超微電腦 (SMCI) 2018 Q3 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to the Super Micro Computer, Inc.

歡迎來到 Super Micro Computer, Inc.

Third Quarter Fiscal 2018 Business Update Conference Call.

2018 財年第三季度業務更新電話會議。

The company's news releases issued earlier today and are available from its website at www.supermicro.com.

公司的新聞稿於今天早些時候發布，可從其網站 www.supermicro.com 獲取。

(Operator Instructions) As a reminder, this call is being recorded, Thursday, May 3, 2018.

（操作員說明）提醒一下，本次通話將於 2018 年 5 月 3 日星期四進行錄音。

A replay of the call will be accessible until midnight, Thursday, May 17, 2018, by dialing 1 (844) 512-2921 and entering replay pin 2033-880.

通過撥打 1 (844) 512-2921 並輸入重播密碼 2033-880，可以在 2018 年 5 月 17 日星期四午夜之前重播通話。

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; Kevin Bauer, Senior Vice President and 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； 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。

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

現在，我想將會議轉交給海耶斯先生。

Mr. Hayes, please go-ahead, sir.

海耶斯先生，請繼續。

Good afternoon, and thank you, for attending Supermicro's business update conference call for the third quarter fiscal 2018, which ended March 31, 2018.

下午好，感謝您參加 Supermicro 於 2018 年 3 月 31 日結束的 2018 財年第三季度業務更新電話會議。

As announced in our press release earlier today, the company has completed the previously disclosed investigation conducted by the audit committee.

正如我們今天早些時候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。

In furtherance of the preparation of the financial statements, the audit committee is overseeing additional testing that the company believes is nearing completion.

為了促進財務報表的編制，審計委員會正在監督公司認為即將完成的額外測試。

To date, the company's cash flows have not been impacted by the findings of the investigation or the additional testing.

迄今為止，該公司的現金流量並未受到調查結果或額外測試的影響。

Additional time is required to analyze any impact of the results of the investigation and additional testing on the company's historical financial statements as well as to complete 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.

需要更多時間來分析調查結果和額外測試對公司歷史財務報表的任何影響，並在公司能夠完成其 10-K 表格年度報告之前完成額外審查。截至 2017 年 6 月 30 日。

Otherwise known as the 2017 10-K.

也稱為 2017 年 10-K。

The company presented an updated compliance plan to the NASDAQ stock market hearings panel on April 26, 2018.

公司於 2018 年 4 月 26 日向納斯達克股票市場聽證會小組提交了更新後的合規計劃。

And the company requested an additional exception period for continued listing of its common stock on the NASDAQ Global Select Market, through August 24, 2018, in order for it to complete and file its 2017 10-K and subsequent delinquent SEC quarterly filings.

並且該公司要求在 2018 年 8 月 24 日之前延長其普通股在納斯達克全球精選市場繼續上市的額外例外期，以便其完成並提交其 2017 年 10-K 和隨後拖欠的 SEC 季度文件。

The company is unable at this time to provide a date as to when the 2017 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 adjustments.

公司目前無法提供 2017 年 10-K 的提交日期，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，調整的金額。

The company intends to file its quarterly reports on Form 10-Q for the quarters ended September 30 and December 31, 2017, and March 31, 2018, promptly after filing the 2017's 10-K.

公司打算在提交 2017 年的 10-K 後立即提交截至 2017 年 9 月 30 日和 12 月 31 日以及 2018 年 3 月 31 日止季度的 10-Q 表季度報告。

Based on these delays, during today's conference call Supermicro will address business and market trends from the third fiscal quarter of 2018 and will discuss estimated financial results.

基於這些延遲，在今天的電話會議上，Supermicro 將討論 2018 年第三財季的業務和市場趨勢，並將討論估計的財務結果。

But reference to any financial results are preliminary and subject to change based on finalized results contained in future filings with the SEC.

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 a copy of today's news release that was distributed at the close regular trading and is available on the company's website.

到目前為止，您應該已經收到一份今天的新聞稿，該新聞稿是在常規交易收盤時分發的，可在公司網站上獲取。

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

在我們開始之前，我會提醒您，我們的言論包括前瞻性陳述。

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

有許多風險因素可能導致 Supermicro 的未來結果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 most recent 10-K 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、我們最近的 10-K 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 Supermicro's website.

所有這些文件都可以從 Supermicro 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。

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

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。

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涵蓋的公司業務更新。

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

公司不會解決有關審計委員會調查或延遲提交公司 10-K 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。

Thank you, Perry and good afternoon, everyone.

謝謝佩里，大家下午好。

Let me summarize the third quarter.

讓我總結一下第三季度。

Our third quarter revenue will be in the range of $785 million to $795 million, which surpass our quarterly guidance and represents approximately 26% increase year-over-year.

我們第三季度的收入將在 7.85 億美元至 7.95 億美元之間，超過我們的季度指引，同比增長約 26%。

This was the 6th straight quarter of double digit -- 20%-plus growth, which demonstrates the success of our Supermicro efforts to scale our people, process and operations to support strong customer demands.

這是連續第 6 個季度實現兩位數增長——超過 20%，這表明我們的 Supermicro 在擴展我們的人員、流程和運營以支持強大的客戶需求方面所做的努力取得了成功。

On a year-over-year base, we grew in almost all market verticals, including growth of 102% in accelerated AI machine learning.

與去年同期相比，我們在幾乎所有垂直市場都有增長，包括加速人工智能機器學習增長 102%。

244% in enterprise, 58% in Internet, data center and cloud, 9% in IoT and embedded, 14% in channel and 15% in storage.

企業 244%，互聯網、數據中心和雲 58%，物聯網和嵌入式 9%，渠道 14%，存儲 15%。

In a traditionally soft quarter, we were able to succeed despite shortage of both minor and key components.

在傳統上疲軟的季度，儘管次要和關鍵組件都短缺，但我們還是取得了成功。

But results could have been stronger if not for the component shortage and supply chain uncertainty.

但如果不是因為零部件短缺和供應鏈的不確定性，結果可能會更好。

Our systems revenue reached 80% of total sales, demonstrating our customer confidence in our integrated products and total solutions.

