超微電腦 (SMCI) 2023 Q3 法說會逐字稿

Ladies and gentlemen, 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, Inc. Fiscal Third Quarter 2023 Results Conference Call. Today's conference is being recorded. (Operator Instructions)

女士們，先生們，下午好。我叫艾比，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 財年第三季度業績電話會議。今天的會議正在錄製中。 （操作員說明）

And I will now turn the conference over to Michael Stager, Vice President of Corporate Development. You may begin.

我現在將會議轉交給企業發展副總裁 Michael Stager。你可以開始了。

Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the third quarter, which ended March 31, 2023. 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 討論截至 2023 年 3 月 31 日的第三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。

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 is available to participants in the Investor Relations section of the company's website under the Events and 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。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 fourth quarter of fiscal year 2023 and the full fiscal year 2023. There are a number of risk factors that could 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 2022 and our other SEC filings. All of these documents are available on the Investor Relations page of Super Micro'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 the explanation of our non-GAAP financial measures, please refer to our company presentation or to our press release published earlier today.

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的信息展望，包括對 2023 財年第四季度和整個 2023 財年的指導。有許多風險因素可能導致 Super Micro 的未來業績與我們的預期存在重大差異。您可以在我們今天下午早些時候發布的新聞稿、我們最新的 2022 財年 10-K 文件和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 Super Micro 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。有關我們的非 GAAP 財務措施的解釋，請參閱我們的公司介紹或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. And I'll now turn the call over to Charles.

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。我現在將電話轉給查爾斯。

Thank you, Michael, and good afternoon, everyone. Our revenue for the third quarter of fiscal year '23 totaled $1.28 billion, down 5% year-on-year and below our initial guidance range as we previously announced. But our non-GAAP earnings per share grew over 5% year-on-year to $1.63 compared to $1.55 a year ago.

謝謝邁克爾，大家下午好。我們 23 財年第三季度的收入總計 12.8 億美元，同比下降 5%，低於我們之前宣布的初始指導範圍。但我們的非 GAAP 每股收益同比增長 5% 以上，達到 1.63 美元，而一年前為 1.55 美元。

While the quarter did not unfold as we expect, I am strongly encouraged by our current business momentum as we navigate market uncertainty with our new generation X13 and H13 and H100 leading-edge product, especially in artificial intelligence. These new AI product demands from top-tier companies have led us to challenge in terms of new key components availability compounded with the economic headwind, our Q3 result was reflective of this difficulty yet opportune condition.

雖然本季度沒有像我們預期的那樣展開，但我對我們當前的業務勢頭感到非常鼓舞，因為我們通過新一代 X13、H13 和 H100 領先產品應對市場不確定性，尤其是在人工智能方面。來自頂級公司的這些新的 AI 產品需求使我們在新的關鍵組件可用性和經濟逆風方面面臨挑戰，我們的第三季度結果反映了這種困難但恰逢其時的情況。

The good news is that we have already started to address these component shortage pressures over the past few months, and we are in a much-improved situation going forward. We have started to produce and ship some back orders since April.

好消息是，在過去幾個月裡，我們已經開始解決這些組件短缺的壓力，而且我們的情況在未來有了很大改善。自 4 月以來，我們已經開始生產和運送一些延期交貨的訂單。

Here are a few highlights for the quarter: First, record pace of GPU leading-edge design wins with growing back order, including winning at least 2 new global top 20 customers. Second, we refreshed our entire product portfolio based on new CPU, GPU, Storage and Fabric technologies from key partners including NVIDIA, Intel, AMD and others. Then, third, increased customer demands of our rack scale plug and play solutions and continued expansion and transition from a server/storage hardware manufacturer to a Total IT Solutions provider.

以下是本季度的一些亮點：首先，GPU 前沿設計的創紀錄速度贏得了訂單的增長，包括贏得至少 2 個新的全球前 20 大客戶。其次，我們基於主要合作夥伴（包括 NVIDIA、英特爾、AMD 等）的新 CPU、GPU、存儲和結構技術更新了我們的整個產品組合。然後，第三，客戶對我們的機架規模即插即用解決方案的需求不斷增加，並不斷擴展並從服務器/存儲硬件製造商轉變為整體 IT 解決方案提供商。

With applications like ChatGPT that heavily count on large language models, LLM and generative AI, the state of AI infrastructure business has grown rapidly. This AI momentum has benefited Super Micro greatly as we are deploying many of the world’s leading and large-scale GPU clusters. In addition, we have built a close and collaborative relationship with NVIDIA over the years by co-developing and offering the most optimized and the fastest time-to-market GPU platform on the market.

借助 ChatGPT 等嚴重依賴大型語言模型、LLM 和生成式 AI 的應用程序，AI 基礎設施業務的狀況發展迅速。由於我們正在部署許多世界領先的大規模 GPU 集群，這種 AI 勢頭使 Super Micro 受益匪淺。此外，多年來，我們通過共同開發和提供市場上最優化、上市時間最快的 GPU 平台，與 NVIDIA 建立了密切的協作關係。

Aligning new generation product designs with partner ecosystems is highly complex. As I mentioned earlier, multiple key component shortages delayed our ability to manufacture and deliver the new systems like the Delta Next GPU system last quarter. With the improving components availability this quarter, the new GPU system shipments will ramp significantly. Indeed, we continue to scale up our manufacturing campus in U.S., Taiwan, Netherland and Malaysia, so that we can support our revenue growth in a much larger scale in the coming quarters and years.

使新一代產品設計與合作夥伴生態系統保持一致非常複雜。正如我之前提到的，多個關鍵組件短缺延遲了我們製造和交付新系統的能力，例如上個季度的 Delta Next GPU 系統。隨著本季度組件可用性的提高，新 GPU 系統的出貨量將大幅增加。事實上，我們繼續擴大我們在美國、台灣、荷蘭和馬來西亞的製造園區，以便我們能夠在未來幾個季度和幾年支持更大規模的收入增長。

By leveraging our in-house Building Block design and manufacturing, we are well equipped to navigate through the current economic headwinds. With our Building Block Solutions architecture, we always deliver workload optimized new products to market faster than competitors, like with the recent NVIDIA H100, Intel Sapphire Rapids and AMD Genoa releases.

