超微電腦 (SMCI) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Matt, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer, Inc. business update call.

感謝您的耐心等待。我叫馬特，今天我將擔任你們的會議接線生。此時此刻，我謹代表Super Micro Computer, Inc.歡迎各位參加業務更新電話會議。

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

今天與我們在一起的有：創辦人、總裁兼執行長梁嘉倫；財務長大衛·魏根德；以及企業發展高級副總裁邁克爾·斯泰格。

Thank you, Matt. Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the first quarter and full fiscal year 2026, which ended September 30, 2025. With me today are Charles Liang, Founder, Chairman and Chief Executive Officer; and David Weigand, Chief Financial Officer. 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.

謝謝你，馬特。下午好，感謝各位參加 Super Micro 的電話會議，討論截至 2025 年 9 月 30 日的第一季度和整個 2026 財年的財務業績。今天陪同我出席的有創辦人、董事長兼執行長梁嘉偉，以及財務長大衛·魏根德。現在，您應該已經收到公司在正常交易結束後發布的新聞稿副本，該新聞稿也可在公司網站上找到。

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 and Presentations tab. We've also published management's scripted commentary on our website.

提醒各位，在今天的電話會議中，公司將參考一份演示文稿，該演示文稿可在公司網站“投資者關係”部分的“活動和演示”選項卡下找到。我們也在我們的網站上發布了管理層撰寫的評論稿。

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 second quarter of fiscal 2026 and the full fiscal year 2026.

請注意，您今天在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、營運費用、其他收入和支出、稅收、資本配置和未來業務展望的陳述，包括對 2026 財年第二季度和 2026 財年全年的指導。

These statements and other comments are based on management's current expectations and assumptions and 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 filing for fiscal 2025 and other SEC filings. All of these documents are available on the Investor Relations page of our website.

這些聲明和其他評論均基於管理層當前的預期和假設，並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結果或事件有重大差異，因此您不應過度依賴前瞻性聲明。您可以查看我們今天下午早些時候發布的新聞稿、我們最新的 2025 財年 10-K 文件以及其他提交給美國證券交易委員會的文件，以了解有關這些風險和不確定性的更多資訊。所有這些文件都可以在我們網站的投資者關係頁面上找到。

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. 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 the means of evaluating and understanding how the company's management evaluates the company's operating performance. 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.

我們不承擔更新任何前瞻性陳述的義務。今天的演講大部分內容將涉及非GAAP財務表現和業務展望。有關我們非GAAP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。之所以列出非GAAP指標，是因為我們認為這些指標能夠提供投資人評估和了解公司管理階層如何評估公司經營績效的手段。這些非GAAP指標不應與依照美國GAAP編製的財務指標割裂看待，也不應被視為替代或優於後者。

In addition, a reconciliation of non-GAAP to most directly comparable GAAP results is contained in today's press release and in 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 second-quarter fiscal 2026 quiet period begins at the close of business Friday, December 12, 2025.

此外，今天的新聞稿和今天簡報所附的補充資訊中包含了非GAAP結果與最直接可比較的GAAP結果的調節表。在今天準備好的演講結束後，我們將安排賣方分析師的問答環節。我們 2026 財年第二季靜默期從 2025 年 12 月 12 日星期五營業結束時開始。

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

接下來，我會把電話交給查爾斯。

Thank you, Michael, and thank you all for joining today's call. Fiscal 2026 is off to a strong start as we continue the early phases of the dynamic AI growth trend. Demand for advanced AI compute and infrastructure solutions is evolving rapidly, and Super Micro is uniquely positioned to lead with innovative, high-quality, and value-driven solutions, including our data center building block solution, DCBBS.

謝謝你，邁克爾，也謝謝各位參加今天的電話會議。2026 財年開局強勁，我們持續維持人工智慧快速成長趨勢的早期階段。對先進 AI 運算和基礎設施解決方案的需求正在迅速變化，而 Super Micro 憑藉其創新、高品質和價值導向的解決方案（包括我們的資料中心建置模組解決方案 DCBBS），在業界佔據了獨特的領先地位。

The major highlight this quarter continued to be our industry-leading AI portfolio. Our NVIDIA Blackwell Ultra [GPU] GB300 product line now have more than $13 billion in back orders, including the largest deal in our 32-year history, reflecting the tremendous growth potential in hyperscale and enterprise deployments. The B300 platforms are also gaining strong traction, following the success of our B200 products as we continue to serve as the leading supplier.

本季最大的亮點依然是我們在業界領先的人工智慧產品組合。我們的 NVIDIA Blackwell Ultra [GPU] GB300 產品線目前積壓訂單超過 130 億美元，其中包括我們 32 年歷史上最大的一筆交易，這反映了超大規模和企業部署領域巨大的成長潛力。繼 B200 產品取得成功之後，B300 平台也獲得了強勁的成長勢頭，我們將繼續保持領先供應商的地位。

As noted in our pre-announcement, approximately $1.5 billion in revenue shift from the September quarter to December quarter due to last-minute configuration upgrade from our customers with expanded volume. This shift were largely caused by the complexity of these new GPU racks, which requires intricate integration, testing, and validation, making them more time consuming to source and build.

正如我們在預告中提到的，由於客戶在最後一刻進行了配置升級，導致銷量增加，約有 15 億美元的收入從 9 月季度轉移到了 12 月季度。這種轉變主要是由於這些新型 GPU 機架的複雜性所造成的，它需要複雜的整合、測試和驗證，因此採購和建置起來更加耗時。

With production now quickly ramp up, these adjustments have eventually strengthened our growth trajectory and support an even higher full year outlook. Our product portfolio continues to lead the industry. In addition to NVIDIA GB300 and B300, we are shipping RTX PRO 6000, [V200MVNO4], and AMD MI350/355X platforms in volume to power generative AI large language model inference and HPC workloads. To continue technology leadership in AI platforms, we are preparing for the NVIDIA [Rubin] and AMD Helios launches in calendar 2026.

隨著生產迅速提升，這些調整最終鞏固了我們的成長軌跡，並支撐了全年更高的預期。我們的產品組合持續引領業界。除了 NVIDIA GB300 和 B300 之外，我們還大量出貨 RTX PRO 6000、[V200MVNO4] 和 AMD MI350/355X 平台，以支援生成式 AI 大型語言模型推理和 HPC 工作負載。為了繼續保持人工智慧平台的技術領先地位，我們正在為 NVIDIA [Rubin] 和 AMD Helios 在 2026 年的發布做準備。

Edge AI solutions are also gaining more traction for real-time processing in manufacturing, telecom, retail and autonomous environments. We are deeply focused on training LLM and generative AI, we also see rapid growth in industry-specific model, agentic AI, broader infancy and AI at the edge. With that, we are seeing accelerating demand across cloud, enterprise, and so as they upgrade and expand the data centers for AI.

邊緣人工智慧解決方案在製造業、電信業、零售業和自主環境中的即時處理方面也越來越受歡迎。我們專注於訓練 LLM 和生成式 AI，同時也看到了行業特定模型、智慧體 AI、更廣泛的早期 AI 和邊緣 AI 的快速成長。因此，我們看到雲端運算、企業等領域的需求正在加速成長，因為他們正在升級和擴展資料中心以支援人工智慧。

Our DCBBS helps customers accelerate and optimize customers' transformation. DCBBS is critical to our future success, enabling rapid plenty design and deployment of AI data center and AI factory, while optimizing performance and minimize power consumption through our advanced and DLC 2 technologies and high vision subsystem. Super Micro building -- now go beyond service system and recalculation it's optimizing the entire data center for customers.

