戴爾 (DELL) 2018 Q4 法說會逐字稿

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

早安，歡迎參加戴爾科技公司 2018 財年第四季和年終收益電話會議。

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

我想通知所有參與者，本次通話是應 Dell Technologies 的要求進行錄音的。

This broadcast is the copyrighted property of Dell Technologies Inc.

本廣播是 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資訊。

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

謹此提醒，該公司也在 Investors.delltechnologies.com 上同步直播本次電話會議。

A replay of this webcast will be available at the same location for 1 year.

這個網路廣播的重播將在同一地點提供一年。

(Operator Instructions)

（操作員說明）

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

我想將電話轉給投資者關係高級副總裁羅布威廉斯 (Rob Williams)。

Mr. Williams, you may begin.

威廉斯先生，您可以開始了。

Thanks, Regina.

謝謝，雷吉娜。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

With me today is our CFO, Tom Sweet; our Vice Chairman, Products and Operations, Jeff Clarke; and our Treasurer, Tyler Johnson.

今天和我在一起的是我們的財務長 Tom Sweet；我們的產品和營運副董事長 Jeff Clarke；還有我們的財務主管泰勒·約翰遜。

We posted our fourth quarter press release and web deck on our website.

我們在網站上發布了第四季度新聞稿和網路平台。

I encourage you to review these documents for additional perspective.

我鼓勵您查看這些文件以獲取更多觀點。

Full year fiscal 2018 financial results will be filed on Form 10-K on Thursday, March 29.

2018 財年全年財務表現將於 3 月 29 日星期四以 10-K 表格形式提交。

I'd like to highlight a few items related to this quarter's results.

我想強調一些與本季業績相關的事項。

Beginning in Q4, we now have fully comparable year-over-year quarterly results.

從第四季開始，我們現在擁有完全可比較的同比季度業績。

So unless otherwise specified, all growth percentages refer to year-over-year change.

因此，除非另有說明，所有成長百分比均指同比變化。

Please note that Q4 of fiscal 2017 was a 14-week quarter as compared to this year's 13-week quarter in Q4.

請注意，2017 財年第四季為 14 週，而今年第四季為 13 週。

Also note that all financial results reported today are based on our historical revenue standard, ASC 605, and do not reflect the impact of the adoption of ASC 606.

另請注意，今天報告的所有財務表現均基於我們的歷史收入標準 ASC 605，並不反映採用 ASC 606 的影響。

We intend to hold a separate call for investors in late April to walk through the impact of ASC 606 adoption and provide restated financial information.

我們打算在 4 月下旬單獨召開投資者電話會議，以了解採用 ASC 606 的影響並提供重述的財務資訊。

During this call, we will 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，我們將參考非 GAAP 財務指標，包括非 GAAP 收入、毛利率、營運費用、營運收入、淨利潤、EBITDA 和持續經營基礎上調整後的 EBITDA。

A reconciliation of these measures to its most directly comparable GAAP measure can be found in the supplemental material in our web deck and the tables accompanying our press release.

這些指標與其最直接可比較的公認會計原則指標的調節可以在我們的網路平台的補充資料和新聞稿隨附的表格中找到。

Our Q4 non-GAAP operating income excludes -- excuse me, excludes approximately $2.4 billion of adjustments, and our full year non-GAAP operating income excludes approximately $10.2 billion of adjustments.

我們第四季的非 GAAP 營業收入不包括——對不起，不包括大約 24 億美元的調整，我們全年的非 GAAP 營業收入不包括約 102 億美元的調整。

The majority of these are noncash and relate to purchase accounting and amortization of intangible assets.

其中大部分是非現金，與無形資產的購買會計和攤銷有關。

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.

未來幾年，我們的 GAAP 和非 GAAP 業績之間將繼續存在重要的過渡項目，儘管影響將在隨後的每個季度下降。

Please refer to Slide 3 in the web deck for additional detail on the non-GAAP noncash adjustments and the supplemental slides beginning on Slide 21 for more details on our total non-GAAP adjustments.

請參閱網絡幻燈片中的幻燈片 3，以了解有關非 GAAP 非現金調整的更多詳細信息，以及從幻燈片 21 開始的補充幻燈片，以了解有關非 GAAP 調整總額的更多詳細信息。

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.

我想提醒您，本次電話會議中所做的所有與未來結果和事件相關的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有重大差異，這些風險和不確定性已在我們網路平台的「警告聲明」部分中討論。

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

我們不承擔更新前瞻性陳述的義務。

Finally, before I turn it over to Tom, I want to address the amended 13D we filed on February 2, disclosing that the Dell Technologies' Board of Directors is evaluating a number of potential business opportunities.

最後，在我將其交給 Tom 之前，我想談談我們在 2 月 2 日提交的修訂後的 13D，其中披露了 Dell Technologies 董事會正在評估許多潛在的商業機會。

This is part of our ongoing multiyear strategic planning, and we are doing this from a position of strength.

這是我們正在進行的多年策略規劃的一部分，我們是從優勢地位來做到這一點的。

We are leaders in 21 of the top market share categories, and we have leadership in 13 Gartner Magic Quadrant reports.

我們在 21 個市佔率最高的類別中處於領先地位，並且在 13 份 Gartner 魔力像限報告中處於領先地位。

As Tom will discuss in his remarks, we're in solid financial condition with the strong cash flow generation, and we have made significant progress on paying down debt.

正如湯姆將在演講中討論的那樣，我們的財務狀況穩健，現金流量強勁，而且我們在償還債務方面取得了重大進展。

With that said, we will not address the filing any further or take questions related to this topic.

話雖如此，我們不會進一步討論該申請或回答與此主題相關的問題。

Now I'll turn it over to Tom.

現在我把它交給湯姆。

Thanks, Rob.

謝謝，羅布。

I was pleased with our results for fiscal 2018 as we have made significant progress in a number of areas.

我對 2018 財年的業績感到滿意，因為我們在許多領域都取得了重大進展。

We drove strong top line velocity, delivering revenue of $80 billion for the year, and we saw revenue and profit momentum improve as we move through the year, all while navigating through one of the toughest component cost environments we've seen.

我們推動了強勁的營收成長，全年收入達到800 億美元，我們看到收入和利潤勢頭在這一年中有所改善，同時我們還經歷了我們所見過的最艱難的組件成本環境之一。

We delivered strong operating cash flow of $6.8 billion and adjusted EBITDA of $8.2 billion, allowing us to make good progress on delevering, paying down $10 billion of gross debt since the closing of the EMC transaction.

我們實現了 68 億美元的強勁營運現金流和 82 億美元的調整後 EBITDA，使我們在去槓桿化方面取得了良好進展，償還了自 EMC 交易結束以來 100 億美元的總債務。

The teams did a good job on integration, and we're seeing strong coordination across the entire Dell Technologies family.

這些團隊在整合方面做得很好，我們看到整個戴爾科技集團之間的強有力的協調。

This collaboration is paying off with better-than-expected revenue synergies and strong customer acceptance of our broad solutions portfolio.

此次合作帶來了超越預期的收入協同效應以及客戶對我們廣泛的解決方案組合的強烈接受。

We increased our global coverage by investing significantly in our sales team and channel program, and we've made changes in the Infrastructure Solutions Group that Jeff will discuss in more detail.

我們透過對銷售團隊和通路計劃進行大量投資來擴大我們的全球覆蓋範圍，並且我們對基礎設施解決方案小組進行了更改，傑夫將更詳細地討論這一點。

Now let me turn to results for the fourth quarter.

現在讓我談談第四季的業績。

GAAP revenue for the quarter was $21.9 billion, with a GAAP operating loss of approximately $320 million.

該季度 GAAP 營收為 219 億美元，GAAP 營運虧損約 3.2 億美元。

Non-GAAP revenue was up 8% to $22.2 billion, with strong top line velocity for client, servers and VMware, along with improving demand for storage.

非 GAAP 營收成長 8%，達到 222 億美元，用戶端、伺服器和 VMware 的營收成長強勁，儲存需求不斷成長。

Gross margin was $7 billion, up 6% and was 31.6% of revenue, which was down 40 basis points, driven by mixed dynamics within ISG given the strength we've seen in servers.

毛利率為 70 億美元，成長 6%，佔營收的 31.6%，下降了 40 個基點，考慮到我們在伺服器領域看到的實力，受到 ISG 內部混合動態的推動。

OpEx was $4.9 billion, up 3% and was 22.1% of revenue, which was down 100 basis points as we continue to drive OpEx discipline across the business even as we selectively invest in growth opportunities.

營運支出為 49 億美元，成長 3%，佔收入的 22.1%，下降了 100 個基點，因為我們繼續推動整個業務的營運支出紀律，儘管我們有選擇地投資於成長機會。

Operating income was up 15% to $2.1 billion or 9.5% of revenue, up 50 basis points.

營業收入成長 15%，達到 21 億美元，佔營收的 9.5%，成長 50 個基點。

Adjusted EBITDA for the quarter was up 13% to $2.5 billion or 11.1% of revenue.

本季調整後 EBITDA 成長 13%，達到 25 億美元，佔營收的 11.1%。

Please see Slide 22 in the web deck for more details on our EBITDA adjustments.

請參閱網路平台中的投影片 22，以了解有關 EBITDA 調整的更多詳細資訊。

Deferred revenue was $22.2 billion, up $3.6 billion year-over-year and up $2.2 billion, sequentially, driven by growth in maintenance, flexible consumption models, and extended warranty.

遞延收入為 222 億美元，年增 36 億美元，季增 22 億美元，主要得益於維修、靈活消費模式和延長保固期的成長。

Specific to flexible consumption models, we continued to respond to customers' request for choice in how they procure and utilize our solutions.

針對靈活的消費模式，我們持續滿足客戶對如何採購和使用我們的解決方案的選擇要求。

Though the revenue and margin is not immediately recognized, these arrangements will provide a more predictable long-term recurring revenue and profit stream.

儘管收入和利潤不會立即得到確認，但這些安排將提供更可預測的長期經常性收入和利潤流。

Before I jump into segment results, let me make a couple of additional comments.

在我開始討論細分結果之前，讓我先做一些補充評論。

First, as we've seen in prior years, Q1 is typically down sequentially given the seasonal patterns of the business.

首先，正如我們在前幾年所看到的，鑑於業務的季節性模式，第一季通常會連續下降。

We also see a use of cash in the first quarter given historical seasonal patterns.

鑑於歷史季節性模式，我們也看到第一季現金的使用。

Looking at historical trends, we then build momentum through the remainder of the year.

縱觀歷史趨勢，我們將在今年剩餘時間建立勢頭。

Second, I also want to touch on tax reform.

