超微電腦 (SMCI) 2018 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Super Micro Computer, Inc. Second Quarter Fiscal 2018 Business Update Conference Call. The company's news release issued earlier today is available from its website at www.supermicro.com. (Operator Instructions)

女士們先生們，美好的一天，感謝你們的支持。歡迎來到 Super Micro Computer, Inc.2018 財年第二季度業務更新電話會議。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。（操作員說明）

As a reminder, this call is being recorded, Tuesday, January 30, 2018. A replay of the call will be accessible until midnight, Tuesday, February 13, 2018, by dialing 1 (844) 512-2921 and entering replay pin 5210439. International callers should dial 1 (412) 317-6671.

提醒一下，本次通話正在錄音，時間是 2018 年 1 月 30 日，星期二。通過撥打 1 (844) 512-2921 並輸入重播密碼 5210439，可以在 2018 年 2 月 13 日星期二午夜之前重播通話。國際來電者應撥打 1 (412) 317-6671。

With us today are Charles Liang, Chairman and Chief Executive Officer; Kevin Bauer, Senior Vice President and Chief Financial Officer; and Perry Hayes, Senior Vice President, Investor Relations. And now I would like to turn the conference over to Mr. Hayes. Mr. Hayes, please go ahead, sir.

今天與我們同在的是董事長兼首席執行官 Charles Liang； Kevin Bauer，高級副總裁兼首席財務官；和投資者關係高級副總裁 Perry Hayes。現在我想把會議轉交給海耶斯先生。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 second quarter fiscal 2018, which ended December 31, 2017. As announced in our press release, the company has completed the previously disclosed investigation conducted by the Audit Committee. Additional time is required to analyze the impact, if any, of the results of the investigation on the company's historical financial statements as well as to conduct additional reviews before the company will be able to finalize its annual report on Form 10-K for the fiscal year ended June 30, 2017.

下午好，感謝您參加 Super Micro 截至 2017 年 12 月 31 日的 2018 財年第二季度業務更新電話會議。正如我們在新聞稿中宣布的那樣，公司已經完成了之前披露的由審計委員會進行的調查。需要更多時間來分析調查結果對公司歷史財務報表的影響（如果有的話），並在公司能夠完成其 10-K 表年度報告之前進行額外審查。截至 2017 年 6 月 30 日的年度。

The company is unable, at this time, to provide a date as to when the Form 10-K will be filed or to predict whether the company's historical financial statements will be adjusted or, if so, the amount of any such adjustment. The company intends to file its quarterly reports on Form 10-Q for the quarters ended September 30 and December 31, 2017, promptly after filing the Form 10-K.

公司目前無法提供提交 10-K 表格的日期，也無法預測公司的歷史財務報表是否會進行調整，或者如果會調整，則無法預測任何此類調整的金額。公司打算在提交 10-K 表格後立即提交截至 2017 年 9 月 30 日和 12 月 31 日止季度的 10-Q 表格季度報告。

Based on these delays, during today's conference call, Super Micro will address business and market trends from the second 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，Super Micro 將討論 2018 年第二財季的業務和市場趨勢，並將討論預計的財務業績。但提及的任何財務結果都是初步的，可能會根據未來向美國證券交易委員會提交的文件中包含的最終結果進行更改。

By now, you should have received the copy of today's news release that was distributed at the close of regular trading and is available on the company's website. Before we start, I'll remind you that our remarks include forward-looking statements. There are a number of risk factors that could cause Super Micro's future results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, or our most recent Form 10-K and our other SEC filings. All of those documents are available from the Investor Relations page at Super Micro's website. We assume no obligation to update any forward-looking statements.

到現在為止，您應該已經收到了今天在常規交易結束時分發的新聞稿副本，可以在公司網站上找到。在我們開始之前，我會提醒您，我們的言論包含前瞻性陳述。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。您可以在我們今天下午早些時候發布的新聞稿或我們最近的 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。所有這些文件都可以從 Super Micro 網站的投資者關係頁面獲得。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. 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. Questions should be directed to the company's business update covered in today's call. The company will not address any questions regarding the Audit Committee investigation or the delay in the filing of the company's 10-K.

今天的大部分演講將提及非 GAAP 財務結果和展望。在今天準備好的評論結束時，我們將舉行問答環節，允許賣方分析師提問。問題應針對今天電話會議中涵蓋的公司業務更新。公司將不會解決有關審計委員會調查或公司 10-K 的延遲提交的任何問題。

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。

Well, thank you, Perry, and good afternoon, everyone. Let me summarize the second quarter. Our second quarter revenue will be in the range of $340 million to $350 million, surpassing our quarterly guidance and exceeds our long-term guidance of reaching the $3 billion run rate by December '17. The long-term investment to grow our large enterprise customer base, along with our investment in global operational infrastructure, data center management software and global service continued to increase in revenue and non-GAAP profitability.

