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.

謝謝你的支持。我叫安娜，今天我將擔任你們的會議操作員。值此之際，歡迎大家參加超微電腦2023財年第四季度業績發布會。今天與我們在一起的還有梁朝偉，創始人、總裁兼首席執行官；大衛·韋根，首席財務官；和企業發展副總裁 Michael Staiger。 （操作員指示）Michael Staiger，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 日的第四季度和整個財年的財務業績。今天與我在一起的是創始人、董事長兼首席執行官梁朝偉( Charles Liang)；首席財務官戴維·韋根德 (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分發的新聞稿副本，並且可以在該公司的網站上找到該新聞稿。提醒一下，在今天的電話會議中，該公司將參考公司網站“投資者關係”部分“活動演示”選項卡下向參與者提供的演示。我們還在我們的網站上發布了管理層的腳本評論。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses and other income and expenses, taxes, capital allocation and future business outlook, including guidance for the 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，您在今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用和其他收入和費用、稅收、資本配置和未來業務的信息展望，包括2024 財年第一季度和2024 財年全年指引。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 備案文件和其他 SEC 文件中了解有關這些風險的更多信息。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.

今天的大部分演示將涉及非公認會計準則財務業績和業務前景。有關我們的非公認會計準則財務指標的說明，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，今天的新聞稿和今天演示文稿所附的補充信息中包含了 GAAP 與非 GAAP 業績的調節。在今天準備好的發言結束時，我們將舉行問答環節，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，我很高興地宣布新的財務業績，年收入達到 71.2 億美元，同比增長率為 37%。我們還實現了第一個具有里程碑意義的季度收入 21.8 億美元，同比增長 34%，環比增長 70%。我們正在繼續超越頂線和底線業績，並且表現遠遠超出我們之前的指導範圍。眾所周知，我們的強勁增長是由對即插即用機架規模的領先 AI 平台的需求推動的，特別是對基於 NVIDIA HGX 的大型語言模型優化的 Delta Next 解決方案。我們的工程能力使我們能夠向客戶提供優化的、率先上市的人工智能產品和解決方案，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，他們保持了我們的上市時間優勢，並比競爭對手更快地向我們的主要合作夥伴提供了整體解決方案。我們在矽谷每月投資 4,000 個機架的最先進的驗證和生產設施，是快速提供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 USD10.50 to USD11.00.

讓我們回顧一下一些重要的財務亮點。首先，我們進入 24 財年，缺貨訂單創歷史新高，贏得了更多新設計和新客戶。同樣，我們 2023 財年的淨收入總計 71.2 億美元，同比增長 37%，高於 67 億美元的中點指導範圍。 2023 財年非 GAAP 每股收益同比增長 109% 至 11.81 美元，而一年前為 5.65 美元，超出了我們修訂後的指導範圍 10.50 美元至 11.00 美元的上限。

Fiscal Q4 net revenue totaled $2.18 billion, up 34% year-on-year and up 70% quarter-on-quarter, above our guidance range of USD1.7 billion to USD1.9 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 USD2.21 to USD2.71, 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，同比增長 34%，環比增長 70%，高於我們 17 億美元至 19 億美元的指引範圍。第四財季非公認會計原則每股收益為 3.51 美元，與去年同期的 2.62 美元相比，同比增長 34%，遠高於我們指導範圍 2.21 美元至 2.71 美元的上限，顯示出強勁的運營槓桿客戶對我們的機架級整體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，我們一直在努力打造公司實力和基礎。作為美國唯一一家大型人工智能平台設計商和製造商，我們在超過四分之一的時間裡一直在向合作夥伴批量交付我們的獲獎產品。幾個月前，我很榮幸邀請到我的密友 NVIDIA 首席執行官黃仁勳 (Jensen Huang) 與我一起登上 Computex 的舞台，重點介紹我們針對 AI 時代優化的新一代 GPU 解決方案。我們不僅為大型生成式人工智能創新者部署系統，還部署完整的機架級整體解決方案。支持HGX H100 Delta-Next、H100 PCIe GPU以及剛剛發布的L40S GPU；我們的 Delta-Next、Redstone-Next 和 8-GPU OVX 系統已成為行業卓越的基準。我們還對 Intel 的 Gaudi 2 和 PVC 以及 AMD 的 MI-250 加速器解決方案產生了良好的關注。

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.

