道歉。戴夫，也許你能給點顏色。您對下半年的數據中心和雲支出發表了一些非常令人鼓舞的評論。一，這些是因為您與客戶簽署的長期協議嗎？

And maybe secondly, along with that question, how do you see the customer base in terms of this transition from 18 to 20? Is it a new set of customers? Or are your 18 customers quickly transitioning over to 20 terabytes?

其次，除了這個問題，您如何看待從 18 歲到 20 歲的客戶群？是新客戶群嗎？還是您的 18 位客戶正在快速過渡到 20 TB？

Yes. So let me unpack that a little bit and thanks, Patrick. So the -- it's largely the same customers that will move from 18 to 20. I mean I think, as I said earlier, the TCO equation improves as you go -- as you keep driving forward. So it's a very important part of what we do.

是的。所以讓我稍微解開一下，謝謝，帕特里克。因此，從 18 到 20 的客戶基本上是相同的。我的意思是，正如我之前所說，隨著您不斷前進，TCO 等式會有所改善。所以這是我們工作中非常重要的一部分。

I mean this is -- I talk about innovation a lot around here, and the innovation we've driven around ePMR and now OptiNAND and SMR, those are all things that we layer into our products and allow our customers every time they move a generation forward, they get better TCO equation. So there's reasons to keep moving forward. So that's kind of the way -- that's kind of the way that works a little bit.

我的意思是——我在這裡談論了很多創新，我們圍繞 ePMR 以及現在的 OptiNAND 和 SMR 推動的創新，這些都是我們在產品中分層的東西，並允許我們的客戶每次移動一代向前，他們得到更好的 TCO 方程。所以有理由繼續前進。所以這就是一種方式——這種方式有點作用。

By the way, we'll come back and talk about SMR a little bit more. We're continuing to see more momentum towards SMR. That is the future of the cloud HDD business is SMR. All the big players are now moving down that path, which is a technology we've been investing in for quite some time.

順便說一句，我們會回來再談談 SMR。我們繼續看到向 SMR 發展的更多動力。那就是雲硬盤業務的未來是SMR。所有的大玩家現在都在沿著這條道路前進，這是我們已經投資了相當長一段時間的技術。

On your other question on -- look, the LTAs don't drive the spending and the LTAs help smooth out the spending. I think the whole idea with the LTA is to give -- we have a strong relationship with our big customers and to give better visibility 2, 3 quarters out. I've talked about this a lot in the past, the business used to -- if I think back a year ago or 2 years ago when I came in the business, the business was just transacted quarter-to-quarter and even within the quarter. And clearly, given the investments we need to make to continue to drive investments in heads and media to fund -- to fuel the exabyte growth, we're going to need more visibility than that. And so the LTAs have been adopted. And we strike those with our big customers on multi-quarter time frames, and then we stick to them.

關於你的另一個問題——看，長期協議不會推動支出，長期協議有助於平滑支出。我認為 LTA 的整個想法是給予——我們與我們的大客戶建立了牢固的關係，並在 2、3 個季度後提供更好的可見性。過去我已經談過很多了，這個業務過去常常——如果我回想一年前或兩年前當我進入這個行業時，這個業務只是按季度進行交易，甚至在四分之一。顯然，鑑於我們需要進行投資以繼續推動對頭部和媒體的投資以資助 - 以推動艾字節增長，我們將需要更多的知名度。因此，長期協議已被採用。我們在多個季度的時間範圍內與我們的大客戶一起打擊那些，然後我們堅持他們。

And that's been very good as far as smoothing out any ups and downs and builds on their side. And so -- as far as the second half environment, our big cloud customers continue to tell us and signal a strong demand environment in the second half of the year. So we'll be excited about driving to that with -- starting with 18 and then transitioning to 20 as we move through the year.

就消除任何起伏和建立在他們身邊而言，這非常好。因此，就下半年環境而言，我們的大型雲客戶繼續告訴我們，並在下半年發出強勁的需求環境信號。因此，我們會很高興能夠實現這一目標——從 18 歲開始，然後隨著我們這一年的發展過渡到 20 歲。

Our next question will come from Krish Sankar with Cowen.

