超微電腦 (SMCI) 2021 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Super Micro Computer, Inc. First Quarter Fiscal 2021 Financial Results Conference Call. A press release issued earlier today is available on Super Micro's website at www.supermicro.com. (Operator Instructions)

女士們，先生們，美好的一天，感謝你們的支持。歡迎參加 Super Micro Computer, Inc. 2021 財年第一季度財務業績電話會議。今天早些時候發布的新聞稿可在 Super Micro 的網站 www.supermicro.com 上查閱。 （操作員說明）

As a reminder, this call is being recorded, Tuesday, November 3, 2020. A replay of the call will be accessible via webcast at ir.supermicro.com. A replay of the webcast will be available online for 12 months following the call.

提醒一下，此次通話將於 2020 年 11 月 3 日星期二進行錄音。可通過 ir.supermicro.com 上的網絡直播收聽通話重播。電話會議後的 12 個月內將在線重播網絡廣播。

An investor presentation and a transcript of management commentary related to Q4 results will also be posted at ir.supermicro.com.

投資者介紹和與第四季度業績相關的管理層評論記錄也將發佈在 ir.supermicro.com 上。

With us today are Charles Liang, Chairman and Chief Executive Officer; Kevin Bauer, Senior Vice President and Chief Financial Officer; and James Kisner, Vice President of Investor Relations.

今天和我們在一起的是董事長兼首席執行官梁朝陽； Kevin Bauer，高級副總裁兼首席財務官；和投資者關係副總裁 James Kisner。

I would now like to turn the conference over to Mr. Kisner. Mr. Kisner, please go ahead, sir.

我現在想把會議交給基斯納先生。基斯納先生，請繼續，先生。

Thank you. Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the first quarter of fiscal 2021, which ended September 30, 2020. 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.

謝謝你。下午好，感謝您參加 Super Micro 的電話會議，討論截至 2020 年 9 月 30 日結束的 2021 財年第一季度財務業績。到目前為止，您應該已經收到該公司發布的新聞稿副本常規交易結束，可在公司網站上查閱。

As a reminder, during today's call, the company will refer to a presentation that is available to participants in the Investor Relations section of the company's website under the Events & Presentations tab. We have also published management's scripted commentary on our website.

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。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 on the company's business and results of operations.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和支出、稅收、資本分配和未來業務的陳述前景，包括 COVID-19 對公司業務和經營業績的潛在影響。

There are a number of risk factors that could cause Super Micro's future results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our most recent 10-K filing for 2020 and our other SEC filings. All of these documents are available on the Investor Relations page of Super Micro's website. We assume no obligation to update any forward-looking statements.

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。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 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。所有這些文件都可以在 Super Micro 網站的投資者關係頁面上找到。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. For an explanation of our non-GAAP financial measures, please refer to the accompanying presentation or to our press release published earlier today. 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. At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts to ask questions.

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。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。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。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, Chairman and Chief Executive Officer. Charles?

我現在將把電話轉給董事長兼首席執行官 Charles Liang。查爾斯?

Thank you, James, and good afternoon, everyone. Today, we have released our fiscal 2021 first quarter financial results. Now let's take a look and some highlights from the quarter.

謝謝你，詹姆斯，大家下午好。今天，我們發布了 2021 財年第一季度財務業績。現在讓我們來看看本季度的一些亮點。

Our fiscal first quarter net sales totaled $762 million, down 5% year-over-year and 15% sequentially. Our fiscal Q1 non-GAAP earnings per share was $0.55 compared to $0.68 in both the same quarter of last year and in fiscal Q4 of 2020.

我們第一財季的淨銷售額總計 7.62 億美元，同比下降 5%，環比下降 15%。我們的第一財季非公認會計原則每股收益為 0.55 美元，而去年同期和 2020 年第四財季均為 0.68 美元。

As we expect, Q1 has been our seasonally low quarter after a traditionally strong quarter in June. This year, despite the continuing challenges from COVID-19, we were pleased to deliver revenue and earnings above the midpoints of our guidance ranges.

正如我們預期的那樣，在 6 月份傳統強勁的季度之後，第一季度一直是我們的季節性低季度。今年，儘管 COVID-19 帶來了持續的挑戰，但我們很高興實現高於我們指導範圍中點的收入和收益。

We have been efficiently adjusting to the new normal as a business deemed essential by the state of California, although there are still lots of areas can be and will be further improved regarding COVID-19 impact. At the same time, we have been aggressively growing our operations, R&D and sales functions in Taiwan, where the COVID-19 impact is much less than that in our U.S. and EMEA headquarters.

作為加利福尼亞州認為必不可少的業務，我們一直在有效地適應新常態，儘管在 COVID-19 影響方面仍有許多領域可以並且將進一步改進。與此同時，我們一直在積極發展我們在台灣的運營、研發和銷售職能，那裡的 COVID-19 影響遠小於我們在美國和 EMEA 總部的影響。

During the September quarter, we continued to serve our current customers while enhancing our Taiwan headquarters capacity and capability in production, operation and sales force in order to support our global growth strategy. To sum up, we now have a much bigger and lower cost campus in Taiwan with better productivity for revenue and profitability growth.

在 9 月季度，我們繼續為現有客戶提供服務，同時增強我們台灣總部的生產、運營和銷售隊伍的能力，以支持我們的全球增長戰略。總而言之，我們現在在台灣擁有一個更大、成本更低的園區，為收入和盈利增長提供了更好的生產力。

This is just the beginning of our turnover effort after recent challenges that I will discuss later. I believe, as our Taiwan campus starts to reach higher economy of scale combined with our cost reduction efforts, revenue and profitability growth will be getting much stronger in the coming quarters and years. I have confidence in capitalization on many new market opportunities in our approximately $100 billion TAM, especially in APAC, EMEA and the U.S. East Coast. We have been pretty successful at achieving a greater market share in the U.S. West Coast, and we aim to duplicate this success in other geographic territories.

在我將在稍後討論的近期挑戰之後，這只是我們營業額努力的開始。我相信，隨著我們的台灣園區開始達到更高的規模經濟，再加上我們的成本削減努力，未來幾個季度和幾年的收入和盈利能力增長將變得更加強勁。我有信心利用我們約 1000 億美元的 TAM 中的許多新市場機會，特別是在亞太地區、歐洲、中東和非洲和美國東海岸。我們在美國西海岸取得更大的市場份額方面取得了相當大的成功，我們的目標是在其他地理區域複製這一成功。

Let me spend a minute to review our traditional business and the 3 new growth drivers that I stated in the past 2 quarter end conference calls. First, our organic enterprise and channel business. Second, our new large datacenter, public cloud and OEM business. Third, our new 5G, Edge and Telco businesses. And fourth, our software and global Telco business -- sorry, our software and global service business.

讓我花一點時間回顧一下我們的傳統業務以及我在過去 2 個季度末電話會議中所說的 3 個新的增長動力。首先，我們的有機企業和渠道業務。第二，我們新的大型數據中心、公共雲和OEM業務。第三，我們新的 5G、Edge 和電信業務。第四，我們的軟件和全球電信業務——對不起，我們的軟件和全球服務業務。

We have made good progress in each of the 4 growth drivers. We have added more new enterprise customer to our accounts and gained a couple of top scale cloud companies. We also have won a couple of top Telco partners in each of the EMEA, Asia and U.S.A. territories. Moreover, we see our software and service business continues to gain more adoptions worldwide. With the business foundation we have built and the customer pipelines we have nurtured, continued progress is expected in each of these growth areas going forward. Especially in the new large cloud and OEM and the 5G and Telco markets, I believe the growth will be a big extra revenue to us.

