超微電腦 (SMCI) 2023 Q1 法說會逐字稿

Good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer, Incorporated Fiscal Quarter 1 2022-'23 Results Conference Call. (Operator Instructions) Thank you.

下午好。我的名字是艾比，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Super Micro Computer, Incorporated 2022-'23 財年第一季度業績電話會議。 （操作員說明）謝謝。

Mr. Michael Staiger, you may begin your conference.

Michael Staiger 先生，你可以開始你的會議了。

Good afternoon, and thank you for attending Supermicro's call to discuss financial results for the first quarter, which ended September 30, 2022.

下午好，感謝您參加 Supermicro 的電話會議，討論截至 2022 年 9 月 30 日的第一季度財務業績。

With me today are Charles Liang, Founder, Chairman and Chief Executive Officer, and David Weigand, Chief Financial Officer. 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.

今天和我在一起的還有創始人、董事長兼首席執行官 Charles Liang 和首席財務官 David Weigand。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查閱。

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

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 and other income and expenses, taxes, capital allocation and future business outlook, including guidance for the second quarter of fiscal year 2023 and the full fiscal year. There are a number of risk factors that could cause Supermicro'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 2022, and our SEC filings.

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、運營費用和其他收入和支出、稅收、資本分配和未來業務前景的陳述，包括對 2023 財年第二季度和整個財年的指導。有許多風險因素可能導致 Supermicro 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、我們最近的 2022 財年 10-K 文件以及我們提交給美國證券交易委員會的文件中了解有關這些風險的更多信息。

All of these documents are available on the Investor Relations page of Supermicro's website. We assume no obligation to update any forward-looking statements. Most of today's presentation will refer to 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 earlier today.

所有這些文件都可以在 Supermicro 網站的投資者關係頁面上找到。我們不承擔更新任何前瞻性陳述的義務。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早些時候發布的新聞稿。

In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to 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.

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, Michael, and good afternoon, everyone.

謝謝你，邁克爾，大家下午好。

Today, I'm very pleased to announce another faster growing quarter and a great start to our fiscal 2023. Supermicro is finally ready to do a big jump, for Green Computing and for being the best IT Total Solution company.

今天，我很高興地宣布又一個增長更快的季度和我們 2023 財年的良好開端。Supermicro 終於準備好大躍進，為綠色計算和成為最好的 IT 整體解決方案公司。

Here are some key highlights for the quarter. First, revenue for the first quarter of fiscal year 2023 totaled $1.85 billion, up 79% year-on-year, above our guidance range of $1.52 billion to $1.62 billion, with growth rate at about 10x greater than the overall IT industry.

以下是本季度的一些關鍵亮點。首先，2023 財年第一季度的收入總計 18.5 億美元，同比增長 79%，高於我們 15.2 億美元至 16.2 億美元的指導範圍，增長率約為整個 IT 行業的 10 倍。

Our fiscal first quarter non-GAAP earnings per share grew over 490% year-over-year at $3.42 compared to $0.58 a year ago. It was well above the high end of our guidance range of $2.07 to $2.32. It was achieved by our leading designs, innovative products, our IT Total Solutions and our strong global operations. Especially, the growing utilization of our Taiwan facility is improving our ability to meet demand and making higher operating margin.

我們的第一財季非公認會計原則每股收益同比增長超過 490%，達到 3.42 美元，而一年前為 0.58 美元。它遠高於我們 2.07 美元至 2.32 美元的指導範圍的高端。這是通過我們領先的設計、創新的產品、我們的 IT 整體解決方案和我們強大的全球運營來實現的。特別是，我們台灣工廠的利用率不斷提高，提高了我們滿足需求的能力並提高了營業利潤率。

Our Plug-and-Play Rack-Scale Total IT Solutions and GPU-based systems have resulted in triple-digit percentage growth year-over-year. Along with excellent results from storage and 5G verticals, we are making solid market share gains. Growth in our major geographies skewed to the US at 70% of total sales this quarter, driven by ongoing design wins from some of the top tier technology leaders. They recognize and accept the strong value proposition of our Green Computing technology and Total IT Solutions.

我們的即插即用機架級整體 IT 解決方案和基於 GPU 的系統實現了三位數的同比增長。除了存儲和 5G 垂直領域的優異成績外，我們的市場份額也在穩步增長。本季度我們主要地區的增長偏向於美國，佔總銷售額的 70%，這得益於一些頂級技術領導者的持續設計勝利。他們認可並接受我們的綠色計算技術和整體 IT 解決方案的強大價值主張。

We are off to a great start for fiscal 2023, and we expect our unprecedented growth momentum to continue. We are comfortably delivering quarterly revenue in the multibillion-dollar range, supporting our ambition of reaching $20 billion in the near distant future with a focus on increasing our profitability. Based on our current demand and capacity, we are forecasting $1.75 billion revenue for December quarter, supporting our $7 billion annual revenue target for financial year 2023.

我們在 2023 財年有了一個良好的開端，我們預計我們前所未有的增長勢頭將繼續下去。我們輕鬆實現了數十億美元的季度收入，支持我們在不久的將來達到 200 億美元的雄心，重點是提高我們的盈利能力。根據我們目前的需求和產能，我們預測 12 月季度的收入為 17.5 億美元，支持我們 2023 財年 70 億美元的年收入目標。

We continue to see opportunities for share gains across our TAM, especially with strong demands for our Rack-Scale Total IT Solutions and accelerated compute platforms. Despite already having the broadest server and storage portfolio in the industry, we are expanding our product lines by 25% in supporting our future growth. These additional new products line will specifically be optimized for, number one, high-end AI workloads; second, 5G telco applications; third, accelerated storage systems; and number four, specific technology partner and top tier customer engagements.

我們繼續在 TAM 中看到分享收益的機會，尤其是對我們的機架級整體 IT 解決方案和加速計算平台的強烈需求。儘管我們已經擁有業內最廣泛的服務器和存儲產品組合，但我們正在將我們的產品線擴大 25%，以支持我們未來的增長。這些額外的新產品線將專門針對排名第一的高端人工智能工作負載進行優化；二是5G電信應用；第三，加速存儲系統；第四，特定的技術合作夥伴和頂級客戶參與。

For the first time, we are offering standard OCP-optimized platforms and rack products. We are able to leverage our unique building block solution designs instead of spending huge additional engineering, production resources and hardware, software investment. Combining our hardware building block solutions, advancing software, security and service features, our Total IT Solutions are getting ever stronger.

