Penguin Solutions Inc (PENG) 2025 Q1 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's Penguin Solutions first-quarter fiscal 2025 earnings call.

感謝您參加今天的 Penguin Solutions 2025 財年第一季財報電話會議。

My name is Tamia, and I will be your moderator for today's call.

我叫塔米亞，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員說明）

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

現在我想將會議交給東道主投資者關係部門的蘇珊·施密特 (Suzanne Schmidt)。

You may proceed.

您可以繼續。

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 first -quarter fiscal 2025 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 2025 財年第一季業績。

On the call today are Mark Adams, Chief Executive 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)；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, business and strategy and potential collaborations.

請注意，在本次電話會議期間，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、業務和策略以及潛在合作的陳述。

Forward-looking statements are based on current beliefs and assumptions, 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，並且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中反映的風險和不確定性正如公司最近的年度和季度報告所示。

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考慮、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 turn the call over to Mark Adams, CEO.

接下來，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, everyone, to our Q1 fiscal 2025 earnings call.

歡迎大家參加我們的 2025 財年第一季財報電話會議。

We hope you had a nice holiday season.

我們希望您度過了一個愉快的假期。

For the first quarter of fiscal 2025, we delivered strong financial results across a number of key metrics.

2025 財年第一季度，我們在多項關鍵指標上取得了強勁的財務表現。

Our revenue was $341 million, an increase of 24% compared to the same period last year.

我們的營收為 3.41 億美元，比去年同期成長 24%。

Non-GAAP earnings per share was $0.49, a 108% increase year over year.

非 GAAP 每股收益為 0.49 美元，較去年同期成長 108%。

We achieved non-GAAP operating income of $41 million, up 53% from the prior year and we improved non-GAAP operating income margin to 12%, up 2.3 percentage points year over year.

我們實現非 GAAP 營業收入 4,100 萬美元，較上年增長 53%，非 GAAP 營業利潤率提高至 12%，較去年同期成長 2.3 個百分點。

These results are a testament to our strategic focus and operating discipline.

這些結果證明了我們的策略重點和營運紀律。

We believe that Penguin Solutions is well positioned to capitalize on growing demand for high performance, high availability solutions that companies need to deploy AI infrastructure on-premise, at the edge and in the cloud.

我們相信，Penguin Solutions 處於有利地位，能夠充分利用對高效能、高可用性解決方案不斷增長的需求，企業需要在本地、邊緣和雲端部署人工智慧基礎架構。

Penguin Solutions leverages its deep experience and its differentiated portfolio of hardware, software and managed services to help us customers solve the complexity of deploying AI.

Penguin Solutions 利用其豐富的經驗以及差異化的硬體、軟體和託管服務組合來幫助我們的客戶解決部署人工智慧的複雜性。

We work with our customers to design build, deploy and manage these environments with a focus on time to revenue, reliability and the highest level of performance and availability.

我們與客戶合作設計、建置、部署和管理這些環境，重點關注創收時間、可靠性以及最高水準的效能和可用性。

Our products and services are primarily sold to hyperscalers, cloud service providers and large Fortune 500 corporations in the financial, energy, education, federal, consumer and manufacturing sectors.

我們的產品和服務主要銷售給金融、能源、教育、聯邦、消費者和製造領域的超大規模企業、雲端服務提供者和財富 500 強大型企業。

At the core of Penguin's success is over 25 years of experience in deploying large-scale complex data center clusters, originating from our earlier days in high-performance computing, or HPC, which is the foundation of our migration to becoming a leader in AI infrastructure solutions.

Penguin 成功的核心是超過 25 年的大規模複雜資料中心叢集部署經驗，這些經驗源自於我們早期的高效能運算（HPC）領域，這是我們成為人工智慧基礎架構領導者的基礎解決方案。

Whether a customer is looking for a ready-to-use solution like our origin AI offering or custom leading-edge offering, we are able to deliver the right solution to meet their needs.

無論客戶是在尋找現成的解決方案（例如我們的原始人工智慧產品還是客製化的領先產品），我們都能夠提供正確的解決方案來滿足他們的需求。

Before discussing our individual segments, I want to remind you that we've transitioned from providing a quarterly financial outlook to providing a full year outlook.

在討論我們的各個部分之前，我想提醒您，我們已經從提供季度財務展望轉變為提供全年展望。

As mentioned in previous calls, we believe that a full year outlook affords a broader perspective of our business, especially in relation to AI infrastructure where the timing of deployments can be unpredictable and that it aligns well with our emphasis on achieving long-term objectives.

正如先前的電話會議中所提到的，我們相信全年展望為我們的業務提供了更廣闊的視角，特別是在人工智慧基礎設施方面，部署時間可能無法預測，這與我們對實現長期目標的重視非常一致。

We also understand that our investors, customers and partners appreciate commentary on our progress each quarter, which is what we hope to offer you today.

我們還了解到，我們的投資者、客戶和合作夥伴非常欣賞每個季度對我們進展的評論，這就是我們今天希望為您提供的內容。

With all that in mind, we are affirming our outlook for fiscal 2025, which Nate will discuss in more detail later.

考慮到所有這些，我們確認了 2025 財年的前景，內特稍後將對此進行更詳細的討論。

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。

Advanced computing, formerly called Intelligent Platform Solutions, or IPS, consists of our Penguin Computing stratus and Penguin embedded brands.

高階運算以前稱為智慧平台解決方案或 IPS，由我們的 PenguinComputing stratus 和 Penguin 嵌入式品牌組成。

Advanced computing revenue for the first quarter of fiscal 2025 was up 49% year over year, representing 52% of Penguin Solutions revenue.

2025財年第一季先進計算營收年增49%，佔企鵝解決方案營收的52%。

We continue to make progress in expanding our customer engagements in end markets such as hyperscalers, cloud service providers, financial, energy, federal integrators, media and entertainment and education.

我們在擴大終端市場的客戶參與方面不斷取得進展，例如超大規模企業、雲端服務供應商、金融、能源、聯邦整合商、媒體和娛樂以及教育。

We feel that the AI markets in 2025 will begin shifting from early AI pilot systems to full-scale AI production environments and expect Penguin's ability to successfully manage large-scale deployments to be in demand.

我們認為，2025 年的人工智慧市場將開始從早期的人工智慧試點系統轉向全面的人工智慧生產環境，並預計 Penguin 成功管理大規模部署的能力將受到歡迎。

We entered Q2 with a strong backlog highlighted by large bookings at both an established hyperscaler and a federal systems integrator.

進入第二季時，我們的積壓情況很嚴重，這突顯在一家成熟的超大規模供應商和聯邦系統整合商的大量預訂上。

Taking these and other developments into account, we expect advanced computing to grow sequentially in our second quarter.

考慮到這些和其他發展，我們預計先進計算將在第二季度連續成長。

Integrated Memory formerly called Memory Solutions consists of our SMART Modular brand.

整合記憶體以前稱為記憶體解決方案，由我們的 SMART 模組化品牌組成。

In the first quarter of fiscal 2025, Integrated Memory revenue was up 13% compared to the same period last year, representing 28% of total Penguin Solutions revenue.

2025財年第一季，整合記憶體營收較去年同期成長13%，佔企鵝解決方案總營收的28%。

Memory is a critical contributor to the AI ecosystem.

