超微電腦 (SMCI) 2026 Q2 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. Q2 fiscal year '26 financial results 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。在此，我謹代表 Super Micro Computer, Inc. 宣布 2026 財年第二季財務業績，歡迎各位參加此電話會議。

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

今天與我們在一起的有：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。（操作說明）

Over to you, Michael.

接下來就交給你了，麥可。

Thank you. Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the second-quarter and full-year fiscal 2026, which ended December 31, 2025. With me today, as you know, is Charles Liang, Founder, Chairman, Chief Executive Officer; and David Weigand, Chief Financial Officer.

謝謝。下午好，感謝各位參加 Super Micro 的電話會議，討論截至 2025 年 12 月 31 日的 2026 財年第二季度和全年財務業績。如各位所知，今天與我一同出席的有創辦人、董事長兼執行長梁嘉偉，以及財務長大衛·魏根德。

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 that is available to participants in the IR section of the company's website under Events and Presentations tab. We've also published management's scripted commentary on our website.

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。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 the discussion table consists 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 third quarter of fiscal 2026 and full fiscal year 2026. These statements and other comments are based on management's current expectations and assumptions involve material risks and uncertainties and 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 fiscal 2025 and other SEC filings.

請注意，您在討論環節中聽到的一些資訊包含前瞻性陳述，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 財年第三季和 2026 財年全年的指導。這些聲明和其他評論均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。

All these documents are available on the IR page of Super Micro's website. We see 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 accompanying presentation or to our press release published earlier today.

所有這些文件都可以在 Super Micro 網站的 IR 頁面上找到。我們認為沒有義務更新任何前瞻性聲明。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。

The non-GAAP measures are presented as we believe that they provide investors the means of evaluating and understanding 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 financial measures prepared in accordance with US GAAP. In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation.

我們認為，非GAAP指標能夠為投資者提供評估和了解公司管理階層如何評估公司經營績效的途徑，因此我們列出了這些指標。這些非GAAP指標不應與依照美國GAAP編製的財務指標割裂開來考慮，也不應被視為替代或優於這些財務指標。此外，今天的新聞稿和今天簡報所附的補充資訊中包含了 GAAP 與非 GAAP 結果的調整表。

At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts. Our third quarter fiscal 2026 quiet period ends the -- begins at the close of business, Friday, March 13, 2026.

在今天的演講結束後，我們將安排賣方分析師問答環節。我們的 2026 財年第三季靜默期結束於 2026 年 3 月 13 日星期五營業結束時開始。

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

現在，我將把電話交給查爾斯。

Thank you, Michael, and thank you all for joining today's call. Super Micro delivered a strong fiscal Q2 as AI infrastructure demand continues to accelerate across every major customer segment. For the quarter, we achieved a record $12.68 billion in revenue, including $1.5 billion before the former type of account last quarter, representing 123% year-over-year growth. This strong performance reflects the sustained momentum of our AI solutions and Rack-Scale Systems as customers build out next-generation AI factories.

謝謝你，邁克爾，也謝謝各位參加今天的電話會議。Super Micro 第二財季業績表現強勁，因為各大客戶群對人工智慧基礎設施的需求持續加速成長。本季度，我們實現了創紀錄的 126.8 億美元收入，其中包括上季未計入的 15 億美元，年增 123%。這一強勁表現反映了我們的人工智慧解決方案和機架式系統在客戶建置下一代人工智慧工廠的過程中所保持的持續成長勢頭。

Super Micro has been developing some of the largest and most complex AI cluster ever built, highlighting our unmatched capability in large-scale manufacturing on-site deployment and integration. Most notably, our Data Center Building Block Solutions or DCBBS, and started to gain some key customers' preference as they look for quicker time-to-deployment, TTD and quicker time-to-online TTO. This predesign, prevalidated infrastructure building blocks, not only speed up customers' data center builds, but they also save costs with better workload optimization and with minimal power and water consumption.

Super Micro 一直在開發有史以來規模最大、最複雜的 AI 集群，這凸顯了我們在大規模製造現場部署和整合方面無與倫比的能力。最值得注意的是，我們的資料中心建置模組解決方案（DCBBS）開始獲得一些關鍵客戶的青睞，因為他們尋求更快的部署時間 (TTD) 和更快的上線時間 (TTO)。這種預先設計、預先驗證的基礎設施建置模組，不僅可以加快客戶的資料中心建設速度，還可以透過更好地優化工作負載和最大限度地減少電力和水的消耗來節省成本。

DCBBS will significantly help us gain market share in large, medium, and small AI infrastructure deployments with GB300, B200, B300 and MI350 platforms. We are also preparing for the upcoming NVIDIA Vera Rubin and AMD Helios solutions for the second half this year. While we continuously growing AI factory build-out customer and product mix are shifting -- shift more to a large model builder who had pricing leverage, pressuring gross margin. In Q2, especially the expedited transportation costs ongoing component shortage and their volatile pricing among with tariffs and impact our short-term gross margin.

DCBBS 將顯著幫助我們利用 GB300、B200、B300 和 MI350 平台在大、中、小型 AI 基礎設施部署中獲得市場份額。我們也正在為今年下半年即將推出的 NVIDIA Vera Rubin 和 AMD Helios 解決方案做準備。雖然我們不斷擴大 AI 工廠建設，但客戶和產品組合正在改變——更多地轉向具有定價優勢的大型模型製造商，這給毛利率帶來了壓力。第二季度，尤其是加急運輸成本、持續的零件短缺及其價格波動，以及關稅，都對我們的短期毛利率產生了影響。

As such, I would like to take a moment to highlight our key strategies to address this and efficiently strengthen our long-term profitability. First and foremost, Super Micro undergoes its fourth phase of product evolution with DCBBS as its key focus. As these data center [deploy] scale, DCBBS is and will become an increasingly important part of our value.

因此，我想藉此機會重點介紹我們應對這一問題並有效增強長期盈利能力的關鍵策略。首先，Super Micro 正經歷其產品演進的第四階段，DCBBS 是其重點。隨著這些資料中心[部署]規模的擴大，DCBBS 現在是並將成為我們價值中越來越重要的組成部分。

In the first half of fiscal year '26, DCBBS solutions accounted for 4% of our profit. We expect this part of our profit to grow and meaningfully contribute to the second half of fiscal '26, and we see that growth accelerate to at least double-digit contribution by end of calendar 2026. With complete GPU-CPU life cycle, DCBBS becomes critical helpful to the value of our server and storage products by enhancing the data center infrastructure time-to-delivery and time-to-online, reducing power and water consumption and cost efficiently simplified data center management and maintenance.

在 2026 財年上半年，DCBBS 解決方案占我們利潤的 4%。我們預計這部分利潤將會成長，並在 2026 財年下半年做出實質貢獻，我們認為到 2026 年底，這一成長速度將加快，貢獻率至少達到兩位數。DCBBS 具有完整的 GPU-CPU 生命週期，透過縮短資料中心基礎架構的交付時間和上線時間，降低電力和水的消耗，並以經濟高效的方式簡化資料中心管理和維護，從而對我們的伺服器和儲存產品的價值起到至關重要的作用。

In just about one year, our DCBBS product lines grew from more than -- grew to more than 10 key subsystems, including CDU, [LR2A], heat exchanger, chilled doors, power shelves, battery backup, water tower, dry-towers, high-speed switching, data center management software and service. We are expanding this product line to include more new categories such as transformer, next-generation power generators, device for energy backup and grid power replacement, further strengthening customer value, accelerating deployment and supporting long-term profit margin improving for Super Micro.

