超微電腦 (SMCI) 2019 Q2 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 Incorporated Second Quarter Fiscal 2019 Business Update conference call.

歡迎參加 Super Micro Computer Incorporated 2019 財年第二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.

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

During the company's presentation, all participants will be in a listen-only mode.

在公司介紹期間，所有與會者都將處於只聽模式。

Afterwards securities analysts will be invited to participate in the question-and-answer session, but the entire call is opened to all participants on a listen-only basis.

隨後證券分析師將被邀請參與問答環節，但整個電話會議以只聽的方式向所有參與者開放。

As a reminder, this call is being recorded, Thursday, February 14, 2019.

提醒一下，本次通話將於 2019 年 2 月 14 日星期四進行錄音。

A replay of the call will be accessible until midnight, Thursday, February 28, 2019, by dialing 1-844-512-2921 and entering the replay pin 3700139.

通過撥打 1-844-512-2921 並輸入重播密碼 3700139，可以在 2019 年 2 月 28 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.

今天和我們在一起的有董事長兼首席執行官 Charles Liang、高級副總裁兼首席財務官 Kevin Bauer 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 second quarter Fiscal 2019, which ended December 31, 2018.

下午好，感謝您參加 Super Micro 截至 2018 年 12 月 31 日的 2019 財年第二季度業務更新電話會議。

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

在今天的電話會議上，Super Micro 將介紹公司為與美國證券交易委員會備案文件保持同步所做的努力、2019 年第二財季的業務和市場趨勢以及公司 2019 財年第二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 from the company that was distributed at the close of regular trading and is available on the company's Website.

到目前為止，您應該已經收到公司在常規交易結束時分發的新聞稿副本，可在公司網站上查閱。

There was a slight delay with the posting of our 8-K on our Website which was filed earlier today.

今天早些時候提交的 8-K 在我們網站上的發布略有延遲。

We understand the delay is due to heavy volumes at the SEC.

我們知道延遲是由於美國證券交易委員會的大量交易造成的。

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 and our SEC filings.

您可以在我們今天下午早些時候發布的新聞稿和我們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 at 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 focus the comments briefly on our second quarter performance.

讓我將評論簡要地集中在我們第二季度的表現上。

Our second quarter revenue will be in the range of $915 million to $925 million, which surpassed our quarterly guidance and represents approximately 9% year-over-year growth.

我們第二季度的收入將在 9.15 億美元至 9.25 億美元之間，超過了我們的季度指引，同比增長約 9%。

It is our tenth consecutive quarter of year-over-year growth.

這是我們連續第十個季度實現同比增長。

Our growth momentum in key market segments continue with gain in Global 2000 enterprise accounts, Storage and accelerated computing.

隨著全球 2000 強企業賬戶、存儲和加速計算的增長，我們在關鍵細分市場的增長勢頭繼續。

Computer system revenue was approximately 82% of total revenue; up 16% year-over-year driven by higher ASP per compute node.

計算機系統收入約佔總收入的82%；受每個計算節點更高的 ASP 推動，同比增長 16%。

We are pleased to report continued growth of our business this quarter; most in the datacenter and the Edge despite the macroeconomic challenges.

我們很高興地報告本季度我們的業務持續增長；儘管面臨宏觀經濟挑戰，但大多數都在數據中心和邊緣。

Super Micro is well positioned to drive continued revenue growth and win market share as we beat this fiscal quarter.

Super Micro 有能力推動持續的收入增長並贏得市場份額，因為我們超越了本財季。

Our fiscal year today, total revenue, approximately 23% ahead of last year in line with our traditional growth trends.

我們今天財年的總收入，比去年提前約 23%，符合我們傳統的增長趨勢。

Our Global 2000 business, continues to show strong performance with 16% growth year-over-year.

我們的全球 2000 強業務繼續表現強勁，同比增長 16%。

Our Global 2000 business utilizes our entire Super Micro portfolio encompassing compute, storage, accelerated computing, networking, managing the [hardware] and service.

我們的全球 2000 強企業利用我們的整個 Super Micro 產品組合，包括計算、存儲、加速計算、網絡、管理 [硬件] 和服務。

Last quarter our SuperBlade business grew significantly and our Twin family grew 28% year-over-year.

上個季度，我們的 SuperBlade 業務增長顯著，我們的 Twin 系列同比增長 28%。

Substantially (inaudible).

