超微電腦 (SMCI) 2020 Q2 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to the Super Micro Computer, Inc.

歡迎來到 Super Micro Computer, Inc.

Second Quarter Fiscal 2020 Earnings Conference Call.

2020 財年第二季度收益電話會議。

The company's news releases issued earlier today are available from its website at www.supermicro.com.

該公司今天早些時候發布的新聞稿可從其網站 www.supermicro.com 獲取。

(Operator Instructions) As a reminder, this call is being recorded, Thursday, February 6, 2020.

（操作員說明）提醒一下，本次通話正在錄音，時間是 2020 年 2 月 6 日，星期四。

A replay of the call will be accessible until midnight, Thursday, February 20, 2020, by dialing 1 (844) 512-2921 and entering replay PIN 9606207.

通過撥打 1 (844) 512-2921 並輸入重播密碼 9606207，可以在 2020 年 2 月 20 日星期四午夜之前重播通話。

International callers should dial in at 1 (412) 317-6671.

國際來電者應撥打 1 (412) 317-6671。

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

今天與我們同在的是董事長兼首席執行官 Charles Liang； Kevin Bauer，高級副總裁兼首席財務官；和投資者關係高級副總裁 Perry Hayes。

I would now like to turn the conference over to Mr. Hayes.

我現在想把會議轉交給海耶斯先生。

Mr. Hayes, please go ahead, sir.

海耶斯先生，請繼續，先生。

Good afternoon, and thank you for attending Super Micro's financial results conference call for the second quarter of fiscal 2020, which ended December 31, 2019.

下午好，感謝您參加 Super Micro 截至 2019 年 12 月 31 日的 2020 財年第二季度財務業績電話會議。

By now, you should have received a copy of the news release from the company that was distributed at the close of regular trading and is available on the company's website.

到目前為止，您應該已經收到公司在常規交易結束時分發的新聞稿副本，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 team of the company's website under the Events & Presentations tab.

提醒一下，在今天的電話會議中，公司將參考公司網站“活動和演示”選項卡下投資者關係團隊參與者可用的演示文稿。

We have also published management's scripted commentary on this quarter's results on our website.

我們還在我們的網站上發布了管理層對本季度業績的書面評論。

Before we start, I'll remind you that our remarks include forward-looking statements.

在我們開始之前，我會提醒您，我們的言論包含前瞻性陳述。

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

有許多風險因素可能導致 Super Micro 的未來業績與我們的預期存在重大差異。

You can learn more about these risks in the press release we issued earlier this afternoon, our most recent 10-K filing for 2019 and our other SEC filings.

您可以在我們今天下午早些時候發布的新聞稿、我們最近的 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。

All of these documents are available on the Investor Relations page of Super Micro's website.

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。

We assume no obligation to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的義務。

Most of today's presentation will refer to non-GAAP financial results and outlook.

今天的大部分介紹將涉及非 GAAP 財務結果和展望。

For an explanation of our non-GAAP financial measures, please refer to the accompanying presentation or to our press release covered earlier today.

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.

此外，GAAP 與非 GAAP 結果的對賬包含在今天的新聞稿和今天演示文稿所附的補充信息中。

At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts to ask questions.

在今天準備好的評論結束時，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, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

Over the last couple of years, the Super Micro has been continuing our journey of becoming a strong global leader of server and storage solutions.

在過去的幾年中，Super Micro 一直在繼續我們成為強大的服務器和存儲解決方案全球領導者的旅程。

We have added many new product lines and roughly doubled our operational capacity worldwide to build our products more efficiently and with high quality.

我們增加了許多新的產品線，並將我們的全球運營能力提高了大約一倍，以更高效、更優質地生產我們的產品。

Now Super Micro is the most complete company it's ever been, supporting enterprise customers and data centers with optimized solutions, plus management software and services, and providing our industry-best system building blocks to the channel.

現在，Super Micro 是有史以來最完善的公司，通過優化的解決方案、管理軟件和服務為企業客戶和數據中心提供支持，並為渠道提供我們行業最佳的系統構建模塊。

"Better, faster and greener" is what our customers demand, and it's exactly what we deliver.

“更好、更快、更環保”是我們客戶的需求，而這正是我們所提供的。

Today is also an important milestone of our company as it is our first quarter after relisting on the NASDAQ Stock Exchange.

今天也是我們公司的一個重要里程碑，因為這是我們在納斯達克證券交易所重新上市後的第一個季度。

We begin this new era for Super Micro, a stronger company with better financial and operational controls.

我們為 Super Micro 開啟了這個新時代，這是一家更強大的公司，擁有更好的財務和運營控制。

Combined with the latest technology and total solutions for our customers, we are more optimistic than ever about our business opportunities ahead.

結合為客戶提供的最新技術和整體解決方案，我們對未來的商機比以往任何時候都更加樂觀。

I can confidently say that we are back, stronger and ready for growth.

我可以自信地說，我們回來了，變得更強大並為增長做好了準備。

Before we discuss this quarter's results, let me remind our shareholders about what makes Super Micro unique in our industry.

在我們討論本季度的業績之前，讓我提醒我們的股東，是什麼讓 Super Micro 在我們的行業中獨樹一幟。

First, product innovation is our DNA.

首先，產品創新是我們的DNA。

We are the only server and storage solutions provider with a majority of our engineering, product development and final assembly based in the USA.

我們是唯一一家大部分工程、產品開發和最終組裝都在美國進行的服務器和存儲解決方案供應商。

With over 1,700 engineering staff, mostly in the heart of Silicon Valley and some worldwide, our dedicated engineering strength allows us to quickly offer the most advanced technology with the broadest range of products in our industry.

我們擁有超過 1,700 名工程人員，其中大部分位於矽谷中心地帶，部分分佈在全球各地，我們專業的工程實力使我們能夠快速提供業內最先進的技術和最廣泛的產品。

We have capitalized on the industry convergence of cloud, artificial intelligence and 5G from data center to edge.

我們利用了從數據中心到邊緣的雲、人工智能和 5G 的行業融合。

These emerging technologies enable businesses and industries to utilize the growing pools of data and data analytics.

這些新興技術使企業和行業能夠利用不斷增長的數據池和數據分析。

Super Micro's technology innovation DNA uniquely positions us to provide timely and optimized solutions to service these key high-growth markets.

Super Micro 的技術創新 DNA 使我們能夠提供及時和優化的解決方案來服務這些關鍵的高增長市場。

We are delivering world-class solutions for global enterprises.

我們正在為全球企業提供世界一流的解決方案。

From the private to the public cloud, our enterprise data center solutions have been widely deployed around the world.

從私有云到公有云，我們的企業數據中心解決方案已在全球廣泛部署。

As a certified provider of enterprise solutions from leading software applications, such as SAP, Oracle, Red Hat, to name a few.

作為 SAP、Oracle、Red Hat 等領先軟件應用程序的企業解決方案認證提供商。

We offer complete, seamless solutions based on our hardware products, service and firmware/software design capabilities.

我們基於我們的硬件產品、服務和固件/軟件設計能力提供完整、無縫的解決方案。

And finally, we are positioned to be one of the fastest-growing solution providers in the growing $100 billion server/storage market.

