戴爾 (DELL) 2027 Q2 法說會逐字稿

Please stand by. Good afternoon and welcome to the fiscal year 2027 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 the copyrighted property of Dell Technologies, Inc.

請稍候。各位下午好，歡迎參加戴爾科技（Dell Technologies, Inc.）2027 會計年度第二季財務業績電話會議。我想提醒所有與會者，本次電話會議依戴爾科技之要求將被錄音。本次廣播為戴爾科技（Dell Technologies, Inc.）之著作權財產。

Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. Following prepared remarks, we will conduct a question-and-answer session. (Operator Instructions) I'd like to turn the call over to Paul Frontz, Head of Investor Relations. Mr. Frontz, you may begin.

未經戴爾科技事先書面許可，禁止全部或部分轉播本資訊。在預先準備的發言之後，我們將進行問答環節。(接線員指示) 我想把電話會議交給投資人關係主管 Paul Frontz。Frontz 先生，您可以開始了。

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 review the presentation, which includes additional content to complement our discussion this afternoon.

感謝各位加入我們。今天與我一同出席的有 Jeff Clarke、David Kennedy 與 Tyler Johnson。我們的財報資料已發布於投資人關係網站，我鼓勵各位查閱這些資料。另外，也請撥冗閱讀簡報內容，其中包含補充資訊，以配合我們今天下午的討論。

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，所有提及的財務衡量指標均為非 GAAP 財務指標，包括非 GAAP 毛利率、營業費用、營業利益、淨利、稀釋後每股盈餘、自由現金流以及調整後自由現金流。

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.

上述指標與其最直接可比之 GAAP 指標的調節表，可於我們的網路簡報（web deck）與新聞稿中查閱。除非另有說明，成長百分比係指年對年變動。

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. We assume no obligation to update our forward-looking statements. Now, I'll turn it over to Jeff.

本次電話會議中與未來結果及事件相關之陳述，屬基於目前預期的前瞻性陳述。由於多項風險與不確定性，實際結果與事件可能與預測有重大差異；相關內容已於我們的網路簡報及向美國證券交易委員會（SEC）提交之文件中說明。我們不承擔更新前瞻性陳述之義務。現在我把時間交給 Jeff。

Thanks, Paul, and thanks, everyone, for joining us. Another outstanding quarter. I am proud of how our team executed across the business, delivering record revenue and record earnings per share. Revenue was $47 billion, up 58%. And earnings per share was $7.04, up 203%. These results reflect the compounding benefits of our competitive advantages, the breadth of our portfolio, and the strength of our operating model.

謝謝你，Paul，也感謝各位加入我們。又是一個表現出色的季度。我為團隊在各項業務上的執行感到自豪，我們交出創紀錄的營收與創紀錄的每股盈餘。營收為 470 億美元，成長 58%。每股盈餘為 7.04 美元，成長 203%。這些成果反映了我們競爭優勢的複利效應、產品組合的廣度，以及營運模式的強勁實力。

Our modernization efforts are driving greater efficiency and significant operating leverage, enabling us to grow earnings faster than revenue. Customers no longer see IT environment simply as cost centers, but as value drivers that enable growth, productivity, and competitive advantage.

我們的現代化轉型工作正帶來更高效率與顯著的營運槓桿，使我們能讓獲利成長快於營收成長。客戶不再僅將 IT 環境視為成本中心，而是視為能推動成長、生產力與競爭優勢的價值驅動因素。

As a result, they are expanding and reallocating budgets to support continued investment. This is creating opportunities across our portfolio from infrastructure to client devices. Our world-class supply chain and ability to serve customers across their IT environments are helping us meet more of their needs and gain share.

因此，他們正在擴大並重新配置預算，以支持持續投資。這為我們從基礎架構到用戶端裝置的整體產品組合創造了機會。我們世界級的供應鏈，以及在客戶整體 IT 環境中提供服務的能力，正協助我們滿足更多需求並提升市占。

Our deployment and service capabilities are helping customers integrate solutions across their IT environments and capture more value quickly. The proof is in our results. Over the past 12 months, we have booked more than $130 billion in AI server orders.

我們的部署與服務能力正協助客戶在其 IT 環境中整合解決方案，並更快擷取更多價值。成果已反映在我們的業績中。在過去 12 個月，我們已取得超過 1,300 億美元的 AI 伺服器訂單。

In just the past two quarters, we have generated almost as much revenue from traditional servers and networking as we have in any prior full year in company history. Storage return to growth and share gain with strong demand for Dell IP storage products and CSG revenue is growing at the fastest rate in five years. It is clear why demand for our solutions is exceeding available supply.

僅在過去兩個季度，我們來自傳統伺服器與網路的營收，幾乎已達到公司歷史上任何過去完整年度的水準。儲存業務重回成長並提升市占，戴爾自有 IP 儲存產品需求強勁；CSG 營收則以五年來最快速度成長。很明顯，市場對我們解決方案的需求正超過可供應的產能。

Our results and guidance demonstrate the strength of our position as customers enter a new era of infrastructure modernization. Customers are modernizing their data centers for both AI and non-AI workloads. And the benefits are meaningful.

我們的業績與財測顯示，當客戶進入基礎架構現代化的新時代時，我們的市場地位十分強勁。客戶正在為 AI 與非 AI 工作負載同步升級其資料中心。而其效益相當顯著。

AI is an important catalyst, but the opportunity extends well beyond AI-optimized infrastructure. AI requires modern, disaggregated architectures that keep data accessible and in motion across compute, storage and networking.

AI 是重要的催化劑，但機會遠不止於 AI 最佳化基礎架構。AI 需要現代化、可解耦的架構，使資料能在運算、儲存與網路之間保持可存取並持續流動。

It is also accelerating investment across traditional IT environments as customers seek greater performance, efficiency and resiliency. Our AI server momentum continues to accelerate. We booked $60.9 billion of AI orders in this quarter than most in our history. We are also seeing AI-related tailwinds in traditional servers and networking, along with early signs of increased storage demand as customers prepare, manage and protect growing volumes of data.

它也正在加速對傳統 IT 環境的投資，因為客戶追求更高效能、效率與韌性。我們的 AI 伺服器動能持續加速。本季我們取得 609 億美元的 AI 訂單，為公司歷史上最高之一。我們也看到 AI 相關利多帶動傳統伺服器與網路業務，同時也出現儲存需求增加的早期跡象，因客戶正準備、管理並保護日益成長的大量資料。

Deployment methods are evolving as well. On-prem and edge infrastructure offers attractive token economics for the right workloads while giving customers greater control over their data and intellectual property.

部署方式也在演進。對於合適的工作負載，本地端與邊緣基礎架構可提供具吸引力的 token 經濟性，同時讓客戶對其資料與智慧財產擁有更高的掌控度。

Our portfolio of global reach and deep customer relationships position us to help customers design, deploy the right solutions for their performance, cost and security requirements. Together, these trends are expanding our addressable market and driving demand across compute, networking storage and PCs.

我們具備全球覆蓋的產品組合與深厚的客戶關係，使我們能協助客戶設計並部署符合其效能、成本與安全需求的正確解決方案。綜合而言，這些趨勢正在擴大我們的可服務市場，並推動運算、網路、儲存與 PC 的需求。

This represents a significant long-term opportunity for us. It plays directly to our strengths and expands the value we can deliver across the entire IT environment. Now on to the results. Starting with ISG, revenue increased 89% to a record $31.8 billion with operating income of $4.8 billion and an operating income rate of 15%. In AI, demand continues to accelerate.

這對我們而言代表重大的長期機會。它直接契合我們的優勢，並擴大我們在整體 IT 環境中可交付的價值。接著談業績。先從 ISG 開始，營收成長 89% 至創紀錄的 318 億美元，營業利益為 48 億美元，營業利益率為 15%。在 AI 方面，需求持續加速。

In Q2, we booked a record $60.9 billion in AI orders and a recognized $16.4 billion in AI server revenue. We exited the quarter with a record $95 billion of AI backlog, and our pipeline continued to grow sequentially and remains multiples of our backlog, even after converting $131.7 billion into orders over the past 12 months.

第二季，我們取得創紀錄的 609 億美元 AI 訂單，並認列 164 億美元的 AI 伺服器營收。本季結束時，我們的 AI 積壓訂單達創紀錄的 950 億美元；我們的商機管線（pipeline）亦持續季對季成長，且即使在過去 12 個月已將 1,317 億美元轉為訂單之後，管線規模仍為積壓訂單的數倍。

Demand is broadening across neo clouds, sovereigns, and enterprise customers, and our customer count has surpassed 6,500. The scale and complexity of these deployments reinforce why customers choose us. AI infrastructure requires much more than assembling and delivering components.

