戴爾 (DELL) 2018 Q1 法說會逐字稿

Good morning and welcome to the first-quarter fiscal year 2018 earnings conference call for Dell Technologies Inc.

早上好，歡迎來到戴爾科技公司 2018 財年第一季度財報電話會議。

I'd like to inform all participants this call is being recorded at the request of Dell Technologies.

我想通知所有與會者，應 Dell Technologies 的要求，我們正在對此次通話進行錄音。

This broadcast is the copyrighted property of Dell Technologies Inc.

此廣播是 Dell Technologies Inc. 的版權財產。

Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited.

未經 Dell Technologies 事先書面許可，禁止全部或部分轉播此信息。

As a reminder, the Company is also simulcasting this call at investors.delltechnologies.com.

提醒一下，公司還在 investors.delltechnologies.com 上同步播放此電話會議。

A replay of this webcast will be available at the same location for 30 days.

該網絡廣播的重播將在同一地點提供 30 天。

(Operator Instructions).

（操作員說明）。

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

我想把電話轉給投資者關係高級副總裁 Rob Williams。

Mr. Williams, you may begin.

威廉姆斯先生，您可以開始了。

Thanks, Regina.

謝謝，里賈納。

Good morning and thanks for joining us.

早上好，感謝您加入我們。

With me today is our Chief Financial Officer, Tom Sweet; our President of Infrastructure Solutions Group, David Goulden; and our Treasurer, Tyler Johnson.

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；以及我們的財務主管 Tyler Johnson。

We posted our first-quarter press release and web deck on our website where this call is also being webcast.

我們在我們的網站上發布了第一季度新聞稿和網絡演示文稿，該電話會議也在該網站上進行了網絡直播。

Q1's financial results will be filed on Form 10-Q tomorrow, June 9. I encourage you to review these documents for additional perspective.

Q1 的財務結果將於明天（即 6 月 9 日）在 10-Q 表格中提交。我鼓勵您查看這些文件以獲取更多觀點。

Consistent with prior periods, or Q1 non-GAAP operating income excludes approximately $2.7 billion of adjustments.

與前期一致，即第一季度非 GAAP 營業收入不包括約 27 億美元的調整。

The majority of these are non-cash and relate to purchase accounting and amortization of intangible assets.

其中大部分是非現金的，與無形資產的採購會計和攤銷有關。

Please note that due to the EMC merger and, to a lesser extent, the Dell go private 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.

請注意，由於 EMC 的合併以及較小程度上的戴爾私有化交易，未來幾年我們的 GAAP 和非 GAAP 結果之間將繼續存在重要的銜接項目，儘管每個影響都會下降下個季度。

Please refer to the web deck as well as our SEC filings for more details on our total non-GAAP adjustments.

有關我們的非 GAAP 調整總額的更多詳細信息，請參閱網絡平台和我們的 SEC 文件。

As a reminder, please note that our first-quarter fiscal year 2017 historical results do not include EMC and, unless otherwise specified, all growth percentages refer to fiscal year-over-year changes which may not be comparable due to the merger.

提醒一下，請注意我們 2017 財年第一季度的歷史業績不包括 EMC，除非另有說明，否則所有增長百分比均指因合併而可能無法比較的財年同比變化。

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.

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 和調整後的持續經營業務 EBITDA。

A reconciliation of these measures to its most directly comparable GAAP measure can be found on Form 10-Q and in the supplemental material in our web deck.

這些措施與其最直接可比的 GAAP 措施的對賬可以在 10-Q 表格和我們網絡平台的補充材料中找到。

Finally, I'd like to remind you that all statements made during this call that relate to future results and events are forward-looking statements based on current expectations.

最後，我想提醒您，本次電話會議期間所做的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。

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 section in our web deck.

由於存在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，這些風險和不確定性在我們的網絡平台的警告聲明部分進行了討論。

We assume no obligation to update our forward-looking statements.

我們沒有義務更新我們的前瞻性陳述。

Now I will turn it over to Tom.

現在我將把它交給湯姆。

Thanks, Rob.

謝謝，羅布。

We were pleased with the overall results given some of the dynamics we worked through during the quarter.

鑑於我們在本季度所經歷的一些動態，我們對整體結果感到滿意。

We completed our first quarter under the fully integrated annual plan and the new go-to-market structure, we aligned the family of businesses to the Dell Technologies fiscal year calendar and we faced component cost headwinds in certain areas.

我們根據完全整合的年度計劃和新的上市結構完成了第一季度，我們將業務家族與 Dell Technologies 財年日曆保持一致，並且我們在某些領域面臨組件成本逆風。

We feel good about the velocity we saw in many areas of the business, the work we have done on integration, our cash and balance sheet management and the success that we are seeing in our Dell Financial Services or DFS business.

我們對我們在許多業務領域看到的速度、我們在整合方面所做的工作、我們的現金和資產負債表管理以及我們在戴爾金融服務或 DFS 業務中看到的成功感到滿意。

While we made progress, there is still more work to do and we will discuss this in more detail later in the call.

雖然我們取得了進展，但還有更多工作要做，我們將在稍後的電話會議中更詳細地討論這個問題。

Now, jumping into the Q1 results.

現在，進入第一季度的結果。

GAAP revenue was $17.8 billion with a GAAP operating loss of $1.5 billion.

GAAP 收入為 178 億美元，GAAP 營業虧損為 15 億美元。

Non-GAAP revenue was $18.2 billion.

非美國通用會計準則收入為 182 億美元。

While year-over-year compares for ISG and VMware segments are not meaningful, CSG revenue grew 6%.

雖然 ISG 和 VMware 部門的同比比較沒有意義，但 CSG 收入增長了 6%。

On a standalone basis last week VMware reported a growth rate of 9%.

上週 VMware 報告的獨立增長率為 9%。

Our ISG business saw revenue growth in PowerEdge servers and strength in our newer solutions including all-flash arrays, hyper converged systems and software defined storage, with softness in traditional hybrid storage arrays.

我們的 ISG 業務在 PowerEdge 服務器方面實現了收入增長，在我們的新解決方案（包括全閃存陣列、超融合系統和軟件定義存儲）中表現強勁，在傳統混合存儲陣列方面表現疲軟。

We are focused on improving overall storage velocity as we move forward and in balancing server revenue growth and profitability given the challenging component cost environment.

考慮到具有挑戰性的組件成本環境，我們專注於提高整體存儲速度，並在我們前進的過程中平衡服務器收入增長和盈利能力。

Gross margin at the consolidated level was $5.6 billion, or 31.1% of revenue, and was impacted by pricing actions in both ISG and CSG as we navigated through the component cost increases as well as mix shifts within ISG.

合併後的毛利率為 56 億美元，佔收入的 31.1%，受到 ISG 和 CSG 定價行為的影響，因為我們應對了組件成本增加以及 ISG 內部的混合轉變。

As a reminder, there are some instances where pricing commitments are already in place and we can't always bridge that gap with pricing adjustments when the cost environment moves as quickly as we've seen it move recently.

提醒一下，在某些情況下，定價承諾已經到位，當成本環境像我們最近看到的那樣快速變化時，我們不能總是通過定價調整來彌補這一差距。

Going forward, we do anticipate memory and SSD cost to be a headwind through the remainder of the year.

展望未來，我們確實預計內存和 SSD 成本將在今年剩餘時間內成為不利因素。

OpEx was $4.4 billion or 24.5% of revenue.

運營支出為 44 億美元，佔收入的 24.5%。

We continue to execute on our cost initiatives while also investing back in the business to drive growth in today's changing IT environment.

我們繼續執行我們的成本計劃，同時還投資於業務以推動當今不斷變化的 IT 環境中的增長。

Operating income was $1.2 billion or 6.6% of revenue.

營業收入為 12 億美元，佔收入的 6.6%。

Now, let me turn it over to Tyler to provide additional commentary on adjusted EBITDA, cash flow and capital structure.

現在，讓我將其轉交給泰勒，就調整後的 EBITDA、現金流和資本結構提供更多評論。

Thanks, Tom.

謝謝，湯姆。

Adjusted EBITDA for the quarter was $1.6 billion or 8.6% of non-GAAP revenue.

本季度調整後的 EBITDA 為 16 億美元，佔非 GAAP 收入的 8.6%。

Please see slide 17 in the web deck for more details on our EBITDA adjustments.

有關我們的 EBITDA 調整的更多詳細信息，請參閱網絡平台中的幻燈片 17。

In Q1 we generated cash from operations of $240 million; operating cash flow during the quarter was driven predominantly by profitability and working capital benefits.

第一季度，我們從運營中產生了 2.4 億美元的現金；本季度的經營現金流主要由盈利能力和營運資本收益驅動。

Cash flow was in line with expectations and normal Q1 seasonality.

現金流符合預期和正常的第一季度季節性。

Our cash and investments balance was $14.9 billion, down approximately $300 million versus the prior quarter.

我們的現金和投資餘額為 149 億美元，比上一季度減少約 3 億美元。

During Q1 we paid approximately $100 million in term loan amortization.

在第一季度，我們支付了大約 1 億美元的定期貸款攤銷。

In addition, as discussed on the Q4 earnings call, we closed on the re-pricing and upsizing of our term loan B using the incremental $500 million to reduce our margin loan bridge from $2.5 billion to $2 billion.

此外，正如在第四季度財報電話會議上討論的那樣，我們使用增量的 5 億美元結束了定期貸款 B 的重新定價和擴大規模，以將我們的保證金貸款橋從 25 億美元減少到 20 億美元。

Subsequently, we refinanced the bridge into a $2 billion margin loan now with a five-year maturity.

隨後，我們將橋樑再融資為 20 億美元的保證金貸款，期限為 5 年。

Since closing the EMC transaction, we have paid down $7.1 billion of gross debt excluding Dell Financial Services related debt, resulting in a $200 million reduction in annualized interest expense on a run rate basis.

自完成 EMC 交易以來，我們已經償還了 71 億美元的總債務，不包括與戴爾金融服務相關的債務，因此按運行率計算，年化利息支出減少了 2 億美元。

We ended the quarter with $50.7 billion in total principle debt, up $400 million due to the growth in our DFS business.

本季度結束時，我們的本金債務總額為 507 億美元，由於 DFS 業務的增長而增加了 4 億美元。

Of this amount, $41.9 million is core debt.

其中，4190 萬美元是核心債務。

The remainder included approximately $5.2 billion of debt that funds our DFS business, the $2 billion margin loan and a $1.5 billion bridge facility backed by VMware legacy intercompany notes due to EMC Corp.

其餘部分包括為我們的 DFS 業務提供資金的大約 52 億美元的債務、20 億美元的保證金貸款和由 VMware 遺留的公司間票據支持的 15 億美元的過橋貸款。

Moving to our share repurchase program, to date we have repurchased approximately 13 million shares of Class D (sic - see Press Release - Class V) common stock under the Class V group repurchase program totaling approximately $800 million.

