超微電腦 (SMCI) 2018 Q4 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.

First (sic) [Fourth] Quarter Fiscal 2018 Business Update Conference Call.

第一（原文如此）[第四]季度 2018 財年業務更新電話會議。

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

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

(Operator Instructions)

（操作員說明）

As a reminder, this call is being recorded Tuesday, August 21, 2018.

提醒一下，這個電話是在 2018 年 8 月 21 日星期二錄製的。

A replay of the call will be accessible through midnight, Tuesday, September 4, 2018, by dialing 1 (844) 512-2921 and entering replay pin 3269159.

通過撥打 1 (844) 512-2921 並輸入重播密碼 3269159，可在 2018 年 9 月 4 日星期二午夜之前重播通話。

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.

現在我想把會議轉交給海耶斯先生。

Mr. Hayes, please go ahead, sir.

海耶斯先生，請繼續，先生。

Good afternoon, and thank you for attending Super Micro's business update conference call for the fourth quarter fiscal 2018, which ended June 30, 2018.

下午好，感謝您參加 Super Micro 截至 2018 年 6 月 30 日的 2018 財年第四季度業務更新電話會議。

During today's conference call, Super Micro will address the current state of the company's efforts to file its delinquent SEC filings, the business and market trends from the fourth fiscal quarter of 2018 and the company's estimated financial results for the fourth quarter and for fiscal year 2018.

在今天的電話會議上，Super Micro 將討論公司提交拖欠 SEC 文件的工作現狀、2018 年第四財季的業務和市場趨勢以及公司第四季度和 2018 財年的預計財務業績.

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

對任何財務結果的引用都是初步的，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 2 news releases from the company that were distributed at the close of regular trading and are available on the company's website.

到目前為止，您應該已經收到公司在正常交易結束時分發的 2 份新聞稿的副本，這些新聞稿可以在公司網站上找到。

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

在我們開始之前，我會提醒您，我們的言論包含前瞻性陳述。

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

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

You can learn more about these risks in the press release we issued earlier this afternoon, our most recent Form 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、我們最新的 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。

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

所有這些文件都可以從 Super Micro 網站的投資者關係頁面獲得。

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

我們不承擔更新任何前瞻性陳述的義務。

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

今天的大部分演講將提及非 GAAP 財務結果和展望。

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。

I'll now turn the call over to Kevin Bauer, Chief Financial Officer.

我現在將電話轉給首席財務官凱文鮑爾。

Thank you, Perry, and good afternoon.

謝謝你，佩里，下午好。

Today is a frustrating day, because our very good quarterly results are overshadowed by the news of our filing status.

今天是令人沮喪的一天，因為我們非常好的季度業績被我們申請狀態的消息所掩蓋。

We remain undeterred in our efforts to complete our financial reports.

我們繼續努力完成我們的財務報告。

We have worked diligently and deployed significant resources towards completing the 2017 and 2018 financial statements, but are not able to file by the deadline of August 24, 2018.

我們努力工作並部署了大量資源來完成 2017 年和 2018 年的財務報表，但無法在 2018 年 8 月 24 日的截止日期前提交。

This was the deadline given to us by the NASDAQ appeal panel when they granted the company an exception to the listing standards requiring timely filing of SEC reports.

這是納斯達克上訴小組給我們的最後期限，當時他們准許該公司豁免上市標準要求及時提交 SEC 報告。

We have made tremendous progress on this matter, having completed the analysis of specific revenue transactions identified through our Audit Committee's investigation.

我們在這件事上取得了巨大進展，完成了對通過我們的審計委員會調查確定的特定收入交易的分析。

To date, our cash flows have not been impacted by our findings and no transaction reviewed by the company as part of this processes has involved revenue that could not ultimately be recognized nor have we concluded that a restatement of financial results is necessary.

迄今為止，我們的現金流量並未受到我們的調查結果的影響，作為該流程的一部分，公司審查的交易中沒有涉及最終無法確認的收入，我們也沒有得出有必要重述財務業績的結論。

The question you must be asking is, why is this matter taking so long?

你肯定要問的問題是，為什麼這件事拖了這麼久？

The answer is that in order to be thorough, we're reviewing transactions near the end of each quarter for similar issues found in the earlier testing, but particularly as it relates to the matching of purchase order and shipping terms to the timing of revenue.

