超微電腦 (SMCI) 2024 Q4 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Harry, and I will be your conference operator today.

我叫哈利，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Super Micro Computer, Incorporated, SMCI US Q4 2024 earnings call.

現在，我歡迎大家參加 Super Micro Computer, Incorporated、SMCI US 2024 年第四季財報電話會議。

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)

（操作員說明）

Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the fourth quarter, which ended June 30, 2024.

下午好，感謝您參加 Super Micro 的電話會議，討論截至 2024 年 6 月 30 日的第四季度財務業績。

With me today are Charles Liang, Founder, Chairman, and Chief Executive Officer; and David Weigand, Chief Financial Officer.

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)。

At the end of today's prepared remarks, we'll have a Q&A session for sell-side analysts.

在今天準備好的演講結束時，我們將為賣方分析師舉行問答環節。

Our press release was issued after the close of market and is posted on our website where this call is being simultaneously webcast.

我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議同時進行網路直播。

The slides that accompany this webcast can be downloaded at ir.supermicro.com. These include statements regarding our financial outlook and operations, our strategy, technology and its advantages, our current new product offerings, and competitive industry and economic trends.

此網路廣播隨附的幻燈片可在 ir.supermicro.com 下載。其中包括有關我們的財務前景和營運、我們的策略、技術及其優勢、我們當前的新產品以及競爭行業和經濟趨勢的聲明。

Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them.

我們所做的任何前瞻性陳述均基於截至目前的事實和假設，我們不承擔更新這些陳述的義務。

Our actual results may differ materially from the results forecasted and reported results should not be considered as an indication of future performance.

我們的實際結果可能與預測結果有重大差異，報告的結果不應被視為未來績效的指標。

A discussion of some of the risks and uncertainties related to our business is contained in our filings with the SEC, and we refer you to those public filings, including our most recent annual report on Form 10-K.

我們向 SEC 提交的文件中包含了與我們業務相關的一些風險和不確定性的討論，我們建議您參閱這些公開文件，包括我們最新的 10-K 表格年度報告。

During this call, all financial metrics and associated growth rates are non-GAAP measures other than revenue and cash and investments.

在本次電話會議中，除收入、現金和投資外，所有財務指標和相關成長率均為非公認會計準則衡量標準。

Reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides.

我們的收益新聞稿和幻燈片中提供了與最直接可比較的公認會計準則衡量標準的對帳。

This call is being broadcast live on the Super Micro Investor Relations website and is being recorded for playback purposes.

本次電話會議正在超微投資者關係網站上進行現場直播，並進行錄音以供回放。

An archive of the webcast will be available on the IR website and is the property of Super Micro.

網路廣播的存檔將在 IR 網站上提供，並且是 Super Micro 的財產。

Our first quarter 2025 quiet period begins at the close of business, Friday, September 13, 2024.

我們的 2025 年第一季靜默期從 2024 年 9 月 13 日星期五收市時開始。

And with that, I will turn it over to Charles.

有了這個，我會把它交給查爾斯。

Thank you, Michael.

謝謝你，麥可。

Today, I'm pleased to announce another record quarterly result of $5.31 billion, 143% year-over-year growth.

今天，我很高興地宣布又一個創紀錄的季度業績，達到 53.1 億美元，年增 143%。

For fiscal 2024, we have achieved $14.94 billion in revenue, a 110% year-over-year growth rate.

2024 財年，我們實現了 149.4 億美元的收入，年增 110%。

To put this in perspective, our Q4 revenue exceeded the full-year revenue of fiscal 2022.

從這個角度來看，我們第四季的營收超過了 2022 財年全年的營收。

Our robust growth is driven by our technology and product leadership in AI, infrastructure market, especially with generative AI training and inferencing.

我們的強勁成長得益於我們在人工智慧、基礎設施市場的技術和產品領先地位，特別是在生成式人工智慧訓練和推理方面。

We have been scaling quickly to secure a larger share of AI ASP opportunities, deploying some of the largest AI SuperClusters in the world.

我們一直在快速擴展，以確保更大份額的 AI ASP 機會，部署了世界上一些最大的 AI 超級集群。

Leveraging our system building blocks, we build and optimize rack-scale plug and play solutions with the latest DLC liquid cooling technology, helping our customers achieve the best TTD, time-to-deployment, and TTO, time-to-online, and lowest TCO with their AI solutions.

利用我們的系統建置模組，我們利用最新的 DLC 液體冷卻技術建置和優化機架級即插即用解決方案，幫助我們的客戶實現最佳的 TTD、部署時間和 TTO、上線時間和最低的成本。其AI 解決方案的TCO。

Here are some key quarterly highlights.

以下是一些重要的季度亮點。

First, Super Micro is pleased to be included in the Nasdaq-100 Index last quarter.

首先，超微很高興上季被納入納斯達克 100 指數。

Fiscal Q4 net revenue totaled $5.31 billion, up 143% year on year with a strong record high backlog.

第四財季淨收入總計 53.1 億美元，年增 143%，積壓訂單創歷史新高。

We could ship more if not for DLC liquid cooling component shortage.

如果不是 DLC 液體冷卻組件短缺，我們可以運送更多。

Fiscal Q4 non-GAAP earnings of $6.25 per share were well above $3.51 last year, which was 78% year-on-year growth.

第四財季非公認會計準則每股收益為 6.25 美元，遠高於去年的 3.51 美元，較去年同期成長 78%。

Our Q4 operating margin is 7.8%, which is lower than what we expected due to the higher mix of hyperscale data center business and expedited cost of our DLC liquid cooling components in June and September quarter.

我們第四季的營業利潤率為 7.8%，低於我們的預期，因為 6 月和 9 月季度的超大規模資料中心業務和 DLC 液體冷卻組件的成本加快。

Some key new component shortage delayed about $800 million of revenue shipped into July, which lowered our EPS for June and will be recognized in our September quarter.

一些關鍵的新組件短缺導致約 8 億美元的收入推遲到 7 月發貨，這降低了我們 6 月的每股收益，並將在 9 月的季度中確認。

The availability of our Malaysia facility later this calendar year and our dominating position in DLC liquid cooling total solution will be instrumental in increasing our profitability.

今年稍後我們馬來西亞工廠的投入使用以及我們在 DLC 液體冷卻整體解決方案方面的主導地位將有助於提高我們的獲利能力。

Super Micro is powering the largest AI factories around the world today.

Super Micro 正在為當今世界上最大的人工智慧工廠提供動力。

We believe more and more datacenters will be opting for our latest DLC liquid cooling solutions, which dramatically improves TCO, relative to traditional air-cooled data centers and is less environmental taxing.

我們相信越來越多的資料中心將選擇我們最新的 DLC 液冷解決方案，與傳統風冷資料中心相比，可顯著提高 TCO，且環境負擔也較少。

We have proved that DLC solutions also offer higher performance and better uptime, with advantages to support our upcoming new AI chips.

我們已經證明，DLC 解決方案還可以提供更高的性能和更長的正常運行時間，並具有支援我們即將推出的新型 AI 晶片的優勢。

At Computex Taipei, I shared that Green Computing can be free with a big bonus.

在台北國際電腦展上，我分享了綠色運算可以免費並帶來巨大的好處。

This means the cost of deploying liquid cooling DLC is on par with traditional air-cooled data centers and significantly lowers the operational power cost.

這意味著部署液冷 DLC 的成本與傳統風冷資料中心相當，並且顯著降低了營運電力成本。

Since then, we have been delivering over 1,000 highly reliable DLC racks to multiple customers.

從那時起，我們已經向多個客戶提供了 1,000 多個高度可靠的 DLC 機架。

Our goal is to quickly make a DLC liquid cooling to be a mainstream solution for most datacenters and AI factory that focus on increasing efficiency and performance while reducing OpEx.

我們的目標是快速使 DLC 液體冷卻成為大多數資料中心和人工智慧工廠的主流解決方案，這些資料中心和人工智慧工廠專注於提高效率和效能，同時降低營運成本。

We are targeting 25% to 30% of the new global data center deployments to use DLC solutions in the next 12 months, with most deployments coming from Super Micro, we believe.

我們的目標是在未來 12 個月內將 25% 到 30% 的全球新資料中心部署使用 DLC 解決方案，我們相信大多數部署來自 Super Micro。

We are happy to help any customers, transforming and adapting their existing air-cooled data center to DLC liquid cooling in the coming years for four major reasons.

我們很樂意幫助任何客戶，在未來幾年將他們現有的風冷資料中心改造為 DLC 液體冷卻，主要有四個原因。

First, it helps customers save energy costs up to 40%.

首先，它幫助客戶節省高達40%的能源成本。

Second, it will boost data center computing performance.

