戴爾 (DELL) 2018 Q2 法說會逐字稿

Good morning, and welcome to the Second 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 財年第二季度收益電話會議。

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，該公司還在 investors.delltechnologies.com 上同時直播了此次電話會議。

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 second 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二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。

Q2 financial results will also be filed on Form 10-Q tomorrow, September 8. I encourage you to review these documents for additional perspective.

Q2 財務結果也將於明天（即 9 月 8 日）以 10-Q 表格的形式提交。我鼓勵您查看這些文件以獲得更多視角。

Consistent with prior periods, our Q2 non-GAAP operating income excludes approximately $2.5 billion of adjustments.

與前期一致，我們的第二季度非 GAAP 營業收入不包括約 25 億美元的調整。

The majority of these are noncash and related 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 our non-GAAP results for the next few years, although the impact will decline in each subsequent quarter.

請注意，由於 EMC 合併以及戴爾私有化交易（在較小程度上），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，儘管影響會下降在隨後的每個季度。

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 second quarter fiscal 2017 historical results do not include EMC, and unless otherwise specified, all growth percentages refer to fiscal year-over-year change, which may not be comparable due to the merger.

提醒一下，請注意我們 2017 財年第二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財年同比變化，由於合併可能無法比較。

During this call, we will generally reference 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 comparable GAAP measure can be found on Form 10-Q and in the supplemental material of our web deck.

這些措施與其最具可比性的 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 disclosed 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網絡面板的警告聲明部分中披露。

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'll turn it over to Tom.

現在我將把它交給湯姆。

Thanks, Rob.

謝謝，羅布。

Today marks the first anniversary of the Dell and EMC merger.

今天是戴爾和 EMC 合併一周年。

I want to highlight what our Dell Technologies family of businesses have accomplished over the last year.

我想強調我們的 Dell Technologies 業務家族在過去一年中取得的成就。

We've combined 2 great companies, creating the essential infrastructure company with over 140,000 employees.

我們合併了 2 家偉大的公司，創建了擁有超過 140,000 名員工的重要基礎設施公司。

We've unified 2 global world-class sales forces and launched an integrated channel program, both of which are helping to drive strong velocity in revenue synergies across the segments, specifically for clients, servers and VMware.

我們整合了 2 支全球一流的銷售隊伍並啟動了綜合渠道計劃，這兩項計劃都有助於推動各細分市場的收入協同增效，特別是針對客戶端、服務器和 VMware。

We've rapidly delevered, paying down approximately $9.5 billion of gross debt after excluding DFS-related debt, and we've repurchased approximately 19.7 million shares of Class V Common Stock, totaling $1.1 billion.

我們迅速去槓桿化，在排除 DFS 相關債務後償還了約 95 億美元的總債務，並且我們回購了約 1970 萬股 V 類普通股，總計 11 億美元。

We've expanded our Dell Financial Services, or DFS, portfolio to approximately $6.7 billion in financing receivables, up 30% year-over-year.

我們已將戴爾金融服務 (DFS) 產品組合擴展至約 67 億美元的應收融資款，同比增長 30%。

And we are now the exclusive originator of the Dell EMC business and the preferred finance partner for VMware.

我們現在是 Dell EMC 業務的獨家發起人和 VMware 的首選財務合作夥伴。

And we're driving industry leadership in multiple categories, including newer solutions such as all-flash and hyperconverged infrastructure.

我們正在推動多個類別的行業領導地位，包括全閃存和超融合基礎設施等更新的解決方案。

We also recently closed multiple large deals, including a multiyear, multisolution agreement with General Electric.

我們最近還完成了多項大型交易，包括與通用電氣簽訂的多年期多解決方案協議。

This is just one example of the interest we are seeing from our customers to enter into large, multiyear agreements, which further validates the powerful combination we've created for our customers.

這只是我們從客戶那裡看到的簽訂大型多年期協議的興趣的一個例子，這進一步驗證了我們為客戶創建的強大組合。

We have been pleased with the velocity in many areas of the business and with the strong demand for our newer solutions.

我們對許多業務領域的速度以及對我們更新的解決方案的強烈需求感到滿意。

While the integration has gone relatively smoothly in many areas, we recognize that we still have work to do to drive profitability higher and improve velocity in our storage business.

雖然整合在許多領域都進行得相對順利，但我們認識到，要提高盈利能力並提高存儲業務的速度，我們仍有許多工作要做。

As we work to improve these areas, we'll continue to stay focused on balancing growth and profitability.

在我們努力改善這些領域的同時，我們將繼續專注於平衡增長和盈利能力。

Moving to our results for the second quarter.

轉到我們第二季度的結果。

We were pleased with the top line momentum in the client business, servers and networking, hyperconverged and infrastructure and all-flash arrays.

我們對客戶端業務、服務器和網絡、超融合和基礎設施以及全閃存陣列的頂線勢頭感到滿意。

Margin pressure persisted in parts of the business given the component cost environment and mix dynamics within the Infrastructure Solutions Group.

鑑於基礎設施解決方案集團內的組件成本環境和混合動態，部分業務的利潤率壓力持續存在。

For Q2, GAAP revenue was $19.3 billion with a GAAP operating loss of $1 billion.

第二季度，GAAP 收入為 193 億美元，GAAP 營業虧損為 10 億美元。

Non-GAAP revenue was $19.6 billion.

非美國通用會計準則收入為 196 億美元。

While year-over-year compares for ISG and VMware segments are not meaningful, the Client Solutions group grew revenue 7% to its highest revenue level in 3 years.

雖然 ISG 和 VMware 部門的同比比較沒有意義，但客戶端解決方案部門的收入增長了 7%，達到 3 年來的最高收入水平。

On a stand-alone basis, VMware reported a revenue growth rate of 12%.

在獨立的基礎上，VMware 報告的收入增長率為 12%。

Gross margin at the consolidated level was $6.1 billion or 31.1% of revenue, which was impacted by a challenging component cost environment and mix shifts within ISG.

綜合毛利率為 61 億美元，佔收入的 31.1%，這是受到具有挑戰性的組件成本環境和 ISG 內部結構轉變的影響。

We continue to believe memory costs will be a headwind through the remainder of the year even as we work to minimize the impact on the P&L.

我們仍然認為內存成本將在今年剩餘時間內成為不利因素，即使我們努力將對損益的影響降至最低。

OpEx was $4.5 billion or 23.2% of revenue.

運營支出為 45 億美元，佔收入的 23.2%。

We remain focused on cost optimization and executing our cost initiatives while also investing back in the business for the long-term success of the company.

我們仍然專注於成本優化和執行我們的成本計劃，同時也為公司的長期成功投資於業務。

Operating income was $1.6 billion or 7.9% of revenue.

營業收入為 16 億美元，佔收入的 7.9%。

I will now turn it over to Tyler to provide commentary on adjusted EBITDA, cash flow and capital structure.

我現在將把它交給泰勒，就調整後的 EBITDA、現金流和資本結構發表評論。

Thanks, Tom.

謝謝，湯姆。

We had a strong quarter of cash generation in Q2 and paid down additional debt.

我們在第二季度有強勁的現金產生季度並償還了額外的債務。

Cash from operations was $1.8 billion, driven predominantly by profitability and ongoing working capital initiatives.

運營現金為 18 億美元，主要受盈利能力和持續運營資本計劃的推動。

Cash flow was impacted by interest payments, tax payments and strong growth in our DFS business.

現金流量受到利息支付、納稅和 DFS 業務強勁增長的影響。

As a reminder, the majority of our interest payments occur in Q2 and Q4.

提醒一下，我們的大部分利息支付發生在第二季度和第四季度。

The strong cash flow generation enabled us to repay $1 billion of core debt during the quarter.

強勁的現金流使我們能夠在本季度償還 10 億美元的核心債務。

Our cash and investments balance was $15.3 billion, up approximately $300 million versus the prior quarter.

我們的現金和投資餘額為 153 億美元，比上一季度增加約 3 億美元。

Adjusted EBITDA for the quarter was 19% -- was up 19% sequentially to $1.9 billion or 9.5% of non-GAAP revenue.

本季度調整後的 EBITDA 為 19%，環比增長 19% 至 19 億美元，佔非 GAAP 收入的 9.5%。

Please see Slide 19 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 19。

We ended the second quarter with $49.9 billion in total principal debt, down $800 million from the prior quarter as the $1 billion of core debt pay down was partially offset by an increase in structured financing debt that funds DFS.

我們在第二季度結束時的本金債務總額為 499 億美元，比上一季度減少 8 億美元，因為 10 億美元的核心債務償還部分被為 DFS 提供資金的結構性融資債務的增加所抵消。

Our core debt ended the quarter at $40.5 billion, which is down from $48.8 billion at the time we closed the transaction last September.

我們的核心債務在本季度結束時為 405 億美元，低於我們去年 9 月完成交易時的 488 億美元。

The remaining $9.4 billion of principal debt consisted of debt that funds our DFS business, the $2 billion margin loan and the $1.5 billion bridge facility backed by VMware legacy intercompany notes due to EMC Corp.

其餘 94 億美元的本金債務包括為我們的 DFS 業務提供資金的債務、20 億美元的保證金貸款和由 VMware 遺留公司間票據支持的 15 億美元過橋貸款。

Early in the third quarter, VMware completed a $4 billion debt offering and used a portion of proceeds to repay $1.23 billion of the legacy intercompany notes.

第三季度初，VMware 完成了 40 億美元的債務發行，並使用部分收益償還了 12.3 億美元的遺留公司間票據。

Dell Technologies used the proceeds from this partial payment of the intercompany notes along with other cash to repay the $1.5 billion bridge facility.

Dell Technologies 使用部分支付公司間票據的收益連同其他現金償還了 15 億美元的過橋貸款。

Including these latest debt payments, we've paid approximately $9.5 billion of gross debt, excluding DFS-related debt, since closing the EMC transaction.

包括這些最新的債務支付在內，自完成 EMC 交易以來，我們已經支付了大約 95 億美元的債務總額，不包括與 DFS 相關的債務。

We've provided a breakdown of our capital structure on Slide 8 of the web deck.