我們的 DCBBS 幫助客戶加速和優化客戶轉型。DCBBS 對我們未來的成功至關重要，它能夠快速、充分地設計和部署 AI 資料中心和 AI 工廠，同時透過我們先進的 DLC 2 技術和高視覺子系統優化效能並最大限度地降低功耗。Super Micro 大樓－現在超越了服務系統和重新計算，它正在為客戶優化整個資料中心。

With product life cycle completion from 18 to 24 months to as short as 12 months. Customers need rapid innovation, deployment and time to online DCBBS delivers re-scale propane service, storage, BLIC systems, air-to-air two-heat exchangers, [CO2], power share, battery backup for water towers, dry towers, network, and capability management software and services.

產品生命週期完成時間從 18 至 24 個月縮短至最短 12 個月。客戶需要快速創新、部署和線上 DCBBS 提供重新調整規模的丙烷服務、儲存、BLIC 系統、空氣對空氣雙熱交換器、[CO2]、電力共享、水塔電池備用、乾塔、網路和能力管理軟體和服務。

We have begun shipping DCBBS orders to some key customers and expect many more data centers to follow suit. This solution is becoming a critical part of our business strategy, driving future growth and profitability. We are investing now. And over the next few quarters, we will share more detail on our expanding DCBBS portfolio and upcoming release.

我們已開始向一些重要客戶出貨 DCBBS 訂單，並預計會有更多資料中心跟進。該解決方案正成為我們業務策略的關鍵組成部分，推動未來的成長和獲利能力。我們現在正在進行投資。接下來的幾個季度，我們將分享更多關於我們不斷擴大的 DCBBS 產品組合和即將發布的產品的詳細資訊。

To meet this unprecedent demand, Super Micro is executing an aggressive global expansion. Our silicon value facility remained a foundation of US operation, delivering time to market, quality, and security for customers.

為了滿足這項前所未有的需求，超微正積極進行全球擴張。我們的矽增值設施一直是美國業務的基礎，為客戶提供上市時間、品質和安全性。

We have quickly expanded our footprint in Silicon Valley recently. And our soon added new North America sites to support the growing requirement for major CSP and NCPs. This investment underscores our commitment to amenitize innovation, job creation and supply chain desires. Internationally, new production facility in Taiwan, the Netherlands, Malaysia, and soon on the Middle East are coming online to enlarge our production capacity, enhancing cost competitiveness and meet regional sovereign AI requirements.

近期，我們在矽谷的業務規模迅速擴大。我們很快又新增了北美站點，以滿足對大型 CSP 和 NCP 日益增長的需求。這項投資凸顯了我們致力於促進創新、創造就業機會和滿足供應鏈需求的決心。在國際上，我們在台灣、荷蘭、馬來西亞以及即將在中東新建的生產設施正在投產，以擴大我們的產能，提高成本競爭力，並滿足區域自主人工智慧需求。

With 52 megawatts of power capacity in place, we are on track to scale production to 6,000 racks per month, including 3,000 DLC racks within this fiscal year. While these expansion require out form investment, they are critical to sustain long-term growth and deliver performance PTO time to online and costly recency at scale.

我們擁有 52 兆瓦的電力容量，正按計劃將產量擴大到每月 6,000 個機架，其中包括本財年內生產的 3,000 個 DLC 機架。雖然這些擴張需要投入大量資金，但它們對於維持長期成長、實現績效休假、線上支付以及大規模降低成本至關重要。

In summary, Super Micro is developing into a leading AI platform and data center in structure total solution company. While we continue to grow our server storage drag and IoT systems, our DCBBS delivers unique advantages that set us apart are designed to reduce customer deployment, complexity, excellent time to market, time to online, and lower total cost of ownership; combined with our broad supply chain, deep customer relationship and expanding partner ecosystem. This capability positions us to become the leading data center infrastructure company.

總而言之，超微正在發展成為一家領先的人工智慧平台和資料中心整體解決方案公司。隨著我們伺服器儲存和物聯網系統的不斷發展，我們的資料中心化業務解決方案 (DCBBS) 提供了獨特的優勢，使我們脫穎而出，旨在減少客戶的部署、複雜性，縮短上市時間、上線時間，並降低總體擁有成本；此外，我們還擁有廣泛的供應鏈、深厚的客戶關係和不斷擴展的合作夥伴生態系統。這項能力使我們有望成為領先的資料中心基礎設施公司。

Recent large-scale orders and continue investment in customers, products, people, and our processes put us firmly on the hand. Our competition remains intense. We are focused on capturing tremendous AI infrastructure market share, some large-scale builds, and pressure margin in the near term. But our scale, innovation, and differentiation, differentiated DCBBS offerings, strengthen our market leadership and position us to deliver long-term profitability and shareholder value.

近期的大宗訂單以及對客戶、產品、員工和流程的持續投入，使我們穩居產業領先地位。我們的競爭依然非常激烈。我們專注於在短期內搶佔龐大的人工智慧基礎設施市場份額，進行一些大規模建設，並承受利潤壓力。但是，我們的規模、創新和差異化，以及差異化的 DCBBS 產品，鞏固了我們的市場領導地位，並使我們能夠實現長期獲利能力和股東價值。

Looking ahead, we expect to ship at least $10.5 billion in the December quarter, depending on the supply and production capability readiness. We anticipate a sequential growth through fiscal 2026, giving us confidence in achieving at least $36 billion in revenue for the year. This is a truly unique time for Super Micro and I am super excited about the opportunity ahead. I look forward to sharing our progress with you next quarter.

展望未來，我們預計在 12 月季度至少出貨 105 億美元，具體取決於供應和生產能力的準備。我們預計到 2026 財年將持續成長，這使我們有信心實現該年度至少 360 億美元的收入。對於超微來說，這是一個非常獨特的時期，我對未來的機會感到無比興奮。我期待下個季度與您分享我們的進展。

Thank you. Now, I will turn it over to David.

謝謝。現在，我將把任務交給大衛。

Thank you, Charles. Q1 fiscal year 2026 revenue was $5 billion, down 15% year over year and down 13% quarter over quarter, compared to our guidance, of $6 billion to $7 billion. We had a record level of new orders exceeding $13 billion, but a customer's custom rack platform upgrade for a recent large design win and customer logistics factors delayed some shipments to Q2. We expect customer demand to remain robust for the remainder of fiscal year 2026.

謝謝你，查爾斯。2026 財年第一季營收為 50 億美元，年減 15%，季減 13%，低於我們先前預測的 60 億美元至 70 億美元。我們獲得了創紀錄的新訂單，超過 130 億美元，但最近一個大型設計項目中，客戶定制的貨架平台升級以及客戶的物流因素導致部分發貨延遲到第二季度。我們預計在 2026 財年剩餘時間內，客戶需求將保持強勁。

AI GPU platforms, which represented over 75% of Q1 revenues continue to be the key growth driver. During Q1, the enterprise channel revenues totaled $1.5 billion representing 31% of revenues versus 36% in the prior quarter. This was down 51% year over year and down 25% quarter over quarter.

AI GPU 平台佔第一季營收的 75% 以上，仍是關鍵的成長驅動力。第一季度，企業通路收入總計 15 億美元，佔總營收的 31%，而上一季為 36%。與去年同期相比下降了51%，與上一季相比下降了25%。

The OEM appliance and large data center segment revenues were $3.4 billion, representing 68% of Q1 revenues versus 63% in the last quarter, up 25% year over year and down 6% quarter over quarter. The emerging 5G Telco/Edge IoT segment contributed the remaining 1% of Q1 revenues.

OEM 設備和大型資料中心部門的營收為 34 億美元，佔第一季營收的 68%，而上一季為 63%，較去年同期成長 25%，季減 6%。新興的 5G 電信/邊緣物聯網領域貢獻了第一季剩餘的 1% 的收入。

For Q1 fiscal year '26, we had two 10%-plus customers. By geography, the US represented 37% of Q1 revenues; Asia, 46%; Europe, 14%; and the rest of the world, 3%.

2026 財年第一季，我們有兩家客戶的銷售額超過 10%。從地理來看，美國佔第一季營收的 37%；亞洲佔 46%；歐洲佔 14%；世界其他地區佔 3%。

On a year-over-year basis, US revenues decreased 57%, while Asia grew 143%. Europe increased 11%, and the rest of the world increased 56%.

