戴爾 (DELL) 2025 Q4 法說會逐字稿

Good afternoon and welcome to the fiscal year 2025 fourth-quarter financial results conference call for Dell Technologies, Inc. I'd like to inform all participants that this call is being recorded at the request of Dell Technologies.

下午好，歡迎參加戴爾科技公司 2025 財年第四季財務業績電話會議。

This broadcast is a copyrighted property of Dell Technologies Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited.

該廣播是戴爾科技公司的版權財產。

(Operator Instructions)

（操作員指令）

I'd like to turn the call over to Paul Frantz, Head of Investor Relations.

我想將電話轉給投資者關係主管 Paul Frantz。

Mr. Frantz, you may begin.

弗朗茲先生，您可以開始囉。

Thanks, everyone, for joining us.

感謝大家加入我們。

With me today are Jeff Clarke, Yvonne McGill and Tyler Johnson.

今天和我一起的有 Jeff Clarke、Yvonne McGill 和 Tyler Johnson。

Our earnings materials are available on our IR website, and I encourage you to review those materials.

我們的收益資料可在 IR 網站上查閱，我鼓勵您查看這些資料。

Also, please take some time to review the presentation, which includes additional content to complement our discussion this afternoon.

此外，請花一些時間查看演示文稿，其中包含補充我們今天下午討論的附加內容。

Guidance will be covered on today's call.

今天的電話會議將涵蓋指導內容。

During this call, unless otherwise indicated, all references to financial metrics refer to GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income, net income, diluted earnings per share, free cash flow and adjusted free cash flow.

在本次電話會議中，除非另有說明，所有對財務指標的引用均指 GAAP 財務指標，包括非 GAAP 毛利率、營業費用、營業收入、淨收入、稀釋每股收益、自由現金流和調整後的自由現金流。

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

在我們的網頁和新聞稿中可以找到這些指標與最直接可比較的 GAAP 指標的對帳表。

Growth percentages refer to year-over-year change unless otherwise specified.

除非另有說明，增長百分比指的是同比變化。

Statements made during this call that relate to future results and events are forward-looking statements based on current expectations.

本次電話會議中與未來結果和事件相關的陳述是基於目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 and SEC filings.

由於多種風險和不確定因素，實際結果和事件可能與預測結果和事件有重大差異，這些風險和不確定因素已在我們的網頁和美國證券交易委員會文件中進行了討論。

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

我們不承擔更新前瞻性陳述的義務。

Now I'll turn it over to Jeff.

現在我將把話題交給傑夫。

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

謝謝保羅，也謝謝大家加入我們。

I am proud of the team's execution this year.

我為球隊今年的表現感到自豪。

We navigated an incredibly dynamic AI environment and accelerating server consolidation, a significant pivot to Dell IP storage and a lagging PC refresh and delivered results above our long-term value-creation framework.

我們駕馭了極具活力的人工智慧環境、加速的伺服器整合、向戴爾 IP 儲存的重大轉變以及滯後的 PC 更新，並實現了超越我們長期價值創造框架的成果。

We grew our company while reducing our operating expenditures over the course of the year.

我們在一年中發展公司的同時，也減少了營運支出。

Our modernization have made us more efficient and provided us the ability to invest more innovation and in areas of strategic differentiation.

我們的現代化使我們更加高效，並且使我們能夠在策略差異化領域投入更多的創新。

Our FY25 revenue was $95.6 billion, up 8%, with operating income of $8.5 billion.

我們的 25 財年營收為 956 億美元，成長 8%，營業收入為 85 億美元。

OpEx was reduced by 4% over the course of the year.

全年營運支出減少了 4%。

This resulted in record EPS of $8.14, up 10%, and cash flow of $4.5 billion.

這使得每股收益達到創紀錄的 8.14 美元，成長 10%，現金流達到 45 億美元。

We continue to differentiate ourselves with consistent performance through numerous economic cycles, different technology buying and adoption cycles and our rapidly innovating technology ecosystem.

我們透過多次經濟週期、不同的技術購買和採用週期以及快速創新的技術生態系統，繼續以始終如一的表現脫穎而出。

Some examples of the innovation from this past year.

以下是去年的一些創新例子。

We added five platforms to our AI-optimized portfolio, including support of the oil architectures, the highlight being the PowerEdge XC9712 supporting NVIDIA's MVL72 GB200, which we were the first to ship in the world.

我們在針對 AI 優化的產品組合中增加了五個平台，包括對石油架構的支持，其中最精彩的是支持 NVIDIA MVL72 GB200 的 PowerEdge XC9712，這是我們在全球率先推出的產品。

We launched the Dell Infrastructure Rack Sobel system, our IR 7000 and 5000 in both 21-inch and 19-inch versions, providing up to 96 GPUs in a rack and 786 GPUs in a scalable unit.

我們推出了戴爾基礎設施機架 Sobel 系統，我們的 IR 7000 和 5000 有 21 吋和 19 吋版本，每個機架最多可提供 96 個 GPU，每個可擴充單元最多可提供 786 個 GPU。

We have made significant advancements of CDUs, cold plates metals and power distribution with our IR 7000 supporting up to 480 kilowatts per rep.

我們在 CDU、冷板金屬和配電方面取得了重大進步，我們的 IR 7000 支援高達每代表 480 千瓦的功率。

We introduced our direct-to-chip liquid cooling version of the 9680, providing 33% density improvement and 2.5 times improvement in energy efficiency.

我們推出了直接晶片液冷版本的 9680，密度提高了 33%，能源效率提高了 2.5 倍。

We made significant advancements to PowerStore with PowerStore Prime, our mid-range storage solution addressing the fastest-growing portion of the market.

我們透過 PowerStore Prime 對 PowerStore 進行了重大改進，這是我們的中階儲存解決方案，針對市場成長最快的部分。

And we introduced the PowerScale F910 and F710 in our unstructured portfolio that is prime to support unstructured and AI workloads.

我們在非結構化產品組合中推出了 PowerScale F910 和 F710，它們非常適合支援非結構化和 AI 工作負載。

We introduced the most Copilot+ PCs powered by ARM-based Qualcomm Snapdragon processors and also launched the broadest portfolio of Intel Meteor Lake commercial PCs, furthering our #1 leadership position in commercial AI PCs worldwide.

我們推出了最多款搭載基於 ARM 的 Qualcomm Snapdragon 處理器的 Copilot+ PC，同時也推出了最廣泛的 Intel Meteor Lake 商用 PC 產品組合，進一步鞏固了我們在全球商用 AI PC 領域的領先地位。

We continued our number one leadership in PC monitors with the world's first 4k monitors to achieve 5-star Eye Comfort certification. focused on expanding our peripherals portfolio selling everything around the PC docking stations, cameras, mice, keyboards and headsets, including the first and only holistic solution to manage your fleet of PCs and peripherals remotely, creating the best possible customer experience.

我們憑藉全球首款獲得五星級眼部舒適度認證的 4k 顯示器，繼續保持 PC 顯示器領域的領先地位。專注於擴展我們的周邊設備產品組合，銷售圍繞 PC 擴充座、攝影機、滑鼠、鍵盤和耳機的所有產品，包括第一個也是唯一一個用於遠端管理您的 PC 和周邊設備的整體解決方案，創造最佳的客戶體驗。

And finally, we simplified our branding, redesigned our PC portfolio and broadened our silicon options across Intel, AMD and Qualcomm, setting us up well for the PC refresh.

最後，我們簡化了品牌，重新設計了我們的 PC 產品組合，並擴大了英特爾、AMD 和高通的矽片選擇範圍，為 PC 更新做好了準備。

We are extremely well positioned to capture growth across every segment of our business and extend AI from the largest at-scale CSPs to enterprise workloads and out to the edge with the PC. These tailwinds and our unique operating model that leverages our leading product positions, our go-to-market engine, services and supply chain, underpin our confidence that our opportunity continues to grow as we look ahead to FY26.

我們擁有極為有利的地位，能夠抓住業務各領域的成長機遇，並將人工智慧從最大規模的 CSP 擴展到企業工作負載，並延伸到 PC 邊緣。這些順風因素和我們獨特的營運模式充分利用了我們領先的產品地位、我們的市場引擎、服務和供應鏈，增強了我們的信心，讓我們對展望26財年，我們的機會繼續成長。

Moving to Q4.

進入第四季。

Revenue was $23.9 billion, up 7%, driven by a robust ISG growth.

受 ISG 強勁成長的推動，營收達到 239 億美元，成長 7%。

We executed particularly strong with substantial operating margin improvement in ISG driven by our Dell IP storage portfolio.

我們的表現特別強勁，在戴爾 IP 儲存產品組合的推動下，ISG 的營業利潤率大幅提高。

This resulted in EPS of $2.68, up 18%, growing faster than revenue.

這使得每股收益達到 2.68 美元，成長 18%，成長速度快於收入。

Turning to BU results.

轉向 BU 的成果。

Let's start with ISG.

讓我們從 ISG 開始。

The prospects for AI are strong, and we are very well positioned.

人工智慧的前景光明，我們已佔據非常有利的位置。

In Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments in order with $4.1 billion in backlog as customers work through technology changes.

第四季度，隨著客戶應對技術變革，人工智慧訂單需求為 17 億美元，訂單出貨量為 21 億美元，積壓訂單為 41 億美元。

And in February, our partnership with XAI and other customers continued.

二月份，我們與XAI和其他客戶的合作仍在繼續。

We booked deals putting our AI backlog at roughly $9 billion as of today.

截至今天，我們已經達成了多項交易，使我們的 AI 積壓訂單總額達到約 90 億美元。

Our pipeline expanded sequentially and has grown every quarter since the introduction of the 9680.

自 9680 推出以來，我們的產品線不斷擴大，每季都在成長。

We are seeing continued progress in AI from enterprise customers, albeit still earlier in their journey with sequential growth in both orders and customers.

我們看到企業客戶在人工智慧領域持續取得進展，儘管他們的旅程仍處於早期階段，訂單和客戶數量都在連續增長。

And our engineering services, financing and ability to optimize density and performance per watt are important differentiators for the largest at-scale CSPs and provide very efficient enterprise solutions.