我們在網絡平台的幻燈片 8 上提供了我們的資本結構明細。

To simplify the discussion going forward, in addition to categorizing the DFS-related debt as noncore, we are creating a new line item for subsidiary debt that will include the recent VMware debt issuance.

為了簡化未來的討論，除了將與 DFS 相關的債務歸類為非核心債務外，我們還為附屬債務創建了一個新的項目，其中將包括最近發行的 VMware 債務。

This aligns with how we present our capital structure to the rating agencies and should help limit confusion, focusing our leverage discussions on core debt for Dell Technologies.

這與我們向評級機構展示我們的資本結構的方式一致，應該有助於減少混淆，將我們的槓桿討論重點放在 Dell Technologies 的核心債務上。

As we mentioned on the last earnings call, we continue to see growth in our DFS business.

正如我們在上次財報電話會議上提到的那樣，我們繼續看到 DFS 業務的增長。

In Q2, originations were approximately $1.6 billion, and financing receivables grew to approximately $6.7 billion, up 30% year-over-year as DFS continues to benefit from the expanded base now including EMC and VMware.

在第二季度，由於 DFS 繼續受益於現在包括 EMC 和 VMware 在內的擴大基礎，發起業務約為 16 億美元，融資應收賬款增長至約 67 億美元，同比增長 30%。

We also expanded our DFS operations to Australia and New Zealand in the second quarter.

我們還在第二季度將 DFS 業務擴展到澳大利亞和新西蘭。

I want to remind everyone that as the DFS business grows, so our DFS-related debt, which includes both allocated corporate debt and structured financing.

我想提醒大家，隨著 DFS 業務的增長，我們與 DFS 相關的債務也在增長，包括分配的公司債務和結構性融資。

In Q2, DFS-related debt ended approximately $600 million higher than the prior quarter.

在第二季度，與 DFS 相關的債務比上一季度高出約 6 億美元。

We realized this increases the total gross leverage of the company, but this debt is supported and repaid by financing receivables and does not impact our overall deleveraging plans.

我們意識到這會增加公司的總槓桿率，但這筆債務由應收融資款支持和償還，不會影響我們的整體去槓桿化計劃。

Jumping to our share repurchase program.

跳轉到我們的股票回購計劃。

We have repurchased approximately 19.7 million shares of Class V common since inception of the program.

自該計劃啟動以來，我們已經回購了大約 1970 萬股 V 類普通股。

This includes 13 million shares under the Class V Group repurchase program.

這包括 V 類集團回購計劃下的 1300 萬股股票。

On August 24, we announced that our board has approved a second amendment to our existing Class V Group repurchase program for up to $300 million over 6 months, which we intend to solely fund through a new Class A stock purchase agreement with VMware.

8 月 24 日，我們宣布我們的董事會已批准對我們現有的 V 類集團回購計劃進行第二次修訂，金額在 6 個月內高達 3 億美元，我們打算通過與 VMware 簽訂的新 A 類股票購買協議單獨為該計劃提供資金。

This combined arrangement remains an efficient way to repurchase shares, benefiting both Dell Technologies and VMware shareholders.

這種合併安排仍然是回購股票的有效方式，有利於戴爾技術和 VMware 的股東。

We are pleased with our continued cash flow generation and the progress we've made on our deleveraging goals to date, and we remain committed to our conservative financial policy and overall capital allocation strategy.

我們對我們持續產生的現金流和迄今為止在去槓桿化目標方面取得的進展感到滿意，我們仍然致力於我們保守的財務政策和整體資本配置戰略。

Let me turn it over to David.

讓我把它交給大衛。

Thanks, Tyler.

謝謝，泰勒。

ISG continue to drive solid overall demand with orders up mid-single digits year-on-year.

ISG 繼續推動強勁的整體需求，訂單量同比增長中個位數。

While server orders velocity remained strong, storage orders declined in the mid-single digits, consistent with the last 2 quarters.

雖然服務器訂單速度保持強勁，但存儲訂單以中等個位數下降，與過去兩個季度一致。

We have robust plans to improve our storage order growth rate, which I'll expand on in just a moment.

我們有穩健的計劃來提高我們的存儲訂單增長率，稍後我將對此進行擴展。

But before we get further into our results, I wanted to highlight some of the broad trends across the business.

但在我們進一步了解我們的結果之前，我想強調整個企業的一些廣泛趨勢。

This quarter showcased the power of the Dell Technologies portfolio as we drove revenue synergies across the family and signed several large multiyear strategic deals.

本季度展示了 Dell Technologies 產品組合的力量，因為我們推動了整個家族的收入協同效應，並簽署了幾項大型多年戰略交易。

The largest of these deals was a landmark partnership with GE.

這些交易中最大的一筆是與 GE 的里程碑式合作。

The new agreement was one of the largest nongovernment contracts in our history and makes us GE's primary IT infrastructure provider.

新協議是我們歷史上最大的非政府合同之一，使我們成為 GE 的主要 IT 基礎設施供應商。

Our broad portfolio and position as a private controlled company gives us the flexibility to partner with our customers on a long-term basis in a manner that best matches their needs, and we've made some proactive decisions to lean into these long-term relationship opportunities with our major customers.

我們廣泛的投資組合和作為一家私人控股公司的地位使我們能夠靈活地以最符合客戶需求的方式與客戶長期合作，並且我們已經做出一些積極的決定來建立這些長期關係與我們的主要客戶的機會。

A key example is the introduction of a new set of flexible consumption models, or FCMs.

一個重要的例子是引入了一套新的靈活消費模型或 FCM。

These include long-term utility-like structures that are billed monthly and new transformational software license agreements, or TLAs, that are billed or financed upfront and make it more flexible for customers to substitute titles and pay for maintenance.

其中包括按月計費的類似於公用事業的長期結構和新的轉換軟件許可協議 (TLA)，這些協議預先計費或提供資金，使客戶更靈活地更換所有權和支付維護費用。

Both utility and TLAs have ratable revenue recognition characteristics that over time should drive more predictable and recurring revenue streams through our P&L.

公用事業和 TLA 都具有可估價的收入確認特徵，隨著時間的推移，這些特徵應該會通過我們的損益表推動更可預測和經常性的收入流。

Turning to results for the quarter.

轉向本季度的結果。

Total Q2 revenues for the ISG business was approximately $7.4 billion, up 7% quarter-on-quarter.

ISG 業務的第二季度總收入約為 74 億美元，環比增長 7%。

The sequential increase was driven by our Server and Networking segment with revenue of $3.7 billion, up 16% both year-on-year and quarter-on-quarter.

環比增長是由我們的服務器和網絡部門推動的，收入為 37 億美元，同比和環比增長 16%。

We saw good demand for our recently launched 14th generation PowerEdge server portfolio and are making good progress against our revenue synergy targets.

我們看到了對我們最近推出的第 14 代 PowerEdge 服務器產品組合的良好需求，並且在實現我們的收入協同目標方面取得了良好進展。

Overall, server demand grew in each of our major regions.

總體而言，我們每個主要地區的服務器需求都在增長。

In networking, our open networking strategy continues to gain momentum in the software-defined data center and with strategic cloud and service provider customers.

在網絡方面，我們的開放網絡戰略在軟件定義的數據中心以及戰略云和服務提供商客戶中繼續獲得動力。

Our focused investments in the service provider market help drive more than 20% orders growth across the ISG portfolio.

我們在服務提供商市場的重點投資有助於推動整個 ISG 產品組合的訂單增長超過 20%。

Our storage revenue of $3.7 billion was roughly flat quarter-on-quarter, with orders up mid-teens quarter-on-quarter.

我們的存儲收入為 37 億美元，環比基本持平，訂單環比增長了十幾歲。

The primary differences between our reported sequential revenue and orders demand was growth in our product backlog and an increase in flexible consumption deals.

我們報告的連續收入和訂單需求之間的主要差異是我們產品積壓的增長和靈活消費交易的增加。

We also continued to see strong growth in our Virtustream enterprise class public cloud, with revenue growing more than 50% each quarter since the merger.

我們還繼續看到 Virtustream 企業級公共雲的強勁增長，自合併以來每個季度的收入增長超過 50%。

As a reminder, the change in our fiscal year will cause third-party storage market share figures to compare different year-on-year fiscal periods until calendar Q2 2018.

提醒一下，我們財政年度的變化將導致第三方存儲市場份額數據比較不同的同比財政期，直到 2018 年第二季度。

Our storage market share figures are also impacted by flexible consumption models as more business is recognized ratably.

我們的存儲市場份額數據也受到靈活消費模式的影響，因為更多的業務得到了廣泛認可。

Business model and calendar shifts aside, we still have work to do to improve our storage velocity, especially in the higher transaction volume commercial segment of the markets.

撇開商業模式和日曆轉變不談，我們仍有工作要做，以提高我們的存儲速度，尤其是在交易量較高的商業市場領域。

Our action plan includes better alignments of our sales teams through quota changes and modify incentive programs to better emphasize and capture storage opportunities.

我們的行動計劃包括通過配額變更和修改激勵計劃更好地協調我們的銷售團隊，以更好地強調和抓住存儲機會。

We're also adding several hundred storage specialists across our commercial go-to-market segments, our global storage specialty team and our channel team to increase our storage go-to-market capacity.

我們還在我們的商業上市部門、我們的全球存儲專業團隊和我們的渠道團隊中增加了數百名存儲專家，以提高我們的存儲上市能力。

We expect the impact of these changes to build over the next few quarters.

我們預計這些變化的影響將在未來幾個季度內形成。

To go hand in hand with these go-to-market initiatives, we'll continue to arm our sales team with a leading portfolio of products, and we're seeing good traction from the product introductions at Dell EMC World this past May.

為了與這些進入市場的舉措齊頭並進，我們將繼續為我們的銷售團隊提供領先的產品組合，並且我們在去年 5 月的 Dell EMC World 上看到了產品介紹的良好吸引力。

For example, demand for our Isilon scale-out NAS grew double digits this quarter driven by our new Infinity architecture, which offers up to 6x IOPS, 11x the throughput and 2x the capacity of the prior generation.

