超微電腦 (SMCI) 2020 Q3 法說會逐字稿

Mr. Kisner, you may go ahead.

基斯納先生，你可以繼續了。

Okay. I thought that you were going to read the intro. Are we in the call?

好的。我以為你會讀簡介。我們在通話中嗎？

Yes, sir. Go ahead. Did you not hear the intro?

是的先生。前進。你沒聽過介紹嗎？

No, we did not. Good afternoon and thank you for attending Supermicro's call to discuss financial results for the third quarter of fiscal 2020, which ended March 31, 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.

我們沒有。下午好，感謝您參加 Supermicro 討論截至 2020 年 3 月 31 日的 2020 財年第三季度財務業績的電話會議。到現在為止，您應該已經收到公司在結束時分發的新聞稿副本定期交易，可在公司網站上獲得。

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 and 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，公司將在公司網站的“活動和演示”選項卡下的“投資者關係”部分中參考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. There are a number of risk factors that could cause Supermicro's future results to differ materially from our expectations. You can learn more about these risks in our press release we issued earlier this afternoon, our most recent 10-K filing for 2019 and our other SEC filings. All of these documents are available on the Investor Relations page of Supermicro's website. We assume no obligation to update any forward-looking statements.

請注意，您在今天的討論中將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、運營支出、其他收入和支出、稅收、資本分配和未來業務的信息前景，包括 COVID-19 對公司業務和經營業績的潛在影響。有許多風險因素可能導致 Supermicro 的未來結果與我們的預期存在重大差異。您可以在我們今天下午早些時候發布的新聞稿、我們最近的 2019 年 10-K 文件和我們向美國證券交易委員會提交的其他文件中了解更多關於這些風險的信息。所有這些文件都可以在 Supermicro 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.

今天的大部分演講將提及非 GAAP 財務業績和業務前景。有關我們的非 GAAP 財務措施的解釋，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. At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts to ask questions.

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.

我現在將電話轉交給董事長兼首席執行官查爾斯梁。

Thank you, James, and good afternoon, everyone. Today, we have released financial results for our fiscal third quarter 2020.

謝謝你，詹姆斯，大家下午好。今天，我們發布了 2020 財年第三季度的財務業績。

Now let's take a look at a few highlights from our Q3 results. Our third quarter net sales totaled $772 million, up 4% year-over-year. Our Q3 earnings per share was $0.84 compared to $0.49 last year, which was up 71% year-over-year. One area of particular strength in the quarter was our 5G, Edge and IoT products, which were up more than 30% year-over-year.

現在讓我們來看看我們第三季度業績的一些亮點。我們第三季度的淨銷售額總計 7.72 億美元，同比增長 4%。我們第三季度的每股收益為 0.84 美元，而去年同期為 0.49 美元，同比增長 71%。本季度的一個特別優勢領域是我們的 5G、Edge 和物聯網產品，同比增長超過 30%。

Before we dive into the financial details, I want to provide you an update on our business vision. To make it simple, our business strategy is to build the best products for high-growing markets, leveraging our unique building-block-solutions design approach and green computing, resource-saving architecture that's beneficial to both our customers and the environment. We have been focusing on our strategic high-growth market segments and aligning our resource accordingly to speed up growth for the coming quarters and years. These 4 strategic drivers are: first, our organic enterprise and channel business, including server, storage and AI, which are our long historical growth areas; second, the new 5G, Edge and telco business; third, large data center and public cloud; and fourth, software and global services.

在我們深入探討財務細節之前，我想向您介紹一下我們的業務願景的最新情況。簡而言之，我們的業務戰略是為高增長市場打造最佳產品，利用我們獨特的構建塊解決方案設計方法和綠色計算、對我們的客戶和環境都有益的資源節約型架構。我們一直專注於我們的戰略性高增長細分市場，並相應地調整我們的資源以加快未來幾個季度和幾年的增長。這4個戰略驅動力是：第一，我們的有機企業和渠道業務，包括服務器、存儲和AI，這是我們長期的歷史增長領域；第二，新的 5G、Edge 和電信業務；三是大型數據中心和公有云；第四，軟件和全球服務。

In the enterprise space, we have acquired many brand-name enterprise customers over the years, and our plan is to win more new accounts while growing our installed base. To that end, we have our key products such as BigTwin, Ultra and MP systems, certified by leading enterprise software partners such as SAP, Oracle, VMware and Red Hat. As an important part of our organic growth, our channel business has remained strong throughout the year due largely to our building-block-solutions approach that helps our partners create the most optimized systems for their customers.

在企業領域，多年來我們已經獲得了許多知名企業客戶，我們的計劃是在擴大安裝基礎的同時贏得更多新客戶。為此，我們的主要產品（例如 BigTwin、Ultra 和 MP 系統）已通過 SAP、Oracle、VMware 和 Red Hat 等領先企業軟件合作夥伴的認證。作為我們有機增長的重要組成部分，我們的渠道業務在全年保持強勁，這主要歸功於我們的構建塊解決方案方法幫助我們的合作夥伴為其客戶創建最優化的系統。

In the rapidly growing AI and machine learning space, we have established ourselves as a premier AI system provider. We have recently introduced the industry's broadest portfolio of validated NVIDIA GPU Cloud or NGC-Ready systems, optimized to accelerate AI and deep learning applications. We see more AI workload moving towards the edge, where AI inferencing and 5G is converging and driving up demand for our intelligent edge products.

在快速發展的人工智能和機器學習領域，我們已經確立了自己作為一流人工智能係統提供商的地位。我們最近推出了業界最廣泛的經過驗證的 NVIDIA GPU Cloud 或 NGC-Ready 系統產品組合，經過優化以加速 AI 和深度學習應用程序。我們看到更多的人工智能工作負載向邊緣移動，人工智能推理和 5G 正在融合併推動對我們的智能邊緣產品的需求。

Our second growth driver is 5G, Edge and telco, which present an exciting field of opportunities for Supermicro. We have designed a series of new telco and Edge-friendly product lines to help our customers build out their 5G deployments, which enable them to transform their existing proprietary hardware infrastructure to open, software-defined x86 standard hardware from Supermicro. For example, our pole-mounted, ruggedized IP65 level is perfect for 5G and outdoor intelligent edge. We also introduced an optimized short-depth 2U Ultra SuperServer that provides better features and faster performance and is ideal for telco and micro data center environments.

我們的第二個增長動力是 5G、Edge 和電信，它們為 Supermicro 提供了一個令人興奮的機遇領域。我們設計了一系列新的電信和邊緣友好產品線，以幫助我們的客戶構建他們的 5G 部署，使他們能夠將他們現有的專有硬件基礎設施轉變為來自 Supermicro 的開放、軟件定義的 x86 標準硬件。例如，我們的桿裝式堅固 IP65 級別非常適合 5G 和室外智能邊緣。我們還推出了經過優化的短深度 2U Ultra SuperServer，可提供更好的功能和更快的性能，是電信和微型數據中心環境的理想選擇。

Just yesterday, we host a highly successful online event with our technology partner, Intel. The 5G live forum brought together leading infrastructure and telco companies from around the globe to discuss the latest total solutions for 5G. These sessions are now available on our website. We believe the transition from 4G to 5G will provide Supermicro significant growth opportunities going forward.

就在昨天，我們與我們的技術合作夥伴英特爾舉辦了一場非常成功的在線活動。 5G直播論壇匯集了全球領先的基礎設施和電信公司，共同探討最新的5G整體解決方案。這些會議現在可以在我們的網站上找到。我們相信從 4G 到 5G 的過渡將為 Supermicro 提供重要的未來增長機會。

The third growth driver we are focusing now is the large data center and public cloud space. Our new products such as the Cloud DC systems are purpose-built for hyperscale data centers with cost optimization and ease of volume deployment. In preparation to scale for more cloud business, we have already made available 30% extra production and service capacity as of today and are also expanding our global manufacturing facilities, especially in Taipei, where lower operating costs allow us to be more competitive.

