超微電腦 (SMCI) 2027 Q1 法說會逐字稿

Thank you for standing by. My name is Jen, and I will be your conference operator today. At this time, I would like to welcome everyone to Super Micro's first quarter fiscal year 2027 earnings call.

感謝您耐心等候。我叫 Jen，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加 Super Micro 2027 會計年度第一季財報電話會議。

Joining us today are Charles Liang, Founder, President and Chief Executive Officer; Mark Long, Chief Financial Officer; former Chief Financial Officer, David Weigand; and Michael Staiger, Senior Vice President of Corporate Development. Thank you.

今天與會者包括：創辦人、總裁暨執行長 Charles Liang；財務長 Mark Long；前財務長 David Weigand；以及企業發展資深副總裁 Michael Staiger。謝謝。

Michael Staiger, you may begin your conference.

Michael Staiger，您可以開始主持會議。

Thank you, Jen. Good afternoon, and welcome to Super Micro's conference call for the first quarter of fiscal 2027.

謝謝您，Jen。各位下午好，歡迎參加 Super Micro 2027 會計年度第一季財報電話會議。

As you heard, with me today are Charles Liang, Founder, Chairman and Chief Executive Officer; Mark Long, Chief Financial Officer; and Former Chief Financial Officer, David Weigand.

如各位所聽到的，今天與我一同出席的有：創辦人、董事長暨執行長 Charles Liang；財務長 Mark Long；以及前財務長 David Weigand。

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

截至目前，各位應已收到公司於正常交易時段收盤後發布並可於公司網站取得的新聞稿副本。

Our call is being webcast live on Super Micro's Investor Relations website and will be available for replay until the conference call to discuss our financial results for the second quarter of fiscal '27.

本次電話會議將於 Super Micro 投資人關係網站進行即時網路直播，並將提供重播，直到我們召開討論 2027 會計年度第二季財務結果的電話會議為止。

The content of today's call is Super Micro's property. It can't be reproduced or transcribed without our prior written consent.

今日電話會議內容為 Super Micro 之財產。未經我們事先書面同意，不得複製或轉錄。

During this call, we may make forward-looking statements based on current expectations, including with respect to our business plans and performance, ongoing market trends and future financial results. These are subject to a number of significant risks and uncertainties, and our actual results may differ materially.

在本次電話會議中，我們可能會基於目前的預期發表前瞻性陳述，包括與我們的業務計畫與表現、持續的市場趨勢以及未來財務結果相關的內容。此等陳述受多項重大風險與不確定性影響，實際結果可能出現重大差異。

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent Form 10-K and Q and the reports that we may file on Form 8-K with the Securities and Exchange Commission. All of our statements are made as of today, November 3, 2026, and are based on information currently available to us.

關於可能影響我們未來財務結果與業務的因素討論，請參閱今日財報新聞稿、我們最新的 Form 10-K 與 10-Q，以及我們可能向美國證券交易委員會提交的 Form 8-K 報告中的揭露內容。我們所有陳述均截至今日（2026 年 11 月 3 日）為止，並以目前可得資訊為基礎。

Except as required by law, we assume no obligation to update any such statements. During this call, we will discuss non-GAAP financial measures.

除法律要求外，我們不承擔更新任何此類陳述之義務。在本次電話會議中，我們將討論非 GAAP 財務衡量指標。

You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our prepared remarks, which is posted on our website. Our second quarter fiscal '27 quiet period begins at the close of business Friday, December 11, 2026.

您可在我們已發布於網站的事先準備講稿中，找到非 GAAP 財務衡量指標與 GAAP 財務衡量指標之間的調節表。我們 2027 會計年度第二季的靜默期將於 2026 年 12 月 11 日（週五）營業結束時開始。

With that, let me turn the call over to Charles.

接下來，我把電話交給 Charles。

Thank you, Michael, and thank you all for joining us today. Following fiscal 2026 where we nearly doubled our annual revenue. Fiscal '27 is off to a record start.

謝謝你，Michael，也感謝各位今天加入我們。在 2026 會計年度我們的年度營收幾乎翻倍之後，2027 會計年度以創紀錄的表現開局。

Q1 revenue reached $19.9 billion between the high end of our preannouncement and well ahead of our original outlook of $15 billion. This is a great achievement, and it shows more and more customers prefer our AI and IT total solutions.

第一季營收達到 199 億美元，介於我們先前預告區間的高端附近，且大幅優於我們原先 150 億美元的展望。這是一項重大成就，顯示越來越多客戶偏好我們的 AI 與 IT 整體解決方案。

Most importantly, our Data Center Building Block Solution, DCBBS, central to this growth, driven deep customer trust and preference, enhancing our profitability and creating sustainable long-term shareholder value.

最重要的是，我們的資料中心積木式解決方案（Data Center Building Block Solution, DCBBS）是此一成長的核心，憑藉客戶深度信任與偏好推動成長，提升我們的獲利能力，並創造可持續的長期股東價值。

For over 30 years, Super Micro's focus has always been on delivering optimized total solution value to our customers. We will continue leveraging our engineering technology, global resource and manufacturing capacity with high gear to accelerate the customers' deployment.

30 多年來，Super Micro 一直專注於為客戶提供最佳化的整體解決方案價值。我們將持續以高速檔位運用我們的工程技術、全球資源與製造產能，加速客戶部署。

Moreover, I'm glad that not just large cloud and neocloud, small cloud company, company and organization across enterprise storage, IoT and both country and corporate serving verticals, relying on and adopting Super Micro's total solution every day.

此外，我很高興看到，不僅是大型雲端與新型雲端（neocloud）業者，許多中小型雲端公司，以及涵蓋企業、儲存、IoT 與各類政府與企業垂直領域的公司與組織，也每天都在依賴並採用 Super Micro 的整體解決方案。

We have executed our commitment to drive higher bottom line profitability in Q1. Non-GAAP gross margin expanded by 330 basis points year-over-year to 12.8%.

我們在第一季落實了提升最終獲利能力的承諾。非 GAAP 毛利率年增 330 個基點至 12.8%。

This expansion was driven by healthier customer mix across enterprise and IT accounts, diverse product line build on our system building blocks and a growing revenue contribution from our higher-margin DCBBS mode.

此一擴張主要來自更健康的客戶組合（涵蓋企業與 IT 客戶）、以我們系統積木為基礎打造的多元產品線，以及來自高毛利 DCBBS 模式的營收貢獻持續提升。

Including our DCBBS hardware, software and unique service stacks. This directly aligned with our strategic roadmap to build a sustainable double-digit gross margin model by delivering superior technology innovation, faster TTM and TTD, faster time to market and faster time to deployment and total solution value proven over more than two years in real world customer deployments, DCBBS delivers four key values that nontraditional server OEM and overseas CM can match first optimize TTD time to delivery by delivering factory taste plug and play direct scale systems and DCBBS building blocks complete the solution, including data center management software, directly to customer site.

其中包含我們 DCBBS 的硬體、軟體與獨特的服務堆疊。這與我們的策略藍圖直接一致：透過更卓越的技術創新、更快的 TTM 與 TTD（更快上市、更快部署），建立可持續的雙位數毛利率模式。DCBBS 在超過兩年的真實世界客戶部署中已證明其整體解決方案價值，並提供四項關鍵價值，是非傳統伺服器 OEM 與海外代工廠（CM）難以匹敵的：第一，透過交付工廠預先整合、即插即用、可直接擴充的系統與 DCBBS 積木，最佳化 TTD（交付時間），並將包含資料中心管理軟體在內的完整解決方案直接交付至客戶現場。

Second, optimize TTO, time-to-online, for shortening life compute readiness from quarters to months and further down to weeks.

第二，最佳化 TTO（上線時間），將運算就緒時間從以季為單位縮短至以月為單位，並進一步縮短至以週為單位。

And third, DCBBS maximize system uptime through building blocks that eliminating thermal power, software and service bottleneck and number four, lower TCO by slashing energy consumption and facility downtime to accelerate and improve data center profitability, whether our customers are building gigawatt scale AI factory or deploying rapid single container POD solution.

