戴爾 (DELL) 2017 Q3 法說會逐字稿

Good morning and welcome to the third-quarter FY17 earnings conference call for Dell Technologies Inc. I'd like to inform all participants this call is being recorded at the request of Dell Technologies. This broadcast is the copyrighted property of Dell Technologies Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell technologies is prohibited.

早上好，歡迎參加戴爾科技公司 2017 財年第三季度財報電話會議。我想通知所有參與者，此次電話會議是應戴爾科技公司的要求錄製的。此廣播是 Dell Technologies Inc. 的版權財產。未經 Dell Technologies 事先書面許可，禁止對全部或部分信息進行任何重新廣播。

As a reminder, the Company is also simulcasting this call at investors.delltechnologies.com. A replay of this webcast will be available at the same location.

提醒一下，公司還在investors.delltechnologies.com 上同時播放此電話。該網絡廣播的重播將在同一地點提供。

(Operator Instructions)

（操作員說明）

I'd like to turn the call over to Rob Williams, Senior Vice President of Investor Relations. Mr. Williams, you may begin.

我想把電話轉給投資者關係高級副總裁 Rob Williams。威廉姆斯先生，你可以開始了。

Thanks, Regina. Good morning and thanks for joining us. With me today is our Chief Financial Officer, Tom Sweet; our President of Infrastructure Solutions Group, David Goulden; and joining us from Europe is our Treasurer, Tyler Johnson.

謝謝，里賈納。早上好，感謝您加入我們。今天和我在一起的是我們的首席財務官 Tom Sweet；我們的基礎設施解決方案集團總裁 David Goulden；我們的財務主管泰勒·約翰遜（Tyler Johnson）從歐洲加入我們。

We posted our third-quarter press release and web deck on our website at investors.delltechnologies.com and Q3 financial results will be filed on form 10-Q on Friday, December 9. I encourage you to review these documents for additional perspective.

我們在我們的網站 Investors.delltechnologies.com 上發布了第三季度新聞稿和網絡版面，第三季度財務結果將於 12 月 9 日星期五以 10-Q 表格形式提交。我鼓勵您查看這些文件以獲得更多視角。

I'd like to highlight key changes to our financial statements due to the recent merger with EMC and the announced divestitures. On September 7, we completed the EMC transaction, combining the two Companies. The consolidated results of Dell Technologies fiscal third quarter include 52 days of EMC and VMware's results.

我想強調由於最近與 EMC 的合併和宣布的資產剝離，我們的財務報表發生了重大變化。 9 月 7 日，我們完成了 EMC 交易，合併了兩家公司。 Dell Technologies 第三財季的綜合業績包括 52 天的 EMC 和 VMware 業績。

Going forward, we will report EMC and VMware on Dell Technologies fiscal year. The standalone results of VMware will continue to be publicly reported on a calendar year-end basis through December 31, 2016. Thereafter, VMware will publicly report on the basis of Dell Technologies' fiscal year, which starts on February 4, 2017.

展望未來，我們將報告 Dell Technologies 財年的 EMC 和 VMware。 VMware 的獨立業績將繼續在日曆年末公開報告，直至 2016 年 12 月 31 日。此後，VMware 將根據戴爾科技公司從 2017 年 2 月 4 日開始的財年公開報告。

On October 31, we closed the Dell Software Group transaction and received approximately $2.4 billion. On November 2, we closed the Dell Services transaction and received consideration of approximately $3 billion. And on September 12, we entered into a definitive agreement to divest the Dell EMC Enterprise Content Division, or ECD, for $1.6 billion. Subject to regulatory approval, we continue to expect the transaction to close before the end of our current fiscal year.

10 月 31 日，我們完成了戴爾軟件集團的交易，並收到了大約 24 億美元。 11 月 2 日，我們完成了戴爾服務交易，並收到了大約 30 億美元的對價。 9 月 12 日，我們達成了一項最終協議，以 16 億美元的價格剝離 Dell EMC 企業內容部門 (ECD)。在獲得監管部門批准的情況下，我們繼續預計交易將在本財年結束前完成。

Accordingly for Q3, the results of Dell services, Dell Software Group, and ECD were presented on a discontinued operations basis, as assets and liabilities of these businesses were reclassified into the held-for-sale asset and liability categories on the balance sheet. And on the income statement, the financial results of these businesses were reclassified out of the activity from continuing operations and listed separately in the category for discontinued operations. For more information, please refer to our SEC filings.

因此，在第三季度，戴爾服務、戴爾軟件集團和 ECD 的業績在終止經營的基礎上呈報，因為這些業務的資產和負債在資產負債表上被重新分類為持有待售資產和負債類別。在損益表中，這些業務的財務結果從持續經營活動中重新分類，並在終止經營類別中單獨列出。有關更多信息，請參閱我們的 SEC 文件。

In addition, our Q3 non-GAAP operating income excludes $3.5 billion of adjustments. The majority of these are non-cash and relate to purchase accounting and amortization of intangible assets. Please note that due to the Dell go-private transaction, as well as the EMC transaction, there will continue to be significant bridging items between our GAAP and non-GAAP results for the next few years, although the impact will decline in each subsequent quarter. Please see slide 3 in the web deck for additional detail on the non-cash adjustments and the supplemental slides beginning on slide 18, as well as our SEC filings, for more details on our total non-GAAP adjustments.

此外，我們的第三季度非公認會計原則營業收入不包括 35 億美元的調整。其中大部分是非現金，與購買會計和無形資產攤銷有關。請注意，由於戴爾的私有化交易以及 EMC 交易，未來幾年我們的 GAAP 和非 GAAP 業績之間將繼續存在重要的橋接項目，儘管影響在隨後的每個季度都會下降.請參閱網頁版中的幻燈片 3，了解有關非現金調整的更多詳細信息，以及從幻燈片 18 開始的補充幻燈片，以及我們向美國證券交易委員會提交的文件，了解有關我們非公認會計原則調整總額的更多詳細信息。

And if that's not enough to keep track of, please note that our historical financials do not include EMC historical results. And unless otherwise specified, all growth percentages refer to fiscal year-over-year change which is compared to Dell prior-year results.

如果這還不足以跟踪，請注意我們的歷史財務數據不包括 EMC 的歷史結果。除非另有說明，否則所有增長百分比均指與戴爾上年業績相比的財年同比變化。

During this call, we will generally refer to non-GAAP financial measures, including non-GAAP revenue, gross margin, operating expenses, operating income, net income, EBITDA, and adjusted EBITDA on a continuing operations basis. A reconciliation of each of these measures to its most directly comparable GAAP measure can be found on form 10-Q and in the supplemental material of our web deck.

在本次電話會議中，我們通常會參考非 GAAP 財務指標，包括非 GAAP 收入、毛利率、營業費用、營業收入、淨收入、EBITDA 和調整後的 EBITDA（以持續經營為基礎）。可以在表格 10-Q 和我們的網絡平台的補充材料中找到這些措施中的每一個與其最直接可比的 GAAP 措施的對賬。

Finally, I'd like to remind you all statements made during this call that relate to future results and events are forward-looking statements based on current expectations. Actual results and events could differ materially from those projected due to a number of risks and uncertainties which are discussed in the cautionary statement of our web deck. We assume no obligation to update our forward-looking statements. Now I'll turn it over to Tom.

最後，我想提醒您，本次電話會議中與未來結果和事件相關的所有陳述都是基於當前預期的前瞻性陳述。由於我們網絡版面的警示性聲明中討論了許多風險和不確定性，實際結果和事件可能與預測的結果和事件存在重大差異。我們不承擔更新我們的前瞻性陳述的義務。現在我會把它交給湯姆。

Thanks, Rob. First, I'll cover the consolidated financial results for the third quarter and Tyler will share our cash and liquidity performance. David will then provide details on our Infrastructure Solutions Group, or ISG business, before I cover the results of our Client Solutions Group, or our CSG business.

謝謝，羅伯。首先，我將介紹第三季度的合併財務業績，泰勒將分享我們的現金和流動性表現。在我介紹我們的客戶解決方案組或 CSG 業務的結果之前，David 將提供有關我們的基礎設施解決方案組或 ISG 業務的詳細信息。

This is our first quarter reporting combined Company results. Our GAAP revenue in the third quarter was $16.2 billion, with a GAAP operating loss of $1.5 billion. As Rob mentioned, our GAAP results were significantly impacted by purchase accounting and transaction costs. Switching to non-GAAP, revenue in the third quarter was $16.8 billion.

這是我們第一季度報告的合併公司業績。我們第三季度的 GAAP 收入為 162 億美元，GAAP 營業虧損為 15 億美元。正如 Rob 所說，我們的 GAAP 結果受到採購會計和交易成本的顯著影響。改用非公認會計原則，第三季度的收入為 168 億美元。

While consolidated year-over-year compares are not meaningful, top-line results were driven by a 3% increase in CSG which outgrew the industry in both consumer and commercial PCs. Our ISG business was mixed, as strength in our emerging solutions, including All Flash arrays, hyper-converged systems, scale-out NAS, and software-defined storage, was offset by pressure in traditional external storage and softness in certain areas of servers.

雖然合併的同比比較沒有意義，但 CSG 增長 3% 推動了收入增長，該增長超過了消費和商用 PC 行業的增長速度。我們的 ISG 業務喜憂參半，因為我們新興解決方案（包括全閃存陣列、超融合系統、橫向擴展 NAS 和軟件定義存儲）的優勢被傳統外部存儲的壓力和服務器某些領域的軟弱所抵消。

Gross margin was $5.3 billion or 31.7% of revenue. Gross margin was impacted by an incremental $2.7 billion from the acquired businesses which have a combined gross margin of over 60%, an $80 million vendor settlement and a richer product mix in CSG.

毛利率為 53 億美元，佔收入的 31.7%。毛利率受到收購業務增加 27 億美元的影響，這些業務的總毛利率超過 60%、8000 萬美元的供應商結算和更豐富的 CSG 產品組合。

OpEx was $3.3 billion, or 20% of revenue, as we continue to execute on our cost initiatives while balancing spend across sales, marketing and R&D. Operating income was $2 billion or 11.8% of revenue.

