超微電腦 (SMCI) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Victoria. I will be your conference operator today.

感謝您的支持。我的名字是維多利亞。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., SMCI US third-quarter, full year-2025 earnings call.

現在，我歡迎大家參加 Super Micro Computer, Inc.、SMCI US 第三季、2025 年全年財報電話會議。

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

今天與我們在一起的是創辦人、總裁兼執行長梁見後 (Charles Liang)； David Weigand，財務長；以及企業發展資深副總裁 Michael Steiger。

(Operator Instructions)

（操作員指示）

I would now like to pass the conference over to Michael Steiger.

現在我想將會議交給麥可‧施泰格。

Victoria, thank you. Good afternoon. Thank you for attending Super Micro's call to discuss financial results for the third quarter, which ended March 31, 2025.

維多利亞，謝謝你。午安.感謝您參加 Super Micro 的電話會議，討論截至 2025 年 3 月 31 日的第三季財務業績。

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

今天和我一起的有創始人、董事長兼首席執行官梁見後 (Charles Liang)；首席財務官戴維·韋根德 (David Weigand)。

By now, you should have received a copy of the news release from the company that was distributed at the close of regular trading and is available on the company's website.

到目前為止，您應該已經收到了該公司在常規交易結束時發布的新聞稿副本，您可以在該公司的網站上查閱。

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

提醒一下，在今天的電話會議中，公司將參考公司網站「投資者關係」部分「活動和簡報」標籤下提供給參與者的簡報。我們也在我們的網站上發布了管理層的腳本評論。

Please note that some of the information you will hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation and future business including guidance for the fourth-quarter and full fiscal-year 2025.

請注意，您在我們今天的討論中聽到的一些資訊將包括前瞻性陳述，包括但不限於有關收入、毛利率、營業費用、其他收入和支出、稅收、資本配置和未來業務的陳述，包括對 2025 年第四季度和全年財年的指導。

There are a number of risk factors that could cause Super Micro's results to differ, materially, from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our most recent 10-K filing for fiscal year 2024, and our other SEC filings.

有許多風險因素可能導致 Super Micro 的表現與我們的預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、我們最新的 2024 財年 10-K 文件以及我們的其他 SEC 文件中了解有關這些風險的更多資訊。

All these documents are available on the Investor Relations page of Super Micro's website. We assume no obligation to update any forward-looking statements. Most of today's presentation will refer to non-GAAP financial results and business outlook.

所有這些文件都可以在 Super Micro 網站的投資者關係頁面上找到。我們不承擔更新任何前瞻性陳述的義務。今天的演示大部分內容將涉及非公認會計準則財務表現和業務展望。

For an explanation of our non-GAAP financial measures, please refer to the company presentation or to our press release published earlier today. In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation.

有關我們的非公認會計準則財務指標的解釋，請參閱本公司介紹或我們今天稍早發布的新聞稿。此外，今天的新聞稿和今天的簡報所附的補充資料中還包含了 GAAP 與非 GAAP 結果的對帳。

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

在今天的準備好的演講結束時，我們將為一些分析師安排一個問答環節。

I will now turn the call over to Charles.

現在我將把電話轉給查爾斯。

Thank you, Michael. Thank you, everyone, for joining us.

謝謝你，麥可。謝謝大家的參與。

As previously announced, our fiscal Q3 net revenue totaled $4.6 billion, coming in lower than our original forecast. This decline was primarily due to a customer waiting and evaluating AI platforms between the current hub and upcoming (inaudible) GPUs, leading to a delayed commitment.

正如先前宣布的那樣，我們的第三財季淨收入總計 46 億美元，低於我們最初的預測。這種下降主要是由於客戶在等待並評估當前中心和即將推出的（聽不清楚）GPU 之間的 AI 平台，導致承諾延遲。

We expect many of these engagements to materialize in the June and September quarter, strengthening our confidence in meeting our long-term growth target, as we close out this eventful fiscal year.

我們預計，許多此類合作將在六月和九月季度實現，這將增強我們在結束這個多事的財政年度時實現長期成長目標的信心。

Despite macro economic conditions and tariff impact, our ability to expand the market share in IT and AI remains strong.

儘管受到宏觀經濟狀況和關稅影響，我們擴大 IT 和 AI 市場份額的能力仍然強勁。

On the earnings (inaudible), our fiscal Q3 non-GAAP EPS stood at $0.31 per share, compared to $0.66 last year. This time, it was largely driven by an inventory write-down of old-generation GPU and related components, while the new platforms are finally ramping quickly, about now.

就收益而言（聽不清楚），我們第三財季的非 GAAP 每股收益為 0.31 美元，而去年同期為 0.66 美元。這一次，很大程度上是由於老一代 GPU 和相關組件的庫存減記，而新平台現在終於開始快速成長。

Although our quarterly performance did not align (inaudible) with our expectation, we successfully fulfilled our commitment to regain financial regulatory compliance. At the same time, we continue to enhance technical innovation and development, which results in successful high-volume delivery of our new-generation AI platforms at the end of March.

儘管我們的季度業績與我們的預期不符（聽不清楚），但我們成功履行了重新獲得金融監理合規的承諾。同時，我們不斷加強技術創新與研發，新一代人工智慧平台於3月底成功實現大量交付。

Looking ahead, some major background new innovation are set to service the market in this quarter and the new fiscal year, especially our (inaudible).

展望未來，一些重大的背景新創新將在本季和新財年服務市場，特別是我們的（聽不清楚）。

With a clear time-to-market advantage, Super Micro, once again, lead AI [ecostructure] (inaudible) solutions. This strong position enable us to explore new opportunities and expand the market share.

憑藉著明顯的上市時間優勢，Super Micro 再次引領 AI [生態結構]（聽不清楚）解決方案。這一強勢地位使我們能夠探索新的機會並擴大市場份額。

During the quarter, we achieved volume shipment of (inaudible): 10 (inaudible), (inaudible) NVIDIA (inaudible) systems, both are exactly the first for the market again, as well as (inaudible) rags. Additionally, we start to a [OPPO] (inaudible) solutions to further broaden our AI portfolio.

在本季度，我們實現了（聽不清楚）10（聽不清楚）NVIDIA（聽不清楚）系統的大量出貨，這兩個系統再次成為市場首批出貨量，以及（聽不清楚）破布。此外，我們開始採用 [OPPO]（聽不清楚）解決方案來進一步拓寬我們的 AI 產品組合。

Leveraging our system building blocks, we will, again, over time-to-market on the upcoming new platforms such as NVIDIA, (inaudible), and AMD MI50 platforms this summer for customers seeking leading technology, more optimized, higher density and (inaudible) solution.

利用我們的系統建置模組，我們將再次在今年夏天將即將推出的新平台（如 NVIDIA、（聽不清楚）和 AMD MI50 平台）推向市場，以滿足尋求領先技術、更優化、更高密度和（聽不清楚）解決方案的客戶的需求。

Building our strong foundation of technology leadership, building product solution and (inaudible) computing (inaudible), we have been deeply focused on developing the industry's first end-to-end AI IP data center total solution.