最後，我們有望成為價值 1000 億美元的服務器/存儲市場中增長最快的解決方案提供商之一。

Super Micro's growth strategy based on our building block solutions business model, which configures solutions directly to enterprise companies, data centers, OEMs and also indirectly through the channel.

Super Micro 的增長戰略基於我們的構建塊解決方案業務模型，該模型直接為企業公司、數據中心、原始設備製造商配置解決方案，也通過渠道間接配置解決方案。

We plan to discuss our business opportunities and strategy in more detail with investors at events later this year.

我們計劃在今年晚些時候的活動中與投資者更詳細地討論我們的商業機會和戰略。

Now turning to our Q2 results.

現在轉向我們的第二季度結果。

Our second quarter net sales were $871 million, which exceeded the high end of our initial guidance and up 9% sequentially, consistent with typical seasonal patterns.

我們第二季度的淨銷售額為 8.71 億美元，超過了我們最初指導的上限，並且連續增長 9%，與典型的季節性模式一致。

Sales were down 6.5% year-over-year, in large part due to steep declines in component pricing.

銷售額同比下降 6.5%，這在很大程度上是由於組件價格的急劇下降。

Our indirect or channel business grew to represent 51% of this quarter's revenue and grew both sequentially and year-over-year.

我們的間接或渠道業務增長到佔本季度收入的 51%，並且環比和同比均有增長。

This quarterly result follows our successful launch of improved channel partner programs.

該季度業績是在我們成功推出改進的渠道合作夥伴計劃之後發布的。

At the same time, our direct and OEM businesses also grew sequentially, with the most of the growth coming from large enterprise accounts.

與此同時，我們的直營和代工業務也環比增長，其中大部分增長來自大型企業客戶。

Other than our current market focus, we are also enhancing our product offerings to hyperscale installations with highly optimized cloud DC and mega DC product lines.

除了我們目前的市場重點外，我們還通過高度優化的雲 DC 和大型 DC 產品線來增強我們的產品供應，以支持超大規模安裝。

Here are some key product highlights.

以下是一些主要產品亮點。

We saw growth for our Rackmounts and multiple node product lines in data centers.

我們看到了數據中心機架式和多節點產品線的增長。

This quarter, Rackmounts grew sequentially primarily due to a strong growth in our Ultra platform, which was up 30% sequentially, and BigTwin, which grew over 20% quarter-on-quarter.

本季度，Rackmounts 環比增長主要是由於我們的 Ultra 平台（環比增長 30%）和 BigTwin（環比增長超過 20%）的強勁增長。

Ramping of AMD products and some other new Intel processor-based systems will help continue this strong momentum.

AMD 產品和其他一些基於英特爾處理器的新系統的推出將有助於延續這一強勁勢頭。

We saw sequential growth accelerated computing and launched multiple new GPU-based product offerings.

我們看到連續增長加速了計算，並推出了多個基於 GPU 的新產品。

Our customers choose Super Micro GPU solution over the competition because they provide the best pure performance with the fastest GPU interconnects and highest performance per dollar.

我們的客戶選擇 Super Micro GPU 解決方案而不是競爭對手，因為它們提供最佳的純性能、最快的 GPU 互連和最高的性價比。

Our 5G, Embedded and IoT solution for edge computing, telco data center and appliance also grew, and we anticipate these product lines to grow significantly later this calendar year.

我們用於邊緣計算、電信數據中心和設備的 5G、嵌入式和物聯網解決方案也在增長，我們預計這些產品線將在本日曆年晚些時候顯著增長。

We announced new additions for 5G cell tower deployments, leveraging fully configurable SuperServer to the edge, bringing standard x86 compute design to a traditional proprietary telco market.

我們宣布新增 5G 蜂窩塔部署，利用完全可配置的 SuperServer 到邊緣，將標準 x86 計算設計引入傳統的專有電信市場。

We also brought AI to the edge, combining ruggedized hardware and optimized software stacks to accelerate the most demanding AI workloads at the network edge.

我們還將 AI 引入邊緣，結合堅固耐用的硬件和優化的軟件堆棧，以加速網絡邊緣要求最苛刻的 AI 工作負載。

We continue to focus on our mission to lead the IT industry with Green Computing Solutions and resource saving platforms, including the introduction of our first 12-year longevity power supply, a new part of the disaggregated architecture.

我們繼續專注於通過綠色計算解決方案和資源節約平台引領 IT 行業的使命，包括推出我們的第一個 12 年長壽電源，這是分解架構的一個新部分。

With investor attention on ESG consideration, we anticipate increased demand for resource saving solutions.

隨著投資者對 ESG 考慮的關注，我們預計對資源節約解決方案的需求將增加。

Summarizing this quarter, we were pleased to see our revenue start to reaccelerate.

總結本季度，我們很高興看到我們的收入開始重新加速。

We are also pleased to be able to move forward this quarter as a NASDAQ traded public company.

我們也很高興能夠在本季度作為納斯達克上市公司取得進展。

We will continue to focus on transforming server and storage technologies by building upon our robust engineering fundamentals.

我們將繼續專注於通過構建我們強大的工程基礎來改造服務器和存儲技術。

Super Micro is ready to provide the best products to customers who are demanding innovation, quality, lower TCO and environmental-friendly solutions.

Super Micro 已準備好為需要創新、質量、更低 TCO 和環保解決方案的客戶提供最好的產品。

I will now turn 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，以更詳細地審查本季度的結果。

Thank you, Charles.

謝謝你，查爾斯。

Our fiscal second quarter revenue was $871 million, exceeding the upper end of our prior guidance range.

我們第二財季的收入為 8.71 億美元，超過了我們先前指導範圍的上限。

This reflects a 9% quarter-on-quarter increase from the first quarter of fiscal 2020 but a 6.5% decrease from the same quarter of last year.

這反映出與 2020 財年第一季度相比環比增長 9%，但與去年同期相比下降 6.5%。

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

系統佔總收入的 77%，系統和節點的出貨量環比和同比增長。

However, ASPs for systems fell due to declines in commodity component costs.

然而，由於商品組件成本下降，系統的平均售價下降。

Geographic performance was mixed on a challenging year-over-year comparison, with the U.S. up 3%, EMEA down 20%, and Asia 15% (sic) [16%] lower.

在具有挑戰性的同比比較中，地域表現參差不齊，美國上漲 3%，歐洲、中東和非洲地區下跌 20%，亞洲下跌 15%（原文如此）[16%]。

On a sequential basis, the U.S. market continued to be our strongest market with sequential growth of 12%.

從環比來看，美國市場繼續成為我們最強勁的市場，環比增長 12%。

However, this quarter, EMEA also grew sequentially, increasing by 12%.

然而，本季度，歐洲、中東和非洲地區也環比增長，增長了 12%。

Asia had modest sequential growth with Taiwan, Korea and other Asian countries, offsetting weakness in China.

亞洲與台灣、韓國和其他亞洲國家的環比增長溫和，抵消了中國的疲軟。

Working down the P&L, our gross margin on a GAAP and non-GAAP basis was 15.9%, 210 basis points higher than last year driven by lower key components costs as well as favorable customer, geographic and product mix.

