超微電腦 (SMCI) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Cole, and I'll be your conference operator today. At this time, I would like to welcome everyone to Super Micro Computer Fiscal Second Quarter 2024 Results.

謝謝你的支持。我叫科爾，今天我將擔任你們的會議接線生。現在，我歡迎大家關注超微電腦 2024 年第二季財報。

With us today, Charles Liang, Founder, President and Chief Executive Officer; David Weigand, CFO; and Michael Staiger, Vice President of Corporate Development.

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) And with that, I'd like to pass the call over to Michael Staiger.

（操作員說明）接下來，我想將電話轉給 Michael Staiger。

Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the second quarter, which ended December 31, 2023.

下午好，感謝您參加 Super Micro 的電話會議，討論截至 2023 年 12 月 31 日的第二季財務業績。

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.

今天與我在一起的有創辦人、董事長兼執行長梁朝偉 (Charles Liang)；財務長戴維‧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。

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

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「活動和簡報」標籤下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'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation and future business outlook, including guidance for the third quarter of fiscal year 2024 and the full fiscal year 2024.

請注意，您在今天的討論中聽到的一些資訊將包含前瞻性陳述，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的資訊展望，包括2024 財年第三季及2024 財年全年指引。

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.

有許多風險因素可能導致 Super Micro 未來的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。

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 company presentation or the press release published earlier today.

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，請參閱今天早些時候發布的公司介紹或新聞稿。

In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation. At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts to ask questions.

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'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. I'm delighted to share our second quarter results, which show a record-breaking performance for Super Micro. We achieved revenue of $3.66 billion, 103% increase from last year, and earnings per share of $5.59. This is our first quarter ever with over $3 billion of revenue. More importantly, this single quarter's revenue surpassed our annual revenue for 2021.

謝謝邁克爾，大家下午好。我很高興與大家分享我們第二季的業績，其中顯示了 Super Micro 破紀錄的業績。我們營收 36.6 億美元，比去年成長 103%，每股收益 5.59 美元。這是我們第一個收入超過 30 億美元的季度。更重要的是，這個季度的收入超過了我們 2021 年的全年收入。

This fantastic quarterly result was driven by strong demand and improving supply conditions for GPU and related key system components. Our rack-scale plug and play IT and AI total solution continues to gain more new customers, along with their confidence in Super Micro as their go-to infrastructure partner.

這一出色的季度業績得益於 GPU 和相關關鍵系統組件的強勁需求和供應條件的改善。我們的機架級即插即用 IT 和人工智慧整體解決方案不斷贏得更多新客戶，以及他們對 Super Micro 作為首選基礎設施合作夥伴的信心。

Our AI rack-scale solutions, especially the deep learning and [LLM-optimized] based on NVIDIA HGX H100, continued gaining high popularity. The demand for AI inferencing systems and mainstream computer solutions has also started to grow.

我們的AI機架級解決方案，特別是基於NVIDIA HGX H100的深度學習和[LLM優化]，持續受到高度歡迎。對人工智慧推理系統和主流電腦解決方案的需求也開始成長。

The exciting news is that finally, we are entering in an accelerating demand phase from many more customer wins. We support -- to support faster growth, we have increased our working capital recently by raising about $600 million with an equity offering. Moreover, we have other programs to increase our cash flow without additional equity dilution to support short- and long-term sustainable growth.

令人興奮的消息是，我們終於進入了需求加速階段，贏得了更多客戶。為了支持更快的成長，我們最近透過股票發行籌集了約 6 億美元，增加了我們的營運資金。此外，我們還有其他計劃來增加現金流，而無需額外稀釋股權，以支持短期和長期可持續成長。

Overall, I feel very confident that this AI boom will continue for another many quarters, if not many years. And together with the related inferencing and other computing ecosystem requirements, demand can last for even many decades to come and [echo this] an AI revolution.

總的來說，我非常有信心這種人工智慧熱潮將持續很多個季度，甚至很多年。加上相關的推理和其他計算生態系統的要求，需求甚至可以持續數十年，並[呼應]一場人工智慧革命。

Let's go over some key financial highlights. First, fiscal Q2 net revenue totaled $3.66 billion, up 103% year-on-year and up 73% quarter-on-quarter, exceeding the top end of our original guidance of $2.9 billion for the December quarter. Second, fiscal Q2 non-GAAP earnings of $5.59 per share were well above $3.26 a year ago and exceeds the guidance range of $4.40 to $4.88, further demonstrating continued strong operation leverage.

讓我們回顧一下一些重要的財務亮點。首先，第二財季淨收入總計 36.6 億美元，年增 103%，環比成長 73%，超過了我們最初指導的 12 月季度 29 億美元的上限。其次，第二財季非公認會計準則每股收益為 5.59 美元，遠高於一年前的 3.26 美元，超出了 4.40 美元至 4.88 美元的指導範圍，進一步表明營運槓桿持續強勁。

Economy of scale is important to us for continued strong growth. Super Micro is at a forefront for AI revolution, where the pace of innovation is accelerating. We are heading the [revolution] by developing the most innovative AI infrastructure on many platforms at rack scale for almost any industry and for any market vertical.

規模經濟對於我們持續強勁成長至關重要。 Super Micro 處於人工智慧革命的最前沿，創新步伐不斷加快。我們正在引領這場[革命]，在許多平台上以機架規模為幾乎所有產業和任何垂直市場開發最具創新性的人工智慧基礎設施。

As the market leader, we have been preparing to more than double the size of our current AI portfolio with the NVIDIA CG1, CG2, Grace Hopper Superchip, H200 and B100 CPUs -- GPUs and over the years, [innovation] optimized GPUs, AMD MI300X, MI300A and Intel Gaudi 2 and Gaudi 3. All these new platforms will be ready for high-volume production in the coming months and quarters.

身為市場領導者，我們一直在準備將目前人工智慧產品組合的規模擴大一倍以上，包括 NVIDIA CG1、CG2、Grace Hopper Superchip、H200 和 B100 CPU、GPU 以及多年來的[創新]優化 GPU、AMD MI300X 、MI300A 以及Intel Gaudi 2 和Gaudi 3。所有這些新平台都將在未來幾個月和幾個季度內做好大批量生產的準備。

Moreover, we are adding further optimized new architectures for the coming NVIDIA GPU product lines. Our AMD MI300X [systems] are [assembling] now, and our Intel Gaudi 3 system is coming soon. More importantly, we are continuing to invest and innovate in data center and enterprise liquid cooling technology to make sure this high-power AI platforms are in line with our Green Computing methodology while improving the performance, efficiency and reliability of system in a data center.

