超微電腦 (SMCI) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Cameron and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer, Inc. SMCI US fourth quarter fiscal year '25 business update call.

感謝您的支持。我叫卡梅倫，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Super Micro Computer, Inc. SMCI US 25 財年第四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. (Operator Instructions)

今天與我們一起的有創始人、總裁兼首席執行官梁見後 (Charles Liang)、首席財務官戴維·韋根 (David Weigand) 和企業發展高級副總裁邁克爾·斯泰格 (Michael Staiger)。（操作員指示）

Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the fourth quarter and full year fiscal 2025, which ended June 30, 2025. With me today are Charles Liang, Founder and Chief Executive Officer; and David Weigand, Chief Financial Officer.

下午好，感謝您參加 Super Micro 的電話會議，討論截至 2025 年 6 月 30 日的 2025 財年第四季度和全年財務業績。今天和我一起的有創始人兼首席執行官梁見後 (Charles Liang) 和首席財務官大衛·魏根 (David Weigand)。

By now, you should have received a copy of the press release from the company that was distributed at the close of regular trading and is available on the company's website. As a reminder, during today's call, the company will refer to a presentation is available to participants in the Investor Relations section of the company's website under Events and Presentations tab.

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。提醒一下，在今天的電話會議中，公司將參考公司網站「活動和簡報」標籤下「投資者關係」部分中提供給參與者的簡報。

We have also published management's script commentary on our website. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation and future business outlook, including guidance for the first quarter of fiscal 2026 and the full fiscal year 2026.

我們也在網站上發布了管理層的劇本評論。請注意，您在我們今天的討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營業費用、其他收入和費用、稅收、資本配置和未來業務前景的陳述，包括對 2026 財年第一季度和 2026 財年全年的指導。

These statements and other comments are based on management's current expectations and assumptions involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements. You can learn more about these risks and uncertainties in the press release we issued earlier this afternoon, our most recent 10-K for fiscal 2024 and other SEC filings.

這些聲明和其他評論是基於管理層當前的預期和假設，涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異，您不應過度依賴前瞻性陳述。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 報告以及其他 SEC 文件中了解有關這些風險和不確定性的更多資訊。

All of 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.

所有這些文件均可在 Super Micro 網站的投資者關係頁面上找到。我們不承擔更新任何前瞻性陳述的義務。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 accompanying presentation or to our press release published earlier today. The non-GAAP measures are presented as we believe that they provide investors with a means of evaluating and understanding how companies management evaluates operating performance.

有關我們的非公認會計準則財務指標的解釋，請參閱隨附的簡報或我們今天早些時候發布的新聞稿。我們認為，採用非公認會計準則衡量標準可以為投資者提供一種評估和了解公司管理階層如何評估經營績效的方法。

These non-GAAP measures should not be considered in isolation from, as substitutes for or superior to financial measures prepared in accordance with US GAAP.

這些非公認會計準則指標不應被孤立地看待，也不應將其視為按照美國公認會計準則編制的財務指標的替代指標或優於這些指標。

In addition, a reconciliation of GAAP and non-GAAP is contained in today's press release and in the supplemental information attached to today's presentation. At the end of today's prepared remarks, we'll have a Q&A session for sell-side analysts. Our first quarter fiscal 2026 quiet period begins at the close of business on Friday, September 2025.

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 GAAP 和非 GAAP 的對帳。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。我們的 2026 財年第一季靜默期從 2025 年 9 月星期五營業結束時開始。

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

現在，我將把麥克風交給查爾斯。

Thank you, Michael. I will be covering our performance for fiscal 2025 and providing insights into our strategic direction for fiscal 2026. Our fiscal 2025 results represent a 47% year-on-year revenue growth at $22 billion. This growth reflects continue the strong demand for our AI and green computing solutions.

謝謝你，麥可。我將介紹我們 2025 財年的業績，並深入了解我們 2026 財年的策略方向。我們的 2025 財年業績顯示營收年增 47%，達到 220 億美元。這一成長反映了對我們的人工智慧和綠色運算解決方案的持續強勁需求。

Despite the six months cash flow impact from the delayed filing of our fiscal year 10-K and -- [net] revenue recognition from a major new large partner. Non-GAAP earnings per share were $0.41, down year-over-year from 50% last year, primarily due to the tariff impact, although we have taken measures to reduce the impact, and we will see their results.

儘管我們延遲提交財政年度 10-K 報表對六個月的現金流產生了影響，並且來自一個重要的新合作夥伴的 [淨] 收入確認。非公認會計準則每股收益為 0.41 美元，較去年同期的 50% 同比下降，主要原因是關稅的影響，儘管我們已採取措施減少影響，我們將看到其效果。

Allow me to go a little deeper at the June revenue shortfall in what was otherwise a stronger quarter. Shortfall stem from two key factors, a capital constraint that limited our ability to rapidly scale production and specification changes from a major new customer that delay revenue recognition because of new ad of some new ad features.

請允許我更深入地談談 6 月份本季收入出現短缺的情況，儘管 6 月份本季營收表現較好。短缺源於兩個關鍵因素：資本限制限制了我們快速擴大生產規模的能力；主要新客戶的規格變化由於新廣告的一些新廣告功能而延遲了收入確認。

The capital constraints will no longer an issue after we filed the fiscal year '24 10-K and large customer orders are now slated for recognition in September and December quarters. Following close collaboration to align with the customers' update future requirements. Despite this circumstance, we remain focused on our strategic priorities, optimizing our solutions and capturing market share.

在我們提交 24 財年的 10-K 報告後，資本限制將不再是問題，大客戶訂單現在計劃在 9 月和 12 月季度確認。透過密切合作來滿足客戶未來更新的需求。儘管如此，我們仍然專注於我們的策略重點，優化我們的解決方案並佔領市場份額。

Notably, the number of large-scale product and play customers grew from in fiscal year '24 to four in fiscal year '25, signaling strong momentum and continuing growth potential across our customer base. We are also on track to add a few more in three year '26.

值得注意的是，大型產品和遊戲客戶的數量從 24 財年增長到 25 財年的 4 個，這表明我們的客戶群勢頭強勁且具有持續的成長潛力。我們也計劃在 26 年三年內再增加一些。

We continue our leadership in AI platforms and infrastructure with a comprehensive portfolio optimized for latest GPU technologies, including NVIDIA, B200 systems platforms and AMD's [M50] and MI355 GPUs. Our X14 and X14 GPU systems delivered back-to performance, supporting large-scale AI training and inventive workloads and enterprise computing demand with exceptional efficiency.

我們繼續在 AI 平台和基礎設施領域保持領先地位，擁有針對最新 GPU 技術優化的全面產品組合，包括 NVIDIA、B200 系統平台以及 AMD 的 [M50] 和 MI355 GPU。我們的 X14 和 X14 GPU 系統恢復了效能，以卓越的效率支援大規模 AI 訓練和創造性工作負載以及企業運算需求。

Notably, we were able to deliver our B200 systems with an industry-leading time to market to our customers. We are confident our B300 and GB300 solutions will deliver a similar, if not even better time to market and time to online advantages for customers, helping them accelerate their AI deployments faster than others.

值得注意的是，我們能夠以業界領先的上市時間向客戶交付 B200 系統。我們相信，我們的 B300 和 GB300 解決方案將為客戶提供類似甚至更好的上市時間和上線時間優勢，幫助他們比其他人更快加速 AI 部署。

To further simplify our customers' AI data center infrastructure deployment and time to online, we officially introduced our data center building block solution. DCBBS to the market last quarter. With our DCBBS, customers can harness our proven system building product advantage to adopt quickly to evolving market demands, especially in the -- to increase can replace AI product cycles.

