戴爾 (DELL) 2019 Q3 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2019 Third Quarter Earnings Conference Call for Dell Technologies Inc. I'd like to inform all participants, this call is being recorded at the request of Dell Technologies. This broadcast is the copyrighted property of Dell Technologies Inc. Any rebroadcast of this information, in part or whole, without prior written permission of Dell Technologies is prohibited.

下午好，歡迎來到戴爾科技公司 2019 財年第三季度收益電話會議。我想通知所有與會者，應 Dell Technologies 的要求，正在對本次通話進行錄音。此廣播是 Dell Technologies Inc. 的版權財產。未經 Dell Technologies 事先書面許可，禁止部分或全部轉播此信息。

As a reminder, the company is also simulcasting this call at investors.delltechnologies.com. A replay of this webcast will be available at the same location for 1 year. (Operator Instructions)

提醒一下，該公司還在 investors.delltechnologies.com 上同時直播了此次電話會議。該網絡廣播的重播將在同一地點提供 1 年。（操作員說明）

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

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

Thanks, Victoria. Good afternoon and evening, and thanks for joining us. With me today is our CFO, Tom Sweet; our Vice Chairman, Products and Operations, Jeff Clarke; and our Treasurer, Tyler Johnson. We posted our third quarter press release and web deck on our website. I encourage you to review these documents for additional perspective. Our third quarter 10-Q will be filed on Monday, December 10.

謝謝，維多利亞。下午好，晚上好，感謝您加入我們。今天和我在一起的是我們的首席財務官 Tom Sweet；我們的產品和運營副主席 Jeff Clarke；以及我們的財務主管 Tyler Johnson。我們在我們的網站上發布了第三季度新聞稿和網絡平台。我鼓勵您查看這些文檔以獲得更多觀點。我們的第三季度 10-Q 將於 12 月 10 日星期一提交。

Let me take a moment to address the pending class V transaction. Following extensive outreach and engagement, on November 15, we announced amendments to the proposed Class V common stock transaction. We filed a supplemental to our definitive Form S-4 on November 26, and we are scheduled to hold a special meeting and stockholder vote on Tuesday, December 11 at 8:00 a.m. Central time. We expect to announce stockholder approval of the transaction on December 11. So today, November 29, would be the first day of the 17-day measurement period for the determination of the volume weighted average price of the Class V common stock. This volume-weighted average price will be used to determine the final exchange ratio to be used in connection with the Class V transaction. In this scenario, we expect the transaction to close in this calendar year with the projected close date and first day of trading for the Class C common stock on the NYSE under the ticker symbol DELL on December 28.

讓我花點時間談談懸而未決的 V 類交易。經過廣泛的外展和參與，我們於 11 月 15 日宣布修訂擬議的 V 類普通股交易。我們於 11 月 26 日提交了最終表格 S-4 的補充文件，我們計劃於 12 月 11 日星期二上午 8 點舉行特別會議和股東投票。中央時間。我們預計將於 12 月 11 日宣布股東批准該交易。因此，今天，即 11 月 29 日，將是確定 V 類普通股成交量加權平均價格的 17 天衡量期的第一天。該成交量加權平均價格將用於確定與 V 類交易相關的最終交換比率。在這種情況下，我們預計交易將在本日曆年完成，預計收盤日期和 12 月 28 日紐約證券交易所股票代碼為 DELL 的 C 類普通股的首日交易。

Before I turn it over to Tom, I'd like to remind you of a few items. 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. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and press release.

在我把它交給湯姆之前，我想提醒你幾件事。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、營業費用、營業收入、淨收入、EBITDA 和調整後的 EBITDA。這些措施與其最直接可比的 GAAP 措施的對賬可以在我們的網絡平台和新聞稿中找到。

Our Q3 non-GAAP operating income includes $2.4 billion of adjustment. A large portion of these are noncash and relate to purchase accounting and amortization of intangible assets. Please refer to the supplemental slides beginning on Slide 22 for details of our non-GAAP adjustments. Please also note that all growth percentages refer to year-over-year unless otherwise specified.

我們第三季度的非 GAAP 營業收入包括 24 億美元的調整。其中很大一部分是非現金的，與無形資產的採購會計和攤銷有關。有關我們的非 GAAP 調整的詳細信息，請參閱從幻燈片 22 開始的補充幻燈片。另請注意，除非另有說明，否則所有增長百分比均指同比。

Finally, I would 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. Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in our Cautionary Statement section in our web deck. We assume no obligation to update our forward-looking statements.

最後，我想提醒您，本次電話會議期間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。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進行了討論。我們沒有義務更新我們的前瞻性陳述。

With that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

Thanks, Rob. Today, Dell Technologies has assembled a broad set of capabilities that are differentiated within the industries and drive an attractive financial model. We are running the business in a disciplined way for the long term, with our primary focus on relative growth and share gain and the optimization of cash flow. Our capital structure is efficient, drives flexibility, and we continue to focus our capital allocation framework on debt reduction. We are in the midst of a technology-led investment cycle driven by digital transformation and the enormous amount of data that is getting created every day. Our focus and investments are centered on data and the enablement through our technologies to help our customers digitally transform and drive their businesses forward. We are investing for long-term growth. We believe we have a differentiated portfolio in its breadth and capability, and our customers increasingly see us as a key partner to meet their needs from the edge to the core to the cloud, which is showing up in our results. We delivered another strong quarter of top line velocity as all 3 of our reportable segments delivered double-digit revenue growth for the third consecutive quarter.

謝謝，羅布。如今，Dell Technologies 已經匯集了一系列廣泛的能力，這些能力在行業內脫穎而出，並推動了具有吸引力的財務模式。從長遠來看，我們以有紀律的方式經營業務，主要關注相對增長和份額收益以及現金流的優化。我們的資本結構高效，具有靈活性，我們繼續將資本配置框架的重點放在減少債務上。我們正處於由數字化轉型和每天產生的大量數據驅動的技術主導的投資週期中。我們的重點和投資集中在數據和通過我們的技術實現的支持上，以幫助我們的客戶進行數字化轉型並推動他們的業務向前發展。我們正在為長期增長進行投資。我們相信我們在廣度和能力方面擁有差異化的產品組合，我們的客戶越來越多地將我們視為滿足他們從邊緣到核心再到雲的需求的關鍵合作夥伴，這在我們的結果中得到了體現。由於我們所有 3 個可報告分部連續第三個季度實現兩位數的收入增長，我們又實現了另一個強勁的季度收入增長。

GAAP revenue for the quarter was $22.5 billion, up 15%, with a GAAP operating loss of approximately $356 million. As Rob mentioned in his introductory comments, there are many adjustments between GAAP and non-GAAP results. I do want to call out a $190 million goodwill impairment related to Virtustream due to a reset of the long-term business model as we streamline the product portfolio.

本季度 GAAP 收入為 225 億美元，增長 15%，GAAP 營業虧損約為 3.56 億美元。正如 Rob 在他的介紹性評論中提到的那樣，GAAP 和非 GAAP 結果之間存在許多調整。由於我們在精簡產品組合時重置了長期商業模式，我確實想指出與 Virtustream 相關的 1.9 億美元商譽減值。

Non-GAAP revenue was $22.7 billion, up 14%, driven primarily by double-digit growth in servers, commercial client and VMware. Gross margin was up 8% to $7 billion and was 30.9% of revenue, which was down 170 basis points due to mix dynamics within ISG as server results continue to be strong and foreign exchange impacts and supply chain headwinds within CSG.

非 GAAP 收入為 227 億美元，增長 14%，主要受服務器、商業客戶和 VMware 兩位數增長的推動。毛利率增長 8% 至 70 億美元，佔收入的 30.9%，由於 ISG 內部的混合動態而下降 170 個基點，因為服務器結果繼續強勁，外匯影響和 CSG 內部的供應鏈逆風。

Operating expense was $4.9 billion, up 13% and was 21.8% of revenue as our investments layered in, which is consistent with our comments on the Q2 call regarding the back half of this year. As a reminder, these investments are principally focused on go-to-market coverage expansion. Operating income was down 2% to $2.1 billion or 9.1% of revenue. Adjusted EBITDA for the quarter was $2.4 billion or 10.7% of revenue. On a trailing 12-month basis, adjusted EBITDA was $10 billion.

隨著我們投資的增加，營業費用為 49 億美元，增長 13%，佔收入的 21.8%，這與我們對今年下半年第二季度電話會議的評論一致。提醒一下，這些投資主要集中在擴大上市覆蓋範圍。營業收入下降 2% 至 21 億美元，佔收入的 9.1%。本季度調整後的 EBITDA 為 24 億美元，佔收入的 10.7%。在過去 12 個月的基礎上，調整後的 EBITDA 為 100 億美元。

Turning to the business segments. Revenue for the Infrastructure Solutions Group was $8.9 billion, up 19%. The increase was driven by a 30% growth in servers and networking to $5.1 billion and 6% growth in storage to $3.9 billion. This marked the third consecutive quarter of revenue growth for storage as we continue to make progress. Quite frankly, we would have liked to have seen higher growth in storage this quarter, but we do believe we have taken the right actions to drive meaningful long-term improvements in the storage business. We are pleased with the overall server velocity. We continue to see strong demand for our PowerEdge server products and significant increases in server average selling prices, driven by increased acceptance of our 14th generation products and increases in memory and storage content.

