超微電腦 (SMCI) 2019 Q1 法說會逐字稿

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

女士們先生們，美好的一天，感謝你們的支持。

Welcome to the Super Micro Computer, Inc.

歡迎來到 Super Micro Computer, Inc.

First Quarter Fiscal 2019 Business Update Conference Call.

2019 財年第一季度業務更新電話會議。

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, Thursday, November 15, 2018.

提醒一下，本次通話正在錄音，時間是 2018 年 11 月 15 日，星期四。

A replay of the call will be accessible until midnight, Thursday, November 29, 2018, by dialing 1 (844) 512-2921 and entering the replay pin 3001732.

通過撥打 1 (844) 512-2921 並輸入重播密碼 3001732，可以在 2018 年 11 月 29 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 of 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'd 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，先生。

Good afternoon, and thank you for attending Super Micro's business update conference call for the first quarter 2019, which ended September 30, 2018.

下午好，感謝您參加 Super Micro 於 2018 年 9 月 30 日結束的 2019 年第一季度業務更新電話會議。

During today's conference call, Super Micro will address the company's efforts to become current with its SEC filings, the business and market trends from the first fiscal quarter of 2019 as well as the company's preliminary financial results for the first quarter of fiscal 2019.

在今天的電話會議上，Super Micro 將介紹公司為與 SEC 文件保持同步所做的努力、2019 年第一財季的業務和市場趨勢以及公司 2019 財年第一季度的初步財務業績。

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 the news release and 8-K filing that were distributed at the close of regular trading and are available on the company's website.

到目前為止，您應該已經收到在正常交易結束時分發的新聞稿和 8-K 文件的副本，這些文件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 earlier SEC filings -- and our earlier SEC filings.

您可以在我們今天下午早些時候發布的新聞稿、我們之前向美國證券交易委員會提交的文件以及我們之前向美國證券交易委員會提交的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 will have a question-and-answer session with sell-side analysts.

在今天準備好的評論結束時，我們將與賣方分析師進行問答環節。

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 first of call comment briefly on our first quarter performance.

讓我首先簡要評論一下我們第一季度的表現。

Our first quarter revenue was in the range of $952 million to $962 million, which compared to our quarterly guidance and represents approximately 20% increase year-over-year.

我們第一季度的收入在 9.52 億美元至 9.62 億美元之間，與我們的季度指導相比，同比增長約 20%。

Our momentum in market verticals continue with strong growth, especially in Global 2000, Storage and AI machine learning.

我們在垂直市場的勢頭繼續強勁增長，尤其是在全球 2000 強、存儲和 AI 機器學習領域。

Computer system revenue was consistent with last quarter at approximately 34% of revenue and up 56% year-over-year.

計算機系統收入與上一季度持平，約佔收入的 34%，同比增長 56%。

Our total ASP growth continues with higher add value sale of our industry-leading technology innovation and more high-end computer systems.

隨著我們行業領先的技術創新和更多高端計算機系統的更高附加值銷售，我們的總體 ASP 繼續增長。

Kevin will provide a more detail on our financial results.

凱文將提供有關我們財務業績的更多細節。

The focus of our strategy in the past [13] years had been our Global 2000 business, which grew 132% year-over-year.

在過去 [13] 年，我們的戰略重點是我們的全球 2000 強業務，該業務同比增長 132%。

Now resource-saving architecture had been the key message of that focus, leveraging our breakthrough product and further to market advantage to deliver significant saving to customers.

現在，資源節約架構已成為該重點的關鍵信息，利用我們的突破性產品並進一步發揮市場優勢，為客戶節省大量資金。

We've achieved greater success story with company like NASA, Intel and many other industry leaders.

我們與 NASA、英特爾和許多其他行業領導者等公司取得了更大的成功。

The resource-saving architecture reduced TCE, total cost to the environment, which brings significant TCO savings along with environmental benefits.

資源節約型架構降低了 TCE，即環境總成本，帶來了顯著的 TCO 節省和環境效益。

The resource-saving chip operate -- that might operate this aggregated design enables the independent upgrade of system components, by navigating and replacing the entire hardware system, realizing the customer can save up to 60% in system deflation cost and reduce IT waste up to 50%.

節省資源的芯片運行——可能運行這種聚合設計使得系統組件能夠獨立昇級，通過導航和更換整個硬件系統，實現客戶可以節省高達 60% 的系統通縮成本，減少 IT 浪費高達50%。

The resource saving between [total mine] could only optimize power-saving design, basically, air cooling including sheer power, and cooling could deliver power with the improvements in power efficiency over traditional servers.

[total mine]之間的資源節約只能優化省電設計，基本上是風冷包括純粹的功率，冷卻可以提供功率，功率效率比傳統服務器更高。

Now [how’s about] NVMe match inside support together with the resource saving feature mixed between one of the highest volume server platform in the industry today.

