超微電腦 (SMCI) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Super Micro Fourth Quarter and Full Year Fiscal 2021 Earnings Call.

歡迎參加超微 2021 財年第四季度和全年財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to Nicole Noutsios, Investor Relations.

我現在想將會議交給投資者關係部的 Nicole Noutsios。

Please go ahead.

請繼續。

Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the fourth quarter and full year fiscal 2021, which ended June 30, 2021.

下午好，感謝您參加 Super Micro 的電話會議，討論截至 2021 年 6 月 30 日的 2021 財年第四季度和全年財務業績。

By now, you should have received a copy of the news release from the company that was distributed at the close of the 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找到。

As a reminder, during today's call, the company will refer to a presentation that's available to participants in the IR section of the company's website in the Events and Presentations tab.

提醒一下，在今天的電話會議中，公司將在公司網站的 IR 部分的“事件和演示”選項卡中參考可供參與者使用的演示文稿。

We've 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 the potential impact of COVID-19 in the company's business 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括前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和支出、稅收、資本分配和未來業務的陳述前景，包括 COVID-19 對公司業務經營業績的潛在影響。

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

有許多風險因素可能導致 Super Micro 的未來結果與我們的預期大相徑庭。

You can learn more about these risks in the press release we issued earlier this afternoon, our most recent 10-K filing for fiscal 2020 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 2020 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 these documents are available on the IR section of Super Micro's website.

所有這些文件都可以在 Super Micro 網站的 IR 部分找到。

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 refer to non-GAAP financial results and business outlook.

今天的大部分演示文稿都涉及非公認會計準則財務業績和業務前景。

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。

I'll now turn the call over to Charles Liang, Founder, Chairman and CEO.

我現在將把電話轉給創始人、董事長兼首席執行官 Charles Liang。

Charles?

查爾斯?

Thank you, Nicole, and good afternoon, everyone.

謝謝你，妮可，大家下午好。

I am pleased to announce that for the first time, our quarterly revenue has exceeded $1 billion.

我很高興地宣布，我們的季度收入首次超過 10 億美元。

For fiscal Q4 2021, we delivered year-over-year revenue growth of 19.3%.

對於 2021 財年第四季度，我們實現了 19.3% 的收入同比增長。

For the whole fiscal year 2021, our revenue grew 6.5%.

在整個 2021 財年，我們的收入增長了 6.5%。

We have gained market share and finally resumed fast growth starting from March quarter this year, after the impact from the past 10-K delay and the COVID-19 challenges.

在過去的 10-K 延遲和 COVID-19 挑戰的影響之後，我們已經獲得了市場份額，並終於從今年 3 月季度開始恢復了快速增長。

The revenue growth was driven by some wins from large enterprise customers and large multi-nation high-tech companies.

收入增長是由大型企業客戶和大型跨國高科技公司的一些勝利推動的。

These customers choose Super Micro because of our green computing technology, faster time-to-market and plug-and-play total IT solutions, especially in appliance, cloud, AI and 5G markets.

這些客戶選擇 Super Micro 是因為我們的綠色計算技術、更快的上市時間和即插即用的整體 IT 解決方案，尤其是在家電、雲、人工智能和 5G 市場。

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

現在讓我們看一下本季度的一些關鍵亮點。

Our fiscal first quarter net sales totaled $1.07 billion, up 19.3%, both year-over-year and quarter-over-quarter at the top end of our guidance range.

我們第一財季的淨銷售額為 10.7 億美元，同比和環比均增長 19.3%，處於我們指導範圍的高端。

This growth rate, I believe, is much higher mandate than that of the industry.

我相信，這個增長率遠高於行業的要求。

All our major geographies have contributed double-digit year-over-year quarterly growth.

我們所有的主要地區都貢獻了兩位數的同比季度增長。

Our fiscal first quarter non-GAAP earnings per share was $0.81, up from $0.68 same period last year.

我們第一財季非公認會計準則每股收益為 0.81 美元，高於去年同期的 0.68 美元。

We saw a significant increase in sales from new and existing large high-profile customers.

我們看到來自新的和現有的大型知名客戶的銷售額顯著增加。

Our strong momentum is mainly driven by our business expansion on hardware solution to total IT solution that consists of hardware, software and service.

我們強勁的勢頭主要是由於我們的業務從硬件解決方案擴展到包括硬件、軟件和服務的整體 IT 解決方案。

We have doubled our software engineering resource in the past 24 months to allow us to swiftly execute this plan.

在過去的 24 個月中，我們的軟件工程資源翻了一番，以使我們能夠迅速執行該計劃。

Through engagement and close collaboration with strategic leading hardware and software partners, we have provided our customers fully optimized, tested, certified and ready-to-deploy reference architectures.

通過與戰略領先的硬件和軟件合作夥伴的接觸和密切合作，我們為客戶提供了經過全面優化、測試、認證和準備部署的參考架構。

As a result, large volume order are deployed timely without customers having to go through a complicated process of hardware validation, software compatibility and supply chain disruption.

因此，大批量訂單可以及時部署，客戶無需經歷硬件驗證、軟件兼容性和供應鏈中斷等複雜過程。

It's a win-win for everyone.

這對每個人來說都是雙贏的。

Earlier in fiscal Q4, we successfully executed the launch of Intel Ice Lake, AMD Milan and NVIDIA A100 GPU-based product lines and began to ship more than 200 application-optimized product solutions.

在第四財季早些時候，我們成功推出了基於 Intel Ice Lake、AMD Milan 和 NVIDIA A100 GPU 的產品線，並開始出貨 200 多個應用優化產品解決方案。

They are all based on the strong foundation of our Server Building Block Solutions.

它們都基於我們的服務器構建塊解決方案的堅實基礎。

These optimized systems are created in-house, leveraging close to 3 decades of subsystem innovations, including motherboards, enclosures, power supplies and cooling technologies.

這些優化的系統是內部創建的，利用了近 3 年的子系統創新，包括主板、機箱、電源和冷卻技術。

What's more, our security and management software empower customers to deploy, manage and scale in a timely manner from enterprise to hyperscalers.

此外，我們的安全和管理軟件使客戶能夠及時地從企業部署、管理和擴展至超大規模。

On the product side, our new Ice Lake-based X12 generation multi-node solutions have gained great traction among customers who are looking to scale out their enterprise and cloud data centers.

在產品方面，我們基於 Ice Lake 的新 X12 代多節點解決方案在希望擴展其企業和雲數據中心的客戶中獲得了極大的吸引力。

From SuperBlade, MicroBlade to BigTwin, FatTwin and the upcoming GrandTwin, all these resource-saving product lines support a dense NVMe and Optane persistent memory, flexible GPU and FPGA configurations, providing optimized performance and the best TCO to a variety of customer workloads.

從 SuperBlade、MicroBlade 到 BigTwin、FatTwin 和即將推出的 GrandTwin，所有這些節省資源的產品線都支持密集的 NVMe 和 Optane 持久內存、靈活的 GPU 和 FPGA 配置，為各種客戶工作負載提供優化的性能和最佳的 TCO。

Our GPU product lines are continuing their strong growth with the explosion of AI, machine learning application demands.

隨著人工智能、機器學習應用需求的爆炸式增長，我們的 GPU 產品線繼續強勁增長。

These new Ice Lake and Milan-based GPU product lines support a larger on-GPU memory and accelerate compute-intensive applications.

這些基於 Ice Lake 和米蘭的新 GPU 產品線支持更大的 GPU 內存並加速計算密集型應用程序。

Our 2U 2-node GPU system has proven to be a top seller since its introduction, thanks to its optimum mix of CPU-to-GPU ratio and resource-saving features.

我們的 2U 2 節點 GPU 系統自推出以來已被證明是暢銷產品，這要歸功於其 CPU 與 GPU 比率和資源節省功能的最佳組合。

Later this year, we will be introducing a brand new universal GPU product line that will provide even more flexible configuration for many different CPU and GPU module combination, further pushing the limit of system density and performance up to 50% when compared to competition.

