超微電腦 (SMCI) 2023 Q2 法說會逐字稿

Good morning. My name is Devon, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer, Inc. Fiscal Q2 2023 Results Conference Call. (Operator Instructions)

早上好。我叫德文，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Super Micro Computer, Inc. 2023 財年第二季度業績電話會議。 （操作員說明）

Mr. Michael Staiger, you may begin the conference.

Michael Staiger 先生，您可以開始會議了。

Good afternoon and thank you for attending Supermicro's call to discuss financial results for the second quarter, which ended December 31, 2022. 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.

下午好，感謝您參加 Supermicro 討論截至 2022 年 12 月 31 日的第二季度財務業績的電話會議。今天和我在一起的是創始人、董事長兼首席執行官 Charles Liang；首席財務官 David Weigand。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。

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，公司將在公司網站的“活動和演示”選項卡下的“投資者關係”部分中參考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 third quarter of fiscal '23 and the full fiscal year 2023.

請注意，您在今天的討論中將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、運營支出、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 23 財年第三季度和整個 2023 財年的指導。

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 other SEC filings. 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.

有許多風險因素可能導致 Supermicro 的未來結果與我們的預期存在重大差異。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 文件以及我們向美國證券交易委員會提交的其他文件中了解更多關於這些風險的信息。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提及非 GAAP 財務業績和業務前景。

For an explanation of our non-GAAP financial measures, please refer to the accompanying presentation or to our press release published earlier today. 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.

有關我們的非 GAAP 財務措施的解釋，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。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。在今天準備好的評論結束時，我們將有一個問答環節，供賣方分析師提問。

And I'll now turn the call over to Charles.

我現在將電話轉給查爾斯。

Thank you, Michael, and good afternoon, everyone.

謝謝邁克爾，大家下午好。

Today, I am pleased to announce another outstanding quarterly result for Supermicro, driven by contributions across our diversified customers, end markets and strong products. No single customer contributed more than 10% of our revenue. This is the eighth consecutive quarter of outstanding growth that effectively doubled our annual revenue. Let me share some key highlights for the quarter.

今天，我很高興地宣布 Supermicro 又一個出色的季度業績，這得益於我們多元化客戶、終端市場和強大產品的貢獻。沒有一個客戶貢獻了我們超過 10% 的收入。這是連續第八個季度實現顯著增長，使我們的年收入有效翻了一番。讓我分享本季度的一些主要亮點。

First, revenue for the second quarter of fiscal year 2023 totaled $1.803 billion, up 54% year-on-year, above our guidance range of $1.7 billion to $1.8 billion. Our fiscal second quarter non-GAAP earnings per share grew over 271% year-on-year at $3.26 compared to $0.88 a year ago, far exceeding the high end of our guidance range of $2.64 to $2.90. This great achievement is made possible by our much-improved operational and financial discipline, including our Taiwan campus that contributed lower operation and production cost.

首先，2023 財年第二季度的收入總計 18.03 億美元，同比增長 54%，高於我們 17 億美元至 18 億美元的指導範圍。與一年前的 0.88 美元相比，我們第二財季的非 GAAP 每股收益同比增長 271% 至 3.26 美元，遠遠超過我們 2.64 美元至 2.90 美元的指導範圍的上限。這一偉大成就歸功於我們大大改善的運營和財務紀律，包括我們的台灣園區降低了運營和生產成本。

With the increase of AI applications, our plug-and-play rack-scale total IT solutions and GPU-based systems continue to be strong contributors with more than 100% year-on-year growth. Storage products are also gaining significant traction with 41% year-over-year growth as we continued to grow market share.

隨著人工智能應用的增加，我們的即插即用機架級整體 IT 解決方案和基於 GPU 的系統繼續成為強大的貢獻者，同比增長超過 100%。隨著我們繼續擴大市場份額，存儲產品也獲得了顯著的吸引力，同比增長 41%。

We are mindful that many of our partners and customers have become increasingly more cautious with respect to macroeconomic headwind and we are prepared to deal with these uncertainties as we always have in the past.

我們注意到，我們的許多合作夥伴和客戶在宏觀經濟逆風方面變得越來越謹慎，我們準備像過去一樣應對這些不確定性。

The strength of our products and business fundamentals keeps us confident in our ability to continue gaining market share from competition given in the traditional soft Q3 quarter. We expect the headwind may persist in the first half of calendar 2023, but we believe our business will recover quickly in the second half of the year as our new Sapphire Rapids, Genoa product and H100 product lines start to ramp up in high volume. Having said that, our fiscal year 2023 revenue year-over-year growth should be in the middle 30% compared with last year without changing our business plan for strong growth in the coming years.

我們產品和業務基礎的實力使我們相信我們有能力繼續從傳統的疲軟的第三季度的競爭中獲得市場份額。我們預計逆風可能會持續到 2023 年上半年，但我們相信，隨著我們新的 Sapphire Rapids、Genoa 產品和 H100 產品線開始大量增加，我們的業務將在下半年迅速復蘇。話雖如此，在不改變未來幾年強勁增長的業務計劃的情況下，我們 2023 財年的收入同比增長率應該在 30% 左右。

For fiscal year 2024, we are targeting year-over-year revenue growth of at least 20%. We continue to see new customers, increase demands for energy efficient rack-scale plug-and-play solutions across the Tier 1, Tier 2 datacenter ecosystem as well as other enterprise customers. Some of them are highly interested in our liquid cooling at the rack and system level for their green computing HPC, datacenter and cloud installations.

對於 2024 財年，我們的目標是收入同比增長至少 20%。我們繼續看到新客戶，對跨 1 層、2 層數據中心生態系統以及其他企業客戶的節能機架級即插即用解決方案的需求不斷增加。他們中的一些人對我們用於綠色計算 HPC、數據中心和雲安裝的機架和系統級液體冷卻非常感興趣。

In addition, our continuous investment in software, switch and service are paying dividends to our total IT strategy as they grow. Our Silicon Valley and Taiwan campus continue to optimize their rack-scale production process, ready to deliver L10, L11 and L12 systems in volume with software, networking and service. Our U.S. facility still have 40% capacity while Taiwan still have 50% capacity headroom to grow for the next 1 to 2 years. To accommodate stronger growth in the near and medium future, our recently broken-ground Malaysia new campus will start to contribute even better profit margin through economy of scale with our more and more new high-volume customers.