此外，我們也將為即將推出的 NVIDIA GPU 產品線新增進一步最佳化的新架構。我們的AMD MI300X [系統]現在正在[組裝]，我們的Intel Gaudi 3系統即將推出。更重要的是，我們將繼續在資料中心和企業液冷技術方面進行投資和創新，以確保這個高功率人工智慧平台符合我們的綠色運算方法論，同時提高資料中心系統的效能、效率和可靠性。

As a total IT solution innovator, manufacturer and provider, more and more of the major [deployments] are being delivered as integrated rack solution, particularly for the AI [cluster deployment]. Service, networking, storage, security features and software are optimized [readily], delivered and serviced as an integrated rack cluster from Super Micro's manufacturing facility worldwide.

作為整體IT解決方案的創新者、製造商和供應商，越來越多的主要[部署]正在作為整合式機架解決方案提供，特別是對於AI[集群部署]。服務、網路、儲存、安全功能和軟體均已[輕鬆]優化，並作為整合式機架集群由 Super Micro 的全球製造工廠提供和服務。

Leveraging our building block architecture and operating production automation system, we can deliver optimized rack solution with time-to-market and quality advantages for our customer more efficiently than competition.

利用我們的構建塊架構和營運生產自動化系統，我們可以比競爭對手更有效率地為客戶提供具有上市時間和品質優勢的最佳化機架解決方案。

Our TTD, time to delivery, factors have been in the continuous improvement. By this June quarter, we will have high-volume dedicated capacity for manufacturing 100 [kilowatt] to 120 kilowatt rack with decoding capability, providing [PAOC] direct-attached decoding rack capacity up to 1,500 racks per month, and our total rack production capacity will be up to 5,000 racks per month by then.

我們的TTD，交貨時間，因素一直在不斷改進。今年6月季度，我們將擁有製造100[千瓦]至120千瓦帶解碼能力機架的大批量專用產能，每月提供高達1,500個機架的[PAOC]直連解碼機架產能，以及我們的機架總產能屆時每月的機架數量將達到 5,000 個。

At the same time, our volume -- high-volume [green] rack-scale production facility will be ready to service critical customer very soon. The rapid growth of our business is achieving the need of additional R&D solution optimization, manufacturing and service capacity.

同時，我們的大批量[綠色]機架規模生產設施很快就會準備好為關鍵客戶提供服務。我們業務的快速成長滿足了額外研發解決方案優化、製造和服務能力的需求。

Today, our production utilization rate is about 65% across our USA, Netherlands and Taiwan facilities, and they are quickly [finished]. To address this immediate capacity challenge, we are adding 2 new production facilities and warehouse near our Silicon Valley headquarter, which will be operating in a few months.

如今，我們在美國、荷蘭和台灣工廠的生產利用率約為 65%，並且很快就[完成]。為了解決眼前的產能挑戰，我們將在矽谷總部附近增加 2 個新的生產設施和倉庫，這些設施將在幾個月內投入營運。

The new Malaysia facility will focus on expanding our building blocks with lower cost and increased volume, where other new facilities will support our annual revenue capacity above $25 billion.

新的馬來西亞工廠將專注於以更低的成本和更大的產量擴大我們的建造模組，其他新工廠將支援我們超過 250 億美元的年收入能力。

To summarize, our record quarterly performance demonstrates our building block, rack-scale plus-and-play IT and AI industry leadership, which continues to accelerate and shows signs of strong market share gains. The continued strength of existing customer build and ramp of newly acquired customers and a robust pipeline of new product coming in 2024 give me confidence that fiscal Q3 revenue will be in the range of $3.7 billion to $4.1 billion.

總而言之，我們創紀錄的季度業績證明了我們在構建模組、機架規模即插即用 IT 和人工智慧行業的領導地位，這一領先地位繼續加速，並顯示出強勁的市場份額成長跡象。現有客戶建設的持續強勁和新客戶的增加以及 2024 年推出的強大新產品管道使我相信第三財季收入將在 37 億美元至 41 億美元之間。

Additionally, we are expecting continued strength for the second half of fiscal 2024 and now forecast revenue for the full fiscal year ending in June to be in the range of $14.3 billion to $14.7 billion. We are in overdrive to accelerate Supermicro 3.0 business model with this AI boom.

此外，我們預計 2024 財年下半年將繼續強勁，目前預測截至 6 月的整個財年收入將在 143 億美元至 147 億美元之間。隨著人工智慧的蓬勃發展，我們正全力加速 Supermicro 3.0 商業模式。

In the meantime, we are preparing ourselves for the next phase of Super Micro business growth, which is Super Micro 4.0 and its expanding TAM. Now it's certainly the most exciting time yet for Super Micro.

同時，我們正在為超微業務成長的下一階段做好準備，即超微4.0及其不斷擴展的TAM。現在對於超微來說無疑是最令人興奮的時刻。

Before passing the call to David Weigand, our CFO, I want to thank again to our partners, our customers, our Super Micro employees and our shareholders for your strong support. Now let me pass to our CFO, David, for more financial details.

在致電我們的財務長 David Weigand 之前，我要再次感謝我們的合作夥伴、客戶、Super Micro 員工和股東的大力支持。現在讓我請我們的財務長大衛了解更多財務細節。

Thank you, Charles. Fiscal Q2 2024 revenues were $3.66 billion, up 103% year-over-year and up 73% quarter-over-quarter. Revenues were higher than our initial guidance of $2.7 billion to $2.9 billion and slightly above our recently updated guidance of $3.6 billion to $3.65 billion. Our growth was driven by demand from new and existing customers for our leading AI and rack-scale total IT solutions and an improving supply chain.

謝謝你，查爾斯。 2024 年第二季營收為 36.6 億美元，年增 103%，季增 73%。收入高於我們最初的 27 億美元至 29 億美元指導，略高於我們最近更新的 36 億美元至 36.5 億美元指引。新舊客戶對我們領先的人工智慧和機架級整體 IT 解決方案以及不斷完善的供應鏈的需求推動了我們的成長。

Next-generation AI and CPU platforms continue to drive strong levels of design wins. Orders and backlog from top-tier data centers, emerging cloud service providers enterprise channel and Edge IoT, telco customers.

下一代 AI 和 CPU 平台繼續推動設計勝利的強勁發展。來自頂級資料中心、新興雲端服務供應商企業通路和邊緣物聯網、電信客戶的訂單和積壓訂單。

During Q2, we recorded $1.48 billion in the enterprise channel vertical, representing 40% of revenues versus 43% last quarter. This was up [55%] year-over-year and up 62% quarter-over-quarter, driven by enterprise AI and CPU upgrade programs. The OEM appliance and large data center vertical revenues were $2.15 billion, representing 59% of Q1 revenues versus 55% last quarter. It was up 175% year-over-year and up 83% quarter-over-quarter.

