Super Micro Computer Q1 2024 Earnings Call Transcript

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November 1, 2023

There are 9 speakers on the call.

Operator

Thank you for standing by. My name is Brianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer Fiscal First Quarter 20 24 Results Conference Call. With us today Charles Leiani, Fafner, President, Chief Executive Officer David Mann, CFO and Michael Stager, Vice President of Corporate Development. All lines have been placed on mute to prevent any background noise.

Operator

After the speakers' remarks, there will be a question and answer Thank you. I will now turn today's call over to Michael Stager. Please go ahead.

Speaker 1

Good afternoon and thank you for attending Super Micro's call to discuss financial results to the Q1, which ended September 30, 2023. With me today are Charles Liang, Founder, Chairman and Chief Executive Officer and David Wiegand, Chief Financial Officer. By now, you should have received a copy of the news release of 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. We've also published management's script and commentary on our website.

Speaker 1

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 expense, other income and expenses, taxes, capital allocation and future business outlook, including guidance for the Q2 of fiscal 2024 and the full fiscal year 2024. 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 ks filing for fiscal 2023 and our other SEC filings. All these documents are available on the Investor Relations page of Super Micro's website. We assume no obligation to update any forward looking statements.

Speaker 1

Most of the stated presentations 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 published 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 will have Q and A session for Seltzer and analysts to ask questions.

Speaker 1

I will now turn the call over to Charles.

Speaker 2

Thank you, Michael, and good afternoon, everyone. Today, I'm pleased to announce that we are off to a good start for fiscal to 2024 with 1st quarter revenue of RMB2.12 billion. We navigate tighter AI, GPU and key components supply conditions to deliver total solution to a large compute cluster, especially for generative AI workload, where our Back order continue to expand faster than our forecast. During the Q1, Demand for our leading AI platform in plug and play at rack scale, especially for LLLM optimized NVIDIA to HGX H100 Solutions was the primary growth driver. Many customers had to start to request direct attach co play nuclear cooling solution to address the energy cost, to our great constraint and thermal challenge of this new GPU infrastructure.

Speaker 2

In some cases, customers are able to double their data center AI computing capacity using our to higher computing density per class. To meet this strong demand, we have been continuously expanding to our vegetation and production facilities. By the coming March quarter, we expect to complete a dedicated capacity For manufacturing 100 kyroner rack with vivrecurring capability that will further expand our total rack production capacity to 5,000 racks per month in full speed mass production. The increased AI business also includes to our new Inferencing Platforms and Telco Optimized Edge or DAS based on NVIDIA, to Furthermore, the upcoming Grace Hopper Superchip based MTX product for both generative AI and invoicing AI are just ready for volume production. Our Board is the AI solution portfolio also include Intel, Gauti 2, PCIe, Flex, to PBC, a co name from the vacuum as well as AMD Mi250 and MI-three hundred and twenty eight based platforms.

Speaker 2

We fully expect many of these to gain broad adoption and expand our share in the accelerated computing market. Let's go over some key financial highlights. Fiscal Q1 net revenue totaled to RMB 2,120,000,000, up 14% year on year and down 3% quarter on quarter toward the high end of our guidance range of $1,900,000,000 to $2,200,000,000 despite the GPU and key components shortage during our traditional soft September quarter. Fiscal Q1 non GAAP earnings of $3.43 per share were in line with to $3.42 a year ago and towards the high end of our guidance range of to $2.75 to $3.50 demonstrating continued strong operating leverage during the traditional soft quarter. We launched and delivered end to end liquid core data center solution.

Speaker 2

We foresee up to 20% of our data center deployments. We have moved to deep cooling and for the first time customer can get to a complete rack scale liquid cooling solution from a single source with maximum lead time of with minimal lead time of about 2 weeks. Super Micro is working hard to fully take the current AI growth opportunity by speeding up the development of more new AI optimized platform. Chipomegal is utilizing its building block architecture to continue our first to market DNA with the launch of NVIDIA CG1, CG2, Grace Hopper Superchip and NVIDIA Grace, CPU Superchip as we speak. Supermicro's Detties MGX system to provide a groundbreaking computing density, energy efficiency and EGO data center deployment and serviceability, to IDEA for hyperscale and each data center.

