超微電腦 (SMCI) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Tamia, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer, Inc. SMCI US Q1 FY25 business update call.

謝謝你的支持。我叫塔米亞，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Super Micro Computer, Inc. SMCI US Q1 FY25 業務更新電話會議。

With us today are Charles Liang, Founder, President and Chief Executive Officer; David Weigand, CFO; and Michael Staiger, Senior Vice President of Corporate Development. (Operator Instructions)

今天與我們在一起的還有創辦人、總裁兼執行長梁朝偉 (Charles Liang)；大衛‧韋根，財務長；和企業發展資深副總裁 Michael Staiger。 （操作員說明）

Good afternoon, and thank you for attending Super Micro's first-quarter fiscal 2025 business update conference call for the first quarter, which ended September 30, 2024. With me today are Charles Liang, Founder Chairman and Chief Executive Officer, David Weigand, Chief Financial Officer.

下午好，感謝您參加美超微於2024 年9 月30 日結束的第一季2025 財年第一季業務更新電話會議。 (Charles Liang)、財務長David Weigand長。

At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts. I will make additional remarks prior to beginning of the Q&A, but the company will not address any questions regarding the recent decision of our independent auditor to resign and the delay in the filing of the company's 10-K.

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。我將在問答開始之前發表更多評論，但公司不會回答有關我們的獨立審計師最近決定辭職以及延遲提交公司 10-K 的任何問題。

During today's conference call, Supermicro will address business and market trends from the first quarter of fiscal '25, including our financial outlook and operations, our strategy, technology and its advantages, our current and new product offerings, and competitive industry and economic trends. We will discuss estimated financial results but reference any financial results are preliminary and subject to change based on finalized results contained in future filings with the SEC.

在今天的電話會議上，Supermicro 將討論25 財年第一季的業務和市場趨勢，包括我們的財務前景和營運、我們的策略、技術及其優勢、我們當前和新的產品供應，以及競爭行業和經濟趨勢。我們將討論預期的財務結果，但任何財務結果均為初步結果，可能會根據未來向 SEC 提交的文件中包含的最終結果進行更改。

By now, you should receive a copy of today's news release that was issued after the close of market and is posted on our website where this call is being simultaneously webcast. Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them. Our actual results may differ materially from the results forecasted, and reported results should not be considered as an indication of future performance. A discussion of some of the risks and uncertainties relating to our business is contained in our filings with the SEC. And we refer each of those public filings, including our most recent annual report on Form 10-K.

到目前為止，您應該會收到一份今天的新聞稿，該新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議正在同時進行網路廣播。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。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。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。我們會參考每份公開文件，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. This call is being broadcast live on Super Micro Investor Relations website is being recorded for playback purposes. An archive of the webcast will be available on the IR website and its property, Supermicro. Our second quarter fiscal 2025 prior period begins at the close of business Friday, December 13, 2024.

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原則衡量標準。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。網路廣播的檔案將在 IR 網站及其旗下 Supermicro 上提供。我們的 2025 財年第二季前期從 2024 年 12 月 13 日星期五營業結束時開始。

With that, I will turn it over to Charles.

這樣，我就把它交給查爾斯了。

Thank you, Michael. Before we dive into the first quarter details, I would like to share some thoughts on the recent challenges that the company has experienced.

謝謝你，麥可。在我們深入了解第一季的細節之前，我想分享一些關於公司最近經歷的挑戰的想法。

As we have emphasized in our filed since these challenges emerge, we remain confident in our previous financial reports, And as previous announced, we are actively in the process of engaging a new auditor. We are working with urgency to become current again with our financial reporting. I'm pleased to report that the special committee has to date provided the following statement to Supermicro, which is also included in our press release.

正如我們在出現這些挑戰以來在文件中所強調的那樣，我們對先前的財務報告仍然充滿信心，並且正如先前宣布的那樣，我們正在積極聘請新的審計師。我們正在緊急努力，以再次更新我們的財務報告。我很高興地報告，特別委員會迄今為止已向 Supermicro 提供了以下聲明，該聲明也包含在我們的新聞稿中。

I quote, the Special Committee has completed its investigation based on a set of initial concerns raised by Ernst & Young. Following a three-month investigation led by Independent Counsel, the committee’s investigation to date has found that the Audit Committee has acted independently and that there is no evidence of fraud or misconduct on the part of management or the Board of Directors.

我引用的話，特別委員會已經根據安永提出的一系列初步擔憂完成了調查。經過獨立顧問領導的為期三個月的調查，委員會迄今為止的調查發現，審計委員會獨立行事，並且沒有證據表明管理層或董事會存在欺詐或不當行為。

The committee is recommending a series of remedial measures for the company to strengthen its internal governance and oversight functions, and the committee expects to deliver the full report on the completed work this week or next. The Special Committee has other work that is ongoing but expects it to be completed soon, end of quote.

委員會正在建議公司採取一系列補救措施，以加強其內部治理和監督職能，委員會預計將在本週或下週提交已完成工作的完整報告。特別委員會還有其他工作正在進行，但預計很快就能完成（引文結束）。

The special committee has done otherwise provided any additional details or information. We look forward to receiving the committee full report in the near future. We do not believe the current challenges affect Super Micro's ability to service our customers and partners, as we continue to grow rapidly and strongly with the AI revolution. And my confidence in Supermicro and its staff remains stronger than ever.

特別委員會還提供了任何額外的細節或資訊。我們期待在不久的將來收到委員會的完整報告。我們認為當前的挑戰不會影響 Super Micro 為客戶和合作夥伴提供服務的能力，因為我們將繼續隨著人工智慧革命而快速而強勁地發展。我對 Supermicro 及其員工的信心比以往任何時候都更加堅定。

Here are some key quarterly highlights. The preliminary fiscal Q1 net revenue was in the range of $5.9 billion to $6 billion. At the midpoint, this is up 181% year on year, driven by strong AI demand from our old and new customers. It was one of our strongest first quarters in history, despite many customers are waiting for the coming soon new-generation GPU chips.

以下是一些重要的季度亮點。第一財季初步淨收入在 59 億美元至 60 億美元之間。在新舊客戶強勁的人工智慧需求的推動下，這一數字年增了 181%。儘管許多客戶正在等待即將推出的新一代 GPU 晶片，但這是我們歷史上最強勁的第一季之一。

The preliminary fiscal Q1 non-GAAP earning in the range of $0.75 to $0.76 per share was 30% last year, approximately 122% year-on-year gross rate.

去年第一財季初步非美國通用會計準則每股收益為 0.75 美元至 0.76 美元，為 30%，年比毛利率約為 122%。

The preliminary non-GAAP gross margin approximately 13.3%. And non-GAAP operating margin is approximately 9.9%. Both were higher than the previous quarter as customer mix improved and supply chain cost and expedite shipping easy for DLC components.

初步非公認會計準則毛利率約為13.3%。非 GAAP 營運利潤率約為 9.9%。由於客戶結構的改善、供應鏈成本的提高以及 DLC 組件運輸的加快，兩者均高於上一季。

We have depleted the world's largest DLC AI SuperCluster with 100,000 customers. NVIDIA GPU and the record time to deployment, TPD, as well as time to online. This milestone achievement reflects our engineering expertise and complex logistics capabilities for large-scale AI infrastructure deployment.