記憶體是人工智慧生態系統的關鍵貢獻者。

Large enterprises have an insatiable need for high-performance and higher reliability memory to support complex workloads.

大型企業對高效能和更高可靠性記憶體的需求無法滿足，以支援複雜的工作負載。

In addition to our customers in networking, telecom, compute servers and defense, we are seeing growth in new segments such as hyperscalers, cloud service providers and even large enterprises interested in CXL and higher-speed memory solutions.

除了網路、電信、運算伺服器和國防領域的客戶之外，我們還看到超大規模企業、雲端服務供應商甚至對 CXL 和更高速記憶體解決方案感興趣的大型企業等新領域的成長。

Our memory backlog heading into Q2 reflects improving demand as our core customers have continued to work through their higher levels of inventory accumulated in the first half of 2024.

我們進入第二季的記憶體積壓反映了需求的改善，因為我們的核心客戶繼續處理 2024 年上半年累積的較高庫存水準。

Optimized LED formerly called LED solutions is marketed under the Cree LED brand.

優化的 LED 以前稱為 LED 解決方案，以 Cree LED 品牌銷售。

In the first quarter of fiscal 2025, optimized LED revenue declined by 4% as compared with the year ago quarter. while gross and operating margins improved.

2025財年第一季，優化LED營收較去年同期下降4%。同時毛利率和營業利益率均有所改善。

We have mentioned on prior calls that the LED industry remains in an oversupply capacity condition.

我們在先前的電話會議中提到，LED產業仍處於產能過剩的狀態。

As such, Cree's LED's capital-light outsourced model continues to be a competitive advantage and was a contributing factor to improving profitability in Q1.

因此，Cree的LED資本輕外包模式仍具有競爭優勢，是第一季獲利能力提高的因素。

In December, we announced that we entered into a patent license agreement with Daktronics, a US-based leader in large-scale LED displays.

12 月，我們宣布與美國大型 LED 顯示器領導者 Daktronics 簽訂專利授權協議。

Our strong intellectual property coupled with a cost-effective operating model has contributed to some exciting new customer design win activity with larger LED lighting customers.

我們強大的智慧財產權加上具有成本效益的營運模式，為一些令人興奮的新客戶設計贏得了更大的 LED 照明客戶做出了貢獻。

Our strategic priorities this year include innovating relentlessly on differentiated technology, increasing our software and services offerings and expanding our go-to-market partnerships.

我們今年的策略重點包括不斷創新差異化技術、增加我們的軟體和服務產品以及擴大我們的市場合作夥伴關係。

Let me briefly discuss our progress in each of these areas.

讓我簡要討論一下我們在每個領域的進展。

We continue to invest in research and development to further differentiate our products and services and compute, memory and software.

我們繼續投資於研發，以進一步差異化我們的產品和服務以及計算、記憶體和軟體。

For customers who are looking to accelerate AI deployment, we are expanding our origin AI offerings to include Dell servers along with Penguin software and services. which can help expand our customer TAM for future basis.

對於希望加速人工智慧部署的客戶，我們正在擴展我們的原始人工智慧產品，以包括戴爾伺服器以及企鵝軟體和服務。這可以幫助擴大我們的客戶TAM，為未來奠定基礎。

In addition, we continue to work with leading ship providers such as NVIDIA, AMD and Intel and early-stage chip technology companies to ensure qualification of the latest technologies as part of our data center solution portfolio.

此外，我們繼續與 NVIDIA、AMD 和 Intel 等領先的船舶供應商以及早期晶片技術公司合作，以確保最新技術的資格成為我們資料中心解決方案組合的一部分。

For customers interested in cutting-edge memory, our CXL add-in card products offer greater density with higher bandwidth and performance.

對於對尖端記憶體感興趣的客戶，我們的 CXL 附加卡產品可提供更高的密度、更高的頻寬和效能。

Recent customer qualifications and sample orders of CXL from OEMs and AI computing companies make us optimistic about its appeal to new types of customers.

最近的客戶資格以及 OEM 和 AI 計算公司的 CXL 樣品訂單讓我們對其對新型客戶的吸引力持樂觀態度。

We have also been making progress towards release of an optical memory appliance or OMA.

我們在光學儲存設備（OMA）的發布方面也取得了進展。

We expect final specifications of the OMA in Q1 of calendar 2025, which will enable sampling by large hyperscalers, OEMs and cloud service providers.

我們預計 OMA 的最終規格將於 2025 年第一季公佈，這將使大型超大規模企業、原始設備製造商 (OEM) 和雲端服務供應商能夠進行採樣。

These solutions will allow us to expand beyond our core specialty memory offerings and addressing the AI market's desire for faster and more reliable memory products.

這些解決方案將使我們能夠超越我們的核心專業記憶體產品，並滿足人工智慧市場對更快、更可靠的記憶體產品的需求。

We have also intensified our focus on software.

我們也加強了對軟體的關注。

Penguin software platform was developed for advanced cluster management environments for the more traditional IT systems administrator type user.

Penguin 軟體平台是為更傳統的 IT 系統管理員類型使用者的高階叢集管理環境而開發的。

Our next plan release is expected to introduce an improved user interface that is designed to simplify deployment and management for end users, an advancement that we expect to accelerate adoption particularly as an enhancement to our ready-to-use origin AI solution.

我們的下一個計畫版本預計將推出改進的使用者介面，旨在簡化最終用戶的部署和管理，我們預計這一進步將加速採用，特別是作為我們即用型原始人工智慧解決方案的增強。

We have also initiated work on multi-tenant capabilities, a critical feature designed to allow a single AI platform or service to be shared by multiple users or organizations while maintaining data isolation and security.

我們還啟動了多租戶功能方面的工作，這是一項關鍵功能，旨在允許多個用戶或組織共享單一人工智慧平台或服務，同時保持資料隔離和安全性。

Our software strategy promotes an open ecosystem through its compatibility with multiple chip vendors like AMD, NVIDIA, Intel as well as with players up the software stack like Kubernetes and VM players, multiple spenders like Run AI and Clear ML.

我們的軟體策略透過與 AMD、NVIDIA、Intel 等多家晶片供應商以及 Kubernetes 和 VM 等軟體堆疊參與者、Run AI 和 Clear ML 等多個消費者的兼容性來促進開放的生態系統。

Our technology agnostic approach, whether in hardware or software allows us to serve a broader set of use cases and offer our customers the most flexibility in defining their overall architecture.

我們的技術不可知論方法，無論是在硬體還是軟體方面，都使我們能夠服務更廣泛的用例，並為我們的客戶提供定義其整體架構的最大靈活性。

In addition to our investment into differentiated hardware, software and services, we are expanding our strategic partnerships to enhance our offerings and increase our go-to-market capabilities.

除了對差異化硬體、軟體和服務的投資外，我們還擴大策略合作夥伴關係，以增強我們的產品和服務，並提高我們的上市能力。

In mid-December, we announced the close of our investment from SK Telecom independent solutions.

12 月中旬，我們宣布結束 SK Telecom 獨立解決方案的投資。

Beyond the financial benefit to our balance sheet, we are excited about the opportunities that we expect to come from collaborating with SK.

除了為我們的資產負債表帶來經濟利益外，我們也對與 SK 合作帶來的機會感到興奮。

Whether it is in advanced computing with next-generation GPU offerings for high-performance memory solutions or tapping into other technology areas in energy, cooling or networking, all technologies that are part of the SK portfolio, we think there's an exciting potential to work together to differentiate our offerings in deploying premier AI infrastructure solutions.