我們的下一個問題將來自 Krish Sankar 和 Cowen。

[Eddie] for Krish. For HDDs, when do you expect the crossover between 20 terabytes and 18 terabytes? And can you please tell us if you did see a slowdown in the VIA market for HDDs over the last quarter?

[埃迪] 為克里什。對於 HDD，您預計 20 TB 和 18 TB 之間的交叉是什麼時候？您能否告訴我們您是否確實看到威盛硬盤市場在上個季度出現放緩？

Yes. I would imagine the 20 crossover will be in the second half of the year. I mean we're deep into the 18s right now. I mean, 18 is probably 80% of the portfolio of what's shipping. So it's the sweet spot of the market. As we move through the year, we'll start to ramp 20. So towards the end of the year, early next year. We can circle back on a specific date, but that's the way we're thinking about it.

是的。我想 20 交叉將在今年下半年。我的意思是我們現在已經深入到 18 歲了。我的意思是，18 可能是運輸產品組合的 80%。所以它是市場的甜蜜點。隨著這一年的到來，我們將開始增加 20 個。所以在今年年底，明年年初。我們可以在一個特定的日期回溯，但這就是我們正在考慮的方式。

The surveillance market, smart video market, that's been soft all year. So we continue to see that with the lockdowns in China. We expect that once that ends, there'll be some snapback and some recovery of pushed out demand there. But right now, given the COVID situation, I think that, that market is not going to change until the COVID situation changes.

監控市場，智能視頻市場，全年疲軟。因此，隨著中國的封鎖，我們繼續看到這一點。我們預計，一旦這種情況結束，那裡將會出現一些反彈和一些被推出的需求的複蘇。但是現在，鑑於 COVID 的情況，我認為，在 COVID 情況發生變化之前，市場不會改變。

And if I can squeeze one in. Is surveillance margin accretive?

如果我能擠進去。監視邊際會增加嗎？

Is it -- margin. I don't think we break out at that level. I don't know, Wissam, do you have a comment on that, or Peter?

是不是——保證金。我認為我們不會在那個水平上爆發。我不知道，Wissam，你對此有何評論，還是 Peter？

Yes. Actually, David, we don't break out down to that level of detail.

是的。實際上，大衛，我們並沒有分解到那種詳細程度。

Our next question will come from Sidney Ho with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Sidney Ho。

A couple of short ones on the flash side. How are you thinking about your full year bit shipment growth for calendar '22? I know you don't want to go quarter-by-quarter, but for the full year.

閃光燈側有幾個短的。您如何看待日曆 '22 的全年位出貨量增長？我知道您不想按季度進行，而是要全年進行。

And then the follow-up question is gross margin for flash, and you talked about maybe up a little bit for next quarter. Are you actually expecting much price increase? How much is mix a factor? And maybe talk about -- Wissam you talked about the Yokkaichi start-up costs. Can you kind of quantify what that number is?

然後接下來的問題是閃存的毛利率，你談到下個季度可能會上漲一點。你真的期待價格上漲嗎？混合因素是多少？或許還談一談——Wissam，您談到了四日市的啟動成本。你能量化一下這個數字是多少嗎？

I will let Wissam handle the gross margin question. The bit growth -- look, our bit growth will be down this year. We're not going to put a fund number out there right now. But given the fab excursion, we'll be down this year. And then we'll make it up over the next year or so, a year plus. It will take a while to fully come back to our fair share of bits.

我會讓 Wissam 處理毛利率問題。比特增長——看，我們的比特增長今年會下降。我們現在不打算把基金號碼放在那裡。但是考慮到晶圓廠的遊覽，我們今年會下降。然後我們將在接下來的一年左右，一年多的時間裡彌補它。完全恢復到我們公平的份額需要一段時間。

Our strategy has been very consistent for a long time. We invest to maintain share. And you see us doing that, including recent fab announcements with (inaudible). Wissam, do you want to talk about gross margin a little bit in Flash?

長期以來，我們的策略一直非常一致。我們投資以保持份額。你看到我們這樣做了，包括最近的晶圓廠公告（聽不清）。 Wissam，你想談談 Flash 的毛利率嗎？

Of course, David. So Sidney, thanks for the question. The -- when we think of the Flash business, I think to address maybe the part of the question around the Yokkaichi start-up cost, they're not very significant, and actually, they're much lower than the K1 fab start-up. We're talking about really a brownfield expansion here versus a greenfield expansion.