第二季度，我們在企業通路垂直領域錄得 14.8 億美元，佔營收的 40%，而上季為 43%。在企業 AI 和 CPU 升級計畫的推動下，這一數字年增 [55%]，季增 62%。 OEM 設備和大型資料中心垂直收入為 21.5 億美元，佔第一季營收的 59%，而上季為 55%。年增 175%，季增 83%。

Two existing CSP/large data center customers represented 26% and 11% of total revenues for Q2. Emerging 5G, telco, Edge IoT revenues were $35 million or 1% of Q2 revenues. Growth was driven by AI, GPU and rack-scale total IT solutions, which again represented over 50% of total revenues this quarter, with AI GPU revenues in both the enterprise channel and the OEM appliance/large data center verticals.

兩個現有的 CSP/大型資料中心客戶分別佔第二季總收入的 26% 和 11%。新興 5G、電信、邊緣物聯網收入為 3,500 萬美元，佔第二季營收的 1%。成長是由 AI、GPU 和機架級整體 IT 解決方案推動的，這些解決方案再次佔本季總收入的 50% 以上，其中 AI GPU 收入來自企業通路和 OEM 設備/大型資料中心垂直領域。

Server and storage systems comprised 94% of Q2 revenue, and subsystems and accessories represented 6%. ASPs increased on a year-over-year and quarter-over-quarter basis, driven by product and customer mix.

伺服器和儲存系統佔第二季營收的 94%，子系統和配件佔 6%。在產品和客戶組合的推動下，平均售價較去年同期成長。

By geography, the U.S. represented 71% of Q2 revenues; Asia, 18%; Europe, 8%; and the rest of the world, 3%. On a year-over-year basis, U.S. revenues increased 139%, Asia increased 98%, Europe decreased 8% and the rest of the world increased 67%. On a quarter-over-quarter basis, U.S. revenues increased 61%, Asia increased to 191%, Europe increased 51% and the rest of the world increased 37%.

按地域劃分，美國佔第二季營收的 71%；亞洲，18%；歐洲，8%；世界其他地區為 3%。與去年同期相比，美國營收成長 139%，亞洲成長 98%，歐洲下降 8%，世界其他地區成長 67%。按季度計算，美國營收成長 61%，亞洲成長至 191%，歐洲成長 51%，世界其他地區成長 37%。

The Q2 non-GAAP gross margin was 15.5%, which was down quarter-over-quarter from 17% as we continued to focus on winning strategic new designs and gaining market share.

第二季非 GAAP 毛利率為 15.5%，較上一季的 17% 有所下降，因為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. Q2 OpEx, on a GAAP basis, increased by 6% quarter-over-quarter and 58% year-over-year to $193 million, driven by higher compensation expenses and headcount. On a non-GAAP basis, operating expenses increased 18% quarter-over-quarter and 41% year-over-year to $153 million. Q2 non-GAAP operating margin was 11.3% versus 10.8% last quarter as we benefited from operating leverage driven by higher revenues.

轉向營運費用。在薪資費用和員工人數增加的推動下，第二季營運支出以 GAAP 計算，季增 6%，年增 58%，達到 1.93 億美元。以非公認會計原則計算，營運費用季增 18%，年增 41%，達到 1.53 億美元。第二季非 GAAP 營業利潤率為 11.3%，上一季為 10.8%，因為我們受惠於營收增加帶來的營業槓桿。

Other income and expenses for Q2 was a net expense of approximately $16 million, consisting of $8 million in interest expense and a loss of $8 million, principally from foreign exchange. Interest expense increased sequentially as we drew down on short-term bank credit facilities for working capital during the quarter.

第二季的其他收入和支出約為 1,600 萬美元的淨支出，其中包括 800 萬美元的利息支出和 800 萬美元的損失（主要來自外匯）。由於我們在本季動用了短期銀行信貸額度作為營運資金，利息支出連續增加。

The tax provision for Q2 was $61.5 million on a GAAP basis and $71.1 million on a non-GAAP basis. The GAAP tax rate for Q2 was 17.3 and the non-GAAP tax rate was 17.8.

第二季的稅項準備金以 GAAP 計算為 6,150 萬美元，以非 GAAP 計算為 7,110 萬美元。第二季的 GAAP 稅率為 17.3，非 GAAP 稅率為 17.8。

Q2 non-GAAP diluted EPS of $5.59 exceeded the high end of our initial guidance of $4.40 to $4.88 and slightly above our recently updated guidance of $5.40 to $5.55 due to operating leverage.

第二季非 GAAP 攤薄後每股收益為 5.59 美元，超出了我們最初指導價值 4.40 美元至 4.88 美元的上限，並且由於經營槓桿作用，略高於我們最近更新的指導值 5.40 美元至 5.55 美元。

Cash flow used in operations for Q2 was $595 million compared to cash flow generated by operations of $271 million during the previous quarter. Strong profitability and a higher level of accounts payable was offset by higher inventory and accounts receivable due to build plans for Q3 and the timing of shipments during Q2.

第二季營運使用的現金流為 5.95 億美元，而上一季營運產生的現金流為 2.71 億美元。由於第三季的建設計劃和第二季的出貨時間，庫存和應收帳款的增加抵消了強勁的獲利能力和較高的應付帳款水準。

CapEx was $15 million for Q2, resulting in negative free cash flow of $610 million versus positive free cash flow of $268 million last quarter.

第二季資本支出為 1,500 萬美元，導致自由現金流為負 6.1 億美元，而上季自由現金流為正 2.68 億美元。

During the quarter, we executed an equity offering and raised approximately $583 million in net proceeds after underwriting discounts and other issuance costs from the sale of 2.3 million shares at a price of $2.62 per share. The proceeds will be used to strengthen our working capital, enable continued investments in R&D and expand global capacity to fulfill strong demand for our leading platforms.

在本季度，我們以每股 2.62 美元的價格出售 230 萬股股票，在扣除承銷折扣和其他發行成本後，進行了股票發行，籌集了約 5.83 億美元的淨收益。所得款項將用於增強我們的營運資金、持續投資研發並擴大全球產能，以滿足對我們領先平台的強勁需求。

The closing balance sheet position was $726 million, while bank debt was $376 million, resulting in a net cash position of $350 million versus a net cash position of $397 million last quarter.

期末資產負債表部位為 7.26 億美元，銀行債務為 3.76 億美元，導致淨現金部位為 3.5 億美元，而上季淨現金部位為 3.97 億美元。

Turning to the balance sheet and working capital metrics compared to last quarter, the Q2 cash conversion cycle was 61 days versus 86 days in Q1. Days of inventory decreased by 24 days to 67 days versus the prior quarter of 91 days due to the timing of shipments during the quarter. Days sales outstanding was down by 14 days quarter-over-quarter to 29 days, while days payables outstanding decreased by 13 days to 35 days.