好吧，謝謝你，佩里，大家下午好。讓我總結一下第二季度。我們第二季度的收入將在 3.4 億美元至 3.5 億美元之間，超過了我們的季度指導，也超過了我們到 2017 年 12 月達到 30 億美元運行率的長期指導。擴大我們的大型企業客戶群的長期投資，以及我們對全球運營基礎設施、數據中心管理軟件和全球服務的投資，繼續增加收入和非 GAAP 盈利能力。

Meanwhile, we're also able to improve our non-GAAP operating margin and EPS by increasing oversight and control of our operational spending growth. In this seasonally strong quarter, we achieved over 30% revenue growth year-over-year, and we saw the vast shipment throughout our quarter. We grew in all market verticals, including [accelerated], AI, machine learning, storage, IoT embedded, Internet data center, cloud and, particularly, strong growth with large enterprise customers.

同時，我們還能夠通過加強對運營支出增長的監督和控制來提高我們的非 GAAP 運營利潤率和每股收益。在這個季節性強勁的季度，我們實現了超過 30% 的收入同比增長，並且我們看到了整個季度的大量出貨量。我們在所有垂直市場都取得了增長，包括[加速]、人工智能、機器學習、存儲、物聯網嵌入式、互聯網數據中心、雲，尤其是與大型企業客戶的強勁增長。

Our completed system business reached more than 175,000 nodes, which resulted in an increase of our system business to approximately 77% our total revenue. We also grew in every geography, with the biggest growth, again, in Asia Pacific and in China, specifically. Our performance this quarter demonstrated that our operating execution on Supermicro's 3.0 is a great strategy to grow our business. We saw accelerated growth in design wins and revenue with large enterprise customers. Expansion in large volumes sales through Internet data center and growth in our traditional China business as well. We are also seeing a strong ramp of our new system based on Intel's scalable processor family. The Skylake product line grew more than 100% quarter-over-quarter.

我們已完成的系統業務達到超過 175,000 個節點，這導致我們的系統業務增加到我們總收入的約 77%。我們還在各個地區實現增長，增長最快的再次是亞太地區，尤其是中國。我們本季度的表現表明，我們在 Supermicro 3.0 上的運營執行是發展我們業務的一項偉大戰略。我們看到大型企業客戶的設計勝利和收入加速增長。通過互聯網數據中心擴大大批量銷售以及我們傳統中國業務的增長。我們還看到基於英特爾可擴展處理器系列的新系統的強勁增長。Skylake 產品線環比增長超過 100%。

With the new X11 Skylake systems, we introduced (inaudible) innovation, the BigTwin system, featuring 41 process node in 2U and truly a product unmatched in the industry. It is the industry's only non-compromised multiple-node solution that delivers the best-in-class hyper-convergence and efficiency, while also supporting full performance 205 watts CPU 2014 for maximum memory, All-Flash NVMe, no latency and expanded I/O flexibility.

借助新的 X11 Skylake 系統，我們引入了（聽不清）創新 BigTwin 系統，在 2U 中具有 41 個處理節點，真正成為業界無與倫比的產品。它是業界唯一一款不折不扣的多節點解決方案，可提供一流的超融合和效率，同時還支持全性能 205 瓦 CPU 2014 以獲得最大內存、全閃存 NVMe、無延遲和擴展 I/靈活性。

We are seeing strong growth across multiple markets with the product and we just fully enhanced the product with the 3U PDF design, delivering an extra 30% performance again in certain applications. NVMe flash storage continues to play a major role in our success. We saw our open traditional storage platform growing 47% year-over-year.

我們看到該產品在多個市場的強勁增長，我們剛剛通過 3U PDF 設計全面增強了產品，在某些應用程序中再次提供了額外 30% 的性能。NVMe 閃存存儲繼續在我們的成功中發揮重要作用。我們看到我們的開放式傳統存儲平台同比增長 47%。

Supermicro's new All-Flash NVMe 1U JBOF, or Just a Bunch of Flash, and 1U SuperServer, which supports for 32 U.2 NVMe or Intel Ruler NVMe or 36 Samsung NGSFF NVMe, (inaudible) All-Flash storage capacity of previous 1U solutions, and we'll provide petabyte-scale storage in a single 1U system.

