超微電腦 (SMCI) 2022 Q2 法說會逐字稿

Ladies and gentleman, 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 Second Quarter 2022 Earnings Conference Call. (Operator Instructions). It's now my pleasure to turn the call over to Nicole Noutsios, Investor Relations. Please go ahead.

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。在此，歡迎大家參加超微2022年第二季度財報電話會議。 （操作員說明）。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 second quarter, which ended December 31, 2021. 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.

下午好，感謝您參加超微關於討論截至 2021 年 12 月 31 日的第二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。

By now, you should receive a copy of the news release from the company that is distributed at the close of regular trading and is available on the company's website. As a reminder, during today's call, the company refer to a presentation that's 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.

到現在為止，您應該會收到公司的新聞稿副本，該新聞稿在常規交易結束時分發，可在公司網站上找到。提醒一下，在今天的電話會議中，公司參考了公司網站 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。

Please note that similar information you'll hear during -- our discussion today will consist of forward-looking statements, including, without limitation those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation and future business outlook, including guidance for the third quarter and fiscal year 2022 and the full year 2022, and the potential impact of COVID-19 on the company's business and results of operations.

請注意，您將在我們今天的討論中聽到的類似信息將包括前瞻性陳述，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、資本分配和未來業務前景的陳述，包括對第三季度和 2022 財年和 2022 年全年的指導，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 read more about these risks in the press release we issued earlier this afternoon, our most recent 10-K filing for fiscal 2021 and our other SEC filings.

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、我們最近提交的 2021 財年 10-K 文件以及我們提交給美國證券交易委員會的其他文件中了解更多關於這些風險的信息。

All of these documents are available on the IR page at 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 accompanying presentation, 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 the supplemental information attached to today's presentation. At the end of today's prepared remarks, we'll have a Q&A session for sell-side analysts to ask questions. I'll now call over to Charles.

所有這些文件都可以在 Super Micro 網站的 IR 頁面上找到。我們不承擔更新任何前瞻性陳述的義務。今天的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，請參閱我們今天早些時候發布的新聞稿的隨附演示文稿。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信息中。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。我現在打電話給查爾斯。

Thank you, Nicole, and good afternoon, everyone. Today, I'm pleased to announce our quarterly revenue of $1.17 billion for fiscal Q2 2022, which was 41% year-over-year growth, and our sequential growth was 14%. We have seen strong growth in all our key verticals and geographically despite a challenge from a global component shortage and COVID impact. More importantly, our total IT solution strategy have been empowering us to continuously gain market share, all thanks to our dedicated employees, powerful Server Building Block Solutions and finally, our faster-growing software products. With bigger TAM and potential from total IT solutions, I believe our growth trend will continue for many years to come and getting stronger quarter-over-quarter.

謝謝你，妮可，大家下午好。今天，我很高興地宣布，我們 2022 財年第二季度的季度收入為 11.7 億美元，同比增長 41%，環比增長 14%。儘管面臨全球零部件短缺和 COVID 影響的挑戰，但我們在所有關鍵垂直領域和地理上都看到了強勁增長。更重要的是，我們的整體 IT 解決方案戰略使我們能夠不斷獲得市場份額，這一切都歸功於我們敬業的員工、強大的服務器構建塊解決方案以及我們快速增長的軟件產品。憑藉更大的 TAM 和整體 IT 解決方案的潛力，我相信我們的增長趨勢將在未來很多年持續下去，並且季度環比增長強勁。

Now let's look at some key highlights from the quarter. First, again, our fiscal second quarter net revenue totaled $1.17 billion, up 41% year-on-year and up 14% quarter-on-quarter, at the higher end of our guidance range of $1.1 billion to $1.2 billion. It's Super Micro's fourth consecutive quarter of faster revenue progression as we continue our growth trajectory at multiple times the industry's growth rate.

現在讓我們看一下本季度的一些關鍵亮點。首先，我們第二財季的淨收入再次達到 11.7 億美元，同比增長 41%，環比增長 14%，處於我們 11 億美元至 12 億美元指導範圍的上限。這是 Super Micro 連續第四個季度實現更快的收入增長，因為我們的增長軌跡是行業增長率的數倍。

Our fiscal second quarter non-GAAP earnings per share was $0.88 compared to $0.63 in the same quarter last year, which was 40% growth and at the higher end of our guidance range of $0.70 to $0.90.

我們第二財季非公認會計準則每股收益為 0.88 美元，而去年同期為 0.63 美元，增長 40%，處於我們指導範圍 0.70 美元至 0.90 美元的上限。

All our major geographies contribute significantly to our year-over-year growth, especially in the APAC region, which grew 76% year-over-year. The Taiwan expansion boosts our APAC and EMEA growth momentum by providing additional capacity and lowering operational costs. We continue to expand our B2B auto-configurator program to service significantly more customers during the quarter.

我們所有的主要地區都對我們的同比增長做出了重大貢獻，尤其是在亞太地區，同比增長 76%。台灣的擴張通過提供額外的產能和降低運營成本來推動我們的亞太地區和歐洲、中東和非洲地區的增長勢頭。我們將繼續擴展我們的 B2B 自動配置程序，以便在本季度為更多的客戶提供服務。

our innovation command center based on online business system have been improving our sales, FAE, PMs efficiency as well as our key customer satisfaction. Recent market conditions present us with a better opportunity to accelerate our business transition from a hardware company to a total IT solution company.

我們基於在線業務系統的創新指揮中心一直在提高我們的銷售、FAE、PM 效率以及我們的主要客戶滿意度。最近的市場狀況為我們提供了一個更好的機會來加速我們從硬件公司向整體 IT 解決方案公司的業務轉型。

The transition enables Super Micro to all 4 customers, higher value and product availability with optimal hardware, software, service, switches and more. Our results has shown that our outperformed -- we have outperformed our previous $10 billion annual revenue target timeline we shared a few quarters ago.

此次過渡使 Super Micro 能夠為所有 4 家客戶提供更高的價值和產品可用性，並提供最佳的硬件、軟件、服務、交換機等。我們的結果表明，我們的表現超越了我們在幾個季度前分享的之前 100 億美元的年收入目標時間表。

More encouragingly, we are observing diversified growth across our target verticals, which are a large enterprise AI, machine learning, cloud, 5G telco and IoT. Our design win and engagement with Fortune-listed customers continue to grow quickly with our total IT solutions.