我們的工程服務、融資以及優化密度和每瓦性能的能力是規模最大的 CSP 的重要差異化因素，可提供非常高效的企業解決方案。

In traditional servers, the growth trajectory continues, up double digits in Q4.

在傳統伺服器方面，成長軌跡持續，第四季實現了兩位數的成長。

We've now seen five quarters of year-over-year demand.

我們現在已經看到了五個季度的同比需求。

Our mix of [6G] servers continues to increase as customers remain focused on consolidation to improve power efficiency and increase floor space.

由於客戶仍然注重整合以提高電源效率和增加佔地面積，我們的[6G]伺服器組合持續增加。

The server consolidation in the data center is expanding server TRUs driven by service with more CPU cores, storage and memory.

資料中心的伺服器整合正在透過更多的 CPU 核心、儲存和記憶體來擴展由服務驅動的伺服器 TRU。

In storage, we saw P&L growth for the second consecutive quarter with very strong profitability driven by our Dell IP storage portfolio.

在儲存方面，我們連續第二季實現損益成長，在戴爾 IP 儲存產品組合的推動下，獲利能力非常強勁。

PowerStore, our flagship midrange product, has had strong demand growth for four consecutive quarters, the most recent three at double-digit demand growth.

我們的旗艦中端產品 PowerStore 已連續四個季度實現強勁需求成長，最近三個季度的需求成長率達到兩位數。

As I mentioned, the software and hardware updates we made with PowerStore Prime resonate with customers and partners.

正如我所提到的，我們透過 PowerStore Prime 進行的軟體和硬體更新引起了客戶和合作夥伴的共鳴。

We have industry-leading [5-to-1] data reduction, delivered 30% improvement in IOPS Native MetroSync and QLC availability.

我們擁有業界領先的 [5 比 1] 資料縮減技術，將 IOPS Native MetroSync 和 QLC 可用性提高了 30%。

We also saw double-digit demand growth in PowerScale, our leading unstructured storage platform, and continued growth in our buyer base with PowerFlex.

我們也看到，我們領先的非結構化儲存平台 PowerScale 的需求實現了兩位數成長，而 PowerFlex 的買家群體也持續成長。

We are well positioned in some of the fastest-growing categories within storage as customers shift towards disaggregated architectures.

隨著客戶轉向分解式架構，我們在儲存領域中一些成長最快的類別中佔據了有利地位。

In CSG, we are seeing the recovery coming with strength in SMB, which historically is a leading indicator.

在南方電網，我們看到隨著中小企業的強勁發展，經濟正在復蘇，從歷史上看，這是一個領先指標。

We also saw large opportunities within the quarter, which were very competitive.

我們還在本季看到了巨大的機遇，競爭非常激烈。

Commercial was up 5%, marking the second consecutive quarter of year-over-year growth and the fourth consecutive quarter of demand growth.

商業成長 5%，這是連續第二季實現年成長，也是連續第四個季度實現需求成長。

Consistent with what we saw coming out of Q3, customers are waiting to refresh to buy AI PCs that future-proof their purchases going forward.

與我們在第三季看到的情況一致，客戶正在等待更新以購買 AI PC，以確保他們未來的購買。

Consumer continues to be challenged with softer demand and elevating levels of discounting.

消費者持續面臨需求疲軟和折扣水準上升的挑戰。

We expect a broader PC refresh this year as the installed base continues to age, we get closer to the Windows 10 end of life and AI PCs are more broadly available.

隨著安裝基數不斷老化，Windows 10 生命週期的終止越來越近，而且 AI PC 的普及程度越來越高，我們預計今年 PC 的更新範圍將更加廣泛。

To close, I am proud of our FY25 results and our ability to execute our strategy, leveraging our strengths to extend our leadership positions and capture new growth.

最後，我為我們的25財年業績和執行策略的能力感到自豪，利用我們的優勢擴大我們的領導地位並實現新的成長。

The AI hardware and services TAM has nearly doubled over the course of the year to $295 billion in 2027, growing at a 33% CAGR.

人工智慧硬體和服務 TAM 在過去一年內幾乎翻了一番，到 2027 年將達到 2,950 億美元，複合年增長率為 33%。

We are well positioned in AI, traditional servers, storage with our focus on Dell IP and PCs, including everything around the device.

我們在人工智慧、傳統伺服器、儲存領域佔據優勢地位，重點關注戴爾 IP 和個人電腦，包括設備周圍的一切。

We continue to drive a disproportionate level of AI growth by demonstrating the value we provide to our customers.

我們透過展示我們為客戶提供的價值來繼續推動人工智慧的超比例成長。

And I'm excited for the tailwinds surrounding our business as we enter FY26.

我很高興看到我們進入 26 財年時業務呈現順風態勢。

Now over to Yvonne for more details about Q4.

現在請 Yvonne 提供有關 Q4 的更多詳細資訊。

Thanks, Jeff.

謝謝，傑夫。

Let me begin with an overview of our Q4 performance, then I'll move to ISG, CSG cash nitens.

首先，我先概述我們第四季的業績，然後再談談 ISG、CSG 現金收益。

In the fourth quarter, we delivered strong profitability, specifically in ISG.

第四季度，我們實現了強勁的獲利能力，特別是在 ISG 方面。

Our total revenue was up 7% to $23.9 billion.

我們的總收入成長了 7%，達到 239 億美元。

This was driven by continued strength in servers.

這是由伺服器持續強勁的表現所推動的。

Our combined ISG and CSG business grew 10%.

我們的 ISG 和 CSG 業務合併成長了 10%。

Gross margin was $5.8 billion or 24.3% of revenue.

毛利率為 58 億美元，佔營收的 24.3%。

This is down 6 basis points due to a more competitive pricing environment, predominantly in CSG, and an increase in our AI-optimized server mix.

由於定價環境更具競爭力（主要是在 CSG），以及我們的 AI 優化伺服器組合增加，這一數字下降了 6 個基點。

Within gross margin, we discovered previously unrecognized accumulated credits from suppliers.

在毛利率中，我們發現了以前未被確認的來自供應商的累積信用。

You'll find revised financial results within our Q4 press release that reflect higher gross margin and increased earnings per share for the relevant period.

您將在我們的第四季度新聞稿中看到修訂後的財務結果，該結果反映了相關期間毛利率的提高和每股收益的增加。

Operating expense was down 6% to $3.1 billion or 13.1% of revenue.

營業費用下降 6% 至 31 億美元，佔營收的 13.1%。

FY25 was a transformative year as we reevaluated, reimagined and modernized how we operate.

25 財年是變革的一年，我們重新評估、重新構想並現代化了我們的營運方式。

This enabled us to unlock efficiencies and increase productivity, all while growing our core business double digits.

這使我們能夠提高效率和生產力，同時實現核心業務兩位數的成長。

Now let's look at operating income.

現在我們來看看營業收入。

We delivered a 22% increase to $2.7 billion or 11.2% of revenue.

我們實現了 22% 的成長，達到 27 億美元，佔總營收的 11.2%。

This was driven by higher revenue and lower operating expenses, partially offset by a decline in our gross margin rate.

這是由於收入增加和營運費用減少所致，但毛利率下降部分抵消了這種影響。

Q4 net income was up 15% to $1.9 billion primarily driven by stronger operating income.

第四季淨收入成長 15% 至 19 億美元，主要得益於營業收入的增加。

And our diluted EPS was up 18% to $2.68. Now let's move to ISG, where we delivered another quarter of strong performance.

我們的稀釋每股收益上漲 18%，達到 2.68 美元。現在讓我們轉到 ISG，我們又一個季度表現強勁。

ISG revenue was $11.4 billion, up 22%.

ISG營收為114億美元，成長22%。

Servers and networking revenue was a Q4 record at $6.6 billion, up 37%.

第四季伺服器和網路收入創下 66 億美元的歷史新高，成長 37%。

We continue to see strong demand across both AI and traditional servers.

我們繼續看到人工智慧和傳統伺服器的強勁需求。

Storage revenue was up 5% to $4.7 billion, a second consecutive quarter of growth.

儲存收入成長 5% 至 47 億美元，連續第二季實現成長。

We executed very well in storage.

我們在儲存方面表現非常出色。

We had a record demand quarter for PowerStore.

我們 PowerStore 的需求創下了歷史新高。

PowerScale grew double digits, and our PowerFlex buyer base grew.

PowerScale 實現了兩位數成長，我們的 PowerFlex 購買者群體也不斷擴大。

While the overall demand environment is lagging that of traditional servers, we see some promising trends.

雖然整體需求環境落後於傳統伺服器，但我們看到了一些有希望的趨勢。

We had record ISG operating income of $2.1 billion, up 44%.

我們的 ISG 營業收入達到創紀錄的 21 億美元，成長 44%。

This was driven primarily by higher revenue.

這主要得益於更高的收入。

Our ISG operating income rate was up again sequentially to a record 18.1% of revenue.

我們的 ISG 營業收入率再次連續上升，達到創紀錄的 18.1%。

The rate improvement of 480 basis points was the result of improved gross margins, especially in storage, and reduced operating expense.

480 個基點的費率改善是由於毛利率提高（特別是倉儲方面的毛利率提高）以及營運費用減少。

Within storage, we saw record profitability driven by a higher mix of Dell IP versus partner IP, improved product profitability and revenue scaling in what is seasonally our strongest quarter.

在儲存領域，我們看到了創紀錄的盈利能力，這得益於戴爾 IP 與合作夥伴 IP 的更高組合、產品盈利能力的提高以及收入的擴大，這是我們季度中表現最強勁的季度。

Now let's turn to CSG.

現在我們來談談 CSG。

CSG revenue was up 1% to $11.9 billion.

CSG 營收成長 1% 至 119 億美元。

Commercial revenue was up 5% to $10 billion, while consumer revenue was down 12% to $1.9 billion.

商業收入成長 5% 至 100 億美元，而消費者收入下降 12% 至 19 億美元。

CSG operating income was $0.6 billion or 5.3% of revenue.