通過利用我們內部的 Building Block 設計和製造，我們有能力應對當前的經濟逆風。借助我們的 Building Block Solutions 架構，我們始終可以比競爭對手更快地將工作負載優化的新產品推向市場，例如最近發布的 NVIDIA H100、Intel Sapphire Rapids 和 AMD Genoa。

The power consumption and thermal challenges of these new technologies have risen dramatically, and 40KW or even 60KW and 80KW rack solution demands are getting stronger and popular for computing hungry (inaudible) industries. Having high power efficiency and air/liquid thermal expertise has become one of our key differentiators of success. Combined with our proven green computing pedigree that saves customers much TCO savings, our time-to-market advantage and solution optimization via Building Block Solutions; we anticipate to continue to gain many more new design wins with these new generation products in the quarters ahead.

這些新技術的功耗和散熱挑戰急劇上升，40KW 甚至 60KW 和 80KW 機架解決方案需求越來越強烈，並受到計算飢渴（聽不清）行業的歡迎。擁有高功率效率和空氣/液體熱專業知識已成為我們成功的關鍵差異化因素之一。結合我們為客戶節省大量 TCO 的成熟綠色計算譜系、我們的上市時間優勢和通過 Building Block Solutions 優化的解決方案；我們預計在未來幾個季度將繼續通過這些新一代產品贏得更多新設計。

We have made solid progress in our Total IT Solutions initiative by advancing our rack-scale solutions capability. Provided there are no supply constraints, we can design, build, validate full systems and deliver turn-key rack level solutions to customers within a few weeks of placing an order instead of months from competitors.

通過提升我們的機架級解決方案能力，我們在整體 IT 解決方案計劃中取得了堅實的進展。如果沒有供應限制，我們可以在下訂單後的幾週內為客戶設計、構建、驗證完整的系統並交付交鑰匙機架級解決方案，而競爭對手則需要幾個月的時間。

Super Micro’s one-stop shop Total IT Solutions strategy includes AI, servers, storage, networking, software, racking, cabling, power, cooling, integration, validation, and management features plus services. The idea is to let our customers focus more on their applications and new software features, leaving the IT hardware solutions to Super Micro, from cloud to Edge.

Super Micro 的一站式整體 IT 解決方案戰略包括人工智能、服務器、存儲、網絡、軟件、機架、佈線、電源、冷卻、集成、驗證和管理功能以及服務。這個想法是讓我們的客戶更多地關注他們的應用程序和新軟件功能，將 IT 硬件解決方案留給 Super Micro，從雲到邊緣。

Currently, we are on track to support up to 4,000 racks per month of global manufacturing capability and capacity by the calendar year end. Our business is maintaining a growth rate that is multiples of the overall IT industry growth rate worldwide in the same period. We are doing so by efficiently taking market share in the new and fastest growing markets. AI, Storage, on-prem Cloud, Embedded and 5G Edge are all verticals we see the potential to greatly increase our TAM. We are well positioned to support these highly specialized markets by optimizing our technology, design and business automation at our U.S., Asia and EMEA campuses.

目前，我們有望在年底前支持每月多達 4,000 個機架的全球製造能力和產能。我們的業務保持的增長率是同期全球 IT 行業整體增長率的數倍。我們通過有效地在新興市場和增長最快的市場中佔據市場份額來實現這一目標。人工智能、存儲、本地雲、嵌入式和 5G Edge 都是我們認為有可能大大增加 TAM 的垂直領域。通過優化我們在美國、亞洲和歐洲、中東和非洲園區的技術、設計和業務自動化，我們有能力支持這些高度專業化的市場。

The recently added liquid-cooled rack-scale solutions and production lines, product auto configurator and online business automation will bring more value to our customer quicker with better quality.

最近添加的液冷機架規模解決方案和生產線、產品自動配置器和在線業務自動化將以更好的質量更快地為我們的客戶帶來更多價值。

We are also improving our cost structure by scaling our Taiwan and upcoming Malaysia campuses, which will be online soon with some of our key partners.

我們還通過擴大我們的台灣和即將到來的馬來西亞校區來改善我們的成本結構，這些校區將很快與我們的一些主要合作夥伴一起上線。

While our March quarter results had some challenges, our new generation of products are in high demand, especially for AI, and we anticipate more customers deploying our products in rack-scale plug and play. We continue to emerge as one of the largest global suppliers of Total IT Solutions and continue to gain market share. The strength of our products and technology keeps us confident of delivering Q4 revenues in the range of $1.7 billion to $1.9 billion. If supply conditions improve sooner, we expect to be above that range, even some economical headwind is still ahead.

雖然我們 3 月份的季度業績面臨一些挑戰，但我們對新一代產品的需求量很大，尤其是對 AI 而言，我們預計會有更多客戶以機架規模即插即用的方式部署我們的產品。我們繼續成為全球最大的整體 IT 解決方案供應商之一，並繼續獲得市場份額。我們產品和技術的實力使我們有信心在第四季度實現 17 億美元至 19 億美元的收入。如果供應狀況更快改善，我們預計將高於該範圍，即使一些經濟逆風仍在前方。

In other words, I continue to expect our fiscal year 2024 revenue to be at least 20% year-over-year growth, and we are accelerating to reach our mid-to-long-term growth objectives of $20 billion per year.

換句話說，我繼續預計我們 2024 財年的收入將至少同比增長 20%，並且我們正在加速實現每年 200 億美元的中長期增長目標。

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

現在我將把電話轉給我們的首席財務官 David Weigand，以提供本季度的更多詳細信息。謝謝。

Thank you, Charles. Fiscal Q3, 2023 revenues were $1.28 billion, down 5% year-over-year and down 29% quarter-over-quarter which was below our initial guidance range of $1.42 billion to $1.52 billion. The shortfall was primarily due to key new component shortages for Super Micro’s new generation server platforms which have been mostly resolved to date.