此外，我們在軟件、交換機和服務方面的持續投資正在為我們的總體 IT 戰略帶來收益，因為它們正在成長。我們的矽谷和台灣校區繼續優化其機架規模生產流程，準備好批量交付 L10、L11 和 L12 系統以及軟件、網絡和服務。我們的美國工廠仍有 40% 的產能，而台灣仍有 50% 的產能淨空在未來 1 到 2 年內增長。為了適應近期和中期的強勁增長，我們最近破土動工的馬來西亞新校區將開始通過規模經濟為我們越來越多的新大客戶貢獻更高的利潤率。

I am very glad that the lower operation and production cost from our new Malaysia campus will be ready in just 4 to 5 quarters away. When the time gets tough, customers are looking for tangible value from their IT investment. With the power requirements rising with each new generation of technology, now up to 400 watt on the CPU and 700 watt on the GPU, we are seeing the true value of our green computing effort. We have added both high ambient temperature operation and liquid cooling support for the new portfolio to reduce environmental impact, cooling-related infrastructure costs and OpEx.

我很高興我們新馬來西亞校區的較低運營和生產成本將在 4 到 5 個季度後準備就緒。當時間變得艱難時，客戶會從他們的 IT 投資中尋找有形的價值。隨著每一代新技術對功率的要求不斷提高，現在 CPU 功率高達 400 瓦，GPU 功率高達 700 瓦，我們看到了綠色計算工作的真正價值。我們為新產品組合增加了高環境溫度操作和液體冷卻支持，以減少環境影響、冷卻相關的基礎設施成本和運營支出。

We are happy to see many more cloud total solutions customer speeding up their deployments with our green computing methodology. Many of them have already saved tens of millions of dollars in electricity cost as a direct result. We expect them to grow even faster by the coming quarters and years as we deliver superior performance, performance per watt and per dollars through new generation of products. As I have shared in the past, when the IT industry adopts our green computing solution or develop green solution like ours, it's possible to save close up to $10 billion in electricity costs per year, which is equivalent of eliminating about 30 fossil fueled power plants and equating to the preservation of up to 8 billion trees for our planet.

我們很高興看到更多的雲整體解決方案客戶使用我們的綠色計算方法加速部署。他們中的許多人已經直接節省了數千萬美元的電費。隨著我們通過新一代產品提供卓越的性能、每瓦性能和每美元性能，我們預計它們在未來幾個季度和幾年內會增長得更快。正如我過去分享的那樣，當 IT 行業採用我們的綠色計算解決方案或開發像我們這樣的綠色解決方案時，每年可以節省近 100 億美元的電力成本，相當於淘汰約 30 座化石燃料發電廠相當於為我們的星球保護多達 80 億棵樹。

As we approach the second half of our fiscal 2023, we see opportunities for diversified growth across more large data centers, enterprise, AI machine learning, storage, cloud, 5G telco and IoT markets. Our online B2C and B2B programs have finally started to ramp up and offers the convenience and quicker service of direct support from Supermicro to many customers around the world. With all the online automation and intelligent database-driven tools, we see many new customers that are really happy to order from our new platform. 24-hour around-the-clock service, real-time responses, and precise communication, cost efficiency are just some of the advantage this program offers.

隨著 2023 財年下半年的臨近，我們看到了更多大型數據中心、企業、人工智能機器學習、存儲、雲、5G 電信和物聯網市場的多元化增長機會。我們的在線 B2C 和 B2B 計劃終於開始增加，並為世界各地的許多客戶提供 Supermicro 直接支持的便利和快捷服務。借助所有在線自動化和智能數據庫驅動工具，我們看到許多新客戶非常樂意從我們的新平台訂購。 24 小時全天候服務、實時響應、精確溝通、成本效率只是該計劃提供的部分優勢。

With our industry's most intensive product portfolio supporting the recently launched Intel 4th Gen Scalable Xeon processors, a Sapphire Rapids, 4th Gen AMD EPYC, Genoa processors, and NVIDIA H100, Hopper GPUs, we are confident to maintain and enhance our market-leading growth momentum in the coming quarters and years. Unlike last few generation's steady product ramp up, we currently see many more customers taking samples and seeding units of these new solutions. This demonstrates our customer base is strongly expanding now. We expect them to become a significant revenue stream by the June quarter and more so in the September quarter and beyond.

憑藉我們行業最密集的產品組合，支持最近推出的英特爾第四代可擴展至強處理器、Sapphire Rapids、第四代 AMD EPYC、Genoa 處理器和 NVIDIA H100、Hopper GPU，我們有信心保持並增強我們市場領先的增長勢頭在接下來的幾個季度和幾年裡。與上幾代穩定的產品提升不同，我們目前看到更多的客戶對這些新解決方案進行取樣和播種。這表明我們的客戶群現在正在強勁擴張。我們預計它們將在 6 月季度成為重要的收入來源，在 9 月季度及以後更是如此。

With market excited for the latest innovations from Intel, AMD, NVIDIA and Supermicro, we remain optimistic that the demand will expand as new architecture developed for AI, Metaverse, Omniverse and IoT/Edge applications will be strong in the foreseeable future. We had a better than expected December quarter. With new generation of products in a strong position now, it will generate more demand, especially with our rack-scale solutions. Along with our getting stronger software, switch and service offerings, our potential to gain market share has never been stronger than today despite the macroeconomic headwind.

市場對 Intel、AMD、NVIDIA 和 Supermicro 的最新創新感到興奮，我們仍然樂觀地認為，隨著為 AI、Metaverse、Omniverse 和 IoT/Edge 應用程序開發的新架構在可預見的未來將很強勁，需求將會擴大。我們的 12 月季度好於預期。隨著新一代產品現在處於強勢地位，它將產生更多需求，尤其是我們的機架級解決方案。隨著我們越來越強大的軟件、交換機和服務產品，儘管宏觀經濟逆風，我們獲得市場份額的潛力從未像今天這樣強大。

With our strong cash position today and especially [indiscernible], we have allocated $200 million for stock buyback program. We continue to emerge as one of the largest global suppliers of total IT solutions with market share gains. We are a Silicon Valley company focusing on green innovation and system technology. Our efforts have saved our customers' OpEx tremendously. With our 50% still available capacity in Taiwan and the soon coming more cost-efficient campuses in Malaysia, we continue to expect a 20% to more than 50% year-over-year growth for the coming years, and we remain on track to reach our long-term growth objectives of $20 billion annual revenue in the long run.

憑藉我們今天的強勁現金狀況，尤其是 [音頻不清晰]，我們已撥款 2 億美元用於股票回購計劃。隨著市場份額的增加，我們繼續成為全球最大的整體 IT 解決方案供應商之一。我們是一家專注於綠色創新和系統技術的矽谷公司。我們的努力極大地節省了客戶的運營支出。憑藉我們在台灣仍有 50% 的可用容量以及即將在馬來西亞推出更具成本效益的校園，我們繼續預計未來幾年將實現 20% 至 50% 以上的同比增長，並且我們仍有望從長遠來看，實現年收入 200 億美元的長期增長目標。

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

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。大衛？

Thank you, Charles. I am pleased to report Q2, fiscal 2023 revenues of $1.8 billion, up 54% year-on-year and down 3% sequentially. Revenues were at the high end of our initial guidance range of $1.7 billion to $1.8 billion and our recently updated range of $1.77 billion to $1.80 billion. Our year-on-year revenue growth continued to be driven by new and existing customers widely adopting our GPU/AI systems and rack-scale total IT solutions which contributed to solid gross margins and record operating margins.

