Good day, ladies and gentlemen, and welcome to the Super Micro's second quarter fiscal 2021 financial results conference call. At this time, all participants are in listen-only mode. Later, we'll conduct a question and answer session, and instructions will follow at that time. I would now like to turn the conference over to your host, Mr. James Kisner, Vice President of Investor Relations. Please go ahead, sir. Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the second quarter of fiscal 2021, which ended December 31st, 2020. By now, you should have received a copy of the news release from the company that was distributed at the close of regular trading and is available on the company's website. As a reminder, during today's call, the company will refer to a presentation that is available to participants in the investor relations section of the company's website under the Events and Presentations tab. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income expenses, taxes, capital allocation, and future business outlook, including the potential impact of COVID-19 on the company's business and results of operations. There are a number of risk factors that could cause 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 10-K filing for fiscal year 2020, and our other SEC filings. All of these documents are available on 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 business outlook. For an explanation of our non-GAAP financial measures, please refer to the accompanying presentation or to our press release posted earlier today. In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation. At the end of today's prepared remarks, we'll have a Q&A session for selected analysts to ask questions. I'll now turn the call over to Charles Liang, Chairman and Chief Executive Officer. Charles? Thank you, James. Good afternoon, everyone. Today, we have released our fiscal 2021 second quarter financial results. Now, let's take a look at some highlights from the quarter. Our fiscal second quarter net sales total $830 million, down 5% year-over-year and up 9% sequentially, landing at the midpoint of our guidance range. Our fiscal Q2 non-GAAP earnings per share was $0.63 compared to $0.55 in fiscal Q1 of 2021 and $0.57 in the same quarter of last year. As we expected, Q2 improved after a seasonally weak Q1. We are proud that we achieved these results despite a very challenging environment, as the impact of COVID-19 was significantly worse since early November, which impacted our operation, especially in U.S.A. headquarters. Over the same period, however, we had significant international growth to offset the weakness in the United States. Quarterly sales in many Asian and European countries were up double digits, and in some cases, very high double digits, which demonstrate the strength and the improvement of our global sales organization and channel partners around the world. I expect this strong international business growth to continue in March quarter in the future. On the topic of our aggressive growth strategy, our new high-profile customers mentioned on our last earnings call have digested their recent purchase in Q2, and we remain excited about our relationship with these customers. Additionally, our sales team are continuing their effort to expand and nurture new opportunities in these accounts for the next few quarters and years. While these efforts have been on track with our internal goal, we have recently sped up our effort to win new accounts in recent months. We plan to further accelerate this growth with new incentive programs and executive action. The purpose of these actions, other than supercharging our sales force, is to restore our original winning culture. We have set aggressive goals for ourselves, and my team is deeply committed to Super Micro's future with more and more passion. To support this international and global growth strategy, we have aggressively expanded our Taiwan campus capacity and capability in production, operation, engineering, and sales. The new Building 52 at our Taiwan Science and Technology Park will be online early this summer, which will add another 1 million sq ft of manufacturing and office space, efficiently doubling our production capacity within the next 6-8 months. In the short term, these efforts will alleviate some logistics, production, and engineering impact caused by COVID-19. In the long term, I believe that our Taiwan campus starts to reach a higher economic scale. Revenue and profitability growth will become much stronger in the coming quarters and years. To complement our effort in Taiwan, our Building 23 in San Jose is on schedule to become online in the next quarter, which will further boost our strong American manufacturing credentials. I'm confident these actions will help us capitalize on many new key market opportunities in our approximately $100 billion TAM. Let's move on to our technology and products. With the unique Building Block Solutions product approach, our R&D organizations are hard at work to expand our optimized Intel, AMD, and NVIDIA portfolios. In addition, we have doubled our software and service headcount and resource over the past two years. These investments are making a great impact on improving customer experience in both solution quality and security. With the upcoming new Intel Ice Lake processor, we