我們在四個增長動力中的每一個都取得了良好的進展。我們為我們的帳戶添加了更多新的企業客戶，並獲得了幾家頂級雲公司。我們還在歐洲、中東和非洲、亞洲和美國各地區贏得了幾個頂級電信合作夥伴。此外，我們看到我們的軟件和服務業務在全球範圍內繼續獲得更多采用。憑藉我們建立的業務基礎和我們培育的客戶渠道，預計未來每個增長領域都會繼續取得進展。特別是在新的大型雲和 OEM 以及 5G 和電信市場，我相信增長對我們來說將是一個很大的額外收入。

Before moving on to technology and products, I want to take a moment to recall and share the causes of our business slowdown and disruption over the past 3 years. First, our 10-K delay in June 2017 followed by our delisting was a significant distraction to management and employees for over 3 years. Although, all the concerns and issues were resolved a few months ago, this disruption had a lasting effect on our business and employee morale. However, we are recovering quickly now.

在繼續討論技術和產品之前，我想花點時間回顧和分享過去 3 年我們業務放緩和中斷的原因。首先，我們在 2017 年 6 月的 10-K 延遲以及隨後的退市在 3 年多的時間裡嚴重分散了管理層和員工的注意力。儘管幾個月前所有的擔憂和問題都得到了解決，但這種中斷對我們的業務和員工士氣產生了持久的影響。但是，我們現在正在迅速恢復。

Unfortunately, just as we emerged from our stock delisting and resumed growth in December 2019, COVID-19 came to U.S. shores and has slowed down enterprise and channel spending badly, and that was our traditional focus. Our sales, operations and production performance has been impacted since the end of this March.

不幸的是，就在我們於 2019 年 12 月從股票退市中脫穎而出並恢復增長時，COVID-19 來到美國海岸並嚴重減緩了企業和渠道支出，而這正是我們的傳統關注點。自今年 3 月底以來，我們的銷售、運營和生產業績都受到了影響。

Regardless of these challenges and disruptions, I want to share with you that Supermicro is still very strong. Our strong foundation allows us to find ways to overcome these challenges. We stand alone as the only U.S. server hardware solutions company, with the longest record of faster and uninterrupted growth since inception.

儘管存在這些挑戰和中斷，我想與您分享 Supermicro 仍然非常強大。我們堅實的基礎使我們能夠找到克服這些挑戰的方法。我們是唯一一家美國服務器硬件解決方案公司，擁有自成立以來最快、不間斷增長的最長記錄。

In the 10 years between our IPO in calendar 2007 and 2017, we grew at a 20% compounded annual growth rate, well above that of the industry at about 3% compound annual growth rate over the same time period. Our investors should keep these facts in mind. We will prove that we are able to recreate the same growth trajectory or even better very soon.

在我們 2007 年和 2017 年首次公開募股之間的 10 年中，我們以 20% 的複合年增長率增長，遠高於該行業同期約 3% 的複合年增長率。我們的投資者應該牢記這些事實。我們將證明我們能夠很快重建相同的增長軌跡，甚至更好。

Moving on to technology and products. Our unique Building Block Solution R&D organization is strong and smart at work to expand our product lines with extensive growth in our NVIDIA, AMD and Intel portfolios. Our broadest leading AI platforms and the coming soon new Intel Ice Lake product lines will prove that Supermicro, again, will be the true hardware industry leader.

轉向技術和產品。我們獨特的 Building Block 解決方案研發組織強大而精明，通過我們的 NVIDIA、AMD 和 Intel 產品組合的廣泛增長來擴展我們的產品線。我們最廣泛的領先 AI 平台和即將推出的新 Intel Ice Lake 產品線將再次證明 Supermicro 將成為真正的硬件行業領導者。

Some technology highlights in the quarter include the followings. First, we introduced end-to-end PCI-E Gen4 based 1U, 2U and 4U AI systems that deliver 6x AI training and 7x inference performance improvement over previous generation. These AI systems are available with either the latest AMD EPYC processor or the upcoming Intel Ice Lake processors.

本季度的一些技術亮點包括以下內容。首先，我們引入了基於 PCI-E Gen4 的端到端 1U、2U 和 4U AI 系統，與上一代相比，該系統可提供 6 倍的 AI 訓練和 7 倍的推理性能提升。這些 AI 系統可用於最新的 AMD EPYC 處理器或即將推出的 Intel Ice Lake 處理器。

Second, most importantly, we believe our upcoming X12 IceLake product line is absolutely going to be the strongest product line in our history. It will be ready to ship as soon as Intel's new CPU is available. True to our application-optimization product strategy, our X12 product line will provide exactly the best hardware performance for 5G, AI and Telco as well as mega Data Center applications.

其次，最重要的是，我們相信我們即將推出的 X12 IceLake 產品線絕對會成為我們歷史上最強大的產品線。一旦英特爾的新 CPU 可用，它將立即發貨。忠實於我們的應用優化產品戰略，我們的 X12 產品線將為 5G、人工智能和電信以及大型數據中心應用提供最佳的硬件性能。

Third, we were also first-to-market with a 1U NEBS Level 3 certified NVIDIA V100 GPU accelerated server, a key enabler for the transition to 5G. And we also delivered the world's most energy efficient Supercomputer. Recently, by cooperating with Preferred Networks, our system achieved #1 in the Green500 with a record-breaking 21.11 gigaflops-per-Watt, which is 15% higher than the previous worldwide record. Given our leadership in Green IT, this is reflective of the deeper mission of our company: to help preserve our only planet for future generations with products that offer unbeaten energy efficiency.

第三，我們還率先推出了 1U NEBS Level 3 認證的 NVIDIA V100 GPU 加速服務器，這是向 5G 過渡的關鍵推動力。我們還交付了世界上最節能的超級計算機。最近，通過與 Preferred Networks 的合作，我們的系統以創紀錄的 21.11 gigaflops-per-Watt 的成績在 Green500 中排名第一，比之前的全球紀錄高出 15%。鑑於我們在綠色 IT 領域的領先地位，這反映了我們公司更深層次的使命：通過提供無與倫比的能源效率的產品，為後代保護我們唯一的地球。

Other than the 4 business growth drivers, our big production and operation capacity program in Taiwan, and our new strong product pipelines, the company is also investing in a business automation branch, which is our B2B and B2C online business transaction system. We started designing this system 5 years ago and have recently put extra efforts to finish the Phase I milestone. Now we are able to help our sales and our customers to easily select the product configurations and order quickly online.