與上季相比，資產負債表和營運資本指標顯示，第二季現金轉換週期為 61 天，而第一季為 86 天。由於本季的出貨時間安排，庫存天數比上一季的 91 天減少了 24 天，達到 67 天。銷售應付天數較上季減少 14 天至 29 天，應付帳款週轉天數減少 13 天至 35 天。

Now turning to the outlook. We expect a strong March quarter as we continue to gain momentum with new and existing customers for our AI and rack-scale total IT solutions. For the third quarter of fiscal 2024 ending March 31, 2024, we expect net sales in the range of $3.7 billion to $4.1 billion, GAAP diluted net income per share of $4.79 to $5.64 and non-GAAP diluted net income per share of $5.20 to $6.01.

現在轉向前景。我們預計 3 月季度將表現強勁，因為我們的人工智慧和機架級整體 IT 解決方案將繼續獲得新舊客戶的支援。截至2024年3月31日的2024財年第三季度，我們預期淨銷售額將在37億美元至41億美元之間，GAAP稀釋後每股淨利為4.79美元至5.64美元，非GAAP稀釋後每股淨利為5.20美元至6.01美元。

We expect gross margins to be slightly lower than Q2 levels. GAAP operating expenses are expected to be approximately $201 million and include $39 million in stock-based compensation expenses that are not included in non-GAAP operating expenses.

我們預計毛利率將略低於第二季水準。 GAAP 營運費用預計約為 2.01 億美元，其中包括未計入非 GAAP 營運費用的 3,900 萬美元股票補償費用。

The outlook for Q3 of fiscal year 2024 diluted GAAP EPS includes approximately $28 million in expected stock-based compensation expenses net of tax effects of [$14 million], which are excluded from non-GAAP diluted net income per common share.

2024 財年第三季的攤薄 GAAP 每股盈餘展望包括約 2,800 萬美元的預期股票補償費用（扣除稅收影響[1,400 萬美元]），該費用不包括在非 GAAP 攤薄每股普通股淨利潤中。

We expect other income and expenses, including interest expense, to be a net expense of approximately $9 million. The company's projections for Q3 GAAP and non-GAAP diluted net income per share assume a GAAP tax rate of 13.8%, a non-GAAP tax rate of 15.8% and a fully diluted share count of 60.1 million for GAAP and 61 million for non-GAAP.

我們預計其他收入和支出（包括利息支出）約為 900 萬美元的淨支出。該公司對第三季GAAP 和非GAAP 攤薄每股淨利的預測假設GAAP 稅率為13.8%，非GAAP 稅率為15.8%，完全稀釋後的GAAP 股數為6,010 萬股，非GAAP 股數為6,100 萬股。公認會計準則。

We expect CapEx for Q3 to be in the range of $18 million to $21 million and a range of $105 million to [$115 million] for the fiscal year 2024. For the fiscal year 2024, which ends June 30, 2024, we are raising our guidance for revenues from a range of $10 billion to $11 billion to a range of $14.3 billion to $14.7 billion.

我們預計第三季的資本支出將在1,800 萬美元至2,100 萬美元之間，2024 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，我們正在提高我們的資本支出。收入指導範圍為 100 億至 110 億美元至 143 億至 147 億美元。

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

邁克爾，我們現在準備好進行問答了。

Cole?

油菜？

(Operator Instructions) Our first question is from George Wang with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 George Wang。

Congrats on the quarter and strong guidance. I have two questions. Firstly, can you talk about kind of supply versus demand? Obviously, for the December quarter, probably driven by both, kind of improving supply and also strong demand. So if you can, maybe you can talk about backlog level? And also on the supply side, are there still ongoing constraints right now?

恭喜本季和強有力的指導。我有兩個問題。首先，您能談談供給與需求的關係嗎？顯然，對於 12 月季度來說，可能是受到供應改善和需求強勁的推動。所以如果可以的話，也許你可以談談積壓水平？另外，在供應方面，目前是否仍有持續的限制？

Yes. Thank you for the question. Indeed, the demand is still stronger than supply. So if we have more supply, we will be able to ship more. And we are very happy to continue to grow our capacity [bases], even higher support, so to grow business even quicker.

是的。感謝你的提問。事實上，需求仍然強於供給。因此，如果我們有更多的供應，我們將能夠運送更多。我們非常高興能夠繼續擴大我們的能力[基地]，甚至提供更高的支持，從而更快地發展業務。

Okay. And a quick follow-up just on the liquid cooling. You talked about kind of expanding to 1,500 racks per month after June this year. And maybe you can talk about your expectation for the total production mix from liquid-cooled racks by year-end? And also, maybe you can talk about kind of the difference, so the config within the liquid cooling. I know you guys have some [immersion] cooling and air-to-liquid cooling. So maybe you can double-click on this thematic topic, going forward.

好的。並快速跟進液體冷卻。您談到今年 6 月之後每月擴展至 1,500 個機架。也許您可以談談您對年底前液冷機架總生產組合的期望？另外，也許你可以談談液體冷卻中的配置差異。我知道你們有一些[浸入式]冷卻和氣液冷卻。因此，也許您可以雙擊該主題，然後繼續。

Yes. Thank you, George, for the question. Indeed, liquid cooling, we are leading the industry. So we have a huge capacity ready and have very mature total solution ready. But lots of customers, although they like liquid cooling, but their data center need some more time to be ready. I mean their infrastructure needs some more time.

是的。謝謝喬治提出這個問題。確實，在液冷方面，我們是業界領先的。所以我們已經準備好了巨大的產能，並準備好了非常成熟的整體解決方案。但許多客戶雖然喜歡液體冷卻，但他們的資料中心需要更多時間準備。我的意思是他們的基礎設施需要更多時間。

So we believe, I think, [liquid cooling] will be a trend, and we continue to make ourselves ready and try our best to support the customer, including providing some help to their data center infrastructure. So I believe liquid cooling percentage will continue to grow. But at this moment, most of the [shipping] still are air cooled.

所以我們相信，我認為，[液冷]將是一種趨勢，我們繼續做好準備，盡力支持客戶，包括為他們的資料中心基礎設施提供一些幫助。所以我相信液體冷卻的比例將持續成長。但目前，大部分[運輸]仍採用風冷。

Our next question is from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Congrats on the strong results here. Maybe if I can just start with the gross margin, and you did have a step-down here in 2Q, you're guiding to a slight moderation into 3Q. Maybe just help me understand, as a management team, how do you think about balancing the opportunities that you're going for in terms of market share wins and design wins relative to sort of being -- growing profitably over the long run? How you're sort of evaluating those opportunities side by side? And then I have a follow-up.

