超微電腦 (SMCI) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen, thank you for standing by.

女士們先生們，美好的一天，感謝你們的支持。

Welcome to the Super Micro Computer Incorporated Fourth Quarter and Fiscal 2017 Conference Call.

歡迎來到 Super Micro Computer Incorporated 第四季度和 2017 財年電話會議。

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 and the CFO commentary which can be accessed in a downloadable PDF format on its website at www.supermicro.com in the Investor Relations section under the Events and Presentations tab.

此外，在今天的電話會議中，公司將參考幻燈片演示和 CFO 評論，可以在其網站 www.supermicro.com 的“活動和演示”選項卡下的“投資者關係”部分以可下載的 PDF 格式訪問這些內容。

(Operator Instructions) As a reminder, this call is being recorded, today, Thursday, August 3, 2017.

（操作員說明）提醒一下，今天，即 2017 年 8 月 3 日，星期四，正在錄製此電話。

A replay of the call will be accessible until midnight, Thursday, August 17, 2017, by dialing 1 (844) 512-2921 and entering replay pin 7567416.

在 2017 年 8 月 17 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 7567416 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'd 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, everyone, and thank you for attending Super Micro's conference call on financial results for the fourth quarter and fiscal 2017, which ended June 30, 2017.

大家下午好，感謝您參加 Super Micro 截至 2017 年 6 月 30 日的第四季度和 2017 財年財務業績電話會議。

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 as well as the CFO commentary that is available to participants in the Investor Relations section of the company's website under the Events and 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”部分中參考演示文稿和首席財務官的評論。

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

在我們開始之前，我會提醒您，評論中包含前瞻性陳述。

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。

An explanation of our non-GAAP financial measures can be found in our slide presentation or in our press release published earlier today.

我們的非 GAAP 財務措施的解釋可以在我們的幻燈片演示或今天早些時候發布的新聞稿中找到。

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 fourth quarter.

讓我總結一下我們的第四季度。

Revenue was $717.9 million.

收入為 7.179 億美元。

It's 36.9% higher year-over-year and 13.7% higher than the previous quarter.

同比增長 36.9%，比上一季度增長 13.7%。

Non-GAAP net income was $20.7 million.

非 GAAP 淨收入為 2070 萬美元。

Non-GAAP earnings per share was $0.39 per diluted share compared to $0.38 last quarter and $0.20 last year.

非 GAAP 每股攤薄收益為 0.39 美元，上一季度為 0.38 美元，去年為 0.20 美元。

Non-GAAP EPS was 95.8% higher year-over-year and [30%] higher than last quarter.

非美國通用會計準則每股收益同比增長 95.8%，比上一季度高出 [30%]。

Super Micro achieved a new record high in revenue in the fourth quarter, which exceeds our expectations.

超微第四季度營收創歷史新高，超出我們預期。

For the full fiscal 2017, our revenue was over $2.5 billion or 14% greater than last year.

在整個 2017 財年，我們的收入超過 25 億美元，比去年增長 14%。

Even more remarkable is that our fiscal 2017 second half achieved 27.6% growth over last year, which is many multiples higher than the overall industry and any other Tier 1 vendor, which also demonstrates a strong momentum as we finish the fiscal year and come into a major technology refresh cycle which entails new Skylake Xeon processor.

更值得注意的是，我們2017財年下半年比去年實現了27.6%的增長，比整個行業和任何其他一級供應商高出許多倍，這也顯示了我們在結束財年並進入一個強勁的勢頭。主要技術更新周期需要新的 Skylake Xeon 處理器。

Super Micro has built a strong foundation for sustaining high growth while maintaining profitability every quarter for 24 years.

24 年來，Super Micro 為維持高增長並保持每個季度的盈利能力奠定了堅實的基礎。

Over the last 3 years, we have managed significant investment in global production capacity, operations, system solutions, quality, global service and management software.

在過去的 3 年裡，我們在全球生產能力、運營、系統解決方案、質量、全球服務和管理軟件方面進行了大量投資。

In the same period, we have ramped our engineering staff by over 60%, bringing in the most advanced and the broadest portfolio of server and storage, global service and management software to the market.

同期，我們的工程人員增加了 60% 以上，將最先進、最廣泛的服務器和存儲、全球服務和管理軟件產品組合推向市場。

These are the investments that we are proud of, the new Supermicro 3.0.

這些是我們引以為豪的投資，新的 Supermicro 3.0。

Supermicro 3.0 positions us as the fastest growing Tier 1 IT infrastructure provider, capable of delivering first-to-market product innovations in a global scale with quality, management software, on-site service global and support to engage our rapidly growing enterprise customer base.

Supermicro 3.0 將我們定位為增長最快的一級 IT 基礎設施供應商，能夠在全球範圍內提供率先上市的產品創新，提供質量、管理軟件、全球現場服務和支持，以吸引我們快速增長的企業客戶群。

The record high revenue and strong second half growth rate is a direct result of Supermicro 3.0 investment with the major fundamentals in place and the new Skylake product portfolio shipping.

創紀錄的高收入和強勁的下半年增長率是 Supermicro 3.0 投資的直接結果，主要基本面已經到位，新的 Skylake 產品組合出貨。

Future investment and expense will begin to [trend] up, driving much improved profitability moving forward.

未來的投資和費用將開始 [趨勢] 上升，推動盈利能力大幅提高。

The new foundation of Supermicro 3.0 has 3 potential locations worldwide, totaling almost 3 million square feet, with a production building, including dedicated record-level integration, conversion and validation.

Supermicro 3.0 的新基地在全球有 3 個潛在地點，總面積近 300 萬平方英尺，有一個生產大樓，包括專門的記錄級集成、轉換和驗證。

Combined, this capacity can support an annual revenue up to $5 billion on hardware alone.

結合起來，這種能力僅在硬件上就可以支持高達 50 億美元的年收入。

In 2017, we shipped approximately 1.2 million server storage nodes in system and subsystems, based on leading analyst estimates.

