超微電腦 (SMCI) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Rhianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer Fiscal First Quarter 2024 Results Conference. With us today, Charles Liang, Founder, President and Chief Executive Officer; David Weigand, CFO; and Michael Staiger, Vice President of Corporate Development.

謝謝你的支持。我叫 Rhianna，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2024年第一季財報發表會。今天與我們在一起的還有梁朝偉，創辦人、總裁兼執行長；大衛‧韋根，財務長；和企業發展副總裁 Michael Staiger。

(Operator Instructions) Thank you. I will now turn today's call over to Michael Staiger. Please go ahead.

（操作員說明）謝謝。我現在將今天的電話轉給邁克爾·施泰格。請繼續。

Good afternoon and thank you for attending Super Micro's call to discuss financial results for the first quarter, which ended September 30, 2023. With me today are Charles Liang, Founder, Chairman and Chief Executive Officer; and David Weigand, Chief Financial Officer.

下午好，感謝您參加 Super Micro 的電話會議，討論截至 2023 年 9 月 30 日的第一季度財務業績。今天與我在一起的有創始人、董事長兼首席執行官梁朝陽 (Charles Liang)；財務長戴維‧韋根德 (David Weigand)。

By now, you should have received a copy of the news release from the company that was distributed at the close of regular trading and is available on the company's website.

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。

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

提醒一下，在今天的電話會議中，該公司將參考公司網站「活動和簡報」標籤下「投資者關係」部分向參與者提供的簡報。我們也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 will hear during our discussion today will consist of forward-looking statements, including without limitation those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation, and future business outlook, including guidance for the second quarter of 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 2023 and our other SEC filings. All of these documents are available on the Investor Relations page of Super Micro's website. We assume no obligation to update any forward-looking statements. Most of today's presentation will refer to non-GAAP financial results and business outlook. For 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.

請注意，您在今天的討論中將聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和費用、稅收、資本配置和未來業務前景的信息，包括2024 財年第二季及2024 財年全年的指引。有許多風險因素可能導致Super Micro 的未來業績與我們的預期有重大差異。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 2023 財年 10-K 備案文件以及我們其他 SEC 備案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。今天的大部分演示將涉及非公認會計準則財務表現和業務前景。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簡報所附的補充資訊中包含了 GAAP 與非 GAAP 業績的調整。在今天準備好的演講結束時，我們將舉行問答環節，供賣方分析師提問。

I will now turn the call over to Charles.

我現在會把電話轉給查爾斯。

Thank you, Michael, and good afternoon, everyone. Today, I am pleased to announce that we are off to a good start for fiscal 2024, with first quarter revenues of $2.12 billion. We navigated tight AI GPU and key components supply conditions to deliver total solutions and large compute clusters, especially for generative AI workloads where our backorders continue to expand faster than our forecast.

謝謝邁克爾，大家下午好。今天，我很高興地宣布，我們 2024 財年有了一個良好的開端，第一季營收達到 21.2 億美元。我們克服了緊張的 AI GPU 和關鍵組件供應條件，提供了整體解決方案和大型計算集群，特別是對於生成型 AI 工作負載，我們的缺貨訂單繼續以超出我們預測的速度增長。

During the first quarter, demand for our leading AI platforms in plug-and-play rack-scale, especially for the LLM-optimized NVIDIA HGX-H100 solutions, was the primary growth driver. Many customers have started to request direct-attached cold-plate liquid-cooling solutions to address the energy costs, power grid constraints and thermal challenges of these new GPU infrastructures.

第一季度，對我們領先的即插即用機架規模人工智慧平台的需求，特別是對 LLM 優化的 NVIDIA HGX-H100 解決方案的需求，是主要的成長動力。許多客戶已開始要求直連式冷板液冷解決方案，以解決這些新 GPU 基礎設施的能源成本、電網限制和散熱挑戰。

In some cases, customers are able to double their datacenter AI computing capacity using our DLC solution due to lower system power requirements, lower PUE and higher computing density per cluster. To meet this strong demand, we have been continuously expanding our validation and production facilities. By the coming March quarter, we expect to complete a dedicated capacity for manufacturing 100 kilowatt racks with liquid-cooling capabilities, that will further expand our total rack production capacity to 5,000 racks per month in full-speed mass production.

在某些情況下，由於系統功耗要求較低、PUE 較低且每個群集的運算密度較高，客戶能夠使用我們的 DLC 解決方案將其資料中心 AI 運算能力提高一倍。為了滿足這一強勁需求，我們一直在不斷擴大我們的驗證和生產設施。到即將到來的3月份季度，我們預計將完成100千瓦液冷機架專用產能的生產，這將進一步將我們的機架總產能擴大到每月5,000個機架，並全速量產。

The increased AI business also includes our new inferencing platforms and telco-optimized edge products based on NVIDIA L40S, L40 and L4 and for sure H100 as well, AI product lines. Furthermore, the upcoming Grace Hopper Superchip-based MGX products for both generative AI and inferencing AI are just ready for volume production.

增加的人工智慧業務還包括我們的新推理平台和基於 NVIDIA L40S、L40 和 L4 的電信優化邊緣產品，當然還有 H100 以及人工智慧產品線。此外，即將推出的基於 Grace Hopper Superchip 的用於生成人工智慧和推理人工智慧的 MGX 產品剛剛準備好進行批量生產。

Our broadest AI solution portfolio also includes Intel Gaudi 2, PCIe Flex, PVC a codename from the backyard, as well as AMD MI250 and MI300X and MI300A based platforms. We fully expect many of these products to gain broad adoption and expand our share in the accelerated computing market.

我們最廣泛的 AI 解決方案組合還包括 Intel Gaudi 2、PCIe Flex、後院代號 PVC，以及基於 AMD MI250、MI300X 和 MI300A 的平台。我們完全期望其中許多產品能夠獲得廣泛採用並擴大我們在加速計算市場中的份額。

Let's go over some key financial highlights. Fiscal Q1 net revenue totaled $2.12 billion, up 14% year-on-year and down 3% quarter-on-quarter, towards the high end of our guidance range of $1.9 billion to $2.2 billion despite the GPU and key component shortages during our traditionally soft September quarter.