現在 [如何] NVMe 匹配內部支持以及當今行業中容量最大的服務器平台之一混合的資源節省功能。

Without stable 1U Petascale all-flash NVMe system, that when combined with high-performance fabric and open rack scale management software can be used to dynamically provision critical assets, such all-flash NVMe, GPUs and [LPGNs] reducing [global public earning] saving cost and reducing e-waste.

無需穩定的 1U Petascale 全閃存 NVMe 系統，當與高性能結構和開放式機架規模管理軟件結合使用時，可用於動態配置關鍵資產，例如全閃存 NVMe、GPU 和 [LPGN]，從而減少 [全球公共收入]節省成本並減少電子垃圾。

We have a broad-based portfolio of all-flash NVMe system with more than 150 system model available, making Supermicro the benchmark leader in storage.

我們擁有廣泛的全閃存 NVMe 系統產品組合，提供 150 多種系統模型，使 Supermicro 成為存儲領域的基準領導者。

With that, Storage was again one of our strongest segments that drives revenue across multiple verticals including Global 2000 and next-generation storage.

因此，存儲再次成為我們最強大的細分市場之一，推動了包括全球 2000 強和下一代存儲在內的多個垂直領域的收入。

This advanced storage solution provide a real time-to-value competitive advantage for users with data-intensive workload like a Big Data, autonomous driving, AI, and HPC application against traditional SSD.

這種先進的存儲解決方案為處理數據密集型工作負載（如大數據、自動駕駛、AI 和 HPC 應用程序）的用戶提供了相對於傳統 SSD 的實時價值競爭優勢。

We recently launched all-flash 32 hot-swappable EDSFF driver in the high-density 1U system designed to [lead the way] for NVMe technology, [hard to know what’s in there].

我們最近在高密度 1U 系統中推出了全閃存 32 熱插拔 EDSFF 驅動程序，旨在 [引領] NVMe 技術，[很難知道裡面有什麼]。

This [main solution wears a] full petabyte of high-performance all-flash storage in 1U with an outstanding 30 million IOPS and 52 petabyte per second throughput.

這個[主要解決方案在 1U 中配備了完整 PB 的高性能全閃存存儲，具有出色的 3000 萬 IOPS 和每秒 52 PB 的吞吐量。

Samsung has also partnered with us to deliver 1U NF1 storage server featuring the most power-efficient high-bandwidth loaded density next-generation flash technology, which is the highest storage density and gives highest performance currently available on the market.

三星還與我們合作提供 1U NF1 存儲服務器，該服務器採用最節能的高帶寬負載密度下一代閃存技術，這是目前市場上最高的存儲密度和最高性能。

Deep learning, machine learning and artificial intelligence that we should grow very well and was up 26% from last year.

我們應該增長很好的深度學習、機器學習和人工智能，比去年增長了 26%。

At a supercomputing conference in Dallas, Texas, this week, we showcased our cloud server based on the NVIDIA HGX-2 platform.

本週在德克薩斯州達拉斯舉行的超級計算會議上，我們展示了基於 NVIDIA HGX-2 平台的雲服務器。

The SuperServer 9029GP combined 16 Tesla V100 32 gigabyte SXM3 GPU, connect via NVLink and NVSwitch to work as a unified [2PetaFlop] accelerator with half of terabyte of aggregate memory to deliver unmatched computing power.

SuperServer 9029GP 結合了 16 個 Tesla V100 32 GB SXM3 GPU，通過 NVLink 和 NVSwitch 連接，作為統一的 [2PetaFlop] 加速器工作，具有一半 TB 的聚合內存，可提供無與倫比的計算能力。

Moreover, our new SuperServer 6049GP is optimized for the modern AI inference.

此外，我們新的 SuperServer 6049GP 針對現代人工智能推理進行了優化。

This 4U system achieves maximum GPU density and performance with the support for up to 20 NVIDIA Tesla T4 GPUs with Turing Tensor Core technology.

這個 4U 系統通過支持多達 20 個採用 Turing Tensor Core 技術的 NVIDIA Tesla T4 GPU 實現了最大的 GPU 密度和性能。

Now let me move to other business highlights.

現在讓我轉到其他業務亮點。

This September, Super Micro celebrated our 25th anniversary.

今年 9 月，Super Micro 慶祝了我們成立 25 週年。

The company was founded in San Jose, California in 1993, in the heart of Silicon Valley.

該公司於 1993 年在加利福尼亞州聖何塞成立，地處矽谷的中心地帶。

Over last 25 years, we have grown from a Silicon Valley start to a Fortune 1000 company global leader.

在過去的 25 年裡，我們從一家矽谷初創公司成長為全球財富 1000 強公司的領導者。

As we have grown, we had built our space within the city of San Jose by investing hundreds of million of dollars in local infrastructure and people and had become one of the San Jose's largest employer.

