Penguin Solutions Inc (PENG) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Penguin Solutions Third Quarter Fiscal Year 2025 Earnings Results Conference Call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions) (technical difficulty)

午安.感謝您參加企鵝解決方案 2025 財年第三季收益結果電話會議。我叫卡梅倫，今天我將擔任主持人。（操作員指示）（技術難度）

Thank you, operator. Good afternoon, and thank you for joining us on today's earnings conference call and webcast to discuss Penguin Solutions Third Quarter Fiscal 2025 results.

謝謝您，接線生。下午好，感謝您參加今天的收益電話會議和網路廣播，討論企鵝解決方案 2025 財年第三季的業績。

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有執行長馬克亞當斯 (Mark Adams) 和財務長內特奧姆斯特德 (Nate Olmstead)。

You can find the accompanying slide presentation and press release for this call on the Investor Relations section of our website. We encourage you to go to the site throughout the quarter for the most current information on the company.

您可以在我們網站的投資者關係部分找到本次電話會議的幻燈片簡報和新聞稿。我們鼓勵您在整個季度訪問該網站以獲取有關該公司的最新資訊。

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報告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 plans and strategy and existing and potential collaborations.

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、業務計劃和策略以及現有和潛在合作的陳述。

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. 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.

前瞻性陳述基於當前的信念和假設，不保證未來的業績，並受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報告以及公司最近的年度和季度報告中反映的風險和不確定性。前瞻性陳述僅代表其作出之日的觀點，除適用法律要求外，我們不承擔公開更新或修改任何前瞻性陳述的責任。

We also discuss both GAAP and non-GAAP financial measures. Non-GAAP measures should not be considered in isolation from, as a substitute for or superior to our GAAP results. We encourage you to consider all measures when analyzing our performance. A reconciliation of the GAAP to non-GAAP measures is included in today's press release and the accompanying slide presentation.

我們也討論了 GAAP 和非 GAAP 財務指標。非公認會計準則衡量標準不應與我們的公認會計準則結果分開考慮，也不應將其視為公認會計準則結果的替代或優於我們的公認會計準則結果。我們鼓勵您在分析我們的表現時考慮所有措施。今天的新聞稿和隨附的幻燈片簡報中包含了 GAAP 與非 GAAP 指標的對帳。

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

現在，請允許我將電話轉給執行長馬克亞當斯 (Mark Adams)。標記？

Thank you, Suzanne. I'd like to welcome all of you to our third quarter fiscal 2025 Penguin Solutions earnings call.

謝謝你，蘇珊娜。歡迎大家參加我們 2025 財年第三季企鵝解決方案收益電話會議。

We are pleased with our Q3 financial results. Our revenue was $324 million, an increase of 7.9% compared to Q3 of fiscal year 2024. Non-GAAP gross margins came in at 31.7%. Non-GAAP diluted earnings per share was $0.47, a 25% increase year-over-year. We achieved non-GAAP operating income of $38 million, up 15% from the prior year, and we delivered non-GAAP operating income margin of 11.9%. All in all, our Q3 results attest to our progress in transforming Penguin Solutions into a leader in high-performance, high-availability enterprise infrastructure solutions.

我們對第三季的財務業績感到滿意。我們的營收為 3.24 億美元，與 2024 財年第三季相比成長 7.9%。非公認會計準則毛利率為 31.7%。非公認會計準則每股攤薄收益為 0.47 美元，較去年同期成長 25%。我們實現了非公認會計準則營業收入 3,800 萬美元，比上年增長 15%，非公認會計準則營業收入利潤率為 11.9%。總而言之，我們的第三季業績證明了我們在將企鵝解決方案轉變為高效能、高可用性企業基礎設施解決方案領導者方面取得的進展。

We continue to see signs of early-stage enterprise AI adoption across vertical markets such as financial services, energy, defense, education and neo-cloud segments. As we have mentioned in the past, our belief is that the investment of AI pilot systems deployed throughout the industry in '23 and '24 would lead to growth in full production installs in 2025 and 2026. We are now seeing signs that we have entered the initial stages of that growth in corporate build-outs at scale.

我們持續看到金融服務、能源、國防、教育和新雲端領域等垂直市場早期企業採用人工智慧的跡象。正如我們過去所提到的那樣，我們相信，2023 年和 2024 年在整個產業部署的人工智慧試點系統的投資將推動 2025 年和 2026 年全面生產安裝的成長。我們現在看到的跡象表明，我們已經進入了企業規模擴張的初始階段。

Penguin Solutions helps customers manage the complexity of AI adoption by leveraging both our proven know-how and advanced cluster build-outs and our portfolio of hardware, software and managed services. We work with our customers to design, build, deploy and manage these environments with a focus on time to revenue and reliability while also targeting the highest level of performance and availability.

Penguin Solutions 利用我們成熟的專業知識和先進的叢集建置以及我們的硬體、軟體和託管服務組合，幫助客戶管理 AI 採用的複雜性。我們與客戶合作設計、建置、部署和管理這些環境，專注於收入實現時間和可靠性，同時也追求最高水準的效能和可用性。

Our products and services are primarily marketed to hyperscalers, neo-cloud service providers and Fortune 500 companies. Historically, we have sold directly to our end customers. However, we are also investing in channel partnerships that we believe will provide new opportunities for growth over the long term.

我們的產品和服務主要針對超大規模企業、新雲端服務供應商和財富 500 強公司。從歷史上看，我們直接向最終客戶銷售產品。然而，我們也在投資通路合作夥伴關係，我們相信這將為長期成長提供新的機會。

The foundation of Penguin Solutions success is our expertise in large-scale deployments, which has been developed over a 25-plus year history implementing complex data center clusters beginning with our early days in high-performance computing or HPC.

Penguin Solutions 成功的基礎是我們在大規模部署方面的專業知識，這種專業知識是在 25 多年的歷史中發展起來的，從我們早期在高效能運算或 HPC 領域開始實施複雜的資料中心叢集。

Our expertise integrating advanced technologies such as power, cooling, AI compute, memory, storage and networking enable us to deliver high-performance, high-reliability enterprise infrastructure solutions for our customers.

我們整合了電源、冷卻、人工智慧運算、記憶體、儲存和網路等先進技術的專業知識，使我們能夠為客戶提供高效能、高可靠性的企業基礎設施解決方案。

As we've mentioned at the beginning of our fiscal 2025, we have transitioned from providing a quarterly financial outlook to providing a full year financial outlook. We believe that a full year outlook provides a broader perspective of our business, especially with regards to AI infrastructure engagements, where the timing of actual deployments and associated revenue recognition can be unpredictable and concentrated. This approach aligns well with our focus on long-term strategic objectives. At the same time, we know that our stakeholders appreciate commentary on our progress each quarter, and we will offer that today as well.

