超微電腦 (SMCI) 2018 Q1 法說會逐字稿

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

女士們先生們，美好的一天，謝謝你們的支持。

Welcome to the Super Micro Computer Inc.

歡迎來到超微計算機公司

First Quarter Fiscal 2018 Business Update Conference Call.

2018 財年第一季業務更新電話會議。

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

該公司今天稍早發布的新聞稿可從其網站 www.supermicro.com 取得。

(Operator Instructions) As a reminder, this call is being recorded, Thursday, October 26, 2017.

（操作員說明）謹此提醒，本次通話將於 2017 年 10 月 26 日星期四進行錄音。

A replay of this call will be accessible until midnight, Thursday, November 9, 2017, by dialing 1 (844) 512-2921 and entering replay pin 9330570.

2017 年 11 月 9 日星期四午夜之前，可撥打 1 (844) 512-2921 並輸入重播密碼 9330570 重播此電話會議。

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

國際電話請撥 1 (412) 317-6671。

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

今天與我們在一起的還有董事長兼執行長梁朝偉 (Charles Liang)；和投資者關係資深副總裁 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 business update conference call for the first fiscal quarter 2018, which ended September 30, 2017.

下午好，感謝您參加美超微於 2017 年 9 月 30 日結束的 2018 年第一財季業務更新電話會議。

As previously disclosed by the company, additional time is needed for the company to compile and analyze certain information and documentation and finalize its financial statements as well as complete a related audit committee review in order to permit the company's independent registered public accounting firm to complete its audit of the financial statements to be incorporated in the Form 10-K and complete its audit of the company's internal controls over financial reporting as of June 30, 2017.

正如該公司先前所揭露的，公司需要額外的時間來編制和分析某些資訊和文件，最終確定其財務報表，並完成相關的審計委員會審查，以便讓公司的獨立註冊會計師事務所完成其財務報表的審查。

Based on these delays, during today's conference call, Super Micro will address business and market trends from the first fiscal quarter of 2018 and will discuss estimated financial results -- but reference to any financial results are preliminary and subject to change based on finalized results contained in future filings with the SEC.

基於這些延遲，在今天的電話會議上，超微將討論2018 年第一財季的業務和市場趨勢，並將討論預計的財務業績，但任何財務業績的參考都是初步的，可能會根據所包含的最終結果而發生變化。

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.

到目前為止，您應該已經收到了今天新聞稿的副本，該新聞稿在常規交易結束時分發，並可在公司網站上找到。

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

在開始之前，我要提醒您，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 未來的業績與我們的預期有重大差異。

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、2016 財年的 10-K 表格以及我們向 SEC 提交的其他文件中了解有關這些風險的更多資訊。

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

所有這些文件均可從 Super Micro 網站的投資者關係頁面取得。

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.

今天的大部分演示將涉及非公認會計準則財務表現和前景。

At the end of today's prepared remarks, we will have a Q&A session, which sell-side analysts will be permitted to ask questions.

在今天準備好的演講結束時，我們將舉行問答環節，賣方分析師將被允許提問。

Questions should be directed to the company's business update covered in today's call.

問題應針對今天電話會議中涉及的公司業務更新。

The company will not address any questions regarding the delay in the filing of the company's 10-K.

該公司不會解決有關公司 10-K 延遲提交的任何問題。

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

現在我將把電話轉給董事長兼執行長梁朝陽。

Now thank you, Perry, and good afternoon, everyone.

現在謝謝你，佩里，大家下午好。

Let me summarizes our first quarter.

讓我總結一下我們的第一季。

(inaudible) Super Micro launched last quarter.

（聽不清楚）Super Micro 於上季推出。

We have sped up our already strong growth in revenue market share and brand name value.

我們加快了收入市場份額和品牌價值的強勁成長。

Our new quarter results come from that we had been and continue to be the first tier, growing tier 1 (inaudible) provider, capable of delivering first-to-market product innovation at a global scale with quality management software service and support.

我們新季度的業績源於我們一直是並將繼續成為第一級、不斷增長的一級（聽不清）供應商，能夠透過品質管理軟體服務和支援在全球範圍內提供率先上市的產品創新。

In addition to strong revenue growth, we kicked off several strategical product in strong margin technology market that should deliver significant future growth.

除了強勁的營收成長之外，我們還在利潤豐厚的技術市場推出了幾款策略產品，這些產品將帶來顯著的未來成長。

Earlier in the quarter, we launched our complete portfolio of new X11 products based on the new Intel Xeon Scalable processor or Skylake family.

