Super Micro Computer, Inc. (SMCI), commonly known as Supermicro, is a prominent player in the high-performance server and storage solutions market. Founded in 1993 and headquartered in San Jose, California, the company has established a strong presence in the technology sector, catering to data centers, cloud computing providers, and enterprises globally.
Recent Developments:
- Nasdaq 100 Exclusion: As of December 23, 2024, Supermicro is set to be removed from the Nasdaq 100 index. This decision has been influenced by ongoing accounting and financial reporting challenges, including delayed filings for periods ending June 30 and September 30. The company’s stock responded with an 8.3% decline, closing at $33.44, and breaking below the 50-day moving average—a critical support level. Investors.com
- Accounting Concerns: Supermicro has faced scrutiny over its accounting practices. In October 2024, its auditor, Ernst & Young, resigned after expressing significant concerns regarding the company’s internal controls and accounting methods. This development led to a substantial drop in the company’s market value. Wikipedia
- Customer Retention Amidst Challenges: Despite these issues, Supermicro’s customer base has remained stable. Data center operators continue to support the company, maintaining their orders without significant changes. This loyalty is attributed to Supermicro’s strong product offerings and its role in AI server manufacturing. Investors.com
Financial Performance:
Supermicro has experienced significant volatility in its stock performance throughout 2024. The stock reached a high of $119 in March, driven by increased demand for AI-related hardware, but faced a sharp decline to $18 in November due to accounting issues and delisting concerns. Recently, the stock has shown some recovery, trading around $34. Analysts suggest potential support levels at $26 or $18 and resistance at $39 or $50.
Growth Prospects:
- AI Server Demand: The accelerating adoption of artificial intelligence has been advantageous for Supermicro. The company supplies state-of-the-art servers designed specifically to handle AI workloads, leading to increased demand for its products. Fool
- Product Expansion: Supermicro is poised to launch new products and expand production at its new Malaysia plant in the near future, indicating a commitment to growth and innovation. Investors.com
Challenges:
- Regulatory Scrutiny: The U.S. Department of Justice has initiated a preliminary probe into Supermicro, adding to the company’s regulatory challenges. Wikipedia
- Market Volatility: The company’s stock has been subject to significant fluctuations, reflecting investor concerns over its financial reporting and governance issues.
Conclusion:
Supermicro stands at a critical juncture, balancing robust product demand and customer loyalty against significant accounting and regulatory challenges. The company’s ability to address these issues transparently and effectively will be crucial in restoring investor confidence and ensuring sustainable growth in the competitive technology sector.
Accounting and Governance
Supermicro’s Response to Accounting and Governance Challenges
Supermicro (SMCI) has faced significant scrutiny regarding its accounting practices and internal controls, which led to the resignation of its auditor, Ernst & Young, and delayed financial filings. These challenges have impacted investor confidence and raised concerns about regulatory compliance. Here’s an analysis of how the company is addressing these issues and implementing measures to rebuild trust:
1. Immediate Actions to Address Accounting Concerns
a. Hiring New Auditors
- Engaging a Replacement Auditor: Supermicro is actively working to appoint a new auditing firm to address the concerns raised by Ernst & Young and ensure timely filing of financial reports.
- Objective: This step is critical to resuming compliance with U.S. Securities and Exchange Commission (SEC) requirements and regaining investor confidence.
b. Forensic Review
- Internal Investigations: Supermicro has initiated a forensic review of its accounting practices and internal controls to identify and rectify potential discrepancies.
- Transparency: The company is working with external consultants to ensure the integrity of its financial statements.
c. Timely Financial Reporting
- Focus on Filing Delayed Reports: Supermicro is prioritizing the resolution of its delayed filings for periods ending June 30 and September 30, 2024.
- Regulatory Compliance: Meeting filing deadlines is key to avoiding further regulatory penalties and maintaining its stock listing.
2. Strengthening Internal Controls
a. Enhancing Governance Framework
- Audit Committee Oversight: The company’s audit committee is strengthening oversight of financial reporting processes and ensuring compliance with accounting standards.
- Risk Mitigation: This includes implementing more rigorous checks and balances to prevent future discrepancies.
b. Upgrading Financial Systems
- Automation and Modernization: Supermicro is investing in advanced financial software and automation to reduce human error and improve accuracy in reporting.