在這裡恭喜您取得了優異的成績。也許如果我可以從毛利率開始，並且您在第二季度確實有所下降，那麼您將引導第三季的毛利率略有放緩。也許只是幫助我理解，作為一個管理團隊，您如何考慮平衡您在贏得市場份額和贏得設計方面所尋求的機會，以及相對於長期盈利增長的機會？您如何同時評估這些機會？然後我有一個後續行動。

Sure. Thanks, Samik. So when we win a new customer, we always try to go in and out. And so we go into the organization and try to spread out into different divisions. And so in order to do that, as we take on new customers, we do evaluate and try to win the business, which requires us to be competitive. And so we always are balancing in the interest of shareholder value, how to maximize that.

當然。謝謝，薩米克。因此，當我們贏得新客戶時，我們總是嘗試進出。因此，我們進入組織並嘗試分散到不同的部門。因此，為了做到這一點，當我們接待新客戶時，我們會評估並努力贏得業務，這要求我們具有競爭力。因此，我們始終在股東價值利益和如何最大化股東價值之間進行平衡。

And so at this time, we are growing really quickly. And then -- and in order to do that, in order to take market share, we will take opportunities by being more competitive on pricing.

所以現在，我們的成長速度非常快。然後，為了做到這一點，為了佔據市場份額，我們將透過在定價方面更具競爭力來抓住機會。

The question is that when we continue to grow our economy of scale, the operation margin indeed will be still able to keep in healthy position.

問題是，當我們繼續發展規模經濟時，經營利潤率確實仍能維持在健康的位置。

Got it. Got it. And then just more near-term question. When I look at the revenue guide for 3Q and 4Q, there's a step-up here in revenue of about, sort of, call it, $0.5 billion, a bit less going from 2Q to 3Q and then a bigger step-up to get to the midpoint of the annual guide into 4Q.

知道了。知道了。然後是更近期的問題。當我查看第三季和第四季的營收指南時，這裡的營收大約有5 億美元的成長，從第二季到第三季的營收有所減少，然後有更大的成長，達到5 億美元。第四季年度指南的中點。

How much of that is driven by just being a bit more cautious about when supply comes in and pushing that -- the revenue guide a bit more to the 4Q? Or is that really what the visibility currently tells you in terms of supply? I'm just trying to get sort of what's driving the cadence from 2Q to 3Q to 4Q in the guide that you've provided today.

其中有多少是由於對供應何時到來更加謹慎並將其推向第四季度的收入指引而推動的？或者這真的是當前供應方面的能見度告訴您的嗎？我只是想在您今天提供的指南中了解是什麼推動了從第二季度到第三季度再到第四季度的節奏。

Yes. So Samik, we have a very large and growing backlog, which grew again this quarter. And so really, as Charles mentioned earlier, our only constraint is supply. However, the good news is that supply is improving. And so to your point, we have to be somewhat conservative because we are constrained still by supply.

是的。 Samik，我們有非常大且不斷增長的積壓訂單，本季再次成長。事實上，正如查爾斯之前提到的，我們唯一的限制是供應。然而，好消息是供應正在改善。因此，就您的觀點而言，我們必須保持一定程度的保守，因為我們仍然受到供應的限制。

Our next question is from Nehal Chokshi with Northland.

我們的下一個問題來自 Northland 的 Nehal Chokshi。

Great impressive guidance, and thanks for your explanation regarding the dynamic on the forward guidance for both the March quarter, plus the [3Q] guide.

非常令人印象深刻的指導，感謝您對三月季度前瞻性指導以及[第三季度]指導動態的解釋。

Looking at the incremental revenue for the December quarter, and David, you already alluded to this, you're making shareholder accretive decisions. So that's what's driving the tick-down in the gross margin, yet your operating margin has improved Q-over-Q.

看看 12 月季度的增量收入，大衛，你已經提到過這一點，你正在做出股東增值的決策。因此，這就是毛利率下降的原因，但您的營業利潤率較上季有所提高。

And so just to be clear, when you're talking about making shareholder accretive decisions, it's still with respect to current revenue, not just simply looking at future free cash flows associated with the future revenue follow-on from these lower margin opportunities. Is that correct?

因此，需要明確的是，當您談論做出股東增值決策時，仍然涉及當前收入，而不僅僅是考慮與這些較低利潤機會帶來的未來收入相關的未來自由現金流。那是對的嗎？

It's really about trying to return the most shareholder value. So back to your point, we know that with -- because of our tight control of our operating expenses, if we get more volume from a large customer, we're going to be able to bring more EPS to our shareholders. So that's really the -- it's really the decision to partner with a really good customer.

這其實是為了回報最大的股東價值。回到你的觀點，我們知道，由於我們嚴格控制營運費用，如果我們從大客戶那裡獲得更多銷量，我們將能夠為股東帶來更多每股收益。所以這確實是與真正優秀的客戶合作的決定。

Got it. Okay. And then, did you review the 10% revenue customers for the quarter?

知道了。好的。然後，您是否回顧了本季 10% 收入的客戶？

We did. We said we had two, one 25 and one 11, both in the CSP/large data center vertical.

我們做到了。我們說我們有兩個，一個 25，一個 11，都在 CSP/大型資料中心垂直領域。

Our next question is from Jon Tanwanteng with CJS Securities.

我們的下一個問題來自 CJS 證券的 Jon Tanwanteng。

Really, congratulations on the fantastic growth. Charles, my first question is for you. I was wondering, what gives you the confidence in the growth beyond this year? You mentioned inference, the ecosystem potentially years and decades of demand. Where is the visibility coming from? What are you seeing in your backlog, in your order books and any conversations with customers that gives you that confidence?

真的，恭喜你的驚人成長。查爾斯，我的第一個問題是問你的。我想知道，是什麼讓您對今年以後的成長充滿信心？您提到了推論，生態系統可能存在數年甚至數十年的需求。可見性從哪裡來？您在積壓訂單、訂單簿以及與客戶的任何對話中看到了什麼給您帶來信心？

Yes. Thank you for the question. Yes, I mean other than generative, deep learning segment continue to grow very strong. Our inferencing opportunity in general CPU customer base is also growing. So with AI continue to be more popular, indeed, so many verticals around the world and in a more inferencing solution as well, including private cloud, private kind of data center and even push on AI. So we are approaching continued growth in [holding] kind of direction, and we see a positive feedback -- a [promised] feedback.

是的。感謝你的提問。是的，我的意思是除了生成性之外，深度學習領域持續成長強勁。我們在一般 CPU 客戶群中的推理機會也在成長。因此，隨著人工智慧繼續變得越來越流行，世界各地的許多垂直領域以及更多的推理解決方案，包括私有雲、私有資料中心，甚至推動人工智慧。因此，我們正在朝著[持有]方向持續成長，我們看到了正面的回饋—[承諾的]回饋。

Got it. And to ask one other question that's been mentioned in a different way, is there a gross margin floor as you pursue this share gain? And when do you see a possible inflection? I'm just wondering, what is the limit when you go in terms of gaining share versus the margin that you're generating?

