超微電腦 (SMCI) 2017 Q3 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to the Super Micro Computer, Inc.

歡迎來到 Super Micro Computer, Inc.

Third Quarter Fiscal 2017 Conference Call.

2017 財年第三季度電話會議。

The company's news release issued earlier today is available from its website at www.supermicro.com.

該公司今天早些時候發布的新聞稿可從其網站 www.supermicro.com 獲取。

In addition, during today's call, the company will refer to a slide presentation that it has made available to its participants, which can be accessed in a downloadable PDF format on its website at www.supermicro.com in the Investor Relations section under the Events & Presentations tab.

此外，在今天的電話會議中，公司將參考其向參與者提供的幻燈片演示，可以在其網站 www.supermicro.com 的“投資者關係”部分的“活動”部分以可下載的 PDF 格式訪問該演示文稿& 演示選項卡。

(Operator Instructions) As a reminder, this call is being recorded, Thursday, April 27, 2017.

（操作員說明）作為提醒，本次通話將於 2017 年 4 月 27 日星期四進行錄音。

A replay of the call will be accessible until midnight, Thursday, May 11, 2017, by dialing 1 (844) 512-2921 and entering replay pin 7820076.

在 2017 年 5 月 11 日星期四午夜之前，可以通過撥打 1 (844) 512-2921 並輸入重播密碼 7820076 來重播通話。

International callers should dial 1 (412) 317-6671.

國際來電者應撥打 1 (412) 317-6671。

With us today are Charles Liang, Chairman and Chief Executive Officer; Howard Hideshima, Chief Financial Officer; and Perry Hayes, Senior Vice President, Investor Relations.

今天與我們同在的是董事長兼首席執行官 Charles Liang； Howard Hideshima，首席財務官；和投資者關係高級副總裁 Perry Hayes。

And now I would like to turn the conference over to Mr. Hayes.

現在我想把會議轉交給海耶斯先生。

Mr. Hayes, please go ahead, sir.

海耶斯先生，請繼續，先生。

Good afternoon, and thank you for attending Super Micro's conference call on financial results for the third quarter fiscal 2017, which ended March 31, 2017.

下午好，感謝您參加 Super Micro 截至 2017 年 3 月 31 日的 2017 財年第三季度財務業績電話會議。

By now you should have received a copy of today's news release that was distributed at the close of regular trading and is available on the company's website.

到現在為止，您應該已經收到一份今天的新聞稿，該新聞稿是在正常交易結束時分發的，可以在公司網站上找到。

As a reminder, during today's call, the company will refer to a presentation that is available to participants in the Investor Relations section of the company's website under the Events & Presentations tab.

提醒一下，在今天的電話會議中，公司將在公司網站的“活動和演示”選項卡下的“投資者關係”部分中參考參與者可用的演示文稿。

Before we start, I'll remind you that our remarks include forward-looking statements.

在我們開始之前，我會提醒您，我們的言論包含前瞻性陳述。

There are a number of risk factors that could cause Super Micro's future results to differ materially from our expectations.

有許多風險因素可能導致 Super Micro 的未來業績與我們的預期存在重大差異。

You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2016 and our other SEC filings.

您可以在我們今天下午早些時候發布的新聞稿、我們的 2016 財年 10-K 表格和我們向美國證券交易委員會提交的其他文件中了解更多關於這些風險的信息。

All of those documents are available from the Investor Relations page of Super Micro's website.

所有這些文件都可以從 Super Micro 網站的投資者關係頁面獲得。

We assume no obligation to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的義務。

Most of today's presentation will refer to non-GAAP financial results and outlooks.

今天的大部分演講將提及非 GAAP 財務結果和展望。

For an explanation of our non-GAAP financial measures, please refer to Slide 3 of this presentation or to our press release published earlier today.

有關我們的非 GAAP 財務措施的解釋，請參閱本演示文稿的幻燈片 3 或我們今天早些時候發布的新聞稿。

In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation.

此外，GAAP 與非 GAAP 結果的對賬包含在今天的新聞稿和今天演示文稿所附的補充信息中。

I'll now turn the call over to Charles Liang, Chairman and Chief Executive Officer.

我現在將電話轉交給董事長兼首席執行官查爾斯梁。

Thank you, Perry, and good afternoon, everyone.

謝謝佩里，大家下午好。

Let me summarize our third quarter.

讓我總結一下我們的第三季度。

Revenue was $631.1 million.

收入為 6.311 億美元。

It's 18.5% higher year-over-year and 3.2% lower than the previous quarter.

同比增長 18.5%，比上一季度下降 3.2%。

Non-GAAP net income was $20.3 million.

非 GAAP 淨收入為 2030 萬美元。

Non-GAAP earnings per share was $0.38 per diluted share compared to $0.48 last quarter and $0.36 last year.

非 GAAP 每股攤薄收益為 0.38 美元，上一季度為 0.48 美元，去年為 0.36 美元。

It was 5.6% higher year-over-year and 20.8% lower than last quarter.

同比增長 5.6%，比上一季度下降 20.8%。

Overall, we exceeded our previous financial guidance and achieved our highest financial fiscal third quarter revenue ever.

總體而言，我們超出了之前的財務指導，實現了有史以來最高的第三財季收入。

In many ways our revenue result was exceptional.

在許多方面，我們的收入結果都非常出色。

We saw double-digit revenue growth overall and triple-digit growth in some key segments.

我們看到整體收入實現兩位數增長，部分關鍵領域實現三位數增長。

Our revenue growth was exceed despite of this seasonally challenging quarter.

儘管這個季節性充滿挑戰的季度，我們的收入增長還是超過了。

Revenue were achieved despite continuing shortage for memory and SSDs, resulting in a significant components price increase.

儘管內存和 SSD 持續短缺，導致組件價格大幅上漲，但仍實現了收入。

Compared to last year, our revenue was more broadly distributed across our customer base without relying on any single 10% customer.

與去年相比，我們的收入更廣泛地分佈在我們的客戶群中，而不依賴任何一個 10% 的客戶。

On the product side, we continue to offer the industry's largest portfolio of server and storage systems and to be first to market with new products and technologies.

在產品方面，我們繼續提供業界最大的服務器和存儲系統產品組合，並率先將新產品和技術推向市場。

Customer are anticipating the technology transition to the next-generation Intel Xeon processor-based platforms, codenamed Skylake.

客戶期待技術過渡到代號為 Skylake 的下一代基於英特爾至強處理器的平台。

We are ready to deliver a comprehensive portfolio of next-generation X11 systems, supporting new features and higher performance offered by the Skylake processor and our new innovations.

