Good afternoon, everyone. Welcome to the Supermicro Investor Update Call. I'm James Kisner, Vice President of Investor Relations for Supermicro. I have with me today Charles Liang, CEO and Chairman of Supermicro, and David Weigand, Chief Financial Officer. There's going to be a time for Q&A at the end. Please pay close attention and note any questions you may have. More details on that will be forthcoming. Please advance to the disclaimer slide. I'm going to read a short safe harbor before we begin. Please note that some of the information you will hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation, and future business outlook. There are a number of risk factors that could cause Supermicro's future results to differ materially from our expectations. You can learn more about these risks in our most recent 10-K filing for fiscal year 2020 and our other SEC filings. All of these documents are available on the Investor Relations page at Supermicro's website. We assume no obligation to update any forward-looking statements. Today's presentation will refer to non-GAAP financial results and business outlook. A reconciliation of historical GAAP to non-GAAP results is contained in today's presentation. This presentation and recording will be made available in the IR section of our company's website shortly after this video conference. Now I turn the call over to Charles Liang, Chairman and Chief Executive Officer. Thank you, James, and good day, everyone. I'm so glad, so excited to meet you over zoom. We have been suffering so much from our 10-K delay from the COVID-19. Now, finally, we are fully recovered, and that's why I want to take this chance to share with you what's Supermicro's position today, what's our plan in next coming few years. I appreciate for this chance. Again, my name is Charles Liang. I'm the President and CEO. As you know, Supermicro's DNA is innovation. As a Silicon Valley-ba sed company since 27 years ago, our cost is higher in Silicon Valley. Cost is higher, how can we compete with the market? We have better product. We have better DNA. We have more efficient business. Today, I'm very happy to share with you about all of those. First,. Since I founded Supermicro 27 years ago, I adopt Building Block Solution as our design methodology for all our product, for all our solution. I feel so lucky that Building Block Solution has bring so much advantage to us. For example, new technology. When new technology available from our partner, we are able to build complete server, complete total solution for the market quicker than others because we share the block, we share the subsystem. New feature. When customer want to add a new feature, we can quickly add a module so that we provide the new feature right away. System optimization. For different customer application, different workload, we are able to configure the system in a way that will fully optimize for customer demands. Inventory reduction. Across different product line, across even different generation of product, we are able to share lots of same block, same subsystem. That's why we don't want to keep really huge inventory. Today, for example, most of the time we keep about $1 billion inventory. Without this Building Block Solution, I would say we should keep $2 billion to offer same level of support to customer to strengthen the time, because we prepare safety inventory. Service cost. As you know, when we ship a server, a storage, IoT to customer, we offer onsite service. For onsite service, we need onsite spare parts. With Building Block Solution, again, we are able to share components, share subsystem across different product, different product line, different generation of product. That's why they save our onsite spare parts as well. That indeed dramatically lower our service cost and time to market, as I just mentioned. For design, for change configuration, for change workload, we are able to respond much quicker. Indeed, it's pretty much like kids play LEGOs. LEGO carefully design, fantastically design their block so kids or we can build a beautiful castle, beautiful tower or house immediately. Thank you to LEGOs, they design such a fancy block. Supermicro here, instead, we design a block for server, for storage, for IoT. As a Silicon Valley-based company, for sure Silicon Valley-based company have its advantage. Closer to a technology leader, kind of like Intel, Microsoft, Broadcom, for example, NVIDIA, you name it. A closer relationship, that's why we are able to co-develop product solution with them. That's why we have a time to market advantage. We have a better performance advantage. In Silicon Valley, as you know, we also have some disadvantage. The cost is higher, especially last five years. Bay Area, housing price grow a lot. Overall living cost grow a lot. That have been a big challenge, especially COVID-19 last year. Another big challenge in U.S.A. Our competitor from Asia, they have a much less COVID-19 impact. In Bay Area, unfortunately, we faced a lot of challenge in last five years, for example. Good thing is we are able to take action quickly, grow to Taiwan aggressively, and also make automation system, automatic software to help our operation, to help our customer. We invest a lot in last few years, especially last year. Now we are ready to take advantage for U.S.A. company and being a Taiwan company as well. Headquartered in Taiwan. We have most operation, if not all, most operation under the same roof, from marketing, innovation, design, product production, and service, all under the same campus, U.S.A. campus in Silicon Valley, Taipei, Taiwan, and then NASA. With the three headquarters, we are able to support our customer in three territory much more efficiently, much better customer satisfaction, and quicker response to whatever customer's demand. It also help us deliver more secure solution. Not just better quality, more secure total solution for our customer. Optimize the total solution. We design multiple power supply, chassis, and thermal solution, you