超微電腦 (SMCI) 2021 Q3 法說會逐字稿

Good day thank you for standing by.

美好的一天謝謝你的支持。

Welcome to the Super Micro Fiscal Q3 2021 Earnings Call.

歡迎參加超微 2021 財年第三季度財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to your host, Ms. Nicole Noutsios.

我現在想將會議轉交給您的主持人 Nicole Noutsios 女士。

Good afternoon and thank you for attending Super Micro's call to discuss financial results for the third quarter of fiscal 2021, which ended March 31, 2021.

下午好，感謝您參加 Super Micro 的電話會議，討論截至 2021 年 3 月 31 日的 2021 財年第三季度財務業績。

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找到。

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

提醒一下，在今天的電話會議中，公司可能會在公司網站的 IR 部分中的“事件和演示文稿”選項卡下參考可供參與者使用的演示文稿。

We have also published management scripted commentary on our website.

我們還在我們的網站上發布了管理腳本評論。

Please note that some of the information you hear during the 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, the company's business and results of operations.

請注意，您在今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、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COVID-19、公司業務和運營結果的潛在影響。

There are a number of risk factors that could 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 of 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, refers to non-GAAP financial results and business outlook.

今天的大部分介紹，是指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 in 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, you will have a Q&A session for sell side analysts to ask questions.

在今天準備好的評論結束時，您將有一個問答環節，供賣方分析師提問。

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

我現在想把這個電話轉給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。

Last quarter, we have performed our growth strategy well by winning new key customers, expanded our global operations and introduced a whole new generation of products.

上個季度，我們通過贏得新的關鍵客戶、擴大了我們的全球業務並推出了全新一代的產品，很好地執行了我們的增長戰略。

Today, we have released our fiscal 2021 third quarter financial results.

今天，我們發布了 2021 財年第三季度財務業績。

Let’s take a look at some highlights.

讓我們來看看一些亮點。

Our fiscal third quarter net sales totaled $896 million, up 16% year-over-year and up 8% sequentially.

我們第三財季的淨銷售額總計 8.96 億美元，同比增長 16%，環比增長 8%。

For the first time in our company history since IPO, the revenue from seasonally weak March quarter significantly surpassed that of December quarter.

自首次公開募股以來，我們公司歷史上首次出現季節性疲軟的 3 月季度的收入顯著超過 12 月季度的收入。

Our fiscal third quarter non-GAAP earnings per share was $0.50, above the midpoint of our previously guided range of $0.37 to $0.57.

我們第三財季非公認會計準則每股收益為 0.50 美元，高於我們之前指導範圍 0.37 至 0.57 美元的中點。

In this quarter, we also generated a record revenue from the Asia Pacific region, demonstrating our continued and expanding traction in Asia.

在本季度，我們還在亞太地區創造了創紀錄的收入，證明了我們在亞洲的持續和擴大牽引力。

We continue to execute our 3-year growth strategy highlighted in our recent investor update on March 4. Our progress, judged by historical industry growth rates, has propelled us to resume the position of the fastest growing U.S.-based server/storage manufacturer.

我們繼續執行我們在 3 月 4 日最近的投資者更新中強調的 3 年增長戰略。從歷史行業增長率來看，我們的進步促使我們恢復了美國增長最快的服務器/存儲製造商的地位。

More importantly, we achieved all this despite so much of our focus having been on growing the company's long-term foundation.

更重要的是，儘管我們一直將重點放在發展公司的長期基礎上，但我們還是實現了這一切。

Earlier this quarter, we introduced the industry's most comprehensive server portfolio leveraging the latest processors from both Intel and AMD.

本季度早些時候，我們推出了業界最全面的服務器產品組合，採用了英特爾和 AMD 的最新處理器。

Our application-optimized solutions are gaining traction among the world's most advanced datacenters and enterprises.

我們的應用優化解決方案在世界上最先進的數據中心和企業中越來越受歡迎。

We have several committed early ship customers that have deployed thousands of server units, led by our SuperBlade.

在我們的 SuperBlade 領導下，我們有幾個堅定的早期交付客戶已經部署了數千個服務器單元。

We also seeded out optimized systems for many verticals such as artificial intelligence, telco, cloud and more.

我們還為人工智能、電信、雲等許多垂直領域提供了優化系統。

One successful example is our collaboration with Osaka University in Japan with our liquid-cooled HPC solution, which takes full advantage of the new powerful Ice Lake processors.

一個成功的例子是我們與日本大阪大學的液冷 HPC 解決方案合作，該解決方案充分利用了新的強大的 Ice Lake 處理器。

Hundreds of other customers have already utilized our early sampling program or accessed the new systems online through our JumpStart program.

數百名其他客戶已經使用了我們的早期採樣計劃或通過我們的 JumpStart 計劃在線訪問了新系統。

These activities should accelerate the deployment ramp of this new generation of products and propel growth for this calendar year.

這些活動將加速新一代產品的部署，並推動本日曆年的增長。

In addition to the systems based on the new CPUs, we released an innovative new GPU system architecture last quarter with resource savings in mind.

