超微電腦 (SMCI) 2020 Q1 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.

First Quarter Fiscal 2020 Business Update Conference Call.

2020 財年第一季度業務更新電話會議。

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) Afterwards, securities and analysts will be invited to participate in a question-and-answer session, but the entire call is open to all participants on a listen-only basis.

（接線員說明）之後，證券和分析師將被邀請參加問答環節，但整個電話會議以只聽的方式向所有參與者開放。

As a reminder, this call is being recorded, Thursday, November 14, 2019.

提醒一下，本次通話將於 2019 年 11 月 14 日星期四進行錄音。

A replay of the call will be accessible until midnight, Thursday, November 28, 2019, by dialing 1 (844) 512-2921 and entering replay PIN 9981371.

通過撥打 1 (844) 512-2921 並輸入重播密碼 9981371，可以在 2019 年 11 月 28 日星期四午夜之前重播通話。

International callers should dial 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。

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

現在我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 Business Update Conference Call for the First Quarter Fiscal 2020, which ended September 30, 2019.

下午好，感謝您參加 Super Micro 於 2019 年 9 月 30 日結束的 2020 財年第一季度業務更新電話會議。

During today's conference call, Super Micro will address the company's preliminary financial results for the first quarter of fiscal year 2020 and the company's efforts to become current with its remaining SEC filings.

在今天的電話會議上，Super Micro 將討論公司 2020 財年第一季度的初步財務業績，以及公司為與剩餘的美國證券交易委員會文件保持同步所做的努力。

References to any financial results are preliminary and subject to change based on finalized results contained in future filings with the SEC.

對任何財務結果的引用都是初步的，可能會根據未來向美國證券交易委員會提交的文件中包含的最終結果進行更改。

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。

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 2017 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 2017 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 those 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.

今天的大部分演講將提及非 GAAP 財務結果和展望。

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 Charles Liang

Thank you, Perry, and good afternoon, everyone.

謝謝佩里，大家下午好。

Our first quarter revenue will be in the range of $788 million to $798 million, which exceeds the midpoint of our quarterly guidance of $780 million.

我們第一季度的收入將在 7.88 億美元至 7.98 億美元之間，超過了我們 7.8 億美元的季度指引的中點。

Our non-GAAP gross margin was in the range of 16.1% to 16.3%.

我們的非美國通用會計準則毛利率在 16.1% 至 16.3% 之間。

Non-GAAP earnings per share was in the range of $0.61 to $0.65 compared to the range of $0.66 to $0.70 last year and a range of $0.57 to $0.61 last quarter.

非美國通用會計準則每股收益在 0.61 美元至 0.65 美元之間，而去年為 0.66 美元至 0.70 美元，上季度為 0.57 美元至 0.61 美元。

Systems revenue was approximately 80% of total revenue.

系統收入約佔總收入的 80%。

System ASPs were lower year-over-year due to lower memory and SSD pricing, which impacted revenue.

由於內存和 SSD 定價較低，影響了收入，系統平均售價同比下降。

We see continued demand in the channel.

我們看到渠道中有持續的需求。

We are appraised of our portfolio and first-to-market innovation, allow our partners to offer application optimized solutions to their customers.

我們對我們的產品組合和率先上市的創新進行了評估，使我們的合作夥伴能夠為其客戶提供應用優化的解決方案。

In addition to seasonality in the September quarter, there were several factors impacting our top line revenues.

除了 9 月季度的季節性因素外，還有幾個因素影響了我們的收入。

And overall industry-wide slowdown due to economic uncertainty.

由於經濟的不確定性，整個行業都在放緩。

Some push in purchasing from major data centers happened and pricing detaches on key components using our systems.

從主要數據中心購買的一些推動發生了，並且使用我們系統的關鍵組件的定價分離。

As we quote by our PR and industry analysts, server revenue has been down in 2019, so that trend continued for our business in last September quarter.

正如我們的公關和行業分析師引用的那樣，2019 年服務器收入一直在下降，因此我們的業務在去年 9 月這個季度繼續保持這種趨勢。

However, as we reached the end of this quarter, we begun to see signals of stabilization and early signs of seasonal strength from our key customers, and we began increasing our inventory to take advantages or opportunities.