其次，我還想談談稅改。

As you know, a comprehensive tax reform bill was passed in December.

如你所知，全面的稅改法案於12月通過。

We view tax reform as a positive for the overall U.S. economy and IT spending.

我們認為稅收改革對美國整體經濟和 IT 支出有正面作用。

Due to the complex nature of the tax reform bill, it requires extensive tax analysis, and the government continues to issue guidance and clarifications.

由於稅收改革法案的複雜性，需要廣泛的稅收分析，政府不斷發布指導和澄清。

Today, I will provide our estimates of the impact that are based on our current analysis of the new tax rules.

今天，我將根據我們目前對新稅收規則的分析來提供我們對影響的估計。

During the fourth quarter, we recorded a benefit of $316 million for the net impact of tax reform driven by a benefit of $1.3 billion related to the remeasurement of deferred tax assets and liabilities, offset, in part, by current and future income tax expenses of approximately $1 billion related to the transition tax.

在第四季度，我們記錄了 3.16 億美元的稅收改革淨影響效益，該效益由與重新計量遞延稅資產和負債相關的 13 億美元效益推動，部分被當前和未來的所得稅費用所抵消。約10億美元與過渡稅有關。

The cash tax impact to the repatriation toll charge will be substantially offset by other tax attributes.

現金稅對遣返通行費的影響將被其他稅收屬性大幅抵銷。

Going forward, we continue to evaluate the impact of tax reform on our effective tax rate.

展望未來，我們將持續評估稅制改革對有效稅率的影響。

Given what we know today, our expectation is that tax reform will not materially change our effective tax rate as the positive impact should roughly offset the negative impacts when fully interpreted and implemented.

鑑於我們今天所了解的情況，我們的預期是稅收改革不會實質改變我們的有效稅率，因為在充分解釋和實施後，其積極影響應大致抵消消極影響。

Now let me give you a summary view of the financial performance of our business segments for the fourth quarter.

現在讓我向大家簡要介紹我們第四季各業務部門的財務表現。

Revenue for our Infrastructure Solutions Group was $8.8 billion, up 5%.

我們的基礎設施解決方案部門的收入為 88 億美元，成長 5%。

The revenue increase was primarily driven by servers and networking, which were up 27% to $4.6 billion.

營收成長主要由伺服器和網路推動，成長 27% 至 46 億美元。

Servers delivered its third consecutive quarter of record revenue, with double-digit growth from both PowerEdge and cloud servers as we continue to see strong demand for PowerEdge servers along with ongoing expansion of our server average selling prices.

伺服器連續第三個季度實現創紀錄的收入，PowerEdge 和雲端伺服器均實現兩位數成長，因為我們繼續看到對 PowerEdge 伺服器的強勁需求以及伺服器平均售價的持續上漲。

Storage revenue was $4.2 billion and was down 11%.

儲存收入為 42 億美元，下降 11%。

But for the first time since the transaction closed, storage demand grew year-over-year.

但自交易完成以來，儲存需求首次較去年同期成長。

One of the drivers behind the variance between demand and reported results is due to deferred revenue primarily related to maintenance and our flexible consumption models.

需求與報告結果之間差異背後的驅動因素之一是主要與維護和我們靈活的消費模式相關的遞延收入。

We are encouraged that we exited the quarter with better storage velocity on a demand basis, and we expect a gradual recovery over the coming quarters as the actions and investments we put in place this year gain traction.

我們感到鼓舞的是，我們在需求基礎上以更好的儲存速度結束了本季度，隨著我們今年採取的行動和投資獲得牽引力，我們預計未來幾季將逐步復甦。

Operating income for ISG was $748 million or 8.5% of revenue, which is a 350 basis point decline over the prior year, primarily due to a higher mix of servers and, to a lesser extent, higher component costs.

ISG 的營業收入為 7.48 億美元，佔收入的 8.5%，比上年下降 350 個基點，這主要是由於伺服器組合的增加以及（較小程度上）組件成本的增加。

We are focused on improving the overall profitability of the business, balancing velocity and profitability in servers while growing storage and data protection.

我們專注於提高業務的整體獲利能力，平衡伺服器的速度和獲利能力，同時增加儲存和資料保護。

Revenue for our Client Solutions Group was $10.6 billion, up 8%, driven by higher average selling prices across both commercial and consumer and double-digit growth in client, software and peripherals.

受商業和消費者平均銷售價格上漲以及客戶端、軟體和周邊設備兩位數成長的推動，我們的客戶端解決方案集團營收為 106 億美元，成長 8%。

Commercial revenue grew 9% due to average selling price expansion for notebooks and workstations as well as double-digit revenue growth in displays.

由於筆記型電腦和工作站的平均售價上漲以及顯示器業務兩位數的收入成長，商業收入成長了 9%。

Consumer revenue was up 6%, driven by growth in average selling prices for both notebooks and XPS products.

由於筆記型電腦和 XPS 產品平均售價的成長，消費者收入成長了 6%。

CSG operating income was up 70% to $581 million, which is a -- which was 5.5% of revenue, as the team did a good job of offsetting component cost headwinds through repricing and also focused on attaching higher-margin services in SMP.

CSG 營業收入成長 70%，達到 5.81 億美元，佔營收的 5.5%，因為該團隊透過重新定價很好地抵消了組件成本不利因素，並且還專注於在 SMP 中附加利潤率更高的服務。

VMware had another strong quarter.

VMware 又經歷了一個強勁的季度。

Revenue for the VMware segment was up 20% to $2.3 billion and operating income was $834 million or 35.8% of revenue.

VMware 部門的營收成長了 20%，達到 23 億美元，營業收入為 8.34 億美元，佔營收的 35.8%。

Revenue from our other businesses, which include SecureWorks, RSA, Pivotal and Boomi, was $492 million, which was up 3%.

我們其他業務（包括 SecureWorks、RSA、Pivo​​tal 和 Boomi）的營收為 4.92 億美元，成長 3%。

Now turning to the balance sheet and capital allocation.

現在轉向資產負債表和資本配置。

We had strong cash flow generation in Q4 as cash from operations was $3.1 billion, predominantly due to improved overall profitability and the seasonal increase in maintenance and services contracts, which are paid upfront.

我們在第四季度產生了強勁的現金流，營運現金為 31 億美元，這主要是由於整體獲利能力的提高以及預付款維護和服務合約的季節性增加。

Our cash and investments balance was $20.3 billion, up approximately $2.3 billion versus the prior quarter.

我們的現金和投資餘額為 203 億美元，比上一季增加約 23 億美元。

On the debt side, since closing the transaction, we've paid down $10 billion of gross debt, excluding DFS debt, and remained fully committed to delevering the balance sheet.

在債務方面，自交易完成以來，我們已經償還了 100 億美元的總債務（不包括 DFS 債務），並且仍然完全致力於去槓桿化資產負債表。

During Q4, we paid down approximately $300 million in debt, ending the quarter with $52.7 billion in total debt.

第四季度，我們償還了約 3 億美元的債務，本季末債務總額為 527 億美元。

Total debt is $200 million higher than the prior quarter due to an increase of approximately $450 million in DFS debt.

由於 DFS 債務增加了約 4.5 億美元，總債務比上一季增加了 2 億美元。

Core debt ended the quarter at $39.9 billion, down from $48.8 billion at the time we closed the EMC transaction.

本季末核心債務為 399 億美元，低於我們完成 EMC 交易時的 488 億美元。

As a reminder, core debt excludes DFS-related debt, unrestricted subsidiary debt and the margin loan and is aligned with how we present the capital structure to the rating agencies for leverage discussions.

提醒一下，核心債務不包括與 DFS 相關的債務、不受限制的附屬債務和保證金貸款，並且與我們向評級機構展示資本結構以進行槓桿討論的方式一致。

For additional detail on what is included or excluded in our debt balances, please see Slide 9 of the web deck.

有關債務餘額中包含或排除的更多詳細信息，請參閱網絡平台的幻燈片 9。

Demand for financial services is strong across the Dell Technologies family.

整個戴爾科技集團對金融服務的需求強勁。

In Q4, DFS originations were approximately $1.9 billion, up 23%.

第四季度，DFS 的發起額約為 19 億美元，成長 23%。

As of the end of fiscal 2018, financing receivables now stand at $7.6 billion, up 30%.

截至2018財年末，融資應收帳款目前達76億美元，成長30%。

As we've discussed on prior calls, the growth in financing receivables drives an increase in our DFS debt as we continue to fund the business.

正如我們在先前的電話會議中所討論的那樣，隨著我們繼續為業務提供資金，應收帳款融資的成長推動了我們 DFS 債務的增加。

Now let me turn it over to Jeff to walk you through the operational highlights of CSG and ISG.

以下就請Jeff為大家介紹CSG和ISG的營運亮點。

Thanks, Tom.

謝謝，湯姆。

We ended the year on a high note, with improved performance across the business in the fourth quarter.

我們以高調結束了這一年，第四季度整個業務的業績有所改善。

Client, servers, hyperconverged infrastructure and our all-flash products have continued the strong growth trajectory we've seen in prior quarters, and we saw improvement in the traditional storage demand as we exited the year.

客戶端、伺服器、超融合基礎架構和我們的全快閃產品延續了前幾季的強勁成長軌跡，隨著今年的結束，我們看到傳統儲存需求的改善。

Since we last spoke in December, we've already made changes that set us up for success moving forward.

自去年 12 月上次談話以來，我們已經做出了一些改變，為我們未來的成功做好了準備。

We simplified the ISG organization, aligning leaders and product categories more effectively for improved speed and accountability.

我們簡化了 ISG 組織，更有效地調整領導者和產品類別，以提高速度和問責制。

We've already started to simplify our product offerings in how to go to market.

我們已經開始簡化我們的產品進入市場的方式。

For example, we will be aligning our software-defined storage strategy to VSAN, offering VxRail and VxRack SDDC.

例如，我們將根據 VSAN 調整我們的軟體定義儲存策略，提供 VxRail 和 VxRack SDDC。

We started shipping the enhanced midrange storage products we announced in November and expanded the Future-Proof Storage Loyalty Program to all of our storage products shortly after it launched.

我們在 11 月宣布推出增強型中階儲存產品，並在推出後不久將面向未來的儲存忠誠度計畫擴展到我們的所有儲存產品。

Lastly, we've increased collaboration across our strategically aligned businesses to leverage our collective strength and to build better solutions for things like cloud, software-defined storage, software-defined data center, infrastructure as a service and hyperconverged infrastructure.

最後，我們加強了策略一致業務之間的協作，以利用我們的集體力量，為雲端、軟體定義儲存、軟體定義資料中心、基礎設施即服務和超融合基礎架構等領域建立更好的解決方案。

A simpler organization with simpler portfolios and targeted solutions means faster decisions and faster innovation.

