戴爾 (DELL) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2023 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. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. (Operator Instructions)

下午好，歡迎參加戴爾科技公司 2023 財年第二季度財務業績電話會議。我想通知所有參與者，本次電話會議應戴爾科技公司的要求進行錄音。此廣播是 Dell Technologies Inc. 的版權財產。未經 Dell Technologies 事先書面許可，禁止對全部或部分信息進行任何重新廣播。 （操作員說明）

I'd now like to turn the call over to Rob Williams, Head of Investor Relations. Rob, you may begin.

我現在想將電話轉給投資者關係主管 Rob Williams。羅布，你可以開始了。

Thanks, everyone, for joining us. With me today are Jeff Clarke, Chuck Whitten and Tom Sweet. Our earnings materials are available on our IR website, and I encourage you to review our presentation which includes rich content to complement our discussion this afternoon. Guidance will be covered on today's call.

謝謝大家加入我們。今天和我在一起的是 Jeff Clarke、Chuck Whitten 和 Tom Sweet。我們的收益材料可在我們的 IR 網站上找到，我鼓勵您查看我們的演示文稿，其中包含豐富的內容，以補充我們今天下午的討論。今天的電話會議將提供指導。

During this call, unless otherwise indicated, all references to financial measures refer to non-GAAP financial measures, including non-GAAP revenue, gross margin, operating expenses, operating income, net income and earnings per share. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and 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 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 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，否則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收入、毛利率、運營費用、營業收入、淨收入和每股收益。這些措施與其最直接可比的 GAAP 措施的對賬可以在我們的網絡平台和新聞稿中找到。除非另有說明，否則增長率指的是同比變化。本次電話會議中與未來結果和事件相關的陳述是基於當前預期的前瞻性陳述。由於存在許多風險和不確定性，實際結果和事件可能與預測的結果和事件存在重大差異，這些風險和不確定性在我們的網頁版和 SEC 文件中進行了討論。我們不承擔更新我們的前瞻性陳述的義務。

During the call today, Jeff will recap Q2, including the current demand and supply chain environments. Chuck will cover CSG and ISG operating performance, and Tom will cover our financial results and guidance.

在今天的電話會議中，傑夫將回顧第二季度，包括當前的需求和供應鏈環境。 Chuck 將負責 CSG 和 ISG 的運營業績，Tom 將負責我們的財務業績和指導。

Now I'd like to turn it over to Jeff.

現在我想把它交給傑夫。

Hello, everyone. Thanks for joining us. In Q2, we executed well and delivered strong financial results despite a rapidly changing and challenging macro environment. We also advanced our long-term strategy, growing the core while innovating for our customers and enabling their opportunities in the data era. We delivered record Q2 revenue of $26.4 billion, up 9%, with growth in both CSG and ISG. And diluted EPS was $1.68, up 14%. Our differentiated business model and execution enabled us to outperform in the segments we serve. And in calendar Q2, we gained PC share and expect to gain share in server and storage when IDC releases Q2 results.

大家好。感謝您加入我們。在第二季度，儘管宏觀環境瞬息萬變且充滿挑戰，我們仍執行良好並交付了強勁的財務業績。我們還推進了我們的長期戰略，在為客戶創新的同時發展核心，並在數據時代為他們創造機會。我們的第二季度收入達到創紀錄的 264 億美元，增長 9%，CSG 和 ISG 均實現增長。攤薄後每股收益為 1.68 美元，增長 14%。我們差異化的業務模式和執行使我們在所服務的細分市場中表現出色。在日曆 Q2 中，我們獲得了 PC 份額，並希望在 IDC 發布 Q2 業績時獲得服務器和存儲份額。

I'd like to take a couple of minutes and talk about the macros that provides important context for our remarks today. Since we last spoke in late May, our view of the demand environment through the back half of FY '23 has changed. The demand environment slowed and pushed to the right over the course of the quarter, particularly in CSG. We saw a decline in PC demand as we went through the quarter with higher ASPs, partially offsetting a unit decline. Our supply chain execution was excellent throughout the quarter, and we were able to offset the CSG demand weakness with backlog reduction in CSG.

我想花幾分鐘時間談談為我們今天的評論提供重要背景的宏。自從我們上次在 5 月下旬發表講話以來，我們對 23 財年下半年的需求環境的看法發生了變化。需求環境在本季度放緩並向右移動，特別是在 CSG 方面。我們看到 PC 需求下降，因為我們經歷了更高的 ASP 季度，部分抵消了單位下降。我們的供應鏈執行在整個季度都非常出色，我們能夠通過減少 CSG 積壓來抵消 CSG 需求疲軟。

We saw ISG demand while still growing slow and pushed throughout the quarter. The Q2 and second half macro dynamics have become more challenging as customers are taking a more cautious view of their needs given the uncertainty. We have responded swiftly by managing inventories down and reducing our expenditures.

我們看到 ISG 需求在整個季度仍然增長緩慢並受到推動。第二季度和下半年的宏觀動態變得更具挑戰性，因為鑑於不確定性，客戶對他們的需求採取了更加謹慎的態度。我們通過降低庫存和減少支出做出了迅速的反應。

Now let me turn to the supply chain and innovation. Like Q1, we are still seeing shortage of parts and embedded integrated circuits, including power supplies and mix. ISG backlog, particularly servers, remains elevated. PC backlog is now at normal levels as Q2 PC shipments significantly outpaced demand and the portfolio is on standard lead time across the board. On the cost front, we expect modest deflation in aggregate component costs in Q3, while logistics rates are beginning to decline. Our strength in ASPs over the last year have been a result of richer configurations and product mix, but the lower cost environment could have an impact.

現在讓我談談供應鍊和創新。與第一季度一樣，我們仍然看到零部件和嵌入式集成電路短缺，包括電源和混合。 ISG 積壓，特別是服務器，仍然很高。 PC 積壓現在處於正常水平，因為第二季度 PC 出貨量大大超過了需求，並且產品組合全面處於標準交貨時間。在成本方面，我們預計第三季度總組件成本將適度通縮，而物流費率開始下降。去年我們在 ASP 方面的優勢是由於更豐富的配置和產品組合，但較低的成本環境可能會產生影響。

Turning to innovation. We are proud of the significant advances we have made in the first half of the year developing new solutions for our customers. Expanding our multi-cloud ecosystem and delivering new cloud experiences that include all major public clouds, Project Alpine, which brings our enterprise-class data services into public clouds for bursting, test and development, cloud-based analytics and data and container mobility. The largest release in PowerStore history and the new PowerMax OS 10 software deliver more than 500 new Dell storage software advancements that help customers deliver faster insights, achieve better multi-cloud data control and increase cyber resiliency.