今年晚些時候，我們將推出全新的通用 GPU 產品線，為許多不同的 CPU 和 GPU 模塊組合提供更靈活的配置，進一步將系統密度和性能的極限推向競爭產品的 50%。

Announced in June during Computex 2021, our plug-and-play Rack product line is an integral part of our complete solution strategy going forward.

我們的即插即用機架產品線於 6 月在 Computex 2021 期間宣布，是我們未來完整解決方案戰略不可或缺的一部分。

These turnkey racks have undergone a thorough solution-level design and validation process and build security for our AI, 5G telco, enterprise, cloud and storage customers.

這些交鑰匙機架經過了徹底的解決方案級設計和驗證流程，並為我們的 AI、5G 電信、企業、雲和存儲客戶構建了安全性。

Upon receiving these total IT solutions, customers only need to connect power and networking, then they are immediately ready to run their applications, shortening the time from making decisions to seeing results.

在收到這些整體 IT 解決方案後，客戶只需連接電源和網絡，即可立即準備運行應用程序，從而縮短從決策到看到結果的時間。

To further improve sales and operation efficiency, we will launch our auto-configurator tool to enable B2B/B2C automation, which will be broadly ready to service our customers in the coming few weeks.

為了進一步提高銷售和運營效率，我們將推出我們的自動配置工具以實現 B2B/B2C 自動化，該工具將在未來幾週內為我們的客戶提供廣泛的服務。

This tool makes it faster to achieve product optimization and more efficiently to leverage the configurations among our sales, engineers, PM and customers.

該工具可以更快地實現產品優化，並更有效地利用我們的銷售、工程師、PM 和客戶之間的配置。

We recently completed our Taiwan campus expansion.

我們最近完成了台灣校區的擴建。

Now with the total 3 million square feet campus in Taiwan, we are equipped to deliver not only sufficient capacity, supply chain resilience, but also lower cost structure.

現在，憑藉台灣總面積達 300 萬平方英尺的園區，我們不僅有能力提供足夠的產能、供應鏈彈性，還可以提供更低的成本結構。

Combined with the manufacturing facility in Silicon Valley and the Netherlands, Super Micro is well positioned to grow market share with economy of scale, agility, quality and rapid delivery time.

結合在矽谷和荷蘭的製造工廠，Super Micro 已做好準備，憑藉規模經濟、敏捷性、質量和快速交貨時間來擴大市場份額。

To satisfy our customers' faster growing demands, we are working aggressively across our global supply chain to improve our critical parts shortage.

為了滿足客戶快速增長的需求，我們正在我們的全球供應鏈中積極努力，以改善我們的關鍵零部件短缺問題。

In summary, Super Micro has been solidly transforming into a total IT solution company from a server hardware company.

綜上所述，超微已經從服務器硬件公司向IT整體解決方案公司穩步轉型。

in addition to providing the greenest hardware total solution, our software and service products are now ready for large enterprise, cloud, AI and telco customers.

除了提供最環保的硬件整體解決方案外，我們的軟件和服務產品現已為大型企業、雲、人工智能和電信客戶做好準備。

Second, our Taiwan campus expansion doubles our solution capacity and lowers our cost structure.

其次，我們的台灣園區擴建使我們的解決方案能力翻倍，並降低了我們的成本結構。

Now if we decide to do so, we can start to reduce our expense in Silicon Valley headquarter, if we select to, I mean.

現在，如果我們決定這樣做，我的意思是，如果我們選擇這樣做，我們就可以開始減少在矽谷總部的費用。

Third, our business automation program, including the auto-configurator and B2B/B2C systems will significantly improve customer experience by streamlining our customer configuration and order process, resulting in shortened solution delivery time with better quality and optimization.

第三，我們的業務自動化程序，包括自動配置器和 B2B/B2C 系統，將通過簡化我們的客戶配置和訂單流程來顯著改善客戶體驗，從而縮短解決方案交付時間，提高質量和優化。

With the above summary, I believe our fiscal year 2022 revenue will reach at least $4.3 billion and start to grow much faster than the -- than our past 4 years.

有了上面的總結，我相信我們 2022 財年的收入將至少達到 43 億美元，並開始比過去 4 年更快地增長。

In closing, I'm pleased with the progress of our business transformation, which has started to speed up our business execution in fiscal 2021.

最後，我對我們業務轉型的進展感到高興，這已開始加快我們在 2021 財年的業務執行速度。

As a total IT solutions company, we are now able to grow business much more efficiently and achieve our $10 billion revenue goal quicker.

作為一家全面的 IT 解決方案公司，我們現在能夠更有效地發展業務並更快地實現 100 億美元的收入目標。

Perhaps, we are able to pull in from 2026 to 2025 or even sooner.

也許，我們能夠從 2026 年拉到 2025 年甚至更早。

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

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

Thank you, Charles.

謝謝你，查爾斯。

We continue to accelerate in all major areas of the company and exceeded $1 billion in revenue for the quarter, which was at the high end of our guidance range.

我們繼續在公司的所有主要領域加速發展，本季度收入超過 10 億美元，處於我們指導範圍的高端。

The growth was driven by wins from large enterprise customers and key high-tech companies worldwide, continued strength across all major geographies and solid demand for our products and services.

增長得益於全球大型企業客戶和主要高科技公司的勝利、所有主要地區的持續實力以及對我們產品和服務的強勁需求。

Our fiscal fourth quarter revenue totaled $1.07 billion, reflecting a 19% increase, both on a year-on-year and quarter-on-quarter basis.

我們的第四財季收入總計 10.7 億美元，同比和環比均增長 19%。

Looking at Super Micro's Q4 revenue in our 3 market verticals, we achieved $672 million in the organic enterprise and channel AI and machine learning vertical; $366 million in OEM and large data center vertical; and $31 million in the 5G/telco, edge/IoT vertical.

看看 Super Micro 在我們的 3 個垂直市場中的第四季度收入，我們在有機企業和渠道 AI 和機器學習垂直領域實現了 6.72 億美元； 3.66 億美元的 OEM 和大型數據中心垂直領域； 3100 萬美元用於 5G/電信、邊緣/物聯網垂直領域。

Systems comprised 78% of total revenue and the volume of systems shipped was up year-over-year, while the nodes shipped were down year-over-year.

系統佔總收入的 78%，系統出貨量同比增長，而節點出貨量同比下降。

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

系統 ASP 同比和環比增長。

Performance was strong across all major geographies this quarter.

本季度所有主要地區的表現都很強勁。

On a year-on-year basis, Asia increased 25%, U.S. increased 21% and Europe increased 13%, while the rest of the world decreased 3%.

與去年同期相比，亞洲增長了 25%，美國增長了 21%，歐洲增長了 13%，而世界其他地區則下降了 3%。

On a sequential basis, U.S. sales increased 30%, Europe increased 14%, Asia decreased 1%, and the rest of the world increased 7%.

美國銷售額環比增長 30%，歐洲增長 14%，亞洲下降 1%，世界其他地區增長 7%。

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 Q4 gross margin was 13.7%, down 30 basis points year-on-year and 10 basis points quarter-on-quarter.

按損益計算，第四季度毛利率為 13.7%，同比下降 30 個基點，環比下降 10 個基點。

We expected our Q4 gross margin to improve 70 basis points, primarily due to discreet costs incurred in Q3.

我們預計第四季度的毛利率將提高 70 個基點，主要是由於第三季度產生的謹慎成本。

As expected, those costs did not repeat in Q4.

正如預期的那樣，這些成本在第四季度沒有重複。

However, expedite fees and higher shipping costs increased by 50 basis points quarter-over-quarter.