更簡單的組織、更簡單的產品組合和有針對性的解決方案意味著更快的決策和更快的創新。

It also promotes faster go to -- it also promotes a faster go-to-market engine, benefiting both businesses and our customers.

它還促進更快的進入——它還促進更快的進入市場引擎，使企業和我們的客戶受益。

Looking at the full fiscal year 2018 results for ISG and CSG, they were solid overall with a few areas that we are addressing.

綜觀 ISG 和 CSG 2018 財年的完整業績，它們在我們正在解決的一些領域中整體表現穩健。

External feedback has been positive, with a survey conducted by IDC finding that 91% of customers say that Dell and EMC have delivered on our premerger promises.

外部回饋非常積極，IDC 進行的一項調查發現，91% 的客戶表示戴爾和 EMC 兌現了我們合併前的承諾。

It's clear the Dell Technologies' value proposition of leading the digital, IT, security and workforce transformation is resonating with customers, partners and industry analysts.

顯然，戴爾科技集團引領數位化、IT、安全和勞動力轉型的價值主張引起了客戶、合作夥伴和產業分析師的共鳴。

We recognize that we have some areas that need focus, and we are working to improve as we move into FY '19.

我們認識到我們有一些需要重點關注的領域，並且在進入 2019 財年時我們正在努力改進。

Let me touch on some of the highlights.

讓我談談一些亮點。

For the full year, CSG delivered excellent results, reporting revenue of $39.5 billion, which was up 7%.

全年，CSG 業績出色，營收達 395 億美元，成長 7%。

Operating income of $2.2 billion was up 19% and was 5.6% of revenue.

營業收入達 22 億美元，成長 19%，佔營收的 5.6%。

We had a record holiday season in consumer, and the investments we've made in clients are paying off as premium notebooks, including workstations, latitudes and XPS, all grew double digits in FY '18, and we saw double-digit growth in demand for gaming and rugged notebooks.

我們在消費者中度過了創紀錄的假期季節，我們在客戶身上所做的投資正在得到回報，包括工作站、緯度和XPS 在內的優質筆記型電腦在18 財年均實現了兩位數增長，而且我們看到了需求的兩位數成長適用於遊戲和堅固型筆記型電腦。

We received a record-high 87 awards at CES this year, which was our fourth year in a row of setting a record.

今年，我們在 CES 上獲得了創紀錄的 87 個獎項，這是我們連續第四年創下紀錄。

In calendar Q4, we delivered our 20th straight quarter of year-over-year worldwide PC unit share gains.

在第四季度，我們實現了全球 PC 市場份額連續 20 個季度同比增長。

That said, our growth premium has slowed the past 2 quarters.

也就是說，我們的成長溢價在過去兩個季度有所放緩。

So we're focused on driving higher relative unit growth and consolidating market while maintaining profitability in FY '19.

因此，我們的重點是推動更高的相對單位成長並鞏固市場，同時保持 19 財年的獲利能力。

As Tom mentioned, client SMP saw a good growth this year, driven by double-digit growth in displays and also in peripherals, which includes items like docking stations.

正如 Tom 所提到的，受顯示器和擴充座等周邊設備兩位數成長的推動，客戶 SMP 今年實現了良好的成長。

Dell continues to be the #1 display provider in the world and gained 110 basis points of unit share on a year-over-year basis based on calendar Q3 from display search.

戴爾仍然是全球排名第一的顯示器供應商，根據顯示器搜尋的日曆第三季度，其單位份額同比增長了 110 個基點。

ISG performance was mixed this past year.

ISG 去年的表現好壞參半。

Revenue for the fiscal year was $30.7 billion and above our expectations, while operating income was $2.2 billion or 7.1% of revenue, which was below our expectations.

本財年營收為 307 億美元，高於我們的預期，而營業收入為 22 億美元，佔營收的 7.1%，低於我們的預期。

Servers and networking revenue was $15.4 billion, up 20%.

伺服器和網路收入為 154 億美元，成長 20%。

FY '18 was a record year for servers for revenue and units.

2018 財年是伺服器收入和銷售創紀錄的一年。

It was the second time we've shipped 2 million servers in a year.

這是我們第二次在一年內交付 200 萬台伺服器。

Q4 marked the third consecutive quarter of record revenue, and we continue to see strong unit growth for both PowerEdge and cloud servers.

第四季標誌著連續第三個季度創紀錄的收入，我們繼續看到 PowerEdge 和雲端伺服器的單位數量強勁增長。

We saw higher ASPs for servers as we continued to see more richly configured servers, the ramped up 14th generation PowerEdge server, and we've effectively managed pricing to partially mitigate the ongoing memory cost inflation.

隨著我們繼續看到配置更豐富的伺服器、升級的第 14 代 PowerEdge 伺服器，我們看到伺服器的平均售價更高，並且我們有效地管理了定價，以部分緩解持續的記憶體成本上漲。

In Q3, we became the worldwide leader for x86 servers based on both units and revenue, and we finished the calendar year at the #1 spot for both categories for x86 according to IDC.

在第三季度，我們成為 x86 伺服器的全球領先者（無論是數量還是收入），根據 IDC 的數據，我們在 x86 的兩個類別中均排名第一。

This is the first time since we've entered the server market that we've been the undisputed market leader.

自從我們進入伺服器市場以來，這是我們第一次成為無可爭議的市場領導者。

Moving to storage.

轉移到儲存。

Revenue was $15.3 billion for the full year.

全年收入為 153 億美元。

Our market-leading hyperconverged portfolio saw triple-digit demand growth with strength in VxRail, while demand for our Isilon scale-out NAS and our all-flash arrays grew double digits over the year.

憑藉 VxRail 的實力，我們市場領先的超融合產品組合的需求實現了三位數的增長，而對 Isilon 橫向擴展 NAS 和全閃存陣列的需求在這一年中實現了兩位數的增長。

Our all-flash business exited the year at a demand rate of nearly $5 billion, and we remain the undisputed leader in all-flash arrays with nearly 1/3 of the worldwide revenue market share.

我們的全快閃業務今年以近 50 億美元的需求率退出，我們仍然是全快閃陣列領域無可爭議的領導者，佔據全球收入市場份額的近 1/3。

As we've discussed on previous calls, traditional storage and data protection were challenged, both on a financial results and market share, and we are laser-focused on improving this business.

正如我們在先前的電話會議中所討論的那樣，傳統的儲存和資料保護在財務業績和市場份額方面都受到了挑戰，我們正專注於改善這項業務。

We made investments and have implemented action plans over the past few months to improve storage growth, particularly in midrange, and we expect the benefits of these actions to materialize through the next year.

在過去的幾個月裡，我們進行了投資並實施了行動計劃，以提高儲存成長，尤其是中階儲存的成長，我們預計這些行動的好處將在明年實現。

Looking forward, we want to build on the momentum and velocity we've seen while we continue to drive hard against the operational improvements.

展望未來，我們希望在我們所看到的勢頭和速度的基礎上繼續努力改進營運。

Our priorities for FY '19 are to: continue to deliver world-class quality and service; reduce the complexity of the portfolio -- or excuse me, reduce complexity across the portfolio; accelerate storage and data protection velocity; maintain server velocity while improving profitability; ramp sales productivity, which will be a multiquarter journey; and accelerate client unit velocity with market consolidation while maintaining profitability.

我們 19 財年的首要任務是： 繼續提供世界一流的品質與服務；降低投資組合的複雜性－或者對不起，降低整個投資組合的複雜性；加快儲存和資料保護速度；保持伺服器速度，同時提高獲利能力；提高銷售效率，這將是一個多季度的過程；並透過市場整合加快客戶單位速度，同時保持獲利能力。

The technology and market trends plays directly into our hands, and we're positioned to win.

技術和市場趨勢直接掌握在我們手中，我們已經做好了獲勝的準備。

We have the right strategy, the right team and an unmatched portfolio to lead our customers on this journey through their digital future.

我們擁有正確的策略、合適的團隊和無與倫比的產品組合，可以帶領我們的客戶踏上數位化未來的旅程。

With that, let me turn it back over to Tom.

現在，讓我把它轉回給湯姆。

Thanks, Jeff.

謝謝，傑夫。

We made solid progress and leaned in to some challenges in fiscal '18.

我們在 18 財年取得了紮實的進展並應對了一些挑戰。

Overall, we feel good about our performance against the 4 strategic goals we laid out at the April Analyst Meeting.

總體而言，我們對 4 月分析師會議上所製定的 4 個策略目標的表現感到滿意。

We made strides to drive client, server and services velocity and grew at or above market in multiple areas of the business.

我們在提高客戶端、伺服器和服務速度方面取得了長足進步，並在多個業務領域實現了市場成長或高於市場成長。

And the team navigated through some tough component cost headwinds.

該團隊克服了一些嚴峻的組件成本不利因素。

We generated strong cash flow and successfully delivered working capital efficiencies, allowing us to make great progress on delevering the balance sheet.

我們產生了強勁的現金流並成功提高了營運資金效率，使我們在去槓桿化資產負債表方面取得了巨大進展。

We are well into the integration efforts, but we still have more work to do related to product positioning and solutions as well as systems and tools.

我們的整合工作進展順利，但在產品定位和解決方案以及系統和工具方面我們還有更多工作要做。

Finally, we brought the full capabilities of Dell Technologies to customers in a more comprehensive and seamless experience, and this is resonating with our customers.

最後，我們以更全面、無縫的體驗為客戶帶來了戴爾科技集團的全部功能，這引起了客戶的共鳴。

As we move forward into fiscal '19, we want to continue to execute our strategy in order to fully embrace the opportunities we see.

隨著我們進入 19 財年，我們希望繼續執行我們的策略，以充分抓住我們所看到的機會。

We believe the macroenvironment and the IT market are setting up to be stronger as global economic sentiment has improved and GDP expectations have grown.

我們相信，隨著全球經濟情緒的改善和 GDP 預期的成長，宏觀環境和 IT 市場將會變得更加強勁。

The U.S. tax reform changes has had -- have had a positive impact on expectations for capital expenditures, and customers are being driven towards digital transformation, which requires more compute from the edge to the core to the cloud and requires more capacity, storage, data protection and security, all of which are good for our business.

美國稅收改革的變化對資本支出的預期產生了積極影響，客戶正在被推動進行數位化轉型，這需要從邊緣到核心再到雲端的更多計算，並需要更多的容量、儲存和資料保護和安全，所有這些都對我們的業務有利。

We must improve a few areas of the business to strengthen our position and take advantage of these factors.