憑藉強大的技術領導基礎、建立產品解決方案和（聽不清楚）運算（聽不清楚），我們一直致力於開發業界首個端到端 AI IP 資料中心整體解決方案。

We are now about fully ready to share these exciting news with the market, in the coming days, by launching our blending Data Center Building Block Solution, we call it DCBBS, featuring our second-generation system (inaudible) technology, we call it, BLC pool.

我們現在已做好充分準備，在未來的日子裡與市場分享這些令人興奮的消息，透過推出我們的混合資料中心構建塊解決方案，我們稱之為 DCBBS，採用我們的第二代系統（聽不清楚）技術，我們稱之為 BLC 池。

With DCBBS, we are able to dramatically shorten customers' efforts to build a data center, reduce their cost, and most importantly, (inaudible) data center, data quality, and performance, (inaudible) and with higher availability.

借助 DCBBS，我們能夠大幅縮短客戶建置資料中心的時間、降低成本，最重要的是，（聽不清楚）資料中心、資料品質和效能（聽不清楚）以及更高的可用性。

DCBBS consolidates political components, including AI service systems, storage, (inaudible), all different kinds of switches, BLC systems, water tower or dry tower, (inaudible), power sale, battery backup unit, (inaudible) BBU, on-site deployment, (inaudible) design, cabling, and data center end-to-end management software, and all different scopes of services into a streamlined process.

DCBBS 將政治組件（包括 AI 服務系統、儲存、（聽不清楚）、各種交換機、BLC 系統、水塔或乾塔、（聽不清楚）、電力銷售、電池備用單元、（聽不清楚）BBU、現場部署、（聽不清楚）設計、佈線和資料中心端對端管理軟體）以及所有不同範圍的服務中整合到一個精簡流程中。

The true value of DCBBS lie in its ability to reduce power consumption, optimize space, and decrease water usage, delivering up to 30% lower TCO. More importantly, it accelerates new data center deployments and upgrade existing data center in a matter of months or even weeks, rather than many quarters or years, driving significant improvement in data center time-to-(inaudible) , we call TPDP; and time-to-[online], TPO.

DCBBS 的真正價值在於它能夠降低功耗、優化空間並減少用水量，從而將 TCO 降低高達 30%。更重要的是，它加速了新資料中心的部署，並在幾個月甚至幾週內升級了現有的資料中心，而不是幾個季度或幾年，從而顯著改善了資料中心的交付時間（聽不清楚），我們稱之為 TPDP；以及線上時間（TPO）。

One of the key components of DCBBS is our industry-leading PLC solutions. Super Micro remains at a forefront of driven industry adoption of PLC technology, direct cooling technology, setting new standards for performance, efficiency, and sustainability.

DCBBS 的關鍵組件之一是我們業界領先的 PLC 解決方案。Super Micro 始終處於推動行業採用 PLC 技術、直接冷卻技術的前沿，為性能、效率和可持續性樹立了新的標準。

Last year, we shipped 4,100 (inaudible) AI drag equipment with PLC, helping our customers reduce energy costs by up to 25% or even 30%. We are committed to double this volume in the coming year, further amplifying the impact of wind computing.

去年，我們運送了 4,100 台（聽不清楚）配備 PLC 的 AI 拖曳設備，幫助我們的客戶降低高達 25% 甚至 30% 的能源成本。我們致力於在未來一年將這數量翻一番，進一步擴大風能運算的影響力。

With the upcoming PLC (inaudible) technology, Super Micro will be able to deliver even greater savings and benefits to our customers. For example, in the same power and water, up to 40%; and reduced data center noise (inaudible), down to about 50 BP. That is almost quite a library.

借助即將推出的 PLC（聽不清楚）技術，Super Micro 將能夠為我們的客戶帶來更大的節省和效益。例如在同樣的電和水的情況下，可達40%；並降低資料中心噪音（聽不見），降至約 50 BP。這幾乎就是一個圖書館了。

We are going to announce the detail in the coming days.

我們將在未來幾天內公佈細節。

Green computing can be everywhere. And with our [PLC-2 ] solutions, we are making that (inaudible) a beautiful reality. Our long-term investment and leadership in PLC has solidified a sustainable competitive edge, providing economics of scale and keeping us far ahead of competition.

綠色計算無所不在。透過我們的 [PLC-2] 解決方案，我們正在讓這（聽不清楚）成為美好的現實。我們對 PLC 的長期投資和領導地位鞏固了可持續的競爭優勢，提供了規模經濟並使我們在競爭中保持領先。

Our global operations continued to expand when our new Malaysia campus began shipping product to partners. Meanwhile, our facility in Taiwan and Europe are scaling up their capacity and capability, providing customers with flexible options for their logistical choice and minimize their cost build in the market and tariff uncertainties.

當我們新的馬來西亞園區開始向合作夥伴運送產品時，我們的全球業務繼續擴大。同時，我們在台灣和歐洲的工廠正在擴大產能和能力，為客戶提供靈活的物流選擇，並最大限度地降低市場成本和關稅不確定性。

To further strengthen the pool for key partners and aligned with government initiatives, we continue to expand our US domestic manufacturing capacity, including new facility in the Midwest and other locations.

為了進一步加強關鍵合作夥伴庫並配合政府舉措，我們繼續擴大美國國內製造能力，包括在中西部和其他地區建立新工廠。

This strategic expansion will allow us to meet rising demand, while continuing to enhance our commitment in quality, security, and TCO PTD and PTO.

此次策略擴張將使我們能夠滿足不斷增長的需求，同時繼續加強我們對品質、安全以及 TCO PTD 和 PTO 的承諾。

In summary, fiscal Q3 was dynamic and productive. We successfully to navigate the financial challenge while continuing to strengthen our leadership in (inaudible) and technology innovation. Our first-to-market advantage in AI infrastructure, along with the expanded reach of DC (inaudible) solution and advancement in TLC technology further solidify our industry position.

總而言之，第三季的財政狀況充滿活力且富有成效。我們成功應對了財務挑戰，同時繼續加強我們在（聽不清楚）和技術創新方面的領導地位。我們在人工智慧基礎設施方面的先發優勢，加上 DC（聽不清楚）解決方案的擴大和 TLC 技術的進步，進一步鞏固了我們的產業地位。

I remain highly confident and optimistic about our long-term strong growth and market share gain. However, near-term macro economic and market uncertainty makes it difficult to precisely forecast the pace and technology adoption.

我對我們的長期強勁成長和市場佔有率成長仍然充滿信心和樂觀。然而，近期宏觀經濟和市場的不確定性使得準確預測步伐和技術採用變得困難。

Despite this, I'm confident that we were close to the fiscal year on a strong note. Even with the current condition, we anticipate Q4 revenue of at least $6 billion. And we'll resume providing a broader forecast range, once we have better visibility.