除了基於新 CPU 的系統外，我們還在上個季度發布了創新的新 GPU 系統架構，並考慮到了資源節約。

With very strong global demand, the optimized 2U 2-node GPU solution delivers great cost savings, utilizing shared power and cooling.

由於全球需求非常旺盛，經過優化的 2U 2 節點 GPU 解決方案利用共享電源和冷卻，極大地節省了成本。

This 2U 2-node system supports 3 double-width or 6 single-width PCIe Gen-4 GPUs, and is the best platform for video streaming, high-end cloud gaming, and countless social networking applications.

這款 2U 2 節點系統支持 3 個雙寬或 6 個單寬 PCIe Gen-4 GPU，是視頻流、高端雲遊戲和無數社交網絡應用的最佳平台。

We have been executing a robust manufacturing plan in Taiwan for a few years.

幾年來，我們一直在台灣執行一項強有力的製造計劃。

With attractive new product lines and strong customer demand, we recognize the importance of optimizing operational efficiency and reducing cost, especially with a tighter supply chain.

憑藉具有吸引力的新產品線和強勁的客戶需求，我們認識到優化運營效率和降低成本的重要性，尤其是在供應鏈更緊密的情況下。

As one of the key elements of our strategy, our Taiwan campus expansion will increase our capacity and capabilities in production, operation, engineering, and sales to deliver more cost-optimized offerings.

作為我們戰略的關鍵要素之一，我們的台灣園區擴張將提高我們在生產、運營、工程和銷售方面的能力和能力，以提供更多成本優化的產品。

Manufacturing cost has been our painful challenge since company was founded 27 years ago.

自公司成立27年來，製造成本一直是我們面臨的痛苦挑戰。

Now with the new 1 million square feet of manufacturing and office space added to our Taiwan campus this summer, we will become more profitable by having more control over our global supply chain and manufacturing cost.

現在，今年夏天我們在台灣園區新增了 100 萬平方英尺的製造和辦公空間，通過對全球供應鍊和製造成本的更多控制，我們將變得更加有利可圖。

The U.S. campus expansion, which will be online shortly after the completion of the Taiwan expansion, will focus on similar operational goals but with more emphasis on security and Made-In-U.

美國校園擴張將在台灣擴張完成後不久上線，將專注於類似的運營目標，但更強調安全性和美國製造。

S.A.

S.A.

initiatives.

倡議。

Again, these expansions will position us well to handle the ongoing logistics challenge and rising costs while further improving our time-to-market advantages and production scale and agility.

同樣，這些擴張將使我們能夠很好地應對持續的物流挑戰和不斷上漲的成本，同時進一步提高我們的上市時間優勢以及生產規模和敏捷性。

We are making progress in the key growth factors, as I mentioned in our recent investor event.

正如我在最近的投資者活動中提到的那樣，我們在關鍵增長因素方面取得了進展。

And we are getting great traction within the critical segment of Cloud Datacenter and Enterprise accounts.

我們在雲數據中心和企業帳戶的關鍵部分中獲得了巨大的吸引力。

We are securing new design wins and seeing expanded orders from certain high-profile customers.

我們正在獲得新的設計勝利，並看到來自某些知名客戶的訂單增加。

These customers are choosing Super Micro based on the breadth of our portfolio and our ability to deliver the best optimized system for their 5G, telco, AI, and both public and private cloud workloads.

這些客戶選擇 Super Micro 是基於我們產品組合的廣度以及我們為他們的 5G、電信、人工智能以及公共和私有云工作負載提供最佳優化系統的能力。

We have been efficiently growing our high-profile accounts worldwide, and we aim to double these accounts in the coming 2 years.

我們一直在有效地發展我們在全球範圍內的知名客戶，我們的目標是在未來 2 年內將這些客戶翻一番。

Our high-profile customer initiative is a big portion of our organic growth strategy that has evolved and been fine-tuned over time.

我們備受矚目的客戶計劃是我們有機增長戰略的重要組成部分，隨著時間的推移不斷發展和調整。

We also continue our sales transformation effort to broadly launch our B2B/B2C automation with the auto-configurator tool, which is already in use with many selected customers.

我們還繼續我們的銷售轉型工作，通過自動配置工具廣泛推出我們的 B2B/B2C 自動化，該工具已被許多選定的客戶使用。

This tool will make it much easier to share communication, technical data and product configurations among our sales, engineers, and customers, which I believe will accelerate revenue and reduce fulfillment time and cost.

該工具將使我們的銷售、工程師和客戶之間共享通信、技術數據和產品配置變得更加容易，我相信這將加速收入並減少履行時間和成本。

Strong positive momentum is building again at Super Micro.

Super Micro 再次形成強勁的積極勢頭。

I believe our Q3 growth is just the beginning of our journey to gain more market share again.

我相信我們第三季度的增長只是我們再次獲得更多市場份額之旅的開始。

We are returning to our hallmark of consistent growth.

我們正在回歸我們持續增長的標誌。

To align my interest with the company's growth strategy, the Board of Directors accepted the proposal of reducing my annual salary to $1 and added an equity compensation package tied to very aggressive revenue and stock price targets.