答案是，為了徹底，我們會在每個季度末附近審查交易，以查找在早期測試中發現的類似問題，但特別是因為它涉及採購訂單和運輸條款與收入時間的匹配。

As we are a high-volume business, this entails locating documentation that is on-site, archived or at third parties and reviewing thousands of revenue transactions in detail using a structured approach.

由於我們是一家大批量企業，這需要查找現場、存檔或第三方的文檔，並使用結構化方法詳細審查數千筆收入交易。

There are a number of issues, however, let me share an example of an issue that has arisen in our reviews.

然而，存在許多問題，讓我分享一個在我們的審查中出現的問題的例子。

We have from time-to-time offered free shipping to customers, even though terms of our agreements with those customers provided that the customer would arrange for its own shipping company to pick the products up at our factory shipping dock.

我們不時向客戶提供免費送貨服務，儘管我們與這些客戶的協議條款規定客戶將安排自己的運輸公司到我們工廠的裝運碼頭提貨。

This practice had the unintended accounting consequence of converting the transaction from an Ex Works transaction to an FOB transaction.

這種做法具有將交易從出廠交易轉換為 FOB 交易的意外會計後果。

If end-of-quarter shipments are adjusted in this way, it can cause the appropriate date for recognizing the revenue for those shipments to slip from one quarter into the next.

如果以這種方式調整季末出貨量，可能會導致確認這些出貨量收入的適當日期從一個季度推遲到下一個季度。

This is one example of what we are looking for as we review thousands of transactions.

這是我們在審查數千筆交易時正在尋找的一個例子。

The company believes the revenue recognized for reviewed transactions is valid revenue.

公司認為，為審查的交易確認的收入是有效收入。

The main issue is the quarter in which revenue must be recognized.

主要問題是必須在哪個季度確認收入。

We have not yet determined whether the magnitude of any timing adjustment will be material to any of our previously filed financial statements.

我們尚未確定任何時間調整的幅度是否會對我們之前提交的任何財務報表產生重大影響。

We continue to work diligently to complete the review, assess the impact and complete our financial statements and assessment of internal controls of our financial reporting.

我們繼續努力完成審查、評估影響並完成我們的財務報表和對我們財務報告的內部控制的評估。

We have engaged KPMG to assist us with our review, and we are also working closely with our independent auditor, Deloitte, to complete the job.

我們已聘請畢馬威協助我們進行審查，我們還與我們的獨立審計師德勤密切合作以完成這項工作。

We appreciate the efforts of both KPMG and Deloitte.

我們感謝畢馬威和德勤的努力。

Finally, we are also working closely with the agent of our bank group to inform on the testing process as well as our progress toward completing all the SEC filings.

最後，我們還與我們銀行集團的代理密切合作，告知測試過程以及我們完成所有 SEC 備案的進度。

As a result, we expect to continue to have adequate lines of credit to fund the continued growth of the company.

因此，我們預計將繼續擁有充足的信貸額度來為公司的持續發展提供資金。

We're not able today to project the date by which we will complete this review and file all our delinquent SEC reports, but we believe that date is not too far in the future.

我們今天無法預測我們將完成此審查並提交所有拖欠的 SEC 報告的日期，但我們相信該日期不會太遠。

Thankfully, however, our business remains healthy and has grown during this time as the results of our fourth quarter reflect.

然而，值得慶幸的是，我們的業務保持健康，並且在這段時間內有所增長，正如我們第四季度的業績所反映的那樣。

Turning to a brief overview of our financial performance during the fourth quarter of 2018.

簡要概述我們 2018 年第四季度的財務業績。

Super Micro had strong fourth quarter revenue and net profit.

Super Micro 第四季度收入和淨利潤強勁。

We estimate fourth quarter revenue within the range of $986 million to $996 million.

我們估計第四季度收入在 9.86 億美元至 9.96 億美元之間。

It was approximately 39% higher year-over-year.

同比增長約 39%。

With this strong quarterly revenue, we achieved fiscal year revenue of approximately $3.3 billion.

憑藉這一強勁的季度收入，我們實現了約 33 億美元的財政年度收入。

We estimate fourth quarter non-GAAP fully diluted earnings per share within the range of $0.75 to $0.79.

我們估計第四季度非 GAAP 完全攤薄每股收益在 0.75 美元至 0.79 美元之間。

We grew revenue in all market verticals, with key markets growing significantly year-over-year.

我們在所有垂直市場的收入都有所增長，主要市場同比增長顯著。

Global 2000 more than tripled year-over-year.

全球 2000 強同比增長了兩倍多。

Internet data center more than quintupled year-over-year.

