超微電腦 (SMCI) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Joel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer Fiscal Q3 2024 Results on April 30, 2024. With us today, Charles Liang, Founder, President and Chief Executive Officer; David Weigand, CFO; and Michael Staiger, Vice President of Corporate Development. (Operator Instructions)

謝謝你的支持。我叫喬爾，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家觀看 2024 年 4 月 30 日發布的超微計算機 2024 年第三季財報。大衛‧韋根，財務長；和企業發展副總裁 Michael Staiger。 （操作員說明）

Thank you.

謝謝。

Good afternoon, and thank you for attending Supermicro's call to discuss financial results for the third quarter, which ended March 31, 2024. With me today are Charles Liang, Founder and 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.

下午好，感謝您參加 Supermicro 召開的電話會議，討論截至 2024 年 3 月 31 日的第三季度財務業績。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 investor -- excuse me, under the Events and Presentations tab. We have 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“投資者”下向參與者提供的演示文稿——對不起，在“活動和演示文稿”選項卡下。我們已在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 fourth 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.

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、營運費用和其他收入和費用、稅收、資本配置和未來業務的資訊展望，包括2024 財年第四季和2024 財年全年的指引。

You can learn more about these risks in the press release we issued earlier this afternoon, our most recent 10-K filing for fiscal '23 and our 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.

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 23 財年 10-K 備案以及我們其他 SEC 備案中了解有關這些風險的更多資訊。所有這些文件均可在 Super Micro 網站的投資者關係頁面上找到。我們不承擔更新任何前瞻性陳述的義務。

Most of today's presentation will refer to non-GAAP financial results and business outlook. For an explanation of our non-GAAP financial measures, please refer to the accompanying presentation or to our press release published earlier today. In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation. At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts to ask questions.

今天的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'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. We achieved another record-breaking quarter with revenues of $3.85 billion, a 200% increase from same time last year, and non-GAAP earnings per share of $6.65, up 308% year-on-year. Supermicro is at the forefront of the current AI revolution. These strong results reflect the continued demand for our rack-scale plug and play total ai solutions.

謝謝邁克爾，大家下午好。我們再創歷史新季度營收 38.5 億美元，較去年同期成長 200%，非 GAAP 每股盈餘 6.65 美元，較去年同期成長 308%。 Supermicro 處於當前人工智慧革命的最前線。這些強勁的業績反映了對我們的機架規模即插即用整體人工智慧解決方案的持續需求。

We continue to face some supply chain challenges due to newer products that require new key components, especially, specifically, DLC related components, and believe this situation will gradually improve in the coming quarters. To sustain this rapid growth, we are making significant investments in production, operations, management software, cloud features and customer service to further increase our customer base and bring more value to them.

由於新產品需要新的關鍵零件，特別是 DLC 相關零件，我們繼續面臨一些供應鏈挑戰，並相信這種情況將在未來幾季逐漸改善。為了維持這種快速成長，我們在生產、營運、管理軟體、雲端功能和客戶服務方面進行了大量投資，以進一步擴大我們的客戶群並為他們帶來更多價值。

To support this scale-up, we'd raised an additional $3.28 billion through a convertible note and secondary equity offering in the quarter. We like to support strong short and long-term growth with minimal equity dilution. Overall, I remain optimistic that AI growth will continue for many quarters, if not many years to come.

為了支持這一規模擴張，我們在本季透過可轉換票據和二次股票發行額外籌集了 32.8 億美元。我們希望以最小的股權稀釋來支持強勁的短期和長期成長。總體而言，我仍然樂觀地認為人工智慧的成長將持續多個季度，甚至未來很多年。

We have long recognized that AI is accelerating the need for liquid cooling, and we have invested heavily into high quality, optimized direct liquid cooling, DLC solutions for high-end CSPs and NCPs. With GPUs reaching 700 watts and soon more than 1000 watts, efficiently managing the heat from these AI systems has become critical for many customers, especially at the new datacenters.

我們很早就意識到人工智慧正在加速對液體冷卻的需求，並且我們投入了大量資金，為高端 CSP 和 NCP 開發高品質、優化的直接液體冷卻、DLC 解決方案。隨著 GPU 功率達到 700 瓦，很快就會超過 1000 瓦，有效管理這些 AI 系統的熱量對於許多客戶來說變得至關重要，尤其是在新的資料中心。

I am pleased to announce that our new DLC, direct liquid cooling building blocks and rack scale total solution technology are finally floor-ready grade for high volume production. With our DLC, liquid cooling technology, customers can reduce their expense on cooling expense, saving data center space, and allocate a greater portion of their finite power resources to computing instead of cooling, which aligns with our green computing DNA-ware.

我很高興地宣布，我們的新 DLC、直接液體冷卻構建模組和機架級整體解決方案技術終於達到了適合大量生產的著陸等級。借助我們的 DLC（液體冷卻技術），客戶可以減少冷卻費用，節省資料中心空間，並將有限的電力資源的更大一部分分配給計算而不是冷卻，這與我們的綠色計算 DNA 一致。

Now let's go over some key financial highlights. Supermicro is pleased to be included in the prestigious S&P 500 Index last quarter. Fiscal Q3 net revenue totaled $3.85 billion, up 200% year-on-year, within our aggressive original guidance of March quarter. If not limited by some key component shortages, we could have delivered more.

現在讓我們回顧一下一些重要的財務亮點。 Supermicro 很高興上季被納入著名的標準普爾 500 指數。第三財季淨收入總計 38.5 億美元，年增 200%，符合我們 3 月季度積極的原始指引。如果不是受到一些關鍵零件短缺的限制，我們本來可以交付更多。

Fiscal Q3 non-GAAP earnings of $6.65 per share were well above $1.63 last year, which was about 308% year-on-year growth. Our increasing economies of scale contributed to better net profit. Our year-over-year operating margin and net income both continue to improve, and we continue to expect further benefits as we bring our Malaysia facility online later this calendar year.

第三財季非公認會計準則每股收益為 6.65 美元，遠高於去年的 1.63 美元，較去年同期成長約 308%。我們不斷擴大的規模經濟帶來了更好的淨利潤。我們的同比營業利潤率和淨利潤均持續改善，並且隨著我們在今年稍後將馬來西亞工廠上線，我們將繼續期待進一步的收益。

This fast-growing quarter was driven by end users wanting to accelerate their deployment of the latest generation AI platforms. Through our Building Block Solutions, we provide optimized AI solutions at scale, offering a time-to-market advantage and shorter lead time over our competition. Additionally, our rack-scale plug and play total solutions, especially with liquid cooling DLC, ensure optimal system performance while saving energy cost up to 40% at a data center scale, delivering much more value to customers.