其次，它將提升資料中心的運算效能。

And third, it helps pull in customers' data center lead times or to be more precisely, reduce their time-to-online because of less electrical power required.

第三，它有助於縮短客戶資料中心的交貨時間，或者更準確地說，由於所需的電力更少，可以縮短上線時間。

And fourth, it reduces carbon footprint for our one and only Mother Earth.

第四，它減少了我們唯一的地球母親的碳足跡。

As an end-to-end IT infrastructure solution company, our customers' experience is our number one priority.

作為一家端到端 IT 基礎架構解決方案公司，客戶體驗是我們的首要任務。

By leveraging our system building block and rack-scale plug and play solutions, we help our customers achieve the best time-to-market advantage with new and performance-optimized technologies.

透過利用我們的系統構建塊和機架級即插即用解決方案，我們幫助客戶透過性能優化的新技術實現最佳的上市時間優勢。

Now we are further expanding this solution to the entire data center, with rapid deployment of large-scale AI infrastructure.

現在我們正在進一步將這個解決方案擴展到整個資料中心，快速部署大規模的AI基礎設施。

Data center worldwide are facing power shortage and cooling inefficiency challenges.

全球資料中心正面臨電力短缺和冷卻效率低下的挑戰。

Building these new AI-ready data center traditionally takes a long time, averaging three years, for example.

傳統上，建立這些新的人工智慧就緒資料中心需要很長時間，例如平均三年。

Our upcoming Supermicro 4.0 DCBBS, Datacenter Building Block Solutions, will reduce customers' new data center build time from about three years to two years.

我們即將推出的 Supermicro 4.0 DCBBS（資料中心建構塊解決方案）將把客戶的新資料中心建置時間從大約三年縮短到兩年。

For smaller facilities or older data center transformation, Datacenter BBS can enable an optimized, cost-effective data center in less than one year or even in just six months.

對於較小的設施或較舊的資料中心改造，資料中心 BBS 可以在不到一年甚至短短六個月的時間內實現最佳化、經濟高效的資料中心。

This new offering will significantly improve data center's TTO, time-to-online and cost with full integration of AI compute, server, storage, networking, rack, cabling, DLC liquid cooling, facility water tower, end-to-end management software, on-site deployment services, and maintenance.

這項新產品將透過人工智慧運算、伺服器、儲存、網路、機架、佈線、DLC液體冷卻、設施水塔、端到端管理軟體的全面集成，顯著改善資料中心的TTO、上線時間和成本，現場部署服務和維護。

We will start offering it later this calendar year.

我們將於今年晚些時候開始提供它。

Playing a significant role in realizing our Datacenter Building Block Solution and providing additional economics of scale, our new Malaysia campus will start production this November.

我們的馬來西亞新園區將於今年 11 月開始生產，在實現我們的資料中心構建塊解決方案和提供額外的規模經濟方面發揮著重要作用。

With its geographic advantages, we expect it to quickly ramp up shipping volume and improve our cost structure.

憑藉其地理優勢，我們預計它將迅速增加運輸量並改善我們的成本結構。

In the US, we are adding new buildings and production/POC provisioning capacity near our Silicon Valley headquarters as well, which will further boost our monthly DLC liquid cooling rack capacity and value this fiscal year.

在美國，我們還在矽谷總部附近增加了新的建築和生產/POC 供應能力，這將進一步提高我們本財年的每月 DLC 液體冷卻機架容量和價值。

Moreover, we are on track to expand to a few other global manufacturing locations, leveraging our strength in product design, build quality, supply chain and deployment, positioning Super Micro as one of the largest IT infrastructure companies.

此外，我們預計將擴展到其他幾個全球製造基地，利用我們在產品設計、製造品質、供應鏈和部署方面的優勢，將 Super Micro 定位為最大的 IT 基礎設施公司之一。

In summary, we are entering fiscal 2025 with record high backorders, winning products, large volume DLC liquid cooling capacity, Datacenter Building Block Solutions, and more new customers.

總之，我們進入 2025 財年時，缺貨訂單創歷史新高，獲獎產品、大容量 DLC 液體冷卻能力、資料中心構建塊解決方案以及更多新客戶。

While our long-term investment impact short-term profitability, they position us well for future success by providing a sustainable competitive advantage and necessary economics of scale.

雖然我們的長期投資會影響短期獲利能力，但它們透過提供可持續的競爭優勢和必要的規模經濟，為我們未來的成功奠定了良好的基礎。

This gives me confidence to forecast the September quarter revenue between $6 billion to $7 billion, and fiscal 2025 revenue between $26 billion to $30 billion.

這讓我有信心預測 9 月季度的營收將在 60 億美元至 70 億美元之間，2025 財年的營收將在 260 億美元至 300 億美元之間。

Again, we anticipate that the short-term margin pressure will ease and return to normal range before the end of fiscal year 2025, especially when our DLC liquid cooling and Datacenter Building Block Solutions start to ship in high volume later this year.

同樣，我們預計短期利潤壓力將在 2025 財年結束之前緩解並恢復到正常範圍，特別是當我們的 DLC 液體冷卻和資料中心構建塊解決方案在今年稍後開始大批量發貨時。

Lastly, I would like announce 10-for-1 forward stock split of Super Micro's common stock to make ownership of Super Micro stock more accessible.

最後，我想宣布對超微普通股進行 10 比 1 的遠期股票分割，以便更容易獲得超微股票的所有權。

We are targeting trading on a split-adjusted basis commencing at market open on October 1, 2024.

我們的目標是從 2024 年 10 月 1 日開盤時開始進行分割調整的交易。

Before passing the call to David Weigand, our CFO, I want to say thank you to our partners, customers, Super Micro employees on an incredible year where we were able to bring AI at scale to the world and to our shareholders for your continued support.

在打電話給我們的財務長David Weigand 之前，我想對我們的合作夥伴、客戶、Super Micro 員工表示感謝，感謝你們在這一令人難以置信的一年裡我們能夠將人工智慧大規模推向世界，並感謝我們的股東的持續支持。

David?

大衛？

Thank you, Charles.

謝謝你，查爾斯。

We had robust growth in the fiscal year, and I'm pleased with the progress we made on our strategic initiatives.

我們在本財年實現了強勁成長，我對我們在策略性舉措方面取得的進展感到高興。

For fiscal year '24, we reported revenues of $14.9 billion, representing 110% growth over fiscal year '23 revenues of $7.1 billion.

我們報告的 24 財年營收為 149 億美元，比 23 財年 71 億美元的營收成長了 110%。

Fiscal year '24 non-GAAP diluted EPS of $22.09 grew 87% over fiscal year '23 non-GAAP diluted EPS of $11.81. Between fiscal year '21 and fiscal year '24, we achieved significant operating leverage with revenues growing at a compound annual growth rate of 61% per year, while non-GAAP operating expenses only grew at 19% per year.

24 財年非 GAAP 攤薄後每股收益為 22.09 美元，比 23 財年非 GAAP 攤薄後每股收益 11.81 美元增加了 87%。在 21 財年和 24 財年之間，我們實現了顯著的營運槓桿，收入以每年 61% 的複合年增長率增長，而非 GAAP 營運費用每年僅增長 19%。

Between fiscal year '21 and fiscal year '24, gross margins have met or exceeded the target range of 14% to 17%.

在第 21 財年和第 24 財年之間，毛利率達到或超過了 14% 至 17% 的目標範圍。

Non-GAAP operating margins were above the target range of 5% to 8% between fiscal year '21 and fiscal year '24 and more than doubled from 4.4% in fiscal year '21 to 10% in fiscal year '24 due to strong revenue growth and operating leverage.

由於強勁的收入，第21 財年和第24 財年的非公認會計原則營業利潤率高於5% 至8% 的目標範圍，並且從第21 財年的4.4% 增加到第24 財年的10 %，翻了一倍多成長和經營槓桿。

Q4 revenues were $5.31 billion, up 143% year over year and up 38% quarter over quarter and above the midpoint of guidance of $5.1 billion to $5.5 billion.

第四季營收為 53.1 億美元，年增 143%，季增 38%，高於 51 億美元至 55 億美元的指導中位數。

Growth was driven by strong demand for next-generation air-cooled and direct liquid cooled rack scale AI GPU platforms, representing over 70% of revenues across enterprise and cloud service provider markets where demand remains strong.

成長是由對下一代風冷和直接液冷機架級 AI GPU 平台的強勁需求所推動的，這些平台佔需求依然強勁的企業和雲端服務供應商市場收入的 70% 以上。

We exited the year with an acceleration in innovative DLC products, a large design win pipeline and a strong backlog, positioning us for continued growth in fiscal year 2025.

