戴爾 (DELL) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the fiscal year 2026 second quarter financial results conference call for Dell Technologies Inc. I'd like to inform all participants, this call is being recorded at the request of Dell Technologies. This broadcast is a copyrighted property of Dell Technologies Inc.

下午好，歡迎參加戴爾科技公司 2026 財年第二季財務業績電話會議。我想通知所有與會者，應戴爾科技的要求，本次電話會議正在錄音。本廣播是戴爾科技公司的版權財產。

Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. (Operator Instructions) I'd like to turn the call over to Paul Frantz, Head of Investor Relations. Mr. Frantz, you may begin.

未經戴爾科技事先書面許可，禁止全部或部分轉播此資訊。（操作員指示）我想將電話轉給投資人關係主管 Paul Frantz。弗朗茲先生，您可以開始了。

Thanks, everyone, for joining us. With me today are Jeff Clarke, Yvonne McGill, and Tyler Johnson. Our earnings materials are available on our IR website, and I encourage you to review these materials. Also, please take time to review the presentation, which includes additional content to complement our discussion this afternoon. Guidance will be covered on today's call.

感謝大家加入我們。今天和我一起的有 Jeff Clarke、Yvonne McGill 和 Tyler Johnson。我們的收益資料可在我們的 IR 網站上找到，我鼓勵您查看這些資料。此外，請花點時間查看演示文稿，其中包含補充我們今天下午討論的附加內容。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 web deck and our press release. growth percentages refer to year-over-year change unless otherwise specified.

在我們的網頁和新聞稿中可以找到這些指標與其最直接可比較的 GAAP 指標的對帳。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 web deck 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。由於存在許多風險和不確定性，實際結果和事件可能與預測結果和事件有重大差異，這些風險和不確定性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. Now I'll turn it over to Jeff.

我們不承擔更新前瞻性陳述的義務。現在我將把它交給傑夫。

Thanks, Paul, and thanks, everyone, for joining us. We had a strong operational execution in the second quarter, with record AI shipments. Our revenue was a record $29.8 billion, up 19%. ISG and CSG were up 22%. Earnings per share increased by 19% to $2.32, marking a Q2 record.

謝謝保羅，也謝謝大家加入我們。我們在第二季的營運執行非常出色，人工智慧出貨量創下了紀錄。我們的營收達到創紀錄的 298 億美元，成長 19%。ISG 和 CSG 上漲 22%。每股收益成長 19% 至 2.32 美元，創下第二季最高紀錄。

Our modernization work continues to enable internal efficiencies, driving decoupling of revenue growth and operational expenses, which were down 4% while continuing to invest in R&D. This strong performance resulted in another quarter of robust cash generation and significant capital returns to shareholders.

我們的現代化工作持續提高內部效率，推動營收成長與營運費用脫鉤，營運費用下降了 4%，同時繼續投資研發。這一強勁表現使得該季度又實現了強勁的現金產生並為股東帶來豐厚的資本回報。

Now let's move to AI, which remains a significant tailwind. We continue to see strong demand for AI servers, building on the exceptional demand observed in Q1. We booked $5.6 billion in orders in the second quarter, and shipped a record $8.2 billion, resulting in an ending backlog of $11.7 billion.

現在讓我們來談談人工智慧，它仍然是一個重要的順風。基於第一季觀察到的異常需求，我們持續看到對 AI 伺服器的強勁需求。我們在第二季接到了價值 56 億美元的訂單，出貨量達到了創紀錄的 82 億美元，最終積壓訂單量達到 117 億美元。

For context, we have shipped more AI servers in the first half of this year than all of last. Our five quarter pipeline continued to grow sequentially, with double-digit growth across enterprise and sovereign opportunities. Our pipeline remains multiples of our backlog.

具體來說，我們今年上半年出貨的 AI 伺服器比去年全年還多。我們的五個季度的管道繼續連續成長，企業和主權機會均實現了兩位數的成長。我們的管道仍然是積壓訂單的數倍。

Enterprise orders and our buyer base grew sequentially in Q2, distributed across various industries such as financial services, health care and manufacturing. And we're seeing strong enterprise interest in our new NVIDIA RTX Pro 6000 AI factory solutions. These turnkey solutions provide their performance, flexibility and power efficiency enterprises need to manage the entire AI life cycle at any scale with air-cooled and PCIe options available.

企業訂單和買家群體在第二季度持續成長，分佈在金融服務、醫療保健和製造業等各個行業。我們看到企業對我們新的 NVIDIA RTX Pro 6000 AI 工廠解決方案表現出濃厚的興趣。這些交鑰匙解決方案提供了企業管理任何規模的整個 AI 生命週期所需的效能、靈活性和功率效率，並提供風冷和 PCIe 選項。

As I mentioned last quarter, our execution in AI continues to be a key differentiator. We are innovating at an unprecedented pace, engineering at scale solutions for customers while remaining agile to rapidly changing customer road maps and architectures.

正如我上個季度提到的，我們在人工智慧方面的執行力仍然是一個關鍵的區別因素。我們正在以前所未有的速度進行創新，為客戶設計大規模解決方案，同時保持對快速變化的客戶路線圖和架構的敏捷性。

We were the first in the world to ship both the NVIDIA GB200 NVL72 solution last year, and the GB300 NVL72 in July to CoreWeave. Two great examples of our speed to market in an environment where speed matters.

去年，我們在全球率先向 CoreWeave 交付了 NVIDIA GB200 NVL72 解決方案，並於今年 7 月向 CoreWeave 交付了 GB300 NVL72。在速度至關重要的環境中，這兩個例子很好地反映了我們的上市速度。

Customers are seeing real-time the value in our ability to deploy large-scale clusters quickly and reliability. Our execution, value-add through engineering and ability to Dell design and even Dell manufactured components within our at-scale data center solutions drive margin rate improvement within AI.

客戶即時看到了我們快速可靠地部署大規模叢集的能力的價值。我們的執行力、透過工程實現的增值以及戴爾設計的能力，甚至戴爾在規模資料中心解決方案中製造的組件推動了人工智慧的利潤率的提高。

In traditional servers, revenue grew again. We now have six consecutive quarters of year-over-year P&L growth. From a demand perspective, international markets grew, but the April weakness we saw in North America continued.

傳統伺服器方面，營收再次成長。我們現在已經連續六個季度實現損益同比成長。從需求角度來看，國際市場有所成長，但北美四月份的疲軟態勢仍在持續。

TRUs grew double digits as customers prioritize richly configured servers, given their focus on density and power efficiency, driven by a higher mix of our 16th generation servers. We have completed the launch of our 17th generation portfolio of servers, designed for ultimate performance, reliability and security, giving customers the ability to consolidate workloads to make room for AI and to drive broader data center efficiencies.

由於客戶優先考慮配置豐富的伺服器，並且注重密度和電源效率，TRU 實現了兩位數成長，這得益於我們第 16 代伺服器的更高組合。我們已經完成了第 17 代伺服器產品組合的發布，該產品組合旨在實現極致效能、可靠性和安全性，使客戶能夠整合工作負載，為人工智慧騰出空間，並提高更廣泛的資料中心效率。

There's still significant opportunity ahead as over 70% of the installed base is running on 14th generation servers or older. In Storage, revenue was down 3% and demand moderated. We saw double-digit demand growth in PowerStore, which has grown six consecutive quarters, five of those up double digits, fueled by very strong channel participation.

未來仍有很大的發展機會，因為超過 70% 的安裝基數運行在第 14 代或更老的伺服器上。在儲存方面，收入下降了 3%，需求有所放緩。我們看到 PowerStore 的需求實現了兩位數成長，在通路參與度非常高的推動下，PowerStore 已連續六個季度成長，其中五個季度增長兩位數。

Within PowerStore, 46% of the buyers renewed PowerStore customers and 23% were new to Dell Storage. All-flash Storage saw strong growth, driven by strength in our All-flash offerings across PowerMax, PowerStore, PowerScale and ObjectScale.

在 PowerStore 中，46% 的買家是 PowerStore 的續約客戶，23% 的買家是戴爾儲存的新客戶。全快閃儲存實現了強勁成長，這得益於 PowerMax、PowerStore、PowerScale 和 ObjectScale 等全快閃產品的強勁成長。

Our focus remains on driving not only growth but also expanding profitability and storage by increasing our mix of Dell IP storage and improving margins within each product. In CSG, we saw momentum continue, although not at the pace we expected.

我們的重點仍然是不僅推動成長，而且還透過增加戴爾 IP 儲存組合和提高每種產品的利潤率來擴大獲利能力和儲存。在 CSG，我們看到了持續的成長勢頭，儘管速度沒有達到我們預期。

Overall, CSG was up 1% and commercial was up 2%. We now have four consecutive quarters of P&L growth, six consecutive quarters of demand growth in commercial. Commercial demand grew double digits in EMEA, with continued growth in North America and APJ, but to a lower extent.

整體而言，南方電網上漲 1%，商業電網上漲 2%。我們現在已經連續四個季度實現損益成長，連續六個季度實現商業需求成長。歐洲、中東和非洲地區的商業需求實現了兩位數成長，北美和亞太及日本地區也持續成長，但增幅較小。

We saw strong demand growth across small and medium business, which helped drive profitability improvement. Consumer revenue declined 7%, but profitability improved as we did a better job on positioning our products plus we are in a deflationary environment.

