超微電腦 (SMCI) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Supermicro First Quarter Fiscal 2022 Earnings Call.

女士們、先生們，感謝大家的支持，歡迎參加 Supermicro 2022 年第一季財報電話會議。

(Operator Instructions) At this time, I would like to turn the conference over to Nicole Noutsios, Investor Relations for Supermicro.

（操作員指示） 現在，我想將會議轉交給 Supermicro 投資者關係部門的 Nicole Noutsios。

Good afternoon and thank you for attending Supermicro's call to discuss financial results for the first quarter, which ended September 30, 2021.

下午好，感謝您參加 Supermicro 的電話會議，討論截至 2021 年 9 月 30 日的第一季財務業績。

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.

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，並可在公司網站上取得。

As a reminder, during today's call, the Company will refer to a presentation that is available to participants in the Investor Relations section of the Company's website under the Events & Presentations tab.

提醒一下，在今天的電話會議中，公司將參考公司網站「投資者關係」部分「活動和簡報」標籤中向參與者提供的簡報。

We have also published management's scripted commentary on our website.

我們也在我們的網站上發布了管理層的腳本評論。

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

請注意，您在今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和費用、稅收、資本配置和未來業務前景的信息，包括2022 財年第二季及2022 財年全年的指引，以及COVID-19 對公司業務及經營業績的潛在影響。

There are a number of risk factors that could cause Supermicro's future results to differ materially from our expectations.

有許多風險因素可能導致 Supermicro 的未來表現與我們的預期有重大差異。

You can learn 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.

您可以在我們今天下午早些時候發布的新聞稿、我們最新的 2021 財年 10-K 文件以及我們其他 SEC 文件中了解有關這些風險的更多資訊。

All of these documents are available on the Investor Relations page of Supermicro's website.

所有這些文件均可在 Supermicro 網站的投資者關係頁面上找到。

We assume no obligation to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的義務。

Most of today's presentation will refer to non-GAAP financial results and business outlook.

今天的大部分演示將涉及非公認會計準則財務表現和業務前景。

For an explanation of our non-GAAP financial measures, please refer to the accompanying presentation or to our press release published earlier today.

有關我們的非公認會計準則財務指標的說明，請參閱隨附的簡報或我們今天早些時候發布的新聞稿。

In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation.

此外，今天的新聞稿和今天簡報所附的補充資訊中包含了 GAAP 與非 GAAP 業績的調整。

At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts to ask questions.

在今天準備好的演講結束時，我們將舉行問答環節，供賣方分析師提問。

With that, I'll now turn the call over to Charles Liang, Founder, Chairman and Chief Executive Officer.

現在，我將把電話轉給創辦人、董事長兼執行長梁朝偉。

Thank you, Nicole, and good afternoon, everyone.

謝謝妮可，大家下午好。

I am pleased to announce that our quarterly revenue exceeded $1 billion even during a traditionally weak September quarter.

我很高興地宣布，即使在傳統上疲軟的 9 月季度中，我們的季度收入也超過了 10 億美元。

For fiscal Q1 2022, we delivered strong year-over-year revenue growth of 35%.

2022 年第一財季，我們的營收年增 35%。

We continued to gain market share and are executing well against our plan to achieve $10 billion in annual revenue.

我們繼續獲得市場份額，並且正在很好地實現我們實現 100 億美元年收入的計劃。

The revenue growth was driven by strong progress across many key customers with our Total IT Solution strategy.

許多主要客戶在我們的整體 IT 解決方案策略方面取得了強勁進展，推動了營收成長。

Now, let's look at some highlights from the quarter.

現在，讓我們來看看本季的一些亮點。

First, our fiscal first-quarter net revenue totaled $1.03 billion.

首先，我們第一財季淨收入總計 10.3 億美元。

It's our second consecutive quarter of $1-plus billion in revenues, up 35% year-on-year and down 3% quarter-on-quarter, exceeding our guidance of $900 to $980 million.

這是我們連續第二個季度收入超過 10 億美元，同比增長 35%，環比下降 3%，超出了我們 900 至 9.8 億美元的指導。

Our efforts continue to enable our growth trajectory at multiple times the average industry growth rate.

我們的努力繼續使我們的成長軌跡達到行業平均成長率的數倍。

Our fiscal first-quarter non-GAAP earnings per share was $0.58, compared to $0.55 in the same period 1 year ago and higher than our guidance of $0.28 to $0.48.

我們第一財季的非 GAAP 每股收益為 0.58 美元，而一年前同期為 0.55 美元，也高於我們 0.28 美元至 0.48 美元的指引。

All our major geographies contributed significant year-over-year growth with the APAC region including Japan doubling year-over-year.

我們所有的主要地區都貢獻了顯著的同比增長，其中包括日本在內的亞太地區同比增長了一倍。

The newly completed Taiwan expansion at Bade is greatly helping our Asia and EMEA growth momentum by providing additional capacity and lowering operational cost.

新完成的台灣八德擴建項目透過提供額外的產能和降低營運成本，大大促進了我們在亞洲和歐洲、中東和非洲的成長勢頭。

These results show that we remain on track to achieve our $10 billion annual revenue target as we previously shared.

這些結果表明，我們仍然有望實現我們先前分享的 100 億美元的年收入目標。

We started our business with the best system building block solutions on the market 28 years ago.

28 年前，我們以市場上最好的系統構建塊解決方案開始了我們的業務。

After many years of servicing the System Integrators and Value-Added Resellers, we began to offer application-optimized complete systems to direct partners including many appliance partners, OEM and large enterprise accounts.

經過多年為系統整合商和加值經銷商提供服務後，我們開始向直接合作夥伴（包括許多家電合作夥伴、OEM 和大型企業客戶）提供應用優化的完整系統。

In the past 10 years, we have continued to expand and began our business transition from a hardware solutions company to a Total IT Solutions company that combined hardware, software, services and more things.

在過去的10年裡，我們不斷擴張，並開始從硬體解決方案公司轉型為結合硬體、軟體、服務等的整體IT解決方案公司。

With application-optimized total IT solutions for many vertical markets and a much broader technology footprint today, we are redefining our growth drivers to speed up our growth strategies.

憑藉針對許多垂直市場的應用優化的整體 IT 解決方案和當今更廣泛的技術足跡，我們正在重新定義我們的成長動力，以加快我們的成長策略。

First, Sub-system and Components.

首先，子系統和組件。

We will continue to offer server motherboards, enclosures, barebones and accessories to the market to continue help growing our market share.

我們將繼續向市場提供伺服器主機板、機箱、準系統和配件，以繼續幫助擴大我們的市場份額。

Second, Complete Systems.

二是體系完善。

We will continue to fully focus and expand on growing our complete hardware systems with technologies co-developed with our key partners including Intel, AMD, NVIDIA, Broadcom, and others.

我們將繼續充分關注並擴展我們的完整硬體系統，利用與英特爾、AMD、NVIDIA、博通等主要合作夥伴共同開發的技術。

Third, Total IT Solutions.

第三，整體IT解決方案。

We are accelerating our development of Appliance and Plug-n-Play (PnP) Rack-Scale Solutions for AI/ML, Industry Automation, IoT, 5G/Telco and Cloud products.

我們正在加速開發適用於 AI/ML、工業自動化、物聯網、5G/電信和雲端產品的設備和即插即用 (PnP) 機架規模解決方案。

And number four, 5S's.

第四，5S。

We are finally ready to aggressively promote our Software, Service and Switch Product lines.