我們以創新 DLC 產品的加速發展、龐大的設計贏得管道和強勁的積壓訂單結束了這一年，為我們在 2025 財年的持續成長做好了準備。

We expect gross and operating margins to gradually increase in the year, driven by product and customer mix, manufacturing efficiencies for new DLC, AI GPU clusters and new platform introductions.

我們預計，在產品和客戶組合、新 DLC 的製造效率、AI GPU 集群以及新平台推出的推動下，今年的毛利率和營業利潤率將逐步增加。

As Charles discussed, shipments may continue to be constrained in the short term by supply chain bottlenecks for key new components for our advanced platforms.

正如查爾斯所討論的，由於我們先進平台的關鍵新組件的供應鏈瓶頸，短期內出貨量可能會繼續受到限制。

However, long-term gross margins will benefit from lower manufacturing costs as we scale up production in Malaysia and Taiwan, in addition to expansion in the Americas and Europe.

然而，除了美洲和歐洲的擴張之外，隨著我們擴大馬來西亞和台灣的生產規模，長期毛利率將受益於較低的製造成本。

During Q4, we recorded $1.83 billion in the enterprise channel vertical, representing 34% of revenues versus 49% in the last quarter, up 87% year over year and down 3% quarter over quarter.

第四季度，我們在企業通路垂直領域錄得 18.3 億美元，佔營收的 34%，而上一季為 49%，較去年同期成長 87%，季減 3%。

The OEM appliance and large data center segment revenues were $3.41 billion, representing 64% of Q4 revenues versus 50% in the last quarter, up 192% year over year and up 76% quarter over quarter.

OEM設備和大型資料中心部門營收為34.1億美元，佔第四季營收的64%，上季為50%，年增192%，季增76%。

Emerging 5G, telco, Edge, IoT revenues were $75 million or 2% of Q4 revenues.

新興 5G、電信、邊緣運算、物聯網收入為 7,500 萬美元，佔第四季營收的 2%。

For fiscal year '24, enterprise-channel revenues grew 79% to represent 41% of total revenues.

24 財年，企業通路營收成長了 79%，佔總營收的 41%。

The OEM appliance and large data center segment grew 149% and represented 58% of total revenues.

OEM 設備和大型資料中心業務成長了 149%，佔總收入的 58%。

The emerging 5G, telco, Edge, IoT segment represented 1% of total revenues.

新興的 5G、電信、邊緣運算、物聯網領域佔總收入的 1%。

One CSP large data center customer represented approximately 20% of revenues for fiscal year '24.

一個 CSP 大型資料中心客戶約佔 2024 財年營收的 20%。

Server and storage systems comprised 95% of Q4 revenue and subsystems and accessories represented 5%.

伺服器和儲存系統佔第四季營收的 95%，子系統和配件佔 5%。

ASPs increased on a year-over-year and quarter-over-quarter basis, driven by the value and complexity of our rack-scale total IT solutions.

在我們機架級整體 IT 解決方案的價值和複雜性的推動下，平均售價較去年同期和較上季成長。

By geography, US represented 61% of Q4 revenues; Asia, 24%; Europe, 10%; and rest of world, 5%.

按地域劃分，美國佔第四季營收的 61%；亞洲，24%；歐洲，10%；世界其他地區為 5%。

On a year-over-year basis, US revenues increased 94%; Asia increased 437%; Europe increased 128%; and the rest of world increased 386%.

美國營收年增 94%；亞洲成長437%；歐洲成長128%；世界其他地區成長了 386%。

On a quarter-over-quarter basis, US revenues increased 20%, Asia increased 66%, Europe increased 74%, and rest of the world increased 187%.

按季度計算，美國營收成長 20%，亞洲成長 66%，歐洲成長 74%，世界其他地區成長 187%。

The Q4 non-GAAP gross margin was 11.3% versus 15.6% in Q3 due to product and customer mix, focus on winning strategic new designs with competitive pricing, and higher initial costs in ramping production of new DLC AI GPU clusters.

第四季非GAAP 毛利率為11.3%，而第三季為15.6%，原因是產品和客戶組合、專注於以有競爭力的價格贏得策略性新設計，以及提高新DLC AI GPU 叢集生產的初始成本。

For fiscal year '24, the non-GAAP gross margin was 14.2% versus 18.1% for fiscal year '23.

'24 財年，非 GAAP 毛利率為 14.2%，而 '23 財年為 18.1%。

We have a path to improve gross margins to the target range of 14% to 17% as we introduce innovative platforms based on multiple new technologies from our strategic partners and improved manufacturing efficiencies on our DLC solutions.

隨著我們推出基於策略合作夥伴多項新技術的創新平台，並提高 DLC 解決方案的製造效率，我們有辦法將毛利率提高到 14% 至 17% 的目標範圍。

Q4 operating expenses on a GAAP basis increased by 15% quarter over quarter and 75% year over year to $253 million, driven by higher compensation expenses and headcount.

由於薪酬費用和員工人數增加，以 GAAP 計算的第四季度營運費用環比增長 15%，年增 75%，達到 2.53 億美元。

On a non-GAAP basis, operating expenses increased 11% quarter over quarter and 39% year over year to $185 million. Q4 non-GAAP

以非公認會計準則計算，營運費用較上季成長 11%，年增 39%，達到 1.85 億美元。第四季非公認會計準則

operating margin was 7.1% versus 11.3% in Q3 due to the lower gross margins.

由於毛利率較低，營業利潤率為 7.1%，而第三季為 11.3%。

Other income and expense for Q4 was $11 million, consisting of $3 million in interest expense and $14 million from interest income on higher cash balances, offset by a loss from foreign exchange and other investments.

第四季的其他收入和支出為 1,100 萬美元，其中包括 300 萬美元的利息支出和 1,400 萬美元來自較高現金餘額的利息收入，被外匯和其他投資損失所抵銷。

Interest expenses decreased sequentially as we paid down short-term bank credit facilities.

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 tax provision for Q4 was $1 million on a GAAP basis and $21 million on a non-GAAP basis.

第四季的稅項準備金以 GAAP 計算為 100 萬美元，以非 GAAP 計算為 2,100 萬美元。

The GAAP tax rate for Q4 was 0.3%, and the non-GAAP tax rate was 5%.

第四季的 GAAP 稅率為 0.3%，非 GAAP 稅率為 5%。

The GAAP tax rate was 4.9% for fiscal year '24 versus 14.7% in fiscal year '23.

24 財年的 GAAP 稅率為 4.9%，而 23 財年的 GAAP 稅率為 14.7%。

And the non-GAAP tax rate was 10.4% for fiscal year '24 versus 15.9% in fiscal year '23.

24 財年的非 GAAP 稅率為 10.4%，而 23 財年為 15.9%。

Q4 GAAP diluted earnings per share of $5.51 was below the guidance of $7.20 to $8.05. And non-GAAP diluted EPS of $6.25 was below the guidance of $7.62 to $8.42 due to lower gross margins and higher operating expenses in the quarter.

第四季 GAAP 稀釋後每股收益為 5.51 美元，低於 7.20 美元至 8.05 美元的指引。由於本季毛利率較低且營運費用較高，非 GAAP 攤薄後每股收益為 6.25 美元，低於 7.62 至 8.42 美元的指引值。

The GAAP fully diluted share count increased quarter over quarter from 61.4 million to 64.2 million, and the non-GAAP share count increased sequentially from 62 million to 64.8 million shares, reflecting the effects of two recent stock offerings and the convertible bond offering.

GAAP 完全稀釋股票數量較上季從 6,140 萬股增加到 6,420 萬股，非 GAAP 股票數量連續從 6,200 萬股增加到 6,480 萬股，反映了最近兩次股票發行和可轉換債券發行的影響。

Q4 cash flow used in operations was $635 million compared to $1.52 billion in the previous quarter as inventory and accounts receivable grew due to higher levels of business and the timing of shipments.

第四季營運中使用的現金流為 6.35 億美元，而上一季為 15.2 億美元，原因是業務水準提高和出貨時間安排導致庫存和應收帳款成長。

For fiscal year '24, cash used in operations was $2.5 billion due to strong revenue growth of 110% and working capital needs to support large customer design wins.

在 24 財年，由於 110% 的強勁收入成長以及支持大型客戶設計勝利所需的營運資金，營運中使用的現金為 25 億美元。

Q4 closing inventory was $4.4 billion in anticipation of future growth.

由於對未來成長的預期，第四季期末庫存為 44 億美元。

CapEx for Q4 was $27 million, resulting in negative free cash flow of $662 million for the quarter.

第四季資本支出為 2,700 萬美元，導致該季度自由現金流為負 6.62 億美元。

CapEx for fiscal year '24 was $137 million, up $37 million from -- in fiscal year '23 as we invested in new property, plant and equipment globally, including our greenfield Malaysia plant.