轉到我們的股票回購計劃，迄今為止，我們已經根據 V 類集團回購計劃回購了大約 1300 萬股 D 類普通股（原文如此 - 參見新聞稿 - V 類），總額約為 8 億美元。

As a reminder, this portion of the repurchase program has been funded through a share purchase agreement to sell VMware Class A common stock to VMware.

提醒一下，回購計劃的這一部分是通過一項將 VMware A 類普通股出售給 VMware 的股份購買協議提供資金的。

Since closing the EMC transaction, we have repurchased approximately 19.7 million shares of Class V common stock for a total of $1.1 billion when including the DHI group repurchase program.

自完成 EMC 交易以來，包括 DHI 集團回購計劃在內，我們已回購約 1970 萬股 V 類普通股，總金額為 11 億美元。

We will continue to evaluate repurchase opportunities in the context of our broader capital allocation strategy.

我們將繼續在更廣泛的資本配置戰略背景下評估回購機會。

Before I turn the call over to David, I would like to highlight the portfolio growth momentum we are seeing in our DFS business.

在我把電話轉給大衛之前，我想強調一下我們在 DFS 業務中看到的投資組合增長勢頭。

DFS is now the exclusive originator of the Dell EMC business and the preferred finance partner for VMware, which we expect to enable incremental revenue and profitability across our portfolio of solutions over time.

DFS 現在是 Dell EMC 業務的獨家發起人和 VMware 的首選財務合作夥伴，我們希望隨著時間的推移，我們的解決方案組合能夠增加收入和盈利能力。

In Q1, DFS originations approached approximately $1.1 billion and financing receivables grew to approximately $6 billion, up 19% year over year.

第一季度，DFS 發起接近約 11 億美元，融資應收賬款增長至約 60 億美元，同比增長 19%。

As the DFS business grows so will our DFS-related debt, which includes both allocated, corporate debt and structured financing.

隨著 DFS 業務的增長，我們與 DFS 相關的債務也將增長，其中包括分配的公司債務和結構性融資。

I also wanted to comment briefly on the new consumption models we announced at Dell EMC World at the beginning of May.

我還想簡要評論一下我們在 5 月初的 Dell EMC World 上宣布的新消費模式。

We are seeing growing customer interest in flexible consumption models as they work through their digital transformation.

我們看到客戶在進行數字化轉型時對靈活的消費模式越來越感興趣。

We expect the impact to cash to be immaterial.

我們預計對現金的影響是微不足道的。

To close, I want to reiterate what I said on the last earnings call and at the recent investor meeting.

最後，我想重申我在上次財報電話會議和最近的投資者會議上所說的話。

We remain committed to our conservative financial policy and overall capital allocation strategy.

我們仍然致力於我們保守的財務政策和整體資本配置策略。

We continue to prioritize deleveraging and optimizing the balance sheet through profitable growth and strong cash flow generation.

我們繼續通過盈利增長和強勁的現金流產生來優先考慮去槓桿化和優化資產負債表。

Let me turn it over to David.

讓我把它交給大衛。

Thanks, Tyler.

謝謝，泰勒。

Overall, the Information Solutions Group, or ISG, performed well in its first quarter with our new go-to-market structure as demand across the ISG portfolio grew mid-single-digits.

總體而言，隨著整個 ISG 產品組合的需求以中個位數增長，信息解決方案集團 (ISG) 在第一季度憑藉我們新的上市結構表現良好。

While I was relatively pleased with the demand and overall revenue performance, we still have work to do to improve our execution in some areas as we move forward.

雖然我對需求和整體收入表現比較滿意，但在我們前進的過程中，我們仍有工作要做，以提高我們在某些領域的執行力。

I will provide more details on that in just a moment.

我稍後會提供更多詳細信息。

At Dell EMC World in May we announced major updates across our portfolio.

在 5 月的 Dell EMC World 上，我們宣布了我們產品組合的重大更新。

These new solutions are designed to help our customers realize their IT and digital transformation goals while letting them choose the pace and consumption model best suited for their organization.

這些新解決方案旨在幫助我們的客戶實現其 IT 和數字化轉型目標，同時讓他們選擇最適合其組織的節奏和消費模式。

In servers we enhanced our position as the industry's leading vendor with our new 14G line that provides a more scalable business architecture, intelligent automation and integrated security.

在服務器方面，我們通過新的 14G 產品線鞏固了我們作為行業領先供應商的地位，該產品線提供更具可擴展性的業務架構、智能自動化和集成安全性。

This new generation of servers is the bedrock of the modern data center, creating a common platform that is essential in a server-centric, software-defined world.

新一代服務器是現代數據中心的基石，創建了一個在以服務器為中心、軟件定義的世界中必不可少的通用平台。

In hyper converged infrastructure we announced several updates to our portfolio, including a new VxRail 4.5 appliance, extended capabilities for our XC series and VxRack systems, as well as new flexible consumption models aimed at making hyper converged infrastructure easier and simpler to acquire, deploy and manage.

在超融合基礎設施方面，我們宣布對我們的產品組合進行多項更新，包括新的 VxRail 4.5 設備、XC 系列和 VxRack 系統的擴展功能，以及旨在使超融合基礎設施更容易和更簡單地獲取、部署和部署的新的靈活消費模型。管理。

In storage, we announced a full lineup of new all-flash solutions including the new VMAX 950F, which is up to four times faster than our newest competitor for mission-critical workloads; XtremIO X2 with three times more capacity, 25% better storage efficiency and 80% better response times than the prior generation.

在存儲方面，我們推出了全新全閃存解決方案的全系列產品，包括全新 VMAX 950F，它在任務關鍵型工作負載方面比我們最新的競爭對手快四倍； XtremIO X2 的容量是上一代產品的三倍，存儲效率提高 25%，響應時間提高 80%。

We also introduced new Unity, SC and Isilon solutions to round out our midrange and unstructured all-flash portfolio.

我們還推出了新的 Unity、SC 和 Isilon 解決方案，以完善我們的中端和非結構化全閃存產品組合。

In data protection we introduced a new turnkey integrated data protection appliance which combines storage protection, search and analytics in an easy to deploy solution.

在數據保護方面，我們推出了全新的交鑰匙集成數據保護設備，它將存儲保護、搜索和分析結合在一個易於部署的解決方案中。

In networking we introduced the industry's first 25gigE open networking switch for the software defined data center designed to go hand-in-hand with our new 14G servers.

在網絡方面，我們為軟件定義的數據中心推出了業界首款 25gigE 開放式網絡交換機，旨在與我們的新 14G 服務器齊頭並進。

Additionally, we enhanced our software defined storage solutions with new ScaleIO and ECS updates.

此外，我們還通過新的 ScaleIO 和 ECS 更新增強了我們的軟件定義存儲解決方案。

For a full list of product announcements from Dell EMC World please visit our website.

如需 Dell EMC World 產品公告的完整列表，請訪問我們的網站。

Now turning back to results for the quarter.

現在回到本季度的結果。

Total Q1 revenue for the ISG business was approximately $6.9 billion with operating income of $323 million or 4.7% of revenue.

ISG 業務的第一季度總收入約為 69 億美元，營業收入為 3.23 億美元，佔收入的 4.7%。

There are a couple of factors to note regarding our operating margin performance.

關於我們的營業利潤率表現，有幾個因素需要注意。

First, consistent with historical trends, Q1 is typically the seasonally low point for the year and we expect operating margins to build through the year with volume.

首先，與歷史趨勢一致，第一季度通常是一年中的季節性低點，我們預計營業利潤率將隨著銷量的增長而增加。

Second, we had some gross margin headwinds including higher commodity costs and a mix shift between servers and storage.

其次，我們遇到了一些毛利率不利因素，包括更高的商品成本以及服務器和存儲之間的混合轉移。

And third, the quarter was impacted by a backlog build and some non-cash charges from the decision to discontinue certain products.

第三，該季度受到積壓訂單和決定停止某些產品的一些非現金費用的影響。

So overall, we were relatively pleased with our top-line performance and we are laser focused on improving profit margins in Q2 and beyond.

因此，總的來說，我們對我們的頂線表現相對滿意，我們非常專注於提高第二季度及以後的利潤率。

Looking at our results by segment, our server and networking revenue of $3.2 billion increased 5%.

按部門來看我們的業績，我們的服務器和網絡收入為 32 億美元，增長了 5%。

We remain the worldwide market leader in x86 server units driven by our mainstream business where we gained 200 basis points of unit share and 260 basis points of revenue share according to IDC.

在主流業務的推動下，我們仍然是 x86 服務器單元的全球市場領導者，根據 IDC，我們獲得了 200 個基點的單位份額和 260 個基點的收入份額。

We continue to see strength in our mainstream PowerEdge business with units and revenue up double-digits in the fiscal quarter while our high-volume cloud business declined.

我們繼續看到我們的主流 PowerEdge 業務表現強勁，本財季的單位和收入增長了兩位數，而我們的大容量雲業務則有所下降。

In storage we generated revenue of $3.7 billion.

在存儲方面，我們創造了 37 億美元的收入。

To give you a sense of our performance, orders demand in fiscal Q1 was down mid-single-digits, a similar rate to Q4.

為了讓您了解我們的表現，第一財季的訂單需求下降了中個位數，與第四季度相似。

As a reminder, results from market research firms are based on calendar quarters and the change in our fiscal year caused our calendar Q1 results to be void of a typical month three as the quarter linearity shifted towards April.

提醒一下，市場研究公司的結果是基於日曆季度的，我們財政年度的變化導致我們的日曆第一季度結果與典型的第三個月不符，因為季度線性向 4 月移動。

While we were pleased with the performance of our high-end, all-flash, hyper converged infrastructure and software-defined storage solutions, we still have work to do in midrange storage.

雖然我們對高端、全閃存、超融合基礎設施和軟件定義存儲解決方案的性能感到滿意，但我們在中端存儲方面仍有工作要做。

Our improvement in this space will start by taking advantage of the products we announced at Dell EMC World and by focusing our direct and channel teams on this market opportunity.

我們在這一領域的改進將首先利用我們在 Dell EMC World 上宣布的產品，並將我們的直接和渠道團隊集中在這個市場機會上。

We also plan to extend our lead across all-flash storage with the broad range of product announcements I mentioned earlier.

我們還計劃通過我之前提到的範圍廣泛的產品發布來擴大我們在全閃存存儲領域的領先地位。

All-flash demand in the fiscal quarter grew very high double-digits as customers modernize their IT infrastructure with our market-leading solutions.

隨著客戶使用我們市場領先的解決方案對其 IT 基礎架構進行現代化改造，本財季的全閃存需求實現了非常高的兩位數增長。

Demand in our hyper converged portfolio, including VxRail and XC appliances, as well as VxRack systems, continued to grow triple-digits driven by customer demand of fully integrated solutions.