謝謝你，查爾斯。我很高興地報告 2023 財年第二季度的收入為 18 億美元，同比增長 54%，環比下降 3%。收入處於我們最初指導範圍 17 億美元至 18 億美元和我們最近更新的範圍 17.7 億美元至 18 億美元的高端。我們的收入同比增長繼續受到廣泛採用我們的 GPU/AI 系統和機架規模整體 IT 解決方案的新老客戶的推動，這有助於穩固的毛利率和創紀錄的營業利潤率。

In fiscal Q2, we had good growth in our two largest verticals: the enterprise channel and OEM vertical -- I'm sorry, the enterprise channel vertical and the OEM appliance/large data center vertical which demonstrated the resilience of our business model. AI/GPU accelerated computing solutions represented more than 20% of our revenues over the past 4 quarters and is a significant growth opportunity based on our wide range of AI/GPU platforms. We achieved Q2 revenues of $1.8 billion with no customer representing more than 10% of revenues.

在第二財季，我們在兩個最大的垂直領域取得了良好的增長：企業渠道和 OEM 垂直——對不起，企業渠道垂直和 OEM 設備/大型數據中心垂直展示了我們商業模式的彈性。 AI/GPU 加速計算解決方案在過去 4 個季度占我們收入的 20% 以上，是基於我們廣泛的 AI/GPU 平台的重要增長機會。我們在第二季度實現了 18 億美元的收入，沒有客戶佔收入的 10% 以上。

We recorded $970 million in our Enterprise and Channel vertical, representing 54% of Q2 revenues versus 45% last quarter. This was up 29% year-over-year and up 15% quarter-over-quarter. The OEM appliance and large datacenter vertical achieved $766 million in revenues, representing 42% of Q2 revenues versus 50% last quarter. This was up 172% year-over-year and down 17% quarter-over-quarter. Our emerging 5G/Telco/Edge/IoT segment achieved $67 million in revenues, representing 4% of Q2 revenues versus 5% last quarter.

我們在企業和渠道垂直領域錄得 9.7 億美元，佔第二季度收入的 54%，而上一季度為 45%。同比增長 29%，環比增長 15%。 OEM 設備和大型數據中心垂直領域實現了 7.66 億美元的收入，佔第二季度收入的 42%，而上一季度為 50%。同比增長 172%，環比下降 17%。我們新興的 5G/Telco/Edge/IoT 部門實現了 6700 萬美元的收入，佔第二季度收入的 4%，而上一季度為 5%。

Systems comprised 92% of total revenue and was up 68% year-over-year and down 3% quarter-over-quarter. Subsystems and accessories represented 8% of Q2 revenues and were down 24% year-over-year and up 2% quarter-over-quarter. On a year-on-year basis, the volume of systems and nodes shipped as well as system node ASPs increased due to product and customer mix. While on a quarter-on-quarter basis, the volume of systems shipped increased while nodes shipped and system node ASPs decreased again due to product and customer mix.

系統佔總收入的 92%，同比增長 68%，環比下降 3%。子系統和配件佔第二季度收入的 8%，同比下降 24%，環比增長 2%。與去年同期相比，由於產品和客戶組合，系統和節點的出貨量以及系統節點 ASP 均有所增加。雖然按季度計算，由於產品和客戶組合，系統出貨量增加，而節點出貨量和系統節點 ASP 再次下降。

Taking a look geographically in fiscal Q2 the U.S. market represented 61% of revenues, Asia 18%, Europe 17% and the Rest of the World 4%. On a year-on-year basis, U.S. revenues increased 71%, Asia increased 16%, Europe increased 45% and Rest of the World increased 98%. On a quarter-over-quarter basis, U.S. revenues decreased 15%, Asia increased 23%, Europe increased 33% and Rest of the World increased 33%. The Q2 non-GAAP gross margin was 18.8%. That was unchanged quarter-over-quarter and was up 480 basis points year-over-year due to price discipline, lower freight costs and leverage from higher factory utilization.

從地域來看，第二財季美國市場佔收入的 61%，亞洲佔 18%，歐洲佔 17%，世界其他地區佔 4%。與去年同期相比，美國收入增長 71%，亞洲增長 16%，歐洲增長 45%，世界其他地區增長 98%。按季度計算，美國收入下降 15%，亞洲增長 23%，歐洲增長 33%，世界其他地區增長 33%。第二季度非美國通用會計準則毛利率為 18.8%。由於價格紀律、較低的運費和較高的工廠利用率帶來的槓桿作用，該季度環比沒有變化，同比增長 480 個基點。

Taking a look at operating expenses, Q2 OpEx on a GAAP basis decreased by 4% quarter-over-quarter and increased 8% year-over-year to $122 million. On a non-GAAP basis, operating expenses decreased 7% quarter-over-quarter and increased 5% year-on-year to $109 million. OpEx decreased sequentially due to higher NRE and marketing credits that we received from the new platform launches. The non-GAAP operating margin was 12.8% for the quarter versus 12.5% last quarter and 5.2% a year ago as we benefited from lower operating expenses.

從運營支出來看，第二季度運營支出按 GAAP 計算環比下降 4%，同比增長 8% 至 1.22 億美元。按非美國通用會計準則計算，運營費用環比下降 7%，同比增長 5% 至 1.09 億美元。由於我們從新平台發布中獲得更高的 NRE 和營銷信用，OpEx 環比下降。本季度非美國通用會計準則營業利潤率為 12.8%，而上一季度為 12.5%，一年前為 5.2%，因為我們受益於較低的營業費用。

Other income and expense was approximately $8 million in expense primarily consisting of $6 million in foreign exchange losses as the dollar weakened during Q2 and interest expense of $2 million as compared to an $8 million in FX gain and $4 million of interest expense last quarter. Interest expense decreased sequentially as we reduced our credit -- short-term credit lines. This was partially offset by increased interest rates. The tax provision for Q2 was $30 million on a GAAP basis and $34 million on a non-GAAP basis. The GAAP tax rate for Q2 was 14.3% and non-GAAP tax rate was 15.3%. Our tax rates were lower sequentially as we benefited from some favorable discrete tax benefits.