知道了。再問一個以不同方式提到的問題，當你追求這種份額收益時，是否存在毛利率下限？什麼時候會看到可能的改變？我只是想知道，當你獲得份額與你產生的利潤相比時，限制是什麼？

Sure. So we set out a target back in March of 2021 of 14% to 17%. But that's -- and we've actually done pretty well against that target.

當然。因此，我們早在 2021 年 3 月就設定了 14% 至 17% 的目標。但這是——而且我們實際上已經很好地實現了這個目標。

But one thing I'll say is that we have a lot of -- there's a lot of initiatives that play into our favor. Number one, we're doing a lot in terms of expansion to lower our cost envelope. And number two, we are -- our advantage is our Building Block Solutions. And what that means is we're the fastest to market because of the way that we have architected our products.

但我要說的一件事是，我們有很多——有很多對我們有利的舉措。第一，我們在擴張方面做了很多工作，以降低我們的成本範圍。第二，我們的優勢是我們的構建塊解決方案。這意味著我們是最快進入市場的，因為我們設計產品的方式。

So what that means is there's a lot of new technologies that are coming out from many different technology providers. And we expect to, again, as we were with AI, be first-to-market with those.

這意味著許多不同的技術提供者正在推出許多新技術。我們希望再次像人工智慧一樣，率先將這些產品推向市場。

And that first-to-market advantage helps us -- helps to differentiate ourselves as we come out with a complete set of solutions. So we think that's another thing that will -- that is always going to play to Super Micro's advantage.

當我們推出一整套解決方案時，這種率先進入市場的優勢有助於我們脫穎而出。所以我們認為這是另一件事——這總是會發揮超微的優勢。

Yes. Especially, we have a -- so broad Building Block Solutions so the economy of scale will have our Building Block Solutions to be more efficient because we see a lot of product lines, our volume was still in the middle size to small size of volume. And we deserve, and we will continue to be aggressive to grow to see every segment, every vertical, we have a healthy economy of scale.

是的。特別是，我們有一個如此廣泛的構建塊解決方案，因此規模經濟將使我們的構建塊解決方案更加高效，因為我們看到很多產品線，我們的產量仍然處於中型到小型的規模。我們值得，而且我們將繼續積極發展，以確保每個細分市場、每個垂直領域都擁有健康的規模經濟。

Our next question is from Quinn Bolton with Needham.

我們的下一個問題來自 Quinn Bolton 和 Needham。

Let me echo the congratulations on the very strong results. I guess I wanted to ask you a gross margin question, too. Obviously, it's moderated here in the current quarter and the forward quarter as you guys position yourselves for further market share gains.

讓我對取得的優異成績表示祝賀。我想我也想問你一個毛利率問題。顯然，隨著你們為進一步擴大市場份額做好準備，當前季度和未來季度的情況會有所緩和。

I guess my question is, would sort of the midpoint of that 14% to 17% level that you set back in '21, is that sort of the right level to be thinking about as you guys stay aggressive and try to drive market share gains?

我想我的問題是，你們在 21 年設定的 14% 到 17% 水平的中點，是你們在保持積極進取並試圖推動市場份額增長時要考慮的正確水平嗎？ ？

And maybe sort of a twist on the question, to the extent that supply catches up to demand and growth rates slow, would you then start to focus more perhaps on higher-margin business? Just any sort of thoughts where in that 14% to 17% range margin may trend over the next year or 2 would be helpful.

也許問題有點扭曲，在供應趕上需求且成長率放緩的情況下，您會開始更專注於利潤率更高的業務嗎？只要有任何想法，即未來一兩年可能出現 14% 至 17% 的利潤率趨勢，都會有所幫助。

Yes. For sure, our most important principle is whatever is the best for shareholders, for the company. So although we said 14% to 17% at that range in 2021, but if any change in there for adjustment will be the best for shareholders, we will do that change. And we are carefully evaluating the range kind of monthly.

是的。當然，我們最重要的原則是對股東、對公司最好的事。因此，雖然我們說 2021 年會在這個範圍內調整 14% 到 17%，但如果調整的任何變化對股東來說是最好的，我們就會做出這樣的改變。我們正在仔細評估每個月的範圍。

Okay. Got it. And then, Charles, a question on liquid cooling. Just as you look forward, you guys are ready. It sounds like the infrastructure may still need some improvements.

好的。知道了。然後，查爾斯，一個關於液體冷卻的問題。正如你們所期待的那樣，你們已經準備好了。聽起來基礎設施可能仍需要一些改進。

But I guess as you look at data center customers, CSPs that are looking to deploy liquid cooling, is that sort of -- does that include current generation sort of 700-watt [GPUs]? Or is it really the next generation, the B100 and sort of the 1,000-watt GPU class that really drives the adoption at your CSP customers, drive that need for liquid cooling?

但我想，當您觀察資料中心客戶、尋求部署液體冷卻的 CSP 時，是否包括當前世代的 700 瓦 [GPU]？或者它真的是下一代 B100 和 1,000 瓦 GPU 級別，真正推動了 CSP 客戶的採用，推動了對液體冷卻的需求？

You are right. In these current 600, 700 watts per module, people can still take care very well with the air conditioner. And that's why people are still comfortable with the traditional air cooler. But when the system grow to 1,000 or even more than 1,000 watt per module, yes, I mean I think liquid cooling become even much more critical. So by that time, I believe that most of the data centers, we have a facility ready for that.

你是對的。在目前每個模組600、700瓦的情況下，人們仍然可以很好地照顧空調。這就是為什麼人們仍然對傳統空氣冷卻器感到滿意的原因。但當系統成長到每個模組 1,000 瓦甚至超過 1,000 瓦時，是的，我的意思是我認為液體冷卻變得更加重要。所以到那時，我相信大多數資料中心，我們都已經準備好了設施。

So we are very optimistic and very patient to continue to improve our quality, especially the reliability and easy for maintenance. So when customer is ready, we can ramp up quickly to support them.

所以我們非常樂觀、非常耐心地繼續提高我們的質量，特別是可靠性和易於維護性。因此，當客戶準備好時，我們可以快速增加支援他們。

Our next question is from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Great results. Just curious, when you talk about your customer concentration and the diversity of the business, when you talk about 26% and 11% of your revenue coming from 2 customers, are those the same customers? Like last quarter, I think you had a customer that was 25%. Or are you seeing these customers kind of bounce around? I guess the simple question is just, is that the same customer, that 26% versus 25%?

很好的結果。只是好奇，當你談論你的客戶集中度和業務多樣性時，當你談論你的收入的 26% 和 11% 來自 2 個客戶時，這些是同一個客戶嗎？與上季一樣，我認為您的客戶比例為 25%。或者您看到這些客戶有點跳來跳去？我想簡單的問題是，26% 和 25% 是同一個客戶嗎？

So Aaron, the 26% customer is the same customer. But the 11% customer is not a new customer, then it's a longer-term customer, but first time in 11%. And to your point, yes, we do see a bouncing in and out. And we're very happy anytime they do bounce above, by the way.