與去年同期相比，美國收入下降了 57%，而亞洲收入則成長了 143%。歐洲成長了11%，世界其他地區成長了56%。

On a quarter-over-quarter basis, US revenues declined 16%, Asia decreased 4%, Europe decreased 16%, and the rest of the world declined 48%. Asia grew significantly on a year-over-year basis as an existing US-based customer opened a large data center in Asia.

與上一季相比，美國收入下降了 16%，亞洲下降了 4%，歐洲下降了 16%，世界其他地區下降了 48%。由於一家美國現有客戶在亞洲開設了大型資料中心，亞洲的業務較去年同期成長顯著。

Q1 non-GAAP gross margin was 9.5% versus 9.6% in Q4. Q1 GAAP operating expenses were $285 million, down 10% quarter over quarter and up 7% year over year.

第一季非GAAP毛利率為9.5%，第四季為9.6%。第一季 GAAP 營運費用為 2.85 億美元，季減 10%，較去年同期成長 7%。

On a non-GAAP basis, operating expenses were $203 million, which was down 15% quarter over quarter, and down 2% year over year.

以非GAAP準則計算，營運費用為2.03億美元，季減15%，較去年同期下降2%。

Operating expenses were down quarter over quarter, due to high marketing expense reimbursements and lower discrete R&D expenses. Non-GAAP operating margin for Q1 and was 5.4% compared to 5.3% in Q4.

由於行銷費用報銷額較高以及獨立研發費用較低，營運費用較上季下降。第一季的非GAAP營業利潤率為5.4%，而第四季為5.3%。

Other income and expense in Q1 totaled a net income of $26.3 million, reflecting $51.2 million in interest income on higher cash balances and FX-related gains, partially offset by $24.9 million in interest expense, primarily related to convertible notes.

第一季其他收入和支出合計淨收入為 2,630 萬美元，其中現金餘額增加和外匯相關收益帶來的利息收入為 5,120 萬美元，部分被 2,490 萬美元的利息支出所抵消，該支出主要與可轉換票據有關。

The tax provision for Q1 was $40 million on a GAAP basis and $59 million on a non-GAAP basis, resulting in a GAAP tax rate of 19.3% and a non-GAAP tax rate of 20%.

第一季的稅務準備金以 GAAP 計算為 4,000 萬美元，以非 GAAP 計算為 5,900 萬美元，GAAP 稅率為 19.3%，非 GAAP 稅率為 20%。

Q1 GAAP diluted EPS was $0.26 compared to guidance of $0.30 to 42% -- $0.42. And non-GAAP diluted EPS was 35% versus guidance of $0.40 to $0.52. The GAAP fully diluted share count increased sequentially from 625 million in Q4 to 663 million in Q1. And the non-GAAP share count increased from 638 million to 677 million over the same period.

第一季GAAP攤薄後每股收益為0.26美元，高於先前預期的0.30美元至0.42美元（預期值42%）。非GAAP攤薄後每股收益為35%，高於先前預期的0.40美元至0.52美元。 GAAP完全稀釋後股數較上季增加，從第四季的6.25億股增至第一季的6.63億股。同期，非GAAP股份數量從6.38億股增加到6.77億股。

Cash flow used in operations for Q1 was $918 million compared to cash flow generated from operations of $864 million in the prior quarter.

第一季經營活動所用的現金流為 9.18 億美元，而上一季經營活動產生的現金流為 8.64 億美元。

Q1 operating cash flow was impacted by lower net income and higher accounts receivable and higher inventory levels, as we prepare for a strong Q2 with higher working capital needs.

由於淨收入下降、應收帳款增加以及庫存水準上升，第一季營運現金流受到影響，因為我們正在為第二季強勁的業績和更高的營運資金需求做準備。

Q1 closing inventory was $5.7 billion, which was up from $4.7 billion in Q4.

第一季末庫存為 57 億美元，高於第四季的 47 億美元。

CapEx for Q1 totaled $32 million, resulting in negative free cash flow of $950 million for the quarter.

第一季資本支出總計 3,200 萬美元，導致該季度自由現金流為負 9.5 億美元。

During the quarter, we executed a $1.8 billion AR facility that enables the non-recourse sale of certain qualified accounts receivable, providing flexibility to strengthen our working capital on a discretionary basis.

本季度，我們執行了一項 18 億美元的應收帳款融資安排，該安排允許對某些合格的應收帳款進行無追索權出售，從而使我們能夠靈活地酌情增強營運資金。

At quarter end, our cash position totaled $4.2 billion, while bank and convertible note debt was $4.8 billion, resulting in a net cash -- in a net debt position of $575 million, compared to a net cash position of $412 million in the prior quarter.

截至季末，我們的現金總額為 42 億美元，而銀行和可轉換票據債務為 48 億美元，淨現金為 5.75 億美元，淨債務為 5.75 億美元，而上一季的淨現金為 4.12 億美元。

Turning to the balance sheet and working capital metrics. The Q1 cash conversion cycle was 123 days compared to 96 days in Q4. Days of inventory increased by 30 days to 105 days versus 75 days in the prior quarter. Days sales outstanding increased by 5 days to 43 days versus 38 days in Q4, while days payables outstanding increased by 9 days to 26 days versus 17 days in Q4.

接下來來看資產負債表和營運資本指標。第一季現金週轉週期為 123 天，而第四季為 96 天。庫存週轉天數較上一季增加 30 天，達到 105 天，而上一季為 75 天。應收帳款週轉天數較第四季的 38 天增加了 5 天，達到 43 天；應付帳款週轉天數較第四季的 17 天增加了 9 天，達到 26 天。

Now turning to the outlook for Q2 fiscal year 2016. We expect net sales in the range of $10 billion to $11 billion. GAAP diluted net income per share of $0.37 to $0.45 and non-GAAP diluted net income per share of $0.46 to $0.54.

現在來展望一下2016財年第二季。我們預計淨銷售額將在 100 億美元至 110 億美元之間。GAAP稀釋後每股淨收益為0.37美元至0.45美元，非GAAP稀釋後每股淨收益為0.46美元至0.54美元。

We expect gross margins to be down 300 basis points, relative to Q1 fiscal year '26 levels. Given the fast-moving dynamics in the end markets, we wanted to provide the framework of the factors impacting our gross margins.

我們預計毛利率將比 2026 財年第一季下降 300 個基點。鑑於終端市場瞬息萬變，我們希望提供影響我們毛利率的因素架構。

First, customer and product mix, including a strategic Q1 large design win, which includes higher cost and a lower margin, as we ramp a new mega-scale GB300-optimized rack platform.

首先是客戶和產品組合，包括第一季策略性的大型設計訂單，該訂單成本更高、利潤更低，因為我們正在加速開發新的超大規模 GB300 優化機架平台。

And second, we are making greater investments with new customers to ensure their success with additional AI engineering support and services. To drive future growth, we believe that our investment in supporting these customers is leading to other large global design wins. Our long-term goal is to expand revenues in higher-margin segments such as data center building block solutions, emerging global CSPs, sovereign mega projects, enterprise data centers, IoT, and telco solutions and software service offerings. We do expect to benefit from some economies of scale driven by higher revenue levels, a cost-effective global manufacturing footprint, including our Malaysia facility and continued customer diversification.

其次，我們正在加大對新客戶的投資，透過提供額外的 AI 工程支援和服務，確保他們的成功。為了推動未來的成長，我們相信，我們對這些客戶的支援投入將帶來其他大型全球設計專案的成功。我們的長期目標是擴大高利潤領域的收入，例如資料中心建置模組解決方案、新興全球通訊服務供應商、主權大型專案、企業資料中心、物聯網以及電信解決方案和軟體服務產品。我們預計，隨著收入水準的提高、成本效益高的全球生產佈局（包括我們在馬來西亞的工廠）以及客戶群的持續多元化，我們將受益於規模經濟效益。

As we complete this mega cluster, we expect to leverage these investments and are establishing the most advanced AI service capabilities in the market. As we go through this transition, we expect our gross margins to improve.

