戴爾 (DELL) 2019 Q4 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2019 Fourth Quarter Earnings Conference Call for Dell Technologies Inc.

下午好，歡迎參加戴爾科技公司 2019 財年第四季度收益電話會議。

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

我想通知所有參與者，本次通話是應戴爾科技公司的要求進行錄音的。

This broadcast is the copyrighted property of Dell Technologies Inc.

此廣播是 Dell Technologies Inc. 的版權財產。

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

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

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

提醒一下，該公司還在investors.delltechnologies.com 上同時播放此電話。

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

該網絡廣播的重播將在同一地點提供 1 年。

(Operator Instructions)

（操作員說明）

I'd like to turn the call over to Karen Litzler-Hollier, Director of Investor Relations.

我想把電話轉給投資者關係總監 Karen Litzler-Hollier。

Mrs.

太太。

Litzler-Hollier, you may begin.

Litzler-Hollier，你可以開始了。

Thanks, Erica, and thanks, everyone, for joining us.

謝謝，Erica，也謝謝大家加入我們。

With me today are 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首席財務官 Tom Sweet。我們的產品和運營副董事長 Jeff Clarke；和我們的財務主管泰勒·約翰遜。

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

我們在我們的網站上發布了我們的新聞稿和我們的網絡平台。

I encourage you to review these documents for additional perspective.

我鼓勵您查看這些文檔以獲得更多視角。

Our fiscal 2019 10-K will be filed on Friday, March 29.

我們的 2019 財年 10-K 將於 3 月 29 日星期五提交。

Before I turn it over to Tom, I would like to highlight a few items.

在我把它交給湯姆之前，我想強調一些項目。

During this call, we will reference non-GAAP financial measures, including non-GAAP revenues, gross margin, operating expenses, operating income, net income, EBITDA, adjusted EBITDA and free cash flow metrics.

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、運營費用、運營收入、淨收入、EBITDA、調整後的 EBITDA 和自由現金流指標。

A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and press release.

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 fiscal year '19 and Q4 non-GAAP results exclude the impact of certain adjustments such as purchase accounting, amortization of intangibles, transaction-related expenses as well as fair value equity adjustments and discrete tax items.

我們的 19 財年和第四季度非公認會計準則結果不包括某些調整的影響，例如採購會計、無形資產攤銷、交易相關費用以及公允價值股權調整和離散稅收項目。

The majority of these adjustments are noncash in nature.

這些調整大部分是非現金性質的。

Please refer to the supplemental slides, beginning on Slide 23, for more detail.

有關更多詳細信息，請參閱從幻燈片 23 開始的補充幻燈片。

Our non-GAAP net income now excludes, among other items: fair value or mark-to-market adjustments on equity investments as well as discrete tax items.

我們的非公認會計原則淨收入現在不包括：股權投資的公允價值或市值調整以及離散稅收項目。

We re-evaluated the presentation of non-GAAP net income and made these changes to enhance the comparability of current operating performance to past operating performance.

我們重新評估了非公認會計原則淨收入的列報，並進行了這些更改，以增強當前經營業績與過去經營業績的可比性。

Non-GAAP net income for prior periods has been recast to reflect this change.

以前期間的非公認會計原則淨收入已重新調整以反映這一變化。

Given the Class V transaction, our Q4 and fiscal year '19 non-GAAP EPS numbers are not meaningful.

鑑於 V 類交易，我們的第四季度和 '19 財年非公認會計原則每股收益數據沒有意義。

We have included an adjusted non-GAAP EPS, which reflects non-GAAP EPS as if the Class V transaction had happened at the beginning of the year.

我們已經包括了調整後的非公認會計原則每股收益，它反映了非公認會計原則的每股收益，就好像 V 類交易發生在年初一樣。

The view is most comparable to equity analyst models for Q4.

該觀點與第四季度的股票分析師模型最具可比性。

See Slide 37 in the web deck for more detail.

有關更多詳細信息，請參閱 Web 平台中的幻燈片 37。

We will provide annual non-GAAP guidance for fiscal year '20 later on this call.

我們將在本次電話會議稍後提供 '20 財年的年度非公認會計原則指南。

A reconciliation of these measures to their most directly comparable GAAP measures can be found on Slide 33 in the web deck.

這些措施與它們最直接可比的 GAAP 措施的對賬可以在網頁版的幻燈片 33 上找到。

Please also note that all growth percentages refer to year-over-year change, unless otherwise specified.

另請注意，除非另有說明，否則所有增長百分比均指同比變化。

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

最後，我想提醒您，本次電話會議中與未來結果和事件相關的所有陳述都是基於當前預期的前瞻性陳述。

Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in the Cautionary Statement section in our web deck.

由於存在許多風險和不確定性，實際結果和事件可能與預測的結果和事件存在重大差異，這些風險和不確定性在我們網頁版的警告聲明部分進行了討論。

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

我們不承擔更新我們的前瞻性陳述的義務。

Now I'll turn it over to Tom.

現在我會把它交給湯姆。

Thanks, Karen.

謝謝，凱倫。

We are in the midst of a technology-led investment cycle driven by digital transformation and vast amounts of data created daily.

我們正處於由數字化轉型和每天創建的大量數據驅動的技術主導的投資週期之中。

Our focus is enabling customers to digitally transform and drive their businesses forward.

我們的重點是使客戶能夠進行數字化轉型並推動他們的業務向前發展。

We have a unique portfolio in terms of 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.

我們在廣度和能力方面擁有獨特的產品組合，我們的客戶越來越多地將我們視為關鍵合作夥伴，以滿足他們從邊緣到核心再到雲的需求，這在我們的結果中有所體現。

An example of this is VxRail, combining Dell EMC compute and storage with VMware software, in an industry-leading HCI solution with an approximate $2 billion annual run rate as of Q4.

這方面的一個例子是 VxRail，它將 Dell EMC 計算和存儲與 VMware 軟件相結合，形成行業領先的 HCI 解決方案，截至第四季度的年運行率約為 20 億美元。

Recently, we also created a unique endpoint security solution for commercial PCs through a partnership between Dell and SecureWorks.

最近，我們還通過戴爾和 SecureWorks 之間的合作，為商用 PC 創建了獨特的端點安全解決方案。

We intend to continue driving broader collaboration across our family of businesses to create new solutions to meet our customers' growing needs.

我們打算繼續在我們的企業家族中推動更廣泛的合作，以創建新的解決方案來滿足客戶不斷增長的需求。

I am pleased with our strong fiscal 2019 top line velocity and financial performance.

我對我們強勁的 2019 財年營收速度和財務業績感到滿意。

Our FY '19 revenue was $91.3 billion, up $11 billion or 14%.

我們 19 財年的收入為 913 億美元，增長 110 億美元或 14%。

We drove strong top line velocity with all 3 of our business units, delivering double-digit revenue growth for the full year.

我們通過所有三個業務部門推動了強勁的收入增長，全年實現了兩位數的收入增長。

Jeff will talk about our fiscal year business unit results in greater detail.

Jeff 將更詳細地談論我們的財年業務部門業績。

We delivered operating cash flow of $7 billion and adjusted EBITDA of $10.3 billion or 11.3% of revenue while investing back in the business, including sales coverage to support storage and buyer base expansion.

我們實現了 70 億美元的運營現金流，調整後的 EBITDA 為 103 億美元，佔收入的 11.3%，同時對業務進行了投資，包括支持存儲和擴大買家基礎的銷售範圍。

Since the close of the EMC transaction, we have now paid down $14.6 billion of gross debt, which excludes DFS-related and subsidiary debt.

自 EMC 交易完成以來，我們現在已經償還了 146 億美元的總債務，其中不包括與 DFS 相關的債務和附屬債務。

While we did add $5 billion in debt to close the Class V transaction, I want to emphasize that we are still focused on delevering and getting back to investment-grade ratings.

雖然我們確實增加了 50 億美元的債務來完成 V 類交易，但我想強調的是，我們仍然專注於去槓桿和恢復投資級評級。

Shifting to Q4 results.

轉向第四季度的結果。

Revenue was $24 billion, up 8%, driven primarily by double-digit growth in servers, VMware and strong performance in commercial clients.

收入為 240 億美元，增長 8%，主要得益於服務器、VMware 的兩位數增長以及商業客戶的強勁表現。

Our Q4 deferred revenue was up $1.9 billion sequentially to $24 billion, reflecting higher hardware and software maintenance from growth in the business, particularly storage as we drive our solutions deeper into the data center.

我們第四季度的遞延收入環比增長 19 億美元，達到 240 億美元，這反映了業務增長帶來的更高的硬件和軟件維護，特別是隨著我們將解決方案深入數據中心的存儲。

Gross margin was up 13% to $8 billion or 33.5% of revenue, 140 basis point increase due to higher gross margins in ISG and CSG resulting from pricing discipline and lower commodity costs.

毛利率增長 13% 至 80 億美元或收入的 33.5%，由於定價紀律和商品成本降低導致 ISG 和 CSG 的毛利率提高，因此增長了 140 個基點。

We always saw higher ISG and VMware mix contribution.

我們總是看到更高的 ISG 和 VMware 混合貢獻。

Operating expenses were up 13% to $5.4 billion or 22.4% of revenue.

運營費用增長 13% 至 54 億美元，佔收入的 22.4%。

As mentioned on prior calls, we have been investing in sales capacity and in other areas supporting the customer experience to position ourselves for future growth.