我們已準備好提供全面的下一代 X11 系統產品組合，支持 Skylake 處理器和我們的新創新提供的新功能和更高性能。

Early shipments of X11 solutions will begin in early May.

X11 解決方案的早期發貨將於 5 月初開始。

We introduced a new fifth-generation print design, a 2U 4-node, BigTwin, delivering the highest performing Twin multiple-node system supporting 205 watt 2U Xeon processors, 24 DIMMs and All-Flash NVMe per node.

我們推出了全新的第五代打印設計，即 2U 4 節點 BigTwin，提供最高性能的雙胞胎多節點系統，每個節點支持 205 瓦 2U Xeon 處理器、24 個 DIMM 和全閃存 NVMe。

We anticipate the new 8U SuperBlade leveraging the advantage of blade computing with other traditional blade cost of premium and proprietary knock in.

我們預計新的 8U SuperBlade 將利用刀片計算的優勢以及其他傳統刀片的溢價和專有成本。

Looking at our core markets.

看看我們的核心市場。

We saw strong distribution in -- we saw strong contribution in storage and IoT and achieved triple-digit growth in our enterprise and accelerated computing segment from last year.

我們看到了強大的分佈——我們看到了存儲和物聯網的強大貢獻，並在我們的企業和加速計算領域實現了三位數的增長。

Storage was, again, our strongest segment with 22.5% of total revenue, up 28.7% from last year.

存儲再次成為我們最強勁的部分，佔總收入的 22.5%，比去年增長 28.7%。

Our next-generation storage partners account for 53.2% of this storage revenue and grew a strong 74.2% year-over-year.

我們的下一代存儲合作夥伴佔存儲收入的 53.2%，同比增長 74.2%。

Our customers choose Super Micro based on the advanced features and capability of our All-Flash and hybrid NVMe SSD systems.

我們的客戶基於我們的全閃存和混合 NVMe SSD 系統的高級特性和功能選擇了 Super Micro。

We also saw strong growth in our traditional enterprise storage from the capacity maximized top-loading 4U 90-bay and 60-bay solutions.

我們還看到，容量最大化的頂部裝載 4U 90 盤位和 60 盤位解決方案使我們的傳統企業存儲實現了強勁增長。

And coming soon, we will introduce a volume-centric, 45-bay system to the portfolio.

很快，我們將在產品組合中引入以容量為中心的 45 盤位系統。

Internet data center was 10.7% of total revenue, [down] 51.4% from last year, which included 10% customer.

互聯網數據中心佔總收入的 10.7%，比去年下降 51.4%，其中包括 10% 的客戶。

We are working closely with large and medium-sized private and public cloud customers on the new-generation agreements and implementing our super rack scale design solutions.

我們正在與大中型私有云和公共雲客戶就新一代協議密切合作，並實施我們的超機架規模設計解決方案。

IoT embedded was 10.5% of total revenue and was up 38% from last year.

嵌入式物聯網佔總收入的 10.5%，比去年增長 38%。

We [saw] a $10 billion estimated addressable market from [age to cloud across] the traditional embedded demand.

我們 [看到] 一個價值 100 億美元的估計潛在市場，從 [時代到雲] 傳統的嵌入式需求。

Our IoT embedded portfolio will see continued strong growth.

我們的物聯網嵌入式產品組合將持續強勁增長。

Enterprise private cloud is the key to our revenue and margin growth strategy and grew 578% year-over-year from a relatively small base.

企業私有云是我們收入和利潤增長戰略的關鍵，從相對較小的基數同比增長 578%。

Our engagements with the leading Global 1000 companies increased to the highest level ever, including a Silicon Valley Fortune 100 enterprise company with over 30,000 MicroBlades.

我們與領先的全球 1000 強公司的合作增加到有史以來的最高水平，其中包括一家擁有超過 30,000 個 MicroBlades 的矽谷財富 100 強企業。

That is one of the world's largest and most efficient data center with a PUE of 1.06 and 280 nodes per rack [LSP].

這是世界上最大、最高效的數據中心之一，PUE 為 1.06，每個機架有 280 個節點 [LSP]。

Our management software and global service grew 87% year-over-year, providing the ability, serviceability and quality for our rapidly growing -- expanding enterprise customer base.

我們的管理軟件和全球服務同比增長 87%，為我們快速增長的企業客戶群提供了能力、可服務性和質量。

Accelerated computing solutions for AI people learning, machine learning and HPC was 5.9% of total revenue and saw triple-digit growth of 176% from last year.

用於 AI 人員學習、機器學習和 HPC 的加速計算解決方案佔總收入的 5.9%，比去年增長 176%，實現三位數增長。

We offer the most advanced NVIDIA, Tesla and Intel Xeon-Phi and [air] PGA designs, including 1U 4 Tesla P100 solution and the new 4U design that support 10 GPUs with direct [BMA] support.

我們提供最先進的 NVIDIA、Tesla 和 Intel Xeon-Phi 和 [air] PGA 設計，包括 1U 4 Tesla P100 解決方案和支持 10 個直接 [BMA] 支持的 GPU 的新 4U 設計。

New air PGA-based solutions provide compression, encryption and visualization are emerging, and we have several air PGA customer design wins underway.

新的基於 air PGA 的解決方案提供了壓縮、加密和可視化功能，並且我們正在贏得幾個 air PGA 客戶的設計。

Finally, from a geographic perspective, Asia was our strongest geography for growth last quarter and up 92% over last year and reaching 23.9% of total sales.

最後，從地域角度來看，亞洲是我們上個季度增長最強勁的地區，比去年增長 92%，佔總銷售額的 23.9%。

China revenue grew triple-digits, up 138.9% year-over-year.

中國收入實現三位數增長，同比增長 138.9%。

Looking ahead, our previous strategy for long-term investment in global service, management software, engineering, product solution, operation and worldwide manufacturing capacity are finally providing leverage and better economics of scale for continuous revenue, profit and max share growth.

展望未來，我們之前在全球服務、管理軟件、工程、產品解決方案、運營和全球製造能力方面的長期投資戰略最終將為持續的收入、利潤和最大份額增長提供槓桿作用和更好的規模經濟。

We will continue to lead with innovation and being first to market with the most advanced solution for the next-generation processor: new NVMe, new storage architecture, rack design and cloud scale architectures.

我們將繼續引領創新，率先將最先進的下一代處理器解決方案推向市場：新的 NVMe、新的存儲架構、機架設計和雲規模架構。

In summary, we are getting recognized as the new model for Tier 1 solution provider and have been the fastest-growing server and storage systems company in the world for multiple years.

