超微電腦 (SMCI) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer, Inc. Fiscal Third Quarter 2022 Results Conference Call. (Operator Instructions)

女士們，先生們，謝謝你們的支持。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Super Micro Computer, Inc. 2022 財年第三季度業績電話會議。 （操作員說明）

It's now my pleasure to turn the call over to Nicole Noutsios, Investor Relations. Please go ahead.

現在我很高興將電話轉給投資者關係部的 Nicole Noutsios。請繼續。

Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the third quarter, which ended March 31, 2022. With me today are Charles Liang, Founder, Chairman and Chief Executive Officer; Patrick Wang, President, East Coast and SVP, Strategy and Corporate Development; and David Weigand, Chief Financial Officer. By now, you should have received a copy of the news release from the company that was distributed at the close of regular trading and is available on the company's website.

下午好，感謝您參加超微關於討論截至 2022 年 3 月 31 日的第三季度財務業績的電話會議。今天和我在一起的是創始人、董事長兼首席執行官 Charles Liang； Patrick Wang，東海岸總裁兼戰略與企業發展高級副總裁；和首席財務官大衛韋根。到目前為止，您應該已經收到了公司在常規交易結束時分發的新聞稿副本，該新聞稿可在公司網站上找到。

As a reminder, during today's call, the company will refer to a presentation that is available to participants on the IR section of the company's website under Events and Presentations tab. We have also published management's scripted commentary on our website. Please note that some of the information here during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, other allocation and future business outlook, including guidance for the fourth quarter of fiscal year '22 and full year 2022, our long-term revenue goals and the potential impact of COVID-19 on the company's business and results of operations.

提醒一下，在今天的電話會議中，公司將參考公司網站 IR 部分的“事件和演示”選項卡下的參與者可用的演示文稿。我們還在我們的網站上發布了管理層的腳本評論。請注意，我們今天討論期間的某些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和支出、稅收、其他分配和未來業務前景的陳述，包括'22 財年第四季度和 2022 年全年的指導，我們的長期收入目標以及 COVID-19 對公司業務和運營結果的潛在影響。

There are a number of risk factors that can cause Super Micro's future results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, most recent 10-K filings of fiscal 2021, our 10-Q filings made thereafter and our other SEC filings. All these documents are available on the IR section of Super Micro's website. We assume no obligation to update any forward-looking statements. Most of today's presentation refer to non-GAAP financial results and business outlook. For an explanation of our non-GAAP financial measures, please refer to the company's presentation or to our press release published earlier today. In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and supplemental provision attached to today's presentation. At the end of today's prepared remarks, we'll have a Q&A session for sell-side analysts to ask questions.

有許多風險因素可能導致 Super Micro 的未來結果與我們的預期大相徑庭。您可以在我們今天下午早些時候發布的新聞稿、最近的 2021 財年 10-K 文件、我們此後提交的 10-Q 文件以及我們向 SEC 提交的其他文件中了解有關這些風險的更多信息。所有這些文件都可以在 Super Micro 網站的 IR 部分找到。我們不承擔更新任何前瞻性陳述的義務。今天的大部分演示文稿都涉及非公認會計準則財務業績和業務前景。有關我們的非公認會計原則財務指標的解釋，請參閱公司的演示文稿或我們今天早些時候發布的新聞稿。此外，GAAP 與非 GAAP 結果的對賬包含在今天的新聞稿和今天演示文稿所附的補充規定中。在今天準備好的評論結束時，我們將有一個問答環節，供賣方分析師提問。

I will now turn the call over to Charles. Charles?

我現在將把電話轉給查爾斯。查爾斯?

Thank you, Nicole, and good afternoon, everyone. Today, I am pleased to announce our quarterly revenue of $1.36 billion for fiscal year Q3 2022, which was 51% year-over-year growth and 16% quarter-on-quarter growth sequentially. These results are well above our guidance given 3 months ago and above our recently updated range given 2 weeks ago. The continued 5 quarters of strong earnings indicate our Total IT Solutions growth strategy is working well, and we are only at the very beginning of the breakout.

謝謝你，妮可，大家下午好。今天，我很高興地宣布，我們 2022 財年第三季度的季度收入為 13.6 億美元，同比增長 51%，環比增長 16%。這些結果遠高於我們 3 個月前給出的指導，也高於我們 2 週前給出的最近更新的範圍。連續 5 個季度的強勁收益表明我們的整體 IT 解決方案增長戰略運作良好，而我們才剛剛開始突破。

Now let's look at some of the key highlights from the quarter. First, again, our fiscal third quarter net revenue totaled $1.36 billion, up 51% year-on-year and up 16% quarter-on-quarter. We are above our guidance range of $1.1 billion to $1.2 billion. It's Super Micro's fifth (inaudible) quarter of faster revenue provision, and we continue to execute our strong growth trajectory at 3 to 4x higher than the overall industry's growth rate.

現在讓我們看一下本季度的一些關鍵亮點。首先，我們第三財季的淨收入總額為 13.6 億美元，同比增長 51%，環比增長 16%。我們高於我們 11 億至 12 億美元的指導範圍。這是 Super Micro 的第五個（聽不清）更快的收入提供季度，我們繼續以高於整個行業增長率 3 到 4 倍的速度執行強勁的增長軌跡。

Our fiscal third quarter non-GAAP earnings per share was more than triple year-over-year and was $1.55 compared to $0.50 a year ago. This 210% growth was well above the higher end of our guidance range of $0.70 to $0.90, demonstrating strong operating leverages and the customers accepting the value of our Total IT Solutions.

我們的第三財季非公認會計原則每股收益同比增長三倍多，為 1.55 美元，而一年前為 0.50 美元。這一 210% 的增長遠高於我們 0.70 美元至 0.90 美元的指導範圍的上限，表明強大的運營槓桿和客戶接受我們的整體 IT 解決方案的價值。

Growth in our major geographies was well balanced, and our recent Taiwan expansion has contributed to our better operation margin and meeting our growth -- customer demand. Our results in the past 5 quarters are showing that we are ahead of our $10 billion annual revenue target that was shared last year March. And our profitability has been improving gradually as well since then. Based on our current demand and capacity, we are forecasting at least $1.45 billion revenue for the coming June quarter to end the fiscal 2022 on a strong note at above $5 billion yearly revenue.