我們必須改善業務的一些領域，以鞏固我們的地位並利用這些因素。

With that in mind, let me outline our 4 strategic areas of focus for fiscal '19.

考慮到這一點，讓我概述一下 19 財年的 4 個策略重點領域。

The first 2 haven't changed that much from fiscal '18.

前兩者與 18 財年相比沒有太大變化。

We want to continue growing above the market and drive share gains, with particular focus on storage and client.

我們希望繼續超越市場並推動份額成長，特別關注儲存和客戶端。

And we have to continue to generate strong cash flows and delever the balance sheet.

我們必須繼續產生強勁的現金流並去槓桿化資產負債表。

The third goal is capturing the priorities that Jeff outlined during his remarks.

第三個目標是抓住傑夫在演講中概述的優先事項。

We need to drive profitability in ISG as we balance server velocity and profitability and accelerate storage and data protection velocity.

我們需要在平衡伺服器速度和盈利能力並加快儲存和資料保護速度的同時提高 ISG 的盈利能力。

The last goal is to continue to delight customers by listening to and addressing their needs for their digital transformation journey through our full range of capabilities.

最後一個目標是透過我們的全方位能力傾聽並滿足客戶對數位轉型之旅的需求，繼續取悅客戶。

In closing, we believe we have the right strategy, and given the market trends, we feel good about our position headed into fiscal '19, as we focus on executing the business model and serving our customers.

最後，我們相信我們擁有正確的策略，並考慮到市場趨勢，我們對進入 19 財年的狀況感到滿意，因為我們專注於執行業務模式和服務客戶。

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

接下來，我將把它轉回給 Rob 來開始問答。

Thanks, Tom.

謝謝，湯姆。

Let's get to Q&A.

讓我們開始問答。

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

（操作員指示）Regina，您能介紹第一個問題嗎？

Our first question will come from the line of David Eller with Wells Fargo.

我們的第一個問題來自富國銀行的大衛‧埃勒 (David Eller)。

Performance was very strong in the CSG segment, and I was wondering if there were any onetime items in the operating income?

南玻板塊業績非常強勁，請問營業收入中有沒有一次性項目？

In the past, you have had vendor settlements and things like that, that have helped?

過去，你們有過供應商和解之類的事情，這有幫助嗎？

David, it's Tom.

大衛，是湯姆。

No, there were not.

不，沒有。

It was just a pure performance-oriented quarter based upon the execution that the team did, principally around pricing and the work that they do to ensure that, with the component cost dynamics that we had, that we were pricing properly and ensuring that we got value for our solutions.

這只是一個純粹以績效為導向的季度，基於團隊所做的執行，主要圍繞定價和他們所做的工作，以確保根據我們擁有的組件成本動態，我們能夠正確定價並確保我們獲得我們的解決方案的價值。

So no.

所以不行。

In terms of runoffs, not really anything there in the quarter.

就徑流而言，本季並沒有什麼實際成果。

And David, I would add to what Tom said, that good performance in our commercial PCs, good performance in our premium notebooks, rugged, XPS, the gaming side and those all bring good margin profiles to our business.

David，我想補充一下 Tom 所說的，我們的商用 PC 具有良好的性能，我們的優質筆記型電腦、堅固耐用、XPS、遊戲方面的良好性能都為我們的業務帶來了良好的利潤率。

So we did execute quite well in Q4.

所以我們在第四季確實執行得很好。

And your attach motion was better, Jeff, in terms of when you think about displays and some of the services attached.

傑夫，當你考慮展示和一些附加服務時，你的附加動議更好。

Plus I'll say our display business continued to do quite well and then our accessories business, particularly around docks was an opportunity for us with that notebook performance to drag along more revenue with our attach, attach, attach.

另外，我想說的是，我們的顯示器業務繼續表現得很好，然後我們的配件業務，特別是圍繞碼頭的業務，對我們來說是一個機會，憑藉筆記型電腦的性能，我們可以通過我們的附加、附加、附加來拉動更多收入。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then you laid out your focus areas for FY 2019 on Slide 18.

然後您在投影片 18 上列出了 2019 財年的重點領域。

That was very helpful.

這非常有幫助。

But could you take a step back and maybe just frame your market expectations for each segment for the coming years, so the competitive environment where we are in the cycle for each?

但您能否退後一步，也許只是製定您對未來幾年每個細分市場的市場預期，以及我們所處的每個細分市場的競爭環境？

Well, let me start and then Jeff will probably give you some more insights.

好吧，讓我開始吧，然後傑夫可能會給你一些更多的見解。

So as we think about the business for the coming year in the market segment, so look, I mean, if you think about PCs, for instance, right, you would -- IDC would say that the marketing calendar '18 is roughly a minus 1.5, 1.7, although commercial client -- commercial will be up marginally.

因此，當我們考慮細分市場來年的業務時，我的意思是，如果您考慮個人電腦，例如，對吧，您會 - IDC 會說營銷日曆 '18 大約是一個負號1.5、1.7，儘管商業客戶端－商業客戶端會小幅上漲。

So pretty much sort of that status quo, if you think about what's been going on in the market of late.

如果你想想最近市場上發生的事情，基本上就是現狀。

On the server market, particularly in the mainstream servers, IDC says 2.1% growth for next year, which is slightly down from where it is -- where it ended in the fourth quarter, or I guess, it's flat with the fourth quarter.

在伺服器市場，特別是主流伺服器，IDC表示明年的成長率為2.1%，比第四季末的水平略有下降，或者我猜，與第四季持平。

In terms of where we are, in terms of those cycles -- and I'll get to storage in a second -- so look, we feel pretty good about the velocity in the server business right now.

就我們所處的位置而言，就這些週期而言——我稍後會談到儲存——所以看，我們對目前伺服器業務的速度感到非常滿意。

I mean, there's clearly a -- we believe that the industry dynamics and trends are coming our way around more compute-centric platforms.

我的意思是，很明顯，我們相信行業動態和趨勢正在圍繞著更多以計算為中心的平台發展。

Also feel really good about where we are with our PC offerings and our commercial client offerings.

我們對 PC 產品和商業客戶端產品的現狀也感到非常滿意。

And as Jeff mentioned, the thin and light, the gaming capabilities, the XPS products and the new latitude lines, and so we feel like we're pretty well covered there.

正如傑夫所提到的，輕薄、遊戲功能、XPS 產品和新的緯度線，所以我們覺得我們已經很好地涵蓋了這些方面。

The market looks relatively stable.

市場看起來相對穩定。

The macros look relatively stable.

巨集看起來相對穩定。

So we'll have to see how that progresses.

所以我們必須看看進展如何。

In the storage market, and maybe Jeff can add some insight there for us, is it's forecasted to be about a flat market, although you're supposed to -- IDC would say there's growth in the midrange and continued softness on the high-end although not as soft in the high end as it was this year.

在儲存市場，也許傑夫可以為我們補充一些見解，預計市場將持平，儘管 IDC 會說中端市場有所增長，而高端市場持續疲軟儘管高端市場不像今年那麼疲軟。

So that's clearly an area of focus for us as we position and think our way through how do we drive storage velocity and data protection velocity, so.

因此，當我們定位並思考如何提高儲存速度和資料保護速度時，這顯然是我們關注的一個領域。

No, Tom, I think you hit all the right points.

不，湯姆，我認為你說得對。

We would look at PC growth to be in the low negative single digits; consumer, more negative; the commercial, slightly positive, commercial notebooks being the shining spot of the PC business, which we have tremendous focus on.

我們認為個人電腦的成長將處於較低的負個位數；消費者，更加消極；商用，稍微積極一點，商用筆記型電腦是PC業務的亮點，我們非常關注。

I look at the x86 business to be -- x86 server business to be in the low single digits of positive growth.

我認為 x86 業務 - x86 伺服器業務將實現低個位數的正成長。

The storage market, as Tom said, is roughly flat.

正如湯姆所說，儲存市場大致持平。

So our external storage marketplace is there.

所以我們的外部儲存市場就在那裡。

Within that, I think there's clearly the midrange that Tom called out and also the all-flash growth opportunity, which we are a market leader in that category.

其中，我認為顯然有湯姆所說的中端產品以及全快閃成長機會，我們是該類別的市場領導者。

And then the hyperconverged category continues to grow in low double digits.

然後超融合類別繼續以低兩位數成長。

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

我們的下一個問題來自托馬斯·伊根與摩根大通的對話。

I'm not going ask anything about your amended 13D.

我不會詢問有關您修改後的 13D 的任何資訊。

But what I'd like to do is ask you a little bit about prioritization, how you think about prioritization, where you want your cash flows to go given the status quo.

但我想做的是問你一些關於優先順序的問題，你如何看待優先級，在現狀下你希望你的現金流流向哪裡。

You've got -- the bulk of the cash is at VMware today.

現在，大部分現金都在 VMware 那裡。

The bulk of the cash from operations is being generated by VMware today.

如今，大部分的營運現金都是由 VMware 產生。

And you've got some debt coming due, and you've also got the tracking stock, which looks pretty attractive because it's selling at such a discount.

你還有一些即將到期的債務，而且你還擁有追蹤股票，它看起來相當有吸引力，因為它的售價如此之低。

Then you probably got some changes in how you have to pay taxes given some of the changes in the tax laws and repatriation of some of that cash.

然後，考慮到稅法的一些變化以及部分現金的匯回，您的納稅方式可能會發生一些變化。

So could you just sort of give us a holistic view, Tom, of how you're prioritizing debt repaydown, buying of tracker, paying taxes and where you think you're going to be able to get that cash from to do all of those things.

湯姆，你能否給我們一個全面的看法，說明你如何優先考慮償還債務、購買追蹤器、納稅以及你認為你將從哪裡獲得現金來完成所有這些工作事物。

Tom, let me -- I'm happy to address that, and let me just start with this.

湯姆，讓我——我很高興解決這個問題，讓我從這個開始。

We think about our cash flow from operations, which was roughly about $6.8 billion this last year.

我們考慮一下我們的營運現金流，去年約為 68 億美元。

$3.2 billion of that was VMware.

其中 32 億美元來自 VMware。

So roughly $3.4 billion was the core Dell, Dell EMC.

因此，大約 34 億美元是戴爾的核心戴爾 EMC。

We do expect, and we don't give guidance, but we do expect that, that will continue to expand as we continue to execute on our storage strategy and as we continue to execute on some of the priorities that we laid out in the call.

我們確實期望，並且我們不會提供指導，但我們確實期望，隨著我們繼續執行我們的儲存策略以及我們繼續執行我們在電話會議中列出的一些優先事項，這種情況將繼續擴大。

As we think about our priorities, they really haven't changed, which is it's not just cash flow from operations that have helped us.