CSG 營業收入為 6 億美元，佔營收的 5.3%。

This is down 90 basis points sequentially due to a more competitive pricing environment.

由於定價環境競爭更加激烈，該數字比上一季下降了 90 個基點。

We saw some promising signs as we went through November and December with pockets of strength in large deals, but overall saw a slowdown in January.

11 月和 12 月，我們看到了一些積極的跡象，大宗交易表現強勁，但 1 月整體呈現放緩趨勢。

As Jeff mentioned, we saw strength in small and medium business, which is historically a leading indicator.

正如傑夫所提到的，我們看到了中小企業的實力，這在歷史上是一個領先指標。

Profitability in commercial was weaker than expected as demand continued to push into the next fiscal year.

由於需求持續推升至下一財年，商業獲利能力低於預期。

In consumer, the demand environment remains soft and profitability remains challenged.

在消費方面，需求環境依然疲軟，獲利能力仍面臨挑戰。

We are ready and well positioned for a PC refresh with our simplified rebrand, leading go-to-market engine and focus on commercial PCs, the most profitable segments of the market.

我們已做好準備，並已準備好迎接 PC 的革新，我們採用簡化的品牌重塑、領先的市場進入引擎，並專注於市場上利潤最高的細分市場——商用 PC。

Shifting gears, Dell Financial Services continues to drive differentiated payment solutions for our customers.

戴爾金融服務公司轉變思維，持續為客戶提供差異化的支付解決方案。

We exited the year with a record $15 billion in assets under management, up 5%.

截至今年底，我們的管理資產達到創紀錄的 150 億美元，成長 5%。

And when you normalize for the exit of our VMware resell business and the discontinuation of our commercial revolving product, DFS originations were up 7% in Q4 with a strong attach rate across the business.

當您將我們的 VMware 轉售業務的退出和商業循環產品的停產正常化時，DFS 發起量在第四季度增長了 7%，整個業務的附加率很高。

Now let's move to cash flow and the balance sheet.

現在讓我們討論現金流和資產負債表。

Q4 cash flow from operations was $0.6 billion.

第四季經營現金流為 6 億美元。

This was primarily driven by profitability, partially offset by working capital.

這主要是受獲利能力的推動，部分被營運資本所抵銷。

Our cash conversion cycle was negative 31 days with $6.7 billion in inventory.

我們的現金轉換週期為負 31 天，庫存為 67 億美元。

We ended the quarter with $5.2 billion in cash and investments, down $1.4 billion sequentially.

本季結束時，我們的現金和投資為 52 億美元，比上一季下降 14 億美元。

Our core leverage ratio was down sequentially to 1.2 times.

我們的核心槓桿率季減至1.2倍。

We returned $1.1 billion of capital to shareholders with 6.4 million shares of stock repurchased at an average price of $117.51 and paid a dividend of $0.45 per share.

我們以平均價格 117.51 美元回購了 640 萬股股票，並支付了每股 0.45 美元的股息，向股東返還了 11 億美元的資本。

Since our capital reaching program began at the beginning of FY23, we've returned $10.8 billion to shareholders through stock repurchases and dividends.

自從我們的資本覆蓋計畫於23財年初啟動以來，我們已透過股票回購和股利向股東返還了108億美元。

We announced an 18% increase in our annual dividend to $2.10 per share, well above our long-term value-creation framework.

我們宣布年度股息增加 18% 至每股 2.10 美元，遠高於我們的長期價值創造框架。

Additionally, the Board of Directors has approved a $10 billion increase in our share repurchase authorization.

此外，董事會已批准將我們的股票回購授權增加100億美元。

This is a testament to our confidence in the business and our ability to generate strong cash flow.

這證明了我們對業務的信心以及我們產生強勁現金流的能力。

Turning to FY26 guidance.

轉向 FY26 指導。

IT spending is expected to grow with three underlying trends that we see.

我們看到，IT支出預計將出現三種基本成長趨勢。

First, since this are leveraging AI to enable good if advantages, and we are seeing that in our opportunity pipeline that continues to expand.

首先，由於這是利用人工智慧來實現良好的優勢，而且我們看到我們的機會管道不斷擴大。

Second, data center modernization is well underway with a focus on consolidation and power efficiency.

其次，資料中心現代化正在順利進行，重點是整合和能源效率。

Third, customers are planning to refresh their PC installed base with AI-enabled devices.

第三，客戶計劃使用支援人工智慧的設備來更新其 PC 安裝基礎。

As these trends materialize, we will leverage our operating model that has driven value creation over the last 40 years.

隨著這些趨勢成為現實，我們將利用過去 40 年來推動價值創造的營運模式。

Against that backdrop, we expect revenue and EPS growth in FY26 above our long-term value-creation framework.

在此背景下，我們預期 26 財年的營收和每股盈餘成長將高於我們的長期價值創造框架。

We expect FY26 revenue to be between $101 billion and $105 billion with a midpoint of $103 billion, up 8%.

我們預計 26 財年營收將在 1,010 億美元至 1,050 億美元之間，中間值為 1,030 億美元，成長 8%。

We expect ISG to grow high teens driven by $15 billion of AI server shipments and continued growth in traditional server and storage.

我們預計，在 150 億美元的 AI 伺服器出貨量以及傳統伺服器和儲存的持續成長的推動下，ISG 將實現高成長率。

And we expect CSG to grow low to mid-single digits, more weighted towards the second half of the year.

我們預計南方電網的營收將以低至中等個位數成長，且更專注於今年下半年。

We expect the combination of ISG and CSG to grow 10% at the midpoint.

我們預計 ISG 和 CSG 的總和將以中間值成長 10%。

Given the higher mix of our AI-optimized servers and the current competitive environment, we expect our gross margin rate to decline roughly 100 basis points.

鑑於我們的 AI 優化伺服器組合更高以及當前的競爭環境，我們預計毛利率將下降約 100 個基點。

As our modernization efforts continue, we expect OpEx to be down low single digits year-over-year.

隨著我們現代化進程的不斷推進，我們預計營運支出將年減個位數。

We expect ISG operating income rate to be roughly flat year-over-year with CSG down slightly.

我們預計 ISG 營業收入率將與去年同期基本持平，而 CSG 則將略有下降。

We expect I&O to be between $1.4 billion and $1.5 billion.

我們預計 I&O 支出將​​在 14 億美元至 15 億美元之間。

Diluted non-GAAP EPS is expected to be $9.30 plus or minus $0.25, up 14% at the midpoint, assuming an annual non-GAAP tax rate of 18%.

假設年度非 GAAP 稅率為 18%，稀釋非 GAAP 每股收益為 9.30 美元±0.25 美元，中位數成長 14%。

For Q1, we expect revenue to be between $22.5 million and $23.5 billion, up 3% at the midpoint of $23 billion.

對於第一季度，我們預計營收將在 2,250 萬美元至 235 億美元之間，在 230 億美元的中位數基礎上成長 3%。

ISG and CSG combined are expected to grow 6% at the midpoint with ISG growing low teens and CSG flat year-over-year.

ISG 和 CSG 合計預計中位數成長 6%，其中 ISG 成長率為 10% 以下，而 CSG 則與去年同期持平。

Gross margin rate will be lower sequentially given seasonally lower storage mix and a higher AI-optimized server mix.

由於季節性儲存組合較低且 AI 最佳化伺服器組合較高，毛利率將持續下降。

OpEx will be down low single digits year-over-year.

營運支出將年減個位數。

We expect operating income rate to be down sequentially given typical seasonality in ISG with lower storage mix.

鑑於 ISG 的典型季節性和較低的儲存組合，我們預計營業收入率將環比下降。

We expect our diluted share count to be between 706 million and 710 million shares, and our diluted non-GAAP EPS is expected to be $1.65 plus or minus $0.10, up 25% at the midpoint.

我們預計稀釋股數將在 7.06 億股至 7.1 億股之間，預計稀釋非 GAAP 每股收益為 1.65 美元，上下浮動 0.10 美元，中位數上漲 25%。

In closing, we delivered solid FY25 results, well above our long-term value-creation framework.

最後，我們取得了穩健的 25 財年業績，遠高於我們的長期價值創造框架。

We generated $95.6 billion in revenue, record EPS of $8.14 and returned $3.9 billion of capital to our shareholders.

我們創造了 956 億美元的營收，每股盈餘達到創紀錄的 8.14 美元，並向股東返還了 39 億美元的資本。

We executed our strategy and expanded our lead in AI while positioning our core business for the opportunity ahead.

我們執行了我們的策略，擴大了我們在人工智慧領域的領先地位，同時為我們的核心業務定位以迎接未來的機會。

Internally, we began a transformation to future-proof the company, focusing on supplying, automating and modernizing how we work.

在內部，我們開始進行轉型以確保公司的未來發展，並專注於供應、自動化和現代化我們的工作方式。

And as we look forward, I'm excited about the sustainable growth we see and the value we will continue to deliver to our customers and our shareholders.

展望未來，我對我們所看到的可持續成長以及我們將繼續為客戶和股東提供的價值感到非常興奮。

Now I'll turn it back to Paul to begin Q&A.

現在我將話題轉回保羅，開始問答環節。

Thanks, Yvonne.

謝謝，伊馮娜。

Let's get to Q&A.

讓我們開始問答環節。

(Operator Instructions) Let's go to the first question, operator.

(操作員指示) 操作員，我們來回答第一個問題。

(Operator Instructions) Wamsi Mohan, Bank of America.

(操作員指示) 美國銀行 Wamsi Mohan。

Yvonne, could you talk through the fiscal '26 guide?

伊馮娜，您能談談 26 年財政指南嗎？

And what sort of maybe some of the assumptions that are incorporated beyond what you stated?

除了您所述的內容之外，還可能包含哪些假設？

Your revenues are going to be up roughly in total about 7.7%, EPS up about 14%.

您的收入總計將增加約 7.7%，每股盈餘將增加約 14%。

But your comments on ISG and CSG margins are flat to down, and you noted a fairly competitive environment.

但您對 ISG 和 CSG 利潤率的評論是持平或下降，並且您指出競爭環境相當激烈。

So can you just bridge those sort of comments to your EPS growth?