我們現在關注的第三個增長動力是大型數據中心和公共雲空間。我們的新產品（如 Cloud DC 系統）專為超大規模數據中心打造，具有成本優化和易於批量部署的特點。為了準備擴展更多的雲業務，截至今天，我們已經提供了 30% 的額外生產和服務能力，並且還在擴大我們的全球製造設施，特別是在台北，較低的運營成本使我們更具競爭力。

The last and fourth growth driver is our software and global service. To ensure our server, storage and networking products are simple to deploy, easy to manage and secure to use, we have been investing in our software and global service over the past many years. In addition, we have certified all the major operating systems and key applications while adding more security capabilities. As more and more customers are deploying data centers at an increasingly large scale, it's paramount that we supply them with more capable cloud-scale management software that enable streamlined and fully automatic data center operations. An enhanced mix of hardware, software and services revenue will also improve our gross margin over time and provide revenue growth.

最後一個也是第四個增長動力是我們的軟件和全球服務。為確保我們的服務器、存儲和網絡產品易於部署、易於管理和安全使用，我們在過去多年中一直在投資我們的軟件和全球服務。此外，我們還對所有主要操作系統和關鍵應用程序進行了認證，同時增加了更多安全功能。隨著越來越多的客戶以越來越大的規模部署數據中心，我們為他們提供功能更強大的雲規模管理軟件以實現簡化和全自動的數據中心運營至關重要。隨著時間的推移，硬件、軟件和服務收入組合的增強也將提高我們的毛利率並帶來收入增長。

In summary, we were pleased with our quarterly results despite the disruption caused by COVID-19. And at this moment, we do not plan to provide the quarterly revenue guidance. But we are very excited with our innovative product pipeline and our new growth drivers, which [to help] Supermicro reaccelerate our revenue growth and resume our long history of market share gain.

總之，儘管 COVID-19 造成了乾擾，但我們對季度業績感到滿意。目前，我們不打算提供季度收入指導。但我們對我們的創新產品線和新的增長動力感到非常興奮，它們 [幫助] Supermicro 重新加速我們的收入增長並恢復我們長期以來的市場份額增長歷史。

I will now hand the call over to Kevin to review the results of the quarter in more detail.

我現在將電話轉給凱文，讓他更詳細地審查本季度的結果。

Thank you, Charles. First, I would like to thank our employees, customers, investors and partners for their support as we navigate the challenges during the COVID-19 pandemic. Upon the news of the outbreak overseas, our first response was to actively manage our supply chain for potential shortage risk by increasing inventories of critical components. Since that time, we have continued to add to our safety stock for key components such as CPUs, memory, SSDs, and to a lesser extent, GPUs, such that customer orders can be fulfilled as they are received.

謝謝你，查爾斯。首先，我要感謝我們的員工、客戶、投資者和合作夥伴在我們應對 COVID-19 大流行期間的挑戰時給予的支持。在海外爆發疫情的消息傳出後，我們的第一反應是通過增加關鍵部件的庫存來積極管理我們的供應鏈以應對潛在的短缺風險。從那時起，我們繼續增加關鍵組件的安全庫存，例如 CPU、內存、SSD 以及較小程度上的 GPU，以便在收到客戶訂單時立即履行。

As a designated essential business, we responded to the directives of Santa Clara County and the state of California regarding shelter-in-place instructions to combat the spread of COVID-19. Our first priority is the safety of our workforce, and we immediately began to implement numerous health precautions and work practices to operate in a safe manner.

作為指定的基本業務，我們響應了聖克拉拉縣和加利福尼亞州關於就地避難所指示以對抗 COVID-19 傳播的指令。我們的首要任務是員工的安全，我們立即開始實施多項健康預防措施和工作實踐，以安全方式運營。

Operating in the critical sector of IT infrastructure, we assessed our customer base to identify priority customers who also operate in critical industries, guiding us in our go-forward strategy. We quickly transitioned most of our indirect labor force to work from home. We also shifted some focus towards Taiwan operations from Europe and the United States. Despite this disruption, we successfully managed the last 2 weeks of March to achieve revenues at the bottom of our original guidance range.

我們在 IT 基礎設施的關鍵領域開展業務，評估了我們的客戶群，以確定也在關鍵行業開展業務的優先客戶，指導我們制定前進戰略。我們迅速將大部分間接勞動力轉移到在家工作。我們還將一些重點從歐洲和美國轉移到台灣業務。儘管有這種中斷，我們還是成功地在 3 月的最後兩週實現了收入在我們最初指導範圍的底部。

Now let me turn to the financials. Our fiscal third quarter revenue totaled $772 million, which was at the lower end of our initial guidance range given on February 6 and above the midpoint of the guidance range we gave on April 2. This reflects an 11% quarter-on-quarter decrease from the second quarter of fiscal year 2020 but a 4% increase from the same quarter of last year. Systems comprised 74% of total revenue, and volumes of systems and nodes shipped were down sequentially but up year-over-year. A number of large enterprise customers fulfilled data center projects in the December quarter and, [as] is often the case, paused in the March quarter. ASPs increased quarter-on-quarter but declined year-over-year.

現在讓我談談財務。我們第三財季的收入總計 7.72 億美元，處於我們 2 月 6 日給出的初始指導範圍的下限，高於我們 4 月 2 日給出的指導範圍的中點。這反映出環比下降 11% 2020 財年第二季度，但比去年同期增長 4%。系統佔總收入的 74%，系統和節點的出貨量環比下降，但同比上升。許多大型企業客戶在 12 月季度完成了數據中心項目，並且通常情況下在 3 月季度暫停。 ASP 環比增長，但同比下降。

Geographic performance on a year-over-year basis was mixed, with the U.S. down 3%, EMEA up 20% and Asia 10% higher. On a sequential basis, the U.S. market declined 20%, while EMEA grew sequentially by 9%. Asia declined a modest 3% sequentially.

與去年同期相比，地域表現喜憂參半，美國下降 3%，歐洲、中東和非洲上升 20%，亞洲上升 10%。美國市場環比下降 20%，而歐洲、中東和非洲市場環比增長 9%。亞洲連續下跌 3%。

There were a number of sizable discrete events in the quarter that I would like to emphasize. First, we received a settlement fee on a joint product development project for $10.1 million, $0.6 million of which reduced cost of sales and $9.5 million that reduced R&D expense. Applying our U.S. tax rate of 23% would yield a $0.14 benefit to diluted earnings per share on both our GAAP and non GAAP financials.

我想強調一下本季度發生的一些相當大的離散事件。首先，我們收到了 1010 萬美元的聯合產品開發項目結算費，其中 60 萬美元減少了銷售成本，950 萬美元減少了研發費用。應用我們 23% 的美國稅率將使我們的 GAAP 和非 GAAP 財務的每股攤薄收益產生 0.14 美元的收益。

Second, in our last call, we mentioned that we expected to incur additional onetime charges of $35 million to $40 million related to residual cleanup matters from our extended blackout period. By direction of our Board of Directors, we saw input on this matter from investors holding approximately 45% of our shares outstanding, and incorporated that input to provide cash awards, many of which included performance conditions. This quarter, we recorded $10.3 million in expense, $2.9 million of which increased cost of sales and $7.4 million that increased operating expense related to the awards. As noted in our last call, we have excluded this item from our non-GAAP measures.