計算損益表，我們在 GAAP 和非 GAAP 基礎上的毛利率為 15.9%，比去年高 210 個基點，這主要得益於較低的關鍵組件成本以及有利的客戶、地域和產品組合。

Q2 operating expenses increased quarter-on-quarter and year-on-year, primarily due to higher employee costs, including higher R&D expense, targeting new opportunities.

第二季度運營費用環比和同比均有所增加，這主要是由於員工成本增加，包括針對新機會的研發費用增加。

We had a strong sense of urgency to get current with our SEC filings by including the fiscal '18, '19 -- and '19 10-K audit as well as the first quarter '20 10-Q review.

我們有一種強烈的緊迫感，要通過包括 18 財年、19 財年和 19 財年的 10-K 審計以及 20 年第一季度的 10-Q 審查來了解我們向美國證券交易委員會提交的文件。

We also completed a tax restructuring project on December 1, 2019, that results in a lower corporate tax rate of approximately 20% on a go-forward basis.

我們還於 2019 年 12 月 1 日完成了一項稅收重組項目，這導致公司稅率在前進的基礎上降低了約 20%。

Concluding these 3 projects increased G&A expense by approximately $6.4 million in the December quarter as compared to the September quarter of 2019.

與 2019 年 9 月季度相比，完成這 3 個項目後，12 月季度的 G&A 費用增加了約 640 萬美元。

Other income and expense was a $1 million loss as compared to a $1 million gain last quarter, primarily related to the foreign exchange impact on our Taiwan dollar denominated term loan.

與上一季度的 100 萬美元收益相比，其他收入和支出損失 100 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。

Our tax rate for this quarter was 8% on a GAAP basis and 12% on a non-GAAP basis, both of which benefited from a release of reserves, following the conclusion of a tax audit in a foreign jurisdiction of $1.6 million.

我們本季度的稅率在 GAAP 基礎上為 8%，在非 GAAP 基礎上為 12%，兩者都受益於在外國司法管轄區完成 160 萬美元的稅務審計後儲備金的釋放。

Lastly, our share of earnings in a joint venture was a $1 million loss this quarter as compared to a $1 million gain in the previous quarter and a $1.8 million loss in the same quarter a year ago.

最後，本季度我們在一家合資企業中的收益份額為虧損 100 萬美元，而上一季度為收益 100 萬美元，去年同期為虧損 180 萬美元。

Second quarter non-GAAP diluted earnings per share totaled $0.57 per diluted share compared to $0.68 last quarter and $0.66 last year.

第二季度非 GAAP 攤薄後每股收益總計為 0.57 美元，而上一季度為 0.68 美元，去年為 0.66 美元。

Cash flow generated from operations totaled $82 million.

運營產生的現金流量總計 8200 萬美元。

After deducting for CapEx and investments of $11 million, we generated free cash flow of $71 million.

扣除 1100 萬美元的資本支出和投資後，我們產生了 7100 萬美元的自由現金流。

And our closing cash position was $309 million.

我們的期末現金頭寸為 3.09 億美元。

This quarter, our cash conversion cycle was 80 days, which is below our target of 85 to 90 days.

本季度，我們的現金轉換週期為 80 天，低於我們 85 至 90 天的目標。

Days sales outstanding was 38 days.

待售天數為 38 天。

Days payable outstanding totaled 46 days, and inventory days was 87.

應付賬款天數總計 46 天，存貨天數為 87 天。

In summary, we are pleased to see revenues reaccelerate.

總之，我們很高興看到收入重新加速增長。

We are also pleased to be able to report this quarter as a NASDAQ traded public company with stronger financial controls.

我們也很高興能夠在本季度報告為一家在納斯達克上市的上市公司，其財務控制更為嚴格。

Now turning to our outlook.

現在轉向我們的前景。

The company expects net sales for the quarter ending March 31, 2020, in a range of $770 million to $830 million.

該公司預計截至 2020 年 3 月 31 日的季度淨銷售額在 7.7 億美元至 8.3 億美元之間。

In addition to typically weaker seasonal trends, we are increasingly cautious given the unfolding impacts of the coronavirus outbreak.

除了通常較弱的季節性趨勢外，鑑于冠狀病毒爆發的影響不斷擴大，我們也越來越謹慎。

Barring further significant disruption from the outbreak, we expect this quarter to represent a trough and see constructive trends fueling healthy year-over-year growth going forward.

除非爆發造成進一步的重大破壞，否則我們預計本季度將是一個低谷，並看到建設性趨勢將推動未來健康的同比增長。

In particular, we are encouraged by a healthy customer pipeline, supported by a number of technology refreshes and product cycles in the second half of calendar 2020.

特別是，在 2020 年下半年的一系列技術更新和產品週期的支持下，我們對健康的客戶渠道感到鼓舞。

With regard to operating expenses, we will continue to invest in personnel to fuel growth.

關於運營費用，我們將繼續投資於人員以推動增長。

We are also aggressively remediating material weaknesses with the goal of full remediation by June 2020.

我們還在積極補救重大缺陷，目標是到 2020 年 6 月全面補救。

Therefore, while OpEx will decline sequentially in the March quarter, it will grow sequentially in the June and September quarter due to the audit of our financials and testing of our remediation efforts.

因此，雖然 OpEx 將在 3 月季度連續下降，但由於我們的財務審計和補救工作測試，它將在 6 月和 9 月季度連續增長。

We expect audit and remediation costs to revert to normal levels after the September quarter.

我們預計審計和補救成本將在 9 月季度後恢復到正常水平。

We also announced that we expect to incur additional charges of $35 million to $40 million in the third or fourth fiscal quarter that are onetime in nature.

我們還宣布，我們預計在第三或第四財季將產生 3500 萬至 4000 萬美元的額外費用，這些費用屬於一次性性質。

These one-time charges address residual cleanup matters from our extended blackout period.

這些一次性費用解決了我們延長的停電期的殘留清理問題。

We are taking actions to address benefits that were not be able to be realized by certain of our long-term and most dedicated key employees.

我們正在採取行動解決某些長期和最敬業的關鍵員工無法實現的福利。

Further, the Board is considering an additional retention bonus to certain employees.

此外，董事會正在考慮向某些員工發放額外的留任獎金。

And lastly, our Board is considering appropriate forms of compensation for both of these matters.

最後，我們的董事會正在考慮對這兩件事採取適當形式的補償。

Regarding the use of cash through the rest of fiscal '20, we will apply cash to completing 2 buildings, one in San Jose and the other in Taiwan, which will be completed over 2 years.

關於 20 財年剩餘時間的現金使用，我們將用現金完成兩座建築，一座在聖何塞，另一座在台灣，將在 2 年內完工。

As I mentioned earlier, we expect higher than normal costs related to audit and remediation for several more quarters.

正如我之前提到的，我們預計未來幾個季度與審計和補救相關的成本會高於正常水平。

Assuming this revenue range, we expect non-GAAP earnings per diluted share of approximately $0.35 to $0.55 for the quarter.

假設這個收入範圍，我們預計本季度非 GAAP 每股攤薄收益約為 0.35 美元至 0.55 美元。

And as a reminder, these one-time charges are not included to non-GAAP EPS range.

提醒一下，這些一次性費用不包括在非 GAAP EPS 範圍內。

In closing, let me highlight an upcoming event for the financial community.