需求正擴展至新型雲（neo clouds）、主權客戶以及企業客戶，我們的客戶數已超過 6,500 家。這些部署的規模與複雜度，再次印證客戶為何選擇我們。AI 基礎架構所需遠不只是組裝並交付零組件。

These opportunities demand significant engineering, design and deployment expertise, with some engagements requiring upwards of 50 unique designs as customers optimize for workload performance, power, cooling and the data center environment.

這些機會需要大量的工程、設計與部署專業能力；部分專案在客戶針對工作負載效能、電力、散熱與資料中心環境進行最佳化時，可能需要多達 50 種以上的獨特設計。

This complexity plays to our strength. Our engineering capabilities, broad portfolio, global supply chain and ability to deploy and support infrastructure at scale globally differentiate us, enable customers to move from design to production more quickly.

這種複雜度正好發揮我們的優勢。我們的工程能力、廣泛的產品組合、全球供應鏈，以及在全球範圍內大規模部署與支援基礎架構的能力，形成差異化優勢，讓客戶能更快從設計走向量產。

We demonstrated those capabilities again by becoming the first to ship a rack systems engineered on the NVIDIA Vera Rubin platform. The AI market is evolving rapidly, and we are focused on expanding our platforms and capabilities. Solving increasingly complex customer challenges and innovating across the infrastructure stack.

我們再次展現這些能力，成為首家出貨基於 NVIDIA Vera Rubin 平台所打造之機架系統（rack systems）的公司。AI 市場快速演進，我們專注於擴展平台與能力，解決日益複雜的客戶挑戰，並在整個基礎架構堆疊上持續創新。

With accelerating demand and a growing pipeline and differentiated capabilities, we are well positioned to capture the opportunity ahead. Moving to traditional servers, revenue was up 122% as demand remains exceptionally strong, supported by multiple vectors of growth.

在需求加速、商機管線成長以及差異化能力的支撐下，我們具備良好條件把握未來機會。接著看傳統伺服器，營收成長 122%；在多重成長動能支撐下，需求仍異常強勁。

First, a majority of our growth is coming from existing customers as they continue to refresh and modernize their data centers to support traditional workloads. Heightened security and resiliency requirements are also creating incremental demand as customers modernize their infrastructure.

首先，我們的大部分成長來自既有客戶，他們持續汰換並現代化其資料中心，以支援傳統工作負載。更高的安全與韌性要求，也在客戶升級基礎架構時帶來額外需求。

Second, we are seeing a growing trend of customers that require meaningful CPU compute capacity to support AI and agentic workflows. These workloads are creating incremental demand for traditional servers. We are executing very well against both opportunities and gaining share.

第二，我們看到越來越多客戶需要具規模的 CPU 運算能力，以支援 AI 與代理式（agentic）工作流程。這些工作負載正在為傳統伺服器帶來額外需求。我們在這兩項機會上執行得非常到位，並持續提升市占。

Over the past two quarters, we have gained more than 10 points of traditional server share and we expect to gain share again this quarter. With the majority of the installed base still on 14th generation or older servers, we see a significant and durable refresh opportunity ahead.

在過去兩個季度，我們的傳統伺服器市占提升超過 10 個百分點，且我們預期本季將再次提升市占。由於多數已安裝基礎仍使用第 14 代或更舊的伺服器，我們看到前方存在顯著且具持續性的汰換升級機會。

The strength and breadth of demand combined with our continued share gains demonstrate the competitiveness of our portfolio and the consistency of our execution. Turning to storage, revenue is up 26% as strong demand for our Dell IP portfolio translated into revenue growth and improved storage profitability.

需求的強勁與廣泛性，加上我們持續的市占提升，展現了我們產品組合的競爭力以及執行的一致性。談到儲存業務，營收成長26%，因對我們 Dell IP 產品組合的強勁需求轉化為營收成長，並提升了儲存業務的獲利能力。

Dell IP delivered another record demand growth quarter, making this our sixth consecutive quarter of demand growth above market. Demand remains broad-based. Enterprises continue to modernize their storage environments as data growth increases the importance of keeping data available and secure.

Dell IP 再度交出創紀錄的需求成長季度，使這成為我們連續第六個季度的需求成長高於市場。需求仍然相當廣泛。隨著資料成長使資料可用性與安全性的重要性提高，企業持續現代化其儲存環境。

At the same time, we are beginning to see incremental demand from AI workloads, which require customers to prepare, manage, and move increasingly large volumes of data. We saw strong growth across PowerFlex, PowerStore, PowerProtect and PowerVault with PowerStore posting double-digit demand growth for the ninth consecutive quarter. PowerScale and ObjectScale also drove another exceptional quarter in unstructured storage, which has now grown at double-digit or better for three consecutive quarters.

同時，我們開始看到來自 AI 工作負載的增量需求，這些工作負載要求客戶準備、管理並移動日益龐大的資料量。我們在 PowerFlex、PowerStore、PowerProtect 與 PowerVault 皆見到強勁成長，其中 PowerStore 連續第九個季度實現兩位數需求成長。PowerScale 與 ObjectScale 也帶動非結構化儲存再度繳出亮眼季度表現，該領域已連續三個季度達到兩位數或更高的成長。

Storage is becoming a more meaningful contributor to our growth and profitability. Dell IP continues to increase as a percentage of our storage mix and margins continue to improve, supporting overall ISG profitability. Our share gains, expanding Dell IP mix and accelerating pace of product development give us confidence in the opportunity ahead.

儲存業務正成為我們成長與獲利更具意義的貢獻者。Dell IP 持續提高其在我們儲存組合中的占比，且毛利率持續改善，支撐 ISG 整體獲利能力。我們的市占提升、Dell IP 組合占比擴大，以及產品開發節奏加快，讓我們對未來機會充滿信心。

Turning to CSG, revenue grew 20% with demand growth across all regions and verticals. Commercial revenue grew 22%, our eighth consecutive quarter of growth with demand up for the tenth quarter. Large enterprise customers continue to refresh their PC installed base, driving double-digit growth across all regions.

談到 CSG，營收成長20%，各地區與各產業別皆呈現需求成長。商用營收成長22%，為我們連續第八個季度成長，且需求已連續第十個季度上升。大型企業客戶持續汰換其既有 PC 裝機基礎，帶動各地區皆呈現兩位數成長。

More cost-sensitive customers are extending their upgrade cycles. This is increasing the number of older devices in the install base and expanding the long-term refresh opportunity for CSG. Consumer revenue was up 7%, the fourth consecutive quarter of demand growth. CSG profitability remained strong, benefiting from price discipline and greater scale.

對成本更敏感的客戶正在延長其升級週期。這使裝機基礎中較舊裝置的數量增加，並擴大 CSG 長期的汰換更新機會。消費者營收成長7%，為連續第四個季度的需求成長。CSG 獲利能力維持強勁，受惠於價格紀律與更大的規模效益。

In closing, we delivered record revenue and EPS with continued strong cash flow and record capital returned to shareholders. Our results reflect several reinforcing factors. First, infrastructure demand is growing structurally driven by data center modernization, AI adoption and attractive economics of deploying workloads on-prem.

總結而言，我們在持續強勁的現金流與創紀錄的股東資本回饋下，交出創紀錄的營收與 EPS。我們的成果反映了數個相互強化的因素。首先，基礎設施需求在結構性成長，驅動因素包括資料中心現代化、AI 採用，以及將工作負載部署於自建環境（on-prem）的具吸引力經濟性。

Second, our broad-based portfolio across AI infrastructure, traditional servers and networking, storage and PCs enable us to serve the full range of our customers' needs. And lastly, we delivered value at scale through our engineering and deployment expertise, supply chain scale and fast disciplined operating model.

第二，我們涵蓋 AI 基礎設施、傳統伺服器與網路、儲存以及 PC 的廣泛產品組合，使我們能滿足客戶各式各樣的需求。最後，我們透過工程與部署專業、供應鏈規模，以及快速且具紀律的營運模式，以規模化方式交付價值。

Our full year operating expense rate guidance. Of approximately 8% of revenue is the lowest in our company's 42-year history demonstrates the operating leverage this model can deliver. These advantages reinforce one another. They are driving growth, share gains, profitability, and cash generation.

