戴爾 (DELL) 2020 Q1 法說會逐字稿

Good afternoon and welcome to the Fiscal Year 2020 First Quarter Financial Results Conference Call for Dell Technologies Inc.

下午好，歡迎來到戴爾科技公司 2020 財年第一季度財務業績電話會議。

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

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

This broadcast is the copyrighted property of Dell Technologies Inc.

此廣播是 Dell Technologies Inc. 的版權財產。

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

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

(Operator Instructions) I'd like to turn the call over to Rob Williams, Head of Investor Relations.

（操作員說明）我想把電話轉給投資者關係主管 Rob Williams。

Mr. Williams, you may begin.

威廉姆斯先生，您可以開始了。

Thanks, Dan, and thanks for joining us.

謝謝，丹，感謝您加入我們。

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

今天和我在一起的是我們的副主席 Jeff Clarke；我們的首席財務官 Tom Sweet；以及我們的財務主管 Tyler Johnson。

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

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、每股收益、EBITDA、調整後的 EBITDA 和調整後的自由現金流。

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 Web deck 和新聞稿中找到。

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，本次電話會議期間所做的與未來結果和事件相關的所有陳述都是基於當前預期的前瞻性陳述。

Actual results and events could differ materially from those projected due to a number of risks and uncertainties which are discussed in our Web deck.

由於我們的網絡平台中討論的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。

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

我們沒有義務更新我們的前瞻性陳述。

Now I'll turn it over to Jeff.

現在我將把它交給 Jeff。

Thanks, Rob.

謝謝，羅布。

Good afternoon, everyone.

大家下午好。

I would like to cover 3 topics before Tom goes through the financial results: first, our view on the IT spending environment; second, new solutions we have introduced; and third, the current demand backdrop.

在 Tom 分析財務結果之前，我想討論 3 個主題：首先，我們對 IT 支出環境的看法；第二，我們推出了新的解決方案；第三，當前的需求背景。

We are in the midst of a technology-led investment cycle that is accelerating digital transformation.

我們正處於以技術為主導的投資週期中，該週期正在加速數字化轉型。

The latest IDC forecast for IT spending through 2022, excluding telecom, supports this view with projected growth to be more than 2x world GDP.

IDC 對到 2022 年的 IT 支出（不包括電信）的最新預測支持這一觀點，預計增長將超過世界 GDP 的 2 倍。

That investment is fueled by exponential increase in data and data-centric workloads that are driving better business outcomes alongside an increasingly diverse and mobile workforce.

數據和以數據為中心的工作負載的指數級增長推動了這項投資，這些工作負載正在推動更好的業務成果以及日益多樣化和移動的員工隊伍。

Our investments in solutions and innovations are pointed directly at this opportunity.

我們在解決方案和創新方面的投資直接針對這個機會。

We have a differentiated portfolio that is delivering solutions from the edge to the core to the cloud, and our customers are taking advantage of the value that Dell technology provides.

我們擁有差異化的產品組合，可提供從邊緣到核心再到雲的解決方案，我們的客戶正在利用戴爾技術提供的價值。

This was all clear earlier this month when we hosted 15,000 customers, partners and industry experts at Dell Technologies World.

本月早些時候，當我們在 Dell Technologies World 接待了 15,000 名客戶、合作夥伴和行業專家時，一切都清楚了。

At this event, we unveiled the Dell Technologies Cloud, a new set of cloud infrastructure solution to make hybrid cloud environment simpler to deploy and manage as customers continue to move towards hybrid cloud environments.

在這次活動中，我們推出了戴爾科技雲，這是一套新的雲基礎架構解決方案，隨著客戶繼續轉向混合雲環境，它使混合雲環境更易於部署和管理。

We announced a new Data Center-as-a-Service offering.

我們宣布了一項新的數據中心即服務產品。

This fully manned solution brings the simplicity of public cloud service consumption to an on-premise environment.

這種完全有人值守的解決方案將公共雲服務使用的簡單性帶到了內部部署環境中。

This service can be combined with Dell Technologies' cloud platforms or public cloud on Dell Technologies solutions like VMC on AWS to create a singular and seamless management experience across the edge, core and cloud environments.

該服務可以與 Dell Technologies 的雲平台或 Dell Technologies 解決方案（如 AWS 上的 VMC）上的公共雲相結合，以創建跨邊緣、核心和雲環境的單一無縫管理體驗。

In addition, Michael, Satya Nadella and Pat Gelsinger announced an expanded partnership with Microsoft to enable our customers to extend our on-premise VMware cloud environments to Azure.

此外，Michael、Satya Nadella 和 Pat Gelsinger 宣布擴大與 Microsoft 的合作夥伴關係，使我們的客戶能夠將我們的本地 VMware 雲環境擴展到 Azure。

And earlier in the quarter, we announced the industry's first jointly engineered hybrid cloud infrastructure stack that brings together VxRail and VMware Cloud Foundation to facilitate compute storage and network virtualization delivering the fastest ramp to the Dell Technologies Cloud.

在本季度早些時候，我們宣布了業界首個聯合設計的混合雲基礎架構堆棧，它將 VxRail 和 VMware Cloud Foundation 結合在一起，以促進計算存儲和網絡虛擬化，從而以最快的速度向 Dell Technologies 雲遷移。

All of these solutions represent breakthroughs in cloud innovation that enables a flexible range of IT and management options with tight integration and a single vendor experience for purchasing, deployment, services and financing.

所有這些解決方案都代表了雲創新的突破，通過緊密集成和單一供應商的採購、部署、服務和融資體驗，實現了一系列靈活的 IT 和管理選項。

They provide customers an operational hub for their hybrid cloud on-premise with consistent cloud infrastructure across all cloud types.

他們通過跨所有云類型的一致雲基礎設施，為客戶提供內部混合雲的運營中心。

To advance customers' workforce transformation, we announced Dell Technologies Unified Workspace that helps our customers fundamentally change the way they deploy, secure, manage and support their devices.

為了推進客戶的勞動力轉型，我們推出了 Dell Technologies Unified Workspace，它可以幫助我們的客戶從根本上改變他們部署、保護、管理和支持其設備的方式。

Unified Workspace provides a full PC life cycle experience and provisioning strategy all powered by the cloud.

Unified Workspace 提供完整的 PC 生命週期體驗和配置策略，全部由雲提供支持。

By integrating VMware's Workspace ONE, which enables customers to access any application on any device anytime, SecureWorks threat intelligence and detection to prevent and detect and respond to potential security issues and Dell provisioning and deployment services on our award-winning commercial PCs.

通過集成 VMware 的 Workspace ONE（使客戶能夠隨時訪問任何設備上的任何應用程序）、SecureWorks 威脅情報和檢測以防止、檢測和響應潛在的安全問題以及戴爾在我們屢獲殊榮的商用 PC 上的配置和部署服務。

These examples best demonstrate how Dell Technologies is innovating and collaborating across the physical and virtual infrastructure, cloud, PCs, security and services to deliver highly integrated solutions for our customers.

這些示例最好地展示了 Dell Technologies 如何跨物理和虛擬基礎架構、雲、PC、安全和服務進行創新和協作，從而為我們的客戶提供高度集成的解決方案。

And we are just getting started as we build on our leading positions in software-defined data center, enterprise hardware, security and PCs.

我們才剛剛開始，因為我們正在鞏固我們在軟件定義的數據中心、企業硬件、安全和 PC 領域的領先地位。

Shifting gears to the current demand environment.

換檔以適應當前的需求環境。

Our external storage business is healthy, delivering solid year-over-year orders growth.

我們的外部存儲業務很健康，實現了穩健的同比訂單增長。

Our sales teams remain optimistic about our portfolio and positioning as we head into Q2 and beyond.

隨著我們進入第二季度及以後，我們的銷售團隊對我們的產品組合和定位保持樂觀。

In addition, software-defined data center solutions and HCI continue to grow at a healthy clip, with VxRail growing triple digits again in Q1.

此外，軟件定義的數據中心解決方案和 HCI 繼續以健康的速度增長，VxRail 在第一季度再次增長三位數。

Turning to servers.

轉向服務器。

The industry saw unprecedented growth last year.

去年，該行業出現了前所未有的增長。

We planned for slower growth this year but (inaudible) demand environment was softer than we and the industry expected.

我們計劃今年增長放緩，但（聽不清）需求環境比我們和行業預期的要疲軟。

We were consciously more selective on larger server deals during the quarter, particularly in China, and we focused on acquiring new customers and balancing top line and bottom line results across the entire server business.

本季度，我們有意識地對大型服務器交易進行了更多選擇，尤其是在中國，我們專注於獲取新客戶並平衡整個服務器業務的頂線和底線結果。

The result, a decline in revenue but with higher profitability.

結果，收入下降但盈利能力提高。

We have built a business to be successful in any environment.

我們建立的企業在任何環境下都能取得成功。

Whether the market expands or contracts, we expect to outperform the industry.

無論市場是擴張還是收縮，我們都希望跑贏行業。

And when IDC releases calendar Q1 share data later in Q2, we anticipate gaining share again in servers.

當 IDC 在第二季度晚些時候發布第一季度日曆份額數據時，我們預計服務器份額將再次獲得。

You should expect us to continue to balance growth and profitability.

您應該期待我們繼續平衡增長和盈利能力。

We did that in Q1 and you should expect us to focus on balance in Q2.

我們在第一季度做到了這一點，您應該期望我們在第二季度專注於平衡。

Switching to our client business.

切換到我們的客戶業務。

We are seeing continued strength in commercial PCs, driven in part by increased coverage in small and medium business and the Windows 10 refresh.