正如之前的電話會議所述，我們一直在投資於銷售能力和其他支持客戶體驗的領域，以便為未來的增長做好準備。

Additionally, variable compensation expense increased given the overall performance of the business.

此外，鑑於業務的整體表現，可變薪酬費用增加。

Operating income was up 12% to $2.7 billion or 11.1% of revenue.

營業收入增長 12% 至 27 億美元，佔收入的 11.1%。

Shifting to our BU results for the quarter.

轉向我們本季度的業務部門業績。

ISG revenue was $9.9 billion, up 10%.

ISG 收入為 99 億美元，增長 10%。

Within ISG, servers and networking revenue was $5.3 billion, up 14%.

在 ISG 中，服務器和網絡收入為 53 億美元，增長 14%。

Storage revenue was $4.6 billion, up 7%.

存儲收入為 46 億美元，增長 7%。

We are pleased with our server velocity.

我們對我們的服務器速度感到滿意。

We continue to see significant increases in average selling prices driven by our 14th generation mix and higher-value workloads requiring more memory and storage content.

在我們的第 14 代產品組合和需要更多內存和存儲內容的高價值工作負載的推動下，我們繼續看到平均售價顯著上漲。

Storage revenue grew for the fourth consecutive quarter.

存儲收入連續第四個季度增長。

We have more work to do but believe we have taken the right actions to drive meaningful, long-term improvements in our storage business.

我們還有更多工作要做，但我們相信我們已經採取了正確的行動來推動我們存儲業務的有意義的、長期的改進。

ISG operating income was $1.3 billion or 12.8% of revenue.

ISG 營業收入為 13 億美元，佔收入的 12.8%。

Operating income was up 110 basis points due to better profitability in storage, servers and networking.

由於存儲、服務器和網絡的盈利能力提高，營業收入增長了 110 個基點。

CSG revenue was $10.9 billion, up 4%.

CSG 收入為 109 億美元，增長 4%。

Within CSG, commercial revenue was $7.8 billion, up 9%, driven by double-digit growth in commercial notebooks and workstations.

在 CSG 內部，商業收入為 78 億美元，增長 9%，這得益於商業筆記本電腦和工作站的兩位數增長。

Consumer revenue was $3.1 billion, down 6% as we shifted our focus toward high-end notebooks and gaming given supply chain dynamics.

鑑於供應鏈動態，我們將重點轉向高端筆記本電腦和遊戲，消費者收入為 31 億美元，下降 6%。

CSG operating income was $555 million or 5.1% of revenue.

CSG 營業收入為 5.55 億美元，佔收入的 5.1%。

We saw better profitability in CSG this quarter due to our mix, pricing and component cost.

由於我們的組合、定價和組件成本，本季度我們看到 CSG 的盈利能力有所提高。

Our VMware business unit revenue was $2.6 billion, up 17%.

我們的 VMware 業務部門收入為 26 億美元，增長 17%。

Operating income was $872 million or 33.1% of revenue.

營業收入為 8.72 億美元，佔收入的 33.1%。

Based on VMware's standalone results reported earlier today, VMware saw broad-based strength across their diverse product portfolio in all 3 geographies.

根據今天早些時候報告的 VMware 獨立結果，VMware 在所有 3 個地區的多樣化產品組合中都看到了廣泛的優勢。

License bookings for the NSX portfolio grew over 50%.

NSX 產品組合的許可證預訂量增長了 50% 以上。

And license bookings for vSAN, which includes vSAN within VxRail, were up over 60% in Q4.

vSAN（包括 VxRail 中的 vSAN）的許可證預訂量在第四季度增長了 60% 以上。

Our other business revenue, which includes Pivotal, SecureWorks, RSA, Virtustream and Boomi, was $593 million, up 5%.

我們的其他業務收入（包括 Pivotal、SecureWorks、RSA、Virtustream 和 Boomi）為 5.93 億美元，增長 5%。

Now let me turn it over to Tyler to update you on cash and our capital structure.

現在讓我把它交給泰勒，讓你了解現金和我們的資本結構。

Thanks, Tom.

謝謝，湯姆。

In the fourth quarter, we generated cash flow from operations of $2.4 billion.

第四季度，我們從運營中產生了 24 億美元的現金流。

As a reminder, Q4 is seasonally high cash flow generation quarter, while Q1 is typically lower due to factors such as revenue seasonality and timing of corporate bonus payouts.

提醒一下，第四季度是季節性現金流量較高的季度，而由於收入季節性和公司獎金支付時間等因素，第一季度通常較低。

During Q4, inclusive of transaction-related fees, we used approximately $500 million to help fund the Class V conversion to the new publicly traded Class C, which impacted both cash performance and ending cash balances.

在第四季度，包括與交易相關的費用，我們使用了大約 5 億美元來幫助將 V 類轉換為新的公開交易的 C 類，這影響了現金業績和期末現金餘額。

For the full year, cash flow from operations was $7 billion, and we ended the year with a cash and investments balance of approximately $10.7 billion.

全年運營現金流為 70 億美元，年末現金和投資餘額約為 107 億美元。

Our fiscal year '19 free cash flow, when adjusted for growth and financing receivables, is $3.4 billion excluding VMware.

我們 19 財年的自由現金流在根據增長和融資應收賬款進行調整後，不包括 VMware 為 34 億美元。

We expect that to grow over the coming years as we continue to improve our overall results.

隨著我們繼續改善整體業績，我們預計未來幾年這一數字將增長。

As a reminder, we initially fund DFS financing receivables with cash on hand, so the growth in DFS impacts our cash flow from operations.

提醒一下，我們最初用手頭現金為 DFS 融資應收賬款提供資金，因此 DFS 的增長會影響我們的運營現金流。

This impact is offset, and cash flows from financing only subsequently fund DFS receivables through a third party.

這種影響被抵消了，融資產生的現金流隨後僅通過第三方為 DFS 應收賬款提供資金。

This metric is an indicator of our cash flow performance, and along with the balance sheet cash, our ability to service debt.

該指標是我們現金流表現的指標，與資產負債表現金一起，是我們償還債務的能力。

Please see Slide 30 in our web deck for the detailed calculation.

有關詳細計算，請參閱我們網頁版中的幻燈片 30。

Although fiscal year '19 cash flow performance was good, it was lower compared to the prior year, largely due to changes in working capital as well as the transaction fees previously mentioned.

儘管 19 財年的現金流表現良好，但與上一年相比有所下降，這主要是由於營運資金的變化以及前面提到的交易費用。

As discussed in our Q3 earnings call, supply chain dynamics led to a temporary increase in our inventory.

正如我們在第三季度財報電話會議中所討論的，供應鏈動態導致我們的庫存暫時增加。

Over FY '20, we expect to see inventory and the associated working capital impact normalize.

在 20 財年，我們預計庫存和相關的營運資金影響會正常化。

Dell Financial Services continue to have record-breaking growth in fiscal year '19 and has now almost doubled its asset base over the last 5 years.

戴爾金融服務在 19 財年繼續實現創紀錄的增長，並且在過去 5 年中其資產基礎幾乎翻了一番。

Fiscal year '19 originations were $7.3 billion, up 17%, and we finished the year with managed assets of $9.7 billion, growing 18%.

19 財年的發起額為 73 億美元，增長了 17%，而我們在這一年結束時管理的資產為 97 億美元，增長了 18%。

Our core debt balance ended the year at $39.3 billion.

我們的核心債務餘額為 393 億美元。

Net core debt, which is core debt less cash and investments excluding unrestricted subsidiaries, ended the year at $32.4 billion.

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，到年底為 324 億美元。

Please see Slide 21 in our web deck for the detailed capitalization table.

請參閱我們網頁版中的幻燈片 21，了解詳細的大小寫表。

We will continue to run the same financial model built around free cash flow generation, which has enabled significant debt paydown to date.

我們將繼續運行圍繞自由現金流生成建立的相同財務模型，該模型迄今已實現大量債務償還。

Our capital allocation strategy remains unchanged.

我們的資本配置策略保持不變。

We are committed to reducing leverage and achieving investment-grade ratings.

我們致力於降低杠桿率並實現投資級評級。

For fiscal year '20, we remain on track to repay approximately $4.8 billion of debt using a combination of free cash flow generation, balance sheet cash and temporary revolver draw to bridge timing of cash flows.

在 20 財年，我們仍有望通過自由現金流產生、資產負債表現金和臨時左輪手槍抽獎來償還約 48 億美元的債務，以彌合現金流的時間安排。

In addition, we have already begun the process of reducing our future maturity [terms] with an initial focus on 2021.

此外，我們已經開始減少未來的成熟度[條款]，最初的重點是 2021 年。

We recently launched the refinancing of our existing $4.1 billion term loan A-2 into a new 5-year term loan [A-6].

我們最近啟動了將現有的 41 億美元定期貸款 A-2 再融資為新的 5 年期定期貸款 [A-6]。

With improved credit market conditions, we intend to smooth out our maturity profile over the coming year while optimizing our capital structure.

隨著信貸市場狀況的改善，我們打算在來年平滑我們的到期狀況，同時優化我們的資本結構。

With that, let me turn it over to Jeff to discuss the operational highlights for our business results.

有了這個，讓我把它交給傑夫來討論我們業務成果的運營亮點。

Thanks, Tyler, and good evening, everyone.