為了進一步簡化客戶的AI資料中心基礎設施部署和上線時間，我們正式推出了資料中心建置塊解決方案。DCBBS 於上季上市。借助我們的 DCBBS，客戶可以利用我們成熟的系統來建立產品優勢，快速適應不斷變化的市場需求，尤其是在增加可取代 AI 產品週期方面。

Our modular architecture enables faster customization, steam line production and reduce time to delivery and time to online. While also optimize quality, efficiency and of maintenance. In most of the cases, customers who use our DCBBS can finish building a new -- cool AI [Data] just 18 months is still two to three years when converting an existing data center or a warehouse to a high-density direct like cooling data center customer can complete the transformation in only three to six months instead of 12 or even 18 months.

我們的模組化架構可以實現更快的客製化、管線生產並減少交貨時間和上線時間。同時也優化品質、效率和維護。在大多數情況下，使用我們的DCBBS的客戶只需18個月就可以完成構建一個新的——酷AI [Data]，而將現有數據中心或倉庫轉換為高密度直接類似冷卻數據中心時仍需要兩到三年的時間，客戶只需三到六個月就可以完成轉型，而不是12個月甚至18個月。

We had just begun deploying rack-scale total sales with our DCBBS to a few key customers. Key components of DCBBS include LLC solutions, the [2A], I mean like to air cooling. CPU, as per in CPU as well and -- powershare, battery backup, BBU, water or dry power solutions and the more are coming.

我們剛開始利用 DCBBS 向一些關鍵客戶部署機架規模的總銷售。DCBBS 的關鍵組件包括 LLC 解決方案，[2A]，我的意思是像空氣冷卻。CPU，如同 CPU 一樣——電源共享、電池備援、BBU、水或乾電源解決方案等即將推出。

Our advance second-generation direct liquid cooling DLC-2 system reduced power and water consumption by up to 40%. While operating at nearly quite label around [50 deco]. This enables superior performance with reduced total cost of ownership PO and total cost to the environment, TCE, for modern data centers.

我們先進的第二代直接液體冷卻 DLC-2 系統可將電力和水消耗降低高達 40%。雖然在幾乎相當標籤周圍運行[50裝飾]。這使得現代資料中心能夠實現卓越的效能，同時降低整體擁有成本 PO 和整體環境成本 TCE。

Several DCBBS components are now shipping or entering production medicine, supporting a growing demand for high-performance, energy-efficient data center infrastructure. equally important, DCBBS meets the growing demand for a comprehensive one-stop shop solution, including software-defined infrastructure, system management, AI workload optimization networking deployment and all different levels of services.

多個 DCBBS 組件目前正在發貨或進入生產階段，以支援對高效能、節能資料中心基礎設施日益增長的需求。同樣重要的是，DCBBS 滿足了對全面的一站式解決方案日益增長的需求，包括軟體定義基礎設施、系統管理、AI 工作負載優化網路部署和所有不同級別的服務。

It allows cloud service provider to reduce both CapEx and OpEx capital expense and operating expense. Indeed, it delivers also great value to both AI focused and traditional IT data centers. By (inaudible) integrated DCBBS capability with our system and rec solution, we are not only enhancing customer value by also improving our profit margins.

它允許雲端服務供應商降低 CapEx 和 OpEx 資本支出和營運支出。事實上，它也為人工智慧資料中心和傳統 IT 資料中心帶來了巨大的價值。透過將 DCBBS 功能與我們的系統和 rec 解決方案相集成，我們不僅提高了客戶價值，還提高了我們的利潤率。

This shift towards higher margin and revenue stream is central to our long-term strategy. We also start to strategically focus on the enterprise, IoT and the telco markets and initiative, we believe will improve both growth and net margin over time.

向更高利潤率和收入流的轉變是我們長期策略的核心。我們也開始從策略上關注企業、物聯網和電信市場和舉措，我們相信隨著時間的推移，這將提高成長和淨利潤率。

In last two quarters, we made a significant investment to optimize our solutions for enterprise customers. introducing advanced server and storage systems tailored for hybrid cloud, AI application and edge computing workloads. This enterprise-focused strategy will continue for many years to come.

在過去兩個季度中，我們進行了大量投資來優化針對企業客戶的解決方案，推出了針對混合雲、人工智慧應用和邊緣運算工作負載量身定制的先進伺服器和儲存系統。這種以企業為中心的策略將在未來很多年持續下去。

Super Micro has also launched and enhanced enterprise service program. delivering a comprehensive 27 global support for high-density, high-performance driven data center agreement based on optimize rack-scale architecture.

Super Micro 也推出並增強了企業服務計劃，為 27 個全球範圍內基於優化機架規模架構的高密度、高效能驅動資料中心協定提供全面支援。

Our IoT portfolio, including embedded systems and AG Services is gaining momentum across the industry, like manufacturing, health care, telco, smart city and AI applications. Additionally, we have announced a strategic partnership to accelerate innovation in AI and telecom solutions. By expanding into these higher-margin segment, we have diversified our revenue streams.

我們的物聯網產品組合（包括嵌入式系統和 AG 服務）正在製造業、醫療保健、電信、智慧城市和人工智慧應用等整個產業中獲得發展勢頭。此外，我們也宣佈建立戰略合作夥伴關係，以加速人工智慧和電信解決方案的創新。透過擴展到這些利潤率更高的領域，我們實現了收入來源多元化。

And driving long-term sustainable profitability that will benefit our shareholders. Our global footprint allow us to efficiently deplete optimize the solution or win with minimum tariff impact, especially after September quarter.

並推動長期可持續獲利，使我們的股東受益。我們的全球業務使我們能夠有效地優化解決方案或以最小的關稅影響取勝，尤其是在九月季度之後。

With large and most manufacturing campus across the US, Taiwan, Malaysia and the Netherland. We can deliver a comprehensive system and data center label building product and total solution to our customers directly and quickly.

在美國、台灣、馬來西亞和荷蘭擁有大型製造園區。我們可以直接、快速地向客戶提供全面的系統和資料中心標籤建置產品和整體解決方案。

This robust global prices enabled us to respond to diameter regional demands support cost-sensitive customers seeking greater value, mitigate tariff exposure and maintain design, global supply chain. That's both edge and responsive.

這種強勁的全球價格使我們能夠響應直徑區域需求，支持尋求更大價值的成本敏感型客戶，減輕關稅風險並維持設計和全球供應鏈。這既是優勢，又是反應。

Looking ahead to Q1 fiscal year '26, I anticipate revenue between $6 billion and $7 billion, driven by continuing momentum across our AI drag drive and play DCBBS, software and service business, which are delivering exceptional customer value and strengthen our probity. I'm especially excited about our DCBBS for the full fiscal year 2026.

展望 26 財年第一季度，我預計營收將在 60 億美元至 70 億美元之間，這得益於我們的 AI 拖曳驅動和 DCBBS、軟體和服務業務的持續成長勢頭，這些業務正在提供卓越的客戶價值並增強我們的誠信。我對我們 2026 財年全年的 DCBBS 感到特別興奮。

I expect at least $33 billion total revenue. supported by our expanding large and enterprise customer base, upcoming product innovation and robust DCBBS total solution. In closing, I want to thank you our employees for their dedication, our customers for their trust and our investments for their continued support.

我預計總收入至少為 330 億美元，這得益於我們不斷擴大的大型企業客戶群、即將推出的產品創新和強大的 DCBBS 整體解決方案。最後，我要感謝員工的奉獻、客戶的信任以及我們投資的持續支持。

We are excited about the opportunity ahead and look forward to updating you on our progress in the next quarter. David, please?