正如我們在 2025 財年伊始所提到的，我們已經從提供季度財務展望轉變為提供全年財務展望。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，實際部署和相關收入確認的時間可能無法預測且集中。這種方法與我們對長期策略目標的關注非常一致。同時，我們知道我們的利害關係人欣賞對我們每季進展的評論，今天我們也會提供這樣的評論。

On our Q2 fiscal year 2025 call in April, we raised our full year revenue growth outlook from 15% to 17% at the midpoint. Today, we are reaffirming that outlook. In addition, we are raising our full year non-GAAP diluted earnings per share outlook from $1.60 to $1.80 per share at the midpoint. As a reminder, we have shared previously that revenue and profits are likely to be weighted more towards the first half rather than the second half of fiscal 2025.

在 4 月的 2025 財年第二季電話會議上，我們將全年營收成長預期從 15% 上調至 17%。今天，我們重申這一觀點。此外，我們將全年非公認會計準則每股攤薄收益預期從中位數每股 1.60 美元上調至每股 1.80 美元。提醒一下，我們之前曾分享過，收入和利潤可能會更集中在 2025 財年的上半年，而不是下半年。

I'd like to now provide additional detail on our business segments. Our Advanced Computing revenue for the third quarter of fiscal 2025 was $132 million, down compared to the prior quarter as expected. As we often highlight on our earnings calls, revenue recognition in Advanced Computing tends to be lumpy. This is due to factors like customer concentration, the timing of large project implementation for our major customers and the timing and discretionary nature of our customer renewals. The decline in Q3 when compared to the prior quarter was largely due to the timing of a major deployment at a large hyperscale customer where we recognized the revenue in our second quarter.

我現在想提供有關我們業務部門的更多細節。我們的 2025 財年第三季高階計算收入為 1.32 億美元，與上一季相比有所下降，符合預期。正如我們在收益電話會議上經常強調的那樣，高階計算領域的收入確認往往是不穩定的。這是由於客戶集中度、主要客戶實施大型專案的時間以及客戶續約的時間和自由裁量權等因素造成的。與上一季相比，第三季的下降主要是由於我們在第二季確認了對一家大型超大規模客戶進行大規模部署的時間表。

That said, this quarter, we had some exciting wins at our existing customers and closed five new customer bookings, highlighted by wins in the federal, energy and biotech segments. We continue to see increased interest at enterprise customers as well as in neo-cloud customer opportunities, exemplifying the increased investments being made in large-scale AI infrastructure. Our core competency in successfully managing large-scale AI infrastructure build-outs helps customers accelerate their time to a live production environment. We believe our customers value our technology-agnostic approach, which allows us to create a unique overall solution that meets their specific AI infrastructure needs.

儘管如此，本季我們在現有客戶中取得了一些令人興奮的勝利，並完成了五個新客戶訂單，其中最突出的是聯邦、能源和生物技術領域的勝利。我們繼續看到企業客戶以及新雲端客戶機會的興趣日益增加，這表明對大規模人工智慧基礎設施的投資正在增加。我們成功管理大規模人工智慧基礎架構的核心競爭力可協助客戶加快進入即時生產環境的時間。我們相信我們的客戶重視我們與技術無關的方法，這使我們能夠創建滿足其特定 AI 基礎設施需求的獨特整體解決方案。

Beyond our hardware building blocks, we are investing in the development of Penguin ICE ClusterWare, a software platform that helps customers manage their infrastructure assets. Our Penguin Solutions service organization can assist companies in managing their post-deployment operations, supporting the high performance and high availability of their systems. Overall, we have seen growth in new customer bookings and have continued to expand our pipeline during the first three quarters of FY 2025.

除了硬體建構模組之外，我們還投資開發 Penguin ICE ClusterWare，這是一個幫助客戶管理其基礎設施資產的軟體平台。我們的企鵝解決方案服務機構可以協助公司管理其部署後的運營，支援其係統的高效能和高可用性。總體而言，我們看到新客戶預訂量有所增長，並且在 2025 財年的前三個季度我們繼續擴大我們的業務管道。

Integrated Memory under the SMART Modular brand achieved $130 million in revenue in Q3, up 24% compared to the prior quarter. We saw strong demand from our computing, networking and telecommunications customers. Pricing in both DRAM and NAND appears relatively stable and inventory levels appear balanced at our major customers. We are optimistic about memory demand in the near term as large enterprises seek out higher performance and higher reliability memory to support both established workloads and new complex AI workloads.

SMART Modular 品牌下的 Integrated Memory 第三季實現營收 1.3 億美元，較上一季成長 24%。我們發現計算、網路和電信客戶的需求強勁。DRAM 和 NAND 的價格似乎相對穩定，我們主要客戶的庫存水準似乎平衡。我們對近期的記憶體需求持樂觀態度，因為大型企業尋求更高效能和更高可靠性的記憶體來支援現有的工作負載和新的複雜 AI 工作負載。

In line with this increasing demand for improved memory bandwidth and availability, we are seeing early adoption of our Compute Express Link or CXL family of products. Thanks in part to positive momentum in our customer qualification efforts, we have received early production orders of CXL from OEMs and an AI computing customer, which reinforces our optimism about CXL's appeal to new types of customers.

為了滿足對改善記憶體頻寬和可用性的日益增長的需求，我們正在儘早採用我們的 Compute Express Link 或 CXL 系列產品。部分歸功於我們在客戶資格認證工作中的積極勢頭，我們已收到來自 OEM 和 AI 計算客戶的 CXL 早期生產訂單，這增強了我們對 CXL 對新類型客戶的吸引力的樂觀態度。

From an R&D perspective, we are focused on products that enable higher bandwidth and larger memory access to and from a GPU via memory pooling. We continue to invest in the design of SMART's Optical Memory Appliance or OMA, with first product shipments targeted for late 2026, early 2027. Given the importance of memory to the AI ecosystem, we feel confident that SMART Modular continue to play a key role fulfilling our customers' integrated memory requirements in the future.

從研發角度來看，我們專注於透過記憶體池實現 GPU 更高頻寬和更大記憶體存取的產品。我們將繼續投資 SMART 的光學儲存設備 (OMA) 的設計，首批產品計劃於 2026 年末或 2027 年初發貨。鑑於記憶體對人工智慧生態系統的重要性，我們相信 SMART Modular 將在未來繼續發揮關鍵作用，滿足客戶的整合記憶體需求。

Optimized LED operates under the Cree LED brand. Cree's revenue came in at $62 million, up slightly compared to the prior quarter. Our top line was constrained during the second half of Q3, largely due to increased cost and uncertainty related to tariffs on products shipped out of our Huizhou, China facility. Despite macro uncertainty in the LED market, we remain confident in our high-performance product portfolio, our strong intellectual property and our cost-effective capital-light operating model.