最後，讓我強調一下金融界即將舉行的活動。

We will be attending Susquehanna's 9th Annual Technology Conference in New York City on March 12.

我們將於 3 月 12 日參加 Susquehanna 在紐約市舉行的第 9 屆年度技術大會。

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

有了這個，我會把它轉回佩里進行問答。

Thank you, Kevin.

謝謝你，凱文。

I'd just like to remind shareholders who are listening in on the call, I understand that the audio may not have been very clear.

我只想提醒正在聽電話的股東，我知道音頻可能不是很清楚。

At this point, I'll remind you that the transcript will be available on our website, in fact, is at this time.

在這一點上，我會提醒您，成績單將在我們的網站上提供，實際上，此時是。

So if you had any questions understanding part of it, please refer to the transcript.

因此，如果您對其中的部分內容有任何疑問，請參閱文字記錄。

Operator, we're now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Our first question will go to Ananda Baruah with Loop Capital.

（操作員說明）我們的第一個問題將交給 Loop Capital 的 Ananda Baruah。

Congratulations on continued progress forward.

祝賀您繼續取得進步。

This could be for both Charles and Kevin.

這可能適用於查爾斯和凱文。

Just starting with the revenue trajectory, you guys -- there's 2 comments.

剛從收入軌跡開始，你們 - 有 2 條評論。

Kevin, I believe you said Q-o-Q growth going forward, and then you also talked about, I think, in the second half of the year, a stronger R&D expense -- I'm paraphrasing here but you see revenue opportunities.

凱文，我相信你說過未來的 Q-o-Q 增長，然後你還談到，我認為，在今年下半年，研發費用會增加——我在這裡轉述，但你看到了收入機會。

And the guide for the March quarter, it was 7% to 8% at the midpoint.

而 3 月季度的指南，中點是 7% 到 8%。

So could you talk about how you'd like us to think about sequential revenue kind of tempo and trajectory in the coming quarters to the extent that you're comfortable?

那麼，您能否談談您希望我們如何在您感到舒服的情況下考慮未來幾個季度的連續收入節奏和軌跡？

Just so we can get a sense of that.

只是為了讓我們能感覺到這一點。

And then what some of those upcoming revenue opportunities are?

那麼這些即將到來的收入機會是什麼？

As we highlighted this quarter, we have costs -- or caution a little bit with the coronavirus that is out there.

正如我們在本季度強調的那樣，我們有成本——或者對那裡的冠狀病毒有點謹慎。

What I tried to convey is that once we get through this quarter and say there are no residual effects of that, then we like what we see in terms of what our new customer pipeline looks like as well as knowing that the technology refreshes [itself] at the end of the year.

我想表達的是，一旦我們度過了這個季度並說沒有殘留影響，那麼我們就會喜歡我們所看到的新客戶渠道的樣子，並且知道技術會更新[本身]在年底。

And so we don't normally give a longer-term guidance, but just giving you a little bit of color for the investment community to results.

因此，我們通常不會提供長期指導，而只是為投資界的結果提供一點色彩。

And that's the end of the calendar year?

那是日曆年的末尾？

Correct.

正確的。

Got it.

知道了。

Great.

偉大的。

And then just quickly on OpEx, if I could.

如果可以的話，然後快速使用 OpEx。

You mentioned OpEx increasing in this -- there's actually a couple of moving parts you sampled for the OpEx.

你提到了 OpEx 在這方面的增加——實際上有幾個你為 OpEx 採樣的移動部件。

You actually -- magnitude of OpEx increasing.

你實際上 - OpEx 增加的幅度。

Well, you mentioned OpEx increasing in the second half of the year.

好吧，你提到下半年 OpEx 會增加。

Can you give us a sense, just for modeling purposes out of the gate year, how you'd like us to think about magnitude?

您能否給我們一個感覺，僅出於大門年份的建模目的，您希望我們如何考慮幅度？

And then I missed the part with regards to the audit costs.

然後我錯過了關於審計成本的部分。

I think it's December quarter, it sounds like you're saying that normalizing.

我認為現在是 12 月季度，聽起來你是在說正常化。

I just want to get a sense of what we -- how we should expect impact on -- when that rolls out as well or normalizes as well.

我只是想了解一下我們——我們應該如何預期影響——何時推出或正常化。

Yes.

是的。

So let's first talk about our R&D investments.

因此，讓我們首先談談我們的研發投資。

So we mentioned that we continue to invest in R&D for future products.

所以我們提到我們繼續投資於未來產品的研發。

Another [strength] of the company is to enhance our software capabilities.

公司的另一個[優勢]是增強我們的軟件能力。

So some of that is really focused on software engineers.

所以其中一些真正專注於軟件工程師。

And we are signaling that we continue to invest here.

我們正在發出信號，表示我們將繼續在這裡投資。

As it relates to OpEx, I understand that certainly, as we really, really focused on getting compliance in this quarter, that $6.5 million is maybe not comprehended in model.

就 OpEx 而言，我知道當然，因為我們真的非常專注於本季度的合規性，模型中可能沒有包含 650 萬美元。

And so therefore, I wanted to address that thing that, when we had our audited booking concurrently on both '18, '19 as well as first quarter '20, we went through a peak and that's why I tried to call that out.

因此，我想解決的問題是，當我們在 18 年、19 年以及 20 年第一季度同時進行審計預訂時，我們經歷了一個高峰期，這就是我試圖指出這一點的原因。

So that $6.4 million, I think it is safe to model that, that will not occur in the March quarter.

因此，我認為可以安全地模擬 640 萬美元，這不會發生在 3 月季度。

And so kind of, to reset your base, so keep that in mind, and then I was trying to give you the ecology of the way audits play thereafter.

等等，重置你的基礎，所以記住這一點，然後我試圖給你審計之後發揮方式的生態學。

So therefore, we're going to be dealing in a lot of remediation activity internally.

因此，我們將在內部處理大量補救活動。

And then as funded by -- we'll be working with the audit firm for (inaudible) audit 2020 results as well as the intensity of their auditing our performance on internal control, hopefully, such that it would be remediated by 2020.

然後由 - 我們將與審計公司合作，獲得（聽不清）審計 2020 年的結果以及他們審計我們在內部控制方面的表現的強度，希望到 2020 年能夠得到補救。

So that's the shape that I tried to give you, a reset, including into the March quarter, and then kind of like increasing through to September.

所以這就是我試圖給你的形狀，一個重置，包括進入 3 月季度，然後有點像增加到 9 月。

We'll take our next question from Mehdi Hosseini with SIG.

我們將與 SIG 一起接受 Mehdi Hosseini 的下一個問題。

A couple of follow-ups.

一些後續行動。

First one is for both Charles and Kevin.

第一個是給查爾斯和凱文的。

Commodity prices are on the rise, and your OpEx is also going to increase by June and September quarter.

商品價格在上漲，您的運營支出也將在 6 月和 9 月季度增加。

You're also talking about our revenue opportunities.

你也在談論我們的收入機會。

So when I look at the trend, it seems like we shouldn't really expect any margin expansion until like a year from now or early 2021 given the commodity prices with GAAP, gross margin expansion and also increase in OpEx.