更令人鼓舞的是，我們正在觀察目標垂直領域的多元化增長，這些垂直領域是大型企業人工智能、機器學習、雲、5G 電信和物聯網。通過我們的整體 IT 解決方案，我們的設計贏得和與財富上市客戶的合作繼續快速增長。

Our push towards total IT solutions is benefiting Super Micro and our customers in multiple ways. Most notably, our customers will receive a higher-quality, plug-and-play products that are fully optimized, integrated and validated in-house.

我們對整體 IT 解決方案的推動正在以多種方式使 Super Micro 和我們的客戶受益。最值得注意的是，我們的客戶將獲得更高質量的即插即用產品，這些產品在內部進行了全面優化、集成和驗證。

This effort is also helping Super Micro and our customers mitigate the impact of the global supply chain disruptions by accurately forecasting building inventory in scale and prioritize with our strategic partner. As a result, our total IT solution dramatically improved our customers' time-to-market and increase Super Micro's value.

這項工作還幫助 Super Micro 和我們的客戶通過準確預測規模庫存並與我們的戰略合作夥伴確定優先級來減輕全球供應鏈中斷的影響。因此，我們的整體 IT 解決方案極大地縮短了客戶的上市時間並增加了 Super Micro 的價值。

Our total IT solution is built upon a robust knowledge of system architecture and building blocks that can be optimized for most of the market verticals. With the rise of the Omniverse and Metaverse, we have recently introduced several new architectures to enhance our GPU product offerings.

我們的整體 IT 解決方案建立在系統架構和構建塊的強大知識之上，可以針對大多數垂直市場進行優化。隨著 Omniverse 和 Metaverse 的興起，我們最近推出了幾種新架構來增強我們的 GPU 產品。

Our new universal GPU architecture allows customers to choose the best CPU, GPU, switches and I/O configuration to fully optimize their applications and workloads, leveraging either Intel Xeon Scalable processors or AMD processor.

我們新的通用 GPU 架構允許客戶選擇最佳的 CPU、GPU、交換機和 I/O 配置，以充分優化他們的應用程序和工作負載，利用英特爾至強可擴展處理器或 AMD 處理器。

The Universal GPU system enable customers to standardize configuration in their clusters for the desired workload on a single platform. This unique versatile system support various GPU, including NVIDIA A100 GPUs, newly announced AMD MI200 series accelerator, many other FPGA products from different companies and other GPU from other companies. I'm glad to announce that we already have many major customers and industry leaders committing to this new platform. And the only major limitation is a supply chain challenge.

通用 GPU 系統使客戶能夠標準化其集群中的配置，以在單個平台上實現所需的工作負載。這個獨特的多功能係統支持各種 GPU，包括 NVIDIA A100 GPU、新發布的 AMD MI200 系列加速器、來自不同公司的許多其他 FPGA 產品以及其他公司的其他 GPU。我很高興地宣布，我們已經有許多主要客戶和行業領導者致力於這個新平台。唯一的主要限制是供應鏈挑戰。

Partnering closely with leading technology providers in the emerging Metaverse and Omniverse ecosystem, Super Micro has doubled our GPU product line to supply this 3D and immersive workloads. Our 2U 2-node GPU system provides an optimal mix of CPU-to-GPU ratio with resource-saving features.

Super Micro 與新興 Metaverse 和 Omniverse 生態系統中的領先技術提供商密切合作，將我們的 GPU 產品線翻了一番，以提供這種 3D 和沈浸式工作負載。我們的 2U 2 節點 GPU 系統提供了 CPU 與 GPU 比率與資源節省功能的最佳組合。

Our high-performance and highly configurable Hyper and Hyper-E servers support multiple GPUs in a single system and are ideal for use cases such as distributed AI inferencing application, content delivery, telco, micro data center, 5G core and many other mission-critical enterprise workloads.

我們的高性能和高度可配置的 Hyper 和 Hyper-E 服務器在單個系統中支持多個 GPU，是分佈式 AI 推理應用程序、內容交付、電信、微型數據中心、5G 核心和許多其他關鍵任務等用例的理想選擇企業工作負載。

Along with our NVIDIA A100 Delta and Redstone platforms, Super Micro's comprehensive AI system, building blocks support, everything from inferencing at an edge to a high-performance computing data center for the Metaverse or Omniverse kind of application and everything in between.

除了我們的 NVIDIA A100 Delta 和 Redstone 平台外，Super Micro 的全面 AI 系統、構建塊支持、從邊緣推理到用於 Metaverse 或 Omniverse 類應用程序的高性能計算數據中心以及介於兩者之間的一切。

Last quarter, we have redefined our growth drivers to speed up our growth strategy, which including Subsystems & Components, Complete Systems, Total IT Solutions and 5S. Our Building Block and Complete System business have been stably growing over the decades with the help of our partners. And this still serves the backbone of our revenue growth.

上個季度，我們重新定義了增長動力以加快我們的增長戰略，包括子系統和組件、完整系統、整體 IT 解決方案和 5S。幾十年來，在我們合作夥伴的幫助下，我們的 Building Block 和 Complete System 業務一直在穩定增長。這仍然是我們收入增長的支柱。

With other large enterprise customer, top technology-leading partner and appliance customers' engagement, I would like to emphasize again that Total IT Solutions business is our new major growth driver now. Going forward, our investment in software products, service and networking will be the key to improve our margin and profitability in the coming quarters and years.

隨著其他大型企業客戶、頂級技術領先合作夥伴和設備客戶的參與，我想再次強調，Total IT Solutions 業務是我們現在新的主要增長動力。展望未來，我們在軟件產品、服務和網絡方面的投資將是我們在未來幾個季度和幾年內提高利潤率和盈利能力的關鍵。

In summary, Super Micro is rapidly growing and transforming into a total IT solution company from a server hardware company. We are accelerating our design wins and market share again at a key large global customers, including enterprise, AI, machine learning, 5G telco, edge and IoT. And we are improving our profitability and replicating our market share success in the U.S. to APAC and EMEA with the completion of our APAC expansion and rapid production ramp in Taiwan.