無論是採用下一代 GPU 產品實現高效能記憶體解決方案的高階運算，還是利用能源、冷卻或網路等其他技術領域（所有技術均屬於 SK 產品組合的一部分），我們認為合作潛力巨大使我們的產品在部署一流的人工智慧基礎設施解決方案方面脫穎而出。

In November, we announced an agreement with Dell to deliver complete AI solutions combining Dell servers, storage and networking with Penguin's management software platform and managed services.

11 月，我們宣布與戴爾達成協議，提供完整的人工智慧解決方案，將戴爾伺服器、儲存和網路與 Penguin 的管理軟體平台和託管服務相結合。

We expect Dell's distinguished go-to-market platform, coupled with Penguin's ability to manage the most complex AI deployments to help us scale our customer reach across new industries and geographies.

我們期望戴爾卓越的上市平台，加上 Penguin 管理最複雜的人工智慧部署的能力，幫助我們擴大新產業和地區的客戶覆蓋範圍。

We will continue to evaluate new partnerships where we can accelerate new product time to market to potentially grow more quickly in helping large enterprises implement large AI infrastructure at scale.

我們將繼續評估新的合作夥伴關係，以加快新產品的上市時間，從而在幫助大型企業大規模實施大型人工智慧基礎設施方面實現更快的成長。

Given our experience with large-scale AI implementations at hyperscalers energy companies, federal systems integrators, educational institutions and cloud service providers, we feel now is the time to broaden our go-to-market efforts as AI moves from an early prototyping stage market to full-scale deployments of live production systems.

鑑於我們在超大規模能源公司、聯邦系統整合商、教育機構和雲端服務供應商大規模人工智慧實施方面的經驗，我們認為現在是時候擴大我們的市場推廣力度，因為人工智慧從早期原型階段市場轉向了市場。

As we have discussed in the past, our revenues and gross margins can fluctuate due to the nature of our business where customer deployments and [ expenses ] vary from period to period as can the mix of hardware and software and services.

正如我們過去所討論的，我們的收入和毛利率可能會因我們業務的性質而波動，其中客戶部署和[費用]會隨著時間的推移而變化，硬體、軟體和服務的組合也會有所不同。

Having said that, given demand signals from our customers and current booking numbers, we are optimistic about the growth profile of our business heading into Q2.

話雖如此，鑑於我們客戶的需求訊號和目前的預訂數量，我們對進入第二季的業務成長狀況感到樂觀。

We believe we offer a compelling value proposition as a trusted adviser providing technology agnostic, hardware software and managed service solutions that focus on solving the complexity of AI infrastructure.

我們相信，作為值得信賴的顧問，我們提供了令人信服的價值主張，提供技術無關的硬體軟體和託管服務解決方案，專注於解決人工智慧基礎設施的複雜性。

Let me now hand the call over to Nate for a more detailed look at our Q1 financial performance and commentary regarding our business for the remainder of fiscal 2025.

現在讓我將電話轉交給 Nate，以便更詳細地了解我們第一季的財務業績以及對我們 2025 財年剩餘時間業務的評論。

Nate?

內特？

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 Relations materials on our website.

我將重點討論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關係材料中與公認會計準則進行了調整。

Now let me turn to our first quarter results.

現在讓我談談我們第一季的業績。

Total Penguin Solutions revenues were $341 million, up 24% year over year and up sequentially for the fourth consecutive quarter.

Penguin Solutions 總營收為 3.41 億美元，年增 24%，連續第四個季度環比成長。

Non-GAAP gross margin came in at 30.8%, which was down year over year due to higher hardware revenue mix.

非 GAAP 毛利率為 30.8%，因硬體收入組合增加而較去年同期下降。

Non-GAAP operating margin was 12%, up 2.3 percentage points versus last year and non-GAAP diluted earnings per share were $0.49 for the first quarter, more than double Q1 last year.

非 GAAP 營業利潤率為 12%，比去年增長 2.3 個百分點，第一季非 GAAP 攤薄每股收益為 0.49 美元，是去年第一季的兩倍多。

In the first quarter of 2025, our overall services revenue totaled $71 million or 21% of total company revenue, up 5% versus Q1 last year.

2025 年第一季度，我們的整體服務收入總計 7,100 萬美元，占公司總收入的 21%，比去年第一季成長 5%。

Product revenues were $270 million in the first quarter, up 31% year over year.

第一季產品營收為2.7億美元，年增31%。

First quarter revenue by business segment was as follows: Advanced computing, $177 million or 52% of our total revenue and up 49% year over year.

按業務部門劃分的第一季營收如下： 先進計算，1.77 億美元，佔總營收的 52%，年增 49%。

Integrated Memory $97 million, which was 28% of our total revenue and up 13% year over year, and optimized LED $67 million or 20% of our total revenue and down 4% year over year.

整合記憶體 9,700 萬美元，佔總營收的 28%，年增 13%；優化 LED 6,700 萬美元，佔總營收的 20%，年減 4%。

Non-GAAP gross margin for Penguin Solutions in the first quarter was 30.8%, down 2.5 percentage points year over year driven primarily by a higher mix of advanced computing hardware revenue compared to last year, partially offset by improved margins in LED.

Penguin Solutions 第一季的非 GAAP 毛利率為 30.8%，較去年同期下降 2.5 個百分點，這主要是由於先進計算硬體收入組合較去年有所增加，部分被 LED 利潤率的提高所抵消。

Gross margin was roughly flat sequentially with lower advanced computing hardware margins, offset by higher margins in both memory and LED.

由於先進計算硬體利潤率較低，毛利率與上一季大致持平，但被記憶體和 LED 利潤率上升所抵消。

Non-GAAP operating expenses for the first quarter were $64 million, down 1% year over year and up 3% sequentially.

第一季非 GAAP 營運費用為 6,400 萬美元，年減 1%，季增 3%。

Operating expenses as a percentage of sales were down both year over year and sequentially, driven by higher revenue volumes and disciplined expense management.

在收入增加和嚴格的費用管理的推動下，營運費用佔銷售額的百分比同比和環比均下降。

Non-GAAP operating income was $41 million, up 53% year over year and up 21% versus last quarter.

非 GAAP 營業收入為 4,100 萬美元，年增 53%，較上季成長 21%。

The combination of top line growth and operating expense efficiencies translated into a 2.3 percentage point increase in operating margin versus Q1 last year.

營收成長和營運費用效率相結合，營運利潤率比去年第一季成長了 2.3 個百分點。

Non-GAAP diluted earnings per share for the first quarter of 2025 were $0.49, up 108% versus the prior year and up 33% versus the prior quarter.

2025 年第一季非 GAAP 攤薄每股收益為 0.49 美元，較上年增長 108%，較上一季增長 33%。

Adjusted EBITDA for the first quarter of 2025 was $45 million, up 30% year over year.

2025 年第一季調整後 EBITDA 為 4,500 萬美元，年增 30%。

Turning to balance sheet highlights.

轉向資產負債表亮點。

For working capital, our net accounts receivables totaled $276 million compared to $171 million a year ago, with the increase driven by higher sales volumes.

就營運資本而言，我們的應收帳款淨額總計 2.76 億美元，而去年同期為 1.71 億美元，這一成長是由銷售增加所推動的。

Pay sales outstanding came in at 45 days, up from 41 days in the prior year quarter due to variations in sales linearity within the quarters.