那麼您能將這些評論與您的每股收益成長聯繫起來嗎？

How much is coming potentially from buybacks?

可能來自回購的金額有多少？

And have you made any tariff-related assumptions in these margin guides?

在這些利潤指南中您是否做出了任何與關稅相關的假設？

Thanks, Wamsi.

謝謝，Wamsi。

So yes, in the guide for the year, we guided to the $103 billion of midpoint, up 8%, with everything growing, right?

所以是的，在今年的指南中，我們預期中點為 1,030 億美元，成長 8%，一切都在成長，對嗎？

ISG and CSG expected to be up combined about 10%.

預計 ISG 和 CSG 合計將上漲約 10%。

If I look at ISG, which I think some of your question is coming from, we expect that to be in the high teens, fueled by that $15 billion of AI server shipments that we referred to as well as continued growth in both traditional server and storage, I'd say with storage in the low single digits.

如果我看一下 ISG，我想您的部分問題就來自於此，我們預計這一數字將達到十幾歲的高位，這得益於我們所提到的 150 億美元的 AI 伺服器出貨量，以及傳統伺服器和儲存的持續增長，我認為儲存將處於個位數的低位。

CSG, we do expect to grow in the mid-single digits coming up for the year that's just begun with that refresh cycle that we're expecting to be more weighted towards the second half of the year.

我們確實預計，CSG 今年的營收將以中等個位數成長，而今年的營收剛開始更新周期，我們預計成長主要集中在下半年。

OpEx is another area.

OpEx 是另一個領域。

We guided to it being down low single digits year over year.

我們預計其年減幅度將達到個位數。

That's just a continuation of all of the efficiencies that we're driving across the entire company.

這只是我們在整個公司推動的所有效率的延續。

And then the improving year-over-year to the 9.1%, up from 8.9%, so an improvement there.

然後同比增長從 8.9% 上升到 9.1%，所以有所改善。

When I think of what to expect from an ISG standpoint from an offing level, we're saying roughly flat year-over-year.

當我思考從 ISG 的角度對海上水準的預期時，我們說的是同比大致相同。

And we expect there to be continued competition, I guess, is the right way to put it in CSG.

我們預計競爭將會持續，我想，這是對 CSG 的正確說法。

But again, we've guided and embedded that in there.

但再說一次，我們已經引導並將其嵌入其中。

And I go back to ISG real quick and say, hey, we are going to be growing the AI business while continuing to drive profitability there.

我很快回到 ISG 並說，嘿，我們將發展人工智慧業務，同時繼續提高那裡的盈利能力。

So we'll continue to balance, as we have been doing, our growth and profitability.

因此，我們將繼續像以前一樣平衡我們的成長和獲利能力。

And we're going to manage pricing, we're going to manage the competitive environment, and we're going to continue to drive value for our shareholders.

我們將管理定價，管理競爭環境，並繼續為股東創造價值。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Jeff, a question I often get from investors is kind of about the risk of ODM encroachment in the AI server market.

傑夫，投資人經常問我的一個問題是關於 ODM 入侵 AI 伺服器市場的風險。

As customers get more sophisticated over time, competition intensifies, potentially margins face downward pressure.

隨著客戶變得越來越成熟，競爭日益加劇，利潤​​率可能會面臨下行壓力。

Effectively, the concern is AI servers become somewhat of a cloud type of disintermediation.

實際上，令人擔心的是，人工智慧伺服器在某種程度上會變成一種雲端類型的非中介化。

Clearly, your AI server backlog helps to refute this concern.

顯然，您的 AI 伺服器積壓有助於消除這種擔憂。

But I would love if you could just maybe -- how would you respond to those concerns if you got that question?

但如果您可以的話我會非常高興——如果您遇到這個問題，您會如何回答這些問題？

Sure.

當然。

Thanks, Erik.

謝謝，埃里克。

I mean, do we see the ODMs in these large opportunities?

我的意思是，我們是否在這些巨大的機會中看到了 ODM？

Of course, we do.

當然有。

These are multibillion-dollar opportunities.

這些都是價值數十億美元的商機。

Everybody tends to show up and wants an opportunity to win the business.

每個人都傾向於出現並希望有機會贏得業務。

When I step back and reflect why Dell and why we continue to be optimistic here is this is custom work.

當我回顧並思考為什麼戴爾以及為什麼我們繼續保持樂觀時，這是因為這是客製化工作。

It takes significant engineering capability.

這需要強大的工程能力。

It takes significant architecture capability to win.

要獲勝，必須具備強大的建築能力。

And in many cases, we're building a unique and differentiated solution for each and every customer.

在很多情況下，我們為每位客戶建立獨特的、差異化的解決方案。

And our customers have learned to value what we've been able to bring to them across their deployments, whether that is the service side when we extend beyond an L10 server out of the factory with L11 and L12 and full integration of Iraq, on the network expertise we bring to do the install and deployment of very complex network arrays.

我們的客戶已經學會了重視我們在他們的部署過程中為他們帶來的服務，無論是當我們從工廠擴展到 L10 伺服器（包括 L11 和 L12 以及伊拉克的全面整合）時的服務方面，還是我們為安裝和部署非常複雜的網路陣列所提供的網路專業知識。

When I think about service, the ability that we have a global service footprint, professional servers can show up anywhere to solve any related problem or hands-on in these very large deployments with full-time teams.

當我考慮服務時，我們擁有全球服務足跡的能力，專業的伺服器可以出現在任何地方，以解決任何相關問題，或與全職團隊一起親自參與這些非常大規模的部署。

Literally, they're 24/7 trying to get them up and running.

確切的說，他們每時每刻都在努力讓系統正常運作。

I think about the financing capabilities that we have in our company and the ability to help these CSPs, these fast-growing companies grow at the rates they want with our financing capabilities, I think about our go-to-market coverage and I think about the expertise we have in the top 30-or-so CSPs digital natives, our ability to scale this to enterprise.

我想到我們公司的融資能力，以及利用我們的融資能力幫助這些 CSP 和快速成長的公司以他們想要的速度成長的能力，我想到我們的市場覆蓋範圍，我想到我們在前 30 名左右的 CSP 數位原生企業中所擁有的專業知識，以及我們將其擴展到企業的能力。

Erik, every time I look at this question, and I don't really focus on ODMs or for that matter, other OEMs.

Erik，每次我看到這個問題時，我實際上並沒有關注 ODM 或其他 OEM。

I look at the differentiated value we are bringing to the marketplace with the Dell company bringing end-to-end solutions.

我關注的是戴爾公司透過提供端到端解決方案為市場帶來的差異化價值。

And right now, it's valued.

現在，它很有價值。

And right now, we continue to differentiate.

現在，我們繼續進行差異化。

Right now, we help these large clusters get deployed faster than anybody else.

現在，我們幫助這些大型叢集比任何人都更快部署。

I'll remind you, I probably did last time as well, we were the first to bring to market a GB200 rack.

我提醒你一下，上次我可能也這麼做了，我們是第一個將 GB200 機架推向市場的。

That's not by luck.

那不是靠運氣。

It's by a lot of hard work, detailed engineering, collaborating in this case with NVIDIA and our customer to be able to take out every ounce of time and run at the speed of light, so to speak.

這是透過大量的艱苦工作、細緻的工程設計以及與 NVIDIA 和我們的客戶的合作才得以充分利用每一分時間並以光速運行的。

So we're going to continue to invest in that differentiation.

因此，我們將繼續對此差異化進行投資。

We're going to continue to make us stand out to be different.

我們將繼續努力，讓我們脫穎而出。

Our customers really value the full range of our capabilities.

我們的客戶確實看重我們的全部能力。

They like the notion of a one place to go.

他們喜歡只去一個地方的想法。

I'm not sure others bring that.

我不確定其他人是否會帶來這個。

I know we do, and I know we're extracting value from the marketplace for that with our customers and our deployments.

我知道我們確實在做，而且我知道我們正在透過我們的客戶和我們的部署從市場中獲取價值。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I was wondering if you could give us your thoughts on your exposure to the US federal government.

我想知道您是否可以告訴我們您對美國聯邦政府的了解的看法。

Basically, how big is it typically as a percent of your revenue?

基本上，它通常佔您收入的百分比是多少？

And how are you thinking about the trend given all the noise we hear out of Washington around budget cuts and spending cuts?

考慮到我們聽到華盛頓關於削減預算和削減開支的種種喧囂，您如何看待這種趨勢？

So Simon, I'll take a pass at that.

所以西蒙，我會接受這個決定。

We do business in 170-plus countries around the world.

我們在全球 170 多個國家開展業務。

Obviously, our largest country is the United States, and we do business with the federal government.

顯然，我們最大的國家是美國，我們與聯邦政府有生意往來。

But I can't really parse out exactly what you're asking for.

但我真的無法準確理解你的要求。

We're certainly going to lean into all opportunities that are ahead of us and continue to be successful in that space.

我們肯定會抓住擺在我們面前的所有機遇，並繼續在該領域取得成功。

I don't know.

我不知道。

No, I would add to what Yvonne said.

不，我想補充伊馮娜所說的話。

We've had numerous times in our history where a country or a particular segment demand was suppressed for various reasons.

在我們的歷史上，曾經多次出現某個國家或特定領域的需求因各種原因而受到抑制的情況。

We've been able to navigate the cycles, I think, pretty successfully.

我認為，我們已經能夠相當成功地駕馭這些週期。

Our underlying belief is United States government will need technology.

我們的基本信念是美國政府需要科技。

AI plays a pretty significant role in our nation.

人工智慧在我們國家發揮著相當重要的作用。

And I think the demand will materialize.

我認為需求將會實現。

We'll get through whatever is happening today.

無論今天發生什麼，我們都會渡過難關。

And we have a broad business to be able to do that.

我們的業務範圍很廣，因此能夠做到這一點。

Whether it's PC, servers, storage, AI solutions, our services making it up in other parts of the world, other parts of the United States, we've again proven we've done that consistently, and we'll do so here.