我們終於準備好積極推廣我們的軟體、服務和交換器產品線。

And I will share more about the other 2 Ses when they are ready.

當其他 2 個系列準備就緒時，我將分享更多有關它們的資訊。

Our building blocks and complete systems business have been steadily growing over the decades, and they serve as the key backbone of our revenue growth.

幾十年來，我們的建置模組和完整系統業務一直在穩步成長，它們是我們收入成長的關鍵支柱。

With more enterprise customers and appliance partner's engagements, our Rack Scale, Total IT Solutions business is our new major focus now.

隨著越來越多的企業客戶和設備合作夥伴的參與，我們的機架規模、整體 IT 解決方案業務現在成為我們新的主要焦點。

To make our Total IT Solutions a seamless experience for our customers, we have been increasing our R&D resources to focus on many software products, service, and networking for many years.

為了使我們的整體 IT 解決方案為客戶提供無縫體驗，多年來我們一直在增加研發資源，專注於許多軟體產品、服務和網路。

These products, as higher-value parts of our Total IT solutions, will be the keys to improve our margins and profitability in the coming quarters and years.

這些產品作為我們整體 IT 解決方案的高價值部分，將成為我們未來幾季和幾年提高利潤和獲利能力的關鍵。

Our new online auto-configurator together with our new B2B program are now driving our business growth more efficiently than ever before.

我們新的線上自動配置器以及新的 B2B 計劃現在比以往任何時候都更有效地推動我們的業務成長。

Our innovative new command-center-based customer service system have been greatly helping our sales, FAE, PM teams, as well as our key customers.

我們基於指揮中心的創新客戶服務系統為我們的銷售、FAE、PM 團隊以及我們的主要客戶提供了極大的幫助。

They are dramatically improving our business interactions with customers much faster, much accurate, more optimized and more customer-friendly while reducing manpower, human delay and error.

它們大大改善了我們與客戶的業務互動，速度更快、更準確、更優化、對客戶更友好，同時減少了人力、人為延遲和錯誤。

Our new intelligent database-driven tools are indeed performing much smarter and faster than human efforts in most areas.

我們新的智慧資料庫驅動工具確實在大多數領域比人類的工作更聰明、更快。

This automated-intelligent system is servicing our salesforce and customers to their great satisfaction now, and it will be constantly upgraded and updated.

這個自動化智慧系統現在正在為我們的銷售人員和客戶提供非常滿意的服務，並將不斷升級和更新。

Our push toward Total IT Solutions is benefiting Supermicro and our customers in multiple ways.

我們對整體 IT 解決方案的推動正在以多種方式使 Supermicro 和我們的客戶受益。

Most importantly, our customers will receive higher-quality products that are fully optimized, integrated and validated in house.

最重要的是，我們的客戶將獲得經過內部全面優化、整合和驗證的更高品質的產品。

For the PnP, plug-and-play rack-scale products, our customers just need to connect network and power cables.

對於 PnP、即插即用的機架級產品，我們的客戶只需連接網路和電源線。

And then this is one application.

這就是一個應用程式。

This shrinks their deployment time from many weeks to a few hours.

這將他們的部署時間從幾週縮短到幾個小時。

The total IT solution is also helping Supermicro and our customers to mitigate the impact of the global shortage and our supply chain disruptions by accurately forecasting, building inventories in scale and prioritizing with our strategic partners.

整體 IT 解決方案還透過準確預測、大規模建立庫存以及與我們的策略合作夥伴確定優先順序，幫助 Supermicro 和我們的客戶減輕全球短缺和供應鏈中斷的影響。

The system building block solution allows us to utilize sets of common subsystems and components to create, design, and deliver first-to-market products with reduced manufacturing and supply chain complexity and risk.

系統建構塊解決方案使我們能夠利用一組通用子系統和組件來創建、設計和交付率先上市的產品，同時降低製造和供應鏈的複雜性和風險。

This will dramatically improve our customer's time-to-market, which is critical to their success.

這將大大縮短客戶的上市時間，這對他們的成功至關重要。

The total IT Solution is indeed a win-win-win proposition for Supermicro, our customers and our supply chain partners.

對於 Supermicro、我們的客戶和我們的供應鏈合作夥伴來說，整體 IT 解決方案確實是一個三贏的主張。

Customers can get a taste of our Total IT Solutions now by signing up for our new JumpStart Program.

客戶現在可以透過註冊我們新的 JumpStart 計畫來體驗我們的整體 IT 解決方案。

They can remotely run their software and applications on our custom, preconfigured, pre-validated racks powered by the latest generation of Intel, AMD, and NVIDIA GPUs.

他們可以在我們定制、預先配置、預先驗證的機架上遠端運行他們的軟體和應用程序，該機架由最新一代 Intel、AMD 和 NVIDIA GPU 提供支援。

We are also providing hosted instances of plug-and-play Cloud Infrastructure with operating systems and other tools that can be accessed remotely for development and testing.

我們還提供即插即用雲端基礎設施的託管實例，以及可以遠端存取以進行開發和測試的作業系統和其他工具。

The program will instill more confidence in Supermicro customers as it delivers the convenience, faster time to market, performance optimization, cost savings and security.

該計劃將為 Supermicro 客戶帶來更多信心，因為它提供了便利、更快的上市時間、性能優化、成本節約和安全性。

In summary, Supermicro is rapidly growing and is transforming into a Total IT solution company from a server hardware company.

綜上所述，Supermicro正在快速成長，並正在從伺服器硬體公司轉型為Total IT解決方案公司。

In addition to providing the greenest hardware total solution, our software, switch and service products are now ready for any large enterprise, Cloud, AI, and Telco customers.

除了提供最環保的硬體整體解決方案外，我們的軟體、交換器和服務產品現已為任何大型企業、雲端、人工智慧和電信客戶做好準備。

Second, we are building on and expanding our successful product and technology leadership.

其次，我們正在鞏固並擴大我們成功的產品和技術領先地位。

Our new growth factors, including the Total IT Solutions and the fast-growing 5S product lines, are keys to achieving our $10 billion revenue target and higher profitability.

我們新的成長因素，包括整體IT解決方案和快速成長的5S產品線，是實現我們100億美元營收目標和更高獲利能力的關鍵。

Third, replicating our market share success in the U.S. to APAC and EMEA with the completion of our new APAC campus in Taiwan.

第三，隨著我們在台灣亞太地區的新園區落成，將我們在美國的市佔率成功複製到亞太地區和歐洲、中東和非洲地區。

And fourth, our new Command Center Based Auto configurator and B2B Automation platforms are getting broadly used by customers around the world now, and they are accelerating our market-share gains and customer satisfaction.

第四，我們新的基於指揮中心的自動配置器和 B2B 自動化平台現已被世界各地的客戶廣泛使用，它們正在加速我們的市場份額成長和客戶滿意度。

In closing, I am getting much happier with the progress of our business transformation, which is resulting in an acceleration of our business in FY22 and beyond.

最後，我對我們業務轉型的進展感到非常高興，這導致我們的業務在 2022 財年及以後加速成長。

As a Total IT Solutions company, our TAM continues to increase as we invest our resources for growth, and I am optimistic about achieving our $10 billion annual revenue goal on a much sooner schedule.

作為一家整體 IT 解決方案公司，隨著我們投資資源以實現成長，我們的 TAM 持續成長，我對早日實現 100 億美元的年收入目標持樂觀態度。

With that, I will now pass the call to David Weigand, our Chief Financial Officer, to provide additional details.