第三，DCBBS 透過可消除散熱、供電、軟體與服務瓶頸的積木式設計，最大化系統正常運作時間（uptime）。第四，透過大幅降低能源消耗與機房停機時間來降低 TCO（總持有成本），加速並提升資料中心獲利能力，無論客戶是在建置 GW 等級的 AI 工廠，或部署快速的單一貨櫃 POD 解決方案。

Super Micro's DCBBS help build AI infrastructure faster, better and at a lower cost to our customers because optimized hardware alone cannot run an efficient AI data center, managing thousands of core GPU rack require intelligent real-time software orchestration.

Super Micro 的 DCBBS 能協助客戶以更快、更好且更低成本打造 AI 基礎設施，因為僅有最佳化硬體並不足以運行高效率的 AI 資料中心；要管理數千個核心 GPU 機櫃，需要智慧化的即時軟體協同調度。

Super cloud composer, SCM, delivers seamless rack scale management and fuller stack hardware facility integration. Super Micro data center manager, SDM, provides complete power and control from individual now up to full building infrastructure for end-to-end hardware life cycle management.

Super Cloud Composer（SCM）可提供無縫的機櫃級（rack-scale）管理，以及更完整的硬體與機房設施整合。Super Micro Data Center Manager（SDM）可提供從單一節點到整棟建築基礎設施的完整供電與控制，實現端到端的硬體生命週期管理。

And our Super Micro Operation Manager, SOM suite, featuring director and developer console modules enable bare metal model and tokens service with ease for LLM and agentic AI workloads.

而我們的 Super Micro Operation Manager（SOM）套件，包含 director 與 developer console 模組，可讓 LLM 與代理式 AI（agentic AI）工作負載輕鬆使用裸機模型與代幣（tokens）服務。

Attaching SCM, SDM and SOM directly to our DCBBS portfolio eliminates software fragmentation for our customers. while driving higher value software categories.

將 SCM、SDM 與 SOM 直接整合至我們的 DCBBS 產品組合，可為客戶消除軟體碎片化問題，同時推動更高價值的軟體類別營收。

Furthermore, SCM enhanced ServiceNow features, AI driven low cost diagnosis, significantly improving data center uptime and giving our customers complete operational confidence.

此外，SCM 強化了 ServiceNow 功能，並透過 AI 驅動的低成本診斷，大幅提升資料中心正常運作時間，讓客戶對營運具備完整信心。

Equally critical to our total solution advantage is our new expanded global data center service organization. Here, our on-site deployment teams backed by R&D engineers and well-trained post deployment service staff work directly alongside customers' team through service offering to efficiently maximize cluster uptime.

同樣對我們整體解決方案優勢至關重要的是，我們新擴充的全球資料中心服務組織。在此，我們的現場部署團隊在研發工程師與訓練有素的部署後服務人員支援下，透過服務方案與客戶團隊並肩合作，以有效最大化叢集正常運作時間。

By using automated, our service team continuously monitoring thermal power delivery and node health in real time to solve potential problems before they cause down time.

透過自動化方式，我們的服務團隊持續即時監控散熱、供電傳輸與節點健康狀態，在問題造成停機之前先行解決潛在風險。

While our dedicated on-site engineer handle deployment validation and immediately hardware maintenance.

同時，我們專責的駐點工程師負責部署驗證與即時硬體維護。

This proactive high-touch service model builds deeper customer trust, drive high-value recurring service revenue and our highest commitment, bringing a complete peace of mind to our customers through high-quality infrastructure total solutions.

這種主動且高接觸的服務模式可建立更深的客戶信任，帶動高價值的經常性服務營收；而我們最高的承諾，是透過高品質的基礎設施整體解決方案，為客戶帶來完全的安心。

To realize this unmatched solution efficiency, our global manufacturing footprint and scale advancing rapidly. We are actively expanding our physical footprint with major projects underway in Silicon Valley and Taiwan that will add millions of square feet of fully automated production space and for active service bandwidth.

為了實現這種無可匹敵的解決方案效率，我們的全球製造佈局與規模正快速推進。我們正積極擴大實體版圖，在矽谷與台灣推動多項重大專案，將新增數百萬平方英尺的全自動化生產空間，以及用於主動式服務的產能。

Furthermore, we are accelerating our containerized data center production in Asia and USA together, our global manufacturing and service network put us on track to produce more than 8,000 orders most powerful racks per month, including over 4,000 DLC racks by this December.

此外，我們正加速在亞洲與美國的貨櫃式資料中心產能建置；結合我們的全球製造與服務網路，我們正朝著每月生產超過 8,000 個最強大機櫃訂單的目標邁進，其中包含在今年 12 月前超過 4,000 個 DLC 機櫃。

On the technology front, Super Micro continues to lead the market across major silicon platforms. We are among the first to market shipping NVIDIA Vera Rubin NVL72 racks with our DCBBS and DRC2 liquid cooled stack.

在技術方面，Super Micro 持續在各大矽平台上引領市場。我們是首批將搭載 DCBBS 與 DRC2 液冷堆疊的 NVIDIA Vera Rubin NVL72 機櫃出貨上市的廠商之一。

We recently had also launched the NVIDIA Rubin and Vera Rubin CPU rack, and they are ready to ship now as well.

我們近期也推出了 NVIDIA Rubin 與 Vera Rubin CPU 機櫃，現在同樣已可出貨。

By the way, our optimized powered solutions also coming soon. For AMD, MI350 and MI355 platform had good momentum now still as we advance to TUS and MI450 total solutions.

順帶一提，我們的最佳化供電解決方案也即將推出。在 AMD 方面，MI350 與 MI355 平台目前仍維持良好動能，並且我們正推進至 TUS 與 MI450 的整體解決方案。

Additionally, we are progressing Intel Xeon 6 plus platform alongside our new ARM HGI CPU-based solutions optimized specifically for agentic AI market.

此外，我們也在推進 Intel Xeon 6 Plus 平台，同時推出以新 ARM HGI CPU 為基礎、專為代理式 AI（agentic AI）市場最佳化的解決方案。

At the same time, we continue to expand our comprehensive edge in IoT product portfolio, while consistently growing our storage product line, bringing real-time complete package of inferencing capability directly into the intelligent edge.

同時，我們持續擴展在 IoT 產品組合上的全面優勢，並穩健成長我們的儲存產品線，將即時、完整套件的推論能力直接帶入智慧邊緣。

These new products accelerate our strategic focus on our enterprise customers as the company expanded towards scaling agentic model.

這些新產品加速了我們對企業客戶的策略聚焦，因公司正擴展以支援代理式模型的規模化。

Enterprise data governance and workload. We recently announced several major strategic partnerships combining Super Micro's DCBBS, which awarded leading technology company, including Cisco, NetApp, Nutanix and others.

企業資料治理與工作負載。我們近期宣布了數項重大策略合作夥伴關係，結合 Super Micro 的 DCBBS（曾獲領先科技公司肯定/授獎），合作夥伴包括 Cisco、NetApp、Nutanix 等。

With addition any Tier 1 partnership coming soon, we are embedding Super Micro DCBBS footprint deeply into the world's most trusted enterprise. I know some investors and market experts have recently raised concern about AI capital expenditure efficiency and return on investment. Let me be clear.

隨著更多第一級（Tier 1）合作夥伴即將加入，我們正將 Super Micro DCBBS 的版圖深度嵌入全球最受信賴的企業之中。我知道近期有些投資人與市場專家對 AI 資本支出效率與投資報酬率提出疑慮。讓我說清楚。

Super Micro is uniquely positioned to thrive in this environment. For over 30 years, we have been focusing on the server and storage industry right here in the United States longer than almost all of our competitors.

Super Micro 在此環境下具備獨特優勢，能夠蓬勃發展。30 多年來，我們一直專注於伺服器與儲存產業，且就在美國本土深耕的時間比幾乎所有競爭對手都更久。

Building a mature, well established domestic manufacturing and engineering footprint that our competitors simply hard to match.

我們建立了成熟且完善的國內製造與工程布局，競爭對手很難匹敵。

This US heritage and combined with our time to delivery TTO, time to online, and computing uptime and energy efficiency.