我們看到商用 PC 的持續增長，部分原因是中小型企業覆蓋率的增加和 Windows 10 的更新。

In a growing market, we gained 220 basis points of share according to IDC in calendar Q1.

根據 IDC 的數據，在一個不斷增長的市場中，我們在第一季度獲得了 220 個基點的份額。

We gained worldwide PC share for the 25th consecutive quarter according to IDC, with share up 80 basis points.

根據 IDC 的數據，我們連續第 25 個季度獲得了全球 PC 份額，份額上升了 80 個基點。

Longer term, we remain optimistic about IT spending as organizations continue to invest in software-defined data center as well as IT infrastructure to support their edge and cloud strategies.

從長遠來看，隨著組織繼續投資於軟件定義的數據中心以及 IT 基礎設施以支持其邊緣和雲戰略，我們對 IT 支出保持樂觀。

And no one is better positioned than Dell Technologies to help our customers with these needs.

在幫助我們的客戶滿足這些需求方面，沒有人比 Dell Technologies 更有優勢。

With that, I'd like to turn it over to Tom to talk about the Q1 results.

有了這個，我想把它交給湯姆來談談第一季度的結果。

Thanks, Jeff.

謝謝，傑夫。

Our model is focused on long-term profitable growth, with the ability to adjust as needed based on market conditions.

我們的模型專注於長期盈利增長，能夠根據市場情況進行必要的調整。

We are focused on growing faster than the industry and our competitors, growing operating income and EPS faster than revenue and generating strong cash flow over time.

我們專注於比行業和我們的競爭對手更快地增長，營業收入和每股收益的增長快於收入，並隨著時間的推移產生強勁的現金流。

We executed against these strategic focus areas in Q1 as we balanced revenue and profitability with market conditions.

我們在第一季度針對這些戰略重點領域進行了執行，因為我們根據市場條件平衡了收入和盈利能力。

Revenue was $22 billion, up 2%, and our deferred revenue balance increased to $24.2 billion, up 15%.

收入為 220 億美元，增長 2%，我們的遞延收入餘額增加到 242 億美元，增長 15%。

FX was a headwind this quarter, impacting year-over-year growth rates by approximately 280 basis points.

外匯是本季度的不利因素，影響了同比增長率約 280 個基點。

Gross margin was up 7% to $7.4 billion, and was 33.8% of revenue, up 170 basis points, driven by lower component cost and balanced pricing in both servers and PCs.

毛利率增長 7% 至 74 億美元，佔收入的 33.8%，增長 170 個基點，這得益於組件成本降低以及服務器和 PC 的均衡定價。

Operating expenses were $5.2 billion, up 7% primarily due to investments we have made in our sales coverage and were 23.8% of revenue.

營業費用為 52 億美元，增長 7%，這主要是由於我們在銷售範圍內進行的投資，佔收入的 23.8%。

Operating expenses were down sequentially, consistent with comments on our year-end call.

營業費用環比下降，與我們對年終電話會議的評論一致。

As a reminder, we discussed our expectation that our investments in sales capacity and coverage would add operating expense and that we expect to begin to see the benefit of these investments ramp as we move into the second half of the year.

提醒一下，我們討論了我們對銷售能力和覆蓋範圍的投資將增加運營費用的預期，並且我們預計隨著我們進入今年下半年，這些投資的好處將開始增加。

Operating income was up 8% to $2.2 billion or 10% of revenue.

營業收入增長 8% 至 22 億美元，佔收入的 10%。

Our EPS of $1.45 benefited from strong operating results but also from a lower tax rate in the quarter.

我們 1.45 美元的每股收益得益於強勁的經營業績，同時也得益於本季度較低的稅率。

Adjusted EBITDA was $2.6 billion or 11.7% of revenue and $10.5 billion on a trailing 12-month basis.

調整後的 EBITDA 為 26 億美元，佔收入的 11.7%，過去 12 個月為 105 億美元。

Although Q1 tends to be our lowest cash flow quarter due to revenue seasonality and timing of annual bonus payouts, we generated cash flow from operations of $682 million.

儘管由於收入季節性和年度獎金支付的時間安排，第一季度往往是我們現金流量最低的季度，但我們從運營中產生了 6.82 億美元的現金流量。

Adjusted free cash flow was $116 million.

調整後的自由現金流為 1.16 億美元。

We repaid approximately $400 million of gross debt in the quarter, and we have now paid down $15 billion of gross debt since the EMC merger.

我們在本季度償還了大約 4 億美元的總債務，自 EMC 合併以來，我們現在已經償還了 150 億美元的總債務。

We remain on track to repay approximately $4.8 billion of gross debt this year.

我們仍有望在今年償還約 48 億美元的總債務。

Shifting to our business unit results, ISG revenue was $8.2 billion, down 5%.

轉向我們的業務部門業績，ISG 收入為 82 億美元，下降 5%。

While storage order growth was solid, as Jeff mentioned, storage revenue was down 1% to $4 billion as we built backlog given the timing of when storage orders were received.

正如 Jeff 提到的，雖然存儲訂單增長穩健，但由於我們根據收到存儲訂單的時間建立了積壓訂單，因此存儲收入下降了 1% 至 40 億美元。

Servers and networking revenue was $4.2 billion, down 9%.

服務器和網絡收入為 42 億美元，下降 9%。

Recall that we grew 41% in Q1 of last year.

回想一下，我們在去年第一季度增長了 41%。

We did plan for slower server growth coming into this year but we did see some slower server growth than we anticipated.

我們確實計劃今年服務器增長放緩，但我們確實看到服務器增長比我們預期的要慢。

This was more pronounced in a few areas, principally China and at certain large enterprise opportunities.

這在一些地區更為明顯，主要是中國和某些大型企業機會。

We have discussed in the past that we are continuing to focus on expanding the server customer base, and we balanced revenue growth and profitability as we went through the quarter.

我們過去曾討論過，我們將繼續專注於擴大服務器客戶群，並且在整個季度中平衡收入增長和盈利能力。

ISG operating income was $843 million or 10.3% of revenue.

ISG 營業收入為 8.43 億美元，佔收入的 10.3%。

Operating margin percentage was down 50 basis points due to investments in sales coverage, which offset higher gross margins.

由於對銷售覆蓋的投資抵消了較高的毛利率，營業利潤率下降了 50 個基點。

Our VMware business unit revenue was $2.3 billion, up 13%.

我們的 VMware 業務部門收入為 23 億美元，增長 13%。

Operating income was $614 million or 26.9% of revenue.

營業收入為 6.14 億美元，佔收入的 26.9%。

Based on VMware's stand-alone results reported earlier today, the company generated license bookings growth in all product categories, with NSX up over 40% and vSAN up over 50% year-over-year.

根據今天早些時候公佈的 VMware 獨立業績，該公司在所有產品類別中實現了許可證預訂量的增長，其中 NSX 同比增長超過 40%，vSAN 同比增長超過 50%。

CSG revenue was $10.9 billion, up 6%.

CSG 收入為 109 億美元，增長 6%。

Within CSG, commercial revenue was $8.3 billion, up 13%, driven by double-digit growth in commercial notebooks, desktops and workstations.

在 CSG 內部，商業收入為 83 億美元，增長 13%，這主要得益於商用筆記本電腦、台式機和工作站的兩位數增長。

Consumer revenue was $2.6 billion, down 10% as we prioritized commercial mix in the higher end of consumer PCs.

消費者收入為 26 億美元，下降 10%，因為我們優先考慮高端消費 PC 的商業組合。

We saw better profitability in CSG this quarter due to component cost declines, commercial consumer mix and pricing discipline.

由於組件成本下降、商業消費者組合和定價紀律，本季度我們看到 CSG 的盈利能力有所提高。

CSG operating income was $793 million or 7.3% of revenue.

CSG 營業收入為 7.93 億美元，佔收入的 7.3%。

Going forward, we continue to balance revenue and profitability against market dynamics.

展望未來，我們將繼續根據市場動態平衡收入和盈利能力。

Dell Financial Services originations were $1.7 billion, up 2%.

戴爾金融服務發起的業務為 17 億美元，增長 2%。

Turning to our balance sheet and capital structure, we ended the quarter with a cash and investments balance of approximately $9.8 billion.

談到我們的資產負債表和資本結構，我們在本季度末的現金和投資餘額約為 98 億美元。

During Q1, we refinanced approximately $6 billion of debt, freeing up fiscal year '20 cash flow to repay longer-dated debt and reduce our larger maturity towers coming due in 2021 and 2023.

在第一季度，我們為大約 60 億美元的債務進行了再融資，釋放了 20 財年的現金流來償還較長期的債務，並減少了我們將於 2021 年和 2023 年到期的更大期限的債務。

Our core debt balance ended the quarter at $38.6 billion.

本季度末我們的核心債務餘額為 386 億美元。

Net core debt, which is core debt less cash and investments excluding unrestricted subsidiaries, ended Q1 at $33.2 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，在第一季度結束時為 332 億美元。

Please see Slide 13 in our Web deck for more detail.

有關更多詳細信息，請參閱我們網絡平台中的幻燈片 13。

We remain committed to maximizing free cash flow, reducing leverage and achieving investment-grade ratings.

我們仍然致力於最大限度地提高自由現金流、降低杠桿率並實現投資級評級。

As we head into Q2, we continue to monitor the macroeconomic environment, the IT spending environment and ongoing trade discussions between the U.S. and China.

隨著我們進入第二季度，我們將繼續監測宏觀經濟環境、IT 支出環境以及中美之間正在進行的貿易討論。

With the help of our supply chain team, we have navigated the first 3 China tariff list and are well-positioned against the announced tariff increase from 10% to 25%.

