超微電腦 (SMCI) 2021 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Super Micro Second Quarter Fiscal 2021 Financial Results Conference Call.

女士們，先生們，美好的一天，歡迎參加超微 2021 財年第二季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to your host, Mr. James Kisner, Vice President of Investor Relations.

我現在想將會議轉交給您的主持人，投資者關係副總裁 James Kisner 先生。

Please go ahead, sir.

請繼續，先生。

Good afternoon and thank you for attending Supermicro's call to discuss financial results for the second quarter of fiscal 2021, which ended December 31, 2020.

下午好，感謝您參加 Supermicro 的電話會議，討論截至 2020 年 12 月 31 日的 2021 財年第二季度財務業績。

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 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“事件和演示”選項卡下的參與者可用的演示文稿。

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 expenses, taxes, capital allocation and future business outlook, including 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、其他收入費用、稅收、資本分配和未來業務前景的陳述，包括 COVID-19 對公司業務和運營結果的潛在影響。

There are a number of risk factors that 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 year 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 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'll have a Q&A session for sell-side analysts to ask questions.

在今天準備好的評論結束時，我們將有一個問答環節，供賣方分析師提問。

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

我現在將把電話轉給董事長兼首席執行官 Charles Liang。

Charles?

查爾斯?

Thank you, James, and good afternoon, everyone.

謝謝你，詹姆斯，大家下午好。

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

今天，我們發布了 2021 財年第二季度財務業績。

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

現在讓我們看一下本季度的一些亮點。

Our fiscal second quarter net sales totaled $830 million, down 5% year-over-year and up 9% sequentially, mainly at the midpoint of our guidance range.

我們第二財季的淨銷售額總計 8.3 億美元，同比下降 5%，環比增長 9%，主要處於我們指導範圍的中點。

Our fiscal Q2 non-GAAP earnings per share was $0.63 compared to $0.55 in fiscal Q1 of 2021 and $0.57 in the same quarter of last year.

我們的第二財季非公認會計原則每股收益為 0.63 美元，而 2021 財年第一季度為 0.55 美元，去年同期為 0.57 美元。

As we expected, Q2 improved after a seasonally weak Q1.

正如我們預期的那樣，在經歷了季節性疲軟的第一季度之後，第二季度有所改善。

We are proud that we achieved these results despite a very challenging environment as the impact of COVID-19 was significantly worse since early November, which impact our operations, especially in U.S.A.

儘管環境非常具有挑戰性，但我們很自豪我們取得了這些成果，因為自 11 月初以來 COVID-19 的影響明顯更糟，這影響了我們的運營，尤其是在美國。

headquarter.

總部。

Over the same period, however, we had significant international growth to offset the weakness in the United States.

然而，在同一時期，我們實現了顯著的國際增長，以抵消美國的疲軟。

Quarterly sales in many Asian and European countries were up double digit, and in some case, a very high double digit, which demonstrates the strength and the improvement of our global sales organization and channel partners around the world.

許多亞洲和歐洲國家的季度銷售額都出現了兩位數的增長，在某些情況下，甚至達到了非常高的兩位數，這表明了我們全球銷售組織和全球渠道合作夥伴的實力和改進。

I expect these strong international business growth to continue in March quarter and the future.

我預計這些強勁的國際業務增長將在 3 月季度和未來繼續。

On the topic of our aggressive growth strategy, our new high-profile customers mentioned on our last earnings call they've digested their August Intel purchase in Q2, and we remain excited about our relationship with these customers.

關於我們積極的增長戰略，我們新的知名客戶在我們上次的財報電話會議上提到他們已經消化了他們在第二季度購買英特爾的 8 月份，我們仍然對我們與這些客戶的關係感到興奮。

Additionally, our sales team are continuing their efforts to expand and nurture new opportunity in these accounts for the next few quarters and years.

此外，我們的銷售團隊將在接下來的幾個季度和幾年內繼續努力在這些客戶中擴大和培育新的機會。

While these efforts have been on track with our internal goal, we have recently speed up our effort to win new accounts addressing the demand.

雖然這些努力已經與我們的內部目標步入正軌，但我們最近加快了努力贏得滿足需求的新客戶。

We plan to further accelerate this growth with new incentive programs and executive action.

我們計劃通過新的激勵計劃和行政措施進一步加速這一增長。

The purpose of these actions, other than supercharge our sales force, is to restore our original winning culture.

這些行動的目的，除了增強我們的銷售隊伍外，是為了恢復我們最初的成功文化。

We have set aggressive goal for ourselves, and my team is deeply committed to Supermicro's future with more and more passion.

我們為自己設定了進取的目標，我的團隊正以越來越多的熱情致力於 Supermicro 的未來。

To support this international and global growth strategy, we have aggressively expanded our Taiwan campus capacity and capability in production, operations, engineering and sales.

為了支持這一國際和全球增長戰略，我們積極擴大了台灣園區的生產、運營、工程和銷售能力。

The new building 62 at our Taiwan Science & Technology Park will be online early this summer, which will add another 1 million square feet of manufacturing and office space, efficiently doubling our production capacity within the next 6 to 8 months.

我們台灣科技園的新 62 號樓將於今年夏初上線，這將增加另外 100 萬平方英尺的製造和辦公空間，在未來 6 到 8 個月內有效地將我們的產能翻一番。

In the short term, this effort will alleviate some logistics, production and engineering impact caused by COVID-19.

在短期內，這項工作將緩解 COVID-19 對物流、生產和工程造成的一些影響。

In the long term, I believe that our Taiwan campus start to reach higher economic scale, revenue and profitability growth will become much stronger in the coming quarters and years.

從長遠來看，我相信我們的台灣園區開始達到更高的經濟規模，收入和盈利能力的增長將在未來幾個季度和幾年內變得更加強勁。

To complement our effort in Taiwan, our building transitioning in San Jose is on schedule to become online in the next quarter, which will further boost our strong American manufacturing credentials.

為了補充我們在台灣的努力，我們在聖何塞的建築過渡計劃將在下一季度上線，這將進一步提升我們強大的美國製造資質。

I'm confident these actions will help us capitalize on many new key market opportunities in our approximately $100 billion TAM.

我相信，這些行動將幫助我們利用價值約 1000 億美元的 TAM 中的許多新的關鍵市場機會。

Let's move on to technology and products with the unique building block solution product approach.

讓我們繼續使用獨特的構建塊解決方案產品方法來研究技術和產品。

Our R&D organizations are hard at work to expand our optimized Intel, AMD and NVIDIA portfolios.

我們的研發組織正在努力擴展我們優化的英特爾、AMD 和 NVIDIA 產品組合。

In addition, we had doubled our software and service data and resource over the past 2 years.

此外，在過去 2 年中，我們的軟件和服務數據和資源翻了一番。

These investments are making a great impact on improving customer experience in both solution quality and security.

這些投資對改善解決方案質量和安全性方面的客戶體驗產生了巨大影響。

With the upcoming new Intel Ice Lake processor, we again bring the time-to-market advantage, high-product quality and application optimized solutions to our customers.

借助即將推出的全新英特爾 Ice Lake 處理器，我們再次為客戶帶來上市時間優勢、高產品質量和應用優化解決方案。

We are pleased to see a strong trend in terms of customer seeding and early deployment request, and we have started some of our early deployments to our key customers recently.

我們很高興看到客戶播種和早期部署請求方面的強勁趨勢，我們最近已經開始對我們的主要客戶進行一些早期部署。

True to our application optimized product strategy, we believe our Ice Lake product line will provide precisely the base hardware platforms to telco, 5G and AI as well as data center applications.