讓我們回顧一下一些重要的財務亮點。第一財季淨收入總計 21.2 億美元，年增 14%，環比下降 3%，接近我們指導範圍 19 億美元至 22 億美元的上限，儘管傳統上 GPU 和關鍵零部件短缺。九月季度表現疲軟。

Fiscal Q1 non-GAAP earnings of $3.43 per share were in line with $3.42 a year ago and towards the high end of our guidance range of $2.75 to $3.50, demonstrating continued strong operating leverage during a traditional soft quarter.

第一財季非公認會計準則每股收益為 3.43 美元，與去年同期的 3.42 美元一致，接近我們指導範圍 2.75 美元至 3.50 美元的高端，這表明在傳統的疲軟季度中營運槓桿持續強勁。

We launched and are delivering end-to-end Liquid-Cooled Data Center Solutions. We foresee up to 20% of our data center deployments will move to liquid-cooling and for the first time, customers can get a complete rack scale liquid-cooling solution from a single source with a maximum lead time of -- with minimum lead time of about 2 weeks.

我們推出並正在提供端到端液冷資料中心解決方案。我們預計多達 20% 的資料中心部署將轉向液體冷卻，客戶將首次從單一來源獲得完整的機架級液體冷卻解決方案，最長交付時間為 -- 最小交付時間約2週。

Super Micro is working hard to fully take the current AI growth opportunity by speeding up the development of more new AI optimized platforms. Super Micro is utilizing its Building Block Architecture to continue our first to market DNA with the launch of NVIDIA CG1, CG2 Grace Hopper Superchip and NVIDIA Grace CPU Superchip as we speak.

美超微正在努力透過加速開​​發更多新的人工智慧優化平台來充分抓住當前的人工智慧成長機會。就在我們發言之際，Super Micro 正在利用其 Building Block 架構繼續推出 NVIDIA CG1、CG2 Grace Hopper Superchip 和 NVIDIA Grace CPU Superchip。

Super Micro's latest MGX systems provide groundbreaking computing densities, energy efficiency and ease of datacenter deployment and serviceability, ideal for hyperscale and edge data centers. I believe this ongoing AI revolution will impact all industries and the world, possibly much more impactful than the Industrial revolution over 200 years ago.

Super Micro 最新的 MGX 系統提供突破性的運算密度、能源效率以及資料中心部署和可維護性的便利性，是超大規模和邊緣資料中心的理想選擇。我相信這場正在進行的人工智慧革命將影響所有產業和世界，可能比200多年前的工業革命影響更大。

As most people know, the power consumption and thermal challenges of these new AI technologies have risen dramatically. We are now shipping up to 80-kilowatt rack solutions, with 100 kilowatt rack just around the corner, for compute-intensive datacenter, CSP and other industries.

大多數人都知道，這些新的人工智慧技術的功耗和散熱挑戰急劇上升。我們現在正在為計算密集型資料中心、CSP 和其他行業提供高達 80 千瓦的機架解決方案，100 千瓦的機架解決方案即將推出。

Our high-power efficiency systems, free-air and liquid-cooling expertise has become one of our key differentiators of success. I anticipate that up to 20% or more of global datacenters will transition to liquid-cooled solutions in just a few years. In addition, the combination of increasing computing density, reducing TCO and liquid-cooling reduces the environmental impact of datacenters significantly. This is well-aligned with Super Micro's green computing mission as we improve datacenter performance-per-watt, per square foot and per dollar.

我們的高能源效率系統、自然通風和液體冷卻專業知識已成為我們成功的關鍵優勢之一。我預計全球多達 20% 或更多的資料中心將在短短幾年內過渡到液冷解決方案。此外，提高運算密度、降低整體擁有成本和液體冷卻相結合，可顯著減少資料中心對環境的影響。這與 Super Micro 的綠色運算使命非常一致，因為我們提高了資料中心的每瓦、每平方英尺和每美元的效能。

To better support traditional datacenter, enterprise and IoT, telco industry, we have begun the seeding and early ship of the upcoming fifth generation Intel Xeon processor, codenamed Emerald Rapids and shipping fourth generation AMD EPYC processor, codenamed Genoa and Bergamo SP5 and SP6 with more computing cores, PCIe Gen 5, CXL and many other workload-optimized features.

為了更好地支援傳統資料中心、企業以及物聯網、電信業，我們已經開始播種和早期發貨即將推出的第五代英特爾至強處理器（代號為Emerald Rapids），並發貨第四代AMD EPYC 處理器（代號為Genoa 和Bergamo SP5 和SP6）計算核心、PCIe Gen 5、CXL 和許多其他工作負載最佳化功能。

For customers that want to test these latest systems, we offer our JumpStart program with remote access to our high-end X13, H13 and GPU systems for qualified customer's workload validation, testing and benchmarking before volume deployments.

對於想要測試這些最新系統的客戶，我們提供 JumpStart 程序，可以遠端存取我們的高階 X13、H13 和 GPU 系統，以便合格的客戶在批量部署之前進行工作負載驗證、測試和基準測試。

As the performance of CPU, GPU and memory technologies increase, enhancing storage performance is also necessary to feed massive datasets to the applications without becoming a bottleneck that slows the entire system or cluster down.

隨著 CPU、GPU 和記憶體技術效能的提高，增強儲存效能也是必要的，以便將大量資料集提供給應用程序，而不成為減慢整個系統或叢集速度的瓶頸。

Super Micro'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 system and traditional storage platforms, we are fulfilling customer's AI, compute and storage needs with one-stop total solution shopping experience.