Supermicro 的新全閃存 NVMe 1U JBOF，或只是一堆閃存，和 1U SuperServer，支持 32 U.2 NVMe 或 Intel Ruler NVMe 或 36 Samsung NGSFF NVMe，（聽不清）以前 1U 解決方案的全閃存存儲容量，我們將在單個 1U 系統中提供 PB 級存儲。

We also released new All-Flash NVMe system designed for high-performance storage, delivering up to 18 million IOPS with latency under 10 microsecond. While our orders are steadily growing, large enterprise customer base, we announced the certification of SAP HANA on Supermicro's 2U for [software] SuperServer, with up to 6 petabytes of memory. And All-Flash NVMe for SSD, leveraging high-memory processing speed and the multi-purpose processor technology. Our SAP HANA solution is capable of running advanced analytics alongside high-speed transaction and get accurate real-time results. We were honored to partner with NASA who have extended their research capabilities to meet NASA's Center for Climate Simulation needs for expanding advanced computing and data analytics used to [charting] the earth's solar system and universe. We deployed 20 next-scale solution fully built and integrated at our Silicon Valley headquarters. The Supermicro effective base solution has expanded NASA's research capability, with a combination of basically, system performance and optimized cost, bringing an additional 1.5 petaflop to NASA's research. 11 years ago, we introduced the concept of green computing, with power-optimized and energy-efficient system. This quarter, we were pleased to take green computing to the next level with the industry's first resource savings architecture that expanded green computing beyond just power savings, with an overall conservation of data center resource. That resource-saving architecture contributes to our greener data centers and deliver property savings in operating cost and up to 40% savings in hardware system acquisition cost. It reduces resource consumption, [reusing versus the operating], and the operating for more optimal performance quicker.

我們還發布了專為高性能存儲設計的全新全閃存 NVMe 系統，可提供高達 1800 萬次的 IOPS，延遲低於 10 微秒。在我們的訂單穩步增長的同時，大型企業客戶群，我們宣布了 SAP HANA 在 Supermicro 的 2U 上用於[軟件] SuperServer 的認證，內存高達 6 PB。以及用於 SSD 的全閃存 NVMe，利用高內存處理速度和多用途處理器技術。我們的 SAP HANA 解決方案能夠在高速交易的同時運行高級分析並獲得準確的實時結果。我們很榮幸能與 NASA 合作，他們擴展了研究能力以滿足 NASA 氣候模擬中心對擴展用於 [繪製] 地球太陽系和宇宙的高級計算和數據分析的需求。我們在矽谷總部部署了 20 個完全構建和集成的下一代解決方案。美超微有效基礎解決方案擴展了 NASA 的研究能力，結合基礎、系統性能和優化的成本，為 NASA 的研究帶來額外的 1.5 petaflop。11 年前，我們引入了綠色計算的概念，具有功率優化和節能係統。本季度，我們很高興通過業界首個資源節約架構將綠色計算提升到一個新的水平，該架構將綠色計算擴展到不僅僅是節能，還全面保護了數據中心資源。這種節省資源的架構有助於我們打造更環保的數據中心，並節省運營成本和高達 40% 的硬件系統購置成本。它減少了資源消耗，[重用與操作]，以及更快地獲得更佳性能的操作。

The architecture is built in key Supermicro innovations, including our disaggregated MicroBlade design, the resource cooling of our latest JBOF and storage server product, free-air cooling and our opening industry standard that scales design management software. We also expanded our Silicon Valley manufacturing headquarters, with the new rack integration facility to support the increased capacity of rack scale deployment. The facility features one of orders largest clean energy for autonomous rack-scale integration and manufacturing sites.

該架構建立在 Supermicro 的關鍵創新之上，包括我們的分解式 MicroBlade 設計、我們最新的 JBOF 和存儲服務器產品的資源冷卻、自然空氣冷卻以及我們擴展設計管理軟件的開放行業標準。我們還通過新的機架集成設施擴建了矽谷製造總部，以支持增加的機架規模部署能力。該設施擁有訂單最大的清潔能源之一，用於自主機架規模集成和製造場所。

In summary, Super Micro's momentum, our strong growth increased in our second fiscal quarter of 2018, and we exceeded our target for $3 billion annual run rate based on our customer wins and from pipelines of our businesses. We expect to continue this growth in the upcoming quarters.

總而言之，Super Micro 的勢頭，我們在 2018 年第二財季的強勁增長有所增加，並且根據我們贏得的客戶和我們的業務管道，我們超過了 30 億美元的年運行率目標。我們希望在接下來的幾個季度繼續保持這種增長。

Moving forward, we would remain highly focused on executing our Supermicro 3.0 strategy and increasing the large enterprise customer base.

展望未來，我們將繼續高度專注於執行我們的 Supermicro 3.0 戰略並增加大型企業客戶群。

Let me take this time to introduce Kevin Bauer, our new CFO. Kevin joined Super Micro over a year ago as the Senior VP of Corporate Development and Strategy. Kevin has over 2 decades of experience in financial leadership, including multiple CFO roles for high-tech company here in the Silicon Valley. I'm looking forward to Kevin's contribution in the success of Supermicro 3.0.