其他收入和支出約為 800 萬美元，主要包括第二季度美元疲軟導致的 600 萬美元外匯損失和 200 萬美元的利息支出，而上一季度的外匯收益為 800 萬美元，利息支出為 400 萬美元。隨著我們減少信貸——短期信貸額度，利息支出連續下降。這部分被利率上升所抵消。第二季度的稅收撥備按 GAAP 計算為 3000 萬美元，按非 GAAP 計算為 3400 萬美元。第二季度的 GAAP 稅率為 14.3%，非 GAAP 稅率為 15.3%。由於我們受益於一些有利的離散稅收優惠，我們的稅率連續較低。

Lastly, our share of income from our joint venture was a loss of $1.4 million this quarter as compared to a loss of $0.9 million last quarter. We delivered strong Q2 non-GAAP diluted EPS of $3.26 which was up 271% year-over-year and down 5% quarter-over-quarter and exceeded the high end of our original guidance range of $2.64 to $2.90 and our recently updated guidance of $3.07 to $3.22. Our EPS outperformance was attributed to our ability to maintain gross margins, manufacturing efficiencies and higher NRE and marketing credits.

最後，本季度我們在合資企業中的收入份額為虧損 140 萬美元，而上一季度為虧損 90 萬美元。我們交付了 3.26 美元的強勁第二季度非 GAAP 稀釋後每股收益，同比增長 271%，環比下降 5%，超過了我們最初指導範圍 2.64 美元至 2.90 美元的高端以及我們最近更新的指導3.07 美元至 3.22 美元。我們的 EPS 出色表現歸功於我們保持毛利率、製造效率以及更高的 NRE 和營銷信用的能力。

Turning to the balance sheet and working capital metrics compared to last quarter, our Q2 cash conversion cycle was unchanged at 95 days versus Q1. Days of inventory was 99. It was down by 1 day sequentially due to a more stable supply chain. Accounts receivable increased sequentially by $32 million while accounts payable decreased sequentially by $225 million. Days sales outstanding was down by 1 day quarter-over-quarter to 38 days while days payables outstanding came down by 2 days to 42 days. In fiscal Q2, we generated positive cash flow from operations of $161 million versus $314 million in Q1. Our operating cash flow contribute -- continued to benefit from strong revenues and margins and an improved supply chain.

轉向與上一季度相比的資產負債表和營運資本指標，我們的第二季度現金轉換週期與第一季度相比保持在 95 天不變。庫存天數為 99。由於供應鏈更加穩定，因此連續下降了 1 天。應收賬款環比增加 3200 萬美元，而應付賬款環比減少 2.25 億美元。銷售未付天數環比下降 1 天至 38 天，而應付賬款未付天數下降 2 天至 42 天。在第二財季，我們從運營中產生了 1.61 億美元的正現金流，而第一季度為 3.14 億美元。我們的經營現金流做出貢獻——繼續受益於強勁的收入和利潤率以及改善的供應鏈。

We note that Q1 operating cash flow benefited from $70 million in customer prepayments recorded as deferred revenues. CapEx was $10 million for Q2 resulting in positive free cash flow of $151 million versus positive free cash flow of $303 million last quarter. The closing balance sheet cash position was $305 million, while bank debt was reduced to $170 million as we paid down $80 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. Our Board will determine the timing and amount of share repurchases.

我們注意到，第一季度的運營現金流受益於記錄為遞延收入的 7000 萬美元客戶預付款。第二季度的資本支出為 1000 萬美元，導致自由現金流為 1.51 億美元，而上一季度的自由現金流為 3.03 億美元。期末資產負債表現金頭寸為 3.05 億美元，而銀行債務減少至 1.7 億美元，因為我們在本季度償還了 8000 萬美元的短期債務。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。我們的董事會將決定股票回購的時間和金額。

Now turning to the outlook for our business. We continue to watch the global macroeconomic situation. Additionally, as the supply chain disruptions have eased and the industry transitions to new platforms from Intel, AMD, NVIDIA during 2023, we anticipate normal -- a return to normal seasonal patterns. For the third quarter of fiscal 2023 ending March 2023, we expect net sales in the range of $1.42 billion to $1.52 billion, GAAP diluted net income per share of $1.75 to $2.02 and non-GAAP diluted net income per share of $1.88 to $2.14. We expect gross margins to be down 30 to 40 basis points due to macroeconomic conditions.

現在轉向我們的業務前景。我們繼續關注全球宏觀經濟形勢。此外，隨著供應鏈中斷的緩解以及行業在 2023 年從英特爾、AMD、NVIDIA 過渡到新平台，我們預計將恢復正常——回歸正常的季節性模式。對於截至 2023 年 3 月的 2023 財年第三季度，我們預計淨銷售額在 14.2 億美元至 15.2 億美元之間，GAAP 攤薄後每股淨收益為 1.75 美元至 2.02 美元，非 GAAP 攤薄後每股淨收益為 1.88 美元至 2.14 美元。由於宏觀經濟狀況，我們預計毛利率將下降 30 至 40 個基點。

GAAP operating expenses are expected to be $139 million, which includes approximately $12 million in expected stock-based compensation and other expenses that are excluded from non-GAAP diluted net income per common share. GAAP and non-GAAP operating expenses are expected to increase in Q3 due to lower R&D NRE credits and higher personnel costs. We expect other income and expenses, including interest expense, to be a net expense of approximately $3 million and expect a nominal loss from our joint venture. The company's projections for GAAP and non-GAAP diluted net income per common share assume a GAAP tax rate of 15.9%, a non-GAAP tax rate of 16.9%, and a fully diluted share count of 57 million for GAAP and 58 million shares for non-GAAP.

GAAP 運營費用預計為 1.39 億美元，其中包括約 1200 萬美元的預期股票薪酬和不包括在非 GAAP 稀釋後每股普通股淨收入中的其他費用。由於較低的研發 NRE 信用和較高的人員成本，預計第三季度 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）約為 300 萬美元的淨支出，並預計我們的合資企業將出現名義上的虧損。公司對 GAAP 和非 GAAP 稀釋後每股普通股淨收入的預測假設 GAAP 稅率為 15.9%，非 GAAP 稅率為 16.9%，GAAP 完全稀釋股數為 5700 萬股，5800 萬股為非公認會計原則。

We expect CapEx for the fiscal third quarter of 2023 to be in the range of $11 million to $14 million. For the fiscal year 2023 ending June 30, 2023, we are maintaining our guidance for revenue -- for -- our guidance for revenues from a range of $6.5 billion to $7.5 billion, GAAP diluted net income per share from a range of $8.50 to $11 and non-GAAP diluted net income per share from a range of $9 to $11.30. The company's projections for GAAP annual net income assume 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 million shares for non-GAAP.