忠實於我們的應用優化產品戰略，我們相信我們的 Ice Lake 產品線將為電信、5G 和 AI 以及數據中心應用提供精確的基礎硬件平台。

As such, we are prepared for our Ice Lake product line to become a key growth driver in the coming quarters.

因此，我們已準備好讓我們的 Ice Lake 產品線成為未來幾個季度的主要增長動力。

Although COVID-19 continues to disrupt steadily, our strong foundation has safely supported our company and business.

儘管 COVID-19 繼續穩步破壞，但我們強大的基礎安全地支持了我們的公司和業務。

As I have mentioned, we have taken decisive actions to expand our operations, engineering and sales -- our sales team in Taiwan to further reduce the COVID-19 impact.

正如我所提到的，我們已採取果斷行動來擴大我們的運營、工程和銷售——我們在台灣的銷售團隊，以進一步減少 COVID-19 的影響。

These efforts, together with our application optimized Building Block Solution, have resulted in great progress with our focused business vertical.

這些努力與我們的應用程序優化構建塊解決方案一起，在我們專注的垂直業務方面取得了巨大進展。

First, our organic business gained more than 10% new major customer server accounts in the last few quarters, benefiting from our strong product line and expanding Taiwan operations.

首先，我們的有機業務在過去幾個季度獲得了超過 10% 的新主要客戶服務器帳戶，這得益於我們強大的產品線和不斷擴大的台灣業務。

Our B2B automation, autocorrelator as well as software and service enhancements will continue on this growth momentum.

我們的 B2B 自動化、自相關器以及軟件和服務增強功能將繼續保持這種增長勢頭。

Second, we started to refocus on large data center and OEM since about 3 months ago, right after our 10-K was filed.

其次，我們從大約 3 個月前開始重新關注大型數據中心和 OEM，就在我們提交 10-K 之後。

2 high-profile customers has started to ship in small volume recently, and we'll ramp up to a larger scale later this calendar year.

2 個知名客戶最近開始小批量發貨，我們將在本日曆年晚些時候擴大規模。

We plan to add 1 or 2 more large DC, large data center, our OEM customers in this category before the end of this calendar year.

我們計劃在今年年底之前再增加 1 或 2 個大型 DC、大型數據中心、我們的 OEM 客戶。

Third, on 5G, telco and IoT, we have won a handful of new telco customers last year.

第三，在 5G、電信和物聯網方面，我們去年贏得了一些新的電信客戶。

We are currently starting to ship small volume with upside, and we expect high-volume shipments to these customers will start this calendar year as well.

我們目前開始小批量發貨，而且我們預計這些客戶的大批量發貨也將在本日曆年開始。

And number four, our B2B and B2C automation with autocorrelator has been greatly improved in the past 3 quarters, which is even more critical as COVID-19 forced more remote working environment for lots of customers and our own employees.

第四，我們的 B2B 和 B2C 自動化與自相關器在過去 3 個季度中得到了極大的改進，這更加重要，因為 COVID-19 為許多客戶和我們自己的員工提供了更遠程的工作環境。

We have been developing this powerful project for the past 5 years, and it will be ready to go live by this quarter end.

在過去的 5 年裡，我們一直在開發這個強大的項目，它將在本季度末準備好上線。

This will make it much easier to share communication and product correlation among our sales, engineer and our customers.

這將使我們的銷售、工程師和客戶之間更容易分享溝通和產品相關性。

As discussed in our last earnings call, we believe that Q1 of fiscal 2021 will prove to be a near-term focus in our business.

正如我們在上次財報電話會議中所討論的，我們認為 2021 財年第一季度將被證明是我們業務的近期重點。

And our Q2 results are the first proof point that Super Micro is indeed back on the growth track.

我們的第二季度業績是超微確實重回增長軌道的第一個證據。

I'm excited that our recent booking activity, along with our new business initiatives, give us the confidence to provide the Q3 guidance that, if achieved, will reflect a resumption of quick growth on a year-on-year basis.

我很高興我們最近的預訂活動以及我們的新業務舉措讓我們有信心提供第三季度的指導，如果實現，將反映同比快速增長的恢復。

Furthermore, we are pleased to announce a newly approved $200 million of share repurchase program, which investors will view as a sign of our commitment to enhance stockholder value and our confidence in our long-term business success.

此外，我們很高興地宣布一項新批准的 2 億美元股票回購計劃，投資者將認為這是我們致力於提高股東價值和我們對長期業務成功充滿信心的標誌。

I will share more detail about our strong growth plan, business scale, our unique momentum and when and how will we reach $10 billion revenue in the coming soon investor event.

我將在即將舉行的投資者活動中分享更多關於我們強勁的增長計劃、業務規模、我們獨特的勢頭以及何時以及如何實現 100 億美元收入的細節。

As the only fast-growing server solution, hardware design and manufacturer company in the U.S. in the last 27 years, Supermicro 3.0 is nearly 100% ready.

作為過去 27 年來美國唯一一家快速發展的服務器解決方案、硬件設計和製造公司，Supermicro 3.0 幾乎 100% 準備就緒。

I mean we are ready to grow quickly.

我的意思是我們已經準備好快速成長。

But before I pass on, I'd like to take this chance to announce the appointment of David Weigand as our Senior Vice President and Chief Financial Officer.

但在此之前，我想藉此機會宣布任命 David Weigand 為我們的高級副總裁兼首席財務官。

David joined the company in May 2018 as Senior Vice President and Chief Compliance Officer.

David 於 2018 年 5 月加入公司，擔任高級副總裁兼首席合規官。

A CPA and native of Silicon Valley, David came to Super Micro from HP Enterprise where he worked as a Vice President.

作為一名註冊會計師和土生土長的矽谷人，David 從 HP Enterprise 來到 Super Micro，擔任副總裁。

He was previously the CFO of Renesas Electronics America Inc.

他之前是瑞薩電子美國公司的首席財務官。

David succeed Kevin Bauer, who is our current CFO and is leaving the company to pursue his passion at a not-for-profit organization at the end of this month.

David 接替了我們現任首席財務官 Kevin Bauer，他將於本月底離開公司，在一家非營利組織中追求他的熱情。

It has been a privilege working with Kevin, and I appreciate his great leadership, hardworking and dedication to Super Micro over the past 4 years.

與凱文一起工作是一種榮幸，我很欣賞他在過去 4 年中對超微的出色領導、辛勤工作和奉獻精神。

Kevin is accredited for improvement over our financial system and many system automation.

Kevin 因改進我們的金融系統和許多系統自動化而獲得認可。

I wish him a great success in his new venture.

我祝愿他的新事業取得巨大成功。

I will now pass the call to Kevin one last time to provide additional detail on the quarter and our outlook.

我現在將最後一次致電凱文，以提供有關本季度和我們前景的更多詳細信息。

Kevin, please?

凱文，好嗎？

Thank you, Charles.

謝謝你，查爾斯。

I'd like to say a few words to our employees and investors.

我想對我們的員工和投資者說幾句話。

I have enjoyed working with Charles and the very dedicated Super Micro team and helping the company through challenging times over the last 4 years.

我很享受與 Charles 和非常敬業的 Super Micro 團隊一起工作，並在過去 4 年中幫助公司度過了充滿挑戰的時期。

I am most proud of the work enhancing our company's financial function, providing a stronger foundation for the company to continue to grow as well as our focus on improving operations to generate cash, which enabled a return of capital to shareholders.

我最自豪的工作是加強我們公司的財務功能，為公司繼續發展提供更堅實的基礎，以及我們專注於改善運營以產生現金，從而使資本回報給股東。

To all the Super Micro team, we have accomplished so much together, yet there is unfinished work.