在客戶對完全集成解決方案的需求的推動下，我們的超融合產品組合（包括 VxRail 和 XC 設備以及 VxRack 系統）的需求繼續以三位數增長。

Additionally, the early response from our new CloudFlex consumption model has been very positive, with initial interest exceeding our expectations.

此外，我們新的 CloudFlex 消費模型的早期反應非常積極，最初的興趣超出了我們的預期。

We also drove strong performance against the rest of our cloud strategy this quarter as well.

本季度，我們還推動了其他雲戰略的強勁表現。

Demand for our Virtustream public cloud for mission-critical applications grew approximately 100%.

對我們的關鍵任務應用程序的 Virtustream 公共雲的需求增長了大約 100%。

And later this year we will introduce a Virtustream edition of our enterprise hybrid cloud to encompass mission-critical workloads on-prem with seamless connections to the Virtustream public cloud.

今年晚些時候，我們將推出企業混合雲的 Virtustream 版本，以包含本地任務關鍵型工作負載，並無縫連接到 Virtustream 公共雲。

We also saw growth in our native hybrid cloud solutions which are powered by Pivotal Cloud Foundry, the world's most powerful developer platform and used by organizations to rapidly develop and run modern and legacy applications at startup speeds.

我們還看到了由 Pivotal Cloud Foundry 提供支持的本地混合雲解決方案的增長，Pivotal Cloud Foundry 是世界上最強大的開發人員平台，組織使用它以啟動速度快速開發和運行現代和遺留應用程序。

In summary, I'm extremely excited about our position in the market and our ability to help our customers with their most critical IT transformation needs.

總之，我對我們在市場上的地位以及我們幫助客戶滿足其最關鍵的 IT 轉型需求的能力感到非常興奮。

We had a solid start to the year in most parts of the ISG business with some work to do in midrange storage.

今年，我們在 ISG 業務的大部分領域都有一個良好的開端，但在中端存儲方面還有一些工作要做。

Profitability will improve as we move through the year, driven by volume, mix and the removal of some of the factors that impacted Q1.

在銷量、產品組合和影響第一季度的一些因素消除的推動下，我們今年的盈利能力將會提高。

With that let me turn it back over to Tom who will walk you through the Client Solutions group.

有了這個，讓我把它轉回給湯姆，他將帶您了解客戶解決方案小組。

Thanks, David.

謝謝，大衛。

The Client Solutions business had a good quarter.

客戶解決方案業務季度表現良好。

According to IDC, the overall market was better than expected for calendar Q1.

據 IDC 稱，第一季度的整體市場好於預期。

Worldwide PC unit shipments for calendar Q1 grew by 0.8%, exceeding IDC's forecast of a negative 1.8%.

第一季度全球個人電腦出貨量增長 0.8%，超過 IDC 預測的負增長 1.8%。

This was the first positive year-over-year growth quarter for the industry since calendar Q1 of 2012.

這是該行業自 2012 年第一季度以來的第一個同比正增長季度。

We gained share year over year for the 17th consecutive quarter, seeing positive unit growth in every region.

我們連續第 17 個季度實現了同比增長，每個地區的銷量都出現了正增長。

According to IDC, Dell outperformed the worldwide market in both notebooks and desktops and in both commercial and consumer.

據 IDC 稱，戴爾在筆記本電腦和台式機以及商用和消費市場的表現均優於全球市場。

We will continue to take share in this consolidating market, but we will do this while balancing growth and profitability.

我們將繼續在這個不斷整合的市場中佔有一席之地，但我們會在平衡增長和盈利能力的同時做到這一點。

Moving to fiscal Q1 results, revenue for CSG was $9.1 billion, up 6%.

轉向第一季度財報，CSG 的收入為 91 億美元，增長 6%。

Both commercial and consumer saw growth in the quarter, up 3% and 12% respectively, as we are seeing the benefits of improved go-to-market execution in investments that we've made in premium products and innovative form factors.

商業和消費者在本季度都實現了增長，分別增長了 3% 和 12%，因為我們看到了在我們對優質產品和創新外形因素的投資中改進上市執行的好處。

Operating income was $374 million, down 3% on a tough compare and was 4.1% of revenue.

營業收入為 3.74 億美元，同比下降 3%，佔收入的 4.1%。

The decline was primarily due to increases in certain component costs that we were not able to fully offset through pricing actions within the quarter.

下降的主要原因是某些組件成本的增加，我們無法通過本季度的定價行動完全抵消這些成本。

We saw strong momentum continue across both high-end consumer and commercial notebooks as XPS and mobile workstations each saw double-digit growth and Latitude saw high-single-digit growth.

我們看到高端消費和商用筆記本電腦繼續保持強勁勢頭，因為 XPS 和移動工作站均實現兩位數增長，Latitude 實現高個位數增長。

In addition, we continue to focus on driving higher attach of services and accessories which also drive higher margins to our Client Solutions.

此外，我們繼續專注於提高服務和配件的附加值，這也為我們的客戶解決方案帶來了更高的利潤。

Specifically, we continue to see higher attach rates for our ProSupport offerings for Commercial Client and our displays business also had another solid quarter of revenue growth.

具體來說，我們繼續看到我們為商業客戶提供的 ProSupport 產品的附加率更高，我們的顯示器業務也有另一個穩定的季度收入增長。

We also mentioned during the Q4 call and the April investor meeting that we are making investments back in the business in emerging growth areas.

我們還在第四季度電話會議和四月份的投資者會議上提到，我們正在對新興增長領域的業務進行投資。

Specifically for the client business these investments include gaming, high-end notebooks and displays.

這些投資專門針對客戶業務，包括遊戲、高端筆記本電腦和顯示器。

In addition, we are expanding our consumer and small business focus to 12 countries as we build on the momentum we've achieved from the five countries where this program was initially launched.

此外，在我們從最初啟動該計劃的五個國家/地區取得的勢頭的基礎上，我們正在將我們對消費者和小型企業的關注擴展到 12 個國家/地區。

As Tyler and David have both mentioned, we are starting to see a change in how organizations address their IT needs, looking for new and more flexible consumption models to balance operating expenses and capital expenditures.

正如 Tyler 和 David 都提到的那樣，我們開始看到組織解決其 IT 需求的方式發生了變化，尋找新的、更靈活的消費模式來平衡運營支出和資本支出。

In the client space we introduced the Dell Technologies PC as a Service solution, which combines the latest Dell Technologies PC hardware, software and end-to-end services, including deployment, management, security and support for a single, predictable price per seat per month.

在客戶領域，我們推出了 Dell Technologies PC 即服務解決方案，該解決方案結合了最新的 Dell Technologies PC 硬件、軟件和端到端服務，包括部署、管理、安全和支持，每個席位的單一、可預測價格月。

We were generally pleased with the performance of CSG this quarter especially given the component cost environment.

我們總體上對 CSG 本季度的表現感到滿意，尤其是考慮到組件成本環境。

Going forward, we are focused on driving velocity in our commercial client business and expanding customer base through profitable share gains.

展望未來，我們專注於提高商業客戶業務的速度，並通過盈利的份額收益擴大客戶群。

Now, shifting to the VMware segment and other businesses.

現在，轉向 VMware 部門和其他業務。

VMware had another strong quarter.

VMware 又迎來了一個強勁的季度。

Revenue from the VMware segment was $1.7 billion and operating income was $486 million, or 28% of revenue.

VMware 部門的收入為 17 億美元，營業收入為 4.86 億美元，佔收入的 28%。

We have started to see revenue synergies materialize as our integration activities continue.

隨著我們的整合活動繼續進行，我們已經開始看到收入協同效應的實現。

And we see momentum across most of VMware's portfolio that continued; specifically emerging technology saw strong growth driven by vSAN and NSX.

我們看到 VMware 大部分產品組合的勢頭仍在繼續；特別是新興技術在 vSAN 和 NSX 的推動下實現了強勁增長。

Revenue from our other businesses which include SecureWorks, RSA, Pivotal and Boomi was $462 million.

來自 SecureWorks、RSA、Pivotal 和 Boomi 等其他業務的收入為 4.62 億美元。

In the first quarter of fiscal 2018, Pivotal delivered strong top-line results primarily driven by its subscription software products, Pivotal Cloud Foundry and Pivotal Data Suite.

在 2018 財年第一季度，Pivotal 取得了強勁的營收業績，這主要得益於其訂閱軟件產品 Pivotal Cloud Foundry 和 Pivotal Data Suite。

The team's momentum is being driven by new customer wins, increasing customer footprint and an expanding partner ecosystem, including deeper engineering collaboration with cloud infrastructure players.

贏得新客戶、增加客戶足跡和不斷擴大的合作夥伴生態系統（包括與雲基礎設施參與者進行更深入的工程協作）推動了該團隊的發展勢頭。

For example, in March 2017, Pivotal was named Google Cloud Technology Partner of the Year.

例如，2017 年 3 月，Pivotal 被評為年度谷歌云技術合作夥伴。

As SecureWorks reported in their earnings release on Tuesday, standalone revenue was approximately $114 million, up 14%, as this business continues to focus on growing monthly recurring revenue.

正如 SecureWorks 在周二公佈的財報中所報告的那樣，獨立收入約為 1.14 億美元，增長 14%，因為該業務繼續專注於增加每月經常性收入。

With the breadth of the Dell Technologies portfolio, we are uniquely positioned to win in today's IT environment and meet our customers' needs in their transformation journey.

憑藉廣泛的 Dell Technologies 產品組合，我們在當今的 IT 環境中處於獲勝的獨特地位，並滿足客戶在轉型過程中的需求。

We believe our position is getting even stronger with our recent product announcements made at Dell EMC World and our new flexible consumption models offered through Dell Financial Services.

我們相信，隨著我們最近在 Dell EMC World 上發布的產品發布以及我們通過 Dell Financial Services 提供的新的靈活消費模式，我們的地位會變得更加強大。

In closing, we remain focused on executing our strategy and providing the right solutions for our customers as they move toward digital transformation.

最後，我們仍然專注於執行我們的戰略，並在客戶走向數字化轉型時為他們提供正確的解決方案。

This was the first full quarter with the go-to-market changes and we made reasonable progress to date.

這是上市變化的第一個完整季度，迄今為止我們取得了合理的進展。

As a reminder, we discussed in previous calls that this transition could impact our results in the short-term.

提醒一下，我們在之前的電話會議中討論過這種過渡可能會影響我們的短期結果。

We will continue to refine our sales coverage models as we move forward.

隨著我們的前進，我們將繼續完善我們的銷售覆蓋模型。

As outlined at the investor meeting in April, we are focused on several key themes for fiscal 2018.

正如在 4 月份的投資者會議上概述的那樣，我們專注於 2018 財年的幾個關鍵主題。

We want to strengthen our position as the essential infrastructure provider for our customers.