無論是個人電腦、伺服器、儲存、人工智慧解決方案，還是我們在世界其他地區、美國其他地區提供的服務，我們都再次證明我們一直在這樣做，我們也將在這裡繼續這樣做。

We can help drive efficiencies in every environment.

我們可以幫助提高每種環境中的效率。

So excited about the opportunity ahead.

對於未來的機會我感到非常興奮。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Just building on Erik's fire question, I'm curious, Jeff, as we really start to see the materialization of the Blackwell product cycle through your AI backlog, I'm curious, when you're engaged in like rack scale configurations, how would you compare the margin profile of those relative to the AI business on, let's say, the Hopper product cycle?

基於 Erik 提出的熱門問題，我很好奇，Jeff，當我們真正開始透過您的 AI 積壓看到 Blackwell 產品週期的具體化時，我很好奇，當您從事機架規模配置時，您會如何比較這些相對於 AI 業務的利潤率狀況，比如說，Hopper 產品週期？

And can you talk a little bit about the levers that you see to improve that margin as we move through 2025?

您能否談談您認為在 2025 年提高利潤率的手段？

Sure, Aaron.

當然，亞倫。

I think I mentioned in the last call that the Blackwell margins were lower than the Hopper margins and remains so today.

我想我在上次電話會議中提到過，布萊克韋爾的利潤率低於霍珀的利潤率，現在仍然如此。

We're still early.

我們還早。

The deals are very large upfront.

這些交易的前期金額非常大。

There's more competitors, so it's a more competitive landscape.

競爭對手更多，因此競爭也更加激烈。

And I'll probably sound a little redundant with the last answer with Erik.

我最後對艾瑞克的回答可能聽起來有點多餘。

Look, this is a system design and architecture work.

看，這是一個系統設計和架構的工作。

There's an ability to really distinguish our engineering and value add in that step, which is an opportunity for us to extract value and opportunity for us to reduce cost.

我們能夠真正區分這一步中的工程和增值，這對我們而言是一個提取價值的機會，也是降低成本的機會。

These aren't reference designs or as we would affectionately call in the engineering community, they're not cookie-cutter designs.

這些不是參考設計，或者像我們在工程界所親切地稱呼的那樣，它們不是千篇一律的設計。

We're designing a unique rack, a unique power distribution unit.

我們正在設計一個獨特的機架、一個獨特的電源分配裝置。

Our cooling, our manifold, the cold plate, the ability to engineer that and to drive that through the scale of our supply chain are opportunities for us, helping our customers attach with our networking with our storage or opportunities.

我們的冷卻系統、歧管、冷板以及設計這些系統的能力，以及透過我們供應鏈的規模來推動這些系統的能力，都是我們的機會，可以幫助我們的客戶透過我們的網路與我們的儲存或機會建立聯繫。

And while still small, it remains an opportunity because every large cluster, and for that matter, every AI workload requires data to fulfill its need.

儘管規模仍然很小，但它仍然是一個機會，因為每個大型叢集以及每個 AI 工作負載都需要資料來滿足其需求。

Services, installation, deployment, those are value-add opportunities for us that we continue to build on, and then obviously, the ability to be a time-to-market advantage.

服務、安裝、部署，這些都是我們將繼續建置的增值機會，當然還有上市時間優勢。

Those are areas that we continue to focus on.

這些都是我們持續關注的領域。

They drive differentiation.

它們推動差異化。

I think Yvonne and I have been consistent for the better part of the year that AI servers are margin rate-dilutive.

我認為 Yvonne 和我在今年大部分時間都一致認為 AI 伺服器會稀釋利潤率。

They are margin dollar-accretive.

它們可以增加美元的利潤。

They are operating margin-positive.

他們的營業利潤為正。

They are profitable.

他們有利可圖。

And what's really interesting for us, if we take the work that we're doing in these large clusters, it really scales nicely to the enterprise.

對我們來說真正有趣的是，如果我們把我們在這些大型集群中所做的工作，它真的可以很好地擴展到企業。

It allows us to really take the efficiencies and learnings from what we're doing with the largest clusters in the world and build optimized solutions for very specific domain-specific AI use cases.

它使我們能夠真正從世界上最大的叢集中所做的事情中獲得效率和經驗，並為特定領域的人工智慧用例建立優化的解決方案。

And our experience to date is the AI margins in enterprise are better, and I think they'll continue to be, and that's what we're focusing on.

我們迄今為止的經驗是，企業中的人工智慧利潤率更高，而且我認為這種趨勢會持續下去，這也是我們關注的重點。

Michael Ng with Goldman Sachs.

高盛的 Michael Ng。

I just have one on the ISG margin outlook of flat year-over-year for the upcoming year.

我對未來一年 ISG 利潤率的預期是同比持平。

It's a great outlook, particularly considering AI server revenues growing 50%.

這是一個非常好的前景，特別是考慮到 AI 伺服器收入成長了 50%。

So can you talk a little bit about the expectations for margins for some of the components, traditional servers, storage AI servers?

那麼您能否談談對一些元件、傳統伺服器、儲存 AI 伺服器的利潤率預期？

I'm just trying to understand the ability to keep ISG margins flat despite presumably the dilutive effect from the AI server margins.

我只是想了解如何在 AI 伺服器利潤率可能產生稀釋效應的情況下保持 ISG 利潤率平穩。

I think, Mike, maybe the way to look at this is the, first and foremost, as we think about holding ISG margins flat, I love the way that you asked the question, we're going to do that by growing at least $15 billion in AI servers.

麥克，我認為看待這個問題的方式可能是，首先，當我們考慮保持 ISG 利潤率平穩時，我喜歡你提出這個問題的方式，我們將透過增加至少 150 億美元的 AI 伺服器來做到這一點。

I know your question is how we're going to do that.

我知道你的問題是我們該如何做到這一點。

But for us, that's a very important mark that we're going to be able to meet that operating range that we've committed in our long-term framework and we're going to grow at a minimum of $15 billion in AI servers.

但對我們來說，這是一個非常重要的標誌，我們將能夠實現我們在長期框架中承諾的營運範圍，並且我們的人工智慧伺服器規模將至少成長 150 億美元。

And we're going to do that by what we've done in traditional servers and what we've done in storage.

我們將透過我們在傳統伺服器和儲存領域所做的工作來實現這一目標。

The storage leverage that Yvonne talked about earlier is front and center.

Yvonne 之前談到的儲存槓桿是重中之重。

When we grow the storage business and we control our expenses, scale matters, the operating margins improve.

當我們發展儲存業務並控制開支時，規模很重要，營業利潤率就會提高。

When we pivot to Dell IP storage, which we have done, our margins improve.

當我們轉向戴爾 IP 儲存時（我們已經這樣做了），我們的利潤率提高了。

The margins of our own IP are vastly superior than third-party IP.

我們自己的IP的利潤率遠高於第三方IP。

We've been doing that for some time.

我們已經這樣做有一段時間了。

We made mention, I think, in our remarks about PowerStore.

我認為我們在關於 PowerStore 的評論中提到過。

It has grown four consecutive quarters on the van line, the last three, double-digit; in the largest space in the external storage marketplace, midrange.

貨車系列已連續四個季度實現成長，最近三個季度實現兩位數成長；在外部儲存市場中，中階市場佔有最大的份額。

It has differentiated features.

具有差異化的特徵。

We're going to continue to leverage our IP storage.

我們將繼續利用我們的 IP 儲存。

We're building out the customer base with our direct sales force and our partner-first channel program.

我們正在利用直銷隊伍和合作夥伴優先通路計畫來擴大客戶群。

We're continuing to invest in the innovation and differentiation in our storage.

我們將繼續對儲存的創新和差異化進行投資。

And with our coverage, the broadest coverage in our industry, and the deepest specialty capability, we're going to continue to grow the customer base, which I might add, the PowerFlex customer base grew, the PowerScale customer base grew, the PowerStore customer base grew.

憑藉我們的覆蓋範圍、行業最廣泛的覆蓋範圍和最深厚的專業能力，我們將繼續擴大客戶群，我想補充一點，PowerFlex 客戶群正在增長，PowerScale 客戶群正在增長，PowerStore 客戶群正在增長。

And then lastly, we're looking to attach more storage to every AI opportunity that we have.

最後，我們希望為我們擁有的每一個 AI 機會附加更多的儲存空間。

Our traditional storage business continues to grow, 5 consecutive quarters of year-over-year growth.

我們的傳統儲存業務持續成長，連續5季年增。

We've seen an expansion of ERUs as we see the consolidation continuing to occur in the data center to free up more floor space and become more power efficiency.

隨著資料中心不斷整合，釋放更多佔地面積並提高能源效率，我們看到了 ERU 的擴展。

We see our 16G and 17G products ramping nicely.

我們看到我們的16G和17G產品發展順利。

And those are driving, again, more cores, more memory, more SSDs, more margin dollars per server that we put in the marketplace.

這些又推動了我們向市場投放更多的核心、更多記憶體、更多 SSD 以及每台伺服器的利潤增加。

That's how we're doing it.

我們就是這樣做的。

If I missed anything, Yvonne...

如果我遺漏了什麼，伊馮娜......

No, I think you hit it.

不，我認為你擊中了。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Could you be more specific on the guidance for this year with regard to tariffs?

您能否更具體地介紹今年有關關稅的指導方針？

What are you factoring in for China in particular?

您特別考慮中國的情況了嗎？

Is it the 10% or today, this morning's 20%?

是那 10% 還是今天、今天早上的 20%？

And then are you instituting any remedies?

那麼你採取什麼補救措施了嗎？

And what are your thoughts about remedies like raising prices, moving stuff around?

您對提高價格、轉移物品等補救措施有何看法？

And how are you adjusting for that?

您如何適應這種情況？

Well, Ben, maybe I'll take a swing at it, and Yvonne can clean up on this one here.

好吧，本，也許我應該嘗試一下，然後伊馮娜可以把這個收拾乾淨。

Whatever was announced this morning, which we know things were announced this morning is not on what we just said.

無論今天早上宣布了什麼，我們知道今天早上宣布的事情與我們剛才所說的不一樣。

That said, this is a pretty darn dynamic environment as represented what we heard this morning.