運營支出為 33 億美元，佔收入的 20%，因為我們繼續執行成本計劃，同時平衡銷售、營銷和研發方面的支出。營業收入為 20 億美元，佔收入的 11.8%。

Our near-term priorities are straightforward: successfully integrate our sales force and channel partner programs; seize top-line synergies through cross-sell opportunities; and focus on our ongoing business and cost activities. Executing against these priorities supports our delevering effort, where we have already reduced our debt by $5.8 billion post deal close. Now let me turn it over to Tyler to go into more detail on our capital structure.

我們近期的優先事項很簡單：成功整合我們的銷售團隊和渠道合作夥伴計劃；通過交叉銷售機會抓住頂線協同效應；並專注於我們正在進行的業務和成本活動。執行這些優先事項支持我們的去槓桿化工作，我們已經在交易完成後將債務減少了 58 億美元。現在讓我把它交給泰勒，以更詳細地了解我們的資本結構。

Thanks, Tom. Cash flow generation and ending cash balances for Q3 were consistent with our expectations and follow strong cash flow performance for Dell and EMC in the prior quarter. Adjusted EBITDA was $2.2 billion and as a percent of revenue was 13.3%. The increase in our adjusted EBITDA was primarily driven by the impact of the EMC acquired businesses. Please see slide 18 in the web deck for more details on our EBITDA adjustments.

謝謝，湯姆。第三季度的現金流產生和期末現金餘額與我們的預期一致，並遵循戴爾和 EMC 在上一季度的強勁現金流表現。調整後的 EBITDA 為 22 億美元，佔收入的百分比為 13.3%。我們調整後 EBITDA 的增長主要受到 EMC 收購業務的影響。有關我們 EBITDA 調整的更多詳細信息，請參閱網頁版中的幻燈片 18。

In Q3 we had a use of cash from operations of approximately $270 million, including discontinued ops. This number includes approximately $1.3 billion of transaction and integration costs. Cash flow was also impacted by seasonal swings in working capital following outperformance in Q2. For additional information please see slide 19 in the web deck for more details on our non-GAAP adjustments.

在第三季度，我們使用了大約 2.7 億美元的運營現金，包括已終止的運營。這個數字包括大約 13 億美元的交易和整合成本。在第二季度表現出色後，現金流也受到營運資本季節性波動的影響。有關更多信息，請參閱網頁版中的幻燈片 19，了解有關我們的非公認會計原則調整的更多詳細信息。

Our cash and investments balance ended Q3 at $15 billion after taking into account the necessary debt-related inflows and corresponding outflows required to fund the EMC transaction. As stated on the Q2 earnings call, our Q3 debt balance has grew substantially in advance of closing the EMC transaction. We finished the quarter with $56.8 billion in principal debt, including $50.5 billion in core debt. The remainder included approximately $5 billion of debt which funds our Global Financial Services business and the $1.5 billion VMware bridge facility backed by a legacy inter-company note due to Dell Technologies from VMware.

在考慮了為 EMC 交易提供資金所需的與債務相關的必要流入和相應流出後，我們的現金和投資餘額在第三季度結束時為 150 億美元。正如第二季度財報電話會議所述，我們第三季度的債務餘額在完成 EMC 交易之前已大幅增長。本季度末，我們的本金債務為 568 億美元，其中包括 505 億美元的核心債務。其餘部分包括大約 50 億美元的債務，用於為我們的全球金融服務業務和 15 億美元的 VMware 過渡融資提供資金，該融資由來自 VMware 的戴爾技術公司的遺留公司間票據支持。

During the quarter we made a $500 million optional repayment of our revolver. Subsequent to the end of the quarter, we received total cash proceeds of $5.4 billion from the previously announced divestitures of Dell Services and Software businesses. Netting for expected taxes, transaction fees and payments received outside of the US, we applied the net proceeds to settle $4.3 billion of debt which included $2.2 billion to repay the asset sale bridge facility and $2.1 billion to repay a portion of the term loan A1 facility as required per our debt agreement.

在本季度，我們選擇償還了 5 億美元的左輪手槍。在本季度末，我們從先前宣布的戴爾服務和軟件業務剝離中獲得了 54 億美元的現金收益。扣除在美國境外收到的預期稅款、交易費用和付款後，我們將淨收益用於償還 43 億美元的債務，其中包括 22 億美元用於償還資產出售過橋貸款和 21 億美元用於償還部分定期貸款 A1 貸款根據我們的債務協議的要求。

In addition, given our ending cash balances, we made an optional repayment of an incremental $1 billion of revolver. These debt repayments result in a $200 million reduction in annualized interest expense on a run-rate basis.

此外，鑑於我們的期末現金餘額，我們可選擇額外償還 10 億美元的左輪手槍。這些債務償還導致按運行率計算的年化利息支出減少 2 億美元。

Last quarter we announced that our Board had authorized a Class V Common Stock repurchase program for up to $1 billion over two years. During the third quarter, we repurchased $165 million of Class V common shares. And as of December 8 we were up to $324 million in total repurchase which is approximately seven million shares at an average price of $48.58.

上個季度，我們宣布我們的董事會已授權在兩年內進行高達 10 億美元的 V 類普通股回購計劃。在第三季度，我們回購了 1.65 億美元的 V 類普通股。截至 12 月 8 日，我們的總回購金額高達 3.24 億美元，約為 700 萬股，平均價格為 48.58 美元。

We are taking a disciplined approach to share repurchases, conservatively sizing the program to stay aligned with our capital allocation strategy. We will continue to evaluate repurchase opportunities over the remaining life of the Board authorization.

我們正在採取嚴格的方法進行股票回購，保守地調整計劃規模以與我們的資本配置策略保持一致。我們將在董事會授權的剩餘期限內繼續評估回購機會。

Similarly, we will remain balanced in our capital allocation strategy and focus on our plan to delever the balance sheet through profitable growth and strong cash flow generation. Let me turn it over to David.

同樣，我們將在資本配置策略中保持平衡，並專注於我們通過盈利增長和強勁現金流產生去槓桿化資產負債表的計劃。讓我把它交給大衛。

Thanks, Tyler. I will cover the results of our Infrastructure Solutions Group which consists of the legacy EMC information infrastructure business and the legacy Dell Enterprise Solutions Group which is now grounded externally as Dell EMC. The IT spending environment is undergoing a big transition as customers continue to be challenged by the need to optimize infrastructure for traditional applications and build new infrastructure for cloud-native applications. And with a wide variety of workloads both on and off premises, and in private and public clouds, most customers will operate in a hybrid on a multi-cloud world. We believe the deployment of infrastructure in this multi-cloud environment will continue to move towards All Flash and converged solutions which brings service and storage together.

謝謝，泰勒。我將介紹我們的基礎架構解決方案集團的成果，該集團由傳統的 EMC 信息基礎架構業務和傳統的戴爾企業解決方案集團組成，後者現在以 Dell EMC 為外部基礎。 IT 支出環境正在經歷重大轉變，因為客戶繼續面臨為傳統應用程序優化基礎設施和為雲原生應用程序構建新基礎設施的需求的挑戰。由於內部和外部以及私有云和公共雲中的各種工作負載，大多數客戶將在多雲世界的混合環境中運行。我們相信，在這種多雲環境中部署基礎設施將繼續朝著將服務和存儲結合在一起的全閃存和融合解決方案發展。

With this industry dynamic as our backdrop, Dell EMC is well positioned to help customers in their digital transformation. Our unparalleled solutions set spans a full stack of cloud building blocks that include our leading server and storage [prop] families, our pre-engineered converged and hyper-converged portfolio and our enterprise, our native hybrid clouds, which include technology from VMware and Pivotal.

以這種行業動態為背景，Dell EMC 在幫助客戶實現數字化轉型方面處於有利地位。我們無與倫比的解決方案集涵蓋了完整的雲構建塊堆棧，其中包括我們領先的服務器和存儲 [prop] 系列、我們預先設計的融合和超融合產品組合以及我們的企業、我們的原生混合雲，其中包括來自 VMware 和 Pivotal 的技術.

Before we get into more detail on these categories, let me provide an overview of our consolidated ISG results. For Q3, overall ISG revenue was approximately $6 billion, with operating income of $897 million or 15% of revenue. Our serve and networking revenues of $2.9 billion declined 8%. We saw softness in our hyperscale service business where demand is lumpy and we maintain a selective deal process.

在我們更詳細地了解這些類別之前，讓我概述一下我們的綜合 ISG 結果。第三季度，ISG 總收入約為 60 億美元，營業收入為 8.97 億美元，佔收入的 15%。我們的服務和網絡收入為 29 億美元，下降了 8%。我們看到我們的超大規模服務業務疲軟，需求不穩定，我們維持選擇性交易流程。

Additionally, we saw some weakness in our mainstream powerage business due to evolving buying patterns and back-end loaded demand. We remain focused on our server business model to ensure we have the right offerings at the right cost points to match customers' buying trends.

此外，由於不斷變化的購買模式和後端負載需求，我們看到我們的主流動力業務存在一些弱點。我們仍然專注於我們的服務器業務模式，以確保我們以合適的成本提供合適的產品，以匹配客戶的購買趨勢。

Our storage revenue of $3.1 billion was up substantially due to the impact of the EMC transaction. Within storage, the legacy EMC business experienced some softness due to, first, activity related to the close of the transaction and integration process; and second, the transition from standalone hybrid arrays towards converge and All Flash which we are driving with our new offerings and declaration that 2016 is the year of All Flash for primary storage.

由於 EMC 交易的影響，我們 31 億美元的存儲收入大幅增長。在存儲方面，傳統的 EMC 業務經歷了一些疲軟，首先是與交易和集成流程結束相關的活動；其次，從獨立混合陣列向融合和全閃存的過渡，我們正在推動我們的新產品和宣布 2016 年是主存儲全閃存年。

On a calendar basis, Q3 demand for our All Flash portfolio grew very high double-digits, and at a nearly $2.5 billion run rate, is more than two times the size of our closest competitor. We continue to introduce new All Flash products across our portfolio to extend our lead.