name it, including firmware, software, and service model, all designed by ourself and produced by ourself. That's why all the subsystem have been so well-designed across different product line, across different generation of product. Because we also work with partner, work with customer closely, that's why we are able to exactly optimize the combination with customer workload for their application. It's turned out also greener. We are very lucky. Since 15 years ago, I make a strong decision, design the environmental friendly solution. In last 15 years, we have been growing very well every year in term of green technology. Today, I would like to say, we pretty much deliver the most green server storage to the market. That help customer save total cost of ownership, TCO, and TCE, total cost to our environment. From our calculation and some of our key partners' calculation, together in worldwide data center, IT user, all use the same concept as Supermicro have. Green computing, energy saving, data center structural, total solution. We together can save about 30 fossil fuel power plant. That save lots of power. If you calculate the economical value, it will be about $7 billion. $7 billion, US dollars, per year. It save lots of money for our customer through energy cost and through some resource saving. The only thing customer had to invest in what? Spend the time, think about how can they work with the right partner for greener solution. How can they work together with us, for example, to build their data center architecture, to take the product advantage that we offer. Our product optimized for free air cooling, our product optimized for liquid cooling, optimized for liquid submerged computing. All of those, we are very aggressively, very efficiently work with customer to realize their power saving, resource saving. Let me compare Supermicro's growth rate, yearly growth rate, with the industry standard. Since 2001 - 2016, Supermicro year-over-year growth rate always about two times to four times faster than the industry average. Because of our better product, because our complete solution, and also because of our company philosophy, again, passionate, aggressive, working together with customer. Very unfortunately, after 2017, we have a 10-K delay, that slow down company's growth totally. Start from 2017, 2018, our growth start to be behind the industry. Then out of the 10-K delay, started this period end, about last year. Very unfortunately, COVID-19 attacking us. When COVID-19 attack USA so badly, our headquarter here for sure suffer the most. That's why we migrate, extend our operation business to Taiwan very aggressively, also take action to make our business automation, and to train our people. Excuse me. This slide I want to share with you. Supermicro, indeed, in last almost 20 years, almost the only fastest growing U.S.-based hardware company, especially from 2000 - 2016. No any other hardware company in U.S. or Europe are able to grow as fast as Supermicro. Even half the growth rate of ours. The reason why, again, because our Building Block Solution company philosophy. Here I split to five phases. The first phase is before IPO, 14 years of consistent growth. 90% of our operation, including engineering, all focused on U.S. In 2007, after we went for IPO, we start to grow faster because the company have started with more resource. Very unfortunately, we did not have enough supply, did not have enough capacity. Company although grow fast, but not super fast. 10-K delay, that for sure, kind of slow down our growth. Then COVID-19. Now the good thing is we are well prepared during last few years, especially during the COVID-19. Many employee work from home. We had to figure out a way to help them work efficiently with customer, especially when lots of customer also work from home. For Building Block Solution, application optimize especially, we got a really bad hit. That's why we have a configurator, auto configuration system to help sales customer for better communication, to optimize their system through system help. The system have been enhanced, speed up since 12 months ago, right after COVID-19 start to attack us. In last 12 months, the system have been well developed. We already have a trial run with more than 20 customer. Now, the good news is all the 20 customer feedback, all with very happy experience. We are further fine-tune some of the system and believe before this summer, we will be offer the tool to all our customer, to all our sales. After that, our customer service, our system configuration efficiency will be almost double compared with before. That mean with the same sales and AE head count, we can support double the customer account. Also we aggressively invested in Taiwan, especially during the COVID-19. We put it in a schedule, and that's why we have a 1 million sq ft brand new facility, will be ready to move in in next three months. With that kind of engineering team, manufacture and operation in Taiwan are all well trained. That's why last 12 months have been a big challenge to us, because we had to face through COVID-19 challenge. At the same time, we had to invest in Taiwan very aggressively, and train our people in Taiwan, hire people and train. This year it's pretty 2U 2- node much all achieved very well now. Also we start to invest in more software, especially software automation and system management software, open source for BIOS, for BMC. We build a Command Center base, auto configurator, again, is to support our B2B, B2C automation, especially auto configuration for application optimized solution. We are back. We are back to be a fast-growing company again, like 1993 - 2016. Maybe we can even grow faster than 1993 - 2016. Let's see. When and how we can start to grow very fast, I will share with you later. This slide show you our new and coming soon product. The first one,. This is a brand new design. About three months ago, there is a top 50 company around the world. They call us, say, "Hey, your solution is not good enough. Cost