儘管如此，我相信我們能夠以強勁的勢頭接近本財政年度。即使在目前的情況下，我們預計第四季的收入至少為 60 億美元。一旦我們獲得更好的可見性，我們將恢復提供更廣泛的預測範圍。

Before passing the call to David for the financial overview, I want to thank you all for 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，我想感謝我們的合作夥伴、客戶、投資者和 Super Micro 團隊成員，並對他們持續的支持表示深深的謝意。

With that, I will now turn the call over 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。

Fiscal Q3 2025 revenues were $4.6 billion. This was up 19% year over year and down 19% quarter over quarter. Q3 revenues were down quarter over quarter, as certain new platform decisions by customers moved some sales into Q4 and later.

2025 財年第三季營收為 46 億美元。與去年同期相比成長了 19%，與上一季相比下降了 19%。第三季營收季減，因為客戶做出的某些新平台決策將部分銷售額轉移到了第四季及以後。

AI GPU platforms again represented more than 70% of revenues, with AI GPU customers in both the enterprise and cloud service provider markets.

AI GPU 平台再次佔了 70% 以上的收入，AI GPU 客戶遍布企業和雲端服務供應商市場。

Our design win pipeline remains robust. And we expect continued growth in Q4, as we ramp up production of our Data Center Building Block Solutions, DCBBS, based on new GPU platforms.

我們的設計獲勝管道依然強勁。隨著我們基於新 GPU 平台加大資料中心建置區塊解決方案 DCBBS 的產量，我們預計第四季將繼續成長。

As a leading US technology company, we focus on extensive rack scale and DCBBS technology and capacity investments in the US, which is complemented by our investments in Taiwan, the Netherlands, and Malaysia.

作為美國領先的科技公司，我們專注於在美國進行廣泛的機架規模和 DCBBS 技術和產能投資，同時我們在台灣、荷蘭和馬來西亞的投資也對此進行了補充。

As Charles indicated, we have a flexible global manufacturing footprint to meet our customers' needs. And we continue to closely monitor the rapidly evolving macro and tariff environment.

正如查爾斯所說，我們擁有靈活的全球製造足跡，可以滿足客戶的需求。我們將繼續密切關注快速變化的宏觀和關稅環境。

During Q3, we recorded $1.9 billion in the enterprise channel vertical, representing 42% of revenues versus 25% last quarter. This was up 3% year over year and up 38% quarter over quarter, as we saw strength in enterprise adoption of new AI and CPU platforms.

第三季度，我們在企業通路垂直領域的營收為 19 億美元，佔總營收的 42%，而上一季為 25%。由於我們看到企業對新 AI 和 CPU 平台的採用力度加大，這一數字同比增長 3%，環比增長 38%。

The OEM appliance and large data center vertical revenues were $2.6 billion, which represented 57% of Q3 revenues versus 75% in the last quarter. This was up 35% year over year and down 38% quarter over quarter.

OEM 設備和大型資料中心垂直收入為 26 億美元，佔第三季營收的 57%，而上一季為 75%。與去年同期相比成長了 35%，與上一季相比下降了 38%。

Two existing CSP/large data center customers represented 22% and 14% of Q3 revenues.

兩家現有的 CSP/大型資料中心客戶分別佔第三季營收的 22% 和 14%。

Emerging 5G telco edge IoT revenues were $48 million or 1% of Q3 revenues.

新興 5G 電信邊緣物聯網營收為 4,800 萬美元，佔第三季營收的 1%。

Server and storage systems comprised 97% of Q3 revenue and subsystems and accessories, the remaining 3%.

伺服器和儲存系統佔第三季營收的 97%，子系統和配件佔剩餘的 3%。

By geography, the US represented 60% of Q3 revenues; Asia, 30%; Europe, 6%; and the rest of the world, 4%. On a year-over-year basis, US revenues increased 3%. Asia increased 77%, Europe decreased 3% and the rest of the world increased 83%.

以地理劃分，美國佔第三季營收的 60%；亞洲，30%；歐洲，6%；世界其他地區為 4%。與去年同期相比，美國營收成長了 3%。亞洲成長了77%，歐洲下降了3%，世界其他地區成長了83%。

On a quarter-over-quarter basis, US revenues decreased 20%; Asia increased 76%; and Europe decreased 69%; and the rest of the world increased 45%.

與上一季相比，美國營收下降了20%；亞洲成長76%；歐洲下降了69%；世界其他地區成長了45%。

China continued to represent less than 1% of sales in Q3.

中國在第三季的銷售額仍佔不到 1%。

The Q3 non-GAAP gross margin was 9.7%, which was down 20 basis points quarter over quarter, from 11.9% in Q2, primarily due to higher inventory reserves for older generation products, lower volume, and accelerated costs to enable time to market for new products.

第三季非公認會計準則毛利率為 9.7%，較第二季的 11.9% 環比下降 20 個基點，主要原因是老一代產品的庫存儲備增加、銷量下降以及為加快新產品的上市速度而加快的成本。

Q3 operating expenses, on a GAAP basis, decreased 3% quarter over quarter and increased 34% year over year to $293 million. On a non-GAAP basis, operating expenses decreased 5% quarter over quarter and increased 30% year over year to $216 million.

根據 GAAP 計算，第三季營運費用季減 3%，年增 34%，達到 2.93 億美元。以非公認會計準則計算，營運費用季減 5%，年增 30%，達到 2.16 億美元。

Q3 non-GAAP operating margin was 5%, compared to 7.9% in Q2 due to lower revenues and gross margins.

第三季非公認會計準則由於收入和毛利率下降，營業利潤率為 5%，而第二季為 7.9%。

Other income and expense for Q3 was a net expense of $31.7 million, consisting of $13.4 million in interest expense, principally from convertible bonds; and other losses of $18.3 million, principally from a non-cash $3.3 million loss on the amendment of the 2029 convertible bond and adverse foreign exchange impact and other miscellaneous expenses offset by higher interest income.

第三季的其他收入和支出為淨支出 3,170 萬美元，其中包括 1,340 萬美元的利息支出，主要來自可轉換債券；以及其他損失 1,830 萬美元，主要來自 2029 年可轉換債券修訂產生的 330 萬美元非現金損失、不利的外匯影響和其他雜項費用，但這些利息收入增加了這些利息損失。

The GAAP effective tax rate was 5.1%, resulting in a GAAP tax expense of $6 million for Q3. The non-GAAP effective tax rate for Q3 was 15.5%, resulting in Q3 non-GAAP tax expense of $36 million.

GAAP 有效稅率為 5.1%，導致第三季的 GAAP 稅金為 600 萬美元。第三季非公認會計準則有效稅率為 15.5%，導致第三季非公認會計準則稅費為 3,600 萬美元。

Q3 GAAP diluted EPS of $0.17 and Q3 non-GAAP diluted EPS of $0.31 was lower than our guidance due to lower revenues and gross margins.

