超微電腦 (SMCI) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Super Micro Computer, Inc's Fiscal Fourth Quarter 2022 Results Conference Call. (Operator Instructions)

女士們，先生們，感謝您的支持，並歡迎參加 Super Micro Computer, Inc 的 2022 財年第四季度業績電話會議。 （操作員說明）

Thank you. Nicole Noutsios, Investor Relations, you may begin your conference.

謝謝你。 Nicole Noutsios，投資者關係部，您可以開始您的會議了。

Good afternoon and thank you for attending Super Micro's call to discuss financial results for the fourth quarter which ended June 30, 2022. With me today are Charles Liang, Founder, Chairman and Chief Executive Officer; and David Weigand, Chief Financial Officer.

下午好，感謝您參加 Super Micro 的電話會議，討論截至 2022 年 6 月 30 日的第四季度財務業績。今天和我在一起的是創始人、董事長兼首席執行官 Charles Liang；和首席財務官大衛韋根。

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. As a reminder, during today's call, the company will refer to a presentation that's available to participants in the Investor Relations section of the company's website under Events & Presentations tab. We've also published management's scripted commentary on our website.

到目前為止，您應該已經收到了公司在常規交易結束時分發的新聞稿副本，該新聞稿可在公司網站上找到。提醒一下，在今天的電話會議中，公司將參考公司網站“投資者關係”部分的“事件和演示”選項卡下的參與者可用的演示文稿。我們還在我們的網站上發布了管理層的腳本評論。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including without limitation those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation, and future business outlook, including guidance for the first quarter of fiscal 2023 and the full year 2023, and the potential impact of COVID-19 on the company's business and results of operations. There are a number of risk factors that can cause Super Micro's future results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our most recent 10-K filing for fiscal 2021, and our other SEC filings. All of these documents are available on the IR page of Super Micro's website. We assume no obligation to update any forward-looking statements.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和支出、稅收、資本分配和未來業務前景的陳述，包括對 2023 財年第一季度和 2023 年全年的指導，以及 COVID-19 對公司業務和經營業績的潛在影響。有許多風險因素可能導致 Super Micro 的未來結果與我們的預期大相徑庭。您可以在我們今天下午早些時候發布的新聞稿、我們最近提交的 2021 財年 10-K 文件以及我們提交給 SEC 的其他文件中了解有關這些風險的更多信息。所有這些文件都可以在 Super Micro 網站的 IR 頁面上找到。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 the non-GAAP financial results and business outlook. For an explanation of our non-GAAP financial measures, please refer to the accompanying presentation or to our press release published today. In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached in today's presentation. At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts to ask questions.

今天的大部分演講將涉及非公認會計原則的財務業績和業務前景。有關我們的非公認會計原則財務指標的解釋，請參閱隨附的演示文稿或我們今天發布的新聞稿。此外，GAAP 與非 GAAP 結果的對賬包含在今天的新聞稿和今天演示文稿所附的補充信息中。在今天準備好的演講結束時，我們將有一個問答環節，供賣方分析師提問。

I'll now turn the call over to Charles.

我現在把電話轉給查爾斯。

Thank you, Nicole, and good afternoon, everyone. Today, I am pleased to announce record year end results with annual revenue surpassing a milestone of $5.2 billion, growing 46% year-over-year. We ended the year with another great quarter with fiscal Q4 2022 revenues of $1.64 billion, growing 53% year-over-year and 21% quarter-on-quarter, surpassing both top and bottom-line estimates. Our quarterly and year-end results were above our guidance given 3 months ago and exceeded our recently updated range given several weeks ago.

謝謝你，妮可，大家下午好。今天，我很高興地宣布創紀錄的年終業績，年收入超過 52 億美元，同比增長 46%。我們以另一個出色的季度結束了這一年，2022 財年第四季度的收入為 16.4 億美元，同比增長 53%，環比增長 21%，超過了最高和最低預期。我們的季度和年終業績高於我們 3 個月前給出的指導，並超過了我們幾週前給出的最近更新的範圍。

Our strong growth is fueled by recent ramp in design wins based on our rack scale Total IT Solutions, especially on GPU solutions and AI platforms. And I believe our solutions will continue to drive plenty of new design wins and further accelerate our strong growth in the coming quarters and years. More customers are also recognizing and adopting the value of our Green Computing Solutions due to the rising environmental challenges and energy cost. The Total Solution strategy and Green Computing Solution value have resulted in 4 consecutive quarters of growth, at minimum 3x faster than competitors' growth rate.

我們的強勁增長得益於最近基於我們的機架規模整體 IT 解決方案（尤其是在 GPU 解決方案和 AI 平台上）的設計勝利。我相信我們的解決方案將繼續推動大量新設計的勝利，並進一步加速我們在未來幾個季度和幾年的強勁增長。由於不斷上升的環境挑戰和能源成本，越來越多的客戶也認識到並採用了我們的綠色計算解決方案的價值。整體解決方案戰略和綠色計算解決方案價值已實現連續 4 個季度的增長，至少比競爭對手的增長率快 3 倍。

Now, let's look at some of the key highlights from the year and quarter. First, our quarter 2022 net revenue totaled $5.2 billion, up 46% year-on-year, above our guidance range of $5 billion. Our fiscal year non-GAAP earnings per share of $5.65, grew 128% year-over-year, compared to $2.48 a year ago. This exceeded the higher end of our guidance range of $4.53 to $4.71. Our fiscal fourth quarter net revenue totaled $1.64 billion, up 53% year-on-year and up 21% quarter-on-quarter, above our guidance range of $1.4 billion to $1.48 billion. Our fiscal fourth quarter non-GAAP earnings per share tripled year-over-year and was $2.62 compared to $0.81 a year go and was well above the high end of our guidance range of $1.51 to $1.69. It demonstrates the strong operating leverage and customer preference towards our rack scale Total IT Solutions.

現在，讓我們看一下今年和季度的一些關鍵亮點。首先，我們 2022 年季度的淨收入總計 52 億美元，同比增長 46%，高於我們 50 億美元的指導範圍。我們的財年非公認會計原則每股收益為 5.65 美元，同比增長 128%，而一年前為 2.48 美元。這超出了我們指導範圍的上限 4.53 美元至 4.71 美元。我們第四財季的淨收入總計 16.4 億美元，同比增長 53%，環比增長 21%，高於我們 14 億美元至 14.8 億美元的指導範圍。我們的第四財季非公認會計原則每股收益同比增長兩倍，為 2.62 美元，而去年同期為 0.81 美元，遠高於我們 1.51 美元至 1.69 美元的指導範圍的高端。它展示了強大的運營槓桿和客戶對我們機架規模整體 IT 解決方案的偏好。

With our Total IT Solutions business experienced a robust growth in U.S.A. this year, we will continue to gain even greater domestic traction going forward. We will also expand our Total IT solution to both Europe and Asia markets in the coming quarters and years. We are excited as this generation opportunity to become a global leader of rack scale plug and play IT solutions. Our robust fiscal year results reinforce our confidence in achieving the $10 billion in annual revenue target much sooner than we guided last year, and we are now preparing for our $20 billion mid-term mission that we disclosed last quarter.