然而，加急費用和更高的運輸成本環比增加了 50 個基點。

As reported by many other companies around the world, supply chain pressures related to the resurgence of variants of COVID-19 persist.

正如世界各地許多其他公司所報告的那樣，與 COVID-19 變體死灰復燃相關的供應鏈壓力持續存在。

Turning to operating expenses.

轉向運營費用。

Q4 OpEx on a GAAP basis was essentially flat quarter-on-quarter and decreased 7% year-on-year to $106 million.

按公認會計原則計算的第四季度運營支出環比基本持平，同比下降 7% 至 1.06 億美元。

The decrease year-on-year was caused by a decrease in incentive bonuses, offset by higher headcount this year, which was primarily in R&D.

同比減少的原因是激勵獎金減少，但被今年員工人數增加所抵消，這主要是在研發方面。

On a non-GAAP basis, operating expenses increased 4% quarter-on-quarter and increased 9% year-on-year to $99 million.

按非公認會計原則計算，運營費用環比增長 4%，同比增長 9%，達到 9900 萬美元。

The quarter-on-quarter and year-on-year increases were related to headcount and other personnel costs as we continue to invest in human capital to address our growth opportunities.

環比和同比增長與員工人數和其他人員成本有關，因為我們繼續投資於人力資本以應對我們的增長機會。

Other income and expenses, including interest expense, which was a $2.1 million loss as compared to a $1.4 million gain last quarter.

其他收入和支出，包括利息支出，虧損 210 萬美元，而上一季度的收益為 140 萬美元。

The sequential change is mostly related to FX.

順序變化主要與外匯有關。

This quarter, our tax benefit was $1.6 million on a GAAP basis and an expense of $1.8 million on a non-GAAP basis.

本季度，按公認會計原則計算，我們的稅收優惠為 160 萬美元，按非公認會計原則計算的費用為 180 萬美元。

Our non-GAAP tax rate was 4% for the quarter.

本季度我們的非公認會計原則稅率為 4%。

Lastly, our share of income from our JV was $0.6 million this quarter as compared to a loss of $0.3 million last quarter.

最後，本季度我們從合資企業獲得的收入份額為 60 萬美元，而上一季度則虧損 30 萬美元。

Q4 non-GAAP diluted earnings per share totaled $0.81 as compared to $0.50 in Q3 of fiscal '21 and $0.68 in the same quarter of last year.

第四季度非公認會計原則攤薄後每股收益總計 0.81 美元，而 21 財年第三季度為 0.50 美元，去年同期為 0.68 美元。

Cash flow from operations totaled $64 million compared to cash flow used in operations of $124 million in Q3.

運營現金流總計 6400 萬美元，而第三季度運營中使用的現金流為 1.24 億美元。

CapEx totaled $13 million, which is resulting in free cash flow of $50 million.

資本支出總額為 1300 萬美元，產生了 5000 萬美元的自由現金流。

Key uses of cash during the quarter included increases to inventory and receivables, while key providers of cash included an increase of $144 million in accounts payable and $12 million in deferred revenues.

本季度現金的主要用途包括增加庫存和應收賬款，而主要現金提供者包括增加了 1.44 億美元的應付賬款和 1200 萬美元的遞延收入。

The increase in deferred revenue was due to higher sales of our service contracts.

遞延收入增加是由於我們的服務合同銷售額增加。

We also used $12 million to repurchase shares this quarter.

本季度我們還用 1200 萬美元回購了股票。

Our closing balance sheet cash position was $232 million, while bank debt was $98 million, resulting in a net cash balance of $134 million.

我們的資產負債表期末現金頭寸為 2.32 億美元，而銀行債務為 9800 萬美元，淨現金餘額為 1.34 億美元。

Turning to the balance sheet and working capital metrics compared to last quarter.

轉向與上一季度相比的資產負債表和營運資本指標。

Our Q4 cash conversion cycle was 80 days, which was down from 86 in Q3, beating our target range of 85 to 90 days.

我們第四季度的現金轉換週期為 80 天，低於第三季度的 86 天，超過了我們 85 至 90 天的目標範圍。

While the absolute level of our inventory increased, days of inventory at 96 days decreased.

雖然我們庫存的絕對水平增加了，但 96 天的庫存天數卻減少了。

Days sales outstanding was 37 days, while days payables outstanding totaled 53 days.

未償銷售天數為 37 天，未償應付款天數總計 53 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 a range of $900 million to $980 million.

我們預計淨銷售額在 9 億至 9.8 億美元之間。

GAAP -- which is GAAP diluted net income -- which results in GAAP diluted net income per share of between $0.16 and $0.36 and non-GAAP diluted net income per share of $0.28 to $0.48 for the first quarter of fiscal year '22, which ends September 30, 2021.

GAAP——即 GAAP 攤薄淨收入——導致 22 財年第一季度 GAAP 攤薄後每股淨收入在 0.16 美元至 0.36 美元之間，非 GAAP 攤薄後每股淨收入為 0.28 美元至 0.48 美元，到此為止2021 年 9 月 30 日。

We expect gross margins to remain at similar levels sequentially in Q1 with upside potential as we continue to manage supply chain costs and maintain price discipline.

隨著我們繼續管理供應鏈成本並維持價格紀律，我們預計第一季度毛利率將連續保持在相似水平，並具有上行潛力。

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

在接下來的幾個季度中，隨著我們進一步擴大我們的台灣業務並開始從我們的新產品和自動配置器 B2B 和 B2C 解決方案中獲得牽引力，我們預計將在我們的目標模型內實現利潤率。

GAAP operating expenses are forecast to be approximately $110 million and includes $7 million in stock-based compensation expenses and $1 million in other expenses not included in non-GAAP operating expenses.

GAAP 運營費用預計約為 1.1 億美元，其中包括 700 萬美元的股票薪酬費用和 100 萬美元未包含在非 GAAP 運營費用中的其他費用。

We expect other income and expense, including interest expense, to total roughly $2 million and expect a nominal contribution from our JV.

我們預計其他收入和費用（包括利息費用）總計約為 200 萬美元，並預計我們的合資企業會提供名義上的貢獻。

Non-GAAP operating expenses are forecasted to be up quarter-on-quarter from continued investment in R&D, lower NRE expected and higher personnel costs.

由於對研發的持續投資、較低的 NRE 預期和較高的人員成本，非 GAAP 運營費用預計將環比增長。

The company's projections for GAAP and non-GAAP diluted net income per share both assume a tax rate of approximately 16% and a fully diluted share count of 53.7 million shares for GAAP and 55 million shares for non-GAAP.

該公司對 GAAP 和非 GAAP 稀釋後每股淨收益的預測均假設稅率約為 16%，完全稀釋後的 GAAP 股數為 5370 萬股，非 GAAP 股數為 5500 萬股。

The outlook for Q1 of fiscal year '22 GAAP diluted net income per common share includes approximately $8 million in expected stock-based compensation and other expenses, net of taxes, that are excluded from non-GAAP diluted net income per common share.

'22 財年第一季度 GAAP 稀釋每股普通股淨收入的前景包括約 800 萬美元的預期股票薪酬和其他費用（稅後），這些費用不包括在非 GAAP 稀釋每股普通股淨收入中。

We expect net sales in a range of $4.1 billion to $4.5 billion, GAAP diluted net income per share of at least $2.60 and non-GAAP diluted net income per share of at least $3 for fiscal year '22, which ends June 30, 2022.

我們預計截至 2022 年 6 月 30 日的 22 財年淨銷售額在 41 億美元至 45 億美元之間，GAAP 攤薄後每股淨收益至少為 2.60 美元，非 GAAP 攤薄後每股淨收益至少為 3 美元。

The company's projections for GAAP and non-GAAP diluted net income per share both assume a tax rate of approximately 16% and a fully diluted share count of 55.3 million shares for GAAP and 56.5 million shares for non-GAAP.