我們對未來的機會感到興奮，並期待在下個季度向您通報我們的進展。大衛，可以嗎？

Thank you, Charles. Q4 fiscal year '25 revenues were $5.8 billion, up 8% year-over-year and up 25% quarter-over-quarter compared to our guidance of $5.6 million to $6.4 billion. Growth was led by demand for next-generation air-cooled and liquid-cooled GPU, AI platforms, which represented over 70% of Q4 revenues across both enterprise and cloud service provider markets.

謝謝你，查爾斯。25 財年第四季營收為 58 億美元，比我們預期的 560 萬美元至 64 億美元成長 8%，比上一季成長 25%。成長主要由對下一代風冷和液冷 GPU、AI 平台的需求推動，這些平台佔企業和雲端服務供應商市場第四季營收的 70% 以上。

For the full year fiscal year '25, we reported revenues of $22 billion, representing 47% growth over fiscal year '24 revenues of $15 billion. During Q4, we recorded $2.1 billion in the enterprise channel segment represents 36% of revenues versus 42% in the last quarter up 7% year-over-year and up 6% quarter-over-quarter.

25 財年全年，我們的營收為 220 億美元，比 24 財年的 150 億美元成長了 47%。第四季度，企業通路部門的營收為 21 億美元，佔總營收的 36%，而上一季這一比例為 42%，年增 7%，季增 6%。

The OEM appliance and large data center segment revenues were $3.7 billion, representing 63% of Q4 revenues versus 57% in the last quarter, up 2% year-over-year and up 40% quarter-over-quarter. The emerging 5G telco edge IoT segment revenues were 1% of Q4 revenues.

OEM設備和大型資料中心部門營收為37億美元，佔第四季營收的63%，上一季為57%，年增2%，季增40%。新興 5G 電信邊緣物聯網部門營收佔第四季營收的 1%。

For fiscal year '25, enterprise channel revenues grew 38% to represent 39% of total revenues. The OEM appliance and large data center segment grew 50% and represented 60% of total revenues. The 5G telco edge IoT segment represented 1% of total revenues. For fiscal year '25, we had 4% -- 10% plus large data center customers versus in fiscal year '24.

25財年，企業通路營收成長38%，佔總營收的39%。OEM設備和大型資料中心部門成長了50％，佔總收入的60％。5G電信邊緣物聯網部分佔總營收的1%。與 24 財年相比，25 財年我們的大型資料中心客戶數量成長了 4% 到 10% 以上。

Server and storage systems comprised 98% of Q4 revenue and subsystems and accessories represented 2%. By geography, the US represented 38% of Q4 revenues, Asia, 42%; Europe, 15%; and the rest of the world, 5%. On a year-over-year basis, US revenues decreased 33%, Asia increased 91%, Europe increased 66% and Rest of World decreased 3%.

伺服器和儲存系統佔第四季營收的 98%，子系統和配件佔 2%。按地域劃分，美國佔第四季營收的 38%、亞洲佔 42%、歐洲佔 15%、世界其他地區佔 5%。與去年同期相比，美國營收下降 33%，亞洲成長 91%，歐洲成長 66%，世界其他地區下降 3%。

On a quarter-over-quarter basis, US revenues decreased 21%, Asia increased 78%. Europe increased 196% and the rest of world increased 53%. Q4 non-GAAP gross margin was 9.6% versus 9.7% in Q3 due to product and customer mix. For fiscal year '25, the non-GAAP gross margin was 11.2% versus 13.9% for fiscal year '24.

與上一季相比，美國營收下降 21%，亞洲營收成長 78%。歐洲成長了196%，世界其他地區成長了53%。由於產品和客戶組合的原因，第四季非 GAAP 毛利率為 9.6%，而第三季為 9.7%。25 財年非 GAAP 毛利率為 11.2%，而 24 財年為 13.9%。

Our long-term goal is to gradually improve gross margins through providing complete data center building block solutions and focusing on the enterprise, IoT and telco markets. We also expect to benefit from economies of scale from higher revenues, cost-effective global facilities, including the new Malaysia manufacturing plant and customer diversification.

我們的長期目標是透過提供完整的資料中心建構模組解決方案並專注於企業、物聯網和電信市場來逐步提高毛利率。我們也期望從更高的收入、具有成本效益的全球設施（包括新的馬來西亞製造工廠和客戶多樣化）帶來的規模經濟中受益。

The Q4 operating expenses on a GAAP basis increased by 8% quarter-over-quarter and 23% year-over-year to $316 million, driven by higher compensation expenses and headcount. On a non-GAAP basis, operating expenses increased 11% quarter-over-quarter and 29% year-over-year to $239 million.

以 GAAP 計算，第四季營運費用較上季成長 8%，年增 23%，達到 3.16 億美元，主要是由於薪資費用和員工人數增加所致。以非公認會計準則計算，營運費用較上季成長 11%，年增 29%，達到 2.39 億美元。

The Q4 non-GAAP operating margin was 5.3% versus 5% in Q3. Other income and expense for Q4 was a net expense of $5.7 million, consisting of $28.4 million in interest income, offset by $22.3 million in interest expense and FX other losses of $11.8 million.

第四季非公認會計準則營業利潤率為 5.3%，而第三季為 5%。第四季的其他收入和支出為淨支出 570 萬美元，其中包括 2,840 萬美元的利息收入，抵銷了 2,230 萬美元的利息支出和 1,180 萬美元的外匯其他損失。

The tax provision for Q4 was $19 million on a GAAP basis and $37 million on a non-GAAP basis. The GAAP tax rate for Q4 was 9% and the non-GAAP tax rate was 12%. The GAAP tax rate was 13% for fiscal year '25 versus 5% in fiscal year '24 and the non-GAAP tax rate was 15% in fiscal year '25 versus 11% in fiscal year '24.

第四季的稅務準備金按 GAAP 計算為 1,900 萬美元，以非 GAAP 計算為 3,700 萬美元。第四季的 GAAP 稅率為 9%，非 GAAP 稅率為 12%。25 財年的 GAAP 稅率為 13%，而 24 財年為 5%；25 財年的非 GAAP 稅率為 15%，而 24 財年為 11%。

The Q4 GAAP diluted EPS was $0.31 compared to guidance of $0.30 to $0.40 and non-GAAP diluted EPS of $0.41 versus guidance of $0.40 to $0.50 due to lower gross margins and higher operating expenses in the quarter.

由於本季毛利率較低且營運費用較高，第四季度 GAAP 稀釋每股收益為 0.31 美元，而預期每股收益為 0.30 美元至 0.40 美元；非 GAAP 稀釋每股收益為 0.41 美元，而預期每股收益為 0.40 美元至 0.50 美元。

For fiscal year '25, we reported GAAP diluted earnings per share of $1.68 versus $1.92 for fiscal year '24 and non-GAAP diluted EPS of $2.06 versus $2.12 in fiscal year '24. The GAAP fully diluted share credit count increased quarter-over-quarter from $622 million to $625 million in Q4, and the non-GAAP share count increased sequentially from 636 million to 638 million shares.

對於 25 財年，我們報告的 GAAP 稀釋每股收益為 1.68 美元，而 24 財年為 1.92 美元；非 GAAP 稀釋每股收益為 2.06 美元，而 24 財年為 2.12 美元。第四季度，GAAP 完全稀釋股票數量較上季成長，從 6.22 億美元增至 6.25 億美元；非 GAAP 股票數量較上季成長，從 6.36 億股增至 6.38 億股。

Q4 cash flow generated from operations was $864 million compared to $627 million in the previous quarter. For fiscal year '25, cash generated from operations was $1.7 billion versus cash consumed by operations of $2.5 billion in fiscal year '24.

