超微电脑公司 (SMCI) 首席执行官 Charles Liang 在 2019年 第四季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年08月16日 · 11 次阅读

Super Micro Computer, Inc. (OTC:SMCI) Q4 2019 Earnings Conference Call August 15, 2019 5:00 PM ET

Super Micro Computer,Inc。([OTC:SMCI])2019年第4季度收益电话会议2019年8月15日美国东部时间下午5:00

公司参与者

Perry Hayes - SVP, IR
Charles Liang - Chairman and CEO
Kevin Bauer - SVP & CFO

  • 佩里海耶斯 - 高级副总裁,IR
  • Charles Liang - 董事长兼首席执行官
  • Kevin Bauer - 高级副总裁兼首席财务官

电话会议参与者

David Ryzhik - Susquehanna Financial Group
Nehal Chokshi - Maxim Group
Jon Lopez - Vertical Group

  • David Ryzhik - Susquehanna金融集团
  • Nehal Chokshi - Maxim Group
  • Jon Lopez - Vertical Group

会议主持员

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Super Micro Computer Inc. Fourth Quarter Fiscal 2019 Business Update Conference Call. The company's news releases issued earlier today are available from its website at www.supermicro.com. During the company’s presentation, all participants will be in a listen-only mode. Afterwards, securities 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. As a reminder, this call is being recorded, Thursday, August 15, 2019. A replay of the call will be accessible until midnight, Thursday, August 29, 2019, by dialing 1-844-512-2921 and entering replay pin 5585132.
International caller should dial 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. And now I would like to turn the conference over to Mr. Hayes. Mr. Hayes, please go ahead sir.

女士们,先生们,美好的一天。谢谢你的支持。欢迎来到超微电脑公司第四季度2019财年业务更新电话会议。该公司今天早些时候发布的新闻稿可从其网站www.supermicro.com获取。在公司演示期间,所有参与者都将处于只听模式。之后,证券分析师将被邀请参加问答环节,但整个电话会议都是以听取为基础向所有参与者开放。提醒一下,这个电话是在2019年8月15日星期四录制的。电话会议重播将持续到2019年8月29日星期四午夜,拨打1-844-512-2921并输入重播别针5585132。

国际来电者应拨打1-412-317-6671。今天和我们一起是Charles Liang,董事长兼首席执行官; Kevin Bauer,高级副总裁兼首席财务官;和投资者关系高级副总裁Perry Hayes。现在我想把会议转交给海耶斯先生。海耶斯先生,请继续先生。

佩里海耶斯

Good afternoon and thank you for attending Super Micro's business update conference call for the fourth quarter fiscal 2019, which ended June 30, 2019.
During today's conference call, Super Micro will address the company's preliminary financial results for the fourth quarter of fiscal 2019 and the company’s efforts to become more current with its remaining SEC filings. References to any financial results are preliminary and subject to change based on finalized results contained in future filings with the SEC. 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.
Before we start, I'll remind you that our remarks include forward-looking statements. There are a number of risk factors that could cause Super Micro's future results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our most recent Form 10-K filing for 2017 and our other SEC filings. All of those documents are available from the Investor Relations page of Super Micro's website.
We assume no obligation to update any forward-looking statements. Most of today's presentation will refer to non-GAAP financial results and outlook. At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts to ask questions.
I'll now turn the call over to Charles Liang, Chairman and Chief Executive Officer.

下午好,感谢您参加2019年6月30日结束的2019财年第四季度的Super Micro业务更新电话会议。

在今天的电话会议上,Super Micro将解决该公司2019财年第四季度的初步财务业绩,以及该公司努力通过其剩余的SEC备案更新。任何财务结果的参考都是初步的,可能会根据未来向美国证券交易委员会提交的最终结果进行更改。到目前为止,您应该已经收到了公司新闻稿的副本,该新闻稿是在常规交易结束时分发的,可以在公司网站上找到。

在我们开始之前,我会提醒您,我们的评论包括前瞻性陈述。有许多风险因素可能导致Super Micro的未来结果与我们的预期产生重大差异。您可以在我们今天下午早些时候发布的新闻稿,我们最近的2017年10-K表格申请以及我们的其他美国证券交易委员会备案文件中了解有关这些风险的更多信息。所有这些文件都可以从Super Micro网站的投资者关系页面获得。

