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，感謝你們的支持，歡迎參加 Supermicro 2022 財年第一季度財報電話會議。

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

（操作員說明）此時，我想將會議轉交給 Supermicro 投資者關係部的 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 電話會議，討論截至 2021 年 9 月 30 日的第一季度財務業績。

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，該新聞稿可在公司網站上查閱。

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的活動和演示選項卡下的參與者可用的演示。

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

我們還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，您在我們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、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 2022 財年第二季度和整個 2022 財年的指導，以及 COVID-19 對公司業務和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 的未來結果與我們的預期大相徑庭。

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、我們最近提交的 2021 財年 10-K 文件以及我們提交給 SEC 的其他文件中了解有關這些風險的更多信息。

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

所有這些文件都可以在 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.

今天的大部分演講將涉及非公認會計原則的財務業績和業務前景。

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原則財務指標的解釋，請參閱隨附的演示文稿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，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。

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，我們將有一個問答環節，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.

有了這個，我現在將把電話轉給創始人、董事長兼首席執行官 Charles Liang。

Thank you, Nicole, and good afternoon, everyone.

謝謝你，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，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%.

對於 2022 財年第一季度，我們實現了 35% 的強勁收入同比增長。

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，並且在實現我們實現 100 億美元年收入的計劃方面表現良好。

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

收入增長是由我們的整體 IT 解決方案戰略在許多關鍵客戶中取得的強勁進展推動的。

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

現在，讓我們看一下本季度的一些亮點。

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

首先，我們第一財季的淨收入總計 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 1 億美元，同比增長 35%，環比下降 3%，超過了我們 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增長軌跡達到行業平均增長率的數倍。

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.

我們第一財季非公認會計準則每股收益為 0.58 美元，而一年前同期為 0.55 美元，高於我們 0.28 至 0.48 美元的指導。

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.

Bade 新完成的台灣擴建通過提供額外的產能和降低運營成本，極大地幫助了我們的亞洲和 EMEA 增長勢頭。

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，我們仍有望實現我們之前分享的 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.

在為系統集成商和增值經銷商服務多年後，我們開始向直接合作夥伴（包括許多電器合作夥伴、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，我們不斷擴展，開始了我們的業務轉型，從一家硬件解決方案公司向一家集硬件、軟件、服務和更多東西為一體的整體 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.

憑藉適用於許多垂直市場的應用優化整體 IT 解決方案和今天更廣泛的技術足跡，我們正在重新定義我們的增長動力，以加快我們的增長戰略。

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服務器主板、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.

第二，完整的系統。

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.

我們將繼續完全專注並擴展我們的完整硬件系統，並使用與我們的主要合作夥伴（包括英特爾、AMD、NVIDIA、Broadcom 等）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.

我們正在加速為 AI/ML、工業自動化、物聯網、5G/電信和雲產品開發設備和即插即用 (PnP) 機架級解決方案。

And number four, 5S's.

第四，5S。

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

我們終於準備好大力推廣我們的軟件、服務和交換機產品線。

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

我將在其他 2 個 Ses 準備好後分享更多信息。

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，我們的構建模塊和完整系統業務一直在穩步增長，它們是我們收入增長的關鍵支柱。

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 解決方案業務是我們現在的新重點。

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.

為了讓我們的整體 IT 解決方案為我們的客戶提供無縫體驗，多年來我們一直在增加研發資源，專注於許多軟件產品、服務和網絡。

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 解決方案中更高價值的部分，將成為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。

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

我們新的在線自動配置器與新的 B2B 程序現在比以往任何時候都更有效地推動我們的業務增長。

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

我們創新的基於指揮中心的客戶服務系統極大地幫助了我們的銷售、FAE、PM 團隊以及我們的主要客戶。

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.

它們極大地改善了我們與客戶的業務互動，更快、更準確、更優化、更友好，同時減少了人力、人為延誤和錯誤。

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

我們新的智能數據庫驅動工具在大多數領域確實比人類工作更智能、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.

這個自動化智能係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全面優化、集成和內部驗證的更高質量的產品。

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，我們的客戶只需要連接網絡和電源線。

And then this is one application.

然後這是一個應用程序。

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 解決方案還通過準確預測、大規模建立庫存和與我們的戰略合作夥伴確定優先級，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.

系統構建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.