- Standardization: Streamlining processes across global operations ensures consistent adherence to accounting standards.
c. Workforce Training
- Internal Training Programs: The company is conducting comprehensive training for its finance and accounting teams to improve their understanding of compliance requirements and best practices.
- Ethical Standards: Emphasizing ethical financial reporting to align with regulatory expectations.
3. Rebuilding Investor Confidence
a. Transparent Communication
- Regular Updates: Supermicro is engaging with investors and stakeholders through press releases and updates to provide clarity on its remediation efforts.
- Proactive Disclosure: The company is working to demonstrate its commitment to addressing concerns and improving governance.
b. Leadership Accountability
- Management Changes: Supermicro may consider leadership restructuring or hiring external advisors to strengthen its financial oversight and demonstrate accountability to investors.
c. Shareholder Engagement
- Investor Relations: Strengthening communication channels with institutional and retail investors to restore trust and explain steps being taken to resolve issues.
4. Mitigating Regulatory Risks
a. Addressing DOJ Probe
- Full Cooperation: Supermicro is cooperating with the U.S. Department of Justice’s preliminary investigation into its accounting practices.
- Minimizing Penalties: Proactive collaboration with regulators aims to reduce potential legal and financial consequences.
b. Ensuring SEC Compliance
- Focus on Restoring Compliance: Timely resolution of filing delays and improvements in internal controls are essential to align with SEC standards and avoid delisting or additional penalties.
5. Long-Term Governance Enhancements
a. Independent Oversight
- Board-Level Reforms: The company may expand its board of directors with independent members experienced in corporate governance and financial reporting.
b. Strengthening Ethical Culture
- Code of Conduct Updates: Reinforcing a culture of transparency and ethical practices throughout the organization.
- Tone at the Top: Leadership must exemplify a commitment to compliance and accuracy in all financial matters.
Potential Risks and Challenges
- Delays in Filing: Prolonged delays in resolving financial reporting issues could erode market confidence further.
- Regulatory Sanctions: Failure to meet compliance requirements could lead to fines, penalties, or restrictions on operations.
- Market Volatility: Continued uncertainty around governance practices may result in stock price fluctuations and reduced investor interest.
Conclusion
Supermicro is taking a multi-pronged approach to address accounting and governance concerns, focusing on engaging a new auditor, enhancing internal controls, and improving transparency with stakeholders. While these efforts are necessary to restore regulatory compliance and investor confidence, the company must demonstrate measurable progress quickly to mitigate risks and rebuild its reputation. Investors should monitor the company’s updates on financial filings, auditor appointments, and responses to regulatory inquiries as key indicators of recovery.
Nasdaq 100 Exclusion Impact
Impact of Supermicro’s Removal from the Nasdaq 100
Supermicro’s upcoming removal from the Nasdaq 100 index, set for December 23, 2024, is a significant event with implications for the company’s stock performance, investor sentiment, and market capitalization. Here’s an analysis of the potential short-term and long-term impacts of this development:
Short-Term Impacts
1. Stock Performance
- Increased Selling Pressure:
- Funds and ETFs that track the Nasdaq 100 will be required to rebalance their portfolios by selling Supermicro’s shares. This will likely lead to increased trading volume and downward pressure on the stock price.
- Example: Supermicro’s stock has already declined 8.3%, closing at $33.44, following the announcement of its removal.
- Technical Breakdown:
- The stock has fallen below its 50-day moving average, a critical support level. This technical breach may trigger additional selling by algorithmic and technical traders.
2. Investor Sentiment
- Negative Market Perception:
- Removal from a prestigious index like the Nasdaq 100 often signals underlying issues, such as governance concerns or financial instability, eroding investor confidence.
- Supermicro’s ongoing accounting issues and regulatory scrutiny exacerbate this perception.
- Increased Volatility:
- Market uncertainty surrounding the company’s financial reporting challenges may lead to heightened volatility as investors reassess the risks associated with holding the stock.
3. Reduced Visibility
- Loss of Institutional Interest:
- Supermicro’s presence in the Nasdaq 100 provided significant visibility to institutional investors. Its removal may reduce attention from these large funds, further impacting liquidity and valuation.
- Funds that prioritize index constituents may reallocate their capital to remaining Nasdaq 100 companies.