我们没有义务更新任何前瞻性陈述。今天的大部分演讲将涉及非GAAP财务业绩和展望。在今天准备好的评论结束时,我们将为卖方分析师提出问答环节。

我现在将电话转给董事长兼首席执行官Charles Liang。

Charles Liang

Thank you, Perry and good afternoon everyone. Our first quarter revenue will be in the range of $825 million to $835 million which is the midpoint of our quarterly guidance of $830 million, it is 15% lower than last quarter and 11% higher than last quarter. Full-year fiscal year revenue was approximately $3.5 billion and represents an increase of approximately 4% from last year.
Non-GAAP earnings per share will be in the range of $0.57 to $0.61 compared to that range of $0.75 to $0.79 last year and the range of $0.48 to $0.52 last quarter. System revenue was approximately 81% of the total revenue. System ASP were a bit lower year-over-year mostly due to lower period and then price which impacts revenue. We launched a comprehensive portfolio of over 100 lean server and storage system supporting a new second-generation Xeon scalable processor called Cascade Lake. The new product bring world record performance and efficiency improvement to enterprise, Cloud, 5G and AI reached up to 50% TCO.
We have seen strong interest in this new product and advance over our new product that outpace previous generation. It was a challenging period for traditional strong quarter. Volatile market conditions end up in trade tension and some key component price reduction impact our quarterly revenues. However the trade challenge including tariff impact will minimize our strong U.S. based manufacturing presence and our distributed global manufacturing footprint in the USA, Taiwan and in Netherlands. We also see positive response with our key product names such as BigTwin and SuperBlade which achieved higher sales on both quarterly and yearly basis.
Importantly, we see great opportunity as our long-term investment in operation and improved internal efficiency and we are in the growth of our product assume the market demand for application optimized high performance driven products and not declined.
On our product side, we remain focused on that delivery solution based on our new resource driven architecture, Super Micro’s unique architecture, this aggregate major sub-systems separating compute, storage, higher power, and reduce those can be differentiated along upgrade independently allowing data centers to reduce cycle cost and their impact to the environment by reducing power consumption and waster. Some components such as an opportunity power price encourage us than IoT devices can remain in deploying for up to 20 years. Saving achieved through sheer power including whereas vehicle intrusion.
On the typical three to four years cycle, Super Micro reached, they delivered up to 30% hardware costs each new operating cycle. We continue to deliver positive market products introducing first-based server and storage system that supported EDSFF storage drive. This optimize NVMe drive deliver up to six days mostly and up to five days reduction of which additional storage which is ideal for the highest performance worked for our applications requiring higher apps such as autonomous driving, engine, cloud database, artificial intelligence, HPC, scientific research and more.

谢谢你,佩里,大家下午好。我们的第一季度收入将在8.25亿美元至8.35亿美元之间,这是我们季度指导8.3亿美元的中点,比上一季度低15%,比上一季度高出11%。全年财政年度收入约为35亿美元,比去年增加约4%。

非GAAP每股收益将在0.57美元至0.61美元之间,而去年同期为0.75美元至0.79美元,上季度范围为0.48美元至0.52美元。系统收入约占总收入的81%。系统平均销售价格同比略有下降,主要是由于较低的期间和价格影响收入。我们推出了一个由100多个精益服务器和存储系统组成的综合产品组合,支持名为Cascade Lake的新的第二代Xeon可扩展处理器。新产品为企业带来了创纪录的性能和效率提升,Cloud,5G和AI达到了高达50%的TCO。

我们已经看到了对这种新产品的浓厚兴趣,并超越了我们的新产品,超越了上一代产品。对于传统的强劲季度来说,这是一个充满挑战波动的市场状况最终导致贸易紧张,一些关键的零部件价格下降影响了我们的季度收入。然而,包括关税影响在内的贸易挑战将最大限度地减少我们在美国的强大制造业务以及我们在美国,台湾和荷兰的分布式全球制造业务。我们也看到了我们的主要产品名称如BigTwin和SuperBlade的积极响应,这些产品在季度和年度都实现了更高的销售额。

重要的是,我们看到了巨大的机会,因为我们对运营的长期投资和提高的内部效率,我们在产品的增长中假设市场需求应用优化的高性能驱动产品而不是拒绝。

在我们的产品方面,我们仍然专注于基于我们新的资源驱动架构的交付解决方案,Super Micro的独特架构,这些将计算,存储,更高功率分开的主要子系统,以及可以在独立升级时区分这些子系统,从而允许数据通过降低能耗和浪费来降低周期成本及其对环境的影响。一些组件,如机会电价,鼓励我们,物联网设备可以保持部署长达20年。通过纯粹的动力实现节约,包括车辆侵入。

