戴爾 (DELL) 2026 Q4 法說會逐字稿

Good afternoon and welcome to the fiscal year 2026, fourth-quarter financial results conference call for Dell Technologies Inc. I'd like to inform all participants this call is recorded at the request of Dell Technologies. This broadcast is the 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. (Operator Instruction)

下午好，歡迎參加戴爾科技公司2026財年第四季財務業績電話會議。我謹告知各位與會人員，本次電話會議應戴爾科技公司的要求進行錄音。本廣播內容受戴爾科技公司版權保護。未經戴爾科技公司事先書面許可，禁止全部或部分轉載本資訊。（操作說明）

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

我謹將電話轉交給投資人關係主管保羅‧弗蘭茨。弗蘭茲先生，你可以開始了。

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

謝謝大家的參與。今天和我一起的有傑夫克拉克、大衛肯尼迪和泰勒約翰遜。我們的收益報告資料已發佈在公司投資者關係網站上，我鼓勵您仔細閱讀這些資料。另外，請花點時間觀看演示文稿，其中包含一些補充我們今天下午討論的內容。今天的電話會議將提供相關指導。

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. 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. Statements made during this call that relate to future results and events are future-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. We assume no obligation to update our forward-looking statements.

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。這些指標與其最直接可比較的 GAAP 指標的調整表可以在我們的網頁資料和新聞稿中找到。除非另有說明，增長百分比均指同比變化。本次電話會議涉及未來績效和事件的陳述均為前瞻性陳述，基於目前的預期。由於存在許多風險和不確定因素，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簡報和提交給美國證券交易委員會的文件中進行了討論。我們不承擔更新前瞻性聲明的義務。

Now I'll turn it over to Jeff.

現在我把麥克風交給傑夫。

Thanks, Paul, and thanks, everyone, for joining us. FY26 was a defining year in our company's history. We delivered record full year revenue and EPS. Revenue reached $113.5 billion, up 19% and EPS grew 27% to $10.30. We converted that performance into a record annual cash flow over $11 billion and returned $7.5 billion to shareholders, including 54 million shares repurchased more than doubled last year.

謝謝保羅，也謝謝大家的參與。2026財年是我們公司歷史上具有里程碑意義的一年。我們實現了全年營收和每股盈餘的歷史新高。營收達 1,135 億美元，成長 19%；每股收益成長 27% 至 10.30 美元。我們憑藉這一業績，實現了超過 110 億美元的年度現金流，並向股東返還了 75 億美元，其中包括回購的 5,400 萬股股票，比去年翻了一番多。

The AI opportunity is meaningfully growing and transforming the company. In FY26, we closed $64.1 billion in AI orders shipped $25.2 billion and exited with a record $43 billion in AI backlog. Powerful proof points that our engineering leadership and differentiated solutions are winning. We are executing with discipline and speed. We are gaining share in our PC business and strengthening ISG with strong margins in traditional servers and storage, all while positioning the company for the AI era. It was a monumental year. We exit with strong momentum, and I couldn't be more proud of this team.

人工智慧帶來的機會正在顯著成長，並正在改變公司。在 2026 財年，我們完成了價值 641 億美元的人工智慧訂單，交付了 252 億美元，並以創紀錄的 430 億美元人工智慧積壓訂單結束了本財年。強有力的證據表明，我們的工程技術領先優勢和差異化解決方案正在贏得市場。我們正在以嚴謹的紀律和迅速的速度執行任務。我們在個人電腦業務中不斷擴大市場份額，並透過傳統伺服器和儲存業務的強勁利潤率加強 ISG，同時為公司迎接人工智慧時代做好準備。這是意義非凡的一年。我們帶著強勁的勢頭離開，我為這支隊伍感到無比自豪。

With that, let me turn to the key highlights for the quarter. We delivered a record quarter. Q4 revenue was $33.4 billion, up 39% and earnings per share was $3.89, up 45%, driven by disciplined execution and demand for our AI solutions. While operating in a dynamic environment, we saw a record cash flow generation and above trend capital returns for shareholders.

接下來，我將介紹本季的主要亮點。我們本季業績創下新高。第四季營收為 334 億美元，成長 39%；每股收益為 3.89 美元，成長 45%，這得益於嚴格的執行和對我們人工智慧解決方案的需求。在瞬息萬變的經營環境下，我們實現了創紀錄的現金流，並為股東帶來了高於趨勢水準的資本回報。

Now let's move to AI. We kept an already strong year with an exceptional quarter for AI, record orders and broad-based demand. In Q4, we booked $34.1 billion in AI orders, evidence that demand is accelerating as customers deploy AI at scale. We shipped $9.5 billion in AI service in the quarter. We exited Q4 with a record $43 billion at AI backlog, and our pipeline continued to grow sequentially even after converting $34.1 billion of orders, a clear sign of sustained momentum.

現在我們來談談人工智慧。我們延續了原本就強勁的業績，人工智慧業務季度表現尤為出色，訂單量創歷史新高，市場需求廣泛。第四季度，我們獲得了價值 341 億美元的人工智慧訂單，這表明隨著客戶大規模部署人工智慧，需求正在加速成長。本季我們交付了價值 95 億美元的人工智慧服務。在第四季末，我們的人工智慧積壓訂單達到創紀錄的 430 億美元，即使在轉化了 341 億美元的訂單之後，我們的訂單儲備仍然持續增長，這清楚地表明了持續增長的勢頭。

For the full year, AI orders reached $64.1 billion. Our customer base surpassed 4,000 with growth across neoclouds, sovereigns and enterprise customers, evidence that demand is broadening across all customer types. We're winning for the reasons we've outlined all year. Engineering for performance and time to market while optimizing TCO for AI workloads, deployment and installation at speed and scale, ongoing life cycle support that keeps clusters up and running and DFS financing. We're doing this with discipline. Profitability is in line with our mid-single-digit operating margin target. We like our position, the line of sight we have with our backlog and pipeline and the advantage is our scale and supply chain bring.

全年來看，人工智慧訂單達到 641 億美元。我們的客戶群已超過 4,000 家，新雲端客戶、主權客戶和企業客戶均實現了成長，證明所有客戶類型的需求都在擴大。我們獲勝的原因，正是我們全年都在闡述的原因。針對人工智慧工作負載，在優化總擁有成本的同時，進行性能和上市時間方面的工程設計，實現快速大規模的部署和安裝，提供持續的生命週期支持，確保集群正常運行，並提供 DFS 融資。我們正在以嚴謹的態度對待這件事。獲利能力符合我們中等個位數的營業利潤率目標。我們喜歡我們目前的處境，我們對積壓訂單和銷售管道的清晰了解，我們的優勢在於我們的規模和供應鏈。

Moving to traditional servers. Demand significantly outpaced supply in Q4, with strong double-digit demand growth across every region and momentum accelerated through the quarter as customers prioritize access to compute for critical workloads. We saw broad-based strength with units up, a large active buyer base and a richer mix of our 16th and 17th generation platforms as customers shifted to dense high-performance configurations. The ROI to refresh is compelling. Even at higher ASPs, customers see a 7:1 consolidation when upgrading from the 14th generation to our latest platforms.

遷移到傳統伺服器。第四季需求遠超供應，各個地區的需求均實現了強勁的兩位數成長，並且隨著客戶優先考慮對關鍵工作負載的運算能力的需求，這一成長勢頭在本季度加速。我們看到了全面的強勁表現，銷量上升，活躍買家群體龐大，隨著客戶轉向高密度高性能配置，我們的第 16 代和第 17 代平台組合也更加豐富。更新換代的投資報酬率非常可觀。即使平均售價較高，顧客從第 14 代產品升級到我們最新的平台時，也能看到 7:1 的價格整合。

The runway is substantial. A majority of the installed base remains on 14th generation or older servers, creating a significant opportunity to modernize, improve performance and lower the cost of ownership. Traditional x86 is benefiting from AI infrastructure buildouts. While many AI workloads rely on specialized GPUs, traditional compute remains essential for orchestration, data processing and inference support. As customers deploy AI, they are modernizing broader AI estates, refreshing and expanding general purpose environments.

跑道很長。目前大部分已安裝的設備仍運行在第 14 代或更早的伺服器上，這為現代化改造、提高效能和降低擁有成本創造了巨大的機會。傳統 x86 架構正受益於人工智慧基礎設施的建設。雖然許多人工智慧工作負載依賴專用 GPU，但傳統運算對於編排、資料處理和推理支援仍然至關重要。隨著客戶部署人工智慧，他們正在對更廣泛的人工智慧環境進行現代化改造，更新和擴展通用環境。

Turning to storage. Revenue was up 2% with continued outperformance from our Dell IP portfolio. We saw double-digit demand growth in Dell IP with momentum across PowerMax, PowerStore, PowerScale, ObjectScale and data protection. All-flash arrays delivered their third consecutive quarter of double-digit growth. PowerStore, our primary mid-range platform posted its seventh consecutive quarter of double-digit growth. Profitability improved, supported by our higher Dell IP mix. Lightning, our parallel file solution remains on track for general availability in the first half of the year with early customer deployments already underway.

轉到存儲部分。營收成長 2%，主要得益於戴爾智慧財產權產品組合的持續優異表現。我們看到戴爾智慧財產權的需求實現了兩位數的成長，PowerMax、PowerStore、PowerScale、ObjectScale 和資料保護等領域均呈現強勁勢頭。全快閃陣列連續第三個季度實現兩位數成長。PowerStore，我們主要的中端平台，連續第七個季度實現了兩位數的成長。獲利能力提升，這得益於我們更高的戴爾智慧財產權組合。我們的平行文件解決方案 Lightning 仍按計畫於今年上半年全面上市，早期客戶部署工作已開始。

Turning to CSG. Revenue grew 14%, and we gained share as the October momentum carried through November and December. We leaned into share and expanded our buyer base. Broadening the portfolio to reach more of the market, including the lower end of the commercial market, emerging markets, consumer and education and by targeting strategic accounts. These actions expand our installed base and position us for future refresh cycles. As we leaned into growth, we saw a higher mix of competitive large bids and customer expansion than planned.

轉向CSG。營收成長了 14%，隨著 10 月的成長動能延續到 11 月和 12 月，我們的市佔率也得到了提升。我們加大了市場份額的投入，擴大了客戶群。擴大產品組合，以涵蓋更多市場，包括低端商業市場、新興市場、消費和教育市場，並透過瞄準策略客戶來實現這一目標。這些措施擴大了我們的用戶基礎，並為未來的更新換代週期做好了準備。隨著我們加強成長力度，我們發現競爭激烈的大型投標和客戶擴張的比例高於預期。

A higher-than-normal industry channel inventory levels, which delayed price increases. We have already taken actions to address each of these. We implemented pricing moves effective January 6 to reflect our higher input costs. orders margins improved and are the basis for all new orders. We remain confident we can operate CSG within our long-term value creation profitability framework. Commercial revenue grew 16%, our sixth consecutive quarter of growth, with demand up for the eighth quarter.