轉向創新。我們為今年上半年在為客戶開發新解決方案方面取得的重大進展感到自豪。擴展我們的多雲生態系統並提供新的雲體驗，包括所有主要的公共雲 Project Alpine，它將我們的企業級數據服務帶入公共雲，用於突發、測試和開發、基於雲的分析以及數據和容器移動性。 PowerStore 歷史上最大的版本和新的 PowerMax OS 10 軟件提供了 500 多項新的戴爾存儲軟件改進，可幫助客戶提供更快的洞察力，實現更好的多雲數據控制並提高網絡彈性。

New APEX offerings like Dell APEX Cyber Recovery Services that extend beyond storage, compute and data protection and deliver APEX as a full stack solution. And in CSG, we continue to deliver new commercial devices for our hybrid world, including the Latitude 9330, the world's first laptop with a collaboration touch pad.

戴爾 APEX 網絡恢復服務等新的 APEX 產品超越了存儲、計算和數據保護，並將 APEX 作為一個完整的堆棧解決方案提供。在 CSG，我們繼續為我們的混合世界提供新的商業設備，包括 Latitude 9330，這是世界上第一台帶有協作觸摸板的筆記本電腦。

We also recently celebrated 25 years of precision innovation, driving many industry firsts along the way. I actually led the workstation business when we launched Precision, so I'm particularly proud of this 1 in our #1 position worldwide. As we've highlighted, we're also innovating in strategic growth areas like telecom, and I'd like to provide a few examples of our progress in this important area. In May, we announced that we joined forces with T-Mobile to make it easier for enterprises and government customers to embrace 5G. T-Mobile's 5G private mobile network combined with Dell's edge computing technologies will bring customers the power of 5G connectivity on-premise where they need it.

我們最近還慶祝了 25 年的精密創新，一路上推動了許多行業第一。實際上，當我們推出 Precision 時，我領導了工作站業務，因此我特別為我們在全球排名第一的這個 1 感到自豪。正如我們已經強調的那樣，我們也在電信等戰略增長領域進行創新，我想提供一些我們在這一重要領域取得進展的例子。 5 月，我們宣布與 T-Mobile 聯手，讓企業和政府客戶更容易擁抱 5G。 T-Mobile 的 5G 專用移動網絡與戴爾的邊緣計算技術相結合，將為客戶在他們需要的地方提供 5G 連接的強大功能。

In June, DISH marked a major milestone in building the world's most advanced cloud-native 5G Open RAN network. They now offer 5G broadband service to over 20% of the U.S. population on a cloud-native network built on Dell's open IT infrastructure, software and services. As we think about the second half of the year, we remain focused on what we can control: execution, relative performance, prudent cost management and delivering for our customers and shareholders like we did during Q2. What we have shown over the years is regardless of the environment, we are agile and built to outperform.

6 月，DISH 標誌著構建全球最先進的雲原生 5G Open RAN 網絡的重要里程碑。他們現在在基於戴爾開放 IT 基礎設施、軟件和服務的雲原生網絡上為超過 20% 的美國人口提供 5G 寬帶服務。當我們考慮下半年的時候，我們仍然專注於我們可以控制的事情：執行、相對績效、審慎的成本管理以及像我們在第二季度所做的那樣為我們的客戶和股東提供服務。多年來，我們所展示的是，無論環境如何，我們都是敏捷的，並且旨在超越。

Now let me turn it over to Chuck.

現在讓我把它交給查克。

Thanks, Jeff. We delivered strong financial results and excellent relative performance in CSG and ISG while managing the shifting demand dynamics as the quarter progressed. Starting with CSG. We delivered record Q2 revenue of $15.5 billion, up 9%, with operating income at 6.3% of revenue. Consistent with our Q1 commentary, commercial continues to fare better than consumer. Commercial revenue grew 15%, while consumer revenue declined 9%. An important measure of our success in any market environment is relative performance, and we again drove differentiated share results. We gained over 200 basis points of worldwide PC unit share and over 100 basis points of display share in calendar Q2 according to IDC. We have now gained PC unit share in 34 of the last 38 quarters. And in commercial PCs, our focus on the most profitable segment of the market, we gained over 300 basis points of unit share in calendar Q2 to claim the #1 spot worldwide.

謝謝，傑夫。我們在 CSG 和 ISG 方面取得了強勁的財務業績和出色的相對錶現，同時隨著季度的進展管理不斷變化的需求動態。從 CSG 開始。我們的第二季度收入達到創紀錄的 155 億美元，增長 9%，營業收入佔收入的 6.3%。與我們第一季度的評論一致，商業的表現繼續好於消費者。商業收入增長 15%，而消費者收入下降 9%。衡量我們在任何市場環境中成功的一個重要指標是相對錶現，我們再次推動了差異化的份額結果。根據 IDC 的數據，我們在日曆 Q2 中獲得了超過 200 個基點的全球 PC 單位份額和超過 100 個基點的顯示器份額。我們現在在過去 38 個季度中的 34 個季度中獲得了 PC 單位份額。在商用 PC 方面，我們專注於市場中最賺錢的部分，我們在日曆 Q2 中獲得了超過 300 個基點的單位份額，在全球排名第一。

Turning to ISG. We delivered another record Q2 with ISG revenue of $9.5 billion, up 12%, our sixth consecutive quarter of growth, with operating income at 11% of revenue. Servers and networking grew 16% and storage grew 6%, our seventh consecutive quarter of servers and networking growth and our fifth consecutive quarter of demand growth in storage. The breadth of our storage portfolio continues to be a competitive advantage with #1 positions across storage categories. The breadth of leading capabilities is a real differentiator for us as one-size-fits-all architectures simply do not meet customers' diverse needs in the data era.

轉向 ISG。我們第二季度的 ISG 收入再創紀錄，達到 95 億美元，增長 12%，這是我們連續第六個季度實現增長，營業收入佔收入的 11%。服務器和網絡增長 16%，存儲增長 6%，服務器和網絡連續第七個季度增長，存儲需求連續第五個季度增長。我們的存儲產品組合的廣度仍然是競爭優勢，在存儲類別中排名第一。領先能力的廣度對我們來說是一個真正的差異化因素，因為一刀切的架構根本無法滿足客戶在數據時代的多樣化需求。

In Q2, we saw modest storage demand growth with strength in the high end and in our marquee midrange product, PowerStore, which grew double digits and has grown every single quarter since launch. And in servers, we saw demand growth in most geographies, albeit at a moderating pace. As Jeff mentioned earlier, we expect to gain server and storage share in calendar Q2 when IDC releases results in September.