對於所有的超微團隊，我們一起完成了這麼多，但還有未完成的工作。

Carry on.

繼續。

On a personal note, my new role will be in an area where I have strong passion for and also serves a community that I have a long association with.

就個人而言，我的新角色將在一個我熱愛並服務於我長期交往的社區的領域。

I'm excited to join as the Chief Financial Officer and key business executive to help this organization to reach its objective of delivering increasing value.

我很高興能以首席財務官和關鍵業務主管的身份加入，幫助該組織實現其提供增加價值的目標。

When announced, this new role will make sense to you all.

宣布後，這個新角色對你們所有人都有意義。

Before jumping into the results of the quarter, I'd like to briefly touch on several accomplishments we made this quarter on the environmental, social and governance, or ESG front, which we recognize is becoming increasingly important to investors.

在進入本季度業績之前，我想簡要談談我們本季度在環境、社會和治理或 ESG 方面取得的幾項成就，我們認為這些成就對投資者越來越重要。

A few of our recent accomplishments include: one, driven by our efforts to comply with social environmental concerns, Supermicro received a near-perfect audit score from the Responsible Business Alliance at our Taiwan manufacturing site in November 2019 with a score of 196.4 out of 200 points.

我們最近取得的一些成就包括：第一，在我們努力遵守社會環境問題的推動下，Supermicro 於 2019 年 11 月在我們的台灣製造工廠以 196.4 分（滿分 200 分）獲得了近乎完美的審計分數。點。

In December 2020, we set a commitment letter to the Science Based Targets initiative, and We Mean Business coalition, indicating we will join other companies in striving to keep global warming to the 1.5-degree goal and create company targets.

2020 年 12 月，我們向基於科學的目標倡議和 We Mean Business 聯盟發出承諾函，表明我們將與其他公司一起努力將全球變暖控制在 1.5 度的目標，並製定公司目標。

We also joined other leading companies in the Green Grid, where we believe our expertise in hardware design and energy-efficient computing can help drive forward the industry.

我們還加入了綠色網格的其他領先公司，我們相信我們在硬件設計和節能計算方面的專業知識可以幫助推動行業向前發展。

In January '21, Supermicro transitioned its San Jose Grid Energy sourcing to wind RECs, signifying that, in conjunction with our Bloom Energy fuel cells, all our use of energy at our new and old San Jose campuses will not result in the burning of fossil fuels.

21 年 1 月，Supermicro 將其聖何塞電網能源採購轉變為風力 REC，這表明，與我們的 Bloom Energy 燃料電池一起，我們在聖何塞新校區和舊校區的所有能源使用都不會導致化石燃料的燃燒燃料。

We believe these recent accomplishments and milestones continue a long history of our commitment to green computing, sustainability and generally making the world a better place for future generations.

我們相信，這些最近的成就和里程碑延續了我們對綠色計算、可持續性和總體上為子孫後代打造更美好世界的承諾的悠久歷史。

Now turning back to 2Q results.

現在回到第二季度的結果。

Our fiscal second quarter revenue totaled $830 million.

我們第二財季的收入總計 8.3 億美元。

This reflects a 5% year-on-year decrease from the same quarter of last year and a 9% increase from the first quarter of fiscal year 2021.

這反映出比去年同期下降 5%，比 2021 財年第一季度增長 9%。

Systems comprised 70% -- 77% of total revenue, and volumes of systems and nodes shipped were up sequentially but down year-over-year.

系統佔總收入的 70% - 77%，系統和節點的出貨量環比增長，但同比下降。

System ASPs increased year-over-year but were down modestly quarter-on-quarter.

系統 ASP 同比增長，但環比略有下降。

Turning to geographic performance.

轉向地理表現。

Our international sales strengthened from 2 quarters of softness.

我們的國際銷售從兩個季度的疲軟中走強。

On a year-over-year basis, the U.S. decreased 12%, Europe increased 5%, Asia declined 3%, and the rest of the world increased 68%.

與去年同期相比，美國下降 12%，歐洲增長 5%，亞洲下降 3%，世界其他地區增長 68%。

On a sequential basis, U.S. sales declined 7% quarter-on-quarter, Europe increased 38%, Asia increased 27% and the rest of the world increased 86%.

美國銷售額環比下降 7%，歐洲增長 38%，亞洲增長 27%，世界其他地區增長 86%。

From a customer point of view, we saw a pickup in sales to OEM customers, but this was offset by the expected digestion after a strong Q1 contribution by new high-profile customers that we mentioned last call.

從客戶的角度來看，我們看到對 OEM 客戶的銷售額有所回升，但這被我們上次電話會議提到的新的知名客戶在第一季度的強勁貢獻後的預期消化所抵消。

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.

處理損益表。

Q2 gross margin was 16.4%, up 50 basis points year-on-year and down 70 basis points quarter-on-quarter.

第二季度毛利率為 16.4%，同比上升 50 個基點，環比下降 70 個基點。

Recall on our November earnings call, we stated that we expected gross margin to decline 160 to 200 basis points on a sequential basis, chiefly due to the absence of a, cost-recovery benefit as well as elevated freight costs.

回顧我們 11 月的財報電話會議，我們表示我們預計毛利率將環比下降 160 至 200 個基點，主要是由於缺乏成本回收效益以及運費上漲。

While we did see elevated freight costs, we did, however, benefit from additional cost recovery, similar in magnitude to the benefit we experienced in fiscal Q1 or about 130 basis points.

雖然我們確實看到貨運成本上升，但我們確實受益於額外的成本回收，其幅度與我們在第一財季所獲得的收益相似或大約 130 個基點。

We do not anticipate a similar benefit going forward.

我們預計未來不會有類似的好處。

Turning to operating expenses.

轉向運營費用。

2Q OpEx on a GAAP basis decreased 1% quarter-on-quarter and 11% year-on-year to $99 million.

按美國通用會計準則計算的第二季度運營支出環比下降 1%，同比下降 11%，至 9900 萬美元。

Q1 GAAP operating expense benefited from a credit of $2.1 million for an executive SEC settlement, and Q2's GAAP operating expenses contain $2.5 million in special performance bonuses.

第一季度 GAAP 運營費用受益於 210 萬美元的 SEC 高管和解貸款，第二季度的 GAAP 運營費用包含 250 萬美元的特別績效獎金。

Without these factors, Q2 GAAP operating expenses would have been down more significantly quarter-on-quarter.

如果沒有這些因素，第二季度 GAAP 運營費用將比上一季度大幅下降。

On a non-GAAP basis, operating expenses decreased 5% quarter-on-quarter and 12% year-on-year to $90 million.

按非公認會計原則計算，運營費用環比下降 5%，同比下降 12%，至 9,000 萬美元。

The sequential decrease in non-GAAP OpEx was primarily due to lower audit fees, lower R&D expense due to higher-than-normal NRE for credit -- sorry, credits for NRE work performed and overall expense discipline.

非 GAAP 運營支出的連續下降主要是由於審計費用降低，研發費用降低，這是由於信貸 NRE 高於正常水平——抱歉，NRE 工作的信貸和整體費用紀律。

Other income and expense was $13.1 million loss as compared to a $1.5 million loss last quarter.

其他收入和支出虧損 1310 萬美元，而上一季度虧損 150 萬美元。

The, increased loss was chiefly driven by the remeasurement of our Taiwan dollar loans to a weaker dollar.

增加的虧損主要是由於我們將台幣貸款重新計量為疲軟的美元。

This quarter, our tax expense was $5.1 million on a GAAP basis and $7.1 million on a non-GAAP basis.