隨著我們的成長，我們通過在當地基礎設施和人員方面投資數億美元，在聖何塞市建立了我們的空間，並成為聖何塞最大的雇主之一。

We own more than 1.5 million square feet state-of-the-art facility for producing best quality product and improving production efficiency.

我們擁有超過 150 萬平方英尺的最先進設施，用於生產最優質的產品和提高生產效率。

We have also recently broken ground on a new business partner, that we are continuing extending our design, manufacturing and business across the valley.

我們最近還與新的業務合作夥伴破土動工，我們將繼續在整個山谷擴展我們的設計、製造和業務。

More than 70% of our engineers and employees are based in Silicon Valley and we assemble and integrate more than 60% of our servers and storage systems in the U.S. much higher percentage than any of our largest competitor.

我們超過 70% 的工程師和員工都在矽谷，我們在美國組裝和集成了超過 60% 的服務器和存儲系統，這一比例遠高於我們最大的競爭對手。

Finally, I would also like to comment on a recent news story.

最後，我還想評論一下最近的一則新聞。

We're feeling confident that recent allegation from a single publication about malicious chip supposedly being imprint on our hardware during manufacturing are not only impossible but also wrong.

我們確信，最近一份出版物關於惡意芯片在製造過程中被植入我們的硬件的指控不僅是不可能的，而且是錯誤的。

Over the years, we had produced millions of motherboard, 1.3 million last year alone, yet we have never been contacted by any customer with regard to a malicious chip.

多年來，我們生產了數百萬塊主板，僅去年一年就有130萬塊，但從未有任何客戶就惡意芯片與我們聯繫過。

Also we have never been contacted by any US or foreign law enforcement or intelligence agency alerting us of malicious chip on our hardware or of any such investigation.

此外，任何美國或外國執法部門或情報機構從未聯繫過我們，提醒我們硬件上的惡意芯片或任何此類調查。

We continue to work with our customers to address any security concerns and to ensure the quality and integrity of our products.

我們將繼續與客戶合作，解決任何安全問題，並確保我們產品的質量和完整性。

In summary, we are still on a fast pace of growing U.S.-based manufactures of server and storage.

總而言之，我們仍在快速發展美國的服務器和存儲製造商。

Our first quarter growth of 40% year-over-year is a great start to fiscal year 2019.

我們第一季度同比增長 40% 是 2019 財年的良好開端。

Expanding and deepening our customer base, we saw this was significant in offering the best of quality products for trusted solution.

通過擴大和深化我們的客戶群，我們發現這對於為值得信賴的解決方案提供最優質的產品具有重要意義。

We'll drive our continuous success.

我們將推動我們不斷取得成功。

Also, I want to thank our entire Super Micro team for staying focused on our goal.

另外，我要感謝我們整個 Super Micro 團隊一直專注於我們的目標。

Many tech companies have been talking about digital transformation across the enterprise.

許多科技公司一直在談論整個企業的數字化轉型。

Supermicro is building it every day.

Supermicro 每天都在構建它。

It has been great 25 years for Supermicro, and I am looking forward to continue our journey to bigger success.

Supermicro 已經走過了偉大的 25 年，我期待著繼續我們的旅程，取得更大的成功。

And now, I will hand it over to Kevin.

現在，我將把它交給凱文。

Thank you, Perry.

謝謝你，佩里。

Thank you, Charles.

謝謝你，查爾斯。

Today, we issued a press release announcing our solid financial results for the first quarter of fiscal 2019.

今天，我們發布了一份新聞稿，宣布了我們 2019 財年第一季度穩健的財務業績。

We also filed a current report on Form 8-K disclosing the company's decision to restate certain prior financial statements.

我們還提交了一份關於 8-K 表格的最新報告，披露了公司重述某些先前財務報表的決定。

First, I will address the current health of the business by providing an overview of our financial performance for the first quarter of 2019, and I will then make a few comments about the decision to restate those prior financial statements.

首先，我將通過概述我們 2019 年第一季度的財務業績來解決當前的業務健康狀況，然後我將對重述先前財務報表的決定發表一些評論。

Super Micro had a strong first quarter of revenue in net profit.

超微在第一季度的淨利潤中表現強勁。

As Charles mentioned, we estimate first quarter revenue within the range of $952 million to $962 million.

正如查爾斯提到的，我們估計第一季度收入在 9.52 億美元至 9.62 億美元之間。

It was approximately 40% higher year-over-year and above our guidance range of $810 million to $870 million.

同比增長約 40%，高於我們 8.1 億美元至 8.7 億美元的指導範圍。

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 grew approximately 130% year-over-year.

Global 2000 同比增長約 130%。

Internet Data Center grew approximately 150%, while non-Internet Data Center grew approximately 95% year-over-year.

互聯網數據中心同比增長約 150%，而非互聯網數據中心同比增長約 95%。

Accelerated computing was up 26% and Embedded grew approximately 30%.