在第二季度，我們看到存儲需求溫和增長，高端和我們的中端產品 PowerStore 增長了兩位數，並且自推出以來每個季度都在增長。在服務器方面，我們看到大多數地區的需求增長，儘管增速放緩。正如 Jeff 之前提到的，當 IDC 於 9 月發布結果時，我們預計將在日曆 Q2 中獲得服務器和存儲份額。

Finally, in ISG, I'd call out our momentum on APEX, our offerings for customers looking to buy infrastructure as a subscription. Our APEX ARR is now over $1 billion, and we grew orders 78% year-on-year in Q2 while adding almost 200 new customers. Customers like Federal Home Loan Bank in San Francisco, who is using APEX private cloud to support its growth and cloud strategy and realizing significant cost savings as the financial institution serves its members, and customers like Montage Health, who's using APEX private cloud to provide clinicians better access to critical applications and information for patient care and staff collaboration.

最後，在 ISG 中，我要強調我們在 APEX 上的勢頭，我們為希望以訂閱形式購買基礎設施的客戶提供的產品。我們的 APEX ARR 現在超過 10 億美元，我們在第二季度的訂單同比增長 78%，同時增加了近 200 個新客戶。舊金山聯邦住房貸款銀行等客戶使用 APEX 私有云來支持其增長和雲戰略，並在金融機構為其成員提供服務時實現顯著的成本節約，以及 Montage Health 等客戶使用 APEX 私有云為臨床醫生提供服務更好地訪問患者護理和員工協作的關鍵應用程序和信息。

Stepping back, the near-term market outlook is marked by mixed signals, as Jeff highlighted in his macro comments. That said, we remain confident in the long-term health of our markets and in our competitive position. There has been a clear and significant increase in the size of the PC market from prepandemic levels as hybrid work has become the default approach for companies worldwide. And automation and digital transformation remain the backbone of our customers' strategies necessary for productivity and growth. Done right, technology investments are key to competitive advantage in the data era and can reduce costs while combating an environment with high inflation and labor shortages.

退一步說，正如傑夫在宏觀評論中強調的那樣，近期市場前景的信號喜憂參半。儘管如此，我們仍然對我們市場的長期健康和我們的競爭地位充滿信心。隨著混合工作已成為全球公司的默認方法，PC 市場的規模從大流行前的水平明顯且顯著增加。自動化和數字化轉型仍然是我們客戶實現生產力和增長所必需的戰略的支柱。如果做得好，技術投資是數據時代競爭優勢的關鍵，可以降低成本，同時應對高通脹和勞動力短缺的環境。

So we remain confident in the long-term attractiveness of our core markets and our opportunity to build meaningful new businesses in the data and multi-cloud era and in our durable competitive advantages that enable us to outcompete in any environment.

因此，我們對核心市場的長期吸引力以及在數據和多雲時代建立有意義的新業務的機會以及使我們能夠在任何環境中超越競爭的持久競爭優勢充滿信心。

Now I'll turn it over to Tom for the financials.

現在我將把它交給湯姆處理財務問題。

Thanks, Chuck. We delivered record Q2 revenue of $26.4 billion, up 9%, driven by strength in both CSG and ISG. We highlighted in late May that we thought fiscal year '23 would see a more robust infrastructure investment cycle, while PC growth would moderate. While we did see modest infrastructure demand growth in Q2, we now see a more challenging ISG demand environment as we head toward the back half of the year. And in CSG, we are seeing demand weakness in both consumer and commercial.

謝謝，查克。在 CSG 和 ISG 實力強勁的推動下，我們實現了創紀錄的第二季度收入 264 億美元，增長 9%。我們在 5 月下旬強調，我們認為 23 財年的基礎設施投資週期將更加強勁，而個人電腦的增長將放緩。雖然我們確實在第二季度看到了適度的基礎設施需求增長，但隨著我們進入下半年，我們現在看到了更具挑戰性的 ISG 需求環境。在 CSG 方面，我們看到消費者和商業的需求疲軟。

Overall gross margin was $5.7 billion, roughly flat and 21.4% of revenue. Gross margin as a percentage of revenue was 200 basis points lower than last year, primarily due to an increase in our cost and FX headwinds not yet entirely reflected in pricing as we balance profitability with competitive positioning.

整體毛利率為 57 億美元，大致持平，佔收入的 21.4%。毛利率佔收入的百分比比去年低 200 個基點，這主要是由於我們的成本增加和外匯逆風尚未完全反映在定價中，因為我們在盈利能力與競爭定位之間取得了平衡。

Operating expense was $3.7 billion, down 3% and 14% of revenue. During the quarter, we instituted a number of cost reduction measures, including a slowdown in external hiring. Operating income was $2 billion, up 4% at 7.4% of revenue. Our tax rate was 19.9% and net income was $1.3 billion, up 9%, primarily driven by growth in operating income and a decline in interest expense due to our lower debt balances.

運營費用為 37 億美元，分別下降 3% 和收入的 14%。本季度，我們採取了多項降低成本的措施，包括放緩外部招聘。營業收入為 20 億美元，增長 4%，佔收入的 7.4%。我們的稅率為 19.9%，淨收入為 13 億美元，增長 9%，主要是由於營業收入的增長和由於我們的債務餘額減少導致的利息支出下降。

Fully diluted earnings per share was $1.68, up 14%, with diluted share count decreasing sequentially to 755 million shares as a result of repurchases.

完全稀釋後的每股收益為 1.68 美元，增長 14%，由於回購，稀釋後的股票數量依次減少至 7.55 億股。

Note that our GAAP profitability was impacted by a $255 million net adjustment to the value of our strategic investment portfolio given market conditions and $189 million charge relating to exiting our business in Russia, both of which are primarily noncash items.

請注意，鑑於市場條件，我們的 GAAP 盈利能力受到 2.55 億美元的戰略投資組合價值淨調整的影響，以及與退出我們在俄羅斯的業務相關的 1.89 億美元費用，這兩項費用主要是非現金項目。

Our recurring revenue is approximately $5.2 billion a quarter, up 8%. Our remaining performance obligations, or RPO, is approximately $41 billion, up 2% and includes deferred revenue plus committed contract value not included in deferred revenue. Dell Financial Services originations were $2.3 billion, up 24%, driven in part by our technology rotation solutions. We have historically seen stronger originations when the macroeconomic environment slows and DFS ended the quarter with $13.5 billion in assets.