因此，當我觀察趨勢時，考慮到 GAAP 下的商品價格、毛利率擴張以及 OpEx 的增加，我們似乎不應該真正期待任何利潤率擴張，直到一年後或 2021 年初。

Am I thinking that it's the right way?

我認為這是正確的方法嗎？

Or am I missing something?

或者我錯過了什麼？

And I have a follow-up.

我有一個後續行動。

Well, I think we're always looking for ways to improve, but I think maybe the increase in commodity prices, as a margin percentage, I think I articulated that, that could be a little bit of a headwind.

好吧，我認為我們一直在尋找改進的方法，但我認為商品價格的上漲，作為保證金百分比，我想我已經明確表示，這可能會有點不利。

So I think you're on track there.

所以我認為你已經走上正軌了。

(inaudible) quarter, maybe 2] years ago.

（聽不清）季度，也許 2] 年前。

We start with investing much more in Korea.

我們從在韓國投資更多開始。

So Super Micro Computer provide most of total solution through our enterprise customer.

所以超微電腦通過我們的企業客戶提供大部分的整體解決方案。

And unlike 10 years ago, we pretty (inaudible).

與 10 年前不同，我們很漂亮（聽不清）。

So we can (inaudible) as a total solution company.

所以我們可以（聽不清）作為一家整體解決方案公司。

And this (inaudible) we are adding more value to our product.

這（聽不清）我們正在為我們的產品增加更多價值。

Sure.

當然。

And that's actually a good point.

這實際上是一個好點。

And it leads to my second question, just for Charles.

這就引出了我的第二個問題，只針對查爾斯。

It's good that you're not currently (inaudible) NASDAQ, and there's significant growth opportunity.

很高興您目前不是（聽不清）納斯達克，並且有很大的增長機會。

And hopefully, we get the margin expansion like this year and next year.

希望我們能像今年和明年那樣實現利潤率擴張。

But can you share with us, Charles, what are you doing to improve governance?

但是，Charles，你能和我們分享一下你在做什麼來改善治理嗎？

What are you doing so that as you grow the business?

隨著業務的發展，您正在做什麼？

There's also checks and balances that would help with increased confidence and -- so that we could look forward and the path would be just a rear view ?

還有有助於增強信心的製衡機制，並且——這樣我們就可以向前看，而道路只是後視？

Yes.

是的。

That is why we are saying -- I mean, in (inaudible) we start to invest more and more in the firmware, software solutions.

這就是為什麼我們要說——我的意思是，在（聽不清）我們開始越來越多地投資於固件、軟件解決方案。

So we are ready to focus much more on the enterprise, including governance and some other mission-critical patent.

因此，我們準備好更多地關注企業，包括治理和其他一些關鍵任務專利。

So from this point of view, we feel very comfortable to grow our business both in OEM and in (inaudible).

因此，從這個角度來看，我們對在 OEM 和（聽不清）方面發展我們的業務感到非常自在。

Sure.

當然。

That's well understood.

這很好理解。

But what are the key checks and balances that you put in place?

但是，您實施的關鍵制衡措施是什麼？

So as you grow, there's also a more systematic approach in scaling the business so that the top line and bottom line are consistent.

因此，隨著您的成長，還有一種更系統的方法來擴展業務，從而使頂線和底線保持一致。

Kevin, (inaudible).

凱文，（聽不清）。

Yes.

是的。

Sure.

當然。

So maybe, I think I can share with you that Charles has been very, very forward and very supportive in terms of investing in the (inaudible) and ensuring that, for instance, the internal audit and the compliance group are all joined at the hip.

所以也許，我想我可以和你分享一下，查爾斯在投資（聽不清）和確保例如內部審計和合規小組都齊心協力方面一直非常、非常積極和非常支持.

And I will tell you that now with Don at the helm at sales and Alex being our COO, the communication of -- in training across the entire organization is light years ahead of what it was a year or 2 ago.

我會告訴你，現在唐掌管銷售，亞歷克斯擔任我們的首席運營官，整個組織的培訓溝通比一兩年前提前了光年。

And to give you a little bit of color, I think, just this quarter, we were very enhanced in terms of the way that we closed this quarter and being very interactive with the operational people to understand everything that's going on to make sure that we are fully aware of what impacts the financials.

我想給你一點顏色，就在這個季度，我們在本季度結束的方式方面得到了很大的改進，並且與運營人員進行了非常互動，以了解正在發生的一切，以確保我們充分了解影響財務狀況的因素。

And so Charles certainly helps us make sure that we have all the resources to be able to do that.

因此，Charles 肯定會幫助我們確保我們擁有能夠做到這一點的所有資源。

As you know, we have other remediation efforts that we need to attend to.

如您所知，我們還有其他需要處理的補救措施。

We brought on a wonderful [AP] chair that has helped us in terms of helping to get and understand ideas of how an apps deal company needs to perform revenue on a daily basis as well as follow up with requisite investments in IT.

我們聘請了一位出色的 [AP] 主席，幫助我們了解應用程序交易公司需要如何每天實現收入以及跟進必要的 IT 投資的想法。

So there's a lot going on in the ecosystem there].

所以那裡的生態系統中發生了很多事情]。

Yes.

是的。

Especially the SAP system has been much mature than 2 years ago or 3 years ago.

尤其是SAP系統，比2年前、3年前已經成熟很多。

And we're now adding operational (inaudible).

我們現在正在添加操作（聽不清）。

I would have to say, we pretty much double our (inaudible) in compliance and financial department compared with 2 years ago.

我不得不說，與 2 年前相比，我們在合規和財務部門的（聽不清）幾乎翻了一番。

So all of those kind of dramatically improved our operations and financial function.

因此，所有這些都極大地改善了我們的運營和財務功能。

Then we'll move on to our next question from Aaron Rakers with Wells Fargo.

然後我們將繼續討論富國銀行的 Aaron Rakers 的下一個問題。

Congratulations on being out on the results.

恭喜你出局了。

And so kind of building on Mehdi's question.

以Mehdi 的問題為基礎。

I'm just curious, I heard the comment in the prepared remarks about positive views on the pipeline of opportunities looking through the course of this year.

我只是好奇，我在準備好的評論中聽到了關於對今年的機會管道的積極看法的評論。

And I guess the simple question of that is, kind of how would you define pipeline?

我想這個問題很簡單，你會如何定義管道？

How has the methodology around looking at the pipeline changed?

圍繞查看管道的方法有何變化？

And then again, what is pipeline to you guys given, obviously, the nature of your business, it's fairly turns-oriented?

再一次，考慮到你們的業務性質，你們的管道是什麼，它是面向輪流的？

I'm just curious of how you -- what underlies the comment as we look forward, and I do have a follow-up.

我只是很好奇你如何 - 我們期待評論的基礎是什麼，我確實有後續行動。

Yes.

是的。

So I think it's probably pretty traditional in that the pipeline that I was referring to was really the targeted customers that we're trying to obtain and understanding that -- what is in front of us and the level of efforts that we find to land new customers.

所以我認為這可能是非常傳統的，因為我所指的管道實際上是我們試圖獲得併理解的目標客戶——擺在我們面前的是什麼，以及我們為獲得新客戶所做的努力程度顧客。

So sometimes pipeline is referred to growing backlog and all those kind of things, which is not our business.