我們對全年營業費用率的指引。約為營收的 8%，為本公司 42 年歷史最低，展現此模式可帶來的營運槓桿。這些優勢彼此相互強化。它們正推動成長、市占提升、獲利能力與現金創造。

By creating more value for our customers, we compound our advantages and create durable cash flow and long-term value for our shareholders. I'm proud of our team's performance. We entered the second half with strong momentum and cost. In our position. With that, let me turn it over to David to walk through the financials and our outlook.

透過為客戶創造更多價值，我們得以累積優勢，並為股東創造可持續的現金流與長期價值。我為團隊的表現感到自豪。我們以強勁動能與成本。在我們的定位。接下來，我把時間交給 David，請他說明財務表現與我們的展望。

Thanks, Jeff. We delivered another record quarter capping a very strong first half of the year. The team executed exceptionally well, driving record revenue, record EPS and record shareholder returns. Total revenue was up 58% to $47 billion. Gross margin dollars grew 78% to $9.9 billion. Gross margin rate was 21.1%, driven by an improvement in ISG margin rate and a higher mix of ISG revenue.

謝謝，Jeff。我們再度交出創紀錄的季度，為非常強勁的上半年畫下句點。團隊執行表現極為出色，推動創紀錄的營收、創紀錄的 EPS，以及創紀錄的股東回報。總營收成長58%至 470 億美元。毛利金額成長78%至 99 億美元。毛利率為 21.1%，主要受 ISG 毛利率改善以及 ISG 營收占比提高所帶動。

Operating expenses were up 22% to $4 billion, primarily from variable compensation tied to our outperformance. Building on last quarter, we continue to drive significant scale in the P&L with OpEx down 250 basis points to 8.5% of revenue.

營業費用成長22%至 40 億美元，主要來自與我們超越目標表現連動的變動薪酬。延續上季，我們持續在損益表上推動顯著的規模效益，營業費用率下降 250 個基點至營收的 8.5%。

Operating income grew 160% to $5.9 billion or 12.6% of revenue, driven by higher revenue, scale and price discipline across servers, storage and CSG. Net income was up 189% to $4.6 billion. Primarily driven by strong operating income. Diluted EPS increased 203% to $7.04 a record.

營業利益成長160%至 59 億美元，或占營收 12.6%，主要受更高營收、規模效益，以及在伺服器、儲存與 CSG 的價格紀律所帶動。淨利成長189%至 46 億美元。主要由強勁的營業利益所驅動。稀釋後 EPS 成長203%至 7.04 美元，創下新高。

Moving to ISG. ISG delivered record revenue of $31.8 billion, up 89%, marking the tenth consecutive quarter of double-digit or better revenue growth. AI server momentum accelerated, and we set records across the board, including $60.9 billion in orders, $16.4 billion in revenue and $95 billion in ending backlog. Traditional server and networking revenue was $10.5 billion, up 122% as demand continued to outpace supply.

接著看 ISG。ISG 繳出創紀錄營收 318 億美元，成長89%，為連續第十個季度達到兩位數或更高的營收成長。AI 伺服器動能加速，我們各項指標皆創新高，包括訂單 609 億美元、營收 164 億美元，以及期末在手訂單（backlog）950 億美元。傳統伺服器與網路營收為 105 億美元，成長122%，因需求持續超過供給。

Storage revenue was $4.9 billion, up 26%, with strong demand across the Dell IP portfolio, driving revenue growth and significant margin contribution. Dell IP storage demand has grown above market for six consecutive quarters. Unstructured storage remained one of our fastest-growing solutions with broader strength across the rest of the portfolio.

儲存營收為 49 億美元，成長26%，Dell IP 產品組合需求強勁，帶動營收成長並對毛利作出顯著貢獻。Dell IP 儲存需求已連續六個季度高於市場成長。非結構化儲存仍是我們成長最快的解決方案之一，且產品組合其餘部分也展現更廣泛的強勢表現。

ISG operating income was a record $4.8 billion, up 225%, marking the ninth consecutive quarter of double-digit or better growth, primarily driven by higher revenue across the business. Operating margin was 15%, up 620 basis points.

ISG 營業利益創紀錄達 48 億美元，成長225%，為連續第九個季度達到兩位數或更高的成長，主要由整體業務更高的營收所帶動。營業利益率為 15%，上升 620 個基點。

Looking at the key drivers of margin performance, a number of factors came together and went our way this quarter. The demand environment was strong, mix and rates were favorable and the team executed with discipline.

就毛利率表現的關鍵驅動因素而言，本季度有多項因素同時到位並對我們有利。需求環境強勁，產品組合與費率有利，團隊也以紀律執行。

While we would not expect every benefit to continue at this level, the quarter also reflects meaningful structural improvements in the business, which is reflected in our second half guidance. Looking more closely at the drivers.

雖然我們不預期每一項利多都能以此水準持續，但本季度也反映出業務中具意義的結構性改善，這也體現在我們對下半年的指引中。更深入檢視其驅動因素。

First, we are realizing the benefits of our multi-year modernization journey. That work is driving greater efficiency and strong operating leverage, resulting in significant scale. Second, storage profitability was up with a higher mix of Dell IT and rate expansion across the solutions. And third, we maintained strong operational and price discipline in the dynamic environment. Reflecting our team's strong execution and continued focus on supporting our customers.

第一，我們正實現多年現代化轉型所帶來的效益。這些工作推動更高效率與強勁的營運槓桿，帶來顯著的規模效益。第二，儲存獲利能力提升，因 Dell IT 的組合占比提高，且各解決方案的費率擴張。第三，在動態環境中，我們維持強勁的營運與價格紀律。反映團隊強勁的執行力，以及持續聚焦於支援客戶。

Turning to CSG revenue was up 20% to $15 billion. Commercial revenue grew for the eighth consecutive quarter, up 22% to $13.2 billion and consumer revenue increased 7% to $1.8 billion. CSG operating income was $1.1 billion or 7.6% of revenue, driven by pricing discipline and the benefits of scale in the P&L.

接著看 CSG，營收成長20%至 150 億美元。商用營收連續第八個季度成長，上升22%至 132 億美元；消費者營收成長7%至 18 億美元。CSG 營業利益為 11 億美元，或占營收 7.6%，主要受價格紀律與損益表規模效益所帶動。

We will continue to balance customer demand with availability of supply to drive profitable share gain. CSG remains an integral part of the business. It provides scale across our supply chain and manufacturing, completes our end-to-end portfolio with the essential productivity device. Is our most capitally efficient business.

我們將持續在客戶需求與供應可得性之間取得平衡，以推動具獲利性的市占提升。CSG 仍是業務不可或缺的一部分。它為我們的供應鏈與製造提供規模，並以關鍵生產力裝置完善我們端到端的產品組合。是我們資本效率最高的業務。

Together, these strengths make CSG a significant source of cash generation and helps fund growth across Dell and capital returns to our shareholders. Moving to cash and the balance sheet, we delivered another strong cash quarter with cash flow from operations of $2.2 billion and adjusted free cash flow of $8.1 billion. This is primarily driven by sequential revenue growth and higher profitability.

綜合而言，這些優勢使 CSG 成為重要的現金創造來源，並有助於資助 Dell 的成長以及對股東的資本回饋。接著看現金與資產負債表，我們本季度再度繳出強勁的現金表現，營運活動現金流為 22 億美元，調整後自由現金流為 81 億美元。這主要由營收的季增成長與更高的獲利能力所驅動。

We returned an all-time record $4.3 billion to shareholders this quarter, including repurchasing 9.5 million shares at an average price of $401 per share and paying a dividend of approximately $0.63 per share. This acceleration in shareholder return up $2.2 billion quarter-on-quarter, reflects our agility and commitment to capital deployment as we generate more significant adjusted free cash flow as well as our confidence in our long-term value creation.

本季我們向股東返還了創歷史新高的 43 億美元，其中包括以每股平均 401 美元回購 950 萬股，並支付每股約 0.63 美元的股利。相較上一季，股東回饋加速增加 22 億美元，反映出在我們產生更可觀的調整後自由現金流之際，對資本配置的敏捷性與承諾，以及我們對長期價值創造的信心。

We ended the quarter with $14.2 billion in cash and investments, up $0.2 billion sequentially, and our core leverage ratio is at 0.8 times. Overall, our strong cash generation and healthy balance sheet, further validated by positive credit rating actions during the quarter. Provide significant flexibility to invest in the business and continue returning capital to shareholders.