基本上（聽不清）。

We are consistently strengthening our management [software] and service offering to provide additional (inaudible) and revenue (inaudible) to our customer (inaudible) lifecycles.

我們一直在加強我們的管理 [軟件] 和服務產品，以便為我們的客戶（聽不清）生命週期提供額外的（聽不清）和收入（聽不清）。

(Inaudible) our resource-saving systems with the ability to delivery superior total cost of ownership, TCO, along with the (inaudible) environmental impacts were of significant interest with (inaudible) and the [private companies].

（聽不清）我們的資源節約系統能夠提供卓越的總擁有成本、TCO 以及（聽不清）環境影響，這引起了（聽不清）和 [私營公司] 的極大興趣。

We continue to invest in our resource savings solutions including these aggregate systems and research and development of (inaudible) lifecycle enclosures, past price and other subsystems.

我們繼續投資於我們的資源節約解決方案，包括這些聚合系統以及（聽不清）生命週期外殼、過去價格和其他子系統的研發。

These technologies will help our customers save on both hardware and energy costs while reducing IP waste which lowers our total cost to the environment, TCE, in the datacenters.

這些技術將幫助我們的客戶節省硬件和能源成本，同時減少 IP 浪費，從而降低我們在數據中心的環境 TCE 總成本。

(Inaudible) grew 24% over the last year comprising approximately 26% of total revenue.

（聽不清）比去年增長了 24%，約佔總收入的 26%。

Our (inaudible) EMEA storage service delivered industry-based performance in (inaudible) [supporting] next generation [fresh] technology such as (inaudible), Samsung from (inaudible) SSD.

我們的（聽不清）EMEA 存儲服務在（聽不清）[支持] 下一代 [新鮮] 技術方面提供了基於行業的性能，例如（聽不清），來自（聽不清）SSD 的三星。

Super Micro enables the software defined storage market with optimized high performance storage systems.

Super Micro 通過優化的高性能存儲系統支持軟件定義存儲市場。

And like other competitors who [offer] higher cost with proprietary (inaudible).

和其他競爭對手一樣，他們 [提供] 更高的專有成本（聽不清）。

We are excited to see [many] industry (inaudible) fresh technologies, hopefully in a real time-to-value advantage to their next generation workloads.

我們很高興看到 [許多] 行業（聽不清）的新技術，希望它們能夠為下一代工作負載帶來實時價值優勢。

In (inaudible) and artificial intelligence, we saw strong growth, accelerated computing applications, continue to grow and that [new] possibility in total marketing, [detail] and scientific verticals.

在（聽不清）和人工智能方面，我們看到了強勁的增長、加速的計算應用、持續增長以及在整體營銷、[詳細] 和科學垂直領域的 [新] 可能性。

The (inaudible) additional optimized market GPU systems in (inaudible) designed to accelerated datacenter capability and (inaudible).

（聽不清）額外優化的市場 GPU 系統（聽不清）旨在加速數據中心能力和（聽不清）。

Super Micro new NVIDIA HGX-2 and SuperServer supports 16 NVIDIA Telsa V100 Telsa GPU's with over 80,000 [cost] delivery and (inaudible) performance of up to two (inaudible) for AI and (inaudible).

Super Micro 新的 NVIDIA HGX-2 和 SuperServer 支持 16 個 NVIDIA Telsa V100 Telsa GPU，具有超過 80,000 [成本] 交付和（聽不清）性能最多兩個（聽不清）用於 AI 和（聽不清）。

Looking ahead to new engineering developments and growth opportunities; last quarter we began seeking the upcoming future generation [Intel] (inaudible) to key customers as we began the [current] quarter.

展望新的工程發展和增長機會；上個季度，當我們開始 [當前] 季度時，我們開始向主要客戶尋求即將到來的下一代 [英特爾]（聽不清）。

We launch 36 programs for those new scalable processors along with (inaudible) for system memory.

我們為這些新的可擴展處理器以及（聽不清）系統內存啟動了 36 個程序。

We had received very positive initial reactions from customer [base] and we anticipated the upcoming server (inaudible) lifecycle, we are prepared for the revenue growth which will [migrate] in the coming quarters.