第三季美國通用會計準則由於收入和毛利率較低，第三季稀釋每股收益為 0.17 美元，第三季非 GAAP 稀釋每股收益為 0.31 美元，低於我們的預期。

The GAAP fully diluted share count for Q3 was $622 million and the non-GAAP fully diluted share count was $636 million.

第三季的 GAAP 完全稀釋股數為 6.22 億美元，非 GAAP 完全稀釋股數為 6.36 億美元。

Cash flow generated from operations for Q3 was $627 million , compared to cash flow usage of $240 million during the previous quarter.

第三季營運產生的現金流為 6.27 億美元，而上一季的現金流量使用量為 2.4 億美元。

The Q3 closing inventory was $3.9 billion, which increased by 7.6% quarter over quarter, from $3.6 billion in Q2. as we prepare for higher shipments in Q4.

第三季期末庫存為 39 億美元，較第二季的 36 億美元較上季成長 7.6%。我們為第四季更高的出貨量做準備。

CapEx was $33 million for Q3, resulting in free cash flow of $594 million during the quarter.

第三季的資本支出為 3,300 萬美元，導致本季的自由現金流為 5.94 億美元。

During the quarter, we amended the terms of our existing 2029 convertible notes and raised $700 million in gross proceeds in a new 2028 convertible note from the existing convertible investor group. The proceeds from the new convertible note offering will be used to strengthen our working capital, enable continued investments in R&D, and expand global capacity as needed.

在本季度，我們修改了現有的 2029 年可轉換票據的條款，並從現有的可轉換投資者集團以新的 2028 年可轉換票據的形式籌集了 7 億美元的總收益。新發行的可轉換票據所得將用於加強我們的營運資金、持續投資研發以及根據需要擴大全球產能。

The closing Q3 balance sheet cash position was $2.54 billion, while bank and convertible note debt was $2.49 million resulting in a net cash position of $44 million versus a negative net cash position of $479 million last quarter.

第三季末資產負債表現金狀況為 25.4 億美元，而銀行和可轉換票據債務為 249 萬美元，導致淨現金狀況為 4,400 萬美元，而上一季的淨現金狀況為負 4.79 億美元。

Turning to the balance sheet and working capital metrics: compared to last quarter, the Q3 cash conversion cycle was 124 days versus 104 days in Q2. Days of inventory increased by 3 days to 81 days compared to the prior quarter of 78 days due to key component purchases for higher expected Q4 shipments.

轉向資產負債表和營運資本指標：與上一季相比，第三季現金轉換週期為 124 天，而第二季為 104 天。由於預計第四季度出貨量增加而採購關鍵零件，庫存天數較上一季的 78 天增加了 3 天，達到 81 天。

Day sales outstanding increased by nine days quarter over quarter to 56 days, while days payable outstanding decreased by 8 days to 13 days.

應收帳款週轉天數比上一季增加 9 天，至 56 天；應付帳款週轉天數比上一季減少 8 天，至 13 天。

We are closely monitoring the macro environment, tariffs, and the technology transition to new platforms.

我們正在密切關注宏觀環境、關稅以及向新平台的技術轉型。

The outlook for the fourth quarter of fiscal 2025 ended June 30, 2025: we expect net sales in the range of $5.6 billion to $6.4 billion, GAAP diluted net income per share of $0.30 to $0.40 and non-GAAP diluted net income per share of $0.40 to $0.50.

截至 2025 年 6 月 30 日的 2025 財年第四季展望：我們預計淨銷售額在 56 億美元至 64 億美元之間，GAAP 稀釋每股淨收益在 0.30 美元至 0.40 美元之間，非 GAAP 稀釋每股淨收益在 0.40 美元至 0.50 美元之間。

Given this dynamic environment, we are being prudent and expect gross margins to be approximately 10%.

鑑於這種動態環境，我們採取謹慎態度，預計毛利率約為 10%。

GAAP operating expenses are expected to be approximately $319 million and includes $74 million in stock-based compensation expenses that are not included in non-GAAP operating expenses.

預計 GAAP 營運費用約為 3.19 億美元，其中包括未包含在非 GAAP 營運費用中的 7,400 萬美元股票薪酬費用。

The outlook for Q4 of fiscal year 2025 fully-diluted GAAP EPS includes approximately $63 million in expected stock-based compensation expenses, net of tax effects of $18 million, which are excluded from non-GAAP diluted net income per common share.

2025 財年第四季完全稀釋 GAAP 每股盈餘預期包括約 6,300 萬美元的預期股票薪酬費用，扣除 1,800 萬美元的稅務影響，這些費用不計入非 GAAP 稀釋每股普通股淨收益。

We expect other income and expenses, including interest expense to be a net expense of approximately $16 million.

我們預計其他收入和支出（包括利息支出）的淨支出約為 1,600 萬美元。

The company's projections for Q4 GAAP and non-GAAP diluted net income per common share assume a GAAP tax rate of 14.9%, a non-GAAP tax rate of 16.5%; and a diluted share count -- fully diluted share count of 628 million for GAAP and 642 million shares for non-GAAP.

該公司對第四季度 GAAP 和非 GAAP 每股普通股稀釋淨收益的預測假設 GAAP 稅率為 14.9%，非 GAAP 稅率為 16.5%；稀釋股數——按照 GAAP 計算，完全稀釋股數為 6.28 億股，按照非 GAAP 計算，完全稀釋股數為 6.42 億股。

We expect CapEx for Q4 to be in the range of $45 million to $55 million. For the fiscal year 2025 ending June 30, 2025, based on the Q4 guidance above, we are expecting revenues of $21.8 billion to $22.6 billion.

我們預計第四季的資本支出將在 4,500 萬美元至 5,500 萬美元之間。截至 2025 年 6 月 30 日的 2025 財年，根據上述第四季指引，我們預計營收為 218 億美元至 226 億美元。

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

邁克爾，我們現在準備好進行問答了。

Great. Victoria, let's go to Q&A.

偉大的。維多利亞，我們進入問答環節。

(Operator Instructions)

（操作員指示）

Samik Chatterjee, J.P. Morgan.

薩米克‧查特吉，摩根大通。

Maybe, for the first one -- I know in your prepared remarks, you mentioned that the macro is making forecasting a bit tougher and you're talking about prudence in your guidance itself. But maybe you can share what you're hearing from your customers. Are customers already talking about pulling back some orders? Or is there any change in customer order trends that you're seeing because of the macro?

也許，對於第一個問題——我知道在您準備好的發言中，您提到宏觀經濟使得預測變得更加困難，而您在指導本身時也談到了謹慎。但也許您可以分享您從客戶那裡聽到的消息。客戶是否已經在談論撤回部分訂單？或者您看到客戶訂單趨勢因宏觀因素而發生任何變化？

And given just where we stand, relative to the June quarter or (inaudible) month, I would assume you would have more visibility into the June quarter, rather than having to put some level of consumerism in. So have you seen a lot more volatility, in terms of customer orders recently to drive that prudence, in terms of the revenue outlook for June?