謝謝，泰勒，大家晚上好。

As I reflect on FY '19, we have made great progress in a number of areas.

當我回顧 19 財年時，我們在許多領域都取得了長足的進步。

We delivered profitable share gains across the entire portfolio.

我們在整個投資組合中實現了盈利的份額收益。

We have stabilized ISG and have strengthened the collaboration amongst our family of businesses, including VMware, Pivotal, Boomi and SecureWorks.

我們穩定了 ISG，並加強了我們家族企業之間的合作，包括 VMware、Pivotal、Boomi 和 SecureWorks。

We've expanded our enterprise and commercial buyer base by more than 100,000 with the investments we have made in our go-to-market engine.

通過我們對上市引擎的投資，我們將企業和商業買家基礎擴大了 100,000 多人。

As a result, we saw strong FY '19 growth across all 3 business units with ISG, CSG and VMware growing 19%, 10% and 14%, respectively.

因此，我們看到 19 財年所有 3 個業務部門的強勁增長，其中 ISG、CSG 和 VMware 分別增長 19%、10% 和 14%。

Starting with ISG.

從 ISG 開始。

We are pleased with our performance which included double-digit revenue growth in all 4 quarters.

我們對我們的業績感到滿意，其中包括所有 4 個季度的兩位數收入增長。

Storage P&L revenue was up 9% for the fiscal year.

本財年存儲損益表收入增長了 9%。

We grew our storage business all 4 quarters.

我們的存儲業務增長了四個季度。

Server and networking P&L revenue was up 28% for the fiscal year, and we have delivered 9 consecutive quarters of revenue growth.

本財年服務器和網絡損益收入增長了 28%，我們已經連續 9 個季度實現收入增長。

ISG operating income grew 35% to $4.2 billion or 11.2% of revenue, primarily due to operating leverage on profitability improvements in both storage as well as server and networking.

ISG 營業收入增長 35% 至 42 億美元，佔收入的 11.2%，這主要是由於在存儲以及服務器和網絡方面提高盈利能力的運營槓桿。

We have had strong ISG share performance throughout the year.

我們全年都有強勁的 ISG 股票表現。

In storage, we have now gained share for 3 straight quarters and over 300 basis points, more than anyone else in the marketplace through the first 3 quarters of 2018 according to IDC.

根據 IDC 的數據，在存儲方面，我們現在連續三個季度獲得了超過 300 個基點的份額，超過了 2018 年前三個季度的市場份額。

During Q1 to Q3 time frame, industry revenue grew $2.5 billion, and we have captured $1.3 billion of that growth.

在第一季度到第三季度的時間框架內，行業收入增長了 25 億美元，我們已經獲得了其中的 13 億美元。

We expect to grow share again in calendar Q4 and for the full year when IDC release its storage share results in March.

我們預計在 IDC 於 3 月份發布其存儲份額結果時，第四季度和全年的份額將再次增長。

We continue to see strong demand for our industry-leading hyperconverged solutions and other software-defined offers.

我們繼續看到對我們行業領先的超融合解決方案和其他軟件定義產品的強勁需求。

Our VxRail offering grew triple digits again this quarter, and we have increased our industry-leading HCI share 320 basis points year-to-date through calendar year -- or through calendar Q3 of 2018.

我們的 VxRail 產品在本季度再次增長了三位數，從年初至今到日曆年或到 2018 年第三季度，我們行業領先的 HCI 份額增加了 320 個基點。

We've increased our main share -- server revenue share by 140 basis points in 2018 through Q3 and extended our share leadership over our nearest competitor by over 4 points according to IDC.

根據 IDC 的數據，我們在 2018 年第三季度將我們的主要份額——服務器收入份額增加了 140 個基點，並將我們對最接近的競爭對手的份額領先優勢擴大了 4 個百分點以上。

We expect to gain share again in Q4 when IDC releases their results in March.

當 IDC 在 3 月份發佈業績時，我們預計將在第四季度再次獲得份額。

We remain encouraged by the market opportunity as we think about the evolving impact of multi-cloud and IT spending.

當我們考慮多雲和 IT 支出的不斷變化的影響時，我們仍然對市場機會感到鼓舞。

We expect the public cloud to continue growing, and our momentum is a clear indicator that a healthy combination of on-prem and off-prem investment is critical in our customer's IT strategy.

我們預計公共雲將繼續增長，我們的勢頭清楚地表明，本地和非本地投資的健康組合對於我們客戶的 IT 戰略至關重要。

Organizations are adopting a multi-cloud approach.

組織正在採用多雲方法。

According to IDC, 93% of organizations today use multi-clouds with an average of 5 or more different cloud architectures.

根據 IDC 的數據，如今 93% 的組織使用平均具有 5 個或更多不同雲架構的多雲。

Customers increasingly need consistency in physical and virtual infrastructure and in their cloud operations.

客戶越來越需要物理和虛擬基礎架構以及雲操作的一致性。

By running workloads in the cloud, in the core and now at the edge, there is significant complexity with disparate tools, data management and SLAs.

通過在雲、核心和現在的邊緣運行工作負載，不同的工具、數據管理和 SLA 存在顯著的複雜性。

This provides a big opportunity for us across VMware, Pivotal, Boomi and Dell EMC to deliver solutions for our customers' multi-cloud needs.

這為我們跨 VMware、Pivotal、Boomi 和 Dell EMC 提供了一個巨大的機會，為我們客戶的多雲需求提供解決方案。

Shifting to CSG.

轉向 CSG。

Revenue grew 10%.

收入增長 10%。

We had a strong year with double-digit revenue growth in our commercial notebooks and workstations, our high-end consumer notebooks and displays as we continue to innovate with differentiated products and solutions such as the XPS 13, the all-new Latitude 7400 2-in-1 and our Alienware portfolio.

我們的商用筆記本電腦和工作站、高端消費筆記本電腦和顯示器實現了兩位數的收入增長強勁，因為我們繼續通過差異化產品和解決方案進行創新，例如 XPS 13、全新的 Latitude 7400 2- in-1 和我們的 Alienware 產品組合。

At CES last month, we won 144 awards, our most ever and more than any other competitor, indicative of our leadership in PC design and innovation.

在上個月的 CES 上，我們贏得了 144 個獎項，這是我們有史以來最多的，也是比其他任何競爭對手都多的，這表明我們在 PC 設計和創新方面的領先地位。

Operating income for CSG was 4.5% for the year as we managed through external headwinds including foreign exchange fluctuations and supply chain challenges.

由於我們克服了包括外匯波動和供應鏈挑戰在內的外部不利因素，CSG 全年的營業收入為 4.5%。

We were pleased to see CSG operating margin improve back towards our long-term target in Q4.

我們很高興看到南玻運營利潤率在第四季度回升至我們的長期目標。

From an industry perspective, PC units declined 0.4% for the year according to IDC.

根據 IDC 的數據，從行業角度來看，PC 銷量全年下降 0.4%。

Dell significantly outperformed the industry, growing 5.6%.

戴爾的表現明顯優於行業，增長 5.6%。

We delivered above-industry growth in the desktop, notebook and workstation form factors and above-industry growth in both commercial and consumer segments.

我們在台式機、筆記本電腦和工作站的外形尺寸方面實現了高於行業的增長，在商業和消費領域實現了高於行業的增長。

We have now increased our PC share for 24 consecutive quarters and have gained 1 point of unit share worldwide for the year, the best performance of the top 6 competitors as the industry continues to consolidate.

我們現在已經連續 24 個季度增加了我們的 PC 份額，並且全年在全球範圍內獲得了 1 個單位份額，這是在行業繼續整合的前 6 名競爭對手中表現最好的。

We remain the worldwide leader in workstations and displays.

我們仍然是工作站和顯示器的全球領導者。

According to IDC, Dell outgrew the industry in workstation units with 12% in 2018.

根據 IDC 的數據，戴爾在 2018 年以 12% 的比例超過了行業的工作站數量。

Dell grew flat panel monitors 11.9% and increased share by 190 basis points in 2018 according to IDC.

根據 IDC 的數據，戴爾在 2018 年的平板顯示器增長了 11.9%，份額增加了 190 個基點。

We reached the 20% share for the first time and have been the industry leader in flat panel monitors now for 23 consecutive quarters.

我們首次達到 20% 的份額，現在已連續 23 個季度成為平板顯示器的行業領導者。

I will now shift gears and talk about the increasing collaboration and innovation within our family of businesses as our integration matures.

現在，我將換位思考，並談論隨著我們的整合成熟，我們的企業家族內部日益增加的協作和創新。

We continue to increase integration and cross-sells between sales teams, most notably between Dell EMC and VMware.

我們繼續增加銷售團隊之間的集成和交叉銷售，尤其是在 Dell EMC 和 VMware 之間。

You have heard Pat Gelsinger talk about the revenue synergies they are realizing as part of Dell Technologies -- or part of the Dell Technologies family, and there's a lot more to come.

您已經聽過 Pat Gelsinger 談到他們作為 Dell Technologies 的一部分——或 Dell Technologies 家族的一部分——所實現的收入協同效應，而且還有更多。

We collaborate with VMware on customer solutions and have aligned our development teams around 6 key areas of innovation to bring higher-value software to customers around compute, software-defined storage, software-defined networking, hyperconverged, the cloud and Workspace ONE.

