戴爾 (DELL) 2026 Q1 法說會逐字稿

Please stand by. Good afternoon. Welcome to the fiscal year 2026 first-quarter financial results conference call for Dell Technologies Inc.

請稍候。午安.歡迎參加戴爾科技公司2026財年第一季財務業績電話會議。

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

應戴爾科技的要求，我想通知所有參與者，本次通話正在錄音。本廣播是戴爾科技公司的版權財產。未經戴爾科技公司事先書面許可，禁止全部或部分轉播此資訊。

Following prepared remarks, we will conduct a question-and-answer session. (Operator Instructions)

在準備好的發言之後，我們將進行問答環節。（操作員指示）

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

我想將電話轉給投資者關係主管保羅‧弗蘭茨 (Paul Frantz)。弗朗茨先生，您可以開始。

Thanks everyone for joining us. With me, today, are Jeff Clarke, Yvonne McGill and Tyler Johnson.

感謝大家的參與。今天和我一起的有 Jeff Clarke、Yvonne McGill 和 Tyler Johnson。

Our earnings materials are available on our IR website. I encourage you to review these materials. Also, please take some time to review the presentation, which includes additional content to complement our discussion this afternoon.

我們的收益資料可在我們的 IR 網站上找到。我鼓勵你複習一下這些資料。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 measures refer to non- 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，所有提及的財務指標均指非公認會計準則財務指標，包括非公認會計準則毛利率、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自由現金流。

A reconciliation of these measures to their most directly comparable GAAP measures can be found in our webdeck 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 指標之間的對帳。

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. Actual results and events could differ, materially, from those projected, due to a number of risks and uncertainties, which are discussed in our webdeck and our SEC filings.

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。由於一些風險和不確定因素，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路平台和美國證券交易委員會 (SEC) 文件中討論過。

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. Thanks, everyone, for joining us.

謝謝保羅。感謝大家加入我們。

This quarter, we executed very well, achieving growth across our core markets and experiencing unprecedented demand for our AI-optimized servers.

本季度，我們的表現非常出色，在核心市場實現了成長，並且對我們的 AI 優化伺服器的需求達到了前所未有的水平。

Our revenue reached $23.4 billion, up 5%, driven by growth across all of our core markets. ISG and CSG were up 8%.

我們的營收達到 234 億美元，成長 5%，這得益於我們所有核心市場的成長。ISG 和 CSG 上漲 8%。

Earnings per share increased by 17%, to $1.55, growing 3 times faster than revenue. This resulted in record cash generation for the first quarter and shareholder returns exceeding $2 billion.

每股盈餘成長 17%，達到 1.55 美元，成長速度是營收成長的 3 倍。這使得第一季的現金產生量創下紀錄，股東回報超過 20 億美元。

Turning to AI. We experienced exceptionally strong demand for AI-optimized servers, building on the momentum discussed in February and further demonstrating that our differentiation is winning in the marketplace.

轉向人工智慧。我們經歷了對人工智慧優化伺服器的異常強勁的需求，這延續了二月份討論的勢頭，並進一步證明了我們的差異化在市場上佔據優勢。

We booked $12.1 billion in orders in the first quarter, surpassing the entirety of shipments in all of FY25. We shipped $1.8 billion, leaving us with a backlog of $14.4 billion.

我們在第一季的訂單量達到 121 億美元，超過了 25 財年全年的出貨量。我們已出貨 18 億美元，積壓訂單達 144 億美元。

Our five-quarter pipeline continued to grow sequentially, across both Tier 2 CSPs and private and public enterprise customers; and remains multiples of our backlog.

我們的五個季度的管道繼續連續增長，涵蓋二級 CSP 以及私人和公共企業客戶；並且仍然是我們積壓訂單的數倍。

Enterprise AI customers grew, again, sequentially, with good representation across key industry verticals, including Web Tech, Financial Services Industry, Manufacturing, Media & Entertainment, and Education.

企業 AI 客戶再次連續成長，在網路技術、金融服務業、製造業、媒體和娛樂以及教育等主要垂直行業中具有良好的代表性。

AI momentum continues to remain strong. That said, given the scale of these opportunities, variability in timing and choices around technology, the inherent non- linear nature of demand and associated shipments is likely to persist.

人工智慧勢頭持續強勁。話雖如此，考慮到這些機會的規模、時機的變化以及技術選擇，需求和相關出貨量的固有非線性性質可能會持續存在。

This quarter is a clear indicator the Dell offering resonates with customer.

本季明顯顯示戴爾產品引起了客戶的共鳴。

We are innovating at breakneck speed, designing bespoke, custom solutions for customers, while being agile to respond quickly to evolving next-generation architectures.

我們正在以極快的速度進行創新，為客戶設計客製化的解決方案，同時快速回應不斷發展的下一代架構。

Our ecosystem in this space is unmatched, with key partners such as NVIDIA, AMD, HuggingFace, Cohere, Meta, Mistral, Google, and so many others.

我們在這個領域的生態系統是無與倫比的，擁有 NVIDIA、AMD、HuggingFace、Cohere、Meta、Mistral、Google 等眾多主要合作夥伴。

Our execution continues to be a key differentiator. We’ve built a strong reputation for deploying large-scale clusters quickly and reliably, significantly reducing the time-to-first token and accelerating time-to-value for our customers.

我們的執行力仍然是關鍵的區別因素。我們在快速可靠地部署大規模叢集方面建立了良好的聲譽，大大減少了第一個代幣的時間並加快了客戶的價值實現時間。

Beyond deployment, we provide ongoing, comprehensive support, including managed services that ensure system reliability and performance in customer data centers.

除了部署之外，我們還提供持續、全面的支持，包括確保客戶資料中心系統可靠性和效能的託管服務。

And, finally, our ability to offer flexible financing solutions enables customers to scale their AI infrastructure with confidence and efficiency.

最後，我們提供靈活的融資解決方案的能力使客戶能夠自信且有效率地擴展其人工智慧基礎設施。

Looking ahead, we remain focused on expanding our leadership in this space by continuing to invest in innovation, deepening customer partnerships, and delivering the infrastructure and software solutions within our AI Factories that will power the next wave of AI transformation.

展望未來，我們將繼續專注於擴大我們在該領域的領導地位，繼續投資於創新，深化客戶合作夥伴關係，並在我們的人工智慧工廠內提供基礎設施和軟體解決方案，為下一波人工智慧轉型提供動力。

In Traditional Servers, revenue increased double digits. We, now, have six consecutive quarters of year-over-year demand growth.

傳統伺服器的收入實現了兩位數的成長。目前，我們的需求已連續六個季度年增。

TRUs increased alongside the mix of our 16th generation servers, as customers prioritize consolidation and modernization of their data centers.

由於客戶優先考慮其資料中心的整合和現代化，TRU 的數量隨著我們第 16 代伺服器的組合而增加。

A significant portion of the installed base remains on 14th generation servers or older, presenting a substantial refresh opportunity with our 16G and 17G servers.

很大一部分已安裝伺服器仍使用第 14 代或更老的伺服器，這為我們的 16G 和 17G 伺服器提供了巨大的更新機會。

In Storage, revenue increased 6%, making it the third consecutive quarter of P&L growth, along with margin improvement year-over-year.

儲存業務收入成長 6%，這是連續第三個季度實現損益成長，利潤率也較去年同期增加。

We continue to execute in our areas of focus: Dell IP in the midrange, software-defined, unstructured, and data protection, as more and more customers move to disaggregated architectures.

隨著越來越多的客戶轉向分解式架構，我們將繼續在我們的重點領域執行：中端戴爾 IP、軟體定義、非結構化和資料保護。

PowerStore demand rose double-digits, growing for five consecutive quarters. Customers value our 5:1 data reduction guarantee. And we are integrating more security into PowerStore, using advanced AI analytics.

PowerStore需求成長兩位數，連續五個季度成長。客戶非常重視我們 5:1 的資料縮減保證。我們正在使用先進的 AI 分析技術為 PowerStore 整合更多安全性。

We are gaining traction in Data Protection, with demand up double-digits in both our next-generation target appliance, as well as our software.

我們在資料保護方面取得了進展，我們的下一代目標設備和軟體的需求都實現了兩位數的成長。

Our mix of Dell-IP Storage continues to grow. We are capturing more value from our platforms, expanding the margin rates within our products.

我們的 Dell-IP 儲存組合持續成長。我們正在從我們的平台中獲取更多價值，擴大我們產品的利潤率。

In CSG, momentum increased in Commercial PCs, where demand strengthened. Overall, CSG revenue rose by 5%, driven by strong Commercial revenue growth of 9%.

在南方電網，商用電腦的需求增強，發展動能增強。總體而言，CSG 收入成長了 5%，這得益於商業收入 9% 的強勁成長。

We, now, have three consecutive quarters of P&L growth and five consecutive quarters of demand growth in Commercial. We saw double-digit demand growth across small business, medium business, and large enterprise. Commercial demand was strongest in North America, with EMEA and APJ up double-digits.

現在，我們的損益已連續三個季度成長，商業需求已連續五個季度成長。我們看到小型企業、中型企業和大型企業的需求都實現了兩位數成長。北美的商業需求最為強勁，其中歐洲、中東和非洲地區 (EMEA) 和亞太及日本地區 (APJ) 均實現了兩位數成長。

While the PC refresh remains behind prior cycles, we are seeing indicators that the installed base is upgrading to new Windows 11 PCs, many of them AI PCs.

儘管 PC 更新換代仍落後於先前的周期，但我們看到有跡象表明，已安裝的用戶群正在升級到新的 Windows 11 PC，其中許多是 AI PC。

The Consumer market remains challenged. Consumer revenue declined 19%. And the industry pricing remained competitive.

消費市場仍面臨挑戰。消費者收入下降了19%。且行業定價仍然具有競爭力。

Over the past three months, we have made significant advancements to the Dell AI Factory, from industry-first AI PCs to the edge and data center enhancements. We are pushing the boundaries with highly-dense, powerful, and energy-efficient AI infrastructure, leading the industry in pace of innovation.