所以有時管道指的是不斷增長的積壓和所有這些事情，這不是我們的事。

What we're talking about is landing new customers.

我們正在談論的是吸引新客戶。

Especially (inaudible), we start to have a more enterprise accounts.

特別是（聽不清），我們開始擁有更多的企業帳戶。

So those enterprise and large accounts in the area continues by the products and commerce (inaudible) distribution and regular data center.

因此，該地區的那些企業和大客戶繼續通過產品和商業（聽不清）分銷和常規數據中心。

They change vendor kind of more (inaudible).

他們更多地改變供應商（聽不清）。

Okay.

好的。

And then the follow-up question is kind of tied to the pipeline commentary, is that as you move through the course of 2020, there seems to be a little bit of a different cadence to kind of server cycle dynamics.

然後後續問題與流水線評論有關，在 2020 年的過程中，服務器週期動態的節奏似乎有點不同。

And it's particularly around the cadence of Intel's product cycles, what that means for your business.

特別是圍繞英特爾產品週期的節奏，這對您的業務意味著什麼。

So how do you see -- there's a lot of discussion out there around Cascade Lake and the ramp of that going to Cooper Lake, and whether or not there could be any kind of delays on Icelake.

所以你怎麼看——圍繞喀斯喀特湖和通往庫珀湖的斜坡有很多討論，以及 Icelake 是否會有任何形式的延誤。

How do you see the cadence of kind of the server CPU cycle through the course of this year?

您如何看待今年服務器 CPU 週期的節奏？

And how relevant has AMD as compared (inaudible) in the context of your business?

在您的業務背景下，AMD 與（聽不清）的相關性如何？

Yes.

是的。

I mean obviously, AMD is growing quickly, and NPLs are more dynamic new product.

我的意思是，很明顯，AMD 正在快速增長，而不良貸款是更具活力的新產品。

So basically -- by the way, when they have new technology, new generation products always outperform the older product.

所以基本上 - 順便說一句，當他們擁有新技術時，新一代產品總是優於舊產品。

So we have a very strong engineering team and fully focused on delivering the new economies in the market.

因此，我們擁有一支非常強大的工程團隊，並完全專注於在市場上提供新的經濟體。

So taking AMD alone (inaudible), we are well prepared.

因此，僅就 AMD（聽不清）而言，我們已做好充分準備。

And that's why we believe (inaudible) on this calendar year and next year, I believe we will have a big chance to build much faster.

這就是為什麼我們相信（聽不清）在這個日曆年和明年，我相信我們將有很大的機會建立得更快。

And just to slip in one other question.

只是為了提出另一個問題。

How quickly can you pass-through your upward pricing on the component front?

您能以多快的速度通過組件前端的向上定價？

Your question again?

又是你的問題？

How -- as we look at component pricing potentially moving higher, I guess, particularly around DRAM, as we move through the course of this year, how do I think about your guys' ability to pass through pricing on the way up?

我想，當我們看到組件定價可能會走高時，尤其是圍繞 DRAM，隨著我們今年的發展，我如何看待你們在上漲過程中通過定價的能力？

And obviously, it's had an impact on ASPs on the way down.

顯然，它對下降的 ASP 產生了影響。

But as pricing comes back, how quickly do I think in your business model, you pass that back through from a pricing perspective?

但是隨著定價的回歸，我認為在你的商業模式中，你會以多快的速度從定價的角度將其傳遞回來？

Okay.

好的。

Basically, we have a much stronger relationship with our vendor already.

基本上，我們已經與供應商建立了更牢固的關係。

And so pretty much, we are able to be deflect any price to our customers.

所以幾乎，我們能夠將任何價格轉移給我們的客戶。

So that overall effect should be (inaudible).

所以整體效果應該是（聽不清）。

You're trying to understand the delay, and I think there is always a delay, but we try to be very nimble in that.

你試圖理解延遲，我認為延遲總是存在的，但我們試圖在這方面非常靈活。

And we (inaudible).

而我們（聽不清）。

And then move on to our next question from Nehal Chokshi with Maxim Group.

然後繼續我們來自 Maxim Group 的 Nehal Chokshi 的下一個問題。

Congratulations on a really strong cash from operations quarter.

祝賀運營季度的現金非常強勁。

Looks like the drivers were across the board in terms of cash conversion cycle.

看起來驅動程序在現金轉換週期方面是全面的。

Should -- is this now at a level where you expect it to be?

應該 - 現在是否處於您期望的水平？

Or did you guys actually over-index a little bit on the construction of the cash conversion cycle?

還是你們實際上對現金轉換週期的構建有點過度索引？

Yes, I think we had a good quarter.

是的，我認為我們有一個很好的季度。

And I did refer to fact that it was better than what our near-term target range was.

我確實提到了它比我們的近期目標範圍更好的事實。

I -- like every watermark, I'm not sure it will be there because -- forever because we have seasonalities that we have to live with.

我——喜歡每一個水印，我不確定它是否會存在，因為——永遠存在，因為我們必須忍受季節性。

But I think what we'll do now is kind of revisit our target.

但我認為我們現在要做的是重新審視我們的目標。

And over the course of time to be -- that project can be shifted, so a little bit better performance, and we'll give an update on that.

隨著時間的推移 - 該項目可以轉移，因此性能會更好一些，我們將對此進行更新。

Okay.

好的。

And I apologize if this has been asked earlier, I am having trouble hearing you guys clearly.

如果之前有人問過這個問題，我深表歉意，我無法清楚地聽到你們的聲音。

But did you guys give any metrics on the large enterprise customer segment?

但是你們有沒有給出關於大型企業客戶群的任何指標？

No, we did not.

我們沒有。

We broke it down basically, in terms of our direct and our indirect channel.

我們基本上將其分解為直接渠道和間接渠道。

Okay.

好的。

I've got a couple more questions.

我還有幾個問題。

On the performance within the quarter, obviously, you guys did -- came in just above the high end of your guidance.

關於本季度的表現，很明顯，你們做到了——剛好高於你們指導的上限。

So that's great to see.

所以很高興看到。

What do you think was the delta rolls with your performance?

你認為你的表現的增量是什麼？

Do you think it was the industry perform better?

您認為是行業表現更好嗎？

Or you guys performed better than what you had expected?

或者你們的表現比預期的要好？

And then relative to the prior few quarters, Super Micro revenue year-over-year growth had been underperforming the industry.

然後相對於前幾個季度，超微的收入同比增長一直落後於行業。

Do you have a sense as far as how you guys did perform relative to the industry for the December quarter?

您是否了解你們在 12 月季度相對於行業的表現如何？

Yes.

是的。

We see the -- before, we always grew much faster than the industry.

我們看到 - 以前，我們的增長總是比行業快得多。

(inaudible) see a slowdown.

（聽不清）看到放緩。

Now it's time to get back to faster growth again.

現在是時候再次恢復更快的增長了。

So we expect that we will be able to grow a better (inaudible) industry..

所以我們希望我們能夠發展一個更好的（聽不清）行業..

Is that what's embedded in the March Q guidance?

這是 March Q 指南中嵌入的內容嗎？

I'm sorry, your question was a little muffled.

對不起，你的問題有點含糊。

Can you repeat it?