總之，我們被公認為一級解決方案提供商的新模式，多年來一直是全球增長最快的服務器和存儲系統公司。

Our double-digit revenue growth demonstrates that we are on the right path, and our triple-digit growth in key segments and markets demonstrated that our business model and strategy is working well.

我們兩位數的收入增長表明我們走在正確的道路上，我們在關鍵領域和市場的三位數增長表明我們的商業模式和戰略運作良好。

I'm pleased with the growth in our business opportunity as we enter the new technology [driven] cycle.

隨著我們進入新技術 [驅動] 週期，我對我們業務機會的增長感到高興。

For more specifics on our third quarter, let me turn it over to Howard.

有關我們第三季度的更多細節，讓我把它交給霍華德。

Thank you, Charles, and good afternoon, everyone.

謝謝查爾斯，大家下午好。

I will focus my remarks on earnings, gross margins, operating expenses and similar items on a non-GAAP basis, which reflects adjustments to exclude stock compensation expenses.

我將重點關注非公認會計原則基礎上的收益、毛利率、運營費用和類似項目，這反映了排除股票補償費用的調整。

Reconciliation of GAAP to non-GAAP is included in the financial statements of the company in today's earnings release and in the supplemental detail in the slide presentation accompanying this conference call.

GAAP 與非 GAAP 的對賬包含在公司今天發布的收益報告中的財務報表中，以及本次電話會議隨附的幻燈片演示中的補充細節中。

Let me begin with a review of the third quarter income statement.

讓我首先回顧一下第三季度的損益表。

Please turn to Slide 5.

請轉到幻燈片 5。

Revenue was $631.1 million.

收入為 6.311 億美元。

It's a record third quarter for Super Micro, up about 18.5% from the same quarter a year ago and down 3.2% sequentially.

這是 Super Micro 創紀錄的第三季度，比去年同期增長約 18.5%，環比下降 3.2%。

The increase in revenue from last year was widespread in terms of market verticals.

就垂直市場而言，去年收入的增長是普遍的。

We saw growth in storage, enterprise, IoT and accelerated computing.

我們看到了存儲、企業、物聯網和加速計算領域的增長。

This was offset in part by decline in Internet, data center and cloud.

這在一定程度上被互聯網、數據中心和雲業務的下滑所抵消。

On a geographic basis, we had strong growth in Asia of 92%, followed by Europe at 23.1% and the U.S. at 2.3%, while the other was down by 8.5%.

從地域上看，我們在亞洲實現了 92% 的強勁增長，其次是歐洲 23.1% 和美國 2.3%，而其他地區則下降了 8.5%。

The 3.2% sequential decrease in revenues was less than seasonal declines we experienced over the past 2 years of 6% and negative 17%.

收入連續下降 3.2%，低於我們在過去兩年中經歷的 6% 和 17% 的季節性下降。

The improvement over normal historical seasonality was primarily driven by our strength in Asia, up 9.4%; and in other regions, up 20.5%.

超過正常歷史季節性的改善主要是由我們在亞洲的實力推動的，增長了 9.4%；在其他地區，增長了 20.5%。

In particular, China was up 29.3%, as we leverage our growing partnerships.

特別是，由於我們利用不斷增長的合作夥伴關係，中國增長了 29.3%。

Slide 6. Turning to product mix.

幻燈片 6. 轉向產品組合。

Proportion of revenues from server systems was about 70%, which is comparable to 69.9% the same quarter a year ago and from 68.1% last quarter.

服務器系統的收入佔比約為70%，與去年同期的69.9%和上一季度的68.1%相當。

We shipped approximately 139,000 nodes in the quarter, which compares to 145,000 in the prior quarter and 126,000 in the prior year.

我們在本季度出貨了大約 139,000 個節點，而上一季度為 145,000，去年同期為 126,000。

ASPs per compute node was about 3,200 per node versus 3,100 per node last quarter and 3,000 per node last year.

每個計算節點的 ASP 約為每個節點 3,200 個，而上個季度每個節點為 3,100 個，去年每個節點為 3,000 個。

We shipped approximately 1,085,000 subsystems and accessories, which is up from 950,000 last year and down from 1,214,000 last quarter.

我們出貨了大約 1,085,000 個子系統和配件，高於去年的 950,000 個，低於上一季度的 1,214,000 個。

We continue to maintain our diverse revenue base with over 700 customers.

我們繼續保持我們擁有 700 多家客戶的多元化收入基礎。

No customers represented more than 10% of our quarterly revenues.

沒有客戶占我們季度收入的 10% 以上。

Cloud, Internet, data center revenue was 10.7%, which was a decrease from 13.8% in the prior quarter and a decrease from 26% in the prior year.

雲、互聯網、數據中心收入為 10.7%，低於上一季度的 13.8% 和去年同期的 26%。

52.9% of our revenues came from the U.S. and 46% from our distributors and resellers.

我們 52.9% 的收入來自美國，46% 來自我們的分銷商和經銷商。

Slide 15.

幻燈片 15。

Non-GAAP gross profit was $88.7 million, up 11.6% from $79.4 million in the same quarter last year and down 5.4% from $93.7 million sequentially.

非美國通用會計準則毛利潤為 8870 萬美元，比去年同期的 7940 萬美元增長 11.6%，比上一季度的 9370 萬美元下降 5.4%。

On a percentage basis, gross margin was 14%, down from 14.9% a year ago and from 14.4% sequentially.

按百分比計算，毛利率為 14%，低於一年前的 14.9% 和上一季度的 14.4%。

Price changes from Ablecom resulted in no basis point change to the gross profit in the quarter, with total purchases representing approximately 11.5% of total cost of goods sold compared to 12.2% a year ago and 11.6% sequentially.

Ablecom 的價格變化未導致本季度毛利潤發生基點變化，採購總額約佔銷售商品總成本的 11.5%，而一年前為 12.2%，環比為 11.6%。

The year-over-year decrease in gross margin of 90 basis points was primarily due to the cost increase of memory and SSD components, which we could not pass on to some of our server customers as well as many of our systems being based on mature late life-cycle processors such as Grantley, which means lower prices.

毛利率同比下降 90 個基點主要是由於內存和 SSD 組件的成本增加，我們無法將其轉嫁給我們的一些服務器客戶以及我們的許多系統基於成熟的生命週期後期的處理器，例如 Grantley，這意味著價格更低。

Geographically, we had higher sales in Asia where pricing is typically more competitive.