在我們供應鏈團隊的幫助下，我們已經瀏覽了前 3 個中國關稅清單，並在宣布關稅從 10% 增加到 25% 時處於有利地位。

We have been planning for a potential fourth list, which could impact notebooks and monitors.

我們一直在計劃潛在的第四個列表，這可能會影響筆記本電腦和顯示器。

There's not a firm target date in place but we will adjust our global supply chain as needed to minimize the impact to our customers.

目前還沒有確定的目標日期，但我們將根據需要調整我們的全球供應鏈，以盡量減少對客戶的影響。

We do expect component cost to continue to decline through at least the next 2 quarters, though at a lower rate than we saw in Q1.

我們確實預計，至少在接下來的兩個季度中，零部件成本將繼續下降，儘管下降速度低於我們在第一季度看到的速度。

Our direct model and associated lower inventory position provides flexibility relative to our competitors.

我們的直接模式和相關的較低庫存位置提供了相對於我們的競爭對手的靈活性。

We will continue to be disciplined on pricing as we move through the year but we will also ensure that we adjust as appropriate, given market and competitive dynamics.

在這一年中，我們將繼續在定價方面遵守紀律，但我們也將確保根據市場和競爭動態進行適當調整。

Moving to guidance.

轉向指導。

Based on Q1 results and our current expectations for the balance of the year, we are turning toward the midpoint of the GAAP and non-GAAP revenue ranges for the year, and above the midpoint of our GAAP and non-GAAP operating income ranges.

根據第一季度的業績和我們目前對今年餘下時間的預期，我們正在轉向今年 GAAP 和非 GAAP 收入範圍的中點，並高於我們的 GAAP 和非 GAAP 營業收入範圍的中點。

We now expect our GAAP EPS outlook to be better than the high end of the range primarily due to discrete tax and other items.

我們現在預計我們的 GAAP EPS 前景將好於範圍的高端，這主要是由於離散稅和其他項目。

We expect our non-GAAP EPS to be above the midpoint of the range for the full year after taking into consideration the EPS adjustment we announced in March for refinancing activity.

考慮到我們在 3 月份宣布的再融資活動每股收益調整後，我們預計我們的非 GAAP 每股收益將高於全年範圍的中點。

In closing, we are well-positioned with one of the strongest portfolios in the industry.

最後，我們擁有業內最強大的產品組合之一。

We are focused on long-term value creation, and we believe that there is no better partner than Dell Technologies to help our customers realize their digital future.

我們專注於長期價值創造，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。

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

有了這個，我會把它轉回給羅布開始問答。

Thanks, Tom.

謝謝，湯姆。

Let's get to Q&A.

讓我們開始問答吧。

(Operator Instructions) Ian, can you please introduce the first participant?

（操作員說明）伊恩，你能介紹一下第一個參與者嗎？

We'll take our first question from the line of Wamsi Mohan from Bank of America Merrill Lynch.

我們將從美國銀行美林證券的 Wamsi Mohan 那裡回答我們的第一個問題。

Could you just elaborate on the server weakness, maybe just give us some color on server units versus ASPs.

您能否詳細說明服務器的弱點，也許只是給我們一些關於服務器單元與 ASP 的顏色。

And I appreciate the comment on derisking the business model more broadly from any upcoming tariffs on List 4. But could you give us some color on what specifically Dell is doing to actually circumvent that and be well-prepared in the event that those do transpire.

我很欣賞關於從清單 4 中任何即將徵收的關稅中更廣泛地降低商業模式風險的評論。但是你能否給我們一些顏色，說明戴爾正在做什麼來實際規避這種情況，並在這些情況發生時做好充分準備。

Well, as we go talk about the server market that we saw as well as sort of the tariff framework and what we're doing about it, I would remind everybody that as we went through Q1, we did see IDC drop their mainstream revenue forecast for the market for calendar '19, I think, from 3.4% to approximately 1%.

好吧，當我們談論我們看到的服務器市場以及某種關稅框架以及我們正在做的事情時，我會提醒大家，在我們經歷第一季度時，我們確實看到 IDC 降低了他們的主流收入預測對於日曆 '19 的市場，我認為，從 3.4% 到大約 1%。

We're also -- as we thought about the year this year, we also had expected a slower server market.

我們也是——正如我們今年所考慮的那樣，我們也曾預計服務器市場會放緩。

If you think about the velocity in the business last year with, I think, server and network overall was up 28% last year in fiscal '19, and Q1 last year was up 41%.

如果你考慮一下去年的業務速度，我認為服務器和網絡去年在 19 財年增長了 28%，而去年第一季度增長了 41%。

So we had planned for slower growth.

所以我們計劃放慢增長速度。

I think what we saw was a softer than anticipated growth even off the lower planning assumption.

我認為，即使在較低的規劃假設下，我們看到的增長也比預期的要疲軟。

And so our philosophy in this environment, and remember what we continue to talk about is that we want to run the business for the long term.

因此，我們在這種環境下的理念，並記住我們繼續談論的是我們希望長期經營業務。

We want to grow relative to the market and take share but that share needs to -- that growth needs to be profitable and it needs to drive cash.

我們希望相對於市場增長並佔據份額，但該份額需要 - 增長需要盈利並且需要推動現金。

And so that was the framework we were working our way through as we worked through the quarter.

因此，這就是我們在本季度工作時正在努力通過的框架。

As we think of what we saw from a server perspective, there were a couple of thoughts I'd provide for you.

當我們從服務器的角度考慮我們所看到的內容時，我會為您提供一些想法。

One was we did see softness in China.

一是我們確實看到了中國的疲軟。

And if you guys recall our Q4 conversation, we had talked about the fact that we're going to be adjusting our China model given some of the dynamics we saw in China, and that sort of played out as anticipated.

如果你們還記得我們第四季度的談話，我們談到了一個事實，即我們將根據我們在中國看到的一些動態調整我們的中國模式，並且這種情況如預期的那樣發揮作用。

And then, secondly, we also saw some, particularly in the large enterprise space, a handful of deals that, quite frankly, as they -- as we were looking at them, the profitability profile just didn't make sense to us, so we didn't participate in that.

然後，其次，我們還看到了一些交易，特別是在大型企業領域，坦率地說，正如我們所看到的那樣，這些交易的盈利能力對我們來說沒有意義，所以我們沒有參與。

And so we balanced as we made our way through the quarter, both from a revenue and profitability perspective, and I think we're pretty disciplined in how we did it.

因此，從收入和盈利能力的角度來看，我們在本季度取得了平衡，而且我認為我們在如何做到這一點上非常自律。

And so, look, I feel given where the market was and given what we saw, I think I feel pretty good about how we navigated the quarter there.

所以，看，我覺得考慮到市場的位置和我們所看到的，我認為我對我們在那裡度過這個季度的方式感覺很好。

And again, there is demand out there if you want to take it, but sometimes the profitability framework doesn't make sense.

再一次，如果你想接受它，就會有需求，但有時盈利能力框架沒有意義。

And so I think that was the balance that we drove there.

所以我認為這就是我們推動的平衡。

I don't know, Jeff, if you'd add anything to that.

我不知道，傑夫，如果你想補充什麼。

No, I'd add a couple of points, specifically, Wamsi asked about ASPs.

不，我要補充幾點，具體來說，Wamsi 問了有關 ASP 的問題。

ASPs on a year-over-year basis on our server business were up.

我們服務器業務的 ASP 同比增長。

I look at our high-value workload, the portion of the high end of the business that we have, it continues to grow.

我看看我們的高價值工作量，即我們擁有的高端業務的一部分，它繼續增長。

I'd remind everybody, I think we said it in our comments, we took share.

我想提醒大家，我想我們在評論中說過，我們分享了。

We believe when IDC reports its share data later in Q2 on the Q1 calendar, that we will have gained share again in the server business.

我們相信，當 IDC 在第一季度晚些時候報告其份額數據時，我們將在服務器業務中再次獲得份額。

And I think that backdrop that Tom painted where there was a slowing in demand is correct, and the soft spots that he mentioned around China and large enterprise are very much spot on.

而且我認為湯姆描繪的需求放緩的背景是正確的，他提到的中國和大型企業的弱點非常準確。

We still think there is a long-term outlook that is very positive for servers and we're going to focus on our relative share position adjusting to the market conditions.

我們仍然認為服務器的長期前景非常樂觀，我們將專注於根據市場狀況調整我們的相對份額。

We're going to continue to grow our customer base, which we did in Q1, and we'll continue to drive the business and look after cash flow as we manage that business on a quarter-by-quarter basis.

我們將繼續擴大我們在第一季度所做的客戶群，並且我們將繼續推動業務並在我們按季度管理該業務時關注現金流。

We're going to skip that second question, Wamsi, and then we can come back to you at the end if we have time, so let's move to the next question..

我們將跳過第二個問題，Wamsi，如果我們有時間的話，我們可以在最後回到你身邊，所以讓我們轉到下一個問題..

And our next question is from the line of Shannon Cross from Cross Research.

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

Just if we could talk a bit about the strength you saw in the client margin, how sustainable that is.

只是如果我們能談談你在客戶利潤中看到的力量，那是多麼可持續。

And maybe if you can just the overall sort of how you did with server about what you're seeing in terms of client in general.

也許如果你能從總體上了解你如何使用服務器來了解你在客戶端方面的一般情況。

Shannon, it's Tom.

香農，是湯姆。

I think as we thought of -- as we look at the client business for the quarter, I think I have a couple of thoughts I'd provide to you.

