超微電腦 (SMCI) 2025 Q2 法說會逐字稿

Thank you for standing by.

感謝您的支持。

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

我的名字是 Jayla，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Super Micro Computer Inc Q2 fall year 2025 business update call.

現在，我歡迎大家參加 Super Micro Computer Inc 2025 年秋季第二季業務更新電話會議。

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

今天與我們在一起的有創始人、總裁兼首席執行官梁見後 (Charles Liang)； David Weigand，財務長；以及企業發展資深副總裁 Michael Staiger。

(Operator Instructions) Thank you.

（操作員指示）謝謝。

Good afternoon, and thank you for attending Super Micro's second-quarter fiscal 2025 business update conference call for the second quarter, which ended December 31, 2024.

下午好，感謝您參加 Super Micro 2025 財年第二季（截至 2024 年 12 月 31 日）業務更新電話會議。

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

今天和我一起的還有創辦人、董事長兼執行長梁見後 (Charles Liang)；以及財務長 David Weigand。

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

在今天的準備好的演講結束時，我們將為賣方分析師安排一個問答環節。

Additionally, the company will not address any questions regarding the delay in the filing of the company's fiscal year 2024 10-K and 10-Qs due thereafter.

此外，該公司不會回答有關公司 2024 財年 10-K 和 10-Q 提交延遲的任何問題。

During today's conference call, Super Micro will address business and market trends from the second 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.

在今天的電話會議中，超微將討論25財年第二季度的業務和市場趨勢，包括我們的財務前景和營運、我們的策略、技術及其優勢、我們現有和新的產品以及競爭行業和經濟趨勢。

We will discuss the estimated financial results but reference to any financial results are preliminary and subject to change based on finalized results contained in future filings with the SEC.

我們將討論預期的財務結果，但對任何財務結果的提及都是初步的，並可能根據未來向美國證券交易委員會提交的文件中載列的最終結果而發生變化。

By now, you should have received 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.

到目前為止，您應該已經收到了今天的新聞稿的副本，該新聞稿是在收盤後發布的，並發佈在我們的網站上，本次電話會議在該網站上同時進行網絡直播。

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今日的事實和假設，我們不承擔更新這些事實和假設的義務。

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 relating 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.

我們向美國證券交易委員會提交的文件中討論了與我們業務有關的一些風險和不確定性，請您參閱這些公開文件，包括我們最近的 10-K 表年度報告。

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

在本次電話會議中，除收入和現金投資外，所有相關財務指標和成長率均為非 GAAP 指標。

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

本次電話會議正在 Super Micro 投資者關係網站上進行現場直播，並且會被錄音以供回放。

An archive of the webcast will be available on the IR website as a property of Super Micro.

網路廣播的存檔將作為 Super Micro 的財產在 IR 網站上提供。

Our third-quarter fiscal 2025 prior period begins to close of business Friday, March 14, 2025.

我們的 2025 財年第三季前期開始於 2025 年 3 月 14 日星期五營業結束。

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

現在我將把麥克風交給查爾斯。

Thank you, Michael, and thank you to everyone for joining us.

謝謝你，邁克爾，也謝謝大家的參與。

We have some important updates today on our financial finance, operational progress, technology innovation, and business opportunities as we are close to the midpoint of the fiscal 2025.

由於我們已接近 2025 財年的中點，今天我們對財務狀況、營運進展、技術創新和商業機會進行了一些重要更新。

I will begin by reviewing some key financial highlights from the December quarter.

我將首先回顧 12 月季度的一些關鍵財務亮點。

Our preliminary fiscal Q2 net revenue is projected to range between $5.6 billion and $5.7 billion, making a 54% year-on-year increase at the midpoint.

我們初步預計第二財季淨收入在 56 億美元至 57 億美元之間，中位數年增 54%。

Despite some negative impacts on cash flow and market misperception due to the 10-K delay, we achieved a fairly good quarter, driven by sustained AI demand from both existing and new customers.

儘管 10-K 的延遲對現金流量和市場誤解產生了一些負面影響，但在現有客戶和新客戶持續的 AI 需求的推動下，我們取得了相當不錯的季度業績。

Our growth trajectory for fiscal year '25 remain promising.

我們25財年的成長軌跡依然充滿希望。

Highlights by the beginning of our transition from up to Blackwell GPU.

我們從 Blackwell GPU 過渡到 Blackwell GPU 的初期亮點。

We expect the growth in new-generation platform to accelerate as supply ramp this quarter and beyond.

我們預計，隨著本季及以後供應量的增加，新一代平台的成長將會加速。

We have confidence that our calendar year '25 growth could be a repeat of ending the year '23, if not better, assuming that supply chain can keep pace with demand.

我們有信心，如果供應鏈能夠跟上需求的步伐，那麼我們 25 年的成長可能會與 23 年年底的成長持平，甚至更好。

Our preliminary fiscal Q2 non-GAAP earnings was in the range of $0.58 to $0.63 per share, was $0.56 last year, representing approximately a 5% year-on-year growth.

我們初步預期第二財季非 GAAP 收益將在每股 0.58 美元至 0.63 美元之間，去年為 0.56 美元，年增約 5%。

Non-GAAP gross margin was approximately 11.9% and operating margin was approximately 7.9%.

非公認會計準則毛利率約 11.9%，營業利益率約 7.9%。

Margin was temporarily under pressure due to the 10-K delay disruption, the new product R&D investment and customer and product mix.

由於10-K延遲中斷、新產品研發投資以及客戶和產品組合，利潤率暫時承受壓力。

In a separate press release issued today, we announced a private placement of $700 million in new 2.25% convertible senior notes due in 2028 to support our rapid business growth immediately.

在今天發布的另一份新聞稿中，我們宣布私募 7 億美元新的 2.25% 可轉換優先票據，該票據將於 2028 年到期，以立即支持我們業務的快速成長。

We have also privately amended a portion of our existing convertible notes due in 2029 with almost all investors participating in the amended notes.

我們也私下修改了部分將於 2029 年到期的現有可轉換票據，幾乎所有投資者都參與了修改後的票據。

This will support our growth, including Super Micro 4.0 initiatives, data center building block solution, DCBBS, and some brand-new GPU platform architecture design.

這將支援我們的成長，包括超微4.0計畫、資料中心建置區塊解決方案、DCBBS，以及一些全新的GPU平台架構設計。

Before diving into the details of our operations progress, let me begin by sharing an update regarding our financial filings.

在深入了解我們的營運進度細節之前，我首先想分享我們的財務文件的最新情況。

Our financial team and our new auditor, BDO, have been fully engaged in completing the auditor process.

我們的財務團隊和新審計師 BDO 已全力參與完成審計流程。

Based on our progress to date, we are confident that our fiscal year '24 Form 10-K and the first two quarters of fiscal year '25 Form 10-Q will be filed by February 25 this year.

根據迄今為止的進展，我們相信 24 財年的 10-K 表和 25 財年前兩個季度的 10-Q 表將在今年 2 月 25 日之前提交。

As previously stated, the special committee found no evidence to support our former auditors' reasons for resignation.

如前所述，特別委員會沒有發現任何證據支持我們前任審計師辭職的理由。

However, over the past two quarters, we have added senior leaders in corporate communication, operation, finance, legal, and compliance departments.

然而，在過去兩個季度中，我們增加了企業溝通、營運、財務、法律和合規部門的高階主管。

We will continue to add more top experienced leader to build a stronger corporate foundation for our rapid growth and expanding global business, including the CFO, CCO, and other position.

我們將繼續吸收更多經驗豐富的頂尖領導者，為我們的快速成長和不斷擴大的全球業務建立更強大的公司基礎，包括財務長、首席商務官等職位。

As you know, when a company quickly grows 4x business in three years, like Super Micro, adding more senior leaders is also a natural requirement, especially we know we will continue to grow strongly in the future.

如你所知，當一家公司像超微一樣在三年內迅速實現4倍業務成長時，增加更多高階領導者也是自然的要求，特別是我們知道我們將來將繼續強勁成長。

Moving on to our technology progress.

繼續推進我們的技術進步。

We are excited to announce that our NVIDIA Blackwell products are shipping now.

我們很高興地宣布，我們的 NVIDIA Blackwell 產品現已發售。

We have begun volume shipping of both air-cooled 10U and liquid-cooled 4U NVIDIA B200 HGX system.

我們已經開始批量出貨風冷 10U 和液冷 4U NVIDIA B200 HGX 系統。

Meanwhile, our NVIDIA GB200 NVL72 racks are fully ready for production as well.

同時，我們的 NVIDIA GB200 NVL72 機架也已完全準備好投入生產。

Utilizing our system building products, we are going to send over more brand new platforms for customers seeking further optimized, higher-density, and even greener AI solutions.