again bring the time-to-market advantage, high product quality, and application-optimized solution to our customers. We are pleased to see a strong trend in terms of customer seeding and early deployment requests. We have started some of our early deployments to our key customers recently. True to our application-optimized product strategy, we believe our Ice Lake product line will provide precisely the best hardware platforms to telco, 5G, and AI, as well as data center applications. As such, we are prepared for our Ice Lake product line to become a key growth driver in the coming quarters. Although COVID-19 continues to disrupt us badly, our strong foundation has safely supported our company and business. As I have mentioned, we have taken decisive actions to expand our operation, engineering, and sales team in Taiwan to further reduce the COVID-19 impact. These efforts, together with our application-optimized Building Block Solutions, have resulted in great progress with our focus business vertical. First, our organic business gained more than 10% new major customer server accounts in the last few quarters, benefiting from our strong product line and expanded Taiwan operations. Our B2B automation, auto-configurators, as well as software and service enhancements will continue this growth momentum. Second, we started to be focused on large data centers and OEM since about three months ago, right after our 10-K was filed. Two high-profile customers have started to ship in small volume recently, and we are plan to ramp to a larger scale later this calendar year. We plan to add one or two more large DC, large data center, or OEM customer in this category before the end of this calendar year. Third, on 5G telco and IoT, we have won a handful of new telco customers last year. They are currently starting to ship small volumes with upside, and we expect high-volume shipments to these customers will start later this calendar year as well. Number 4, our B2B and B2C automation with auto-configurator has been greatly improved in the past three quarters, which is even more critical as COVID-19 forces a more remote working environment for lots of customers and our own employees. We have been developing this powerful project for the past five years, and it will be ready to go live by this quarter end. This will make it much easier to share communication and product configuration among our sales engineers and our customers. As discussed in our last earnings call, we believe that Q1 of fiscal 2021 will prove to be a near-term bottom in our business. Our Q2 results are the first proof point that Super Micro is indeed back on the growth track. I am excited that our recent booking activity, along with our new business initiatives, gives us the confidence to provide a Q3 guidance that, if achieved will reflect a resumption of a quicker growth on a year-on-year basis. Furthermore, we are pleased to announce a newly approved $200 million of share repurchase program, which investors should view as a sign of our commitment to enhance our stockholder value and our confidence in our long-term business success. I will share more detail about our strong growth plan, business scale, our unique momentum, and when and how will we reach $10 billion revenue in the coming soon investor event. As the only fastest growing server solution, hardware design, and manufacture company in the U.S. in last 27 years, Super Micro 3.0 is nearly 100% ready. That mean we are ready to grow quickly. Before I pass on, I'd like to take this chance to announce the appointment of David Weigand as our Senior Vice President and Chief Financial Officer. David joined the company in May 2018 as Senior Vice President and Chief Compliance Officer, a CPA and native of Silicon Valley. David come to Super Micro from Hewlett Packard Enterprise, where he had worked as the vice president. He was previously the CFO of Renesas Electronics America Inc. David succeed Kevin Bauer, who is our current CFO and is leaving the company to pursue his passion at a not-for-profit organization at the end of this month. It has been a privilege working with Kevin, and I appreciate his great leadership, hard working, and dedication to Super Micro over the past four years. Kevin is credited for improvement over our financial system and many system automation. I wish him a great success in his new venture. I will now pass the call to Kevin one last time to provide additional detail on the quarter and our outlook. Kevin, please. Thank you, Charles. I'd like to say a few words to our employees and investors. I have enjoyed working with Charles and the very dedicated Super Micro team and helping the company through challenging times over the last four years. I am most proud of the work enhancing our company's financial function, providing a stronger foundation for the company to continue to grow, as well as our focus on improving operations to generate cash, which enabled a return of capital to shareholders. To all the Super Micro team, we have accomplished so much together, yet there is unfinished work. Carry on. On a personal note, my new role will be in an area where I have strong passions for and also serves a community that I have a long association with. I'm excited to join as the Chief Financial Officer and key business executive to help this organization to reach its