我們已經耗盡了擁有 100,000 名客戶的世界上最大的 DLC AI SuperCluster。 NVIDIA GPU 並記錄部署時間、TPD 以及上線時間。這項里程碑式的成就反映了我們在大規模人工智慧基礎設施部署方面的工程專業知識和複雜的物流能力。

Leverage in our [data center building product solution], DCBPS . We are now building a full-scale liquid-cooled data center with our rack-scale plug-and-play solutions, featuring our latest DLC liquid-cooling technology at our leading pace. DCBPS, data center building product solution, can reduce the time required for customers to build a new data centers from roughly two years to a few quarters, significantly improving data center, TTD, TTO; time to delivery and time to online; and cost for customer's AI IT infrastructure.

利用我們的[資料中心建立產品解決方案] DCBPS。我們現在正在利用我們的機架級即插即用解決方案來建造一個全面的液冷資料中心，並以領先的速度採用我們最新的 DLC 液冷技術。 DCBPS資料中心建置產品解決方案，可以將客戶建造新資料中心的時間從大約兩年縮短到幾個季度，顯著提高資料中心的TTD、TTO；交貨時間和上線時間；以及客戶 AI IT 基礎架構的成本。

Data center building block solution is also helping to accelerate the adoption of DLC liquid cooling, driving efficiency and performance, while reducing customer's [whole packs], achieving greener community. We expect 15% to 30% of new data centers will adopt liquid cooled [infrastructure] in the next three months. The DLC volume is at least 10 times more than last year. I mean, this year, DLC market share will be at least 10 times more than last year due to the DLC liquid cooling product maturity and the rapid growth of AI.

資料中心構建塊解決方案也有助於加速 DLC 液體冷卻的採用，提高效率和效能，同時減少客戶的[整體包裝]，實現更綠色的社區。我們預計未來三個月內 15% 至 30% 的新資料中心將採用液冷[基礎設施]。 DLC數量比去年至少增加了10倍。我的意思是，由於DLC液冷產品的成熟和AI的快速成長，今年DLC的市佔率將比去年增加至少10倍。

To keep the DLC solutions performing at their best, our new super cloud composer, SCC, is capable of end-to-end management from chip level all the way to rack level and data center cooling towers, making it the most powerful DLC data center management software on the market today. SCC further simplifies provisioning of highly automated software supporting customers with rapidly changing workload requirements.

為了讓DLC解決方案保持最佳效能，我們新的超級雲端編譯器SCC能夠進行從晶片級一直到機架級和資料中心冷卻塔的端到端管理，使其成為最強大的DLC資料中心目前市面上的管理軟體。 SCC 進一步簡化了高度自動化軟體的配置，支援客戶快速變化的工作負載需求。

With the addition of SCC, Supermicro is well prepared to service many more customers and grow the DLC liquid cooling data center market share. On the production front, we are in the process of completing our new Malaysia campus, where we expect to begin manufacturing later this quarter. Additionally, we have been nonstop expanding our facilities in Silicon Valley to increase our DLC liquid cooling rack scale production capacity.

隨著 SCC 的加入，Supermicro 已做好充分準備為更多客戶提供服務並擴大 DLC 液冷資料中心市場份額。在生產方面，我們正在完成馬來西亞新工廠的建設，預計將在本季稍後開始生產。此外，我們一直在不停地擴大我們在矽谷的設施，以提高我們的 DLC 液冷機架規模生產能力。

Now they are focusing 15 megawatt of power and able to produce more than 1,500 DLC GPU racks per month, with plans to scale up for them. Our Taiwan and Europe production facilities also are growing at a quick pace. Moreover, we are planning to expand it to several other global manufacturing locations in the near future.

現在，他們專注於 15 兆瓦的功率，每月能夠生產 1,500 多個 DLC GPU 機架，並計劃擴大規模。我們的台灣和歐洲生產設施也在快速成長。此外，我們計劃在不久的將來將其擴展到全球其他幾個製造地點。

By leveraging our strengths in technology, innovation, product design, user quality, supply chain management, deployment, and data center services, we are pushing our goal to transform Supermicro into a leading USA, as well as worldwide AI, IT infrastructure company. We are off to a strong start in fiscal 2025. Our total IT solutions agreements are rapidly scaling and our new product development are progressing smoothly.

透過利用我們在技術、創新、產品設計、用戶品質、供應鏈管理、部署和資料中心服務方面的優勢，我們正在推動將 Supermicro 轉變為美國乃至全球領先的人工智慧、IT 基礎設施公司的目標。我們在 2025 財政年度有了一個良好的開端。

Our NVIDIA GB200 NVL72 is ready. And the 10U air cooled and 4U liquid cooled B200 RAM (inaudible) are fully capacity-ready. The brand new 200 kilowatt plus super-wreck architecture co-developed with NVIDIA, which provide near 100% DLC. I mean, the whole rack, almost no cooling fan required.

我們的 NVIDIA GB200 NVL72 已準備就緒。 10U 風冷和 4U 液冷 B200 RAM（聽不清楚）已完全容量就緒。與NVIDIA共同開發的全新200千瓦+超級殘骸架構，提供接近100%的DLC。我的意思是，整個機架幾乎不需要冷卻風扇。

It's also on the right track. The new ship-to-rack architecture will be able to achieve power usage effectiveness PUE close to 1.0 to complete our BorrowDisk AI portfolio.

也走在了正確的軌道上。新的船到架架構將能夠實現接近 1.0 的電源使用效率 PUE，以完善我們的 BorrowDisk AI 產品組合。

Now, AMD MI300 and MI325 platforms and Intel W3 solutions are ready to go as well. Our data center building block solution is attracting more new customers. And our long-term investment in DLC liquid cooling give us pain of order cars quality and volume capacity, given us a sustainable competitive age and economics of scale.

現在，AMD MI300 和 MI325 平台以及英特爾 W3 解決方案也已準備就緒。我們的資料中心建構塊解決方案正在吸引更多新客戶。我們對 DLC 液體冷卻的長期投資給我們帶來了訂單汽車品質和容量的痛苦，給我們帶來了可持續的競爭時代和規模經濟。

Before passing the code to David Weigand, our CFO, I want to thank our partners, customers, investors, and [Shibu Michael in Greece] and express my appreciation for their patience and support until we can provide more information about our 10-K filing status. Our strong foundation, data center building block solution, and DLC liquid cooling bring computing leadership, not only reduce energy costs for our customers, but also contribute to a healthier mother Earth.

在將代碼傳遞給我們的財務長David Weigand 之前，我要感謝我們的合作夥伴、客戶、投資者和[希臘的Shibu Michael]，並對他們的耐心和支持表示感謝，直到我們能夠提供有關10 -K 備案的更多資訊地位。我們強大的基礎、資料中心構建塊解決方案和 DLC 液體冷卻帶來了計算領先地位，不僅為我們的客戶降低了能源成本，還為更健康的地球母親做出了貢獻。

I believe we are well positioned for strong future growth.

我相信我們已經為未來的強勁成長做好了準備。

Thank you, Charles. We remind investors that the unaudited interim financial information in this report is preliminary. We expect unaudited Q1 fiscal year '25 revenues in the range of $5.9 billion to $6 billion. up 181% year over year and up 12% quarter-over-quarter versus our guidance of $6 billion to $7 billion. Growth was driven by strong demand for direct liquid cooled, rack scale AI GPU platforms.