隨著這個大型集群的建成，我們希望充分利用這些投資，並建立市場上最先進的人工智慧服務能力。隨著轉型進程的推進，我們預計毛利率將會提高。

GAAP operating expenses are expected to be around $326 million in Q2, which includes approximately $76 million and stock-based compensation expenses that are excluded from non-GAAP operating expenses.

第二季 GAAP 營運費用預計約為 3.26 億美元，其中包括約 7,600 萬美元的股票選擇權費用，該費用不計入非 GAAP 營運費用。

The outlook for Q2 of fiscal year 2026, fully diluted GAAP EPS includes approximately $64 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. We expect other income and expenses, including interest expense, to result in a net expense of approximately $27 million.

2026 財年第二季的預期完全稀釋 GAAP 每股盈餘包括約 6,400 萬美元的預期股票選擇權費用，扣除 1,800 萬美元的稅務影響，這些費用不計入非 GAAP 稀釋後每股普通股淨收益。我們預計其他收入和支出（包括利息支出）將導致淨支出約為 2,700 萬美元。

The company's projections for Q2 fiscal year 2016 GAAP and non-GAAP diluted net income per common share assume a GAAP tax rate of 15.6% and a non-GAAP tax rate of 16.8%, and a fully diluted share count of 666 million for GAAP and 680 million shares for non-GAAP.

該公司對 2016 財年第二季 GAAP 和非 GAAP 稀釋後每股普通股淨收益的預測假設 GAAP 稅率為 15.6%，非 GAAP 稅率為 16.8%，GAAP 完全稀釋後股份數為 6.66 億股，非 GAAP 完全稀釋後股份數為 6.8 億股。

Capital expenditures for Q2 is expected to be in the range of $60 million to $80 million.

預計第二季資本支出將在 6,000 萬美元至 8,000 萬美元之間。

For the full fiscal year 2026, we are raising our outlook to a net sales of at least $36 billion versus prior guidance of at least $33 billion.

對於 2026 財年，我們將淨銷售額預期從先前的至少 330 億美元上調至至少 360 億美元。

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

邁克爾，現在進入問答環節。

Great. Matt, take some questions.

偉大的。馬特，回答幾個問題。

(Operator Instructions) Samik Chatterjee, JPMorgan.

（操作說明）薩米克‧查特吉，摩根大通。

This is [MP] on for Samik Chatterjee. I just wanted to ask my first question on the revised guidance between like availability of chipsets and market share expansion. What do you think is the more of a driver for increased revenue guidance?

這是薩米克·查特吉的[MP]發言。我只想問一下關於晶片組可用性和市場份額擴張之間關係的修訂指導意見的第一個問題。您認為推動營收預期上調的主要因素是什麼？

Yeah. NVIDIA Blackwell Ultra is getting available. So we are receiving more and more allocation from them and preparing for a huge volume to ramp up start from this quarter. That's why this quarter, we estimate at least $10.5 billion. And looking forward, I mean, without DCBBS, we will focus on both. One is continue move higher revenue. The other direction is move more value to the market including data centers for the solution, with our DCBBS.

是的。NVIDIA Blackwell Ultra即將上市。因此，我們從他們那裡獲得了越來越多的分配，並準備從本季開始大幅增加產量。因此，我們預計本季至少會有 105 億美元。展望未來，我的意思是，如果沒有 DCBBS，我們將同時專注於兩者。一是繼續追求更高的收入。另一個方向是為市場帶來更多價值，包括為解決方案提供資料中心，例如我們的 DCBBS。

Thank you. As a follow-up, I just wanted to ask on DCBBS. Like, I think you already started shipping those solutions. And like, when do you think the DCBBS will become material enough to actually impact the gross margins?

謝謝。作為後續問題，我只是想在 DCBBS 上問一下。我覺得你們已經開始交付這些解決方案了。那麼，你認為 DCBBS 何時才會變得足夠重要，從而真正影響毛利率呢？

And then my other question is, like, are you -- any thoughts on initial feedback from customers? And then also any thoughts on the competition, which you are seeing relative to?

那麼我的另一個問題是，您對客戶的初步回饋有什麼看法？另外，您對當前的競爭狀況有什麼看法？

Yeah, thank you for the question. Yeah, DCBBS have been very welcome. We have some current large accounts already older, some were the key DCBBS components. And we expect more and more customers will commit to our DCBBS.

是的，謝謝你的提問。是的，我們非常歡迎 DCBBS。我們目前有一些老客戶的大客戶，其中一些是 DCBBS 的關鍵組成部分。我們預計越來越多的客戶會選擇我們的 DCBBS 服務。

The idea of like what we share is to speed up customer to deploy, build a data center, or save their time to [hand] online. And also make power more efficient, save money, or build more solid data center. And the profit margin will sell much higher in the industry for data center infrastructure. Basically, the business is more than 20% of margin. And we are very excited for that product line to be getting available.

我們分享的內容旨在加快客戶部署、建立資料中心的速度，或節省他們在線上處理的時間。此外，還可以提高電力效率、節省資金或建造更穩固的資料中心。資料中心基礎設施產業的利潤率會更高。基本上，該業務的利潤率超過 20%。我們非常高興看到該產品系列即將上市。

And I believe it's a well [round] population.

而且我認為這是一個相當均衡的人口結構。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Great. Thank you for taking my question here. The order pipeline that you guys talked about is pretty strong. And so if you can help us understand what's the components that are contributing to such a strong order outlook that you have embedded into your guidance?

偉大的。感謝您接受我的問題。你們提到的訂單處理流程非常順暢。所以，如果您能幫助我們了解一下，是什麼因素促成了您在指導方針中提出的如此強勁的訂單前景，那就太好了？

And if I may, you guys talked a little bit about -- or about this revenue guide that you guys are exceeding sequential growth expected post-fiscal 2Q. If you can just also help us understand how we should think about gross margins as we proceed through the year, and the OpEx to support such a strong revenue outlook? Thank you.

如果可以的話，我想問一下，你們剛才談到了——或者說是你們的營收預期，你們的業績已經超過了第二財季後預期的環比增長。如果您還能幫助我們理解今年的發展過程中應該如何看待毛利率，以及為了支持如此強勁的營收預期，營運支出該如何調整，那就太好了？謝謝。

Yeah. I mean, GPU, for sure, contributed most revenue kind of like the Blackwell Ultra, and kind of like AMD MI350/355, and breakaway of B300 and RTX, right? So indeed, a lot of strong product line are driving our revenue.

是的。我的意思是，GPU肯定貢獻了大部分收入，有點像Blackwell Ultra，有點像AMD MI350/355，並且從B300和RTX中脫穎而出，對吧？的確，我們許多強大的產品線都在推動我們的營收成長。

And at the same time, again, for the best interest to our customers, we try to provide data center end-to-end solution, including DCBBS including management software, on-site deployment and service. So to put in a one-stop shopping for customers' advantage, and also grow our profit margin.

同時，為了客戶的利益，我們努力提供資料中心端到端解決方案，包括資料中心基礎架構（DCBBS）以及管理軟體、現場部署和服務。因此，我們打造了一站式購物體驗，既有利於顧客，也有利於提高我們的利潤率。

And David, you may add assumption for a long term.

大衛，你還可以加上長期假設。

Sure. Yeah. So on the gross margin question, we are -- we're going into a quarter where we are ramping one of the largest clusters in the world. We're ramping a new new product line at mega scale. And so therefore, we're being a little conservative on the margin, because we will have a higher cost as we ramp production and shipment.