Long-Term Impacts
1. Market Capitalization
- Valuation Pressure:
- The removal may lead to a sustained decrease in Supermicro’s market capitalization if the stock fails to recover quickly.
- Impact on Perception: A declining market cap could make the company less appealing to institutional investors and more vulnerable to further downgrades or exclusion from other indices.
2. Strategic Shifts in Investor Base
- Shift Toward Retail Investors:
- As institutional interest wanes, retail investors may become the primary drivers of stock performance. This shift could increase volatility and reduce price stability.
3. Long-Term Reputational Damage
- Perception of Instability:
- Supermicro’s delisting from the Nasdaq 100, coupled with its accounting and governance challenges, may create a lingering perception of instability, deterring potential long-term investors.
4. Recovery Dependent on Governance Improvements
- Path to Recovery:
- The company’s ability to address its accounting issues and regain compliance with financial reporting standards will be critical to reversing the negative sentiment.
- Successful resolution of these issues and improved governance practices could allow Supermicro to restore investor confidence and potentially regain eligibility for the Nasdaq 100 or similar indices.
5. Competitive Positioning
- Reduced Strategic Influence:
- Losing a position in the Nasdaq 100 may impact Supermicro’s ability to attract strategic partners or customers who view index membership as a mark of stability and credibility.
Mitigating Factors
1. Strong Product Demand
- Supermicro remains a key player in the AI server market, and robust demand for its hardware could support revenue growth and partially offset the negative impacts of the Nasdaq 100 exclusion.
2. Operational Strength
- The company’s planned product launches and new production facilities, such as the Malaysia plant, demonstrate a commitment to innovation and scalability, which may attract investors focused on growth potential.
Conclusion
Supermicro’s removal from the Nasdaq 100 poses significant short-term risks, including increased selling pressure, negative investor sentiment, and heightened stock volatility. Over the long term, the company’s recovery will hinge on its ability to resolve accounting issues, restore financial transparency, and leverage its operational strengths in the growing AI server market.
While the exclusion may reduce institutional interest and market visibility, Supermicro’s innovative product portfolio and strong demand in key sectors could provide a foundation for recovery. Investors should closely monitor the company’s progress in addressing governance challenges and delivering on growth opportunities as indicators of its long-term trajectory.
AI Server Growth Potential
Supermicro’s AI Server Growth Potential
Supermicro is well-positioned to capitalize on the growing demand for AI servers, driven by advancements in artificial intelligence, machine learning, and data analytics. The company’s focus on product innovation, customized solutions, and expanding production capacity—including its new facility in Malaysia—provides a strong foundation for sustained revenue growth in this high-demand market.
1. Leveraging Product Innovation
a. Advanced AI Server Solutions
- Tailored for AI Workloads: Supermicro designs high-performance servers specifically optimized for AI applications, such as natural language processing (NLP), generative AI, and image recognition.
- Product Examples:
- SuperBlade® Systems: These energy-efficient servers provide dense compute capabilities, ideal for AI workloads.
- BigTwin® Servers: Optimized for heavy AI and machine learning tasks, offering high scalability and energy efficiency.
- GPU-Optimized Servers: Leveraging cutting-edge NVIDIA GPUs to meet the high computational requirements of AI workloads.
- Product Examples:
- Edge AI Solutions: The company is also focusing on edge computing, where servers are deployed closer to data sources, reducing latency and enhancing real-time AI applications.
- Applications: Smart cities, autonomous vehicles, and industrial IoT.
b. Modular and Customizable Designs
- Supermicro’s servers are modular and highly customizable, catering to diverse industries and specific AI workloads.
- Market Advantage: This flexibility attracts enterprise clients and data centers that require tailored solutions, differentiating Supermicro from competitors offering standardized products.
c. Collaboration with Key Technology Partners
- Partnerships with NVIDIA and Intel: Supermicro collaborates with leading chipmakers to incorporate their latest processors and GPUs, ensuring its servers deliver cutting-edge performance for AI tasks.
- Impact: By integrating the latest hardware innovations, Supermicro remains at the forefront of AI server technology.
2. Expanding Production Capacity
a. New Malaysia Plant
- Increased Production Scale: The opening of a state-of-the-art production facility in Malaysia reflects Supermicro’s commitment to scaling its operations to meet global demand.