例如，在我們新的 Infinity 架構的推動下，本季度對我們 Isilon 橫向擴展 NAS 的需求增長了兩位數，該架構提供高達 6 倍的 IOPS、11 倍的吞吐量和 2 倍的容量。

We also started shipping our new integrated data protection appliance late in the quarter and have a strong pipeline heading into Q3.

我們還在本季度末開始出貨我們新的集成數據保護設備，並且有一個強大的管道進入第三季度。

In all-flash, we continue to see good growth at scale on a more than 2x the size of our nearest competitor.

在全閃存中，我們繼續看到規模的良好增長，其規模是我們最接近的競爭對手的 2 倍多。

Our portfolio enhanced with a strong first quarter for our new VMAX 950 solution and in Q3, we expect further benefit from the launch of our new XtremIO solution X2.

我們的產品組合在第一季度的新 VMAX 950 解決方案表現強勁，而在第三季度，我們預計新 XtremIO 解決方案 X2 的推出將進一步受益。

Our hyperconverged portfolio continues to grow triple digits with strength in both XC and VxRail.

我們的超融合產品組合繼續以三位數的速度增長，同時在 XC 和 VxRail 方面都有優勢。

Since the global launch of VxRail in March 2016, we sold more than 14,000 nodes to more than 2,000 customers.

自 2016 年 3 月在全球推出 VxRail 以來，我們已向 2,000 多家客戶銷售了 14,000 多個節點。

In addition, we have several exciting announcements planned for later this year to further strengthen our storage market position.

此外，我們計劃在今年晚些時候發布幾項激動人心的公告，以進一步鞏固我們的存儲市場地位。

Moving down to the income statements.

向下移動到損益表。

Our operating income for ISG was $430 million or 5.8% of revenue.

我們 ISG 的營業收入為 4.3 億美元，佔收入的 5.8%。

During Q&A on the last call, we talked about 5 factors that will drive operating income improvement through the year.

在上次電話會議的問答環節中，我們談到了推動全年營業收入增長的 5 個因素。

These factors were a seasonal volume improvements, a mix shift towards storage, more normalized backlog, pricing actions and improved storage go-to-market capabilities.

這些因素包括季節性容量的改善、向存儲的混合轉變、更規範化的積壓、定價行為和改進的存儲上市能力。

Let me walk you through how each of these played out.

讓我向您介紹一下每一個是如何發揮作用的。

During the quarter, seasonal volume improvements drove higher operating income dollars from servers.

在本季度，季節性銷量的改善推動了服務器營業收入的增加。

And while we experienced solid seasonal volume improvements in storage orders, storage revenue was approximately flat sequentially due to the flexible consumption models and a build of higher margin storage backlog.

雖然我們在存儲訂單方面經歷了堅實的季節性增長，但由於靈活的消費模式和更高利潤的存儲積壓，存儲收入環比持平。

This impacted the server storage revenue mix within ISG.

這影響了 ISG 中的服務器存儲收入組合。

The pricing actions we took offset a portion of the commodity cost increases, but we still faced headwinds in the quarter.

我們採取的定價行動抵消了部分商品成本的增加，但我們在本季度仍然面臨不利因素。

And lastly, we are seeing storage go-to-market momentum with larger customers, and we have solid plans in place to improve order velocity in the higher transaction volume commercial segment of the market.

最後，我們看到了更大客戶的存儲進入市場勢頭，我們制定了可靠的計劃來提高交易量較高的商業市場的訂單速度。

Overall, storage growth rates were similar -- storage order growth rates were similar in Q2 to Q4 and Q1.

總體而言，存儲增長率相似——存儲訂單增長率在第二季度與第四季度和第一季度相似。

We expect to see improved storage order growth rates in the second half.

我們預計下半年存儲訂單增長率將有所提高。

So to net things out from an orders perspective, improvement is starting to play out as expected, but the increase in flexible consumption models and an in-quarter backlog build dampened the impact to the P&L.

因此，從訂單的角度來看，改善開始像預期的那樣發揮作用，但靈活消費模式的增加和季度積壓訂單的增加削弱了對損益表的影響。

Notably, the impact to cash flow from these items is less than the impact to the income statements.

值得注意的是，這些項目對現金流的影響小於對損益表的影響。

We expect these factors to continue to be the key drivers of operating margin improvements through the rest of the fiscal year.

我們預計這些因素將繼續成為本財年剩餘時間內營業利潤率改善的主要驅動力。

In summary, we continue to drive hard against operational improvement targets in our go-to-market product portfolio and cost-out initiatives.

總之，我們繼續努力實現我們的上市產品組合和成本削減計劃中的運營改進目標。

We are encouraged by the overall velocity in the ISG group, and we are seeing the rationale between -- behind the Dell EMC merger playing out.

我們對 ISG 集團的整體速度感到鼓舞，我們看到了 Dell EMC 合併背後的原因。

We're leveraging our product portfolio and our ownership structure to build long-term customer relationships, and we believe we have an unmatched set of capabilities in the marketplace.

我們正在利用我們的產品組合和我們的所有權結構來建立長期的客戶關係，我們相信我們在市場上擁有無與倫比的能力。

Let me turn it back to Tom, who will walk you through the Client Solutions Group.

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 another strong quarter as we continue to take share globally while growing profitably.

隨著我們繼續在全球範圍內佔據份額，同時實現盈利增長，客戶解決方案業務又迎來了一個強勁的季度。

According to IDC, Dell outperformed the worldwide market, growing units 3.7% in calendar Q2 compared to a total industry decline of 3.1%.

據 IDC 稱，戴爾的表現優於全球市場，第二季度出貨量增長 3.7%，而整個行業下降 3.1%。

We gained share year-over-year for the 18th consecutive quarter and hit our highest market share since 2006, with unit gains across every major region.

我們的市場份額連續第 18 個季度同比增長，並達到了 2006 年以來的最高市場份額，每個主要地區的銷量都在增長。

We expect to continue to take share in this consolidating market with our focus on balancing growth and profitability.

我們希望通過專注於平衡增長和盈利能力，繼續在這個不斷整合的市場中佔有一席之地。

Moving to fiscal Q2 results.

轉到第二季度財報。

Revenue for CSG was $9.9 billion, up 7% and was our highest revenue quarter since Q2 of fiscal 2015.

CSG 的收入為 99 億美元，增長 7%，是我們自 2015 財年第二季度以來收入最高的季度。

Consumer revenue was up 10%, driven by growth in notebooks, continued strength in gaming and by initial traction from our CSB key country expansion program.

消費者收入增長了 10%，這得益於筆記本電腦的增長、遊戲的持續強勁以及我們 CSB 主要國家/地區擴張計劃的初步推動。

Commercial grew 6%, due in part to expansion of our customer base as well as strength in the channel, mobile solutions and attached services.

商業業務增長 6%，部分原因是我們客戶群的擴大以及渠道、移動解決方案和附加服務的實力。

Operating income was $566 million, up 17% or 5.7% of revenue.

營業收入為 5.66 億美元，增長 17% 或占收入的 5.7%。

CSG did benefit from a vendor settlement of approximately $70 million, which impacted the op inc rate by approximately 70 basis points.

CSG 確實從約 7000 萬美元的供應商和解中受益，這使 op inc 利率降低了約 70 個基點。

We continue to execute on profitable growth despite ongoing challenges from the component costs and competitive environments.

儘管來自組件成本和競爭環境的持續挑戰，我們繼續執行盈利增長。

Let me go into a bit more detail on our momentum in CSG.

讓我更詳細地介紹一下我們在 CSG 的發展勢頭。

This segment is benefiting from the execution of our strategic investments in growth areas of the market.

該細分市場受益於我們在市場增長領域的戰略投資。

We saw strong momentum continue across both high-end commercial and consumer notebooks as Latitude, Mobile Workstations and XPS each had double-digit growth during Q2.

Latitude、移動工作站和 XPS 在第二季度均實現了兩位數的增長，我們看到高端商用和消費類筆記本電腦的強勁勢頭仍在繼續。

In calendar Q2, Dell ranked #1 in unit share for workstations worldwide.

在第二季度，戴爾在全球工作站的單位份額方面排名第一。

The expansion of our consumer and small business focus to 12 countries also helped drive growth in revenue and profitability.

我們將消費者和小型企業重點擴展到 12 個國家也有助於推動收入和盈利能力的增長。

In addition to strength in notebooks, we are having success driving higher attach of services and accessories.

除了在筆記本電腦方面的實力，我們還成功地推動了更高附加值的服務和配件。

Specifically, displays revenue grew double digits during fiscal Q2.

具體來說，顯示器收入在第二財季增長了兩位數。

And according to display search in calendar Q1, Dell remained the #1 display provider worldwide, which marks the 16th consecutive quarter.

根據日曆 Q1 的顯示器搜索，戴爾仍然是全球排名第一的顯示器供應商，這是連續第 16 個季度。

We also saw higher attach rates for our premium client service offering, ProSupport Plus, primarily driven by our commercial client business.

我們還看到我們的高級客戶服務產品 ProSupport Plus 的附加率更高，這主要是由我們的商業客戶業務推動的。

CSG has been performing well while managing a tough component cost environment.

CSG 在管理艱難的組件成本環境時一直表現良好。

As we continue to work through these cost headwinds, we remain focused on continuing to drive velocity in our commercial client business and on expanding our customer base through profitable share gains.

在我們繼續克服這些成本逆風的同時，我們仍然專注於繼續推動我們商業客戶業務的發展速度，並通過盈利的份額收益擴大我們的客戶群。

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 $1.9 billion, and operating income was $561 million or 29.4% of revenue.

VMware 部門的收入為 19 億美元，營業收入為 5.61 億美元，佔收入的 29.4%。

Stand-alone VMware reported license and subscription bookings up double digits along with strength in NSX and VSAN.

獨立 VMware 報告的許可證和訂閱預訂量增長了兩位數，同時 NSX 和 VSAN 也表現強勁。

We are pleased with momentum we've seen in cross-selling across the portfolio between the VMware and Dell sales forces as we leverage the family of businesses to expand our customer base.