這項美國本土傳承，結合我們的交付時間（TTO）、上線時間（time to online）、運算可用率與能源效率。

Whether our customers building massive Tier 1 AI factory or deploying enterprise agentic AI workload, Super Micro ensures their capital investment convert into revenue faster and more costly efficiently than anyone else, we believe.

無論客戶是在建置大型 Tier 1 AI 工廠，或部署企業級代理式 AI 工作負載，我們相信 Super Micro 都能確保其資本投資比任何人更快轉化為營收，且成本效率更高。

We are driving strong internal discipline through continuous operational optimization, factory automation and scale development through technology process refinement and training.

我們透過持續的營運最佳化、工廠自動化與規模化發展（藉由技術流程精進與訓練）來推動強而有力的內部紀律。

We have successfully reduced our inventory and production turn along time from about 100 days to 74 days over the past three quarters.

在過去三個季度中，我們已成功將庫存與生產周轉時間從約 100 天降至 74 天。

Looking ahead, our target is to further streamline our inventory and production cycle down to 50 days over the coming quarters. It's not easy, but we believe we will achieve it.

展望未來，我們的目標是在接下來幾個季度，進一步將庫存與生產週期精簡至 50 天。這並不容易，但我們相信能達成。

This ongoing efficiency optimization will continue to strengthen Super Micro's cash flow, working capital cycle and drive higher bottom line profitability.

這項持續的效率最佳化將持續強化 Super Micro 的現金流、營運資金週期，並帶動更高的最終獲利。

As a matter how competitive the market gets, more customers will adopt Super Micro DCBBS that include data center end-to-end hardware management software and end-to-end data center services.

無論市場競爭多麼激烈，將會有更多客戶採用 Super Micro 的 DCBBS，其中包含資料中心端到端硬體管理軟體與端到端資料中心服務。

Now let's turn to our outlook for fiscal year 2027.

現在讓我們來看 2027 會計年度的展望。

While our overall demand and our growth momentum remained very strong across every front, we must be recognized that key component shortage continue to impact delivery time line across the IT industry, even GPU. A new customer program and strategic ecosystem partnership are ramping strongly, but we want to remain prudent about some key components, availability and volatile pricing based on what we see today.

雖然我們整體需求與成長動能在各方面仍非常強勁，但我們必須認知到，關鍵零組件短缺仍持續影響整個 IT 產業的交付時程，甚至包括 GPU。新的客戶專案與策略生態系合作夥伴關係正強力爬坡，但基於我們目前所見，我們希望對部分關鍵零組件的供應可得性與波動性定價保持審慎。

We anticipate our fiscal 2027 revenue target will be in the range of $72 billion to $82 billion. That is about 12% higher than the target we set one quarter ago.

我們預期 2027 會計年度營收目標將落在 720 億至 820 億美元區間。這比我們一個季度前設定的目標約高出 12%。

Before I turn the call over, I want to highlight a few important leadership update. First, we are pleased to welcome a long time industry technology leader, Shesha Krishnapura to our Board of Directors, bringing deep data center operational experience and expertise to support our theory.

在我把電話會議交給下一位之前，我想強調幾項重要的領導層更新。首先，我們很高興歡迎長期的產業科技領袖 Shesha Krishnapura 加入董事會，帶來深厚的資料中心營運經驗與專業，以支持我們的策略。

Second, my sincere thanks to David Weigand for his 6 years of CFO leadership during our period of massive growth. We look forward to his ongoing support and contribution in optimizing our operation to a much bigger scale.

第二，我衷心感謝 David Weigand 在我們高速成長期間擔任 CFO 的 6 年領導。我們期待他持續支持並貢獻，協助我們將營運最佳化到更大的規模。

Finally, I'm decided to introduce Mark Long new CFO, whose dedicated, I guess, 30, 40 years, of tech and financial leadership will be a strong path for our next phase of growth.

最後，我決定介紹 Mark Long 擔任新任 CFO；他在科技與財務領域投入、我想大約 30、40 年的領導經驗，將為我們下一階段的成長提供強而有力的支撐。

Now I will turn the call to Mark.

現在我把電話會議交給 Mark。

Thank you, Charles, and good afternoon, everyone. This is my first call with you, so let me take two minutes before we get to the numbers. I've spent much of my career in technology infrastructure finance, including as Chief Financial Officer of a public company in this industry.

謝謝你，Charles，各位下午好。這是我第一次與各位通話，所以在進入數字之前，讓我先用兩分鐘說明。我的職涯大多在科技基礎設施財務領域，包括曾在本產業一家上市公司擔任財務長。

What brought me to Super Micro is that the hardest part is already built, deep engineering advantage, a real lead in liquid cooling and rack scale integration and a key position in the largest infrastructure build-out of our careers.

促使我加入 Super Micro 的原因是：最困難的部分已經打造完成——深厚的工程優勢、在液冷與機櫃級整合方面的真正領先，以及在我們職涯中最大規模的基礎設施建置浪潮中占據關鍵位置。

What the company needs now is financial capability that matches its engineering and operating capability. I'm excited to join Super Micro at this pivotal time and look forward to helping Charles and the team continue to deliver an expanding portfolio of innovative solutions to a growing global customer base, including some of the largest, most demanding customers who are shaping the future of the AI era.

公司現在需要的是與其工程與營運能力相匹配的財務能力。我很高興在這個關鍵時刻加入 Super Micro，並期待協助 Charles 與團隊持續交付不斷擴充的創新解決方案組合，服務日益成長的全球客戶群，其中包括一些規模最大、要求最嚴苛、正在塑造 AI 時代未來的客戶。

To do that will require continued financial discipline, transparency, deeper engagement with stakeholders. -- working capital management and capital structure optimization, which will be my areas of focus.

要做到這點，需要持續的財務紀律、透明度，以及與利害關係人更深入的互動。——營運資金管理與資本結構最佳化，將是我聚焦的領域。

Now to the quarter.

現在回到本季度。

Total revenue was $19.9 billion, up 298% year-over-year and 79% sequentially. That is above our guidance range of $14.5 billion to $15.5 billion and above the preliminary range of $18.5 billion to $19.5 billion we provided on October 20.

總營收為 199 億美元，年增 298%，季增 79%。這高於我們 145 億至 155 億美元的財測區間，也高於我們在 10 月 20 日提供的 185 億至 195 億美元初步區間。

As Charles noted, approximately $2.3 billion represented deployments originally scheduled for earlier periods due to customer and data center readiness. Excluding that, underlying revenue was approximately $17.6 billion.

如 Charles 所提，約 23 億美元為原本排定在較早期間部署的案子，因客戶與資料中心就緒狀況而延後。排除該因素後，基礎營收約為 176 億美元。

AI solutions contributed approximately 71% of revenue compared with 59% in Q4. Based on our current backlog, we expect AI-related solutions to represent approximately 70% to 80% of revenue for fiscal 2027. Enterprise and channel revenue was $4.9 billion or 25% of revenue, up 229% year-over-year and down 12% sequentially.

AI 解決方案約貢獻 71% 的營收，相較於第四季的 59%。依據目前在手訂單，我們預期 2027 會計年度 AI 相關解決方案將約占營收的 70% 至 80%。企業與通路營收為 49 億美元，占營收 25%，年增 229%，季減 12%。

OEM appliance and large data center revenue was $14.7 billion or 74%, up 32% year-over-year and 167% sequentially driven by production ramps on several large AI data center design wins.

OEM 設備（appliance）與大型資料中心營收為 147 億美元，占比 74%，年增 32%，季增 167%，主要受惠於多個大型 AI 資料中心設計得標案的量產爬坡。

The 5G telco and edge segment, while still small in relative terms, grew significantly both year-over-year and sequentially. By geography, the United States represented 80% of revenue; Europe, 11%; and Asia, 6%; and the rest of the world, 3%.

5G 電信與邊緣（edge）部門雖然相對規模仍小，但無論年增或季增皆顯著成長。按地區來看，美國占營收 80%；歐洲 11%；亞洲 6%；世界其他地區 3%。

The United States grew 771% year-over-year and 103% sequential. While the US remains the largest market for large-scale AI data centers, we are seeing growing momentum in other regions as large customers expand globally and governments and enterprises plan and fund significant AI data centers in Europe, Asia and the Middle East.