在過去三個月中，戴爾 AI 工廠取得了重大進展，從業界首款 AI PC 到邊緣和資料中心增強功能。我們正在透過高密度、強大且節能的人工智慧基礎設施突破界限，引領產業創新步伐。

Some examples of our recent end-to-end AI announcements:

以下是我們最近發布的一些端到端 AI 公告的範例：

We lead the industry with the broadest portfolio of Copilot+ capable AI PCs, shipping since March. Strategically timed with the Windows 11 refresh, this allows our customers to move to the latest technology and future proof on-device AI workloads.

我們憑藉最廣泛的支援 Copilot+ 的 AI PC 產品組合引領業界，自三月以來一直處於出貨狀態。與 Windows 11 更新策略性地同步，這使我們的客戶能夠轉向最新技術和麵向未來的裝置 AI 工作負載。

We announced new Dell Pro Max notebooks and desktops equipped with NVIDIA RTX PRO Blackwell GPUs, Intel Core Ultra processors, and AMD Ryzen and Threadripper processors.

我們宣布推出配備 NVIDIA RTX PRO Blackwell GPU、Intel Core Ultra 處理器以及 AMD Ryzen 和 Threadripper 處理器的新 Dell Pro Max 筆記型電腦和桌上型電腦。

At GTC, we announced the future of deskside AI development with the Dell Pro Max with GB10 and GB300, with the latter touting 784GB of unified system memory and the power to run a trillion-parameter model.

在 GTC 上，我們透過配備 GB10 和 GB300 的 Dell Pro Max 宣布了桌邊 AI 開發的未來，後者宣稱擁有 784GB 的統一系統記憶體和運行萬億參數模型的能力。

At DTW, we announced a Dell Pro Max notebook with the industry’s first enterprise- grade discrete NPU capable of running a 109 billion parameter model, setting a new bar for edge inference in a mobile form factor.

在 DTW 上，我們發布了一款戴爾 Pro Max 筆記型電腦，它配備了業界首款企業級獨立 NPU，能夠運行 1090 億個參數模型，為行動形式的邊緣推理樹立了新的標準。

On the server side, the XE9780 and 9780L: our air-cooled and liquid-cooled platforms, supporting up to 256 NVIDIA HGX B300 GPUs per rack. The XE9712 supporting NVIDIA GB300 NVL72 -- which we had the world’s first sled at GTC in March. The XE7745 supporting NVIDIA RTX Pro 6000 Blackwell GPUs, with support for up to 8 GPUs in a 4U chassis.

在伺服器方面，XE9780 和 9780L：我們的風冷和液冷平台，每個機架最多支援 256 個 NVIDIA HGX B300 GPU。XE9712 支援 NVIDIA GB300 NVL72——我們在 3 月的 GTC 上推出了世界上第一款雪橇。XE7745 支援 NVIDIA RTX Pro 6000 Blackwell GPU，4U 機殼內最多可支援 8 個 GPU。

The launch of our PowerCool platform: starting with our rear door heat exchanger that captures, cools, and recirculates 100% of the rack heat, reducing cooling energy costs by up to 60%.

我們的 PowerCool 平台的推出：從我們的後門熱交換器開始，它可以捕獲、冷卻和再循環 100% 的機架熱量，從而將冷卻能源成本降低高達 60%。

We introduced the Dell AI Data Platform, which showcases fast, powerful, and scalable storage, with significant software and hardware enhancements to PowerScale and ObjectScale. It also features cutting-edge technologies like Project Lightning, a large- scale caching solution co-engineered with NVIDIA; and end-to-end data management with the Dell Data Lakehouse.

我們推出了戴爾人工智慧資料平台，它展示了快速、強大且可擴展的存儲，並對 PowerScale 和 ObjectScale 進行了顯著的軟體和硬體增強。它還採用了一些尖端技術，例如與 NVIDIA 共同設計的大規模快取解決方案 Project Lightning；以及與 Dell Data Lakehouse 的端到端資料管理。

We expanded our ecosystem of partners and announced our collaboration with Google to bring Gemini on-prem -- exclusively for Dell customers -- an industry first. Additionally, we announced our partnership with the innovative Cohere to simplify the deployment of Agentic technology on-prem.

我們擴大了合作夥伴生態系統，並宣布與Google合作，為戴爾客戶提供業界首創的 Gemini 本地解決方案。此外，我們宣布與創新的 Cohere 合作，以簡化 Agentic 技術的內部部署。

We also announced the Dell Private Cloud and the Dell Automation platform, designed to make deploying, managing, and scaling private cloud environments simple.

我們也發布了戴爾私有雲和戴爾自動化平台，旨在簡化私有雲環境的部署、管理和擴展。

We are not only innovating for today, we are defining the future architecture of the Intelligent Enterprise.

我們不僅在為今天進行創新，我們也正在定義智慧企業的未來架構。

In closing, I am confident in our position and ability to execute. We are leading in AI and pushing the boundaries of innovation.

最後，我對我們的地位和執行力充滿信心。我們在人工智慧領域處於領先地位，並不斷突破創新的界限。

We had over $12 billion in AI orders this quarter alone, which will drive significant revenue growth and EPS. We are enabling data center modernization and consolidation with our 16th and 17th generation servers, enabling lower TCO while reducing physical footprint.

光是本季度，我們的人工智慧訂單就超過 120 億美元，這將推動營收和每股盈餘的大幅成長。我們正在利用第 16 代和第 17 代伺服器實現資料中心的現代化和整合，從而降低 TCO 並減少實體佔用空間。

Our Dell-IP storage portfolio targets faster-growing, higher-margin segments of the market. Our Commercial PC portfolio is ideally suited for Enterprises, with a wider range of offerings and AI-capable devices.

我們的 Dell-IP 儲存產品組合瞄準的是成長更快、利潤更高的細分市場。我們的商用 PC 產品組合非常適合企業，具有更廣泛的產品和支援 AI 的設備。

Our industry-leading supply chain is a unique advantage in the dynamic environment we are operating in today. We are leveraging the agility and resilience we have built over the past four decades, enabling us to navigate numerous challenges over the years; and allows us to minimize the impact on our customers and shareholders.

我們行業領先的供應鏈是我們今天營運的動態環境中的獨特優勢。我們利用過去四十年來建立的敏捷性和韌性，使我們能夠應對多年來的眾多挑戰；並使我們能夠最大限度地減少對客戶和股東的影響。

We are using Gen AI, internally, to increase the competitiveness and capability of the company. For example, our Digital Service Assistant has increased our diagnostic and resolution ability, while increasing customer satisfaction.

我們在內部使用 Gen AI 來提高公司的競爭力和能力。例如，我們的數位服務助理提高了我們的診斷和解決能力，同時提高了客戶滿意度。

We are well positioned today as AI accelerates and becomes more pervasive in all of our live. There is so much more to come. And we will be leading.

隨著人工智慧的加速發展以及其在我們生活各個方面的滲透，我們今天已經處於有利地位。未來還會有更多。我們將發揮領導作用。

Now, over to Yvonne for more details on Q1.

現在，請 Yvonne 提供有關 Q1 的更多詳細資訊。

Thanks, Jeff.

謝謝，傑夫。

Let me begin with an overview of our Q1 performance. Then, I’ll move to ISG, CSG, cash, and guidance.

首先，我來概述一下我們第一季的業績。然後，我將轉向 ISG、CSG、現金和指導。

In the first quarter, we saw continued P&L growth across all of our core markets and record Q1 cash flow from operations.

在第一季度，我們所有核心市場的損益均持續成長，且第一季的經營現金流創下新高。

Our total revenue was up 5%, to $23.4 billion. Our combined ISG and CSG business grew 8%.

我們的總收入成長了 5%，達到 234 億美元。我們的 ISG 和 CSG 業務合併成長了 8%。

Gross margin was $5.1 billion, or 21.6% of revenue. This is down 80 basis points due to a more competitive pricing environment, predominantly in CSG; and geographical mix within traditional servers.

毛利率為 51 億美元，佔營收的 21.6%。由於定價環境競爭更加激烈（主要是在 CSG 領域），以及傳統伺服器的地理分佈，這一數字下降了 80 個基點。

Operating expense was down 2%, to $3.4 billion, or 14.5% of revenue, as we continue to unlock efficiencies and modernize our processes.

由於我們不斷提高效率並實現流程現代化，營運費用下降了 2%，至 34 億美元，佔營收的 14.5%。

Now, let’s look at operating income.

現在，讓我們來看看營業收入。

We delivered a 10% increase to $1.7 billion, or 7.1% of revenue. This was driven by higher revenue and lower operating expenses.

我們實現了 10% 的成長，達到 17 億美元，佔總營收的 7.1%。這是由於收入增加和營運費用降低所致。

Q1 net income was up 13% to $1.1 billion, primarily driven by stronger operating income. And our diluted EPS was up 17%, to $1.55, growing 3 times faster than revenue.

第一季淨收入成長 13% 至 11 億美元，主要得益於營業收入的增加。我們的稀釋每股盈餘上漲 17%，達到 1.55 美元，成長速度是營收成長速度的 3 倍。

Now, let’s move to ISG, where we delivered another quarter of strong performance.

現在，讓我們轉到 ISG，我們又一個季度表現強勁。

ISG revenue was $10.3 billion, up 12%. Servers and networking revenue was a Q1 record of $6.3 billion, up 16%.

ISG 營收為 103 億美元，成長 12%。伺服器和網路收入第一季創下 63 億美元的紀錄，成長 16%。

We saw very robust demand in AI servers, with $12.1 billion of orders in the first quarter. And we shipped $1.8 billion of AI servers.

我們看到人工智慧伺服器的需求非常強勁，第一季的訂單額達到 121 億美元。我們的人工智慧伺服器出貨量達 18 億美元。

In traditional servers, we saw continued P&L growth. But the demand environment moderated, compared to the last quarter. Additionally, we saw lower mix of North America in traditional server, which is a higher-margin geography.