我們看到中小企業的需求強勁成長，這有助於推動獲利能力的提高。消費者收入下降了 7%，但由於我們更好地定位了產品，再加上我們處於通貨緊縮的環境中，獲利能力有所提高。

We expect moderate growth as the PC refresh continues, driven by an aging installed base in the Windows 10 end of life, which is now 48 days away. To fully seize the refresh opportunity, we have taken steps to improve execution and expand our PC TAM.

我們預計，隨著 PC 的不斷更新，Windows 10 生命週期結束（距今還有 48 天）導致安裝基數老化，PC 市場將出現適度成長。為了充分抓住更新的機會，我們已採取措施提高執行力並擴大我們的 PC TAM。

For example, just this morning, we launched a new business notebook specifically designed to win the entry-level commercial PC market. This is indicative of the fast strategic actions we're taking to drive growth and gain share, while operating within our 5% to 7% long-term profitability targets.

例如，就在今天上午，我們推出了一款專為贏得入門級商用 PC 市場而設計的新型商務筆記型電腦。這表明我們正在採取快速的策略行動來推動成長和獲得份額，同時實現 5% 至 7% 的長期獲利目標。

In closing, I'll wrap it up by saying we are pleased with our overall performance. We had another strong quarter with record revenue. EPS grew well above our long-term value creation framework. We generated strong cash and shareholder return, and we are building a better company with our modernization work.

最後，我想說，我們對我們的整體表現感到滿意。我們又度過了一個強勁的季度，營收創下了新高。EPS 的成長遠高於我們的長期價值創造框架。我們創造了強勁的現金和股東回報，我們正在透過現代化工作來打造更好的公司。

Our innovation engine is firing on all cylinders, and the opportunity is showing no signs of slowing down. With the AI hardware and services TAM expected it to double from $184 billion last year to $356 billion in 2028. And we are doing the work internally to adapt rapidly to evolving customer needs. We really like our hand.

我們的創新引擎正全速運轉，機會沒有絲毫放緩的跡象。TAM 預計，隨著人工智慧硬體和服務的推出，其市場規模將從去年的 1,840 億美元翻一番，達到 2028 年的 3,560 億美元。我們正在內部開展工作，以快速適應不斷變化的客戶需求。我們真的很喜歡我們的手。

Now let me turn it over to Yvonne to talk about Q2 in more detail.

現在讓我把話題交給 Yvonne，讓她更詳細地談談 Q2。

Thanks, Jeff. Let me begin with an overview of our Q2 performance, then I'll move to ISG, CSG, cash and guidance. In the second quarter, we saw record revenue and also delivered a Q2 EPS record. Our total revenue was up 19% to $29.8 billion.

謝謝，傑夫。首先，我先概述我們第二季的業績，然後再談談 ISG、CSG、現金和指引。在第二季度，我們實現了創紀錄的收入，並且創下了第二季每股收益的紀錄。我們的總收入成長了 19%，達到 298 億美元。

Our combined ISG and CSG businesses grew 22%. Gross margin was $5.6 billion or 18.7% of revenue. Gross margin rate was driven primarily by a mix shift to AI servers due to record AI shipments. Operating expense was down 4% to $3.3 billion or 11% of revenue as we continue to unlock efficiencies and modernize our processes.

我們的 ISG 和 CSG 業務合併成長了 22%。毛利率為 56 億美元，佔營收的 18.7%。毛利率主要受創紀錄的 AI 出貨量導致產品組合轉向 AI 伺服器所推動。隨著我們不斷提高效率並實現流程現代化，營運費用下降了 4%，至 33 億美元，佔營收的 11%。

Now let's look at operating income. We delivered a 10% increase to $2.3 billion or 7.7% of revenue. The increase in operating income was driven by higher revenue and lower operating expenses, partially offset by a decline in our gross margin rate. Q2 net income was up 13% to $1.6 billion, primarily driven by stronger operating income, and our diluted EPS and was up 19% to $2.32, a Q2 record.

現在我們來看看營業收入。我們實現了 10% 的成長，達到 23 億美元，佔總營收的 7.7%。營業收入的成長是由於收入增加和營業費用減少，但毛利率的下降部分抵消了這一增長。第二季淨收入成長 13% 至 16 億美元，主要得益於更強的營業收入，我們的稀釋每股收益成長 19% 至 2.32 美元，創下第二季紀錄。

Now let's move to ISG, where we delivered another quarter of strong performance. ISG revenue was a record $16.8 billion, up 44%. This marks six consecutive quarters of double-digit revenue growth. Servers and networking revenue was a record of $12.9 billion, up 69%.

現在讓我們轉到 ISG，我們又一個季度表現強勁。ISG 營收達到創紀錄的 168 億美元，成長 44%。這標誌著該公司營收連續六個季度實現兩位數成長。伺服器和網路收入創歷史新高，達到 129 億美元，成長 69%。

Demand for AI remains strong with $5.6 billion in orders in the second quarter, and we shipped $8.2 billion of AI servers. In traditional servers, we saw continued P&L growth driven by strong TRU expansion as customers consolidated and modernized their data centers.

人工智慧的需求仍然強勁，第二季的訂單金額為 56 億美元，我們出貨了價值 82 億美元的人工智慧伺服器。在傳統伺服器領域，隨著客戶整合和現代化其資料中心，我們看到強勁的 TRU 擴張推動了損益的持續成長。

Storage revenue was down 3% to $3.9 billion as demand was softer than anticipated. PowerStore continued its double-digit growth trajectory with six consecutive quarters of growth. We had ISG operating income of $1.5 billion, up 14%, a Q2 record, and has been up double digits for five consecutive quarters.

由於需求低於預期，儲存收入下降 3% 至 39 億美元。PowerStore 連續六個季度保持兩位數成長軌跡。我們的 ISG 營業收入達到 15 億美元，成長 14%，創下第二季的最高紀錄，並且已連續五個季度實現兩位數成長。

This was driven primarily by higher revenue. Our ISG operating income rate was down year-over-year to 8.8% of revenue. As we have outlined before, the mix of our AI business will have an impact on our margin rates.

這主要是由於收入增加所致。我們的 ISG 營業收入率年減至營收的 8.8%。正如我們之前所概述的，我們的人工智慧業務組合將對我們的利潤率產生影響。

In the second quarter, we saw a significant shift in our mix to AI as the team executed very well and drove record AI shipments. This was the primary driver of our operating income rate this quarter, partially offset by lower operating expenses. Given our engineering differentiation and integration, we expect our AI margin rates to improve in the second half.

在第二季度，我們看到我們的產品組合向人工智慧發生了重大轉變，因為團隊表現非常出色，並推動了創紀錄的人工智慧出貨量。這是我們本季營業收入率的主要驅動力，但營業費用的降低部分抵消了這一影響。鑑於我們的工程差異化和整合，我們預計下半年我們的人工智慧利潤率將會提高。

Now let's turn to CSG. CSG revenue was up 1% to $12.5 billion. Commercial revenue was up 2% to $10.8 billion, while consumer revenue was down 7% to $1.7 billion. CSG operating income was $0.8 billion or 6.4% of revenue.

現在讓我們來談談 CSG。CSG 營收成長 1%，達到 125 億美元。商業收入成長 2% 至 108 億美元，而消費者收入下降 7% 至 17 億美元。CSG 營業收入為 8 億美元，佔營收的 6.4%。

TRUs remained stable sequentially, and we continue to see customers prioritize richly configured AI-ready devices. Our mix of small and medium business and transactional increased, driving an improvement in profitability. In consumer, profitability improved due to better execution and a deflationary environment.

TRU 保持連續穩定，我們繼續看到客戶優先考慮配置豐富的 AI 就緒設備。我們的中小型企業和交易業務組合有所增加，從而推動了盈利能力的提高。在消費領域，由於執行力增強和通貨緊縮環境，獲利能力有所提高。

Now let's move to cash flow and the balance sheet. We had another strong cash quarter with cash flow from operations of $2.5 billion. This was primarily driven by profitability and revenue growth. We ended the quarter with $9.8 billion in cash and investments, up $0.5 billion sequentially. Our core leverage ratio is at our target of 1.5 times.

現在讓我們來看看現金流和資產負債表。我們又度過了一個現金狀況強勁的季度，經營現金流達到 25 億美元。這主要得益於獲利能力和收入成長。本季末，我們的現金和投資為 98 億美元，比上一季增加 5 億美元。我們的核心槓桿率達到了1.5倍的目標。

We returned $1.3 billion of capital to shareholders, with 8 million shares of stock repurchased at an average price of $114 per share, and paid a dividend of roughly $0.53 per share. Since our capital return program began at the beginning of FY23 and we've returned $14.5 billion to shareholders through stock repurchases and dividends.

我們向股東返還了 13 億美元的資本，以平均每股 114 美元的價格回購了 800 萬股股票，並支付了每股約 0.53 美元的股息。自從我們的資本回報計畫於 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 145 億美元。

Turning to guidance. We saw strong AI shipments in the first half, delivering $10 billion of AI servers more than the entirety of last year. We are raising our AI server shipment guidance $5 billion to $20 billion, with shipments slightly weighted to the third quarter.