現在，我將致電我們的財務長 David Weigand，以提供更多詳細資訊。

Thank you, Charles.

謝謝你，查爾斯。

We continued to experience diversified growth across our key market verticals, exceeding $1 billion in revenue for the quarter, above the high end of our guidance range.

我們在關鍵垂直市場繼續實現多元化成長，本季營收超過 10 億美元，高於我們指導範圍的上限。

This is the second consecutive quarter that revenues have exceeded $1 billion.

這是營收連續第二季超過 10 億美元。

Revenue growth was driven by sales to large enterprise, Cloud, AI, and Telco markets continued strength across all geographies and strong demand for our products and services.

收入成長是由大型企業、雲端、人工智慧和電信市場在所有地區的持續強勁銷售以及對我們產品和服務的強勁需求所推動的。

Our fiscal first quarter revenue totaled $1.03 billion, reflecting a 35% year-on-year increase and a 3% decrease on a quarter-over-quarter basis.

我們第一財季的營收總計 10.3 億美元，年增 35%，季減 3%。

Looking at Supermicro's Q1 revenue in our 3 market verticals, we achieved $725 million in the Organic (Enterprise and Channel) AI/ML vertical, $250 million in the OEM appliance and large data center vertical, and $58 million in the 5G/Telco and Edge/IoT vertical.

看看美超微在3 個市場垂直領域的第一季收入，我們在有機（企業和通路）AI/ML 垂直領域實現了7.25 億美元，在OEM 設備和大型資料中心垂直領域實現了2.5 億美元，在5G/電信和邊緣領域實現了5800 萬美元/物聯網垂直領域。

Systems comprised 82% of total revenue and the volume of systems and nodes shipped were up year-over-year.

系統佔總收入的 82%，系統和節點的出貨量較去年同期成長。

System node ASPs increased year-over-year and quarter-on-quarter.

系統節點平均售價年比及季均成長。

On a year-on-year basis, Asia increased 108% as we saw continued growth with both existing and new customers, Europe increased 60%, U.S. increased 13% and Rest of World increased 6%.

與去年同期相比，由於現有客戶和新客戶的持續成長，亞洲成長了 108%，歐洲成長了 60%，美國成長了 13%，世界其他地區成長了 6%。

On a sequential basis, Asia increased 29%, U.S. sales decreased 14%, Europe decreased 3%, and Rest of World decreased 1%.

以環比計算，亞洲銷售額成長 29%，美國銷售額下降 14%，歐洲下降 3%，世界其他地區下降 1%。

From this point forward, unless otherwise noted, I will be discussing financial metrics on a non-GAAP basis.

從現在開始，除非另有說明，我將在非公認會計原則的基礎上討論財務指標。

Working down the P&L, the Q1 gross margin was 13.4%, down 30 basis points quarter-over-quarter from Q4 due to higher freight and supply chain costs as was also reported by many other companies around the world.

以損益表計算，第一季毛利率為 13.4%，比第四季下降 30 個基點，原因是貨運和供應鏈成本上升，全球許多其他公司也報告了這一情況。

On a year-over-year basis, gross margins were down 370 basis points due to a discrete cost recovery event in Q1 of last year, while also incurring higher freight, supply chain and other costs in Q1 fiscal year 2022.

與去年同期相比，由於去年第一季的離散成本回收事件，毛利率下降了 370 個基點，同時 2022 財年第一季的運費、供應鏈和其他成本也增加了。

Turning to operating expenses.

轉向營運費用。

Q1 OpEx on a GAAP basis increased 2% quarter-on-quarter and 10% year-on-year to $109 million.

以 GAAP 計算，第一季營運支出季增 2%，年增 10%，達到 1.09 億美元。

On a non-GAAP basis, operating expenses increased 2% quarter-on-quarter and increased 7% year-on-year to $101 million.

以非公認會計準則計算，營運費用季增 2%，年增 7%，達到 1.01 億美元。

The year-on-year and quarter-on-quarter increases on a GAAP and non-GAAP basis were driven primarily by higher personnel expenses due to increased headcount, especially in Asia.

以公認會計原則和非公認會計原則計算的同比和環比增長主要是由於員工人數增加（尤其是在亞洲）導致人事費用增加。

Other Income & Expense including interest expense was a $0.8 million expense as compared to a $2.1 million expense last quarter.

其他收入和支出（包括利息支出）為 80 萬美元，而上季為 210 萬美元。

The sequential change is mostly related to FX.

連續變動主要與外匯有關。

This quarter the tax provision was $3.3 million on a GAAP basis and $6.2 million on a non-GAAP basis.

本季的稅金撥備按 GAAP 計算為 330 萬美元，以非 GAAP 計算為 620 萬美元。

Our non-GAAP tax rate was 16.6% for the quarter.

本季我們的非 GAAP 稅率為 16.6%。

Lastly, our share of income from our JV was $0.4 million this quarter as compared to $0.6 million last quarter.

最後，本季我們從合資企業獲得的收入份額為 40 萬美元，而上季為 60 萬美元。

Q1 non-GAAP diluted EPS totaled $0.58 which was higher than our mid-point guidance of $0.38 due to higher revenues, and lower operating expenses, offset by lower gross margins.

第一季非 GAAP 攤薄後每股收益總計 0​​.58 美元，高於我們 0.38 美元的中點指引，這是由於收入增加和營運費用降低（被毛利率下降所抵消）。

Cash flow used in operations was $134.6 million compared to cash flow generated from operations of $63.6 million in Q4 as we built inventory ahead of a seasonally strong December quarter and positioned ourselves to mitigate the impact of supply chain disruptions.

營運中使用的現金流量為1.346 億美元，而第四季度營運產生的現金流量為6360 萬美元，因為我們在季節性強勁的12 月份季度之前建立了庫存，並做好了減輕供應鏈中斷影響的準備。

CapEx totaled $11.9 million resulting in free cash flow consumption of $146.5 million.

資本支出總計 1,190 萬美元，自由現金流消耗為 1.465 億美元。

Key uses of cash during the quarter included increases to inventory, payments made to reduce accounts payable offset by an increase in deferred revenue.

本季現金的主要用途包括庫存增加、為減少應付帳款而支付的款項被遞延收入的增加所抵銷。

We did not repurchase any shares in the quarter.

本季我們沒有回購任何股票。

Our closing balance sheet cash position was $270 million, while bank debt was $279 million as we drew down on our bank lines of credit to increase inventory as we ramped production of new platforms globally.

我們的期末資產負債表現金頭寸為 2.7 億美元，而銀行債務為 2.79 億美元，因為我們在全球範圍內增加了新平台的生產，因此動用了銀行信貸額度來增加庫存。

Turning to the balance sheet and working capital metrics.

轉向資產負債表和營運資本指標。

Compared to last quarter, our Q1 cash conversion cycle was 94 days, up from 80 days, above our target range of 85 to 90 days due to higher inventories.

與上季相比，我們第一季的現金週轉週期從 80 天增加到 94 天，由於庫存增加，高於我們 85 至 90 天的目標範圍。

Days of inventory was 114, representing an increase of 18 days versus the prior quarter.

庫存天數為114天，較上季增加18天。

Days Sales Outstanding was up by 4 to 41 days while Days Payables Outstanding was up by 8 to 61 days.

銷售應付天數增加 4 天至 41 天，應付帳款週轉天數增加 8 天至 61 天。

Now turning to the outlook for our business.