我們的系統收入達到總銷售額的 80%，表明我們的客戶對我們的集成產品和整體解決方案充滿信心。

The total number of nodes shipped last quarter was up by 13%, compared to last year.

與去年相比，上個季度出貨的節點總數增長了 13%。

We shipped over 1.2 million total units, including subsystems and completed systems in 2017 calendar year, and we are also recognized as the third largest provider of servers in the world by IPC at the end 2017.

我們在 2017 日曆年的總出貨量超過 120 萬台，包括子系統和完整系統，並且在 2017 年底，我們還被 IPC 評為全球第三大服務器供應商。

ASPs of node grew 28% over last year.

節點的平均售價比去年增長了 28%。

Due to increased demand for fully integrated systems with Supermicro qualified and validated components.

由於對具有 Supermicro 合格和驗證組件的完全集成系統的需求增加。

Most of the notably the SuperBlade and the multi-node Twin family were in high demand and contributed to higher ASPs.

大多數值得注意的是 SuperBlade 和多節點 Twin 系列，需求量很大，並促成了更高的 ASP。

The Twin family was 30% of total revenue and was up 72% year-over-year.

雙胞胎家庭佔總收入的 30%，同比增長 72%。

The SuperBlade was up 470% compared to last year.

與去年相比，SuperBlade 增長了 470%。

Other higher ASP products including rack solutions, which was up more than 300% and other systems that grew about 10%.

其他更高的 ASP 產品包括機架解決方案，增長超過 300%，其他系統增長約 10%。

Green computing has also been a priority at Supermicro and we have introduced our new resource savings architecture to further improve data center cost efficiency and environmental friendly [entities].

綠色計算也一直是 Supermicro 的優先事項，我們引入了新的資源節約架構，以進一步提高數據中心的成本效率和環境友好性 [entities]。

The system architectures can achieve up to 60% hardware acquisition cost savings.

該系統架構最多可節省 60% 的硬件購置成本。

By the using of system (inaudible) cables, power supply, networking, processor modules, storage modules and cooling fans.

通過使用系統（聽不清）電纜、電源、網絡、處理器模塊、存儲模塊和冷卻風扇。

Furthermore, resource saving systems are capable of achieving 1.5 PUE in data center to save millions of dollars in energy costs, while significantly reduce waste.

此外，資源節約系統能夠在數據中心實現 1.5 PUE，從而節省數百萬美元的能源成本，同時顯著減少浪費。

More resource saving advantage can be realized in the scaled data center environment, leveraging Supermicro rack scale design, or RSD, to manage racks of disaggregate server, throughout composable storage and networking with industry standards Redfish workflow API.

在擴展的數據中心環境中，可以實現更多的資源節省優勢，利用 Supermicro 機架規模設計 (RSD) 來管理分解服務器的機架，整個可組合存儲和網絡與行業標準 Redfish 工作流 API。

We have already had larger scale deployments and a design win with our strong resource saving products portfolio including a disaggregate [ray] and BigTwin and other products in our enterprise and large data center customer base.

我們已經通過我們強大的資源節約產品組合（包括分解 [ray] 和 BigTwin 以及我們企業和大型數據中心客戶群中的其他產品）進行了更大規模的部署和設計勝利。

That resource savings technology drives dramatically improved efficiency.

資源節約技術極大地提高了效率。

Increased utilization, reduced initial acquisition cost and TCO.

提高利用率，降低初始購置成本和 TCO。

Most importantly, it can help our mother earth because of reduced pollution and energy consumption.

最重要的是，它可以幫助我們的地球母親減少污染和能源消耗。

From the new technologies, Supermicro continues to bring numerous breakthrough innovations to the market.

從新技術上看，美超微不斷為市場帶來無數突破性的創新。

For storage, we've introduced a new highly configurable 1U All-Flash storage platform.

對於存儲，我們推出了一個新的高度可配置的 1U 全閃存存儲平台。

Supporting the latest storage media such as Intel Ruler Flash and the Samsung NF-1 NVMe that deliver up to 300% increase in storage density, with significantly higher performance and bandwidth at a scale.

支持最新的存儲介質，例如 Intel Ruler Flash 和 Samsung NF-1 NVMe，可提供高達 300% 的存儲密度提升，並在規模上顯著提高性能和帶寬。

For AI and machine learning, we've introduced the broadest selection of GPU server platforms supporting NVIDIA Tesla V100 GPUs in both PCIE and FXM form factors.

對於 AI 和機器學習，我們推出了最廣泛的 GPU 服務器平台選擇，支持 PCIE 和 FXM 外形規格的 NVIDIA Tesla V100 GPU。

Now 4U GPU system.

現在4U GPU系統。

In particular, can support up to 8 GPU from a single root with the update NVLink, offering optimal performance in a hyper scale environment for application in self-driving car, smart-tv, healthcare, scientific research, Big Data analytics and more.

特別是，通過更新的 NVLink，可以從單根支持多達 8 個 GPU，在超大規模環境中提供最佳性能，適用於自動駕駛汽車、智能電視、醫療保健、科學研究、大數據分析等應用。

On the Networking side, we are the first to introduce a wide range of 25G NIC solutions that deliver 100% better performance per dollars, backward compatibility, plus a future-proof upgrade path to 100G.

在網絡方面，我們率先推出範圍廣泛的 25G NIC 解決方案，這些解決方案可提供 100% 更好的性價比、向後兼容性以及面向未來的 100G 升級路徑。

Supermicro also recently announced new additions to its extensive IoT, network edge and security appliance portfolio, featuring systems based on the new SOC, System on Chip, Intel Xeon D-2100 processor, with high RAS features available in ultra-dense, lower power device.

Supermicro 最近還宣布了其廣泛的物聯網、網絡邊緣和安全設備產品組合的新成員，其特點是基於新的 SOC、片上系統、英特爾至強 D-2100 處理器的系統，具有超高密度、低功耗設備中可用的高 RAS 功能.

Supermicro's X11 IoT platform delivers balanced compute, storage and networking for the intelligent age and the emerging scale -- emerging cost of new 5G-enabled service.