本季度，我們的稅費按 GAAP 計算為 510 萬美元，按非 GAAP 計算為 710 萬美元。

Our non-GAAP tax rate was 16.4% for the quarter.

本季度我們的非公認會計原則稅率為 16.4%。

Going forward, we continue to expect our tax rate to be approximately 16%.

展望未來，我們繼續預計我們的稅率約為 16%。

Lastly, our joint venture contributed a loss of $1.0 million this quarter related to an air pocket in revenue, as compared to income of $1.3 million last quarter and a loss of $1 million the same quarter a year ago.

最後，我們的合資企業在本季度與收入氣袋有關的損失為 100 萬美元，而上一季度的收入為 130 萬美元，去年同期為 100 萬美元。

Q2 non-GAAP diluted EPS totaled $0.63 as compared to $0.55 in Q1 of fiscal '21 and $0.57 in the same quarter of last year.

第二季度非公認會計原則攤薄後每股收益總計 0.63 美元，而 21 財年第一季度為 0.55 美元，去年同期為 0.57 美元。

Cash flow from operations totaled $63 million compared to cash flow of operations of $121 million in Q1.

運營現金流總計 6300 萬美元，而第一季度的運營現金流為 1.21 億美元。

CapEx totaled $14 million, resulting in free cash flow of $49 million.

資本支出總計 1400 萬美元，產生 4900 萬美元的自由現金流。

Our closing balance sheet position for cash was $315 million, while bank debt was $45 million, resulting in a net cash balance of $270 million.

我們的現金資產負債表期末頭寸為 3.15 億美元，而銀行債務為 4500 萬美元，淨現金餘額為 2.7 億美元。

Please also note that we completed our previously announced $50 million share repurchase program on January 6, wherein we repurchased 1.68 million shares at a weighted average price of $29.82.

另請注意，我們於 1 月 6 日完成了之前宣布的 5000 萬美元股票回購計劃，其中我們以 29.82 美元的加權平均價格回購了 168 萬股股票。

As Charles mentioned in our earnings release today, we concurrently announced that we have Board-level authorization for the company to repurchase up to another $200 million of our common stock in a new share repurchase program.

正如查爾斯在今天的財報中提到的那樣，我們同時宣布，我們獲得董事會級別的授權，可以在新的股票回購計劃中再回購高達 2 億美元的普通股。

The program is effective until July 31, 2022.

該計劃有效期至 2022 年 7 月 31 日。

As Charles mentioned, we believe this action reflects our commitment to enhancing stockholder value and our positive long-term view of our business opportunity and cash generation prospects.

正如查爾斯所說，我們相信這一行動反映了我們對提高股東價值的承諾以及我們對商業機會和現金產生前景的積極長期看法。

We expect to execute the program in coordination with our cyclical working capital needs and growth.

我們希望根據我們的周期性營運資金需求和增長來執行該計劃。

Turning to working capital metrics.

轉向營運資金指標。

Our Q2 cash conversion cycle was 92 days, down from 107 days last quarter, but still outside our target of 85 to 90 days.

我們第二季度的現金轉換週期為 92 天，低於上一季度的 107 天，但仍超出我們 85 至 90 天的目標。

While the absolute level of our inventory declined, days of inventory at 105 days remains elevated relative to our historical levels as we prepared for the impact of the Lunar New Year logistic challenges and some tightening of components.

雖然我們的庫存絕對水平有所下降，但由於我們為農曆新年物流挑戰和一些零部件收緊的影響做好準備，105 天的庫存天數仍高於我們的歷史水平。

Days sales outstanding was 36 days, while days payable outstanding totaled 49 days.

未付銷售天數為 36 天，應付未付天數總計 49 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 quarter ending March 31, 2021, in the range of $790 million to $870 million.

我們預計截至 2021 年 3 月 31 日的季度的淨銷售額在 7.9 億美元至 8.7 億美元之間。

We expect gross margins to decline approximately 120 to 160 basis points sequentially due to the lack of a cost recovery discrete event that we explained earlier over the last 2 quarters and also the product mix that we expect to ship in the quarter.

我們預計毛利率將連續下降約 120 至 160 個基點，原因是缺乏我們在過去兩個季度早些時候解釋的成本回收離散事件以及我們預計在本季度發貨的產品組合。

We expect our non-GAAP operating expense level to increase quarter-on-quarter to the mid-90s driven by payroll taxes in the new year and selective investing in R&D.

我們預計，在新一年的工資稅和選擇性研發投資的推動下，我們的非公認會計原則運營費用水平將環比增長至 90 年代中期。

We continue to anticipate our GAAP and non-GAAP tax rate to be approximately 16% going forward.

我們繼續預計我們的 GAAP 和非 GAAP 稅率將在未來約為 16%。

And we expect other income and expense, including interest expense, to total roughly $1 million and expect a contribution from our JV of roughly $0.5 million.

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，預計我們的合資企業的貢獻約為 50 萬美元。

We fully expect fully diluted GAAP -- I'm sorry, we expect fully diluted GAAP earnings per share to be in the range of $0.22 to $0.42 and fully diluted non-GAAP EPS to be in the range of $0.37 to $0.57.

我們完全預計完全攤薄的 GAAP - 對不起，我們預計完全攤薄的 GAAP 每股收益將在 0.22 美元至 0.42 美元之間，完全攤薄的非 GAAP 每股收益將在 0.37 美元至 0.57 美元之間。

And we continue to expect our CapEx for fiscal 2021 to be in the range of $55 million to $60 million, inclusive of our ongoing Taiwan building project mentioned earlier by Charles.

我們繼續預計我們 2021 財年的資本支出將在 5500 萬美元至 6000 萬美元之間，包括查爾斯早些時候提到的我們正在進行的台灣建設項目。

James, we're now ready for Q&A.

詹姆斯，我們現在準備好進行問答了。

Thank you, Kevin.

謝謝你，凱文。

One quick announcement before entering Q&A, we will be attending the Goldman Technology Conference on February 11 and conducting meetings with investors.

進入問答環節前的一個快速公告，我們將參加 2 月 11 日的高盛科技大會，並與投資者舉行會議。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) We have your first question from Ananda Baruah from Loop Capital.

（操作員說明）我們有來自 Loop Capital 的 Ananda Baruah 的第一個問題。

Congrats on solid results.

恭喜你取得了可靠的結果。

And Kevin, congrats as well.

還有凱文，也恭喜。

It's been good working with you.

和你一起工作很愉快。

Well, good luck and we'll miss working with you.

好吧，祝你好運，我們會想念和你一起工作的。

Yes, I guess a couple if I could.

是的，如果可以的話，我猜是一對。

I guess the first one is just broadly speaking, how should we -- how would you like us to think about the various catalysts as we move through the year and the things that we should keep an eye out for and what you're expecting to impact the business?

我想第一個只是籠統地說，我們應該如何 - 您希望我們如何考慮這一年中的各種催化劑以及我們應該關注的事情以及您的期望影響業務？

You spoke to a number of them on -- in the prepared remarks, I would just love to sort of get to more context on how we should think about them layering in.

你和他們中的一些人談過——在準備好的評論中，我只是想了解更多關於我們應該如何考慮他們分層的背景。

Then I have a follow-up or 2.

然後我有一個跟進或 2。

Yes.

是的。

I believe our business have been very solid now, except COVID-19, so in U.S.A.

我相信我們的業務現在非常穩固，除了 COVID-19，在美國也是如此。

is still very severe.

還是很嚴重的。

So we are very carefully taking care of that, while kind of aggressively grow our operation business in Taiwan.