讓我藉此機會介紹一下我們的新任首席財務官 Kevin Bauer。Kevin 一年多前加入 Super Micro，擔任企業發展和戰略高級副總裁。凱文在財務領導方面擁有超過 20 年的經驗，包括在矽谷的高科技公司擔任多個首席財務官職位。期待 Kevin 為 Supermicro 3.0 的成功做出貢獻。

Let me hand it over to Kevin for some brief comment. Kevin?

讓我將其交給 Kevin 作一些簡短的評論。凱文？

Thank you, Charles, and good afternoon, listeners. For those of you who may be new to Super Micro, I have just succeeded Howard Hideshima as CFO. Let me take a few minutes to summarize my background, which was provided in the press release earlier today.

謝謝查爾斯，聽眾們下午好。對於那些可能不熟悉 Super Micro 的人，我剛剛接替 Howard Hideshima 擔任首席財務官。讓我花幾分鐘時間總結一下我的背景，今天早些時候的新聞稿中提供了這些背景。

Prior to joining Super Micro, I was a Senior Vice President and Chief Financial Officer of Pericom Semiconductor Corp. from February 2014 until its sale to Diodes in November 2015, and thereafter, assisted Diodes with the integration of Pericom until November 2016. Prior to that, I was Chief Financial Officer at Exar Corporation from June 2009 through December 2012 and Corporate Controller from August 2004 to June 2009. Between these roles, I gained additional experience by assisting a CFO colleague in his effort to bring the company current in its SEC filings.

在加入 Super Micro 之前，我是 Pericom Semiconductor Corp 的高級副總裁兼首席財務官。從 2014 年 2 月到 2015 年 11 月出售給 Diodes，此後協助 Diodes 整合 Pericom，直至 2016 年 11 月。在此之前，我於 2009 年 6 月至 2012 年 12 月擔任 Exar Corporation 的首席財務官，並於 2004 年 8 月至 2009 年 6 月擔任公司財務總監。在這些角色之間，我通過協助一位 CFO 同事努力使公司在其 SEC 文件中保持最新狀態而獲得了額外的經驗。

Since January 2007, I've been in Super Micro in the role of SVP, Corporate Development and Strategy. During this period, I have focused on financial planning and analysis to further strengthen our forecast capability. I have -- I now have a number of experienced financial planning and accounting professionals that have joined my team. I believe this broadly experienced talent will bring additional value when combined with the existing dedicated accounting staff with deep Super Micro experience.

自 2007 年 1 月以來，我一直在 Super Micro 擔任企業發展和戰略高級副總裁。在此期間，我專注於財務規劃和分析，以進一步加強我們的預測能力。我有——我現在有許多經驗豐富的財務規劃和會計專業人士加入了我的團隊。我相信，當與現有具有深厚 Super Micro 經驗的專職會計人員結合時，這位經驗豐富的人才將帶來額外的價值。

We announced our preliminary financial information today in today's press release, which you can refer to. Looking forward, the company expects net sales in the range of $700 million to $780 million for the third quarter of fiscal year 2018, ending March 31, 2018. While we work to complete our #1 priority of compliance with our SEC filings, we will not be making any comments on the preliminary financial results.

我們今天在今天的新聞稿中公佈了我們的初步財務信息，您可以參考。展望未來，公司預計截至 2018 年 3 月 31 日的 2018 財年第三季度淨銷售額在 7 億至 7.8 億美元之間。在我們努力完成向美國證券交易委員會備案的第一要務合規性的同時，我們不會對初步財務結果發表任何評論。

Again, I'm excited to work with Charles just as Super Micro is ramping, and I look forward to engaging with our investor community and sharing more about our progress after we have met our SEC filing requirements.

再一次，我很高興在 Super Micro 發展壯大之際與 Charles 合作，我期待著在我們滿足美國證券交易委員會的備案要求後與我們的投資者社區互動並分享更多有關我們進展的信息。

Let me now turn the call back over to Charles and Perry for Q&A.

現在讓我將電話轉回給查爾斯和佩里進行問答。

Thank you. As indicated previously, we will have a Q&A session now, which -- in which sell-side analysts will be permitted to ask questions. I would like to remind you that your questions should be directed to the business update that we have just provided. We will not answer any questions relating to the Audit Committee investigation or the delayed filing of our 10-K.

謝謝。如前所述，我們現在將舉行問答環節，賣方分析師將被允許提問。我想提醒您，您的問題應該針對我們剛剛提供的業務更新。我們不會回答與審計委員會調查或延遲提交 10-K 相關的任何問題。

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

接線員，此時，我們準備好提問了。

(Operator Instructions) And we will go first to Aaron Rakers from Wells Fargo.