objective of delivering increasing value. When announced, this new role will make sense to you all. Before jumping into the results of the quarter, I'd like to briefly touch on several accomplishments we made this quarter on the environmental, social, and governance or ESG front, which we recognize is becoming increasingly important to investors. A few of our recent accomplishments include, one, driven by our efforts to comply with social and environmental concerns, Super Micro received a near perfect audit score from the Responsible Business Alliance at our Taiwan manufacturing site in November 2019, with a score of 196.4 out of 200 points. In December 2020, we sent a commitment letter to the Science Based Targets initiative and We Mean Business Coalition, indicating we will join other companies in striving to keep global warming to the 1.5 degree goal and create company targets. We also joined other leading companies in The Green Grid, where we believe our expertise in hardware design and energy efficient computing can help drive forward the industry. In January 2021, Super Micro transitioned its San Jose grid energy sourcing to wind RECs, signifying that in conjunction with our Bloom Energy fuel cells, all our use of energy at our new and old San Jose campuses will not result in the burning of fossil fuels. We believe these recent accomplishments and milestones continue a long history of our commitment to green computing, sustainability, and generally making the world a better place for future generations. Turning back to 2Q results. Our fiscal second quarter revenue totaled $830 million. This reflects a 5% year-on-year decrease from the same quarter of last year, and a 9% increase from the first quarter of fiscal year 2021. Systems comprise 77% of total revenue and volumes of systems and nodes shipped were up sequentially but down year-over-year. System ASPs increased year-over-year but were down modestly quarter-on-quarter. Turning to geographic performance, our international sales strengthened from two quarters of softness. On a year-over-year basis, the US decreased 12%, Europe increased 5%, Asia declined 3%, and the rest of the world increased 68%. On a sequential basis, US sales declined 7% quarter-on-quarter, Europe increased 38%, Asia increased 27%, and the rest of the world increased 86%. From a customer point of view, we saw a pickup in sales to OEM customers, but this was offset by the expected digestion after a strong Q1 contribution by new high-profile customers that we mentioned last call. From this point forward, unless otherwise noted, I will be discussing financial metrics on a non-GAAP basis. Working down the P&L, Q2 gross margin was 16.4%, up 50 basis points year-over-year and down 70 basis points quarter-on-quarter. Recall on our November earnings call, we stated that we expected gross margin to decline 160-200 basis points on a sequential basis, chiefly due to the absence of a cost recovery benefit as well as elevated freight costs. While we did see elevated freight costs, we did, however, benefit from additional cost recovery similar in magnitude to the benefit we experienced in fiscal Q1, or about 130 basis points. We do not anticipate a similar benefit going forward. Turning to operating expenses, 2Q OpEx on a GAAP basis decreased 1% quarter-on-quarter and 11% year-on-year to $99 million. Q1 GAAP operating expense benefited from a credit of $2.1 million for an executive SEC settlement, and Q2's GAAP operating expenses contained $2.5 million in special performance bonuses. Without these factors, Q2 GAAP operating expenses would have been down more significantly quarter-on-quarter. On a non-GAAP basis, operating expenses decreased 5% quarter-on-quarter and 12% year-on-year to $90 million. The sequential decrease in non-GAAP OpEx was primarily due to lower audit fees, lower R&D expense due to higher than normal credits for NRE work performed, and overall expense discipline. Other income and expense was a $13.1 million loss as compared to a $1.5 million loss last quarter. The increased loss was chiefly driven by the remeasurement of our Taiwan dollar loans to a weaker USD. This quarter, our tax expense was $5.1 million on a GAAP basis and $7.1 million on a non-GAAP basis. Our non-GAAP tax rate was 16.4% for the quarter. Going forward, we continue to expect our tax rate to be approximately 16%. Lastly, our joint venture contributed a loss of $1 million this quarter related to an air pocket in revenue as compared to income of $1.3 million last quarter and a loss of $1 million the same quarter a year ago. Q2 non-GAAP diluted EPS totaled $0.63 as compared to $0.55 in Q1 of fiscal 2021, and $0.57 in the same quarter of last year. Cash flow from operations totaled $63 million compared to cash flow of operations of $121 million in Q1. CapEx totaled $14 million, resulting in free cash flow of $49 million. Our closing balance sheet position for cash was $315 million, while bank debt was $45 million, resulting in a net cash balance of $270 million. Please also note that we completed our previously announced $50 million share repurchase program on January 6th, wherein we repurchased 1.68 million shares at a weighted average price of $29.82. As Charles mentioned in our earnings release today, we concurrently announced that we have board-level authorization for the company