美國市場年增 771%，季增 103%。雖然美國仍是大型 AI 資料中心的最大市場，但隨著大型客戶全球擴張，以及政府與企業在歐洲、亞洲與中東規劃並投入資金建置大型 AI 資料中心，我們也看到其他地區的動能正在增強。

In the quarter, one large data center customer represented 44% of revenue. compared with 28% for fiscal 2026 as a whole.

在本季度，一家大型資料中心客戶占營收的 44%。相較之下，2026 會計年度全年為 28%。

In our 10-Q, you will also see that two customers accounted for 49% and 17% of accounts receivable at quarter end.

在我們的 10-Q 中，您也會看到在季度末，兩家客戶分別占應收帳款的 49% 與 17%。

I want to provide more context for this. Concentration at this level is a consequence of the scale at which AI infrastructure is now being built.

我想就此提供更多背景說明。如此程度的集中度，是因為目前 AI 基礎設施的建置規模已達到這樣的量級所致。

A single deployment today can exceed our total quarterly revenue from just one year ago. We expect concentration to stay elevated while these build-outs run and to moderate as our enterprise and sovereign businesses grow. What matters alongside the concentration is the quality of the exposure. So let me do that.

如今單一部署案的規模，就可能超過我們僅在一年前的單季總營收。我們預期在這些建置案進行期間，集中度仍將維持在較高水準；隨著我們的企業與主權（sovereign）業務成長，集中度將趨於緩和。與集中度同樣重要的是曝險品質。所以讓我來說明。

Deferred revenue increased by approximately $3.1 billion during the quarter, an overwhelming majority of which reflects customers paying advance of delivery.

本季度遞延收入增加約 31 億美元，其中絕大多數反映客戶在交付前預先付款。

Days sales outstanding improved from 59 days to 36 days. We recorded no material credit losses in the quarter.

應收帳款週轉天數（DSO）由 59 天改善至 36 天。本季度我們未認列任何重大信用損失。

On large deployments, we frequently require deposits and often build against delivering milestones. We evaluate counterparty credit before committing manufacturing capacity and critical components, and we maintained a $1.8 billion receivables purchase facility that gives us flexibility in both cash timing and credit exposure.

在大型部署案上，我們經常要求訂金，並且常依交付里程碑進行建置。在承諾製造產能與關鍵零組件之前，我們會評估交易對手的信用狀況；同時我們維持一項 18 億美元的應收帳款出售融資安排，使我們在現金時點與信用曝險兩方面都更具彈性。

We have declining business in this market on terms we were not comfortable with. And in the current environment, I expect we will continue to make that choice.

對於我們不認同的條款，我們在此市場上會選擇縮減業務。在目前環境下，我預期我們將持續做出這樣的選擇。

Non-GAAP gross margin was 12.8%, that is 200 to 240 basis points above our guidance range of 10.4% to 10.8% and 330 basis points above the first quarter of last year. On a GAAP basis, gross margin was 12.7%. It is also down 480 basis points from the 17.6% we reported in Q4.

非 GAAP 毛利率為 12.8%，較我們 10.4% 至 10.8% 的指引區間高出 200 至 240 個基點，亦較去年第一季高出 330 個基點。以 GAAP 基礎計算，毛利率為 12.7%。同時也較我們在第四季所報告的 17.6% 下降 480 個基點。

And I want to take that apart because a single factor explanation would be misleading.

我想把這點拆開來說，因為用單一因素來解釋會造成誤導。

The key factor impacting gross margin was the Q1 AI revenue mix which increased from 59% in Q4 to 71% in Q1.

影響毛利率的關鍵因素是第一季 AI 營收組合占比，從第四季的 59% 提升至第一季的 71%。

The customer and product mix within our Q1 business was weighted towards large AI deployments, which carry lower gross margins than the more diversified enterprise and channel business.

第一季業務中的客戶與產品組合偏向大型 AI 部署案，而這類部署案的毛利率低於更為多元的企業與通路業務。

Benefits from tariff relief and lower inventory reserves during the quarter were largely offset by certain lower-margin deferred revenues we were recognized during the quarter.

本季度關稅減免與較低的存貨備抵所帶來的效益，基本上被本季度認列的部分低毛利遞延收入所抵銷。

I want to be precise about 1 point because I know how the mix figures can be read. The sequential decline is not evidence that AI platform revenue lacks margin. It reflects which customers took delivery in which order.

我想就一點做精確說明，因為我知道外界可能會如何解讀組合占比數字。毛利率的季對季下滑並非表示 AI 平台營收缺乏毛利。它反映的是哪些客戶以何種順序完成交付。

The clearest way to see the underlying trend is to look at the last two quarters together, which neutralizes the deferral timing. Across Q4 and Q1 combined, revenue was approximately $31.1 billion and non-GAAP gross margin was approximately 14.5%.

觀察基本趨勢最清楚的方法，是把最近兩個季度合併來看，以消除遞延認列時點的影響。第四季與第一季合計，營收約為 311 億美元，非 GAAP 毛利率約為 14.5%。

For the same two quarters a year earlier, revenue was approximately $10.8 billion, and gross margin was approximately 9.5%.

在一年前相同的兩個季度，營收約為 108 億美元，毛利率約為 9.5%。

On that normalized basis, revenue nearly tripled and gross margin improved by roughly 500 basis. We continue to demonstrate significant operating leverage.

在這樣的標準化基礎下，營收接近成長三倍，毛利率提升約 500 個基點。我們持續展現顯著的營運槓桿。

Revenue grew 298% year-over-year against an 89% increase in non-GAAP operating expenses. GAAP operating expenses were $477 million, up 67% year-over-year and 5% sequentially. Non-GAAP operating expenses were $384 million, up 89% year-over-year and 8% sequentially.

營收年增 298%，而非 GAAP 營業費用僅增加 89%。GAAP 營業費用為 4.77 億美元，年增 67%，季增 5%。非 GAAP 營業費用為 3.84 億美元，年增 89%，季增 8%。

The sequential increases reflect higher headcount costs and research and development spending as we invest in multiple new platforms for AI data center and enterprise applications.

季對季增加主要反映人力成本上升，以及研發支出增加，因為我們正投資多個新平台，用於 AI 資料中心與企業應用。

Non-GAAP operating margin was 10.9% compared with 14.3% in Q4.

非 GAAP 營業利益率為 10.9%，相較第四季的 14.3%。

Here, too, the two quarter view is more useful across Q4 and Q1 combined non-GAAP operating expenses were approximately $741 million or about 2.4% of revenue, and non-GAAP operating margin was approximately 12.1% compared with roughly 5.4% for the same two quarters a year earlier.

在這裡，同樣以兩個季度合併觀察更有用：第四季與第一季合計的非 GAAP 營業費用約為 7.41 億美元，約占營收的 2.4%；非 GAAP 營業利益率約為 12.1%，相較一年前相同兩個季度約為 5.4%。

We intend to keep investing in R&D, field service and a global footprint, and we expect operating expenses to keep growing well below the rate of revenue.

我們打算持續投資研發、現場服務與全球布局，並預期營業費用的成長率將持續遠低於營收成長率。

Other income and expense was a net expense of $34 million, consisting of $49 million of interest expense and other expense offset by $83 million of interest expense on our convertible notes and revolving credit facilities.

其他收益與費用為淨費用 3,400 萬美元，包含 4,900 萬美元的利息費用及其他費用，並由我們可轉換公司債與循環信用融資安排所產生的 8,300 萬美元利息費用所抵銷。

The tax provision was $435 million on a GAAP basis and $455 million on a non-GAAP basis, with an effective tax rate of 21.4% on both basis.

所得稅費用在 GAAP 基礎為 4.35 億美元、在非 GAAP 基礎為 4.55 億美元；兩者的有效稅率皆為 21.4%。

I would like to expand on some points made in the last earnings call regarding earnings per share because our capital structure now has a moving part that I do not think is well understood.

我想延伸說明上次財報電話會議中關於每股盈餘的一些重點，因為我們目前的資本結構有一個會變動的部分，我認為外界尚未充分理解。

We calculate earnings per share using the two class method, which reflects the mandatory convertible preferred stock we issued in Q4. That instrument carries a fixed dividend of approximately $75 million per quarter and converts to common stock in June 2029.