謝謝你，查爾斯。 2023 財年第三季度收入為 12.8 億美元，同比下降 5%，環比下降 29%，低於我們 14.2 億美元至 15.2 億美元的初始指導範圍。短缺主要是由於 Super Micro 新一代服務器平台的關鍵新組件短缺，這些短缺目前已基本解決。

Our next generation AI platforms are driving record levels of design wins along with strong orders from top-tier customers and a record backlog. We are well positioned for a strong finish to our fiscal year 2023 as we ramp up deliveries of our new platforms to key customers. We note that our shipments against a record backlog may be constrained by supply chain bottlenecks due to high demand for our advanced AI server platforms.

我們的下一代人工智能平台正在推動創紀錄的設計勝利以及來自頂級客戶的強勁訂單和創紀錄的積壓。隨著我們加快向主要客戶交付新平台，我們已準備好在 2023 財年取得強勁的成績。我們注意到，由於對我們先進的人工智能服務器平台的高需求，我們對創紀錄積壓的出貨量可能受到供應鏈瓶頸的限制。

Q3 results were driven by our high-growth AI/GPU and rack-scale solutions which represented approximately 29% of our total revenues and we expect significant, future growth. An existing cloud service provider customer represented more than 10% of revenues for the first time.

第三季度的業績是由我們的高增長 AI/GPU 和機架規模解決方案推動的，這些解決方案約占我們總收入的 29%，我們預計未來會有顯著增長。現有的雲服務提供商客戶首次佔收入的 10% 以上。

On a quarter-over-quarter basis, key new platform component shortages and seasonality impacted our 3 end market verticals. On a year-over-year basis, we had growth in our OEM appliance and large datacenter vertical reflecting momentum with new datacenter and CSP customers.

與上一季度相比，關鍵的新平台組件短缺和季節性影響了我們的 3 個終端市場垂直市場。與去年同期相比，我們在 OEM 設備和大型數據中心垂直領域的增長反映了新數據中心和 CSP 客戶的增長勢頭。

We recorded $646 million in the Enterprise and Channel vertical, representing 50% of Q3 revenues versus 53% last quarter, this was down 22% year-over-year and down 32% quarter-over-quarter due to new platform component shortages.

我們在企業和渠道垂直領域錄得 6.46 億美元，佔第三季度收入的 50%，而上一季度為 53%，由於新平台組件短缺，同比下降 22%，環比下降 32%。

The OEM appliance and large datacenter vertical achieved $601 million in revenues, representing 47% of Q3 revenues versus 43% last quarter, this was up 37% year-over-year as we gained momentum with existing and new datacenter, CSP, and OEM cloud appliance customers and down 23% quarter-over-quarter due to new platform component shortages.

OEM 設備和大型數據中心垂直領域實現了 6.01 億美元的收入，佔第三季度收入的 47%，而上一季度為 43%，同比增長 37%，因為我們在現有和新的數據中心、CSP 和 OEM 雲方面獲得了發展勢頭家電客戶，由於新平台組件短缺，環比下降 23%。

Our emerging 5G, telco, Edge and IoT segment achieved $36 million in revenues, which represented 3% of Q3 revenues versus 4% last quarter. Systems comprised 91% of total revenue and was up 2% year-over-year and down 30% quarter-over-quarter. Subsystems and accessories represented 9% of Q3 revenues and were down 43% year-over-year and down 16% quarter-over-quarter.

我們新興的 5G、電信、邊緣和物聯網部門實現了 3600 萬美元的收入，佔第三季度收入的 3%，而上一季度為 4%。系統佔總收入的 91%，同比增長 2%，環比下降 30%。子系統和配件佔第三季度收入的 9%，同比下降 43%，環比下降 16%。

On a year-over-year basis, the volume of systems and nodes shipped decreased while system node ASPs increased due to higher product ASPs, especially for our AI product offerings. On a quarter-over-quarter basis, the volume of systems and nodes shipped decreased due to lower shipments from component shortages while system node ASPs increased.

與去年同期相比，系統和節點的出貨量有所下降，而係統節點的平均售價由於較高的產品平均售價而增加，尤其是我們的 AI 產品。與上一季度相比，由於組件短缺導致出貨量減少，系統和節點的出貨量有所下降，而係統節點的平均售價有所上升。

Geographically, during Q3 the U.S. market represented 61% of revenues, Asia 17%, Europe 18% and the rest of the world 4%. On a year-over-year basis, U.S. revenues increased 3%, Asia decreased 31%, Europe increased 11% and rest of the world decreased 29%. On a quarter-over-quarter basis, U.S. revenues decreased 28%, Asia decreased 35%, Europe decreased 27%, and rest of the world decreased 20%.

從地域上看，第三季度美國市場佔收入的 61%，亞洲佔 17%，歐洲佔 18%，世界其他地區佔 4%。與去年同期相比，美國收入增長 3%，亞洲下降 31%，歐洲增長 11%，世界其他地區下降 29%。按季度計算，美國收入下降 28%，亞洲下降 35%，歐洲下降 27%，世界其他地區下降 20%。

The Q3 non-GAAP gross margin was 17.7%, this was down 110 basis points quarter-over-quarter and up 210 basis points year-over-year. The decline in the non-GAAP gross margin was due to one, our efforts to gain market share in the rapidly growing AI server platform market with aggressive pricing targeting strategic large enterprises, data center and CSP customers. Secondly, lower factory efficiency from smaller sales volume and a learning curve in the production ramp of new platforms.