互聯網數據中心同比增長超過五倍。

And non-Internet data center grew nearly 50% year-over-year.

非互聯網數據中心同比增長近 50%。

Accelerated computing was up over 90%.

加速計算增長了 90% 以上。

Embedded grew 20%.

嵌入式增長了 20%。

Storage and channel were up 9% and 3%, respectively.

存儲和渠道分別增長了 9% 和 3%。

On a year-over-year basis, the U.S. enjoyed the highest growth of 38%, followed by EMEA that grew 28% and Asia Pac that was up 24%.

與去年同期相比，美國的增長率最高，達到 38%，其次是歐洲、中東和非洲，增長率為 28%，亞太地區增長率為 24%。

Other regions grew 56%.

其他地區增長了 56%。

Our estimated range of gross margin on both the GAAP and non-GAAP basis was from 12.8% to 13%.

我們在 GAAP 和非 GAAP 基礎上的毛利率估計範圍為 12.8% 至 13%。

Our customer mix primarily affected margin this quarter.

我們的客戶組合主要影響本季度的利潤率。

We estimate non-GAAP EPS range this quarter was $0.75 to $0.79, which was a record high and almost doubled year-over-year.

我們估計本季度非 GAAP 每股收益範圍為 0.75 美元至 0.79 美元，創歷史新高，同比幾乎翻了一番。

For the fourth quarter, we estimate cash generated from operations was $38 million.

對於第四季度，我們估計運營產生的現金為 3800 萬美元。

After deducting CapEx of $8 million, we estimate free cash flow of $30 million for the fourth quarter.

扣除 800 萬美元的資本支出後，我們估計第四季度的自由現金流為 3000 萬美元。

Last quarter, we mentioned our effort to manage our working capital.

上個季度，我們提到了管理營運資金的努力。

This quarter, we reduced our cash conversion cycle to 82 days from 99 days in the prior quarter.

本季度，我們將現金周轉週期從上一季度的 99 天縮短至 82 天。

We achieved improvements in days sales outstanding due to collections and improved shipment linearity and reduced inventory days by being more precisely timing purchases that was offset by reducing days payable.

由於收款，我們實現了銷售未清天數的改善，並通過更精確地安排採購時間來改善發貨線性並減少庫存天數，這些天數被減少的應付天數所抵消。

All in all, our business is strong and we improved performance by working diligently concurrent on filing our financial reports.

總而言之，我們的業務很強勁，我們通過勤奮工作同時提交財務報告來提高業績。

Let me now turn it over to Charles for his comments.

現在讓我將其轉交給 Charles，徵求他的意見。

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

Despite our substantial efforts and progress to complete our SEC filings, I'm very disappointed that we did not meet the filing deadline.

儘管我們在完成 SEC 備案方面付出了巨大努力並取得了進展，但我對未能在截止日期前完成備案感到非常失望。

Personally, I cannot convey how much pain I feel in this unfortunate development.

就我個人而言，我無法表達我在這一不幸的發展過程中感受到的痛苦。

This, however, does not affect my confidence in Super Micro's strong foundation.

不過，這並不影響我對超微雄厚基礎的信心。

In the meantime, we are achieving record-high revenue and profit and continue to introduce new unparallel product innovation.

與此同時，我們正在實現創紀錄的收入和利潤，並繼續推出無與倫比的新產品創新。

We are committed to completing our SEC filings as soon as possible and making sure this problem will never happen again.

我們致力於盡快完成向美國證券交易委員會提交的文件，並確保不再發生此問題。

Completion of the audit is our first concern.

完成審計是我們的首要任務。

We have been investing to further improve our people skill, process and tools to meet the highest financial standard and to meet the need of rapid growing U.S.A.-based global technology company.

我們一直在投資以進一步提高我們的人員技能、流程和工具，以滿足最高的財務標準，並滿足快速發展的美國全球科技公司的需求。

We need to make sure our infrastructure is a strong asset that accelerates our growth and deliver flawless customer experience.

我們需要確保我們的基礎設施是一項強大的資產，可以加速我們的發展並提供完美的客戶體驗。

The changes being made have already improved our business operations.

正在進行的更改已經改善了我們的業務運營。

We added new management across the business and financial operations of our company.

我們在公司的業務和財務運營中增加了新的管理人員。

My enhanced team is aware of industry knowledge and experience in large-scale operations.