根據領先的分析師估計，2017 年，我們在系統和子系統中出貨了大約 120 萬個服務器存儲節點。

This volume is above 10% of our total number of systems shipped in the world.

這一數量超過了我們在全球出貨的系統總數的 10%。

Under Supermicro 3.0, our direct billings in large enterprise data center storage and deeper learning is expanding rapidly.

在 Supermicro 3.0 下，我們在大型企業數據中心存儲和深度學習方面的直銷正在迅速擴大。

We are seeing significantly more engagements with large enterprise customers than ever before from Fortune 100 companies in technology, social media, major retailers, news media, cable companies and Internet and retail.

我們看到來自技術、社交媒體、主要零售商、新聞媒體、有線電視公司以及互聯網和零售領域的財富 100 強公司與大型企業客戶的互動比以往任何時候都多。

We are engaging earlier for technology optimization and providing more total solutions, which include incomplete systems, software integration, quality reputation, solution optimization, data center management software, and global on-site service.

我們更早地進行技術優化，提供更多的整體解決方案，包括不完整的系統、軟件集成、質量信譽、解決方案優化、數據中心管理軟件和全球現場服務。

Our channel strategy has also evolved under Supermicro 3.0.

我們的渠道策略也在 Supermicro 3.0 下得到了發展。

We are working more closely with the channel and with their end user to provide solutions that drive demand to our partner.

我們正在與渠道及其最終用戶更緊密地合作，為我們的合作夥伴提供推動需求的解決方案。

Channel accounts for 46.3% of our revenue, and we are becoming a more strategic vendor to those channel partner through sales of computer systems, which contributed to the growth of total systems revenue of 74.3% over the quarter.

渠道占我們收入的 46.3%，我們正在通過銷售計算機系統成為這些渠道合作夥伴更具戰略意義的供應商，這促成了本季度系統總收入增長 74.3%。

Under Supermicro 3.0, we also continue to invest in new product lines to enhance our industry-leading solutions, including our complete line of over 100 new X11 system models based on the recently announced Intel Xeon scalable processor.

在 Supermicro 3.0 下，我們還繼續投資於新產品線，以增強我們行業領先的解決方案，包括我們基於最近發布的英特爾至強可擴展處理器的 100 多種新 X11 系統型號的完整產品線。

Our BigTwin, SuperBlade, NVMe storage systems and AI and deep learning solutions have been optimized to deliver the high-scale performance and efficiency from the new Intel processor and the latest NVMe innovations, especially All-Flash and hybrid NVMe solutions.

我們的 BigTwin、SuperBlade、NVMe 存儲系統以及 AI 和深度學習解決方案已經過優化，可通過全新英特爾處理器和最新的 NVMe 創新技術（尤其是全閃存和混合 NVMe 解決方案）提供大規模性能和效率。

We have been -- we have seen major design wins for our new 2U 4-node BigTwin offering in both the service providers and as well as major storage OEMs.

我們已經——我們已經看到我們新的 2U 4 節點 BigTwin 產品在服務提供商和主要存儲 OEM 中獲得了重大設計勝利。

The advanced feature of our 2U 24 NVMe system secure a large-scale agreement at a major financial service company.

我們的 2U 24 NVMe 系統的高級功能確保了一家大型金融服務公司的大規模協議。

And we have seen triple-digital growth in our GPU and AI deep learning system scale -- system sale.

我們已經看到我們的 GPU 和 AI 深度學習系統規模——系統銷售實現了三位數的增長。

We continue to be the leader in NVMe technology and our ramp of NVMe sales is growing dramatically.

我們仍然是 NVMe 技術的領導者，我們的 NVMe 銷售額正在急劇增長。

We secured several new major data center wins and interest from [specific robotics], such as autonomous driving based on our NVMe competitive advantages.

我們獲得了幾個新的主要數據中心的勝利和[特定機器人技術]的興趣，例如基於我們的 NVMe 競爭優勢的自動駕駛。

NVMe storage delivered orders of magnitude, better performance than traditional solutions.

NVMe 存儲提供了數量級的性能，比傳統解決方案更好。

And we had over [80] optimized designs available in a variety of configurations, including a 2U system capable of delivering 16 million IOPS, which is one of the highest performance systems in the whole industry.

我們擁有超過 [80] 個優化設計，可用於各種配置，包括一個能夠提供 1600 萬次 IOPS 的 2U 系統，這是整個行業中性能最高的系統之一。

Our global service and management software have critical factors for Supermicro 3.0.

我們的全球服務和管理軟件是 Supermicro 3.0 的關鍵因素。

They provide a Tier 1 experience for our server and storage portfolio.

他們為我們的服務器和存儲產品組合提供了一級體驗。

They create a stronger and deeper relationship with our customers.

他們與我們的客戶建立了更牢固、更深入的關係。

Our service team work hand-in-hand with our enterprise customer to [deploy] the highest performing and most efficient data center in the world.

我們的服務團隊與我們的企業客戶攜手合作，[部署] 世界上性能最高、效率最高的數據中心。

Our software tools are tightly integrated into the customer environment and tool set.

我們的軟件工具緊密集成到客戶環境和工具集中。

We achieved [$15 million] of billings from global service and management software in 2017.

2017 年，我們從全球服務和管理軟件中獲得了 [1500 萬美元] 的收入。

That is nearly double from the last year.

這幾乎是去年的兩倍。

And we will continue to double yearly moving forward with a higher margin and amortized revenue model driving increased profitability over time.

隨著時間的推移，我們將繼續以更高的利潤率和攤銷收入模式推動盈利能力的增長，每年翻一番。

Looking forward, the combination of new Intel Xeon scalable processor and advanced NVMe products make this technology transition cycle one of the most significant opportunities for our customers in over a decade.

展望未來，新的英特爾至強可擴展處理器與先進的 NVMe 產品相結合，使這一技術轉型週期成為我們客戶十多年來最重要的機遇之一。

Along with the Supermicro 3.0, we have the foundation, the product and a strong pipeline to take maximum advantage of this technology transition.