從地域上看，我們在亞洲的銷售額更高，那裡的定價通常更具競爭力。

Utilization on a global capacity basis was lower at about 54.6% compared to about 63.9% a year ago.

全球產能利用率為 54.6% 左右，低於一年前的 63.9% 左右。

This resulted in approximately 20 basis points of negative effect on gross margin.

這對毛利率造成了大約 20 個基點的負面影響。

Sequentially, gross margin was down 40 basis points primarily due to the cost of memory and SSD components continuing to rise during the quarter, which in some cases was over 30%, which we could not pass on to some of our server customers.

隨後，毛利率下降了 40 個基點，這主要是由於內存和 SSD 組件的成本在本季度持續上升，在某些情況下超過 30%，我們無法將其傳遞給我們的一些服務器客戶。

In addition, lower utilization of our global capacity, which was 54.6%, down from 65.8% last quarter, resulted in 10 basis points gross margin decrease.

此外，我們的全球產能利用率低於上一季度的 65.8%，為 54.6%，導致毛利率下降 10 個基點。

Slide 16.

幻燈片 16。

Operating expenses were $61.4 million, up from $51.1 million in the same quarter a year ago and from $57.2 million sequentially.

營業費用為 6140 萬美元，高於去年同期的 5110 萬美元和上一季度的 5720 萬美元。

As a percentage of revenue, operating expenses were 9.7%, which is up from 9.6% in the same quarter a year ago and up from 8.8% sequentially.

營業費用佔收入的百分比為 9.7%，高於去年同期的 9.6% 和上一季度的 8.8%。

Operating expenses were higher on an absolute dollar basis year-over-year by 20.1%, primarily in R&D as we invested in personnel expenses to support the development of our total solutions and rollout of new products for the upcoming technology refresh cycle.

按絕對美元計算，運營支出同比增長 20.1%，主要是在研發方面，因為我們投資於人員支出以支持我們的整體解決方案的開發和為即將到來的技術更新周期推出新產品。

We increased 157 headcounts in R&D, which is about a 14.9% increase.

我們增加了 157 名研發人員，增幅約為 14.9%。

Sequentially, operating expenses were higher by $4.2 million or 7.3%, primarily due to translation foreign exchange loss of $1.5 million, which is a $2.1 million delta from last quarter and $1.2 million higher R&D component -- compensation expense.

環比而言，運營費用增加了 420 萬美元或 7.3%，這主要是由於換算外匯損失 150 萬美元，與上一季度相比增加了 210 萬美元，而研發部分——補償費用增加了 120 萬美元。

[In authorical] the $1.5 million foreign exchange loss represented about $0.02 in fully diluted EPS.

[權威] 150 萬美元的匯兌損失相當於完全攤薄後的每股收益約 0.02 美元。

The company's total headcount increased by 168 sequentially to 2,965 total employees primarily in operations to support the growth of the business.

公司總員工人數環比增加 168 人，達到 2,965 人，主要從事運營以支持業務增長。

Operating profit was $27.2 million, down by 3.8% from $28.3 million a year ago and down by 25.3% from $36.5 million sequentially.

營業利潤為 2720 萬美元，較上年同期的 2830 萬美元下降 3.8%，較上一季度的 3650 萬美元下降 25.3%。

On a percentage basis, operating margin was 4.3%, down from 5.3% a year ago and down from 5.6% sequentially.

按百分比計算，營業利潤率為 4.3%，低於一年前的 5.3% 和上一季度的 5.6%。

Net income was $20.3 million, up 7% from $19 million a year ago and down 18.8% from $25 million sequentially.

淨收入為 2030 萬美元，比一年前的 1900 萬美元增長 7%，比上一季度的 2500 萬美元下降 18.8%。

On a non-GAAP fully diluted basis, EPS was $0.38 per share, which is up from $0.36 per share a year ago and down from $0.48 per share sequentially.

在非 GAAP 完全稀釋的基礎上，每股收益為 0.38 美元，高於一年前的每股 0.36 美元，低於上一季度的每股 0.48 美元。

The number of fully diluted shares used in the third quarter was 52,978,000.

第三季度使用的完全稀釋股數為52,978,000股。

The tax rate in the third quarter on a non-GAAP basis was 23.7% compared to 32% a year ago and 30.5% sequentially.

第三季度非美國通用會計準則稅率為 23.7%，上年同期為 32%，環比為 30.5%。

The effective tax rate for the third quarter of fiscal year 2017 was lower than last year due to the release of liability for completion of a tax audit in foreign jurisdiction.

2017 財年第三季度的實際稅率低於去年，原因是免除了在外國司法管轄區完成稅務審計的責任。

We expect our effective tax rate to be about 32% in the fourth quarter of fiscal 2017.

我們預計 2017 財年第四季度的有效稅率約為 32%。

Turning to the balance sheet on a sequential basis, Slide 17.

按順序轉到資產負債表，幻燈片 17。

Cash and cash equivalents, short and long-term investments were $110.5 million, down $21 million from $131.5 million in the prior quarter and down $68.6 million from $179.1 million in the same quarter last quarter.

現金和現金等價物、短期和長期投資為 1.105 億美元，比上一季度的 1.315 億美元減少 2100 萬美元，比上一季度的 1.791 億美元減少 6860 萬美元。

In the third quarter, free cash flow was a negative $41.3 million, primarily due to an increase in inventory of $44.8 million, an increase in AR of $24.7 million, offset in part by an increase in accounts payable of $7 million and net income of $16.7 million.

第三季度，自由現金流為負 4130 萬美元，主要是由於存貨增加 4480 萬美元，AR 增加 2470 萬美元，部分被應付賬款增加 700 萬美元和淨收入增加 16.7 美元所抵消百萬。

Accounts receivable increased by $24.4 million to $391.3 million due to higher revenue at the end of the quarter as customers came back from the Lunar New Year holiday.

應收賬款增加了 2440 萬美元，達到 3.913 億美元，原因是客戶從農曆新年假期回來，導致季度末收入增加。

DSO was 54 days, an increase of 5 days from 49 days in the prior quarter.

DSO 為 54 天，比上一季度的 49 天增加了 5 天。

Inventory increased 43 days to $642.3 million.

庫存增加了 43 天，達到 6.423 億美元。

Days in inventory were 103, an increase of 12 days from 91 in the prior quarter and an increase of 6 days from 97 in the prior year.

庫存天數為 103 天，比上一季度的 91 天增加 12 天，比去年同期的 97 天增加 6 天。

The increase is primarily to support the continuing tight supply of memory and SSD and sourcing for new product lines related to the Skylake launch as well as for the upcoming seasonally strong quarter.

