Management remarks
Call period: 2026 Q4 · 2026-08-05
Guidance: Luis Visoso: For the first quarter of fiscal year 2027, we expect revenue between $10.3 billion and $10.8 billion with sequential growth driven by both bit growth and higher pricing.Demand and orders: David V. Goeckeler: So again, why -- it's the reason why we're staying so close to our customers, why we're increasing our visibility because we're going to need to stay very close to those architectural discussions that are evolving very quickly, and the demand continues to get stronger, again, witnessed by we have customers coming back after only 1 quarter wanting to increase their demand for the next 3 to 5 years based on what they've learned in the last quarter.Margins: Luis Visoso: Non-GAAP gross margin for the fourth quarter was 84.6%, up from 78.4% in the prior quarter and 26.4% in the prior year.Analyst Q&A
Analyst Blayne Curtis asked: And then I just want to go back to a prior gross margin question. I'm trying to understand the margins are down modestly, but pricing is up. I just want to understand, is it the impacts of these new business agreements that's kind of capping -- leading to the modest growth in ASP? Management Luis Visoso answered: I would not assume that our new business models are a drag on gross margin. They are good margins. If you look at where we come from, right, the last 5 quarters, we've expanded gross margin every single quarter, starting with 22.7% all the way to 86.5%. So we feel that we're driving gross margin. We believe it's one of the most important metrics to drive the financial health of the company. Now if you look at some of the reasons on the math that you're questioning, right? I mean there is some mix. There is -- the high end of the guide is 85%, right?管理层陈述
电话会期间：2026 Q4 · 2026-08-05
指引：路易斯·维索索：我们预计2027财年第一季度营收介于103亿美元至108亿美元之间，环比增长将由比特量增长和更高定价共同推动。需求与订单：戴维·V·戈克勒：这也是我们与客户保持密切联系、提升信息透明度的原因——我们需要密切跟进快速演变的架构讨论，且需求持续走强：有客户仅在一个季度后就希望基于上一季度的认知，增加未来3至5年的需求。利润率：路易斯·维索索：第四季度非GAAP毛利率为84.6%，较上一季度的78.4%和去年同期的26.4%有所上升。分析师问答
分析师布莱恩·柯蒂斯问道：我想回到之前关于毛利率的问题。我注意到毛利率小幅下滑，但定价却在提升，想请问这是否是新业务协议的影响限制了ASP的温和增长？ 管理层代表路易斯·维索索回应称：新业务模式并不会拖累毛利率，它们的毛利率水平很高。过去5个季度，我们的毛利率每个季度都在提升，从22.7%一路升至86.5%。我们认为毛利率是推动公司财务健康的最重要指标之一，你所质疑的毛利率下滑存在一些结构性因素，指引的上限为85%。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