隨著我們的整體 IT 解決方案業務今年在美國經歷了強勁增長，我們將繼續在國內獲得更大的牽引力。我們還將在未來幾個季度和幾年內將我們的整體 IT 解決方案擴展到歐洲和亞洲市場。我們很高興這一代有機會成為機架級即插即用 IT 解決方案的全球領導者。我們強勁的財年業績增強了我們對實現 100 億美元年收入目標的信心，比我們去年指導的要快得多，我們現在正在為上個季度披露的 200 億美元的中期使命做準備。

Based on current supply and capacity, at the midpoint of our guidance range, we are forecasting $1.57 billion in revenue for the upcoming September quarter. I am also confident that our full fiscal 2023 revenue will be above the prior guidance range of $6 billion to $7 billion. We now expect revenue to be in the range of $6.2 billion to $7 billion with EPS at least at $7.50. Although the macroeconomic conditions are uncertain, we are optimistic that some of the supply chain and logistics issue will begin to subside.

根據當前的供應和產能，在我們指導範圍的中點，我們預測即將到來的 9 月季度的收入為 15.7 億美元。我也有信心，我們 2023 財年的全部收入將高於之前 60 億美元至 70 億美元的指導範圍。我們現在預計收入將在 62 億美元至 70 億美元之間，每股收益至少為 7.50 美元。儘管宏觀經濟狀況不確定，但我們樂觀地認為部分供應鍊和物流問題將開始消退。

From a market perspective, we continue to see increasing demand for accelerated compute and AI platforms. We are meeting this demand at both system and rack scale level with our Total IT Solutions, which are supported by over 20 years of system building block development. These building blocks allow us to create highly optimized rack scale plug-and-play datacenter solutions for our customers with lower infrastructure cost and increase in significant TCO savings. Our Total IT Solutions approach streamlines design, validation, sourcing and integration, resulting in much shorter lead times for our customers with optimized quality and performance. Moreover, our Total IT Solutions simplifies the intricacies of firmware, management software and division control.

從市場的角度來看，我們繼續看到對加速計算和人工智能平台的需求不斷增長。我們通過我們的整體 IT 解決方案在系統和機架級別滿足這一需求，這些解決方案得到了 20 多年系統構建塊開發的支持。這些構建塊使我們能夠為我們的客戶創建高度優化的機架規模即插即用數據中心解決方案，同時降低基礎設施成本並顯著節省 TCO。我們的整體 IT 解決方案方法簡化了設計、驗證、採購和集成，從而以優化的質量和性能為我們的客戶縮短交貨時間。此外，我們的整體 IT 解決方案簡化了固件、管理軟件和部門控制的複雜性。

In addition, our SuperCloud Composer, Orchestrator, security and other software products can optimally manage compute, acceleration, storage and network building blocks at a cloud level, including rich analytics. Datacenter operators can easily leverage this information to make critical decisions that improve workload efficiencies. Soon, we are expanding our investments in full datacenter management software stacks that will enable future infrastructure as-a-service and secure monitoring as-a-service functionalities, further enhancing our Total IT Solutions capabilities and value.

此外，我們的 SuperCloud Composer、Orchestrator、安全和其他軟件產品可以在雲級別優化管理計算、加速、存儲和網絡構建塊，包括豐富的分析。數據中心運營商可以輕鬆利用這些信息來做出提高工作負載效率的關鍵決策。很快，我們將擴大對完整數據中心管理軟件堆棧的投資，這將使未來的基礎設施即服務和安全監控即服務功能成為可能，進一步增強我們的整體 IT 解決方案的能力和價值。

This one-stop-shop approach is well-aligned with emerging growth markets across AI, Machine Learning, software-defined storage, networking, public and hybrid cloud, and 5G, IoT and Telco. We previously shared that we will soon be deploying our Command Center-based intelligent business automation. This new B2B, B2C automation platform is being used and validated by more and more of our customers as we speak. This intelligent auto-configurator will leverage our system building block methodology, scaling out application-optimized solutions to a much broader customer base.

這種一站式方式與人工智能、機器學習、軟件定義存儲、網絡、公共和混合雲以及 5G、物聯網和電信等新興增長市場非常吻合。我們之前曾分享過，我們將很快部署基於指揮中心的智能業務自動化。正如我們所說，這個新的 B2B、B2C 自動化平台正在被越來越多的客戶使用和驗證。這種智能自動配置器將利用我們的系統構建塊方法，將應用優化的解決方案擴展到更廣泛的客戶群。

We expect this tool will dramatically improve our go-to-market initiatives, product designs, operations, and service effectiveness. Most importantly, the automation process will considerably grow our customer base and improve customer satisfaction starting from pretty much this fiscal year. Our current manufacturing scale and capacity is built to support between $10 billion to $12 billion in annual revenue as we continue to ramp up our rack scale capabilities in our global facilities. During the June quarter, we shipped over a 1,000 plug-and-play racks.

我們預計該工具將顯著改善我們的上市計劃、產品設計、運營和服務效率。最重要的是，從本財年開始，自動化流程將大大增加我們的客戶群並提高客戶滿意度。我們目前的製造規模和能力旨在支持 100 億至 120 億美元的年收入，因為我們將繼續提高我們在全球設施中的機架規模能力。在六月季度，我們運送了超過 1,000 個即插即用機架。

Today, in the September quarter, we have doubled our rack scale capacity with enhanced features at our new Building '23. Our rack scale capacity can be up to 6,000 racks per quarter now. Our product development activities continue to grow stronger with close partnership like NVIDIA, expanding our GPU system product lines including the new Delta Next H100, Redstone Next and Grace Hopper product lines. Our early deployment programs with the upcoming Intel Sapphire Rapids and AMD Genoa product lines are mostly ready, just awaiting for the new Intel and AMD processors to be available.

今天，在 9 月季度，我們的新 Building '23 的機架規模容量增加了一倍，並具有增強的功能。我們的機架規模容量現在可以達到每季度 6,000 個機架。通過與 NVIDIA 等密切合作，我們的產品開發活動繼續發展壯大，擴展了我們的 GPU 系統產品線，包括新的 Delta Next H100、Redstone Next 和 Grace Hopper 產品線。我們與即將推出的 Intel Sapphire Rapids 和 AMD Genoa 產品線的早期部署計劃已基本準備就緒，正在等待新的 Intel 和 AMD 處理器上市。

Switching gears, we stay committed to lead the market in Green Computing Solutions with our resource saving designs, both to reduce environmental impact and the cost of customers' operations. As we apply our Green Computing Solutions at a rack scale level, we can bring even better quality and time-to-market value to our customers. Higher energy costs and limitation on electricity usage will continue to strain many companies in the near future. We saw this dynamic and challenges since a decade ago, and we have been at the forefront with technologies and solutions that help customers go for higher temperature operation datacenter, free-air cooling or liquid cooling.