我們首次提供標準的 OCP 優化平台和機架產品。我們能夠利用我們獨特的構建塊解決方案設計，而不是花費大量額外的工程、生產資源和硬件、軟件投資。結合我們的硬件構建塊解決方案、先進的軟件、安全性和服務功能，我們的整體 IT 解決方案變得越來越強大。

To address the growing demand of Total IT Solutions, our manufacturing capacity in both Silicon Valley and Taiwan campus continues to gear toward delivering more L10, L11 and L12 rack-scale systems, including our new liquid cooled solutions. We are on target to scale our rack solution -- rack scale production capacity to 3,000 racks per month in US in the near future. We are also preparing to expand our Rack Scale Plug-and-Play solution in Europe and in Asia soon.

為滿足對整體 IT 解決方案不斷增長的需求，我們在矽谷和台灣園區的製造能力繼續致力於提供更多的 L10、L11 和 L12 機架規模系統，包括我們新的液冷解決方案。我們的目標是擴展我們的機架解決方案——在不久的將來，在美國將機架生產能力擴大到每月 3,000 個機架。我們還準備盡快在歐洲和亞洲擴展我們的機架式即插即用解決方案。

Furthermore, as the component shortages start to ease, our ability to deliver our best-in-class solutions will begin to accelerate, giving our customers even greater confidence in our ability to service their IT needs. From a systems level perspective, we are ready to launch a full line of next-generation products with technologies across our key partner ecosystem.

此外，隨著組件短缺開始緩解，我們提供一流解決方案的能力將開始加快，讓我們的客戶對我們滿足其 IT 需求的能力更有信心。從系統級別的角度來看，我們準備推出全系列的下一代產品，其技術涵蓋我們的主要合作夥伴生態系統。

For Intel, we are engaged with many large opportunities with Intel's upcoming Gen 4 scalable Xeon CPU code-named Sapphire Rapids. We now have hundreds of early seeding engagements, including several dozen early shipments. Similar programs have been executing with AMD, and we have seen very strong demand for our upcoming Genoa CPU based platforms.

對於英特爾來說，我們正在利用英特爾即將推出的代號為 Sapphire Rapids 的第 4 代可擴展至強 CPU 獲得許多巨大的機會。我們現在有數百個早期播種業務，包括幾十個早期發貨。 AMD 也在執行類似的程序，我們看到對即將推出的基於 Genoa CPU 的平台的需求非常強勁。

With respect to NVIDIA, not only do we have the most complete portfolio of systems supporting H100 GPUs, but we have also developed many brand new architectures for the leading metaverse and omniverse partners. At the upcoming Super Computing event, we will be showcasing many new systems supporting these latest CPUs and GPUs, including our next-generation water-cooled Rack Scale Plug-and-Play Solutions.

就 NVIDIA 而言，我們不僅擁有支持 H100 GPU 的最完整的系統組合，而且我們還為領先的 metaverse 和omniverse 合作夥伴開發了許多全新的架構。在即將舉行的超級計算活動中，我們將展示許多支持這些最新 CPU 和 GPU 的新系統，包括我們的下一代水冷機架級即插即用解決方案。

We work closely with our customers, designing solutions that are both optimized for performance and efficiency, putting them on the path of Green Computing. From a financial perspective, Supermicro's Green Computing solution lowers customer datacenter TCO while maximize performance per kilowatt, increase compute capacity per rack, lower facilities costs while add location flexibility, in particular to power constrained regions with higher power cost.

我們與客戶密切合作，設計針對性能和效率進行優化的解決方案，讓他們走上綠色計算的道路。從財務角度來看，Supermicro 的綠色計算解決方案降低了客戶數據中心的 TCO，同時最大限度地提高了每千瓦的性能，增加了每個機架的計算容量，降低了設施成本，同時增加了位置靈活性，特別是在電力成本較高的電力受限地區。

We expect to see elevated demand for energy efficient rack scale solutions across the Tier-1 and Tier-2 datacenter ecosystems. Thus, we now have enabled our popular SuperBlade, Twin product lines and some of GPU product lines to be fully optimized for liquid-cooling solutions and free-air cooling datacenter environment. Soon, we will start to offer fully redundant liquid cooling on the system level similar to its air-cooled counterparts for even more peace of mind.

我們預計，Tier-1 和 Tier-2 數據中心生態系統對節能機架規模解決方案的需求將會增加。因此，我們現在已經使我們廣受歡迎的 SuperBlade、Twin 產品線和一些 GPU 產品線針對液冷解決方案和自然風冷數據中心環境進行了全面優化。很快，我們將開始在系統級別提供完全冗餘的液體冷卻，類似於其風冷同類產品，讓您更加安心。

If half of the IT industry adapts Supermicro's Green Computing solutions or develops solutions as green as ours, together we can potentially save the industry up to $10 billion in electricity costs per year, which is equivalent to eliminating about 30 fossil fueled power plants. That is also equivalent to preserving 8 billion trees for our planet. With planning in advance for Green Computing, indeed Green Computing can be free with bonus.

如果有一半的 IT 行業採用 Supermicro 的綠色計算解決方案或開發像我們一樣綠色的解決方案，那麼我們每年可以為行業節省高達 100 億美元的電力成本，這相當於淘汰約 30 座化石燃料發電廠。這也相當於為我們的星球保留了 80 億棵樹。提前規劃好綠色計算，確實綠色計算可以免費有紅利。

To summarize, we are emerging as one of the largest global suppliers of global IT Solutions. There are some key factors that enable Supermicro to continue with its ability to make strong market share gains. First, our unique building block solution design methodology enables us to create optimized products from system level to rack-scale. Second, our IT Total Solutions strategy, including data center management software, security features, cloud stack and service, offers customers a peace of mind and quicker time to market while expanding our TAM.

總而言之，我們正在成為全球最大的全球 IT 解決方案供應商之一。有一些關鍵因素使 Supermicro 能夠繼續獲得強勁的市場份額增長。首先，我們獨特的構建塊解決方案設計方法使我們能夠創建從系統級到機架級的優化產品。其次，我們的 IT 整體解決方案戰略，包括數據中心管理軟件、安全功能、雲堆棧和服務，在擴展我們的 TAM 的同時，讓客戶高枕無憂並加快上市時間。

Our unique operation model, with business headquarters and campuses in US, Asia and Europe is pivotal in supporting these key growth drivers. Third, our Green Computing DNA helps our customers achieve much lower TCO while saving the Mother Earth. As I have mentioned earlier, Green Computing can be free with proper advanced planning and with a bonus that keeps paying back. With that, I expect our fiscal Q2 revenue will be in the range of $1.7 billion to $1.8 billion, and our fiscal '23 should reach $6.5 billion to $7.5 billion.