高於正常水平的行業通路庫存水平，推遲了價格上漲。我們已經針對這些問題採取了相應的措施。為反映成本上漲，我們自1月6日起調整了價格。訂單利潤率有所提高，並以此為基礎制定了所有新訂單。我們仍有信心在長期價值創造獲利框架內經營煤層氣業務。商業收入成長了 16%，連續第六個季度實現成長，第八季度需求上升。

We are seeing growth across geographies, strong large enterprise demand and traction in the lower end of commercial where we set to expand. The refresh cycle remains a meaningful opportunity, given the large installed base of devices that are over 4 and 5 years old. Consumer revenue was roughly flat, with demand up for the second consecutive quarter, supported by strength in gaming.

我們看到各個地區的業務都在成長，大型企業的需求強勁，而且我們在低端商業領域也取得了進展，我們計劃在這一領域進行擴張。考慮到目前已安裝超過 4 年和 5 年的設備數量龐大，更新換代週期仍然是一個有意義的機會。消費者收入基本上持平，需求連續第二季成長，主要得益於遊戲產業的強勁表現。

Before I wrap up, a quick update on the supply chain and component costs. Across the industry, the environment remains highly dynamic with unprecedented AI demand, creating sustained supply tightness and frequent pricing resets. In Q4, we did what we said we would do. Shorter quote validity periods, more dynamic pricing and a tighter alignment between our supply chain sales and prices. We saw the benefit of this in ISG and expect it to extend to CSG. Given CSG's higher transactional volume and deal velocity, repricing to reflect multiple cost changes takes longer to flow through.

在結束之前，我快速更新供應鏈和零件成本的情況。整個產業環境依然高度動態，前所未有的 AI 需求導致供應持續緊張和價格頻繁調整。第四季度，我們實現了我們承諾的目標。更短的報價有效期、更動態的定價以及供應鏈銷售和價格之間更緊密的協調。我們在ISG中看到了這種做法的好處，並期望它能推廣到CSG。鑑於 CSG 的交易量和交易速度較高，重新定價以反映多項成本變化需要更長時間才能反映出來。

We're executing our operating model of urgency, securing supply as the first priority. Our scale, direct model, world-class supply chain and long-standing supplier relationships are real advantage and they become even more visible than periods of disruption. We are managing this environment in real time, applying lessons learned from prior cycles to improve resilience and to strengthen our position.

我們正在執行緊急應對的營運模式，將確保供應作為首要任務。我們的規模、直接模式、世界一流的供應鏈和長期的供應商關係都是真正的優勢，而這些優勢在中斷時期顯得特別明顯。我們正在即時管理這個環境，應用從以往週期中學到的經驗教訓來提高韌性並鞏固我們的地位。

In closing, FY26 as a pivotal year for Dell. We delivered record performance converted it into a record cash generation and returned significant capital to shareholders, all while building a stronger company. We executed across the portfolio. ISG is at record levels with accelerating AI demand. Traditional servers is growing sharply with demand outpacing supply. Dell IP Storage continues to outperform the market and CSG is gaining momentum with share gains in Q4.

總之，2026 財年是戴爾的關鍵一年。我們取得了創紀錄的業績，並將其轉化為創紀錄的現金流，同時向股東返還了大量資本，並創造了一家更強大的公司。我們對整個投資組合都進行了執行。隨著人工智慧需求加速成長，ISG 已達到歷史最高水準。傳統伺服器的需求正在迅速增長，遠遠超過供應。戴爾 IP 儲存持續跑贏市場，CSG 在第四季度市佔率有所成長，發展勢頭強勁。

We are operating with discipline, lower OpEx alongside meaningful double-digit revenue growth. We've made the company more agile, which is on display in this commodity environment. Bottom line, we enter FY27 with momentum, a strong backlog and pipeline and a proven operating model. I'm excited about the road ahead and proud of our team's execution.

我們以嚴謹的營運方式，在降低營運成本的同時，實現了兩位數的顯著收入成長。我們讓公司變得更靈活，這在當前的商品化環境下體現得淋漓盡致。總之，我們帶著強勁的發展動能、充足的訂單儲備和成熟的營運模式進入了 2027 財年。我對未來的道路感到興奮，並為我們團隊的執行力感到自豪。

With that, let me turn it over to David to walk through the financials and our outlook.

接下來，我將把發言權交給大衛，讓他來介紹一下財務狀況和我們的前景。

Thanks Jeff. It was a record year for Dell. And as Jeff mentioned, we're very excited about what's ahead. The team executed extremely well this quarter, delivering record revenue, EPS, and cash flow with strong returns to shareholders.

謝謝傑夫。對戴爾來說，這是創紀錄的一年。正如傑夫所說，我們對未來充滿期待。本季團隊表現出色，實現了創紀錄的收入、每股盈餘和現金流，並為股東帶來了豐厚的回報。

Total revenue was up 39% to $33.4 billion. Gross margin dollars increased 18% to $6.8 billion. Gross margin rate was slightly better than anticipated, at 20.5% and reflected a mixed shift to AI servers, with AI revenue up more than 4x year-over-year and improved profitability in storage. Operating expenses were up 5% to $3.3 billion primarily from variable compensation tied to outperformance.

總營收成長39%，達到334億美元。毛利成長18%，達到68億美元。毛利率略好於預期，達到 20.5%，反映出向 AI 伺服器的混合轉型，其中 AI 營收年增超過 4 倍，儲存業務的獲利能力也有所提高。營運支出成長 5% 至 33 億美元，主要原因是與績效優異掛鉤的浮動薪酬。

We continue to drive meaningful scale within the P&L, with OpEx down 320 bps to 9.9% of revenue. Operating income grew 32% to $3.5 billion or 10.6% of revenue primarily driven by higher revenue. Net income was up 36% to $2.6 billion primarily driven by stronger operating income. And our diluted EPS increased 45% to $3.89 a record. Moving to ISG. ISG revenue was a record $19.6 billion up 73%, marking eight consecutive quarters of double-digit revenue growth.

我們繼續在損益表中實現有意義的規模成長，營運支出下降 320 個基點至收入的 9.9%。營業收入成長 32% 至 35 億美元，佔營收的 10.6%，主要得益於營收成長。淨利潤成長 36% 至 26 億美元，主要得益於營業收入的強勁成長。我們的稀釋後每股收益成長了 45%，達到創紀錄的 3.89 美元。轉投ISG。ISG 營收創下 196 億美元的紀錄，成長 73%，連續八個季度實現兩位數營收成長。

Before I get into the categories, we are now breaking out AI server revenue from overall server and networking line, reflecting the scale of the business and growth we expect to see going forward. AI server demand remained exceptional, but records across the board. We had $34.1 billion in orders. $9.5 billion in shipments, $9 billion in revenue, and an ending backlog of $43 billion.

在深入探討各個類別之前，我們現在將 AI 伺服器收入從整體伺服器和網路產品線中分離出來，以反映業務規模以及我們預期未來將看到的成長。AI伺服器需求依然異常旺盛，各項指標均創下新高。我們獲得了價值 341 億美元的訂單，95 億美元的出貨量，90 億美元的收入，以及 430 億美元的期末積壓訂單。

In traditional server, demand improved throughout the quarter, outpacing revenue with stable profitability. Traditional server and networking revenue was $5.9 billion up 27%. Storage revenue was $4.8 billion up 2%, with strong demand across the Dell IP portfolio. Dell IP demand outpaced market growth and PowerStore remained a bright spot with 8 consecutive quarters of growth, 7 of which were double-digit.

傳統伺服器方面，本季需求持續成長，營收成長超過需求，獲利能力維持穩定。傳統伺服器和網路收入為 59 億美元，成長 27%。儲存業務收入為 48 億美元，成長 2%，戴爾 IP 產品組合的需求強勁。戴爾 IP 需求超過了市場成長速度，PowerStore 依然是一大亮點，連續 8 個季度實現成長，其中 7 個季度達到兩位數。

ISG operating income was a record $2.9 billion up 41%, marking seven consecutive quarters of double-digit growth. This was driven primarily by higher revenue. Operating margin was 14.8%, up 240 basis points sequentially. The sequential improvement was driven by scaling and strong storage profitability due to a higher mix of Dell IP.

ISG 的營業收入創下 29 億美元的紀錄，成長 41%，連續七個季度實現兩位數成長。這主要是由於收入增加所致。營業利益率為14.8%，季增240個基點。此次業績的連續提升得益於規模擴張以及戴爾知識產權佔比提高帶來的強勁存儲盈利能力。

Turning to CSG. CSG revenue was up 14% to $13.5 billion. Commercial revenue grew for the sixth consecutive quarter, up 16% to $11.6 billion while consumer revenue was roughly flat at $1.9 billion. CSG operating income was $0.6 billion or 4.7% of revenue. As Jeff mentioned, profitability reflects strategic share capture in a highly competitive market. This is building our installed base and expanding our services and attach opportunities, positioning us well for the refresh cycle ahead.

轉向CSG。CSG 營收成長 14%，達到 135 億美元。商業收入連續第六個季度成長，成長 16% 至 116 億美元，而消費者收入基本持平，為 19 億美元。CSG 的營業收入為 6 億美元，佔總收入的 4.7%。正如傑夫所說，獲利能力反映了在競爭激烈的市場中策略性地獲取市場份額。這有助於擴大我們的用戶基礎，擴大我們的服務和附加機會，使我們為即將到來的更新周期做好充分準備。

Moving to cash and the balance sheet. We delivered a record cash quarter with cash flow from operations of $4.7 billion. This was primarily driven by higher profitability and sequential revenue growth. We ended the quarter with $13.3 billion in cash and investments, up $1.9 billion sequentially. Our core leverage ratio is at 1.4x in line with our target. We returned $2.2 billion to shareholders this quarter, including repurchasing 14.9 million shares at an average price of $125 per share and paying a dividend of approximately $0.53 per share. For the year we returned $7.5 billion and repurchased roughly 54 million shares, more than double the amount of shares we repurchased in FY25.