換個角度來看，我們始終致力於通過我們的資源節約設計引領綠色計算解決方案市場，以減少對環境的影響和客戶的運營成本。當我們在機架級應用我們的綠色計算解決方案時，我們可以為我們的客戶帶來更好的質量和上市時間價值。在不久的將來，更高的能源成本和對電力使用的限制將繼續給許多公司帶來壓力。自十年前以來，我們就看到了這種動態和挑戰，並且我們一直處於技術和解決方案的最前沿，可幫助客戶實現更高溫度的數據中心運行、自然空氣冷卻或液體冷卻。

Many of our customers have achieved significant TCO and PUE reduction in their data centers, down to 1.05 from industry average of 1.57 or even higher. By our calculations, worldwide adoption of our Green Computing Solutions, or other suppliers' solutions with similar energy efficiency, would potentially save the IT industry more than $10 billion in electricity costs yearly or eliminating the equivalent of more than 30 fossil-fueled power plants. That's equal to saving 8 billion trees on our planet. Personally, I am very glad to see increased demand for energy efficient solutions for cost savings, but more importantly, we must do this for our Mother Earth.

我們的許多客戶在其數據中心實現了顯著的 TCO 和 PUE 降低，從行業平均水平 1.57 甚至更高降低到 1.05。根據我們的計算，在全球範圍內採用我們的綠色計算解決方案或其他供應商的具有類似能源效率的解決方案，可能會為 IT 行業每年節省超過 100 億美元的電力成本，或者減少相當於 30 多個化石燃料發電廠的成本。這相當於在我們的星球上拯救了 80 億棵樹。就個人而言，我很高興看到對節省成本的節能解決方案的需求增加，但更重要的是，我們必須為我們的地球母親這樣做。

In closing, we are focused on building and delivering much more greener, rack scale Total IT Solutions. From an industry perspective, this is the greatest opportunity Super Micro has ever seen since our founding 29 years ago. Our year-over-year top and bottom-line performance is evidence that our Total IT Solutions strategy is accelerating. I see our room to grow is at least another 4x in the coming years while we believe that our TAM will continue to expand with new applications. We will continue to address this technology intersection by enhancing our Total IT Solutions capabilities and capacities with more software and services.

最後，我們專注於構建和提供更環保、機架規模的整體 IT 解決方案。從行業角度看，這是超微成立 29 年來最大的機會。我們的年度頂線和底線業績證明我們的整體 IT 解決方案戰略正在加速。我認為未來幾年我們的增長空間至少會增加 4 倍，同時我們相信我們的 TAM 將繼續擴展新應用程序。我們將通過更多的軟件和服務增強我們的整體 IT 解決方案能力和能力，繼續解決這一技術交叉問題。

We will continue to gain market share and expand to new verticals which increase our business scale and operating profits. My team and I will continue to execute our growth strategies and are accelerating the timeline to our $10 billion revenue target in short term and $20 billion midterm mission.

我們將繼續獲得市場份額並擴展到新的垂直領域，從而增加我們的業務規模和經營利潤。我和我的團隊將繼續執行我們的增長戰略，並加快實現我們 100 億美元短期收入目標和 200 億美元中期任務的時間表。

I will now pass the call to David Weigand, our Chief Financial Officer, to provide additional details on the quarter.

我現在將電話轉給我們的首席財務官 David Weigand，以提供有關本季度的更多詳細信息。

Thank you, Charles. I am pleased to report fiscal fourth quarter revenues of $1.64 billion, a 53% year-on-year and 21% quarter-on-quarter increase. Our revenues exceeded our initial guidance range of $1.4 billion to $1.48 billion and our recently updated range of $1.58 billion to $1.63 billion. For fiscal year '22, we reported revenues of $5.2 billion, representing 46% growth over fiscal year '21 revenues of $3.56 billion.

謝謝你，查爾斯。我很高興地報告第四財季收入為 16.4 億美元，同比增長 53%，環比增長 21%。我們的收入超出了 14 億美元至 14.8 億美元的初始指導範圍以及我們最近更新的 15.8 億美元至 16.3 億美元的範圍。對於 22 財年，我們報告的收入為 52 億美元，比 21 財年 35.6 億美元的收入增長了 46%。

Our growth initiatives are gaining momentum with our Total IT Solutions targeting fast-growing markets and customers with accelerated GPU and AI workloads, software-defined storage and networking, public and hybrid cloud, and 5G, Edge, IOT platforms. These new growth drivers complement our traditional strength with enterprise, channel and OEM customers, leading to accelerated revenue growth, expanding margins and operating leverage.

我們的整體 IT 解決方案以加速 GPU 和 AI 工作負載、軟件定義的存儲和網絡、公共和混合雲以及 5G、Edge、IOT 平台為目標，針對快速增長的市場和客戶，我們的增長計劃正在獲得動力。這些新的增長動力補充了我們在企業、渠道和 OEM 客戶方面的傳統優勢，從而加快了收入增長、擴大利潤率和運營槓桿。

In the fourth fiscal quarter, Super Micro recorded balanced revenues across all 3 of our market verticals demonstrating the resilient nature of our diversified end markets. We achieved $835 million in Organic, Enterprise and Channel and AI, ML revenues, representing 51% of Q4 revenues versus 62% last quarter, up 24% year-over-year and flat quarter-over-quarter. The year-over-year growth in this segment was driven by our growing list of large enterprise customers and new product offerings.

在第四財季，超微在我們所有三個垂直市場的收入保持平衡，這表明我們多元化終端市場的彈性。我們在有機、企業和渠道以及人工智能、機器學習方面實現了 8.35 億美元的收入，佔第四季度收入的 51%，而上一季度為 62%，同比增長 24%，環比持平。該細分市場的同比增長是由我們不斷增長的大型企業客戶名單和新產品供應推動的。

Our OEM appliance and large datacenter segment achieved $717 million in revenues, representing 44% of Q4 revenues versus 32% last quarter, up 95% year-over-year and up 67% quarter-over-quarter with strong growth driven by large new and existing datacenter customers and OEM appliance customers. Our 5G, Telco, Edge, IoT segment achieved $83 million in revenues, representing 5% of Q4 revenues versus 6% last quarter and was up 172% year-over-year and down slightly by 4% quarter-over-quarter. For the full fiscal year 2022, our Organic, Enterprise and Channel and AI, ML revenues grew 40% to represent 61% of fiscal year '22 revenues.

