超微電腦 (SMCI) 2023 Q4 法說會逐字稿

Thank you for standing by. My name is Anna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer Fiscal Fourth Quarter 2023 Results Conference. With us today, Charles Liang, Founder, President and Chief Executive Officer; David Weigand, CFO; and Michael Staiger, Vice President of Corporate Development. (Operator Instructions) Michael Staiger, you may begin your conference.

感謝您的支持。我叫安娜，今天我將擔任您的會議接線生。現在，我歡迎大家參加超微計算機2023財年第四季業績發表會。今天與我們一起的有創始人、總裁兼首席執行官梁見後 (Charles Liang)； David Weigand，財務長；以及企業發展副總裁 Michael Staiger。 （操作員指示）邁克爾·斯泰格，您可以開始會議了。

Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the fourth quarter and full fiscal year, which ended June 30, 2023. 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. 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 scripting commentary on our website.

下午好，感謝您參加 Super Micro 的電話會議，討論截至 2023 年 6 月 30 日的第四季度和全年財務業績。以及財務長 David Weigand。到目前為止，您應該已經收到了該公司在常規交易結束時發布的新聞稿副本，您可以在該公司的網站上查閱。提醒一下，在今天的電話會議中，公司將參考一份演示文稿，該演示文稿可在公司網站的「投資者關係」部分的「活動簡報」標籤下找到。我們也在我們的網站上發表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 first quarter fiscal year 2024 and the full fiscal year 2024. 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 other SEC filings. All these documents are available on the Investor Relations page of Super Micro's website. We assume no obligation to update any forward-looking statements.

請注意，您在我們今天的討論中會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、營業費用和其他收入和支出、稅收、資本配置和未來業務前景的陳述，包括對 2024 財年第一季度和 2024 財年全年的指引。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 文件以及其他 SEC 文件中了解有關這些風險的更多資訊。所有這些文件均可在 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。

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. 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.

今天的演示大部分內容將涉及非公認會計準則財務表現和業務展望。有關我們的非公認會計準則財務指標的解釋，請參閱隨附的簡報或我們今天早些時候發布的新聞稿。此外，今天的新聞稿和今天的簡報所附的補充資料中還包含 GAAP 與非 GAAP 結果的對帳表。在今天的準備好的演講結束時，我們將安排一個問答環節，供賣方分析師提問。

I'll now turn the call over to Charles.

我現在將電話轉給查爾斯。

Thank you, Michael, and good afternoon, everyone.

謝謝你，邁克爾，大家下午好。

Today, I am pleased to announce a new record fiscal result of $7.12 billion annual revenue, a 37% year-over-year growth rate. We have also achieved our first landmark $2.18 billion quarter, which is 34% growth year-over-year and 70% quarter-on-quarter. We are continuing to exceed both top and bottom-line results and performing well beyond our previously guided ranges. It's no secret that our strong growth has been driven by the demand for our leading AI platforms in plug-and-play rack-scale, especially for the Large Language Model-optimized NVIDIA HGX-based Delta Next solution. Our engineering capability enabled us to deliver optimized, first-to-market AI products and solutions to our customers, distinguishing us from the competition and empowering us to take market share.

今天，我很高興地宣布，財務表現創下了新紀錄，年收入達到 71.2 億美元，比去年同期成長 37%。我們也實現了第一個具有里程碑意義的季度營收 21.8 億美元，年增 34%，環比成長 70%。我們的營收和淨利潤持續超越預期，表現遠超出我們先前預期的範圍。眾所周知，我們強勁的成長是由對即插即用機架規模領先 AI 平台的需求推動的，尤其是對大型語言模型優化的基於 NVIDIA HGX 的 Delta Next 解決方案的需求。我們的工程能力使我們能夠為客戶提供優化的、率先上市的人工智慧產品和解決方案，使我們在競爭中脫穎而出，並幫助我們佔領市場份額。

I am also proud of our logistics and production teams' execution to maintain our time to market advantage and deliver our total solution to our key partners much sooner than competition. Our investment of 4,000 racks-per-month state-of-the-art validation and production facility in Silicon Valley is one of the major factors in delivering high-performance AI racks quickly with both air-cooled and liquid-cooled options.

我還為我們的物流和生產團隊的執行力感到自豪，他們保持了我們的產品上市優勢，並比競爭對手更快地向我們的關鍵合作夥伴提供完整的解決方案。我們在矽谷投資了每月 4,000 個機架的最先進的驗證和生產設施，這是快速交付具有風冷和液冷選項的高性能 AI 機架的主要因素之一。

Let's go over some key financial highlights. First, we enter FY'24 with record-high backorders, many more new design wins and new customers. Again, our fiscal year 2023 net revenue totaled $7.12 billion, up 37% year-on-year, above our mid-point guidance range of $6.7 billion. Fiscal year 2023 non-GAAP earnings per share grew 109% year-over-year to $11.81, compared to $5.65 a year ago, exceeding the higher end of our revised guidance range of USD 10.50 to USD 11.00.

讓我們回顧一些關鍵的財務亮點。首先，進入24財年，我們迎來了創紀錄的高訂單量、更多新設計和新客戶。再一次，我們 2023 財年的淨收入總計 71.2 億美元，年增 37%，高於我們 67 億美元的中點指引範圍。 2023 財年非公認會計準則每股收益年增 109% 至 11.81 美元，而去年同期為 5.65 美元，超過了我們修訂後的指導範圍 10.50 美元至 11.00 美元的高端。

Fiscal Q4 net revenue totaled $2.18 billion, up 34% year-on-year and up 70% quarter-on-quarter, above our guidance range of USD 1.7 billion to USD 1.9 billion. Fiscal Q4 non-GAAP earnings of $3.51 per share grew 34% year-over-year compared to $2.62 a year ago, and it was well above the high end of our guidance range of USD 2.21 to USD 2.71, demonstrating strong operating leverage and continued customer preference towards our rack-scale Total IT Solutions.

第四財季淨收入總計 21.8 億美元，年增 34%，季增 70%，高於我們預期的 17 億美元至 19 億美元範圍。第四財季非 GAAP 每股收益為 3.51 美元，較去年同期的 2.62 美元增長 34%，遠高於我們預期範圍 2.21 美元至 2.71 美元的高端，顯示出強大的經營槓桿和客戶對我們機架式整體 IT 解決方案的持續偏好。

For 30 years, we have been diligently building our company strength and foundation. As the only US-based large scale AI platform designer and manufacturer, we have been shipping our winning products in volume to our partners for more than a quarter. Couple of months ago, I was honored to have my close friend, NVIDIA CEO Jensen Huang, join me on stage at Computex to highlight our optimized new generation GPU solutions for this AI era. We are deploying not just systems, but complete rack-scale total solutions to large generative AI innovators. Supporting HGX H100 Delta-Next, H100 PCIe GPUs, and the just-announced L40S GPUs; our Delta-Next, Redstone-Next, and 8-GPU OVX systems have become the benchmarks of excellence for the industry. We are also getting good traction on Intel's Gaudi 2 and PVC, as well as AMD's MI-250 accelerator solutions.