短短一年內，我們的 DCBBS 產品線就從超過 10 個關鍵子系統發展到超過 10 個，包括 CDU、[LR2A]、熱交換器、冷門、電源架、電池備用、水塔、乾塔、高速交換器、資料中心管理軟體和服務。我們正在擴展該產品線，納入更多新類別，例如變壓器、新一代發電機、儲能設備和電網電源替代設備，進一步增強客戶價值，加速部署，並支援 Super Micro 的長期利潤率提高。

Other than developing DCBBS for better value and portability, we are also sharpening our focus on traditional enterprise cloud and edge IoT customers to further diversify revenue with higher margin. In addition, we had introduced our X14 and X14 for [Xeon] solutions, featuring preconfigured systems that ship directly from our factory enabling rapid deployment, optimized for specific AI cloud storage and telco edge workloads. These servers are ready to power and immediately and reinforce Super Micro's core value time-to-market advantage for enterprise customer, channel partner and SMB end users.

除了開發 DCBBS 以提高價值和便攜性之外，我們還更加專注於傳統的企業雲端和邊緣物聯網客戶，以進一步實現收入多元化和更高的利潤率。此外，我們還推出了 X14 和 X14 for [Xeon] 解決方案，這些解決方案採用預配置系統，可直接從我們的工廠發貨，從而實現快速部署，並針對特定的 AI 雲端儲存和電信邊緣工作負載進行了最佳化。這些伺服器已準備就緒，可立即投入使用，並鞏固了 Super Micro 的核心價值——為企業客戶、通路合作夥伴和中小企業最終用戶提供上市時間優勢。

We are also driving meaningful cost improvement through enhanced design for manufacturing, DFM and quality-premium engineering. We have introduced more modularized subsystems and expanded automation across our facilities. These efforts increase yield rate, reduce the rework and enable us to bring new platform to volume production even faster and with higher quality. As product cycle shorten and technical complexity increase, these design for manufacturing advancement essential for scale, efficiency and long-term margin improvement.

我們還透過改進面向製造的設計 (DFM) 和高品質的工程設計，推動了成本的顯著降低。我們在所有工廠中引入了更多模組化子系統，並擴大了自動化程度。這些努力提高了良率，減少了返工，使我們能夠以更快的速度和更高的品質將新平台投入批量生產。隨著產品週期縮短和技術複雜性增加，這些面向製造的設計進步對於規模化、效率提升和長期利潤率提高至關重要。

While executing these DFM initiatives, we are also continuing to expand our global manufacturing footprint aggressively and strategically. Our Silicon Valley facility remains a cornerstone of our US operation, delivering faster time-to-market, strong security, and higher quality integration. Internationally, new production site in Taiwan, Malaysia and Netherlands, and soon, the Middle East, are ramping to increase capacity support, regional solving, AI requirement, and most importantly, optimize our overall cost structure.

在執行這些面向製造的設計 (DFM) 計劃的同時，我們也在積極、有策略地繼續擴大我們的全球製造規模。我們在矽谷的工廠仍然是我們美國業務的基石，能夠加快產品上市速度，增強安全性，並提高整合品質。在國際上，我們在台灣、馬來西亞和荷蘭的新生產基地，以及即將建成的中東生產基地，正在加緊生產，以提高產能支援、區域解決方案、人工智慧需求，最重要的是，優化我們的整體成本結構。

In summary, as the only company with more than 32 years of robust server and storage focus, Super Micro is quickly evolving into a leading AI platform and data center infrastructure total solutions provider. Strong Q2 performance, rapid expansion of DCBBS product line, deeper and more customer engagement and the global capacity investment position us well for long-term growth, while near-term margin pressure from customer mix, tariffs, international facility expansion and key component shortage like memory and storage shortage. Our focus on enterprise business designed for manufacturing improvement and a faster-growing DCBBS portfolio, all help us gain new customer support, higher growth, and net margin going forward.

總而言之，作為唯一一家擁有超過 32 年伺服器和儲存領域深厚經驗的公司，超微正在迅速發展成為領先的 AI 平台和資料中心基礎架構整體解決方案供應商。第二季強勁的業績、DCBBS產品線的快速擴張、更深入、更多的客戶互動以及全球產能投資使我們為長期成長奠定了良好的基礎，但客戶結構、關稅、國際設施擴張以及記憶體和儲存等關鍵零件短缺將帶來短期利潤壓力。我們專注於旨在改善製造流程的企業業務，並不斷擴大 DCBBS 產品組合，所有這些都有助於我們獲得新的客戶支援、更高的成長和未來的淨利潤。

Lastly, based on our broad customer back order forecast and commitment, we believe demand for AI and IT infrastructure remain unprecedently strong. Our DCBBS solution is exactly what customers need to build out their AI and cloud much faster, greener, and lower total cost. With this in mind, I'm confident to guide at least $3.3 billion for Q3 and up our full year revenue guidance back to at least $40 billion.

最後，根據我們對廣大客戶的積壓訂單預測和承諾，我們認為對人工智慧和IT基礎設施的需求仍然空前強勁。我們的 DCBBS 解決方案正是客戶建構 AI 和雲端平台所需的解決方案，能夠以更快的速度、更環保的方式、更低的總成本實現這一目標。考慮到這一點，我有信心第三季營收至少達到 33 億美元，並將全年營收預期上調至至少 400 億美元。

I look forward to sharing our progress with you next quarter. Thank you. Now I will turn it over to David.

我期待下個季度與您分享我們的進展。謝謝。現在我把它交給大衛。

Thank you, Charles. We achieved record Q2 fiscal year '26 revenue of $12.7 billion, up 123% year over year and up 153% quarter over quarter compared to our guidance of $10 billion to $11 billion. Q2 revenue included approximately $1.5 billion in delayed Q1 shipments due to customer readiness. Growth was driven this quarter by the rapid ramp and deployment of our Rack-Scale AI Solutions.

謝謝你，查爾斯。我們實現了2026財年第二季創紀錄的營收127億美元，年增123%，季增153%，高於我們先前100億至110億美元的預期。第二季營收包括因客戶準備情況而延遲的第一季出貨額約 15 億美元。本季成長主要得益於機架級人工智慧解決方案的快速普及和部署。

Despite supply chain challenges in the industry, our global manufacturing team executed well in delivering record revenue. Order strength remains strong from global large data center and enterprise customers. AI GPU platforms, which represent over 90% of Q2 revenue, continued to be the key growth driver.

儘管行業供應鏈面臨挑戰，但我們的全球製造團隊表現出色，實現了創紀錄的收入。來自全球大型資料中心和企業客戶的訂單依然強勁。AI GPU 平台佔第二季營收的 90% 以上，持續成為關鍵的成長驅動力。

During Q2, the Enterprise Channel revenue segment totaled $2 billion, representing about 16% of revenue versus 31% in the prior quarter. That's up 42% year over year and up 29% quarter over quarter. The OEM Appliance and Large Data Center segment revenue was $10.7 billion, representing approximately 84% of Q2 revenue versus 68% in the last quarter. This was up 151% year over year and up 210% quarter over quarter.