第三季度非美國通用會計準則毛利率為 17.7%，環比下降 110 個基點，同比上升 210 個基點。非 GAAP 毛利率下降的原因之一是，我們努力通過針對戰略性大型企業、數據中心和 CSP 客戶的激進定價，在快速增長的 AI 服務器平台市場中獲得市場份額。其次，銷量減少導致工廠效率降低，新平台的生產爬坡需要學習曲線。

The company’s mainstream server business margin profiles were generally on par with last quarter. As we focus on gaining market share with our new AI platforms, we will target the optimal mix of revenue growth, gross margin, and operating profit growth to create long-term value for our shareholders.

該公司的主流服務器業務利潤率概況與上一季度基本持平。當我們專注於通過我們的新人工智能平台獲得市場份額時，我們將以收入增長、毛利率和營業利潤增長的最佳組合為目標，為我們的股東創造長期價值。

Turning to operating expenses, Q3 OpEx on a GAAP basis increased by 4% quarter-over-quarter and increased 5% year-over-year to $127 million. On a non-GAAP basis, operating expenses increased 7% quarter-over-quarter and increased 6% year-over-year to $116 million. OpEx increased sequentially due to lower NRE and marketing credits for new platform launches and higher headcount. The non-GAAP operating margin was 8.7% for the quarter versus 12.8% last quarter and 7.5% a year ago due to lower revenues and lower gross margins. Other income and expense was approximately $1.4 million in expense primarily consisting of interest expense of $1.3 million and a small FX loss as compared to $1.8 million in interest expense and $6.3 million in FX losses last quarter. Interest expense decreased sequentially as we paid down some working capital loans last quarter.

談到運營費用，第三季度運營支出按 GAAP 計算環比增長 4%，同比增長 5% 至 1.27 億美元。按非美國通用會計準則計算，運營費用環比增長 7%，同比增長 6% 至 1.16 億美元。由於新平台發布的 NRE 和營銷信貸減少以及員工人數增加，運營支出環比增加。由於收入和毛利率下降，本季度非美國通用會計準則營業利潤率為 8.7%，而上一季度為 12.8%，一年前為 7.5%。其他收入和支出約為 140 萬美元，主要包括 130 萬美元的利息支出和少量外匯損失，而上一季度的利息支出為 180 萬美元，外匯損失為 630 萬美元。由於我們上個季度還清了一些營運資金貸款，因此利息支出環比下降。

The tax provision for Q3 was $11 million on a GAAP basis and $15 million on a non-GAAP basis. The GAAP tax rate for Q3 was 11% and non-GAAP tax rate was 14%. Our tax rates were lower sequentially due to higher discrete tax benefits realized in Q3.

第三季度的稅收撥備按 GAAP 計算為 1100 萬美元，按非 GAAP 計算為 1500 萬美元。第三季度的 GAAP 稅率為 11%，非 GAAP 稅率為 14%。由於第三季度實現了更高的離散稅收優惠，我們的稅率連續較低。

Lastly, our share of income from our joint venture was a loss of $1 million this quarter as compared to a loss of $1.4 million last quarter. We delivered Q3 non-GAAP diluted earnings per share of $1.63 which was up 5% year-over-year and down 50% quarter-over-quarter due to the lower revenues, lower gross margins and higher operating expenses quarter-over-quarter.

最後，本季度我們在合資企業中的收入份額虧損 100 萬美元，而上一季度虧損 140 萬美元。我們交付的第三季度非 GAAP 攤薄後每股收益為 1.63 美元，同比增長 5%，環比下降 50%，原因是收入下降、毛利率下降以及運營費用環比上升。

Turning to the balance sheet and working capital metrics compared to last quarter, our Q3 cash conversion cycle was 126 days versus 95 days in Q2. Days of inventory was 126 which was up by 27 as we built inventory to fulfill large new customer orders. Days sales outstanding rose 13 days quarter-over-quarter to 51 days while days payables outstanding increased by 9 days to 51. Working capital metrics were impacted by the -- again by the new platform component shortages, which increased inventory and lengthened the cash conversion cycle as we could not fulfill all our sales demand.

轉向與上一季度相比的資產負債表和營運資本指標，我們第三季度的現金轉換週期為 126 天，而第二季度為 95 天。庫存天數為 126 天，增加了 27 天，因為我們建立庫存以滿足大量新客戶訂單。銷售未付天數環比增加 13 天至 51 天，而應付賬款天數增加 9 天至 51 天。營運資金指標受到新平台組件短缺的影響，這又增加了庫存並延長了現金轉換循環，因為我們無法滿足所有的銷售需求。

In fiscal Q3, we generated positive cash flow from operations of $198 million versus $161 million in Q2. Despite our quarter-over-quarter revenue decline, our operating cash flow benefited from continued profitability and the conversion of accounts receivables to cash. CapEx was $8 million for Q3 resulting in positive free cash flow of $190 million versus positive free cash flow of $151 million last quarter.

在第三財季，我們從運營中產生了 1.98 億美元的正現金流，而第二季度為 1.61 億美元。儘管我們的收入環比下降，但我們的經營現金流受益於持續盈利和應收賬款轉換為現金。第三季度的資本支出為 800 萬美元，導致自由現金流為 1.9 億美元，而上一季度的自由現金流為 1.51 億美元。

The closing balance sheet cash position was $363 million. Total bank debt increased to $187 million as we increased our debt by $17 million during the quarter, while net cash increased to $176 million in Q3 from $135 million in Q2 due to strong operating cash flow. During Q3 we repurchased 1.55 million shares of our common stock for approximately $150 million leaving $50 million remaining under our current $200 million share repurchase authorization which goes until January 31, 2024. Our Board will determine the timing and amount of any future share repurchases.

期末資產負債表現金頭寸為 3.63 億美元。由於我們在本季度增加了 1700 萬美元的債務，銀行債務總額增加到 1.87 億美元，而由於強勁的運營現金流，第三季度的淨現金從第二季度的 1.35 億美元增加到 1.76 億美元。在第三季度，我們以大約 1.5 億美元的價格回購了 155 萬股普通股，根據我們目前的 2 億美元股票回購授權，截至 2024 年 1 月 31 日，剩餘 5000 萬美元。我們的董事會將決定未來股票回購的時間和金額。

Now turning to the outlook for our business, we have a strong backlog of orders for new platforms entering the seasonally strong June quarter. We are working diligently with our strategic partners and customers to fulfill their requirements and are making steady progress in easing key supply constraints. For the fourth quarter of fiscal 2023 which ended in June 30, 2023, we expect net sales in the range of $1.7 billion to $1.9 billion, GAAP diluted net income per share of $2.13 to $2.65 and non-GAAP diluted net income per share of $2.21 to $2.71.