綜上所述，超微正在快速成長，並從一家服務器硬件公司轉型為一家整體 IT 解決方案公司。我們正在加速我們在全球主要客戶中的設計勝利和市場份額，包括企業、人工智能、機器學習、5G 電信、邊緣和物聯網。隨著我們在亞太地區擴張的完成和在台灣的快速生產，我們正在提高我們的盈利能力並將我們在美國的市場份額成功複製到亞太地區和歐洲、中東和非洲地區。

Our new Command Center-based Auto-configurator and B2B automation platforms are improving our operation efficiency and customer satisfaction while accelerating our market share gains.

我們新的基於指揮中心的自動配置器和 B2B 自動化平台正在提高我們的運營效率和客戶滿意度，同時加快我們的市場份額增長。

In closing, our 41% year-over-year revenue growth is a solid proof that Super Micro's business is taking off quickly now. I am confident that our market presence, TAM and profitability will continue to increase strongly, and we invest more -- as we invest more resource in software as a total IT solution company.

最後，我們 41% 的收入同比增長有力地證明了 Super Micro 的業務現在正在迅速起飛。我相信我們的市場佔有率、TAM 和盈利能力將繼續強勁增長，而且我們會加大投入——作為一家整體 IT 解決方案公司，我們會在軟件上投入更多資源。

My team and I have been diligently executing our growth strategy and accelerating the timeline to [pull] in our $10 billion revenue growth. I will now pass the call to David Weigand, our financial -- Chief Financial Officer, to provide additional detail on the quarter.

我和我的團隊一直在努力執行我們的增長戰略，並加快時間表以 [拉動] 我們 100 億美元的收入增長。我現在將電話轉給我們的財務首席財務官 David Weigand，以提供有關本季度的更多詳細信息。

Thank you, Charles. I'm pleased to report our third consecutive quarter of revenues exceeding $1 billion. We are seeing continued strength across all geographies and strong demand for our products and services, resulting in fiscal second quarter revenue of $1.17 billion, a 41% year-on-year increase and up 14% quarter-on-quarter. Our Q2 revenues were at the higher end of our guidance range of $1.1 billion to $1.2 billion. Revenues for the trailing 4 quarters, being Q3 of fiscal year '21 through Q2 of fiscal year '22, totaled $4.17 billion.

謝謝你，查爾斯。我很高興地報告我們連續第三個季度的收入超過 10 億美元。我們看到所有地區的持續增長以及對我們產品和服務的強勁需求，導致第二財季收入達到 11.7 億美元，同比增長 41%，環比增長 14%。我們第二季度的收入處於我們指導範圍 11 億美元至 12 億美元的上限。過去 4 個季度（即 21 財年第三季度至 22 財年第二季度）的收入總計 41.7 億美元。

Super Micro's Q2 fiscal year '22 recorded revenue growth, was across all 3 of our market verticals, achieving $756 million in the organic enterprise and channel and AML vertical; $274 million in the OEM appliance and large data center vertical; and $142 million in the 5G, Telco and Edge/IoT vertical.

Super Micro 的 22 財年第二季度收入增長，涵蓋了我們所有 3 個垂直市場，在有機企業和渠道以及 AML 垂直領域實現了 7.56 億美元； 2.74 億美元用於 OEM 設備和大型數據中心垂直領域； 1.42 億美元用於 5G、電信和邊緣/物聯網垂直領域。

The 5G, Telco and Edge/IoT vertical more than doubled sequentially as new designs went into production. Systems comprised 84% of total revenue and subsystems and accessories represent 16% of Q2 revenues. The volume of systems and nodes shipped as well as the system node ASPs increased both year-over-year and quarter-on-quarter. On a year-on-year basis, Asia, including Japan, increased 76% as we saw continued growth with both new and existing customers. Europe increased to 39%. The U.S. increased 38%, and the rest of the world decreased 32%.

隨著新設計投入生產，5G、電信和邊緣/物聯網垂直行業的數量依次增加了一倍以上。系統佔總收入的 84%，子系統和配件佔第二季度收入的 16%。系統和節點的出貨量以及系統節點的 ASP 同比和環比均有所增長。與去年同期相比，包括日本在內的亞洲增長了 76%，因為我們看到新客戶和現有客戶的持續增長。歐洲增加到 39%。美國增長了 38%，世界其他地區下降了 32%。

On a sequential basis, Asia, including Japan, increased 8%, the U.S. increased 14%, Europe increased 20% and the rest of the world increased 19%. The Q2 margin was 14%, which was up 60 basis points quarter-over-quarter from Q1 due to price discipline and a better product/customer mix. This increase was achieved in spite of our increased use of air freight and higher supply chain costs.

環比來看，包括日本在內的亞洲增長了 8%，美國增長了 14%，歐洲增長了 20%，世界其他地區增長了 19%。由於價格紀律和更好的產品/客戶組合，第二季度利潤率為 14%，比第一季度環比增長 60 個基點。儘管我們增加了空運的使用和更高的供應鏈成本，但還是實現了這一增長。

On a year-over-year basis, gross margins were down 240 points due to a discrete cost recovery event in Q2 of last year and higher freight and supply chain costs in the current year.

由於去年第二季度的離散成本回收事件以及本年度的貨運和供應鏈成本上升，毛利率同比下降 240 個百分點。

Turning to operating expenses. Q2 OpEx on a GAAP basis increased 3% quarter-on-quarter and 14% year-on-year to $113 million. On a non-GAAP basis, operating expenses increased 2% quarter-on-quarter and increased 15% year-on-year to $103 million. The year-on-year and quarter-on-quarter increases on a GAAP basis were driven by higher personnel costs and increased head count, higher stock compensation expense and lower research and development NRE credits. The year-on-year and quarter-on-quarter increases on a non-GAAP basis were driven primarily by higher personnel costs and the increased headcount in lower research and development NRE credits.

轉向運營費用。按美國通用會計準則計算的第二季度運營支出環比增長 3%，同比增長 14%，達到 1.13 億美元。按非公認會計原則計算，運營費用環比增長 2%，同比增長 15%，達到 1.03 億美元。按公認會計原則計算的同比和環比增長是由於人員成本增加和員工人數增加、股票薪酬費用增加以及研發 NRE 信貸減少所致。非公認會計原則基礎上的同比和環比增長主要是由於人員成本增加和研發 NRE 信貸減少的人數增加。

Other income and expenses include interest -- including net interest expense was a $1.8 million expense as compared to a $0.8 million expense last quarter. The sequential change is mostly related to a loss from remeasurement of our Taiwan dollar loans to a weaker U.S. dollar, so FX.