第四季營運產生的現金流為 8.64 億美元，而上一季為 6.27 億美元。25 財年，營運產生的現金為 17 億美元，而 24 財年營運消耗的現金為 25 億美元。

Q4 closing inventory was $4.7 billion versus $3.9 million in Q3. CapEx and investments for Q4 was $79 million, resulting in positive free cash flow of $841 million for the quarter. CapEx and investments for fiscal year '25 were $183 million versus $194 million in fiscal year '24.

第四季期末庫存為 47 億美元，而第三季為 390 萬美元。第四季的資本支出和投資為 7,900 萬美元，導致本季的自由現金流為 8.41 億美元。25 財年的資本支出和投資為 1.83 億美元，而 24 財年為 1.94 億美元。

During the quarter, we completed a convertible bond offering, raising $2.3 billion in gross proceeds before operating expenses and the costs associated with the simultaneous covered call spread and stock buyback. The Q4 closing balance sheet cash position was $5.2 billion, while bank and convertible note debt was $4.8 billion, resulting in a net cash position of $412 million versus a net cash position of $44 million last quarter.

在本季度，我們完成了可轉換債券發行，扣除營運費用以及同時進行的備兌買權價差和股票回購相關成本前，籌集了 23 億美元的總收益。第四季期末資產負債表現金部位為 52 億美元，而銀行和可轉換票據債務為 48 億美元，導致淨現金部位為 4.12 億美元，而上一季的淨現金部位為 4,400 萬美元。

Additionally, in July, we executed a $1.8 billion facility, which allows for the nonrecourse sale of certain qualified accounts receivables to strengthen our working capital on a discretionary basis. Turning to the balance sheet and working capital metrics compared to last quarter.

此外，7 月份，我們執行了一項 18 億美元的融資安排，允許以無追索權的方式出售某些合格應收帳款，以酌情加強我們的營運資金。與上一季相比，轉向資產負債表和營運資本指標。

The Q4 cash conversion cycle was 98 days versus 124 days in Q3. Days of inventory decreased by 6 days to 75 days compared to the prior quarter of 81 days. Day sales outstanding were 40 days compared to 56 days in Q3. Days payables outstanding increased by 4 days to 17 days versus 13 days in Q3.

第四季的現金轉換週期為 98 天，而第三季為 124 天。庫存天數較上一季的 81 天減少了 6 天，降至 75 天。未清償銷售款項天數為 40 天，而第三季為 56 天。應付帳款天數增加了 4 天，達到 17 天，而第三季為 13 天。

Now turning to the outlook for Q1 fiscal year '26. We expect net sales in the range of $6 billion to $7 billion. GAAP diluted net income per share of $0.30 to $0.42 and non-GAAP diluted net income per share of $0.40 to $0.52. We expect gross margins to be similar to Q4 fiscal year '25 levels.

現在來談談 26 財年第一季的展望。我們預計淨銷售額將在 60 億美元至 70 億美元之間。GAAP稀釋每股淨收益為0.30美元至0.42美元，非GAAP稀釋每股淨收益為0.40美元至0.52美元。我們預計毛利率將與2025財年第四季水準持平。

GAAP operating expenses are expected to be approximately $329 million and to include $82 million in stock-based compensation expenses that are not included in non-GAAP operating expenses.

預計 GAAP 營運費用約為 3.29 億美元，其中包括未包含在非 GAAP 營運費用中的 8,200 萬美元股票薪酬費用。

The outlook for Q1 of fiscal year 2026 fully diluted GAAP earnings per share includes approximately $69 million in expected stock-based compensation expenses, net of tax effects of $20 million, which are excluded from non-GAAP diluted net income per common share.

2026 財年第一季完全稀釋 GAAP 每股盈餘預期包括約 6,900 萬美元的預期股票薪酬費用，扣除 2,000 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 $24 million. The company's projections for Q1 fiscal year '26 GAAP and non-GAAP diluted net income per common share assume a GAAP tax rate of 13%, a non-GAAP tax rate of 15.5% and a fully diluted share count of 631 million for GAAP and 644 million shares for non-GAAP.

我們預計包括利息支出在內的其他收入和支出淨支出約為 2,400 萬美元。該公司對 26 財年第一季 GAAP 和非 GAAP 每股普通股稀釋淨收入的預測假設 GAAP 稅率為 13%，非 GAAP 稅率為 15.5%，GAAP 完全稀釋股數為 6.31 億股，非 GAAP 完全稀釋股數為 6.44 億股。

We expect CapEx for Q1 to be in the range of $60 million to $80 million. And for fiscal year '26, we expect net sales of at least $33 billion. Michael, we're ready for Q&A.

我們預計第一季的資本支出將在 6,000 萬美元至 8,000 萬美元之間。對於 26 財年，我們預計淨銷售額至少為 330 億美元。邁克爾，我們準備好進行問答了。

Great. Cameron, let's turn it over to a question-and-answer session.

偉大的。卡梅倫，讓我們進入問答環節。

(Operator Instructions)

（操作員指示）

Simon M. Leopold, Raymond James.

西蒙·M·利奧波德、雷蒙德·詹姆斯。

Thank for taking the question. I wanted to get a better understanding of some of the bottlenecks or gating factors for sales. And what I'm looking at is we've got full year revenue outlook of $33 billion, so that's better than $8 billion a quarter.

感謝您回答這個問題。我想更了解銷售的一些瓶頸或限制因素。我預計我們的全年營收將達到 330 億美元，這比每季 80 億美元的收入要好。

And we're looking at September being roughly $6 billion to $7 billion. So I would have thought that availability of Blackwells, GB200 could have given you maybe some more upside to September and a more linear outlook for the year, but this would suggest more of a back-end load. So if you could help us understand how you're thinking about the cadence through that fiscal year? And what are the bottlenecks? Or what are the restraints in terms of the September quarter and availability of the chips? Thank you.

我們預計 9 月的銷售額約為 60 億至 70 億美元。因此，我認為 Blackwells、GB200 的上市可能會為 9 月帶來更多上漲空間，並為今年帶來更線性的前景，但這意味著更多的後端負荷。那麼，您能否幫助我們了解您對該財政年度節奏的看法？瓶頸是什麼？或者 9 月份季度和晶片供應方面有哪些限制？謝謝。

Yeah. Basically, our business will continue to grow. Last year, because of the 10-K delay, we have some constraints. So we grew 47%. This year, we should be able to grow better than that.

是的。基本上，我們的業務將繼續成長。去年，由於 10-K 的延遲，我們遇到了一些限制。因此我們成長了47%。今年，我們應該能夠取得比這更好的成長。

And you mentioned about be is some cheaper availability, some resource availability from vendor like NVIDIA. Last year, we had to wait and see. Basically, we believe the availability will be much better than the last two quarters. And that's why we estimated minimum $33 billion.

您提到了從 NVIDIA 等供應商可以獲得一些更便宜的資源。去年，我們只能拭目以待。基本上，我們相信可用性將比前兩個季度好得多。這就是我們估計至少 330 億美元的原因。

And by the way, our new introduction DCBBS that helps customers to build a data center quicker. Especially -- the cloud ready for time to online much quicker. So that's another factor we believe this year, I mean, 2026, we should be able to grow better than last year.

順便說一下，我們新推出的DCBBS可以幫助客戶更快建立資料中心。尤其是——雲的準備上線時間快得多。所以這是我們相信今年（也就是 2026 年）我們應該能夠比去年實現更好成長的另一個因素。

And is any of this related to customers perhaps waiting for GB300? Or is that not a factor?

這是否與客戶等待 GB300 有關？或者這不是一個因素？

Yeah, you are right. Some customers always waiting for coins technology, that 300 -- GB300. So the good thing is we have a B300, GB300 pretty much ready to go. That's waiting for our partner NVIDIA to support us.