其次，在我們上次電話會議中，我們提到我們預計將因延長停電期的殘留清理事項而產生 3500 萬至 4000 萬美元的額外一次性費用。根據我們董事會的指示，我們聽取了持有我們約 45% 已發行股份的投資者對此事的意見，並將該意見納入提供現金獎勵，其中許多包括業績條件。本季度，我們記錄了 1030 萬美元的費用，其中 290 萬美元增加了銷售成本，740 萬美元增加了與獎勵相關的運營費用。正如我們在上次電話會議中指出的那樣，我們已將此項目排除在我們的非 GAAP 措施之外。

Lastly, we recorded a provision for an SEC settlement of $17.5 million that we have excluded from our non-GAAP measures.

最後，我們記錄了 1750 萬美元的 SEC 和解準備金，我們已將其排除在我們的非 GAAP 措施之外。

Working down the P&L. Gross margin on a non-GAAP basis was 17.7%, 250 basis points higher than last year driven by lower commodity costs as well as favorable customer, geographic and product mix and the aforementioned settlement fee. Q3 operating expenses on a GAAP basis increased 7% quarter-on-quarter to $118 million mainly due to a $12.5 million increase in salaries and benefits, including previously disclosed performance awards and the related payroll tax withholding and the $17.5 million provision for an SEC settlement. These expenses were offset by $9.5 million related to the joint product development related settlement fee.

計算損益表。非美國通用會計準則毛利率為 17.7%，比去年高 250 個基點，原因是商品成本下降以及有利的客戶、地域和產品組合以及上述結算費用。基於 GAAP 的第三季度運營費用環比增長 7% 至 1.18 億美元，這主要是由於薪水和福利增加了 1250 萬美元，包括之前披露的績效獎勵和相關的工資稅預扣以及 1750 萬美元的 SEC 和解準備金.這些費用被與聯合產品開發相關的結算費用相關的 950 萬美元所抵消。

On a non-GAAP basis, operating expenses decreased 15% quarter-on-quarter and increased 8% year-on-year to $87 million. The sequential decline was due to several factors, including lower audit costs and lower employee costs, including R&D expenses and the joint product development related settlement fee. Recall that concluding in our delinquent filings in the December quarter led to sequential reduction of audit fees of approximately $6.5 million.

按非美國通用會計準則計算，運營費用環比下降 15%，同比增長 8% 至 8700 萬美元。環比下降是由於多種因素造成的，包括較低的審計成本和較低的員工成本，包括研發費用和聯合產品開發相關的結算費用。回想一下，我們在 12 月季度的拖欠文件中得出的結論導致審計費用連續減少約 650 萬美元。

Other income and expense was a $0.9 million gain as compared to a $0.4 million loss last quarter primarily related to the foreign exchange impact on our Taiwan dollar-denominated term loan. This quarter, our taxes were a $0.9 million benefit on a GAAP basis and a $2.9 million expense on a non-GAAP basis. In both cases, we benefited from reduced tax liabilities in the U.S. and the Netherlands. We continue to expect both our GAAP and non-GAAP tax rate going forward to be approximately 20%.

其他收入和支出為 90 萬美元收益，而上一季度為虧損 40 萬美元，這主要與外匯對我們以新台幣計價的定期貸款的影響有關。本季度，我們的稅項在 GAAP 基礎上為 90 萬美元收益，在非 GAAP 基礎上為 290 萬美元支出。在這兩種情況下，我們都受益於美國和荷蘭的稅收負債減少。我們繼續預計我們的 GAAP 和非 GAAP 稅率將在 20% 左右。

Lastly, our share results in the joint venture was a $1.1 million loss this quarter as compared to a $1 million loss in the previous quarter and a $0.4 million loss in the same quarter a year ago. Q3 non-GAAP diluted earnings per share totaled $0.84 per diluted share compared to $0.57 last quarter and $0.49 last year. Cash used in operations totaled $21 million, as we invested in inventory as a defensive measure. And CapEx totaled $11 million, resulting in free cash outflow of $32 million. Our closing cash position, including restricted cash, was $319 million. This quarter, our cash conversion cycle was 92 days, which is slightly above our target of 85 to 90 days. Days sales outstanding was 41 days. Days payable outstanding totaled 61 days, and inventory days was 112.

最後，本季度我們在合資企業中的股份虧損 110 萬美元，而上一季度虧損 100 萬美元，去年同期虧損 40 萬美元。第三季度非 GAAP 攤薄後每股收益總計為 0.84 美元，而上一季度為 0.57 美元，去年為 0.49 美元。運營中使用的現金總額為 2100 萬美元，因為我們投資於庫存作為防禦措施。資本支出總額為 1100 萬美元，導致自由現金流出 3200 萬美元。我們的期末現金頭寸（包括受限現金）為 3.19 億美元。本季度，我們的現金周轉週期為 92 天，略高於我們 85 至 90 天的目標。待售天數為 41 天。應付賬款天數為 61 天，存貨天數為 112 天。

Now turning to the outlook for our business. Given the uncertainties of COVID-19, we will not be providing guidance for the coming quarter. However, to provide context around our business, we are sharing the following metrics and facts.

現在轉向我們的業務前景。鑑於 COVID-19 的不確定性，我們將不會為下一季度提供指導。但是，為了提供有關我們業務的背景信息，我們分享了以下指標和事實。

We continue to see ongoing demand as we enter the fourth quarter of fiscal year 2020 and do not have significant direct exposure to industries such as retail, oil and gas and travel and leisure that have been impacted the greatest. As time passes, we may discover greater indirect exposure to distressed industries through our channel partners and OEM customers. We note that our shipments plus orders shippable in the June quarter as of the last week are up as compared to the prior quarter and are also up compared to the same quarter a year ago as well.

隨著我們進入 2020 財年第四季度，我們繼續看到持續的需求，並且沒有直接接觸到零售、石油和天然氣以及旅遊和休閒等受影響最大的行業。隨著時間的推移，我們可能會發現通過我們的渠道合作夥伴和 OEM 客戶間接接觸陷入困境的行業。我們注意到，截至上週，我們在 6 月季度的出貨量和可發貨訂單與上一季度相比有所上升，與去年同期相比也有所上升。

Looking forward, logistics has emerged as a new challenge as the transportation industry restricts the frequency of departures and increases costs. We expect increased costs in freight as well as direct labor costs as we incentivize our employees to continue to work and assist us in serving our customers, many of whom are in critical industries. We expect these incremental costs to reduce gross margin by 100 to 150 basis points on a sequential basis. We also expect to record expense of $16 million to $17 million related to the aforementioned performance awards in the June 2020 quarter. Approximately $20 million to $25 million in cash will be paid in June 2020 quarter related to these performance award.

展望未來，隨著運輸行業限制發車頻率和增加成本，物流已成為新的挑戰。我們預計運費和直接人工成本會增加，因為我們會激勵我們的員工繼續工作並協助我們為我們的客戶提供服務，其中許多客戶都在關鍵行業。我們預計這些增量成本將連續降低毛利率 100 至 150 個基點。我們還預計在 2020 年 6 月季度記錄與上述績效獎勵相關的 1600 萬至 1700 萬美元的費用。與這些績效獎勵相關的 2020 年 6 月季度將支付大約 2000 萬至 2500 萬美元的現金。

Our management team is focused on guiding our company through the unfolding and emerging challenges presented by COVID-19. Although we're unable to predict the extent to which COVID-19 may further impact our business operations, financial performance and result of operations, we believe we are well positioned financially and strategically in an uncertain business environment.

我們的管理團隊專注於指導我們的公司應對 COVID-19 帶來的不斷發展和新出現的挑戰。儘管我們無法預測 COVID-19 可能在多大程度上進一步影響我們的業務運營、財務業績和運營結果，但我們相信我們在不確定的商業環境中在財務和戰略上處於有利地位。

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

有了這個，我會把它轉回 James 進行問答。

Operator, we're ready to open the queue for questions.

接線員，我們準備好開始提問了。

(Operator Instructions) Your first question comes from the line of Mehdi Hosseini with SIG.