我增強的團隊了解行業知識和大規模運營經驗。

We also added a new Chief Compliance Officer and a new Vice President of Internal Audit and strengthened our revenue recognition team.

我們還增加了一名新的首席合規官和一名新的內部審計副總裁，並加強了我們的收入確認團隊。

[Total fees] have grown over 31% in the last year, despite the disruption caused by the continued delay to our 10-K filing.

[總費用] 在去年增長了 31% 以上，儘管我們的 10-K 申請持續延遲造成了中斷。

Today, Super Micro's business and product technology leadership has never been stronger.

今天，Super Micro 的業務和產品技術領先地位從未如此強大。

Our fourth quarter revenue will be in the range of $986 million to $996 million, approximately 39% higher year-over-year and was a new record high.

我們第四季度的收入將在 9.86 億美元至 9.96 億美元之間，同比增長約 39%，創歷史新高。

With this strong quarterly revenue, Super Micro surpassed $3.3 billion for fiscal 2018.

憑藉這一強勁的季度收入，Super Micro 在 2018 財年的收入超過了 33 億美元。

Record revenue and profit are strong indicators of the continued success of our product and market focus.

創紀錄的收入和利潤是我們產品和市場關注持續成功的有力指標。

We continue to expand our technology leadership with new products that deliver game-changing performance.

我們通過提供改變遊戲規則的性能的新產品繼續擴大我們的技術領先地位。

Our multiple node BigTwin system saw tremendous uptake from hyperconverged systems and big data applications.

我們的多節點 BigTwin 系統見證了超融合系統和大數據應用程序的巨大發展。

For AI and machine learning, we have partnered with NVIDIA to fuel the world's most powerful platform by combining 16 Tesla V100 GPUs into a 2 PetaFlop SuperServer.

對於 AI 和機器學習，我們與 NVIDIA 合作，通過將 16 個 Tesla V100 GPU 組合到一個 2 PetaFlop SuperServer 中，為世界上最強大的平台提供動力。

Partnering with Intel is [essential].

與英特爾合作是 [必不可少的]。

It delivered a new class of high data throughput that is loaded and is starting to [put online] that can deliver up to 1 petabyte of high-performance all-flash NVMe storage in a compact 1U system and can deliver up to 18 million IOPs.

它提供了加載並開始 [上線] 的新型高數據吞吐量，可在緊湊的 1U 系統中提供高達 1 PB 的高性能全閃存 NVMe 存儲，並可提供高達 1800 萬的 IOP。

I'm more confident about our business and technical opportunities than at any time in our 25-year history.

我對我們的業務和技術機會比我們 25 年曆史上的任何時候都更有信心。

We are thoroughly focused on meeting our obligation for SEC reporting and operating a world-class business.

我們完全專注於履行我們向 SEC 報告和經營世界級企業的義務。

We have many great things going on at Super Micro, as we continue to put into market our new innovation.

隨著我們繼續將我們的新創新推向市場，我們在 Super Micro 發生了許多偉大的事情。

The resource-saving technologies are enabling great opportunities for us, especially for the upcoming 5G transition, enterprise Global 2000 and AI and machine learning.

資源節約型技術為我們帶來了巨大機遇，尤其是對於即將到來的 5G 轉型、企業 Global 2000 以及人工智能和機器學習。

I look forward to sharing more on these exciting opportunities we see in future quarters.

我期待更多地分享我們在未來幾個季度看到的這些激動人心的機會。

And now I will hand over to Kevin.

現在我將交給凱文。

As indicated previously, we will have a Q&A session with sell-side analysts who've been permitted to ask questions.

如前所述，我們將與獲准提問的賣方分析師進行問答環節。

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

我想提醒您，您的問題應該針對我們剛剛提供的業務更新。

We may decline to answer questions relating to the Audit Committee investigation or the delayed filing of our 10-K because of pending litigation.

我們可能會拒絕回答與審計委員會調查或因未決訴訟而延遲提交 10-K 相關的問題。

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

接線員，這個時候，我們準備好提問了。

(Operator Instructions) And we'll go first to Nehal Chokshi with Maxim Group.

（操作員說明）我們將首先與 Maxim Group 一起去 Nehal Chokshi。

Kevin, as you know, the stock is reacting to delayed filing and really great color on some of the examples that's going on.

凱文，如你所知，股票正在對延遲提交做出反應，並且正在發生的一些例子中的顏色非常好。

You made a statement at the end that you believe that the ability to file these filings is not too far away.