這將大大縮短我們客戶的上市時間，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雙贏的主張。

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

客戶現在可以通過註冊我們的新 JumpStart 計劃來體驗我們的整體 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.

他們可以在我們由最新一代 Intel、AMD 和 NVIDIA GPU 提供支持的定制、預配置、預驗證機架上遠程運行他們的軟件和應用程序。

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基礎設施的託管實例，以及可以遠程訪問以進行開發和測試的操作系統和其他工具。

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 客戶注入更多信心，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.

總而言之，Supermicro 正在迅速成長，正在從一家服務器硬件公司轉型為一家全面的 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件整體解決方案外，我們的軟件、交換機和服務產品現在已為任何大型企業、雲、人工智能和電信客戶做好準備。

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

其次，我們正在建立和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.

我們新的增長因素，包括整體 IT 解決方案和快速增長的 5S 產品線，是實現我們 100 億美元收入目標和更高盈利能力的關鍵。

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，隨著我們在台灣的新亞太地區園區落成，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。

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 自動化平台現在正被全球客戶廣泛使用，它們正在加速我們的市場份額增長和客戶滿意度。

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更加滿意，這導致我們在 22 財年及以後的業務加速。

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.

作為一家全面的 IT 解決方案公司，我們的 TAM 繼續增加，因為我們將資源投入到增長中，我對更快地實現我們 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.

有了這個，我現在將把電話轉給我們的首席財務官 David Weigand，以提供更多詳細信息。

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.

我們繼續在主要市場垂直領域實現多元化增長，本季度收入超過 10 億美元，高於我們指導範圍的高端。

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

這是連續第二個季度收入超過 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.

收入增長是由對大型企業、雲、人工智能和電信市場的銷售在所有地區的持續強勁以及對我們的產品和服務的強勁需求推動的。

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.

我們第一財季的收入總計 10.3 億美元，同比增長 35%，環比下降 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 Supermicro 在我們的 3 個垂直市場的第一季度收入，我們在有機（企業和渠道）AI/ML 垂直領域實現了 7.25 億美元，在 OEM 設備和大型數據中心垂直領域實現了 2.5 億美元，在 5G/電信和邊緣實現了 5800 萬美元/物聯網垂直。

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同比增長。

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

系統節點 ASP 同比和環比增長。

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，亞洲增長了 108%，因為我們看到現有和新客戶的持續增長，歐洲增長了 60%，美國增長了 13%，世界其他地區增長了 6%。

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

環比來看，亞洲增長 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，否則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.

根據損益表，第一季度毛利率為 13.4%，比第四季度下降 30 個基點，原因是全球許多其他公司也報告了更高的運費和供應鏈成本。

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，由於去年第一季度的離散成本回收事件，毛利率下降了 370 個基點，同時在 2022 財年第一季度也產生了更高的運費、供應鍊和其他成本。

Turning to operating expenses.

轉向運營費用。

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

按美國通用會計準則計算的第一季度運營支出環比增長 2%，同比增長 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.

按非公認會計原則計算，運營費用環比增長 2%，同比增長 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.

GAAP 和非 GAAP 基礎上的同比和環比增長主要是由於員工人數增加導致的人事費用增加，尤其是在亞洲。

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

包括利息費用在內的其他收入和費用為 80 萬美元，而上一季度為 210 萬美元。

The sequential change is mostly related to FX.

順序變化主要與外匯有關。

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

本季度，按公認會計原則計算的稅收撥備為 330 萬美元，按非公認會計原則計算為 620 萬美元。

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

本季度我們的非公認會計原則稅率為 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，本季度我們從合資企業獲得的收入份額為 40 萬美元，而上一季度為 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.

第一季度非 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，原因是收入增加和運營費用減少，但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.

運營中使用的現金流為 1.346 億美元，而第四季度運營產生的現金流為 6,360 萬美元，因為我們在季節性強勁的 12 月季度之前建立了庫存，並為減輕供應鏈中斷的影響做好了準備。

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

資本支出總額為 1190 萬美元，導致自由現金流消耗為 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.

本季度現金的主要用途包括庫存增加、為減少應付賬款而支付的款項被遞延收入的增加所抵消。

We did not repurchase any shares in the quarter.

我們在本季度沒有回購任何股票。

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.