Optimized LED 以 Cree LED 品牌經營。Cree 的營收為 6,200 萬美元，與上一季相比略有成長。我們的營業額在第三季下半年受到限制，主要是由於成本增加以及從我們中國惠州工廠運出的產品關稅相關的不確定性。儘管 LED 市場存在宏觀不確定性，但我們仍然對我們的高效能產品組合、強大的智慧財產權和具有成本效益的輕資本營運模式充滿信心。

In December of 2024, we closed a $200 million investment from SK Telecom. At the time, we explained that in addition to the investment, the opportunities to partner with SK Group and more specifically, SK Telecom and SK hynix could offer strategic commercial benefits as well. We are making progress with SK Telecom on opportunities related to their AI strategy, including their AI data center infrastructure initiatives. The already strong relationship between SK hynix and Smart Modular is evolving as we look at new ways to address markets with system-level products in custom high-value add memory-related segments.

2024 年 12 月，我們從 SK Telecom 獲得了 2 億美元的投資。當時，我們解釋說，除了投資之外，與 SK 集團（更具體地說是 SK 電訊和 SK 海力士）合作的機會也可以帶來策略商業利益。我們正在與 SK Telecom 在人工智慧策略相關的機會方面取得進展，包括他們的人工智慧資料中心基礎設施計劃。隨著我們尋找新的方式利用客製化高附加價值記憶體相關領域的系統級產品來滿足市場需求，SK 海力士和 Smart Modular 之間原本就很牢固的關係正在不斷發展。

Since our last call, there have been two other company developments that I would like to mention. First, on June 26, we announced a refinancing that further strengthens our balance sheet by reducing our gross leverage and extending our overall debt maturity while establishing a $400 million credit facility. Nate will provide more details in his comments. Second, on June 30, we completed the redomiciliation of Penguin Solutions Inc from the Cayman Islands to the United States as a Delaware corporation. While our past structure served us well, we look forward to being a US-based company as we continue our transformation.

自從我們上次通話以來，我還想提一下公司另外兩項發展。首先，6 月 26 日，我們宣布了一項再融資計劃，透過降低總槓桿率、延長整體債務期限並建立 4 億美元的信貸額度，進一步增強我們的資產負債表。內特將在他的評論中提供更多細節。第二，6月30日，我們完成了企鵝解決方案公司從開曼群島遷冊至美國特拉華州公司的事宜。雖然我們過去的結構對我們很有幫助，但我們期待在繼續轉型的過程中成為一家美國公司。

In closing, I want to thank our team for delivering strong results during a time of macro uncertainty. For Q4, we remain focused on short-term execution while also continuing to invest for longer-term growth. Penguin's value proposition of solving the complexity of AI infrastructure for our customers positions us well to address the increasing market opportunity being created by enterprise adoption at scale.

最後，我要感謝我們的團隊在宏觀不確定時期取得了出色的成績。對於第四季度，我們仍然專注於短期執行，同時繼續投資長期成長。Penguin 的價值主張是為我們的客戶解決人工智慧基礎設施的複雜性，這使我們能夠很好地應對企業大規模採用所創造的日益增長的市場機會。

Let me stop here and hand the call over to Nate, who will provide more color on our performance and outlook for the remainder of fiscal 2025. Nate?

讓我在這裡停下來並將電話交給 Nate，他將為我們 2025 財年剩餘時間的表現和前景提供更多細節。內特？

Thanks, Mark. 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.

謝謝，馬克。我將重點放在我們的非公認會計準則 (non-GAAP) 業績，這些業績在我們的獲利發布表和我們網站上的投資者資料中與公認會計準則 (GAAP) 進行了協調。

Now let me turn to our third quarter results. Total Penguin Solutions net sales were $324 million, up 7.9% year-over-year. Non-GAAP gross margin came in at 31.7%, which was down year-over-year and up sequentially. Non-GAAP operating margin was 11.9%, up 0.8 percentage points versus last year, and non-GAAP diluted earnings per share were $0.47 for the quarter, up 25% from Q3 last year. In the third quarter of fiscal 2025, our overall services net sales totaled $66 million, down 3% versus Q3 last year. Product net sales were $259 million in the third quarter, up 11% versus the prior year.

現在讓我來談談我們第三季的業績。企鵝解決方案總淨銷售額為 3.24 億美元，較去年同期成長 7.9%。非公認會計準則毛利率為 31.7%，較去年同期下降，較上季上升。非公認會計準則營業利潤率為 11.9%，較去年同期成長 0.8 個百分點；本季非公認會計準則每股攤薄收益為 0.47 美元，較去年第三季成長 25%。2025財年第三季度，我們的整體服務淨銷售額總計6,600萬美元，較去年第三季下降3%。第三季產品淨銷售額為 2.59 億美元，較上年成長 11%。

Third quarter net sales by business segment were as follows: Advanced Computing, $132 million or 41% of our total net sales and down 9% year-over-year. Integrated Memory, $130 million, which was 40% of our total net sales and up 42% year-over-year; and Optimized LED, $62 million or 19% of our total net sales and down 4% year-over-year.

第三季按業務部門劃分的淨銷售額如下：高階計算部門淨銷售額為 1.32 億美元，佔總淨銷售額的 41%，年減 9%。整合記憶體為 1.3 億美元，占我們總淨銷售額的 40%，年增 42%；優化 LED 為 6,200 萬美元，占我們總淨銷售額的 19%，年減 4%。

Non-GAAP gross margin for Penguin Solutions in the third quarter was 31.7%, down 0.6 percentage points year-over-year, driven primarily by a higher mix of integrated memory net sales compared to last year, partially offset by improved margin rates in integrated memory and Optimized LED. Gross margin was up 0.9 percentage points sequentially with higher margin rates in Advanced Computing, partially offset by a higher mix of Integrated Memory net sales. Non-GAAP operating expenses for the third quarter were $64 million, up 1% year-over-year and up 2% sequentially.

企鵝解決方案第三季度的非公認會計準則毛利率為 31.7%，同比下降 0.6 個百分點，主要由於集成內存淨銷售額較去年同期增加，但集成內存和優化 LED 的利潤率提高部分抵消了這一影響。毛利率環比上升 0.9 個百分點，原因是高級計算業務的利潤率有所提高，但集成內存淨銷售額的增加部分抵消了這一影響。第三季非公認會計準則營運費用為 6,400 萬美元，年增 1%，季增 2%。

Operating expenses as a percentage of net sales were down year-over-year, driven by higher net sales volumes and stable spending levels. Non-GAAP operating income was $38 million, up 15% year-over-year and down 22% versus last quarter. The combination of top line growth and operating expense discipline translated into a 0.8 percentage point increase in operating margin versus Q3 last year. This is our fourth consecutive quarter of non-GAAP operating margin expansion year-over-year. Non-GAAP diluted earnings per share for the third quarter of fiscal 2025 were $0.47, up 25% versus the prior year and down 10% versus the prior quarter. Adjusted EBITDA for the third quarter was $45 million, up 15% year-over-year.