我們的 OEM 設備和大型數據中心部門實現了 7.17 億美元的收入，佔第四季度收入的 44%，上一季度為 32%，同比增長 95%，環比增長 67%，大型新設備和現有數據中心客戶和 OEM 設備客戶。我們的 5G、電信、邊緣、物聯網部門實現了 8300 萬美元的收入，佔第四季度收入的 5%，而上一季度為 6%，同比增長 172%，環比略有下降 4%。在整個 2022 財年，我們的有機、企業和渠道以及人工智能、機器學習收入增長了 40%，佔 22 財年收入的 61%。

Our OEM appliance and large datacenter segment grew 44% and represented 32% of revenues. Our emerging 5G, Telco, Edge and IOT segment grew 163% and represented 7% of total revenues. Our mix of complete systems and rack scale Total IT Solutions has been increasing steadily. Systems comprised 91% of total revenue and subsystems, accessories represented 9% of Q4 revenues. On a year-over-year basis and also on a quarter-over-quarter basis, the volume of systems and nodes shipped as well as system node ASPs increased due to product and customer mix.

我們的 OEM 設備和大型數據中心部門增長了 44%，佔收入的 32%。我們新興的 5G、電信、邊緣和物聯網部門增長了 163%，佔總收入的 7%。我們的完整系統和機架規模整體 IT 解決方案的組合一直在穩步增長。系統佔總收入和子系統的 91%，配件佔第四季度收入的 9%。在同比和環比的基礎上，系統和節點的出貨量以及系統節點的 ASP 因產品和客戶組合而增加。

We had a balanced distribution of Q4 revenues across geographies, with U.S. representing 66% of revenues, Asia 17%, Europe 14%, and the Rest of World [3%]. On a year-on-year basis, U.S. revenues increased 65% as we gained market share with our advanced, rack scale Total IT Solutions for emerging high-growth server workloads. Asia increased 38%, Europe increased 21%, and Rest of World increased [84%]. On a quarter-over-year basis, U.S. revenues increased 41%, Asia decreased 9%, Europe increased 9%, and Rest of World decreased 30%.

我們在各個地區實現了第四季度收入的均衡分佈，美國占收入的 66%，亞洲佔 17%，歐洲佔 14%，世界其他地區 [3%]。隨著我們針對新興高增長服務器工作負載的先進機架規模整體 IT 解決方案獲得市場份額，美國收入同比增長 65%。亞洲增長了 38%，歐洲增長了 21%，世界其他地區增長了 [84%]。與去年同期相比，美國收入增長 41%，亞洲下降 9%，歐洲增長 9%，世界其他地區下降 30%。

The Q4 non-GAAP gross margin was 17.6%, up 200 basis points quarter-over-quarter from Q3 and up 390 basis points year-on-year due to price discipline, lower freight costs, leverage from higher factory utilization, operating efficiencies and a continually improving product customer mix. While the supply-chain disruptions continued, we achieved some success in controlling freight and other logistics costs through disciplined execution. Our Q4 gross margin was above the high end of our long-term target model range of 14% to 17% and demonstrates the success of our new, high-value Total IT Solutions.

第四季度非美國通用會計準則毛利率為 17.6%，比第三季度環比增長 200 個基點，同比增長 390 個基點，原因是價格紀律、較低的運費成本、更高工廠利用率的槓桿作用、運營效率和不斷改進的產品客戶組合。儘管供應鏈中斷仍在繼續，但我們通過嚴格執行在控制貨運和其他物流成本方面取得了一些成功。我們的第四季度毛利率高於我們 14% 至 17% 的長期目標模型範圍的高端，並證明了我們新的高價值整體 IT 解決方案的成功。

Turning to operating expenses, Q4 OpEx on a GAAP basis increased slightly by 1% quarter-on-quarter and 15% year-on-year to $122 million. On a non-GAAP basis, operating expenses increased 4% quarter-on-quarter and increased 15% year-on-year to $113.5 million. Our non-GAAP operating margin increased significantly to 10.7% for the quarter versus 7.5% last quarter and 4.4% a year ago, demonstrating both improvements in gross margins driven by new product and customer mix and operating leverage driven by higher revenues along with disciplined expense controls.

談到運營費用，按美國通用會計準則計算的第四季度運營支出環比小幅增長 1%，同比增長 15%，達到 1.22 億美元。按非公認會計原則計算，運營費用環比增長 4%，同比增長 15%，達到 1.135 億美元。本季度我們的非公認會計原則營業利潤率大幅上升至 10.7%，上一季度分別為 7.5% 和一年前的 4.4%，這表明新產品和客戶組合推動毛利率提高，以及收入增加和嚴格開支推動經營槓桿控制。

Our non-GAAP operating margin of 10.7% for Q4 was also above our target model range of 5% to 8%. Other income and expense was approximately $1 million in income consisting of $4 million in foreign exchange gains offset by interest expense of $2.9 million as compared to $4.7 million in FX gain and $1.5 million in interest expense last quarter. Our interest expense increased sequentially as we utilized our short-term credit lines for financing inventory and accounts receivables. We also experienced higher short-term interest rates on borrowings driven by recent Fed actions.

我們第四季度的非公認會計原則營業利潤率為 10.7%，也高於我們 5% 至 8% 的目標模型範圍。其他收入和支出約為 100 萬美元，其中 400 萬美元的外匯收益被 290 萬美元的利息支出所抵消，而上一季度的外匯收益為 470 萬美元，利息支出為 150 萬美元。由於我們利用短期信貸額度為存貨和應收賬款融資，我們的利息支出環比增加。在美聯儲近期行動的推動下，我們還經歷了更高的短期借款利率。

This quarter, the tax provision was $25.8 million on a GAAP basis and $29.9 million on a non-GAAP basis. Our GAAP tax rate for Q4 was 15.5% and our non-GAAP tax rate was 17.1%. Our GAAP and non-GAAP tax expenses increased to higher level of pre-tax profits; but the tax rates were lower sequentially. Lastly, our share of income from our JV was $0.3 million this quarter as compared to $0.2 million last quarter. We delivered strong Q4 non-GAAP diluted EPS of $2.62 which exceeded the high end of the original guidance range of $1.51 to $1.69 and our recently updated range of $2.30 to $2.40.

本季度，按公認會計原則計算的稅收撥備為 2580 萬美元，按非公認會計原則計算為 2990 萬美元。我們第四季度的 GAAP 稅率為 15.5%，我們的非 GAAP 稅率為 17.1%。我們的 GAAP 和非 GAAP 稅收費用增加至更高水平的稅前利潤；但稅率依次降低。最後，本季度我們從合資企業獲得的收入份額為 30 萬美元，而上一季度為 20 萬美元。我們實現了強勁的第四季度非公認會計原則攤薄後每股收益 2.62 美元，超出了最初指導範圍 1.51 美元至 1.69 美元的高端以及我們最近更新的 2.30 美元至 2.40 美元的範圍。

The increases to EPS were due to a combination of higher revenues, higher gross margins from manufacturing efficiency, price discipline, product and customer mix and operating leverage. For the full fiscal year 2022, we reported non-GAAP diluted EPS of $5.65, which was up 128% year-over-year versus fiscal 2021 non-GAAP diluted EPS of $2.48 and higher than our initial guidance of $4.53 to $4.71. Cash flow used in operations for Q4 was $25 million compared to cash flow used in operations of $228 million for Q3 due to our improved profitability along with better management of our inventory and working capital.