我們獨特的運營模式，在美國、亞洲和歐洲設有業務總部和園區，對於支持這些關鍵增長動力至關重要。第三，我們的綠色計算 DNA 幫助我們的客戶實現更低的總體擁有成本，同時拯救地球母親。正如我之前提到的，綠色計算可以通過適當的高級計劃和持續回報的獎金免費。有了這個，我預計我們的第二財季收入將在 17 億美元到 18 億美元之間，我們的 23 財年應該達到 65 億美元到 75 億美元。

Looking ahead, I anticipate fiscal year '24 revenue may reach the range of $8 billion to $10 billion, considering the current economic headwind may be lasting for many quarters. As we continue to gain IT market share with the best Rack Scale Plug-and-Play IT Total Solutions, I believe we will soon become a $20 billion revenue company. Our business model have been optimized, our engineering teams are fully ready, and our worldwide campus production capacity and efficiency are now second to none.

展望未來，考慮到當前的經濟逆風可能會持續多個季度，我預計 24 財年的收入可能會達到 80 億至 100 億美元的範圍。隨著我們繼續通過最好的機架級即插即用 IT 整體解決方案獲得 IT 市場份額，我相信我們很快就會成為一家收入 200 億美元的公司。我們的商業模式已經優化，我們的工程團隊已經做好充分準備，我們的全球園區生產能力和效率現在是首屈一指的。

Let me not forget, I want to take a moment to thank our Supermicro employee teams, our suppliers, and our partners for their continued dedication to making Supermicro a market leader.

讓我不要忘記，我想花一點時間感謝我們的 Supermicro 員工團隊、我們的供應商和我們的合作夥伴，感謝他們持續致力於使 Supermicro 成為市場領導者。

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

現在，我將把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.

謝謝你，查爾斯。

I'm pleased to report Q1 fiscal 2023 revenues of $1.85 billion, a 79% year-on-year and 13% quarter-on-quarter increase. Revenues exceeded our initial guidance range of USD1.52 billion to USD1.62 billion and our recently updated range of USD1.78 billion to USD1.82 billion. Our growth momentum continued with our rack-scale Total IT Solutions targeting growing markets and customers with accelerated GPU, AI workloads, software-defined storage and networking, public and hybrid cloud, and 5G, Edge, IoT platforms. Our Green Computing Solutions helped us gain market share as customers valued both generating less carbon in our environment and reducing their operating costs. These growth drivers have resulted in accelerated revenues with expanding margins and operating leverage.

我很高興地報告 2023 財年第一季度的收入為 18.5 億美元，同比增長 79%，環比增長 13%。收入超出了我們最初的 15.2 億美元至 16.2 億美元的指導範圍以及我們最近更新的 17.8 億美元至 18.2 億美元的範圍。我們的增長勢頭繼續保持，我們的機架級整體 IT 解決方案針對不斷增長的市場和客戶，提供加速的 GPU、人工智能工作負載、軟件定義的存儲和網絡、公共和混合雲以及 5G、邊緣、物聯網平台。我們的綠色計算解決方案幫助我們獲得了市場份額，因為客戶重視在我們的環境中產生更少的碳並降低他們的運營成本。這些增長動力導致收入加速，利潤率和經營槓桿不斷擴大。

In fiscal Q1, Supermicro again recorded strong revenues across all three of our market verticals, demonstrating the value we bring to our end markets and customers. We achieved $840 million in our Enterprise and Channel vertical, representing 45% of Q1 revenues versus 51% last quarter. That vertical was up 16% year-over-year and 1% quarter-over-quarter.

在第一財季，Supermicro 在我們所有三個垂直市場再次錄得強勁的收入，展示了我們為終端市場和客戶帶來的價值。我們在企業和渠道垂直領域實現了 8.4 億美元，佔第一季度收入的 45%，而上一季度為 51%。該垂直市場同比增長 16%，環比增長 1%。

The year-over-year growth in this segment was driven by our new product offerings. Our OEM appliance and large datacenter segment achieved $921 million in revenues, representing 50% of Q1 revenues versus 44% last quarter. This vertical was up 268% year-over-year and up 28% quarter-over-quarter, with strong growth coming from design wins from datacenter and OEM appliance customers.

該細分市場的同比增長是由我們提供的新產品推動的。我們的 OEM 設備和大型數據中心部門實現了 9.21 億美元的收入，佔第一季度收入的 50%，而上一季度為 44%。這一垂直領域同比增長 268%，環比增長 28%，強勁增長來自數據中心和 OEM 設備客戶的設計勝利。

Our 5G Telco/Edge IoT segment achieved $90 million in revenues, representing 5% of our Q1 revenues, which was the same as last quarter. This vertical was also up 58% year-over-year and 9% quarter-over-quarter. Our mix of complete systems and rack-scale Total IT Solutions has been increasing steadily. Systems comprised 92% of our total revenues and was up 102% year-over-year and up 16% quarter-over-quarter, as we saw growing success with our high-value rack-scale Total IT Solutions for emerging applications.

我們的 5G 電信/邊緣物聯網部門實現了 9000 萬美元的收入，占我們第一季度收入的 5%，與上一季度相同。這一垂直領域也同比增長 58%，環比增長 9%。我們的完整系統和機架級整體 IT 解決方案的組合一直在穩步增加。系統占我們總收入的 92%，同比增長 102%，環比增長 16%，因為我們看到我們針對新興應用程序的高價值機架級整體 IT 解決方案取得了越來越大的成功。

Subsystems and accessories represented 8% of Q1 revenues and was down 24% year-over-year and down 9% quarter-over-quarter, as we prioritized our key customers with high-growth rack-scale applications. On a year-over-year basis, the volume of systems and nodes shipped as well as system node ASPs increased due to product and customer mix. On a quarter-over-quarter basis, the volume of systems shipped decreased while nodes shipped and system node ASPs increased, again, due to product and customer mix.

子系統和配件佔第一季度收入的 8%，同比下降 24%，環比下降 9%，因為我們優先考慮使用高增長機架規模應用程序的關鍵客戶。由於產品和客戶組合，系統和節點的出貨量以及系統節點的 ASP 同比增長。與上一季度相比，系統出貨量下降，而節點出貨量和系統節點 ASP 增加，這同樣是由於產品和客戶組合。

During fiscal Q1, we observed strength in the US market, with US representing 70% of our revenues. Asia represented 14%, Europe 13%, and the Rest of World 3%. On a year-on-year basis, US revenues increased 131%, as we gained market share with our advanced, rack-scale Total IT Solutions for high-growth server workloads. Asia increased 3%, Europe increased 31%, and the Rest of World increased 78%. On a quarter-over-quarter basis, US revenues increased 21%, Asia decreased 4%, Europe increased 5%, and the Rest of World decreased 5%.