本季度早些時候，我們推出了基於全新英特爾至強可擴展處理器或 Skylake 系列的全新 X11 產品的完整產品組合。

This launch was the product of over 2 years of effort with about 2,000 of engineer.

此次發布是約 2,000 名工程師歷時 2 年多努力的成果。

As a result, we were ready at the launch with over 100 product offering.

因此，我們在發表會上準備了 100 多種產品。

The X11 business quickly ramp with new systems representing 12% of all processors shipped.

X11 業務迅速發展，新系統佔所有處理器出貨量的 12%。

The key to the successful ramp was the breadth of our portfolio and our time-to-market advantage with powerful new technology built into the new platform.

成功提升的關鍵是我們產品組合的廣度以及我們在新平台中內建強大新技術的上市時間優勢。

We will continue to leverage our new product advantage in the coming quarter and ramp continuously.

我們將在下一季持續發揮新產品優勢，並不斷提升產能。

Computer system accounted for a great portion of our business at approximately 75% of our overall revenue.

電腦系統占我們業務的很大一部分，約占我們總收入的75%。

The growth of computer systems, it has been driven by new technologies, such as support of (inaudible) NVMe, higher memory density, accelerated computing, higher TDP CPU support, and higher bandwidth connectivity.

電腦系統的成長，是由新技術推動的，例如支援（聽不清楚）NVMe、更高的記憶體密度、加速運算、更高的 TDP CPU 支援以及更高的頻寬連線。

These technologies benefit from our in-house engineering, design and dedication to provide a customer with higher performance, visibility and quality solutions.

這些技術受益於我們的內部工程、設計和致力於為客戶提供更高效能、可見度和品質的解決方案。

Moreover, our computer system carry a higher average sales price ASP and strategically increase the opportunity for additional management software and global service revenue.

此外，我們的電腦系統具有更高的平均銷售價格，並策略性地增加額外管理軟體和全球服務收入的機會。

Delivering superior product and data center technology to the market continues to be the cornerstone of our company.

向市場提供卓越的產品和資料中心技術仍然是我們公司的基石。

And this quarter, we saw strong performance for our twin -- (inaudible) systems, storage, especially our All-Flash NVMe (inaudible) platform, GPU-accelerated computing and blade servers.

本季度，我們看到了我們的雙系統（聽不清楚）、儲存的強勁效能，特別是我們的全快閃 NVMe（聽不清楚）平台、GPU 加速運算和刀片伺服器。

Our new multiple-node BigTwin architecture is one of our fastest-growing new product launched ever.

我們新的多節點 BigTwin 架構是我們有史以來推出的成長最快的新產品之一。

The BigTwin provide both higher density and efficiency than traditional (inaudible), while supporting state-of-the-art features, including All-Flash NVMe, 24 DIMM memory and the highest-performing Intel Xeon Scalable processors.

BigTwin 提供比傳統技術更高的密度和效率（聽不清楚），同時支援最先進的功能，包括全快閃 NVMe、24 DIMM 記憶體和最高效能的英特爾至強可擴充處理器。

Our (inaudible) NVMe server also perform well.

我們的（聽不清楚）NVMe 伺服器也表現良好。

With more expandability option, they are optimized for high-performance storage, analytics and in memory application.

憑藉更多的可擴展性選項，它們針對高效能儲存、分析和記憶體應用進行了最佳化。

For example, the 2U (inaudible) NVMe (inaudible) platform delivered a record-breaking 80 million tie ups.

例如，2U（聽不清楚）NVMe（聽不清楚）平台交付了破紀錄的 8000 萬次連線。

The design utilize an unbroken architecture allowing (inaudible) PCI-E band to the (inaudible) NVMe SSD directly for uncompromised direct connection to achieve maximum storage performance.

設計採用完整的架構，允許（聽不清楚）PCI-E 頻段直接與（聽不清楚）NVMe SSD 進行不妥協的直接連接，以實現最大的儲存效能。

In storage, which accounted for 20% of our overall business, we saw strong customer demand.

在占我們整體業務20%的儲存領域，我們看到了強勁的客戶需求。

Our capacity maximizes top-loading storage portfolio, is anchored by our 90- and 60-bay storage server and (inaudible).