從日曆上看，第三季度對我們的全閃存產品組合的需求以兩位數的速度增長，運行速度接近 25 億美元，是我們最接近的競爭對手的兩倍多。我們繼續在我們的產品組合中推出新的全閃存產品，以擴大我們的領先地位。

Our new VMAX All Flash 250F which starts at $100,000 in a 10U system, extends enterprise-class functionality to a new set of customers. Our new user All Flash solution, which starts at less than $18,000 delivers substantial gains in storage efficiency, capacity and value with the ability to scale up to 384 terabytes in a 2U footprint.

我們新的 VMAX 全閃存 250F 在 10U 系統中起價為 100,000 美元，將企業級功能擴展到新的客戶群。我們的新用戶全閃存解決方案起價不到 18,000 美元，可在 2U 空間內擴展至 384 TB，從而顯著提高存儲效率、容量和價值。

We also introduced an All Flash version of Isilon scale-out NAS, which delivers significant storage density and performance for next-gen unstructured data workloads. And finally, we announced that XtremIO amassed more than 3,000 customers and $3 billion in cumulative revenue in less than three years.

我們還推出了全閃存版本的 Isilon 橫向擴展 NAS，它為下一代非結構化數據工作負載提供了顯著的存儲密度和性能。最後，我們宣布 XtremIO 在不到三年的時間裡積累了超過 3,000 名客戶和 30 億美元的累計收入。

Turning to our leading converged and hyper-converged portfolio of blocks, racks and appliances, the strong momentum in VxRail continued in Q3, as we've now received orders for more than 3,700 nodes from customers in over 60 countries since launch in February of this year. This is before the introduction of version 4.0 and the integration with PowerEdge servers. The new VxRail appliances with PowerEdge servers increase hardware flexibility and offer more granular scalability with more configurations, a 25% lower entry price and offer two times more storage in All Flash nodes.

談到我們領先的塊、機架和設備的融合和超融合產品組合，VxRail 的強勁勢頭在第三季度繼續保持，因為自今年 2 月推出以來，我們現已收到來自 60 多個國家/地區的客戶的 3,700 多個節點的訂單年。這是在推出 4.0 版和與 PowerEdge 服務器集成之前。帶有 PowerEdge 服務器的新型 VxRail 設備提高了硬件靈活性，並通過更多配置提供更精細的可擴展性，入門價格降低 25%，並在全閃存節點中提供兩倍以上的存儲。

Our XC hyper-converged business also performed very well, growing triple-digits. In the mid market, our SC Series gained share. During the quarter we announced that our SC arrays are now inter-operable with legacy EMC's loading portfolio of storage management, mobility and data protection solutions. The updates to our SC and VxRail solutions are perfect examples of the integration between Dell and EMC Technologies in a short period of time.

我們的 XC 超融合業務也表現出色，增長了三位數。在中端市場，我們的 SC 系列獲得了份額。在本季度，我們宣布我們的 SC 陣列現在可以與傳統 EMC 的存儲管理、移動性和數據保護解決方案的加載產品組合進行互操作。我們的 SC 和 VxRail 解決方案的更新是戴爾和 EMC 技術在短時間內集成的完美示例。

Lastly, calendar Q3 demand for our Enterprise Hybrid Cloud solution grew triple-digits to a nearly $0.5 billion run rate. These solutions are something only we can deliver, as they span 14 different products across the Dell Technologies portfolio. In addition to the exciting new products, we've also introduced new flexible open-scale payment options and expanded our services capability with more than 60,000 service professionals and partners in order to provide the best experience for our customers.

最後，日曆第三季度對我們的企業混合雲解決方案的需求增長了三位數，達到近 5 億美元的運行速度。這些解決方案只有我們才能提供，因為它們涵蓋了 Dell Technologies 產品組合中的 14 種不同產品。除了令人興奮的新產品外，我們還推出了新的靈活的開放式支付選項，並通過超過 60,000 名服務專業人員和合作夥伴擴展了我們的服務能力，以便為我們的客戶提供最佳體驗。

Looking ahead, our customers remain our top priority. We're committed to supporting and enhancing all of our major product platforms and serving our customers' most critical IT needs. I'd like to thank the Dell and EMC teams for their hard work and focus as we bring the two Companies together. We have more work to do but I'm personally very excited about the opportunities that lie ahead for Dell EMC. Let me turn it over to Tom who will walk you through the CSG business unit results.

展望未來，我們的客戶仍然是我們的首要任務。我們致力於支持和增強我們所有的主要產品平台並滿足客戶最關鍵的 IT 需求。我要感謝戴爾和 EMC 團隊在我們將兩家公司合併時所做的辛勤工作和專注。我們還有更多工作要做，但我個人對 Dell EMC 面臨的機遇感到非常興奮。讓我把它交給湯姆，他將向您介紹 CSG 業務部門的結果。

Thanks, David. Let's move to the client business. The overall market was slightly better than expected for calendar Q3. According to IDC, worldwide PC unit shipments declined by 4.6%, an improvement from their forecast of negative 7.1%. For the calendar quarter, Dell outperformed the worldwide market and grew the fastest among the top three vendors according to IDC. This is the 15th consecutive quarter of year-over-year unit share gains as we gained 160 basis points of PC unit share.

謝謝，大衛。讓我們轉向客戶業務。第三季度整體市場略好於預期。根據 IDC 的數據，全球 PC 單位出貨量下降了 4.6%，比他們預測的負 7.1% 有所改善。在本季度，戴爾的表現優於全球市場，在 IDC 的前三名供應商中增長最快。這是連續第 15 個季度單位份額同比增長，因為我們獲得了 160 個基點的 PC 單位份額。

For fiscal Q3, CSG had a strong quarter with revenue of $9.2 billion, up 3%. The revenue growth rate was the highest we've seen in eight quarters, driven by continued strength in consumer which grew 12%. While commercial was down 1%, we've seen a steady improvement over the past three quarters with solid share gain.

對於第三財季，CSG 的季度表現強勁，收入為 92 億美元，增長 3%。在消費者持續強勁增長 12% 的推動下，收入增長率是我們在八個季度中看到的最高水平。雖然商業廣告下降了 1%，但我們看到過去三個季度穩步改善，份額穩步增長。

Operating income was $634 million, up 65% to 6.9% of revenue. The improvement was primarily driven by a favorable cost environment, a richer product mix of premium notebooks and workstations, and approximately $80 million from CSG's portion of the aforementioned vendor settlement.

營業收入為 6.34 億美元，佔收入的 65% 至 6.9%。改善的主要原因是有利的成本環境、更豐富的高級筆記本電腦和工作站產品組合，以及來自 CSG 的上述供應商和解部分的約 8000 萬美元。

Consistent with last quarter, we saw strong performance across both consumer and commercial high-end notebooks which includes XPS, Alienwear, Mobile Workstations, and Latitude. We continue to receive strong reviews and are seeing great momentum with our updated Latitude portfolio. This includes our thinnest and lightest business-class notebooks and our recently launched Latitude 2-in-1 option.

與上一季度一致，我們看到消費和商用高端筆記本電腦的強勁表現，包括 XPS、Alienwear、移動工作站和 Latitude。我們繼續收到強烈的評價，並看到我們更新的 Latitude 產品組合的強勁勢頭。這包括我們最薄、最輕的商務級筆記本電腦以及我們最近推出的 Latitude 二合一選件。

We were also pleased with the performance of the Workstation business. Our focus on this business is driving solid results, with the latest IDC data for Workstations showing Dell in a two-way tie for number-one worldwide unit share while we remain number-one worldwide in unit share for Mobile Workstations.

我們也對工作站業務的表現感到滿意。我們對這項業務的關注正在推動穩健的業績，最新的 IDC 工作站數據顯示，戴爾在全球單位份額方面處於雙向並列，而我們在移動工作站的單位份額方面仍保持全球第一。

Attached services revenue grew in the quarter, primarily driven by a mix of higher premium products which tend to have the higher attach rate and service revenue per unit. We were pleased with CSG's performance this quarter but acknowledge that there are areas where we can improve velocity, particularly in commercial desktops where we are focusing on marketing, promotion and sales-enablement activities, new customer conversion and emerging form factors. For example, we continue to see strong momentum in our Dell OptiPlex Micro and All-in-One form factors.

附加服務收入在本季度有所增長，主要是由較高優質產品的組合推動的，這些產品往往具有較高的附加率和每單位服務收入。我們對 CSG 本季度的表現感到滿意，但承認在某些領域我們可以提高速度，特別是在商業台式機中，我們專注於營銷、促銷和銷售支持活動、新客戶轉換和新興外形因素。例如，我們繼續看到戴爾 OptiPlex 微型和一體機外形的強勁勢頭。

We are focused on creating revenue synergies and offering solutions that leverage innovation across the Company. We have had a long-standing relationship with VMware for VDI Solutions and we are excited about the additional cross-sell opportunities. At Dell EMC World we unveiled our endpoint data security and management portfolio encompassing solutions from AirWatch, RSA and Mozy. With our broad and award-winning portfolio of solutions, we are positioned to expand our customer base, continue to gain share and generate strong cash flow.

我們專注於創造收入協同效應，並提供利用整個公司創新的解決方案。我們與 VMware 就 VDI 解決方案建立了長期合作關係，我們對額外的交叉銷售機會感到興奮。在 Dell EMC World 上，我們展示了我們的端點數據安全和管理產品組合，其中包含來自 AirWatch、RSA 和 Mozy 的解決方案。憑藉我們廣泛且屢獲殊榮的解決方案組合，我們有能力擴大我們的客戶群，繼續獲得份額並產生強勁的現金流。

Now, shifting to the VMware segment and our other businesses. We were pleased with the results of VMware which with revenue of $1.3 billion and operating income of $548 million or 42.5% of revenue for the 52 day period. We are already seeing synergies from this part of the business through our partnership in selling VxRail and in broader distribution of vSphere.