然而，當我們到了本季度末時，我們開始從主要客戶那裡看到穩定的信號和季節性強勁的早期跡象，我們開始增加庫存以利用優勢或機會。

Super Micro has long [known] that application optimized products will maximize our growth.

Super Micro 早就 [知道] 應用優化產品將使我們的增長最大化。

We continue to develop new products and solution offerings across major servers and storage markets, including total solution, AI machine learning, 5G, IoT and data centers.

我們繼續在主要服務器和存儲市場開發新產品和解決方案，包括整體解決方案、人工智能機器學習、5G、物聯網和數據中心。

Combining the advantages that were introduced to our green computing and resource savings platform.

結合引入我們的綠色計算和資源節約平台的優勢。

We delivered completed solution offerings with Red Hat, VMWare, NVIDIA and SAP, providing certified and tested configurations that can reduce risk and accelerate ROI for our customers.

我們與 Red Hat、VMWare、NVIDIA 和 SAP 一起交付了完整的解決方案產品，提供經過認證和測試的配置，可以為我們的客戶降低風險並加快投資回報。

Our [outlined] (inaudible) hyper-converged infrastructure continue to be the most optimized solution for new generation solid customers, delivering the best-in-class features, support hot-swappable NVMe, flexible I/O and high TDP of Intel second-generation Xeon Scalable processors.

我們的[概述]（聽不清）超融合基礎設施仍然是面向新一代實體客戶的最優化解決方案，提供一流的功能，支持熱插拔 NVMe、靈活的 I/O 和英特爾第二的高 TDP-一代至強可擴展處理器。

With SAP, we delivered [the 2 new] 4-way SuperServer as part of our Intel Select Solutions, with up to 12 terabyte of memory, that brings the power and cost saving of Intel data center system memory to the SAP HANA platforms.

借助 SAP，我們交付了 [2 個新的] 4 路超級服務器，作為我們英特爾精選解決方案的一部分，內存高達 12 TB，這為 SAP HANA 平台帶來了英特爾數據中心系統內存的功能和成本節約。

We collaborate with NVIDIA on an EGX solution, allowing customers to manage their AI applications on Super Micro's extensive edge GPU product line in cloud-native environment

我們與 NVIDIA 合作開發 EGX 解決方案，使客戶能夠在雲原生環境中管理 Super Micro 廣泛的邊緣 GPU 產品線的 AI 應用程序

Moreover, we introduced a new class of 5G-related software-defined networking platform that can be optimized to deliver accelerated AI inferencing to the network [age].

此外，我們還推出了一類新的 5G 相關軟件定義網絡平台，可以對其進行優化以向網絡 [時代] 提供加速的 AI 推理。

On AMD side, we start shipping Super Micro featuring systems based on the second-generation EPYC processors, which power a Qualcomm or previous generation A+ systems and provide much better performance and value.

在 AMD 方面，我們開始出貨具有基於第二代 EPYC 處理器的系統的 Super Micro，這些處理器為 Qualcomm 或上一代 A+ 系統提供動力，並提供更好的性能和價值。

Last but by not the least, we had begun to deliver a set of [up limit specialized] system product target for mega data centers.

最後但並非最不重要的一點是，我們已經開始為大型數據中心提供一套 [up limit specialized] 系統產品目標。

This product is uniquely optimized for the specific requirements of high-volume scale data center customers.

該產品針對大容量數據中心客戶的特定要求進行了獨特優化。

Our premium product solutions allow us to leverage our existing product design and customize performance, efficiency and cost requirement on demand.

我們的優質產品解決方案使我們能夠利用現有的產品設計並按需定制性能、效率和成本要求。

We see a similar opportunity for cloud data centers optimized design and have A4 on the way to deliver additional up limit specialized products.

我們看到了雲數據中心優化設計的類似機會，並且 A4 正在提供額外的上限專業產品。

Looking ahead, we see the pace of processor-refresh cycle accelerating and have readied ourselves with the next-level product update in the coming quarter.