其他收入和支出包括利息——包括淨利息支出為 180 萬美元，而上一季度為 80 萬美元。連續變化主要與我們將台幣貸款重新計量為疲軟的美元而造成的損失有關，因此外匯。

This quarter, the tax provision was $7.6 million on a GAAP basis and $10.9 million on a non-GAAP basis. Our non-GAAP tax rate was 18.5% for the quarter. Our tax rate for GAAP and non-GAAP purposes increased this quarter, primarily due to a change in U.S. tax regulations.

本季度，按公認會計原則計算的稅收撥備為 760 萬美元，按非公認會計原則計算為 1090 萬美元。本季度我們的非公認會計原則稅率為 18.5%。本季度我們的 GAAP 和非 GAAP 稅率增加，主要是由於美國稅收法規的變化。

Lastly, our share of income from our JV was $0.2 million this quarter as compared to $0.4 million last quarter. Q1 non-GAAP diluted earnings per share totaled $0.88, which was near the high end of the guidance range due to higher revenues and gross margins, partially offset by higher operating expenses.

最後，本季度我們從合資企業獲得的收入份額為 20 萬美元，而上一季度為 40 萬美元。第一季度非公認會計原則攤薄後每股收益總計 0.88 美元，由於收入和毛利率較高，接近指導範圍的高端，但部分被較高的運營費用所抵消。

Cash flow used in operations was $53 million compared to cash flow used in operations of $135 million in Q1 as we continue to build inventory to be in a position to meet the increasing levels of large orders from our customers and to mitigate the impact of supply chain disruptions.

運營中使用的現金流為 5300 萬美元，而第一季度運營中使用的現金流為 1.35 億美元，因為我們繼續建立庫存以滿足客戶不斷增加的大訂單水平並減輕供應鏈的影響中斷。

CapEx totaled $12 million for Q2, resulting in a negative free cash flow of $65 million. Key uses of cash during the quarter included increases in inventory and accounts receivable, offset by cash provided from increased accounts payable, customer prepayments and deferred revenue. We did not repurchase any shares in the quarter. Our closing balance sheet cash position was $247 million, while bank debt was $316 million as we drew down on our bank lines of credit to increase inventory levels as we ramped production of new platforms globally.

第二季度的資本支出總額為 1200 萬美元，導致負的自由現金流為 6500 萬美元。本季度現金的主要用途包括庫存和應收賬款的增加，但被應付賬款、客戶預付款和遞延收入增加所提供的現金所抵消。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 3.16 億美元，因為我們在全球範圍內增加新平台的生產時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 Q2 cash conversion cycle was 98 days, up from 94 days in Q1, which is above our target range of 85 to 90 days due to the higher inventory levels. Days of inventory was 118, representing an increase of 4 days versus the prior quarter. Days sales outstanding was down by 4 to 37 days, while days payable outstanding was down by 4 to 57 days.

轉向與上一季度相比的資產負債表和營運資本指標。我們第二季度的現金轉換週期為 98 天，高於第一季度的 94 天，由於庫存水平較高，高於我們 85 至 90 天的目標範圍。庫存天數為 118 天，比上一季度增加 4 天。未償銷售天數減少 4 至 37 天，而應付未償天數減少 4 至 57 天。

Now turning to the outlook for our business. We note that our Q3 March quarter typically has some seasonal impact from the Lunar New Year holiday, and we are also carefully watching impacts to our supply chain from COVID-related disruptions. We expect net sales in the range of $1.1 billion to $1.2 billion, GAAP diluted net income per share of $0.58 to $0.81, and non-GAAP diluted net income per share of $0.70 to $0.90 for the third quarter of fiscal year '22 ending March 31, 2022.

現在轉向我們業務的前景。我們注意到，我們的第三季度通常會受到農曆新年假期的一些季節性影響，我們也在仔細觀察與 COVID 相關的中斷對我們的供應鏈的影響。我們預計截至 3 月 31 日的 22 財年第三季度的淨銷售額在 11 億美元至 12 億美元之間，GAAP 攤薄後每股淨收益為 0.58 美元至 0.81 美元，非 GAAP 攤薄後每股淨收入為 0.70 美元至 0.90 美元, 2022 年。

We expect gross margins to be up slightly from Q2 levels. Our GAAP operating expenses are expected to be approximately $118 million and include $8.5 million in stock-based compensation and $1.7 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 roughly $2 million and expect a nominal contribution from our joint venture.

我們預計毛利率將較第二季度略有上升。我們的 GAAP 運營費用預計約為 1.18 億美元，其中包括 850 萬美元的股票薪酬和 170 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支出（包括利息支出）將是大約 200 萬美元的淨支出，並預計我們的合資企業會做出名義上的貢獻。

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 15%, a non-GAAP tax rate of 16.5% and a fully diluted share count of 54.5 million for GAAP and 56 million shares for non-GAAP.

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入的預測假設 GAAP 稅率為 15%，非 GAAP 稅率為 16.5%，GAAP 完全攤薄後的股份數量為 5450 萬股，非 GAAP 為 5600 萬股。 -GAAP。

The outlook for Q3 of fiscal year 2022 GAAP diluted net income per common share includes approximately $8.5 million in expected stock-based compensation and $1.7 million in other expenses net of tax effects that are excluded from our non-GAAP diluted net income per common share.

2022 財年第三季度 GAAP 攤薄後的每股普通股淨收入前景包括約 850 萬美元的預期股票薪酬和 170 萬美元的其他費用，這些費用不包括在我們的非 GAAP 攤薄後的每股普通股淨收入中。

We are maintaining our revenue guidance range of $4.2 billion to $4.6 billion for the fiscal year '22 ending June 30, 2022, and our GAAP diluted net income per share outlook of at least $2.77 and non-GAAP diluted net income per share of at least $3.20. The company's projections for GAAP net income assumes a tax rate of 15% and a tax rate of 17% for non-GAAP net income.