我們希望鞏固我們作為客戶必不可少的基礎設施提供商的地位。

We're a one-stop shop that offers customers a single set of solutions to help them navigate through the rapid transformation occurring in IT today.

我們是一家一站式商店，可為客戶提供一套解決方案，幫助他們應對當今 IT 領域發生的快速轉型。

We want to grow at a premium to the market across product and solution categories including servers, storage and commercial client.

我們希望在包括服務器、存儲和商業客戶端在內的產品和解決方案類別中以高於市場的價格增長。

As we have said for several quarters, we will grow our top line but it needs to be profitable growth and make sense for the overall business.

正如我們幾個季度所說的那樣，我們將增加我們的收入，但它需要盈利增長並且對整體業務有意義。

We want to accelerate and move faster in the emerging growth opportunities such as all-flash, converged and hyper converged, and high-end notebooks and gaming.

我們希望在全閃存、融合和超融合以及高端筆記本電腦和遊戲等新興增長機會中加快步伐並採取更快的行動。

We will win in the hybrid and multi-cloud environment which is the compute model of the future.

我們將在混合和多雲環境中獲勝，這是未來的計算模型。

We have great capabilities in reach and breadth both from an infrastructure and from a management and orchestration perspective.

從基礎架構以及管理和編排的角度來看，我們在範圍和廣度上都具有強大的能力。

We expect that customers will increasingly look for flexible solutions and as-a-service models as they enable their digital transformation.

我們預計，客戶在實現數字化轉型時將越來越多地尋求靈活的解決方案和即服務模式。

Finally, we will continue to work on cost and revenue synergies in driving a successful integration as we move forward.

最後，我們將繼續致力於成本和收入的協同效應，以在我們前進的過程中推動成功的整合。

We know we still have work to do, but we are optimistic about the opportunities ahead with the Dell Technologies family of solutions and capabilities.

我們知道我們仍有工作要做，但我們對 Dell Technologies 系列解決方案和功能帶來的機遇持樂觀態度。

We expect improvement over the course of the year as we refine the alignment of our sales force and our go-to-market changes mature and as we improve storage velocity.

我們預計在這一年中會有所改善，因為我們改進了銷售隊伍的調整，我們的上市變化成熟，並且我們提高了存儲速度。

Now, I will turn it back to Rob to begin Q&A.

現在，我將把它轉回給羅布開始問答。

Thanks, Tom.

謝謝，湯姆。

Let's get to the Q&A.

讓我們進入問答環節。

We ask that each participant ask one question with one follow-up if you have one.

如果有的話，我們要求每位參與者提出一個問題並進行一次跟進。

Regina, can you please introduce the first question?

Regina，你能介紹一下第一個問題嗎？

Thomas Eagan, JPMorgan.

摩根大通的托馬斯伊根。

Good morning, thank you for taking my question.

早上好，謝謝你接受我的問題。

Let's start with this.

讓我們從這個開始。

Tom, you talked a couple of times about investing back in the business.

湯姆，你談過幾次關於重新投資業務的問題。

Could you expand on that a little bit?

你能稍微擴展一下嗎？

You talked about what sort of things you are doing, but maybe if you could give us a bigger than a breadbox idea of how much you are putting back in the business and where on the income statement we'll see that.

你談到了你在做什麼事情，但也許如果你能給我們一個比麵包箱更大的想法，你在業務中投入了多少，以及我們會在損益表的什麼地方看到。

Is it mainly SG&A, is it going to show up as some CapEx?

它主要是 SG&A，它會顯示為一些資本支出嗎？

That would be helpful.

那會很有幫助。

Sure, Tom.

當然，湯姆。

Hey, I'm happy to do that.

嘿，我很樂意這樣做。

So look, as we talked about at the investor meeting in April and as we've talked in the past, as we've looked at the areas of focus as we move the Company forward, there were a couple of incremental areas that we wanted to put some funding in.

所以看，正如我們在 4 月份的投資者會議上所討論的那樣，正如我們過去所討論的那樣，當我們研究了推動公司向前發展的重點領域時，有幾個我們想要的增量領域投入一些資金。

So if you think about the business units with ISG, we looked at and have invested incremental dollars into the hybrid cloud and the converged and hyper converged capabilities and solutions.

因此，如果您考慮 ISG 的業務部門，我們會研究並向混合雲以及融合和超融合功能和解決方案投入增量資金。

You are going to see that in a couple of spots in the P&L, in the R&D spot and in the SG&A spot.

您將在 P&L、R&D 部分和 SG&A 部分的幾個地方看到這一點。

We also have put money back into expand and accelerate Virtustream.

我們還投入資金用於擴展和加速 Virtustream。

And so, those dollars are flowing in primarily in sales and primarily in some of the R&D capabilities that they are accelerating.

因此，這些美元主要流向銷售，主要是他們正在加速的一些研發能力。

If you think about just business, the client business, we are putting money into the sales area in terms of the expansion of the consumer and small business capabilities -- sales and marketing, I should say, as we move from five countries to 12 countries.

如果你只考慮業務，客戶業務，我們將資金投入到銷售領域，以擴大消費者和小企業的能力——銷售和營銷，我應該說，隨著我們從五個國家轉移到 12 個國家.

We are putting incremental dollars into its R&D budget and into its marketing budget around the high-end notebooks and around the gaming capabilities.

我們正在將增量資金投入到其研發預算以及圍繞高端筆記本電腦和遊戲功能的營銷預算中。

So those are a few of the areas that we are investing in.

所以這些是我們正在投資的一些領域。

We haven't quantified those investments publicly by line item, but our expectation is they are sort of in a range between $150 million to $300 million over the course of the year.

我們還沒有按項目公開量化這些投資，但我們預計它們在一年中的規模在 1.5 億至 3 億美元之間。

And we will throttle those and adjust those as we need to given the dynamics of the business.

我們將根據業務動態限制並調整這些內容。

Okay, that's very helpful.

好的，這很有幫助。

And then my follow-up question is on ISG.

然後我的後續問題是關於 ISG 的。

You mentioned softness in traditional hybrid arrays.

你提到了傳統混合陣列的柔軟性。

So I wondered if maybe you could talk a little bit about why you are seeing that.

所以我想知道你是否可以談談你為什麼會看到這種情況。

And if some of that softness is due to new products coming in and pushing aside some of the traditional sales?

如果這種疲軟部分是由於新產品的推出並推翻了一些傳統銷售？

Or is it more customers maybe mixing hybrid with more public cloud business?

或者是更多的客戶可能將混合雲與更多的公共雲業務混合在一起？

If you could just give us a sense of what you saw and why you think that was a little bit soft this quarter.

如果您能告訴我們您所看到的情況以及為什麼您認為本季度有點疲軟。

Yes, Tom, this is David.

是的，湯姆，這是大衛。

Happy to answer that as well.

也很高興回答這個問題。

So let's step back and talk about the overall storage business.

因此，讓我們退一步談談整體存儲業務。

We said that we saw demand on a comparable basis down mid-single-digits.

我們說過，我們看到需求在可比基礎上下降了中個位數。

In total (inaudible) we were very pleased with, we liked how we did in high-end, we liked how we did in all-flash with very high-double-digit growth rates.

總的來說（聽不清）我們非常滿意，我們喜歡我們在高端領域的表現，我們喜歡我們在全閃存領域的表現，增長率非常高。

We like how we did in hyper converged and converged and hyper converged combined.

我們喜歡我們在超融合、融合和超融合組合方面的表現。

Software-defined storage was also strong.

軟件定義存儲也很強勁。

So the area where we didn't do quite so well was that traditional mid-tier section, the IDC mid-tier price bands, and we see a couple things there.

所以我們做得不太好的領域是傳統的中端部分，IDC 中端價格區間，我們在那裡看到了一些東西。

We do have two prop families in that space; we've worked hard to position them.

我們在該空間中確實有兩個道具系列；我們努力定位它們。

We have just introduced new versions of them which is giving our customers and our partners a boost.

我們剛剛推出了它們的新版本，這給我們的客戶和合作夥伴帶來了推動力。

We have -- are refocusing our go-to-market teams on that mid-tier.

我們已經 - 正在將我們的上市團隊重新集中在那個中間層。

We have got a channel program focused on those opportunities.

我們有一個專注於這些機會的渠道計劃。

So we think it's much more focused and clarifying our product range than it is a market area.

所以我們認為它比市場領域更專注和明確我們的產品範圍。

In fact we think the market for traditional mid-tier range in total of hybrid and flash is actually growing.

事實上，我們認為混合和閃存的傳統中端市場實際上正在增長。

So when we look at our overall portfolio compared to the market, which is my comment, the mid-tier band for the traditional file block storage arrays, a combination of hybrid and flash, is that area we are doing a little worse in the market and we believe it's due to the factors that we spoke about.

因此，當我們將我們的整體產品組合與市場進行比較時，這是我的評論，傳統文件塊存儲陣列的中端頻段，混合和閃存的組合，是我們在市場上做得稍差的領域我們認為這是由於我們談到的因素造成的。

As I mentioned, we have plans in place to address that.

正如我提到的，我們已經制定了解決該問題的計劃。

We just announced new versions of our mid-tier Unity platform, new versions of our SC platform.

我們剛剛發布了我們的中端 Unity 平台的新版本，我們的 SC 平台的新版本。

That gives people a comfort that both platforms are being invested in.

這讓人們感到欣慰，因為這兩個平台都得到了投資。

We mentioned we've got our sales teams focused; we have adjusted compensation a little bit.

我們提到我們的銷售團隊很專注；我們稍微調整了補償。

We have rolled out some more aggressive channel programs.

我們推出了一些更具侵略性的渠道計劃。

And we are also going out more aggressively to our big installed base across both those families.

而且我們還將更加積極地拓展我們在這兩個系列中的龐大安裝基礎。

So, those are the factors that kind of led to the comment relative to the market and also what we are doing about it.

因此，這些是導致相對於市場發表評論的因素，也是我們正在做的事情。

Okay, thank you very much.

好的，非常感謝。

Jeff Harlib, Barclays.

傑夫哈里布，巴克萊銀行。

Good morning.

早上好。

This is Jacob filling in for Jeff.

我是 Jacob，代替 Jeff。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you could provide some extra color on operating margins and the impact of higher component costs.

我想知道你是否可以提供一些關於營業利潤率和更高組件成本的影響的額外顏色。

Particularly on the ISG side, margins were down roughly 7% sequentially.

特別是在 ISG 方面，利潤率環比下降約 7%。

And we were just wondering if you could quantify what portion was driven by higher component costs versus seasonality versus pricing.

我們只是想知道您是否可以量化哪些部分是由較高的組件成本、季節性和定價驅動的。

And then when it comes to servers, just wondering where you see your ability to raise prices going forward and what the strategy is in that market.

然後當談到服務器時，只是想知道你在哪裡看到你未來提高價格的能力以及該市場的戰略是什麼。

Thanks.

謝謝。

All right, Jacob, thank you.