現在轉向我們業務的前景。

We expect net sales in the range of $1.1 billion to $1.2 billion, GAAP diluted net income per share of $0.60 to $0.80 and non-GAAP diluted net income per share of $0.70 to $0.90 for the second quarter of fiscal year 2022 ending December 31, 2021.

我們預計截至2021 年12 月31 日的2022 財年第二季淨銷售額將在11 億至12 億美元之間，GAAP 稀釋後每股淨利為0.60 至0.80 美元，非GAAP 稀釋後每股淨利潤為0.70 至0.90 美元。

We expect gross margins to improve as we manage supply chain costs and maintain price discipline.

我們預計，隨著我們管理供應鏈成本並維持價格紀律，毛利率將會提高。

Over the upcoming quarters, we continue to expect to achieve margins within our target model as we further scale our Taiwan operations and begin to gain traction from our new product offerings and auto configurator B2B/B2C solutions.

在接下來的幾個季度中，隨著我們進一步擴大台灣業務並開始從我們的新產品和汽車配置器 B2B/B2C 解決方案中獲得吸引力，我們繼續期望在目標模型內實現利潤率。

GAAP operating expenses are expected to be approximately $112 million and include $7 million in stock option compensation expenses and $1 million in other expenses includes approximately $8 million in expected stock, days compensation and other expenses, net fax FX that are excluded from non-GAAP diluted net income performance share, forecast of $4.1 to $4.5 billion (sic, see press release, "$4.2 billion to $4.6 billion").

GAAP 營運費用預計約為1.12 億美元，包括700 萬美元的股票選擇權補償費用和100 萬美元的其他費用，包括約800 萬美元的預期股票、天數補償和其他費用，以及不包括在非GAAP 攤薄中的淨傳真外匯淨利潤業績份額，預測為 410 至 45 億美元（原文如此，請參閱新聞稿，「42 億至 46 億美元」）。

GAAP diluted net income per share is expected to be at least $2.77 and versus our prior forecast of $2.6 and non-GAAP diluted net income per share of at least $3.2 versus our prior forecast of at least $3.

GAAP 攤薄後每股淨利潤預計為至少 2.77 美元，而我們先前的預測為 2.6 美元；非 GAAP 攤薄後每股淨利潤預計為至少 3.2 美元，而我們先前的預測為至少 3 美元。

The company's projections for GAAP and non-GAAP diluted net income per common share both assume a tax rate of approximately 16% and a fully diluted share count of 54.1 million shares per GAAP and 55.6 million shares for non-GAAP.

該公司對 GAAP 和非 GAAP 稀釋後每股普通股淨利潤的預測均假設稅率約為 16%，完全稀釋後每股 GAAP 股數為 5,410 萬股，非 GAAP 股數為 5,560 萬股。

The outlook for fiscal year 2022 GAAP diluted net income per common share includes approximately $33 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.

2022 財年 GAAP 稀釋後每股普通股淨利的前景包括約 3,300 萬美元的預期股票薪酬和扣除稅收影響的其他費用，這些費用不包括在非 GAAP 稀釋後每股普通股淨利潤中。

We expect CapEx for the fiscal second quarter of 2022 to be in the range of $3 million to $5 million.

我們預計 2022 年第二財季的資本支出將在 300 萬至 500 萬美元之間。

I'll turn it back over to you now Nicole.

我現在把它還給你妮可。

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

接線員，現在您可以開通提問線路了。

The floor is now open for your questions.

現在請大家提問。

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

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

Listen, congrats.

聽著，恭喜。

I guess a couple for me, just to start off, could you talk about -- it seems like you're highlighting both in the press release and then in your remarks, new design wins and speaking of them broadly is that they're across the business.

我想對我來說有幾個，首先，你能談談嗎——你似乎在新聞稿中強調了這兩個方面，然後在你的評論中，新設計的勝利，廣泛地談論它們是，它們是跨領域的。

Could you maybe talk to what you saw that was most exciting for you and most incremental to the business throughout the quarter?

您能否談談您認為整個季度最令您興奮且對業務增量最大的事情？

And then I have a couple of follow-ups.

然後我有一些後續行動。

Yes.

是的。

Thank you.

謝謝。

A very good question.

這是一個很好的問題。

Yes, as I shared in last few quarters, we start to engage more and more large enterprise account.

是的，正如我在過去幾季分享的那樣，我們開始接觸越來越多的大型企業客戶。

And we again, you see the more hand for large account in the last few quarters, including 5G Telco, including AI/machine learning and including HPC as well.

我們再次看到，過去幾個季度，大客戶的資金投入更多，包括 5G 電信、人工智慧/機器學習以及 HPC。

So pretty much across broader range.

所以幾乎涵蓋了更廣泛的範圍。

We have more customer and with our B2B automation Auto configurator as I mentioned.

正如我所提到的，我們擁有更多的客戶以及我們的 B2B 自動化自動配置器。

Now, we are able to have sales engineer and PA to communicate with customer much more efficiently.

現在，我們能夠擁有銷售工程師和 PA 來更有效地與客戶溝通。

So now we have more bandwidth to talk to more customers, talk to more customers' application in more detail.

所以現在我們有更多的頻寬來與更多的客戶交談，更詳細地與更多客戶的應用程式交談。

So I believe we will continue to gain customer and again, design win.

因此，我相信我們將繼續贏得客戶，並再次贏得設計勝利。

That's helpful context, Charles.

這是有用的背景，查爾斯。

And how would you characterize, I guess, the prog -- well, I don't think I want to call it progress with the new Taiwan facility.

我想，你會如何描述這一進展——嗯，我想我不想稱其為台灣新設施的進步。

Could you just describe for us the appropriate -- like how -- like the appropriate context or that we can understand what the operation feels like right now, both from a production perspective, but also from a revenue-generating perspective as well.

您能否為我們描述一下適當的——例如如何——例如適當的背景，或者我們可以從生產的角度，也從創造收入的角度來理解現在的營運感覺。

Yes.

是的。

Thank you for the question.

謝謝你的提問。

Yes, as I shared, we see you in the last few quarters.

是的，正如我所分享的，我們在過去幾個季度見到了您。

My Asian campus, production capacity is very important to our business.

我的亞洲園區，生產能力對我們的業務非常重要。

Is in U.S.A., especially our operation has been pretty much focused on Bay Area in the last 28 years, and it's really close to too high.

在美國，尤其是過去28年我們的業務主要集中在灣區，這個數字確實接近過高。

So we are very happy.

所以我們很高興。

Finally, we have a big campus in Taipei, Taiwan.

最後，我們在台灣台北擁有一個大校園。

And now we have a big capacity ready.

現在我們已經準備好了大容量。

Indeed, we -- today, we just utilize about less than 30% of the capacity.

事實上，我們今天只利用了大約不到 30% 的產能。

So we have, I mean, cheaper capacity available in Asia now.

所以我的意思是，我們現在在亞洲擁有更便宜的產能。

So we are very happy, and we started to very aggressively engage customer in Asia and EMEA or even leverage Taiwan capacity to support the customer in U.S.A.

所以我們非常高興，我們開始非常積極地與亞洲和歐洲、中東和非洲的客戶合作，甚至利用台灣的產能來支持美國的客戶。

So that's a very positive change to us.

所以這對我們來說是一個非常積極的改變。

And how long, Charles, any estimate on where you'll get the kind of normalized capacity utilization in the Taiwan facility?

查爾斯，您對台灣工廠的標準化產能利用率需要多長時間有什麼估計？

Okay.