在第一財季，我們觀察到美國市場表現強勁，美國占我們收入的 70%。亞洲佔 14%，歐洲佔 13%，世界其他地區佔 3%。美國收入同比增長 131%，因為我們通過針對高增長服務器工作負載的先進機架級整體 IT 解決方案獲得了市場份額。亞洲增長 3%，歐洲增長 31%，世界其他地區增長 78%。美國收入環比增長 21%，亞洲下降 4%，歐洲增長 5%，世界其他地區下降 5%。

The Q1 non-GAAP gross margin was 18.8%, up 120 basis points quarter-over-quarter from Q4, and up 540 basis points year-over-year due to price discipline, lower freight costs and leverage from a higher factory utilization. Our Q1 gross margin demonstrates the success of our high-value rack-scale Total IT Solutions.

第一季度非美國通用會計準則毛利率為 18.8%，比第四季度環比增長 120 個基點，由於價格紀律、較低的運費成本和更高的工廠利用率帶來的槓桿作用，同比增長 540 個基點。我們第一季度的毛利率證明了我們高價值機架規模整體 IT 解決方案的成功。

Turning to operating expenses. Q1 OpEx on a GAAP basis increased by 4% quarter-on-quarter and 17% year-on-year to $127.4 million. On a non-GAAP basis, operating expenses increased 3% quarter-on- quarter and increased 16% year-on-year to $117.3 million. Our non-GAAP operating margin increased significantly to 12.5% for the quarter versus 10.7% last quarter and 3.7% a year ago, demonstrating both improvements in gross margins and operating leverage.

轉向運營費用。按美國通用會計準則計算的第一季度運營支出環比增長 4%，同比增長 17%，達到 1.274 億美元。按非公認會計原則計算，運營費用環比增長 3%，同比增長 16%，達到 1.173 億美元。本季度我們的非美國通用會計準則營業利潤率大幅上升至 12.5%，上一季度分別為 10.7% 和一年前的 3.7%，這表明毛利率和經營槓桿均有所改善。

Other income and expense was approximately $4.1 million in income, primarily consisting of $7.8 million in foreign-exchange gains offset by interest expense of $3.9 million as compared to $4 million in FX gain and $2.9 million in interest expense last quarter. Interest expense increased sequentially as we reduced short-term credit lines while interest rates increased. The tax provision for Q1 was $38.9 million on a GAAP basis and $42.1 million on a non-GAAP basis. The GAAP tax rate for Q1 was 17.4%, and non-GAAP tax rate was 17.9%. Our GAAP and non-GAAP tax expenses increased due to the higher level of pre-tax profits.

其他收入和支出約為 410 萬美元，主要包括 780 萬美元的外匯收益被 390 萬美元的利息支出所抵消，而上一季度的外匯收益為 400 萬美元和利息支出為 290 萬美元。由於我們在利率上升的同時減少了短期信貸額度，因此利息費用環比增加。按公認會計原則計算，第一季度的稅收撥備為 3890 萬美元，按非公認會計原則計算為 4210 萬美元。第一季度的 GAAP 稅率為 17.4%，非 GAAP 稅率為 17.9%。由於更高水平的稅前利潤，我們的 GAAP 和非 GAAP 稅收費用增加。

Lastly, our share of income from our JV was a loss of $0.9 million this quarter as compared to a gain of $0.3 million last quarter. We delivered strong Q1 non-GAAP diluted EPS of $3.42, which was up 490% year-over-year and up 31% quarter-over-quarter and exceeded the high end of the original guidance range of $2.07 to $2.32, and the recently updated range of $3.05 to $3.20. The increases to earnings per share were due to a combination of higher revenues, higher gross margins from manufacturing efficiency, price discipline and operating leverage.

最後，我們在合資企業的收入份額本季度虧損 90 萬美元，而上一季度則增加 30 萬美元。我們實現了強勁的第一季度非 GAAP 攤薄後每股收益 3.42 美元，同比增長 490%，環比增長 31%，超過了 2.07 美元至 2.32 美元的原始指導範圍的高端，以及最近更新的範圍在 3.05 美元到 3.20 美元之間。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、價格紀律和經營槓桿的共同作用。

Turning to the balance sheet and working capital metrics compared to last quarter. Our Q1 cash conversion cycle improved to 95 days versus 100 days in Q4, still above our target range of 85 days to 90 days. Days of Inventory was 100, representing a decrease of 7 days versus the prior quarter of 106 days as we managed our inventory more efficiently.

轉向與上一季度相比的資產負債表和營運資本指標。我們的第一季度現金轉換週期從第四季度的 100 天提高到 95 天，仍高於我們 85 天至 90 天的目標範圍。庫存天數為 100 天，與上一季度的 106 天相比減少了 7 天，因為我們更有效地管理庫存。

Accounts Receivable decreased sequentially by $98 million from strong collections, while accounts payable increased sequentially by $130 million due to the timing of payments to our vendors. Days sales outstanding was down by 3 days quarter-on-quarter to 39 days, while days payables outstanding came down by 4 days to 44 days.

由於收款強勁，應收賬款環比減少了 9800 萬美元，而由於向我們的供應商付款的時間安排，應付賬款環比增加了 1.3 億美元。未付銷售天數環比下降 3 天至 39 天，而應付賬款天數下降 4 天至 44 天。

For fiscal Q1, we generated positive cash flow from operations of $314 million versus cash used in operations of $25 million last quarter. The positive operating cash flow was due to higher profitability, along with better management of inventory and working capital. Revenue growth was 79% year-over-year and 13% quarter-over-quarter, while inventory grew 47% year-over-year and 12% quarter-over-quarter.

對於第一財季，我們從運營中產生了 3.14 億美元的正現金流，而上一季度運營中使用的現金為 2500 萬美元。積極的經營現金流是由於更高的盈利能力，以及更好的庫存和營運資金管理。收入同比增長 79%，環比增長 13%，而庫存同比增長 47%，環比增長 12%。

CapEx was $10.8 million for Q1, resulting in positive free cash flow of $303 million versus negative free cash flow of $36 million last quarter. The closing balance sheet cash position was $238 million, while bank debt was reduced to $250 million as we paid down $347 million in short-term debt during the quarter. We did not buy back any shares during the quarter and have $200 million in share repurchase authorization until January 31, 2024.