Speaker 2

I believe this ongoing AI revolution We are impact all industry and the world possibly much more impactful in the industrial revolution over 200 years ago. As most people know, to the power consumption and thermal challenge of these new AI technologies are reaching dramatically. We are now shipping up to 80 kwatt per rack solution with 100 kwatt per rack just around the corner. For Compute, Intensive Data Center, CSP and other industries. Our high power efficient system, free air and liquid cooling expertise have become one of our key differentiator Our success.

Speaker 2

I anticipate that up to 20% or more of global data center will transition to DeepCool solution in just a few years. In addition, a combination of increasing computing density, Reducing PCO and liquid cooling reduced the environmental impact of data centers significantly. This is well aligned with Super Micro's Green Computing mission as we improve data center performance per watt to Square Food and the Dallas. To better support traditional data center, to Enterprise and IoT Telco Industry. We have begun seeding an early shift for the upcoming to 6th generation India Geon Process, co name MRAP and shipping to 1st generation AMD EPYC Processor, codename, Noah N, Ocamo, SP5 and SP6, Wixmall, computing code, PCIe Gen5, to CXL and many other workload optimized features.

Speaker 2

For customers that want to test this This is the season. We offer our Jumpstart program with remote access to our high end to Page 13 and GPU Systems for qualified customers, workload, validation, testing to benchmarking before podium deployment. As the performance of CPU, GPU and memory technology increase, Enhancing storage performance is also necessary to feed massive datasets to the applications Without becoming a bottleneck that slowed the entire system or cluster down. To Super Micro's new PCIe Gen 5 based E1S and E3S petascale all flash storage over industry leading storage performance and capacity. Together with our EUSA 2 NVMe, to have loaded system and traditional storage platforms.

Speaker 2

We are fulfilling customers' AI, compute and storage needs with 1 stop Total Solution Shopping Experience. Supermicro's Total IT solution has been recognized as saving customers from the complications of design, validation, to Sushi, Integration and On-site Deployment. We are also uniting their networking switching to our firmware and software management challenges, helping it off with our 20 fourseven global deployment and to service team. Essentially, our customers are now incorporating our capability into their long term infrastructure plans, entrusting Super Micro to provide them with fully optimized solutions and with scale capacity to fit their long term needs. Given our current customers' infrastructure demands, we have continued to evaluate our footprint beyond our to ongoing expansion in Malaysia.

Speaker 2

We are adding 7 new building close to our headquarter in Silicon Valley campus and on track to surpass our current capacity of R4,000 per month. Today, with utilization rate at above 60%, our U. S. Headquarter and Taiwan facility can easily support at this RMB 18,000,000,000 in revenue. The new Malaysia facility will serve building blocks with high volume scale and improved cost structure, while pushing our total revenue capacity to a much higher scale than $20,000,000,000 We are also continuing to work with some of our key partners and are deepening the planning process of adding a new manufacturer campus in North America, outside of California for Coast Guard.

Speaker 2

We had just celebrated our 30th anniversary in September. For the past 30 years, we have been working tirelessly to Wargaming Industry Leadership position with our best in class product portfolio, global scale capability and capacity and the best that come to market, distinguish ourselves from the competition. Our IT industry leadership position will be even stronger in the near future. The pipeline of our NIM product in the coming quarters and never been stronger. We are gaining much momentum I expect to build deeper into 2024.

Speaker 2

Even me, confidence that Fiscal Q2 revenue will be in the range of $2,700,000,000 to $2,900,000,000 Additionally, we are expecting continued strength for the second half of fiscal year for 2024 and non forecast revenue in the range of $10,000,000,000 to $11,000,000,000 Our position as the leading supplier of rack scale, plug and play, total AI and ID solutions I just began. Our growth will accelerate as we deliver more optimized AI infrastructure to existing and emerging markets. Along with our growing software and service value, I also look forward to providing more update on our product line in the coming quarters. They will continue to extend our data center technology leadership for years to come. It's very nice.

Speaker 2

I expect our $20,000,000,000 annual revenue target to be just a couple of years away. Before passing the call to David Wiegand, our CFO, I want to take this chance to thank you to our partner, our customers, our Shipu Mackenzie and our shareholders for your continued support. Thank you. David? Thank you, Charles.