現在轉向我們的業務前景，進入季節性強勁的 6 月季度，我們有大量積壓的新平台訂單。我們正在與我們的戰略合作夥伴和客戶努力合作，以滿足他們的要求，並在緩解關鍵供應限制方面取得穩步進展。對於截至 2023 年 6 月 30 日的 2023 財年第四季度，我們預計淨銷售額在 17 億美元至 19 億美元之間，GAAP 攤薄後每股淨收益為 2.13 美元至 2.65 美元，非 GAAP 攤薄後每股淨收益為 2.21 美元至 2.71 美元。

We expect gross margins to be approximately 17% as we focus on gaining market share with our strategic new customers and platforms. As we improve our production efficiencies on the new platforms and gain scale with our customers, we expect our gross margins to improve. However, in the current AI growth, AI market environment, we will continue to balance market share gains with gross margins. GAAP operating expenses are expected to be $145 million, which includes approximately $10 million in expected stock-based compensation and other expenses that are excluded from non-GAAP diluted net income per common share.

我們預計毛利率約為 17%，因為我們專注於通過我們的戰略新客戶和平台獲得市場份額。隨著我們在新平台上提高生產效率並擴大客戶規模，我們預計我們的毛利率會提高。然而，在當前 AI 增長、AI 市場環境下，我們將繼續平衡市場份額收益與毛利率。 GAAP 運營費用預計為 1.45 億美元，其中包括約 1000 萬美元的預期股票薪酬和其他費用，這些費用不包括在非 GAAP 稀釋後每股普通股淨收入中。

GAAP and non-GAAP operating expenses are expected to increase in Q4 due to lower R&D NRE credits and higher personnel and marketing costs. We expect other income and expenses, including interest expense, to be a net expense of approximately $4 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 14.7%, a non-GAAP tax rate of 15.7%, and a fully diluted share count of 56 million for GAAP and 57 million shares for non-GAAP. The outlook for the fiscal fourth quarter of 2023 fully diluted GAAP EPS includes approximately $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.

由於研發 NRE 信貸減少以及人員和營銷成本增加，預計第 4 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 400 萬美元的淨支出，並預計我們的合資企業將出現名義虧損。公司對 GAAP 和非 GAAP 攤薄後每股普通股淨收入的預測假設 GAAP 稅率為 14.7%，非 GAAP 稅率為 15.7%，完全攤薄後的 GAAP 和 57 股股份數為 5600 萬股萬股非公認會計原則。 2023 財年第四季度完全攤薄後的 GAAP 每股收益預期包括約 700 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。

We expect CapEx for the fiscal fourth 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 tightening our guidance for revenues from a range of $6.5 billion to $7.5 billion to a range of $6.6 billion to $6.8 billion which would represent year-over-year growth of 27% to 31%, GAAP diluted net income per share from a range of $8.50 to $11 to a range of $10.14 and to $10.66 and non-GAAP diluted net income per share from a range of $9 to $11.30 to a range of $10.50 to $11.00.

我們預計 2023 年第四財季的資本支出將在 1100 萬至 1400 萬美元之間。對於截至 2023 年 6 月 30 日的 2023 財年，我們將收入指引從 65 億美元至 75 億美元收緊至 66 億美元至 68 億美元，這意味著同比增長 27% 至 31% %，GAAP 攤薄後每股淨收益從 8.50 美元到 11 美元到 10.14 美元到 10.66 美元，非 GAAP 攤薄後每股淨收益從 9 到 11.30 美元到 10.50 美元到 11.00 美元。

The company’s projections for GAAP annual net income assume a tax rate of 14.9% and a rate of 16% for non-GAAP net income. For fiscal year '23, we are assuming a fully diluted share count of 56 million shares for GAAP and 57 million shares for non-GAAP. The outlook for fiscal year 2023 fully diluted GAAP earnings per share 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.

公司對 GAAP 年度淨收入的預測假設稅率為 14.9%，非 GAAP 淨收入的稅率為 16%。對於 23 財年，我們假設 GAAP 的完全稀釋股數為 5600 萬股，非 GAAP 為 5700 萬股。 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。

For fiscal year 2024 we are expecting revenue growth of at least 20% based on strong customer demand for our best-in-class new AI platforms and Total IT solutions. We remain confident in our long-term outlook for robust revenue growth and profitability driven by our leading-edge new platforms, design wins and significant new customers, our efficient global manufacturing capacity, and continued market share gains.

基於客戶對我們一流的新人工智能平台和整體 IT 解決方案的強烈需求，我們預計 2024 財年的收入將至少增長 20%。在我們領先的新平台、設計勝利和重要的新客戶、我們高效的全球製造能力以及持續的市場份額增長的推動下，我們對強勁的收入增長和盈利能力的長期前景充滿信心。

Michael, we are 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) We will take our first question from Nehal Chokshi with Northland Capital Markets.

（操作員說明）我們將向 Northland Capital Markets 的 Nehal Chokshi 提出我們的第一個問題。

Very impressive buyback rate of $150 million in a quarter, $100 a share. So a very strong statement that the shares are attractive prices. And nice to see that backed up with the $10.5 to $11 share fiscal year '23 guidance. So with that in mind, on the at least 20% year-over-year revenue growth for fiscal year '24, what's your level of confidence that Super Micro can operate at the high end of the target model that you guys communicated 2 years ago, that being the 14% to 17% gross margin range.