由於季度內銷售線性變化，應付款銷售餘額為 45 天，高於去年同期的 41 天。

Inventory totaled $247 million at the end of the first quarter, up from $208 million at the end of Q1 a year ago due to higher sales volumes.

由於銷售量增加，第一季末庫存總額為 2.47 億美元，高於一年前第一季末的 2.08 億美元。

Days of inventory were 49 days, down from 63 days a year ago, primarily due to the timing of receipts and shipments.

庫存天數為 49 天，低於去年同期的 63 天，這主要是由於收貨和發貨的時間安排所致。

Accounts payable were $244 million at the end of the quarter, up from $182 million a year ago due primarily to higher sales volumes.

本季末應付帳款為 2.44 億美元，高於一年前的 1.82 億美元，主要是由於銷量增加。

Days payable outstanding was 49 days compared to 55 days last year 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 49 天，而去年為 55 天。

Our cash conversion cycle was 46 days, an improvement of 3 days compared to last year due to faster inventory turns.

由於庫存週轉速度加快，我們的現金週轉週期為 46 天，比去年縮短了 3 天。

Consistent with past practice, days sales outstanding, base payables outstanding and inventory days are calculated on a gross sales and gross cost of goods sold basis, which were $554 million and $456 million, respectively, in the first quarter.

與過去的做法一致，應收帳款週轉天數、未清應付應付帳款週轉天數和庫存週轉天數是根據銷售總額和銷售總成本計算的，第一季分別為 5.54 億美元和 4.56 億美元。

As a reminder, the difference between growth 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，成長與淨收入之間的差異與我們的記憶體業務、物流服務有關，這些業務是按代理方式核算的，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 $394 million at the end of the first quarter, down $159 million from Q1 last year and up slightly sequentially.

截至第一季末，現金和現金等價物以及短期投資總額為 3.94 億美元，比去年第一季減少 1.59 億美元，環比略有上升。

The year-over-year fluctuation was due primarily to debt repayments for our term loan in fiscal year 2024.

年比波動主要是由於我們 2024 財年定期貸款的債務償還。

We First quarter cash flows generated from operating activities totaled $14 million compared to $60 million generated by operating activities in the prior year quarter.

我們第一季經營活動產生的現金流量總計 1,400 萬美元，而去年同期經營活動產生的現金流量為 6,000 萬美元。

The decrease was due primarily to increased investment in working capital to support business growth.

減少的主要原因是為支持業務成長而增加了營運資本投資。

We spent approximately $8 million to repurchase 467,000 shares in the first quarter under our share buyback program.

根據我們的股票回購計劃，我們在第一季花費了約 800 萬美元回購了 467,000 股股票。

Since our initial share repurchase authorization in April 2022, we have used a total of $80 million to repurchase 4.6 million shares through Q1 of fiscal year 2025.

自 2022 年 4 月首次獲得股票回購授權以來，截至 2025 財年第一季度，我們已總共使用 8,000 萬美元回購了 460 萬股股票。

We did not make any debt prepayments in this past quarter and the principal on our term loan remains at $300 million as of the end of the quarter.

我們在上個季度沒有預付任何債務，截至本季末，我們的定期貸款本金仍為 3 億美元。

Our net debt at the end of Q1 was $276 million.

第一季末我們的淨債務為 2.76 億美元。

For those of you tracking capital expenditures and depreciation, capital expenditures were $2 million in the first quarter and depreciation was $5 million.

對於那些追蹤資本支出和折舊的人來說，第一季的資本支出為 200 萬美元，折舊為 500 萬美元。

And now turning to our outlook.

現在轉向我們的前景。

Given our strong Q1 performance, we are pleased to confirm our outlook for the year, which calls for revenue growth of 15% year over year, plus or minus, 5 percentage points.

鑑於我們第一季的強勁表現，我們很高興確認對今年的展望，即營收年增 15%，上下浮動 5 個百分點。

By segment, our full year revenue outlook reflects the following: For advanced computing, we expect full year revenues to grow between 10% and 25% year over year.

按細分市場劃分，我們的全年營收前景反映如下： 對於進階計算，我們預計全年營收將年增 10% 至 25%。

Based on a large customer order that partially shipped in Q1 and will finish shipping in Q2, we expect advanced computing growth to be higher in half 1 than in half 2.

基於第一季部分出貨並將在第二季完成出貨的大客戶訂單，我們預計高級計算上半年的成長將高於第二季。

For memory, we expect revenues to grow between 10% and 20% year over year.

對於記憶體，我們預計營收將年增 10% 至 20%。

And for LED, we expect revenues to be flat to up 10% year over year.

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 still expected to be 32%, plus or minus 1 percentage point.

我們全年的非 GAAP 毛利率預計仍為 32%，上下浮動 1 個百分點。

We continue to expect our non-GAAP operating expenses for the full year will be $275 million, plus or minus $15 million.

我們仍預計全年的非 GAAP 營運費用將為 2.75 億美元，上下浮動 1500 萬美元。

And our non-GAAP full year diluted earnings per share, which includes the impact of the SK Telecom transaction, is expected to be approximately $1.50 plus or minus $0.20, which is unchanged from the revised outlook we provided on December 16 after incorporating the impact from the SK Telecom transaction.

我們的非GAAP 全年攤薄每股收益（包括SK Telecom 交易的影響）預計約為1.50 美元上下0.20 美元，這與我們在考慮了SK Telecom 交易的影響後於12 月16 日提供的修訂後前景持平。

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

最後，我們的非 GAAP 稀釋後股票數量預計今年仍約為 5,630 萬股。

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，我們使用的長期預期非 GAAP 稅率為 28%，這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 年都將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、我們地理盈利組合的重大變化或我們的策略或業務營運的變化。

While we are providing a full year outlook, I also want to provide some directional color on near-term expectations.

在我們提供全年展望的同時，我也想就近期預期提供一些方向性的信息。

We are pleased with our results in Q1, which were driven by strong hardware revenue growth in advanced computing and a return to growth in memory.

我們對第一季的業績感到滿意，這是由高階運算硬體收入強勁成長和記憶體恢復成長所推動的。

We expect compute hardware and memory revenue to grow again in Q2.

我們預計第二季計算硬體和記憶體收入將再次成長。

Remember that compute hardware revenue is recognized at the time of sale and comes at a lower margin than our compute services revenue, which is recognized over time.

請記住，計算硬體收入是在銷售時確認的，並且其利潤率低於我們的計算服務收入，而計算服務收入是隨著時間的推移而確認的。

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 advanced computing 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，特別是與我們的先進計算業務相關的因素。

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.

這包括延長某些組件的交付時間，這些組件已納入我們的整體解決方案中，從而影響我們提升現有和新客戶專案的速度。

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

我們相信，在應對充滿挑戰的環境的同時，我們將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 measures table in our earnings release and the investor materials on our website for further details.

請參閱我們的收益報告中的非 GAAP 財務資訊部分以及 GAAP 與非 GAAP 指標的調整表以及我們網站上的投資者資料，以了解更多詳細資訊。

With that, operator, we are ready for Q&A.

至此，操作員，我們準備好要進行問答了。

(Operator Instructions) Michael Ng, Goldman Sachs.

（操作員指令）Michael Ng，高盛。

I just have two.