第二季度，企業通路收入總計 20 億美元，約佔總收入的 16%，而上一季這一比例為 31%。與去年同期相比成長了 42%，與上一季相比成長了 29%。OEM 家電和大型資料中心部門的收入為 107 億美元，約佔第二季營收的 84%，而上一季為 68%。與去年同期相比成長了151%，與上一季相比成長了210%。

For Q2 FY26, one large data center customer represented approximately 63% of total revenue. By geography, the US represented 86% of Q2 revenue, Asia 9%, Europe 3%, and the rest of the world, 2%. On a year over year basis, US revenue increased 184%. Asia grew 53%, Europe decreased 63%, and the rest of the world increased 77%. On a quarter over quarter basis, US revenue increased 496%, Asia decreased 49%, Europe decreased 51%, and the rest of the world increased 53%.

2026 財年第二季度，一家大型資料中心客戶貢獻了約 63% 的總收入。從地理來看，美國佔第二季營收的 86%，亞洲佔 9%，歐洲佔 3%，世界其他地區佔 2%。與上年同期相比，美國營收成長了184%。亞洲成長了 53%，歐洲下降了 63%，世界其他地區則成長了 77%。與上一季相比，美國營收成長了 496%，亞洲下降了 49%，歐洲下降了 51%，世界其他地區則成長了 53%。

The Q2 non-GAAP gross margin was 6.4% versus 9.5% in Q1. Gross margins were impacted by customer and product mix as well as higher freight production and expedite costs as we began to ship new platforms on a large scale. We had significant operating leverage during the quarter with total non-GAAP operating expenses representing 1.9% of revenue versus 4.1% last quarter. Q2 GAAP operating expenses were $324 million, up 14% quarter over quarter and up 8% year over year.

第二季非GAAP毛利率為6.4%，而第一季為9.5%。由於我們開始大規模出貨新平台，客戶和產品組合的變化以及更高的貨運生產和加急成本都對毛利率產生了影響。本季我們實現了顯著的營運槓桿效應，非GAAP營運總支出佔營收的1.9%，而上一季為4.1%。第二季 GAAP 營運支出為 3.24 億美元，季增 14%，較去年同期成長 8%。

On a non-GAAP basis, operating expenses were $241 million, which was up 18% quarter over quarter and up 6% year over year. Operating expenses were up quarter over quarter, largely due to higher sales expenses. Non-GAAP operating margin for Q2 was 4.5% compared to 5.4% in Q1. Other income and expense for Q2 totaled a net income of $26 million, reflecting $51 million in interest income on higher cash balances, partially offset by $25 million in the interest expense, primarily related to our convertible notes.

以非GAAP準則計算，營運費用為2.41億美元，較上季成長18%，較去年同期成長6%。營業費用較上季成長，主要原因是銷售費用增加。第二季非GAAP營業利潤率為4.5%，而第一季為5.4%。第二季其他收入和支出總計淨收入為 2,600 萬美元，其中現金餘額增加帶來的利息收入為 5,100 萬美元，部分被 2,500 萬美元的利息支出所抵消，主要與我們的可轉換票據有關。

The tax provision for Q2 was $99 million on a GAAP basis and $122 million on a non-GAAP basis, resulting in a GAAP tax rate of 19.8% and a non-GAAP tax rate of 20.6%. Q2 GAAP EPS was $0.60, compared to guidance of $0.37 to $0.45 and non-GAAP diluted EPS was $0.69 versus guidance of $0.46 to $0.54 due to higher revenue and operating leverage. The GAAP fully diluted share count increased sequentially from 663 million in Q1 to 673 million (sic - see Form 8-K, "693.9 million") in Q2, and the non-GAAP share count increased from 677 million to 688 million (sic - see Form 8-K, "709.1 million") over the same period.

第二季的稅務準備金以 GAAP 計算為 9,900 萬美元，以非 GAAP 計算為 1.22 億美元，GAAP 稅率為 19.8%，非 GAAP 稅率為 20.6%。第二季GAAP每股盈餘為0.60美元，高於先前0.37美元至0.45美元的預期；非GAAP稀釋每股盈餘為0.69美元，高於先前0.46美元至0.54美元的預期，原因是營收和營運槓桿作用增強。GAAP 完全稀釋後的股份數量從第一季的 6.63 億股增加到第二季的 6.73 億股（原文如此 - 參見 8-K 表格，「6.939 億股」），非 GAAP 股份數量在同一時期從 6.7 億股增加到 6.88 億股（原文如此 - 1 億股）。

Cash flow used in operations for Q2 was $24 million compared to $918 million used in the prior quarter. On a quarter-over-quarter basis, Q2 operating cash flow reflected higher net income, offset by higher accounts receivable and inventory levels and aided by higher accounts payables. Q2 closing inventory was $10.6 billion, up from $5.7 billion in Q1 as we prepared for continuing strength in Q3 shipments.

第二季經營活動所用的現金流為 2,400 萬美元，而上一季則為 9.18 億美元。與上一季相比，第二季經營現金流反映了淨收入的增加，但被應收帳款和庫存水準的增加所抵消，並得益於應付帳款的增加。第二季末庫存為 106 億美元，高於第一季的 57 億美元，因為我們為第三季出貨量的持續強勁成長做好了準備。

CapEx for Q2 totaled $21 million, resulting in negative free cash flow of $45 million for the quarter. During the December quarter, we expanded our access to working capital to fund growth executing a $2 billion cash flow-based, secured revolving credit facility in the US. In January, we also closed an approximately $1.8 billion secured Taiwan revolving debt facility.

第二季資本支出總計 2,100 萬美元，導致該季度自由現金流為負 4,500 萬美元。在 12 月季度，我們擴大了獲得營運資金的管道，為成長提供資金，在美國執行了一項 20 億美元的基於現金流的擔保循環信貸安排。1月份，我們也完成了一項約18億美元的台灣擔保循環債務融資。

At quarter end, our cash position totaled $4.1 billion, while bank and convertible note debt was $4.9 billion, resulting in a net debt position of $787 million compared to a net debt position of $579 million in the prior quarter.

截至季末，我們的現金總額為 41 億美元，而銀行和可轉換票據債務為 49 億美元，淨債務為 7.87 億美元，而上一季的淨債務為 5.79 億美元。

Turning to the balance sheet and working capital metrics. The cash conversion cycle significantly improved from 123 days in Q1 to 54 days in Q2. Days of inventory decreased by 42 days to 63 days versus 105 days in the prior quarter. Days sales outstanding increased by 6 days to 49 days versus 43 days in Q1, while days payables outstanding increased by 32 days to 58 days versus 26 days in Q1.

接下來來看資產負債表和營運資本指標。現金週轉週期從第一季的 123 天顯著改善至第二季的 54 天。庫存週轉天數較上一季減少了 42 天，降至 63 天，上一季為 105 天。應收帳款週轉天數較第一季的 43 天增加了 6 天，達到 49 天；應付帳款週轉天數較第一季的 26 天增加了 32 天，達到 58 天。

Turning to the outlook for Q3 FY26. We expect net sales to be at least $12.3 billion. GAAP diluted net income per share of at least $0.52 and non-GAAP diluted net income per share of at least $0.60. We expect gross margins to be up 30 basis points, relative to Q2 FY26 levels.

接下來展望2026財年第三季。我們預計淨銷售額至少為123億美元。 （GAAP準則）我們預計稀釋後每股淨收益至少為 0.52 美元，非 GAAP 稀釋後每股淨收益至少為 0.60 美元。我們預計毛利率將比 2026 財年第二季水準提高 30 個基點。

GAAP operating expenses are expected to be around $354 million, which include approximately $74 million in stock-based compensation expenses that are excluded from non-GAAP operating expenses. The outlook for Q3 of fiscal year 2026 fully diluted GAAP EPS includes approximately $62 million and expected stock-based compensation expenses, net of the tax effects of $19 million, which are excluded from non-GAAP diluted net income per common share.