加速計算增長了 26%，嵌入式增長了約 30%。

On a year-over-year basis, the U.S. enjoyed the highest growth at nearly 45%, followed by EMEA that grew nearly 50% and Asia Pac that was up approximately 30%.

與去年同期相比，美國的增長率最高，接近 45%，其次是歐洲、中東和非洲地區，增長近 50%，亞太地區增長約 30%。

Other regions grew approximately 15%.

其他地區增長約 15%。

Our estimated range of gross margin on both a GAAP and non-GAAP basis was from 13.2% to 13.4%.

我們根據 GAAP 和非 GAAP 估計的毛利率範圍為 13.2% 至 13.4%。

Our customer mix contributed to the rebound in margin this quarter.

我們的客戶組合促成了本季度利潤率的反彈。

Compensation costs increased across the board in both manufacturing and operating expense this quarter related to annual merit increases as well as performance bonuses or profit-sharing payments to non-executives.

本季度製造和運營費用的薪酬成本全面增加，這與年度業績增長以及績效獎金或向非執行董事的利潤分享付款有關。

We also celebrated our 25th anniversary in grand fashion.

我們還隆重慶祝了我們的 25 週年紀念日。

We estimate non-GAAP EPS range this quarter was from $0.66 to $0.70, more than double year-over-year.

我們估計本季度非 GAAP 每股收益範圍為 0.66 美元至 0.70 美元，同比增長一倍多。

For the first quarter, we estimate cash generated from operations was $50 million.

第一季度，我們估計運營產生的現金為 5000 萬美元。

After deducting CapEx of $4 million, we estimate free cash flow of $46 million for the first quarter.

扣除 400 萬美元的資本支出後，我們估計第一季度的自由現金流為 4600 萬美元。

This quarter, our cash conversion cycle increased seasonally to 92 days from 82 days in the prior quarter.

本季度，我們的現金周轉週期從上一季度的 82 天季節性增加到 92 天。

Both day sales outstanding due to collections and inventory days increased to position stock for the second quarter offset -- was offset by increasing days payable.

因收款和存貨天數而增加的未償銷售天數增加了第二季度的庫存抵消——被增加的應付天數所抵消。

Our near-term target is to stay in the range of 85 to 90 days for the cash conversion cycle.

我們的近期目標是將現金轉換週期保持在 85 至 90 天的範圍內。

Now let's turn to the progress we are making on the fiscal '17 Form 10-K.

現在讓我們來看看我們在 17 財年 10-K 表格上取得的進展。

The company has substantially completed its testing and assessments.

公司已基本完成測試和評估。

Today we announce that we have determined to restate prior period financials and provide its estimated adjusted amounts.

今天我們宣布，我們已決定重述前期財務數據並提供其估計的調整後金額。

We're in the final stages of preparation and conclusion, so that we may continue to work with our auditors to complete our 2017 Form 10-K.

我們正處於準備和結論的最後階段，以便我們可以繼續與我們的審計師合作以完成我們的 2017 年 10-K 表格。

The core basis of the restatements remains the timing of revenue recognition.

重述的核心基礎仍然是收入確認的時間。

Based on our assessment to date, the company confirms that although in our restated financials some revenue recognized in prior periods will be recognized in the subsequent period.

根據我們迄今為止的評估，該公司確認，儘管在我們重述的財務報表中，一些前期確認的收入將在後續期間確認。

All revenue from customer transactions in the period subject to the restatement is valid revenue.

重述期間客戶交易的所有收入均為有效收入。

During our review of prior periods, we also discovered additional errors relating to the classification of certain inventory.

在我們對前期的審查中，我們還發現了與某些存貨分類有關的其他錯誤。

The number and breadth of the adjustments, coupled with their aggregate magnitude, was significant enough for us to conclude that restating prior periods was necessary.

調整的數量和廣度，加上它們的總規模，足以讓我們得出結論，有必要重述前期。

Today, we believe total cash flows from operating, investing and financing have not been impacted with the exception of certain balance sheet classification errors that have been determined to have an immaterial effect on cash and cash flow from operation.

今天，我們認為除了某些資產負債表分類錯誤外，經營、投資和融資的總現金流量沒有受到影響，這些錯誤已被確定對現金和經營現金流量沒有重大影響。

Based on our findings, we expect to report material weaknesses of our financial reporting.

根據我們的調查結果，我們希望報告我們財務報告的重大缺陷。

We have, depending on the matter, begun remediation measures to varying degree.

我們已經根據事情的不同，開始了不同程度的補救措施。

Along the way, we have developed stronger revenue policies, trained employees and developed new standards.

一路走來，我們制定了更強有力的收入政策、培訓了員工並製定了新標準。

There are a number of remediation efforts.

有許多補救措施。

Let me share a few examples: we have hired senior revenue talent and grown our revenue team; implemented strong cutoff controls, including walking the shipping dock at the close of the quarter and enhancing our revenue testing; and we have revamped the sale sub-certification process at quarter end.