我們對 VMware 和 Dell 銷售團隊之間產品組合交叉銷售的勢頭感到滿意，因為我們利用業務家族來擴大我們的客戶群。

We look for this business to continue to grow as it goes to market with its new product offerings, including VMware cloud on AWS and VMware app defense announced at VMworld last week.

我們期待這項業務隨著其新產品上市而繼續增長，包括上週在 VMworld 上宣布的 VMware cloud on AWS 和 VMware app defense。

We are excited about another announcement made last week at VMworld that truly simplifies that Dell Technologies is better together.

我們很高興上週在 VMworld 上發布的另一項公告真正簡化了 Dell Technologies 的合作。

VMware and Pivotal launched Pivotal Container Service, or PKS, in collaboration with Google Cloud, delivering a simple way to deploy and operate production-ready Kubernetes containers on VMware vSphere and Google Cloud platform.

VMware 和 Pivotal 與 Google Cloud 合作推出了 Pivotal Container Service (PKS)，提供了一種在 VMware vSphere 和 Google Cloud 平台上部署和運行生產就緒型 Kubernetes 容器的簡單方法。

Revenue from our other businesses, which includes SecureWorks, RSA, Pivotal and Boomi, was $472 million.

我們其他業務（包括 SecureWorks、RSA、Pivotal 和 Boomi）的收入為 4.72 億美元。

Pivotal again delivered strong top line results, with rapid growth in Pivotal Cloud Foundry software solutions.

隨著 Pivotal Cloud Foundry 軟件解決方案的快速增長，Pivotal 再次取得了強勁的營收業績。

In addition, the team continues to increase its customer footprint and expand its partner ecosystem.

此外，該團隊繼續擴大其客戶足跡並擴大其合作夥伴生態系統。

SecureWorks released its stand-alone earnings yesterday, where it reported double-digit revenue growth to $116 million, continued gross margin expansion and solid operating cash flow.

SecureWorks 昨天發布了其獨立收益，報告收入實現兩位數增長至 1.16 億美元，毛利率持續增長，運營現金流穩健。

This business continues to focus on growing revenue and improving profitability as it looks to accelerate momentum heading into next year.

該業務繼續專注於增加收入和提高盈利能力，因為它希望加速進入明年的勢頭。

In closing, we've had many bright spots over the past year in the Dell Technologies family of businesses, with good velocity in client, servers, all-flash, hyperconverged infrastructure and software-defined data center, great progress on debt pay down and steady expansion of our DFS portfolio.

最後，在過去的一年裡，我們在戴爾技術家族業務中有許多亮點，在客戶端、服務器、全閃存、超融合基礎設施和軟件定義的數據中心方面取得了良好的進展，在償還債務和穩步擴展我們的 DFS 產品組合。

But as we said on past calls, we did expect some disruption due to the many changes brought into the organization, particularly in go-to-market.

但正如我們在過去的電話會議上所說的那樣，我們確實預計由於組織的許多變化，特別是在進入市場方面，會出現一些中斷。

I think it's also fair to remind everyone that we've been doing this while managing our way through the most challenging cost environment in over a decade.

我認為提醒大家，我們一直在這樣做，同時在十多年來最具挑戰性的成本環境中管理我們的方式，這也是公平的。

We believe we're making the right decisions for the long-term health of the business.

我們相信我們正在為業務的長期健康做出正確的決定。

And though we have made progress, we have work to do.

儘管我們取得了進展，但我們還有工作要做。

Some of these decisions may take longer to impact the results as we move forward.

隨著我們的前進，其中一些決定可能需要更長時間才能影響結果。

As a privately controlled entity, we have the flexibility to make these long-term decisions.

作為一家私人控制的實體，我們可以靈活地做出這些長期決策。

We are the only provider that has this level flexibility and breadth of solutions that can offer a single set of solutions, and this is resonating with customers and partners.

我們是唯一一家擁有這種水平的靈活性和廣泛的解決方案的供應商，可以提供一套解決方案，這引起了客戶和合作夥伴的共鳴。

We're pleased with how far we've come over the past year and are excited about the opportunities that lie ahead.

我們對過去一年取得的成就感到高興，並對未來的機遇感到興奮。

We will continue to focus on growing faster than the market, accelerating in growth opportunities like all-flash and hyperconverged and winning in the hybrid and multicloud environment.

我們將繼續專注於比市場更快的增長，加速全閃存和超融合等增長機會，並在混合和多雲環境中取勝。

We remain committed to driving cash flow generation, delevering the balance sheet and balancing cost actions with investments to position the business for the long-term success.

我們仍然致力於推動現金流的產生，去槓桿化資產負債表並平衡成本行動與投資，以使業務定位於長期成功。

With that, I'll turn it back to Rob to begin Q&A.

有了這個，我會把它轉回給羅布開始問答。

Thanks, Tom.

謝謝，湯姆。

Let's go to Q&A.

讓我們進入問答環節。

(Operator Instructions) Regina, can you please introduce the first question.

（操作員說明）里賈納，你能介紹一下第一個問題嗎？

Our first question will come from the line of Frank Jarman with Goldman Sachs.

我們的第一個問題將來自 Frank Jarman 與 Goldman Sachs 的對話。

I guess, first, I just wanted to focus on the ISG segment margins a little bit.

我想，首先，我只想稍微關註一下 ISG 細分市場的利潤率。

You talked about the 5 factors that would drive sequentially better performance, and you did show 110 basis points of operating margin improvement in the quarter on a sequential basis.

你談到了推動業績連續增長的 5 個因素，你確實展示了本季度營業利潤率環比提高 110 個基點。

But historically, we would have seen a little bit better quarter-over-quarter growth.

但從歷史上看，我們會看到環比增長略好一些。

And obviously, on a year-over-year basis, it was down.

顯然，與去年同期相比，它是下降的。

So can you just help me better understand was it -- obviously, you should have had the seasonal uplift.

所以你能不能幫我更好地理解它——顯然，你應該有季節性的提升。

But when you think about the storage business in particular, how do we think about improving the trajectory of the business?

但是，當您特別考慮存儲業務時，我們如何考慮改善業務軌跡？

And how quickly can that happen with regards to thinking about the sales force additions and other actions you're taking there?

考慮到銷售人員的增加和您在那裡採取的其他行動，這能多快發生？

Frank, thanks.

弗蘭克，謝謝。

Yes, this is David.

是的，這是大衛。

Let me handle that for you.

讓我為你處理。

So yes, as you said, we did see a modest improvement sequentially, and the 5 factors that we talked about that would kind of let us improve during the year are the key factors.

所以是的，正如你所說，我們確實看到了連續的適度改善，我們談到的 5 個因素會讓我們在這一年中有所改善，這是關鍵因素。

From a storage point of view, we saw what we expected in terms of sequential growth to play out from orders point of view.

從存儲的角度來看，我們從訂單的角度看到了我們對連續增長的預期。

We had a sequential order growth in storage in the mid-teens.

我們在十幾歲中期的存儲訂單連續增長。

It's just kind of the way you would expect to go from a Q1 to a Q2.

這只是您期望從 Q1 到 Q2 的一種方式。

But as I mentioned, sequentially, the revenue was roughly flat.

但正如我所提到的，收入大致持平。

That was impacted by 2 factors.

這受到兩個因素的影響。

One was a build in storage backlog due to the timing of when the orders came in, in the quarter and our decision not to try and chase that backlog all out of the door in the actual quarter.

一個是由於本季度訂單進入的時間以及我們決定不嘗試在實際季度中將積壓全部趕出門而導致的存儲積壓。

And also, our choice to lean into these flexible consumption models, which let us have long-term relationships with customers but basically those are recognized ratably.

而且，我們選擇採用這些靈活的消費模式，這讓我們與客戶建立了長期關係，但基本上這些都得到了廣泛認可。

So we did see things playing out from a sequential order growth point of view.

所以我們確實從順序訂單增長的角度看到了事情的發展。

But the 2 factors that I mentioned dampened the impact on the sequential growth.

但我提到的兩個因素削弱了對連續增長的影響。

The last factor that you mentioned was the go-to-market adds, where we're doing very well in 2 of the major growth markets in storage in all-flash and hyperconverged.

你提到的最後一個因素是上市增加，我們在全閃存和超融合存儲的兩個主要增長市場中做得很好。

The third area is the traditional mid-range storage system, which is heavily weighted to the commercial marketplace, where as I mentioned, we're adding several hundred sales specialists, we're modifying our incentives and really engineering the way we go after that mid-market opportunity more aggressively, and that will start to build over the next several quarters.

第三個領域是傳統的中檔存儲系統，它非常重視商業市場，正如我提到的那樣，我們正在增加數百名銷售專家，我們正在修改我們的激勵措施並真正設計我們追求的方式中端市場機會更加積極，這將在接下來的幾個季度內開始建立。

So those are the things that kind of altogether impacted what you saw happening in the storage business in the quarter.

因此，這些事情完全影響了您在本季度看到的存儲業務中發生的事情。

Got it.

知道了。

And so as I sort of walk that forward and think about a year ago, right, 3Q 2017, we typically seasonally see a pretty big bump in terms of margin performance for this segment.

因此，當我向前邁進並思考一年前，對，2017 年第 3 季度，我們通常會季節性地看到該細分市場的利潤率表現出現相當大的增長。

And so when I think about the seasonal uplift into 3Q plus the backlog that you've essentially held back for the quarter and the order momentum that you're generating there plus the sales force, should we expect a typical 3Q margin trajectory for the ISG segment?

因此，當我考慮到第三季度的季節性增長加上你在本季度基本上擱置的積壓訂單以及你在那裡產生的訂單勢頭以及銷售人員時，我們是否應該期待 ISG 的典型第三季度利潤率軌跡部分？

Frank, the biggest driver of that is going to still be the storage business.

弗蘭克，其中最大的推動力仍將是存儲業務。

And typically just to kind of go back to the heritage EMC model, typically Q2 and Q3 are relatively similar from a top line point of view.

通常只是為了回到傳統的 EMC 模型，從頂線的角度來看，通常 Q2 和 Q3 相對相似。

So any changes in operating margin are kind of more related to kind of mix and backlog movements and things like that.

因此，營業利潤率的任何變化都更多地與混合和積壓動向等相關。

Obviously, exactly how much of the quarter winds up being in flexible consumption models is yet to be quite figured out.