轉向業務部門。基礎設施解決方案集團的收入為 89 億美元，增長 19%。這一增長是由服務器和網絡增長 30% 至 51 億美元以及存儲增長 6% 至 39 億美元推動的。隨著我們不斷取得進展，這標誌著存儲收入連續第三個季度增長。坦率地說，我們希望本季度的存儲增長更快，但我們確實相信我們已經採取了正確的行動來推動存儲業務的有意義的長期改進。我們對整體服務器速度感到滿意。我們繼續看到對我們的 PowerEdge 服務器產品的強勁需求和服務器平均售價的顯著上漲，這是由於我們第 14 代產品的接受度提高以及內存和存儲內容的增加。

Operating income for ISG was $935 million or 10.5% of revenue which is down 100 basis points. Similar to the past few quarters, we continue to see a mix shift within ISG to the strength in servers which impacted our overall ISG operating margin percentage.

ISG 的營業收入為 9.35 億美元，佔收入的 10.5%，下降了 100 個基點。與過去幾個季度類似，我們繼續看到 ISG 內部的混合轉變向影響我們整體 ISG 營業利潤率的服務器實力轉變。

Revenue for the Client Solutions Group was up 11% to $10.9 billion. Commercial revenue grew 12% to $7.6 billion, driven by balanced double-digit growth in commercial notebooks, desktops and workstations. Consumer revenue was $3.3 billion, up 8% primarily due to strength in notebooks.

客戶解決方案集團的收入增長了 11%，達到 109 億美元。商業收入增長 12% 至 76 億美元，這主要得益於商用筆記本電腦、台式機和工作站的兩位數平衡增長。消費者收入為 33 億美元，增長 8%，這主要歸功於筆記本電腦的強勁增長。

CSG operating income was $447 million or 4.1% of revenue. Operating income was down 29% against a stronger prior period. And though an improvement from Q2, it was still lower than our expectations as the team navigated through foreign exchange and supply chain headwinds. Overall, we continue to be pleased with the business trajectory and relative performance, and we'll continue to focus on relative growth and improving profitability through pricing and go-to-market execution around product mix and attach.

CSG 營業收入為 4.47 億美元，佔收入的 4.1%。營業收入較上一時期下降 29%。儘管與第二季度相比有所改善，但由於團隊克服了外彙和供應鏈的不利因素，它仍然低於我們的預期。總的來說，我們繼續對業務軌跡和相對錶現感到滿意，我們將繼續通過圍繞產品組合和附加的定價和上市執行來關注相對增長和提高盈利能力。

The VMware segment had another strong quarter, delivering $2.2 billion of revenue which was up 15%. Operating income was $768 million or 34.5% of revenue. Based on VMware standalone results reported earlier today, the company had license revenue growth of 17%, driven by broad portfolio strength with license bookings growth up double digits for NSX, in VC and in VxRail and up high single digits for end-user computing and core software-defined data center. Revenue from our other businesses, which includes Pivotal, SecureWorks, RSA Security, Virtustream and Boomi, was $583 million, up 5%.

VMware 部門又迎來了一個強勁的季度，實現了 22 億美元的收入，增長了 15%。營業收入為 7.68 億美元，佔收入的 34.5%。根據今天早些時候報告的 VMware 獨立業績，該公司的許可收入增長了 17%，這得益於廣泛的產品組合實力，NSX、VC 和 VxRail 的許可預訂量增長了兩位數，最終用戶計算和核心軟件定義數據中心。我們其他業務（包括 Pivotal、SecureWorks、RSA Security、Virtustream 和 Boomi）的收入為 5.83 億美元，增長 5%。

Now I'll turn it over to Tyler to walk you through our capital structure.

現在我將把它交給泰勒，讓您了解我們的資本結構。

Thanks, Tom. In the third quarter, we generated cash flow from operations of $833 million. It is typical that cash flow was lower in Q3 due to the seasonal decline in revenue, and this follows a strong cash performance we saw in Q2. In addition, Q3 cash flow was impacted by higher inventory as a result of overall business growth, holiday seasonality and supply chain dynamics. We expect these working capital dynamics to be temporary, but the impacts could last a few more quarters.

謝謝，湯姆。第三季度，我們產生了 8.33 億美元的運營現金流。由於收入的季節性下降，第三季度的現金流量較低是典型的，這是在我們看到第二季度的強勁現金表現之後。此外，由於整體業務增長、假期季節性和供應鏈動態，第三季度現金流受到較高庫存的影響。我們預計這些營運資金動態是暫時的，但影響可能會持續幾個季度。

On a trailing 12-month basis, cash flow from operations was $7.7 billion, and we ended Q3 with a cash and investments balance of approximately $20.4 billion. Deferred revenue was $22.1 billion, up approximately $3.3 billion year-over-year and growing slightly faster than top line revenue. Deferred revenue growth reflects higher hardware and software maintenance from growth in the business.

在過去 12 個月的基礎上，運營現金流為 77 億美元，我們在第三季度末的現金和投資餘額約為 204 億美元。遞延收入為 221 億美元，同比增長約 33 億美元，增長速度略快於收入增長。遞延收入增長反映了業務增長帶來的更高的硬件和軟件維護。

During Q3, we repaid $1.2 billion of debt, which included prepaying the outstanding balance of our term loan A3 scheduled to mature in December of this year, plus another approximately $100 million of amortization. Our core debt balance ended the quarter at $36.2 billion. Net core debt, which is core debt less cash and investments, excluding unrestricted subsidiaries, ended the quarter at $30.2 billion. Total debt decreased to $49.4 billion, down approximately $940 million compared to the prior quarter due to our debt repayment, partially offset by an increase of approximately $350 million in DFS debt. Dell Financial Services originations were $1.6 billion, essentially flat year-over-year as the business begins to normalize after the EMC integration. We finished the third quarter with financing receivables of $8.1 billion, which was up $1.1 billion or 16% compared to Q3 of last year. These receivables are funded by $7.1 billion of noncore debt, mainly through securitization.

在第三季度，我們償還了 12 億美元的債務，其中包括預付定於今年 12 月到期的定期貸款 A3 的未償餘額，以及另外約 1 億美元的攤銷。本季度末我們的核心債務餘額為 362 億美元。淨核心債務，即核心債務減去現金和投資，不包括不受限制的子公司，在本季度結束時為 302 億美元。由於我們的債務償還，總債務減少至 494 億美元，與上一季度相比減少約 9.4 億美元，部分被 DFS 債務增加約 3.5 億美元所抵消。戴爾金融服務的發起金額為 16 億美元，同比基本持平，因為在 EMC 整合後業務開始正常化。我們在第三季度結束時的應收融資款為 81 億美元，與去年第三季度相比增加了 11 億美元或 16%。這些應收賬款由 71 億美元的非核心債務提供資金，主要通過證券化。

Before I turn the call over to Jeff, let me touch on a couple of points related to the Class V transaction and capital allocation. Assuming investors elect the maximum cash option, our overall cash and investments balance will decline approximately $11 billion in Q4 due to the VMware special dividend paid to stockholders. In addition, as disclosed in our November 15 press release announcing the revised Class B transaction, we have received commitments for up to $5 billion of bridge financing, so our debt balance will increase when we close the transaction, assuming investors elect the maximum cash option. Regarding the permanent financing related to the bridge, we will take a prudent approach minimizing our cost of capital while maintaining a manageable maturity profile.

在我將電話轉給 Jeff 之前，讓我談談與 V 類交易和資本配置相關的幾點。假設投資者選擇最大現金選項，由於 VMware 支付給股東的特別股息，我們第四季度的整體現金和投資餘額將減少約 110 億美元。此外，正如我們在 11 月 15 日宣布修改後的 B 類交易的新聞稿中所披露的那樣，我們已收到高達 50 億美元的過橋融資承諾，因此假設投資者選擇最大現金選項，我們在交易結束時的債務餘額將會增加.關於與橋樑相關的永久性融資，我們將採取審慎的方式將我們的資本成本降至最低，同時保持可控的期限狀況。

We remain committed to deleveraging and achieving investment grade ratings from the rating agencies, but we acknowledge that timing may now be delayed. We believe the incremental debt associated with this unique transaction is appropriate. Hoping to further align economic and the equity interest within Dell Technologies as we look at the long-term framework of the company. We will continue to run the same financial model built around free cash flow generation which has enabled a significant amount of deleveraging to date. Our capital allocation strategy remains unchanged with the majority being used to reduce debt. Since closing the EMC transaction, we've paid down approximately $14.4 billion of gross debt, excluding DFS-related and subsidiary debt, while continuing to make appropriate and timely business investments.

我們仍然致力於去槓桿化並獲得評級機構的投資級評級，但我們承認現在時機可能會推遲。我們認為與這一獨特交易相關的增量債務是合適的。在我們審視公司的長期框架時，希望進一步協調戴爾科技集團內部的經濟利益和股權利益。我們將繼續運行圍繞自由現金流生成構建的相同財務模型，該模型迄今已實現大量去槓桿化。我們的資本配置策略保持不變，大部分用於減少債務。自完成 EMC 交易以來，我們已經償還了大約 144 億美元的總債務，不包括與 DFS 相關的債務和附屬債務，同時繼續進行適當和及時的業務投資。

As we look forward to FY '20, our intent is to pay down the full $4.8 billion coming due using a combination of free cash flow generation, balance sheet cash and short-term revolver draw. We will also continue to evaluate refinancing opportunities as we optimize our capital structure.

當我們展望 20 財年時，我們的目的是通過自由現金流生成、資產負債表現金和短期循環提款相結合的方式全額支付即將到期的 48 億美元。我們還將在優化資本結構的同時繼續評估再融資機會。

With that, let me turn it over to Jeff to discuss the operational highlights for ISG and CSG.

有了這個，讓我把它交給傑夫來討論 ISG 和 CSG 的運營重點。

Thanks, Tyler, and good evening, everyone. At our Analyst Day in September, you heard us talk about the data era, and that -- and how that data is creating new opportunities and trends in artificial intelligence, machine learning, 5G and edge computing. The data era is creating a new set of IT requirements in how that data is managed, stored, analyzed, secured and protected, presenting an exciting opportunity for Dell Technologies. We are seeing this opportunity translate into our businesses, adding more than 75,000 new buyers year-to-date across our commercial enterprise sales organizations.