該公司對 GAAP 和非 GAAP 稀釋後每股淨收益的預測均假設稅率約為 16%，完全稀釋後的 GAAP 股數為 5530 萬股，非 GAAP 股數為 5650 萬股。

The outlook for fiscal year '22 GAAP diluted net income per share includes approximately $30 million in expected stock-based compensation and other expenses, net of taxes, that are excluded from GAAP diluted net income per common share.

'22 財年 GAAP 稀釋每股淨收益的前景包括約 3000 萬美元的預期股票薪酬和其他費用（扣除稅後），這些費用不包括在 GAAP 稀釋每股普通股淨收益中。

We expect CapEx for the fiscal first quarter of 2022 of approximately $14 million to $16 million.

我們預計 2022 財年第一季度的資本支出約為 1400 萬美元至 1600 萬美元。

Nicole, I'll turn it back to you for Q&A.

妮可，我會把它轉回給你進行問答。

Operator, you can open the line up for questions.

接線員，您可以打開排隊提問。

(Operator Instructions)

（操作員說明）

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

您的第一個問題來自 SIG 的 Mehdi Hosseini。

I have a couple of follow-ups.

我有幾個跟進。

If I were to take the midpoint of the guide range for fiscal year '22, it seems like maybe there is a little bit of leverage in the operating profit.

如果我要取 22 財年指導範圍的中點，那麼營業利潤似乎可能有一點槓桿作用。

In other words, maybe 200 basis points of improvement to get to $3 of earnings.

換句話說，可能要提高 200 個基點才能達到 3 美元的收益。

What I want to understand is, what are the key assumptions for component costs?

我想了解的是，組件成本的關鍵假設是什麼？

Is this a base case or a very conservative case?

這是一個基本案例還是一個非常保守的案例？

And I have a follow-up to that.

我對此有後續行動。

I would say, it's based on conservative base because our supply chain continues to be very tight.

我想說，這是基於保守的基礎，因為我們的供應鏈仍然非常緊張。

And although we have a good relationship with all of our suppliers, but anyway, it's a global strategic program, so it's a conservative base.

雖然我們與所有供應商都有良好的關係，但無論如何，這是一個全球戰略計劃，所以它是一個保守的基礎。

But because our operation now able to dramatically expanded to Taiwan, so that will lower our overall cost.

但是因為我們的業務現在能夠大幅擴展到台灣，所以這會降低我們的整體成本。

Right.

對。

So where is the most -- what segment of the supply chain you're experiencing the most shortage?

那麼，最短缺的供應鏈環節在哪裡？

What are the key components that you relatively have the most difficult time procuring?

相對而言，您採購最困難的關鍵部件是什麼？

IC chip, especially I/O chip.

IC芯片，尤其是I/O芯片。

Okay.

好的。

And a question on the cash flow.

還有一個關於現金流的問題。

What is the depreciation and amortization for the reported June quarter?

報告的 6 月季度的折舊和攤銷是多少？

And what should we assume for fiscal year '22?

對於 22 財年，我們應該假設什麼？

So I'll get back to you, Mehdi.

所以我會回复你的，Mehdi。

Okay.

好的。

Given the CapEx growth in fiscal year '21, almost $60 million, and the build-out of a Taiwan facility, should we expect CapEx to moderate from here?

鑑於 21 財年的資本支出增長近 6000 萬美元，以及台灣設施的擴建，我們是否應該期望資本支出從這裡開始放緩？

Absolutely.

絕對地。

Yes, because our Taiwan operation is pretty much ready.

是的，因為我們的台灣業務已經準備就緒。

We add about 200 staff in Taiwan in the last 3 months, and all of the people have been well trained, and they just moved into the new building last month.

過去三個月我們在台灣增加了大約200名員工，所有的人都訓練有素，他們上個月剛搬進新大樓。

Other than that, our business automation, as we just mentioned for B2B/B2C and the auto-configurator, we hire people and train people, and they are about all ready and start to offer service to certain customers.

除此之外，我們的業務自動化，正如我們剛剛提到的 B2B/B2C 和自動配置器，我們僱用人員和培訓人員，他們已經準備好並開始為某些客戶提供服務。

And we will broadly apply to all our customers in the next few weeks.

我們將在接下來的幾週內廣泛適用於我們所有的客戶。

So the investments have been there.

所以投資一直在那裡。

So Charles, are you implying that the CapEx should decline in fiscal year '22?

所以查爾斯，你是在暗示資本支出應該在 22 財年下降嗎？

Maybe because we are growing.

也許是因為我們在成長。

I mean 2022, '23, '24, we expect continue to grow.

我的意思是 2022 年、23 年、24 年，我們預計會繼續增長。

So I guess the operation expense won't shrink, but may grow very kind of consistently, but limited growth because we already invested there.

所以我猜運營費用不會減少，但可能會持續增長，但增長有限，因為我們已經在那裡投資了。

Your next question comes from Nehal Chokshi with Northland.

您的下一個問題來自北國的 Nehal Chokshi。

Congratulations on the strong results, especially on free cash flow.

祝賀業績強勁，尤其是自由現金流。

We were expecting a drain based on the commentary from last quarter and generate very nice free cash flow.

根據上一季度的評論，我們預計會流失，並產生非常好的自由現金流。

It looks like the big delta relative to our expectations was in increasing days payable.

看起來相對於我們預期的大三角洲是在增加應付天數。

And given this environment of constrained component environment, I mean how was this pulled off basically?

鑑於這種受約束的組件環境，我的意思是這基本上是如何實現的？

So Nehal, we did have a lot of inventory that came in at the -- near the end of the quarter.

所以Nehal，我們確實有很多庫存在接近本季度末的時候進入。

And so that's what caused accounts payable to rise and with a resultant rise in DPO.

這就是導致應付賬款增加並導致 DPO 增加的原因。

And now I consider it positive to keep kind of a high inventory because we strongly believe our customer needed those products.

現在我認為保持高庫存是積極的，因為我們堅信我們的客戶需要這些產品。

And so -- but by the way -- yes?

所以——但順便說一句——是嗎？

Go ahead, sorry, please.

繼續，對不起，請。

All right.

好的。

As you can tell from our forecast -- from our revenue forecast, that our sales are not dipping as they traditionally do in Q1.

從我們的預測中可以看出——從我們的收入預測中可以看出，我們的銷售額並沒有像第一季度的傳統那樣下降。

And so therefore, we needed to have more inventory on hand, which was why I alluded to the challenges of cash flow for this -- projecting cash flow for Q4, but we ended up in a good position.

因此，我們需要有更多的庫存，這就是為什麼我提到現金流的挑戰——預測第四季度的現金流，但我們最終處於有利地位。

I see.

我懂了。

So I guess, because we built up the inventory at the end of the quarter to satisfy the strong demand you're seeing in the September quarter and the balance sheet is showing up as increased base payable, but what you're saying is that your base payable terms actually didn't increase.

所以我猜，因為我們在本季度末建立了庫存以滿足您在 9 月季度看到的強勁需求，並且資產負債表顯示為增加的基本應付賬款，但您的意思是您的基本應付條款實際上並沒有增加。

It's just simply the timing of which you received the inventory.

這只是您收到庫存的時間。

That's exactly right.

這是完全正確的。

Got it.

知道了。

Okay.

好的。

Understood.

明白了。

Okay.

好的。

And I don't recall the last time you guys gave full year guidance.

我不記得你們上一次給出全年指導是什麼時候了。

I'm not sure if you ever have before, but certainly, I don't think you did during fiscal year '21 or fiscal year '20 or past few years, when you're on 10-K filing delay hell.

我不確定你以前是否有過，但可以肯定的是，我認為你在 21 財年或 20 財年或過去幾年中沒有這樣做，當時你正處於 10-K 提交延遲地獄的狀態。

So what has changed to give you visibility to guide on a full year basis?