我只有兩個。

First, on the Dell partnership, I was just wondering if you could expand a little bit around your comments about how that partnership could help you scale across new industries and geographies.

首先，關於與戴爾的合作夥伴關係，我只是想知道您是否可以詳細闡述您的評論，即該合作夥伴關係如何幫助您在新的行業和地區擴展。

What about the Dell partnerships kind of open up new opportunities for you?

戴爾合作關係是否為您帶來了新的機會？

And then I just have a quick follow-up.

然後我就進行快速跟進。

Sure.

當然。

Well, Michael, if you think about value-add that we're able to add on top of our clustered hardware, NVIDIA or other technology server.

好吧，邁克爾，如果您考慮我們能夠在叢集硬體、NVIDIA 或其他技術伺服器之上添加的增值功能。

It's really in the design and deployment of these systems, utilizing our software and our managed services.

這實際上是利用我們的軟體和託管服務來設計和部署這些系統。

And as we think about some of the trends that we've seen in our customer conversations over the last 6 to 12 months.

當我們思考過去 6 到 12 個月中我們在客戶對話中看到的一些趨勢。

At times, they want to utilize existing hardware they procured or they've got access to more of a standard configuration.

有時，他們希望利用他們購買的現有硬件，或者他們可以訪問更多標準配置。

And then we get called in to bring this value add.

然後我們被要求帶來這個增值。

This is a differentiator for us and companies like Dell have approached us in our conversations to see if there might be collaboration on going to market together, where we bring 25 years of history and advanced computing solutions and data center environments and know how to deploy utilizing software and services with their really incredible go-to-market engine on a global basis.

這對我們來說是一個差異化因素，像戴爾這樣的公司在我們的對話中與我們接洽，看看是否可以合作進入市場，我們帶來了25 年的歷史和先進的計算解決方案和數據中心環境，並知道如何利用這些技術進行部署。

And so when it is an environment like that, we're anxious to leverage the potential benefits of both Dell and Penguin Solutions working together to drive more scale in our business and to help differentiate their overall go-to-market offering.

因此，在這樣的環境下，我們渴望利用戴爾和 Penguin Solutions 合作的潛在優勢來擴大我們的業務規模，並幫助他們的整體上市產品實現差異化。

Great.

偉大的。

And just for the second one, I was just wondering if you could comment a little bit more around the timing of advanced computing revenue for the year was that large customer shipment this quarter and next, more on the hyperscale or the [CSP] or enterprise side?

對於第二個問題，我只是想知道您是否可以對今年先進計算收入的時間表進行更多評論，即本季度和下季度的大客戶出貨量，更多關於超大規模或 [CSP] 或企業邊？

And you commented about the strong backlog going into the second quarter.

您評論了進入第二季度的大量積壓。

Has the backlog been growing?

積壓的訂單有增加嗎？

Maybe you could just talk about some of the AI advanced computing demand trends you're seeing?

也許您可以談談您所看到的一些人工智慧高階運算需求趨勢？

Sure.

當然。

In the first quarter, we benefited from a deployment at a major hyperscale customer that we have that was one of a number of key deployments, but a significant opportunity for us, and we're very excited to execute on that.

在第一季度，我們受益於在一家主要超大規模客戶的部署，這是我們眾多關鍵部署之一，但對我們來說是一個重要的機會，我們非常高興能夠執行這項部署。

In the second quarter, it's a combination beyond the hyperscaler in addition to, there is also a large federal integrator, so a deployment there.

在第二季度，除了超大規模之外，還有一個大型聯邦整合商，因此在那裡進行了部署。

And so that's really kind of physical revenue recognition opportunities, when I say physical, I mean the ability to install, deploy and get customer acceptance in the quarter in Q2.

因此，這確實是一種實體收入確認機會，當我說實體時，我指的是第二季安裝、部署並獲得客戶認可的能力。

Those are the opportunities that we have.

這些就是我們擁有的機會。

Taking a step back, when you think about backlog and pipeline, this is really the strongest pipeline we've had at Penguin Solutions as we've kind of built up our AI practice.

退一步來說，當你考慮待辦事項和管道時，這確實是我們在 Penguin Solutions 擁有的最強大的管道，因為我們已經建立了人工智慧實踐。

And when I think about that, I just said I have to caution that, obviously, bookings and pipeline can vary quarter to quarter, as both Nate and I talked about in our prepared comments.

當我想到這一點時，我只是說我必須提醒大家，顯然，正如內特和我在我們準備好的評論中談到的那樣，預訂和管道可能每個季度都會有所不同。

But in financial institutions and energy as well as in the federal space, those are three examples of market segments where our customer engagements have expanded, and proposals and overall pipeline continue to expand and we're gaining more and more confidence in our ability to compete for larger business over time.

但在金融機構和能源以及聯邦領域，這些是我們的客戶參與度不斷擴大的細分市場的三個例子，提案和整體管道不斷擴大，我們對自己的競爭能力越來越有信心隨著時間的推移，以實現更大的業務。

And I think when Nate earlier reaffirmed our forecast for the year, it's a good signal that we not only see a strong Q2, but we believe in the initial forecast that we provided in our last call.

我認為，當內特早些時候重申我們對今年的預測時，這是一個很好的信號，表明我們不僅看到了強勁的第二季度，而且我們相信我們在上次電話會議中提供的初步預測。

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

To ask a few questions.

想問幾個問題。

And maybe just building off that last part of the discussion.

也許只是討論的最後一部分。

And officially, it sounds like you expect fiscal second quarter revenue to be up a little bit, even flatlining the fiscal 1Q revenue across the year, you'd be tracking above that 15% revenue growth midpoint in the fiscal '25.

從官方角度來看，您預計第二財季營收將略有成長，即使全年第一財季營收持平，您也將在 25 財年實現 15% 的營收成長中點以上。

So I guess given this -- and including your backlog commentary, is there some conservatism now to the fiscal '25 revenue outlook?

因此，我想考慮到這一點，包括您的積壓評論，現在對 25 財年的收入前景是否持保守態度？

Brian, it's Nate.

布萊恩，我是內特。

I think I would refer you back to is just comments we've made historically about the lumpiness in our business.

我想我想請您回顧一下我們歷史上對我們業務的不穩定性所做的評論。

And as Mark was referring, we had a large customer order from a hyperscaler in Q1 and in Q2, which sort of indicates that those are not repeating in the second half.

正如馬克所指的那樣，我們在第一季和第二季從一家超大型企業獲得了大量客戶訂單，這在某種程度上表明這些訂單在下半年不會重複。

So -- good news is second half, we do see some good new opportunities, but we do not have the benefit of that large customer order that ships in Q1 and Q2.

因此，下半年的好消息是，我們確實看到了一些好的新機會，但我們沒有從第一季和第二季出貨的大客戶訂單中受益。

Really, what the emphasis there is it just goes back to the feeling of a really good pipeline process evolving for us, but the inability right now here in January to call the back half.

事實上，這裡的重點只是回到了我們感覺一個非常好的管道流程不斷發展的感覺，但一月份現在無法調用後半部分。

And so as Nate said, we're trying to give a little more color even though we're doing an annual guide.

正如內特所說，儘管我們正在製作年度指南，但我們仍試圖提供更多色彩。

I'm trying to give a little more color about the short term.