因此，我們非常謹慎地處理這一點，同時積極發展我們在台灣的運營業務。

So COVID is getting better as now we expect.

因此，正如我們現在所期望的那樣，COVID 正在變得更好。

Our business should be getting to a much smooth -- much strong growth period.

我們的業務應該會進入一個非常平穩 - 非常強勁的增長期。

So we have a good feeling about the coming quarters or years.

所以我們對未來幾個季度或幾年有很好的感覺。

And Charles, when you think about sort of some of the newer aspects to your business, and you mentioned Ice Lake as well in coming quarters, hyperscale, Ice Lake.

還有查爾斯，當你考慮到你的業務的一些新方面時，你在未來幾個季度也提到了冰湖，超大規模，冰湖。

You mentioned sort of the 5G systems going in to the telcos, which of those -- could you sort of rank for us, even if anecdotal, which ones of those do you think would be the most impactful when you look back on 2021, hyperscale, Ice Lake, the 5G telco business?

您提到了進入電信公司的某種 5G 系統，您可以為我們排名，即使是軼事，當您回顧 2021 年時，您認為其中哪些將是最有影響力的，超大規模，冰湖，5G電信業務？

Yes, like I just shared with everyone, we start to focus on large data center and OEMs since about 3 months ago.

是的，就像我剛剛與大家分享的那樣，我們從大約 3 個月前開始關注大型數據中心和 OEM。

And we already achieved a couple of them.

我們已經實現了其中的幾個。

And they start to move.

他們開始移動。

And we believe that volume we will ramp up very soon in this year and next year, I believe.

我相信，我們相信今年和明年的銷量將很快增加。

As to 5G telco, again, we already engaged a handful customers, kind of the world-class telco company.

至於 5G 電信，我們已經接觸了少數客戶，是世界級的電信公司。

So relationship has been created very solidly, and they start to move, some in small volume, and we also expect some high volume will follow very soon, and it will be long-term partnership.

所以關係已經建立得非常牢固，他們開始移動，有些是小批量的，我們也預計很快就會有一些大批量的，這將是長期的合作夥伴關係。

So overall, we are very optimistic for our long-term growth.

所以總的來說，我們對我們的長期增長非常樂觀。

Okay.

好的。

Great.

偉大的。

I'm going to sneak one last one in here.

我要偷偷溜進去最後一個。

Charles, I believe it was you in the prepared remarks, you mentioned the analyst event.

查爾斯，我相信是你在準備好的評論中提到了分析師事件。

Do you have a time frame you're thinking about for that?

你有一個你正在考慮的時間框架嗎？

Yes.

是的。

You mean the investor event?

你是說投資者事件？

Investor event, yes.

投資者活動，是的。

Yes.

是的。

I hope within the next few weeks because we still have the last quarter.

我希望在接下來的幾週內，因為我們還有最後一個季度。

But because of COVID-19 as really coming very bad, so we kind of take a wait-and-see.

但由於 COVID-19 真的來得很糟糕，所以我們有點觀望。

But now look like it seems getting under control.

但現在看起來它似乎得到了控制。

So I hope in the next few weeks, we will have a big investor event, so to share the company plan, future, the momentum with our investment.

所以我希望在接下來的幾周里，我們會有一個大型的投資者活動，以便與我們的投資分享公司計劃、未來、動力。

That's excellent.

那太好了。

So just -- just so I'm -- just to clarify for myself.

所以只是——我就是這樣——只是為我自己澄清一下。

In the next few weeks, do you think you'll be announcing the date of the event?

在接下來的幾週內，你認為你會宣布活動的日期嗎？

Or do you think you may actually be having it in the next few weeks or so?

或者你認為你可能真的會在接下來的幾週左右得到它？

I guess we will announce it in the next 2 weeks, for example, and hopefully have that event in 3 to 4 weeks.

例如，我想我們將在接下來的 2 週內宣布它，並希望在 3 到 4 週內舉辦該活動。

We have your next question from Jon Tanwanteng from CJS Securities.

我們有來自 CJS Securities 的 Jon Tanwanteng 的下一個問題。

A very nice quarter.

一個非常好的季度。

And Kevin, congratulations on moving on to the next phase.

還有凱文，恭喜您進入下一階段。

My first question is on just hearing Intel when they spoke about the quarter, they thought they were seeing another quarter or 2 of digestion in the cloud and data center space.

我的第一個問題是剛剛聽到英特爾在談到本季度時，他們認為他們在雲和數據中心領域看到了另外四分之一或 2 個消化。

It seems like you're not seeing that.

好像你沒有看到。

I was wondering what kind of customer are you seeing strength from that's maybe running counter to what they're saying?

我想知道什麼樣的客戶從這可能與他們所說的背道而馳？

Is it maybe just from AMD?

它可能只是來自 AMD 嗎？

Or is it another end market?

還是另一個終端市場？

Just give me a sense of why your strength is running opposite to what they're seeing?

讓我知道為什麼你的力量與他們所看到的相反？

Yes.

是的。

As you know, we have a very strong Intel product line.

如您所知，我們擁有非常強大的英特爾產品線。

At the same time, we also have a pretty big AMD product line.

同時，我們也有相當大的 AMD 產品線。

So once the market have demand, we will grow.

所以一旦市場有需求，我們就會成長。

And even if the market keep flat, because of our outstanding product, our kind of data solution overall, so we believe once the market is not too bad, we will have a chance to grow smoothly kind of -- and if the market is growing, I guess our growth will be very significant.

即使市場保持平穩，由於我們出色的產品，我們的整體數據解決方案，所以我們相信一旦市場不太糟糕，我們將有機會平穩增長 - 如果市場正在增長，我猜我們的成長會非常顯著。

And as you know, since the company was funded since 1993 to 2017, our growth has been always much faster than the industry average, and I believe we are getting back to that position very soon.

如您所知，自 1993 年至 2017 年公司成立以來，我們的增長一直遠高於行業平均水平，我相信我們很快就會回到那個位置。

Okay.

好的。

And then just on the impact that COVID has had on the business, can you call out just the impact on either the margin or the revenue that you had in December and into January so far?

然後就 COVID 對業務的影響而言，您能否僅指出 12 月和 1 月到目前為止對利潤率或收入的影響？

You mentioned higher freight expenses, but lockdowns probably had an impact as well.

您提到了更高的運費，但封鎖可能也會產生影響。

I don't know if you're seeing anything else such as employee absenteeism.

我不知道您是否還看到了員工缺勤等其他情況。

But if you could kind of quantify or give some color on the impact of the pandemic so far, that would be helpful.

但是，如果你能對迄今為止大流行的影響進行量化或給出一些顏色，那將是有幫助的。

Yes, it's kind of -- impact is very bad and very broadly, unfortunately, in that -- more than 9 months now.

是的，它的影響非常糟糕而且非常廣泛，不幸的是，現在已經超過 9 個月了。

So our logistical, for example, it's become very harder to ship products.

因此，例如，我們的物流運輸產品變得非常困難。

Even from Asia to U.S.A., we see the shipping delay and the cost increase in that.

即使是從亞洲到美國，我們也看到運輸延誤和成本增加。

Or even more, sort of logistic time-to-market delay and logistics cost increase.

甚至更多，物流上市時間延遲和物流成本增加。

And then lots of customer work from home and some of our employee work from home.

然後很多客戶在家工作，我們的一些員工在家工作。

So all of those created a difficulty for business, especially for application optimized solution.

因此，所有這些都給業務帶來了困難，特別是對於應用程序優化的解決方案。

And the good thing is that our autocorrelator, which is a program to help sales, help our engineers, help our customer to work together to make the best optimized solution for them.

