Management remarks
Call period: 2026 Q4 · 2026-07-28
Guidance: William Mosley: Given our momentum and the improved visibility we have into demand, we expect fiscal 2027 revenue growth to outpace our performance in fiscal 2026.Demand and orders: William Mosley: We continue to execute our value-based pricing strategy, balancing a stronger demand environment with our objective of supporting sustainable, profitable growth over the long term. Cloud customers remain the largest driver for nearline demand today with 3 years of sequential quarterly exabyte growth and no evidence of a slowdown as AI adoption now builds on demand for traditional data-intensive applications, including video.Margins: Gianluca Romano: Non-GAAP operating margin increased 710 basis points sequentially to 44.6% and non-GAAP EPS was $5.71, up 39% quarter-over-quarter and 121% year-over-year, exceeding the high end of our guidance range by a wide margin.Analyst Q&A
Analyst Mark Newman asked: I think you've guided before 40% exiting the fiscal year on HAMR and 50% exiting calendar year '26. Are we on target for that or tracking ahead of that guidance you can say on that? Management William Mosley answered: I would say relative to Mozaic 4, it was pretty consequential last quarter even, and it's ramping quite nicely. We intentionally have maybe throttled the Mozaic 4 ramp because of qualification cycles and everything else and other customers as they qualify, they're full of the last generation product as well. So things are fairly complicated in the supply chain. But Mozaic 4 is quite successful out in the market.管理层陈述
电话会期间：2026 Q4 · 2026-07-28
指引：威廉·莫斯利：鉴于我们的增长势头以及对需求的更清晰预判，我们预计2027财年的收入增长将超过2026财年的表现。需求与订单：威廉·莫斯利：我们继续执行基于价值的定价策略，在更强劲的需求环境与支持长期可持续盈利增长的目标之间保持平衡。如今云客户仍是近线需求的最大驱动因素，已连续三年实现季度拍字节环比增长，暂无放缓迹象，人工智能应用正依托包括视频在内的传统数据密集型应用的需求增长。利润率：吉安卢卡·罗马诺：非GAAP营业利润率环比增加710个基点至44.6%，非GAAP每股收益为5.71美元，环比增长39%、同比增长121%，大幅超出指引区间上限。分析师问答
分析师马克·纽曼提问：此前你们给出的指引是财年末HAMR占比达40%、2026日历年年底达50%，请问我们是否正按该指引推进，或是超出预期？管理层威廉·莫斯利回答：相较于Mozaic 4，上一季度其表现已相当显著，目前量产爬坡相当顺利。我们因认证周期等因素有意放缓了Mozaic 4的量产爬坡速度，其他客户在认证时也仍在使用上一代产品。供应链情况相当复杂，但Mozaic 4在市场上表现相当成功。This earnings 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.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