我認為正如我們所想的那樣——當我們審視本季度的客戶業務時，我想我有一些想法可以提供給你。

We have said in Q4, as we did our Q4 call a few months ago, that the client operating -- or pricing environment was relatively benign, and I would tell you that, that continued on into Q1, principally given some of the industry chip dynamics that we continue to navigate through.

我們在第四季度說過，就像我們幾個月前在第四季度的電話會議上所說的那樣，客戶運營或定價環境相對良好，我會告訴你，這種情況一直持續到第一季度，主要是考慮到一些行業籌碼我們繼續瀏覽的動態。

Clearly, as we ran the business this quarter, we mix towards the commercial business that generally pulls a higher profitability profile, if you will.

顯然，當我們在本季度經營業務時，如果您願意的話，我們將混合到通常具有更高盈利能力的商業業務。

And we obviously had some benefit of the component cost deflation that we saw during the quarter.

我們顯然從本季度看到的組件成本通縮中受益。

And so as we think about the business, I think there are a couple of things that we're still working our way through, the navigation of as we walk into the coming quarters is how do we think about the slowing component cost framework relative to what we saw in Q1 and then our pricing actions as a result of that.

因此，當我們考慮業務時，我認為有幾件事我們仍在努力解決，我們進入未來幾個季度的導航是我們如何考慮相對於我們在第一季度看到了什麼，然後我們因此採取了定價行動。

And there is sort of some uncertainty around mix and the dynamics of the chips -- of the industry chip shortage that we're going to have to continue to work through.

芯片的組合和動態存在一些不確定性——我們將不得不繼續努力解決行業芯片短缺問題。

So we'll manage our operating margin appropriately.

因此，我們將適當地管理我們的營業利潤率。

From a demand perspective, we were clearly pleased with what we saw in the quarter.

從需求的角度來看，我們顯然對本季度的情況感到滿意。

We're still in -- I think we benefited from the -- clearly from the sales coverage expansion that we've done over the last year, 1.5 years.

我們仍然在——我認為我們從中受益——顯然我們在過去一年 1.5 年中所做的銷售覆蓋範圍擴大。

We also are obviously benefiting from the Win 10 refresh cycle that continues.

顯然，我們也從持續的 Win 10 更新周期中受益。

And so I think we remain optimistic about the client business for the year and we'll manage it appropriately given some of the dynamics and uncertainties I think we'll see as we work our way through the year.

因此，我認為我們對今年的客戶業務保持樂觀，並且考慮到我認為我們在全年工作時會看到的一些動態和不確定性，我們將對其進行適當管理。

I don't know, Jeff, if you would add anything to that.

我不知道，Jeff，你是否願意添加任何內容。

I'd add a couple of comments.

我要添加一些評論。

The mix I think is important when we look at the mix of commercial and high-end consumer, we certainly benefited from that.

當我們審視商業和高端消費者的組合時，我認為這種組合很重要，我們當然從中受益。

And we saw our direct business grow at a premium to the marketplace, which as you know, carries the attach of S&P services and financing which are margin accretive to us.

我們看到我們的直接業務以高於市場的速度增長，如您所知，市場附帶標準普爾服務和融資，這對我們來說是增加利潤的。

And we're in a world of favorable dynamics in Q1, no question.

毫無疑問，我們在第一季度處於有利動態的世界。

I do think, as we look at the remaining part of the year, and Tom touched upon this, we have what will become a more consumer second half because we have a consumer mix shift in the second half.

我確實認為，當我們回顧今年的剩餘時間時，Tom 談到了這一點，我們將在下半年成為更多的消費者，因為下半年我們將發生消費者組合轉變。

We have the possibility of a List 4 in tariffs that we'll have to navigate as we go forward.

我們有可能在我們前進的過程中必須瀏覽清單 4 的關稅。

And we certainly have, as Tom mentioned, the ongoing challenges of managing demand and supply based on part availability.

正如湯姆所提到的，我們當然面臨著根據零件可用性管理需求和供應的持續挑戰。

So that's kind of how we look at the year, reinforcing what Tom said and a couple of other points to think about.

這就是我們對這一年的看法，強化了湯姆所說的以及其他一些需要考慮的觀點。

And our next question is from the line of Toni Sacconaghi from Bernstein.

我們的下一個問題來自 Bernstein 的 Toni Sacconaghi。

I just wanted to follow up on servers and I was wondering if you could kind of comment around linearity through the quarter.

我只是想跟進服務器，我想知道您是否可以對整個季度的線性度發表評論。

Did you actually feel like the demand environment got progressively worse over the course of the quarter?

您是否真的覺得需求環境在本季度內逐漸惡化？

And part of the reason I asked that is you said that storage was very back-end loaded, which would suggest that demand didn't really get worse for storage.

我問這個問題的部分原因是你說存儲是非常後端負載的，這表明存儲需求並沒有真正變得更糟。

So maybe you can contrast why you think enterprise demand in servers was weakening and not in storage, and whether there were different linearity patterns that you saw in storage versus servers?

所以也許你可以對比為什麼你認為企業對服務器的需求正在減弱而不是存儲，以及你在存儲和服務器中是否看到了不同的線性模式？

And then what are you modeling going forward for servers.

然後你在為服務器建模。

Do you actually think the demand environment comes back?

你真的認為需求環境回來了嗎？

Or do you think it continues to soften?

還是您認為它會繼續軟化？

How -- what is sort of baked into your expectations for Q2 and your reaffirmation of revenue guidance for the year?

如何 - 您對第二季度的預期以及您對今年收入指導的重申是什麼？

Toni, it's Tom.

托尼，是湯姆。

So from a linearity perspective within the quarter, I would offer this as it relates to server.

因此，從本季度的線性角度來看，我會提供與服務器相關的這個。

We saw -- early in the quarter, we saw softness in the server demand velocity, if you will.

我們看到 - 在本季度初，我們看到服務器需求速度疲軟，如果你願意的話。

And that softness lasted maybe the first half of the quarter to something of that effect.

這種疲軟可能會持續到本季度的前半段，從而產生某種效果。

We took some pricing actions along the way to ensure that we were in the right price position across the globe.

我們在此過程中採取了一些定價措施，以確保我們在全球範圍內處於正確的價格位置。

And we did see demand on server begin to pick up as we move through the latter part of the quarter.

我們確實看到在本季度後半段，對服務器的需求開始回升。

I do think that we'll have to continue to watch it in the sense of some of the weaknesses that we called out, I think China continues to be a headwind given the dynamics that we're seeing over there.

我確實認為我們必須從我們指出的一些弱點的意義上繼續關注它，我認為鑑於我們在那裡看到的動態，中國仍然是一個逆風。

I will tell you, outside of those couple of soft spots that we called out in general, we saw a reasonable server demand in some of the other areas of the globe.

我會告訴你，除了我們通常提到的那些軟弱點之外，我們在全球其他一些地區看到了合理的服務器需求。

And we're not in the business of forecasting the market growth for servers, and I'd point back to we do think that the server, according to IDC, the server market has softened.

而且我們不從事預測服務器市場增長的業務，我要指出的是，我們確實認為服務器，根據 IDC 的說法，服務器市場已經疲軟。

And we're going to navigate our way through that.

我們將通過它來導航。

And part of the reaffirmation of the guidance or the mid-range -- midpoint of the guidance, if you will, on revenue is around -- if you look at the broad capabilities and solution sets that we have with the business, to the extent I have softness in certain areas, also have strength in other areas.

部分重申指導或中檔——指導的中點，如果你願意的話，關於收入——如果你看看我們在業務中擁有的廣泛能力和解決方案集，在某種程度上我在某些方面有柔軟，在其他方面也有力量。

And so we're balancing our portfolio, managing the business, I think, from the framework that I previously articulated as we move through the year.

因此，我們正在平衡我們的投資組合，管理業務，我認為，根據我之前在這一年中闡明的框架。

And Toni had also a question about relative to storage.

Toni 還有一個關於存儲的問題。

I do think that from a linearity standpoint, storage does tend to be more back-end loaded fairly consistently.

我確實認為，從線性的角度來看，存儲確實傾向於相當一致地更多地後端加載。

No, it is.

不，是的。

I mean, to emphasize what Tom said, look, we saw the business decelerate through, as Tom said, the first portion of the quarter and we saw a rebound.

我的意思是，為了強調湯姆所說的，看，正如湯姆所說，我們看到業務在本季度的第一部分減速，我們看到了反彈。

We took some pricing actions along the way.

在此過程中，我們採取了一些定價措施。

We saw the businesses that would respond to list price actions, respond appropriately.

我們看到企業會響應標價行動，做出適當的響應。

We think there's certainly inventory that's being digested in the ecosystem as a whole.

我們認為肯定有庫存在整個生態系統中被消化。

Clearly, last year, there was a very high growth for servers, and I think we're seeing some of that being digested through the year.

很明顯，去年服務器增長非常快，我認為我們看到其中一些增長在這一年中得到了消化。

We're seeing some customers waited for Cascade Lake, and now we have Cascade Lake shipping, we're seeing a nice ramp to the new microprocessor technology, so I think that's encouraging.

我們看到一些客戶在等待 Cascade Lake，現在我們有 Cascade Lake 發貨，我們看到新的微處理器技術有了很好的發展，所以我認為這是令人鼓舞的。

And then, again, you saw in our storage business and what Tom mentioned is they build up towards the end of the quarter, which is historically what we see in our largest accounts and we saw a nice steady state through our commercial business of our storage demand.