除了四大業務增長動力、我們在台灣的大型生產和運營能力計劃以及我們新的強大產品管道外，公司還投資了一個業務自動化分支，即我們的 B2B 和 B2C 在線業務交易系統。我們在 5 年前開始設計這個系統，並且最近付出了額外的努力來完成第一階段的里程碑。現在，我們能夠幫助我們的銷售人員和客戶輕鬆選擇產品配置并快速在線訂購。

This Phase 1 will be open to sales this November. After that, we aim to open it up to some of our customers in a few weeks. While we continue to fine-tune Phase I features and configuration optimization, Phase 2 has already been kicked off with a command center-based structure to further speed up and optimize sales performance and customer satisfaction. This innovative sales and services software program will dramatically improve our business efficiency, scale and quality.

該第一階段將於今年 11 月開始銷售。在那之後，我們的目標是在幾週內向我們的一些客戶開放。在我們繼續微調第一階段的功能和配置優化的同時，第二階段已經以基於指揮中心的結構開始，以進一步加快和優化銷售業績和客戶滿意度。這種創新的銷售和服務軟件程序將極大地提高我們的業務效率、規模和質量。

In summary, we are back, and we will soon be much stronger than ever before. We believe that the big challenges in the past 3 years that badly hurt Supermicro are totally behind us now. As we continue to build a much stronger foundation globally, including the much larger new campus in Taiwan, we will leverage this investment to efficiently reaccelerate our business growth and profitability in the coming quarters and years.

總之，我們回來了，我們很快就會比以往任何時候都強大得多。我們相信，過去 3 年嚴重傷害 Supermicro 的巨大挑戰現在已經完全過去了。隨著我們繼續在全球範圍內建立更強大的基礎，包括更大的台灣新園區，我們將利用這項投資在未來幾個季度和幾年內有效地重新加速我們的業務增長和盈利能力。

I appreciate the patience that investors and our employee have shown to our company during the difficult time, and we aim to reward your support with our fast growth in the near future and long-term success. And I believe that we will become one of the top IT infrastructure provider very soon.

我感謝投資者和我們的員工在困難時期對我們公司表現出的耐心，我們的目標是通過我們在不久的將來的快速增長和長期的成功來回報您的支持。我相信我們很快就會成為頂級 IT 基礎設施提供商之一。

At the coming -- at the upcoming investor in May and Analyst Day, we will share more details about the scale, scope and schedule of the new Supermicro progress that we have been developing to grow into a top player.

在即將到來的 5 月投資者日和分析師日，我們將分享更多關於 Supermicro 新進展的規模、範圍和時間表的詳細信息，我們一直在開發該進展以成長為頂級玩家。

The key topics will include: a, our 4 business drivers; b, our unique technology and new product lines for AI, 5G, Telco and Large Cloud and our organic business; c, our new campus in Taiwan to lower our business cost; d, our software and service business status; and e, our B2B and B2C business automation program. Welcome to join us at that time.

關鍵主題將包括： a，我們的 4 個業務驅動力； b、我們針對人工智能、5G、電信和大雲的獨特技術和新產品線以及我們的有機業務； c、我們在台灣的新校區，以降低我們的業務成本； d、我們的軟件和服務業務狀況； e，我們的 B2B 和 B2C 業務自動化程序。歡迎屆時加入我們。

I will now pass the call to Kevin Bauer, our Chief Financial Officer, to provide additional details on the quarter.

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

Thank you, Charles. Our fiscal first quarter revenue totaled $762 million. This reflects a 5% year-on-year decrease from the same quarter of last year and a 15% decline from the fourth quarter of fiscal year 2020. Systems comprised 81% of total revenue and volumes of systems and nodes shipped were down sequentially and year-over-year. System ASPs increased quarter-on-quarter and year-over-year.

謝謝你，查爾斯。我們第一財季的收入總計 7.62 億美元。這反映出比去年同期下降 5%，比 2020 財年第四季度下降 15%。系統佔總收入的 81%，系統和節點的出貨量環比下降，一年又一年。系統 ASP 環比和同比增長。

Turning to geographic performance. On a year-over-year basis, the U.S. increased 6%, EMEA declined 12% and Asia declined 22%. On a sequential basis, U.S. sales declined 8% quarter-on-quarter, EMEA declined 32% and Asia declined 22% sequentially.

轉向地理表現。與去年同期相比，美國增長 6%，歐洲、中東和非洲下降 12%，亞洲下降 22%。從環比來看，美國銷售額環比下降 8%，歐洲、中東和非洲下降 32%，亞洲環比下降 22%。

From a customer point of view, we saw pauses at OEM, cloud service provider and internet commerce customers following strong demand in the June quarter, coupled with the normal down cycle of demand from large enterprise customers. This was offset by first time business at the new high-profile customers that Charles referred to earlier.

從客戶的角度來看，我們看到 OEM、雲服務提供商和互聯網商務客戶在 6 月季度的強勁需求以及大型企業客戶需求的正常下行週期後出現停頓。這被查爾斯之前提到的新高知名度客戶的首次業務所抵消。

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., Q1 gross margin was 17.1%, up 70 basis points year-on-year and 310 basis points quarter-on-quarter. Recall, on our August earnings call, we stated that we expected gross margin to improve by 75 to 125 basis points on a sequential basis, chiefly due to a reduction in what were highly-elevated commodity and freight costs.

按損益計算，第一季度毛利率為 17.1%，同比增長 70 個基點，環比增長 310 個基點。回想一下，在我們 8 月份的財報電話會議上，我們表示我們預計毛利率將環比提高 75 至 125 個基點，主要是由於高漲的商品和運費成本降低。

As anticipated, we did see improvement from these factors. But also, we accrued for a recovery of costs paid in prior periods that benefited this quarter by roughly 130 basis points.

正如預期的那樣，我們確實看到了這些因素的改善。而且，我們還計入了前期支付的成本回收，使本季度受益約 130 個基點。

Turning to operating expenses. Q1 OpEx on a GAAP basis decreased 13% quarter-on-quarter to $99 million. Recall, last quarter's GAAP operating expenses included $16.2 million in one-time incentive awards to our employees. On a non-GAAP basis, operating expenses increased 4% quarter-on-quarter and 10% year-on-year to $95 million. The sequential increase in non-GAAP OpEx was primarily due to the fact that Q4 operating expenses benefited from a bad debt recovery of $4.8 million.

轉向運營費用。按公認會計原則計算的第一季度運營支出環比下降 13% 至 9900 萬美元。回想一下，上一季度的 GAAP 運營費用包括 1620 萬美元的一次性獎勵給我們的員工。按非公認會計原則計算，運營費用環比增長 4%，同比增長 10%，達到 9500 萬美元。非 GAAP 運營支出的環比增長主要是由於第四季度運營費用受益於 480 萬美元的壞賬回收。

Other income and expense, including interest expense, was a $1.5 million loss as compared to a $1.3 million loss last quarter. This quarter, our tax expense was $3.7 million on a GAAP basis and $4.8 million on a non-GAAP basis. In both cases, this quarter benefited from larger tax deductions related to stock-based compensation. Our non-GAAP tax rate was 14.1% for the quarter. Going forward, we expect our tax rate to approximate 16%, slightly below our prior expectation of an 18% rate.