利用我們的系統建構產品，我們將為尋求進一步優化、更高密度、甚至更環保的AI解決方案的客戶提供更多全新的平台。

While most of the key components are ramping at a full speed, it will take some time to fulfill our current AI solution backlog.

雖然大多數關鍵組件正在全速發展，但完成目前的 AI 解決方案積壓仍需要一些時間。

Some customers also need more time to finish their DLC data center buildout.

有些客戶還需要更多時間來完成他們的 DLC 資料中心的建置。

At the same time, we see strong new demands by keeping -- coming from enterprise CSPs, solving entity, and hyperscale.

同時，我們看到來自企業 CSP、解決實體和超大規模的強勁新需求。

We are expanding and enhancing our total liquid-cooled data center infrastructure solution featured in the latest DLC technology.

我們正在擴展和增強採用最新 DLC 技術的整體液冷資料中心基礎設施解決方案。

It's amplified by the xAI process, the world's largest liquid-cooled AI supercomputer.

它透過世界上最大的液冷 AI 超級電腦 xAI 進程進行了放大。

Super Micro is the disrupted leader in driving industry-wide adoption of DLC technology, which reduced customers' OpEx and achieve green computing.

Super Micro 是推動全產業採用 DLC 技術的顛覆性領導者，該技術降低了客戶的營運支出並實現了綠色運算。

We expect more than 30% of new data centers worldwide to adopt liquid cooling infrastructure within the next 12 months, driven by the rapid and continual growth of AI.

我們預計，在人工智慧快速持續發展的推動下，未來 12 個月內全球將有超過 30% 的新資料中心採用液冷基礎設施。

We need competing reserves to be everywhere in the world.

我們需要在世界各地建立競爭性儲備。

Our DLC long-term investment and leadership provides a sustainable competitive edge and economics of scale far ahead of competition.

我們對 DLC 的長期投資和領導力提供了可持續的競爭優勢和遠遠領先於競爭對手的規模經濟。

Super Micro's data center building block solution consolidated server racks, networks, storage, water tower, software management, on-site deployment, cabling, and service for an end-to-end solution.

Super Micro 的資料中心建置區塊解決方案整合了伺服器機架、網路、儲存、水塔、軟體管理、現場部署、佈線和服務，形成端對端解決方案。

The true value of data center building block solution is to save power reduced space and decreased water consumption, resulting in up to 40% lower TCO for our customers according to our detailed calculation.

資料中心建構模組解決方案的真正價值在於節省電力、減少空間並減少水消耗，根據我們的詳細計算，可為客戶降低高達 40% 的 TCO。

It accelerates new data center deployments and help modernize existing infrastructure in weeks or months rather than quarters and years, significantly improve data center TTD and TTO, time to delivery, and time to online.

它加速了新的資料中心的部署，並有助於在數週或數月（而不是數季和數年）內實現現有基礎設施的現代化，顯著改善資料中心 TTD 和 TTO、交付時間和上線時間。

We are expanding our data center building block solution to include more key subsystems quarter over quarter, and we have become a one-stop shop, a data center partner for the whole industry.

我們正在擴展我們的資料中心構建塊解決方案，以便逐季度包含更多關鍵子系統，我們已經成為整個行業的一站式資料中心合作夥伴。

On the product front, our new Malaysia campus -- sorry -- on the production from our new Malaysia campus, we also ship product to our regional partners.

在產品方面，我們在馬來西亞的新校區 - 抱歉 - 在我們馬來西亞新校區生產的產品中，我們還將產品運送給我們的地區合作夥伴。

Our Taiwan and European production capacity are also growing significantly.

我們的台灣和歐洲的生產能力也在大幅成長。

In Silicon Valley, we are rapidly expanding our manufacturing site to increase our DLC rack scale production capacity.

在矽谷，我們正在迅速擴大我們的製造基地，以提高我們的 DLC 機架規模生產能力。

The US campus boasts an impressive 20 megawatts of power, enabling us to produce over 1,500 DLC GPU racks per month in the US to better support our key partners and align with current government initiatives.

美國園區擁有令人印象深刻的 20 兆瓦電力，使我們能夠在美國每月生產超過 1,500 個 DLC GPU 機架，以更好地支持我們的主要合作夥伴並符合當前的政府舉措。

When needed, we are also ready for other domestic manufacturing expansion in various region approach the US.

當有需要時，我們也準備在美國等各個地區進行其他國內製造業擴張。

These strategic expansion will ensure we meet the increase in demand for our product and service while maintaining our commitment to keep partner for quality, security, TCO total cost of ownership, TTD, again, time to delivery, and TTO, time to online.

這些策略擴張將確保我們滿足對我們產品和服務日益增長的需求，同時保持我們對合作夥伴在品質、安全、TCO 總擁有成本、TTD（再次，交付時間和 TTO，上線時間）方面的承諾。

To summarize, we have been a product and technology leader in the IT industry for over three decades.

總而言之，三十多年來我們一直是 IT 產業的產品和技術領導者。

As we continue to strengthen our internal operation and expand our US and global manufacturing footprint, we aim to turn these progresses into value for shareholders, customers, and partners.

隨著我們不斷加強內部營運並擴大美國和全球製造足跡，我們旨在將這些進步轉化為股東、客戶和合作夥伴的價值。

Our first-to-market advantage of delivering the most innovative AI infrastructure technology with Blackwell, coupled with exceptional product quality service software, networking, and security with data center building block solution.

我們的先行優勢在於透過 Blackwell 提供最具創新性的人工智慧基礎設施技術，並結合卓越的產品品質服務軟體、網路和安全性以及資料中心構建塊解決方案。

We are continuing to reinforce our partnership as the premium US-based data center infrastructure solution provider.

我們將繼續加強我們作為美國優質資料中心基礎設施解決方案提供者的合作夥伴關係。

With our expanding technology leadership and today's AI trend, we believe it will result in a similar growth trend for us like 2023.

隨著我們不斷擴大的技術領導地位和當今的人工智慧趨勢，我們相信它將為我們帶來與 2023 年類似的成長趨勢。

With that, I am confident we will finish this fiscal year strongly with revenue in the range of $23.5 billion to $25 billion, and I believe we have pleasure to reach $40 billion for fiscal year '26.

有了這個，我相信我們將以 235 億美元至 250 億美元的收入強勁結束本財年，並且我相信我們很高興在 26 財年達到 400 億美元的收入。

Before passing the call to David for the financial overview, I want to thank all of our partners, customers, investors, and Super Micro team members and express my deep appreciation for their continued support.

在將電話轉給 David 進行財務概覽之前，我要感謝我們所有的合作夥伴、客戶、投資者和 Super Micro 團隊成員，並對他們一直以來的支持表示深深的謝意。

With that, I will now turn the call to David.

說完這些，我現在將電話轉給大衛。

Thank you, Charles.

謝謝你，查爾斯。

Please note these numbers are preliminary and unaudited, subject to some change upon completion of review by management, our audit committee.

請注意，這些數字是初步的和未經審計的，在管理層和審計委員會完成審查後可能會發生一些變化。

And additionally, our independent audit firm has not completed its review procedures with respect to this preliminary financial information.

此外，我們的獨立審計公司尚未完成針對此初步財務資訊的審查程序。

So to start, again, we expect Q2 fiscal year '25 revenues in the range of $5.6 billion to $5.7 billion, up 54% year over year.

因此，首先，我們預計 25 財年第二季營收將在 56 億美元至 57 億美元之間，年增 54%。

Again, growth was driven by demand for air cooled and DLC rack scale AI GPU platforms.

同樣，成長是由對風冷和 DLC 機架級 AI GPU 平台的需求所推動的。

AI-related platforms, again, contributed over 70% of revenue for Q2 across enterprise and cloud service provider markets.

人工智慧相關平台再次為企業和雲端服務供應商市場貢獻了第二季超過 70% 的收入。

The Q2 non-GAAP gross margin is approximately 11.9% versus 13.1% last quarter due to lower margins from product and customer mix.

由於產品和客戶組合利潤率較低，第二季非 GAAP 毛利率約為 11.9%，而上季為 13.1%。

And you'll recall that on the Q1 earnings business update call, we guided down 100 basis points for this quarter.

您可能還記得，在第一季財報業務更新電話會議上，我們將本季的預期下調了 100 個基點。

The non-GAAP operating margin is approximately 7.9%, which excludes $82 million in stock-based compensation expenses versus 9.7% in Q1 due to those lower gross margins.

非 GAAP 營業利潤率約為 7.9%，不包括 8,200 萬美元的股票薪酬費用，而第一季的營業利潤率約為 9.7%，原因是毛利率較低。

Other income and expense is approximately $8 million, consisting of $15 million in interest and other income, offset by $7 million in interest expense.

其他收入和支出約為 800 萬美元，其中包括 1500 萬美元的利息和其他收入，以及 700 萬美元的利息支出。

The tax rate is approximately 15% for GAAP and 17% for non-GAAP.