然後，再一次，你在我們的存儲業務中看到了，Tom 提到的是他們在本季度末建立起來，這在歷史上是我們在最大的客戶中看到的，我們通過我們的存儲商業業務看到了一個良好的穩定狀態要求。

And VxRail continues to do well as a hyperconverged software-defined storage offer in the marketplace.

VxRail 作為超融合軟件定義存儲產品繼續在市場上表現出色。

And our next question is from the line of John Roy with UBS.

我們的下一個問題來自瑞銀集團的 John Roy。

Staying on the storage theme, can you give us some color on the midrange.

留在存儲主題上，你能給我們一些關於中檔的顏色嗎？

Are you seeing people waiting for your new product refresh?

您是否看到人們在等待您的新產品更新？

And we were expecting you to do a little bit better on storage, can you give us any more color on the competitive environment within storage.

我們期待你在存儲方面做得更好，你能給我們更多關於存儲競爭環境的顏色嗎？

Sure.

當然。

I'll start.

我會開始。

John, this is Jeff.

約翰，這是傑夫。

And then I'm sure Tom will layer in as well.

然後我相信 Tom 也會介入。

We tend to took at the storage market opportunity through the price band.

我們傾向於通過價格區間抓住存儲市場的機會。

And when I look at our price band performance across our portfolio, I'm quite pleased on an orders basis.

當我查看我們整個產品組合的價格區間表現時，我對訂單非常滿意。

I mentioned orders had healthy growth for the year.

我提到今年的訂單有健康增長。

We grew in the high end.

我們在高端成長。

We grew in -- or the high price band, the mid-range price band and the entry-level price band across a variety of our products, whether that's the PowerMax product, our Isilon unstructured product, our Unity product, and we're pleased with that velocity, if you will, of our core storage of array business.

我們在我們各種產品的高價格區間、中區間價格區間和入門級價格區間中成長，無論是 PowerMax 產品、我們的 Isilon 非結構化產品、我們的 Unity 產品，而且我們是如果您願意，我們對陣列業務的核心存儲的速度感到滿意。

I don't look at it as a midrange product or category because, again, it's price bands, we sell the PowerMax 2000 as an example in what some would call midrange price band.

我不將其視為中端產品或類別，因為它是價格區間，我們以 PowerMax 2000 為例，有些人稱之為中端價格區間。

Unstructured products are sold in midrange price bands.

非結構化產品以中檔價格出售。

So we tend to look at our performance across all of the portfolio.

因此，我們傾向於查看我們在所有投資組合中的表現。

And as I said, the order basis was a healthy growth for us.

正如我所說，訂單基礎對我們來說是一個健康的增長。

Yes, I would add, John, in the remarks that I made that we did build backlog in storage given some of the -- how the storage path order...

是的，約翰，我要補充的是，在我發表的評論中，我們確實在存儲中建立了積壓，因為存儲路徑的順序......

Order of linearity.

線性順序。

Because of the linearity of the storage orders that came in.

因為進來的存儲訂單是線性的。

So look, I think, we feel good about the solid order demand we saw on storage and we'll continue to press on.

所以看，我認為，我們對我們在存儲方面看到的穩定訂單需求感到滿意，我們將繼續努力。

I think we've talked a lot about the fact that Jeff and his team have refreshed the product line.

我想我們已經就 Jeff 和他的團隊更新了產品線這一事實談了很多。

We've got new storage capability coming on towards the end of the year.

我們將在今年年底推出新的存儲功能。

So we feel good about the positioning of the overall solution sets that we're offering.

因此，我們對我們提供的整體解決方案集的定位感到滿意。

Yes.

是的。

the capacity and coverage that we put in place is coming online.

我們部署的容量和覆蓋範圍即將上線。

It's coming up the productivity curve.

它正在提高生產力曲線。

We're encouraged by that.

我們對此感到鼓舞。

The product line continues to get stronger where we were a year ago versus today.

與一年前相比，我們的產品線繼續變得更強大。

It's literally night and day.

它實際上是白天和黑夜。

At Dell Technologies World, we announced extensions of Unity with the Unity XT, which is a huge performance boost and it's very competitive in those midrange price bands.

在 Dell Technologies World 上，我們宣布了 Unity XT 對 Unity 的擴展，這是一個巨大的性能提升，並且在那些中端價格範圍內非常有競爭力。

I look at what we did with storage-class memory, the first to market in our high-end storage arrays.

我看看我們對存儲級內存所做的工作，這是我們在高端存儲陣列中率先推向市場的內存。

And then, certainly, we've talked consistently about the next-generation midrange product towards the end of the year and that remains on target.

然後，當然，我們一直在談論到年底的下一代中端產品，並且仍然按目標進行。

And our next question is from the line of David Eller with Wells Fargo.

我們的下一個問題來自富國銀行的 David Eller。

My main question was on free cash flow, when you exclude VMware and the DFS business, was negative $1.1 billion.

我的主要問題是關於自由現金流，當你排除 VMware 和 DFS 業務時，自由現金流為負 11 億美元。

Kind of one of your toughest performances in some time.

有點像你一段時間以來最艱難的表演之一。

So can you talk about the drivers of that drag in the quarter?

那麼你能談談本季度拖累的驅動因素嗎？

And then just looking for some additional color on some of the prior questions, you talked about servers in China and with large enterprises.

然後只是在前面的一些問題上尋找一些額外的顏色，你談到了中國和大型企業的服務器。

Can you just talk about China more holistically, kind of the IT spending environment overall.

您能否更全面地談談中國，整體的 IT 支出環境。

And then, from the large enterprises, what are you hearing there from large enterprises, is it a sense of more caution related to the tariff and trade war?

然後，從大企業那裡，你從大企業那裡聽到了什麼，是不是對關稅和貿易戰更加謹慎？

Any color would be helpful.

任何顏色都會有幫助。

David, this is Tyler, so maybe I'll jump in here and talk about the cash flow.

大衛，這是泰勒，所以也許我會跳到這裡來談談現金流。

So yes, I mean, typically, Q1 is our weaker cash quarter.

所以是的，我的意思是，通常，第一季度是我們較弱的現金季度。

I would tell you that this was pretty much in line with expectations and that's partly why I felt comfortable paying down the $400 million, which quite frankly, was not something I really planned on doing when we started the quarter.

我會告訴你，這非常符合預期，這也是我願意支付 4 億美元的部分原因，坦率地說，這並不是我們本季度開始時我真正打算做的事情。

If you look at the comparison relative to last year, for example, I mean, really, one of the bigger drivers is that we had a pretty large compensation payout this quarter, which was driven by the bonus.

例如，如果你看一下與去年的比較，我的意思是，實際上，更大的驅動因素之一是我們本季度支付了相當大的薪酬，這是由獎金推動的。

So as I look forward and I kind of look at where I am today and I think of my expectations for the rest of the year, I mean, Tom said it during the talking points that I feel good about us paying down the $4.8 billion, so we're on track.

所以當我展望未來時，我有點看看我今天的位置，我想我對今年餘下時間的期望，我的意思是，湯姆在談話要點中說我對我們支付 48 億美元感覺很好，所以我們走上正軌。

I'm happy.

我很高興。

But if you think forward by the end of the year and you look at how our debt maturity towers are going to look, it's going to look much different than where we started before we did the refinancing.

但如果你考慮到今年年底，看看我們的債務到期塔會是什麼樣子，它看起來會與我們進行再融資之前的起點大不相同。

So feel good about kind of where we're going and so everything is on track.

所以對我們要去的地方感覺很好，所以一切都在正軌上。

As it relates to your second part of that question, which was around China and what we're seeing in China, look, I would tell you that, obviously, it's an important market for us.

由於它涉及到你的問題的第二部分，即圍繞中國以及我們在中國看到的情況，看，我會告訴你，顯然，這對我們來說是一個重要的市場。

It's our second largest market.

這是我們的第二大市場。

I think we, in the past, said it's high single in terms of the revenue mix.

我想我們過去說過，就收入組合而言，它是高度單一的。

In terms of the whole, it's high-single digits.

整體來看，是高個位數。

We obviously have, we think, a good relationship and a good business there, but clearly, the U.S.-China trade tensions are a bit of an overhang on the business.

我們認為，我們顯然在那裡擁有良好的關係和良好的業務，但顯然，美中貿易緊張局勢對業務造成了一些影響。

We did see more competitiveness in the market, principally in the servers space there this quarter given say than a year ago where part of that is, I think, the component cost framework year-over-year.

我們確實看到市場更具競爭力，主要是在本季度的服務器空間比一年前說的，我認為其中一部分是組件成本框架同比。

And what we saw were some of the opportunities there and the pricing around those just didn't make sense from a profit framework that we are driving or are trying to execute to.

我們看到的是那裡的一些機會，而圍繞這些機會的定價從我們正在推動或試圖執行的利潤框架來看是沒有意義的。

We also had talked about in the past relative to the China business on servers that we wanted to diversify that buyer base and we've been working on doing that.

我們過去也曾談到過與中國服務器業務相關的問題，我們希望使買家群體多樣化，我們一直在努力做到這一點。

So I think we balanced with the business with what we saw in the market and what we thought was made appropriate since.

因此，我認為我們通過在市場上看到的以及我們認為合適的業務來平衡業務。

Absent servers though, I mean we're pleased with the commercial client growth there.

雖然沒有服務器，但我的意思是我們對那裡的商業客戶增長感到滿意。

We're pleased with the storage growth in China.

我們對中國的存儲增長感到滿意。

And so again, this is one of the things where we'll have to continue to watch that business as we move forward through the year and adjust as appropriate given what we're seeing in the market and the broader macro dynamics.