包括利息支出在內的其他收入和支出為 150 萬美元，而上一季度為 130 萬美元。本季度，我們的稅費按公認會計原則計算為 370 萬美元，按非公認會計原則計算為 480 萬美元。在這兩種情況下，本季度都受益於與股票薪酬相關的更大稅收減免。本季度我們的非公認會計原則稅率為 14.1%。展望未來，我們預計我們的稅率約為 16%，略低於我們之前預期的 18%。

Lastly, our joint venture contributed income of $1.3 million this quarter as compared to income of $3.5 million last quarter and income of $1 million in the same quarter a year ago.

最後，我們的合資企業本季度貢獻了 130 萬美元的收入，而上一季度的收入為 350 萬美元，去年同期為 100 萬美元。

Q1 non-GAAP diluted earnings per share totaled $0.55 as compared to $0.68 in both the same quarter of last year and in the fourth quarter of fiscal 2020. Cash flow from operations totaled $120 million, driven from an improvement from cash flow from operations of negative $96 million in the June quarter, driven largely by changes in working capital. CapEx totaled $12 million, resulting in free cash flow of $109 million.

第一季度非 GAAP 攤薄後每股收益總計 0.55 美元，而去年同期和 2020 財年第四季度均為 0.68 美元。運營現金流總計 1.2 億美元，這得益於負運營現金流的改善6 月季度的 9600 萬美元，主要是由於營運資金的變化。資本支出總額為 1200 萬美元，產生 1.09 億美元的自由現金流。

Our closing balance sheet cash position, which excludes restricted cash, was $300 million, while bank debt was $36 million, resulting in a net cash balance of $264 million. And I'll remind everyone that we completed our previously announced $30 million share repurchase program before the quarter end, wherein we purchased 1.14 million shares at a weighted average price of $26.24.

我們的期末資產負債表現金頭寸（不包括受限現金）為 3 億美元，而銀行債務為 3600 萬美元，淨現金餘額為 2.64 億美元。我會提醒大家，我們在季度末之前完成了之前宣布的 3000 萬美元的股票回購計劃，其中我們以 26.24 美元的加權平均價格購買了 114 萬股。

In our earnings release today, we concurrently announced that our Board of Directors has authorized the company to repurchase up to another $50 million of its common stock in a new share repurchase program. The program is effective until October 31, 2021 or until the authorized funds are exhausted under a 10b5-1 plan, whichever occurs first. We are currently taking a tactical and opportunistic approach to share repurchase as we fine-tune our longer-term capital allocation strategy.

在我們今天發布的財報中，我們同時宣布，我們的董事會已授權該公司在一項新的股票回購計劃中再回購最多 5000 萬美元的普通股。該計劃有效期至 2021 年 10 月 31 日或根據 10b5-1 計劃的授權資金用盡，以先到者為準。隨著我們微調我們的長期資本配置策略，我們目前正在採取戰術和機會主義的方法進行股票回購。

Turning to working capital metrics. Our Q1 cash conversion cycle was 170 days, up from 87 days last quarter and outside of our target range of 85 to 90 days. While the absolute level of our inventory declined, days of inventory at 118 days remains elevated relative to history, given the lower sales level quarter-on-quarter. And Days Sales Outstanding was 44 days, while Days Payable Outstanding totaled 55 days.

轉向營運資金指標。我們的第一季度現金轉換週期為 170 天，高於上一季度的 87 天，超出了我們 85 至 90 天的目標範圍。雖然我們的庫存絕對水平有所下降，但鑑於季度銷售水平較低，118 天的庫存天數仍高於歷史水平。未付銷售天數為 44 天，應付未付天數總計 55 天。

Now turning to the outlook for our business. The company expects net sales for the quarter ending December 31, 2020, in the range of $780 million to $880 million. We expect gross margins to decline approximately 160 to 200 basis points sequentially due to the cost recovery discrete event mentioned earlier and higher overhead costs driven by an expected increase in freight.

現在轉向我們業務的前景。該公司預計截至 2020 年 12 月 31 日的季度淨銷售額在 7.8 億美元至 8.8 億美元之間。我們預計毛利率將連續下降約 160 至 200 個基點，原因是前面提到的成本回收離散事件以及預期運費增加導致的間接成本增加。

We expect non-GAAP operating expense level to be flattish quarter-on-quarter. While we're selectively investing in R&D, this was offset by lower audit costs and actions we took very late in the quarter to selectively reduce headcount. We anticipate the GAAP and non-GAAP tax rate to be 16% going forward. We fully expect GAAP -- diluted GAAP EPS to be in the range of $0.25 to $0.47 to fully diluted non-GAAP EPS to be in the range of $0.35 to $0.58.

我們預計非 GAAP 運營費用水平將與上一季度持平。雖然我們有選擇地投資於研發，但這被較低的審計成本和我們在本季度晚些時候採取的有選擇地減少員工人數的行動所抵消。我們預計 GAAP 和非 GAAP 稅率未來將達到 16%。我們完全預計 GAAP - 稀釋後的 GAAP 每股收益將在 0.25 美元至 0.47 美元之間，而完全稀釋後的非 GAAP 每股收益將在 0.35 美元至 0.58 美元之間。

We now expect our CapEx for fiscal '21 to be in the range of $55 million to $60 million, inclusive of the acceleration of the Taiwan building project mentioned earlier by Charles.

我們現在預計 21 財年的資本支出將在 5500 萬美元至 6000 萬美元之間，其中包括查爾斯早些時候提到的台灣建設項目的加速。

In the meantime, we remain focused on guiding the company through the volatility presented by this resurgence in COVID-19 and ardently rebuild our business momentum as described by Charles.

與此同時，我們仍然專注於引導公司度過 COVID-19 復甦帶來的波動，並如查爾斯所述，熱切重建我們的業務勢頭。

With that, I'll turn the call back to James for Q&A.

有了這個，我會把電話轉回給詹姆斯進行問答。

Thank you, Kevin. Operator, we are ready to take questions.

謝謝你，凱文。接線員，我們準備回答問題。

(Operator Instructions)

（操作員說明）

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

您的第一個問題來自 CJS Securities 的 Jon Tanwanteng。

My first one is, I think you guys mentioned Internet and cloud as a source of strength in your Q1 results. Can you talk a little bit more about that end market, the margin profile and the revenue impact of these customers and how they factor into your guidance for the next quarter?

我的第一個問題是，我認為你們在第一季度的業績中提到了互聯網和云作為力量的來源。您能否多談談終端市場、這些客戶的利潤率和收入影響，以及它們如何影響您對下一季度的指導？

We're having trouble hearing the question. I don't know if it's -- whose line it is. We can barely hear, Jon. Jon, can you speak up a little bit? Please, repeat the question.

我們很難聽到這個問題。不知道是不是——是誰的台詞。我們幾乎聽不見，喬恩。喬恩，你能說一點嗎？請重複這個問題。

Yes, is this better?

是的，這樣更好嗎？

Yes, much better.

是的，好多了。

Here we go.

開始了。

Okay. Great. I was saying, you mentioned cloud and Internet as a source of strength in the quarter. I was just wondering if you could talk about the margin profile of those customers and how they factor into your guidance going forward.

好的。偉大的。我是說，你提到雲和互聯網是本季度的力量來源。我只是想知道您是否可以談論這些客戶的利潤狀況以及他們如何影響您的指導。

Sure. So this was kind of our first taste of some of these customers. I would say that fortunately, as opposed to what some might think our margin profile was not appreciably different from the margin profile of our other customers. So we expect and hope that, that will hold true on a go-forward basis as well.