30年來，我們一直勤奮打造公司的實力和基礎。作為唯一一家總部位於美國的大型人工智慧平台設計和製造商，我們已經向合作夥伴批量出貨獲獎產品超過一個季度。幾個月前，我很榮幸我的好友 NVIDIA 執行長黃仁勳與我一起在台北國際電腦展上登台展示我們為這個 AI 時代優化的新一代 GPU 解決方案。我們不僅部署系統，也為大型生成式 AI 創新者部署完整的機架規模整體解決方案。支援 HGX H100 Delta-Next、H100 PCIe GPU 以及剛發布的 L40S GPU；我們的 Delta-Next、Redstone-Next 和 8-GPU OVX 系統已成為業界卓越的基準。我們也在英特爾的 Gaudi 2 和 PVC 以及 AMD 的 MI-250 加速器解決方案方面取得了良好的進展。

The demand for artificial intelligence infrastructure is perfectly addressed by our building block server architecture, and due to our building block solution, we have the best and broadest application-optimized GPU solutions on the market. We plan to extend this leadership with the upcoming MGX platforms that we announced at Computex, bringing modular flexibility on acceleration with X86, Grace (C2), and Grace-Hopper (CG1) Superchip. The MGX platform is a shared vision of AI computing between NVIDIA and Supermicro, designed to be open, flexible and future proof for multiple generations of GPUs, CPUs, and DPUs.

我們的構建塊伺服器架構完美地解決了人工智慧基礎設施的需求，由於我們的構建塊解決方案，我們擁有市場上最好、最廣泛的應用優化 GPU 解決方案。我們計劃透過在 Computex 上發布的即將推出的 MGX 平台延續這一領導地位，透過 X86、Grace（C2）和 Grace-Hopper（CG1）超級晶片在加速方面帶來模組化靈活性。 MGX 平台是 NVIDIA 和 Supermicro 對 AI 運算的共同願景，旨在為多代 GPU、CPU 和 DPU 提供開放、靈活和麵向未來的支援。

We already have many customers engaged with these new MGX platforms as we speak, and soon they will be in volume production. With nearly half of our revenues this quarter based on AI-related designs, I expect this AI growth momentum to continue expanding our TAM across all customer types from major AI innovators, super large CSPs, Tier 1 datacenters, Tier 2 cloud, and to the general enterprise market.

目前，已經有許多客戶參與了這些新的 MGX 平台，並且很快就會投入大量生產。本季我們近一半的營收來自與 AI 相關的設計，我預計這種 AI 成長動能將繼續擴大我們的 TAM，涵蓋所有客戶類型，包括主要 AI 創新者、超大型 CSP、一級資料中心、二級雲端以及一般企業市場。

As the performance of GPU, CPU, DPU and memory technologies increase, enhanced storage performance is also necessary to feed massive data sets to the applications without becoming a bottleneck that slows the entire system down. Supermicro's new PCIe Gen 5 based E1.S and E3.S petascale All-Flash storage servers offer industry-leading storage performance and capacity. Together, with our U.2 NVMe, top-loaded scale-out and traditional storage platforms, we are fulfilling customers' AI, compute, and storage needs with a one-stop total solution shopping experience, with the best optimization in performance, time-to-online, and cost.

隨著 GPU、CPU、DPU 和記憶體技術效能的提升，增強的儲存效能也是必要的，以便將海量資料集提供給應用程序，而不會成為拖慢整個系統速度的瓶頸。 Supermicro 全新基於 PCIe Gen 5 的 E1.S 和 E3.S 千萬億次全快閃儲存伺服器提供業界領先的儲存效能和容量。結合我們的 U.2 NVMe、頂載橫向擴展和傳統儲存平台，我們透過一站式整體解決方案購物體驗滿足客戶的 AI、運算和儲存需求，並在效能、上線時間和成本方面實現最佳最佳化。

With accelerated computing and storage, the power consumption and thermal challenges of these new technologies have risen dramatically. 40KW or even 100KW rack solution demand is rapidly expanding and required for compute-intensive datacenter, CSP, and other verticals. Having high power efficiency, free-air and liquid cooling expertise has become one of our key differentiators of success. We have made major investments across a variety of technologies to drive adoption of direct liquid cooling in datacenters to address the thermal challenges.

隨著運算和儲存的加速，這些新技術的功耗和散熱挑戰急劇上升。 40KW 甚至 100KW 機架解決方案的需求正在迅速擴大，並且是計算密集型資料中心、CSP 和其他垂直行業所必需的。擁有高功率效率、自然空氣和液體冷卻專業知識已成為我們成功的關鍵因素之一。我們對多種技術進行了大規模投資，以推動資料中心採用直接液體冷卻來應對散熱難題。

In addition to increasing computing density and reducing TCO, liquid cooling reduces the environmental impact of datacenters dramatically, aligning with our green computing mission. Similarly, our liquid immersion solution is making good progress, and we will be happy to provide that option to interested partners soon. The reality is that datacenter infrastructure is getting more complex, especially with the unprecedented demand for AI. The design complexity and integration skills, along with the requirement to deploy in a timely fashion are heavy burdens to many end customers. Supermicro Total IT Solutions approach saves them from the complications of design, validation, sourcing, and integration. It also streamlines network switching, firmware and software management in datacenter scale. Customers' peace of mind is topped off by the value of our 24/7 Global Service tiers.

除了提高運算密度和降低 TCO 之外，液體冷卻還大大減少了資料中心對環境的影響，符合我們的綠色運算使命。同樣，我們的液體浸沒解決方案也取得了良好的進展，我們將很樂意很快向感興趣的合作夥伴提供該選項。現實情況是，資料中心基礎設施變得越來越複雜，尤其是在人工智慧需求空前成長的情況下。設計的複雜性和整合技能以及及時部署的要求對許多最終客戶來說都是沉重的負擔。 Supermicro 全方位 IT 解決方案方法使他們免於設計、驗證、採購和整合的複雜問題。它還簡化了資料中心規模的網路交換、韌體和軟體管理。我們全天候全球服務的價值讓客戶無比安心。

Given the current infrastructure demand, we have been continuing to evaluate our footprint beyond our recently announced Malaysia expansion. We have recently added another new building close to our Silicon Valley headquarter and are aiming to further increase our current 4000 rack-per-month capacity in this fiscal year. To further support demand from key domestic partners, we are also planning to build another manufacturing campus in North America. At this moment, our U.S. headquarter and Taiwan facility can support at least $15 billion in revenue while the new Malaysia facility will further increase our total revenue capability by serving large scale builds on a reduced cost structure in the coming 3 quarters.

鑑於當前的基礎設施需求，我們一直在繼續評估我們最近宣布的馬來西亞擴張之外的足跡。我們最近在矽谷總部附近增加了另一棟新大樓，並計劃在本財年進一步提高目前每月 4000 個機架的產能。為了進一步支持國內主要合作夥伴的需求，我們也計劃在北美建立另一個製造園區。目前，我們的美國總部和台灣工廠可以支援至少 150 億美元的收入，而新的馬來西亞工廠將在未來 3 個季度以降低的成本結構為大規模建設提供服務，從而進一步提高我們的總收入能力。

In closing, Supermicro is in a great position to continue our growth momentum with our leading AI portfolio, our infrastructure readiness, and our ability to deliver products in a timely manner. Due to the current key components supply shortages, we forecast revenue in the range of USD 1.9 billion to USD 2.2 billion for the September quarter. However, given the record high backorders, we see fiscal year 2024 revenue between USD 9.5 billion to USD 10.5 billion with room to deliver more depending on availability of supply.