我們主要地區的增長非常平衡，我們最近在台灣的擴張有助於我們提高運營利潤率並滿足我們的增長——客戶需求。我們在過去 5 個季度的業績表明，我們超過了去年 3 月共享的 100 億美元的年收入目標。從那時起，我們的盈利能力也在逐漸提高。根據我們目前的需求和產能，我們預計到 2022 財年結束的 6 月季度至少有 14.5 億美元的收入，年收入將超過 50 億美元。

Looking further ahead, I believe we will continue to have a strong fiscal year '23 in the range of $6 billion to $7 billion annually and expect to reach our $10 billion yearly revenue at least 1 year sooner than the original plan we shared back in 2021 March. The fuel that accelerate our revenue came from our success with our Total IT Solutions in AI, enterprise, cloud, edge, telco and customers from many other verticals. Riding on the strength and the foundation of Super Micro's optimal building blocks architecture, our Total IT Solutions allow customers to quickly deploy without going through the complications of design, validation, sourcing and integration. This strategy also positions Super Micro very profitably against the ongoing supply chain challenge compared to our competition. With our building blocks and faster-growing economy of scale, we can create and deliver workload optimized solutions to customers with time-to-market advantage, quality, performance, cost and TCO advantages.

展望未來，我相信我們將繼續擁有強勁的 23 財年，每年在 60 億美元至 70 億美元的範圍內，並有望比我們在 2021 年共享的原始計劃至少提前一年達到 100 億美元的年收入行進。加速我們收入增長的動力來自於我們在人工智能、企業、雲、邊緣、電信和許多其他垂直領域的客戶中的整體 IT 解決方案的成功。憑藉 Super Micro 最佳構建塊架構的優勢和基礎，我們的整體 IT 解決方案允許客戶快速部署，而無需經歷複雜的設計、驗證、採購和集成。與我們的競爭對手相比，這一戰略還使 Super Micro 在應對持續的供應鏈挑戰時非常有利可圖。憑藉我們的構建模塊和快速增長的規模經濟，我們可以為客戶創建和交付工作負載優化的解決方案，並具有上市時間優勢、質量、性能、成本和 TCO 優勢。

To grow our solutions and customer base faster and more efficiently, we are on track with our command center based auto-configurator and B2B/B2C automation platforms. Many customers have tried and liked this intelligent database and [wafer-based] service for many quarters. This represents our next opportunity to scale up and scale out our application optimized solution to many more customers, 24/7 with no downtime and no manpower bandwidth limitation. The B2B and B2C automation program will be gradually launched nationwide in this month, indeed, next week, I believe. It will dramatically improve our engineering, operations, sales and service effectiveness and customer satisfaction, while accelerating our market share gains.

為了更快、更有效地發展我們的解決方案和客戶群，我們正在使用基於指揮中心的自動配置器和 B2B/B2C 自動化平台。許多客戶已經嘗試並喜歡這種智能數據庫和 [基於晶圓的] 服務已有多個季度。這代表著我們下一次有機會向更多客戶擴展和擴展我們的應用程序優化解決方案，24/7 全天候，沒有停機時間，也沒有人力帶寬限制。 B2B和B2C自動化計劃將在本月在全國范圍內逐步推出，確實，我相信下週。它將顯著提高我們的工程、運營、銷售和服務效率以及客戶滿意度，同時加速我們的市場份額增長。

To enrich our Total IT Solutions product portfolio, we have doubled our software engineering resource in the past few years to build new features to power our enterprise data center and OEM customers. Our SuperCloud Composer and other software products manage GPU, compute, storage and networking building blocks at cloud scale, including rich analytics. So data center operators can make critical data-driven decisions to improve workflow efficiently. In middle and long term, we see our investment in broad data center management software stack will enable future infrastructure-as-a-service and monitor-as-a-service functionality and that will further enhance our Total IT Solutions capability and value.

為了豐富我們的整體 IT 解決方案產品組合，我們在過去幾年中將軟件工程資源翻了一番，以構建新功能，為我們的企業數據中心和 OEM 客戶提供支持。我們的 SuperCloud Composer 和其他軟件產品以雲規模管理 GPU、計算、存儲和網絡構建塊，包括豐富的分析。因此，數據中心運營商可以做出關鍵的數據驅動決策，以有效地改進工作流程。從中長期來看，我們看到我們對廣泛的數據中心管理軟件堆棧的投資將支持未來的基礎設施即服務和監控即服務功能，這將進一步增強我們的整體 IT 解決方案能力和價值。

Our recent Taiwan and U.S. expansions are focusing on delivering L10, L11 and L12 rack-scale Total IT Solutions in volume, capable of shipping thousands of racks per mile directly from Super Micro campuses. Designed with green computing in mind means energy-saving rack-scale solutions, leveraging our latest air cooling and liquid cooling technologies. More and more of our customers are able to run their data center with POE close to 1.06 or even better. Customers can expect lower TCO by saving energy costs, while increase performance per megawatt in their facility substantially. In some other cases, our customer increased computing capacity up to 50% with the same energy budget. [Many of] these customers are quite happy to receive higher-quality plug-and-play-ready products. They are fully optimized, integrated and validated by Super Micro.

我們最近在台灣和美國的擴張專注於提供 L10、L11 和 L12 機架規模的整體 IT 解決方案，能夠直接從 Super Micro 園區每英里運送數千個機架。以綠色計算為設計理念意味著節能的機架級解決方案，利用我們最新的空氣冷卻和液體冷卻技術。越來越多的客戶能夠以接近 1.06 甚至更高的 POE 運行他們的數據中心。客戶可以通過節省能源成本來降低 TCO，同時大幅提高設施的每兆瓦性能。在其他一些情況下，我們的客戶在相同的能源預算下將計算能力提高了 50%。 [許多] 這些客戶非常高興收到更高質量的即插即用產品。它們經過 Super Micro 的全面優化、集成和驗證。

Our R&D organizations are happy and hard at work to expand our new technology product lines. With the upcoming new Intel (inaudible) and AMD [novel] processors, we again are ready to bring time-to-market advantages to our customers. We are pleased to see a strong trend in terms of customer seeding and early deployment requests. We especially partnered closely with NVIDIA and other leading technology partners in the emerging metaverse and omniverse ecosystems and doubled our GPU product line to support these [speedy] and immersive workloads. With all other new technologies, including PCIe Gen 5, CXL, DDR5, the new 350-watt CPU and 700-watt GPU, our portfolio of new platform for rack-scale Total IT Solutions will continue to evolve and become a key growth driver for our coming quarters and years.