我們從客戶 [base] 那裡收到了非常積極的初步反應，我們預計即將到來的服務器（聽不清）生命週期，我們為未來幾個季度 [遷移] 的收入增長做好準備。

As the market moves to 5G, Super Micro is uniquely positioned to address solutions from the (inaudible) to the Cloud.

隨著市場轉向 5G，Super Micro 在解決從（聽不清）到雲端的解決方案方面處於獨特地位。

We extended our selection of compact IoT server solutions to address a wider range of verticals including networking, communications, security and industry automation.

我們擴展了我們對緊湊型物聯網服務器解決方案的選擇，以解決更廣泛的垂直領域，包括網絡、通信、安全和工業自動化。

Our (inaudible) network (inaudible) support up to 36 network ports and is built for network function (inaudible).

我們的（聽不清）網絡（聽不清）最多支持 36 個網絡端口，並且專為網絡功能（聽不清）而構建。

And if we (inaudible) networking SDN.

如果我們（聽不清）聯網 SDN。

(inaudible) CPU have and (inaudible) as well (inaudible) AI and (inaudible) the computing to [5GH] infrastructure.

（聽不清）CPU 具有和（聽不清）以及（聽不清）AI 和（聽不清）[5GH] 基礎設施的計算。

In summary, we achieved an important milestone this year delivering 10% worldwide systems and subsystem (inaudible) according to industry reporting.

總而言之，根據行業報告，我們今年實現了一個重要的里程碑，交付了 10% 的全球系統和子系統（聽不清）。

We will continue go [gain] next year with our resource saving technology to save customers hardware [acquisition] costs while improving their overall PCO and PCE.

明年我們將繼續 [gain] 我們的資源節約技術，以節省客戶的硬件 [採購] 成本，同時改善他們的整體 PCO 和 PCE。

With our U.S. headquarters and the manufacturing and global scale, we are uniquely positioned to bring optimized design and [competitive value] to the faster growing and (inaudible) the market verticals such as Cloud, AI and 5G.

憑藉我們在美國的總部以及製造和全球規模，我們具有獨特的優勢，可以為雲、人工智能和 5G 等增長更快和（聽不清）的垂直市場帶來優化設計和 [競爭價值]。

We are also (inaudible) on hardware technology [transition] for both compute; a new second generation Intel scalable process and storage including anyone (inaudible).

我們還（聽不清）硬件技術 [transition] 用於計算；新的第二代英特爾可擴展進程和存儲，包括任何人（聽不清）。

Then we have, again, new large scale [system with] (inaudible).

然後，我們再次擁有新的大規模 [系統]（聽不清）。

This [moment] we're preparing Super Micro to (inaudible) growth of its market share in 2019.

這個 [moment] 我們正在準備 Super Micro 在 2019 年（聽不清）其市場份額的增長。

And now I will hand the section over to Kevin.

現在我將把這個部分交給凱文。

Thank you Charles.

謝謝查爾斯。

First I will address the current health of the business by providing an overview of our financial performance for the second quarter of 2019.

首先，我將通過概述我們 2019 年第二季度的財務業績來解決當前業務的健康狀況。

I will then make a few comments about our progress on our SEC filings.

然後，我將就我們在 SEC 備案方面的進展發表一些評論。

As Charles mentioned earlier, we estimate our fiscal second quarter revenue within the range of $915 million to $925 million.

正如查爾斯之前提到的，我們估計我們第二財季的收入在 9.15 億美元至 9.25 億美元之間。

With that result, we have exceeded our revenue guidance range over my tenure for the past three quarters.

結果，在我過去三個季度的任期內，我們已經超出了我們的收入指導範圍。

Our customers continue to grow their business with us and drive digital transformation using Super Micro's Cloud and Edge portfolios.

我們的客戶繼續與我們一起發展業務，並使用 Super Micro 的雲和邊緣產品組合推動數字化轉型。

On a year-over-year basis, you may have enjoyed the highest growth at approximately 28% powered by the U.S. which grew approximately 11%, offset by a decline in Asia-Pac of approximately 11%.

與去年同期相比，您可能享受了最高的增長，約 28%，美國增長約 11%，被亞太地區約 11% 的下降所抵消。

Other regions grew approximately 23%.

其他地區增長約 23%。

Our estimated range of gross margin on both a GAAP and non-GAAP basis was from 13.9% to 14.1%.