這個快速成長的季度是由希望加速最新一代人工智慧平台部署的最終用戶所推動的。透過我們的構建塊解決方案，我們大規模提供最佳化的人工智慧解決方案，與競爭對手相比，提供上市時間優勢和更短的交貨時間。此外，我們的機架級即插即用整體解決方案，尤其是液冷 DLC，可確保最佳系統效能，同時在資料中心規模上節省高達 40% 的能源成本，為客戶提供更多價值。

We are leading the AI revolution by deploying NVIDIA HGX H100 SuperCluster solutions to our customers, housed in our new 100K watt racks, with 2 to 3x higher power density than traditional racks from others. At NVIDIA GTC last month, we unveiled our next-gen Blackwell products, including the GB200 NVL72 solution. To further grow our AI portfolio, we are now strongly focused on delivering new generative AI and inferencing optimized systems based on the upcoming next generation NVIDIA H200, B100, B200, GH200 and GB200 GPUs as well as Intel Gaudi2, Gaudi3 and AMD MI300X and MI300A GPUs.

我們透過向客戶部署 NVIDIA HGX H100 SuperCluster 解決方案來引領人工智慧革命，這些解決方案安裝在我們全新的 100K 瓦機架中，其功率密度比其他公司的傳統機架高 2 到 3 倍。在上個月的 NVIDIA GTC 上，我們推出了下一代 Blackwell 產品，包括 GB200 NVL72 解決方案。為了進一步發展我們的人工智慧產品組合，我們現在專注於提供基於即將推出的下一代NVIDIA H200、B100、B200、GH200 和GB200 GPU 以及Intel Gaudi2、Gaudi3 和AMD MI300X 和MI300A 的新型生成式AI 和推理優化系統GPU。

Most of them support both air cooling and DLC cooling. As Supermicro is transitioning to our next generation of X14/H14 product lines featuring the industry's broadest SKUs of Intel Xeon 6 processor-based and AMD Turin-based platforms, we are fully ready for high volume production and offer early online access for testing and validation through our JumpStart cloud service.

大多數都支援風冷和DLC冷卻。隨著Supermicro 正在過渡到我們的下一代X14/H14 產品線，該產品線採用業界最廣泛的基於Intel Xeon 6 處理器和基於AMD Turin 平台的SKU，我們已做好大批量生產的充分準備，並提供早期線上存取以進行測試和驗證透過我們的 JumpStart 雲端服務。

Meanwhile, our X14 and H14 storage solutions are addressing the specific requirements of accelerated AI data pipelines with partners like Weka and VAST Data and many others. The rapid growth of our business is raising the complexity to scale our capacity. Our production teams are making aggressive progress on retrofitting the new Silicon Valley facilities and scaling up our Taiwan and Malaysia factories. We have secured the parts and acquired additional warehouses for our next phase of enterprise and data center businesses.

同時，我們的 X14 和 H14 儲存解決方案正在與 Weka 和 VAST Data 等合作夥伴一起滿足加速 AI 資料管道的特定要求。我們業務的快速成長提高了擴展產能的複雜性。我們的生產團隊在改造新的矽谷設施以及擴大台灣和馬來西亞工廠方面正在取得積極進展。我們已經為下一階段的企業和資料中心業務取得了零件併購買了額外的倉庫。

We are currently on track to produce over 2,000 liquid cooling DLC racks per month of AI servers with volumes steadily increasing. Each DLC rack supports up to 100k watt or even 120k watt. At this moment, we are focusing on delivering more than 1,000 racks of NVIDIA HGX AI supercomputers. Each rack supports 64 pieces H100, H200 or B200 GPUs with the latest DLC, liquid cooling technology to 3 industry-leading customers, from April to June of this quarter.

目前，我們預計每月生產超過 2,000 個液冷 DLC 機架的 AI 伺服器，並且產量正在穩步增長。每個 DLC 機架支援高達 100k 瓦甚至 120k 瓦的功率。目前，我們正專注於交付超過 1,000 個機架的 NVIDIA HGX AI 超級電腦。從本季 4 月到 6 月，每個機架支援 64 塊 H100、H200 或 B200 GPU，並為 3 個業界領先的客戶提供最新的 DLC、液體冷卻技術。

These 3 deployments will be among the world's largest DLC liquid-cooled AI clouds, potentially saving our customers up to 40% of energy costs compared to standard air-cooled deployments by our competition. Special thank you to NVIDIA and our close technology partners for this fantastic collaboration. I believe this is just the beginning of our long-term high-volume DLC liquid cooling mission. Green Computing can be free with a big bonus. Let's go for green.

這 3 個部署將屬於世界上最大的 DLC 液冷 AI 雲，與我們的競爭對手的標準風冷部署相比，可能為我們的客戶節省高達 40% 的能源成本。特別感謝 NVIDIA 和我們密切的技術合作夥伴的這次精彩合作。我相信這只是我們長期大量 DLC 液體冷卻任務的開始。綠色計算可以是免費的，而且還有很大的好處。讓我們走向綠色。

In summary, we had a strong quarter with more to come. Supermicro is uniquely capable of delivering new technologies to market faster with our integrated rack-scale plug and play solutions, in-house engineering, building block architecture, and green computing DNA. With a robust pipeline of new products in calendar year 2024, we're confident fiscal Q4 revenue will be in the range of $5.1 billion to $5.5 billion. This will raise our fiscal revenue guidance to $14.7 billion to $15.1 billion, an increase to our recent fiscal 2024 guide.

總而言之，我們度過了一個強勁的季度，而且還會有更多的表現。 Supermicro 憑藉我們的整合式機架級即插即用解決方案、內部工程、構建塊架構和綠色運算 DNA，能夠更快地將新技術推向市場。憑藉 2024 年強勁的新產品線，我們有信心第四財季營收將在 51 億至 55 億美元之間。這將使我們的財政收入指引提高至 147 億至 151 億美元，高於我們最近的 2024 財年指引。

We continue to win market share and remain committed to executing our growth plans across all verticals. This remains truly the most exciting time yet for Supermicro, and I believe this strong year-over-year growth will continue in our fiscal 2025, especially with our new, leading and ready-to-ship DLC liquid cooling rack scale plug and play solutions and technologies.

我們繼續贏得市場份額，並繼續致力於執行我們在所有垂直領域的成長計劃。對於Supermicro 來說，這確實是迄今為止最令人興奮的時刻，我相信這種強勁的同比增長將在我們的2025 財年繼續下去，尤其是我們新的、領先的、可立即發貨的DLC 液體冷卻機架規模即插即用解決方案與技術。

Before passing the call to David Weigand, our Chief Financial Officer, I want to thank you again, to our partners, our customers, our employees, and our shareholders for their strong support. David.