好的。

Good.

好的。

Because of the global shortage, right, otherwise, our revenue must be much bigger than today.

因為全球短缺，對吧，不然我們的收入肯定比今天大很多。

We are around $1.03 billion this quarter pretty much because of our global shortage.

本季我們的收入約為 10.3 億美元，這很大程度上是因為我們的全球短缺。

Otherwise, that should be much bigger.

否則，這個數字應該會更大。

So at this moment, our iteration rate in Taiwan is about 30% or a little bit bad.

所以目前我們在台灣的迭代率大概是30%左右，或者說有點差。

And we expect once the globally shortage program release, we will use 80% to 100% capacity in Taiwan, almost in a few quarters.

我們預計，一旦全球短缺計畫發布，我們將在幾個季度內使用台灣 80% 至 100% 的產能。

So we have a very strong demand and does need a supply chain to be improved.

所以我們的需求非常旺盛，確實需要改善供應鏈。

Your next question comes from Mehdi Hosseini of SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes, a couple of follow-ups.

是的，有幾個後續行動。

On the -- regarding the balance sheet and cash flow, can you remind me how much more line of credit you have that you can utilize?

關於資產負債表和現金流，您能提醒我您還有多少信用額度可以利用嗎？

So we have a $200 million line of credit with the Bank of America, and we also have over $300 million in credit lines in Taiwan as well.

所以我們在美國銀行有2億美元的信貸額度，在台灣也有3億多美元的信貸額度。

Okay.

好的。

So of the total $500 million, that's an OTIs being utilized, sorry?

那麼，在 5 億美元總額中，這是正在使用的 OTI，抱歉？

Yes.

是的。

So we've -- as you see from our balance sheet, we're sitting at about $279.

因此，正如您從我們的資產負債表中看到的那樣，我們的股價約為 279 美元。

Got you.

明白你了。

Okay.

好的。

And then regarding the growth, can you maybe, Charles or anyone else from the team, help me understand what were the key growth drivers in Asia more than doubled on a year-over-year basis in the U.S., which is the largest market, had a double-digit growth, but Asia was up double digit.

關於成長，查爾斯或團隊中的其他任何人能否幫助我了解亞洲的主要成長動力是什麼，美國是最大的市場，同比增長了一倍多，實現了兩位數增長，但亞洲增長了兩位數。

What were the key drivers behind that growth?

這種成長背後的關鍵驅動因素是什麼？

Yes.

是的。

Indeed, in Asia, we did not have a really strong promotion before because our capacity before was limited in Asia.

確實，在亞洲，我們之前沒有進行過真正強力的推廣，因為我們之前在亞洲的產能有限。

And other time, we had to ship the product from U.S.A to customers in Asia.

另一次，我們必須將產品從美國運送到亞洲的客戶。

That was our business before.

以前那是我們的事。

Now with Taiwan capacity, much, much bigger ready.

現在台​​灣的產能已經準備好了，非常非常大。

So we are very aggressively approaching customer in Asia and did not just in Asia in support, European customer from Asia, also a very good arrangement.

因此，我們非常積極地接觸亞洲客戶，而不僅僅是在亞洲提供支持，對亞洲的歐洲客戶來說，也是一個很好的安排。

And we start to focus kind of our sales force in Asia.

我們開始將銷售力量集中在亞洲。

So that's the major reason.

這就是主要原因。

And we will continue to invest more sales, marketing in Asia and EMEA, as well as in East Coast.

我們將繼續在亞洲、歐洲、中東和非洲以及東海岸投資更多的銷售和行銷。

Indeed, in U.S.A, East Coast will be a very sweet stuff as well.

事實上，在美國，東岸也會是一個非常甜蜜的地方。

And we just have a strong team as well from U.S. East Coast now.

我們現在也有一支來自美國東岸的強大團隊。

Yes.

是的。

Perhaps maybe if I rephrase the question, you highlighted 3 buckets of revenue, organic and organic enterprise OEM and the Telco.

也許如果我重新表達這個問題，您強調了三類收入：有機和有機企業 OEM 和電信公司。

Was there any particular end market that was particularly strong in Asia?

亞洲是否有任何特別強勁的終端市場？

AI, for example, and Telco, 5G Telco, for example.

例如人工智慧，還有電信、5G電信。

And indeed, because our Asia market share was small before.

事實上，因為我們之前的亞洲市場份額很小。

So basically, we have a lot of room to grow in Asia.

所以基本上，我們在亞洲有很大的成長空間。

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

您的下一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

Yes.

是的。

And fantastic results in very strong guidance.

非常有力的指導帶來了驚人的結果。

Great to see that.

很高興看到這一點。

A couple of questions from me.

我有幾個問題。

Charles, what's your perspective on whether the worst of global supply chain issues have passed or not?

查爾斯，您對全球供應鏈最糟糕的問題是否已經過去有何看法？

And then related to that, how long do you think it will be prudent to continue carrying more base inventory than typical?

與此相關的是，您認為繼續持有比平常更多的基礎庫存會謹慎多久？

Very good question and big question.

非常好的問題和大問題。

As you know, we usually keep about $900 million inventory and now grew to almost $1.3 billion.

如您所知，我們通常保留約 9 億美元的庫存，現在已成長到近 13 億美元。

So the reason why we grow inventory so quickly because we want to make sure we are doing our best to support the customers and to support our growth.

因此，我們庫存成長如此之快的原因是我們希望確保盡最大努力支持客戶並支持我們的成長。

So we continue to improve our relationship with our supply chain.

因此，我們持續改善與供應鏈的關係。

And it's really a big shortage, especially in our chips, right?

而且確實是嚴重短缺，尤其是我們的晶片，對吧？

Those are I/O chips, especially a small chip like what I mentioned before.

這些是I/O晶片，尤其是像我之前提到的小晶片。

And some GPU shortage as well.

還有一些 GPU 短缺。

GPU, some slow delivery as well.

GPU，交付也有些慢。

So we are facing a lot of logistic delay.

所以我們面臨很多物流延誤。

And however, because we are providing IT Total Solution now.

然而，因為我們現在提供 IT 整體解決方案。

So we're taking care of our difficulty portion and chip complete present play direct solution to our customer.

因此，我們正在處理我們的困難部分，並為我們的客戶提供完整的當前播放直接解決方案。

So most of our customers now very appreciate Rack Scale total solution.

所以我們的大多數客戶現在都非常欣賞機架規模整體解決方案。

And we just have to continue work with our supply chain to enable those shortage item.

我們只需要繼續與我們的供應鏈合作來供應這些短缺物品。

And how soon can we fix those problems.

我們多久可以解決這些問題。

It's really a global problem.

這確實是一個全球性問題。

So people included myself, I guess maybe at least in 3 months to 4 months.

所以人們包括我自己，我想也許至少在 3 個月到 4 個月內。

And hopefully, of the day, things will be improving.

希望有一天，情況會有所改善。

Great.

偉大的。

And then following on Mehdi's question regarding regional performance, helpful on what's driving Asia.

接下來是邁赫迪關於區域表現的問題，這有助於了解推動亞洲發展的因素。

David, you did say that U.S. was down 14% Q2.

David，您確實說過美國第二季下降了 14%。

Is that seasonal?

是季節性的嗎？

Or is there something more going on there?

還是還有其他事情發生？

I think it's simply just a matter of digestion.

我認為這只是一個消化問題。

We had some large, very large purchases, and there was some digestion of those purchases, and we expect those to return.