轉向指導。我們看到上半年人工智慧出貨量強勁，人工智慧伺服器的出貨量比去年全年多出 100 億美元。我們將 AI 伺服器出貨量預期從 50 億美元提高到 200 億美元，其中第三季的出貨量略有增加。

We expect the demand environment we saw in the second quarter for traditional servers and storage to persist into the second half. In CSG, as the PC refresh cycle continues, we are focused on improving our execution to grow revenue and gain share. Overall, we expect profitability to improve in the second half across CSG and ISG and specifically within AI servers.

我們預計第二季傳統伺服器和儲存的需求環境將持續到下半年。在 CSG，隨著 PC 更新周期的繼續，我們專注於提高執行力以增加收入和獲得份額。總體而言，我們預計下半年 CSG 和 ISG 的獲利能力將會提高，尤其是 AI 伺服器的獲利能力。

Given that backdrop, we expect Q3 revenue to be between $26.5 billion and $27.5 billion, up 11% at the midpoint of $27 billion. ISG and CSG combined are expected to grow 13% at the midpoint, with ISG in the low 20s and CSG up mid-single digits.

在此背景下，我們預計第三季營收將在 265 億美元至 275 億美元之間，以中間值 270 億美元計算，成長 11%。 ISG預計 ISG 和 CSG 合計成長率中位數為 13%，其中 ISG 成長率為 20% 出頭，CSG 成長率為個位數中段。

OpEx will be down low single digits. We expect operating income to be up roughly 7%. We expect our diluted share count to be roughly 681 million shares. And our diluted non-GAAP EPS is expected to be $2.45, plus or minus $0.10, up 11% at the midpoint.

營運支出將下降個位數。我們預計營業收入將成長約7%。我們預計稀釋後股份數量約為 6.81 億股。我們的稀釋非 GAAP 每股盈餘預計為 2.45 美元，上下浮動 0.10 美元，中間值上漲 11%。

Moving to the full year. We are raising our full year revenue guidance and now expect FY26 revenue to be between $105 billion and $109 billion, with a midpoint of $107 billion, up 12%. We expect ISG to grow mid- to high 20s driven by AI server shipments and continued growth in traditional servers, and we expect storage to be flat for the year.

轉至全年。我們正在提高全年營收預期，目前預計 26 財年營收將在 1,050 億美元至 1,090 億美元之間，中間值為 1,070 億美元，成長 12%。我們預計，受 AI 伺服器出貨量和傳統伺服器持續成長的推動，ISG 將成長 25% 左右，而我們預計儲存量將全年保持穩定。

We continue to expect CSG to grow low to mid-single digits. We expect ISG and CSG combined to grow 14% at the midpoint. The full year guide reflects improved profitability in the second half for ISG and CSG. We continue to execute our modernization efforts, and we expect operating expense to be down low single digits. We expect operating income to be up roughly 10%. We expect I&O to be between $1.4 billion and $1.5 billion.

我們繼續預期南方電網的成長率將保持在低至中等個位數。我們預計 ISG 和 CSG 合計中位數將成長 14%。全年指引反映 ISG 和 CSG 下半年獲利能力的提升。我們將繼續推進現代化建設，預計營運費用將下降個位數。我們預計營業收入將成長約10%。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 $9.55, plus or minus $0.25, up 17% 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 9.55 美元，上下浮動 0.25 美元，中間值上漲 17%，假設年度非公認會計準則稅率為 18%。

In closing, we had very strong results, with record revenue and a Q2 record for EPS. We have a broad portfolio with many operational levers that provide the ability and flexibility to hit our commitments. I have four key priorities. First, enable and drive revenue growth and share gains in the business.

最後，我們取得了非常強勁的業績，創下了創紀錄的收入和第二季每股收益的記錄。我們擁有廣泛的產品組合和多種營運手段，能夠靈活地履行我們的承諾。我有四個主要優先事項。首先，實現並推動收入成長並分享業務收益。

Second, do the first one profitably. Third, continue our modernization efforts. And lastly, generate significant cash flow and continue our track record of strong capital returns to shareholders.

第二，把第一件事做好，讓它有利潤。第三，繼續推動現代化建設。最後，產生大量現金流並繼續為股東帶來豐厚的資本回報。

I look forward to seeing many of you at our Security Analyst Meeting on October 7. There, we will discuss our optimism on the growth and value creation opportunities that lie ahead.

我期待在 10 月 7 日的安全分析師會議上見到你們。在那裡，我們將討論我們對未來成長和價值創造機會的樂觀態度。

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. Let's get to Q&A. In order to ensure we get to as many of you as possible please ask one concise question. Let's go to the first question.

謝謝，伊馮。讓我們開始問答。為了確保我們能夠盡可能地聯繫到你們，請提出一個簡潔的問題。我們先來看第一個問題。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question. I guess, Jeff, kind of just hitting on the AI discussion out of the gate. You've raised your full year target of $20 billion plus, up from $15 billion last quarter. You've got a great Blackwell ultra product cycle with the GB300 kind of kicking in.

是的，感謝您提出這個問題。我想，傑夫，只是一開始就談到了人工智慧的討論。你們已將全年目標從上一季的 150 億美元提高至 200 億美元以上。隨著 GB300 的推出，您已經擁有了出色的 Blackwell 超級產品週期。

So I'm curious, given that you did $8.2 billion this last quarter, I guess, implying, call it, $5 billion to $6 billion plus or minus throughout the next couple of quarters. What is your ability to kind of flex upward and the capacity to see continued upside to even that $20 billion? Thank you.

所以我很好奇，考慮到你們上個季度的營收為 82 億美元，我想這意味著，在接下來的幾個季度裡，營收可能會有 50 億到 60 億美元的增減。您有什麼樣的能力向上擴展並看到 200 億美元的持續上漲空間？謝謝。

Sure. Maybe to bridge from our discussion 90 days ago, we said $15 billion would sound like a plus of the capital, P-L-U-S, and I think we delivered upon that in our guide at $20 billion. It's an exciting category. You've heard us talk about the numbers, but I always sit back and like to reflect on so far through the first half of the year, we've sold $17.7 billion of AI infrastructure, then we shipped $10 billion of that, which would imply we'll ship about $10 billion in the second half equal to the $20 billion.

當然。也許是為了銜接我們 90 天前的討論，我們說 150 億美元聽起來像是資本的附加價值，P-L-U-S，我認為我們在 200 億美元的指南中實現了這一點。這是一個令人興奮的類別。您已經聽過我們談論數字，但我總是坐下來回顧一下，今年上半年到目前為止，我們已經銷售了價值 177 億美元的人工智慧基礎設施，然後我們的出貨量為 100 億美元，這意味著我們下半年的出貨量將達到約 100 億美元，相當於 200 億美元。

The five quarter pipeline continues to grow. And exciting in that pipeline as we saw the sovereign opportunities and the enterprise opportunities grow double digits. But there's complexity here and the complexity lies into these are large-scale deployments.

五個季度的管道持續成長。令人興奮的是，我們看到主權機會和企業機會都實現了兩位數的成長。但這裡存在著複雜性，而複雜性在於這些都是大規模部署。

Many have scheduled deliveries and those scheduled deliveries are dependent on things like buildings being ready, power being installed, cooling being installed. And they are managing a very complex supply chain and a transition as you called out to Blackwell Ultra.

許多都有預定的交貨時間，而這些預定的交貨時間取決於建築物是否準備就緒、電力是否安裝完畢、冷卻系統是否安裝完畢等情況。正如您向 Blackwell Ultra 提到的那樣，他們正在管理一個非常複雜的供應鏈和轉型。

We're excited about Blackwell Ultra as we are about the rest of our NVIDIA portfolio. The demand continues to be -- I think we've said this every quarter, continues to come in lumpy. It's non-linear. And our guide is the best estimate that we have at this time.

我們對 Blackwell Ultra 感到興奮，就像我們對 NVIDIA 產品組合的其他產品一樣。需求持續——我想我們每季都這麼說，持續波動。它是非線性的。我們的指南是我們目前所能得到的最佳估計。

But I'll tell you, we're not slowing down. We have every intention to convert that very large pipeline into incremental orders. We're going to run through. Our goal is to run through the $20 billion, and it feels like a plus. And we have more than adequate capacity to take that through our manufacturing network to be able to deliver upon that as we work to convert those orders in time. I hope that helped.

但我告訴你，我們不會放慢腳步。我們有意將這個非常大的管道轉化為增量訂單。我們要跑過去。我們的目標是完成 200 億美元，感覺這是一個優勢。我們有足夠的能力透過我們的製造網路來實現這一目標，因為我們會及時轉換這些訂單。我希望這能有所幫助。

Yeah, thanks, Jeff.

是的，謝謝，傑夫。

Thanks, Aaron.

謝謝，亞倫。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yeah, thank you so much. Nice to see the upward revision and momentum in AI servers. When I look through your third quarter and implied fourth quarter guide, it seems like the profit flow-through will improve quite significantly as you go into the fourth quarter.