最後，憑藉領先的 AI 產品組合、基礎設施準備以及及時交付產品的能力，Supermicro 處於有利地位，可以繼續保持成長勢頭。由於目前關鍵零件供應短缺，我們預測9月季​​度營收將在19億美元至22億美元之間。然而，鑑於訂單積壓量創歷史新高，我們預計 2024 財年收入將在 95 億美元至 105 億美元之間，並且根據供應情況還有進一步增長的空間。

Our role as the leader of rack-scale Total AI and IT Solutions has only just begun. We are ready to deliver optimized AI infrastructures to existing and emerging markets, along with our value-added software and services. To say it plainly, our foundation and capacity are fully ready, and our demand is growing strongly. With LLM, Large Language Model, and other AI applications booming, I now expect the $20 billion annual revenue target to be just a couple of years away.

我們作為機架級整體 AI 和 IT 解決方案領導者的角色才剛開始。我們已準備好向現有和新興市場提供優化的人工智慧基礎設施以及我們的增值軟體和服務。坦白說，我們的基礎和能力已經完全準備好，而且我們的需求正在強勁增長。隨著法學碩士、大型語言模型和其他人工智慧應用的蓬勃發展，我預計距離實現 200 億美元的年收入目標僅剩幾年的時間。

Before passing the call to David Weigand, our Chief Financial Officer, I want to say thank you to our partners, customers, Supermicro employees and to our shareholders for your continued support. David?

在將電話轉給我們的財務長 David Weigand 之前，我想向我們的合作夥伴、客戶、超微員工和股東表示感謝，感謝你們一直以來的支持。戴維？

Thank you, Charles.

謝謝你，查爾斯。

Fiscal fourth quarter revenues were $2.18 billion, up 34% year-over-year and up 70% quarter-over-quarter. Q4 revenues exceeded initial guidance range of USD 1.7 billion to USD 1.9 billion and were at the high end of the recently updated range of USD 2.15 billion to USD 2.18 billion. For fiscal 2023, we reported revenues of $7.12 billion, representing 37% growth over fiscal year '22 revenues of $5.2 billion. Next generation CPU and AI platforms continue to drive record levels of design wins and orders. Exiting fiscal year 2023 with a record backlog, we are well positioned for fiscal year '24 with an outlook for continued revenue growth and profitability. We expect diversified growth driven by top-tier datacenters, emerging CSPs, enterprise AI build-outs, CPU upgrades, and edge/IOT/telco markets. We are also targeting new opportunities in adjacent markets such as Storage, Switches, Software & Services. We note that our shipments against a record backlog may continue to be constrained by supply chain bottlenecks for key new components for our advanced AI server platforms.

第四財季營收為 21.8 億美元，年增 34%，季增 70%。第四季營收超過了最初預期的 17 億美元至 19 億美元範圍，並處於最近更新的 21.5 億美元至 21.8 億美元範圍的高端。 2023 財年，我們報告的營收為 71.2 億美元，比 22 財年的 52 億美元營收成長 37%。下一代 CPU 和 AI 平台繼續推動設計中標和訂單達到創紀錄的水平。 2023 財年結束時，我們擁有創紀錄的積壓訂單，為 2024 財年做好了準備，有望繼續實現營收成長和獲利。我們預計，頂級資料中心、新興 CSP、企業 AI 建設、CPU 升級以及邊緣/物聯網/電信市場將推動多元化成長。我們也瞄準儲存、交換器、軟體和服務等鄰近市場的新機會。我們注意到，我們創紀錄的積壓訂單的出貨量可能會繼續受到我們先進的人工智慧伺服器平台的關鍵新部件的供應鏈瓶頸的限制。

Q4 results were driven by our high-growth AI/GPU and rack-scale solutions which represented 52% of our total revenues. We had 2 10% customers for Q4 and did not have any 10% customers for fiscal year '23. During Q4, we recorded $976 million in the Enterprise and Channel vertical, representing 45% of revenues versus 50% last quarter, this was up 19% year-over-year and up 51% quarter-over-quarter as we ramped several key enterprise programs. The OEM appliance and large datacenter vertical achieved $1.17 billion in revenues, representing 53% of Q4 revenues versus 47% last quarter, up 59% year-over-year and up 94% quarter-over-quarter as we gained momentum from existing and new datacenter, CSP, and OEM cloud appliance customers. Our emerging 5G/Telco/Edge/IoT segment achieved $43 million in revenues, representing 2% of Q4 revenues versus 3% last quarter.

第四季的業績主要得益於我們高成長的 AI/GPU 和機架規模解決方案，這兩項收入占我們總營收的 52%。我們在第四季有 2 位 10% 的客戶，但在 23 財年沒有任何 10% 的客戶。第四季度，我們在企業和通路垂直領域的收入為 9.76 億美元，佔總收入的 45%，而上一季這一數字為 50%，由於我們推進了幾個關鍵的企業項目，這一數字同比增長 19%，環比增長 51%。 OEM設備和大型資料中心垂直市場實現了 11.7 億美元的收入，佔第四季度收入的 53%，上季度為 47%，同比增長 59%，環比增長 94%，這得益於我們從現有和新的數據中心、CSP 和 OEM 雲端設備客戶那裡獲得了發展動力。我們新興的 5G/Telco/Edge/IoT 部門實現了 4,300 萬美元的收入，佔第四季收入的 2%，而上一季為 3%。

For the fiscal year 2023, Organic Enterprise and Channel and AI/ML revenues grew 10% to represent 48% of total revenues. The OEM appliance and large datacenter segment grew 102% and represented 49% of total revenues. The emerging 5G/Telco/Edge/IOT segment decreased 36% and represented 3% of total revenues.

2023 財年，有機企業和通路以及 AI/ML 收入成長 10%，佔總營收的 48%。 OEM設備和大型資料中心部門成長了102％，佔總收入的49％。新興的 5G/電信/邊緣/物聯網部門下降了 36%，佔總收入的 3%。

The mix of complete systems and rack-scale Total IT Solutions has increased over the last 2 years. Server and Storage Systems comprised 93% of Q4 revenue and Subsystems and Accessories represented 7%. ASPs continued to increase on a quarter-over-quarter and year-over-year basis driven by the value and complexity of our rack-scale Total IT Solutions.

過去兩年來，完整系統和機架級整體 IT 解決方案的組合有所增加。伺服器和儲存系統佔第四季營收的 93%，子系統和配件佔 7%。受機架式整體 IT 解決方案的價值和複雜性推動，ASP 持續按季度和全年增長。

By geography, U.S. represented 76% of Q4 revenues, Asia 11%, Europe 10%, and Rest of World 3%. On a year-over-year basis, U.S. revenues increased 55%. Asia decreased 17%, Europe increased 1%, and Rest of World increased 12%. On a quarter-over-quarter basis, U.S. revenues increased 112%, Asia increased 10%, Europe decreased 1%, and Rest of World increased 11%.