因此，這也是我們在今年向前邁進時必須繼續關注該業務的事情之一，並根據我們在市場上看到的情況和更廣泛的宏觀動態進行適當調整。

And our next question is from the line of Steve Milunovich from Wolfe Research.

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

Could you explain your cloud strategy and the impact that you expect on the company.

您能否解釋一下您的雲戰略以及您對公司的預期影響。

You've got VxRail integrated with VCF.

您已將 VxRail 與 VCF 集成。

You've got the Dell cloud platform.

您擁有戴爾雲平台。

You've now got the Azure relationship but Pat's kind of gone out of his way to say, hey our #1 partnership is with AWS.

您現在已經建立了 Azure 關係，但 Pat 有點特意說，嘿，我們的第一合作夥伴是 AWS。

Could you kind of talk about what the strategy is?

你能談談戰略是什麼嗎？

And then are we going to see most of the benefit of that in VMware or on the Dell side as well?

那麼我們是否會在 VMware 或戴爾方面看到它的大部分好處？

Sure.

當然。

I'd be happy to talk about the strategy, Steve.

我很樂意談論戰略，史蒂夫。

Look, we made a big series of announcements at Dell Technologies World a handful of weeks ago and we talked about the Dell Technologies Cloud.

看，幾週前我們在 Dell Technologies World 上發布了一系列重要公告，我們談到了 Dell Technologies Cloud。

And we specifically talked about where you could build your own cloud platforms based on our HCI and CI stacks with VMware's Cloud Foundation.

我們特別討論了您可以在何處基於我們的 HCI 和 CI 堆棧以及 VMware 的 Cloud Foundation 構建您自己的雲平台。

So for those organizations that want to deploy their own on-prem cloud, hybrid cloud and have the consistency of management and automation, we provide the tools with high levels of integration to do that with our VxRail and our VCF product -- or I should say VMware's VCF product, and I think that is very much a differentiated offer.

因此，對於那些想要部署自己的本地雲、混合雲並具有管理和自動化一致性的組織，我們提供了具有高集成度的工具來使用我們的 VxRail 和 VCF 產品來實現這一點——或者我應該說到 VMware 的 VCF 產品，我認為這是一個非常差異化的產品。

You'll see us continue to build around that.

你會看到我們繼續圍繞它進行構建。

We will add more capability and we talked about extensions of that platform into our primary storage arrays, and you'll continue to see us be able to enable our customers to build edge deployment and core data center deployments around that.

我們將增加更多功能，我們討論了將該平台擴展到我們的主存儲陣列中，您將繼續看到我們能夠使我們的客戶能夠圍繞該平台構建邊緣部署和核心數據中心部署。

And the other offer that we announced was our Data Center-as-a-Service.

我們宣布的另一項優惠是我們的數據中心即服務。

So basically, the ability to have a public cloud experience on-prem, so your own private cloud delivered as a service and your own private data center on the edge of your network.

所以基本上，能夠在本地擁有公共雲體驗，因此您自己的私有云作為服務交付，您自己的私有數據中心位於您的網絡邊緣。

Fully managed by us, offered as a subscription by us.

由我們完全管理，由我們作為訂閱提供。

It's built on VxRail and VMware cloud foundation.

它建立在 VxRail 和 VMware 雲基礎之上。

We install it.

我們安裝它。

We manage it and just like any other cloud service that a customer is consuming today.

我們管理它，就像客戶今天使用的任何其他雲服務一樣。

And then we also extended our cloud strategy with the announcement we made with Microsoft that, essentially, we allow customers who want to use public cloud and public cloud services, VMware software-defined data center running in the cloud including the AWS, which is already into the marketplace today, and then what we announced at Dell Technologies World, VMware services for Azure.

然後我們還擴展了我們的雲戰略，我們與微軟一起宣布，從本質上講，我們允許想要使用公共雲和公共雲服務的客戶，在雲中運行的 VMware 軟件定義數據中心，包括 AWS，這已經是今天進入市場，然後是我們在 Dell Technologies World 上宣布的面向 Azure 的 VMware 服務。

We're pretty excited about that.

我們對此感到非常興奮。

We believe that gives customers a wide range of capabilities in this multi-cloud world.

我們相信，這可以為客戶在這個多雲世界中提供廣泛的功能。

We see customers today deploying on average, 5 different cloud architectures today.

我們看到今天的客戶平均部署 5 種不同的雲架構。

They want consistency in management and automation and how to deploy and how to provision.

他們希望在管理和自動化以及如何部署和供應方面保持一致。

What we announced and what our strategy is to allow VMs and applications and containers to move from the edge to the core data center to the public cloud, all orchestrated by us, specifically the VMware capability, and then building highly integrated infrastructure products in that to help our customers.

我們宣布的內容和我們的戰略是允許虛擬機、應用程序和容器從邊緣移動到核心數據中心再到公共雲，所有這些都由我們精心策劃，特別是 VMware 功能，然後在其中構建高度集成的基礎架構產品以幫助我們的客戶。

That's the strategy that we spent the vast part of Monday and Tuesday at Dell Technologies World talking about.

這就是我們在周一和周二的大部分時間裡在 Dell Technologies World 談論的戰略。

Does that help?

這有幫助嗎？

As well as VMware?

以及 VMware？

I didn't hear that last part of the question.

我沒有聽到問題的最後一部分。

It sounds like Dell hardware should benefit from this as well as VMware.

聽起來戴爾硬件和 VMware 應該從中受益。

Well, the answer is it is a highly integrated solution.

好吧，答案是它是一個高度集成的解決方案。

Certainly, when you look at the managed service, it's actually a Dell Technologies managed service, which has VMware components and Dell EMC infrastructure components.

當然，當您查看託管服務時，它實際上是 Dell Technologies 託管服務，其中包含 VMware 組件和 Dell EMC 基礎架構組件。

And if you think about the build your own or build it as a platform, clearly, we will benefit from VxRail and that appliance and the IP that we put in that with a highly integrated offer with our colleague's VMware's Cloud Foundation product.

如果您考慮構建自己的平台或將其構建為一個平台，顯然，我們將受益於 VxRail 和該設備以及我們放入其中的 IP，並與我們同事的 VMware 的 Cloud Foundation 產品高度集成。

So you would expect to see the benefit showing up both at the Dell level, Dell EMC level as well as at a VMware level.

因此，您會期望在戴爾級別、Dell EMC 級別以及 VMware 級別看到優勢。

Now obviously, some of that will depend upon the mix of what the solution set is that's being purchased but...

現在顯然，其中一些將取決於正在購買的解決方案集的組合，但是......

And the extensions of services that we couple around that, that will be able to have a broad and rich set of capabilities around, both the on-prem or the managed -- or the build on-prem or managed on-prem versions.

我們圍繞它耦合的服務擴展，將能夠擁有廣泛而豐富的功能集，無論是本地還是託管——或者構建本地或託管本地版本。

And our next question is from the line of Katy Huberty with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Katy Huberty。

Gross margin was up sequentially despite the mix shift towards low-margin PCs away from some of the higher-margin businesses, which just speaks to your ability to capture the volatility in commodity prices better than your competitors.

儘管從一些利潤率較高的業務轉向低利潤率的 PC，但毛利率環比上升，這恰恰表明您比競爭對手更能捕捉商品價格波動的能力。

So I guess the question is, how much longer would you expect to benefit from particularly lower memory prices?

所以我想問題是，您希望從特別低的內存價格中獲益多久？

And as some of your high-margin segments come back seasonally, could we see gross margins above the level you posted in the first quarter in 2Q and 3Q?

由於你們的一些高利潤細分市場季節性回歸，我們能否看到第二季度和第三季度的毛利率高於第一季度公佈的水平？

Katy, it's Tom.

凱蒂，是湯姆。

So one, I thank you for recognizing that we do have a broad portfolio, you're right, and we pivoted and managed the business appropriately given the dynamics we saw in the market, at least in our opinion we did.

因此，首先，我感謝您認識到我們確實擁有廣泛的投資組合，您是對的，並且鑑於我們在市場上看到的動態，我們適當地調整和管理了業務，至少在我們看來我們做到了。

As it relates to margin, we do think that component cost, we do see deflation happening in the component cost environment over the next couple of quarters, as we highlighted in our talking points.

由於它與利潤率有關，我們確實認為組件成本，我們確實看到未來幾個季度組件成本環境中發生通貨緊縮，正如我們在談話要點中強調的那樣。

We also think about the fact that the commercial client business will continue, in our opinion, to benefit from the Win 10 refresh cycle that's going on.

我們還考慮了這樣一個事實，在我們看來，商業客戶業務將繼續受益於正在進行的 Win 10 更新周期。

And given the chip shortage, we'll have to navigate through that.

考慮到芯片短缺，我們將不得不解決這個問題。

So in terms of, gee, do we get a margin expansion out of that?

因此，就 gee 而言，我們是否可以從中獲得利潤率擴張？

I would point to back to, as I provided some guidance comments in part of my talking points that we do expect now to be trending towards the above the mid range on operating income and non-GAAP EPS.

我要指出的是，因為我在我的部分談話要點中提供了一些指導意見，我們確實預計現在營業收入和非 GAAP 每股收益將趨向於中值以上。

So I think that's how I would anchor you on that.

所以我認為這就是我將你固定在這一點上的方式。

We'll continue to manage it.

我們會繼續管理它。

The unknowns here, Katy, around the impact of trade and tariffs, if that were to come to fruition and how would that potentially have an impact on demand, I think we feel good about the work that the supply chain team has done in terms of mitigating -- or potentially mitigating the impacts of List 4, but that is a bit of an unknown.