當然。是的。所以關於毛利率的問題，我們即將進入一個季度，在這個季度裡，我們將啟動全球最大的集群之一。我們正在大規模地推進一條全新產品線的生產。因此，我們在邊際成本方面會稍微保守一些，因為隨著生產和出貨量的增加，成本也會更高。

So we're just giving guidance for one quarter out, but we did mention that as we go out throughout future quarters, we're expecting to improve for the reasons that we laid out.

所以我們只是給出未來一個季度的業績指引，但我們也提到，隨著未來幾季的推進，我們預期業績會有所改善，原因我們已​​經闡述過了。

On the OpEx side, you can tell from looking at our -- historically, we are that sub-5% OpEx, and we expect that to continue. But we will continue to increase our OpEx in order to strengthen our infrastructure.

從營運支出來看，從歷史數據可以看出，我們的營運支出一直低於 5%，我們預計這種情況還會持續下去。但我們會繼續增加營運支出，以加強我們的基礎設施。

Yes. I'll let you add to more areas. (multiple speakers) Yeah. One area is traditionally; our revenue was about $5 billion to $6 billion quarterly. And now we are growing to $10 billion quarterly. So that, for sure, increase short-term challenge and that's why we had to leverage USA, Taiwan, Malaysia facility. And that kind of involved hiring lots of new people, turn out people, and add facility.

是的。我會讓你補充更多領域。（多人發言）是的。其中一個領域是傳統領域；我們每季的營收約為 50 億至 60 億美元。現在我們的季度營收已達100億美元。因此，這無疑會增加短期挑戰，所以我們不得不利用美國、台灣和馬來西亞的資源。這涉及招募大量新員工、調配人員以及擴建設施。

But once this much higher capacity facility already in this quarter, December quarter, we will be able to service large customers in USA, in Asia, and Europe, to the global major supplier. And by that time, for sure, our resource leverage will become much more efficient.

但是，一旦這座產能更高的設施在本季（12 月季度）投入使用，我們將能夠為美國、亞洲和歐洲的大客戶提供服務，成為全球主要供應商。到那時，我們的資源利用效率肯定會大大提高。

And second is our DCBBS, is getting mature and getting ready to service more customers to put in more value to customers. And that I believe, we have grown our profitability.

其次，我們的 DCBBS 系統日趨成熟，準備為更多客戶提供服務，為客戶創造更多價值。我相信，我們的獲利能力已經提高了。

That's great. If I could just on the orders that you talked about, $13 billion. I know you provided at the chip-set level. I think I was looking for just customers that are constituting that $13 billion? If you can just share some insights into how percentage of customers that are in there that contributed to such a strong order book or $13 billion? Thank you.

那太棒了。如果就你提到的那些訂單而言，我估計可以拿到 130 億美元。我知道你們提供了晶片組等級的支援。我想找的應該是那130億美元的客戶吧？您能否分享一下，有多少比例的客戶促成如此強勁的訂單量（130億美元）？謝謝。

So they constitute some of the best customers in the world, I'll say that. We had two 10% customers this year, we ended last year with four 10% customers. We always welcome new large customers. And -- but we don't have any -- we usually don't talk specifically about individual customers.

所以，他們可以說是世界上最好的客戶之一。今年我們有兩家佔 10% 的客戶，去年年底我們有四家佔 10% 的客戶。我們始終歡迎新的大客戶。而且——但我們沒有任何——我們通常不會具體談論個別客戶。

Yes. But they are really high-profile high-value partner for long term. That's why we do such a big effort to greatly increase our capacity to support them. There are some of them. So we are very happy to enhance the support to low -- high-value partner.

是的。但他們確實是具有很高知名度和價值的長期合作夥伴。正因如此，我們才投入大量精力來大幅提升我們支持他們的能力。有一些。因此，我們非常高興能夠加強對低價值到高價值合作夥伴的支持。

Great, thank you.

太好了，謝謝。

Ananda Baruah, Loop Capital

阿南達·巴魯阿，Loop Capital

Thanks for taking the question. A couple, if I could. Charles, the midpoint of the guide for December is $10.5 billion. And the guide for -- the update you got for the fiscal year is at least $36 billion. So if I model out $10.5 billion for each, March and June, I get sort of just over $36 billion. You're talking about a lot of $13 billion in GB300 product wins, a lot of good activity going forward.

感謝您回答這個問題。如果可以的話，我想和你們兩個一起。查爾斯，12 月的指導值中點為 105 億美元。而本財年的指導方針——您收到的最新數據顯示，至少為 360 億美元。所以，如果我把三月和六月的預算都設為 105 億美元，那麼總額就略高於 360 億美元。您說的是價值 130 億美元的 GB300 產品訂單，未來還有很多好消息。

So I guess my question, Charles, is -- first one is, are you being conservative? Is there conservatism baked in to the implied March and June quarters? Or should we expect some flattening out of revenue in the coming quarters? And then I have a follow-up.

所以我想問查爾斯的問題是──第一個問題是，你持保守態度嗎？三月和六月季度的數據是否隱含著保守傾向？或者我們是否應該預期未來幾季的營收將趨於穩定？然後我還有一個後續問題。

Yes. Thank you for the question. Yes, this is the first time we grow our revenue to about more than $10 billion a quarter. So we are very excited about it. So now we already extend -- expand our capacity global and train our people and have all our facilities ready. So from now on, we are ready to be really big supplier around the world.

是的。謝謝你的提問。是的，這是我們季度營收首次成長到超過100億美元。我們對此感到非常興奮。所以現在我們已經擴大了全球產能，培訓了員工，所有設施都準備就緒。所以從現在開始，我們準備好成為全球真正的大型供應商。

And with Blackwell getting mature and ERA quality, everything is promising at the last moment, and so we feel very excited to have at least $36 billion. And hopefully, it's a very conservative number.

隨著布萊克威爾逐漸成熟並達到ERA的水平，一切都在最後時刻變得充滿希望，因此我們感到非常興奮，至少有360億美元。希望這只是一個非常保守的數字。

And at the same time, we are doing our best to grow our DCBBS total solution because that's unique data center infrastructure tool to help customers build a data center quicker, better, save energy and save money. So overall, I believe with DCBBS become more mature, our profitability will improve.

同時，我們正在盡最大努力發展我們的 DCBBS 整體解決方案，因為這是一個獨特的資料中心基礎設施工具，可以幫助客戶更快、更好地建立資料中心，節省能源和資金。所以總的來說，我相信隨著 DCBBS 的日趨成熟，我們的獲利能力也會提高。

And Charles, you -- we're talking fiscal year expectations. But do you anticipate the strength to continue through the calendar year? There's been a lot of large deals with NeoCloud announced lately with large AI labs and hyperscalers, and that's your sweet spot customer base than NeoCloud. So should we anticipate this kind of strength without giving me a guide, but could the strength continue through the balance of the calendar year?

查爾斯，你——我們現在討論的是財政年度預期。但您預計這種強勁勢頭會持續到年底嗎？最近 NeoCloud 與大型 AI 實驗室和超大規模資料中心達成了許多大額交易，而這些正是 NeoCloud 的理想客戶群。那麼，在沒有給我任何指導的情況下，我們是否應該預期這種強勢？這種強勢能否持續到今年底？

Yes. Indeed, our capacity is in diving scale now as you know, right? So $36 billion is a very conservative number. So we believe we will continue to grow quickly, continue to lead the market. We'll use not just technology, but also market share.

是的。如您所知，我們目前的產能已經達到了潛水規模，對吧？所以360億美元是一個非常保守的數字。因此我們相信我們將繼續快速成長，並繼續引領市場。我們不僅會運用技術，還會利用市場佔有率。

I appreciate that. Mike, just one quick clarification with David here. David, just to your prior comments about gross margin improvement through the year, is that to say that December quarter is the low watermark gross margin quarter for the fiscal year?