我們的研發組織樂於努力擴展我們的新技術產品線。借助即將推出的新英特爾（聽不清）和 AMD [新型] 處理器，我們再次準備好為我們的客戶帶來上市時間優勢。我們很高興看到客戶播種和早期部署請求方面的強勁趨勢。我們特別與 NVIDIA 和其他領先的技術合作夥伴在新興的 metaverse 和omniverse 生態系統中密切合作，並將我們的 GPU 產品線增加了一倍，以支持這些 [快速] 和沈浸式工作負載。借助所有其他新技術，包括 PCIe Gen 5、CXL、DDR5、新的 350 瓦 CPU 和 700 瓦 GPU，我們用於機架級整體 IT 解決方案的新平台產品組合將繼續發展並成為關鍵的增長動力我們未來的幾個季度和幾年。

In closing, our 51% year-over-year revenue growth and $1.55 quarterly EPS prove that our Total IT Solutions strategy has been gaining customers' preference and trust in this growing time. We will continue to enhance our Total IT Solutions capability and value, while continuing to lower our operation costs by leveraging our Taiwan production capacity. With our strong technical foundation, dedicated employees, server building blocks solutions and application-optimized green computing products, we are quickly and consistently winning new customers and their satisfaction now.

最後，我們 51% 的同比收入增長和 1.55 美元的季度每股收益證明，我們的整體 IT 解決方案戰略在這個不斷增長的時期贏得了客戶的偏好和信任。我們將繼續提升整體 IT 解決方案的能力和價值，同時通過利用我們的台灣生產能力繼續降低我們的運營成本。憑藉我們強大的技術基礎、敬業的員工、服務器構建塊解決方案和應用優化的綠色計算產品，我們現在正在快速、持續地贏得新客戶和他們的滿意。

More importantly, we invested in command center-based B2B and B2C platforms will help us to much efficiently increase our customer base and market share. I and my team will continue to execute our growth strategies and accelerating the time line to reach $10 billion revenue target in short term and start to plan and execute our new $20 billion midterm goal as well.

更重要的是，我們投資基於指揮中心的 B2B 和 B2C 平台將幫助我們更有效地增加我們的客戶群和市場份額。我和我的團隊將繼續執行我們的增長戰略並加快時間線，以在短期內達到 100 億美元的收入目標，並開始計劃和執行我們新的 200 億美元的中期目標。

I will now pass the call to David Weigand, our CFO, to provide additional detail on the quarter. David?

我現在將電話轉給我們的首席財務官 David Weigand，以提供有關本季度的更多詳細信息。大衛？

Thank you, Charles. I'm pleased to report solid fiscal third quarter revenue of $1.36 billion, 51% year-on-year increase and 16% quarter-on-quarter increase. Our revenue exceeded our initial guidance range of $1.1 billion to $1.2 billion and our recently updated range of $1.3 billion to $1.35 billion. This was our fourth consecutive quarter of revenues exceeding $1 billion. Year-to-date revenue through our fiscal third quarter increased 43% year-over-year. Our growth initiatives with Total IT Solutions targeting fast-growing markets and customers with accelerated GPU and AI workloads, software-defined storage and networking, public and hybrid cloud and edge/IoT platforms are gaining momentum. These new growth drivers complement our traditional strength with enterprise, channel and OEM customers, leading to accelerating revenue growth, expanding margins and operating leverage.

謝謝你，查爾斯。我很高興地報告第三財季收入穩健，達到 13.6 億美元，同比增長 51%，環比增長 16%。我們的收入超過了 11 億美元至 12 億美元的初始指導範圍以及我們最近更新的 13 億美元至 13.5 億美元的範圍。這是我們連續第四個季度收入超過 10 億美元。我們第三財季的年初至今收入同比增長 43%。我們針對快速增長的市場和具有加速 GPU 和 AI 工作負載、軟件定義的存儲和網絡、公共和混合雲以及邊緣/物聯網平台的客戶的整體 IT 解決方案的增長計劃正在獲得動力。這些新的增長動力補充了我們在企業、渠道和 OEM 客戶方面的傳統優勢，從而加速收入增長、擴大利潤率和運營槓桿。

Revenues for the trailing 4 quarters, that's Q4 '21 through Q3 of fiscal year '22, totaled $4.63 billion. In the third fiscal quarter, Super Micro recorded balanced revenues across all 3 of our market verticals, demonstrating the resilient nature of our diversified end markets. We achieved $846 million in [organic, enterprise and channel] and AI/ML revenues, representing 62% of Q3 revenues versus 64% last quarter. It was up 44% year-over-year and 12% quarter-over-quarter with growth driven both by our growing list of large enterprise customers and new product offerings.

過去 4 個季度（即 21 年第四季度至 22 財年第三季度）的收入總計 46.3 億美元。在第三財季，超微在我們所有三個垂直市場的收入均保持平衡，顯示了我們多元化終端市場的彈性。我們在 [有機、企業和渠道] 和 AI/ML 方面實現了 8.46 億美元的收入，佔第三季度收入的 62%，而上一季度為 64%。同比增長 44%，環比增長 12%，增長受到我們不斷增長的大型企業客戶名單和新產品供應的推動。

Our OEM appliance and large data center segment achieved $423 million in revenues, representing 31% of Q3 revenues versus 23% (sic) [24%] last quarter, which was up 54% year-over-year and up 54% quarter-over-quarter, with strong growth driven by large new and existing data center customers and OEM appliance customers.

我們的 OEM 設備和大型數據中心部門實現了 4.23 億美元的收入，佔第三季度收入的 31%，而上一季度為 23%（原文如此）[24%]，同比增長 54%，環比增長 54% -季度，在大型新的和現有的數據中心客戶和 OEM 設備客戶的推動下實現了強勁增長。

Our 5G, telco, edge and IoT segment achieved $86 million in revenues, representing 7% of Q3 revenues versus 12% last quarter. This was up 159% year-over-year and down 39% quarter-over-quarter. This emerging segment represents a vast long-term opportunity for us, and our design win momentum and backlog continues to grow, but short-term quarter-to-quarter results can fluctuate depending on the timing of new customer adoptions and qualification cycles.

我們的 5G、電信、邊緣和物聯網部門實現了 8600 萬美元的收入，佔第三季度收入的 7%，而上一季度為 12%。同比增長 159%，環比下降 39%。這一新興細分市場對我們來說是一個巨大的長期機會，我們的設計贏得勢頭和積壓工作繼續增長，但短期季度業績可能會根據新客戶採用的時間和資格週期而波動。

Systems comprised 85% of total revenue and subsystems and accessories represented 15% of Q3 revenues. On a year-over-year basis, the volume of systems and nodes shipped as well as system node ASPs increased. On a quarter-over-quarter basis, the volume of systems shipped and system node ASPs increased, while nodes shipped were lower due to product mix.