我們的資產負債表期末現金頭寸為 2.7 億美元，而銀行債務為 2.79 億美元，因為我們在全球增加新平台的生產時動用了銀行信貸額度以增加庫存。

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.

與上一季度相比，由於庫存增加，我們的第一季度現金轉換週期為 94 天，高於 80 天，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，比上一季度增加 18 天。

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

未償銷售天數增加 4 至 41 天，而未償應付賬款天數增加 8 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 財年第二季度淨銷售額在 11 億美元至 12 億美元之間，美國通用會計準則攤薄後每股淨收入為 0.60 美元至 0.80 美元，非美國通用會計準則攤薄後每股淨收入為 0.70 美元至 0.90 美元.

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

隨著我們管理供應鏈成本並維持價格紀律，我們預計毛利率將提高。

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我們在台灣的業務並開始從我們的新產品和汽車配置器 B2B/B2C 解決方案中獲得牽引力，我們繼續期望在我們的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 運營費用預計約為 1.12 億美元，其中包括 700 萬美元的股票期權補償費用，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，不包括在非 GAAP 稀釋後的淨傳真外匯淨收入業績份額，預測為 4.1 至 45 億美元（原文如此，參見新聞稿，“42 億美元至 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 攤薄後每股淨收入預計至少為 2.77 美元，而我們之前的預測為 2.6 美元，非 GAAP 攤薄後的每股淨收入至少為 3.2 美元，而我們之前的預測至少為 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 稀釋後的每股普通股淨收入的預測均假設稅率約為 16%，完全稀釋後的每股 GAAP 股數為 5410 萬股，非 GAAP 股數為 5560 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 稀釋後的每股普通股淨收益前景包括約 3300 萬美元的預期基於股票的薪酬和其他費用，扣除非 GAAP 稀釋後的每股普通股淨收益後的稅收影響。

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 財年第二季度的資本支出將在 300 萬美元至 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，現在您可以打開線路提問了。

The floor is now open for your questions.

現在可以提問了。

(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.

我想我有幾個，剛開始，你能談談 - 似乎你在新聞稿和你的評論中都強調了新設計的勝利，並且廣泛地說它們是跨越這生意。

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

您能否談談您所看到的對您來說最令人興奮且對整個季度的業務增長最大的事情？

And then I have a couple of follow-ups.

然後我有幾個跟進。

Yes.

是的。

Thank you.

謝謝你。

A very good question.

一個非常好的問題。

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

是的，正如我在過去幾個季度分享的那樣，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，在過去的幾個季度中，大客戶的手更多，包括 5G 電信，包括人工智能/機器學習，也包括 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.

正如我提到的，我們有更多的客戶和我們的 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，我們可以讓銷售工程師和 PA 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帶寬與更多的客戶交談，更詳細地與更多客戶的應用程序交談。

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

所以我相信我們將繼續贏得客戶，並再次贏得設計。

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.

我猜你會如何描述前衛——嗯，我不認為我想把它稱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——比如如何——比如適當的上下文，或者我們可以從生產的角度以及從創收的角度理解現在的操作感覺如何。

Yes.

是的。

Thank you for the question.

感謝你的提問。

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你。

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

我的亞洲校園，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，尤其是在過去的 28 年裡，我們的業務一直非常關注灣區，而且真的太高了。

So we are very happy.

所以我們很高興。

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

最後，我們在台灣台北有一個大校園。

And now we have a big capacity ready.

現在我們準備好了一個大容量。

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

事實上，我們——今天，我們只利用了不到 30% 的容量。

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

因此，我的意思是，我們現在在亞洲擁有更便宜的容量。

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.

所以我們很高興，我們開始非常積極地吸引亞洲和 EMEA 的客戶，甚至利用台灣的能力來支持美國的客戶。

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變化。

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

查爾斯，你估計多久才能在台灣工廠獲得標準化產能利用率？

Okay.

好的。

Good.

好的。

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

由於全球短缺，對，否則，我們的收入必須比今天大得多。

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

由於我們的全球短缺，本季度我們的收入約為 10.3 億美元。

Otherwise, that should be much bigger.

否則，這應該更大。

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

所以此時此刻，我們在台灣的迭代率大概是30%左右，還是有點差。

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

而且我們預計一旦全球短缺計劃發布，我們將在台灣使用 80% 到 100% 的產能，幾乎在幾個季度內。

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

因此，我們的需求非常強勁，並且確實需要改進供應鏈。

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，你能提醒我你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，我們在台灣也有超過 3 億美元的信貸額度。

Okay.