我們採用兩類股法（two-class method）計算每股盈餘，這反映了我們在第四季發行的強制可轉換特別股。該工具每季有約 7,500 萬美元的固定股利，並將於 2029 年 6 月轉換為普通股。

Between now and then, both the dividend and the allocation of earnings to that participating security to produce earnings available to common shareholders this quarter by approximately $312 million in aggregate.

在此之前，股利以及分配給該參與型證券的盈餘，合計使本季度可歸屬普通股股東的盈餘減少約 3.12 億美元。

GAAP diluted earnings per share were $1.75 against guidance of $0.89 to $0.98. Non-GAAP diluted earnings per share were $1.81 against guidance of $1.01 to $1.10. GAAP basic earnings per share were $1.92.

GAAP 稀釋每股盈餘為 1.75 美元，高於 0.89 至 0.98 美元的指引。非 GAAP 稀釋每股盈餘為 1.81 美元，高於 1.01 至 1.10 美元的指引。GAAP 基本每股盈餘為 1.92 美元。

Now to working capital, which I think will help explain key elements of how we operate our business. Our cash conversion cycle improved from 149 days to 97 days, a 52-day improvement in a single quarter.

接著談營運資金，我認為這有助於解釋我們營運模式的關鍵要素。我們的現金轉換週期由 149 天改善至 97 天，單季改善 52 天。

At our Q1 revenue run rate, that difference represents roughly $10 billion of working capital the business would otherwise have needed to fund.

以我們第一季的營收運行率來看，這個差異相當於公司原本需要額外籌措約 100 億美元的營運資金。

The cash flow statement shows this. We used $434 million of cash in operations on $19.9 billion of revenue. For all of fiscal 2026, we used [$6.8] billion on $39.1 billion of revenue.

現金流量表也反映了這點。在 199 億美元營收下，我們營運活動使用現金 4.34 億美元。在 2026 會計年度全年，我們在 391 億美元營收下使用現金 [68] 億美元。

Capital expenditure in the quarter was $47 million, so free cash flow was negative $481 million against negative $7 billion for fiscal 2026.

本季度資本支出為 4,700 萬美元，因此自由現金流為負 4.81 億美元；相較之下，2026 會計年度全年為負 70 億美元。

Let me break down the 52 days, including both the positives and the areas for potential improvement. Days of inventory improved 45 days to 74 days.

我來拆解這 52 天的變化，包含正面因素與仍有改善空間之處。存貨天數改善 45 天至 74 天。

Days sales outstanding improved 23 days to 36 days, helped by faster collections and by customer prepayments.

應收帳款週轉天數改善 23 天至 36 天，受惠於收款加速以及客戶預付款。

Days payable outstanding moved against us from 29 days to 13, days which consumed roughly $3 billion and reflects timing of payments to suppliers in a supply-constrained environment.

應付帳款週轉天數則對我們不利，由 29 天降至 13 天；這消耗了約 30 億美元，反映在供應受限環境下對供應商付款時點的影響。

The largest single driver was customer prepayment. Deferred revenue increased approximately $3.1 billion in the quarter.

最大的單一驅動因素是客戶預付款。本季度遞延收入增加約 31 億美元。

Accounts receivable grew $3.6 billion and inventory grew $2.5 billion to support the revenue ahead of us, and prepayments funded most of that build.

應收帳款增加了36億美元，存貨增加了25億美元，以支撐我們未來的營收，而預付款為其中大部分的增加提供了資金。

We expect the cash conversion cycle for the current quarter to be within the band of plus or minus 10% versus Q1, which enables us to appropriately manage our working capital while also executing against attractive market opportunities.

我們預期本季的現金轉換週期將落在相較第一季正負10%的區間內，這使我們能在把握具吸引力的市場機會的同時，適切管理營運資金。

We ended the quarter with $6.9 billion of cash and cash equivalents. Bank borrowing and convertible notes totaled $8.6 billion for net debt of $1.7 billion compared with $1.2 billion at the end of Q4.

本季結束時，我們持有現金及約當現金69億美元。銀行借款與可轉換公司債合計86億美元，淨負債為17億美元，相較於第四季末的12億美元有所增加。

Inventory was $15.1 billion, up from $12.9 billion. Built to support the revenue we expect in coming quarters. We are compliance with all covenants at quarter end.

存貨為151億美元，高於129億美元。此為支撐我們預期未來幾季的營收而建立。季末我們遵循所有財務契約條款。

On capital structure more broadly, we are starting from a strong foundation. The $5.6 billion we raised in June was raised specifically to fund the working capital behind the orders we are now delivering.

就更廣泛的資本結構而言，我們是從穩健的基礎出發。我們在6月籌得的56億美元，是專門用來支應我們目前正在交付之訂單背後所需的營運資金。

As we identify high growth -- high quality growth opportunities, we will optimize our capital structure to support them, and we will do that in ways that fortify the balance sheet without taking on unnecessary costs.

當我們辨識到高成長——高品質的成長機會時，我們將優化資本結構以支援這些機會，並以強化資產負債表且不承擔不必要成本的方式來進行。

That means matching the duration and the form of our funding to the working capital and the assets it supports and being deliberate about when and whether we access markets.

這意味著讓資金來源的期限與形式，與其所支撐的營運資金與資產相匹配，並審慎決定何時以及是否進入資本市場。

I will be transparent with you every quarter about dilution, maturities and available capacity. We ended the quarter with a record backlog, providing stronger visibility for the current quarter and the remainder of the fiscal year.

我將在每一季就稀釋、到期情況與可用額度向各位保持透明。本季結束時，我們的在手訂單（backlog）創下新高，為本季及本財年剩餘期間提供更強的能見度。

Turning to guidance.

接著談指引。

For the second quarter of fiscal 2027, we expect net sales of $19.5 billion to $21.5 billion and gross margin of 12% to 12.5%. We expect GAAP diluted earnings per share of $1.59 to $1.83 and non-GAAP diluted earnings per share of $1.66 to $1.90.

針對2027財年第二季，我們預期淨銷售額為195億至215億美元，毛利率為12%至12.5%。我們預期GAAP稀釋每股盈餘為1.59至1.83美元，非GAAP稀釋每股盈餘為1.66至1.90美元。

That guidance assumes GAAP operating expenses of approximately $455 million, including approximately $102 million of stock-based compensation, which is excluded from non-GAAP.

該指引假設GAAP營業費用約為4.55億美元，其中包含約1.02億美元的股權激勵費用（非GAAP不包含）。

We expect other income and expense, including interest expense, to result in a net expense of approximately $58 million.

我們預期其他收益與費用（含利息費用）將形成約5,800萬美元的淨費用。

GAAP and non-GAAP tax rates of approximately [21%] and GAAP diluted share count of approximately 753 million and non-GAAP diluted share count of approximately 769 million, preferred dividends of approximately $75 million and capital expenditure of $70 million to $80 million. For the full fiscal year, we are raising our revenue outlook to $72 billion to $82 billion from $65 billion to $72 billion.

GAAP與非GAAP稅率約為[21%]；GAAP稀釋股數約7.53億股、非GAAP稀釋股數約7.69億股；優先股股利約7,500萬美元；資本支出為7,000萬至8,000萬美元。就全年而言，我們將營收展望由650億至720億美元上調至720億至820億美元。

We expect full year gross margin of 11.8% to 12.2%. Let me connect that to the quarter we just reported. Q1 included approximately $2.3 billion of catch-up from prior period deployments. So underlying revenue was approximately $17.6 billion. The full year range does not assume that catch-up repeats.

我們預期全年毛利率為11.8%至12.2%。我把它與我們剛報告的季度連結一下。第一季包含約23億美元的前期部署追認（catch-up）。因此，基礎營收約為176億美元。全年區間並未假設該追認會再次發生。

It does assume continued sequential growth in underlying demand, and it reflects materially better visibility into customer deployment schedules than we had 90 days ago.

但它確實假設基礎需求將持續逐季成長，並反映出相較90天前，我們對客戶部署時程有顯著更佳的能見度。

Our business continues to strengthen and momentum is building for fiscal 2027.