接下來討論現金和資產負債表。我們實現了創紀錄的季度現金流，經營活動產生的現金流達到 47 億美元。這主要得益於更高的獲利能力和環比收入成長。本季末，我們持有現金和投資133億美元，比上一季增加19億美元。我們的核心槓桿率為1.4倍，符合我們的目標。本季我們向股東返還了 22 億美元，其中包括以每股 125 美元的平均價格回購 1,490 萬股股票，並支付每股約 0.53 美元的股息。本年度我們返還了 75 億美元，回購了約 5,400 萬股股票，是 2025 財年回購股票數量的兩倍多。

Looking ahead to FY27, we're raising our annual dividend by 20% to $2.52 per share, well above our long-term value creation framework. Additionally, the Board of Directors approved a $10 billion increase in our share repurchase authorization. These actions reflect our confidence in the business and our ability to generate strong cash flow in any environment.

展望 2027 財年，我們將年度股利提高 20% 至每股 2.52 美元，遠高於我們的長期價值創造框架。此外，董事會批准將我們的股票回購授權增加 100 億美元。這些舉措體現了我們對公司業務的信心，以及我們在任何環境下創造強勁現金流的能力。

Next to guidance. Looking ahead to FY27, we expect to build on a record FY26 and deliver another exceptional year. AI demand continues to accelerate, and our value proposition is resonating with customers and driving continued wins and success. This is demonstrated by $10 billion in shipments in FY25 and 150% year on year growth to $25 billion in FY26, with an exiting backlog of $43 billion.

緊隨其後的是指導。展望 2027 財年，我們預期在 2026 財年創紀錄的基礎上再創佳績，再創佳績。人工智慧需求持續加速成長，我們的價值主張引起了客戶的共鳴，並推動了我們不斷取得成功。2025 財年出貨量達 100 億美元，2026 財年年增 150% 至 250 億美元，目前積壓訂單達 430 億美元，這充分證明了這一點。

For FY27, we expect $50 billion in AI revenue, about 100% growth year-over-year. This outlook reflects the composition of our existing backlog, customer readiness, and delivery schedules. Across the rest of the business, customers are assessing their needs and priorities in an environment where component demand is outpacing supply, which is elevating input costs and extending lead times. We have price to offset these pressures, and our guidance incorporates a prudent view of second half demand while navigating this dynamic environment.

我們預計 2027 財年人工智慧營收將達到 500 億美元，年增約 100%。這項展望反映了我們現有積壓訂單的組成、客戶的準備情況以及交付計劃。在其他業務領域，客戶正在評估自身需求和優先事項，因為零件需求超過了供應，這導致投入成本上升，交貨時間延長。我們有足夠的定價策略來抵銷這些壓力，我們的績效指引也充分考慮了下半年的需求，同時兼顧了當前瞬息萬變的市場環境。

For a full year, we expect revenue of $138 billion to $142 billion, up 23% at the midpoint of $140 billion. ISG is expected to grow in the mid-40s, driven by roughly 100% growth in AI revenue. Traditional servers and storage are expected to be up mid-single-digits, with growth concentrated in traditional servers and more weighted towards the first half. CSG is expected to grow roughly 1%. Margin rate expansion remains a priority. We're maintaining pricing discipline and our transition to Dell IP storage is accretive to margins.

我們預計全年營收為1,380億美元至1,420億美元，以1,400億美元的中位數計算，年增23%。 ISG預計將成長至 40% 左右，主要得益於人工智慧收入約 100% 的成長。傳統伺服器和儲存預計將實現個位數中段的成長，成長主要集中在傳統伺服器，並且上半年成長更為顯著。煤層氣預計將成長約1%。提高利潤率仍然是首要任務。我們堅持價格紀律，向戴爾IP儲存的過渡提高了利潤率。

Excluding the impact of AI mix, our gross margin rates are up year-over-year. We expect operating expense dollars up low single-digits, delivering significant operating leverage as we continue to invest and modernize, simplifying, standardizing, automating and enhancing our operating model with AI. We expect ISG and CSG operating income rates to be at the lower end of our long-term framework, reflecting the rapid mixed shift to AI and the near term CSG margin dynamics we discussed earlier.

剔除人工智慧產品組合的影響，我們的毛利率年增。我們預計營運支出將實現低個位數成長，隨著我們繼續投資和現代化，利用人工智慧簡化、標準化、自動化和增強我們的營運模式，從而帶來顯著的營運槓桿效應。我們預計 ISG 和 CSG 的營業收入率將處於我們長期框架的較低水平，這反映了人工智慧的快速混合轉型以及我們之前討論過的 CSG 近期利潤率動態。

Operating income is expected to grow approximately 18%. INO is expected to be between $1.4 billion and $1.5 billion. Diluted non-GAAP earnings per share is expected to be $12.90 plus or minus $0.25, up 25% at the midpoint. You're seeing the operating model at work with strong EPS growth driven by significant expansion of our AI business. Growth and improving profitability across the rest of the portfolio. Meaningful OpEx scaling and EPS leverage from our share repurchase program. We're leveraging our strengths in a dynamic environment.

預計營業收入將成長約18%。INO預計在14億美元至15億美元之間。預計稀釋後的非GAAP每股收益為12.90美元，上下浮動0.25美元，中位數成長25%。您現在看到的是營運模式的運作，強勁的每股盈餘成長得益於我們人工智慧業務的大幅擴張。投資組合其餘部分實現成長並提高獲利能力。透過我們的股票回購計劃，實現營運支出的顯著成長和每股盈餘的顯著提升。我們正在動態的環境中發揮自身優勢。

For Q1, we expect revenue of $34.7 billion to $35.7 billion up 51% at the midpoint of $35.2 billion. ISG is expected to grow over 100%, supported by $13 billion of AI server revenue, and CSG is expected to be up roughly 2%. Operating expenses are expected to be down low single-digits. We expect operating income to be up roughly 60%, with sequential improvements in CSG operating income rate. We anticipate a diluted share count of roughly 664 million shares. Diluted non-GAAP earnings per share is expected to be $2.90 plus or minus $0.10, up 87% at the midpoint.

我們預計第一季營收為347億美元至357億美元，以中間值352億美元計算，年增51%。 ISG預計將成長超過 100%，這得益於 130 億美元的 AI 伺服器收入，而 CSG 預計將成長約 2%。預計營運費用將下降個位數百分比。我們預計營業收入將成長約 60%，其中煤層氣營業收入率將較上季提高。我們預計稀釋後的股份總數約為 6.64 億股。稀釋後的非GAAP每股盈餘預計為2.90美元，上下浮動0.10美元，中位數成長87%。

In closing, we delivered an extraordinary year with record revenue, EPS, cash flow, and capital returns. Revenue reached $113.5 billion up 19%. EPS grew 27% to $10.30. We generated over $11 billion in cash and returned $7.5 billion to shareholders. Our focus is clear drive durable shareholder value through consistent execution, profitable growth and robust cash generation through any cycle or environment. I'm excited about the year ahead. We have the portfolio, operating model, discipline and multiple levers to deliver growth that exceeds our long-term value creation framework. Thank you to the team for their outstanding work and thank you all for your time.

綜上所述，我們取得了非凡的一年，收入、每股盈餘、現金流量和資本回報均創歷史新高。營收達1135億美元，成長19%。每股收益成長27%至10.30美元。我們創造了超過110億美元的現金，並向股東返還了75億美元。我們的目標是透過持續的執行、獲利成長和強勁的現金流，在任何週期或環境下，為股東創造持久的價值。我對即將到來的一年充滿期待。我們擁有實現成長所需的資產組合、營運模式、紀律和多種槓桿，從而超越我們長期價值創造框架。感謝團隊的出色工作，也感謝各位抽出時間。

And now I'll turn back to Paul to begin Q&A.

現在我將把鏡頭轉回保羅，開始問答環節。

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

大衛，我們進入問答環節吧。為了確保我們能夠聯繫到盡可能多的人，請您提出一個簡潔明了的問題。接線員，我們來看第一個問題。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you, yeah, try to be concise. I did want to just follow-up on the AI servers, obviously, pretty, huge, order number there, really good performance. Just curious if you could kind of provide us a little color. Clearly given the demand backdrop, it seems like you're not really seeing any memory price impacts on that business, but I am curious as the business scales continually, it seems like you're maintaining that mid single-digit. Operating margin, which is excellent, but as we see scale and all the diversification you're talking about. Maybe you can just provide a little color on other opportunities either on the margin front or pull through of other business as that business reaches a much broader, more diversified customer base.

謝謝，是的，盡量簡潔。我當然想跟進一下 AI 伺服器的情況，很明顯，它們的規模非常龐大，效能也非常好。我只是好奇，您能否給我們一些細節資訊？顯然，鑑於市場需求，您似乎並沒有看到內存價格對該業務產生任何影響，但我很好奇，隨著業務規模的不斷擴大，您似乎一直保持著個位數的漲幅。營業利潤率非常出色，但正如您所說，規模和多元化也是關鍵。或許您可以稍微介紹一下其他機會，例如利潤率方面的機會，或是隨著業務拓展到更廣泛、更多元化的客戶群，其他業務的收益成長機會。

Yeah, Tim, I'll take the question. I mean, let's start with, we had an extraordinary quarter taking $34 billion worth of orders, and I think equally important, and we tried to call this out, the five quarter pipeline grew as well. We didn't drain it. We actually grew it, and we grew it across all customer type CSPs, sovereigns, neoclouds as we call CSPs, and enterprise.

好的，提姆，我來回答這個問題。我的意思是，首先，我們剛剛經歷了一個非凡的季度，獲得了價值 340 億美元的訂單，而且我認為同樣重要的是，我們也試圖強調這一點，五個季度的訂單儲備也增長了。我們沒有把水排乾。我們確實實現了成長，而且在所有客戶類型（CSP、主權雲端、我們稱之為 CSP 的新雲端以及企業）中都實現了成長。

Enterprise in particular, I'd call out in Q4 demand is very strong. We now have over 4,000 customers. We saw our enterprise AI business grow significantly quarter-over-quarter and very encouraging, and we're seeing AI deployed across many use cases in enterprise. So the backdrop of demand continues to be strong, and you called it out. We tried to call it out as well. We operated throughout the quarter and over the course of the year in that mid-single-digit operating income.