在致電我們的財務長 David Weigand 之前，我想再次感謝您對我們的合作夥伴、客戶、員工和股東的大力支持。大衛。

Thank you, Charles. Fiscal Q3 2024 revenues were $3.85 billion, up 200% year-over-year and 5% quarter-over-quarter. Q3 growth was again led by AI GPU platforms, which represented more than 50% of revenues with AI GPU customers in both the enterprise and cloud service provider markets. We expect strong growth in Q4 as the supply chain continues to improve with new air-cooled and liquid-cooled customer design wins.

謝謝你，查爾斯。 2024 年第三季營收為 38.5 億美元，年增 200%，季增 5%。第三季的成長再次由 AI GPU 平台引領，該平台佔企業和雲端服務供應商市場中 AI GPU 客戶收入的 50% 以上。隨著新的風冷和液冷客戶設計的成功，供應鏈不斷改善，我們預計第四季將出現強勁成長。

During Q3, we recorded $1.88 billion in the enterprise channel vertical, representing 49% of revenues versus 40% last quarter, up 190% year-over-year and 26% quarter-over-quarter, driven by industry recognition of our solution price performance metrics and reliability. The OEM appliance and large data center vertical revenues were $1.94 billion, representing 50% of Q3 revenues versus 59% in the last quarter, up 222% year-over-year and down 10% quarter-over-quarter.

第三季度，我們在企業通路垂直領域實現了18.​​8 億美元的收入，佔收入的49%，而上季度為40%，同比增長190%，環比增長26%，這得益於行業對我們解決方案性價比的認可指標和可靠性。 OEM設備和大型資料中心垂直收入為19.4億美元，佔第三季營收的50%，而上季為59%，年增222%，季減10%。

One existing CSP large data center customer represented 21% of Q3 revenues and one existing enterprise channel customer represented 17% of revenues. Emerging 5G telco/Edge/IoT revenues were $37 million or 1% of Q3 revenues. Server and storage systems comprised 96% of Q3 revenue and subsystems and accessories represented 4%. ASPs increased on a year-over-year and quarter-over-quarter basis.

現有 CSP 大型資料中心客戶佔第三季營收的 21%，現有企業通路客戶佔營收的 17%。新興 5G 電信/邊緣/物聯網營收為 3,700 萬美元，佔第三季營收的 1%。伺服器和儲存系統佔第三季營收的 96%，子系統和配件佔 4%。平均售價年比及季均成長。

By geography, U.S. represented 70% of Q3 revenues; Asia, 20%; Europe, 7%; and Rest of World, 3%. On a year-over-year basis, U.S. revenues increased 242%; Asia increased 257%; Europe increased 30%; and the Rest of the World increased 87%. On a quarter-over-quarter basis, U.S. revenues increased 3%; Asia increased 17%; Europe increased 3%; and the Rest of the World decreased 11%.

按地域劃分，美國佔第三季營收的 70%；亞洲，20%；歐洲，7%；世界其他地區為 3%。美國營收年增 242%；亞洲成長257%；歐洲成長30%；世界其他地區成長了 87%。美國營收季增 3%；亞洲成長17%；歐洲成長3%；世界其他地區下降了 11%。

The Q3 non-GAAP gross margin was 15.6%, up slightly quarter-over-quarter from 15.5%, as we continue to focus on winning strategic new designs, gaining market share and improving manufacturing efficiencies. Q3 operating expenses on a GAAP basis increased by 14% quarter-over-quarter and 72% year-over-year to $219 million, driven by higher compensation expenses and head count. On a non-GAAP basis, operating expenses increased 8% quarter-over-quarter and 43% year-over-year to $166 million.

第三季非 GAAP 毛利率為 15.6%，較上一季的 15.5% 略有上升，因為我們繼續專注於贏得策略性新設計、獲得市場份額和提高製造效率。在薪資費用和員工人數增加的推動下，以 GAAP 計算的第三季營運費用較上季成長 14%，年增 72%，達到 2.19 億美元。以非公認會計原則計算，營運費用季增 8%，年增 43%，達到 1.66 億美元。

Q3 non-GAAP operating margin was 11.3%, which was in line with Q2 levels. Other income and expense for Q3 was $3.8 million, consisting of $6 million in interest expense and a gain of $10 million, principally from foreign exchange. Interest expenses decreased sequentially as we paid down short-term bank credit facilities.

第三季非 GAAP 營業利潤率為 11.3%，與第二季水準一致。第三季的其他收入和支出為 380 萬美元，其中包括 600 萬美元的利息支出和 1,000 萬美元的收益（主要來自外匯）。由於我們償還了短期銀行信貸額度，利息支出較上季下降。

The GAAP tax rate was negative 5.2%, resulting in a tax benefit of $20 million for Q3. The non-GAAP tax rate for Q3 was 6%, resulting in Q3 tax expense of $27 million. GAAP and non-GAAP tax rates were lower due to the impact of higher R&D tax credits and tax benefits from employee stock grants exercised. Q3 GAAP EPS -- diluted EPS of $6.56 and Q3 non-GAAP diluted EPS of $6.65 exceeded the high end of guidance through record revenues, stable gross margins and operating margins and lower tax rates.

GAAP 稅率為負 5.2%，第三季稅收優惠為 2,000 萬美元。第三季的非 GAAP 稅率為 6%，導致第三季稅費為 2,700 萬美元。由於較高的研發稅收抵免和員工股票授予帶來的稅收優惠的影響，公認會計原則和非公認會計原則稅率較低。第三季GAAP 每股攤薄後每股收益為6.56 美元，第三季非GAAP 攤薄後每股收益為6.65 美元，這得益於創紀錄的收入、穩定的毛利率和營業利潤率以及較低的稅率，超出了指導上限。

The GAAP share count increased from 58.1 million to 61.4 million and the non-GAAP share count increased sequentially from 59 million to 62 million shares as a result of the 2 stock offerings and, to a lesser extent, the convertible bond offering. Cash flow used in operations for Q3 was $1.5 billion compared to cash flow usage of $595 million during the previous quarter, as we grew inventory and accounts receivable for higher levels of business. Cash flows from strong profitability was offset by higher inventory, a large portion of which was received late in Q3 and higher accounts receivable from increasing revenues.

由於兩次股票發行以及較小程度的可轉換債券發行，公認會計原則股票數量從 5,810 萬股增加到 6,140 萬股，非公認會計原則股票數量從 5,900 萬股連續增加到 6,200 萬股。第三季營運中使用的現金流量為 15 億美元，而上一季的現金流量使用量為 5.95 億美元，因為我們為更高水準的業務增加了庫存和應收帳款。強勁獲利能力帶來的現金流被庫存增加（其中很大一部分是在第三季末收到）以及收入增加帶來的應收帳款增加所抵銷。

Our Q3 closing inventory was $4.1 billion, which increased by 67% quarter-over-quarter from $2.5 billion in Q2 due to the purchase of key components. CapEx was $93 million for Q3, resulting in negative free cash flow of $1.6 billion for the quarter. During the quarter, we raised $1.55 billion from a 0 coupon 5-year convertible bond offering due in 2029, net of underwriting discounts and offering expenses.

