Penguin Solutions Inc (PENG) 2024 Q4 法說會逐字稿

Welcome to the Penguin Solutions fourth quarter and full year fiscal 2024 earnings conference call.

歡迎參加企鵝解決方案 2024 財年第四季和全年財報電話會議。

I would now like to pass the conference over to our host, Suzanne Schmidt of Investor Relations.

現在我想將會議交給我們的東道主、投資者關係部門的蘇珊·施密特 (Suzanne Schmidt)。

Suzanne, you may proceed.

蘇珊娜，你可以繼續了。

Thank you, operator.

謝謝你，接線生。

Good afternoon and thank you for joining us on today's earnings conference call and webcast to discuss Penguin Solutions fourth quarter and full year fiscal 2024 results.

下午好，感謝您參加今天的收益電話會議和網路廣播，討論 Penguin Solutions 第四季度和 2024 財年全年業績。

On the call today are Mark Adams, Chief Executive Officer; Jack Pacheco, Chief Operating Officer; and Nate Olmstead, Chief Financial Officer.

今天參加電話會議的是執行長馬克亞當斯 (Mark Adams)；傑克·帕切科，營運長；和首席財務官內特·奧爾姆斯特德。

You can find the accompanying slide presentation and press release for this call on the investor relations section of our website.

您可以在我們網站的投資者關係部分找到本次電話會議隨附的幻燈片簡報和新聞稿。

We encourage you to go to the site throughout the quarter for the most current information on the company.

我們鼓勵您在整個季度訪問該網站以獲取有關公司的最新資訊。

I would also like to remind everyone to read the note on the use of forward-looking statements that is included in the press release and the earnings call presentation.

我還想提醒大家閱讀新聞稿和收益電話會議演示中有關使用前瞻性陳述的說明。

Please note that during this conference call, the company will make projections and forward-looking statements including but not limited to statements about the company's growth trajectory and financial outlook.

請注意，在本次電話會議期間，本公司將做出預測和前瞻性陳述，包括但不限於有關公司成長軌跡和財務前景的陳述。

Forward-looking statements are based on current beliefs and assumptions and are not guarantees of future performance and are subject to risks and uncertainties including without limitation, the risks and uncertainties reflected in the press release and the earnings call presentation filed today as well as in the company's most recent annual and quarterly reports.

前瞻性陳述基於當前的信念和假設，並非對未來業績的保證，並受到風險和不確定性的影響，包括但不限於今天提交的新聞稿和收益電話會議演示以及公司最近的年度和季度報告。

The forward-looking statements are representative only as of the date they are made and except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements.

前瞻性陳述僅具有截至發布之日的代表性，除非適用法律要求，否則我們不承擔公開更新或修改任何前瞻性陳述的責任。

We will also discuss both GAAP and non-GAAP financial measures.

我們也將討論公認會計原則和非公認會計原則財務指標。

Non-GAAP measures should not be considered in isolation from as a substitute for or superior to our GAAP results.

非公認會計原則措施不應孤立地視為替代或優於我們的公認會計原則結果。

We encourage you to consider all measures when analyzing our performance.

我們鼓勵您在分析我們的績效時考慮所有措施。

A reconciliation of the GAAP to non-GAAP measures is included in today's press release and accompanying slide presentation.

今天的新聞稿和隨附的幻燈片簡報中包含了 GAAP 與非 GAAP 衡量標準的調整。

And with that, let me now turn the call over to Mark Adams, CEO.

現在，讓我將電話轉給執行長馬克亞當斯 (Mark Adams)。

Mark?

標記？

Thank you Suzanne.

謝謝你蘇珊娜。

Welcome and thank you all for joining our earnings call.

歡迎並感謝大家參加我們的財報電話會議。

This is a significant day for us as today, we're officially Penguin Solutions Inc and our ticker symbol on NASDAQ is now PENG.

這對我們來說是一個重要的日子，因為今天我們正式更名為 Penguin Solutions Inc，我們在納斯達克的股票代碼現在是 PENG。

Our rebranding is more than just a name change.

我們的品牌重塑不僅僅是名稱變更。

It reinforces our ongoing transformation from a holding company structure into a global enterprise solution provider.

它加強了我們從控股公司結構向全球企業解決方案提供者的持續轉型。

Tackling one of today's biggest business challenges, solving the complexity of AI infrastructure.

應對當今最大的業務挑戰之一，解決人工智慧基礎設施的複雜性。

Fiscal 2024 was a pivotal year for us.

2024 財年對我們來說是關鍵的一年。

We achieved a number of key milestones and continue to strengthen our leadership team.

我們實現了許多關鍵里程碑，並繼續加強我們的領導團隊。

In November, we completed the majority state divestiture of our Brazil business dedicating our strategic focus to the enterprise market.

11 月，我們完成了巴西業務的大部分國家剝離，將我們的策略重點集中在企業市場。

In May, we announced that Pete Manca, formerly an executive Adele joined us as President of IPS bringing a wealth of experience to our AI enterprise focused business.

今年 5 月，我們宣布前高管 Adele 的 Pete Manca 加入我們，擔任 IPS 總裁，為我們以人工智慧企業為中心的業務帶來了豐富的經驗。

In June, we further strengthen our leadership team with the appointment of Nate Olmstead, former Chief Financial Officer at Logitech as our CFO expanding the depth and breadth of our financial capabilities.

6 月，我們任命羅技前財務長 Nate Olmstead 為財務官，進一步加強了我們的領導團隊，擴大了我們財務能力的深度和廣度。

And in July, we announced what we expect to be a transformative partnership with SK Telecom, helping position us for future global growth and innovation in AI and edge computing.

7 月，我們宣布與 SK Telecom 建立變革性合作夥伴關係，幫助我們為人工智慧和邊緣運算領域的未來全球成長和創新做好準備。

In Q4 revenue, gross margin and EPS, we're all within our guidance range and we achieved our third consecutive quarter of sequential revenue growth.

在第四季度的收入、毛利率和每股收益方面，我們都在我們的指導範圍內，並且我們實現了連續第三個季度的收入環比增長。

As we enter fiscal 2025 we remain optimistic about our ability to expand our customer engagements and thus based on our outlook, we believe we are positioned for double digit year over year growth in FY25.

隨著我們進入 2025 財年，我們對擴大客戶參與度的能力仍然持樂觀態度，因此根據我們的前景，我們相信我們在 2025 財年將實現兩位數的同比增長。

Now, let's take a look at the broader market landscape. 2024 has been a landmark year for AI infrastructure across all industries marked by major technological advancements and significant hardware investments.

現在，讓我們來看看更廣泛的市場格局。 2024 年對於所有行業的人工智慧基礎設施來說都是具有里程碑意義的一年，其特點是重大技術進步和大量硬體投資。

We believe the next phase of this market evolution is shifting towards more production ready AI deployments.

我們相信，市場演變的下一階段正在轉向更多生產就緒的人工智慧部署。

Integrating these advanced systems into business operations, enabling AI to drive high impact commercial outcomes.

將這些先進系統整合到業務營運中，使人工智慧能夠推動產生高影響力的商業成果。

This is where Penguin Solutions excels.

這就是企鵝解決方案的優勢所在。

With over 25 years of experience in high performance computing. and more recently AI, we are a trusted partner that enterprises can depend on to navigate this new era of digital transformation.

在高效能運算領域擁有超過 25 年的經驗。以及最近的人工智慧，我們是值得信賴的合作夥伴，企業可以依賴它來駕馭這個數位轉型的新時代。

Next, let's turn to our financial performance.

接下來，讓我們來看看我們的財務表現。

For fiscal 2024 we reported total revenues of $1.17 billion.

2024 財年，我們報告的總收入為 11.7 億美元。

Our managed services revenue now represents a larger share of our sales growing from 17% in FY23 to 21% in FY24.

我們的託管服務收入現在占我們銷售額的更大份額，從 2023 財年的 17% 成長到 2024 財年的 21%。

Our gross profit has improved on a full year basis with non-GAAP gross margins at 31.9%.

我們的毛利全年有所改善，非 GAAP 毛利率為 31.9%。

In Q4 revenue across all three business segments grew sequentially from Q3.