第一季度的資本支出為 1080 萬美元，產生 3.03 億美元的正自由現金流，而上一季度的負自由現金流為 3600 萬美元。資產負債表期末現金頭寸為 2.38 億美元，而銀行債務減少至 2.5 億美元，因為我們在本季度償還了 3.47 億美元的短期債務。我們在本季度沒有回購任何股票，並且在 2024 年 1 月 31 日之前獲得了 2 億美元的股票回購授權。

Now turning to the outlook for our business. We are carefully watching the global macroeconomic situation and supply chain dynamics. For the second quarter of fiscal 2023 ending December 31, 2022, we expect net sales in the range of USD1.7 billion to USD1.8 billion, GAAP diluted net income per share of $2.54 to $2.81, and non-GAAP diluted net income per share of $2.64 to $2.90. We expect gross margins to be down 75 basis points to 100 basis points due to competition from a strong US dollar and macroeconomic conditions.

現在轉向我們業務的前景。我們正在密切關注全球宏觀經濟形勢和供應鏈動態。對於截至 2022 年 12 月 31 日的 2023 財年第二季度，我們預計淨銷售額在 17 億美元至 18 億美元之間，GAAP 攤薄後每股淨收益為 2.54 美元至 2.81 美元，非 GAAP 攤薄後每股淨收益為2.64 美元至 2.90 美元的份額。由於美元走強和宏觀經濟條件的競爭，我們預計毛利率將下降 75 個基點至 100 個基點。

GAAP operating expenses are expected to be approximately $133 million and include $11.8 million in stock-based compensation that is not included in non-GAAP operating expenses. GAAP and non-GAAP operating expenses are expected to increase in Q2 due to continuing investments in R&D and higher personnel costs. We expect other income and expense, including interest expense, to be a net gain of approximately $1.6 million and expect a nominal contribution from our joint venture.

GAAP 運營費用預計約為 1.33 億美元，其中包括 1180 萬美元的股票薪酬，未包括在非 GAAP 運營費用中。由於對研發的持續投資和更高的人員成本，預計第二季度 GAAP 和非 GAAP 運營費用將增加。我們預計其他收入和費用（包括利息費用）將產生約 160 萬美元的淨收益，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 common share assume a GAAP tax rate of 17.4%, a non-GAAP tax rate of 17.9%, and a fully diluted share count of 55.7 million for GAAP and 57.0 million shares for non-GAAP. We expect CapEx for the fiscal second quarter of 2023 to be in the range of USD7 million to USD10 million.

公司對 GAAP 和非 GAAP 稀釋後每股普通股淨收益的預測假設 GAAP 稅率為 17.4%，非 GAAP 稅率為 17.9%，GAAP 完全稀釋後的股份數為 5570 萬股，而 GAAP 為 5700 萬股非公認會計原則。我們預計 2023 財年第二季度的資本支出將在 700 萬美元至 1000 萬美元之間。

For the fiscal year 2023 ended June 30, 2023, we are raising our guidance for revenues from a range of USD6.2 billion to USD7 billion to a range of USD6.5 billion to USD7.5 billion, GAAP diluted net income per share from at least $7.27 to a range of $8.50 to $11, and non-GAAP diluted net income per share from at least $7.50 to a range of $9 to $11.30.

對於截至 2023 年 6 月 30 日的 2023 財年，我們將收入預期從 62 億美元至 70 億美元提高至 65 億美元至 75 億美元，美國通用會計準則攤薄後每股淨收入為至少 7.27 美元到 8.50 美元到 11 美元之間，非公認會計準則每股攤薄淨收益從至少 7.50 美元到 9 美元到 11.30 美元之間。

The company's projections for GAAP annual net income assumes a tax rate of 19.2% and a rate of 19.8% for non-GAAP net income. For fiscal year '23, we are assuming a fully diluted share count of 57 million shares for GAAP and 58.4 million shares for non-GAAP. The outlook for fiscal year 2023 fully diluted GAAP EPS includes approximately $32.7 million in expected stock-based compensation and other expenses, net of tax effects that are excluded from non-GAAP diluted net income per common share.

該公司對 GAAP 年度淨收入的預測假設稅率為 19.2%，非 GAAP 淨收入的稅率為 19.8%。對於 23 財年，我們假設 GAAP 完全稀釋後的股票數量為 5700 萬股，非 GAAP 為 5840 萬股。 2023 財年完全攤薄後的 GAAP 每股收益前景包括約 3270 萬美元的預期股票薪酬和其他費用，扣除非 GAAP 攤薄後每股普通股淨收益的稅收影響。

As we look ahead to the rest of fiscal 2023, we expect that our improved profitability, together with good working capital management will lead to operating cash flow in line with net income. 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.

當我們展望 2023 財年的剩餘時間時，我們預計盈利能力的提高以及良好的營運資金管理將導致運營現金流與淨收入保持一致。我們對我們領先的新平台、設計勝利、市場份額增加和與重要的新全球客戶的接觸推動的強勁收入增長和盈利能力的長期前景充滿信心。

Michael, we're now ready for Q&A.

邁克爾，我們現在準備好進行問答了。

Operator?

操作員？

(Operator Instructions) Your first question comes from the line of Jon Tanwanteng from CJS Securities.

（操作員說明）您的第一個問題來自 CJS Securities 的 Jon Tanwanteng。

Congratulations on a really, really impressive quarter. My first question is just looking at the guidance and I know you raised this, but the midpoint still suggests you're anticipating declining quarters on average for the rest of the year. Is that a express function of -- an expectation of perhaps with a recession or macroeconomic pressure on your clients? Or are you thinking of specific customer programs there at the midpoint? Or is it something else? I know in the past, you've put in a cushion there for what has been supply chain constraint. Just help us understand what you're thinking within the brackets of this year going forward?

祝賀一個非常非常令人印象深刻的季度。我的第一個問題只是看指導，我知道你提出了這個問題，但中點仍然表明你預計今年剩餘時間平均季度會下降。這是對您的客戶可能面臨經濟衰退或宏觀經濟壓力的預期嗎？或者您是否正在考慮中間的特定客戶計劃？或者是別的什麼？我知道在過去，你已經為供應鏈限制提供了緩衝。只是幫助我們了解您在今年的括號內的想法嗎？

Yes. Very good question. Yes, the macroeconomic condition is hard to predict at this moment. Looks like there will be some headwind for sure. But with the coming soon several rapid new technology from Intel, AMD Genoa and NVIDIA H100, so there are lots of new opportunity for us. Whenever the market have a new technology, Supermicro indeed have a big chance to gain mark share. So with that, indeed, I believe our business in next 12 months should be not too much impact. And also our business automation like in the last few quarters I mentioned about our auto-configurator, our online automation that will help ourselves to service customers better. And with those offset the new product, the better tool, I believe our next 12 months business won't be too bad.