本季末我們的現金與投資為 142 億美元，較前一季增加 2 億美元，核心槓桿比率為 0.8 倍。整體而言，我們強勁的現金創造能力與健全的資產負債表，並在本季獲得信用評等正向調整進一步驗證。這為我們投資業務並持續向股東返還資本提供了顯著的彈性。

Turning to guidance. We've had a strong first half of the year and we expect the second half to be stronger. The momentum we've seen continues and we are raising our expectations across every line of business. Our second half gross margin rate outlook has improved over the past 90 days. And we continue to drive significant operating leverage and scale.

接著談展望。我們上半年表現強勁，並預期下半年會更強。我們所看到的動能持續延伸，因此我們上調了各條業務線的預期。過去 90 天內，我們對下半年毛利率的展望有所改善。同時我們持續推動顯著的營運槓桿與規模效益。

For Q3, we expect revenue to be $49 billion at the midpoint, up roughly 80% year-on-year. We expect ISG to grow roughly 145%, supported by $19 billion in AI server revenue. CSG revenue is expected to be up roughly 15%. Operating expenses are expected to be down low single digits sequentially. Operating income is expected to grow roughly 120%.

就第三季而言，我們預期營收中位數為 490 億美元，年增約 80%。我們預期 ISG 將成長約 145%，其中包含 190 億美元的 AI 伺服器營收支撐。CSG 營收預期年增約 15%。營運費用預期較前一季小幅下降（低個位數）。營業利益預期成長約 120%。

We expect ISG operating income rate to be up just over a point year-over-year even as AI server revenue more than triples year-over-year. We expect CSG operating income rate to moderate to roughly 6% as we balance demand, share and profitability.

我們預期 ISG 的營業利益率將較去年同期提升略高於 1 個百分點，即使 AI 伺服器營收年增超過三倍。我們預期 CSG 的營業利益率將趨於溫和至約 6%，以在需求、市占與獲利能力之間取得平衡。

We anticipate a diluted share count of approximately 651 million shares. Diluted non-GAAP earnings per share is expected to be $6.50, up over 150% at the midpoint. For the full year, we are raising our revenue guide by $25 billion to $192 billion at the midpoint, up roughly 70%, with diluted non-GAAP EPS of $25.50, up approximately 150%. We expect ISG to grow roughly 120%, driven by AI server revenue up 3 times year over year to $74 billion.

我們預估稀釋後股數約為 6.51 億股。稀釋後非 GAAP 每股盈餘（EPS）預期為 6.50 美元，中位數年增超過 150%。就全年而言，我們將營收指引上調 250 億美元至中位數 1,920 億美元，年增約 70%；稀釋後非 GAAP EPS 為 25.50 美元，約成長 150%。我們預期 ISG 將成長約 120%，主要由 AI 伺服器營收年增 3 倍至 740 億美元所帶動。

We expect traditional servers to grow just over 100%, storage up in the mid-teens and CSG revenue to grow in the mid-teens. Excluding the mix impact of AI servers, gross margin rate are up year-over-year. Our modernization efforts are paying off, simplifying, standardizing, automating and enhancing our operating model with AI.

我們預期傳統伺服器成長略高於 100%，儲存業務成長約在十幾個百分點中段，CSG 營收成長亦在十幾個百分點中段。若排除 AI 伺服器組合影響，毛利率較去年同期上升。我們的現代化努力正在見效，透過 AI 簡化、標準化、自動化並強化我們的營運模式。

Delivering significant operating leverage with operating expenses to be approximately 8% of revenue, the lowest level in the company's 42-year history. With gross margin improvement and the benefits of significant scale, operating income is expected to grow approximately 120% with over 2 points of rate improvement year-over-year.

我們帶來顯著的營運槓桿，營運費用預計約占營收的 8%，為公司 42 年歷史最低水準。在毛利率改善與顯著規模效益的帶動下，營業利益預期成長約 120%，且營業利益率較去年同期提升超過 2 個百分點。

I&O is expected to be between $1.4 billion and $1.5 billion. Diluted non-GAAP earnings per share is expected to be $25.50, up approximately 150% at the midpoint. In closing, we've delivered another exceptional quarter capping our record first half of the year.

I&O 預期介於 14 億至 15 億美元之間。稀釋後非 GAAP 每股盈餘預期為 25.50 美元，中位數約成長 150%。最後，我們再度交出卓越的一季，為創紀錄的上半年畫下句點。

Over the past two quarters, revenue was $90.8 billion, up 71%. EPS grew 208% to $11.90. We generated record cash flow from operations of $6.3 billion and returned an all-time record $6.3 billion to shareholders. The team executed exceptionally well across the business.

過去兩季營收為 908 億美元，成長 71%。EPS 成長 208% 至 11.90 美元。我們創下 63 億美元的營運現金流紀錄，並向股東返還創歷史新高的 63 億美元。團隊在各項業務的執行表現都非常出色。

The second quarter provided further evidence that AI momentum is accelerating with $60.9 billion in orders, $16.4 billion in revenue and a backlog approaching $100 billion. At the same time, traditional servers. Storage and CSG all contributed, reinforcing the breadth and balance of our portfolio.

第二季進一步證明 AI 動能正在加速：訂單達 609 億美元、營收 164 億美元，積壓訂單接近 1,000 億美元。同時，傳統伺服器。儲存與 CSG 也都有所貢獻，強化了我們產品組合的廣度與均衡性。

Beyond the numbers, I would highlight the operating discipline. The modernization work we've invested in over several years is showing up in scale, in margin structure and in our ability to execute in a dynamic supply environment. We're entering the second half from a position of strength, and we'll continue to balance growth with discipline to drive long-term shareholder value.

除了數字之外，我想特別強調營運紀律。我們多年來投入的現代化工作，正體現在規模、毛利結構，以及我們在動態供應環境中執行的能力。我們以強勢姿態進入下半年，並將持續在成長與紀律之間取得平衡，以推動長期股東價值。

You are seeing the compounding benefits of our durable competitive advantages, differentiated operating model and operational discipline. We're excited about the second half and confident in our long-term value creation. Thank you to the team for their execution and thank you all for your time today. Now I'll turn it back to Paul to begin Q&A.

各位正在看到我們持久競爭優勢、差異化營運模式與營運紀律所帶來的複利效益。我們對下半年感到振奮，並對長期價值創造充滿信心。感謝團隊的卓越執行，也謝謝各位今天撥冗參與。接下來我把時間交還給 Paul，開始問答。

Thanks, David, and 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 with the first question.

謝謝你，David，我們開始進行問答。為了確保能讓盡可能多的各位提問，請每位只問一個精簡的問題。我們先從第一個問題開始。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Yes. Thanks a lot. Good afternoon, everyone, and congrats on a really nice sprint here. I want to spend some time on the non-AI part of ISG. And if I look at a traditional server growth of 122% was actually faster than AI compute, and storage grew 26% as well.

是的。非常感謝。各位下午好，也恭喜你們這段時間衝刺得很漂亮。我想花點時間談談 ISG 中非 AI 的部分。如果我看傳統伺服器成長 122%，其實比 AI 運算還快，而儲存也成長了 26%。

I think a worry folks will have is this driven by a combination of pricing and pre-buys rather than real demand? So I don't know if you can spend some time just talking about what do you think is driving this demand and if there's a way to think about pricing versus demand versus share gains and really any cut on what workloads or use cases that you see this infrastructure going into and the durability of it would be helpful. Thank you.

我想大家會擔心，這是否是由定價與提前採購（pre-buys）的組合所驅動，而不是真實需求？所以我不確定你是否能花點時間談談，你認為是什麼在驅動這些需求，以及如何看待定價 vs. 需求 vs. 市占提升；另外，這些基礎設施主要投入哪些工作負載或使用情境，以及其持續性（durability），若能分享會很有幫助。謝謝。

Sure, Amit. Let me try a little bit. So if you look at traditional servers and what we're seeing, which is the vast majority of the growth that we saw in the quarter. It's a consistent theme that I think we talked about last quarter. One, there's a modernization in the data center. That modernization continues to drive consolidation. It is increasing space, driving power efficiency, cooling, and it's obviously driving demand.