第四季所有三個業務部門的收入均較第三季連續成長。

Non-GAAP gross margin for the quarter was down versus Q3 primarily due to product mix but still within our guidance range.

本季的非公認會計原則毛利率較第三季有所下降，主要是由於產品組合，但仍在我們的指導範圍內。

We delivered a non-GAAP EPS of $0.37 in line with last quarter.

我們的非 GAAP 每股盈餘為 0.37 美元，與上季持平。

And our cash position remains strong with approximately $389 million in cash and cash equivalents and short term investments.

我們的現金狀況仍然強勁，擁有約 3.89 億美元的現金和現金等價物以及短期投資。

Let me now provide more detail on our business segments.

現在讓我提供有關我們業務部門的更多詳細資訊。

Intelligent Platform Solutions or IPS accounted for 48% of our Q4 revenue reaching $149 million driven by AI deployments and managed services across hyperscalers, cloud service providers or CSPs and enterprise customers.

智慧平台解決方案或 IPS 占我們第四季營收的 48%，達到 1.49 億美元，這得益於跨超大規模企業、雲端服務供應商或 CSP 和企業客戶的人工智慧部署和託管服務。

We continue to focus heavily on securing new customer wins.

我們繼續專注於贏得新客戶。

Examples of recent customer orders include a hardware software and service engagement at one of the world's largest gaming companies and a pilot program at a leading financial institution.

最近的客戶訂單範例包括全球最大的遊戲公司之一的硬體軟體和服務參與以及領先的金融機構的試點計劃。

Our strategy is clear, Penguin Solutions helps our customers manage the complexity of AI.

我們的策略很明確，企鵝解決方案幫助我們的客戶管理人工智慧的複雜性。

From early stage design work all the way through deployment and ongoing managed services.

從早期設計工作一直到部署和持續的託管服務。

In line with this, we are increasing our investment in software development and AI driven solutions.

為此，我們正在增加對軟體開發和人工智慧驅動解決方案的投資。

One area of particular focus is intelligent software which can enhance how organizations build, deploy and scale AI models while also improving the efficiency of managing compute resources, including seamless work flow support across hybrid and multi cloud environments.

特別關注的一個領域是智慧軟體，它可以增強組織建置、部署和擴展人工智慧模型的方式，同時提高管理運算資源的效率，包括跨混合和多雲環境的無縫工作流程支援。

For example, we're scaling Penguin Solutions Clusterware, and assured infrastructure module or AIM software which focuses on high level system monitoring and management of large scale AI infrastructures.

例如，我們正在擴展 Penguin Solutions Clusterware 以及有保障的基礎架構模組或 AIM 軟體，該軟體專注於大規模人工智慧基礎架構的高階系統監控和管理。

As we advance our software and services capabilities, we're also enhancing our intellectual property portfolio by filing related patent applications.

在我們提高軟體和服務能力的同時，我們也透過提交相關專利申請來增強我們的智慧財產權組合。

Many of which are results of our robust IP capture program to secure the enduring value of our innovations.

其中許多都是我們強大的智慧財產權捕獲計劃的結果，以確保我們的創新的持久價值。

Our memory business contributed 31% of Q4 revenue and we believe it is positioned for growth heading into FY25 driven by the recovery among networking and telecom customers as well as increased demand from enterprise customers driven by A I workloads.

我們的記憶體業務貢獻了第四季度營收的 31%，我們相信，在網路和電信客戶的復甦以及人工智慧工作負載驅動的企業客戶需求增加的推動下，該業務將在 2025 財年實現成長。

In our traditional networking telecom industrial markets, we saw significant DDD5 design in activity especially for very low profile DIMMs and ECC SODIMM.

在我們的傳統網路電信工業市場中，我們看到了重要的 DDD5 設計活動，特別是對於非常薄型 DIMM 和 ECC SODIMM。

We introduced our Cfexpress product line leveraging PCIe Gen 4 technology to offer a compact form factor with exceptional endurance, performance and reliability.

我們推出了利用 PCIe Gen 4 技術的 Cfexpress 產品線，該產品線外形緊湊，具有卓越的耐用性、性能和可靠性。

Important for customers seeking high performance, low density storage solutions.

對於尋求高效能、低密度儲存解決方案的客戶來說非常重要。

Especially memory also has a critical role to play in emerging areas like AI, big data and enterprise and IT.

尤其是內存在人工智慧、大數據、企業和 IT 等新興領域也發揮著至關重要的作用。

As we develop future memory solutions to meet the performance demand for more complex workloads, we recognize that technologies like AI modeling and in memory database are increasingly constrained by memory and capacity.

當我們開發未來的記憶體解決方案以滿足更複雜工作負載的效能需求時，我們認識到人工智慧建模和記憶體資料庫等技術越來越受到記憶體和容量的限制。

A problem sometimes referred to as the memory wall.

有時被稱為記憶體牆的問題。

To address this market need, we have launched DDR5 CXL Add-in Card products and we're seeing strong sampling activity and positive OEM customer feedback for both 4 DIMM and 8 DIMM model.

為了滿足這一市場需求，我們推出了 DDR5 CXL 附加卡產品，並且我們看到 4 DIMM 和 8 DIMM 型號的採樣活動非常活躍，並且 OEM 客戶也給予了積極的反饋。

Positioning us to meet the growing demands of AI infrastructure.

使我們能夠滿足人工智慧基礎設施不斷增長的需求。

We are also actively investing in pioneering research in technological areas like silicon photonics and external memory appliances.

我們也積極投資矽光子和外部儲存設備等技術領域的開創性研究。

As AI workloads continue to scale and become increasingly memory centric, our efforts will enable us to better meet future demands, positioning us to capitalize on emerging opportunities and deliver greater value to our customers.

隨著人工智慧工作負載不斷擴展並越來越以記憶體為中心，我們的努力將使我們能夠更好地滿足未來的需求，使我們能夠利用新興機會並為客戶提供更大的價值。

Additionally, our zero failure rate, Zephyr technology is designed to provide high reliability for missing critical environments by minimizing memory failures.

此外，我們的零故障率 Zephyr 技術旨在透過最大限度地減少記憶體故障，為缺失的關鍵環境提供高可靠性。

Zephyr not only helps prevent delays in processing but also can significantly improve our customers ROI by producing more consistent reliable outcomes.

Zephyr 不僅有助於防止處理延遲，還可以透過產生更一致可靠的結果來顯著提高客戶的投資報酬率。

Our LED business showed 3% sequential growth in Q4 and 5% growth for the full year and represented 21% of total Q4 revenue.

我們的 LED 業務第四季環比成長 3%，全年成長 5%，佔第四季總營收的 21%。

The Cree LED brand continues to lead in high performance lighting applications with significant product launches and IP protection efforts, safeguarding is more than 1,500 patents.

Cree LED 品牌透過重大產品發布和智慧財產權保護工作，繼續在高性能照明應用領域處於領先地位，擁有超過 1,500 項專利。

We are seeing increasing design win activity and believe we can capture additional market share in FY2025.

我們看到設計獲勝活動不斷增加，並相信我們可以在 2025 財年獲得更多市場份額。

As we look to fiscal year '25 four key initiatives drive our overall company strategy.

展望 25 財年，有四項關鍵措施推動我們的整體公司策略。

First, solve our customers' most complex AI challenges.

首先，解決客戶最複雜的人工智慧挑戰。

Our rebranding to Penguin Solutions highlights our focus on AI and HPC aligning us with the broader AI deployment trends.

我們更名為 Penguin Solutions，凸顯了我們對 AI 和 HPC 的關注，使我們與更廣泛的 AI 部署趨勢保持一致。

With 80% of enterprises expected to implement AI by 2026.

預計到2026年80%的企業將實施人工智慧。

Second, partner for growth and global expansion.

其次，是成長和全球擴張的合作夥伴。

We anticipate our plan partnership with SK Telecom, will accelerate our growth in global reach.

我們預計與 SK Telecom 的計劃合作將加速我們全球影響力的成長。

Particularly in AI data centers and edge computing solutions.