當然，大衛。西德尼，謝謝你的提問。 - 當我們想到 Flash 業務時，我認為可能要解決有關 Yokkaichi 啟動成本的部分問題，它們並不是很重要，實際上，它們比 K1 晶圓廠的啟動成本低得多-向上。我們在這裡談論的是真正的棕地擴張與綠地擴張。

To the part of your question with respect to our Flash gross margin that's sort of embedded in the guidance. Of course, mix always plays a part in any gross margin, whether it's actual or projected. So -- but as I said earlier, we're still expecting to meet that 15%-plus year-on-year cost reduction for Flash in the fiscal year 2022. I hope this helps.

關於您關於我們的 Flash 毛利率的問題，該部分包含在指南中。當然，混合總是在任何毛利率中發揮作用，無論是實際的還是預計的。所以——但正如我之前所說，我們仍然希望在 2022 財年實現 Flash 成本同比下降 15% 以上。我希望這會有所幫助。

Our next question will come from Medhi Hosseini with SIG.

我們的下一個問題將來自 SIG 的 Medhi Hosseini。

Yes. And just as a follow-up to the previous question, how should I think about the impact of FX exchange rate on the flash gross margin?

是的。而作為上一個問題的後續，我應該如何看待外匯匯率對閃存毛利率的影響？

So maybe I'll -- thanks, Mehdi, for the question. Then maybe I'll just talk about the FX in general. So our approach is we do -- we use a layered hedging approach, which means it's -- there's much more coverage in hedge on the shorter term versus the longer term. And so that smoothens out the impact of FX over time.

所以也許我會-- 謝謝Mehdi 的提問。那麼也許我會簡單地談談FX。所以我們的方法是我們這樣做——我們使用分層對沖方法，這意味著——與長期相比，短期對沖的覆蓋面要多得多。這樣一來，隨著時間的推移，外彙的影響就變得平滑了。

And the way also to think of it as any incurred cost within the quarter typically will not really impact the P&L until approximately 90 to 120 days later, given the manufacturing cycle times and lead time for delivery of product. And so the -- whatever we're seeing, at least in the past short term in terms of currency fluctuations, will not be that impactful to the numbers.

考慮到製造週期時間和產品交付的提前期，將其視為本季度內發生的任何成本的方式通常不會真正影響損益表，直到大約 90 到 120 天后。所以 - 無論我們看到什麼，至少在過去的短期貨幣波動方面，都不會對數字產生那麼大的影響。

What we saw in -- what we're sort of expecting -- actually, what we saw in this quarter and what we're anticipating for the fiscal fourth quarter is less than 1% impact on all of our cost of goods sold. Not on -- that basically talks about all of the costs of goods sold, maybe not only the Flash portion.

我們所看到的——我們有點期待——實際上，我們在本季度看到的以及我們對第四財季的預期對我們所有銷售商品成本的影響不到 1%。不是——這基本上是關於銷售商品的所有成本，可能不僅僅是 Flash 部分。

Okay. Can I not ask a question? Is FX more like a clarification?

好的。我不能問一個問題嗎？外匯更像是一種澄清嗎？

So far, Mehdi.

到目前為止，梅赫迪。

Just back to David, given your LTAs, and you sound confident that the cloud demand is going to sustain into the second half. How should we think about nearline exabyte growth prospect in calendar year '22 versus '21?

回到大衛，考慮到您的長期協議，您對雲需求將持續到下半年充滿信心。我們應該如何看待 '22 與 '21 日曆年的近線艾字節增長前景？

Exabyte growth in '22 versus '21, I can get you -- let me look this up real quick. If I have a pie -- look, I mean, Mehdi, if I look at it -- looking at over -- we keep coming back to 35% growth in the -- in exabytes in the cloud. That's been a pretty consistent number.

'22 與 '21 的艾字節增長，我可以告訴你——讓我快速查看一下。如果我有一個餡餅 - 看，我的意思是，Mehdi，如果我看一下 - 看一遍 - 我們會繼續回到 35% 的增長 - 在雲中以艾字節為單位。這是一個相當一致的數字。

I'd have to go back and put it in -- I tend to look at it more in fiscal years than calendar years, but I can follow up with you on a calendar year number.