由於關鍵零件的採購，我們第三季期末庫存為 41 億美元，較第二季的 25 億美元較上季成長 67%。第三季資本支出為 9,300 萬美元，導致該季度自由現金流為負 16 億美元。本季度，我們透過 2029 年到期的零息 5 年期可轉換債券籌集了 15.5 億美元，扣除承銷折扣和發行費用。

We also raised approximately $1.73 billion in net proceeds from the sale of 2 million shares at a price of $875 per share. The proceeds from these transactions 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. The closing balance sheet position was $2.1 billion, while bank and convertible note debt was $1.9 billion, resulting in a net cash position of $252 million versus a net cash position of $350 million last quarter.

我們也以每股 875 美元的價格出售 200 萬股股票，籌集了約 17.3 億美元的淨收益。這些交易的收益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。期末資產負債表部位為 21 億美元，銀行和可轉換票據債務為 19 億美元，導致淨現金部位為 2.52 億美元，而上季淨現金部位為 3.5 億美元。

Turning to the balance sheet and working capital metrics compared to last quarter. The Q3 conversion cycle was 96 days versus 61 days in Q2. Days of inventory increased by 25 days to 92 days compared to the prior quarter of 67 days due to key component purchases for higher expected Q4 revenues. Days sales outstanding increased by 8 days quarter-over-quarter to 37 days, while days payables outstanding decreased by 2 days to 33 days.

轉向與上季相比的資產負債表和營運資本指標。第三季的轉換週期為 96 天，而第二季為 61 天。由於第四季預期收入增加而採購關鍵零件，庫存天數比上一季的 67 天增加了 25 天，達到 92 天。銷售應付帳款週轉天數較上季增加 8 天至 37 天，應付帳款週轉天數減少 2 天至 33 天。

Now turning to the outlook for Q4. We expect strong growth as the supply chain continues to improve with new air-cooled and liquid-cooled customer design wins. For the fourth quarter of fiscal 2024 ending June 30, 2024, we expect net sales in the range of $5.1 billion to $5.5 billion, GAAP diluted net income per share of $7.20 to $8.05 and non-GAAP diluted net income per share of $7.62 to $8.42. We expect gross margins to be down sequentially as we focus on driving strategic market share gains.

現在轉向第四季的前景。隨著新的風冷和液冷客戶設計的成功，供應鏈不斷改善，我們預計將出現強勁成長。截至2024年6月30日的2024財年第四季度，我們預期淨銷售額將在51億美元至55億美元之間，GAAP稀釋後每股淨利為7.20美元至8.05美元，非GAAP稀釋後每股淨利為7.62美元至8.42美元。由於我們專注於推動策略市場份額的成長，我們預期毛利率將連續下降。

GAAP operating expenses are expected to be approximately $226 million and include $55 million in stock-based compensation expenses that are not included in non-GAAP operating expenses. The outlook for Q4 of fiscal year 2024 fully diluted GAAP EPS includes approximately $30 million in expected stock-based compensation expenses, net of tax effects of $28 million, which are excluded from non-GAAP diluted net income per common share.

GAAP 營運費用預計約為 2.26 億美元，其中包括未計入非 GAAP 營運費用的 5,500 萬美元股票補償費用。 2024 財年第四季的前景完全稀釋的GAAP 每股盈餘包括約3,000 萬美元的預期股票補償費用，扣除2,800 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。

We expect other income and expenses, including interest expense to be a net expense of approximately $8 million. The company's projections for Q4 GAAP and non-GAAP diluted net income per common share assume a GAAP tax rate of minus 2.9%, a non-GAAP tax rate of 2.6% and a fully diluted share count of 64.8 million for GAAP and 65.3 million shares for non-GAAP.

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。該公司對第四季GAAP 和非GAAP 稀釋後每股普通股淨利的預測假設GAAP 稅率為-2.9%，非GAAP 稅率為2.6%，完全稀釋後的GAAP 股數為6,480 萬股，每股普通股稀釋後股數為6530 萬股。

We expect CapEx for Q4 to be in the range of $55 million to $65 million. For fiscal year 2024 ending June 30, 2024, we are raising our guidance for revenues from a range of $14.3 billion to $14.7 billion to a range of $14.7 billion to $15.1 billion and establishing guidance for GAAP net income per diluted share of $21.61 to $22.46 and non-GAAP net income per diluted share of $23.29 to $24.09.

我們預計第四季的資本支出將在 5,500 萬美元至 6,500 萬美元之間。截至2024 年6 月30 日的2024 財年，我們將營收指引從143 億美元至147 億美元提高到147 億美元至151 億美元，並將GAAP 攤薄後每股淨利潤指導為21.61 美元至22.46美元，非 GAAP 攤薄後每股淨利為 23.29 美元至 24.09 美元。

Our projections for GAAP and non-GAAP net income per diluted share assume a tax rate of approximately 3.6% and 9.2%, respectively, and a fully diluted share count of 61.2 million shares for GAAP and fully diluted share count of 61.8 million shares for non-GAAP. The outlook for fiscal year 2024 GAAP net income per diluted share includes approximately $116 million in expected stock-based compensation net of related tax effects of $98 million that are excluded from non-GAAP net income per diluted share.

我們對 GAAP 和非 GAAP 每股稀釋淨利的預測假設稅率分別約為 3.6% 和 9.2%，GAAP 完全攤薄後股數為 6,120 萬股，非 GAAP 完全稀釋後股數為 6,180 萬股。準則。 2024 財年 GAAP 攤薄每股淨利潤的前景包括約 1.16 億美元的預期股票薪酬，扣除 9,800 萬美元的相關稅收影響（不包括在非 GAAP 攤薄每股淨利潤中）。

We're now ready for questions.

我們現在準備好提問了。

(Operator Instructions) Our first question is from the line of Ruplu Bhattacharya with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Ruplu Bhattacharya 線。

Congrats on the strong guidance. I have 2 questions. First, I wanted to ask a question on liquid cooling. Do you design most of the components for liquid cooling racks in-house? And as such, do you think you would be able to charge more for liquid-cooled racks? And can this be accretive to gross margins?

恭喜您的大力指導。我有 2 個問題。首先我想問一個關於液冷的問題。您是否在內部設計液冷機架的大部分組件？因此，您認為您可以對液冷機架收取更高的費用嗎？這能增加毛利率嗎？

Yes, a very good question. Yes, we design lots of key components for DLC liquid cooling system because we care quality, maintenance and also time to market. So we design a lot of key components where we leverage third-party components as well, so it's a combination. And yes, I mean, liquid cooling, we try to charge the customer with minimal premium and customers can save kind of air condition, equipment cost because cooled down by liquid, right?