按地區劃分，美國佔第四季營收的 76%，亞洲佔 11%，歐洲佔 10%，世界其他地區佔 3%。與去年同期相比，美國營收成長了 55%。亞洲下降 17%，歐洲成長 1%，世界其他地區成長 12%。與上一季相比，美國收入成長了 112%，亞洲成長了 10%，歐洲下降了 1%，世界其他地區則成長了 11%。

The Q4 non-GAAP gross margin was 17.1%, down quarter-over-quarter from 17.7% in Q3 as we focused on winning strategic new designs and market share. For fiscal year '23, the non-GAAP gross margin of 18.1% versus 15.4% for fiscal year 2022 was driven by an increased rack-scale product and customer mix and higher manufacturing efficiencies.

由於我們專注於贏得策略性新設計和市場份額，第四季度非 GAAP 毛利率為 17.1%，較第三季的 17.7% 環比下降。 23 財年的非 GAAP 毛利率為 18.1%，而 2022 財年為 15.4%，這得益於機架級產品和客戶組合的增加以及製造效率的提高。

Turning to operating expenses, Q4 OpEx on a GAAP basis increased by 14% quarter-over-quarter and 19% year-over-year to $145 million driven by headcount and related expenses. On a non-GAAP basis, operating expenses increased 14% quarter-over-quarter and 17% year-over-year to $133 million. Our non-GAAP operating margin increased significantly to 11% for Q4 versus 8.7% last quarter due to operating leverage driven by higher revenues that outpaced increases in operating expenses. For fiscal year '23, we achieved a non-GAAP operating margin of 11.4% versus 7.2% in fiscal year '23 due to higher gross margins and operating leverage from higher revenues and expense controls.

談到營運費用，根據 GAAP 計算，第四季營運支出較上季成長 14%，年增 19%，達到 1.45 億美元，主要受員工人數和相關費用推動。以非公認會計準則計算，營業費用較上季成長 14%，年增 17%，至 1.33 億美元。由於營收成長推動營業槓桿率上升，且增幅超過營業費用，我們的非公認會計準則營業利潤率從上季度的 8.7% 大幅上升至第四季的 11%。 23 財年，我們的非 GAAP 營業利潤率達到 11.4%，而 23 財年為 7.2%，這得益於更高的毛利率和更高的收入與費用控制帶來的營業槓桿。

Other Income and Expense for Q4 was an expense of approximately $1.5 million consisting of $3.5 million in interest expense offset primarily by a net foreign-exchange gain of $2.0 million. Our interest expense increased sequentially as we utilized our short-term credit lines for working capital requirements along with higher short-term interest rates on our borrowings.

第四季的其他收入和支出約為 150 萬美元，其中包括 350 萬美元的利息支出，主要由 200 萬美元的淨外匯收益抵銷。由於我們利用短期信用額度來滿足營運資金需求以及借款短期利率上升，我們的利息支出連續增加。

The tax provision for Q4 was $31.3 million on a GAAP basis and $36.6 million on a non-GAAP basis. The GAAP tax rate for Q4 was 13.9% and the non-GAAP tax rate was 15.4%. The GAAP tax rate was 14.7% for fiscal year '23 versus 15.7% in fiscal year '22 and the non-GAAP tax rate was 15.9% versus 17.7% in fiscal year '22.

根據 GAAP 計算，第四季的稅務準備金為 3,130 萬美元，根據非 GAAP 計算，第四季度的稅務準備金為 3,660 萬美元。第四季的GAAP稅率為13.9%，非GAAP稅率為15.4%。 23 財年的 GAAP 稅率為 14.7%，22 財年為 15.7%，非 GAAP 稅率為 15.9%，22 財年為 17.7%。

We delivered strong Q4 non-GAAP diluted EPS of $3.51 which exceeded the high end of the original guidance range of USD 2.21 to USD 2.71 and the recently updated range of USD 3.35 to USD 3.45. The increase in Q4 EPS was due to a combination of higher revenues and operating leverage. For the full fiscal year 2023, we reported non-GAAP diluted EPS of $11.81, up 109% year-over-year versus fiscal 2022 non-GAAP diluted EPS of $5.65 and higher than the fiscal year '23 guidance of USD 10.50 to USD 11.00.

我們第四季度的非 GAAP 稀釋每股收益強勁，達到 3.51 美元，超過了最初預期範圍的高端 2.21 美元至 2.71 美元以及最近更新的 3.35 美元至 3.45 美元的範圍。第四季每股收益的成長是由於收入和經營槓桿的增加。 2023 財年全年，我們報告的非 GAAP 攤薄每股收益為 11.81 美元，較 2022 財年非 GAAP 攤薄每股收益 5.65 美元同比增長 109%，且高於 23 財年指引的 10.50 美元至 11.00 美元。

Cash flow used in operations for Q4 was $9 million compared to cash flow generated by operations of $198 million in Q3 due to higher accounts receivable, offset by lower inventory and higher accounts payable from backend loaded shipments in the quarter due to supply constraints. CapEx was $8 million for Q4 resulting in negative free cash flow of $17 million versus positive free cash flow of $190 million last quarter. For fiscal year '23, we had cash flow from operations of $664 million, CapEx of $37 million resulting in free cash flow of $627 million. We have $50 million remaining under the authorized buyback program which expires on January 31, 2024.

第四季營運所用現金流為 900 萬美元，而第三季營運產生的現金流為 1.98 億美元，原因是應收帳款增加，但庫存減少以及供應限制導致本季後端裝載貨物產生的應付帳款增加抵消了這一影響。第四季的資本支出為 800 萬美元，導致自由現金流為負 1,700 萬美元，而上一季的自由現金流為正 1.9 億美元。 23 財年，我們的營運現金流為 6.64 億美元，資本支出為 3,700 萬美元，自由現金流為 6.27 億美元。根據授權回購計劃，我們還剩餘 5,000 萬美元，該計劃將於 2024 年 1 月 31 日到期。

The closing balance sheet cash position was $440 million, while bank debt was $290 million resulting in a net cash position of $150 million down from net cash position of $176 million last quarter as we utilized our bank lines of credit to support higher revenues and accounts receivable as we ramped up production of new AI/GPU design wins.

期末資產負債表現金狀況為 4.4 億美元，而銀行債務為 2.9 億美元，導致淨現金狀況為 1.5 億美元，低於上一季的 1.76 億美元淨現金狀況，因為我們利用銀行信用額度來支持更高的收入和應收賬款，同時我們加大了新 AI / GPU 設計中標的產量。

Turning to the balance sheet and working capital metrics compared to last quarter, the Q4 cash conversion cycle improved to 77 days versus 126 days in Q3. Days of Inventory was 75, representing a decrease of 51 days versus the prior quarter of 126 days. Days Sales Outstanding was down 13 days quarter-over-quarter to 38 days while Days Payables Outstanding came down by 15 days to 36 days. Faster inventory turns contributed to the improvement in our cash conversion cycle.