我們進行了一些非常大的採購，這些採購得到了一些消化，我們預計這些採購將會回歸。

Our next question comes from Aaron Rakers of Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Yes.

是的。

And also congrats on the quarter and the guide.

也恭喜本季和指南。

Just kind of dovetailing off the component question.

只是與組件問題相吻合。

Everybody is definitely seeing supply constraint.

每個人都肯定會看到供應緊張。

I guess my question on that is, can you comment on what you're seeing from a pricing perspective of some of the key components in the supply chain, be it memory or other components?

我想我的問題是，您能否從定價角度評論一下供應鏈中一些關鍵組件（無論是內存還是其他組件）的情況？

And what you're doing to maybe pass through some of that pricing?

您正在採取什麼措施來傳遞其中的一些定價？

Or how effective you've been there?

或者你在那裡的效率如何？

Yes.

是的。

I mean, as you may know, right, CRN price is dropping now since last month, so maybe 2 months ago.

我的意思是，正如您可能知道的那樣，自上個月以來，CRN 價格現在正在下降，所以可能是 2 個月前。

So CRN supply is getting a much better position than before.

因此，CRN 的供應狀況比以前好得多。

So other than CRN and most of the other components, still have a big shortage.

所以除了CRN之外，其他大部分零件，仍然存在很大的短缺。

And we foresee some IC price will continue going up.

我們預計部分IC 價格將繼續上漲。

As you know, even TSMC November 1st, some of their product line cost will increase to their customer.

如您所知，即使台積電11月1日起，他們的部分產品線成本也會增加給他們的客戶。

So overall, I feel -- seen improvement, but won't be right away.

總的來說，我覺得有所改善，但不會立即改善。

And how are you reacting with your own pricing?

您對自己的定價有何反應？

We basically pass through to our customer whatever we can, and customer is getting used to this model because we just cannot afford to get so much price rise.

我們基本上會盡一切努力轉嫁給客戶，客戶已經習慣了這種模式，因為我們無法承受如此多的價格上漲。

This year, the customer pretty much understand that.

今年，客戶基本上明白了這一點。

Yes.

是的。

In this environment, a lot of companies have seen -- are requested maybe their own customers to provide longer lead times on their own purchase commitments.

在這種環境下，許多公司都看到——他們自己的客戶可能會要求他們自己的採購承諾提供更長的交貨時間。

Have you also asked your customers to lengthen out their lead times and, therefore, given you more visibility in the business beyond maybe just this next quarter?

您是否也要求您的客戶延長他們的交貨時間，讓您在下個季度之後獲得更多的業務知名度？

Yes.

是的。

Basically, we hope so.

基本上，我們希望如此。

But the problem is we cannot deliver even our backorder today.

但問題是我們今天甚至無法交付缺貨。

So that's why we did not push customers to predict order much earlier, but we hope they can more transparent to us about their forecast about their IPO, yes, for sure.

因此，這就是為什麼我們沒有敦促客戶更早預測訂單，但我們希望他們能夠對我們更透明地了解他們對 IPO 的預測，是的，當然。

But again, the current backorders indeed the have been a big demand, and we had to fulfill there as soon as possible.

但同樣，目前的缺貨確實是一個很大的需求，我們必須盡快滿足。

Yes.

是的。

And then the final question, just kind of strategically, I'm curious about is, I think the company is fairly well-positioned given your engineering presence and breadth around the role of AI and the proliferation of AI from a compute layer perspective.

最後一個問題，從戰略上來說，我很好奇的是，考慮到你們在人工智慧角色方面的工程存在和廣度以及從計算層角度來看人工智慧的擴散，我認為該公司處於相當有利的位置。

Can you help us appreciate how material, AI is?

您能幫助我們了解人工智慧的重要性嗎？

I'm assuming that server platforms that are incorporating a GPU predominantly, how big that business is?

我假設主要採用 GPU 的伺服器平台，該業務有多大？

How fast it's growing?

成長速度有多快？

And any kind of thoughts at a high level?

高層有什麼想法嗎？

How much that changes the weakness of the mix of your business on a AI-optimized server relative to more of a traditional server?

與傳統伺服器相比，人工智慧優化伺服器上的業務組合的弱點有多大改變？

Yes.

是的。

AI-optimized server for so is high-value, high performance, high-value, and we are very aggressive to continue to grow our AI machine.

AI優化的伺服器因此是高價值、高效能、高價值的，我們非常積極地繼續發展我們的AI機器。

Indeed, our AI machine, including complete system and some payable, I believe our market share still pretty much top 1 or top 2. I hope top 1, and I believe will continue to grow very strongly because we have been focused so much on those high-end products, including a Total solution, right?

事實上，我們的人工智慧機器，包括完整的系統和一些應付的，我相信我們的市場份額仍然幾乎是前1或前2。我們一直非常關注這些高端產品，包括整體解決方案，對吧？

AI Total solution.

人工智慧整體解決方案。

We start to ship kind of AI Cloud to some of our partner.

我們開始向一些合作夥伴提供人工智慧雲端。

Again, that makes our customers' job much easier.

同樣，這使我們客戶的工作變得更加輕鬆。

So when we ship that direct to customers, customers are able to get targeting networking cable, power cable and pretty much ready to run their applications.

因此，當我們直接向客戶發貨時，客戶能夠獲得目標網路電纜、電源線，並且幾乎準備好運行他們的應用程式。

So with Total AI Cloud, Total AI solution, I am very optimistic that our deep learning AI/machine, even including a video streaming solution will continue to grow very fast.

因此，透過全面的人工智慧雲端、全面的人工智慧解決方案，我非常樂觀地認為我們的深度學習人工智慧/機器，甚至包括視訊串流解決方案將繼續快速成長。

Your next question comes from Jon Lopez of Vertical Group.

您的下一個問題來自 Vertical Group 的 Jon Lopez。

Can you hear me all right?

你聽得到我說話嗎？

Yes, Jon, we can.

是的，喬恩，我們可以。

Great.

偉大的。

So I had a couple of quick ones.

所以我有幾個快速的。

I wanted to start on the inventory side as well, so I apologize for doing that.

我也想從庫存方面開始，所以我對此表示歉意。

But if I remember correctly, I think your purchase commitments, your inventory purchase commitments as of June.

但如果我沒記錯的話，我認為你的購買承諾，截至六月的庫存購買承諾。

We're up $550 million, $575 million, something in that ballpark and had doubled versus where they were at the end of 2020, calendar 2020.

我們增加了 5.5 億美元、5.75 億美元，大約是這個數字，並且比 2020 年底（即 2020 年曆）增加了一倍。

Can you give us a feel for where that stands now as of the end of September?

能為我們介紹一下截至 9 月底的情況嗎？

And just given the size of these increases, does that ultimately find its way onto your balance sheet?

考慮到這些成長的規模，它最終會進入你的資產負債表嗎？

Or are you now at sort of a steady-state level where what's going out is more being matched with what's coming in?

或者你現在是否處於某種穩態水平，即出去的東西與進來的東西更加匹配？

Yes.

是的。

So I think the key is we're going into a seasonally strong December quarter.

所以我認為關鍵是我們將進入季節性強勁的 12 月季度。

And so we -- that, combined with the fact that we've got to make sure we get ahead of supply chain delays as much as possible, has really driven our decision to increase inventory levels up.

因此，再加上我們必須確保盡可能趕在供應鏈延誤之前，這確實促使我們做出了增加庫存水準的決定。

So therefore, in the current market with the delays, both on the delivery side as well as on the production side and the delays in containers, making it to port, you've got to order earlier.