尤其值得一提的是，第四季企業客戶的需求非常強勁。我們現在擁有超過4000名客戶。我們看到企業人工智慧業務每季都實現了顯著成長，這非常令人鼓舞，而且我們看到人工智慧正在企業的許多用例中部署。所以需求大環境依然強勁，你也指出了這一點。我們也曾試圖指出這一點。我們整個季度以及全年的營業收入都維持在個位數的中等水準。

With what we see in front of us, there's no reason to change that. That is our guidance of where we can operate this business, and we're going to continue to grow it. It's exciting to say that we can grow it twice what it was this year. We grew orders 6 times over the previous year, and we're excited about the prospects of growth and probably a backdrop from a technology perspective as we see inference ramp. Inference is driving more tokens. Tokens drive more compute capacity and intensity, and ultimately that is good for the revenue stream of the company.

就我們眼前所見，沒有理由改變現狀。這就是我們開展這項業務的指導原則，我們將繼續發展壯大這項業務。令人興奮的是，我們今年的產量可以比今年翻倍。去年我們的訂單量成長了 6 倍，我們對未來的成長前景感到興奮，從技術角度來看，隨著推理技術的快速發展，這可能也是一個有利的背景。推理正在驅動更多令牌的產生。代幣可以提升運算能力和強度，最終有利於公司的收入成長。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Great numbers, very impressive numbers on AI servers. I wonder if you could, talk about the profitability of AI servers given the huge numbers you're posting, any change in direction versus previous quarter, and going forward, that we may anticipate given the huge upside on the top-line. And then -- and similarly I guess we'll get to this later in the call, but a little bit more explanation on how rising memory prices are impacting profitability in CSG and traditional servers would be appreciated.

數據很棒，人工智慧伺服器的數據非常驚人。鑑於您公佈的龐大數據，我想請您談談人工智慧伺服器的獲利能力，與上一季相比是否有任何方向性變化，以及考慮到營收的巨大成長潛力，我們未來可能會有哪些預期。然後——我想我們稍後會在電話會議中談到這一點——但是，如果能對記憶體價格上漲如何影響 CSG 和傳統伺服器的盈利能力做出更多解釋，那就太好了。

So two questions. The first one, I'll reemphasize what we just talked about. We maintain throughout the quarter in the guidance that David just talked about that we can operate AI at the velocity we're seeing in the mid-single-digits. We have a significant technology transition in front of us. We see our ability to work our way through that and maintain mid-single-digits. We clearly have a lot of backlog to clear with $43 billion in backlog. That backlog will ship at mid single-digits. So hopefully those are three data points of backlog, future demand, and technology transition that and in our guide that we can maintain the profitability that we've talked about.

所以，我有兩個問題。首先，我再強調一下我們剛才討論的內容。在本季度，我們將始終堅持大衛剛才所說的指導方針，即我們可以以目前看到的個位數中段速度運作人工智慧。我們面前將迎來一場意義重大的科技變革。我們相信我們有能力克服這些困難，並將失利率保持在個位數中段。我們顯然有很多積壓訂單需要清理，積壓訂單總額高達 430 億美元。積壓的訂單預計只能交付個位數左右。所以，希望我們指南中提到的這三個關於積壓訂單、未來需求和技術轉型的數據點能夠幫助我們維持我們之前討論過的獲利能力。

When we look at the other two businesses, traditional servers and CSG that you called out, I think we are operating at a high level of proficiency of changing our price as our input costs are rapidly changing. We began to change price, most notably in servers in mid December, December 10 to be specific, and we saw our margins stabilize with higher input costs coming our way.

當我們審視您提到的另外兩家企業——傳統伺服器和 CSG 時，我認為我們在應對快速變化的投入成本時，能夠有效地調整價格。我們從 12 月中旬（確切地說是 12 月 10 日）開始調整價格，尤其是在伺服器方面，隨著投入成本的增加，我們的利潤率趨於穩定。

CSG, we purposely, we were deliberate in delaying moving price because we leaned into a share position. We began that in October. We gained momentum in October, November, and December. You saw that in the share results. Our business grew 18% in a market that grew 10%. We took 100 basis points of share. We chose not to take our foot off the accelerator.

CSG，我們故意拖延價格上漲，因為我們持有股票。我們從十月就開始了。我們在十月、十一月和十二月取得了進展。你在股票交易結果中已經看到了這一點。在市場整體成長 10% 的情況下，我們的業務成長了 18%。我們獲得了100個基點的市佔率。我們選擇不鬆開油門。

We saw a change in the composition of the business in December in particular with a higher bid mix of large deals as well as acquisition pricing of new customers. We grew our customer base in CSG and then we made a price change on January 6. When we made a price change on January 6, our business normalized, margins stabilized, and they're where they need to be so we can operate within the profitability framework that we've committed to. Hope that was clear enough.

我們看到，12 月業務組成發生了變化，尤其是大型交易的競標比例增加，以及新客戶的收購定價。我們在CSG領域擴大了客戶群，然後在1月6日進行了價格調整。1月6日我們調整價格後，業務恢復正常，利潤率趨於穩定，達到了我們預期的盈利水平，使我們能夠在既定的盈利框架內運營。希望我解釋得夠清楚。

Louis Miscioscia, Daiwa.

Louis Miscioscia，大和。

Hey, thanks for taking my question and, great numbers, guys. Congratulations. If you look at traditional servers, obviously you're growing exceptionally well in the AI ones, some of our checks suggested, faster growth in in that area. So I guess I'm just trying to understand why numbers not higher for that, more into the, solid double-digit range, and are you only seeing inference deployed on AI servers and not yet as much on traditional servers?

嘿，謝謝你們回答我的問題，還有，你們的數據很棒！恭喜。如果你看看傳統伺服器，很明顯，人工智慧伺服器的成長非常出色，我們的一些檢查表明，該領域的成長速度更快。所以我想了解的是，為什麼相關數字沒有更高，沒有達到兩位數的穩定水準？你們是不是只看到推理技術部署在 AI 伺服器上，而還沒有在傳統伺服器上部署？

Louis, let me try to break that down and I'll ask for David's help on sort of the forward guide. In the quarter, I think we were very outspoken about demand outpace supply, and traditional servers grew double-digits. And we saw that across all used cases in small business, medium business, large multinationals across all geographies.

路易斯，讓我試著解釋一下，然後我會請大衛幫忙寫一份前進指南。我認為，本季我們非常明確地指出需求超過了供應，傳統伺服器實現了兩位數的成長。我們在小型企業、中型企業、大型跨國公司以及所有地區的各種應用案例中都看到了這一點。

We saw the continuation of the consolidation that we've talked about and modernization that we've talked about in traditional data centers where you get incredible efficiency upgrading old technology, for example, our 14G is converted to a 17G converts at 6:1 to 7:1, so you're getting incredible efficiencies and power, space and cooling, and that continued throughout the quarter and we're projecting that to continue into fiscal '27.

我們看到，我們一直在談論的傳統資料中心的整合和現代化進程仍在繼續，透過升級舊技術，您可以獲得驚人的效率。例如，我們的 14G 升級到 17G，轉換比為 6:1 到 7:1，因此您可以獲得驚人的效率，以及電力、空間和冷卻方面的提升。這種情況在整個季度持續下去，我們預計這種情況將持續到 2027 財年。

Additionally, we are seeing AI workloads on x86 pick up. I think that is significant, and we saw that in enterprises. A phrase that we use inside the company is AI forward. So the most advanced enterprises that are really adapting AI are moving quickly. And we saw them use that across a large number of use cases, whether that be software development, scientific computing, whether that be some of the financial trading -- traders that are using very sophisticated algorithms. We're seeing that deployed broadly as well as in some inference use cases. I'll let David take the guide.

此外，我們看到 x86 架構上的 AI 工作負載正在增加。我認為這意義重大，我們在企業中也看到了這一點。我們公司內部常用的一個字是「AI 前瞻」。因此，真正採用人工智慧的先進企業正在快速行動。我們看到他們在大量的應用場景中都使用了這項技術，無論是軟體開發、科學計算，還是金融交易——交易員使用非常複雜的演算法。我們看到這項技術得到了廣泛應用，也應用於一些推理用例中。我讓大衛帶導遊。

Yeah, so to build on that, Jeff, like you said, demand far outweighs supply in relation to the Q4 results. Q1 guide, a strong reflection, we see that momentum continuing a strong double-digit growth in Q1. We have moderated that slightly as we go into the back half of the year. There's a lot of dynamics out there as we watch the supply demand dynamics. Part of that will be us out there looking for more supply. But if this demand continues, obviously there is the potential for growth. But you're going to see in Q1, we're guiding to a particularly strong quarter similar to Q4.

是的，傑夫，正如你所說，就第四季度業績而言，需求遠遠超過了供應。第一季業績指引強烈反映出，我們看到這一勢頭將在第一季繼續保持兩位數的強勁成長。隨著下半年的到來，我們已經稍微調整了這個策略。當我們觀察供需動態時，會發現其中有許多動態因素。其中一部分工作就是我們外出尋找更多貨源。但如果這種需求持續下去，顯然就有成長的潛力。但您將會看到，在第一季度，我們預計業績將非常強勁，與第四季類似。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Clearly, you folks did not get the memo that you're supposed to miss numbers, by the way, when memory prices go up. But it's good to see these results. And I'm hoping you folks can talk about as we shift to Rubin, could you just contrast how you think the Rubin cycle plays out in '27 versus the Blackwell cycle? I'm really hoping you can touch on, A, do you think operating margins will be much more smoother through Rubin or will it have the same cadence that we saw with Blackwell? And then, B, do you think the revenue lumpiness could be less severe as you have a much more diversified customer base perhaps? So I'd love to just contrast those things. And then, David, perhaps I missed this, free cash flow expectations for fiscal '27 would be appreciated as well.

顯然，你們這些人沒有收到通知，當記憶體價格上漲時，你們應該感到惋惜。但看到這些結果令人欣慰。我希望各位能談談，當我們轉向魯賓時，你們能否對比一下你們認為魯賓的執教週期在 2027 年與布萊克威爾的執教週期有何不同？我非常希望您能談談A，您認為Rubin的營運利潤率會更加平穩嗎？還是會像Blackwell那樣波動？那麼，B，你認為隨著客戶群更加多元化，收入波動性是否會減輕？所以我很想比較一下這兩件事。還有，David，或許我錯過了，能否也提供一下 2027 財年的自由現金流預期？

Amit, on Vera Rubin, look, we're excited about the, technology that's in front of us. We have a significant technology transition to go through. There's been a lot of lessons learned from the Grace Blackwell implementations. We're expecting a smoother transition, we're expecting all of the manufacturing lessons and lessons around tests that are implemented into the next architecture to allow us to ramp up more velocity and speed. So that's -- we believe that's the case.