Supermicro 的 X11 物聯網平台為智能時代和新興規模——支持 5G 的新服務的新興成本——提供平衡的計算、存儲和網絡。

Lastly, to support increasing demands, we extend our Silicon Valley operation to over 2 million square feet, which does, when opening of Building 22 at our computing campus.

最後，為了支持不斷增長的需求，我們在矽谷的運營面積擴大到超過 200 萬平方英尺，這也是在我們的計算園區啟用 22 號樓時實現的。

The expansion allow for additional capacity for system integration and a dedicated rack integration for [CETs], powered by one of the Silicon Valley's first green source energy.

擴展允許系統集成的額外容量和 [CET] 的專用機架集成，由矽谷首批綠色能源之一提供支持。

At 3-megawatts, the facility features automated rack burn-in with autonomous guide robot in operation.

在 3 兆瓦的情況下，該設施具有自動化機架老化和運行中的自主引導機器人。

Currently, 60 racks are built and burning simultaneously, with capacity of delivering more than 600 computer racks per month.

目前60個機櫃同時建燒，具備每月交付600多個電腦機櫃的能力。

In summary, Supermicro is continuing to execute on its Supermicro's Supermicro 3.0 strategy and drive a market share gain in total solution and direct end-user engagement with large enterprise and data center customers.

總之，Supermicro 將繼續執行其 Supermicro 的 Supermicro 3.0 戰略，並在整體解決方案和直接終端用戶與大型企業和數據中心客戶的互動中推動市場份額的增長。

Our 6th consecutive quarter of double digit growth, despite of global components shortage, reflects our advantage of first-to-market technology and products, which will continue accelerate customer demand for Supermicro.

儘管全球組件短缺，但我們連續第 6 個季度實現兩位數增長，反映了我們率先上市的技術和產品的優勢，這將繼續加速客戶對 Supermicro 的需求。

And let me hand it over to Kevin Bauer for more financial details.

讓我把它交給凱文鮑爾了解更多財務細節。

Thank you, Charles, and good afternoon, listeners.

謝謝查爾斯，聽眾們下午好。

In addition to the growth rate Charles highlighted on a year-over-year basis, I'd like to provide a longer-term view of our performance.

除了 Charles 強調的同比增長率外，我還想對我們的業績提供一個更長期的看法。

Our success as the third largest supplier in a growing market, is evidenced by our performance in the following areas, by comparing with the last 12 months to the preceding 12 months.

通過比較過去 12 個月和之前 12 個月，我們在以下領域的表現證明了我們在不斷增長的市場中作為第三大供應商的成功。

In other words, the last 12 months, as of March 2018 revenue, compared to last 12 months, as of March '17.

換句話說，過去 12 個月，截至 2018 年 3 月的收入，與過去 12 個月，截至 17 年 3 月的收入相比。

In the area of accelerated AI and machine learning, our last 12 -- our last 12 months' performance was 148% over the previous 12-month period.

在加速人工智能和機器學習領域，我們過去 12 個月——我們過去 12 個月的表現比前 12 個月提高了 148%。

In Enterprise, our last 12-month performance was 162% over the previous 12-month period.

在 Enterprise 中，我們最近 12 個月的業績比前 12 個月高 162%。

In IoT and Embedded, our last 12-month performance was 19% over the previous 12-month period.

在物聯網和嵌入式領域，我們最近 12 個月的業績比前 12 個月增長了 19%。

And in Storage, our last 12-month performance was 28% over the previous 12-month period.

在存儲方面，我們最近 12 個月的業績比前 12 個月增長了 28%。

Returning to the quarter and sequential comparisons.

回到季度和順序比較。

This quarter we saw our strongest regional growth in EMEA, that was up 63%, offsetting slow performance in China due to the lunar new year holidays.

本季度，我們在歐洲、中東和非洲地區實現了最強勁的區域增長，增長了 63%，抵消了中國因農曆新年假期而表現不佳的影響。

The U.S. remained our biggest market with approximately 46% of revenues.

美國仍然是我們最大的市場，約佔收入的 46%。

Our estimated range of GAAP gross margin is from 13% to 13.2% and includes stock-based comp of $0.4 million and this quarter accelerated building depreciation expense of $2.6 million, that's related to a partial demolition of a building in our new green computing park.

我們估計的 GAAP 毛利率範圍為 13% 至 13.2%，其中包括 40 萬美元的股票補償和本季度 260 萬美元的加速建築折舊費用，這與我們新綠色計算園區的建築物部分拆除有關。

Without these 2 items, our estimated range of non-GAAP gross margin is from 13.3% to 13.5%.

如果沒有這兩項，我們估計的非 GAAP 毛利率範圍為 13.3% 至 13.5%。

Despite continued component pricing pressure, our gross margin remains stable.

儘管組件定價壓力持續存在，但我們的毛利率保持穩定。

I'd like to make a few comments in specific areas of progress made over the last quarter.

我想就上個季度取得的具體進展發表一些評論。

In financing, we recently closed an expanded new credit facility for an amount of up to $250 million.

在融資方面，我們最近關閉了一項高達 2.5 億美元的新信貸額度。

That increased our domestic borrowing capacity by 60%.

這使我們的國內借貸能力增加了 60%。

In addition, this new facility provides a conversion opportunity to expand borrowing capacity to $400 million, after certain conditions have been met.

此外，在滿足某些條件後，這一新設施提供了將藉貸能力擴大至 4 億美元的轉換機會。

With this new source of capital, we increased our network of relationship banks and are able to invest in additional working capital to continue to execute on our long-term growth strategy.

有了這個新的資金來源，我們擴大了我們的關係銀行網絡，並能夠投資額外的營運資金，以繼續執行我們的長期增長戰略。

At the same time, we have exercised our organization to improve on all 3 facets of the cash conversion cycle, by focusing on customer collections and being more precise about payments to suppliers and the scheduling of incoming inventory materials.

與此同時，我們通過關注客戶收款、更精確地支付給供應商的款項和進貨庫存材料的安排，鍛煉了我們的組織，以改善現金轉換週期的所有 3 個方面。

We immediately reduced our outstanding balance from the prior loan and that will partially offset the interest rate -- the interest related to the loan rate increase during Phase I of the loan facility.