謝謝，泰勒，大家晚上好。在 9 月份的分析師日上，您聽到我們談論數據時代，以及數據如何在人工智能、機器學習、5G 和邊緣計算方面創造新的機會和趨勢。數據時代對如何管理、存儲、分析、保護和保護數據提出了一系列新的 IT 要求，這為 Dell Technologies 帶來了激動人心的機遇。我們看到這個機會轉化為我們的業務，今年迄今為止在我們的商業企業銷售組織中增加了超過 75,000 名新買家。

Moving to the businesses. We are pleased with the results for the ISG segment, which delivered its third consecutive quarter of double-digit revenue growth. Storage had its third straight quarter of positive growth and servers and networking delivered its eighth consecutive quarter of growth. ISG operating income grew 7% to $935 million, which was slower than revenue growth but consistent with the server, storage and mix dynamics within ISG.

轉向企業。我們對 ISG 部門的業績感到滿意，該部門連續第三個季度實現兩位數的收入增長。存儲連續第三個季度實現正增長，服務器和網絡連續第八個季度實現增長。ISG 營業收入增長 7% 至 9.35 億美元，低於收入增長速度，但與 ISG 內部的服務器、存儲和組合動態一致。

Storage revenue was up 6% in the quarter. We saw double-digit growth in demand for high-end, file-based and all-flash storage. As Tom said, we would have liked to have seen our storage business grow faster. We continue to focus on accelerating the velocity and midrange storage through significant investments in our go-to-market engine to increase capacity and coverage, focused innovation to increase the competitiveness of the portfolio and working towards a new midrange product that is expected to be available by the end of next year.

本季度存儲收入增長了 6%。我們看到對高端、基於文件和全閃存存儲的需求呈兩位數增長。正如湯姆所說，我們希望看到我們的存儲業務增長得更快。我們繼續專注於加快速度和中端存儲，通過對我們的上市引擎進行大量投資以增加容量和覆蓋範圍，集中創新以提高產品組合的競爭力，並致力於開發預計可用的新中端產品到明年年底。

We continue to see strong demand for our market-leading hyperconverged portfolio and other software-defined offers. Our VxRail offering saw triple-digit growth again this quarter -- of this quarter on a demand basis, and now is well above a $1 million -- $1 billion run rate. For servers, we are pleased with the continued strength of our business. We saw double-digit growth in both server units and the average selling prices. IDC is forecasting continued growth and TAM expansion as their expected revenue growth of 24% from mainstream servers for calendar year 2018.

我們繼續看到對我們市場領先的超融合產品組合和其他軟件定義產品的強勁需求。我們的 VxRail 產品在本季度再次實現了三位數的增長——本季度的需求增長，現在遠高於 100 萬美元——10 億美元的運行率。對於服務器，我們對我們業務的持續實力感到滿意。我們看到服務器單位和平均售價都實現了兩位數的增長。IDC 預測 2018 日曆年主流服務器的預期收入將增長 24%，因此 TAM 將持續增長。

We are advancing our multi-cloud strategy with a broad portfolio of solutions and services supporting hybrid, on- and off-premise private and public cloud offerings, and Dell is -- Dell EMC is the #1 IT infrastructure provider in the world, offering a wide variety of cloud platforms, cloud-enabled infrastructure, consumption models and services all from one place.

我們正在推進我們的多雲戰略，提供廣泛的解決方案和服務組合，支持混合、內部和外部私有云和公共雲產品，戴爾是——戴爾易安信是全球排名第一的 IT 基礎架構提供商，提供各種各樣的雲平台、支持雲的基礎設施、消費模型和服務都來自一個地方。

Shifting to CSG. We had another strong quarter of a double-digit revenue growth in our commercial notebooks, desktops, workstations and our high-end consumer notebooks. Client software and peripherals continue to be a highlight with double-digit revenue growth in displays and high single-digit growth in client peripherals. Operating income from CSG continues to be a focus area as we focus -- or as we focus on balanced growth and profitability while managing through a few external headwinds, including foreign exchange fluctuation and supply chain challenges.

轉向南玻。我們的商用筆記本電腦、台式機、工作站和高端消費筆記本電腦的收入又實現了兩位數的強勁增長。客戶端軟件和外圍設備繼續成為亮點，顯示器收入實現兩位數增長，客戶端外圍設備實現高個位數增長。CSG 的營業收入仍然是我們關注的重點領域 - 或者因為我們專注於平衡增長和盈利能力，同時管理一些外部逆風，包括外匯波動和供應鏈挑戰。

We are pleased to see CSG profitability improve quarter-over-quarter, and we are able -- excuse me, as we are able to successfully manage some of the macro headwinds already discussed through repricing, and we saw a slight deflationary cost environment that helped us.

我們很高興看到 CSG 的盈利能力環比提高，我們能夠——對不起，因為我們能夠通過重新定價成功地管理一些已經討論過的宏觀逆風，而且我們看到輕微的通貨緊縮成本環境有助於我們。

Looking at the broader PC industry. Unit growth was 0.2% for calendar Q3, according to IDC. Dell significantly outperformed the worldwide industry growing units 5.8% in calendar Q3, delivering above-industry growth in desktops, notebooks and in total commercial PCs. We increased our global PC share on a year-over-year basis for the 23rd consecutive quarter as we gained 90 basis points of unit share gain -- or unit share worldwide.

放眼更廣泛的個人電腦行業。根據 IDC 的數據，第三季度的單位增長率為 0.2%。戴爾在日曆第三季度的表現明顯優於全球行業增長 5.8%，在台式機、筆記本電腦和商用 PC 總量方面實現了高於行業的增長。由於我們獲得了 90 個基點的單位份額收益 - 或全球單位份額，我們連續第 23 個季度同比增加了我們的全球 PC 份額。

We continue to believe the industry is in a Windows 10 refresh cycle. We are the industry leader on workstations and displays worldwide. In calendar Q3, according to IDC, Dell outgrew the industry workstation units with 13% growth. We saw positive year-over-year growth in every region and double-digit growth in both fixed and mobile workstation form factors. For displays, Dell outgrew the industry in calendar Q3 based on display search data to maintain its #1 ranking for the 22nd consecutive quarter.

我們仍然相信該行業正處於 Windows 10 更新周期。我們是全球工作站和顯示器的行業領導者。根據 IDC 的數據，在日曆第三季度，戴爾以 13% 的增長率超過了行業工作站單位。我們在每個地區都看到了同比正增長，並且固定和移動工作站外形尺寸都實現了兩位數的增長。對於顯示器，根據顯示器搜索數據，戴爾在日曆第三季度的增長超過了行業，連續第 22 個季度保持其第一名的排名。

We are focused on modernizing IT through innovation to drive better business outcomes using data-driven artificial intelligence and machine-learning technologies. We offer massively scalable, easily managed, high-performance systems that can support both traditional and data intensive emerging workflows for multiple use cases and verticals, including automotive, financial services, manufacturing and health care. And we do this in a landscape that continues to evolve with more and more data being generated at the edge. Our end-to-end portfolio positions us and our customers well to take on these opportunities in the data era.

我們專注於通過創新實現 IT 現代化，以使用數據驅動的人工智能和機器學習技術推動更好的業務成果。我們提供可大規模擴展、易於管理的高性能係統，可以支持傳統和數據密集型新興工作流，適用於多個用例和垂直行業，包括汽車、金融服務、製造和醫療保健。隨著越來越多的數據在邊緣生成，我們在不斷發展的環境中這樣做。我們的端到端產品組合使我們和我們的客戶能夠很好地把握數據時代的這些機遇。

We continue to collaborate with VMware and have aligned our development teams around 6 key innovation areas to bring higher value software to our customers. The areas include: compute; software-defined storage; software-defined networking, hyperconverged, cloud and Workspace ONE. Earlier this month, at VMworld Europe, we announced enhancements to the VxRail and the VxBlock System 1000 designed to help customers further automate their operations of their operations in the modern data center in their hybrid cloud environments. This collaboration, along with the work that we are doing with SecureWorks, Boomi and RSA, is a clear example how we are truly Better Together, deliver best-in-class solutions for our customers.

我們繼續與 VMware 合作，並圍繞 6 個關鍵創新領域調整我們的開發團隊，為我們的客戶帶來更高價值的軟件。這些領域包括：計算；軟件定義存儲；軟件定義網絡、超融合、雲和 Workspace ONE。本月早些時候，在 VMworld Europe 上，我們宣布了 VxRail 和 VxBlock System 1000 的增強功能，旨在幫助客戶在其混合雲環境中的現代數據中心進一步實現運營自動化。這種合作，連同我們與 SecureWorks、Boomi 和 RSA 的合作，清楚地表明了我們如何真正攜手合作，為我們的客戶提供一流的解決方案。

In closing, earlier this month, we met with industry analysts in Chicago and the response to our strategy and custom positioning was very positive. We are pleased with the performance in the business so far this year and remain focused on executing our strategy as we finish out FY '19 and look ahead to FY '20. We made the right decisions for long-term growth and are confident we have the broadest and most advanced portfolio to help customers with their digital transformations.

最後，本月早些時候，我們在芝加哥會見了行業分析師，他們對我們的戰略和定制定位的反應非常積極。我們對今年迄今為止的業務表現感到滿意，並在我們完成 19 財年並展望 20 財年時繼續專注於執行我們的戰略。我們為長期增長做出了正確的決定，並且相信我們擁有最廣泛和最先進的產品組合來幫助客戶進行數字化轉型。

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

有了這個，讓我把它轉回給湯姆。

Thanks, Jeff. Looking forward, we are confident in the business. Customer receptivity to the Dell Technologies set of solutions is strong. And the global macroeconomic environment is still positive, albeit with headwinds as we look around the globe. Overall, we're optimistic about the market opportunity, and we will continue executing our strategic areas of focus. As a reminder, these include: growing above the market and driving share gains; generating strong cash flow and delevering the balance sheet; executing in ISG and driving profitability by balancing growth, margins; and being a trusted partner for our customers by listening and addressing their needs with our full range of capabilities.