非常可觀的一個季度 1.5 億美元的回購率，每股 100 美元。所以一個非常強烈的聲明，即這些股票的價格很有吸引力。很高興看到 23 財年 10.5 美元至 11 美元的份額指引得到支持。因此，考慮到這一點，對於 24 財年至少 20% 的同比收入增長，您對 Super Micro 能夠在你們 2 年前傳達的目標模型的高端運營的信心程度如何，即 14% 至 17% 的毛利率範圍。

Yes, indeed, confidence is very good. So again, because of the economic headwinds, so we try to be more conservative here. But at least 20% year-over-year growth, and we expect -- we hope more than that for sure.

是的，的確，信心很好。同樣，由於經濟逆風，我們在這裡嘗試更加保守。但至少有 20% 的同比增長，我們預計 - 我們肯定希望更多。

And what about with respect to gross margin?

那麼毛利率呢？

Yes. So Nehal, we -- yes, back 2 years ago, we gave a 17% to 21% -- 23% top line growth. Obviously, we're in there at a minimum of 20%. And for the gross margins, we continue to, like I said, to wrestle with taking market share and also balancing that against gross margins. But we're confident with our new manufacturing facilities coming online that we will be able to improve our gross margins. And we also, as we come out of this quarter and we begin to ramp our new product offerings that we will be able to improve margins as well.

是的。所以 Nehal，我們 - 是的，回到 2 年前，我們給出了 17% 到 21% - 23% 的收入增長。顯然，我們至少有 20%。對於毛利率，就像我說的那樣，我們繼續努力爭取市場份額並平衡其與毛利率。但我們對新生產設施的上線充滿信心，我們將能夠提高毛利率。而且我們也在本季度結束時開始增加我們的新產品，我們也將能夠提高利潤率。

And are you guys seeing any signs of general corporate IT demand weakening -- weakness as the CDW preannounce has indicated.

你們是否看到任何一般企業 IT 需求減弱的跡象——正如 CDW 預先宣布的那樣。

Yes, the general IT market has slowed down a little bit. But our vision is that we have a lots of high end, high computing, especially GPU product line that we saw a very strong demand. So overall, our growth will be strong.

是的，總體 IT 市場已經放緩了一點。但我們的願景是我們有很多高端、高計算，尤其是 GPU 產品線，我們看到了非常強勁的需求。所以總的來說，我們的增長將是強勁的。

And then do you guys have any 10%-plus customers in the quarter? And any expectations that, that would contribute within the June quarter as well?

然後你們在本季度有超過 10% 的客戶嗎？還有任何期望，這也會在 6 月季度內做出貢獻嗎？

So we did have a new 10% customer this quarter. They're not a new customer, but they're a new 10% customer. And we expect from time -- from quarter-to-quarter, Nehal, depending on the delivery of these -- of our design wins, we will see our other customers over -- achieve over 10% of our revenue. So that will continue to happen.

所以本季度我們確實有一個新的 10% 客戶。他們不是新客戶，但他們是 10% 的新客戶。我們期望從一個季度到另一個季度，Nehal，取決於這些的交付 - 我們的設計獲勝，我們將看到我們的其他客戶超過 - 實現我們收入的 10% 以上。所以這將繼續發生。

And is that the expectation that there will likely be a new 10% customer pop up within the June quarter?

是否期望在 6 月季度內可能會出現 10% 的新客戶？

It's very possible.

很有可能。

Yes. But at the same time, we are also operationally growing our [prenam] through our channel, through our retail and also through online business. So we try to balance the growth between the larger accounts and lots of small accounts.

是的。但與此同時，我們也在通過我們的渠道、零售和在線業務在運營上發展我們的 [prenam]。所以我們試圖平衡大賬戶和大量小賬戶之間的增長。

We will take our next question from Mehdi Hosseini with SIG.

我們將與 SIG 一起接受 Mehdi Hosseini 的下一個問題。

A couple of follow-ups for me. I want to better understand. I remember last earnings conference call, you discussed your confidence in the backlog. And back then, there was a little bit of a push out of revenue opportunities from perhaps March into June, but you were very confident that as we approach June and September, it should materialize. And now that -- the magnitude of that revenue push was more than expected. So what happened, if you were confident with the backlog in January, what prevented you to procure the key components? And I have a follow-up.

對我來說有幾個後續行動。我想更好地理解。我記得上一次財報電話會議，你討論了你對積壓的信心。那時，從 3 月到 6 月，可能會有一些收入機會被推出，但你非常有信心，隨著我們接近 6 月和 9 月，它應該會實現。而現在——收入增長的幅度超出了預期。那麼發生了什麼，如果您對 1 月份的積壓有信心，是什麼阻止了您採購關鍵組件？我有一個後續行動。

Sure. There was a shift -- there was a dramatic shift toward new AI solutions, Mehdi. And so therefore, it was larger than anyone expected. And so the parts availability constrained the amount of shipments that we could do. Obviously, we anticipated a slower quarter because the third quarter is seasonally slower. And we also mentioned -- you're correct, we also mentioned some customers that tapped their brakes and moved out to Q2. But it was really the component shortages that hit us this quarter.

當然。發生了轉變——邁赫迪，朝著新的 AI 解決方案發生了戲劇性的轉變。因此，它比任何人預期的都要大。因此，零件可用性限制了我們可以做的出貨量。顯然，我們預計季度會放緩，因為第三季度季節性放緩。我們還提到——你是對的，我們還提到了一些踩剎車並搬到第二季度的客戶。但本季度真正打擊我們的是組件短缺。

Yes. I'm going to Q1. We have some customers postponed shipping right? But at the same time, some other customer pull in and they want a high end, especially GPU product line. And for those high-end GPU product line new design, yes, we have some key component shortage, including GPU, CPU combination and kind of high power, thermal solution. So we did a very big effort to pull in those components. And now situation have been dramatically improved. That's why we feel pretty good for our June quarter.