我們每季度的經常性收入約為 52 億美元，增長 8%。我們剩餘的履約義務或 RPO 約為 410 億美元，增長 2%，包括遞延收入加上未包含在遞延收入中的承諾合同價值。戴爾金融服務發起的金額為 23 億美元，增長 24%，部分原因是我們的技術輪換解決方案。從歷史上看，當宏觀經濟環境放緩並且 DFS 以 135 億美元的資產結束本季度時，我們看到了更強勁的起源。

Turning to our cash flow and balance sheet. Our cash flow from operations was $700 million in Q2 and is $5.7 billion on a trailing 12-month basis. Q2 cash flow was primarily driven by growth in profitability, partially offset by a use of working capital. Working capital was impacted by an increase in receivables due to the timing of sales later in the quarter, partially offset by a $400 million sequential reduction in inventory. The quality and aging of our receivables is strong and the team did a nice job on inventory this quarter, which will remain a focus as we move through the rest of the year.

轉向我們的現金流和資產負債表。我們第二季度的運營現金流為 7 億美元，過去 12 個月為 57 億美元。第二季度現金流主要是由盈利能力的增長推動的，部分被營運資金的使用所抵消。由於本季度晚些時候的銷售時間導致應收賬款增加，營運資金受到影響，部分被庫存連續減少 4 億美元所抵消。我們應收賬款的質量和賬齡都很強勁，團隊在本季度的庫存方面做得很好，這將是我們在今年剩餘時間裡的重點。

Our core debt balance is $16.1 billion, and we ended the quarter with $7.1 billion in cash and investments, down $1.4 billion sequentially, principally due to $900 million in capital returns and a $300 million strategic investment portfolio write-down on a gross basis. We repurchased 13.6 million shares of stock in Q2 for $608 million and paid $242 million in dividends. Going forward, we will continue our balanced capital allocation approach, repurchasing shares programmatically to manage dilution while maintaining flexibility to be opportunistic like we were in Q1 and in Q2.

我們的核心債務餘額為 161 億美元，截至本季度末，我們的現金和投資為 71 億美元，比上一季度減少 14 億美元，主要是由於 9 億美元的資本回報和 3 億美元的戰略投資組合減記總額。我們在第二季度以 6.08 億美元回購了 1360 萬股股票，並支付了 2.42 億美元的股息。展望未來，我們將繼續我們的平衡資本配置方法，以編程方式回購股票以管理稀釋，同時保持靈活性，像第一季度和第二季度一樣投機取巧。

Turning to guidance. As Jeff highlighted, we're seeing customers become more cautious given the current macroeconomic environment. We saw a softening in CSG specific to consumer and chrome in Q1. In Q2, the decrease in demand velocity extended to commercial clients, and we are seeing more cautious spending within our ISG business. Currency also continues to be a headwind for us, roughly 500 basis points for Q3 and roughly 400 basis points for the full year. Against that backdrop, we now expect Q3 revenue between $23.8 billion and $25 billion, down 8% at the midpoint, with CSG declining in the high teens and ISG growing in the low teens. We do expect gross margin rates to increase sequentially as mix shifts to ISG.

轉向指導。正如 Jeff 強調的那樣，鑑於當前的宏觀經濟環境，我們看到客戶變得更加謹慎。我們看到第一季度特定於消費者和鉻的 CSG 出現疲軟。在第二季度，需求速度的下降延伸到商業客戶，我們看到 ISG 業務的支出更加謹慎。貨幣對我們來說仍然是不利因素，第三季度約為 500 個基點，全年約為 400 個基點。在這種背景下，我們現在預計第三季度的收入在 238 億美元至 250 億美元之間，中間值下降 8%，其中 CSG 在青少年時期下降，而 ISG 在青少年時期增長。隨著組合轉向 ISG，我們確實預計毛利率將依次增加。

Given the cost controls we have in place, we expect OpEx spend to be down versus Q2. For our non-GAAP tax rate, you should assume 20% plus or minus 100 basis points. We expect diluted share count to be roughly 750 million to 755 million shares. Netting this out, we expect diluted earnings per share in the range of $1.53 to $1.79, flat year-on-year at the midpoint. The environment we saw in late May translated to a 6% growth expectation for the full year with diluted earnings per share growing 12%. Given the change in the demand environment, our current view for fiscal year '23 is revenue flat to up 2%, with diluted earnings per share between $6.60 and $7, up 9% at the midpoint.

鑑於我們實施的成本控制，我們預計運營支出支出將比第二季度下降。對於我們的非公認會計原則稅率，您應該假設 20% 正負 100 個基點。我們預計稀釋後的股票數量約為 7.5 億至 7.55 億股。扣除這一點，我們預計每股攤薄收益在 1.53 美元至 1.79 美元之間，中點與去年同期持平。我們在 5 月底看到的環境轉化為全年增長 6% 的預期，每股攤薄收益增長 12%。鑑於需求環境的變化，我們目前對 23 財年的看法是收入持平至增長 2%，每股攤薄收益在 6.60 美元至 7 美元之間，中點增長 9%。

In closing, we delivered strong second quarter financial results but are more cautious as we enter the second half. We are actively managing our cost and spending, and we remain focused on what we can control, executing our strategy to consolidate and modernize our core and build new growth engines that enable our customers' multi-cloud future. And we expect to deliver revenue and earnings per share growth with strong free cash flow to our shareholders over time.

最後，我們公佈了強勁的第二季度財務業績，但進入下半年時更加謹慎。我們正在積極管理我們的成本和支出，我們仍然專注於我們可以控制的事情，執行我們的戰略以鞏固和現代化我們的核心並構建新的增長引擎，以支持我們客戶的多雲未來。隨著時間的推移，我們希望通過強勁的自由現金流為我們的股東帶來收入和每股收益的增長。

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

現在我將把它轉回給 Rob 開始問答。

Thanks, Tom. Let's go ahead and get to Q&A. (Operator Instructions) Operator, can you go ahead and take the first question?

謝謝，湯姆。讓我們繼續進行問答。 （操作員說明）操作員，您可以繼續回答第一個問題嗎？

Our first question comes from Toni Sacconaghi with Bernstein.