系統佔總收入的 85%，子系統和配件佔第三季度收入的 15%。與去年同期相比，系統和節點的出貨量以及系統節點的 ASP 均有所增加。與上一季度相比，系統出貨量和系統節點 ASP 均有所增加，而節點出貨量則因產品組合而減少。

We had balanced distribution revenues across geographies, with the U.S. representing 56% of revenue; Asia, including Japan, 23%; and Europe, 15%; while rest of the world was 6%. On a year-on-year basis, U.S. revenues increased 53%; Asia, including Japan, increased 50%; Europe increased 27%; and the rest of the world increased 184%. On a sequential basis, U.S. revenues increased 19%; Asia, including Japan, increased 9%; Europe decreased 5%; and the rest of the world increased 124%.

我們在各個地區的分銷收入平衡，美國占收入的 56%；亞洲，包括日本，23%；和歐洲，15%；而世界其他地區則為 6%。美國收入同比增長 53%；亞洲，包括日本，增長了 50%；歐洲增長 27%；世界其他地區增長了 184%。美國收入環比增長 19%；包括日本在內的亞洲增長了 9%；歐洲下降 5%；世界其他地區增長了 124%。

The Q3 gross margin was 15.6%, which was up 160 basis points quarter-over-quarter from Q2 and up 180 basis points year-on-year due to price discipline, leverage from higher factory utilization and operating efficiencies and a continually improving product customer mix. The quarter-on-quarter and year-on-year increase in gross margins was achieved despite continued elevated freight and supply chain costs.

第三季度毛利率為 15.6%，環比增長 160 個基點，同比增長 180 個基點，原因是價格紀律、更高的工廠利用率和運營效率以及不斷改進的產品客戶混合。儘管貨運和供應鏈成本持續上漲，毛利率仍實現了環比和同比增長。

Turning to operating expenses. Q3 OpEx, on a GAAP basis, increased 7% quarter-on-quarter and 14% year-on-year to $121 million. On a non-GAAP basis, operating expenses increased 6% quarter-on-quarter and increased 15% year-on-year to $110 million. Our non-GAAP operating margin increased significantly to 7.5% for the quarter versus 5.2% last quarter and 3.2% a year ago, demonstrating both improvements in gross margins and operating leverage. The year-on-year and quarter-on-quarter increases on a GAAP and non-GAAP basis were driven by higher headcount and personnel costs and lower research and development [NRV] credits.

轉向運營費用。按美國通用會計準則計算，第三季度運營支出環比增長 7%，同比增長 14%，達到 1.21 億美元。按非公認會計原則計算，運營費用環比增長 6%，同比增長 15%，達到 1.1 億美元。本季度我們的非公認會計原則營業利潤率顯著提高至 7.5%，而上一季度和一年前分別為 5.2% 和 3.2%，這表明毛利率和運營槓桿均有所改善。 GAAP 和非 GAAP 基礎上的同比和環比增長是由更高的員工人數和人員成本以及更低的研發 [NRV] 學分推動的。

Other income and expense was $3.1 million in income, consisting of $4.6 million in foreign exchange gains, offset by interest expense of $1.5 million as compared to a $1.8 million expense last quarter. This quarter, the tax provision was $16.2 million on a GAAP basis and $19.6 million on a non-GAAP basis. Our non-GAAP tax rate was 18.7% for the quarter. Our tax rate for GAAP and non-GAAP purposes increased again this quarter, primarily due to a significant increase in pretax income in fiscal 2022.

其他收入和支出為 310 萬美元的收入，其中包括 460 萬美元的外匯收益，被 150 萬美元的利息支出抵消，而上一季度的支出為 180 萬美元。本季度，按公認會計原則計算的稅收撥備為 1620 萬美元，按非公認會計原則計算為 1960 萬美元。我們本季度的非公認會計原則稅率為 18.7%。本季度我們的 GAAP 和非 GAAP 稅率再次增加，主要是由於 2022 財年稅前收入大幅增加。

Lastly, our share of income from our JV was $0.3 million this quarter as compared to $0.2 million last quarter. The Q3 non-GAAP diluted earnings per share totaled $1.55, which exceeded the high end of the original guidance range of $0.70 to $0.90 and our recently updated Q3 range of $1.40 to $1.50. The increases to EPS were due to a combination of higher revenues, manufacturing efficiencies, price discipline, product and customer mix and operating leverage. Cash flow used in operations for Q3 was $228 million compared to cash flow used in operations of $53 million in Q2 as accounts receivable and inventories grew due to increasing demand from our customers and to mitigate the continued impact of supply chain disruptions.

最後，本季度我們從合資企業獲得的收入份額為 30 萬美元，而上一季度為 20 萬美元。第三季度非 GAAP 攤薄後每股收益總計 1.55 美元，超過了最初指導範圍 0.70 美元至 0.90 美元和我們最近更新的第三季度範圍 1.40 美元至 1.50 美元的上限。每股收益的增長是由於更高的收入、製造效率、價格紀律、產品和客戶組合以及運營槓桿的共同作用。第三季度運營中使用的現金流為 2.28 億美元，而第二季度運營中使用的現金流為 5300 萬美元，這是由於客戶需求增加以及減輕供應鏈中斷的持續影響導致應收賬款和庫存增加。

Including CapEx of $11 million, Q3 negative free cash flow totaled $239 million. Key uses of cash during the quarter included increases to inventory and accounts receivable and a reduction in customer prepayments. This was offset by cash provided from increased accounts payable and short-term debt. We did not repurchase any shares in the quarter. Our closing balance sheet cash position was $247 million, while bank debt was $547 million as we drew down on our bank lines of credit to increase inventory levels as we ramped production of new platforms globally.

包括 1100 萬美元的資本支出，第三季度負自由現金流總計 2.39 億美元。本季度現金的主要用途包括庫存和應收賬款的增加以及客戶預付款的減少。這被增加的應付賬款和短期債務提供的現金所抵消。我們在本季度沒有回購任何股票。我們的資產負債表期末現金頭寸為 2.47 億美元，而銀行債務為 5.47 億美元，因為我們在全球範圍內增加新平台的生產，動用了銀行信貸額度以增加庫存水平。

Turning to the balance sheet and working capital metrics compared to last quarter, our Q3 cash conversion cycle was unchanged at 98 days relative to Q2 and above our target range of 85 to 90 days due to higher inventories. Days of inventory was 117, representing a slight decrease of 1 day versus the prior quarter. Days sales outstanding was up by 2 days quarter-on-quarter to 39 days, while days payable outstanding was up by 1 day to 58 days.