好消息是我們的自相關器，這是一個幫助銷售的程序，幫助我們的工程師，幫助我們的客戶共同努力，為他們制定最佳優化的解決方案。

The tool is getting ready.

工具正在準備中。

I believe by end of this quarter, most of our sales engineer and customer will be able to use those tools.

我相信到本季度末，我們的大多數銷售工程師和客戶將能夠使用這些工具。

So I'm very excited for the tool to be available in this quarter.

因此，我對該工具在本季度推出感到非常興奮。

Okay.

好的。

Great.

偉大的。

If you don't mind me asking one more...

如果你不介意我再問一個...

Yes, John, this is Kevin.

是的，約翰，這是凱文。

I would just echo what Charles has said is that when you have work from home, it definitely reduces the coordination of the organization.

我只想回應查爾斯所說的，當你在家工作時，它肯定會降低組織的協調性。

So we have to push harder in that arena.

所以我們必須在那個領域更加努力。

And then some other examples like just having to confirm that there's someone else on the other side to receive the shipment, not all companies are open every day.

還有一些其他的例子，比如只需要確認對方有其他人來接收貨物，並不是所有的公司每天都營業。

So there's definitely a lot of little different things like that, that make conducting business more difficult, like Charles had said.

所以肯定有很多類似的小不同的事情，這使得開展業務變得更加困難，就像查爾斯所說的那樣。

Understood.

明白了。

And if I may ask, looking beyond the pandemic, and Charles, I know your new facility is opening up in the second half of this year or earlier this summer, what can margins look like on a normalized basis?

如果我可能會問，除了大流行之外，查爾斯，我知道你們的新工廠將在今年下半年或今年夏天早些時候開放，在正常化的基礎上，利潤率會是什麼樣子？

So without all of these headwinds, when you have new facilities and when you have some more volume than the customer shipping, maybe share some of the plans you have and go where margins could go.

因此，如果沒有所有這些不利因素，當您擁有新設施並且數量超過客戶運輸量時，也許可以分享您擁有的一些計劃並去利潤可以去的地方。

Yes.

是的。

As you know, we have 2 kind of customers.

如您所知，我們有兩種客戶。

One is a high-end enterprise.

一是高端企業。

We like our better product, better performance, better service.

我們喜歡我們更好的產品、更好的性能、更好的服務。

And then we also have another customer who buy high volume and they want lower cost.

然後我們還有另一個客戶，他們購買了大量的產品，他們想要更低的成本。

So before most of our operations are tied in U.S.A and with COVID-19, the impact was really big.

因此，在我們的大部分業務都與美國和 COVID-19 掛鉤之前，影響確實很大。

But now we have a tower in operation getting ready, especially by early summer, we will have a much bigger capacity.

但是現在我們有一個正在運行的塔正在準備中，特別是到初夏，我們將擁有更大的容量。

So we can start to service those customers who buy high volume and cost sensitive.

因此，我們可以開始為那些購買量大且對成本敏感的客戶提供服務。

So we are very excited.

所以我們非常興奮。

We start to line up with those customers since about 12 months ago.

我們從大約 12 個月前開始與這些客戶排隊。

Now we have some customer relationship that are already established and we already promised them that we are ready to support them.

現在我們已經建立了一些客戶關係，我們已經向他們承諾我們準備支持他們。

So in terms of how much impact, I would like to say maybe 2% or a little bit more than that.

因此，就影響程度而言，我想說的可能是 2% 或更多一點。

And 2% for enterprise, something that small.

而企業的 2%，那麼小。

But for high-volume customer, that 2% or 3%, indeed, is a big difference for them.

但對於大批量客戶來說，這 2% 或 3% 對他們來說確實是一個很大的差異。

So we are very happy we have those opportunity now ready from Taiwan.

所以我們很高興我們現在有機會從台灣準備好。

We have your next question from Nehal Chokshi from Northland Securities.

我們有來自 Northland Securities 的 Nehal Chokshi 的下一個問題。

Congratulations on the strong gross margin and a very strong revenue guidance.

祝賀強勁的毛利率和非常強勁的收入指導。

That's a really nice outlook there.

那裡的前景非常好。

On the net income, the midpoint of the net income that implies about a $9 million to-be decline.

在淨收入上，淨收入的中點意味著大約 900 萬美元的下降。

How should we parse that between gross margin and OpEx for the March quarter?

我們應該如何分析 3 月季度的毛利率和運營支出之間的關係？

Well, I think we shared that we thought that the gross margin would be declining quarter-over-quarter because of some cost increases as well as the specific mix of products that we're going to ship.

好吧，我認為我們分享了我們認為由於一些成本增加以及我們將要運送的產品的特定組合，毛利率將環比下降。

So I would say that you would weigh it probably towards what the expectations are for gross margin in the immediate quarter going forward.

所以我想說，你可能會根據對未來第一季度毛利率的預期來衡量它。

That would be the heavier weight, we'll put it that way.

那將是更重的重量，我們會這樣說。

That's very helpful.

這很有幫助。

And then Charles, could you clarify what you mean by large OEM opportunity?

然後查爾斯，你能澄清一下你所說的大型 OEM 機會是什麼意思嗎？

Okay.

好的。

I mean especially of the pandemic, COVID-19 problems happened.

我的意思是特別是在大流行中，發生了 COVID-19 問題。

The -- all our Internet, all our social networking company have a strong demand.

——我們所有的互聯網，我們所有的社交網絡公司都有強烈的需求。

And those high-volume customers, indeed, they move in high volume, but they want low price, right?

而那些大批量的客戶，確實，他們大批量移動，但他們想要低價，對吧？

So before we kind of -- did not really focus on those segment of customer.

所以在我們之前 - 並沒有真正關注那些客戶群。

But because our Taiwan operation facility is getting ready, so we start to work with those customers, engaged with them.

但是因為我們的台灣運營設施正在準備就緒，所以我們開始與這些客戶合作，與他們互動。

And we got some very good feedback.

我們得到了一些非常好的反饋。

So we are really engaged with some of them.

所以我們真的和他們中的一些人接觸。

And like what I just mentioned, the -- we ship a small volume now and the high volume should follow later this year.

就像我剛才提到的那樣，我們現在出貨量很小，今年晚些時候應該會推出大量產品。

Okay.

好的。

So just to be clear, is there a partnership with these -- with the HPs and Dells to get to the social networks?

因此，需要明確的是，是否與這些公司建立了合作夥伴關係——與惠普和戴爾一起進入社交網絡？

Or are you just referring to these large Internet properties as the OEMs?

或者您只是將這些大型 Internet 資產稱為 OEM？

The good thing about Super Micro in the last 27 years, we already established our brand name and our credibility for quality, for service.

在過去的 27 年中，Super Micro 的好處是，我們已經建立了我們的品牌名稱和我們在質量、服務方面的信譽。

And now, especially our management software, our service is global wide, have been well recognized by enterprise accounts.

而現在，尤其是我們的管理軟件，我們的服務遍及全球，得到了企業客戶的認可。

So we are ready to work with any kind of customer, directly with any customer or we'll go through some OEM.

所以我們準備好與任何類型的客戶合作，直接與任何客戶合作，或者我們將通過一些 OEM。

So we open that opportunity.

所以我們打開了這個機會。

Okay.

好的。

And coming back to Kevin.

回到凱文。

So over the past few quarters, you guys have returned 50% of free cash flow to shareholders by share repurchases, which is very good.