這裡的未知數，凱蒂，圍繞貿易和關稅的影響，如果這要實現，以及這將如何對需求產生潛在影響，我認為我們對供應鏈團隊在以下方面所做的工作感到滿意減輕——或可能減輕清單 4 的影響，但這有點未知。

And then we'll have to see how the pricing environment behaves as we move through the year.

然後我們將不得不看看定價環境在我們一年中的表現如何。

And so again, we tried to give you some perspective, but I would again point you towards look at the operating income framework that we laid out for you as part of the call.

因此，我們再次試圖給你一些觀點，但我會再次指出你看一下我們在電話會議中為你制定的營業收入框架。

And our next question is from the line of Rod Hall with Goldman Sachs.

我們的下一個問題來自 Rod Hall 與高盛的合作。

I guess I wanted to just clarify the timing of the change in demand that you've seen because the tariff stuff, the trade stuff kind of, let's say, blew up in late April.

我想我只是想澄清一下你所看到的需求變化的時間，因為關稅問題，貿易問題，比方說，在 4 月下旬爆發了。

And yet it sounds like what you're saying in response to some of the prior questions on linearity is that you saw demand weakness earlier in the quarter and then you made pricing changes and then that seemed to cause demand to perk up late in the quarter, which it almost sounds like demand was weak prior to some of the trade news that went the wrong way.

然而，聽起來您在回答之前關於線性度的一些問題時所說的是，您在本季度早些時候看到了需求疲軟，然後您進行了價格調整，然後這似乎導致需求在本季度末振作起來，在一些貿易消息走錯方向之前，這聽起來幾乎像是需求疲軟。

So I just wonder if you could comment on what you think was going on there early in the quarter when demand was weakening.

所以我只是想知道您是否可以評論一下您認為本季度初需求疲軟時發生的事情。

Do you think macro is, I guess, a little bit impaired before this all came up or do you think people are anticipating a negative trade outcome?

我猜你認為宏觀經濟在這一切出現之前有點受損，還是你認為人們預期貿易結果會出現負面影響？

Rod, it's Tom.

羅德，是湯姆。

Let me sort of -- let me frame this a little differently for you.

讓我有點 - 讓我為您設計一些不同的框架。

We're talking about a couple of trends here that we saw in the year.

我們在這裡談論的是我們在這一年看到的幾個趨勢。

I would tell you that our commercial client business was strong throughout the quarter.

我會告訴你，我們的商業客戶業務在整個季度都很強勁。

So that didn't -- that was relatively strong through the quarter and so the trade conversation, if you will, wasn't an influence on that from what we can tell.

所以這並沒有 - 這在整個季度都相對強勁，所以貿易對話，如果你願意的話，並沒有對我們所知道的產生影響。

The server conversation we had, which is what we said was soft in the first half of the quarter and picked up in the second half.

我們進行的服務器對話，也就是我們所說的，在本季度的前半段表現平平，在下半段開始回升。

I think you need to separate that a little bit from the trade and tariff conversation, right?

我認為您需要將其與貿易和關稅對話稍微分開，對嗎？

What we saw there was a relatively soft February and first half of March in servers.

我們看到服務器在 2 月和 3 月上半月表現相對疲軟。

We made a series of a list price moves to try and ensure that we were in the appropriate price position in early to mid-March, and we began to see better velocity in what I would call the transactional run rate server business as we worked our way through the quarter.

我們進行了一系列標價調整，以確保我們在 3 月初至中旬處於適當的價格位置，並且在我們開展工作時，我們開始看到我稱之為交易運行率服務器業務的更快速度整個季度的方式。

I do think we saw -- we did see, as we said, in China and in some large enterprise, some very competitive pricing or some pricing on some of these large deals that didn't make sense to us.

我確實認為我們看到了——正如我們所說，我們確實看到在中國和一些大型企業中，一些非常有競爭力的定價或一些對我們來說沒有意義的大型交易的定價。

Again, I think you've got to separate that from the trade and tariff conversations.

同樣，我認為你必須將其與貿易和關稅對話區分開來。

So what we're trying to articulate and maybe not doing a great job on is to say the server market clearly was softer than what we expected it to be.

因此，我們試圖闡明並且可能沒有做得很好的是說服務器市場顯然比我們預期的要疲軟。

And so we spent the quarter on servers sort of managing the balance of where do you push on revenue, where do you not push on revenue because the margin framework just didn't make sense.

因此，我們在服務器上花費了這個季度的時間來管理你在哪裡推動收入的平衡，你不在哪裡推動收入，因為利潤率框架沒有意義。

And at the end of the day, we opted towards a little less revenue and the profitability framework that we delivered.

在一天結束時，我們選擇了少一點的收入和我們交付的盈利框架。

So that's how the quarter is set up.

這就是季度的設置方式。

And then storage velocity which is typically has a more back-ended linearity sort of followed that same linearity through the quarter.

然後，通常具有更多後端線性度的存儲速度在整個季度都遵循相同的線性度。

So the overhang here, the macro dynamic around trade and tariff is one we're watching just because you think about the impact on business confidence, consumer confidence, you think about the impact on our domestic China business.

因此，這裡的懸而未決，圍繞貿易和關稅的宏觀動態是我們正在關注的一個問題，只是因為你考慮對商業信心、消費者信心的影響，你考慮對我們國內業務的影響。

Those are the dynamics that we're also keeping our eye on.

這些是我們也在關注的動態。

Our domestic China business, the server impact there, we were soft in servers in the China business.

我們在中國的國內業務，那裡的服務器受到影響，我們在中國業務的服務器方面表現不佳。

Some of that by design as we stepped away from these large deals that didn't make sense to us from a profitability perspective.

其中一些是設計使然，因為我們放棄了這些從盈利能力的角度來看對我們來說沒有意義的大型交易。

However, on the other hand, we saw a reasonable demand growth and revenue growth in client and storage in China.

然而，另一方面，我們看到中國客戶端和存儲的合理需求增長和收入增長。

So China was a little bit -- the domestic business in China was a little bit of a mixed bag.

所以中國有點——中國的國內業務有點魚龍混雜。

So hopefully that helps you frame this a little bit better as we think about -- as we thought about the dynamics that we managed our way through during the quarter.

因此，希望這能幫助您在我們考慮的時候更好地構建這個框架——因為我們考慮了我們在本季度管理的動態。

Tom, I would add, and again, in our mind, the trade tariff conversation is very different and separated from the server velocity that we've been talking about.

湯姆，我要補充的是，在我們看來，貿易關稅對話非常不同，並且與我們一直在談論的服務器速度是分開的。

We started -- and I think we mentioned it in our Q4 call about China servers and the slowing of our China server business.

我們開始了——我想我們在第四季度關於中國服務器和我們中國服務器業務放緩的電話會議中提到了這一點。

So we saw that coming into the quarter.

所以我們看到了進入這個季度。

And again, it's very separated from the tariff conversation that we've been having in and out of the conversation today.

再一次，它與我們今天進出對話的關稅對話非常不同。

That velocity, I think, we saw -- or that lack of velocity we saw continue through the quarter in Q1 in China.

我認為，我們看到了這種速度——或者我們在中國第一季度看到的速度缺乏。

And our next question is from the line of Jim Suva from Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

Keeping on the server commentary, you mentioned China a lot.

在服務器評論中，你經常提到中國。

Was the softness exclusive to China?

柔軟是中國獨有的嗎？

And if so, would you expect it to percolate to other regions.

如果是這樣，您會期望它滲透到其他地區嗎？

And if not, why would it not or what's so unique about that market?

如果不是，那為什麼不呢？或者那個市場有什麼獨特之處？

Jim, this is Jeff.

吉姆，這是傑夫。

I'll take a swing first and then Tom can come in over the top.

我會先揮桿，然後湯姆才能從上面進來。

I think we've been trying to consistently deliver a message that the China velocity, or lack thereof, was primarily China has picked up.

我認為我們一直在努力傳達一個信息，即中國的速度，或缺乏速度，主要是中國已經回升了。

But secondly, and equally important, is in large enterprise, a handful of deals that -- or opportunities, if you prefer, is where we saw the significant slowdown in our business.

但其次，同樣重要的是，在大型企業中，少數交易——或者你願意的話，是我們看到業務顯著放緩的機會。

I think Tom mentioned earlier, in the other parts of our server business, we had growth, but it was isolated to our China business and those handful of large enterprise opportunities where Tom mentioned about the economics of those and the aggressive pricing in the marketplace for those opportunities was below our profit threshold.

我想湯姆之前提到過，在我們服務器業務的其他部分，我們有增長，但它與我們的中國業務和少數大型企業機會是孤立的，湯姆在這些機會中提到了這些業務的經濟性和市場上激進的定價這些機會低於我們的利潤門檻。

Yes.

是的。

And Jim, it's Tom.

吉姆，是湯姆。

I would just add that, look, again, we're going to manage this business in a way that makes sense.

我只想補充一點，再看一次，我們將以一種有意義的方式管理這項業務。

We obviously want to grow.

我們顯然想要成長。

We want to grow relative to the market.

我們希望相對於市場增長。

We believe we'll take share again when the results get posted next week in terms of the server overall marketplace, and we'll balance the revenue and profitability profile as we work our way through the market dynamics.

我們相信，當下周公布服務器整體市場的結果時，我們將再次獲得份額，並且我們將在研究市場動態時平衡收入和盈利能力。

And so we had -- we saw a reasonable growth in other parts of the globe and we'll continue to manage the business appropriately.

所以我們 - 我們看到了全球其他地區的合理增長，我們將繼續適當地管理業務。

I'd come back to just relative share position, gaining share.