特別是在人工智慧資料中心和邊緣運算解決方案方面。

Third, expand our software and services offering.

第三，擴大我們的軟體和服務範圍。

We will continue to focus on moving up the IT stack, investing in AI software solutions and services that help businesses better manage and orchestrate their AI infrastructure, enabling seamless work flows across hybrid and multi cloud environments.

我們將繼續專注於提升 IT 堆疊，投資人工智慧軟體解決方案和服務，幫助企業更好地管理和編排其人工智慧基礎設施，從而實現跨混合和多雲環境的無縫工作流程。

With this focus Penguin Solutions offers customers a more integrated and higher value AI infrastructure.

憑藉這一重點，Penguin Solutions 為客戶提供了整合度更高、價值更高的人工智慧基礎架構。

And finally, number four, innovate relentlessly.

最後，第四，堅持不懈地創新。

Our ongoing commitment to innovation continues to drive our differentiation in the market.

我們對創新的持續承諾將繼續推動我們在市場上的差異化。

By solving for intense compute requirements and expanding our expertise in high capacity, high performance, memory we are continuing to enhance our value proposition.

透過解決密集的運算需求並擴展我們在高容量、高效能、記憶體方面的專業知識，我們正在不斷增強我們的價值主張。

We're investing in new technologies such as low power compute architectures, high performing memory solutions and advanced cooling products, helping us to stay at the forefront of industry trends.

我們正在投資低功耗運算架構、高效能記憶體解決方案和先進冷卻產品等新技術，幫助我們維持產業趨勢的前沿。

As processing and networking technologies evolve, we believe we're well positioned to integrate these innovations and help our customers harness the full potential of their IT investments.

隨著處理和網路技術的發展，我們相信我們有能力整合這些創新並幫助我們的客戶充分利用其 IT 投資的潛力。

And with that, I will now turn the call over to Nate for the financial review.

現在，我將把電話轉給內特進行財務審查。

Thanks, Mark.

謝謝，馬克。

I will focus my remarks on our non-GAAP results which are reconciled to GAAP in our earnings release tables and in the investor materials on our website.

我的評論將集中於我們的非公認會計準則業績，這些業績在我們的收益發布表和我們網站上的投資者資料中與公認會計準則一致。

Now let me turn to our fourth quarter results.

現在讓我談談我們第四季的業績。

Revenue gross margin and EPS were all within the ranges we provided on our last earnings call.

收入毛利率和每股盈餘均在我們上次財報電話會議上提供的範圍內。

Total Penguin Solutions revenues were $311 million up sequentially for the third consecutive quarter and non-GAAP gross margin came in at 30.9%.

Penguin Solutions 總營收連續第三個季度較上季成長 3.11 億美元，非 GAAP 毛利率為 30.9%。

Non-GAAP operating margin was 10.8% up 1.2% points versus last year.

非 GAAP 營業利益率為 10.8%，比去年上升 1.2 個百分點。

And non-GAAP diluted earnings per share was $0.37 for the fourth quarter, which was flat sequentially and up slightly versus the prior year quarter.

第四季非 GAAP 攤薄每股收益為 0.37 美元，與上一季持平，但與去年同期相比略有上升。

In the fourth quarter of 2024, our overall services revenue totaled $60 million or 19% of revenue down from $67 million or 22% of revenue in the prior quarter.

2024 年第四季，我們的整體服務收入總計 6,000 萬美元，佔營收的 19%，低於上一季的 6,700 萬美元，佔營收的 22%。

Product revenues were $251 million in the fourth quarter, up 8% sequentially.

第四季產品營收為 2.51 億美元，季增 8%。

Fourth quarter revenue by business segment was as follows.

第四季依業務部門劃分的收入如下。

IPS $149 million dollars or 48% of our total revenue. memory $96 million which was 31% of our total revenue and LED $66 million or 21% of our total revenue.

IPS 1.49 億美元，占我們總營收的 48%。記憶體 9,600 萬美元，占我們總收入的 31%，LED 6,600 萬美元，占我們總收入的 21%。

Non-GAAP gross margin for Penguin Solutions in the fourth quarter was 30.9% down from 31.7% in the year ago quarter driven primarily by lower memory volumes that were partially offset by improved mix within IPS.

Penguin Solutions 第四季的非 GAAP 毛利率為 30.9%，較去年同期的 31.7% 下降，這主要是由於記憶體量下降，但 IPS 內組合的改善部分抵消了這一影響。

Gross margin was down sequentially from 32.3% in the prior quarter.

毛利率比上一季的 32.3% 有所下降。

Primarily due to a lower mix of services revenue.

主要是由於服務收入組合較低。

Non -GAAP operating expenses for the fourth quarter were $62 million down from $64 million in the third quarter primarily due to lower variable expenses.

第四季非公認會計準則營運費用為 6,200 萬美元，較第三季的 6,400 萬美元減少，主要是由於可變費用減少。

Operating expenses were down 11% versus the prior year quarter.

營運費用比去年同期下降 11%。

Primarily due to lower variable expenses and actions we took to reduce our fixed costs.

主要是由於變動費用降低以及我們為降低固定成本而採取的行動。

Non-GAAP operating income was $34 million up 1% versus last quarter and up 11% versus the prior year quarter, which translated into a 1.2% point increase in operating margin versus Q4 last year.

非 GAAP 營業收入為 3,400 萬美元，比上一季成長 1%，比去年同期成長 11%，這意味著營業利潤率比去年第四季成長 1.2%。

Non-GAAP diluted earnings per share for the fourth quarter of 2024 were $0.37 flat with last quarter and up slightly versus 35¢ in the year ago quarter.

2024 年第四季非 GAAP 攤薄每股收益為 0.37 美元，與上季持平，略高於去年同期的 35 美元。

Adjusted EBITDA for the fourth quarter of 2024 was $39 million or 13% of sales flat with last quarter's percentage and up slightly versus $38 million or 12% of sales in the year ago quarter.

2024 年第四季調整後 EBITDA 為 3,900 萬美元，佔銷售額的 13%，與上季持平，略高於去年同期的 3,800 萬美元，佔銷售額的 12%。

Turning to balance sheet highlights for working capital.

轉向營運資本的資產負債表亮點。

Our net accounts receivables totaled $252 million compared to $212 million last quarter.

我們的應收帳款淨額總計 2.52 億美元，而上季為 2.12 億美元。

Days, sales outstanding came in at 49 days, up from 42 days in the prior quarter due to different sales linearity within the quarters.

由於季內銷售線性不同，應收銷售天數為 49 天，高於上一季的 42 天。

Inventory totaled $151 million at the end of the fourth quarter, down from $177 million at the end of the prior quarter.

第四季末庫存總額為 1.51 億美元，低於上一季末的 1.77 億美元。

Days of inventory was 36 days down from 44 days in the prior quarter primarily due to the timing of receipts and shipments.

庫存天數從上一季的 44 天減少到 36 天，主要是因為收貨和出貨的時間安排。

Accounts payable were $182 million at the end of the quarter, down from $192 million in Q3.

本季末應付帳款為 1.82 億美元，低於第三季的 1.92 億美元。

Days payable outstanding was 43 days compared to 47 days last quarter due to the timing of purchases and payments.

由於採購和付款的時間安排，應付帳款天數為 43 天，而上季為 47 天。

Our cash conversion cycle was 42 days compared to 38 days last quarter due to the timing of sales and shipments within Q4 compared to the prior quarter.

由於第四季的銷售和出貨時間與上一季相比，我們的現金週轉週期為 42 天，而上季為 38 天。

Consistent with past practice, net accounts receivables, days sales outstanding and inventory days are calculated on a growth sales and gross cost of goods sold basis which were $470 million and $383 million respectively for the fourth quarter.

與過去的做法一致，應收帳款淨額、應收帳款週轉天數和庫存週轉天數是根據銷售額成長和銷售總成本計算的，第四季分別為 4.7 億美元和 3.83 億美元。

As a reminder, the difference between gross and net revenue is related to our memory businesses, logistics services, which is accounted for on an agent basis meaning that we only recognize the net profit on logistics services as revenue.