展望未來，我們看到處理器更新周期的步伐正在加快，並已為下一季度的下一級產品更新做好準備。

(inaudible), we had kicked off developing of our next-generation (inaudible) architecture for a complete permanent refresh.

（聽不清），我們已經開始開發我們的下一代（聽不清）架構，以進行全面的永久更新。

These new architectures will take a full advantage of upcoming innovation of Intel new processers.

這些新架構將充分利用英特爾新處理器即將推出的創新技術。

Like, PCI Gen-4, more flexible I/O, higher performance architecture and new storage form factors.

比如 PCI Gen-4、更靈活的 I/O、更高性能的架構和新的存儲外形。

We had already started engaging with selected of our customers.

我們已經開始與選定的客戶進行接觸。

Important to achieving our credit growth, we continue to invest and grow our operational efficiencies and scale, building a stronger, global foundation.

對於實現我們的信貸增長很重要，我們繼續投資並提高我們的運營效率和規模，建立更強大的全球基礎。

We have increased our capacity in engineering, manufacturing, operations and service in our key strategic allocation.

我們在重點戰略佈局中提升了工程、製造、運營和服務能力。

This includes overall 200,000 square feet of new facility space in our San Jose Green Computing Park and more at our [Netherlands] headquarters.

這包括在我們的聖何塞綠色計算園以及我們 [荷蘭] 總部的總計 200,000 平方英尺的新設施空間。

In summary, although market conditions had been challenging, we continue to deliver significant server and storage innovations to the market.

總而言之，儘管市場條件一直充滿挑戰，但我們繼續向市場提供重要的服務器和存儲創新。

More importantly, we had mobilized our R&D sales and operations to grow the discipline and focus needed to expand our market share.

更重要的是，我們調動了我們的研發銷售和運營，以加強擴大市場份額所需的紀律和重點。

Fundamentally, we are more confident than ever in the strength of our product and operational improvement, which will empower us to achieve our business growth.

從根本上說，我們比以往任何時候都對我們的產品和運營改進的實力更有信心，這將使我們能夠實現業務增長。

And now, I will hand the section over to Kevin

現在，我將把這個部分交給凱文

Thank you, Charles.

謝謝你，查爾斯。

First, I will address the current health of the business by providing an overview of our financial performance for the first quarter of fiscal 2020.

首先，我將通過概述我們 2020 財年第一季度的財務業績來解決當前業務的健康狀況。

I will then make a few comments about our progress on our SEC filings.

然後，我將就我們在 SEC 備案方面的進展發表一些評論。

As Charles mentioned earlier, we estimate our fiscal first quarter revenue within the range of $788 million to $798 million.

正如查爾斯之前提到的，我們估計第一財季收入在 7.88 億美元至 7.98 億美元之間。

Geographies were lower on a year-over-year basis, with EMEA approximately 21% lower; Asia, 22% lower; and the U.S. 18% lower.

地區同比下降，其中 EMEA 下降約 21%；亞洲，下降 22%；美國下降 18%。

Our estimated gross margin range on a GAAP and non-GAAP basis were from 16% to 16.2% and 16.1% to 16.3%, respectively.

我們根據 GAAP 和非 GAAP 估計的毛利率範圍分別為 16% 至 16.2% 和 16.1% 至 16.3%。

Our margins improved from last year and benefited from lower key component costs as well as favorable customer, geographic and product mix.

我們的利潤率比去年有所提高，這得益於較低的關鍵組件成本以及有利的客戶、地理和產品組合。

Our operating expenses were slightly lower this quarter due to lower reserves for bad debt, offset by the effect of annual salary increases and higher research and development expenses.

由於壞賬準備金減少，本季度我們的運營費用略有下降，但被年薪增長和研發費用增加的影響所抵消。

We estimate our non-GAAP diluted EPS range this quarter was from $0.61 to $0.65 per diluted share.

我們估計本季度我們的非 GAAP 稀釋每股收益範圍為 0.61 美元至 0.65 美元。

Due to the need to rebuild inventory this quarter for seasonal demand, cash flow generated from operations was lower than recent quarters at $5.5 million.