謝謝，傑夫。展望未來，我們對業務充滿信心。客戶對 Dell Technologies 系列解決方案的接受度很高。全球宏觀經濟環境仍然是積極的，儘管在我們環顧全球時存在不利因素。總的來說，我們對市場機會持樂觀態度，我們將繼續執行我們的戰略重點領域。提醒一下，這些包括：超越市場增長並推動份額增長；產生強勁的現金流並去槓桿化資產負債表；在 ISG 中執行並通過平衡增長、利潤來提高盈利能力；並通過我們的全方位能力傾聽和滿足客戶的需求，成為客戶值得信賴的合作夥伴。

As we look to close out fiscal '19, our guidance for the full year is unchanged: we expect non-GAAP revenue of between $90.5 billion and $92 billion; non-GAAP operating income between $8.4 billion and $8.8 billion; and non-GAAP net income between $4.9 billion and $5.3 billion. While still very early in the quarter, for the full year, we are trending slightly below the midpoint of the range for revenue and slightly above the midpoint of the range for operating income.

在我們期待結束 19 財年時，我們對全年的指導沒有改變：我們預計非 GAAP 收入在 905 億美元至 920 億美元之間；非 GAAP 營業收入在 84 億美元至 88 億美元之間；非 GAAP 淨收入在 49 億美元至 53 億美元之間。雖然仍處於本季度的早期，但就全年而言，我們的趨勢略低於收入範圍的中點，略高於營業收入範圍的中點。

Given the pending Class V transaction, I want to touch on fiscal '20 and beyond. The long-term financial framework that we provided at the September analyst meeting remains the same. We expect to update our fiscal '20 framework during our earnings call in March. However, here are some early thoughts that I'd like you to consider.

鑑於懸而未決的 V 類交易，我想談談 20 財年及以後的情況。我們在 9 月份的分析師會議上提供的長期財務框架保持不變。我們預計將在 3 月份的財報電話會議上更新我們的 20 財年框架。但是，這裡有一些我希望您考慮的早期想法。

First, we will have an accounting change related to the new leasing standard beginning in Q1. The standard will result in more of the leases Dell originates being accounted for as operating leases, with the associated hardware revenue recognized over time versus upfront in a capital-leased transaction. The leasing standard is prospective, not retroactive for this change, and the impacts will depend upon the mix of the business and other factors.

首先，從第一季度開始，我們將進行與新租賃準則相關的會計變更。該標準將導致戴爾發起的更多租賃被視為經營租賃，相關的硬件收入隨著時間的推移而確認，而不是在資本租賃交易中提前確認。租賃標準是前瞻性的，不追溯這一變化，影響將取決於業務和其他因素的組合。

Our current FY '20 estimate for this new standard will reduce revenue by between $500 million and $1.5 billion and reduce operating income by between $150 million to $250 million. There's no impact on cash, and EBITDA is expected to be marginally higher given the new depreciation will be slightly more than the gross margin reduction in fiscal '20. The P&L impact should normalize over a 3-year period.

我們目前對這一新標準的 FY '20 估計將使收入減少 5 億至 15 億美元，並將營業收入減少 1.5 億至 2.5 億美元。這對現金沒有影響，鑑於新的折舊將略高於 20 財年的毛利率下降，預計 EBITDA 將略高。損益影響應在 3 年內正常化。

Second, we continue to invest in the business in areas such as sales, R&D and our strategically aligned businesses, with these investments layering in during the second half of the current fiscal year and the first part of fiscal '20. We are making these decisions with a disciplined approach and for the -- and for long-term growth of the company, and we expect to start seeing the return on these investments, particularly in sales productivity, as the year progresses.

其次，我們繼續投資於銷售、研發和戰略調整業務等領域的業務，這些投資將在本財年下半年和 20 財年上半年進行。我們正在以一種有紀律的方式做出這些決定——為了公司的長期發展，我們希望隨著時間的推移開始看到這些投資的回報，尤其是在銷售生產力方面。

Third, given the size of our Dell Technologies Capital ventures portfolio, we could experience variability quarter-to-quarter in financing and other due to the mark-to-market accounting rules that went into effect this year. Lastly, pending the continued issuance of regulatory guidance on tax reform, we expect our non-GAAP tax rate to be between 19% and 21%.

第三，考慮到我們 Dell Technologies Capital 風險投資組合的規模，由於今年生效的按市值計算的會計規則，我們可能會在融資和其他方面經歷季度間的變化。最後，在繼續發布稅收改革監管指南之前，我們預計我們的非公認會計原則稅率將在 19% 至 21% 之間。

In closing, we look forward to the stockholder vote on December 11. We believe that the Class V transaction will afford Class B stockholders the opportunity to participate in the future value creation of Dell Technologies through ownership of the Class C common stock. We have made significant investments to position our company to achieve sustainable, long-term growth by creating a leading global end-to-end technology provider with significant scale and comprehensive portfolio of IT hardware, software and services -- service solutions.

最後，我們期待 12 月 11 日的股東投票。我們相信，V 類交易將使 B 類股東有機會通過持有 C 類普通股參與戴爾科技未來的價值創造。我們已進行大量投資，通過創建一家規模龐大且全面的 IT 硬件、軟件和服務（服務解決方案）產品組合的全球領先的端到端技術提供商，使我們的公司能夠實現可持續的長期增長。

As we have communicated in the past, we are managing and running the business for the long term, and we'll make the appropriate investments to ensure we are well positioned for future growth as we enable our customers to meet their business needs of tomorrow.

正如我們過去所傳達的那樣，我們正在長期管理和運營業務，我們將進行適當的投資以確保我們為未來的增長做好準備，因為我們使我們的客戶能夠滿足他們未來的業務需求。

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. Let's get to Q&A. (Operator Instructions) Victoria, can you please introduce the first question.

謝謝，湯姆。讓我們開始問答吧。（操作員說明）維多利亞，你能介紹一下第一個問題嗎？

We'll take our first question from David Eller with Wells Fargo.

我們將從富國銀行的 David Eller 那裡回答我們的第一個問題。

On Slide 17, you kind of put back out the operating income margin expectations you've got over the long term. But I think the -- I think this is the first time we've seen the 14% operating margin guidance for the ISG segment. Could you talk a little bit about expectations for -- I know growing storage is probably your primary growth objective at this point. But how much does it have to outgrow servers and networking to get to that 14% margin over time?

在幻燈片 17 上，您有點放棄了長期的營業收入利潤率預期。但我認為——我認為這是我們第一次看到 ISG 部門 14% 的營業利潤率指導。您能否談談對 - 我知道增加存儲量可能是您目前的主要增長目標的期望。但是隨著時間的推移，服務器和網絡的增長需要多少才能達到 14% 的利潤率？

Look, David. This is Tom. Good question. Look, the way we think about it is we have P&L framework as we think about the various pieces of our business and the various aspects of our business. And so long term, we have a North Star P&L construct for the ISG business that migrates profitability up as we've highlighted in that guidance. And the 2 key drivers around that guidance are going to be the continued growth of storage that we've -- we've had 3 straight quarters now of year-over-year growth in storage. And the longer-term frameworks says that we have to roughly recapture about 60% to 70% of the share loss that we experienced over that -- the previous, I guess, almost 4 years before we started turning the corner this year. And so there is a growth dynamic there within the storage space. The other dynamic around that quite frankly is around -- continuing to migrate up server profitability over time as we talked about in the past. And the actions that we have underway around that as we continue to make sure that our server business is positioned, not only for today, but for the 2021, 2023 time frame.

看，大衛。這是湯姆。好問題。看，我們考慮它的方式是我們在考慮業務的各個部分和業務的各個方面時擁有 P&L 框架。從長遠來看，我們為 ISG 業務建立了北極星損益結構，正如我們在該指南中強調的那樣，它可以提高盈利能力。圍繞該指導的兩個關鍵驅動因素將是我們存儲的持續增長——我們現在已經連續三個季度實現了存儲的同比增長。長期框架表明，我們必須大致重新奪回我們在此期間經歷的大約 60% 至 70% 的份額損失——我猜，在我們今年開始扭轉局面之前將近 4 年。因此，存儲空間內存在增長動力。坦率地說，圍繞這一點的另一個動態是——正如我們過去談到的那樣，隨著時間的推移繼續提高服務器的盈利能力。以及我們圍繞這一點正在採取的行動，因為我們將繼續確保我們的服務器業務定位，不僅針對今天，而且針對 2021 年、2023 年的時間框架。

And maybe a couple of other data points, David. So as Tom said, we lost a share, the business had been declining 15 of the 16 previous quarters. We now have 3 quarters in a row of revenue growth: 10% in Q1, 13% in Q2, 6% in Q3, which at 330 basis points of share in Q1, 100 basis points of share in Q2, we expect, based on what we know, to be able to take share in Q3. We have a trend. In my words and Tom and I often have this conversation, we've stabilized the business that was in decline. We have work to do to continue to grow, and we've talked about this the last several calls. Part of the growth plan is investing in sales capacity and coverage to grow the buyer base. We are committed to grow the buyer base. We need more storage buyers and we are putting in the capacity in both our enterprise and commercial sales organizations to do so. The second linchpin of that was to improve the overall competitiveness of the product. We have done that over the last 14 months increasingly improving the wide, our broad portfolio starting with the refresh of the PowerMax product, the high-end -- highest-performing storage array in the marketplace today and a number of performance improvements along the -- over the years. That is the foundation for us to grow as we move through this framework. The other part of our ISG operating income improvement needs to be continued server improvement. We've talked about this as well, moving up to the higher workloads for the higher margins. We have an internal program that we call server business transformation, which is fundamentally getting us to fit to fight, making our business model more competitive and allowing us to move into the higher value workloads that are emerging today that carry better margins. That's what we're working on.