好的，雅各布，謝謝你。

Again, this is David, let me take that.

再一次，這是大衛，讓我接受。

So let me walk you through a little bit of a bridge from the 12 points of operating margin in Q4 to approximately the 5 points in Q1.

因此，讓我帶您走過從第四季度的 12 個營業利潤率到第一季度大約 5 個營業利潤率的橋樑。

The biggest factor, about 5 points in total of that difference, came from a combination of the volume trends, the seasonally volume obviously down from Q4 to Q1 particularly in the storage business, and the related mix that had on the overall income statement as storage became a smaller part of the business.

最大的因素，總共約 5 個百分點的差異，來自數量趨勢的組合，從第四季度到第一季度的季節性數量明顯下降，特別是在存儲業務中，以及整體損益表上的相關組合作為存儲成為業務的一小部分。

But also very unusually for a Q1, we actually built backlog in Q1.

但對於第一季度來說也很不尋常，我們實際上在第一季度建立了積壓。

Think about a normal Q1, we would actually drain a lot of backlog, but given the changes from the fiscal to the calendar we actually built backlog in Q1.

想想正常的第一季度，我們實際上會消耗大量積壓，但考慮到從財政到日曆的變化，我們實際上在第一季度建立了積壓。

That was a headwind compared to Q4.

與第四季度相比，這是一個逆風。

So the combination of that volume trend, the mix related to it and the backlog build were about 5 points of margin.

因此，該數量趨勢的組合、與之相關的組合以及積壓構建的利潤率約為 5 個百分點。

And the rest came from a number of factors: the increased commodity cost that we talked about; some pricing impact in the market; and the impact of some of the one-time items I mentioned that related to the decisions we made to rationalize some products in Q1.

其餘的來自許多因素：我們談到的商品成本增加；對市場的一些定價影響；以及我提到的一些一次性項目的影響，這些項目與我們在第一季度做出的使某些產品合理化的決定有關。

So those are the dynamics that relate to the basically approximately 7 points of operating margin from Q4 to Q1.

所以這些是與從第四季度到第一季度基本上大約 7 個百分點的營業利潤率相關的動態。

Relative to servers, we are moving and have been moving to increase the pricing.

相對於服務器，我們正在並且一直在努力提高定價。

We have made a number of pricing actions in line with the component costs.

我們已經根據組件成本製定了許多定價措施。

But as Tom mentioned, there is only a certain percentage of that that flows through in any period of time.

但正如 Tom 所提到的，在任何時間段內，只有一定比例的流量流經。

A lot of customers have pricing structures in place that you can't adjust until they take their next order, plus there's the kind of competitive dynamic around who's moving pricing and when.

很多客戶都有自己的定價結構，在他們接到下一個訂單之前你無法調整，而且圍繞誰在何時調整定價存在著一種競爭動態。

We do expect to continue to move pricing up in servers.

我們確實希望繼續提高服務器的價格。

We have made a couple of actions this quarter.

本季度我們採取了一些行動。

We think we will probably have a bit more yield from that in Q2 than we had in Q1 because we've had a little bit longer to get in front of it.

我們認為，我們在第二季度的收益可能會比第一季度多一點，因為我們有更長的時間來實現它。

But that's the dynamic that's going on in the server pricing market.

但這就是服務器定價市場正在發生的動態。

And hey, David, maybe if I could add in terms of the component cost environment.

嘿，大衛，也許我可以在組件成本環境方面添加。

I did mention that we have seen increases, particularly in memory and SSDs, to get -- if you just look at spot year over year in terms of some of the memory, it's up roughly 100% year over year, and you have got SSDs up roughly in the low 20s type of year over year.

我確實提到我們已經看到增長，特別是在內存和 SSD 方面——如果你只看一些內存的同比增長，它同比增長大約 100%，而且你有 SSD同比增長大致在 20 多歲左右。

So there is a headwind out there in component cost.

因此，組件成本存在不利因素。

As David mentioned, we have moved on pricing in a number of areas.

正如大衛所提到的，我們已經在許多領域進行了定價。

But that is a -- you typically can't catch it fast enough and that's just an area we are going to have to continue to focus on as we expect that those costs -- that cost environment is going to continue to be a bit of a headwind as we go through the rest of the year at this point.

但這是一個 - 你通常無法足夠快地抓住它，這只是我們將不得不繼續關注的一個領域，因為我們預計這些成本 - 成本環境將繼續有點在我們今年餘下的時間裡，這是一個逆風。

Yes, and this is Rob.

是的，這是羅布。

I think it's important to remember that when you are in an environment where you got component costs changing, either in a deflationary environment or an inflationary environment, there is a lag effect.

我認為重要的是要記住，當你處於組件成本發生變化的環境中時，無論是在通貨緊縮環境還是通貨膨脹環境中，都會產生滯後效應。

So we caught the benefit of the deflationary environment last year and we are pushing against that headwind in the first part and through this year.

因此，我們從去年的通貨緊縮環境中獲益，並在今年上半年和整個今年抵禦這種逆風。

And so, as you think about this over a longer time period, we're pretty happy with the profitability of the business.

因此，當您在較長時間內考慮這一點時，我們對業務的盈利能力非常滿意。

But you are going to have some peaks and some lower points as you work through a rapidly changing component cost environment.

但是，當您在快速變化的組件成本環境中工作時，您將遇到一些高峰和一些低點。

So we will lean into this and we feel pretty good about it over the longer term.

因此，我們將傾向於這一點，從長遠來看，我們對此感覺非常好。

Great, thanks, that was very helpful.

太好了，謝謝，這很有幫助。

Frank Jarman, Goldman Sachs.

弗蘭克賈曼，高盛。

Great, thanks, guys.

太好了，謝謝，伙計們。

Just a follow-up on that last answer, so as I understand it, 5 points of margin was basically impacted by it sounds like some one-time items, whether it was seasonal or some of the backlog issues you were talking about.

只是對最後一個答案的跟進，據我了解，5 個百分點的保證金基本上受到聽起來像是一些一次性項目的影響，無論是季節性的還是您正在談論的一些積壓問題。

And then 2 points of margin was impacted by this increase in costs -- input costs.

然後 2 個利潤點受到成本增加的影響——投入成本。

As you think about the rest of the year and these higher input costs, can you just help us better understand your ability to pass through some of these to the customer base?

當您考慮今年剩餘時間和這些更高的投入成本時，您能否幫助我們更好地了解您將其中一些成本轉嫁給客戶群的能力？

And is there a time at which you expect to crossover with regards to being able to fully pass through all of these input costs?

您是否希望在能夠完全轉嫁所有這些投入成本方面進行交叉？

Yes, Frank, this is David again.

是的，弗蘭克，這又是大衛。

Let me just go back and clarify what contributed to the 5 points and what contributed to the rest of it.

讓我回過頭來澄清是什麼促成了這 5 點以及是什麼促成了其餘部分。

So there were three factors that contributed to the 5 points.

因此，有 3 個因素促成了 5 分。

One was the sequential volume change from Q4 to Q1; that's a normal factor.

一個是從第四季度到第一季度的連續交易量變化；這是正常因素。

That in turn impacted mix that drive margin rate.

這反過來又影響了推動利潤率的組合。

The unusual thing that was in the 5 points was the fact that we actually built backlog during a Q1, which we typically haven't done prior to this.

5 點中不尋常的事情是我們實際上在第一季度建立了積壓，這是我們在此之前通常沒有做過的。

So those are things that impacted the 5 points.

所以這些是影響 5 分的事情。

There are three factors again that impacted the rest, one of which was the increased component cost.

三個因素再次影響了其餘因素，其中之一是組件成本增加。

The other was just general pricing pressure in the marketplace.

另一個只是市場上的普遍定價壓力。

And the one-time items related to the product rationalizations we did are in the rest.

與我們所做的產品合理化相關的一次性項目在其餘部分。

So just to kind of clarify three things that made the 5 points, three things that make the rest.

因此，我只是想澄清三件構成 5 分的事情，三件構成其餘部分的事情。

Now, back to your comments; I am really going to pick up where Rob left off.

現在，回到您的評論；我真的要從 Rob 離開的地方繼續。

So in an environment where component costs are increasing and continue to increase, there is clearly a balance here in terms of we are trying to push as much of that in through the channel and raise prices and make those prices stick.

因此，在組件成本不斷增加並繼續增加的環境中，我們試圖通過渠道推動盡可能多的成本並提高價格並使這些價格保持不變，這顯然是一種平衡。

Customers of course don't like paying more for what they paid for last quarter; typically in IT that's not been the case.

客戶當然不喜歡為他們上個季度支付的費用支付更多費用；通常在 IT 中情況並非如此。

Typically in the IT industry there are expected price decreases on a sequential basis, not price increases.

通常在 IT 行業中，預期價格會連續下降，而不是價格上漲。

So, it's a fairly complex dynamic here where, first of all, for existing contracts, we've been going back and talking to customers about raising prices on their existing orders.

因此，這是一個相當複雜的動態，首先，對於現有合同，我們一直在回頭與客戶討論提高他們現有訂單的價格。

That's sometimes a challenging conversation, but in some cases is a positive outcome, some cases it is not.

這有時是一次具有挑戰性的對話，但在某些情況下是一個積極的結果，在某些情況下則不是。

Then for the new orders we are trying to get the right balance between increasing our prices just at the same time as our component cost increase vis-a-vis trying to get way in front of that because we want to make sure we maintain the momentum we have in the market.

然後對於新訂單，我們正試圖在我們的組件成本增加的同時提高我們的價格與試圖在這之前取得進展之間取得適當的平衡，因為我們想確保我們保持勢頭我們在市場上。

Bear in mind that in the server business where this is the most acute area, we had a great quarter, we gained significant basis points of market share, and we gained even more significant points of relative market share compared to our closest competitor.

請記住，在服務器業務中，這是最尖銳的領域，我們有一個很好的季度，我們獲得了顯著的市場份額基點，並且與我們最接近的競爭對手相比，我們獲得了更多的相對市場份額。

So it's definitely a balance here.

所以這絕對是一個平衡點。

At the point at which those component costs stabilize then all things can go back to normal and you go back to this environment where hopefully they will start coming down again.

在這些組件成本穩定下來的時候，一切都會恢復正常，你會回到這個環境，希望它們會再次開始下降。

But in this period where they are going up there is a yield expectation, as we talked about.

但正如我們所談到的，在這個上漲的時期，存在收益率預期。

A certain amount of the pricing increase will actually stick and yield the incremental return.

一定數量的價格上漲實際上會持續並產生增量回報。

Others will not because the customer either won't go there or somebody else in the market hasn't increased their pricing and you wind up in a competitive environment.

其他人不會，因為客戶要么不會去那裡，要么市場上的其他人沒有提高他們的價格，而你最終處於競爭環境中。

So those are the things that go into it.