我們的第一個問題來自托尼·薩科納吉和伯恩斯坦。

Yes. I'm just wondering if you can elaborate on the kind of linearity you saw in the quarter, specifically like was the book-to-bill greater than 1 in the first month and well below 1 in months 2 and 3? And your demand outlook seems strikingly more cautious than some other enterprise peers like Cisco and NetApp. And I'm wondering why you might think that your view is somewhat different from what they are seeing.

是的。我只是想知道您是否可以詳細說明您在本季度看到的那種線性度，特別是第一個月的訂單到賬單是否大於 1，而在第 2 個月和第 3 個月遠低於 1？與思科和 NetApp 等其他企業同行相比，您的需求前景似乎更加謹慎。我想知道為什麼你會認為你的觀點與他們所看到的有些不同。

Toni, look, let me start and I'll ask Jeff and Chuck to chime in as appropriate. Look, as it relates to Q2 and how the quarter flowed, what we saw shortly, the typical pacing in a quarter is that it builds -- pipeline builds and converts as we go through the quarter more so as we get to the mid and late in the quarter. What we saw in Q2 was pipeline particularly in the client business did not build and/or pushed to the right. And we also saw ISG demand our pipeline pushing to the right.

托尼，聽著，讓我開始吧，我會酌情請傑夫和查克插話。看，因為它與第二季度以及該季度的流動方式有關，我們很快看到了什麼，一個季度的典型節奏是它的構建——管道構建和轉換，因為我們更多地經歷了這個季度，所以當我們進入中後期在本季度。我們在第二季度看到的是管道，特別是在客戶業務中沒有建立和/或推到右邊。我們還看到 ISG 要求我們的管道向右推進。

So from a linearity perspective, typically, the month 2 of the quarter is when we typically would see bigger velocity growth in the pipeline. And we, quite frankly, did not see it this quarter. And what we saw, as we highlighted in our talk track, is just an overall cautiousness with our customer base as they're sorting through the macro dynamics.

因此，從線性的角度來看，通常情況下，本季度的第 2 個月是我們通常會看到管道中更大的速度增長的時候。坦率地說，我們在本季度沒有看到它。正如我們在談話中強調的那樣，我們所看到的只是我們的客戶群在整理宏觀動態時的整體謹慎態度。

So as a result of that, I mean, clearly, as we talked about in May, we had expected that we would see softer CSG demand, but we actually saw softer demand actually much softer than what we had seen, particularly for commercial clients. And because of that, as we talked about, although we had elevated CSG backlog, we did reduce backlog as part of our shipment profile for client in Q2.

因此，我的意思是，很明顯，正如我們在 5 月份談到的那樣，我們曾預計我們會看到 CSG 需求疲軟，但我們實際上看到需求疲軟實際上比我們所看到的要疲軟得多，尤其是對於商業客戶而言。正因為如此，正如我們所說，儘管我們增加了 CSG 積壓，但我們確實減少了積壓，這是我們在第二季度為客戶提供的發貨資料的一部分。

Look, as it relates to our cautiousness around enterprise demand or infrastructure, all we can tell you is what we see. And as a reminder, since we have the largest direct selling organization of all of the technology companies, we feel like we have a pretty good pulse on sort of current demand and environment. And we're just seeing more cautiousness on the -- on behalf of the customers as they're sorting through spend, as they're thinking through projects. We are seeing projects come to fruition. They're taking longer to close. And the size of the projects are somewhat reduced from what we've seen in the past.

看，因為這與我們對企業需求或基礎設施的謹慎態度有關，我們所能告訴你的就是我們所看到的。提醒一下，由於我們擁有所有技術公司中最大的直銷組織，我們覺得我們對當前的需求和環境有很好的把握。我們只是看到了更多的謹慎 - 代表客戶，因為他們正在整理支出，因為他們正在考慮項目。我們正在看到項目取得成果。他們需要更長的時間才能關閉。與我們過去看到的相比，項目的規模有所減少。

Jeff, Chuck, I don't know if you'd add anything to that.

傑夫，查克，我不知道你是否會為此添加任何東西。

Yes. Maybe, Toni, I'll add a little observation from what we're hearing from customers on enterprise dynamics. I think, look, texturally, if I start with the PC business, commercial customers are just citing multiple reasons for sort of delaying purchases. That's caution around future hiring, trade-offs within their IT budgets given the macroeconomic uncertainty, customers reducing the size of orders and buying for only immediate requirements, but the net was we saw a meaningful shift in corporate sentiment over the course of the quarter.

是的。也許，Toni，我會根據我們從客戶那裡聽到的關於企業動態的內容添加一點觀察。我認為，從結構上看，如果我從個人電腦業務開始，商業客戶只是列舉了多種延遲購買的原因。這是對未來招聘的謹慎態度，鑑於宏觀經濟的不確定性，在其 IT 預算內進行權衡，客戶減少訂單規模並僅為即時需求購買，但淨是我們看到本季度企業情緒發生了有意義的轉變。

I think ISG dynamics were a bit different. So we saw demand growth in both servers and storage but at a moderating rate as just more caution entered the environment. So where commercial PC spending paused, infrastructure spending split, companies are putting more scrutiny on spend. As Tom said, deals took longer to close throughout the quarter, and we generally just saw more deliberate customer behavior. So what you see us calling out today is us trusting that better demand signal that Tom cited and what we're hearing from customers.

我認為 ISG 的動態有點不同。因此，我們看到服務器和存儲的需求都在增長，但隨著更多的謹慎進入環境，需求正在放緩。因此，在商業 PC 支出暫停、基礎設施支出分裂的地方，公司對支出進行了更嚴格的審查。正如湯姆所說，在整個季度完成交易的時間更長，而且我們通常只是看到了更深思熟慮的客戶行為。因此，您今天看到我們呼籲的是，我們相信湯姆引用的更好的需求信號以及我們從客戶那裡聽到的信息。

Our next question will come from Erik Woodring with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Erik Woodring。

I just wanted to get your take on your ability to maintain kind of pricing power as some of these demand trends now start to flow through the business. Do you believe you have pricing power more so in 1 business versus the other? Maybe by product, I would love to just have you guys tease that question out a little bit more.