我們的構建塊服務器架構完美地滿足了對人工智能基礎設施的需求，並且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。我們計劃通過在 Computex 上宣布的即將推出的 MGX 平台來擴大這一領先地位，通過 X86、Grace (C2) 和 Grace-Hopper (CG1) Superchip 帶來模塊化的加速靈活性。 MGX 平台是 NVIDIA 和 Supermicro 之間人工智能計算的共同願景，旨在開放、靈活且面向未來，適用於多代 GPU、CPU 和 DPU。

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.

截至目前，我們已經有許多客戶正在使用這些新的 MGX 平台，並且很快它們將投入批量生產。本季度我們近一半的收入基於人工智能相關設計，我預計這種人工智能增長勢頭將繼續擴大我們的TAM 覆蓋所有客戶類型，從主要人工智能創新者、超大型CSP、一級數據中心、二級雲以及一般企業市場。

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 和內存技術性能的提高，增強的存儲性能也是必要的，以便將大量數據集提供給應用程序，而不成為降低整個系統速度的瓶頸。 Supermicro 全新基於 PCIe Gen 5 的 E1.S 和 E3.S Petascale 全閃存存儲服務器提供業界領先的存儲性能和容量。結合我們的 U.2 NVMe、頂載橫向擴展和傳統存儲平台，我們通過一站式整體解決方案購物體驗滿足客戶的人工智能、計算和存儲需求，並在性能、時間上實現最佳優化- 在線和成本。

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.

隨著計算和存儲的加速，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，是計算密集型數據中心、CSP 和其他垂直行業的需求。擁有高能效、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。我們對各種技術進行了重大投資，以推動數據中心採用直接液體冷卻，以應對熱挑戰。

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.

除了提高計算密度和降低 TCO 之外，液體冷卻還可以顯著減少數據中心對環境的影響，這符合我們的綠色計算使命。同樣，我們的液浸解決方案也取得了良好進展，我們將很高興盡快向感興趣的合作夥伴提供該選項。現實情況是，數據中心基礎設施變得越來越複雜，尤其是在對人工智能前所未有的需求的情況下。設計複雜性和集成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 整體 IT 解決方案方法使他們免於設計、驗證、採購和集成的複雜性。它還簡化了數據中心規模的網絡交換、固件和軟件管理。我們的 24/7 全球服務等級的價值讓客戶高枕無憂。

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，除了最近宣布的馬來西亞擴張之外，我們一直在繼續評估我們的足跡。我們最近在矽谷總部附近又新建了一座大樓，目標是在本財年進一步增加目前每月 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，我們還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持至少150 億美元的收入，而新的馬來西亞工廠將在未來3 個季度通過在降低成本結構的基礎上為大規模建設提供服務，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 USD1.9 billion to USD2.2 billion for the September quarter. However, given the record high backorders, we see fiscal year 2024 revenue between USD9.5 billion to USD10.5 billion with room to deliver more depending on availability of supply.

最後，美超微憑藉領先的人工智能產品組合、基礎設施準備情況以及及時交付產品的能力，處於保持增長勢頭的有利位置。由於目前關鍵零部件供應短缺，我們預計 9 月份季度的收入將在 19 億美元至 22 億美元之間。然而，鑑於缺貨訂單創歷史新高，我們預計 2024 財年的收入將在 95 億美元至 105 億美元之間，根據供應情況，還有交付更多的空間。

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人工智能和 IT 解決方案領導者的角色才剛剛開始。我們已準備好向現有和新興市場提供優化的人工智能基礎設施以及我們的增值軟件和服務。說白了，我們的基礎和能力已經完全準備好了，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能應用的蓬勃發展，我現在預計 200 億美元的年收入目標將在幾年內實現。

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?