我試圖為短期提供更多的色彩。

And as some of these transactions come to fruition, we'll be able to provide updates as we go throughout the next quarter call and beyond.

隨著其中一些交易的實現，我們將能夠在下個季度的電話會議及以後提供更新資訊。

And Brian, there's a range on that revenue number, obviously, too.

布萊恩，顯然，收入數字也有一個範圍。

So there's many different outcomes that are possible.

因此，可能有許多不同的結果。

We've got tracking really well for Q2.

我們對第二季的追蹤情況非常好。

And as Mark said, we're building a good solid pipeline for the second half and hopefully in the fiscal year '26.

正如馬克所說，我們正在為下半年並希望在 26 財年建立一個良好而堅實的管道。

That's helpful.

這很有幫助。

And in terms of the Dell relationship.

就與戴爾的關係而言。

How many quarters -- or when do you think that could really start to hit its stride in terms of that channel and the ability to piggyback off of that kind of standardized Dell infrastructure, but really participate in what could be a higher margin business for you and kind of flow through the P&L better.

多少個季度——或者您認為什麼時候可以真正開始在頻道和利用標準化戴爾基礎設施的能力方面取得進展，但真正參與對您來說可能是更高利潤的業務並且更好地貫穿損益表。

Yes.

是的。

I don't think the sales motion is different from what we've articulated in the past, which is kind of 12 to 18 months.

我認為銷售動議與我們過去闡明的 12 到 18 個月的動議沒有什麼不同。

And clearly, we're not just starting here in January.

顯然，我們不只是從一月開始。

We've had some initial efforts the back half of 2024 calendar.

我們在 2024 年下半年進行了一些初步努力。

And so I would think towards the earliest you might see something towards the end of our fiscal year, early fiscal year '26, but you can imagine that we've had some really good momentum going into the announcement of the agreement.

因此，我認為最早您可能會在我們的財政年度結束時、26 財政年度早期看到一些進展，但您可以想像，我們在宣布協議方面已經取得了一些非常好的勢頭。

Okay.

好的。

Maybe last one for me, and this might also kind of orient towards maybe a tail in just this current fiscal year, maybe more fiscal '26.

也許對我來說是最後一個，這也可能是在本財年，也許是 26 財年的尾部。

But in terms of the closing of the SK Telecom, investment CS booth is any indication, SK Telecom certainly seems to have a clear, maybe ambitious vision of the role they can play in developing the AI ecosystem.

但就 SK Telecom 的關閉而言，投資 CS 展位表明，SK Telecom 似乎對他們在開發人工智慧生態系統中可以發揮的作用有著清晰的、也許雄心勃勃的願景。

It sounds like they plan to build several large data centers in Korea from 2025 onwards.

聽起來他們計劃從 2025 年開始在韓國建造幾個大型資料中心。

Can you describe the role Penguin might play in these projects?

您能描述一下企鵝在這些項目中可能扮演的角色嗎？

And what other revenue opportunities and synergies you expect from this relationship again, perhaps starting maybe later this fiscal year.

您期望從這種關係中再次獲得哪些其他收入機會和協同效應，也許從本財年晚些時候開始。

Yes.

是的。

And we've got to caution that, that transaction just literally closed in mid-December.

我們必須提醒的是，這筆交易實際上是在 12 月中旬結束的。

But we've had very good preliminary discussions with SK.

但我們已經與 SK 進行了非常好的初步討論。

What I said at the time of the announcement of the transaction, I'll reinforce now is that they have a very large portfolio in terms of the elements of an AI infrastructure solution.

我在宣布交易時所說的，現在我要強調的是，他們在人工智慧基礎設施解決方案的要素方面擁有非常龐大的產品組合。

And whether that be high-bandwidth memory, their own version of a GPU architecture all the way down to networking and power and cooling, they've invested heavily.

無論是高頻寬記憶體、他們自己的 GPU 架構版本，還是網路、電力和冷卻，他們都投入了大量資金。

And I think where we could be very helpful for them is a company that can bring it all together in terms of an integrated solution for some of these customers and for their internal interest in building out cloud infrastructure.

我認為我們可以對他們非常有幫助的是一家公司可以將所有這些整合在一起，為其中一些客戶提供整合解決方案，並滿足他們對建構雲端基礎設施的內部興趣。

So those are the conversations that you'll see us having with them.

這些就是您將看到我們與他們進行的對話。

And as I said, out of the gates since the close of the transaction and even carefully beforehand, they've been very progressive and we're very pleased with the nature of the agreement.

正如我所說，自交易結束以來，甚至在事前也非常謹慎，他們一直非常進步，我們對協議的性質非常滿意。

Nick Doyle, Needham.

尼克‧多伊爾，李約瑟。

Let me ask you couple of questions.

讓我問你幾個問題。

Could you give more details on the inventory increase.

您能否提供有關庫存增加的更多詳細資訊？

It jumped about $100 million quarter over quarter.

季度環比成長約 1 億美元。

So is that directly related to the strong bookings and backlog commentary in the advanced compute business?

那麼這是否與先進計算業務中的強勁預訂和積壓評論直接相關？

And is that another data point we can lean on for confidence in the fiscal '25 outlook?

這是我們可以依靠的另一個數據點來增強對 25 財年前景的信心嗎？

Yes, it is related to -- especially to that large customer order that I mentioned.

是的，它與——尤其是與我提到的大客戶訂單有關。

Also keep in mind the timing of purchases can differ from quarter to quarter and the timing of shipments can differ from quarter to quarter.

另請記住，購買時間可能因季度而異，發貨時間也可能因季度而異。

So it's not unusual to see fluctuations like that.

因此，出現這樣的波動並不罕見。

But the customer order we've been talking about is also a major factor that you see there.

但我們一直在談論的客戶訂單也是您在那裡看到的一個主要因素。

But we expect that to shift through in Q2.

但我們預計這種情況將在第二季發生轉變。

So is there a level of inventory dollars or days that we should be looking for maybe next quarter or towards the end of the year?

那麼，我們應該在下個季度或年底尋找一定程度的庫存美元或天數嗎？

It's kind of hard to predict because the timing of when these orders come in, when the inventory build happens, those things -- those sorts of things can be difficult to predict.

這有點難以預測，因為這些訂單何時到來、庫存何時增加，這些事情可能很難預測。

We run a pretty tight shift, I would say, on inventory across all three of the businesses.

我想說，我們對所有三個業務的庫存進行了相當嚴格的輪班。

Cash conversion cycle improved year over year.

現金週轉週期逐年改善。

So it's important, I think, to look at all the metrics.

因此，我認為查看所有指標很重要。

Also, where possible, we work with customers to get prepayment on inventory as well to manage cash impact.

此外，在可能的情況下，我們與客戶合作以獲得庫存預付款並管理現金影響。

Okay.

好的。

For the LED, the operating margin increased again quarter over quarter.

對於 LED，營業利潤率再次環比成長。

You talked about how your capital-light strategy helps your margins.

您談到了輕資本策略如何幫助您提高利潤。

So can you talk about how the Daktronics deal impacts gross margins going forward?

那麼您能談談達科交易對未來毛利率的影響嗎？

Sure.

當然。

First of all, we've talked a little bit about just the broader LED market environment has not been super healthy.

首先，我們已經討論了更廣泛的 LED 市場環境並不是非常健康。

There's a massive oversupply and you've got some large companies really not able to compete effectively.