現在，轉向 VMware 部門和我們的其他業務。我們對 VMware 的業績感到滿意，其 52 天的收入為 13 億美元，營業收入為 5.48 億美元，佔收入的 42.5%。通過我們在銷售 VxRail 和更廣泛的 vSphere 分銷方面的合作，我們已經看到了這部分業務的協同效應。

In addition to VMware, revenue from other businesses which includes SecureWorks, RSA, Pivotal and Boomi was $312 million. Within this group, SecureWorks publicly reported their Q3 earnings yesterday. SecureWorks revenue was $107 million, up 21%.

除 VMware 外，SecureWorks、RSA、Pivotal 和 Boomi 等其他業務的收入為 3.12 億美元。在這個小組中，SecureWorks 昨天公開報告了他們的第三季度收益。 SecureWorks 收入為 1.07 億美元，增長 21%。

Pivotal continued its momentum in the third quarter, adding key customers across the automotive, financial services, insurance, retail and telecommunications industries. In addition to its existing relationship with AWS, Pivotal Cloud Foundry recently announced expanded technical and go-to-market partnerships with Google Cloud Platform and Microsoft Azure.

Pivotal 在第三季度繼續保持增長勢頭，增加了汽車、金融服務、保險、零售和電信行業的主要客戶。除了與 AWS 的現有關係外，Pivotal Cloud Foundry 最近還宣布擴大與 Google Cloud Platform 和 Microsoft Azure 的技術和市場合作夥伴關係。

In closing, given industry demand dynamics and the transaction close early in September, we had a solid quarter with good performance in our CSG and VMware segments, and a bit of mixed results in our ISG business. We need to work our way through the integration and stay focused on our customers in the coming quarters. Our vision has become the essential infrastructure Company, from the edge of the data center to the cloud, not only for today's applications but for the cloud native world we're entering.

最後，考慮到行業需求動態和 9 月初完成的交易，我們的 CSG 和 VMware 部門表現良好，而 ISG 業務的結果則喜憂參半。我們需要努力完成整合，並在未來幾個季度專注於我們的客戶。我們的願景已經成為必不可少的基礎設施公司，從數據中心的邊緣到雲，不僅適用於當今的應用程序，而且適用於我們正在進入的雲原生世界。

Going forward, we must successfully execute against three related strategic initiatives. First, extend our market-leading position in client solutions and IT infrastructure for traditional workloads both on- and off-prem. Second, grow our strong position in IT infrastructure for cloud native workloads both on- and off-premise. And third, innovate with winning technology that stands and unites our on- and off-premise applications and infrastructure.

展望未來，我們必須成功執行三項相關的戰略舉措。首先，擴大我們在客戶端解決方案和 IT 基礎架構方面的市場領先地位，以應對本地和非本地的傳統工作負載。其次，增強我們在 IT 基礎架構中的強大地位，以應對本地和非本地雲原生工作負載。第三，通過成功的技術進行創新，這些技術能夠將我們的內部和外部應用程序和基礎架構統一起來。

In addition, we are on track with a broad set of integration activities but there is more work to be done. We will consolidate our sales force and channel programs starting in FY18. We will continue to drive against the cost and revenue synergies we've identified and we will continue to provide great solution and services to our customers.

此外，我們正在開展一系列廣泛的整合活動，但還有更多工作要做。我們將從 FY18 開始整合我們的銷售隊伍和渠道計劃。我們將繼續推動我們已經確定的成本和收入協同效應，我們將繼續為我們的客戶提供出色的解決方案和服務。

Wrapping this up, given the complexity of this integration, there may be some short-term disruption as we integrate our go-to-market activities. However, we are focused on minimizing the impact to our customers. We have a talented team, a strategy we believe in and a portfolio of solutions that can help our customers address IT challenges now and into the future. Now I'll turn it back to Rob to begin Q&A.

總結一下，鑑於這種整合的複雜性，當我們整合我們的上市活動時，可能會出現一些短期中斷。但是，我們專注於盡量減少對客戶的影響。我們擁有一支才華橫溢的團隊、我們相信的戰略和一系列解決方案，可以幫助我們的客戶應對現在和未來的 IT 挑戰。現在我將把它轉回給 Rob 開始問答。

Thanks, Tom. Let's get to Q&A. We ask that each participant ask one question with one follow-up if you have one. Regina, can you introduce the first participant?

謝謝，湯姆。讓我們進入問答環節。我們要求每個參與者問一個問題，如果你有一個跟進問題。 Regina，你能介紹一下第一個參與者嗎？

Thomas Eagan, JPMorgan.

摩根大通的托馬斯·伊根。

Thanks for taking my question. I have two. The first is, Tom, you talked about the consumer products doing pretty well this quarter in the CSG side, and it was good last quarter and the quarter before that. It seems to be one of the things that's holding up that side of the business.

感謝您提出我的問題。我有兩個。首先是湯姆，您談到本季度在 CSG 方面的消費產品表現非常好，上個季度和之前的一個季度都很好。這似乎是阻礙業務這一方面的因素之一。

But on the legacy business desktop, it feels like that's been a drag for the last couple of quarters. And you laid out a couple of things that you're going to do to try to make that better. But I was wondering, is it a drag -- is it your sense that it's a drag for Dell because of what you've been doing to sell that product? Or is it a drag in general on the industry and Dell is actually doing better than other folks on that side?

但在傳統的商業桌面上，感覺就像過去幾個季度的拖累。你列出了一些你將要做的事情，以試圖讓它變得更好。但我想知道，這是否是一種拖累——你是否覺得這對戴爾來說是一種拖累，因為你一直在做銷售該產品？或者它是整個行業的拖累，而戴爾實際上比這方面的其他人做得更好？

Hey, Tom, thanks for the question and look, it's a fair question. We have highlighted over the last couple of quarters, quite frankly, our displeasure with our performance in the desktop space, particularly on the commercial side. The desktop form factor as a general category is growing slower than the mobility platforms. I was very happy with the growth I saw in our mobility platforms and notebook form factors and we had strong growth in our commercial notebooks, particularly the Latitude line with, I think, unit growth of over 10%.

嘿，湯姆，謝謝你的問題，看，這是一個公平的問題。坦率地說，我們在過去幾個季度強調了我們對桌面領域表現的不滿，特別是在商業方面。作為一般類別的桌面形式因素的增長速度比移動平台慢。我對我們的移動平台和筆記本電腦外形的增長感到非常滿意，我們的商用筆記本電腦也有強勁的增長，尤其是 Latitude 系列，我認為單位增長超過 10%。

The OptiPlex form factor has not -- has performed, quite frankly, below -- from a desktop perspective has performed below the IDC growth rates that we've talked about over the last couple of quarters. A couple of factors there. One, I quite frankly think that we have won a pretty strong position in desktops overall. So we have a relatively large share position in that, and so that does create some a little bit of headwinds relative to growth trajectories.

從桌面的角度來看，OptiPlex 的外形並沒有——坦率地說，低於我們在過去幾個季度中談到的 IDC 增長率。有幾個因素。一，我坦率地說，我認為我們在台式機整體上贏得了相當強大的地位。因此，我們在這方面擁有相對較大的份額，因此相對於增長軌跡確實產生了一些不利因素。

I do think that we've focused our sales organization more on mobility of late, as customers have generally been more interested in that form factor. And as a result, I think we -- and I think the IDC data would show it, that we've under-performed the market a little bit on commercial desktop.

我確實認為我們最近將我們的銷售組織更多地集中在移動性上，因為客戶通常對這種形式因素更感興趣。因此，我認為我們——而且我認為 IDC 數據會顯示，我們在商業桌面上的表現略遜於市場。

And that's an important category for us; it has good profit characteristics. We have been focused over the last couple of quarters on how do we turn that trajectory around. So what you heard me talk about was, one, is making sure that we had the right appropriate mind-share with the sales organization. Second, making sure that we had the right form factors and the right price points and we're offering those form factors that are emerging and are of interest to customers, which is the micro form factor and the All-in-Ones. We are seeing good growth rates in those.

這對我們來說是一個重要的類別；具有良好的盈利特性。在過去的幾個季度中，我們一直專注於如何扭轉這一軌跡。所以你聽到我談論的是，一個是確保我們與銷售組織有正確的適當的思想分享。其次，確保我們擁有合適的外形尺寸和合適的價格點，並且我們正在提供那些正在出現且客戶感興趣的外形尺寸，即微型外形尺寸和一體機。我們在這些方面看到了良好的增長率。

So I think over the long run, Tom, we'll be fine here. We do have work to do, I don't want to down play that. But it's an area that as we go assess our performance in the CSG business, which had a really good quarter, it's a spot and it's an under-performance that we need to go fix. I would tell you that I think IDC says that commercial desktops return to growth in 2018, to flat growth I should say in 2018, so we'll have to see how that market evolves over time.

所以我認為從長遠來看，湯姆，我們在這裡會很好。我們確實有工作要做，我不想輕描淡寫。但是，當我們評估我們在 CSG 業務中的表現時，這是一個領域，該業務有一個非常好的季度，這是一個地方，它是我們需要修復的表現不佳的地方。我會告訴你，我認為 IDC 表示商用台式機將在 2018 年恢復增長，我應該說在 2018 年將保持平穩增長，所以我們必須看看這個市場如何隨著時間的推移而發展。

So, look, it's a fair question. There's work to do. I try to be transparent with you guys in terms of how we're thinking about these things.

所以，看，這是一個公平的問題。有工作要做。在我們如何考慮這些事情方面，我盡量對你們保持透明。

From a consumer -- just to touch on that consumer comment real quick, we have been very happy with our consumer performance, particularly around the globe. As you know, we have a separate selling organization. Our consumer and small business sales organization, that is primarily focused on that, they've done a nice job of executing in that space. We've seen better characteristics around velocity of the business, a better mix of business. And I think the product offerings, particularly in our upper end of the consumer categories with the XPS notebooks and Alienwear, have been very helpful to us.