當我們思考我們的優先事項時，它們確實沒有改變，這不僅僅是來自營運的現金流對我們有幫助。

We've also driven great efficiency off our balance sheet from the working capital initiatives that we've driven.

我們也透過我們推動的營運資本計畫提高了資產負債表的效率。

And as we think about priorities, it's going to continue to be primarily a delevering priority.

當我們考慮優先事項時，去槓桿化仍將是首要優先事項。

So I don't really think there's a big change in strategy from what we've been doing over the last 18 months or so.

所以我真的不認為我們在過去 18 個月左右的時間裡所做的策略有很大的變化。

I will tell you that as we analyze it today, the tax impact -- the tax reform impact from a cash perspective is relatively minimal and very manageable.

我會告訴你，正如我們今天分析的那樣，稅收影響——從現金角度來看，稅改的影響相對較小，而且非常可控。

And so that, at present time, is not a significant driver or causing us to change or rethink our strategy.

因此，目前這並不是一個重要的驅動因素，也不會導致我們改變或重新考慮我們的策略。

So we have about $8.5 billion of cash and investments at our core Dell, Dell EMC if you exclude the VMware cash and investments.

因此，如果不包括 VMware 現金和投資，我們的核心戴爾、戴爾 EMC 擁有約 85 億美元的現金和投資。

That's more than enough to help us manage our way through current maturities, continue delevering, even as we think about how we drive future cash flows from operations.

這足以幫助我們管理當前的到期日，繼續去槓桿化，即使我們考慮如何推動未來的營運現金流。

So I'd really think my priorities are relatively unchanged, that we're committed to delevering the balance sheet, we're committed to getting to -- back to sort of investment-grade-like metrics.

所以我真的認為我的優先事項相對不變，我們致力於去槓桿化資產負債表，我們致力於回到類似投資層級的指標。

We'll do that over the right period of time even as we invest back into the business.

即使我們重新投資業務，我們也會在適當的時間內做到這一點。

And so that's sort of our current thinking.

這就是我們目前的想法。

And maybe I'll ask Tyler to comment on, if he's got any other insights or -- anything you would add to that, Tyler.

也許我會請泰勒發表評論，如果他有任何其他見解，或者您可以補充的任何內容，泰勒。

Okay.

好的。

I think you really said it all.

我想你真的把這一切都說了。

I mean, Tom, the same thing we've been saying since, really, the beginning following the EMC transaction that we're going to delever.

湯姆，我的意思是，從我們要進行去槓桿化的 EMC 交易一開始，我們就一直在說同樣的話。

We've paid down $10 billion.

我們已經付清了 100 億美元。

Tom talked about the $8.5 billion that we have on the balance here or where we ended the balance sheet in Q4, which is excluding the VMware cash, which puts us in a very healthy position as we kind of go into next year and with the roughly $4.5 billion that we're planning on paying down.

Tom 談到我們的資產負債表上有 85 億美元，或者我們第四季度的資產負債表，其中不包括 VMware 現金，這使我們在進入明年時處於非常健康的位置，並且大約我們計劃償還45 億美元。

We've talked about that, that we're going to use cash in the balance sheet.

我們已經討論過，我們將在資產負債表中使用現金。

We might have to dip into our revolver a little bit, but that would be only for short term to manage some gaps in timing.

我們可能需要稍微動用我們的左輪手槍，但這只是短期的，以管理一些時間上的差距。

And so it was a strong cash flow quarter in Q4.

因此，第四季是現金流強勁的季度。

I feel really good where we ended up.

我們最終的結局我感覺很好。

And as it relates to tracker, I mean, look, we'll continue to be opportunistic around that as we have in the past, but deleveraging really continues to be our focus.

就追蹤器而言，我的意思是，我們將繼續像過去一樣在這方面採取機會主義態度，但去槓桿化確實仍然是我們的重點。

Okay.

好的。

That's helpful.

這很有幫助。

And then for my follow-up, on storage.

然後是我的後續行動，關於儲存。

The turnaround in demand seems to me to be a pretty important point because it's been sort of the thorn in your side since you've done the EMC deal.

在我看來，需求的轉變是非常重要的一點，因為自從你完成與 EMC 的交易以來，它一直是你的眼中釘。

And I wondered if you could just give us -- can you give us a little bit of color about some parts of it?

我想知道你能否給我們一些關於其中某些部分的資訊？

But if you're saying that demand is up year-over-year for the first time, that strikes me as being pretty important.

但如果你說需求首次年增，我認為這非常重要。

Could you talk a little bit about maybe -- just give us a little color around on that, like what total demand was, how you're measuring demand.

您能否談談也許－請給我們一些解釋，例如總需求是多少，您如何衡量需求。

Is it dollars?

是美元嗎？

And then what the -- maybe the deferred revenue increase was Because, obviously, we can't see it in the GAAP revenue.

然後，也許遞延收入成長是因為，顯然，我們在 GAAP 收入中看不到它。

Yes.

是的。

Look, Tom, I will probably ham and egg this one.

湯姆，你看，我可能會把這個加火腿蛋。

Look, it is encouraging when you look at our orders demand in Q4, the exit velocity.

看，當你看到我們第四季的訂單需求和退出速度時，這是令人鼓舞的。

I would use the word encouraging.

我會用鼓勵這個字。

We haven't set a trend yet.

我們還沒有設定趨勢。

But we think the hard work that we put in place, the fact that we've added capacity, that we've improved our product competitiveness, that we've increased the speed in our decision, the customer loyalty program that we put in place at the very end of last year is beginning to pay dividend.

但我們認為我們付出的辛勤工作，我們增加了產能，我們提高了產品競爭力，我們提高了決策速度，我們實施了客戶忠誠度計劃在去年年底開始派發股息。

So we're encouraged.

所以我們受到鼓舞。

You saw with Q4 market share data we have work to do.

您從第四季的市佔率數據中看到，我們還有很多工作要做。

It is, without question, something Tom and I have tremendous focus on in the organization to change the performance of our storage business.

毫無疑問，湯姆和我在組織中非常專注於改變我們儲存業務績效的事情。

And again, we've exited the fiscal year with a bit of encouragement.

再次，我們帶著一點鼓勵結束了本財年。

We saw good performance in our HCI business.

我們的 HCI 業務表現良好。

We saw good performance on our all-flash business, and that encourages us to where we think where we're -- again, have expectations of a better year.

我們看到全快閃業務取得了良好的業績，這鼓勵我們繼續前進——再次對更好的一年抱有期望。

We've built our plan in FY '19 as a take-share plan, as a growth plan.

我們在 19 財年制定了我們的計劃，作為一項股權計劃和一項成長計劃。

And we've set the tone in the organization that we are expecting to grow in the external storage business and take share.

我們已經在組織中定下了基調，即我們期望在外部儲存業務中發展並佔據份額。

Tom?

湯姆？

I think that's right, Jeff.

我認為這是對的，傑夫。

I mean, in the comment around the fact that we set our plan around a take-share plan is consistent with how we think about, generally, our business in the other LOBs, for instance, right.

我的意思是，在圍繞我們圍繞股權計劃制定計劃這一事實的評論中，這與我們通常如何看待我們在其他業務部門的業務是一致的，例如，正確的。

I mean, in some of these markets, which are consolidating markets, you have to take share.

我的意思是，在其中一些正在整合的市場中，你必須佔據份額。

You have to grow, and Jeff has been very focused with his ISG team on how does he position both the product and the offer and the selling motion to be aligned to take share.

你必須成長，Jeff 一直非常關注他的 ISG 團隊如何定位產品、報價以及銷售動議，以保持一致以獲得市場份額。

We also have to think about the fact that our selling models are changing a little bit or the types of consumption models are changing a little bit around things like flexible consumption.

我們還要思考，我們的銷售模式正在發生一些變化，或者消費模式的類型正在發生一些變化，例如彈性消費等。

We're now offering customers more choice in how they contractually work with us, and a lot of them are wanting more flexibility.

我們現在為客戶提供更多與我們簽訂合約的方式選擇，其中許多人希望獲得更大的靈活性。

And typically, when you provide flexibility in some of these contractual arrangements that you end up deferring revenue.

通常，當您在其中一些合約安排中提供靈活性時，您最終會推遲收入。

And so we did see pretty strong growth in our -- really strong growth in our deferred revenue, and that was mostly storage related as it relates to the ISG side of the business.

因此，我們確實看到我們的遞延收入成長非常強勁，這主要與儲存相關，因為它與 ISG 方面的業務相關。

And so that's why for the first time, I think you saw us talk a little bit more around deferred revenue and talking points just because I'd like to sensitize you guys to the fact that the models are changing some right now.

這就是為什麼我想你們第一次看到我們更多地談論遞延收入和談話要點，只是因為我想讓你們意識到模型現在正在發生一些變化。

It's not going to happen overnight, and we'll see what the natural sort of framework looks like in terms of how big some of these offerings get.

這不會在一夜之間發生，我們將看到自然的框架是什麼樣子，其中一些產品會變得有多大。

But between flexible consumption models, utility models as a service-type models, there are some dynamics out there in the industry that -- and with the customer environment, I should say, that are changing.

但在靈活的消費模式、效用模式作為服務模式之間，產業中存在一些動態——我應該說，隨著客戶環境的變化，這些動態正在改變。

That doesn't get counted in IDC share, but it does sort of count in some of the order demand data that Jeff is talking about.

這不計入 IDC 份額，但確實計入傑夫所說的一些訂單需求數據中。

So let me just finish with, I'll echo Jeff, "we are encouraged." We're not confused about what we have left to do.

因此，讓我以附和傑夫的話作為結尾，“我們受到鼓舞。”我們對剩下要做的事情並不感到困惑。

There's a lot of work left to do.

還有很多工作要做。

We have work to do ensuring that we, one quarter -- this instance becomes a trend over time.

我們有工作要做，以確保這種情況隨著時間的推移成為一種趨勢。

And Jeff's done a lot of work particularly in the midrange offering.

傑夫做了很多工作，特別是在中端產品方面。

We've got more work to do there.

我們還有更多工作要做。

That's growth area for us that we need to attack and ensure that we're taking our fair share of that marketplace.

這對我們來說是一個成長領域，我們需要進軍並確保我們在該市場中佔據公平的份額。

So that's the work we have in front of us.

這就是我們面前的工作。

It connects back to your first question, which is we're very focused on storage.

這又回到了你的第一個問題，即我們非常關注儲存。

It's a strong margin profile for us, so it drives good cash.

這對我們來說是一個強勁的利潤狀況，因此它可以帶來大量現金。

And we need to get it growing and going in the right direction.