是的。非常好的問題。是的，目前很難預測宏觀經濟狀況。看起來肯定會有一些逆風。但隨著英特爾、AMD Genoa 和 NVIDIA H100 的幾項快速新技術的推出，我們有很多新的機會。每當市場有新技術出現時，Supermicro 確實有很大的機會獲得市場份額。因此，確實如此，我相信我們的業務在未來 12 個月內應該不會受到太大影響。還有我們的業務自動化，就像我在過去幾個季度提到的我們的自動配置器一樣，我們的在線自動化將幫助我們更好地為客戶服務。有了這些抵消了新產品，更好的工具，我相信我們未來 12 個月的業務不會太糟糕。

Great. And then the second question just with the really strong cash flow you have in the quarter and an expectation for future cash generation, what are your priorities there for cash usage? I know you mentioned you still have that share repurchase program, which you didn't use. Are there any CapEx plans? Or should we be thinking of any other things you may want to use the cash to invest in?

偉大的。然後第二個問題是您在本季度擁有非常強勁的現金流以及對未來現金產生的預期，您在現金使用方面的優先事項是什麼？我知道你提到你還有那個股票回購計劃，但你沒有使用。是否有任何資本支出計劃？還是我們應該考慮您可能想用現金投資的任何其他事情？

So, we haven't changed our CapEx allocation strategy. We still have a repurchase plan in place as market -- and the Board review that policy. And otherwise, our CapEx for next quarter was listed as USD7 million to USD10 million and so we don't anticipate large increases in inventory.

所以，我們沒有改變我們的資本支出分配策略。作為市場，我們仍然有一個回購計劃——董事會會審查該政策。否則，我們下一季度的資本支出為 700 萬美元至 1000 萬美元，因此我們預計庫存不會大幅增加。

And in addition -- again that's what I just mentioned, so many new technologies coming. So, we'd like to take this chance to continue to gain market share. So hopefully Supermicro very soon a $10 billion company and then a $20 billion company. So, we'll continue to focus on quickly growing the company market share and position.

此外——這就是我剛才提到的，許多新技術即將到來。因此，我們想藉此機會繼續獲得市場份額。所以希望 Supermicro 很快成為一家價值 100 億美元的公司，然後是一家價值 200 億美元的公司。因此，我們將繼續專注於快速增長公司的市場份額和地位。

Got it. One more if I could. Did you see any weakness in the quarter from any end markets or customers or geographies?

知道了。可以的話再來一張。您是否看到任何終端市場、客戶或地區在本季度出現任何疲軟？

Yes. Generally, a little bit kind of signal. We need to observe that, but again, new product, new technology, that will offset those macroeconomy weakness.

是的。一般來說，有點信號。我們需要再次觀察到，新產品、新技術將抵消宏觀經濟的疲軟。

Your next question comes from the line of Nehal Choski from Northland Capital Markets.

您的下一個問題來自 Northland Capital Markets 的 Nehal Choski。

Yes. Amazing quarter, really impressive guidance and shows strong visibility here. And I'm sorry I missed quite a bit of the conference call. So you probably already hit upon this, but what are you seeing on the supply chain side at this point?

是的。令人驚嘆的季度，令人印象深刻的指導，並在這裡顯示出強大的知名度。我很抱歉我錯過了相當多的電話會議。所以你可能已經想到了這一點，但你現在在供應鏈方面看到了什麼？

Supply chain has been dramatically improved, as you may know, right? 3 months ago, there was still a shortage everywhere. But as of today, the shortage problem has been dramatically improved, so not much shortage at this moment. And we believe looking for growth in the coming quarters, we won't have a shortage problem. At least it won't be too bad and that's why we're prepared to grow market share.

如您所知，供應鏈已得到顯著改善，對嗎？ 3個月前，各地還缺貨。但到今天為止，短缺問題已經有了很大的改善，所以目前短缺的情況並不多。我們相信在未來幾個季度尋求增長，我們不會遇到短缺問題。至少不會太糟糕，這就是我們準備擴大市場份額的原因。

Okay. Great. At what point in time do you actually see the supply chain shortage more or less evaporate?

好的。偉大的。您實際上在什麼時間點看到供應鏈短缺或多或少消失了？

Indeed, things quickly improved in about last 2 months.

事實上，在過去 2 個月左右，情況迅速好轉。

Okay. Great. And then really incredible free cash flow generation. I haven't run through numbers yet to figure out how that was done given the strong growth. Can you just walk me through what was the driver of the strong free cash flow generation?

好的。偉大的。然後是真正令人難以置信的自由現金流產生。鑑於強勁的增長，我還沒有通過數字來弄清楚這是如何完成的。你能告訴我強勁的自由現金流產生的驅動力是什麼嗎？

Sure. Absolutely. You can see our cash conversion cycle came down and that was a result of -- we were able to speed collections. And also we did receive some advance customer payments and we'll have a little bit more color on that in our 10-Q, which should be filed in the next few days. But we received about $70 million in advance payments from customers, so that helped us out. But still our cash flow from operations greatly exceeded our net income.

當然。絕對地。您可以看到我們的現金轉換週期下降，這是我們能夠加快收款速度的結果。而且我們確實收到了一些客戶預付款，我們將在我們的 10-Q 中增加一點顏色，應該在接下來的幾天內提交。但是我們從客戶那裡收到了大約 7000 萬美元的預付款，這幫助了我們。但我們的運營現金流仍然大大超過了我們的淨收入。

Yes. In that 1 month or 2 months, I mean, we have some cash pressure, major because of global shortage. So, we had to keep large amount of inventory. Now inventory program have been improved because no more big supply chain challenge now.

是的。在那 1 個月或 2 個月內，我的意思是，我們有一些現金壓力，主要是因為全球短缺。因此，我們不得不保留大量庫存。現在庫存計劃已經改進，因為現在沒有更大的供應鏈挑戰。

Got it. Understood. Okay. And then Dave, did I hear you correctly that you expect free cash flow generation to be close to that non-GAAP net income for fiscal year '23?

知道了。明白了。好的。然後戴夫，我是否正確地聽到了您的說法，您預計自由現金流的產生將接近 23 財年的非 GAAP 淨收入？

Yes. Nehal, that's correct, because we have our -- inventories are a little more reasonable now. And what I mean by that is the supply -- some of the supply chain issues. We have our -- our cash flows are a little more imbalanced and so we expect cash flows to be a little more in line with income.