考慮到我們所處的狀況，相對於六月季度或（聽不清楚）月份，我認為您會對六月季度有更清晰的了解，而不必投入一定程度的消費主義。那麼，您是否看到最近客戶訂單方面出現了更大的波動，從而對 6 月的收入前景持謹慎態度？

And I have a follow-up, please.

我還有一個後續問題，請回答。

Yeah. Very good question. Basically, June will be our traditional strong quarter. And for sure, no tariff and macroeconomy and uncertainty that concerns some customers.

是的。非常好的問題。基本上，六月將是我們傳統的強勁季度。可以肯定的是，沒有關稅、宏觀經濟和令一些客戶擔憂的不確定性。

But at this moment, we see a strong order. So I believe we will have a strong quarter for June. And September, next fiscal year, will be even stronger because our new product -- especially, Blackwell -- is fully in volume production now.

但此刻，我們看到的是強勁的秩序。因此我相信我們六月的季度業績將會強勁。下一財年的 9 月業績將會更加強勁，因為我們的新產品——尤其是 Blackwell——目前已全面投入量產。

So we gain more and more order for Blackwell and expect strong growth to start from now.

因此，我們為 Blackwell 贏得了越來越多的訂單，並預計從現在開始將出現強勁增長。

Okay. Got it. And, maybe, for my follow-up on the gross margin side: Previously, you had talked about margins improving as you start ramping new products, where it sounds -- the guidance itself implies a bit more cautiousness on that front.

好的。知道了。也許，對於毛利率方面的後續問題：之前，您曾談到隨著新產品的推出，利潤率會提高，這聽起來——指引本身暗示了在這方面要更加謹慎。

Has there been a change in the pricing landscape for the new products that you're seeing in the market? Or is this more about the tougher pricing environment for Hopper-based products?

您在市場上看到的新產品的定價格局有改變嗎？或者這更多的是因為基於 Hopper 的產品的定價環境更加嚴峻？

I think it's a combination of concern about tariffs. And so, there's conservatism there? And, also, with some -- obviously, also some impact from the changeover in technology platforms.

我認為這是對關稅的擔憂。那麼，那裡存在著保守主義嗎？而且，顯然技術平台的轉變也帶來了一些影響。

Sorry. Just to clarify: in terms of the changeover that is driving some headwinds to the gross margin, the changeover itself from Hopper to Blackwell?

對不起。只是為了澄清一下：就給毛利率帶來一些阻力的轉變而言，從 Hopper 到 Blackwell 的轉變本身？

That's correct. As you come off of some of the older platforms, you have more price competition.

沒錯。當你脫離一些較舊的平台時，你會面臨更多的價格競爭。

And as we said, we had some delayed decisions because of these technology platform changes.

正如我們所說，由於這些技術平台的變化，我們的一些決策被推遲了。

And so, that's really impacting that, along with tariff uncertainty -- drives a little bit more prudence in setting margin expectations. .

因此，這確實會產生影響，再加上關稅的不確定性，使得在設定利潤預期時更加謹慎。。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I was just wondering if you could talk a little bit more midterm about your demand outlook. Are you -- and apologies if I missed it -- reiterating the $40 billion revenue target for fiscal '26? And, perhaps, you can talk a little bit about any changes that you'll be seeing from demand perspective, aside from the timing of the technology platform transition and the macro uncertainty.

我只是想知道您是否可以就中期需求前景再多談一點。您是否（如果我沒注意到的話請見諒）重申了 26 財年 400 億美元的收入目標？除了技術平台轉型的時間和宏觀不確定性之外，也許您還可以從需求角度談談您將看到的任何變化。

Yeah. We remain very confident with our midterm and long-term growth. Especially Blackwell product line, we have a very strong demand. And, also, our commission DCBBS, Data Center Building Block Solution, we see a lot of customers really interested in our data center total solution.

是的。我們對我們的中期和長期成長仍然充滿信心。特別是Blackwell產品線，我們的需求非常強烈。此外，透過我們的委託 DCBBS（資料中心建置區塊解決方案），我們看到許多客戶對我們的資料中心整體解決方案非常感興趣。

So the demand growth will keep strong.

因此需求成長將維持強勁。

And yes, the tariff and some macro economy uncertainty: we, at this moment, do not provide a guidance for fiscal year '26. But when the visibility becomes more clear, we will share at that time.

是的，關稅和一些宏觀經濟的不確定性：目前，我們無法為 26 財年提供指導。但當可見度變得更加清晰時，我們將會分享。

Great. Charles, that's very helpful. And just as a follow-up, can you talk about whether or not you're seeing differences in demand between HGX versus NBL 72 racks. Any differences there, either in customer demand or your ability to fulfill demand on either product?

偉大的。查爾斯，這非常有幫助。作為後續問題，您能否談談您是否看到 HGX 和 NBL 72 機架之間的需求差異。在顧客需求或滿足任一產品需求的能力上是否有差異？

Yes. We see a strong demand for kind of GP (inaudible) 72 and (inaudible) liquid cooling. But the customer liquid cooling data centers basically are little (inaudible).

是的。我們看到對 GP（聽不清楚）72 和（聽不清楚）液體冷卻的強烈需求。但客戶液冷資料中心基本上很少（聽不清楚）。

So that's why they are waiting there; waiting that it'd be more than what we expect.

所以他們才在那裡等待；等待它會超出我們的預期。

However, the solution -- (inaudible) soon. And we do see that the schedule is getting a much more exciting.

然而，解決方案——（聽不清楚）很快就會出現。我們確實看到日程安排變得越來越令人興奮。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Charles, just a question on the GB 300. Any differences in terms of value-add from Super Micro, just in terms of customization and, potentially, more services attached, with the presumed (inaudible) media potentially open up the components -- more open standards for the GP 300 that could lead to better margins for Super Micro? Do you agree? Just any kind of puts-and-takes there?

查爾斯，我只是想問一下關於 GB 300 的問題。在增值方面與 Super Micro 有何不同？僅在定制方面，以及可能附加的更多服務，假定（聽不清楚）媒體可能會開放組件 - GP 300 的更多開放標準可能會為 Super Micro 帶來更好的利潤？你同意？那裡有任何類型的投入和產出嗎？

Yeah. I guess whenever the new technology -- it's always putting more chance to Super Micro. As you know, our (inaudible) system, for example, we are the first to have the product available and demand is strong.

是的。我想，每當新技術出現時，它總是會為超微帶來更多機會。如您所知，例如我們的（聽不清楚）系統，我們是第一個提供該產品並且需求強勁的系統。

So (inaudible) for sure, we expect a very strong demand. And we saw very mature liquid cooling solution.