每股收益的增長是由於更高的收入、更高的製造效率毛利率、價格紀律、產品和客戶組合以及運營槓桿。對於整個 2022 財年，我們報告非 GAAP 攤薄後每股收益為 5.65 美元，與 2021 財年非 GAAP 攤薄後每股收益 2.48 美元相比，同比增長 128%，高於我們最初的指導 4.53 美元至 4.71 美元。第四季度運營中使用的現金流為 2500 萬美元，而第三季度運營中使用的現金流為 2.28 億美元，這是由於我們提高了盈利能力以及更好地管理我們的庫存和營運資金。

Despite the 21% quarter-over-quarter increase in revenues, we trimmed our inventory by 3% quarter-over-quarter. Accounts receivable increased sequentially due to higher revenues, while accounts payable decreased sequentially due to the timing of payments to our vendors. Our CapEx was $11 million for Q4 resulting in negative free cash flow of $36 million versus negative free cash flow of $239 million last quarter. Our closing balance sheet cash position was $267 million, while bank debt was $597 million as we utilized our bank lines of credit to support higher revenues and accounts receivables as we ramped production of new design wins globally.

儘管收入環比增長 21%，但我們的庫存環比減少了 3%。由於收入增加，應收賬款環比增加，而由於向供應商付款的時間安排，應付賬款環比減少。我們第四季度的資本支出為 1100 萬美元，導致負自由現金流為 3600 萬美元，而上一季度為負自由現金流為 2.39 億美元。我們的資產負債表期末現金頭寸為 2.67 億美元，而銀行債務為 5.97 億美元，因為我們利用銀行信貸額度來支持更高的收入和應收賬款，因為我們在全球範圍內增加了新設計勝利的生產。

As we look ahead to fiscal 2023, we expect that our continued growth in revenue and profitability together with improved working capital management will lead to better operating and free cash flow. We are optimistic that some of the supply chain and logistics costs will begin to stabilize. We remain confident in our long-term outlook for robust revenue growth and profitability driven by our leading-edge new platforms, design wins, market share gains, and engagement with significant new global customers. We are announcing also a new $200 million stock buyback program today that will be in effect through January 31, 2024.

展望 2023 財年，我們預計收入和盈利能力的持續增長以及營運資金管理的改善將帶來更好的運營和自由現金流。我們樂觀地認為，部分供應鍊和物流成本將開始企穩。我們對由我們領先的新平台、設計勝利、市場份額增加以及與重要的全球新客戶的接觸所推動的強勁收入增長和盈利能力的長期前景充滿信心。我們今天還宣布了一項新的 2 億美元股票回購計劃，該計劃將持續到 2024 年 1 月 31 日。

Turning to the balance sheet and working capital metrics compared to last quarter, our Q4 cash conversion cycle was 100 days versus 98 days in Q3 and above our target range of 85 to 90 days. Days of inventory was 106, representing a decrease of 11 days versus the prior quarter of 117 days as we managed our inventory more efficiently. Days sales outstanding was up by 3 days quarter-on-quarter to 42 days while days payable outstanding came down significantly by 10 days to 48 days.

談到與上一季度相比的資產負債表和營運資本指標，我們的第四季度現金轉換週期為 100 天，而第三季度為 98 天，高於我們 85 至 90 天的目標範圍。庫存天數為 106 天，與上一季度的 117 天相比減少了 11 天，因為我們更有效地管理庫存。未償銷售天數環比增加 3 天至 42 天，而應付未償天數則大幅下降 10 天至 48 天。

Now turning to the outlook for our business, we remain enthusiastic about design wins in plug and play, rack scale Total IT Solutions ramping in multiple end markets. We are carefully watching the global macro-economic situation and continuing supply chain disruptions. For the first quarter of fiscal 2023 ending September 30, 2022, we expect net sales in the range of $1.52 billion to $1.62 billion, GAAP diluted net income per share of $2.01 to $2.27 and non-GAAP diluted net income per share of $2.07 to $2.32. We expect gross margins to be similar to Q4 levels.

現在轉向我們的業務前景，我們仍然熱衷於即插即用的設計勝利，機架規模的整體 IT 解決方案在多個終端市場中的應用。我們正在密切關注全球宏觀經濟形勢和持續的供應鏈中斷。對於截至 2022 年 9 月 30 日的 2023 財年第一季度，我們預計淨銷售額在 15.2 億美元至 16.2 億美元之間，GAAP 攤薄後每股淨收益為 2.01 美元至 2.27 美元，非 GAAP 攤薄後每股淨收入為 2.07 美元至 2.32 美元.我們預計毛利率將與第四季度水平相似。

GAAP operating expenses are expected to be approximately $126 million and include $8.6 million in stock-based compensation and $0.5 million in other expenses that are not included in non-GAAP operating expenses. GAAP and non-GAAP operating expenses are expected to increase due to continued investments in R&D and higher personnel costs. We expect other income and expense, including interest expense, to be a net expense of approximately $3.6 million and expect a nominal contribution from our Joint venture.

GAAP 運營費用預計約為 1.26 億美元，其中包括 860 萬美元的股票薪酬和 50 萬美元未包含在非 GAAP 運營費用中的其他費用。由於對研發的持續投資和更高的人員成本，預計 GAAP 和非 GAAP 運營費用將增加。我們預計其他收入和支出（包括利息支出）將是約 360 萬美元的淨支出，並預計我們的合資企業會產生名義貢獻。

The company's projections for GAAP and non-GAAP diluted net income per share assume a GAAP tax rate of 19.4%, a non-GAAP tax rate of 20.3%, and a fully diluted share count of 54.8 million for GAAP and 56.2 million shares for non-GAAP. We expect CapEx for the fiscal first quarter of 2023 to be in the range of $6 million to $8 million. For the fiscal year 2023 ending June 30, 2023, we are giving guidance for revenues in the range $6.2 billion to $7 billion, GAAP diluted net income per share of at least $7.27, and non-GAAP diluted net income per share of at least $7.50.

公司對 GAAP 和非 GAAP 稀釋後每股淨收益的預測假設 GAAP 稅率為 19.4%，非 GAAP 稅率為 20.3%，GAAP 完全攤薄後的股份數為 5480 萬股，非 GAAP 為 5620 萬股。 -GAAP。我們預計 2023 財年第一季度的資本支出將在 600 萬美元至 800 萬美元之間。對於截至 2023 年 6 月 30 日的 2023 財年，我們為 62 億美元至 70 億美元的收入提供指導，GAAP 攤薄後每股淨收益至少為 7.27 美元，非 GAAP 攤薄後每股淨收入至少為 7.50 美元.