to repurchase up to another $200 million of our common stock in a new share repurchase program. The program is effective until July 31st, 2022. As Charles mentioned, we believe this action reflects our commitment to enhancing stockholder value and our positive long-term view of our business opportunity and cash generation prospects. We expect to execute the program in coordination with our cyclical working capital needs and growth. Turning to working capital metrics, our Q2 cash conversion cycle was 92 days, down from 107 days last quarter, but still outside our target of 85-90 days. While the absolute level of our inventory declined, days of inventory at 105 days remains elevated relative to our historical levels as we prepared for the impact of the Lunar New Year logistics challenges and some tightening of components. Days sales outstanding was 36 days, where days payable outstanding totaled 49 days. Now turning to the outlook for our business. We expect net sales for the quarter ending March 31st, 2021, in the range of $790 million to $870 million. We expect gross margins to decline approximately 120 to 160 basis points sequentially due to the lack of a cost recovery discrete event that we explained earlier over the last two quarters, and also the product mix that we expect to ship in the quarter. We expect our non-GAAP operating expense level to increase quarter-on-quarter to the mid-90s, driven by payroll taxes in the new year and selective investing in R&D. We continue to anticipate our GAAP and non-GAAP tax rate to be approximately 16% going forward, and we expect other income and expense, including interest expense, to total roughly $1 million and expect a contribution from our JV of roughly a half million dollars. We expect fully diluted GAAP earnings per share to be in the range of $0.22-$0.42 and fully diluted non-GAAP EPS to be in the range of $0.37-$0.57. We continue to expect our CapEx for fiscal 2021 to be in the range of $55 million-$60 million, inclusive of our ongoing Taiwan building project mentioned earlier by Charles. James, we're now ready for Q&A. Thank you, Kevin. One quick announcement before entering Q&A. We will be attending the Goldman Technology and Internet Conference on February 11th and conducting one-on-one meetings with investors. Operator, we're now ready to take questions. Thank you. We have your first question from Ananda Baruah from Loop Capital. Your line's open. Hey, good afternoon, you guys. Appreciate you taking the question. Congrats on solid results. Kevin, congrats. It's been good working with you. Well, good luck, and we'll miss working with you. I guess a couple if I could. I guess the first one is, just broadly speaking, how would you like us to think about the various catalysts as we move through the year and the things that we should keep an eye out for, and what you're expecting to impact the business? You spoke to a number of them in the prepared remarks. Would just love to sort of get some more context on how we should think about them layering in. I have a follow-up or two. Thanks. Yeah, I believe our business has been very solid now, except that COVID-19 threatened in USA still very severely. We are very carefully taking care of that while kind of aggressively grow our operation and business in Taiwan. If COVID is getting better, as now we expect, our business should be getting to a much smooth, much stronger growth period. We have a good feeling about the coming quarters or years. Charles, when you think about some of the newer aspects to your business, you mentioned Ice Lake as well in coming quarters, hyperscale Ice Lake. You mentioned the 5G systems going into the telcos. Could you rank for us, even if anecdotal, which ones of those do you think would be the most impactful when you look back on 2021, hyperscale, Ice Lake, the 5G telco business? Like I just shared with everyone, we start to focus on large data center and OEM since about 3 months ago, and we already achieved a couple of them. They start to move, and we believe the volume will ramp up very soon, in this year and next year, I believe. As to 5G telco, again, we already engaged a handful customer, kind of they are world-class telco company. The relationship have been created very solidly, and they start to move some small volume, and we also expect some high volume will follow very soon, and it will be long-term partnership. Overall, we are very optimistic for our long-term growth. Okay, great. I'm going to sneak one last one in here. Charles, I believe it was you in the prepared remarks, you mentioned the analyst event. Do you have a timeframe you're thinking about for that? Yes. You mean investor event? Investor event, yes. Yeah. I hope within next few weeks. We should have had it last quarter, but because of COVID-19 really coming very bad, we kind of take a wait and see. Now looks like things are getting under control, I hope in next few weeks, we will have a big investor event to share the company plan, the future, the momentum with our investors. Oh, excellent. Just to clarify for myself, in the next few weeks, do you think you'll be announcing the date of the event, or do you think you may actually be having it in the next few weeks or so? I guess we will announce in the next two weeks, for example, and hopefully have that event in three to four weeks. Thank