由於淨銷售額增加和支出水準穩定，營業費用佔淨銷售額的百分比年減。非公認會計準則營業收入為 3,800 萬美元，年增 15%，季減 22%。營業收入成長和營運費用控制相結合，使營業利潤率較去年第三季增加了 0.8 個百分點。這是我們連續第四個季度實現非公認會計準則營業利潤率年增。2025財年第三季非公認會計準則稀釋每股收益為0.47美元，年增25%，季減10%。第三季調整後EBITDA為4,500萬美元，年增15%。

Turning to balance sheet highlights. For working capital, our net accounts receivables totaled $293 million compared to $212 million a year ago, with the increase driven by higher sales volumes. Days sales outstanding came in at 47 days, up from 42 days in the prior year quarter due to variations in sales linearity across the quarters. Inventory totaled $184 million at the end of the third quarter, up from $177 million at the end of Q3 a year ago due to higher sales volumes. Days of inventory were 36 days, down from 44 days a year ago, primarily due to the timing of receipt and shipments. Accounts payable were $272 million at the end of the quarter, up from $192 million a year ago due primarily to higher sales volumes.

轉向資產負債表亮點。就營運資金而言，我們的淨應收帳款總額為 2.93 億美元，而去年同期為 2.12 億美元，成長是由於銷售量增加。由於各季度的銷售線性變化，應收帳款週轉天數為 47 天，高於去年同期的 42 天。由於銷售量增加，第三季末庫存總額為 1.84 億美元，高於去年同期的 1.77 億美元。庫存天數為 36 天，低於去年同期的 44 天，主要原因是收貨和出貨時間。本季末的應付帳款為 2.72 億美元，高於去年同期的 1.92 億美元，主要原因是銷售量增加。

Days payable outstanding was 53 days compared to 47 days last year due to the timing of purchases and payments. Our cash conversion cycle was 30 days, an improvement of 8 days compared to last year due to faster inventory turns. Consistent with past practice, days sales outstanding, days payables outstanding and inventory days are calculated on a gross sales and gross cost of goods sold basis, which were $563 million and $468 million, respectively, in the third quarter. As a reminder, the difference between gross and net sales is primarily related to our memory businesses, logistics services, which are accounted for on an agent basis, meaning that we only recognize the net profit on logistics services as net sales.

由於採購和付款的時間安排，應付帳款週轉天數為 53 天，而去年為 47 天。我們的現金轉換週期為 30 天，由於庫存週轉速度加快，比去年增加了 8 天。與以往慣例一致，應收帳款週轉天數、應付帳款週轉天數和存貨天數均以總銷售額和總銷售成本計算，第三季分別為 5.63 億美元和 4.68 億美元。提醒一下，總銷售額和淨銷售額之間的差異主要與我們的記憶體業務、物流服務有關，這些業務是按代理商基礎核算的，這意味著我們只將物流服務的淨利潤確認為淨銷售額。

Cash and cash equivalents and short-term investments totaled $736 million at the end of the third quarter, up $268 million from Q3 last year and up $89 million sequentially. The year-over-year fluctuation was due primarily to proceeds from the issuance of preferred shares and cash generated by the business. Third quarter cash flows generated from operating activities totaled $97 million compared to $80 million generated from operating activities in the prior year quarter. The increase year-over-year was due primarily to improved working capital efficiency.

第三季末，現金、現金等價物和短期投資總額為 7.36 億美元，較去年同期增加 2.68 億美元，較上一季增加 8,900 萬美元。年比波動主要由於發行優先股所得收益和業務產生的現金。第三季經營活動產生的現金流量總計 9,700 萬美元，而去年同期經營活動產生的現金流為 8,000 萬美元。年比成長主要歸因於營運資金效率的提升。

We spent approximately $30 million to repurchase 1.8 million shares in the third quarter under our share buyback program. Since our initial share repurchase authorization in April 2022, we have used a total of $113 million to repurchase 6.6 million shares through Q3 of fiscal year 2025, and we have $37 million remaining in our authorization.

根據我們的股票回購計劃，我們在第三季花費了約 3,000 萬美元回購了 180 萬股股票。自 2022 年 4 月首次授權回購股票以來，截至 2025 財年第三季度，我們已累計使用 1.13 億美元回購了 660 萬股股票，目前授權金額尚餘 3,700 萬美元。

We did not make any debt prepayments in this past quarter, and the principal on our term loan was at $300 million as of the end of the quarter. Our net debt at the end of Q3 was negative $66 million.

我們在上個季度沒有提前償還任何債務，截至本季末，我們的定期貸款本金為 3 億美元。我們第三季末的淨債務為負 6,600 萬美元。

Subsequent to the end of the quarter, we completed a refinancing of our existing credit facility. We paid off the $300 million remaining on our term loan using $200 million of cash from our balance sheet and $100 million of borrowings from a new revolving credit facility. This refinancing transaction significantly reduced our leverage, extended our debt maturities and is expected to reduce our debt service costs as we reduced our total gross debt by $200 million. For those of you tracking capital expenditures and depreciation, capital expenditures were $2 million in the third quarter and depreciation was $5 million.

本季結束後，我們完成了現有信用額度的再融資。我們利用資產負債表中的 2 億美元現金和新的循環信貸額度中的 1 億美元借款償還了定期貸款剩餘的 3 億美元。此次再融資交易顯著降低了我們的槓桿率，延長了我們的債務期限，並且由於我們的總債務減少了 2 億美元，預計還將降低我們的債務服務成本。對於那些追蹤資本支出和折舊的人來說，第三季的資本支出為 200 萬美元，折舊為 500 萬美元。

And now turning to our outlook. Given our strong year-to-date performance, we are maintaining the midpoint of our net sales outlook for the year at 17% year-over-year and tightening the range to plus or minus 2 percentage points. By segment, our full year net sales outlook reflects the following: for Advanced Computing, we continue to expect full year net sales to grow between 15% and 25% year-over-year. For memory, we now expect net sales to grow between 25% and 30% year-over-year. And for LED, we continue to expect net sales to be approximately flat year-over-year.

現在來談談我們的展望。鑑於我們今年迄今的強勁表現，我們維持今年淨銷售額預期的中位數為年增 17%，並將範圍縮窄至正負 2 個百分點。按部門劃分，我們對全年淨銷售額的展望如下：對於高階計算部門，我們繼續預計全年淨銷售額將年增 15% 至 25%。對於內存，我們現在預計淨銷售額將同比增長 25% 至 30%。對於 LED，我們繼續預期淨銷售額將與去年同期基本持平。

Our non-GAAP gross margin outlook for the full year remains 31% with a tighter range of plus or minus 0.5 percentage points. We now expect our non-GAAP operating expenses for the full year will be $260 million, plus or minus $5 million. We are also raising our outlook for our non-GAAP full year diluted earnings per share, which is now expected to be approximately $1.80, plus or minus $0.05. This is up from our prior outlook of $1.60, plus or minus $0.10. And finally, our non-GAAP diluted share count is now expected to be approximately 54 million shares for the year.