轉向與上一季度相比的資產負債表和營運資本指標，我們的第三季度現金轉換週期相對於第二季度保持不變，為 98 天，並且由於庫存增加，高於我們 85 至 90 天的目標範圍。庫存天數為 117 天，比上一季度略有下降 1 天。未償銷售天數環比增加 2 天至 39 天，而應付未償天數增加 1 天至 58 天。

Now turning to the outlook for our business. We note that our Q4 June quarter is typically seasonally strong, and we are enthusiastic about several new customers and innovative new leading-edge Total IT Solutions ramping in multiple end markets. We are carefully watching the global macroeconomic situation and impacts to the supply chain from continuing COVID-19-related disruptions.

現在轉向我們業務的前景。我們注意到，我們的 6 月第 4 季度通常季節性強勁，我們對在多個終端市場上湧現的幾個新客戶和創新的新領先整體 IT 解決方案充滿熱情。我們正在密切關注全球宏觀經濟形勢以及持續的 COVID-19 相關中斷對供應鏈的影響。

For the fourth quarter of fiscal 2022, ending June 30, 2022, we expect net sales in the range of $1.4 billion to $1.48 billion; GAAP diluted net income per share of $1.45 to $1.64; and non-GAAP diluted net income per share of $1.51 to $1.69. We expect gross margins to be similar or slightly up from Q3 levels. GAAP operating expenses are expected to be approximately $121 million and it include $8 million in stock-based compensation and $1 million in other expenses not included in non-GAAP operating expenses. We expect other income and expense, including interest expense, to be a net expense of approximately $2 million and expect a nominal contribution from our JV. Non-GAAP operating expenses are forecasted to be up quarter-on-quarter from continued investment in R&D and higher personnel costs. The company's projections for GAAP and non-GAAP diluted net income per common share assume a GAAP tax rate of 17.4%, a non-GAAP tax rate of 19.4% and a fully diluted share count of 54.3 million for GAAP and 55.7 million shares for non-GAAP.

對於截至 2022 年 6 月 30 日的 2022 財年第四季度，我們預計淨銷售額在 14 億美元至 14.8 億美元之間； GAAP 攤薄後每股淨收益為 1.45 美元至 1.64 美元；非公認會計原則攤薄後每股淨收益為 1.51 美元至 1.69 美元。我們預計毛利率與第三季度水平相似或略高。 GAAP 運營費用預計約為 1.21 億美元，其中包括 800 萬美元的股票薪酬和 100 萬美元未包含在非 GAAP 運營費用中的其他費用。我們預計其他收入和費用（包括利息費用）將是約 200 萬美元的淨費用，並預計我們的合資企業會提供名義上的貢獻。由於對研發的持續投資和更高的人員成本，非 GAAP 運營費用預計將環比增長。公司對 GAAP 和非 GAAP 稀釋後的每股普通股淨收益的預測假設 GAAP 稅率為 17.4%，非 GAAP 稅率為 19.4%，GAAP 完全攤薄後的股份數量為 5430 萬股，非 GAAP 為 5570 萬股。 -GAAP。

For the fiscal year ending June 30, 2022, we are raising our revenue guidance range from $4.2 billion to $4.6 billion to a new range of $4.96 billion to $5.04 billion, and raising our GAAP diluted net income per share outlook from at least $2.77 to a range of $4.16 to $4.35, and our non-GAAP diluted net income per share from at least $3.20 to a range of $4.53 to $4.71. The company's projections for GAAP annual net income assumes a tax rate of 16.5% and a rate of 18.7% for non-GAAP net income. For fiscal year '22, we are assuming a fully diluted share count of 53.6 million shares for GAAP and 55.1 million shares for non-GAAP. The outlook for fiscal year 2022 fully diluted GAAP earnings per share includes approximately $39 million in expected stock-based compensation and other expenses net of tax effects that are excluded from non-GAAP diluted net income per common share. Finally, we expect CapEx for the fiscal fourth quarter of 2022 to be in the range of $10 million to $15 million.

對於截至 2022 年 6 月 30 日的財年，我們將收入指引範圍從 42 億美元至 46 億美元上調至 49.6 億美元至 50.4 億美元的新範圍，並將我們的 GAAP 攤薄後每股淨收益預期從至少 2.77 美元上調至範圍為 4.16 美元至 4.35 美元，我們的非公認會計原則攤薄後每股淨收入從至少 3.20 美元至 4.53 美元至 4.71 美元之間。該公司對 GAAP 年度淨收入的預測假設稅率為 16.5%，非 GAAP 淨收入的稅率為 18.7%。對於 '22 財年，我們假設 GAAP 完全稀釋後的股票數量為 5360 萬股，非 GAAP 為 5510 萬股。 2022 財年完全攤薄後的 GAAP 每股收益前景包括約 3900 萬美元的預期股票薪酬和其他扣除非 GAAP 攤薄後的普通股淨收益之外的稅收影響的費用。最後，我們預計 2022 財年第四季度的資本支出將在 1000 萬美元至 1500 萬美元之間。

And Nicole, we're ready for Q&A.

妮可，我們已經準備好進行問答了。

Operator, please open the line for questions.

接線員，請打開電話提問。

(Operator Instructions) Your first question comes from the line of Ananda Baruah with Loop Capital.

（操作員說明）您的第一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the great execution, first half of this calendar year, sounds like it was good follow through here. 2, if I could, Charles and David, what would you guys -- first time we've gotten the chance to talk to you guys since you preannounced, what would you guys say you would consider to have been incremental versus 90 days ago that's leading to such strong revenue execution for both the March quarter and now the June quarter? And then I have a follow-up.

恭喜今年上半年的出色執行，聽起來很不錯。 2，如果可以的話，查爾斯和大衛，你們會怎麼做——自從你們預先宣布以來，我們第一次有機會與你們交談，你們會說與 90 天前相比，你們會認為是漸進式的嗎？導致 3 月季度和現在 6 月季度的收入執行如此強勁？然後我有一個跟進。

Yes. The reason why is because of the supply chain because there are always some invisible factor. And that's why, I mean, earlier, I mean, March quarter, we tried to be conservative. But now we have many customers who really like our IT Total Solutions, and we ship a lot of completed rack. Indeed, our rack-scale P&P -- plug-and-play rack solution grew a lot year-over-year. Roughly, this year, compared with last year, our rack-scale product grew about 5 to 6x growth. And this momentum, I believe, will continue to be very strong in the next 12 months. So we expect another 3x to 5x rack-scale P&P product line growth. So that's why, I mean, the growth has been a little bit surprise to us.