我必須回去把它放進去——我傾向於在財政年度而不是日曆年中查看它，但我可以跟進你的日曆年數字。

Okay. And I look forward to meeting you at the Analyst Day.

好的。我期待在分析師日與您見面。

I look forward to it. It's going to be fun.

我很期待。這將很有趣。

Our next question will come from Nik Todorov with Longbow Research.

我們的下一個問題將來自 Longbow Research 的 Nik Todorov。

Yes. David, you talked about SMR quite a bit on this call. Maybe can you unpack how should we think about the impact on SMR on mix, pricing and margins, and HDD. Maybe can you touch on what kind of workloads are the cloud guys looking to deploy SMR initially?

是的。大衛，你在這次電話會議上談了很多 SMR。也許你能解開我們應該如何看待 SMR 對混合、定價和利潤率以及 HDD 的影響。也許您能談談雲計算人員最初希望部署 SMR 的工作負載類型嗎？

Well, I'll defer the workloads until our Investor Day. We'll go into it in a little more detail there. But look, I think big picture, we see -- this last quarter, I think -- well, I know I said we had 2 big cloud titans that we're working on SMR and we expected significant shipments towards the end of the year.

好吧，我會將工作量推遲到我們的投資者日。我們將在那裡更詳細地討論它。但是看，我認為大局，我們看到 - 最後一個季度，我認為 - 好吧，我知道我說過我們有兩個大型雲巨頭，我們正在研究 SMR，我們預計到今年年底會有大量出貨.

Within the quarter, we had another one and another one come to us about adopting SMR. So I think that -- I think that it's very clear to me that the capacity gains that can be achieved with SMR -- you know we've been investing in this technology for a long time, in this idea that you can get an extra 10% or more. And again, we'll talk about that next week or in a couple of weeks as well.

在本季度內，我們又接到了一個又一個關於採用 SMR 的問題。所以我認為 - 我認為我非常清楚 SMR 可以實現的容量增益 - 你知道我們已經在這項技術上投資了很長時間，在這個想法中你可以獲得額外的10% 或更多。再一次，我們將在下週或幾週內討論這個問題。

It's very attractive, especially given the size of the drives now and how big they are. You're talking big numbers, multiple terabytes that are being added through the changes. Now the thing that gives me a lot of conviction on this is because it requires the -- on the host side, you have to do some software work. And nobody wants to do software work if they can avoid it or if the return is not good enough. And the fact that the big players are coming and they're saying, look, we're going to invest in this and we're going to pull SMR into our data centers, tells me that this is the next leg of growth in this industry.

它非常有吸引力，尤其是考慮到現在驅動器的大小和它們的大小。您說的是大數字，通過更改添加了多個 TB。現在讓我對此深信不疑的是因為它需要——在主機端，你必須做一些軟件工作。如果可以避免或回報不夠好，沒有人願意做軟件工作。大玩家來了，他們說，看，我們將在這方面進行投資，我們將把 SMR 引入我們的數據中心，這告訴我這是下一個增長階段行業。

So again, we'll get to our Investor Day to talk about what it means on the portfolio, but I get back to just another way that allows us using innovation to drive a better TCO equation for our customers. And when we can drive better TCO, then we can leverage that into a conversation about value-based pricing. And that's exactly what we're doing, and that's -- it's exactly where the industry is going.

再說一次，我們將在投資者日討論它對投資組合的意義，但我會回到另一種方式，它允許我們利用創新為我們的客戶推動更好的 TCO 方程。當我們能夠提高 TCO 時，我們就可以利用它來討論基於價值的定價。這正是我們正在做的事情，這就是——這正是行業的發展方向。

Like I said, LTAs are a part of that, about getting more predictability. But the fact that we can continue to drive down the cost of storage, continue to drive a better TCO with every generation of product, to do that through innovation, that gives us opportunity to create margin and create value.

就像我說的那樣，長期協議是其中的一部分，關於獲得更多的可預測性。但事實上，我們可以繼續降低存儲成本，繼續通過每一代產品推動更好的 TCO，通過創新來做到這一點，這給了我們創造利潤和創造價值的機會。

Our next question will come from Nam Kim with Arete Research.