GAAP 營運費用預計約為 3.54 億美元，其中包括約 7,400 萬美元的股票選擇權費用，該費用不計入非 GAAP 營運費用。2026 財年第三季完全稀釋 GAAP 每股盈餘預期包括約 6,200 萬美元的預期股票選擇權費用，扣除 1,900 萬美元的稅務影響後，這些費用不計入非 GAAP 稀釋後每股普通股淨收益。

We expect other income and expenses, including interest expense, to result in a net expense of approximately $22 million. The company's projections for Q3 FY26 GAAP and non-GAAP diluted net income per common share assume a tax rate of 19.6%, a non-GAAP tax rate of 20.2%, and a fully diluted share count of 684 million for GAAP and 699 million shares for non-GAAP. Capital expenditures for Q3 are expected to be in the range of $70 million to $90 million. For full fiscal year 2026, we expect at least $40 billion in net sales.

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 2,200 萬美元。該公司對 2026 財年第三季 GAAP 和非 GAAP 稀釋後每股普通股淨收益的預測假設稅率為 19.6%，非 GAAP 稅率為 20.2%，GAAP 完全稀釋後股份數為 6.84 億股，非 GAAP 完全稀釋後股份數為 6.99 億股。第三季資本支出預計在 7,000 萬美元至 9,000 萬美元之間。我們預計 2026 財年淨銷售額至少達到 400 億美元。

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

邁克爾，現在進入問答環節。

Great. Matthew, can you roll the queue?

偉大的。馬修，你能幫忙滾動一下隊伍嗎？

(Operator Instructions) Ananda Baruah, Loop Capital.

（操作員指令）Ananda Baruah，Loop Capital。

Thanks for taking the questino. And yeah, congrats on the solid results here relative to the guide. Just I wanted to just ask about margins and have a few day questions they want to ask you here, but they're all margin related.

感謝您回答這個問題。是的，恭喜你取得了與指南相符的優異成績。我只是想問利潤率的問題，他們這幾天也想問你幾個問題，但都跟利潤率有關。

I guess the first is with regards to -- you mentioned, I think, 90 days ago, that December quarter, you expected to be the sort of the low watermark quarter in gross margin. And you're guiding for Q-over-Q improvement for the March quarter. Do you still think that things progress expansive from here?

我想第一個問題是關於——你大約在90天前提到過，你預計12月季度將是毛利率的低谷季度。你們預計三月季度業績將較上季改善。你仍然認為事情會從現在開始蓬勃發展嗎？

Charles, you made some comments around customer mix. It's been a headwind. Do you think it continues to improve, and I have two quick follow-ups, day just margin related after that.

查爾斯，你之前就客戶組成發表了一些評論。一直都是逆風。你認為情況會繼續好轉嗎？之後我還有兩個後續問題，都跟當日利潤率有關。

Yeah. Thank you for the question. Yes, the customer mix, we are improving quarter over quarter. Now we have many more large-scale customer, I would like to say. So that will improve our profitability.

是的。謝謝你的提問。是的，客戶結構正在逐季改善。我想說，現在我們擁有更多的大型客戶。這樣可以提高我們的獲利能力。

The other factor is, last quarter -- I mean the December quarter, the GB300 was a little bit new to us. So a lot of expedite transportation cost. And now, I mean, product is getting mature. So those expedite transportation cost will be dramatically reduced and tariff impact also improving.

另一個因素是，上個季度——我是指 12 月季度，GB300 對我們來說還比較新。因此，加急運輸成本很高。現在，我的意思是，產品已經日趨成熟。因此，加快運輸的成本將大幅降低，關稅影響也將得到改善。

And so overall, especially DCBBS also increasing our net -- or our gross margin. So I believe our gross margin will start to improve quarter over quarter.

因此，總體而言，尤其是 DCBBS 也提高了我們的淨利潤率——或者說毛利率。所以我相信我們的毛利率會開始逐季改善。

Charles, that's a great content. Really appreciate it. And actually, Charles, one of my two clarifications here is from something you said in your prepared remarks, you said higher net margin. And so I guess you just clarify, you expect gross margin to go up.

查爾斯，這內容很棒。非常感謝。實際上，查爾斯，我在這裡要澄清的兩件事之一，是你在事先準備好的演講稿中提到的，你提到了更高的淨利潤率。所以我想您只是想澄清一下，您預期毛利率會上升。

Maybe as to Charles, Dave question. Dave, you mentioned OpEx leverage. The OpEx as a percentage of sales was really attractive this quarter. It's like 1.5%, I guess, less than 2%.

或許可以問查爾斯，戴夫的問題。Dave，你提到了營運支出槓桿作用。本季營運支出佔銷售額的比例非常吸引人。我猜大概是 1.5%，不到 2%。

But should we expect -- I think it's the second quarter in a row, you drove OpEx leverage last quarter, the September quarter, for the first time in a while. And now you have this really attractive the most attractive OpEx as a percentage of revenue in a while. So are you -- is the company entering a period of not only gross margin expansion, but OpEx dollar leverage as well structurally and invested from you guys?

但我們應該期待——我認為這是連續第二個季度，你們在上個季度（9 月季度）實現了營運支出槓桿化，這是近一段時間以來的第一次。現在，您擁有了近年來最具吸引力的營運支出佔收入百分比。那麼，你們認為──公司是否即將進入一個不僅毛利率擴張，而且營運支出槓桿作用也會從結構上和你們的投資中得到提升的時期？

Yes, exactly. I mean, economical scale will help us to improve the cost -- our cost, right? So that will impact our gross margin and especially our operation margin. And again, DCBBS -- appreciation for Super Micro for more business in service, in software, in overall infrastructure service to customer. So all those factors are positive to our margin improvement.

是的，正是如此。我的意思是，規模經濟將有助於我們降低成本——也就是降低我們的成本，對吧？這將影響我們的毛利率，尤其是我們的營業利潤率。再次感謝 DCBBS – Super Micro 在服務、軟體以及為客戶提供的整體基礎設施服務方面給予的更多業務支援。因此，所有這些因素都有利於我們利潤率的提高。

Very helpful context. Thank you guys. Really appreciate it.

非常有用的背景資訊。謝謝大家。非常感謝。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

This is [NP] on behalf of Samik Chatterjee. I just wanted to double click on your full year guidance, you said $40 billion for FY26. If I back into the implied 4Q number that implies significant quarter-over-quarter moderation.

這是[NP]代表Samik Chatterjee。我只是想再確認一下你們的全年業績預期，你們說2026財年業績目標為400億美元。如果我反推第四季的隱含數據，那就代表環比成長顯著放緩。

So is that just conservatism being embedded into the full year outlook? Or like do you see definite indications from your order trends that 4Q will imply sequential moderation? And I have a follow-up as well.

所以，這是否意味著保守主義已經融入全年展望中了？或者說，從你的訂單趨勢來看，你是否看到明確的跡象表明第四季度將出現環比放緩？我還有一個後續問題。

Yeah. I believe we say minimum $40 billion is a relatively conservative number. So our business indeed will continue to grow, especially our DCBBS, that attract a lot of customers who want to build a data center quicker, less power consumption, less cost -- I mean, better cost and also more reliable and easy for management. So we are getting more and more customers come to us.