與上一季相比，資產負債表和營運資本指標顯示，第四季的現金週轉週期從第三季的 126 天改善至 77 天。庫存天數為 75 天，較上一季的 126 天減少 51 天。應收帳款週轉天數比上一季減少 13 天，至 38 天，應付帳款週轉天數比上一季減少 15 天，至 36 天。更快的庫存週轉有助於改善我們的現金轉換週期。

Now turning to the outlook, we remain enthusiastic about our diversified business model covering a wide range of AI, core computing, storage, 5G telco/edge and IOT applications. Design wins span across enterprise/channel, large datacenter/emerging AI CSP, and Telco and OEM customers. We are carefully observing the global macro-economic situation and continuing supply-chain constraints especially for leading AI platforms. For the first quarter of fiscal 2024 ending September 30, 2023, we expect net sales in the range of USD 1.90 billion to USD 2.20 billion, GAAP diluted net income per share of USD 2.02 to USD 2.80 and non-GAAP diluted net income per share of USD 2.75 to USD 3.50. We expect gross margins to be similar to Q4 levels. GAAP operating expenses are expected to be approximately $185 million and include $48 million in stock-based compensation and other expenses that are not included in non-GAAP operating expenses. GAAP and non-GAAP operating expenses are expected to increase due to continued investments in R&D and higher personnel costs adding to our great engineering and sales teams.

現在展望前景，我們仍然對我們的多元化業務模式充滿熱情，該模式涵蓋廣泛的人工智慧、核心運算、儲存、5G 電信/邊緣和物聯網應用。設計勝利遍及企業/通路、大型資料中心/新興 AI CSP 以及電信和 OEM 客戶。我們正在密切觀察全球宏觀經濟情勢和持續的供應鏈限制，尤其是針對領先的人工智慧平台。截至 2023 年 9 月 30 日的 2024 財年第一季度，我們預計淨銷售額在 19 億美元至 22 億美元之間，GAAP 稀釋每股淨利潤在 2.02 美元至 2.80 美元之間，非 GAAP 稀釋每股淨利潤在 2.75 美元至 3.50 美元之間。我們預計毛利率將與第四季水準相似。根據 GAAP 計算的營業費用預計約為 1.85 億美元，其中包括 4,800 萬美元的股票薪酬以及非 GAAP 營業費用中未包含的其他費用。由於我們持續對研發進行投資，並增加了優秀的工程和銷售團隊的人員成本，預計 GAAP 和非 GAAP 營業費用將會增加。

The outlook for Q1 of fiscal year 2024 fully diluted GAAP EPS includes approximately $44 million in expected stock-based compensation and other expenses, net of tax effects of $9 million, which are excluded from non-GAAP diluted net income per common share. We expect other income and expense, including interest expense, to be a net expense of approximately $1.5 million. 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 15.4%, and a fully diluted share count of 56 million for GAAP and 57 million shares for non-GAAP. We expect CapEx for the fiscal first quarter of 2024 to be in the range of USD 10 million to USD 12 million. For the fiscal year 2024 ending June 30, 2024, we are giving guidance for revenues in the range USD 9.5 billion to USD 10.5 billion.

2024 財年第一季完全稀釋 GAAP EPS 預期包括約 4,400 萬美元的預期股票薪酬和其他費用，扣除 900 萬美元的稅收影響，這些費用不包括在非 GAAP 稀釋每股普通股淨利潤中。我們預計包括利息支出在內的其他收入和支出淨支出約為 150 萬美元。該公司對 GAAP 和非 GAAP 每股普通股攤薄淨利潤的預測假設 GAAP 稅率為 14.7%，非 GAAP 稅率為 15.4%，GAAP 完全稀釋股數為 5,600 萬股，非 GAAP 完全稀釋股數為 5,700 萬股。我們預計 2024 財年第一季的資本支出將在 1,000 萬美元至 1,200 萬美元之間。截至 2024 年 6 月 30 日的 2024 財年，我們預計營收在 95 億至 105 億美元之間。

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

好的，邁克爾，我們現在可以進行問答了。

Operator?

操作員？

(Operator Instructions) Now we have the first question come from the line of Nehal Chokshi from Northland Capital Markets.

(操作員指示) 現在我們來回答第一個問題，來自 Northland Capital Markets 的 Nehal Chokshi。

And congratulations on an amazing quarter and amazing fiscal year '24 revenue guidance of USD 9.5 billion to USD 10.5 billion. I definitely want to dig into that. First off, Charles, I think you said you had 50% revenue exposure to AI for the June quarter. That's incredible. It makes a very strong statement that Super Micro indeed is the leader in AI systems. What do you think is a sustainable differentiation that you guys are building with rack-scale AI systems that's driving that incredibly fast increase in revenue exposure to AI systems?

恭喜我們在本季和 24 財年取得了令人驚嘆的營收預期，即 95 億美元至 105 億美元。我絕對想深入研究這一點。首先，查爾斯，我認為你說過，6 月季度你的 50% 的收入來自人工智慧。那真是難以置信。這有力地證明了超微確實是人工智慧系統的領導者。您認為你們透過機架級 AI 系統建構的可持續差異化是什麼，從而推動 AI 系統收入的快速成長？

Yes, AI have been our major focus since a few years ago. And we work with AI chip company and like NVIDIA very closely. And we could develop a lot of platform, including our MGX, now coming MGX, as you know, to support the C2 and CG1. So our AI solution with rack-scale or cloud-scale (inaudible) solutions that make our customers deploy even much easier and fully have their solution for energy cost savings for time to online. So I believe our AI product line business will continue to grow, in the near future maybe continue to be more than 50% of our revenue.

是的，幾年前人工智慧就一直是我們關注的重點。我們與 NVIDIA 等 AI 晶片公司合作非常密切。我們可以開發很多平台，包括我們的 MGX，如你所知，現在即將推出的 MGX，以支援 C2 和 CG1。因此，我們的 AI 解決方案採用機架規模或雲端規模（聽不清楚）解決方案，使我們的客戶能夠更輕鬆地部署，並充分利用他們的解決方案來節省上線時的能源成本。所以我相信我們的AI產品線業務將繼續成長，在不久的將來可能會繼續占我們收入的50％以上。

Next question comes from the line of Mehdi Hosseini from Susquehanna International Group.

下一個問題來自 Susquehanna International Group 的 Mehdi Hosseini。

And Charles, I think it would be very helpful if you could (technical difficulty) $10 billion of revenue. And perhaps any kind of color on ASP increase that would capture your increased content would give us an insight unless you have other ways of explaining to get to $10 billion.

查爾斯，我認為如果您能（技術難度）獲得 100 億美元的收入將會非常有幫助。也許任何能夠捕捉到您增加的內容的 ASP 增加的顏色都會給我們提供見解，除非您有其他方式來解釋達到 100 億美元。

We continue to gain lots of new customers. All partners continue to like our solution, and we continue to gain new customers with our rack-scale, cloud-scale total solution, including air cooled and liquid cooled, right? So we see a very strong demand and growing very fast back order. So $10 billion should be a kind of a short-term target for sure.