在典型的三到四年周期中,Super Micro达成了目标,他们在每个新的运营周期中提供高达30%的硬件成本。我们继续提供积极的市场产品,引入支持EDSFF存储驱动的基于第一的服务器和存储系统。这种优化的NVMe驱动器最多可提供长达六天的时间,最多可减少五天,其中额外的存储空间是最高性能的理想选择,适用于需要更高应用的应用,如自动驾驶,引擎,云数据库,人工智能,HPC,科学研究等等。

We believe EDSFF will become main storage contractor in the near future. For 5G, Super Micro is convenient to providing them most advanced solutions for age, the modern micro data and core networks that provide the security, IoT, multiple access is complete. Open radio access network, the need for powerful server across a wide variety of implementation will only increase which continue to allow the 5G network.
Super Micro H server and who transform enterprise and important this intelligent connectivity from IoT devices to cloud. AI from H also made across as we provide, optimize and validate NVIDIA, CPU collaborating and engineer to our customers. Saving the space for last, let me have a brief review of our trending architectures with many innovations for high speed connectivity design. These new products online as you know assistance connectivity and continue and basic, two of this new exciting projects are called (inaudible) service but at the same time target in Q1, 2010.
In summary, we see tremendous potential opportunity in our enterprise, cloud, 5G and AI that will benefit the Super Micro results that we published. I’m very confident in the strength of our products and continue improvement of our operating fundamentals. Regarding our market cycle, our business model first go to market design that delivers breakthrough innovation in performance efficiency and TCO, we achieve comfort. Moreover we will conveniently invest more effort in our strategic relationships to build a stronger presence in key market and target the vertical customers.
I expect this action will result in continued market share growth and improvement of our financial performance and now I will hand the section over to Kevin.

我们相信EDSFF将在不久的将来成为主要的存储承包商。对于5G,Super Micro可以方便地为他们提供最先进的解决方案,现代微型数据和核心网络提供安全,物联网,多路访问。开放的无线接入网络,需要强大的服务器跨越各种各样的实施只会增加哪些继续允许5G网络。

Super Micro H服务器和转换企业,重要的是从物联网设备到云的智能连接。来自H的AI也在我们为客户提供,优化和验证NVIDIA,CPU协作和工程师方面做出了贡献。将空间保留到最后,让我简要回顾一下我们的趋势架构,其中包含许多用于高速连接设计的创新。这些新产品在线,因为您知道协助连接和继续和基本,这两个新的令人兴奋的项目被称为(听不清)服务,但同时目标在2010年第一季度。

总之,我们看到我们的企业,云,5G和AI中的巨大潜在机会将有利于我们发布的超微结果。我对我们产品的实力非常有信心,并不断改进我们的运营基础。关于我们的市场周期,我们的业务模式首先进入市场设计,在性能效率和TCO方面实现突破性创新,我们实现了舒适性。此外,我们将在我们的战略关系中投入更多精力,在关键市场建立更强大的影响力,并瞄准垂直客户。

我预计此举将导致市场份额持续增长并改善我们的财务业绩,现在我将把这一部分交给凯文。

Kevin Bauer

Thank you, Charles. First I will address the current health of the business by providing an overview of our financial performance for the fourth quarter of 2019. I will then make a few comments about our progress on our SEC filings. As Charles mentioned earlier, we estimate our fiscal fourth quarter revenue was within the range of $825 million to $835 million. Our geographies were lower on a year-over-year basis with EMEA approximately 14% lower, Asia 19% lower and the U.S. 14% lower.
Our estimated range of gross margin on both the GAAP and non-GAAP basis was 14.7% to 14.9%. Our margins have steadily improved since last year and then benefited from improved customer mix, product mix and better component pricing. Operating expenses were slightly lower this quarter due to lower reserves for bad debt offset by higher sales and marketing expense. We estimate non-GAAP diluted earnings per share range, this quarter was within the range of $0.57 to $0.61 per share. We continue to generate cash and estimate cash generated from operations was approximately $81 million.
After divesting CapEx of $11 million, we estimate free cash flow of approximately $70 million for the quarter. On the cumulative basis over the last four quarters, we estimate free cash flow with approximately $259 million, this quarter our cash conversion cycle decreased to 91 days, the decrease was primarily due to a 21-day increase in inventory days to 92 days.
Actual inventory on a dollar basis declined sequentially. Our cash conversion cycle target remains 85 to 90 days. Now let me comment on our progress on our remaining delinquent SEC filings. We recently completed our work on the fiscal 2018 financials and have submitted them for audit. We're now working on fiscal 2019 inclusive of the efforts, finalized revenue under both the 605 and 606 revenue recognition standard. We will be under a two-year engagement with our auditors for both fiscal years 2018 and 2019 that will enable some efficiency. The team remains focused on becoming fully trained on our SEC filings. As indicated previously, we will have a Q&A session with sell-side analysts will be permitted to ask questions.