是的，你說得對。有些顧客總是在等待硬幣技術，那300——GB300。好消息是，我們的 B300 和 GB300 已經準備就緒。那就等待我們的合作夥伴 NVIDIA 來支持我們吧。

Great. Thanks for taking the question.

偉大的。感謝您回答這個問題。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Hi, thanks for taking my questions. I have two of them. The first one is a higher-level question. Can you talk about management strategy for competing in the AI server market, if your focus on revenue growth and gaining market share? Or is your focus on margin expansion? And if it's both, then what gives you confidence that you can grow revenues and grow margins in this competitive market? And I have a follow-up.

你好，謝謝你回答我的問題。我有兩個。第一個問題是一個較高層次的問題。如果您專注於收入成長和獲得市場份額，您能談談在 AI 伺服器市場競爭的管理策略嗎？或者您的重點是擴大利潤率？如果兩者兼而有之，那麼是什麼讓您有信心在這個競爭激烈的市場中增加收入和利潤？我還有一個後續問題。

Yeah. Very good question. Yeah, we can grow much quicker if we don't care about the gross margin and net margin. And that's why we introduced DCBBS center building block solution. That's a total solution to support the customer to build their data center quicker, better and also save money, more reliable and we provide info trial need, including on-site deployment, networking, cabling, all kind of service.

是的。非常好的問題。是的，如果我們不關心毛利率和淨利率，我們可以成長得更快。這就是我們推出DCBBS中心建置區塊解決方案的原因。這是一個完整的解決方案，旨在支援客戶更快、更好地建置資料中心，同時節省資金，更加可靠，我們提供資訊測試需求，包括現場部署、網路、佈線等各種服務。

So we believe we can grow revenue, market share and profitability, especially our data center end-to-end software solution. So DCBBS plus all software needs, customer needs including service. So we sure are able to provide a better value to customers, not just price war.

因此我們相信我們可以增加收入、市場份額和盈利能力，尤其是我們的資料中心端到端軟體解決方案。因此 DCBBS 加上所有軟體需求、客戶需求包括服務。因此我們肯定能夠為客戶提供更好的價值，而不僅僅是價格戰。

Okay, thanks for that. Okay. For my follow-up can you talk about the opportunity with sovereigns. You announced an MOU at wall during the quarter. Can you give us your thoughts on expected rollout of that opportunity? And David what margin uplift should we expect from sovereign customers versus your existing customer base for two CSPs, I mean how should we think about the revenue and margin opportunity here? Thank you.

好的，謝謝。好的。作為我的後續提問，您能否談談主權國家帶來的機會？您在本季度宣布了一份諒解備忘錄。您能否告訴我們您對這一機會的預期推出的看法？大衛，對於兩家 CSP 來說，與現有客戶群相比，我們應該預期主權客戶的利潤率會提高多少，我的意思是我們應該如何看待這裡的收入和利潤機會？謝謝。

Yeah, so in sovereign AI, it brings us a very good chance. There are so many countries need to build their AI infrastructure -- and those countries, those people really appreciate our DCBBS data center investor solution. So we help them to design their AI infrastructure and help them build AIU such quicker and better. So we see a very good room very big room to grow in that area. David?

是的，所以在自主人工智慧方面，它為我們帶來了非常好的機會。很多國家都需要建立自己的人工智慧基礎設施——這些國家、這些人民非常欣賞我們的 DCBBS 資料中心投資者解決方案。因此，我們幫助他們設計他們的人工智慧基礎設施，並幫助他們更快更好地建立人工智慧單元。因此，我們看到該地區有非常好、非常大的成長空間。戴維？

Yeah. And Ruplu, on the gross margin side, we are optimistic that we will be able to sell more complete data center BBS solutions with sovereigns. And so therefore, we don't have enough experience to be forecasting specific gross margins. But we're very optimistic that with the additional offerings that we will have that there's upside there.

是的。而 Ruplu，在毛利率方面，我們樂觀地認為，我們將能夠透過主權國家銷售更完整的資料中心 BBS 解決方案。因此，我們沒有足夠的經驗來預測特定的毛利率。但我們非常樂觀地認為，隨著我們推出更多產品，我們將獲得更大的收益。

There are so many contracts, especially in Europe -- in Europe, in East, in Asia. So they're all really a great -- their AI infrastructure for their country. for their company. And we are working very closely with you there.

合約非常多，特別是在歐洲、東方和亞洲。所以，他們對自己的國家、對公司來說，都是一個非常偉大的人工智慧基礎設施。我們正在與你們密切合作。

All right, thank you for all the details.

好的，感謝您提供所有詳細資訊。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah guys, thanks for taking the question. Yeah, Two, if I could, -- the first one is maybe a little bit more of a clarification. In the first six months of the calendar year, you guys saw -- as did the industry elongated a little bit elongated customer purchase cycles, first from the HCX from the HCX GB decision-making situation in the March quarter, then the B200, B300 sort of decision-making situation in the June quarter.

是的，謝謝你們回答這個問題。是的，如果可以的話，兩個問題——第一個問題可能更能說明問題。在日曆年的前六個月，你們看到——行業也延長了一點的客戶購買週期，首先是 3 月份季度的 HCX 和 HCX GB 決策情況，然後是 6 月份季度的 B200、B300 決策情況。

Charles, it sounds like it's one of the first questions. I think it was to Sumit's question, you may have suggested it sounds like you were suggesting there may then currently be some B300 sort of elongated customer decision-making as well.

查爾斯，這聽起來像是第一個問題之一。我認為這是在回答 Sumit 的問題，您可能已經暗示過，這聽起來就像您暗示目前可能也存在某種 B300 類型的延長客戶決策。

So just to clarify, are you still going through, are we still not yet to normalize customer decision-making cycles? Because if that's the case, I think it's useful for us to understand that as distinct from what the organic demand backdrop may be as we go through the year here? And I have a follow-up after that.

所以只是為了澄清一下，您是否仍在經歷，我們是否還沒有讓客戶決策週期正常化？因為如果是這樣的話，我認為我們有必要了解一下，這與今年有機需求背景有何不同？之後我還會進行後續跟進。

Yeah. As you know, NVIDIA have so many products, so many beta products, new products. And we are very happy to provide all the new technologies, new products and make them available for the market as soon as possible.

是的。如您所知，NVIDIA 擁有眾多產品、眾多測試版產品和新產品。我們非常樂意提供所有新技術、新產品並儘快將其推向市場。

Like just mentioned, we work with our partner very closely and make sure once the NVIDIA able to ship in volume, we can service customer quicker. And without DCBBS, we exactly optimized for customers' data center, including the large data center and middle-sized data center or even small size data center.

正如剛才所提到的，我們與合作夥伴密切合作，確保一旦 NVIDIA 能夠大量出貨，我們就能更快地為客戶提供服務。而且沒有DCBBS，我們針對客戶的資料中心進行了專門的最佳化，包括大型資料中心和中型資料中心甚至小型資料中心。

So we are very happy to support a lot of middle size and small size AI infrastructure as well. That's part of Super Micro's advantage. We provide a total solution and make the customers drop much easier to build their AI factory -- AI infrastructure quicker and better.

因此，我們也很高興能夠支援大量中型和小型人工智慧基礎設施。這是 Super Micro 的優勢之一。我們提供整體解決方案，使客戶能夠更輕鬆、更快、更好地建造他們的 AI 工廠——AI 基礎設施。

And just as a follow-up, can you guys, any context you can give us guys around the comment of large-scale data center customers expanding to six to eight in fiscal '26. Sort of what flavor of customers might that be? When do you consider someone to large scale? And what market domains like those additional large-scale data center customers fit into?