我只是想讓您了解您保持某種定價能力的能力，因為其中一些需求趨勢現在開始在業務中流動。您認為您在一項業務中比另一項業務擁有更大的定價權嗎？也許通過產品，我很樂意讓你們再稍微梳理一下這個問題。

Sure, Erik. This is Jeff. Maybe a couple of comments. I'll start with PCs and work our way through the product line. I think it's important in PCs when you look at our mix of business being commercial versus -- or more weighted towards commercial versus consumer, we get a natural uplift there. And we're seeing, while we commented demand is slowing, richer configurations we saw consistently through the quarter, primarily from our premium products like our Latitude notebooks, our Precision class of workstations. So we're seeing a higher mix of our higher-end products as well as richer configurations. And I think that bodes well long term when you think about where we play.

當然，埃里克。這是傑夫。也許有幾條評論。我將從個人電腦開始，逐步完成產品線。我認為，當您查看我們的商業組合與商業與消費者的業務組合時，這在個人電腦中很重要——或者更側重於商業與消費者，我們在那裡得到了自然的提升。我們看到，雖然我們評論需求正在放緩，但我們在本季度一直看到更豐富的配置，主要來自我們的優質產品，如我們的 Latitude 筆記本電腦、我們的 Precision 類工作站。因此，我們看到了我們的高端產品的更高組合以及更豐富的配置。當你考慮我們在哪裡比賽時，我認為這預示著長期的好兆頭。

Then in addition, because of how we do business that you know very well, but I think it's worthwhile mentioning, our ability to attach software and peripherals, our ability to attach services and financing options to those PCs, I think, is a differentiated capability over anyone else in the marketplace. So while the market may be softening as we're referring to, our ability to continue to outperform with the quality of mix, the quality of our business, the mix towards commercial and richer configurations we feel good about.

此外，由於我們如何開展業務，您非常了解，但我認為值得一提的是，我們附加軟件和外圍設備的能力，我們為這些 PC 附加服務和融資選項的能力，我認為，這是一種差異化的能力超過市場上的任何其他人。因此，儘管市場可能正如我們所指的那樣疲軟，但我們有能力繼續在組合質量、業務質量、商業組合和我們感覺良好的更豐富配置方面表現出色。

Similar trend in servers. If you think about the growth of our ASPs over time in servers, they've expanded, driven by our ability to drive richer content, by selling deeper into the data center, selling higher-value workload solutions around GPUs as an example, driving artificial intelligence-related workloads across our servers, we're getting richer and greater content in each and every server. And because of the challenges that we've had with supply for the better part of 6 quarters now, we've been able to pass through the incremental inflation that's been associated with servers to end users.

服務器中的類似趨勢。如果您考慮我們在服務器中的 ASP 隨著時間的推移而增長，它們已經擴展，這是由於我們能夠推動更豐富的內容，通過更深入地銷售數據中心，例如銷售圍繞 GPU 的更高價值的工作負載解決方案，推動人工在我們的服務器上處理與情報相關的工作負載，我們在每台服務器上都獲得了越來越豐富的內容。由於我們現在在 6 個季度的大部分時間裡都面臨著供應方面的挑戰，我們已經能夠將與服務器相關的增量通脹傳遞給最終用戶。

And similar in storage. We think storage is an opportunity for us to continue to drive higher revenue. We have the broadest portfolio in the marketplace. We cover every aspect of the storage market from a high end to the mid-range, to the entry level, to the unstructured space, to the data protection space, all highly valuable categories in storage, which allows us to drive a differentiated revenue in our storage business.

和存儲類似。我們認為存儲是我們繼續推動更高收入的機會。我們擁有市場上最廣泛的產品組合。我們涵蓋了存儲市場的方方面面，從高端到中端，到入門級，到非結構化空間，到數據保護空間，存儲領域的所有高價值類別，這使我們能夠推動差異化收入我們的存儲業務。

Our next question comes from Simon Leopold with Raymond James.

我們的下一個問題來自 Simon Leopold 和 Raymond James。

Yes. I'd like to see what kind of actions you might be taking in response to the slowing, whether it's maybe increasing promotions on PC, i.e., cutting prices, or whether you're looking to reduce your OpEx. And I guess part of this is I'm trying to get a better sense...

是的。我想看看你可能會採取什麼樣的行動來應對放緩，可能是增加 PC 上的促銷活動，即降低價格，或者你是否希望減少運營支出。我想部分原因是我試圖更好地理解......

Yes, go -- on the other 1. We'll take a 5-minute break. Justin, can you hear us on your end?

是的，去——在另一邊 1。我們將休息 5 分鐘。賈斯汀，你能聽到我們的聲音嗎？

Yes, sir. I can hear you loud and clear. Are you able to hear us?

是的先生。我能清楚地聽到你的聲音。你能聽到我們的聲音嗎？

The last question dropped out. We're going to take a 5-minute break and shift to another phone. So we're going to pick this call back up at 3 minutes after the hour approximately. And we'll just pick it up with the next question in the queue.

最後一個問題掉線了。我們將休息 5 分鐘，然後轉移到另一部手機上。因此，我們將在大約下班後 3 分鐘接聽這個電話。我們將在隊列中的下一個問題中選擇它。

Absolutely. Everybody, just please stay on the line, and we'll just resume shortly. And once again, we are just taking a brief break with Dell Technologies. Please just stand by and remain on the line, and we should resume shortly. We do thank you.

絕對地。大家請保持在線，我們很快就會恢復。再一次，我們只是與戴爾技術公司短暫休息。請稍候並保持在線，我們應該很快就會恢復。我們非常感謝你。

Justin, you there?

賈斯汀，你在嗎？

Yes, sir. We are back in the call.

是的先生。我們回來了。

Okay. Can we continue with Simon's question?

好的。我們可以繼續西蒙的問題嗎？

Absolutely. Just 1 moment. All right, and your call -- your line is open again. Please resume with your questions.

絕對地。就1分鐘。好的，你的電話——你的線路又開通了。請繼續回答您的問題。

Hopefully, you can hear me. I wanted to ask about what actions you might be taking in response to the weakening environment, specifically, whether you're looking to cut operating expenses. I know you guided for sequentially lower but something more permanent or whether you're adding promotions to PCs, cutting prices, trying to get a better sense of what your response is to the weakness from those perspectives.

希望你能聽到我的聲音。我想問一下您可能會採取哪些行動來應對疲軟的環境，特別是您是否希望削減運營費用。我知道您指導的是順序降低但更持久的東西，或者您是否正在向 PC 增加促銷活動，降低價格，試圖從這些角度更好地了解您對弱點的反應是什麼。

Thanks, Simon. It's Tom. So let me just -- I'll start and ask Jeff or Chuck to chime in as appropriate. So look, first, let me just say, Simon, as you know, we've seen economic cycles before. And I think the teams and the company's ability to navigate, it's pretty much -- we've got a long track record of doing so and optimizing the business as we go.