谢谢你,查尔斯。首先,我将通过概述2019年第四季度的财务业绩来解决当前的业务状况。然后,我将对我们在SEC备案中的进展做一些评论。正如查尔斯先前提到的,我们估计我们的第四季度财政收入在8.25亿美元到8.35亿美元之间。我们的地理位置同比下降,欧洲,中东和非洲地区下降约14%,亚洲下降19%,美国下降14%。

我们在GAAP和非GAAP基础上的估计毛利率范围为14.7%至14.9%。自去年以来,我们的利润率稳步提升,然后受益于客户组合,产品组合的改善以及更好的零部件定价。由于较低的销售和营销费用抵消了坏账准备金的影响,本季度的营业费用略有下降。我们估计非GAAP摊薄后每股收益范围,本季度在每股0.57美元至0.61美元之间。我们继续产生现金,估计运营产生的现金约为8100万美元。

剥离资本支出1,100万美元后,我们估计本季度的自由现金流约为7,000万美元。在过去四个季度的累计基础上,我们估计自由现金流约为2.59亿美元,本季度我们的现金转换周期减少至91天,减少的主要原因是库存天数增加了21天至92天。

以美元计算的实际库存量依次下降。我们的现金转换周期目标仍为85至90天。现在让我评论一下我们剩余的逾期美国证券交易委员会备案的进展情况。我们最近完成了2018财年财务报告的工作,并已提交审计。我们现在正致力于2019财年的工作,包括605和606收入确认标准下的最终收入。在2018年和2019年的财政年度,我们将与审计师进行为期两年的合作,以提高效率。该团队仍然专注于对我们的SEC文件进行全面培训。如前所述,我们将与卖方分析师进行问答,并允许他们提问。

问答环节

Thank you, sir. [Operator Instructions] And we’ll go first to Mehdi Hosseini from Susquehanna Financial Group. Please go ahead sir.

谢谢你,先生。 [操作员说明]我们将首先访问Susquehanna Financial Group的Mehdi Hosseini。 请继续先生。

David Ryzhik

David Ryzhik for Mehdi, thanks so much for taking the question. Just a quick question on gross margins. I believe they were down from the prior quarter, I guess from around 15.5% to 14.7% to 14.9%. Just wondering what the dynamics were over there. Obviously revenue ticked up, components, prices probably tick down. So just wondering if what was driving the decline and I had a follow-up.

David Ryzhik为Mehdi,非常感谢你提出这个问题。 只是一个关于毛利率的快速问题。 我相信它们比上一季度有所下降,我估计从大约15.5%到14.7%到14.9%。 只是想知道那里的动态是什么。 显然收入增加,组件,价格可能会下降。 所以只是想知道是什么导致了下降,我有一个后续行动。

Kevin Bauer

Sure, no problem. This is Kevin. Last quarter when we highlighted the fact that we were in the mid-15s, we've cautioned the group that we looked like we had a very good quarter in terms of everything aligning up perfectly. And as we talked to this same question last quarter, we highlighted the fact that we were in the mid 13s not too long ago had broached 14 towards the mid-year of 2019 and we're in between 14 and 15 and so we highlighted that as being some steady progress as we went through the quarters. So we highlighted that that last quarter things lined up very, very well. So I don't necessarily think it's declined. I think that our continued progress is not perfectly linear.