在傳統伺服器中，我們看到了持續的損益成長。但與上一季相比，需求環境有所緩和。此外，我們發現北美傳統伺服器的份額較低，而北美是一個利潤率較高的地區。

Storage revenue was up 6%, to $4.0 billion. Our third consecutive quarter of growth. We saw strong demand in our Dell-IP portfolio, specifically with PowerStore and Data Protection.

儲存收入成長 6%，達到 40 億美元。我們連續第三個季度實現成長。我們發現戴爾 IP 產品組合的需求強勁，尤其是 PowerStore 和資料保護。

We had ISG operating income of $1.0 billion, up 36%. This was driven primarily by higher revenue. Our ISG operating income rate was up year over year to 9.7% of revenue. The rate improvement of approximately 170 basis points was driven by revenue scaling on slightly lower operating expense and higher mix of Dell-IP storage.

我們的 ISG 營業收入為 10 億美元，成長 36%。這主要是由於收入增加所致。我們的 ISG 營業收入率年增至營收的 9.7%。大約 170 個基點的利率改善是由於營運費用略有下降以及 Dell-IP 儲存組合增加而導致的收入成長。

As Jeff mentioned, we are focused on further increasing our mix of Dell IP vs Partner IP storage and are also driving continued product profitability improvement within our Storage business.

正如 Jeff 所提到的，我們專注於進一步增加戴爾 IP 與合作夥伴 IP 儲存的組合，並推動儲存業務中產品獲利能力的持續提高。

Now, let’s turn to CSG.

現在，讓我們來談談 CSG。

CSG revenue was up 5%, to $12.5 billion. Commercial revenue was up 9%, to $11.0 billion , while Consumer revenue was down 19%, to $1.5 billion .

CSG 營收成長 5%，達到 125 億美元。商業收入成長 9%，至 110 億美元，而消費者收入下降 19%，至 15 億美元。

CSG operating income was $0.7 billion, or 5.2% of revenue.

CSG 營業收入為 7 億美元，佔營收的 5.2%。

TRUs remained stable sequentially. And we continue to see customers prioritize richly-configured, AI-ready devices.

TRU 保持連續穩定。我們繼續看到客戶優先考慮配置豐富、支援人工智慧的設備。

As Jeff mentioned, we saw strong performance across small and medium business and large enterprise.

正如傑夫所提到的，我們看到中小型企業和大型企業的表現都很強勁。

In consumer, the demand environment remains soft and profitability remains challenged. We are focused on executing within CSG, leveraging our leading go-to-market engine and broader portfolio of offerings to capture the PC refresh.

在消費方面，需求環境依然疲軟，獲利能力仍面臨挑戰。我們專注於在 CSG 內執行，利用我們領先的市場進入引擎和更廣泛的產品組合來捕捉 PC 的更新。

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

現在，讓我們來看看現金流和資產負債表。

We had a strong cash quarter, with record Q1 cash flow from operations of $2.8 billion. This was primarily driven by profitability and working capital improvement.

本季我們的現金流表現強勁，第一季經營現金流創歷史新高，達到 28 億美元。這主要是受獲利能力和營運資本改善的推動。

We ended the quarter with $9.3 billion in cash and investments, up $4.2 billion sequentially.

本季末，我們的現金和投資為 93 億美元，比上一季增加了 42 億美元。

Our core leverage ratio was up sequentially to 1.6x, given our recent debt issuance.

考慮到我們最近發行的債務，我們的核心槓桿率連續上升至 1.6 倍。

We returned $2.4 billion of capital to shareholders with 22.1 million shares of stock repurchased, at an average price of $90 per share; and paid a dividend of roughly $0.53 cents per share.

我們以平均每股 90 美元的價格回購了 2,210 萬股股票，向股東返還了 24 億美元的資本；並支付了每股約 0.53 美分的股息。

Our significant share repurchases this quarter reflect our continued confidence in the business, our ability to act opportunistically during periods of price dislocation, and commitment to disciplined capital allocation.

我們本季的大量股票回購反映了我們對業務的持續信心、我們在價格錯位期間採取機會行動的能力以及對嚴格資本配置的承諾。

Since our capital return program began at the beginning of FY23, we’ve returned $13.2 billion to shareholders through stock repurchases and dividends.

自 2023 財年初啟動資本回報計畫以來，我們已透過股票回購和股利向股東返還了 132 億美元。

Turning to Q2 guidance. In CSG, we expect the PC refresh cycle to continue, as the install base upgrades to new devices, resulting in improved profitability sequentially.

轉向第二季度指引。在 CSG 中，我們預計 PC 更新週期將繼續，因為安裝基礎升級到新設備，從而帶來盈利能力的連續提高。

In ISG, we expect to ship roughly $7 billion of AI servers, as we fulfill some of our large deals. We are expecting sub-seasonal performance in traditional server and storage, our larger profit pools that provide scale, as customers evaluate their IT spend for the year, given the dynamic macro environment.

在 ISG，隨著我們完成一些大型交易，我們預計將出貨價值約 70 億美元的 AI 伺服器。在動態的宏觀環境下，隨著客戶評估其全年 IT 支出，我們預計傳統伺服器和儲存（我們更大的利潤池）將出現季節性表現，因為它們提供了規模。

Given that backdrop, we expect Q2 revenue to be between $28.5 billion and $29.5 billion, up 16% at the midpoint of $29 billion .

有鑑於此背景，我們預計第二季營收將在 285 億美元至 295 億美元之間，以 290 億美元的中位數計算，成長 16%。

ISG and CSG, combined, are expected to grow 19% at the midpoint, with ISG growing significantly and CSG up low-to-mid single digits.

ISG 和 CSG 合計預計中位數成長 19%，其中 ISG 成長顯著，而 CSG 成長低至個位數。

OpEx will be down low single digits year over year. We expect operating income to be up, roughly, 8%. We expect our diluted share count to be roughly 685 million shares. And our diluted non-GAAP EPS is expected to be $2.25, plus or minus $0.10 cents, up 15% at the midpoint.

營運支出將年減個位數。我們預計營業收入將成長約8％。我們預計稀釋後股份數量約為 6.85 億股。我們的稀釋非 GAAP 每股盈餘預計為 2.25 美元，上下浮動 0.10 美分，中間值上漲 15%。

Moving to the full year.

轉至全年。

It is early in what has been a very dynamic year. We’re optimistic on our portfolio and our ability to execute. However, we want to be thoughtful of how customers think through their IT spend, relative to the macro environment.

今年是充滿活力的一年，現在才剛開始。我們對我們的投資組合和執行能力充滿信心。然而，我們希望認真考慮客戶相對於宏觀環境如何考慮他們的 IT 支出。

Against that backdrop, we are reiterating our full-year revenue guidance and expect FY26 revenue to be between $101 billion and $105 billion, with a midpoint of $103 billion, up 8%.

在此背景下，我們重申全年營收指引，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 over $15 billion of AI server shipments and continued growth in traditional server and storage. And, we expect CSG to grow low-to-mid single digits.

我們預計 ISG 將實現高成長率，這得益於超過 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。我們預計南方電網的成長率將達到低至中等個位數。

We expect the combined ISG and CSG to grow 10% at the midpoint. Given what we expect for the first half, the full-year guide reflects slightly lower profitability expectations within CSG, traditional server, and storage.

我們預計 ISG 和 CSG 的合計中位數將成長 10%。鑑於我們對上半年的預期，全年指南反映出 CSG、傳統伺服器和儲存的獲利預期略有下降。

As our modernization efforts continue, we expect operating expense to be down low single digits year over year. We expect operating income to be up roughly 9%. We expect I&O to be between $1.4 billion and $1.5 billion.

隨著我們現代化努力的繼續，我們預計營運費用將同比下降個位數。我們預計營業收入將成長約9％。我們預計 I&O 規模將在 14 億美元至 15 億美元之間。

We are increasing our diluted non-GAAP EPS guidance to $9.40, plus or minus $0.25 cents, up 15% at the midpoint, assuming an annual non-GAAP tax rate of 18%.

我們將稀釋非公認會計準則每股收益預期上調至 9.40 美元，上下浮動 0.25 美分，中間值上漲 15%，假設年度非公認會計準則稅率為 18%。

In closing, we had another strong quarter, with EPS growth significantly outpacing revenue and record Q1 cash generation. We are focused on executing our strategy, expanding our lead in AI and modernizing our business, all driving increased EPS growth.

最後，我們又度過了一個強勁的季度，每股盈餘成長顯著超過營收成長，並創下了第一季現金創造紀錄。我們專注於執行我們的策略，擴大我們在人工智慧領域的領先地位並實現業務現代化，所有這些都將推動每股收益的成長。

This will be an exciting year. I look forward to growths we see above our long-term framework and the value we will continue to deliver to our customers and our shareholders.

這將是令人興奮的一年。我期待我們在長期框架之上實現成長，並繼續為我們的客戶和股東創造價值。

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

現在，我將把話題轉回給保羅，開始問答環節。

Thanks, Yvonne.

謝謝，伊馮。

In order to ensure we get as to as many of you as possible, please ask one concise question.

為了確保我們盡可能多地了解您的情況，請提出一個簡潔的問題。

Let's go to the first question.

我們先來看第一個問題。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Thanks a lot for being my question. My question was just on the AI server revenues.

非常感謝您提出我的問題。我的問題只是關於 AI 伺服器的收入。

You, folks, had some really impressive performance in Q1. I think the backlog, at $12.1 billion, was up over $3 billion from 90 days ago. Can you just touch on what are you seeing?

各位，你們在第一季的表現確實令人印象深刻。我認為積壓金額為 121 億美元，比 90 天前增加了 30 多億美元。能簡單談談您看到了什麼嗎？

And how should we think about the fiscal '26 AI server revenue target, which I think was $15 billion before, especially as you've seen a bigger uptick in engagement from the [sorbent] side and, also, some of the [neo clouds] that are raising the CapEx?