當然，Amit。我先嘗試說明一下。如果你看傳統伺服器以及我們所看到的情況——這是本季我們看到的成長中占絕大多數的部分。這是一個一致的主題，我想我們上季也談過。第一，資料中心正在進行現代化。這種現代化持續推動整併。它提升空間利用、推動電力效率與散熱，並且顯然帶動需求。

And demand for new servers that have more cores, new servers that have more DRAM, and new servers that have more storage in them as we consolidate an aged install base. Secondly, that's probably the next big opportunity for us. As much as we've modernized and to give you a sense that it's not an end near or it's a one-time thing, we still have 1.2 million assets that are 14G or older in the installed base.

而對新伺服器的需求——具備更多核心的新伺服器、具備更多 DRAM 的新伺服器，以及在我們整併老舊已安裝基礎（install base）時，內建更多儲存的新伺服器。第二，這可能是我們下一個最大的機會。即使我們已做了許多現代化，為了讓你了解這不是即將結束或一次性的事情，我們在已安裝基礎中仍有 120 萬項資產是 14G 或更早的世代。

They have to be upgraded. They're going to have to be consolidated with new technology, whether it's our 17G and the consolidation ratios are six to eight to one, or our new 18G that will begin shipping next month where we see consolidation rates in the 12 to 14 servers per new 18G server. That is going to happen. And a forcing function is going to be the security environment that we live in today.

它們必須升級。它們將必須以新技術進行整併，不論是我們的 17G（整併比率為 6 到 8 比 1），或是我們新的 18G（將於下個月開始出貨），我們看到每一台新的 18G 伺服器可整併 12 到 14 台舊伺服器。這件事一定會發生。而其中一個推動因素，將是我們今日所處的資安環境。

So we think about what's happening in the world of security and driving increased resilience and new requirements like post-quantum cryptography coming online, old infrastructure has to be updated. And then increasingly, we're seeing enterprises drive AI workloads, specifically agentic workloads. I know your question was specifically the non ones, but it's complemented by growth there. In storage, we see a very similar dynamic.

因此我們會思考在資安領域全球正在發生什麼事：為了提升韌性，以及像後量子密碼學這類新的要求開始上線，舊有基礎設施必須更新。接著，我們也愈來愈看到企業推動 AI 工作負載，特別是代理式（agentic）工作負載。我知道你的問題特別是問非 AI 的部分，但 AI 那邊的成長也形成互補。在儲存方面，我們看到非常類似的動態。

We have the dynamic of our products are very competitive in the marketplace. Data continues to grow. So regardless of the inflationary environment that exists, more data is being created on the planet at the edge and data centers in the cloud. And that data has to be stored. It has to be encrypted and protected. And those are the opportunities that we see, which is why we believe.

我們的產品在市場上非常有競爭力，這是一個重要動態。資料量持續成長。因此不論目前存在的通膨環境如何，地球上在邊緣端與雲端資料中心都在產生更多資料。而這些資料必須被儲存。也必須被加密並受到保護。這些就是我們看到的機會，也因此我們相信。

Our Dell IP portfolio has a pretty significant tailwind. Think about it, I think if we blend Q1 and Q2 together, we grew storage 17% in the first half of the year. We continue to see our Dell IP storage growing ahead of the market for six consecutive quarters on a demand basis. We could run off a bunch of fun numbers. PowerStore has now grown 10 consecutive quarters in a row.

我們的 Dell IP 產品組合有相當顯著的順風。想想看，如果把 Q1 和 Q2 合在一起，我們上半年儲存業務成長了 17%。我們持續看到 Dell IP 儲存以需求為基礎，連續六個季度的成長都領先市場。我們可以列出一堆很有趣的數字。PowerStore 現在已經連續 10 個季度成長。

We have PowerScale five quarters in a row, ObjectScale four quarters in a row, Data Domain three quarters in a row, our all flash array have grown now 10 quarters in a row. So there is inherent demand. Our products are more competitive, and we're seeing that play out in the marketplace from the largest enterprise customers down to small and medium-sized businesses.

PowerScale 連續 5 個季度成長、ObjectScale 連續 4 個季度成長、Data Domain 連續 3 個季度成長，我們的全快閃陣列也已連續 10 個季度成長。因此存在內生性的需求。我們的產品更具競爭力，而我們也看到這點在市場上反映出來，從最大的企業客戶一路到中小企業皆然。

And then there, there's also the opportunity to grow with AI, which is driven by agents and KV Cache and new techniques in the AI world. I hope that helps.

此外，還有隨著 AI 一起成長的機會，這是由代理（agents）、KV Cache，以及 AI 世界中的新技術所驅動。希望這能有所幫助。

And maybe to add, Jeff, I think it's part of the durability of that growth and demand. Again, we see as part of our guide our second half growth rates maintaining what you've seen in the first half. So Jeff mentioned the 17% growth in storage, pretty similar mid-teens for the second half. We'll continue to guide to traditional server growing triple digits, again, for the second half as we drive that through.

另外補充一下，Jeff，我認為這也是那種成長與需求之耐久性的一部分。同樣地，我們在指引中看到，下半年成長率將維持你在上半年看到的水準。因此 Jeff 提到儲存成長 17%，下半年也會是相當類似的十幾％中段（mid-teens）。我們也會持續指引傳統伺服器在下半年維持三位數成長，並推動其落地。

So we continue to see pipelines build. We continue to see the use cases that Jeff mentioned. And it all points to a more broad-based, more durable ecosystem.

因此我們持續看到管線在建立。我們也持續看到 Jeff 提到的使用案例。而這一切都指向一個更廣泛、更具耐久性的生態系。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Hey, guys. Thanks. And I'll echo pretty impressive quarter and guide there. Wanted to ask about a little longer-term. Your partner in AI servers talked about growing 70% next year in overall revenue. You guys are growing faster than that. Your backlog just surged and you also have these CPU racks.

嗨，各位。謝謝。我也同意，這一季以及你們給出的指引都相當令人印象深刻。我想問一個稍微更長期一點的問題。你們在 AI 伺服器方面的合作夥伴談到明年整體營收將成長 70%。你們的成長速度比那還快。你們的積壓訂單剛剛大幅攀升，而且你們也有這些 CPU 機櫃（racks）。

That are new adding to traditional servers. So would you be willing to, should you grow kind of in line with NVIDIA for next year? You guys are really part of the ACIE segment they have. Do you see that kind of growth rate in your future or anything you want to kind of say about your long-term growth rate given it's so much better than expected would be appreciated. Thanks.

這些是新增的，並且加到傳統伺服器之上。所以你們是否願意（或是否應該）在明年以某種方式與 NVIDIA 的成長大致同步？你們確實是他們所稱 ACIE 部門的一部分。你們是否看到這樣的成長率會出現在你們的未來？或是鑑於你們的長期成長率遠優於預期，有沒有什麼想說的？將不勝感激。謝謝。

Thanks, Ben. Look, I think if you anchor in on our second half trajectory, building on the last question, you can see we like the position in relation to the durability that we see in the demand. We see it across the portfolio, and that's giving us tremendous leverage. As we continue to grow, that scale that we get in the P&L, again, offers us the opportunity to continue to find scale and growth in the business.

謝謝你，Ben。我認為如果你把焦點放在我們下半年的走勢上，延續上一題，你會看到我們喜歡目前的位置，因為我們看到需求具有耐久性。我們在整個產品組合都看得到這點，而這給了我們非常大的槓桿。隨著我們持續成長，我們在損益表（P&L）上取得的規模效益，也再次讓我們有機會在業務中持續擴大規模並推動成長。

The second half growth, which is 68%, is pretty much a mirror image to the first half, 71%. And it's obvious we're seeing signs where the data center is turning in from this cost center approach to a value creator. And the ecosystem and the enterprise customers that we're seeing are starting to embrace that. There's lots of complexity in execution.

下半年的成長是 68%，幾乎是上半年 71% 的鏡像。而且很明顯，我們看到資料中心正從「成本中心」的思維轉向「價值創造者」。我們所看到的生態系與企業客戶也開始擁抱這個轉變。執行上有很多複雜性。

I think right now, really keen to execute a strong second-half. Continue that great momentum as we go through the second half of the year. I think we'll be in a great position at that point and we'll continue to look for the growth going forward.

我認為現在我們非常專注於把下半年執行得很強。在下半年一路延續這股強勁動能。我認為到那個時點我們會處於非常好的位置，並且會持續尋求未來的成長。

And then maybe some more context around that. Our five quarter pipeline grew sequentially. That's after booking $131.7 billion of orders over the past four quarters. I think that gives you a sense of what's happening today. And then if I look at the longer-term trends. I know you're a believer of this, but as we see it, Agentic demand is reshaping the data center and the underlying infrastructure.