當然。所以這是我們對其中一些客戶的第一次品嚐。我會說幸運的是，與某些人可能認為我們的保證金狀況與我們其他客戶的保證金狀況沒有明顯不同的情況相反。因此，我們期望並希望，這也將在前進的基礎上成立。

Got it. And then can you talk about maybe the -- how you see market demand developing over the next 2 quarters, with the relative puts and takes, whether it be COVID, election concerns and new form launches and new product launches that you're doing internally?

知道了。然後，您能否談談您如何看待未來兩個季度的市場需求發展，以及相對的看跌期權，無論是 COVID、選舉問題以及您在內部進行的新形式發布和新產品發布?

Yes. It's hard to predict. But as you may know, right, enterprise and channel business may continue to decline gently. And at the same time, the cloud, social networking, communication, video streaming demand still keep strong. And that's why we have created some big customers in large cloud and video streaming territory. So we start getting some demand from that territory. And that's why our Taiwan operation manufacture in Taiwan, especially for lower cost, will help us a lot.

是的。很難預測。但你可能知道，對，企業和渠道業務可能會繼續溫和下滑。同時，雲、社交、通訊、視頻流媒體需求依然保持強勁。這就是為什麼我們在大型雲和視頻流領域創造了一些大客戶。因此，我們開始從該領域獲得一些需求。這就是為什麼我們在台灣的台灣業務製造，尤其是降低成本，將對我們有很大幫助。

Great. That's a good lead off into my next question I was going to ask, about the Taiwan acceleration and how it better positions you both strategically. And maybe if you go into it, how much can you quantify the expected benefit from moving there over maybe the nearer term?

偉大的。這是我要問的下一個問題的一個很好的線索，關於台灣的加速以及它如何更好地在戰略上定位你們倆。也許如果你進入它，你能量化多少從短期內搬到那裡的預期收益？

Yes. Let me start, and Kevin may follow. So I mean, it's investment for, I wouldn't say, short term, midterm and long term. So this year is in Taiwan, cost is much lower than in our USA operation. Basically, it's about 35% to 50%. So for mature products benefited, we should greatly leverage the possibility the capacity in Taiwan.

是的。讓我開始吧，凱文可能會跟上。所以我的意思是，這是對短期、中期和長期的投資。所以今年在台灣，成本比我們在美國的業務要低得多。基本上，大約是 35% 到 50%。所以對於成熟產品受益，我們應該極大地利用台灣產能的可能性。

And with COVID-19 hit U.S.A. much worse than in Taiwan. In Taiwan, indeed, almost no impact. And that's why we quickly leverage our Taiwan operation advantage. And I believe it will be good for our short-term and gradually advantage have become much clearer and much more significantly in mid-term and long term.

隨著 COVID-19 對美國的打擊比在台灣嚴重得多。在台灣，的確，幾乎沒有影響。這就是為什麼我們迅速利用我們在台灣的運營優勢。而且我相信這對我們的短期是有利的，並且在中長期內逐漸優勢變得更加清晰和顯著。

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

您的下一個問題來自北國資本市場的 Nehal Chokshi。

Congratulations on great results all around, especially the strong free cash flow and executing on the share buyback. You guys mentioned that you noticed areas of recent improvement that gives you confidence that year-over-year growth is bottoming here. Can you discuss exactly which areas are you seeing that recent improvement in? And from what point in time are you referencing as well where that demand profile has improved?

祝賀各地取得的豐碩成果，尤其是強勁的自由現金流和股票回購的執行。你們提到，你們注意到最近有所改善的領域，這讓你們相信，這裡的同比增長正在觸底。您能否準確討論一下您在哪些領域看到了最近的改進？您從什麼時間點開始參考需求狀況有所改善的地方？

So I think we just navigated a period that was challenging. We kind of gave some guidance in terms of how we think that it is gently going to improve in the December quarter here based upon visibility that we have. I think also, when we talked about some of those new customers, some of the lead times for their materials are longer in length such that we get a little bit better in visibility as to their plans for the March quarter.

所以我認為我們剛剛度過了一個充滿挑戰的時期。根據我們所擁有的可見性，我們就我們認為它在 12 月季度將如何溫和改善提供了一些指導。我還認為，當我們談到其中一些新客戶時，他們的一些材料的交貨時間更長，這樣我們就可以更好地了解他們在 3 月季度的計劃。

And so therefore, I think at some of those speeds of information that make us believe that as we continue to accelerate quarter-by-quarter, that there is some tangible evidence of people's plans, not perfect visibility, but there's some that's out there to be able to latch on to. I don't know if you have anything else in addition to that, Charles.

因此，我認為，在某些信息速度下，我們相信隨著我們繼續逐季加速，人們的計劃有一些切實的證據，而不是完美的可見性，但有一些是存在的能夠鎖定到。我不知道除此之外你還有什麼別的嗎，Charles。

Yes. Likewise, I just mentioned, I mean, in last quarter, I mean, especially after the impact of COVID-19, we started to focus on large accounts, high-profile, high-volume accounts for a large cloud, a large Data Center and video steaming customer, for example, 5G and Telco.

是的。同樣，我剛剛提到，我的意思是，在上個季度，我的意思是，特別是在 COVID-19 的影響之後，我們開始專注於大型雲、大型數據中心的大客戶、高知名度、大容量帳戶和視頻流客戶，例如 5G 和 Telco。

And we started to gain some very good partnerships, and we started to ship some. And -- however, really high volumes, it takes some time to ramp up. So like Kevin say, I mean, at December quarter, we will see some help, March quarter and next year June quarter, I believe, we will see a much bigger help.

我們開始獲得一些非常好的合作夥伴關係，我們開始出貨一些。而且 - 但是，數量非常大，需要一些時間才能增加。所以就像凱文說的，我的意思是，在 12 月季度，我們會看到一些幫助，3 月季度和明年 6 月季度，我相信，我們會看到更大的幫助。

Yes. I thought of one thing that could help the investment community understand that a little bit better is that some of these new customers are actually ordering rack scale products from us that with that longer lead time, give us some visibility.

是的。我想到了一件可以幫助投資界更好地理解的事情，即這些新客戶中的一些實際上正在從我們這裡訂購貨架規模產品，這些產品具有更長的交貨時間，給我們一些可見性。

I see. Okay. And second question I have is that a nice slide here on your key vertical markets and growth drivers. I think this is a bit of an evolution of the Supermicro 3.0 vision that you guys had. Previously talked about. And within that Supermicro 3.0 vision, implied in that was a potential for margin expansion. In this new way of presenting it, does that opportunity still present itself? And can you talk a little bit about how that might actually look in terms of a long-term margin profile?

我懂了。好的。我的第二個問題是，關於您的關鍵垂直市場和增長驅動因素的幻燈片很好。我認為這有點像你們所擁有的 Supermicro 3.0 願景的演變。以前講過。在 Supermicro 3.0 願景中，其中隱含著利潤率擴張的潛力。以這種新的方式呈現它，這個機會是否仍然呈現出來？您能否談談從長期利潤狀況來看，這實際上可能是怎樣的？

Yes, very good question. I mean, we mentioned about Supermicro 3.0 about 3 years ago. Unfortunately, a 10-K delay that delayed the outcome of our project.