是的。之所以會這樣，是因為供應鏈因為總有一些看不見的因素。這就是為什麼，我的意思是，早些時候，我的意思是，三月季度，我們試圖保持保守。但是現在我們有很多客戶非常喜歡我們的 IT 整體解決方案，並且我們運送了很多完整的機架。事實上，我們的機架規模 P&P - 即插即用機架解決方案同比增長了很多。大致來說，今年，與去年相比，我們的機架產品增長了大約 5 到 6 倍。我相信，這種勢頭將在未來 12 個月內繼續保持強勁勢頭。因此，我們預計機架規模的 P&P 產品線將再增長 3 到 5 倍。所以這就是為什麼，我的意思是，增長讓我們有點驚訝。

That's great context, Charles. And then, Charles, I'm just going to ask you the sort of one of the next probably more natural follow-ups since you just remarked that you expect another 3x to 5x. Is the 17% to 23% long-term growth rate, is that still the appropriate growth rate? Or should it really be something stronger than that as you look out the next couple of years?

這是很好的背景，查爾斯。然後，查爾斯，我只想問你下一個可能更自然的後續行動之一，因為你剛剛說你預計還會有 3 到 5 倍。 17% 到 23% 的長期增長率是否仍然合適？或者當你展望未來幾年時，它真的應該比這更強大嗎？

Next couple of years can be very strong. But again, it depends on global supply chain situation. As David just mentioned, COVID-19 still challenging us and also macroeconomic condition. So if things is not much worse, I believe our growth rate -- year-over-year growth rate will continue to grow.

未來幾年可能會非常強勁。但同樣，這取決於全球供應鏈情況。正如大衛剛剛提到的，COVID-19 仍在挑戰我們以及宏觀經濟狀況。因此，如果情況沒有更糟，我相信我們的增長率 - 同比增長率將繼續增長。

This is Patrick. I'm just going to jump in here. You also note that Charles also talked about his expectations on fiscal '23 and the implied growth rate there. So that's another data point for you.

這是帕特里克。我只是要跳到這裡。您還注意到，查爾斯還談到了他對 23 財年的預期以及隱含的增長率。所以這對你來說是另一個數據點。

Yes. Next year, I mean, fiscal 2023, as at this moment, I believe, $6 billion to $7 billion will be relatively a very conservative estimation.

是的。明年，我的意思是 2023 財年，目前，我相信 60 億至 70 億美元將是一個相對非常保守的估計。

Your next question comes from the line of Mehdi Hosseini with SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes. And actually, I have a couple of follow-ups. Charles, as you look into next fiscal year, how do you see seasonal trend impacting your September quarter? And I ask that because you're doing really well, especially with diversification of revenue. And I think it would really help us how we should think about seasonal factor and how you would set up the company for $6 billion to $7 billion of revenue run rate in fiscal year '23? And I have a follow-up.

是的。實際上，我有幾個後續行動。查爾斯，當您展望下一個財政年度時，您如何看待影響您 9 月季度的季節性趨勢？我這麼問是因為你做得很好，尤其是在收入多樣化方面。而且我認為這真的會幫助我們如何考慮季節性因素以及如何在 23 財年以 60 億至 70 億美元的收入運行率建立公司？我有一個後續行動。

Thank you. Very good question. Indeed, traditionally, September will be our slow season. But this time can be quite different because we have a very strong back order now. And again, lots of customers -- high-profile customers really like our rack-scale plug-and-play solution. So we are preparing a big growth in that segment. So I believe this year, September, we will have a great quarter. It can be even more than June quarter.

謝謝你。非常好的問題。事實上，傳統上，九月將是我們的淡季。但這一次可能完全不同，因為我們現在有非常強大的延期交貨。同樣，很多客戶——知名客戶真的很喜歡我們的機架級即插即用解決方案。因此，我們正準備在該領域實現大幅增長。所以我相信今年，也就是九月，我們會有一個很棒的季度。它甚至可能超過六月季度。

Okay. And then a question for David. You've had 3 consecutive quarter of cash burn and given the strength in your backlog, should I assume that you're going to burn cash again in the June quarter?

好的。然後是大衛的問題。您已經連續 3 個季度燒錢了，鑑於您積壓的實力，我是否應該假設您將在 6 月季度再次燒錢？

Yes, Mehdi, I think that as our demand increases, as we have to add accounts receivable and inventory, we will continue to use cash. But we're using it for customers and for inventory. So we consider that to be really strong uses.

是的，Mehdi，我認為隨著我們的需求增加，我們必須增加應收賬款和庫存，我們將繼續使用現金。但我們將它用於客戶和庫存。所以我們認為這是非常強大的用途。

Your next question comes from the line of Nehal Chokshi with Northland Capital Markets.

您的下一個問題來自北國資本市場的 Nehal Chokshi。

Congrats on the awesome results and amazing guidance. Would you say that the component availability situation has improved at all quarter-to-date or during the March quarter relative to the December quarter?

祝賀令人敬畏的結果和驚人的指導。您是否會說組件可用性情況在所有季度至今或在 3 月季度相對於 12 月季度都有所改善？

A few months ago, we supposed that situation will gradually improve. And unfortunately, there are some parts, the availability continues to be very tight. That's why we still are suffering supply chain availability problem. Some components, yes, have been dramatically improved, but there are some other components still in serious shortage. So we try to improve that situation gradual.

幾個月前，我們認為這種情況會逐漸好轉。不幸的是，有些零件的可用性仍然非常緊張。這就是為什麼我們仍然遭受供應鏈可用性問題的原因。是的，一些組件已經得到了顯著改進，但還有一些其他組件仍然嚴重短缺。因此，我們嘗試逐步改善這種情況。

Okay. So clearly, guidance is indicating that there was no pull-in of demand, especially in the context of how Intel guided. And thus, the share gains that you guys are putting up appear to be very sustainable. Still, I'd like to hear your pushback that Super Micro with lower lead times and better management of these constrained components are not leading to these massive share gains that you're seeing at this point in time.