需要提醒的是，毛收入和淨收入之間的差異與我們的記憶體業務、物流服務有關，這些業務是在代理基礎上核算的，這意味著我們只將物流服務的淨利潤確認為收入。

Cash and cash equivalents and short term investments totaled $389 million at the end of the fourth quarter, down $78 million from the prior quarter.

截至第四季末，現金和現金等價物以及短期投資總額為 3.89 億美元，比上一季減少 7,800 萬美元。

This fluctuation was due primarily to $125 million prepayment on our term loan, repurchasing $80 million in principal amount of our convertible notes and lower cash from operations partially offset by the issuance of $200 million of new convertible notes.

這一波動主要是由於我們預付了 1.25 億美元的定期貸款、回購了 8,000 萬美元的可轉換票據本金，以及營運現金減少，但被發行 2 億美元的新可轉換票據部分抵銷。

Fourth quarter cash flows used for operating activities totaled $12 million compared to $18 million generated from operating activities in the prior quarter.

第四季用於經營活動的現金流量總計 1,200 萬美元，而上一季經營活動產生的現金流量為 1,800 萬美元。

The decrease was due primarily to increased networking capital in Q4, stemming from differences in sales linearity quarter over quarter.

下降的主要原因是第四季度網路資本增加，這是由於銷售線性季度與季度之間的差異所致。

We did not have any share repurchases in our fourth quarter under our share buyback program.

根據我們的股票回購計劃，我們在第四季度沒有進行任何股票回購。

Since our initial share repurchase authorization in April 2022 we have used a total of $72 million to repurchase 4.1 million shares through the end of fiscal 2024.

自 2022 年 4 月首次獲得股票回購授權以來，到 2024 財年末，我們已總共使用 7,200 萬美元回購了 410 萬股股票。

In the fourth quarter, we made a $125 million prepayment on our term loan, bringing the remaining principal to $300 million as of the end of the quarter.

第四季度，我們預付了 1.25 億美元的定期貸款，使截至本季末的剩餘本金達到 3 億美元。

Our net debt at the end of Q4 was $281 million.

第四季末我們的淨債務為 2.81 億美元。

For those of you tracking capital expenditures and depreciation, capital expenditures were $6 million in the fourth quarter and depreciation was $5 million.

對於那些追蹤資本支出和折舊的人來說，第四季度的資本支出為 600 萬美元，折舊為 500 萬美元。

Before turning to our outlook, I want to reiterate the recent transaction we announced in July, the signing of a strategic $200 million investment from SK Telecom which underscores our commitment to expanding our capabilities in AI infrastructure and high performance computing.

在展望我們的前景之前，我想重申一下我們在7 月宣布的最新交易，即與SK Telecom 簽署的2 億美元戰略投資協議，這突顯了我們致力於擴展人工智慧基礎設施和高效能運算能力的承諾。

We aim to collaborate with SK Telecom in areas such as advanced end to end AI solutions, broadening our AI software solutions portfolio and developing innovative edge products and high performance high availability compute solutions.

我們的目標是與 SK Telecom 在先進的端到端人工智慧解決方案等領域進行合作，擴大我們的人工智慧軟體解決方案組合，並開發創新的邊緣產品和高效能高可用性運算解決方案。

We believe the planned collaboration will increase our global reach, enhance our offerings and position us to capture growth opportunities in the rapidly evolving AI landscape.

我們相信，計劃中的合作將擴大我們的全球影響力，增強我們的產品，並使我們能夠在快速發展的人工智慧領域中抓住成長機會。

We remain on track to close the investment around the end of calendar 2024 or early in calendar 2025 subject to regulatory approvals and are excited to share more details with you after that time as the transaction has not closed, we are not including any impact from it in our financial projections.

我們仍有望在 2024 年年底或 2025 年年初完成投資，但須獲得監管部門的批准，並且很高興在此之後與您分享更多詳細信息，因為交易尚未完成，我們不包括由此產生的任何影響在我們的財務預測中。

And now turning to our outlook, we have decided to shift from providing a quarterly financial outlook to providing a fiscal year outlook.

現在轉向我們的前景，我們決定從提供季度財務前景轉向提供財政年度前景。

We believe this change provides a broader perspective on our business dynamics, especially in relation to AI infrastructure and better aligns with our emphasis on executing on our long term vision and strategic objectives.

我們相信，這項變革為我們的業務動態提供了更廣闊的視角，特別是在人工智慧基礎設施方面，並且更符合我們對執行長期願景和策略目標的重視。

We will continue to focus on sustainable value creation and driving crisp execution in both the short and long term.

我們將繼續專注於永續價值創造並推動短期和長期的清晰執行。

With that in mind, our outlook for fiscal 2025 revenue is for year-over-year growth of 15% plus or minus 5-percentage-points.

考慮到這一點，我們對 2025 財年營收的預期是年增 15%，上下浮動 5 個百分點。

Our revenue outlook for the full year reflects the following.

我們對全年收入的展望反映如下。

For IPS we expect revenues to grow between 10% and 25% year-over-year.

對於 IPS，我們預計營收將年增 10% 至 25%。

From memory, we expect revenues to grow between 10% and 20% year-over-year and for LED, we expect revenues to be flat to up 10% year-over-year.

根據記憶，我們預計營收將年增 10% 至 20%，而對於 LED，我們預計營收將持平至年增 10%。

Our non-GAAP gross margin for the full year is expected to be 32%-plus or minus 1-percentage-point.

我們全年的非 GAAP 毛利率預計為 32%（上下浮動 1 個百分點）。

Our non-GAAP operating expenses for the full year are expected to be $275 million plus or minus $15 million.

我們全年的非 GAAP 營運費用預計為 2.75 億美元上下 1500 萬美元。

Our non-GAAP full year diluted earnings per share is expected to be approximately $1.70-plus or minus $0.20 cents.

我們的非 GAAP 全年攤薄每股收益預計約為 1.70 美元上下 0.20 美分。

And finally, our non-GAAP diluted share count is expected to be approximately $56.3 million shares of the year.

最後，我們的非 GAAP 稀釋後股票數量預計今年約為 5,630 萬美元。

As a reminder, we are utilizing a long term projected non-GAAP tax rate of 28% which reflects currently available information.

提醒一下，我們使用的是 28% 的長期預期非 GAAP 稅率，該稅率反映了目前可用的資訊。

While we expect to use this normalized non-GAAP tax rate through 2025, the long term non-GAAP tax rate may be subject to changes for a variety of reasons including the rapidly evolving global tax environment, significant changes in our geographic earnings mix or changes to our strategy or business operations.

雖然我們預計到 2025 年都會使用這種標準化的非 GAAP 稅率，但長期非 GAAP 稅率可能會因各種原因而發生變化，包括快速變化的全球稅收環境、我們的地理收益組合的重大變化或變化我們的策略或業務運作。

Our outlook for fiscal year 2025 is based on the current environment which contemplates among other things, the global macroeconomic headwinds and ongoing supply chain constraints, especially as it relates to our IPS business.

我們對 2025 財年的展望是基於當前環境，其中考慮了全球宏觀經濟逆風和持續的供應鏈限制，特別是與我們的 IPS 業務相關的因素。

This includes extended lead times for certain components that are incorporated into our overall solutions impacting how quickly we can ramp existing and new customer projects.

這包括延長納入我們整體解決方案的某些組件的交付時間，從而影響我們提升現有和新客戶專案的速度。

We continue to manage our operations in a prudent manner as we navigate a challenging environment while also investing in our long term growth.

在應對充滿挑戰的環境的同時，我們繼續以審慎的方式管理我們的運營，同時也投資於我們的長期成長。

Please refer to the non-GAAP Financial Information section and the reconciliation of GAAP to non-GAAP measure tables in our earnings release for further details.

請參閱我們收益報告中的非 GAAP 財務資訊部分以及 GAAP 與非 GAAP 計量表的調整表，以了解更多詳細資訊。

And now let me turn it over to mark for a few remarks prior to Q&A

現在讓我把它轉過來，以便在問答之前做一些評論

Thanks Nate.

謝謝內特。

In conclusion, we remain laser focused on achieving our strategic goals.