Super Micro 全新基於 PCIe Gen 5 的 E1.S 和 E3.S Petascale 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、頂載系統和傳統儲存平台，我們正在透過一站式整體解決方案購物體驗滿足客戶的人工智慧、運算和儲存需求。

Super Micro's Total IT Solutions is being recognized as saving customers from the complications of design, validation, sourcing, integration and onsite deployment. We are also streamlining their network switching, firmware and software management challenges, topping it off with our 24x7 Global deployment and service tiers.

Super Micro 的整體 IT 解決方案被認為可以幫助客戶擺脫設計、驗證、採購、整合和現場部署的複雜性。我們也簡化了他們的網路交換、韌體和軟體管理挑戰，並透過我們的 24x7 全球部署和服務層解決了這些問題。

Essentially, our customers are now incorporating our capabilities into their long-term infrastructure plans, entrusting Super Micro provides them with fully optimized solutions and with scale capacity to fit their long-term needs.

從本質上講，我們的客戶現在正在將我們的能力納入他們的長期基礎設施計劃，委託超微為他們提供完全優化的解決方案和規模能力，以滿足他們的長期需求。

Given our current customers infrastructure demands, we have continued to evaluate our footprint beyond our ongoing expansion in Malaysia. We are adding several new buildings close to our headquarter in Silicon Valley campus and on track to surpass our current capacity of 4,000 racks per month.

鑑於我們目前客戶的基礎設施需求，我們繼續評估我們在馬來西亞持續擴張之外的足跡。我們正在矽谷總部附近增設幾棟新建築，預計將超越目前每月 4,000 個機架的容量。

Today, with utilization rate at about 60%, our U.S. headquarter and Taiwan facility can easily support at least $18 billion in revenue. The new Malaysia facility will serve building blocks with high volume scale and improved cost structure, while pushing our total revenue capacity to a much higher scale than $20 billion. We are also continuing to work with some of our key partners and are deep in the planning process of adding a new manufacturing campus in North America, outside of California focused.

如今，我們的美國總部和台灣工廠的利用率約為 60%，可以輕鬆支援至少 180 億美元的收入。新的馬來西亞工廠將為大批量生產和改善成本結構的建造模組提供服務，同時將我們的總收入能力推向遠高於 200 億美元的規模。我們也繼續與一些主要合作夥伴合作，並深入規劃在北美（專注於加州以外）增加一個新的製造園區。

We have just celebrated our 30th anniversary in September. For the past 30 years, we have been working tirelessly towards gaining industry leadership position with a best-in-class product portfolio, global scale capability and capacity, and the best time to market, distinguishing ourselves from the competition. Our IT industry leadership position will be even stronger in the near future.

九月，我們剛剛慶祝了成立 30 週年。在過去的 30 年裡，我們一直不懈地努力，以一流的產品組合、全球規模的能力和產能以及最佳的上市時間來獲得行業領導地位，從而在競爭中脫穎而出。在不久的將來，我們的IT產業領導地位將更加鞏固。

The pipeline of new products in the coming quarters has never been stronger. We are gaining market momentum that I expect to build deep into 2024, giving me confidence that fiscal Q2 revenue will be in the range of $2.7 billion to $2.9 billion. Additionally, we are expecting continued strength for the second half of fiscal year 2024 and now forecast revenue in the range of $10 billion to $11 billion.

未來幾季的新產品儲備將空前強勁。我們正在獲得市場動力，我預計這種勢頭將持續到 2024 年，這讓我相信第二財季營收將在 27 億至 29 億美元之間。此外，我們預計 2024 財年下半年將持續強勁，目前預計營收將在 100 億至 110 億美元之間。

Our position as a leading supplier of rack-scale plug-and-play Total AI and IT Solutions has just begun. Our growth will accelerate as we deliver more optimized AI infrastructure to existing and emerging markets, along with our growing software and services value.

我們作為機架級即插即用全面人工智慧和 IT 解決方案領先供應商的地位才剛開始。隨著我們向現有和新興市場提供更優化的人工智慧基礎設施以及不斷增長的軟體和服務價值，我們的成長將會加速。

I also look forward to providing more updates on our product lines in the coming quarters that will continue to extend our datacenter technology leadership for years to come. With that in mind, I expect our $20 billion annual revenue target to be just a couple of years away.

我還期待在未來幾季提供有關我們產品線的更多更新，這將在未來幾年繼續擴大我們的資料中心技術領先地位。考慮到這一點，我預計我們 200 億美元的年收入目標只需幾年即可實現。

Before passing the call to David Weigand, our CFO, I want to take this chance to thank to our partners, our customers, our Super Micro employees and our shareholders for your continued support. Thank you. David?

在致電我們的財務長 David Weigand 之前，我想藉此機會感謝我們的合作夥伴、客戶、Super Micro 員工和股東的持續支持。謝謝。大衛？

Thank you, Charles. Fiscal Q1 2024 revenues were $2.12 billion, up 14% year-over-year and down 3% quarter-over-quarter. Revenues were towards the end of our guidance range -- the upper end of our guidance range of $1.9 billion to $2.2 billion, driven by AI-related platforms despite supply-chain challenges and summer seasonality.

謝謝你，查爾斯。 2024 年第一財季營收為 21.2 億美元，年增 14%，季減 3%。儘管存在供應鏈挑戰和夏季季節性因素，但受人工智慧相關平台的推動，收入已接近我們指導範圍的末端——我們指導範圍的上限為 19 億美元至 22 億美元。

Next generation AI and CPU platforms continue to drive strong levels of design wins, orders and backlog. We expect diversified growth in fiscal 2024, driven by top-tier datacenters, emerging CSPs, enterprise investments in new AI, CPU servers and edge, IOT, telco markets. We are also enhancing our offerings in Storage, Switches, Software and Services to strengthen our Total Solutions offerings.