Speaker 3

Fiscal Q1, twenty twenty four revenues were 2,120,000,000 up 14% year over year and down 3% quarter over quarter. Revenues were towards the end of our guidance range to the upper end of our guidance range of $1,900,000,000 to $2,200,000,000 driven by AI related platforms despite supply chain challenges and summer seasonality. Next generation AI and CPU Platforms continue to drive strong levels of design wins, orders and backlog. We expect diversified growth in fiscal year 2024 driven by top tier data centers, emerging CSPs, enterprise investments in new AI, CPU servers and Edge IoT Telco Markets. We're also enhancing our offerings in storage, switches, software and services to strengthen our total solutions offerings.

Speaker 3

During Q1, we recorded $917,000,000 in the enterprise and channel vertical, representing 43% of revenues versus 45% last quarter. This was up 10% year over year and down 6 The OEM appliance and large data center vertical revenues were $1,170,000,000 representing 55% of Q1 revenues versus 53% last quarter. So this was up 26% year over year and flat quarter over quarter. 1 existing CSP large data center customer represented 25% of total revenues for Q1. Our emerging 5 gs TelcoEdge IoT segment revenues were $31,000,000 which represented 2% of Q1 revenues.

Speaker 3

AI GPU and Rack Scale Solutions again represented over 50% of our total revenues this quarter with AI GPU revenues in both the enterprise channel and the OEM appliance and large data center verticals. The mix of complete systems, storage and rack scale total IT solutions has increased over the last 2 years. Server and storage systems comprised 93% of Q1 revenue and subsystems and accessories represent 7%. ASPs increased significantly on a year over year basis and decreased slightly quarter over quarter driven by product and customer mix. By geography, the U.

Speaker 3

S. Represented 76% of Q1 revenues, Asia 11%, Europe 9% and the rest of the world 4%. On a year over year basis, U. S. Revenues increased 25%, Asia decreased 17%, Europe decreased 19% and the rest of the world increased 63%.

Speaker 3

On a quarter over quarter basis, U. S. Revenues decreased 3%, Asia decreased 4%, Europe decreased 16% and the rest of the world increased 38%. The Q1 non GAAP gross margin was 17% and slightly quarter over quarter from 17.1. We continue to focus on winning strategic new designs and Dean Martin Sherry.

Speaker 3

Turning to operating expenses, Q1 OpEx on a GAAP basis increased by 25% quarter over quarter and 42% year over year to 181,000,000 driven by higher stock based compensation expenses and headcount. On a non GAAP basis, operating expenses decreased 3% quarter over quarter and increased 11% year over year to 130,000,000 Our Q1 non GAAP operating margin was 10.8% versus 11% last quarter and 12.5 percent a year ago due to changes in revenues, gross margins and operating expenses. Other income and expenses for Q1 was approximately $4,700,000 consisting of $1,900,000 in interest expense, offset by a net gain of $6,600,000 principally from foreign exchange. Our interest expense Decreased sequentially as we paid down our debt during the quarter. The income to the tax provision for Q1 was to $20,200,000 on a GAAP basis and $36,200,000 on a non GAAP basis.

Speaker 3

The GAAP tax rate for Q1 was 11.4% and the non GAAP tax rate was at 15.5%. We delivered strong Q1 non GAAP diluted earnings per share to $3.43 which was at the high end of the guidance range of $2.75 to $3.50 due to revenues toward the higher end of the guidance, stable gross margins, lower non GAAP OpEx and foreign exchange gains. Cash flow generated from operations for Q1 was 271,000,000 compared to cash flow used in operations of $9,000,000 during the previous quarter due to continued strong profitability, Which was offset by higher inventory requirements based on our build plans from Q2. CapEx was $3,000,000 for Q1, which resulted in positive free cash flow of $268,000,000 versus negative free cash flow of $17,000,000 last quarter. We have $50,000,000 remaining under the authorized buyback program, which expires on January 31, 2024.