- Strategic Location: Malaysia’s proximity to key APAC markets enhances Supermicro’s ability to serve high-growth regions like China, India, and Southeast Asia.
- Capacity Boost: The facility is expected to significantly increase the company’s production output, allowing it to fulfill large-scale orders efficiently.
b. Global Supply Chain Optimization
- Diversified Manufacturing Footprint: With facilities in the U.S. and Malaysia, Supermicro reduces reliance on a single region, mitigating risks from geopolitical tensions and supply chain disruptions.
- Resilience: This dual-manufacturing strategy ensures consistent supply to customers worldwide, even during regional disruptions.
c. Sustainability in Production
- Energy-Efficient Manufacturing: The Malaysia plant incorporates green technologies and energy-efficient practices, aligning with global sustainability goals and attracting eco-conscious customers.
3. Capturing Market Opportunities
a. AI-Driven Market Growth
- The demand for AI servers is being driven by exponential growth in AI model training, autonomous systems, and big data analytics.
- Market Forecast: The global AI server market is projected to grow at a CAGR of over 20% through 2030, creating substantial opportunities for Supermicro.
b. Focus on Hyperscale Data Centers
- Key Customers: Supermicro supplies servers to hyperscale data centers that power AI-driven applications for cloud giants like Amazon, Microsoft, and Google.
- Edge: Its ability to provide scalable, high-density solutions positions it as a preferred vendor for these large-scale operators.
c. Expanding into Emerging Markets
- APAC and LATAM: With its expanded production capacity, Supermicro is well-equipped to target emerging markets where AI adoption is accelerating.
- Localized Offerings: Tailoring products for regional needs enhances market penetration and competitiveness.
4. Competitive Advantages
a. Faster Time to Market
- Supermicro’s vertical integration allows it to design, produce, and ship products faster than competitors, enabling customers to deploy AI infrastructure quickly.
b. Cost-Effectiveness
- By leveraging advanced manufacturing techniques and economies of scale, Supermicro offers cost-effective solutions without compromising on quality, making it an attractive choice for budget-conscious enterprises.
c. Broad Product Ecosystem
- The company’s end-to-end solutions, from servers to storage and networking, create a one-stop-shop for AI infrastructure, simplifying procurement and integration for clients.
5. Risks and Challenges
a. Geopolitical and Trade Risks
- The reliance on Malaysia and APAC for manufacturing exposes Supermicro to geopolitical tensions and trade policy changes.
b. Supply Chain Vulnerabilities
- High demand for components like GPUs and semiconductors could create bottlenecks, delaying production and delivery schedules.
c. Competition
- Intense competition from major players like Dell, HPE, and Lenovo, as well as emerging AI-focused companies, could pressure margins and market share.
Conclusion
Supermicro’s strategic focus on product innovation and production capacity expansion, particularly through its new Malaysia plant, positions it to capitalize on the rapidly growing demand for AI servers. The company’s ability to deliver customizable, high-performance solutions at scale gives it a competitive edge in serving hyperscale data centers and enterprises adopting AI-driven technologies. While challenges like geopolitical risks and competition persist, Supermicro’s operational strengths and market responsiveness provide a solid foundation for sustaining revenue growth in this dynamic sector. Investors should monitor developments in the company’s manufacturing capabilities, partnerships, and market expansion as key indicators of future success.
Customer Retention and Market Stability
Supermicro’s Strategy for Customer Retention and Market Stability
Despite facing accounting challenges and regulatory scrutiny, Supermicro (SMCI) has successfully maintained a stable customer base, demonstrating the strength of its product offerings and customer relationships. To ensure continued loyalty and protect its market share in the highly competitive server and storage solutions market, Supermicro is implementing several key strategies:
1. Strengthening Customer Relationships
a. Focused Customer Engagement
- Proactive Communication: Supermicro is maintaining open lines of communication with its customers to address concerns related to accounting and governance issues, emphasizing its commitment to transparency and operational stability.
- Reassurance Initiatives: By proactively engaging with clients, the company alleviates concerns about service continuity and product quality.
b. Tailored Solutions for Key Accounts
- Customization: Supermicro works closely with enterprise clients, hyperscale data centers, and cloud service providers to deliver customized solutions tailored to their specific needs.
- Example: Building AI-optimized servers for customers deploying large-scale machine learning models.
c. Dedicated Account Management
- The company provides dedicated account managers and technical support teams for key customers, ensuring smooth operations and timely problem resolution.