too high." Anyway, you have to lower price, otherwise, we won't make a deal. We cannot lower the price as a USA company. Our cost is none of those. We take the chance and redesign the system, and then within few hour, we propose to our partner, say, "Hey, how about this new idea?" Within two day or three day, customer say, "Great, this is exactly what we want." We won the deal. Indeed, we won about four big project in last two months. Even before the product is working, the customer trust us, say, "Hey, we believe your Building Block Solution. This is exactly the system what we want." Two outstanding performance. One is power consumption, much better than any of our competitor. Second, the cost is as low as what customer want. Third, it's easy for maintenance because the system is specifically designed for their data center and specifically optimized for video, streaming, optimized for gaming, optimized for AI application, including autonomous driving. Three months old product since we kick off. Now the system is working, and will be in production in next six week, I believe. We already have a couple of big order. I mean, three to four very large deal win. I believe we will win another five or another 20 very soon. Again, because of outperform the industry. Second product I want to introduce to you is our SuperBlade and MicroBlade product line. This is the product line that really save cable, because blade server, almost zero cable needed. Save 95% on the cable, right? High density and easy for maintenance. All the advantage blade have. This blade here offer some other feature. The feature, for example, able to work at a high temperature, 100 degrees Fahrenheit or 106 degrees Fahrenheit. That allow customer to run their data center at a very high temperature. For example, 100 degrees Fahrenheit or 95 degrees Fahrenheit. Data center can run at a high temperature to save their cooling energy. Also, because it's so well designed, indeed many customer, they don't even need air condition, just use free air cooling. Depends on the location. Some city customer need a free air condition, free air cooling, plus some water vapor cooling. Lots of our customer don't use air condition at all. The same system also ready for deep submerged cooling or water cooling. Help customer save their energy costs and allow their PUE to run at a 1.1 or even 1.05. Commission Ice Lake product line. As you know, Intel, we are official high volume producer their Ice Lake, and we have the largest product line, all these product line ready for Intel Ice Lake. B2B, B2C solution and automation. Again, like I just emphasized, Supermicro solution application optimize, workload optimize. With software automation help is very important. Before we count on sales, FAE, PM, engineer, talk to customer. That take a lot of time, and take a lot of time to train sales, and take a lot of time for our people to work with customer. Now with automation tool, everything will become quicker, easier, and we can scale up to support many more customer. The solution, again, will be ready for open to everyone by this summer. It's again, Command Center based software. Whenever customer have any question, whenever our engineer have any good idea, we can talk to customer immediately, interactive. I'm very excited to wait for this data center, Command Center based B2B, B2C automation. Our main growth driver. Our traditional organic enterprise, including channel, VAR, and SI, including AI and machine learning. This market cap today is about $35 billion. We have about 7% market share today. I foresee we should be able to grow about 13% year-over-year in next three to five years. The reason why, because of the software automation, auto configurator help. Also, we start to grow our sales team, not just in U.S.A., but in Asia, in Europe, and in East Coast of U.S.A. Second driver, 5G telco and IoT. IoT is not new to us. 5G telco, we improve a lot. Indeed, we start about two years ago, start to work with a handful of top 10 telco company around the world. Things have been going on very well. We already have a handful customer, again, top 20 in the world commit. I expect we'll grow very quickly in this segment, hopefully 30%-40% a year. Large data center and OEM. We have some customer before. In last five years, because capacity was limited, USA cost were higher. We've been not focused there a lot. Now with Taiwan facility, Taiwan capacity, we are ready to grow quickly. Software, cloud, Cloud Composer, service, and switch. Those are the new territory. We have a team, have been developing those technology for a while, and we have been ready to service the world step by step. Talking about our headquarter in Taiwan, right? U.S.A. headquarter, we have been expanding. Taiwan headquarter now will be ready very soon. Again, by summer, new building, 1 million sq ft, will be perfectly ready. Our capacity from Taiwan will be ready for our growth. Less COVID-19 impact in Taiwan, lower cost in Taiwan, so that will help us a lot. Customer focus, right? Traditional, organic customer, middle-size, small size enterprise with our software automation configurator, that will help us to grow quicker. 