我們需要讓它成長並朝著正確的方向發展。

Tom, I'd add one thing.

湯姆，我要補充一件事。

I think you'd agree with this, and we talked about it in the last call.

我想你會同意這一點，我們在上次通話中討論過這一點。

As we head into FY '19, we've really honed in the compensation plan for our sales force to focus on storage in FY '19.

當我們進入 19 財年時，我們確實對銷售人員的薪酬計劃進行了磨練，以在 19 財年專注於存儲。

And I think that is a key difference between our FY '18 performance and what we'll achieve in FY '19.

我認為這是我們 18 財年的業績與 19 財年將取得的成就之間的關鍵差異。

We clearly have put more dollars at risk as it relates to the storage bucket.

顯然，我們已經將更多的資金置於與儲存桶相關的風險之中。

So they need to sell storage too due to the plan.

因此，由於該計劃，他們也需要出售儲存空間。

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傑夫哈利布。

Just -- I just want to talk about margins.

只是——我只想談談利潤。

As you look into the next fiscal year, some of the puts and takes, I mean, the $2 billion cost-savings program I think you had said that will be done fiscal 2Q.

當你展望下一個財年時，我的意思是，我認為你說過的 20 億美元成本節約計畫將在第二財季完成。

You're also reinvesting, which is somewhat of an offset.

您還進行了再投資，這在某種程度上是一種抵消。

And then you have some mix challenges across the business with better servers.

然後，您在整個企業中會遇到一些與更好的伺服器混合的挑戰。

And then on computing, it seemed to be the last 2 quarters trending solidly above your prior margin targets.

然後在計算方面，過去兩個季度的趨勢似乎明顯高於您之前的利潤目標。

So maybe just an overall discussion on margin puts and takes and outlook.

因此，也許只是對保證金看跌期權和保證金保證金看跌期權以及前景進行總體討論。

Jeff, it's Tom.

傑夫，是湯姆。

Let me start and then I'll let Jeff jump in here as well.

讓我開始，然後我會讓傑夫也加入進來。

So look, I mean, we obviously don't give guidance around margin.

所以，我的意思是，我們顯然不會就保證金提供指導。

So let me start with that.

那麼就讓我從這個開始吧。

But as we think about the environment, let me give you a couple of thoughts.

但當我們考慮環境時，讓我給你一些想法。

First, as we've talked about, fiscal '18 was a pretty tough component cost environment.

首先，正如我們所討論的，18 財年的零件成本環境相當嚴峻。

And I think I'm publicly on record as saying that the absolute swing from FY '17, which was a deflationary environment, to an inflationary environment in FY '18 was roughly about a $2.5 billion swing that we had to go adjust pricing for or somehow navigate our way through, so.

我想我公開說過，從 17 財年的通貨緊縮環境到 18 財年的通膨環境，絕對波動大約為 25 億美元，我們必須調整定價或以某種方式引導我們通過，所以。

And what you saw as we think about our fiscal '18 results from the first half to second half, as you saw us in the first half dealing with a lot of that inflation plus the go-to-market implementation.

當我們思考我們從上半年到下半年的 18 財年業績時，您看到了什麼，正如您在上半年看到的那樣，我們處理了大量的通貨膨脹以及進入市場的實施。

And then you saw the business accelerate as we went through the year to the point where we felt reasonably good, not around some of our exit velocity as we got through the Q4.

然後你會看到，隨著這一年的發展，我們的業務加速發展，達到了我們感覺相當不錯的程度，而不是像我們在第四季度那樣的退出速度。

So component costs will not be as big of -- as we understand it right now, will not be as big of a headwind as it was the last year, and perhaps, it's even a slight tailwind.

因此，正如我們現在所理解的那樣，零件成本不會像去年那麼大，甚至可能是輕微的順風。

We'll have to see how we -- that progresses through the year.

我們必須看看這一年的進展如何。

We think that's helpful from a pricing perspective, from pricing medical perspective.

我們認為，從定價角度和醫療定價角度來看，這很有幫助。

So that's a positive from margin perspective.

因此，從利潤角度來看，這是正面的。

Look, it's competitive out there from pricing perspective.

看，從定價角度來看，它具有競爭力。

So we're always going to be competitive and make sure that our -- we've got the price point set properly.

因此，我們始終保持競爭力，並確保我們的價格點設定正確。

From a mix dynamic, if we go execute our plan, if we go execute our plan, you would think that you would see some margin help there from the storage and data protection because that's high-margin products and solutions, and so that's a focus area for us as well.

從混合動態來看，如果我們執行我們的計劃，如果我們執行我們的計劃，您會認為您會從儲存和資料保護中看到一些利潤幫助，因為這是高利潤產品和解決方案，所以這是一個焦點也適合我們。

Servers is going to be an area that we said on our talk track that, while we're extraordinarily happy with the velocity of servers, we've got a little bit of work to do around improving some of their gross margin dollar contribution there.

伺服器將成為我們在談話中所說的一個領域，雖然我們對伺服器的速度非常滿意，但我們還需要做一些工作來提高他們的毛利率貢獻。

And so that's a focus area for us.

所以這是我們的重點領域。

So look, if anything, it's about how we go execute next year.

所以看，如果有的話，那就是我們明年要如何執行。

And so I think margins have an opportunity to be better, but there's work to do to make sure that we go execute around that model.

因此，我認為利潤率有機會變得更好，但需要做一些工作來確保我們圍繞該模型執行。

So Jeff, I don't know what you would add.

傑夫，我不知道你會加什麼。

Maybe a couple of points though.

不過也許有幾點。

One on -- we'll start with CSG.

一對一——我們將從 CSG 開始。

We're going to try to maintain the profitability that you see while increasing the unit velocity.

我們將盡力保持您所看到的獲利能力，同時提高單位速度。

While we did achieve 20 straight quarters of year-over-year share gain, our unit velocity slowed in the second half of the year, and that's a priority of the organization to pick up the unit velocity while maintaining the same level of profitability.

雖然我們確實實現了連續 20 個季度的同比份額增長，但我們的單位速度在下半年放緩，這是該組織的首要任務，即在保持相同盈利水平的同時提高單位速度。

And we believe we can do that with our bias towards commercial and our attach motion where we can drag peripherals, services and financing with each purchase.

我們相信，我們可以透過我們對商業的偏向和我們的附加動議來做到這一點，我們可以在每次購買時拖動外圍設備、服務和融資。

We have a unique ability to do that, so I'm encouraged there.

我們有獨特的能力做到這一點，所以我對此感到鼓舞。

I'm also encouraged where we're winning, which is as I mentioned earlier, in some of the premium price bands, the premium categories, Latitude, commercial notebooks, precision workstations, XPS, rugged notebooks and our gaming categories.

我也對我們獲勝的地方感到鼓舞，正如我之前提到的，在一些高端價格帶、高端類別、Latitude、商用筆記型電腦、精密工作站、XPS、堅固型筆記型電腦和我們的遊戲類別中。

Displays is a great business for us there, and we continue to be the market leader.

顯示器對我們來說是一項很棒的業務，我們仍然是市場的領導者。

And we are working to expand that position as we head into this fiscal year.

在進入本財年之際，我們正努力擴大這一地位。

On servers, I don't want to slow down.

在伺服器上，我不想放慢速度。

Our mix issue in ISG is not an issue, servers grew too fast or mix issues didn't grow storage enough.

我們在 ISG 中的混合問題不是問題，伺服器成長太快或混合問題沒有增加足夠的儲存空間。

So we want to continue to grow servers and take advantage of the opportunity of access to new customers that we did not have before.

因此，我們希望繼續增加伺服器，並利用獲得以前沒有的新客戶的機會。

The benefit of the EMC acquisition has given us access to enterprise customers that we did not grow in, and we want to continue to do that.

收購 EMC 的好處使我們能夠接觸到我們沒有成長過的企業客戶，我們希望繼續這樣做。

And then at the end of the day, I have to drive storage growth.

最後，我必須推動儲存成長。

Storage growth will change the fundamental composition of the ISG profitability.

儲存成長將改變ISG獲利能力的基本組成。

In terse terms, I guess, I need to sell a lot more 60% gross margin and things than we are today, and by doing so, we'll lift the aggregate ISG portfolio.

簡而言之，我想，我需要出售比現在多得多的 60% 毛利率和產品，透過這樣做，我們將提升 ISG 投資組合總額。

Does that make sense?

那有意義嗎？

Yes, great.

對，很好。

That was very helpful.

這非常有幫助。

And my follow-up would be just on the free cash flow.

我的後續行動將只是自由現金流。

The core Dell free cash flow of about $2 billion was very strong in the quarter, well above what we were modeling.

本季戴爾核心自由現金流約 20 億美元，非常強勁，遠高於我們的模型。

I'm just wondering if -- are there are any unusual -- I know there's seasonal benefits.

我只是想知道是否——有什麼不尋常的——我知道有季節性的好處。

Any unusual timing issues of some of these kind of permanent changes you've made in your processes?

您在流程中所做的某些永久性變更是否有異常的時間問題？

And then just to follow up on that.

然後繼續跟進。

The flexible consumption models, how do you see them -- the shift to that, how do you see them impacting cash flow over the next year or 2?

靈活的消費模式，您如何看待它們—向這種模式的轉變，您如何看待它們對未來一兩年的現金流的影響？

I'll start and then Tyler can probably answer it more intelligently than I can.

我先開始，然後泰勒可能會比我更聰明地回答。

So look, there really wasn't -- as we think about free cash flow other than the -- some of the standard working capital dynamics you get out of a strong -- stronger demand and shipment quarter, there really wasn't anything unusual in that other than the one comment I would give you is we were pleased with the deferred revenue growth, right.

所以看，當我們考慮自由現金流時，除了從強勁的需求和出貨季度中獲得的一些標準營運資本動態之外，確實沒有任何異常情況除了我要給你的一條評論之外，我們對遞延收入成長感到滿意，對吧。

And in many respects, that deferred revenue growth drives from whether it's -- from whether prepaid maintenance or some of the flexible consumption models drove -- drives cash upfront, and -- but it all comes down to we -- when we drive velocity through the business model, whether that's through PCs, servers and as we continue to build velocity in storage, we get the effects of our a very effective and efficient use of working capital.

在許多方面，這種延遲的收入成長來自於——無論是預付維護還是一些靈活的消費模式驅動的——驅動預付現金，以及——但這一切都取決於我們——當我們推動速度時商業模式，無論是透過個人電腦、伺服器，或是隨著我們持續提高儲存速度，我們都會得到非常有效且有效率的營運資本使用的效果。

So nothing unusual other than deferred revenue.