我們立即減少了之前貸款的未償餘額，這將部分抵消利率——與貸款融資第一階段貸款利率上漲相關的利息。

In our sales organization, we are pleased with Don Clegg's leadership of the sales team.

在我們的銷售組織中，我們對 Don Clegg 對銷售團隊的領導感到滿意。

He has summoned the team's bench strength to step up to new challenges.

他調動了球隊的板凳力量，迎接新的挑戰。

He has further upgraded the team to bring enhanced professionalism and stronger strategic selling capability to bear in our efforts to win and serve our target customers.

他進一步升級了團隊，以帶來更高的專業水平和更強的戰略銷售能力，以承擔我們贏得和服務目標客戶的努力。

Don is emphasizing a stronger team approach, utilizing the company's technical experts, to improve customers' experience.

Don 強調採用更強大的團隊方法，利用公司的技術專家來改善客戶體驗。

The sales team is retooled and ready to compete and will help us fully achieve Supermicro 3.0 objectives.

銷售團隊進行了重組並準備好參與競爭，這將幫助我們全面實現 Supermicro 3.0 的目標。

The SEC filings process.

SEC 備案流程。

As we stated in our press release and as Perry articulated during the introduction, we continue to expend great effort to complete our financial statements and work with our independent auditor to complete the fiscal year 2017 audit process and ultimately file our delinquent reports with the SEC.

正如我們在新聞稿中所述以及佩里在介紹中所闡述的那樣，我們繼續付出巨大努力來完成我們的財務報表，並與我們的獨立審計師合作完成 2017 財年的審計流程，並最終向美國證券交易委員會提交我們的拖欠報告。

As previously indicated, we'll now have a Q&A session, where sell-side analysts will be permitted to ask questions.

如前所述，我們現在將舉行問答環節，允許賣方分析師提問。

I'd like to remind you that your questions should be directed to the business update that we just provided and we'll not answer any further questions relating to the audit committee investigation or the delayed filing of our 10-K.

我想提醒您，您的問題應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 相關的任何進一步問題。

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

接線員，此時，我們準備好提問了。

(Operator Instructions) Our first question today will come from Mehdi Hosseini with Susquehanna Financial Group.

（操作員說明）我們今天的第一個問題將來自 Susquehanna Financial Group 的 Mehdi Hosseini。

This is David Ryzhik for Mehdi Husseini.

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

Charles, regarding the enterprise, it seemed pretty strong, 244% growth.

查爾斯，就企業而言，它似乎非常強勁，增長了 244%。

Can you offer any more metrics around maybe customer growth?

你能提供更多關於客戶增長的指標嗎？

Whether that is solely in North America or globally?

是僅在北美還是在全球範圍內？

Just any other insights would be helpful, and I had a follow-up.

任何其他見解都會有所幫助，我進行了跟進。

Yes.

是的。

In enterprises we continue to grow very strongly.

在企業中，我們繼續強勁增長。

Primarily as U.S. based, because of our on-site presence and kind of management sort of we all ready now and we also start to extend to Asia and Europe.

主要是在美國，由於我們的現場存在和管理方式，我們現在都準備好了，我們也開始擴展到亞洲和歐洲。

So it's kind of global available now.

所以它現在是全球可用的。

And we anticipate the strong growth to continue.

我們預計強勁增長將繼續。

Great.

偉大的。

Thanks.

謝謝。

And just on gross margins, would you be able to comment on component conditions?

就毛利率而言，您能否評論組件條件？

I guess, your estimate for gross margins suggests, maybe, flattish -- you see revenue tick down seasonally but year-over-year you grew revenue very strong and you noted that China was a little weak in the quarter.

我猜，你對毛利率的估計表明，也許是持平的——你看到收入季節性下降，但與去年同期相比，你的收入增長非常強勁，而且你注意到中國在本季度有點疲軟。

So just wondering, what hampered your gross margins from kind from growing -- from expanding more, given the volume?

所以只是想知道，考慮到數量，是什麼阻礙了你的毛利率增長 - 從擴大更多？

As you may know, DRAM and SSD price is getting stabilized, especially SSD is slightly dropping now.

如您所知，DRAM 和SSD 價格趨於穩定，尤其是SSD 現在略有下降。

So this is we're ahead -- or looking forward at gross margin as [ERP].

所以這是我們領先的 - 或者期待毛利率作為 [ERP]。

And plus our economical scale continue to grow, they were a headwind too.

再加上我們的經濟規模繼續增長，他們也是一個逆風。

I think one other little unique item for the quarters is that we took a little bit more in E&O provision as well.

我認為本季度的另一個小獨特項目是我們在 E&O 撥備方面也多了一點。

Okay.

好的。

What percent of systems were new processors?

新處理器佔系統的百分比是多少？

In the March quarter?

在三月季度？

I think you've provided that in the past.

我想你過去已經提供過。

I think they're all 100% (inaudible)

我認為它們都是 100%（聽不清）

So we're talking about Skylake?

所以我們在談論 Skylake？

Yes.

是的。

So it looks as if -- as a percentage of revenue for Skylake this quarter was roughly about 18%.

所以看起來——本季度 Skylake 佔收入的百分比大約為 18%。

And it came from stably growing in last year.

它來自去年的穩定增長。

Okay, I think it was 12% a few quarters ago, any reason why it's not accelerating further?

好的，我認為幾個季度前是 12%，為什麼它沒有進一步加速？

Or you guys just think that the tail is going to be longer?

或者你們只是認為尾巴會更長？

Or when do we reach that 30%, 40%, 50%?

或者我們什麼時候達到 30%、40%、50%？

I guess it's still maybe 2 quarters away.

我猜它可能還有 2 個季度的路程。

Talking about 40%.

談論大約 40%。

(Operator Instructions) Our next question will come from Aaron Rakers with Wells Fargo .

（操作員說明）我們的下一個問題將來自 Wells Fargo 的 Aaron Rakers。

So I want to go back to the component side of the equation, as you look out over the next couple of quarters.