（操作員說明）我們將首先聯繫 Wells Fargo 的 Aaron Rakers。

This is Joe Quatrochi, on for Aaron. Few questions if I could. First, I think last quarter, you gave us kind of some details related to some of the segments' growth like high-performance computing enterprise, storage, stuff like that. Is there anything you could give us this quarter to help us out?

我是 Joe Quatrochi，代表 Aaron。如果可以的話，幾乎沒有問題。首先，我想上個季度，你給了我們一些與某些細分市場增長相關的細節，比如高性能計算企業、存儲等。這個季度你有什麼可以幫助我們的嗎？

Joe, yes, certainly we can do that. Again, these are preliminary numbers. So these are our best estimates at this time. Storage was about 22% and -- of our total revenues, and that itself, about 22% year-over-year. Our Internet data center cloud vertical was over 11% and -- let me go on here. Accelerated computing, again, over 10% this quarter. The amazing thing about the accelerated computing is that it grew about 134% year-over-year, so that's continuing to show a lot of momentum. Our IoT and embedded was approximately 9%, and that was up also about 23% year-over-year. Enterprise was approximately 7% and continues to show very strong growth based on this huge revenue base that we have for this quarter. Last but not the least is channel, and that's about approximately 42% or so. There's a little bit of overlap, as you know, from prior times we've spoken that some of our business is captured in channel and where they do some things for some of our customers. Is that helpful?

喬，是的，我們當然可以做到。同樣，這些是初步數字。所以這些是我們目前最好的估計。存儲約占我們總收入的 22%，而存儲本身則同比增長約 22%。我們的互聯網數據中心雲垂直超過 11%，讓我繼續說下去。本季度加速計算再次超過 10%。加速計算的驚人之處在於它同比增長了約 134%，因此它繼續顯示出很大的勢頭。我們的物聯網和嵌入式約為 9%，同比增長約 23%。Enterprise 約為 7%，並且基於我們本季度擁有的巨大收入基礎，繼續顯示出非常強勁的增長。最後但並非最不重要的是渠道，大約佔 42% 左右。如您所知，有一點重疊，從之前我們已經說過，我們的一些業務是在渠道中捕獲的，他們在那里為我們的一些客戶做一些事情。這有幫助嗎？

Yes, that's very helpful. And then, maybe just a follow up to that. When we look at, like, your performance this quarter relative to the guidance that was laid out, how do we think about -- what was the underlying driver for the upside? Was it broad-based? Or is there any particular market or partner you could point to?

是的，這很有幫助。然後，也許只是跟進。當我們查看您本季度相對於製定的指導的表現時，我們如何思考 - 上漲的潛在驅動因素是什麼？它的基礎廣泛嗎？或者您可以指出任何特定的市場或合作夥伴？

Our overall growth would continue to be very strong. Other than that, (inaudible). So we believe those will be continuing pretty soon.

我們的整體增長將繼續非常強勁。除此之外，（聽不清）。所以我們相信這些將很快繼續下去。

Yes. Just let me add here, as we said in Charles' remarks earlier, it was very broad-based. Every single vertical was up and we were up in every geography.

是的。讓我在這裡補充一點，正如我們之前在 Charles 的發言中所說的那樣，它的基礎非常廣泛。每個垂直方向都在上升，我們在每個地區都在上升。

Okay, that's helpful. And then, maybe just one more, and then I'll cede the floor. The management resignations that you outlined in the press release, how do we -- especially related to the sales leadership, how do we think about those relative to the audit that was just completed? Are those related, are those separate? And then, how do we think about your ability to forecast revenue kind of going forward?

好的，這很有幫助。然後，也許只有一個，然後我會讓出發言權。您在新聞稿中概述的管理層辭職，我們如何 - 特別是與銷售領導有關，我們如何看待與剛剛完成的審計相關的辭職？那些是相關的，那些是分開的嗎？然後，我們如何看待您預測未來收入的能力？

So Joseph, as you know, we said that we wouldn't comment on the Audit Committee investigation and the delayed financing K. And definitely, we're not at liberty to discuss anything related to the Audit Committee, so I'm going to have to decline your question on that. But with regard to -- we did announce a new person to head up our sales or worldwide sales. His name is Don Clegg, that was in the press release from earlier today. He's a great guy, he's been with the company for many, many years. And he's often stepped into that role when people were absent and traveling. So he has a wealth of knowledge about the company and how it operates. With regard to the forecasting future, Kevin, would you like to make a couple of comments?