是的。我認為400億美元的最低預算是一個相對保守的數字。因此，我們的業務確實會繼續成長，尤其是我們的資料中心建立業務（DCBBS），它吸引了許多希望更快、更節能、更經濟地建造資料中心的客戶——我的意思是，成本更低，而且更可靠、更易於管理。所以越來越多的顧客光顧我們這裡。

Thank you. And for my follow-up, I wanted to ask about DCBBS. You highlighted it being 4% of profits in first half. Can you please help us understand the contribution in terms of revenue?

謝謝。最後，我想問一下關於 DCBBS 的問題。你強調了這佔上半年利潤的4%。請問您能否幫我們了解這部分收入貢獻？

And then you also said it will increase to double-digit contribution by end of calendar year. So how does that translate to overall gross margin trajectory?

然後您還說，到年底，這項貢獻率將提高到兩位數。那麼，這會對整體毛利率走勢產生怎樣的影響呢？

Yeah. Thank you. I mean as you know, DCBBS is still a new product line to us. We officially introduced that product about six months ago. So in the first two quarters, I mean September quarter plus December quarter, indeed it is our first two quarters. So the revenue is still relatively small, but because the profit is much better.

是的。謝謝。我的意思是，正如你所知，DCBBS 對我們來說仍然是一個新產品線。我們大約六個月前正式推出了該產品。所以，在前兩個季度，我指的是九月的季度加上十二月份的季度，這確實是我們的前兩個季度。所以雖然收入仍然相對較小，但利潤卻好得多。

So overall, it contributed about 4% to our overall profit in the last six months. And looking forward, it will continue to grow very quickly. So we are very happy to see more and more customer like DCBBS to speed up their data center build-out with [EDR] for management, [EDL] for maintenance and our profit will continue to flow because of DCBBS especially.

因此，總體而言，它在過去六個月中為我們的整體利潤貢獻了約 4%。展望未來，它將繼續快速成長。因此，我們非常高興地看到越來越多的客戶像 DCBBS 一樣，使用 [EDR] 進行管理、[EDL] 進行維護來加快資料中心建設，而我們的利潤也將因為 DCBBS 而持續成長。

Asiya Merchant, Citi.

Asiya Merchant，花旗銀行。

Great. Good results here relative to the guide. I just have two quick ones. One, just there's a lot of discussion about component availability, supply constraints. If you could just talk to us about your guide.

偉大的。與指南相比，結果不錯。我只有兩個簡短的問題。第一，目前有許多關於零件供應情況和供應限制的討論。如果您能跟我們談談您的導遊就好了。

And relative to that, is that the minimum $40 billion guide a constraining number given the supply constraints? In other words, if supply wasn't an issue, could that number be greater?

相對於此，考慮到供應限制，400億美元的最低指導標準是否為限制性數字？換句話說，如果供應不是問題，這個數字會不會更大？

And then just on customer concentration. I think the commentary suggested that some of the geos did decline on a year over year basis as well as on a quarter on quarter basis. So again, relative to the guide, how should we think about the ramp of DCBBS across those various geographies for the back half of this fiscal year and into -- through calendar '26?

然後就是客戶集中度。我認為評論表明，某些地區的經濟活動確實出現了同比和環比雙雙下滑。那麼，再次參照該指南，我們該如何看待本財年下半年以及到 2026 年期間 DCBBS 在這些不同地區的推廣情況呢？

Yeah. You are right. We already consider component price keeping growing. So with that, that's why we try to be conservative, kind of commit to $40 billion. If the cost -- if the shortage situation improve quickly, for sure our revenue will be more than that. And as to DCBBS is globally almost every region, customer like DCBBS because it helps them easier to build a data center.

是的。你是對的。我們已經考慮到零件價格會持續上漲。所以，這就是為什麼我們要盡量保守，承諾投入 400 億美元。如果成本——如果短缺情況迅速改善，我們的收入肯定會超過這個數字。至於 DCBBS，它在全球幾乎每個地區都很受歡迎，因為客戶喜歡 DCBBS 是因為它能幫助他們更輕鬆地建立資料中心。

It's kind of like a one-stop shop. We provide not just computing node, I mean storage node, switch node and disk cooling subsystem including battery cell, including some energy backup. So it kind of makes customers' job to build a data center much easier. So the impact is global. We see global-wide more and more customers like our DCBBS solution, and we are aggressively preparing to grow the support.

它就像一站式商店。我們不僅提供運算節點，還提供儲存節點、交換節點和磁碟冷卻子系統（包括電池單元），以及一些能源備份。這樣一來，客戶建立資料中心的工作就容易多了。所以其影響是全球性的。我們看到全球越來越多的客戶喜歡我們的 DCBBS 解決方案，我們正在積極準備擴大支援範圍。

Katherine Murphy, Goldman Sachs.

凱瑟琳‧墨菲，高盛集團。

To ask another question on the new DCBBS disclosure. Encouraging to hear that growing to double-digit share of profit by the end of calendar '26. Can you talk about the investments that you need to make here to expand the capabilities? I know Charles, you mentioned some in the prepared remarks as well as your go-to-market offering to have this increased penetration of DCBBS. And then I have a quick follow-up as well.

關於新的DCBBS披露，我還有另一個問題。令人鼓舞的是，預計到 2026 年底，利潤份額將成長到兩位數。您能談談為了拓展能力，您需要在這裡進行哪些投資嗎？我知道查爾斯，你在準備好的演講稿中提到了一些，以及你為提高 DCBBS 的市場滲透率而採取的市場推廣措施。然後我還有一個簡短的後續問題。

Yeah. Indeed, we started to develop our DCBBS pretty much about 12 months ago. So we already consistently invested in that area. And so far, we have about 10 items, including the CDU, including chilled door, including the power shelf, battery backup, water tower, management software. So we have about 10 items available now, and we will introduce another three to five items in the next few months or next few quarters.

是的。事實上，我們大約在 12 個月前就開始開發我們的 DCBBS 了。所以我們已經持續在該領域進行投資。到目前為止，我們有大約 10 件產品，包括 CDU、冷藏門、電源架、備用電池、水塔、管理軟體。所以我們現在有大約 10 件產品可供選擇，在接下來的幾個月或幾季裡，我們將再推出三到五件產品。

So the Data Center Building Block Solution will be getting more complete, and that's why it will be easier for customers to build a data center. It's not just easier, quicker to build their data center, but also make their data center modularized. So it's easier for management, easier for maintenance and easier for scale up.

因此，資料中心建置模組解決方案將變得更加完善，這也是為什麼客戶更容易建立資料中心的原因。這樣不僅更容易、更快捷地建造他們的資料中心，而且還能使他們的資料中心模組化。因此，它更容易管理、更容易維護、更容易擴展。

Great. Thank you very much. And just on the margin profile of DCBBS, could you remind us what you've said in the past about what that looks like relative to the sales that you typically have towards your large NeoCloud and GPU as a Service customers?

偉大的。非常感謝。關於 DCBBS 的利潤率情況，您能否提醒我們一下，您過去曾說過，相對於您通常面向大型 NeoCloud 和 GPU 即服務客戶的銷售額而言，DCBBS 的利潤率情況如何？

It's for sure, gross margin -- net margin are much higher for DCBBS because it's so unique. And again, we are the first company to build predesigned, prevalidated, pre-optimized data center solution for customers. So the margin is much better, for sure, more than 20%. And we are happy to make the product line really strong, really complete as soon as possible.

可以肯定的是，DCBBS 的毛利率和淨利率要高得多，因為它非常獨特。我們再次證明，我們是第一家為客戶建立預先設計、預先驗證、預先優化的資料中心解決方案的公司。所以利潤率肯定好得多，超過 20%。我們很高興能夠盡快讓產品線真正強大、真正完善。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

For the first one, I'll ask a follow-up on margins. David, you mentioned expedite costs, component cost increases, shortages. And I think last quarter, you talked about increased investments in engineering support and services to help new customers.