此次增長主要是為了支持內存和 SSD 的持續供應緊張，以及為與 Skylake 發布相關的新產品線以及即將到來的季節性強勁季度採購。

Had we excluded the increase in SSD and memory from September quarter and -- of about $62.7 million, our days of inventory would have been 93 days.

如果我們排除了 9 月季度 SSD 和內存的增加——大約 6270 萬美元，我們的庫存天數將是 93 天。

Accounts payable was $6.8 million -- up $6.8 million, which was 57 days, an increase of 5 days from 52 days in the prior quarter and down 3 days from 60 days in the prior year.

應付賬款為 680 萬美元，增加 680 萬美元，為 57 天，比上一季度的 52 天增加了 5 天，比去年同期的 60 天減少了 3 天。

Overall, cash conversion cycle days was 100 days, which is 12 days higher than the prior quarter and the same quarter of last year.

總體而言，現金周轉週期天數為 100 天，比上一季度和去年同期多 12 天。

Adjusting for the effect of the increase in inventory in SSD and memory, as noted above, the cash conversion cycle days would have been 90.

如上所述，調整 SSD 和內存庫存增加的影響後，現金轉換週期天數為 90 天。

Now for a few comments on our outlook.

現在就我們的前景發表一些評論。

As we enter the last quarter of fiscal '17, we see strong growth opportunities from a technology refresh cycle, especially in the Skylake launch.

當我們進入 17 財年的最後一個季度時，我們看到了技術更新周期帶來的強勁增長機會，尤其是在 Skylake 的發布中。

We continue to see strong traction for our leading solutions in our growing customer base especially in large enterprise.

我們繼續看到我們領先的解決方案在我們不斷增長的客戶群中，尤其是在大型企業中的強大吸引力。

These factors, coupled with investments we have made during the past year, put us on our strongest position to accelerate our growth in the many market verticals we serve.

這些因素，再加上我們在過去一年中所做的投資，使我們處於最有利的地位，可以加速我們所服務的許多垂直市場的增長。

Therefore, the company currently expects net sales for the quarter ending June 30, 2017, in a range of $655 million to $715 million.

因此，公司目前預計截至 2017 年 6 月 30 日的季度淨銷售額在 6.55 億美元至 7.15 億美元之間。

Assuming this revenue range, the company expects non-GAAP earnings per diluted share of approximately $0.40 to $0.50 for the quarter.

假設這個收入範圍，公司預計本季度非 GAAP 每股攤薄收益約為 0.40 美元至 0.50 美元。

At the midpoint, this would represent an increase of 31% in revenue and 125% in EPS from the prior year.

從中點來看，這意味著收入比上年增長 31%，每股收益增長 125%。

It is currently expected that outlook will not be updated until the release of the company's next quarterly earnings announcement.

目前預計在公司發布下一季度財報之前不會更新展望。

Notwithstanding subsequent developments, however, the company may update the outlook or any portion thereof at any time.

然而，儘管有後續發展，公司仍可能隨時更新展望或其任何部分。

With that, let me turn it back to Charles for some closing remarks.

說到這裡，讓我把它轉回給查爾斯，聽取一些結束語。

Thank you, Howard.

謝謝你，霍華德。

We are now reaping the benefits of our very strong ambitions that we have built over a long period of time.

我們現在正在收穫我們在很長一段時間內建立起來的非常雄心壯志的好處。

This quarter's revenue was the strongest third quarter in our history and again, demonstrates the advantages of our product portfolio across many different verticals, especially among our enterprise customers.

本季度的收入是我們歷史上最強勁的第三季度，再次證明了我們產品組合在許多不同垂直領域的優勢，尤其是在我們的企業客戶中。

With that, I'm very confident that our strong foundation and products will make Super Micro one of the most successful companies in the IT industry.

因此，我非常有信心，我們強大的基礎和產品將使 Super Micro 成為 IT 行業最成功的公司之一。

Operator, at this time, we are ready for questions.

接線員，這個時候，我們準備好提問了。

(Operator Instructions) And we'll go first to Aaron Rakers with Stifel.

（操作員說明）我們將首先與 Stifel 聯繫 Aaron Rakers。

Okay.

好的。

Great.

偉大的。

This is Joe Quatrochi on for Aaron.

這是 Aaron 的 Joe Quatrochi。

I was just curious.

我只是好奇而已。

I wanted to kind of double click on the SSD constraints that you're still seeing.

我想雙擊您仍然看到的 SSD 限制。

Did that impact your ability to fulfill or rather recognize additional revenue in the quarter?

這是否影響了您在本季度實現或確認額外收入的能力？

I guess it's both.

我想兩者都是。

Because of that shortage, we saw some (inaudible) relationship, and the other reason is that because the price rose, so we had to raise the price to customer.

由於短缺，我們看到了一些（聽不清）關係，另一個原因是因為價格上漲，所以我們不得不提高價格給客戶。

So that, too, did impact our business.

因此，這也確實影響了我們的業務。

Okay.

好的。

And how do you think about that going into the current quarter?

您如何看待當前季度的情況？

Do you see a similar impact?

你看到類似的影響了嗎？

Looks like both [fee dwen] and flash memory, SSD will continue to rose in price, but where we also get in [accessorized].

貌似無論是[fee dwen]還是閃存，SSD都會繼續漲價，但我們也從哪裡入手[accessorized]。

So won't grow that much as the last few quarter.

所以不會像過去幾個季度那樣增長那麼多。

I would have to say, for example, in module.

我不得不說，例如，在模塊中。

In last 3 quarter, the price had been grow almost double.

在過去的第三個季度，價格幾乎增長了一倍。

So next quarter or 2 quarter I guess, the growth will be slower.

所以我猜下個季度或第二個季度，增長會放緩。

Okay.

好的。

And then just for follow up.

然後只是為了跟進。

Can you talk about the timing of Skylake relative to what Mellanox had kind of talked about last night?

你能談談 Skylake 相對於 Mellanox 昨晚談論的內容的時機嗎？

It seemed like they might be seeing a little bit of a pushout.

看起來他們可能會看到一點點排擠。

I was just curious if you're seeing any difference from what we talked about 90 days ago.

我只是想知道您是否發現與我們 90 天前討論的內容有任何不同。

Yes, the good news is Skylake, our product have been developing very smoothly.

是的，好消息是Skylake，我們的產品開發非常順利。

So today, we have almost complete product line ready to ship, and we already promised to some customer start ship early next month.

所以今天，我們已經準備好幾乎完整的產品線準備發貨了，我們已經承諾下月初開始發貨給一些客戶。

And India official launch, I believe, is still early July.