讓我分享幾個例子：我們聘請了高級收入人才並壯大了我們的收入團隊；實施強有力的停產控制，包括在季度末巡查裝運碼頭並加強我們的收入測試；我們在季度末改進了銷售子認證流程。

In addition, we have formed a new internal audit team that is conducting testing on the second half of 2018 and absorbing the transfer of knowledge from the efforts of our advisors in the process.

此外，我們已經組建了一個新的內部審計團隊，該團隊將在 2018 年下半年進行測試，並在此過程中從我們的顧問的努力中吸收知識轉移。

Our efforts on completing the filings for fiscal year '18 have been running in parallel and are well underway.

我們為完成 18 財年的備案所做的努力一直在並行進行，並且進展順利。

We are working diligently to complete this testing and the rolling of the accounting conclusion from fiscal year '17 into fiscal year '18.

我們正在努力完成這項測試，並將會計結論從 17 財年滾動到 18 財年。

This should enable us to have the fiscal year '18 financials and updated assessment on internal controls of our financial reporting ready for audit, largely in parallel.

這應該使我們能夠在很大程度上同時準備好 18 財年的財務數據和對我們財務報告內部控制的最新評估以供審計。

Lastly, we are guiding net sales for the second quarter in the range of $830 million to $890 million.

最後，我們指導第二季度的淨銷售額在 8.3 億美元至 8.9 億美元之間。

We note there is much anticipation around slowed IT infrastructure spending, and we have adjusted our guidance accordingly.

我們注意到人們對 IT 基礎設施支出放緩有很多預期，因此我們相應地調整了我們的指引。

Also we experienced a pause in October from some customers following the unwarranted hardware hacking article.

此外，我們在 10 月份遇到了一些客戶在毫無根據的硬件黑客攻擊文章後暫停使用。

However, we have begun to see those customers returning, but we will not understand the full impact until after the quarter ends.

然而，我們已經開始看到這些客戶回歸，但我們要到本季度結束後才能了解全部影響。

Quarter-to-date compared to last year, we are materially ahead on a billings and open-order basis.

與去年同期相比，我們在賬單和未結訂單方面取得了實質性進展。

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

如前所述，我們將與允許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've 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.

我們可能會拒絕回答與審計委員會調查或延遲提交 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 take our first question from Nehal Chokshi from Maxim Group.

（操作員說明）我們將從 Maxim Group 的 Nehal Chokshi 那裡回答我們的第一個問題。

41% year-over-year growth on top of 26% year-over-year growth from the prior quarter, that's massive.

在上一季度同比增長 26% 的基礎上同比增長 41%，這是巨大的。

And a 15% revenue [increase helped].

和 15% 的收入 [增加幫助]。

Congratulations, especially in the face of that Bloomberg Businessweek article.

祝賀你，尤其是面對《彭博商業周刊》的那篇文章。

Could you provide some -- what was the year-over-year growth for the components in revenue and percent mix between those two?

您能否提供一些 - 收入組成部分的同比增長以及這兩者之間的百分比混合是多少？

I'm sorry, between components and systems?

對不起，在組件和系統之間？

Yes, just 1 second.

是的，只有1秒。

Nehal, this is Perry.

內哈爾，這是佩里。

The systems was 84% of total revenue.

這些系統佔總收入的 84%。

Okay.

好的。

And how much will that grow year-over-year?

同比增長多少？

Well, it was consistent with last quarter.

好吧，這與上一季度一致。

I think probably we need to look that one up and get back to you later.

我想我們可能需要查看一下，稍後再回复您。

Okay.

好的。

All right.

好的。

And then Kevin, you talked about that the guidance reflects a slowing down IT environment as well as potential impact from the Bloomberg Businessweek article.

然后凱文，你談到該指導反映了 IT 環境放緩以及彭博商業周刊文章的潛在影響。

So there is no potential there having been demand called in from the December to September quarter?

那麼從 12 月到 9 月這個季度是否沒有需求的潛力？

That's also part of that weakened guidance?

這也是削弱指導的一部分？

Or it's completely the first 2 items that you talked about?

或者它完全是您談到的前 2 項？

Well, I mean, I think there is also possible speculation that customers could have potentially ordered early to try and beat tariffs.

好吧，我的意思是，我認為也有可能猜測客戶可能會提前訂購以試圖擊敗關稅。

We don't have specific evidence of that, but that could be possible.

我們沒有這方面的具體證據，但這是可能的。

(Operator Instructions) We will take a follow-up question from Nehal Chokshi with Maxim.

（操作員說明）我們將與 Maxim 一起回答 Nehal Chokshi 提出的後續問題。

All right.

好的。

So the $50 million cash from operations, that's very impressive.