我們的業務持續強化，2027財年的動能正在累積。

Although we are gated by supply constraints and data center readiness, and we are focused on disciplined execution, creditworthy counterparties and expanding our higher-margin revenue streams, on margin, I want to be straightforward about what the full year range implies.

儘管我們受到供應限制與資料中心就緒度的制約，且我們專注於有紀律的執行、具信用的交易對手，以及擴大較高毛利的營收來源；就毛利率而言，我想坦率說明全年區間所代表的意涵。

With Q1 at 12.8% and Q2 guided to 12% to 12.5%, the full year range implies gross margin in the second half below the first half. That is a mix effect.

第一季為12.8%，第二季指引為12%至12.5%，因此全年區間意味著下半年毛利率將低於上半年。這是產品組合效應。

We expect AI solutions to move toward the upper end of the 70% to 80% range as the large deployments in our backlog shipped and those carry lower gross margin than enterprise and channel verticals. Within each category, we expect margins to hold or improve.

隨著我們在手訂單中的大型部署出貨，我們預期AI解決方案占比將朝70%至80%區間的上緣移動，而這些部署的毛利率低於企業與通路垂直領域。在各類別內，我們預期毛利率將持平或改善。

What governs the range is not demand, and it is not our ability to build. It is the pace at which customer facilities become ready to receive what we've already manufactured and the availability of key composites.

決定該區間的不是需求，也不是我們的建置能力。而是客戶設施準備好接收我們已製造產品的速度，以及關鍵複合材料的可得性。

The finding constraints on AI build-outs across this industry right now, are land, power and data center shells. We have better visibility into that than we did, and we will update you as the year progresses.

目前整個產業在AI建置上的主要限制因素是土地、電力與資料中心機殼（建築本體）。我們對此的能見度已較以往提升，並會在年度進行中持續向各位更新。

Let me close where I started. This was a quarter of strong growth with high-quality customers. Revenue nearly quadrupled year-over-year.

最後回到我一開始所說的。這是一個與高品質客戶共同實現強勁成長的季度。營收年增近四倍。

Gross margin came in well above our guidance, and customer prepayments funded most of the working capital needed to deliver in.

毛利率遠高於我們的指引，而客戶預付款為交付所需的大部分營運資金提供了資金。

Behind those results is a broad and innovative portfolio from DCBBS rack scale and liquid cool systems to enterprise storage, edge and software that positions us for the most demanding workloads and the widest range of use case in the AI building.

支撐這些成果的是一個廣泛且具創新性的產品組合，從DCBBS機櫃級（rack scale）與液冷系統，到企業級儲存、邊緣與軟體，使我們能因應最嚴苛的工作負載，以及AI建置中最廣泛的使用情境。

My focus going forward is the one I described at the outset, financial discipline so that growth is profitable growth, transparency so that you can see how this business works from quarter to quarter, including the timing effects that moves our numbers.

我接下來的重點如同一開始所述：財務紀律，確保成長是有利可圖的成長；透明度，讓各位能逐季看清這門業務如何運作，包括影響我們數字的時點效應。

Deeper engagement with all of our stakeholders, working capital management, building on the improvement in our cash conversion cycle this quarter and a capital structure optimized to support high-quality growth from a strong foundation. I'm looking forward to meeting many of you over the coming months. Michael, we are ready for questions.

與所有利害關係人更深度的互動、營運資金管理、在本季現金轉換週期改善的基礎上持續精進，以及在穩健基礎上優化資本結構以支援高品質成長。我期待在接下來幾個月與各位中的許多人見面。Michael，我們準備好回答問題了。

Great. Jan, let's poll for questions.

很好。Jan，我們來徵詢提問。

(Operator Instructions) Katherine Murphy, Goldman Sachs.

(接線員指示) Katherine Murphy，高盛。

Great. Thank you for the question and great to connect. First, I want to ask just about the raised revenue outlook. I understand that land, power and data center shells are the binding constraints here. But I wanted to understand in your full year outlook and then in your pipeline, what share of those projects do you have line of sight into the offtakers and the committed volume there? And then I have a follow-up question.

很好。謝謝你的提問，也很高興能交流。首先，我想問一下上調的營收展望。我理解土地、電力與資料中心機殼是這裡的主要限制。但我想了解在你們的全年展望以及管線中，這些專案有多少比例你們能清楚掌握承購方（offtakers）以及其承諾的量。接著我還有一個追問。

Thank you.

謝謝。

Yeah. I mean, as you know, the power and even GPU some component shortage, right? But because our solution outperformed the industry solution, especially with our DCBBS. DCBBS not just provide data center hardware building block, software and service, help customer build the data center quicker and also keep their computing power, uptime much better. So indeed, we continue to gain more customers and gain more share. So we feel pretty optimistic for continued market share growth.

是的。我的意思是，如你所知，電力甚至GPU都有一些零組件短缺，對吧？但因為我們的解決方案優於業界方案，特別是在我們的DCBBS方面。DCBBS不僅提供資料中心硬體建置模組，還提供軟體與服務，協助客戶更快建置資料中心，並讓他們的算力與正常運行時間（uptime）表現更好。因此，我們確實持續獲得更多客戶並取得更多市占。所以我們對市占持續成長感到相當樂觀。

And then as a follow-up, could you talk more about the customer prepayments in the quarter? And how we should think about that continuing to support your working capital efficiency going forward? Is that something we can expect in the value that DCBBS and the market share gain strategy that you've talked about?

接著作為追問，你能否多談談本季的客戶預付款？以及我們應如何看待未來這些預付款持續支援你們營運資金效率？這是否是我們可以預期會延續的情況，並與你提到的DCBBS價值與市占提升策略相關？

Yeah. As you know, I mean, now cash flow a little bit tied to total company by the Super Micro because we have a better total solution, again, our DCBBS that attract a lot of customers. So basically, we see a good signS. Most of our customers are able to pay us on time. And we feel very started to continue to grow our business. Mark, do you want to add anything.

是的。如你所知，我的意思是，現在因為 Super Micro 我們的現金流在某種程度上與整體公司更緊密連動，因為我們有更好的整體解決方案，再次強調，我們的 DCBBS 吸引了很多客戶。所以基本上，我們看到一些良好的跡象。我們的大多數客戶都能按時付款給我們。而且我們覺得非常有信心能夠持續成長我們的業務。Mark，你要補充什麼嗎。

Yeah, I think the advantage, as Charles pointed out, is really around the quality of the customer base. So very large creditworthy customers who pay very quickly. They provide very strong cash flow for us. But the broad customer base is providing more prepayments. And that discipline enables us to fund a lot more of this working capital.

是的，我認為優勢，如 Charles 所指出的，主要在於客戶基礎的品質。也就是非常大型、信用良好的客戶，而且付款非常迅速。他們為我們帶來非常強勁的現金流。但更廣泛的客戶群正在提供更多預付款。而這種紀律讓我們能夠為更多的營運資金提供資金。

And I think you should expect that to continue. So we feel like we're in a very good position. The company has done a lot since they raised capital in the summer. And since the cash conversion cycle has improved. So working capital efficiency has gone up substantially.

而且我認為你應該預期這種情況會持續。所以我們覺得我們處於非常好的位置。公司自從夏天募資以來做了很多事情。而且現金轉換週期也已改善。因此營運資金效率已大幅提升。

Thank you very much. Yes. We improve our business in terms of cash flow in 2 areas. One is we improve inventory and production turnaround time from about 100 days to now 70 days, and we believe we will be able to continue to improve that production and inventory turnaround time. Second phase, second point, as Mark just said, we get in a higher-quality customer, and those customers pay on time, or even pay quick turnaround. So we are very solid in this area.

非常感謝。是的。我們在現金流方面從兩個領域改善了業務。第一是我們改善了庫存與生產周轉時間，從大約 100 天縮短到現在 70 天，我們相信還能持續改善生產與庫存周轉時間。第二點，如 Mark 剛才所說，我們取得了更高品質的客戶，而這些客戶會按時付款，甚至付款週期更快。所以我們在這方面非常穩健。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yeah, thanks guys for taking the question. Congrats on the progress and Mark, welcome. I have -- yes, two, if I could. I guess, the first one, Mark, is just on the gross margin and the way to think about the dynamics that are layering in through the balance of the fiscal year. Correct me if I'm wrong here.