下一代人工智慧和 CPU 平台繼續推動設計獲勝、訂單和積壓的強勁水平。我們預計，在頂級資料中心、新興通訊服務供應商、新人工智慧、CPU 伺服器和邊緣、物聯網、電信市場的企業投資的推動下，2024 財年將實現多元化成長。我們也增強了儲存、交換器、軟體和服務方面的產品，以增強我們的整體解決方案產品。

During Q1, we recorded $917 million in the Enterprise and Channel vertical, representing 43% of revenues versus 45% last quarter. This was up 10% year-over-year and down 6% quarter-over-quarter due to seasonally lower enterprise spending as customers focus on AI investments. The OEM appliance and large datacenter vertical revenues were $1.17 billion, representing 55% of Q1 revenues versus 53% last quarter. This was up 26% year-over-year and flat quarter-over-quarter.

第一季度，我們在企業和通路垂直領域錄得 9.17 億美元，佔營收的 43%，而上季為 45%。由於客戶專注於人工智慧投資，企業支出季節性下降，較去年同期成長 10%，較上季下降 6%。 OEM 設備和大型資料中心垂直收入為 11.7 億美元，佔第一季營收的 55%，而上季為 53%。年增 26%，季平。

One existing CSP large datacenter customer represented 25% of total revenues for Q1. Our emerging 5G, telco, edge, IoT segment revenues were $31 million, which represented 2% of Q1 revenues. AI, GPU and rack-scale solutions again represented over 50% of our total revenues this quarter with AI, GPU revenues in both the enterprise channel and the OEM appliance and large data center verticals.

一個現有的 CSP 大型資料中心客戶佔第一季總營收的 25%。我們新興的 5G、電信、邊緣、物聯網細分市場收入為 3,100 萬美元，佔第一季營收的 2%。 AI、GPU 和機架級解決方案再次佔本季總營收的 50% 以上，企業通路以及 OEM 設備和大型資料中心垂直領域的 AI、GPU 收入。

The mix of complete systems, storage and rack-scale Total IT Solutions has increased over the last 2 years. Server and Storage Systems comprised 93% of Q1 revenue and Subsystems and Accessories represented 7%. ASPs increased significantly on a year-over-year basis and decreased slightly quarter-over-quarter driven by product and customer mix.

完整系統、儲存和機架級整體 IT 解決方案的組合在過去兩年中有所增加。伺服器和儲存系統佔第一季營收的 93%，子系統和配件佔 7%。受產品和客戶組合的推動，平均售價較去年同期大幅成長，較上季略有下降。

By geography, U.S. represented 76% of Q1 revenues, Asia 11%, Europe 9% and Rest of World 4%. On a year-over-year basis, U.S. revenues increased 25%, Asia decreased 17%, Europe decreased 19% and Rest of World increased 63%. On a quarter-over-quarter basis, U.S. revenues decreased 3%, Asia decreased 4%, Europe decreased 16% and Rest of World increased 38%. The Q1 non-GAAP gross margin was 17%, down slightly quarter-over-quarter from 17.1%. We continue to focus on winning strategic new designs and gaining market share.

以地理劃分，美國佔第一季營收的 76%，亞洲佔 11%，歐洲佔 9%，世界其他地區佔 4%。與去年同期相比，美國營收成長 25%，亞洲下降 17%，歐洲下降 19%，世界其他地區成長 63%。以季度計算，美國營收下降 3%，亞洲下降 4%，歐洲下降 16%，世界其他地區成長 38%。第一季非 GAAP 毛利率為 17%，較上一季的 17.1% 略有下降。我們繼續專注於贏得策略性新設計並獲得市場份額。

Turning to operating expenses, Q1 OpEx on a GAAP basis increased by 25% quarter-over-quarter and 42% year-over-year to $181 million, driven by higher stock-based compensation expenses and headcount. On a non-GAAP basis, operating expenses decreased 3% quarter-over-quarter and increased 11% year-over-year to $130 million. Our Q1 non-GAAP operating margin was 10.8% versus 11% last quarter and 12.5% a year ago due to changes in revenues, gross margins and operating expenses.

說到營運費用，受股票薪酬費用和員工人數增加的推動，第一季以 GAAP 計算的營運支出環比增長 25%，年增 42%，達到 1.81 億美元。以非公認會計準則計算，營運費用季減 3%，年增 11%，達到 1.3 億美元。由於收入、毛利率和營運費用的變化，我們第一季的非 GAAP 營運利潤率為 10.8%，上季為 11%，一年前為 12.5%。

Other income and expense for Q1 was approximately $4.7 million, consisting of $1.9 million in interest expense, offset by a net gain of $6.6 million principally from foreign exchange. Our interest expense decreased sequentially as we paid down our debt during the quarter.

第一季的其他收入和支出約為 470 萬美元，其中包括 190 萬美元的利息支出，由主要來自外匯的 660 萬美元的淨收益所抵銷。隨著我們在本季償還債務，我們的利息支出連續下降。

The income -- the tax provision for Q1 was $20.2 million on a GAAP basis and $36.2 million on a non-GAAP basis. The GAAP tax rate for Q1 was 11.4% and the non-GAAP tax rate was 15.5%. We delivered strong Q1 non-GAAP diluted EPS of $3.43, which was at the high end of the guidance range of $2.75 to $3.50 due to revenues towards the higher end of guidance, stable gross margins, lower non-GAAP OpEx and foreign exchange gains.

第一季的收入－以公認會計原則 (GAAP) 計算的稅款準備金為 2,020 萬美元，以非公認會計原則 (Non-GAAP) 計算的收入為 3,620 萬美元。第一季的 GAAP 稅率為 11.4%，非 GAAP 稅率為 15.5%。我們實現第一季非 GAAP 攤薄後每股收益 3.43 美元，處於 2.75 美元至 3.50 美元指導範圍的高端，原因是收入接近指導上限、穩定的毛利率、較低的非 GAAP 營運支出和外匯收益。

Cash flow generated from operations for Q1 was $271 million, compared to cash flow used in operations of $9 million during the previous quarter due to continued strong profitability, which was offset by higher inventory requirements based on build plans for Q2. CapEx was $3 million for Q1 resulting in positive free cash flow of $268 million versus negative free cash flow of $17 million last quarter. We have $50 million remaining under the authorized buyback program, which expires on January 31, 2024.