而印度的正式發布，我相信，仍然是七月初。

And we'll go next to Mark Kelleher with D.A. Davidson.

我們將與 D.A. 一起去 Mark Kelleher 旁邊。戴維森。

Howard, I want to talk a little bit about the gross margins.

霍華德，我想談談毛利率。

Is this the low point, do you think, the 14%?

你認為這是最低點嗎，14%？

Or do the continued price hikes in the memory mean we're going to dip below that?

還是記憶中持續的價格上漲意味著我們將跌破該價格？

Mark, this is Howard, thanks.

馬克，這是霍華德，謝謝。

Again, December as a quarter, we don't typically guide gross margin.

同樣，12 月作為一個季度，我們通常不會指導毛利率。

But December as a quarter is usually a very seasonally strong quarter compared to -- I'm sorry.

但與 - 對不起，12 月作為一個季度通常是一個非常季節性的季度。

The June quarter is particularly a strong quarter compared to the March quarter.

與三月季度相比，六月季度尤其強勁。

So typically, it's not as competitive as the March quarter.

因此，通常情況下，它不像三月季度那樣具有競爭力。

So we get usually a margin boost from that.

因此，我們通常會從中獲得利潤率提升。

However, as Charles alluded to, the tightness in SSD and memory is still out there.

然而，正如 Charles 所暗示的那樣，SSD 和內存的緊張仍然存在。

We're saying we're doing our best to manage our way through that and have done better, I think, probably in the last quarter versus the September quarter.

我們說我們正在盡最大努力來管理我們的方式，並且我認為可能在最後一個季度與 9 月季度相比做得更好。

So we're -- December quarter.

所以我們 - 十二月季度。

So we're going to continue to do that as well.

所以我們也將繼續這樣做。

And are you going to continue to build inventory of memory to stay ahead of this?

您是否會繼續建立內存庫存以保持領先地位？

And when do you have the cash, kind of burning some cash here?

你什麼時候有現金，在這裡燒掉一些現金？

How do you feel about your cash position?

您如何看待您的現金狀況？

We're okay with regards to cash position, Mark, and we have lines of credit that we can draw upon and can expand it and access the capital there.

我們對現金狀況沒問題，馬克，我們有信貸額度可以利用，可以擴大它並在那裡獲得資金。

But inventory is still going to go up or putting more memory in?

但是庫存還是要漲還是要加內存？

We're preparing right now for the launch -- for the Skylake launch coming up here.

我們現在正在為即將推出的 Skylake 發布做準備。

So some of the inventory build from this last quarter was for a part of that per se and then part of that was for the larger quarter.

因此，上個季度的一些庫存增加本身就是其中的一部分，然後一部分是更大的季度。

So if you look at the end of the June quarter, typically, you'll see a decline in our inventories because we come out of a seasonally strong quarter going into somewhat of a seasonally weak quarter.

因此，如果您查看 6 月季度末，通常情況下，您會看到我們的庫存下降，因為我們從季節性強勁的季度中走出來，進入了季節性疲軟的季度。

And we'll move next to Mehdi Hosseini.

我們將移到 Mehdi Hosseini 旁邊。

This is David Ryzhik for Mehdi Hosseini.

我是邁赫迪·侯賽尼 (Mehdi Hosseini) 的 David Ryzhik。

So it is already almost a quarter of overall revenue, and you guys delivered some strong growth in China.

所以它已經幾乎佔總收入的四分之一，你們在中國實現了強勁的增長。

What areas of the product portfolio are most responsible for that growth?

產品組合的哪些領域對這種增長負有最大責任？

And I had a follow-up.

我有一個後續行動。

For China, I believe still our NVMe and SSD product line have been very attractive in the market.

對於中國，我相信我們的 NVMe 和 SSD 產品線在市場上仍然非常有吸引力。

And also, kind of high-density storage as well as GPU for AI, I mean, machine learning, people learning, those areas have been growing very strongly in China market.

還有，用於人工智能的高密度存儲和 GPU，我的意思是，機器學習、人的學習，這些領域在中國市場增長非常強勁。

Great.

偉大的。

And for next-gen storage, obviously very impressive growth.

而對於下一代存儲，顯然是非常可觀的增長。

So 2 questions.

所以2個問題。

Is this an above gross margin business for you?

這對您來說是高於毛利率的業務嗎？

And the other one is just wanted to understand.

而另一個只是想了解。

It seems like some of the larger storage OEMs are pivoting to this supply model for third-party sourcing for hardware.

似乎一些較大的存儲 OEM 正在轉向這種第三方採購硬件的供應模式。

How big of an opportunity do you view this to be?

您認為這是一個多大的機會？

And are you selling any next-gen storage into the enterprise opportunity?

您是否將任何下一代存儲銷售給企業機會？

And do you see that as an opportunity for you?

你認為這對你來說是一個機會嗎？

Yes.

是的。

Indeed, next-gen storage will continue to grow customers.

事實上，下一代存儲將繼續增加客戶。

And also, our customer are growing.

而且，我們的客戶也在增長。

Plus, we have a more -- new architectural advantage for the market.

此外，我們還為市場提供了更多新的架構優勢。

For example coming soon, [Op10] from Intel and as well as the people -- some people call JBOF -- JBOD for fresh solution.

例如即將推出的來自英特爾的 [Op10] 以及人們——有些人稱之為 JBOF——JBOD 的新解決方案。

So we have a very strong product and lots of new architecture is coming.

所以我們有一個非常強大的產品，許多新的架構即將到來。

(inaudible)

（聽不清）

Great.

偉大的。

And would this be an above gross margin business for you?

這對您來說是高於毛利率的業務嗎？

Theoretically it will, but because memory and SSD prices are rising very fast, so that may offset our margin for short term.

理論上會，但由於內存和 SSD 價格上漲非常快，所以這可能會抵消我們的短期利潤。

But long term, yes.

但從長遠來看，是的。

And we'll take our next question from Alex Kurtz with Pacific Crest Securities.

我們將接受 Pacific Crest Securities 的 Alex Kurtz 的下一個問題。

Could you take us through the dynamics again, Howard, on the data center -- the Internet, data center business?

霍華德，你能再給我們介紹一下數據中心的動態——互聯網、數據中心業務嗎？

And it looked like one of your strategic 10% data center customers was talking about expansion recently.

看起來您的 10% 數據中心戰略客戶之一最近在談論擴展。

So that's question one, sort of what are the dynamics in the June quarter guidance around that vertical and what happened in March?