我們的容量最大化了頂部裝載儲存產品組合，以我們的 90 盤位和 60 盤位儲存伺服器為基礎（聽不清楚）。

To strengthen our portfolio and increase customer choice and efficiency, we have started high-volume promotion -- high-volume production the 45-bay storage server with NVMe caching option and high TDP CPU support.

為了加強我們的產品組合併增加客戶的選擇和效率，我們已經開始大量推廣——大批量生產具有 NVMe 快取選項和高 TDP CPU 支援的 45 盤位儲存伺服器。

We have also launched a new category of 1U peta-scale products.

我們也推出了新類別的 1U peta 級產品。

The All-Flash NVMe 1U (inaudible) of flash; and the 1U SuperServer which support for 32 hot-swappable NVMe SSD providing high-performance capacity at petabyte scale.

快閃記憶體的全快閃 NVMe 1U（聽不清楚）； 1U SuperServer支援32個熱插拔NVMe SSD，提供PB級高性能容量。

Think about that, 1 petabyte in 1U.

想想看，1U 等於 1PB。

The new 1U NVMe storage server and (inaudible) provide a shared storage pools.

新的 1U NVMe 儲存伺服器（聽不清楚）提供共用儲存池。

They are definitely becoming the (inaudible) hardware infrastructure for demanding big data analytic applications, such as autonomous driving and real-time financial fraud detection.

它們肯定會成為要求苛刻的大數據分析應用程式（例如自動駕駛和即時金融詐欺偵測）的（聽不清楚）硬體基礎設施。

Up to 12 host can be directly connect to the 1U pool NVMe storage.

最多可將 12 台主機直接連接到 1U 池 NVMe 儲存。

Alternatively, for customer who want to deploy an NVMe (inaudible) solution, hundreds of host can be connect to the high-performing NVMe storage over (inaudible) or PCI-E.

或者，對於想要部署 NVMe（聽不清楚）解決方案的客戶，可以將數百台主機透過（聽不清楚）或 PCI-E 連接到高效能 NVMe 儲存。

After the market shifted to more flash-based solutions, we see much stronger adoption of NVMe in both hybrid as well as All-Flash solution, especially for OpenStack, cloud and hyper-converged solution.

在市場轉向更多基於快閃記憶體的解決方案後，我們看到 NVMe 在混合和全快閃解決方案中的採用更加廣泛，尤其是 OpenStack、雲端和超融合解決方案。

Coming this quarter, our new (inaudible) NVMe solutions will be first-to-market with truly NVMe-optimized server that provides higher density bandwidth and improved latency for big data analytics and rack scale solution.

將於本季推出的新（聽不清楚）NVMe 解決方案將率先上市，配備真正經過 NVMe 優化的伺服器，為大數據分析和機架規模解決方案提供更高密度的頻寬和改進的延遲。

We are especially excited about our high-performance and accelerated computing business, which was approximately 11% of our total revenue for the first quarter.

我們對我們的高效能和加速運算業務感到特別興奮，該業務約占我們第一季總收入的 11%。

And that grew more than double from last year.

而且這數字比去年增加了一倍以上。

We continue to develop our accelerated computing product line targeting machinery, people learning applications and AI.

我們持續開發針對機械、人員學習應用和人工智慧的加速運算產品線。

As we indicated last quarter, we are working with a number of automotive companies for autonomous driving technology, which require accelerated computing as well as NVMe storage solution to achieve that desire compute, IOPS and latency combination.

正如我們上季度所表示的，我們正在與多家汽車公司合作開發自動駕駛技術，這需要加速運算和 NVMe 儲存解決方案來實現所需的運算、IOPS 和延遲組合。

Most recently, Super Micro announced optimized solution for the new NVIDIA Tesla V100 GPU.

最近，Super Micro 宣布了針對新型 NVIDIA Tesla V100 GPU 的最佳化解決方案。

Our 4U system support up to 8 V100 GPUs with (inaudible) design for HPC cluster and the hyperscale workload.

我們的 4U 系統支援多達 8 個 V100 GPU（聽不清楚），專為 HPC 叢集和超大規模工作負載而設計。

We also have a single root complex PCI-E design that support up to 10 GPU in 4U, which has shown dramatically improved GPU peer-to-peer communication and performance compared with previous generations.

我們還有單根複雜的 PCI-E 設計，在 4U 中支援多達 10 個 GPU，與前代產品相比，GPU 點對點通訊和效能得到了顯著改善。

For even greater GPU density and scalability, our 1U solution that support up to 4 V100 GPUs per system or up to (inaudible) GPU per standard rack.