與 Supermicro 3.0 一起，我們擁有基礎、產品和強大的管道來最大限度地利用這一技術轉型。

We believe that fiscal year 2018 will be one of the strongest years in Super Micro's history.

我們相信 2018 財年將是超微歷史上最強勁的一年。

For more specifics on the first quarter, let me turn it over to Howard.

關於第一季度的更多細節，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 details in the slide presentation and prepared remarks accompanying this conference call.

GAAP 與非 GAAP 的對賬包含在公司今天的收益發布中的財務報表中，以及本次電話會議隨附的幻燈片演示和準備好的評論中的補充細節中。

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

讓我首先回顧一下第四季度的損益表。

We ended fiscal year 2017 with a record $717.9 million in revenues for the fourth quarter and executing on a number of strategic investments, which put us in very strong position as this technology refresh cycle begins.

我們在 2017 財年第四季度的收入達到創紀錄的 7.179 億美元，並執行了多項戰略投資，這使我們在這個技術更新周期開始時處於非常有利的地位。

The investments across a number of market verticals and geographies around the world have expanded our business opportunities with a host of new and exciting and existing customers, especially in large enterprise.

在全球多個垂直市場和地區的投資擴大了我們與許多新客戶和現有客戶的商機，尤其是在大型企業中。

The increase in revenues of 36.9% from last year was widespread across our market verticals, such as enterprise, storage, IoT and accelerated computing.

收入比去年增長 36.9%，這在我們的垂直市場中很普遍，例如企業、存儲、物聯網和加速計算。

This was offset in part by a decline in IDC.

IDC 的下滑部分抵消了這一影響。

On a geographical basis, we had strong growth in Asia, Europe and in the U.S. The 13.7% sequential increase in revenues was primarily driven by strength in Asia.

從地域上看，我們在亞洲、歐洲和美國實現了強勁增長。收入環比增長 13.7% 主要是受亞洲強勁增長的推動。

In particular, China was up 35% as we leveraged 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 35%。

Non-GAAP gross margin was 13.5%, down 60 basis points from 14.1% a year ago and down 50 basis points from 14% sequentially.

非美國通用會計準則毛利率為 13.5%，較上年同期的 14.1% 下降 60 個基點，較上一季度的 14% 下降 50 個基點。

The decrease from prior year and sequentially was primarily due to cost increases in memory and SSD; higher sales in Asia, which is typically more competitive; and sales of later-stage life-cycle products also affected margins.

較上年和環比下降的主要原因是內存和 SSD 的成本增加；在亞洲的銷售額更高，通常更具競爭力；後期生命週期產品的銷售也影響了利潤率。

Offsetting these were operational efficiencies, which we have made over the past few years through capacity utilization, economies of scale, more complete solution sales with higher content of software and services.

抵消這些的是運營效率，我們在過去幾年中通過產能利用率、規模經濟、更完整的解決方案銷售以及更高的軟件和服務內容實現了這一點。

Non-GAAP operating margin was 4.5%, up 1.4% from 3.1% a year ago and 20 basis points from 4.3% sequentially.

非 GAAP 營業利潤率為 4.5%，較上年同期的 3.1% 增長 1.4%，較上一季度的 4.3% 增長 20 個基點。

The increase in -- from prior year and sequentially were primarily due to the growing revenue at a faster pace than our operating expenses.

與去年同期相比的增長主要是由於收入增長速度快於我們的運營費用。

This year, we plan to tighten our headcount and expense control with the goal of continuing to leverage the investments we have already made and drive improved profitability.

今年，我們計劃加強員工人數和費用控制，目標是繼續利用我們已經進行的投資並提高盈利能力。

Net income was $20.7 million, up 100.2% from $10.4 million a year ago and up 2.1% from $20.3 million sequentially.

淨收入為 2070 萬美元，比一年前的 1040 萬美元增長 100.2%，比上一季度的 2030 萬美元增長 2.1%。

On a non-GAAP basis, fully diluted EPS was $0.39 per share, which was up from $0.20 per share a year ago and up from $0.38 per share sequentially.

在非 GAAP 基礎上，完全稀釋每股收益為 0.39 美元，高於一年前的每股 0.20 美元和上一季度的每股 0.38 美元。

The number of fully diluted shares used in the fourth quarter was 53 million.

第四季度使用的完全稀釋股數為5300萬股。

Turning to free cash flow on a sequential basis.

轉向連續的自由現金流。

Cash and cash equivalents, short- and long-term investments were $115.9 million, up $5.4 million from $110.5 million in the prior quarter.

現金和現金等價物、短期和長期投資為 1.159 億美元，比上一季度的 1.105 億美元增加 540 萬美元。

In the fourth quarter, free cash flow was a negative $12.3 million, primarily due to an increase in AR of $92.1 million, offset in part by a decrease in inventory net of accounts payable of $40.9 million.

第四季度，自由現金流為負 1230 萬美元，這主要是由於應收賬款增加 9210 萬美元，部分被扣除應付賬款後的庫存減少 4090 萬美元所抵消。

So the increase in AR was primarily due to higher revenues which accelerated late in the quarter.

因此，AR 的增長主要是由於本季度末收入增加加速。

Overall, cash conversion cycle days was 95, which is 5 days lower than the prior quarter and 4 days higher than the same quarter last year.

總體而言，現金周轉週期天數為 95 天，比上一季度減少 5 天，比去年同期增加 4 天。

We do expect the SSD and memory issues to last through the end of the calendar year.

我們確實預計 SSD 和內存問題將持續到日曆年年底。

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 first quarter of fiscal 2018, we see strong growth opportunities from a technology refresh cycle which is just starting.

隨著我們進入 2018 財年第一季度，我們從剛剛開始的技術更新周期中看到了強勁的增長機會。

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的強大吸引力，尤其是在大型企業中。

These factors, coupled with the investments we have made in our future during the past few years, give us strong momentum to accelerate our growth in the many market verticals we serve as exhibited by last quarter's results.