24 財年的資本支出為 1.37 億美元，比 23 財年增加了 3,700 萬美元，因為我們在全球投資了新的財產、廠房和設備，包括我們在馬來西亞的新建工廠。

The Q4 closing balance sheet position was $1.7 billion, while bank and convertible note debt was $2.2 billion, resulting in a net cash position of negative $504 million versus a net cash position of $252 million last quarter.

第四季期末資產負債表部位為 17 億美元，銀行和可轉換票據債務為 22 億美元，導致淨現金部位為負 5.04 億美元，而上季淨現金部位為 2.52 億美元。

Turning to the balance sheet and working capital metrics compared to last quarter, the Q4 cash conversion cycle was 94 days versus 96 days in Q3.

與上季相比，資產負債表和營運資本指標顯示，第四季現金轉換週期為 94 天，而第三季為 96 天。

Days of inventory decreased by 10 days to 82 days compared to the prior quarter of 92 days.

庫存天數較上一季的 92 天減少 10 天至 82 天。

Days sales outstanding was unchanged at 37 days, while days payables outstanding decreased by 8 days to 25 days.

銷售應付帳款週轉天數維持不變，為 37 天，應付帳款週轉天數減少 8 天，至 25 天。

Now turning to the outlook for Q1 fiscal year '25.

現在轉向'25 財年第一季的展望。

We expect strong growth as we ramp new air-cooled and DLC AI GPU design wins with new and existing customers.

隨著我們不斷推出新的風冷和 DLC AI GPU 設計，贏得新舊客戶的青睞，我們預計將出現強勁成長。

For the first quarter of fiscal 2025, we expect net sales in the range of $6 billion to $7 billion, GAAP diluted net income per share of $5.97 to $7.66, and non-GAAP diluted net income per share of $6.69 to $8.27. We expect gross margins to improve sequentially due to product and customer mix and improving manufacturing efficiency.

對於2025 財年第一季度，我們預計淨銷售額將在60 億至70 億美元之間，GAAP 稀釋後每股淨利潤為5.97 至7.66 美元，非GAAP 稀釋後每股淨利潤為6.69 至8.27 美元。我們預計，由於產品和客戶組合以及製造效率的提高，毛利率將持續改善。

GAAP operating expenses are expected to be approximately $282 million and include $84 million in stock-based compensation expenses that are not included in non-GAAP operating expenses.

GAAP 營運費用預計約為 2.82 億美元，其中包括未計入非 GAAP 營運費用的 8,400 萬美元股票補償費用。

The outlook for Q1 of fiscal year 2025 fully diluted GAAP EPS includes approximately $48 million in expected stock-based compensation expenses, net of tax effects of $35 million, which are excluded from non-GAAP diluted net income per common share.

2025 財年第一季的前景完全稀釋的GAAP 每股盈餘包括約4,800 萬美元的預期股票補償費用，扣除3,500 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 $20 million.

我們預計其他收入和支出（包括利息支出）約為 2000 萬美元的淨支出。

The company's projections for Q1 fiscal year '25 GAAP and non-GAAP diluted net income per common share assume a GAAP tax rate of 9.9% and a non-GAAP tax rate of 14.6% and a fully diluted share count of 65 million for GAAP and 66 million shares for non-GAAP.

該公司對25 財年第一季GAAP 和非GAAP 攤薄後每股普通股淨利的預測假設GAAP 稅率為9.9%，非GAAP 稅率為14.6%，GAAP 和非GAAP 完全攤薄後股票數量為6,500 萬股。

We expect CapEx for Q1 to be in the range of $45 million to $55 million.

我們預計第一季的資本支出將在 4,500 萬美元至 5,500 萬美元之間。

For fiscal year 2025, we are introducing guidance for revenues of $26 billion to $30 billion.

對於 2025 財年，我們提出了 260 億至 300 億美元收入的指引。

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

邁克爾，我們現在準備好進行問答了。

Harry?

哈利？

(Operator Instructions) Michael Ng, Goldman Sachs.

（操作員指令）Michael Ng，高盛。

I guess I have two.

我想我有兩個。

Encouraged to see the revenue guidance for $26 billion to $30 billion for fiscal '25.

看到 25 財年 260 億至 300 億美元的營收指引感到鼓舞。

I was wondering if you could just provide a little bit of color around the assumptions underpinning that revenue guidance and any visibility that you have in terms of backlog and some of the contingencies you might be assuming in terms of supply availability.

我想知道您是否可以就支撐收入指導的假設以及您在積壓方面的任何可見性以及您在供應可用性方面可能假設的一些意外情況提供一些顏色。

And then secondly, I was just wondering if you could provide a little bit more color around the gross and operating margin improvement throughout the year.

其次，我只是想知道您是否可以提供更多有關全年毛利率和營業利潤率改善的資訊。

Should we think about the long-term gross margin targets as applicable for the full year as well or exiting the year?

我們是否應該考慮適用於全年或全年的長期毛利率目標？

Thank you.

謝謝。

Okay, thank you.

好的謝謝。

I mean, as what we share, I mean, we continue to gain design wins, and -- which is also a new product available, including DLC liquid cooling and Datacenter Building Block Solutions, we see a lot of customer engagement and also more new customer like to engage with us.

我的意思是，正如我們所分享的，我的意思是，我們繼續獲得設計勝利，而且——這也是一種新產品，包括DLC 液體冷卻和數據中心構建塊解決方案，我們看到了大量的客戶參與以及更多新產品客戶喜歡與我們互動。

So with our capacity continue to grow, so $26 billion to $30 billion, that's our target for the next 12 months.

因此，隨著我們的產能持續成長，260 億至 300 億美元，這是我們未來 12 個月的目標。

And as to gross margin, as what we just mentioned, our DLC liquid cooling now have been very mature.

至於毛利率，剛才我們也提到了，我們的DLC液冷現在已經非常成熟了。

So we are able to take advantage from that and also Datacenter Building Block Solutions that provides a much better value, improve customers' data center time-to-online and also ease customers; job to build their data center.

因此，我們能夠利用這一點以及資料中心建立區塊解決方案來提供更好的價值，縮短客戶資料中心的上線時間，並讓客戶感到輕鬆；建造他們的數據中心的工作。

So all of those will increase our profitability gradually.

因此，所有這些都將逐漸提高我們的獲利能力。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

I have a couple as well.

我也有一對。

Firstly, maybe if I can start with the gross margin performance in the quarter.

首先，也許我可以從本季的毛利率表現開始。

I know you mentioned you had a hyperscale customer, which impacted product customer mix and margin impact there.

我知道您提到您有一個超大規模客戶，這影響了產品客戶組合和利潤率影響。

How should we think about sustainability or sort of repeat orders from that customer?

我們應該如何考慮可持續性或該客戶的重複訂單？

It sounds like you're saying that's part of the improvement and you probably don't see as much repeat, but just wanted to confirm if that's how we should be thinking about the hyperscale customer you had, which is that it doesn't really repeat through fiscal '25.

聽起來你是說這是改進的一部分，你可能沒有看到那麼多重複，但只是想確認我們是否應該這樣考慮你擁有的超大規模客戶，也就是說，它並不真正重複到 25 財年。

And I have a follow-up.

我有一個後續行動。

Yeah.

是的。

We have been very consistent -- I mean, before we are Silicon Valley based, operations was in Silicon Valley.

我們一直都非常一致——我的意思是，在我們立足矽谷之前，營運都是在矽谷進行的。

So we focus on enterprise, high-quality, higher performance customer only.

所以我們只專注於企業、高品質、更高績效的客戶。

That's before.

那是之前。

But when we start to take production operation advantage from Taiwan, we start to grow large-scale data center customer.

但當我們開始利用台灣的生產營運優勢時，我們開始發展大型資料中心客戶。

And now we have a huge capacity in Malaysia, where it will be ready by later this year.

現在我們在馬來西亞擁有巨大的產能，並將於今年稍後準備就緒。

So with the economic large-scale advantage, we are waiting for large customer.

所以憑藉經濟規模優勢，我們正在等待大客戶。

So we will continue to grow with large customers.

所以我們會繼續和大客戶一起成長。

At the same time, we also continue to enhance our enterprise customer base.

同時，我們也不斷增強我們的企業客戶群。

So recently, we also see the growth and the strong demand from our enterprise with our software total solution -- I mean, Datacenter Building Block Solutions, we start to gain more attraction for the data center -- I mean, enterprise customers as well.

因此，最近，我們也看到了企業對我們的軟體整體解決方案（我的意思是資料中心構建塊解決方案）的成長和強勁需求，我們開始對資料中心（我的意思是企業客戶）產生更多吸引力。

So we believe long-term economic scale, the enterprise customer base and overall Taiwan and Malaysia advantage -- cost advantage that we have a way to grow gross margin and net profit.