我們的下一個問題將來自 Arete Research 的 Nam Kim。

How should we think about some of your hyperscaler moving into their own enterprise SSD build? Do you expect such DIY enterprise SSD to impact your business negatively? Or just have a limited impact? Any color would be great.

我們應該如何考慮您的一些超大規模設備進入他們自己的企業 SSD 構建？您是否認為這種 DIY 企業級 SSD 會對您的業務產生負面影響？或者只是影響有限？任何顏色都會很棒。

I think various of our customers have DIY projects. I think that's fine. They still -- first of all, I don't know if anybody does 100% fab, because everybody wants diversity in their supply chain. But even DIY provides us opportunity to provide, well NAND, so not just the full enterprise SSD. But like I said, even anybody that's doing DIY is also going to be buying enterprise SSDs as well for part of their footprint. And the numbers here are getting so large that whichever way you play or both. It gives us the opportunity to play in both of those franchises, quite frankly, with our big customers, providing enterprise SSDs and then providing NAND into their projects.

我認為我們的各種客戶都有自己的項目。我認為這很好。他們仍然——首先，我不知道是否有人做 100% 晶圓廠，因為每個人都希望他們的供應鏈多樣化。但即使是 DIY 也為我們提供了提供 NAND 的機會，而不僅僅是完整的企業級 SSD。但就像我說的那樣，即使是任何進行 DIY 的人也將購買企業級 SSD 以及他們的部分足跡。這裡的數字變得如此之大，無論你以哪種方式或兩者兼而有之。坦率地說，它讓我們有機會與我們的大客戶一起參與這兩個特許經營，提供企業 SSD，然後將 NAND 提供給他們的項目。

So I think it's a reflection of how important enterprise SSDs are to the future of a very modern cloud data center. It's extraordinarily important technology, and we're very happy to be involved with the biggest customers and qualified at the biggest customers with our technology.

因此，我認為這反映了企業 SSD 對於非常現代的雲數據中心的未來的重要性。這是一項非常重要的技術，我們很高興與最大的客戶合作，並通過我們的技術在最大的客戶中取得資格。

Our next question will come from Jim Suva with Citigroup.

我們的下一個問題將來自花旗集團的 Jim Suva。

Thank you. And I look forward to seeing you all next month. But before that, it's great to see that the contamination issue is kind of behind us, of course, working through that. With that being said, the cost of all that, is that solely borne by Western Digital? Or does your supplier kind of remunerate you for that, or make up for it in future pricing or some type of insurance?

謝謝你。我期待著在下個月見到你們。但在此之前，很高興看到污染問題已經過去，當然，我們正在努力解決這個問題。話雖如此，這一切的成本，是由西部數據獨自承擔的嗎？或者您的供應商是否會為此向您提供報酬，或者在未來的定價或某種類型的保險中進行補償？

And most critically, what are you doing? Have you put in something to make sure such thing doesn't happen again?

最關鍵的是，你在做什麼？你有沒有投入一些東西來確保這樣的事情不會再次發生？

Yes, I'll give some input when we so can maybe provide more details if we have them. But look, we -- the issue is fully behind us. The team has done a fantastic job of root causing it down to the very, very bones of what the issues are, and then putting in place -- obviously, putting in place screens and other things to make sure it doesn't happen again. Or if it does happen again, to make sure we catch it proactively.

是的，當我們有這些信息時，我會提供一些意見，以便可以提供更多詳細信息。但是看，我們 - 問題已經完全過去了。團隊在根源方面做得非常出色，將問題歸結為問題的根源，然後落實到位——顯然，落實了屏幕和其他措施，以確保它不會再次發生。或者如果它再次發生，確保我們主動捕捉它。

As far as the costs are split by us and our JV partner. And as far as the ability to recoup any of those, I mean, I think we'll look at that. Once we get fully passed anything, we'll look and see if there's anything that will happen there. Anything to add to that, Wissam?

至於成本由我們和我們的合資夥伴分攤。至於收回任何這些的能力，我的意思是，我想我們會看看。一旦我們完全通過了任何事情，我們就會看看那裡是否會發生任何事情。維薩姆，還有什麼要補充的嗎？

I think -- no, David, I think you've covered it well.