這些因素，再加上我們在過去幾年中對未來所做的投資，為我們提供了強勁的動力來加速我們在上一季度業績中所服務的許多垂直市場的增長。

Therefore, the company currently expects net sales for the quarter ending September 30, 2017, in a range of $625 million to $685 million.

因此，公司目前預計截至 2017 年 9 月 30 日的季度淨銷售額在 6.25 億美元至 6.85 億美元之間。

Assuming this revenue range, the company expects non-GAAP earnings per diluted share of approximately $0.30 to $0.40 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 0.30 美元至 0.40 美元。

At the midpoint, this will represent an increase of 24% in revenue and 9% in EPS from the prior year.

從中點來看，這將比上一年增加 24% 的收入和 9% 的每股收益。

We continue to expect to reach the $3 billion run rate by the end of the year -- calendar year.

我們繼續期望到今年年底 - 日曆年達到 30 億美元的運行率。

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

目前預計，在公司發布下一季度財報之前不會更新展望，儘管隨後有事態發展。

However, the company may update the outlook or any portion thereof at any time.

但是，公司可能會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 finished the fiscal year 2017 with record revenue and strong momentum.

我們以創紀錄的收入和強勁的勢頭結束了 2017 財年。

Supermicro 3.0 provides the foundation and product to take advantage of this cycle of technology transition.

Supermicro 3.0 提供了利用這一技術轉型週期的基礎和產品。

We believe that fiscal 2018 will be one of the strongest years in Super Micro's history.

我們相信 2018 財年將是超微歷史上最強勁的一年。

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

接線員，此時此刻，我們準備好提問了。

Operator, we're ready for questions.

接線員，我們準備好提問了。

(Operator Instructions) And we'll take our first question from Mehdi Hosseini with Susquehanna Financial Group.

（操作員說明）我們將與 Susquehanna Financial Group 一起回答 Mehdi Hosseini 的第一個問題。

This is David Ryzhik for Mehdi.

我是邁赫迪的 David Ryzhik。

Just a few if I can.

如果可以的話，就幾個。

The midpoint of your revenue guide comes out to around down 9% Q-over-Q.

你的收入指南的中點結果是 Q-over-Q 下降了 9% 左右。

Just wondering, what are the factors there, particularly given that you're entering the product cycle and it's assumed that it would be ramping in the September quarter.

只是想知道那裡的因素是什麼，特別是考慮到您正在進入產品週期並且假設它會在 9 月季度增加。

And I had a follow-up.

我有一個後續行動。

Yes, David, this is Howard.

是的，大衛，這是霍華德。

Yes, we are seeing the ramp-up as Skylake is launched here.

是的，隨著 Skylake 在這裡推出，我們看到了增長。

Again though, the September quarter is seasonally soft, and the -- this guidance is above seasonal averages.

不過，9 月季度季節性疲軟，而且——這一指導高於季節性平均水平。

Got it.

知道了。

And regarding gross margins; if memory pricing was a 50 to 70 basis point hit, and I assume it was 70 basis points, that would've put your gross margins at 14.2.

關於毛利率；如果內存價格下跌 50 到 70 個基點，我假設是 70 個基點，那將使您的毛利率達到 14.2。

Given the -- in the June quarter.

鑑於 - 在 6 月季度。

Given the high volume, the favorable mix from the lower Internet data center, just would've thought that the normalized gross margins would've been higher perhaps from capacity utilization.

鑑於容量大，較低的互聯網數據中心的有利組合，只是認為正常化的毛利率可能會因產能利用率而更高。

Can you just talk about what are the other impacts?

你能談談其他影響是什麼嗎？

I mean, you mentioned Asia business.

我的意思是，你提到了亞洲業務。

Can you just elaborate a little bit more on some of the mix and if there's any kind of pricing impact that we should be aware of in gross margins?

您能否詳細說明一些組合，以及我們是否應該在毛利率方面注意任何定價影響？

Yes.

是的。

Last quarter, indeed, memory and flash price grew more than 20%.

上個季度，內存和閃存價格確實上漲了 20% 以上。

In this quarter alone, we have seen an improvement, [net growth] 10%, will improve for the whole quarter, I hope.

僅在本季度，我們就看到了改善，[淨增長] 10%，我希望整個季度都會有所改善。

[Soon] the price [stays] high, and that's why we try to be conservative because for memory, for flash, ASP or some unknown factor.

[很快] 價格 [保持] 高位，這就是我們嘗試保守的原因，因為對於內存、閃存、ASP 或一些未知因素。

And David, just to add to what Charles was saying with regards to that; again, we are at the end of the technology refresh cycle, and we're coming into a brand new technology refresh cycle.

大衛，只是想補充一下查爾斯對此所說的話；同樣，我們正處於技術更新周期的末尾，我們正在進入一個全新的技術更新周期。

So typically at the end of the cycle, the pricing gets a little bit more -- less on the older technology.

因此，通常在周期結束時，舊技術的定價會多一點——少一點。

And so I guess, the follow-up would be; should we expect, given that you're entering the product cycle, the favorable margin impact, should we expect Q-over-Q increase in gross margins?

所以我想，後續行動將是；鑑於您正在進入產品週期，我們是否應該期待有利的利潤率影響，我們是否應該期待毛利率的 Q-over-Q 增長？

Yes.

是的。

I think the ramp for -- of the product cycle we talked before is probably going to be towards the December quarter.

我認為我們之前談到的產品週期的斜坡可能會在 12 月季度出現。

It usually takes something like 2 quarters to ramp the production to the new chipset.

通常需要大約 2 個季度的時間才能將產量提升到新的芯片組。

And we'll move to our next question from Aaron Rakers with Stifel.

我們將轉到 Aaron Rakers 和 Stifel 的下一個問題。

Great.

偉大的。

This is Joe Quatrochi on for Aaron.

這是 Aaron 的 Joe Quatrochi。

Just want to go back to the September quarter guide, and you -- and talking about that it is above seasonal and then Skylake's going to be more of a kind of December quarter story or ramp.

只想回到 9 月季度指南，而你 - 談論它高於季節性，然後 Skylake 將更像是一種 12 月季度的故事或斜坡。

What's the kind of outline driver for the September guide?