我們預計 2023 財年第三季度的資本支出將在 1100 萬至 1400 萬美元之間。對於截至 2023 年 6 月 30 日的 2023 財年，我們維持對收入的指導——因為——我們對收入的指導從 65 億美元到 75 億美元不等，GAAP 攤薄後每股淨收益從 8.50 美元到 11 美元不等非 GAAP 每股攤薄淨收益在 9 美元至 11.30 美元之間。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 的完全稀釋股數為 5700 萬股，非 GAAP 為 5800 萬股。

The outlook for fiscal year 2023 fully diluted GAAP EPS [includes] approximately $33 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. 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.

2023 財年完全攤薄後的 GAAP 每股收益展望 [包括] 約 3300 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入中的稅收影響。在我們領先的新平台、設計勝利、市場份額增長以及與重要的新全球客戶的互動的推動下，我們對強勁的收入增長和盈利能力的長期前景充滿信心。

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

邁克爾，我們現在準備好進行問答了。

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

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

And congratulations on the strong results, especially with gross margin and the guidance that implies a very resilient gross margin. Dave, you did mention that you're expecting 30 basis points of the Q-over-Q downtick due to macro pressures. I mean that's a de minimis amount. Can you discuss why only that amount?

並祝賀強勁的業績，特別是毛利率和暗示毛利率非常有彈性的指導。戴夫，你確實提到由於宏觀壓力，你預計 Q-over-Q 下降 30 個基點。我的意思是這是最低限度的數量。你能討論一下為什麼只有那個數額嗎？

Well, Nehal, our margins are holding up. We expected a downtick last -- in this Q2, but it didn't happen. But we're still allowing for a downtick just in case we have to sharpen our pencil on some particular deals. But otherwise, our prices and margins are holding up.

好吧，Nehal，我們的利潤率保持不變。我們預計最後一次會出現下滑——在這個第二季度，但它沒有發生。但我們仍然允許降價，以防萬一我們不得不在某些特定交易上削尖鉛筆。但除此之外，我們的價格和利潤率都保持穩定。

And so then can you talk about why you think your margins are indeed holding up in what appears to be pretty quickly deteriorating macroenvironment?

那麼你能談談為什麼你認為你的利潤率確實在似乎很快惡化的宏觀環境中保持不變嗎？

Well, we have customers that are -- that have pushed out orders, certainly, Nehal. But we still bring value to our customers and that value is -- has not diminished. And in fact, with all of the new designs that are coming out, it's -- we believe it's increased.

好吧，我們的客戶是 - 已經推出訂單，當然，Nehal。但我們仍然為我們的客戶帶來價值，而且這種價值並沒有減少。事實上，隨著所有新設計的出現，我們相信它已經增加了。

Got it. And then you're maintaining your fiscal year '23 guidance despite outperformance in the December quarter and you're providing at least March guidance above my expectations. So how should we be reading that implied June Q guidance basically? Should we be -- if we take it to low end of the fiscal year '23 guidance, you could be looking at a pretty dire gross margin situation within June Q. Is that the correct interpretation?

知道了。然後，儘管 12 月季度表現出色，但您仍維持 23 財年的指導，並且您至少提供了超出我預期的 3 月指導。那麼我們基本上應該如何解讀隱含的 6 月 Q 指南？我們是否應該——如果我們把它帶到 23 財年指導的低端，你可能會看到 6 月 Q 內的毛利率情況非常糟糕。這是正確的解釋嗎？

No. I would say, Nehal, that really we are -- we don't want to update our guidance. We're confident in our guidance and the ranges that we've given and so really, we're just -- we're watching the macroeconomic situation. But we remain confident in our basic business fundamentals and in our values and in fact the value that our products bring.

不，我會說，Nehal，我們真的是——我們不想更新我們的指南。我們對我們的指導和我們給出的範圍充滿信心，所以實際上，我們只是 - 我們正在觀察宏觀經濟形勢。但我們仍然對我們的基本業務基礎和我們的價值觀以及我們的產品帶來的價值充滿信心。

Okay. And so just to be clear, there is no reasonable basis for believing that gross margins would drop to the low end of your -- what's arguably a sale target model of 14% or 15% in the June quarter or lower. Is that correct?

好的。因此，需要明確的是，沒有合理的依據可以相信毛利率會下降到您的低端——可以說是 6 月季度或更低的 14% 或 15% 的銷售目標模型。那是對的嗎？

So we -- right now, we don't see any degradation of our gross margins, as I mentioned. And so -- but we feel like we remain confident in our ranges and we don't believe this is a time to update them.

所以我們 - 現在，我們沒有看到我們的毛利率有任何下降，正如我提到的那樣。所以 - 但我們覺得我們對我們的範圍仍然充滿信心，我們認為現在不是更新它們的時候。

And then Charles made a comment that he expects fiscal year '23 revenue be, I think, at least 30% year-over-year growth or mid-30%, but your overall fiscal year '23 guidance range is still a pretty large bracket. So how should we be reconciling these 2 things here?

然後查爾斯發表評論說，我認為他預計 23 財年收入至少同比增長 30% 或 30% 左右，但你的 23 財年總體指導範圍仍然很大.那麼我們應該如何協調這兩件事呢？

Well, I think that, that number of mid-30%s, that still falls within the range, right, Nehal?

好吧，我認為 30% 左右的人數仍然在這個範圍內，對吧，Nehal？

Absolutely.

絕對地。

Yes. So that -- so I think that's some indication.

是的。所以 - 所以我認為這是一些跡象。

Okay. All right. I'll pass the mic. I might get back in the line.

好的。好的。我會通過麥克風。我可能會回到隊列中。

Our next question comes from Ananda Baruah with Loop Capital.

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

Yes, just a few if I could. So maintaining actually, I think, slightly raising the midpoint of the fiscal year guide, March is below where Street is. The implication is June is above where Street is. And so is it really just a matter of kind of Street like we -- and I think I'm part of this sort of had miss-modeled March to the low side and subsequently also miss-modeling June? Well, you're miss-modeling March to the high side and we're miss-modeling June to the low side. Just a clarification. Just your thoughts on that and I have a couple of follow-ups.

是的，如果可以的話，就幾個。因此，我認為，實際上維持 3 月份財政年度指南的中點略高於 Street 的水平。這意味著 June 在 Street 所在的位置之上。所以這真的只是像我們這樣的街道問題嗎——我想我是這種將三月模型錯誤地建模到低端並且隨後也將六月模型錯誤建模的一部分？好吧，您將 3 月建模到高邊，而我們將 6 月建模到低邊。只是一個澄清。只是你對此的想法，我有幾個後續行動。

Sure. So again, I'll kind of go back and we're -- because things have been changing economically and we had some -- we've seen some push-outs, not cancellations, again, push-outs. We feel like we shouldn't be adding more details on our annual -- on Q4 or annual guidance. And so really we feel like the guidance ranges that we gave allow for where we think performance will land. And so to give more specificity to that, at a time when details are not easy to -- are not as clear to see, we think is the wrong way to go. And so instead, we're giving good guidance on what we see in the quarter ahead. But again, we're still comfortable with our annual guidance.