我很感激。麥克，我得跟大衛確認一下。David，關於你之前提到的全年毛利率改善情況，是不是說12月季度是本財年毛利率最低的季度？

Yeah, it is fair. We are -- as I mentioned, this is a quarter of first impression for us on standing doubling our revenues in one quarter. And so, we're doing everything we can to improve our margin, but we're not making forecast out beyond December quarter.

是的，這很公平。正如我之前提到的，這是我們第一個季度給人留下深刻印象，因為我們在一個季度內實現了營收翻倍。因此，我們正在盡一切努力提高利潤率，但我們不會對12月季度之後的情況做出預測。

Appreciate it. Thanks a lot. Thanks, guys.

謝謝。多謝。謝謝各位。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi, thanks for taking my questions. David, can you remind us how much total revenue can your manufacturing footprint support today? And when it's fully utilized, what would that number be? And at what point do you decide to add more capacity, such as adding a new plant? And if you can weave in any update to the Malaysia plant, is that now building racks? And what's the status of that plant? And I have a follow-up.

您好，感謝您回答我的問題。大衛，你能提醒我們一下，你們目前的生產規模能夠支援多少總營收嗎？如果充分利用，這個數字會是多少？那麼，您會在什麼情況下決定增加產能，例如增建新工廠？如果可以的話，請介紹馬來西亞工廠的最新情況，它現在是否在生產貨架？那家工廠現在的狀況如何？我還有一個後續問題。

Okay. So maybe I'll let Charles talk about capacity, but we've mentioned that we have a rack capacity of 6,000 racks per month worldwide. And so I don't think that we have spoken as to what that value is. But I can say that Malaysia, we are starting to stand up more in terms of their production, and we expect it to contribute greatly going forward.

好的。所以也許我會讓查爾斯來談談產能問題，但我們已經提到過，我們全球每月有 6000 個機架的產能。所以我覺得我們還沒有討論過這個價值是什麼。但我可以說，馬來西亞在生產方面正開始崛起，我們期待它在未來做出巨大貢獻。

Let me see, did I answer -- what are the questions did I miss there?

讓我想想，我回答了嗎？ ——我漏掉了哪些問題？

Yeah. I guess we try to be very, very conservative. Because with Blackwell Ultra is still brand new, right? So we had to make sure we ship exactly the best quality, the most reliable system to customer. And that's why we spend a lot of time to burn in our solution. And that's why we build up such a huge capacity.

是的。我想我們盡量做到非常非常保守。因為 Blackwell Ultra 還是全新的產品，對吧？所以我們必須確保提供客戶品質最好、最可靠的系統。這就是為什麼我們要花大量時間來完善我們的解決方案。這就是我們建立如此龐大產能的原因。

It will time 3,000 liquid cooling power per month and time 12 months year. And each right, for example, $3 million, so the number is more than $100 billion. So yes, if everything moves, our capacity is that $100 billion range now. But we try to be conservative and try to design carefully -- burning carefully, make sure all the product we deliver to the market, exactly the pace in the market.

它每月將消耗 3,000 單位的液冷功率，每年消耗 12 個月。例如，每項權利價值 300 萬美元，因此總額超過 1,000 億美元。所以，是的，如果一切順利，我們現在的產能應該在 1000 億美元左右。但我們力求保守，力求精心設計——謹慎燃燒，確保我們交付到市場的所有產品，都能與市場節奏完全吻合。

And as a follow-up, David, can I ask? You have this large project ramping over the next several quarters. How should we think about working capital and cash conversion cycle and free cash flow? And at what point would you need to tap the markets to raise more capital?

大衛，我還有一個後續問題可以問嗎？你們有一個大型項目，將在接下來的幾個季度內逐步推進。我們該如何看待營運資本、現金週轉週期和自由現金流？那麼，在什麼情況下需要透過市場融資來籌集更多資金呢？

Yes. So we've maintained about $5 billion on average. And obviously, when you double your revenues, that's not going to be enough working capital. So as we announced, we did put an accounts receivable sales program in place, which allows us to factor our receivables up to $1.8 billion. And we're also -- we also have other programs that are being put into place to meet our needs over the upcoming quarters. So we have no doubts about our ability to execute on those programs.

是的。因此，我們平均維持了約50億美元的資產。顯然，當你的收入翻倍時，那將不足以支付營運資金。正如我們所宣布的那樣，我們確實實施了一項應收帳款銷售計劃，該計劃允許我們將高達 18 億美元的應收帳款進行折現。此外，我們還將實施其他一些計劃，以滿足未來幾季的需求。因此，我們對執行這些計劃的能力毫不懷疑。

Yes, to a -- we definitely have a capability to service more customers with a much higher volume, but we will control the revenue based on our cash flow.

是的，我們當然有能力服務更多客戶，業務量也更大，但我們會根據現金流來控制收入。

Nehal Chokshi, Northland.

尼哈爾·喬希，北地。

Yes. Great demand there and understandable that ramping up a new customer on the B300. But I guess, I think it was maybe a year ago, 1.5 years ago that it became apparent that you guys were helping xAI Colossus 8 -- Colossus 1 ramp up. And that was dilutive to margins at that point in time.

是的。當地需求很大，可以理解為什麼 B300 需要增加一位新客戶。但我想，大概是在一年前，或是一年半前，大家開始意識到你們在幫助 xAI Colossus 8——Colossus 1 加速發展。而這在當時對利潤率造成了稀釋。

The rationale was to get this lighthouse customer and demonstrate the Super Micro's engineering capabilities. Why is it necessary to basically do a routine repeat of this proof of Super Micro's engineering prowess?

此舉的目的是為了拿下這家標竿客戶，並展示 Super Micro 的工程能力。為什麼需要反覆進行這種例行公事式的測試來證明超微公司的工程技術實力？

xAI, for sure, a very good partner. And whenever we have a chance, we try to work with them to learn some things from them and to offer our best service. So yes, xAI will continue to be our important partner for long term. And again, our capacity is huge and capability is much bigger now, but we will be selective to grow our revenue based on our cash flow.

xAI 無疑是一個非常好的合作夥伴。只要有機會，我們就會嘗試與他們合作，向他們學習一些東西，並提供我們最好的服務。所以，是的，xAI 將繼續是我們重要的長期合作夥伴。再次強調，我們的產能龐大，能力也大大提升，但我們會根據現金流狀況，選擇性地增加收入。

And Nehal, what I would add is that what we are doing is that we are validating each time as we did 1.5 years ago and now that we're the premier provider of advanced DCBBS solutions and AI data centers. So we gladly stepped into that role, and we continue to get additional business each quarter as a result of these successful installations.

Nehal，我想補充的是，我們所做的，就像 1.5 年前一樣，每次都在進行驗證，而現在我們已成為領先的先進 DCBBS 解決方案和 AI 數據中心提供商。因此，我們欣然接受了這個角色，由於這些成功的安裝，我們每季都會繼續獲得額外的業務。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

This is Shadi Mitwalli on for Quinn. My first question is on gross margins. I know you guys mentioned new facilities coming online and that possibly being a tailwind for gross margin over time. So I was just wondering if we can get some more color here on the timing and maybe just the overall impact of these new facilities would have.

我是沙迪·米特瓦利 (Shadi Mitwalli) 替補奎因 (Quinn)。我的第一個問題是關於毛利率的。我知道你們提到新設施即將投入使用，這可能會隨著時間的推移對毛利率產生正面影響。所以我想知道我們能否更詳細地了解這些新設施的建造時間以及它們可能產生的整體影響。

Yes. As you know, we need to invest in Malaysia and Taiwan in USA all our location. So make sure we have enough capacity to put in the best quality product, most optimal to the market. So in December quarter, we spent a lot of money to establish the foundation. And going forward, now we have those capacity and capability to grow much larger scale business.

是的。如您所知，我們在馬來西亞、台灣和美國的所有分公司都需要投資。所以，請確保我們有足夠的產能，生產出品質最好、最適合市場的產品。因此，在去年12月，我們投入了大量資金來建立基金會。展望未來，我們現在具備了發展更大規模業務的能力。

Great. And then my follow-up is on the Super Micro federal program you guys announced intra-quarter. I was just curious if we can get some more color on this program? And maybe what led to the creation of it? And how this initiative could position Super Micro for government contracts going forward?