The company's projections for GAAP annual net income assumes a tax rate of 20.3% and a rate of 21.1% for non-GAAP net income. For fiscal year '23, we are assuming a fully diluted share count of 55.6 million shares for GAAP and 57 million shares for non-GAAP. The outlook for fiscal 2023 fully diluted GAAP earnings per share includes approximately $35.4 million in expected stock-based compensation and other expenses, net of tax effects that are excluded from non-GAAP diluted net income per share.

該公司對 GAAP 年度淨收入的預測假設稅率為 20.3%，非 GAAP 淨收入的稅率為 21.1%。對於 '23 財年，我們假設 GAAP 完全稀釋後的股票數量為 5560 萬股，非 GAAP 為 5700 萬股。 2023財年完全攤薄的GAAP每股收益前景包括約3540萬美元的預期股票薪酬和其他費用，扣除非GAAP攤薄每股淨收益的稅收影響。

Nicole, will turn it back to you.

妮可，會把它還給你。

Operator, you can open the line up for questions.

接線員，您可以打開排隊提問。

(Operator Instructions). Your first question comes from Nehal Chokshi with Northland Capital Markets.

（操作員說明）。您的第一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

Congratulations on amazing results, amazing guidance, clearly showing sustainable share gains story here. Let's talk about the gross margin, I think this is the first time I've heard Super Micro talk about better prices as a driver of gross margin expansion, which is great. But can you delve into why do you believe you're exiting prices for now versus in the past?

祝賀驚人的結果，驚人的指導，在這裡清楚地展示了可持續的分享收益故事。讓我們談談毛利率，我想這是我第一次聽到超微談論更好的價格作為毛利率擴張的驅動力，這很棒。但是你能深入研究為什麼你認為你現在與過去相比退出價格嗎？

Okay. So I missed just a little bit of what you said Nehal. You said -- what was the question?

好的。所以我錯過了你所說的尼哈爾的一點點。你說——問題是什麼？

I believe, this is the first time I've heard you guys talk about price discipline being a driver of gross margin expansion. And so I'd like to understand why is that happening now?

我相信，這是我第一次聽到你們談論價格紀律是毛利率擴張的驅動力。所以我想了解為什麼現在會發生這種情況？

Okay. Got you. So, we have -- it took us some time to adjust to the rising freight costs and another component costs. And so we managed to adjust those properly. And then, we also got some tailwind from finally from freight costs coming down 20% in Q4. So those 2 things combined allowed us to have a higher gross margin.

好的。得到你。所以，我們有 - 我們花了一些時間來適應不斷上漲的運費成本和其他組件成本。所以我們設法適當地調整了這些。然後，我們還從第四季度貨運成本下降 20% 中獲得了一些順風。所以這兩件事加起來讓我們有更高的毛利率。

Essentially our scale -- our business scale continue to grow. We maintain a very good product line and also when business scale grow, yes, we will have a higher gross margin and net margin.

本質上是我們的規模——我們的業務規模繼續增長。我們保持著非常好的產品線，而且當業務規模擴大時，是的，我們會有更高的毛利率和淨利潤率。

Got it. Great. And then, can you give a little bit more detail on the driver of the -- strength in the quarter which was leading edge vertical solutions and OEM appliance in large data center segments?

知道了。偉大的。然後，您能否詳細介紹一下本季度領先的垂直解決方案和大型數據中心領域的 OEM 設備的驅動力？

Yes. Recently we have indeed handful of really good product wins, including most of them indeed high-end AI platform. So our AI platform continue to gain market share and especially rack scale plug and play. We have completed rack installs to customer so it's makes customer's job much easier. And most of it and see what rack just starting to power cable then there are cable and then ready to run. So that really attract some customers.

是的。最近我們確實有一些非常好的產品獲勝，其中大多數確實是高端人工智能平台。因此，我們的 AI 平台繼續獲得市場份額，尤其是機架級即插即用。我們已經為客戶完成了機架安裝，因此這使客戶的工作更加輕鬆。和大部分的，看看什麼機架剛開始給電纜供電然後有電纜然後準備運行。所以這確實吸引了一些客戶。

What about within the OEM side? Was the driver there on OEM side?

在 OEM 方面呢？驅動程序在 OEM 方面嗎？

[Design] is indeed it's pretty much our standard product. Our standard product for customer, we won some really top 10 highest value company around the world.

[設計] 確實是我們的標準產品。我們為客戶提供的標準產品，我們贏得了世界上一些真正的前 10 名最高價值公司。

Okay, great. And then finally, what are your expectations for cash conversion cycle as the semi cycle appears to be entering a down cycle now?

好，太棒了。最後，隨著半週期似乎正在進入下行週期，您對現金轉換週期的期望是什麼？

Well, we expect our cash conversion cycle to come down Nehal, for a couple of reasons. Number one, our profitability has been increasing. And secondly, we've been able to manage our inventories better. So -- and the reason for that is in Q3, we were building inventory as we were getting ready to start the launch of some design wins. And those design wins really, really got traction and that allowed us to kind of even out our inventory. So we expect our cash flow and cash conversion cycle to improve.

好吧，出於幾個原因，我們預計我們的現金轉換週期會下降 Nehal。第一，我們的盈利能力一直在增加。其次，我們能夠更好地管理我們的庫存。所以 - 原因是在第三季度，我們正在建立庫存，因為我們準備開始推出一些設計勝利。這些設計的勝利真的，真的很有吸引力，這讓我們能夠平衡我們的庫存。因此，我們預計我們的現金流和現金轉換週期會有所改善。

Great. Congratulations.

偉大的。恭喜。

Your next question comes from the line of Ananda Baruah with Loop Capital.

您的下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on strong results and very solid execution. Congrats on that. So I guess a few if I could. Kind of piggybacking of Nehal's question, like in a bigger picture context, are there any other kind of key aspects of what you guys seeing going on just leading to the ongoing acceleration in revenue generation? And I guess, Charles, is it all share gain? Are there other things that you guys are seeing that's been leaving the last couple quarters to the accelerated revenue generation run rate?

恭喜您取得了出色的成績和非常紮實的執行力。對此表示祝賀。所以如果可以的話，我猜幾個。 Nehal 的問題有點像在更大的背景下，你們看到的其他關鍵方面是否會導致收入產生的持續加速？我猜，查爾斯，這都是分享收益嗎？你們是否還有其他事情讓過去幾個季度的創收運行速度加快？

Indeed, we started to focus on rack scale Total Solution, rack scale plug and play since the last 3 years ago, so it gets to the point where to make the infrastructure and make the other hardware, software from where people were trained. So now we start again -- started with more and more deal, especially top 10 or top 30 highest-value company around the world. So we feel very comfortable, we will continue again to win more in AI, high-end platform and Total Solution, including storage, including switch. It's kind of like a complete cloud or you can say rack scale plug and play solution.