2. Enhancing Product Offerings
a. Innovation in Server Technology
- AI-Ready Solutions: Supermicro’s focus on cutting-edge AI servers and GPU-optimized systems keeps its products relevant in a fast-evolving market.
- Market Demand: Customers deploying AI and advanced data analytics solutions continue to rely on Supermicro’s high-performance offerings.
b. Modular and Scalable Systems
- Flexibility and Scalability: Supermicro’s modular server designs allow customers to scale infrastructure as needed, offering long-term value and encouraging repeat business.
c. Comprehensive Ecosystem
- End-to-End Solutions: The company provides a broad ecosystem of products, including servers, storage, networking equipment, and management software, simplifying procurement and integration for customers.
3. Competitive Pricing and Value Proposition
a. Cost Efficiency
- Supermicro leverages economies of scale and vertical integration to offer competitive pricing without compromising product quality.
- Customer Benefit: Lower total cost of ownership (TCO) appeals to enterprise clients seeking cost-effective solutions for large-scale deployments.
b. High Performance-to-Price Ratio
- Value Proposition: Customers prioritize Supermicro for its ability to deliver superior performance relative to cost, particularly in resource-intensive workloads like AI and cloud computing.
4. Commitment to Product Quality and Support
a. Reliability and Uptime
- Robust Design: Supermicro’s servers are known for their reliability and durability, making them a trusted choice for mission-critical applications.
- Customer Impact: High reliability reduces downtime and operational disruptions, strengthening loyalty.
b. Post-Sales Support
- The company offers comprehensive post-sales services, including:
- On-Site Maintenance: Quick response times for resolving hardware issues.
- Software Updates: Regular firmware and software updates to enhance product performance and security.
- Training Programs: Technical training for customers’ IT teams to optimize the use of Supermicro products.
c. Warranty and Service Plans
- Flexible warranty and service options provide peace of mind for customers, enhancing satisfaction and long-term retention.
5. Expanding Global Presence
a. Regional Support Centers
- Supermicro is expanding its global support infrastructure with dedicated service centers in key markets like APAC, LATAM, and EMEA.
- Localized Support: Faster response times and region-specific expertise improve customer satisfaction.
b. Strategic Manufacturing Locations
- The new Malaysia production facility increases manufacturing capacity and reduces lead times for international customers.
- Supply Chain Resilience: Ensuring consistent product availability strengthens trust and loyalty.
6. Mitigating Risks from Accounting Challenges
a. Transparency and Governance Improvements
- Supermicro is addressing customer concerns regarding accounting issues by:
- Appointing a New Auditor: Demonstrating its commitment to restoring financial integrity.
- Improving Internal Controls: Strengthening governance processes to prevent future discrepancies.
b. Assuring Service Continuity
- Operational Stability: The company emphasizes that the accounting challenges do not impact its ability to deliver products and services.
- Key Message: Customers are reassured that their operations and infrastructure will remain unaffected.
7. Market Stability Amidst Competition
a. Differentiation Through Innovation
- Supermicro continues to differentiate itself from competitors like Dell, HPE, and Lenovo by focusing on customizable, high-performance systems tailored to emerging technologies like AI and edge computing.
b. Deep Customer Relationships
- Long-standing relationships with major clients, such as hyperscale cloud providers, ensure stable revenue streams and reduce the risk of market share erosion.
c. Expanding Market Share in Growth Segments
- By targeting high-growth markets such as AI, 5G, and edge computing, Supermicro mitigates risks from established competitors and secures its position in emerging sectors.
Conclusion
Supermicro’s ability to maintain a stable customer base amidst accounting challenges reflects the strength of its product offerings, customer-centric approach, and operational resilience. By focusing on innovation, support infrastructure, and competitive pricing, the company ensures customer loyalty while protecting its market share in a highly competitive environment. Addressing governance concerns transparently and improving internal processes will further bolster its reputation and stability, securing its position as a key player in the server and storage solutions market. Investors should monitor the company’s progress in governance reforms and customer engagement initiatives as critical indicators of sustained market stability.