我會回到相對的份額位置，獲得份額。

We grew our customer base and we balanced, given the softer market, revenue and profit, I think, in a very solid way.

我們擴大了客戶群，並且在市場疲軟的情況下，我們以非常穩固的方式平衡了收入和利潤。

And our next question is from the line of Matt Cabral from Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Matt Cabral。

Tom, you touched on this in response to an earlier question.

湯姆，你在回答之前的問題時談到了這一點。

But just wondering if you could talk specifically about the impact that tariffs had on margins in the quarter.

但只是想知道您是否可以具體談談關稅對本季度利潤率的影響。

And just help us think about what you factored into the full year for the new 25% rate and just any potential actions on the outstanding goods not currently covered.

請幫助我們考慮一下您在全年中為新的 25% 稅率考慮了什麼，以及對目前未涵蓋的未償商品採取的任何潛在行動。

Look, from what we -- thanks, Matt, so from what we saw, we don't believe tariffs had a substantial impact or a significant impact on what margins that we saw in the quarter.

看，從我們的情況來看 - 謝謝，馬特，所以從我們所看到的情況來看，我們認為關稅不會對我們在本季度看到的利潤率產生重大影響或重大影響。

No.

不。

We successfully mitigated the first 3 lists.

我們成功地緩解了前 3 個列表。

We mitigated the first 3 lists.

我們緩解了前 3 個列表。

If we, in fact, get a raise in tariffs from 10% to 25%, we think the mitigation strategy that we put in place continue to sustain the offset or the -- mitigate the impact of the tariffs.

事實上，如果我們將關稅從 10% 提高到 25%，我們認為我們實施的緩解戰略將繼續維持抵消或 - 減輕關稅的影響。

If we think about List 4, we have strategies in place given our global supply chain and our flexible supply chain.

如果我們考慮清單 4，我們會根據我們的全球供應鍊和靈活的供應鏈制定戰略。

We have over 25 manufacturing facilities around the globe that we believe will be able to mitigate a substantial majority of that impact.

我們在全球擁有超過 25 個製造工廠，我們相信這些工廠能夠減輕大部分影響。

So if we couple that with the guidance framework and ranges that we provided, we feel comfortable that we'll be able to navigate our way through these -- through the tariff conversation.

因此，如果我們將其與我們提供的指導框架和範圍相結合，我們會感到很自在，我們將能夠通過這些——通過關稅對話來導航我們的方式。

Absent that one comment I made earlier, which is I do think if you were to see these tariffs enacted, we'll have to see what the overall effect is on consumer and business confidence relative to the demand environment.

如果沒有我之前發表的評論，我確實認為如果你要看到這些關稅的實施，我們將不得不看看相對於需求環境對消費者和企業信心的總體影響。

That's the one thing that's a little hard to model right now.

這是現在有點難以建模的一件事。

But in terms of our cost base and what we should be able to do, I think we'll be able to mitigate the vast majority of the impact.

但就我們的成本基礎和我們應該能夠做的事情而言，我認為我們將能夠減輕絕大多數影響。

Our final question comes from the line of Simon Leopold from Raymond James.

我們的最後一個問題來自雷蒙德詹姆斯的西蒙利奧波德。

I wanted to maybe see if we could step back on macro apart from what's going on, on tariffs.

我想看看除了正在發生的事情，我們是否可以在宏觀上退一步，關稅。

And I think what I'm struggling with is a number of your peers and competitors selling into the IT space have cited various company-specific reasons for weaker sales and execution.

而且我認為我正在努力解決的問題是，許多進入 IT 領域的同行和競爭對手都列舉了各種公司特定的銷售和執行力較弱的原因。

But it seems as if we net it all out, that -- and I'm trying to stay apart from the tariff issues, we are seeing some softening in enterprise demand in Europe and the U.S. I'm wondering if you could maybe give your perspective from how you may be seeing this differently or what you're seeing in terms of these macro changes.

但似乎我們把它全部排除在外，我正試圖遠離關稅問題，我們看到歐洲和美國的企業需求有所減弱。我想知道你是否可以給你從您可能如何不同地看待這個問題或您在這些宏觀變化方面看到的觀點。

Look, I mean, if you just step back and think about what we see macro, there's clearly dynamics in the macro environment, right?

看，我的意思是，如果你只是退後一步，想想我們看到的宏觀環境，宏觀環境中顯然有動態，對吧？

So besides the trade and tariff conversation we've been having, you've got a Brexit overhang, you've got political dynamics going on, but step back and think about the underlying IT technology investment trends, right, that there is an investment cycle happening.

因此，除了我們一直在進行的貿易和關稅對話之外，還有英國退歐懸而未決，政治動態正在發生，但退一步想想潛在的 IT 技術投資趨勢，對，有一項投資循環發生。

And if you believe the sort of the IDC framework, it's 2x GDP over the next number of years.

而且，如果您相信 IDC 框架的類型，那麼在接下來的幾年中，它是 GDP 的 2 倍。

And if you look at the IDC forecast, you would see that the IDC technology investment cycle is they look -- is they calendarized it by year.

如果你看一下 IDC 的預測，你會發現 IDC 的技術投資週期是按年計算的。

Actually, the technology spend IDC forecasted to dip slightly this year, which is essentially, I think, what we're seeing is a little bit of softening in the environment.

實際上，IDC 預測今年的技術支出將略有下降，我認為這基本上是我們所看到的環境有所緩和。

I think that's undeniable.

我認為這是不可否認的。

What we're trying to convey is as we manage the business and the broad set of capabilities and solutions that we have, we're pulling various levers as we go through the quarter around managing for both growth where we think growth is there to get that makes sense that generates profitable growth, that generates cash versus do I push on growth and go buy revenue with no margin or negative margin, which you can do in this businesses in some of the areas.

我們試圖傳達的是，在我們管理業務以及我們擁有的廣泛能力和解決方案的過程中，我們在整個季度圍繞管理我們認為可以實現增長的增長而採取各種手段這很有意義，可以產生盈利增長，產生現金，而不是我推動增長並在沒有利潤或負利潤的情況下購買收入，你可以在某些領域的業務中做到這一點。

So what you're hearing us articulate is we grew on a non-GAAP basis revenue 2%.

所以你聽到我們說的是我們在非 GAAP 基礎上增長了 2%。

We built deferred revenue balances.

我們建立了遞延收入餘額。

We had a very strong client quarter, storage demand was good.

我們有一個非常強大的客戶季度，存儲需求很好。

Yes, there was softness in the server environment.

是的，服務器環境有些疲軟。

That's just something we'll have to continue to navigate through, principally contained in China and in some of those large enterprise -- handful of large enterprise opportunities.

這只是我們必須繼續探索的事情，主要包含在中國和一些大型企業中——少數大型企業機會。

And so I think our job as the leadership team and the management team is to execute our way through those dynamics, and that's what we'll continue to do as we move into Q2.

因此，我認為我們作為領導團隊和管理團隊的工作是通過這些動態執行我們的方式，這就是我們進入第二季度時將繼續做的事情。

So look, we'll have to see how the year unfolds.

所以看，我們必須看看這一年如何展開。

You obviously heard that we still like the year -- the framework that we laid out at the beginning of the year.

你顯然聽說我們仍然喜歡這一年——我們在年初制定的框架。

We pointed you toward the midpoint of revenue -- of that revenue range from a revenue framework perspective to think about, and we pointed you above the midpoint of the operating income and EPS.

我們將您指向收入的中點 - 從收入框架的角度考慮該收入範圍，我們將您指向營業收入和每股收益的中點之上。

So obviously, we'll keep our eye on this and adjust as appropriate as we go through the year.

很明顯，我們會密切關注這一點，並在這一年中進行適當調整。

But we remain optimistic about the opportunities that we have and our positioning in the market.

但我們對我們擁有的機會和我們在市場中的定位仍然持樂觀態度。

So.

所以。

Yes.

是的。

Dan, I appreciate it.

丹，我很感激。

Thanks, Tom, and thanks, Simon.

謝謝，湯姆，謝謝，西蒙。

We'll have the opportunity to revisit this as we get to second quarter, the end of the second quarter when we announce our results at the end of August, and then it's our current plan to have a short meeting up in New York in the September timeframe to talk more about strategy.

當我們進入第二季度時，我們將有機會重新審視這個問題，即第二季度末我們在 8 月底宣布我們的結果時，然後我們目前的計劃是在紐約舉行一次簡短的會議9 月的時間範圍內更多地討論戰略。

So we'll continue to update The Street on kind of our view, not only on the company but also on the overall environment and the macro and what we're seeing.

因此，我們將繼續根據我們的觀點更新 The Street，不僅針對公司，還針對整體環境和宏觀以及我們所看到的情況。

So with that, we'll wrap it up.

因此，我們將結束它。

I want to let you know that we'll be at the Bank of America Merrill Lynch Global Technology Conference in San Francisco; on June 5, we'll be at Barclays; high-yield loan and bond conference on June 6 in Colorado Springs; and we'll also be up in Toronto the following week on June 11.

我想讓你知道我們將參加在舊金山舉行的美國銀行美林全球技術會議； 6月5日，我們將在巴克萊銀行； 6 月 6 日在科羅拉多斯普林斯舉行的高收益貸款和債券會議；下週 6 月 11 日，我們也將在多倫多舉行。

And this will be members of the Investor Relations and treasury team, so look forward to continuing the dialogue with everyone.

這將是投資者關係和財務團隊的成員，因此期待與大家繼續對話。

Thanks for joining us.

感謝您加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

We appreciate your participation.

感謝您的參與。

You may now disconnect at this time.

您現在可以斷開連接。