您在最後發表聲明，您認為提交這些備案的能力不會太遠。

But in the second press release of the day, it does say that there's still significant work to do.

但在當天的第二份新聞稿中，它確實表示仍有大量工作要做。

So can you help bridge the delta between the verbal comment and what's in the final -- and what's in the 8-K?

那麼，您能否幫助彌合口頭評論與期末考試內容以及 8-K 考試內容之間的差異？

Yes.

是的。

So I think it is true that we still have a substantial amount of work to do.

所以我認為我們確實還有大量工作要做。

I think what we said in terms of being able to see it in the future is that now that we are later in the process, we actually have pretty good visibility on what it takes to remain to be able to complete the process.

我認為我們所說的能夠在未來看到它是因為現在我們處於流程的後期，我們實際上對完成流程所需的條件有很好的了解。

So that's how I would string them together, that it's one of better visibility, but there's still a fair amount to do.

這就是我將它們串在一起的方式，這是一種更好的可見性，但仍有相當多的工作要做。

Okay.

好的。

So the process that was defined on what needs to be done to review a transaction was established relatively late, relative to when the investigation started about a year ago.

因此，與大約一年前開始調查時相比，確定審查交易需要做什麼的流程相對較晚。

Is that fair to say?

這樣說公平嗎？

Well, certainly, as the results of the investigation came in, we were able to see a little bit more in terms of the processes that we were needing to do.

好吧，當然，隨著調查結果的出現，我們能夠在我們需要做的流程方面看到更多一點。

So certainly, we're evolving.

當然，我們正在進化。

Okay.

好的。

Okay.

好的。

And just to be clear, you said significant transactions left for review, but you've already reviewed hundreds of transactions.

需要明確的是，你說有大量交易需要審查，但你已經審查了數百筆交易。

So are you only a fraction of the way through?

那麼你只完成了一小部分嗎？

Are you like 10% to 20% of the way through?

你喜歡 10% 到 20% 的過程嗎？

Or you're more like 80%, 90% the way through of what needs to be reviewed?

或者您已經完成了 80%、90% 需要審核的內容？

Yes.

是的。

We really can't go into that level of detail.

我們真的不能深入到那種程度的細節。

What I can share with you is that we've taken the approach of largest transactions and are now going towards smaller transactions.

我可以與您分享的是，我們已經採用了最大交易的方法，現在正在轉向較小的交易。

Okay.

好的。

Understood.

明白了。

So on to the fundamental stuff.

所以關於基本的東西。

At the midpoint for the June quarter, you had 25% Q-over-Q growth, and that's about 1,000 basis points above your typical seasonality.

在 6 月季度的中點，環比增長 25%，比典型的季節性高出約 1,000 個基點。

And you did see gross margin tick down a bit Q-over-Q.

你確實看到毛利率略有下降 Q-over-Q。

So can you parse that between potential drivers of mix component input costs, competitor pricing and then an upside lever that all these 3 should be also offsetting shipment volume as well.

那麼你能否在混合組件輸入成本的潛在驅動因素、競爭對手定價以及所有這三個因素也應該抵消出貨量的上行槓桿之間進行分析。

So maybe you can also comment on how much of a positive effect volume would have been if the other 3 items were held constant?

所以也許你也可以評論一下，如果其他 3 項保持不變，會有多少積極的影響量？

That's a lot.

好多啊。

So I will tell you that we are certainly aware of the fact that the industry is growing.

所以我會告訴你，我們當然知道這個行業正在發展。

We are benefiting from that.

我們正從中受益。

We are happy with the significant enterprise wins that we are getting.

我們對我們獲得的重大企業勝利感到滿意。

I will share with you that as I looked at the margin mix, a lot of it had to do with just the quarter-over-quarter mix in terms of some of our customers.

我將與您分享，當我查看利潤率組合時，就我們的一些客戶而言，很多都與季度環比組合有關。

So some of that is related to the products that they buy.

所以其中一些與他們購買的產品有關。

Others are related to the aggressiveness sometimes that we have on larger deals.

其他一些與我們有時在大宗交易中的進取心有關。

So I think that's -- those were the 2 primary factors.

所以我認為那是 - 這是兩個主要因素。

Would you say that the pricing environment has become more competitive relative to a quarter ago?

你會說定價環境相對於一個季度前變得更具競爭力了嗎？

I wouldn't say that universally, no.

我不會普遍這麼說，不。

We'll go next to Aaron Rakers with Wells Fargo.