我們應該如何看待 26 財年的人工智慧伺服器收入目標（我認為之前是 150 億美元），尤其是當您看到 [吸附劑] 方面的參與度大幅上升，以及一些 [新雲端] 正在提高資本支出時？

So just any framework on how to think about the AI server market as you go forward would be really helpful

因此，任何關於如何思考人工智慧伺服器市場的框架都會非常有幫助

Sure. Amit, thanks for the question.

當然。阿米特，謝謝你的提問。

First of all, we're 91 days into the year. We got 273 more to go. But I'd like to start.

首先，今年已經過去 91 天了。我們還有 273 個要完成。但我想開始。

$12.1 billion of orders in Q1, more than all of last year. We're off to a good start. But we have much in front of us.

第一季訂單金額達121億美元，超過去年全年。我們已經有了一個好的開始。但我們面前還有很多事情要做。

The customer deployments that we have in front of us are large. They're complex. They have very detailed scheduled deliveries. There's lots of dependencies on this.

我們面臨的客戶部署規模很大。它們很複雜。他們有非常詳細的交貨計劃。這其中有很多依賴關係。

We've talked about this business being lumpy and non-linear. The dependencies in this business are waiting for data centers to be built, power to be provided, direct liquid cooling infrastructure put in place.

我們討論過這個產業的不穩定性與非線性。該業務中的依賴關係正在等待資料中心的建設、電力的提供以及直接液體冷卻基礎設施的到位。

We're orchestrating a highly complex supply chain. You've probably seen the reference that a GB200 NVL72 rack has 1.2 million parts in it. Coordinating and orchestrating that across our value add, whether that be in CDUs, cold plates to rack cells, power shelves, what have you.

我們正在精心策劃一個高度複雜的供應鏈。您可能已經看過這樣的參考：GB200 NVL72 機架中有 120 萬個零件。協調和編排我們的加值業務，無論是在 CDU、冷板、機架單元、電源架，或是其他什麼。

That's what we're working here. It's driven the backlog. We love where the backlog is, it's healthy. It's reflected. I believe the backlog is $14.4 billion, on top of that $12.1 billion of orders.

這就是我們在這裡所做的工作。這導致了積壓。我們喜歡積壓的現狀，這是健康的。反映出來了。我認為積壓訂單價值為 144 億美元，此外還有 121 億美元的訂單。

Probably, the interesting thing -- what I think is the most interesting thing is that we converted our five-quarter pipeline, obviously, to generate the $12.1 billion in the growing backlog.

可能，有趣的是——我認為最有趣的是，我們轉換了五個季度的管道，顯然是為了在不斷增長的積壓訂單中產生 121 億美元。

And the five-quarter pipeline improved. It grew sequentially. It's up significantly year over year. It's filled through lots of multiple types of technology versions of Blackwell. And it now contains software.

且五個季度的銷售情況有所改善。它逐漸成長。與去年同期相比，這一數字大幅上升。它充滿了多種類型的 Blackwell 技術版本。現在它包含軟體。

You may have seen an announcement earlier today from the Department of Energy, around the Windows 10 and our design win there: an example of Sovereign AI. We're very excited about that.

您可能已經看到今天早些時候能源部發布的關於 Windows 10 和我們的設計獲勝的公告：主權人工智慧的一個例子。我們對此感到非常興奮。

Also, got lots to know, three quarters in front of us. I can really tell you were on the plus side of $15 billion and feel pretty good about it. But we'll update you on how the full year goes in another quarter.

此外，還有很多事情要了解，我們面前還有四分之三的事情。我確實可以說，你的收入超過了 150 億美元，而且你對此感覺非常好。但我們將在下一個季度向您通報全年的進度。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Make this concise, from Paul there. So I'll do my best, Jeff.

讓這句話簡潔一些，來自保羅。所以我會盡力的，傑夫。

I wanted to talk about second-half guidance. Amit went there a little bit. But if you do the $15 billion-plus, let's call it, and including $8 billion in the first half for AI servers, that implies, I don't know, $3.5 billion each quarter, in the back half. I think Amit was getting at this: Is that indicative of demand?

我想談談下半年的指導。阿米特 (Amit) 去過那裡一會兒。但如果你投入 150 多億美元，包括上半年 AI 伺服器的 80 億美元，那就意味著下半年每季要投入 35 億美元。我認為阿米特想表達的是：這是否顯示了需求？

Yvonne and Jeff, do you mind just talking about -- is that the lumpiness we're really getting, [7] going to [3.5]? Or are you just being conservative?

Yvonne 和 Jeff，你們介意討論一下嗎──這是我們真正遇到的困難嗎？ [7][3.5]？還是你只是比較保守？

And then -- sorry for the multi-part, but, Yvonne, do you mind just saying, again, what you're looking for in ISG? What level of moderation, for the second half, of demand in both ISG and CSG?

然後——抱歉說了這麼多，但是，伊馮，你介意再說一遍你在 ISG 中尋找什麼嗎？下半年 ISG 和 CSG 的需求將會如何放緩？

Is it really significant. In order to keep your guidance, we actually have to slow down AI servers. But I'm not so sure Street numbers for the other 2two segments go down very much, in the back half.

這真的很重要嗎？為了遵循您的指導，我們實際上必須減慢 AI 伺服器的速度。但我不太確定其他 2two 部分的街道數字在後半部分是否會下降很多。

Let's see if we can parse our way through that.

讓我們看看是否能找到解決辦法。

I believe, first of all, Yvonne made reference that we expect to ship $7 billion of AI servers, on top of the $1.8 billion that I referenced. So we're closer to $9 billion in the first half.

我相信，首先，伊馮娜提到，我們預計將出貨價值 70 億美元的 AI 伺服器，而我提到的價值為 18 億美元。因此，上半年我們的營收接近 90 億美元。

I made the reference that the five-quarter pipeline continues to grow and grow significantly. It remains multiples of our backlog.

我提到，五個季度的管道繼續增長，並且大幅增長。它仍然是我們積壓訂單的數倍。

The enterprise component of that continues to grow. In fact, it's growing at a faster rate than the CSP part of that pipeline.

其中的企業部分持續成長。事實上，它的成長速度比該管道的 CSP 部分更快。

We're optimistic. It's early in the year. We're 91 days in. We have a couple of technology shifts in front of us. We're very excited about that.

我們很樂觀。現在是年初。我們已經 91 天了。我們面臨幾項技術變革。我們對此感到非常興奮。

We continue to win and differentiate ourselves with our engineering and innovation, our ability to deliver and deploy, and deploy and turning on our racks in 24 hours; and they're operating and in business for our customers.

我們憑藉工程設計和創新能力、交付和部署能力以及在 24 小時內部署和啟動機架的能力不斷贏得勝利並脫穎而出；並且它們正在為我們的客戶運營和開展業務。

We continue to focus on what differentiates us. I like our prospects of converting more pipeline in the second half. But, at this point, we're in the [15-plus] side.

我們將繼續關注我們的與眾不同之處。我看好我們在下半年轉換更多管道的前景。但目前，我們已經處於[15+]的水平。

Our annual guidance that we just delivered us suggests that's exactly where we are. And I'll let Yvonne work her way through the ISG question that you had.

我們剛剛發布的年度指導表明，我們的現狀確實如此。我會讓 Yvonne 解答您提出的 ISG 問題。

Yeah. From an ISG perspective, as I think through the full year guide, we are early on, right? And so, we have been thinking that as we are, I'd say, historically, a bit conservative in how we look at the year, we have held holistically on the year, right now, given what we're seeing in the dynamic environment.

是的。從 ISG 的角度來看，當我回顧全年指南時，我們還處於早期階段，對嗎？因此，我們一直在想，從歷史上看，我們對今年的看法有些保守，但考慮到我們所看到的動態環境，我們現在對今年的看法是整體持保守態度。

I am really excited about the AI opportunity. Obviously, we have a significant backlog already and that will continue to expand. But, at this juncture, we think we should remain on what we have put out for the guide and not do any dynamic increases there.

我對人工智慧的機會感到非常興奮。顯然，我們已經有大量積壓訂單，而且這一數字還會繼續增加。但是，在這個關鍵時刻，我們認為我們應該堅持我們已經提出的指導方針，而不是進行任何動態增加。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Hey, guys. Thank you. Thank you so much for taking my question.

嘿，大家好。謝謝。非常感謝您回答我的問題。

Jeff, obviously -- Ben and Amit have touched on it -- really strong commentary on AI servers. I would love to just get a little bit more color from you on the potential the storage and services attach opportunity, alongside AI servers.

傑夫，顯然——本和阿米特已經談過這一點——對人工智慧伺服器的評論非常有力。我很想從您那裡了解更多關於儲存和服務附加機會以及 AI 伺服器的潛在資訊。

Obviously, there was commentary more than a year ago about a pretty big opportunity there. And I'm just wondering: as you've seen this market evolve with CSP customers, enterprises, sovereigns, when can we think about that attach opportunity really starting to materialize? Any way to size how to think about the attach? And anything that you could help us understand for margin impact there?

顯然，一年多前就有評論說那裡存在著相當大的機會。我只是想知道：正如您所看到的，這個市場隨著 CSP 客戶、企業、主權國家而​​發展，我們什麼時候可以認為這種連結機會真正開始實現？有什麼方法可以衡量附件的尺寸嗎？您能幫助我們了解那裡的利潤影響嗎？

Just some more context would be helpful there.

更多背景資訊將會很有幫助。

Sure. I think part of the answer lies in what we announced at Dell Technology World, which is an expansion of our storage portfolio, the storage capability, our Data Management Platform, the Dell Automation Platform. Those things are all important, as we're building out the portfolio of pluses around the specific AI server node in the rack.