所以（聽不清楚）可以肯定的是，我們預期需求會非常強勁。我們看到了非常成熟的液體冷卻解決方案。

We have PLC solution start to ship last year, 4,000 racks. And this year, with our DLC division 2, it offers even better power saving, water saving, and also much better in terms of noise level, right?

我們的 PLC 解決方案去年開始出貨，共有 4,000 個機架。今年，我們的 DLC 第 2 部門的節能效果更佳，節水效果更好，噪音水平也更好，對嗎？

So we believe (inaudible), our technology advantage will be even more clear. And we are excited to see (inaudible) in the coming summer.

因此我們相信（聽不清楚），我們的技術優勢將會更加明顯。我們很高興看到（聽不清楚）即將到來的夏天。

Okay. Great. Just a quick -- if I can squeeze in -- maybe, for David, and also for Charles.

好的。偉大的。只是快速地 — — 如果我可以擠進去的話 — — 也許，對於大衛和查爾斯來說都是如此。

Just in terms of top 2 customers this quarter, combined percentage was a bit lower versus last quarter. So is this because of quarter-to-quarter lumpiness volatility? Or is there anything else you want to call out, in terms of customer contribution a bit lower?

僅就本季的前兩名客戶而言，合併百分比與上一季相比略有下降。那這是因為季度間波動嗎？或者您還有什麼要指出的嗎，就客戶貢獻度而言，稍微低一點？

Yeah. I don't think there's any trend, George. It's just the timing of shipments.

是的。我不認為有任何趨勢，喬治。這只是發貨時間而已。

But we don't have any concern about --

但我們並不擔心--

Just to follow up, any outlook of for the top 2 customers in the next few quarters? Any high-level thoughts? And any other customer set you, guys, are expecting to (inaudible) and pop up?

只是想跟進一下，您對未來幾季前兩大客戶有何展望？有什麼高層次的想法嗎？你們還期待其他客戶設定（聽不清楚）並彈出嗎？

Yeah. We believe our business will continue to grow much faster in the coming quarters.

是的。我們相信，未來幾季我們的業務將繼續更快成長。

I hate to mention -- but still, in December quarter last year and March quarter, we got some impact from the cash flow from the (inaudible)-day impact. But that's already behind us.

我不想提——但是，在去年 12 月季度和 3 月季度，我們還是受到了（聽不清楚）當日影響對現金流的影響。但那已經是過去的事了。

So, now, we have a much better cash flow. And we are ready to grow much quicker now, especially with the new technology.

所以，現在我們的現金流好多了。現在我們已經準備好實現更快的成長，尤其是藉助新技術。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

I know there's a lot of uncertainty with tariffs, et cetera. But is there something that you talk to us -- or see how investors -- AI diffusion rules, there's a lot of investor angst around that. How are you, guys, thinking about your visibility and how the order should flow through, given AI diffusion could impact or possibly could impact your revenues?

我知道關稅等方面存在著許多不確定性。但是，您能否與我們談談一些事情——或者看看投資者如何看待人工智慧的傳播規則，許多投資者對此感到焦慮。考慮到人工智慧的傳播可能會影響或可能影響你們的收入，你們如何考慮你們的知名度以及訂單應該如何流通？

And then, I have a follow-up.

然後，我有一個後續問題。

Yeah. At this moment, we see our demand continue to grow. And that's why we continue to expand our facility in USA, in Taiwan, and in Malaysia.

是的。目前，我們看到我們的需求持續成長。這就是我們繼續在美國、台灣和馬來西亞擴建工廠的原因。

So, overall, our technology didn't age, especially -- we do continue to see that demand will continue to grow stronger.

因此，總體而言，我們的技術並沒有老化，尤其是——我們確實繼續看到需求將持續成長。

(multiple speakers) impact the demand a little bit. But, overall, we will continue to gain market share.

（多位發言者）對需求有一點影響。但總體而言，我們將繼續獲得市場份額。

Okay. And then, if I may, on gross margins, again. Can you just help us understand how you're thinking about the margins, especially as you expand on your DLC version 2. Just how we should think about gross margins in calendar -- fiscal '26, sorry?

好的。然後，如果可以的話，我再談談毛利率。您能否幫助我們了解您對利潤的看法，特別是在擴展 DLC 版本 2 時。我們該如何考慮日曆中的毛利率——26 財年，抱歉？

Yeah. We're not going to give forecast for next year, at this meeting. But what I can tell you is that we have published before what our target margins are.

是的。在這次會議上，我們不會對明年做出預測。但我可以告訴你的是，我們之前已經公佈過我們的目標利潤率。

But right now, we've got some of the headwinds of -- like you mentioned, the diffusion rules coming up in mid-May. We have tariffs that we have to find our way through. And so, those things are certainly headwinds.

但目前，我們面臨一些阻力——正如您所提到的，擴散規則將於 5 月中旬出台。我們必須想辦法解決關稅問題。所以，這些事情肯定是不利因素。

But on the other hand, we still have the majority of our business from our US customers. We're a US-based manufacturer. And so, we think that we're well positioned in the marketplace on all of those fronts.

但另一方面，我們的業務大多仍然來自美國客戶。我們是一家美國製造商。因此，我們認為我們在所有這些方面的市場地位都處於有利地位。

But we don't -- we also, being a first-to-market provider of the latest solutions, think we have an edge there. So we think that we're as best positioned as someone in the marketplace can be.

但我們並不這麼認為——作為最新解決方案的首批市場供應商，我們也認為我們在這方面具有優勢。因此，我們認為我們在市場上處於最佳地位。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Really appreciate it. Two, if I could. This would be for Charles and for Dave.

真的很感激。如果可以的話，兩個。這將是給查爾斯和戴夫的。

You, guys, made mention of ongoing ramp, as Blackwell supply comes on. And so, should we assume that the September quarter looks up sequentially from the June quarter? And just along with that -- this is not my follow-up -- like when -- during Hopper ramp, you had multiple quarters, that's not accurate, you had two quarters of 70% sequential growth; you had a 40% sequential growth quarter, during the Hopper ramp.

你們提到了隨著布萊克韋爾供應量的增加，供應量正在持續增加。那麼，我們是否應該假設 9 月季度的數據與 6 月份季度的數據相比有所上升？除此之外——這不是我的後續——比如——在 Hopper 增長期間，你有多個季度，這並不准確，你有兩個季度實現了 70% 的連續增長；在 Hopper 增長期間，您的季度環比增長了 40%。

So not like a forecast, but are those -- you have 30% up here in June, off of the soft market. So the question is: order of magnitude, can you be up -- you say you'll be up September quarter, again, as Blackwell ramps.

所以這不像是一個預測，但是——6 月的市場疲軟，導致銷售額上漲了 30%。所以問題是：數量級，你能上升嗎——你說你會在 9 月季度再次上升，因為布萊克威爾正在加速成長。

And, like, those copper order of magnitude, sequential increases, Charles, through cycle, is that the type of thing that you sound so when you talk excitedly about the (inaudible) potential. Is it that order of magnitude that you think is possible to get back to at some point, as you go through Blackwell cycle?