由於本季度需要重建庫存以滿足季節性需求，運營產生的現金流低於最近幾個季度的 550 萬美元。

After deducting for CapEx and investments of $13.3 million, our free cash flow was negative $7.8 million.

扣除 1330 萬美元的資本支出和投資後，我們的自由現金流為負 780 萬美元。

Our closing cash position was a robust $239 million.

我們的期末現金頭寸為 2.39 億美元。

This quarter, our cash conversion cycle was 89 days.

本季度，我們的現金轉換週期為 89 天。

The days sales outstanding was 43 days while days payable outstanding was 48 days, with inventory days increasing to 93.

銷售欠款天數為 43 天，應付賬款天數為 48 天，庫存天數增加到 93 天。

Our cash conversion cycle target remains 85 to 90 days.

我們的現金轉換週期目標仍為 85 至 90 天。

Now let me comment on the progress of our remaining delinquent SEC filings.

現在讓我評論一下我們剩餘的拖欠 SEC 文件的進展情況。

Last quarter, we reported that we had submitted our fiscal 2018 financials for audit.

上個季度，我們報告說我們已經提交了 2018 財年的財務報表以供審計。

We are now able to report that we have also completed work on the fiscal 2019 financials under both the 605 and 606 revenue recognition standards and submitted them for audit at the end of September.

我們現在可以報告說，我們還根據 605 和 606 收入確認標準完成了 2019 財年財務工作，並於 9 月底提交審計。

Concurrent with the financial statement audit, we have continued the testing and assessment of our internal controls over financial reporting.

在進行財務報表審計的同時，我們繼續測試和評估我們對財務報告的內部控制。

As a result, we have prepared drafts of our SEC filings.

因此，我們準備了美國證券交易委員會備案文件的草稿。

The team remains laser-focused on becoming fully current on our SEC filings, which also includes the 10-Q filing for this first quarter of fiscal 2020.

該團隊仍然專注於全面了解我們向美國證券交易委員會提交的文件，其中還包括 2020 財年第一季度的 10-Q 文件。

As indicated previously, we will have an abbreviated Q&A session, in which sell-side analysts will be permitted to ask questions.

如前所述，我們將有一個簡短的問答環節，允許賣方分析師提問。

Operator, at this time we're ready for questions.

接線員，現在我們準備好提問了。

(Operator Instructions)

（操作員說明）

And we'll go first to Nehal Chokshi of Maxim Group.

我們將首先訪問 Maxim Group 的 Nehal Chokshi。

Congratulations on solid results relative to the guidance, especially on the gross margin.

祝賀與指導相關的可靠結果，尤其是在毛利率方面。

Very nicely done there.

那裡做得很好。

On the guidance here, looks like, at the midpoint, you're guiding to up 5% Q-over-Q.

在這裡的指導，看起來，在中點，你指導 Q-over-Q 上升 5%。

How does that compare to your typical seasonality?

這與您的典型季節性相比如何？

So in general, we believe that it's similar to our normal seasonality.

所以總的來說，我們認為這與我們正常的季節性相似。

As Charles outlined, we saw some signs of stabilization and a little bit of growth as we enter into -- into the next quarter.

正如查爾斯所概述的那樣，我們在進入下一季度時看到了一些穩定跡象和一點點增長。

So we believe it's kind of in line.

所以我們相信它有點符合。

Okay.

好的。

And I think you gave the color on why the gross margin was up year-over-year, and I think one of the elements was component cost declining rapidly and that's certainly true on a year-over-year basis, but I was under the impression on Q-over-Q basis, there has been some pressure.

而且我認為你給出了為什麼毛利率同比上升的原因，我認為其中一個因素是組件成本迅速下降，這在同比基礎上肯定是正確的，但我在在 Q-over-Q 基礎上的印象，有一些壓力。

Yet you did see strong gross margin on Q-over-Q basis.

然而，你確實看到了 Q-over-Q 基礎上的強勁毛利率。

So could you tease that out as far as why did you also see the strong Q-over-Q gross margin?