因此，在當前的市場中，無論是在交貨方面還是在生產方面以及貨櫃的延誤，使其到達港口時，您都必須提前訂購。

So therefore, we have to place orders in order to keep up with our customer demand.

因此，我們必須下訂單才能跟上客戶的需求。

So that's really -- and that's why we increased our credit lines and used those to increase inventory.

這就是我們增加信貸額度並利用這些額度來增加庫存的原因。

Okay.

好的。

Got you.

明白你了。

And just on the top of your head, David, do you know what that number stood as of September?

大衛，你是否知道截至 9 月的數字是多少？

We don't -- no, I don't.

我們不——不，我不。

I don't release that number on the quarter.

我不會在本季發布這個數字。

Okay.

好的。

All right.

好的。

Great.

偉大的。

Secondly, I'm sorry, go ahead, please.

其次，對不起，請繼續。

So we'll have a little more color in the 10-K.

所以我們在 10-K 會有更多的顏色。

Sure, of course.

當然，當然。

Your deferred revenue actually jumped up quite nicely.

你的遞延收入其實成長得相當不錯。

The current deferred is up like double digits, which hasn't really been the case for the last couple of quarters.

目前的延期費用增加了兩位數，但過去幾季的情況並非如此。

Why was that?

為什麼會這樣呢？

So 2 reasons.

所以有兩個原因。

#1, we had some customers who prepaid.

#1，我們有一些預付款的客戶。

And #2, we had some additional services that were an increase in services that we had to defer.

第二，我們有一些額外的服務，這些服務增加了我們不得不推遲的服務。

Yes.

是的。

Respond to -- I just mentioned, we start to focus on our 5s business, right, the software, breach and service.

回應——我剛才提到，我們開始關注我們的 5S 業務，對吧，軟體、漏洞和服務。

And those products have a higher profitability, but they are also generate default revenue.

這些產品具有較高的獲利能力，但它們也會產生違約收入。

Got you.

明白你了。

That's really helpful.

這真的很有幫助。

Sorry, 2 other quick ones.

抱歉，還有另外 2 個快速的。

The first one is, David, I think you made mention to gross margin.

第一個是，大衛，我想你提到了毛利率。

I think you said it was going to increase.

我想你說過它會增加。

I wasn't sure if that meant in the December quarter or that was just sort of an intermediate-term comment.

我不確定這是否意味著 12 月季度，或者這只是一種中期評論。

But can you remind us, A, like what are the targets again?

但是，A，你能再提醒我們目標是什麼嗎？

And B, just put some color around that comment and how we should think about maybe trending in trajectory?

B，只是給這個評論加上一些顏色，我們該如何考慮軌跡的趨勢？

Sure.

當然。

Absolutely.

絕對地。

So our target model gross margin is, of course, 14% to 17%.

所以我們的目標模型毛利率當然是14%到17%。

And we've mentioned that, again, this quarter, our transportation costs, our freight costs went up by $3 million or 30 basis points.

我們再次提到，本季我們的運輸成本、貨運成本增加了 300 萬美元，即 30 個基點。

And that was on top of the increase from the prior quarter.

這是在上一季成長的基礎上增加的。

Now, I can tell you that in my discussions with our operations people, it looks like that amount is starting to level off.

現在，我可以告訴你，在我與營運人員的討論中，這個數字似乎開始趨於平穩。

The rates are leveling off.

利率正在趨於平穩。

And so we are -- so the guidance that we give is giving -- or giving is to be up both in Q2 as well as in the second half.

所以我們 - 所以我們給的指導是給予 - 或者給予是在第二季度和下半年都會增加。

Got you.

明白你了。

Really helpful.

真的很有幫助。

Okay.

好的。

And sorry, David, is that leveling off a relatively recent phenomenon?

抱歉，大衛，這是一個相對較新的現象嗎？

Or is that something that you observed through the course of the quarter?

或者這是您在本季觀察到的情況？

That's just -- I mean, there's only been 1 month in this quarter.

我的意思是，本季只有 1 個月。

But so far, they don't seem to be increasing at the same rate that they were in prior quarters.

但到目前為止，它們的成長速度似乎並未達到前幾季的水準。

Got you.

明白你了。

Okay.

好的。

I was having take the prior quarter, so they kept increasing through your fiscal...

我考慮的是上一季度，因此它們透過您的財務不斷增加...

Yes, onwards through Q4, they continue to increase.

是的，從第四季度開始，它們繼續增加。

And then in Q1, they also increased another 30 basis points.

然後在第一季度，他們又增加了 30 個基點。

And another -- think of it is 30 basis points on lower revenues that the freight costs went up.

另外，想想收入下降 30 個基點，運費就會上漲。

So I'm saying in the current Q2, we see that leveling off.

所以我想說的是，在目前的第二季度，我們看到這種情況趨於平穩。

Got you.

明白你了。

Really helpful.

真的很有幫助。

And sorry, my very last one.

抱歉，這是我的最後一篇。

Just as we think about your fiscal '22 guidance, you mentioned that both units and prices increased in your September quarter.

正如我們思考您的 22 財年指引一樣，您提到 9 月份季度的單位數量和價格均有所增加。

I'm wondering, as we think about the sort of, let's call it, 20-odd percent growth that you're building in for your fiscal '22.

我想知道，當我們考慮你們為 22 財年實現的 20% 左右的增長時，我們可以這樣稱呼它。

Can you give us a rough sense for how much of that is going to come from pricing versus what's going to come from the units?

您能否讓我們大致了解其中有多少來自定價，哪些來自單位？

I think that's too hard to judge.

我認為這太難判斷了。

Yes.

是的。

Okay.

好的。

Okay.

好的。

Would you be that it's going to be a combination of the 2?

您認為這會是兩者的結合嗎？

Maybe I can make it?

也許我能做到？

Absolutely.

絕對地。

Absolutely.

絕對地。

Our next question comes from Nehal Chokshi of Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

And great on the breakout relative to the 3 pillars of growth that you laid out at your Analyst Day.

相對於您在分析師日提出的三大成長支柱而言，這項突破非常好。

Really appreciate that.

真的很感激。

Do you have color on how this lease trended on a year-over-year basis relative to the overall [year-over-year growth]?

您是否了解該租賃相對於整體[年成長]的同比趨勢？

Yes.

是的。

So we're actually on the verticals, we didn't -- we're not going back on a year-over-year basis because we really started tracking this closely, beginning with the fiscal year-end.

所以我們實際上是在垂直領域，我們沒有——我們不會逐年回溯，因為我們從財年末開始就真正開始密切跟踪這一點。

And so -- but as each quarter now, we'll give a little bit more insight.

所以，但現在每個季度，我們都會提供更多的見解。

But I can tell you that the one vertical that went down, which was in the 5G -- I'm sorry, the OEM and OEM appliance was really, as I mentioned, that was the digestion that I referred to from a couple of customers, and we see that returning that purchasing returning in Q2.

但我可以告訴你，下降的一個垂直領域是 5G——我很抱歉，OEM 和 OEM 設備確實是，正如我所提到的，這就是我從幾個客戶那裡提到的消化情況，我們看到第二季度的採購量有所回升。

Got it.

知道了。

Great.

偉大的。

And then what is the risk, the strong demand that you're seeing is a result of the supply chain disruptions and that you are having new customers come to you in an effort to do or triple source or codices and effectively alleviate their own supply chain issues.