事實上，自 3 年前以來，我們開始專注於機架規模整體解決方案、機架規模即插即用，因此它已經到了製造基礎設施和製造其他硬件、軟件的地步，人們從那裡接受培訓。所以現在我們重新開始——從越來越多的交易開始，尤其是全球前 10 名或前 30 名最高價值的公司。所以我們覺得很舒服，我們會繼續在AI、高端平台和Total Solution，包括存儲，包括交換機等方面繼續贏得更多。它有點像一個完整的雲，或者你可以說是機架規模的即插即用解決方案。

I got it. So it sounds like the big component is share gain, and it's really continuing to resonate in the marketplace versus the Total Solutions you're able to actually provide to the customer with that Total Solution. So it sounds like it's just easier to use, and it's stronger product, those 2 things combined. And yes, I would just say, are you seeing parts of the marquee aspects of your end markets actually accelerate? Well, I guess I'd love to know, like, what's your opinion on kind of the tenor of demand in your key areas kind of the last 90 days versus the prior 90 days? It seems like you've actually seen some acceleration as the state from just share gain. But how would you guys characterize that particularly in the macro backdrop?

我知道了。因此，聽起來最大的組成部分是份額收益，並且與您能夠通過該整體解決方案實際提供給客戶的整體解決方案相比，它確實在市場上繼續引起共鳴。所以聽起來它更容易使用，而且它是更強大的產品，這兩件事結合在一起。是的，我只想說，您是否看到您的終端市場的部分重要方面實際上正在加速？好吧，我想我很想知道，比如，您對過去 90 天與前 90 天關鍵領域的需求基調有何看法？看起來你實際上已經看到了一些加速，因為只是分享收益。但是你們會如何描述這一點，特別是在宏觀背景下？

Yes, actually you may know, I mean, AI, deep learning, being compared to grow, including like metaverse, lots of customer, lots of company continuing to invest heavily in those areas. And it's for now we have -- I would like to say exactly that pace for AI platform around the world, doesn't matter, really high end, or kind of high volume platform enabled or rack scale enabled or cloud enabled. So our investment in that 3 start to gain customers attention as we save their lead time especially, most of the time in the industry, people take them maybe 2 miles to 3 miles to finish shipping a rack scale, cluster, and it takes us much shorter, because we optimize the inventory and total solution and ship to customer with a much shorter lead times and customer really appreciate that as well.

是的，實際上你可能知道，我的意思是，人工智能，深度學習，被比作成長，包括像元宇宙，很多客戶，很多公司繼續在這些領域進行大量投資。就目前而言，我們有——我想說的是，世界各地的人工智能平台的步伐，不管是真正的高端，還是啟用高容量平台、啟用機架規模或啟用雲的類型。因此，我們在這 3 方面的投資開始贏得客戶的關注，因為我們節省了他們的交貨時間，尤其是在行業中的大多數時間，人們可能會花費 2 英里到 3 英里來完成機架秤、集群的運輸，這需要我們很多時間更短，因為我們優化了庫存和整體解決方案，並以更短的交貨時間運送給客戶，客戶也非常欣賞這一點。

Sorry, no, I don't want to cut you off. That's great content Charles. I'll seed the floor for now. Appreciate it.

對不起，不，我不想打斷你。這是偉大的內容查爾斯。我現在先播種地板。欣賞它。

Your next question comes from Jon Tanwanteng with CJS Securities.

您的下一個問題來自 CJS Securities 的 Jon Tanwanteng。

The gross margin is about 17%, the high-end of your range. Is that sustainable over this year? And do you think that you should be changing your long-term target range a bit?

毛利率約為 17%，是您範圍的高端。今年可持續嗎？你認為你應該稍微改變你的長期目標範圍嗎？

The answer is, yes, it is sustainable. And we will be reviewing our new target levels. But it's really, as Charles mentioned, we've had a lot of customers come to us, and we've designed very special solutions for them. And these solutions have a value. And they're high value to the industry and to our customers. And so we are -- when I say price discipline, we've realized higher value for some of our solutions. And we've had the good fortune of being able to secure enough supply to start to ramp up of those solutions.

答案是，是的，它是可持續的。我們將審查我們的新目標水平。但事實上，正如查爾斯所說，我們有很多客戶來找我們，我們為他們設計了非常特殊的解決方案。這些解決方案具有價值。它們對行業和我們的客戶具有很高的價值。所以我們 - 當我說價格紀律時，我們已經意識到我們的一些解決方案具有更高的價值。我們很幸運能夠獲得足夠的供應來開始增加這些解決方案。

That's great news. And then, do you see any indications of your customers being impacted by recessionary pressures at all? And maybe go along with that, what assumptions, if any, are in your guidance regarding macroeconomic or geopolitical risk?

這真是個好消息。然後，您是否看到任何跡象表明您的客戶受到經濟衰退壓力的影響？也許與此相伴的是，您在宏觀經濟或地緣政治風險方面的指導中有哪些假設（如果有的話）？

It depends. Some customers, we saw them slow down a little bit, but lots of other customers indeed continue to increase their demand, especially for high-end AI platform, those future products. And by the way, I mean, there are lots of new technology comes in quarter-after-quarter or months after months. So at this moment, we believe that our macro economy may slow down a little bit, but our demand should be continue growing.

這取決於。一些客戶，我們看到他們放緩了一點，但很多其他客戶確實在繼續增加他們的需求，特別是對高端人工智能平台，那些未來的產品。順便說一句，我的意思是，一個季度又一個季度或幾個月又一個月會有很多新技術出現。所以在這個時候，我們認為我們的宏觀經濟可能會放緩一點，但我們的需求應該會繼續增長。

Okay, great. And the guidance that you gave for the next quarter that sequential decline at the midpoint. Is that more indication of just seasonality or supply? Or is it maybe more of this macro slowdown that maybe some of your customers are seeing?

好，太棒了。以及您為下一季度給出的中點連續下降的指導。這只是季節性或供應的更多跡象嗎？還是您的一些客戶可能看到的這種宏觀放緩可能更多？

Two reasons. One is supply chain. We still facing some supply chain constraints. Some parts have been more available than before, but still a lot of parts still in shortage, that's one thing. Second thing is September quarter used to be our other big slow season. So both the reasons. And that's why we try to be more conservative.

兩個原因。一是供應鏈。我們仍然面臨一些供應鏈限制。有些零件比以前更可用，但仍然有很多零件仍然短缺，這是一回事。第二件事是九月季度曾經是我們另一個重要的淡季。所以這兩個原因。這就是為什麼我們試圖變得更加保守。

Okay, understood. And last one if I may, just when do you need to think about investing in new capacity? I know you guys have up to $10 billion to $12 billion in your current facilities, but at your current growth rate, you probably have to start thinking about it pretty soon. So I was just wondering what your plans are, if you need to get there? And where you might start investing if you need to do so?