當然。我認為部分答案在於我們在戴爾技術世界大會上宣布的內容，即我們的儲存產品組合、儲存能力、資料管理平台、戴爾自動化平台的擴展。這些都很重要，因為我們正在圍繞機架中的特定 AI 伺服器節點建立優勢組合。

We made reference to Project Lightning last week. I continue to be excited about the opportunities there.

我們上週提到了閃電計劃。我繼續對那裡的機會感到興奮。

We've made -- I would probably cast it as -- a modest improvement in our storage and networking attach. We've made significant improvement in our deployment and installation services attach.

我們已經——我可能會認為這是——在儲存和網路附加方面取得了適度的改進。我們在部署和安裝服務方面取得了重大進展。

It is what's actually differentiating us in the marketplace, our ability to do L11, L12, did it, deployed, installed and ultimately operational in a short period of time. That continues to differentiate. It's being valued by our customers.

這實際上是我們在市場上的差異化因素，我們有能力在短時間內完成 L11、L12、部署、安裝並最終投入營運。這仍然有區別。它受到我們的客戶的重視。

And if I extrapolate that to what can be done in enterprise, it's the same opportunity. In fact, we think the opportunity to attach storage, particularly as the data structure needs [more] object storage and our assets in the unstructured space, we have a differentiated advantage.

如果我將其推廣到企業中可以做的事情，那麼這也是同樣的機會。事實上，我們認為附加儲存的機會，特別是當資料結構需要[更多]物件儲存和我們在非結構化空間中的資產時，我們具有差異化優勢。

We're going to continue to invest in that portfolio. The opportunity in networking is there. And, obviously, the services that I just mentioned are equally important in an enterprise as they are in the largest clusters in the world.

我們將繼續投資該投資組合。網路機會就在那裡。顯然，我剛才提到的服務對於企業和世界上最大的集群同樣重要。

So we remain optimistic. We have work to do. I would not be truthful if I said we were satisfied. We are not satisfied with the attach, to date. I think that there's all upside and opportunity.

因此我們保持樂觀。我們有工作要做。如果我說我們很滿意，那我就不誠實了。到目前為止，我們對附件並不滿意。我認為這一切都有好處和機會。

Our sales team is focused on that. And we continue to find opportunities to differentiate our portfolio, look at some of the subsystems in our performance and the attributes that it brings to what's being done in these modern workloads. And we're very optimistic about that.

我們的銷售團隊專注於此。我們將繼續尋找機會來區分我們的產品組合，研究我們性能中的一些子系統以及它為這些現代工作負載帶來的屬性。我們對此非常樂觀。

I think I've made reference in the past: as these modern workloads evolve, it's clear that the disaggregated storage architecture is the path to the future. I think we have the best portfolio in that. And we'll continue to focus on that with our customers.

我想我過去曾提到過：隨著這些現代工作負載的發展，很明顯分解儲存架構是通往未來的道路。我認為我們擁有最好的投資組合。我們將繼續與客戶一起關注這一點。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yeah. Thank you so much.

是的。太感謝了。

Maybe, a quick clarification. Are you assuming any impact from tariffs in your numbers, at all?

也許，需要快速澄清一下。您的數據中是否考慮了關稅的影響？

And, for my question: Given the significant ramp of AI servers and sort of what you're guiding incrementally for next quarter, I'm calculating a low single-digit operating margin on the AI servers. Would you agree with that? And how should we think about the progression of gross margin?

並且，對於我的問題：鑑於人工智慧伺服器的大幅成長以及您對下個季度逐步成長的指導，我計算出人工智慧伺服器的營運利潤率將達到較低的個位數。你同意嗎？那我們該如何看待毛利率的上升呢？

Well, maybe a couple of sound bites. And then, Yvonne can add to this.

好吧，也許是幾段原聲。然後，伊馮娜 (Yvonne) 可以對此進行補充。

Our guidance for the year, for Q2, includes everything that we know about tariffs, as of today. We were able to navigate that, I believe, successfully.

我們對今年第二季的指導包括了截至今天我們所了解的有關關稅的所有資訊。我相信我們能夠成功解決這個問題。

I think we viewed the input cost to our business as deflationary in Q2. That's inclusive of tariffs. And we're very confident that what we conveyed in the form of our outlook is very inclusive of our cost associated with tariffs.

我認為我們認為第二季我們業務的投入成本是通貨緊縮的。這包括關稅。我們非常有信心，我們以展望的形式傳達的內容已經包含了與關稅相關的成本。

We did not make any price moves in the quarter. We were steady. We have been through this before. And I think we weathered the storm quite well and ultimately, took, care of our customers and served them quite well.

本季我們沒有做出任何價格調整。我們很穩定。我們以前也經歷過這樣的事。我認為我們很好地度過了這場風暴，並最終照顧到了我們的客戶並為他們提供了良好的服務。

When I think about AI and the numbers that we gave, the $7 billion of incremental revenue. When you look at it, I believe it's roughly $4 billion on a year-over-year basis. It's roughly $5 billion on a quarter-over-quarter basis.

當我想到人工智慧和我們給出的數字時，增量收入為 70 億美元。如果你看一下，我相信它與去年同期相比增加了約 40 億美元。按季度計算，約 50 億美元。

It drives significant gross margin dollar growth on both a year-over-year and quarter-over-quarter basis. It drives significant operating income dollar growth on a quarter-over-quarter and year-over-year basis.

它推動毛利率年比和季比均大幅成長。它推動了營業收入逐季和逐年大幅成長。

I'll put that over to Yvonne. She can add more color.

我會把這個轉交給伊馮娜。她可以添加更多顏色。

Yeah. I'd say embedded within the guide is a 10% quarter-over-quarter increase in gross margin dollars.

是的。我想說的是，指南中包含了毛利率環比增長 10% 的內容。

As Jeff mentioned, what we're seeing in ISG quarter over quarter is [about] $5.3 billion more revenue, with roughly $0.5 billion more in operating income, which is being driven by AI server profitability and, to a lesser extent, improvement in the profitability within our storage portfolio.1

正如 Jeff 所提到的，我們看到 ISG 季度環比收入增加了 [約] 53 億美元，營業收入增加了約 5 億美元，這是由 AI 伺服器盈利能力的推動，以及在較小程度上由我們存儲產品組合盈利能力的提高所推動的。 1

Excellent. Thank you, [Ovy].

出色的。謝謝你，[奧維]。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hi, good afternoon. Thanks for the question. Just have two on AI servers.

嗨，下午好。謝謝你的提問。AI 伺服器上只需有兩個。

I was just wondering if you could comment on the AI server profit outlook for the full year? I think you reiterated the revenue and OpEx outlook, despite the lower profit assumptions on CSG, traditional servers, and storage. So does that imply that the AI server profit outlook was raised? Are you still expecting ISG margins to be flat year over year in fiscal '26?

我只是想知道您是否可以評論一下全年 AI 伺服器的利潤前景？我認為您重申了收入和營運支出前景，儘管 CSG、傳統伺服器和儲存的利潤假設較低。那麼這是否意味著AI伺服器的利潤前景提高了？您是否仍預期 26 財年的 ISG 利潤率將與前一年持平？

And then, secondly, I was just wondering if you could talk a little bit about some of the AI server orders that happened in the last two months, after you gave that update at the end of February. Were there any key customer types or texture to the orders that you could just help to characterize?

其次，我想知道您是否可以談談在二月底發布更新後過去兩個月發生的一些 AI 伺服器訂單。訂單中是否存在任何關鍵客戶類型或結構，您可以幫忙描述一下嗎？

Why don't I start with the guidance and the ISG profitability?

我為什麼不從指導和 ISG 獲利能力開始呢？

For the full year, I just talked on it, we are expecting rates to be down, going forward. But we're seeing that reflective of what we saw in the first half, right? So what we saw in the first quarter, plus what we're expecting in the second quarter. And, overall, it's driven by lower profitability in traditional service and CSG. Holistically, when we're talking about AI, we're seeing those dollars being accretive into our P&L.

就全年而言，我剛剛談到，我們預計未來利率將會下降。但我們看到的情況與上半年的情況相符，對嗎？所以我們在第一季看到了什麼，加上我們對第二季的預期。整體而言，這是由傳統服務和南方電網獲利能力下降所致。從整體來看，當我們談論人工智慧時，我們會看到這些資金正在增加到我們的損益表中。

Storage margins are also improving nicely. And we expect that to continue over the year, as we lean more into our Dell IP mix. And so, that's good to expect, also.

儲存利潤率也在穩步提升。隨著我們更加依賴戴爾 IP 組合，我們預計這種情況將持續一年。所以，這也是值得期待的。

So ISG margins will expand throughout the year, as we see the typical seasonality within that part of the portfolio.

因此，ISG 利潤率將在全年擴大，因為我們看到投資組合中該部分具有典型的季節性。

I don't know. Jeff, is there anything you'd add to that?

我不知道。傑夫，你還有什麼要補充的嗎？

I would re-emphasize the point that we made: it's the driving behavior in our AI business. It's driving gross margin dollar accretion and operating income dollar accretion. There's a sizable AI business [that, with the] overall rate, of course, it does.

我想再次強調我們提出的觀點：這是我們人工智慧業務的驅動行為。它推動了毛利率和營業收入的成長。當然，人工智慧業務規模龐大，從整體速度來看，確實如此。

We're looking at it in absolute dollars in every scenario that we've now conveyed to you in our guidance for both the quarter and the year, which drives operating income dollar growth and gross margin dollar growth.

我們正在以絕對美元來看待我們現在在季度和年度指導中向您傳達的每種情況下的情況，這將推動營業收入美元增長和毛利率美元增長。

So I think it's something we continue to focus on. That's important to us. And that is the driving behavior of how we're running this business.

所以我認為這是我們會繼續關注的事情。這對我們很重要。這就是我們經營這項業務的驅動行為。

In terms of orders, clearly, I won't talk about specific customers. We saw [TSP] customers, we saw enterprise customers. The number of enterprise customers grew, the number of repeat enterprise customers grew, as well.