那麼，您能否梳理一下為什麼您還看到了強勁的 Q-over-Q 毛利率？

Yes.

是的。

I think we had mentioned last quarter that as compared to the quarter previous to that, that still there was some mix in customer influences that are in there.

我想我們在上個季度提到過，與上個季度相比，客戶影響仍然存在一些差異。

And certainly, that was the case this quarter as it rebounded back.

當然，本季度情況就是如此，因為它反彈了。

So we continue to look at that gross margin, trying to ensure that we make some periodic progress over time that we have talked about for quarters on quarters.

因此，我們繼續關注該毛利率，試圖確保我們隨著時間的推移取得一些階段性進展，我們已經討論了幾個季度。

But without getting into too specific details, we're really calling out the fact that on a sequential basis, this is really going to be customer and mix orientation and it will be less of the impact on a sequential basis related to the component changes.

但是，在不涉及太具體的細節的情況下，我們實際上是在指出這樣一個事實，即在順序的基礎上，這實際上將是客戶和組合導向，並且與組件更改相關的順序基礎上的影響較小。

Understood.

明白了。

Okay.

好的。

And looks like there was about $2.5 million of incremental OpEx on a Q-over-Q basis.

看起來在 Q-over-Q 的基礎上增加了大約 250 萬美元的運營支出。

A, is that correct?

A、這樣對嗎？

B, can you help guide us, which buckets we should attribute those to?

B，你能幫助指導我們，我們應該把這些歸於哪些桶？

You mean in terms of...

你的意思是……

For the September quarter, yes.

對於 9 月季度，是的。

Yes.

是的。

So I called out that the key things in terms of the sequential basis were really that we had less bad debt.

所以我指出，就順序基礎而言，關鍵是我們的壞賬減少了。

And then in addition to that, as we go into the September quarter, our annual merit increases are always effective with our fiscal new year and January 1. And then as Charles had mentioned, we had some new product development initiatives that were sequentially increased quarter-over-quarter.

除此之外，當我們進入 9 月季度時，我們的年度業績增長總是在我們的財政新年和 1 月 1 日生效。然後正如查爾斯提到的，我們有一些新產品開發計劃，這些計劃在季度中連續增加-超過季度。

(Operator Instructions) Our next question comes from Aaron Rakers of Wells Fargo.

（操作員說明）我們的下一個問題來自富國銀行的 Aaron Rakers。

I want to first just ask you on a demand environment.

我想先問你一個需求環境。

I know you talked about demand -- the demand environment being somewhat challenging but you also mentioned that you started to see signs of improvement.

我知道你談到了需求——需求環境有些挑戰，但你也提到你開始看到改善的跡象。

There's been some kind of mixed data points on some of the hyper-scale cloud demand, some suggesting that there might be a pushout in server refresh cycles.

在某些超大規模雲需求方面存在某種混合數據點，一些數據表明服務器更新周期可能會出現延遲。

I'm just curious of how would you characterize the cadence of your customers as it relates to kind of server refreshes?

我只是想知道您如何描述與服務器更新類型相關的客戶節奏？

Do you think that there could be any kind of a pause in front of some of the timing around things like Cooper Lake, from Intel or even Ice Lake?

您是否認為在諸如 Cooper Lake、Intel 甚至 Ice Lake 等事物的某些時間安排之前可能會有任何形式的暫停？

Just any kind of color on what you're seeing as far as purchasing behavior for the customers and particularly, the -- some of the hyper-scale customers you have?

就客戶的購買行為而言，你所看到的只是任何一種顏色，特別是 - 你擁有的一些超大規模客戶？

Yes.

是的。

For sure, it's a very dynamic market and that's why we say new processor is getting available.

可以肯定的是，這是一個非常活躍的市場，這就是為什麼我們說新的處理器即將上市。

So as a technology-leading company, we have very strong new products available each month or each quarter.

因此，作為一家技術領先的公司，我們每個月或每個季度都會推出非常強大的新產品。

So overall, we feel pretty positive.