我們對全年非 GAAP 毛利率的預期仍為 31%，上下浮動幅度在 0.5 個百分點以內。我們現在預計全年非公認會計準則營運費用將為 2.6 億美元，上下浮動 500 萬美元。我們也上調了全年非公認會計準則 (Non-GAAP) 稀釋每股盈餘預期，目前預計約 1.80 美元，上下浮動 0.05 美元。這高於我們之前預測的 1.60 美元，上下浮動 0.10 美元。最後，我們全年非公認會計準則 (Non-GAAP) 稀釋股本總數預計約 5,400 萬股。

Due primarily to changes in our geographic mix of our earnings, we are lowering our FY25 non-GAAP tax rate to 25%, which reflects currently available information. 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 and US tax environment, significant changes in our geographic earnings mix or changes to our strategy or business operations.

主要由於我們收益的地理分佈發生變化，我們將 25 財年非 GAAP 稅率降低至 25%，這反映了目前可用的資訊。雖然我們預計將在 2025 年之前使用此標準化非 GAAP 稅率，但長期非 GAAP 稅率可能會因多種原因而發生變化，包括快速變化的全球和美國稅收環境、我們地理收益組合的重大變化或我們的策略或業務運營的變化。

Our outlook for fiscal year 2025 is based on the current environment, which contemplates, among other things, the global macroeconomic environment and ongoing supply chain constraints, especially as they relate to our Advanced Computing and Optimized LED businesses. 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 and higher tariffs in our optimized LED business.

我們對 2025 財年的展望是基於當前環境，其中包括全球宏觀經濟環境和持續的供應鏈限制，特別是與我們的高階運算和優化 LED 業務相關的限制。這包括延長納入我們整體解決方案的某些組件的交付週期，影響我們擴大現有和新客戶專案的速度，以及提高我們優化的 LED 業務的關稅。

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. Please refer to the non-GAAP financial information section and the reconciliation of GAAP to non-GAAP measures tables in our earnings release and the investor materials on our website for further details.

我們相信，在應對充滿挑戰的環境中，我們將繼續以審慎的方式管理我們的運營，同時投資於我們的長期成長。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 指標的對帳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.

接線員，好了，我們可以開始問答了。

(Operator Instructions) Kevin Cassidy, Rosen Securities.

（操作員指示） Kevin Cassidy，Rosen Securities。

Congratulations on the good results. And in particular, the five new customer bookings. I wonder if you could give us a little more details on that. Are these customers that you got through partnerships, maybe how long they've been working on booking these new customers? And is it software and services or hardware or both? Maybe just a few questions about that.

恭喜你取得好成績。特別是有五個新客戶預訂。我想知道您是否可以提供更多有關該問題的細節。這些客戶是您透過合作關係獲得的嗎？他們花了多久時間爭取這些新客戶？它是軟體和服務還是硬件，或者兩者兼而有之？也許只是關於這個的幾個問題。

Kevin, thanks. It's Mark. Let me see if I can break this down for you. The length of these sales motions typically are in the 12- to 18-month range from the time we engage a customer to the time we ship and the bookings kind of come somewhere around the 12-month mark. And I would say some of the new bookings were kind of along that framework.

凱文，謝謝。是馬克。讓我看看能否為您分解。這些銷售活動的時間長度通常在 12 到 18 個月之間，從我們與客戶接觸到我們發貨的時間，而預訂時間大約在 12 個月左右。我想說的是，一些新的預訂都符合這個框架。

And you asked specifically about software and services relative to hardware. And we've mentioned on previous calls that the hardware is typically something that we recognize revenue upfront. And the way software and services, that category is recognized, is more ratified over time. And so when we get these bundled solutions, so to speak, these integrated solutions of hardware, software and services, they typically are hardware upfront and have characteristics of being lower margin in nature. And then the software and services come to us over time. And that's consistent with some of our more recent bookings.

您特別詢問了與硬體相關的軟體和服務。我們在之前的電話會議中提到過，硬體通常是我們預先確認收入的東西。並且，隨著時間的推移，軟體和服務這一類別的認可方式將得到越來越廣泛的認可。因此，當我們獲得這些捆綁解決方案時，可以說，這些硬體、軟體和服務的整合解決方案，它們通常是硬體前期的，並且具有利潤率較低的特性。然後軟體和服務就會隨著時間的推移而來到我們身邊。這與我們最近的一些預訂一致。

Okay. Great. And maybe you said a little bit about the SK Telecom collaboration is coming maybe generating new customers. Can you talk more about where you're seeing that, which geographies or what --

好的。偉大的。也許您剛才提到了與 SK Telecom 的合作可能會帶來新客戶。你能詳細談談你在哪裡看到這種情況嗎？哪些地區或什麼？--

Yes, absolutely. At the time of the investment, when we closed it back in December of '24, we highlighted that this was really a relationship that was transcending the financial investment element of it. And we were excited about working with SK and more specifically SK Telecom and SK hynix. We've had some early wins on the memory side, and we look forward to broadening that relationship with hynix over time, more system-related products and helping enable some of their memory technologies to new application environments. We've talked about higher bandwidth opportunities like the OMA we mentioned. But we've actually had some early success on business opportunities with hynix to date.

是的，絕對是。在投資時，當我們在 2024 年 12 月完成投資時，我們強調這實際上是一種超越金融投資元素的關係。我們很高興能與 SK 合作，特別是與 SK Telecom 和 SK hynix 合作。我們在記憶體方面已經取得了一些早期的勝利，我們期待隨著時間的推移擴大與海力士的關係，推出更多與系統相關的產品，並幫助他們的一些記憶體技術應用於新的應用環境。我們已經討論過更高頻寬的機會，例如我們提到的 OMA。但迄今為止，我們在與海力士的合作中確實取得了一些早期的成功。

We are making really good progress with SK Telecom as well. We are certainly very optimistic about the opportunities ahead with them in terms of the AI data center infrastructure solutions. By the way, the efforts that we have there are really global in nature, not just domestic, but also in other parts of the world. And again, we're pleased about the progress we're seeing on their AI data center initiatives, and we're exploring multiple joint opportunities with them. So overall, the relationship with SK is positive, and we're pleased with the progress.

我們與 SK Telecom 的合作也取得了良好的進展。我們對他們未來在人工智慧資料中心基礎設施解決方案方面的機會非常樂觀。順便說一句，我們所做的努力實際上是全球性的，不僅在國內，而且在世界其他地區。再次，我們對他們的人工智慧資料中心計劃的進展感到高興，我們正在與他們探索多種聯合機會。總體而言，我們與 SK 的關係是積極的，我們對進展感到滿意。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

My first is on the memory side. I think that's the one segment that you're actually taking a bit higher for the full year. You saw some strong growth in the May quarter. August for your full year guide is implied kind of down in the mid-single digits range. Can you kind of talk about the dynamic of potential pull forwards?