在給我們的首席財務官 David Weigand 打電話之前，我想對我們的合作夥伴、客戶、Supermicro 員工和股東的持續支持表示感謝。大衛？

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 USD1.7 billion to USD1.9 billion and were at the high end of the recently updated range of USD2.15 billion to USD2.18 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，同比增長 34%，環比增長 70%。第四季度收入超出了 17 億美元至 19 億美元的最初指導範圍，並且處於最近更新的 21.5 億美元至 21.8 億美元範圍的高端。 2023 財年，我們報告的收入為 71.2 億美元，比 22 財年 52 億美元的收入增長了 37%。下一代 CPU 和 AI 平台繼續推動設計獲勝和訂單達到創紀錄的水平。 2023 財年結束時，我們的積壓創歷史新高，我們為 24 財年做好了充分準備，預計收入和盈利能力將持續增長。我們預計頂級數據中心、新興通信服務提供商、企業人工智能擴建、CPU 升級和邊緣/物聯網/電信市場將推動多元化增長。我們還瞄準了存儲、交換機、軟件和服務等鄰近市場的新機遇。我們注意到，我們的積壓創紀錄的出貨量可能會繼續受到我們先進人工智能服務器平台關鍵新組件供應鏈瓶頸的限制。

Q4 results were driven by our high-growth AI/GPU and rack-scale solutions which represented 52% of our total revenues. We had two 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，占我們總收入的 52%。我們在第四季度有兩個 10% 的客戶，但在 23 財年沒有任何 10% 的客戶。第四季度，我們在企業和渠道垂直領域錄得9.76 億美元，佔收入的45%，而上一季度為50%，同比增長19%，環比增長51%，因為我們擴大了幾個關鍵企業的規模程式。 OEM 設備和大型數據中心垂直領域實現了11.7 億美元的收入，佔第四季度收入的53%，而上一季度為47%，同比增長59%，環比增長94%，因為我們從現有和新業務中獲得了動力。數據中心、CSP 和 OEM 雲設備客戶。我們新興的 5G/電信/邊緣/物聯網部門實現了 4300 萬美元的收入，佔第四季度收入的 2%，而上季度為 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，有機企業和渠道以及 AI/ML 收入增長了 10%，佔總收入的 48%。 OEM 設備和大型數據中心細分市場增長了 102%，佔總收入的 49%。新興的 5G/電信/邊緣/物聯網細分市場下降了 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。服務器和存儲系統佔第四季度收入的 93%，子系統和配件佔 7%。在我們機架級整體 IT 解決方案的價值和復雜性的推動下，ASP 逐季度和逐年持續增長。

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%.

按地域劃分，美國占第四季度收入的 76%，亞洲佔 11%，歐洲佔 10%，世界其他地區佔 3%。美國收入同比增長 55%。亞洲下降 17%，歐洲增長 1%，世界其他地區增長 12%。按季度計算，美國收入增長 112%，亞洲增長 10%，歐洲下降 1%，世界其他地區增長 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戰略性新設計和市場份額，第四季度非 GAAP 毛利率為 17.1%，較第三季度的 17.7% 有所下降。 23 財年，非 GAAP 毛利率為 18.1%，而 2022 財年為 15.4%，這是由於機架規模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.

說到運營費用，在員工人數和相關費用的推動下，第四季度按照 GAAP 計算的運營支出環比增長 14%，同比增長 19%，達到 1.45 億美元。按非公認會計準則計算，運營費用環比增長 14%，同比增長 17%，達到 1.33 億美元。我們的非 GAAP 營業利潤率在第四季度大幅增長至 11%，而上一季度為 8.7%，這是由於收入增長超過了運營費用增長所推動的運營槓桿。在 23 財年，我們實現了 11.4% 的非 GAAP 營業利潤率，而在 23 財年則為 7.2%，這是由於更高的毛利率以及更高的收入和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.