九月指南的大綱驅動程序是什麼？

Well I think we talk about a number of new engagements and new customers that we're bringing onboard, so the pipeline is very strong.

好吧，我想我們談論了一些我們帶來的新參與和新客戶，所以管道非常強大。

Okay.

好的。

Maybe can you talk a little bit about the growth you're seeing in China, what's driving that?

也許你能談談你在中國看到的增長，是什麼推動了它？

Is it the Fiberhome partnership or something else?

是烽火合作還是其他？

Yes.

是的。

Our business in China continues to be strong.

我們在中國的業務繼續保持強勁勢頭。

And we see -- we continue to gain a major partner, I mean, especially large corporates.

我們看到 - 我的意思是，我們繼續獲得主要合作夥伴，尤其是大型企業。

And that trend will continue.

而且這種趨勢將繼續下去。

Okay.

好的。

And then just a quick follow-up on the gross margin.

然後快速跟進毛利率。

I don't think -- maybe I misheard the manufacturing utilization this quarter.

我不認為——也許我聽錯了本季度的製造業利用率。

And then -- I mean, do you think this could be the bottom of gross margin as we kind of work through some of these memory cost increases?

然後 - 我的意思是，你認為這可能是毛利率的底部，因為我們正在努力解決其中一些內存成本增加的問題嗎？

Basically, we hope so.

基本上，我們希望如此。

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

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

As you look in the full year out, and you've talked about Supermicro 3.0, is there -- this diversification that you're now enjoying, is there a new focus for the company?

當你回顧全年時，你談到了 Supermicro 3.0，你現在享受的這種多元化，公司是否有新的重點？

Or is diversification really the name of the game as we look going forward?

或者，多元化真的是我們展望未來的遊戲名稱嗎？

Indeed, as you may know, we invested a lot, like in last 3 years, we grew 60% engineering manpower.

事實上，正如你所知，我們投入了很多，就像在過去 3 年裡，我們增加了 60% 的工程人力。

That's why we are able to implement our global service team, and we are able to make our server storage data center management software completed and ready.

這就是為什麼我們能夠實施我們的全球服務團隊，並且我們能夠完成並準備好我們的服務器存儲數據中心管理軟件。

So with all those ready, we are able to continue to gain enterprise customers.

因此，在所有這些準備就緒的情況下，我們能夠繼續獲得企業客戶。

Indeed, in the last 12 months, we won more than 15 large enterprise customers.

事實上，在過去的 12 個月裡，我們贏得了超過 15 個大型企業客戶。

And this year, we believe we will accelerate the large enterprise customer [revenue].

而今年，我們相信我們將加速大型企業客戶的 [收入]。

That means we are truly ready -- function like a true Tier 1 company with product advantage and with a completed solution, including service.

這意味著我們真正做好了準備——像一家真正的一級公司一樣運作，擁有產品優勢和完整的解決方案，包括服務。

Great.

偉大的。

And I guess, maybe a technical question.

我想，也許是一個技術問題。

Obviously, storage was a really strong performer in this past quarter, up significantly both year-on-year as well as sequentially.

顯然，存儲在上個季度表現非常強勁，同比和環比都有顯著增長。

In the past -- historical Super Micro, you guys used to ship a lot of JBODs basically.

過去——歷史上的 Super Micro，你們過去基本上都出貨過很多 JBOD。

Now you guys have a very strong NVMe product portfolio, and I'm curious as to how much of your storage solutions these days are solid-state as opposed to rotational?

現在你們擁有非常強大的 NVMe 產品組合，我很好奇你們現在有多少存儲解決方案是固態的而不是旋轉的？

Indeed, last year, the whole year, we grew about 30% in storage system overall.

事實上，去年全年，我們在存儲系統方面的整體增長約為 30%。

And looking forward, we will continue to have a strong growth in storage, especially our NVMe base.

展望未來，我們將繼續在存儲方面實現強勁增長，尤其是我們的 NVMe 基礎。

Is there a margin difference?

有保證金差異嗎？

If we normalize availability of NAND and DRAM, Howard, is there a significant difference in terms of this -- the gross margins that you guys can generate with these NVMe systems as opposed to the JBOD systems that you were shipping previously?

如果我們將 NAND 和 DRAM 的可用性標準化，霍華德，在這方面是否存在顯著差異 - 你們可以使用這些 NVMe 系統產生的毛利率與您之前運送的 JBOD 系統相比？

Basically, NVMe new technology, we're supposed to have much better profit margin, however the shortage.

基本上，NVMe 新技術，我們應該有更好的利潤率，但是短缺。

And at the same time, we need much more volume because we are fastly growing.

與此同時，我們需要更多的數量，因為我們正在快速增長。

So in that case, we had to pay a premium to gain more volume.

因此，在那種情況下，我們必須支付溢價才能獲得更多銷量。

That's why margin was low.

這就是利潤率低的原因。

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

我們將轉到來自 Maxim Group 的 Nehal Chokshi 的下一個問題。

Two part question here.

這裡有兩部分問題。

So first, memory and NAND flash price increases for the quarter.

首先，本季度內存和 NAND 閃存價格上漲。

How much was it to you guys on a Q-over-Q basis?

Q-over-Q 對你們來說有多少？

Well, as Charles mentioned earlier, we saw price increases around 20%.

好吧，正如查爾斯之前提到的，我們看到價格上漲了 20% 左右。

Within the commentary, I said that it had about 50 to 70 bps impact to our gross margins.

在評論中，我說它對我們的毛利率產生了大約 50 到 70 個基點的影響。

Okay.

好的。

And so I guess, there's some customers that did not accept price increases or you had an existing fixed-price contract.

所以我猜，有些客戶不接受價格上漲，或者你有現有的固定價格合同。

And the -- what I'm trying to get at is that, there must have been some percent of customers that didn't accept that.

而且——我想說的是，一定有一定比例的客戶不接受這一點。

And a, what is that percent?