話雖如此，但正如我們今天早上所聽到的，這是一個相當動態的環境。

It's fluid.

它是流體的。

We built an industry-leading supply chain that's globally diverse, agile, resilient that helps us minimize the impacts of these trade regulations, tariffs to our customers and shareholders.

我們建立了業界領先的供應鏈，該供應鏈具有全球多樣性、靈活性和彈性，可幫助我們最大限度地減少貿易法規和關稅對我們的客戶和股東的影響。

We've been monitoring this for some time.

我們已經監視此事有一段時間了。

We've taken our digital supply chain, our digital twins actually use (inaudible) it's prices.

我們已經採用了數位供應鏈，我們的數位孿生實際上使用（聽不清楚）它的價格。

That's what we've done in the past.

這正是我們過去所做的。

I can't imagine we're going to do anything differently.

我無法想像我們會做任何不同的事情。

Yvonne, if I missed something.

伊馮娜，如果我遺漏了什麼。

No, I think you hit it.

不，我認為你擊中了。

We'll take into account the input costs and price accordingly in this competitive environment that we're operating in such, continue onwards.

在我們營運的這種競爭環境中，我們會相應地考慮投入成本和價格，並繼續前進。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

Maybe just on ISG XI.

也許僅限於 ISG XI。

So if we take -- maybe Yvonne for you, if we take your kind of outlook at face value, it points to incredibly strong growth in traditional server and storage.

因此，如果我們接受 - 也許是 Yvonne 對你來說，如果我們從表面接受你的觀點，這表明傳統伺服器和儲存的成長非常強勁。

I know you just posted relatively good numbers.

我知道您剛剛發布了相對較好的數字。

But what are you seeing in the marketplace vis-à-vis your traction versus your competitors?

但是與競爭對手相比，您在市場上的表現如何？

And kind of how do we think about getting to high single-digit growth in that part of the business given sort of the macro environment that we just talked about?

那麼，考慮到我們剛才談到的宏觀環境，我們如何看待該部分業務實現高個位數成長？

So David, we are expecting to have growth across the full portfolio in ISG.

所以 David，我們預計 ISG 的整個投資組合都會成長。

We -- as I talked about, we're expecting to have storage growing in the low single digits, server higher than that and then the $15 billion at least in AI servers.

正如我所說，我們預計儲存量將以個位數低位成長，伺服器量將高於這個數字，而 AI 伺服器量至少將達到 150 億美元。

So I guess we'll continue -- there's lots of opportunities out there where there continues to be multiples of what we've already seen.

所以我想我們會繼續下去——那裡有很多機會，而且機會的數量還會是我們已經看到的幾倍。

The pipeline continues to grow.

管道還在持續增長。

I don't know, Jeff, what you'd add to that around ISG.

傑夫，我不知道你會對 ISG 做出什麼補充。

I feel confident and comfortable in the guide we've laid out for the full year and the opportunity that it has.

我對我們制定的全年指南以及它帶來的機會充滿信心和信心。

Yes.

是的。

Maybe a little bit of color.

或許有點顏色。

Let's take storage as an example.

我們以儲存為例。

You're seeing a pivot to our Dell IP storage.

您將看到我們戴爾 IP 儲存的轉型。

Modern workloads demand an architecture that can be flexible, sufficient, optimizes performance.

現代工作負載需要一個靈活、充足、最佳化效能的架構。

And we think a disaggregated architecture is the right answer with the modern workloads.

我們認為，分解式架構才是解決現代工作負載的正確答案。

That presents a headwind of our large position that we have in HCI, which will become smaller.

這對我們在 HCI 領域佔據的大量市場份額構成了阻力，其份額將會縮小。

But we're going to overcome that by taking share in our Dell IP storage portfolio across the board in the midrange.

但我們將透過全面佔領中階戴爾 IP 儲存產品組合的份額來克服這個問題。

Our software to find project like -- or product like PowerFlex and then PowerScale in the infrastructure space.

我們的軟體可以在基礎設施領域尋找類似的項目或產品，例如 PowerFlex 和 PowerScale。

So I mean, I think that gives you a sense of a headwind that may exist there that on the surface may not be obvious, but it's certainly something that we're challenged as we pivot towards our storage, which is more profitable.

所以我的意思是，我認為這讓你感覺到那裡可能存在一種阻力，表面上可能並不明顯，但當我們轉向更有利可圖的存儲時，這肯定是我們面臨的挑戰。

I was going to say it's more profitable to do our own

我本來想說自己做更有利可圖

--

--

There's revenue that we'll see go away at a lower margin rate, the HCI business.

我們會看到，當利潤率較低時，HCI 業務的收入將會減少。

We have a secular decline in the high-end space where we're the market leader with our PowerMax product.

我們憑藉 PowerMax 產品在高端領域處於市場領先地位，但這一領域正在經歷長期下滑。

So we're going to overcome those and drive the growth that Yvonne mentioned.

所以我們將克服這些困難並推動 Yvonne 提到的成長。

And then traditional servers, I don't know if you've seen some of the recent market forecast.

然後是傳統伺服器，我不知道您是否看到過一些最近的市場預測。

It's low single-digit growth.

這是低個位數的成長。

We're going to take share.

我們將分享。

We've now had five consecutive quarters of year-over-year growth that's coming off 8 quarters of a consolidation period -- or of a consumption period, I should say.

我們現在已經連續五個季度實現同比增長，而這之前剛剛經歷了八個季度的整合期——或者說消費期。

And we think this consolidation continues.

我們認為這種整合將會持續下去。

But the consolidation drives fewer units.

但合併帶來的銷售減少。

Those units are actually higher in TRU because of the more cores, memory and SSDs I mentioned earlier.

由於我之前提到的核心、記憶體和 SSD 更多，這些單元的 TRU 實際上更高。

And we continue to see that driving our traditional server business.

我們繼續看到這推動我們的傳統伺服器業務。

I hope that context helped a little bit.

我希望這些內容能對你有一點幫助。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore。

I guess I have a question on free cash flow.

我想我對自由現金流有個疑問。

In fiscal '25, it looks like your free cash flow is down a couple of billion dollars versus '24.

在25財年，看起來您的自由現金流與24財年相比下降了幾十億美元。

Can you just talk about what's driving this contraction in free cash flow?

能談談導致自由現金流收縮的原因是什麼嗎？

And maybe, Yvonne, you can help us kind of understand how do we think about free cash flow expectations as we head into fiscal '26?

也許，伊馮娜，你可以幫助我們理解，在進入 26 財年之際，我們如何看待自由現金流預期？

What are sort of puts and takes around it?

圍繞它有哪些利弊？

It would be really helpful to kind of get the context, at least for fiscal '26, what's going on.

了解背景狀況會非常有幫助，至少對於 26 財年來說，情況是這樣的。

And then, Jeff, if I could just have you talk a little bit more about -- well, I think it's really impressive that you focus issuing operating leverage in fiscal '26 despite the mix being negative.

然後，傑夫，如果可以的話，請您再多談一點——嗯，我認為，儘管組合情況​​為負，但您仍專注於在 26 財年發行經營槓桿，這確實令人印象深刻。

I think the fear everyone seems to have is, is this really durable?

我想每個人似乎都擔心的是，這真的持久嗎？

Or is it really driven by one-off head count reduction or something else.

或者它真的是由一次性裁員或其他原因引起的。

So just maybe you can touch on the durability of that would be great as well.

因此也許你能談談它的耐用性，這也很好。

You go to, Tyler, then I'll come in on the durability of which structural changes for

泰勒，然後我會談談結構變化的持久性

(inaudible)

（聽不清楚）

Amit, look, I think -- as I was sitting here last year, I definitely thought cash flow was going to be a little bit stronger.

阿米特，你看，我想——當我去年坐在這裡時，我確實認為現金流會更強勁一些。

If you look at what played out, one, we didn't see the growth in CSG that we were expecting.

如果你看一下發生的事情，首先，我們沒有看到 CSG 實現預期的成長。

And as you know, that firms off really good cash.

而且正如您所知，這家公司確實賺了很多錢。

And then two, we invested a lot in our AI business through inventory.

其次，我們透過庫存對我們的人工智慧業務進行了大量投資。

And so you can see that our inventory has gone up, and that had a big impact to CCC.

所以你可以看到我們的庫存增加了，這對 CCC 產生了很大的影響。

Now if I look where I am today and I think about FY26, I would say I've got a few things working in my favor.

現在，如果我回顧自己目前的狀況並思考 26 財年，我會說有一些事情對我有利。

So one, we're at a CCC level where historically, we've always shown improvement from here.

首先，我們處於 CCC 級別，從歷史上看，我們從這裡開始一直在不斷進步。

And that will throw off good cash.

這會帶來大量現金。

We expect good CSG this year, and that will throw off good cash.

我們預計今年的南方電網業績將表現良好，這將帶來豐厚的現金流。

And if I think about the growth in the P&L, that will throw off good cash.

如果我考慮損益表的成長，那將會產生良好的現金。

So look, I think we feel pretty good about cash.

所以，我認為我們對現金感覺很好。

I do expect it to be greater than 1 times.

我確實希望它大於 1 倍。

And so yes.

所以是的。

And then to your second question, I probably won't give you as much detail as you like because we think some of the changes we're making are very proprietary and differentiating us in the market, the fact that we can grow while reducing our operating expenditures, but Yvonne hit on it, Amit: simplify, standardize, on.

然後對於你的第二個問題，我可能不會給你盡可能多的細節，因為我們認為我們所做的某些改變是非常專有的並且使我們在市場上與眾不同，事實上我們可以在減少運營支出的同時實現增長，但伊馮娜談到了這一點，阿米特：簡化、標準化，等等。

We are building a new company.

我們正在建立一家新公司。

We are what we call modernizing it.

我們就是所謂的對其進行現代化改造。

We've made reference to modernization.

我們提到了現代化。

If you prefer, we're future-proofing the company, and we're systematically going throughout all of the value streams in the company.