也許還有其他幾個數據點，大衛。因此，正如湯姆所說，我們失去了份額，該業務在前 16 個季度中有 15 個出現下滑。我們現在連續三個季度實現收入增長：第一季度增長 10%，第二季度增長 13%，第三季度增長 6%，我們預計第一季度增長 330 個基點，第二季度增長 100 個基點，基於我們所知道的，能夠在第三季度分享。我們有一個趨勢。用我的話來說，湯姆和我經常進行這樣的談話，我們已經穩定了下滑的業務。我們有工作要做才能繼續發展，我們在最近幾次電話會議上都談到了這一點。增長計劃的一部分是投資於銷售能力和覆蓋範圍，以擴大買家群。我們致力於擴大買家群。我們需要更多的存儲買家，我們正在為我們的企業和商業銷售組織提供能力。第二個關鍵是提高產品的綜合競爭力。在過去的 14 個月裡，我們已經做到了這一點，從更新 PowerMax 產品開始，我們不斷改進我們廣泛的產品組合，這是當今市場上性能最高的高端存儲陣列，以及一系列性能改進 - - 這些年來。這是我們在這個框架中前進時成長的基礎。我們 ISG 營業收入改善的另一部分需要持續改進服務器。我們也談到了這一點，為了更高的利潤而轉向更高的工作負載。我們有一個稱為服務器業務轉型的內部計劃，它從根本上讓我們適應戰鬥，使我們的商業模式更具競爭力，並允許我們進入當今新興的具有更高利潤率的更高價值的工作負載。這就是我們正在努力的。

Great. And then follow-up question on client solutions. It looks like one of your large competitor's call just a little while ago talked about CPU shortages constraining growth in the first half of '19, tariff expectations, foreign exchange headwinds and all that kind of driving lower cash flow for their computer business. So could you just talk about what you've got embedded for the first half of it, '19, when it comes -- or calendar '19 when it comes to tariffs, FX and any demand impacts there?

偉大的。然後是關於客戶解決方案的後續問題。看起來你的一個大競爭對手的電話就在不久前談到了 CPU 短缺限制 19 年上半年的增長、關稅預期、外匯逆風以及所有這些導致他們的計算機業務現金流下降的問題。那麼你能談談你在它的前半部分嵌入了什麼，'19，當它到來時 - 或者日曆'19 當涉及關稅，外彙和那裡的任何需求影響時？

Look, it's Tom again. We don't give guidance but perhaps maybe, Jeff, could give you some thoughts around how we think about the framework about how we're running the PC business.

看，又是湯姆。我們不提供指導，但也許 Jeff 可以就我們如何思考我們如何運行 PC 業務的框架給你一些想法。

Sure. I think there were -- or several questions in there. If you think about the framework that we've communicated publicly about our PC business, it's a framework of outperforming the relative -- on a relative basis, outperforming the industry. Roughly 115 basis points. If you look at that as fundamentally how do we perform relative to the rest of the industry, we put that framework in place, you know we're driving this business and the consolidation that is occurring in the PC industry that we are driving it for profit, driving it for scale and driving it for cash flow. Those are the strategic tenets of the business, with a strong influence of innovation to drive differentiation across our various platforms. We do have some headwinds. You named the 3 of them. That's certainly -- I called out there's some supply chain headwinds in the quarter, there's some foreign currency headwinds in the quarter. And clearly, we didn't call out tariffs. There's certainly uncertainty with the tariff picture, but we've successfully, with our supply chain, the optionality that we have, have navigated the current list for tariffs quite successfully. You may not know most of our desktops are already built in North America anyway, so we didn't have a bunch of hurdles to jump through. And where we have incurred in higher cost with tariffs, we have passed that through to end users. Interestingly, we haven't seen an impact or no apparent impact to demand as we've done that. Does that help?

當然。我認為那裡有 - 或幾個問題。如果你想想我們公開傳達的關於我們個人電腦業務的框架，它是一個超越相對的框架——在相對的基礎上，超越了行業。大約115個基點。如果你從根本上看我們相對於行業其他公司的表現如何，我們將這個框架放在適當的位置，你知道我們正在推動這項業務以及我們推動它的 PC 行業正在發生的整合利潤，驅動它的規模和驅動它的現金流。這些是業務的戰略原則，創新的強大影響力推動我們各種平台的差異化。我們確實有一些不利因素。你命名了其中的三個。這當然是——我說本季度有一些供應鏈逆風，本季度有一些外匯逆風。很明顯，我們沒有要求徵收關稅。關稅情況肯定存在不確定性，但我們已經成功地利用我們的供應鏈，我們擁有的可選性，非常成功地駕馭了當前的關稅清單。您可能不知道我們的大部分台式機已經在北美製造，因此我們沒有需要跨越的障礙。在我們因關稅而產生更高成本的地方，我們已將其轉嫁給最終用戶。有趣的是，我們沒有看到對需求的影響或沒有明顯的影響，因為我們已經這樣做了。這有幫助嗎？

Very helpful.

很有幫助。

We'll take our next question from Amit Daryanani from RBC Capital Markets.

我們將從 RBC Capital Markets 的 Amit Daryanani 那裡回答下一個問題。

I guess first, you guys made comments a couple of times in the prepared statements that you wish your storage business grew faster than the 6% number you've had. I'm curious what were the impediments that led to the deceleration versus the 13% and 10% growth you've had for the last 2 quarters? What led to the downtick? And does that kind of reward back as you go into calendar '19?

我想首先，你們在準備好的聲明中多次發表評論說你們希望你們的存儲業務增長速度超過你們所擁有的 6% 的數字。我很好奇，與過去兩個季度 13% 和 10% 的增長率相比，導致減速的障礙是什麼？是什麼導致了下跌？當您進入 19 年日曆時，這種獎勵會回來嗎？

Well, I think I called out specifically, Tom may even as well. It's the performance in the midrange of our portfolio. I believe I've called out we had double-digit performance in high end, and our unstructured portfolio and our all-flash portfolio. It is the midrange portfolio that didn't grow to the degree that we would've liked. It's where we put the most effort in innovation to close the competitive gaps that we would have had over the past year. We feel very good where the portfolio is today as we head into next year. And we think that, combined with this increased capacity and coverage and a focus on increasing the buyer base, is how we're going to drive and grow the storage business into next year. Mind you, it still grew 6%. And given our relative comparison over the last 4 years, I put this into the pleased but certainly not satisfied category. But again, we've stabilized the business with 3 consecutive quarters of growth.

好吧，我想我特地叫了出來，湯姆也可以。這是我們投資組合中端的表現。我相信我已經說過我們在高端、非結構化產品組合和全閃存產品組合方面取得了兩位數的業績。中檔產品組合沒有增長到我們想要的程度。這是我們在創新方面投入最大努力的地方，以縮小我們在過去一年中本應存在的競爭差距。當我們進入明年時，我們對今天的投資組合感覺非常好。我們認為，結合這種增加的容量和覆蓋範圍以及對增加購買者基礎的關注，我們將如何推動和發展存儲業務到明年。請注意，它仍然增長了 6%。鑑於我們過去 4 年的相對比較，我將其歸入滿意但肯定不滿意的類別。但是，我們再次穩定了業務連續三個季度的增長。

And if I could just follow up, when we think about this 14% margin target on the ISG side as we were talking about, is there a revenue run rate that you need to achieve to get there? And secondarily, are there any cost containment efforts that's ongoing that could get some delta from 9% to 14% even if the revenue base doesn't grow? So I know storage is a big focus here, but I'm just trying to understand how much is margin expansion can be done with cost containment versus revenue growth?

如果我可以跟進，當我們考慮 ISG 方面的這個 14% 的利潤率目標時，正如我們正在談論的那樣，是否有您需要達到的收入運行率？其次，是否有任何成本控制措施正在進行，即使收入基礎沒有增長，也可以將增量從 9% 提高到 14%？所以我知道存儲是這裡的一個重點，但我只是想了解通過成本控制與收入增長相比可以實現多少利潤率擴張？

Look, the overall revenue growth framework for the long-term guidance is out there, right? I mean, we provided that framework. So there is anticipated revenue growth. And as Jeff said, we run the business to take share and grow at a premium to the market.

看，長期指導的整體收入增長框架已經出來了，對吧？我的意思是，我們提供了該框架。因此，預期收入會增長。正如傑夫所說，我們經營業務是為了搶占市場份額並以高於市場的價格增長。

And we have a framework by each of the 2 large businesses in ISG that it's relative performance.

我們在 ISG 的兩家大型企業中都有一個框架，它是相對績效的。

So -- and we structured the guidance that way, and you would appreciate this, Amit. Just -- because, look, I'm not smart enough -- or we're not smart enough to call the market what it looks like in FY '20 or '21 or '22, per se. We use IDC and some other third-party industry analysts to help us frame the market opportunity. But then -- but our vision is whatever the market is, we want to grow at a premium to that. Having said that, look, I mean, we continue to think there's some continued efficiency in the cost structure that needs to happen. And I think I've talked about that in the past in the context of, one, we made significant investments back into the business, particularly around go-to-market selling capacity. And so that capacity needs to come up the productivity curve that was in the business case that were presented to us that we approved, which drove the investment. Now to date, as we tracked out those cohorts that have come in from a sales capacity perspective, they are on that productivity curve. But it's early, and that's why you heard me talk about in my framework around FY '20, some thoughts around, hey, look, we knew the back half of this year and early next year was going to be -- we'll have some cost dynamics there as that investment ramps, and we expect that to improve as we go through the year. So we will continue to look for cost efficiencies and drive cost efficiencies. And if you know our history, we have a history of taking out appropriate cost when we need to and making sure that P&L works the way we wanted to work. And we'll continue to look for those opportunities as we move forward. But we do believe, by and large, as it relates to storage in particular, that the opportunity there is growth. And that we need to get back on a consistent, premium-to-market growth trajectory that will allow us to recapture some -- a fair amount of the share loss that we experienced over the last number of years. So that's the playbook that we're running right now.