我們不斷獲得大量新客戶。所有合作夥伴都繼續喜歡我們的解決方案，我們繼續透過機架規模、雲端規模整體解決方案（包括風冷和液冷）獲得新客戶，對嗎？因此，我們看到需求非常強勁，訂單量成長非常快。因此 100 億美元肯定應該是短期目標。

The question, your competitors also argue for an innovative cooling and they also argue for share gain. Is there something with your cooling technology that offers better cost performance compared to some of the emerging cooling that your competitors are marketing or talked about?

問題是，您的競爭對手也主張創新的冷卻方式，並且他們還主張增加市場份額。與競爭對手正在行銷或談論的一些新興冷卻技術相比，你們的冷卻技術是否具有更好的性價比？

Yes. Indeed, our engineering team is strong and dedicated. Everyone can design systems, our system simply better than others, not just better in quality performance, but also earlier time to market and target with service, software, system management. So it's a total solution and service. So we feel pretty confident that we will continue to gain much share.

是的。確實，我們的工程團隊強大而又敬業。每個人都可以設計系統，我們的系統根本就比別人的更好，不僅僅是品質性能更好，而且更早進入市場並實現服務、軟體、系統管理的目標。所以這是一個完整的解決方案和服務。因此，我們非常有信心我們將繼續獲得更大的份額。

Okay. Maybe move on, you talked about AI becoming more than 50% of your revenue, how is your pipeline as you look into second half of calendar year, do you already have a pipeline that gives you confidence you're going to hit that 50% plus AI as a mix of revenue? Or do you still have to go and qualify and win the business to hit that target?

好的。也許可以繼續說下去，您談到人工智慧將占到您收入的 50% 以上，當您展望今年下半年時，您的頻道情況如何？或者您仍然需要去爭取資格並贏得業務才能達到這個目標？

Indeed, the pipeline has been very strong. And at the moment, the visibility is very clear. So we are very confident. And especially we continue to gain the customer too.

確實，該頻道一直非常強大。目前來看，情況已經非常明朗。所以我們非常有信心。尤其是我們也在不斷贏得客戶。

Your next question comes from the line of Jon Tanwanteng.

您的下一個問題來自 Jon Tanwanteng。

Congrats on a really strong quarter outlook again. My first one is I just want to dig into your confidence for the outlook. Can you just, in various parts, maybe talk about your confidence in supply chain, being able to supply that maybe 40% growth guidance at the midpoint, maybe talk about your ability to get allocations from key suppliers. And then within your order book and backlog, what is your assurance? Or how can you identify if there's double or triple ordering? And how do you protect yourself against that if they do exist?

再次恭喜您本季的前景非常強勁。我的第一個想法是，我只是想深入了解你對前景的信心。您能否在各個部分談談您對供應鏈的信心，能夠在中間點提供 40% 的成長指導，或談談您從主要供應商獲得分配的能力。那麼在您的訂單和積壓訂單中，您有什麼保證呢？或如何識別是否存在雙重或三重排序？如果它們確實存在，你該如何保護自己？

Yes, it's a complicated question. We have a very good product, many product lines for data mix, for [restore] mix, for Grace, for Grace (inaudible) and other solutions, and including (inaudible). So the solution is really strong and supply chain we work with our vendors very closely every day. And so hopefully, the situation will be consistently improved, but it's not 100% controlled ourselves. So although we have a good partnership with vendor, with customers. So we work very, very closely. And the situation will be continuing to improve a bit.

是的，這是一個複雜的問題。我們擁有非常好的產品，有許多用於資料混合、[恢復]混合、Grace、Grace（聽不清楚）和其他解決方案的產品線，包括（聽不清楚）。因此，該解決方案非常強大，我們每天都與供應鏈供應商密切合作。因此，希望情況能夠不斷改善，但我們無法 100% 控制。儘管我們與供應商和客戶都保持著良好的合作關係。因此我們的合作非常非常緊密。而且情況還會繼續改善。

And on the order side...

在訂單方面...

Are we ready for the next question?

我們準備好回答下一個問題了嗎？

Jon, did you have a follow...

喬恩，你有關注嗎......

On the order side, protection mixed up on...

在訂單方面，保護混亂了…

Yes, and see the order side, I mean, the back order has been continuing growing strongly. Every month, I see the order growth.

是的，從訂單方面來看，我的意思是，積壓訂單一直在持續強勁成長。每個月我都看到訂單的成長。

Also, Jon, we have a lot of [NCNR] orders as well. That protects against double and triple booking.

另外，喬恩，我們也有很多 [NCNR] 訂單。這可以防止重複或三重預訂。

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。

Yes, congrats on the strong results and the ongoing momentum. I have a couple if I could. Charles, you talked in the prepared remarks about the unprecedented demand you're seeing, and you guys have talked about actually adding new customers, including top-tier datacenter customers, I think you mentioned. And some of these Gen AI server forecasts for 2024 calendar are really, really strong, and you're also talking about gaining share, et cetera, et cetera. And so I guess the first question is what's the opportunity you see to maybe even do keep stronger than the fiscal '24 guidance, I guess, what would be the puts and takes there? And if you were to be able to exceed the 2024 guidance, what would be some of the things you think would need to occur? And then I have a quick follow-up.

是的，恭喜您取得的強勁業績和持續的發展勢頭。如果可以的話我會有幾個。查爾斯，您在準備好的演講中談到了您所看到的前所未有的需求，並且您還談到了實際增加新客戶，包括頂級資料中心客戶，我想您提到過。其中一些針對 2024 年日曆的 Gen AI 伺服器預測非常非常強勁，而且您還在談論獲得份額等等。因此，我想第一個問題是，您認為有什麼機會可以維持比 24 財年指引更強勁的業績，我想，其中的利弊是什麼？如果您能夠超越 2024 年的指導目標，您認為需要發生哪些事情？然後我有一個快速的後續問題。

Yes. Thank you. Very good question. Again, we continue to gain generative AI innovator, and we have a very good partnership. We started to ship them some (inaudible). And for sure, they need 20x more system. And we just cannot ship at this moment because of supply chain. And at the same time, we also continue to engage with large CSP and large datacenters. So we continue to gain more customers from, I would rather say, (inaudible) vertical. So they had to work out with the supply chain, the 3-party relationships, our supplier, our customer and ourselves. And that has been our major focus now, although we continue to improve our software total datacenter solution, including (inaudible) solution. So I mean, we are on the right track. Yes, expecting supply chain can improve so that we can grow our revenue.