我們與 VMware 就客戶解決方案展開合作，並圍繞 6 個關鍵創新領域調整了我們的開發團隊，以圍繞計算、軟件定義的存儲、軟件定義的網絡、超融合、雲和 Workspace ONE 為客戶帶來更高價值的軟件。

Together with VMware, we will talk about our broad collaboration and our cloud platform in greater detail at Dell Technologies World in late April.

我們將與 VMware 一起在 4 月下旬的 Dell Technologies World 上更詳細地討論我們的廣泛合作和我們的雲平台。

While we have more work to do, we are very well positioned as we head into FY '20.

雖然我們還有更多工作要做，但我們在進入 20 財年時處於非常有利的位置。

We will continue to focus on storage and data protection growth, server margins via our business transformation initiatives, improving operating leverage from our investments in sales coverage and increasing sales and solutions development and collaboration across the Dell Technologies family.

我們將繼續專注於存儲和數據保護增長、通過我們的業務轉型計劃提高服務器利潤、通過我們對銷售覆蓋的投資提高運營槓桿，以及增加戴爾科技家族的銷售和解決方案開發與協作。

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

有了這個，讓我把它還給湯姆。

Thanks, Jeff.

謝謝，傑夫。

We are confident in our businesses.

我們對我們的業務充滿信心。

Customer receptivity to the Dell Technologies set of solutions remained strong.

客戶對 Dell Technologies 解決方案集的接受度仍然很高。

We believe the global macroeconomic environment heading into fiscal year '20 remains positive, but we will need to navigate potential headwinds such as tariffs, IT spending in China and other macro dynamics.

我們認為，進入 20 財年的全球宏觀經濟環境仍然樂觀，但我們需要克服潛在的不利因素，例如關稅、中國的 IT 支出和其他宏觀動態。

We are expecting commodity cost to continue to be deflationary in aggregate through the first half of fiscal year '20.

我們預計到 20 財年上半年，商品成本總體上將繼續處於通縮狀態。

IDC expects IT spending to grow more than twice GDP over the next few years, and our market opportunity is promising.

IDC 預計未來幾年 IT 支出將增長超過 GDP 的兩倍，我們的市場機會充滿希望。

We will continue executing on our strategic focus areas, which 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 and margins; and being a trusted partner for our customers by listening and addressing their needs with our full range of capabilities.

我們將繼續執行我們的戰略重點領域，包括：超越市場和推動份額增長；產生強勁的現金流和去槓桿化資產負債表；在 ISG 中執行並通過平衡增長和利潤來提高盈利能力；並通過我們全方位的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。

Moving to FY '20.

搬到20財年。

We expect non-GAAP revenue between $93 billion and $96 billion.

我們預計非 GAAP 收入在 930 億美元至 960 億美元之間。

As a reminder, our guidance factors in an estimated $1 billion reduction due to the new lease accounting standard.

提醒一下，由於新的租賃會計準則，我們的指導因素估計減少了 10 億美元。

We expect non-GAAP operating income between $9 billion and $9.6 billion, factoring in an estimated $250 million reduction due to the new leasing standard and continuing investments in sales and R&D.

我們預計非美國通用會計準則營業收入在 90 億美元至 96 億美元之間，其中由於新的租賃標準以及對銷售和研發的持續投資，估計會減少 2.5 億美元。

We expect our non-GAAP tax rate to be 18.5%, plus or minus 100 basis points.

我們預計我們的非公認會計原則稅率為 18.5%，上下浮動 100 個基點。

We expect diluted non-GAAP EPS attributable to Dell Technologies' common stock to be between $6.05 and $6.70.

我們預計戴爾科技公司普通股的攤薄後非公認會計原則每股收益將在 6.05 美元至 6.70 美元之間。

This range factors in the following: the adjustment to net income from minority ownership interest in VMware, Pivotal and SecureWorks; lower interest income and increased interest expense associated with the Class V transaction; and diluted share count between 750 million and 755 million shares.

該範圍包括以下因素：VMware、Pivotal 和 SecureWorks 的少數股權對淨收入的調整；與 V 類交易相關的較低的利息收入和增加的利息費用；稀釋後的股份數量在 7.5 億至 7.55 億股之間。

We have provided more detail on our guidance, including the noncontrolling interest adjustments, on Slide 17 of the web deck.

我們在網頁版的幻燈片 17 上提供了有關我們指導的更多詳細信息，包括非控制性權益調整。

I'm optimistic as we head into fiscal year '20.

當我們進入 20 財年時，我很樂觀。

There is more work to do, but we have many things going right from an execution perspective: client and server velocity, VMware performance and revenue synergies.

還有更多工作要做，但從執行的角度來看，我們還有很多事情要做：客戶端和服務器速度、VMware 性能和收入協同效應。

We have made progress in storage this year and deepened the solution development and cross-sell collaboration across our family of businesses.

今年，我們在存儲方面取得了進展，深化了整個企業家族的解決方案開發和交叉銷售合作。

We are well positioned with one of the strongest portfolios in the industry, and we believe there's no better partner than Dell Technologies to help our customers realize their digital future.

我們憑藉業內最強大的產品組合之一處於有利地位，我們相信沒有比 Dell Technologies 更好的合作夥伴來幫助我們的客戶實現他們的數字化未來。

We continue to run our business in a disciplined way, focused on long-term relative growth, share gain and cash flow.

我們繼續以嚴謹的方式經營我們的業務，專注於長期的相對增長、股票收益和現金流。

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

有了這個，我將把它轉回給凱倫開始問答。

Thanks, Tom.

謝謝，湯姆。

Let's get to Q&A.

讓我們進入問答環節。

(Operator Instructions) Erica, can you please introduce the first participant.

（操作員說明）Erica，您能介紹一下第一個參與者嗎？

We will take our first question from Katy Huberty with Morgan Stanley.

我們將回答凱蒂休伯蒂和摩根士丹利的第一個問題。

How much of the growth in operating margin expansion in the fourth quarter ties to lower memory cost versus mix and other factors in the business?

第四季度營業利潤率增長的增長在多大程度上與降低內存成本與業務中的混合和其他因素有關？

Katy, it's Tom.

凱蒂，是湯姆。

Let me start.

讓我開始吧。

And then, Jeff, you could jump in.

然後，傑夫，你可以加入。

Look, I think if you looked and sort of look at our businesses, we were generally pleased with the progress we made in CSG in terms of operating profit expansion.

看，我想如果你看看我們的業務，我們總體上對我們在 CSG 在營業利潤擴張方面取得的進展感到滿意。

That was a combination of mix if you think about commercial versus -- consumer versus commercial mix, I should say.

如果您考慮商業與 - 消費者與商業組合，那是混合的組合，我應該說。

Also, you should think about the fact that commodity cost did go in our favor this quarter.

此外，您應該考慮本季度商品成本確實對我們有利的事實。

And so that was clearly helpful.

所以這顯然是有幫助的。

And then within the ISG business, clearly Q4 is a strong storage quarter in general for us.

然後在 ISG 業務中，顯然第四季度對我們來說總體上是一個強勁的存儲季度。

It traditionally has been.

傳統上是這樣。

It was again this quarter.

本季度又是這樣。

And obviously, we saw server growth continue to be, I think, in an appropriate range for us.

顯然，我們看到服務器增長繼續保持在適合我們的範圍內。

So look, if you step back and think about the components of the P&L, yes, I think we're generally pleased with the expansion in margin Q-on-Q at an aggregate level from 30.9% in Q3 to 33.5% in Q4.

所以看，如果你退後一步想想損益表的組成部分，是的，我認為我們總體上對利潤率從第三季度的 30.9% 到第四季度的 33.5% 總體水平的環比增長感到滿意。

And it's a combination of all of those factors that I just mentioned.

這是我剛才提到的所有這些因素的組合。

Plus I think the pricing environment was relatively benign.

另外，我認為定價環境相對溫和。

Jeff, I don't know if you'd add anything on the component cost framework itself or any other...

傑夫，我不知道您是否會在組件成本框架本身或任何其他方面添加任何內容......

No, I think you hit it, Tom.

不，我想你成功了，湯姆。

Katy, we're in a deflationary environment.

凱蒂，我們處於通貨緊縮的環境中。

You know our model was low inventory gets exposure to the lower-cost components at a reasonably quick rate.

你知道我們的模型是低庫存以相當快的速度接觸低成本組件。

That's certainly a benefactor for us.

這對我們來說無疑是一個恩人。

Pricing is relatively benign, as Tom mentioned.

正如湯姆所說，定價相對溫和。

And I'll just also focus on Q4 storage growing 7% and our ISG operating income up on a year-over-year basis in Q4 by a little over 20%.

我還將關注第四季度存儲增長 7% 以及我們的 ISG 營業收入在第四季度同比增長 20% 以上。

That's where the leverage of the P&L came from.

這就是損益表的槓桿作用的來源。

That's why it's key for us to continue to grow our storage business.

這就是我們繼續發展存儲業務的關鍵所在。

Our next question is from Toni Sacconaghi with Bernstein.

我們的下一個問題來自托尼·薩科納吉和伯恩斯坦。

I'm wondering if you can comment at all about how we should think about Q1.

我想知道您是否可以就我們應該如何看待第一季度發表評論。

I know you're only providing guidance for the full year.

我知道你只提供全年的指導。

But this is really your first go-forward quarter as a public company.

但這確實是您作為上市公司的第一個前進季度。

I think historically, you're probably down about 6% to 7% sequentially on the top line.