作為後續問題，您能否向我們提供有關大型資料中心客戶在 26 財年擴大到 6 到 8 個的背景資訊？那可能是哪一種類型的顧客呢？您什麼時候認為某人規模很大？那麼這些額外的大型資料中心客戶適合哪些市場領域呢？

Yeah. Most of the large-scale AI CSP continues to have a strong demand. And we are prepared to support them as well. The testing is with a much strong cash flow now. So we are ready to support a more large-scale data center as well.

是的。大多數大型AI CSP持續有著強勁的需求。我們也準備好支持他們。現在測試的現金流非常強勁。因此我們也準備好支持更大規模的資料中心。

Okay, thanks, guys.

好的，謝謝大家。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi, thanks for taking my question. I have to -- but maybe for the first one, you talked about the data center building block solutions and that it's still maybe a bit early for you to forecast gross margins on that front. But anything that you can help us in terms of what does a typical sales cycle?

你好，謝謝你回答我的問題。我必須這樣做——但也許對於第一個問題，您談到了資料中心構建塊解決方案，而現在預測這方面的毛利率可能還為時過早。但您能就典型的銷售週期幫助我們嗎？

Or what are you expecting for the sales cycle on that front to look like, have any of your larger data center customers shown interest in data center building lock solutions. I guess the question more is, when should we start to see -- or what should we expect in terms of material revenues in relation to when that does come into the P&L what will be the earlier if you were sort of going and talking to your customers about these solutions now what should be our expectation on this front? And I have a follow-up. Thank you.

或者您期望這方面的銷售週期是什麼樣的，您的大型資料中心客戶是否對資料中心建築鎖解決方案表現出興趣。我想更多的問題是，我們應該什麼時候開始看到——或者我們應該對物質收入抱有怎樣的期望，當這些收入進入損益表時，如果您早點去和您的客戶討論這些解決方案，那麼我們在這方面的期望應該是什麼？我還有一個後續問題。謝謝。

Yeah. Thank you. Yeah, we officially advance our data center building provision last quarter. And now we have some product fully ready to ship. For example, AI computing power rec PMP that has been available for four years from Super Micro and kind of like CPU, right in though in rec CPU and kind of like side car, from liquid to a transformation kind of for those customers who like to go for like cooling, but do not have a cooling data center in tetra, we support them side car the product is ready to ship now like a power share and when GB200, GB300 go for rescale, I mean, use power share, we have a product ready now.

是的。謝謝。是的，我們上個季度正式推進了資料中心建設。現在我們有一些產品已經完全準備好發貨了。例如，Super Micro 已經推出了四年的 AI 運算能力 rec PMP，它有點像 CPU，雖然是在 rec CPU 中，但有點像側車，從液體到液體的轉變，適合那些喜歡冷卻但在四核中沒有冷卻資料中心的客戶，我們支援他們側車，產品現在已準備好發貨，就像現在共享產品一樣，當 GB200、GB

And BBU, we have a product ready now as well and kind of like other tower for the cooling or dry power we are shipping now and kind of like on-site prime and networking, including cabling, ad kind of service. We have most of those components getting ready now. And we started in September quarter, right?

至於 BBU，我們現在也準備好了產品，有點像我們現在正在運送的用於冷卻或乾燥電源的其他塔，有點像現場主要和網絡，包括佈線、廣告服務。目前我們已經準備好了大部分組件。我們是從九月開始的，對嗎？

And then we have ramp up in a much higher volume in December. And then for sure, we'll continue to grow in next year, March quarter and June quarter. So this data center building block solution eventually, we have someone to build their AI factory infrastructure much quicker much energy fee and also save mine. So we are very excited for our DCBBS solution.

然後我們在 12 月的銷量大幅增加。可以肯定的是，明年三月和六月季度我們將繼續成長。因此，最終透過這個資料中心建構塊解決方案，我們可以更快地建造他們的人工智慧工廠基礎設施，節省能源費用，還可以節省我的能源費用。因此我們對我們的 DCBBS 解決方案感到非常興奮。

Got it. And for my follow-up, you mentioned the investments that you're making on the enterprise opportunity or edge opportunity as well I mean assuming some of those are better margin opportunities in the data center building block solutions related to your business currently on the sort of where you -- around this 9%, 10% gross margin right now.

知道了。在我的後續問題中，您提到了您在企業機會或邊緣機會上所做的投資，我的意思是假設其中一些是與您目前的業務相關的數據中心構建塊解決方案中更好的利潤機會 - 目前的毛利率約為 9％ 至 10％。

Do you see an opportunity still to get back to the long-term targets that you had on the gross margin of 14% to 17%? Or like are these new opportunities necessary big enough and at a margin high enough to get you back to that 14% to 17% run rate? Or do you think the expectations of investors should be at a maybe a more modest level in terms of what the gross margin rate of the company would be in the future?

您是否認為仍有機會回到毛利率 14% 至 17% 的長期目標？或者這些新機會是否足夠大並且利潤率足夠高，以使您回到 14% 到 17% 的運行率？或者您認為投資者對公司未來毛利率的預期應該處於更溫和的水平？

Yeah, very big question and a very good question also. I mean, yeah, enterprise and IOT, as have a much higher margin and DCPTS service software, which you have a better margin. So we are growing in both directions. One is growing revenue and support a large scale data center at the same time growing enterprise, data center total solution software service.

是的，這是一個很大的問題，也是一個非常好的問題。我的意思是，是的，企業和物聯網具有更高的利潤率，而 DCPTS 服務軟體則具有更好的利潤率。所以我們在兩個方向上都在成長。一是不斷成長的收入和支援大規模資料中心同時成長的企業、資料中心整體解決方案軟體服務。

So, I mean a long term, I believe 15%, 16% still our target and take how long it depends on a combination. So I believe yeah, the direction is still there. I mean, we like to get back to our traditional 16%, even 17% (inaudible) margin. Maybe you can add.

所以，我的意思是，從長期來看，我相信 15%、16% 仍然是我們的目標，至於需要多長時間則取決於組合。所以我相信，是的，方向仍然在那裡。我的意思是，我們希望回到傳統的 16%、甚至 17%（聽不清楚）的利潤率。也許你可以添加。

Yeah, I think that as Charles mentioned, we have been providing these services already. We've had customers with very large deployments that we've helped them in the build-out of their data center and with specific services. And so it's something that we're really focused on and we know that it will contribute to our profitability.

是的，我認為正如查爾斯所提到的，我們已經提供這些服務了。我們有一些部署規模非常大的客戶，我們幫助他們建立資料中心並提供特定的服務。因此，這是我們真正關注的事情，我們知道它將有助於提高我們的獲利能力。

Yeah. As a silicon value-based company, for sure, we are able and we'd like to provide more value to customers, not just hardware, not just high volume product, but given kind of service solution optimization and to make the customers drove much easier.

是的。作為一家以矽價值為基礎的公司，我們當然能夠並且願意為客戶提供更多價值，不僅僅是硬件，不僅僅是大批量產品，而且還提供某種服務解決方案優化，讓客戶的駕駛更加輕鬆。

Great. Thank you.

偉大的。謝謝。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hey, good afternoon, thank you for the questions. I just have two. First, on the greater than 10% customers for fiscal '25. I was wondering if you could just let us know what the revenue exposures were for those customers? I can appreciate we'll eventually get it in the 10-K, but any early color would be helpful.

嘿，下午好，感謝您的提問。我只有兩個。首先，針對 25 財年超過 10% 的客戶。我想知道您是否可以告訴我們這些客戶的收入風險是多少？我很欣賞我們最終會在 10-K 中得到它，但任何早期的顏色都會有幫助。

And then second, thank you for all the guidance on 2026. I was wondering if you could just talk about how we should think about gross margins for the full year is the first quarter gross margins that you spoke to, a good indication about how we should think about the full year. Thank you very much.