供應嚴重過剩，有些大公司確實無法有效競爭。

Throughout this, I think I've also mentioned that there has been foreign investment capacity subsidized by local government and that's put the industry and further to resi will.

在整個過程中，我想我還提到了地方政府對外國投資能力的補貼，這使該行業進一步發展。

Part of that has also led to indirect and direct violation or what we believe is violation of our intellectual property.

其中部分原因也導致了間接和直接侵犯，或者我們認為侵犯了我們的智慧財產權。

And so as part of trying to protect the long investment -- long-term investment, we've made increase made in LEDs and in the innovation around LED technology, we're going to protect that.

因此，作為努力保護長期投資的一部分——長期投資，我們已經增加了 LED 以及圍繞 LED 技術的創新，我們將保護這一點。

And so the Daktronic announcement is really a validation of our ability to work with a leading LED systems provider.

因此，達科的宣布確實證明了我們與領先的 LED 系統提供者合作的能力。

And in this case, a large display provider and it really validates our differentiation and our technology and the ability to license our technology to someone like a Daktronics only validates our position, but also lets the market be unnoticed that we're not going to allow people to infringe.

在這種情況下，一家大型顯示器供應商確實驗證了我們的差異化和我們的技術，以及將我們的技術授權給像Daktronics 這樣的人的能力，這不僅驗證了我們的地位，而且還讓市場忽視了我們不會允許的人來侵犯。

And so it won't be the last -- likely won't be the last you hear on this topic.

所以這不會是最後一次——很可能不會是你最後一次聽到有關這個話題的消息。

We'll continue to be protective of our investments, both in the past and current on innovation as Cree has been a leader in LED.

我們將繼續保護我們過去和目前的創新投資，因為 Cree 一直是 LED 領域的領導者。

And so I think there's more to come over time. but we're going to defend our IP, and that's important to us

所以我認為隨著時間的推移還會有更多的事情發生。但我們將捍衛我們的智慧財產權，這對我們很重要

(Operator Instructions) Alek Valero, Loop Capital.

（操作員指令）Alek Valero，Loop Capital。

This is Alek on for Ananda.

這是阿南達 (Ananda) 的阿列克 (Alek)。

My first question is, do you guys provide any color as to what kind of future partnerships you guys can potentially do with hyperscalers or telcos?

我的第一個問題是，你們是否提供了關於你們未來可能與超大規模企業或電信公司建立什麼樣的合作夥伴關係的任何資訊？

Yes.

是的。

I think it's kind of a broad question.

我認為這是一個廣泛的問題。

We've talked about hyperscalers in general as being less strategic for us because we perceive that we can add more value with cloud service providers and large enterprise.

我們已經談到，總體而言，超大規模企業對我們來說策略性較低，因為我們認為我們可以與雲端服務供應商和大型企業一起增加更多價值。

And the enterprise could be anywhere from financial services to energy to education to the federal sector.

該企業可以是從金融服務到能源到教育再到聯邦部門的任何地方。

I guess what I would say is that the value proposition we bring to market is pretty unique and as we invest in differentiated solutions across hardware, software, and services, I think we positioned ourselves pretty well and that's the brand that Penguin's developed really more as a trusted adviser technology agnostic, not trying to push a hardware solution on somebody, but really working to design the right solution for a particular workload environment.

我想我想說的是，我們推向市場的價值主張是非常獨特的，當我們投資於硬體、軟體和服務的差異化解決方案時，我認為我們對自己的定位非常好，這就是企鵝開發的品牌。

I think hyperscalers tend to be a little bit more commodity based and don't require the value that we bring as much where enterprise is looking to deploy in the on-prem or private cloud environment, don't necessarily think in the same terms and value the differentiation that we bring to the table.

我認為超大規模企業往往更基於商品，並且不需要我們在企業希望在本地或私有雲環境中部署時帶來的價值，不一定以相同的方式思考重視我們帶來的差異化。

Got it.

知道了。

Just a quick follow-up on the SK Telecom transaction.

只是 SK Telecom 交易的快速跟進。

Can you guys provide any color as to what use of proceeds you guys find most attractive?

你們能提供一下你們認為最具吸引力的收益用途嗎？

Well, I think it's an exciting time in the industry.

嗯，我認為這是業界中一個令人興奮的時刻。

And you've got a lot of investment in the market and AI solutions broadly.

您在市場和人工智慧解決方案上進行了大量投資。

And so nothing to signal or announce, but we will continue to look at M&A as a tool to scale our offering and scale the business.

因此，沒有任何信號或宣布，但我們將繼續將併購視為擴展我們的產品和擴展業務的工具。

We'll, of course, continue to invest organically and go to market and new product development.

當然，我們將繼續有機投資並進入市場和新產品開發。

Obviously, we've got a very, very strong balance sheet when you factor in the money that was received in December, by the close of SK.

顯然，當你考慮到 12 月 SK 收盤時收到的資金時，我們的資產負債表非常非常強勁。

And so we will continue to take a look at our balance sheet from a capital allocation perspective.

因此，我們將繼續從資本配置的角度檢視我們的資產負債表。

But I would say, we're in a growth mindset and we feel we really have a very unique position in the market when compared to some of the larger corporate brands in AI.

但我想說，我們處於成長心態，我們覺得與人工智慧領域的一些較大的企業品牌相比，我們在市場上確實擁有非常獨特的地位。

If you look at the gross margin compare and we're somewhere between 2x to 3x gross margin versus these companies.

如果你比較一下毛利率，我們的毛利率是這些公司的 2 到 3 倍。

And so we feel it's important now for us to be able to accelerate our business and continue to develop technology and solutions that allow us to further differentiate ourselves over the long term.

因此，我們認為現在重要的是能夠加速我們的業務並繼續開發技術和解決方案，使我們能夠在長期內進一步脫穎而出。

Rustam Kanga, Citizens JMP.

Rustam Kanga，公民 JMP。

This is Rust.

這是魯斯特。

Congrats on the strong start to fiscal '25, especially the notable growth in advanced computing -- in the absence of a quarterly guide, I'm curious on whether you can comment on if the quarter outperformed or was more in line with your own expectations relative to 90 days ago?

恭喜 25 財年的強勁開局，尤其是先進計算領域的顯著增長——在沒有季度指南的情況下，我很好奇您是否可以評論該季度的表現是否優於大盤或更符合您自己的預期相對於90 天前？

I'd just say we were pretty pleased with the quarter.

我只想說我們對這個季度非常滿意。

I think on the last call, we get challenged sometimes when a shipment goes to a customer and the timing of the actual customer acceptance is unknown or uncertain relative to the end of a quarter today.

我認為在最後一次通話中，有時當貨物發給客戶時，我們會遇到挑戰，而客戶實際接受的時間相對於今天的季度末而言是未知或不確定的。

And so I'd say the quarter was relatively good, relatively solid.

所以我想說這個季度相對較好，相對穩定。

And I would say that our commentary today on Q2 reflects continued optimism in the business for the quarter for Q2.

我想說，我們今天對第二季的評論反映了對第二季業務的持續樂觀態度。

As you can see in the guide in the comments from Nate and myself, and again, a lot of this is the work we've done and over the last one to two years on building up relationships in the funnel, this is a longer-term selling cycle.