我的第一個是在記憶體方面。我認為這實際上是全年收入略高的一個部分。五月季度出現了一些強勁的成長。預計 8 月全年銷售額將下降至個位數中段。您能談談潛在的前拉動態嗎？

If we look at some other companies in the ecosystem, you've seen some really strong consumer demand in the most recent quarter. You didn't call that out. You kind of called out a broad breadth of strength, but do you know if you're seeing any pull forwards? Are you protecting against that with the guide in August? Any color there would be helpful.

如果我們看看生態系統中的其他一些公司，你會發現最近一個季度的消費者需求非常強勁。你沒說出來。您似乎呼籲了廣泛的力量，但是您是否知道是否看到了任何向前的拉動？您是否會根據八月份的指南來預防這種情況？任何顏色都會有幫助。

Sure. And Tom, I think just one correction. I think you said that memory was the only one that was growing in the year, did I misunderstand?

當然。湯姆，我想只需要更正一點。我認為您說過記憶是一年中唯一在成長的東西，我誤解了嗎？

No, you raised memory from, I think, prior -- your range for the full year, I think, moved a little higher from 25% to 30%. So you took that up a little bit.

不，我想你之前提到過——全年的預期範圍從 25% 略微上調到了 30%。所以你稍微提到了這一點。

Correct. Right. Okay. Yes. And Advanced Computing is up in the range, I guess, it's 15% to 25%, I believe.

正確的。正確的。好的。是的。我猜高級計算的比例在這個範圍內，我相信是 15% 到 25%。

So on the memory side, we are not seeing any necessary pull forward, so to speak. As we commented on back in the fall, there was some inventory that we were working through. And this quarter, I think we were really pleased with the growth opportunities as people started to get back in ordering. But we don't see any significant inventory builds or what have you. And yes, we watch that from a customer discussion standpoint on their ordering patterns and what their requirements are and their forecast. And our pipeline in Q4 remains pretty healthy. So we're generally very pleased with the direction of the business overall.

因此，在記憶體方面，我們沒有看到任何必要的推動。正如我們在秋季評論的那樣，我們正在處理一些庫存。本季度，我認為我們對成長機會感到非常高興，因為人們開始恢復訂購。但我們沒有看到任何顯著的庫存增加或類似情況。是的，我們從客戶討論的角度觀察他們的訂購模式、要求和預測。我們第四季的管道仍然非常健康。因此，我們對整個業務的發展方向整體非常滿意。

Helpful. And then on the Advanced Computing side, historically, these are big projects, big customers. They tend to slide around one to two quarters, which is why I think the full year guidance is useful. But when you look at the fourth quarter, is the big acceleration again a timing of an order? Or are you seeing kind of broad-based strength across different customers kind of implied in your full year guide is a nice mid-teens growth sequentially into the August quarter. So just trying to understand what's contributing to that strength in Q4.

很有幫助。然後在高階運算方面，從歷史上看，這些都是大專案、大客戶。它們往往會在一到兩個季度左右下滑，這就是我認為全年指導很有用的原因。但當你看第四季時，這種大幅加速是否又是一個命令的時機？或者您是否看到不同客戶群表現出了廣泛的實力，這在您的全年指南中有所暗示，即與 8 月份季度相比，實現了良好的中段增長。所以只是想了解是什麼促成了第四季的強勁表現。

We're doing -- as we mentioned, we're seeing some uptick in terms of bookings, some of which we'll be looking to recognize the revenue through deployments by the end of the quarter. But this quarter isn't necessarily one major deployment. That's not what we're suggesting. We've got a little more diversity in the quarter, although I'll let Nate talk to a specific outlook. But this quarter is not like we commented on in Q2 earlier in my script. This is more a number of customers.

我們正在做——正如我們所提到的，我們看到預訂量上升，我們希望在本季度末透過部署實現部分收入。但本季並不一定會有一次重大部署。這並不是我們所建議的。本季我們的多樣性有所增強，不過我會讓 Nate 談談具體前景。但本季並不像我們先前在腳本中對第二季所評論的那樣。這更多的是顧客數量。

And again, we run into a situation where the bookings come at a certain time. Our supply chain goes out and acquires accordingly, and we look to install and it's really done at the customer and our pace relative to the business. We do with them and not necessarily to the end of a fiscal quarter. So this is where we run into that same lumpiness in terms of revenue. Having said that, as I want to reinforce, it's not about one customer per se. It's a little more diversified.

我們再次遇到預訂在特定時間到來的情況。我們的供應鏈會相應地進行採購，我們希望進行安裝，並且它實際上是按照客戶和我們相對於業務的步調來完成的。我們與他們合作，但不一定到財政季度結束。所以這就是我們在收入上遇到的同樣的問題。話雖如此，我想強調的是，這本身並不涉及一個客戶。它更加多樣化。

Samik Chatterjee, J.P. Morgan.

薩米克‧查特吉，摩根大通。

Maybe if I can start on Advanced Computing, and you talked about sort of the deployments for fiscal 4Q not being driven by like one lumpy deployment, but more broad-based. But can you talk about the mix a bit in terms of what you're seeing in those incremental deployments? And I know you've talked about the neo-cloud opportunity, but any sense that you can give us in terms of what you're incrementally seeing in the mix sort of rotating more towards the neo clouds or any more visibility as you look forward into that? And I have a follow-up.

也許我可以從高級運算開始，您談到第四財季的部署不是由單一的部署驅動，而是由更廣泛的部署驅動。但是，您能否根據您在這些增量部署中看到的情況來談談這種組合？我知道您已經談到了新雲端的機會，但是您能否告訴我們，在混合雲中，您逐漸看到了哪些方面正在向新雲轉變，或者您對此有何展望？我還有一個後續問題。

Sure. I think as I commented on earlier in my prepared comments, we've seen -- in addition to neo cloud, we've seen some strength in federal and energy, had a win in biotech. And we're seeing a lot more inbound signals relative to interest in the financial sector as well. Those are kind of the top segments that we're playing in today.

當然。我想，正如我之前在準備好的評論中提到的那樣，我們已經看到——除了 Neo Cloud 之外，我們還看到了聯邦和能源領域的一些優勢，並在生物技術領域取得了勝利。我們也看到了更多與金融領域興趣相關的入站訊號。這些就是我們今天所討論的最重要的部分。

And then maybe on the sort of -- I know it's too early to talk about the next fiscal year. But when you think about sort of the new customers that you've signed up that you talked about, the five new customers as well as the opportunity that you're now seeing in the pipeline, just help us think about maybe from a fiscal '26 perspective for Advanced Computing, what should we keep in mind relative to fiscal '25, the growth rate that you have in that sort of 15% to 25% range? How should we think about what are the puts and takes for fiscal '26?

然後也許就某種程度而言——我知道現在談論下一個財政年度還為時過早。但是，當您考慮您談到的已經簽約的新客戶，五個新客戶以及您現在看到的機會時，請幫助我們從 26 財年的角度思考一下高級計算，相對於 25 財年，我們應該記住什麼，你們的增長率在 15% 到 25% 之間？我們該如何考慮 26 財年的優缺點？

Yes. Unfortunately, we're not providing any of that guidance today. It's just -- it's too dynamic an environment with all the puts and takes. There's a number of factors that we and other companies are dealing with right now. One good example is the tariff situation and how dynamic that changes over time. Certainly, very happy and proud of the way the team navigated that in Q3 and delivered strong results. But we're going to stop from commenting on FY26 in any way, shape or form today.