偉大的。接下來我想問的是你們在本季中宣布的超級微型聯邦計畫。我只是好奇我們能否為這個節目增添一些色彩？那麼，究竟是什麼促成了它的誕生呢？這項舉措將如何幫助 Super Micro 在未來獲得政府合約？

Yes, we are USA company and have designed manufacturer service from Silicon Valley. So federal business ship sweep for us. And now we have more talent and service in a customer relationship in or they kind of support. So that's why we officially initiate fatal program

是的，我們是一家美國公司，擁有矽谷設計的製造服務。所以，聯邦商業船舶清掃工作要為我們完成。現在我們在客戶關係中擁有更多的人才和服務，或者說他們提供了某種支援。所以這就是我們正式啟動致命計劃的原因。

Jon Tanwanteng, CGS Securities.

Jon Tanwanteng，銀河證券。

Hi, thanks for taking questions. I wanted to expand on the prior question on just the case study with Colossus last year and how you took the margin hit to land that customer and validating new technologies. Apparently you're doing it at this time with the bigger customer and at a lower margin. So I guess the question is, philosophically, I'm not asking for margin guidance, but how do you expect to grow the margin going forward from here?

您好，感謝您回答問題。我想就去年與 Colossus 的案例研究，以及你們如何承受利潤損失來贏得該客戶並驗證新技術的問題，進一步展開討論。顯然，你現在是在為大客戶做這件事，但利潤率很低。所以我想問的是，從哲學層面來說，我不是問利潤率指引，而是你們預期未來如何提高利潤率？

And like how do you prevent that from happening again? Have you seen that stronger margin from follow-on orders from the customers that you have validated your technologies to? Or is that still something that is on the comp or hasn't been possible in this environment for whatever reason?

那麼，如何防止這種情況再次發生呢？您是否注意到，在您已向客戶驗證過您的技術之後，後續訂單的利潤率會更高？或者說，這仍然是電腦上需要的功能，或者由於某種原因，在這種環境下無法實現？

So there are several different initiatives. One, Jon, as you know, we get leverage off of the additional business that we have. We also, as we've mentioned, are pursuing manufacturing in other geographies in order to serve local customers, which we believe will also lower costs. We also have added on data center building block solution strategies, which we try to outline on every call and the expansion of business.

所以目前有好幾個不同的方案。第一，喬恩，正如你所知，我們可以利用我們擁有的額外業務來獲得優勢。正如我們之前提到的，我們也正在其他地區尋求生產製造，以便服務當地客戶，我們相信這也會降低成本。我們也增加了資料中心建置模組解決方案策略，我們會在每次通話和業務拓展中盡量概述這些策略。

But it's really, as I mentioned earlier, it's the success and the market share that we're taking that are bringing a lot of emerging, not only existing companies from around the world, but also -- and sovereigns, but also new and emerging CSPs and NeoClouds and other companies, enterprises coming to us, because they recognize the Super Micro name.

但正如我之前提到的，正是我們所取得的成功和市場份額，吸引了許多新興企業，不僅包括來自世界各地的現有公司，還包括主權國家，以及新興的 CSP、NeoCloud 和其他公司、企業，因為他們認可 Super Micro 這個品牌。

So we expect that, that will overall raise our margin profile and so we're doing everything we can to raise our margins. But yet, we still want to be the premier provider of DCBBS solutions. And so we think that we have a good strategy in that regard.

因此我們預計，這將整體上提高我們的利潤率，所以我們正在盡一切努力提高利潤率。但是，我們仍然希望成為DCBBS解決方案的領先供應商。因此，我們認為我們在這方面製定了很好的策略。

Okay. And just to clarify, have you seen the higher margins from customers where you maybe gave them better pricing or put you on investment into the initial orders, as you get follow-on orders and repeat business from them?

好的。為了澄清一下，您是否注意到，當您為客戶提供更優惠的價格或對初始訂單進行投資時，由於獲得了後續訂單和回頭客，利潤率會更高？

Yeah. So every -- different customers have different margin profiles, based on the amount of design that the Super Micro does for their solution, as well as the size of the order that they're placing. So as in any business, customer ordering, $1 billion of product is different from a customer ordering $10 billion of product in terms of pricing strategy.

是的。因此，每個不同的客戶的利潤率都不同，這取決於 Super Micro 為其解決方案所做的設計量，以及他們下的訂單規模。因此，在任何商業活動中，客戶訂購價值 10 億美元的產品與客戶訂購價值 100 億美元的產品在定價策略上是不同的。

So therefore, we're very happy that the customers that we have brought into the Super Micro portfolio of customers is really adding a lot of name value to our brand. And so that's what we're very pleased about. We're gaining market share. There's no question about that.

因此，我們非常高興，我們引入 Super Micro 客戶群的客戶確實為我們的品牌增添了許多知名度。所以，我們對此感到非常高興。我們正在擴大市場份額。這點毋庸置疑。

Got it. If I could sneak in one more. Just how are you accounting for the risk of further pushouts in the revenue outlook for the year, just given you've had a couple of high-profile ones already?

知道了。如果我能再偷偷加一個就好了。鑑於你們已經多次推遲了年度營收預期，你們是如何應對未來可能進一步推遲營收預期的風險的？

Yes. So the timing of it -- whenever you're dealing with very large projects, it's not always easy to fit deliveries into one three-month timeframe. And there are all sorts of -- I mean if you take a look at the thousands and thousands of parts we have to bring together to build our solutions. And also, on the customer side, the things that they're having to do to get their data centers ready, there's a lot of logistics that have to take place. It doesn't always line up perfectly with our quarter ends.

是的。所以時間安排很重要——當你處理非常大的專案時，要把交付安排在三個月的時間範圍內並不總是那麼容易。而且種類繁多——我的意思是，如果你看看我們為了構建解決方案而必須將成千上萬個零件組合在一起的情況。此外，在客戶方面，他們為了準備資料中心，需要做很多後勤工作。它並不總是與我們的季度末完全吻合。

So we've said, as we continue to take large customers, it's going to be -- there's going to be things beyond our control which includes customer readiness, which includes supply chain issues and et cetera, that will -- that may impact quarter-to-quarter results. But if you look at last quarter, or if you look at the last two years, we went from $7.5 billion to $15 billion to $22 billion, okay? So that trend did not stop.

因此，我們說過，隨著我們持續獲得大客戶，將會出現一些我們無法控制的因素，包括客戶的準備、供應鏈問題等等，這些因素可能會影響季度業績。但如果你看看上個季度，或看看過去兩年，我們的營收從 75 億美元成長到 150 億美元，再到 220 億美元，懂嗎？所以這種趨勢並沒有停止。

We were adding $7 billion for the last two years, each year. Now did those quarters all line up perfectly according to our plan, our annual plan? Not always. But the trend is still there. And we've increased our revenues as well as our profits. And that's what we intend to continue to do.

過去兩年，我們每年都會新增70億美元。那麼，這些季度是否都完全按照我們的計劃，也就是我們的年度計劃進行呢？不總是如此。但這種趨勢依然存在。我們的收入和利潤都提高了。而這正是我們打算繼續做的事。

Got it. That's very helpful, thank you.

知道了。非常感謝，這很有幫助。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Hi, thanks very much for taking my question. So very encouraging to hear about the large orders, $13 billion order you mentioned. Just curious, though, there's not a lot of historical data on orders or backlog. And any color you can give on the size of the backlog of orders or how $13 billion compared to previous quarters.

您好，非常感謝您回答我的問題。聽到您提到的130億美元的大訂單，真是令人鼓舞。只是好奇而已，關於訂單或積壓訂單的歷史數據並不多。而你能不能就積壓訂單的規模，或是與前幾季相比130億美元的規模給出一些具體數據。

Just trying to understand that what's the size of the -- which we've got guidance on from some of your competitors in the past? And another follow-up question on gross margins as well.