所以 Aaron，26% 的客戶是同一個客戶。但11%的客戶不是新客戶，而是長期客戶，而是11%中的第一次。就你的觀點而言，是的，我們確實看到了反彈。順便說一句，每當它們彈到上方時，我們都會感到非常高興。

Yes. And that's why the economy of scale is very important to us. When we further grow our total revenue, we will have a more large-scale customer and more middle-size and small-size customers as well.

是的。這就是為什麼規模經濟對我們非常重要。當我們的總收入進一步成長時，我們將擁有更多的大型客戶和更多的中小型客戶。

Yes. And then as a quick follow-up, I'm just curious, as we look at the AI kind of evolution from here. There's a lot more kind of product diversity itself coming out, V100s, GH200, AMD's product lineup.

是的。作為快速跟進，我只是很好奇，因為我們從這裡開始觀察人工智慧的演變。還有更多種類的產品本身出現，V100s、GH200、AMD 的產品陣容。

As you think about the growth going forward, would you say that the growth is more ASP expansion driven, as we think about these next-generation platforms? Or does diversity drive more of the growth being driven by unit volume growth? I'm just curious of how you would kind of characterize the growth driver from here, going forward, on those two inputs.

當您考慮未來的成長時，您是否會說，當我們考慮這些下一代平台時，成長更多是由 ASP 擴張驅動的？或者，多樣性是否會更多地推動單位銷售成長帶來的成長？我只是好奇你會如何描述這兩項投入的成長動力。

I guess, in next few years, our growth will be quicker in terms of unit number. So the volume growth will be quicker than ASP. Because last 2 years, our ASP has been [growing] a lot, right? So next step, I guess, unit number volume will grow faster.

我想，未來幾年，我們的單位數量成長會更快。因此銷量成長將快於ASP。因為過去兩年，我們的 ASP 已經[成長]了很多，對嗎？因此，我認為下一步，單位數量將會成長得更快。

Our next question is from Ananda Baruah with Loop Capital.

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

And congrats on the really solid execution. Yes, congrats on that. I guess, if I could, Charles, maybe a clarification. I did some math on the 15,000 racks per month, and I came up with, I guess, 5.6 billion a quarter, may -- call it 5.5 billion, I guess, plus or minus, but I count $5.6 billion. Is that kind of accurate?

並祝賀真正紮實的執行力。是的，恭喜你。我想，如果可以的話，查爾斯，也許可以澄清一下。我對每月 15,000 個機架做了一些計算，我猜想，每個季度 56 億美元——我想，可以稱之為 55 億美元，加上或減去，但我算的是 56 億美元。這樣準確嗎？

And I guess the question is, if it's sort of midyear, you're talking about getting to that point, is that the kind of run rate opportunity that we can be thinking about quarterly and not like you got like an opportunity when you get into sort of the back half of the calendar year? Just want to make sure that we're interpreting that kind of accurately. And then I have a quick follow-up.

我想問題是，如果是在年中，你所說的達到這一點，是我們可以每季考慮的那種運行率機會，而不是像你進入時那樣的機會有點像日曆年的後半部分？只是想確保我們能夠準確地解釋這一點。然後我會進行快速跟進。

Yes. Again, we say we have to make a green computing everywhere. That's why whatever -- whenever we can help customer best, we will. That's why we have been building a really large-scale capacity for liquid cooling and other green computing solutions. So yes, the capacity will be huge, but it's a capacity there when customer need, we are ready.

是的。我們再次強調，我們必須在任何地方實現綠色計算。這就是為什麼無論如何——只要我們能夠為客戶提供最好的幫助，我們就會這麼做。這就是為什麼我們一直在為液體冷卻和其他綠色運算解決方案建立真正大規模的產能。所以，是的，容量會很大，但當客戶需要時，我們就準備好了。

And indeed, our facility is also very flexible. A lot of the facility can support the liquid cooling and air cooling or combination cooling. So yes, we have a huge capacity ready for growth, but not necessarily all for liquid cooling. They support air cooling or combination, hybrid cooling as well.

事實上，我們的設施也非常靈活。許多設施可以支持液體冷卻和空氣冷卻或組合冷卻。所以，是的，我們有龐大的產能可供成長，但不一定全部用於液體冷卻。它們也支持空氣冷卻或組合、混合冷卻。

Awesome. Awesome. And then could you just -- I guess the follow-up is you guys have mentioned a couple of times on the call today sort of new customers as part of -- and I think, Charles, your words were accelerating growth.

驚人的。驚人的。然後你能不能——我猜接下來你們在今天的電話會議上多次提到了新客戶——我認為，查爾斯，你的話正在加速增長。

And so any complexion -- I guess sort of any context on the new customers that you guys are wrapping in into your run rate, kind of would be useful. Anything about them, like what kind of industry -- I guess like sort of industries, projects, anything like that would be helpful.

因此，任何膚色——我想你們將新客戶的任何背景納入運行率中，都會很有用。關於他們的任何事情，例如什麼樣的行業——我想例如什麼樣的行業、項目，諸如此類的事情都會有幫助。

Thank you. I mean we spend a lot of effort to make our sales process and operation process, service process be automatic. So those automation systems for sales, for production, for support really enlarge our capacity. And that's why we have capacity to approach to support more customers now.

謝謝。我的意思是我們花了很多努力讓我們的銷售流程、營運流程、服務流程自動化。因此，那些用於銷售、生產和支援的自動化系統確實擴大了我們的產能。這就是為什麼我們現在有能力支援更多客戶。

So -- and we need economies of scale because economies of scale are very important to our operation margin and overall EPS. So yes, we are ready to grow much quicker.

因此，我們需要規模經濟，因為規模經濟對於我們的營運利潤率和整體每股盈餘非常重要。所以，是的，我們已經準備好更快地成長。

Congratulations.

恭喜。

Our next question is from Jon Tanwanteng with CJS Securities.

我們的下一個問題來自 CJS 證券的 Jon Tanwanteng。

I was just wondering if there's any changes to your OpEx growth formula? It's been on a trailing basis, less than half of our revenue growth is -- as you grow bigger, do you expect to run against any limits in supporting such a large customer base and potential customer base? Or are you getting more economies of scale as you are larger with that?

我只是想知道你們的營運支出成長公式是否有任何變化？這是在追蹤的基礎上，我們的收入成長的一半不到 - 隨著你的規模不斷擴大，你是否期望在支持如此龐大的客戶群和潛在客戶群方面遇到任何限制？或者隨著規模的擴大，你會獲得更多的規模經濟嗎？

Yes. Indeed, we have been a small-volume company for too long, 30 years old company. So our volume has started to grow in kind of good economy of scale just recently. And we like to take this chance to continue and grow our economy of scale. So when our economy of scale grow, we leverage automation system, again, for sales, for operation and for service. And that's why, I mean, we are in a good position to continue growing quickly.