第四季度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，主要被 200 萬美元的淨外匯收益所抵消。由於我們利用短期信貸額度滿足營運資金需求以及借款的短期利率上升，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.

第四季度的稅項準備金按 GAAP 計算為 3130 萬美元，按非 GAAP 計算為 3660 萬美元。第四季度的 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 USD2.21 to USD2.71 and the recently updated range of USD3.35 to USD3.45. 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 USD10.50 to USD11.00.

我們第四季度的非 GAAP 攤薄每股收益為 3.51 美元，超出了最初指導範圍 2.21 美元至 2.71 美元以及最近更新的範圍 3.35 美元至 3.45 美元的上限。第四季度每股收益的增長歸因於收入和運營槓桿的增加。對於2023 財年，我們報告非GAAP 攤薄後每股收益為11.81 美元，與2022 財年非GAAP 攤薄後每股收益5.65 美元相比，同比增長109%，高於23 財年10.50 美元至11 美元的指導值.00。

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.

第四季度運營使用的現金流為900 萬美元，而第三季度運營產生的現金流為1.98 億美元，原因是應收賬款增加，但由於供應限制，本季度後端裝運的庫存減少和應付賬款增加，抵消了這一影響。第四季度資本支出為 800 萬美元，導致自由現金流為負 1700 萬美元，而上季度自由現金流為正 1.9 億美元。 23 財年，我們的運營現金流為 6.64 億美元，資本支出為 3700 萬美元，自由現金流為 6.27 億美元。授權回購計劃剩餘 5000 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頭寸為4.4 億美元，而銀行債務為2.9 億美元，導致淨現金頭寸比上季度的淨現金頭寸1.76 億美元減少1.5 億美元，因為我們利用銀行信貸額度來支持更高的收入和應收賬款隨著我們加大新 AI/GPU 設計成果的產量。

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.

就資產負債表和營運資本指標而言，與上季度相比，第四季度的現金轉換週期從第三季度的 126 天改善至 77 天。庫存天數為 75 天，比上一季度的 126 天減少 51 天。銷售應付款天數環比下降 13 天至 38 天，應付賬款周轉天數環比下降 15 天至 36 天。更快的庫存周轉有助於改善我們的現金周轉週期。

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 USD1.90 billion to USD2.20 billion, GAAP diluted net income per share of USD2.02 to USD2.80 and non-GAAP diluted net income per share of USD2.75 to USD3.50. 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.

現在展望未來，我們仍然對涵蓋人工智能、核心計算、存儲、5G 電信/邊緣和物聯網應用的多元化業務模式充滿熱情。設計勝利涵蓋企業/渠道、大型數據中心/新興人工智能 CSP 以及電信和 OEM 客戶。我們正在仔細觀察全球宏觀經濟形勢和持續的供應鏈限制，特別是對於領先的人工智能平台。截至2023年9月30日的2024財年第一季度，我們預計淨銷售額將在19億美元至22億美元之間，GAAP攤薄後每股淨利潤為2.02美元至2.80美元，非GAAP攤薄後每股淨利潤為2.02美元至2.80美元每股淨利潤為 2.75 美元至 3.50 美元。我們預計毛利率將與第四季度水平相似。 GAAP 運營費用預計約為 1.85 億美元，其中包括 4800 萬美元的股票薪酬和不包含在非 GAAP 運營費用中的其他費用。由於研發的持續投資以及我們優秀的工程和銷售團隊的人員成本上升，公認會計準則和非公認會計準則運營費用預計將增加。

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 USD10 million to USD12 million. For the fiscal year 2024 ending June 30, 2024, we are giving guidance for revenues in the range USD9.5 billion to USD10.5 billion.