那麼，有哪些變化可以讓您了解全年的指導？

And importantly, almost 10% above the consensus estimate?

重要的是，比共識估計高出近 10%？

Not much reason.

沒有太多理由。

But pretty much because we have a successful expansion in Taiwan and also business automation, including auto-configurator and B2B/B2C tool, and also company expanding from a hardware solution company to a total IT solution company.

但很大程度上是因為我們在台灣的成功擴張和業務自動化，包括自動配置器和 B2B/B2C 工具，以及公司從硬件解決方案公司擴展到整體 IT 解決方案公司。

So we saw it's a good idea to offer the market kind of a more complete picture for the whole year and in the future.

因此，我們認為為全年和未來的市場提供更完整的畫面是一個好主意。

Okay.

好的。

All right.

好的。

And in this midpoint 20% growth guidance for fiscal year '22, is this tied to any sort of industry growth expectation?

在這個 22 財年 20% 的中點增長指導中，這是否與任何類型的行業增長預期相關？

I'm sorry.

對不起。

What was the last part of your question?

你問題的最後一部分是什麼？

Is it tied to what?

它與什麼有關嗎？

Is it tied to server industry growth, any sort of server industry growth expectation?

它是否與服務器行業的增長、任何類型的服務器行業增長預期相關？

Or is it independent of server industry growth?

還是獨立於服務器行業的增長？

Not quite.

不完全的。

Not quite.

不完全的。

As we mentioned, we had returned to a faster growth business model.

正如我們所提到的，我們已經回到了更快增長的商業模式。

If you remember before 2017, before our 10-K delay, our growth always has been 2x to 4x faster than our industry, and we believe we have returned to that faster growth business more than now.

如果您還記得 2017 年之前，在我們的 10-K 延遲之前，我們的增長總是比我們的行業快 2 倍到 4 倍，而且我們相信我們已經比現在更快速地恢復了增長業務。

So start from March and June last quarter, we started to outperform than the industry.

所以從上個季度的3、6月份開始，我們開始跑贏行業。

And I believe we will start to outperform the industry growth rate, maybe double or triple or even more, looking for work.

而且我相信我們會開始以超越行業的增長率，可能是兩倍或三倍甚至更多，正在尋找工作。

So we are gaining back share in the overall.

因此，我們正在重新獲得整體份額。

Yes.

是的。

Undoubtedly, clearly.

毫無疑問，很明顯。

But is there a particular industry growth rate that you are expecting in order to drive that 20% year-over-year growth i.e.

但是，為了推動 20% 的同比增長，您是否期望有一個特定的行業增長率，即

5%, 10%, 2%?

5%、10%、2%？

Care to provide thoughts on that there?

願意提供關於那裡的想法嗎？

We believe that industry may grow 5% to 10%, right?

我們相信這個行業可能會增長 5% 到 10%，對吧？

And our growth rate should be double to quadruple of that, hopefully.

我們的增長率應該是那個的兩倍到四倍，希望如此。

Okay.

好的。

Great.

偉大的。

And then my final question is that the minimum $3 per share, does that correspond to a low end of the revenue guidance or to the midpoint of revenue guidance?

然後我的最後一個問題是，每股最低 3 美元，這是否對應於收入指導的低端或收入指導的中點？

I would rather say, it's a conservative number.

我寧願說，這是一個保守的數字。

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

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

Congratulations on the strong revenue execution and the visibility to put out a long-term or a fiscal year rev guide here.

祝賀強勁的收入執行以及在此處發布長期或財政年度修訂指南的可見性。

I guess a couple for me, if I could.

如果可以的話，我猜對我來說是一對。

David, could you just walk back through the components that you spoke to on gross margin?

大衛，你能回顧一下你談到的毛利率的組件嗎？

I just want to make sure that I'm straight on those.

我只是想確保我是直截了當的。

And then I have a quick follow-up as well.

然後我也有一個快速跟進。

Certainly.

當然。

So when we finished last quarter at 13.8%, we had some -- about 70 basis points of discreet costs and -- which included some shipping costs as well.

因此，當我們上個季度以 13.8% 結束時，我們有一些 - 大約 70 個基點的謹慎成本 - 其中還包括一些運輸成本。

But mainly, it was principally discreet -- some discreet costs that we didn't expect to occur.

但主要是，它主要是謹慎的——一些我們沒想到會發生的謹慎成本。

So this quarter, those did not occur, but we did have 50 basis points more of shipping costs.

所以本季度，這些並沒有發生，但我們的運費確實增加了 50 個基點。

And it was really caused by our directed effort to deliver product to our customers on time, and -- because that's what our customers expect and demand.

這實際上是由於我們有針對性地按時向客戶交付產品，而且——因為這是我們客戶的期望和要求。

So that's really the reason that we were not able to raise the margin up higher just because the...

所以這就是我們無法提高利潤率的真正原因，只是因為......

Got it.

知道了。

Yes.

是的。

Yes.

是的。

Got it.

知道了。

Cool.

涼爽的。

And so if you lost the 70, so that took you to 13.1%.

因此，如果您輸掉了 70 分，那麼您將獲得 13.1%。

And then -- I got it.

然後——我明白了。

And then you -- sorry, you lost 70, and then you gave 77, it takes you to 14.5% or so.

然後你——抱歉，你輸了 70，然後你給了 77，這需要你到 14.5% 左右。

And then you had 50 more.

然後你還有 50 個。

So that took you -- that would have taken you back down to 14%.

所以這讓你 - 這會讓你回到 14%。

And then was there -- I think I'm doing that math right?

然後就在那裡——我想我做的數學對嗎？

Correct me if I'm wrong.

如我錯了請糾正我。

And then was there an incremental 30 basis point headwind that brought it down to the 13.7%?

然後是否有增加 30 個基點的逆風使其降至 13.7%？

Well, there was.

嗯，有。

We had 2 things: one, we had deferred revenue that we added to our balance sheet of about $12 million.

我們有兩件事：第一，我們將遞延收入添加到我們的資產負債表中，約為 1200 萬美元。

So we had to carve out some income for our services, and we also had -- just the rest was just product mix, Ananda.

所以我們必須為我們的服務創造一些收入，我們也有——剩下的只是產品組合，阿南達。

Got it.

知道了。

Got it.

知道了。

Okay.

好的。

And then like how should we -- what are the sort of the pushes and the pulls?

然後就像我們應該如何 - 什麼樣的推動和拉動？

You made mention in the prepared remarks that you expect in the coming quarters to move up into the 14% to 17% range.

您在準備好的評論中提到，您預計未來幾個季度將上升到 14% 至 17% 的範圍。

What are the pushes and pulls there?

那裡的推動和拉動是什麼？

And if there's any way to give them by order of magnitude, that would be helpful also.

如果有任何方法可以按數量級給出它們，那也會有幫助。

Sure.

當然。

Absolutely.

絕對地。

So we realize that with the delta variants, it's hard to say that COVID is over.

所以我們意識到，對於 delta 變體，很難說 COVID 結束了。

And so therefore, we expect to continue to have challenges on supply chain shipping costs.

因此，我們預計供應鏈運輸成本將繼續面臨挑戰。

However, we do expect our other initiatives such as our transition over to Taiwan and our new product offerings, especially in those verticals that have attractive -- more attractive gross margins as well as our B2B and B2C configurator, we expect the benefit of those things to start to come to the business in the upcoming quarters.

然而，我們確實期待我們的其他舉措，例如我們向台灣的過渡和我們的新產品供應，特別是在那些具有吸引力的垂直行業——更有吸引力的毛利率以及我們的 B2B 和 B2C 配置器，我們期望這些事情的好處在接下來的幾個季度開始涉足業務。

So in the short run, we know that Taiwan has gone online.

所以短期內，我們知道台灣已經上線了。

However, it's going to take a couple of quarters to start to realize benefits.