因此，來自運營的 5000 萬美元現金非常可觀。

And you mentioned that there was a 10-day increase in the cash conversion cycle, which is indeed seasonal.

而且你提到現金轉換週期增加了 10 天，這確實是季節性的。

But I would've expected that there would have been a significant consumption of cash then.

但我預料到那時會有大量現金消耗。

And so what was the balance sheet items that could actually enable the generation of cash?

那麼實際上可以產生現金的資產負債表項目是什麼？

Yes, we're not disclosing too much more.

是的，我們沒有透露太多。

I think, one thing that has helped and I've mentioned this before is that our shipment [linearity] is much better now, so that we're shipping more early in the quarter and have an opportunity to kind of collect that.

我認為，有幫助的一件事，我之前已經提到過，我們的發貨 [線性] 現在好多了，所以我們在本季度早些時候發貨，並有機會收集它。

So I think that's a good portion of that.

所以我認為這是其中很大一部分。

Got it, okay.

知道了，好的。

And finally, with respect to the 8-K that was filed that shows the ranges of likely restatement.

最後，關於顯示可能重述範圍的提交的 8-K。

It looks like to me there's about a net [$60 million] of revenue that's shifting out from those periods of fiscal year '15 to fiscal year '17 and to fiscal year '18 and beyond.

在我看來，大約有淨 [6000 萬美元] 的收入從 15 財年轉移到 17 財年和 18 財年及以後。

Is that a correct characterization?

這是一個正確的表徵嗎？

I do recognize that, that's really only 1% of cumulative revenues, but just want to make sure I'm understanding that correctly?

我確實認識到，這實際上只佔累計收入的 1%，但只是想確保我理解正確？

Yes.

是的。

So as it relates -- if you're trying to understand what impact there will be on fiscal year '18, that will be limited to the table that's shown in fiscal year '17.

因此，就此而言——如果你想了解對 18 財年的影響，那將僅限於 17 財年顯示的表格。

And then, do recall that I mentioned that we would be teaching you to apply the same procedures to fiscal year '18, so there will be a continued roll effect.

然後，請記住我提到過我們將教您將相同的程序應用於 18 財年，因此將會產生持續的滾動效應。

Okay.

好的。

And then finally, if I look at the net income, that's been shifted out, that's $10 million.

最後，如果我看一下淨收入，那已經轉移出去了，那是 1000 萬美元。

So if you take that $10 million divide that by [$60 million], that's about what, [a like] 13% net income ratio?

因此，如果您將 1000 萬美元除以 [6000 萬美元]，那大約是什麼，[大約] 13% 的淨收入比率？

That's much higher than what your corporate average was during those periods.

這遠高於貴公司在那些時期的平均水平。

So what's the explanation for why it seems like the revenue that's being shifted out, tends to be higher net income margin?

那麼，為什麼似乎被轉移出去的收入往往是更高的淨利潤率呢？

Yes.

是的。

So I think there's other elements in that reduction of income.

所以我認為收入減少還有其他因素。

If you remember, we said that the primary effects are related to sales as well as inventory.

如果您還記得的話，我們說過主要影響與銷售和庫存有關。

So to the extent that there are inventory debits, those won't move into fiscal '18.

因此，就存貨借項而言，這些借項不會進入 18 財年。

Nehal, before you go, the system revenue last year in the same quarter was 75%.

Nehal，在你走之前，去年同一季度的系統收入是 75%。

(Operator Instructions) And next, we'll go to with Hosseini with Susquehanna.

（操作員說明）接下來，我們將與 Hosseini 和 Susquehanna 一起去。

David Ryzhik here, for Mehdi Hosseini.

David Ryzhik 代表 Mehdi Hosseini。

Would love to dive in a little more in Storage.

很想深入了解存儲。

Can you remind us what you said around NexGen Storage?

你能提醒我們你對 NexGen Storage 的看法嗎？

What the growth rate was?

增長率是多少？

And some of the trends you're seeing there?

你在那裡看到的一些趨勢？

And I have a follow-up.

我有一個後續行動。

Yes, well, you see people really move in NVMe much aggressively now, so starting this year, but then actually continue to be strong.

是的，嗯，你看到人們現在真的非常積極地轉向 NVMe，所以從今年開始，但實際上會繼續保持強勁勢頭。

Great.

偉大的。

And what was the growth rate again?

增長率又是多少？

I'm looking at that my notes, but I see we didn't share that.

我正在查看我的筆記，但我發現我們沒有分享它。

It's over 50%.

超過50%。

Storage as a whole?

整體存儲？

Or NexGen Storage?

還是 NexGen 存儲？

That's storage as a whole.

這就是整個存儲。

Understood and would love to get your thoughts on the memory components and impact to margins.

了解並很樂意了解您對內存組件及其對利潤率的影響的看法。

It seems like things are obviously easing.

事情似乎明顯緩和了。

It was a headwind before.