是的，非常感謝。很高興看到 AI 伺服器的向上修訂和發展勢頭。當我瀏覽您的第三季和隱含的第四季指南時，似乎進入第四季後利潤流將顯著改善。

And I was hoping maybe you can help us think through the components of change as we go from second to third and third to fourth from a profitability standpoint because it feels like a meaningfully higher step-up in the fourth quarter. Thank you so much.

我希望您能幫助我們從獲利角度思考從第二到第三、從第三到第四的變化因素，因為感覺第四季度的提升幅度明顯更大。太感謝了。

Sure, Wamsi. Why don't I take a run at that? CSG for the second half, I'll talk about the second half holistically and then we can talk about the fourth quarter. CSG is expected to be slightly higher for the second half versus the first half. We plan to focus on execution, driving revenue and share gains while improving profitability. So continuing that focus.

當然，Wamsi。我為什麼不嘗試呢？下半場的CSG，我會整體的講一下下半場，然後我們再講一下第四節。預計下半年 CSG 將比上半年略高。我們計劃專注於執行，推動收入和份額成長，同時提高獲利能力。因此繼續關注這一點。

We expect AI servers be balanced between the first half and the second half. Jeff just alluded that we'll do more if we can, but that's what's implied in our guidance, with about $10 billion of revenue with improved margin rates.

我們預計 AI 伺服器在上半場和下半場之間會達到平衡。傑夫只是暗示，如果可以的話，我們會做得更多，但這就是我們的指導中所暗示的，即收入約為 100 億美元，利潤率有所提高。

From a storage perspective, storage is expected to perform better sequentially in the second half, with more Dell IP as well as normal seasonal acceleration in the fourth quarter. That acceleration in the fourth quarter that storage weighting is what's driving a significant amount of that expected profitability that's implied in our fourth quarter guide.

從儲存角度來看，預計下半年儲存表現將比上半年更好，因為戴爾IP數量將增多，而且第四季將出現正常的季節性加速。第四季儲存權重的加速成長是推動我們第四季指南中暗示的預期獲利能力大幅提升的因素。

Traditional servers are expected to grow in the second half. And of course, we expect our operating expenses to continue to come down as well. So net-net, we expect to be able to deliver more profitability in the second half, and you see that again weighted into the fourth quarter.

預計下半年傳統伺服器將會成長。當然，我們預計我們的營運費用也將繼續下降。因此，總體而言，我們預計下半年將能夠實現更高的盈利，而您將看到這再次對第四季度產生影響。

Okay, thanks so much, Yvonne.

好的，非常感謝，伊馮娜。

Thanks, Wamsi.

謝謝，Wamsi。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Hey guys, thanks so much for taking my question. I just wanted to, Jeff, maybe touch on the storage market. We heard from some of your peers last night about a strengthening data center monetization opportunity. Revenue was down 3% for you guys, and you're guiding that business flat.

嘿夥計們，非常感謝你們回答我的問題。傑夫，我只是想談談儲存市場。昨晚我們從一些同行那裡聽說了加強資料中心貨幣化機會。你們的收入下降了 3%，但你們希望業務保持穩定。

Now I think, in 90 days, you expected to grow 3% plus for the year. So I'd love to just know from the Dell perspective, kind of what has changed in the storage market over the last 90 days to get a bit more cautious there. Thanks so much.

現在我認為，在 90 天內，您預計今年的成長率將超過 3%。因此，我很想從戴爾的角度了解過去 90 天儲存市場發生了哪些變化，以便對此更加謹慎。非常感謝。

Sure. Erik, you correctly pointed out down 3% P&L growth. And we tried to describe what we saw was in large accounts, demand was a bit slower, particularly in month two and three of the quarter and particularly in the United States, North America.

當然。艾瑞克，你正確地指出了損益成長下降了 3%。我們試圖描述我們看到的情況，在大型帳戶中，需求有點慢，特別是在本季度的第二個月和第三個月，特別是在美國和北美。

We tend to look at this through the lens of some of the bright spots that we called out in our remarks, where PowerStore grew double digits. It's grown now six consecutive quarters, five of them double digits. And our entire All-flash storage portfolio grew double digits.

我們傾向於透過我們在評論中提到的一些亮點來看待這個問題，其中 PowerStore 實現了兩位數的成長。目前已連續六個季度增長，其中五個季度實現兩位數增長。我們的整個全快閃儲存產品組合都實現了兩位數的成長。

And when you look at where we landed in Q2, the guidance in -- for Q3 would suggest we're doing better than normal sequentials, which I think is an improvement. And the fact of the matter is, is our Dell IP storage, we expect to outperform the marketplace.

當你回顧我們在第二季度的業績時，你會發現第三季的業績指引顯示我們的業績比正常的連續業績要好，我認為這是一種進步。事實是，我們期望我們的戴爾 IP 儲存能夠超越市場。

So the market is growing, and we expect to outgrow that market in the second half. It's offset by HCI customers going through what I think is a rethink of their private cloud options. You might have noticed yesterday, we actually made an announcement around our Dell automation platform to help those HCI customers with an open disaggregated automated alternative.

因此市場正在成長，我們預計下半年市場規模將超過該市場。我認為，HCI 客戶正在重新考慮他們的私有雲選項，從而抵消了這種影響。您可能昨天已經注意到，我們實際上圍繞戴爾自動化平台發布了一項公告，以幫助那些 HCI 客戶提供開放式分解自動化替代方案。

So we're working through that headwind of HCI customers, that are in the portfolio, trying to determine their next path or the path going forward, while at the same time, our Dell IP portfolio continues to grow, it outperforms the market.

因此，我們正在努力克服投資組合中 HCI 客戶的逆風，試圖確定他們的下一步道路或前進的道路，與此同時，我們的戴爾 IP 組合繼續增長，其表現優於市場。

We're expanding margin in each of the categories. So we're very optimistic about our Dell IP portfolio and managing through customers' decision and future decision about where they're going with their private cloud deployment. I hope that helps.

我們正在擴大每個類別的利潤。因此，我們對我們的戴爾 IP 產品組合非常樂觀，並且能夠透過客戶的決策和未來決定來管理他們的私有雲部署方向。我希望這能有所幫助。

Yes, super, super helpful. Thank you, Jeff.

是的，非常非常有幫助。謝謝你，傑夫。

You're welcome.

不客氣。

Thanks, Erik.

謝謝，埃里克。

Ben Reitzes, Mellus Research.

Ben Reitzes，Mellus Research。

Yeah, hey guys, thanks. I wanted to go back to sort of Wamsi's question, but more specifically around AI servers. Why will the margins improve? And what is the order of magnitude there? I think there's a perception that it's low single digits op margin.

是的，嘿夥計們，謝謝。我想回到 Wamsi 的問題，但更具體地圍繞 AI 伺服器。為什麼利潤率會提高？那裡的數量級是多少？我認為人們認為它的營運利潤率很低，只有個位數。

And that it could have the potential eventually over time to get to a higher number than that. So what specifically is going on there? How high can it get by the fourth quarter or long term? And I know, Jeff, you've talked about an attach rate there. Is that the reason that the margins are going up? Thanks.

並且隨著時間的推移，它最終有可能達到更高的數字。那麼那裡具體發生了什麼事？到第四季或長期來看，它能達到多高？我知道，傑夫，你已經談到了附加率。這是利潤率上升的原因嗎？謝謝。

I think -- thanks for the question. I think there are two things to consider. And Yvonne hit it, but I think it's worth making sure we communicate but business mix matters. And when you look at Q2, the AI server component was nearly half of the CSG -- or excuse me, the ISG revenue. And that meant that the traditional server business and the storage business underperformed.

我認為——感謝您的提問。我認為有兩件事需要考慮。伊馮娜 (Yvonne) 也說到重點了，但我認為值得確保的是，我們之間的溝通，但業務組合很重要。當你看第二季時，AI 伺服器元件幾乎佔 CSG（或對不起，是 ISG 收入）的一半。這意味著傳統的伺服器業務和儲存業務表現不佳。

And what we're trying to call on our guidance is going to see a recovery in North America servers, which are profitable. And we're going to see improved margin performance in our storage business that I just reflected to.

我們試圖根據我們的指導意見看到北美伺服器的復甦，這是有利可圖的。正如我剛才提到的，我們的儲存業務的利潤率表現將會提高。

That changes the ultimate business mix in the second half, which is why Yvonne talked about that as the improvement. And AI specifically, which is your question, Q2 is interesting. Mean I would call to your attention that we did add $6.5 billion of revenue quarter-over-quarter, and nearly $500 million of operating income quarter-over-quarter with that significant shipment that we had in AI.

這改變了下半年的最終業務組合，這就是為什麼伊馮娜稱之為改進。具體來說，人工智慧，也就是你的問題，Q2 很有趣。我想提醒大家的是，由於我們在人工智慧領域的大量出貨，我們的收入環比增加了 65 億美元，營業收入環比增加了近 5 億美元。

As we said consistently, that's gross dollar accretive, rate dilutive. And I think those are examples of that. In our Q2 shipments, we shipped a lot of the early Blackwell wins. And as you might mention that I said last quarter, those were aggressive deals, very competitive deals, and they were shipped throughout the quarter, coupled with we had some expense that I think is one-time in nature, and our supply chain as we expedited materials to meet our customer needs and demands and to reconfigure the supply chain with what was going on in our geopolitical environment.