所以約瑟夫，如你所知，我們說過我們不會對審計委員會的調查和延遲融資 K 發表評論。當然，我們無權討論與審計委員會有關的任何事情，所以我要不得不拒絕你的問題。但關於 - 我們確實宣布了一個新人來領導我們的銷售或全球銷售。他的名字是 Don Clegg，這是今天早些時候的新聞稿。他是一個很棒的人，他在公司工作了很多很多年。當人們不在或出差時，他經常擔任該角色。因此，他對公司及其運作方式有豐富的了解。關於預測未來，凱文，你想發表一些評論嗎？

Yes. I think first, I'd say that like most companies our size, we have a bottoms-up process for forecasting, and there are many players that are very savvy and very skilled in terms of doing the forecasting. That is one of the areas that I've been working on as well to kind of really focus in terms of our estimates for our top customers. So I think we have the wherewithal and the bench strength to be able to do that well in this time of transition.

是的。我想首先，我想說的是，像我們這種規模的大多數公司一樣，我們有一個自下而上的預測過程，而且有許多參與者在進行預測方面非常精明和熟練。這是我一直在努力的領域之一，也是真正關注我們對頂級客戶的估計的領域。所以我認為我們有必要的資金和替補實力，能夠在這個過渡時期做得很好。

Yes, in the last 3, 4 years, we have been well prepared for Supermicro 3.0. So we can hire and train and also internal sales expertise, so our team is becoming much stronger than before ever.

是的，在過去的 3、4 年裡，我們已經為 Supermicro 3.0 做好了充分的準備。因此，我們可以聘請和培訓內部銷售專家，因此我們的團隊變得比以往任何時候都強大得多。

And our next question will come from Mark Kelleher from D.A. Davidson.

我們的下一個問題將來自 D.A. 的 Mark Kelleher。戴維森。

I kind of expected a little more to drop through to the bottom line. Could you talk a little bit about gross margin, your expectations there? I know we kind of dipped again in memory pricing, maybe work that in. And then talk about the operating lines, if you can, in terms of is there increased spending? I know you said you're going to build out -- are building out the finance team a bit with some more SG&A. Where can we expect some puts and takes on the operating expenses?

我有點期待更多的東西進入底線。你能談談毛利率，你的期望嗎？我知道我們在內存定價方面再次有所下降，也許可以解決這個問題。然後談談運營線，如果可以的話，是否會增加支出？我知道你說過你要擴充——正在用更多的 SG&A 來擴充財務團隊。我們在哪裡可以期望一些看跌期權和承擔運營費用？

Yes, basically, our revenue had been growing very strong. And in the next couple of quarters, we have to continue that the strong trend. However, that memory price still, going higher, unfortunately. So net of margin -- gross margin had been about flat, I guess. So other than that, I mean, the business have been very strong, and we foresee a very strong growth in the next few quarters at the least.

是的，基本上，我們的收入增長非常強勁。在接下來的幾個季度裡，我們必須繼續保持這種強勁趨勢。然而，不幸的是，該內存價格仍在上漲。所以淨利潤 - 我猜毛利率幾乎持平。所以除此之外，我的意思是，業務非常強勁，我們預計至少在接下來的幾個季度會有非常強勁的增長。

I'll just add to that. It sounds a little bit like last quarter. We had geographic mix with very strong China revenue. We continue to have product mix, where a lot of our products have more component reliance to them, so that impacts that. And again, we're still at -- we're still in the Grantley life cycle technology. So as we -- as Charles mentioned in his comments that our Skylake grew 100%, but it was also a low base. The big part of the ramp on Skylake is still ahead of us, and we've said that now for the last several months that beginning 2018, we'll start see that go higher. And then lastly, if you -- based on the report of our estimated EPS, you can probably tell from that, that we did make some significant progress in terms of our EBIT margin. That was up significantly as we were able to control OpEx.

我會補充一點。聽起來有點像上個季度。我們的地域組合非常強勁，中國收入。我們繼續擁有產品組合，我們的許多產品對它們有更多的組件依賴，因此會產生影響。再一次，我們仍然在——我們仍然在格蘭特利生命週期技術中。因此，正如查爾斯在他的評論中提到的那樣，我們的 Skylake 增長了 100%，但它的基數也很低。Skylake 的大部分坡道仍在我們前面，我們已經說過，從 2018 年開始的最後幾個月，我們將開始看到它走得更高。最後，如果你——根據我們估計的每股收益報告，你可能可以從中看出，我們確實在息稅前利潤率方面取得了一些重大進展。由於我們能夠控制 OpEx，因此顯著增加。

Great. Just one last one. The tax rate. With the changes in the law, what tax rate should we be assuming?

偉大的。只是最後一個。稅率。隨著法律的變化，我們應該假設什麼稅率？

So I think as we go forward, our tax rate will probably going to be in the mid-20s or so.

所以我認為隨著我們的前進，我們的稅率可能會在 20 多歲左右。

The next question comes from Mehdi Hosseini from Susquehanna.

下一個問題來自 Susquehanna 的 Mehdi Hosseini。

This is David Ryzhik for Mehdi. So I just wanted to get a sense deadlines that we're working with. I think, in January, you filed an 8-K regarding a bank extension, suggesting that you have to file by March. Just wanted to sync up on that to see if March is really like a deadline that you're working with for the 10-K?