之前是逆風。

Just how are you guys thinking about the impact of DRAM and NAND flash pricing moving forward and the impact to your business?

你們如何看待 DRAM 和 NAND 閃存定價向前發展的影響以及對您的業務的影響？

Yes, very good question.

是的，非常好的問題。

We expect both SSD, NVMe price will continue to be the low and so as DRAM.

我們預計 SSD、NVMe 價格將繼續保持低位，DRAM 也是如此。

Pricing to become softer and softer in the next few quarters.

在接下來的幾個季度中，定價將變得越來越軟。

So from this point of view, we believe all our profits -- I mean profit margin will be keeping as same as before or slightly better.

所以從這個角度來看，我們相信我們所有的利潤 - 我的意思是利潤率將與以前保持相同或略好。

However, the revenue might be slightly lower because of that cost for memory and flash alone.

但是，由於僅內存和閃存的成本，收入可能會略低。

But basically, there are good signs to us basically.

但基本上，對我們來說基本上有好的跡象。

Okay, great.

好的，太好了。

And then just the -- for the outlook for the December quarter.

然後就是 - 對於 12 月季度的前景。

What specifically have you heard?

你具體聽到了什麼？

Is it just like just broader macro?

它就像更廣泛的宏觀一樣嗎？

Or is it specifically based on just some customer conversations that you've had that has resulted in the lower outlook?

或者它是否專門基於您進行的一些導致前景較低的客戶對話？

I would have to say that it may go into the macro business.

我不得不說它可能會進入宏觀業務。

And IT industry looks like it may slow down a little bit [although for a while].

IT 行業看起來可能會放緩一點 [儘管有一段時間]。

And just lastly, I -- one of your customers in IDC for a while had announced a big acquisition in the cloud space.

最後，我——您在 IDC 的一位客戶已經宣布了一項云計算領域的重大收購。

Just wondering if that, if you view that as an opportunity for Super Micro going forward?

只是想知道，如果您認為這是 Super Micro 前進的機會？

Just any thoughts on how that shapes up for you?

關於這對您有何影響，您有什麼想法嗎？

Yes, I mean, for those changes, basically, we see how it's positive to our business.

是的，我的意思是，對於這些變化，基本上，我們看到它對我們的業務有何積極影響。

And next question from Jon Lopez with Vertical Group.

下一個問題來自 Vertical Group 的 Jon Lopez。

Can you hear me okay?

你能聽到我說話嗎？

Yes.

是的。

Okay.

好的。

Great.

偉大的。

I'm wondering, you made a comment in the prepared remarks relative to -- it was some reference to orders or perhaps billings measured year-on-year that you were tracking comfortably ahead.

我想知道，你在準備好的評論中發表了評論——這是對訂單的一些參考，或者可能是你正在輕鬆追踪的按年計算的賬單。

Would you mind just flushing that out a little bit, just what are you referring to there?

你介意把它沖洗掉一點嗎，你指的是什麼？

And just maybe some level of magnitude, just even ballpark on a year-on-year basis?

也許只是某種程度的規模，甚至是按年比？

Yes.

是的。

So what we were trying to share was that if memory serves me, we did roughly about $851 million in the quarter a year ago.

所以我們試圖分享的是，如果我沒記錯的話，我們在一年前的那個季度做了大約 8.51 億美元。

And our guidance is slightly above that range.

我們的指導略高於該範圍。

What we were trying to differentiate here was that given there were macro considerations that Charles mentioned as well as we've had the Bloomberg impact.

我們在這裡試圖區分的是，鑑於查爾斯提到了宏觀考慮因素以及我們受到了彭博社的影響。

The other key thing that we wanted to share is that even though our guidance range is still within that metric as compared to last year, our quarter-to-date progress is ahead of that.

我們想分享的另一件關鍵事情是，儘管與去年相比，我們的指導範圍仍處於該指標範圍內，但我們本季度迄今的進展領先於此。

And we think that it is [healthy head], but we're not going to give a specific metric.

我們認為它是 [healthy head]，但我們不會給出具體的指標。

Okay, understood, I apologize.

好的，明白了，抱歉。

What you're effectively trying to communicate is the business is sort of running better than what the year-on-year guidance implies and you're leaving yourselves some wriggle room to account for macro considerations, et cetera?

您正在有效地嘗試傳達的是，業務的運行情況比同比指導所暗示的要好，並且您正在給自己留一些迴旋餘地來考慮宏觀因素，等等？

We're saying that we have better identification than last year as it relates to getting to $850 million or $860 million or whatever within our range.

我們說我們比去年有更好的識別，因為它涉及到 8.5 億美元或 8.6 億美元或我們範圍內的任何東西。

Okay, understood.

好的，明白了。

The second question, could you just also flush out a little bit the comments you made around the article?

第二個問題，你能不能也把你對這篇文章的評論沖淡一點？

And maybe, specifically, just maybe offer a bit of a cadence like, I'm assuming that there was a sort of an all-hands-on-deck scramble period there directly after the article, but if can you walk us through how the interaction has been?