是的。謝謝。非常好的問題。再次，我們不斷獲得生成式人工智慧創新者，並且我們建立了非常好的合作夥伴關係。我們開始向他們運送一些（聽不清楚）。可以肯定的是，他們需要 20 倍以上的系統。但由於供應鏈問題，我們目前無法出貨。同時，我們也持續與大型 CSP 和大型資料中心合作。因此，我更願意說，我們將繼續從（聽不清楚）垂直領域中獲得更多客戶。所以他們必須與供應鏈、第三方關係、我們的供應商、我們的客戶和我們自己合作。儘管我們將繼續改進我們的軟體整體資料中心解決方案，包括（聽不清楚）解決方案，但這一直是我們現在關注的重點。所以我的意思是，我們走在正確的道路上。是的，希望供應鏈能夠改善，這樣我們就可以增加收入。

That's really helpful. And so Charles, just to make sure that I understood that accurately. Is that to say if you can get more from the supply chain, well, actually, is to say this way, you have order visibility such that if you can procure more, you would have the ability to share gains exceed the fiscal '24 range that you provided? Is it really a supply chain issue, I guess, is what I'm asking. Did I hear that accurately?

這真的很有幫助。所以查爾斯，只是為了確保我準確地理解了這一點。這是否意味著如果您可以從供應鏈中獲得更多，實際上，這樣一來，您就有了訂單可見性，如果您可以採購更多，您就有能力分享超過您提供的財政 24 範圍的收益？我想問的是，這真的是供應鏈問題嗎？我聽得沒錯吧？

Yes, absolutely. I mean we continue to prove to our customers and our vendors, hey, we have a basic solution. So work with us. That's the way we went for everyone.

是的，絕對是如此。我的意思是我們繼續向我們的客戶和供應商證明，嘿，我們有一個基本的解決方案。所以，請和我們合作吧。這就是我們為每個人採取的方式。

I got it. And then let me just ask quick follow-up to that one. Is there any way you guys could provide any context for us around, I guess, how constrained you are like what might the demand outlook sort of look like if you were not constrained. So not like a guidance, right? Obviously, you gave your guidance, but just context for us to really get a sense of what the structural positioning of the company is if they were not constrained.

我得到了它。然後，請容許我快速問一下該問題的後續問題。你們能否為我們提供一些背景資訊，例如，你們受到的限制有多大，如果不受限制，需求前景會是什麼樣子。所以這不像是一種指導，對嗎？顯然，您給了指導，但這只是讓我們真正了解如果公司不受約束的話，公司的結構定位是什麼樣的。

Yes. Again, we have based on the product, and we have a very good part of our customer, and we push our vendor. And we know our vendor doing their pace to support us at the same time as well. So we just to continue work together.

是的。再次強調，我們以產品為基礎，我們擁有非常好的客戶群，並且我們推動我們的供應商。我們知道我們的供應商也在盡力支持我們。所以我們只是想繼續合作。

All right, Charles. I have one more quick one. I'll move away from demand. I appreciate it. It sounds like the gross margin guidance for the September quarter is a pretty solid most attractive guide. For fiscal '24, should we assume that same 17% kind of gross margin range? Or what's the right way to think about that? And that's it for me.

好的，查爾斯。我還有一個很快的。我將遠離需求。我很感激。聽起來，九月季度的毛利率指引是一個非常可靠的、最具吸引力的指引。對於 24 財年，我們是否應該假設相同的 17% 毛利率範圍？或是正確的思考方式是什麼？對我來說這就是全部了。

This is David. So we're targeting to hold our margins, and that's all the guidance that we'll give right now.

這是大衛。因此，我們的目標是保持利潤率，這就是我們現在給出的所有指導。

Your next question then comes from the line of Aaron Rakers from Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

Yes. And also, congrats on the results tonight. So first of all, I just want to clarify, I want to make sure I heard the number right. Was it 50% or 52% of the revenue that was from your AI and rack-scale solutions this last quarter?

是的。另外，恭喜今晚的成績。所以首先，我只想澄清一下，我想確保我聽到的數字是正確的。上個季度，你們的人工智慧和機架規模解決方案的營收佔比是 50% 還是 52%？

Yes, Adam, Charles in his script said approximately 50%, and I clarified 52%.

是的，亞當，查爾斯在他的劇本中說大約是 50%，我澄清是 52%。

Okay. And so I guess the question that leads to that is that one of the questions I get asked a lot about is the spend around AI being so strong, and it sounds like, obviously, you're carrying a pretty good backlog looking out over the next several quarters given the supply dynamics. But if I take that number and I say the non-AI business, how has that trended? Or basically, are you reallocating capacity away from more of the non or traditional compute side to satisfy demand on the AI side? Or have you seen spending slow down outside of these AI investments that you're clearly benefiting from?

好的。所以我想導致這個問題的原因是，我經常被問到的一個問題是圍繞人工智慧的支出如此強勁，而且聽起來顯然考慮到供應動態，在接下來的幾個季度裡你會有相當多的積壓訂單。但如果我拿這個數字來說，非人工智慧業務的趨勢如何？或者基本上，您是否正在將容量從更多的非或傳統運算方面重新分配，以滿足人工智慧方面的需求？或者，除了這些您明顯受益的人工智慧投資之外，您是否發現支出有所放緩？

Yes. on AI server storage, IOT telco, we keep about a little bit flat. I understand the industry and that'll be declining. We although not declining above flat, and we try to grow as well. And that's why we are growing in many direction kind of manufacturing kind of like Taiwan, Malaysia, and we may have another North America campus. So that's all to increase our capacity so that we can grow traditional datacenter business as well instead of only focus on growing AI.

是的。在人工智慧伺服器儲存、物聯網電信方面，我們保持略微穩定。我了解這個行業，它將會衰退。我們雖然沒有下降，但也努力成長。這就是為什麼我們在台灣、馬來西亞等製造業等多個方向上發展，而且我們可能還有另一個北美園區。這一切都是為了提高我們的能力，以便我們能夠發展傳統的資料中心業務，而不是只專注於發展人工智慧。

Okay. So just to be clear, I mean, you're limited on your supply on the traditional compute side because of the AI demand that you're seeing. Is that fair?

好的。所以需要明確的是，由於您看到的人工智慧需求，您在傳統運算方面的供應受到限制。這樣公平嗎？

Not exactly impacted but not exactly. Indeed, as you know, the traditional server, traditional datacenter business that had been flat from the demand side. So we are facing to a similar experience as well, but not declining to...

沒有受到影響，但也不完全受影響。確實，如你所知，傳統伺服器、傳統資料中心業務從需求方面來看一直持平。所以我們也面臨類似的經歷，但不會拒絕......

Yes. Okay. And then the final question for me is just thinking about the AI opportunity, and I think you alluded to this a little bit in your prepared comments. You mentioned positioning around, I think it was the Intel Gaudi chip and then also, I think another vendor coming to market, the MI 300 from AMD. How do you see that playing out for your opportunity? Does it help satisfy demand? Are you seeing indicators that this AI opportunity is going to be much more diversified here as we move into '24 versus what you've seen on the NVIDIA side at this point? Just curious how you're seeing kind of the competitive landscape or maybe opportunity set expand for you guys with those new or other solutions coming to market?