所以 - 我們以這種方式構建指南，你會很感激，阿米特。只是 - 因為，看，我不夠聰明 - 或者我們不夠聰明，無法稱呼市場本身在 20 財年或 21 財年或 22 財年的樣子。我們使用 IDC 和其他一些第三方行業分析師來幫助我們構建市場機會。但是然後 - 但我們的願景是無論市場是什麼，我們都希望以溢價增長。話雖如此，看，我的意思是，我們仍然認為成本結構需要持續提高效率。我想我過去曾談到過這一點，其中之一，我們對業務進行了大量投資，特別是在上市銷售能力方面。因此，這種能力需要提高我們批准的業務案例中的生產力曲線，這推動了投資。到目前為止，當我們從銷售能力的角度追踪那些進來的人群時，他們處於生產力曲線上。但現在還早，這就是為什麼你聽到我在我的框架中談論 20 財年前後的一些想法，嘿，看，我們知道今年下半年和明年初將是——我們將有隨著投資的增加，那裡出現了一些成本動態，我們預計這一年會有所改善。因此，我們將繼續尋求成本效率並推動成本效率。如果你了解我們的歷史，我們有在需要時扣除適當成本並確保損益按照我們想要的方式運作的歷史。隨著我們的前進，我們將繼續尋找這些機會。但總的來說，我們確實相信，尤其是與存儲相關的領域，存在增長的機會。而且我們需要回到一致的、高於市場的增長軌跡，這將使我們能夠重新奪回一些——我們在過去幾年中經歷的相當數量的份額損失。這就是我們現在正在運行的劇本。

Yes, you called it out, Tom. It's relative performance. We probably communicated an 8- to 9-point premium to industry growth. That lever over a 5-year period, claws back, just as you said, roughly 2/3 of the share loss that we've had over the previous 4 years, and that's the catalyst for growth in our storage business.

是的，你說出來了，湯姆。是相對性能。我們可能傳達了 8 到 9 個點的行業增長溢價。正如您所說，這種槓桿在 5 年期間收回了我們過去 4 年中大約 2/3 的份額損失，這是我們存儲業務增長的催化劑。

We will take our next question from Jeff Harlib with Barclays.

我們將從巴克萊銀行的 Jeff Harlib 那裡回答下一個問題。

Tom, you talked about the global macro economic headwinds. Can you just say if you've seen, particularly in your storage server business, any indications of a slowdown with your customer base? And I also just want to know if the pressure on NAND prices, how that's affecting margins in your storage business?

湯姆，你談到了全球宏觀經濟逆風。您能不能說一下，您是否已經看到，尤其是在您的存儲服務器業務中，有任何跡象表明您的客戶群正在放緩？我也只想知道 NAND 價格的壓力是否會影響您存儲業務的利潤率？

Look, Jeff, let me take the first one and then maybe Jeff and I will tag team the second part of that question. The first part on global economic environment and headwinds. The reality is to date, not really -- other than a few concentrated spots, where perhaps there's been a slight investment pause in certain classes of customers, and a good example of that is U.K. public, given the Brexit dynamic. But in general, not yet. Why I said it the way I said it, though, was because as we look into next year, one, if you flash back 9 months ago, the environment was uniformly positive, right. And there wasn't a lot of chatter around interest rate dynamics, Brexit, although Brexit was clearly there but given the looming time line, it's become more prominent. Some of the macroeconomics or the tariff conversation wasn't in swing then. So there is more noise in the environment is the way I would say it. And what we're concerned about, although we haven't seen it yet, is does that have a cumulative effect on business confidence, right. And we haven't seen it yet, but it's just something we're keeping our eye on as we plan next year, and as we think about where we want to position the business. So look, I was trying to be relatively transparent with you guys just about as we think about the macro, it's still positive. Global growth is forecasted to be mid- to upper 2.5, 2.8 something in that range depending upon which forecast you believe. Now that's down from this year but still positive and still healthy in a relative sense. But it's just something we're keeping our eye on.

聽著，Jeff，讓我回答第一個問題，然後 Jeff 和我可能會給團隊標記這個問題的第二部分。第一部分關於全球經濟環境和逆風。現實是迄今為止，並非如此——除了幾個集中點，某些類別的客戶可能有輕微的投資暫停，考慮到英國脫歐的動態，英國公眾就是一個很好的例子。但總的來說，還沒有。不過，為什麼我這樣說是因為當我們展望明年時，如果你回顧 9 個月前，環境是一致積極的，對吧。關於利率動態、英國脫歐的討論並不多，儘管英國脫歐顯然存在，但鑑於迫在眉睫的時間表，它變得更加突出。一些宏觀經濟學或關稅對話當時還沒有展開。所以我會這樣說，環境中有更多的噪音。我們擔心的是，雖然我們還沒有看到，但這是否會對商業信心產生累積影響，對吧。我們還沒有看到它，但這只是我們在明年計劃以及考慮我們想要定位業務的地方時一直關注的事情。所以看，我試圖對你們保持相對透明，就像我們考慮宏觀一樣，它仍然是積極的。全球增長預計在 2.5 到 2.8 之間，取決於您相信哪個預測。現在這比今年有所下降，但仍然是積極的，相對而言仍然是健康的。但這只是我們一直關注的事情。

Then you have, underneath that, what we believe is a technology-led investment cycle, where this data era that we've referenced in our discussions since September is taking a life on its own where companies are having to invest in modernizing their infrastructure. You asked about are we seeing this on our server business? Our server networking business over the last 4 quarters has grown 32%, 37%, 41%, 34% and 30%. We are seeing mainstream server and on-prem deployment continuing to be strong in the business.

然後，在這之下，我們認為這是一個技術主導的投資週期，自 9 月以來我們在討論中提到的這個數據時代正在自行消亡，公司不得不投資於其基礎設施的現代化。你問我們在我們的服務器業務上看到了嗎？我們的服務器網絡業務在過去 4 個季度增長了 32%、37%、41%、34% 和 30%。我們看到主流服務器和本地部署在業務中繼續保持強勁勢頭。

And then, Jeff, what was the second part of your -- that question?

然後，傑夫，你的問題的第二部分是什麼？

Just with the NAND price pressure, how does that impact the flash -- the solid-state part of your storage business?

僅在 NAND 價格壓力下，這對閃存——存儲業務的固態部分有何影響？

Yes. I'm not sure what price pressure as we think NAND is deflationary right now SSDs...

是的。我不確定價格壓力是多少，因為我們認為 NAND 現在 SSD 處於通貨緊縮狀態......

No, I'm sorry. That's what I meant, deflationary. Yes, if there's any benefit or how that's affecting your margins.

不，我很抱歉。這就是我的意思，通貨緊縮。是的，如果有任何好處或它如何影響您的利潤。

It is benefiting margins. You know our model, we do well on deflationary cost environments from our largest product and most advanced products in storage arrays, use a lot of SSDs all the way down to our PC business. We think there's a deflationary environment for commodities like DRAM, NAND and displays through the first half of next year.

它正在使利潤率受益。你知道我們的模型，我們在通貨緊縮的成本環境中做得很好，從我們最大的產品和最先進的存儲陣列產品，一直到我們的 PC 業務都使用大量 SSD。我們認為，到明年上半年，DRAM、NAND 和顯示器等商品將處於通縮環境。

Okay. And then my follow-up, just transaction cost and other corporate and EBITDA -- adjusted EBITDA calculation have gone up this quarter. I assume some of that is the DVMT transaction. But are there any unusual items there? And how should we look at those line items?

好的。然後我的後續行動，僅交易成本和其他公司和 EBITDA - 調整後的 EBITDA 計算在本季度有所上升。我假設其中一些是 DVMT 交易。但是那裡有什麼不尋常的東西嗎？我們應該如何看待這些訂單項？

Jeff, remember that I highlighted in my talk track the goodwill impairment charge that we took on Virtustream of $190 million, so that's a big part of that change. Noncash, but we needed to reset that business model and some of the solution capability there relative to where we think the market is moving. So that's principally the biggest change.

傑夫，請記住，我在演講中強調了我們對 Virtustream 承擔的 1.9 億美元的商譽減值費用，因此這是該變化的重要組成部分。非現金，但我們需要根據我們認為市場的發展方向重新設置該業務模型和一些解決方案功能。所以這主要是最大的變化。

We'll take our next question from Thomas Egan with JPMorgan.

我們將接受摩根大通的托馬斯·伊根 (Thomas Egan) 的下一個問題。

My first question is -- I know you guys don't give guidance but I wondered, Tom, if you could talk sort of qualitatively about the announcement that Amazon made the other day regarding it's looking to get into the hardware business for private cloud. I think on the VMware call, they talked about 2020 revenues being -- growing 12%. And that included the additional revenue and bookings they expect to get because of that. I know Dell has sort of -- it's sort of a mixed thing for you. You get the upside of VMware and potentially get another competitor in servers and networking. So maybe if you could just talk a little bit about how you're viewing that going into next year. Is that a plus for Dell on the whole? Is it a push? Is it potentially a negative?