但是，需要幾個季度才能開始實現收益。

Any -- could we -- I'm sure I'm not the only one sort of intrigued about this.

任何——我們可以——我敢肯定我不是唯一對此感興趣的人。

Any chance we can get you to give us some sense of -- for fiscal '22, what the gross margin could look like?

我們有沒有機會讓你給我們一些感覺——對於 22 財年，毛利率會是什麼樣子？

So we've given guidance on the top line and the bottom line, but we're not going -- other than the fact that we expect gross margins to improve, we're not giving further guidance.

所以我們已經給出了關於收入和利潤的指導，但我們不會去——除了我們預計毛利率會提高之外，我們沒有提供進一步的指導。

I got it.

我得到了它。

But it's not unreasonable to think that you would be in the range by the end of the year, end of fiscal '21?

但是，到今年年底，即 21 財年結束時，您會在這個範圍內，這並不是沒有道理的？

Yes, our target is to go -- and I think this is in the notes, our target is to be back within our range by -- during the year.

是的，我們的目標是——我認為這是在筆記中，我們的目標是在年內回到我們的範圍內。

Yes, our range, by the way, was 14% to 17%, yes.

是的，順便說一句，我們的範圍是 14% 到 17%，是的。

Your next question comes from the line of Aaron Rakers with Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

Congrats on the quarter.

祝賀本季度。

I'm just curious as the industry, not just you guys, but the industry in whole deals with supply chain shortages, semiconductor IC shortages, et cetera.

我只是對這個行業感到好奇，不僅僅是你們，而是整個行業都在處理供應鏈短缺、半導體 IC 短缺等問題。

I'm curious on your side of the business, have you been able to invoke your own customers to provide you with extended lead times?

我對您的業務感到好奇，您是否能夠調用自己的客戶來為您提供更長的交貨時間？

And has that provided you with better visibility?

這是否為您提供了更好的可見性？

And then on the heels of that, kind of tied to that question is, is the guidance for this current quarter assuming that you would have actually outperformed that number if you were able to get all of the supply to meet demand?

緊隨其後的是，與這個問題相關的是，本季度的指導是否假設如果你能夠讓所有供應滿足需求，你實際上會超過這個數字？

Put it another way, are you able to meet demand as you see it in the current quarter?

換句話說，您能否滿足當前季度的需求？

Very good question.

非常好的問題。

Again, although we try whatever possible we could, but still we cannot get whatever we want.

同樣，儘管我們盡我們所能嘗試，但我們仍然無法得到我們想要的任何東西。

So we cannot ship all the demand to our customer.

所以我們不能把所有的需求都發給我們的客戶。

But I would like to say, we can ship most of that.

但我想說，我們可以運送大部分。

Maybe customers still had waited longer than the regular time.

也許客戶的等待時間仍然比正常時間長。

And the good thing is we have a lot of repeat customers, older customers.

好消息是我們有很多回頭客，老客戶。

So they understand the global difficulty.

所以他們了解全球的困難。

So a longer lead time is, people don't like to see that, but basically, they are cooperating.

因此，較長的交貨時間是人們不喜歡看到的，但基本上，他們是在合作的。

So we cannot ship whatever customer need, but basically, the customers are happy with our pace for service.

所以我們不能運送客戶需要的任何東西，但基本上，客戶對我們的服務速度感到滿意。

And what is your current view of expectations of when that normalizes?

您目前對何時正常化的期望有何看法？

Does your fiscal '22 guidance reflect the view that the tightness in the semiconductor supply chain starts to normalize through this fiscal year?

您的 22 財年指導是否反映了半導體供應鏈的緊張狀況在本財年開始正常化的觀點？

Or do you think it's out further than that?

或者你認為它比這更遠？

Just curious of what your thoughts are.

只是好奇你的想法是什麼。

Yes.

是的。

I mean as I shared before and now, traditionally, our growth rate was double to quadruple faster than the industry.

我的意思是，正如我之前和現在所分享的，傳統上，我們的增長率是行業的兩倍到四倍。

And I believe we already get back to that momentum, double to quadruple faster than the industry.

而且我相信我們已經恢復了這種勢頭，比行業快兩倍到四倍。

But because of the global shortage, that impact our growth a little bit for sure.

但由於全球短缺，這肯定會影響我們的增長。

And that's why we are humbled to say, maybe $4.3 billion.

這就是為什麼我們謙虛地說，可能是 43 億美元。

If not because of big shortage globally, I believe our growth will be much better than that.

如果不是因為全球嚴重短缺，我相信我們的增長會比這好得多。

Yes.

是的。

Yes.

是的。

And then the final quick question is, there's a lot of architectural things going on in the server and the universe around semiconductors and so on.

最後一個快速的問題是，在服務器和圍繞半導體的宇宙中，有很多架構方面的事情正在發生，等等。

I'm curious of how -- what kind of growth that you're seeing in GPU accelerated server platforms?

我很好奇你在 GPU 加速服務器平台中看到了什麼樣的增長？

And do you think that there's a longer-term narrative that we're at the point where actually, the richness of the server configurations can really drive a positive upward trend in blended ASPs for foreseeable future?

您是否認為從長遠來看，我們實際上處於這樣的地步，服務器配置的豐富性真的可以在可預見的未來推動混合 ASP 的積極上升趨勢？

I'm just curious to how you're seeing compute architectures evolve that maybe benefits you guys from a growth perspective.

我只是好奇你們如何看待計算架構的演變，這可能從增長的角度對你們有益。

Yes.

是的。

As a technology company based on Silicon Valley, we like a technical challenge.

作為一家立足於矽谷的科技公司，我們喜歡技術挑戰。

We like new technology.

我們喜歡新技術。

That's why we're also doing CPU, lots of different GPU, lots of different platform, and that's a big change to us.

這就是為什麼我們也在做 CPU、許多不同的 GPU、許多不同的平台，這對我們來說是一個很大的變化。

And that's why I just mentioned, we will introduce GrandTwin, a brand-new architecture to the market, very soon.

這就是我剛才提到的原因，我們將很快將全新架構 GrandTwin 推向市場。

And we also are designing a universal GPU platform, and that will be ready by end of this year.

我們還在設計一個通用 GPU 平台，該平台將在今年年底前準備就緒。

So all of those is to provide a much more flexible kind of -- to support multiple different CPUs vendor, multiple different GPU vendor and different form factor.

所以所有這些都是為了提供一種更靈活的方式——支持多個不同的 CPU 供應商、多個不同的 GPU 供應商和不同的外形尺寸。

So all our platform indeed will benefit our customers.

所以我們所有的平台確實會讓我們的客戶受益。

And thank you to our building block solution, we are able to kind of skillfully kind of optimize all the different configuration by our new architecture, and especially, GrandTwin and kind of universal GPU solution.

感謝我們的構建塊解決方案，我們能夠通過我們的新架構巧妙地優化所有不同的配置，尤其是 GrandTwin 和通用 GPU 解決方案。

So we are very happy, very excited to see that opportunity.

所以我們很高興，很高興看到這個機會。

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

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

Great quarter.

很棒的季度。

And also, the outlook is pretty impressive.

而且，前景令人印象深刻。

I wanted to drill down on a previous question just on how you have confidence in that $4.2 billion in revenue.

我想深入探討之前的一個問題，即您對這 42 億美元的收入有何信心。

Is that a bottoms-up analysis with like qualified customer lead indications of interest, contracts that may have already been signed?

這是一個自下而上的分析，具有類似合格的客戶線索興趣跡象，可能已經簽署的合同？

Or is there more orders that you actually have to go out and get before you can achieve that?

或者，在實現這一目標之前，您實際上必須獲得更多訂單嗎？

I'm wondering how you built for that.

我想知道你是如何為此建造的。

It's both bottom up and top down.

它既是自下而上，也是自上而下。

From both directions, we see that growth will be very strong.