我認為從歷史上看，您的收入可能會連續下降約 6% 至 7%。

And I'm wondering if that's sort of the right normalized base and whether you can talk about puts and takes on a sequential basis, particularly things like currency, whether you see any change in the demand environment, particularly China, and whether you see any potential change in competition and pricing over the next 90 days.

我想知道這是否是正確的標準化基數，您是否可以按順序討論看跌期權，特別是貨幣之類的問題，您是否看到需求環境（尤其是中國）有任何變化，以及您是否看到任何變化未來 90 天內競爭和定價的潛在變化。

Tony, it's Tom.

托尼，是湯姆。

Let me try and sort of frame how we're thinking about it as we step through to it.

讓我試著勾勒一下我們在逐步實現它時的思考方式。

And clearly, all of you, I think, are familiar with our seasonal pattern, right?

很明顯，我認為你們所有人都熟悉我們的季節性模式，對吧？

And Q1 is traditionally, if you will, our softest quarter of the year.

傳統上，如果您願意的話，第一季度是我們一年中最疲軟的季度。

If you look at sequentials, Q4 to Q1, the historical pattern at an aggregate level, roughly a minus 8% revenue and op income that's sort of minus 35% to minus 40% sort of range.

如果您查看第四季度至第一季度的連續性，總體水平的歷史模式，大約為負 8% 的收入和大約負 35% 至負 40% 的範圍內的運營收入。

But I think you need to deconstruct that and think about the fact that from a storage perspective, storage is traditionally -- Q1 is traditionally the weakest storage quarter where sequentially, I think revenue is down something like 20% and operating income on the storage side of the business and think about the legacy EMC business as a good example, a good guide on that, being down roughly 50.

但我認為你需要解構這一點並考慮這樣一個事實，即從存儲的角度來看，存儲傳統上是——第一季度傳統上是最弱的存儲季度，我認為收入下降了大約 20%，存儲方面的營業收入並將傳統的 EMC 業務視為一個很好的例子，一個很好的指導，下降了大約 50。

So look, I mean, sequentially Q1 is our softest quarter.

所以看，我的意思是，第一季度是我們最疲軟的季度。

And I expect it to be again this year as we think about the dynamics of the various parts of the P&L.

當我們考慮損益表各個部分的動態時，我預計今年會再次出現這種情況。

VMware traditionally is roughly down historically like 12% on revenue sequentially and roughly 25% from an op inc perspective.

傳統上，VMware 的收入在歷史上環比下降約 12%，從運營公司的角度來看，下降約 25%。

I think the other dynamic I want you guys to think about, and look, we're not going to give specific guidance, but I do think it's important for you to think about it, is we talked a lot about the investments in -- that relates to the P&L to improve some long-term positioning, particularly around about sales capacity, sales coverage models and ensuring that we get to the right North Star ratio.

我認為我希望你們考慮的另一個動態，並且看，我們不會給出具體的指導，但我確實認為對你們來說考慮它很重要，我們談論了很多關於投資 -這與損益表有關，以改善一些長期定位，特別是圍繞銷售能力、銷售覆蓋模式和確保我們獲得正確的北極星比率。

And we've talked on past calls about the fact that we've got continual investments coming in through the -- roughly through the first half of the coming year.

我們在過去的電話會議上談到了這樣一個事實，即我們已經通過 - 大約在來年上半年獲得持續投資。

So I do want you to think about OpEx frameworks as you go from Q4 to Q1.

因此，我確實希望您從第四季度到第一季度考慮運營支出框架。

If you looked a year ago, what you would have seen is OpEx roughly increasing roughly 3% sequentially.

如果您在一年前查看，您會看到 OpEx 環比增長大約 3%。

While I don't expect that to happen, I do expect OpEx to be slightly down from the Q4 level.

雖然我預計不會發生這種情況，但我確實預計 OpEx 會比第四季度的水平略有下降。

So I think you've got to factor that in.

所以我認為你必須考慮到這一點。

And then as we go through the year, what we should see is productivity improvement as we step through the year as the sales investments begin to turn.

然後當我們度過這一年時，隨著銷售投資開始轉向，我們應該看到生產力的提高。

So that's how I think about just rough framework.

這就是我對粗略框架的看法。

From an FX perspective, Tony, I think in Q4, we roughly had about a 200 basis point headwind.

從外彙的角度來看，托尼，我認為在第四季度，我們大約有大約 200 個基點的逆風。

I'd expect something similar in Q1 and then I think it moderates after that.

我預計第一季度會有類似的情況，然後我認為它會在此之後有所緩和。

You guys know that we traditionally think about FX dynamics on a quarter-on-quarter basis because of the pricing dynamics that you have to work your way through, and on a quarter-on-quarter basis, it's been relatively stable.

你們知道，我們傳統上按季度考慮外匯動態，因為您必須通過自己的方式來解決定價動態，並且按季度計算，它相對穩定。

So I think the present environment around FX should be relatively stable.

所以我認為目前圍繞外彙的環境應該是相對穩定的。

And then look, I think as we position for the coming year, we feel good about the annual framework guidance that we provided you to give you something to think about.

然後看，我認為在我們為來年定位時，我們對我們為您提供的年度框架指導感到滿意，讓您思考一些事情。

And you are right, we want to make sure you think your way through the year given that we're -- this is the first time that you guys are thinking about the quarterly break in a more detailed level.

你是對的，我們希望確保你在這一年中思考自己的方式，因為我們 - 這是你們第一次考慮更詳細的季度休息。

So we're trying to give you some things to think about.

所以我們試圖給你一些思考的東西。

Our next question is from Jeff Harlib with Barclays.

我們的下一個問題來自巴克萊銀行的 Jeff Harlib。

In ISG, can you just talk about how you see the revenue outlook into this coming year?

在 ISG，您能否談談您如何看待來年的收入前景？

Obviously, servers was a huge performer on the revenue side this past year, and storage was solid.

顯然，服務器在過去一年的收入方面表現出色，存儲也很穩固。

I mean, do you see a convergence there?

我的意思是，你看到那裡有收斂嗎？

And what are some of the factors as you look at the demand environment and your position in both subsegments?

當您查看需求環境和您在兩個細分市場中的位置時，有哪些因素？

Well, maybe I'll start and Jeff should jump as the owner of ISG P&L.

好吧，也許我會開始，傑夫應該成為 ISG 損益表的所有者。

And Jeff, it's Tom, obviously.

傑夫，顯然是湯姆。

So look, I think as we think about next year, I think let me ground you on what IDC is calling in terms of a market framework, which is server -- mainstream server, which is the segment of the server market that we're most focused on given that's where the profitability is, it's roughly -- IDC right now is forecasting on a calendar basis roughly about 3.4% of server revenue growth for the year.

所以看，我認為當我們考慮明年時，我想讓我根據 IDC 所稱的市場框架，即服務器 - 主流服務器，這是我們所在的服務器市場的一部分。鑑於這是盈利能力，最關注的地方大致是——IDC 目前基於日曆預測全年服務器收入增長約為 3.4%。

And they have -- essentially, storage minus 1, call it, flat.

他們有 - 本質上，存儲負 1，稱之為平坦。

Dell was particularly stronger in calendar '18 from a market perspective.

從市場角度來看，戴爾在 18 年日曆中表現尤為強勁。

Having said that, so I think if you look at the macro dynamics that we see across the globe, look, I mean, I'm not expecting fiscal '20 to be as strong as fiscal '19 from a revenue growth nor have we guided you that way.

話雖如此，所以我認為，如果您看看我們在全球範圍內看到的宏觀動態，看，我的意思是，我不認為 20 財年的收入增長會像 19 財年那樣強勁，我們也沒有指導你那樣。

But I do think it's positive.

但我確實認為這是積極的。

I mean, CP is still growing the marketing, IT spending, according to IDC, it's still roughly 2x GDP.

我的意思是，CP 仍在增加營銷、IT 支出，根據 IDC 的數據，它仍然大約是 GDP 的 2 倍。

You think about some of our major markets around the globe with the U.S., that is roughly 2.5% GDP, call it, for the coming year.

你想想我們在全球的一些主要市場與美國，即大約 2.5% 的 GDP，稱之為來年。

And China, which is down from 6.6 to 6.2.

而中國則從 6.6 降至 6.2。

So I think the macro environment is still healthy for us.

所以我認為宏觀環境對我們來說仍然是健康的。

Right now, we're going to have to go execute through some -- and navigate probably through some choppy waters at times, but that's the job we have to do.

現在，我們將不得不執行一些任務——有時可能會穿越一些波濤洶湧的水域，但這是我們必須做的工作。

So I think we feel good overall.

所以我認為我們整體感覺很好。

And then, Jeff, maybe you could chat about just the overall specifics of the investments we've made with storage and servers and how we're thinking about some of the qualitative opportunities.

然後，Jeff，也許您可以談談我們在存儲和服務器方面進行的投資的總體細節，以及我們如何考慮一些定性機會。

Sure.

當然。

Happy to.

高興。

I mean, clearly you talked about the market indices and the forecast.

我的意思是，很明顯你談到了市場指數和預測。

In absolute terms, mainstream storage market has $2 billion of incremental revenue.

絕對而言，主流存儲市場有 20 億美元的增量收入。

We have taken share and we're going to continue to consolidate share.