顯然，本季度究竟有多少屬於靈活消費模式尚待明確。

That's the kind of lumpy factor.

這就是那種塊狀因素。

A few large deals make a big difference.

一些大交易會產生很大的不同。

But from a top line point of view, don't expect any significant difference really in the storage segments, which will be perhaps the biggest driver of operating margin as you move forward sequentially into Q3.

但從頂線的角度來看，不要指望存儲領域有任何顯著差異，這可能是運營利潤率的最大推動力，因為您將按順序進入第三季度。

Obviously, Q4 is the much bigger quarter.

顯然，第四季度是更大的季度。

Our next question comes from the line of Thomas Egan with JPMorgan.

我們的下一個問題來自摩根大通的 Thomas Egan。

On the last quarter, you coached us to thinking that this quarter would be maybe the worst quarter for those -- the component headwinds.

在上個季度，您指導我們認為本季度可能是那些最糟糕的季度 - 組件逆風。

And while the revenue that you produced was about in line with what we were thinking, the actual cost, especially on the Client Solutions side was -- were better than what we thought.

雖然您產生的收入與我們的想法基本一致，但實際成本，尤其是在客戶解決方案方面，比我們想像的要好。

So I wondered.

所以我想知道。

You talked a little bit, Tom, about what things that you were doing to offset those costs on the cost of sales sides.

湯姆，您談到了您正在做些什麼來抵消銷售方面的成本。

Maybe you could just give us a little bit more color on that?

也許你可以給我們多一點顏色？

And then I have a follow-up.

然後我有一個後續行動。

Sure, Tom.

當然，湯姆。

So look, we did tell you, I think, back in Q1 when we did this call that the sequential jump in component costs from Q1 to Q2 was relatively significant.

所以看，我們確實告訴過你，我想，當我們在第一季度打電話時，組件成本從第一季度到第二季度的順序跳躍相對顯著。

And as we look forward, we still think memory costs will be a headwind for the year, although we do think that Q2 to Q3, the sequential jump will be significantly less than what we saw in Q2.

展望未來，我們仍然認為內存成本將成為今年的不利因素，儘管我們確實認為第二季度到第三季度的連續躍升將大大低於我們在第二季度看到的水平。

But it's obviously going to be a headwind.

但這顯然將是一個逆風。

But having said that, look, I mean, we haven't been static about what we're doing in the sense of managing configuration.

但話說回來，看，我的意思是，在管理配置的意義上，我們並沒有對我們正在做的事情一成不變。

We have adjusted price a number of times as we balance both list price moves and our overall discounting frame work that we've used, particularly in our commercial base.

我們多次調整價格，以平衡標價變動和我們使用的整體折扣框架，特別是在我們的商業基礎上。

And I would tell you that in general, we've seen reasonably good success sort of navigating through this.

我會告訴你，總的來說，我們已經看到相當不錯的成功。

It's obviously not perfect.

這顯然並不完美。

And in general, what we have seen is a gradual mitigation of the component cost environment.

總的來說，我們所看到的是組件成本環境的逐步緩解。

Now the question is as you go forward is balancing that, those pricing actions and component and our configuration actions that you're doing and trying to balance that growth velocity with profitability.

現在的問題是，隨著你的前進，平衡那些定價行為和組件以及你正在做的我們的配置行為，並試圖平衡增長速度和盈利能力。

And so it's a careful balance here because as you know, Tom, we're a believer in premium growth to the market, and you got to be careful around making sure that as you adjust prices appropriately, you're not somehow stymieing demand.

所以這是一個謹慎的平衡，因為正如你所知，湯姆，我們相信市場的保費增長，你必須小心確保在適當調整價格時，你不會以某種方式阻礙需求。

And so it's been a balance that way.

所以這是一種平衡。

I think the team's done a pretty good job, particularly in the client and in the server space on sort of navigating through that.

我認為該團隊做得很好，特別是在客戶端和服務器領域，在某種程度上導航了這一點。

There's more work to do.

還有更多工作要做。

So I don't want to tell you that we've been perfect in that execution, particularly as I look at the server business, I think that there's an opportunity to continue to adjust, and we're pleased with the performance so far that we're seeing early in Q3 in that area.

所以我不想告訴你我們在執行方面一直很完美，特別是當我看服務器業務時，我認為有機會繼續調整，我們對迄今為止的表現感到滿意我們在該地區的第三季度初就看到了。

Also, as you think about some of the storage and server space, particularly you get a bit more lag in terms of how effective the price moves are given some of the longer nature of the contracts.

此外，當您考慮一些存儲和服務器空間時，特別是考慮到合同的一些較長性質，在價格變動的有效性方面會出現更多滯後。

And so price moves feather in over a bit longer time frame, particularly in the data center space.

因此，價格在更長的時間範圍內波動，尤其是在數據中心領域。

So all in all, look, I think the team's done a pretty reasonable job.

所以總而言之，看，我認為團隊做得非常合理。

We'll see how the environment migrates over the next couple of quarters and on into next year.

我們將看到環境如何在接下來的幾個季度和明年遷移。

And we'll continue to manage to drive both velocity of the business as well as margin dollars.

我們將繼續設法推動業務發展速度和利潤率。

So that's the balance we're trying to thread right now.

這就是我們現在試圖達到的平衡。

Okay.

好的。

And then for my follow-up, I just want to be clear on the takeaway that you want us to have regarding deleveraging.

然後對於我的後續行動，我只想明確你希望我們在去槓桿化方面的收穫。

Because while -- I'm sure everyone appreciates that the details of getting a level of core debt and other debt and -- I want to make sure that we walk away with the right thought process and how you think about deleveraging.

因為雖然 - 我相信每個人都欣賞獲得一定程度的核心債務和其他債務的細節 - 我想確保我們帶著正確的思維過程以及你如何看待去槓桿化。

When you talk about deleveraging, are we talking about all debt to all EBITDA, the way that you book it?

當你談論去槓桿化時，我們是在談論所有 EBITDA 的所有債務，你的預訂方式嗎？

Or are we talking about subtracting out VMware debt or subtracting out VMware EBITDA or some other measure?

或者我們是在談論減去 VMware 債務或減去 VMware EBITDA 或其他一些指標？

How will you guys -- when you say that you're deleveraging, how should we think about what that means?

你們會如何 - 當您說您正在去槓桿化時，我們應該如何考慮這意味著什麼？

Yes.

是的。

Tom, and I'll let Tyler do most of the heavy lifting on this question, but let me just be real clear with everybody as we think about delevering.

湯姆，我會讓泰勒在這個問題上做大部分繁重的工作，但在我們考慮去槓桿化時，讓我對每個人都說清楚。

We are focused on delevering the balance sheet, and we tend to talk about delevering as it relates to core debt, okay?

我們專注於資產負債表的去槓桿化，我們傾向於談論與核心債務相關的去槓桿化，好嗎？

And Tyler will take you through what we mean by core debt.

泰勒將帶您了解我們所說的核心債務的含義。

Clearly, the capital structure is getting a bit more complicated as we think about core debt, debt that supports our DFS business, which is backed by the cash flow from the financing receivables and now we have subsidiary debt with VMware, which is backed by the VMware cash flow.

顯然，當我們考慮核心債務時，資本結構變得有點複雜，支持我們 DFS 業務的債務由應收融資的現金流支持，現在我們與 VMware 有附屬債務，由VMware 現金流。

So I am very focused on core debt delevering.

所以我非常關注核心債務去槓桿化。

That's been our focus.

這是我們的重點。

That's what you've heard us talk about, and Tyler perhaps can go into a bit more detail on how we're managing through that and trying to provide you actually a bit more detail about it so that it's clearer to you, and you can give us feedback whether we're successful in that area.

這就是你聽到我們談論的內容，Tyler 或許可以更詳細地說明我們是如何管理它的，並試圖為你提供更多關於它的細節，這樣你就更清楚了，你可以給我們反饋我們是否在該領域取得成功。

Yes, Tom, I think that the way Tom described it is correct, and it is complicated, right, because of the relationship with VMware and VMware's desire and need to balance their own capital structure to drive their own strategic initiatives.

是的，Tom，我認為 Tom 描述的方式是正確的，而且很複雜，對吧，因為與 VMware 的關係以及 VMware 希望和需要平衡自己的資本結構以推動自己的戰略計劃。

But keep in mind, right, we've always talked about VMware or our cash balance ex VMware, right?

但請記住，對吧，我們一直在談論 VMware 或 VMware 之前的現金餘額，對嗎？

So when you look at VMware's ability to pay off or to manage the debt load that they've taken on the $4 million is obviously -- they're obviously very comfortable with that, and the rating agencies are very comfortable with that.

因此，當您查看 VMware 償還或管理他們承擔的 400 萬美元債務負擔的能力時，顯然 - 他們顯然對此非常滿意，評級機構對此也非常滿意。

And then we want to always be very distinct about DFS, and I think you've heard me talk about it historically where I almost referred that as good debt, because that's debt which is allowing our business to grow.

然後我們希望始終對 DFS 保持截然不同，我想你已經聽過我在歷史上談論過它，我幾乎將其稱為良好債務，因為這是讓我們的業務增長的債務。

It's supporting our customer needs.

它支持我們的客戶需求。

It's being settled through the financing receivables that come with that.

它是通過隨之而來的融資應收賬款來解決的。

And as those kind of amortize down or pay down, right, that's what settles that debt.

隨著那些攤銷或償還，對，這就是解決債務的原因。

So to Tom's point, we look at everything, but core debt is where you'll really see the emphasis of the deleveraging, right, which includes the term loans and the investment-grade notes and the debt that was really there to fund the acquisition of EMC, the debt which is ultimately settled through our cash flow generation and EBITDA generation.

所以就湯姆的觀點而言，我們會考慮一切，但核心債務才是你真正看到去槓桿化重點的地方，對吧，其中包括定期貸款和投資級票據以及真正為收購提供資金的債務EMC 的債務最終通過我們的現金流產生和 EBITDA 產生來解決。

So...

所以...

Okay.