來自消費者 - 只是為了快速觸及消費者評論，我們對我們的消費者表現非常滿意，特別是在全球範圍內。如您所知，我們有一個單獨的銷售組織。我們的消費者和小型企業銷售組織主要專注於此，他們在該領域的執行工作做得很好。我們已經看到了圍繞業務速度的更好特徵，更好的業務組合。而且我認為這些產品，特別是在我們的高端消費類別中的 XPS 筆記本電腦和 Alienwear，對我們非常有幫助。

We try to stay disciplined in that space. It's not a high profit pool market, but it's an important market from a scale perspective and also from a introducing the Dell brand to the consumer market. And ultimately most consumers are also working in businesses where, so we want to make sure we have a brand halo that works for us. So happy with that. More work to do on commercial desktop.

我們試圖在那個領域保持紀律。這不是一個高利潤池市場，但從規模和將戴爾品牌引入消費市場來看，它是一個重要的市場。最終，大多數消費者也在工作的企業中工作，因此我們希望確保我們擁有適合我們的品牌光環。很高興。在商業桌面上做更多的工作。

Okay, that's very helpful. And then my follow-up is -- I'm going to ask this question, I know it's hard to answer. It would be for either you, Tom, or Tyler. You talked a little bit about evaluation and a balanced approach to what you're going to use your free ash flow for. Could you give us a little bit more color in how you think about what plans are for free cash flow in terms of what you look to pay down?

好的，這很有幫助。然後我的後續行動是——我要問這個問題，我知道這很難回答。要么是你，要么是湯姆，要么是泰勒。你談到了一些關於評估和平衡方法來使用你的自由灰流的內容。您能否就您希望支付的費用來考慮自由現金流的計劃是什麼？

You made optional payments on the revolver. You made optional payments on the VMware stock. And I don't want to pin you down to a price on that, but how do you think about prioritization of where you want to pay down stuff? Is the plan that if the VMware stock hangs out where it's been hanging out, that you'll take that down a little at a time and at the same time pay down some of your term loans? Or is it if the stock goes up to certain price it's off limits and then you just go to pay down debt?

您在左輪手槍上進行了可選付款。您對 VMware 股票進行了可選付款。我不想讓你為此付出代價，但是你如何看待你想在哪裡支付的優先級？是否計劃如果 VMware 股票掛在它一直掛在的地方，你會一次把它降低一點，同時償還你的一些定期貸款？還是如果股票上漲到某個價格，它就被禁止了，然後你就去償還債務？

Hey Tom, it's Tom Sweet. Let me start and then I'll ask Tyler to jump in. So you're essentially asking a capital allocation question in terms of how do we think about where we're going to apply capital. And from our perspective, we've been pretty clear on this in terms of our primary focus is going to be de levering the balance sheet. That was our commitment to the market, that was our commitment to the analysts and I think it's the right commitment from a long-term positioning of the Company.

嘿，湯姆，我是湯姆·斯威特。讓我開始，然後我會請泰勒加入。所以你本質上是在問一個資本分配問題，關於我們如何考慮我們將在哪裡應用資本。從我們的角度來看，我們非常清楚這一點，我們的主要重點將是去槓桿化資產負債表。這是我們對市場的承諾，也是我們對分析師的承諾，我認為這是公司長期定位的正確承諾。

What you have seen us do, quite frankly, is be a bit opportunistic around that DVMT stock and where that's been trading on a relative discount to the VMware stock. If you were to think about it, we're going to keep our eye on that trading range and you may see us from time to time introduce some share buy-back, much like we did in Q3. But I don't want anybody to be confused about where the primary use of our capital and free cash flow is going to go, which is to delever the balance sheet over the near to immediate term. And Tyler, I'd ask if you've got any other comments or any other thoughts you'd like to give Tom on that.

坦率地說，您所看到的我們對 DVMT 股票有點投機取巧，並且該股票的交易價格相對於 VMware 股票有一定的折扣。如果您考慮一下，我們將密切關注該交易區間，您可能會不時看到我們推出一些股票回購，就像我們在第三季度所做的那樣。但我不希望任何人對我們的資本和自由現金流的主要用途將去哪裡感到困惑，即在近期至近期內去槓桿化資產負債表。和泰勒，我想問你是否有任何其他意見或任何其他想法你想給湯姆。

I think that you pretty much summed it up. Think about how we acted on the OBO, and really nothing has changed in that approach. And Tom, you nailed it when you talked about we do recognize there's good value there and we do want to take advantage of it.

我覺得你總結的差不多了。想想我們是如何對 OBO 採取行動的，這種方法實際上沒有任何改變。湯姆，當你談到我們確實認識到那裡有很好的價值並且我們確實想利用它時，你把它釘牢了。

Even if you look at what we did in Q3, relatively modest in the scheme of things, and as it relates to buying back the Class V. We were prudent in paying down the revolver, $1 billion there because obviously that provides us -- not only do we delever but it also provides us flexibility if we need to use that to fund short-term working capital needs.

即使你看看我們在第三季度所做的事情，在事情的計劃上相對溫和，因為它與回購 V 級有關。我們在支付左輪手槍時是謹慎的，那裡有 10 億美元，因為顯然這為我們提供了 - 不是我們只是去槓桿化，但如果我們需要用它來滿足短期營運資金需求，它也為我們提供了靈活性。

And as it relates to prioritization, we'll follow through as we complete the ECD asset sale. That will be swept to the remainder of the A1 and the A3 and then we'll focus on the next tranche. So I think it is fairly straightforward. I do think we've been pretty open in how we're doing this and I think we followed through on it.

由於它涉及優先級，我們將在完成 ECD 資產出售時跟進。這將被掃到 A1 和 A3 的其餘部分，然後我們將專注於下一批。所以我認為這是相當簡單的。我確實認為我們在如何做這件事上非常開放，我認為我們一直堅持下去。

Great, thank you.

太好了謝謝。

Arun Seshadri, Credit Suisse.

Arun Seshadri，瑞士信貸。

Hello, Rob, Tom and Tyler, good morning. Thanks for taking my questions. Just a couple from me. First, wanted to get a sense for, I think you mentioned that on the mainstream PowerEdge side, demand was a little bit back-end loaded. So I'm trying to understand how is that looking post the quarter and are you seeing some signs of strength? And if you could also comment on whether there's been any impact from Lenovo's recent efforts in terms of incentivizing their sales force and doing things a little bit differently.

你好，羅伯、湯姆和泰勒，早上好。感謝您提出我的問題。就我一對。首先，想了解一下，我想你提到在主流 PowerEdge 方面，需求有點後端加載。所以我想了解這個季度後的情況如何，你是否看到了一些強勢的跡象？如果您還可以評論一下聯想最近在激勵銷售人員和做事方式方面的努力是否有任何影響。

It's Tom, Arun. Let me take that and then maybe David Goulden can offer some insights, since he now owns that business and can give you his own perspective.

是湯姆，阿倫。讓我接受，然後也許大衛古爾登可以提供一些見解，因為他現在擁有該業務並且可以給你他自己的觀點。

PowerEdge was a bit back-end loaded but there's no question that there are some dynamics happening within that server space, as customers are evaluating the types of form factors they want to buy, and we are seeing shifts to some extent. I don't want to overstate that, but we are beginning to see much more interest in hyper-converged, perhaps less of an interest in customers buying piece part versus a highly-configured solution that's ready to go.

PowerEdge 有點後端負載，但毫無疑問，該服務器空間內發生了一些動態，因為客戶正在評估他們想要購買的外形尺寸類型，我們看到了某種程度的變化。我不想誇大這一點，但我們開始看到對超融合的興趣越來越大，與準備就緒的高度配置的解決方案相比，客戶購買零件的興趣可能會降低。

And so our hyper-converged trajectory has taken off pretty remarkably over the last couple of quarters. Which we think is not surprising, given what we've talked about strategically around cloud native applications and data center modernization to support some of the new applications and business models that are being driven.

因此，我們的超融合軌跡在過去幾個季度中取得了顯著進展。我們認為這並不奇怪，因為我們已經圍繞雲原生應用程序和數據中心現代化進行了戰略性討論，以支持正在驅動的一些新應用程序和業務模型。

It's an area of focus for us. We're going to continue to refine our server business model. And we'll make the appropriate adjustments around cost structures, form factors and price points and feature sets depending upon where we see the market going.

這是我們關注的一個領域。我們將繼續完善我們的服務器業務模型。我們將根據我們看到的市場走向，圍繞成本結構、外形尺寸、價格點和功能集進行適當的調整。

I think that there's a bit of a headwind out there. You saw IDC come in with Q3 market growth that was below expectations. And you've seen some of the other server competitors having a bit of headwinds in certain areas. So I think it's an evolving market.

我認為那裡有一點逆風。您看到 IDC 的第三季度市場增長低於預期。而且您已經看到其他一些服務器競爭對手在某些領域遇到了一些不利因素。所以我認為這是一個不斷發展的市場。

From my perspective we have not really seen much of an impact from Lenovo. You never want to underestimate a competitor and it's a tough competitive market, but we generally have not seen anything unusual out there. I don't know, David, if you would add anything on that?

從我的角度來看，我們並沒有真正看到聯想的太大影響。您永遠不想低估競爭對手，這是一個競爭激烈的市場，但我們通常沒有看到任何異常情況。我不知道，大衛，您是否願意對此添加任何內容？

Thanks, Tom. Arun, let me add to that. I think if you step back and look at servers in general, as we said, it was the hyperscale lumpiness that really was the bigger impact to the overall number than what was happening within PowerEdge, PowerEdge being on the mainstream.

謝謝，湯姆。阿倫，讓我補充一下。我認為，如果您退後一步看一下服務器，正如我們所說，與 PowerEdge 內部發生的情況相比，超大規模的塊狀對整體數量的影響確實更大，PowerEdge 是主流。

As Tom said, there's a shift going on and you look at the growth areas. And the cloud, both public and private, is a very big driver of server growth these days. Hyper-converged, as Tom mentioned, within a few weeks of closing the transaction we had a new range of VxRail and VxRack hyper-converged systems powered by PowerEdge.