Speaker 3

The closing balance sheet cash position was 543,000,000 Well, bank debt was $146,000,000 resulting in a net cash position of $397,000,000 up from a net cash position of $150,000,000 last quarter. We generated $271,000,000 in operating cash flow And then paid down debt by $141,000,000 in Q1. Turning to the balance sheet and working capital metrics compared to last quarter. The Q1 cash conversion cycle was 86 days versus 77 days in Q4. Days of inventory increased by 16 days to 91 versus the prior quarter of 75 days as we built inventory for a seasonally strong Q2.

Speaker 3

Dave's sales outstanding was up by 5 days quarter over quarter to 43 days, while days payable outstanding increased by 12 days to 48 days. Now turning to the outlook, we remain enthusiastic about our diversified business model covering a wide range to GPU, AI, core computing, storage, 5 gs telco edge and IoT solutions. We expect a seasonally strong Q2 and are carefully observing the global macroeconomic situation and continuing supply chain constraints, especially for leading AI platforms. For the Q2 of fiscal 2024 ending December 31, 2023, We expect net sales in the range of $2,700,000,000 to $2,900,000,000 GAAP diluted net income per share of $3.75 to 4.24 to non GAAP diluted net income per share of $4.40 to $4.88 We expect gross margins to be similar to Q1 levels. GAAP operating expenses are expected to be approximately 191,000,000 and include $49,000,000 in stock based compensation expenses that are not included in non GAAP operating expenses.

Speaker 3

The outlook for Q2 of fiscal year 2024 fully diluted GAAP EPS Includes approximately $40,000,000 in expected stock based compensation expenses, net of tax effects of $13,000,000 which are excluded from non GAAP diluted net income per common share. We expect other income and expenses including interest expense to Vida net expense of approximately $8,000,000 The company's projections for Q2 GAAP and non GAAP diluted net income per common share to assume a GAAP tax rate of 15.7%, a non GAAP tax rate of 17.1% and a fully diluted share count of 57,600,000 for GAAP and 58,300,000 shares for non GAAP. We expect CapEx for the fiscal Q2 of 2024 to be in the range of $21,000,000 to 23,000,000 and a range of $105,000,000 to $115,000,000 for the fiscal year 2024. For the fiscal year 2024, June 30, 2024, we are raising our guidance for revenues from a range of $9,500,000,000 to $10,500,000,000 to a range of $10,000,000,000 to 11,000,000,000 Michael, we're now ready for Q and A.

Operator

Thank you.

Speaker 2

Thank you.

Operator

At this time, I'd like to remind everyone in order to ask a question, please press star 1. We kindly ask that you limit yourself Our first question comes from Ananda Baruah with Loop Capital. Your line is open.

Speaker 4

Hey, yes, good afternoon, guys. Thanks for taking the questions and congrats on the strong and ongoing execution. I guess, yes, just so a couple to start. Charles, can you talk about the degree to which you guys either are benefiting or anticipate the benefit From the increased NVIDIA supply that was pointed to China, but now needs to find other places To go and to the degree you think you might benefit, if you could give us some sense of at what Rate that benefit makes its way out of China and into other countries. And then I have a follow-up.

Speaker 4

Thanks.

Speaker 2

Thank you for the question. Again, it's a complicated situation. But at this moment, we believe December quarter, our supply from NVIDIA will be much better than last quarter. And that's one reason why we are able to fulfill more percentage of customer demand. And that's why we say RMB2.7 billion to RMB2.9 billion should be our target.

Speaker 2

So basically, the supply

Speaker 4

That's actually really helpful context. I appreciate it. And then I guess, Sort of dovetailing from that, Charles. So the midpoint of the implied guide For the fiscal year, the raise guide, 10.5 implies that the March quarter And June quarter would also be about $2,800,000,000 which is the midpoint of your December quarter guide. And then you also though made mention of growth accelerating.

Speaker 4

And so and it seems like Supply is getting better. You also have co ops capacity coming on going into the year. And so I guess the question is, Is there conservatism built in into even the implied fiscal year guide that's been raised? Or is there some pull forward in December quarter that you think might be challenging to duplicate in the March June quarter. It seems like conservatism, but just wanted to check that.

Speaker 4

Thanks.