第一季營運產生的現金流量為2.71 億美元，而上一季營運產生的現金流量為900 萬美元，原因是持續強勁的獲利能力，但第二季建設計畫的庫存需求增加抵消了這一影響。第一季資本支出為 300 萬美元，自由現金流為 2.68 億美元，而上季自由現金流為 1,700 萬美元。授權回購計畫還剩 5,000 萬美元，該計畫將於 2024 年 1 月 31 日到期。

The closing balance sheet cash position was $543 million, while bank debt was $146 million resulting in a net cash position of $397 million, up from a net cash position of $150 million last quarter. We generated $271 million in operating cash flow and then paid down debt by $144 million in Q1.

期末資產負債表現金部位為 5.43 億美元，而銀行債務為 1.46 億美元，淨現金部位為 3.97 億美元，高於上季的淨現金部位 1.5 億美元。第一季度，我們產生了 2.71 億美元的營運現金流，並償還了 1.44 億美元的債務。

Turning to the balance sheet and working capital metrics compared to last quarter, the Q1 cash conversion cycle was 86 days versus 77 days in Q4. Days of inventory increased by 16 days to 91 days versus the prior quarter of 75 days as we built inventory for a seasonally strong Q2. Days sales outstanding was up by 5 days quarter-over-quarter to 43 days, while days payables outstanding increased by 12 days to 48 days.

與上季相比，資產負債表和營運資本指標顯示，第一季現金轉換週期為 86 天，而第四季為 77 天。庫存天數比上一季的 75 天增加了 16 天，達到 91 天，因為我們為季節性強勁的第二季建立了庫存。銷售應付天數較上季增加 5 天至 43 天，應付帳款週轉天數增加 12 天至 48 天。

Now turning to the outlook. We remain enthusiastic about our diversified business model covering a wide range of GPU, AI, core computing, storage, 5G telco, edge and IOT solutions. We expect a seasonally strong Q2 and are carefully observing the global macro-economic situation and continuing supply-chain constraints, especially for leading AI platforms.

現在轉向前景。我們仍然對多元化的業務模式充滿熱情，涵蓋廣泛的 GPU、人工智慧、核心運算、儲存、5G 電信、邊緣和物聯網解決方案。我們預計第二季將出現季節性強勁，並仔細觀察全球宏觀經濟情勢和持續的供應鏈限制，特別是對於領先的人工智慧平台。

For the second quarter of fiscal 2024 ending December 31, 2023, we expect net sales in the range of $2.7 billion to $2.9 billion, GAAP diluted net income per share of $3.75 to $4.24 and non-GAAP diluted net income per share of $4.40 to $4.88. We expect gross margins to be similar to Q1 levels. GAAP operating expenses are expected to be approximately $191 million and include $49 million in stock-based compensation expenses that are not included in non-GAAP operating expenses.

截至2023年12月31日的2024財年第二季度，我們預期淨銷售額將在27億美元至29億美元之間，GAAP稀釋後每股淨利為3.75美元至4.24美元，非GAAP稀釋後每股淨利為4.40美元至4.88美元。我們預計毛利率將與第一季水準相似。 GAAP 營運費用預計約為 1.91 億美元，其中包括未計入非 GAAP 營運費用的 4,900 萬美元股票補償費用。

The outlook for Q2 of fiscal year 2024 fully diluted GAAP EPS includes approximately $40 million in expected stock-based compensation expenses, net of tax effects of $13 million, which are excluded from non-GAAP diluted net income per common share. We expect other income and expenses, including interest expense to be a net expense of approximately $8 million. The company's projections for Q2 GAAP and non-GAAP diluted net income per common share assume a GAAP tax rate of 15.7%, a non-GAAP tax rate of 17.1% and a fully diluted share count of 57.6 million for GAAP and 58.3 million shares for non-GAAP.

2024 財年第二季的前景完全稀釋的GAAP 每股盈餘包括約4,000 萬美元的預期股票補償費用，扣除1,300 萬美元的稅務影響，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）的淨支出約為 800 萬美元。該公司對第二季GAAP 和非GAAP 稀釋後每股普通股淨利的預測假設GAAP 稅率為15.7%，非GAAP 稅率為17.1%，完全稀釋後的GAAP 股數為5760 萬股，每股普通股稀釋後股數為5,830 萬股。非公認會計準則。

We expect CapEx for the fiscal second quarter of 2024 to be in the range of $21 million to $23 million and a range of $105 million to $115 million for the fiscal year 2024. For the fiscal year 2024 ending June 30, 2024, we are raising our guidance for revenues from a range of $9.5 billion to $10.5 billion to $10 billion to $11 billion.

我們預計2024 年第二季的資本支出將在2,100 萬美元至2,300 萬美元之間，2024 年財年的資本支出將在1.05 億美元至1.15 億美元之間。對於截至2024 年6 月30 日的2024 財年，我們正在籌集資金我們對收入的指導範圍為 95 億美元至 105 億美元至 100 億美元至 110 億美元。

Michael, we are now ready for Q&A.

邁克爾，我們現在準備好進行問答了。

(Operator Instructions) Our first question comes from Ananda Baruah with Loop Capital.

（操作員說明）我們的第一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the strong and ongoing execution. I guess, yes, just so a couple of the starts. Charles, can you talk about the degree to which you guys either are benefiting or anticipate the benefit from the increased NVIDIA supply that was pointed to China but now needs to find other places to go? And to the degree you think you might benefit, if you could give us some sense of at what rate that benefit makes its way out of China and into other countries. And then I have a follow-up.