我們根據 GAAP 和非 GAAP 估計的毛利率範圍為 13.9% 至 14.1%。

Our margin benefited from improved customer mix; partially due to lower sales to Asia and a lower provision for excess and obsolete inventory.

我們的利潤率得益於改善的客戶組合；部分原因是對亞洲的銷售額下降以及過剩和過時庫存的準備金減少。

Operating expenses were higher this quarter related to product development materials, employee bonuses, audit fees and a provision for a bad debt.

本季度與產品開發材料、員工獎金、審計費用和壞賬準備金相關的運營費用較高。

We estimate non-GAAP diluted earnings per share this quarter within the range of $0.57 to $0.61.

我們估計本季度非 GAAP 攤薄後每股收益在 0.57 美元至 0.61 美元之間。

We continue to generate cash and estimate cash generated from operations was approximately $42 million.

我們繼續產生現金，估計運營產生的現金約為 4200 萬美元。

After deducting capex of $4 million, we estimate free cash flow of approximately $38 million for the quarter.

扣除 400 萬美元的資本支出後，我們估計本季度的自由現金流約為 3800 萬美元。

On a cumulative basis over the last three quarters, we estimate free cash flow was approximately $114 million that has allowed us to pay down our loans and reach a positive cash position.

在過去三個季度的累計基礎上，我們估計自由現金流約為 1.14 億美元，這使我們能夠償還貸款並達到正現金狀況。

This quarter our cash conversation cycle increased to 96 days from 92 days in the prior quarter.

本季度我們的現金對話週期從上一季度的 92 天增加到 96 天。

Day sales outstanding decreased slightly while inventory days increased.

日銷售額略有下降，而庫存天數增加。

Our near-term target remains from 85 days to 90 days.

我們的近期目標仍然是 85 天到 90 天。

We are guiding sales for the third quarter in the range of $800 million to $860 million.

我們指導第三季度的銷售額在 8 億至 8.6 億美元之間。

We are now seeing normal business trends and have received some sizable business [re-tools] at existing customers.

我們現在看到了正常的業務趨勢，並且已經從現有客戶那裡獲得了一些規模可觀的業務 [re-tools]。

We believe we are back to business as usual.

我們相信我們會照常營業。

Now, let's turn to progress we are making on our Fiscal 2017 10-K.

現在，讓我們談談我們在 2017 財年 10-K 方面取得的進展。

If you recall, we concluded last quarter that receiving prior periods was necessary as we announced in our current report on Form 8-K filed November 15, 2018.

如果您還記得的話，我們在上個季度得出的結論是，正如我們在 2018 年 11 月 15 日提交的當前 8-K 表格報告中所宣布的那樣，有必要接收前期報告。

Since then, we have worked diligently and the company has achieved a significant milestone in this process.

從那時起，我們努力工作，公司在這一過程中取得了重要的里程碑。

We delivered a draft of the Fiscal 2017 10-K with restarted financial statements for 2015 and 2016 to our independent auditors in late January.

我們在 1 月下旬向我們的獨立審計師提交了 2017 財年 10-K 草案，其中包含重新啟動的 2015 年和 2016 年財務報表。

They're reviewing the draft 10-K and are working to complete their integrated audit.

他們正在審查 10-K 草案，並正在努力完成他們的綜合審計。

As a result of our conclusions, our independent auditors continue to perform more testing of our accounting analyses and internal controls assessment.

根據我們的結論，我們的獨立審計師繼續對我們的會計分析和內部控制評估進行更多測試。

We are working closely each day with our independent auditors to complete the remaining audit procedures.

我們每天都與我們的獨立審計師密切合作，以完成剩餘的審計程序。

Our internal audit team is developing a prioritized remediation roadmap to address the material weaknesses from our internal controls assessment.

我們的內部審計團隊正在製定優先補救路線圖，以解決我們內部控制評估中的重大缺陷。

We continue our procedures on Fiscal 2018 financials in parallel and are making solid progress.

我們繼續並行執行 2018 財年財務程序，並取得穩步進展。

So to close, we remain laser focused on resolving our SEC filings.

因此，為了結束，我們仍然專注於解決我們向美國證券交易委員會提交的文件。

We continue to build industry leading technology solutions for a data hungry world.

我們繼續為數據飢渴的世界構建行業領先的技術解決方案。

We're excited for the rest of 2019 and beyond.