從兩個方向來看，我們都看到增長將非常強勁。

Again, if not because of global shortage, our growth should be much better than that.

同樣，如果不是因為全球短缺，我們的增長應該比這要好得多。

And with better products, with our Taiwan operation, and we also have many more new engaged high-profile customer we achieved in the last 6 months and currently.

憑藉更好的產品，我們在台灣的運營，以及我們在過去 6 個月和目前獲得的更多新的高知名度客戶。

So we feel pretty optimistic over there.

所以我們在那裡感到非常樂觀。

Okay.

好的。

Great.

偉大的。

And I was going to ask, how do you feel about your ability to pass price through in this environment?

我正要問，你覺得在這種環境下你傳遞價格的能力如何？

You talked about expedited shipping.

你談到了加急運輸。

I know that you were doing airfreight last quarter just to get things to customers on time.

我知道你上個季度做空運只是為了準時把東西送到客戶手中。

I would think that everyone knows at this point that it's impossible to get things without paying for extra shipping charges.

我想現在每個人都知道，如果不支付額外的運費，就不可能得到東西。

So I'm wondering if you're planning on surcharges or other pricing methods to be able to pass that through to the customers?

所以我想知道您是否計劃通過附加費或其他定價方法將其傳遞給客戶？

And if so, are they receptive to it?

如果是這樣，他們會接受嗎？

Very good question and a complicated question, too.

非常好的問題，也是一個複雜的問題。

So we try whatever possible to communicate to customers.

所以我們盡一切可能與客戶溝通。

But overall, we had observed, I would have to say, at least 50% of that, well, maybe plus 50% of customers.

但總的來說，我們觀察到，我不得不說，至少有 50%，好吧，也許再加上 50% 的客戶。

So we try to kind of provide the customer a very competitive way so that we can grow market share as well.

因此，我們嘗試為客戶提供一種非常有競爭力的方式，以便我們也可以增加市場份額。

Okay.

好的。

Great.

偉大的。

Maybe just one final one on pricing.

也許只是定價的最後一個。

When do you think you can catch up on pricing just to the higher input costs?

您認為何時才能趕上更高投入成本的定價？

Is it a quarter?

是四分之一嗎？

Or is it two?

或者是兩個？

How should we think of the lag time before you're able to absorb all of that?

在您能夠吸收所有這些之前，我們應該如何考慮滯後時間？

Again, it's a complicated question because of the pandemic, delta variant still going on.

同樣，這是一個複雜的問題，因為大流行，delta 變體仍在繼續。

So -- but once the COVID-19 ends, I believe we will recover to normal.

所以——但是一旦 COVID-19 結束，我相信我們會恢復正常。

But before that, we are getting able to pass those overhead actual cost to customers.

但在此之前，我們能夠將這些間接費用實際成本轉嫁給客戶。

Like what I said, maybe 50-50 in last quarter, and we will be getting better.

就像我說的那樣，上個季度可能是 50-50，我們會變得更好。

But hopefully, COVID-19 program can be -- end very soon.

但希望 COVID-19 計劃能夠很快結束。

So we will get back to normal automatically.

所以我們會自動恢復正常。

Your next question comes from the line of Jon Lopez with The Vertical Group.

您的下一個問題來自 The Vertical Group 的 Jon Lopez。

Can you hear me all right?

你能聽到我的聲音嗎？

Yes.

是的。

We can.

我們可以。

Okay.

好的。

Sorry.

對不起。

That's great.

那太棒了。

I had phone trouble.

我有電話問題。

Sorry about that.

對於那個很抱歉。

Thanks, David.

謝謝，大衛。

So I guess I have 2. I wanted to come back for a second to the fiscal Q1 guidance, and maybe to come at it this way.

所以我想我有 2 個。我想回到第一季度的財政指導，也許是這樣。

I thought in some remarks you made, you referenced like not declining in fiscal Q1.

我認為在您發表的一些言論中，您提到了第一財季沒有下降。

But I guess as we calculate it, it's actually a bit below your normal seasonal trending pattern, and that's after being pretty comfortably above that pattern in the last 2 quarters, so both fiscal Q3 and fiscal Q4.

但我想，正如我們計算的那樣，它實際上有點低於你正常的季節性趨勢模式，而且在過去兩個季度非常舒適地高於該模式之後，第三財季和第四財季都是如此。

So I guess my question is, one, are we looking at those numbers differently than you are?

所以我想我的問題是，第一，我們對這些數字的看法是否與你不同？

Maybe just step me through what you meant when you said not declining.

當你說不拒絕時，也許只是讓我了解你的意思。

And then two, is there any constraint on your revenue guidance relative to component or logistical issues?

然後是第二個，您的收入指導與組件或物流問題是否有任何限制？

Perhaps, if you could quantify that.

也許，如果你能量化它。

Sure.

當然。

I think that -- I think what our range does is our range allows for the struggles that we face in the supply chain.

我認為 - 我認為我們的範圍所做的是我們的範圍允許我們在供應鏈中面臨的鬥爭。

So therefore, we feel like we provided a broad enough range that we can overachieve, and we can also -- but we feel comfortable with that range.

因此，我們覺得我們提供了足夠廣泛的範圍，我們可以超額完成，我們也可以 - 但我們對這個範圍感到滿意。

I guess one -- the other factor is that because last year, COVID-19 reason, we did not adjust the employee salary that much.

我猜一個 - 另一個因素是因為去年，因為 COVID-19 的原因，我們沒有對員工工資進行太多調整。

So this year, we have a much bigger salary adjustment for employees.

所以今年，我們對員工的工資調整幅度要大得多。

That's why you see -- Q1 and Q2, you may see our expense grow.

這就是為什麼您會看到 - 第一季度和第二季度，您可能會看到我們的費用增長。

One of the big portion because of salary adjustments and also Taiwan expansion.

由於工資調整和台灣擴張的很大一部分。

So we hired people in Taiwan and trained people, but they will be ready to contribute to our revenue and profitability soon.

因此，我們在台灣僱用人員並培訓人員，但他們很快就會為我們的收入和盈利能力做出貢獻。

Okay.

好的。

Yes, I guess that helps a bit.

是的，我想這有點幫助。

I guess my other question, just to come back to the gross margin for a second.

我想我的另一個問題，只是回到毛利率一秒鐘。

So to arrive at this $3 figure or north of $3 figure, especially based on what you're referencing in OpEx there, Charles.

所以要達到這個 3 美元或 3 美元以上的數字，尤其是根據你在 OpEx 中引用的內容，Charles。

I mean, the gross margin does need, I think, to be pretty close to 15% as we get out of calendar Q3 and into the remainder of your fiscal year.

我的意思是，我認為，隨著我們從日曆第三季度到本財年的剩餘時間，毛利率確實需要接近 15%。

I guess, why do you think -- like do any of these things feel as though you have line of sight to them ending as we look beyond calendar Q3?

我想，你為什麼認為 - 當我們超越日曆 Q3 時，這些事情中的任何一個是否都會讓你看到它們的結局？

And if not, are you committing that you get to $3 some other way?

如果沒有，您是否承諾以其他方式獲得 3 美元？

Like will you rein back on OpEx or just maybe walk us through the interplay between why you might have comfort in the $3 number, if you don't have visibility to some of these logistical issues or cost issues abating.

如果您不了解其中一些後勤問題或成本問題的減輕，您是否會重新控制運營支出，或者只是引導我們了解為什麼您可能會對 3 美元的數字感到滿意之間的相互作用。

David handles that.

大衛負責處理。

Sure.

當然。

So one of the things that helps our cost structure again is the movement of our production over to Taiwan.

因此，再次有助於我們的成本結構的一件事是將我們的生產轉移到台灣。

So that's -- we expect that to give us benefit as well as the traction in our new product offerings, which we expect to bring higher margins than the traditional server business.