是的，這是一個很好的問題。是的，我們為 DLC 液體冷卻系統設計了許多關鍵零件，因為我們關心品質、維護和上市時間。因此，我們設計了許多關鍵元件，同時也利用了第三方元件，所以這是一個組合。是的，我的意思是，液體冷卻，我們嘗試向客戶收取最低的費用，並且客戶可以節省空調和設備成本，因為透過液體冷卻，對嗎？

So at the same time, customer will save lots of TCO, up to 40% of energy costs. That's why we try to promote a slogan, green computing can be free. We speak bonus. Customers pay a very minimal premium, but they save up to 40% of energy costs. So I believe a lot of customers will go for that direction. And indeed, we already have a handful of customers have a big order, and that's why this quarter alone -- I mean June quarter, we are preparing more than 1,000 liquid cooling racks for those early birds. And I believe that demand will continue growing very strong.

同時，客戶將節省大量的 TCO，高達 40% 的能源成本。這就是為什麼我們試圖宣傳一個口號，綠色計算可以免費。我們講獎金。客戶只需支付極低的保費，但可以節省高達 40% 的能源成本。所以我相信很多客戶都會朝這個方向發展。事實上，我們已經有少數客戶下了大訂單，這就是為什麼僅在本季度——我指的是 6 月季度，我們就為那些早起的鳥兒準備了 1,000 多個液體冷卻架。我相信需求將持續強勁成長。

(Operator Instructions) The next question is from the line of Samik Chatterjee with JPMorgan.

（操作員指示）下一個問題來自摩根大通的 Samik Chatterjee。

I guess in the press release, Charles, you mentioned the visibility into share gains as the new solutions ramp. And I was curious if you can sort of give us a bit more color there in terms of when you're thinking about share gains, are these related to next-generation GB200 product with NVIDIA? And is this more in relation to sort of hyperscalers? Are you expanding the number of hyperscalers that you're engaged with as you move to these new solutions? Just any more color in terms of the visibility around the share gains. Where is that coming from? And is that more in relation to the next product generation from NVIDIA?

查爾斯，我想您在新聞稿中提到了隨著新解決方案的推出，份額收益的可見性。我很好奇，當您考慮份額收益時，是否可以給我們提供更多信息，這些收益與 NVIDIA 的下一代 GB200 產品有關嗎？這是否與超大規模企業更相關？當您轉向這些新解決方案時，您是否正在擴大所參與的超大規模企業的數量？只是在股票收益的可見性方面有更多的色彩。那是從哪裡來的？這是否與 NVIDIA 的下一代產品更相關？

Okay. Thank you. I mean, yes, we continue to gain market share, especially our rack-scale plug and play solution that reduce customers' lead time and also reduce customers' time-to-online. With our rack-scale plug and program play, a customer, able to put the system, deploy the system online in the next day or next few days instead of the next few weeks. So time-to-online savings is a big advantage to customers.

好的。謝謝。我的意思是，是的，我們繼續獲得市場份額，特別是我們的機架規模即插即用解決方案，可以減少客戶的交貨時間並減少客戶的上線時間。透過我們的機架規模即插即用，客戶能夠在第二天或幾天而不是幾週內將系統放置在線部署系統。因此，節省線上時間對客戶來說是一個很大的優勢。

At the same time, the deep cooling, they help customer save energy power. So customer can allocate, relocate the energy power to power more computing equipment instead of waste of power for air cool. So saving money, that benefits a lot of leading customers and also rack-scale plug and play that make customer time-to-online. So we continue to gain more new customers while our old customers continue to grow, start to grow faster with our beta offering. So GP200, same thing, right? GP200, each rack will be around be 100k watt. So a lot of customers like that, and we help them build their liquid cooling system and optimize their data center for liquid cooling. So we are growing customer base strongly now.

同時，深度冷卻，幫助客戶節省能源電力。因此，客戶可以分配、重新定位能源，為更多的運算設備供電，而不是浪費電力進行空氣冷卻。因此，節省資金不僅有利於許多領先客戶，而且機架規模即插即用可以縮短客戶的上線時間。因此，我們不斷獲得更多新客戶，同時我們的老客戶不斷成長，透過我們的測試版產品開始更快成長。那麼 GP200，同樣的事情，對吧？ GP200，每個機架約10萬瓦。所以很多客戶都喜歡這樣，我們幫助他們建立液體冷卻系統並優化他們的資料中心的液體冷卻。因此，我們現在正在大力發展客戶群。

The next question is from the line of Michael Ng with Goldman Sachs.

下一個問題來自高盛的 Michael Ng。

I wanted to ask about gross margins. Strong gross margins for the quarter. I know you're guiding to a sequential decline in gross margins. If our math is right, I think that implies 13.5% to 14% gross margins for the June quarter -- sorry, for the June quarter. Is that the right way to think about gross margins on a go-forward basis? Do you still feel comfortable with the prior 14% to 17% long-term gross margins? And any comments just around AI server gross margins in general? And if there are any ancillary services and support that can help improve the margin on just the product sales?

我想問一下毛利率。本季毛利率強勁。我知道你正在引導毛利率連續下降。如果我們的數學正確，我認為這意味著 6 月季度的毛利率為 13.5% 至 14%——抱歉，是 6 月季度的毛利率。這是考慮未來毛利率的正確方法嗎？您對之前14%到17%的長期毛利率還滿意嗎？關於人工智慧伺服器總體毛利率有什麼評論嗎？是否有任何輔助服務和支援可以幫助提高產品銷售的利潤？

Yes. So our target is still 14% to 17%. If you look at our guide for Q2 -- I'm sorry, for Q3, we actually guided slightly down and we ended up slightly up. And so it's very hard to guide exactly on the margins. There is a range. And in fact, I think the guide inside of the -- inside the models, last time, was even more conservative. So I would say we build conservatively and then seek to overachieve. So I think if you look at our guide for revenue and for OpEx, you'll be able to determine our guide there. But our target is definitely to stay in the 14% to 17% range.

是的。所以我們的目標還是14%到17%。如果你看一下我們第二季度的指南——我很抱歉，對於第三季度，我們的指導實際上略有下降，但最終略有上升。因此很難在邊緣進行精確指導。有一個範圍。事實上，我認為上次模型內部的指南更加保守。所以我想說，我們保守地構建，然後尋求超額完成。因此，我認為如果您查看我們的收入和營運支出指南，您將能夠在那裡確定我們的指南。但我們的目標肯定是保持在14%到17%的範圍內。

The next question is from the line of Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

Yes. I'll try and slip in 2 here, if I can. So I guess one of the just kind of housekeeping questions is a very significant increase in inventory this quarter. I know you said that it came in towards the end of the quarter. How do we think about the trajectory of inventory as the supply comes on? Do you expect inventory to stay at this level? Do you expect it to start to come down? I'm just kind of curious how we think that flow through kind of looks as you take on more supply. And then just a quick housekeeping thing, too, is that the 21% customer you referenced in the prepared remarks, is that the same customer, large customer you had last quarter? Or how has that evolved?