我是邁赫迪的 David Ryzhik。所以我只是想了解一下我們正在處理的截止日期。我認為，在 1 月份，您提交了一份關於銀行延期的 8-K，建議您必須在 3 月份之前提交。只是想同步一下，看看 3 月是否真的像您為 10-K 工作的最後期限？

David, we are working as hard as we can with -- in conjunction with our independent auditors to try and complete this process as soon as possible. But as you've already described, at this time, we're not able to really determine the date of when that will happen. We do have a NASDAQ extension until March 13. And our bank line with Bank of America, we have an agreement, which we've previously announced that syncs up with that March date.

大衛，我們正在盡我們所能——與我們的獨立審計員一起努力盡快完成這個過程。但正如您已經描述的那樣，目前，我們無法真正確定何時會發生這種情況。我們確實將納斯達克延期至 3 月 13 日。我們與美國銀行的銀行業務，我們有一項協議，我們之前已經宣布與 3 月的日期同步。

Got it. And I mean, is that a hard deadline, that March date, with Bank of America? Or do you anticipate flexibility around that if you need a little more time?

知道了。我的意思是，美國銀行的 3 月日期是一個硬性截止日期嗎？或者，如果您需要多一點時間，您是否期望在這方面有靈活性？

David, we're not going to comment about our discussions with Bank of America at this time.

大衛，我們目前不打算評論我們與美國銀行的討論。

Okay, fair. And so we came across some orders from TSMC to Super Micro. There's some public filings. I just wanted to get a sense of what they're for. I think it was -- there was a $40 million order to Super Micro in the December quarter and maybe we saw follow-on orders. So I just wanted to get the sense of what those orders are for? Is that Internet data center business or not? And how sustainable is that demand from that customer?

好吧，公平。所以我們遇到了一些從台積電到超微的訂單。有一些公開文件。我只是想了解一下它們的用途。我認為是 - 12 月季度有 Super Micro 的 4000 萬美元訂單，也許我們看到了後續訂單。所以我只是想了解這些訂單的用途是什麼？那是互聯網數據中心業務嗎？該客戶的需求有多可持續？

Thank you for the question. Basically, we don't comment for specific customers about business conditions. However, I'd like to -- I'm happy to share our big win with a lot of our large enterprise account had been continuing going very strong. So we do feel very positive. We will continue to grow in this segment. It's kind of -- indeed, many enterprise customers have been growing business with us.

感謝你的提問。基本上，我們不對特定客戶的業務狀況發表評論。但是，我想——我很高興與我們的許多大型企業客戶分享我們的巨大勝利，這些客戶一直在繼續保持強勁勢頭。所以我們確實感到非常積極。我們將在這一領域繼續發展。這有點——事實上，許多企業客戶一直在與我們發展業務。

Great. And you touched on the component environment. We'd just love to get a sense on how you see DRAM and NAND today relative to your business and how do you -- how you anticipate it impacting your March quarter.

偉大的。你談到了組件環境。我們很想了解您如何看待當今 DRAM 和 NAND 與您的業務相關的情況，以及您如何看待它如何影響您的 3 月季度。

Yes, DRAM prices continue to grow temporarily and other components, even (inaudible), we would see some shortages global-wide, especially our growth has been much faster than average in all our industry. So we can see shortage challenge. But we're getting stronger relationships with our vendors, so there are some challenges, but I believe we will be okay.

是的，DRAM 價格暫時繼續上漲，其他組件，甚至（聽不清），我們會在全球範圍內看到一些短缺，特別是我們的增長速度遠遠快於我們所有行業的平均水平。所以我們可以看到短缺挑戰。但是我們與供應商的關係越來越牢固，因此存在一些挑戰，但我相信我們會沒事的。

Great. And I just wanted to get a sense of the -- all the public discussion around the meltdown, inspector vulnerabilities. How do you foresee that to impact the Skylake cycle? Do you actually believe that, that could actually drive some incremental refresh activity?

偉大的。我只是想了解一下——所有圍繞崩潰、檢查員漏洞的公開討論。您如何預見這會影響 Skylake 週期？你真的相信，這實際上可以推動一些增量刷新活動嗎？

Yes, good question. I mean, our Skylake [indeed] grow more than double over last quarter, and we'd see strong growth this quarter and next coming few quarters. So overall, Skylake will grow strong, while the last-generation Broadwell business deal is strong. So especially, we have lots of embedded IoT customers. So overall, our growth will be pretty smooth, I believe.