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

Two items. One, on the P&L and revenue mix, can you provide some color on how the mix between server system and subsystem was in the March quarter and how you see it trending into the June quarter? And then on the inventories that went up by about $160 million, are you going to continue to build inventory in the June quarter? I mean to that extent, how should I think about cash from operation and free cash flow?

兩個項目。第一，關於損益和收入組合，您能否提供一些關於服務器系統和子系統之間的組合在 3 月季度的情況以及您如何看待它進入 6 月季度的趨勢？然後關於增加了約 1.6 億美元的庫存，您是否會在 6 月季度繼續增加庫存？我的意思是，在某種程度上，我應該如何考慮運營現金和自由現金流？

Yes. Mehdi, thanks for the questions. So I think the first one, in terms of systems versus subsystems, we talked a little bit about how sequentially we had some good systems purchases by enterprise customers that were project-related in the fourth quarter. Oftentimes, we get that in the December quarter and the June quarter, and those were down quarter-over-quarter. So that's primarily one of the drivers of systems being down.

是的。邁赫迪，謝謝你的提問。所以我認為第一個，就係統與子系統而言，我們討論了第四季度與項目相關的企業客戶如何順序購買一些好的系統。通常，我們會在 12 月季度和 6 月季度看到這種情況，而且環比下降。所以這主要是系統崩潰的驅動因素之一。

And then to your second question, as it relates to inventory, yes, we did build quite a bit of inventory during the quarter, as I had described, trying to get ahead of the ball game in terms of any supply issues that were out there. We will potentially continue to build inventories during the course of this quarter. I think it all depends on what we bought and then the success of our sales coming out in this quarter as well, but still in a defensive posture until we feel a little bit more comfortable about seeing the supply situation in terms of lead times coming down a little bit and then feeling a little bit better about not being bit by any logistic issues.

然後是你的第二個問題，因為它與庫存有關，是的，正如我所描述的那樣，我們在本季度確實建立了相當多的庫存，試圖在任何供應問題方面領先於球賽.我們可能會在本季度繼續增加庫存。我認為這完全取決於我們購買了什麼，然後我們在本季度的銷售是否成功，但仍然處於防禦態勢，直到我們對交貨期下降的供應情況感到更加自在為止一點點，然後因為沒有被任何後勤問題困擾而感覺好一點。

Sure. Just a quick follow-up. In your prepared remarks, you said you did indeed accumulate more inventory of CPU and I think you said the storage, or you may have said DRAM and SSDs. But you said not as much GPU. How should I think about the mix of inventory that you're accumulating? Why less GPU and more CPU?

當然。只是快速跟進。在你準備好的發言中，你說你確實積累了更多的 CPU 庫存，我想你說的是存儲，或者你可能說的是 DRAM 和 SSD。但是你說沒有那麼多GPU。我應該如何考慮您正在積累的庫存組合？為什麼更少的 GPU 而更多的 CPU？

Yes. As you may know, I mean, memory and SSD have been shortage in the market for few quarters, especially recently. That's why we shipped more memory -- I mean [dimagio] and SSD. As to CPU and GPU, we manage relatively very well. Yes, June quarter, [we were all RDO] handle high season. That's why we prepare a little bit more to make sure we won't have a shortage to our customer.

是的。你可能知道，我的意思是，內存和 SSD 已經在市場上短缺了幾個季度，尤其是最近。這就是我們提供更多內存的原因——我的意思是 [dimagio] 和 SSD。至於CPU和GPU，我們管理得比較好。是的，六月季度，[我們都是 RDO] 處理旺季。這就是為什麼我們會多做一些準備，以確保我們不會對客戶造成短缺。

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

你的下一個問題來自 Aaron Rakers 與 Wells Fargo 的合作。

Just kind of building on that last question. I'm just curious, I guess, first of all, on the constraint side, were you unable to ship to any customer demand this last quarter because of supply constraints or component constraints? And then on that same topic, how are you currently seeing the pricing environment? As you build inventory, there's a little bit of a debate out there whether or not memory pricing could start to turn the other direction, meaning decline going into the back half of the year. I'm just curious on what are you seeing in terms of flash pricing as well as DRAM pricing in your inventory?

只是在最後一個問題的基礎上。我只是好奇，我想，首先，在限制方面，由於供應限製或組件限制，您在上個季度是否無法滿足任何客戶需求？然後在同一主題上，您目前如何看待定價環境？當你建立庫存時，內存定價是否會開始轉向另一個方向存在一些爭論，這意味著下半年會下降。我只是想知道您在閃存定價和庫存中的 DRAM 定價方面看到了什麼？

Well, I'll take the first question, and then I'll let Charles speak to the second question. As it relates to the first question, Aaron, we always exit the quarter with some portion of our demand not being able to be shipped because of shortages. That was true this quarter as well.

好吧，我先回答第一個問題，然後讓 Charles 談談第二個問題。關於第一個問題，Aaron，我們總是會在本季度結束時因為短缺而導致部分需求無法發貨。本季度也是如此。

Yes. And that's why we are watching very carefully. It's a daily base, and then we keep kind of enough SSD and DRAM as of this moment. So I believe our inventory level today should be pretty efficient (sic) [sufficient] to support our June quarter demand. And as for the pricing, I mean, it's hard to say. It depends on the coronavirus situation, right? At this moment, looks like it's still kind of not predictable, but we kind of keep relatively in a very high confidence level, a little bit higher inventory, but we believe we need them either this quarter or in the next few months.

是的。這就是我們非常仔細地觀察的原因。這是一個日常基礎，然後我們保留了足夠的 SSD 和 DRAM。因此，我相信我們今天的庫存水平應該非常有效（原文如此）[足以]支持我們 6 月季度的需求。至於定價，我的意思是，很難說。這取決于冠狀病毒的情況，對吧？目前，看起來它仍然有點不可預測，但我們相對保持在非常高的信心水平，庫存略高，但我們相信我們在本季度或未來幾個月需要它們。

Okay. And then just kind of thinking about -- you talked about kind of the growth drivers, the vertical kind of market opportunities that you guys have between AI/ML & Enterprise, Cloud, 5G & Edge & Telco and then Software & Services. Is there -- can you help us understand the contributions of those, call it, 4 verticals to the business today? And any thoughts on what you're expecting those to kind of grow as we move forward?

好的。然後只是想一想——你談到了增長驅動力，你們在 AI/ML 與企業、雲、5G 與邊緣與電信以及軟件與服務之間擁有的垂直市場機會。有沒有——你能幫助我們理解那些，稱之為 4 個垂直領域對當今業務的貢獻嗎？隨著我們的前進，你有什麼想法嗎？

Yes. Thank you for the question. As you know, we just finished the 10-K today, kind of a long-term program. So now we are recovering -- I mean recovering in our business, get back to a normal faster growth mode like we had in last 25 years. So I mean, other than our organic enterprise, service, storage and channel business, we are ready to fully focus on our 5G, Edge and telco market as well. So we have a dedicated team focused in that area and believe it will start to grow strongly. And the other area, kind of like a large data center and public cloud, yes, before our capacity was limited, especially in the U.S.A. And in the last few years, we extend our capacity pretty successfully in Taipei. So now we have an extra capacity in Taipei, and we believe it's beneficial to ourselves, our shareholders, to focus on large-scale cloud and to grow our economic scale. And we will be selective to grow that deal and make sure it's a positive for company. As to software and global services, I believe we shared a couple of times in our quarter end conference call, and it's continued stably growing business. With software, especially management software and now [for litty we are seeing] global service, we are able to approach more enterprise customer, cloud -- private cloud and public cloud around the world. So we feel pretty comfortable to recover our faster growth business model now.