好没问题。 这是凯文。 上个季度,当我们强调我们处于15年代中期这一事实时,我们已经告诫该团队,我们看起来在所有事情都很完美的情况下,我们的季度非常好。 当我们在上个季度谈到同样的问题时,我们强调了这样一个事实:我们在不久前的13世纪中期已经在2019年年中推出了14个,我们在14到15之间,因此我们强调了 我们经历了几个季度的稳步进展。 因此,我们强调,上一季度的事情非常非常好。 所以我不一定认为它被拒绝了。 我认为我们的持续进步并不是完全线性的。

David Ryzhik

And perhaps maybe you can talk about the overall server pricing environment and maybe provide an overview of just demand trends that you're seeing in the current quarter and what your outlook is moving forward? I appreciate that and then a follow-up.

也许您可以谈谈整体服务器定价环境,也许您可以概述一下您在本季度看到的需求趋势以及您的前景展望? 我很欣赏,然后是后续行动。

Charles Liang

Yes, I mean as you know the market, this is choppy and macroeconomic that it be soft. However our solution outperform others especially wins to Cascade Lake, very big product name, yes just a bit of it.
So we expect our business will continue improvement although maybe not very fast but achieving revenue is booming and especially in the new technology we have the positive sign for our business.

是的,我的意思是,你知道市场,这是波动和宏观经济,它是软的。 然而,我们的解决方案胜过其他人,特别是赢得Cascade Lake,非常大的产品名称,是的只是一点点。

因此,我们预计我们的业务将继续改善,但可能不会很快,但实现收入正在蓬勃发展,特别是在新技术方面,我们对我们的业务有积极的信号。

Kevin Bauer

Yes, this is Kevin. I think if we put our lens a little bit shorter in time as you know we've looked at this quarter's guidance certainly we are observing and are part of the macro situation that many of our competitors have already voiced out. Usually this quarter is seasonally down and when the macro conditions are like this sometimes visibility is poor. And so we have those three elements that were in our mind as we set guidance to this next quarter.

是的,这是凯文。 我想如果我们把镜头缩短一点,因为你知道我们已经看过这个季度的指导,当然我们正在观察并且是我们许多竞争对手已经表达过的宏观情况的一部分。 通常这个季度是季节性下降,当宏观条件如此时,有时可见度很差。 因此,在我们为下一季度提供指导时,我们会考虑这三个因素。

David Ryzhik

Got it, thanks. And then just last one we'd love to get an update on where you are in your enterprise efforts. This is something you've mentioned in the past as far as building up the Enterprise effort services software maybe Fortune 500 accounts just would love an update there maybe new customer account figures anything there would be helpful? Thank you.

知道了谢谢。 然后,最后一个我们希望了解您在企业工作中的位置。 这是你过去曾提到的建立企业努力服务软件的东西,财富500强的帐户可能只是喜欢更新那里可能有新的客户帐户数字会有什么帮助吗? 谢谢。

佩里海耶斯

Yes it’s Perry. So yes, UK portion of our business which includes that enterprise section was approximately 20% little bit better than 20% of the overall revenue. Within that the enterprise section that's up year-over-year by about 12%. So we're making steady progress in there with the number of customers that we have in the business that we're doing.

是的,是佩里。 所以,是的,我们业务的英国部分(包括该企业部分)比总收入的20%略好一点。 其中企业部门同比增长约12%。 因此,随着我们在业务中所拥有的客户数量的增加,我们正在取得稳步进展。

David Ryzhik

Thank you, I'll get back in the queue.

谢谢,我会回到队列中。

会议主持员

We'll take our next question from Nehal Chokshi from Maxim Group. Please go ahead.

我们将接受Maxim集团的Nehal Chokshi提出的下一个问题。 请继续。

Nehal Chokshi

Thanks and congrats on what I think is a fiscal year that represents records on cash from operations and non-GAAP net income. So you now have a $36 million net cash position. That's 29% of your market cap. And yes, I think on your trailing 12-month midpoint EPS that you've provided for the past 12 months looks like you're trading at 5x even net income.
So are you guys willing to put that net cash to work in terms of buybacks once you're able to i.e. once the 10-Ks are indeed up to date?

感谢并祝贺我认为是一个财政年度,代表运营现金和非GAAP净收入的记录。 所以你现在拥有3600万美元的净现金头寸。 这是市值的29%。 是的,我认为你在过去12个月中提供的12个月中期每股盈利结果看起来像是你的净收入的5倍。

一旦你能够,即一旦10-Ks确实是最新的,那么你们是否愿意将这些净现金用于回购?