根據 GAAP，稅率約為 15%，根據非 GAAP，稅率約為 17%。

GAAP net income is -- will range from $315 million to $325 million and non-GAAP net income $375 million to $392 million.

GAAP 淨收入將在 3.15 億美元至 3.25 億美元之間，非 GAAP 淨收入將在 3.75 億美元至 3.92 億美元之間。

Non-GAAP net income excludes $63 million in stock-based compensation expenses, net of the related tax effects of $19 million.

非公認會計準則淨收入不包括 6,300 萬美元的股票薪資費用，扣除 1,900 萬美元的相關稅務影響。

GAAP diluted EPS is approximately $0.50 to $0.52 versus prior guidance of $0.48 to $0.58. Non-GAAP diluted EPS is approximately $0.58 to $0.60 versus guidance of $0.56 to $0.65. We expect a GAAP-diluted share count of approximately 636 million and a non-GAAP diluted share count of 647 million.

GAAP 稀釋每股收益約為 0.50 美元至 0.52 美元，而先前預期為 0.48 美元至 0.58 美元。非 GAAP 稀釋每股收益約為 0.58 至 0.60 美元，而預期每股收益為 0.56 至 0.65 美元。我們預期 GAAP 稀釋股數約為 6.36 億股，非 GAAP 稀釋股數約為 6.47 億股。

The closing inventory was approximately $3.6 billion versus $4.9 billion last quarter.

期末庫存約為 36 億美元，而上一季庫存為 49 億美元。

CapEx was $28 million.

資本支出為 2800 萬美元。

Cash used in operations was approximately $240 million versus cash generated from operations of approximately $409 million in Q1.

第一季營運所用現金約為 2.4 億美元，而營運產生的現金約為 4.09 億美元。

Super Micro began the second quarter with approximately $2.1 billion in cash and recorded approximately $320 million in GAAP net income for the second quarter.

超微公司第二季開始時持有約 21 億美元現金，第二季 GAAP 淨收入約 3.2 億美元。

Cash was provided from lower inventory and other sources totaling $1.5 billion, and then the company used cash to pay down accounts payable by $1.2 billion.

現金來自較低的庫存和其他來源，總計 15 億美元，然後該公司使用現金償還了 12 億美元的應付帳款。

We realized higher other receivables from purchase rebates and prepaid inventory of $484 million.

我們從採購回扣和預付庫存中獲得了更高的其他應收款 4.84 億美元。

We had increased accounts receivable of $335 million.

我們的應收帳款增加了3.35億美元。

We also reduced our bank loans by $346 million net, and we incurred capital expenditures of $28 million and had other uses of cash totaling $87 million.

我們也淨減少了 3.46 億美元的銀行貸款，發生了 2,800 萬美元的資本支出，其他現金用途總計 8,700 萬美元。

This resulted in a reduction in cash during the quarter of $660 million, thereby ending the company's second-quarter fiscal year '25 quarter with $1.4 billion in cash at the end of December.

這導致本季現金減少 6.6 億美元，從而截至 12 月底，該公司 25 財年第二季的現金餘額為 14 億美元。

Now, I want to point out, we've continued to prudently manage our working capital.

現在，我想指出的是，我們一直在審慎管理我們的營運資金。

And for the month ended January 31, 2025, we ended with approximately $2 billion in cash.

截至 2025 年 1 月 31 日的月份，我們的現金餘額約為 20 億美元。

Turning to the balance sheet and working capital metrics compared to last quarter, the Q2 cash conversion cycle was up at 104 days versus 97 days in Q1.

與上一季相比，資產負債表和營運資本指標顯示，第二季的現金週轉週期為 104 天，而第一季為 97 天。

Days of inventory was 78 days compared to the prior quarter of 83 days.

庫存天數為 78 天，而上一季為 83 天。

Days sales outstanding for Q2 was 47 days versus 42 days last quarter, while days payables outstanding was 21 days compared to 28 days last quarter.

第二季的應收帳款天數為 47 天，而上季為 42 天；應付帳款天數為 21 天，而上季為 28 天。

In a separate press release issued today, we announced a private placement of $700 million of new 2.25% convertible senior notes due 2028, and we privately amended our existing $1.7 billion convertible senior notes due 2029.

在今天發布的另一份新聞稿中，我們宣布私募 7 億美元新的 2.25% 可轉換優先票據，該票據將於 2028 年到期，並且我們私下修改了現有的 17 億美元 2029 年到期的可轉換優先票據。

The company is reconfirming that no previously issued financial statements require a restatement.

該公司再次確認，先前發布的財務報表均無須重述。

The company, however, made certain adjustments to the preliminary unaudited results for the fourth quarter of fiscal 2024 that it had announced on August 6, 2024.

不過，該公司對 2024 年 8 月 6 日公佈的 2024 財年第四季初步未經審計業績做了一些調整。

The adjustments recorded in the results for the fourth quarter of fiscal year 2024 include an increase in net sales of approximately $46 million and an increase in the cost of sales of approximately $96 million, which included a charge due to an increase in inventory reserves of approximately $45 million.

2024 財年第四季業績記錄的調整包括淨銷售額增加約 4,600 萬美元，銷售成本增加約 9,600 萬美元，其中包括由於庫存儲備增加而產生的費用約 4,500 萬美元。

There was also an increase in operating expenses of approximately $5 million.

營運費用也增加了約500萬美元。

Until the company's fiscal year 2024 financial statements are filed, the company is required to reassess its accounting estimates for financial reporting.

在公司提交2024財年財務報表之前，公司必須重新評估其財務報告的會計估計。

The charge for inventory reserves results from an unanticipated decline in the market value of certain components that were held in the company's inventory or on noncancelable purchase orders at the end of fiscal year 2024.

庫存準備金費用是由於 2024 財年末公司庫存中或不可取消的採購訂單中持有的某些零件的市場價值意外下降造成的。

Collectively, these changes resulted in a downward adjustment to the previously announced preliminary unaudited fiscal year 2024 and fourth quarter of fiscal year 2024 GAAP and non-GAAP diluted net income per common share of approximately $0.09. That's based on a post-split diluted shares outstanding basis.

總的來說，這些變更導致先前宣布的 2024 財年初步未經審計和 2024 財年第四季 GAAP 和非 GAAP 每股普通股攤薄淨利潤下調約 0.09 美元。這是基於拆分後稀釋的流通股基礎。

The foregoing adjustments are to previously announced preliminary unaudited financial results, and as such, they do not constitute a restatement.

上述調整針對的是先前公佈的初步未經審計財務結果，因此，並不構成重述。

For the third quarter of our fiscal 2025, we are expecting net sales in the range of $5 billion to $6 billion.

對於 2025 財年第三季度，我們預期淨銷售額在 50 億美元至 60 億美元之間。

We expect the GAAP and non-GAAP gross margin to be approximately 12%.

我們預計 GAAP 和非 GAAP 毛利率約為 12%。

We expect GAAP and non-GAAP operating expenses to be up approximately $17 million sequentially and GAAP and non-GAAP other income and expenses to be a net expense of approximately $12 million.

我們預計 GAAP 和非 GAAP 營業費用將比上一季增加約 1,700 萬美元，GAAP 和非 GAAP 其他收入和費用的淨費用約為 1,200 萬美元。

We expect GAAP net income per diluted share of $0.36 to $0.53 and non-GAAP net income per diluted share of $0.46 to $0.62. The company's projections for GAAP and non-GAAP net income per diluted share assume a tax rate of approximately 10.7% and 12.7%, respectively, a diluted share count of approximately 642 million shares for GAAP and a diluted share count of approximately 653 million shares for non-GAAP.

我們預計 GAAP 每股攤薄淨利潤為 0.36 美元至 0.53 美元，非 GAAP 每股攤薄淨利潤為 0.46 美元至 0.62 美元。該公司對 GAAP 和非 GAAP 每股稀釋淨收益的預測分別假設稅率約為 10.7% 和 12.7%，GAAP 攤薄股數約為 6.42 億股，非 GAAP 稀釋股數約為 6.53 億股。

The outlook for Q3 of fiscal year 2025 GAAP net income per diluted share includes approximately $65 million in expected stock-based compensation expense and other expenses net of related tax effects of approximately $17 million, which are excluded from non-GAAP net income per diluted share.

2025財年第三季GAAP每股攤薄淨收益預期包括約6500萬美元的預期股票薪酬費用和扣除相關稅收影響後約1700萬美元的其他費用，這些費用不包括在非GAAP每股攤薄淨收益中。

So again, I want to point out, revenues for the trailing four quarters are between $20 billion and $21 billion.

因此，我想再次指出，過去四個季度的營收在 200 億美元至 210 億美元之間。

And for the fiscal year 2025, we are updating our revenue guidance from a range of $26 billion to $30 billion to a new range of $23.5 billion to $25 billion.