是的。感謝你的提問。如您所知，我們今天剛剛完成 10-K，這是一項長期計劃。所以現在我們正在復蘇——我的意思是我們的業務正在復蘇，回到我們過去 25 年的正常快速增長模式。所以我的意思是，除了我們的有機企業、服務、存儲和渠道業務，我們還準備完全專注於我們的 5G、Edge 和電信市場。因此，我們有一個專注於該領域的專門團隊，相信它會開始強勁增長。另一個領域，有點像大型數據中心和公共雲，是的，在我們的容量有限之前，尤其是在美國。在過去的幾年裡，我們在台北非常成功地擴展了我們的容量。所以現在我們在台北有一個額外的產能，我們相信這對我們自己，我們的股東來說，專注於大規模雲並擴大我們的經濟規模是有利的。我們將有選擇地發展這筆交易，並確保它對公司有利。至於軟件和全球服務，我相信我們在季末電話會議上分享了幾次，並且它的業務繼續穩定增長。借助軟件，尤其是管理軟件和現在 [forty we are seeing] 全球服務，我們能夠接觸更多的企業客戶、雲——全球的私有云和公共雲。因此，我們現在很樂意恢復我們更快的增長業務模式。

Yes. I think, Aaron, that's another area that we hope to be a little bit more discrete about in Analyst Day.

是的。我認為，亞倫，這是我們希望在分析師日更加謹慎的另一個領域。

Yes.

是的。

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

你的下一個問題來自 Ananda Baruah 與 Loop Capital 的合作。

A couple, if I could. Charles, Kevin, congratulations on the crisp execution as well. Yes, two, if I could. I guess the first is -- and I apologize if you've already spoken to this and I missed it. But Charles, in the press release, you talk about how key application adoption, I think you say all of which is accelerating as a result of COVID, and I was wondering if you could talk with a little more context as to what you're seeing there with regards to acceleration. And it sounds like you guys are at least seeing some good follow-through, so would love to get some context around sort of what types of applications you're seeing accelerated. You think maybe there could be some bit of a structural change, not just a little pull-forward and any other context you think that would be useful for us. And then I have a quick follow-up.

一對，如果可以的話。查爾斯，凱文，也祝賀你的干脆利落。是的，兩個，如果可以的話。我想第一個是——如果你已經談過這個但我錯過了，我深表歉意。但是查爾斯，在新聞稿中，你談到了關鍵的應用程序採用，我想你說所有這些都因 COVID 而加速，我想知道你是否可以更多地談談你在做什麼在那裡看到關於加速。聽起來你們至少看到了一些很好的跟進，所以很想了解一些關於您看到加速的應用程序類型的背景信息。你認為可能會有一些結構性的變化，而不僅僅是一點點推進和你認為對我們有用的任何其他背景。然後我有一個快速跟進。

Yes. Thank you. Very good question. The coronavirus indeed created a big trouble for people around the world, but it also created some strong demand for people. For example, people work from home and people stay home, so they need a lot of networking service. So we saw a large data center communication company and other security-related organization, their demand indeed increasing kind of strongly. So good luck is we have been preparing 5G, Edge and telco business since about last year. So those products are getting mature. And we gained -- getting ever more customer commit to those product lines. So I mean, overall, I feel optimistic for our future growth, although it has to be very carefully watched, the coronavirus. As of this moment, I feel basically positive.

是的。謝謝。很好的問題。冠狀病毒確實給世界各地的人們帶來了很大的麻煩，但它也對人們產生了一些強烈的需求。例如，人們在家工作，人們待在家裡，因此他們需要大量的網絡服務。所以我們看到了一個大型的數據中心通信公司和其他安全相關的組織，他們的需求確實增長的有點強烈。幸運的是，我們從大約去年開始就一直在準備 5G、Edge 和電信業務。所以這些產品越來越成熟。我們獲得了——讓更多的客戶對這些產品線做出承諾。所以我的意思是，總的來說，我對我們未來的增長感到樂觀，儘管必須非常仔細地觀察冠狀病毒。截至目前，我感覺基本上是積極的。

That's great. And it may be too early to ask this next question. But are you able to develop any sort of opinion on if there's going to be any degree of structural change in customer -- not consumer, your customer behavior such that maybe the level of dollar spend on those types of applications you benefit from could remain elevated, given everything that's taken place? I know it's early, and I know there's a lot of opinions about that. But if you feel like you've been able to develop one, I'd love to hear what it is.

那太棒了。現在問下一個問題可能還為時過早。但是，您能否就客戶（而不是消費者）和您的客戶行為是否會發生任何程度的結構性變化發表任何意見，從而使您受益於這些類型的應用程序的美元支出水平可能會保持較高水平，考慮到發生的一切？我知道現在還早，而且我知道對此有很多意見。但如果你覺得你已經能夠開發一個，我很想听聽它是什麼。

Yes. As you may know, our building-blocks solution have been helping us a lot, with a lot of customer-specific application or some modification to optimize their data center structure. We are able to modify from our existing building block solution. Instead of a completely new design that may take people 1 year or 6 months, in most of our case, it took us a much shorter time frame, 2 months to 3 months. We are able to optimize exactly the application customer want, so including 5G, Edge and telco market, I just mentioned. So that's why we are able to quickly win some good commitment from certain really large-scale customers.

是的。您可能知道，我們的構建塊解決方案一直在幫助我們很多，有很多客戶特定的應用程序或一些修改來優化他們的數據中心結構。我們能夠根據現有的構建塊解決方案進行修改。在我們的大多數情況下，我們花了更短的時間，2 個月到 3 個月，而不是可能需要人們 1 年或 6 個月的全新設計。我們能夠準確優化客戶想要的應用程序，所以包括 5G、Edge 和電信市場，我剛才提到了。所以這就是為什麼我們能夠迅速從某些真正的大型客戶那裡贏得一些良好的承諾。

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

您的下一個問題來自 Jon Lopez 的 Vertical GRP。

So my first question is, would you mind just walking through stepping back the time line or a time frame from sort of February through now? And I guess what I'm looking at or trying to get a sense for is, I'm assuming things were pretty challenging for a bit there. But I'm wondering if you could describe how the quarter ended and just how things have trended thus far as you've gotten into calendar Q2.

所以我的第一個問題是，你介意從 2 月到現在的時間線或時間框架倒退一下嗎？而且我想我正在看或試圖了解的是，我假設那裡的事情相當具有挑戰性。但我想知道您是否可以描述本季度是如何結束的，以及到目前為止您進入日曆 Q2 時的趨勢如何。

Yes. So I kind of shared that we -- first of all, the March quarter is always a difficult quarter because of the fact that you have Lunar New Year there. So typically, what we see is that it's pretty slow in the first 2 months and then we try to predict what the third month was. This year was no different than any other. And as we got into the March quarter -- I'm sorry, in the month of March, things turned around. We saw a solid line of sight to be able to hit the bottom of range that we were at. We were able to navigate the last 2 weeks as it relates to the disruptions of the workforce. And because of that, we're -- unlike others, at that time, we did not just pull guidance. We decided to wait and be able to give a new guidance in the first week of April. Thereafter, as I've said, we've seen continuing demand as compared to our metrics. So backlog plus shipped were a little bit ahead as compared to quarter-over-quarter, year-over-year. But the visibility is still very murky out there with COVID-19. We don't know the rate of people going back to work or anything like that. It's still fuzzy.