好的。

So just to be clear, Tyler, then it's core debt which excludes the VMware debt and financing debt and also divided by EBITDA that excludes VMware EBITDA?

所以要明確一點，Tyler，然後是排除 VMware 債務和融資債務的核心債務，然後除以排除 VMware EBITDA 的 EBITDA？

Well, we look at it always, but to your point, right, I think there are different ways you can slice and dice it, and I know the rating agencies do the same thing.

好吧，我們一直在看它，但就您的觀點而言，我認為您可以通過不同的方式對其進行切片和切塊，而且我知道評級機構也做同樣的事情。

So look, we're going to report recognizing that we still have this disconnect because of where the trailing 12 months that we need to really start reporting leverage ratios, but we're going to look at it always.

所以看，我們將報告認識到我們仍然存在這種脫節，因為我們需要真正開始報告槓桿比率的尾隨 12 個月，但我們將始終關注它。

Your next question comes from the line of Jeff Harlib with Barclays.

你的下一個問題來自巴克萊銀行的 Jeff Harlib。

Just following up in the storage business.

只是跟進存儲業務。

Can you just talk about if there are any further changes or challenges in the overall industry regarding the shift to flash and weakness in traditional and kind of mid-market?

您能否談談整個行業在向閃存的轉變以及傳統和某種中端市場的疲軟方面是否有任何進一步的變化或挑戰？

And what gives you confidence you can improve the orders in the second half of the year from where they've been on a year-over-year basis?

是什麼讓您有信心可以在今年下半年從同比的基礎上改善訂單？

Yes.

是的。

Jeff, thank you.

傑夫，謝謝你。

This is David.

這是大衛。

Let me take that.

讓我拿那個。

So within the storage industry, we're seeing -- I think the biggest kind of trend, which you see is a shift in the market mix towards more the mid-range storage system.

因此，在存儲行業內，我們看到——我認為最大的趨勢是市場組合向更多中端存儲系統轉變。

So the high end of the market, the systems of -- they're over $500,000 are -- that market is declining and has been declining in the kind of mid-teens percentage range.

因此，高端市場，即超過 500,000 美元的系統，該市場正在下降，並且一直在下降到十幾歲左右的百分比範圍內。

And the growth in the market is in the mid-range, the mid-range systems has become more capable.

市場的增長是在中端，中端系統變得更加強大。

It's still a significant difference in terms of the core capabilities of the kind of multiprocessor, scale up, scale out high-end systems, but nevertheless, the growth is in the mid-range.

就那種多處理器、向上擴展、向外擴展高端系統的核心能力而言，仍然存在顯著差異，但儘管如此，增長仍處於中端。

So that's a big dynamic that's going on.

所以這是一個正在發生的大動態。

In terms of the movement towards all-flash, that has now represented the majority of shipments in the high end of the marketplace, where the price-performance benefits of all-flash really play out strongly.

就全閃存的發展而言，這代表了高端市場的大部分出貨量，全閃存的性價比優勢在這些市場中發揮得淋漓盡致。

And it's starting to take a bigger impact of the mid-tier market as well.

它也開始對中端市場產生更大的影響。

Below $50,000 systems, there's not a lot of all-flash right now, probably it won't be for a couple of years.

低於 50,000 美元的系統，現在沒有很多全閃存，可能幾年內不會。

In terms of where the growth opportunities are in the storage market, as I mentioned briefly before, there are really 3 major areas of growth within the overall storage marketplace.

就存儲市場的增長機會而言，正如我之前簡要提到的，整個存儲市場實際上有 3 個主要增長領域。

One is all-flash in general, where we're doing very well.

一個是一般的全閃存，我們在這方面做得很好。

We're growing nicely at scale with 2x the size of our nearest competitor in all-flash.

我們的規模增長良好，規模是最接近的全閃存競爭對手的 2 倍。

The next is in hyperconverged, where again we're doing well partnering with VMware, a triple-digit growth in that segment of the business.

下一個是超融合，我們再次與 VMware 合作，在該業務領域實現了三位數的增長。

And the third area, back to my earlier comment of growth in the market, is in that mid-range price band, which is where we have more work to do.

第三個領域，回到我之前對市場增長的評論，是在中檔價格區間，這是我們還有更多工作要做的地方。

And that's where we are focused upon adding the sales resources, which I've talked about, changing our quota and compensation schemes to put more emphasis on the mid-market within storage, introducing new products, et cetera.

這就是我們專注於增加銷售資源的地方，我已經談到過，改變我們的配額和補償計劃以更加重視存儲中的中端市場，推出新產品等等。

And we believe that, that investment in that mid-market storage opportunity is a thing that's going to help us do better in the second half from a growth point of view than we did in the first half.

我們相信，從增長的角度來看，對中端市場存儲機會的投資將幫助我們在下半年比上半年做得更好。

But David -- Jeff, it's Tom.

但是大衛——傑夫，是湯姆。

I do think it's fair to say that, that sales force expansion will ramp over the next number of quarters, right?

我確實認為可以公平地說，銷售人員的擴張將在接下來的幾個季度內加速，對吧？

That's not going to be an immediate impact even as we build that capacity.

即使我們建立了這種能力，這也不會立即產生影響。

So Jeff, I think that you're going to see perhaps the storage velocity ramp more towards the latter half of the year versus -- of the second half I should say versus the first half of the second half, so to speak.

所以傑夫，我認為你可能會看到存儲速度在下半年比 - 我應該說下半年比下半年上半年更多，可以這麼說。

So I do think that this is going to be a gradual build as we adjust the coverage models, particularly in that commercial space.

所以我確實認為這將是一個漸進的構建，因為我們會調整覆蓋模型，特別是在商業領域。

And lots of other levers being pulled, by the way, in terms of marketing programs and other things that we're doing around incentives and things of that sort.

順便說一句，在營銷計劃和我們圍繞激勵和類似事情所做的其他事情方面，還有許多其他槓桿被拉動。

But look, I think this is one of those things that's going to take a little bit of time to work our way through.

但是，我認為這是需要一點時間才能完成的事情之一。

But our focus there is to build back that velocity, because it's clearly an area of the market that we're not performing as well as we should be, and it's just a focus area for us to drive velocity and drive a nice margin flow as well.

但我們的重點是重新建立這種速度，因為這顯然是我們表現不佳的市場領域，它只是我們推動速度和推動良好利潤流的重點領域出色地。

So we've got to get it fixed.

所以我們必須把它修好。

Got it, okay.

知道了，好的。

And just my follow-up on free cash flow.

只是我對自由現金流的跟進。

Were there any major unusual items during the quarter?

本季度是否有重大異常項目？

And I know you were going to pay significant taxes related to prior asset sales.

而且我知道您將支付與先前資產出售相關的大量稅款。

How much was that?

那是多少錢？

And anything you can say about what will drive free cash flow over the next few quarters, be it actions the company is taking or other seasonal issues?

關於未來幾個季度將推動自由現金流的因素，無論是公司正在採取的行動還是其他季節性問題，您有什麼可以說的嗎？

Yes.

是的。

Look, I think you are right.

看，我認為你是對的。

I mean, we talked last quarter about the taxes that were related to divestitures, which was -- that would have been netted into that cash flow.

我的意思是，我們上個季度討論了與資產剝離相關的稅收，這些稅收本來會被計入現金流。

I don't have the exact number in front of me, but it was -- I think it was somewhere around $800 million to $900 million, and so that was obviously fairly impactful.

我沒有確切的數字，但我認為它大約在 8 億到 9 億美元之間，所以這顯然是相當有影響力的。

I think the good news is -- and your question is the right question because you're thinking about it correctly.

我認為好消息是——你的問題是正確的，因為你的思考是正確的。

I think now as we move forward, you're going to start to see more -- the cash flow is less impacted by integration or acquisition or divestiture-type charges.

我認為現在隨著我們的前進，你會開始看到更多——現金流受整合、收購或資產剝離類費用的影響較小。

And so you'll see it be more related to profitability and working capital.

所以你會發現它與盈利能力和營運資金更相關。

And look, we've -- we're making great progress on our working capital initiatives.

看，我們已經 - 我們在營運資本計劃方面取得了很大進展。

I mean, you can see there was a good benefit this quarter.

我的意思是，你可以看到本季度有很好的收益。

That was partially driven by the P&L growth, which because of the negative cash conversion cycle, obviously, it always throws off good cash.

這在一定程度上是由損益增長推動的，由於負現金轉換週期，很明顯，它總是會浪費大量現金。

But then within there also, look, great progress around getting the suppliers coordinated on both sides between the legacy EMC and Dell and moving channel partners to channel financing programs.

但在那裡，看，在傳統的 EMC 和戴爾之間協調供應商以及將渠道合作夥伴轉移到渠道融資計劃方面取得了巨大進展。

And so those actions are continuing to happen, great progress.

因此，這些行動仍在繼續發生，取得了巨大進步。

We expect to see some more benefits flow through the P&L.

我們希望看到更多收益通過損益表流動。

But like you said, a lot of the one-offs, I think, are going to be behind us.

但就像你說的，我認為很多一次性的事情都會過去。

Tyler, I also think -- and Jeff, I think it's fair to say though as we think about things like the storage business, David mentioned in his talking points that we are seeing more interest in these multiyear structures and particularly like these TLA structures, where -- which used to be ELA, which were billed upfront, revenue was recognized upfront, those things are highly profitable.

Tyler，我也認為——而 Jeff，我認為可以公平地說，儘管我們考慮存儲業務之類的事情，David 在他的談話要點中提到，我們看到人們對這些多年結構更感興趣，尤其是像這些 TLA 結構，其中 - 曾經是 ELA，它是預先計費的，收入是預先確認的，這些東西是高利潤的。

And we are seeing because of customer interest in flexibility around the software titles that perhaps they're interested in, the structures are changing.

我們看到，由於客戶對他們可能感興趣的軟件標題的靈活性感興趣，結構正在發生變化。

And as a result of that, from an accounting perspective, we're deferring that revenue, deferring that margin, but I'm still getting the cash flow upfront from that end.

因此，從會計的角度來看，我們正在推遲收入，推遲利潤，但我仍然從那一端提前獲得現金流。

I think that's a phenomenon we're going to continue to see.