2024 財年第一季度的前景完全稀釋的GAAP 每股收益包括約4400 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 稀釋後每股普通股淨利潤中。我們預計其他收入和支出（包括利息支出）約為 150 萬美元的淨支出。該公司對GAAP 和非GAAP 攤薄後每股普通股淨利潤的預測假設GAAP 稅率為14.7%，非GAAP 稅率為15.4%，完全稀釋後的GAAP 股數為5600 萬股，每股普通股稀釋後股數為5700 萬股。非公認會計準則。我們預計 2024 年第一財季的資本支出將在 1000 萬美元至 1200 萬美元之間。對於截至 2024 年 6 月 30 日的 2024 財年，我們給出的收入指引為 95 億美元至 105 億美元。

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

好的，邁克爾，我們現在準備好進行問答。

Operator?

操作員？

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

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

And congratulations on an amazing quarter and amazing fiscal year '24 revenue guidance of USD9.5 billion to USD10.5 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?

祝賀 24 財年令人驚嘆的季度收入和 95 億美元至 105 億美元的收入指引。我絕對想深入研究這一點。首先，Charles，我想你說過你在 6 月季度有 50% 的收入來自人工智能。那真是難以置信。它有力地表明了超微確實是人工智能係統的領導者。你們認為你們正在用機架級人工智能係統構建的可持續差異化是什麼，推動了人工智能係統收入的驚人快速增長？

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，自幾年前以來，人工智能一直是我們的主要關注點。我們與 AI 芯片公司以及 NVIDIA 等公司合作非常密切。我們可以開發很多平台，包括我們的 MGX，如您所知，現在即將推出 MGX，以支持 C2 和 CG1。因此，我們的人工智能解決方案具有機架規模或云規模（聽不清）解決方案，使我們的客戶部署更加容易，並完全擁有節省能源成本、縮短上線時間的解決方案。所以我相信我們的AI產品線業務會繼續增長，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.

下一個問題來自薩斯奎哈納國際集團的邁赫迪·侯賽尼 (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，我認為如果你能（技術難度）獲得 100 億美元的收入，那將會非常有幫助。也許任何能夠捕捉到您增加的內容的 ASP 增長顏色都會給我們帶來洞察力，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，我們繼續通過我們的機架級、雲級整體解決方案（包括風冷和液冷）贏得新客戶，對吧？因此，我們看到需求非常強勁，並且延期交貨訂單增長非常快。因此，100 億美元肯定應該是一個短期目標。

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，並且他們也主張增加份額。與競爭對手正在營銷或談論的一些新興冷卻技術相比，您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。事實上，我們的工程團隊強大且敬業。每個人都可以設計系統，我們的系統就是比別人更好，不僅在質量性能上更好，而且在服務、軟件、系統管理方面也更早進入市場和目標。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多份額。

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。也許繼續，您談到人工智能將佔您收入的 50% 以上，當您展望日曆年下半年時，您的渠道情況如何，您是否已經擁有一個讓您有信心達到 50% 收入的渠道加上人工智能作為收入組合？或者您仍然需要去獲得資格並贏得業務才能實現該目標嗎？

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.

事實上，管道一直非常強大。而此刻，能見度非常清晰。所以我們非常有信心。尤其是我們也繼續贏得客戶。

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?

再次祝賀季度前景非常強勁。我的第一個想法是我只想深入了解您對前景的信心。您能否在各個方面談談您對供應鏈的信心，是否能夠在中點提供 40％ 的增長指導，也許談談您從主要供應商那裡獲得分配的能力。然後，在您的訂單簿和積壓訂單中，您的保證是什麼？或者如何確定是否有雙重或三重排序？如果它們確實存在，您如何保護自己免受侵害？

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。我們有一個非常好的產品，許多產品線用於數據混合、[恢復]混合、Grace、Grace（聽不清）和其他解決方案，包括（聽不清）。因此，該解決方案非常強大，我們的供應鏈每天都與供應商密切合作。希望情況能夠持續改善，但我們並不能 100% 控制。因此，儘管我們與供應商和客戶有著良好的合作夥伴關係。所以我們的工作非常非常密切。而且情況還會繼續有所改善

And on the order side...

而在訂單方面...

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，保護混合在一起......