祝賀強大且持續的執行力。我想，是的，只是其中的幾個開始。 Charles，您能談談您們從 NVIDIA 供應增加中受益的程度嗎？這些供應本來是針對中國的，但現在需要尋找其他地方去？如果您能讓我們了解這種好處以何種程度從中國進入其他國家，您認為您可能會受益多少。然後我有一個後續行動。

Thank you for the question. Again, it's a complicated situation. But at this moment, we believe December quarter, our supply from NVIDIA will be much better than last quarter. And that's one of the reasons why we are able to fulfill more percentage of customer demand and that's why we say $2.7 billion to $2.9 billion should be our target. So basically, a price condition that we need to meet.

感謝你的提問。這又是一個複雜的情況。但目前，我們相信 12 月季度，NVIDIA 的供應將比上季好得多。這就是我們能夠滿足更多客戶需求的原因之一，也是我們說 27 億至 29 億美元應該成為我們目標的原因。基本上，我們需要滿足一個價格條件。

That's actually really helpful context. I appreciate it. And then, I guess, sort of dovetailing from that, Charles. So the midpoint of the implied guide for the fiscal year, the raised guide, $10.5 billion, implies that the March quarter and June quarter would also be about $2.8 billion, which is the midpoint of your December quarter guide. And then you also, though, made mention of growth accelerating. And so -- and it seems like supply is getting better. You also have co-op capacity coming on, going into the year. So I guess the question is, is there conservatism built in into even the implied fiscal year guide that's been raised or is there some pull-forward in December quarter that you think might be challenging to duplicate in the March and June quarter? It seems like conservatism, but just wanted to check that?

這其實是非常有用的背景。我很感激。然後，我想，這與此有些吻合，查爾斯。因此，本財年隱含指南的中點（上調指南）為 105 億美元，這意味著 3 月季度和 6 月季度也將達到約 28 億美元，這是 12 月季度指南的中點。不過，您也提到了成長加速。所以——供應似乎正在好轉。進入這一年，你還會有合作社的能力。所以我想問題是，甚至已經提出的隱含財政年度指南中是否也存在保守主義，或者您認為在 3 月和 6 月季度可能難以複製 12 月季度的一些前移？看起來很保守，但只是想檢查一下？

Yes. Thank you. Again, we continue to gain lots of design win. So our back order has been growing faster than what we forecast in reality. So at this moment, $2.7 billion to $2.9 billion for December should be a very conservative number. And for our whole fiscal year, $10 billion to $11 billion, again, should be a conservative number. So I feel very optimistic to continue to grow quickly and that's why we continue to grow our rack-scale, including a difficulty rack-scale rather than production capacity. Likewise, just, before we have 4,000 rack per month capacity and now pretty much we will grow to 5,000 rack per month capacity very soon. So we are very optimistic for the future growth.

是的。謝謝。再次，我們繼續獲得許多設計勝利。因此，我們的延期交貨訂單成長速度比我們實際預測的要快。因此目前來看，12 月的 27 億至 29 億美元應該是一個非常保守的數字。對我們整個財年來說，100 億至 110 億美元仍然是一個保守的數字。因此，我對持續快速成長感到非常樂觀，這就是為什麼我們繼續擴大機架規模，包括難度機架規模而不是產能。同樣，之前我們每月有 4,000 個機架的產能，現在我們很快就會成長到每月 5,000 個機架的產能。所以我們對未來的成長非常樂觀。

Our next question comes from George Wang with Barclays.

我們的下一個問題來自巴克萊銀行的喬治王。

Just maybe you could give some color in terms of the allocation from other suppliers and partners, kind of maybe in the near-term, kind of for the future, like the AMD MI300, which is expected to launch in the first quarter 2024. And also aside from H100 from NVIDIA, any other upside when the L40S from NVIDIA is ramping? Just curious and also including Gaudi from Intel. Maybe you can give some color on allocation from additional suppliers?

也許你可以在其他供應商和合作夥伴的分配​​方面給出一些顏色，可能是在近期，也可能是在未來，例如預計將於 2024 年第一季度推出的 AMD MI300。除了NVIDIA 的H100 之外，當NVIDIA 的L40S 大幅提升時，還有其他優點嗎？只是好奇，還包括英特爾的高第。也許您可以對其他供應商的分配提供一些說明？

Yes. Thank you for the question. Yes. I mean, as you know, we have a very strong NVIDIA product line, including the L40S, right, and including the CG1, CG2 on the way. And AMD MI300X also getting ready. And Intel Gaudi 2 is ready to volume production. So although we have a very good demand and very strong supply capacity. So, again, I feel very optimistic for a quicker growth.

是的。感謝你的提問。是的。我的意思是，如您所知，我們擁有非常強大的 NVIDIA 產品線，包括 L40S，對吧，還包括即將推出的 CG1、CG2。而AMD MI300X也已經準備好了。而Intel Gaudi 2已經準備好量產了。所以雖然我們有非常好的需求和非常強的供應能力。因此，我再次對更快的成長感到非常樂觀。

Okay. I have a quick follow up if I can. Just in terms of when Malaysia coming out and also in the future, kind of Taiwan facility, any thoughts on the kind of impact to the profit margin and kind of obviously with the much lower labor costs, can you kind of quantify, maybe give some color just on expected operating margin accretion going forward?

好的。如果可以的話，我會快速跟進。就馬來西亞何時推出以及未來，台灣工廠的類型而言，對利潤率的影響以及勞動力成本明顯降低的任何想法，您能否量化，也許可以給出一些顏色只是關於未來預期營業利潤率的增長？

Yes. I mean, as of what I just shared, our utilization rate for U.S. and Taiwan capacity today only about 60%. So when we have a higher utilization rate, our overall cost will be lower, right? So that's why when we grow revenue, our profitability will increase. And Malaysia, as you know, is a lower cost campus. So once we start production in Malaysia, our cost will be better and profit margin will be slightly improved.