也許，具體來說，也許只是提供一點節奏，比如，我假設在文章之後有一個全員參與的爭奪期，但是如果你能告訴我們如何互動了？

And just share any anecdotes or offer a little bit more detail around the idea of customers perhaps starting to migrate back, if that has sort of appeared to have been a largely a non-issue?

只是分享任何軼事或提供更多關於客戶可能開始遷移回來的想法的細節，如果這似乎在很大程度上不是問題的話？

Can you just maybe spend a second on that?

你可以花點時間嗎？

Yes.

是的。

So we're not going to get ahead of ourselves on that.

所以我們不會在這方面超前。

I think we've had communications directly with customers and the way that we feel about the business is in relation to those discussions with customers.

我認為我們已經直接與客戶進行了溝通，我們對業務的看法與與客戶的討論有關。

Yes, but from our couple -- from couple of (inaudible) we don't believe it happened to our hardware.

是的，但是從我們的夫婦那裡 - 從幾個（聽不清）我們不相信它發生在我們的硬件上。

And -- so basically, we don't believe that (inaudible).

而且 - 所以基本上，我們不相信（聽不清）。

We all understood that.

我們都明白這一點。

I guess what I'm just trying to get a little better sense for is, was there a period of like complete freeze up around sort of customer dialogue that then thawed out pretty fast?

我想我只是想更好地理解的是，是否有一段時間圍繞某種客戶對話完全凍結，然後很快就解凍了？

Or [was there not that]?

或者[沒有那個]？

I mean, I guess, I was going to -- trying to get a characterization here now that we're sort of 2 months out from that, if you guys starting to have a feel that the crux of that problem has largely moved past you.

我的意思是，我想，我本來打算——現在我們已經過了 2 個月了，如果你們開始覺得這個問題的癥結在很大程度上已經過去了，那麼我想在這裡得到一個特徵.

I understand there is some uncertainty left, but I'm just trying to get a sense for progress between point A and point B.

我知道還有一些不確定性，但我只是想了解 A 點和 B 點之間的進展情況。

I would not say, I mean, we don't believe that they are such (inaudible) and most of our key customers don't believe they're true.

我不會說，我的意思是，我們不相信它們是這樣的（聽不清），而且我們的大多數主要客戶都不相信它們是真的。

So at this moment, we feel pretty comfortable for future business.

因此，此時此刻，我們對未來的業務感到非常滿意。

Okay, understood.

好的，明白了。

Last question, I apologize.

最後一個問題，我道歉。

On the December guide, can you just offer some qualitative commentary around that cloud vertical?

在 12 月的指南中，您能否就該垂直雲提供一些定性評論？

It's obviously been very strong for a couple of quarters.

這幾個季度顯然非常強勁。

And I'm just wondering, are you guys factoring in some easing whether that's project-related or potentially pull-forward related?

我只是想知道，你們是否考慮了一些寬鬆政策，無論是與項目相關還是與潛在的推進相關？

Or just any characterization as to what that specific segment is feeling as you go from calendar Q3 to calendar Q4?

或者只是關於從日曆 Q3 到日曆 Q4 時該特定部分的感受的任何描述？

Yes, we don't provide forward guidance by market vertical.

是的，我們不按垂直市場提供前瞻性指導。

Understood.

明白了。

Is it too much to ask just to say whether it would be up, down or flat?

僅僅問它是上漲、下跌還是持平是否太過分了？

I'm not sure what you're trying to get at?

我不確定你想要達到什麼目的？

I'm just trying to get a sense...

我只是想了解一下...

I mean, basically, we believe with our macro, the macro IT field may slow down or it will be based from lot of our vendors, our competitor and industry analysis (inaudible), but hopefully, stay healthy.

我的意思是，基本上，我們相信宏觀 IT 領域可能會放緩，或者它將基於我們的許多供應商、我們的競爭對手和行業分析（聽不清），但希望保持健康。

Okay.

好的。

Just so it's clear what I'm trying to get at.

只是為了清楚我要達到的目的。

That business tends to be a little bit more lumpy and project-related and sometimes travels independent to macro.

該業務往往更不穩定且與項目相關，有時獨立於宏觀。

It's been very strong for a couple of quarters.

幾個季度以來一直非常強勁。

So I was just trying to get a sense for whether you had some temporary pause in some activity that may be contributing to what you're seeing in December?

所以我只是想了解您是否暫時暫停了某些可能導致您在 12 月看到的情況的活動？

Assign it to macro.

將其分配給宏。

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

此時，我們似乎沒有其他問題要排隊了。

I'd 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，徵求任何其他意見或結束意見。

Thank you for joining us today, and have a great day.

感謝您今天加入我們，祝您有美好的一天。

See you next quarter.

下個季度見。