所以這是第一個問題，圍繞該垂直方向的 6 月季度指導的動態是什麼以及 3 月發生了什麼？

And then also, one of your strategic, emerging storage partners was acquired by one of your competitors, and was just wondering what the plan is there as far as working with that emerging storage vendor going forward now that they're part of a larger entity?

然後，您的一個戰略性新興存儲合作夥伴被您的一個競爭對手收購，並且只是想知道與該新興存儲供應商合作的計劃是什麼，因為他們是更大實體的一部分？

Okay.

好的。

Alex, thanks.

亞歷克斯，謝謝。

With regards to the Internet, data center, cloud area, we noted in the call that represented about 10.7% of our revenues in the previous quarter, in the March quarter.

關於互聯網、數據中心、雲領域，我們在電話會議中指出，在上一季度，即 3 月份的季度，我們的收入約占我們收入的 10.7%。

That's down from 26% last year.

這比去年的 26% 有所下降。

You'll recall that we had about a 12% customer last year that we did in the greenfield opportunities and build-outs there.

你會記得去年我們有大約 12% 的客戶是我們在綠地機會和那裡的擴建中所做的。

But that's a customer -- still purchasing from, but that's majority of the decrease that happened between years per se.

但那是一個客戶——仍在購買，但這是多年來發生的減少的大部分。

As we talk about going forward, we're still selling to that customer.

當我們談論未來時，我們仍在向該客戶銷售產品。

And again, with the technology refresh cycle coming up, it presents opportunities for us to do, again, not just refreshes with them but with other customers as well.

再一次，隨著技術更新周期的到來，它為我們提供了機會，不僅可以與他們一起更新，還可以與其他客戶一起更新。

So we're pretty bullish on the Internet, data center vertical for ourselves going forward as well as we enter there.

所以我們非常看好互聯網，數據中心垂直於我們自己前進以及我們進入那裡。

And the good thing is we start again [impede] to say lots of new customers, new private cloud especially that help our business grow for long term.

好消息是我們再次開始[阻礙]說很多新客戶，新的私有云，特別是幫助我們的業務長期增長。

And as to the, you just mentioned some of our customer was bought by a big company.

至於，你剛才提到我們的一些客戶被一家大公司收購了。

We are improving that relationship.

我們正在改善這種關係。

So it looks like so far so good.

所以到目前為止看起來還不錯。

Okay.

好的。

So there's no plans on them moving to their own contract manufacturer partners?

所以他們沒有計劃轉向他們自己的合同製造商合作夥伴嗎？

Immediate plan is to keep it with you guys?

近期的計劃是把它留在你們身邊？

So far we feel pretty good.

到目前為止，我們感覺還不錯。

We'll move next to Nehal Chokshi from Maxim Group.

我們將搬到 Maxim Group 的 Nehal Chokshi 旁邊。

On the gross margin, however, just to be clear, the component charges or price increases rather, if it had not been for that, it sounds like then you would've actually had a gross margin uptick Q-over-Q?

然而，關於毛利率，需要明確的是，組件費用或價格上漲，如果不是這樣的話，聽起來你實際上會有一個 Q-over-Q 的毛利率上升？

Is that the correct way to interpret this?

這是解釋這個的正確方法嗎？

Yes, there's still pressure out there, yes.

是的，那裡仍然有壓力，是的。

I mean, if you look at the 40 basis points of decline in our gross margin sequentially, 10 basis points was attributable to the utilization per se.

我的意思是，如果你看看我們毛利率連續下降 40 個基點，10 個基點可歸因於利用率本身。

If there was not any of this memory type stuff, I believe it's fair to say that we would have gotten most of that back.

如果沒有任何這種記憶類型的東西，我相信可以公平地說我們會收回大部分。

So then it would have been flat Q-over-Q had it not been for utilization decline and component price increases then?

那麼，如果不是因為利用率下降和組件價格上漲，它會持平 Q-over-Q 嗎？

It could have been higher.

它本來可以更高。

I mean, we also had the geographic that was in there that weighed us down a bit.

我的意思是，我們那裡的地理因素也讓我們感到有些壓力。

Okay.

好的。

And then data center was already talked about a little bit on the prior question.

然後數據中心已經在前面的問題上談到了一點。

But that was down Q-over-Q and in the last quarter, there was I think a good amount of excitement of having a more diversified base of hyperscalers.

但這是 Q-over-Q 下降，在上個季度，我認為擁有更多樣化的超大規模用戶群令人非常興奮。

And I think that large prior 10% customer that had gone from greenfield to just sort of maintenance increases, that had already kind of petered out.

而且我認為之前 10% 的大客戶已經從綠地變成了某種維護增加，這已經有點消失了。

So I guess my question is that the decline on a Q-over-Q basis of the hyperscalers, was that a surprise?

所以我想我的問題是，超大規模用戶的 Q-over-Q 下降是一個驚喜嗎？

Well, I think if you look at the decline quarter-over-quarter, again, it went from about 13.8% of revenues in the prior quarter to about 10%.

好吧，我想如果你再看一下環比下降，它從上一季度佔收入的 13.8% 左右下降到 10% 左右。

If you look at our seasonality again, and not to say that they're totally tied to seasonality, you'll see us anywhere from 6% to 17% down sequentially over the last couple of years.

如果你再看看我們的季節性，而不是說它們完全與季節性有關，你會發現我們在過去幾年中連續下降了 6% 到 17%。

So some of this has to do with seasonality.

所以其中一些與季節性有關。

I wouldn't say that it was a decline or a loss of opportunities.

我不會說這是下降或失去機會。

I think we feel pretty good that we have more opportunities going forward and stronger in that segment than we have in previous quarters.

我認為我們感覺很好，因為與前幾個季度相比，我們在該領域有更多的前進機會和更強大的機會。

Okay.

好的。

Very good.

非常好。

By my math, the revenue from the channel, it accelerated quite significantly.

根據我的計算，該渠道的收入增長非常顯著。

Can you put a narrative behind that?

你能把它背後的故事嗎？

The revenue from the channel, again, the percentage of revenues, again, we're -- fairly stable there with regards to our -- them being about 46% this current quarter and then 46% in the prior quarter.

來自渠道的收入，再次，收入的百分比，我們 - 就我們而言相當穩定 - 他們在本季度約為 46％，然後在上一季度為 46％。

So on an overall percentage basis, they were fairly stable.

因此，從總體百分比來看，它們相當穩定。

And we will take our next question from Brian Alger with Roth Capital Partners.