是的。如果可以的話，我會試著溜進2這裡。因此，我認為唯一需要解決的問題之一是本季庫存的大幅增加。我知道你說過它是在本季末到來的。隨著供應的增加，我們如何看待庫存的軌跡？您預計庫存會維持在這個水準嗎？您預計它會開始下降嗎？我只是有點好奇，當你增加供應時，我們會如何看待這種情況。然後，還有一個快速的整理工作，就是您在準備好的評論中提到的 21% 客戶，是您上個季度的同一客戶、大客戶嗎？或者說這是如何演變的？

Two reasons we had to increase inventory: One is because Q4, I mean, June quarter, we will have a strong revenue growth; a second reason because we're preparing for high-volume liquid cooling. Again, we have more than 1,000 of 100k watt, I mean, liquid cooling rack we have to ship to customers in Q4. And liquid cooling as you know, is pretty new. So we had to prepare enough inventory so that we can deliver liquid cooling rack scale product to customer on time or with minimal lead time. So both factor, indeed, is a positive factor. And with our economic scale continuing to grow, indeed, our inventory average [daily], indeed, will slightly improve.

我們必須增加庫存的兩個原因：一是因為第四季度，我的意思是，六月季度，我們將有強勁的收入成長；第二個原因是我們正在為大容量液體冷卻做準備。同樣，我們有超過 1,000 個 10 萬瓦的液冷機架，我們必須在第四季度向客戶發貨。如您所知，液體冷卻是相當新的。因此，我們必須準備足夠的庫存，以便我們能夠按時或以最短的交貨時間向客戶交付液體冷卻機架規模產品。所以這兩個因素確實都是正面因素。隨著我們經濟規模的持續成長，我們的平均庫存量（每日）確實會略有改善。

Yes. So Aaron, my take on that is I hope that our inventory continues to grow because that means there's a reason behind it, so -- and it's tied to sales. So to your second question, the 21% customer was the same as last quarter. And I wanted to let you know that in the Q, we're going to be moving to a customer A, customer B, customer C because as we add more customers, we'll try to make it easier to make those distinguishments.

是的。所以亞倫，我的看法是我希望我們的庫存繼續增長，因為這意味著它背後有一個原因，所以 - 它與銷售掛鉤。那麼對於你的第二個問題，21% 的客戶與上季相同。我想讓你們知道，在 Q 中，我們將轉向客戶 A、客戶 B、客戶 C，因為隨著我們增加更多客戶，我們將盡力讓這些區分變得更容易。

The next question is from the line of George Wang with Barclays.

下一個問題來自巴克萊銀行的喬治王。

Congrats on the strong June guide. I'd like to put it in 2 parts quickly, just -- not asking for a specific guidance for FY '25 or the September, December quarter. But any sort of high-level kind of color you can provide just to think about how to model the September, December and also the FY '25. And also kind of related, kind of, can you pass out kind of utilization in the March quarter? And also kind of what's the expected utilization kind of cadence for the next few quarters?

恭喜六月指南的強勁表現。我想快速將其分為兩部分，只是——不要求 25 財年或 9 月、12 月季度的具體指導。但是，您可以提供任何高級顏色，只需考慮如何為 9 月、12 月以及 25 財年建模。還有一種相關的，你能透露一下三月季度的利用率嗎？未來幾季的預期利用率是什麼樣的？

Yes. As you know, we have a lot of new product coming soon, right, to support the NVIDIA H200, B100, B200, GP200 and AMD MI300 and Intel Gaudi2, Gaudi3. So we have a lot of new product already and plus liquid cooling DLC, we are ready to ship high-volume product. So for sure, I mean, candidate -- I mean fiscal year '25, I mean, for September, December quarter, we will have strong growth. And I believe this strong growth will continue for many quarters to come, if not many years. I believe it will be many years.

是的。大家知道，我們有許多新產品即將推出，對吧，支援NVIDIA H200、B100、B200、GP200和AMD MI300以及Intel Gaudi2、Gaudi3。所以我們已經有了很多新產品，再加上液體冷卻 DLC，我們已經準備好出貨大批量產品。所以可以肯定的是，我的意思是，候選人——我的意思是，25 財年，我的意思是，對於 9 月、12 月的季度，我們將實現強勁增長。我相信這種強勁的成長即使不是很多年，也將持續很多個季度。我相信會很多年。

The next question is from the line of Ananda Baruah with Loop Capital.

下一個問題來自 Loop Capital 的 Ananda Baruah。

Yes. Really, really appreciate it. And Charles, let me -- maybe to the remarks you made a moment ago about the strong ongoing growth, does that -- could that mean that you could also grow sequentially from this point forward for a little bit, just given the market share gain opportunities, the components coming online that you talked about in the new products? Any context on way to think about sequential growth sort of in the coming quarters would be helpful as well.

是的。真的，真的很感激。查爾斯，讓我——也許你剛才所說的關於強勁的持續增長的言論——是否意味著你也可以從現在開始按順序增長一點，只要考慮到市場份額的增長機會，您談到的新產品中上線的組件？任何有關考慮未來幾季連續成長的背景也會有所幫助。

Yes. As you know, traditionally, in the last 10 years, right, I mean, the September quarter and March quarter, always our soft quarter. But now with AI, we've been growing so strong. So we basically are able to grow sequentially. So although March and September be a little weak, but basically, because of strong AI growth and our market share growing, so the sequential growth will become the normal. And basically, I mean, we have even better technologies than before ever, and now economic scale become much bigger. Malaysia campus production will be ready by end of this calendar year, so we see a lot of positive factors to grow our business.

是的。如您所知，傳統上，在過去 10 年中，對，我的意思是，九月季度和三月季度，始終是我們的軟季度。但現在有了人工智慧，我們已經變得如此強大。所以我們基本上能夠連續成長。所以雖然3月和9月有點疲軟，但基本上，因為人工智慧的強勁成長和我們的市場份額的成長，所以環比成長將成為常態。基本上，我的意思是，我們擁有比以前更好的技術，現在經濟規模變得更大。馬來西亞校園製作將於今年年底準備就緒，因此我們看到了許多發展業務的積極因素。

The next question is from the line of Jon Tanwanteng with CJS Securities.