總之，我們仍然專注於實現我們的策略目標。

Market tailwinds from growth and AI deployments and higher performing memory requirements remain favorable.

來自成長和人工智慧部署以及更高效能記憶體需求的市場順風仍然有利。

We believe that Penguin Solutions is ideally positioned to lead in the AI and HPC markets and we are focused on continued growth while helping our customers navigate their AI journeys.

我們相信 Penguin Solutions 處於領先人工智慧和高效能運算市場的理想位置，我們專注於持續成長，同時幫助我們的客戶開啟他們的人工智慧之旅。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) Nick Doyle, Needham.

（操作說明）Nick Doyle，Needham。

Hey, guys.

嘿，夥計們。

Thanks for letting me ask a couple questions.

謝謝你讓我問幾個問題。

First one, do you have any updated thoughts on how you're sizing this services and software opportunity with the Tier 2s?

首先，您對於如何利用第 2 層來評估此服務和軟體機會有什麼最新想法嗎？

Maybe how many potential customers do you see in this pipeline?

也許您在這條管道中看到了多少潛在客戶？

Yeah, I would just say that we typically don't disclose customer information on a call, but from a market opportunity today, we have talked about 20% of the corporate revenue is in the software and services primarily services today, but as we announced another transaction, this quarter in Q4 with a large consumer gaming company.

是的，我只想說，我們通常不會在電話中透露客戶訊息，但從今天的市場機會來看，我們談到了公司收入的20% 來自今天的軟體和服務（主要是服務），但正如我們宣布的那樣另一項交易是在本季第四季與一家大型消費遊戲公司進行的。

We continue to believe that software is going to be a material part of business over the long run.

我們仍然相信，從長遠來看，軟體將成為業務的重要組成部分。

We're just not disclosing any financial metrics around that today as we are in the early stages.

由於我們還處於早期階段，所以今天我們不會透露任何相關的財務指標。

Okay.

好的。

Maybe I could just follow up on that one.

也許我可以跟進那個。

I mean, what led you -- what in your opinion led you to win this large consumer gaming company?

我的意思是，是什麼讓你——你認為是什麼讓你贏得了這家大型消費遊戲公司？

I mean, across the Board with the service software

我的意思是，全面使用服務軟體

--

--

Yeah, I think -- yeah, good question.

是的，我想——是的，好問題。

So at our analyst day, when we talk about, when we introduced the concept of managing complexity and something you heard on our pre scripts today.

因此，在我們的分析師日，當我們談論管理複雜性的概念以及您今天在我們的預腳本中聽到的內容時。

I think the market really doesn't appreciate what that complexity really is.

我認為市場確實沒有意識到這種複雜性到底是什麼。

And so the decision criteria around how and why we win these deals is because companies, for whatever reason, sometimes go off and try to do these either by themselves or with companies who are more traditionally hardware systems providers.

因此，圍繞我們如何以及為何贏得這些交易的決策標準是因為公司，無論出於何種原因，有時會嘗試自己或與更傳統的硬體系統供應商公司合作來完成這些交易。

And typically the tools that we deploy, kind of ensure more success in these implementations and part of that software, part of it is the ability to manage the environment, whether it's the GPU, reliability, whether it's networking performance and uptime and so these things that we have been doing for many years, both in HPC and more recently in AI, their capabilities that we have, that we believe, differentiate us.

通常，我們部署的工具可以確保這些實作取得更大的成功，而軟體的一部分是管理環境的能力，無論是 GPU、可靠性、網路效能和正常運行時間等等。計算領域和最近在人工智慧領域所做的事情，我們相信這些能力使我們與眾不同。

And yeah, we've had last quarter, we announced one which was a Tier 2 CSP.

是的，上個季度我們宣布了一個二級 CSP。

This quarter is a very large gaming company and it really has to do with the level of expertise companies have available and how much they want to take on themselves.

本季是一家非常大的遊戲公司，這確實與公司擁有的專業知識水平以及他們想要承擔的程度有關。

And just being more of a hardware OEM acquirer and do it themselves.

只是更多地成為硬體 OEM 收購者並自己做。

And the fact of the matter is that we continually see customers who are they go out and try on their own.

事實上，我們不斷看到客戶自己出去嘗試。

But they don't know how to monitor GPU reliability or they don't know how to isolate and define a network issue ahead of time through diagnostics.

但他們不知道如何監控 GPU 可靠性，或不知道如何透過診斷提前隔離和定義網路問題。

And so these are the type of things that this complexity we raise, whether it's in cooling or whether it's in power management or what have you any of these areas, for most of them, we're -- we have tool sets that allow us to deploy our software and our capabilities as a service organization to provide the best ROI for our customers.

因此，這些就是我們提出的這種複雜性的類型，無論是在冷卻方面還是在電源管理方面，或者在這些領域中的任何一個領域，對於其中大多數領域，我們擁有工具集，使我們能夠部署我們的軟體和我們作為服務組織的能力，為我們的客戶提供最佳的投資報酬率。

Great.

偉大的。

And then just kind of zooming out, visibility has always been an issue with the company and, I get that, I mean, it's hard to pinpoint lumpy CSP hardware orders.

然後稍微縮小一下，可見性一直是該公司的一個問題，我明白，我的意思是，很難精確定位不穩定的 CSP 硬體訂單。

I know Nate gave a couple points on why you're shifting to guide a full year.

我知道內特就為什麼要轉而指導全年工作提出了幾點。

But I guess I just asked what gives you the confidence to guide to that number, which is I'd say less visible instead of three months ahead.

但我想我只是問是什麼讓你有信心指導這個數字，我想說的是不太明顯，而不是提前三個月。

Thanks.

謝謝。

Yeah, I'll take that and maybe let Nate jump in.

是的，我會接受這個，也許讓內特加入。

Look, we continually are looking at our business on a go forward basis.

瞧，我們一直在不斷地展望我們的業務。

The visibility is one aspect that you're raising, is true, we've talked about it on nearly every earnings call, the lumpiness, what that does to our ability to forecast.

可見度是您提高的一方面，確實如此，我們幾乎在每次財報電話會議上都討論過這一點，即不穩定性，這對我們的預測能力有何影響。

But remember, it's not just our ability to see what's in front of us from a commit standpoint from a booking stand point.

但請記住，這不僅僅是我們從承諾的角度和預訂的角度看到我們面前的事情的能力。

The other issue we face is in the area of deployment predictability about timing and so in any given quarter depending on, what's in the backlog and what's being shipped and then at the customer, deployed and recognizable from an accounting standpoint, there's additional forecast complexity for us.

我們面臨的另一個問題是關於時間的部署可預測性，因此在任何給定的季度，取決於積壓的內容和正在發貨的內容，然後在客戶處部署並從會計的角度可識別，存在額外的預測複雜性我們。

And so we thought it was better for our business to be able to, as we convert to Penguin Solutions, we thought it was better for our business to show you the confidence we have in the business over a longer horizon because we think that that teases out some of the noise on when things will be installed, deployed and booked from a revenue standpoint.

因此，我們認為，當我們轉向企鵝解決方案時，我們認為最好向您展示我們對業務的長期信心，因為我們認為這可以取笑我們的業務從收入的角度來看，消除了有關何時安裝、部署和預訂產品的一些噪音。

Nate, anything else you had?

內特，你還有什麼嗎？

Sure.

當然。

Yeah, I think some of the things that I look at, Mark and I look at are what is our backlog?

是的，我認為我和馬克所關注的一些事情是我們的積壓工作是什麼？

What is the timing of service renewals look like?

服務續訂的時間是怎樣的？

What is the sell through and sell out characteristics and LED specific customers and memory and what their demand profile looks like?

銷售和售空特徵以及 LED 特定客戶和內存是什麼？

We have a number of things that we look at.

我們有很多需要關注的事情。

And many of those actually do give us some confidence and visibility over the longer term.

從長遠來看，其中許多確實給了我們一些信心和可見度。

But as Mark said, sometimes the timing of the -- especially on the AI infrastructure side, the timing of the booking and the revenue recognition can be challenging because of the complexity of those orders and the complexity of the problems that we're solving for customers.