你能重複一遍嗎？

Yes.

是的。

Charles mentioned that expect to grow faster than the industry going forward.

查爾斯提到，預計未來的增長速度將超過行業。

Now, is that embedded in the March Q guidance?

現在，它是否包含在 March Q 指南中？

I mean, March is a very difficult quarter.

我的意思是，三月是一個非常困難的季度。

I think we're talking about beyond the March quarter, just given all of the macro dynamics that we talked about.

我認為我們討論的是三月季度之後的情況，考慮到我們討論的所有宏觀動態。

Okay.

好的。

Good.

好的。

And then could you comment particularly on -- you did mention that geographic performance was uneven, but what was the reason behind that?

然後你能否特別評論 - 你確實提到地域表現參差不齊，但背後的原因是什麼？

Was that industry or Super Micro specific?

那個行業或超微是特定的嗎？

I think -- we haven't seen everyone else in the industry breakout.

我認為——我們還沒有看到行業突破中的其他人。

We haven't compared it necessarily.

我們不一定比較過。

But in Europe, I think we will go soft from data center customers.

但在歐洲，我認為我們會從數據中心客戶那裡走軟。

We'll now take our next question from Jon Lopez with Vertical Group.

我們現在將接受 Jon Lopez 和 Vertical Group 的下一個問題。

I have 3. I hope you can bear with me.

我有3個。希望你能忍受我。

The first one, the deferred revenue continues to grow a lot, and it's like comfortably over $200 million.

第一個，遞延收入繼續大幅增長，超過 2 億美元。

Can you just remind us like what's driving that?

你能提醒我們這是什麼原因嗎？

And then does that yield you any different or better visibility looking forward than was the case before the deferred balance really starting to come up?

那麼與遞延餘額真正開始出現之前的情況相比，這是否會給您帶來任何不同或更好的可見性？

Yes.

是的。

So I think first and foremost, it's good that we're starting to get stronger service business.

所以我認為首先，我們開始獲得更強大的服務業務是件好事。

Certainly, when you're attacking enterprise customers who want that white glove performance or rather expectations, that helped do that.

當然，當你攻擊那些想要白手套性能或期望的企業客戶時，這有助於做到這一點。

So it is a little bit of a proxy build out . There's a lot when we add on in that deferred service revenue in terms of the length of contracts that people are signing up for.

所以它有點像代理構建。當我們根據人們簽訂的合同期限增加遞延服務收入時，會有很多。

Also pricing over the course of time ends up being in the service revenue line item as well.

隨著時間的推移，定價最終也會出現在服務收入項目中。

But I think you're right in terms of it growing is a healthy thing for Super Micro.

但我認為你說得對，增長對 Super Micro 來說是一件健康的事情。

And what I said in past calls is that, so far, it is a small number from a revenue perspective, but it hopefully will be giving us some buffer in the margin area as time goes by.

我在過去的電話會議上說過，到目前為止，從收入的角度來看，這是一個很小的數字，但隨著時間的推移，它有望為我們在利潤率領域提供一些緩衝。

So it's all just a big directional client for Super Micro, and is a proof point to a certain degree, of the increase in software and service profit for the company that Charles outlined earlier.

因此，這只是 Super Micro 的一個大定向客戶，並且在一定程度上證明了 Charles 先前概述的公司軟件和服務利潤的增加。

Yes.

是的。

And at this stage, we started to service (inaudible) more than [15% here].

在這個階段，我們開始服務（聽不清）超過 [15% here]。

So we believe the [trend will continue] for next many years to come.

因此，我們相信未來很多年 [trend will continue]。

All right.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

My second one, if we just look at the December quarter, I don't have the exact numbers here, but if I kind of ballpark your commentary, it looks like the nonservice systems business, that's subsystems and accessories segment, was up a lot.

我的第二個，如果我們只看 12 月的那個季度，我這裡沒有確切的數字，但如果我大致估計一下你的評論，看起來非服務系統業務，即子系統和配件部分，增長了很多.

A, drive that right.

A，正確駕駛。

And b, like what was driving that to kind of a disproportionately high level of growth relative to service systems?

b，就像是什麼推動了它相對於服務系統的不成比例的高水平增長？

So yes, this indirect channel was higher than what we've typically seen.

所以是的，這個間接渠道比我們通常看到的要高。

I just want to call out, though, that both the direct and OEM business and the indirect channel business both grew sequentially.

不過，我只想指出，直接和 OEM 業務以及間接渠道業務都在連續增長。

The indirect channel, we've had a number of programs that we've launched in support of the channel.

間接渠道，我們已經推出了許多支持該渠道的計劃。

That, I think, has been helpful.

我認為這很有幫助。

Also, we've seen that the channel also includes the logistic part where we sell subsystems, but it also includes bars we have some larger customers buying systems from them.

此外，我們已經看到該渠道還包括我們銷售子系統的物流部分，但它還包括我們有一些更大的客戶從他們那裡購買系統的酒吧。

So that's primarily what we sell, larger purchases through the indirect channel from some of our larger customers.

因此，這主要是我們通過間接渠道從我們的一些大客戶那裡購買的主要產品。

Yes.

是的。

So I think the key thing there that Perry kind of broke out a little bit is that one cannot make a direct connection to systems versus subsystems and channel versus direct.

因此，我認為 Perry 有點突破的關鍵是，人們無法直接連接到系統與子系統以及渠道與直接連接。

It is quite a bit of a mix in there.

裡面混雜了很多。

That makes sense.

這就說得通了。

Just thinking about the March, I'm not looking for segment guidance, but would you expect that growth rate to kind of normalize between the 2 segments looking into March?

想想 3 月份，我不是在尋找細分市場指導，但你是否預計 3 月份的兩個細分市場之間的增長率會正常化？

I think we'll see contribution from those probably in the same degree.

我認為我們會看到那些可能在相同程度上做出的貢獻。

Yes.

是的。

That would be a sequential comment.

那將是一個順序評論。

We might see the same kind of mix shift when we compare year-over-year, however.

然而，當我們逐年比較時，我們可能會看到同樣的混合變化。

Okay.

好的。

Got you.

明白了

The last one, I'm hoping to come back to the OpEx real quick because there's a lot of moving pieces here, but if I could just ask it this way.

最後一個，我希望能夠真正快速地回到 OpEx，因為這裡有很多移動的部分，但如果我可以這樣問的話。

The March quarter, it looks like you're guiding us to something in like the high 80s on a non-GAAP basis.

3 月季度，您似乎正在引導我們在非 GAAP 基礎上達到 80 年代的高點。

From there, what level of increase should we expect for the balance of the year?

從那裡，我們應該期望今年餘額的增長水平是多少？

And is there just -- I'm trying to pause so we see it qualitatively.

只是——我想暫停一下，以便我們定性地看待它。

Is there a scenario where Opex actually declines from the calendar third to the calendar fourth as some of these onetime things move to completion?

是否存在 Opex 實際上從日曆第三下降到日曆第四的情況，因為其中一些一次性的事情正在完成？

Well, I'm glad you asked that question because you've misinterpreted what I said.

好吧，我很高興你問了這個問題，因為你誤解了我的話。

We had OpEx and non-GAAP OpEx in the quarter be a little over $100 million, right?