我們將截至 2022 年 6 月 30 日的 22 財年的收入指導範圍維持在 42 億美元至 46 億美元，我們的 GAAP 稀釋每股淨收益前景至少為 2.77 美元，非 GAAP 稀釋每股淨收益至少為3.20 美元。該公司對 GAAP 淨收入的預測假設稅率為 15%，非 GAAP 淨收入的稅率為 17%。

For fiscal year '22, we are assuming a fully diluted share count of 54.1 million shares per GAAP and 55.6 million shares for non-GAAP. The outlook for fiscal year '22 fully diluted GAAP earnings per share includes approximately $37 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. We expect CapEx for the fiscal third quarter of 2022 to be in the range of $5 million to $8 million. Nicole, I'll turn it back to you.

對於 '22 財年，我們假設按照 GAAP 完全稀釋後的股票數量為 5410 萬股，按照非 GAAP 為 5560 萬股。 '22 財年完全攤薄的 GAAP 每股收益前景包括約 3700 萬美元的預期股票薪酬和其他扣除非 GAAP 攤薄每股普通股淨收益的稅後費用。我們預計 2022 財年第三季度的資本支出將在 500 萬美元至 800 萬美元之間。妮可，我會把它還給你。

Operator, we can now open the line up for questions.

接線員，我們現在可以打開隊列提問了。

(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 ongoing momentum and the nice results, and congratulations on the good execution. A couple if I could. Any -- so how is linearity through the quarter, revenue linearity? And any context around new kinds of, like, new customer -- like customer expansion, workload expansion, things of that nature would be really helpful? And then I have a quick follow-up.

祝賀持續的勢頭和良好的結果，並祝賀良好的執行。如果可以的話，一對夫婦。任何——那麼整個季度的線性度，收入線性度如何？任何關於新類型的背景，比如新客戶——比如客戶擴展、工作負載擴展，這種性質的事情真的很有幫助嗎？然後我有一個快速跟進。

Yes. Thank you for the question. As you know, we're just migrating from a hardware solution company to a total IT solution company. So lots of customers like our complete solution for their total IT need. So we continue to gain some really large customers and some really a technology leader. So we are very happy, very excited to service more partner in the industry.

是的。感謝你的提問。如您所知，我們只是從硬件解決方案公司遷移到整體 IT 解決方案公司。因此，很多客戶都喜歡我們的完整解決方案，以滿足他們的整體 IT 需求。因此，我們繼續獲得一些真正的大客戶和一些真正的技術領導者。所以我們很高興，也很興奮能夠服務更多的行業合作夥伴。

And I'll...

我會...

And -- yes, go for it.

而且——是的，去吧。

Okay. I was just going to add that customer-wise, we had really good growth in the telco and the 5G/telco vertical.

好的。我只是想從客戶方面補充一點，我們在電信和 5G/電信垂直領域的增長非常好。

Especially like Omniverse and Metaverse, lots of very exciting opportunity there.

尤其是像 Omniverse 和 Metaverse，那裡有很多非常令人興奮的機會。

Charles, do you think, it sounds like -- correct me if this is not an accurate interpretation. But is that to say that telco picked up incrementally in the December quarter and that new energy do you think is going to continue at least kind of March quarter, first half of the calendar year here?

查爾斯，你認為，如果這不是一個準確的解釋，請糾正我。但是，這是否是說電信在 12 月季度逐漸回升，而您認為新能源至少會持續到 3 月季度，即日曆年的上半年？

I mean March quarter traditionally is our kind of soft season. But this year is different because we have very strong demand, especially likewise, say GPU, Metaverse, Omniverse, lots of opportunity there. And we already have some large engagement, just try to fulfill it in.

我的意思是三月季度傳統上是我們的那種軟季節。但今年不同，因為我們的需求非常強勁，尤其是 GPU、Metaverse、Omniverse，那裡有很多機會。而且我們已經有一些大型的參與，只是嘗試實現它。

Okay. Great. That's helpful. A quick follow-up, Charles. Any comments on demand after the June quarter? And I just asked that since we're coming up on the second half of the year. Any context you can provide, second half of the calendar year, on your thoughts on demand?

好的。偉大的。這很有幫助。快速跟進，查爾斯。對六月季度之後的需求有何評論？我只是問了這個問題，因為我們將在今年下半年到來。您可以在日曆年的下半年提供任何關於您對需求的想法的背景信息嗎？

Yes. At this moment, looks pretty [commendable]. Because of our strong product and total IT solution, lots of customers now have a big backorder with us. So we are increasing our backorder kind of in a very convinced way.

是的。在這一刻，看起來很漂亮[讚歎]。由於我們強大的產品和整體 IT 解決方案，許多客戶現在向我們提供大量延期交貨。所以我們正在以一種非常有說服力的方式增加我們的延期交貨。

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。

Just wanted to get a better understanding how you're managing the inflationary trend in component prices. Your inventory has gone up for 2 consecutive years and by about $350 million over the past 6 months. But when I look at your revenue guide for March and imply guide for June taking the midpoint of the fiscal year guide, it does suggest a sequential decline. And is that because you're not able to pass on extra cost? Or you've just been conservative despite the fact that you have built inventory? Or is there something else that I'm missing here? And I have a follow-up.

只是想更好地了解您如何管理組件價格的通脹趨勢。您的庫存已連續 2 年增加，在過去 6 個月中增加了約 3.5 億美元。但是，當我查看您 3 月份的收入指南並暗示 6 月份的收入指南採用財政年度指南的中點時，它確實暗示了連續下降。那是因為您無法轉嫁額外費用嗎？或者，儘管您已經建立了庫存，但您只是保守？還是我在這裡缺少其他東西？我有一個後續行動。

Yes. Indeed, I'm very happy we have a big inventory now with global supply chain difficulty. We build inventory based on our backorder. And at this moment, indeed, our backorder have been very strong. And the reason why we did not update the whole year revenue and earnings is just because there are still certain uncertainty -- there's still some uncertainty in terms of supply chain. Other than that, we feel very optimistic...

是的。事實上，我很高興我們現在有大量庫存，但全球供應鏈困難重重。我們根據缺貨訂單建立庫存。而此時此刻，我們的延期交貨確實非常強勁。而我們之所以沒有更新全年收入和收益，只是因為仍然存在一定的不確定性——供應鏈方面仍然存在一些不確定性。除此之外，我們感到非常樂觀......

Go ahead. Sorry, go ahead.