阿米特，關於維拉·魯賓，你看，我們對擺在我們面前的技術感到興奮。我們正經歷一場重大的技術轉型。從 Grace Blackwell 的實施中我們學到了很多經驗教訓。我們期待過渡更加平穩，我們期待所有製造經驗和測試方面的經驗都能融入下一個架構中，從而使我們能夠提高速度和效率。所以——我們認為情況就是這樣。

We have our early engineering samples. We're working with customers now on designs, very encouraged with what we're seeing thus far. When I look in terms of operating margins, the question, I guess will be consistent here. We believe we can operate in the mid-single-digits with the backlog at hand with the new orders that will take on over the course of the year, which will include Vera Rubin, and that's our outlook and guidance and what we've implied in the numbers that David has given.

我們有早期的工程樣品。我們現在正與客戶合作進行設計，目前為止我們所看到的成果令人非常鼓舞。當我從營業利益率的角度來看這個問題時，我想這個問題在這裡會是一致的。我們相信，憑藉現有的積壓訂單以及今年將要接手的新訂單（其中包括 Vera Rubin），我們可以實現個位數的中段增長率，這就是我們的展望和指導，也是 David 給出的數字所暗示的內容。

And I think it is a smoother transition. We've learned a lot. We're more enabled, more skilled. We've invested in more engineering capability. Our forward deployed engineers again are working with customers right now on advanced designs, and I like what we're doing, and I expect it to ship in the second half of the year because we know Vera Rubin is in production.

我認為這是一個更平穩的過渡。我們學到了很多。我們能力更強，技能更純熟。我們加大了對工程能力的投入。我們前線部署的工程師們現在又在與客戶合作進行先進的設計，我很喜歡我們正在做的事情，我預計它將在今年下半年交付，因為我們知道 Vera Rubin 已經投入生產。

And to touch on cash, but obviously we're coming off the back of a very strong FY26 $4.7 billion of cash flow from operations that totaled up to $11.2 billion for the full year and allowed us to maintain our commitments to our shareholders, right, to return over 80% of our adjusted free cash flow back, repurchasing over 54 million shares in the year.

說到現金，顯然我們剛剛經歷了非常強勁的 2026 財年，經營活動產生的現金流為 47 億美元，全年總計達到 112 億美元，這使我們能夠履行對股東的承諾，將超過 80% 的調整後自由現金流返還給股東，並在當年回購了超過 5400 萬股票。

And while we don't guide to cash, look, what I can say is we expect another really strong cash quote or cash year ahead. Our net income to adjust the free cash flow will be at or slightly ahead of our commitment in our long-term value creation framework. And that consistency and ability to reward the shareholders will be strong again. You can see that with our dividend commitment today. 20% growth in our dividend per share. That's the 4th year in a row of double-digit increase in our dividend per share. That with our execution on the share buyback program means we should have a very strong and stable working capital year ahead.

雖然我們不提供現金流指引，但我可以肯定的是，我們預計未來一年現金流將非常強勁。調整自由現金流後，我們的淨收入將達到或略高於我們在長期價值創造框架中所做的承諾。而這種穩定性以及回報股東的能力將會再次增強。從我們今天的分紅承諾就能看出這一點。我們的每股分紅成長了20%。這是我們的每股股息連續第四年實現兩位數成長。加上我們股票回購計畫的順利執行，意味著我們未來一年的營運資金將非常強勁穩定。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Nice execution here guys. I'll echo that. My question is on storage. It sounds like it's turning a little bit, you beat the street by a little bit 2%. And then you said, I believe that it'll grow in the mid-singles for the year and it looks like it may outgrow servers in the back half of the year. So can you just talk about what's really going on with storage, your highest margin business? Is it really turning? Is it going to be a contributor to mix in the upcoming year that allows you to keep gross margins pretty flat for the year in the tough component environment .

執行得真漂亮！我同意。我的問題是關於存儲的。聽起來好像有點變化，你比街上快了 2%。然後你說，我相信它會在今年年中單打比賽中成長，而且看起來它可能會在今年下半年超過伺服器數量。那麼，您能否談談您利潤最高的業務——倉儲業務——的真實情況呢？它真的在轉彎嗎？在當前嚴峻的零件市場環境下，這是否會成為來年產品組合的一個貢獻因素，從而使您能夠保持全年毛利率基本持平？。

Ben, look, we're excited about our storage business. Again, we're reporting that on an orders basis our Dell IP portfolio grew double-digits. That's the entire portfolio. PowerMax, PowerStore, PowerScale, ObjectScale, and our data domain platforms all grew double-digit demand, are all flash through double-digit demand. It grew in all regions and we acquired new customers.

本，聽著，我們對我們的倉儲業務感到非常興奮。我們再次報告，以訂單量計算，戴爾知識產權組合實現了兩位數的成長。這就是全部投資組合。PowerMax、PowerStore、PowerScale、ObjectScale 和我們的資料域平台的需求都實現了兩位數的成長，所有產品都迅速突破了兩位數的需求。它在所有地區都實現了成長，我們也獲得了新客戶。

PowerStore grew its eighth consecutive quarter. 7 of those, the last 7 double-digit. Half of those new customers that we're winning are new to PowerStore, and nearly 30% are new to Dell buying storage. We saw tremendous demand for our unstructured products as AI inference and AI continues to grow, grow, grow, grow, and grow.

PowerStore連續第八個季度實現成長，其中七個季度，最近七個季度的增幅均達到兩位數。在我們贏得的新客戶中，有一半是 PowerStore 的新客戶，近 30% 是戴爾儲存產品的新客戶。隨著人工智慧推理和人工智慧技術的不斷發展壯大，我們看到市場對我們的非結構化產品有著巨大的需求。

Our Dell IP portfolio is now a greater percentage of the mix year-over-year. We expect it to grow FY27 over '26. It will be a greater percentage of mix next year than this year. That's part of the profit contribution that David has outlined in our guidance. And we're entering an era in my humble opinion where architecture matters.

我們的戴爾智慧財產權組合在產品組合中所佔的比例逐年增加。我們預計2027財年將比2026財年成長。明年它在混合物中所佔的比例將比今年更高。這是大衛在我們的指導方針中概述的利潤貢獻的一部分。依我拙見，我們正進入一個建築至關重要的時代。

So where we have the leading data rate reduction 5:1 with our PowerStore product, we're going to increase customers' effective storage capacity. We're the leader there. If you take our data protection product where we have up to 75:1 compression in dedupe. We are going to help customers through this memory crisis shortage, whatever you want to call it, with advanced architectures that require fewer servers and fewer drives to back up customers' information. That architecture difference, we believe, is fuel that will continue to serve our Dell IP portfolio well in FY27.

因此，我們的 PowerStore 產品實現了 5:1 的領先資料傳輸速率降低，我們將提高客戶的有效儲存容量。我們在那邊是領導者。如果您使用我們的資料保護產品，其中重複資料刪除壓縮率高達 75:1。我們將透過先進的架構來幫助客戶度過這場記憶體危機（或者說，無論你怎麼稱呼它），這些架構需要更少的伺服器和更少的驅動器來備份客戶的資訊。我們相信，這種架構上的差異將成為推動戴爾智慧財產權產品組合在 2027 財年持續發展的動力。

I would also add there, Ben, I think -- you asked about the contribution and the margin that we see going forward. When we see it today, right, the results from Q4 illustrate that in relation to the upping performance of the ISG P&L, which was tremendous. As we look into the guidance, particularly in the back half of the year, we talked about mid-single digit between traditional server and storage. Maybe let's mention more on the traditional server side, but growth nonetheless. So I hope that helps.

我還要補充一點，本，我想──你問了我們未來看到的貢獻和利潤率。從我們今天看到的來看，第四季度的業績表明，ISG損益表的表現顯著提升。當我們研究相關指導意見時，尤其是在下半年，我們談到了傳統伺服器和儲存之間的個位數百分比差距。或許我們應該多談談傳統伺服器端，但無論如何，成長是不可避免的。希望這能有所幫助。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Really impressive guide. Jeff or David, I guess the question is, can you maybe just help us understand what kind of memory price inflation you're assuming in your 2027 outlook and -- fiscal 2027 outlook, excuse me. And since you're talking about margin rates improving year-over-year. Maybe just help us also understand what you're doing different this cycle versus past cycles to protect your profitability?

非常棒的指南。Jeff 或 David，我想問的是，你們能否幫我們理解一下，在你們的 2027 年展望中，以及——抱歉，是 2027 財年展望中，你們假設的內存價格通脹是什麼樣的。既然你提到了利潤率逐年提高的問題。或許您還能幫我們了解一下，為了保障獲利能力，您在本輪週期中採取了哪些與以往週期不同的措施？

Yes, a few questions in there. I think if you go line by line in terms of the business, so we talk CSG in relation to guidance. Our current assessment of the market is double digit, probably in around that minus 11%, minus 12% range as we look at the year ahead, probably more acute in the second half. So obviously, we believe our guide, which is 1% growth in revenue for the year ahead is a prudent guide to start with, align with a commitment to manage and maintain our margin rates within that portfolio. So you can see the difference between the units and the revenue there.

是的，裡面有幾個問題。我認為，如果從業務角度逐條分析，那麼我們就可以討論與指導相關的 CSG 問題了。我們目前對市場的評估是兩位數的跌幅，展望未來一年，跌幅可能在-11%到-12%之間，下半年可能會更加嚴重。因此，顯然我們認為，我們設定的未來一年收入成長 1% 的目標是一個謹慎的起點，這與我們致力於管理和維持該投資組合的利潤率的承諾是一致的。所以你可以看到銷售量和收入之間的差異。

We do and will take share just like we did in Q4, we'll obviously learn as we go to the price increases have been there. Costs will continue to go up. To a certain degree, we'll make quick and decisive decisions and execute. Jeff outlined earlier, the ability and the execution of the team, particularly on the server side in relation to Q4. We're already seeing the signs of that for Q1.

我們會像第四季一樣繼續搶佔市場份額，當然，我們會隨著時間的推移不斷學習，價格上漲一直都在。成本將會持續上漲。在某種程度上，我們會迅速做出果斷的決定並執行。傑夫之前概述了團隊的能力和執行力，尤其是在第四季度伺服器端的表現。我們已經看到第一季出現這種跡象。

So all the actions we discussed around time validity of quotes, moving at speed, increasing list prices, moving to discount off list pricing, limiting to little or no promotions. All of those actions are strong operational execution levers we've got to work the business as we kind of move forward into the guidance.