佩里海耶斯

Yes, I think if you look at the cash that we have now certainly we have harvested some of that from the balance sheet. I think roughly I've got $259 million working capital harvesting with roughly about $70 million of that and we know that we're going to leave that soon and we continue to grow again. So I know this is a question that came up last time, we are just going to continue to plot forward in terms of understanding what our working capital needs are as growth returns. We feel pretty strongly about that.

是的,我认为,如果你看看我们现在拥有的现金,我们当然已从资产负债表中收获了部分现金。 我认为大致上我已经获得了2.59亿美元的营运资金,大约有7000万美元,我们知道我们很快就会离开,我们会继续增长。 所以我知道这是上次提出的一个问题,我们将继续在理解增长回报时我们的营运资金需求方面向前发展。 我们对此非常强烈。

Nehal Chokshi

Okay. And then that's great that you've estimated the fiscal year 2018 financials for finalization by your auditors. Can you confirm that the submitted financials are within the previously announced revenue and EPS ranges?

好的。 然后,您估计2018财年的财务状况以供审计员最终确定,这很好。 您能否确认提交的财务数据是否在先前公布的收入和每股收益范围内?

Kevin Bauer

No, I'm not going to be able to confirm that. That's not something that I addressed at this moment.

不,我无法证实这一点。 这不是我此刻提出的问题。

Nehal Chokshi

Okay. I will get back in the queue. Thanks.

好的。 我会回到队列中。 谢谢。

会议主持员

[Operator Instructions] Our next question comes from Jon Lopez of Vertical Group. Please go ahead.

[操作员说明]我们的下一个问题来自Vertical Group的Jon Lopez。 请继续。

Jon Lopez

Hi, thanks. I’ve got a couple of clarifications first did you guys give us would you give us the number, the service system number please as a percentage of the business that was service systems?

你好谢谢。 我有几个澄清首先你们给我们你们给我们的号码,服务系统号码请作为服务系统业务的百分比吗?

Charles Liang

Yes, we said in the script -- it's Charles script that was about 81% was services, I'm sorry servers.

是的,我们在脚本中说 - 这是Charles脚本,大约81%是服务,我很抱歉服务器。

Jon Lopez

81? Okay 81, I’m sorry I missed that thanks. My second question we don't really have all the moving pieces I guess but it looks like OpEx was kind of flattish sequentially. A, I’m wondering if you can confirm that and then B just any thoughts on how that ought to trend obviously you guys noted the environment's not typically so I’m wondering if you guys are doing anything proactive for the balance of the year on the OpEx side?

81? 好的81,对不起,我错过了谢谢。 我的第二个问题,我猜不是真的有所有移动的部分,但看起来OpEx有点平淡。 A,我想知道你是否可以确认,然后B只是对应该如何趋势的任何想法显然你们注意到环境不是典型的所以我想知道你们是否正在做一些积极主动的年度平衡 运营方面?

Charles Liang

So it was relatively quiet. We talked about the two components that we built. I think as we look forward, we will you know we have confidence in a lot of business to investment. I don't see that would have large increases in OpEx for in line with what we think needs to be investment for the future.

所以它相对安静。 我们谈到了我们构建的两个组件。 我认为,在我们展望未来的过程中,我们知道我们对很多投资业务充满信心。 我不认为OpEx会大幅增加,因为我们认为未来需要投资。

Jon Lopez

Got you. Okay, helpful. I was bit surprised by one of the comments you guys made I apologize, can’t remember who made it but some version of the Cascade Lake pacing is ahead of prior generations. I’m wondering if you could just flush that out a little bit maybe not entirely consistent with we're picking up elsewhere, so I'm wondering if it's specific to your, mix your SKUs. So if you guys could just spend a second on that and then in doing so, I know you're not going to give guidance on that, I’m not asking for it but as you think about trending toward the end of the calendar year. Any thoughts on just seasonality and how applicable that may be given the environment and given what you're seeing with the Cascade Lake based projects? Thanks.