還有，那個百分比是多少？

And then, b, it seems like, given the incremental revenue and then there was actually negative incremental EPS from what I can tell that this was actually a negative incremental gross margin business because they didn't accept the increased price.

然後，b，看起來，考慮到增量收入，然後實際上有負增量每股收益，據我所知，這實際上是一個負增量毛利率業務，因為他們不接受增加的價格。

So b, is that correct?

那麼b，這樣對嗎？

And then, if that is correct, why honor that contract?

然後，如果那是正確的，為什麼要履行該合同？

Again, the contract was in place, it's expiring and being renegotiated.

同樣，合同已經到位，即將到期並正在重新談判。

So again, we had contracts there and it was terminated.

再一次，我們在那裡有合同，但合同被終止了。

But again, the volume went up and it did hurt us a bit as we mentioned earlier in our press releases.

但是，正如我們之前在新聞稿中提到的那樣，交易量再次上升，確實對我們造成了一些傷害。

We'll soon rectify it.

我們會盡快糾正它。

Okay.

好的。

If I may, I'd like another follow-up question, just different topic.

如果可以的話，我想要另一個後續問題，只是不同的主題。

The ASP per server really took off, it was up 43% year-over-year and 13% Q-over-Q.

每台服務器的 ASP 真正起飛，同比增長 43%，環比增長 13%。

What's behind this significant increase?

這種顯著增長的背後是什麼？

Well, I think -- like I said, we're getting into our more full boxes now.

好吧，我想——就像我說的，我們現在正在進入更完整的盒子。

As Charles mentioned, we're building our breadth into the large enterprise-type customers, [data-type] customers, from taking full boxes.

正如 Charles 提到的那樣，我們正在通過全箱服務將我們的廣度擴展到大型企業型客戶，[數據類型] 客戶。

Previously, if you remember, our server solutions category had everything from barebones to complete server solutions.

以前，如果您還記得的話，我們的服務器解決方案類別包含從準系統到完整服務器解決方案的所有內容。

So we're now moving more into complete server solutions, including software and support services.

因此，我們現在更多地轉向完整的服務器解決方案，包括軟件和支持服務。

And we'll take our next question from Alex Kurtz with KeyBanc Capital Markets.

我們將從 KeyBanc Capital Markets 的 Alex Kurtz 那裡回答下一個問題。

Can you hear me okay?

你能聽到我說話嗎？

Yes, we can, Alex.

是的，我們可以，亞歷克斯。

Great.

偉大的。

So just on some numbers here.

所以這裡只是一些數字。

What was the utilization rate in the quarter?

該季度的利用率是多少？

And what was the emerging growth -- the emerging storage growth rate?

什麼是新興增長——新興存儲增長率？

Yes.

是的。

For the quarter, Alex, it was about 60% on utilization.

亞歷克斯，本季度的利用率約為 60%。

Yes.

是的。

And the emerging storage [names]...

以及新興的存儲 [名稱]...

Let me get back to you on that question.

讓我再回答你這個問題。

Okay.

好的。

My question for you guys is just taking a deeper look here at the data center business.

我對你們的問題只是更深入地了解數據中心業務。

Obviously, IBM was a tough comp in fiscal '17, but even if you, I think, exclude IBM out of the data center number, it was down this year in fiscal '17.

顯然，IBM 在 17 財年是一個強硬的競爭對手，但我認為，即使你將 IBM 排除在數據中心數量之外，它在 17 財年的數據中心數量也在下降。

Historically, the IDC business has been a good business for you guys.

從歷史上看，IDC 業務對你們來說一直是一項不錯的業務。

So what's going on there?

那麼那裡發生了什麼？

Even if you exclude IBM, it looks like things were down.

即使你排除 IBM，看起來情況也很糟糕。

Can this business -- can the IDC business grow in fiscal '18 at the same growth rate as the rest of the business?

這項業務 - IDC 業務能否在 18 財年以與其他業務相同的增長率增長？

Yes, indeed, in last year, including last quarter, the major challenge to us was the [no NAND] memory.

是的，的確，在去年，包括上個季度，我們面臨的主要挑戰是[無 NAND] 內存。

Not just the price is high but, in lots of case, we had to wait for memory.

不僅價格高，而且在很多情況下，我們不得不等待內存。

So was no NAND memory in some tier, we had to wait for flash, so that kind of impact.

所以在某些層中沒有 NAND 內存，我們不得不等待閃存，所以那種影響。

That's why we have the best IDC, Internet data center business especially.

這就是為什麼我們擁有最好的 IDC，尤其是互聯網數據中心業務。

So memory specifically held up projects, Charles, is that, right?

所以記憶特別阻礙了項目，查爾斯，是嗎？

Your question again?

又是你的問題？

So memory impacted your ability to deliver on some opportunities in the IDC space, is that what you're saying?

因此，記憶力影響了您在 IDC 領域抓住某些機會的能力，您是這麼說的嗎？

Part of the reason, but also because memory price is so high.

部分原因，也是因為內存價格實在是太高了。

And as you know, Internet data center profit margin basically more limited.

眾所周知，互聯網數據中心的利潤空間基本上比較有限。

That's why we have the best in that area.

這就是為什麼我們在該領域擁有最好的。

And just last question for Howard.

霍華德的最後一個問題。

I can get the storage number later, but what would stop you from getting back to like a 15%-plus gross margin exiting fiscal '18, Howard, assuming that memory does play out the way you think it does and you have Skylake kicking in, which always is helpful for you?

我稍後可以得到存儲數量，但是什麼會阻止你回到 18 財年結束時 15% 以上的毛利率，霍華德，假設內存確實按照你認為的方式發揮作用並且你有 Skylake 踢進來，這總是對你有幫助？

So why can't investors think about a 15%-plus kind of gross margin on exiting fiscal '18 if all those things were to come together?

那麼，如果所有這些因素結合在一起，為什麼投資者不能考慮在退出 18 財年時獲得 15% 以上的毛利率呢？

I think, like, what we've talked about here, Alex, we've got a number of investments, we're going to be leveraging off our investments, being better on our operational efficiencies and operating expenses.