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，看看訂單方面，我的意思是，延期交貨的訂單一直在持續強勁增長。每個月我都會看到訂單增長。

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。這可以防止雙重和三重預訂。

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，祝賀我們取得的強勁成果和持續的勢頭。如果可以的話我有一對。查爾斯，您在準備好的發言中談到了您所看到的前所未有的需求，而且你們也談到了實際增加新客戶，包括頂級數據中心客戶，我想您也提到過。其中一些 Gen AI 服務器對 2024 年日曆的預測非常非常強勁，而且您還在談論獲得份額等等。因此，我想第一個問題是，您認為保持比 24 財年指導更強勁的機會是什麼，我想，那裡的看跌期權和看跌期權是什麼？如果您想要超越 2024 年的指導，您認為需要採取哪些措施？然後我會進行快速跟進。

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能創新者，並且我們擁有非常好的合作夥伴關係。我們開始向他們運送一些（聽不清）。可以肯定的是，他們需要 20 倍以上的系統。由於供應鏈的原因，我們目前無法發貨。同時，我們也繼續與大型CSP和大型數據中心合作。因此，我寧願說，我們繼續從（聽不清）垂直領域獲得更多客戶。因此，他們必須與供應鏈、三方關係、我們的供應商、我們的客戶和我們自己共同努力。儘管我們繼續改進我們的軟件整體數據中心解決方案，包括（聽不清）解決方案，但這一直是我們現在的主要關注點。所以我的意思是，我們走在正確的軌道上。是的，期望供應鏈能夠改善，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。查爾斯，只是為了確保我準確理解這一點。這就是說，如果您可以從供應鏈中獲得更多，那麼實際上，就是說，您擁有訂單可見性，如果您可以採購更多，您將有能力分享超過 24 財年範圍的收益你提供的？我想，這真的是一個供應鏈問題嗎？我聽得準確嗎？

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，一點沒錯。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。所以和我們一起工作吧。這就是我們為每個人所採取的方式。

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。然後讓我快速詢問一下該問題的後續情況。我想，你們有什麼辦法可以為我們提供一些背景信息，如果你們不受限制的話，需求前景會是什麼樣子呢？所以不像指導，對吧？顯然，您提供了指導，但只是讓我們真正了解公司的結構定位（如果不受限制）的背景。

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。再說一次，我們以產品為基礎，我們有很大一部分客戶，我們會推動我們的供應商。我們知道我們的供應商同時也在努力支持我們。所以我們只是繼續合作。

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.

好吧，查爾斯。我還有一張快的。我將遠離需求。我很感激。聽起來九月季度的毛利率指導是一個相當可靠且最具吸引力的指導。對於 24 財年，我們是否應該假設同樣的 17% 毛利率範圍？或者思考這個問題的正確方法是什麼？對我來說就是這樣。

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，這就是我們現在將提供的所有指導。

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

你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，祝賀今晚的結果。首先，我想澄清一下，我想確保我聽到的數字是正確的。上個季度您的 AI 和機架規模解決方案的收入占到了 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了大約 50%，我澄清了 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。所以我想導致這種情況的問題是，我經常被問到的問題之一是圍繞人工智能的支出如此強大，而且聽起來，顯然，你正在處理相當多的積壓工作。鑑於供應動態，未來幾個季度。但如果我說非人工智能業務，那麼它的趨勢如何？或者基本上，您是否正在重新分配更多非或傳統計算方面的容量，以滿足人工智能方面的需求？或者您是否發現除了您明顯受益的人工智能投資之外的支出放緩？

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。在人工智能服務器存儲、物聯網電信方面，我們保持平穩。我了解這個行業，這個行業將會下降。我們雖然沒有下降至持平水平，但我們也在努力增長。這就是為什麼我們在製造業的許多方向上發展，比如台灣、馬來西亞，我們可能還有另一個北美園區。因此，這一切都是為了增加我們的容量，以便我們也可以發展傳統的數據中心業務，而不僅僅是專注於發展人工智能。

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。因此，需要明確的是，由於您所看到的人工智能需求，您在傳統計算方面的供應受到限制。這公平嗎？

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...