所以我們相信長期的經濟規模、企業客戶群以及台灣和馬來西亞的整體優勢——成本優勢使我們有辦法成長毛利率和淨利潤。

Got it.

知道了。

And for my follow-up, Charles, there have been reports more recently about the delay of the GB200 from NVIDIA.

Charles，最近有報告指出 NVIDIA GB200 的延遲。

Just wondering if you can share your thoughts of how that would impact the conversion of the robust backlog or pipeline that you're looking at to revenue through the year?

只是想知道您是否可以分享您的想法，這將如何影響您正在尋找的強勁積壓訂單或管道向全年收入的轉換？

And is that accounted for when you talk about liquid cooling now being a materially higher portion than what you talked about at Computex.

當你談論液體冷卻現在所佔的比例比你在台北國際電腦展上談論的要高得多時，這就是原因嗎？

Are you taking some of those delays into account?

您是否考慮到其中一些延誤？

Thank you.

謝謝。

Yes.

是的。

I mean, yes, we heard NVIDIA may have some delay, right?

我的意思是，是的，我們聽說 NVIDIA 可能會有一些延遲，對吧？

And we treat that as a normal possibility.

我們將這種情況視為一種正常的可能性。

When they introduced new technology, new product, they always have a chance to push out a little bit.

當他們推出新技術、新產品時，他們總是有機會推出一點。

In this case, it pushed out a little bit.

在這種情況下，它被推出了一點。

But to us, I believe we have no problem to provide the customer with a new solution like H200 liquid cooling.

但對我們來說，我相信為客戶提供像H200液冷這樣的新解決方案是沒有問題的。

We have a lot of customers like that.

我們有很多這樣的客戶。

So although we hope well deploying that schedule, that's good for a technology company, but this push out overall impact to us.

因此，儘管我們希望能夠很好地部署該計劃，但這對一家科技公司來說是件好事，但這對我們產生了整體影響。

It should be not too much.

應該不會太多。

Ruplu Bhattacharya, Bank of America Merrill Lynch.

巴普盧‧巴塔查亞 (Ruplu Bhattacharya)，美銀美林。

Hi.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

I have two of them.

我有兩個。

The first one relates to the gross margin performance in the quarter.

第一個與本季的毛利率表現有關。

David, can you specify of the 430 bps sequential decline, how much was the result of the customer mix, which is the higher hyperscale customer mix versus the impact of ramping liquid cooling solutions?

David，您能否具體說明 430 bps 的連續下降，客戶組合的結果有多少，即較高的超大規模客戶組合與逐漸增加的液體冷卻解決方案的影響？

And how much was that impact to gross margins?

這對毛利率的影響有多大？

And in terms of -- I think, Charles, you said that you lost about $800 million of revenue in the quarter because of non-availability of components.

就我而言，查爾斯，您說過由於組件不可用，您在本季度損失了約 8 億美元的收入。

Is that all liquid cooling related?

這與液體冷卻有關嗎？

Or was that related to other things like GPUs as well?

或者這也與 GPU 等其他事物有關？

Thank you.

謝謝。

Pretty much liquid cooling key components related.

幾乎與液體冷卻關鍵部件相關。

But now it's much ready now.

但現在已經準備好了。

I mean, when we move to July, August, we have a much liquid cooling key components available now.

我的意思是，當我們進入七月、八月時，我們現在有很多液體冷卻關鍵組件可用。

Yeah.

是的。

Ruplu, it wasn't a loss.

露普魯，這並不是損失。

It was pushed out into the next quarter.

它被推遲到下一個季度。

Yeah.

是的。

So there was -- we really -- we were surprised by the amount of demand that we had in this market.

所以，我們真的對這個市場的需求量感到驚訝。

And so we -- our manufacturing efficiency improves -- has been improving every day.

因此，我們的製造效率不斷提高，每天都在進步。

And so we expect that to continue, and that's going to help our gross margins going forward as we deploy liquid cooled racks at scale.

因此，我們預計這種情況將持續下去，隨著我們大規模部署液冷機架，這將有助於我們未來的毛利率。

And is that deployment expected to be linear for these liquid cool racks throughout the year?

這些液冷機架的部署預計全年都是線性的嗎？

Or is it more back-end loaded?

還是後端載入更多？

Thanks.

謝謝。

Thanks for taking my questions.

感謝您回答我的問題。

Basically, we support the handful customers for liquid cooling.

基本上，我們支援少數客戶進行液體冷卻。

And most of them, once they try our liquid cooling, they will continue to deploy higher percentage with liquid cooling because the cost -- the hardware acquisition cost is about the same, but they will save a lot of energy costs.

他們中的大多數人，一旦嘗試了我們的液體冷卻，他們將繼續部署更高比例的液體冷卻，因為成本——硬體採購成本大致相同，但他們將節省大量能源成本。

So I believe this growth will be consistently growing.

所以我相信這種成長將會持續成長。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Charles, you said a lot of good stuff on this call.

查爾斯，你在這次電話會議上說了很多好話。

So I'll try to just ask about one or two things here.

所以我會嘗試在這裡只問一兩件事。

I guess to start, could you frame for us how the company is thinking about its liquid cooling capability relative to others who are providing liquid cooling service as well?

我想首先，您能否向我們介紹該公司相對於其他提供液體冷卻服務的公司如何看待其液體冷卻能力？

That's been a big topic of conversation.

這是一個很大的話題。

It sounds like you guys are really high on your capability and it seems to be showing up at least in the guidance.

聽起來你們的能力確實很高，而且至少在指南中似乎有所體現。

But I think additional context around how you guys are competitively positioned and maybe some of the technical reasons why would be super useful.

但我認為關於你們如何競爭定位的額外背景以及也許一些技術原因將非常有用。

But I just have a quick follow-up.

但我只是快速跟進。

Yeah.

是的。

Thank you.

謝謝。

I mean, as you know, liquid cooling has been in the market for 30 years and market share compared with overall data center size always small, less than 1% or close to 1%, I would have to say.

我的意思是，如您所知，液體冷卻已進入市場 30 年，但與整個資料中心規模相比，其市場份額始終很小，我不得不說，不到 1% 或接近 1%。

But just June and July two months alone, we shipped more than 1,000 racks to the market.

但光是 6 月和 7 月這兩個月，我們就向市場運送了 1,000 多個機架。

And if you calculate 1,000-rack, AI rack, it's about more than 15% on a global data center new deployment.

如果計算 1,000 個機架的 AI 機架，則約佔全球資料中心新部署的 15% 以上。

So we are very happy.

所以我們很高興。

We are happy that the industry pushed from air cool to liquid cool and to help customer save energy costs and reduce carbon footprint.

我們很高興該行業從空氣冷卻轉向液體冷卻，並幫助客戶節省能源成本並減少碳足跡。

At the same time, because of the liquid cooling, DLC liquid cooling data centers require 30% to 40% less power.

同時，由於採用了液體冷卻，DLC液體冷卻資料中心所需的電力減少了30%至40%。

That's why it's met customers' data center availability quicker because the customers don't have to wait for higher power budget from a powering company.

這就是為什麼它可以更快地滿足客戶資料中心的可用性，因為客戶不必等待供電公司提供更高的電力預算。

So overall, we see more and more customers like our liquid cooling solution.

總的來說，我們看到越來越多的客戶喜歡我們的液體冷卻解決方案。

And Charles, did I hear you accurately that you guys think you did 50% liquid cooling share in the June quarter?

Charles，我是否準確地聽到你們說，你們認為你們在 6 月季度佔了 50% 的液體冷卻份額？

I believe for June and July in that two months, we may ship at least 70% to 80% for liquid cooling compared with all the liquid cooling in the world.

我相信6月和7月這兩個月裡，我們液冷的出貨量可能會比全球所有液冷的出貨量至少有70%到80%。

So for liquid cooling, we have at least 70% to 80% market share.

所以對於液冷來說，我們至少擁有70%到80%的市佔率。

That's useful.

這很有用。

Thank you.

謝謝。

And then just real quick, my follow-up is you've made remarks earlier this year in the recent past about how you envision expanding your RAC capacity sort of over the -- sort of into the future.

然後很快，我的後續行動是，您在今年早些時候不久前發表了有關您設想如何在未來擴展 RAC 容量的言論。

I was just wondering if you could give us an update on how to think about -- how you're thinking about rack capacity expansion for both liquid cooled and air cooled.

我只是想知道您是否可以向我們提供有關如何思考的最新資訊 - 您如何考慮液冷和風冷的機架容量擴展。

And that's it for me.

對我來說就是這樣。

Thanks.

謝謝。

It's a very good question.

這是一個非常好的問題。

I mean, last month, we have about 1,000 racks per month liquid cooling capacity.