前進。對不起，繼續。

Yes. Our inventory indeed happened to have in a very healthy, very conservative way.

是的。我們的庫存確實碰巧以一種非常健康、非常保守的方式存在。

Yes. And Mehdi, this is David. Just to answer your question, another question that you had. Our ability to pass on costs is really reflected in our increased gross margin. So those increased component costs are being passed on.

是的。還有邁赫迪，這是大衛。只是為了回答你的問題，你的另一個問題。我們轉嫁成本的能力真正反映在我們增加的毛利率上。因此，這些增加的組件成本正在轉嫁。

Got it. Okay. And then if I were to go back to the 3 buckets that you highlighted, organic, OEM and 5G/telco. Thanks for providing the dollar revenue contribution. Can you also give us sequential and year-over-year changes for each bucket?

知道了。好的。然後，如果我要回到你強調的 3 個桶，有機、OEM 和 5G/電信。感謝您提供美元收入貢獻。您能否為我們提供每個存儲桶的連續和逐年變化？

So Mehdi, we didn't go back to the Q2 of last year, I don't believe. Although in our -- we have guidance in our -- the slides that we have by quarter. Yes, that's available on our website.

所以 Mehdi，我們沒有回到去年的第二季度，我不相信。儘管在我們的 - 我們在我們的 - 我們的幻燈片中提供了指導，但我們按季度擁有的幻燈片。是的，這可以在我們的網站上找到。

Okay. But can you -- maybe you can provide some qualitative comments as to which bucket was the strongest?

好的。但是你能 - 也許你可以提供一些關於哪個桶最強的定性評論？

Absolutely. So our organic, enterprise and channel and AI/ML constitutes approximately 65% of our revenues. The OEM appliance bucket comprises about 25%. And then the data -- I'm sorry, the 5G/telco and Edge is about 10%. And that's up from 5% in the prior quarters, the 5G/telco and Edge bucket. So that's the way -- that's kind of been the trend over the past quarters. The big change was in 5G. Yes, it was from really -- from big growth and traction with telco customers.

絕對地。因此，我們的有機、企業和渠道以及 AI/ML 約占我們收入的 65%。 OEM 設備部分約佔 25%。然後是數據——對不起，5G/電信和 Edge 大約是 10%。這高於前幾個季度的 5%，5G/電信和邊緣存儲桶。所以這就是方式 - 這在過去幾個季度中是一種趨勢。最大的變化在於 5G。是的，它真的來自——來自電信客戶的巨大增長和牽引力。

Hey Mehdi, this is Patrick. I want to just come back to one thing that you mentioned earlier in your question, which is the implied guide for June. I wouldn't read what we've done here as implied guidance for June. What we said was we've given guidance for what we expect in March. Given -- just given our situation today, we're not -- we're actually just maintaining the full year guidance there. We feel very comfortable with it, of course, right? But we're not actually guiding another quarter out, which is why we just -- we kept it where it was.

嘿 Mehdi，這是帕特里克。我想回到您之前在問題中提到的一件事，即六月的隱含指南。我不會將我們在這裡所做的視為 6 月份的隱含指導。我們所說的是我們已經為我們在 3 月份的預期提供了指導。鑑於 - 只是考慮到我們今天的情況，我們不是 - 我們實際上只是在那里維持全年的指導。當然，我們對此感到很舒服，對吧？但我們實際上並沒有指導另一個季度，這就是為什麼我們只是 - 我們將它保持在原來的位置。

And the thing -- yes, I'm sorry, this is David. I'll add to that, that we have a range. We put out a range of $4.2 billion to $4.6 billion. So we're very comfortable there.

事情——是的，我很抱歉，這是大衛。我會補充一點，我們有一個範圍。我們投入了 42 億至 46 億美元的資金。所以我們在那裡很舒服。

Sure. If I may just quickly, there is also continued mismatch for components with supply and demand. There's still some mismatches. So would it be fair to say that you're also conservative given the mismatches of availability of components?

當然。如果我可以很快，組件與供需之間也存在持續的不匹配。還是有些不匹配。那麼，考慮到組件可用性的不匹配，可以說您也是保守的嗎？

You can say that. Kind of the backorder is stronger, but we try to be fully conservative, in case...

你可以這樣說。延期交貨的種類更強，但我們盡量保持完全保守，以防萬一……

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 solid results and well above March Q guidance. This question has already been partially answered by Patrick. But let me put a little bit of finer point on this here. Why not at least narrow the fiscal year '22 revenue guidance range given that the unchanged midpoint guidance does imply effectively about flat year-over-year for the June quarter?

恭喜取得了可靠的結果，遠高於 3 月 Q 的指導。帕特里克已經部分回答了這個問題。但是，讓我在這裡提出一些更精細的觀點。鑑於不變的中點指導確實有效地暗示了 6 月季度的同比持平，為什麼不至少縮小 22 財年的收入指導範圍呢？

So our -- Nehal, our demand has never been stronger. And so we've obtained some new logos, new customers, which have designed in our products. And so we feel very strong about our backorder and our demand. But this is a market where supply also dictates your forecast. And so we have to be careful about forecasting 2 quarters out on supply. So that's really the reason for our range.

所以我們的 - Nehal，我們的需求從未如此強烈。因此，我們獲得了一些新的標誌，新的客戶，這些都是在我們的產品中設計的。因此，我們對缺貨訂單和需求感到非常強烈。但在這個市場，供應也決定了你的預測。因此，我們必須謹慎預測 2 個季度的供應量。所以這就是我們的範圍的真正原因。

Understood. Okay. And then, yes, Slide 9 is great. I love the fact that we're getting 5 quarter back visibility into these 3 vertical markets. And it certainly does imply that 5G, Telco and Edge had a very significant year-over-year growth. And Charles, you mentioned that part of this demand is Metaverse Omniverse. Not too sure what Omniverse means, but I do know what Metaverse means. And I guess I was in an impression that Metaverse at least would go under the red category, i.e., large data center, not 5G/telco. Can you just give me a little bit more understanding as to why Metaverse is potentially falling into the telecom here?