我想，就像我們在這裡談論的那樣，亞歷克斯，我們有很多投資，我們將利用我們的投資，更好地提高我們的運營效率和運營費用。

So obviously, there are a lot of opportunities for us to grow that margin through this year, especially with the refresh cycle coming.

很明顯，我們有很多機會在今年增加利潤率，特別是隨著更新周期的到來。

With regard to -- just sort of back on the next-gen, it was about 76% year-over-year growth.

關於 - 只是回到下一代，同比增長約 76%。

And you guys still feel that -- you did have that 1 vendor that was acquired by a larger OEM, and that hasn't impacted your emerging storage business yet?

你們仍然覺得——你們確實有一家供應商被一家更大的 OEM 收購了，這還沒有影響你們新興的存儲業務嗎？

No, it hasn't.

不，它沒有。

And probably, it will provide us with great opportunities going forward as well.

很可能，它也會為我們提供前進的巨大機會。

To work with that OEM that acquired that company?

與收購那家公司的原始設備製造商合作？

That's correct.

這是正確的。

(Operator Instructions) We'll take our next question from Nehal Chokshi with Maxim Group.

（操作員說明）我們將接受來自 Maxim Group 的 Nehal Chokshi 的下一個問題。

One bookkeeping question; number of subsystem units?

一道簿記題；子系統單元的數量？

Number of subsystem units was 1,014,000.

子系統單元數為 1,014,000。

Okay.

好的。

And then, of the 15 new large-scale enterprise in fiscal year '17, how many of them began in this quarter?

那麼，在17財年新增的15家大型企業中，有多少是本季度開始的？

Can you say that again, Nehal, sorry.

你能再說一遍嗎，Nehal，抱歉。

So in the presentation, there was a statement that there was 15 new large-scale enterprise customers during fiscal year '17.

因此，在演示文稿中，有聲明稱在 17 財年有 15 個新的大型企業客戶。

I'm wondering how many of those actually started deployments within this June quarter?

我想知道其中有多少實際上是在這個 6 月季度內開始部署的？

Indeed, all of them start deployment in last year, and around half of them started to move on June quarter.

事實上，他們都在去年開始部署，其中大約一半在 6 月季度開始搬遷。

But because it's new, that's why the first deployment is not as big.

但因為它是新的，所以第一次部署沒有那麼大。

But kind of relatively a very good size though.

但是相對來說是一個非常好的尺寸。

And so effectively, I think there was like a 170% Q-over-Q increase in the enterprise revenue.

如此有效，我認為企業收入 Q-over-Q 增長了 170%。

Was that because of all these new large-scale customers?

是因為所有這些新的大型客戶嗎？

Or was it because you had significant expense from the large-scale customers?

還是因為您從大型客戶那裡支出了大量費用？

I believe majority from the new enterprise customer.

我相信大多數來自新的企業客戶。

Okay.

好的。

And then for those that did become Super Micro customers at the beginning of the fiscal year, how has cadence of orders been from those large-scale customers?

那麼對於那些在財年開始時確實成為超微客戶的公司來說，這些大型客戶的訂單節奏如何？

Well, certainly, the opportunities are there.

嗯，當然，機會就在那裡。

And we're going to be -- as we've said earlier, the pipeline is very good for us.

我們將會 - 正如我們之前所說，管道對我們非常有利。

Yes.

是的。

Last year, we won, I believe, more than 15 large enterprise customer.

去年，我相信我們贏得了超過 15 家大型企業客戶。

This year, we foresee at least to win another 25 or 30.

今年，我們預計至少會再贏得 25 或 30 個。

We'll take our next question from Mehdi Hosseini with Susquehanna Financial group.

我們將接受 Susquehanna Financial Group 的 Mehdi Hosseini 的下一個問題。

This is David Ryzhik again for Mehdi.

我是邁赫迪的 David Ryzhik。

Just to clarify, what percent of total revenue in the June quarter did enterprise make up?

澄清一下，企業佔 6 月季度總收入的百分比是多少？

And just given your target of adding 30 new customers in fiscal '18, do you have a target of what percentage enterprise can make up of total revenue exiting the fiscal year?

鑑於您在 18 財年增加 30 個新客戶的目標，您是否有一個目標，即企業可以佔本財年總收入的百分比？

Yes, for the quarter, David, it was about 8% of total revenues.

是的，這個季度，大衛，它大約佔總收入的 8%。

Great.

偉大的。

And do you have a target exiting '18?

你有退出 18 年的目標嗎？

We haven't put a target out there.

我們還沒有在那裡設定目標。

Certainly we have plenty of opportunities.

當然，我們有很多機會。

I hope at least double.

我希望至少翻倍。

Great.

偉大的。

Great.

偉大的。

And just related to that, how can we think about OpEx for fiscal '18?

與此相關的是，我們如何考慮 18 財年的運營支出？

You do have an aggressive strategy to add -- onboard these new customers.

您確實有一個積極的策略可以添加——加入這些新客戶。

I would assume that would require some investment.

我認為這需要一些投資。

Yet, in your slide deck, you talked about that leveling off.

然而，在您的幻燈片中，您談到了這種趨於平穩的情況。

Just how can we think about the quarterly OpEx as moving through fiscal '18?

我們如何才能將季度運營支出視為 18 財年的進展？

Yes.

是的。

That's in the chart we shared with you, last 3 years we grew about 450 engineers, just to enable Supermicro 3.0.

在我們與您分享的圖表中，過去 3 年我們培養了大約 450 名工程師，只是為了啟用 Supermicro 3.0。

And pretty much that whole program already is established.

幾乎整個計劃已經建立。

So looking forward, we don't have to invest actual -- don't have to invest that much actual investment.

因此，展望未來，我們不必進行實際投資——不必進行那麼多實際投資。

Got it.

知道了。

And so I guess -- so no real need to invest in sales and marketing capacity to onboard additional enterprise customers?

所以我猜 - 所以真的不需要投資銷售和營銷能力來吸引更多的企業客戶嗎？

Or do you feel like you have what you need?