下一個問題來自 CJS 證券的 Jon Tanwanteng。

I was wondering if you could talk a little bit more to the gross margins. And if you expect them to go structurally higher at some point in the near future, in the coming quarters, especially if Malaysia ramps, you get economies of scale there as you transition to do products and you add more liquid cooling. Is there a point where that starts to revert higher? Or do you expect it to remain at a relatively constant level for the foreseeable future?

我想知道您是否可以多談談毛利率。如果你預計它們在不久的將來某個時候，在接下來的幾個季度，結構性會更高，特別是如果馬來西亞的成長，那麼當你過渡到生產產品並增加更多的液體冷卻時，你會在那裡獲得規模經濟。是否有一個點開始恢復更高？或者您預計在可預見的未來它會保持在相對穩定的水平嗎？

Again, the AI reform is getting popular, right? So they are more and more competitive as well. So we will try to keep a balance. To grow market, we may -- sometimes, some deal, we may have to be a little bit more aggressive in pricing. But overall, we try to keep a balance. David, you may add some here.

再說一遍，人工智慧改革正在流行，對嗎？所以他們也越來越有競爭力。所以我們會盡力保持平衡。為了擴大市場，有時，在某些交易中，我們可能必須在定價上更加激進一些。但總的來說，我們努力保持平衡。大衛，你可以在這裡添加一些。

Yes. And also I agree with your point that Malaysia will also offer some opportunity to us. And we're also at a transition time when there's a lot of new -- we have a lot of new platforms that are coming out and the customers are highly anticipating. And those platforms are built on some emerging technologies that -- from many different areas. And we -- Supermicro's strength, again, is its fast time to market. And we expect with these -- with the emerging technologies and our new platforms and our liquid cooling to be first out there with very compelling solutions. So we think those things are all going to be helping our margins.

是的。我也同意你的觀點，馬來西亞也會提供我們一些機會。我們也正處於一個有很多新事物出現的過渡時期——我們有許多新平台即將推出，客戶對此充滿期待。這些平台是建立在一些來自許多不同領域的新興技術之上的。我們——Supermicro 的優勢再次在於它的快速上市時間。我們期望透過這些新興技術、我們的新平台以及我們的液體冷卻技術，能夠率先推出非常引人注目的解決方案。因此，我們認為這些事情都將有助於提高我們的利潤。

The next question is from the line of Mehdi Hosseini with SIG.

下一個問題來自 SIG 的 Mehdi Hosseini。

Yes. A couple for me. Regarding the channel customer, the 17% of the customer, have you ever had a channel customer that big? I believe in the past, you've talked about a 21%-, 20%-plus customer, but I think this is new. Can you clarify this?

是的。給我一對。關於通路客戶，那17%的客戶，你們有過這麼大的通路客戶嗎？我相信過去您曾談論過 21%、20% 以上的客戶，但我認為這是新的。你能澄清一下嗎？

So this is an existing customer, and we actually had a higher customer back in 2022, Mehdi, but I think they were around 22%. But this is still a really good customer, a really good opportunity.

這是一個現有客戶，實際上我們在 2022 年有一個更高的客戶，Mehdi，但我認為他們在 22% 左右。但這仍然是一個非常好的客戶，一個非常好的機會。

Okay. Great. And then 1 question for you, David, on the cash flow. Actually, there is -- I believe there are 2 items. There is $110 million of cash burn in operation and then there was also a noncurrent asset. Am I missing something here? These 2 items were big items that had an impact to our overall cash flow, is that correct?

好的。偉大的。大衛，然後問你一個關於現金流的問題。實際上，我相信有 2 項。營運中消耗了 1.1 億美元的現金，此外還有非流動資產。我在這裡錯過了什麼嗎？這兩項是對我們整體現金流有影響的大項目，對嗎？

Sure. We had a number of things that impacted this. I think in noncurrent assets, we had -- deferred taxes grew by quite a bit this year -- or this quarter, and so that was something unusual. And then -- see, I think those are -- I think that's the only unusual item was the deferred taxes grew a lot, and that's what lowered our tax rate, our quarterly tax rate as well.

當然。我們有很多因素影響了這一點。我認為在非流動資產方面，我們的遞延稅今年或本季成長了相當多，所以這是不尋常的。然後 - 看，我認為這些是 - 我認為唯一不尋常的項目是遞延稅增長了很多，這就是降低我們的稅率和季度稅率的原因。

The next question is from the line of Nehal Chokshi with Northland Capital.

下一個問題來自 Nehal Chokshi 與 Northland Capital 的關係。

Congrats on a strong guide here. Talk about the guide here. Inventory increased $1.5 billion Q-over-Q. And Dave, as you mentioned, you'd like to see inventory increase. I do too because it's a strong indicator of things to come. And you guided June quarter to increase by $1.6 billion Q-over-Q. If I do this math, where I'm looking at the inventory at the quarter end and then the [fourth] quarter revenue, typically, it's around 60% to 70% of revenue. But with your March Q ending inventory and your current [June, too,] guidance, that equates to about 85% of projected revenue. So can you just explain what seems to be a little bit more usual inventory buildup given the revenue guidance range?

恭喜這裡有一位強而有力的指導。在這裡談談指南。庫存環比增加 15 億美元。戴夫，正如您所提到的，您希望看到庫存增加。我也這樣做，因為它是未來事物的強大指標。您指導 6 月季度季增 16 億美元。如果我進行數學計算，我會查看季度末的庫存，然後查看[第四]季度的收入，通常情況下，它約為收入的 60% 至 70%。但根據您 3 月份的期末庫存和當前 [6 月份] 的指導，這相當於預計收入的 85% 左右。那麼，您能否解釋一下，考慮到收入指導範圍，庫存增加似乎是更常見的情況？

Sure. Absolutely. That's a fair question. So we actually got a substantial amount of inventory in the last week of the quarter, okay, which obviously, we're not going to be able to ship, but we took in $700 million in the last week of the quarter. So that's not something -- that's something that has to do with when inventory arrives. And so we -- it hurts our cash flow, but you know what, it doesn't matter, because we need that inventory for Q4 shipments.

當然。絕對地。這是一個公平的問題。因此，我們實際上在本季度的最後一周獲得了大量庫存，顯然，我們無法發貨，但我們在本季度的最後一周獲得了 7 億美元的收入。所以這不是問題——而是與庫存到達時間有關。因此，這損害了我們的現金流，但你知道嗎，這並不重要，因為我們需要在第四季度發貨的庫存。

Yes. Again, 2 reasons, right? Q4, we will have a strong revenue, so we had to prepare for Q4. And also, I mean, liquid cooling, I mean, it's new. So we had to prepare enough safety inventory for liquid cooling demand for June quarter and September quarter as well. So that's another reason why we have a slightly higher inventory now.