是的。確實，我們已經是一家小批量公司太久了，已經有30年歷史了。因此，我們的銷售量最近開始以良好的規模經濟成長。我們希望藉此機會繼續發展我們的規模經濟。因此，當我們的規模經濟成長時，我們再次利用自動化系統進行銷售、營運和服務。我的意思是，這就是為什麼我們處於繼續快速成長的有利位置。

Okay. Great. And I was just wondering, at the rate of growth that you're seeing, do you expect to need more external financing? I know you talked about other sources of cash. I'm just wondering if you're going to the debt markets, what are the plans are to finance this growth?

好的。偉大的。我只是想知道，按照您所看到的成長率，您是否預計需要更多外部融資？我知道你談到了其他現金來源。我只是想知道您是否打算進入債務市場，為這種增長提供融資的計劃是什麼？

Yes, our financial team has been very diligently working now on more sources, especially try to minimize dilution of our stock, our equity. So we have a [minimum] program kind of we study and ready there. So when we need more capital, we are ready. David, you may add something.

是的，我們的財務團隊現在一直在非常努力地尋找更多來源，特別是努力盡量減少我們的股票和股權的稀釋。因此，我們有一個[最低限度]的程序可供我們研究和準備。因此，當我們需要更多資金時，我們就準備好了。大衛，你可以補充一些東西。

Yes. So I'll just echo what Charles said. We're looking at a number of different things, Jon. And we -- but we are mindful of not having further dilution, as Charles said, so we're -- but we're looking at a number of different opportunities.

是的。所以我只是重複查爾斯所說的話。我們正在研究很多不同的事情，喬恩。我們——但我們注意不要進一步稀釋，正如查爾斯所說，所以我們——但我們正在尋找許多不同的機會。

And the reason we have to is because we need more working capital for growth. And the reason that our cash flows were not -- did not -- were not as strong as last quarter was simply because we grew by so much. So if you -- when you grow by over $1 billion in a quarter, you've got to have additional working capital. So that's the plain-and-simple fact.

我們必須這樣做的原因是我們需要更多的營運資金來成長。我們的現金流沒有——沒有——沒有上季那麼強勁的原因很簡單，因為我們成長了太多。因此，如果您在一個季度內成長超過 10 億美元，您就必須擁有額外的營運資金。這就是簡單明了的事實。

Our inventory has been growing more than $1 billion, and we are continuing to grow.

我們的庫存已成長超過 10 億美元，並且仍在繼續成長。

Our last question will be from Nehal Chokshi with Northland.

我們的最後一個問題將由 Northland 的 Nehal Chokshi 提出。

Yes. Great. And I actually have two follow-up questions. First, at the September quarter earnings call, I believe you guys said the capacity was around 18 billion, and that's up from 15 billion to June 2023 quarter. Was the driver of that actually increased capacity or increased ASPs?

是的。偉大的。我實際上有兩個後續問題。首先，在 9 月季度的財報電話會議上，我相信你們說產能約為 180 億，比 2023 年 6 月季度的 150 億有所增加。其驅動因素實際上是產能增加還是平均售價增加？

And then in relation to that, your full-year guidance that implies a June Q guidance of around 4.7 billion, that implies that your annualized capacity has reached 19 billion. And so as your capacity is increasing, is this largely a mix-driven, is like-for-like ASP driven? Or has your capacity actually gone up prior to Malaysia coming online?

與此相關的是，您的全年指引意味著 6 月的指引約為 47 億，這意味著您的年化產能已達到 190 億。因此，隨著容量的增加，這在很大程度上是混合驅動的，還是類似 ASP 驅動的？或者在馬來西亞上線之前，您的容量實際上已經增加了嗎？

Yes. I mean our ASP will gradually continue to grow, while the unit number will grow much faster from now on, I guess. So that's why we need more capacity.

是的。我的意思是，我們的平均售價將逐漸繼續成長，而我想，從現在開始，單位數量的成長速度將會更快。這就是我們需要更多容量的原因。

And one thing I'll add, Nehal, is that in December, we shipped over 1.7 billion -- 1.8 billion. And so that alone establishes a $19 billion capability.

Nehal，我要補充的一件事是，12 月我們的出貨量超過 17 億至 18 億。僅此一項就建立了 190 億美元的能力。

Okay. And then my other question is that typically, going into the March quarter, revenue is seasonally down 2Q. You're guiding it up to be up 2Q. Usually, though, when the revenue is down seasonally quarter to quarter, your cash conversion cycle goes on a Q-o-Q basis.

好的。然後我的另一個問題是，通常進入三月季度，第二季度收入會季節性下降。您將其引導至第二季。不過，通常情況下，當收入逐季季節性下降時，您的現金轉換週期會按季度進行。

This March quarter, however, because you're projecting a Q-o-Q revenue increase, does that change your expectations on cash conversion cycle seasonality dynamics?

然而，由於您預計本季營收將環比成長，這是否會改變您對現金轉換週期季節性動態的預期？

Yes, because of that demand, it is very strong. So we believe this March quarter will be a strong quarter as well.

是的，因為這種需求，所以非常強烈。因此，我們相信這個三月的季度也將是一個強勁的季度。

David, do you have anything to add to that?

大衛，你還有什麼要補充的嗎？

Yes. So it really comes down, Nehal, to timing, when we receive inventory and when we ship out. So as I mentioned in the December quarter, you can have a big activity even within a month, within the quarter. And so that will affect your metrics.

是的。因此，Nehal，這實際上取決於時機，即我們何時收到庫存以及何時發貨。正如我在 12 月季度中提到的，即使在一個月內、在季度內，您也可以進行大型活動。這會影響你的指標。

Okay. Talking about the December quarter, your cash conversion cycle was actually a lot better than what we had expected. And yes, I recognize there was a consumption of cash. But it was at least a lot better than what we had expected. Was that actually better than what you had expected, given the significant revenue upside that you had delivered here?

好的。談到 12 月季度，你們的現金轉換週期實際上比我們預期的要好得多。是的，我知道有現金消耗。但至少比我們預期的好很多。考慮到您在這裡實現的顯著收入成長，這實際上比您預期的要好嗎？

It absolutely was. Yes. Yes, we had some customer [prepayments] and things that -- which helped us out.

絕對是。是的。是的，我們有一些客戶[預付款]和一些東西——這幫助我們擺脫了困境。

Yes. Also when economy of scale grows, we can more efficiently leverage our inventory as well.

是的。此外，當規模經濟成長時，我們也可以更有效地利用我們的庫存。

Congrats guys.

恭喜你們。

That concludes today's conference call. Thank you all for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。