you. Excellent. Thanks a lot. Thank you. We have your next question from Jonathan Tanwanteng from CJS Securities. Your line's open. Hi, guys. Thank you for taking my questions and a very nice quarter. Kevin Bauer, congratulations on moving on to the next phase. My first question is on, just hearing Intel when they spoke about their quarter, they thought they were seeing another quarter or two of digestion in the cloud and data center space. It seems like you're not seeing that. I was wondering, what kind of customer are you seeing strength from that's maybe running counter to what they're saying? Is it maybe just from AMD, or is it another end market? Just give me a sense of why your strength is running opposite to what they're seeing. Yeah. As you know, we have a very strong Intel product line. At the same time, we also have a pretty big AMD product line. Once the market have a demand, we will grow. Even if market keep flat, because our outstanding product, our kinds of better solution overall. We believe, once the market is not too bad, we will have a chance to grow smoothly. If the market is growing, I guess our growth will be very significant. As you know, since company was founded since 1993 to 2017, our growth has been always much faster than the industry average. I believe we are getting back to that position very soon. Thank you, Charles. Just on the impact that COVID has had on the business, can you call out just the impact on either the margin or the revenue that you had in December and into January so far? You mentioned higher freight expenses, lockdown's probably had an impact as well. I don't know if you've seen anything else, such as employee absenteeism, but if you could kind of quantify or give some color on the impact of the pandemic so far, that would be helpful. Thank you. Yeah. The impact is very bad and very broad, unfortunately. That's more than nine months now. Logistical, for example, it's become very hard to ship product even from Asia to U.S.A. We see the shipping delay and the cost increase double, or even more. The logistic time to market delay and the logistic cost increase. Lots of customer work from home and some of our employee work from home. All of those created a difficulty for business, especially for application optimized solution. The good thing is that our auto-configurator, which is a program to help sales, help our engineer, help our customer to work together to make the best optimized solution for them. The tool is getting ready. I believe by end of this quarter, most of our sales, engineering, and customer will be able to use those tool. I'm very excited for the tool to be available in this quarter. Okay, great. If you don't mind me asking one more. Hello? Yeah, Jonathan, this is Kevin. I would just echo what Charles has said, is that, when you have work from home, it definitely reduces the coordination of the organization. We have to push harder in that arena. Some other examples, like just having to confirm that there's someone else on the other side to receive the shipment. Not all companies are open every day. There's definitely a lot of little different things like that that make conducting business more difficult, like Charles had said. Understood. If I may ask, looking beyond the pandemic, Charles, I know your new facility is opening up in the second half of this year or early this summer. What can margins look like on a normalized basis without all these headwinds, when you have new facilities and when you have some more volume in the customer shipping? Maybe share some of the plans you have for where margins could go. Yeah. As you know, we have two kind of customer. One is a high-end enterprise who like our better product, better performance, better service. We also have another customer who buy high volume, and they want low cost. Before, most of our operation are tied in USA. With COVID-19, the impact was really big. Now we have a Taiwan operation getting ready, especially by early summer. We will have a much bigger capacity. We can start to service those customer who buy high volume and cost sensitive. We are very excited. We start to line up with those customer since about 12 months ago. Now we have some customer relationship already established, and we already promised them we are ready to support them. In term of how much impact, I would like to say, maybe 2% or a little bit more than that. 2% for enterprise sounds small, but for high volume customer, that 2% or 3%, indeed, there is a big difference for them. We are very happy we have those opportunity now ready from Taiwan. Great. Thank you very much. Thank you. We have your next question from Nehal Chokshi from Northland Securities. Your line's open. Thank you. Congratulations on the strong gross margin and very strong revenue guidance. That's a really nice outlook there. On the net income, the midpoint of the net income, that implies about a $9 million Q3 decline. How should we parse that between gross margin OpEx for the March quarter? Well, I think we shared that we thought that the gross margin would be declining quarter-over-quarter because of some cost increases, as well as the specific mix of products that we're going to ship. I would say that you would weight it probably towards what the expectations are for gross margin in the immediate quarter going forward. That would