但正如馬克所說，有時，特別是在人工智慧基礎設施方面，由於這些訂單的複雜性以及我們正在解決的問題的複雜性，預訂和收入確認的時間可能會具有挑戰性。

Thanks Nate.

謝謝內特。

Thanks Nick.

謝謝尼克。

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

Hi there.

你好呀。

Good afternoon.

午安.

Thanks for letting us ask a few questions.

感謝您讓我們問幾個問題。

Maybe the first one here, IPS revenue grew sequential yet a little lower than expected.

也許是這裡的第一個，IPS 收入環比增長，但略低於預期。

And I apologize if I missed an explanation if it was provided, but can you discuss or if and why any revenue might have shifted out of that quarter and whether it catches in the following quarter?

如果我錯過了解釋（如果提供了），我深表歉意，但是您能否討論一下，或者是否以及為什麼任何收入可能會從該季度轉移出去，以及它是否會在下一個季度發生？

And then kind of connected to that and definitely appreciate the longer horizon, fiscal year guide.

然後與此相關，並且肯定會欣賞更長遠的財政年度指南。

But can you give us some idea of fiscal 1Q sort of how that trends top and bottom line or at least some sense of how maybe second half loaded you anticipate revenue being in the upcoming fiscal year.

但是，您能否告訴我們一些關於第一季財報的情況，例如頂線和底線的趨勢，或者至少對您預計下一財年下半年的收入情況有一些了解。

Hey, Brian, this is Nate.

嘿，布萊恩，這是內特。

So I think on the first one, yeah, there was some business in IPS that as Mark was alluding to, sometimes it's difficult to know when all the operational boxes will get checked and when things will be recognized as revenue.

所以我認為，在第一個方面，是的，正如馬克提到的那樣，IPS 中有一些業務，有時很難知道何時所有操作框都會被檢查以及何時會被確認為收入。

So we did have some of that occur in Q4 which will slip into Q1 and Q2 and that's reflected in the guidance.

因此，我們確實在第四季度發生了一些情況，這些情況將滑入第一季和第二季度，這反映在指導中。

I think as far as how the year looks, really we're focused on the full year outlook.

我認為就今年的情況而言，我們實際上關注的是全年展望。

I think, the business doesn't change dramatically unless we have large wins overnight.

我認為，除非我們一夜之間獲得巨大勝利，否則業務不會發生巨大變化。

So I think the trajectory in the past of the business in Q4 is a pretty good place to start as we look out into fiscal year '25.

因此，我認為在我們展望 25 財年時，第四季的業務過去的軌跡是一個非常好的起點。

Okay.

好的。

Alright, fair enough.

好吧，夠公平的。

Maybe drilling in a little bit, over time, I think the market can appreciate maybe the increased diversity of the engagements.

也許隨著時間的推移，我認為市場可能會欣賞業務多樣性的增加。

And your go to market strategy.

以及您的市場策略。

I'm just curious what has been the customer reception thus far with the production ready, less customized, origin AI solutions.

我只是好奇到目前為止，客戶對可投入生產、客製化程度較低的原始人工智慧解決方案的反應如何。

How much faster time to revenue is this than kind of the customized engagements?

這比客製化業務的創收時間快多少？

And do you expect origin AI to become a bigger contributor to revenue by fiscal second half?

您是否預計到本財年下半年，Origin AI 將成為收入的更大貢獻者？

I think just candidly run as mark, I think fiscal second half might be aggressive from a materiality standpoint to think that origin AI would be a major contributor.

我認為坦白說，從重要性的角度來看，我認為下半年的財政年度可能會激進地認為原始人工智慧將成為主要貢獻者。

The reason why is one of as, as you think about the three different types of customers we have, we've got hyperscalers, who've had large procurement dollars.

原因之一是，當你考慮我們擁有的三種不同類型的客戶時，我們有超大規模企業，他們擁有大量採購資金。

We also have Tier 2 service providers again, larger deployments.

我們也再次擁有二級服務提供者，進行更大規模的部署。

And then you've got these enterprise customers that you know, typically aren't starting with massive deployments again, meaningful multi-million dollar deployments, but they tend to do things in smaller sizes, so to speak up front, proof of concept or single application type AI implementations.

然後你就知道這些企業客戶通常不會再次開始大規模部署，有意義的數百萬美元部署，但他們傾向於以較小的規模做事情，可以說，概念驗證或單一應用程式類型的人工智慧實現。

Why I bring that up is because origin AI is particularly strong in the last category which should help us grow.

我之所以提出這一點是因為原始人工智慧在最後一個類別中特別強大，這應該有助於我們的成長。

But the implementations out of the gate might be a little smaller.

但一開始的實作可能會小一些。

But I will call out one thing that the reference customer win in Q4 with the global gaming company was an origin AI win for us.

但我要指出的一件事是，第四季度與全球遊戲公司合作的參考客戶對我們來說是原始人工智慧的勝利。

And so, I think, it's the validation is great, but I would also say that it'll take us a little time to build that funnel up.

所以，我認為，驗證很棒，但我也想說，我們需要一些時間來建立這個管道。

I would hesitate to say it's going to be second half of '25.

我會猶豫地說這會是 25 年下半年。

Okay.

好的。

Yeah, fair enough.

是的，很公平。

Then maybe one question that also ties into the fiscal year outlook.

也許還有一個問題也與財政年度前景有關。

I think you your guidance reflects OpEx growing somewhat roughly the rate of your revenue growth there thereabout.

我認為您的指導反映了營運支出的成長速度與您的收入成長速度大致相同。

Do you envision increasing that target any after the SKT transaction closes or is your outlook already reflective of kind of any boost in and spending you might do after you receive the proceeds?

您是否打算在 SKT 交易結束後提高該目標，或者您的前景是否已經反映出您收到收益後可能會增加的支出？

Hey, Brian Nate here.

嘿，布萊恩·內特在這裡。

Actually, we're planning on growing OpEx at about half the rate of revenue growth at the midpoint of the guidance.

實際上，我們計劃將營運支出的成長速度約為指導中點收入成長率的一半。

So maybe take another look on that.

所以也許再看一下。

But, you know, I think we are -- this is a year of some investment especially on software as we think that's critical to the long term success.

但是，我認為今年是一些投資的一年，尤其是在軟體方面，因為我們認為這對長期成功至關重要。

But I'm also virializing a lot of that spend too.

但我也對其中的大量支出進行了虛擬化。

So, as the year unfolds, it gives us an opportunity to throttle up or down, speed things up, slow things down a little bit on OpEx as necessary.

因此，隨著這一年的展開，我們有機會根據需要在營運支出上增加或減少速度、加快速度或放慢速度。

But I would characterize this as a year of greater investment than last year.

但我認為今年是投資比去年更大的一年。

Okay.

好的。

Yeah, thank you.

是的，謝謝。

The only other thing I would add to that is, if you look back four years at our track record of operating the company with prudent mindset, I'm pretty confident and proud of our efforts there that when the markets have turned, whether it be memory or LED or the likes or where we face customer concentration issues in the past four years.

我要補充的唯一一件事是，如果你回顧四年來我們以謹慎的心態經營公司的記錄，我對我們的努力非常有信心和自豪，當市場發生轉變時，無論是內存或LED 等領域，或我們在過去四年中面臨客戶集中度問題的領域。

I think we've demonstrated that we'll be prudent and dial in operating expenses accordingly and to Nate's point on variability, we watch it very carefully, that's what got us to 16 quarters in a row of profitability and positive EPS and a stronger balance sheets just watching the investments carefully.

我認為我們已經證明我們會謹慎行事，並相應地調整營運費用，對於內特關於可變性的觀點，我們非常仔細地觀察它，這就是我們連續16 個季度實現盈利、正每股收益和更強勁的平衡的原因床單只是仔細觀察投資。

So we can obviously position ourselves for growth but not at the risk of the company's balance sheet.

因此，我們顯然可以為成長做好準備，但不會面臨公司資產負債表的風險。

Kevin Cassidy, Rosenblatt.

凱文·卡西迪，羅森布拉特。

Yeah, thanks for taking my question.