是的。我要去Q1。我們有一些客戶推遲發貨嗎？但與此同時，其他一些客戶也加入進來，他們想要高端產品，尤其是 GPU 產品線。而對於那些高端 GPU 產品線的新設計，是的，我們有一些關鍵組件短缺，包括 GPU、CPU 組合和一種高功率、散熱解決方案。所以我們做了很大的努力來引入這些組件。而現在情況已經有了很大的改善。這就是為什麼我們對我們的六月季度感覺很好。

And David, one -- a cash flow item. In the December quarter, you were able to work down inventory, but then there was one nonworking capital item, which caused the decline in cash from operation. Now this quarter, March, it was actually the other way. You had to purchase inventory, but there was a non -- there was a positive nonworking capital item that came in. Can you help me understand how I should think about these dynamics in working capital? And how is it going to change looking forward?

大衛，一個——現金流量項目。在 12 月季度，您能夠減少庫存，但隨後有一個非營運資本項目，導致運營現金減少。現在這個季度，三月，實際上是相反的。你必須購買存貨，但有一個非 - 有一個積極的非營運資本項目進來了。你能幫我理解我應該如何考慮營運資本中的這些動態嗎？展望未來它將如何改變？

Yes. I think as we go out, Mehdi, I think that's a good question because we will -- working capital wise, is -- this fourth quarter is going to be challenging for me because we are going to be moving -- acquiring a lot of inventory. And so it will -- that will challenge our cash flows during this quarter. So that's something -- the timing of inventory and shipments is critical. And as -- going into this Q4 or ending Q3, we were building inventory. And yet at the same time, as Charles mentioned, we couldn't ship things because we didn't have every -- all the parts that we needed. So we're growing inventory at the same time that we're constrained on shipping. So what that does is, it caused our working capital metrics to go down a little bit, and that's evident in our cash conversion cycle. But I would say that in spite of that, we generated some of our best cash flow. We generated almost $200 million in cash flow, and we returned $150 million of that to the shareholders. So what I would say is that, yes, going into Q4, cash flow is very important. But I think, ultimately, the business has shown that it generates very good cash flows.

是的。我認為當我們出去時，邁赫迪，我認為這是一個很好的問題，因為我們將 - 營運資金方面 - 這個第四季度對我來說將是一個挑戰，因為我們將要移動 - 收購很多存貨。所以它會 - 這將挑戰我們本季度的現金流量。所以這就是 - 庫存和發貨的時間至關重要。進入第四季度或第三季度末，我們正在建立庫存。但與此同時，正如查爾斯提到的，我們無法運送東西，因為我們沒有我們需要的所有部件。因此，我們在增加庫存的同時限制了運輸。所以它的作用是，它導致我們的營運資本指標下降了一點，這在我們的現金轉換週期中很明顯。但我要說的是，儘管如此，我們還是產生了一些最好的現金流。我們產生了近 2 億美元的現金流，並將其中的 1.5 億美元返還給了股東。所以我要說的是，是的，進入第四季度，現金流非常重要。但我認為，最終，該業務表明它產生了非常好的現金流。

Yes. Although like David said, recently cash flow a little bit tight, but we'll be very safe. I would have to say we will be super safe and a little bit tight because we prepay -- purchase a lot of components for growing June quarter and following the September quarter. I believe June and September quarter will be very strong, especially September quarter, I would like to say. So we had to prepare components. And that's why our cash flow will be a little bit tight, but will be super safe.

是的。雖然像大衛說的，最近現金流有點緊張，但我們會很安全。我不得不說我們將非常安全並且有點緊張，因為我們預付款 - 為增長的 6 月季度和 9 月季度購買大量組件。我相信 6 月和 9 月季度會非常強勁，尤其是 9 月季度，我想說。所以我們必須準備組件。這就是為什麼我們的現金流會有點緊張，但會非常安全。

(Operator Instructions) We will take our next question from Ananda Baruah with Loop Capital.

（操作員說明）我們將接受來自 Loop Capital 的 Ananda Baruah 的下一個問題。

Two, if I could. At the risk of asking maybe the obvious, I think 90 days ago, you guys had -- Charles said on your earnings call that you had expected in the second half of this calendar year. So September, December quarter to be in a position to start -- this is the way that I interpreted Charles, making a regular part of your book of business the layering in of larger projects from the cloud cadre, from the AI cadre like that. And I guess my question is, are you seeing -- is what we're seeing in the June quarter that you're talking about? Is that a pull forward of what you, 90 days ago, were anticipating later this year? So is that dynamic happening sooner kind of as you would describe it holistically? Or is this something different than that? And then I have a follow-up.

兩個，如果可以的話。冒著可能問顯而易見的風險，我想 90 天前，你們 - 查爾斯在你的財報電話會議上說，你曾預計本日曆年的下半年。所以 9 月、12 月的季度可以開始——這就是我解釋 Charles 的方式，使你的業務簿的常規部分來自云幹部、來自 AI 幹部的大型項目的分層。我想我的問題是，你看到了嗎 - 我們在你談論的 6 月季度看到了什麼？這是否比您 90 天前對今年晚些時候的預期有所推進？那麼，這種動態是否會像您從整體上描述的那樣更快地發生？或者這與那有什麼不同？然後我有一個後續行動。

Very good question. Indeed, the June quarter, our demand is very strong. But because of the component shortage, so at this moment, we try to be conservative. So that's why we share with you $1.7 billion to $1.9 billion. And that's based on some shortage. If we can find those parts quicker then indeed the June quarter will be much stronger than that. And September quarter, like what you say, that's why your question is September quarter, we will continue to be very strong and as well as the December quarter, I believe. So now that really problem is a shortage. So we have to build other components for inventory. At the same time, we are not quite sure how much we can grow in this quarter. But for sure, $1.7 billion to $1.9 billion should be a very safe number.