正如湯姆所說，正在發生轉變，你看看增長領域。如今，無論是公共雲還是私有云，都是服務器增長的重要推動力。超融合，正如 Tom 提到的，在完成交易的幾週內，我們擁有了由 PowerEdge 提供支持的一系列新的 VxRail 和 VxRack 超融合系統。

We see software-defined everything, driving server growth. So software-defined storage, software-defined networking, so we see growth opportunities there. And also things like security, where again, with things like analytics and big data are driving servers in that area.

我們看到軟件定義一切，推動服務器增長。所以軟件定義的存儲，軟件定義的網絡，所以我們看到了增長機會。還有諸如安全性之類的東西，再一次，分析和大數據之類的東西正在推動該領域的服務器。

So we do see a shift going on. I think we're actually now better positioned to lead into that shift than we were before we came together. As Tom said, the overall results is the transition that we're seeing in the marketplace right now. I think everybody is in the same boat, to a certain extent. I think we're actually executing quite well, particularly against our traditional competition.

所以我們確實看到了轉變。我認為我們現在實際上比我們走到一起之前更能引領這種轉變。正如湯姆所說，總體結果是我們現在在市場上看到的轉變。在某種程度上，我認為每個人都在同一條船上。我認為我們實際上執行得很好，尤其是在我們的傳統競爭中。

Okay, great, thank you for that. And a follow-up for David. As far as storage itself, the right way to think about this is with all of the integration process and the various changes, maybe you have a couple of quarters of year-over-year similar trends as you saw in this quarter, and then really hopefully a pick up beyond that. Is that the right way to think about that legacy CMC?

好的，太好了，謝謝你。以及大衛的後續行動。就存儲本身而言，考慮這一點的正確方法是考慮所有集成過程和各種變化，也許你有幾個季度與本季度看到的同比趨勢類似，然後真的希望超越這一點。這是思考傳統 CMC 的正確方式嗎？

Clearly, we did see some impacts in the quarter from coming together. Actually, I think we did a remarkably good job for the prior few quarters, showing no impact but on the quarter (technical difficulty) close the transaction like this, sellers get a little de-focused customers are asking a few more questions and we saw that through.

顯然，我們確實看到了本季度的一些影響。實際上，我認為我們在前幾個季度做得非常好，沒有顯示出任何影響，但是在這個季度（技術難度）像這樣完成交易，賣家有點分散注意力，客戶又問了幾個問題，我們看到那個通過。

What I would encourage you to do is not to read too much into the IDC data. That's the kind of data point people may be looking at for Q3 performance. Just to clarify what happen there, is IDC is counting everything product revenue on a calendar-quarter basis. Obviously with us closing the transaction and essentially going private, we significantly changed the way that we convert or don't convert orders into revenue at the end of the calendar quarter.

我鼓勵你做的是不要過多地閱讀 IDC 數據。這就是人們可能會關注第三季度業績的那種數據點。只是為了澄清那裡發生的事情，IDC 是否按日曆季度計算所有產品收入。顯然，隨著我們完成交易並基本上私有化，我們顯著改變了在日曆季度末將訂單轉換或不轉換為收入的方式。

So our results which IDC reports revenue results, were impacted by that additional factor. And then of course the things I mentioned which was the impact of the transaction close integration process, I think caused a pause in our customer base.

因此，我們 IDC 報告收入結果的結果受到了該額外因素的影響。當然，我提到的事情是交易緊密集成過程的影響，我認為這導致了我們客戶群的停頓。

If you look through that lens just one more level down, basically the trended growth rates in storage and all of our competitors are basically unchanged. And in fact, the entire change in market growth from Q2 to Q3 in external storage is really attributed to this pause we saw in the EMC customer base. So don't read too much into that, there's a few factors going in.

如果你再往下看，基本上存儲的趨勢增長率和我們所有的競爭對手基本沒有變化。事實上，外部存儲市場從第二季度到第三季度的整個增長變化確實歸因於我們在 EMC 客戶群中看到的這種停頓。所以不要過多解讀，有幾個因素。

But I think that the way you characterize it, Arun, is right. Obviously we're going through a period of integration. We bring our sales forces together in FY18. That will actually accelerate things once we've completed that process, but in the medium term and short-term it will cause a little bit of a pause for us. We do see that happening, we think we're actually exceptionally well positioned from a portfolio point of view but inevitably we've got a few moving parts here.

但我認為你描述它的方式，阿倫，是正確的。顯然，我們正在經歷一段整合時期。我們在 2018 財年將我們的銷售團隊整合在一起。一旦我們完成了這個過程，這實際上會加速事情的發展，但在中期和短期內，這會給我們帶來一點停頓。我們確實看到了這種情況，我們認為從投資組合的角度來看，我們實際上處於非常有利的位置，但不可避免地我們在這裡有一些活動部分。

Okay, great thank you very much.

好的，非常感謝。

Frank Jarman, Goldman Sachs.

弗蘭克賈曼，高盛。

Great, thanks, Tom and Tyler. I'm going to ask a question and then Scott Wipperman will ask the follow-up, if that's good. I wanted to focus -- you guys have provided a lot of color with regards to the top-line story, so thank you for that. Wanted to focus on the synergy story, which in my view is equally important.

太好了，謝謝，湯姆和泰勒。我要問一個問題，然後 Scott Wipperman 會問後續問題，如果這很好的話。我想集中註意力——你們為頭條新聞提供了很多色彩，所以謝謝你們。想專注於協同故事，在我看來這同樣重要。

You've talked about the $2 billion of merger synergies that you're targeting by mid March 2018 and then the $1 billion of standalone cost synergies that you've been executing at Dell and EMC. Can you guys give us an update on where you stand with regards to the run rate? I know you're still early into the transaction but obviously we would like to get an update there.

您談到了您計劃在 2018 年 3 月中旬之前實現 20 億美元的合併協同效應，然後是您在戴爾和 EMC 執行的 10 億美元的獨立成本協同效應。你們能告訴我們你在運行率方面的最新情況嗎？我知道您仍處於交易初期，但顯然我們希望在那裡獲得更新。

Hey, it's Tom. The simple story is that we're generally on track there, right? Been very focused on that, the leadership's behind it, actions are happening. And so while I'm not going to parse it for you, I would tell you that we're generally on track with where we thought we would be at this stage. I think good progress there, even as we're balancing making sure that as we integrate these businesses, that the synergy actions that we're driving are not disruptive to the overall value creation story that we're focused on.

嘿，是湯姆。簡單的故事是，我們一般都在軌道上，對吧？一直非常關注這一點，領導層在背後，行動正在發生。因此，雖然我不打算為您解析它，但我會告訴您，我們總體上處於我們認為我們在這個階段會處於的軌道上。我認為那裡取得了良好的進展，即使我們正在平衡確保在整合這些業務時，我們正在推動的協同行動不會破壞我們關注的整體價值創造故事。

So as I think about that $1 billion that obviously is more near term, should we think of that as effectively already reflected in the numbers? How much should we expect with regards to a tailwind in 2017?

所以當我想到這 10 億美元顯然是更近期的，我們是否應該認為這已經有效地反映在數字中？對於 2017 年的順風，我們應該期待多少？

We don't give guidance, so let me start with that. It's not reflected in the numbers at this stage, given that some of these synergies actions are scheduled to happen now between -- that have started to happen and will continue to happen over the next -- between now and the next 8 to 12 months. So it will feather in during 2017, but you aren't seeing a fair amount of the actions flow through at this point.

我們不提供指導，所以讓我從那個開始。鑑於其中一些協同作用行動計劃現在在現在和未來 8 到 12 個月之間發生——已經開始發生並將在未來繼續發生——這並沒有反映在現階段的數字中。所以它會在 2017 年出現，但此時你還沒有看到相當多的行動通過。

I think the question was actually to do with the $1 billion of synergies in the baseline.

我認為問題實際上與基線中 10 億美元的協同效應有關。

Oh, yes, sorry.

哦，是的，對不起。

(multiple speakers) the $2 billion future synergies.

（多位發言者）20 億美元的未來協同效應。

On the ones that are already -- that are the standalone synergies, I should say, those have been actioned and are flowing through the P&L. So it's hard to see it because you've got so many unusual items flowing through the P&L right now, it's a tough read, so to speak, but those are on track. So I apologize, I misunderstood your question.

我應該說，那些已經是獨立的協同效應，那些已經採取行動並且正在通過損益表流動。所以很難看到它，因為你現在有很多不尋常的項目流過損益表，可以這麼說，這是一個艱難的閱讀，但這些都在軌道上。所以我很抱歉，我誤解了你的問題。

No worries.

不用擔心。

Hey, this is Scott Wipperman, guys, thanks for taking the question as well. As a follow-up to Frank's question, can you talk, somewhat related, but on the working capital performance and how we should be thinking about that as you proceed with the integration, particularly where are you in terms of getting the EMC business on the Dell supplier in payment terms? And how should we be thinking about that process over the next couple quarters? Thanks.

嘿，我是 Scott Wipperman，伙計們，也感謝您提出這個問題。作為弗蘭克問題的後續行動，您能否談談有點相關的營運資金績效，以及在您進行整合時我們應該如何考慮這一點，特別是在讓 EMC 業務進入戴爾供應商的付款方式？在接下來的幾個季度中，我們應該如何考慮這個過程？謝謝。

Look, I think we made good progress there. Tyler, perhaps you can take this question since you're the guy I've asked to run this for me. So why don't you take it?

看，我認為我們在那裡取得了很好的進展。泰勒，也許你可以接受這個問題，因為你是我要求為我運行這個問題的人。那你為什麼不接受呢？

I can do that. Yes, Hey, Scott, we're making great progress on that. It was really a process that we'd kicked off prior to close in terms of getting everything positioned, and then we were able to work and implement very quickly. Some of this is going to gradually come in. You'll see some benefit in Q4 and then some probably over the course of Q1 and Q2. But I would say in terms of everything we were trying to achieve, we're well on target.