是的。所以我有點分享我們——首先，三月季度總是一個困難的季度，因為那裡有農曆新年。因此，通常情況下，我們看到的是前兩個月的速度非常慢，然後我們嘗試預測第三個月的情況。今年與往年沒有什麼不同。當我們進入三月季度時——對不起，在三月份，事情發生了轉變。我們看到了一條堅實的視線，能夠擊中我們所處射程的底部。我們能夠在過去 2 週內度過難關，因為它與勞動力中斷有關。正因為如此，我們 - 與其他人不同，當時我們不只是拉動指導。我們決定等待並能夠在 4 月的第一周給出新的指導。此後，正如我所說，與我們的指標相比，我們看到了持續的需求。因此，與上一季度、同比相比，積壓訂單和出貨量略微領先。但是 COVID-19 的能見度仍然很低。我們不知道人們重返工作崗位或類似情況的比率。它仍然是模糊的。

Right. No, that's helpful. But I guess the thing I'm driving at is that your fiscal Q4, and to your point, we all understand, these are not normal times, but I would imagine your backlog would be building or would be higher in a normal fiscal Q4. So I guess the thing I'm just kind of driving at, if you could compare to what would be normal, are things more or less back to normal at this point, caveated around the lack of visibility and all that stuff?

正確的。不，那很有幫助。但我想我要說的是你的第四財季，就你的觀點而言，我們都明白，現在不是正常時期，但我想你的積壓工作會在正常的第四財季增加或增加。所以我想我只是想說說，如果你能與正常情況進行比較，那麼此時情況是否或多或少恢復正常，對缺乏能見度和所有其他事情提出警告？

On a year-over-year basis, it is up, that's what I said, in terms of our backlog and shipments as of this time.

與去年同期相比，就我們這次的積壓和出貨量而言，這就是我所說的。

Yes. Okay. Got you. Helpful. My second question, and I apologize, you may have covered some of this stuff, I was on hold for a bit. But relative to the backlog and the shippable stuff, are there anything -- are there like -- and I know you highlighted logistics, but like are there things that would prevent you from shipping that backlog? And is that like part of the reason that you're -- despite having that maybe cautious or opting not to offer guidance, like could backlog be there but you would not be able to meet it for one reason or another?

是的。好的。明白了有幫助。我的第二個問題，我很抱歉，你可能已經涵蓋了其中的一些內容，我暫時擱置了。但是相對於積壓和可運輸的東西，有沒有什麼 - 有什麼 - 我知道你強調了物流，但是有什麼東西會阻止你運送積壓的東西嗎？這是否是您的部分原因 - 儘管您可能持謹慎態度或選擇不提供指導，但可能存在積壓，但由於某種原因您無法滿足它？

There are a number of reasons, some of which is that, at this time, especially over the last few weeks, we've had to confirm that our customers are able to receive the products, having people work on the dock to receive it. So we can't just ship product to them and have it left on their dock with no attention there. So there's a number of things like that, that are little practical items that we need to go through in greater pain than under normal times.

有很多原因，其中一些是，在這個時候，尤其是在過去的幾周里，我們必須確認我們的客戶能夠收到產品，讓人們在碼頭工作來接收它。因此，我們不能只是將產品運送給他們，然後將其留在他們的碼頭上而無人問津。所以有很多類似的事情，這些都是我們需要比平時更痛苦地經歷的小實際項目。

Yes. That makes sense. I got 2 other real quick ones, if you could bear with me. The first one, just on gross margins, you mentioned that you're going to see some headwinds cost-wise from logistics. And I think you quantified that it's like 150, 200 basis points relative to calendar Q1. Is there anything else that we should think about gross margin-wise between calendar Q1 and calendar Q2, other than those logistical headwinds in costs?

是的。這就說得通了。如果你能忍受我，我還有另外 2 個真正快速的。第一個，就毛利率而言，您提到您將在物流方面看到一些成本方面的不利因素。而且我認為您量化了相對於日曆 Q1 的 150、200 個基點。除了成本方面的後勤逆風之外，我們還應該考慮日曆 Q1 和日曆 Q2 之間的毛利率嗎？

Well, yes, we had a pretty good product mix in that quarter. So we'll see what the product mix is when we get done in the second calendar quarter as well.

嗯，是的，我們在那個季度有很好的產品組合。因此，當我們在第二個日曆季度完成時，我們也會看到產品組合是什麼。

Jon, now that you're on the phone, I'm going to answer a question that you're not asking because I got nudged by someone here. And that is that I wanted to highlight that in my prepared remarks, I said that our going-forward tax rate is 20%. That's our long-term going-forward tax rate, which we're still believing will apply to 2021. But obviously, we had some favorable tax treatments in the March quarter. And for this year, we expect that because of the fact that we -- our employees can now trade their options and sell shares. We're starting to get some stock comp windfall. And also, we've been able to conclude on some old tax audits. So for this year, we think the GAAP tax rate for the full year is going to be more like in the mid-teens on a GAAP basis and maybe as low as 10% on a non-GAAP basis. So I wanted to clarify that because...

喬恩，現在你正在接電話，我要回答一個你沒有問的問題，因為我被這裡的某人推了一把。那就是我想強調的是，在我準備好的發言稿中，我說過我們的未來稅率是 20%。這是我們的長期前瞻性稅率，我們仍然相信它將適用於 2021 年。但顯然，我們在 3 月季度獲得了一些優惠的稅收待遇。今年，我們預計，因為我們 - 我們的員工現在可以交易他們的期權和出售股票。我們開始獲得一些股票補償意外之財。而且，我們已經能夠對一些舊的稅務審計得出結論。因此，對於今年，我們認為全年的 GAAP 稅率在 GAAP 基礎上將更像是在十幾歲左右，在非 GAAP 基礎上可能低至 10%。所以我想澄清一下，因為...

No, that was on my list. That was on my list. I'm glad you did it. I'm glad you did it. The last one and you'll get rid of me, the -- I understand not giving revenue guidance. I guess, the one thing I'm hoping you could talk to a little bit, I mean, you can control OpEx much more readily than you can control revenue. So I know there was a lot of onetime-y stuff in calendar Q1. But as you think about the balance of the year, can you just talk through how even qualitatively you're planning on handling OpEx until visibility improves a bit?

不，那在我的名單上。那在我的名單上。我很高興你做到了。我很高興你做到了。最後一個，你會擺脫我，我明白沒有給出收入指導。我想，我希望你能談談的一件事，我的意思是，你可以比控制收入更容易地控制運營支出。所以我知道日曆 Q1 中有很多一次性的東西。但是當你考慮今年的餘額時，你能談談你計劃如何定性地處理 OpEx，直到可見性有所提高嗎？

Yes. So we will be continuing to invest. As Charles had outlined, we're still moving to be able to grow, more so in Taiwan than others, but trying to be careful and trying to be smart as the economy reveals itself.

是的。所以我們會繼續投資。正如查爾斯所概述的那樣，我們仍在努力實現增長，在台灣比其他地方更是如此，但隨著經濟的發展，我們要小心謹慎，並努力變得聰明。

Okay. So it sounds like we shouldn't expect OpEx to come down a whole lot. Is that a fair way to summarize that?

好的。所以聽起來我們不應該期望 OpEx 會大幅下降。這是一個公平的總結方式嗎？

Yes.

是的。

(Operator Instructions) We have a follow-up from Mehdi Hosseini with SIG.

（操作員說明）我們有來自 SIG 的 Mehdi Hosseini 的跟進。

Yes. Just a couple of follow-ups. As a follow-up to the prior question regarding OpEx, Kevin, you mentioned a couple of items in your prepared remarks like a higher equity, share -- equity compensation and cash award. Can you please just highlight those items? Are those all going to be in the COGS? Or how is it split between COGS and OpEx? And beyond the June quarter, how does the OpEx look like when these onetime increase go away? And I have a follow-up.