有你。 好的,乐于助人。 我对你们所做的一个评论感到有些惊讶,我道歉,不记得是谁制作了它,但Cascade Lake节奏的某些版本领先于前几代。 我想知道你是否可能只是稍微提出一点可能与我们在其他地方没有完全一致,所以我想知道它是否特定于你,混合你的SKU。 因此,如果你们可以花一点时间,然后这样做,我知道你不会就此提供指导,我不是要求它,而是当你考虑到日历年年底的趋势时。 有关季节性的想法以及可能给予环境的适用性以及您在Cascade Lake项目中看到的内容吗? 谢谢。

Charles Liang

Yes, thank you. I mean as you know we are technology leading company. So one-day, one-day the new technology, we had chance to grow better. Given the macroeconomic where we are little bit choppy in coming months. So we tried to be conservative. However our Cascade Lake I think know very well especially the new platform including BigTwin there had been continued (inaudible) retail savings, they start to get more and more attraction and like I just mentioned the recent results launch another tool, new data forms within brand and hyper command. So although it is in early stage, we believe in number one those new technologies we have growth demonstrate.

是的,谢谢。 我的意思是,你知道我们是技术领先的公司。 因此,为期一天,一天的新技术,我们有机会更好地成长。 鉴于宏观经济在未来几个月我们有点不稳定。 所以我们试着保守。 然而我们的Cascade Lake我觉得非常清楚特别是包括BigTwin在内的新平台已经持续(听不清)零售节省,他们开始获得越来越多的吸引力,就像我刚才提到的最近的结果推出另一个工具,品牌内的新数据形式 和超级命令。 因此,虽然它处于早期阶段,但我们相信我们有增长的新技术。

Jon Lopez

If I could just follow-up on that, you make a good point which is you guys have put a lot of SKUs out around Cascade Lake, it appears as though significantly more in relative basis than your peers have and so I’m wondering do you would you view Cascade Lake as perhaps an opportunity for maybe like disproportionate share gain with cycle like i.e. are your competitors perhaps less focused on this excuse me on this iteration or this portion of the Intel platform that you guys are?

如果我可以跟进那个,那你就提出了一个很好的观点,那就是你们在Cascade Lake周围放了很多SKU,看起来好像相对基础比同龄人要多得多,所以我想知道做什么 你是否会认为Cascade Lake可能是一个与周期不成比例的股票收益的机会,也就是说你的竞争对手可能不太关注这个迭代或者你们这部分英特尔平台的这个借口?

Charles Liang

As you know there are lots of technology, kinds of ideas available including I just mentioned EDSFF and Samsung the N81, the online continue to gain market share. Although they are in the new technology but we see a quick ratio and data this year or early next year and where the big change with as to Cascade Lake, we see a big growth.

如你所知,有很多技术,各种各样的想法,包括我刚才提到的EDSFF和三星的N81,在线继续获得市场份额。 尽管他们采用的是新技术,但我们看到今年或明年初的速度和数据速度很快,而且Cascade Lake的变化很大,我们看到了大幅增长。

Jon Lopez

That's great. Thanks very much, I appreciate it.

那很棒。 非常感谢,我很感激。

Charles Liang

Thank you.

谢谢。

会议主持员

Our next question comes from Mehdi Hosseini of Susquehanna Financial Group. Please go ahead.

我们的下一个问题来自Susquehanna Financial Group的Mehdi Hosseini。 请继续。

David Ryzhik

Hi, David Ryzhik for Mehdi again. Thanks for taking the follow-up. Just back to gross margins, I guess moving forward with lower component prices. Should we expect that to serve as a tailwind to gross margins moving forward?

嗨,David Ryzhik再次为Mehdi。 感谢您采取后续行动。 回到毛利率,我猜想随着元件价格的下降而向前推进。 我们是否应该期望这会成为向前推进毛利率的顺风?

Kevin Bauer

Well, I think the reduction in kind of price obviously has slowed down but we've gone through a pretty steep ramp that we went through the last few quarters. We're not going to have that same kind of ramp on a go forward basis. So I think in terms of it helping us as one of the components in terms of improving our gross margins, I don't think that that's going to be in the same sustained uplift because those prices are the reduction in those prices is flattening out.

好吧,我认为价格的减少显然已经放缓了,但我们经历了过去几个季度的一个非常陡峭的坡道。 我们不会在前进的基础上拥有同样的坡道。 因此,我认为就帮助我们作为提高毛利率的组成部分而言,我认为不会出现同样持续的提升,因为这些价格的降低正在趋于平缓。

David Ryzhik

Has that altered your decision making around inventory management as far as memory? Are you strategically adding components given the flattening out?