再補充一些背景。我們的五季管線（pipeline）較前一季成長。這是在過去四個季度累計簽下 1,317 億美元訂單之後的結果。我想這能讓你感受到當下正在發生什麼。如果我再看更長期的趨勢。我知道你是這個觀點的支持者，但就我們所見，代理式（agentic）需求正在重塑資料中心與其底層基礎設施。

Inference is past training and is pure demand in our industry. We think the tokens that Inference drives is going to grow 87 times the 3,600 quadrillion tokens by 2030. Training demand grows 5 times to 850 zettaflops by 2030.

推論（Inference）已經超越訓練，並且在我們產業中成為純粹的需求來源。我們認為推論所驅動的 token 數量，到 2030 年將成長到 3,600 千兆兆（quadrillion）token 的 87 倍。訓練需求到 2030 年將成長 5 倍，達到 850 zettaflops。

Enterprise Agentic is expected to be the single largest workload by 2028. We're expecting AI to be 75% of all data center demand by 2030, adding 200 gigawatts of power over that same time frame. And half of that, we believe, is right in our sweet spot with our customers, the neo cloud sovereigns and enterprises.

企業級代理式（Agentic）預期在 2028 年成為單一最大的工作負載。我們預期到 2030 年，AI 將占所有資料中心需求的 75%，並在同一期間新增 200 吉瓦（gigawatts）的電力需求。其中一半，我們相信正落在我們與客戶的甜蜜點：新型雲端主權（neo cloud sovereigns）與企業客戶。

And if you look at that math, we think the opportunity in front of us is more than $1 trillion over that time frame, and we believe we're well positioned. We believe that our model is differentiated, that our engineering is differentiating ourselves with every customer that we interact with, the scale of our deployment capabilities is unmatched globally.

如果你看這個數學，我們認為在那段期間我們面前的機會超過 1 兆美元，而我們相信自己具備良好布局。我們相信我們的商業模式具差異化；我們的工程能力也在與每一位互動的客戶中持續拉開差距；我們的部署能力規模在全球無人能及。

We believe what we're doing on the support side is equally important, helping customers ramp getting to that first token faster than anyone else and then keeping it running. And then the DFS component that we have to help customers in that bridge point from an order to that first token is something that we believe is differentiating us and we're going to continue to focus on that.

我們也相信我們在支援端所做的同樣重要：協助客戶加速上線，比任何人都更快達到第一個 token，並且讓系統持續穩定運行。此外，我們的 DFS 組成要素，能協助客戶在從下單到產出第一個 token 的銜接點上順利跨越；我們相信這是我們的差異化所在，並會持續聚焦於此。

And then if you believe that demand is there, it drives more servers in the agentic workload, and it drives more data around that agentic workload, growing each of those areas for us as well.

而如果你相信需求確實存在，它就會在代理式工作負載上帶動更多伺服器需求，也會帶動圍繞該代理式工作負載的更多資料流動，進而讓我們在這些領域也同步成長。

Mark Newman, Bernstein.

Mark Newman，Bernstein。

Thanks very much. Congrats again on the fantastic numbers. A few more details on the huge strength you're seeing in both traditional and AI servers. First of all, for traditional servers, this has been traditionally almost all enterprise customers. And I believe you're lumping in these CPU racks, the agentic AI servers. That are CPU racks in there, I believe.

非常感謝。再次恭喜你們出色的數字。我想再深入一些你們在傳統伺服器與 AI 伺服器兩者上所看到的巨大強勁表現。首先，對於傳統伺服器，過去幾乎全部都是企業客戶。而我相信你們把這些 CPU 機櫃、也就是代理式 AI 伺服器，納入其中。我理解那裡面包含的是 CPU 機櫃。

Is this traditional server category still almost all enterprise, or are you seeing a portion of that from, say, neoclouds or CSPs? And then similarly for the AI server customer mix, both revenue and orders. I know majority in the past has been near clouds or Tier 2 CSPs.

這個傳統伺服器類別目前仍幾乎全部來自企業客戶嗎？還是你們也看到其中一部分來自例如新型雲端（neoclouds）或 CSP？另外，AI 伺服器的客戶組合方面，不論是營收或訂單。我知道過去大多數是近端雲（near clouds）或第二級（Tier 2）CSP。

Is that still the same? I wondered if you could give us any hints in terms of the relative growth rate between enterprise versus other larger customers in the AI server mix because previously. You said enterprise had been growing faster, and I just wondered if that is still the case given the huge step up, particularly in the orders. Thanks very much.

那仍然是一樣的嗎？我想請問您能否就 AI 伺服器組合中，企業客戶相對於其他大型客戶的相對成長率給我們一些提示，因為先前您提到企業端成長更快，我只是想確認在這次大幅躍升、特別是訂單大增的情況下，是否仍然如此。非常感謝。

You bet. Mark, traditional server, the 122% growth, it's primarily our historical enterprise customers. I'd stress demand outstrips supply. Demand was even greater than the results that we published there. We are supply constrained. But demand is from our traditional enterprise customers.

當然。Mark，傳統伺服器的 122% 成長，主要來自我們歷史上的企業客戶。我要強調的是需求大於供給。需求其實比我們公布的結果還要更高。我們受到供應限制。但需求來自我們傳統的企業客戶。

That's where the vast majority of the workloads are. That's where the modernization is occurring. That's where the aged install base is. That's where the heightened awareness around security and resiliency has been driving demand. I introduced last quarter that we are beginning to see.

絕大多數的工作負載都在那裡。現代化轉型也正在那裡發生。老舊的既有裝機基礎也在那裡。對安全性與韌性的高度關注正在推動需求，也是在那裡。我在上季提到，我們開始看到。

And AI servers. And when I talked about that, and it would be the same that happened this past quarter, that there are neo clouds buying that. Some of our high frequency trader customers are buying those types of servers as well as very advanced in their AI deployments, our largest and most sophisticated enterprise customers.

以及 AI 伺服器。當我談到那點時，而這一季發生的情況也相同，就是有新型雲端（neo clouds）在採購這些。我們的一些高頻交易（HFT）客戶也在購買這類伺服器；此外，還有在 AI 部署上非常先進、規模最大且最成熟的企業客戶。

So vast majority of that 122% growth are traditional customers across all segments, all geos. AI servers are beginning to show up with that set of customers, which is exciting to see. That grew quarter over quarter. It grew across neoclouds. It grew across our HFT customers as well as our enterprise customers.

因此，這 122% 成長的絕大部分來自各細分市場、各地區的傳統客戶。AI 伺服器也開始在這群客戶中出現，看到這點令人振奮。它在季度間成長。它在新型雲端客戶中成長。它在我們的 HFT 客戶以及企業客戶中也都成長。

So that's exciting to see. And then the mix inside our traditional AI business is exciting. And something that we've talked about, and I think we mentioned in our remarks, we now have more than 6,500 customers buying Dell AI Factory. 3,300 of them have happened in the last three quarters. It took us eight quarters to get to the first 3,200.

所以看到這點很令人振奮。接著，我們傳統 AI 業務內部的組合也很令人振奮。我們一直在談的一件事，而且我想我們在談話重點中也提到：目前已有超過 6,500 家客戶在購買 Dell AI Factory，其中 3,300 家發生在最近三個季度。我們花了八個季度才達到最初的 3,200 家。

That acceleration is enterprise. Enterprise customers grew quarter over quarter, year over year. Repeat buyers grew quarter over quarter and year over year. Enterprise revenue grew quarter over quarter and year over year. And the pipeline of enterprise customers grew sequentially as well. So we are seeing more enterprise customers.

這個加速來自企業端。企業客戶在季度間、年對年都成長。回購客戶在季度間、年對年也成長。企業營收在季度間、年對年都成長。企業客戶的管線也呈現連續成長。因此我們看到更多企業客戶。

The mix didn't necessarily change because we are still winning on the sovereign side as well as the large neo cloud side. But the momentum with enterprise, that's measured by number of customers. The number of customers that are buying repeatedly is all up and the indicators are strong.

組合不一定有改變，因為我們在主權（sovereign）端以及大型新型雲端端仍持續勝出。但企業端的動能，是以客戶數量來衡量。重複購買的客戶數量全面上升，各項指標都很強勁。

And they tend to buy more storage and they tend to buy more networking when they engage with us, a more complete solution. I hope that helped.