我認為這是我們將繼續看到的現象。

Because as customers are navigating through sort of a more flexible environment, which is what they demand, so I do think that that's going to be an area that we're going to have to continue to talk about and provide visibility to as we go forward, because I think our EBITDA and our adjusted EBITDA numbers are going to be, well, obviously, a calculation.

因為隨著客戶在更靈活的環境中導航，這正是他們所需要的，所以我認為這將是一個我們必須繼續討論並在我們前進的過程中提供可見性的領域，因為我認為我們的 EBITDA 和調整後的 EBITDA 數字很明顯是一種計算。

We're going to have to think about how we think about some of these new types of structures.

我們將不得不考慮如何看待這些新型結構。

Yes, good point.

是的，好點。

And just related to this, right, and as we think about the cash generation for the second half of the year, I mean, one thing, and I think I mentioned this on the last call as well.

與此相關的是，當我們考慮下半年的現金生成時，我的意思是，一件事，我想我在上次電話會議上也提到了這一點。

Look, we're happy with the debt pay down we did this quarter, the $1 billion, and you'll continue to see us pay down the debt as we've talked about, but we do have those maturities in the first half of next year.

看，我們對本季度償還的 10 億美元債務感到滿意，你會繼續看到我們償還我們已經談到的債務，但我們確實在上半年有這些到期的債務明年。

So you might see our cash balances or you will see our cash balances start to increase as we get towards and into Q4 as we position ourselves to settle those maturities.

因此，您可能會看到我們的現金餘額，或者您會看到我們的現金餘額隨著我們進入第四季度而開始增加，因為我們將自己定位為解決這些到期問題。

So just want people to be aware of that.

所以只是希望人們意識到這一點。

Your next question comes from the line of Arun Seshadri of Credit Suisse.

你的下一個問題來自瑞士信貸的 Arun Seshadri。

First, maybe for David.

首先，也許是為了大衛。

I just wanted to understand a little bit better about your flexible consumption models on the storage side.

我只是想更好地了解您在存儲方面的靈活消費模型。

Is there any way to quantify the storage backlog, I guess, the proportion of your backlog, what proportion would be under those models?

有什麼方法可以量化存儲積壓，我猜，你的積壓比例，那些模型下的比例是多少？

And how do you -- when you look at the backlog overall, what are the tenor of the backlog?

你如何 - 當你整體看待積壓時，積壓的期限是什麼？

And when do you expect to see realization of revenue under those -- with the backlog that you have?

你預計什麼時候能看到這些收入的實現——你有積壓的訂單？

Okay, thanks.

好的謝謝。

So let me clarify a couple of things.

所以讓我澄清幾件事。

When we talk about backlog, we're not talking about SGMs, and I want to come back to that in just 1 minute.

當我們談論積壓時，我們不是在談論 SGM，我想在 1 分鐘後回到這個話題。

Backlog is the products that we take orders for in the quarter, and we don't shift in the quarter.

積壓是我們在本季度接受訂單的產品，我們不會在本季度轉移。

So that's a different phenomenon.

所以這是一個不同的現象。

I'm going to come back and explain the SGMs in just one moment, but the backlog is simply product backlog that is not shipped at the end of the quarter.

我稍後會回來解釋 SGM，但積壓只是在季度末未發貨的產品積壓。

That is impacted by a couple of things: the timing of order flow during the quarter and also just how much inventory we keep waiting for those orders to come in, how much that we ship out during end of the quarter.

這受到幾個因素的影響：本季度訂單流動的時間，以及我們一直在等待這些訂單進來的庫存量，以及我們在本季度末發貨的數量。

And Arun, it's Tom.

阿倫，是湯姆。

Remember what we said earlier on, on earlier calls, which was that we were not going to -- unless the customer needed it, we were not going to drive extraordinary measures to try and optimize shipments at the end of the quarter from a rev rec perspective.

記住我們早些時候說過的話，在早些時候的電話會議上，我們不會 - 除非客戶需要它，否則我們不會採取非常措施來嘗試在本季度末根據 rev rec 優化出貨量看法。

We would let the shipments fall in the natural period in which they fall.

我們會讓貨物在它們下降的自然週期內下降。

Quite frankly, because it was -- it's more cost-effective and more economical to do it that way.

坦率地說，因為它 - 這樣做更具成本效益，也更經濟。

And so David is right.

所以大衛是對的。

We had a skew in linearity where orders came in very late in the quarter from pure storage product demand, and those were just typical products that will ship out in Q3.

我們有一個線性偏差，訂單在本季度末來自純存儲產品需求，而這些只是將在第三季度發貨的典型產品。

Now your follow-on question has to be well how do you think about backlog in Q3?

現在你的後續問題必須是你如何看待第三季度的積壓？

And the question's going to be, we'll have to see how the linearity works in Q3 as we work our way through that.

問題是，我們必須在第三季度的工作中看到線性度如何工作。

We have driven some changes in our comp plans to perhaps drive some incentive to bring those in earlier in the quarter.

我們已經推動了我們的補償計劃的一些變化，可能會激勵我們在本季度早些時候引入這些計劃。

I've had mixed success over my career trying to mix shift that curve.

在我的職業生涯中，我試圖混合移動這條曲線，但取得了不同程度的成功。

So we'll have to see.

所以我們必須拭目以待。

But backlog will just shift in the normal course, and we'll have to see what linearity looks like next quarter, right, as it relates to pure product backlog.

但是積壓只會在正常過程中發生變化，我們必須看看下個季度的線性是什麼樣的，因為它與純產品積壓有關。

Exactly.

確切地。

So now let me come back to the flexible consumption models that are different.

那麼現在讓我回到不同的靈活消費模式。

Specifically, there are 2 things that are within this bucket of flexible consumption models.

具體來說，在這個靈活的消費模型桶中有兩件事。

The first of these transformational software license agreements, we call them TLAs.

這些變革性軟件許可協議中的第一個，我們稱之為 TLA。

As Tom mentioned earlier, we used to have something called ELAs, which were enterprise license agreements.

正如 Tom 之前提到的，我們曾經有一種叫做 ELA 的東西，它是企業許可協議。

Those were revenue upfronts, multiyear commitment revenue upfront.

這些是預付收入，預付多年承諾收入。

The TLAs are the next generation of that.

TLA 是它的下一代。

They are typically for our storage software.

它們通常用於我們的存儲軟件。

They cover a multiyear period.

它們涵蓋多年期。

The customer is basically taking a commitment to a basket of software products for multiyear period.

客戶基本上是對一攬子軟件產品做出多年期的承諾。

And under the structure of the TLAs, we give the customer more flexibility in terms of how they can substitute titles.

在 TLA 的結構下，我們在客戶如何替換標題方面給予他們更大的靈活性。

We let them choose to when they want to basically start introducing maintenance on those products.

我們讓他們選擇何時基本上開始對這些產品進行維護。

And therefore, because of the nature of a TLA, it is now recognized ratably.

因此，由於 TLA 的性質，它現在得到了廣泛認可。

So that's one form of flexible consumption model.

所以這是一種靈活的消費模式。

The other form of flexible consumption model, which we are seeing growth in is product utilities, where previously a customer would have bought a fair amount of storage product, typically upfront storage or backup are now moved to a model where it's a utility purchase.

我們看到增長的另一種靈活消費模式是產品公用事業，以前客戶會購買相當數量的存儲產品，通常是前期存儲或備份，現在轉移到購買公用事業的模式。

They are paying it based upon use again over a multiyear period of time.

他們根據多年的再次使用情況付費。

So those are the 2 things that in total are call -- going to this category called flexible consumption models.

因此，這些是總共需要調用的兩件事——進入稱為靈活消費模型的類別。

You asked for a sizing.

你問的是尺碼。

So to put it into perspective, if we were to look at the total storage demand in the quarter, the flexible consumption models represented kind of mid-teens percentage of total storage demand.

因此，從長遠來看，如果我們看一下本季度的總存儲需求，靈活的消費模式佔總存儲需求的百分之十幾。

So it does have a meaningful short-term impact on the difference between what we're getting from a sequential growth in orders versus less of a growth in revenue.

因此，它確實對訂單連續增長與收入增長較少之間的差異產生了有意義的短期影響。

So that hopefully clarifies the dynamics around FCMs.

因此，這有望澄清圍繞 FCM 的動態。

And remember what we talked about earlier, Arun, which is again on the TLAs, we'll build those upfront, so the cash flow comes up-front just like historically the ELA would.

請記住我們之前談到的內容，Arun，它再次出現在 TLA 上，我們將預先構建這些內容，因此現金流會像 ELA 的歷史一樣預先出現。

The utilities clearly in over time depending upon usage or whatever the mechanism is.

隨著時間的推移，實用程序顯然會根據使用情況或任何機製而定。

And so look, I mean, that's why I was trying to explain earlier, there are some dynamics that we'll have to help you guys with as we move forward from a -- how do you think about EBITDA, how do you think about cash, how do you think about order velocity within the business of the storage business given.

所以看，我的意思是，這就是為什麼我早些時候試圖解釋的原因，在我們從 - 你如何看待 EBITDA，你如何看待現金，您如何看待給定存儲業務業務中的訂單速度。

What I think is going to be continuing interest with our customers to explore these different types of structures given the flexibility that they're asking for.

我認為，鑑於客戶要求的靈活性，我們的客戶將繼續對探索這些不同類型的結構感興趣。

And quite frankly, Michael and I have told the team to lean into these things in the sense of they're great arrangements.

坦率地說，邁克爾和我已經告訴團隊要深入了解這些事情，因為它們是很好的安排。

They typically build out a frame work for customer relationship for a number of years.

他們通常會建立多年的客戶關係框架。

They tend to be nicely profitable over that period of time, but it is a bit of a transition that we're seeing right now, even as quite frankly, we still do need to drive mid-range storage and some of those others just classical transactional demand generation that we need to do.

在那段時間裡，它們往往盈利豐厚，但我們現在看到的是一種轉變，坦率地說，我們仍然需要推動中端存儲，而其他一些只是傳統存儲我們需要做的交易需求生成。

So we got to do both, and that's the focus that we have right now.