我的意思是，上個月，我們每個月大約有 1,000 個機架的液體冷卻能力。

And today, we already grow another 50%.

今天，我們已經又成長了 50%。

So now we have a 1,500 rack per month capacity.

現在我們每個月有 1,500 個機架的產能。

By this year-end, we will grow that to 3,000 rack per month.

到今年年底，我們將把這個數量增加到每月 3,000 個機架。

That's with liquid cooling alone.

這是僅使用液體冷卻的情況。

So we really believe liquid cooling is a much better choice for the market, and we provide the kind of consultation to customers.

因此，我們確實相信液體冷卻對於市場來說是更好的選擇，並且我們為客戶提供此類諮詢。

And most of the customer when discussed with our engineering team, they love liquid cooling.

當與我們的工程團隊討論時，大多數客戶都喜歡液體冷卻。

And again, we are growing customer base for liquid cooling very strongly.

再次，我們的液體冷卻客戶群正在強勁成長。

And we're really happy for that because minimized power consumption have been common value to the world and especially save operation costs.

我們對此感到非常高興，因為最小化功耗已成為世界的共同價值，尤其是節省營運成本。

And that's fiscal year -- fiscal year, say, end of the year and the fiscal year?

這就是財政年度──財政年度，比如說，年底和財政年度？

For the next 12 months, I believe liquid cooling will be a big portion of our business.

在接下來的 12 個月裡，我相信液體冷卻將成為我們業務的重要組成部分。

Aaron C. Rakers, Wells Fargo.

亞倫‧雷克斯 (Aaron C. Rakers)，富國銀行。

Yeah.

是的。

Thanks for taking the question.

感謝您提出問題。

I've got two as well.

我也有兩個。

I guess I want to go back to the earlier question on Blackwell just because I think it's going to be a key focal point for a lot of investors here, especially as we kind of shape the full-year guidance.

我想我想回到之前關於布萊克韋爾的問題，因為我認為這將成為這裡許多投資者的關鍵焦點，特別是在我們制定全年指導的時候。

So, Charles, I want to be clear.

所以，查爾斯，我想澄清一下。

So has your guidance contemplated as we think about the December quarter, do you believe that you'll be shipping the Blackwell platform solutions for revenue in the December quarter?

那麼，當我們考慮 12 月季度時，您是否考慮過您的指導，您是否認為您將在 12 月季度交付 Blackwell 平台解決方案以獲得收入？

Or should we think about the full-year guide is a bit more weighted to the back half of the fiscal year given some of these concerns around the timing of Blackwell availability and NVL36 and 72 platforms, et cetera.

或者我們是否應該考慮一下，考慮到對 Blackwell 可用性以及 NVL36 和 72 平台等的時間安排的一些擔憂，全年指南對本財年後半段的權重更大一些。

I'm just curious of how you want us to say for The Street to think about the cadence of that full-year guidance shaping up on a quarterly basis.

我只是好奇你希望我們如何讓華爾街思考按季度製定的全年指引的節奏。

Appreciate you're not going to give quarter-by-quarter guidance.

感謝您不會提供逐季度的指導。

Yes.

是的。

Thank you.

謝謝。

I mean, indeed, we are relatively very conservative.

我的意思是，確實，我們相對來說非常保守。

I understand Blackwell may postpone -- how much we don't exactly know because the new technology always what -- can be pushed out, right?

我知道布萊克威爾可能會推遲——我們不確切知道多少，因為新技術總是——可以被推出，對嗎？

So for Q3, for sure, we do not expect any Blackwell volume.

因此，對於第三季度，我們當然預期 Blackwell 不會有任何銷售量。

For Q4, I mean, December quarter, I guess, it will be very small.

對於第四季度，我的意思是，12 月季度，我想，它會非常小。

Engineering sample, small volume.

工程樣品，體積小。

So the real volume, I believe, had to be March quarter next year.

因此，我認為真正的交易量必須是明年三月的季度。

And that's why we -- only $26 billion to $30 billion.

這就是為什麼我們——只有 260 億到 300 億美元。

Yeah, that's very helpful.

是的，這非常有幫助。

And then as a quick follow-up, I want to go back to kind of the gross margin discussion, too.

然後，作為快速跟進，我也想回到毛利率討論。

We talked about the impact of direct -- the DLC platforms.

我們討論了直接的影響——DLC 平台。

You talked about product mix.

您談到了產品組合。

One of the other comments, David, you had made was that winning strategic new customers was a factor in that 430-basis-point gross margin degradation.

David，您發表的另一條評論是，贏得策略性新客戶是毛利率下降 430 個基點的一個因素。

Can you help us appreciate what exactly the impact of that has been, how that might have changed this last quarter?

您能否幫助我們了解這項影響到底是什麼？

And then I'll flip my final one in.

然後我會把最後一張翻進去。

Any disclosure on purchase obligations coming out of this last quarter?

有關上個季度的購買義務的任何披露？

Thank you.

謝謝。

Yeah, thanks.

是的，謝謝。

I'll answer those in reverse order.

我會以相反的順序回答這些問題。

We don't have any announcements in terms of purchase obligations, and so we'll point you to the 10-K for that.

我們沒有任何有關購買義務的公告，因此我們將向您推薦 10-K。

But with respect to your first question, I would say we prepared the market for a downturn in margins or a softening of margins in our guidance last quarter.

但關於你的第一個問題，我想說的是，我們在上個季度的指導中為市場做好了利潤率下降或利潤率軟化的準備。

But even we were surprised by the acceleration that we saw in the liquid-cooled rack market.

但就連我們也對液冷機架市場的加速發展感到驚訝。

And so we had to ramp up our supply chain.

因此我們必須加強我們的供應鏈。

We paid a lot of expedite costs and higher supply chain costs.

我們付出了大量的加急成本和更高的供應鏈成本。

So I think as the supply chain improves, we expect those efficiencies to now come back out, but that impacted us more than we had expected.

因此，我認為隨著供應鏈的改善，我們預計這些效率現在會恢復，但這對我們的影響超出了我們的預期。

Especially for June quarter.

特別是六月季度。

Is that the majority of the 430?

這是430人中的大多數嗎？

Was that the majority of 430 basis points decline?

這是 430 個基點下跌的大部分嗎？

No.

不。

So half was targeting specific accounts like we announced last quarter.

所以一半是針對特定帳戶，就像我們上季宣布的那樣。

And the other half was really the higher supply costs that we encountered.

另一半實際上是我們遇到的更高的供應成本。

George Wang, Barclays.

喬治王，巴克萊銀行。

Hey, guys.

大家好。

Thanks for taking my questions.

感謝您回答我的問題。

I have two parts.

我有兩個部分。

Firstly, can you give more color just in terms of your share gains, especially within the hyperscale arena?

首先，您能否在份額收益方面給出更多的信息，尤其是在超大規模領域？

Traditionally, Supermicro has been more Tier 2, Tier 3 enterprise.

傳統上，超微更多的是二級、三級企業。

And you guys talked about higher mix on hyperscale.

你們談論了超大規模的更高組合。

Just curious, does that mean you guys are winning new penetration to the hyperscale space?

只是好奇，這是否意味著你們正在贏得對超大規模空間的新滲透？

Yeah.

是的。

Again, like what I just mentioned, we saw our Taiwanese capacity is getting bigger and Malaysia capacity will be ready.

再一次，就像我剛才提到的，我們看到我們台灣的產能正在變得越來越大，馬來西亞的產能也將準備就緒。

So we are fully ready for large-scale data center customer, but we will be selective.

所以我們已經為大型資料中心客戶做好了充分的準備，但我們會有所選擇。

So that's why we foresee only $26 billion to $30 billion.

這就是為什麼我們預計只有 260 億至 300 億美元。

If we try to be more aggressive in a large scale, our growth can be even faster than that.

如果我們嘗試在大規模上更加積極進取，我們的成長甚至可以更快。

But we try to grow in both ways, enterprise and large scale data center, the kind of -- try to balance so to maintain our healthier profitability.

但我們嘗試在企業和大型資料中心這兩種方式上成長——嘗試平衡以保持我們更健康的獲利能力。

Okay, great.

好的，太好了。

Just a second question, if I can squeeze in.

還有第二個問題，我是否可以擠進去。

Just as we enter the Blackwell era with liquid cooling kind of larger deployments, higher ASP, but also comes with some potential working capital need.

正如我們進入 Blackwell 時代，液體冷卻類型的部署規模更大，平均售價更高，但也帶來了一些潛在的營運資金需求。

Just in terms of the capital raise, is that fair to say you guys are sufficient or there could be some potential to come to the market?

就融資而言，可以說你們夠了，還是有潛力進入市場？

Just maybe you can talk about the puts and takes for the next 12 months.