不完全受到影響，但也不完全受到影響。確實，如大家所知，傳統服務器、傳統數據中心業務從需求端來看一直持平。所以我們也面臨著類似的經歷，但我們不會拒絕……

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，最後一個問題就是思考人工智能的機會，我認為你在準備好的評論中提到了這一點。你提到了定位，我認為是英特爾 Gaudi 芯片，然後，我認為另一個供應商即將進入市場，AMD 的 MI 300。您如何看待這對您的機會的影響？它有助於滿足需求嗎？您是否看到有跡象表明，隨著我們進入 24 世紀，這個人工智能機會將比您目前在 NVIDIA 方面看到的情況更加多樣化？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）領導者和人們確實支持 NVIDIA，（聽不清）AMD 提供更多供應和其他解決方案，因為我們的構建塊解決方案，我們為所有這些解決方案做好了準備。這就是我們的優勢。所以我們只是等待他們的解決方案成為可能。

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您在這種環境下的營運資金需求。未來你能產生正現金流嗎？或者您會在嘗試滿足這種外部需求時使用現金嗎？

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良好的現金流。我們認為，特別是在這個供應有限的市場中，如果我們有更多的供應，我們就可以提供更多的產品。但事實上，供應受限最終會限制營運資金。因此，上個季度我們的業務有了很大增長，AR 也得到了增長。因此動用了大量的營運資金。但我們不擔心營運資金。

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。那麼你們能否提供有關產能擴張以及這些各種設施何時上線的更多細節？他們到底添加了什麼？

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 12 至 15 個月左右上線。這最終將使我們的產能增加一倍。我們還在矽谷園區的 23 號樓增加了上線容量，正如 Charles 提到的，我們還添加了位於聖何塞的另一個站點，並打算在美洲添加另一個站點。

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。最後一個問題對我來說可能是一個更詳細的問題。目前你們的人工智能銷售額中有多少比例是液冷基礎？您預計這個百分比會隨著您的發展而增加嗎？

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，我們現在有一個非常好的[DLC]、直接接觸流動性解決方案。這一切都取決於客戶的需求。與此同時，（聽不清）解決方案也在準備之中。所以我們有一個較舊的 3D 解決方案，具體取決於客戶的需求。 （聽不清）當然，（聽不清）正如你所知，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。感謝您的後續問題。因此，NVIDIA 有效地將其7 月季度數據中心收入預測為環比的2 倍，這對於Super Micro 的GPU 系統意味著什麼，特別是我想要強調的是，NVIDIA 獲得確認收入與實際收入之間是否存在滯後？其餘服務器 OEM 能否確認收入？

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增長。這就是為什麼我們每天與他們交談，要求更多。因此，希望我們能夠從他們那裡獲得更多支持。希望他們的產能能夠快速增長。這就是我現在能說的。

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

好的。你猜一下是什麼（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。您可以通過查看其他人的結果來做出一些假設。但正如 Charles 提到的，我們銷售不同的 GPU。有直接的相關性。

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人工智能芯片，這就是情況。

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

是的。明白了。我們應該如何考慮在最後三個季度分配剩餘的 80 億美元？

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.

我們不會逐季度公佈我們的指導。但我們預計今年將是強勁的一年。由於這些新平台的流行，自然供應受到限制。

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，在媒體領域，我們肯定有更多的能力，我們真的很高興等待這一點。除此之外（聽不清），已經完全準備好了。我們的 CG1 解決方案也已準備就緒。所以我們相信我們可以做出更多改變，情況就是如此。因此，在接下來的 4 個季度中，我相信我們將繼續逐季增長。即使供給狀況再好一些，我相信我們也能輕鬆超過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.

謝謝大家的加入，也謝謝你們抽出時間來提問。今天的電話會議到此結束。您現在可以斷開連接。