我們本季度的運營支出和非 GAAP 運營支出略高於 1 億美元，對嗎？

And so what I tried to say is that $6.5 million will (inaudible) what we will come off for the March quarter.

因此，我想說的是，650 萬美元將（聽不清）我們將在 3 月季度實現的目標。

So strip off $6.5 million.

所以剝離 650 萬美元。

And then from that new baseline, we would have some trending upward expense than that.

然後從那個新的基線開始，我們會有一些比這更高的費用。

So you already asked that one.

所以你已經問過那個了。

Okay.

好的。

And sorry, just the last part of that, is there -- are you guys embedding some kind of like interim peak here in the middle to late part of the second, third quarter that then declines into the fourth?

抱歉，只是最後一部分，你們是不是在第二、第三節的中後期嵌入了某種類似的臨時高峰，然後下降到第四節？

Or we'll just continue to ramp through the year?

或者我們將繼續增加這一年？

So it'll be continuing to ramp.

所以它會繼續上升。

And then actually first quarter '21, I think, would be a peak from an audit cost perspective.

然後實際上，我認為，從審計成本的角度來看，21 年第一季度將達到頂峰。

First quarter calendar '21?

21 年第一季度日曆？

Yes.

是的。

That's when the bulk of the work of the audit is done on June the 5th.

那是在 6 月 5 日完成大部分審計工作的時候。

(Operator Instructions) We'll take our next question from Ananda Baruah with Loop Capital.

（操作員說明）我們將接受來自 Loop Capital 的 Ananda Baruah 的下一個問題。

So I just want to (inaudible) that I was speaking in fiscal quarter near the ending.

所以我只想（聽不清）我在接近尾聲的財政季度發表講話。

1Q '21 would be September of 2020.

1Q '21 將是 2020 年 9 月。

Cool.

涼爽的。

And Kevin, just sort of sticking with that theme.

凱文，只是堅持這個主題。

This is a -- more of a -- definitely calendar '21 -- calendar -- sort of calendar '21 going to calendar '22 question.

這是一個——更像是一個——絕對是 21 年日曆——日曆——有點像 21 年日曆到 22 年日曆的問題。

More philosophically about how we should think of -- how you would like to think about business model evolution, one, what sort of all the audit costs have rolled off?

更哲學地關於我們應該如何思考——你想如何思考商業模式的演變，第一，所有審計成本中有哪些已經減少了？

And you have these new programs running.

你有這些新程序在運行。

And how would you like us to think about the sort of op margin, not guidance, but sort of leveraging the model, how you guys are thinking about anecdotally and philosophically funding -- funding new programs, it sounds like you have at least a handful of things you're pretty excited about right now.

你希望我們如何考慮運營利潤率，而不是指導，而是利用模型，你們如何從軼事和哲學上思考資助——資助新項目，聽起來你們至少有幾個你現在非常興奮的事情。

What's the right way for us to think about as we think about calendar '21 and moving towards normalized in different (inaudible)?

當我們考慮日曆 '21 並朝著不同的（聽不清）規範化邁進時，我們應該考慮的正確方法是什麼？

Yes.

是的。

It's a little bit mature -- premature for us to be able to call that out right now.

它有點成熟——我們現在就可以說出來還為時過早。

In our interactions in the past quarter or so, we've mentioned that now that we're back on the market, but we might take a little bit of time redescribing the company and preparing for an Analyst Day in which we would then present a model going forward.

在我們過去一個季度左右的互動中，我們已經提到，現在我們又回到了市場上，但我們可能會花一點時間重新描述公司並準備分析師日，然後我們將在其中展示前進的模式。

So I'm not quite ready to answer that question, please.

所以我還沒準備好回答這個問題，拜託。

Okay.

好的。

Got it.

知道了。

Are you -- have you guys decided upon doing an Analyst Day at some point this year?

你們 - 你們決定在今年的某個時候舉辦分析師日嗎？

Yes.

是的。

We've kind of said late spring, early summer.

我們有點說晚春，初夏。

Okay.

好的。

And we would do it -- we would do so in New York.

我們會這樣做——我們會在紐約這樣做。

Excellent.

出色的。

I often look forward to it.

我經常期待它。

As you may know, right?

你可能知道，對吧？

I mean, from (inaudible) last year, previous, we see a Super Micro (inaudible) and extend our business through a total solution, not like the 5 years ago from the (inaudible) hardware company.

我的意思是，從去年（聽不清）開始，我們看到了 Super Micro（聽不清）並通過整體解決方案擴展了我們的業務，而不是像 5 年前（聽不清）硬件公司那樣。

So now we are moving to not just hardware company, but total solution, including firmware, software and service.

所以現在我們不僅僅是硬件公司，而是整體解決方案，包括固件、軟件和服務。

So there, we're putting more value to our business.

因此，我們正在為我們的業務賦予更多價值。

And we'll take our next question from Nehal Chokshi.

我們將從 Nehal Chokshi 那裡接受下一個問題。

Yes.

是的。

On your last slide of your presentation deck, you have 3.0 solutions, management software and then global services and support that's been driving us for the past 3 years.

在您演示文稿的最後一張幻燈片上，您擁有 3.0 解決方案、管理軟件以及過去 3 年一直推動我們發展的全球服務和支持。

What is the level of your global service and support personnel to date?

迄今為止，您的全球服務和支持人員的水平如何？

Our global support team is getting stronger, too.

我們的全球支持團隊也變得越來越強大。

Kind of -- it's not like -- in terms of hardware, we feel we are more completed system, higher value, even improving our security management feature and kind of the whole cloud in those pipeline.

有點——不像——在硬件方面，我們覺得我們是更完整的系統，更高的價值，甚至改進了我們的安全管理功能和那些管道中的整個雲。

And other than that, we started overall inside the (inaudible) in some other (inaudible).

除此之外，我們在其他一些（聽不清）中從總體上開始（聽不清）。

Okay.

好的。

Could you give any commentary as far as how large is the global support staff at this point in time?

您能否就目前全球支持人員的規模發表評論？

Yes.

是的。

We don't have that number on our fingertips.

我們手頭沒有那個數字。

But what I can tell you is there are some reasons that we work with partners through our offices as well.

但我可以告訴你的是，我們也通過我們的辦公室與合作夥伴合作是有一些原因的。

So our strategy has been work with partners in new markets and then (inaudible) where we have scale, so to speak.

因此，我們的戰略是與新市場的合作夥伴合作，然後（聽不清）我們有規模的地方，可以這麼說。

So I think (inaudible) next time.

所以我想（聽不清）下次。

I think they're providing that there's going to be (inaudible) becomes more meaningful for the company.

我認為他們提供的是（聽不清）對公司更有意義。

And it appears at this time, we have no further questions.

而現在看來，我們沒有進一步的問題了。

At this time, I'd like to turn the conference back over to Mr. Liang for any additional or closing remarks.

此時，我想將會議轉回給梁先生，聽取任何補充或結束髮言。

Yes.

是的。

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

感謝您今天加入我們，祝您玩得愉快。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude the Super Micro Second Quarter Fiscal 2020 Earnings Conference Call.

女士們，先生們，超微 2020 財年第二季度收益電話會議到此結束。

We do appreciate your participation.

我們非常感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。