是的。我的意思是，就我剛才分享的而言，我們今天美國和台灣的產能利用率只有60%左右。那麼當我們的利用率越高，我們的整體成本就會越低，對嗎？這就是為什麼當我們增加收入時，我們的獲利能力就會增加。如你所知，馬來西亞是一個成本較低的校園。所以一旦我們在馬來西亞開始生產，我們的成本會更好，利潤率也會稍微提高。

Our next question comes from Janik Wing with Susquehanna Financial Group.

我們的下一個問題來自薩斯奎哈納金融集團的 Janik Wing。

Yes. It's actually Mehdi Hosseini. David, your midpoint of the December quarter guide implies 57% year-over-year growth, but operating margin declining by about 100-basis-point. I understand utilization rate is in the 60% range, but as you bring up utilization rate, how should I think about the OpEx and the leverage from here on?

是的。實際上是邁赫迪·侯賽尼。 David，您的 12 月季度指南的中點意味著同比增長 57%，但營業利潤率下降了約 100 個基點。我知道利用率在 60% 範圍內，但是當你提到利用率時，我應該如何考慮營運支出和槓桿？

Yes. So we expect that we will continue to get operating leverage, Mehdi. We were, I think, a little conservative in our guide for OpEx in Q2. So we -- and as we were in Q1, and so we came in a little bit lower. We are doing everything we can to do that in Q2 as well. So back to your operating guide question. We came down a little bit on gross margin year-over-year, as you know, but we expect -- as Charles mentioned, we expect some gross margin leverage, as well as operating margin leverage as we -- as our operating expenses never increase at the rate that our revenues are.

是的。因此，我們預計我們將繼續獲得營運槓桿，Mehdi。我認為，我們在第二季的營運支出指南中有點保守。所以我們——就像我們在第一季一樣，所以我們的排名有點低。我們也在盡一切努力在第二季度做到這一點。那麼回到您的操作指南問題。如您所知，我們的毛利率同比略有下降，但我們預計 - 正如查爾斯所提到的，我們預計會有一些毛利率槓桿，以及我們的營業利潤槓桿 - 因為我們的營運費用從未以我們收入的速度成長。

And Charles, a big part of your cause is memory and other components. And everything we have heard from memory manufacturers that they are not going to sell at prices that were prevalent just a couple of months ago. So memory prices are going up. And how do you alleviate that inflationary trend to be able to expand margins?

查爾斯，你的事業的很大一部分是內存和其他組件。我們從記憶體製造商得知，他們不會以幾個月前流行的價格出售產品。所以內存價格不斷上漲。如何緩解通貨膨脹趨勢以擴大利潤？

Thank you. I mean, basically we are able to pass-through our cost to customers. So for that portion, basically we are kind of okay. We won't be impacted by that. At least it won't be impacted too much.

謝謝。我的意思是，基本上我們能夠將成本轉嫁給客戶。所以對於這部分，基本上我們還可以。我們不會受此影響。至少不會受到太大影響。

Our next question comes from Jon Tanwanteng with CJS Securities.

我們的下一個問題來自 CJS 證券的 Jon Tanwanteng。

Great quarter and a nice outlook. Just wanted a little more color on the gross margin guidance and outlook. I mean, I assume you are getting better margins and utilization and on your new facilities on the ramp. Are you simply planning to give all that back with the share gain initiatives and the hyperscale mix or is there some input cost component and kind of when should we expect the timeframe for gross margin leverage to really become apparent? Is it only with the new facilities or can that happen a little sooner than that?

很棒的季度和美好的前景。只是想對毛利率指引和前景有更多的了解。我的意思是，我假設你們在坡道上的新設施上獲得了更好的利潤和利用率。您是否只是計劃透過份額增益計劃和超大規模組合來回饋所有這些，或者是否存在一些投入成本成分以及我們何時應該預期毛利率槓桿的時間框架真正變得明顯？是只有新設施才能實現還是可以比這更早實現？

Well, it's a combination, Jon, of -- as we ramp revenues up, we are going to get leverage on the gross margin because, as Charles mentioned earlier, we are going to get higher efficiency and factory throughput as we -- which will lower costs as we put more through the factories. So we will get some benefit there. We will also get benefit as we transition more manufacturing over to Malaysia and Taiwan. And I think that -- so that's why right now we are, although, very competitive situation, we are maintaining our margin guidance for Q2.

嗯，喬恩，這是一個組合——當我們增加收入時，我們將獲得毛利率的槓桿作用，因為正如查爾斯之前提到的，我們將獲得更高的效率和工廠吞吐量，因為我們——這將當我們在工廠投入更多資金時，成本就會降低。所以我們會在那裡得到一些好處。當我們將更多的製造業轉移到馬來西亞和台灣時，我們也將受益。我認為，這就是為什麼我們現在雖然競爭非常激烈，但我們仍維持第二季的利潤指引。

Yes. I can add a little bit of some color. I mean, kind of our software business is growing. Our service, including on-site deployment, all those will help our gross margin, our value bridge. So at this moment, we should be on the right track, healthy direction.

是的。我可以添加一點顏色。我的意思是，我們的軟體業務正在成長。我們的服務，包括現場部署，所有這些都將有助於我們的毛利率，我們的價值橋樑。所以此時此刻，我們應該走在正確的軌道上，健康的方向。

Got it. Okay. And then just a question on the, I think you said, you are building 7 new buildings here in the U.S. I know you are expanding and looking for places to put facilities in North America. Would those all be margin accretive or neutral or negative, just given the higher costs here? How do we think about those facilities and their impact?

知道了。好的。然後是一個問題，我想你說過，你正在美國建造 7 座新建築。我知道你正在擴張，並在北美尋找放置設施的地方。考慮到這裡的成本較高，這些都會增加利潤、中性還是負面的？我們如何看待這些設施及其影響？

Very good question. Indeed, we are adding some more buildings in the Bay Area and most of those will be rental buildings, because our growth is faster than what we can build in a building. So it will be a rental facility. And then I did mention about we are looking for another location, hopefully in a little bit of a lower cost state in North America. So we are planning for building a new campus in -- we will decide in the next few months, I believe. But short-term, new buildings in Silicon Valley will be rental property.