為了獲得更高的 GPU 密度和可擴展性，我們的 1U 解決方案支援每個系統最多 4 個 V100 GPU 或每個標準機架最多（聽不清楚）GPU。

Other than GPU, we have developed a brand-new blade solution featuring the new (inaudible) family accelerator from Intel.

除了 GPU 之外，我們還開發了全新的刀片解決方案，採用英特爾全新（聽不清楚）系列加速器。

Our 8U SuperBlade can now be configured with a mix of Scalable processor blade and (inaudible) blade optimized for AI training and inference application.

我們的 8U SuperBlade 現在可以配置可擴展處理器刀片和針對 AI 訓練和推理應用進行最佳化的（聽不清楚）刀片的組合。

The (inaudible) blade is just a start of our (inaudible) learning engagement into this exciting market.

（聽不清楚）刀片只是我們（聽不清楚）學習參與這個令人興奮的市場的開始。

By partnering with the leaders, the leading accelerated computing and semiconductor company, we develop next-generation (inaudible) learning and AI platform.

透過與領先的加速運算和半導體公司的領導者合作，我們開發了下一代（聽不清楚）學習和人工智慧平台。

We had invest additional engineering resource this quarter to codesign these solution.

本季我們投入了額外的工程資源來共同設計這些解決方案。

They will present us with significant market opportunity going forward.

他們將為我們帶來巨大的未來市場機會。

We also launched a new 6U SuperBlade solution designed to future-proof our customers' investment.

我們還推出了新的 6U SuperBlade 解決方案，旨在確保客戶的投資不會過時。

Codesigned with Intel, that disaggregated architecture enable us independent upgrade for CPU and memory, I/O, storage as well as the power and cooling.

與英特爾共同設計的分解架構使我們能夠獨立昇級 CPU 和記憶體、I/O、儲存以及電源和冷卻。

This low initial acquisition cost and TCO, the new architecture provide higher return on investment by supporting market for generation of independent technology refresh.

這種較低的初始購置成本和 TCO，新架構透過支援市場一代獨立技術更新提供更高的投資回報。

SuperBlade and BigTwin system are optimal block for rack-scale solutions.

SuperBlade 和 BigTwin 系統是機架規模解決方案的最佳模組。

Along with the Super Micro RSD software, our rack-scale total solution empower cloud service provider, (inaudible) and Fortune 500 company to develop their own agile-efficient software-defined data center.

與 Super Micro RSD 軟體一起，我們的機架級整體解決方案使雲端服務供應商（聽不清楚）和財富 500 強公司能夠開發自己的敏捷且高效的軟體定義資料中心。

The solution deliver up to 54% improvement in cooling power efficiency, preventing (inaudible) business solution (inaudible) with open industry standard (inaudible) and Redfish API designed to lower management overhead in large-scale data center and other enterprises.

此解決方案將冷卻電源效率提高了54%，透過開放產業標準（聽不清楚）和Redfish API 防止（聽不清楚）業務解決方案（聽不清楚），Redfish API 旨在降低大型資料中心和其他企業的管理開銷。

Before ending, let me circle back with some detail on business side.

在結束之前，讓我回顧一下業務方面的一些細節。

From a geography perspective, North America remain consistent at more than 50% of our business.

從地理角度來看，北美地區始終佔據我們業務的 50% 以上。

Asia Pacific, our second-strongest geography, (inaudible) growth, and we expect that it will be more than 25% of our overall business, with China making up the majority.

亞太地區是我們第二強勁的地區，（聽不清楚）成長，我們預計該地區將占我們整體業務的 25% 以上，其中中國佔大部分。

India was lower as seasonal effect impacted result.

由於季節性影響影響了結果，印度走低。

Here are some updates on a few other key market verticals for this quarter.

以下是本季度其他一些主要市場垂直領域的一些更新。

Our IoT embedded activity continue to represent approximately 10% of our business.

我們的物聯網嵌入式活動持續占我們業務的約 10%。

Internet data center, IDC, improved due to more project wins, and we expect it will be approximately 10% of our business.

網路資料中心、IDC，由於贏得更多項目而有所改善，我們預計它將占我們業務的 10% 左右。

The overall enterprise business continue to grow.

企業整體業務持續成長。

Our China business is in the range of low-to-middle 20% of our business.