我認為——不，大衛，我認為你已經很好地涵蓋了它。

Our next question will come from Steven Fox with Fox.

我們的下一個問題將來自 Steven Fox 和 Fox。

I was wondering if you could just talk a little bit more about the hard disk drive pricing. So as you mentioned, your ASPs were up 4% in the quarter. But can you talk a little bit about the like-for-like pricing currently and for the rest of the year, how you're approaching it maybe differently by different segments. And whether it's being impacted by the sort of extended lead times you've talked about in terms of where you're maybe putting more bits than maybe you were a year ago.

我想知道您是否可以多談談硬盤驅動器的定價。正如您所提到的，您的 ASP 在本季度增長了 4%。但是，您能否談談目前和今年剩餘時間的同類定價，不同細分市場的處理方式可能有所不同。以及它是否受到你所說的延長交貨時間的影響，因為你可能比一年前放置更多的位。

I think, like I said, we're working on -- I want to repeat the same thing. Again, pricing starts with value. We have to deliver value, and we're constantly innovating to deliver more value. But we're clearly working on pricing to see -- to defray some of the input costs and all the logistics costs COVID has impacted. So that's going on across the portfolio.

我想，就像我說的，我們正在努力——我想重複同樣的事情。同樣，定價始於價值。我們必須提供價值，並且我們不斷創新以提供更多價值。但我們顯然正在努力定價，以支付 COVID 影響的一些投入成本和所有物流成本。所以這在整個投資組合中都在發生。

And then we're having conversations with our customers about the value we're providing with these next generation of drives, about what that value is and how do we move to a value-based pricing model. I don't know if there's a whole lot more to say about it than that. I don't know, Wissam, anything from your perspective?

然後，我們正在與我們的客戶就我們為這些下一代驅動器提供的價值、價值是什麼以及我們如何轉向基於價值的定價模式進行對話。我不知道是否還有很多話要說。我不知道，Wissam，從你的角度來看有什麼問題嗎？

No. Not -- no, not on this, David. Thank you.

不，不是——不，不是這個，大衛。謝謝你。

Our next question will come from Christian Schwab with Craig-Hallum.

我們的下一個問題將來自 Christian Schwab 和 Craig-Hallum。

I just had a quick question on disk drive gross margins. Given the positive impacts of mix and decreased input costs and increases, value pricing. If we have a China COVID shutdown end, is there any reason why the disk drive business can't be operating at 30% plus growth exiting calendar year?

我剛剛對磁盤驅動器的毛利率提出了一個簡短的問題。鑑於混合的積極影響以及投入成本的降低和增加，價值定價。如果我們在中國 COVID 關閉結束時，磁盤驅動器業務是否有任何理由不能以 30% 以上的速度運營？

I'm sorry, you broke up when you said the number.

對不起，你說號碼就分手了。

Is there any reason you could -- you wouldn't be exiting the calendar year with gross margins at 30% plus again?

你有什麼理由可以 - 你不會再次以 30% 以上的毛利率退出日曆年嗎？

Yes. I mean, so I think we broke those numbers out. Wissam, I think he's got the details. He had it in his remarks. But I mean, if you just took all the COVID cost off of business right now, I think we'd be about 30%, right, Wissam?

是的。我的意思是，所以我認為我們打破了這些數字。維薩姆，我想他已經掌握了細節。他在他的講話中提到了這一點。但我的意思是，如果你現在把所有的 COVID 成本都拿掉，我想我們會是 30% 左右，對吧，Wissam？

Yes. So that's very true, David. I mean the -- we did have in the quarter around 240 basis points related to the COVID costs. We've talked about slightly impacted, of course, by COVID lockdowns. We continue to see some inflationary cost pressures short term with supply chain disruptions.

是的。所以這是非常正確的，大衛。我的意思是——我們在本季度確實有大約 240 個基點與 COVID 成本相關。當然，我們已經談到了受到 COVID 封鎖的輕微影響。由於供應鏈中斷，我們在短期內繼續看到一些通脹成本壓力。

The -- I mean, to your question, I wouldn't necessarily want to talk about where the margins are going to be in Q4. But would it say that we do expect the margins to be better from here in the second half of the calendar year '22.