而且當他們與我們合作時，通常會購買更多儲存，也會購買更多網路，形成更完整的解決方案。希望這有幫助。

And we'll take a question from Katherine Murphy. (technical difficulty)

接下來我們請 Katherine Murphy 提問。(技術問題)

With regulatory requirements about how long that's got to be retained and what the protection policies are with that. So you have another new source of growth for storage. You see the same happening with KV cache and how it's being used and driving more efficient inference.

關於法規要求必須保留多久，以及相應的保護政策是什麼。因此，儲存又多了一個新的成長來源。你也看到同樣的情況發生在 KV cache，以及它如何被使用並推動更高效率的推論。

So we see multiple new lines or new paths for storage growth in our businesses. If we think about this across. And Agentic workloads as we head towards physical AI and what's going to happen in manufacturing and IoT sensors and robotics, which drive tremendous amounts of multimodal unstructured data, or for likes to call it unstructured repositories. There's a lot of structured data in databases. The growth of that is immense and we actually see it accelerating, not slowing down.

因此我們在業務中看到多條新的路徑或新的成長線，帶動儲存成長。如果我們從整體來看。以及當我們邁向實體 AI 時的代理型（Agentic）工作負載，還有製造業與 IoT 感測器、機器人將發生的事情，這些都會產生大量多模態的非結構化資料，或如有人喜歡稱之為非結構化資料庫（repositories）。資料庫中也有大量結構化資料。其成長幅度非常巨大，而且我們實際上看到它在加速，而不是放緩。

And that bodes well for someone that's in the storage business, which we absolutely are, and equally important in the data business. And how do we start helping customers with forms of data management? We talk about this internally around creating a data semantic layer, a layer of intelligence that helps make something of all of that data to feed the AI engines to make sure that they can actually produce something even more worthwhile to help the agents be more efficient, et cetera, to help training. That virtuous cycle we believe is just starting.

這對於從事儲存業務的公司非常有利，而我們確實就是；同樣重要的是，我們也在資料業務中。那我們要如何開始協助客戶進行各種形式的資料管理？我們內部談到要建立一個資料語意層（data semantic layer），一個智慧層，協助從所有資料中萃取意義，餵給 AI 引擎，確保它們能產出更有價值的成果，讓代理更有效率等等，也有助於訓練。我們相信這個正向循環才剛開始。

And as we understand it today, we're very optimistic about the growth of storage going forward in the AI world. And we're positioned quite well across all of our storage assets. We protect data. We store all forms of data. And as we build more of our data automation platform, we think about our data management work. I think we have a huge opportunity to grow and to be even more important to our customers as their data needs grow.

以我們目前的理解，我們對 AI 世界中未來儲存的成長非常樂觀。而且我們在所有儲存資產上都具備相當好的布局。我們保護資料。我們儲存各種形式的資料。隨著我們打造更多資料自動化平台，我們也在思考資料管理方面的工作。我認為我們有很大的成長機會，並且能在客戶資料需求成長時，對他們變得更加重要。

Asiya Merchant, Citi.

Asiya Merchant，花旗（Citi）。

Great. Thanks for taking my question and great results here. Can I just ask a little bit about supply? Jeff, I know you mentioned supply constraints. Maybe if you can just help us understand where the supply constraints, have anything changed from the last quarter?

很好。謝謝讓我提問，也恭喜這次的好成績。我想稍微問一下供應方面。Jeff，我知道你提到供應受限。也許你可以幫我們理解一下供應限制在哪裡，和上季相比有沒有任何變化？

Clearly, some of the component makers are talking about supply agreements that have been signed. How do you think about your supply going ahead and what we should think about where some of the incremental supply constraints are perhaps relative to last quarter in order to meet the demand durability that you're talking about even going into next year?

顯然，一些零組件製造商正在談論已簽署的供應協議。你如何看待未來的供應情況？以及我們應該如何思考，為了滿足你所談到、甚至延續到明年的需求韌性，相較於上季可能新增的供應限制會在哪些地方？

You [betcha]. How I think about supply, as I'm often reminded by our sales force, it's not enough. So we are doing everything we can to get more supply. In today's environment, that's a very difficult task. What we've been doing is, I think, optimizing the bits and bytes that we have coming in. Whether that be with configuration, that be building match sets to maximize the output of the corporation out of the factories.

你[當然]。我對供應的看法是，正如我們的銷售團隊常提醒我的：還不夠。所以我們正在盡一切努力取得更多供應。在當前環境下，這是一項非常困難的任務。我們一直在做的，我認為，是把進來的各種 bits and bytes 做最佳化。不論是透過配置，或是建立配套組合（match sets），以最大化工廠的產出。

Our ability to increase guidance by the $25 billion is a direct reflection of our ability to optimize what's coming in, shaping demand, planning it accordingly, and getting it out the door. One of the things that we did. Earlier this year as we saw the PC market showing signs of softening in the second half, we optimized the bits and bytes we have towards the infrastructure business.

我們能把財測上調 250 億美元，直接反映了我們有能力去最佳化進料、引導需求、據此規劃，並把產品出貨。我們做的一件事是。今年稍早，當我們看到 PC 市場在下半年出現走弱跡象時，我們把手上的 bits and bytes 最佳化，轉向基礎設施業務。

There's a lead time associated with that. We're working through that lead time, which is part of why the second half looks a little better. We've been able to realize greater shipments as a result of that. The constraints remain the same. DRAM, followed by NAND.

這當中有一段交期（lead time）。我們正在消化這段交期，這也是為什麼下半年看起來會好一些。因此我們得以實現更高的出貨量。限制因素仍然相同。DRAM，其次是 NAND。

We have spotty CPU shortages. There are shortages with disk drives. If you go further down in the supply chain, just about every product going through a leading node is constrained. But churn nodes that are building MOSFETs, power ICs, microcontrollers, drivers are constrained. There are shortages of ABS substrate, T-glass, all of which we monitor. There are shortages in optical.

我們也有零星的 CPU 短缺。硬碟也有短缺。如果你再往供應鏈下游看，幾乎所有採用先進製程節點（leading node）的產品都受到限制。但用於製造 MOSFET、電源 IC、微控制器、驅動器的成熟製程節點也受到限制。ABS 基板、T-glass 也有短缺，這些我們都在監控。光學元件也有短缺。

AI supply chain is working red line all out to build CDUs, power racks. Welcome to the life of a supply chain person at Dell. This is what we do, chasing parts, we love it, trying to optimize the outcomes for the company. I think we've done largely a good job of that with the second half guide up and we'll continue to focus on trying to get more supply and take the supply we have and optimize the output.

AI 供應鏈正全力以赴、踩著紅線在建置 CDU 與電源機櫃。歡迎來到戴爾供應鏈人員的日常。這就是我們在做的事：追零件，我們熱愛這件事，並努力為公司把結果最佳化。我認為我們在這方面大致做得不錯，因為我們上調了下半年指引；我們也會持續專注於爭取更多供給，並把現有供給的產出最佳化。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Hi, guys. This is Michael Tsvetanov. On behalf of Aaron, thanks so much for letting me ask the question. I wanted to ask on the storage business, obviously very strong. Within that, you mentioned several solidly performing double IP portfolio products, one of which I wanted to ask about is Lightning.

嗨，各位。我是 Michael Tsvetanov。我代表 Aaron，非常感謝讓我提問。我想問儲存業務，顯然表現非常強勁。在其中，你提到幾個表現穩健的雙位數 IP 產品組合產品，其中我想問的是 Lightning。

How is that contributing at this point? And kind of what level of attach are you seeing to those cloud AI server deals?

它目前的貢獻如何？以及在那些雲端 AI 伺服器交易中，你們看到的搭售（attach）比例大概是多少？

Well, lightning our parallel file system, sorry, parallel file system designed for native AI use cases. We continue to have the product out in the field. We continue to see interest. It's still a relatively new product. It's in beta at several customers. We're in runoffs against other competitors with the product that will continue. And as it builds momentum, I'm certain we'll give you an update in the future. But that's where lightning is at the moment.

嗯，Lightning 是我們的平行檔案系統，抱歉，是為原生 AI 使用情境所設計的平行檔案系統。我們持續把產品推向市場。我們也持續看到市場興趣。它仍是一個相對新的產品。目前在幾個客戶那裡處於 beta 測試。我們也正用這個產品與其他競爭對手進行競標，這會持續下去。隨著它累積動能，我相信未來我們會再向各位更新。但目前 Lightning 的狀況大致如此。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Hi, guys, and congrats on the results here. And thanks for the question. Maybe can you guys and I know you guys kind of talked about the traditional business here in length, but maybe just curious if we break down the growth that you're seeing on the traditional server and storage side between volume and pricing.