Speaker 2

Thank you. Again, we continue to gain lots of design wins. So our back order has been growing faster than what we forecast in reality. So at this moment, RMB 2,700,000,000 to RMB 2,900,000,000 for December should be a very conservative number. And for the whole fiscal year, dollars 10,000,000,000 to $11,000,000,000 Again, it should be a conservative number.

Speaker 2

So I feel really optimistic to continue grow quickly. And that's why we continue to grow our rack scale, including the difficult in rack scale Rather, pre production capacity. Likewise, as shared, before we have 4,000 reg per month capacity and now pretty much We will grow to a R5,000 per month capacity medicine. So we are very optimistic for the future growth.

Operator

Our next question comes from George Wang with Barclays. Your line is open.

Speaker 5

Hey, guys. Hey, Charles. Thanks for taking my question. I just maybe you can give some color in terms of the allocation from other suppliers and partners kind of maybe in the near term kind of for the future like the AMD Mi 300, which you expect to launch in the Q1 2024? And also aside from H100 from NVIDIA, any other upside when the L4DS from NVIDIA is renting.

Speaker 5

Just curious and also including Gaudi from Intel, maybe you can give some color on kind of allocation from kind of additional suppliers.

Speaker 2

Yes. Thank you for the question. Yes, I mean, as you know, We have a very strong NVIDIA product line including L4TS and including CG1, CG2 on the way and AME, Mi-300X also are getting ready And India Gaudi 2 is ready to volume production. So overall, we have Very good demand and very strong supply and capacity. So again, I feel very optimistic for the quicker growth.

Speaker 5

Thanks. I have a quick follow-up if I can. Just in terms of when Malaysia coming out and also in the future kind of Taiwan facility, any thoughts on the kind of impact To the profit margin and kind of obviously with the much lower labor cost, can you kind of quantify maybe give us some color just on Expecting operating margin accretion going forward?

Speaker 2

Yes. I mean, as a why just share our utilization rate for U. S. And Taiwan capacity, today only about 60%. So when we have a higher utilization rate, our overall cost will be lower.

Speaker 2

So that's why when we grow revenue, our profitability will increase. And Malaysia, as you know, is to Lower Coast Campus. So once we start production in Malaysia, our cost will be

Operator

Janik Wang with Susquehanna Financial Group. Your line is open.

Speaker 6

Yes, it's actually Mehdi Hosseini. Thanks for taking my question. David, your midpoint of the December quarter guide implies 57% year over year growth, but operating margin declining by about 100 This is Pune. I understand utilization rate is in the 60% range. But as you bring the utilization rate, how should I think about the OpEx and the leverage from here on.

Speaker 3

Yes. So we expect that we will continue to get operating leverage, Betty, we were, I think, a little conservative in our guide for OpEx in Q2. So we and as we were in Q1, and so we came in a little bit lower. We're doing everything we can to do that in Q2 as well. So actually your operating guide question, we came down a little bit on gross margin year over year, as you know, but We expect, as Charles mentioned, we expect some gross margin leverage as well as operating margin leverage as we are as our operating expenses never increase at the rate that our revenues are.

Speaker 6

Thank you. And Charles, a big part of your COGS is Memory and other components and everything we have heard from memory manufacturers suggest that they're not going to sell at prices That were prevalent just a couple of months ago. So memory prices are going up. And how do you alleviate that inflationary trend to be able to expand margins.

Speaker 2

Thank you. I mean, basically, we are able to pass Through our cost to customers. So for that portion, basically, we are kind of Okay. We won't be impacted by that. At least there won't be impact too much.

Operator

Our next question comes from John Tanwanteng with CJS Securities. Your line is open.

Speaker 7

Hi. Thanks for taking the question guys and great quarter and a nice outlook. Just wanted a little more color on the gross margin guidance and outlook. I mean, I assume you're getting better margins on utilization and on your new facilities on the ramp. Are you simply planning to give all that back with the share gain initiatives and the hyperscale mix?

Speaker 7

Or is there some input cost component? And kind of when should we expect the timeframe for gross margin leverage to really become apparent? Is it along with the new facilities or can that happen a little sooner than that?