是的，謝謝你回答我的問題。

Just along the lines when you're describing the three types of customers -- the enterprise customers a couple of weeks ago, Accenture announced an agreement with Nvidia and of course, they would be targeting enterprise type customers.

正如您描述三種類型的客戶（企業客戶）一樣，幾週前埃森哲宣布與 Nvidia 達成協議，當然，他們將瞄準企業類型客戶。

Would that -- does that validate your business strategy?

這會驗證您的業務策略嗎？

And you see that Accenture, is that more of a competitor or do you think there's an opportunity there to work with them?

您認為埃森哲更像是競爭對手，還是您認為有機會與他們合作？

Yeah, I don't think of it more in a competitive landscape because I think at the level that we're talking about, it's more -- we are more in the infrastructure category, so to speak.

是的，我不認為它更多地處於競爭格局中，因為我認為在我們正在談論的層面上，可以說，我們更多地處於基礎設施類別。

And I think from what I have found with Accenture is they're a little bit higher level in terms of application layer and security layer and commercial investment thesis.

我認為，從我對埃森哲的發現來看，他們在應用層、安全層以及商業投資論文方面的水平要高一些。

And I think it's a big ad, as we think about our future, I think there's probably more opportunity for us to cooperate with those types of firms who are out advising Boards and CEOs on the commercial rationale and maybe the application layer.

我認為這是一則大廣告，當我們考慮我們的未來時，我認為我們可能有更多機會與那些就商業理由甚至應用層向董事會和執行長提供建議的公司合作。

Then I think they are spending a lot of time on infrastructure.

然後我認為他們在基礎設施上花費了大量時間。

By the way, Kevin, I have not seen that so -- I have not seen that.

順便說一句，凱文，我還沒有看到這一點——我還沒有看到這一點。

If that was specific to infrastructure, I missed it and I missed it in your question.

如果這是特定於基礎設施的，那麼我錯過了它，並且我在您的問題中錯過了它。

No, it's just in general that as AI starts moving to the enterprise customers, it seems that's your largest opportunity, you have Tier 2.

不，一般來說，隨著人工智慧開始向企業客戶轉移，這似乎是你最大的機會，你有第二層。

But I think as the Fortune 500 companies start adopting it, that's where it would move into your wheelhouse.

但我認為，隨著財富 500 強公司開始採用它，它就會進入你的駕駛室。

Then also on the guidance, gross margin is flat and I know you're focused on adding more services and software.

然後，根據指導，毛利率持平，我知道您專注於添加更多服務和軟體。

Is, this I guess, I just being more conservative or I guess how does that dynamic as far as your

我想，我只是比較保守，或者我想，就你而言，這種動態如何？

--

--

Yeah.

是的。

Fair enough.

很公平。

I think look -- I think if you contemplate the guide, especially around the Penguin computing piece of it.

我想看看——我想如果你仔細考慮一下這個指南，特別是圍繞企鵝計算的部分。

I think Nate said somewhere between 10% and 25% growth this year.

我認為 Nate 說今年的成長率在 10% 到 25% 之間。

And Kevin, we've always said to the investor community that, especially when we get into some high growth times the growths margin kind of balances out because some of the infrastructure hardware related is that lower margins.

凱文，我們總是對投資者群體說，特別是當我們進入高成長時期時，成長利潤率會達到平衡，因為一些與基礎設施硬體相關的利潤率較低。

Now, certainly not where our competitors are or the people we get lumped in with.

現在，當然不是我們的競爭對手所在的地方，也不是我們混在一起的人。

We're not talking about 11% like some other competitors or mid 10%.

我們談論的不是像其他競爭對手的 11% 或中間的 10%。

But you can imagine that higher -- lower margin hardware offsets.

但你可以想像更高——更低利潤的硬體偏移。

And so in some sense, it's actually a good sign that we're growing and the systems will lead and then hopefully over time, software and services will catch up and take -- and be marginally creative.

因此，從某種意義上說，這實際上是一個好兆頭，表明我們正在成長，系統將領先，然後希望隨著時間的推移，軟體和服務將迎頭趕上並佔據主導地位，並具有一定的創造力。

But as we win new customers, especially during the infrastructure hardware deployment phase, which is normally phase zero and phase one, you're going to see some of that.

但是，當我們贏得新客戶時，特別是在基礎架構硬體部署階段（通常是零階段和第一階段），您將看到其中的一些。

I think we've got enough resilience in the business to guide as we guided.

我認為我們的業務有足夠的彈性來指導我們的指導。

But that can have an impact on gross margin from quarter to quarter,

但這可能會對每季的毛利率產生影響，

Maybe just a couple more points on that one, I think, certainly there's a range that we gave on gross margin.

我認為，也許在這一點上還有幾點，我們當然給出了一個毛利率範圍。

So it does leave some room for some margin -- gross margin expansion, really depending on business mix.

因此，它確實為毛利率的擴張留下了一些空間，這實際上取決於業務組合。

And along those lines, we did call out that memory is expected to accelerate its growth year over year from 10% to 20%.

沿著這些思路，我們確實指出，記憶體預計將同比增長，從 10% 加速到 20%。

And that's a lower margin category so a little bit of pressure to offset some of the expansion potential in IPS.

這是一個利潤率較低的類別，因此需要承受一些壓力來抵消 IPS 的部分擴張潛力。

Last point, I'd probably make just on the P&L overall.

最後一點，我可能只討論整體損益表。

We are expecting to see some expansion of operating margin again.

我們預計營業利潤率將再次擴大。

And so while there's perhaps not as much in the guide or in the outlook at the gross margin level, because we're growing OpEx slower than revenue, there is some nice expansion in operating margin reflected in that.

因此，雖然指南或前景中可能沒有那麼多關於毛利率水準的內容，因為我們的營運支出成長速度慢於收入，但其中反映出營運利潤率的一些不錯的擴張。

Okay.

好的。

That's positive.

這是積極的。

Thank you.

謝謝。

Thanks, Kevin.

謝謝，凱文。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hi, this is Kyle [Busting] on for Tom O'Malley.

大家好，我是湯姆·奧馬利 (Tom O'Malley) 的凱爾 [Busting]。

Thanks for taking the time or taking my question.

感謝您抽出時間或回答我的問題。

Could you guys talk a little bit about when you expect the software and services to kind of layer on the other revenue parts from selling all the hardware?

你們能談談你們什麼時候期望軟體和服務能夠疊加在銷售所有硬體的其他收入部分嗎？

I know you guys talked about like a little lagging it and then it being gross margin creative afterwards, but any updates on when you'd expect it or what the typical lead time is when you have a hardware win.

我知道你們談到了有點滯後，然後是毛利率創意，但是有關您何時期望它或當您獲得硬體勝利時的典型交貨時間的任何更新。

The way to think about, we do get, sometimes we get services up front, but again, it's a fraction thereof in terms of the hardware upfront.

想想看，我們確實得到了，有時我們會預先獲得服務，但同樣，就預先的硬體而言，這只是其中的一小部分。

And then what we have is as we mentioned on prior calls, we basically have what you should think of as annual service agreements with our customers and those get renewed every 12 months and typically, at the end of a calendar year where most of our customers operate.

然後我們所擁有的是，正如我們在之前的電話中提到的，我們基本上與我們的客戶簽訂了您應該認為的年度服務協議，這些協議每12 個月更新一次，通常是在我們大多數客戶的日曆年年底操作。

And so every year we go through the process of adding new customers and sometimes services wind down what have you and when you think about our business, if you look at how services play out, normally year one, if you look at gross margin transaction for a new customer is probably lower in gross margin than year two and year three because services become such a higher piece of the revenue of that customer.

因此，每年我們都會經歷增加新客戶的過程，有時服務會減少你所擁有的東西，當你考慮我們的業務時，如果你看看服務如何發揮作用，通常是第一年，如果你看看毛利率交易新客戶的毛利率可能低於第二年和第三年，因為服務佔該客戶收入的比例如此之高。

All right.

好的。

Makes sense.

有道理。

Thank you guys.

謝謝你們。

Thanks.

謝謝。

(Operator Instructions) Ananda Baruah, Loop Capital.