非常好的問題。事實上，我們正​​在灣區增加更多的建築物，其中大部分將是出租建築物，因為我們的成長速度比我們在建築物中建造的速度要快。所以這將是一個租賃設施。然後我確實提到我們正在尋找另一個地點，希望在北美成本較低的州。因此，我們正計劃在——我相信，我們將在未來幾個月內決定建造一個新校園。但短期內，矽谷的新建築將成為出租物業。

Our next question comes from Nehal Choski, Northland Capital Markets.

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

Yes. You may have already addressed this, but what are your expectations for AI revenue contribution with respect to the midpoint of December quarter guide being up 32% quarter-over-quarter?

是的。您可能已經解決了這個問題，但相對於 12 月中旬季度指南環比增長 32% 的情況，您對人工智慧收入貢獻的預期是多少？

Yes. So I think we are expecting really the same performance, Nehal. We will expect it to be in a range of over 50%.

是的。所以我認為我們期待同樣的表現，Nehal。我們預計該比例將在 50% 以上。

Okay. And can you give a little bit more precise number as far as what the exposure was in the September quarter other than greater than 50%?

好的。您能否給出更準確的數字，說明 9 月季度的風險敞口（除了超過 50% 之外）？

We are giving that approximate figure and that's our guide.

我們給了這個近似數字，這就是我們的指南。

Yes. Basically AI revenue percentage continues to grow, but hopefully in ALCN consistently with...

是的。基本上，人工智慧收入百分比持續成長，但希望 ALCN 能夠持續成長…

Our next question comes from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Yes. Congrats on the quarter. I am just curious, going back to the supply side of the discussion, how would you, as you are engaging with customers and thinking about their build-out plans in their datacenter footprints for AI, how would you characterize the evolution of lead times on these higher end GPUs? I mean, relative to what it was maybe 90 days ago, how has that evolved and how are you seeing that evolve into the current quarter?

是的。恭喜本季。我只是很好奇，回到討論的供應方，當您與客戶互動並思考他們在人工智慧資料中心足跡中的建設計劃時，您將如何描述交貨時間的演變這些更高端的 GPU？我的意思是，相對於 90 天前的情況，情況發生了怎樣的變化？您如何看待當前季度的變化？

Yes. It's a complicated job. However, because our building-box solution and our global footprint together, we have a huge lead time. We support hundreds of customers. So (technical difficulty) indeed, relatively, we are able to take care of the allocation, the lead time, the inventory control, product flow-in, more efficient than our competitors. And we are continually improving in that area.

是的。這是一項複雜的工作。然而，由於我們的建築盒解決方案和我們的全球足跡相結合，我們有很長的交貨時間。我們為數百名客戶提供支援。所以（技術難度）確實，相對而言，我們能夠在調配、交貨時間、庫存控制、產品流入方面比我們的競爭對手更有效率。我們正在該領域不斷改進。

So you would say that lead times have improved throughout this course this last quarter and you would expect that, it sounds like to continue improving in the December quarter. It's kind of a fair characterization.

因此，您可能會說，上個季度整個課程的交貨時間有所改善，您會期望，這聽起來像是在 12 月季度繼續改善。這是一個公平的表徵。

Yes. And that's why our inventory utilization rate will be improving. So before, I guess, we have about 90 days turnaround time.

是的。這就是為什麼我們的庫存利用率將會提高。所以之前，我猜我們有大約 90 天的周轉時間。

Yes.

是的。

And I guess that will be improved when the scale continues to grow and when we continue to leverage our building-box solution, situation will continue to improve.

我想，當規模繼續增長並且我們繼續利用我們的建造盒解決方案時，情況將會繼續改善。

Yes. And then the follow-up question would be, as the market evolves more competitively and you see, I know a prior question on the MI300, you have got the Gaudi Silicon. I guess the way I think about it is these customer deployments are longer cycle. It's not like these decisions are made in a given quarter. So, as we look to these products, particularly the MI300X ramping, really starting early part of next year and through the course of next year, are those projects that you are already seeing visibility into and that actually adds another layer of growth to the pipeline? Are those projects that you have already been designed in and you are just waiting for those products to kind of launch to really start to see that incremental revenue for those competitive offerings?

是的。然後後續問題是，隨著市場競爭變得更加激烈，你看，我知道之前關於 MI300 的問題，你已經得到了 Gaudi Silicon。我想我的想法是這些客戶部署的周期更長。這些決定並不是在特定季度做出的。因此，當我們關注這些產品時，特別是 MI300X，真正從明年初開始並貫穿整個明年，這些項目是您已經看到的，並且實際上為管道增加了另一層增長？您是否已經設計了這些項目，而您只是在等待這些產品推出，才能真正開始看到這些競爭產品帶來的增量收入？

Yes. You are right. Because our building-box solution, so we are able to design all that and make a new technology available earlier than the market, basically. So, usually we send our solution to customer for evaluation so our customer can make a decision earlier and that allows Super Micro, there will be an earlier time to prepare the product, prepare inventory. So, it doesn't matter if we have a solution, AMD solution or Intel solution, we provide a same building-box solution and we gain time to market advantage. We provide a customer earlier seeding, earlier system so that they can validate in advance.

是的。你是對的。因為我們的建築盒解決方案，我們能夠設計所有這些，並基本上比市場更早推出新技術。所以，通常我們會將我們的解決方案發送給客戶進行評估，以便我們的客戶可以更早做出決定，這使得超微可以更早地準備產品、準備庫存。因此，無論我們有解決方案、AMD 解決方案或英特爾解決方案，我們都提供相同的建造盒解決方案，從而獲得上市時間優勢。我們為客戶提供更早播種、更早的系統，以便他們可以提前驗證。

This will conclude our question-and-answer session and our conference call today. Thank you for joining us. You may now disconnect.

我們今天的問答環節和電話會議到此結束。感謝您加入我們。您現在可以斷開連線。