對於 2025 財年，我們將營收預期從 260 億美元至 300 億美元更新至 235 億美元至 250 億美元。

So we're very happy to announce that the company has raised money through the issuance of new bonds, and we will continue to improve our liquidity as our growth requires it.

因此，我們很高興地宣布，公司已經透過發行新債券籌集了資金，我們將隨著公司成長的需要繼續提高流動性。

The final -- I want to end by saying that the final financial results reported for this period may differ from the results reported here based on the review by BDO, our new independent registered public accounting firm, but we expect to complete our fiscal year 2024 audit by the February 25 filing extension date that we have been granted by Nasdaq.

最後——我想說的是，根據我們新的獨立註冊會計師事務所 BDO 的審核，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，但我們預計將在納斯達克授予我們的 2 月 25 日延期提交日期之前完成 2024 財年的審計。

So Michael, I'll turn it back to you.

那麼邁克爾，我會把它還給你。

Jayla, we'll now take questions.

杰拉，我們現在來回答問題。

(Operator Instructions) Michael Ng, Goldman Sachs.

（操作員指示）高盛的 Michael Ng。

Hi, good afternoon.

嗨，下午好。

Two questions for me, if I could.

如果可以的話，我有兩個問題。

First, I was wondering if you could talk a little bit about the $40 billion fiscal 2026 revenue outlook.

首先，我想知道您是否可以談談 2026 財年 400 億美元的收入前景。

What informs your confidence there?

什麼增強了你的信心？

If you could shed any light on backlog or pipeline or product road map that is informing the outlook, that would be great.

如果您可以就積壓訂單、通路或產品路線圖提供一些可供參考的展望，那就太好了。

Thank you.

謝謝。

Yeah.

是的。

I mean, our product line continued to grow.

我的意思是，我們的產品線持續成長。

We have industry-standard product line plus lots of chip set, including some confidential product under development.

我們擁有業界標準的產品線和大量的晶片組，包括一些正在開發的機密產品。

And we have a customer-engaged research for those projects.

我們針對這些項目進行了客戶參與研究。

So this year, even taking today, we grew about 60%.

所以今年，即使以今天計算，我們的成長也達到了 60% 左右。

Last year, we grew 110%.

去年，我們成長了110%。

So the coming year, fiscal '26 at the this moment, we believe this we will grow 65% at least.

因此，我們相信，明年，也就是目前的26財年，我們的銷售額將至少成長 65%。

So that's, I believe, a very conservative estimation.

因此，我相信這是一個非常保守的估計。

And the past in production capacity.

以及過去的生產能力。

I mean, USA now, our utilization rate only about 55%, Taiwan utilization rate only about 60%, Malaysia utilization rate is still about 1% only.

我的意思是，美國現在，我們的使用率只有55%左右，台灣的使用率只有60%左右，馬來西亞的使用率仍然只有1%左右。

So there are a lot of room to grow for us.

因此，我們還有很大的成長空間。

Great.

偉大的。

Thank you, Charles.

謝謝你，查爾斯。

And just as my second question, I was wondering if you could talk about the mix of Blackwell and hopper servers in the quarter, not looking for anything specific, but was it different than what you may have expected was Hopper stronger.

正如我的第二個問題，我想知道您是否可以談談本季 Blackwell 和 Hopper 伺服器的組合情況，不尋找任何具體的東西，但它是否與您預期的 Hopper 更強大不同。

It was Blackwell affected by any supply chain constraints?

布萊克威爾是否受到供應鏈限制的影響？

Thank you.

謝謝。

We have both already, right?

我們已經擁有兩者了，對嗎？

Hopper has been a very mature product, H200, for example.

Hopper 已經是一款非常成熟的產品，例如 H200。

And then Blackwell, we have GB200 fully ready in production and then for B200 HGX, we have a 10U Air-Cooled for ready for production and then 4U Liquid-Cooled fully ready for production.

然後是 Blackwell，我們有完全準備好投入生產的 GB200，然後對於 B200 HGX，我們有 10U 風冷式產品準備投入生產，然後 4U 液冷式產品也完全準備好投入生產。

And we already accumulated some good volume backlog back order and continue to see a lot of new order coming.

我們已經累積了一些可觀的訂單量，並將繼續看到大量新訂單的到來。

So I believe we do not share the detail about the percentage.

因此我相信我們不會分享有關百分比的詳細資訊。

But basically, for sure, more and more customers like to have a B200 and GB200 but we have all of them ready.

但基本上，可以肯定的是，越來越多的客戶喜歡擁有 B200 和 GB200，但我們已經準備好了所有產品。

Thank you for your thoughts, Charles.

謝謝你的想法，查爾斯。

Appreciate it.

非常感謝。

Thank you.

謝謝。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Hey, good afternoon, you guys.

嘿，大家下午好。

Thanks for taking the questions, and congrats on what's a pretty solid print in delivering to news here.

感謝您回答這些問題，並祝賀您在新聞發布會上取得如此出色的成績。

I guess two, if I could.

如果可以的話我想是兩個。

The first is just on gross margins, Dave, what's the good way to think about June Q gross margins in the context of your guide?

第一個是關於毛利率的問題，戴夫，根據您的指南，如何正確看待 6 月的毛利率？

And then just sort of the second one there, this is the second part of my first question.

然後就是第二個問題，這是我的第一個問題的第二部分。

I have a follow-up question as well.

我還有一個後續問題。

What's the go way to think about gross margins through the Blackwell cycle?

透過布萊克威爾循環來思考毛利率的最佳方式是什麼？

This is obviously a key question for people, and they want to remove the concern off the table that there could be material margin pressure through the Blackwell cycle to those two?

這顯然是人們關心的關鍵問題，他們想消除人們對布萊克威爾循環可能對這兩家公司造成重大利潤壓力的擔憂？

And then I have a follow-up.

然後我有一個後續問題。

Thanks.

謝謝。

Yeah, thank you for your question. for sure, when product becomes mature, like H100, H200, then we had to face price competition strongly.

是的，謝謝你的提問。當然，當產品成熟時，例如H100，H200，我們必須面對激烈的價格競爭。

But for Blackwell designated GB200 or B200 for sure, whenever they are new product, our margin will become much better.

但對於 Blackwell 指定的 GB200 或 B200，只要它們是新產品，我們的利潤就會變得更好。

And especially talking about liquid cooling, we believe DLC or overall difficulty in market share will grow all the way to 30% or even more in next 12 months.

尤其是談到液體冷卻，我們相信 DLC 或整體市場份額將在未來 12 個月內增長到 30% 甚至更高。

And in terms of liquid cooling in the last 12 months, I believe we have -- we offer a majority of global liquid cooling.

就過去 12 個月的液體冷卻而言，我相信我們提供了全球大部分的液體冷卻產品。

So when faced with Blackwell opportunity, most of the customers that do go for liquid cooling, I believe we have a much better position.

因此，當面臨 Blackwell 的機會時，大多數選擇液體冷卻的客戶，我相信我們處於更有利的地位。

(multiple speakers) Most of us are focused on the gross margins.

（多位發言者）我們大多數人都關注的是毛利率。

It's been rightfully so, but I'll miss the critical point that we're driving operating margins above our targets, that translates into shareholder value.

這是理所當然的，但我會忽略一個關鍵點，那就是我們正在推動營業利潤率超過我們的目標，而這會轉化為股東價值。

So Ananda, this is David.

那麼阿南達，這是大衛。

One thing I would add is if you look back to what happened with H100 as Charles mentioned, Super Micro was the ones that had -- a company that had a stable platform, which became a market leader, and so that helped our margins as they crept up to 18.8%.

我想補充一點，如果你回顧查爾斯提到的 H100 的情況，你會發現 Super Micro 是一家擁有穩定平台的公司，它成為了市場領導者，這有助於我們的利潤率攀升至 18.8%。

Now, of course, we're targeting -- we said that we target 14% to 17%.

現在，當然，我們的目標是——我們說我們的目標是 14% 到 17%。

But the question is, to your point on Blackwell, what will be -- what will the competition be able to deliver.

但問題是，正如你在布萊克威爾談到的那樣，競爭對手能夠提供什麼呢？

And I think that's going to be a big indicator of margins.

我認為這將是利潤率的一個重要指標。

We feel like we're in a pretty good position because we've already been

我們覺得自己處於相當有利的地位，因為我們已經

--

--

Yeah.

是的。

I appreciate that.

我很感激。

And then the follow-up is just on the rev guide.

然後後續內容只是關於修訂指南。

Charles, the $40 billion.

查爾斯，400億美元。

So a couple of things.

有幾件事。

You mentioned calendar year '25 could be similar to calendar year '24, which is about 40% growth.

您提到 25 個日曆年可能與 24 個日曆年相似，成長約 40%。

So that would suggest maybe $8 billion on average in the September/December quarter of revenue.