所以這些就是其中的內容。

It is not a precise science, but I just wanted to give you a bit more flavor as to the dynamics underneath it.

這不是一門精確的科學，但我只是想讓你對它背後的動力有更多的了解。

That's super helpful.

這非常有幫助。

Just as a follow-up, on the balance sheet debt reduction now since EMC is about $7.1 billion, as you mentioned earlier.

作為後續行動，正如您之前提到的，自從 EMC 以來，資產負債表上的債務減少約為 71 億美元。

It only increased by about $100 million in the quarter though.

不過，該季度僅增加了約 1 億美元。

So I wanted to understand -- obviously you continue to prioritize deleveraging, but can you help us think a little bit more about the seasonal cadence with regards to how you are thinking about paying down debt?

所以我想了解 - 顯然你繼續優先考慮去槓桿化，但你能否幫助我們更多地考慮一下關於你如何考慮償還債務的季節性節奏？

And any kind of longer-term targets you might be willing to share at this point?

在這一點上，您可能願意分享任何一種長期目標？

Thank you.

謝謝。

Yes, Frank, this is Tyler.

是的，弗蘭克，這是泰勒。

So I guess starting with your last point first, nothing has changed in our desire to get back to investment grade metrics.

所以我想首先從你的最後一點開始，我們想要回到投資級別指標的願望沒有任何改變。

And so, we are going to be very focused on working towards that.

因此，我們將非常專注於實現這一目標。

The timing, I mean look, it's going to be a little bit lumpy and some of this is going to be driven by the timing of our interest payments which happen in predominantly Q2 and Q4.

時間，我的意思是看，它會有點起伏，其中一些將由我們的利息支付時間驅動，這主要發生在第二季度和第四季度。

Some of it is going to be our positioning for upcoming maturities.

其中一些將成為我們對即將到期的債券的定位。

For example, in the first half of next year we've got some of the legacy investment grade stuff that's coming off.

例如，在明年上半年，我們將推出一些傳統的投資級產品。

So, it's not going to be a straight linear path.

所以，它不會是一條直線路徑。

But I think if I look forward to the end of the year, we are going to take more debt out.

但我認為，如果我期待今年年底，我們將償還更多債務。

Now, I will bifurcate or separate out DFS because that debt related to DFS, that's good debt, right?

現在，我將分叉或分離出 DFS，因為與 DFS 相關的債務是好債務，對吧？

We want that business to grow and we saw the good growth this quarter as the originations grew.

我們希望該業務增長，並且隨著起源的增長，我們在本季度看到了良好的增長。

And so, you mentioned a little bit about our debt going up, I mean that was a result of adding the additional structured financing debt.

所以，你提到了一點關於我們債務上升的問題，我的意思是這是增加額外結構性融資債務的結果。

So without getting into which quarter are we going to pay down meaningful amounts, just stay tuned, because you will see this come off at a pretty regular pace over time.

因此，在不進入哪個季度的情況下，我們將支付有意義的金額，請繼續關注，因為隨著時間的推移，您會看到這種情況以非常規律的速度發生。

And Frank, look, it's Tom.

弗蘭克，看，是湯姆。

Also remember that Q1 is seasonally our lowest cash generation quarter given it tends to be our weakest quarter from an overall business velocity perspective, as well as we typically see higher bonus-related pay-ins, payments and things like that in Q1.

還要記住，由於從整體業務速度的角度來看，它往往是我們最弱的季度，所以第一季度是我們季節性產生現金的最低季度，而且我們通常會在第一季度看到更高的與獎金相關的支付、付款和類似的東西。

So our expectation was that we weren't going to do much from a debt reduction perspective in Q1 and I think we are right where we thought we would be at this point.

因此，我們的預期是，從第一季度的債務削減角度來看，我們不會做太多事情，我認為我們在這一點上是正確的。

Absolutely.

絕對地。

And look, if you look at our balance sheet, kind of focus just on the Dell Technologies side ex-VMware, we ended the quarter with more than $6 billion.

看看我們的資產負債表，只關注戴爾技術方面的前 VMware，我們在本季度結束時的收入超過 60 億美元。

So, we obviously have some room there.

所以，我們顯然在那裡有一些空間。

And like I said, some of this is going to be around positioning for whether it be next quarter's larger interest payments.

就像我說的，其中一些將圍繞是否是下個季度更大的利息支付進行定位。

And if we do have some areas where we have got some trapped cash that we have to be focused on, this does include the cash that we used to fund our FABs, right, so ex-VMware like Pivotal and Boomi.

如果我們確實在某些領域有一些我們必須關注的被困現金，這確實包括我們用來資助我們的 FAB 的現金，對，所以前 VMware，如 Pivotal 和 Boomi。

And so, that's just the expectation that I will set and what you can see going forward.

因此，這只是我設定的期望以及您可以看到的未來​​。

Great, thanks guys.

太好了，謝謝大家。

David Phipps, Citi.

大衛菲普斯，花旗。

Hi, thanks for taking my question.

嗨，謝謝你提出我的問題。

And David, I guess you get the bonus prize for questions today because credit investors in Dell aren't as familiar with the storage business and I guess a lot of the questions are going to be around that.

大衛，我想你今天會得到問題的獎金，因為戴爾的信貸投資者對存儲業務並不熟悉，我想很多問題都會圍繞這個問題。

And so, we look at typical seasonality for the storage market, it seems like you were reasonably pleased with how the quarter went from the transition from the fourth quarter to the first quarter.

因此，我們看看存儲市場的典型季節性，您似乎對本季度從第四季度過渡到第一季度的過程相當滿意。

And can you talk about how that seasonality plays out and through?

你能談談這種季節性是如何發揮作用的嗎？

Because it sounds like operating leverage was the biggest factor in some of the margins and the margin decline in the first quarter of this year.

因為聽起來經營槓桿是部分利潤率和今年第一季度利潤率下降的最大因素。

And then maybe you could talk about how the sales force is adapting to what is now a Dell quarter end as opposed to a calendar quarter end and what kind of disruptions that made.

然後也許你可以談談銷售人員如何適應現在的戴爾季度末而不是日曆季度末，以及造成了什麼樣的中斷。

All right, thank you and I appreciate the bonus question (inaudible).

好的，謝謝你，我很欣賞獎金問題（聽不清）。

So storage, yes, much more seasonally variable than the server business, for example.

所以存儲，是的，比服務器業務更具季節性變化，例如。

So a fairly large ramp at the end of the year and then obviously a sequential decline in Q1.

因此，在年底出現了相當大的增長，然後顯然在第一季度出現了連續下降。

Typically the storage business then builds up from there with Q2 being a fairly large uptick sequentially from Q1 to Q2, Q2 and Q3 being approximately the same absolute revenues, and then Q4 being another uptick.

通常情況下，存儲業務然後從那裡建立起來，第二季度從第一季度到第二季度依次出現相當大的上升，第二季度和第三季度的絕對收入大致相同，然後第四季度又出現了一次上升。

So absolutely, David, to your point, as we go through the year we do expect to see operating margins in ISG increase and they will be driven by a number of different factors.

所以絕對，大衛，就你的觀點而言，隨著我們度過這一年，我們確實希望看到 ISG 的營業利潤率增加，並且它們將受到許多不同因素的推動。

So we are going to see that seasonal volume improvements.

因此，我們將看到季節性銷量的改善。

That in turn will create a mix shift back towards storage that will help.

這反過來又會產生一種向存儲的混合轉變，這將有所幫助。

We expect that the backlog build that impacts in Q1 will normalize out and hopefully backlog will not build in Q2 or Q3.

我們預計影響第一季度的積壓構建將正常化，希望積壓不會在第二季度或第三季度構建。

It might build a little bit and it typically does build in Q4, but it doesn't matter because the volume levels are so high.

它可能會構建一點點，通常會在第四季度構建，但這並不重要，因為音量水平非常高。

We will across the business see the impact of pricing action kick in, which we talked about.

我們將在整個業務中看到我們談到的定價行動的影響。

I'm going to come back to the go-to-market question because that will help drive and some of the one-time factors that we saw in Q1 we don't expect to be there.

我將回到上市問題，因為這將有助於推動我們在第一季度看到的一些我們不希望出現的一次性因素。

So those are all things that will bode positive going through the year.

因此，這些都是全年都預示著積極的事情。

Also related to go-to-market, I will come back to the specifics, we do expect to see total storage velocity improve as we move throughout the year as we expected it to from product announcements and also just from the vetting in of the go-to-market teams.

也與上市有關，我將回到細節，我們確實希望看到總存儲速度隨著我們全年的移動而提高，正如我們預期的那樣，從產品公告和審查開始- 市場團隊。

Now, to your question on the go-to-market side, obviously as Tom has talked about on prior calls, what we did at the start of the year in January was a fairly significant change.

現在，對於你關於上市方面的問題，顯然正如湯姆在之前的電話會議上所說的那樣，我們在年初 1 月份所做的是一個相當重大的變化。

We went from two forces that were legacy Dell, legacy EMC, focused upon the way that they were structured and within those structures there were differences to two combined and integrated units.

我們從傳統的戴爾和傳統的 EMC 這兩個力量出發，專注於它們的結構方式，在這些結構中，兩個合併和集成的單元存在差異。

One focused upon enterprise customers, the largest, a few thousand customers, in about 20 different segmented countries, and one focused on everything else.

一個專注於企業客戶，最大的幾千名客戶，分佈在大約 20 個不同的細分國家/地區，另一個專注於其他一切。

So there are a lot of moving parts in the sales force and, not surprisingly, that did cause a little bit of disruption.

因此，銷售隊伍中有很多變動的部分，毫不奇怪，這確實造成了一點混亂。

We had to get quotas out, territory assignment, planning, training people in all the new products.

我們必須取消配額、區域分配、規劃、培訓所有新產品的人員。

So we expected some impact in Q1.

所以我們預計第一季度會有一些影響。

And actually when you look at it, I said that from an ISG point of view demand grew at mid-single-digits in total, I'm actually quite pleased about that given all the things we changed in the sales structure.

實際上，當你看它時，我說從 ISG 的角度來看，需求總量增長了中個位數，考慮到我們在銷售結構中發生的所有變化，我實際上對此感到非常高興。

And the last comment you made was relative to moving towards the quarter end.

你最後發表的評論是關於接近季度末的。

We did see demand shift a little bit out of what would have been a calendar quarter to a fiscal quarter.

我們確實看到需求從日曆季度轉移到財政季度。

So we saw the quarter end effect with more business in April than we saw in March which would have been the traditional quarter end.

因此，我們看到 4 月份的季度末效應比我們在 3 月份看到的業務更多，這本來是傳統的季度末。

The good news was that that was a bit more smoothed in terms of less of a hockey stick, if I can call it, at the quarter end than it would have been when we were still tied to the fiscal quarters.

好消息是，如果我可以稱之為曲棍球棒的話，在季度末，這比我們仍然與財政季度掛鉤時更加順利。

So all in all, with everything else that's been going on, I'm quite pleased about that.