是的。不幸的是，我們今天沒有提供任何此類指導。只是——環境太動態了，充滿了各種投入和產出。我們和其他公司目前正在處理許多因素。一個很好的例子就是關稅情況以及它如何隨時間動態變化。當然，我對團隊在第三季取得的出色成績感到非常高興和自豪。但我們今天將不再以任何方式對 FY26 進行評論。

Nick Doyle, Needham.

尼克·道爾，尼德姆。

First, could you give any details on the CDW agreement or partnership? Just maybe talking about how that approach is different than with Dell and if you expect any kind of similar contributions or customer type wins in fiscal '26?

首先，您能否提供有關 CDW 協議或合作關係的任何細節？也許只是談論這種方法與戴爾有何不同，以及您是否預計在 26 財年會出現任何類似的貢獻或客戶類型的勝利？

Sure. Again, we're going to -- sorry, Nick, we're going to hold up on any '26 commentary. But the framework that we're working on right now is we're starting to invest in partnerships outside of our direct customer engagement. And you've mentioned two of them today.

當然。再說一次，我們將——抱歉，尼克，我們將暫停任何 26 條評論。但我們目前正在努力的框架是，我們開始投資直接客戶參與以外的合作夥伴關係。您今天已經提到了其中兩個。

The idea being that we can scale to a larger set of customers through some of these partnerships and really focus on our value add. And we've seen some early proof-of-concept success stories in both partners that you mentioned. But again, it's early stage, and it's the right thing for us to be thinking about as we expand not just in terms of customers here in the US, but as we think about a broader go-to-market internationally.

我們的想法是，透過這些合作夥伴關係，我們可以擴大客戶群，並真正專注於我們的增值。我們已經看到您提到的兩個合作夥伴的一些早期概念驗證成功案例。但再次強調，現在還處於早期階段，這對我們來說是正確的考慮，因為我們不僅要擴大美國的客戶群，還要考慮更廣泛的國際市場。

And for my second question, services revenue grew quarter-over-quarter while overall Advanced Compute declined sharply. So was that driven more by these point-in-time services? Or did those larger hardware deals in the first half translate to this kind of slower steady revenue growth that we saw this quarter?

我的第二個問題是，服務收入較上季成長，而整體高階計算收入卻急劇下降。那麼這是否更多地是由這些時間點服務所推動的呢？或者上半年那些較大的硬體交易是否導致了我們本季看到的這種較慢的穩定收入成長？

I think that it's a mixture of everything what you just said. It is a mixture of service revenue ratified over time and recognized over multiple periods, so to speak. And the mix of hardware in Q3 was lower than, say, Q2. And so the combination of that contributes to the services mix.

我認為它是你剛才所說的一切的混合體。可以說，它是隨著時間的推移而批准並在多個時期內確認的服務收入的混合。第三季的硬體組合低於第二季。這些組合都有助於形成服務組合。

As you know, we recognize services the way we do, but they are renewed annually. And then in the middle of the fiscal year, if we get a new order, we begin that recognition at the time of a shipment/signed order for those services. And so that's a positive, and we continue to try to add to that quarter-to-quarter.

如您所知，我們以自己的方式識別服務，但​​它們每年都會更新。然後在財政年度中期，如果我們收到新訂單，我們會在出貨/簽署這些服務的訂單時開始確認。這是積極的一面，我們會繼續努力逐季度增加這個數字。

(Operator Instructions) Brian Chin, Stifel.

（操作員指示） Brian Chin，Stifel。

This is Dennis on for Brian. My first one is on Advanced Compute. So for the five new customers that you won, are you expecting any change in the hardware and software mix proportions over the life of these customers?

這是丹尼斯代替布萊恩。我的第一個是關於高級計算的。那麼，對於您贏得的五個新客戶，您是否預期這些客戶的生命週期內硬體和軟體組合比例會有任何變化？

Well, typically, what happens or what we've seen happen with our customer engagements with new customers is, again, the revenue recognition for new customers upfront is hardware related just because that's what we install and that's what we design a solution for. And then our services and software mix happens over time.

嗯，通常情況下，我們在與新客戶打交道時看到的情況是，新客戶前期的收入確認與硬體有關，因為這是我們安裝的，也是我們設計解決方案的對象。然後我們的服務和軟體組合會隨著時間的推移而發展。

Now we've had a number of instances where customers increased the footprint of their rollout or of their implementation, and that can be a time when they actually order more hardware along the way. But typically, the flow of revenue recognition and type of product is hardware early on in the cycle of a new customer acquisition and software and services over time. And we continue to try to be very disciplined in making sure that we're not doing any hardware-only deals.

現在我們已經有很多這樣的案例，客戶增加了他們的推廣或實施的規模，而這可能是他們實際上在過程中訂購更多硬體的時候。但通常情況下，收入確認的流程和產品類型在新客戶獲取周期的早期是硬件，隨著時間的推移是軟體和服務。我們將繼續嚴格遵守紀律，確保不進行任何僅限硬體的交易。

As you all can see from our competitor announcements without being specific, the hardware market itself is super competitive from a margin standpoint. And quite frankly, I think our value add is in the services area and the software and services that we offer our customers. And of course, our hardware is best-in-class from a design and performance standpoint, but the hardware market tends to be lower in gross margin. And thus, we tend to propose and look at our business from a solutions mindset, not in any one component of hardware-only sales.

從我們的競爭對手公告中大家可以看到，雖然沒有具體說明，但從利潤率的角度來看，硬體市場本身的競爭非常激烈。坦白說，我認為我們的附加價值在於服務領域以及我們為客戶提供的軟體和服務。當然，從設計和性能的角度來看，我們的硬體是一流的，但硬體市場的毛利率往往較低。因此，我們傾向於從解決方案的思維方式來提出和審視我們的業務，而不是從硬體銷售的任何一個組成部分來提出和審視我們的業務。

Would you say that the majority of the $66 million of software services sales comes from Advanced Computing? Or is there a good bit from the other segments, too?

您是否認為 6,600 萬美元的軟體服務銷售額大部分來自高階運算？或者其他部分也有一些好東西嗎？

A majority of the services, like a healthy majority, I'll let Nate see if he can give me the actual number here, but the majority of services is all Advanced Computing.

大多數服務，例如大多數，我會讓 Nate 看看他是否可以給我這裡的實際數字，但大多數服務都是高級計算。

Yes, the great majority. Got a little bit in memory, but it's certainly mostly Advanced Computing.

是的，絕大多數。記憶體中有一點點，但肯定主要是高級計算。

And then for my second question, so for memory, could you discuss the strength in this quarter from a product and a vertical perspective? And like how does the strength in DRAM pricing impact your memory gross margins? And then maybe you could also talk about the -- like the attach rate of your memory products to your Advanced Computing products.