也許您可以談談未來 12 個月的看漲期權和看跌期權。

Yeah.

是的。

Liquid cooling, I mean, for sure, is necessary and it's very helpful for Blackwell solution, although Blackwell solution pushed out a little bit.

我的意思是，液體冷卻當然是必要的，而且它對 Blackwell 解決方案非常有幫助，儘管 Blackwell 解決方案推出了一點。

But indeed, we enable liquid cooling for H100 and H200 as well, and a lot of customers are interested in our H100 and H200 liquid cooling now indeed.

但事實上，我們也為 H100 和 H200 提供了液冷，現在很多客戶確實對我們的 H100 和 H200 液冷感興趣。

So liquid cooling to -- from our position, we'd like to support the whole data center, not just Blackwell.

因此，液體冷卻——從我們的立場來看，我們希望支援整個資料中心，而不僅僅是布萊克韋爾。

Okay.

好的。

Can you address on the working capital, if you can give any color on that?

您能談談營運資金嗎？

Yes.

是的。

So we announced a $500 million credit line with a group led by the Bank of America.

因此，我們宣布向美國銀行主導的組織提供 5 億美元的信貸額度。

And so we expect we are really working on our balance sheet and leveraging our balance sheet.

因此，我們希望我們真正致力於我們的資產負債表並利用我們的資產負債表。

And we expect to -- some announcements to be coming in terms of additional loan possibilities in the future.

我們預計未來將發布一些關於額外貸款可能性的公告。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

I was wondering if you could just talk -- given your time to market and volume capabilities in liquid cooling, the energy and computing advantages, can you walk through what your pricing strategy is and why not pass those costs on, especially relative to the value that you're providing?

我想知道您是否可以談談- 考慮到您在液體冷卻方面的上市時間和容量能力、能源和計算優勢，您能否介紹一下您的定價策略是什麼以及為什麼不轉嫁這些成本，尤其是相對於價值而言你提供的？

Is it a stronger competitive environment close to behind you?

更強大的競爭環境是否就在你的背後？

Or are you effectively trying to get ahead of them and get that share first?

或者你是否正在有效地試圖超越他們並首先獲得份額？

Yeah.

是的。

I mean, indeed, the liquid cooling from our point of view, it is really a good value to the whole market and our whole planet because of less energy consumption, right?

我的意思是，事實上，從我們的角度來看，液體冷卻對於整個市場和整個地球來說確實很有價值，因為能源消耗更少，對嗎？

So we enable liquid cooling primarily for Blackwell because Blackwell higher power [leverage your] -- lots of cases need liquid cooling.

因此，我們主要為 Blackwell 啟用液體冷卻，因為 Blackwell 具有更高的功率（利用您的）——許多情況下都需要液體冷卻。

But we enabled that for H100, H200 and regular CPU as well.

但我們也為 H100、H200 和常規 CPU 啟用了該功能。

Because overall, liquid cooling once matures, once the economical scale is good enough, it's good for all different kind of computing.

因為總的來說，液體冷卻一旦成熟，一旦經濟規模足夠好，它對所有不同類型的計算都有好處。

And not exactly now, we are deploying -- we are promoting, lot of our customer continue to interest in our liquid cooling even enough for Blackwell, frankly.

不完全是現在，我們正在部署——我們正在推廣，坦白說，我們的許多客戶仍然對我們的液體冷卻感興趣，甚至對布萊克韋爾來說也足夠了。

Got it.

知道了。

Thank you.

謝謝。

And then you mentioned getting back to the gross margin target range by the fiscal year-end.

然後您提到在財政年度結束時恢復毛利率目標範圍。

Can you help us narrow down a little bit more where in that target range you expect to be?

您能幫助我們進一步縮小您期望的目標範圍嗎？

Is it the low end?

是低端的嗎？

Is it more towards the middle?

是不是更偏向中間？

Kind of help us understand how you're getting there.

幫助我們了解您是如何實現這一目標的。

Okay.

好的。

For June, it's really a unique quarter because we deploy lots of liquid cooling and we pay lots of exploration for our cost.

對於六月來說，這確實是一個獨特的季度，因為我們部署了大量的液體冷卻，並且我們為成本付出了大量的探索。

So that make up our June gross margin much worse.

這使得我們六月的毛利率變得更差。

But now, indeed, our liquid cooling technology have been getting very mature, and we have a high volume now -- so that -- though our liquid cooling costs are now.

但現在，事實上，我們的液體冷卻技術已經變得非常成熟，而且我們現在的產量很大——因此——儘管我們的液體冷卻成本現在很高。

And however, we try to promote liquid cooling as a mainstream product solution.

然而，我們試圖將液體冷卻推廣為主流產品解決方案。

So we try not to add the value too much to customers.

所以我們盡量不為客戶增加太多的價值。

But instead, we try to gain market share and make liquid cooling everywhere.

但相反，我們試圖獲得市場份額並讓液體冷卻無處不在。

Okay.

好的。

Thank you.

謝謝。

And any color just on where in the margin range you expect to end up?

您期望最終在邊緣範圍內的任何顏色？

Well, so we -- I think if you look at the guidance that we gave for Q1, we expect to be above 12% in the first quarter.

嗯，所以我們 - 我認為如果你看看我們為第一季提供的指導，我們預計第一季將超過 12%。

And we're doing -- we'll be working very hard to move back into the range, as we mentioned, as soon as -- as quickly as we can.

正如我們所提到的，我們將非常努力地盡快回到這個範圍。

Especially with our commissioned Datacenter Building Block Solutions with more software, on-site deployment, maintenance, and kind of end-to-end management service.

特別是我們委託的資料中心建置區塊解決方案提供了更多軟體、現場部署、維護和端到端管理服務。

So our profit margin should grow from a Building Block Solution for Datacenter very soon.

因此，我們的利潤率應該很快就會透過資料中心建構塊解決方案而成長。

Mehdi Hosseini, SIG.

邁赫迪·侯賽尼，SIG。

Yes.

是的。

Thanks for taking my question.

感謝您提出我的問題。

I just have two housekeeping item.

我只有兩個家事用品。

David, what kind of other income did you have in the June quarter.

大衛，您在六月季度有哪些其他收入？

You did say that you had interest income of $12 million that you realized in the June quarter?

您確實說過您在 6 月季度實現的利息收入為 1200 萬美元？

That was a net figure, Mehdi.

這是一個淨數字，邁赫迪。

So we actually had $20 million of interest income, but that was offset by some adjustments to -- some investment adjustments which brought down lower.

因此，我們實際上有 2000 萬美元的利息收入，但這被一些投資調整所抵消，這些調整導致了較低的收入。

But the $20 million, is that interest income.

但這2000萬美元就是利息收入。

The $20 million, is that interest income?

這2000萬美元，是利息收入嗎？

$20 million was interest income, yeah, from higher cash balances.

是的，2000 萬美元是利息收入，來自較高的現金餘額。

That was offset by some investments.

這被一些投資所抵消。

Correct.

正確的。

Okay, all right.

好吧，好吧。

Okay.

好的。

And then a question I have for Charles.

然後我有一個問題要問查爾斯。

Obviously, you've done a good job of doubling revenue in fiscal year '24.

顯然，您在 24 財年的收入翻倍方面做得很好。

But you also had a negative free cash flow of $2.6 billion.

但自由現金流也為負 26 億美元。

And if I were to look at the high end of your revenue guide for fiscal year '25, you're on track to double revenues again.

如果我看一下你們 25 財年收入指南的高端，你們的收入有望再次翻倍。

Does that mean that you're going to need to burn another $2.5 billion to $2.6 billion of free cash flow to hit those revenue targets?

這是否意味著您需要再消耗 25 億至 26 億美元的自由現金流才能實現這些收入目標？

Not necessarily.

不必要。

I mean, if we try to be very aggressively growing market share, maybe -- for example, we forecast $30-something billion, right, so in that case, we may need more.

我的意思是，如果我們試圖非常積極地增加市場份額，也許——例如，我們預測 30 億美元左右，對吧，所以在這種情況下，我們可能需要更多。

But if we try to focus on below $30 billion, then not necessary.

但如果我們試圖將重點放在 300 億美元以下，那就沒有必要了。

And Mehdi, one thing I would add to that is we believe that we have NIG profile.

Mehdi，我要補充的一件事是我們相信我們有 NIG 的資料。

And as such, like I mentioned earlier, we're starting to leverage our balance sheet more with targeting toward unsecured debt.

因此，正如我之前提到的，我們開始更多地利用我們的資產負債表，瞄準無擔保債務。

And so that will help us on an inter-quarter basis.

因此，這將對我們在季度間的基礎上有所幫助。

Got you.

明白你了。

Thank you.

謝謝。

What should I assume for fiscal year '25 CapEx?