所以總而言之，對於發生的所有其他事情，我對此感到非常高興。

But one comment I will come back to is of course that demand shift means we didn't have a traditional month three in the calendar quarter.

但是我要回過頭來的一個評論當然是需求轉移意味著我們在日曆季度沒有傳統的第三個月。

And when you see the IDC data this week, market share things, we expect that to reflect the fact that essentially the quarter end moved into the next quarter and therefore year-on-year compares are going to be a little funky.

當你看到本週的 IDC 數據時，市場份額的事情，我們預計這將反映一個事實，即季末基本上進入下一季度，因此同比比較會有點奇怪。

That helps very much.

這很有幫助。

Thank you.

謝謝。

And can we talk just on the overall component costs?

我們可以只談談整體組件成本嗎？

You've mentioned it's not typical that you go back to your clients and say, hey, memory prices are up for whatever, 100% year over year and we'd like to charge you more sequentially.

你已經提到過，你回到客戶那裡說，嘿，內存價格每年上漲 100% 是不常見的，我們希望按順序向你收費。

So two things: one, has the rate of increase on memory prices, has that slowed recently?

所以有兩件事：第一，內存價格的上漲速度最近放緩了嗎？

And where do you peak out on the year-over-year ramp?

在同比增長的情況下，你在哪里達到頂峰？

It looks like it's sometime in this quarter.

看起來是在這個季度的某個時候。

And have you talked to some of your customers?

你和你的一些客戶談過嗎？

And maybe one of the things that's happened when memory prices have changed you've said, well, we will use a little bit less memory or a little bit slower memory.

也許您說過內存價格發生變化時發生的事情之一，好吧，我們將使用更少的內存或更慢的內存。

So how has the management of all that process gone?

那麼所有流程的管理是如何進行的呢？

Hey, David, it's Tom.

嘿，大衛，我是湯姆。

Let me take that.

讓我拿那個。

So, I would tell you that from a pace of -- you don't have perfect clarity here, but our expectation is that Q2 is the most significant move in terms of component cost increases.

所以，我會告訴你，從速度上看——你在這裡並不完全清楚，但我們的預期是，第二季度是組件成本增加方面最重要的舉措。

Although right now we are also looking into Q3 and seeing where we originally had thought it might stabilize and perhaps even potentially drop, it now looks like it's going to continue to rise on us but perhaps not as fast as it has been over the last quarter or two.

雖然現在我們也在研究第三季度，看看我們最初認為它可能穩定甚至可能下降的地方，但現在看起來它會繼續上升，但可能不會像上個季度那樣快或兩個。

So, I think that we still have to -- and all this obviously is a function of the demand/supply balance out there in the market.

所以，我認為我們仍然必須——所有這一切顯然是市場供需平衡的結果。

And so, to the extent that demand softens in some of the other areas where memory is used and that perhaps will help us from a PC and server memory to the extent it stays strong, then I think the dynamics are going to continue to be tight from that overall balance.

因此，在某種程度上，在使用內存的其他一些領域需求減弱，這可能會幫助我們從 PC 和服務器內存保持強勁的程度，那麼我認為動態將繼續緊張從整體平衡。

So it's one of those things that we periodically go through from a cycle perspective.

所以這是我們從周期的角度定期經歷的事情之一。

It's been five or six years I think since we last went through one of these cycles where we got into an inflationary environment, but that's where we are right now.

自從我們上次經歷其中一個進入通脹環境的周期以來，我想已經有五六年了，但這就是我們現在所處的位置。

And again, that's just part of being in this industry and we are going to have to work our way through it.

再一次，這只是這個行業的一部分，我們將不得不努力度過難關。

So look, I'm optimistic that we will manage our way through this, but there is a lot of moving pieces here.

所以看，我很樂觀地認為我們會設法解決這個問題，但這裡有很多動人的部分。

In terms of your question on, hey, as you think about how do you manage your way through it, do you go back and talk to customers about perhaps de-scaling their memory inputs.

就你的問題而言，嘿，當你考慮如何管理你的方式時，你是否回過頭來與客戶討論可能減少他們的內存輸入。

And that's -- as well that would be a logical conversation; that generally is not what we are seeing.

那就是——這也是一個合乎邏輯的對話；這通常不是我們所看到的。

In fact, what we are seeing right now is increased memory on the units that are going out given all of the demands of the application environment and workloads today.

事實上，我們現在看到的是考慮到當今應用程序環境和工作負載的所有需求，這些單元的內存增加了。

And so, it's a bit of a double whammy if you think about it.

因此，如果您考慮一下，這有點雙重打擊。

We have got incremental component cost increases as well as you have got more memory on a per unit basis.

我們已經增加了組件成本，並且您在每單位基礎上獲得了更多內存。

And the combination of that has put some pressure on the pricing dynamic that you have got to work your way through.

這一切的結合給你必須努力解決的定價動態帶來了一些壓力。

But that's what we pay the organization to go out and manage their way through and that's what we are out trying to adjust.

但這就是我們付給組織出去並管理他們的方式的費用，這就是我們正在努力調整的內容。

So, through all of the actions that David mentioned, whether it's list price moves, conversations with customers about raising contract prices, all of those levers are being pulled in a balanced way such that we don't stall the business and that is what we are trying to navigate through.

因此，通過大衛提到的所有行動，無論是標價變動，還是與客戶就提高合同價格進行對話，所有這些槓桿都以一種平衡的方式被拉動，這樣我們就不會拖延業務，這就是我們正在嘗試瀏覽。

Thank you, that's all of my questions.

謝謝，這就是我所有的問題。

Arun Seshadri, Credit Suisse.

瑞士信貸的 Arun Seshadri。

Good morning, everyone.

大家，早安。

Thanks for taking my questions.

感謝您回答我的問題。

First, probably a question for Tyler.

首先，可能是泰勒的問題。

I just wanted to understand working capital for the balance of the year.

我只是想了解今年剩餘時間的營運資金。

Are we still pretty consistent with our, I guess, original expectations of some modest cash recovery from working capital for the balance of the year?

我想，我們是否仍然與我們最初的預期一致，即在今年餘下時間從營運資金中回收一些適度的現金？

That's exactly right.

這是完全正確的。

I think -- look, I think the last quarter if you looked specifically at [DBO], it probably unwound a little bit.

我認為 - 看，我認為上個季度，如果你專門研究 [DBO]，它可能會有所緩解。

And so, you are seeing some of that benefit come back this quarter.

因此，您會在本季度看到部分收益回歸。

And then look, in addition to that, you are starting to see really some of those working capital initiatives, you are seeing some of that flow through DBO as well.

然後看，除此之外，您開始真正看到一些營運資金計劃，您也看到其中一些流經 DBO。

So, there's always going to be some seasonality and fluctuations in how our working capital adjusts quarter over quarter.

因此，我們的營運資金每季度調整的方式總會有一些季節性和波動。

But to your point, I think as you work through the end of the year you will see some benefits coming in.

但就你的觀點而言，我認為當你工作到今年年底時，你會看到一些好處。

Got it.

知道了。

Thank you.

謝謝。

And then just a broader question probably for Tom.

然後可能是湯姆的一個更廣泛的問題。

Just wanted to understand on the cost side, are you thinking about any sort of additional cost savings plans or any acceleration on that front?

只是想了解成本方面，您是否正在考慮任何類型的額外成本節約計劃或在這方面的任何加速？

Since it sounds like you are expecting the margin from the component side to be a little bit -- continue to be elevated in terms of pressure for the back half of the year?

既然聽起來您預計組件方面的利潤會有所增加，那麼下半年的壓力會繼續增加嗎？

Thanks.

謝謝。

Yes, look, I mean we are on track on our synergy given the actions that we've been driving.

是的，看，我的意思是，鑑於我們一直在推動的行動，我們正朝著我們的協同作用走上正軌。

Look, the reality of our business is we are always looking at costs.

看，我們業務的現實是我們總是在關注成本。

So it's not like we set a target and we all go away and do something else, and I know you didn't mean it like that.

所以這並不是說我們設定了一個目標，然後我們都離開去做其他事情，我知道你不是那個意思。

But we are constantly looking at are there other efficiencies we can drive and what can we do to improve the cost structure.

但我們一直在關注我們是否可以提高其他效率，以及我們可以做些什麼來改善成本結構。

And so, we are continuing to look at that.

因此，我們將繼續關注這一點。

We are already into sort of the next generation planning around cost and what's the activities we need to get at.

我們已經圍繞成本以及我們需要開展的活動進行了某種程度的下一代規劃。

So we are monitoring the status of the business as we move through the year and we are ultimately looking at how do we deliver operating income.

因此，我們將在這一年中監控業務狀況，並最終研究如何實現營業收入。

And so, the levers we are pulling are around what kind of margin delivery do you have versus the cost environment.

因此，我們正在拉動的槓桿是圍繞您擁有什麼樣的保證金交付與成本環境。

To the extent that things are moving around on us we will adjust as we need to as we go forward.

在某種程度上，我們會在前進的過程中根據需要進行調整。

So, I'm optimistic on our cost programs and we will continue to take a look at them and balance as we go forward.

因此，我對我們的成本計劃持樂觀態度，我們將繼續審視它們並在我們前進的過程中保持平衡。

Okay, thank you.

好的謝謝。

Dan Fuss, Morgan Stanley.

丹福斯，摩根士丹利。

Great, thanks for the question.

太好了，謝謝你的提問。

You mentioned changing consumption models earlier.

您剛才提到改變消費模式。

I believe it was in the context of the hyper converged products if I heard correctly.

如果我沒聽錯的話，我相信這是在超融合產品的背景下。

But if could you just clarify which products you expect to see the most change in terms of consumption models?

但是，您能否澄清一下您預計哪些產品在消費模式方面的變化最大？

And perhaps, if there is any way to quantify it, how much of the revenue base you could see this in?

也許，如果有任何方法可以量化它，您可以在多少收入基礎中看到這一點？

Yes, Dan, let me start.

是的，丹，讓我開始吧。

This is David.

這是大衛。

I will talk to you about what we announced and where the product impact is.

我將與您討論我們宣布的內容以及產品影響所在。

So we announced a couple of new programs.

因此，我們宣布了幾個新計劃。

One is called CloudFlex, which is basically a fixed and reducing monthly payment that applies to a hyper converged system.

一個稱為 CloudFlex，它基本上是適用於超融合系統的固定且減少的月度付款。

So you are right, our XC series and VxRail, very simple.

所以你是對的，我們的 XC 系列和 VxRail，非常簡單。

A customer signs up, we ship them the box, they have a 12-month minimum, and if they don't like it after 12 months they stop paying and return the box to us.

客戶註冊後，我們將盒子寄給他們，他們有 12 個月的最低期限，如果 12 個月後他們不喜歡，他們將停止付款並將盒子退還給我們。

That obviously puts that product on a ratable revenue recognition.