我們將與 Wells Fargo 一起去 Aaron Rakers 旁邊。

This is Jake Wilhelm on behalf of Aaron Rakers.

我是 Jake Wilhelm，代表 Aaron Rakers。

I was wondering if you can give me some color on what you're seeing with AMD's traction with their EPYC line?

我想知道你是否可以給我一些關於你所看到的 AMD 及其 EPYC 系列的牽引力的顏色？

Yes.

是的。

You see the AMD product has been getting popular, and we shipped kind of much more product than last quarter.

你看 AMD 產品越來越受歡迎，我們出貨的產品比上個季度多得多。

So that trend should be continuing, I believe.

所以我相信這種趨勢應該會繼續下去。

I was also wondering if you could give me some color around Intel's Optane product and the traction you're seeing around that with Intel's 10-nanometer challenges?

我還想知道您是否可以給我一些關於英特爾 Optane 產品的顏色以及您在英特爾 10 納米挑戰中看到的牽引力？

Yes.

是的。

We continue to ship Intel Optane technology.

我們繼續提供英特爾傲騰技術。

Again, likewise -- as we all know, people want a lower latency, kind of higher bandwidth, and Optane technology provides excellent solution in the area.

同樣，眾所周知，人們想要更低的延遲、更高的帶寬，而傲騰技術在該領域提供了出色的解決方案。

And we have a great product line, one of the earliest player in the market.

我們擁有出色的產品線，是市場上最早的參與者之一。

As to 10-nanometer technology from Intel, as of this moment, we try to observe, and overall, we feel very optimistic still.

至於英特爾的10納米技術，目前我們還在觀察，總體上還是很樂觀的。

(Operator Instructions) We'll take a follow-up from Nehal Chokshi with Maxim Group.

（操作員說明）我們將跟進 Nehal Chokshi 與 Maxim Group 的後續行動。

All right.

好的。

So your midpoint guidance is down 15% Q-o-Q, which is about 1,000, 1,500 basis points more than what I would consider seasonal.

因此，您的中點指引環比下降 15%，比我認為的季節性高出約 1,000、1,500 個基點。

So can you give some color as far as what's -- well, the seasonal guidance?

那麼，您能否就季節性指導給出一些顏色？

Obviously, you did have some incredible Q-o-Q growth over the past 2 quarters.

顯然，在過去的兩個季度中，你們確實取得了令人難以置信的環比增長。

But just want to make sure there's nothing more to it than that.

但只是想確保除此之外別無其他。

No.

不。

I think our primary view of this quarter is really seasonal.

我認為我們對本季度的主要看法確實是季節性的。

I don't think that there's anything unusual as it relates to the guidance.

我不認為有什麼不尋常的，因為它與指南有關。

Hopefully, we'll do well.

希望我們會做得很好。

Now we set our guidance at $810 million to $870 million, and that indeed show this quarter, September quarter will stay a strong quarter basically.

現在我們將指導定在 8.1 億美元至 8.7 億美元，這確實表明本季度，9 月季度基本上將保持強勁的季度。

Okay.

好的。

And non-GAAP OpEx plans for September quarter, can you give any color there?

以及 9 月季度的非 GAAP 運營支出計劃，你能給出任何顏色嗎？

Yes.

是的。

We're not giving any guidance other than revenue at the moment.

我們目前不提供除收入以外的任何指導。

Okay.

好的。

All right.

好的。

And are you going to be able to provide us some color on system volumes, system ASP, node volume and node ASP for the June quarter?

您能否為我們提供有關 6 月季度系統卷、系統 ASP、節點捲和節點 ASP 的一些顏色？

No.

不。

We'll go next to Jon Lopez with Vertical Group.

接下來我們將與 Vertical Group 的喬恩·洛佩茲 (Jon Lopez) 一起。

I'm wondering if you could just spend a moment, because it's not really that apparent to me by the wording that you offered in the release.

我想知道你是否可以花點時間，因為你在新聞稿中提供的措辭對我來說並不是那麼明顯。

So specifically, you referenced in the second press release the review of hundreds of transactions, and then in the same sentence, the conclusion that you don't believe a restatement is necessary.

所以具體來說，你在第二份新聞稿中提到了對數百筆交易的審查，然後在同一句話中，你認為沒有必要重述的結論。

So I guess what I'm hoping you can expound upon a little bit is what exactly have you found as you've gone through these hundreds of transactions?

所以我想我希望你能詳細說明的是，當你經歷了這數百次交易時，你究竟發現了什麼？

And what are the points of focus?