是的。 Nehal，這是正確的，因為我們的庫存現在更加合理。我的意思是供應——一些供應鏈問題。我們有我們的 - 我們的現金流量更加不平衡，因此我們預計現金流量將與收入更加一致。

Got it. Great. And then finally your updated low end of guidance implies and you -- I think if we look at your prior low end of guidance implied that maybe you'd have a slightly negative year-over-year growth in the back half fiscal year 2023. Now this new updated guidance implies 10% to 15% revenue growth. So -- and again, I'm sure you would have addressed this during the script, but what is driver of this improving growth outlook despite worsening macro that you're providing here at the low end of your guidance by the way?

知道了。偉大的。最後，你更新的低端指導意味著你——我認為，如果我們看一下你之前的指導低端，暗示你可能會在 2023 財年下半年出現略微負的同比增長。現在，這個新的更新指南意味著 10% 到 15% 的收入增長。所以 - 再一次，我相信你會在腳本中解決這個問題，但是，儘管你在指導的低端提供的宏觀惡化，但這種改善增長前景的驅動力是什麼？

Again, the major reason is a macroeconomic condition because no one really know how long the economic headwind will last. So, we try to be more cautious.

同樣，主要原因是宏觀經濟狀況，因為沒有人真正知道經濟逆風會持續多久。因此，我們嘗試更加謹慎。

Yes. Understood. I guess my point is that the updated low end actually implies an improved year-over-year growth outlook on the back half of the year. This is despite a worsening macro. So what are you guys seeing that's effectively driving a raise in your back half revenue growth expectations?

是的。明白了。我想我的觀點是，更新後的低端實際上意味著下半年的同比增長前景有所改善。儘管宏觀環境惡化。那麼你們看到了什麼有效地推動了你的後半收入增長預期的提高？

Yes. We really have -- we have growth in all of our verticals, Nehal, and not only that, but geographically as well. So as Charles mentioned, there's new CPUs coming out from AMD, from NVIDIA, from Intel, as well as relative new product launches. So, we think that all of those, the momentum that we have in our verticals, as well as the new product introductions is what gives us guidance to the numbers that we put up.

是的。我們真的 - 我們在所有垂直領域都有增長，Nehal，不僅如此，而且在地理上也是如此。正如查爾斯所提到的，AMD、NVIDIA、英特爾推出了新的 CPU，以及相關的新產品發布。因此，我們認為所有這些，我們在垂直領域的勢頭，以及新產品的推出，都為我們提供了對我們提出的數字的指導。

(Operator Instructions) Your next question comes from the line of Jon Tanwanteng from CJS Securities.

（操作員說明）您的下一個問題來自 CJS Securities 的 Jon Tanwanteng。

I was wondering if you were seeing any kind of impacts on the sanctions on China by the US, if there are any? I know earlier in the quarter, there's NVIDIA news. I know a lot of companies got added to the entry list. Were any of those your customers? How should we think about the consequences of those actions?

我想知道你是否看到美國對中國的製裁有任何影響，如果有的話？我知道在本季度早些時候，有 NVIDIA 新聞。我知道很多公司都被添加到了條目列表中。這些是你的客戶嗎？我們應該如何考慮這些行為的後果？

Yes. We see some impact for sure and exactly how long that impact will be lasting, we're still keeping watch.

是的。我們肯定會看到一些影響，以及這種影響將持續多長時間，我們仍在密切關注。

Yes. So by the way, we didn't have any customers that were added. However, as everyone knows, the GPU sales became limited. China sales last quarter were less than 3%. So, we don't consider this to be a significant issue for us going forward.

是的。所以順便說一句，我們沒有添加任何客戶。然而，眾所周知，GPU 的銷售量變得有限。上個季度在中國的銷售額不到 3%。因此，我們不認為這對我們未來的發展來說是一個重大問題。

Understood. And then in your guidance, do you have any impact from foreign exchange built in there or possibly price declines as maybe you've passed through declines in component costs as they occur?

明白了。然後在您的指導中，您是否受到內置外匯或價格下跌的影響，因為您可能已經經歷了組件成本的下降？

Most of our contracts or invoices are US dollar denominated. Our FX really comes from the fact that we have some Taiwan-dollar denominated loans, and that's what causes the quarterly fluctuation in our FX is just marking the dollar to -- the US dollar to the Taiwan dollar. So therefore, the only impacts on FX come from really a price setting issues as opposed to balance sheet issues.

我們的大部分合同或發票以美元計價。我們的外匯確實來自於我們有一些以台幣計價的貸款，這就是導致我們外彙的季度波動的原因，只是將美元標記為美元對台幣。因此，對外彙的唯一影響來自真正的價格設定問題，而不是資產負債表問題。

Got it. Okay. And then lastly the strength in the quarter, did you observe any pulling? Or was it just more of the supply chain loosening up and being able to get more components? And were there any push outs that you observed?

知道了。好的。最後是本季度的力量，你有沒有觀察到任何拉動？還是只是供應鏈的更多鬆動並能夠獲得更多組件？有沒有觀察到任何推動因素？

So, we didn't have any push outs. We had some customers. This will be in the 10-Q. We had a couple customers who prepaid and whose shipments somewhat, which were made but were not -- did not qualify for revenue recognition, others that would ship later. So, we didn't have any push out.

所以，我們沒有任何推出。我們有一些客戶。這將在 10-Q 中。我們有幾個客戶預付了貨款，他們的貨物已經製造但未製造 - 不符合收入確認的條件，其他客戶將在以後發貨。所以，我們沒有任何推出。

Your next question comes from the line of Mehdi Hosseini from SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes. A couple of follow-ups. Thanks for the update on the fiscal year and I just want to better understand how your system ASP would trend given the updated fiscal year '23 revenue guide. I'm asking because you have done a really good job in increasing content. It's captured in your system ASP, and I want to see if you would still be able to increase -- to see a system ASP increasing in double-digit figure. And I have a follow-up.

是的。幾個後續。感謝您對本財年的更新，我只是想更好地了解您的系統 ASP 在更新後的 '23 財年收入指南中的趨勢。我問是因為您在增加內容方面做得非常好。它在您的系統 ASP 中被捕獲，我想看看您是否仍然能夠增加 - 看到系統 ASP 以兩位數的數字增加。我有一個後續行動。

So Mehdi, probably may have heard that a lot of GPU prices and CPU prices are going up, especially with the new -- the new refreshes that are coming out. So, we anticipate that ASPs will continue to go up.

所以 Mehdi 可能已經聽說很多 GPU 價格和 CPU 價格都在上漲，尤其是隨著新的——新的更新即將推出。因此，我們預計 ASP 將繼續上升。

Okay. For your fiscal '22, it was more than 30%. Should we assume the acceleration, or would you be able to keep up the pace?