至於訂單，顯然我不會談論具體的客戶。我們看到了 [TSP] 客戶，我們看到了企業客戶。企業客戶的數量不斷成長，回頭客的數量也不斷增加。

Our enterprise growth is exciting, with over 3,000 customers now buying various forms of our Dell AI Factories. You saw a mix from Hopper technology and Blackwell technology across those.

我們的企業成長令人興奮，目前有超過 3,000 家客戶購買各種形式的戴爾 AI 工廠。您將看到 Hopper 技術和 Blackwell 技術的混合。

We saw it with (inaudible) and x86. So a great cross representation there.

我們在 (聽不清楚) 和 x86 上看到了它。因此，那裡有一個很棒的交叉表示。

Maybe, that's the color and context, (inaudible) that part within -- what we saw in Q1.

也許，這就是顏色和背景，（聽不清楚）那部分 - 我們在第一季看到的。

Great. Super helpful. Thank you.

偉大的。超有幫助。謝謝。

Samik Chatterjee, J.P. Morgan.

薩米克‧查特吉，摩根大通。

Great. Hi. Thanks for taking my question.

偉大的。你好。感謝您回答我的問題。

Maybe, just more broadly, in terms of your customer behavior, just curious if you've seen any pull-forward? I know you're managing the tariff environment pretty well but not so much as everyone in the industry.

也許，更廣泛地說，就您的客戶行為而言，只是好奇您是否看到任何提前現象？我知道你們對關稅環境的管理相當好，但並不像業內其他人那麼好。

So have you seen customers pull forward some demand? And, particularly, when we think about the caution that you have related to traditional servers and CSG? Are you treating that more as customers just being cautious about the macro or more being in digestion after a pull forward of demand from your customers?

那麼，您是否看到客戶提前提出一些需求？特別是當我們考慮到您對傳統伺服器和 CSG 的謹慎時？您是否認為這更多的是客戶對宏觀經濟保持謹慎，還是在客戶需求提前後消化？

Thank you.

謝謝。

Certainly, we had some customers pulling demand. They certainly saw what was happening in the marketplace and how dynamic things were. And there's no way to say that that didn't happen. I'm sure it did. To what degree? I don't know.

當然，我們有一些客戶拉動需求。他們當然看到了市場上正在發生的事情以及事物的動態。並且沒有辦法說那件事沒有發生。我確信確實如此。到什麼程度？我不知道。

What we know is that, for example, if I separate the businesses, we're in the middle of a race to refresh. We have the Windows 10 expiration in the PC business. We see good traction. We're clearly in the refresh cycle. It's certainly behind others. But indications are we are seeing good growth.

我們知道的是，例如，如果我將業務分開，我們就會陷入一場更新的競賽。我們的 PC 業務中的 Windows 10 已經到期。我們看到了良好的發展動能。我們顯然正處於更新周期。它肯定落後於其他的。但有跡象表明，我們正在看到良好的成長。

I think I mentioned in my remarks that North America and EMEA and APJ all grew double digits, from a demand perspective.

我想我在演講中提到過，從需求角度來看，北美、歐洲、中東和非洲地區以及亞太地區及日本地區都實現了兩位數的成長。

We did see a slowdown in month 3. Month 1 was greater than January. Month 2 was greater than February. Month 3, slowed in Weeks 10 through 12. And, actually, all 3 US businesses, commercial PCs, traditional servers, and storage.

我們確實看到第三個月出現了放緩。第一個月大於一月。2 月份大於 2 月份。第 3 個月，第 10 週至第 12 週放緩。實際上，所有 3 個美國企業，即商用 PC、傳統伺服器和儲存。

So, clearly, there is a bump along the journey there. Yvonne made reference to that with a slowdown in our traditional server business.

因此，顯然，這一進程會遇到一些坎坷。伊馮娜提到我們的傳統伺服器業務有所放緩。

A pull ahead? We are still optimistic about the year. We have all of the businesses growing. We are, maybe, a little more muted in what we think in those businesses. They may be down 1 point, in terms of our absolute market growth. I don't think anyone knows.

領先？我們對今年仍然持樂觀態度。我們所有的業務都在成長。我們對這些業務的看法可能比較沉默。就我們的絕對市場成長而言，他們可能下降了 1 個百分點。我認為沒人知道。

But when you look at traditional servers, you look at storage, the other two businesses that I was referring to: again, both were growing nicely. North America speed bumped Week 10 through 12 in month 3, worked our way through that. We now have that reflected in our guidance in Q2.

但是當你看看傳統伺服器、儲存以及我提到的另外兩個業務時，它們都在良好地成長。北美在第 3 個月的第 10 週至第 12 週加速，我們努力度過了這段時間。我們現在已經在第二季的指導中反映出了這一點。

Asiya Merchant, Citi.

花旗銀行亞洲人。

Great. Thank you for taking my question.

偉大的。感謝您回答我的問題。

If you could just talk a little bit about the competitive dynamics, just given the macro environment -- a little bit of slowdown that you're seeing here, the fact that you didn't raise prices.

如果您可以稍微談一下競爭動態，考慮到宏觀環境——您在這裡看到的一點放緩，以及您沒有提高價格的事實。

Just help us understand how the competitive responses were and if some of the guidance that you're providing reflects, maybe, a heightened competitive intensity? Or is this more just macro and just being prudent, given your customer behavior that you just outlined?

只是幫助我們了解競爭反應如何，以及您提供的一些指導是否反映了競爭強度的提升？或者，考慮到您剛才概述的客戶行為，這僅僅是宏觀的、謹慎的？

Thank you.

謝謝。

Sure. Let me take a run at that.

當然。讓我嘗試一下。

In CSG, specifically commercial PCs -- look, ASPs remain relatively stable in the marketplace. There are certainly some complications or some dynamic behavior associated with tariffs that we certainly weathered through. We did not raise list price. We saw an actual increase of AI PCs, as we're ramping our new products to help us stabilize our ASPs.

在 CSG，特別是商用 PC 中，ASP 在市場上保持相對穩定。關稅確實存在一些複雜情況或動態行為，我們確實已經克服了這些情況。我們沒有提高標價。我們看到 AI PC 的實際成長，因為我們正在推出新產品以幫助我們穩定平均售價。

I talked about the speed bump that we had in month -- or, excuse me, Weeks 10 through 12 and Month 3 of the quarter. That was really the United States.

我談到了我們在這個月遇到的困難——或者，不好意思，是這個季度的第 10 週到第 12 週以及第 3 個月。那才是真正的美國。

Commercial bids? they're no different than they were in Q1 or they were in the latter part of last year, large bids are typically aggressive. We see transactional pricing much more stable and disciplined.

商業投標？它們與第一季或去年下半年的情況沒有什麼不同，大額投標通常都很激進。我們看到交易定價更加穩定和規範。

Consumer PCs remains aggressive, with a promotional bent to it. So a high percentage of commercial -- excuse me, consumer PCs remain in the promotional pricing kind of price bands.

消費性個人電腦依然表現強勁，並帶有促銷傾向。因此，有很大比例的商業——對不起，消費者個人電腦仍處於促銷定價的價格區間。

And that's how important business is. I don't see it changing in Q2.

這就是商業的重要性。我認為第二季度不會出現變化。

We are in this race to refresh in commercial PCs. We launched a whole new series of products that are AI PCs that we're excited about. We're actually seeing an uplift in those customers that buy AI PCs and uplift in ASPs, as I mentioned, that's stabilized overall ASPs.

我們正在進行這場商用 PC 更新換代的競賽。我們推出了一系列令我們興奮的全新 AI PC 產品。我們實際上看到購買 AI PC 的客戶數量有所增加，平均售價也有所提升，正如我所提到的，這穩定了整體平均售價。

And the cost environment we're going to operate in, we believe, is deflationary, inside our CSG business.

我們認為，對於我們的 CSG 業務而言，我們將要面臨的成本環境是通貨緊縮的。

If I move over to ISG, again, large deals, large customers, they are aggressive. It's not different. It's always been the case. It continues to be the case.

如果我轉到 ISG，同樣，大交易、大客戶，他們都很積極。沒什麼不同。情況一直如此。這種情況至今仍是如此。

There might have been a slight increase of some of more aggressive deals. But nothing really to write home about, if you will.

一些較為激進的交易可能會略有增加。但如果你願意的話，這真的沒有什麼值得大書特書的。

Core server margins were relatively stable. The issue we had that Yvonne and I have both tried to talk about is the slowdown of that traditional server business in North America in the quarter.

核心伺服器利潤率相對穩定。我和伊馮娜都試圖談論的問題是本季北美傳統伺服器業務的放緩。

We didn't see any change from our side or our competitors' behavior. We did not make a mispricing on all of the tariff work -- all the tariff work that we can mitigate, when others did.

我們沒有看到我們或競爭對手的行為有任何變化。我們並沒有對所有關稅工作做出錯誤定價——所有我們可以減輕的關稅工作，而其他人卻做出了錯誤定價。

And in storage, no major price moves. It's been pretty benign, pretty consistent. Big wins are aggressive. That's not unusual.

在儲存方面，價格沒有出現重大波動。它一直相當溫和，相當一致。大勝利是積極的。這並不罕見。

So that's the competitive environment.

這就是競爭環境。

Thank you. That's great. Thank you for the color.

謝謝。那太棒了。謝謝你的顏色。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah. Hi. Thanks for taking my question.

是的。你好。感謝您回答我的問題。

Jeff, I just want to follow up on an earlier question on the historic attach rate. Last week, at Dell Technology World, you introduced the ObjectScale platform, which can do up to 1,000 nodes. I'm curious.

傑夫，我只是想跟進之前關於歷史附加率的問題。上週，在戴爾科技世界大會上，您介紹了 ObjectScale 平台，最多可承載 1,000 個節點。我很好奇。

Number 1: Do you think some of these private storage companies, which have higher nodes, are eating shares from the legacy storage companies? And, number 2, do you need to be designed in on AI training to get the AI inference business? Or do you think they're like, agnostic, to each other?