好的。很明顯，指導表明沒有需求拉動，特別是在英特爾如何指導的背景下。因此，你們提出的份額收益似乎是非常可持續的。儘管如此，我還是想听聽您的反對意見，即交貨時間較短且對這些受限組件進行更好管理的 Super Micro 並沒有帶來您目前看到的這些巨大的份額收益。

Indeed, because rack-scale, I mean, our plug-and-play solution, we plan in advance over with customers, understand their future demand, and we plan in advance, throw in all the different components in the events. And then we are able to ship the competitor rack to customers kind of relatively efficient, more timing efficient than others. So this I believe is one of the reasons why we are able to grow. And we will continue to extend the customer base to offer them rack-scale solution. Indeed, we have prepared to double our rack-scale capacity in the coming quarter, indeed, in June quarter. So we feel pretty strong that we will be able to continue to help customers to help their supply chain challenge.

事實上，因為機架規模，我的意思是，我們的即插即用解決方案，我們提前與客戶一起計劃，了解他們未來的需求，我們提前計劃，在活動中投入所有不同的組件。然後我們能夠將競爭對手的機架以相對高效的方式運送給客戶，比其他機架更有時間效率。所以我相信這是我們能夠成長的原因之一。我們將繼續擴大客戶群，為他們提供機架級解決方案。事實上，我們已經準備好在下一季度，實際上是六月季度，將我們的機架規模容量翻一番。因此，我們感到非常強大，我們將能夠繼續幫助客戶應對他們的供應鏈挑戰。

Okay. It's great. And then cash consumption was actually in line with what I had expected. And I presume that was also in line with what you guys had expected, given the revenue outperformance, given the cash conversion cycle was flattish Q-o-Q. A, is that correct? Was it in line with what you guys had expected, given the revenue outperformance?

好的。這很棒。然後現金消費實際上符合我的預期。而且我認為這也符合你們的預期，考慮到收入表現出色，現金轉換週期環比持平。答，對嗎？鑑於收入表現出色，這是否符合你們的預期？

No, it was, Nehal. And also, we also have to look out to Q4 and beyond in planning our inventory levels. So it is going in line. I mean the fact that we have the high growth rate, 51% year-over-year, is definitely going to continue to challenge working capital.

不，是，尼哈爾。而且，在規劃我們的庫存水平時，我們還必須關注第四季度及以後的情況。所以它正在排隊。我的意思是，我們擁有 51% 的高增長率這一事實肯定會繼續挑戰營運資金。

Yes. Yes. And as such, there's been no share buybacks, right, because all the cash is needed to finance the growth at this point in time, that massive growth that you're seeing.

是的。是的。因此，沒有股票回購，對，因為此時需要所有現金來為增長提供資金，你所看到的巨大增長。

Yes, that's exactly right.

是的，完全正確。

Okay. And, given that the cash consumption is tracking what you would expect, given the revenue growth that you're putting up, does this give you incremental confidence to utilize debt to make capital return track your non-GAAP earnings as opposed to waiting for a slowdown in the business before you can really start a share repurchase program in earnest?

好的。而且，鑑於現金消耗正在跟踪您的預期，鑑於您所提供的收入增長，這是否會讓您更有信心利用債務來使資本回報跟踪您的非 GAAP 收益，而不是等待在業務放緩之前，你能真正開始認真的股票回購計劃嗎？

Well, we also have to watch the overall environment. And so we're trying to strike a balance.

嗯，我們還要看大環境。所以我們正在努力取得平衡。

Yes, we are talking about a possibility. But given the macroeconomic still have a lot of unknown factor, that's why we try to be very careful.

是的，我們正在談論一種可能性。但鑑於宏觀經濟仍有很多未知因素，所以我們要非常小心。

Your next question comes from the line of Jon Tanwanteng with CJS Securities.

您的下一個問題來自 CJS Securities 的 Jon Tanwanteng。

Congrats again on a really great quarter and the outlook. First question is -- well, it's great to hear that your component supply is getting better. I was wondering how much of a corresponding drop you're seeing in component price, if that's the case? And should we think of improvements in the gross margins going forward as well, maybe towards the high end of the target range?

再次祝賀一個非常棒的季度和前景。第一個問題是——嗯，很高興聽到您的組件供應越來越好。我想知道您在組件價格方面看到了多少相應的下降，如果是這樣的話？我們是否應該考慮未來毛利率的提高，也許是目標範圍的高端？

Indeed, it's hard to say because of the COVID situation in Asia as basically Taiwan and Mainland China is kind of very serious. So I believe -- it's hard to say. So although we are doing our best and believe situation will be getting improved, but exactly how fast, at this moment, not much idea. David?

確實，很難說因為亞洲的新冠疫情，基本上台灣和中國大陸都非常嚴重。所以我相信——很難說。所以雖然我們正在盡最大努力，相信情況會好轉，但究竟有多快，目前還沒有太多的想法。大衛？

Yes. So the second part of your question, Jon, we did experience some gross margin expansion from higher efficiency, which means that we actually -- we had higher throughput in our factories at a lower per unit cost. And so we do expect that to continue, especially as we ramp up production in Taiwan. And so we do look forward to further margin expansion.

是的。所以你問題的第二部分，喬恩，我們確實經歷了更高效率帶來的毛利率增長，這意味著我們實際上 - 我們的工廠以更低的單位成本獲得了更高的吞吐量。所以我們確實預計這種情況會繼續下去，尤其是當我們在台灣增加產量時。因此，我們確實期待進一步擴大利潤率。

Indeed, one factor we did not share before, but I'd like to take a little time to share with everyone. With our continuing growth in rack-scale, our plug-and-play rack-scale product, indeed, with our current facility in U.S.A. campus and Taiwan campus, when business continue to grow mostly, the current capacity, we can support our revenue up to $12 billion. So our capacity is pretty large. So looking forward in next many quarters, when our volume continue to grow, our gross margin and net profit will continue to gain advantage from the economical side -- economic scale, I mean.

確實，有一個因素我們以前沒有分享過，但我想花一點時間與大家分享一下。隨著我們機架規模的持續增長，我們的即插即用機架規模產品，事實上，以我們目前在美國校園和台灣校園的設施，當業務繼續主要增長時，目前的容量，我們可以支持我們的收入增長至 120 億美元。所以我們的容量很大。因此，展望未來多個季度，當我們的銷量繼續增長時，我們的毛利率和淨利潤將繼續從經濟方面獲得優勢——我的意思是經濟規模。

Got it. That's great color. And it's really great to see that capacity. My second question is regarding cash flow and some people have touched on this a little bit. Is it in your interest to raise permanent financing to support the growth? Or you'll just continue to use your revolver? How should we think about your ability to just fund the growth that you're seeing?