好的。對於你的 22 財年，它超過了 30%。我們應該假設加速，還是您能夠跟上步伐？

It's a big question. I mean again, they are lots of new technology, new CPU, new GPU, so there will be a positive side. But at the same time, the macroeconomy can bring a negative impact. So at this moment, we try to play safe. So that's why the number we share is relatively conservative.

這是個大問題。我的意思是，它們有很多新技術、新 CPU、新 GPU，所以會有積極的一面。但與此同時，宏觀經濟也會帶來負面影響。所以在這一刻，我們盡量保持安全。這就是為什麼我們分享的數字相對保守。

Okay. Can I ask you a balance sheet question? And David, there was a line item. I think accounts payable also helped combine the $75 million of the prepayment. It helped with a positive cash from operation. And in that context, how should I think about cash from operation in Q2 fiscal year '23?

好的。我可以問你一個資產負債表問題嗎？大衛，有一個訂單項。我認為應付賬款也有助於合併 7500 萬美元的預付款。它有助於從運營中獲得積極的現金。在這種情況下，我應該如何看待 23 財年第二季度的運營現金？

Yes. So, I think that, I think my general comments apply that our -- we see our cash flows as now more balanced with net income. And so we'll have a few puts and takes where customers prepay more or less from quarter-to-quarter. But we underwent a lot of heavy lifting, Mehdi, to get our revenue levels up and our AR levels up as we were growing. And so to the extent that we have more growth, we will face those challenges. But based on our current forecasts, we expect cash flows to be close to net income.

是的。所以，我認為，我認為我的一般評論適用於我們 - 我們認為我們的現金流現在與淨收入更加平衡。因此，我們將有一些看跌期權，客戶每季度或多或少地預付。但我們經歷了很多繁重的工作，Mehdi，隨著我們的成長，我們的收入水平和 AR 水平也隨之提高。因此，如果我們有更多的增長，我們將面臨這些挑戰。但根據我們目前的預測，我們預計現金流量將接近淨收入。

Yes. And then updated guide for CapEx in FY '23?

是的。然後更新了 23 財年的資本支出指南？

So, we haven't given a guide for FY '23 just for the next quarter.

因此，我們還沒有為下個季度提供 23 財年的指南。

Should I assume similar capital intensity as last year, just for modeling cash flows?

我是否應該假設與去年類似的資本密集度，只是為了模擬現金流？

I think we'll come out with more of a guide later on.

我想我們稍後會提供更多的指南。

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

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

Congrats on the ongoing momentum, and thanks for taking the question. I have a few [falls] tonight. So, I may ask something that's already been addressed. If it is, we can just chat on it offline. But I would love just context on customer penetration, any new customer acquisition that was contributive to the quarter. And then any context you can give on what continues to be really, really good ongoing strength of those key application types that have been driving the business for the last number of quarters. Anything that you haven't given yet. I can take it offline with you or get out the transcript. Anything that I missed if you've already talked about it, but there's any additional context, we'd love to get it.

祝賀持續的勢頭，並感謝您提出這個問題。我今晚有幾個[跌倒]。所以，我可能會問一些已經解決的問題。如果是，我們可以離線聊天。但我只想了解客戶滲透率，任何對本季度有貢獻的新客戶獲取。然後，您可以提供任何有關在過去幾個季度推動業務發展的關鍵應用程序類型的持續非常非常好的持續優勢的背景信息。你還沒有給的任何東西。我可以和你一起離線或拿出成績單。如果您已經討論過我錯過的任何內容，但還有任何其他上下文，我們很樂意得到它。

Yes. Very good question. As I earlier just mentioned, we just introduced a couple of business automation tools, including auto-configurator, including auto online, online service. So, all of those will hit our sales, make our sales and customer relationship become more efficient, more accurate and we expect we are able to gain more customer, hopefully many more customers because of improvement of our automation tools.

是的。非常好的問題。正如我剛才提到的，我們剛剛介紹了幾個業務自動化工具，包括自動配置器，包括自動在線、在線服務。因此，所有這些都將影響我們的銷售，使我們的銷售和客戶關係變得更高效、更準確，我們希望我們能夠獲得更多的客戶，希望由於我們的自動化工具的改進能夠獲得更多的客戶。

And Charles let me...

查爾斯讓我...

Again, with our much stronger storage product now, right, including all kind of data center management tools, security tool and other service and applications. So yes, so we are in much stronger position from this point of view with our kind of rack-scale Total Solution.

再說一次，我們現在更強大的存儲產品，對，包括各種數據中心管理工具、安全工具和其他服務和應用程序。所以是的，所以從這個角度來看，我們的機架式整體解決方案處於更有利的位置。

And let me ask a follow-up too. And this is something that could have come up earlier as well on the call in your prepared remarks or in the Q&A. Sort of upcoming Intel, AMD and NVIDIA cycles, should we think of those as being potentially meaningfully incremental to your business run rate. Were those sort of blended in? Would they sort of just like blend into the run rate?

讓我也問一個後續問題。在您準備好的發言或問答環節中，這也可能在電話會議上早些時候提出。即將到來的英特爾、AMD 和 NVIDIA 週期，我們是否應該認為這些週期可能對您的業務運行率產生有意義的增量。有沒有混進去？他們會有點像融入運行速度嗎？

For sure, customer will buy new product to replace the old product, right, because we always have a stronger new product line, a new technology. That's how we expect we will continue to gain customer base and also improve customer relationship because of a stronger product. And not just the hardware product like before, but now our Total Solution help customer a lot. And Green Computing as you know, our Green Computing is a Total Solution. And we make, for example, water cooling much easier and much quicker delivery time. So, all of those we believe will be a positive drive for our business growth.

當然，客戶會購買新產品來替換舊產品，對，因為我們始終擁有更強大的新產品線、新技術。這就是我們期望我們將繼續獲得客戶群並通過更強大的產品改善客戶關係的方式。不僅僅是以前的硬件產品，現在我們的整體解決方案可以幫助客戶很多。如您所知，綠色計算，我們的綠色計算是一個整體解決方案。例如，我們使水冷變得更容易，交貨時間也更快。因此，我們認為所有這些都將成為我們業務增長的積極推動力。

(Operator Instructions) There are no further questions at this time. Mr. Charles Liang, I turn the call back over to you.

（操作員說明）目前沒有其他問題。 Charles Liang 先生，我把電話轉給你。

Thank you. Thank you for joining us today, and expect to meet you next quarter. Thank you.

謝謝你。感謝您今天加入我們，期待下個季度與您見面。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。