（操作員指令）Ananda Baruah，Loop Capital。

Hey guys.

嘿夥計們。

Thanks guys for taking the question.

感謝大家提出問題。

Yeah, I guess just a couple from me.

是的，我想只有我的幾個。

You guys talk to the analyst.

你們去跟分析師談談吧。

Well, I guess on the software and services really services and maybe software that belongs expansion opportunity.

嗯，我想在軟體和服務上確實是服務，也許軟體屬於擴展機會。

Is there opportunity to also partner with some of the infrastructure vendors, server vendors, any of the other infrastructure vendors as you think from just customers for that opportunity.

是否有機會與一些基礎設施供應商、伺服器供應商以及任何其他基礎設施供應商合作，就像您從客戶那裡獲得的機會一樣。

And I have a quick follow up also.

我也有一個快速跟進。

Thanks.

謝謝。

Absolutely.

絕對地。

Part of our go to market strategy as we've evolved.

隨著我們的發展，我們進入市場策略的一部分。

Historically, we've been primarily a direct to customer engagement model.

從歷史上看，我們主要採用直接與客戶互動的模式。

And over the last six months, we've invested in resources and are in active engagement discussions with both OEMs who some might even consider competitors, we don't think of it that way, to be able to provide software and services on top of hardware.

And over the last six months, we've invested in resources and are in active engagement discussions with both OEMs who some might even consider competitors, we don't think of it that way, to be able to provide software and services on top of硬體.

And then others are more in the integrated infrastructure type model.

然後其他更多的是整合基礎設施類型模型。

And so it's a long winded way of saying absolutely part of our go to market strategy and we're making pretty good progress there.

因此，這是一種冗長的說法，絕對是我們進入市場策略的一部分，而我們在這方面取得了相當好的進展。

Mark, that's, that's super helpful.

馬克，這非常有幫助。

And I guess the follow up is maybe for Nate, just on the guide for your service software and service compute software and services.

我想後續可能是針對內特的，只是關於您的服務軟體和服務計算軟體和服務的指南。

Any context you can provide about what portion of the guy of the growth is impacted by services and software expansion or else it's the hardware, anything there would be helpful.

您可以提供有關增長的哪一部分受到服務和軟體擴展或硬體影響的任何背景信息，任何內容都會有幫助。

Thanks.

謝謝。

That's it for me.

對我來說就是這樣。

Yeah, thanks Ananda.

是的，謝謝阿南達。

I think Mark -- what Mark alluded to is that early in a deal tends to be more hardware -- hardware heavy in terms of the revenue recognition.

我認為馬克 - 馬克提到的是，在交易的早期往往更多的是硬體 - 就收入確認而言，硬體很重要。

And I think this is a year of some growth as you can see in the outlook.

我認為今年是一些成長的一年，正如你在展望中看到的那樣。

So probably not see a really large swing in the software hardware mix in '25.

因此，25 年軟體硬體組合可能不會出現真正的大幅波動。

Of course, that could change depending on the types of deals we get.

當然，這可能會根據我們獲得的交易類型而改變。

We, certainly are pursuing some things that are more services centric.

我們當然正在追求一些更以服務為中心的東西。

But just based on sort of core based assumptions, I would sort of assume, not a lot of change in that mix, perhaps a little bit of increase.

但僅僅基於某種基於核心的假設，我會假設，這種組合沒有太多變化，也許有點增加。

But again, you've got memory growing quickly as well, which will offset some of that.

但同樣，你的記憶體也會快速成長，這將抵消其中的一些。

And make down the road would that dynamic have the potential to alter to some degree?

未來這種動態是否有可能在某種程度上改變？

Meaning as you sort of consummate some of these software and services, through the partnership deals as distinct from the hardware, I would just imagine that dynamic has an opportunity to step down the road.

這意味著，當你透過與硬體不同的合作夥伴協議來完善其中一些軟體和服務時，我想這種動態有機會走上這條路。

Thanks.

謝謝。

I agree with that.

我同意這一點。

I think that that is true and it's also operationally when we look at things in our pipeline, when we look at new opportunities, we always talk about the services opportunity that are part of those as well.

我認為這是事實，而且在操作上，當我們審視管道中的事物時，當我們尋找新機會時，我們總是談論其中的服務機會。

It's a real key focus for us and a core metric.

這是我們真正關注的焦點和核心指標。

Cool.

涼爽的。

Thanks.

謝謝。

Thanks a lot guys.

非常感謝大家。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yeah.

是的。

Thanks for letting me ask a follow up question.

感謝您讓我提出後續問題。

SK Telecom, what -- I guess what is it that would be holding this up?

SK Telecom，什麼－我猜是什麼阻礙了這一切？

Why it have to wait until the end of the year, maybe beginning of next year, what other issues need to be resolved?

為什麼要等到年底，也許明年初，還有哪些問題需要解決？

Yeah.

是的。

Kevin, it's interesting because that type of agreement is treated very similar to an M&A agreement relative to two parties, one being US based and one not being US based and SK Telecom being Korean.

Kevin，這很有趣，因為這種類型的協議與兩方的併購協議非常相似，一方位於美國，另一方不在美國，而 SK Telecom 是韓國的。

And so, it just has to do with more of the US oversight, so to speak.

因此，可以說，這與美國的更多監管有關。

And just normal protocol, we have not seen any hiccups, but it does add a little more time to the process.

只是正常的協議，我們沒有看到任何問題，但它確實增加了這個過程的時間。

And so even at the time of the announcement, we knew that we suggested, I think it was the end of the calendar year as a possible timing of close, I don't think we're changing that today.

因此，即使在宣布這一消息時，我們也知道我們建議，我認為這是日曆年年底作為可能的關閉時間，我認為我們今天不會改變這一點。

It's just the part of the process that you would not normally have if it was a US to US investor, nearly as much is US oversight for any type of investment by a foreign entity into a US entity.

如果是美國對美國的投資者，這只是流程的一部分，而美國對外國實體對美國實體的任何類型的投資的監管幾乎同樣多。

Okay.

好的。

Thank you.

謝謝。

At this time, there are no more questions registered in queue.

目前，隊列中沒有更多登記的問題。

So I'd like to pass the conference back over to our hosting team, Mark Adams for closing remarks.

因此，我想將會議轉交給我們的主辦團隊馬克亞當斯 (Mark Adams) 致閉幕詞。

Thank you operator and thank you all for your questions today and for joining us on the call.

感謝接線員，感謝大家今天提出的問題並加入我們的通話。

As we close, I want to reiterate the fiscal '94 -- sorry, fiscal '24 was a transformative year for our company now, Penguin Solutions, we've made submitted strides in positioning ourselves to lead in AI and high performance computing, investing not just in the hardware and infrastructure but also in the software and services that will help drive the next phase of our business.

在我們結束時，我想重申94 財年——抱歉，24 財年對我們公司（Penguin Solutions）來說是變革的一年，我們在人工智慧和高效能運算領域的領先地位方面取得了長足進步，投資不僅在硬體和基礎設施方面，而且在軟體和服務方面也將有助於推動我們下一階段的業務。

We enter fiscal 2025 guided by a clear strategy focused on capturing opportunities in AI infrastructure and advanced memory solutions.

進入 2025 財年，我們以明確的策略為指導，專注於抓住人工智慧基礎設施和先進記憶體解決方案的機會。

With a solid financial foundation, innovative product offerings and strategic partnerships, I believe we are well positioned to capitalize on the demand for AI on premise in the cloud and at the edge.

憑藉著堅實的財務基礎、創新的產品和策略合作夥伴關係，我相信我們有能力充分利用雲端和邊緣對人工智慧的需求。

We're excited about the path ahead and remain committed to delivering value to both our customers and shareholders through execution, innovation and operational excellence.

我們對未來的道路感到興奮，並繼續致力於透過執行、創新和卓越營運為客戶和股東創造價值。

Thank you again for your continued support.

再次感謝您一直以來的支持。

We look forward to updating you on our progress in the quarters to come.

我們期待向您通報我們未來幾季的最新進展。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與，祝您有個愉快的一天。