是的。再說一遍，有兩個原因，對吧？第四季度，我們將有強勁的收入，所以我們必須為第四季度做好準備。而且，我的意思是，液體冷卻，我的意思是，它是新的。因此，我們也必須為六月季度和九月季度的液冷需求準備足夠的安全庫存。這就是我們現在庫存略高的另一個原因。

Yes. And I want to add, Nehal, that, that's exactly why we did capital raises, too, is to prepare for these Q4 shipments, and -- so that we could make those large purchases, and we hope to continue that.

是的。我想補充一點，Nehal，這正是我們進行融資的原因，也是為第四季度的發貨做準備，這樣我們就可以進行大量採購，我們希望繼續這樣做。

The next question is from the line of Matt Bryson with Wedbush.

下一個問題來自馬特布萊森（Matt Bryson）和韋德布希（Wedbush）的對話。

I would be thinking with liquid cooling ramping in fiscal Q4, not to harp on the gross margin issue, but that you would be seeing a benefit to gross margins? And I guess my question is, is there any chance that other with the liquid cooling solutions or with your other solutions, that you're again seeing some penetration at those larger customers and specifically hyperscalers, and that's why we're seeing gross margins come down? And I guess just 1 clarification for Dave. If you can provide the magnitude that revenues were affected by your inability to procure components in fiscal Q3?

我會考慮第四財季液體冷卻的增加，不是為了毛利率問題，而是你會看到毛利率的好處？我想我的問題是，其他液體冷卻解決方案或其他解決方案是否有可能再次看到那些較大的客戶，特別是超大規模客戶的滲透，這就是為什麼我們看到毛利率上升向下？我想只需向戴夫澄清一件事。您能否提供因無法在第三財季採購零件而對收入造成的影響程度？

Let me add a little bit. Because liquid cooling is new to us, so to speed up quick support for some of our very important customer on June quarter, indeed, we had to pay some premium to speed up the supply. So we spend a bunch of effort there. David, you may add?

讓我補充一點。因為液體冷卻對我們來說是新事物，所以為了加快對我們一些非常重要的客戶在六月季度的快速支持，我們確實必須支付一些溢價來加快供應速度。所以我們在那裡花了很多精力。大衛，你可以補充嗎？

Yes. So the 2 questions, Matt, I would say, first of all, to the gross margin question, again, I tried to give a -- my philosophy is give a conservative guide and then work to exceed that and we were able to do that in Q3, and we'll do everything we can do it -- can do to beat it in Q4. But it'll depend also on what we ship.

是的。所以，馬特，我想說的兩個問題，首先是毛利率問題，我再次嘗試給出一個——我的理念是給出一個保守的指導，然後努力超越這個目標，我們能夠做到這一點在第三季度，我們將竭盡全力在第四季度擊敗它。但這也取決於我們運送的貨物。

As to the magnitude of revenue, I'll go back to the fact that our backlog is at a record high. And so what that means is that every quarter, we could have shipped more if we had more parts. And so therefore, it's an ongoing problem. And we don't rely on that as an excuse. The fact of the matter is we're glad to be able to produce the products that we're producing for some of the best companies in the world. And so we continue -- we will continue to do that. And we're very upbeat by the fact that the supply chain continues to improve each quarter.

至於收入的大小，我將回到我們的積壓訂單達到歷史新高。這意味著，如果我們有更多零件，每個季度我們都可以發貨更多。因此，這是一個持續存在的問題。我們不以此為藉口。事實上，我們很高興能夠為世界上一些最好的公司生產我們正在生產的產品。所以我們繼續——我們將繼續這樣做。我們對供應鏈每季都在持續改善這一事實感到非常樂觀。

The next question is a follow-up from Jon Tanwanteng with CJS Securities.

下一個問題是 CJS 證券 Jon Tanwanteng 的後續問題。

I was wondering if you could speak to your cash usage expectations over the next quarter or 2. Are the proceeds from your recent capital raise is all spoken for as you look to the growth in the pipeline and the record backlog you spoke to? Or do you think that's more in reserve for growth further down the line?

我想知道您是否可以談談您對下一季或第二季的現金使用預期。完？或者您認為這更有利於未來的成長嗎？

Yes. So the way I would answer that is, is that I hope that I have -- I need more capital, Jon, because that means that we're booking -- that we're growing revenues even faster. So we've got capital adequate to get us through the current market, which means today. But in a week, that -- we hope that, that changes, and we hope that we've got orders that require even more capital. So all I can say is I hope that -- I'm hoping for the need for more capital.

是的。所以我回答這個問題的方式是，我希望——我需要更多的資金，喬恩，因為這意味著我們正在預訂——我們的收入增長得更快。因此，我們有足夠的資本來度過當前的市場，這意味著今天。但在一周內，我們希望這種情況會發生變化，我們希望我們收到需要更多資金的訂單。所以我只能說我希望——我希望需要更多的資金。

Yes. We believe our revenue will continue to grow strong. And that's why we need more capital to grow faster. If we grow 20%, 30%, we may have enough capital now, but it will grow much faster. Then for sure, we need more capital to grow stronger.

是的。我們相信我們的收入將繼續強勁增長。這就是為什麼我們需要更多的資本來更快發展。如果我們成長20%、30%，我們現在可能有足夠的資本，但它會成長得更快。那麼可以肯定的是，我們需要更多的資本來發展壯大。

Our final question today is a follow-up from the line of Nehal Chokshi with Northland Capital.

我們今天的最後一個問題是 Nehal Chokshi 與 Northland Capital 的後續行動。

This is for Charles. Charles, with the capital base that you have now, and I hear you, David, that you hope that you will need more capital. But with the capital base that you have now, technology advantage that you've always had that you've added to, is there anything else that you need in order to become the #1 vendor?

這是給查爾斯的。查爾斯，以你現在擁有的資本基礎，我聽到你，大衛，你希望你需要更多的資本。但是，憑藉您現在擁有的資本基礎和一直以來所增加的技術優勢，您還需要什麼才能成為排名第一的供應商嗎？

Yes. Indeed, our brand is very ambitious. Let me use that word. We have a very ambitious brand. So we try to continue to grow very strong, kind of 3x to 5x faster than the industry's average. So when that case happen, and we believe so, we hope so, then for sure, we need more capital.

是的。事實上，我們的品牌非常雄心勃勃。讓我用這個詞。我們有一個非常雄心勃勃的品牌。因此，我們努力持續保持強勁成長，比行業平均快 3 到 5 倍。因此，當這種情況發生時，我們相信如此，我們希望如此，那麼我們肯定需要更多的資金。

Thank you. Thank you. See you next quarter.

謝謝。謝謝。下季見。

Thank you. That concludes today's conference call. Thank you all for your participation. Have an excellent rest of your day.

謝謝。今天的電話會議到此結束。感謝大家的參與。祝您有個愉快的一天。