5G telco, private cloud, top 300 account, we are growing quickly now. Especially last year, after we started to focus on those telco 5G and top 300 account, we started to gain many new account here. Large data center and, over years, again, we are ready to grow to service lane. As CEO, $100 power as a salary. No bonus, no RSU. It's kind of a performance-based, performance option. My stock option price will be $45, about 35% higher than today's price. Only when company hit a $45, $60, $75, $120, hit those revenue, I will have a stock option. It's really performance-based. This sounds good, sounds exciting, but I hope we have a second run. If we surpass $120 per share in three years, for example. Need a year or two. We are back and for $10 billion per year revenue. Again, Supermicro have been faster growing, stably and 10-K delay hit and then COVID-19, but now we are ready. We are ready in couple area. Number one, capacity ready from Taiwan. Number two, our culture. Now, company, after COVID-19, we are able to build a much more passionate, much more dedicated team. I share with our people, not organize iron and blood, not just meet the industry standard. Again, efficient management, return to our strong leadership, business at a speed of thought instead of a standard industry pace. Passionate and happy mind for green computing and technologies leadership. Kind of like a tool TCO, TCE optimization and kind of automation tool for B2B, B2C, and SAP have been a very mature software tool here. Taiwan headquarter with facility about half the price, half the cost, compare with our USA headquarter cost. Operation cost in Taiwan about half or less than half. Engineering cost about half or less. Even sales marketing is about half the cost compared with U.S. With this much better cost advantage, we are ready to grow quickly. Once we hit economical scale, our cost will be further low, and company will be more energetic, more capable to compete. With this, time is limited. With this, let me pass to our new CFO, David Weigand, for our financial number. Thank you. David. Thank you, Charles. I'm David Weigand, Supermicro's Chief Financial Officer, and I'm going to go over, quickly, Supermicro's legacy, the investments that we've made, as well as the current investment view. I joined Supermicro in 2018 as the Chief Compliance Officer. I first met Charles back in 2015 when I was working for another server solutions company here in Silicon Valley. Every day when I used to drive home, I would pass Supermicro offices, I noticed that the parking lot was always full no matter what time I left. I later came to understand why the parking lot was full. It was because Supermicro had a very passionate and hardworking workforce. That workforce was led by Charles Liang, who's the visionary and genius behind it. I joined Supermicro at an important time in 2018. It was really an inflection point because, from 2010 - 2018, Supermicro had a compound annual growth rate of 21%. They doubled their revenues twice, once from 2010 to 2014, and again from 2014 to 2018. They have a 27-year history of profitability. All the time that they were growing through the IPO and afterwards, it's always been done responsibly and costs have been managed. The growth was driven by skillfully designed server solutions to marquee customers using really solid products based on our unique product architecture, that Building Block Solution. It gives us the ability to create efficient server solutions that always exceed our customers' price and performance expectations. This is one of the facts that differentiates us from our competitors. 2018 was also when we began to invest and lay the foundation for the future. We built that foundation by groundbreaking over in Taiwan, a new building, which was going to double our capacity for production. We also added salespeople. We added R&D, especially over in Taiwan, and we added departments to build infrastructure such as internal control, compliance, financial planning, and analysis. We really laid a great foundation for the future. We used to have, in our legacy, the advantage of being a U.S. manufacturer as we sold to U.S. companies. Now, with the completion of the additional capacity in Taiwan, we have the ability to offer lower cost solutions and at very high efficiency. Because there's a good availability in Taiwan of hardware and software engineers. I want to talk now about the current investment outlook. As you may know, we recently finished back in January, we finished a second share repurchase plan for $50 million. That was completed, I think, January 4th. That made $80 million of repurchases that we had completed. The board also approved a $200 million share repurchase plan that will last 18 months. We've completed, we've made the investment. We've completed, nearly, supposed to go online in June, completed the expansion in Taiwan and we are ready for the growth that we've built a foundation for. Not only that, but we have a culture of growth that we've utilized and leveraged over the last 27 years. Let's go ahead and go to the next slide, which is just a historic perspective of our GAAP numbers. These are numbers that are published in our Forms 10-K. Let's go ahead and click one more slide and get to our model. By the way, concurrently with this conference, there is an 8-K, which is being filed with a copy of this presentation, as well as a copy of the stock award plan that Charles previously mentioned. Let's talk about our target model. We're targeting an annual growth rate of between 17%-23%. There's three things supporting this. Number one is that we have built the infrastructure to allow for growth, both in terms of capacity as well as efficiency. Number two, we have a culture of growth that's been proven over the last 27 years. Number three, we have markets that we are selling into in the 5G telco space, as well as the OEM and data center space, which help us in our target for growth. We have gross margins, which we are targeting at 14%-17%. We expect those margins to increase not just by sales leverage, but additionally because of the efficiencies of having already built out the infrastructure to support our growth. We expect to be able to control costs going forward. R&D, we expect to go 4%-5%. We're going to continue to invest heavily in R&D, but we're going to do so disproportionately in Taiwan, because we want to have our engineers close to the production area in Taiwan to support that effort. The cost is a lot more favorable, and it's most efficient from a manufacturing or production point of view. SG&A, we believe that we can manage our SG&A costs to target between 3.5% and 5%. This will drive an operating margin in between 5% and 8%. The tax rate is currently 16%, but we're forecasting to go up to 21% if the President's plans for an increase in U.S. federal rates at the end of this year