是的，非常好的問題。我的意思是，我們在大約 3 年前提到了 Supermicro 3.0。不幸的是，10-K 的延遲延遲了我們項目的結果。

The good thing is now it's all over, right? So we start to execute our Supermicro 3.0 now strongly, for example, the 5G, Edge and Telco business, software and global service, so that has been helping our business, and will become a much significant help quarter-over-quarter. As for our large Data Center and cloud, even private cloud businesses has been growing, and we will continue to invest in that area. So it should be a very significant business driver for us in short-term income and even long term, especially long term, I would ever say.

好在現在一切都結束了，對吧？因此，我們現在開始大力執行我們的 Supermicro 3.0，例如 5G、Edge 和 Telco 業務、軟件和全球服務，這一直在幫助我們的業務，並將成為一個非常重要的季度環比幫助。至於我們的大型數據中心和雲，甚至私有云業務也在增長，我們將繼續在該領域進行投資。因此，在短期收入甚至長期，尤其是長期，這對我們來說應該是一個非常重要的業務驅動力，我會說。

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。

Sorry, James, I was on mute. I just wanted to ask a question about server cycle. You referenced in your prepared remarks, Intel's Ice Lake. You also have AMD's Milan processors. It sounds like you guys continue to see overall ASP increases in your system sales.

對不起，詹姆斯，我靜音了。我只是想問一個關於服務器週期的問題。您在準備好的評論中提到了英特爾的 Ice Lake。您還擁有 AMD 的 Milan 處理器。聽起來你們繼續看到系統銷售的整體 ASP 增長。

How are you thinking about like Intel with 8 channels of memory from 6? How do you think about the ASP trend relative to unit growth as you think about the setup in the calendar '21?

您如何看待像英特爾一樣擁有 8 通道內存的 6 通道？當您考慮 21 年日曆中的設置時，您如何看待與單位增長相關的 ASP 趨勢？

Yes. More and more customers now really appreciate our total solution, not just Pericom by the CPU memory hard drive and total solution, including management software, including some even applications software. So including a special memory, right, that is why we mentioned kind of SSD, NVMe.

是的。現在越來越多的客戶真正欣賞我們的整體解決方案，而不僅僅是Pericom的CPU內存硬盤和整體解決方案，包括管理軟件，甚至包括一些應用軟件。所以包括一個特殊的內存，對，這就是為什麼我們提到一種 SSD，NVMe。

And total solution has been our long-term goal and complete the Rack solution. And very soon, we will share with you even more about our private car total solution. But it's a little bit too early to say too much. But yes, we are moving forward to a total solution.

而整體解決方案一直是我們的長期目標，並完成了機架解決方案。很快，我們將與您分享更多關於我們私家車整體解決方案的信息。但現在說太多還為時過早。但是，是的，我們正在朝著一個全面的解決方案前進。

Okay. And then maybe sticking on a similar topic, gross margin was very strong this quarter, up quite a bit on a sequential basis. I'm just curious of what you're seeing on the component pricing environment. What are you embedding in your current quarter expectations as far as DRAM and flash pricing trends? And any thoughts on how that sets up into next year?

好的。然後可能會堅持類似的主題，本季度的毛利率非常強勁，環比上升了很多。我只是對您在組件定價環境中看到的內容感到好奇。就 DRAM 和閃存定價趨勢而言，您在當前季度的預期中嵌入了什麼？以及對明年如何設置的任何想法？

Yes. I mean, economical scale will help us. So we are growing global now and with new business drive, that will grow our revenue, our economic scale, and that will have our gross margin and net margin for sure. At the same time, the service business, the software value is getting help to our profit as well.

是的。我的意思是，經濟規模將對我們有所幫助。因此，我們現在正在全球範圍內發展，並通過新的業務驅動，這將增加我們的收入、我們的經濟規模，並且肯定會有我們的毛利率和淨利潤率。同時，服務業務、軟件價值也對我們的盈利有所幫助。

Your next question comes from the line of Nick Heisler with SIG.

您的下一個問題來自 SIG 的 Nick Heisler。

It's actually Mehdi Hosseini. I have a couple of follow-ups. Kevin, can you help us understand how OpEx is going to play out for the rest of the fiscal year '21?

這實際上是邁赫迪·侯賽尼。我有幾個跟進。凱文，你能幫助我們了解運營支出將如何在 21 財年的剩餘時間內發揮作用嗎？

Sure, Mehdi. So I think we said that we took some actions in this quarter. We trend some headcount, we actually did a similar kind of trend at the end of September that kind of bore fruit here in the December quarter.

當然，邁赫迪。所以我認為我們說過我們在本季度採取了一些行動。我們趨勢了一些員工人數，實際上我們在 9 月底做了類似的趨勢，在 12 月季度取得了成果。

I think, as we look forward in terms of the pace of our hiring, as Charles has mentioned earlier, if we're going to appreciably hire anyone that's going to be Taiwan-based over the course of time. I think our views of OpEx now on a non-GAAP basis is that, I think, we said quarter-on-quarter, somewhat flat, may drift a little bit in the March or June quarter if COVID lifts, and we feel that it's appropriate to give merit increases. But I think we're trying to hover in the mid-90s for a period of time here, and I think that's what you were looking for.

我認為，正如查爾斯之前提到的，我們期待招聘的速度，如果我們要在一段時間內顯著僱傭任何將在台灣工作的人。我認為我們現在在非公認會計原則基礎上對運營支出的看法是，我認為，我們說季度環比，有點持平，如果 COVID 解除，可能會在 3 月或 6 月季度略有漂移，我們認為這是適當地給予加分。但我認為我們正試圖在 90 年代中期在這裡徘徊一段時間，我認為這就是你想要的。

Yes. Got it. And then 2 more questions. One for Charles. Given your expansion in Taiwan and how CapEx effectively increased by 2 to 3x over a 2- year period. In the meantime, you have been able to diversify and target a wider range of end market.

是的。知道了。然後還有2個問題。一個給查爾斯。鑑於您在台灣的擴張以及資本支出如何在 2 年內有效地增加了 2 到 3 倍。與此同時，您已經能夠多元化並瞄準更廣泛的終端市場。

How should we think for envision opportunities. In the past, you used to give us a $3 billion revenue target. You're already there. I'm not asking you if you're going to double your revenue, given the increase in capacity. But in the longer term, it seems to me that you can hit revenue CAGR that could be more of a double-digit growth given that 2 to 3x increase in CapEx over the next -- over the last 2 years. Is that the right way to think about opportunities in the next 1 or 2 years?

我們應該如何思考設想的機會。過去，您曾經給我們設定 30 億美元的收入目標。你已經在那裡了。考慮到容量的增加，我不是在問你是否要將收入翻倍。但從長遠來看，在我看來，鑑於未來兩年資本支出增長 2 到 3 倍，收入複合年增長率可能會達到兩位數增長。這是思考未來 1 年或 2 年機會的正確方式嗎？

Yes. I mean, a very good question. I mean, as you may know, right, I mean, our DNA, I mean, since 2000 -- year 2000 to 2017, pretty much, our yearly compound growth has been about 20% yearly, right? So I don't believe we won't return to that growth rate or better, right?