是的。好的。對我來說，最後一個問題是思考人工智慧的機會，我想您在準備好的評論中稍微提到了這一點。您提到定位，我認為是英特爾 Gaudi 晶片，然後，我還認為另一家進入市場的供應商是 AMD 的 MI 300。您認為這會為您帶來什麼機會？它有助於滿足需求嗎？與您目前在 NVIDIA 方面看到的情況相比，您是否看到有跡象表明，隨著我們進入 24 年，人工智慧機會將更加多樣化？只是好奇，隨著這些新的或其他解決方案進入市場，您如何看待競爭格局或機會集的擴大？

Yes. NVIDIA solutions (inaudible) leader and people really are with NVIDIA, more supply and other solutions from (inaudible) AMD, because our building block solution, we have a solution ready for all of them. So that's the advantage we have. So we just waiting for their solution to be available in potential.

是的。 NVIDIA 解決方案（聽不清楚）領導者和員工確實與 NVIDIA 站在一起，還有更多來自（聽不清楚）AMD 的供應和其他解決方案，因為我們的構建塊解決方案，我們為所有這些都準備好了解決方案。這就是我們的優勢。所以我們只是在等待他們的解決方案能夠發揮作用。

Your next question comes from the line of Jon Tanwanteng.

您的下一個問題來自 Jon Tanwanteng。

Dave, I was wondering if you could talk about your working capital needs in the sort of environment. Can you generate positive cash flow going forward? Or are you going to be using cash as you try to fulfill this outside demand?

戴夫，我想知道您是否可以談談在這種環境下您的營運資金需求。未來你能產生正現金流嗎？或者您將使用現金來滿足外部需求？

Yes, Jon, we see the business generating good cash flows as it has historically. And we think that especially in this constrained supply market where we could deliver more if we had more supply. But really the constrained supply ends up moderating the working capital. And so we grew our business last quarter quite a bit and grew our AR. So that utilized a lot of working capital. But we have no concerns about working capital.

是的，喬恩，我們看到該業務像歷史上一樣產生了良好的現金流。我們認為，特別是在這個供應受限的市場中，如果我們有更多的供應，我們可以提供更多。但實際上，供應受限最終會降低營運資本。因此，我們上個季度的業務成長了不少，應收帳款也增加了。因此這耗費了大量的營運資金。但我們並不擔心營運資金。

Okay. Great. And then could you guys give a little bit more detail on the capacity expansion and when those various facilities come online? And what exactly they add?

好的。偉大的。那麼你們能否詳細介紹產能擴張以及各個設施何時投入使用？他們到底加了什麼？

Sure. We have Malaysia, which is expected to come online in around 12 to 15 months. And that will eventually double our capacity. And we also have additional capacity coming online in our Building 23 here in our Silicon Valley campus, and we've also added, as Charles mentioned, another site in San Jose with intentions to add another site in the Americas.

當然。我們有馬來西亞，預計將在大約 12 到 15 個月內上線。這最終將使我們的產能翻倍。而且，我們位於矽谷園區的 23 號大樓也即將上線額外的產能，正如查爾斯所提到的，我們還在聖荷西增加了另一個站點，併計劃在美洲增加另一個站點。

Got it. And then last one for me, maybe a more detailed question. What percentage of your AI sales right now are liquid cooling base? And do you expect that percentage to increase as you go forward?

知道了。對我來說最後一個問題，也許是一個更詳細的問題。目前，你們的 AI 銷售額中有多少比例是液冷基礎？您是否預計，隨著時間的推移，該比例會增加？

This is very new questions. So we have a very good [DLC], direct touch liquidity solution ready to go now. And it's all dependent on customer demand. And at the same time, the (inaudible) solution also getting ready. So we have an older 3D solution and depends on customers' demand. (inaudible) for sure, (inaudible) still a majority as you know.

這是非常新的問題。因此，我們有一個非常好的 [DLC]，直接接觸流動性解決方案隨時可用。這一切都取決於客戶的需求。同時，（聽不清楚）解決方案也已準備好。因此，我們有一個較舊的 3D 解決方案，並且取決於客戶的需求。 （聽不清楚）當然，（聽不清楚）如你所知，仍然是大多數。

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

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

Yes. Thank you for the follow-up question. So NVIDIA effectively guided their July quarter datacenter revenue at 2x Q-o-Q, what does that mean for Super Micro in terms of GPU systems, especially what I'm trying to drive at is that is there a lag between when NVIDIA gets recognized revenue and when the rest of the server OEMs get to recognize revenue?

是的。感謝您的後續提問。因此，NVIDIA 有效地將其 7 月季度資料中心收入控制在環比增長 2 倍的水平，這對 Super Micro 的 GPU 系統而言意味著什麼，尤其是我想說的是，NVIDIA 獲得確認收入的時間與其他伺服器 OEM 獲得確認收入的時間之間是否存在滯後？

We believe their capacity are growing. And that's why we talk to them every day, asking for more. So hopefully, we can gather more support from them. And hopefully, their capacity can grow mostly quickly. So that's all I can say now.

我們相信他們的能力正在不斷增長。這就是我們每天與他們交談、要求他們做更多努力的原因。因此希望我們能得到他們更多的支持。並且希望它們的能力能夠快速成長。這就是我現在能說的全部。

Okay. Do you have a guess on what is (technical difficulty)

好的。你能猜一下（技術難度）

We're not going to offer a market share for the June quarter. You can make some assumptions by looking at the results of others. But we sell different GPUs, as Charles mentioned. There is a direct correlation.

我們不會提供六月季度的市場份額。您可以透過查看其他人的結果來做出一些假設。但正如查爾斯所提到的，我們銷售不同的 GPU。二者之間存在直接的關聯。

Yes. Basically, not for capacity. We are waiting for more AI chips, that's a situation.

是的。基本上，不是為了容量。我們正在等待更多的AI晶片，這就是一種情況。

Yes. Understood. And how should we think about distributing the remaining $8 billion across the final 3 quarters here?

是的。明白了。那麼我們該如何考慮在最後 3 個季度中分配剩下的 80 億美元呢？

We're not going to announce quarter-by-quarter our guidance. But we're expecting this to be a robust year. And as tempered by the natural supply constraints because of the popularity of these new platforms.

我們不會逐季公佈我們的業績指引。但我們預計今年將是強勁的一年。並且由於這些新平台的流行而受到自然供應限制的限制。

Yes. Basically, in media, we have more capacity for sure, and we're really happy to wait for that. And besides other than the (inaudible), is completely ready. And our CG1 solution is pretty much ready as well. So we believe we can shift much more and that's the situation. So in the next 4 quarters, I believe we will continue to grow quarter after quarter. And even the supply condition better, I believe we can surpass $10.5 billion for sure easily.

是的。基本上，在媒體方面，我們肯定擁有更多的產能，我們非常樂意等待這一點。除（聽不清楚）之外，已經完全準備好了。我們的 CG1 解決方案也已經準備就緒。因此我們相信我們可以做出更多轉變，事實就是如此。因此，我相信在接下來的 4 個季度裡，我們將繼續逐季成長。而且即使供給狀況更好，我相信我們肯定可以輕鬆超過105億美元。

Thank you, everyone, for joining, and your time for questions at this time. And this will conclude today's conference call. You may now disconnect.

感謝大家的參與，並感謝大家在這次提問的時間。今天的電話會議到此結束。您現在可以斷開連線。