所以我想回到等式的組成部分，正如你在接下來的幾個季度中所看到的那樣。

What -- you mentioned that SSD pricing starting to come down, I think your word was slightly, how are you seeing component pricing and availability play out?

什麼 - 你提到 SSD 價格開始下降，我認為你的話有點，你如何看待組件定價和可用性？

Not just out over the next quarter or so.

不僅僅是在下個季度左右。

But looking into the second half of the year, there's been some -- some questions about whether or not, particularly, NAND flash and DRAM would tighten back up into the second half?

但展望今年下半年，有一些問題——特別是 NAND 閃存和 DRAM 是否會在下半年收緊？

Yes, as you may know, right.

是的，你可能知道，對。

DRAM continues to have a certain shortage.

DRAM 繼續存在一定的短缺。

But much better comparison than before.

但是比以前好多了。

While -- they see kind of a pricing is gradually dropping now, so that means that the price is more than enough.

雖然 - 他們看到某種定價現在正在逐漸下降，這意味著價格綽綽有餘。

However, we did see global other components in shortage, including PCB and material and all others small components like [PPL.] So it was surprising.

然而，我們確實看到全球其他組件短缺，包括 PCB 和材料以及所有其他小組件，如 [PPL]。所以這令人驚訝。

But that looks like those small components shortage may continue for many quarters to go.

但這看起來像那些小組件短缺可能會持續很多個季度。

Okay.

好的。

Okay.

好的。

Perfect.

完美的。

And can you quantify how much of an impact that has had on your ability to generate revenue?

您能否量化這對您創收能力的影響有多大？

How much more revenue would you have generated if it weren't for some of the component shortages?

如果不是因為某些組件短缺，您會產生多少收入？

I would have to say that more components global shortage had impact our revenue last quarter, even the March quarter.

我不得不說更多的組件全球短缺影響了我們上個季度的收入，甚至是 3 月份的季度。

But looking forward, we continue to enhance our relationships and our effort to create a better relationship and a better safety inventory.

但展望未來，我們將繼續加強我們的關係，並努力建立更好的關係和更好的安全清單。

So hopefully, that impact won't be too big.

所以希望這種影響不會太大。

Okay.

好的。

And then kind of a couple of other quick questions, if I can.

如果可以的話，還有一些其他的快速問題。

It looks like your cash balance continues to kind of come down here a little bit.

看起來您的現金餘額繼續有所下降。

You're definitely doing some things on the debt side.

你肯定在債務方面做了一些事情。

So I'm curious of how we should think about, it looks like utilizing your revolver with -- while still having about $140 million in cash.

所以我很好奇我們應該如何考慮，它看起來像是在使用你的左輪手槍——同時還有大約 1.4 億美元的現金。

So how am I thinking about, I guess, why use the revolver?

那麼我怎麼想的，我想，為什麼要使用左輪手槍？

How do I think about the capital management side for the company?

我如何看待公司的資本管理方面？

Yes, so under the new revolver as I mentioned we, upon getting funding, we actually drew down less than what our existing balances were.

是的，所以在我提到的新左輪手槍下，在獲得資金後，我們實際上提取的資金少於我們現有的餘額。

And what I was trying to signal to you, as we go forward is that our cash balances will probably be smaller than they had been historically.

而我試圖向你發出的信號是，隨著我們的前進，我們的現金餘額可能會比歷史上的要少。

And we're going to be borrowing just in time to a greater extent so that we can mute the interest cost impact of the rate while we're in the this period of where the rate is more expensive.

而且我們將在更大程度上及時藉貸，以便在我們處於利率更高的時期時，我們可以消除利率的利息成本影響。

Okay.

好的。

And then real final -- Go ahead.

然後是真正的決賽——繼續。

Yes, at the same time, because [ARPU] had been very stable -- stably growing, so I personally do not feel cash flow will be a pressure.

是的，同時，因為 [ARPU] 一直非常穩定——穩定增長，所以我個人不覺得現金流會是一個壓力。

So with the new loan system and systems that are here, the cash flow should not be an issue...

所以有了新的貸款系統和系統，現金流應該不是問題......

And it looks like your cash balance is more or less flat sequentially, so I apologize for that misstatement.

看起來你的現金餘額或多或少連續持平，所以我為這個錯誤陳述道歉。

The real final thing for me would be, just remind us again as you kind of build out, it sounded like 2 million square feet of manufacturing capacity, how we should think about the company's current capacity situation relative to your systems business?

對我來說，真正的最後一件事是，在你擴建時再次提醒我們，這聽起來像是 200 萬平方英尺的製造能力，我們應該如何考慮公司目前與你的系統業務相關的產能狀況？

Just remind us again, your total capacity in terms of what you can produce on a systems level?

再次提醒我們，您在系統層面上的總產能是多少？

Yes.

是的。

As you know.

如你所知。

We have been faster-growing company from the subsystem to completed system to completed solution and now completed rack, high-speed and kind of completed data center solution.

從子系統到完整的系統再到完整的解決方案，我們一直是發展速度更快的公司，現在完成了機架、高速和完整的數據中心解決方案。

So we have been growing very aggressively.

所以我們一直在非常積極地發展。

And that's why economical scale has been always a challenge.

這就是為什麼經濟規模一直是一個挑戰。

The good thing is in all the area I just mentioned, including total solutions and rack scale, now our economic scale has been much better than before.

好在我剛才提到的所有領域，包括整體解決方案和機架規模，現在我們的經濟規模已經比以前好得多。

And situation can be only better.

情況只會更好。

So that's why those capacity we prepare will be a big help for our future growth.

因此，這就是為什麼我們準備的這些能力將對我們未來的增長有很大幫助。

So Aaron, as you know prior to this additional building, which we talked about today on the call.

所以亞倫，正如你所知，在我們今天在電話會議上談到的這座額外的建築之前。

We had a capacity in the neighborhood of $3.5 billion.

我們的產能約為 35 億美元。

And that fit nicely with the run rate that we're on.

這與我們的運行率非常吻合。

With the additional capacity, we're above that now, we're more in the range of $4 billion to $5 billion.

有了額外的產能，我們現在已經超過了這個水平，我們的收入在 40 億美元到 50 億美元之間。

(Operator Instructions) And we'll take our follow-up from Mehdi Hosseini.