我們對 2019 年剩餘時間及以後感到興奮。

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

如前所述，我們將舉行問答環節，允許賣方分析師提問。

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 ans -- to answer questions relating to the audit committee investigation or the delayed filing of our 10-K because of pending litigations.

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

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

接線員，現在我們準備好提問了。

Thank you.

謝謝。

Thank you sir.

謝謝你，先生。

Ladies and gentlemen, our question and answer session will be conducted electronically.

女士們，先生們，我們的問答環節將以電子方式進行。

(Operator Instructions) And we'll first go to Mehdi Hosseini with Susquehanna Financial Group.

（操作員說明）我們將首先與 Susquehanna Financial Group 一起去 Mehdi Hosseini。

Thanks so much.

非常感謝。

This is David Ryzhik for Mehdi.

我是邁赫迪的 David Ryzhik。

Just a few, if I could.

如果可以的話，就幾個。

Charles, maybe -- would you be able to give us an update on the macro environment demand across regions and what you're seeing in the current quarter and maybe you can talk about what drove the EMEA strength and I had a few follow-up's.

查爾斯，你能否向我們介紹一下各地區宏觀環境需求的最新情況，以及你在本季度看到的情況，也許你可以談談是什麼推動了 EMEA 的實力，我有一些後續行動.

Yeah, thank you for the question.

是的，謝謝你的提問。

Yes, we observed macroeconomic a little bit choppy and believe (inaudible) weaker than last year.

是的，我們觀察到宏觀經濟有點波動，並且認為（聽不清）比去年弱。

However, our new quarter has been very, very strong; (inaudible) and Storage and other platforms.

但是，我們的新季度非常非常強勁； （聽不清）和存儲和其他平台。

So we believe this year, [March] 2019, (inaudible) [growing] year in terms of market share and we are carefully observing that change.

因此，我們相信今年，[3 月] 2019 年，（聽不清）[增長] 市場份額的一年，我們正在仔細觀察這種變化。

The memory price drop that -- everything under careful control from Super Micro's point of view.

內存價格下降——從 Super Micro 的角度來看，一切都在精心控制之下。

And one of the larger enterprise storage vendors on its earnings call yesterday had noted some weakness with large enterprise companies in the U.S.; elongated purchasing decisions, more scrutiny around buying systems.

在昨天的財報電話會議上，一家較大的企業存儲供應商指出了美國大型企業公司的一些弱點；延長採購決策，對採購系統進行更多審查。

Have you seen this as well?

你也看到這個了嗎？

I was just curious.

我只是好奇而已。

Yeah, from our point of view, I mean March quarter had been very (inaudible) [soft] quarter to us in history but this year we -- so far, so good.

是的，從我們的角度來看，我的意思是 3 月季度對我們來說在歷史上一直是非常（聽不清）[軟] 季度，但今年我們 - 到目前為止，非常好。

We feel a [chance] is still pretty positive to us.

我們覺得 [機會] 對我們來說仍然非常積極。

And on the last update call in November, you had noted that you were beginning to see some demand return from customers that initially paused after the Bloomberg article.

在 11 月的最後一次更新電話會議上，您注意到您開始看到最初在彭博社文章發布後暫停的客戶的一些需求回報。

Has this continued, have you seen an improvement from customers that initially had made a pause?

這種情況是否繼續，您是否看到最初暫停的客戶有所改善？

Yes, we can see that improvement and the (inaudible) normal and positive from our [current view.]

是的，我們可以從我們的[當前觀點]看到這種改善和（聽不清）正常和積極的情況。

Great.

偉大的。

And then just on Cascade Lake, just wondering what your expectations are, I guess, from a calendar year 2019 perspective.

然後就在喀斯喀特湖上，我猜想從 2019 年的角度來看您的期望是什麼。

When does this start ramping for Super Micro from a revenue perspective and you made some interesting comments around Optane DC Persistent Memory.

從收入的角度來看，這什麼時候開始對 Super Micro 產生影響？您圍繞 Optane DC 持久內存發表了一些有趣的評論。

I would love your opinion on how material this could be in this cycle or do you think that it really ramps in subsequent server cycles?

我很想知道你對這在這個週期中的重要性有多大的看法，或者你認為它在隨後的服務器週期中真的會增加嗎？

Thank you.