正如我們一貫所說的那樣，這是美元總額的增值，利率的稀釋。我認為這些就是例子。在我們第二季的出貨量中，我們運送了許多早期的 Blackwell 產品。正如您可能提到的，我上個季度說過，這些都是積極的交易，競爭非常激烈的交易，它們在整個季度都進行了發貨，再加上我們的一些費用，我認為這些費用本質上是一次性的，我們的供應鏈加快了材料供應，以滿足客戶的需求，並根據地緣政治環境的變化重新配置了供應鏈。

We expect those margins to improve through some value engineering, scaling of the business and the expansion of our enterprise customer base. We had the best quarter we've had in AI with enterprise customers in Q2.

我們預計，透過一些價值工程、業務擴展和企業客戶群的擴大，利潤率將會提高。第二季是我們面向企業客戶的人工智慧領域表現最好的一個季度。

A number of customers grew the largest dollar demand that we had to date in enterprise. And I think that bodes well for the future and particularly in enterprise where we have the opportunity to sell networking storage and services with AI factories.

許多客戶對我們的企業而言，出現了迄今為止最大的美元需求。我認為這對未來來說是個好兆頭，特別是在企業領域，我們有機會與人工智慧工廠一起銷售網路儲存和服務。

Okay, thanks, Erik.

好的，謝謝，艾瑞克。

Thanks Jeff.

謝謝傑夫。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yeah, hi, Jeff, and Yvonne. Jeff, just a quick question on the pipeline. Just wondering what the mix of some (inaudible) was. And then I know you talked about improving AI margins in the back half. Just wondering what would be the improvements there and the margin upside that you expect? Thanks.

是的，嗨，傑夫和伊馮。傑夫，我只想問一個關於管道的簡單問題。只是想知道一些（聽不清楚）的混合物是什麼。然後我知道您談到了提高下半年的人工智慧利潤率。只是想知道那裡會有哪些改進以及您期望的利潤率上升空間？謝謝。

Sure. As we look at the pipeline, again, I think it's important for us to make sure we communicate clearly our sovereign part of the pipeline and our enterprise part of the pipeline grew double digits and grew faster than the CSP portion of the pipeline.

當然。當我們再次審視管道時，我認為我們必須確保清楚地傳達管道的主權部分，並且管道的企業部分增長了兩位數，並且比管道的 CSP 部分增長更快。

That pipeline now has over 6,700 unique customers as opportunity for us. And the composition of that is predominantly Blackwell. Encouraging, we're seeing the new RTX 6000 in that portfolio, and we're seeing air and PCIe as a result of that in the pipeline, which are very good indicators of enterprise opportunity.

該通路目前擁有超過 6,700 名獨立客戶，這對我們而言是一個機會。其中主要由布萊克威爾組成。令人鼓舞的是，我們在該產品組合中看到了新的 RTX 6000，並且我們看到空中和 PCIe 正在籌備中，這些都是企業機會的非常好的指標。

So that's the composition of it. It is a composition of CSG. From a customer point of view, plus enterprise plus sovereign, it's predominantly from a technology point of view, Blackwell, with a growing demand of PCIe options.

這就是它的組成。它是CSG的一個組成部分。從客戶的角度來看，加上企業和主權國家，主要是從技術的角度來看，Blackwell 對 PCIe 選項的需求不斷增長。

And then if I go back to your question about margins, it's what I tried to articulate earlier with (inaudible) we expect the one-time costs in our supply chain to reconfigure and to expedite materials not to be in place in the second half. We think there's some opportunity for us to continue to value engineer the scaling of the P&L.

然後，如果我回到你關於利潤率的問題，這就是我之前試圖表達的（聽不清楚），我們預計供應鏈中的一次性成本將重新配置，並加快材料在下半年到位。我們認為我們有機會繼續對損益表的規模進行價值工程。

And then lastly, the enterprise customers and shipping to enterprise customers and the opportunity to attach unstructured storage, networking and our professional services around that.

最後，企業客戶和向企業客戶的運輸以及附加非結構化儲存、網路和我們的專業服務的機會。

Great, thank you.

太好了，謝謝。

Thanks, Vijay.

謝謝，維傑。

David Vogt, UBS.

瑞銀集團的戴維‧沃格特。

Thanks guys, thanks Jeff, thanks a lot. Jeff, maybe not to believe to the point, but just for clarification. If we think about the mix in the October quarter to more proprietary Dell Storage and delivery in server, traditional server, should we expect to see the same level of profitability from those products?

謝謝大家，謝謝傑夫，非常感謝。傑夫，也許不相信這一點，但只是為了澄清。如果我們考慮 10 月季度中更多專有的戴爾儲存和伺服器、傳統伺服器的交付，我們是否應該期望從這些產品中看到相同水平的盈利能力？

Or should they expand relative to where you were last year, where it was more 3P technology within storage. And if that's the case and should we just think about maybe margins holistically in ISG still being down from last year because of the greater AI services within the ISG segment? Thanks.

或者他們是否應該相對於去年的情況進行擴展，即儲存領域更多的是 3P 技術。如果情況確實如此，我們是否應該考慮，由於 ISG 部門內 AI 服務的增加，ISG 的整體利潤率可能仍比去年下降？謝謝。

I'll start and then Yvonne can come in and get specific with the details with the guide. As we've been moving towards more Dell IP, which is the strategy, those are more margin-rich storage offers than our partner IP. We continue to see our Dell IP portfolio grow.

我先開始，然後 Yvonne 可以進來並根據指南詳細說明。隨著我們逐漸轉向採用更多的戴爾智慧財產權（這是我們的策略），這些是比我們的合作夥伴智慧財產權利潤更高的儲存產品。我們持續看到戴爾知識產權組合的成長。

And within that, we are actually working to improve and have made progress improving the margins at each one of our Del IP storage products in our portfolio. And as I just mentioned, I think it was Eric's question about growing in storage, we expect our Dell IP storage portfolio to outperform the marketplace.

在此範圍內，我們實際上正在努力改進，並且已經在提高我們產品組合中每個 Del IP 儲存產品的利潤率方面取得了進展。正如我剛才提到的，我認為 Eric 的問題是關於儲存的成長，我們預計我們的戴爾 IP 儲存產品組合將超越市場表現。

So I think that bodes very well for what we're doing in terms of margin and margin growth. The challenge we have is we didn't grow. It was unacceptable. We see that. We are working to remedy that. But that's an aggregate storage number, which, again, I think is partly explained by the fact that we have HCI customers working through their next decisions and next purchases and infrastructure.

所以我認為這對我們在利潤率和利潤率成長方面所做的工作來說是一個非常好的預兆。我們面臨的挑戰是我們沒有成長。這是不可接受的。我們看到了。我們正在努力解決這個問題。但這是一個總體儲存數字，我再次認為，部分原因是我們的 HCI 客戶正在製定下一個決策、下一次購買和基礎設施。

Which is why, again, I'll come back in link to, it's very important as we look at a disaggregated architecture that's open, and now with automation capability that we've just provided customers, we're providing an alternative. I think that's a key element going forward.

這就是為什麼，我會再次回到連結中，當我們研究開放的分解架構時，這一點非常重要，現在我們剛剛為客戶提供了自動化功能，我們提供了一種替代方案。我認為這是未來發展的關鍵因素。

And I'd add to that, our gross margin rate is certainly a function and Jeff mentioned it of our mix. We have -- we called up the AI portion to $20 billion. And we've seen -- we've lowered our expectations for the core business for CSG, for traditional servers and storage embedded within our second half guide.

我想補充一點，我們的毛利率當然是一個函數，傑夫也提到了它與我們的組合有關。我們已經將人工智慧部分提高到 200 億美元。我們已經看到——我們降低了對 CSG 核心業務、下半年指南中嵌入的傳統伺服器和儲存的預期。

The impact the input costs that Jeff is talking about will also have some offset in gross margin. But there's rate potential compression for the second half. We're still guiding strong EPS growth of 17%. So I feel we're going to navigate through the environment and deliver successfully.

傑夫所說的投入成本的影響也會對毛利率產生一定程度的抵銷。但下半年利率可能會受到壓縮。我們仍預期每股盈餘將強勁成長 17%。所以我覺得我們將會順利通過環境並成功達成目標。

Yeah. Maybe to put another level of inspection here. Is the AI revenue was 3 times the mix of the business than it was in the previous quarter, Q1 to Q2. As we've said, that has a dilutive effect. And our guide, you're going to see the percentage of our AI business be less, which means the traditional storage and Dell IP or traditional server and Dell IP storage part of the business will be a greater percentage, which is more profitable, leading to the more profitable second half.

是的。也許需要在這裡進行另一層次的檢查。與上一季（第一季至第二季）相比，AI 收入是否是業務組合的 3 倍？正如我們所說，這會產生稀釋效應。根據我們的指導，您將看到我們的 AI 業務所佔比例會減少，這意味著傳統儲存和戴爾 IP 或傳統伺服器和戴爾 IP 儲存部分的業務將佔更大比例，這將帶來更高的利潤，從而帶來更豐厚的下半年利潤。

Right. And the seasonality of storage in the fourth quarter. So very excited about that.