我能做到。是的，嘿，斯科特，我們在這方面取得了很大進展。這確實是一個我們在收盤前啟動的流程，旨在讓所有東西都定位好，然後我們能夠非常快速地工作和實施。其中一些將逐漸出現。你會在第四季度看到一些好處，然後可能在第一季度和第二季度看到一些好處。但我想說，就我們努力實現的一切而言，我們都在目標上。

Okay, great, thanks for the question.

好的，太好了，謝謝你的提問。

Jeff Harlib, Barclays.

Jeff Harlib，巴克萊銀行。

Hi, good morning. First, I was wondering if you would break out the Dell legacy, either storage or ISG revenues. And then on EMC, can you talk a little bit more about what you're seeing with a lot of the new products, the new emerging storage solutions, as well as the declines in traditional overall? And in the past you talked about some increase in unshipped orders deferring revenues. How are you looking at orders and backlog?

早上好。首先，我想知道您是否會打破戴爾的傳統，無論是存儲還是 ISG 收入。然後關於 EMC，您能否多談談您所看到的許多新產品、新興存儲解決方案以及傳統存儲解決方案的整體下滑情況？在過去，您談到延遲收入的未發貨訂單有所增加。您如何看待訂單和積壓？

Jeff, let me take the first question and then I'll ask David to take how are we seeing from the new storage platforms and products. We're not going to break out legacy form factors and platforms on a go-forward basis, so I'm going to decline to do that.

Jeff，讓我回答第一個問題，然後我將請 David 談談我們如何看待新的存儲平台和產品。我們不會在前進的基礎上打破傳統的外形尺寸和平台，所以我將拒絕這樣做。

I will tell you, I do want to make sure everybody understands the nuances in the business model as we go forward. And then David can jump in and take the form factors. But what we have asked the leadership team to do, particularly David, is given the fact that they are converting from a calendar to a fiscal quarter, is that we're running a model from a cash efficiency perspective in many respects.

我會告訴你，我確實想確保每個人在我們前進的過程中都能理解商業模式的細微差別。然後大衛可以加入並採取形式因素。但是，鑑於他們正在從日曆轉換為財政季度這一事實，我們要求領導團隊（尤其是大衛）做的是，我們在許多方面從現金效率的角度運行模型。

David alluded to it around the end of the natural calendar quarter, that our guidance to that team was, look, I don't want to burn working capital to drive shipments out on a September 30 date, unless a customer needs it, that we could otherwise naturally ship the first couple weeks of October, and therefore be able to fulfill that order in a timely fashion but in a more efficient and cost effective fashion. So you are going to see us continue to evolve the business models in areas like that. But that's just more from a cash efficiency perspective even as we transition from a calendar to a fiscal quarter. David, do you want to jump in and talk about what you're seeing and some of the storage dynamics that are going on right now?

大衛在自然日曆季度末提到它，我們對那個團隊的指導是，看，我不想消耗營運資金來推動在 9 月 30 日發貨，除非客戶需要它，我們否則可以在 10 月的前幾周自然發貨，因此能夠以更高效和更具成本效益的方式及時完成該訂單。因此，您將看到我們繼續在此類領域發展商業模式。但這只是從現金效率的角度來看，即使我們從日曆過渡到財政季度。大衛，你想跳進去談談你所看到的以及目前正在發生的一些存儲動態嗎？

Yes, thanks, Tom. Jeff, absolutely. You asked about the legacy Dell storage in part of your question. The SC series actually did very nicely during the quarter and actually gained share. Very important because we have two very strong platforms in the mid tier, Unity from ex-EMC, SC from ex-Dell. Good news is that we're committed and building out both of them as they are both early in the new op cycle for both platforms. So that was good, we did some cross-integration with some of the EMC Technologies for the SC customers.

是的，謝謝，湯姆。傑夫，絕對的。您在部分問題中詢問了舊版戴爾存儲。 SC 系列實際上在本季度表現非常好，並且實際上獲得了份額。非常重要，因為我們在中端有兩個非常強大的平台，來自前 EMC 的 Unity，來自前戴爾的 SC。好消息是，我們致力於並構建它們，因為它們都處於兩個平台的新運營週期的早期。這很好，我們為 SC 客戶與一些 EMC 技術進行了交叉集成。

Relative to the bigger picture, the trends we talked about for prior periods really are holding strong. In storage the biggest shift, particularly for the higher end, is the move to All Flash systems. For the calendar quarter, as I mentioned in our prepared remarks, demand or bookings for the All Flash portfolio on the legacy EMC side were in a very high double-digit growth. We had a nearly $2.5 billion run rate for those All Flash platforms which is more than two times our closest competitor.

相對於更大的圖景，我們之前談到的趨勢確實保持強勁。在存儲領域，尤其是高端領域，最大的轉變是轉向全閃存系統。正如我在準備好的評論中提到的那樣，在本季度，傳統 EMC 方面對全閃存產品組合的需求或預訂量都實現了非常高的兩位數增長。這些全閃存平台的運行率接近 25 億美元，是我們最接近的競爭對手的兩倍多。

We continue to convert other things to All Flash. So you heard us at Dell EMC World introduce an All Flash version of our Isilon of scale-out file system. That will start shipping next year. So the whole portfolio is shifting to All Flash. And All Flash is growing exceptionally well, even though we are two and sometimes three and four times bigger than our competitors. We're actually growing at a pretty similar rate which is really quite impressive.

我們繼續將其他東西轉換為全閃存。所以您在 Dell EMC World 上聽到我們介紹了我們的 Isilon 橫向擴展文件系統的全閃存版本。那將於明年開始發貨。因此，整個產品組合正在轉向全閃存。 All Flash 的增長非常好，儘管我們的規模是競爭對手的兩倍，有時甚至是三四倍。我們實際上以非常相似的速度增長，這確實令人印象深刻。

And then the other thing that's been important on the ex-EMC side is this move to converged and hyper-converged, which continues to go exceptionally well. And as I mentioned, on the hyper-converged side we can now bring together solutions that are entirely Dell Technologies IP and that's one of the real benefits. We saw both the VxRail is doing exceptionally well, but also the Dell XC series growing triple-digits. So to answer your question, I think the things that we focused upon from a growth point of view continue to do as well, in some cases better than they did before we came together.

然後，在前 EMC 方面，另一件重要的事情是向融合和超融合的轉變，它繼續發展得非常好。正如我所提到的，在超融合方面，我們現在可以整合完全由戴爾技術 IP 提供的解決方案，這是真正的好處之一。我們看到 VxRail 表現異常出色，而且戴爾 XC 系列也增長了三位數。因此，為了回答您的問題，我認為從增長的角度來看，我們關注的事情也會繼續做下去，在某些情況下比我們走到一起之前做得更好。

Okay, great. And for my follow-up, the Client Solutions operating margin was extremely strong. I'm wondering what drove that and how higher DRAM prices may affect your margin or ability to increase prices, et cetera?

好，太棒了。在我的後續行動中，客戶解決方案的營業利潤率非常高。我想知道是什麼推動了這一點，以及更高的 DRAM 價格會如何影響您的利潤或提高價格的能力等等？

Jeff, I thought the CSG business had an extraordinarily strong quarter. I thought they did a nice job on pricing discipline. I thought that in terms of execution of the business model, in terms of attach and positioning within the market, they did a nice job. The cost environment clearly was helpful in the sense of some of the component cost dynamics within the quarter.

傑夫，我認為 CSG 業務有一個非常強勁的季度。我認為他們在定價紀律方面做得很好。我認為在商業模式的執行方面，在市場的附加和定位方面，他們做得很好。就本季度的某些組件成本動態而言，成本環境顯然是有幫助的。

My comment to you, Jeff, is that we have generally talked about that operating margin and that business generally being targeted to run in that approximate 5% op-inc range. I think over the long term that's where you see that business. So I do think it was a little bit of both what our expectations were in terms of profitability, but obviously we're going to take that.

傑夫，我對你的評論是，我們通常已經討論了營業利潤率，並且該業務通常的目標是在大約 5% 的 op-inc 範圍內運行。我認為從長遠來看，這就是您看到該業務的地方。所以我確實認為這與我們在盈利能力方面的預期有點相似，但顯然我們會接受這一點。

That was driven -- so that favorability was generally driven by component costs, the pricing and the ability not to price that all the way through. And we also had that vendor settlement, so I don't want to gloss over that. We did have that vendor settlement that helped related to some past activity.

這是受驅動的——因此，好感度通常是由組件成本、定價和全程不定價的能力驅動的。我們也有供應商和解，所以我不想掩蓋這一點。我們確實有與過去的一些活動相關的供應商解決方案。

As we think about the environment going forward from a cost perspective, there are some dynamics happening and we are seeing pressures around certain cost component items. I think that the real question is that as we get cost pressure, can we adjust the pricing activities in our cost models to ensure that we uphold the margins? That's our job; that's our activity that we're focused on. While we might have some fluctuations, I do think that we'll adjust our pricing appropriately to take into account any of the cost dynamics that we're seeing in the marketplace. I think that cost environment will, over the next couple of quarters, will be a bit more challenging, I think.

當我們從成本的角度考慮未來的環境時，有一些動態正在發生，我們看到圍繞某些成本構成項目的壓力。我認為真正的問題是，當我們面臨成本壓力時，我們能否調整成本模型中的定價活動以確保我們維持利潤率？那是我們的工作；這是我們關注的活動。雖然我們可能會有一些波動，但我確實認為我們會適當調整定價，以考慮到我們在市場上看到的任何成本動態。我認為，在接下來的幾個季度中，成本環境將更具挑戰性。

Okay, thank you.

好的謝謝你。

Wamsi Mohan, Bank of America Merrill Lynch.

美國銀行美林證券的瓦姆西·莫漢。

Yes, thank you, good morning and congrats on getting through the first quarter here of combined Dell EMC. Two questions, one on the client side. How are you viewing market growth outlook into 2017? And can you share some of your view on how the current levels of channel inventory are? There was some talk that 3Q had some uptick.