謝謝，西蒙。是湯姆。所以讓我——我會開始請 Jeff 或 Chuck 酌情加入。所以看，首先，讓我說，西蒙，如你所知，我們以前見過經濟周期。而且我認為團隊和公司的導航能力幾乎是 - 我們在這樣做和優化業務方面有著長期的記錄。

So as we think about sort of sets of actions that we're driving right now, obviously, we saw the weakening environment. We have instituted a number of cost measures as a result of that, including effectively limiting external hiring. We've looked at discretionary spending and have pulled that back. All the normal type things that you would do from an OpEx perspective, quite frankly, when you see environment starting to soften. And we'll continue to monitor that as we shape the P&L to the best of our ability to make sure we deliver profitability that's in line with our expectations.

因此，當我們考慮我們現在正在推動的一系列行動時，顯然，我們看到了日益減弱的環境。因此，我們制定了一些成本措施，包括有效限制外部招聘。我們已經研究了可自由支配的支出並將其撤回。坦率地說，當你看到環境開始軟化時，你會從 OpEx 的角度做的所有正常類型的事情。我們將繼續監控這一點，因為我們盡我們所能塑造損益表，以確保我們提供符合我們預期的盈利能力。

From a pricing perspective, though, in terms of how do you think about what do you do from a price perspective or a promotional perspective, I think we're going to be very thoughtful as we do that only around the fact that in the environment, as we see right now, particularly in consumer, we don't see a lot of elasticity. And so we're going to be very direct and directed in any promotional spend that we do, principally focused on how do you think about product in the channel and things of that sort of that we have some of, although clearly not as much as our competitive set.

但是，從定價的角度來看，就您如何從價格或促銷的角度考慮您所做的事情而言，我認為我們將非常周到，因為我們只會在環境中這樣做，正如我們現在所看到的，特別是在消費者方面，我們沒有看到很大的彈性。因此，我們將在我們所做的任何促銷支出中非常直接和直接，主要關注您如何看待渠道中的產品以及我們擁有的那種東西，儘管顯然不如我們的競爭對手。

So I do think you're going to see us continue to be disciplined in pricing. We'll be -- I am pretty low to test elasticity right now, given what I think the environment looks like, but we also need to remain competitive. And so we'll be watching the market dynamics pretty closely from a pricing perspective.

因此，我確實認為您會看到我們繼續在定價方面保持自律。考慮到我認為環境的樣子，我現在測試彈性的能力很低，但我們還需要保持競爭力。因此，我們將從定價的角度密切關注市場動態。

Maybe, Jeff, I'd ask you to add a few things.

也許，傑夫，我會請你補充一些東西。

I mean, I would add, Simon, I think we have demonstrated discipline in pricing. Our product portfolio [on the low] across the 3 is in price position. Our win loss at each type of segment, whether it's small business, medium business, large corporation global remains consistent and consistently good at release set our share gains over the past decade. So we're going to remain disciplined there in PCs. Consumer is aggressive, as Tom said, given what is happening in the marketplace. We are not that tilted, if you will, or biased towards consumer. And where we play in consumer tends to be in the premium side and the gaming side, which tend to be less competitive. It tends to be an area where we have a differentiated advantage. The same is true on the commercial side, as I mentioned in the last question.

我的意思是，我要補充一點，西蒙，我認為我們在定價方面表現出了紀律。我們的產品組合[低] 3 處於價格位置。無論是小型企業、中型企業還是全球大型企業，我們在每種類型的細分市場中都保持一致並且始終擅長發布，這在過去十年中創造了我們的份額增長。因此，我們將在 PC 中保持自律。正如湯姆所說，鑑於市場上正在發生的事情，消費者是積極的。如果您願意，我們並沒有那麼傾斜，或者偏向於消費者。而我們在消費者方面的遊戲往往是在高端和遊戲方面，它們的競爭力往往較低。它往往是我們具有差異化優勢的領域。正如我在上一個問題中提到的，在商業方面也是如此。

When we move our way towards servers, the pricing environment is relatively benign. The pricing environment, we have large backlogs, we have demand ahead of supply because of what the supply chain has gone through for the past 6-plus quarters. And we see that pricing environment or the pricing environment there enables us to pass along our increased costs, as I mentioned, and the same is true on storage.

當我們轉向服務器時，定價環境相對溫和。定價環境，我們有大量積壓，由於過去 6 個多季度供應鏈所經歷的，我們的需求超過了供應。正如我所提到的，我們看到定價環境或那裡的定價環境使我們能夠轉嫁增加的成本，存儲也是如此。

And then even when you step back, I'd ask all of us to reflect back, note on being ushered down here, sorry, as we work our way through this change in demand, we are unbelievably optimistic about the long term. Hybrid work is here to stay, which drives higher mobile mix, which drives greater configurations and more peripherals. PCs are more pervasive in the education system worldwide. We're approaching the 3-year replacement cycle of what we put in to respond to COVID and triaging the work from home event from 3 years ago. And we're still starting at a market that's larger than it was pre-COVID, which we're excited by.

然後，即使你退後一步，我也會要求我們所有人進行反思，注意被帶到這裡，對不起，當我們努力應對這種需求變化時，我們對長期的樂觀程度令人難以置信。混合工作將繼續存在，這推動了更高的移動組合，推動了更大的配置和更多的外圍設備。個人電腦在全球教育系統中更為普遍。我們正在接近我們為應對 COVID 和對 3 年前的在家工作進行分類而投入的內容的 3 年更換週期。而且我們仍然從一個比 COVID 之前更大的市場開始，我們對此感到興奮。

And then you look at what's happening on the infrastructure side, the world continues to digitize at a nonlinear rate. Data is being created at unprecedented levels. We had data gravity pulling the infrastructure resources out to the edge. The new digital highways being built with 5G. So we absolutely are very bullish and optimistic about the long-term characteristics of the marketplace.

然後你看看基礎設施方面正在發生什麼，世界繼續以非線性的速度數字化。正在以前所未有的水平創建數據。我們有數據引力將基礎設施資源拉到邊緣。使用 5G 建造的新數字高速公路。因此，我們對市場的長期特徵絕對非常看好和樂觀。

Our next question will come from Shannon Cross with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Shannon Cross。

I wanted to ask about Project APEX. You're over $1 billion now. Curious as to the response from customers. It seems that ratable or Infrastructure as a Service might be something that would be more attractive if we are going into a downturn, which appears we are. So maybe if you can talk about how you think about growth. And then also, how we should think about margin potential for that business as it becomes albeit a small part now, but a bigger part of your revenue over time.