- 我的意思是，對於你的問題，我不一定想談論第四季度的利潤率。但它是否會說我們確實希望在 22 日曆年的下半年從這裡開始利潤率會更好。

Yes. It was -- I mean we're not going to commit to your number, but just as a general point, I mean, look, there's just been a lot of a lot of additional costs on the business. We've talked about it for many quarters now, logistics costs, and now increased input costs that have really hit us this past quarter.

是的。那是 - 我的意思是我們不會承諾你的數字，但一般來說，我的意思是，你看，業務上有很多額外的成本。我們已經討論了好幾個季度了，物流成本，以及現在增加的投入成本，這在上個季度真正打擊了我們。

And you would think as the world comes out of the pandemic, I think which is the major crux to your point, as this starts to unwind and logistics gets back to a steady state, and some of the input costs get more reasonable. We stop paying expedite fees for certain components and things like that because there's just a more smooth-flowing supplier ecosystem. It will unburden a lot of costs on the business.

你會認為，隨著世界從大流行中走出來，我認為這是你觀點的主要癥結所在，因為這開始放鬆，物流回到穩定狀態，一些投入成本變得更加合理。我們停止為某些組件和類似的東西支付加急費，因為只有一個更順暢的供應商生態系統。它將減輕企業的大量成本。

And again, I think this is masking somewhat, although not completely, a major fundamental structural change that's going on in the business, which I've talked about a lot, which is the HDD market is a growth market, and it's a growth market where we're going to need to invest capital to build additional heads and media capacity. And when that happens, I think the economic equation changes, and we get -- the key thing in that kind of world is can you still innovate and can you still bring new things to the product that makes it more valuable to your customer?

再一次，我認為這在一定程度上掩蓋了業務中正在發生的重大根本性結構變化，我已經談了很多，HDD市場是一個增長市場，它是一個增長市場我們將需要投資資金來建立額外的負責人和媒體能力。當這種情況發生時，我認為經濟等式會發生變化，我們得到——在那種世界中，關鍵是你能否繼續創新，你能否為產品帶來新的東西，使其對你的客戶更有價值？

And I think that is what we've really been focused on, from ePMR to OptiNAND to SMR, we're just really focused on innovation, bring a better value proposition that will be able to build a better product for our customers, and we'll get into that value-based pricing thing. So if we get both of those going and we can get the cost out because of the pandemic, I think we'll -- we feel very good about the business.

我認為這就是我們真正關注的領域，從 ePMR 到 OptiNAND 再到 SMR，我們只是真正專注於創新，帶來更好的價值主張，從而能夠為我們的客戶打造更好的產品，我們將進入基於價值的定價問題。因此，如果我們讓這兩個方面都進行下去，並且我們可以因為大流行而降低成本，我認為我們會 - 我們對業務感覺非常好。

Our next question will come from Mark Miller with Benchmark Company.

我們的下一個問題將來自 Benchmark Company 的 Mark Miller。

I'm just wondering in terms of mix, NAND mix, how is that progressing in terms of mobile versus the other segment you ship into? Are you seeing increasingly more shipments in the mobile? And where do you expect that's going?

我只是想知道在混合方面，NAND 混合方面，與您交付的其他細分市場相比，移動方面的進展如何？您是否看到移動設備的出貨量越來越多？你預計會發生什麼？

There's a couple of dynamics to this. I think over the -- looking -- the past couple of quarters, we had a higher shift -- higher mix towards mobile as we were ramping BiCS5. We talked about it in the prepared remarks, we've gotten past our qualifications of BiCS5 in the consumer market, and in our client SSD market. So we see an acceleration of mix into those on BiCS5.

這有幾個動態。我認為，在過去的幾個季度中，我們有一個更高的轉變——隨著我們正在推廣 BiCS5，我們對移動設備的組合更高。我們在準備好的評論中談到了它，我們在消費市場和我們的客戶 SSD 市場已經通過了 BiCS5 的資格。因此，我們看到 BiCS5 上的混音加速。

And then there's a lot of hard work going on to qualify our enterprise SSDs on BiCS5. And as that happens throughout this year, then you'll see an acceleration of that market as well into BiCS5. The reality is we have demand on enterprise SSD we can't meet because it's on BiCS4 right now. So as we get that into BiCS5, you'll see the mix change, and you'll see the enterprise SSD mix accelerate through the second half of the year, which will provide a tailwind to business. This -- we'll talk about this a little bit more at Investor Day as well to put one more plug in to see all of you on the tent.