are enacted. With that, I'll turn it back to James. All right. Thanks very much, David and Charles, for your presentation. Very brief summary. We're ready to resume growth. We have an ambitious $10 billion target. We're further aligning CEO compensation with shareholder interests with the new plan. David has presented the first three-year target operating model for the company in its history. Our plan is to drive towards operating leverage and earnings growth. Next, the rest of this time, we're going to allocate to the questions and answers. Next slide, please. You can ask questions two ways. The first is to raise your hand, and we'd love it if you turn your video on. You can also, if you're too shy, you can go ahead and submit a question via Q&A. There's a little button at the bottom of your screen. We'll just pause for a second to gather questions. So I'm going to grabbing our first. We have several hands raised. The first question is going to come from Nehal Chokshi of Northland. Go ahead, Nehal. There we go. Great. Here we go. All right, great. Great that you guys did this, provided the vision and the three-year out model. This is awesome. Yeah, I guess the first question is that, Charles, do you view this $10 billion target three to six years out as ambitious or as something that you expect to be able to achieve? Yeah. Thank you for the question. Yes, we are able to grow in three areas very aggressively. One is our organic business. Enterprise, middle-sized to small-sized customer, we are able to grow with our B2B, B2C Autoconfigurator. With that, we are able to service our customer much more recently. With the same sales account, we pretty much can support 50% or even 100% more customer because of the tool we have. The tool not just help ourselves, also help our customer to approach their customer. Indeed, the multi-layer help. Also with our Taiwan expansion, right? Our economic scale will grow, hopefully double very soon. That will lower our cost. With lower cost, we can support the customer even stronger. The second category is kind of like a private cloud, top 300 customer, including Telco. In last two years, we already engaged a handful of customer around the top 20 around the world. More than that is the top 50 or top 300. We feel very comfortable, very confident. We are able to grow for those tier 2, tier 3 data center, especially private cloud, including a kind of private 5G. Large account, including a large ASP. Those are large data center. Now with our Taiwan facility, our Taiwan cost, Taiwan manpower, we are ready to support them. We always have some demand from them. Before we have not been able to support because of cost. Now our cost become better and our capacity become higher. We are very comfortable to grow our revenue. Thanks. Dave, can you care to chime in on your thoughts as to the $10 billion target, aggressive or that's exactly what you expect? I think if you model out our historic growth rates, I think that the targets are achievable. Not only that, but we have a very inspired workforce, which has been dedicated for the last 27 years. I describe it as these are very achievable things. Great. Okay. Prior to the 10-K filing delay, one of your first slides, Charles, implies that you were supply constrained, and if you had greater supply, you could have grown faster. First, that supply is supply of engineers that can help the customers take the Building Block Solution and actually customize it. Is that correct? Is that the supply you're talking about? Indeed. During that timeframe, most constrained are our production capacity, because at that time, most of our production build in San Jose. Our San Jose facility was limited at that about five-year timeframe. Very pitiful five year. That's why we start to grow in Taiwan aggressively after that. Now we have a lot of capacity ready finally. Thanks so much, Nehal. I'm going to give somebody else another chance. I got a few in the queue here. Aaron Rakers submitted a question from Wells Fargo. This question may be perhaps more for David. Can you talk a bit about how Supermicro has changed their ability to have increased visibility in forward demand? I think that we've built a lot of relationships with, as Charles mentioned, with really good customers. I think that a lot of times in our product development, the participation by customers is very deep. This gives us a chance to see which direction they're going. That's what really drives a lot of both OEM sales as well as data center sales, as Charles mentioned, where customers are telling us where they would like to go. That's what gives us visibility. Yeah. The vision is there. In last five years, we enhanced our FAE team. I believe we at least triple our FAE, field application engineering team, about triple the size. Last three years, we add one more team called solution team. Far, we have about 30 - 40 solution manager. This FAE team and solution team are working with customer differently. They know customers' demand in advance, not like just from sales talk. All right. Next question, I'm going to turn to Mehdi Hosseini of Susquehanna. Let's see here. Thanks. Thanks, Jim. I have a couple of follow-up. First, on the operation, it's great to see revenue and operating margin target, can you also have any metric or goal for free cash flow margin? I have two other follow-ups. Okay. Fair question. Today, we are not targeting to forecast free cash flows, I will work on that going forward. Today, we're just working on margins. In terms of cash flow, indeed, we have been very strong. We have enough cash, basically. Also now, with our business extended to Taiwan, we have been building up a very good credit line with the partner in Taiwan, including a bank, and especially use their low interest rate. Cash flow basically won't be any concern. Okay, great. I have two follow-ups with Charles. First, how do you see the CPU upgrade helping you, especially as you look in the back half of the calendar year? For the first time, we have a back-to-back