正確的。以及第四季儲存的季節性。我對此感到非常興奮。

Okay, thanks, David.

好的，謝謝，大衛。

Thank you, guys.

謝謝你們。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Good afternoon, everyone. I guess I just had a question on the fiscal '26 guide, the way you folks have raised it. You're raising the top line by 4 points or bottom line by about $0.15. It sort of looks like $4 billion more of revenues and about $100 million, $110 million more of net income.

大家下午好。我想我只是對你們提出的 26 年財政指南有一個疑問。你的營收提高了4個百分點，或者說獲利提高了大約0.15美元。這看起來相當於增加了40億美元的收入，淨利潤增加了約1億到1.1億美元。

And I'm sure there's a lot of moving parts over here, but it almost looks like AI server margins are in the 2%, 2.5% zone for you folks. But maybe just talk about why is the conversion margin so low for the incremental revenues that are coming into the model. And what are the other puts and takes around it, assuming AI margins are better than that 2.5% matter imply? Thank you.

我確信這裡有很多活動部件，但對於你們來說，AI 伺服器的利潤率幾乎看起來在 2% 到 2.5% 之間。但也許只是討論為什麼進入該模型的增量收入的轉換率如此之低。那麼，假設 AI 利潤率高於 2.5% 所暗示的水平，那麼圍繞它的其他利弊又是什麼呢？謝謝。

So if I think about the guide that we have for the second half, certainly, the demand dynamics play a key role in that. So if I think about the traditional server, when I think about the AI mix, the biggest impact to the second half and the profitability and outcome is the seasonality within the ISG business and within storage.

因此，如果我考慮我們對下半年的指導，那麼需求動態肯定會在其中發揮關鍵作用。因此，如果我考慮傳統伺服器，當我考慮 AI 組合時，對下半年、獲利能力和結果的最大影響是 ISG 業務和儲存內的季節性。

And so when I think through how we're going to drive more profitability, I really do think it's holistic across the board, but it is weighted towards the standard seasonality in the fourth quarter from a storage standpoint. So that's what is embedded within the guide. That's what you can see. That's what we deliver historically, and we -- we'll do that again this fiscal year.

因此，當我思考如何提高盈利能力時，我確實認為這是一個全面的問題，但從儲存的角度來看，它偏向於第四季度的標準季節性。這就是指南中的內容。這就是你所看到的。這是我們歷史上所實現的目標，而且我們——本財年也會再次實現這一目標。

Thanks, Amit.

謝謝，阿米特。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hey, good afternoon, thanks for the question. Just within ISG, I was wondering if you could talk a little bit more about some of the key things that may have impacted the traditional server and storage performance in the quarter.

嘿，下午好，謝謝你的提問。就在 ISG 內部，我想知道您是否可以再多談談一些可能影響本季傳統伺服器和儲存效能的關鍵因素。

I was wondering if any changes in federal demand played an impact? And then sequentially, were there any notable margin changes that you would call out for traditional servers and storage. Thank you.

我想知道聯邦需求的變化是否產生了影響？然後，您是否會注意到傳統伺服器和儲存的利潤率有任何顯著的變化？謝謝。

Mike, let me try to give some color to that. The slowness that we saw in North America in traditional servers in April that we commented on in Q1 continued into Q2. And our North America traditional server demand was challenged through the quarter.

麥克，讓我試著解釋一下這一點。我們在第一季評論過，四月北美傳統伺服器的運行速度緩慢的情況一直持續到第二季​​。本季度，我們北美傳統伺服器的需求受到了挑戰。

We had demand growth in all other regions. But in North America, our most profitable region was challenged from a demand perspective, and we saw that again continue from what we encountered in April. Federal spending continues to be down. That had an impact on our overall demand for the quarter.

我們對所有其他地區的需求都有成長。但在北美，我們最賺錢的地區從需求角度來看面臨挑戰，我們看到這種情況從四月遇到的情況延續至今。聯邦支出持續下降。這對我們本季的整體需求產生了影響。

We continue to work on the opportunity of server consolidation that exists out there today. We saw a continued uplift in more cores, more memory, more SSDs. So the content of our servers is going up. ASPs continue to trend up. We do see this notion of server consolidation happening in the marketplace.

我們將繼續致力於當今存在的伺服器整合機會。我們看到更多核心、更多記憶體、更多 SSD 的持續成長。因此我們伺服器的內容正在增加。平均售價持續呈上升趨勢。我們確實看到伺服器整合的概念在市場上出現。

We're replacing old servers with more efficient new servers, for example, our 17G converts, old servers at 6:1 to 7:1 ratios depending on which priority we're looking at. We think the opportunity is still massive out there. 70% of our installed base is still running 14G older servers.

我們正在用更有效率的新伺服器取代舊伺服器，例如，我們的 17G 轉換伺服器，舊伺服器的比例為 6:1 到 7:1，具體取決於我們所考慮的優先順序。我們認為這個市場機會仍然巨大。我們 70% 的安裝基數仍在運行 14G 舊伺服器。

And we expect our traditional server business to grow in the second half, albeit a little bit muted from our expectations at the beginning of the year. In storage, it was what I tried to describe earlier is large accounts, particularly in North America, particularly in months two and three was slower than expected.

我們預計我們的傳統伺服器業務將在下半年實現成長，儘管與年初的預期相比略有放緩。在儲存方面，正如我之前試圖描述的，大額帳戶，特別是在北美，特別是在第二月和第三個月的速度比預期的要慢。

Again, our Dell IP portfolio continues to shine around our PowerStore. We're winning new customers. The mix of new customers and old customers or existing customers continues to bias towards new customers coming to the portfolio, which is encouraging. Our All-flash portfolio continues to grow significantly in double digits.

再次，我們的戴爾 IP 產品組合繼續圍繞我們的 PowerStore 大放異彩。我們正在贏得新客戶。新客戶和老客戶或現有客戶的組合繼續偏向加入投資組合的新客戶，這是令人鼓舞的。我們的全快閃產品組合繼續以兩位數的顯著成長。

And again, we have this, if you want to call the headwind, it's just the reality of what we've been selling for years as it comes up for a refresh, where, again, our Dell IP portfolio expected to outperform the market, and we have customers in our HCI business that are being thoughtful about their next purchase decisions and how they want to build their private cloud.

再說一次，如果你想稱之為逆風，那就是我們多年來一直在銷售的產品的現實，因為它即將更新，我們的戴爾 IP 產品組合預計將跑贏市場，我們 HCI 業務中的客戶正在認真考慮他們的下一個購買決策以及他們希望如何構建他們的私有雲。

And again, our offering there is a more open disaggregated architecture, our entire Dell IP storage portfolio was that and now bundled with an automation platform that makes it easy to scale and deploy infrastructure, systems and solutions.

再次強調，我們提供的是一種更開放的分解架構，我們的整個戴爾 IP 儲存產品組合都是這樣的，現在捆綁了一個自動化平台，可以輕鬆擴展和部署基礎設施、系統和解決方案。

Thank you, Jeff.

謝謝你，傑夫。

Of course.

當然。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Thanks for taking the question. Jeff, earlier in the call, you alluded to progress and encouragement around enterprise. I'd like to see if you could double click on that vertical and offer us some quantification. And related to this, NVIDIA last night talked about improvement -- sequential improvement in hopper business for them. I'm just wondering whether that is related to enterprise traction or if you see that as something different. Thank you.

感謝您回答這個問題。傑夫，在早些時候的通話中，您提到了企業的進步和鼓勵。我想看看您是否可以雙擊該垂直方向並為我們提供一些量化資訊。與此相關，NVIDIA 昨晚談到了改進——他們的料斗業務的連續改進。我只是想知道這是否與企業牽引力有關，或者您是否認為這是不同的東西。謝謝。

Yes, demand within the quarter for enterprise AI was up significantly. It was a very measurable part of our mix. It's the single largest number of customers that we sold to in a quarter. It is the most revenue we generated to enterprise customers in a quarter to date. We now have eight consecutive quarters of quarter-over-quarter growth of the buyer base.

是的，本季企業對人工智慧的需求大幅上升。這是我們組合中非常可衡量的一部分。這是我們在一個季度內銷售客戶數量最多的一次。這是我們迄今為止在一個季度內為企業客戶創造的最高收入。目前，我們的買家數量已連續八個季度較上季成長。

The mix now is roughly 50% new customers and 50% returning customers. We're seeing that across a broad base of segments, whether it's tech firms, manufacturing firms, financial services firms, engineering firms, higher education, healthcare.

現在的客戶組成大約是 50% 新客戶和 50% 回頭客。我們在廣泛的領域都看到了這一點，無論是科技公司、製造公司、金融服務公司、工程公司、高等教育或醫療保健。

The number of TSGs are up. The number of TSGs converting to production is up. And we think these are great opportunities to build Dell AI factories for enterprise, which ultimately gives us an opportunity to sell the networking storage and professional services around that. And we're very encouraged about the momentum.