明白了。好的。然後，是的，幻燈片 9 很棒。我喜歡這樣一個事實，即我們在這 3 個垂直市場中獲得了 5 個季度的可見度。這確實意味著 5G、電信和 Edge 的同比增長非常顯著。查爾斯，你提到了這個需求的一部分是元宇宙全宇宙。不太清楚 Omniverse 是什麼意思，但我知道 Metaverse 是什麼意思。而且我想我的印像是元界至少會屬於紅色類別，即大型數據中心，而不是 5G/電信公司。您能否讓我多了解一下元界為什麼可能會落入電信行業？

Today, there are some really world-class companies, a big company come into Omniverse or Metaverse, right? So we have a very strong engagement with some of them. So in terms of AI, the GPU, Metaverse, we have a very strong backorder now, indeed, and just try to work out components to fulfill all of the demand. As to 5G/telco, it's relatively a new territory for us. We started 5G/telco about 3 years ago. And now we have many bigger engagement. So we are very excited for 5G/telco growth as well.

今天，有一些真正的世界級公司，一個大公司進入Omniverse或Metaverse，對嗎？因此，我們與其中一些人有著非常密切的聯繫。因此，就人工智能、GPU、元界而言，我們現在確實有非常強大的缺貨訂單，我們只是嘗試制定組件來滿足所有需求。至於 5G/電信，這對我們來說是一個相對較新的領域。大約 3 年前，我們開始了 5G/電信。現在我們有更多更大的參與度。因此，我們也對 5G/電信的增長感到非常興奮。

Okay. So to be clear, then the commentary about the strong demand for Metaverse is not related to 5G/telco, correct?

好的。所以要明確一點，關於元界強勁需求的評論與 5G/電信無關，對嗎？

Not necessarily. It's kind of -- not much related.

不必要。這有點——沒有太大關係。

Okay. Got it. And then so at the Investor Day about a year ago, you talked about the 5G/telco opportunity. There's long design cycles, long qualification cycles. And it does look like this quarter, the dam broke basically. What percent of your telecom customers that you're engaged with went from qualifying to production shipments?

好的。知道了。然後在大約一年前的投資者日，你談到了 5G/電信的機會。設計週期長，認證週期長。看起來這個季度，大壩基本上破裂了。與您合作的電信客戶中有多少百分比從合格發貨到生產發貨？

A big portion. Indeed, as I just mentioned, we started 5G/telco about 3 years ago. And then we have a very strong engagement so far, and some of them start to move certain volume. Some of them will move good volume data. So it's a new territory, but we overall are very satisfied with a big engagement from those partners.

很大一部分。事實上，正如我剛才提到的，我們大約在 3 年前開始了 5G/電信。到目前為止，我們的參與度非常高，其中一些人開始產生一定的影響。其中一些將移動大量數據。所以這是一個新的領域，但我們總體上對這些合作夥伴的大量參與感到非常滿意。

Okay. Great. And then my last question is that also on this vertical market, it does imply that the OEM appliance on large data center was up only 10% year-over-year. Why is that?

好的。偉大的。然後我的最後一個問題是，在這個垂直市場上，這確實意味著大型數據中心的 OEM 設備同比僅增長了 10%。這是為什麼？

Indeed, we have some large engagement, and they are kind of high-value product line. As we mentioned, for really kind of meta scale data center, we are selective, but when those demand a high end, kind of high-value products, so we are indeed very excited. We started to gain some of those opportunities.

事實上，我們有一些大型的參與，它們是一種高價值的產品線。正如我們所提到的，對於真正的元規模數據中心，我們是有選擇性的，但是當那些需要高端、高價值的產品時，我們確實非常興奮。我們開始獲得其中的一些機會。

Also -- this is -- yes, I'll add that, that -- the large data center vertical, I think, is going to vary very a little bit by digestion, too, because we have some regular customers that are purchasing -- they'll purchase for 2 or 3 quarters, and then they'll take a pause. But the good thing about our business is that it's grown to the point where we have enough momentum in all areas that one vertical can offset the other.

另外 - 這是 - 是的，我要補充一點，我認為，大型數據中心垂直市場也會因消化而發生很大變化，因為我們有一些固定客戶正在購買 - - 他們會購買 2 或 3 個季度，然後他們會暫停。但我們業務的好處在於，它已經發展到我們在所有領域都有足夠的動力，一個垂直領域可以抵消另一個垂直領域。

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

您的下一個問題來自於 CJS 的 Jon Tanwanteng。

Good quarter guys and the outlook, too, I'm very impressed. My question is, are inflation and supply chain headwinds still accelerating in Q3 for you and that's maybe matched by your pricing? Or is it roughly the same as Q2? And maybe as a subset of that, could you tell us where the friction is this quarter? If it's any different? And if you see any easing or things getting tougher?

優秀的季度傢伙和前景也給我留下了深刻的印象。我的問題是，第三季度通脹和供應鏈逆風對您來說是否仍在加速，這可能與您的定價相匹配？還是與Q2大致相同？也許作為其中的一個子集，你能告訴我們本季度的摩擦在哪裡嗎？如果有什麼不同？如果你看到任何放鬆或事情變得更加艱難？

The good thing is that most of our customers already get used to kind of take the responsibility for the extra cost. So that's why our gross margin or net margin will basically getting stabilized, including higher transportation charge, basically customer already accepted it.

好消息是我們的大多數客戶已經習慣於承擔額外費用的責任。所以這就是為什麼我們的毛利率或淨利潤率會基本趨於穩定，包括更高的運輸費用，基本上客戶已經接受了。

Okay. Great. Any commentary on where the friction is in components and shipping?

好的。偉大的。關於組件和運輸中的摩擦在哪裡有任何評論嗎？

Overall, the supply chain situation has been, I would have to say, gradually improving. Not much improving, but gradually improving. So we're getting -- feel more comfortable than last quarter or before, although is still a big concern, yes.

總體而言，我不得不說，供應鏈狀況一直在逐步改善。沒有太大改善，而是逐漸改善。所以我們得到 - 感覺比上個季度或之前更舒服，雖然仍然是一個大問題，是的。

Got it. Charles, you spent a little time earlier in the call talking about the total IT solutions transition. Could you just tell us what the margin is like on a typical total IT solutions sale versus a historically pure hardware sale?