CPU upgrade, Ice Lake and later in the year, Sapphire Rapids. In that context, do you expect next fiscal year to have a much higher growth rate? The second question has more to do with the board. It was good to see some diversification when you were addressing the filing. Can you also help us how you see if the board diversification is going to continue look into the future? Very good question. Yeah. Ice Lake and Sapphire Rapids, two product line. One support PCIe Gen4, one support Gen5. Both product line are very good. Ice Lake will be available almost right away. We have a complete product line, total solution ready. For Sapphire Rapids, we also have a design going on. The progress have been very commendable. Again, with our Building Block Solution, we will have a solution ready for Sapphire Rapids almost ahead of Intel. For both product line, we are very excited. Just waiting with CPU to be available in volume production, and then we can support a customer around the world. On the board topic for the directors? Board director. Okay. Thank you. Board director. Yes. Last few years, because of 10-K delay, so we have lots of board kind of expertise in D&T, in financing. We are looking for some other board who are really good in business technology. We are always ready to make some adjustment. Thank you. Thank you. Next, I'm going to go to John Lopez of Vertical Group. Hey, can you hear me okay? Yes, we can. Fantastic. How are you? Great. Good. I have a couple questions. The first one is, do you guys, just near term, can you offer us any calendar 2021 guidance in the context of this new target framework? I believe this quarter end, by early May. Early May, we should be able to update for the short term financial and business outlook. Got you. Okay. That helps. Yeah. My second one, I want to sort of take these by buckets. If we look at where third parties pretty uniformly forecast the enterprise portion of the server market, it's generally flat. Best case. If we think about your historical growth rates, that kind of 1993 - 2016 period, the enterprise market was growing. That's kind of no longer the case. In the context of your target for that particular segment, you're embedding a lot of share gains. The question I guess I have is, you've talked a bit about products, but I'm wondering, either at the customer level or perhaps geographically, is there anything else you can offer us detail-wise that sort of gives you comfort in the ability to pretty comfortably outgrow that enterprise bucket? Yeah. Thank you for the question. Very deep question. Yes. Enterprise basically flat. I personally believe so. However, we are able to grow in couple area. One is you just mentioned geographic. Before we focus on U.S.A. West Coast a lot. Now we have been extend our arm sales service arm to East Coast. Now we have getting very strong team in East Coast. Same thing in Asia. Before, we did not focus much on Asia. Last two years, we start to set up the office there to hire people, to train people there. Lesser and same thing for European market. We suppose, I believe we will grow very significantly in East Coast of U.S.A., in Asia, especially Japan, Korea, and also in Europe. That's geography. In term of product line, yes, our product line much stronger than before ever. Because of Building Block Solution, we are able to accumulate our history design asset very recently. Plus our new design, especially software and firmware. Last two years, we added more than double our software and firmware headcount. Now we have a much stronger OpenBMC especially, and BIOS and other management software and some application, including our SuperCloud Composer, for example. With those software value and a really strong thermal total solution to support deep cooling, liquid submerged, and free air cooling, we are able to gain much share from our competition, I believe. Really helpful. Okay. My third one here. If we look at this OEM large data center bucket, I'm assuming that's where we're capturing hyperscale opportunities at this point. If I'm right about that, if I look back not that long ago, maybe three, four years ago, what you used to call internet data center was over 20% of revenue. Yeah. If we look at the disclosure you're giving us today, it was like 12, so $400 million. I guess my first question is, why has the relative exposure in that segment declined over the last couple of years? Again, assuming I've got this right, apples to apples. I guess kind of the same question, within that bucket where there is more customer concentration, obviously than sort of the enterprise level, what are the mechanics for driving share gain there? Okay, very good. The reason why we declined a large data center and OEM support in last few years, because number one is cost. Because last few years, Bay Area cost really grow a lot. It's really hard to compete. Almost no way to compete for those large CSP we serve in Silicon Valley. That's why we gradually grow our capacity in Taiwan. The second is the 10-K delay disruption. To be very honestly, during that three years really too much interruption. We are kind of a little bit defocused in that period of time. The good thing is now 10-K today delisting program is 100% behind us. Even COVID-19 program is getting behind us for two reasons. USA COVID-19 condition is improving. Second reason, our Taiwan team now have been getting very strong. We can leverage strong Taiwan team in engineering, in operation, in production, and even sales and marketing. That's a big change for us. Also long term, we have been suffered a lot because of small volume, higher cost. It will be a big help when we can double or triple our revenue. That way lower our overall cost. I'm going to take the next question from John Tanwanteng at CJS Securities. Hi, can you hear me? Yeah. Hello, can you hear me? Yeah. Great, thank you for doing this, Charles and David and James. It's great to see all your enthusiasm. One thing I think that investors want to hear about is how you've incentivized, the