是的，謝謝各位接受提問。恭喜進展，Mark，歡迎加入。如果可以的話，我有兩個問題。我想第一個，Mark，是關於毛利率，以及在本財年剩餘期間如何看待逐步疊加的動態。如果我理解有誤請糾正我。

I actually have to hit the midpoint of your guide while down in the second half of the year, sort of flat around 12% in the next three quarters.

我其實必須達到你們指引的中位數，而在下半年下降，也就是接下來三個季度大致持平在 12% 左右。

So correct me if that's wrong. And then really, the question is, you talked about AI mix sort of being a factor in there. What -- could you share a little bit about inside of the AI customer base, like what are the moving parts on the margins?

所以如果這不對請糾正我。然後真正的問題是，你提到 AI 組合似乎是其中一個因素。你能否分享一下在 AI 客戶基礎內部，例如毛利率的變動因素有哪些？

I think Charles in the past has talked about improvement in AI margins sort of as in the go forward and just interested to know what the dynamics at play are, are there as you go through the rest of the fiscal year inside the AI margins? And then I have a quick follow-up.

我記得 Charles 過去談過，未來 AI 毛利率會改善；我只是想了解在本財年剩餘期間，AI 毛利率內部有哪些動態在發揮作用？然後我有一個簡短的追問。

Yeah. As I just shared, in last three quarters or four quarters, our production time and also our production quality, dramatically improved, and that make our turnaround time quicker and make the customer happier because of beta TPD and better TPO help customer time to online.

是的。正如我剛分享的，在過去三個季度或四個季度，我們的生產時間以及生產品質都有顯著改善，這讓我們的周轉時間更快，也讓客戶更滿意，因為更好的 TPD 與更好的 TPO 能幫助客戶更快上線。

So customers appreciate that, plus our DCBBS software and service that help customer further. And better quality customer, we continue to gain more customers, especially including the enterprise agentic customers. So all those are positive impacting our business.

所以客戶很感謝這點，再加上我們的 DCBBS 軟體與服務，能進一步協助客戶。而且隨著更高品質的客戶，我們持續獲得更多客戶，特別是包含企業級 agentic 客戶。所以這些都對我們的業務帶來正面影響。

Yeah. And I think just to kind of build on what Charles said, in terms of the guide for the year, what you're seeing is we have good line of sight.

是的。我想在 Charles 所說的基礎上補充一下，就全年指引而言，你看到的是我們有很好的可視性。

And now the business is stabilizing and kind of has this foundation in this 12% gross margin range with room as we continue to diversify our customer base and our product sets to expand those gross margins further. So the precise modeling, you're relatively close on your original question.

而且現在業務正在穩定下來，並在約 12% 的毛利率區間形成這個基礎；隨著我們持續多元化客戶基礎與產品組合，還有進一步擴大毛利率的空間。所以就精確建模而言，你對原本那個問題的推算相當接近。

But for us, the visibility is very strong. And as Charles pointed out, the gross margin across all of our customer categories, hasn't improved. That's really the important thing.

但對我們來說，可視性非常強。而且如 Charles 所指出的，我們各類客戶的毛利率並沒有改善。這才是真正重要的事情。

And this is a function of what Charles was talking about in terms of our great engineering, our great product set and the execution of the team. So we feel like we're in a very good position at this scale, and we see enormous opportunities going forward.

而這是 Charles 所談到的因素所致：我們出色的工程能力、很強的產品組合，以及團隊的執行力。所以我們覺得在目前這個規模下處於非常好的位置，並且看到未來巨大的機會。

Yeah, like our DCBBS, we provide not just data center building product solution hardware components, but also software also help customer kind of keep up time. So all those almost become one of our business moats. So customers like our product -- more and more customers like our solution.

是的，像我們的 DCBBS，我們提供的不只是資料中心建置的產品解決方案與硬體元件，也提供軟體來幫助客戶維持正常運作時間（uptime）。所以這些幾乎成為我們的護城河之一。因此客戶喜歡我們的產品——越來越多客戶喜歡我們的解決方案。

That's really great context. And the quick follow-up is what's the reasonable expectation for opportunity with the CPU business, just with all the structural tailwinds as you go through the fiscal year here.

這個脈絡非常有幫助。我快速追問的是，考量到本財年期間的各種結構性順風，CPU 業務的機會合理預期會是什麼？

Yeah. As you know, agentic AI is getting very popular. So we're getting a lots of customers, including a lots of our enterprise customers, they are buying our CPU-based solution, including our CPU based AMD, including NVIDIA Vera, our NVIDIA Vera solution is ready and including ARM solution. So we see a much stronger CPU demand now and looking forward.

是的。如你所知，agentic AI 正變得非常熱門。所以我們獲得了很多客戶，包括許多企業客戶，他們正在採購我們以 CPU 為基礎的解決方案，包括我們的 CPU-based AMD，也包括 NVIDIA Vera；我們的 NVIDIA Vera 解決方案已經就緒，也包括 ARM 解決方案。因此我們看到現在以及未來 CPU 需求都強勁得多。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，JPMorgan。

Hi, thanks for those questions here and Mark looking forward to working with you. Maybe just for my first, if I could. It sounds like in your prepared remarks, you're not including any of more catch-up or deferred deliveries in the guidance.

嗨，謝謝讓我提問，Mark 也期待與你合作。也許先問第一個問題。聽起來在你們的事先準備發言中，你們的指引並未納入任何額外的補交（catch-up）或遞延交付。

But I guess maybe first question here is just, can you just clarify if there are still deferred deliveries that are remaining and just not embedded in the outlook?

但我想第一個問題是，你們能否釐清是否仍有尚未交付、仍在遞延的出貨，只是沒有納入展望之中？

And then the second portion of that question is, as we kind of strip that out of the numbers, you're still kind of implying a moderation in growth coming into the second half of the year versus the first half.

然後這個問題的第二部分是，當我們把這部分從數字中剔除後，你們仍然暗示下半年相較上半年成長會放緩。

So maybe can you just walk us through the dynamics that are influencing that. And if it has anything to do maybe with the concentration with your largest customer here may be fading going into the back half? And then I do have a follow-up. Thank you.

所以你們能否帶我們了解一下影響這點的動態因素？以及這是否可能與你們最大客戶的集中度在下半年逐漸消退有關？然後我還有一個追問。謝謝。

Yeah. I think the key point about deferred revenue historically kind of looking back, was that there was this set of deliveries and deployments that have been delayed, and they have been carried over from prior quarters.

是的。我認為關於遞延收入的關鍵點，回頭看歷史，是有一批交付與部署被延後，並從前幾季結轉過來。

In a typical quarter, you will have some revenue recognition based on deliveries and you may have one or two deployments that are delayed. But those were -- that was a larger than typical amount of revenue that had been deferred. And when that was released, that caused a number of things.

在一般季度中，你會基於交付確認一些收入，也可能有一兩個部署被延後。但當時遞延的收入金額比典型情況更大。而當那部分被釋放時，就造成了幾件事。

Revenue went up. And as we mentioned, that was margin dilutive on an overall basis. But going forward, we don't expect the same types and the same magnitude of delayed deployments through the deferred revenue.

收入上升了。而且如我們提到的，從整體來看那對毛利率是稀釋的。但展望未來，我們不預期會再透過遞延收入出現同樣類型、同樣規模的延後部署。

And most of the deferred revenue is either customer prepayments or we have our service and software revenue that we typically defer over a number of periods.

而大部分的遞延收入要麼是客戶預付款，要麼是我們的服務與軟體收入，我們通常會在多個期間內遞延認列。

Yeah. The good thing is since we introduced DCBBS, some of our customers and some of our even our internal people are little bit confused, So that's why they kind of have a certain argument about when to recognize. But now our DCBBS is a much mature business.

是的。好的一點是，自從我們推出 DCBBS 之後，我們的一些客戶，甚至我們內部的一些人都有點困惑，所以他們對於何時認列會有一些爭論。但現在我們的 DCBBS 已經是一個更成熟的業務。

So not just our internal people are now familiar with our DCBBS and customers understand which services they buy, which services they did not buy. So we should not offer them. So since it's getting much clearer, much mature. So that will have our deferred revenue program.