所以總的來說，我們感覺非常積極。

As to the macro market, and the whole industry demand, at this moment, we feel it's still kind of hard to predict.

至於宏觀市場，整個行業的需求，目前我們覺得還是有點難以預測。

But overall, we feel not too bad.

但總的來說，我們感覺還不錯。

But I think, on the backdrop, you should -- we reminded you of this a number of times that our exposure to hyper-scalers is not near as much as some of the other [comparers] that you may have in mind.

但我認為，在背景下，你應該 - 我們多次提醒你，我們對超縮放器的接觸並不像你可能想到的其他一些[比較器]那麼多。

Okay.

好的。

Fair enough.

很公平。

And then on the -- as my follow-up on the component pricing dynamics, I know -- just kind of thinking about the progression as you see going forward, between DRAM and SSD pricing.

然後 - 作為我對組件定價動態的後續行動，我知道 - 就像你看到的那樣，考慮 DRAM 和 SSD 定價之間的進展。

There has been some indication that the SSD pricing seems to be stabilizing and maybe turning a bit higher.

有跡象表明 SSD 的定價似乎趨於穩定，並且可能會上漲一點。

DRAM, however, continues to be on a downward trend.

然而，DRAM 繼續處於下降趨勢。

Just as you think about the current quarter, how would you characterize what you're seeing from a component pricing environment perspective?

正如您對當前季度的看法一樣，您如何從組件定價環境的角度來描述您所看到的情況？

Yes, I mean, after many years, improvement in our procurement department has been much stronger than before ever and also our economical scale helped us to, that's why we say NVMe and especially SSD, right?

是的，我的意思是，經過多年，我們採購部門的改進比以往任何時候都強大得多，而且我們的經濟規模也幫助我們做到了，這就是我們說 NVMe 尤其是 SSD 的原因，對吧？

Pricing is getting growing and [bigger] and price continues slowly dropping, right?

定價越來越高 [bigger] 價格繼續緩慢下降，對吧？

So both, I guess about offset in next few months I believe.

所以兩者，我想我相信在接下來的幾個月內會抵消。

Okay.

好的。

I'll slip one final one in.

我會把最後一個塞進去。

There's obviously some changes in the competitive landscape from a server-CPU perspective.

從服務器-CPU 的角度來看，競爭格局顯然發生了一些變化。

You mentioned in the -- in your prepared remarks, the progression with ROM or the second-generation AMD processors, how would you characterize your ability to maybe leverage a bit of a changing competitive landscape in server CPUs?

你在準備好的發言中提到，ROM 或第二代 AMD 處理器的進展，你如何描述你的能力，以利用服務器 CPU 中不斷變化的競爭格局？

What are you seeing in terms of the demand profile, the appetite for AMD relative to server CPUs versus say Intel?

您在需求概況方面看到了什麼，AMD 相對於服務器 CPU 的胃口與英特爾相比？

As I just stated I want AMD platform outperform the previous generation AMD solution allow more Qualcomm, almost double Qualcomm.

正如我剛才所說，我希望 AMD 平台的性能優於上一代 AMD 解決方案允許更多的高通，幾乎是高通的兩倍。

So performance advantage will sure help the product line to grow.

因此，性能優勢肯定會幫助產品線增長。

So we feel pretty positive for AMD product line.

因此，我們對 AMD 產品線感到非常樂觀。

As to Intel product line, again, our product line had been stronger than before ever.

至於英特爾產品線，我們的產品線再次比以往任何時候都強大。

So we have good feeling for both indeed.

所以我們確實對兩者都有很好的感覺。

It appears at this time we have no further questions.

看來此時我們沒有進一步的問題了。

I'd like to turn the call back over to Mr. Liang for any additional or closing comments.

我想將電話轉回給梁先生，徵求任何其他意見或結束意見。

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

感謝您今天加入我們，祝您有美好的一天。

See you next time.

下次見。

Bye.

再見。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

That does conclude the Super Micro First Quarter Fiscal 2020 Business Update Conference Call.

Super Micro 2020 財年第一季度業務更新電話會議到此結束。

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。

Thank you.

謝謝你。