我的第一個問題是——我知道你們沒有提供指導，但我想知道，湯姆，你是否可以定性地談談亞馬遜前幾天宣布的關於它希望進入私有云硬件業務的公告。我認為在 VMware 電話會議上，他們談到 2020 年的收入增長 12%。這包括他們希望因此獲得的額外收入和預訂。我知道戴爾有點——這對你來說有點複雜。你獲得了 VMware 的優勢，並有可能在服務器和網絡領域獲得另一個競爭對手。所以也許你可以談談你對明年的看法。總體而言，這對戴爾來說是一個優勢嗎？是推嗎？它可能是負面的嗎？

Look, Tom, great question. Look, I'll let Jeff chime in since it's really his business. But since I get the first answer then...

看，湯姆，好問題。看，我會讓 Jeff 插話，因為這真的是他的事。但是自從我得到第一個答案之後......

You're the boss.

你是老闆。

No, I'm not the boss. So look, I think overall, what we think is that it validates our view of the world, which is it's a multi-cloud, hybrid world, right. And you see the positioning that's happening in the industry around that framework. So look, obviously it's a competitor, but I do think that we've been in that world and I think it just reinforces our view of where technology and how compute is being used and is migrating to. And then, Jeff...

不，我不是老闆。所以看，我認為總的來說，我們認為它驗證了我們對世界的看法，這是一個多雲、混合的世界，對吧。您會看到圍繞該框架在行業中發生的定位。所以看，顯然它是一個競爭對手，但我確實認為我們已經進入了那個世界，我認為它只是加強了我們對技術的看法以及計算的使用和遷移方式。然後，傑夫...

Well, I don't know how to forecast what the revenues and the impacts are or what they're going to do. What I can tell you from our side, it wasn't unexpected. It -- I think from my point of view, it really is a validation of what we've been saying as the world is really a multi-cloud, hybrid world. Not everything is going to go to a handful of public clouds. We think there's multi-cloud hybrid world is certainly where business is going. We are seeing workloads repatriate to on-prem for cost reasons, security reasons and performance reasons. And we think Dell Technologies is positioned quite nicely in this world. If you think about it with Pivotal and our ability to be sort of the tip of the spear of this platform with cloud-native application, in container methodologies to allow our customers to modernize their software stack. You think about Boomi and data integration and our ability to bring that to the platform, all around VMware that we view as a control plane in an operational hub. And this operational hub can expand and extend into private, into public, into [bare metal] deployment. And then if you think about the solutions that we built today around VxRail, VxBlock and VxRack and our ability to take VMware's VCF platform, VNC and the broader VCPP ecosystem, we think we're already doing this work. We can help customers work in a hybrid cloud and multi-cloud world. And you can have this operational hub extend from the edge to the core to the cloud all for one platform from Dell Technologies. So we think we're in a pretty good position of where the technology's moving to. Did that help?

好吧，我不知道如何預測收入和影響是什麼，或者他們將要做什麼。我可以從我們這邊告訴你，這並不意外。它 - 我認為從我的角度來看，這確實是對我們一直在說的驗證，因為世界確實是一個多雲、混合的世界。並不是所有的東西都會進入少數公共雲。我們認為多雲混合世界肯定是業務發展的方向。出於成本原因、安全原因和性能原因，我們看到工作負載被遣返回本地。我們認為 Dell Technologies 在這個世界上的定位非常好。如果你想一想 Pivotal 以及我們在容器方法論中成為雲原生應用程序平台矛頭的能力，讓我們的客戶能夠實現軟件堆棧的現代化。您會想到 Boomi 和數據集成，以及我們將其引入平台的能力，我們將 VMware 視為運營中心的控制平面。這個運營中心可以擴展和擴展到私有、公共和 [裸機] 部署。然後，如果您考慮我們今天圍繞 VxRail、VxBlock 和 VxRack 構建的解決方案，以及我們採用 VMware 的 VCF 平台、VNC 和更廣泛的 VCPP 生態系統的能力，我們認為我們已經在做這項工作。我們可以幫助客戶在混合雲和多雲世界中工作。您可以讓這個運營中心從邊緣擴展到核心再到雲，所有這些都適用於 Dell Technologies 的一個平台。因此，我們認為我們在技術的發展方向上處於非常有利的位置。那有幫助嗎？

Yes, it did. And then for my follow-up, Tyler, I think that Dell is looking to pay down $4.8 billion coming due in the coming year. And I think you gave a whole bunch of ways you could do it. Free cash flow, refinancing, the revolver. I guess the question I have is how much of that do you think will be free cash flow? In other words, how much would truly be a paydown of debt instead of refinancing somehow? And would you use free cash flow from VMware to take some of that down? Kind of like you used free cash flow from VMware to take down DVMT?

是的，它確實。然後對於我的後續行動，泰勒，我認為戴爾希望支付明年到期的 48 億美元。而且我認為您提供了一大堆可以做到的方法。自由現金流、再融資、左輪手槍。我想我的問題是你認為其中有多少是自由現金流？換句話說，有多少是真正的債務償還而不是再融資？你會使用 VMware 的自由現金流來減少其中的一部分嗎？有點像您使用 VMware 的自由現金流來取消 DVMT？

Yes. This is Tyler. So I apologize, maybe it wasn't clear in terms of my talking points. But really, I guess the way we're thinking about it is, look, our intent is to pay that down and not refinance it. Now you saw a portion of that will come from -- the majority of that will come from free cash flow generation, a portion with a cash that we have on our balance sheet. And then if you remember last year, you'll see the same trend where in Q4, we'll start to build cash and we'll keep that cash and hold it for those June maturities. And then look, because of the timing of cash flow, my expectation is we'll use a little bit of our revolver. And so there's probably -- my expectation is that we'll have some of that revolver outstanding at the end of Q2. And that really depends on where our cash does come in over the course of the next few quarters. But then over the course of Q3 and Q4, we'll pay that revolver back. So I really wouldn't view that or think about that as the refinancing. It's -- we're going to pay that debt down. And as it relates to VMware, I think, look, nothing has really changed in terms of how we operate with VMware. And we want to make sure that, that they're growing their business appropriately. And so there is no intent or plan, I'm not modeling getting any cash from VMware.

是的。這是泰勒。所以我很抱歉，也許就我的談話要點而言並不清楚。但實際上，我想我們考慮的方式是，看，我們的目的是支付首付而不是再融資。現在你看到其中一部分將來自——其中大部分將來自自由現金流的產生，一部分來自我們資產負債表上的現金。然後，如果你還記得去年，你會看到同樣的趨勢，在第四季度，我們將開始積累現金，我們將保留這些現金，並在 6 月到期時持有。然後看，由於現金流的時間安排，我的預期是我們會使用一點左輪手槍。所以可能 - 我的期望是我們將在第二季度末有一些優秀的左輪手槍。這實際上取決於我們的現金在接下來的幾個季度中的來源。但是在第三季度和第四季度的過程中，我們將償還那筆左輪手槍。所以我真的不會將其視為或考慮為再融資。這是——我們要償還這筆債務。就 VMware 而言，我認為，就我們與 VMware 的運營方式而言，沒有任何真正改變。我們想確保他們正在適當地發展他們的業務。所以沒有意圖或計劃，我沒有模擬從 VMware 獲得任何現金。

We'll take our next question from Shannon Cross with Cross Research.

我們將從 Cross Research 的 Shannon Cross 那裡回答下一個問題。

My first is regarding the accounting change you expect in Q1 just to make sure that we understand exactly as you're hopefully at least going to be publicly traded after December. The first quarter, I believe, Tom, you said $500 million to $1.5 billion impact, was that annual? And is there any seasonality that we should think about as we look at that?

我首先是關於您期望在第一季度進行的會計變更，以確保我們完全理解您希望至少在 12 月之後公開交易的情況。第一季度，我相信，湯姆，你說 5 億到 15 億美元的影響，是年度嗎？在我們看的時候，我們應該考慮什麼季節性嗎？

Shannon. It's -- the numbers I gave you were for a full year estimate, right, so for all of fiscal '20. The seasonality will follow the seasonality of the business because it will depend upon within the revenue streams that are coming in, what part of that is financed through DFS and then what part of those will fall into a lease construct that was previously a capital lease but will now be -- have to be accounted for as an operating lease. Let me do highlight, though, there is no impact on cash. This is a financial statement presentation perspective and that EBITDA will actually be slightly higher as we think about the full year. But I was trying to make sure that you guys as you begin to think about building models for what will we assume will be at some point of publicly traded Class C that the guidance framework that we put out earlier in the year, which gave you those sort of long-term frameworks, did not have in it the impact of the leasing standard change. And so that's -- we're trying to give you some air cover to help you think your way through that.

香農。這是 - 我給你的數字是全年估計，對，所以對於整個 20 財年。季節性將遵循業務的季節性，因為它將取決於即將到來的收入流，其中哪些部分是通過 DFS 融資的，然後哪些部分將屬於租賃結構，該租賃結構以前是資本租賃但現在將 - 必須作為經營租賃進行會計處理。不過，讓我強調一下，這對現金沒有影響。這是財務報表的呈現角度，考慮到全年，EBITDA 實際上會略高。但我試圖確保你們在開始考慮為我們假設的模型建立模型時，我們假設在公開交易的 C 類股票的某個時候，我們在今年早些時候推出的指導框架，它給了你那些一種長期框架，沒有租賃標準變化的影響。所以這就是 - 我們正試圖為您提供一些空氣掩護，以幫助您思考解決問題的方法。

And just to be clear, you're not -- there's no -- you said it's prospective not retrospective so it will just change going forward?

需要明確的是，你不是——沒有——你說它是前瞻性的而不是回顧性的，所以它只會改變未來嗎？

That's correct. It's prospective. So I'll get those words out properly.