Speaker 3

Well, it's a combination, John, of As we ramp revenues up, we're going to get leverage on the gross margin because as Charles mentioned earlier, We're going to get higher efficiency and factory throughput, as we which will lower costs as we put more through the factories. So we'll get some benefit there. We'll also get benefit as we transition more manufacturing over to Malaysia and Taiwan. And I think that so that's why right now We are although very competitive situation, we're maintaining our margin guidance for Q2.

Speaker 2

Yes, I can add a little bit some color. I mean, kind of our software business is growing together our service, including on-site deployment. All those will have our gross margin, our value bridge. So at this moment, We should be on the right track, healthy direction.

Speaker 7

Got it. Okay. And then just a question on the I think you said you're building 7 new buildings here in the U. S. I know you're expanding and looking for Places to put facilities in North America.

Speaker 7

Would those all be margin accretive or neutral or negative just given the higher cost here? How do we think about those facilities and their impact?

Speaker 2

Very good question. Indeed, we are adding some more building in to Bay Area. And most of those will be rental building because our growth is faster than what we can build a building. So it will be a rental facility. And then I did mention about we are looking for another location, Hopefully, a little bit of the all coast stay in North America.

Speaker 2

So we are planning for building a new campus in we will decide in next few months, I believe. But, short term building in Silicon Valley will be rental property.

Operator

Our next question comes from Nehal Chokshi, Northland Capital Markets. Your line is open.

Speaker 1

Yes. Thank you. You may have already addressed this, but What are your expectations for AI revenue contribution with respect to the midpoint of December quarter guide being up 32% Q over Q?

Speaker 3

Yes. So I think we're expecting really the same performance, Nehal, we'll expect it to be in a range over 50%.

Speaker 1

Okay. And can you give a little bit more precise number as far as what the exposure was in the September quarter other than greater than 50?

Speaker 3

That's we're giving out a better approximate figure and that's our guide.

Speaker 2

Yes. Basically, AI revenue percentage continues to grow, but hopefully in healthy and consistent way.

Operator

Our next question comes from Erin Rakers with Wells Fargo. Your line is open.

Speaker 8

Yes. Thanks for taking the question and also congrats on the quarter. I'm just curious going back to the supply side of the discussion. How would you as you're engaging with customers and thinking about their build out plans in their data center footprints for AI. How would you characterize the evolution of lead times On these higher end GPUs, I mean relative to what it was maybe 90 days ago, how has that evolved and how are you seeing that evolve into the current quarter?

Speaker 2

Yes, it's a complicated job. However, because our building blocks solution and our global Indeed, relatively, we are able to taking care of allocation, the D time, the Inventory control product flowing more efficient than our competitor and we are continuing to implement in that area.

Speaker 8

So you would say that lead times have improved throughout this course of this last quarter and you expect that it sounds like to continue to improve in the December quarter is kind of a fair

Speaker 2

Yes. And that's why our inventory utilization rate will be improving. So before, I guess, we have about 90 day turnaround time. Yes. And I guess that will improve when the scale continue to grow And when we continue to leverage better than with our bidding power solution, situation will continue to improve.

Speaker 2

Yes. And

Speaker 8

then the follow-up question would be is that, as the market evolves More competitively and you see, I know a prior question on the Mi 300, you've got the gaudy silicon. I guess The way I think about it is these customer deployments are longer cycle. It's not like these decisions are made in a given quarter. So as we look to these products, particularly the Mi 300X ramping, really starting early part of next year and through the course of next year, Are those projects that you're already seeing visibility into and that actually adds another layer of growth to the pipeline, Are those projects that you've already been designed in and you're just waiting for those products to kind of launch to really start to see that incremental revenue For those competitive offerings?

Speaker 2

Yes, Alan, you are right. Because of our building power solution, so we are able to design And make a new technology available earlier than the market basically. So usually we send out solution to customer for evaluation. So our customer can make a decision earlier and that allows Spoh Michael This is the earlier time to prepare the product, prepare the inventory. So it doesn't matter in media solution, E and P solution or India solution, We provided a Sanpeti brow solution and we gained a time to market advantage.

Speaker 2

We provide our customer earlier

Operator

This will conclude our question and answer session and our conference call today. Thank you for joining us. You may now disconnect.

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