是的。我的意思是，一個非常好的問題。我的意思是，你可能知道，對，我的意思是，我們的 DNA，我的意思是，從 2000 年——從 2000 年到 2017 年，我們的年復合增長率幾乎每年都在 20% 左右，對吧？所以我不相信我們不會恢復到那個增長率或更好，對吧？

We'll taken the delay behind us. And although COVID-19 is challenging us, but now we enable Taiwan operation, the opportunity in Taiwan with lower cost with almost no COVID-19 impact. I feel very confident we will get back to a 2 digit growth yearly very soon.

我們會處理我們身後的延誤。儘管 COVID-19 正在挑戰我們，但現在我們啟用了台灣業務，這是台灣的機會，成本更低，幾乎沒有 COVID-19 影響。我非常有信心我們將很快恢復到每年 2 位數的增長。

Hopefully, not just 2 digit, hopefully, we can have -- no reason we cannot get back to more than 20% or 30% growth yearly. So I have a really good feel and very excited to -- in the next few years at least.

希望，不僅僅是 2 位數，希望我們可以擁有 - 我們沒有理由不能恢復到超過 20% 或 30% 的年增長率。所以我有一種非常好的感覺並且非常興奮——至少在接下來的幾年裡。

Okay. And hopefully, it will be with a higher-margin business. And in that context, Kevin, how should I think about either absolute utilization rate for U.S., San Jose versus Taiwan? Or if you don't want to disclose a specific utilization rate which region is higher. I'm comparing U.S. San Jose to Taiwan?

好的。希望這將是一個利潤率更高的業務。在這種情況下，凱文，我應該如何看待美國、聖何塞和台灣的絕對利用率？或者，如果您不想透露哪個地區更高的具體利用率。我在比較美國聖何塞和台灣？

Well, right now, the U.S. utilization is higher. I think you heard in my prepared remarks that at the current time, Europe and Asia are suffering a little bit more than the U.S. because the U.S. was the location where we got these new marquee customers.

好吧，現在，美國的利用率更高。我想你在我準備好的講話中聽到了，目前，歐洲和亞洲比美國遭受的苦難要多一些，因為美國是我們獲得這些新大客戶的地方。

But I think on a go-forward basis, that capacity utilization needs to obviously increase, and we'll get some leverage off of that. I think it's also fair to say that with -- the U.S. building is not under active construction at the moment. We're taking a little bit of a pause with it where we're moving forward with the Taiwan building. I think once those both get built out, we may have capacity to, on a full tilt basis, almost get to like $6 billion.

但我認為，在向前發展的基礎上，產能利用率需要明顯提高，我們將從中獲得一些槓桿作用。我認為這樣說也是公平的——美國的建築目前沒有在建設中。我們在推進台灣大樓的過程中稍作停頓。我認為一旦兩者都建成，我們可能有能力在全面傾斜的基礎上幾乎達到 60 億美元。

So we would be building that over the course of time as necessary. I'm just talking about the Shell and its capabilities. But that's the kind of profile, I think, that we're looking at, to answer your question.

因此，我們將根據需要在一段時間內構建它。我只是在談論 Shell 及其功能。但我認為，這就是我們正在研究的那種個人資料，以回答你的問題。

Yes, indeed, to reach $6 billion, our cap investment won't increase too much. Because the facility capacity pretty much ready here.

是的，確實，要達到 60 億美元，我們的上限投資不會增加太多。因為這裡的設施容量已經準備就緒。

Yes. So that kind of describes, and in previous calls, I talked about how after we get these buildings done, then our CapEx is going to go back to the modest maintenance. And now you have an understanding of where that's going to be.

是的。所以這種描述，在之前的電話會議中，我談到了在我們完成這些建築物之後，我們的資本支出將如何恢復到適度的維護。現在你已經了解了它的發展方向。

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

您的下一個問題來自帶有 Loop 的 Ananda Baruah。

A few for me, if I could. Just to start, how should we think about the drivers in the December quarter could you tell us what you think the biggest aspects of your business are that will influence the incremental sequential revenue in the December quarter?

如果可以的話，給我一些。剛開始，我們應該如何考慮 12 月季度的驅動因素，您能否告訴我們您認為您的業務的最大方面是什麼，這些方面將影響 12 月季度的增量連續收入？

With COVID-19 (inaudible) us, we try to be conservative. So today, we give a range of $780 million to $880 million, I hope it's a conservative number. And again, that's why we just mentioned, we are gaining a high-profile customer in a large cloud, 5G, Telco and video steaming all kind of business. So I believe next few quarters should be our good quarter to grow.

對於 COVID-19（聽不清）我們，我們盡量保守。所以今天，我們給出的範圍是 7.8 億美元到 8.8 億美元，我希望這是一個保守的數字。再說一次，這就是我們剛剛提到的原因，我們在大型雲、5G、電信和視頻流所有類型的業務中都獲得了高知名度的客戶。所以我相信接下來的幾個季度應該是我們增長的好季度。

Yes, I think, Ananda, also, we're going to see some return of the customers that took the pause in September.

是的，我認為，阿南達，另外，我們將看到一些在 9 月暫停的客戶的回歸。

Got it. Some of the more classic on-prem trends, it sounds like. Isn't that right, Kevin? And Charles, I appreciate your comment about...

知道了。聽起來像是一些更經典的本地趨勢。對不對，凱文？查爾斯，我很欣賞你對...的評論

I gave a long list of expected customers, including OEMs and such. So its broad.

我列出了一長串預期客戶，包括原始設備製造商等。所以它很廣泛。

Got it. And just with regards to Ice Lake, and I don't want to make -- I don't want to stitch things together that aren't intended to be stitched together. But in the prepared remarks, yes. I think it was Charles, you made mention of slight improvement in December.

知道了。就冰湖而言，我不想做——我不想把不打算縫合在一起的東西縫合在一起。但在準備好的評論中，是的。我想是查爾斯，你提到了 12 月的輕微改善。

And then it sounded like kind of in the first half of next year calendar or maybe kind of in first half, a stair step kind of take up. That -- those are my words, but that sounded like the spirit of it. And I guess the question is, to what degree does the availability of Ice Lake play in that relative to just demand you think can get better regardless of Ice Lake, Ice Lake or not?

然後它聽起來像是明年上半年的日曆，或者可能是上半年，一個階梯式的開始。那——那是我的話，但這聽起來像是它的精神。我想問題是，冰湖的可用性在多大程度上相對於你認為可以變得更好的需求，無論冰湖，冰湖與否？

Yes. As you may know, right, Intel Ice Lake now can be available very soon, end of this year or early next year. And we have the strongest product line ever, all available now once the Intel CPU production will be ready to ship in terms of even product line. So we are all ready.

是的。你可能知道，對了，Intel Ice Lake 現在很快就可以上市了，今年年底或者明年初。而且我們擁有有史以來最強大的產品線，一旦英特爾 CPU 生產準備好出貨，所有產品線均已上市。所以我們都準備好了。

And it sounds like you think that will have a pretty significant impact when availability occurs.

聽起來您認為當可用性發生時這將產生相當大的影響。

Yes. We are waiting for the new CPUs to be available.