company and the management, and all your employees, not to let that growth mantra that maybe got you a little bit in trouble, with the 10-K and the delisting and controls. Can you just tell us what you've done to promote the controls and compliance culture and the systems that are associated with that while you resume your growth track? Okay, very good question, very important. Number one. People work for good will, and especially for economical reward. In last few years, during 10-K delay, during the COVID-19, for sure our stock price performance was not good. Now we are ready to take off, right. Most of our engineer, most of our senior management all have RSU and stock option. Now when they see company start growing very fast, they are all very excited, much more excited than before. That's number one. Number two is also important. I would like to say almost equal important, is green computing. I keeping communicate to our engineer, our staff, say, "Hey, we develop green computing, not just help customer save money, but also help our next generation, our future generation, for a more healthy environment." We have only one Mother Earth. Indeed, a lot of our people, especially engineer and senior management, they really care green computing, really have a good will to help the future generation. At the same time, green computing and resource saving help customer save money. I just mentioned about now global, if we all use the green solution we propose, every year can save the energy up to $7 billion per year. That's a big help to customer. When we deliver those messages to customer, our people feel great honor as well. I would like to say most important still, stock price. Also when company making more profit, we are able to pay our employee better package for sure. All right. Next I'll move to Ananda Baruah of Loop Capital. Hey. One second. Hold on, let me get the video on here. All right. It says the video's on. It is. We see you. Cool. Awesome. I cannot see myself. Yeah, listen, guys. Awesome. Thanks for doing this. This is great. Just kind of getting the state of the union out there. Really happy to see the forecast too. So that's great as well. David, and welcome. Two questions, if I could. Charles and David, you could each chime in on these. For the key market segments and market segments that you guys have spoken to, how should we think about the growth in each of those market segments beginning to lift up over the next couple of years? You've talked in the past, to some extent, about this, but given that the three-year forecast is out there now, which one should we start really this year to start to meaningfully contribute? Which one should we start next year? I think that would be helpful context. I have a quick follow-up. Okay. Your question is big. Three area, for example, our organic business, the enterprise division, we expect to grow maybe 10%-15% yearly, especially with our B2B and B2C automation help. Also better product. In kind of a private cloud, 5G telco top 300 account. Again, last 12 months, we gain a lot of account in this segment, and we will continue to gain account in this area. Those customer like green, they like our Building Block Solution. I believe, in top 300 account, we should be able to grow maybe 30% yearly, especially a kind of a private cloud telco. In large account, large CSP and OEM, it depends on our capacity and also depends on our profit margin. Basically, our room in this area is much bigger. I expect to grow maybe 30% yearly or even 60% yearly. Depends on our capacity and also our resource. Charles, when do you believe the growth in those segments begins in earnest? It's from a contact with customer. I periodically work with sales, with our FAE and a solution manager and talk to customers, see, hey, what do they want, and compare with the competition. I believe the demand is there. I think he's asking you when. He said when. Did you say, Ananda? It's happening now. Yeah. It's happening now. That's why we pull in our Taiwan 1 million sq ft of building to be available by June. For sure, COVID-19 is not fully end yet. I believe maybe after summer, the growth will be faster. Also depends on NVIDIA Ice Lake. Okay. That's great context. Thanks. Sorry, Ananda. We only got a couple minutes left here. I'm gonna try to squeeze in a couple more. Sorry. I'm gonna go next to Dan Abrams on the buy side. Let's see here. Hey, I think I'm on. You can turn on your video if you like. I'm going to go a couple of minutes over, by the way, everybody. You're welcome to stay. I'll just go five minutes over. We had a couple more questions in the queue I'd like to address. I'm on. Can you hear me? Yeah. Great. Some of your competitors have been quite vocal about their as a service offering. Does Supermicro need a comparable as a service offering? At this moment, we do not have a specific one, but we work with banker, with customer, so if customer need financial help, we can help them. At this moment, we focus on our volume growth, because we can grow 20%-30% yearly. I guess we had to focus on this territory first. As to the fancy cloud or other renting program, subscribe, yes, we have a plan, but not in short term. A quick follow-up on balance sheet. Does the company have a balance sheet or a finance strategy to accompany the operating model? Is there a target leverage ratio that we should look at over time? David, do you want to answer that question? The answer is yes. David? David, unmute your video. Yeah. Indeed, during the 10-K today timeframe, our financial team spend a lot of effort to improve those foundation, those basic financial tool. Today, our position have been much, much better than before ever. David can answer you more detail, maybe. David? Yeah. Yeah. I was on mute somehow. The answer is that, yeah, we have modeled out our balance sheet going forward, and we already are using leverage. In our Taiwan building, we've got, actually, I think $45 million that we've borrowed to build that building. We definitely have a plan