而且，就像那些銅的數量級，連續增加，查爾斯，通過週期，這就是當你興奮地談論（聽不清楚）潛力時你聽起來的樣子。當您經歷布萊克威爾循環時，您是否認為在某個時刻有可能回到這個數量級？

And then, I have a quick follow-up as well.

然後，我也會進行快速跟進。

Yeah. Thank you for your question. Yes, you are right.

是的。感謝您的提問。是的你是對的。

I believe March quarter, we were soft. The major reason because technology transition. Not just people waiting for a Blackwell solution but, also, we have a lot of write-down for the (inaudible).

我相信三月季度我們的表現疲軟。主要原因是技術轉型。不僅人們在等待 Blackwell 解決方案，而且我們也有大量的減記（聽不清楚）。

So looking forward, I hope we can repeat the Hopper history -- start to grow from June and September and December quarter. I believe so. I hope so.

所以展望未來，我希望我們能夠重複 Hopper 的歷史——從 6 月、9 月和 12 月季度開始成長。我相信如此。我希望如此。

Okay. That's great. And then, my follow-up is actually more of a technical question.

好的。那太棒了。然後，我的後續問題實際上更多的是一個技術問題。

You mentioned in your prepared remarks, Charles, about liquid cooling, the HCXB200s. And the question is: How many HCXB200?

查爾斯，您在準備好的演講中提到了液體冷卻，HCXB200s。問題是：有幾個 HCXB200？

And then, if you want to give early comments about the B200. How many HCXs are you actually seeing you can stack in liquid pool? I'm wondering how many GPUs are folks able to stack a liquid cool with HCX?

然後，如果您想對 B200 給予早期評論。您實際上看到有多少 HCX 可以在液體池中堆疊？我想知道人們能夠將多少個 GPU 與 HCX 液體冷卻堆疊在一起？

I'm interested in seeing how close you can get -- folks are getting that to the MVL72?

我很想知道你能達到多接近 MVL72 的水平？

Yes. For Hopper, as you know, air cool, work fine. But we'd like to prove. We want to establish the liquid cooling technology.

是的。對於 Hopper，如您所知，空氣冷卻，工作正常。但我們想證明。我們想要建立液體冷卻技術。

So we try to promote a (inaudible) liquid cooling for Hopper. And we successfully shipped about 4,000 rack DLC to the market.

因此，我們嘗試為 Hopper 推廣（聽不清楚）液體冷卻。我們已成功向市場出貨約 4,000 個機架式 DLC。

And so far, the 4,000 rack run very reliable; customer up our TSC solution a lot. So we gained a lot of experience.

到目前為止，4,000 個機架運作非常可靠；客戶對我們的 TSC 解決方案給予了高度評價。因此我們累積了很多經驗。

And, now, our DLC solution is much mature than last year. And that's why we further prepare to promote DLC 2.

而且現在我們的DLC解決方案比去年成熟多了。這就是我們進一步準備推廣 DLC 2 的原因。

Our DLC 2, second-generation DLC, we are up from the first generation. And we will have a big promotion in next few days or next few weeks.

我們的 DLC 2，第二代 DLC，是從第一代開始的。我們將在未來幾天或幾週內推出大型促銷活動。

So with Blackwell, our DLC solution is fully ready. And we will provide a base DRG solution to the world to have a customer save power, save water, save money; and, also, improve our data center performance.

因此，有了 Blackwell，我們的 DLC 解決方案已經完全準備就緒。而我們將向全球提供基礎的DRG解決方案，幫助客戶節約電力、節省水資源、節省金錢；並且還能提高我們資料中心的效能。

So we have a very strong confidence for the liquid cooling, especially for Blackwell and future products.

因此，我們對液體冷卻，特別是 Blackwell 和未來的產品非常有信心。

Nehal Chokshi, Northland.

北地的 Nehal Chokshi。

I just want to make sure I understand the inventory reserve that occurred in the March quarter? And then, is there any expectation that there will be inventory reserve in the June quarter? And is that part of the 10% gross margin guidance?

我只是想確保我了解三月季度發生的庫存儲備情況？那麼，6月份季度是否預計會有庫存儲備？這是 10% 毛利率指引的一部分嗎？

Yeah. As mentioned in our pre-release and also in this release, the inventory reserve reduced our margin by about 220 basis points. Most of that was caused by taking a reserve for some of the older inventory products.

是的。正如我們在預發布和本新聞稿中提到的那樣，庫存儲備使我們的利潤率降低了約 220 個基點。其中大部分是由於對一些較舊的庫存產品進行了儲備。

And so the -- certainly, we're watching, very closely, our inventory products. However, as mentioned, the substantial reason for the expected reduction in margin is really caution or prudence regarding tariffs.

所以——當然，我們正在密切關注我們的庫存產品。然而，如上所述，預期利潤率下降的實質原因實際上是對關稅的謹慎或審慎。

I want to point out that, by the way, that we've -- through three quarters, we have $16.2 billion in revenues. That was versus last year's 4fourquarters of $15 billion.

順便說一下，我想指出的是，過去三個季度，我們的收入已達 162 億美元。相比之下，去年同期的支出為 150 億美元。

And so, we're very happy with where we are on the performance cycle, even though we expect even better.

因此，我們對目前的績效週期感到非常滿意，儘管我們期望更好。

Yeah. To simplify, I would like to share. For March quarter, we have a 200-point impact from the reserve, right?

是的。為了簡化起見，我想分享一下。對於三月季度，我們受到儲備金 200 點的影響，對嗎？

But the June quarter may be, I hope only 100 points or less. And September quarter, I hope close to zero.

但六月季度可能會有，我希望只有 100 點或更少。而九月季度，我希望接近零。

Okay. And so, just this inventory reserve that you're taking as a charge, that basically means -- if you look at the impact of 200 basis points for March where that basically equates to $100 million. And then, you had a $1 billion shortfall on revenue.

好的。因此，僅將庫存儲備作為費用，這基本上意味著 - 如果您查看 3 月份 200 個基點的影響，這基本上相當於 1 億美元。然後，你的收入出現了 10 億美元的缺口。

And so, does that basically mean that some percent of that shortfall just isn't finding a new home? Or does that mean that that shortfall is being resold in the June and September quarter at a lower price?

那麼，這是否意味著短缺的一定比例只是沒有找到新家？或者這是否意味著短缺的庫存將在六月和九月季度以較低的價格轉售？

Yes. I mentioned that some of the revenues that we expected in Q3 were platform decision-based. So that means, actually, that people are moving to the newer platforms in the upcoming quarters, okay?