这改变了你在库存管理方面的决策吗? 你是否在策略性地增加了元件?

Charles Liang

I will have to say we have been controlled everywhere in this DRAM and then price drop periods. So we will continue to monitor very closely.

我将不得不说,我们已经在这个DRAM的各个地方受到控制,然后是降价期。 所以我们将继续密切关注。

David Ryzhik

Great, and then just a question on storage. Would you be able to share the growth in NextGen storage versus traditional storage and overall storage?

很好,然后只是存储问题。 您是否能够分享NextGen存储与传统存储和整体存储的增长?

Charles Liang

Yes indeed. As basically our new storage form factor and any one is basically our EDSFF. We have plenty of new platform and we have a good feeling about in those volume join this.

确实是的。 基本上我们的新存储形状因素和任何一个基本上是我们的EDSFF。 我们有很多新的平台,我们对这些卷的加入很有感觉。

David Ryzhik

And just lastly Charles we'd love to get your take on what you're seeing in hyperscale or internet data center, I know that's part of the G2000 but would love to hear what trends you're seeing amongst your customers there?

最后查尔斯我们很想了解你在超大规模或互联网数据中心所看到的内容,我知道这是G2000的一部分,但我很想知道你在那里的客户看到的趋势是什么?

Charles Liang

Not this would be basically to us but I could want to share with you, we continue to grow our economical scale in Taiwan and also in USA. So our scale continues to grow, we will be more competitive to beat those larger scale data centers. And we are
preparing now.

这对我们来说基本没有,但我想与大家分享,我们继续在台湾和美国发展我们的经济规模。 因此,我们的规模继续增长,我们将更具竞争力,以击败那些规模更大的数据中心。 我们是

现在准备。

David Ryzhik

Thanks very much.

非常感谢。

Charles Liang

Thank you.

谢谢。

会议主持员

Our next question comes from Nehal Chokshi of Maxim Group. Please go ahead.

我们的下一个问题来自Maxim Group的Nehal Chokshi。 请继续。

Nehal Chokshi

Yes, so I think you stated that you expected to have gained market share during the quarter. So what do you think the market actually did because until that group revenue was down 10% year-over-year about but their enterprise and government was down 31% year-over-year and you just said that you guys were up 12% year-over-year on the enterprise side. So just maybe give us a sense as far as what you think the market did and what portions of that Intel group metric are probably actually most relevant for gauging Super Micro performance?

是的,所以我认为你说你期望在本季度获得市场份额。 那么你认为市场实际上做了什么呢?因为直到该集团的收入同比下降10%,但他们的企业和政府同比下降了31%而你只是说你们这些人年增长12% - 在企业方面的一年。 那么就我们对市场的看法以及英特尔集团指标的哪些部分实际上与衡量超微电子性能最相关的问题,让我们有一种感觉?

Charles Liang

Nehal, we don't always track a one-to-one request what their group does. And then again if you look at what they're tracking to and lot of it would be hyperscale et cetera and what that's not a major part of our business although we have some customers there. At the enterprise with the access group there.

Nehal,我们并不总是跟踪他们小组所做的一对一请求。 如果你看一下他们正在跟踪的内容,那么很多内容将是超大规模等等,虽然我们在那里有一些客户,但这不是我们业务的主要部分。 在那里有访问组的企业。

Nehal Chokshi

Okay, thank you.

好的谢谢你。

Charles Liang

What I would say overall I mean we follow economics with scale compared to those, we would be more aggressively in both enterprise and super scale data centers.

总而言之,我的意思是我们遵循经济规模与之相比,我们在企业和超大规模数据中心都会更加积极。

Nehal Chokshi

Got it, thank you.

收到了。谢谢。

会议主持员

It appears at this time that we have no further questions. I'd like to turn the call back over to Mr. Liang for any additional or closing comments.

在这个时候,我们似乎没有其他问题。 我想把这个电话转回梁先生的任何补充或结束评论。

Charles Liang

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

感谢您今天加入我们,祝您度过愉快的一天。

会议主持员

Thank you, ladies and gentlemen. That does conclude the Super Micro fourth quarter fiscal 2019 business update conference call. We do appreciate your participation. You may disconnect at this time. Thank you.

女士们,先生们,谢谢你们。 这确实结束了超微第四季度2019财年业务更新电话会议。 我们非常感谢您的参与。 您可以在此时断开连接。 谢谢。

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