那麼風險是什麼，你看到的強勁需求是供應鏈中斷的結果，你有新客戶來找你，試圖增加來源或程式碼並有效緩解他們自己的供應鏈問題。

Yes, this is a very important area.

是的，這是一個非常重要的領域。

We watch very well.

我們看得很好。

So most of our orders are pretty evenly come from our broad customer base.

因此，我們的大部分訂單相當均勻地來自我們廣泛的客戶群。

So at this moment, I do not see any specific risk there.

所以目前，我沒有看到任何具體的風險。

So it pretty evenly come from many customers and from many different vertical.

因此，它相當均勻地來自許多客戶和許多不同的垂直領域。

And by the way, our feeding box solution, my advantage is we can simply kind of the every configured system.

順便說一句，我們的飼養箱解決方案，我的優勢是我們可以簡單地對每個配置的系統進行分類。

So even if when customers slow down, we won't have to kind of really have a hard time for overall inventory.

因此，即使客戶放慢腳步，我們的整體庫存也不會遇到真正的困難。

Sure.

當然。

I think that ladder for is an excellent point.

我認為梯子是一個很好的觀點。

So maybe I crank that up of the incremental demand that you're seeing, how much of that is coming in the form of a configuration that your competitors typically would not satisfy that they are much more limited configurations that they can provide?

因此，也許我會提高您所看到的增量需求，其中有多少是以您的競爭對手通常無法滿足的配置形式出現的，因為他們可以提供的配置更加有限？

Yes.

是的。

Indeed, I'm very happy to share.

確實，我很樂意分享。

Most of our growth are from our building box solution.

我們的成長大部分來自我們的建築盒解決方案。

After we continue to amortize offering for solution, indeed, most of the customer now putting both solution because it's easy to support their urgent demand and also best overall inventory risk for our sale and volume sales.

事實上，在我們繼續攤銷提供解決方案之後，大多數客戶現在都採用這兩種解決方案，因為它很容易滿足他們的緊急需求，也可以為我們的銷售和大量銷售提供最佳的整體庫存風險。

Okay.

好的。

Great.

偉大的。

And then my final follow-up question is for Dave.

我的最後一個後續問題是問戴夫的。

SG&A, I think, was down $4 million in Q2.

我認為第二季的 SG&A 減少了 400 萬美元。

Is that correct?

這是正確的嗎？

And why is that?

這是為什麼呢？

So we had a little bit lower.

所以我們的價格低了一點。

We had -- personal, it was -- we had increased personnel costs.

我們——個人的——我們增加了人員成本。

And then we did have a little bit lower bonuses this in Q2.

然後我們在第二季度的獎金確實有點低。

I'm sorry, in Q1, I said in Q1.

對不起，在第一季度，我在第一季說過。

Your next question comes from Jonathan Tanwanteng of CJS Securities.

您的下一個問題來自 CJS 證券的 Jonathan Tanwanteng。

Great quarter and outlook.

很棒的季度和前景。

David, I was just wondering if you could clarify the sequential increase in gross margins.

大衛，我只是想知道你是否可以澄清毛利率的連續成長。

What's getting that -- where are you finding that?

這是怎麼回事──你在哪裡找到的？

Is it mostly your selling prices catching up to inflation?

你們的銷售價格主要是趕上通貨膨脹了嗎？

Are you expecting to reduce some costs or realize some other efficiencies?

您是否希望降低一些成本或實現其他一些效率？

Or is there a mix improvement as you go forward?

或者說，隨著你們的發展，組合會有所改進嗎？

Just help me understand what the sequential increase coming from?

請幫我理解連續增加來自哪裡？

Sure, John.

當然，約翰。

There's a number of factors.

有很多因素。

Number one, we expect to start gaining traction from our Auto configurator, B2B, B2C solutions.

第一，我們期望開始從我們的汽車配置器、B2B、B2C 解決方案中獲得吸引力。

We also have been exercising more price discipline.

我們也一直實行更多的價格紀律。

And also, we've learned how to manage, how to better manage the passing on of freight charges and other things and our cost increases to our customers.

而且，我們還學會瞭如何管理，如何更好地管理運費和其他事情以及我們向客戶增加的成本的轉嫁。

So that, along with the -- some of the margins from our new product offerings give us a little bit better insight into margin growth.

因此，加上我們新產品的一些利潤，讓我們對利潤成長有了更好的了解。

Okay.

好的。

Perfect.

完美的。

And I wanted to touch on the Auto configure and B2B.

我想談談自動配置和 B2B。

You mentioned actually.

你確實提到了。

What was the sales advantage there?

那裡的銷售優勢是什麼？

I don't know if you can quantify it exactly, but just give us a sense of how important that is to your growth and how big you expect it to be going forward in the next couple of quarters?

我不知道您是否可以準確地量化它，但請讓我們了解這對您的成長有多重要以及您預計未來幾個季度的成長有多大？

It will be very important, especially for our long-term.

這將非常重要，特別是對於我們的長期而言。

Before we see many come from manpower sales, FA and PA to work with customer one by one.

之前我們看到很多來自人力銷售、FA、PA的人一一跟客戶合作。

But now we see inhabiting database, not online for CT, are able to help customers figure out what's the base configuration, what's the base of the product for them and then embed it through our commence center-based service.

但現在我們看到居住資料庫，而不是CT的線上資料庫，能夠幫助客戶弄清楚他們的基本配置是什麼，產品的基礎是什麼，然後將其嵌入到我們開始的基於中心的服務中。

So almost all our customer in sales who have able use that system are very happy with the service and shrink the time to communicate and make the communication much more accurate product optimization, much more cost down and data performance.

因此，幾乎所有能夠使用該系統的銷售客戶都對服務非常滿意，並縮短了溝通時間，使溝通更加準確，產品優化，成本降低和數據性能提高。

So for midterm, long term, I'm very optimistic with Auto configurator command center-based B2B system.

因此，從中期和長期來看，我對基於自動配置器命令中心的 B2B 系統非常樂觀。

Great.

偉大的。

Maybe just the last one for me.

也許對我來說只是最後一次。

What is the margin of sales through that channel compared to your regular sales maybe versus what it normally has been?

與您的常規銷售相比，透過該管道的銷售利潤是多少？

We did not share with that number yet.

我們還沒有透露這個號碼。

But basically, the profitability will be higher because B2B Auto configurator, we are able to work with many more customers and especially a lot of middle-sized enterprise customer now.

但基本上，獲利能力會更高，因為B2B汽車配置器，我們現在能夠與更多的客戶，特別是許多中型企業客戶合作。

But before we can take are only large-scale customer because we do not have in our manpower to take care of 2 million ton.

但之前我們能承接的只是大型客戶，因為我們沒有足夠的人力來照顧200萬噸。

But now with automation we have, we are able to reach to many more middle-sized enterprise account.

但現在有了自動化，我們能夠接觸到更多的中型企業客戶。

And for those accounts, as you know, the pro-margin data.

如您所知，對於這些帳戶，有支持保證金的數據。

(Operator Instructions) We will pause for just a moment to compile the Q&A roster.

（操作員說明）我們將暫停片刻來整理問答名單。

At this time, there are no further questions.

目前，沒有其他問題了。

Ladies and gentlemen, this concludes today's event.

女士們、先生們，今天的活動到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Thank you so much to join us.

非常感謝您加入我們。

And very happy to see you next quarter again.

很高興下個季度再次見到您。

Thank you and a good day.

謝謝你，祝你有美好的一天。