謝謝你，查爾斯。我們提醒投資者，本報告中未經審計的中期財務資訊為初步資訊。我們預計 25 財年第一季未經審計的營收將在 59 億至 60 億美元之間。與我們 60 億至 70 億美元的指導值相比，年增 181%，季增 12%。成長是由對直接液冷、機架級 AI GPU 平台的強勁需求所推動的。

AI contributed over 70% of revenues across enterprise and cloud service provider markets. The expected Q1 non-GAAP gross margin is approximately 13.3% versus 11.3% last quarter due to product and customer mix and lower costs coupled with higher manufacturing efficiencies on DLC AI GPU clusters. The Q1 non-GAAP operating margin is approximately 9.9% and -- excluding $67 million in stock-based compensation expenses versus 7.8% in Q4. I -- the Q1 estimate for other income and expense is expected to be a net expense of approximately $9 million, consisting of $17 million in interest expense, offset by $8 million in interest and other income. The Q1 tax rate is approximately 14% for GAAP and 16% for non-GAAP.

AI 貢獻了企業和雲端服務供應商市場 70% 以上的收入。由於產品和客戶組合、成本降低以及 DLC AI GPU 群集更高的製造效率，預計第一季非 GAAP 毛利率約為 13.3%，而上一季為 11.3%。第一季非 GAAP 營運利潤率約為 9.9%，不包括 6,700 萬美元的股票薪酬費用，而第四季為 7.8%。 I—第一季其他收入和支出的預期淨支出約為 900 萬美元，其中包括 1,700 萬美元的利息支出，並被 800 萬美元的利息和其他收入所抵銷。第一季的 GAAP 稅率約為 14%，非 GAAP 稅率約為 16%。

The Q1 estimate for GAAP net income is $433 million to $443 million, and non-GAAP net income is $483 million to $493 million. Non-GAAP net income excludes $50 million in stock-based compensation expenses, net of the related tax effects of $17 million.

第一季 GAAP 淨利潤預計為 4.33 億美元至 4.43 億美元，非 GAAP 淨利潤為 4.83 億美元至 4.93 億美元。非 GAAP 淨利潤不包括 5000 萬美元的股票補償費用，扣除 1700 萬美元的相關稅收影響。

The split adjusted Q1 GAAP diluted earnings per share range is approximately $0.68 to $0.70 versus prior guidance of $0.60 to $0.77. The Q1 non-GAAP diluted EPS range is approximately $0.75 to $0.76 versus guidance of $0.67 to $0.83. We expect a Q1 GAAP diluted share count of $639 million and a non-GAAP diluted share count of $648 million.

分割調整後的第一季 GAAP 攤薄每股收益範圍約為 0.68 美元至 0.70 美元，而先前的指引為 0.60 美元至 0.77 美元。第一季非 GAAP 攤薄後每股收益範圍約為 0.75 至 0.76 美元，而指導值為 0.67 至 0.83 美元。我們預計第一季 GAAP 攤薄後股票數為 6.39 億美元，非 GAAP 攤薄後股票數為 6.48 億美元。

Operating cash flow is approximately $407 million, an improvement of $1 billion quarter over quarter. Q1 closing inventory was approximately $5 billion. CapEx for Q1 was $42 million. Positive free cash flow was $365 million for the quarter.

營運現金流約 4.07 億美元，季增 10 億美元。第一季期末庫存約 50 億美元。第一季的資本支出為 4,200 萬美元。該季度的正自由現金流為 3.65 億美元。

The Q1 closing balance sheet cash position was $2.1 billion and total debt was $2.3 billion with bank debt of $0.6 billion and convertible bond debt of $1.7 billion, resulting in an improved Q1 net cash position of approximately negative $0.2 billion versus a net cash position of negative $0.5 billion last quarter.

第一季期末資產負債表現金部位為21 億美元，總負債為23 億美元，其中銀行債務為6 億美元，可轉換債券債務為17 億美元，導致第一季淨現金部位改善約負2 億美元，而淨現金部位為負上季 5 億美元。

Turning to the balance sheet and working capital metrics compared to last quarter. The Q1 cash conversion cycle was 97 days versus 94 days in Q4. Days of inventory was 85 days, compared to the prior quarter of 82 days. Days sales outstanding for Q1 was 41 days versus 37 days last quarter, while days payables outstanding was 29 days from 25 days last quarter.

轉向與上季相比的資產負債表和營運資本指標。第一季現金轉換週期為 97 天，而第四季為 94 天。庫存天數為 85 天，而上一季為 82 天。第一季的銷售欠款週轉天數為 41 天，上一季為 37 天；應付帳款週轉天數為 29 天，上一季為 25 天。

For the second quarter of fiscal 2025, we expect net sales in the range of $5.5 billion to $6.1 billion. We expect GAAP and non-GAAP gross margin down 100 basis points sequentially due to customer and product mix.

2025 財年第二季度，我們預期淨銷售額在 55 億至 61 億美元之間。由於客戶和產品組合的原因，我們預計 GAAP 和非 GAAP 毛利率將連續下降 100 個基點。

We expect GAAP and non-GAAP operating expenses up approximately $34 million sequentially, and GAAP and non-GAAP other income and expense to be a net expense of approximately $7 million. We expect GAAP net income per diluted share of $0.48 to $0.58, and non-GAAP net income per diluted share of $0.56 to $0.65.

我們預計 GAAP 和非 GAAP 營運支出將連續增加約 3,400 萬美元，GAAP 和非 GAAP 其他收入和支出將成為淨支出約 700 萬美元。我們預計 GAAP 攤薄後每股淨利潤為 0.48 至 0.58 美元，非 GAAP 攤薄後每股淨利潤為 0.56 至 0.65 美元。

The company's projections for GAAP and non-GAAP net income per diluted share assume a tax rate of 14% and 15%, respectively, a diluted share count of 640 million shares for GAAP and a diluted share count of 648 million shares for non-GAAP.

該公司對 GAAP 和非 GAAP 稀釋每股淨利的預測分別假設稅率為 14% 和 15%，GAAP 稀釋後股數為 6.4 億股，非 GAAP 稀釋後股數為 6.48 億股。

The outlook for Q2 of fiscal year 2025 and GAAP net income per diluted share includes approximately $54 million in expected stock-based compensation expense and other expenses net of related tax effects of $14 million, which are excluded from non-GAAP net income per diluted share. The final financial results reported for this period may differ from the results reported here based on the review by the new independent registered public accounting firm to be appointed. We are working diligently to select a new independent registered public accounting firm and complete our fiscal year '24 audit.

2025 財年第二季的前景和 GAAP 攤薄每股淨利潤包括約 5,400 萬美元的預期股票補償費用和扣除其他相關稅收影響的費用 1,400 萬美元，這些費用不包括在非 GAAP 攤薄每股淨利潤中。根據即將任命的新獨立註冊會計師事務所的審查，本期報告的最終財務結果可能與此處報告的結果有所不同。我們正在努力選擇新的獨立註冊會計師事務所並完成 '24 財年的審計。

Michael, we're ready.

邁克爾，我們準備好了。

Thank you, David. Before we get into questions, we appreciate you may have further questions about the special committee's findings as well as our audit time line. We're not in a position to address those questions on the call today.