正如您在指南中內特和我本人的評論中看到的那樣，其中許多工作是我們在過去一到兩年中在漏斗中建立關係所做的工作，這是一個更長的-期限銷售週期。

And as we talk about from time to time is like whether it's 12 to 18 months or so, plus or minus, we're starting to see that pay off and with some really exciting opportunities and we'll see bookings and we believe backlog will allow us to deliver a pretty good quarter in Q2.

正如我們時不時談論的，就像是12 到18 個月左右，加還是減，我們開始看到回報，並有一些真正令人興奮的機會，我們會看到預訂，我們相信積壓的訂單將會增加。

Yes, Russ, I mean, I would also say to giving you a guide for the year.

是的，拉斯，我的意思是，我還想說給你今年的指南。

Everything that we recognized in Q1 was something that was as part of that guide.

我們在第一季認識到的所有內容都是該指南的一部分。

So as Mark said, sometimes the timing can be a challenge to predict because these are really large orders and they're complex.

正如馬克所說，有時時間安排可能很難預測，因為這些訂單確實很大而且很複雜。

The timing of shipments and revenue recognition can be hard to nail down.

發貨時間和收入確認可能很難確定。

But good solid execution in Q1, consistent with the way we were thinking about it for the full year and moving on to Q2.

但第一季的執行情況良好，與我們對全年和第二季的思考方式一致。

That's great.

那太棒了。

I appreciate the comments from you both.

我很感謝你們倆的評論。

Just one last one for me.

給我的只是最後一張。

Coming away from the SC '24 event, which I know Penguin had a notable presence at -- to what extent are you delivering or realizing ROI in the quarter and fiscal '25 from that event in terms of evangelizing Penguin solutions and services in the form of either pipe build, lead gen or new customer pilots.

結束 SC '24 活動後，我知道 Penguin 在該活動中表現出色 - 在宣傳 Penguin 解決方案和服務方面，您在該活動的季度和 25 財年中交付或實現投資回報率的程度如何管道建設設、潛在客戶開發或新客戶試點。

I think the last piece is really helpful as you clarified the question.

我認為最後一篇文章非常有幫助，因為您澄清了這個問題。

I mean in terms of the actual financial return on the event in the quarter, it's probably not the way we look at it.

我的意思是，就本季度活動的實際財務回報而言，這可能不是我們看待它的方式。

But to your point, we had a great presence and the traffic was fantastic at the event.

但就您而言，我們在活動中的表現非常出色，而且人流也非常大。

And I think people are starting to understand the investment we made and the differentiated solution model, which is really a combination of managed services and software on top of hardware.

我認為人們開始理解我們所做的投資和差異化解決方案模型，這實際上是託管服務和硬體之上的軟體的組合。

And in some cases, as we did in the back half we're winning opportunities that are just really software and managed services as part of a solution.

在某些情況下，正如我們在後半部分所做的那樣，我們贏得了真正的軟體和託管服務作為解決方案一部分的機會。

So those conversations and the excitement as the market moves away from what has been really kind of an early-stage infrastructure deployment of getting the hardware setup and what have you in terms of pilots and early stage modeling I think that you're starting to see more larger scale deployments in production-ready environments and that's kind of where we think our value proposition is most valuable.

因此，隨著市場逐漸遠離真正的早期基礎設施部署（獲取硬體設定）以及試點和早期建模方面的內容，我認為您開始看到這些對話和興奮在生產就緒環境中進行更大規模的部署，這就是我們認為我們的價值主張最有價值的地方。

And so I would say that the customer lead generation, the ability to really just tell the story and with more proof points as we were winning more customers in the back half of the year, I think you -- we're starting to see larger enterprises state notice because again, this complexity we talk about.

因此，我想說的是，隨著我們在下半年贏得更多客戶，客戶線索的產生、真正講述故事的能力以及更多的證據，我認為我們開始看到更大的規模企業聲明通知，因為我們再次談論這種複雜性。

A lot of times companies think they can do it on their own, and they run into a hurdle and they come come back and say, hey, we have hardware.

很多時候，公司認為他們可以自己做到這一點，但他們遇到了障礙，他們回來說，嘿，我們有硬體。

We've got things doing, and we want to learn more about what you bring to the table.

我們已經開展了一些工作，並且希望更多地了解您帶來的成果。

And when they get to the pain points that we know exist in this complexity of deploying AI.

當他們遇到我們知道部署人工智慧的複雜性中存在的痛點時。

They know they have a trusted partner ready to help them.

他們知道他們有一個值得信賴的合作夥伴隨時準備好幫助他們。

And so these conversations all in one location like a supercompute is really a great opportunity for us, and we've got some industry awards coming out of that.

因此，這些對話都集中在一個地方，例如超級計算機，這對我們來說確實是一個很好的機會，我們因此獲得了一些行業獎項。

And it was just a very powerful thing for us, and we think it's a great investment for us.

這對我們來說是一件非常強大的事情，我們認為這對我們來說是一筆巨大的投資。

But from a -- like a quarterly return in the short term.

但從短期來看，例如季度回報。

It's hard to kind of make that claim

很難做出這樣的說法

(Operator Instructions) Maddie De Paola, Rosenblatt Securities

（操作員指示）Maddie De Paola，羅森布拉特證券

I just have one question.

我只有一個問題。

About Daktronics is your licensee same agreement exclusive?

關於 Daktronics，您的被授權人是否具有排他性的相同協議？

Or can you license the technology to other companies?

或者您可以將該技術授權給其他公司嗎？

Sorry, I should have made that more clear in my earlier comments.

抱歉，我應該在之前的評論中說得更清楚。

That is just a transaction between Cree LED and Daktronics.

這只是Cree LED 和Daktronics 之間的交易。

That's not exclusive -- and so that agreement is just between the two parties.

這並不是排他性的——因此該協議只是雙方之間的協議。

We have the ability because we own our own IP, obviously, that we can enforce that IP or license it whichever to other parties.

我們有能力，因為我們擁有自己的智慧財產權，顯然，我們可以強制執行該智慧財產權或將其授權給其他方。

There are currently no other questions queued at this time.

目前沒有其他問題在排隊。

I will now pass it back over to CEO, Mark Adams for closing remarks.

現在我將把它轉回給執行長馬克亞當斯 (Mark Adams) 致閉幕詞。

Well, thank you all again for joining us on today's call.

好的，再次感謝大家參加今天的電話會議。

This quarter has marked a strong beginning to a year where we continue to focus on capturing opportunities in AI infrastructure, advanced memory solutions and high-performance computing.

本季標誌著新的一年的良好開端，我們將繼續專注於抓住人工智慧基礎設施、先進記憶體解決方案和高效能運算領域的機會。

Our investments in hardware, software and managed services have positioned us to address the rapidly growing demand for AI across on-prem, cloud and edge environments.

我們在硬體、軟體和託管服務方面的投資使我們能夠滿足本地、雲端和邊緣環境中對人工智慧快速增長的需求。

With a strong portfolio of innovative products, a strengthened financial foundation and growing partnerships, we remain confident in our ability to lead in this evolving market.

憑藉強大的創新產品組合、更強大的財務基礎和不斷發展的合作夥伴關係，我們對在這個不斷發展的市場中保持領先地位的能力充滿信心。

Thank you, again, for your continued support and confidence in our vision.

再次感謝您對我們願景的持續支持和信心。

We look forward to sharing updates on our progress in the coming quarters.

我們期待在未來幾季分享我們的最新進展。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。