嗨，各位，恭喜這次的業績。也謝謝讓我提問。也許你們可以——我知道你們已經很詳細談過傳統業務——但我想了解一下，如果把你們在傳統伺服器與儲存端看到的成長拆開來看，量與價各自的貢獻如何。

Relative to your earlier view, how much of the upside is coming from each of those vectors? And maybe more importantly, as you think about going forward in the momentum. You're seeing in the business, how are you thinking about headroom for customers to keep on digesting these higher prices and are you in your customer discussions, are you starting to see any pushback there?

相較於你們先前的看法，上修的部分各有多少是來自這兩個向量？也許更重要的是，當你們展望未來的動能——你們在業務上看到的動能——你們如何看待客戶持續消化這些較高價格的空間？在與客戶的討論中，你們是否開始看到任何反彈？

Parsing servers and storage by revenue and growth. Let me try. So if I look at servers and what we're seeing in traditional servers, we're seeing again this notion of modernization that's driving higher core count, more DRAM and more storage, those products are those configurations are part of this modernization or consolidation and they continue to grow rapidly.

把伺服器與儲存按營收與成長拆解。我試著回答。如果我看伺服器，以及我們在傳統伺服器看到的狀況，我們再次看到所謂的現代化趨勢，推動更高核心數、更多 DRAM 與更多儲存；這些產品、這些配置屬於現代化或整併的一部分，且仍在快速成長。

They cost more than they did last quarter and the quarter before and the quarter before. So there's a notion of inflation inside our growth. But the underlying demand for the technology is significant. I think about the new use cases, that's all new use cases, all new growth, which is being driven by agentic AI. Essentially running the harness if that makes sense.

它們的成本比上季、再上季、再上季都更高。所以我們的成長中確實有通膨的成分。但對這項技術的底層需求非常顯著。我想到新的使用情境，那些都是全新的使用情境、全新的成長，主要由代理式 AI（agentic AI）所驅動。本質上是在跑整套流程（如果這樣說得通的話）。

And we continue to be optimistic about the prospects. Again, demand outran supply last quarter, demand outran supply this quarter. The pipeline remains robust. David just gave an update on guidance of the server business, which is very healthy. And clearly there's a component of that driven by the price increases as our input costs continue to go up.

我們仍對前景保持樂觀。同樣地，上季需求超過供給，這季需求也超過供給。管線仍然強勁。David 剛剛更新了伺服器業務的指引，狀況非常健康。而且很明顯，其中一部分是由於投入成本持續上升所帶來的價格上調所驅動。

Storage is a very similar story as I think I mentioned to one of the earlier questions. As we see a ramp down of our partner IP portfolio, it's being offset by more units in our Dell IP portfolio that come with higher revenue and higher margin rates.

儲存的故事非常類似，正如我在前面某個問題中提到的。當我們看到合作夥伴 IP 產品組合逐步下滑時，會由我們 Dell IP 產品組合中更多的出貨量所抵銷，而這些產品帶來更高的營收與更高的毛利率。

We're seeing a greater use of our storage products in AI applications which is good to see most notably with our. Unstructured products which had unprecedented growth again, but I rattled off a bunch of numbers earlier about every category of our traditional or core Dell IP portfolio growing multiple quarters now.

我們看到儲存產品在 AI 應用中的使用增加，這點很令人振奮，尤其是我們的——非結構化產品再次出現前所未有的成長；不過我先前已經快速報了一串數字，說明我們傳統或核心 Dell IP 產品組合的每個類別都已連續多季成長。

The Dell IP stack has grown six consecutive quarters now ahead of the marketplace. We expect to take share again. And clearly, some of that is uplifted by the increased cost of the underlying material. Our software-defined products are doing well in the storage portfolio, which is incremental business for us. So I hope that gave some color.

Dell IP 堆疊已連續六季領先市場成長。我們預期會再次取得市占。而且很明顯，其中一部分也受到基礎材料成本上升的推升。我們的軟體定義產品在儲存產品組合中表現良好，這對我們而言是增量業務。希望這些能提供一些脈絡。

Thanks. And we'll take one more question before we go to a close.

謝謝。在結束前我們再接受最後一個問題。

David Vogt, UBS.

David Vogt，瑞銀。

Great. Thanks, guys, for squeezing me in. Maybe for Jeff and David, can you help us understand sort of the long-term margin differentials as customers modernize to next-gen servers off of older generation servers like 14 on the way to like 17G, 18G? And how much of the margin uplift that you're seeing in ISG.

很好。謝謝各位讓我插隊提問。也許請 Jeff 和 David 幫我們理解一下，當客戶從舊世代伺服器（例如 14 代）現代化到下一代伺服器（例如 17G、18G）時，長期毛利率差異大概會是什麼樣子？以及你們在 ISG 看到的毛利率提升有多少——

Comes from a like for like margin lift as we modernize data centers versus sort of your efficiency improvements and scale economics that you're seeing just for more volume going through the supply chain. Thanks.

是來自資料中心現代化帶來的同品同規（like-for-like）毛利率提升，相對於你們因供應鏈更多出貨量所帶來的效率改善與規模經濟？謝謝。

Yeah, I mean, if you look at our Q2 results here, ISG upping at 15 points, obviously tremendous performance. Jeff outlined it earlier, the number one driver here is a scale conversation. Given the growth that we're seeing and accelerated growth that we're seeing.

是的，我的意思是，如果你看我們這裡的 Q2 結果，ISG 上升了 15 個點，顯然是非常出色的表現。Jeff 先前已經概述過，這裡的第一大驅動因素是規模的議題。鑑於我們看到的成長，以及我們看到的加速成長。

That for the iQIYI business was a driver of just over 400 basis points. For the full year guide, it's worth over 650 basis points. You see the leverage that we can adopt into the ecosystem. Outside of that, you then, as you do your storage growth, and again, as we drive that 13% guide, our 15% guide, excuse me, for the full year.

這對 iQIYI 業務而言，帶來了略高於 400 個基點的貢獻。就全年指引來看，價值超過 650 個基點。你可以看到我們能在生態系中導入的槓桿。除此之外，接著當你推動儲存成長時——同樣地，當我們推動全年 13% 的指引、抱歉，是 15% 的指引——

That $2.5 billion of incremental storage is a huge drag in terms of revenue dollars that we push through. As you look at our guide for the second half of the year then for ISG, you'll see it's up over a point in the second half, and you'll see it grow from Q3 to Q4 also, even with the expansion of AI, which is over 3 times growth year on year at the $74 billion guide.

那 25 億美元的增量儲存，從我們推動的營收美元角度來看，是一個巨大的推力（drag）。再看我們對下半年 ISG 的指引，你會看到下半年上升超過 1 個點，而且你也會看到它從 Q3 到 Q4 仍會成長，即便 AI 擴張——在 740 億美元指引下，年增超過 3 倍——也在進行中。

So all of that's kind of contributing to a robust portfolio, and then across the rest of the portfolio, it's really about mix, product mix, geo mix, and just traditional execution, pricing discipline, and operational rigor across our supply chain engineering and sales teams.

所以這些都在共同促成一個強健的產品組合；而在其餘產品組合方面，主要就是組合：產品組合、地區組合，以及傳統的執行力、定價紀律，還有我們供應鏈工程與銷售團隊在營運上的嚴謹度。

All right, we'll move it over to Jeff to close this out.

好，我們把時間交給 Jeff 做結語。

Sure, thanks Paul. Thanks everyone for joining us today. Our advantages are compounding, our adjustable opportunity is expanding. And our differentiated operating model is delivering significant leverage with our full-year OpEx rate at a 42-year low. We raised our full-year guide by $25 billion to $192 billion with $25.50 of EPS.

好的，謝謝 Paul。謝謝各位今天加入我們。我們的優勢正在疊加，我們可調整的機會正在擴大。我們差異化的營運模式正在帶來顯著槓桿，全年 OpEx 比率降至 42 年來最低。我們將全年指引上調 250 億美元至 1,920 億美元，EPS 為 25.50 美元。

We are optimistic about a stronger second-half and the momentum we carry into next year. Thanks, everyone, for your time today.

我們對更強勁的下半年以及延續到明年的動能感到樂觀。謝謝各位今天撥冗。

That does conclude today's conference. We do thank you for your participation and have an excellent day.

今天的會議到此結束。感謝各位的參與，祝各位有美好的一天。