謝謝你，大衛。在我們提出問題之前，我們感謝您對特別委員會的調查結果以及我們的審計時間表有進一步的疑問。我們無法在今天的電話會議上回答這些問題。

So with that, operator, we'll take a first question.

那麼，操作員，我們將回答第一個問題。

(Operator Instructions) Michael Ng, Goldman Sachs.

（操作員指令）Michael Ng，高盛。

Hey, good afternoon. Thank you for the question. Just on the business fundamentals. Revenue came in at the lower end of the guidance. I was wondering if you could speak to that? And whether you're seeing any market share losses as a result of some of the delayed financial filings?

嘿，下午好。謝謝你的提問。只是在業務基礎上。收入處於指引的下限。我想知道你能談談嗎？您是否發現某些財務報告延遲導致市場佔有率損失？

And how do you feel about the $26 billion to $30 billion full-year revenue guidance that you previously gave out? And are you hearing from any customers that once this resolution occurs, they'll be able to step up some of their orders? Or is it a gating factor? Thank you.

您對先前給出的 260 億至 300 億美元的全年收入指引有何看法？您是否從任何客戶那裡聽說，一旦解決方案達成，他們將能夠增加部分訂單？或者它是門控因素？謝謝。

Okay. Thank you for the question, Michael. Indeed, last quarter, revenue reduced a little bit. I guess the major reason because there are some customers within for the new chip, Blackwell, as you know. So people are waiting for the new solution and the new solution, I mean the Blackwell update, liquid cool or GP200 our solution in the ready. That's what we do on achieve.

好的。謝謝你的提問，麥可。事實上，上個季度的收入略有下降。我猜主要原因是因為有一些客戶喜歡新晶片 Blackwell，如你所知。所以人們正在等待新的解決方案和新的解決方案，我的意思是 Blackwell 更新、液冷或 GP200 我們的解決方案已經準備好了。這就是我們在實現目標時所做的事情。

So I guess that's the major reason. And our capacity continue to grow, and our liquid cooling solution is fully related. Again, we can produce [1500] liquid cooling rack for months now. So we are very ready. That's what we're doing for the new chip to be available. And then I believe we can grow our market share and revenue after that.

所以我想這就是主要原因。而我們的產能不斷成長，和我們的液冷解決方案完全相關。同樣，我們現在可以生產 [1500] 個液體冷卻架數月。所以我們已經做好了充分的準備。這就是我們為推出新晶片所做的事情。我相信此後我們可以增加我們的市場份額和收入。

Great. And for David, just on the full year guidance.

偉大的。對大衛來說，只是全年指導。

Yeah, Michael, we're not providing annual guidance on this call.

是的，邁克爾，我們不會就此電話會議提供年度指導。

Great. Thank you, Charles. Thank you, David.

偉大的。謝謝你，查爾斯。謝謝你，大衛。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Thank you, guys. Thanks for taking my question. I guess maybe to sort of talk about the gross margins here. You had robust gross margins in the quarter, but you're guiding it down. It seems like maybe it's a bit more choppy in terms of gross margins depending on customer mix. Does the sort of progression before getting back to the 14% to 17% that you talked about earlier still remain sort of the base case? Or are you having to sort of discount more or be more aggressive on pricing on the current generation products?

謝謝你們，夥計們。感謝您提出我的問題。我想也許應該在這裡談談毛利率。本季您的毛利率強勁，但您正在下調毛利率。根據客戶組合的不同，毛利率似乎會更加波動。回到您之前談到的 14% 到 17% 之前的這種進展是否仍然屬於基本情況？或者您必須對當前世代產品進行更多折扣或更激進的定價？

And as separate sort of a side question, just I know you're not commenting on related to the filings, but any management changes or any changes in how you operate that you're planning or thinking about to sort of overall improve things in terms of getting more sort of more disciplined around and more control around the financial reporting? Thank you.

作為一個單獨的附帶問題，我知道你不是在評論與文件相關的內容，而是在評論任何管理層的變化或你正在計劃或考慮的運營方式的任何變化，以從整體上改善情況對財務報告進行更多的約束與控制？謝謝。

Thank you, Samik. Yes, I mean it depends on new products, right, when new GPU chip available. As you know, whenever they are a new generation of technology, we have advantage to grow our market share and profitability. At the same time, our data center building block solution with SCC, Supermicro [composer], that provide full end-to-end solution, then for sure, we will gradually grow our gross margin and net margin.

謝謝你，薩米克。是的，我的意思是這取決於新產品，對吧，新的 GPU 晶片何時可用。如您所知，只要它們是新一代技術，我們就有優勢增加我們的市場份額和獲利能力。同時，我們的資料中心構建塊解決方案與SCC、Supermicro [composer]一起提供完整的端到端解決方案，那麼可以肯定的是，我們將逐步增長我們的毛利率和淨利潤。

As to a management team, yes, we are always faster growing -- 2023, we grew 40% above. And then 2024, we grew more than double. And this year, again, we will have a big growth. So when companies are faster going, we continue to add more people, including senior management. So we are evaluating the possibility, including the possibility including before from special committee. And we -- by the nature, we continue to grow senior management team as well.

至於管理團隊，是的，我們總是在更快地成長——2023 年，我們的成長速度超過 40%。然後到 2024 年，我們的成長率增加了一倍以上。今年，我們將再次實現大幅成長。因此，當公司發展速度加快時，我們會繼續增加更多人員，包括高階主管。所以我們正在評估可能性，包括之前來自特別委員會的可能性。從本質上講，我們也在不斷壯大高階管理團隊。

Thank you. Thanks for taking my question.

謝謝。感謝您提出我的問題。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah, thanks for taking the questions. A couple if I can as well. I just -- Charles, I want to go back. I think when you guys had originally guided this quarter, I think the guidance range is like $6 billion to $7 billion. You came in at about $500 million at the midpoint short of that.

是的，感謝您提出問題。如果可以的話也可以來一對。我只是──查爾斯，我想回去。我認為，當你們最初指導本季時，我認為指導範圍約為 60 億至 70 億美元。你的收入大約是 5 億美元，比這個數字還差一半。

I guess, given the comments to the prior question, are you assigning that to just the timing of Blackwell? Or was there something that changed in the demand or the timing of deployments this last quarter? I'd also add in there.

我想，考慮到對前一個問題的評論，您是否將其歸咎於布萊克威爾的時機？或者上個季度的需求或部署時間是否改變了？我也想在那裡添加。

I think last quarter when you had set that guide, I think there was like $800 million of sales that you had alluded to as being pushed out of last quarter into the fiscal first quarter. Did that all close? I'm just trying to bridge that gap for me between the delta and the guide relative to the business update today.

我認為上個季度，當您制定該指南時，您提到的大約 8 億美元的銷售額被從上個季度推到了第一財季。那一切都結束了嗎？我只是想彌合三角洲和與今天的業務更新相關的指南之間的差距。

Okay, good. Thank you. I mean this is complicated question. So I believe the major impact is new chip availability, because like we are cheap for sure is a much higher performance much better performance for dollars, right? And this thing will be available gradually.