（操作員說明）我們將接受 Mehdi Hosseini 的跟進。

This is David again.

這又是大衛。

For storage, would you be able to provide a little insight into next gen versus legacy, what the growth rates were?

對於存儲，您能否提供一些關於下一代與傳統存儲的見解，增長率是多少？

Yes.

是的。

So are you talking about period-over-period?

那麼你是在談論周期性的嗎？

Year-over-year.

一年又一年。

Year-over-year.

一年又一年。

Yes.

是的。

So as it relates to year-over-year in terms of [IBC and non-IBC.] Yes.

因此，就 [IBC 和非 IBC] 而言，它與去年同期有關。是的。

So I think, quarter-over-quarter, year-over-year.

所以我認為，環比，同比。

So non-IBC, I think, enterprise, as Charles highlighted, was 244% and enterprise was like about 54%.

所以非 IBC，我認為，企業，正如查爾斯強調的那樣，是 244%，而企業大約是 54%。

Sorry, I was referring to the storage business, just within storage there's legacy and then there's next gen?

抱歉，我指的是存儲業務，只是在存儲中有傳統，然後有下一代？

I am sorry.

對不起。

Yes...

是的...

Storage, I guess, over all, is about 15%, okay?

我想，總的來說，存儲大約是 15%，好嗎？

and...

和...

Yes, I'm sorry.

是的，對不起。

Traditional up about 29% and next gen about 2%.

傳統增長約 29%，下一代增長約 2%。

Okay.

好的。

Any -- are you seeing anything in the market for NexGen?

任何 - 你在市場上看到 NexGen 的任何東西嗎？

For the slower growth, hyper converged, All-Flash, you know anything that would account for some of the softness?

對於較慢的增長、超融合、全閃存，你知道有什麼可以解釋一些軟性嗎？

Yes, I guess, overall talking about next few quarters or next few years.

是的，我想，總體上是在談論未來幾個季度或未來幾年。

We will continue to have a strong growth on both sides.

我們將繼續在雙方都有強勁的增長。

Traditional storage and next gen.

傳統存儲和下一代。

Last quarter, specifically 2% only for next gen, I guess is just a coincidence.

上個季度，特別是下一代只有 2%，我想這只是巧合。

Though overall there will be a continuous strong growth, both Traditional and next gen.

儘管總體而言，傳統和下一代產品都將持續強勁增長。

And just one for Kevin, just if you can provide an update for your cash cycle efforts, any measures that you've taken already.

凱文只有一個，只要你能為你的現金周期工作提供最新情況，你已經採取的任何措施。

And when we can expect improvements to the cash conversion cycle?

我們什麼時候可以期待現金轉換週期的改善？

Yes.

是的。

Naturally that's going to take some period of time, as I mentioned earlier, we worked on the collection side, being more specific with customers in terms of expecting payments on time and being a little bit tighter in terms of not shipping until we saw customers become current, just basic blocking and tackling.

當然，這需要一些時間，正如我之前提到的，我們在收款方面工作，在期望按時付款方面更具體地針對客戶，並且在我們看到客戶成為客戶之前不發貨方面更加嚴格當前，只是基本的攔截和攔截。

On the payment side, we worked to tighten up when we pay customers and then, as I said earlier, we're being more precise about when we bring in inventories, so to the extent where maybe we brought in stock for the whole month in the beginning of the month, I am exercising the organization to be a little bit more just-in-time as it relates to when we bring in inventory.

在支付方面，我們在向客戶付款時努力收緊，然後，正如我之前所說，我們在引入庫存時更加精確，因此我們可能在整個月引入了庫存本月初，我正在鍛煉組織，使其更加準時化，因為這與我們何時引入庫存有關。

That's going to take some time to bear fruit.

這需要一些時間才能見效。

So, stay tuned.

所以，敬請期待。

I mean as you know we are quickly grow in enterprise and enterprise, we provide total solution.

我的意思是，如您所知，我們在企業和企業中發展迅速，我們提供整體解決方案。

That's why the cash cycle time is a bit longer.

這就是現金周期時間稍長的原因。

However, we'll continue to work with our customer for kind of better payment terms and we got a very good support from some enterprise customers basically.

但是，我們將繼續與我們的客戶合作以獲得更好的付款條件，並且我們基本上得到了一些企業客戶的很好支持。

And we've had some suppliers help us out too with terms being a little bit longer.

我們也有一些供應商幫助我們解決問題，期限更長一些。

So overall cash flow should be safe.

所以整體現金流應該是安全的。

Your next question will come from Michael Staiger with Odeon Capital.

您的下一個問題將來自 Odeon Capital 的 Michael Staiger。

Are you guys seeing any increase in RFPs for designs that incorporate GPUs or ARM-based servers?

你們是否看到包含 GPU 或基於 ARM 的服務器的設計的 RFP 有所增加？

And if so, where would you expect those segments to break out in the future on a percent of revenue basis?

如果是這樣，您預計這些細分市場在未來佔收入的百分比會在哪裡突破？

And would they be accretive to your current programs or would they be a replacement or a substitution of like the traditional builds that you're doing?

它們會增加您當前的程序，還是會替代或替代您正在做的傳統構建？

And what will the gross margin profile look like on those as well?

這些產品的毛利率情況又會如何？

Big question.

大問題。

So when it comes to GPU, that's included in our high-performance computing or in AI.

因此，當談到 GPU 時，它包含在我們的高性能計算或 AI 中。

So we just shared that year-over-year that grew 102% so that's within our current tracking.

所以我們剛剛分享了同比增長 102% 的數據，這在我們目前的追踪範圍內。

So you'd want to keep your eye on that.

所以你要密切關注這一點。

Are ARM-based servers part of your build cycle right now or...

基於 ARM 的服務器現在是您構建週期的一部分還是……

We do not ARM-based.

我們不基於ARM。

That's a no?

那是不？

No ARM-based.

沒有基於 ARM 的。

Our next question will come from Nehal Chokshi with Maxim.

我們的下一個問題將來自 Maxim 的 Nehal Chokshi。

So -- and I've been skipping between calls, so this may have been asked before but with your -- congratulations on the debt raise.