我應該假設 '25 財年的資本支出是什麼？

No, we don't have -- we're not giving a guidance at this time.

不，我們沒有——我們目前不會提供指導。

Okay.

好的。

But would it be down on a year-over-year basis since most of the expansion in Malaysia and US are behind us?

但由於馬來西亞和美國的大部分擴張已經過去，它是否會比去年同期下降？

Well, we have other projects going on -- expansion here in the US, but we'll -- nothing to announce today.

嗯，我們還有其他項目正在進行中——在美國擴張，但我們今天沒有什麼可宣布的。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yeah, thank you.

是的，謝謝。

I want to talk about DLC and some of the chatter that's been out there from some competitors in that.

我想談談 DLC 以及一些競爭對手在這方面的一些討論。

It sounds like failure rates for DLC, broadly speaking, not necessarily for Super Micro, is high relative to air cooled.

從廣義上講，聽起來 DLC 的故障率（不一定是 Super Micro）相對於風冷式來說較高。

Can you comment on what is Super Micro's DLC failure rates relative to air cooled and then also relative to other DLC solutions?

您能否評論一下 Super Micro 的 DLC 相對於風冷以及相對於其他 DLC 解決方案的故障率是多少？

And I guess maybe we can do it on a per-node basis, annualized failure rates or whatever basis you want to utilize.

我想也許我們可以根據每個節點、年化故障率或您想要使用的任何基礎來實現。

Yeah.

是的。

We spent a lot on air cooled in last, I would like to say, two years to prepare our optimized DLC solution, including lots of new design, redesign, refining the components of the system.

過去兩年，我想說，我們在風冷方面花費了很多時間來準備我們優化的 DLC 解決方案，包括大量的新設計、重新設計、改進系統組件。

So finally, I mean, about May this year, right, we have our DLC solution for you ready.

所以最後，我的意思是，大約今年 5 月，對吧，我們已經為您準備了 DLC 解決方案。

And we have more than handful, high-profile customers who really like our DLC solution.

我們有很多真正喜歡我們的 DLC 解決方案的知名客戶。

That's why we're deploying the solution to them and that's why we paid out on acceleration charge, right?

這就是我們向他們部署解決方案的原因，也是我們支付加速費用的原因，對嗎？

But now the good thing is our whole DLC solution has been very mature and ready for really high-volume production.

但現在的好處是我們的整個 DLC 解決方案已經非常成熟，可以進行真正的大量生產。

So now for any customer on DLC, we are able to support them quickly and with a much reasonable cost now.

因此，現在對於 DLC 的任何客戶，我們都能夠以非常合理的成本快速為他們提供支援。

So looking forward, I mean, DLC, I believe, we'll be a really popular solution for the world because it's more efficient, especially energy saving.

所以展望未來，我的意思是，DLC，我相信，我們將成為世界上真正受歡迎的解決方案，因為它更有效率，尤其是節能。

So we are very happy that we establish DLC solution much ahead of anyone else.

所以我們很高興我們比其他人都領先地建立了 DLC 解決方案。

Again, like June and July, I believe we have at least 70% or 80%, maybe even higher market share in the world for DLC.

同樣，就像 6 月和 7 月一樣，我相信我們在全球 DLC 市場上至少擁有 70% 或 80%，甚至更高的市場份額。

And air cooled, again, we have been -- have a very optimized air cooled solution.

風冷，我們再次擁有非常優化的風冷解決方案。

So we continue to promote air cooled solution for sure.

所以我們肯定會繼續推廣風冷解決方案。

And do you have any thoughts on the actual like failure rates relative to air cooled and then relative to other suppliers' DLC solutions?

您對相對於風冷以及相對於其他供應商的 DLC 解決方案的實際故障率有何想法？

Liquid as you know, because a very high efficient in cooling, right?

你知道，液體，因為冷卻效率非常高，對吧？

So they allow CPU, GPU, other components running at a lower temperature.

因此它們允許CPU、GPU和其他組件在較低的溫度下運作。

And then in lots of case, indeed, are able to optimize customers' data center performance by percentage -- a couple of percentage to even high single-digit percentage.

在很多情況下，確實能夠以百分比優化客戶的資料中心效能—幾個百分比甚至高個位數百分比。

So a lot of customers really like DLC at this moment.

所以現在很多客戶都非常喜歡DLC。

So are you saying that you actually can achieve lower failure rates with DLC because you can run the GPUs at lower temperatures?

那麼您是說實際上可以使用 DLC 實現更低的故障率，因為您可以在較低的溫度下運行 GPU？

CPU, GPU, and other components at a lower temperature that which you have the kind of the whole data center quality, uptime, availability time.

CPU、GPU 和其他元件在較低的溫度下獲得整個資料中心的那種品質、正常運作時間、可用性時間。

Okay.

好的。

And then my follow-up question is that, I think June 21, you did an 8-K after market close, leasing significant data center space from prime data center and then you're leasing it back to Lambda Labs.

然後我的後續問題是，我認為 6 月 21 日，您在收市後進行了 8-K，從主要資料中心租賃了大量資料中心空間，然後將其租回給 Lambda Labs。

It seems like a rather odd arrangement.

這似乎是一個相當奇怪的安排。

Can you guys talk about the purpose of doing this?

大家能說說這樣做的目的嗎？

So we consider ourselves experts in data center solutions.

因此，我們認為自己是資料中心解決方案的專家。

And so this is really just one more facet of being a total provider.

因此，這實際上只是成為全面提供者的另一個面向。

Thomas Blakey, Key Corp.

托馬斯·布萊基，Key Corp.

Hi guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

I have a few here.

我這裡有幾個。

David, could you comment on the mix shift -- the mix rather of AI rack scale revenue here in the quarter?

大衛，您能否評論一下混合變化——本季人工智慧機架規模收入的混合？

Was it -- did it increase quarter on quarter in the June quarter?

六月季度是否季增？

Absolutely.

絕對地。

I mean, our revenues went up -- over $1.5 billion, and that was primarily driven by liquid cooled racks.

我的意思是，我們的收入增加了——超過 15 億美元，這主要是由液冷機架推動的。

Okay.

好的。

Excellent.

出色的。

And an update maybe on the capacity utilization, did that increase as well or decrease?

可能更新產能利用率，是增加還是減少？

And relatedly to that, you commented last quarter that there would be a number, I think about 1,000 rack per month going out at a 64 GPU configuration.

與此相關的是，您上季度評論說，我認為每月大約有 1,000 個機架採用 64 GPU 配置。

Could you give an update in terms of -- did you fit those to the three customers?

您能否提供一些最新資訊－您是否適合這三位客戶？

One was new in the June quarter.

其中一個是六月季度的新產品。

And again, an update on the capacity utilization related to that question.

再次，更新與該問題相關的產能利用率。

Yeah.

是的。

Customers like our high density computing solution, especially per rack.

客戶喜歡我們的高密度運算解決方案，尤其是每個機架的解決方案。

That's why you say 64 GPU or more GPU, right?

這就是為什麼你說 64 GPU 或更多 GPU，對嗎？

So we are very efficiently provide the customer for whatever configuration they like.

因此，我們非常有效地為客戶提供他們喜歡的任何配置。

And very soon, we will [allow] something even better, for sure.

很快，我們肯定會[允許]更好的東西。

So to be clear, is that a yes that you shipped 3,000 racks during the quarter at that configuration to those three customers?

需要明確的是，您在本季度向這三個客戶運送了 3,000 個配置的機架，這是否是肯定的？

We are building that capacity for that because how many customers will move to DLC, especially when Blackwell ready.

我們正在為此建立這種能力，因為有多少客戶將轉向 DLC，特別是當 Blackwell 準備好時。

So we are very optimistic for that, especially after Blackwell in high volume production.

因此，我們對此非常樂觀，尤其是在 Blackwell 實現大量生產之後。

And we have many Blackwell-ready optimized system and rack scale design.

我們擁有許多 Blackwell 就緒的最佳化系統和機架規模設計。

Yeah.

是的。

But Thomas, the 1,000 per month was the capacity.

但湯瑪斯，每月 1,000 個就是產能了。

We're not saying that we shipped 1,000 per month.

我們並不是說我們每月出貨 1,000 個。

But one thing I can tell you is that the efficiency -- yeah.

但我可以告訴你的一件事是效率——是的。

Thank you.

謝謝。

And we have run out of time for any further questions.

我們已經沒有時間回答任何進一步的問題了。

So this will conclude the Super Micro Computer, Incorporated Q4 2024 earnings call.

Super Micro Computer, Incorporated 2024 年第四季財報電話會議到此結束。

Thank you to everyone who is able to join us today.

感謝今天能夠加入我們的所有人。

You may now disconnect your lines.

現在您可以斷開線路。