好的，很好。謝謝。我的意思是這是一個複雜的問題。所以我相信主要的影響是新晶片的可用性，因為就像我們便宜一樣，肯定會以美元的價格獲得更高的性能更好的性能，對吧？而且這個東西會慢慢的變得可用。

And Q1 hopefully, Q1 (inaudible) volume become much better. And so that's the major factor, I believe. As to our 10-K delay, it may impact a little bit how much I don't know yet, but a certain impact for sure. But hopefully not too big.

希望第一季（聽不清楚）銷售變得更好。我相信這是主要因素。至於我們的 10-K 延遲，可能會有一點影響，我還不知道有多少，但肯定有一定的影響。但希望不要太大。

As to the whole year, yes, today, we do not provide annual guidance basically with our [liquid cooling] edge, right, in last few months, we delivered more than 2,000 DLC. That, I believe, is a very high percentage for the whole liquid cooling market. So for the future growth, is still very optimistic.

至於全年，是的，今天我們基本上不提供年度指導，基本上是我們的[液冷]優勢，對，最近幾個月，我們交付了超過2000個DLC。我相信，這對於整個液體冷卻市場來說是一個非常高的百分比。所以對於未來的成長，還是非常樂觀的。

Yeah, okay. And then two other quick questions, if I can. So first of all, I mean, you mentioned $5 billion of inventory coming out of this quarter. Any thoughts of where that might trend coming out of this next quarter embedded in your outlook that you provided today?

是啊，好吧。如果可以的話，還有另外兩個簡單問題。首先，我的意思是，您提到本季的庫存為 50 億美元。您今天提供的展望中包含了對下個季度可能出現的趨勢的任何想法嗎？

And then I apologize for asking, I know that you're not going to address the special committee dynamic. But -- any thoughts on the timing of an auditor of getting an auditor or sign anything you can share on that front? I appreciate that you ask we're not talking much about that, but I'm curious, any comments on that front.

然後我很抱歉問這個問題，我知道你不會討論特別委員會的動態。但是，對於審計師聘請審計師的時間或簽署您可以在這方面分享的任何內容有什麼想法嗎？我很高興你問我們沒有談論太多，但我很好奇，對此方面有任何評論。

of getting an auditor assigned, anything you can share on that front. I appreciate that, yes, we're not talking much about that. But I'm curious to see any comments on that front.

指派一名審核員，您可以在這方面分享的任何內容。我很欣賞這一點，是的，我們對此沒有太多談論。但我很好奇看到這方面的任何評論。

Okay. For inventory, maybe I can answer a little bit. I mean the company will continue to grow, I believe. So $5 billion level of inventory, I believe will continue. And as to the special committee investigation results today, I'm very happy to share some very positive innovation as for detail once it's available from them, we will share with the market.

好的。對於庫存，也許我可以回答一點。我的意思是，我相信公司將繼續發展。我相信50億美元的庫存水準將會持續下去。至於今天特別委員會的調查結果，我很高興分享一些非常積極的創新，至於細節，一旦他們提供，我們將與市場分享。

And Aaron, we have no update with respect to the timeline that we talked about, as we mentioned earlier. (multiple speakers) We're working diligently to get that done, as I mentioned, as quickly as possible.

亞倫，正如我們之前提到的，我們沒有關於我們討論的時間表的更新。 （多名發言者）正如我所提到的，我們正在努力盡快完成這項工作。

Yeah. Thanks, guys.

是的。謝謝，夥計們。

(Operator Instructions) Ananda Baruah, Loop Capital.

（操作員指令）Ananda Baruah，Loop Capital。

yeah guys. good afternoon. Thanks for taking the questions. Two if I could. I guess the first is on gross margin sort of -- well, I guess really the question is, Dave, should we still expect it to improve as we go through the fiscal year as you were previously anticipating?

是的，夥計們。午安.感謝您提出問題。如果可以的話，兩個。我想第一個是毛利率——嗯，我想真正的問題是，戴夫，我們是否仍然應該期望它會像您之前預期的那樣在整個財年中有所改善？

Yeah. So by the way, we guided cautiously in this first quarter on our margin. So we were glad to be able to exceed it. And so in like fashion, we're guiding conservatively into the second quarter. And so we still have our target margin that we're shooting for. And so we're doing everything that we can to improve that.

是的。順便說一句，我們在第一季對利潤率進行了謹慎指導。所以我們很高興能夠超越它。因此，同樣，我們對第二季的預測也很保守。因此，我們仍然有我們正在爭取的目標利潤。因此，我們正在盡一切努力來改進這一點。

Yes. The competition we still putting some pressure, as you know, but Blackwell, I mean a new technology push and feel very optimistic or space tends to grow. And as I mentioned, the data center building product solution including SCC, SuperCloud Composer, that provide end-to-end management from chip level to rack scale to the whole data center. So I believe all of those will help our growth.

是的。如你所知，我們仍然施加一些壓力，但布萊克威爾，我的意思是新技術的推動，我感到非常樂觀，或者空間趨於增長。正如我所提到的，資料中心建置產品解決方案包括SCC、SuperCloud Composer，提供從晶片級到機架級到整個資料中心的端到端管理。所以我相信所有這些都將有助於我們的成長。

And then we also start to provide -- able to provide the customer on-site deployment, on-site cable and service. So all of those are very positive to our business. So I feel very positive to continue grow business.

然後我們也開始提供——能夠為客戶提供現場部署、現場佈線和服務。所以所有這些對我們的業務都非常積極。因此，我對繼續發展業務感到非常積極。

Yeah. Thanks for the margin context. I appreciate that. And the follow-up is just I guess just a general working capital financing question. This question comes up -- has come up with a lot with investors.

是的。感謝您提供保證金上下文。我很欣賞這一點。我想後續只是一個一般性的營運資金融資問題。這個問題已經被投資人提出很多了。

And could you just give us -- really, the question is can you explain sort of the access to capital situation as we go forward? And I guess, really, how would you like the investment community to think about the access to capital situation?

您能否告訴我們—實際上，問題是您能否解釋一下我們前進過程中獲得資本的情況？我想，實際上，您希望投資界如何考慮獲得資本的情況？

Sure. So Ananda, we put in the last eight, nine months, $4 billion into working capital from two equity raises and one convert. And so it really left us with a good working capital situation, exiting Q4 at a run rate of $6 billion. So again, we're forecasting a little down in Q2. So that takes care of our working capital needs for a while.

當然。因此，阿南達，在過去的八、九個月裡，我們透過兩次股權融資和一次轉換，投入了 40 億美元的營運資金。因此，這確實為我們帶來了良好的營運資金狀況，第四季的營運資金為 60 億美元。因此，我們再次預測第二季會略有下降。這樣可以暫時滿足我們的營運資金需求。

So access, we have a very strong, growing and profitable company. And so we don't believe that we'll have any impediments to raising working capital.

因此，我們擁有一家非常強大、不斷發展且獲利的公司。因此，我們認為籌集營運資金不會遇到任何障礙。

Yeah. Every quarter, we are making a reasonable good net profit, though. So basically, we should be in a good shape.

是的。不過，每季我們都獲得了相當不錯的淨利。所以基本上，我們應該保持良好的狀態。

Okay, guys thanks sdo much. Thank you.

好吧，夥計們，非常感謝。謝謝。

George Wang, Barclays.