如果您願意，我們可以為公司的未來做好準備，並有系統地檢查公司的所有價值流。

And we are modernizing the work, the workflows, taking steps out of processes, taking out manual touches, simplifying and standardizing those processes, applying automation in the very technologies that we've talked about that get us excited in this marketplace, which is why we believe this AI thing makes its way to enterprise, we are deploying AI in the enterprise.

我們正在使工作和工作流程現代化，逐步淘汰流程中的手動操作，簡化和標準化這些流程，將自動化應用於我們在這個市場上令人興奮的技術中，這就是為什麼我們相信人工智慧會進入企業，我們正在企業中部署人工智慧。

The broad categories of use cases are industry-known, whether that's content creation and management, support assistance, natural language search, design and data creation, cogeneration or document automation.

用例的大類是業界已知的，無論是內容創建和管理、支援協助、自然語言搜尋、設計和資料創建、熱電聯產還是文件自動化。

Those are broad enterprise use cases.

這些都是廣泛的企業用例。

We are deploying those types of technologies inside our company and seeing tremendous efficiency from that and it is durable.

我們正在公司內部部署這些類型的技術，並從中看到了巨大的效率，並且它是持久的。

It's not a one-timer.

這不是一次性的事情。

What's so exciting as we're making all these changes, we're making investments.

令人興奮的是，當我們進行這些改變時，我們正在進行投資。

But we're driving all this efficiency to enable that.

但我們正在提高效率以實現這一目標。

So the net, what you're seeing us guide to, is a lower spend, but it's because we're driving all of these efficiencies will enable us to invest OP spending.

因此，您所看到我們引導的淨支出是較低的，但這是因為我們正在推動所有這些效率，這將使我們能夠投資 OP 支出。

Well, I think that's very important.

嗯，我認為這非常重要。

I think I mentioned it in the remarks comment that we are reducing the cost.

我想我在評論中提到我們正在降低成本。

And we've built, if you will, the ability to invest more in our innovation engines, more in our areas where we drive distinct advantages.

如果你願意的話，我們已經建立了對創新引擎進行更多投資的能力，在我們具有獨特優勢的領域進行更多投資。

Our sales force, we've invested in our sales force over the past year, we've invested in services, we've embedded in the supply chain while reducing our cost.

我們的銷售隊伍，我們在過去的一年裡對銷售隊伍進行了投資，我們對服務進行了投資，我們嵌入了供應鏈，同時降低了成本。

And it's just the beginning.

這只是一個開始。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特·尼克納姆（Matt Niknam）。

My question is on CSG.

我的問題是關於 CSG 的。

I can ask about a different segment.

我可以詢問不同的部分。

The guidance implies an acceleration over the course of the year.

該指引暗示全年成長將會加速。

And I'm just wondering what sort of visibility or confidence level you have there that this long-awaited PC refresh will finally materialize.

我只是想知道，對於這場期待已久的 PC 更新最終能否實現，您有什麼樣的認識或信心水平。

And I ask that in context of a relative slowdown that was referenced in January.

我是在 1 月提到的相對放緩的背景下提出這一問題的。

Yes.

是的。

Matt, maybe this will shed some optimism on why we believe that this refresh that we've talked about is in the making.

馬特，也許這會讓我們相信為什麼我們所談論的這種更新正在進行中。

I mean, clearly, we've talked about there's 1.5 billion or so PCs in the installed base.

我的意思是，顯然我們已經討論過安裝基數有 15 億台左右的個人電腦。

We'll say half of them are 4 years or older.

其中一半年齡在 4 歲或以上。

It's got to flip 360 million PCs turned 4 years old that were bought in 2021 this year.

今年必須清理掉 2021 年購買的 3.6 億台已使用 4 年的個人電腦。

Those are normally flags for opportunity for refresh.

這些通常是刷新機會的標誌。

But probably the more compelling reasons, and I think there are 2, we're 9 months away from the Windows 10 end of life.

但可能更令人信服的原因，我認為有兩個，我們距離 Windows 10 的生命週期結束還有 9 個月。

There's over 500 million PCs running today that can't -- running Windows 10 that can't run Windows 11.

目前有超過 5 億台 PC 無法運行 Windows 10，也無法運行 Windows 11。

There's more than 200 million PCs today running Windows 10 that can run Windows 11.

目前有超過 2 億台運行 Windows 10 的 PC 可以運行 Windows 11。

Those are prime targets for upgrades.

這些是升級的主要目標。

It's just a large pool of old machines running an older version of the operating system that could be upgraded.

這只是一個運行著舊版作業系統的、可升級的大型舊機器池。

If you were to reflect on where we were with the Windows 7 end of life compared to where we are today, let's just say we have a long way to go in the next nine months to catch up and be ready for the end of life.

如果你回顧 Windows 7 生命週期結束時的情況並與現在的情況進行比較，我們會發現我們在接下來的九個月裡還有很長的路要走才能趕上並為生命週期的結束做好準備。

We made reference that SMB for us had strength.

我們提到 SMB 對我們來說具有實力。

That's always an indicator that things are beginning to move.

這總是表示事情開始發生變化。

One of the countries that really show a traditional or historical perspective that the refresh is underway is Japan.

日本是真正展現出正在進行的傳統或歷史觀點更新的國家之一。

If you look at the dynamics in the Japan marketplace, it is clearly moving through refresh as it will get done towards the end of October.

如果你觀察日本市場的動態，你會發現它顯然正在經歷更新，因為它將在 10 月底完成。

And then probably the last thing and the most exciting thing and what is actually driving some of the, I think, reticence to refresh right now is AI PCs.

然後可能還有最後一件事，也是最令人興奮的事情，我認為，目前真正導致一些人不願意更新的原因是人工智慧個人電腦。

And the number of new AI PCs that are coming out in the first half of the year, we clearly just launched a bunch of Lunar Lake-based notebooks in January.

今年上半年將推出許多新的 AI PC，我們顯然在一月推出了一批基於 Lunar Lake 的筆記型電腦。

Suffice to say, there's more coming.

可以這麼說，接下來還會有更多。

We've announced AMD AI PCs.

我們已經發布了 AMD AI PC。

Customers are going to want to look under the hood at each of those and then make a decision that will future-proof their decision of what is the right correct AI PC for them because they'll have the asset for at least 4 years.

客戶將對每一個進行深入研究，然後做出決定，以確保他們能夠確定未來最適合他們的 AI PC，因為他們將擁有該資產至少 4 年。

All of that makes us feel more confident that the refresh is coming, albeit delayed, slower than any that I've encountered in my career.

所有這些都讓我們更加相信，更新即將到來，儘管有所延遲，但比我職業生涯中遇到的任何一次更新都要慢。

But all of the data suggests it's there, it's coming, it's coming at a good rate and probably extends.

但所有數據都顯示它存在、正在到來、並且正在以良好的速度到來，而且可能還會延續。

Does that help?

這樣有幫助嗎？

It did.

確實如此。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

One for me, maybe two parts but related.

對我來說是一個，也許是兩個部分，但相關。

Could you talk to, Jeff, how you guys are thinking about the server refresh durability?

傑夫，你能跟我們談談，你們是如何看待伺服器刷新持久性的嗎？

I believe, also last call, you talked about part of the current catalyst is spot sort of refreshing older PCs for space and power savings in some to prepare for GenAI.

我相信，上次您談到的當前催化劑的一部分是對舊電腦進行局部更新，以節省空間和電力，為 GenAI 做好準備。

And this is ahead of processor refreshes, so I guess sort of the context of durability of the traditional server growth you see going on now.

這是在處理器更新之前發生的，所以我想這在某種程度上與您現在看到的傳統伺服器成長的持久性有關。

And then just the sort of add-on to that is you had mentioned focusing -- or targeting to increase attach -- store attach to your GenAI servers.

然後就是您提到的那種附加功能，重點關注或旨在增加附加功能——儲存附加到您的 GenAI 伺服器。

Would just love what you're thinking about there.

我很想知道你在那裡想的是什麼。

And what are the mechanics of getting that taken care of over time?

那麼，隨著時間的推移，解決這個問題的機制是什麼？

That's it for me.

對我來說就是這樣了。

Sure.

當然。

Let me try the server one again. as I mentioned, we're five quarters now of year-over-year growth that's coming off an eight-quarter digestion period.

讓我再試一次伺服器。正如我所提到的，我們現在已經實現了五個季度的同比增長，並且剛剛結束了八個季度的消化期。

In our guide and what we're trying to articulate is that continues for another four quarters.

在我們的指南中，我們試圖表達的是，這種情況將持續四個季度。

So five quarters becomes nine quarters of growth, tempering a little bit.

因此五個季度的成長變成了九個季度的成長，略有緩和。

Still driven by the same dynamics that you so well said is freeing up floor space and driving energy efficiency and cooling efficiency.

正如您所說，仍然受相同動力的驅動，即釋放地面空間並提高能源效率和冷卻效率。

The consolidation occurs, as you look at the installed base, and we have -- just Dell has a very large installed base of 13G and 14G servers all ripe to be replaced with the new 16G server and -- or 17G server.

從安裝基礎來看，整合就發生了，而且我們有——僅戴爾就擁有非常龐大的 13G 和 14G 伺服器安裝基礎，這些伺服器都可以被新的 16G 伺服器和——或 17G 伺服器所取代。

Those conversion rates are roughly a three to four of the old servers can be, if you will, replaced by a single 16G server, and 6 to 7 of the old servers can be replaced by a single 7G server.

這些轉換率大致是，三到四台舊伺服器可以被一台 16G 伺服器替換，六到七台舊伺服器可以被一台 7G 伺服器取代。

Why?

為什麼？

Because they have more cores, they're more memory, more storage, they're more energy-efficient.

因為它們有更多的核心，更多的內存，更多的儲存空間，所以它們更節能。

And again, that continues, we believe, throughout the fiscal '26, calendar '25.

我們相信，這種情況將持續整個26財年和25日曆年。

We've seen no signs that is going to go away from us in that period of time.

我們沒有看到任何跡象表明這段時間內這種情況會消失。

If you flip over to your other question, again, the fundamental premises, AI needs data.

如果你回顧你的另一個問題，同樣，基本前提是，人工智慧需要數據。

It devours data.