謝謝。

Yeah, thank you.

是的，謝謝。

We believe Cascade Lake will be a big change for Super Micro.

我們相信 Cascade Lake 將是 Super Micro 的一大變化。

Although we [have started] shipping a sample (inaudible) with DC interest from the customer side because of beta performance and [as to our] DC Persistent Memory, (inaudible) each market and we need to have some customer interest for those applications.

儘管我們 [已經開始] 從客戶那裡運送一個樣品（聽不清），因為測試性能和 [至於我們的] DC 持久內存，（聽不清）每個市場，我們需要讓客戶對這些應用程序感興趣。

Kind of not [beta based] and kind of big data kind of application.

有點不是[基於測試版]，有點像大數據應用程序。

(Inaudible), interest in that area.

（聽不清），對該領域的興趣。

And what drove the high ASP per compute node?

是什麼推動了每個計算節點的高 ASP？

You know (inaudible) by our [completed] solution including all of the hardware and some (inaudible).

你知道（聽不清）我們的 [已完成] 解決方案，包括所有硬件和一些（聽不清）。

So because higher percentage of -- much higher percentage of computer system (inaudible) data of (inaudible).

因此，因為（聽不清）計算機系統（聽不清）數據的百分比更高。

That's why our ASP will continue to grow.

這就是我們的 ASP 將繼續增長的原因。

And also more people move to fresh, especially (inaudible) and that also grows our ASP and this trend will continue for 2019 at the least.

而且越來越多的人轉向新鮮，尤其是（聽不清），這也增加了我們的平均售價，這種趨勢至少會持續到 2019 年。

Our next question comes from Nehal Chokshi with Maxim Group.

我們的下一個問題來自 Maxim Group 的 Nehal Chokshi。

Yes, thank you and congrats on the strong results, strong guidance.

是的，謝謝你，祝賀你取得了豐碩的成果，強有力的指導。

The split between systems and components, did you give that?

系統和組件之間的分離，你給出了嗎？

If not, can you?

如果不能，你可以嗎？

We did not but just a second here.

我們沒有，但只是一秒鐘。

Systems were --

系統是——

Eighty-two.

八十二。

Yeah, 82%.

是的，82%。

Eight-two percent, okay.

百分之八二，好的。

Great.

偉大的。

And just to be clear, where you saying that this guidance reflects normal seasonality or not?

需要明確的是，你說這個指導是否反映了正常的季節性？

Well it's certainly -- it's normal seasonality but as we had said last quarter, you know, we are cognizant of the macros that are out there.

嗯，這當然是 - 這是正常的季節性，但正如我們上個季度所說，你知道，我們認識到那裡的宏。

And so therefore we've tried to factor that into our thinking.

因此，我們試圖將其納入我們的想法。

We also know that customers are trying to determine if they go for the next technology (inaudible) cycle or not so that could pause their decisions a little bit.

我們還知道，客戶正試圖確定他們是否選擇下一個技術（聽不清）週期，這樣他們的決定可能會稍微暫停一下。

And then lastly, you know, certainly there are some components that are declining in value and customers time -- their purchases sometimes around that.

最後，你知道的，當然有一些組件的價值和客戶時間在下降——他們的購買有時是圍繞著這一點進行的。

So those are kind of the themes that we saw.

所以這些是我們看到的主題。

Yeah, talking about Intel, new CPU (inaudible).

是的，談論英特爾，新 CPU（聽不清）。

I believe most (inaudible) about April timeframe.

我相信大多數（聽不清）關於 4 月的時間表。

Okay, can I -- and then historically, Super Micro has had four to six quarters of 20%-plus year-over-year growth.

好吧，我能——然後從歷史上看，超微有四到六個季度的同比增長超過 20%。

You guys just did that just from I think the beginning of 2017 to September of 2018.

你們只是從我認為是 2017 年初到 2018 年 9 月就這樣做了。

And then you have sub-20% year-over-year growth and it looks like we're looking at two quarters of that being the case.

然後你的同比增長率低於 20%，看起來我們正在考慮其中兩個季度的情況。

It all averages out to 20% -- to a 20% CAGR over, you know, what the past 12 years, which is incredible.

在過去的 12 年裡，這一切平均達到 20% - 20% 的複合年增長率，這是令人難以置信的。

But, why shouldn't we believe we're at the beginning of a digestion period at this point here?