這顯然使該產品獲得了可估價的收入確認。

There is another offering we introduced called Flex On Demand which applies to things that we can meter or monitor.

我們推出了另一種稱為 Flex On Demand 的產品，它適用於我們可以計量或監控的事物。

So it could be storage arrays, it could be our data protection appliances, etc., and in that environment the customer basically is charged based upon usage.

所以它可能是存儲陣列，可能是我們的數據保護設備等，在那種環境下，客戶基本上是根據使用情況收費的。

And then we do have the ability for certain situations to go to a full broader data center utility if a customer wants to take their entire environment and put it into a variable mode.

然後，如果客戶想要將他們的整個環境置於可變模式，我們確實有能力在某些情況下使用更廣泛的數據中心實用程序。

So those are the three things that we announced.

這就是我們宣布的三件事。

And obviously CloudFlex applies to hyper converged, Flex On Demand is more storage and backup, and the data center utility could be a broader engagement across the full portfolio with a customer.

顯然，CloudFlex 適用於超融合，Flex On Demand 是更多的存儲和備份，而數據中心實用程序可能是整個產品組合與客戶的更廣泛互動。

And finally, our software license agreements.

最後，我們的軟件許可協議。

We also -- and we introduced some changes to those.

我們也 - 我們對這些進行了一些更改。

We call them our transformational license agreements, or TLAs.

我們稱它們為我們的轉型許可協議或 TLA。

They're making them more flexible for the customer in terms of the customer's ability to substitute titles and pay for maintenance as they start using things rather than all up front.

就客戶在開始使用東西時更換所有權和支付維護費用的能力而言，他們正在使它們對客戶更加靈活，而不是全部提前。

And that would apply to the software portfolio inside of Dell EMC.

這將適用於 Dell EMC 內部的軟件組合。

So, those are the kind of the four things that we rolled out at Dell EMC World.

因此，這些就是我們在 Dell EMC World 上推出的四件事。

In terms of impact and timing, I'll turn that over to Tom or Tyler.

在影響和時間方面，我會把它交給 Tom 或 Tyler。

Let me also -- just also reference the fact that, as we announced at Dell EMC World, we also announced the PC as a Service model.

讓我也 - 也提到一個事實，正如我們在 Dell EMC World 上宣布的那樣，我們還宣布了 PC 即服務模型。

And so, I think overall what we're -- which is the opportunity for customers for one monthly price per seat to get the hardware, the services, the support model all wrapped into one price.

因此，我認為總體而言，我們是這樣的——客戶有機會以每個席位每月一次的價格獲得硬件、服務和支持模型，所有這些都包含在一個價格中。

And so, we are seeing significant interest in customers thinking through how do they convert CapEx to OpEx, how do they provide more flexibility in their cost structure.

因此，我們看到客戶對思考如何將資本支出轉換為運營支出、如何在成本結構中提供更大的靈活性產生了極大的興趣。

And so, all of the programs that David just talked about and the ones in the PC as a Service are generating pretty good interest from a customer perspective.

因此，從客戶的角度來看，David 剛剛談到的所有程序以及 PC 即服務中的程序都引起了相當大的興趣。

And so, we are happy with the receptivity.

因此，我們對接受度感到滿意。

It's early; the impact to date is relatively small.

現在還早;迄今為止的影響相對較小。

And generally they don't have a significant cash impact.

通常它們不會產生重大的現金影響。

So -- but we are optimistic that there is a framework here that is attractive to our customers in the sense of how do they manage their own economics even as they make their digital transformation.

所以——但我們樂觀地認為，這裡有一個框架對我們的客戶有吸引力，因為他們在進行數字化轉型時如何管理自己的經濟。

Sorry about that.

對於那個很抱歉。

I didn't mean to cut you off.

我不是故意要打斷你的。

All good?

都好？

We are going to take one more question, Regina.

Regina，我們將再回答一個問題。

Steven Milunovich, UBS.

史蒂文·米盧諾維奇，瑞銀。

Great, thank you.

太好了謝謝。

I wonder if you could comment on your ability to raise prices on PCs relative to servers?

我想知道您是否可以評論一下您提高 PC 相對於服務器價格的能力？

HPE has talked about trying to raise server prices, but having difficulty in the US and Europe due to price competition.

HPE曾談到試圖提高服務器價格，但由於價格競爭，在美國和歐洲遇到困難。

And then I also wonder if you could comment -- you mentioned that your cloud volume business was weak.

然後我還想知道你是否可以評論 - 你提到你的雲量業務很弱。

Is that specifically Hyperscaler and is that temporary or is that something that's going to be more ongoing?

這是專門針對 Hyperscaler 的，是暫時的還是會持續進行？

Let me take the PC comment and then maybe, David, you will take the cloud question.

讓我來回答 PC 評論，然後大衛，你可能會回答云問題。

Look, the PC pricing dynamic, first and foremost, as all of you know, it is a pretty competitive pricing environment out there.

看，PC 定價動態，首先，眾所周知，這是一個非常有競爭力的定價環境。

But having said that, we have been able to move prices up.

但話雖如此，我們已經能夠提高價格。

Now, again, you could get a yield effect because the quarter you do it you don't get the entire impact.

現在，再一次，你可以獲得收益效應，因為你這樣做的那個季度你並沒有得到全部影響。

And you've got, in our business, given the direct model that we have in many instances, you have a pool of quotes out there that you have to work through.

在我們的業務中，考慮到我們在許多情況下擁有的直接模型，你有大量的報價需要處理。

But we have been, I would say, reasonably successful in adjusting prices and that adjustment comes in a number of ways.

但我想說，我們在調整價格方面相當成功，而且這種調整有多種方式。

One is it could be list price; it could be the pricing authority that we give our sales organization in perhaps lowering those discount thresholds a little bit to -- or adjusting those discount thresholds to narrow their pricing flexibility.

一是可以是標價；它可能是我們授予銷售組織的定價權，可能會稍微降低這些折扣門檻 - 或者調整這些折扣門檻以縮小其定價靈活性。

And in many instances it's also about ensuring that we are configuring the right product for the customer needs.

在許多情況下，這還與確保我們根據客戶需求配置正確的產品有關。

And so, much like the motion we have in servers, it's a variety of actions that we're driving here to manage our way through the cost environment.

因此，就像我們在服務器中的動作一樣，這是我們在這裡推動的各種動作，以管理我們在成本環境中的方式。

And so look, again, I think this just is a fact of life in the business that we are in, that every so often we are going to hit these cycles.

所以，再一次，我認為這只是我們所處行業的一個現實，我們每隔一段時間就會遇到這些週期。

And I think it's going to be up to us to ensure that we execute our way through this in a way that manages the P&L as best we can given the environment.

而且我認為這將取決於我們來確保我們以一種我們可以在環境中最好的方式管理 P&L 的方式來執行我們的方式。

And remember that we are doing all these pricing adjustments while not wanting to stall out demand, because we are pleased with the velocity of the business.

請記住，我們正在進行所有這些價格調整，同時不想阻止需求，因為我們對業務的速度感到滿意。

And the PC business had a -- the client business had a really nice quarter, so the last thing we want to do is shut that spigot off.

個人電腦業務有一個 - 客戶端業務有一個非常好的季度，所以我們最不想做的就是關閉那個水龍頭。

But we do want to try and feather this a little bit in the sense of trying to creep margin dollars up as we drive through the year.

但我們確實想嘗試在這一年中努力提高利潤率美元的意義。

So, that's the activity we have going on.

所以，這就是我們正在進行的活動。

Work to do, but -- and part of that will also depend upon how the component cost environment behaves as we go through the year in the sense of our overall success in being able to do that.

要做的工作，但是——其中一部分也將取決於組件成本環境在我們一年中的表現，從我們能夠做到這一點的整體成功的意義上來說。

David, do you want to address that cloud comment?

大衛，你想解決那個雲評論嗎？

Yes, Steve, I do.

是的，史蒂夫，我願意。

I think you are talking about the dynamics within the server business where, as I said, our mainstream PowerEdge business we saw units of revenue up double-digits.

我想你是在談論服務器業務的動態，正如我所說，我們的主流 PowerEdge 業務的收入單位增長了兩位數。

We gained significant share points in terms of 200 basis points of unit share, 260 basis points of revenue share in mainstream.

我們在 200 個基點的單位份額、260 個基點的主流收入份額方面獲得了顯著的份額。

And as we said on the call, the high volume in terms of volume of servers going out but still a small percentage of our overall server business, that business selling to the cloud hyperscale providers was down during the quarter.

正如我們在電話會議上所說，服務器數量很大，但仍然占我們整體服務器業務的一小部分，銷售給雲超大規模提供商的業務在本季度有所下降。

Bear in mind that tends to be lumpy and it's also lower octane fuel, lower octane business than the mainstream PowerEdge.

請記住，它往往是塊狀的，它也是低辛烷值的燃料，比主流的 PowerEdge 低辛烷值業務。

So those are the dynamics we talked about inside of servers if that helps.

因此，如果有幫助的話，這些就是我們在服務器內部討論的動態。

David, let me just add one other thing on the PC space which is -- I failed to mention it.

戴維，讓我在 PC 空間中添加另一件事——我沒有提到它。

As we think about how do we manage margin, if you will, as we go through this, one of the things you have got to remember is that we have an advantage with our direct sales force is our attach motion.

當我們考慮如何管理利潤時，如果您願意的話，在我們進行此操作時，您必須記住的一件事是，我們的直銷團隊具有優勢，那就是我們的附加動議。

So one of the things you also try to do in an environment like this is make sure that you are attaching extended service opportunities, SMP opportunities.

因此，在這樣的環境中，您還要嘗試做的一件事是確保您附加了擴展服務機會、SMP 機會。

And we saw a nice growth in both -- in our attach rates both in the server space and in the client space in terms of ProSupport Plus, and we also saw good attach and good velocity in our displays business.

在 ProSupport Plus 方面，我們在服務器空間和客戶端空間的附加率方面都看到了不錯的增長，而且我們在顯示器業務中也看到了良好的附加率和良好的速度。

So, those are -- again, as you think about how do you portfolio your way through some of these challenges you pull all of the levers that are available to you.

所以，這些是 - 再次，當你考慮如何通過其中一些挑戰來組合你的方式時，你會動用所有可用的槓桿。

Great.

偉大的。

All right, thanks Tom, that wraps Q&A.

好的，謝謝 Tom，問答到此結束。

As a reminder, we will be at the Barclays high-yield conference today and tomorrow.

提醒一下，我們將在今天和明天參加巴克萊高收益債券會議。

We are also at Goldman Sachs leveraged finance conference in a couple weeks on the West Coast.

我們還將參加幾週後在西海岸舉行的高盛槓桿金融會議。

So thanks for joining us today.

感謝您今天加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

We appreciate your participation.

感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。