所以在過去的幾個季度裡，你們通過股票回購將50%的自由現金流返還給了股東，這非常好。

So I know that you guys said that you wanted investors evolve -- investors that you're evolving your capital allocation policy.

所以我知道你們說你們希望投資者進化——投資者你們正在進化你的資本分配政策。

But is that 50% rate at least a good way to think about how that -- you guys are thinking going forward?

但是，這 50% 的比率至少是思考如何實現的好方法嗎？你們正在考慮向前發展嗎？

And then what about that remaining 50%?

那麼剩下的50%呢？

Is that basically near the future growth?

這基本上是接近未來的增長嗎？

Yes.

是的。

So I think what I tried to share was that in the new $200 million program, it's got roughly an 18-month or so duration given the date that it's valid through.

所以我想我想分享的是，在新的 2 億美元計劃中，考慮到它的有效期，它的持續時間大約為 18 個月左右。

I think investors that I've worked with know that we take an incremental approach, and we took first 2 steps in stock buyback program.

我認為與我合作過的投資者都知道我們採取了漸進式的方法，並且我們在股票回購計劃中邁出了前兩個步驟。

And we got feedback that if we feel confident, we should back that up by maybe a more longer-term program, and that is exactly what we have done.

我們得到的反饋是，如果我們有信心，我們應該通過一個更長期的計劃來支持它，而這正是我們所做的。

So therefore, it's a step-by-step process.

因此，這是一個循序漸進的過程。

I think the competing forces for the capital allocation is going to be the rate of our growth.

我認為資本配置的競爭力量將是我們的增長率。

That's the key thing.

這是關鍵。

And we hope to be able to continue to grow strongly and have the adequate cash flow to consume or to fully execute that $200 million program over the 18-month time frame.

我們希望能夠繼續強勁增長，並有足夠的現金流來消耗或在 18 個月的時間內完全執行這個 2 億美元的計劃。

So it's definitely that as well as the investments we need to continue to make in R&D for continued product development.

因此，我們肯定需要繼續在研發方面進行投資，以繼續進行產品開發。

Given that, as it relates to Taiwan, we're kind of in the late mid-innings on the investment there.

鑑於這與台灣有關，我們在台灣的投資處於中後期。

Certainly, the building is close to being completed there.

當然，該建築已接近完工。

I think it's going to be June or something like that, Charles?

我想這將是六月之類的，查爾斯？

Yes, Kevin.

是的，凱文。

And so therefore, that consumption of cash will abate for a while because our maintenance capital is like $5 million to $7 million a quarter.

因此，現金消耗將暫時減少，因為我們的維護資本每季度約為 500 萬至 700 萬美元。

And so that will help free up some cash in the second half of calendar 2021.

因此，這將有助於在 2021 年下半年釋放一些現金。

And that's kind of the moving pieces that we're thinking about.

這就是我們正在考慮的動人因素。

And with the continued cash generation of the company, we felt confident to get to $200 million program.

隨著公司持續產生現金，我們有信心實現 2 億美元的計劃。

Okay.

好的。

Fantastic.

極好的。

And my final question before I get back in the queue is that you mentioned that NRE work was part of that R&D Q-on-Q decline.

在我回到隊列之前，我的最後一個問題是，您提到 NRE 工作是研發 Q-on-Q 下降的一部分。

So what's the decision for when Supermicro sets this type of work?

那麼 Supermicro 設置這種類型的工作時的決定是什麼？

Can you talk about that real quickly?

你能不能快點談談這個？

Yes.

是的。

So we worked very closely with our -- some of our chief component suppliers to work on platforms that work with their key components.

因此，我們與我們的一些主要組件供應商密切合作，在與他們的關鍵組件一起工作的平台上工作。

And so we really look to work with those key vendors to enable platforms that we believe are ones that are going to get traction in the marketplace.

因此，我們真的希望與這些關鍵供應商合作，以啟用我們認為將在市場上獲得牽引力的平台。

So we look at what's the popularity of -- likely popularity of those platforms and then enter into those arrangements.

所以我們看看這些平台的受歡迎程度——可能受歡迎程度，然後進入這些安排。

They tend to be rather short term in nature.

它們在本質上往往是相當短期的。

So I want to share with you that it's not like a multiyear development, but rather maybe a half year development.

所以我想和大家分享，這不是一個多年的發展，而是可能是半年的發展。

So it's a little bit easier to make those commitments because -- but not only they're not so large, but also the prospects for the product are pretty close in the future.

因此，做出這些承諾會更容易一些，因為——但不僅它們沒有那麼大，而且未來產品的前景也非常接近。

Yes.

是的。

I'll try to -- also the pace, basically.

我會盡量——基本上也是節奏。

We have some very close partner.

我們有一些非常親密的合作夥伴。

They really want us to present something unique, something that outperform for the market.

他們真的希望我們展示一些獨特的東西，一些在市場上表現出色的東西。

And also some customers, they want to really outstanding, unique platform design.

還有一些客戶，他們想要真正出色、獨特的平台設計。

So we work with both vendors and customers, so for those special design and usually they pay some NRE.

所以我們與供應商和客戶合作，所以對於那些特殊的設計，他們通常會支付一些 NRE。

What's the type of return in terms of revenue or gross profit dollars you can typically see when you pick this type of NRE product that expect to become a platform that drives future sales?

當您選擇這種有望成為推動未來銷售的平台的 NRE 產品時，您通常可以看到的收入或毛利潤回報類型是什麼？

For sure, our goal is not for NRE data.

當然，我們的目標不是 NRE 數據。

Our really goal is for a partnership.

我們真正的目標是建立夥伴關係。

When you work with a vendor to design, really optimize the solution, then we together approach the market.

當您與供應商合作設計、真正優化解決方案時，我們就會一起進入市場。

Same thing for customers.

對客戶來說也是一樣。

Some customers with their special application or data center equipment or architecture, we have planned, designed something exactly optimized for their environment.

我們為一些客戶的特殊應用程序或數據中心設備或架構進行了規劃、設計，並針對他們的環境進行了精確優化。

And because of Building Block Solution nature, makes Supermicro are much easier and much more efficient to design those unique solution model.

並且由於 Building Block 解決方案的性質，使得 Supermicro 更容易和更高效地設計那些獨特的解決方案模型。

(Operator Instructions) We have your next question from Aaron Rakers from Wells Fargo.

（操作員說明）我們有來自富國銀行的 Aaron Rakers 的下一個問題。

Yes.

是的。

Congrats, I guess on this awesome -- and Kevin, also great working with you in the past.

恭喜，我猜這太棒了——還有凱文，過去和你一起工作也很棒。

I guess I wanted to ask a question about kind of where we stand on the server cycle and the impact that we can think about this having for Supermicro.

我想我想問一個關於我們在服務器週期中的立場以及我們可以考慮這對 Supermicro 的影響的問題。

So you talked a little bit about Ice Lake.

所以你談到了冰湖。

You've got AMD Milan.

你有 AMD 米蘭。

How do you guys see the demand profile for these next-generation server CPUs materializing?

你們如何看待這些下一代服務器 CPU 的需求情況？

And would you expect to see an ASP uplift benefit Supermicro as these next-gen CPUs come into the model?

隨著這些下一代 CPU 進入模型，您是否期望看到美超微的 ASP 提升收益？

Yes.

是的。

As you know, a new generation process or platform always outperform the previous generation, right?

如您所知，新一代流程或平台總是優於上一代，對吧？

For the same price, usually, they are kind of 10% or up to 40% faster performance, right?

對於相同的價格，通常它們的性能會提高 10% 或高達 40%，對吧？

So for sure, a lot of our large customers, they want a new generation product.