是的。只是一些後續行動。作為關於 OpEx 的先前問題的後續行動，凱文，你在準備好的評論中提到了幾個項目，比如更高的股權、股票——股權補償和現金獎勵。能否請您突出顯示這些項目？這些都將在 COGS 中嗎？或者它如何在 COGS 和 OpEx 之間分配？在 6 月季度之後，當這些一次性增長消失時，OpEx 會是什麼樣子？我有一個後續行動。

Yes. Sure. So Mehdi, I'll step back and highlight the fact that we said that we reached out to roughly about -- shareholders that held about 45% of our shares to be able to craft these things. And so these are cash awards. But because of the fact that most of them have performance conditions, we have to use a Monte Carlo analysis to determine how to spread the expense over time. I think I mentioned that we had roughly about $10 million in expense this quarter. And in the next quarter, I think I said it was about $16 million to $17 million. And then there's going to be -- after that, I would expect that it's going to come down dramatically, and there will be a tail over the course of time that would be far less material as it goes. So that's the way that the expense would be spread. And then I highlighted the fact that there will be payments that will hit our cash balance in this June, as some of those conditions have been successfully met.

是的。當然。所以 Mehdi，我會退後一步，強調一個事實，即我們說過我們已經接觸了大約 - 持有我們大約 45% 股份的股東，以便能夠製作這些東西。所以這些都是現金獎勵。但由於它們中的大多數都有性能條件，因此我們必須使用蒙特卡羅分析來確定如何隨時間分攤費用。我想我提到過本季度我們的支出約為 1000 萬美元。在下一個季度，我想我說過大約是 1600 萬到 1700 萬美元。然後會有 - 在那之後，我預計它會急劇下降，並且隨著時間的推移會有一條尾巴，隨著時間的推移，它的重要性要小得多。這就是費用分攤的方式。然後我強調了一個事實，即今年 6 月將有一些付款會影響我們的現金餘額，因為其中一些條件已經成功滿足。

Okay. And 2 follow-ups here. The tailwind, as we look into the second half calendar year, does that imply like a single digit, like a $5 million-ish per quarter? Would that be a fair assumption for modeling purposes?

好的。這裡有 2 個跟進。順風，當我們展望下半個日曆年時，這是否意味著像個位數，比如每季度 500 萬美元？出於建模目的，這是一個公平的假設嗎？

Are you talking about OpEx growth?

您是在談論運營支出增長嗎？

No, I'm talking about the compensation. The employee compensation in the March quarter was $10 million and then $16 million to $17 million in June, and then it's going to come down. You said there is a tailwind. And for purpose of modeling, should I assume that tailwind is like a mid-single in September quarter and beyond?

不，我說的是補償。 3 月份季度的員工薪酬為 1000 萬美元，6 月份為 1600 萬至 1700 萬美元，然後會下降。你說有順風。出於建模的目的，我是否應該假設順風就像 9 月季度及以後的中期單曲？

I'm sorry. I think I've misdescribed it for you. So what I said was, is -- let me just make sure here, let me go back and refer to what I said here.

對不起。我想我對你的描述有誤。所以我說的是——讓我在這裡確認一下，讓我回去參考我在這裡所說的話。

I think you said $16 million to $17 million in June. And for March, it was $10 million.

我想你在 6 月份說的是 1600 萬到 1700 萬美元。 3 月份是 1000 萬美元。

Right. So that's about $26 million or so. And if you remember, we had estimated it to be about $35 million to $40 million. It's going to be -- in the end, it's going to be maybe not quite $35 million. Does that help you?

正確的。所以這大約是 2600 萬美元左右。如果你還記得的話，我們估計它大約是 3500 萬到 4000 萬美元。最終，它可能不會達到 3500 萬美元。這對你有幫助嗎？

Yes. And then I also want to go back to my earlier question. I was trying to figure out how the server system business tracked in the March quarter. And what should we expect in the June quarter? I didn't quite understand if it was up or down in March.

是的。然後我還想回到我之前的問題。我試圖弄清楚服務器系統業務在 3 月季度的跟踪情況。我們在 6 月季度應該期待什麼？不太明白三月份是漲還是跌。

Sorry, can you say that again?

對不起，你能再說一遍嗎？

Was the server system revenue -- total revenue minus subsystem, was it flat, up or down in the March quarter?

服務器系統收入——總收入減去子系統，在 3 月季度是持平、上升還是下降？

It was down, Mehdi. And I explained that it was driven by enterprise customers who executed on capacity projects in the fourth quarter, took a pause in the March quarter. And what I said was, is that by looking at what they're doing in the June quarter, they're coming back a little bit. Also, on that cash award comp, remember, we're non-GAAP-ing that out. Don't forget that.

它下來了，邁赫迪。我解釋說，這是由在第四季度執行產能項目的企業客戶推動的，在三月份的季度暫停了。我所說的是，通過查看他們在 6 月季度所做的事情，他們正在回歸一點點。此外，請記住，在那個現金獎勵補償上，我們是非 GAAP 的。不要忘記這一點。

Right. Sure. Okay. And I just want to go back to -- so you did increase inventory by $100-some million, and then June is typically your strongest quarter. Some of the server system that could not be shipped in March is pushed out to June. So when I look at these dynamics, it seems like your inventory should start to come down in the second half of calendar year and some -- as the supply disruption goes away. Would you agree or not?

正確的。當然。好的。我只想回到 - 所以你確實增加了 100 至 100 萬美元的庫存，然後 6 月通常是你最強勁的季度。部分3月份無法出貨的服務器系統，推遲到6月份出貨。因此，當我查看這些動態時，隨著供應中斷的消失，您的庫存似乎應該在日曆年的下半年開始下降。你同意還是不同意？

Basically, yes.

基本上，是的。

That's right.

這是正確的。

Yes. Unless in second half, coronavirus global situation really improve, and we hope so, and then our inventory had to grow again to meet the growth.

是的。除非在下半年，冠狀病毒全球形勢真的好轉，我們希望如此，然後我們的庫存必須再次增長以滿足增長。

Your next question is a follow-up from Ananda Baruah with Loop Capital.

你的下一個問題是來自 Loop Capital 的 Ananda Baruah 的跟進。

I appreciate the follow-up. Just quickly another -- it's not really a clarification but just more context again. In the prepared remarks, you guys mentioned public cloud and some of the things you're doing around public cloud. You mentioned it a couple of times. There's also a mention of cloud in the press release. So is there -- are you guys -- is there something sort of new that's going on there? It sounds like you've sort of teased it out. So I would love to understand -- well, how should we -- how do you want us to think about what's taking place there and what the exposure is?

我感謝後續行動。很快再說一次——這並不是真正的澄清，只是再次提供更多背景信息。在準備好的評論中，你們提到了公共雲以及你們圍繞公共雲所做的一些事情。你提到過幾次。新聞稿中還提到了雲。那麼有沒有 - 你們 - 那裡有什麼新的東西嗎？聽起來你有點把它弄糊塗了。所以我很想知道——好吧，我們應該如何——你希望我們如何思考那裡發生的事情以及暴露的風險是什麼？

Yes. Very good question. Indeed, the data center in cloud are not new to us. We have been always have a cloud data center business but before with limited production capacity from the U.S.A., especially. That's why we very carefully control to engage with more cloud in our large data centers. But now in the last 2 years, especially, we grow our capacity in Taiwan a lot. So now we have extra capacity and a very good product for cloud, especially private cloud as well. And now even for public cloud, we have specifically optimized solution for that. So we are kind of carefully select some customers, some partners to support them. And the volume can be big, but it will be under careful control.

是的。很好的問題。確實，雲中的數據中心對我們來說並不陌生。我們一直有云數據中心業務，但之前美國的產能有限，尤其是。這就是為什麼我們非常小心地控制在我們的大型數據中心中使用更多的雲。但現在在過去的兩年裡，特別是我們在台灣的產能增長了很多。所以現在我們有額外的容量和非常好的雲產品，尤其是私有云。現在即使是公共雲，我們也有專門優化的解決方案。所以我們會謹慎選擇一些客戶、一些合作夥伴來支持他們。音量可以很大，但會受到仔細控制。

Charles, that's helpful. And so should we think of -- sort of the incremental growth in that area, should we think of it being served out of your Taiwan capacity?