或者你覺得你有你需要的東西嗎？

Pretty much ready.

差不多準備好了。

We need to hire more wherever limited.

我們需要在有限的地方僱用更多人。

And we'll take our next question from Aaron Rakers with Stifel.

我們將接受來自 Stifel 的 Aaron Rakers 的下一個問題。

Yes.

是的。

And I apologize for kind of joining a little bit late, maybe some housekeeping things first.

我很抱歉加入有點晚，也許先做些家務。

How should we think about the progression of the tax rate?

我們應該如何看待稅率的遞增？

In the prepared remarks -- and this is a new concept for us a bit, Aaron, so if you look on our website, you'll see some prepared remarks from us.

在準備好的評論中——亞倫，這對我們來說是一個新概念，所以如果你查看我們的網站，你會看到我們的一些準備好的評論。

It will say that we do have a guide for this quarter of about 34% on the tax rate.

它會說我們確實有本季度大約 34% 的稅率指南。

Yes.

是的。

And I guess I was asking more beyond that.

而且我想我問的不止於此。

I mean, it's been somewhat volatile, quarter-by-quarter, over the last few quarters.

我的意思是，在過去幾個季度中，每個季度都有些波動。

So understanding it's somewhat driven by the international mix, et cetera.

所以理解它在某種程度上是由國際組合等驅動的。

But again, I think it would be helpful to understand, with some of the [taxings] that you've done over the last few quarters, what should we be thinking about the progression?

但同樣，我認為了解您在過去幾個季度所做的一些 [徵稅] 會有所幫助，我們應該如何考慮進展？

Where do you think a normalized tax rate kind of falls out for the company?

您認為正常化稅率對公司有何影響？

Well, I think certainly it gets better for us as we go further -- grow further offshore, increase our foreign presence.

好吧，我認為隨著我們走得更遠，對我們來說肯定會變得更好——進一步發展離岸業務，增加我們的海外業務。

But at this point, we're guiding 34% for the quarter.

但在這一點上，我們指導本季度 34%。

Okay, fair enough.

好吧，很公平。

If you didn't have the constraints this last quarter on DRAM, and it sounds like maybe a little bit of flash or SSDs as well, what do you think your revenue could have been?

如果你上個季度沒有 DRAM 的限制，而且聽起來可能還有一點閃存或 SSD，你認為你的收入會是多少？

Was that a $20 million impact, $30 million, $50 million?

那是 2000 萬美元、3000 萬美元還是 5000 萬美元的影響？

I'm just kind of trying to frame how constrained you are in terms of fulfilling the potential incremental revenue.

我只是想了解您在實現潛在增量收入方面的局限性。

Indeed, it's a lot more.

確實，還有更多。

I missed that.

我錯過了。

Was that a lot more?

那還多嗎？

That wasn't small.

那可不小。

Aaron, I think we've done a very good job of managing this, going through the process of managing this.

亞倫，我認為我們在管理這個方面做得非常好，經歷了這個管理過程。

And so quite frankly, we're delivering orders and doing it.

坦率地說，我們正在交付訂單並做到這一點。

You saw some acceleration at the end of the quarter.

您在本季度末看到了一些加速。

But again, we did a pretty good job of managing the SSD and memory shortage.

但同樣，我們在管理 SSD 和內存短缺方面做得很好。

Okay.

好的。

How much strategic inventory on memory and SSDs are you carrying coming out of this quarter?

本季度您攜帶了多少內存和 SSD 戰略庫存？

I think last quarter, you talked about kind of $63 million of excess inventory.

我想上個季度，你談到了 6300 萬美元的過剩庫存。

It's similar to that.

它類似於那個。

It's similar to that, okay.

跟那個很像，好吧。

And your current view of when things kind of get back to normal, where you're executing in a quarter that there's no supply constraints, when would you expect that to be?

你目前對事情何時恢復正常的看法，你在一個沒有供應限制的季度執行的地方，你期望什麼時候？

Yes.

是的。

We're not -- we haven't forecasted that per se.

我們不是——我們本身還沒有預測到這一點。

We set our guidance...

我們設定了我們的指導......

Basically, the memory and flash shortage problem will be getting better from now on I believe.

基本上，內存和閃存不足的問題我相信從現在開始會好起來的。

So by December quarter, I believe we will see some significant improvement.

因此，到 12 月季度，我相信我們會看到一些顯著的改善。

Okay.

好的。

And then the final question, I'm sorry to go back to it, but the enterprise business growing as much as it is, is pretty remarkable.

然後是最後一個問題，很抱歉回到它，但是企業業務的增長如此之快，非常了不起。

As that grows and becomes a larger potential piece of your overall business, how do we think about the margin profile of that vertical relative to the margin of your overall business today, say, relative to the 13.5% growth?

隨著它的增長並成為您整體業務中更大的潛在部分，我們如何看待該垂直領域相對於您今天整體業務的利潤率的利潤率，比如說，相對於 13.5% 的增長？

I'm just trying to understand how we should think about that given what should be a positive mix of software, maybe services, that are wrapped around that traditional enterprise customer base?

我只是想了解我們應該如何考慮這個問題，因為什麼應該是圍繞傳統企業客戶群的軟件（也許是服務）的積極組合？

Yes, basically, enterprise customer are more picky with quality of solutions, so the margin will be slightly better at least.

是的，基本上，企業客戶對解決方案的質量更挑剔，所以利潤至少會稍微好一點。

Okay.

好的。

Any -- is it 200 basis points?

任何 - 是 200 個基點嗎？

We haven't quantified that, Aaron.

我們還沒有量化，Aaron。

It's going to be better.

它會變得更好。

And that does conclude today's question-and-answer session.

這確實結束了今天的問答環節。

Mr. Liang, at this time, I'd like to turn the conference back to you for any additional or closing remarks.

梁先生，此時，我想將會議轉回給您，請您作任何補充或結束髮言。

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

感謝您今天加入我們，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 one.

有一個偉大的。

And this concludes today's 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.

您現在可以斷開連接。