好的。

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

所以在總的 5 億美元中，這是一個正在使用的 OTI，抱歉？

Yes.

是的。

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

所以我們 - 正如你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.

得到你。

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.

然後關於增長，你能不能，查爾斯或團隊中的任何其他人，幫助我了解亞洲的主要增長動力是什麼，美國是最大的市場，同比增長了一倍以上，有兩位數的增長，但亞洲卻是兩位數。

What were the key drivers behind that growth?

這種增長背後的主要驅動力是什麼？

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，我們之前沒有真正強大的推廣，因為我們之前在亞洲的能力有限。

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

其他時候，我們必須將產品從美國運送到亞洲的客戶。

That was our business before.

那是我們之前的業務。

Now with Taiwan capacity, much, much bigger ready.

現在有了台灣的容量，準備好了很多很多。

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.

所以我們非常積極地接觸亞洲的客戶，並沒有僅僅在亞洲提供支持，來自亞洲的歐洲客戶，也是一個非常好的安排。

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

我們開始將我們的銷售隊伍集中在亞洲。

So that's the major reason.

所以這是主要原因。

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入更多的銷售和營銷。

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

事實上，在美國，東海岸也將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.

而且我們現在也有一支來自美國東海岸的強大團隊。

Yes.

是的。

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

也許如果我重新表述這個問題，你強調了 3 個收入桶，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?

亞洲有沒有特別強勁的終端市場？

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

例如，人工智能和電信公司，例如 5G 電信公司。

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發展空間。

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.

並在非常強大的指導下產生了奇妙的結果。

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，你對全球供應鏈最糟糕的問題是否已經過去有什麼看法？

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

然後與此相關的是，您認為繼續攜帶比一般情況更多的基礎庫存要謹慎多久？

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，我們通常保留大約 9 億美元的庫存，現在增長到近 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，我們之所以如此快速地增加庫存，是因為我們希望確保我們盡最大努力支持客戶並支持我們的增長。

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

因此，我們繼續改善與供應鏈的關係。

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

這真的是一個很大的短缺，尤其是在我們的芯片上，對吧？

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

這些是 I/O 芯片，尤其是我之前提到的小芯片。

And some GPU shortage as well.

還有一些 GPU 短缺。

GPU, some slow delivery as well.

GPU，交付速度也有些慢。

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，我們正在為我們的客戶處理我們的難度部分和籌碼完整的直接播放解決方案。

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

因此，我們的大多數客戶現在都非常欣賞機架秤整體解決方案。

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，以啟用這些短缺項目。

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，我想可能至少在 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.

然後關注 Mehdi 關於區域表現的問題，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.

大衛，你確實說過美國第二季度下降了 14%。

Is that seasonal?

那是季節性的嗎？

Or is there something more going on there?

還是那裡發生了更多事情？

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

我認為這只是消化的問題。

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

我們有一些大的、非常大的採購，這些採購得到了一些消化，我們預計這些採購會回來。

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.

並祝賀本季度和指南。

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，您能否從供應鏈中一些關鍵組件（無論是內存還是其他組件）的定價角度評論您所看到的情況？

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

你正在做什麼以可能通過一些定價？

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，您可能知道，對，CRN 價格自上個月以來正在下降，所以可能是 2 個月前。

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

因此，CRN 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和其他大部分組件外，還有很大的短缺。

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，即使是台積電 11 月 1 日，他們的一些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.

所以總的來說，我覺得 - 看到了改善，但不會馬上改善。

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.

我們基本上會盡可能地傳遞給我們的客戶，而客戶已經習慣了這種模式，因為我們無法承受如此大的價格上漲。

This year, the customer pretty much understand that.

今年，客戶非常了解這一點。

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，許多公司已經看到——可能要求他們自己的客戶為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?

您是否還要求您的客戶延長他們的交貨時間，從而讓您在下個季度獲得更多的業務可見度？

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延期交貨的訂單。

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.