很好的問題。事實上，在 6 月這個季度，我們的需求非常強勁。但由於元器件短缺，所以在這個時候，我們盡量保守。因此，這就是我們與您分享 17 億至 19 億美元的原因。這是基於一些短缺。如果我們能更快地找到這些部分，那麼 6 月季度確實會比這強得多。 9 月季度，就像你說的，這就是為什麼你的問題是 9 月季度，我相信我們將繼續非常強大，12 月季度也是如此。所以現在真正的問題是短缺。所以我們必須為庫存構建其他組件。同時，我們不太確定本季度我們能增長多少。但可以肯定的是，17 億到 19 億美元應該是一個非常安全的數字。

And then I guess the follow-up is for Dave, Dave, for you. Just with regard to your gross margin comments. Any greater context you can share this responsible? I realize that this is sort of at the front end of beginning to mix in some of this larger footprint business. But I would love to get a better understanding of how you guys are thinking about sort of the gross margin manifestation if we think about the continued layering in of larger footprint, which may come at a slightly lower margin. Is it really that over time, we just expect a greater presence of that lower margin business with some efficiency gains? Or is it just in the beginning here, the margin will be lower for the new business, but then collectively, the P&L gross margin expands over time.

然後我想後續行動是給戴夫的，戴夫，給你的。就您的毛利率評論而言。您可以分享這個責任的任何更大的背景？我意識到這在某種程度上是在開始混合一些規模更大的業務的前端。但我很想更好地了解你們是如何考慮毛利率表現的，如果我們考慮繼續分層更大的足跡，這可能會略微降低利潤率。隨著時間的推移，我們真的只是期望利潤率較低的業務會更多地存在並提高效率嗎？或者只是在這裡開始，新業務的利潤率會更低，但總體而言，損益毛利率會隨著時間的推移而擴大。

Yes. So we're looking at it in your latter alternative, Ananda. And here's why. So right now, there's 3 things that we've been facing. We're having to face more air transportation costs in order to make our deliveries. So that impacts our margin. And also, we're having to pay other expedite fees. That impacts our margin. Number two, (inaudible) we ran a lot less through our factories than in Q3 than we did in Q2. So your margin efficiency, your ability to spread your fixed costs, it's tremendously impacted on a smaller scale. So as we scale up, we improve our margins. Thirdly, the -- as we ramped our new product offerings, there is an efficiency on these new -- on the production of these new products. So we are going to improve the efficiency of these products, which will improve the margin. And so those 3 things alone speak to margin improvements. But again, we are -- we have -- we believe we have best-of-breed AI products. And those are in high demand and people are coming to us. And so we're going to -- we're very strategic about taking the market.

是的。所以我們在你的後一種選擇中看它，Ananda。這就是為什麼。所以現在，我們一直面臨著三件事。為了交貨，我們不得不面對更多的航空運輸成本。所以這會影響我們的保證金。而且，我們還必須支付其他加急費用。這會影響我們的保證金。第二，（聽不清）與第二季度相比，我們在工廠中的運行量比第三季度少得多。因此，您的利潤效率，您分攤固定成本的能力，都會在較小的範圍內受到巨大影響。因此，隨著我們擴大規模，我們提高了利潤率。第三，隨著我們增加新產品供應，這些新產品的生產效率很高。因此，我們將提高這些產品的效率，從而提高利潤率。因此，僅這三件事就可以說明利潤率的提高。但同樣，我們 - 我們已經 - 我們相信我們擁有同類最佳的 AI 產品。那些需求量很大，人們來找我們。因此，我們將 - 我們在佔領市場方面非常具有戰略意義。

I can add some color. I mean, as I shared, I mean, we are building a $20 billion of revenue, hopefully in midterm. And that's why grow our capacity and support a large customer is very important to us. Once our volume becomes higher, our costs will be improved and the business operation efficiency will be higher. So we are doing very aggressive way to grow our revenue. And so I mean, once we start to reach that number under $10 billion to $20 billion, I guess our gross margin will start to grow because we won't always invest for big growth after that.

我可以添加一些顏色。我的意思是，正如我分享的那樣，我的意思是，我們正在建立 200 億美元的收入，希望在中期。這就是為什麼提高我們的能力和支持大客戶對我們來說非常重要。一旦我們的量變大了，我們的成本就會得到改善，企業的運營效率也會更高。所以我們正在採取非常積極的方式來增加我們的收入。所以我的意思是，一旦我們開始達到 100 億至 200 億美元以下的數字，我想我們的毛利率將開始增長，因為在那之後我們不會總是為大幅增長而投資。

And we will take follow-up questions from Mehdi Hosseini with SIG.

我們將與 SIG 一起回答 Mehdi Hosseini 的後續問題。

Yes, a couple of follow-ups. David, did you say that the OpEx for the June quarter will be around $145 million.

是的，有幾個後續行動。大衛，你是不是說 6 月季度的運營支出約為 1.45 億美元。

Let's see. That sounds about -- we gave both GAAP and non-GAAP guidance, Mehdi. So our -- let's see the non-GAAP was $145 million. Yes, yes, let's see Yes. Yes, $145 million for GAAP, sure.

讓我們來看看。聽起來——我們同時提供了 GAAP 和非 GAAP 指導，Mehdi。所以我們 - 讓我們看看非 GAAP 為 1.45 億美元。是的，是的，讓我們看看是的。是的，當然，GAAP 為 1.45 億美元。

I'm sorry, GAAP or non-GAAP.

對不起，GAAP 或非 GAAP。

It was -- GAAP is going to be $145 million. And that includes $10 million in expected stock-based comp. So that means $135 million for non-GAAP.

它是 - GAAP 將達到 1.45 億美元。其中包括 1000 萬美元的預期股票補償。因此，這意味著非 GAAP 為 1.35 億美元。

And then CapEx for the June quarter?

然後是 6 月季度的資本支出？

Yes, we said $11 million to $14 million.

是的，我們說的是 1100 萬到 1400 萬美元。

And ladies and gentlemen, this concludes our question-and-answer session and today's conference call. We thank you for your participation, and you may now disconnect.

女士們，先生們，我們的問答環節和今天的電話會議到此結束。我們感謝您的參與，您現在可以斷開連接。