是的，謝謝你，早上好，祝賀你完成了合併後的 Dell EMC 的第一季度。兩個問題，一個在客戶端。您如何看待 2017 年的市場增長前景？您能否分享一下您對當前渠道庫存水平的看法？有人說 3Q 有所回升。

And then on the storage side, David, I think you mentioned hyperscale lumpiness. Any color regionally where you saw that? And do you think we're going to see a couple of quarters of pause here? Or was it just episodic from a large customer or two? Thank you.

然後在存儲方面，大衛，我想你提到了超大規模塊狀。你在哪裡看到的任何顏色？你認為我們會在這裡看到幾個季度的停頓嗎？還是只是一兩個大客戶的偶發事件？謝謝你。

Hey, Wamsi, would you repeat the first part of that question for me, please, on the client?

嘿，Wamsi，你能在客戶端上為我重複這個問題的第一部分嗎？

Yes, no problem. I was wondering how you're viewing the market outlook into 2017 on the client side, and what your view is on the current level of channel inventory. I think there was some concern that 3Q saw an uptick in channel inventory, so wanted to get your thoughts around that.

是沒有問題。我想知道您如何看待客戶端 2017 年的市場前景，以及您對當前渠道庫存水平的看法。我認為有人擔心第三季度渠道庫存增加，所以想了解一下你的想法。

I think IDC would tell you that market next year is supposed to be roughly a minus 2 market. That seems relatively consistent with what we're hearing from our supply base at this point in time. Obviously, our focus is always on growing faster than the market.

我想 IDC 會告訴你明年的市場應該是大約負 2 的市場。這似乎與我們目前從供應基地聽到的情況相對一致。顯然，我們的重點始終是增長快於市場。

I think what you're seeing is a gradual improvement in the PC market after hitting the trough, if you will, last year. Beginning to see a better PC market in the second half of this year than the first half. I think that trend continues on a marginal basis, if you will, next year. So our focus, again, is always going to be on outperforming the market and continuing to take share in the commercial space, even as we grow our footprint.

我認為你看到的是 PC 市場在去年觸底後逐漸好轉，如果你願意的話。今年下半年開始看到比上半年更好的個人電腦市場。我認為，如果你願意的話，明年這種趨勢會在微弱的基礎上繼續下去。因此，我們的重點始終是超越市場並繼續在商業領域佔有一席之地，即使我們擴大了足跡。

From a channel inventory perspective -- and by the way, the other thing you should think about next year is that we've had lots of conversations, and you folks have asked a number of times around how do we think about Win10 and what's the dynamic out there with some of the new processors that are coming online. We are long-term bullish on Win10. But I think our expectations on when we might see a refresh cycle are probably a bit more muted and probably more towards the second half of next year than the first half, given everything we're seeing. There is lots of interest with lots of commercial customers doing pilots and thinking their way through implementation strategies there. But we haven't actually seen -- or we've been able to attribute, I should say, significant buying pattern changes as a result of Win10 at this point in time.

從渠道庫存的角度來看 - 順便說一下，明年你應該考慮的另一件事是我們進行了很多對話，你們已經多次詢問我們如何看待 Win10 以及什麼是一些新的處理器即將上線，動態在那裡。我們長期看好Win10。但我認為，考慮到我們所看到的一切，我們對何時可能會看到更新周期的預期可能會更加溫和，並且可能比上半年更接近明年下半年。許多商業客戶對此很感興趣，他們在那裡進行試點並通過實施策略思考他們的方式。但我們實際上還沒有看到——或者我們已經能夠歸因於，我應該說，在這個時間點上，由於 Win10 導致了重大的購買模式變化。

The industry continues to consolidate and I think IDC would report the top three vendors had something like 59% shares at the end of Q3. We expect that consolidation trend to continue which I think is helpful for us and perhaps some of our larger competitors.

該行業繼續整合，我認為 IDC 將報告前三名供應商在第三季度末擁有大約 59% 的份額。我們預計整合趨勢將繼續下去，我認為這對我們以及我們的一些較大的競爭對手都有幫助。

I think the dynamics that are setting up for next year look a lot like the end of this year and it's up to us to just execute through that marketplace. From a channel inventory perspective, maybe some increase in channel inventory, some sell-in by certain competitors in Q3. Some of that, as you know, would be normal sell-in related to the holiday season. Others of that are perhaps sell-in on certain lower-value mobility products.

我認為明年的動態看起來很像今年年底，這取決於我們在那個市場上執行。從渠道庫存的角度來看，可能是渠道庫存有所增加，某些競爭對手在第三季度進行了一些銷售。如您所知，其中一些是與假日季節相關的正常銷售。其中一些可能是在出售某些價值較低的移動產品。

From our own perspective, our channel inventories are right in line with where we run them historically. We're focused on executing our business model. So that would be my comments on the client and then, David, you could talk about the hyperscale.

從我們自己的角度來看，我們的渠道庫存與我們歷史上運行它們的位置是一致的。我們專注於執行我們的商業模式。這就是我對客戶的評論，然後，大衛，你可以談談超大規模。

Wamsi, I think you -- hyperscale, I think you mentioned storage. I'm sure you meant server. The hyperscale business, by definition, because you're selling to a relatively small number of well-known household names, has this lumpy factor. There was a big boost from that segment last quarter so it's not surprising to see a pause from that segment this quarter. I think we're going to see that account on-off-type spending occurring for the foreseeable future.

Wamsi，我想你——超大規模，我想你提到了存儲。我確定你的意思是服務器。超大規模業務，顧名思義，因為您向相對較少的知名家喻戶曉的公司銷售產品，因此具有這種不穩定因素。上個季度該細分市場有很大的提振，因此本季度該細分市場出現停頓也就不足為奇了。我認為在可預見的未來，我們會看到這種賬戶斷斷續續的支出。

In terms of geo focus, I think people know who these hyper players are. Most of them are in the North American marketplace, but there are some people in that category in Asia and China. So the impact would really follow the geo mix of those players which is still biased more heavily to North America than the other segments.

就地理焦點而言，我認為人們知道這些超級玩家是誰。他們中的大多數人在北美市場，但在亞洲和中國也有一些人屬於這一類。因此，影響將真正跟隨那些仍然比其他細分市場更偏向北美的玩家的地域組合。

Great.

偉大的。

Hey, thanks, Wamsi. REgina, let's take one more question.

嘿，謝謝，Wamsi。 REgina，讓我們再問一個問題。

Jason Kilgariff, Bank of America.

美國銀行的傑森·基爾加里夫。

Hey, guys, thanks for taking the question. Unfortunately the only one left on my list is a tough one. And I think actions speak louder than words, but I'll start out there anyway. Michael Dell was interviewed on Bloomberg Television in the quarter and made a comment about Dell being part of further consolidation in the IT industry. I don't think anyone was surprised by that per se, but I think his follow-up comment that you guys currently had the financial capacity to make that happen took me a little bit by surprise. So I'd be curious to hear your thoughts on that and maybe how we should think about that relative to the commitment to debt pay down.

嘿，伙計們，謝謝你提出這個問題。不幸的是，我名單上唯一剩下的一個是艱難的。而且我認為行動勝於雄辯，但無論如何我都會從那裡開始。邁克爾戴爾在本季度接受了彭博電視的採訪，並評論說戴爾將成為 IT 行業進一步整合的一部分。我認為沒有人對此本身感到驚訝，但我認為他的後續評論說你們目前有財力實現這一目標讓我有點驚訝。所以我很想听聽你對此的看法，也許我們應該如何考慮與償還債務的承諾相關的問題。

I think what you heard Michael really talk about is the fact that we continue to be mindful of what's happening in the industry right now. And there is a long-term consolidation trend happening, there's no doubt. It's evidenced by what we're talking about today.

我認為你聽到邁克爾真正談論的是我們繼續關注行業目前正在發生的事情。毫無疑問，長期的盤整趨勢正在發生。我們今天談論的內容證明了這一點。

From a financial capacity perspective, that's a combination -- I haven't specifically talked to him about that comment, but from my perspective, we have an ownership structure that if there was an opportunity out there that made sense to us, that there is incremental equity available to us from a leverage perspective and debt perspective. It's not our intent to lever the balance sheet, but if something ever were to come up that there is more leverage available out there in the market, it comes at a cost and you'd have to think about your long-term credit ratings.

從財務能力的角度來看，這是一個組合——我沒有專門和他談過這個評論，但從我的角度來看，我們有一個所有權結構，如果那裡有對我們有意義的機會，那就有從槓桿的角度和債務的角度來看，我們可以獲得的增量股權。槓桿化資產負債表不是我們的意圖，但如果出現市場上有更多可用槓桿的情況，這是有代價的，你必須考慮你的長期信用評級。

But we're focused right now on executing the integration that we have on hand. That's a multi-year journey, given the size and complexity of that. We got to do that in a way that is focused on our customers and ensuring we deliver the right capabilities and services to our customers. I'll leave it at that. But I think what Michael said is pretty consistent with what Michael said in the past, which is he's going to continue to be interested what's happening in the market, as evidenced by what we've done the last few years.

但我們現在專注於執行我們手頭的集成。鑑於其規模和復雜性，這是一個多年的旅程。我們必須以專注於我們的客戶並確保我們為客戶提供正確的能力和服務的方式來做到這一點。我就這樣吧。但我認為邁克爾所說的與邁克爾過去所說的非常一致，即他將繼續對市場上正在發生的事情感興趣，正如我們過去幾年所做的所證明的那樣。

Great, thanks.

太謝謝了。

Okay, great, hey, thanks, Jason. That's going to wrap the call today. The investor relations team will be available for follow-up today and tomorrow and next week, so please give us a ring if you need additional follow-up. We will be at Consumer Electronics show in January, so hope to see several of you there. Thanks.

好的，太好了，嘿，謝謝，傑森。這將結束今天的通話。投資者關係團隊將在今天、明天和下週進行跟進，所以如果您需要額外的跟進，請給我們打電話。我們將在一月份參加消費電子展，所以希望在那裡見到你們中的幾個人。謝謝。

This concludes today's conference call. We appreciate your participation. You may disconnect at this time.

今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開連接。