是的，好問題。我的意思是，我們的 Skylake [確實] 比上個季度增長了一倍多，我們將在本季度和接下來的幾個季度看到強勁增長。因此，總體而言，Skylake 將發展壯大，而上一代 Broadwell 的商業交易勢頭強勁。特別是，我們有很多嵌入式物聯網客戶。所以總的來說，我相信我們的增長會非常順利。

Great. And just last one for me. If you can just talk about storage. I think you gave that total storage was 22% of total revenue, but any sense on NexGen Storage?

偉大的。最後一個給我。如果你能談談存儲。我想你給出的總存儲佔總收入的 22%，但 NexGen 存儲有什麼意義嗎？

NexGen Storage continue to grow year-over-year stably. And some quarter grow more and some quarter grow less. But overall, next-generation storage will continue to grow strongly.

NexGen Storage 繼續逐年穩定增長。有些季度增長更多，有些季度增長更少。但總體而言，下一代存儲將繼續強勁增長。

(Operator Instructions) We'll now go to the Nehal Chokshi from Maxim Group.

（操作員說明）我們現在將前往 Maxim Group 的 Nehal Chokshi。

At least dropping some of that well -- rather seeing the $10 million OpEx year-over-year increase result and then operating profit increase on a year-over-year basis, so that's good to see. The guidance for the March quarter while relatively broad range at the midpoint, implies will be down 12% Q-on-Q versus an average, I think, is usually down the mid-single digits. So what greater level of seasonal decline that you guys are projecting?

至少放棄其中的一部分——而不是看到 1000 萬美元的運營支出同比增長結果，然後營業利潤同比增長，所以很高興看到。3 月季度的指導雖然中點範圍相對較寬，但我認為與平均水平相比將下降 12%，我認為通常下降到中個位數。那麼你們預測的季節性下降幅度更大嗎？

We believe the growth will be strong in March quarter, even this is seasonally a slow quarter. But because of that shortage, I mean, component shortage global-wide, so we try to be more conservative. That's why we offer at bigger range, $700 million to $780 million.

我們相信 3 月季度的增長將強勁，即使這是一個季節性緩慢的季度。但由於這種短缺，我的意思是全球範圍內的組件短缺，所以我們試圖更加保守。這就是為什麼我們提供更大的範圍，7 億至 7.8 億美元。

Okay. And then...

好的。進而...

If I can just add as well. As you know, for the industry, historically, there's a lot of seasonality in this March quarter, right, with the lunar new year and some of the other events that are happening. So it's a little bit harder to gauge with that, plus the comments that Charles made.

如果我也可以添加。如您所知，對於該行業而言，從歷史上看，這個三月季度有很多季節性，對，農曆新年和其他一些正在發生的事件。所以很難用它來衡量，再加上 Charles 發表的評論。

Okay. And then, the -- what was the reason for the resignations of the sales leadership?

好的。然後，銷售領導辭職的原因是什麼？

Nehal, I appreciate your question but, I don't know whether you were listening earlier. We're not at liberty to discuss the Audit Committee investigation.

Nehal，我很欣賞你的問題，但我不知道你之前是否聽過。我們不能隨意討論審計委員會的調查。

So just to point out by saying that you're not at liberty to say that, then the assumption will be that those resignations are, indeed, related to the audit in some way or another? So hopefully, you can give a little bit color as far as what's the driver here?

所以只是通過說你不能隨意這麼說來指出，那麼假設這些辭職確實以某種方式與審計有關？因此，希望您能就此處的驅動程序提供一些顏色？

Again, Nehal, your conclusion is your own. That is nothing that we have said or discussed in any of our press releases and we are not going to discuss the Audit Committee investigation.

再一次，Nehal，你的結論是你自己的。我們在任何新聞稿中都沒有說過或討論過這一點，我們也不打算討論審計委員會的調查。

Okay, understood. And then, I do have one more question, which is audit-related, but I think it's a clarification, so hopefully you can answer it. But just to be clear, what was about the Audit Committee investigation? Was that it was purely on the revenue recognition timing, is that correct? Do I recall that correctly?

好的，明白了。然後，我還有一個問題，與審計相關，但我認為這是一個澄清，所以希望你能回答。但需要明確的是，審計委員會的調查是怎麼回事？是否純粹取決於收入確認時間，對嗎？我沒記錯嗎？

That is what we have said in previous press releases.

這就是我們在之前的新聞稿中所說的。

And that is all the time we have for questions today. I'll turn the conference back over to our presenters for any additional or closing remarks.

這就是我們今天所有的提問時間。我會將會議轉回給我們的主持人，以獲得任何補充或結束語。

Thank you for joining us today, and we're looking forward to a strong 2018. Thank you, everyone. Have a great day.

感謝您今天加入我們，我們期待著強勁的 2018 年。謝謝大家。祝你有美好的一天。

This concludes today's presentation. Thank you for your participation.

今天的演講到此結束。感謝您的參與。