重點是什麼？

And what in that work has led you to conclude that a restatement is not necessary?

在那項工作中，是什麼讓您得出結論認為沒有必要重述？

And then last part of that, what would make you conclude prospectively that one might be necessary?

然後是最後一部分，是什麼讓您前瞻性地得出結論認為可能有必要？

So the predominant pattern that we're seeing is that there are ins and outs across the quarter.

因此，我們看到的主要模式是整個季度都有來龍去脈。

And so, so far they've kind of netted each other out to a great degree, and that's really what the primary modus operandi is.

所以，到目前為止，他們已經在很大程度上相互勾結，這才是真正的主要作案手法。

Okay.

好的。

And could you just speak a little bit more to the progression of that analysis over the period that you've referenced, i.e.

你能否再多談談你所提到的那段時間里分析的進展，即

fiscal '15 through '17?

15 到 17 財年？

I mean, is it fairly uniform across these periods?

我的意思是，這些時期是否相當統一？

Or do you see more congestion in one period versus another?

或者你是否看到一個時期比另一個時期更擁堵？

Yes, really can't speak to that.

是的，真的不能這麼說。

But by virtue of the fact that there's not been significant distortions, it doesn't say that there is a big difference in the pattern.

但是由於沒有明顯的扭曲，這並不意味著模式有很大的不同。

Okay, understood.

好的，明白了。

The second clarification I was hoping you could offer is you don't reference fiscal '18 at all, and I understand that's not a period that you've provided SEC filings.

我希望你能提供的第二個澄清是你根本沒有參考 18 財年，我知道那不是你提供 SEC 文件的時期。

But are you reviewing transactions for FY '18 as part of this as well?

但是，您是否也將審查 18 財年的交易作為其中的一部分？

Or has FY '18 been, for lack of a better term, immunized just based on some of the focus and activities that went into motion when you discovered this issue?

或者，由於缺乏更好的術語，18 財年是否僅根據您發現此問題時啟動的一些重點和活動進行了免疫？

Well, I can share with you that as we've gone through the year and things have come to light from the investigation, we have had our eye on that as it relates to how we have estimated the quarters over '18.

好吧，我可以與您分享，隨著我們經歷了這一年並且調查發現了一些事情，我們已經關注了這一點，因為它與我們如何估計 18 年以上的季度有關。

So we have incorporated some of that.

所以我們已經合併了其中的一些。

We still will have to go through the transactions at the end, but we've been improving as you go, so to speak.

我們仍然需要在最後完成交易，但可以這麼說，我們一直在改進。

Understood.

明白了。

The next question I have was just your commentary around that credit lines.

我的下一個問題是您對信用額度的評論。

My recollection, and it's a little foggy -- my recollection is that there were some contingencies tied to the filing of the SEC documents.

我的回憶，有點模糊——我的回憶是，有一些與提交美國證券交易委員會文件有關的意外事件。

Can you just revisit that topic quickly?

你能快速重溫一下那個話題嗎？

Are there procedures?

有手續嗎？

Or do you have to go through separate processes on the credit side now that this deadline won't be met?

或者，既然不能滿足這個截止日期，您是否必須在信用方面完成單獨的流程？

And then what would be the time frame over which those would be transitioned to outcomes?

然後將這些轉化為成果的時間框架是什麼？

Yes.

是的。

So the credit line, the way that it was structured is, is that it was a 1-year term.

因此，信用額度的結構方式是 1 年期。

If you remember, we closed this in April.

如果您還記得的話，我們在四月份關閉了它。

So therefore, it had 1-year term or completion of our delinquent filings.

因此，它有 1 年的期限或完成我們拖欠的申請。

And then upon the earlier of one of those dates, we would be able to convert it into Phase 2. That Phase 2 actually allowed for an expanded credit facility.

然後在這些日期中較早的一個日期，我們將能夠將其轉換為第 2 階段。第 2 階段實際上允許擴大信貸額度。

So that's the nature of it.

這就是它的本質。

And I repeat, our cash flow continued to improve (inaudible), right?

我再說一遍，我們的現金流繼續改善（聽不清），對吧？

That's right.

這是正確的。

No -- that's right that, that could change.

不——沒錯，這可能會改變。

I mean, your access to credit could change, I suppose, and that's driving that.

我的意思是，我想，你獲得信貸的機會可能會改變，而這正是推動這一點的因素。

And it sounds like what you're saying is that you still have some amount of duration on that 1-year term?