所以這就是為什麼我們沒有更早地推動客戶預測訂單，但我們希望他們能夠對我們更加透明地了解他們對 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，目前的缺貨訂單確實是一個很大的需求，我們必須盡快完成。

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，從戰略上講，我很好奇的是，我認為考慮到你們的工程存在和在人工智能的作用以及從計算層角度來看人工智能的擴散的廣度，公司處於相當有利的位置。

Can you help us appreciate how material, AI is?

你能幫助我們了解人工智能的重要性嗎？

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

我假設主要包含 GPU 的服務器平台，該業務有多大？

How fast it's growing?

它的增長速度有多快？

And any kind of thoughts at a high level?

還有什麼高層次的想法？

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

相對於更多的傳統服務器，這在多大程度上改變了您在 AI 優化服務器上的業務組合的弱點？

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.

人工智能優化的服務器是高價值、高性能、高價值的，我們非常積極地繼續發展我們的人工智能機器。

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?

確實，我們的 AI 機器，包括完整的系統和一些應付賬款，我相信我們的市場份額仍然非常接近前 1 或前 2。我希望前 1，並且我相信會繼續非常強勁地增長，因為我們一直非常關注那些高端產品，包括整體解決方案，對嗎？

AI Total solution.

人工智能整體解決方案。

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

我們開始向我們的一些合作夥伴提供一種人工智能雲。

Again, that makes our customers' job much easier.

同樣，這使我們客戶的工作更加輕鬆。

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，當我們將其直接交付給客戶時，客戶能夠獲得目標網絡電纜、電源線，並且幾乎準備好運行他們的應用程序。

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，借助 Total AI Cloud，Total AI 解決方案，我非常樂觀地認為，我們的深度學習 AI/機器，甚至包括視頻流解決方案，都將繼續快速增長。

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?

你能聽到我的聲音嗎？

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，所以我為此道歉。

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，我認為您的採購承諾，截至 6 月份的庫存採購承諾。

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，在那個範圍內，與 2020 年底（即 2020 年）相比翻了一番。

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

您能否告訴我們截至 9 月底的情況？

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

考慮到這些增長的規模，這最終會在你的資產負債表上找到嗎？

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?

還是您現在處於某種穩態水平，即輸出的內容與輸入的內容更匹配？

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.

所以我們 - 再加上我們必須確保我們盡可能提前供應鏈延遲這一事實，確實推動了我們提高庫存水平的決定。

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，在目前的市場上，無論是在交付方面還是在生產方面，以及集裝箱延遲到港口，你都必須早點訂購。

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.

所以那是真的 - 這就是我們增加信用額度並使用這些額度來增加庫存的原因。

Okay.

好的。

Got you.

得到你。

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

就在您的腦海中，大衛，您知道截至 9 月的數字是多少嗎？

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

我們沒有——不，我沒有。

I don't release that number on the quarter.

我不會在本季度公佈這個數字。

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.

因此，我們將在 10-K 中添加更多顏色。

Sure, of course.

當然，當然。

Your deferred revenue actually jumped up quite nicely.

你的遞延收入實際上增長得很好。

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

當前的遞延金額像兩位數一樣上升，在過去的幾個季度中並非如此。

Why was that?

那是為什麼？

So 2 reasons.

所以2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.

#2，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，我們開始專注於我們的 5s 業務，對，軟件、漏洞和服務。

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

這些產品的盈利能力更高，但它們也產生默認收入。

Got you.

得到你。

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在 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?

但是你能提醒我們，A，目標是什麼？

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

B，只是在評論周圍加上一些顏色，我們應該如何考慮可能的軌跡趨勢？

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，本季度，我們的運輸成本和貨運成本增加了 300 萬美元或 30 個基點。

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

這是在上一季度的增長之上。

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，在我與我們的運營人員的討論中，看起來這個數字開始趨於平穩。

The rates are leveling off.

費率正在趨於平穩。

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 - 所以我們給出的指導是給予 - 或者給予在第二季度和下半年都會增加。

Got you.

得到你。

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，這是一種相對較新的現象嗎？

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

或者這是您在本季度期間觀察到的事情？

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

那隻是 - 我的意思是，本季度只有 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，它們似乎並沒有以與前幾個季度相同的速度增長。

Got you.

得到你。

Okay.

好的。

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

我在上一季度，所以他們通過你的財政不斷增加......

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.

另一個 - 考慮到貨運成本上升是收入下降 30 個基點。

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

所以我是說在當前的第二季度，我們看到了趨於平穩。

Got you.