所以這意味著 9 月/12 月季度的平均收入可能為 80 億美元。

And then the $40 billion -- the at least $40 billion for fiscal '26 would tend to suggest maybe at least $12 billion on average the March and June quarters of '26 fiscal year.

然後是 400 億美元——26 財年的至少 400 億美元往往意味著 26 財年 3 月和 6 月季度平均至少有 120 億美元。

So is that sort of what you're talking about?

那麼這就是您所談論的內容嗎？

And then what gives the confidence, I guess -- what's the thought process underpinning that $40 billion and those kind of rev quarters?

那麼我想，是什麼給了我們信心呢？

And is it GPUs as well as custom ASICs as the TAM opens up?

隨著 TAM 的開放，它是否是 GPU 以及客製化 ASIC？

So just kind of a customer question there as well.

所以這只是一種顧客疑問。

Thanks.

謝謝。

That's it for me.

對我來說就是這樣了。

Yeah.

是的。

Thank you.

謝謝。

Again, whenever they are new technology, we have a good chance to grow, right, kind of like this time, Blackwell and kind of DLC Liquid Cooling and again, we have a much higher capacity ready for liquid cooling compared with the market.

再說一次，每當它們有新技術時，我們就有很好的發展機會，就像這次的 Blackwell 和 DLC 液體冷卻一樣，與市場相比，我們在液體冷卻方面的產能要高得多。

And last year, we grew 110%.

去年，我們的成長了 110%。

And this year, basically grew -- we will grow about 60%-something right?

今年基本上增長了——我們將增長約 60% 左右，對嗎？

So next year, fiscal year '26, I believe 65% is a very conservative estimation.

所以明年，也就是26個財年，我認為65%是一個非常保守的估計。

And personally, I hope we can grow more than that, but that's to be conservative.

就我個人而言，我希望我們能夠實現更大的成長，但這只是保守的估計。

Got it.

知道了。

Thank you.

謝謝。

Thanks, guys.

謝謝大家。

Really appreciate it.

真的很感激。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Yes.

是的。

Thanks for taking my question, and I have a couple of questions as well.

感謝您回答我的問題，我也有幾個問題。

Maybe just to start off, Charles, I think the last time you mentioned, which was in 2024, that we could expect sequential revenue increases in the medium term on a quarterly basis.

查爾斯，也許只是開始，我想你上次提到，也就是 2024 年，我們可以預期中期收入在季度基礎上連續增加。

When I sort of look back at it in hindsight, it looks like what derailed that sequential growth to some extent, was the product transition from NVIDIA in going from one product generation to another, which also drove some change in customer behavior.

當我回頭看時，我發現某種程度上阻礙了這種連續成長的原因是 NVIDIA 從一代產品過渡到另一代產品，這也導致了客戶行為的一些變化。

As you're thinking about the revenue target here for $40 billion for fiscal '26, I mean, is there an underlying assumption that you won't see a similar customer behavior change towards the next-generation product as NVIDIA goes through a transition again in that timeframe, or is there something that I'm missing in that sort of overall product transition that we should expect from your GPU supplier?

當您考慮 26 財年 400 億美元的收入目標時，我的意思是，是否存在一個潛在的假設，即在 NVIDIA 在此時間範圍內再次經歷轉型時，您不會看到類似的客戶行為對下一代產品發生變化，或者我是否忽略了我們應該從您的 GPU 供應商那裡期待的這種整體產品轉型？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

Yeah.

是的。

I mean, for calendar '25, for example, I believe we should be pretty able to repeat 2023 history.

我的意思是，以 25 年曆為例，我相信我們應該能夠重複 2023 年的歷史。

And in 2023, H100 launched and we are ahead of competition.

2023 年，H100 推出，我們在競爭中處於領先地位。

So we grew very well.

因此我們成長得很好。

In '25, calendar year '25, we are facing to the same opportunity now, except before our old air-cooled and now it's liquid-cooled.

在'25年，也就是'25日曆年，我們現在面臨著同樣的機遇，只不過以前我們的是老式的風冷，現在是液冷。

And in terms of decline, especially DLC, we have a major market share, and we have a huge capacity, 1,500 rack per month capacity ready.

而在下降方面，特別是 DLC，我們擁有主要的市場份額，我們擁有巨大的產能，每月有 1,500 個機架的產能。

And we already have many customers already approved in their liquid cooling data center and getting ready to deploy in high volume.

並且我們已擁有許多客戶的液冷資料中心並獲得批准並準備進行大批量部署。

So once Blackwell in volume production, I believe we will have a strong growth.

因此一旦 Blackwell 投入大量生產，我相信我們將實現強勁成長。

And now, we are just preparing evidently preparing over logistics, including system enclosure, thermal solution for sure, the GPU supply from our vendor, NVIDIA.

現在，我們顯然正在準備物流，包括系統外殼、散熱解決方案，以及我們供應商 NVIDIA 的 GPU 供應。

So we are well prepared.

所以我們已經做好了充分的準備。

And once logistics ready, we are ready to ramp up our growth.

一旦物流準備就緒，我們就可以加快成長。

Okay.

好的。

Maybe just a follow-up on that.

也許只是對此的一個後續行動。

Go ahead.

前進。

Yeah.

是的。

I mean, we are spending more effort in Asia and Europe now.

我的意思是，我們現在在亞洲和歐洲投入了更多精力。

In 2023/'24, most of market in USA.

2023/'24 年，大部分市場在美國。

But now our team in Asia and Europe are becoming much ready, much stronger. to grow market share in Europe and Asia as well.

但現在我們在亞洲和歐洲的團隊已經準備就緒，實力更加強大。擴大在歐洲和亞洲的市場佔有率。

Got it.

知道了。

And Charles, I'll just follow up with a question that I'm getting from investors today after the print, which is when we look at that sort of $40 billion revenue target, how confident are you about achieving that revenue target with the current customer engagements that you have relative to what you need in terms of additional customers or new customer engagements to get to that revenue that you're targeting.

查爾斯，我想跟進一下今天印刷版之後投資者提出的一個問題，那就是當我們看到 400 億美元的收入目標時，相對於需要增加客戶或新客戶參與才能達到目標收入，您對於以現有的客戶參與度實現這一收入目標有多大信心。

If you can share your thoughts on that, please?

能分享一下您的想法嗎？

Thank you.

謝謝。

Yeah.

是的。

In the last few years, our growth has been very strong, except our 10-K interrupt, right?

在過去的幾年裡，我們的成長非常強勁，除了我們的 10-K 中斷，對嗎？

So in that four months, five months, we suffered a 10-K impact, so our growth little bit slowed down.

因此在那四個月、五個月裡，我們遭受了 10-K 的影響，所以我們的成長有所放緩。

But we will fix 10-K filing very soon and cash flow won't be problem any more.

但我們很快就會修復 10-K 文件，現金流將不再是問題。

So product is strong.

所以產品很強大。

Capacity here, customer is ready.

容量在這裡，客戶已經準備好了。

So I believe, $40 billion forecast is a relatively conservative estimation.

所以我認為，400億美元的預測是相對保守的估計。

Thank you.

謝謝。

Thanks for taking the question.

感謝您回答這個問題。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Thanks for taking my questions.

感謝您回答我的問題。

I have two.

我有兩個。

The first one is on gross margin.

第一個是毛利率。

Overall, do you think industry margins are now under secular pressure, given more competition from other AI server manufacturers?

總體而言，鑑於來自其他 AI 伺服器製造商的競爭加劇，您是否認為行業利潤率現在面臨長期壓力？

And is liquid cooling really a competitive advantage, which you can charge more for, or is that also becoming commoditized since it looks like everyone seems to be offering their version of liquid cooling?

液體冷卻真的是一種競爭優勢嗎？

So David, how are you thinking about the long-term gross margin range for your business?

那麼大衛，您如何考慮您企業的長期毛利率範圍？

And I have a follow-up on revenues.

我還對收入進行了追蹤。

Certainly.

當然。

So what I would say about gross margins are that, number one, what we count on, Ruplu, is being the first to market with the very best solutions.

因此，關於毛利率我想說的是，首先，我們依賴 Ruplu 成為第一個將最好的解決方案推向市場的公司。

And so right now, we have shipped GB200, for instance.

例如現在我們已經運送了 200 GB。

And we're very confident in its quality as a product, and that's really what helps to drive good margins.

我們對其產品的品質非常有信心，這確實有助於提高利潤。

So it's not just liquid cooling.

所以它不僅僅是液體冷卻。

It's really -- it's stable systems that have high-quality, high-reliability, and also really the best performance.

它確實——它是具有高品質、高可靠性和最佳性能的穩定係統。

So I think that our abilities in liquid cooling were already demonstrated in the prior quarters.