聽起來你的意思是你在那個 1 年任期內還有一定的期限？

That's correct.

這是正確的。

Okay.

好的。

Sorry, could you just remind like approximately when does that duration end?

抱歉，你能提醒一下這個持續時間大概什麼時候結束嗎？

It's like the third week of April, I believe.

我相信這就像四月的第三週。

2019.

2019.

Yes, 2019.

是的，2019 年。

Okay, understood.

好的，明白了。

And so at that point, if for whatever reason the situation is not resolved, then there would be a separate process you'd have to undertake from that perspective?

所以在那個時候，如果出於某種原因問題沒有得到解決，那麼從那個角度來看，你必須進行一個單獨的過程嗎？

Yes, we're getting a little ahead of ourself.

是的，我們有點超前了。

Okay.

好的。

Sorry, just a couple of questions on the business real quick, if you wouldn't mind.

抱歉，如果您不介意的話，請快速回答幾個關於業務的問題。

Can you guys just offer a rough split between what your server systems business did in June relative to the accessories portion of the business -- subsystems, excuse me?

你們能否粗略劃分一下您的服務器系統業務在 6 月份相對於業務的配件部分所做的事情 - 子系統，對不起？

Yes.

是的。

So our systems business was roughly about 84% in the last quarter.

因此，我們的系統業務在上個季度大約佔 84%。

Okay.

好的。

84%.

84%。

And would you expect a material change in the segment splits looking into September?

您是否預計 9 月份細分市場的拆分會發生重大變化？

The system business is still continuing to grow strongly.

系統業務仍在繼續強勁增長。

I'm sorry, the systems business will continue to outgrow the subsystems business?

抱歉，系統業務的增長會繼續超過子系統業務嗎？

You're talking in months to verticals?

您是在幾個月內與垂直行業交談？

No.

不。

No, I was really just looking at the split between the 2 reportable segments.

不，我真的只是在看 2 個可報告部分之間的拆分。

So you have a service system segment and you have your subsystems business, so the other 16%.

所以你有一個服務系統部分，你有你的子系統業務，所以其他 16%。

I'm just asking, as we go into June into September, are you anticipating any kind of sizable shift between those revenue buckets?

我只是問，當我們進入 6 月到 9 月時，您是否預計這些收入桶之間會有任何相當大的轉變？

No, it's been a slow increase towards systems, and it would continue to have that kind of movement.

不，這是對系統的緩慢增長，並且它將繼續進行這種運動。

Okay, understood.

好的，明白了。

And sorry, the last question on the gross margin side, I think I heard what you said earlier.

抱歉，關於毛利率方面的最後一個問題，我想我聽到了你之前說的話。

I guess, I'm just looking for a little bit more on trajectory.

我想，我只是在尋找更多的軌跡。

I mean, you've obviously seen some portions of the component bill of material become a little bit more favorable.

我的意思是，您顯然已經看到組件物料清單的某些部分變得更受歡迎了。

Your gross margin obviously went the other way.

你的毛利率顯然是相反的。

It sounds like that was vertically related.

聽起來好像是垂直相關的。

I'm assuming that was hyperscale to an extent.

我假設這在一定程度上是超大規模的。

But as we just think about the next several quarters, to the extent that bill of materials buckets continue to trend favorably, is there a reason that you wouldn't expect your gross margins to begin to trend back up toward the mid-13s, low 14s?

但是當我們考慮接下來的幾個季度時，就材料清單桶繼續呈有利趨勢而言，您是否有理由不希望您的毛利率開始回升至 13 年代中期，低14s？

I mean, I'm not asking you to quantify that range.

我的意思是，我不是要你量化這個範圍。

I'm just saying, directionally, would you expect improvement as the cost side continues to be a bit more favorable?

我只是說，從方向上來說，隨著成本方面繼續變得更有利，你會期望有所改善嗎？

Modest improvement over time.

隨著時間的推移適度改善。

And it appears at this time, we have no further questions.

而現在看來，我們沒有進一步的問題了。

I would like to turn the call back over to Mr. Liang for any additional or closing comments.

我想將電話轉回給梁先生，徵求任何補充或結束意見。

Thank you, everyone, for joining us and see you very soon.

謝謝大家加入我們，很快再見。

Thank you.

謝謝。

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's Fourth Quarter Fiscal 2018 Business Update Conference Call.

Super Micro 2018 財年第四季度業務更新電話會議到此結束。

We do we 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。