得到你。

Really helpful.

真的很有幫助。

And sorry, my very last one.

對不起，我的最後一個。

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

正如我們考慮您的 22 財年指導一樣，您提到您的 9 月季度的單位和價格均有所上漲。

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，當我們考慮那種，讓我們稱之為，你為 22 財年建立的 20% 的增長。

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?

您能否大致了解其中有多少來自定價與來自單位的價格？

I think that's too hard to judge.

我覺得這太難判斷了。

Yes.

是的。

Okay.

好的。

Okay.

好的。

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

你會不會是兩者的結合？

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.

與您在分析師日制定的 3 個增長支柱相關的突破非常棒。

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]?

你對這個租約相對於整體[同比增長]的同比趨勢有什麼看法嗎？

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 - 我們不會逐年回歸，因為我們真的開始密切跟踪這一點，從財政年度結束開始。

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——對不起，OEM 和 OEM 設備確實是，正如我提到的，這是我從幾個客戶那裡提到的消化，我們看到在第二季度返回購買返回。

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，您看到的強勁需求是供應鏈中斷的結果，並且您有新客戶來找您，以努力做或三重來源或代碼並有效地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.

我們看得很清楚。

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

所以我們的大部分訂單都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.

所以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.

順便說一下，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樣板化。

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

因此，即使當客戶放慢速度時，我們也不必為整體庫存遇到困難。

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，也許我會根據您所看到的增量需求來增加需求，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，因為它們是他們可以提供的更有限的配置？

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.

我們的大部分增長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.

在我們繼續攤銷提供解決方案之後，事實上，大多數客戶現在都使用這兩種解決方案，因為它很容易支持他們的緊急需求，並且也為我們的銷售和批量銷售提供了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.

然後我的最後一個後續問題是針對戴夫的。

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

我認為，SG&A 在第二季度下降了 400 萬美元。

Is that correct?

那是對的嗎？

And why is that?

那為什麼呢？

So we had a little bit lower.

所以我們有一點點低。

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

我們有 - 個人的，它是 - 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確實有一些較低的獎金。

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

對不起，在第一季度，我在第一季度說過。

Your next question comes from Jonathan Tanwanteng of CJS Securities.

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

Great quarter and outlook.

偉大的季度和前景。

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增長。

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?

主要是你的售價趕上通貨膨脹嗎？

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

您是否期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?

或者在你前進的過程中是否有混合改進？

Just help me understand what the sequential increase coming from?

只是幫助我了解連續增加的來源？

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，我們希望開始從我們的自動配置器、B2B、B2C 解決方案中獲得吸引力。

We also have been exercising more price discipline.

我們也一直在執行更多的價格紀律。

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，我們已經學會瞭如何管理，如何更好地管理運費和其他事情的轉嫁以及我們對客戶的成本增加。

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，連同我們新產品提供的一些利潤，我們可以更好地了解利潤增長。

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.

你說的其實。

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增長有多重要，以及您預計未來幾個季度的增長幅度有多大？

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

這將非常重要，尤其是對我們的長期而言。

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和PA與客戶一一合作。

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，CT 不是在線數據庫，而是能夠幫助客戶了解基本配置是什麼，產品的基本配置是什麼，然後通過我們的啟動中心服務將其嵌入。

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，幾乎我們所有能夠使用該系統的銷售客戶都對該服務感到非常滿意，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更高。

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

因此，對於中期、長期而言，我非常看好基於 Auto configurator 命令中心的 B2B 系統。

Great.

偉大的。

Maybe just the last one for me.

也許對我來說只是最後一個。

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，通過該渠道的銷售利潤率可能與通常情況相比是多少？

We did not share with that number yet.

我們還沒有與那個號碼分享。

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，由於B2B Auto configurator，盈利能力會更高，我們現在能夠與更多的客戶合作，尤其是很多中型企業客戶。

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.

但之前我們能接受的只是大型客戶，因為我們沒有人力來照顧 200 萬噸。

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

但是現在有了自動化，我們可以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，親保證金數據。

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

（操作員說明）我們將暫停片刻以編制問答名單。

At this time, there are no further questions.

此時，沒有進一步的問題。

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.

您現在可以斷開連接。

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.

很高興在下個季度再次見到你。

Thank you and a good day.

謝謝你，美好的一天。