喬治王，巴克萊銀行。

Hey, guys. Thanks for taking my question. I have two quick ones. Firstly, can you kind of double-click on which quarter do you think that you will start booking the Blackwell revenue? Last time, you guys alluded to sometime in the June quarter. Just curious whether that is still on track. Just any kind of high level in terms of when do you think the (inaudible) is going to show up in the P&L?

嘿，夥計們。感謝您提出我的問題。我有兩個快的。首先，您可以雙擊您認為您將開始預訂布萊克韋爾收入的季度嗎？上次，你們提到了六月季度的某個時間。只是好奇這是否仍在正軌上。您認為（聽不清楚）什麼時候會出現在損益表中？

Yes, very big question. Indeed, we're asking NVIDIA every day. So I hope their production can go smooth and go for high-volume medicine. And once they have cheap available -- our solutions are fairly ready. So we continue to work with them very closely to develop a current MVL 72 and B200 liquid cool and air cool. And we also designed some really enhance direct scale solution.

是的，很大的問題。事實上，我們每天都在詢問 NVIDIA。所以我希望他們的生產能夠順利進行，能夠大量生產藥品。一旦他們有便宜的可用性——我們的解決方案就已經準備好了。因此，我們繼續與他們密切合作，開發目前的 MVL 72 和 B200 液冷和風冷。我們也設計了一些真正增強直接規模的解決方案。

So in terms of total solution, we have a very strong offering, waiting for the chip. So we need NVIDIA the quickest approval. Thank you.

所以就整體解決方案而言，我們有非常強大的產品，正在等待晶片。所以我們需要NVIDIA最快的批准。謝謝。

Got it. That's helpful. Just a quick one, if I can. Just how to think about gross margin in the area of Blackwell versus Hopper? Just curious if you can talk about puts and takes on the gross margin for the GB 200, especially in light of reference design from NVIDIA, any kind of incremental value add from Supermicro just as we kind of hand to the Blackwell, just in relation to the profitability and the kind of margin profile? Thank you.

知道了。這很有幫助。如果可以的話，就快點吧。如何看待 Blackwell 與 Hopper 領域的毛利率？只是好奇您是否可以談論 GB 200 的毛利率，特別是考慮到 NVIDIA 的參考設計，Supermicro 的任何增量增值，就像我們交給 Blackwell 一樣，只是與盈利能力和利潤狀況如何？謝謝。

Thank you. By the way, George, here, we estimate are more competitive, right? Because people know AI market is so big now, wo with the Blackwell, we expect more competition. But at the same time, we also were prepared by our data center building block solutions, with our end-to-end SuperCloud Compose and with our on-site deployment, cabling service business.

謝謝。順便說一句，喬治，我們估計這裡更有競爭力，對嗎？因為人們知道現在人工智慧市場如此之大，加上 Packwell，我們預計會有更多的競爭。但同時，我們也透過我們的資料中心建置區塊解決方案、我們的端到端 SuperCloud Compose 以及我們的現場部署、佈線服務業務做好了準備。

So those are new. And I believe, we are able to provide a very unique, very efficient time to delivery, time to online advantage to customers. So yes, competition is strong, but I believe we are in a good position.

所以這些都是新的。我相信，我們能夠為客戶提供非常獨特、非常有效率的交貨時間、線上時間優勢。所以，是的，競爭很激烈，但我相信我們處於有利地位。

Okay, thanks a lot, Charles. I'll go back in the queue.

好的，非常感謝，查爾斯。我會回到隊列中。

Nehal Chokshi, Northland.

內哈‧喬克希 (Nehal Chokshi)，北國。

Yes, thank you for taking my question. A couple of questions, please. First, Dave, any 10% customer exposures in the quarter and the upcoming quarter?

是的，謝謝您回答我的問題。請教幾個問題。首先，Dave，本季和下一季是否有 10% 的客戶風險？

Indeed, we will have 10% customers, Nehal.

事實上，我們將擁有 10% 的客戶，Nehal。

Could you give us some detail as far as what percent of overall revenue due to 10% customers represent in the September quarter?

您能否詳細說明 10% 客戶在 9 月季度的總收入中所佔的百分比？

Yeah. So we're not going to release that data today.

是的。因此，我們今天不會發布該數據。

Yeah. But at the same time, we continue to gain more new customers, especially in Europe in Asia. So I believe we will be able to keep a healthy ratio.

是的。但同時，我們繼續獲得更多新客戶，特別是在歐洲和亞洲。所以我相信我們將能夠保持健康的比例。

Okay. Great. And then, Charles, I think there's a strong feeling in the investment community that the Chairman and CEO roles, if separated, could be quite beneficial to Supermicro. From your perspective, what is the benefit Supermicro separating these roles.

好的。偉大的。然後，查爾斯，我認為投資界有一種強烈的感覺，即董事長和執行長的角色如果分開，可能對超微非常有利。從您的角度來看，超微分離這些角色有什麼好處？

Okay. Well, I have an update over the company. That's my consideration. So every day and every week, I have been thinking about the question since many years ago. And so again, why would I phase the whole business. So I push it only in very open mind, and I'm technology guy and technology is my best interest. But still, overall consideration is the best benefit for shareholders and the company.

好的。嗯，我有關於公司的最新消息。這是我的考慮。所以從很多年前開始，我每天、每週都在思考這個問題。再說一遍，為什麼我要分階段進行整個業務。所以我只是以非常開放的心態推動它，我是技術人員，技術是我的最大興趣。但整體考慮還是對股東和公司來說是最好的利益。

And just to be clear, do you see it potentially being in the best interest of the shareholder of that separating these roles there?

需要澄清的是，您認為將這些角色分開是否可能符合股東的最佳利益？

No comment at this moment. But I'm [seriously considering on it]. And someday, I will retire it. Hopefully, not in one year, two year. [But soon, I will] retire. So I mean, those changes for sure is a natural base of shareholders and for our company. And for my family too.

目前不予置評。但我正在[認真考慮]。有一天，我會退休它。希望不是一年，兩年。 [但很快，我就會]退休。所以我的意思是，這些變化肯定是股東和我們公司的自然基礎。也為了我的家人。

Thank you for taking my question

感謝您回答我的問題

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Hi. Charles, on the September quarter, in December quarter, just wondering how many liquid cool racks we are shipping in September and (inaudible) in December?

你好。 Charles，在 9 月季度和 12 月季度，只是想知道我們在 9 月和 12 月（聽不清楚）運送了多少液體冷卻架？

Maybe do you have some number this year?

也許今年你有一些數字？

It was just a little below last quarter, but I don't have the exact --

略低於上個季度，但我沒有確切的數據——

I would have to say, we had a company ship most of liquid cooling to the market recently; for example, in the September quarter. And our liquid cooling because ahead of the market. And customers like liquid cooling, because save their energy power and safe water requirements and kind of is the trend. So I believe we will continue to grow depicting percentage.

我必須說，我們最近有一家公司將大部分液體冷卻產品運送到市場；例如，在九月季度。我們的液體冷卻因為領先市場。客戶喜歡液體冷卻，因為節省能源電力和安全用水的要求是趨勢。所以我相信我們的描繪百分比將繼續增長。

Got it. And when you say down sequentially into December quarter on the H200, any idea on how much that is sequentially?