第一點：您是否認為一些擁有更高節點的私人儲存公司正在蠶食傳統儲存公司的份額？第二，你是否需要參與人工智慧訓練才能獲得人工智慧推理業務？或者您認為他們彼此之間是不可知論者嗎？

I'll start with the latter one first. No. They're two different use cases or two different applications in AI.

我先從後者開始。不。它們是人工智慧中的兩種不同用例或兩種不同的應用。

Clearly, we're trying to win both -- when you look at, I think, I've even made references on this call before: AI devours data. Training large models devour its data. And, quite frankly, even the example when I was on stage last week, at DTW, talking about Our digital service assistant, it consumes a lot of data inside our company; around 5 specific data sources are repaired data, our dispatch data, our telemetry data, our knowledge base, and our call logs. That's very representative of an enterprise class use case, lots of data.

顯然，我們正在努力實現兩贏——我想，我之前甚至在這個電話會議上提到過：人工智慧吞噬數據。訓練大型模型會消耗其資料。坦白說，即使我上週在 DTW 上台談論我們的數位服務助理時舉的例子，它也消耗了我們公司內部的大量數據；大約 5 個特定的數據源是修復數據、我們的調度數據、我們的遙測數據、我們的知識庫和我們的通話記錄。這非常具有代表性，代表了企業級用例，並且有大量資料。

In that case, it is an object, file system serving up that information quite fast to the computational engines to make the recommendation. And I think the same thing happens when we talk about large data sets and enterprises being consumed by AI inference, which ultimately becomes AI conference reasoning; but, ultimately, becomes agentic technology, going forward.

在這種情況下，它是一個對象，檔案系統可以非常快速地向計算引擎提供資訊以做出推薦。我認為，當我們談論大型資料集和企業被人工智慧推理所消耗時，也會發生同樣的事情，這最終會成為人工智慧會議推理；但最終，它將成為代理技術。

So I'm very optimistic about the storage opportunities on Enterprise.

因此，我對企業儲存機會非常樂觀。

And then, these fast subsystems, whether that's a true parallel file system like Project Lightning that's designed for AI first -- what we've done with our PowerScale, ObjectScale, building up the portfolio -- a number of announcements we made last week.

然後，這些快速子系統，無論是像 Project Lightning 這樣的真正的平行檔案系統，它首先是為 AI 設計的——我們已經用 PowerScale、ObjectScale 建立了產品組合——我們上週發布了一些公告。

We are building a high-performance file systems and storage systems in this disaggregated storage world, where it is really new to a flexible, agile, high-performance storage system, to meet the needs of these A1I workloads.

我們正在這個分解的儲存世界中建立高效能檔案系統和儲存系統，對於靈活、敏捷、高效能的儲存系統來說，這確實是一個新事物，可以滿足這些 A1I 工作負載的需求。

That's what we're building. That's what we're focused on. You got a big glimpse of it last week at Dell Technologies World.

這就是我們正在建造的。這就是我們關注的重點。上週在戴爾科技世界大會上，您已經對此有了大致的了解。

Back to the attached conversation, we think that's the bridge for us to continue to improve our attach rate, going forward.

回到附件的對話，我們認為這是我們繼續提高附加率的橋樑。

David Vogt, UBS.

瑞銀的戴維·沃格特。

Great. Thanks, guys, for taking my question.

偉大的。謝謝大家回答我的問題。

Jeff, on AI, to keep it very simple, what is the type of demand that you're seeing in the quarter, from an order perspective and what you're shipping? The reason I'm asking is you've got this fairly well -documented GPU transition out there that has plagued, maybe, some of your competitors.

傑夫，關於人工智慧，簡單來說，從訂單角度以及您們的發貨情況來看，您在本季度看到的需求類型是什麼？我之所以問這個問題，是因為你們有相當詳盡的 GPU 轉換記錄，而這可能困擾著你們的一些競爭對手。

So what are you doing differently? What are you seeing from customers? And when you think about that backlog that you're sitting at 14 ,spot 4, how would you characterize the flavor of that backlog, from a technology perspective?

那你們做了什麼不同的事情？您從客戶身上看到了什麼？當您考慮位於第 14 位（第 4 個位置）的積壓訂單時，從技術角度來看，您如何描述該積壓訂單的特性？

Thank you.

謝謝。

Well, the backlog is primarily Blackwell. It has a combination of GB or ARM-based Blackwell, with x86 Blackwell; and have some Hopper in it, as well. And, yeah, these systems are complex. They're not for the faint hearted. This is where real engineering, I believe, matters; where innovation matters.

嗯，積壓的主要是布萊克威爾。它結合了基於 GB 或 ARM 的 Blackwell 和 x86 Blackwell；並且還包含一些 Hopper。是的，這些系統很複雜。它們不適合膽小的人。我相信，這就是真正的工程和創新的重要性。

The custom design nature in some of these very large deployments are unique, pushing the envelope, working with our partner NVIDIA; and, specifically, they are customers to design a custom solution that meets these needs.

其中一些非常大的部署中的客製化設計性質是獨一無二的，突破了極限，與我們的合作夥伴 NVIDIA 合作；具體來說，他們為客戶設計了滿足這些需求的客製化解決方案。

Now, they're designing it, delivering it. And having it work at volume or at scale is equally as difficult. And then, when you deliver it, as I made referenced earlier, it actually works.

現在，他們正在設計它、交付它。而要使其在數量或規模上發揮作用也同樣困難。然後，當你交付它時，正如我之前提到的，它確實有效。

We are moving towards when we deliver and it is delivered at our customer site, it's upfront operational within 24 hours, challenge anybody to see if they're close to that.

我們正在朝著交付目標邁進，當產品交付到客戶現場時，24 小時內即可投入使用，挑戰任何人看看他們是否接近這個目標。

I think we continue to differentiate ourselves. This is the opportunity. Blackwell challenges many engineering principles. We think we're working our way through them. We're excited about new versions of Blackwell, as they come out later in the year.

我認為我們會繼續保持差異化。這就是機會。布萊克威爾對許多工程原理提出了挑戰。我們認為我們正在努力解決這些問題。我們對 Blackwell 的新版本感到非常興奮，因為它們將於今年稍後推出。

And then, obviously, next year's design that we made is referenced to in the press release this morning on Windows 10, where it's going to provide 10 rimes more performance than the current implementation.

然後，顯然，我們明年的設計在今天早上的 Windows 10 新聞稿中有所提及，它將提供比目前實現高出 10 倍的性能。

And that's the next-generation platform between Dell and NVIDIA. So we're excited.

這就是戴爾和 NVIDIA 之間的下一代平台。所以我們很興奮。

Great. Thanks, guys.

偉大的。謝謝大家。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Great. Thank you for taking the question.

偉大的。感謝您回答這個問題。

I want to see if, maybe, you could help us bridge the trends in your ISG operating margin in that -- I know there's some seasonal aspects to it that we saw but, last quarter, you did have significant operating margin improvement and less year-over-year improvement this quarter.

我想看看您是否可以幫助我們彌合 ISG 營業利潤率的趨勢——我知道我們看到了一些季節性因素，但上個季度您的營業利潤率確實有顯著提高，而本季度的同比增長較少。

So if you could unpack the trends there and included in that, did you have any inventory write-downs or any excess inventory like Hopper or anything like that that might have affected the operating margins in ISG?

因此，如果您可以分析其中的趨勢並將其包括在內，您是否有任何庫存減記或任何過剩庫存（例如 Hopper 或類似的東西）可能會影響 ISG 的營業利潤率？

In ISG, the operating rate was down quarter to quarter. And that's seasonally what happens, right? Going from Q4, our highest performing quarter. In fact, we had record operating income of 18.1% in Q4. So normal seasonality there coming in.

在 ISG，營運率逐季下降。這就是季節性發生的事情，對嗎？從第四季開始，這是我們業績最好的一個季度。事實上，我們第四季的營業收入創下了 18.1% 的紀錄。正常的季節性正在到來。

But slightly more than -- in Q1, slightly more than what we're expecting. That's because of a few things. Traditional servers were impacted by lower North America mix, which we've already talked about, which is higher margin, as well as more large deals. Again, we, we've talked about that. And those large deals are continued to be competitive.

但在第一季度，略高於我們的預期。這是因為一些事情。傳統伺服器受到北美組合較低的影響，我們已經討論過，北美組合利潤更高，而且交易量更大。再說一次，我們已經討論過這個問題了。這些大型交易的競爭仍然激烈。

We did improve our operating income rate though, 170 basis points. And we're going to maintain all that while driving up our Dell IP mix within our storage portfolio. I'd mentioned, also, lower operating expense.

我們的營業收入率確實提高了 170 個基點。我們將保持這一切，同時提升我們儲存產品組合中的戴爾 IP 組合。我還提到了降低營運費用。

So I think we're on the path of normal seasonality from Q4 to Q1. And then, we'll see that as our storage portfolio continues to build across the year.

所以我認為從第四季到第一季我們正處於正常的季節性軌道上。然後，我們將看到我們的儲存產品組合在全年持續成長。

Now, in Q2 we've already talked about how we're going to have a high mix of AI servers that we're expecting to be shipped. So if you're if you're going to focus on rates, we will have a rate impact there.

現在，在第二季我們已經討論瞭如何推出我們預計將要推出的多種 AI 伺服器。因此，如果您要關注利率，我們就會對利率產生影響。

But we will be driving significant margin and operating income quarter over quarter, based upon how we're guiding. And that's coming from the entire portfolio, inclusive of our AI servers.

但根據我們的指導，我們將逐季實現利潤率和營業收入的大幅成長。這來自整個產品組合，包括我們的 AI 伺服器。

Thanks.

謝謝。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼（Mehdi Hosseini），SIG。

Yes, sir. Thanks for taking my question.

是的，先生。感謝您回答我的問題。

One quick follow-up. Just going back to the backlog you reported for April quarter, based on a $12 billion booking. It's a huge number. Should we expect this booking in the backlog is good for, like, the entire fiscal year?