因此，我們討論的所有措施都圍繞著報價的有效期、加快進度、提高標價、降低標價折扣、限制促銷活動等。所有這些措施都是我們推動業務發展、實現預期目標的強而有力的營運執行槓桿。

I mean, Erik, you asked about memory assumptions. Obviously, our price is proprietary. I'm not going to share our specific percentages, but look at the spot market. I mean the spot market for a gigabit of DRAM, over the last 6 months is up nearly 5.5 times at $2.39 a gigabit. If you're to look at NAN, the cost is $0.20 a gigabyte. That's up nearly 4x over the last six months. The industry analysts have Q2 up over Q1 in a range of 20% to 50%. They have Q3, 5% to 15%. Q4, 5% to 10%.

我的意思是，艾瑞克，你問的是記憶假設的問題。顯然，我們的價格屬於商業機密。我不會透露我們的具體百分比，但請看看現貨市場。我的意思是，在過去 6 個月裡，每千兆 DRAM 的現貨市場價格上漲了近 5.5 倍，達到每千兆 2.39 美元。如果以 NAN 為例，其成本為每 GB 0.20 美元。過去六個月裡，這一數字成長了近 4 倍。產業分析師預計第二季業績將比第一季成長 20% 至 50%。他們的第三季佔比為 5% 至 15%。第四季度，5%至10%。

Those are estimates. Those are probably in ballparks where things are. So we haven't changed anything. We continue to work with our long-term partners. We've had LTAs in place. We've had capacity agreements in place. We know how to budgetary price. I mean, David's team has our best estimate of cost for Q2, Q3, and Q4 and how we're pricing deals today.

這些都是估計值。這些大概就是事情發生的大致狀況。所以我們什麼都沒改變。我們將繼續與長期合作夥伴攜手合作。我們已經制定了長期協議。我們已經簽訂了產能協議。我們知道如何控制預算價格。我的意思是，David 的團隊掌握了我們對第二季、第三季和第四季成本的最佳估算，以及我們目前的定價方式。

We're working with our memory partners to be as flexible and as agile as possible. We are working through things of how do we minimize our complexity, how do we improve our mix? How do we sell what's coming? How do we improve our designs to take whatever parts that are available. And then to answer really to maybe put the bow around this, the pricing actions. Look, we became very proficient during COVID.

我們正與我們的記憶技術合作夥伴共同努力，力求盡可能靈活敏捷。我們正在努力解決如何最大限度地減少複雜性，如何改進我們的產品組合？我們如何推銷即將推出的產品？我們如何改進設計，以便充分利用現有零件？然後，為了真正回答這個問題，或許可以為這個問題畫上一個完美的句號，那就是定價策略。你看，我們在新冠疫情期間變得非常熟練。

And all of the best practices that we learned during COVID, as I mentioned in the last call, we've put in place, and we've put in place faster. We changed the entire pricing of our server business on December 10 in a couple of days. We had tens of thousands of open quotes in the PC business. And changed them all on January 6.

正如我在上次電話會議中提到的，我們在新冠疫情期間學到的所有最佳實踐，我們都已落實到位，而且落實速度更快了。12月10日，我們在短短幾天內徹底調整了伺服器業務的定價。我們在個人電腦業務方面有數萬個未完成的報價。1月6日全部更改完畢。

This notion of we recover our cost in 2/3 of it in 90 days, we moved that quickly. That's what we learned in COVID. That's what we put in place here. So we made list price changes across the board. We've changed in our vernacular, our internal mechanisms around smart price and margin floors all changed instantaneously. We're moving to discount off list price. We're compressing discounting. Our quotes are valid for the shortest period of time they've ever been. And we're reducing promotions and all sorts of special pricing going forward.

我們以90天收回2/3成本為目標，行動非常迅速。這就是我們在新冠疫情中學到的。這就是我們在這裡採取的措施。因此，我們對所有產品的標價都進行了調整。我們的用語發生了變化，我們圍繞智慧價格和利潤底線的內部機制也瞬間發生了變化。我們將改為按標價打折。我們正在壓縮折扣。我們的報價有效期限是史上最短的。今後我們將減少促銷活動和各種特價商品。

That's what we've done. It's been in place, as I mentioned with one of the previous questions. We saw our server business stabilize with the higher input costs. You saw that in the performance of the business in ISG, which was extraordinary, and PCs we purposely. Delayed implementing that price move to stay in the hunt to take share and to drive growth which will serve us for the long run and then when we made the change on January 6, it wasn't 90 days later, it was that day we stabilized margins. I hope that helped.

我們就是這麼做的。正如我在之前的一個問題中提到的那樣，它一直都在那裡。隨著投入成本的上升，我們的伺服器業務趨於穩定。您在 ISG 的業務表現中看到了這一點，這非常出色，而 PC 是我們有意為之的。為了繼續爭奪市場份額並推動成長（這將使我們長期受益），我們推遲了價格調整的實施。然後在 1 月 6 日，我們進行了調整，不是 90 天后，而是當天我們就穩定了利潤率。希望對您有幫助。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Congrats on the amazing results. Jeff, I had a question on enterprise AI adoption. You kind of said that it's very strong in your server business. Clearly, agentic AI, long horizon agents, all of them have implications across your server, Dell AI Factory, and your storage business. I’m just wondering, is there a way to break down your AI server orders between enterprise, neoclouds, and sovereign? When do you expect enterprise AI adoption to spill over to your storage segment and probably start a new storage cycle?

恭喜取得如此優異的成績！傑夫，我有一個關於企業採用人工智慧的問題。你剛才好像說過，這在你們的伺服器業務中非常強勁。顯然，智能體 AI、長遠智能體，所有這些都對您的伺服器、戴爾 AI 工廠和您的儲存業務產生影響。我只是想問一下，有沒有辦法將您的 AI 伺服器訂單細分為企業版、新雲端版和主權版？您預期企業人工智慧的應用何時會擴展到您的儲存領域，並可能開啟新的儲存週期？

Well, of course, there’s a way to parse it. I won’t do this on the call, but we absolutely keep track of the health and growth of those three parts, our neoclouds, sovereigns, and enterprise. We try to give you a sense of the enterprise adoption with the number of customers, which is now over 4,000. We gave, I think, some breadcrumbs, if you will, around the buyer base group. It was a record quarter in enterprise revenue in Q4.

當然，有辦法解析它。我不會在電話會議上談論這件事，但我們絕對會密切關注這三個部分（即我們的新雲端、主權系統和企業）的健康狀況和發展。我們試圖透過客戶數量讓您了解企業採用情況，目前客戶數量已超過 4,000 家。我認為，我們已經向買家群體透露了一些資訊。第四季企業收入創歷史新高。

We’re seeing usage models expand. I take a look at our own company, that example that I would give. Two years ago, we deployed coding assistants, and it used some GPU capacity. Mid-last year, we started deploying agents to write the actual software with basically specifications from our software developers and architects. What we saw was an incredible need for more compute power. The amount of tokens that is required to do that well is significant. That’s just one use case in one company.

我們看到使用模式正在不斷擴展。我以我們公司本身為例來說明這一點。兩年前，我們部署了編碼助手，它佔用了一些 GPU 資源。去年年中，我們開始部署代理，根據軟體開發人員和架構師提供的規格編寫實際軟體。我們看到的是對運算能力的巨大需求。要做好這件事，所需的代幣數量相當可觀。這只是某家公司的應用案例。

What we believe is we’re seeing that broadly in the leading companies who have deployed AI and seeing their tremendous benefit and potential of this technology, that we’re going to see AI and enterprise continue to ramp. We’ll continue to give you signals of our customer expansion, the revenue going forward. I’d also just make sure that I’m very clear, the enterprise portion of our five-quarter pipeline grew and actually was the fastest-growing portion of the five-quarter pipeline. I hope that helped put some context around it.

我們相信，在廣泛部署人工智慧的領先企業中，我們已經看到了這項技術帶來的巨大好處和潛力，因此我們將看到人工智慧和企業應用繼續加速發展。我們將繼續向您通報我們的客戶拓展情況以及未來的收入狀況。我還要確保我表達得非常清楚，我們五個季度的銷售管道中的企業部分實現了成長，而且實際上是五個季度銷售管道中成長最快的部分。希望這能幫助你更好地理解這件事。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Jeff, maybe you can talk a little bit about what you’re seeing from a purchasing behavior standpoint as you’re implementing these price increases. It sounds like, you deliberately delayed your CSG price increases to take share. Obviously, indicates that that is elastic in that sense. From a server perspective, you did implement, and you’ve had some time now to look at sort of what the reaction from customers has been. I’m kind of curious to see if you’ve either seen material elasticity, both on CSG and ISG side. If you could, like, maybe put some bookmarks around that?

傑夫，或許你可以談談在實施這些提價措施的過程中，你從購買行為的角度觀察到的情況。聽起來，你是為了搶佔市場份額而故意推遲煤層氣價格上漲。顯然，這表明它在該意義上是彈性的。從伺服器的角度來看，你們已經實施了，現在你們也有一些時間來觀察客戶的回饋狀況。我很好奇你是否在CSG和ISG方面都看過材料彈性。如果你可以的話，比如說，在周圍加一些書籤？

Also, did you see any pull forward behavior, given that the expectation is that, you shorten sort of these windows of quote validity, you’re talking about continued sort of price escalation from a component standpoint? Are customers worried about supply, and is that creating any change in terms of pull forward across your portfolio? Quickly, if I could, for David, the inventory stepped up a fair amount. I’m just kind of wondering if you could break that down for us a little bit on the composition of those things.

另外，考慮到預期是縮短報價有效期，從零件角度來看，價格會持續上漲，那麼您是否觀察到任何提前報價的行為？客戶是否擔心供應問題？這是否對您的產品組合的提前購買造成了任何影響？如果可以的話，我會盡快為大衛增加庫存。我只是想問您能否稍微解釋一下這些東西的組成。

How about, David, you take the last one first because it sounds easier. I have a multifaceted question to answer.

大衛，不如你先做最後一個吧，聽起來比較容易。我有一個涉及多方面的問題需要回答。

Yeah, sure. I think, look, if you look at our cash conversion cycle, minus 32 days, that’s actually flat quarter-on-quarter, and that’s the improvement of a day year-on-year. If you think building on the expansion of our AI business and shipments that we’ve done to maintain our cash conversion cycle in that position shows the diligence that we have from a working capital perspective. We have guided to $13 billion in Q1 of AI shipments. That results in reality in February and March, we’re shipping billions of dollars of gear. Obviously, we’re positioning inventory to do that. It’s purely a function of the size and scale and growth we’re seeing in the business that we’ve got.