所以 - 我一直在通話之間跳過，所以這可能之前已經被問過但是你 - 祝賀債務籌集。

And I'm wondering what kind of -- number 1, were there other banks that actually participated in the debt raise or did they just simply indicate interest and Bank of America did -- is responsible for all the debt that increased that capacity that you have right now?

而且我想知道什麼樣的 - 第一，是否有其他銀行實際參與了債務籌集，或者他們只是簡單地表示利息而美國銀行做了 - 對所有增加你的能力的債務負責現在有嗎

Nehal, now I'm going to answer that question.

Nehal，現在我要回答這個問題。

The syndicate that we had actually was, as you pointed out, was broad.

正如你所指出的，我們實際上擁有的辛迪加是廣泛的。

We increased a number of -- our relationships with a number of new banks that joined and in addition to that, I will also tell you that the commitments were oversubscribed and we had to cut back.

我們增加了一些 - 我們與加入的一些新銀行的關係，除此之外，我還會告訴你，承諾被超額認購，我們不得不削減。

So it worked out very well for us.

所以對我們來說效果很好。

Not only did it increase the facility size but also new banking relationships for the company.

它不僅增加了設施規模，還為公司建立了新的銀行業務關係。

What kind of due diligence were they able to do, did they have full access to the investigation that was done?

他們能夠進行什麼樣的盡職調查，他們是否可以完全訪問已完成的調查？

And then the follow-up question is, I just want clarity on what does testing mean?

然後後續問題是，我只想弄清楚測試是什麼意思？

I'm not too sure what that means.

我不太確定那是什麼意思。

I'll answer the first half of that.

我會回答前半部分。

And I'll let Kevin answer the second half of that question.

我會讓凱文回答這個問題的後半部分。

So with regard to the bank group, as is typical, they are under NDA type of arrangements with us and so we could provide a bit more information to them than we could to investors who are not under an NDA.

因此，對於銀行集團，通常情況下，他們與我們簽訂了 NDA 類型的安排，因此我們可以向他們提供比我們向未簽訂 NDA 的投資者提供的信息更多的信息。

So, yes, a little bit more information was provided.

所以，是的，提供了更多信息。

In addition to that we held weekly meetings with them where we showed our cash flow and they saw how we, as a new team, managed cash and were very impressed by that.

除此之外，我們每週與他們舉行會議，展示我們的現金流，他們看到我們作為一個新團隊如何管理現金，並對此印象深刻。

So I think they gained comfort over the fact that our cash flow continued to be strong and came to their conclusion.

因此，我認為他們對我們的現金流繼續強勁並得出結論這一事實感到欣慰。

As it relates to the additional testing, I'll remind you that we're not going to be answering questions about that.

因為它涉及到額外的測試，所以我會提醒您我們不會回答相關問題。

But it's just the continuation of the process to get our arms around all of the issues that occurred during that timeframe.

但這只是讓我們解決那個時間段內發生的所有問題的過程的延續。

So as we said, we believe that we think we're nearing completion there and we're working in parallel with other teams to be able to our get our filings done as expeditiously as possible and we'll leave it at that.

正如我們所說，我們相信我們認為我們在那裡接近完成，我們正在與其他團隊並行工作，以便能夠盡快完成我們的備案，我們將就此結束。

Our next question will come from Jon Lopez with Vertical Group .

我們的下一個問題將來自 Vertical Group 的 Jon Lopez。

I have a couple of quick ones if you guys don't mind.

如果你們不介意的話，我有幾個快速的。

The first one, the data center -- the internet data center vertical, looks like it was pretty healthy.

第一個，數據中心——垂直互聯網數據中心，看起來非常健康。

I know the disclosures have gone a little bit all over the place but it looks like it was up comfortably double digits sequentially and up, as you guys said, 58% or so year-on-year.

我知道披露的內容有點到處都是，但看起來它連續增長了兩位數，而且正如你們所說，同比增長 58% 左右。

Can you just talk a little bit about what's driving that and in particular are you seeing any resurgence in what used to reasonably large customer for you after they took a break for a while there?

你能談談是什麼推動了這一點，特別是你是否看到在他們在那裡休息一段時間後，曾經為你提供相當大的客戶的任何復蘇？

Yes.

是的。

Very good question.

很好的問題。

All our customer continued to adopt our product and we also continued to win more new customers and the key reason I believe because our green computing, followed by resource savings.

我們所有的客戶都繼續採用我們的產品，我們也繼續贏得更多的新客戶，我相信關鍵原因在於我們的綠色計算，其次是資源節約。

So the green computing and resource savings solutions is not just save customers' energy costs, initial hardware acquisition cost, but also, I mean make their deployment easier and also kind of help our mother earth from its pollution.

因此，綠色計算和資源節約解決方案不僅可以節省客戶的能源成本、初始硬件購置成本，而且，我的意思是讓他們的部署更容易，也可以幫助我們的地球母親免受污染。

So all are positive factors.

所以都是積極的因素。

And we believe we will continue to grow strongly in those areas.

我們相信我們將在這些領域繼續強勁增長。

So it sounds like -- to rephrase what you said, but it sounds like that's a reasonably diversified kind of resurgence in that segment, is that a fair way to characterize it?

所以這聽起來像是 - 重新表述你所說的話，但聽起來這是該細分市場中一種相當多樣化的複興，這是描述它的一種公平方式嗎？

Yes.

是的。

Again, most kinds of our multiple node like Twin and the Twin Pro and BigTwin product [9] including the all MicroBlade and SuperBlade because of lower cost and better performance, energy saving, so those are the advantages, that's why the market continues to like our solution, and more and more new customer that are engaging with us.

同樣，我們的大多數多節點，如 Twin、Twin Pro 和 BigTwin 產品 [9]，包括所有 MicroBlade 和 SuperBlade，因為成本更低、性能更好、節能，所以這些都是優勢，這就是市場繼續喜歡的原因我們的解決方案，以及越來越多的新客戶與我們合作。

Continued growth resurgence as you describe, the customer coming back and then we've had a sprinkling of new customers too.