查爾斯，這很有幫助。因此，我們是否應該考慮 - 該領域的某種增量增長，我們是否應該認為它是由您的台灣能力提供的？

Can be. We hope so.

可。我們希望如此。

Okay. And I guess my next question is then, to the extent you can share, can you talk about sort of from a customer perspective, not specific names, but would you be, on a public cloud basis, providing that -- those solutions into U.S. hyperscalers, China hyperscalers? I mean China would make sense because they're being produced so closely. But any context there you can provide would be helpful, too.

好的。我想我的下一個問題是，在你可以分享的範圍內，你能從客戶的角度談談，而不是具體的名字，但你會在公共雲的基礎上，提供這些解決方案到美國嗎？超大規模，中國超大規模？我的意思是中國是有道理的，因為它們的生產非常緊密。但是您可以提供的任何上下文也會有所幫助。

Yes. Indeed, both. Indeed, in last many years, we have been always have a large cloud partner. It was just because our capacity was limited. That's why we selected to support them. But now with more capacity available, especially in Taipei, we are ready to be more aggressive to engage with them.

是的。確實，兩者都有。事實上，在過去的許多年裡，我們一直都有一個大型的雲合作夥伴。只是因為我們的能力有限。這就是我們選擇支持他們的原因。但現在有了更多可用容量，尤其是在台北，我們準備好更積極地與他們接觸。

Your next question is a follow-up from Jon Lopez with Vertical Group.

你的下一個問題是 Jon Lopez 與 Vertical Group 的後續問題。

I had 2 quick ones. The first one is, Intel made some road map changes a little earlier. And I'm wondering -- with some impacts to the early part of the year, I'm wondering did that impact you at all? Just in terms of -- I mean I know there's a whole bunch of variables you're dealing with. But did that specific variable impact either bookings visibility or anything over calendar Q1, calendar Q2?

我有兩個快速的。第一個是，英特爾早些時候對路線圖進行了一些更改。我想知道 - 對今年年初有一些影響，我想知道這對你有沒有影響？就-我的意思是我知道你正在處理一大堆變量。但是，該特定變量是否會影響預訂可見性或日曆 Q1、日曆 Q2 的任何內容？

I don't think so, not appreciably.

我不這麼認為，不是很明顯。

Okay. Great. My second one, there's sort of renewed discussion about some security measures being implemented in China. I just wanted to double check on your exposure there and -- A. And B, would you think that there's any potential impact to you, to the extent that those measures move forward?

好的。偉大的。我的第二個問題是關於中國正在實施的一些安全措施的重新討論。我只是想仔細檢查一下你在那裡的風險——A。B，你認為這些措施的實施對你有什麼潛在影響嗎？

We're not quite sure. We'll have to see.

我們不太確定。我們得拭目以待。

What's your question again?

你又想問什麼？

Oh yes, I'm sorry. There's just -- there's sort of some renewed discussion about some tightening of security and export measures between the U.S. and China that may go into effect in a couple of months, and it's sort of an IT-wide phenomenon. Yes. Yes, sorry. No, that's it.

哦，是的，對不起。只是 - 關於美國和中國之間可能在幾個月內生效的一些安全和出口措施收緊的一些重新討論，這是一種 IT 範圍內的現象。是的。是的，對不起。不，就是這樣。

Indeed, our operation have a major portion based in Silicon Valley, right, now since 20 years ago. And then we grew big capacity in Taipei since about 10 years ago. And then our capacity in Taipei has been very big. So that's why now, our major production operation business is still based in the U.S.A. and then Taipei and then some portion in Netherlands B.V., right? And in China, indeed, a portion have been very limited.

事實上，我們的業務有很大一部分位於矽谷，對吧，從 20 年前開始。從大約 10 年前開始，我們在台北的產能就很大了。然後我們在台北的容量非常大。所以這就是為什麼現在，我們的主要生產運營業務仍然在美國，然後在台北，然後一部分在荷蘭 B.V.，對吧？而在中國，確實有一部分非常有限。

That's also true of our sourcing as well, Taiwan richer maybe.

我們的採購也是如此，台灣可能更富有。

Your next question is from Aaron Rakers with Wells Fargo.

你的下一個問題來自富國銀行的 Aaron Rakers。

Two hopefully quick questions. Just back on this whole kind of manufacturing capacity and ability to kind of service more cloud customers. I know several years ago, in the past, you talked about how much actual capacity, how much systems revenue you could support with the footprint you have. Is there any way you can help us today of how much systems revenue could you support with the capacity you have in place? And how much has that expanded just with this expansion in Taipei -- or Taiwan?

兩個有希望的快速問題。剛剛回到這種製造能力和為更多雲客戶提供服務的能力。我知道幾年前，在過去，您談到了您可以用現有的足跡支持多少實際容量、多少系統收入。您今天有什麼方法可以幫助我們了解您可以用現有的能力支持多少系統收入？僅在台北或台灣的這種擴張就擴大了多少？

I can provide a rough view and picture, and Kevin maybe later can provide more detail. Basically, we have a huge expansion already in -- both in U.S.A. and Taipei. So overall, today, roughly, we have a 30% extra capacity, both U.S.A. and Taipei. And that's why we are ready to grow significantly in the telco market and even the public cloud market. And especially in Taipei, now we are very aggressively increased our operation and production and service capacity because as you know, the cost from Taipei is relatively less than 50% of Silicon Valley. So we, for sure, would like to take that advantage, and it's about right time now. So our actual growth in Taipei can be pretty big.

我可以提供一個粗略的視圖和圖片，凱文也許稍後可以提供更多細節。基本上，我們已經在美國和台北進行了大規模擴張。所以總的來說，今天，我們在美國和台北都有大約 30% 的額外產能。這就是為什麼我們準備好在電信市場甚至公共雲市場實現顯著增長。尤其是在台北，現在我們非常積極地增加我們的運營、生產和服務能力，因為如你所知，台北的成本相對低於矽谷的 50%。所以我們當然想利用這一優勢，現在正是時候。所以我們在台北的實際增長可能相當大。

Yes. So Aaron, I think that if you just take it from a revenue perspective, that could be maybe getting us to $4 billion or a little bit better. The capacity is there. Obviously, the labor capacity would be increased, as needed, over time.

是的。所以亞倫，我認為如果你只是從收入的角度來看，那可能會讓我們達到 40 億美元或更好一點。容量擺在那裡。顯然，隨著時間的推移，勞動力會根據需要增加。

$4 billion, I think we share with more conservatism. Indeed, it can be $5 billion.

40 億美元，我認為我們更保守。事實上，它可能是 50 億美元。

All right. That's all the time we have. Any closing comments from Charles and Kevin?

好的。這就是我們所有的時間。 Charles 和 Kevin 有什麼結束語嗎？

Yes. We wanted to thank all of the investors listening in today as well as the analysts. We appreciate you walking this journey through with us as we continue to go through the challenges of COVID-19. We look forward to talking to you again next quarter. And as you all know, we have our Annual Shareholders' Meeting coming up, which has a very important vote on it, related to us asking for additional shares for an equity plan that is important. And we seek your support for that.

是的。我們要感謝今天收聽的所有投資者以及分析師。感謝您在我們繼續應對 COVID-19 的挑戰時與我們一起走過這段旅程。我們期待下個季度再次與您交談。眾所周知，我們即將舉行年度股東大會，其中有一項非常重要的投票，涉及我們為一項重要的股權計劃要求額外的股份。我們為此尋求您的支持。

So Charles?

那麼查爾斯？

Thank you, everyone. We are ready to grow faster now and see you next week -- next quarter, sorry. Thank you.

謝謝大家。我們現在準備好更快地增長，下週見——下個季度，抱歉。謝謝。

Thank you for the call, operator.

謝謝你的電話，接線員。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連接。