我們只是想了解一下規模有多大——過去我們曾從你們的一些競爭對手那裡得到過這方面的指導？還有一個關於毛利率的後續問題。

Okay. So first, I'll answer that -- your first question on historical data. We've -- it's been our practice not to talk about backlog we couldn't help but talk about the orders that we receive, the new orders that we received, new design wins, because they did have some impacts in both the current quarter as well as the December quarter. And so we're speaking to those. But we're not -- we don't talk generally about backlog. So I'll take your second question on gross margin.

好的。首先，我來回答你關於歷史資料的第一個問題。我們一直以來的慣例是不談論積壓訂單，但我們忍不住要談談我們收到的訂單、新訂單、新設計訂單，因為它們對本季和 12 月季度都產生了一些影響。所以我們正在和這些人對話。但我們不會——我們通常不會談論積壓工作。那麼，我來回答你關於毛利率的第二個問題。

Okay. So gross margins, I mean, I know you're trying to stay away from long-term guide, but previously, I believe you've talked about this 15% to 16% long-term target for gross margins. Is that still intact but pushed out or is that now not up for perhaps? Just curious what's the thinking on that?

好的。關於毛利率，我知道您盡量避免給予長期指導，但之前我相信您曾談到毛利率的長期目標為 15% 至 16%。那個東西還在嗎，只是被推下去了？還是說它現在已經不存在了？只是好奇大家對此有什麼想法？

Yeah. Back in 2000 -- I think in 2021, we came out with a 14% to 17% gross margin guide. That's probably what you're referring to as a long-term target. The market has changed. And so we, in fact, we're right in the middle of a change right now as we move on to some new very new dynamic platforms.

是的。早在 2000 年——我想應該是 2021 年——我們就發布了 14% 至 17% 的毛利率指導目標。這大概就是你所說的長期目標吧。市場已經發生了變化。因此，事實上，我們現在正處於變革之中，正在向一些全新的、充滿活力的平台過渡。

And so, we will give margin guidance as we can see it clearly. We're doing our best to raise margins in a very competitive landscape. Yes, we would love to be back in double digits. But we'll give guidance when we can see it clearly.

因此，我們會根據實際情況給予利潤率指引。在競爭如此激烈的市場環境下，我們正盡力提高利潤率。是的，我們非常希望能夠重回兩位數。但我們會等到情況明朗後再給予指導。

And hopefully, it's not too far away. Indeed, we focus more on DCBBS and enterprise account, then double digital is easy for us. But at the same time, we are very interested to support a large-scale CSP as well. And so far, it looks like it's a great chance for us to service large CSP customers as well.

希望它不會太遠。事實上，我們更關注DCBBS和企業帳戶，所以雙數位帳戶對我們來說很容易實現。但同時，我們也對支持大規模聚光太陽能發電計畫非常感興趣。目前看來，這對我們來說也是一個服務大型 CSP 客戶的絕佳機會。

With large CSP customer and DCBBS and the price together, our revenue will continue to grow very fast. And double-digit gross margin still in our plan is just take a little bit longer.

憑藉龐大的 CSP 客戶、DCBBS 以及價格優勢，我們的營收將持續快速成長。我們仍然計劃保持兩位數的毛利率，只是還需要一些時間。

Brandon Nispel, KeyBanc.

Brandon Nispel，KeyBanc。

Yeah. Thanks for squeezing in taking the question. I think echoing the same comments around gross margins that looking at the guidance, it really implies 0% contribution margin. And so I think revenue growth is great, but I was hoping you could really help us understand what's on the other side of this, right, in terms of -- help us understand what this business looks like from like a free cash flow contribution standpoint, as you guys scale it.

是的。感謝您抽空回答這個問題。我認為，關於毛利率的評論也同樣適用，從指引來看，這實際上意味著貢獻毛利率為0%。所以我認為營收成長固然很好，但我希望你們能真正幫助我們了解成長的另一面，對吧——幫助我們了解隨著你們擴大規模，從自由現金流貢獻的角度來看，這項業務會是什麼樣子。

Because you can't just keep going down the path of lower and lower gross margins, especially when the revenue coming in. Is that a 0% contribution margin, again, based on the midpoint of your guys' guidance? Thank you.

因為你不能一直走毛利率越來越低的道路，尤其是在收入不斷增長的情況下。這是根據你們預期中位數計算出的0%貢獻毛利率嗎？謝謝。

So again, we believe that we can't name all of our customers, but I can tell you that we are bringing in some of the best companies in the world. And we believe that our first-to-market practice of being able to bring reliable and optimize solutions quickly to market will reward us well. And this has been our practice over the last 32 years.

所以，我們再次重申，我們不能透露所有客戶的名字，但我可以告訴你們，我們正在引進一些世界上最好的公司。我們相信，我們率先將可靠且優化的解決方案快速推向市場的做法，將為我們帶來豐厚的回報。過去32年來，我們一直都是這樣做的。

And so we've consistently been first to market we have shown that we can grow quicker than the market at large. And we've also shown that we can bring customized solutions, which bring very good margins and very good returns to the bottom line.

因此，我們始終保持著市場領先地位，並已證明我們的成長速度可以超過整個市場。我們也證明了我們可以提供客製化的解決方案，從而帶來非常可觀的利潤和非常可觀的收益。

So we're staying with our game plan right now, the market is going through some new cycles with new kind of exciting new platforms coming out. We believe that this will pay off. So we're staying the course.

所以我們現在會堅持我們的計劃，市場正在經歷一些新的週期，會湧現出一些令人興奮的新平台。我們相信這樣做會有回報。所以我們會堅持既定路線。

Keep our bottom line. Make sure, we keep our bottom line, make sure we continue to make more total profit every quarter, every year.

堅持我們的底線。確保我們保持獲利，確保我們每季、每年都能持續獲得更高的總利潤。

With that as the phase for sure, when we have a chance to grow more market share, we try to grow more market share as well. But bottom line is, mature every quarter, every year, we make more total profit.

既然這是目前的階段，那麼當我們有機會擴大市場佔有率時，我們也會努力擴大市場佔有率。但歸根究底，隨著每季、每年的業績穩定提升，我們的總利潤也會增加。

Got it. And David, are there any like one-time costs with the design wins and the upgrade pushouts that fell into this quarter in terms of like one-time costs that you're absorbing in this quarter's gross margin guidance?

知道了。大衛，本季中標的設計項目和升級推廣中是否存在一次性成本，這些成本是否已計入本季的毛利率預期？

So you're -- in terms of the December quarter, yes, there are. There's a lot of additional engineering costs and expedite costs and overtime costs that result from delivering kind of what would be twice our normal revenue run rate and scaling a new technology at what we believe would be one of the largest clusters in the world. So yes, there are a lot of extra costs that go into that and that we don't -- that we believe will actually prepare us for the upcoming quarters?

所以，就 12 月的季度而言，是的，有的。為了實現相當於我們正常收入運行率兩倍的目標，並在我們認為將是世界上最大的集群之一上擴展一項新技術，會產生大量的額外工程成本、加急成本和加班成本。所以，是的，這其中涉及許多額外的成本，而我們認為這些成本——實際上將使我們為接下來的幾個季度做好準備？

Yes. It's basically our first gigawatt project. And hopefully, we can make it perfectly company.

是的。這基本上是我們第一個千兆瓦級專案。希望我們能把它打造成一家完美的公司。

Understood. Thank you very much.

明白了。非常感謝。

There are no additional questions waiting at this time. So I'll pass the conference back to the management team for any closing remarks.

目前沒有其他問題待問。那麼，我將把會議交還給管理團隊，請他們作總結發言。

Thank you. Thank you, everyone.

謝謝。謝謝大家。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。