所以我們必須兩者兼顧，這就是我們現在的重點。

Our final question will come from the line of David Phipps with Citi.

我們的最後一個問題將來自花旗銀行的 David Phipps。

So can we talk a little bit about the server business?

那麼我們可以談談服務器業務嗎？

You did extremely well there versus our model, and you introduced the 14th generation of PowerEdge.

與我們的模型相比，你們在那裡做得非常好，並且你們推出了第 14 代 PowerEdge。

Was there a bit of buildup from the sales of the new PowerEdge that helped drive some of the sales?

新 PowerEdge 的銷量是否有所增加，有助於推動部分銷量？

Or was it more systematic or more selective when you look at the server business performance in the quarter?

或者當您查看本季度的服務器業務表現時，它是否更系統或更具選擇性？

Yes, David, let me take that.

是的，大衛，讓我接受。

So yes, we introduced and just started to shift towards the end of the quarter the 14G.

所以是的，我們在本季度末推出並剛剛開始轉向 14G。

So we started to ramp what was a kind of a small percentage of our overall mix.

所以我們開始增加我們整體組合中的一小部分。

I think what happened in servers was a couple of things.

我認為服務器中發生的事情有兩點。

People really like the 13G family, particularly our strength in the rack scale systems.

人們非常喜歡 13G 系列，尤其是我們在機架規模系統方面的優勢。

We're seeing a lot of synergy.

我們看到了很多協同作用。

We're seeing a lot of cross-sell in servers.

我們在服務器中看到了很多交叉銷售。

A lot of growth is coming from the enterprise segments, where, obviously, we've been able to take the server business into our traditional high-end accounts that were the stronghold of the data center sales force that the EMC side brought, but also we're seeing good growth in mid-market as well.

很多增長來自企業部門，顯然，我們已經能夠將服務器業務納入我們傳統的高端客戶，這些客戶是 EMC 方面帶來的數據中心銷售隊伍的大本營，而且我們也看到了中端市場的良好增長。

So the server business is, I think, relative to the top line firing on all cylinders right now.

因此，我認為服務器業務相對於目前全速運轉的頂線而言。

14G, I think, gets a lot of people excited.

我認為 14G 會讓很多人興奮。

They like to see that -- there's a road map out there.

他們喜歡看到——那裡有一張路線圖。

It's kind of future-proofing their decisions to kind of invest in the Dell portfolio there, but didn't make a very significant part of the quarter from either a bookings or revenue point of view yet.

這在某種程度上證明了他們在那裡投資戴爾產品組合的決定是面向未來的，但從預訂或收入的角度來看，該季度並沒有佔據非常重要的部分。

David, I do think it's fair to say though that as you think about the server business that there is a particularly like hyperconverged and VSAN and some of these other solutions that were software defined that were driving that, that also falls and that generally takes a server with software, right?

大衛，我確實認為可以公平地說，當你考慮服務器業務時，有一個特別像超融合和 VSAN 以及一些其他軟件定義的解決方案正在推動它，但它也下降了，而且通常需要帶軟件的服務器，對吧？

And so we are seeing incremental interest in some of these new form factors and solutions, which is also helping to drive that number as well.

因此，我們看到對其中一些新外形因素和解決方案的興趣越來越大，這也有助於推動這一數字。

Absolutely, which again goes back, typically, those running on rack scale systems, which is kind of where our strength is in the server marketplace.

當然，這又可以追溯到，通常是那些在機架規模系統上運行的系統，這是我們在服務器市場上的優勢所在。

So yes, they're kind of moving toward software-defined data centers.

所以是的，他們有點轉向軟件定義的數據中心。

Hyperconverged is certainly one of the drivers in the server market and of course, working very closely with VMware has been a big driver of the server business as well.

超融合無疑是服務器市場的驅動力之一，當然，與 VMware 的密切合作也是服務器業務的重要驅動力。

And then as my follow-up.

然後作為我的後續行動。

So you're driving from great strength now the PC market with 18 consecutive quarters of taking market share.

因此，您現在正以強大的力量推動 PC 市場連續 18 個季度佔據市場份額。

The server business is performing very well and as everyone has asked about like to have data storage business move a little bit more rapidly forward.

服務器業務表現非常好，正如每個人都詢問的那樣，希望數據存儲業務能夠更快地向前發展。

So with some of the sales momentum that you've had in those lines of business when you look at the ISG group, are there -- or are you starting to gain some of these cross-selling traction that you might have expected from the combination of all the entities with EMC?

因此，當您查看 ISG 集團時，您在這些業務線中擁有的一些銷售勢頭，是否存在 - 或者您是否開始獲得您可能期望從組合中獲得的一些交叉銷售牽引力EMC 的所有實體？

Look, this is Tom.

看，這是湯姆。

And I'll let David comment since it's his business.

我會讓大衛發表評論，因為這是他的事。

But look, I think we've been pretty -- very pleased overall with the cross-selling activity that we have seen, and that was one of the sort of key thesis of the deal, which was between the family of businesses with VMware and Pivotal and our core business of client, server storage that -- and the fact that the customer bases didn't really overlap that well in terms of share -- relative share for these respective business units or respective LOBs, I should say.

但是看，我認為我們對我們所看到的交叉銷售活動總體上非常滿意，這是交易的關鍵主題之一，它是在 VMware 和我應該說，Pivotal 和我們的客戶端、服務器存儲核心業務——以及客戶群在份額方面並沒有真正重疊的事實——這些各自業務部門或各自 LOB 的相對份額。

That we have seen very good velocity in general with that cross-sell activity, really good velocity in the VMware capability, good velocity in client.

我們已經看到交叉銷售活動的總體速度非常好，VMware 功能的速度非常好，客戶端的速度非常好。

We've pretty good velocity in server.

我們在服務器中的速度非常快。

We got some work to do in storage, to be blunt.

坦率地說，我們在存儲方面有一些工作要做。

But that part of the structure or how we thought about that has -- I think has performed quite well, David, from my perspective.

但是，從我的角度來看，這部分結構或我們對此的思考方式 - 我認為表現相當不錯，大衛。

I agree, Tom, and just bear in mind, David, that we kind of set our go-to-market structure up this way, we have 2 distinct go-to-market motions: one, the enterprise go-to-market segment focused upon the 3,000 biggest customers in the marketplace and then the commercial go-to-market segment focused on everything else.

我同意，湯姆，請記住，大衛，我們以這種方式設置了進入市場的結構，我們有兩個不同的進入市場動議：一，企業進入市場部分專注於市場上 3,000 個最大的客戶，然後商業上市部分專注於其他一切。

Obviously, the enterprise segment was largely comprised of the legacy EMC business, and that's where we're seeing great lift in the cross-sell left, where we're seeing server, client.

顯然，企業部門主要由傳統的 EMC 業務組成，這就是我們看到左側交叉銷售大幅提升的地方，我們看到服務器、客戶端。

We've also let that group start to resell VMware as well, which has proven to be a lift and helpful.

我們還讓該小組也開始轉售 VMware，這已被證明是一種提升和幫助。

And then in the commercial business, which is largely again not entire, largely the ex Dell team.

然後在商業業務中，這在很大程度上又不是全部，主要是前戴爾團隊。

Although we, obviously, moved the related parts of ex EMC in there, seeing strong growth again with server and client, VMware is doing well.

儘管我們顯然將前 EMC 的相關部分移到了那裡，但看到服務器和客戶端再次出現強勁增長，但 VMware 做得很好。

And just that one area where we still have to do some more work is in the storage momentum in the commercial market segment.

而我們仍然需要做更多工作的一個領域就是商業市場領域的存儲勢頭。

So if you kind of look at all -- if you look at that kind of matrix of kind of different go-to-market versus different product segments, I think we're seeing everything we expected to see with one area for further improvement.

因此，如果你看一下——如果你看一下那種不同的上市與不同產品細分的矩陣，我認為我們看到了我們期望在一個領域看到的一切，以進一步改進。

But I think overall though as we think about the year -- so it's been a year now since we closed this merger that in general, what we wanted to do was get out of the gate strong from a velocity perspective, and I think in general, that's happened.

但我認為總的來說，儘管我們考慮了這一年 - 所以自從我們完成這次合併以來已經過去了一年，總的來說，我們想要做的是從速度的角度來看強勢走出大門，我認為總的來說，事情就這樣發生了。

Obviously, things -- we've done a lot of things that I think have worked reasonably well.

顯然，事情 - 我們已經做了很多我認為運作良好的事情。

We got some things that we have to continue to focus on whether it's storage velocity or some of the other, continue the cost optimization work.

我們得到了一些我們必須繼續關注的事情，無論是存儲速度還是其他一些，繼續成本優化工作。

But again, those are all things that are in process that we'll continue to focus on and drive even if -- but again, I want to make sure everybody understands that the goal here is to get the velocity in the business back, make sure that we're driving the right sort of margin dollar profile here and then continue to delever the balance sheet from a core debt perspective, because you will see, I believe, DFS debt continue to grow as the financing structures continue to grow given the interesting opportunities we have at DFS.

但同樣，這些都是我們將繼續關注和推動的所有正在進行的事情，即使 - 但我想再次確保每個人都明白這裡的目標是恢復業務速度，使確保我們在這裡推動正確的保證金配置文件，然後繼續從核心債務的角度去槓桿化資產負債表，因為你會看到，我相信，隨著融資結構的繼續增長，DFS 債務繼續增長我們在 DFS 擁有有趣的機會。

So that's the balance we're trying to drive and trying to make sure folks that follow us understand how we're going to -- how we're approaching this as we move forward.

所以這就是我們試圖推動的平衡，並試圖確保跟隨我們的人了解我們將如何做——我們在前進的過程中將如何實現這一目標。

Thanks, David.

謝謝，大衛。

Thanks, Tom.

謝謝，湯姆。

That wraps the call this morning.

今天早上的電話到此結束。

As a reminder, a replay of the webcast as well as the transcript will be available on investors.delltechnologies.com.

提醒一下，網絡廣播的重播和文字記錄將在 investors.delltechnologies.com 上提供。

Thanks for joining us.

感謝您加入我們。

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。