因此，可以肯定的是，我們的很多大客戶都想要新一代產品。

And Supermicro is good for that kind of it's our building cloud solution.

Supermicro 非常適合我們的建築雲解決方案。

Traditionally, we always introduce new technology to market a few months or a few quarter earlier than others.

傳統上，我們總是比其他人提前幾個月或幾個季度將新技術推向市場。

So this time, we have that advantage again.

所以這一次，我們又擁有了這個優勢。

And other than the market grows, indeed because we have better solution, or better service, better quality, so indeed, we are gaining much share from others as well.

而除了市場增長之外，確實是因為我們有更好的解決方案，或者更好的服務，更好的質量，所以事實上，我們也從別人那裡獲得了很多份額。

Okay.

好的。

And I guess maybe dovetailing off some of the earlier questions around industry kind of supply chain alignment and juggling through kind of the COVID challenges that you've had.

而且我想可能會與之前關於行業供應鏈協調的一些問題相吻合，並應對你所面臨的 COVID 挑戰。

How would you characterize the component supply chain or component availability that you see in the market today?

您如何描述您在當今市場上看到的組件供應鍊或組件可用性？

There's been some indications that certain areas have been tight or even constrained.

有跡象表明，某些領域已經緊張甚至受到限制。

What's your current outlook?

你目前的前景如何？

Have you seen any constraints?

你有沒有看到任何限制？

And what are you expecting if you're willing to look out over the next couple of quarters?

如果您願意在接下來的幾個季度中關注，您會期待什麼？

Yes.

是的。

We saw a lot of constraints across almost all different kind of components.

我們看到幾乎所有不同類型的組件都有很多限制。

So we have been very carefully engaged with our partner and have a forecast, have a kind of a contract.

因此，我們與我們的合作夥伴進行了非常仔細的接觸，並進行了預測，簽訂了合同。

So logistic costs also increased, lead time also increased.

因此物流成本也增加了，交貨時間也增加了。

But with our contract and relationship, at this moment, I feel there are a lot of challenges, but we should be safe for our smooth growth.

但是以我們的合同和關係，此時此刻，我覺得有很多挑戰，但我們應該為我們的順利成長安全。

Yes.

是的。

Yes.

是的。

And then the final question I just wanted to ask was that I know a couple of years ago, you did have a customer that had accounted for 10% of revenue.

然後我只想問的最後一個問題是，我知道幾年前，您確實有一個客戶佔收入的 10%。

Do you think that with these new larger data center win opportunities that sound like they're going to ramp over the next couple of quarters, do you think you'll have a situation where you have a 10% customer in the future or not?

您是否認為隨著這些新的更大數據中心贏得機會，聽起來他們將在接下來的幾個季度中增加，您認為您是否會遇到未來擁有 10% 客戶的情況？

Hard to say, hard to say.

很難說，很難說。

But we try to have many more customer because our customer base was still small compared with our long-term goal.

但是我們試圖擁有更多的客戶，因為與我們的長期目標相比，我們的客戶群仍然很小。

So with now a much bigger capacity, so we are able to engage with many more partners.

所以現在有了更大的容量，所以我們能夠與更多的合作夥伴接觸。

So I believe that question yes or no, it will happen.

所以我相信這個問題是或否，它會發生。

It's happy to have -- it will not happen, it's also happy to be more diversified.

很高興擁有——它不會發生，更多元化也很高興。

So I'm pretty neutral attitude for that and look at where it seems will be under managed.

所以我對此持中立態度，看看它似乎在哪裡會受到管理。

We have your next question from Nehal Chokshi from Northland Securities.

我們有來自 Northland Securities 的 Nehal Chokshi 的下一個問題。

Yes.

是的。

So I am actually particularly impressed with the guidance given that at the September quarter call, you guys had indicated an expectation that I think Ice Lake would become generally available for several OEM launch by early 2021.

因此，鑑於在 9 月的季度電話會議上，你們曾表示，我認為 Ice Lake 將在 2021 年初普遍用於多家 OEM 發布，因此實際上我對指導印象特別深刻。

That hasn't happened yet.

那還沒有發生。

And that looks like it's going to be more of a 2Q '21 type of event now at this point in time.

現在看來，這將更像是 2Q '21 類型的事件。

So given that context, does that mean that the rest of your business has significantly strengthened relative to what you thought would be the case back at the 3Q '20 call?

因此，在這種情況下，這是否意味著您的其他業務相對於您在 20 年第三季度電話會議上認為的情況已顯著增強？

Yes.

是的。

As -- I guess, Supermicro a have much more diversified product line now and also customer base in terms of vertical, in terms of many more customers.

因為——我猜，Supermicro a 現在擁有更加多樣化的產品線，並且在垂直方面也有客戶群，就更多的客戶而言。

So we are a much more diversified customer -- a diversified company now.

所以我們是一個更加多元化的客戶——現在是一家多元化的公司。

And with our extension to Taiwan and also our capacity growth in U.S.A., we are ready to be a much bigger size content.

隨著我們向台灣的擴展以及我們在美國的容量增長，我們已經準備好成為更大尺寸的內容。

Great.

偉大的。

And speaking to that much greater diversity and exposures, can you give us a sense as to what is your exposure to some of these faster-growing parts of the market that you're addressing?

談到更大的多樣性和風險敞口，您能否讓我們了解您在這些快速增長的市場領域中的風險敞口？

Yes.

是的。

For example, telco 5G, we did not focus on that market before.

比如電信5G，我們之前沒有關注那個市場。

But since about 2 years ago, we start to focus on this market, and we're already engaged with some very good partner globally.

但是從大約 2 年前開始，我們開始專注於這個市場，並且我們已經在全球範圍內與一些非常好的合作夥伴進行了接觸。

And for example, a large data center and OEM, we did not really focus on that segment in the last 10 years.

例如，大型數據中心和 OEM，在過去 10 年中，我們並沒有真正專注於該領域。

But about 12 months ago or 18 months ago, we started to engage with some, and we have a good achievement.

但大約在 12 個月前或 18 個月前，我們開始與一些人接觸，並且取得了不錯的成績。

Also for IoT, we continue to extend our IoT product line.

同樣對於物聯網，我們繼續擴展我們的物聯網產品線。

So Supermicro indeed likes to be a much more diversified, much service customer as a one-stop shopping company partner.

所以 Supermicro 確實喜歡成為一個更多元化、更多服務的客戶，作為一站式購物公司的合作夥伴。

So would it be fair to say that these 3 areas that you just highlighted represent maybe 30% of revenue now?

那麼，您剛才強調的這三個領域現在可能佔收入的 30% 是否公平？

We did not see that specifically.

我們沒有具體看到這一點。

But that's why, we just mentioned, Supermicro is great to grow company to be a $10 billion revenue company in the near future.

但這就是為什麼，我們剛剛提到，Supermicro 非常適合在不久的將來將公司發展為收入 100 億美元的公司。

And in our investor event, we will share more detail about that.

在我們的投資者活動中，我們將分享更多細節。

I'm showing no further questions at this time.

我現在沒有進一步的問題。

I would now like to turn the conference back to Mr. Charles Liang, Chairman and Chief Executive Officer.

我現在想把會議轉回給董事長兼首席執行官梁先生。

Sir, please continue.

先生，請繼續。

Yes.

是的。

Thank you, everyone, for joining us today, and looking forward to meeting you next quarter.

謝謝大家今天加入我們，期待下個季度與您見面。

Have a nice day.

祝你今天過得愉快。

Thank you.

謝謝你。

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

女士們，先生們，今天的會議 -- 女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。