它會吞噬數據。

You got to feed the beast.

你得餵飽野獸。

The feeding of that beast, if you will, has to be closer to where the computational capability is.

如果你願意的話，那頭野獸的餵食必須更接近運算能力所在的地方。

So hot and warm storage, the notion of parallel file systems, unstructured file systems, data management tools that help find data and help data be ingested are the opportunities.

因此，熱存儲和溫存儲、平行文件系統的概念、非結構化文件系統、有助於查找數據和幫助數據提取的數據管理工具都是機會。

We have the leading platform for unstructured data.

我們擁有領先的非結構化資料平台。

We continue to make it better with the F910 and 710 that I mentioned earlier.

我們將繼續對我之前提到的 F910 和 710 進行改進。

Nearly a year ago, we talked about a parallel file system that we are building, Project Lightning, we referred to it.

大約一年前，我們談到了我們正在建立的平行檔案系統，我們提到了 Project Lightning。

So we're coming to the marketplace with a AI-driven parallel file system.

因此，我們向市場推出了一款由人工智慧驅動的平行檔案系統。

And our Dell data lake house allows us to help customers prepare their information, manage their information and just their information.

我們的戴爾資料湖使我們能夠幫助客戶準備他們的資訊、管理他們的資訊以及僅僅是他們的資訊。

Our sales force is incented to attach storage with AI opportunities.

我們的銷售人員積極將儲存與 AI 機會結合。

They will continue to be incented and we inspect that, and we continue to see progress in that area.

他們將繼續受到激勵，我們對此進行檢查，並繼續看到該領域的進展。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Jeff, I just wanted to go back to some of your prepared remarks and -- about the $15 billion of AI server revenue that you were highlighting that you at least expect to grow to that level.

傑夫，我只是想回到你準備好的一些發言——關於你強調的 150 億美元的 AI 伺服器收入，你至少預計會成長到這個水平。

Just wondering, how much of that is gated by supply, particularly versus the visibility into supply that you're getting?

只是想知道，其中有多少是由供應決定的，特別是相對於您所獲得的供應可見性而言？

And how much of that commentary around sort of at least growing there is a supply dynamic versus a demand dynamic?

那麼關於至少存在供應動態與需求動態的成長的評論中有多少呢？

And should we be expecting more sort of linear growth for the quarter as we think about the -- with visibility on supply?

當我們考慮供應的可見性時，我們是否應該期待本季出現更多的線性成長？

Well, I think clearly, Hopper supply is available today.

嗯，我想清楚了，Hopper 的供應今天是有的。

I believe there is references yesterday that Blackwell is in production and ramping.

我相信昨天有消息指出布萊克威爾正在投入生產並加大產能。

We're open for business and taking orders.

我們已開始營業並接受訂單。

The message that I really wanted to drive in our remarks is on day 27 of the fiscal year, we're trying to communicate that we are at least $15 billion in AI shipments.

我真正想在我們的演講中傳達的訊息是，在財年的第 27 天，我們試圖傳達的是，我們的 AI 出貨量至少為 150 億美元。

Our 5-quarter pipeline continues to grow.

我們的第五個季度的管道繼續增長。

It's several multiples of our backlog.

這是我們積壓訂單的幾倍。

We are going to pursue every opportunity with the CSPs and in enterprise.

我們將抓住與 CSP 和企業合作的每一個機會。

These large-scale systems are accelerating and getting bigger.

這些大型系統正在加速並變得越來越大。

Models are quickly moving to reasoning models, which consume and require more computational capability, i.e., more computers.

模型正在快速轉向推理模型，這需要更多的計算能力，即更多的計算機。

And the use cases continue to get clearer for enterprise to drive the return on investments they want to see to actually use AI more broadly.

對於企業來說，用例變得越來越清晰，可以推動他們希望看到的投資回報，從而更廣泛地使用人工智慧。

Algorithm innovation continues to accelerate.

演算法創新不斷加速。

Again, these reasoning models are -- will consume more computational capability.

再次，這些推理模型將消耗更多的計算能力。

They're moving to be multimodal, which even consumes more kind of like where this is going.

他們正在轉向多式聯運，這甚至會消耗更多的能源。

We're optimistic.

我們很樂觀。

I don't see supply as an issue.

我不認為供應是一個問題。

Clearly, these are about building the right architecture.

顯然，這些都是關於建立正確的架構。

There's a customer preparation or customer readiness component of this, new data centers getting powered, getting water, getting cooling.

這其中包括客戶準備或客戶就緒部分，新資料中心需要供電、供水和冷卻。

There's other materials beyond the GPU, getting the rack, getting the cold plates, getting the CDUs, the PDUs, all of that is what we orchestrate.

除了 GPU 之外，還有其他材料，包括機架、冷板、CDU、PDU，所有這些都是我們協調的。

We have line of sight that is at least $15 billion.

我們預計該數字至少為 150 億美元。

We'll continue to update as that might change.

由於情況可能會發生變化，我們將繼續更新。

And we're all in.

我們都參與其中。

I don't know what else I can tell you.

我不知道我還能告訴你什麼。

I hope that helped.

我希望這能有所幫助。

Thanks a lot, Samik.

非常感謝，薩米克。

Justin, we'll take one more question, please, and then we'll hand it over to Jeff for a close.

賈斯汀，請我們再回答一個問題，然後我們將交給傑夫來結束演講。

Our final question will come from Asiya Merchant with Citigroup.

我們的最後一個問題來自花旗集團的 Asiya Merchant。

Jeff, if I can just ask about your pipeline and the backlog itself, I mean to the extent that you see enterprises and sovereigns in that makes -- how has that changed, say, relative to a quarter ago and how you see that progressing as you ramp up or as you flush through your pipeline and your backlog?

傑夫，如果我可以問一下你的管道和積壓訂單本身，我的意思是，在你看到企業和主權財富基金的程度上——相對於一個季度前，這發生了怎樣的變化，隨著你的加速或清理你的管道和積壓訂單，你認為這種情況會如何發展？

Well, it's maybe slightly repetitive to the previous question.

嗯，這可能和上一個問題有點重複。

The 5-quarter pipeline grew quarter-over-quarter and has grown every quarter since the 9680 was launched.

前 5 個季度的產品線逐季增長，自 9680 推出以來，每個季度都在增長。

The CSP component grew, the enterprise component grew, the enterprise customer base grew, sectors like education, technology, manufacturing and government grew.

CSP 組件不斷增長，企業組件不斷增長，企業客戶群不斷增長，教育、技術、製造和政府等行業也在不斷增長。

Our buyer base in AI continues to grow, what we shipped in Q4.

我們在人工智慧領域的買家群體持續成長，我們在第四季度的出貨量也在成長。

The revenue in Q4 was up.

第四季的收入有所增加。

The number of new buyers was up.

新買家的數量增加。

We're well over several -- a couple of thousand of unique customers.

我們擁有數千名獨立客戶。

So it has a healthy mix of enterprise.

因此，它的企業組合很健康。

It clearly has a healthy mix of CSPs.

顯然，它擁有健康的 CSP 組合。

It continues to grow to this notion of several multiples.

它繼續增長到幾個倍數的概念。

It's with the technologies that are out and available today, and we're excited to see that.

這是當今已經出現並可用的技術，我們很高興看到這一點。

And quite honestly, I can't remember the second half of your question.

老實說，我不記得你問題的後半部了。

So if you'll refresh my memory, I will answer it.

所以如果你能讓我回想一下，我就會回答。

No, that's good.

不，那很好。

And then just to the extent that you see your attach with those enterprises, how much of that is really factored into your fiscal '26 guide?

那麼就您與這些企業的聯繫而言，其中有多少真正被計入了您的 26 財年指南中？

To the best of our ability, we factor in the attach of services, our professional services, our deployment services, our installation services, the ability to sell networking and network installation, the ability to sell storage.

我們會盡最大努力考慮服務的附加性、我們的專業服務、我們的部署服務、我們的安裝服務、銷售網路和網路安裝的能力、銷售儲存的能力。

It's an all-inclusive number when we look at that at least $15 billion of AI servers in the marketplace -- shipped in the marketplace.

當我們看到市場上至少有價值 150 億美元的 AI 伺服器出貨量時，這是一個包羅萬象的數字。

Asiya, thank you, and handing it over to Jeff for our close.

Asiya，謝謝你，現在把麥克風交給 Jeff，我們就可以結束了。

Sure.

當然。

Thanks, everybody.

謝謝大家。

I hope you can tell FY25 was a strong year.

我希望您能看出 25 財年是強勁的一年。

We delivered 8% revenue and 10% EPS growth with $3.9 billion in capital returned to shareholders.

我們實現了 8% 的營收和 10% 的每股盈餘成長，並向股東返還了 39 億美元的資本。

Our AI business grew to $10 billion while also improving ISG margins year-over-year.

我們的 AI 業務成長至 100 億美元，同時 ISG 利潤率也逐年提高。

In FY26, we expect to grow revenue and EPS in excess of our long-term value framework.

在 26 財年，我們預期營收和每股盈餘的成長將超過我們的長期價值框架。

We expect our AI business will grow to at least $15 billion given our robust opportunity pipeline, our engineering, our services and financing advantages.

鑑於我們強大的機會管道、我們的工程、服務和融資優勢，我們預計我們的人工智慧業務將成長到至少 150 億美元。

This AI business drives incremental operating profit and is EPS-accretive.

這項人工智慧業務推動了增量營業利潤並增加了每股收益。

We'll continue to modernize the company, reducing operating expenses as we grow, driving further leverage in the P&L.

我們將繼續推動公司現代化，在發展的同時降低營運費用，進一步提高損益表的槓桿率。

We remain committed to our capital allocation framework, where we've announced an 18% increase in our annual dividend, and our share repurchase authorization increased by $10 billion.

我們仍然致力於我們的資本配置框架，我們宣布年度股息增加 18%，股票回購授權增加 100 億美元。

We're excited for the year ahead.

我們對新的一年充滿期待。

Thanks for your time today.

感謝您今天抽出時間。

Thank you.

謝謝。

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

現在您可以斷開連接