當然可以。我認為，你看，如果你看一下我們的現金週轉週期，減去 32 天，實際上與上一季度持平，與去年同期相比改善了一天。如果您認為我們透過擴大人工智慧業務和出貨量來維持目前的現金週轉週期，這反映了我們從營運資本角度出發的勤勉態度。我們預計第一季人工智慧產品出貨量將達到 130 億美元。這使得我們在二月和三月的實際出貨量達到了數十億美元。顯然，我們正在調整庫存佈局來實現這一點。這完全取決於我們現有業務的規模、體積和成長。

Hey Wamsi, I’m going to take a run at all the parts of that question. How are customers doing, reacting? I mean, clearly, early on, there was a wide range of emotions, as it wasn’t completely understood. There’s a dynamic that I think it’s important for me to communicate, a different reaction in PCs versus infrastructure. I’m going to talk initially about infrastructure, then I’ll pivot to PCs.

嘿，Wamsi，我打算嘗試解答這個問題的所有部分。顧客的反應如何？我的意思是，很顯然，在早期，人們的情緒非常複雜，因為當時人們對它並不完全了解。我認為有必要說明的是，個人電腦和基礎設施之間存在著不同的反應。我首先要談談基礎設施，然後我會轉向個人電腦。

In infrastructure, after the sticker shock and our customers began to understand the gravity of the situation, the conversations quickly turned to access to supply. It was not literally a light switch, but it was in pretty quick order after the emotions of price increases. It was, oh, this is real. As you know, over the course of the quarter, the understanding of this situation became better understood. Customers began to see that, and the largest customers in the world, the most sophisticated customers in the world, began to move aggressively to protect their infrastructure build-outs. We saw that over the course of the quarter in AI, and in traditional servers and in storage.

在基礎設施方面，在價格衝擊之後，我們的客戶開始意識到情況的嚴重性，討論很快就轉向了供應問題。雖然不是像開關燈一樣瞬間改變，但在價格上漲帶來的情緒影響下，這種改變發生得相當快。當時的感覺是，哦，這是真的。如您所知，在本季度中，我們對這種情況的理解逐漸加深。客戶們開始意識到這一點，而全球最大的客戶、全球最成熟的客戶，開始積極採取行動保護他們的基礎建設。在本季度，我們在人工智慧、傳統伺服器和儲存領域都看到了這一點。

PCs was a little different because you had inflated in-inventory positions in the channel, so the cost did not hit that inventory, which is another reason why we stayed in price position for growth. When we began to see it in PCs was in large bits, where they would be fulfilled over the course of the year, course over the first half, and what have you. Customers began to see the reality that this was going to be -- costs were going to go up. Depending on when you wanted product and delivery, there was an associated cost with it. And then when you started having conversations, what’s this gonna cost me in the first half versus today? You give an answer, I don’t know, it certainly heightens a buyer’s awareness, and understanding the cost today is likely better than the price it will be tomorrow, the next day, and so on.

PC 的情況略有不同，因為通路中的庫存量較大，所以成本沒有影響到這些庫存，這也是我們保持價格定位以實現成長的另一個原因。當我們開始在個人電腦上看到這種情況時，它是以大塊的形式出現的，這些部分會在一年內完成，或者在上半年完成，等等。顧客開始意識到，現實情況是──成本將會上漲。根據您需要的產品和送貨時間，會產生相應的費用。然後，當你開始討論這個問題時，你會問：上半年和今天相比，這會讓我付出多少代價？你給的答案，我不知道，當然會提高買家的意識，而且了解今天的價格可能比了解明天、後天等等的價格要好。

That clearly has driven some amount of pull-ahead. I don’t know how to quantify that. What we do know is IT budgets are generally fixed at the beginning of the year, so this pull-in is going to obviously drain those IT budgets to some degree. That’s sort of what we’ve put into our guide, our best understanding of that, and why you saw some of the numbers around our PC business and traditional server business. But clearly, technology has to be replaced.

這顯然已經推動了一定程度的領先優勢。我不知道該如何量化這一點。我們知道的是，IT預算通常在年初就已確定，因此這次撥款削減顯然會在一定程度上消耗掉這些IT預算。這就是我們在指南中闡述的內容，也是我們對這方面的最佳理解，以及為什麼你會看到我們 PC 業務和傳統伺服器業務的一些資料。但很顯然，技術終將被取代。

If budgets aren’t sufficient this year, that just means replacement cycles will be elongated and extended. I think the result over the next couple of years is we’ll see product bought early, but we’ll also see the replacement of some technology extend over time. I hope that answered the multi-parted question.

如果今年的預算不足，那就意味著更換週期將會延長。我認為未來幾年的結果是，我們會看到產品提前購買，但我們也會看到一些技術的更替會隨著時間的推移而逐漸延長。我希望這能解答這個包含多個部分的問題。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi, thanks for taking my question and congrats on the outlook as well. Jeff, maybe, just want to get sort of any more color that you can share on the AI order backlog of $43 billion. How does it break down between Blackwell and Vera Rubin and what are the implications of when some of that backlog shifts, based on the backlog mix and. You're now guiding to $50 billion of revenue on that front. How should we think about capacity? You're doubling sort of revenue, but, to the extent that demand is higher, how should we think about your ability to add capacity over time?

您好，感謝您回答我的問題，也恭喜您擁有如此美好的前景。傑夫，或許你只是想了解更多關於人工智慧訂單積壓金額高達 430 億美元的資訊。Blackwell 與 Vera Rubin 之間的工作量分配如何？根據積壓工作組合，當部分積壓工作改變時，會產生哪些影響？你現在正朝著這方面500億美元的營收目標邁進。我們該如何看待產能問題？你們的收入翻了一番，但是，如果需求更高，我們應該如何看待你們隨著時間的推移增加產能的能力呢？

So in the $43 billion backlog summit, it is predominantly overwhelmingly Grace Blackwell. There is no Vera Rubin the backlog. There is Vera Rubin in the five-quarter pipeline. The largest percentage of our five-quarter pipeline is a combination of Grace Blackwell and Blackwell, where we’re seeing a rise in x86 Blackwell in the five-quarter pipeline, driven primarily by enterprise deployment, AI being the number 1 consideration.

因此，在430億美元的積壓案件高峰會上，絕大多數人都是葛蕾絲·布萊克威爾。Vera Rubin 並沒有積壓的工作。維拉·魯賓目前在五個季度的計劃之中。在我們五個季度的銷售管道中，佔比最大的是 Grace Blackwell 和 Blackwell 的組合，其中 x86 Blackwell 在五個季度的銷售管道中呈上升趨勢，這主要是由企業部署推動的，而人工智慧則是首要考慮因素。

The second consideration that’s driving that demand in the five-quarter pipeline tends to be around some of the scientific work and some of the, as I mentioned in one of the earlier questions, some of the financial trading models and algorithms, the high-frequency traders, and using some of the x86 air-cooled solutions to meet their AI needs. I think that’s sort of the composition of both the backlog and the ability to convert that five-quarter pipeline. That is clearly our job, is to take that five-quarter pipeline and convert the potential into POs. The corresponding next part of that is we’ll go find parts to match the POs.

推動未來五個季度需求的第二個因素往往與一些科學研究以及一些（正如我在前面一個問題中提到的）金融交易模型和演算法、高頻交易員以及使用一些 x86 風冷解決方案來滿足其人工智慧需求有關。我認為這大致反映了積壓訂單的組成以及轉換這五個季度訂單的能力。很顯然，我們的工作就是將這五個季度的潛在客戶轉化為實際訂單。接下來，我們將尋找與採購訂單相符的零件。

The $50 billion guidance that we gave is the alignment of what we believe at this point in time, 4 weeks into the fiscal year, of our best understanding of our customers’ deployments and build-out of buildings and power and infrastructure, the availability of DRAM and E1.S drives and E3.S drives. Our ability to deliver that yields the $50 billion number that David gave. Leading the operational part of the organization, we’re out looking for more parts. Our job is to get those orders get converted to be able to fulfill our customers’ needs and to do that in a timely fashion. That’s what we’re working on.

我們給出的 500 億美元指導意見，是我們目前（本財年開始 4 週後）根據我們對客戶在建築物、電力和基礎設施方面的部署和建設、DRAM 和 E1.S 驅動器以及 E3.S 驅動器的可用性的最佳理解而得出的結論。我們實現這目標的能力，就能達到大衛所說的 500 億美元。作為公司營運部門的領導者，我們正在尋找更多人才。我們的工作是及時將這些訂單轉化為實際產品，以滿足客戶的各種需求。這就是我們正在努力的方向。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Also, my congrats on the quarter. I guess one just housekeeping thing. When I look at the slide deck and you talk about $9.5 billion of AI shipments, you’re now disclosing an AI revenue number that’s a little bit different, right? $8.95 billion versus $9.5 billion. Can you help me understand what that difference is, number 1?

另外，恭喜你本季業績出色。我想這只是件家事吧。當我看到幻燈片中提到 95 億美元的 AI 出貨量時，你現在公佈的 AI 收入數字卻略有不同，對嗎？89.5億美元對95億美元。第一，你能幫我理解這其中的差異嗎？

And then number 2, on the traditional server side, I’m just curious, Jeff, with all of the pricing stuff going on, it sounds like a very healthy demand backdrop. How do I take the context of mid-single-digit growth and maybe separate that between what that underpins in terms of unit growth versus what I would assume to be a pretty healthy ASP uplift environment through the course of this year?

然後是第二點，在傳統的伺服器端，我只是好奇，傑夫，考慮到所有定價方面的事情，這聽起來像是一個非常健康的需求背景。我該如何看待個位數中段的成長，並將其與單位成長所支撐的因素，以及我預期的今年整體平均售價（ASP）穩定提升的環境區分開來？

Yeah. Look, the first piece of that in relation to shipments versus revenue, normally in any given quarter, they’ll be close to the same number. It’s simply in transit. As we ship out $9.5 billion, some of that obviously would have been happening time-wise, right at the end of January. Literally just in transit, it will show up days later from a P&L perspective. Just normal run the business there in relation to that piece.

是的。你看，就出貨量與收入而言，通常情況下，在任何一個季度，這兩個數字都會非常接近。它目前仍在運輸途中。當我們發出價值 95 億美元的貨物時，其中一些顯然是在時間上發生的，就在 1 月底。其實只是在運輸途中，從損益表的角度來看，幾天後才會顯示出來。就按正常流程處理那部分業務。

On traditional servers outlook, reconciling unit growth of the industry, TRU expansion, we clearly saw TRU expansion in Q4. Customers are continuing to migrate towards our 16G and 17G server and buying them with a lot of DRAM and a lot of storage. That’s part of the consolidation play, replacing 5;1 if it’s a 16G, 7;1 if it’s a 17G. We’ll continue to see that behavior of buying servers with more CPU capability, more memory, more storage.