當然。所以，我又要回去了，我們——因為經濟上的事情一直在發生變化，我們有一些——我們看到了一些推出，而不是取消，再次推出。我們覺得我們不應該在我們的年度——第四季度或年度指導中添加更多細節。因此，我們真的覺得我們給出的指導範圍允許我們認為性能會下降的地方。因此，為了更具體地說明這一點，在細節不容易--不那麼清楚的時候，我們認為這是錯誤的方法。因此，相反，我們對未來一個季度的情況給出了很好的指導。但同樣，我們仍然對我們的年度指導感到滿意。

And it sounded, I think, I believe Charles mentioned, and actually just please clarify this for me if this is inaccurate, something about kind of macro is softer, but recovery in the second half of calendar year '23. And if I heard that accurately, is that to say you guys envision the first half of the calendar year being sort of the softest part of macro for you? And you also made comments, Dave, about returning calendar '23 to seasonality. And so first half is the soft spot, second half, you guys think sort of normal seasonality plus "recovery begins" and that dovetails into your fiscal year '24 outlook. And so contextually, I just want to ask, is that how you guys are thinking about it?

聽起來，我想，我相信查爾斯提到過，實際上，如果這不准確，請為我澄清一下，關於宏觀經濟的一些事情比較溫和，但會在 23 年下半年恢復。如果我沒聽錯的話，是不是說你們認為日曆年的上半年對你們來說是宏觀經濟中最疲軟的部分？戴夫，你還發表了關於將 23 年日曆恢復季節性的評論。所以上半年是情有獨鍾，下半年，你們認為正常的季節性加上“復甦開始”，這與你們 24 財年的展望相吻合。所以在上下文中，我只想問，你們是這樣想的嗎？

Yes. The macroeconomic headwind issue is some concern to everyone now. But other than that, indeed, our demand is still pretty strong, especially as you know, Intel just launched Sapphire Rapids, AMD Genoa, and NVIDIA Hopper H100. So we have very strong product available. And this time, we saw a customer very aggressively asking was simple for early seeding. So we believe these will put in big growth. And however, the really big growth in volume should be in about summer or even after summer time frame. So long-term, we have a very strong confidence, especially after summer. But before summer, depends on the macroeconomic headwinds. We try to be more cautious.

是的。宏觀經濟逆風問題現在是每個人都關心的問題。但除此之外，事實上，我們的需求仍然非常強勁，尤其是如您所知，英特爾剛剛推出了 Sapphire Rapids、AMD Genoa 和 NVIDIA Hopper H100。所以我們有非常強大的產品。而這一次，我們看到一位客戶非常積極地要求早播很簡單。所以我們相信這些將帶來巨大的增長。然而，真正的大幅增長應該在夏季左右甚至夏季之後。所以從長遠來看，我們有很強的信心，尤其是在夏天之後。但在夏季之前，取決於宏觀經濟逆風。我們試圖更加謹慎。

Very helpful, Charles. And, Charles, last for me. I believe you mentioned potential for more large data centers in the second half of calendar '23. Did I hear that accurately? And are those incremental data centers, if I heard it accurately, and any more context you could provide around that?

很有幫助，查爾斯。而且，查爾斯，最後一個對我來說。我相信您提到了 23 年下半年建立更多大型數據中心的潛力。我沒聽錯吧？那些增量數據中心，如果我沒聽錯的話，你能提供更多相關信息嗎？

Yes. I mean, as you know, we start to approach large accounts since maybe 1 year ago. So we continue to gain interest from those CSP and larger accounts. And that's why we increased Taiwan capacity for lower production cost to support those larger accounts. And we even started a big campus in Malaysia. So the goal is to increase our production capacity and lower our operation and production costs so that we are able to support those larger accounts with reasonable profitability. So we continue to gain some engagement and interest from larger accounts around the world indeed. And also at the same time, we also start to engage with lots of midsized accounts, especially those through B2B and B2C. So we are engaging with much broader customer base now.

是的。我的意思是，如你所知，我們大約從 1 年前就開始接觸大客戶。因此，我們繼續從那些 CSP 和更大的客戶那裡獲得興趣。這就是為什麼我們增加台灣產能以降低生產成本以支持那些更大的客戶。我們甚至在馬來西亞開設了一個大校園。因此，我們的目標是提高我們的生產能力並降低我們的運營和生產成本，以便我們能夠以合理的盈利能力支持那些更大的客戶。因此，我們確實繼續從世界各地的大客戶那裡獲得一些參與和興趣。同時，我們也開始與許多中型客戶打交道，尤其是通過 B2B 和 B2C 的客戶。因此，我們現在正在接觸更廣泛的客戶群。

Our next question comes from Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

A couple of follow-ups. It seems like the price decline in the December quarter has more to do with the mix. And I am assuming that the OEM and large data center mix went down from 15% in September to 42% in December. And in that context, my question to you is how should I think of the mix in the March quarter, and how will that impact unit and ASP trends?

一些後續行動。似乎 12 月季度的價格下跌更多地與混合有關。我假設 OEM 和大型數據中心的組合從 9 月份的 15% 下降到 12 月份的 42%。在這種情況下，我的問題是我應該如何看待 3 月季度的組合，以及這將如何影響單位和 ASP 趨勢？

In March quarter, because of the market headwind, so we still try to be cautious. But after summer, our feeling become much stronger because a lot of good products, lots of engagement from larger accounts, middle sized account and even small -- a lot of small accounts.

三月季度，因為市場逆風，所以我們還是盡量保持謹慎。但是在夏天之後，我們的感覺變得更加強烈，因為有很多好的產品，來自大客戶、中型客戶甚至小客戶的大量參與——很多小客戶。

So, Charles, just around on these -- I want to make I understood. Would the mix of revenue from OEM and large data centers decline again in the March quarter?

所以，查爾斯，關於這些——我想讓我明白。來自 OEM 和大型數據中心的收入組合是否會在 3 月份的季度再次下降？

Yes.

是的。

Okay.

好的。

I would never say. Yes.

我永遠不會說。是的。

Okay. And then I also want to understand how you see the ramp of these 3 different CPUs. You have always -- you've historically been a close partner of Intel, AMD and NVIDIA. How long in advance do you actually procure those components in advance of building the boxes? How much of an inventory commitment or working capital commitment do you have to make before the actual high volume manufacturing takes place?