知道了。 Charles，您在電話會議的早些時候花了一點時間談論整個 IT 解決方案的過渡。您能否告訴我們典型的整體 IT 解決方案銷售與歷史上純硬件銷售的利潤率如何？

Okay. I mean the total hardware, and that's the model we have. As you know, we had to compete with a lot of competition -- a lot of competitors. But total IT solution, customer need lots of software and lots of security feature and kind of like a cloud plug-and-play, cloud composite driver, software and (inaudible). So we invest a lot in this territory in the last 3 years. And now we start to harvest the results. And we continue -- we will continue to invest more in software. So our kind of software value, total IT solution value will continue to grow. I would like to say, gradually, we may be able to add 1%, 2% or even 3% actual profit -- net profit to our revenue in the next few quarters or few years.

好的。我的意思是總硬件，這就是我們擁有的模型。如你所知，我們必須與很多競爭對手競爭——很多競爭對手。但整體 IT 解決方案，客戶需要大量軟件和大量安全功能，有點像雲即插即用、雲複合驅動程序、軟件和（聽不清）。因此，過去 3 年我們在這個領域進行了大量投資。現在我們開始收穫結果。我們繼續——我們將繼續在軟件上進行更多投資。所以我們的那種軟件價值，整體IT解決方案的價值會繼續增長。我想說，在接下來的幾個季度或幾年內，我們可能會逐漸增加 1%、2% 甚至 3% 的實際利潤——淨利潤。

Okay. Great. And that was part of your Investor Day target within the target model, correct?

好的。偉大的。這是目標模型中投資者日目標的一部分，對嗎？

Yes.

是的。

Your next question comes from the line of Ananda Baruah with Loop Capital.

您的下一個問題來自 Loop Capital 的 Ananda Baruah。

I have a couple if I could. Charles, just going back to your comments just a moment ago about component constraints that you actually -- as you said, they're actually becoming less constrained right now. So just a clarification.

如果可以的話，我有一對。查爾斯，剛剛回到你剛才關於組件約束的評論，你實際上 - 正如你所說，它們現在實際上變得不那麼受約束了。所以只是一個澄清。

(inaudible) are under control, but still some concern. Especially for a complete IT solution, right. Even -- sometimes you just have 1 component in shortage, and you cannot ship the whole product line, whole solution. So that's why it's improving but still a lot of concern.

（聽不清）已得到控制，但仍有一些擔憂。特別是對於一個完整的 IT 解決方案，對。甚至——有時你只有一個組件短缺，你不能運送整個產品線，整個解決方案。所以這就是為什麼它正在改善但仍然有很多問題。

Understood. Understood. Helpful. And then on the gross margin, you guys have talked about reaching 14% in June. So it sounds like you're tracking ahead of that. And then you guided sort of up sequentially. How like -- how should we think about gross margin kind of going forward post the March quarter, I guess, trajectory-wise and what are the puts and takes? Because I think you guys have talked about sequential up December, sequential up March and sequential up June to get to 14%. And so now that you're already there, can you give us some sense of what the personality gross margin should look like in the coming quarters? I appreciate it.

明白了。明白了。有幫助。然後在毛利率方面，你們已經談到在 6 月份達到 14%。所以聽起來你在跟踪之前。然後你按順序向上引導。怎麼樣 - 我們應該如何考慮在 3 月季度之後的毛利率，我猜，軌跡明智，看跌期權是什麼？因為我認為你們已經談到了 12 月的連續上漲、3 月的連續上漲和 6 月的連續上漲，以達到 14%。既然你已經在那裡，你能給我們一些關於未來幾個季度個性毛利率應該是什麼樣子的感覺嗎？我很感激。

Yes. Basically, when our total IT solution become more mature, gross margin and net margin will consistently growing. That's benefited very solid direction. But in some time, and I hope it happens, sometimes when we engage with a large scale CSP or OEM in really higher revenue deal, that may impact our gross margin and net margin. Although it's lower our overall margin, but when it's positive to company, overall (inaudible). We Will still selectively take some [deal] out of it.

是的。基本上，當我們的整體 IT 解決方案變得更加成熟時，毛利率和淨利潤率將持續增長。這有利於非常堅實的方向。但在某些時候，我希望它會發生，有時當我們與大型 CSP 或 OEM 進行真正更高收入的交易時，這可能會影響我們的毛利率和淨利潤率。雖然它降低了我們的整體利潤率，但當它對公司有利時，總體而言（聽不清）。我們仍將有選擇地採取一些[交易]。

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

您的最後一個問題來自 SIG 的 Mehdi Hosseini。

Just a modeling follow-up. If I take the $3.20 -- minimum of $3.20 EPS growth for FY '22 and assume $0.80 for March, then my June EPS would be up over $0.90. So you are expecting margin expansion from March to June. Is that the right way of thinking about to get to the $3.20 minimum EPS for FY '22?

只是一個建模跟進。如果我採用 3.20 美元——22 財年每股收益增長最低為 3.20 美元，並假設 3 月份為 0.80 美元，那麼我 6 月份的每股收益將超過 0.90 美元。因此，您預計 3 月至 6 月的利潤率會有所增長。這是實現 22 財年最低每股收益 3.20 美元的正確思考方式嗎？

Yes, basically, June always our kind of half season, right? So this year, I believe, same opportunity. June will be very strong quarter, I believe. And so as to gross margin, maybe a little bit lower. But if that happens, the net profit should be more than $0.90, maybe more than $1. David, you may add some comment there.

是的，基本上，六月總是我們的半個季節，對吧？所以今年，我相信，同樣的機會。我相信，六月將是一個非常強勁的季度。就毛利率而言，可能會低一點。但如果發生這種情況，淨利潤應該超過 0.90 美元，可能超過 1 美元。大衛，你可以在那裡添加一些評論。

Yes, Mehdi. So we're very comfortable being inside 14% to 17%. That's our target. We've guided up for Q3 at higher margin. We said it should be up slightly in Q3. And for Q4, we're not giving updates on Q4. But for the full year, as we said before, very comfortable with the guidance that's out there because it's got -- it has a low range and a high range.

是的，邁赫迪。所以我們很樂意在 14% 到 17% 之內。這就是我們的目標。我們已經以更高的利潤率指導第三季度。我們說它應該在第三季度小幅上漲。對於第四季度，我們不會提供第四季度的更新。但是正如我們之前所說，對於全年來說，對現有的指導非常滿意，因為它有——它有一個低範圍和一個高範圍。

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。