所以除了遞延收入之外沒有什麼不尋常的。

As it relates to flexible consumption models, look, we're going to get a -- it's a careful balance, right, because we like the flexible consumption models in the context of they're typically multiyear arrangements, they typically build a better and stronger and deeper customer relationship, they're generally quite profitable over time.

當它與靈活的消費模式相關時，看，我們將得到一個——這是一個謹慎的平衡，對吧，因為我們喜歡靈活的消費模式，因為它們通常是多年安排，它們通常會建立一個更好的、更牢固、更深入的客戶關係，隨著時間的推移，他們通常會獲得相當可觀的利潤。

But the opposite has some short-term P&L dynamics as you work your way through that even in some instances, particularly with some of our licensing arrangements where we get the cash upfront.

但相反的是，即使在某些情況下，當你努力解決這個問題時，也會產生一些短期損益動態，特別是在我們預先獲得現金的一些許可安排中。

Utility models are something different where we get the cash, obviously, on a subscription basis per se over time.

公用事業模式有所不同，顯然，隨著時間的推移，我們透過訂閱本身獲得現金。

So they're going to continue to grow.

所以他們將繼續成長。

In many respects, we want them to grow.

在很多方面，我們希望他們成長。

We just want to make sure that we have the right balance in terms of the mix of our business to properly manage both our cash, our P&L commitments and our relationship with our customers.

我們只是想確保我們的業務組合保持適當的平衡，以正確管理我們的現金、損益承諾以及與客戶的關係。

And we also have some new and emerging businesses that are continuing to grow quite fast, like I think about a Pivotal, a Boomi, an RSA, where their business models, in many respects, are subscription-based models.

我們還有一些新興業務持續快速成長，例如 Pivotal、Boomi、RSA，他們的業務模式在許多方面都是基於訂閱的模式。

And so we'll continue to see some elements of deferred revenue growth coming from some of those new -- some of our new and emerging businesses.

因此，我們將繼續看到遞延收入成長的一些因素來自於一些新業務——我們的一些新興業務。

Would you add anything to that?

能補充點什麼嗎？

Yes, look, I think you covered it.

是的，看，我想你已經涵蓋了。

I guess, the only thing that I would add, and Jeff maybe just kind of reinforcing and agreeing with what you said, right.

我想，這是我唯一要補充的，傑夫也許只是強化並同意你所說的，對吧。

Like depending on how you calculate your free cash flow, when you take into account that we had a $600 million impact from growth in our financing receivables, we paid out $900 million approximately, the interest expense.

就像根據您計算自由現金流的方式一樣，當您考慮到我們因融資應收帳款成長而產生的 6 億美元影響時，我們支付了大約 9 億美元的利息費用。

It was a really strong Q4.

這是一個非常強勁的第四季。

So really happy about where we ended up.

我們對最終的結果感到非常高興。

Your next question comes from the line of Karl Keirstead with Deutsche Bank.

您的下一個問題來自德意志銀行的 Karl Keirstead。

So if this question pushes too close to your 13D filing, I'll understand.

因此，如果這個問題太接近您的 13D 備案，我會理解。

But I wanted to ask you in general how you view the protection of DVMT shareholder rights.

但我想問一下您整體上如何看待 DVMT 股東權利的保護。

How important is it to Dell to treat this constituency fairly beyond any current business combination review?

對於戴爾來說，在當前的任何業務合併審查之外公平地對待這一群體有多重要？

Just in general.

就一般而言。

Karl, we'll have to defer on that question.

卡爾，我們必須推遲討論這個問題。

If you want to take another question not related to the 13D -- the amended 13-D, we'd be happy to take it with you.

如果您想提出另一個與 13D 無關的問題——修訂後的 13-D，我們很樂意向您提出。

Got it.

知道了。

Okay.

好的。

I will follow-up with one financial question, and that is we are in a rising interest rate environment, and I don't think your financial results disclose necessarily an interest expense.

我將跟進一個財務問題，那就是我們正處於利率上升的環境中，我認為你們的財務表現不一定會揭露利息支出。

But maybe you could just offer a little bit of context around the portion of debt that's variable.

但也許您可以提供一些有關可變債務部分的背景資訊。

And if there's any color you can offer in terms of exposure to rising interest rates, maybe there's a rule of thumb that might help us on the modeling front.

如果您可以在利率上升的風險方面提供任何顏色，也許有一條經驗法則可以在建模方面幫助我們。

This is Tyler.

這是泰勒。

I mean, look, the -- we look at our capital structure, really, kind of from a broad perspective, right.

我的意思是，我們確實從更廣闊的角度來審視我們的資本結構，對吧。

So I actually do have a target around floating rate debt.

所以我實際上確實有一個圍繞浮動利率債務的目標。

I think the floating rate debt over time actually outperforms fixed-rate debt, and our floating rate debt now is roughly about 27%.

我認為隨著時間的推移，浮動利率債務實際上優於固定利率債務，我們現在的浮動利率債務約為 27% 左右。

Because if you go back and look at what we've been paying down since the close of the transaction, it really has been floating rate.

因為如果你回頭看看自交易結束以來我們所支付的費用，你會發現它確實是浮動利率。

I probably target somewhere between 25% to 40% floating.

我的目標可能是浮動 25% 到 40% 之間。

So we're actually at the lower end of that range.

所以我們實際上處於該範圍的下限。

So I feel very comfortable about that position.

所以我對這個職位感到非常舒服。

And yes, even though the LIBOR is higher and that piece of interest expense is higher, if you take into account the debt we've paid down, the repricings that we've gone through, we've more than compensated.

是的，儘管倫敦銀行同業拆借利率更高，利息支出也更高，但如果考慮到我們已償還的債務和我們經歷的重新定價，我們已經得到了更多補償。

So our actual overall annualized interest expense is lower than where we closed the deal, and that will continue to be driven down.

因此，我們的實際總體年化利息支出低於我們完成交易的水平，並且這一數字將繼續下降。

I mean, once again, we're looking for, to this year to paying down, call it, $4.5 billion to $5 billion.

我的意思是，我們再次尋求在今年償還 45 億至 50 億美元。

And so we'll continue to take interest expense out of the balance sheet.

因此，我們將繼續從資產負債表中扣除利息支出。

Your next question comes from the line of Frank Jarman with Goldman Sachs.

你的下一個問題來自高盛的弗蘭克·賈曼。

Great.

偉大的。

I guess, I just wanted to focus again on the revenue growth and specifically, the ASPs.

我想，我只是想再次關注收入成長，特別是平均售價。

I think you said they were higher, but can you give us any more granularity specifically maybe in kind of how to think about storage versus servers versus PCs and, really, what the component is related to the higher component costs with regards to how you guys are passing that on versus what you're seeing sort of more broadly across the business as well?

我認為您說它們更高，但是您能否給我們更多的粒度，特別是如何考慮存儲、服務器、PC，以及實際上，該組件與更高的組件成本有關，以及您如何考慮是否會將這一點與您在整個企業中更廣泛地看到的情況進行比較？

Let me start, and maybe Jeff can add some comments.

讓我開始吧，也許傑夫可以添加一些評論。

And look, I mean, we did talk about the fact that a lot of -- no, some amount of the revenue growth was driven from ASP or [TRU]expansion.

看，我的意思是，我們確實討論過這樣一個事實：很多——不，部分收入增長是由平均售價或[TRU]擴張推動的。

And principally, that's a result, as you know, of -- particularly in PCs and servers, we had a higher input cost in terms of the component cost environment.

如您所知，這主要是因為——特別是在個人電腦和伺服器方面，我們在元件成本環境方面的投入成本更高。

So we generally try -- obviously, try to price our way through that to ensure we cover it all.

因此，我們通常會嘗試——顯然，嘗試對我們的方式進行定價，以確保我們涵蓋所有內容。

But I also -- while I won't give you exact percentages, I also want to echo what Jeff said around as we think about our revenue velocity in PCs and servers in particular, while we're overall very pleased with it, we are careful of as we think our way through much was ASP driven versus how much was unit driven.

但我也——雖然我不會給你確切的百分比，但我也想回應傑夫所說的話，因為我們特別考慮到我們在個人電腦和伺服器方面的收入速度，雖然我們總體上對此非常滿意，但我們小心，因為我們認為我們的方式有多少是由 ASP 驅動的，而有多少是由單位驅動的。

And so, for instance, in servers where revenue growth was roughly about 22%, if you think about how we ship -- the unit shipments, over half of that revenue growth was driven by TRU expansion versus unit.

因此，例如，在收入成長約 22% 的伺服器中，如果考慮我們的出貨方式（單位出貨量），超過一半的收入成長是由 TRU 擴張與單位數量所推動的。

And that's what we want to think our way through in terms of how do we balance that.

這就是我們想要思考如何平衡這一點的方法。

In PCs, it's much the same if you think about our PC business being up 7% from a revenue basis and units being up roughly 2% to 3% or something like that.

在個人電腦方面，如果你考慮我們的個人電腦業務在收入基礎上增長了 7%，單位數量增長了大約 2% 到 3% 或類似的情況，情況也是如此。

So we know that we've got ASP expansion there.

所以我們知道我們已經在那裡進行了 ASP 擴充。

The question is, can you hold onto it as the component costs change?

問題是，隨著零件成本的變化，你能堅持下去嗎？

And that will be a function of the competitive environment as we go forward.

隨著我們的前進，這將是競爭環境的一個函數。

So it's a dynamic we watch pretty carefully.

因此，我們非常仔細地觀察這一動態。

ASPs within the storage business is a, really, sort of a different thought process, right.

儲存業務中的 ASP 實際上是一種不同的思考過程，對吧。

We don't really think about it like that because the configurations are so different and couldn't buy any offerings in the software or software that's embedded in it.

我們並沒有真正這樣考慮，因為配置非常不同，無法購買軟體中的任何產品或嵌入其中的軟體。

So ASPs are a little less -- we don't think about velocity in the same way as it relates to ASPs in the storage business.

因此，ASP 稍微少一點——我們不會像考慮儲存業務中的 ASP 那樣以同樣的方式考慮速度。

And Jeff, did I miss anything?

傑夫，我錯過了什麼嗎？

Or would you highlight anything?

或者你會強調什麼嗎？

I would add a few, and I'd start with the CSG business.

我想補充一些，先從南玻業務開始。

The dynamics of our revenue growth are a combination of, you hit them, pricing efficiency, mix, exposure to commercial, exposure to notebooks, exposure to premium notebooks.

我們收入成長的動力是定價效率、組合、商業曝光、筆記型電腦曝光、高階筆記型電腦曝光的組合。

So mix helps us as well as our attach motion of attaching more financing services and peripherals to each opportunity, so that helps us on the CSG side, and I think that's sustainable.