be the heavier weight, we'll put it that way. That's very helpful. Thank you. Charles, could you clarify what you mean by large OEM opportunity? Okay. Especially after pandemic, COVID-19 problem happened, all our internet, all our social networking company have a strong demand. Those high volume customer, indeed, they move in high volume, but they want a low price, right? Before, we kind of did not really focus on those segment of customer. Because our Taiwan operation facility is getting ready, so we start to work with those customer, engage with them, and we got some very good feedback. We are really engaged with some of them. Likewise, as mentioned, we ship a small volume now and the high volume should follow later this year. Okay. Just to be clear, is there a partnership with the HP and Dells to get to the social networks, or are you just referring to these large internet properties as the OEMs? You know that this thing is Super Micro in last 27 years. We already established our brand name and our credibility for quality, for service. Now, especially our management software, our services global wide have been well-recognized by enterprise account. We are ready to work with any kind of customer, directly with any customer, or go through some OEM. We open the opportunity. Okay, thank you. Coming back to Kevin. Over the past 2 quarters, you guys have returned 50% of the free cash flow to shareholders by share repurchases, which is very good. I know that you guys said that you wanted to message investors that you're evolving your capital allocation policy. Is that 50% rate at least a good way to think about how you guys are thinking going forward? What about that remaining 50%? Is that basically needed to fuel future growth? I think what I tried to share was that in the $200 million program, it's got roughly an 18-month or so duration, given the date that it's valid through. I think investors that I've worked with know that we take an incremental approach, and we took first two steps in stock buyback program, and we got feedback that if we feel confident, we should back that up by maybe a more longer-term program, and that is exactly what we have done. Therefore, it's a step-by-step process. I think the competing forces for the capital allocation is going to be the rate of our growth. That's the key thing. We hope to be able to continue to grow strongly and have the adequate cash flow to consume or to fully execute that $200 million program over the 18-month time frame. It's definitely that, as well as the investment we need to continue to make in R&D for continued product development. Given that as it relates to Taiwan, we're kind of in the late mid innings on the investment there. Certainly, the building is close to being completed there. I think it's going to be June or something like that, Charles. Yeah, June. Therefore, that consumption of cash will abate for a while because our maintenance capital is like $5 million-$7 million a quarter. That will help free up some cash in the second half of calendar 2021. That's kind of the moving pieces that we're thinking about. With the continued cash generation of the company, we felt confident to get $200 million program approved. Okay, fantastic. My final question before I get back into queue is that you mentioned that NRE work was part of that R&D Q2 decline. What's the decision for when Super Micro accepts this type of work? Can you talk about that real quickly? Yeah. We work very closely with some of our chief component suppliers to work on platforms that work with their key components. We really look to work with those key vendors to enable platforms that we believe are ones that are going to get traction in the marketplace. We look at what's the likely popularity of those platforms, and then enter into those arrangements. They tend to be rather short-term in nature. I want to share with you that it's not like a multi-year development, but rather, maybe half year development. It's a little bit easier to make those commitments, because not only they're not so large, but also the prospects for the product are pretty close in the future. And what's the type of- It's kind of part of the business, basically. We have some very close partner. They really want us to design something unique, something outperform for the market. Also some customer, they want really outstanding, unique platform design. We work with both vendors and the customer. For those special design, usually they pay some NRE. Mm-hmm. What's the type of return in terms of revenue or gross profit dollars you could typically see when you pick this type of NRE product that expects to become a platform that drives future sales? For sure, our goal is not for NRE $ amount. The really goal is for the partnership. When we work with vendor to design the really optimized solution, we together to approach the market. Same thing for customer. Some customer, with their special application or data center, equipment or architecture, we help them design something exactly optimized for their environment. Because of Building Block Solutions nature, makes Super Micro much easier and much more efficient to design those unique solution for them. Okay, great. Thank you very much. Again, if you would like to ask a question, please press star one on your telephone keypad. Again, that is star one to