我們將接受 Roth Capital Partners 的 Brian Alger 的下一個問題。

I guess if we're looking at the quarter, there's -- this time of the earnings season, there's always a bit of mixed news.

我想如果我們看一下這個季度，在財報季的這個時候，總會有一些喜憂參半的消息。

I'm wondering if the strength relative to expectations from a demand standpoint, was it all attributable to your 2 primary competitors going through major mergers in the past quarter?

我想知道從需求的角度來看，相對於預期的實力是否全部歸因於您的 2 個主要競爭對手在上個季度經歷了重大合併？

And if so, if you expect to be seeing any snap-back or any normalization of market share that may have been gained.

如果是這樣，如果您希望看到任何可能已經獲得的市場份額回升或正常化。

Yes, Brian, this is Howard.

是的，布賴恩，這是霍華德。

If you talk about like, for example -- one person talked about Nimble and HP in the storage area, our storage area is very strong still.

例如，如果你談論 - 一個人在存儲領域談到 Nimble 和 HP，我們的存儲領域仍然非常強大。

And if it's EMC you're referring to with regards to Dell, going back, it's -- again, in the storage area, we're continuing to do great in the storage area, as Charles alluded to.

如果你指的是關於戴爾的 EMC，回到過去，它是——再次，在存儲領域，正如查爾斯提到的那樣，我們將繼續在存儲領域做得很好。

And we're getting more customers in that base as we go.

隨著我們的發展，我們在該基地吸引了更多客戶。

So again, we're not seeing it slow down or just being -- because of our partners doing mergers that we're gaining more traction in that area.

再次重申，我們並沒有看到它放緩或只是——因為我們的合作夥伴進行合併，我們在該領域獲得了更多的關注。

Okay.

好的。

I guess it's sort of what I was getting at.

我想這就是我的意思。

It wasn't as much focused on the storage side of it, but rather just whenever a major merger is going through, there tends to be an opportunity to gain share as channels oftentimes get conflicted.

它並沒有那麼專注於存儲方面，而是每當進行重大合併時，往往有機會獲得份額，因為渠道經常會發生衝突。

But it's good to hear you guys are gaining on the merits of the product portfolio.

但很高興聽到你們正在從產品組合的優點中獲益。

Moving forward, you guys, it seems as though, are getting some good traction from the AI push and certainly, there is a lot of attention being put towards the GPUs.

展望未來，你們似乎從 AI 推動中獲得了一些良好的牽引力，當然，GPU 也受到了很多關注。

And I noticed you highlighted the NVIDIA solutions as well as Intel's.

我注意到您強調了 NVIDIA 解決方案以及英特爾的解決方案。

How -- do you have a sense for how you stand relative to the competition there?

如何——你知道你在競爭中的地位嗎？

Is there an advantage that you guys might have over, call it, the slower-moving OEMs in this space for that type of a customer?

對於這種類型的客戶，你們是否有優勢，可以稱之為這個領域中移動速度較慢的 OEM？

Indeed, for both storage and GPU as well as Xeon-Phi total market share, I believe we will continue to grow in 2 area.

事實上，對於存儲和 GPU 以及 Xeon-Phi 總市場份額，我相信我們將在 2 個領域繼續增長。

One is we continue to have more customer, especially enterprise corporate customer.

一是我們繼續擁有更多的客戶，尤其是企業客戶。

And also, we are working with a superscale company as well.

而且，我們也在與一家超大型公司合作。

So once we have good product, I mean, we are openminded to work with any customer.

因此，一旦我們有了好的產品，我的意思是，我們就會以開放的心態與任何客戶合作。

(Operator Instructions) And we'll move next to Mehdi Hosseini from Susquehanna Financial Group.

（操作員說明）我們將轉到 Susquehanna Financial Group 的 Mehdi Hosseini 旁邊。

It's Dave Ryzhik again for Mehdi.

Mehdi 又是 Dave Ryzhik。

Howard, can you talk about -- how can we think about OpEx rolling over the balance of the year?

霍華德，你能談談——我們如何看待 OpEx 在今年餘下時間滾動？

Obviously, your enterprise remains very small as a percentage of overall revenue, and we'd assume that you guys are continuing to invest in that in the sales and support effort.

顯然，您的企業佔總收入的百分比仍然很小，我們假設你們會繼續在銷售和支持方面進行投資。

Just any way to think about OpEx over the balance of the year would be great.

以任何方式考慮全年的 OpEx 都會很棒。

This is Howard again.

這又是霍華德。

The OpEx this quarter was affected primarily -- one of the major increases was basically the translational ForEx gain/loss.

本季度的 OpEx 主要受到影響——主要增長之一基本上是轉換外匯收益/損失。

So again, that would -- you can -- we don't predict that per se or fill that into our planning.

再說一遍，這將 - 你可以 - 我們不會預測它本身或將其填充到我們的計劃中。

But again, excluding that, I think the first quarter is always the toughest at tax rates.

但同樣，除此之外，我認為第一季度在稅率方面始終是最艱難的。

Our people's tax deductions get reset and what have you.

我們人民的稅收減免被重置，你有什麼。

So that rolls into the compensation expense.

因此，這將計入補償費用。

As we go throughout the year, that gets filled up and it gets taken off from there.

當我們全年進行時，它會被填滿並從那裡起飛。

Apart from that, we are still focused on leveraging our op expense investment that we have made.

除此之外，我們仍然專注於利用我們所做的運營費用投資。

So again, grow our revenues faster, and we're going to roll our operating expenses and see that leverage drop to the bottom line.

因此，再次加快我們的收入增長，我們將減少運營費用，並看到槓桿率下降到底線。

Great.

偉大的。

And just to clarify, the 30,000 MicroBlade deployment, is that in the enterprise revenue category?

澄清一下，30,000 個 MicroBlade 部署屬於企業收入類別嗎？

Yes, for corporate private cloud basically.

是的，基本上是針對企業私有云。

And this does conclude the question and answer session of our conference call.

這確實結束了我們電話會議的問答環節。

I would now like to turn the conference back over to Mr. Liang for any closing remarks.

我現在想把會議轉回給梁先生作任何閉幕詞。

Thank you for joining us today and looking forward to talking to you again at the end of this quarter.

感謝您今天加入我們，期待在本季度末再次與您交談。

Thank you, everyone.

謝謝大家。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude the Super Micro Third Quarter Fiscal Year 2017 Conference Call.

女士們，先生們，超微 2017 財年第三季度電話會議到此結束。

We do appreciate your participation.

我們非常感謝您的參與。

You may now disconnect at this time.

您現在可以斷開連接。

Thank you.

謝謝。