因此，混合對我們以及我們為每個機會附加更多融資服務和周邊設備的附加動議都有幫助，這對我們南玻集團方面有幫助，我認為這是可持續的。

On the server side, we are in the longest protracted DRAM price increase that we've seen in the last 25 years, combine that with that we're putting more DRAM in a server today than we were last quarter than we were a year ago, and you have a compounding effect.

在伺服器方面，我們正處於過去 25 年來持續時間最長的 DRAM 價格上漲，同時，我們今天在伺服器中安裝的 DRAM 比上季度比一年前還要多，並且你有復合效應。

So that is some part of our revenue increase on the server side.

這是我們伺服器端收入成長的一部分。

For me, it's encouraging that the average amount of DRAM going in our servers and, the SSDs, the average SSD size go into our services increasing tells me a we are selling higher in the enterprise workload.

對我來說，令人鼓舞的是，我們的伺服器中的 DRAM 平均數量以及我們服務中的 SSD 平均 SSD 大小不斷增加，這告訴我我們在企業工作負載中的銷量更高。

We are selling more higher-value solutions inside our customers, penetrating deeper configurations than we had in the past.

我們正在向客戶銷售更多更高價值的解決方案，比過去滲透更深的配置。

And I believe that is sustainable in time.

我相信隨著時間的推移，這種情況是可持續的。

Does that help?

這樣有幫助嗎？

Yes, that's great.

是的，那太好了。

And then, I guess, just the -- a second follow-up on the tax comments that you made earlier in the call.

然後，我想，這只是您在電話會議早些時候提出的稅務評論的第二次後續行動。

So I think you said a net impact of about $300 million, which was a function of $1.3 billion of benefit related to the change in deferred tax assets and liabilities, offset by a $1 billion of future transition tax.

因此，我認為您所說的淨影響約為 3 億美元，這是與遞延稅資產和負債變化相關的 13 億美元收益的函數，被 10 億美元的未來過渡稅所抵消。

And how should I think about that future transition tax?

我該如何考慮未來的過渡稅？

Is that -- number one, is that specifically related to the repatriation provisions?

第一，這是否與遣返條款具體相關？

And then secondly, is there any sort of granularity you can give us with regards to thinking about it on the Dell EMC side versus the VMware side?

其次，您是否可以向我們提供有關 Dell EMC 方面與 VMware 方面的考慮的任何粒度？

Well, Frank, it's Tom.

嗯，弗蘭克，是湯姆。

Look, so let me try and give you some thoughts around that, and let me first start and say, hey, look, we're obviously big supporters of tax reform and the move to territorial.

聽著，讓我試著給你們一些關於這個問題的想法，讓我先說，嘿，聽著，我們顯然是稅收改革和領土轉移的大力支持者。

It's good for the economy.

這對經濟有好處。

We're reasonably optimistic that some of the immediate expensing around the CapEx will have a helpful impact on our business as we go through the year.

我們相當樂觀地認為，資本支出方面的一些直接支出將在今年對我們的業務產生有益的影響。

So as we thought about -- but it's obviously very complex calculation.

正如我們所想，但這顯然是非常複雜的計算。

And as we thought about the piece parts, right, so the $1 billion of transition tax is how we think about the overall impact to the Dell Technologies family.

當我們考慮各個部分時，對吧，10 億美元的過渡稅就是我們考慮對戴爾科技集團的整體影響的方式。

Some of that is clearly coming out of VMware, but I'm not going to parse it for you per se.

其中一些顯然來自 VMware，但我不會為您解析它本身。

But we think it's very manageable in the sense of the cash impact to that if it's really -- it's going to be substantially less from a -- some -- all positions that we have.

但我們認為，從現金影響的角度來看，這是非常可控的，如果它真的——我們擁有的——一些——所有頭寸都會大大減少。

So look, I think it's very manageable.

所以看，我認為這是非常容易管理的。

I think it's -- we're continuing to evaluate it because the environment and the regulatory guidance just continues to get issued, so.

我認為我們正在繼續評估它，因為環境和監管指南仍在繼續發布，所以。

But I'm reasonably optimistic around the go-forward positions and the go-forward impacts as we do the tax work.

但我對我們進行稅務工作時的未來立場和未來影響持相當樂觀的態度。

Your next question comes from the line of Jason Kilgariff with Bank of America.

你的下一個問題來自美國銀行的傑森·基爾加里夫。

I just wanted to, I guess, kind of clarify something that's been touched on a couple of times.

我想，我只是想澄清一些已經被提及過幾次的事情。

So you've reminded us that fiscal first quarter is typically a down quarter.

所以你提醒我們，第一個財季通常是個下滑的季度。

You've got about $3 billion in maturities in the next 3 months or so.

在未來 3 個月左右的時間裡，您將有大約 30 億美元的到期資金。

Is the current thinking you're still going to pay those off at maturity?

目前您是否仍會在到期時還清這些債務？

It's Tom.

是湯姆。

We are, and the current maturity schedule looks something like that.

我們是的，目前的成熟度時間表看起來就是這樣。

We'll pay -- I don't know.

我們會付錢——我不知道。

We've got a $500 million sort of legacy piece of debt coming due in April.

我們有一筆 5 億美元的遺留債務將於四月到期。

We've got a $2.5 billion coming due in June, and then we have some normal amortization of some of the term loan.

我們有 25 億美元將於 6 月到期，然後我們對部分定期貸款進行正常攤銷。

Yes.

是的。

And we've got -- the A3 matures at the end of the year in December.

我們已經得到了——A3 將於今年年底 12 月成熟。

Yes.

是的。

But in terms of what's coming due the next quarters is only $500 million.

但就下個季度到期的金額而言，只有 5 億美元。

And then, you get to Q2 and then you have $2.5 million -- billion, sorry.

然後，到了第二季度，你就有了 250 萬美元——抱歉，十億美元。

And then, Q4 is when the term loan ends.

然後，第四季是定期貸款結束的時間。

It's spread out through the year.

它全年分佈。

And yes, the intention is to pay them off in full.

是的，我們的目的是全額還清他們的債務。

Right now we may dip into the line to manage some intra-quarter dynamics around liquidity and position of cash around the globe.

現在，我們可能會投入資金來管理全球流動性和現金部位的一些季度內動態。

But that's the plan, which is why you've seen us build cash.

但這就是計劃，這就是我們累積現金的原因。

Okay, great.

好的，太好了。

And then on the cash side.

然後是現金方面。

I think, in the past, you've said that you're comfortable going to about $4 billion to $5 billion of cash at Dell.

我想，您過去曾說過，您願意在戴爾持有約 40 億至 50 億美元的現金。

Is that still the right level to think about?

這仍然是值得考慮的正確水平嗎？

Yes, I mean, it fluctuates.

是的，我的意思是，它會波動。

But, yes, I think that's fair.

但是，是的，我認為這是公平的。

It's probably currently closer to $5 billion, and it really kind of depends as cash kind of sits temporarily in different locations like China and India, which we continue to work to get out when we can.

目前可能接近 50 億美元，這實際上取決於現金暫時存放在中國和印度等不同地點，我們將繼續努力在可能的情況下將其撤出。

Our final question comes from the line of Philip Winslow with Wells Fargo.

我們的最後一個問題來自富國銀行的菲利普·溫斯洛（Philip Winslow）。

Obviously, just looking at VMware's filings.

顯然，只要看看VMware的文件就知道了。

We've seen the relationship with Dell ramp in terms of that reseller agreement.

我們已經看到與戴爾的關係在經銷商協議方面得到了加強。

When you look at the go-to-market synergies that you realized to date post the transaction, I wonder if you could kind of give yourself a grade.

當您查看交易後迄今為止所實現的進入市場協同效應時，我想知道您是否可以給自己打個分。

Obviously, it's ramping.

顯然，它正在加速。

But what's worked?

但什麼有效呢？

What's the selling in common?

銷售有什麼共同點？

And when you think about 2019 here, fiscal '19, like, what are the focus there in terms of just the -- whether it be go-to-market our product synergies?

當你想到 2019 年時，例如 19 財年，重點是什麼——是否是我們產品上市的綜效？

Yes.

是的。

Look, I'm pretty happy actually with the work that's been done on the synergy front in terms of revenue synergies.

聽著，我實際上對收入協同方面在協同方面所做的工作感到非常滿意。

I think the teams have worked well together.

我認為這些團隊合作得很好。

I think we working effectively as a big family of Dell Technologies.

我認為我們作為戴爾科技集團的一個大家庭有效地工作。

We've exceeded -- we have some -- we had first-year synergy targets that we've exceeded as a result of the work that's been done by the collective teams.

我們已經超越了——我們有一些——我們已經超越了第一年的協同目標，這是集體團隊所做工作的結果。

We think there's more to do.

我們認為還有更多事情要做。

As we think about the position and where technology trends are headed and we think about things like ReadyNode's PC and ReadyNodes that we're driving, some of the software-defined movements that are more server-oriented, so we think there's better -- continued opportunity to doing more holistic integration with some of our hardware products with the VMware offerings.

當我們思考這個地位和技術趨勢的發展方向時，我們會想到像 ReadyNode 的 PC 和我們正在推動的 ReadyNodes 等東西，一些軟體定義的運動更加面向伺服器，所以我們認為還有更好的——繼續有機會將我們的一些硬體產品與VMware 產品進行更全面的整合。

So we think this is going to continue to ramp as we go through FY '19.

因此，我們認為隨著 19 財年的到來，這種情況將繼續加劇。

We think it's beneficial both for our customers and clearly for the -- for Dell Technologies and for VMware.

我們認為這對我們的客戶以及 Dell Technologies 和 VMware 來說顯然都是有利的。

And so we're very optimistic about the opportunities.

因此，我們對這些機會非常樂觀。

It doesn't mean we have -- we still have work to do in some of these areas as we think to continue to align our go-to-market positioning, coordination and efficiency at a customer level, ensuring that we present one face to the customer.

這並不意味著我們在其中一些領域仍有工作要做，因為我們認為要繼續在客戶層面調整我們的市場定位、協調和效率，確保我們向客戶展示一張臉。客戶。

So there's some work to do in that area.

因此，該領域還有一些工作要做。

But overall, pretty optimistic about -- and pleased, I would say, with where we are to date on the revenue synergy side.

但總的來說，我對我們迄今為止在收入協同方面的進展非常樂觀，而且很高興。

All right.

好的。

Great.

偉大的。

Thanks, everyone, for joining.

謝謝大家的加入。

This concludes today's conference call.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect at this time.

此時您可以斷開連線。