對於第一個問題，我想追問一下利潤率的問題。戴維，你提到了加急費用、零件成本上漲和短缺問題。我認為上個季度您提到要增加對工程支援和服務的投資，以幫助新客戶。

Can you help us size all of these things? How much did they impact gross margins in the December quarter? And what's baked into guidance as impact from these things in the March quarter? And I have a follow-up.

可以幫我們測量一下這些東西的尺寸嗎？它們對12月份季度的毛利率產生了多大影響？3月份季度業績指引包含了哪些受這些因素影響的資訊？我還有一個後續問題。

Yeah. We don't break those things out, Ruplu, but we can just say that the costs were up in each of those areas. So in other words, higher transportation and expedite in order to move things around and get things delivered to the customer faster. But we have -- I can tell you that over the past year, we've had increases as we have ramped up the new technologies and prepared for mass shipments.

是的。魯普魯，我們不會把這些項目細分出來，但我們可以說，每個領域的成本都有所上升。換句話說，需要提高運輸效率和加快速度，以便更快地運送貨物並送達客戶。但我可以告訴你，在過去一年裡，隨著我們加大新技術投入並準備大規模發貨，我們的產量有所增長。

Okay. As a follow-up, can I ask, I think it's -- or Charles talked about component shortages and you're being a little conservative on the guide. Are component shortages -- like which areas are they in? And then component cost increases, are they actually impacting data center demand, either on the AI side or on the regular non-GPU server side? Are component cost increases a real factor?

好的。作為後續問題，可以問一下嗎？我認為——或者說查爾斯談到了零件短缺，而你們在指南中有點保守。零件是否短缺？具體短​​缺地區有哪些？那麼，元件成本的增加，是否真的會影響資料中心的需求，無論是人工智慧方面還是普通的非GPU伺服器方面？零件成本上漲是實際因素嗎？

And if I can sneak one more in, this DCBBS product that you have, can we infer anything about the type of customers who are buying that? Like if you're thinking that you're going to sell more, it's going to be more -- a bigger percent of your sales. Does that mean that the customer mix is also changing? Do enterprise customers use more of these? Or what type of customer likes to use more of the DCBBS packaged solution?

如果我還能再問一個問題，關於你們的這款 DCBBS 產品，我們能否推斷出購買該產品的顧客類型？例如，如果你認為你會賣出更多，那麼銷量就會更高——佔銷售額的比例會更大。這是否意味著客戶群結構也在改變？企業客戶是否更多地使用這些工具？或者，哪些類型的客戶喜歡使用 DCBBS 的打包解決方案？

Thank you for your question. Indeed, the key component shortage at this time is the main reason because the AI and the large data center demand are growing. So the shortage because the demand is getting so strong, not because of production capacity is reduced. So that's a good sign.

謝謝你的提問。事實上，目前關鍵零件短缺是主要原因，因為人工智慧和大型資料中心的需求正在成長。所以，短缺是因為需求強勁，而不是因為產能下降。這是個好兆頭。

So basically, it's because the industry are growing, and we are part of the major growing company. So that's why I believe the impact to us, yes, the cost will be impact, but won't hurt us too much. That's first question.

所以，基本上是因為這個產業正在發展，而我們正是這家快速發展公司中的一員。所以，我認為對我們來說，影響是的，代價肯定會有影響，但不會對我們造成太大傷害。這是第一個問題。

And second, I mean, DCBBS, who need the DCBBS, I would like to say all the people like to build a data center. Doesn't matter they are large scale, middle-sized scale or small scale because our DCBBS just simply provide more choice for customers to go for one-stop shop or buy everything from everywhere by themselves. And obviously, one-stop shop save their time, make sure when they put the things together, it works.

其次，我的意思是，DCBBS，誰需要DCBBS？我想說，所有喜歡建造資料中心的人都喜歡DCBBS。無論規模大小，我們的 DCBBS 都能為客戶提供更多選擇，讓他們可以一站式購物，也可以自己從任何地方購買所有商品。顯然，一站式購物可以節省他們的時間，並確保他們把東西組裝起來後，一切運作正常。

And quickly, when you put things together, it work and optimize. That's why it's optimized not just time to delivery, but time to online. Customers use our DCBBS, their data center can go for online, go for operation quickly. So I would like to say global people need DCBBS kind of building block solution.

而且很快，當你把所有東西組合在一起時，它就能正常工作並達到最佳狀態。因此，它不僅優化了交貨時間，還優化了上線時間。客戶使用我們的 DCBBS，他們的資料中心可以快速上線並投入營運。所以我想說，全球人民需要像 DCBBS 這樣的模組化解決方案。

Nehal Chokshi, Northland.

尼哈爾·喬希，北地。

Congrats on the strong results and guidance. A little bit of a different question here. So look, Super Micro but brought DLC to the market on generation faster than when it became part of the reference architecture. Now apparent to Super Micro was brought to the market, one generation faster dry cooling towers, which is related to higher and temperatures as part of uber reference design.

恭喜你們取得優異成績並獲得指導。這裡的問題有點不一樣。所以你看，Super Micro 將 DLC 推向市場的速度比它成為參考架構的一部分的速度還要快。現在很明顯，Super Micro 向市場推出了更快的一代乾式冷卻水塔，這與更高的溫度有關，這是超級參考設計的一部分。

My question is that do you expect Super Micro to continue to bring to market one generation faster these power efficiency advantages before NVIDIA makes it part of their reference architecture? Is this going to be part of Super Micro's branding?

我的問題是，您是否認為 Super Micro 會在 NVIDIA 將其納入其參考架構之前，繼續提前一代將這種能源效率優勢推向市場？這會成為Super Micro品牌形象的一部分嗎？

Yeah. As you know, NVIDIA is a very strong company, and we work with them very closely. And, however, because of our strong engineering background, our big engineering team. So before we are able to make our total solution one generation or six months earlier than others. Now and in future, I believe we will be still able to bring a total solution to market earlier than others, especially help customers build a data center, build their cloud -- AI cloud, time to online quicker than others, if not six months, earlier, at least, three months or four months earlier.

是的。如您所知，NVIDIA 是一家實力雄厚的公司，我們與他們保持著非常密切的合作關係。然而，由於我們強大的工程背景，我們擁有一支龐大的工程團隊。因此，我們能夠比其他人提前一代或六個月推出我們的整體解決方案。現在和未來，我相信我們仍然能夠比其他公司更快地將整體解決方案推向市場，尤其是在幫助客戶建立資料中心、建立雲端（人工智慧雲端）方面，上線速度比其他公司更快，即使不是提前六個月，至少也會提前三到四個月。

And that's still a big help. So I'm very confident that our future growth should be still very strong.

這仍然是個很大的幫助。因此，我對我們未來的成長動能依然強勁充滿信心。

Great. And then for my follow-up question, your 10% customer, was that the primary driver of the upside that you saw in the quarter? Do you expect them to remain a 10%-plus customer into March quarter? Or how should they traject?

偉大的。那麼，我的後續問題是，您提到的 10% 的客戶，是否是本季業績成長的主要驅動因素？您預計他們到三月的季度仍能維持10%以上的客戶份額嗎？或者它們應該如何運動？

And then you also did sign DataVolt -- a pretty big contract with DataVolt six or nine months ago. Is that starting to ramp in as well?