TSG 的數量有所增加。轉入生產的 TSG 數量增加。我們認為這些都是為企業打造戴爾人工智慧工廠的絕佳機會，這最終為我們提供了銷售相關網路儲存和專業服務的機會。我們對這一勢頭感到非常鼓舞。

Customers are getting real value out of that or they have deployed it into real difficult problems. There is a return on those investments, and then we see the dollars continuing to go. I would look at our own company as an example of getting return on investment with investing in AI infrastructure. Does that help?

客戶從中獲得了真正的價值，或者他們已經將其應用於解決真正的難題。這些投資是有回報的，然後我們就會看到美元繼續流出。我會以我們自己的公司為例，看看如何透過投資人工智慧基礎設施來獲得投資回報。這樣有幫助嗎？

It does. And any thoughts on why NVIDIA saw sequential growth in the hopper business for them? Did you see that?

確實如此。您認為 NVIDIA 的料斗業務為何能持續成長？你看到了嗎？

Well, recall, many enterprises are not ready for DLC. Don't have the increased power density that some of the advanced technologies have. So with hopper, air, going into current data centers, the RTX 6000, as I mentioned, as an example, we saw a significant growth in that. Those are all indicators that enterprises are buying AI and deploying AI in their current infrastructure, which is very encouraging.

好吧，回想一下，許多企業還沒有為 DLC 做好準備。沒有像某些先進技術那樣提高功率密度。因此，隨著料斗、空氣進入目前的資料中心，以我所提及的 RTX 6000 為例，我們看到了顯著的成長。這些都是企業正在購買人工智慧並在其現有基礎設施中部署人工智慧的指標，這是非常令人鼓舞的。

Great. Thank you.

偉大的。謝謝。

You're welcome.

不客氣。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Yeah, hi, thanks for taking my question. Jeff, maybe sticking with AI servers, I was curious if you can share how the backlog or the pipeline there has transitioned to GB300, what you're seeing from customers in terms of their mix of demand shifting to GB300 versus the GB200. And is that leading to some level of margin or pricing pressure on the older platforms in terms of just demand profile there? Thank you.

是的，嗨，謝謝你回答我的問題。Jeff，也許堅持使用 AI 伺服器，我很好奇您是否可以分享那裡的積壓或管道是如何過渡到 GB300 的，以及您從客戶那裡看到的需求組合是如何轉向 GB300 而不是 GB200 的。從需求狀況來看，這是否會對舊平台造成一定程度的利潤或定價壓力？謝謝。

Our backlog is at $11.7 billion is rich with all forms of Blackwell. Customers that started early deployment of the GB200 continue with those deployments. Customers are migrating to GB300. Well, getting into the specific details of how much of each one of them, the backlog is primarily Blackwell. The pipeline is primarily Blackwell, all variants of Blackwell, P200, P300, GB200, GB300.

我們的積壓訂單價值 117 億美元，其中有各種形式的布萊克威爾。已開始部署 GB200 的客戶將繼續進行這些部署。客戶正在遷移到 GB300。好吧，具體來說，每個人的積壓量主要都在布萊克威爾。管道主要為 Blackwell、Blackwell 的所有變體、P200、P300、GB200、GB300。

It depends on customer-specific needs, how they're deploying that. The parts are in full production and have wide-scale availability. We're shipping all variants to customers. We're excited about the technology. The transition continues to go well.

這取決於客戶的特定需求以及他們如何部署。這些零件目前已全面投入生產並可廣泛供應。我們正在將所有變體運送給客戶。我們對這項技術感到非常興奮。過渡進程繼續順利進行。

Our partnership with NVIDIA and our customers to get the racks ready or the nodes ready themselves, I think, is working incredibly well, which is enabling us to move the material through the factories very quickly, so the cycle time is very quick, very good, if you will.

我認為，我們與 NVIDIA 和客戶的​​合作，在準備好機架或節點方面，進展非常順利，這使我們能夠非常快速地將材料運送到工廠，因此週期時間非常快，非常好，如果你願意的話。

Deployment to our customers is second to none. And the fact that it shows up, you can turn it on and it works and it's deployed at scale that we believe is a differentiator in the marketplace for us.

為我們的客戶提供的部署是首屈一指的。事實上，只要它出現，你就可以打開它，它就可以工作，而且它可以大規模部署，我們相信這是我們在市場上的一個差異化因素。

Thank you.

謝謝。

Of course.

當然。

Asiya Merchant, Citi.

花旗銀行亞洲人。

Great, thanks for squeezing me in here. On the PC side, if I may. I think some of your peers have talked about better second half growth. I think you alluded to share gains and improving profitability here in the back half.

太好了，謝謝你讓我擠在這裡。如果可以的話，在 PC 端。我認為您的一些同行已經談到下半年的成長會更好。我認為您提到了下半年的分享收益和提高盈利能力。

And so just help us understand what gives you the confidence in that as we kind of look to the back half. And then just at a high level, as people are thinking about calendar '26, should we expect PC momentum to sustain here? Or was there a lot of pull forward and refresh activity that happened in calendar '25, that would suppress growth in calendar '26? Thank you.

因此，當我們展望後半部分時，請幫助我們了解是什麼讓您對此充滿信心。那麼從高層次來看，當人們思考 26 年時，我們是否應該預期 PC 的發展動能持續下去？或者 25 年發生的大量提前和刷新活動會抑制 26 年的成長嗎？謝謝。

Maybe in reverse order. You have the Windows 10 end of life that is an event that is certainly an opportunity to refresh. The market continues to be large in that area. There's still many hundreds of millions of PCs that can't run Windows 11.

也許是相反的順序。Windows 10 生命週期結束，這無疑是一個更新的機會。該地區的市場規模仍然很大。仍有數億台 PC 無法運行 Windows 11。

There's an opportunity for Windows 10 PCs that can run Windows 11 to continue to be upgraded. Our best in market is about half of the installed base is now upgraded, which tells you about half of the installed base is not.

可以運行 Windows 11 的 Windows 10 PC 有機會繼續升級。我們在市場上表現最好的是，大約有一半的安裝基數現在已升級，這意味著大約有一半的安裝基數尚未升級。

That's what's in front of us. We're 48 days away from the end of life period of Microsoft. It's highly unlikely the other half is going to be done in the next 48 days. So we have the opportunity to push through that. That likely spills into next year. How much? I don't know.

這就是我們面前的情況。距離微軟生命週期結束還有 48 天。另一半工作在接下來的 48 天內完成的可能性極小。因此我們有機會實現這一目標。這種情況可能會延續到明年。多少？我不知道。

But it's why we believe the second half of the market continues to be a good PC market. And we have every intention to grow. We have every intention to outperform the marketplace and take sure. That's our goal. We have not done that consistently enough. That's problematic.

但這就是我們相信下半年 PC 市場將繼續表現良好的原因。我們完全有意願實現成長。我們決心超越市場並取得保證。這就是我們的目標。我們在這方面做得還不夠堅持。這就有問題了。

We are focused on doing so. I think we've leaned into the market as we need to, while understanding our operating range of 5% to 7% operating margins. And the new product that we launched this morning, I think, is indicative that we're playing to win and leaning in to do so.

我們正致力於這樣做。我認為我們已經根據需要向市場傾斜，同時了解我們的營運利潤率範圍為 5% 至 7%。我認為，我們今天早上推出的新產品表明我們正在努力爭取勝利，並正在為此努力。

The organization is focused on that. This business is hugely important to our company. It is, in many ways, it's a scale business. It is part of our end to end solution for our commercial customers, from small businesses to the largest businesses in the world.

該組織正致力於此。這項業務對我們公司來說非常重要。從很多方面來說，這都是一項規模業務。這是我們為商業客戶提供的端到端解決方案的一部分，客戶範圍從小型企業到全球最大的企業。

It's a primary customer acquisition vehicle for us. And many customers experience our company through the PC business, they experience our brands, they experience their interaction with our company through our PC business. And that's why it's very important. We're focused on it.

這是我們獲取客戶的主要工具。許多客戶透過 PC 業務體驗我們的公司，體驗我們的品牌，體驗與我們公司的互動。這就是為什麼它非常重要。我們專注於此。

I'm not happy with the share performance. We're going to turn that around, and we've reflected that in our guide where we believe our business will grow mid-single digits, and we'll improve our operating margins.

我對股票表現不滿意。我們將扭轉這種局面，並且我們已經在指南中反映了這一點，我們相信我們的業務將實現中等個位數成長，並且我們將提高我們的營業利潤率。

Thank you.

謝謝。

Yes.

是的。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼，SIG。

Yes, thanks for taking my question. Just two quick follow-ups. In order to get to 7% year-over-year growth in operating profit and given your OpEx guide, gross margin would need to improve -- corporate gross margin would need to improve by about 150, 160 basis points. And I'm just trying to understand if that's the case, what are the key drivers behind the gross margin improvement? And I have a follow-up.

是的，感謝您回答我的問題。只需快速跟進兩個問題。為了實現營業利潤年增 7%，並根據您的營運支出指南，毛利率需要提高 - 企業毛利率需要提高約 150 至 160 個基點。我只是想了解，如果是這樣的話，毛利率提高背後的關鍵驅動因素是什麼？我還有一個後續問題。

Sure. So as I look at the second half and I've talked about it a bit, we have a different seasonality in the second half with a solid weighting of storage and lean in on storage and the ISG business in the fourth quarter.