正如您所描述的那樣，持續增長復甦，客戶回來了，然後我們也有一些新客戶。

Indeed, a major impact, a negative impact in last few quarter is the shortage.

事實上，最近幾個季度的一個主要影響，一個負面影響就是短缺。

Kind of memory shortage, SSD shortage followed by a small component shortage.

某種內存短缺，SSD 短缺，然後是小組件短缺。

So we have been suffering a lot before and (inaudible) quarter for shortage and issue and the good thing, the situation is getting better.

因此，我們之前和（聽不清）季度因短缺和問題而遭受了很多痛苦，好事是，情況正在好轉。

That actually hands up nicely to my second question, which is -- I know you guys aren't going to give us explicit guidance but just conceptually, given that we're seeing a little of leveling off and some easing in memory, which is reasonably large for you as a bill of materials and I understand some of the problems in other places like capacitors and things like that but those I think are reasonably small, certainly relative to memory.

這實際上很好地回答了我的第二個問題，那就是——我知道你們不會給我們明確的指導，而只是概念上的，因為我們看到了一些平穩和記憶中的一些緩和，這是作為材料清單，對您來說相當大，我理解其他地方的一些問題，例如電容器和類似的東西，但我認為這些問題相當小，當然與內存有關。

So I guess the thrust of my question is, as the year progresses, is it reasonable for us to see the gross margin lift from this kind of flattish range you've been in from the last 3 or 4 quarters or are the headwinds in those other buckets enough to prevent that?

所以我想我的問題的主旨是，隨著時間的推移，我們是否有理由看到毛利率從過去 3 或 4 個季度所處的這種平坦範圍內提升，或者是那些不利因素其他水桶足以防止這種情況發生嗎？

In terms of shortage and the component pricing, I believe looking forward, next few quarter will be in the positive side.

在短缺和組件定價方面，我相信展望未來幾個季度將會是積極的一面。

I think, it will be positive but modestly, I think, or I expect, that we'll operating in this gross margin range for now, not anything appreciably large but certainly now that I've been on the top for roughly about 90 days and after we get job 1 done in terms of getting our SEC filings done, we'll be able to devote more attention to developing programs internally to improve gross margin over time.

我認為，這將是積極的但適度的，我認為，或者我預計，我們現在將在這個毛利率範圍內運營，不會有任何明顯的增長，但肯定是現在我已經處於領先地位大約 90 天了在完成向美國證券交易委員會提交文件方面的工作 1 之後，我們將能夠更多地關注內部開發程序，以隨著時間的推移提高毛利率。

And in over time, we'll look forward to sharing progress with you in that regard.

隨著時間的推移，我們期待與您分享這方面的進展。

2 more real quick one, I apologize.

2個更真實的快速一個，我道歉。

If I look at the OpEx that's kind of implied in where things are shaking out, it looks like OpEx has been pretty flattish non-GAAP at about 68, 69, in that ballpark for the last couple of quarters.

如果我看一下在事情發生變化的地方隱含的 OpEx，在過去幾個季度的那個球場上，OpEx 看起來非常平坦，約為 68、69。

Is that an area you would expect to hold in this same range or do you think as some of the facility spending and whatnot layers in that we'd expect OpEx to maybe pick up a little bit?

這是您希望保持在同一範圍內的區域，還是您認為我們希望 OpEx 可能會有所回升的一些設施支出和諸如此類的東西？

Well, facility spending is mostly going to be in the manufacturing arena so it will be hitting gross profit as we turn it on.

好吧，設施支出主要用於製造領域，因此當我們開啟它時，它將影響毛利潤。

But it will be at a modest pace.

但它將以適度的速度進行。

In terms of OpEx we're continuing to invest and hire to scale so it will have some modest updrift as we go forward.

在 OpEx 方面，我們將繼續投資和招聘以擴大規模，因此隨著我們的前進，它會有一些適度的上升。

And the very last one.

最後一個。

Just coming back to the cash real quick.

只是很快回到現金。

I just want to understand the dynamics.

我只想了解動態。

Your gross cash as was noted, was up like $1 million but you drew like an extra incremental $9 million off the facilities, roughly.

如前所述，你的總現金增加了 100 萬美元，但你從設施中提取了大約 900 萬美元的額外增量。

My question is, was that timing related to an extent?

我的問題是，這個時間是否與某種程度有關？

As you're getting rid of the old facility and bringing the new facility on?

當您要擺脫舊設施並啟用新設施時？

Or if not, kind of what drove that draw in the revolver?

或者，如果不是，是什麼驅使左輪手槍抽動的？

That was just needed to -- for working capital and specifically to buy inventory.

這只是需要——用於營運資金，特別是購買庫存。

Recognize that we closed the new facility in April, which is after March, so there's no history there.

認識到我們在三月之後的四月關閉了新設施，所以那裡沒有歷史。

That's why I wanted to preview for you that as compared to our current cash balances, don't be surprised in June that our cash balances are going to come down because of the fact that we're going to be much more prudent in terms of borrowing, and managing closer.

這就是為什麼我想為您預覽一下，與我們目前的現金餘額相比，不要對我們的現金餘額在 6 月份下降感到驚訝，因為我們將在以下方面更加謹慎借貸，管理更緊密。

Okay.

好的。

We should see (inaudible) down, in other words, in June?

我們應該看到（聽不清）下降，換句話說，在 6 月？

Yes.

是的。

Thank you.

謝謝。

And it appears at this time we have no further questions, I'll turn the conference back over to Mr. Liang, for any additional or closing comments.

看來此時我們沒有其他問題了，我會將會議轉回給梁先生，徵求任何補充意見或結束意見。

Thank you for joining us today and we'll be looking forward to finish fiscal year 2018 on a strong note.

感謝您今天加入我們，我們期待以出色的成績結束 2018 財年。

Thank you, everyone.

謝謝大家。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

And again, ladies and gentlemen, that does conclude the Supermicro Third Quarter Fiscal 2018 Business Update Conference Call.

女士們先生們，Supermicro 2018 財年第三季度業務更新電話會議結束了。

We do appreciate your participation.

我們非常感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。

Thank you.

謝謝。