是的。我提到，我們預期第三季的部分收入是基於平台決策的。所以這實際上意味著人們將在未來幾季轉向更新的平台，好嗎？

And so, what that means is that in cases where people change their minds on platforms, we have to write the expected realizable value of those ,take a reserve for those, and do our best to sell them at more competitive prices.

所以，這意味著，如果人們改變對平台的看法，我們必須寫下這些平台的預期可實現價值，為這些平台預留儲備，並盡最大努力以更具競爭力的價格出售它們。

John Tanwanteng, CJS Securities.

約翰·譚萬騰，CJS 證券。

I was wondering if you could expand on that platform decision a little bit more. Is it customers declined to take Hopper and decided to move to Blackwell? Is it something else? Is that what I'm hearing?

我想知道您是否可以進一步詳細說明該平台決策。是顧客拒絕搭乘 Hopper 而決定轉乘 Blackwell 呢？還有別的嗎？這就是我所聽到的嗎？

And was it due to design or demand performance considerations? Or was there something else going on with, maybe, data center constraints or something like that?

這是出於設計還是出於需求性能考量？或是否有其他問題，例如資料中心限製或類似問題？

Yeah. Our customer base is a bit different from the other competitor, right? Most of our customers are technology-leading company. So that's why new product is very sensitive to them.

是的。我們的客戶群與其他競爭對手有點不同，對嗎？我們的大多數客戶都是技術領先的公司。這就是為什麼新產品對他們來說非常敏感。

And reason is, now, Blackwell solution is fully ready. So we are excited to ramping up (inaudible).

原因是，現在，布萊克威爾解決方案已經完全準備就緒。因此，我們很高興能夠（聽不清楚）。

Okay. Great. Charles, I also wanted to touch on something you mentioned before, just with one of the biggest US server manufacturing operations.

好的。偉大的。查爾斯，我還想談談你之前提到的關於美國最大的伺服器製造業務之一的事情。

Can you just talk about your relative strength there and positioning in US domestic manufacturing versus your competitive set? And how much of an advantage is that when you are seeing tariffs going up across multiple industries? And is that providing you any more additional demand? Or is that too hard to see, right now?

您能否談談貴公司在美國國內製造業的相對優勢以及相對於競爭對手的定位？當您看到多個行業的關稅上漲時，這會帶來多大的優勢？這是否會為您帶來更多額外需求？還是現在很難看出這一點？

Yeah. As a US company, we are able to especially manufacture in Silicon Valley. We are able to respond to new technology much quicker and efficient than others; especially with better performance, better solution like DLC2, right?

是的。作為一家美國公司，我們能夠在矽谷進行專門生產。我們能夠比其他人更快、更有效地回應新技術；尤其是具有更好的性能，更好的解決方案，例如 DLC2，對嗎？

And as to the tariff impact because the tariff program is not quite settled down yet, we are watching carefully and try to adjust our logistics and our operation as efficient as possible.

至於關稅的影響，由於關稅計劃尚未完全確定，我們正在密切關注並嘗試盡可能有效地調整我們的物流和營運。

(inaudible), we have a (inaudible) operation in USA and in Taiwan and in Malaysia now, as well. So when the tariff program settle down, we should be able to quickly respond to optimize the base solution for customers.

（聽不清楚），我們現在在美國、台灣和馬來西亞也有（聽不清楚）業務。所以當資費方案確定下來之後，我們應該能夠快速回應，為客戶優化基礎解決方案。

Nicholas Doyle, Needham & Company.

尼古拉斯·道爾，Needham & Company。

On for Quinn Bolton. Can you just talk about your supplier allocations? Are you seeing the same GPU allocations for Blackwell, as you have for Hopper? How is your supply change, as more competitors enter the market?

奎因·博爾頓上場。您能談談您的供應商分配嗎？您是否看到 Blackwell 的 GPU 分配與 Hopper 的相同？隨著越來越多的競爭對手進入市場，您的供應如何改變？

Yeah. Still some allocation matter, right? Some customer won Blackwell, right away. And we had to wait for our allocation.

是的。還有一些分配問題，對嗎？一些顧客立即贏得了布萊克威爾。我們必須等待分配。

So that situation is a little bit better than Hopper timeframe. But, still, some constraint there.

所以這種情況比 Hopper 時間表好一點。但是，仍然存在一些限制。

Mehdi Hosseini, Susquehanna.

梅赫迪‧胡賽尼 (Mehdi Hosseini)，薩斯奎漢納 (Susquehanna)。

I'm a little confuse with capacity. I see the slide that capacity has remained around 5,000 racks per month. But your CapEx has been aggressive. Can you help me reconcile the CapEx and existing capacity?

我對容量有點困惑。我看到幻燈片顯示產能一直維持在每月 5,000 個機架左右。但您的資本支出一直很高。您能幫我協調資本支出和現有產能嗎？

And I have a follow-up.

我還有一個後續問題。

Yeah. Our capacity remained very huge. 5,000 racks per month. And then, 2,000 racks can be GB 200 (inaudible) 72-high-performance drag.

是的。我們的產能仍然非常巨大。每月 5,000 個機架。然後，2,000 個機架可以是 GB 200（聽不清楚）72-高效能阻力。

And so, we are very fully ready for when that demand ramp up. And that's why when Blackwell become more mature, much better year rate, then we are fully ready for -- especially for our BLC 2, a much better cooling solution.

因此，我們已經做好了充分的準備來應對需求的增加。這就是為什麼當 Blackwell 變得更加成熟，年增長率更高時，我們就完全準備好了——特別是對於我們的 BLC 2，一個更好的冷卻解決方案。

But Charles, how does that 5,000 per month today compared to like six months ago?

但是查爾斯，現在每月 5,000 美元與六個月前相比怎麼樣？

Indeed. For USA, we have a 5,000 racks per month since six months ago. But, now, we are growing in Taiwan and Malaysia (inaudible), as well.

的確。對於美國，自六個月前以來我們每月生產 5,000 個機架。但現在，我們在台灣和馬來西亞（聽不清楚）也在發展。

Well, I was just going to say: we haven't fully enabled Malaysia, as of yet; which we will be by the end of this year -- it will be fully enabled for larger-scale (inaudible) production.

好吧，我只是想說：到目前為止，我們還沒有完全啟用馬來西亞；我們將在今年年底前實現這一目標——它將完全實現大規模（聽不清楚）生產。

Yes. I think that's what you were driving towards (multiple speakers).

是的。我認為這就是你想要的（多位發言者）

(inaudible)

（聽不清楚）

Where are we with the CFO search?

我們的財務長搜尋工作進度到哪一步了？

When company continue to grow, for sure, we need more manpower. So we continue aggressively looking for more talent, including CFO position.

當公司繼續發展時，我們肯定需要更多的人力。因此，我們繼續積極尋找更多人才，包括財務長職位。

Thank you. That concludes today's call.

謝謝。今天的電話會議到此結束。

Thank you for your participation. Enjoy the rest of your day.

感謝您的參與。享受剩餘的一天。