我們已經佔據了份額，我們將繼續鞏固份額。

We think when you look at this big $85-ish billion opportunity, 2/3 of it being in mainstream servers, our share position a little less than 30, there's a fair amount of room for us to consolidate, particularly when you look at high-value workflows or blade or modular where we have generally a much lower market share in those ASP-rich areas.

我們認為，當你看到這個價值 85 億美元的大機會時，其中 2/3 在主流服務器中，我們的份額略低於 30，我們有相當大的整合空間，特別是當你看到高- 價值工作流或刀片或模塊化，我們在那些 ASP 豐富的領域中的市場份額通常要低得多。

So we think there's room to grow there.

所以我們認為那裡有增長的空間。

I think that continue to be -- at least in my mind, continue to be bolstered by the fact that we still see on-prem, private cloud early build-out.

我認為這將繼續 - 至少在我看來，繼續受到我們仍然看到本地私有云早期構建這一事實的支持。

We talked, I think, on the previous call or throughout our series of roadshows, repatriation of workloads coming back to on-prem.

我認為，在之前的電話會議或在我們的一系列路演中，我們談到了將工作負載遣返到本地。

We continue to see that.

我們繼續看到這一點。

There's been some recent research by IDC that suggests there'll be $120 billion spent on hardware for on-prem private cloud over the next 4 years and another $100 billion of software and services on top of that.

IDC 最近的一些研究表明，未來 4 年將有 1200 億美元用於本地私有云的硬件，此外還有 1000 億美元的軟件和服務。

We think that bodes well for the environment on a go-forward basis as it's clear we're in a multi-hybrid cloud world.

我們認為這對未來的環境來說是個好兆頭，因為很明顯我們正處於一個多混合雲的世界中。

On the storage side, first, I'm really pleased that we have 4 quarters of growth in this business, 3 quarters in a row of share gain, 300 basis points year-to-date, as I mentioned in the prepared comments.

在存儲方面，首先，正如我在準備好的評論中提到的那樣，我真的很高興我們在這項業務中實現了 4 個季度的增長，連續 3 個季度的份額增長，今年迄今增長了 300 個基點。

I expect a fourth quarter in a row.

我預計連續第四季度。

And again, I've talked about a turnaround.

再一次，我談到了轉機。

We have plenty of work to do, but clearly, we stabilized the business.

我們還有很多工作要做，但顯然，我們穩定了業務。

The investments that we've made in sales capacity and coverage are yielding net new buyers, which is good to see.

我們在銷售能力和覆蓋範圍方面所做的投資正在產生淨新買家，這是很高興看到的。

We continue to tune the sales compensation focused on storage, which is very important to us.

我們繼續調整以存儲為重點的銷售補償，這對我們來說非常重要。

The portfolio as we enter FY '20 is in much better shape than it was a year ago.

我們進入 20 財年時的投資組合比一年前要好得多。

It's highly competitive where we literally have a leadership position in the high end.

我們在高端領域確實處於領先地位，競爭非常激烈。

And while you've heard me talk about the need to simplify and consolidate the midrange, the products we have in the midrange today are more competitive than they were a year ago.

雖然您聽我談論過簡化和整合中端產品的必要性，但我們今天的中端產品比一年前更具競爭力。

And clearly, unstructured space in a high-growth area, and we continue to see good performance out of our unstructured storage area.

顯然，非結構化空間位於高增長區域，我們繼續看到非結構化存儲區域的良好表現。

For me, it's a (inaudible) way for me to say.

對我來說，這是一種（聽不清）的說法。

We expect and have built a plan to take share in both the mainstream server and the storage marketplaces that we serve today.

我們期望並已製定計劃在我們今天服務的主流服務器和存儲市場中佔有一席之地。

Does that help?

這有幫助嗎？

Perfect.

完美的。

Our next question is from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的 Rod Hall。

I guess I wanted to start off and ask Tyler on the interest rate environment.

我想我想開始向泰勒詢問利率環境。

And I know you had commented, Tyler, thanks for that, on your plans to push debt maturities out.

我知道你已經評論了，泰勒，謝謝你，關於你推遲債務到期的計劃。

But I just wonder how you're feeling about that environment as you look at it right now?

但我只是想知道當你現在看到它時，你對那個環境有什麼感覺？

Do you feel like there's an opportunity to reduce debt interest cost as you refinance?

您是否覺得在再融資時有機會降低債務利息成本？

And then the second thing I wanted to do is just clarify the storage share commentary.

然後我想做的第二件事就是澄清存儲共享評論。

I know that in storage, you're partly benefiting from people replacing footprint as your product portfolio has gotten a little bit better and that mathematically caused the share to look better.

我知道在存儲方面，隨著您的產品組合變得更好，並且從數學上講，這使得份額看起來更好，您部分受益於人們更換足跡。

And then, of course, I'm sure you're taking some share from your competitors as well.

然後，當然，我相信你也會從競爭對手那裡獲得一些份額。

But I wonder if you could give us some kind of idea as to whether how much of your share gains are due to just accelerated replacement activity at your existing accounts and how many are due to share that you're taking from competitors.

但是我想知道您是否可以給我們一些想法，即您的股票收益有多少是由於您現有賬戶的加速更換活動以及有多少是由於您從競爭對手那裡獲得的份額。

So I'll go first.

所以我先走了。

This is Tyler.

這是泰勒。

Yes, look, I think the good news is that interest rates are somewhat stable, right?

是的，看，我認為好消息是利率有點穩定，對吧？

I mean, we've seen the 10-year come down.

我的意思是，我們已經看到 10 年下降了。

I think it had traded as high as like 3.2 or so.

我認為它的交易價格高達 3.2 左右。

It's down back below 3. So look, I think in the end, it obviously depends on what -- the maturity profile that we pick.

它回落到 3 以下。所以看，我認為最終，這顯然取決於我們選擇的成熟度概況。

But I think we'll be in good shape to push some of these maturities out and probably without having a material impact on our interest expense or the weighted average interest rate.

但我認為我們將處於良好狀態，可以推出其中一些到期日，並且可能不會對我們的利息支出或加權平均利率產生重大影響。

Rod, we're just taking one question at this time, but we can follow up with you as an IR team.

Rod，我們目前只回答一個問題，但我們可以作為 IR 團隊跟進您。

Our next question is from Wamsi Mohan with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Wamsi Mohan。

Tom, saw your guidance overall for fiscal '20.

湯姆，看到了你對 20 財年的總體指導。

I was wondering if you're seeing any sense of caution from any of your customers across the geos at all.

我想知道您是否從各個地區的任何客戶那裡看到了任何謹慎的感覺。

And some of your competitors have noted a stronger second half in infrastructure spending.

你的一些競爭對手已經註意到下半年基礎設施支出的增長。

And wondering if you think that there is a case to be made about seasonal second half versus first half or just your view on second half versus first half for Dell.

並且想知道您是否認為有關於季節性下半年與上半年的案例，或者只是您對戴爾下半年與上半年的看法。

Let me start with the guidance and then a couple of just broad comments, and I'll flip it to Jeff maybe to talk a little bit about infrastructure as we think about the year.

讓我從指導開始，然後是一些廣泛的評論，然後我將把它轉給 Jeff，也許會在我們考慮這一年時談談基礎設施。

But look, I think from our perspective, in terms of any caution or slowdown from the customer set, I would tell you to date, we really haven't seen anything in terms of customers beginning to delay significant activity or to push out investments that they were planning on making.

但是，我認為，從我們的角度來看，就客戶群體的任何謹慎或放緩而言，我會告訴你迄今為止，我們真的沒有看到任何關於客戶開始延遲重大活動或推出投資的情況他們計劃製作。

I think what we're -- which I think is in part because of the -- if you think about the IT spend and the IT capability being sort of central to a business model these days that many customers are viewing it as essential.

我認為我們是什麼——我認為部分原因是——如果你考慮到 IT 支出和 IT 能力是當今商業模式的核心，那麼許多客戶將其視為必不可少的。

I also think that -- so that's one thing.

我也認為——這是一回事。

So the answer is no.

所以答案是否定的。

Also, remember our direct model, right, in that typically when we see cycles turn, particularly on a downturn, you see it first in the medium and small business.

另外，請記住我們的直接模型，對，通常當我們看到週期轉變時，尤其是在低迷時期，您首先會在中小型企業中看到它。

And with our direct model and our interactions with the small businesses and the medium businesses, we haven't really seen that.

通過我們的直接模式以及我們與小型企業和中型企業的互動，我們還沒有真正看到這一點。

So to date, well really, no evidence of customer behavior changing at this point in time.

因此，到目前為止，確實沒有證據表明此時客戶行為發生了變化。

So look, we're optimistic about fiscal year '20.

所以看，我們對 20 財年持樂觀態度。

I think we're realistic that we'll have to navigate and run the business and execute well.

我認為我們必須駕馭和經營業務並良好執行是現實的。

But I think the environment is generally still positive for us.

但我認為環境總體上對我們來說仍然是積極的。

Jeff, I don't know if you'd say anything about the infrastructure side as you think about the back half of the year.

Jeff，我不知道您在考慮今年下半年時是否會談論基礎設施方面。

Well, I think you hit all the high points, Tom.

嗯，我認為你達到了所有的高點，湯姆。

What I would add to it is the discussions we're having with customers about digital transformation continue.

我要補充的是，我們與客戶就數字化轉型的討論仍在繼續。

Digital transformation is real.