知道了。這顏色真好。看到這種能力真的很棒。我的第二個問題是關於現金流的，有些人已經談到了這一點。籌集永久資金以支持增長是否符合您的利益？或者你會繼續使用你的左輪手槍？我們應該如何看待您為所看到的增長提供資金的能力？

We are starting the possibility, kind of, depends on macroeconomic conditions. If macroeconomic conditions continue to be healthy, then we may try to be more aggressively leveraging the money from the bank. Otherwise, we may continue to be conservative.

我們開始的可能性在某種程度上取決於宏觀經濟條件。如果宏觀經濟狀況繼續保持健康，那麼我們可能會嘗試更積極地利用銀行的資金。否則，我們可能會繼續保守。

(Operator Instructions) Your next question is from the line of Ananda Baruah with Loop Capital.

（操作員說明）您的下一個問題來自 Loop Capital 的 Ananda Baruah。

I guess sort of piggybacking, Charles, off of the last question. I guess how much of sort of the revenue upside for the March and June quarters is from new demand that you may have been conservative about relative to how much you think was demand that you have been getting indications about, but that supply chain became available for? And really, I guess, what I'm trying to get a sense of is how much of this is supply chain-related? And is the follow-through dependent to an extent on new supply chain continuing to get released? How you can shape that both?

我想有點捎帶，查爾斯，最後一個問題。我猜想 3 月和 6 月季度的收入增長有多少來自新需求，相對於您認為您已經獲得跡象的需求量，您可能一直保守，但供應鏈已可供使用?真的，我想，我想了解的是其中有多少是與供應鏈相關的？後續是否在一定程度上依賴於新供應鏈的持續發布？你怎麼能塑造這兩者？

Yes. Very good question. Indeed, our demand continue growing, have become stronger and stronger. So the really big limitation now, indeed, is supply chain to us. So that's why, every day, we are spending time to figure out how to improve the supply chain. So that's the situation. The demand is strong and keeping growing because of our better technology, Total Solutions and getting very strong software, I suppose.

是的。非常好的問題。的確，我們的需求不斷增長，變得越來越強。所以現在真正的大限制，確實是我們的供應鏈。這就是為什麼我們每天都花時間研究如何改善供應鏈。所以情況就是這樣。我想，由於我們更好的技術、整體解決方案和非常強大的軟件，需求強勁並且不斷增長。

That's really helpful. And just a quick follow-up there. I guess I've been jumping between calls a little bit to see, so I apologize. You, in the prepared remarks, mentioned the Total IT Solutions being a catalyst for demand in general, and I think actually to completed racks, maybe even specifically in the prepared remarks. And so any context you can give us about what you're seeing, I guess, like engagement context, I suppose, with your customers that's having the Total IT Solutions be a real catalyst to revenue right now? Because it looks like it may be -- and I guess there's the implication that it's showing up in an increasingly bigger way, first half of this calendar year.

這真的很有幫助。並在那裡進行快速跟進。我想我在通話之間跳來跳去看看，所以我道歉。您在準備好的評論中提到總體 IT 解決方案是需求的催化劑，我認為實際上是針對已完成的機架，甚至可能在準備好的評論中特別提到。因此，您可以向我們提供有關您所看到的任何背景，我想，比如參與背景，我想，與您的客戶一起讓整體 IT 解決方案成為現在真正的收入催化劑？因為它看起來可能是——我想這意味著它在今年上半年以越來越大的方式出現。

Yes. Indeed, it's still supply chain. David, do you want to add something or Patrick? The supply chain has been bothering us for many, many quarters, as you know, right? So at this moment, our current customers -- existing customers and some new customers, indeed, all have a strong demand. And we just have to work out. David, maybe you can add something or Patrick.

是的。事實上，它仍然是供應鏈。大衛，你想添加一些東西還是帕特里克？如您所知，供應鏈一直困擾著我們很多很多方面，對吧？所以此時此刻，我們現有的客戶——現有客戶和一些新客戶，確實都有很強的需求。我們只需要努力。大衛，也許你可以添加一些東西或帕特里克。

Yes. So we're seeing -- Ananda, we're seeing really a whole lot of high demand in the AI and ML area. And so those -- the workloads that are being addressed there and the solutions that we're providing are being well received by our customers. And so the engagements that we're in, that's the driver that we're seeing that AI has led our growth over the last 3 to 4 quarters.

是的。所以我們看到了——阿南達，我們在人工智能和機器學習領域看到了非常多的高需求。所以那些 - 那裡正在解決的工作負載以及我們提供的解決方案受到我們客戶的好評。因此，我們參與的活動是我們看到人工智能在過去 3 到 4 個季度引領我們增長的驅動力。

Yes, I'll jump in here. So the supply chain topic, we've talked about quite a bit. It's not unique to us. But I think we do have to give kudos and shout out to the operations team here at Super Micro, right, because without their hard work, we're not able to get the supplies we need. But on the other side, the customers just really like our product. We've got great products. And we talked about a strong backlog, talked about targeting of top customers. And we're seeing all that stuff play out. And so the good news is that we've got great solutions. The customers really enjoy the benefits of our product (technical difficulty) and it just turned out to be a very good result. So we're all pretty happy here.

是的，我會跳到這裡。所以供應鏈這個話題，我們已經談了很多了。這不是我們獨有的。但我認為我們確實必須向 Super Micro 的運營團隊表示敬意並大喊大叫，對，因為沒有他們的辛勤工作，我們無法獲得所需的物資。但另一方面，客戶真的很喜歡我們的產品。我們有很棒的產品。我們談到了強大的積壓，談到了針對頂級客戶的目標。我們看到所有這些東西都在發揮作用。所以好消息是我們有很好的解決方案。客戶真的很享受我們產品的好處（技術難度），結果證明是一個非常好的結果。所以我們在這裡都很開心。

So, I believe supply chain and cash flow, another 2 area, we will continue to figure out to study how can we better utilize or how can we further grow the supply chain and more efficiently utilize our cash flow.

所以，我相信供應鍊和現金流，另一個兩個領域，我們將繼續研究如何更好地利用或我們如何進一步發展供應鏈並更有效地利用我們的現金流。

There are no further questions at this time. Ladies and gentlemen, thank you for your participation. This concludes today's conference call. You may now disconnect.

目前沒有其他問題。女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。