所以我認為我們在液體冷卻方面的能力在前幾個季度已經得到證明。

And it's really our data center building block solutions, which give us a plan for the future.

這實際上是我們的資料中心建構塊解決方案，它為我們提供了未來的規劃。

And so we have a lot of things planned for the future, but data center building block solutions are one of those, where we offer a lot more solutions for the complete data center at all levels.

我們為未來做了很多計劃，資料中心建構塊解決方案就是其中之一，我們為各個層面的完整資料中心提供更多解決方案。

So again, we haven't changed our target margin.

因此，我們再次強調，我們沒有改變我們的目標利潤率。

And yes, there is competition.

是的，存在競爭。

There's always going to be competition.

競爭總是會存在的。

But I think that if you look at how we've performed historically and our ability to engineer in all the latest technologies, I think that's our moat.

但我認為，如果你看看我們的歷史表現以及我們在所有最新技術領域的工程能力，我認為這就是我們的護城河。

That's our advantage.

這是我們的優勢。

Yeah.

是的。

Let me add that little bit.

讓我補充一點。

DLC everyone talking about the DLC solution, but how many competitors really have a DLC deployment in high volume.

DLC 每個人都在談論 DLC 解決方案，但有多少競爭對手真正擁有大量的 DLC 部署。

I guess it's very minimal.

我猜這是非常小的。

Last year, I believe we shipped at least the 60% of worldwide DLC solution.

我相信，去年我們至少售出了全球 60% 的 DLC 解決方案。

So that means a lot of competitors indeed, they are ready, but they did not have experience yet.

所以這意味著很多競爭對手確實已經做好了準備，但他們還沒有經驗。

And talking about data center building block solution, not many providers are able to provide on-site deployment and on-site cabling, on-site servicing and now with DLC with 150-kilowatt per rack or even more power per rack, I believe the on-site premium cabling service becomes a very important value to customer.

談到資料中心建置區塊解決方案，沒有多少供應商能夠提供現場部署、現場佈線和現場服務，而現在 DLC 每機架的功率為 150 千瓦甚至更高，我相信現場優質佈線服務對客戶來說變得非常重要。

And we are a company have exactly or experience, all a successful story.

而我們是一家有確切或經驗的公司，都是一個成功的故事。

Okay.

好的。

For my follow-up, if I can ask, as new efficient AI models like DeepSeek come about, how are you thinking about the impact on your business?

我的後續問題是，隨著像 DeepSeek 這樣的新的高效能 AI 模型的出現，您如何看待它對您的業務的影響？

And as we move from training to inference, what is Super Micro doing to further penetrate the enterprise vertical?

當我們從訓練轉向推理時，超微正在做什麼來進一步滲透企業垂直領域？

I know you have enterprise customers.

我知道你們有企業客戶。

But for those enterprise customers who don't have a large engineering presence, what is your strategy for attacking that customer base as well as for sovereign customers?

但是對於那些沒有大量工程人員的企業客戶，你們針對該客戶群以及主權客戶的策略是什麼？

Thank you for taking my question.

感謝您回答我的問題。

Okay.

好的。

So for DeepSeek, I mean, for sure, the software can always be more efficient quarter over quarter.

所以對於 DeepSeek 來說，我的意思是，該軟體的效率肯定會逐季提高。

So we know that.

所以我們知道這一點。

But the industry expense pretty dependent on financial plan.

但行業費用相當依賴財務計劃。

So I believe the market size won't shrink because of DeepSeek.

所以我相信市場規模不會因為DeepSeek而縮小。

And in terms of enterprise, we have been enterprise market for more than 10 years, and our team in enterprise have been much stronger than before ever, especially with our service team, management software, and end-to-end data center solution, I believe it's the right time for us to grow quickly in enterprise segment.

在企業方面，我們已在企業市場耕耘十餘年，我們在企業領域的團隊比以往更加強大，特別是我們的服務團隊、管理軟體和端到端資料中心解決方案，我相信現在是我們在企業領域快速發展的好時機。

Okay, thanks for all the details.

好的，感謝您提供的所有詳細資訊。

Appreciate it.

非常感謝。

Thank you.

謝謝。

Nehal Chokshi, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Nehal Chokshi。

All right, thank you.

好的，謝謝。

A quick question here.

這裡有一個簡單的問題。

Can you tell us whether or not backlog is up QoQ for the December quarter?

您能告訴我們 12 月季度的積壓訂單是否較上季增加嗎？

So we don't generally give out backlog figures, Nehal.

因此，我們一般不會公佈積壓數據，Nehal。

But what we can say though is that backlog tends to follow the chip cycle.

但我們可以說的是，積壓訂單往往會遵循晶片週期。

And so when you have new chip solutions coming out, you'll see backlog start to build as solutions become dependable and reliable and then they'll tail off as the products mature.

因此，當您推出新的晶片解決方案時，您會看到，隨著解決方案變得越來越可靠和可靠，積壓訂單開始增加，而隨著產品的成熟，積壓訂單就會逐漸減少。

And so with the expectation of some of the new chips coming out, we believe that you'll see growing backlog industry-wide.

因此，隨著一些新晶片的問世，我們相信您會看到整個行業的積壓訂單不斷增加。

Got it, thank you.

知道了，謝謝。

And then I apologize in advance, this question is going to sound a bit circus.

然後我先道歉，這個問題聽起來有點像鬧劇。

But Charles, you characterized the $40 billion target at 60% year-over-year growth.

但是查爾斯，您將 400 億美元的目標定義為同比增長 60％。

And given that fiscal year '25 is going to be around 60% year-over-year growth in likely impacted by the 10-K delay.

鑑於 25 財年的年成長率將達到 60% 左右，因此 10-K 的延遲很可能會對其造成影響。

Therefore, 60% year-over-year growth for fiscal year '25 is potentially conservative.

因此，25財年60%的年成長率可能有些保守。

But I mean, is historical year-over-year growth really a good indicator of future demand?

但我的意思是，歷史上年成長真的是未來需求的好指標嗎？

Have you looked at the actual like pipeline of demand and said, yes, we believe that this is the -- how big is the pipeline, and this is a reasonable conversion rate and therefore, $40 billion is indeed very reasonable?

您是否已經研究過實際的需求管道，並且說，是的，我們相信這是——管道有多大，這是一個合理的轉換率，因此， 400 億美元確實非常合理？

Yeah, very good question.

是的，非常好的問題。

From both, I mean, we [invented the] business from all different dimension, right?

從兩者來看，我的意思是，我們從不同維度發明了業務，對嗎？

I mean, from our historic growth, last few years, we have been growing more than 60% year over year, basically, except this year, right, cut the year because 10-K delay, and we have some cash flow constraints.

我的意思是，從我們的歷史成長來看，過去幾年，我們的年成長率基本上超過了 60%，除了今年，因為 10-K 的延遲，我們的年度成長率有所下降，而且我們遇到了一些現金流限制。

So, we grew -- we may grow only about 60% or

因此，我們可能只成長了 60% 左右，或者

(inaudible).

（聽不清楚）。

But other than that, I believe, looking for next few years, our growth should be -- every year should be more than 60%.

但除此之外，我相信，展望未來幾年，我們的成長率應該——每年都應該超過 60%。

And second, from a customer demand from a customer backlog from a customer commitment sales commitment looks like $40 billion is relatively a very conservative target.

其次，從客戶需求、客戶積壓訂單、客戶承諾銷售承諾來看， 400 億美元是相對非常保守的目標。

Great, thank you.

太好了，謝謝。

And if I might squeeze one more in.

如果我可以再擠一點進去的話。

I'm sorry, but I'm not quite getting what you mean by data center building block architecture.

抱歉，但我不太明白您所說的資料中心建構區塊架構是什麼意思。

Can you give a concrete example as far as what does that mean?

您能舉出一個具體的例子來解釋這是什麼意思嗎？

Is it like basically the cooling tower design or something else?

它基本上像是冷卻水塔的設計嗎？

Can you put a little more concreteness behind that?

您能否更具體地說明一下這一點？

Okay.

好的。

Still a little bit confidential.

仍然有點機密。

But I'm happy to share.

但我很樂意分享。

I mean it's like our rack scale, building block solution.

我的意思是它就像我們的機架規模、構建塊解決方案。

Customers want to build in their rack, we have everything for them.

客戶想要建造自己的機架，我們可以為他們提供一切。

Same thing, a customer want to build their data center.

同樣的事情，客戶想要建立自己的資料中心。

We will have everything for them.

我們將為他們提供一切。

And today, we offer more and more key components.

今天，我們提供越來越多的關鍵部件。

For example, liquid cooling, the overall kind of liquid cooling pump and water tower, right, dry power, water tower, and then all the kind of these tables.

比如說液體冷卻，整體的液體冷卻泵和水塔，對的，乾式電源，水塔，然後所有這些表格。

I mean, all the people building data center need those key components.