好的。然後我還想了解您如何看待這 3 個不同 CPU 的增長。從歷史上看，您一直是英特爾、AMD 和 NVIDIA 的密切合作夥伴。在構建盒子之前，您實際提前多長時間採購這些組件？在實際大批量製造發生之前，您必須做出多少庫存承諾或營運資金承諾？

Indeed, we have a very close partnership with all of our vendors. So in this area, I believe we are similar to the industry standard or slightly better. David, you may add another --

事實上，我們與所有供應商都建立了非常密切的合作夥伴關係。所以在這方面，我相信我們和行業標準差不多或者稍微好一點。戴維，你可以添加另一個——

Yes. Many things have improved recently, as you know, on the supply chain side. So we used to --have to procure further in advance. And so one of the reasons our inventories have come down, one of the reasons our cash flows have been -- as you know, have increased. And by the way, we had net income the last 2 quarters of $360 million, we had free cash flow of $454 million. And so again, the reason for that is we had to invest less money in inventory. So our ability to produce products is faster now because we can buy later in the cycle. But to your point on the timing, some of it's going to be dependent on when in the quarter our customers are taking the bulk of their products. So if we have early quarter shipments versus late quarter shipments, that can affect the timing of our inventory and accounts payable.

是的。如您所知，最近在供應鏈方面的許多事情都有所改善。所以我們過去常常 - 必須提前進一步採購。因此，我們的庫存下降的原因之一，正如您所知，我們的現金流量增加的原因之一。順便說一句，過去兩個季度我們的淨收入為 3.6 億美元，我們的自由現金流為 4.54 億美元。再一次，原因是我們不得不在庫存上投入更少的錢。所以我們現在生產產品的能力更快，因為我們可以在周期的後期購買。但就你的時間點而言，其中一些將取決於我們的客戶在本季度何時購買他們的大部分產品。因此，如果我們有早期的季度出貨量和後期的季度出貨量，這可能會影響我們的庫存和應付賬款的時間安排。

And then one last question for me on the balance sheet, especially with the Malaysia facility coming online. Are you still targeting like a $45 million of CapEx for fiscal year '23 or more or less?

然後是資產負債表上的最後一個問題，特別是馬來西亞設施上線。您是否仍將 23 財年的資本支出目標定為 4500 萬美元或更多或更少？

Yes, so fair question. So we're going to add in -- for Q3, we're adding a $4 million of CapEx for Malaysia and we'll add $9 million in Q4 -- in our Q4 for Malaysia. So that'll be $13 million for the second -- for our fiscal second half. And then, this is going to be an investment over a couple -- over several years. And so the -- we'll make another $13 million in the first half of fiscal '24. So that's not -- that's giving you a little more insight on that investment.

是的，如此公平的問題。因此，我們將在第三季度為馬來西亞增加 400 萬美元的資本支出，並在第四季度為馬來西亞增加 900 萬美元。因此，第二個財政年度的下半年將是 1300 萬美元。然後，這將是對一對夫婦的投資 - 數年。因此——我們將在 24 財年上半年再賺 1300 萬美元。所以那不是——這讓你對這項投資有了更多的了解。

Should I assume that just the maintenance CapEx outside of Malaysia is what, $8 million to $10 million a quarter?

我是否應該假設馬來西亞以外的維護資本支出是每季度 800 萬至 1000 萬美元？

Yes, that's correct. So to your question, yes, you can maintain the [$45 million] and just add in the figures that I just gave you.

對，那是正確的。所以對於你的問題，是的，你可以保持 [4500 萬美元] 並添加我剛剛給你的數字。

Our final question comes from Nehal Chokshi with Northland Capital Markets.

我們的最後一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

I guess that lead off and clean up, awesome. So relative to seasonal patterns and excluding the 21.9% customer from the September quarter, how did the business actually perform in the December quarter then?

我想那會導致清理乾淨，太棒了。因此，相對於季節性模式並排除 9 月季度的 21.9% 客戶，該業務在 12 月季度的實際表現如何？

So the December quarter was an outstanding quarter on -- in every respect. And so from free cash flow, inventory, all the metrics were strong, cash position. So as you mentioned, customer -- no customer concentration. And so we feel we had a really good -- a really great quarter.

因此，12 月季度在各個方面都是一個出色的季度。因此，從自由現金流、庫存來看，所有指標都表現強勁，現金狀況良好。所以正如你提到的，客戶——沒有客戶集中度。所以我們覺得我們有一個非常好的 - 一個非常好的季度。

I mean my interpretation here is that the core business excluding that 120% plus customer from the September quarter was up more than seasonal. Is that a correct interpretation?

我的意思是，我在這裡的解釋是，從 9 月季度排除 120% 以上客戶的核心業務增長超過季節性。這是正確的解釋嗎？

Well, we always have customers that will take -- when we have design wins, Nehal, we'll always -- from quarter-to-quarter, we'll always have shipments -- large shipments to customers. Sometimes it's according -- sometimes they change their forecast and we ship a little bit more in one quarter than another. So we can't control that always. But as we said, as the supply chain has improved, that was -- that dynamic was felt a lot harder during the supply chain crunch. Now that we've returned to a better supply chain, therefore, that's why we feel we'll return to more normal seasonalities. But that can always be altered by a new design win that we get in 1 quarter or over 2 quarters.

好吧，我們總是有客戶會接受——當我們贏得設計時，Nehal，我們總是——從一個季度到另一個季度，我們總是會有出貨量——大量出貨給客戶。有時它是根據 - 有時他們會改變他們的預測，我們在一個季度的出貨量比另一個季度多一點。所以我們不能總是控制它。但正如我們所說，隨著供應鏈的改善，在供應鏈緊縮期間，這種動態變得更加困難。因此，既然我們已經恢復到更好的供應鏈，這就是為什麼我們認為我們將恢復到更正常的季節性。但這總是可以通過我們在 1 個季度或 2 個季度內獲得的新設計勝利來改變。

Okay.

好的。

Yes. Basically, I mean in '22, we had some larger accounts, but in fiscal year '23, now we are adding more larger accounts. So we are growing in more larger accounts and more middle-sized accounts and also B2B, B2C. So indeed, our customer mix is becoming much more diversified, much more healthier, and for sure the volume will be bigger. That's why we expand to Malaysia for really lower cost operation and campus.

是的。基本上，我的意思是在 22 年，我們有一些更大的賬戶，但在 23 財年，現在我們正在增加更多的大賬戶。因此，我們在更多大客戶和更多中型客戶以及 B2B、B2C 方面都在增長。因此，事實上，我們的客戶組合正在變得更加多元化，更加健康，而且數量肯定會更大。這就是為什麼我們擴展到馬來西亞以獲得真正低成本的運營和校園。

And presumably, just diversification with the larger customers is coming on the higher margin plug-and-play rack-scale products. Is that correct?