其次，感謝您對 2026 年的所有指導。我想知道您是否可以談談我們應該如何看待全年的毛利率，您提到的第一季的毛利率很好地表明了我們應該如何看待全年的毛利率。非常感謝。

Okay, Michael. So the four customers, which we'll refer to as A, B, C and D, not in that particular but 11% -- 11% and 21%. And as to your second question, we're not going to forecast annual guides, but I want to revert back to our earlier comments that we're doing everything that we can, especially we're very optimistic about these data center building block solutions.

好的，麥可。因此，我們將這四個客戶稱為 A、B、C 和 D，並不是特定的，而是 11%——11% 和 21%。至於您的第二個問題，我們不會預測年度指南，但我想回到我們之前的評論，我們正在盡一切努力，特別是我們對這些資料中心構建塊解決方案非常樂觀。

And we have -- we're very quick to market we think the those two combinations, DCBBS and our fast time to market is our best chances for margin improvement.

而且我們 - 我們非常快速地將產品推向市場，我們認為這兩個組合，DCBBS 和我們快速的上市時間是我們提高利潤率的最佳機會。

Yeah, especially DCBBS, we are able to have a customer increase speed up their time to online, right, kind of traditionally, for example, two years we have them improve to spear to 18 months, 16 months. So a lot of customers are very interested to those service.

是的，特別是 DCBBS，我們能夠讓客戶加快上線時間，傳統上，例如，兩年後我們讓他們縮短到 18 個月、16 個月。因此很多顧客對這些服務非常感興趣。

Thank you, Charles.

謝謝你，查爾斯。

Thank you.

謝謝。

Nehal Chokshi, Northland.

北地的 Nehal Chokshi。

Yeah, thank you. I have two questions. First one is, what is going to be the driver of the projected Q2 uptick to the September quarter revenue? And maybe that can also help us understand why you're guiding to no operating leverage, I believe, effectively the guidance implies about a flat operating margin from the June quarter, September quarter.

是的，謝謝。我有兩個問題。第一個問題是，預計第二季營收將比九月季度營收上升的驅動因素是什麼？也許這也可以幫助我們理解為什麼您指導沒有營業槓桿，我相信，實際上該指導意味著 6 月季度和 9 月季度的營業利潤率持平。

So the -- in terms of the customers, we have a lot of customers that are building out a really good deployments. And so that's what gives us a guide to the first quarter. So we've been shipping AMI 355X and GB300. And so we expect that to ramp in Q1. And that's really what's giving us our guide.

因此，就客戶而言，我們有很多客戶正在建立非常好的部署。這就是我們第一季的指南。因此我們一直在運送 AMI 355X 和 GB300。因此我們預計這一數字將在第一季上升。這確實為我們提供指導。

Yeah, we are also gaining many more customers in Europe, Middle East, and Asia now. So, basically, the near future should be pretty strong.

是的，我們現在也在歐洲、中東和亞洲獲得了更多的客戶。因此，基本上，近期前景應該會相當強勁。

And why with the incremental $1 billion of revenue, we won't see any operating margin leverage?

為什麼收入增加了 10 億美元，我們卻沒有看到任何營業利潤率槓桿？

Well, whenever there is a -- and changing over to these new platform technologies, there's always a little bit of a ramp for us. And so that creates a little bit of a production learning curve.

嗯，每當有——並且轉換到這些新的平台技術時，我們總會有一點進步。這會產生一點生產學習曲線。

Okay. And then my second question is that the data center building solutions -- is that being pushed more as a discrete service or the value of that discrete service is fractional to Gen AI factory or is it bundled in Gen AI factory where it's end to drive a better margin profile for that Gen AI factory?

好的。我的第二個問題是，資料中心建設解決方案——是否更多地作為一項離散服務來推動，或者離散服務的價值對於 Gen AI 工廠來說是一小部分，還是它捆綁在 Gen AI 工廠中，以便為 Gen AI 工廠帶來更好的利潤率？

It has supported a team scale of data center -- doesn't matter generative AI or agentic AI or application, right, invention. So it's a solution that we will define pretty taste, we validate. So when you ship to customers, a customer can put together easily. It's kind of like kids player they go case, right? So kind of like it's very data in advance when customers receive easy to deploy and easy for -- go for online.

它支援資料中心的團隊規模——無論是生成性人工智慧、代理性人工智慧還是應用程序，對吧，都是發明。因此，這是一個我們將定義得非常有品味並加以驗證的解決方案。因此，當您將貨物運送給客戶時，客戶可以輕鬆地將其組裝在一起。這有點像是孩子們玩的那種情況，對吧？因此，當客戶收到易於部署和易於上線的數據時，它就像是事先獲得的數據一樣。

So basically, it's the latter of the situations that I had proposed.

所以基本上，這是我提出的後一種情況。

Yeah, kind of including computing power the reg decline, even the power -- the water power, dry power, the battery system power module, right? So we have everything pretty built and validated in that advance.

是的，包括運算能力、調節力下降，甚至電力——水力、乾力、電池系統電源模組，對嗎？因此，我們在這過程中已經做好了充分的準備並進行了驗證。

Yeah. And as Charles mentioned, Nehal, the time delivery and time to online for our customers is critical because they have end customers that they're waiting for. So that's a huge selling point.

是的。正如查爾斯所提到的，尼哈爾，對於我們的客戶來說，交貨時間和上線時間至關重要，因為他們正在等待最終客戶。這是一個巨大的賣點。

Yeah. So is that center building block solutions at least going to be representative of 10% of the deals that 10% of the deal value that you're going to be doing in the September quarter?

是的。那麼，中心構建塊解決方案是否至少能代表您在 9 月季度將要進行的交易的 10% 即交易價值的 10%？

It will be steadily growing. I hope very soon, it will be more than 20% or even more than 30%. Because so many people provide a system convenient power, but we instead not just a convening power but total solution, a data center or a cloud total solution.

它將穩步增長。我希望很快這個數字會超過20%，甚至超過30%。因為很多人提供的是一個系統便捷的力量，但是我們提供的不僅僅是一個召集力量，而是一個整體解決方案，一個資料中心或一個雲端整體解決方案。

Great. Thank you very much.

偉大的。非常感謝。

Brandon Nispel, KeyCorp.

布蘭登·尼斯佩爾（Brandon Nispel），KeyCorp.

Hey guys, thanks for taking the question. I was hoping you could unpack gross margins during the quarter. Last quarter, you had provided some adjusted gross margins based on inventory reserves. Maybe you could help us understand whether there were any inventory reserves this quarter and if you're expecting any in 1Q, including maybe potential impact from tariffs. Thank you.

嘿夥計們，謝謝你們回答這個問題。我希望您能公佈本季的毛利率。上個季度，您根據庫存儲備提供了一些調整後的毛利率。也許您可以幫助我們了解本季是否有庫存儲備，以及您是否預期第一季會有庫存儲備，包括關稅可能產生的影響。謝謝。

Yeah. Thanks, Brandon. So we did mention a little bit about that last quarter. And what I would say is that they came -- they did come in as expected. However, we believe that that's not going to be the case going forward. So we think that we we're anticipating a stabilization in that area.

是的。謝謝，布蘭登。所以我們上個季度確實提到了一點這個。我想說的是，他們來了——他們確實如預期的那樣來了。然而，我們相信未來情況不會再如此。因此我們認為我們預計該地區將會穩定。

Yeah, especially with our DCBBS and with our service function. So we have customers build a data center and make sure they go for online mostly, and that will kind of make customers been much more smooth. And those, I mean, it's good for our inventory control as well. That's our main best return product. So that will have that slow moving less product write-down as well. Yeah, but we expect we will improve in that area.