知道了。當您說 H200 的 12 月季度連續下降時，您知道連續下降多少嗎？

We did not share that number, but I believe this cooling will continue to grow very quickly. And we are very happy to promote it.

我們沒有透露這個數字，但我相信這種冷卻將繼續快速增長。我們非常樂意推廣它。

Got it. (multiple speakers) Sorry. I think, David, on the number 16 deadline, are you guys comfortable that you will have an auditor and file a plan to the Nasdaq?

知道了。 （多個發言者） 抱歉。 David，我想，在 16 號截止日期之前，你們是否願意聘請審計員並向納斯達克提交計劃？

So we're not answering those questions today.

所以我們今天不回答這些問題。

Got it.

知道了。

So like I said, we're diligently looking to replace the auditor as quickly as possible. And we will be filing a plan with Nasdaq, and indeed, regarding an extension. But that's all we have to say about that.

正如我所說，我們正在努力盡快更換審計員。我們將向納斯達克提交一份計劃，實際上是關於延期的計劃。但這就是我們要說的。

Got it. Thank you.

知道了。謝謝。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, good afternoon and thank you for taking my question. I was wondering, Charles or David, could you break out what your expected revenue in (inaudible) was supposed to be in the Q1 guidance and what you have implied in the Q2 guidance finance, first of all?

你好，下午好，謝謝你回答我的問題。我想知道，查爾斯或大衛，您能否先解釋一下您在第一季度指導中的預期收入（聽不清楚）應該是多少，以及您在第二季度指導財務中暗示的內容？

And then second, do you see a risk of supply or allocations due to this auditor and filing issue. Especially from NVIDIA, just would they possibly maybe hold back some just until you figure it out? Or are they supporting you through this and just meeting your orders and especially with the new technology?

其次，您是否認為由於審計和備案問題而存在供應或分配風險。尤其是來自 NVIDIA 的公司，他們是否可能會保留一些，直到您弄清楚為止？或者他們是否支持您完成這一切並滿足您的訂單，特別是使用新技術？

Yes, our relationship with NVIDIA has been multiple decades. And our growth kind of cooperation between two companies continue to enhance. So we have many important product called [here]. And I don't expect a negative allocation from them. So at this moment, according to our relationship according to our communication, seems very positive.

是的，我們與 NVIDIA 的合作關係已經有數十年了。我們兩家公司之間的合作不斷增強。所以我們有很多重要的產品叫做[這裡]。我預計他們不會出現負分配。所以此時此刻，根據我們的關係根據我們的溝通，看起來非常積極。

Great. And then I guess, the (inaudible) numbers that were implied in the last quarters and this quarter guidance?

偉大的。然後我猜，上個季度和本季指引中隱含的（聽不清楚）數字？

That's hard to answer because we don't know what's the volume NVIDIA. We have rate available every month. So we work with them very closely and co-develop solutions, dedicated solution, and service the common customer. So once they have no volume available, I believe we will have a good percentage in our product mix.

這很難回答，因為我們不知道 NVIDIA 的體積是多少。我們每個月都有可用的價格。因此，我們與他們密切合作，共同開發解決方案、專用解決方案，並為共同客戶提供服務。因此，一旦他們沒有可用的數量，我相信我們將在我們的產品組合中佔有很大的比例。

Got it. And then if I could sneak one more in there, if I could. Is there more efficiency to be unlocked in your liquid cooling supply chain? Or have you mostly resolved the issues in ramping your production capacity and supply chain there?

知道了。如果可以的話，我是否可以再偷偷進去一點。您的液體冷卻供應鏈是否可以提高效率？或者你們已經基本解決了提高產能和供應鏈的問題了嗎？

We focused on, I think we're pulling much earlier than the industry, right? So in the last few months, we already shipped more than 2,000 racks, right? And so far, the feedback from customers are very happy. Indeed, that quality, the customer satisfaction even better than our air cool solution. So we are a bit excited.

我們專注於，我認為我們比行業早得多，對吧？那麼在過去的幾個月裡，我們已經發貨了 2,000 多個機架，對吧？到目前為止，客戶的回饋非常滿意。事實上，就品質而言，客戶滿意度甚至比我們的風冷解決方案還要好。所以我們有點興奮。

Our harden in the last three years that is paying off. And we believe the air cooling will continue to be our major advantage, including the whole data center end-to-end total solutions.

我們過去三年的努力正在得到回報。我們相信風冷將繼續是我們的主要優勢，包括整個資料中心端到端的整體解決方案。

Again, not the other air cooling device service management software. So we are very excited for our DLC liquid cooling solution and customer [like today].

再次強調，不是其他風冷設備服務管理軟體。因此，我們對 DLC 液體冷卻解決方案和客戶感到非常興奮（就像今天一樣）。

Mehdi Hosseini, SIG.

邁赫迪·侯賽尼，SIG。

Yes. Thanks for taking my question. David, from what I understand regarding cash flow, it seems like there was a onetime positive impact your days of inventory went up, but you were able to significantly increase your operating cash flow. Did I hear you correct? And if so, what is the item that helped you with positive operating cash flow?

是的。感謝您提出我的問題。大衛，根據我對現金流的了解，您的庫存天數增加似乎對您產生了一次性的積極影響，但您能夠顯著增加營運現金流。我沒聽錯吧？如果是這樣，是什麼專案幫助您實現了正營運現金流？

Sure. I think the answer is, Mehdi, that we've been growing at such a high rate over the past quarters. But that's really what's been impacting our our operating cash flow, is that we've had to pour hundreds of million of dollars into inventory, as well as into accounts receivable.

當然。我認為答案是，邁赫迪，我們在過去幾個季度一直以如此高的速度成長。但這真正影響我們經營現金流的是，我們不得不將數億美元投入庫存和應收帳款。

So kind of coming off of a quarter, where we didn't have such a dramatic increase in revenue, we were able to generate a lot of cash, basically $1 billion worth of improved cash flows. Yes, so it was really just the fact that for the reasons Charles mentioned, the growth wasn't as high (multiple speakers)

在一個季度中，我們的收入沒有如此大幅增長，但我們能夠產生大量現金，基本上價值 10 億美元的現金流得到改善。是的，所以事實上，由於查爾斯提到的原因，成長並不那麼高（多個發言者）

I understand, but your DSO went up -- I'm sorry, your days of inventory went up. And I think from what I heard from you, your DSO didn't change. So was that improvement in operating cash flow all driven by working capital reduction? Or was there something outside of working capital to help you?

我理解，但是您的 DSO 增加了 - 抱歉，您的庫存天數增加了。我認為從您那裡聽到的情況來看，您的 DSO 沒有改變。那麼，營運現金流量的改善是否都是由營運資本減少所推動的？或者除了營運資金之外還有什麼可以幫助你的嗎？

No, it was really for those reasons. It was really just for inventory reason.

不，確實是出於這些原因。這實際上只是出於庫存原因。

Mehdi, maybe I can have it. I mean, when we grow about 200% more year over year, right? So for sure -- and we see continue to grow, right? So for sure, we need much higher inventory to support our customer demand. And then when our growth become more normal, not 200% year over year. For example, 100% or 80%. Then we don't have to grow that much of inventory, and that will have our cash flow. So it's a good travel.