所以不只是我們內部人員現在熟悉我們的 DCBBS，客戶也了解他們買了哪些服務、哪些服務沒有買。因此我們不應該提供他們未購買的服務。所以隨著情況變得更清楚、更成熟，這也會影響我們的遞延收入規劃。

Yeah. And the second question regarding guidance implying moderation in growth in the second half, what you're really hearing is just our sort of range of expectations based on the supply constraints and trying to gauge where the data center readiness for large deployments will land us. But as we mentioned in the prepared remarks, demand remains extremely strong and especially the interest in the DCBBS product portfolio.

是的。第二個問題關於指引暗示下半年成長放緩，你真正聽到的是：基於供應限制，我們在預期區間內做出的判斷，並試圖評估資料中心在大型部署方面的就緒程度最終會把我們帶到哪裡。但如同我們在事先準備的講稿中提到的，需求仍然極為強勁，尤其是對 DCBBS 產品組合的興趣。

Got it. Very clear. And then maybe as my second one, just dovetailing off of that a little bit, and maybe this is a two parter as well.

了解。非常清楚。那麼也許作為我的第二個問題，稍微延伸一下，可能也是分成兩個部分。

But you're talking about maybe shortages here going into -- or kind of the supply tightness, I guess, in terms of the total ecosystem. Can you maybe just touch on what's the most binding constraint as you think about the 2Q and second half outlook?

你們提到可能會出現短缺——或者說整個生態系的供應吃緊。能否談談在你們看 2Q 與下半年展望時，最主要、最具約束力的限制是什麼？

Is it largely associated with the GPUs? Or is it other elements on the component side? And then the second question is just more around, obviously, within this backdrop of shortages, pricing has obviously been a strong element in terms of pass-through. Any way you can kind of help us think through as we think about your '27 outlook, how much of the growth is being driven by units as opposed to cost pass-through?

主要是與 GPU 有關嗎？還是元件端的其他要素？第二個問題則是，在這樣的短缺背景下，定價顯然是轉嫁成本的一個重要因素。能否協助我們理解：在你們看 2027 年展望時，成長有多少是由出貨量帶動、而非成本轉嫁所推動？

Very good question. I mean the reason why we have a conservative number for annual revenue, $72 billion to $82 billion because we are concerning about some key components shortage and also macro economy.

非常好的問題。我們之所以對全年營收給出較保守的數字——720 億到 820 億美元——是因為我們擔心一些關鍵元件短缺，以及總體經濟。

So if the component shortage won't be a big issue, and if the macroeconomy is healthy then for sure, our second half will be much bigger than our first half.

所以如果元件短缺不是大問題，而且總體經濟健康，那麼可以肯定的是，我們下半年會比上半年大很多。

So we hope so, and that's why we are very optimistic to see our second half have a much better performance than the first half. And if that's the case, $72 billion to $82 billion becomes very, very conservative.

所以我們希望如此，這也是為什麼我們非常樂觀地看待下半年會比上半年有更好的表現。如果真是如此，720 億到 820 億美元就會變得非常、非常保守。

Yeah. And I think your point about the growth in ASPs really driven by the cost of key components that has been going up sometimes more than quarterly -- our outlook does not -- for the second half does not encompass significant growth in ASPs.

是的。我想你提到 ASP 成長主要是由關鍵元件成本上升所驅動，有時甚至高於單季的幅度——我們對下半年的展望並未納入 ASP 顯著成長。

So again, we have a relatively conservative approach there. And we're really looking at the details of customer deployments, what they need, which product sets, what our production capacity is and kind of how to manage into that. And as Charles pointed out, our demand far outstrips the availability of key components.

所以同樣地，我們在那方面採取相對保守的做法。我們真正關注的是客戶部署的細節、他們需要什麼、需要哪些產品組合、我們的產能如何，以及如何在其中進行管理。而如 Charles 所指出的，我們的需求遠遠超過關鍵元件的可得性。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi. Thanks for taking my questions and Mark, congrats on the role, and I look forward to working with you. Maybe I'll ask you my first question.

嗨，謝謝讓我提問。Mark，恭喜你擔任這個職務，我也期待與你合作。我先問第一個問題。

As you look out over the next 12 months, do you think Super Micro has enough cash and cash flow to self-fund the investments that are needed to support the strong growth that you're seeing, what would cause you to raise more capital? And do you have a preference for debt versus equity? And I have a follow-up.

展望未來 12 個月，你認為 Super Micro 是否有足夠的現金與現金流，能自籌資金來支持你們所看到的強勁成長所需的投資？什麼情況會促使你們再籌資？你們對於舉債與發行股權有偏好嗎？我還有一個追問。

Very good question. As you know, by end of the last quarter, our cash is $6 billion. We never have so much cash in the bank. So indeed, the cash flow at this moment, we don't worry. Even in the second half continue to grow strongly if the macroeconomy is healthy. Our cash flow is in much strong position than before ever.

非常好的問題。如你所知，截至上一季末，我們的現金是 60 億美元。我們從來沒有在銀行裡有這麼多現金。所以確實，就目前的現金流而言，我們不擔心。即使下半年在總體經濟健康的情況下持續強勁成長，我們的現金流也處於比以往任何時候都更強的狀態。

Yeah, as Charles pointed out, I mean starting with $6.9 billion of cash puts us in a very good position. As we mentioned, our working capital efficiency has gone up, our ability to fund our working capital needs through our focus on high-quality customers and some customer prepayments.

是的，如 Charles 所指出的，以 69 億美元現金起步讓我們處於非常有利的位置。如我們提到的，我們的營運資金效率提升了；透過聚焦高品質客戶以及部分客戶預付款，我們也更有能力為營運資金需求提供資金。

That puts us in a great position so that we can optimize our capital structure. We can think about trade-offs if we have very attractive opportunities that require incremental funding we have our $1.8 billion working capital facility, and we have the opportunity to access other markets.

這讓我們處於很好的位置，可以最佳化我們的資本結構。如果出現需要額外資金、且非常具吸引力的機會，我們可以權衡取捨；我們有 18 億美元的營運資金融資額度，也有機會進入其他市場。

As you point out, both the credit and equity markets, at this point, we don't have any plans to consider equity raises. And as far as the debt markets, I think we would look at kind of what is available and how it would best position the company for continued success and provide us with the right leverage structure.

如你所說，包括信貸市場與股權市場；就目前而言，我們沒有任何計畫考慮增發股權。至於債務市場，我想我們會看有哪些可用選項，以及哪一種最能讓公司在持續成功上取得最佳定位，並為我們提供合適的槓桿結構。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Hi, guys. It's Bernan Rogers on for [George]. I guess just a question on what's changed in your conversations with customers in the last 90 days in order to get this better visibility. Like is this a feature of today's market, like customers are extending the forecast time lines that they're giving you? Or is this sort of more of a shift in how you're managing the business?

嗨，各位。我是 Bernan Rogers，代替 [George] 發問。我想問的是：在過去 90 天裡，你們與客戶的對話有哪些改變，讓你們能取得更好的能見度？這是當前市場的特徵嗎，例如客戶提供給你們的預測時間軸變長了？還是說這更像是你們管理業務方式的轉變？

Yeah. As we mentioned, we have a strong back order. And so we have a choice to select customers and customer order quality, customer quality is very important to us. So we have a chance to selective from some point of view.

是的。如我們提到的，我們有強勁的未交貨訂單。因此我們可以選擇客戶與訂單品質；客戶品質對我們非常重要。所以從某種角度來看，我們有機會做出選擇。

Yes. And I think as Charles pointed out, we are getting better visibility from a number of our customers, some very large, some moderately large, and we're getting visibility across geographies and.

是的。我想如 Charles 所指出的，我們從多位客戶那裡獲得了更好的能見度，有些是非常大型的客戶，有些是中等規模的客戶；而且我們在不同地理區域以及

Enterprises

企業

Yes. And the growth of the enterprise business is another factor that will provide enhanced visibility and stability to our overall revenue stream.

是的。而企業業務的成長也是另一個因素，將為我們整體營收來源帶來更高的能見度與穩定性。

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

我們的問答環節到此結束。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。