所以這就是 - 我們希望這會給我們帶來好處以及我們的新產品提供的牽引力，我們預計這將帶來比傳統服務器業務更高的利潤。

So those are the factors that we have insight into and give us confidence that in spite of supply chain challenges, which we've managed to meet, and in spite of higher costs, which we -- in terms of shipping and airfreight, which we've continued to deal with, we still believe that through price management that we can achieve the margins which will allow us to deliver the targets that we are forecasting.

因此，這些是我們深入了解並給予我們信心的因素，儘管我們已經設法應對了供應鏈挑戰，並且儘管成本更高，但我們 - 在航運和空運方面，我們'繼續處理，我們仍然相信，通過價格管理，我們可以實現利潤，這將使我們能夠實現我們預測的目標。

Yes.

是的。

The other way to answer your question more directly is that we expect our growth will be significant in fiscal year '22 and '23.

更直接地回答您的問題的另一種方法是，我們預計我們的增長將在 '22 和 '23 財年顯著。

And we are very confident to see that happen.

我們非常有信心看到這種情況發生。

But if in case it does not happen, then that means we have too much resource now.

但是，如果它沒有發生，那麼這意味著我們現在有太多的資源。

So we may refuse some resource in our USA headquarter.

所以我們可能會拒絕我們美國總部的一些資源。

I hope we don't have to do so, but if we had to, we will.

我希望我們不必這樣做，但如果我們必須這樣做，我們會的。

And we have that option.

我們有這個選擇。

So that will have reduced our operation cost ratio, but I hope we don't have to go for that way.

所以這將降低我們的運營成本比率，但我希望我們不必這樣做。

We have a follow-up question from Mehdi Hosseini with CIG -- SIG.

我們有一個來自 Mehdi Hosseini 與 CIG -- SIG 的後續問題。

Just a quick follow-up.

只是快速跟進。

I want to get your view on the current memory prices.

我想了解您對當前內存價格的看法。

How do you see the trend over the next 1 or 2 quarters?

您如何看待未來 1 或 2 個季度的趨勢？

And I'm asking you about availability and the pricing trends?

我在問你關於可用性和定價趨勢的問題？

A very complicated question but very good question.

一個非常複雜但非常好的問題。

Yes, it's hard to predict.

是的，很難預測。

But this movement, we see that availability is getting better than last quarter.

但是這個動作，我們看到可用性比上一季度要好。

So the price changes should be less than before.

所以價格變化應該比以前少。

And as to when the price will stop growing or the price were going down, we watch very carefully.

至於價格何時停止上漲或價格下跌，我們非常仔細地觀察。

So at this moment, no clear date.

所以目前還沒有明確的日期。

But at least, we feel it's better than last quarter.

但至少，我們覺得它比上一季度要好。

Sure.

當然。

Okay.

好的。

It's doing much better.

它做得好多了。

Yes.

是的。

Thanks for the color.

謝謝你的顏色。

I know it's very difficult to look beyond a couple of months.

我知道超過幾個月的時間是非常困難的。

As you think about your FY '22 revenue guide, how should I think about incremental opportunities?

當您考慮您的 22 財年收入指南時，我應該如何考慮增量機會？

There are a lot of AI-type projects that hyperscalers are expected to ramp.

預計超大規模企業將推出許多人工智能類型的項目。

Do you think your FY '22 revenue guide capture some of them?

您認為您的 22 財年收入指南是否包含其中一些？

Or should we wait for FY '23 to have it -- to see a more meaningful material contribution?

還是我們應該等待 23 財年擁有它——看到更有意義的物質貢獻？

Good question.

好問題。

I mean, for AI, we grew very well in fiscal year '21.

我的意思是，對於人工智能，我們在 21 財年發展得非常好。

In year '22, I believe we will continue to grow very well, maybe more than 50%, I hope, right?

在 22 年，我相信我們會繼續增長得很好，我希望可能超過 50%，對吧？

And for telco, telco is another territory we grew very well last year.

對於電信公司，電信公司是我們去年增長非常好的另一個領域。

And I believe this year, 2022, our telco business will grow much better than even last year.

我相信今年，即 2022 年，我們的電信業務將比去年增長得更好。

So that's a very strong area for us.

所以這對我們來說是一個非常強大的領域。

As to hyperscale, with our Taiwan operation now is ready, so we have a chance to start to service some hyperscale customers, if we select to.

至於超大規模，我們的台灣業務現在已經準備就緒，所以如果我們選擇的話，我們有機會開始為一些超大規模客戶提供服務。

But I believe we will be very selective.

但我相信我們會非常挑剔。

For some diligent customer, when we can provide the value, we will.

對於一些勤奮的客戶，當我們可以提供價值時，我們會提供。

And Charles, when you talked about AI, does that include kind of the ARM-based ASIC CPU?

查爾斯，當你談到人工智能時，這包括基於 ARM 的 ASIC CPU 嗎？

Or do you lump that into the hyperscaler segment?

還是您將其歸入超大規模細分市場？

Very usual question.

很平常的問題。

But yes, we have some ARM design as well.

但是，是的，我們也有一些 ARM 設計。

So if a customer really prefer ARM solution, we have some solution there under development.

因此，如果客戶真的更喜歡 ARM 解決方案，我們正在開發一些解決方案。

Okay.

好的。

So when you talk about AI, it's not necessarily an ARM-based solution, it's more general, right?

所以當你談到 AI 時，它不一定是基於 ARM 的解決方案，它更通用，對吧？

Mainly, still Intel and AMD-based.

主要還是基於 Intel 和 AMD。

Intel and AMD GPU, NVIDIA.

英特爾和 AMD GPU，英偉達。

Sure.

當然。

Sure.

當然。

But when you reference hyperscalers, that's predominantly ARM-based solutions?

但是，當您提到超大規模計算機時，主要是基於 ARM 的解決方案嗎？

Not necessarily.

不必要。

I mean, a hyperscale to us is still X86, mainly.

我的意思是，對我們來說超大規模仍然主要是 X86。

Okay.

好的。

All right.

好的。

Got it.

知道了。

Okay.

好的。

So it's -- we can't really, really isolate it because perhaps, it is just too early to determine on this independent ARM-based solution, right?

所以它——我們不能真的、真的隔離它，因為也許現在確定這個基於 ARM 的獨立解決方案還為時過早，對吧？

When customers needed that, we will have been ready.

當客戶需要時，我們會做好準備。

And for the last question, we have a follow-up from Ananda Baruah with Loop Capital.

對於最後一個問題，我們有來自 Loop Capital 的 Ananda Baruah 的後續跟進。

Yes, just wanted to ask, any context you can give us about how to think about revenue seasonality through fiscal year '22?

是的，只是想問一下，您能給我們提供關於如何考慮 22 財年收入季節性的任何背景信息嗎？

Will there be a seasonal pattern?

會有季節性模式嗎？

Or will it be -- I mean there will be a seasonal pattern, but will it be different than usual and fairly ratable on a year-over-year basis?

或者會是——我的意思是會有一個季節性的模式，但它會與往常不同，並且每年都會相當可觀嗎？

Yes.

是的。

As you may know, right, September always our weak season.

你可能知道，對，九月總是我們的淡季。

So this year, no exception, right?

所以今年也不例外，對吧？

Although we have a strong demand, but global shortage.

雖然我們有強勁的需求，但全球短缺。

That's major reason we try to be conservative when we share the number with you for September quarter.

這是我們在與您分享 9 月季度的數字時盡量保守的主要原因。

And then, Charles, through the rest of the year, should we just assume typical seasonality to get into the guidance range?

然後，查爾斯，在今年剩下的時間裡，我們是否應該假設典型的季節性進入指導範圍？

Yes, basically.

是的，基本上。

Traditionally, December and June, always our good quarter.

傳統上，十二月和六月，總是我們的好季度。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連接。