邁赫迪，也許我可以擁有它。我的意思是，當我們同比增長約 200% 時，對嗎？所以可以肯定的是——我們看到了繼續增長，對吧？因此，可以肯定的是，我們需要更高的庫存來滿足客戶的需求。然後當我們的成長變得更加正常，而不是同比 200% 時。例如，100% 或 80%。這樣我們就不必增加那麼多的庫存，這就會有我們的現金流。所以這是一次很好的旅行。

Sure, sure. Got it. And then, Charles, maybe you can help us give us an update on your total capacity, especially with the Malaysia expansion? And how is the utilization of the global installed capacity tracking?

當然，當然。知道了。然後，查爾斯，也許您可以幫助我們向我們提供有關您總容量的最新信息，特別是馬來西亞的擴張？全球裝機利用率追蹤情況如何？

Very good question. We expect we will continue to grow very fast. That's why we have been preparing a huge capacity in Silicon Valley, in Taiwan and now especially in Malaysia. So long term, we needed those capacity. But in terms of utilization rate at this moment, I would like to stay a little bit low because capacity is ready, but no such no enough new chip.

非常好的問題。我們預計我們將繼續快速成長。這就是為什麼我們一直在矽谷、台灣，現在特別是馬來西亞準備龐大的產能。從長遠來看，我們需要這些能力。但就目前的利用率而言，我希望保持在較低水平，因為產能已準備就緒，但沒有足夠的新晶片。

As you say that, no, in our new chip. That's why variation rate now is relatively low, maybe only 50%.

正如你所說，不，在我們的新晶片中。所以現在變異率比較低，可能只有50%。

(multiple) This is Dave. Yes, I was going to give you a couple of other tips on cash flow. You'll probably notice that because of an improved gross margin, we had almost $80 million on a non-GAAP basis, more profit this quarter.

（多個）這是戴夫。是的，我本來想給你一些關於現金流的其他建議。您可能會注意到，由於毛利率提高，以非 GAAP 計算，我們的利潤接近 8,000 萬美元，本季利潤更多。

In addition to that, again, going back to working capital metrics, we increased our accounts payable by several hundred million dollars. So those are other factors go into improved operating cash flow.

除此之外，再次回到營運資本指標，我們的應付帳款增加了數億美元。這些是改善營運現金流的其他因素。

Got you. hey, before we go the next question, just want to clarify one of the comments earlier, with respect to NVIDIA, and clarify, we have the deepest relationships with NVIDIA at the technology level. It goes back decades with [mobile]. And now we have multiple state-of-the-art projects in progress, and we've spoken NVIDIA they've confirmed there been no changes to allocations, And we maintained a strong relationship with them and don't expect that to change. So I just wanted to make sure that was clarified.

明白你了。嘿，在我們進入下一個問題之前，我只想澄清一下之前關於 NVIDIA 的評論，並澄清一下，我們在技術層面與 NVIDIA 有著最深厚的關係。 [移動] 可以追溯到幾十年前。現在我們有多個最先進的項目正在進行中，我們已經與 NVIDIA 交談過，他們已經確認分配沒有變化，我們與他們保持著牢固的關係，並且預計這種情況不會改變。所以我只是想確保這一點得到澄清。

Next question, actually, our last question here.

下一個問題其實是我們的最後一個問題。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hey, guys. Thanks for taking my question. I guess I just wanted to follow up on the kind of the slightly weaker than expected first half really sounds like it's just customers waiting for new Blackwell chips. Are you guys seeing that starting to show up in the order books, meaning, you're building backlog for either the NBL rack or Blackwell B200 systems. So you see a nice building backlog for those systems. Obviously, you don't know when you'll get the chips, but that gives you confidence for a much stronger second half once Blackwell starts to ship? Or is it too early for you guys to be actually getting those orders or POs at this point?

嘿，夥計們。感謝您提出我的問題。我想我只是想跟進上半年比預期稍弱的情況，聽起來確實像是客戶在等待新的 Blackwell 晶片。你們是否看到訂單簿中開始出現這種情況，這意味著你們正在為 NBL 機架或 Blackwell B200 系統積壓訂單。所以你會看到這些系統的建設積壓情況良好。顯然，你不知道什麼時候能拿到籌碼，但這會讓你有信心在布萊克威爾開始發貨後，下半場會變得更強？或者你們現在真正收到這些訂單或採購訂單還為時過早？

Yeah. Our solution is very strong. And I believe NVIDIA will continue allocate their solution to the company, the customer, who have faced the total solution because at all, common end user satisfaction is mostly important to every company, right?

是的。我們的解決方案非常強大。我相信 NVIDIA 將繼續將他們的解決方案分配給公司、客戶，因為最終用戶的普遍滿意度對每家公司來說都是最重要的，對吧？

So I would have to say our solution is very strong, and we continue to work with NVIDIA very closely aim to provide the best total solution end-to-end solution to customers. And that's why we started to provide on-site deployment on site cabling, on-site service. And overall, those new hopefully, very attractive to a lot of new customers and old customers. So we feel very comfortable for the coming soon new chip solution.

所以我必須說我們的解決方案非常強大，我們將繼續與 NVIDIA 密切合作，旨在為客戶提供最佳的端到端整體解決方案。這就是為什麼我們開始提供現場部署、現場佈線、現場服務。總的來說，這些新產品對許多新客戶和老客戶來說非常有吸引力。所以我們對即將推出的新晶片解決方案感到非常滿意。

So the backlog for Blackwell, you're seeing that building on your order books?

那麼布萊克韋爾的積壓訂單，您在訂單簿上看到了嗎？

We provided kind of remote POC now, so it seems like happening.

我們現在提供了某種遠端 POC，所以這似乎正在發生。

Okay. And second, a follow-up question for David. You've recently sort of filed new credit agreements with both of your banks just setting a date when you would after provide the audited financials. To the extent that you don't hit that date, what happens? Do you just have to go renegotiate new credit agreements?

好的。第二，大衛的後續問題。您最近與兩家銀行提交了新的信貸協議，只是設定了提供經審計的財務資料的日期。如果您沒有達到該日期，會發生什麼？您只需要重新談判新的信貸協議嗎？

Do the banks at that point, have the right to effectively call those term loans? Just Wondering if you might be able to address what happens with both the bank debt and if there's any risk to the convertible debt if you don't provide audited financials within the prescribed time.

屆時銀行是否有權有效調用這些定期貸款？只是想知道如果您不在規定時間內提供經審計的財務數據，您是否能夠解決銀行債務以及可轉換債務是否有任何風險的問題。

Yes. So I think we'll just refer you to our 8-K filings. We have long-term and good relationships with the banks. And so as necessary, we will file extensions, yes, or get waivers. And like as I mentioned earlier, we're not concerned about the company's ability to access the capital markets.

是的。所以我想我們只會向您推薦我們的 8-K 檔案。我們與銀行有著長期良好的合作關係。因此，如有必要，我們將提交擴展名，是的，或獲得豁免。正如我之前提到的，我們並不擔心公司進入資本市場的能力。

Thank you.

謝謝。

There are currently no other questions in queue, so I will now turn it back over to the management team for closing remarks.

目前沒有其他問題在排隊，所以我現在將其轉回給管理團隊進行總結發言。

Hey. Thank you for joining our conference call today, and we look forward to talking to you soon.

嘿。感謝您今天參加我們的電話會議，我們期待很快與您交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。