我的意思是，所有建造資料中心的人都需要這些關鍵元件。

We try to provide all of them, including software, including management tool and experience.

我們嘗試提供所有這些，包括軟體，包括管理工具和經驗。

So I hope customer can one-stop shop with Super Micro to build their data center, make their data center time to market much quicker and also cheaper lower cost, right, and quicker to build their data center.

因此，我希望客戶能夠與 Super Micro 一站式合作來建立他們的資料中心，使他們的資料中心上市時間更快，成本更低，對，並且更快地建立他們的資料中心。

And that's our consumption, better quality.

這就是我們的消費，品質更好。

Thank you.

謝謝。

John Tanwanteng, CJS Securities, Inc.

John Tanwanteng，CJS Securities，Inc.

Hi, thank you for taking my questions.

你好，謝謝你回答我的問題。

Charles, I was wondering if you could break down the factors or maybe David, driving the reduction in the '25 revenue guidance.

查爾斯，我想知道您是否可以分析一下導致 25 年收入預期減少的因素，或者大衛。

How much is maybe pricing related?

可能與定價有關嗎？

How much do you think is related to delays or availability of Blackwell?

您認為這與 Blackwell 的延遲或可用性有多少關係？

On how -- and the impact on Hopper demand?

如何—以及對 Hopper 需求有何影響？

And then maybe how much was related to your 10-K and maybe customers not feeling on.

然後可能有多少與您的 10-K 有關，也許客戶感覺不太好。

So great about doing business with you until that's filed.

在提交文件之前，很高興與您做生意。

Yeah.

是的。

I would say, John, that probably the biggest factor was just the delay in new technology.

約翰，我想說，可能最大的因素就是新科技的延遲。

Because we were -- when you think about it, we were all set to go we were all set to ship with liquid cooling.

因為我們—當你想到這一點時，我們就一切準備就緒，我們已經準備好使用液體冷卻了。

We were ready.

我們已經準備好了。

But the problem was that the -- not everything else was.

但問題是——並非其他一切都是如此。

So that was certainly a huge impact.

所以這確實產生了巨大的影響。

I think, obviously, 10-K delay was a distraction.

我認為，顯然 10-K 的延遲會分散注意力。

But it's more about technology for us because we count on being early to market and so that's what creates the big jumps that we have, the kind that took place last year from Q3 to Q4 when we went up $1.5 billion in one quarter.

但對我們來說，更重要的是技術，因為我們依靠早期進入市場，而這正是我們實現巨大飛躍的原因，就像去年第三季度到第四季度，我們在一個季度內就盈利 15 億美元一樣。

But remember, we finished the four quarters that ended June 30 at $15 billion.

但請記住，截至 6 月 30 日的四個季度，我們的收入為 150 億美元。

And now, here we are two quarters later, and now, we're at a trailing four quarters of over $20 billion.

現在，已經過了兩個季度，而過去四個季度，我們的投資總額已經超過 200 億美元。

So we have the dynamic to accelerate really well when the technology is there that customers want.

因此，當客戶需要的技術出現時，我們就有能力加速發展。

And I think if you look at all of the spending predictions and intentions that are out there, you can see the money being put in place to spend money on data centers and on data center solutions.

我認為，如果你看看所有的支出預測和意向，你會看到資金被投入到資料中心和資料中心解決方案。

And that's why we're here.

這就是我們來這裡的原因。

Got it, thank you.

知道了，謝謝。

And then can you talk about your capital needs and cash flow expectations going forward as you start getting in the quarter were maybe generating $8 billion in revenue, $12 billion of revenue as implied by that $40 billion target.

然後，您能否談談未來的資本需求和現金流預期，因為本季度您可能會產生 80 億美元的收入，400 億美元的目標暗示了 120 億美元的收入。

Yeah.

是的。

So we're working on a number of different fronts to raise additional capital, which we just did with some of our -- actually, the investors that put money into us previously with our bonds.

因此，我們正在從多個不同方面努力籌集額外資金，我們剛剛與一些投資者合作完成了這項工作——實際上是與之前透過我們的債券向我們注資的投資者合作。

So they came back and provided additional capital for us.

所以他們回來並為我們提供額外的資金。

So we will -- we've always said we want to use our balance sheet as we can to generate additional funding for our growth.

因此，我們一直說，我們希望盡可能利用我們的資產負債表來為我們的成長籌集額外資金。

But we'll -- just like we're preparing on the engineering side, we'll also prepare on the capital side.

但是，就像我們在工程方面做好準備一樣，我們也會在資本方面做好準備。

Yeah.

是的。

In terms of average, our inventory and AR, I guess, the loan should be available very soon.

就平均而言，我們的庫存和應收帳款，我想，貸款應該很快就能到帳。

Yeah.

是的。

We have a very unlevered balance sheet, as you know, right now because we paid -- we paid down a lot -- some of the bank debt and so -- we've paid down a lot of accounts payable.

如你所知，我們目前的資產負債表非常無槓桿，因為我們已經償還了部分銀行債務，因此，我們已經償還了許多應付帳款。

And so we're -- we have a very healthy balance sheet.

所以我們的資產負債表非常健康。

Got it, thank you.

知道了，謝謝。

Aaron C. Rakers, Wells Fargo.

富國銀行的 Aaron C. Rakers。

Yeah.

是的。

Thanks, guys, for taking the questions.

謝謝大家回答這些問題。

Most of them have been answered or asked and answered, but I've got a couple here real quick.

大多數問題都已得到解答或詢問和解答，但我在這裡很快就得到了幾個問題。

So first of all, Charles, I just want to make sure I'm clear.

首先，查爾斯，我只是想確保我說清楚了。

Blackwell in the product cycle, are you shipping the GB200, the NVL72 today?

Blackwell 在產品週期中，您今天會出貨 GB200、NVL72 嗎？

And/or if not, is that a significant factor as far as volume shipments in your current quarter guide?

如果不是，那麼就您目前季度指南中的出貨量而言，這是否是一個重要因素？

And I've got a few others.

我還有其他一些。

GB, NVL72, our position is similar to other competitors, right?

GB，NVL72，我們的位置和其他競爭對手差不多，對吧？

So we have a solution for ready.

因此我們有一個準備好的解決方案。

Now, once we have support from NVIDIA and we can ship at the time, right?

現在，一旦我們獲得 NVIDIA 的支持，我們就可以立即發貨，對嗎？

And other than that, our B200, indeed, I believe is some of our advantage because we have all given kind of optimized platform, especially for 4U DLC.

除此之外，我確實相信我們的 B200 是我們的優勢之一，因為我們都提供了最佳化的平台，特別是針對 4U DLC。

We have lots of demand there.

我們那裡有很多需求。

And we are ready to ship in volume about now.

現在我們已經準備好大量出貨了。

(multiple speakers)

（多位發言者）

Yeah, go ahead.

嗯，請說。

Yeah.

是的。

I said, last year, shipment alone, we ship more than 3,000 rack to the market.

我說，去年單是出貨量，我們就向市場出貨了3,000多個機架。

I believe that's about 70% of our whole market -- whole DLC market last year.

我認為這大約佔了我們整個市場——去年整個 DLC 市場的 70%。

So we have a much better experience, much better solution.

因此我們有更好的體驗和更好的解決方案。

So when customers are looking for GB200, for G200 liquid cooling, I believe we are in a much better position than industry average for sure.

因此，當客戶尋找 GB200、G200 液冷時，我相信我們肯定比行業平均處於更有利的地位。

Yeah.

是的。

That's perfect.

那很完美。

And then my second question is really on gross margin.

我的第二個問題是關於毛利率。

I apologize to ask again on this topic.

很抱歉再次詢問此問題。

But can you walk us through the variables that drove the sequential change in gross margin this last quarter?

但是，您能否向我們介紹一下導致上個季度毛利率較上季變動的變數？

And I guess the other thing is that Charles, you mentioned some of the utilization rates in US and Taiwan.

我想另一件事是，查爾斯，您提到了美國和台灣的一些利用率。

Hypothetically, let's say that you're at, I don't know, pick a number, 70% or 75% utilization rate, how much of an impact would utilization rates have on gross margin?

假設您的使用率是 70% 還是 75%，那麼利用率對毛利率的影響有多大？

How do we isolate that impact?

我們如何隔離這種影響？

We did not provide that.

我們沒有提供這個。

But basically, for sure, the impact maybe 20, 30 points.

但基本上可以肯定的是，影響可能有20到30點。

Yeah.

是的。

We -- in the past, we've said if we can manufacture in Asia, we predicted that we would be able to save 1 to 2 points on the margin, Aaron.

我們 - 過去，我們曾說過，如果我們能在亞洲生產，我們預測我們將能夠節省 1 到 2 個點的利潤，Aaron。

But -- we -- back to -- let's see.