是的。我們正在等待新的 CPU 可用。

Okay, great. And just a linearity question, how did you guys experience it this quarter? And what are you seeing in this month to start December quarter? So how do you experienced in the September quarter? And how does -- how do you feel about sort of November -- sorry, October so far in the context of linearity?

好，太棒了。只是一個線性問題，你們這個季度的體驗如何？您在本月開始的 12 月季度看到了什麼？那麼，您在 9 月季度的體驗如何？你對 11 月的感覺如何——對不起，到目前為止，在線性的背景下，10 月？

You mean in terms of Ice Lake or overall business?

你是指冰湖還是整體業務？

Overall, overall.

總體來說，總體來說。

Overall, I believe for the business, we'll be getting stronger, getting better for us for a couple of reasons. Number one, we just created some very high customer in the last few months. And those ramp-up is pretty predictable.

總的來說，我相信對於業務來說，我們會變得更強大，對我們來說會變得更好，原因有幾個。第一，我們剛剛在過去幾個月中創造了一些非常高的客戶。這些增長是可以預見的。

And second is our Taiwan operations is getting ready, and we just grow some strong team in Taiwan, those teams are ready to grow. So we have a very good feeling in the near future, especially next calendar year. Should be a strong year for us.

其次是我們的台灣業務正在準備中，我們只是在台灣培養了一些強大的團隊，這些團隊已經準備好成長。所以我們在不久的將來感覺非常好，尤其是下一個日曆年。對我們來說應該是強勁的一年。

(Operator Instructions)

（操作員說明）

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

您的下一個問題來自 Vertical Group 的 Jon Lopez。

I just want one clarification, Kevin, if I could, which is, deferred the last couple of years had trended up pretty nicely. It's kind of flattened out over the last couple of quarters. I'm wondering, is that just because unit volumes have dropped off and is it just a function of attach or is there something else influencing that line item?

如果可以的話，我只想澄清一下，凱文，也就是說，推遲過去幾年的趨勢非常好。在過去的幾個季度中，它有點趨於平緩。我想知道，這僅僅是因為單位數量下降了，它只是附加功能還是有其他影響該訂單項的因素？

Well, there's some attach, but it's also true that contracts that we entered into in 2018 through early part of 2019, if you recall, had very elevated commodity costs. And the car for the service as a percentage of revenue.

好吧，有一些附加條件，但如果你還記得的話，我們在 2018 年到 2019 年初簽訂的合同也確實具有非常高的商品成本。以及汽車服務佔收入的百分比。

So we had some more expensive contracts historically. I think we do want to continue working on our attach rate. We do better in some regions than the other, and we need to work on some offshore attach rates to be frank.

所以歷史上我們有一些更昂貴的合同。我認為我們確實希望繼續研究我們的附加率。我們在某些地區比其他地區做得更好，坦率地說，我們需要在一些離岸附加費率上工作。

Got you. Okay. That's really helpful. Secondly, I'm wondering if you could just rewind a little bit. My recollection, as you guys exited the prior quarter like calendar Q2 was that the bookings activity had slowed pretty sharply.

得到你。好的。這真的很有幫助。其次，我想知道你是否可以倒帶一點。我記得，當你們像日曆第二季度一樣退出上一季度時，預訂活動已經大幅放緩。

Can you just walk us from there to here? Was there a pretty appreciable increase in bookings activity? Did that occur pretty linearly? How does that look exiting calendar Q3 versus, say, exiting calendar Q2?

你能帶我們從那裡到這裡嗎？預訂活動是否有顯著增加？這是否非常線性地發生？退出日曆 Q3 與退出日曆 Q2 看起來如何？

It's gotten healthier. I mean, hence, the guidance.

它變得更健康了。我的意思是，因此，指導。

Fair point. Okay. 2 more quick ones, if I could. My recollection is cloud, if you look back a couple of years. I can't remember what you guys called it back then maybe Internet Data Center, but it was around 20% of the business or oscillated around that level. Can you guys give us just a rough sense for where that sits now?

有道理。好的。如果可以的話，再快2個。如果你回顧幾年，我的回憶是雲。我不記得你們當時叫它什麼，也許是互聯網數據中心，但它佔業務的 20% 左右，或者在那個水平上下波動。你們能給我們大致了解一下它現在的位置嗎？

Yes. We still are not splitting out our revenue segments right now. But I wave that the topography of it is quite different now. And that is that back in the day that you're referring to, it was a pretty large, greater than 10% customer, where we're greater diversified in that segment right now.

是的。我們現在仍然沒有拆分我們的收入部分。但我揮手說它的地形現在完全不同了。這就是你所指的那一天，它是一個非常大的、超過 10% 的客戶，我們現在在這個領域更加多元化。

Got you. And just on that point, Kevin, is the right way to think about this that you guys are, I mean, for lack of a better term, kind of reentering that vertical. Maybe just talk a little bit about what you guys are perhaps doing differently now.

得到你。就在這一點上，凱文，是思考這個問題的正確方式，我的意思是，由於缺乏更好的術語，你們正在重新進入那個垂直領域。也許只是談談你們現在可能正在做的不同的事情。

Are you -- it sounds like perhaps diversifying the customer base is one thing. Are you guys pursuing different use cases? Is there may be a bit more geographic spread here? Maybe just talk for a second about how you think about that vertical now versus perhaps how you did, say, 2, 3 years ago?

你是 - 聽起來可能使客戶群多樣化是一回事。你們追求不同的用例嗎？這裡可能有更多的地理分佈嗎？也許只是談談你現在對這個垂直領域的看法，而不是你在 2、3 年前的看法？

Maybe I can share. I mean, we saw our facility in Taiwan getting bigger. And of course, it is much lower than our operation in U.S.A. this year. So with that advantage, now we will start to approach that market much more aggressively than the last few years. So in the other words, we will actually focus on that territory very soon.

也許我可以分享。我的意思是，我們看到我們在台灣的工廠越來越大。當然，這比我們今年在美國的業務要低得多。因此，憑藉這一優勢，現在我們將開始比過去幾年更積極地進入該市場。因此，換句話說，我們實際上很快就會專注於該領域。

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。

Just a quick follow-on to that question. Is it fair to say that it's the cost advantage of moving to Taiwan that is enabling you to win those customers at this point versus whatever else you may be bringing to the table?

只是對該問題的快速跟進。是否可以公平地說，與您可能帶來的其他任何東西相比，遷移到台灣的成本優勢使您能夠在這一點上贏得這些客戶？

Yes. Because those large Data Center, No. They buy a lot, but they want a more aggressive price. So with our Taiwan operation, now we are much ready to service customers like that.

是的。因為那些大型數據中心，沒有。他們買了很多，但他們想要一個更激進的價格。因此，通過我們的台灣業務，現在我們已經準備好為這樣的客戶提供服務。

There are no further questions at this time. I will turn the call back over to Charles Liang.

目前沒有其他問題。我會將電話轉回給 Charles Liang。

Thank you a lot for joining us today, and looking forward to seeing you, of course, hopefully very soon, and have a great day. Thank you.

非常感謝您今天加入我們，並期待見到您，當然，希望很快，祝您有美好的一天。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。