好的，明白了。最後一個，如果可以的話，你什麼時候需要考慮投資新產能？我知道你們目前的設施中擁有高達 100 億到 120 億美元的資金，但按照你們目前的增長率，你們可能必須很快開始考慮它。所以我只是想知道你的計劃是什麼，如果你需要到達那裡？如果需要，您可以從哪裡開始投資？

An addition to that, because we do not focus on really global market yet, we are very strong in some countries, some territory, but in other countries, we are still pretty mean. So our solution is able to grow with much higher scale. We just need more warehouse, more production, making power and then we can achieve a more productive customers as hardware and software, firmware, Total Solution have been ready. We don't have to replicate that end market to more countries and we already are a premium product.

除此之外，因為我們還沒有專注於真正的全球市場，我們在一些國家、一些地區非常強大，但在其他國家，我們仍然很卑鄙。因此，我們的解決方案能夠以更高的規模增長。我們只需要更多的倉庫、更多的生產、製造能力，然後我們就可以實現更高產的客戶，因為硬件和軟件、固件、整體解決方案已經準備好。我們不必將終端市場複製到更多國家，我們已經是優質產品。

And again, congrats on a fantastic quarter.

再一次，祝賀一個美妙的季度。

(Operator Instructions) Your next question comes from Ananda Baruah with Loop Capital.

（操作員說明）您的下一個問題來自 Loop Capital 的 Ananda Baruah。

Yes, I just would love to get a little more context on the mix dynamic, Charles, that you guys -- that you talked about in the prepared remarks. It sounds like a meaningful aspect of the mix is the Total Solutions. Are there any other components of mix that we should be aware of as contributing to that dynamic? Or is it primarily the Total Solutions that are resonating increasingly?

是的，我只是想了解更多關於混音動態的背景信息，Charles，你們在準備好的評論中談到的。聽起來組合的一個有意義的方面是整體解決方案。是否還有其他我們應該注意的混合成分有助於這種動態？還是主要是整體解決方案引起越來越多的共鳴？

Very good question. Indeed, likewise, we started to prepare rack scale plug and play about 3 years ago. So it took us quite a lot of effort to train our people to make order for CT or the component rate, especially a switch communication -- networking device. And finally, everything ready and we start to gain more customers, gain more design wins, and I believe those design wins will continue. So at this moment, I feel pretty positive with our continued growth in those areas.

非常好的問題。事實上，同樣，我們在大約 3 年前就開始準備機架秤即插即用。因此，我們花了很多精力來培訓我們的員工訂購 CT 或組件速率，尤其是開關通信 - 網絡設備。最後，一切準備就緒，我們開始贏得更多客戶，贏得更多設計勝利，我相信這些設計勝利將繼續下去。所以此時此刻，我對我們在這些領域的持續增長感到非常樂觀。

That's really awesome. And are there any particular verticals that those rack scales tend to go into or targeted at more, or that they'll resonate with more or just sort of across all your verticals? Do you think the rack scale has a real place?

這真是太棒了。這些貨架秤是否傾向於進入或瞄準更多特定的垂直領域，或者它們會與更多或只是在您所有的垂直領域產生共鳴？你認為貨架秤有真正的位置嗎？

AI, people learning, metaverse, omniverse and at the beginning, high end gaming, those automation, scientific application. So these are local area, even kind of lack of forecasting company, also having some strong demand.

人工智能、人類學習、元宇宙、萬能宇宙，以及最初的高端遊戲、自動化、科學應用。所以這些都是局部地區，甚至有點缺乏預測公司，也有一些強勁的需求。

That's super helpful context as always. Just, I guess, just let me ask 2 last quick ones here. Sounds like the backlog probably grew again, over the last 90 days, given your comment around constraints. Is that accurate?

一如既往，這是非常有用的上下文。只是，我想，讓我在這裡問兩個最後的快速問題。鑑於您對約束的評論，在過去 90 天內，聽起來積壓的工作可能再次增加。那準確嗎？

Yes, because still there are a lot of shortage, and that's why we will keep in our inventory so that we can support a continuing growth demand. Basically, our inventory is pretty healthy. We have some high-volume inventory, but they are under strong demand. So at this moment, I don't worry about the inventory level.

是的，因為仍然有很多短缺，這就是為什麼我們將保留庫存，以便我們能夠支持持續增長的需求。基本上，我們的庫存非常健康。我們有一些大批量的庫存，但需求旺盛。所以此時此刻，我並不擔心庫存水平。

Great. And then last one for me, guys is, Charles, just an update on Taiwan? How would you characterize the utilization level there now?

偉大的。最後一個對我來說，伙計們，查爾斯，只是關於台灣的最新消息？您現在如何描述那裡的利用率水平？

It's growing faster. But we always suffering supply chain shortage in last 9 months, already -- 9 months or 3 months already. So I hope the supply chain will continue to getting better. And once that happen, our evaluation in Taiwan can be much improved. And at this moment, I believe our evaluation rate in Taiwan, only about 45% or so. So they are not assumed well.

它增長得更快。但在過去的 9 個月裡，我們總是遭受供應鏈短缺的困擾，已經 - 9 個月或 3 個月了。所以我希望供應鏈會繼續變得更好。而一旦發生這種情況，我們在台灣的評價就會大大提高。而此時此刻，我相信我們在台灣的評價率，大概只有45%左右。所以他們沒有被很好地假設。

And so Dave, sort of 40 -- let's say 40%, 45% utilization. Does that mean when you guys get to sort of normalized utilization, we should still expect, Dave, what was it like the 150, 200 basis points in gross margin contribution on top of where you guys are right now?

所以戴夫，大約 40 歲——比如說 40%，45% 的利用率。這是否意味著當你們達到某種標準化利用率時，我們仍然應該期待，戴夫，在你們現在的情況下，毛利率貢獻 150、200 個基點是什麼感覺？

From their shipments. Yes, that's right. We said 100 to 200 from Taiwan.

從他們的貨物中。是的，這是正確的。我們說台灣有100到200。

So 100 to 200 from Taiwan not 100 to 200. So it's not 100 to 200 to the overall P&L, it's 100 to 200 from Taiwan?

所以台灣的100到200不是100到200。所以整體損益表不是100到200，而是台灣的100到200？

That's correct. Yes.

這是正確的。是的。

Got you. Now Taiwan is going to be approaching half year volume at some point. So would that sort of be long-term 50 to 100 basis points to the overall P&L?

得到你。現在台灣將在某個時候接近半年的銷量。那麼對於整體損益而言，這會是長期的 50 到 100 個基點嗎？

That's a fair way of looking at it.

這是一個公平的看待它的方式。

There are no further questions at this time. This does conclude today's conference call. Thank you for joining. You may now disconnect.

目前沒有其他問題。這確實結束了今天的電話會議。感謝您的加入。您現在可以斷開連接。