然後，大約六個月或九個月前，你們還與 DataVolt 簽訂了一份相當大的合約。這種情況也開始逐漸加劇了嗎？

Basically, because of our foundation is getting much stronger than before ever. Especially our kind of total solution, data center being the total solution is strong. So we are gaining broadly good customer from the older territory. So more than 10% or not is hard to say because now our revenue will grow very fast.

根本原因在於，我們的基礎比以往任何時候都更加穩固。尤其是我們這種整體解決方案，資料中心作為整體解決方案，優勢非常明顯。因此，我們從老客戶群中獲得了大量優質客戶。所以很難說會超過10%，因為我們的收入現在成長非常快。

Very soon, I hope I can say we have more $50 billion or $60 billion of revenue, not today, but hopefully very soon. So more and more large customer is working with us. So that's a very exciting condition.

我希望很快就能宣布我們的營收超過 500 億美元或 600 億美元，不是今天，但希望很快就能實現。因此，越來越多的大客戶與我們合作。所以這是一個非常令人興奮的情況。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Congratulations on the nice outlook. I guess Charles stated, you had a 53% customer in the December quarter. As you look at sort of the second half of fiscal '26, do you expect revenue to diversify significantly? Or do you think that, that large customer continues to be pretty concentrated in the March and the June quarters? And then I've got a follow-up.

恭喜你擁有如此美好的前景。我猜查爾斯說過，你們在十二月季度的客戶佔比為 53%。展望 2026 財年下半年，您預期收入會顯著多元化嗎？或者您認為，這個大客戶仍然主要集中在三月和六月這兩個季度？然後我還有一個後續問題。

It's -- sometimes it's not easy to predict because customers sometimes shift their schedule of pull in or push out. So -- but overall, we are very happy that now we have many more large-scale customers.

有時候很難預測，因為客戶有時會改變他們的到貨或下貨計劃。所以——但總的來說，我們非常高興現在我們擁有了更多的大型客戶。

So the customer is more diversified and overall revenue will grow quickly. And at the same time, DCBBS and software grow our value. So overall, we are on a very healthy track now.

因此，客戶群更加多元化，整體收入將快速成長。同時，DCBBS 和軟體也提升了我們的價值。總的來說，我們現在的發展勢頭非常好。

Got it. So understanding that the customers can push and pull out, right now, the forecast shows increasing diversification over the next couple of quarters.

知道了。考慮到客戶可以隨時調整購買計劃，目前的預測顯示，未來幾季市場將呈現日益多元化的趨勢。

Yeah. I mean because of growth still very fast, that's why now we are focused on more about how to kind of maybe -- what should I say, kind of how to grab more money to grow even faster, right? So if we have more cash for sure we can grow even faster. But even if we do not grab more money, I guess, because of more diversified customer base and also more higher-value system, more higher value to solution. So that will help us grow business.

是的。我的意思是，因為成長速度仍然非常快，所以我們現在更關注的是如何——我應該怎麼說呢，如何獲得更多資金以實現更快的成長，對吧？所以如果我們有更多資金，我們肯定可以發展得更快。即使我們沒有獲得更多資金，我想，由於客戶群更加多元化，以及系統價值更高，解決方案的價值也更高。這樣有助於我們拓展業務。

Understood. And my follow-on, Charles, in your prepared comments, you mentioned the upcoming platform transition to Vera Rubin and the Helios system from AMD. I'm just wondering, have you guys started to get orders for those systems for delivery in the second half? Or is it too early to start to get orders for those systems?

明白了。查爾斯，我的後續問題是，你在事先準備好的評論中提到了即將向 Vera Rubin 平台過渡以及 AMD 的 Helios 系統。我只是想問一下，你們下半年開始接到那些系統的訂單了嗎？現在開始接受這些系統的訂單是否為時過早？

Yes, we have a lot of highly interested customers, some already engaged, and we hope we can deliver as soon as possible. But still, it depends on our partner, depends on when their Vera Rubin or AMD solution will be ready. So we are working very closely with them. Once they are available, we like to deliver to customers quickly. And yes, today, we already have some good commitment from customers.

是的，我們有很多非常感興趣的客戶，其中一些已經下訂單，我們希望能夠盡快交付。但最終還是要看我們的合作夥伴，看看他們的 Vera Rubin 或 AMD 解決方案何時準備就緒。所以我們正與他們密切合作。一旦產品到貨，我們希望盡快交付給客戶。是的，目前我們已經獲得了一些客戶的良好承諾。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Congrats on the nice quarter and outlook there. I just wanted to ask a little bit more about the big versus smaller customer mix that you're expecting in the future and the pipeline that you see. Are you expecting smaller customers to become a greater percentage of sales? Or is it the opposite?

恭喜你們季度業績和前景都不錯。我只是想再問一下您預計未來大客戶和小客戶的比例，以及您看到的銷售管道情況。您是否預期小客戶在銷售額中所佔比例會越來越高？還是恰恰相反？

And the reason I ask that is because these bigger customers seem to have that pricing leverage you mentioned. If you could have any color there, that would be helpful.

我這麼問是因為這些大客戶似乎擁有你提到的那種定價優勢。如果能用任何顏色就好了。

Yeah. Thank you for the question. Yes, we understand we need more customer, especially a more diversified customer base, enterprise. So we are very aggressively growing enterprise midsized or even kind of enterprise customers as well. So I mean, our customer diversified is a very important direction to us now. So I guess (inaudible) large customer and lots of kind of high number of enterprise accounts.

是的。謝謝你的提問。是的，我們明白我們需要更多客戶，尤其是更多元化的客戶群，包括企業客戶。因此，我們正積極拓展中型企業乃至大型企業客戶。所以我的意思是，客戶多元化現在是我們非常重要的發展方向。所以我想（聽不清楚）大客戶和大量的企業客戶。

Okay. Got it. And then just on the Vera Rubin question, and I guess the migration to the 800-volt data center. I was wondering if there's any opportunity for you to drive greater differentiation in this next cycle upgrade compared to the past couple. Is there anything about the whole platform and data center architecture that gives you more or less opportunity compared to the last cycle of Blackwell and Hopper?

好的。知道了。然後，關於 Vera Rubin 的問題，以及向 800 伏特資料中心的遷移。我想知道，與前幾次升級相比，在下一個升級週期中，您是否有機會實現更大的差異化。與上一輪 Blackwell 和 Hopper 的架構相比，整個平台和資料中心架構有哪些面向為你帶來更多或更少的機會？

Yeah. I mean that's why I say NVIDIA provides a very good solution. And based on that, we optimize the whole data center building block solution for our customers and aim to help them build the data center quicker and more reliable, easy for management and [lower cost] including energy consumption, including energy backup and maybe too early to say, including energy kind of grid power replacement. So we have a complete plan for the whole solution, but some other systems are still too early to say too much at this moment.

是的。我的意思是，這就是為什麼我說英偉達提供了一個非常好的解決方案。基於此，我們為客戶優化了整個資料中心建置模組解決方案，旨在幫助他們更快、更可靠、更易於管理且成本更低的資料中心，包括能源消耗、能源備用，以及（現在說還為時過早）電網電力替代等。因此，我們已經制定了完整的解決方案計劃，但其他一些系統目前還不宜過度談論。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Hi. Congrats on a great quarter and great outlook. Just curious, if you just take a step back, I mean, what's changed? You've got a big step-up here in sales, gross margins down quite a lot, but you're guiding forward for solid sales to continue.