ask a question. We have your next question from Aaron Rakers from Wells Fargo. Your line's open. Yeah, thanks for taking the question, and congrats on the results. Kevin, also, great working with you in the past. I guess I wanted to ask a question about where we stand on the server cycle and the impact that we could think about this having for Super Micro. You talked a little bit about Ice Lake. You've got AMD Milan. How do you guys see the demand profile for these next generation server CPUs materializing, and would you expect to see an ASP uplift benefit Super Micro as these next gen CPUs come into the model? Yeah. As you know, the new generation processor or platform always outperformed the previous generation, right. For the same price, usually they are kind of 10% or up to 40% faster performance, right. For sure, lots of large customer, they want a new generation product, and Super Micro is good for that. With our Building Block Solutions, traditionally, we always introduce new technology to market few months or few quarter earlier than others. This time we have that advantage again. Other than the market growth, indeed because we have better solution or better service or better quality, so indeed, we are gaining much share from others as well. Okay. I guess, maybe, dovetailing off some of the earlier questions around industry supply chain alignment and juggling through the COVID challenges that you've had, how would you characterize the component supply chain or component availability that you see in the market today? There's been some indications that certain areas have been tight or even constrained. What's your current outlook? Have you seen any constraints, and what are you expecting, if you're willing to look out over the next couple of quarters? Yes, we saw a lot of constraint across almost all different kind of components. We have been very carefully engaged with our partner and have a forecast, have a kind of a contract. Logistic cost also increased, lead time also increased. With our contract and relationship, at this moment, I feel there are a lot of challenges, but we should be safe for our smooth growth. Yep. Then the final question I just wanted to ask was that I know a couple of years ago, you did have a customer that had accounted for 10% of revenue. Do you think that with these new larger data center win opportunities that sound like they're going to ramp over the next couple of quarters, do you think you'll have a situation where you have a 10% customer in the future or not? Hard to say. We try to have many more customer because our customer base was still small compared with our long-term goal. With now a much bigger capacity, so we are able to engage with many more partner. I believe that question, yes or no, if it happen, it's happy to have. It will not happen, it's also happy to be more diversified. I am pretty neutral attitude for that. Look like things will be under manage. Okay. Thank you, guys. Thank you. We have your next question from Nehal Chokshi from Northland Securities. Your line is open. Yeah. Thank you. I am actually particularly impressed with the guidance given that at the September quarter call, you guys had indicated an expectation that, I think, Ice Lake would become generally available for server OEM launch by early 2021. That hasn't happened yet, and that looks like it's going to be more of a Q2 '21 type of event now at this point in time. Given that context, does that mean that the rest of your business has significantly strengthened relative to what you thought would be the case back at the 3Q '20 call? As I just shared, Super Micro has a much more diversified product line now, and also customer base, in terms of vertical, in terms of many more customers. We are a much more diversified company now. With expansion to Taiwan and also our capacity growth in U.S.A., we are ready to be a much bigger size company. Great. Speaking to that much greater diversity in exposures, can you give us a sense as to what is your exposure to some of these faster-growing parts of this market that you're addressing? Yeah, for example, telecom 5G, we did not focus on that market before, but since about two years ago, we start to focus on this market. We already engaged with some very good partner globally. For example, large data center and OEM, we did not really focus on that segment in last 10 years. About 12 months ago, or 18 months ago, we start to engage with some. We have good achievement. Also, for IoT, we continue to extend our IoT product line. Super Micro indeed like to be a much more diversified, much service customer as a one-stop shopping company partner. Would it be fair to say that these three areas that you just highlighted represent maybe 30% of revenue now? We did not share that specifically, but back to what I just mentioned, Super Micro is ready to grow company to be a $10 billion revenue company in the near future. In our investor event, we will share more detail about that. Okay, great. Thank you. Thank you. I'm showing no further questions at this time. I would now like to turn the conference back to Mr. Charles Liang, Chairman and Chief Executive Officer. Sir, please continue. Yeah. Thank you everyone for joining us today. Looking forward to meeting you next quarter. Have a nice day. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.