Regulatory Scrutiny
Supermicro’s Approach to Managing Regulatory Scrutiny
Supermicro (SMCI) is under regulatory scrutiny due to a preliminary investigation by the U.S. Department of Justice (DOJ) regarding its accounting practices. This situation poses significant legal, financial, and reputational risks. The company’s response to this probe and the measures it is implementing are critical to navigating the challenges and mitigating potential consequences.
1. Engagement and Cooperation with Regulators
a. Full Cooperation with the DOJ
- Commitment to Transparency: Supermicro is cooperating fully with the DOJ, providing requested documentation and facilitating inquiries into its financial practices.
- Objective: By being transparent, the company aims to demonstrate its willingness to address concerns and resolve issues without escalating to severe penalties.
b. Independent Review
- Forensic Accounting Investigation: Supermicro has initiated its own internal review with the help of external forensic accounting experts to assess the scope of any irregularities.
- Proactive Measures: This step ensures that the company can identify and rectify potential discrepancies before regulators mandate corrective actions.
2. Strengthening Internal Controls
a. Governance Improvements
- Audit Committee Oversight: Supermicro’s audit committee is enhancing its role in overseeing financial reporting and compliance processes.
- Focus Areas: Implementing more stringent checks on revenue recognition, expense reporting, and overall financial transparency.
b. Process Automation
- Investment in Financial Systems: The company is modernizing its financial systems to reduce reliance on manual processes, thereby minimizing the risk of errors or manipulation.
- Benefit: Automation enhances the accuracy and reliability of financial reporting, addressing one of the key areas of regulatory concern.
c. Internal Training
- Compliance Education: Supermicro is training its finance and accounting teams on regulatory requirements and best practices.
- Outcome: Ensuring employees are equipped to follow rigorous standards in all financial activities.
3. Legal Risk Mitigation
a. Engaging External Legal Counsel
- Expert Representation: The company has engaged specialized legal counsel to navigate the DOJ probe and advise on regulatory compliance matters.
- Strategic Approach: Legal advisors are helping Supermicro anticipate potential outcomes and prepare defenses or settlement strategies.
b. Preparing for Financial Penalties
- Contingency Planning: Supermicro is evaluating potential financial penalties and setting aside provisions to mitigate the impact of any fines or settlements.
- Impact Management: This proactive step reduces uncertainty for stakeholders and prepares the company for potential cash flow impacts.
4. Reassuring Stakeholders
a. Communicating with Investors
- Regular Updates: Supermicro is providing periodic updates to investors and analysts to ensure transparency about the status of the DOJ probe and ongoing remediation efforts.
- Objective: Maintaining investor confidence and minimizing speculation-driven volatility in stock performance.
b. Customer Reassurance
- Operational Stability: The company is emphasizing that the probe does not impact its ability to deliver products and services.
- Message to Clients: Supermicro reassures customers that it remains a reliable partner in the server and storage solutions market.
5. Potential Challenges
a. Escalation of Regulatory Actions
- If the DOJ probe uncovers systemic issues, it could lead to more extensive investigations by other regulatory bodies, including the SEC or international regulators.
b. Financial Impacts
- Penalties or settlements resulting from the probe could impact Supermicro’s profitability and cash flow, potentially affecting its ability to invest in growth initiatives.
c. Reputational Damage
- Prolonged regulatory scrutiny may erode stakeholder trust, impacting relationships with investors, customers, and partners.
6. Long-Term Remediation Strategies
a. Leadership Accountability
- Management Review: Supermicro may undertake leadership changes or appoint compliance-focused executives to rebuild trust and demonstrate accountability.
b. Strengthening Ethical Culture
- Code of Conduct Enhancements: Reinforcing a culture of compliance and integrity across all levels of the organization.
- Tone from the Top: Leadership sets a clear expectation for adherence to ethical practices and regulatory standards.
c. Independent Oversight
- External Auditors: Engaging a new, reputable auditing firm to restore credibility in the company’s financial reporting processes.
Conclusion
Supermicro’s response to the DOJ probe focuses on cooperation with regulators, enhanced internal controls, and transparent communication with stakeholders. These measures aim to resolve the investigation efficiently while minimizing legal and financial repercussions. By addressing the root causes of the probe through governance reforms and operational improvements, Supermicro is taking critical steps to rebuild trust and ensure long-term compliance. However, the company’s ability to navigate this scrutiny successfully will depend on the speed and effectiveness of its actions, making continued monitoring essential for investors and stakeholders.
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