你好。恭喜你們本季業績出色，前景一片光明。我只是好奇，如果你退後一步，我的意思是，發生了哪些變化？銷售額大幅成長，毛利率大幅下降，但預期銷售額將持續保持穩健成長。

So is this just a reflection of a tougher pricing environment and Super Micro having to react to tougher pricing environment and thus winning back more share? Or is this just catching up to, as you referred to the previous quarter -- previous couple of quarters, you mentioned about a few orders getting pushed out. So is this just catch-up of the orders? Or is this a reflection of a more aggressive pricing strategy?

這是否僅僅反映了更嚴峻的定價環境，以及超微半導體不得不應對更嚴峻的定價環境，從而贏回更多市場份額？或者這只是像你提到的上個季度——或者前幾季——的一些訂單被推遲交付後的結果？所以這只是在處理積壓的訂單嗎？或者，這是否反映了更激進的定價策略？

And I guess, importantly, for me, like trying to think about forward estimates going forward, I mean you guided for the short term, but how do we think about gross margins longer term? Is this -- this kind of range here to stay? Or are we looking at getting back to -- into the high single-digit, low double-digit range gross margin like you were before?

我想，對我來說，更重要的是，就像要思考未來的預測一樣，我的意思是，你們對短期情況做了指導，但是我們如何看待長期的毛利率呢？這種範圍會一直存在嗎？或者我們希望恢復到以前的高個位數或低兩位數的毛利率水準？

Yeah. Thank you. As an engineering company, we, for sure, have some choice. We can continue to grow larger account aggressively or spend more effort to develop technology, the product and to grow more enterprise account. So we are doing both ways basically. And -- so the gross margin -- net margin ratio, we are expecting to grow to a double digit as soon as possible. David, you may add something.

是的。謝謝。作為一家工程公司，我們當然有一定的選擇權。我們可以持續積極拓展大客戶，或是投入更多精力開發技術和產品，以拓展更多企業客戶。所以我們基本上兩種方法都用。因此，我們預期毛利率與淨利率比將盡快成長到兩位數。大衛，你或許可以補充一些內容。

Sure. We think that we've established ourselves with a number of deployments that we've made as being really the premier provider of the most current technologies that are available in the market. And we think with those strong installations, we've broadened our reach into the market. And so we think that we're trying to target both, as Charles mentioned, both large-scale and smaller scale customers and mid-tier customers. But we want to serve all the customer bases that are out there and that are attracted to our products with -- and bring them the very best technologies. We think ultimately, that drives the margins, yes.

當然。我們認為，透過我們進行的多項部署，我們已經確立了自己作為市場上最新技術首屈一指的供應商的地位。我們認為，憑藉這些強大的安裝能力，我們已經擴大了市場覆蓋範圍。因此，正如查爾斯所提到的那樣，我們認為我們正在努力同時瞄準大型客戶、小型客戶和中型客戶。但我們希望服務所有被我們的產品吸引的客戶群體，並為他們帶來最好的技術。我們認為，最終這確實會影響利潤率。

Brandon Nispel, KeyBanc.

Brandon Nispel，KeyBanc。

Guys,Just I think a couple of quick clarification questions. One for David. David, you raised some new capital this quarter. Maybe just help us understand how you're thinking about working capital for the rest of this year. And then other income came in about $50 million above your guide. Really what drove that? And then just one quick follow-up question.

各位，我還有幾個問題想快速澄清一下。給大衛的一份。大衛，你這一季募集到了一些新的資金。或許您可以幫我們了解您對今年剩餘時間的營運資金有何規劃。此外，還有其他收入比你預估的還要多出約 5,000 萬美元。究竟是什麼原因促成了這件事？然後，我還有一個後續問題。

Sure. The other income was just -- was higher interest income that we had because our cash reserves had grown. And so we were earning good interest income. However, that was quickly taken up by the fact that, as I mentioned last quarter, we had well in excess of $13 billion of orders for purchase orders for delivery.

當然。另一項收入就是──由於我們的現金儲備增加，我們獲得了更高的利息收入。因此，我們獲得了不錯的利息收入。然而，正如我上個季度提到的，我們收到了超過 130 億美元的採購訂單，這很快就掩蓋了上述情況。

And so we immediately had to use that. That's why our accounts receivable, our inventory went up. And so we took in not only two different $2 billion or $2 billion and $1.8 billion credit facilities. We also set up an accounts receivable factoring. So we have access to over $5 billion of additional capital.

因此，我們必須立即利用這一點。這就是為什麼我們的應收帳款和庫存都增加了。因此，我們不僅獲得了兩筆不同的 20 億美元或 20 億美元和 18 億美元的信貸額度。我們也設立了應收帳款保理業務。因此，我們可以獲得超過50億美元的額外資金。

And if we continue to have growth, then we'll have access to additional capital in the marketplace. But right now, we think that for the current outlook, we have adequate capital to meet our needs. And when I say current, I mean (multiple speakers) the coming quarters.

如果我們繼續保持成長，那麼我們就能在市場上獲得更多資金。但就目前的情況來看，我們認為我們擁有足夠的資金來滿足我們的需求。我說的「當前」是指（多位發言者）接下來的幾季。

Got it. Just on the factoring, the securitization facility, did you utilize that at all this quarter? And then on the 63% customer, was that a previous 10% customer?

知道了。僅就保理和證券化融資而言，您本季是否使用了這項服務？那麼，那位消費額為 63% 的客戶，是不是之前消費額為 10% 的客戶呢？

So to the first question, we did not use it during the December quarter, but we have subsequently. To your second question, Super Micro has -- does most of its business with repeat customers. So I'll just leave it at that.

所以對於第一個問題，我們在 12 月季度沒有使用它，但之後我們使用了。關於你的第二個問題，Super Micro 的大部分業務都是與回頭客進行的。我就說到這兒吧。

But at the same time, we add a lot of --

但同時，我們也增加了許多--

We've added a lot of new logos at the same time. That's right. And it's because of those successful customers.

我們同時添加了很多新標誌。這是正確的。這一切都歸功於這些成功的客戶。

Okay. But we don't know if the 63% customer is new to the 10% customer mix or if it's a previous 10% customer. Is that right?

好的。但我們不知道佔比 63% 的客戶是 10% 客戶組合中的新客戶，還是之前的 10% 客戶。是這樣嗎？

Yeah. I'll just refer you to the 10-Ks and Qs on that.

是的。關於這一點，我建議你查閱相關的 10-K 表格和問答。

Okay. Thanks for taking the questions.

好的。謝謝您回答問題。

Yeah. Yeah. By the way, I do want to clarify one thing in my narrative regarding the fully diluted share count. So the GAAP fully diluted share count increased sequentially from 663 million to 694 million shares. So -- and then the non-GAAP share count increased from 677 million to 709 million. So there was just -- noticed a typo on there. So please forgive the correction.

是的。是的。順便說一下，關於完全稀釋後的股份數量，我想澄清一下我的敘述中的一點。因此，以美國通用會計準則計算的完全稀釋後股份數量從 6.63 億股增加到 6.94 億股。因此，非GAAP股份數量從6.77億股增加到7.09億股。剛才我發現了一個拼字錯誤。所以，請原諒我的糾正。

All right. Thank you, everyone, for joining. I just want to just inform you that we had heard there were some technical difficulties with the webcast provider. A replay will be provided after the call, so you can catch up on that. Thank you for joining today.

好的。謝謝大家的參與。我只是想通知您，我們聽說網路直播服務提供者出現了一些技術問題。通話結束後會提供回放，您可以觀看回放。感謝您今天的參與。

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。