going forward. Basically, we are very safe in those concerns. Yeah. The company has a very good history of cash flow generation. That's done both by careful expense management as well as rationalization of all our programs. We expect that to go forward. Okay. I'm going to go next to Ravi Patna of Hawk Ridge. Go ahead, Ravi. You can also turn your video if you like. Hi. Can you hear me? Yeah. Thanks. Yeah, thanks for the presentation. Just a quick question on the disclosure. Are you able to define what the differences are between OEM large data center and this new industry vertical of cloud software? Yeah. Large OEM and large cloud, usually large CSP, usually they have some special customer spec. They have a special demand. We start to work with them in last few years, and the model have been very productive to them and to us, especially we are able to leverage our Building Block Solution. See, our Building Block Solution, the whole system was carefully designed. Those Building Block Solution not just good for our regular business, but also good for our OEM customized design. We have been working with some of them, and the feedback have been very positive. That's why we prepare to do some business with some of them. Okay. If I may, just one more. In terms of some of the near-term growth that you're projecting here, just based on your commentary, and I think one of the slides shows sort of like a hockey stick in terms of 2022 growth. How much of that is contingent on Ice Lake and/or Sapphire Rapids, and how much is already maybe spoken for by some of the new customers in the pipeline that you've recently engaged? Good question. Our business have been 27 years, so we have a very close, very tight relationship with our current customer. At the same time, we also reach to new customer, especially the top 300 private cloud, public cloud, and some OEM. We have a co-developed, co-design, some for Ice Lake, some for Sapphire Rapids for sure. Things have been pretty under plan. Great. Thank you. All right. Our final question will come from George Needham. I'm gonna go ahead and allow you to talk. George? George, maybe you're muted. Maybe you didn't intend to raise your hand. Okay, well, I guess I'll go ahead and go to one more, Nehal Chokshi, for a follow-up question. That will be our last question for the day. All right. You guys can hear me now? Yes. Yes. All right, cool. James, are you able to cycle back to the early part of presentation where Charles was talking about the 2U, 2N product innovation? 2U, 2N. Yeah. A marvelous design. Yeah. Okay, great. Charles, can you just run through again what is the key innovations that you guys have brought to this particular market that is enabling these wins? It sounds like this is a very significant opportunity that you guys are now hitting very soon. That would be the latter question. Yeah. As you know, the GPU market, video streaming, particularly, the demand growing very fast. What people need is try to save energy cost, energy budget as much as they can. This machine is very high efficient design, especially the cooling. Indeed, this is air cooling design. Air cooling design, we are able to share all the device efficiently with four large cooling fan. Also, the maintenance, right? It's hot swappable, customer really happy for easy for maintenance. Also, the whole design was designed for high volume per unit. The system design was very simple, very cost efficient. Overall, in today's market like this, customer really care about 3% or 5% better cost. About 3%-5% or 10% power saving. This machine specifically optimized for those demand. That's why, even before the product ready for production, we already have some big order waiting there. We continue to see more and more customer like to order the product right here. Great. James, my last question. Can you go to the CEO compensation slide? Okay. These slides, by the way, just so you know, for reference. Yeah, I know. I don't think it's up yet, though, so that's why I'm asking it. I guess, how does this actually work here? The stock price and the revenue both have to be hit in order for the stock to be issued? Yes. Both have to be hit. Okay. Who decided how these tranches are set up? Was that the board without any of your input? Can you just go through that? First, I asked our board, say, "Hey, company are getting to different phase, different stage, and the company really like to grow really fast. As a CEO, I want to have a leadership, to show by good example, say, 'Hey, I believe the company will have strong growth, so my income will be 100%, kind of depends on the company performance.'" Our board feel very good idea, so they counter back right away. I just give them an idea, and then they give me proposal, and indeed, we settled down very fast. Indeed, the board asked me, they say, "Charles, why you are so easy to deal? Why you say yes right away?" I say, "My goal is to grow the company, and especially green computing. I personally really dreaming to make a green computing everywhere around the world. This goal is reachable, and it's exactly what we planned in last many years. We extend our U.S.A. capacity, especially triple our capacity in Taiwan. We already triple our capacity in Taiwan by this summer. The capacity need aggressive growth. We are able to grow aggressively because good product and good cost structure, especially when we leverage the Taiwan facility. The last two years, we already hire lots of engineer, supporting staff, a sales marketing guy, and a operation guy in Taiwan. Those person have been well trained, so we had to grow anyway. The good thing is we are able to grow, I believe. All right. Thanks so much, Nehal. We're going to go ahead and wrap this up. We're a little bit over on the time. Thanks everyone for your attention and time. We'll be attending some investor events next week, including some meetings hosted by Nehal. Hopefully, we'll see some of you there and see the rest of you in the next earnings call. Thanks so much. Thank you so much.