為了使我的興趣與公司的增長戰略保持一致，董事會接受了將我的年薪降至 1 美元的提議，並增加了與非常激進的收入和股價目標相關的股權薪酬方案。

Also in our recent investor update, I talked about our path to $10 billion in annual sales in 3 to 6 years.

同樣在我們最近的投資者更新中，我談到了我們在 3 到 6 年內實現 100 億美元年銷售額的道路。

Now I have even stronger confidence to achieve this goal.

現在我更有信心實現這個目標。

Over the past year, Super Micro has had successes in various market segments such as Storage, HCI, Cloud, AI, Machine Learning, 5G/telco and others.

過去一年，超微在存儲、HCI、雲、人工智能、機器學習、5G/電信等多個細分市場取得了成功。

We have established our technology leadership through optimized server and storage solutions.

我們通過優化的服務器和存儲解決方案建立了我們的技術領先地位。

I am excited that our recent booking activities, along with our capacity expansion initiatives and improving COVID outlook, give us the confidence to provide a strong Q4 guidance.

我很高興我們最近的預訂活動，以及我們的產能擴張計劃和改善的 COVID 前景，讓我們有信心提供強有力的第四季度指導。

Our coming fiscal Q4 revenue should surpass $1 billion, in the range of $980 million to $1.08 billion.

我們即將到來的第四財季收入應超過 10 億美元，介於 9.8 億美元至 10.8 億美元之間。

Super Micro is finally back on track for faster growth, and I am confident that our growth rate will be getting faster and faster in the coming quarters and years.

超微終於回到了更快增長的軌道上，我相信我們的增長速度在未來幾個季度和幾年裡會越來越快。

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

現在，我將把電話轉給我們的首席財務官 David Weigand，以提供有關本季度和我們前景的更多詳細信息。

Thank you, Charles.

謝謝你，查爾斯。

Since moving to the CFO role at Super Micro last quarter, I am even more excited about the future of the company than when I joined in 2018.

自從上個季度擔任 Super Micro 的首席財務官以來，我對公司的未來比我 2018 年加入時更加興奮。

We continued to execute in all major areas of the company this quarter and are pleased with our results and outlook.

本季度我們繼續在公司的所有主要領域執行，並對我們的結果和前景感到滿意。

Our fiscal third quarter revenue totaled $896 million.

我們第三財季的收入總計 8.96 億美元。

This reflects a 16% year-on-year increase from the same quarter of last year and an 8% increase from the second quarter of fiscal year 2021.

這反映出比去年同期增長 16%，比 2021 財年第二季度增長 8%。

Systems comprised 77% of total revenue and the volume of systems and nodes shipped were up sequentially and year-over-year.

系統佔總收入的 77%，系統和節點的出貨量環比和同比增長。

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

系統 ASP 也同比和環比增長。

Geographic performance was strong across all major geographies.

所有主要地區的地理表現都很強勁。

On a year-over-year basis, the U.S. increased 18%, Asia increased 29%, Europe increased 3% and Rest of World decreased 12%.

與去年同期相比，美國增長 18%，亞洲增長 29%，歐洲增長 3%，世界其他地區下降 12%。

On a sequential basis, U.S. sales increased 8% quarter-over-quarter, Asia increased 28% and Europe increased 5% with the Rest of World decreasing 46%.

美國銷售額環比增長 8%，亞洲增長 28%，歐洲增長 5%，世界其他地區下降 46%。

From a customer point of view, we saw increases in sales to large data center and AI customers.

從客戶的角度來看，我們看到對大型數據中心和 AI 客戶的銷售額有所增長。

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。

So working down the P&L, Q3 gross margin was 13.8%, down year-over-year and quarter-over-quarter.

因此，按損益計算，第三季度毛利率為 13.8%，同比和環比下降。

In our February earnings call, we stated that we expected gross margin to decline approximately 120 to 160 basis points sequentially due to the lack of a Q2 discrete cost recovery of that and product mix.

在我們 2 月份的財報電話會議中，我們表示，由於缺乏第二季度的離散成本回收和產品組合，我們預計毛利率將連續下降約 120 至 160 個基點。

Due to very high demand in our -- for our products and in our supply chain, we incurred higher transportation and other additional costs.

由於對我們的產品和供應鏈的需求非常高，我們產生了更高的運輸和其他額外成本。

I will further address this in the outlook, as we do expect some of these cost headwinds to abate in the coming quarter.

我將在展望中進一步解決這一問題，因為我們確實預計其中一些成本逆風將在下一季度減弱。

Turning to operating expenses, Q3 OpEx on a GAAP basis increased 7% quarter-over-quarter and decreased 10% year-over-year to $106 million.

談到運營費用，按公認會計原則計算的第三季度運營支出環比增長 7%，同比下降 10%，至 1.06 億美元。

On a non-GAAP basis, operating expenses increased 6% quarter-over-quarter and increased 9% year-over-year to $95 million.