我們的中國業務占我們業務的 20% 左右。

Super Micro's momentum of strong growth continue into our fourth quarter of 2018.

Super Micro 的強勁成長動能持續到 2018 年第四季。

We recently expect to report revenue for the quarter at the top end of our original revenue guidance, which will be about 29% growth from last year.

我們最近預計本季的營收將達到我們最初營收指引的上限，比去年成長約 29%。

As I had mentioned earlier, we are initially multiple -- we have initiated multiple high-potential platform codeveloped with our strategic partner during this quarter.

正如我之前提到的，我們最初是多元化的——我們在本季啟動了與策略合作夥伴共同開發的多個高潛力平台。

We have invest our resources to embrace this new opportunity ahead of us, and we will eventually execute our strategy.

我們已投入資源來迎接擺在我們面前的這個新機遇，我們最終將執行我們的策略。

In summary, we have begun fiscal 2018 on a strong note.

總而言之，我們以強勁的勢頭開啟了 2018 財年。

With our fiscal quarter revenue continuing the momentum of the past several quarters, we are fully prepared for the ramp or the technology transition that is just beginning.

由於我們的財政季度收入延續了過去幾個季度的勢頭，我們已為剛開始的成長或技術轉型做好了充分準備。

With our industry-leading product line now shipping, we are on track for a $3 billion run rate in the December quarter.

隨著我們行業領先的產品線現已發貨，我們預計在 12 月季度實現 30 億美元的運行率。

Let me now turn the call over to Perry.

現在讓我把電話轉給佩里。

Thank you, Charles.

謝謝你，查爾斯。

As indicated previously, we will have a Q&A session in which sell-side analysts would -- permitted to ask questions.

如前所述，我們將舉行問答環節，賣方分析師將被允許提問。

I would like to remind you that your questions should be directed to the business update that we have provided.

我想提醒您，您的問題應直接針對我們提供的業務更新。

We will not answer any questions related to the delayed filing of our 10-K.

我們不會回答與延遲提交 10-K 相關的任何問題。

Operator, at this time, we're ready for questions.

接線員，現在我們已經準備好提問了。

(Operator Instructions) We'll now take our first question from Alex Kurtz with KeyBanc Capital Markets.

（操作員說明）我們現在將回答 KeyBanc Capital Markets 的 Alex Kurtz 提出的第一個問題。

I have to say, this is unusual circumstances.

不得不說，這是一個不尋常的情況。

So I have to say the questions I need to ask are related to the business update.

所以我不得不說我需要問的問題與業務更新有關。

And hopefully, you can touch on them at some level.

希望你能在某種程度上接觸到它們。

What gives you the confidence to provide forward guidance into the current quarter given that the audit committee is reviewing transactions that may still be part of the business today?

鑑於審計委員會正在審查目前可能仍屬於業務一部分的交易，是什麼讓您有信心為當前季度提供前瞻性指導？

Thanks very much.

非常感謝。

It’s a good question.

這是一個好問題。

We feel pretty confident that in the revenue number that we've indicated today, that it is within a prudent range.

我們非常有信心，我們今天公佈的收入數字處於謹慎的範圍內。

And even though we really can't provide a total -- a complete baseline yet because 2017 isn't finalized, we do feel confident that within this range that we've indicated, at $675 million to $685 million, that it is an appropriate range.

儘管由於 2017 年尚未最終確定，我們確實無法提供總額——完整的基準，但我們確實有信心，在我們指出的 6.75 億美元至 6.85 億美元的範圍內，這是一個合適的預算。

Going forward, we are continuing with the momentum of business that we've had in the past, if you look back to starting with last December, and it's based on a great mix of new customers and market verticals that are all growing, as you can see from what we've reported.

展望未來，如果你回顧去年 12 月開始的情況，我們將繼續保持過去的業務勢頭，並且它基於新客戶和垂直市場的完美組合，這些都在不斷增長，因為你從我們的報道中可以看出。

So we feel pretty confident.

所以我們感到非常有信心。

In addition, as we've been saying for several quarters as well, we think that we'll end the calendar quarter at a $3 billion run rate.

此外，正如我們在幾個季度中一直所說的那樣，我們認為本季結束時的運作率將達到 30 億美元。

And Charles has just reiterated that in his remarks.

查爾斯剛剛在演講中重申了這一點。

Okay.

好的。

I'm just still a little confused by why even go out on a limb and provide December guidance.