在傳統伺服器前景方面，考慮到行業單位成長和TRU擴張，我們清楚地看到TRU在第四季度擴張。客戶們正不斷地向我們的 16G 和 17G 伺服器遷移，並且購買這些伺服器時會配備大量的 DRAM 和大量的儲存空間。這是鞏固策略的一部分，如果是 16G，則替換為 5:1；如果是 17G，則替換為 7:1。我們將繼續看到這種購買CPU效能更強、記憶體更大、儲存容量更大的伺服器的行為。

Our best estimate in demand for units next year, or I guess the year we’re in, sorry, excuse me, in FY27, calendar '26, this units are clearly down, while TRUs are up. To reconcile the difference of that spread of prices increasing, I think what we tried to outlay in our guidance, and David can chime in here, is the uncertainty. We’re being prudent in our planning, in our guidance to you, because of the uncertainty associated with the second half. We try to put that in our best reflection in our guidance, and that’s how you can reconcile between what we talked about in Q4, that demand was out ahead of supply, double-digit growth, TRU expansion, clearly seeing that into Q1. But as we see go into the second half of the year, we’re trying to describe that uncertainty.

我們對明年（或者我猜是我們現在所處的年份，抱歉，不好意思，是 2027 財年，2026 年日曆年）的單元需求的最佳估計是，這些單元明顯下降，而 TRU 則上升。為了調和價格差距擴大帶來的差異，我認為我們在指導方針中試圖闡明的是（David 也可以補充一點），那就是不確定性。由於下半年存在不確定性，我們在規劃和向您提供指導時都採取了謹慎的態度。我們努力在指導意見中盡可能地反映這一點，這也是你如何將我們在第四季度討論的內容——需求超過供應、兩位數增長、玩具反斗城擴張——與第一季度的情況相協調的方式。但隨著我們進入下半年，我們正在努力描述這種不確定性。

And again, just to dovetail on that, again, it’s linked to the articulation. If we enter the year, we have sufficient supply to support and meet the guide that we’ve laid out. Obviously, demand is far outstripping supply right now. If that continues, like Jeff operationally said, we’ll and he’ll be out hunting for more parts to try and find that. But right now, I think it’s a good guide. We see this trend, double-digit growth for Q1, and then we’ll take care of the rest of the year as we go.

再次強調，這與發音有關。如果進入新的一年，我們有足夠的供應來支持和滿足我們制定的指導方針。顯然，目前需求遠超過供應。如果這種情況繼續下去，就像傑夫在操作層面上所說的那樣，我們和他都會出去尋找更多的零件來嘗試找到它。但就目前而言，我認為它是一份不錯的指南。我們看到了這種趨勢，第一季實現了兩位數的成長，然後我們會根據情況逐步解決今年剩餘時間的問題。

Asiya Merchant, Citi.

Asiya Merchant，花旗銀行。

If you could provide any incremental color on the attach rate that you’re seeing as you’re shipping out these AI servers, are you seeing a better attach rate, perhaps, than what you have? And any other further color on the -- on what else we can attach to those AI servers that you’re shipping?

如果您能提供一些關於您在交付這些 AI 伺服器時所看到的附加率的增量信息，例如，您是否看到了比目前更高的附加率？關於你們即將推出的那些人工智慧伺服器，還有其他什麼細節需要說明嗎？

Clearly, the attach items for us around an AI server, I think, lie in three distinct groups. Storage, and given the enterprise momentum, we’re seeing more storage with enterprise customers. Networking, our networking business continues to grow. And the third bucket would be around all of the types of services, installation, deployment services, break-fix services, which are proven to be a huge source of differentiation for us in the marketplace.

顯然，我認為，圍繞 AI 伺服器的附加項目可以分為三個不同的群組。儲存方面，鑑於企業的發展勢頭，我們看到企業客戶對儲存的需求越來越高。人脈拓展業務持續成長。第三類服務包括所有類型的服務，例如安裝服務、部署服務、故障排除服務等等，這些服務已被證明是我們市場競爭中巨大的差異化優勢。

Our ability to deploy and install these very complex customers is unmatched in the marketplace today. Our uptimes are the best in the industry, and then our ability to maintain them with Dell-badged employees on-site, taking care of any challenge, any miscue, again, is a differentiated capability that we have in the marketplace. Those are the three areas that we focus on in attach. We’re seeing continued growth and acceptance of that and we’re optimistic that will continue into FY27.

我們為這些極其複雜的客戶部署和安裝的能力在當今市場上是無與倫比的。我們的正常運作時間在業界首屈一指，而且我們還有戴爾員工在現場維護，處理任何挑戰、任何失誤，這再次體現了我們在市場上的差異化優勢。以上是我們關注的三個面向。我們看到這種趨勢持續成長並被廣泛接受，我們樂觀地認為這種趨勢將持續到 2027 財年。

Thanks, Asiya. We’ll do one more question before we have Jeff close the call.

謝謝，Asiya。在傑夫結束通話之前，我們再問一個問題。

David Vogt, UBS.

David Vogt，瑞銀集團。

Jeff, just a quick question on the structural share gains in PCs. Is it sort of the premise here that your ability to dynamically adjust price and steer demand based on your supply chain availability and your expertise relative to maybe some of the smaller competitors, puts you in a position to structurally have a better sort of CSG backdrop in fiscal '27, calendar '26, and more likely than not in fiscal 28, as we think about where you’re positioned? Is that really where you’re gonna see share gains? I’m just trying to get a sense for how you’re gonna outgrow a market that’s gonna be down double digits. I get the pricing umbrella that’s gonna happen, but just want to get a better sense for where the gains are gonna come from.

Jeff，關於個人電腦市場佔有率的結構性成長，我有個問題想請教一下。這裡的前提是，您能夠根據供應鏈的可用性和相對於一些規模較小的競爭對手的專業知識，動態地調整價格並引導需求，這使您在 2027 財年、2026 年日曆年，以及很可能在 2028 財年，在結構上擁有更好的 CSG 背景，正如我們考慮您的定位時所看到的那樣？你真的打算在那裡看到市場佔有率的成長嗎？我只是想了解一下，你們打算如何在市場出現兩位數下滑的情況下成長。我明白價格會受到一定影響，但只是想更了解收益將來自哪裡。

David, I couldn’t have said it better myself. If you look at the last industry-wide shortage, Dell excelled and took share across the board, most notably in its PC business. Our long-term relationships, supply agreements with our partners, we believe, position us to take share in all of our businesses, and in particularly, PCs.

戴維，我簡直不能同意更多了。如果回顧上一次整個行業的短缺情況，戴爾表現出色，全面搶佔了市場份額，尤其是在個人電腦業務方面。我們相信，我們與合作夥伴建立的長期關係和供應協議，使我們能夠在所有業務領域，特別是個人電腦領域，佔據市場份額。

Again, which is, again, a reinforcing point why we didn’t back off on the pricing position and the posture that we had during the quarter. We believe we are entering and changed the trajectory of the business. We had lost share for 3 years. We exited the year with tremendous momentum. You saw it in the Q4 results, 14% revenue growth. IDC number was 18% unit growth for Q4, calendar Q4, to be specific. That momentum is important to us.

這再次強調了為什麼我們沒有在定價策略和本季採取的立場上做出讓步。我們相信我們正在進入並改變行業的走向。我們曾連續三年失去市佔率。我們以強勁的發展勢頭結束了這一年。您在第四季財報中已經看到了，營收成長了14%。IDC數據顯示，第四季（具體來說是日曆年第四季）的銷量成長了18%。這股勢頭對我們很重要。

We grew customers, and we’re gonna continue to focus on driving and winning in that business. We think there is a structural share gain opportunity for us, certainly over the next couple of years, as our supply chain team has positioned us quite well. I believe we can do that in servers, and I believe we can do that in storage as well.

我們增加了客戶，我們將繼續專注於推動和贏得這項業務。我們認為，未來幾年，我們肯定有機會獲得結構性的市佔率成長，因為我們的供應鏈團隊已經為我們做好了充分的準備。我相信我們可以在伺服器上做到這一點，我也相信我們可以在儲存設備上做到這一點。

Jeff, go right ahead.

傑夫，請便。

Sure. We closed FY26, a defining year for the company, with record results and strong execution, and we are entering FY27 with clear momentum. We have tremendous AI traction entering the year with $43 billion in AI backlog. The supply environment is tight as we’ve ever seen, and input costs are moving higher. Our priorities are straightforward. First, secure supply. Next, price to protect our margin rates. You’ve seen this in ISG. CSG will follow with improvements beginning in Q1 and continuing through the year.

當然。我們以創紀錄的業績和強勁的執行力結束了對公司而言具有決定性意義的 2026 財年，並且我們帶著明顯的勢頭進入了 2027 財年。今年年初，人工智慧領域發展勢頭強勁，積壓訂單達 430 億美元。供應環境空前緊張，投入成本也不斷上漲。我們的工作重點很明確。首先，確保供應安全。接下來，價格是為了保護我們的利潤率。你在ISG中已經看過這種情況了。CSG將從第一季開始逐步改進，並持續到年底。

In Q4, our gross margin rate came in slightly better than anticipated. Excluding AI mix, we are guiding FY27 gross margin rate up on a year-over-year basis. The operating model we’ve executed for the past four decades allows us to move fast and adjust as demand evolves, with a broad portfolio and several levers at our disposal.

第四季度，我們的毛利率略優於預期。剔除人工智慧業務的影響，我們預期 2027 財年的毛利率將年增。過去四十年來，我們一直採用的營運模式使我們能夠快速行動，並隨著需求的變化而調整，我們擁有廣泛的產品組合和多種手段來應對這些變化。

Our FY27 guide reflects that. 23% revenue growth at the midpoint and 25% EPS growth, driven by the expansion of our AI business, growth and improving profitability across the rest of the portfolio, meaningful OpEx scaling, and EPS leverage from our share repurchase program. We are positioned for another record year. Thanks for your time today.

我們的 2027 財年業績指引反映了這一點。預計營收成長中位數為 23%，每股盈餘成長 25%，這主要得益於人工智慧業務的擴張、其他業務組合的成長和獲利能力的提升、營運支出的顯著成長以及股票回購計畫帶來的每股盈餘槓桿效應。我們有望迎來另一個創紀錄的年份。感謝您今天抽出時間。

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

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了。