然後，要在 BiCS5 上對我們的企業級 SSD 進行認證，還需要進行大量艱苦的工作。隨著今年全年發生這種情況，您將看到該市場以及 BiCS5 的加速發展。現實情況是我們對企業級 SSD 有我們無法滿足的需求，因為它現在在 BiCS4 上。因此，當我們將其引入 BiCS5 時，您會看到混合變化，您會看到企業 SSD 混合在今年下半年加速，這將為業務提供順風。這——我們將在投資者日再談一點，以便再插入一個插件，以便在帳篷裡看到你們所有人。

Our next question will come from Kevin Cassidy with Rosenblatt Securities.

我們的下一個問題將來自 Rosenblatt Securities 的 Kevin Cassidy。

Yes, looking forward to May 10 and May 9. I just wondered if you could give us a little more details on the Fab 7 ramp. what's -- you've mentioned brownfield production. And can I just understand a little better what that means? Is it -- you start off with only 20,000 wafers a month? Or any numbers like that you can give us?

是的，期待 5 月 10 日和 5 月 9 日。我只是想知道您能否向我們提供更多有關 Fab 7 坡道的詳細信息。什麼——你提到了棕地生產。我能更好地理解這意味著什麼嗎？是嗎 - 你開始時每月只有 20,000 個晶圓？或者您可以給我們提供任何類似的數字嗎？

So first of all, let me clarify the brownfield. I think what the point Wissam was making there was that K2 expenses will not be at the level of K1, because K1 was a greenfield and K2 is a brownfield. So the same situation with Y7, which ramping in Yokkaichi, obviously. Obviously a brownfield launch there as well.

所以首先，讓我澄清一下棕地。我認為 Wissam 的觀點是 K2 的費用不會達到 K1 的水平，因為 K1 是綠地，而 K2 是棕地。顯然，Y7 的情況與在四日市的情況相同。顯然，那裡也有一個棕地發射。

Wissam may have some information about how the expenses roll out. As far as how the wafer scale, we'll start ramping that, I think, on our newer nodes, but we'll have more to say about that when we start getting the tools in there and all of that. I don't know, Wissam, anything to add?

Wissam 可能有一些關於費用如何展開的信息。至於晶圓的規模如何，我認為，我們將在我們的新節點上開始增加這一點，但是當我們開始在那裡使用工具以及所有這些時，我們將有更多話要說。我不知道，Wissam，有什麼要補充的嗎？

Yes. The -- just maybe to clarify. Thanks, David. To clarify my comment on brownfield versus greenfield was exactly just to really highlight that the costs aren't as high as we've seen in K1. They weren't really -- they're not very significant. But of course, it's a bit of a headwind to the gross margin.

是的。 ——也許只是為了澄清。謝謝，大衛。澄清我對棕地與綠地的評論只是為了真正強調成本並不像我們在 K1 中看到的那麼高。它們不是真的——它們不是很重要。但當然，這對毛利率有點不利。

Thank you. Speakers, I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. David Goeckeler for any closing remarks.

謝謝你。發言者們，我目前在隊列中沒有其他問題。我現在想將電話轉回給 David Goeckeler 先生，讓其發表任何結束語。

All right. Thanks, everyone. We appreciate you joining us. As we've said a couple of times, we look forward to seeing -- hopefully, we'll see you on May 9 as was pointed out for some new product launches. We'll have some exciting new technology coming out then.

好的。謝謝大家。我們感謝您加入我們。正如我們多次說過的那樣，我們期待看到 - 希望我們會在 5 月 9 日見到您，正如一些新產品發布所指出的那樣。屆時我們將推出一些令人興奮的新技術。

And then on the 10th, May 10, May 9 and 10, on the 10th, we'll have our Investor Day, which we've been looking forward to for quite some time. So we will see you there. Thanks, everyone.

然後在 10 日、5 月 10 日、5 月 9 日和 10 日，10 日，我們將迎來我們期待已久的投資者日。所以我們會在那裡見到你。謝謝大家。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。