但是，為什麼我們不應該相信我們此時正處於消化期的開始呢？

Yeah, again, this quarter I mean, in the March quarter, I guess there are two major impacts.

是的，這個季度，我的意思是，在三月份的季度，我想有兩個主要影響。

One is memory price and fresh EMEA price drop (inaudible) lower ASP a little bit and also macroeconomic (inaudible) and (inaudible) Cascade (inaudible) until April or May and we try to be conservative of this quarter, March quarter.

一個是內存價格和新的 EMEA 價格下降（聽不清）降低 ASP 一點點，還有宏觀經濟（聽不清）和（聽不清）級聯（聽不清）直到 4 月或 5 月，我們試圖對本季度、3 月季度保持保守。

Okay.

好的。

All right, and then it looks like a non-GAAP opex was up about $6 million, Q2, you did cite some expenses Kevin, I'm not too sure if that was included in non-GAAP opex or not, but can you just give a little bit more color around that Q2 uptick?

好吧，然後看起來非 GAAP 運營支出增加了大約 600 萬美元，第二季度，你確實提到了一些費用，凱文，我不太確定這是否包含在非 GAAP 運營支出中，但你能不能為第二季度的上漲增添一點色彩？

Yeah, so I had mentioned, you know, on the call that there were expenses related to certainly our engineers, you know, developing first products for Cascade Lake and so that was one element of them pulling materials for that.

是的，所以我曾提到，你知道，在電話會議上，我們的工程師肯定有費用，你知道，為 Cascade Lake 開發第一批產品，所以這是他們為此拉材料的一個因素。

I mentioned that we had employee bonus this year and we -- this quarter rather and we did have something unusual for the company and that we did have a reserve for credit loss which doesn't happen very often.

我提到我們今年有員工獎金，而我們 - 這個季度我們確實有一些不尋常的公司，我們確實有信用損失準備金，這種情況並不經常發生。

And what was the reason for the credit loss?

信用損失的原因是什麼？

Just a customer having problems.

只是客戶有問題。

Gotcha.

知道了。

Okay.

好的。

And thoughts on this opex will trend and also (inaudible) for the March quarter?

關於這個運營支出的想法會在 3 月季度出現趨勢並且（聽不清）嗎？

Yeah, so certainly the ghost margin for this quarter was quite an uptick as compared to what we've had historically.

是的，與我們歷史上的情況相比，本季度的幽靈利潤肯定有很大的上升。

Most recently, as you remember, I called it out that we had customer mix that went into our favor as well as we did have a pretty good excess inventory quarter.

最近，正如你所記得的，我指出我們的客戶組合對我們有利，而且我們確實有一個相當不錯的過剩庫存季度。

I'm not sure the [ENO] is going to repeat over the course of time but, if you remember, that what I said is that we would be trying to work on gross margin at a modest pace over time.

我不確定 [ENO] 是否會隨著時間的推移而重複，但如果你還記得的話，我所說的是我們將嘗試隨著時間的推移以適度的速度提高毛利率。

So this quarter we certainly had a good one but in the trend we're trying to improve modestly over roughly about that 13.5% that we've been at for a period of time.

因此，本季度我們當然有一個很好的季度，但在趨勢中，我們正試圖在我們一段時間以來的大約 13.5% 的基礎上進行適度改善。

Our next -- (Operator Instructions)

我們的下一個——（操作員說明）

Operator, I think there's one more question in the queue.

接線員，我認為隊列中還有一個問題。

Yes, we'll take our follow-up question from Mehdi Hosseini with Susquehanna Financial Group.

是的，我們將接受來自 Susquehanna Financial Group 的 Mehdi Hosseini 的後續問題。

Hi thanks, David Ryzhik again for Mehdi.

嗨，謝謝，David Ryzhik 再次代表 Mehdi。

Thanks for the follow-up.

感謝您的跟進。

Kevin, you didn't note lower memory pricing as a reason for the strengthening gross margins.

凱文，你沒有註意到較低的內存價格是毛利率上升的原因。

What was -- was memory a benefit to gross margins in the quarter?

什麼是 - 內存對本季度的毛利率有好處嗎？

I think --

我認為 -

Or did you --

還是你——

By and large -- as I said earlier, it's really customer mix.