我只是仍然有點困惑為什麼要冒險提供 12 月的指導。

But maybe just it’s something you just can't talk to right now.

但也許只是你現在無法談論的事情。

Well, we do think it's important to provide trend and the growth indicate -- direction of growth.

嗯，我們確實認為提供趨勢和成長表明——成長方向很重要。

And it was also indicated in the current quarter number, which we just provided you as well.

我們剛剛向您提供的當前季度數據也表明了這一點。

But again, I just mentioned, I mean, $3 billion run rate should be achievable.

但我剛才提到，我的意思是，30 億美元的運行率應該是可以實現的。

Last question for me.

對我來說最後一個問題。

Can you give us any update on your CFO, Howard, and his status with the company at this point?

您能否向我們介紹一下您的財務長霍華德及其目前在公司的狀況？

Howard is working very hard on the issues related to the filing of the 10-K at this moment.

霍華德目前正在非常努力地處理與提交 10-K 相關的問題。

We'll now take our next question with Brian Alger with Roth Capital partners.

我們現在將向 Roth Capital 合作夥伴的 Brian Alger 提出下一個問題。

Just for a clarification point, reading through the release today and kind of going back to the delay that we're incurring here on the 10-K.

只是為了澄清一點，請通讀今天的發佈內容，然後回顧一下我們在 10-K 上遇到的延遲。

To be clear, what's being evaluated by the audit committee isn't whether or not the revenues were real, but rather not the documentation around which period the revenues were recognized, is that the case?

需要明確的是，審計委員會評估的不是收入是否真實，而是收入確認期間的文件，是這樣嗎？

Brian, as indicated, we're not going to answer any questions related to the filing of the 10-K.

Brian，如前所述，我們不會回答與 10-K 提交相關的任何問題。

Okay.

好的。

I thought it was in the press release today, but okay.

我以為這是今天的新聞稿，但好吧。

Coming back to the update with the margins that you guys -- the range of gross margins that you're providing, it would indicate that we're not seeing any improvement in the dynamics from the memory side of the equation.

回到你們提供的毛利率範圍的更新，這表明我們沒有看到等式記憶體方面的動態有任何改善。

Is that still what's pressuring the gross margins at this point?

目前這仍然對毛利率造成壓力嗎？

Or has there been a shift from product dynamics?

或者產品動態是否發生了轉變？

Yes.

是的。

I guess the memory price (inaudible) is a little busy this quarter again.

我猜記憶體價格（聽不清楚）這個季度又有點忙了。

But this mean we have a good inventory, I mean, in good relationship with vendor.

但這意味著我們擁有良好的庫存，我的意思是，與供應商有良好的關係。

So we believe business will continue to grow smoothly.

因此我們相信業務將繼續平穩成長。

Okay.

好的。

And are you continuing to purchase inventory in advance for key customers, specifically memory inventory?

您是否繼續為主要客戶提前購買庫存，特別是內存庫存？

Kind of mixed.

有點混合。

But the overall memory is in good condition -- in a good condition, I would like to say overall.

但整體記憶狀況良好——我想說的是整體狀況良好。

Yes, I think you can safely say what we've been doing over the past several quarters, we are continuing to do that.

是的，我想你可以有把握地說我們在過去幾個季度一直在做的事情，我們將繼續這樣做。

We are continuing to hold inventory going into the quarter.

我們將繼續持有庫存進入本季。

It's still not enough to see us through the whole quarter.

這仍然不足以讓我們度過整個季度。

As we've talked with investors previously, we are, during the quarter at some point, still acquiring inventory to support our customers.

正如我們之前與投資者交談的那樣，在本季度的某個時候，我們仍在採購庫存以支持我們的客戶。

Okay.

好的。

And then other than the efforts going on surrounding the review here with the 10-K, has there been any structural changes that would affect the operating expenses of the company outside of normal business operations?

那麼，除了圍繞 10-K 審查所做的努力之外，是否有任何結構性變化會影響公司正常業務運營之外的營運費用？

No.

不。

Everything is pretty much the same.

一切都差不多。

We have a great business.

我們的生意很好。

We wanted to do this business update because it is a very strong business.

我們想要進行此業務更新，因為這是一項非常強大的業務。

It is growing very strongly, and we have tremendous opportunities.

它的成長非常強勁，我們擁有巨大的機會。

As Charles mentioned in his remarks, we have great opportunities in new projects with some of the leading semiconductor companies for revolutionary designs in AI.