按非公認會計原則計算，運營費用環比增長 6%，同比增長 9%，達到 9500 萬美元。

Recall, last year’s operating expenses were offset by $9.5 million related to a joint product development related settlement fee, but after removing this benefit, Q3 OpEx would have been down 1% year-over-year.

回想一下，去年的運營費用被與聯合產品開發相關的結算費用相關的 950 萬美元所抵消，但在取消這一收益後，第三季度運營支出將同比下降 1%。

As outlined in the February earnings call, the sequential increase in non-GAAP OpEx was primarily due to higher payroll taxes and increased R&D product development costs due to the heightened new product activity from Ice Lakes products from Intel, the Milan product from AMD and A100 products from Nvidia.

正如 2 月財報電話會議所述，非 GAAP 運營支出的環比增長主要是由於工資稅增加和研發產品開發成本增加，原因是英特爾 Ice Lakes 產品、AMD 米蘭產品和 A100 的新產品活動增加英偉達的產品。

Other Income & Expense excluding (sic) [including] interest expense recorded a $1.4 million gain as compared to a $3.1 million loss last quarter.

不包括（原文如此）[包括]利息費用的其他收入和支出錄得 140 萬美元的收益，而上一季度則錄得 310 萬美元的虧損。

The sequential change is mostly related to FX.

順序變化主要與外匯有關。

This quarter our tax gain was $0.2 million on a GAAP basis and an expense of $2.2 million on a non-GAAP basis.

本季度我們的稅收收益為 20 萬美元（按 GAAP 計算）和 220 萬美元（按非 GAAP 計算）。

Our non-GAAP tax rate was 7.6% for the quarter.

本季度我們的非公認會計原則稅率為 7.6%。

Lastly, our joint venture incurred a loss of $0.3 million this quarter as compared to a loss of $1.5 million last quarter.

最後，我們的合資企業本季度虧損 30 萬美元，而上一季度虧損 150 萬美元。

Q3 non-GAAP diluted earnings per share totaled $0.50 as compared to $0.63 in Q2 of fiscal 2021 and $0.84 in the same quarter of last year.

第三季度非公認會計原則攤薄後每股收益總計 0.50 美元，而 2021 財年第二季度為 0.63 美元，去年同期為 0.84 美元。

Cash flow used in Operations totaled $124 million compared to cash flow from operations of $63 million in Q2.

運營中使用的現金流總計 1.24 億美元，而第二季度的運營現金流為 6300 萬美元。

CapEx totaled $19 million resulting in free cash flow used of $144 million.

資本支出總額為 1900 萬美元，使用的自由現金流為 1.44 億美元。

Key uses of cash during the quarter included increases to inventory and receivables as well as capital return to shareholders through $43 million in share repurchases.

本季度現金的主要用途包括增加庫存和應收賬款，以及通過 4300 萬美元的股票回購為股東帶來資本回報。

Our closing balance sheet cash position was $179 million, while bank debt was $85 million, resulting in a net cash balance of $94 million.

我們的資產負債表期末現金頭寸為 1.79 億美元，而銀行債務為 8500 萬美元，淨現金餘額為 9400 萬美元。

Turning to working capital metrics compared to last quarter, our Q3 cash conversion cycle was 86 days, that's down from 92 days, and within our target range of 85 to 90 days.

轉向與上一季度相比的營運資金指標，我們的第三季度現金轉換週期為 86 天，低於 92 天，並且在我們 85 至 90 天的目標範圍內。

While the absolute level of our inventory increased, days of inventory at 99 decreased.

雖然我們的庫存絕對水平增加了，但 99 天的庫存天數卻減少了。

Days sales outstanding was 37 days, while days payables outstanding totaled 50 days.

未償銷售天數為 37 天，未償應付款天數總計 50 天。

Now turning to the outlook for our business.

現在轉向我們業務的前景。

We expect net sales for the fiscal fourth quarter ending June 30, 2021 in a range of $980 million to $1.08 billion.

我們預計截至 2021 年 6 月 30 日的第四財季淨銷售額在 9.8 億美元至 10.8 億美元之間。

We expect gross margins to increase approximately 70 basis points sequentially due to both product mix and improved management of our supply chain costs.

由於產品組合和供應鏈成本管理的改善，我們預計毛利率將連續增加約 70 個基點。

GAAP operating expenses are expected to be approximately $108 million and include $7 million in stock option compensation expenses and $2 million in other expenses not included in non-GAAP operating expenses.

GAAP 運營費用預計約為 1.08 億美元，其中包括 700 萬美元的股票期權補償費用和 200 萬美元未包含在非 GAAP 運營費用中的其他費用。

We expect our non-GAAP operating expenses to be up modestly quarter-over-quarter, driven by lower NRE and continued investment in R&D with the rollout of the new product activity from AMD, Intel and Nvidia, previously mentioned.

我們預計我們的非公認會計原則運營費用將比上一季度小幅增長，這主要是由於 NRE 較低以及隨著 AMD、英特爾和英偉達推出新產品活動而對研發的持續投資，如前所述。

We expect our GAAP and non-GAAP Q4 tax rate to be approximately 13% and approximately 16% thereafter.