總的來說——正如我之前所說，這實際上是客戶組合。

Since I've gotten here, we've done a little bit more in terms of looking at our gross margin mix by customer and the -- and our portfolio.

自從我來到這里以來，我們在按客戶和 - 以及我們的投資組合查看我們的毛利率組合方面做了更多的工作。

So we want to be cognizant of the fact of where we have margins for customers kind of like in a banding way and so that allows us, from time to time, when we want to bid to win business, we do it in the context of the entire portfolio and so I think it's just really looking at our customer mix a little bit more sharply.

因此，我們想要認識到這樣一個事實，即我們在某種程度上為客戶提供了利潤，這樣我們就可以不時地在我們想要競標贏得業務時，在以下背景下進行整個產品組合，所以我認為它真的只是更仔細地審視我們的客戶組合。

Not necessarily a significant impact from memory in the December quarter.

內存在 12 月季度不一定會產生重大影響。

And any reason for the tick-up in inventory days?

庫存天數增加的原因是什麼？

Yeah, we made some purchases at quarter end that we thought were advantageous.

是的，我們在季度末進行了一些我們認為有利的採購。

Great, and I was just curious on the storage and overall storage I believe I heard 20% growth year-over-year.

太好了，我只是對存儲和整體存儲感到好奇，我相信我聽到了 20% 的同比增長。

Any sense on maybe the breakout within that of traditional versus next gen?

對傳統與下一代之間的突破有任何意義嗎？

I guess both with traditional and next generation [we are also growing], (inaudible) next generation, especially SSD EMEA-[based], we believe will be a much higher (inaudible) to grow.

我想無論是傳統的還是下一代 [我們也在增長]，（聽不清）下一代，尤其是 SSD EMEA-[基於]，我們相信會有更高的（聽不清）增長。

Yeah, and actually traditional came down a little bit and next gen grew handsomely.

是的，實際上傳統有所下降，下一代長得漂亮。

Okay, great.

好的，太好了。

Any color around what drove that, the growth in next gen?

是什麼推動了下一代的增長？

Next gen, as you know, we had a fourth company to deliver the order in form factor, memory to the market, (inaudible) from Intel, (inaudible) Samsung and (inaudible) market leader and that kind of gives the customer a very good response.

下一代，如您所知，我們有第四家公司向市場交付外形尺寸、內存訂單，來自英特爾（聽不清）、三星（聽不清）和市場領導者（聽不清），這給客戶帶來了非常很好的回應。

I think in addition to that, we've been talking about G2000 customers and as we have now lapped a year, some of those G2000 customers have -- you know, we have an appreciably stronger business with them then we did 12 months ago.

我認為除此之外，我們一直在談論 G2000 客戶，現在已經過去了一年，其中一些 G2000 客戶已經 - 你知道，我們與他們的業務比 12 個月前要好得多。

Great.

偉大的。

And what percentage of overall revenue is G2 is -- I think in the past you've maybe called it enterprise but what percent of revenue is that driving?

G2 佔總收入的百分比是多少——我想過去你可能稱它為企業，但它佔收入的百分比是多少？

Yeah, we're probably not going to break that out right now.

是的，我們現在可能不會打破它。

Okay, okay.

好吧好吧。

And then last one, IDC, what percentage of overall revenue was that and have you seen any wins with new customers in the IDC space?

最後一個，IDC，它佔總收入的百分比是多少，你有沒有看到 IDC 領域的新客戶有任何勝利？

David, this is Perry, so just so you know, the [G2K] that we talk about is a combination of both the IDC group that we used to talk about and it also includes enterprise group that we're now talking about.

大衛，這是佩里，所以你知道，我們談論的 [G2K] 是我們過去談論的 IDC 組和我們現在談論的企業組的組合。

So they're together in what Kevin's already provided.

所以他們在凱文已經提供的內容中在一起。

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

現在看來我們沒有進一步的問題了。

I'd like to turn the call back 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 everyone for joining us today and have a great day.

感謝大家今天加入我們，祝你有美好的一天。

Thank you.

謝謝。

Thank you ladies and gentlemen, that does conclude the Super Micro Second Quarter Fiscal 2019 Business Update conference call.

謝謝女士們先生們，超微 2019 財年第二季度業務更新電話會議到此結束。

We do appreciate your participation.

我們非常感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。

Thank you.

謝謝。