正如 Charles 在演講中提到的，我們在與一些領先的半導體公司合作的新項目中擁有巨大的機會，以實現人工智慧領域的革命性設計。

And as a result of that, we've added some engineering headcount in the previous quarter.

因此，我們在上一季增加了一些工程人員。

That is one of the things that impacted operating expense somewhat this quarter.

這是本季營運費用產生一定影響的因素之一。

But no, everything is on track.

但不，一切都步入正軌。

Especially the new processors, Skylake and NVMe product line have been all ready to ship.

尤其是新的處理器、Skylake和NVMe產品線已經全部準備好出貨。

So we believe that business will continue to grow strongly.

因此，我們相信業務將繼續強勁成長。

Okay.

好的。

And then just one final one.

然後只有最後一件事。

You mentioned IoT and data center each being roughly about 10% of the revenues.

您提到物聯網和資料中心分別約佔收入的 10% 左右。

I'm curious how the storage business was tracking for the company, given how fast that's been growing for you guys over the past couple of quarters.

我很好奇公司的儲存業務進展如何，因為過去幾個季度儲存業務的成長速度有多快。

Yes.

是的。

Storage business was -- we called out here that it's greater than 20% of the entire business.

儲存業務－我們在此指出，它佔整個業務的 20% 以上。

It continues to grow.

它繼續增長。

In fact, I think you could say this quarter, we actually saw our open storage grow a bit faster based on some of these designs, which Charles called out, especially the top load, especially some of the NVMe solutions, they're growing very rapidly.

事實上，我想你可以說這個季度，我們實際上看到我們的開放式儲存基於其中一些設計增長得更快，Charles 指出，特別是頂部負載，特別是一些NVMe 解決方案，它們增長得非常快。

For the big data, AI, HPC, and we have been growing very well, including storage solution in -- for that market.

對於大數據、人工智慧、高效能運算，我們發展得非常好，包括針對該市場的儲存解決方案。

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

（操作員說明）我們現在將接受 Maxim Group 的 Nehal Chokshi 提出的下一個問題。

There will be no presentation or CFO commentary because, obviously, the results have not been audited yet, correct?

不會有任何演示或財務長評論，因為顯然結果尚未經過審計，對嗎？

That is correct.

這是正確的。

Okay.

好的。

Charles did run through some of the vertical data.

查爾斯確實瀏覽了一些垂直數據。

But Perry, could you just run through that one more time real quickly.

但是佩里，你能不能快速地再講一次。

I'm sorry.

對不起。

Yes, sure.

是的，當然。

We said storage was greater than 20% of our business; accelerated computing, also 11% -- well, greater than 11%.

我們說儲存占我們業務的 20% 以上；加速計算，也是 11%——嗯，大於 11%。

IDC was approximately 10%; IoT, again, approximately 10%; channel was sort of mid- to low 40% of total business; and enterprise was approximately mid single digit, call it, 5%, a little bit more than 5%.

IDC約為10%；物聯網同樣約為 10%；通路業務佔總業務的 40% 左右；企業大約是中個位數，稱之為 5%，略高於 5%。

Okay.

好的。

And the reason why there's more uncertainty around what channel was as a percent of revenue is that that's where the uncertainty resides with the one revenue recognition.

哪個管道佔收入的百分比存在更多不確定性的原因是，這就是單一收入確認的不確定性所在。

Should be getting done.

應該完成了。

Is that a correct interpretation?

這是正確的解釋嗎？

Again, Nehal, we're not going to discuss anything related to the 10-K filing.

Nehal，我們不會再討論與 10-K 申請相關的任何事情。

Okay.

好的。

All right.

好的。

And then what's the status of the repurchase program?

那麼回購計畫的進度如何呢？

I believe that it was -- it expired, and I think you repurchased close to $20 million at one point in time.

我相信它已經過期了，我認為你在某個時間點回購了近 2000 萬美元。

Would you guys consider opening this back up?

你們會考慮打開這個備份嗎？

Yes.

是的。

Your numbers are correct.

你的數字是正確的。

We did have it.

我們確實擁有它。

It expired in June.

六月就過期了。

It has not been reauthorized.

它尚未被重新授權。

Would you consider -- is there a proposal on the table or consider proposing it to restart the repurchase program?

您是否會考慮—是否有一項提案擺在桌面上或考慮提議重新啟動回購計劃？

It always is something that's in the back of our minds.