我們預計我們的 GAAP 和非 GAAP 第四季度稅率約為 13%，此後約為 16%。

We expect other income and expense, including interest expense, to total roughly $1 million and expect a nominal contribution from our JV.

我們預計其他收入和支出（包括利息支出）總計約為 100 萬美元，並預計我們的合資企業會提供名義上的貢獻。

We expect fully diluted GAAP EPS to be in the range of $0.56 to $0.77 and fully diluted non-GAAP EPS to be in the range of $0.70 to $0.90.

我們預計完全攤薄的 GAAP 每股收益將在 0.56 美元至 0.77 美元之間，而完全攤薄的非美國通用會計準則每股收益將在 0.70 美元至 0.90 美元之間。

We expect CapEx for the fiscal fourth quarter of 2021 to be in the range of $15 million to $20 million, inclusive of our ongoing Taiwan building project.

我們預計 2021 財年第四季度的資本支出將在 1500 萬美元至 2000 萬美元之間，包括我們正在進行的台灣建設項目。

So Nicole, I’ll turn it back over to you for Q&A.

所以妮可，我會把它交給你進行問答。

Operator, we can start with questions.

接線員，我們可以從問題開始。

(Operator Instructions) Your first question is from Mehdi Hosseini from SFG.

（操作員說明）您的第一個問題來自 SFG 的 Mehdi Hosseini。

A couple of follow-ups.

幾個後續。

I am just trying to better understand, as you look into the second half, especially given your strong revenue guide for the June quarter, how do you see momentum into September and December quarter?

我只是想更好地理解，當您展望下半年時，特別是考慮到您對 6 月季度的強勁收入指導，您如何看待 9 月和 12 月季度的勢頭？

And how do you see some of the demand drivers like new servers, CPU and other cloud or data center related drivers impacting your revenues into the second half?

您如何看待一些需求驅動因素，例如新服務器、CPU 和其他與雲或數據中心相關的驅動因素會影響您下半年的收入？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

I mean, as you know, we had spent a lot of AFFO to engage high-profile accounts in last 3 months.

我的意思是，如您所知，在過去的 3 個月中，我們花費了大量的 AFFO 來吸引高知名度的客戶。

And I'd like to share we see that we achieved achievement.

我想分享我們看到我們取得的成就。

So now we grow a lot of high-profile account.

所以現在我們發展了很多高知名度的賬號。

And those accounts, lot of them start orders, and that's why we see March, we already have a strong quarter and then Q1, until the -- our June quarter was very strong, where it would be first time over $1 billion.

這些賬戶，很多都開始下訂單，這就是為什麼我們看到 3 月份，我們已經有一個強勁的季度，然後是第一季度，直到 - 我們的 6 月季度非常強勁，首次超過 10 億美元。

In September, still, we see that pipeline is strong as well.

在 9 月，我們仍然看到管道也很強勁。

As to the shortage, we’re working with our kind of long-term partner very closely and the shortage situation continue to be very tough.

至於短缺，我們正在與我們的長期合作夥伴密切合作，短缺情況仍然非常嚴峻。

But as of today, our promise -- the promise from our vendors have been pretty good.

但截至今天，我們的承諾——我們供應商的承諾非常好。

So I feel pretty comfortable, although there are strategy everywhere.

所以我覺得很舒服，雖然到處都有策略。

Okay.

好的。

And in that context, how do you see increasing commodity prices?

在這種情況下，您如何看待商品價格上漲？

For instance, storage and DRAM impacting your margin profile into the second half.

例如，存儲和 DRAM 會影響到下半年的利潤率。

For most accounts, indeed our customer are happy to accept the higher price.

對於大多數帳戶，我們的客戶確實很樂意接受更高的價格。

Basically, we [chip] what has been healthy margin and viable [tie-up] costs that we pay, most of the customers are happy to expect because it's kind of suppliers (inaudible).

基本上，我們 [計算] 我們支付的健康利潤和可行的 [捆綁] 成本，大多數客戶都樂於期待，因為它是一種供應商（聽不清）。

So we were -- [ideal] customers who negotiated based on condition for our sale for our customers.

所以我們是——[理想的]客戶，他們根據我們為客戶的銷售條件進行談判。

But additionally, the -- most of the customers understand and they expect that cost [rises].

但此外，大多數客戶都理解並且他們期望成本[上升]。

Just a quick follow-up.

只是快速跟進。

Have you been able to build a strategic inventory so that you would benefit from lower cost, as you think about the shipment over the next, let's say, 6 months?

您是否能夠建立戰略庫存，以便您從較低的成本中受益，因為您考慮下一個出貨量，比如 6 個月？

Or do you have to continue to buy higher cost inventory and then you would pass on that incremental cost to the customer?

還是您必須繼續購買成本更高的庫存，然後將增加的成本轉嫁給客戶？

Well, it’s a big question.

嗯，這是個大問題。

Indeed, we understand that certainly it may happen since -- many months ago.

事實上，我們明白，這肯定會在幾個月前發生。

So yes, you are right, we had increased our inventory since -- I would actually say 3 months ago.