數字化轉型是真實的。

It's on the agenda of most of the companies from large to medium and down even to small business.

它在大多數公司的議程上，從大到中，甚至小企業。

And that digital transformation is driving a need to modernize and to drive towards this multi-cloud, hybrid world that I mentioned earlier.

數字化轉型正在推動現代化的需求，並推動我之前提到的這個多雲、混合世界。

So the environment continues to be somewhat optimistic there as the digital transformation continues to be in front of us.

因此，隨著數字化轉型繼續擺在我們面前，那裡的環境仍然有些樂觀。

And we're in the early innings of it.

我們正處於它的早期階段。

Sorry, second half versus first half?

對不起，下半場和上半場？

Look, we're not going to parse the year.

看，我們不打算解析年份。

I would just point out one thing to you, which is as you think about the investment cycle we've been on in terms of sales capacity, I think as we get to the back half of the year, we do expect to see some -- the beginning of the realization of the benefit of some of those -- of some of that capacity add.

我只想向您指出一件事，那就是當您考慮我們在銷售能力方面一直在進行的投資週期時，我認為隨著我們進入下半年，我們確實希望看到一些 - - 開始實現一些人的好處 - 一些能力的增加。

So as I talked to you before about the productivity ramp and curves that they're on.

因此，正如我之前與您談到的生產力斜坡和他們所處的曲線一樣。

But I think overall, we're optimistic about the year.

但我認為總體而言，我們對這一年持樂觀態度。

Our next question is from David Eller with Wells Fargo.

我們的下一個問題來自富國銀行的 David Eller。

You've got your guidance is -- it looks like it's calling for a little bit of margin expansion throughout the year.

你的指導是——看起來它要求全年擴大一點利潤。

And so I wondered if you could walk us through some of the puts and takes on where you expect to see that, maybe on the gross margin and operating expense line.

所以我想知道你是否可以引導我們完成一些你期望看到的看跌期權和承擔，也許是在毛利率和運營費用線上。

And then as we look at the quarterly progression of the year, I know Tony kind of asked this a little bit earlier, but if you could just -- is Q1 -- would you view that as probably your toughest compare of the year?

然後當我們查看今年的季度進展時，我知道托尼有點早問過這個問題，但如果你可以 - 是第一季度 - 你會認為這可能是你今年最艱難的比較嗎？

Or would you view that a different way?

或者你會以不同的方式看待它嗎？

Yes, look, let me give you a couple of thoughts.

是的，看，讓我給你一些想法。

One is I don't parse margin and OpEx in terms of the guidance we gave you.

一是我沒有根據我們給你的指導來分析利潤和運營支出。

I do think that we expect operating profit to expand as we -- in FY '20, which is consistent with how we want to run the business.

我確實認為我們預計營業利潤會隨著我們在 20 財年的增長而擴大，這與我們想要經營業務的方式是一致的。

And if you think about the themes that we're driving around continued storage growth and server profitability expansion, then I think that should help you in the context of thinking about how we think about profitability expansion over time as well the contribution of VMware.

如果您考慮我們圍繞持續存儲增長和服務器盈利能力擴張推動的主題，那麼我認為這應該有助於您思考我們如何看待隨著時間的推移盈利能力擴張以及 VMware 的貢獻。

And then as it relates to...

然後因為它涉及...

Just any quarters you'd call out as your tough compares.

就像你的強硬比較一樣，你會打電話給任何宿舍。

Oh, I'm sorry, yes, yes.

哦，對不起，是的，是的。

I would call -- I think Q1 is probably the toughest compare as we think about the year-over-years.

我會打電話 - 我認為第一季度可能是我們考慮年復一年的最艱難的比較。

That's where we saw the acceleration last year, in particular in some of the storage business.

這就是我們去年看到加速發展的地方，特別是在一些存儲業務方面。

So I think that is one that has been probably the toughest one as we sort of stared at the year, coupled with the OpEx investments that we've made, which we think begin to scale in the back half of the year better than in the first half of the year.

因此，我認為這可能是我們今年以來最艱難的一次，再加上我們所做的運營支出投資，我們認為在今年下半年開始擴大規模，而不是今年上半年。

That's how we think about it.

這就是我們的想法。

Our next question is from Steve Milunovich with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steve Milunovich。

Our next question is from Jim Suva with Citi Investment Research.

我們的下一個問題來自花旗投資研究公司的 Jim Suva。

Looking at the Slide #12, the Client Solutions Group segment, it's quite admirable that your year-over-year revenues grew 4%.

看看幻燈片#12，客戶解決方案集團部分，令人欽佩的是，您的收入同比增長了 4%。

But the question is on operating income down 1%.

但問題是營業收入下降1%。

I see a little note there on the slide that you talk about offset by investment in sales coverage.

我在幻燈片上看到一個小註釋，您談到通過銷售覆蓋投資來抵消。

Can you help us understand, are these offset in sales coverage something that you're going to have ramping up even more as the year progresses?

您能否幫助我們理解，隨著時間的推移，這些銷售覆蓋範圍內的抵消是否會進一步增加？

Are we at a run rate now that you're happy?

既然您很高興，我們是否處於運行速度？

And what do you mean by sales coverage?

您所說的銷售覆蓋率是什麼意思？

Because my understanding is Dell does a lot of direct, but you've also been using the using the channel a little bit more in your Client Solutions Group.

因為我的理解是戴爾做了很多直接的事情，但是您在您的客戶解決方案組中也更多地使用了這個渠道。

Jim, I'll start.

吉姆，我要開始了。

This is Jeff, and I'm sure Tom will add in as well.

我是 Jeff，我相信 Tom 也會加入。

But if you think about our previous references to broad sales capacity and coverage, we've talked about in the broad sense across the entire business focusing a lot specifically on the storage side but also just general sales makers to reach more customers direct and to expand our channel reach as well.

但是，如果您考慮一下我們之前提到的廣泛的銷售能力和覆蓋範圍，我們已經在整個業務中廣泛討論，特別關注存儲方面，但也只是一般銷售製造商，以直接接觸更多客戶並擴展我們的渠道覆蓋面也是如此。

So the reference is really around we've invested on a year-over-year basis.

因此，參考實際上是圍繞我們每年進行的投資。

And as Tom said in the second half of the year, we expect that sales productivity to begin to drive incremental revenue and operating margins.

正如湯姆在下半年所說，我們預計銷售生產力將開始推動收入和營業利潤率的增長。

I think the other thing, Jeff and Jim, you should think about, I think in my prepared remarks, I commented on that Q4 we saw some incremental costs associated with incentive compensation payouts and frameworks because of the strong performance of the business.

我認為另一件事，傑夫和吉姆，你應該考慮一下，我認為在我準備好的評論中，我評論說，由於業務的強勁表現，我們看到了與激勵薪酬支出和框架相關的一些增量成本。

So some of that is flowing through these business unit P&Ls as well.

因此，其中一些也流經這些業務部門的損益表。

So that's the other thing to think about.

所以這是另一件要考慮的事情。

But I think Jeff hit it well, which is the context of grow capacity.

但我認為 Jeff 打得很好，這是增加產能的背景。

We go both direct and through the channels.

我們既直接又通過渠道。

Roughly 50% of our business is direct, making sure that we have the right coverage model to expand customers.

我們大約 50% 的業務是直接的，以確保我們擁有正確的覆蓋模式來擴大客戶。

The net new customers as well as cross-sell into other existing LOBs is key to our long-term success and long-term framework.

淨新客戶以及交叉銷售到其他現有 LOB 是我們長期成功和長期框架的關鍵。

So that's how we think about the coverage models.

這就是我們對覆蓋模型的看法。

Our next question is from Paul Coster with JPMorgan.

我們的下一個問題來自摩根大通的 Paul Coster。

The guidance is quite encouraging, and it's easy to align our model with it until we get to the EPS line.

該指導非常令人鼓舞，並且很容易將我們的模型與之對齊，直到我們到達 EPS 線。

I'm just wondering, is there something in other income?

我只是想知道，還有其他收入嗎？

Or can you give us a little bit more specificity around net interest expense for the year?

或者您能否就當年的淨利息支出給我們提供更多具體信息？

So I can figure out what the delta is here.

所以我可以弄清楚這裡的增量是什麼。

Yes.

是的。

Look, it's Tom.

看，是湯姆。

Paul, I would think about it like this, which is look, I mean, obviously we -- as you said, as you work your way through the P&L and get below operating income, there are a number of variables that are hitting.

保羅，我會這樣想，我的意思是，顯然我們 - 正如你所說，當你通過損益表工作並低於營業收入時，有許多變量正在受到影響。

And you start with the fact that remember that we did the Class V transaction in Q4, which -- 2 elements to that obviously, right?

您首先要記住我們在第四季度進行了 V 類交易，這顯然有兩個要素，對嗎？

There was an $11 billion cash dividend up from -- out from VMware.

VMware 獲得了 110 億美元的現金股息。

So interest income is going to be lower for the year next year.

所以明年的利息收入會更低。

And we -- as you know, as part of the Class V transaction, we put $5 billion of debt on the balance sheet, and so there's an interest carry on that.

而且我們——如你所知，作為 V 類交易的一部分，我們在資產負債表上放了 50 億美元的債務，因此有利息。

And then you get into the tax rate, which I've tried to give you some frameworks to think about.