然後是我的第二個問題，就記憶而言，您能從產品和垂直角度討論本季的優勢嗎？那麼 DRAM 定價的強勢如何影響您的記憶體毛利率？然後也許您也可以談論—例如您的記憶體產品與進階運算產品的連接率。

Okay. So the first -- the pricing in DRAM has been relatively stable in the quarter. What I would say is the memory gross margin question, ironically, when memory pricing goes up, the gross margins are impacted slightly in a negative way because DRAM then becomes a higher percentage of the whole value add that we give. But it's just a directional trend, but the mix of products and the unit growth was substantial as well in the quarter, which led to a combined high-growth quarter in memory.

好的。首先，本季 DRAM 的價格相對穩定。我想說的是記憶體毛利率問題，諷刺的是，當記憶體價格上漲時，毛利率會受到輕微的負面影響，因為 DRAM 在我們提供的整個增值中所佔的比例更高。但這只是一個方向性趨勢，但本季的產品組合和單位成長也很可觀，從而導致記憶體本季的綜合高成長。

On the attach rate, we continue to work and use SMART Modular and the Penguin platform that we do sell. And we're continuing to develop on new products that we think will be very valuable in terms of the AI ecosystem, as we've talked about, CXL and our Optical Memory Appliance development, which is a long-term initiative for us to help provide better memory, advanced memory solutions for advanced workloads. So it is a priority of ours, and we do a good job on the Penguin systems itself, and we're looking to develop more sophisticated higher bandwidth memory end products going forward.

在附加率方面，我們繼續努力並使用我們銷售的 SMART Modular 和 Penguin 平台。我們正在繼續開發我們認為對人工智慧生態系統非常有價值的新產品，正如我們所討論的，CXL 和我們的光學儲存設備開發，這是我們的一項長期計劃，旨在幫助為高級工作負載提供更好的記憶體和先進的記憶體解決方案。所以這是我們的首要任務，我們在企鵝系統本身上做得很好，我們希望在未來開發出更複雜、更高頻寬的記憶體終端產品。

Nick Doyle, Needham.

尼克·道爾，尼德姆。

Just kind of a bigger picture question. We're hearing about this idea of production inference. And I think that really requires this truly Tier 1 grade high availability server solution. So if you take out the hyperscalers just because that's not where you generally play, how much market capacity today is operating at that level and kind of ready to service production inference? And how much is left where you guys can go in and really increase that utilization and get the high availability ready to go?

這只是一個更宏觀的問題。我們聽過這種生產推理的想法。我認為這確實需要真正的一級高可用性伺服器解決方案。因此，如果您僅僅因為這不是您通常所從事的業務而將超大規模企業排除在外，那麼當今有多少市場容量處於這一水平並準備好為生產推斷提供服務？你們還剩下多少可以投入，真正提高利用率，並做好高可用性的準備？

I'm not sure -- Nick, I'm not sure I totally understood your question. We have a high availability edge server platform that we use. We've talked about developing products for inferencing over time. In the data center, we're starting to see more of the trend line to be a hybrid training and inferencing demand thesis. But I'm not sure, again, if I'm quite getting your question. Can you restate it?

我不確定——尼克，我不確定我是否完全理解了你的問題。我們使用一個高可用性邊緣伺服器平台。我們一直在討論如何開發用於推理的產品。在資料中心，我們開始看到更多的趨勢線成為混合訓練和推理需求論點。但我不確定我是否完全理解了你的問題。你能重述一下嗎？

Yes. Just pointing out that when guys want to do this kind of production level inference, there's a thinking that it really requires high availability versus more traditional cloud. And to do that, you need a higher level server, and that's what you guys can provide. So maybe the market just isn't there and then you can kind of help the market move towards a solution that works for everybody and wonder --

是的。只是指出，當人們想要進行這種生產級推理時，人們會認為它確實需要高可用性，而不是更傳統的雲端。要做到這一點，您需要更高級別的伺服器，而這正是您可以提供的。所以也許市場還沒有出現，然後你可以幫助市場找到一個適合每個人的解決方案，然後想想--

Got it. So I understand. I apologize. I misunderstood. Because we -- when you said inferencing, I initially went to our edge platform and what we're trying to build for future edge implementations.

知道了。我明白。我很抱歉。我誤會了。因為我們——當您說推理時，我最初談到了我們的邊緣平台以及我們試圖為未來的邊緣實現構建的內容。

But in the environment you're talking about, you're exactly right, there's -- and by the way, that's a lot -- has to do with our software and services that we provide to be able to make sure that not only is the design performance we get upfront in our systems critical, but it's also the availability and uptime through diagnostics and fault repair capabilities in the data center that allow us to have the maximum uptime. And that's a really critical metric when you think about the capital investments into AI infrastructure, making sure people have high reliability, high availability along with the high performance.

但是在您談論的環境中，您說得完全正確，有很多——順便說一句，這與我們提供的軟體和服務有關，以確保不僅我們在系統中預先獲得的設計性能至關重要，而且通過數據中心的診斷和故障修復功能實現的可用性和正常運行時間也使我們能夠獲得最長的正常運行時間。當你考慮到對人工智慧基礎設施的資本投資時，這是一個非常關鍵的指標，確保人們擁有高可靠性、高可用性以及高效能。

And quite frankly, when you come from a high-performance compute background like us, we've seen the levers that allow for the most optimal performance in a data center.

坦白說，如果您像我們一樣具有高效能運算背景，我們就​​會知道哪些槓桿能夠實現資料中心的最佳效能。

That concludes the Q&A session. I would now like to pass the conference back over to Mark Adams, the CEO, for any closing remarks.

問答環節到此結束。現在，我想將會議交還給執行長馬克亞當斯 (Mark Adams)，請他作最後發言。

Thank you, operator. And just in closing, we are pleased with our results through the third quarter. On today's call, we reconfirmed the midpoint of our revenue guidance, which we raised to 17% on our last call. And we raised today our earnings per share guidance range for fiscal 2025. We have strengthened our balance sheet and remain committed to our long-term investments in hardware, software and services, positioning us to address the rapidly growing market demand for AI infrastructure solutions on-premise, in the cloud and at the edge. Thank you all for joining today's call.

謝謝您，接線生。最後，我們對第三季的業績感到滿意。在今天的電話會議上，我們再次確認了收入預期的中點，在上次電話會議上我們將其上調至 17%。今天我們提高了 2025 財年的每股盈餘預期範圍。我們加強了資產負債表，並持續致力於對硬體、軟體和服務的長期投資，以應對內部、雲端和邊緣人工智慧基礎設施解決方案快速成長的市場需求。感謝大家參加今天的電話會議。

That concludes today's call. Thank you for your participation, and enjoy the rest of your day. Thank you.

今天的電話會議到此結束。感謝您的參與，祝您今天過得愉快。謝謝。