這是正確的。這是有前途的。所以我會正確地說出這些話。

Great. And then, Jeff, can you talk a bit about what's going on with Intel? We just got off HP's call, and clearly, they're expecting both in the high and the low end to see some pressure related to CPU shortages. So from your standpoint, did you start to see it this quarter? Can you give us some idea of magnitude? Just what can you tell us about what's going on there?

偉大的。然後，傑夫，你能談談英特爾的情況嗎？我們剛剛接到惠普的電話，很明顯，他們預計高端和低端都會看到一些與 CPU 短缺相關的壓力。那麼從您的角度來看，您是否在本季度開始看到它？你能給我們一些關於量級的概念嗎？你能告訴我們那裡發生了什麼嗎？

Well, they're probably better able to tell you what's going on at Intel, let's see, look, I'm sure you've heard from my competitors or our -- say, our competitors, they're supply constrained. There's no doubt. There's no denial that there is tightness in CPUs. And we have seen that, and we've seen that across a range of SKUs. We are working real time as you expect us to do. We believe, with our direct model, we have a lot of ability to be able to shape demand. We haven't built this stuff months in advance, and we're stuck with what was coming, so we had the ability to dynamically shape with our direct model and sell configurations that we can build. We are doing that. We are changing lead time. We are adjusting price to throttle demand in areas where we're short. And certainly, pricing where we have parts, so we can create demand there. We've incurred cost to do that, particularly what happens is we are having to airfreight and expedite in the supply chain, which is the reference I made about the added cost in our model or in our business of being able to build flexibility. We see that. I see it today. I see it through Q4. It will be a challenge throughout the quarter. We believe we have positioned ourselves appropriately. I don't see any apparent impact to demand, and we're going to continue to help with our -- or help deliver to our customers when they give us the luxury of taking their order. So we're working through it. Is that a challenge? Of course, it is. We, again, are literally dynamically working this every single day. If you go to the website, we are changing lead time, we are changing price, we're changing configuration based on what we're expecting to have comped, and we're going to continue to do that. I don't know if that helped answer your question.

好吧，他們可能更能告訴你英特爾的情況，讓我們看看，看，我確定你已經從我的競爭對手或我們的競爭對手那裡聽說過——比如說，我們的競爭對手，他們的供應受到限制。毫無疑問。不可否認 CPU 中存在嚴密性。我們已經看到了這一點，並且我們已經在一系列 SKU 中看到了這一點。正如您所期望的那樣，我們正在實時工作。我們相信，憑藉我們的直接模式，我們有很大的能力來塑造需求。我們沒有提前幾個月構建這些東西，我們被即將發生的事情所困，所以我們有能力使用我們的直接模型動態塑造並銷售我們可以構建的配置。我們正在這樣做。我們正在更改交貨時間。我們正在調整價格以抑制我們短缺地區的需求。當然，在我們有零件的地方定價，這樣我們就可以在那裡創造需求。我們為此付出了成本，特別是我們必須在供應鏈中進行空運和加速，這是我對我們的模型或我們能夠建立靈活性的業務中增加的成本所做的參考。我們看到了。我今天看到了。我通過Q4看到了它。這將是整個季度的挑戰。我們相信我們已經恰當地定位了自己。我沒有看到對需求有任何明顯影響，我們將繼續幫助我們的 - 或者在他們給我們接受訂單的奢侈時幫助交付給我們的客戶。所以我們正在努力解決它。這是一個挑戰嗎？當然如此。同樣，我們每天都在動態地工作。如果你去網站，我們正在改變交貨時間，我們正在改變價格，我們正在根據我們期望的競爭來改變配置，我們將繼續這樣做。我不知道這是否有助於回答您的問題。

Yes. Thank you for the added insight.

是的。感謝您提供更多見解。

We'll take our next question from Ana Goshko with Bank of America Merrill Lynch.

我們將接受美國銀行美林銀行的 Ana Goshko 的下一個問題。

I wanted to focus on free cash flow a little bit, so I guess it's for Tyler. So in the quarter, you mentioned the pressure, the size of seasonal. It sounds like the biggest one was really inventory as you grapple with and trying to deal with the supply chain issues. And if we do exclude VMware kind of deconsolidate that, and the Dell mothership free cash flow, I think it was negative in the quarter. And then you talked about some continued kind of inventory build up expectations for the next several quarters. So wondering what the expectation is that have that kind of a Dell classic free cash flow turned positive, I guess that's the first question.

我想稍微關註一下自由現金流，所以我想這是給泰勒的。所以在這個季度，你提到了壓力，季節性的大小。聽起來最大的問題實際上是庫存，因為您正在努力應對並試圖處理供應鏈問題。如果我們確實排除了 VMware 的合併，以及戴爾母公司的自由現金流，我認為本季度是負數。然後你談到了一些持續的庫存增加對未來幾個季度的預期。所以想知道這種戴爾經典自由現金流轉正的期望是什麼，我想這是第一個問題。

Yes, yes. Look, I think -- I mean you're 100% correct. I mean, this is a little bit atypical. Although cash flow in Q3, as you know, is -- does tend to trend lower, but the inventory clearly had an impact. And look, we'll work through it. I mean so I think what you'll see is it'll probably take us a few quarters. I mean, the build in inventory was for good reason, and we want to make sure we're in the right position for our customers. And I would expect, probably over the course of the first half of the year next year, we'll have those down to the normal levels that we typically see.

是的是的。看，我認為——我的意思是你 100% 正確。我的意思是，這有點不典型。如您所知，儘管第三季度的現金流確實趨於下降，但庫存顯然產生了影響。看，我們會解決的。我的意思是，所以我認為你會看到它可能需要我們幾個季度。我的意思是，增加庫存是有充分理由的，我們希望確保我們為客戶提供正確的位置。我預計，可能在明年上半年，我們會將這些降至我們通常看到的正常水平。

Yes, Tyler, I just want to make sure everyone understands it. We don't think -- this is not the new normal where we're going to run inventory. There are specific business reasons why we thought it was prudent to add inventory into the balance sheet in order to highlight some supply chain dynamics. We've highlighted the fact that we have to have a strong Q4 seasonally strong. We need to be position for our customers. So -- but this is not the new normal where we are going to run inventory.

是的，泰勒，我只是想確保每個人都明白。我們不認為——這不是我們要運行庫存的新常態。出於特定的商業原因，我們認為將庫存添加到資產負債表以突出一些供應鏈動態是明智的。我們強調了一個事實，即我們必須擁有強勁的第四季度季節性強勢。我們需要為我們的客戶定位。所以 - 但這不是我們要運行庫存的新常態。

Okay. And then just to follow up on that then, So I'm having a little bit of trouble sort of reconciling the answer that you gave to Tom Egan on the ability to repay over $4 billion of debt from free cash flow because without VMware's -- I mean that's not where you guys are tracking. I think last year, the Dell classic business was -- had low $2 billion of free cash flow. That's kind of where you're tracking on a pro rata basis this year. So I'm just -- it seems like your deleveraging plans due to some degree depending to being able to access VMware free cash flow. Wondering why this is off the table.

好的。然後只是跟進，所以我在協調你給 Tom Egan 的答案時遇到了一些麻煩，因為沒有 VMware 的 -我的意思是那不是你們追踪的地方。我認為去年，戴爾經典業務的自由現金流量不足 20 億美元。這就是你今年按比例跟踪的地方。所以我只是——你的去槓桿化計劃似乎在某種程度上取決於能否獲得 VMware 的自由現金流。想知道為什麼這不在討論範圍內。

Well, look, without giving guidance about what we see next year's cash flow as we've modeled this out and forecast this out, I mean, we're going to throw off good cash, and obviously, Q4 is always an up quarter for cash. Q1 tends to be a weaker quarter, and then that's followed by a good Q2. And as I mentioned, we've got over $3 billion, $3.3 billion revolver, which is undrawn and we -- my expectation is we will dip on that, dip into that. It's purely bridging, right. So it's bridging me into that part of the year next year when we do start to generate good cash flow, we typically generate a bit more into the second half of the year. But no -- I mean, once again, based on what I know now and my expectations, we'll be in a good position to pay that down.

好吧，看，沒有給出我們對明年現金流量的指導，因為我們已經對此進行了建模和預測，我的意思是，我們將放棄大量現金，顯然，第四季度總是現金。Q1 往往是一個較弱的季度，然後是一個良好的 Q2。正如我所提到的，我們有超過 30 億美元、33 億美元的左輪手槍，還沒有動用，我們——我的期望是我們會動用它，動用它。這純粹是橋接，對吧。因此，當我們開始產生良好的現金流時，它讓我進入明年的那部分時間，我們通常會在下半年產生更多的現金流。但不——我的意思是，再一次，根據我現在所知道的和我的期望，我們將能夠很好地支付首付。

All right. This is Rob. I'm going to go ahead and take that as an opportunity to make that the last call. Thank you, Ana. Appreciate everyone joining tonight. I wish everyone a happy holiday season and hope you get to spend time with your family and friends. We look forward to an expected close of the transaction in December and expect trading as a Class C common on the 28th under the current scenario that I've described. And we will be out at the Citi conference in Las Vegas in conjunction with CES with Jeff Clarke. So I look forward to seeing some of you there then. Have a great evening.

好的。這是羅布。我將繼續並以此為契機，將其作為最後一次通話。謝謝你，安娜。感謝大家今晚的加入。祝大家假期愉快，並希望您能與家人和朋友共度時光。我們期待 12 月的預期交易結束，並預計在我所描述的當前情況下，28 日以 C 類普通股交易。我們將與 Jeff Clarke 一起參加在拉斯維加斯舉行的 Citi 會議以及 CES。所以我期待著在那裡見到你們中的一些人。祝你有個愉快的夜晚。

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

今天的電話會議到此結束。感謝您的參與，此時您可以斷開連接。