所以是的，你是對的，我們已經增加了我們的庫存——我實際上會說 3 個月前。

So we have been lacking in that area.

所以我們在這方面一直缺乏。

But still, our inventory is limited.

但是，我們的庫存仍然有限。

With our growing very strong at demand very soon -- I mean we had to kind of pay higher for new inventory.

隨著我們的需求很快變得非常強勁——我的意思是我們不得不為新庫存支付更高的費用。

Your next question is from Ananda Baruah.

您的下一個問題來自 Ananda Baruah。

Congratulations on the results.

祝賀結果。

I'm putting them up just after you've done the analyst event, so that's pretty exciting to see.

在您完成分析師活動之後，我將它們放置起來，所以看到這非常令人興奮。

I guess a couple of follow ons to the direction that Mehdi was kind of asking questions.

我想有幾個跟進的方向是 Mehdi 提出問題的方向。

Could you give a little more context in the key vertical areas where you're seeing the most pronounced order pick options?

您能否在您看到最明顯的訂單選擇選項的關鍵垂直領域提供更多背景信息？

I guess kind of, off the top of my head, I'm thinking hyperscale cloud customers versus large enterprise customers like on-premise and also the carriers for 5G, and I know there's new activity going on in all of it -- in each of those buckets.

我想，在我的腦海中，我在考慮超大規模雲客戶與大型企業客戶（如內部部署和 5G 運營商），我知道所有這些都在進行新的活動——在每個那些桶。

So just interested in getting context to where you're seeing the most pronounced pickup, appreciate it.

因此，只要有興趣了解您所看到的最明顯拾音器的上下文，請欣賞它。

And then I have a further follow up or 2. Thanks.

然後我有進一步的跟進或 2。謝謝。

Yes, it’s -- again, we have been growing very well in 5G and telco.

是的，它——再一次，我們在 5G 和電信領域的發展非常好。

So we started shipping some volume in March quarter, and we have more and more telco/5G customer continue to engage or start to grow [within] their demand.

因此，我們在 3 月季度開始發貨，我們有越來越多的電信/5G 客戶繼續參與或開始在他們的需求範圍內增長。

That’s a very good sign to us.

這對我們來說是一個非常好的信號。

And that part [went] very well.

那部分[進展]非常好。

Other than that, kind of like appliance for kind of semiconductor equivalent for other medical equivalent.

除此之外，類似於其他醫療等價物的半導體等價物。

We also gained some good traction there in high performance cloud, especially private cloud and some HPC, especially HPC with new Ice Lake and Milan and Nvidia new GPU that consumes much more power than before.

我們還在高性能雲中獲得了一些良好的牽引力，尤其是私有云和一些 HPC，尤其是帶有新 Ice Lake 和 Milan 的 HPC 以及比以前消耗更多功率的 Nvidia 新 GPU。

And that's why I think cooling has been -- become our advantage as well.

這就是為什麼我認為冷卻已經成為我們的優勢。

So we started servicing lot of HPC customer with our very optimized, I think, including solution.

所以我們開始用我們非常優化的HPC客戶服務，我認為，包括解決方案。

And Charles, in your prepared remarks, you mentioned accelerating revenue growth.

查爾斯，在你準備好的講話中，你提到了加速收入增長。

I think you said in the coming quarters as well as kind of in the coming years.

我認為您在未來幾個季度以及未來幾年中都說過。

As I guess coming quarters, I don't want to pin you down too much, but should we expect -- can that occur over the next 4 quarters?

正如我猜想接下來的幾個季度，我不想過多地限制你，但我們應該期待 - 這會在接下來的 4 個季度發生嗎？

And how much -- I guess, do you have the -- it is a situation where you think like time line next few -- let's say, 4 quarters.

多少——我猜，你有沒有——這是你認為接下來幾個時間線的情況——比如說，4個季度。

Do you feel like you have the account traction currently to do that?

你覺得你目前有足夠的客戶吸引力來做到這一點嗎？

Or does that involve new account work or sort of new penetration conversations inside of existing accounts that have yet to occur.

或者這是否涉及新的帳戶工作或尚未發生的現有帳戶內的新滲透對話。

Actually, we saw that our existing account are growing their demand.

實際上，我們看到我們現有的帳戶正在增加他們的需求。

And that's why we have extended our capacity, especially in Asia quickly and with higher -- very high scale.

這就是我們擴大產能的原因，特別是在亞洲，尤其是快速且規模更高——非常高的規模。

So also, we are again engaged in a lot of high-profile account in that (inaudible) and those have kind of started orders.

同樣，我們再次參與了很多備受矚目的帳戶（聽不清），並且那些已經開始訂購。

And we will continue to engage those high-profile accounts.

我們將繼續與那些備受矚目的客戶互動。

We have enhanced our sales team, including our B2B automation system.

我們增強了我們的銷售團隊，包括我們的 B2B 自動化系統。

There we have sales and [then] all put into sales effort.

在那裡我們有銷售，[然後]都投入到銷售工作中。

So our sales can post more high-profile account now.