一次快速跟進。回到您報告的 4 月份季度積壓訂單情況，基於 120 億美元的訂單。這是一個龐大的數字。我們是否應該預期積壓訂單對整個財政年度都有好處？

And I'm asking this just to better set the expectation, should we expect a sharp decline in orders into July and then, a rebound? Or is this order enough for the entire fiscal year?

我問這個問題只是為了更好地設定預期，我們是否應該預期 7 月訂單會急劇下降，然後反彈？或者這個訂單夠整個財年用嗎？

Well, we're 91 days into the year, with $12.1 billion of orders to date, with a five-quarter pipeline that is significantly greater than the backlog of $14.4 billion. We're going to ship $7 billion of that backlog in Q2. And we're going to go try to convert -- that's our job, convert the pipeline in Q2 and second half into orders.

今年已經過去 91 天了，迄今為止訂單總額已達 121 億美元，五個季度的訂單量遠高於 144 億美元的積壓訂單。我們將在第二季交付價值 70 億美元的積壓訂單。我們將嘗試轉換——這是我們的工作，將第二季和下半年的管道轉化為訂單。

Our best outlook is that we're in the 15-plus range of shipped revenue. We'll continue to work and drive backlog and convert pipeline into backlog.

我們最好的預期是我們的出貨收入將達到 15 以上。我們將繼續努力推動積壓訂單並將管道轉化為積壓訂單。

The composition of the backlog does have orders that are delivered beyond Q2, based on customer delivery schedules, which is dependent on their buildings, power, cooling solutions, their ability to take it.

根據客戶的交貨計劃，積壓訂單的組成確實包含第二季度之後交付的訂單，這取決於客戶的建築物、電力、冷卻解決方案以及他們的承接能力。

We're pretty, I think, tied out. We are tied out with our customers there. We know our delivery schedules. And we've communicated delivery schedules, our ability to ship $7 billion in the quarter -- and that's going to convert more revenue of that pipeline, going forward.

我認為，我們之間的關係很密切。我們與那裡的客戶關係緊密。我們知道我們的交貨時間表。我們已經傳達了交貨時間表，我們有能力在本季度交付 70 億美元——這將在未來轉化為該管道的更多收入。

And we'll update you on what we think the entire AI year looks like, if there's an update in Q2. B

如果第二季有更新，我們將向您更新我們對整個人工智慧年度的看法。B

But we're optimistic about the additional opportunity that's there.

但我們對於其中存在的額外機會持樂觀態度。

[15]-plus, with a capital P, capital L, capital U, capital S.

[15]-plus，大寫 P、大寫 L、大寫 U、大寫 S。

Matthew Niknam, Deutsche Bank.

馬修‧尼克南，德意志銀行。

Hey, guys. Thanks so much for taking the question.

嘿，大家好。非常感謝您回答這個問題。

I had a quick follow-up on servers and a question on cash flow.

我對服務器進行了快速跟進，並詢問了現金流問題。

On the server side, is there any indication that the incremental spend for AI servers may be crowding out or negatively impacting traditional server spend? Or is that softness more macro related?

在伺服器方面，是否有跡象顯示人工智慧伺服器的增量支出可能會擠佔或對傳統伺服器支出產生負面影響？還是這種柔軟度與宏觀更相關？

And then, just on operating cash flow -- very strong 1Q. Yvonne, maybe, I'm curious if you'd call out any one-off or non-recurring benefits in the quarter? And then, maybe, just directionally, how to think about subsequent quarters.

然後，僅就經營現金流而言——第一季非常強勁。伊馮娜，也許，我很好奇你是否會在本季提到任何一次性或非經常性福利？然後，也許只是從方向上考慮如何考慮接下來的幾個季度。

Yeah. Let me take the first question.

是的。我來回答第一個問題。

I think we said it in our prepared remarks: Q1 marked the sixth consecutive quarter of demand growth in our traditional server business. We, the industry -- we, Dell -- expected growth to moderate in fiscal '25. And it clearly has.

我想我們在準備好的發言中已經說過了：第一季是我們傳統伺服器業務需求連續第六個季度成長。我們，整個產業——我們，戴爾——預計 25 財年的成長將會放緩。事實顯然如此。

We've updated our market models. We believe the market is somewhere in that 4% to 5% revenue growth range for traditional service. We'll outperform that and take share.

我們已經更新了我們的市場模型。我們認為傳統服務的市場收入成長率在 4% 至 5% 之間。我們將超越這一目標並贏得市場份額。

Our guidance reflects our best understanding where the market is, our ability to grow against that. Yvonne made reference that our Q2 server revenue is below seasonality.

我們的指導反映了我們對市場現狀的最佳理解，以及我們隨之成長的能力。Yvonne 提到，我們第二季的伺服器收入低於季節性。

I think that is prudent, given what we've learned in Q1, specifically around the slowdown in Month 3, Weeks 10 through 12 in North America, specifically the United States.

考慮到我們在第一季所了解到的情況，特別是北美（尤其是美國）第三個月、第 10 至第 12 週的經濟放緩，我認為這是謹慎的做法。

We're still optimistic. We're going to continue to grow. We see server ASPs continue to rise. We continue to see core count go up. We continue to see memory content go up. We continue to see storage content go up, which continues to tell us that consolidation is well underway.

我們仍然保持樂觀。我們將繼續成長。我們看到伺服器平均售價持續上漲。我們繼續看到核心數量上升。我們持續看到記憶體內容的上升。我們持續看到儲存內容的增加，這繼續告訴我們整合正在順利進行中。

Customers are looking to consolidate traditional workloads to find space, power, and cooling to fuel new AI workloads. And, if you like the opportunity side of this, half of our installed base is 14G servers. And the opportunity to replace them at a 3:1, 4:1 with a 16G server or 6:1 to 7:1 with a 17 screen saver.

客戶正在尋求整合傳統工作負載，以尋找空間、電力和冷卻來支援新的 AI 工作負載。而且，如果您喜歡這方面的機會，我們安裝的基礎中有一半是 14G 伺服器。並且有機會用 16G 伺服器以 3:1、4:1 的比例替換它們，或用 17 螢幕保護程式以 6:1 到 7:1 的比例替換它們。

It's ripe for the picking. That's what we're going to continue to focus on. And we think the opportunity is there.

果實已經成熟，可以採摘了。這就是我們將繼續關注的重點。我們認為機會就在那裡。

Matt, let me jump in. This is Tyler. Let me jump in on the cash flow question.

馬特，讓我插嘴一下。這是泰勒。讓我來談談現金流問題。

You said it: really strong quarterly cash flow. I'll remind you that when we ended Q4, on that call, I talked about the fact that when we saw a year like that, with lower cash flow and working capital metrics where they were, typically, that's followed by a fairly strong year.

您說得對：季度現金流確實強勁。我要提醒你們，當我們在第四季結束時，在那次電話會議上，我談到了這樣一個事實：當我們看到這樣的一年時，現金流和營運資本指標較低，通常情況下，接下來的一年會相當強勁。

And I think that's just what we're seeing -- is the beginning of that. There is nothing unique. There is no one-off impact that generated that.

我認為，這就是我們所看到的——一切的開始。沒有什麼獨特之處。這並不是一次性影響造成的。

I will take the opportunity to point out that we did see an increase in payables. That's a temporary increase. It's cash neutral because there's an offset. We're going to see that normalize this quarter.

我要藉此機會指出，我們確實看到應付款項有所增加。這只是暫時的成長。由於存在抵消，因此它是現金中性的。我們將看到本季情況恢復正常。

The reason I want to point that out is because that large increase is not the driver of cash. And when you see that come back down and normalize, that's not going to be a negative impact to cash.

我之所以要指出這一點，是因為大幅成長並不是現金的驅動力。當你看到它回落並恢復正常時，這不會對現金產生負面影響。

If you look at CCC, we normalize for that. We would have been in the low [30%s]. And that's compared to -- we ended negative 31 days in Q4. Net-net, there was a benefit from working capital. So that, plus profitability, is what drove cash flow.

如果你看一下 CCC，我們會對其進行標準化。我們本來會處於低谷[30%]。相比之下——我們第四季的虧損為 31 天。淨收益來自營運資本。因此，獲利能力和利潤共同推動了現金流的流動。

A great job. We were able to use that to return $3.4 billion to our shareholders.

幹得好。我們能夠用這筆錢向股東返還 34 億美元。

Thanks a lot, Matt. That's the last question.

非常感謝，馬特。這是最後一個問題。

I'll hand it to Jeff to close.

我會把它交給傑夫來關閉。

Thanks, Paul. Thanks, everyone, for joining us today.

謝謝，保羅。感謝大家今天加入我們。

As we wrap up, I want to emphasize a few key points from today's call.

最後，我想強調一下今天電話會議中的幾個要點。

First. Our momentum in AI is unmatched. We booked over $12 billion of orders this quarter alone, which will drive meaningful revenue and EPS growth, going forward.

第一的。我們在人工智慧領域的發展勢頭無與倫比。光是本季我們就獲得了超過 120 億美元的訂單，這將推動未來收入和每股盈餘的顯著成長。

Second. Our supply chain is a unique advantage that enables us to respond, with discipline and agility, to minimize any impacts, as demonstrated in the first quarter.

第二。我們的供應鏈具有獨特的優勢，使我們能夠以紀律性和敏捷性做出反應，以最大限度地減少任何影響，正如第一季所證明的那樣。

Third. In a dynamic environment, we are reiterating our full-year revenue guidance and raising our EPS guidance.

第三。在動態環境中，我們重申全年營收預期並提高每股盈餘預期。

We will continue to do what we do: drive growth, profitability, and shareholder return.

我們將繼續做我們正在做的事情：推動成長、獲利和股東回報。

Thanks for your time today.

感謝您今天抽出時間。

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 disconnect, at this time.

此時您可以斷開連線。