它始終是我們腦海中的事。

At this point in time, we want to invest in our business to provide a greater return for shareholders.

此時此刻，我們希望投資我們的業務，為股東提供更大的回報。

Okay.

好的。

And it sounded like inventory is up Q-over-Q and, therefore, your cash conversion cycle continues (inaudible) year-over-year.

聽起來庫存較上月增加，因此，您的現金轉換週期逐年持續（聽不清楚）。

Because you're making sure that you have enough inventory to fill up demand, is that correct?

因為您要確保有足夠的庫存來滿足需求，這是正確的嗎？

That is not correct, Nehal.

這是不正確的，尼爾。

We haven't provided that level of detail.

我們還沒有提供那麼詳細的資訊。

Cash was up somewhat higher than it was on the previous quarter, and that's pretty much the extent of what we've provided.

現金比上一季增加，這幾乎是我們提供的範圍。

We'll take our next question from Mark Kelleher with D.A. Davidson.

我們將回答 Mark Kelleher 和 D.A. 提出的下一個問題。戴維森。

I know one of those numbers -- Perry, could you reiterate what percent of revenue was Skylake?

我知道其中一個數字 - Perry，您能重申一下 Skylake 佔收入的百分比嗎？

I think that was given out.

我認為那是已經發出來的。

Yes, what we talked about is X11 platforms.

是的，我們談論的是X11平台。

X11 platforms represents the Skylake.

X11平台代表Skylake。

It also represents -- a portion of it is UP and DP.

它也代表——它的一部分是UP和DP。

But overall, X11 represented approximately 12% of the total processors that we shipped out.

但總體而言，X11 約占我們出貨的處理器總數的 12%。

And those processors typically carry higher gross margins, those systems, correct?

這些處理器和系統通常具有更高的毛利率，對嗎？

Basically.

基本上。

Yes, they do.

是的，他們確實這麼做了。

So that didn't seem to help the gross margins in the quarter.

因此，這似乎對本季的毛利率沒有幫助。

Is that being offset by the memory issue being a little bit more significant?

這是否被更嚴重的記憶體問題所抵消？

We can't -- well, as we've been saying, we're very much in the early days of the ramp, okay.

我們不能——好吧，正如我們一直所說的，我們正處於斜坡的早期階段，好吧。

And the DP portion of X11 is still ahead of us.

而X11的DP部分依然領先我們。

We'll get a little bit more here in the December quarter, probably improve quite a bit.

我們將在 12 月季度獲得更多成果，可能會大大改善。

And then really, the ramp starts to take hold beginning the calendar year.

事實上，從今年開始，這種成長就開始顯現。

As you know, that would be about 6 months since the launch, and that's when -- there starts to be a lot more allocation in the market.

如您所知，距離推出後大約有 6 個月的時間，當時市場上開始有更多的配置。

Gross margins, overall, were impacted by seasonal utilization, impacted by geographic mix with strong China revenue, impacted somewhat by product mix to more component-reliant systems.

總體而言，毛利率受到季節性利用率的影響，受到中國收入強勁的地理組合的影響，在一定程度上受到更多依賴組件的系統的產品組合的影響。

Plus, we're also in this transition phase from a mature Grantley life cycle technology to the new Xeon Skylake family, and so that's still going on.

另外，我們還處於從成熟的 Grantley 生命週期技術到新的 Xeon Skylake 系列的過渡階段，而這種情況仍在繼續。

And yes, there were some continuing component pricing at SSD and DRAM issues.

是的，SSD 和 DRAM 問題上存在一些持續的組件定價問題。

It appears at this time we have no further questions.

看來此時我們沒有其他問題了。

I'd like to turn the call back over to Mr. Liang for any additional or closing remarks.

我想將電話轉回給梁先生，請補充或結束語。

Thank you for joining us today, and we're looking forward to talking to you at the end -- in the end of this quarter.

感謝您今天加入我們，我們期待在本季結束時與您交談。

Thank you, everyone.

謝謝大家。

Have a great day.

祝你有美好的一天。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

That does conclude the Super Micro First Quarter Fiscal 2018 Business Update Conference Call.

Super Micro 2018 財年第一季業務更新電話會議到此結束。

We do appreciate your participation.

我們非常感謝您的參與。

You may disconnect at this time.

此時您可以斷開連線。

Thank you.

謝謝。