並且據推測，利潤率更高的即插即用機架級產品正在與更大的客戶進行多樣化。那是對的嗎？

We hope so. So anyway, that's -- we feel we still have a lot of room to add more customers. And once we have a higher capacity in U.S.A., Taiwan, Malaysia, our plan is to add a lot of more customers.

我們希望如此。所以無論如何，那是——我們覺得我們還有很大的空間來增加更多的客戶。一旦我們在美國、台灣、馬來西亞擁有更高的產能，我們的計劃就是增加更多的客戶。

And then is there a particular vertical that you guys are seeing the push-outs from that -- that you were talking about for the December quarter, Dave?

然後，你們是否看到了一個特定的垂直方向——你們正在談論 12 月季度，戴夫？

A large data center, right.

大型數據中心，對吧。

The push-outs were not in data -- large data center?

推出的不是數據——大型數據中心？

Well, he was saying that they were in large data center, but so --

好吧，他是說他們在大型數據中心，但是——

In the large data centers, okay.

在大型數據中心，好的。

Yes. Yes.

是的。是的。

Got it. Okay. All right. Very good. And then for the March quarter, you're guiding to an 18% Q-over-Q decline in revenue. There is clearly obviously some seasonality with March quarter. Then there might be, I guess, ongoing push-outs from the large data center customers and then there's also a macro element. Are these the 3 major elements that are driving the 18% Q-over-Q decline? And then could you potentially help parse out what are -- rank order of these 3 drivers here?

知道了。好的。好的。非常好。然後對於 3 月季度，您將指導收入環比下降 18%。三月季度顯然存在一些季節性。然後，我猜，可能會有來自大型數據中心客戶的持續推出，然後還有一個宏觀因素。這些是導致 18% Q-over-Q 下降的 3 個主要因素嗎？然後你能不能幫助解析出這 3 個驅動程序的排名順序？

So Nehal, if you look back pre-COVID, our typical Q3 decline was 12%, okay? So that was 15 -- that was during the time of normal seasonal patterns. During COVID, there was a different dynamic, of course, because supply was scarce. But we think as we return to normalized supply that we will have this kind of seasonality.

所以 Nehal，如果你回顧 COVID 之前，我們第三季度的典型下降是 12%，好嗎？所以那是 15——那是在正常的季節性模式期間。在 COVID 期間，當然有不同的動態，因為供應稀缺。但我們認為，當我們恢復正常供應時，我們將有這種季節性。

Okay. And then as far as the potential runoff of the large customer versus macro, any input as far as what's the driver there as far as the above -- the 12% typical QoQ decline?

好的。然後就大客戶與宏觀的潛在流失而言，就上述驅動因素而言，任何輸入——12% 的典型環比下降？

Well, we're engaging with new customers all the time. And so we're not looking to be declining and in fact, just the opposite. So while we will have some seasonality as in a stable supply chain, we still have our growth plans that are intact and that we remain confident in.

好吧，我們一直在與新客戶打交道。因此，我們不希望下降，事實上，恰恰相反。因此，雖然我們在穩定的供應鏈中會有一些季節性，但我們的增長計劃仍然完好無損，我們仍然對此充滿信心。

And then my last question here is, did I hear correctly that there's a new buyback that was implemented, something about $200 million buyback? Can you just clarify that?

然後我在這裡的最後一個問題是，我是否正確地聽到了實施了新的回購，大約 2 億美元的回購？你能澄清一下嗎？

No, that's the existing, already approved buyback.

不，那是現有的、已經批准的回購。

And so now that you guys have worked yourself back to a net cash position with the strong free cash flow that you've highlighted over the past 2 quarters, is it reasonable to expect that you guys are going to put that back to work now?

因此，既然你們已經通過過去兩個季度強調的強勁自由現金流恢復了淨現金狀況，那麼有理由期望你們現在將其恢復正常嗎？

Well, it's up -- yes, it's completely up to the Board, completely up to the Board. But I think it's certainly reasonable.

好吧，這取決於——是的，這完全取決於董事會，完全取決於董事會。但我認為這當然是合理的。

We got one Board member here. Charles, your thoughts?

我們這裡有一名董事會成員。查爾斯，你的想法？

Pardon?

赦免？

Your thoughts on utilizing the buyback?

您對利用回購的想法？

You know, that's why I said [indiscernible] and cash flow is strong, why not?

你知道，這就是為什麼我說 [音頻不清晰] 並且現金流強勁，為什麼不呢？

We have a question from Mehdi Hosseini with SIG.

我們有一個來自 SIG 的 Mehdi Hosseini 的問題。

Yes. So just a quick follow-up. Just a clarification. And David, did you imply or did you say that the 10% plus customers that you had in September quarter of last year is going to come back or you're going to have another 10% plus customer in the coming quarters?

是的。所以只是快速跟進。只是一個澄清。大衛，你是否暗示或說過你在去年 9 月季度擁有的 10% 以上的客戶將會回來，或者你將在未來幾個季度擁有另外 10% 以上的客戶？

Yes, it's coming.

是的，它來了。

I thought it was very confusing.

我覺得這很混亂。

Yes. So Mehdi, the 10% customer we had a year ago September is a different customer, okay? The 22% customer that we had in the recent September quarter, again, a different customer, was below -- was -- did not constitute 10% of our revenues in Q2. Did I clarify that?

是的。所以 Mehdi，我們一年前 9 月的 10% 客戶是不同的客戶，好嗎？我們在最近的 9 月季度擁有的 22% 的客戶，再次是另一個客戶，低於 - 是 - 不構成我們第二季度收入的 10%。我澄清了嗎？

Sure. And just as a follow-up, do you expect that particular customer to come back? Is that what the confidence behind the June quarter is?

當然。作為後續行動，您希望該特定客戶回來嗎？這就是六月季度背後的信心嗎？

Well, we have -- so --

好吧，我們有——所以——

Indeed with our new product, indeed very strong offering. So we expect any time we will have a more new larger customer or old customer coming back is always very high possibility. And we are working with them very closely. Still, the partnership becomes stronger ever.

的確，我們的新產品確實非常強大。因此，我們預計任何時候我們都會有更多新的大客戶或老客戶回來的可能性總是很高。我們正在與他們密切合作。儘管如此，合作夥伴關係變得更加強大。

That's really dynamic.

這真的很動態。

Yes. Sometimes [indiscernible]

是的。有時 [音頻不清晰]

We thrive on repeat business.

我們在重複業務中茁壯成長。

There are no further questions at this time. With that said, concludes today's conference. Thank you for attending today's presentation. You may now disconnect.

目前沒有其他問題。話雖如此，今天的會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。