但 — — 我們 — — 回到 — — 讓我們看看。

And then you had another question on gross margins to walk you from back through Q2.

然後您還有另一個關於毛利率的問題，從第二季開始一直延續到現在。

Because, again, we forecast back in November, that we would be down 100 basis points.

因為我們在 11 月就預測過，利率將下降 100 個基點。

And that was because of the customer mix and products that we saw shipping out.

這是因為我們看到了客戶組合和出貨的產品。

Remember, we're working on more end-of-life products, which are -- have become more competitive as customers are waiting for the new platforms by all the different technology companies to come out from Intel, AMD, and NVIDIA.

請記住，我們正在開發更多停產產品，由於客戶正在等待英特爾、AMD 和 NVIDIA 等不同科技公司推出的新平台，這些產品的競爭力也變得更強。

So we -- there is, of course, more people that have -- that are offering solutions.

因此，我們——當然，有更多的人——正在提供解決方案。

But as Charles mentioned, if you -- going into the B200s, the GB series, it's -- this is going to be -- it's going to be perhaps a different game.

但正如查爾斯所提到的，如果你進入 B200s，GB 系列，這將會是一場不同的比賽。

And so -- but that's my commentary on how we got to the change in margin.

所以 — — 但這就是我對我們如何實現利潤率變化的評論。

And we had a little -- we had some extra expenses as well because we're spending more on R&D right now and specifically in buying some of the advanced chips as we refine our engineering and production to get ready for what we consider will be very large shipments coming up.

而且我們也有一些額外的開支，因為我們現在在研發上投入了更多，特別是在購買一些先進的晶片，以改進我們的工程和生產，為我們認為即將到來的非常大的出貨量做好準備。

Yeah.

是的。

On-site premium -- on-site deployment, cabling, and service, there will be another differentiation with the other competitor.

現場優質－現場部署、佈線和服務，將與其他競爭對手有所區別。

Quinn Bolton, Needham & Company.

奎因博爾頓，Needham & Company。

Thanks for taking my question.

感謝您回答我的問題。

Just wanted to follow up on the GB200/NVL72 question.

只是想跟進 GB200/NVL72 的問題。

Just it sounds like you guys are ready to go, but the biggest gating factor is just support from NVIDIA, do you guys have a forecast from NVIDIA?

聽起來你們已經準備好了，但最大的限制因素是 NVIDIA 的支持，你們有 NVIDIA 的預測嗎？

When you think you're going to start to see supply of the GPUs so that you can ship the NVL72 or visibility still pretty low on availability of the GPUs?

您認為什麼時候會開始看到 GPU 的供應，以便您可以運送 NVL72，或者 GPU 的可用性可見度仍然很低？

We already proved pretty much everything.

我們已經證明了幾乎所有事情。

And now, that's waiting for -- and we had some allocation, some volume.

現在，正在等待——我們有一些分配，一些數量。

But the volume demand is way much bigger.

但數量需求要大得多。

So we are waiting for more allocation.

因此我們正在等待更多的分配。

So that hopefully very soon, we can ship in a much higher volume.

因此希望很快就能實現更大批量的出貨。

Got it.

知道了。

So just waiting for the allocation, it sounds like is the gating factor.

因此，只需等待分配，這聽起來就像是門控因素。

Got it.

知道了。

And then maybe just a follow-up, longer-term question, Charles, on this DeepSeek impact on the industry, certainly sounds like we'll get more deployment of AI models, which probably says we get more inferencing.

然後也許只是一個後續的、長期的問題，查爾斯，關於 DeepSeek 對行業的影響，聽起來肯定是我們會得到更多的 AI 模型部署，這可能意味著我們會得到更多的推理。

To the extent that you see more inferencing infrastructure put in place, it's probably more fragmented.

從你看到推理基礎設施的建立程度來看，它可能會更加分散。

I assume that, that's good for Super Micro because it's less concentrated, probably more variability of systems.

我認為這對超微來說是好事，因為它的集中度較低，系統的多變性可能較大。

But can you spend a second on whether you think a shift towards inferencing is positive for the business?

但是您能否花一點時間來思考一下，您是否認為轉向推理對於業務來說是有利的？

Is it neutral?

它是中性的嗎？

Is it negative?

是負面的嗎？

Thanks.

謝謝。

Yeah, it's very positive.

是的，這是非常積極的。

When invention become more popular, become worldwide trend, right?

當發明變得更受歡迎並成為世界潮流時，對嗎？

I mean, before, I mean, they may have a 300 buyers basically.

我的意思是，以前他們基本上可能有 300 個買家。

But with invention getting popular, AI getting popular, I believe, very soon, there will be thousands of companies need to buy AI equipment or service.

但隨著發明越來越流行，人工智慧越來越流行，我相信，很快就會有成千上萬的公司需要購買人工智慧設備或服務。

So we are very happy to see the market size is growing, and many more customers are asking product, asking a total solution.

因此，我們很高興看到市場規模不斷成長，越來越多的客戶要求產品、要求整體解決方案。

And with our application optimized major building block solution, we are able to service a variety of customers in different verticals.

憑藉我們針對應用最佳化的主要構建塊解決方案，我們能夠為不同垂直領域的各種客戶提供服務。

So that's another advantage we will have.

這是我們的另一個優勢。

Thank you, Charles.

謝謝你，查爾斯。

Thank you.

謝謝。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

So hey, guys, and thanks for taking my question.

嘿夥計們，感謝你們回答我的問題。

Charles, can you talk about kind of your current pipeline just in terms of the mix of sovereign AI, just especially versus three months ago?

查爾斯，您能否就主權人工智慧的組合方面談談您目前的通路情況，特別是與三個月前相比？

Can you kind of talk about whether you're seeing incremental kind of pipeline build from the sovereign AI of the world?

您能否談談您是否看到了世界主權人工智慧的增量式管道建設？

Yeah, it's also increasing.

是的，而且還在增加。

I mean, before most of the demand in USA and some other large country only.

我的意思是，之前大部分需求只來自美國和其他一些大國。

But now, yes, we see many more countries going to build their own AI infrastructure, especially for solving AI and invention as well.

但現在，是的，我們看到越來越多的國家正在建立自己的人工智慧基礎設施，特別是為了解決人工智慧和發明問題。

But demand is kind of worldwide now, and it's a very exciting moment to see the AI boom continuing to be popular worldwide.

但現在需求是全球性的，看到人工智慧熱潮繼續在世界各地流行，這是一個非常令人興奮的時刻。

Just a quick follow-up, if I can.

如果可以的話，我只是想快速跟進。

As we potentially head into the GB300 era later this year or in 2026, the supply chain chatter of most of the open standards as NVIDIA kind of potentially unbundle the supply chain.

隨著我們可能在今年稍後或 2026 年進入 GB300 時代，隨著 NVIDIA 的出現，大多數開放標準的供應鏈討論可能會解開供應鏈。

So that could potentially add more customization.

因此這可能會增加更多的客製化。

So maybe directionally, can you talk about the implication to Super Micro, especially for the margin?

因此從方向來看，您能談談對 Super Micro 的影響嗎，尤其是對利潤的影響？

Do you think that you can add a bit more customization, hence, more margin as we head into GB300 or it's not material?

您是否認為您可以添加更多定制，從而在我們進入 GB300 時獲得更多利潤，或者這並不重要？

Yeah, technology always unlimited.

是啊，科技永遠是無限的。

People always come out with some ideas and some demand for different vertical or different application.

人們總是會針對不同的垂直或不同的應用提出一些想法和需求。

So we never feel our engineers have nothing to do.

所以我們從來不會覺得我們的工程師無事可做。

So I always do now have enough engineering manpower.

所以我現在確實一直都有足夠的工程人力。

So even today, we still continue higher engineering very aggressively worldwide.

因此，即使在今天，我們仍然在世界各地積極推動高等工程。

So there are lots of room to optimize for different product line, different vertical, especially for invention, right?

因此，對於不同的產品線、不同的垂直產業，特別是發明，有很大的最佳化空間，對嗎？

So still lots of room to differentiate.

因此，仍有很大差異化空間。

And especially when we get into a data center building block solution.

尤其是當我們進入資料中心建置區塊解決方案時。

Now, we are growing our market temp to get us in the infrastructure, so to provide the whole solution for people who need to build a data center.

現在，我們正在擴大我們的市場規模以進入基礎設施領域，從而為需要建立資料中心的人提供完整的解決方案。

So I see our marketing also faster growing.

因此我看到我們的行銷也成長得更快。

Thank you.

謝謝。

Jayla, we're out of time.

杰拉，我們的時間不夠了。

Thank you for attending the Super Micro conference call, and we'll catch up with you soon.

感謝您參加 Super Micro 電話會議，我們很快就會與您聯繫。

Thank you.

謝謝。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation, and enjoy the rest of your day.

感謝您的參與，祝您今天過得愉快。