是的，特別是我們的 DCBBS 和我們的服務功能。因此，我們讓客戶建立一個資料中心，並確保他們主要使用線上服務，這將使客戶的服務更加順暢。我的意思是，這對我們的庫存控制也有好處。這是我們主要的最佳回報產品。因此，緩慢移動的產品減記也會減少。是的，但我們希望我們能在這方面有所進步。

Yeah. And Brandon, with respect to tariffs, the situation is dynamic, we're actively monitoring the tariff environment. We know there's news coming out next week. If we have any updates, we'll share it with you. But we can only watch and react as every other business is.

是的。布蘭登，就關稅而言，情況是動態的，我們正在積極監控關稅環境。我們知道下週會有新聞發布。如果我們有任何更新，我們會與您分享。但我們只能像其他企業一樣觀察並做出反應。

Thanks for taking the questions.

感謝您回答這些問題。

Quinn Bolton, Needham & Co.

奎因·博爾頓，尼德漢姆公司

Hey guys, this is Shane Mally on for Quinn. My first question is on the recent export licenses for NVIDIA and AMD. Just curious to see how Super Micro is positioned to potentially support these deployments? And does the got embed any of these potential shipments?

大家好，我是 Shane Mally，為 Quinn 報道。我的第一個問題是關於 NVIDIA 和 AMD 最近的出口許可證。只是好奇想看看 Super Micro 如何定位以潛在地支援這些部署？並且該貨物中是否包含任何這些潛在的貨物？

Are you referring to H20?

您指的是 H20 嗎？

Yes. H20, I believe that in the (multiple speakers)

是的。H20，我相信（多位發言者）

H20 -- yeah, we're not anticipating selling those products at a quantities.

H20－是的，我們不打算大量銷售這些產品。

Yeah, at least not in high volume for us, yeah.

是的，至少對我們來說數量不多，是的。

Got it. And then I have a follow-up, would you clear quick clarification question from, I think, Northland. But did you say that the data center building block solutions will be around 20% to 30% of total revenue in the September quarter?

知道了。然後我有一個後續問題，您能否快速澄清一下來自 Northland 的問題。但是您是否說過資料中心建構塊解決方案將佔 9 月季度總收入的 20% 到 30% 左右？

No. I mean I will be maybe next year summer. So it will ramp gradually not immediately.

不。我的意思是我可能明年夏天會去。因此它會逐漸增加，而不是立即增加。

Got it. Thank you.

知道了。謝謝。

John Tanwanteng, CJS Securities.

約翰·譚萬騰，CJS 證券。

Hi, good afternoon, and thank you for taking my questions. First one, just on the data center building block solutions. I was just wondering what the gross margin profile looks like they're compared to the corporate average and what an incremental dollar of sales in that kind of solution adds to your gross profit?

大家好，下午好，感謝您回答我的問題。第一個，僅討論資料中心建置區塊解決方案。我只是想知道與公司平均值相比，他們的毛利率狀況如何，以及這種解決方案中每增加一美元的銷售額能為您的毛利增加多少？

Very good data center building product solution, I believe we are the first one. So we, the first company to introduce data center total solution with building block feature, so the profit margin, the value to customers, which we both are good. Much better than a commodity product. When you were to compete with many companies, that's the pressure for office margin, right? But data center building broad solution in Spain, we have much less competition.

非常好的資料中心建立產品解決方案，我相信我們是第一個。因此，我們是第一家推出具有構建塊功能的資料中心整體解決方案的公司，因此利潤率和客戶價值都很好。比商品好得多。當你與許多公司競爭時，這就是辦公室利潤的壓力，對嗎？但在西班牙，資料中心建立廣泛的解決方案，我們面臨的競爭要少得多。

Okay. Great. That's helpful. And then just on the B300 launch, do you expect to see yourself in yourself from competitors both pricing-wise and allocation-wise, when that reaches volume? Or is there how any reason to believe that you may see more of what you've seen in the B100 and B200 time frames?

好的。偉大的。這很有幫助。那麼，就在 B300 推出之後，當其達到批量生產時，您是否預計自己會在定價和分配方面與競爭對手相差無幾？或者有什麼理由相信您可能會看到更多在 B100 和 B200 時間範圍內看到的內容？

We work with our vendor very closely, right? And so I believe our position will be second to none. So for sure, we will be a good chance once it's available from our vendor, we are very happy to promote quickly.

我們與供應商的合作非常密切，對嗎？因此我相信我們的地位將是首屈一指的。因此可以肯定的是，一旦我們的供應商提供該產品，我們將有一個很好的機會，我們非常樂意快速推廣。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Vijay Rakesh. Mizuho.

維傑·拉凱什。瑞穗。

Yeah, hey, it's [Austin] David. Just a quick question on this on the $33 billion guide for fiscal '26, wondering what is contemplated in terms of revenues from the data award win that you announced.

是的，嘿，我是 [Austin] David。關於 26 財年的 330 億美元指南，我只想問一個簡單的問題，想知道您宣布的數據獎獲獎在收入方面有何打算。

We don't make a comment for a specific customer, but we do have a growing customer base in Europe and in Middle East. So we feel excited to grow business in the territory, Middle East, BB and I believe it will be a good percentage for Super Micro business to grow.

我們不會針對特定客戶發表評論，但我們在歐洲和中東確實擁有不斷成長的客戶群。因此，我們很高興能夠在中東、BB 地區實現業務成長，我相信這對超微業務來說將是一個很好的成長百分比。

Got it. And then on the DCBBS, obviously, a nice move with the racks and enabling your go-to-market timing, I guess. Just wondering what would be the split of a full NVL72 rac versus HDX that you're shipping now? Or into next end of the year in the fiscal '26, I guess.

知道了。然後在 DCBBS 上，顯然，這是一個不錯的選擇，可以讓你及時進入市場，我想。只是想知道您現在運送的完整 NVL72 rac 與 HDX 的劃分是怎樣的？或者我猜是到 26 財年的下個年底。

Yeah, we started to ship something about now, kind of like, for example, the dip two air side car or a shipping now. And CPU we have been shipping for a while, right, including in the CPU, we are shipping now and BBU, we will start [shippable] power share leadership this quarter.

是的，我們現在開始運送一些東西，例如，雙氣側車或現在的運輸。我們的 CPU 已經出貨一段時間了，對吧，包括 CPU，我們現在正在出貨，還有 BBU，我們將在本季度開始 [可出貨] 電力份額領導地位。

And so a lot of parts, we've been shipping for a few months or ready to ship in volume and some others will be ready in the next few months or few quarters. So eventually, it will be really a big product line. The goal is to support all major components for customers to build their data centers, their factory.

因此，許多零件我們已經發貨幾個月了，或者準備批量發貨，其他一些零件將在未來幾個月或幾個季度內準備好。所以最終，它將成為一個真正的大型產品線。目標是支援客戶建立資料中心和工廠的所有主要組件。

So kind of to offer a one-stop shop, I went offshore not just to save customer time, but to make sure when customers put those components together, it will all and optimize for both efficiency, quality and cost.

因此，為了提供一站式服務，我選擇離岸生產，不僅是為了節省客戶的時間，也是為了確保當客戶將這些組件組合在一起時，能夠同時優化效率、品質和成本。

Got it. Thanks.

知道了。謝謝。

Thank you.

謝謝。

That was our last question. Thank you for joining today's call. That will now conclude today's call. Thank you for your participation, and enjoy the rest of your day.

這是我們的最後一個問題。感謝您參加今天的電話會議。今天的電話會議到此結束。感謝您的參與，祝您今天過得愉快。