所以我們的銷售現在可以發布更多高調的帳戶。

So I believe very strongly that growth will be speeding up quarter-over-quarter and year-over-year.

因此，我非常堅信，增長將環比和同比加速。

And last one for me, is it June -- if I am remembering accurately June, that the new Taiwan center is opening up for production.

最後一個對我來說，是六月嗎？如果我沒記錯的話，新的台灣中心正在開放生產。

June or July, we did not final it yet.

六月或七月，我們還沒有最終確定。

It can be either way.

它可以是任何一種方式。

Kind of depends on situation.

有點看情況。

(Operator Instructions) Your next question is from Jonathan Tanwanteng.

（操作員說明）您的下一個問題來自 Jonathan Tanwanteng。

Very nice quarter and nice to see that demand out there.

非常好的季度，很高興看到那裡的需求。

My first question is what kind of gross margins do you think you can get in the September quarter, and I know there's a lot of moving parts, but especially given the inflationary environment, your new facility coming online, which should lower your costs, you have the new sales tools, which improve your efficiency, I think you alluded also that you're burning through your strategic inventory to lower costs.

我的第一個問題是您認為您在 9 月季度可以獲得什麼樣的毛利率，而且我知道有很多活動部件，但特別是考慮到通貨膨脹環境，您的新設施上線，這應該會降低您的成本，您擁有可以提高效率的新銷售工具，我認為您還暗示您正在通過戰略庫存來降低成本。

So I'm just wondering with all the puts and takes, do you think you can improve from the current quarter into the September quarter and beyond that.

所以我只是想知道所有的看跌期權，你認為你可以從當前季度到 9 月季度及以後有所改善。

Yes, I can say a little bit and tell you [part] of detail.

是的，我可以說一點，告訴你[部分]細節。

I mean March quarter, we had a lot of products shipped by air because our customer satisfaction had been our priority.

我的意思是三月季度，我們有很多產品是空運的，因為我們的客戶滿意度是我們的首要任務。

So we shipped some by air and a lot by -- via the production from our vendors.

因此，我們通過空運運送了一些，並且通過我們供應商的產品運送了很多。

So we faced some overhead there for March quarter.

因此，我們在 3 月季度面臨一些開銷。

And looking forward, for September, situation would have been much improved.

展望九月，情況會大大改善。

David, you can add something.

大衛，你可以添加一些東西。

Yes, so as -- Jon, as we mentioned, the ASPs are up quarter-over-quarter and year-over-year.

是的，正如我們提到的喬恩，ASP 環比和同比都在上升。

So we were looking forward to improving our margins toward our target, as we outlined back on March 4 of 14% to 17%.

因此，我們期待著提高利潤率以實現我們的目標，正如我們在 3 月 4 日概述的 14% 至 17% 一樣。

So I think that's our general guidance.

所以我認為這是我們的一般指導。

Okay, great, thank you for that.

好的，太好了，謝謝你。

And David, can you actually talk about your expected -- your expectations on cash flow, as we get through the next couple of quarters, I know you used a lot this quarter, expect to see buybacks as well.

大衛，你能不能談談你的預期——你對現金流的預期，當我們度過接下來的幾個季度時，我知道你本季度使用了很多，也希望看到回購。

But as demand ramps, do you see yourself using more cash?

但隨著需求的增加，您是否認為自己會使用更多現金？

Or do you think you'll really collect some of that back.

或者你認為你真的會收回一些。

Just your general thoughts.

只是你的一般想法。

Sure.

當然。

That's a good question.

這是個好問題。

We -- because we returned $43 million back to the shareholders this quarter, in addition to growing accounts receivable and inventory, and so -- and also continuing our capital improvements in Taiwan.

我們——因為我們在本季度向股東返還了 4300 萬美元，此外還增加了應收賬款和庫存等——並且還在繼續我們在台灣的資本改進。

So as we complete our build-out in Taiwan, the cash demands will abate over there.

因此，當我們完成在台灣的擴建時，那裡的現金需求將會減少。

And also, we've already grown our inventory now to over $900 million.

而且，我們現在的庫存已經增長到超過 9 億美元。

And so we expect that the growth rate of inventory is not going to be the same as it was during this quarter.

因此，我們預計庫存增長率不會與本季度相同。

So this quarter was especially demanding because we had such a -- we had such high demand.

所以這個季度特別苛刻，因為我們有這樣一個 - 我們有如此高的需求。

And so we don't -- the rate of acceleration will not be the same.

所以我們不 - 加速度不會相同。

Do you think you'll be cash flow positive in the next quarter or after I guess some investments in Taiwan?

你認為你會在下個季度或在我猜對台灣的一些投資之後產生正現金流嗎？

Yes, it's going to depend on our growth.

是的，這將取決於我們的成長。

And so that's really what it comes down to is how is -- if we go.

所以這真的是歸結為 - 如果我們去的話。

If we exceed our growth target.

如果我們超過我們的增長目標。

We will stop buying the stocks back for this quarter.