然後你進入稅率，我試圖給你一些框架來思考。

I'm not sure what you're using in your model for tax rate.

我不確定您在模型中使用的稅率是什麼。

And then the noncontrolling interest, which can be a bit of a complicated calculation.

然後是非控制性權益，這可能是一個複雜的計算。

So we tried to lay that out for everybody in terms of baseline set of assumptions on Slide 17 in the web deck.

因此，我們嘗試根據網絡幻燈片中幻燈片 17 上的基線假設為每個人列出這一點。

And so I'd ask you to take a look at that and see how that aligns to how you're thinking.

所以我想請你看一下，看看它與你的想法是如何一致的。

And if you -- we're happy to talk, and so give the IR team a call if you'd like to have a more detailed conversation on that.

如果您 - 我們很樂意交談，如果您想就此進行更詳細的交談，請致電 IR 團隊。

But that's essentially the walk as we think about it.

但這本質上就是我們認為的步行。

Our next question is from Shannon Cross with Cross Research.

我們的下一個問題來自 Cross Research 的 Shannon Cross。

Just wanted to check.

只是想檢查一下。

I know in February, you typically make changes to your sales comp plan.

我知道在二月份，您通常會更改您的銷售補償計劃。

I think this year, you were focusing on margin in VMware.

我認為今年你關注的是 VMware 的利潤。

But if you can talk a bit about what you're sort of pushing with your salespeople in terms of comp for 2020 and then also just in terms of cross-sell opportunities with VMware, that would be helpful.

但是，如果您可以就 2020 年的薪酬以及與 VMware 的交叉銷售機會與您的銷售人員談談您在推動什麼，那將會很有幫助。

Sure, Shannon.

當然，香農。

This is Jeff, and I'll take a stab.

這是傑夫，我會採取行動。

And then Tom will -- I'm certain, will pile on as well.

然後湯姆會——我敢肯定，也會繼續努力。

As I think I mentioned a little bit earlier, we're taking another tweak, if you will, of the sales compensation plan.

正如我想我之前提到的，如果你願意的話，我們正在對銷售補償計劃進行另一次調整。

I think we've communicated in the past there's basically 3 buckets, if you will.

我想我們過去已經溝通過，基本上有 3 個桶，如果你願意的話。

There's the CSG side.

有CSG方面。

And then within the ISG side, there is storage and the non-storage component.

然後在 ISG 方面，有存儲和非存儲組件。

And then obviously, there's VMware in the VMware side.

然後很明顯，VMware 方面有 VMware。

Within my business, we continue to bias the compensation plan on the ISG side towards storage.

在我的業務中，我們繼續將 ISG 方面的補償計劃偏向於存儲。

We continue to make tweaks towards that.

我們繼續對此進行調整。

We're very pleased with the progress we made this past year, and we'll continue to try to optimize that.

我們對過去一年取得的進展感到非常滿意，我們將繼續努力優化它。

So it's the continuation of what we've been talking about for the better part of the last 1.5 years.

所以這是我們在過去 1.5 年的大部分時間裡一直在談論的內容的延續。

We're pretty excited about what that means on a go-forward basis.

我們對這在前進的基礎上意味著什麼感到非常興奮。

And I'm not sure I can add much more to that.

而且我不確定我是否可以添加更多內容。

No, Jeff, I -- Shannon, it's Tom.

不，傑夫，我——香農，是湯姆。

Look, the only thing I would add is look, what we've tried not to do with the sales comp plan this year is make broad changes because all that does is tend to cause the sales organization to spend a fair amount of time trying to figure out the new comp plan.

看，我唯一要補充的是看，我們今年試圖不對銷售補償計劃做的是進行廣泛的改變，因為所做的一切往往會導致銷售組織花費相當多的時間來嘗試找出新的補償計劃。

So what Jeff said, I think, is a nice sort of elaboration of what we're doing, which is small adjustments to make sure that we get the right focus, the right attention.

因此，我認為 Jeff 所說的是對我們正在做的事情的一種很好的闡述，這是一些小的調整，以確保我們得到正確的關注點，正確的注意力。

And we're focused on those valuable solution selling and LOBs that make sense to us and that we want to push.

我們專注於那些對我們有意義並且我們想要推動的有價值的解決方案銷售和 LOB。

And you've got to think about that both with our direct selling organization as well as with our channel, right?

您必須考慮我們的直銷組織以及我們的渠道，對嗎？

And so we're making refinements to our channel program to incent them to ensure that they're driving the higher-value offerings like storage and attaching services where appropriate.

因此，我們正在對我們的渠道計劃進行改進，以激勵他們確保他們在適當的情況下推動存儲和附加服務等更高價值的產品。

So again, it's a continued refinement, Shannon, as we continue to tune the model.

同樣，香農，隨著我們繼續調整模型，這是一個持續的改進。

And I think we continue to make progress.

我認為我們會繼續取得進展。

Yes, you prompted a thought, Tom.

是的，你提出了一個想法，湯姆。

You said solution, and clearly, this plan that we built this year drives towards building on the collaboration that we've built with VMware.

您說的是解決方案，很明顯，我們今年制定的這個計劃旨在建立我們與 VMware 建立的合作關係。

So if you think about Workspace ONE and Dell, we certainly put incentives in our sales force to work on that solution across the different SABs.

因此，如果您想到 Workspace ONE 和戴爾，我們肯定會激勵我們的銷售人員在不同的 SAB 中開發該解決方案。

If I think about VxRail, vSAN, software-defined data center, VCF, we have clearly put, if you will, some sales compensation incentive behind that.

如果我想到 VxRail、vSAN、軟件定義的數據中心、VCF，我們已經明確地在其背後加入了一些銷售補償激勵措施。

I mentioned cloud in my comments as well.

我在評論中也提到了雲。

As we think about cloud, and I think I introduced this concept last time around Pivotal, Boomi, VMware and this operational control plane on top of our leading Dell EMC infrastructure products.

當我們考慮雲時，我想我上次圍繞 Pivotal、Boomi、VMware 和這個在我們領先的 Dell EMC 基礎架構產品之上的操作控制平面介紹了這個概念。

You can imagine that we packaged some sales compensation of selling that level of integration across our Dell technology properties as well.

您可以想像，我們還打包了一些銷售補償，以在我們的戴爾技術資產中銷售這種級別的集成。

We'll talk more about that at the Dell Technology World.

我們將在 Dell Technology World 上對此進行更多討論。

And I guess it's about 8, 9 weeks away.

我猜大概還有 8 到 9 週的時間。

But Tom prompted that, and I wanted to make sure I communicated that solution selling across the SABs and aligning higher levels of integration and collaboration is clearly where we put more focus this year than last year.

但 Tom 提出了這一點，我想確保我傳達了跨 SAB 的解決方案銷售以及調整更高水平的集成和協作顯然是我們今年比去年更關注的地方。

We'll take our final question from Simon Leopold with Raymond James.

我們將回答西蒙·利奧波德和雷蒙德·詹姆斯的最後一個問題。

Wanted to maybe get a little bit of a philosophical perspective what you see as your options and priorities in terms of generating cash beyond operations.

想要從哲學角度了解您在運營之外產生現金方面的選擇和優先事項。

And what I'm really getting at is I understand you pushed out maturities on the debt.

我真正想說的是，我知道您將債務的到期日推遲了。

But I want to get a better sense of what's available to you beyond the operating model, whether it's divesting certain assets or things like that.

但我想更好地了解您在運營模式之外可以使用什麼，無論是剝離某些資產還是類似的事情。

Just help us just understand what your options are.

只是幫助我們了解您的選擇是什麼。

This is Tyler.

這是泰勒。

I mean, look, I think -- I'm focused on the business driving profitable growth and growing the top line, which is what's going to throw off the most consistent cash, right?

我的意思是，看，我認為 - 我專注於推動盈利增長和增加收入的業務，這將是最穩定的現金，對吧？

So nothing really to talk about in terms of something unique like a divestiture or something like that.

因此，就資產剝離或類似的事情而言，沒有什麼可真正談論的。

The reality is we ended the year with strong cash balances, very well positioned to pay down the approximate $4.8 billion, which I talked about.

現實情況是，我們以強勁的現金餘額結束了這一年，非常有能力償還我談到的大約 48 億美元。

And if you flash-forward to the end of the year, what you're going to see is that we'll have lower debt balances, and our maturity profile is going to look smoother.

如果你快進到今年年底，你會看到我們的債務餘額將會減少，而且我們的到期情況看起來會更加平滑。

So a little bit of work to do, but I feel really good where we are.

所以有一點工作要做，但我覺得我們在哪裡真的很好。

Thanks, Simon.

謝謝，西蒙。

Well, that wraps up our call for today.

好了，今天的電話到此結束。

A replay of this webcast will be available on investors.delltechnologies.com.

此網絡廣播的重播將在investors.delltechnologies.com 上提供。

As a reminder, we will be hosting our annual Dell Technologies World event April 29 through May 2 in Las Vegas, and we are planning to hold an IR track with this event this year.

提醒一下，我們將於 4 月 29 日至 5 月 2 日在拉斯維加斯舉辦一年一度的 Dell Technologies World 活動，我們計劃在今年舉辦一次 IR 跟踪活動。

We'll be providing more detailed information about this event next week.

我們將在下週提供有關此活動的更多詳細信息。

Thanks, everybody, for joining us today.

謝謝大家，今天加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。