當然。因此，當我展望下半年並談論它時，我們在下半年有不同的季節性，儲存具有穩固的權重，並且在第四季度傾向於儲存和 ISG 業務。

And so as we look through that, and from a profitability standpoint for the second half, I see CSG is expected to do slightly better, second half versus first half and for all the reasons we've already talked about. I expect AI servers to be balanced.

因此，當我們回顧這一點，並從下半年盈利的角度來看，我認為南方電網下半年的表現預計會比上半年略好一些，原因我們已​​經討論過了。我希望 AI 伺服器能夠平衡。

And again, we're improving that margin rate as we've talked about. And then the storage mix. Storage is one of the biggest drivers, and Jeff's talked about it already. But not only the seasonality within storage, but the mix more towards our Dell IP drives more profitability for us, which we'll continue to benefit from.

正如我們之前討論過的，我們正在提高利潤率。然後是儲存組合。儲存是最大的驅動因素之一，Jeff 已經談到了這一點。但不僅儲存的季節性，而且我們的戴爾 IP 組合也為我們帶來了更多的獲利能力，我們將繼續從中受益。

Traditional servers, we're thinking will grow in the second half. And then we're working on other areas. We've called up -- obviously, we've called up the guide to $107 billion at the midpoint and called up profitability. So if I think through our -- a lot of the driver of that because we called up five in AI servers.

我們認為傳統伺服器將在下半年實現成長。然後我們正在研究其他領域。我們已經調高了——顯然，我們已經將中點指導價上調至 1,070 億美元，並調高了獲利能力。因此，如果我仔細思考一下——其中有很多驅動因素，因為我們調用了五個 AI 伺服器。

A lot of the driver there is holistic profitability across the company, across all pieces of the portfolio or I wouldn't have been able to call up the operating income in addition to the margin. So we're focused on profitable growth and driving efficiency through the business.

很多驅動因素是整個公司、所有投資組合的整體獲利能力，否則除了利潤率之外，我無法計算出營業收入。因此，我們專注於獲利成長和提高業務效率。

I see. Thanks for the details, and a quick -- thank you. And a quick follow-up for Jeff. This may have come up in the prior call. But I'm just looking at your revenue mix product versus services and services has remained around 20%, 25% of the total revenue, but with a significantly higher gross margin. Why not try to scale services as a way to expedite improvement in profitability?

我懂了。感謝您提供的詳細信息，謝謝。並向 Jeff 簡要跟進。這可能在之前的通話中出現過。但我只是看一下你們的收入組合，產品與服務，服務仍然佔總收入的 20% 到 25% 左右，但毛利率卻高得多。為什麼不嘗試擴大服務規模來加快獲利能力的提高呢？

We are trying to do that versus selling more PC, selling more servers, selling more storage, selling more AI. We look at the opportunity to attach all forms of services, whether it's ProSupport, ProSupport Plus, our professional services, our installation services, our deployment services driven by outperforming the market and growing. Growing is the best way to improve our contribution of services in our portfolio.

我們正在努力做到這一點，而不是銷售更多的個人電腦、更多的伺服器、更多的儲存、更多的人工智慧。我們尋找機會附加所有形式的服務，無論是 ProSupport、ProSupport Plus、我們的專業服務、我們的安裝服務、我們的部署服務，這些都由超越市場和不斷增長所驅動。發展是提高我們產品組合中服務貢獻的最佳方式。

Thanks, Jeff.

謝謝，傑夫。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, hi, thanks for taking my question. I kind of have a two part question too. One is for Jeff, can you talk a little bit about the AI server mix. How much is liquid cool? What is air cool? How much is on base CPU architecture? And how do you expect that to evolve over the next year and any implications to margins?

是的，嗨，謝謝你回答我的問題。我也有兩個部分的問題。一個是給 Jeff 的，可以談談 AI 伺服器組合嗎？液體冷卻多少錢？什麼是空氣冷卻？基本 CPU 架構多少錢？您預計明年這種情況將如何發展？對利潤率有何影響？

And along the same follow-up for Yvonne, congrats on raising the numbers, but it looks like your revenue raise is like about 4% compared to prior guide for full year, and EPS is only 1.5%. Why is the full year EPS higher? Thank you.

同樣，對於 Yvonne 來說，祝賀您的業績有所提升，但與先前的全年預測相比，您的收入增幅似乎只有 4% 左右，而每股收益僅為 1.5%。為什麼全年每股盈餘更高？謝謝。

The backlog and looking at the five quarter pipeline would be biased towards direct liquid cooling and our large-scale deployments of the GB200 and GB300 is the quick and accurate answer of what our backlog looks like. It's a mix of both technology as well as what is liquid cooled.

積壓訂單和五個季度的管道情況將偏向於直接液體冷卻，而我們對 GB200 和 GB300 的大規模部署可以快速準確地回答我們的積壓訂單情況。它是兩種技術和液體冷卻技術的混合體。

And to your question, from an overall standpoint, we've got additional $5 billion in AI with EPS contributions that goes with it, of course, and about $1 billion out of CSG traditional server storage that I've mentioned. So we're -- we will be driving that growth that we've outlined with the profitability that we've outlined based on numerous drivers there, of which mix and efficiencies are leading the way.

對於您的問題，從總體角度來看，我們在人工智慧方面獲得了額外的 50 億美元，當然還有伴隨的 EPS 貢獻，以及我提到的 CSG 傳統伺服器儲存方面的約 10 億美元。因此，我們將根據眾多驅動因素，透過獲利能力來推動我們所概述的成長，其中組合和效率是主導因素。

We'll go with one more question, please.

我們再回答一個問題。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Thanks. Just for my one question. I was hoping, Jeff, if you could look forward on your supply chain, both incoming and outgoing. You mentioned some expedites, deflationary pressures, moving capacity around how many of those dynamics to or how do those dynamics play out differently or the same in the rest of the fiscal year? Thanks.

謝謝。僅針對我的一個問題。傑夫，我希望你能展望一下你的供應鏈，包括進貨和出貨。您提到了一些加速措施、通貨緊縮壓力、產能轉移等動態，或者這些動態在本財政年度剩餘時間內會如何以不同的方式或相同的方式發揮作用？謝謝。

Well, let me talk about the overall supply chain and then maybe specifically about AI. When I look at what's in front of us is we had a deflationary Q2 of all input costs. I expect that to flatten over to the second half of the year in both Q3 and Q4.

好吧，讓我談談整個供應鏈，然後具體談談人工智慧。當我審視我們面臨的情況時，我發現第二季所有投入成本都出現了通貨緊縮。我預計這一情況將在第三季和第四季的下半年趨於平穩。

We believe we have managed through the complexities of tariffs quite well, and have not impacted our customers, we did not raise price. I think the agility and resilience of our supply chain continues to pay dividends.

我們相信我們已經很好地解決了關稅的複雜性，並且沒有影響我們的客戶，我們沒有提高價格。我認為我們供應鏈的靈活性和彈性將繼續帶來回報。

And following the jurisdictions and the rules that we have to when it comes to the political environment today. When I look at AI specifically, I tried to mention, also wasn't clear that the cost that we incurred in Q2 to expedite material for our GB200 deployments and shipments and then the reconfiguring our supply chain to optimize that was a one-time cost in Q2 that I don't expect to incur in Q3 and in Q4.

在當今的政治環境下，我們必須遵守管轄權和規則。當我具體研究人工智慧時，我試圖提到，還不清楚我們在第二季度為加快 GB200 部署和發貨的材料而產生的成本，以及隨後重新配置我們的供應鏈以優化這些成本是第二季度的一次性成本，我預計在第三季度和第四季度不會產生這些成本。

Thank you.

謝謝。

Great, thanks.

太好了，謝謝。

Jeff, over to you to close this out.

傑夫，現在輪到你來結束這個話題了。

Sure. Just want to thank everybody for joining us today. A few points as we wrap up. AI continues to accelerate, and our differentiated offering is resonating with our customers. With $17.7 billion in AI orders in the first half of the year, we are delivering and innovating for the largest at scale AI clusters in the world, while scaling into AI factories for enterprises.

當然。我只想感謝大家今天的參加。最後我們總結幾點。人工智慧持續加速發展，我們差異化的產品正在引起客戶的共鳴。今年上半年，我們的人工智慧訂單總額已達 177 億美元，我們正在為全球最大規模的人工智慧集群交付和創新，同時向企業人工智慧工廠擴展。

And we saw a very strong revenue and EPS growth, both up 19%, and we raised our full year revenue and EPS guidance, driving a second half that drives growth and improved profitability. Our focus continues to be on generating significant cash flow that enables meaningful shareholder return. I look forward to seeing many of you at our Security Analyst Meeting on October 7. Thanks for your time today.

我們的營收和每股盈餘成長非常強勁，均成長了 19%，並且我們提高了全年營收和每股盈餘預期，推動下半年的成長和獲利能力的提高。我們的重點仍然是產生大量現金流，從而為股東帶來有意義的回報。我期待在 10 月 7 日的安全分析師會議上見到你們。感謝您今天抽出時間。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。