我們將在本季度停止回購股票。

The reason is -- because our business, we’re growing strong, and we need more cash flow to preparing inventory.

原因是——因為我們的業務正在發展壯大，我們需要更多的現金流來準備庫存。

Got it.

知道了。

Good problem to have.

好問題。

Last one from me.

我的最後一個。

I think on Intel call, they mentioned a bit more digestion in data center.

我認為在英特爾電話會議上，他們提到了數據中心的更多消化。

Are you seeing that at all in your Intel product lineup?

您是否在您的英特爾產品陣容中看到了這一點？

And if you are, is it your other products, the AMDs, the NVIDIAs that are driving the strength that you're seeing going forward?

如果你是，是你的其他產品，AMDs，NVIDIAs 推動了你所看到的前進的力量嗎？

Look -- overly hard.

看——太難了。

We have a customer kind of require the servicing for Intel CPU, AMD CPU and NVIDIA GPU.

我們有客戶需要為 Intel CPU、AMD CPU 和 NVIDIA GPU 提供服務。

So at this moment, we feel it's hopefully a strong demand and also see some price changes as well this year.

因此，此時此刻，我們認為這是一個強勁的需求，並且今年也看到了一些價格變化。

Your next question is from Nehal Chokshi.

您的下一個問題來自 Nehal Chokshi。

Congratulations on the strong results here.

恭喜這裡取得了不錯的成績。

It sounds like drivers of the 8% [beat] relative to midpoint guidance was the new customers are equally between cloud apps and the customers in AI.

聽起來相對於中點指導 8% [beat] 的驅動因素是新客戶在雲應用程序和 AI 客戶之間是平等的。

Do these new customers come with the new products or is it using existing products?

這些新客戶是使用新產品還是使用現有產品？

It's a combination.

這是一個組合。

We have a lot of customers that need new GPU solution from Nvidia, right?

我們有很多客戶需要 Nvidia 的新 GPU 解決方案，對吧？

So that’s Nvidia new GPU and some is Ice Lake, some is Milan.

所以那是 Nvidia 的新 GPU，有些是 Ice Lake，有些是 Milan。

So yes, most growth, I believe will be with our new products.

所以是的，大部分增長，我相信將與我們的新產品有關。

But even existing product we see a strong demand.

但即使是現有產品，我們也看到了強勁的需求。

The whole limitation is kind of a shortage.

整個限制有點短缺。

So we are working very hard to improve that situation.

因此，我們正在努力改善這種情況。

What about demand on the storage heavy side of things, next gen storage and JBOD storage?

對存儲重物、下一代存儲和 JBOD 存儲的需求呢？

I would say not to us, not as hard as AI and 5G/telcos, but still we see a strong demand.

我不會對我們說，沒有人工智能和 5G/電信公司那麼難，但我們仍然看到了強勁的需求。

Okay.

好的。

And then I think there's been a lot of discussion during the call about price inputs and that that's been an issue for a lot of companies out there.

然後我認為在電話會議期間有很多關於價格輸入的討論，這對很多公司來說都是一個問題。

It sounds like you guys have been able to sort that issue.

聽起來你們已經能夠解決這個問題。

Just to be clear, is it because of the strategic inventory reserves?

需要明確的是，是因為戰略庫存儲備嗎？

Or is it because there's been a more favorable pricing environment such that you can pass on these input price increases to your customers.

或者是因為有一個更有利的定價環境，因此您可以將這些輸入價格上漲轉嫁給您的客戶。

First -- I mean that we have a long-term contract and relationship with our supplier.

首先——我的意思是我們與供應商有長期的合同和關係。

That is helping us to keep the costs -- kind of moves or at least stable.

這有助於我們保持成本 - 一種移動或至少穩定。

And yes, most of the customer also except our [pace] through cost.

是的，除了我們的 [速度] 成本之外，大多數客戶也是如此。

So in both situations, I feel we are in good condition.

所以在這兩種情況下，我都覺得我們的狀態很好。

And is that what underpins the confidence and gross margin will tick back up in the June quarter.

是什麼支撐了信心和毛利率將在六月季度回升。

No, gross margin pretty much because of shipping charge, especially some shipped by air.

不，毛利率很大程度上是因為運費，尤其是一些空運。

As you know, other COVID-19 that ship by air, costs grew above -- got tripled.

如您所知，其他通過空運運送的 COVID-19 的成本增長超過了三倍。

I never believe on that.

我從不相信這一點。

In the last few quarters that was the situation.

過去幾個季度就是這種情況。

And also, because our demand was strong, so we speed up the production and we -- in some cases, we had to pay extra to our vendors or to our own employee.

而且，由於我們的需求強勁，所以我們加快了生產速度，在某些情況下，我們不得不向供應商或我們自己的員工支付額外費用。

I'm showing no further questions at this time.

我現在沒有進一步的問題。

I would like to turn the conference back to the company for any additional or closing remarks.

我想將會議轉回公司，以獲取任何補充或結束語。

Thank you, everyone, for joining us today and have a good one.

謝謝大家，今天加入我們，祝大家愉快。

See you next time.

下次見。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。