我想問一下 Project APEX。你現在已經超過 10 億美元。很好奇客戶的反應。看來，如果我們陷入低迷時期，可評級或基礎設施即服務可能會更具吸引力，我們似乎就是這樣。所以也許你可以談談你對增長的看法。然後，我們應該如何考慮該業務的利潤率潛力，因為它現在雖然只是一小部分，但隨著時間的推移，它會成為你收入的更大一部分。

Thanks, Shannon. It's Chuck. Good to hear from you again. I'll start and let the team layer on. Look, as you said, we're pleased with our momentum on APEX, and we're excited to share the milestones today. APEX ARR is now approximately $1 billion. We grew orders 78% year-on-year in Q2, and we added 200 new customers. If you dissect it a bit, we've seen a lot of strength in our custom solutions. So our APEX Flex on Demand offer, that's effectively customized infrastructure across storage, server, HCI, data protection with committed and then buffer capacity and also our APEX data center utility offer, which is effectively customers that want to move all or part of their data center to a Dell-managed pay-per-use model.

謝謝，香農。是查克。很高興再次收到您的來信。我將開始並讓團隊繼續前進。看，正如你所說，我們對 APEX 的發展勢頭感到滿意，我們很高興今天能分享這些里程碑。 APEX ARR 現在約為 10 億美元。第二季度，我們的訂單同比增長 78%，並增加了 200 名新客戶。如果您稍微剖析一下，我們已經在我們的定制解決方案中看到了很多優勢。因此，我們的 APEX Flex on Demand 產品是跨存儲、服務器、HCI、具有承諾和緩衝容量的數據保護的有效定制基礎架構，以及我們的 APEX 數據中心實用程序產品，這實際上是希望移動全部或部分數據的客戶以戴爾管理的按使用付費模式為中心。

And as you said, look, in the current macro environment, we're naturally seeing lots of interest from customers who are looking to manage cash outlays by pivoting to a pay-as-they-go scale on-demand type model. So really good momentum in the business. Look, from a P&L and reporting and growth and margin, we don't want to get ahead of ourselves. We'll continue to report out periodically on our progress like we did today, and we're going to continue to remain focused on extending the offer set in APEX and hitting our technical milestones. So more to come from us on APEX.

正如您所說，在當前的宏觀環境中，我們自然會看到希望通過轉向即用即付規模按需類型模型來管理現金支出的客戶的極大興趣。因此，業務發展勢頭非常好。看，從損益表、報告、增長和利潤率來看，我們不想超越自己。我們將繼續像今天一樣定期報告我們的進展，我們將繼續專注於擴展 APEX 中的報價並達到我們的技術里程碑。所以更多來自我們的 APEX。

Our next question will come from Rod Hall with Goldman Sachs.

我們的下一個問題將來自高盛的 Rod Hall。

I guess as I sit here, I think a lot of people are going to look to come away from this call with what they can maybe read across, obviously, Dell, a very important company, both in enterprise and consumer. So I wondered if maybe starting with the commercial, the enterprise side of things, if you could give us any further color or double-click on the types of customer, maybe where you've seen this slowdown. Are these large enterprises smaller? Any kind of trends you see there that might help us learn what's going on in the environment. And then likewise, in consumer, even though there's less exposure, I know you guys have a lot of good data there. One thing in particular on consumer we're interested in is higher-end consumers. Do you think that you've seen any evidence that those are weakening?

我想當我坐在這裡的時候，我想很多人會希望從這次電話會議中走出來，他們可能會讀到戴爾，很明顯，戴爾是一家非常重要的公司，無論是在企業還是消費者方面。所以我想知道是否可以從商業、企業方面開始，是否可以給我們提供更多顏色或雙擊客戶類型，也許你已經看到了這種放緩。這些大企業是不是更小？您在那裡看到的任何趨勢都可能有助於我們了解環境中正在發生的事情。同樣，在消費者方面，即使曝光率較低，我知道你們那裡有很多好的數據。我們對消費者特別感興趣的一件事是高端消費者。你認為你已經看到任何證據表明這些正在減弱嗎？

Sure, Rod. Jeff here, I'll take a run at this and then Tom and Chuck can certainly add. If we start with just commercial PC or enterprise, as you described, I think we said it in a variety of ways, but I try to make it crystal clear. One of the things that we had seen through the quarter, and Tom referenced how the pipeline did not build through the quarter as expected and as it most traditional or historically does, we saw the buying characteristics of large companies slow or what we call large bids. And the large bid part of our business slowed. And what large bids we did have were a smaller size.

當然，羅德。傑夫在這裡，我會試一試，然後湯姆和查克當然可以補充。如果我們只是從商業 PC 或企業開始，如您所描述的，我想我們以多種方式表達了它，但我試圖讓它變得清晰。我們在本季度看到的一件事，湯姆提到了管道如何沒有按預期在本季度建立，並且正如最傳統或歷史上所做的那樣，我們看到大公司的購買特徵緩慢或我們稱之為大出價.我們業務的大額投標部分放緩了。我們所做的大出價是較小的。

And as Chuck said in his comments, which I think are very appropriate, what we saw was the corresponding -- that's a corresponding behavior of customers buying to their more urgent needs, not their future needs, that they were being very cautious because of the macro environment we are all operating in. And that made its way down through the large multinationals, to the large corporations, and across our customer set.

正如查克在他的評論中所說，我認為這非常合適，我們看到的是相應的——這是客戶購買他們更緊迫的需求的相應行為，而不是他們未來的需求，他們非常謹慎，因為我們都在經營的宏觀環境。這通過大型跨國公司、大公司和我們的客戶群傳播開來。

SB and NB were least impacted or at least impacted in that way on a relative basis. So they performed better on a relative basis, which is encouraging, but large businesses primarily in both servers and in PCs. We're the ones that slowed as those large bids became less frequent and more of smaller size, and that was the challenge throughout the quarter.

相對而言，SB 和 NB 受到的影響最小或至少受到這種影響。因此，它們在相對基礎上表現得更好，這是令人鼓舞的，但大型企業主要在服務器和個人電腦方面。隨著那些大出價變得不那麼頻繁並且規模越來越小，我們是那些放慢速度的人，這就是整個季度的挑戰。

On consumer, we didn't really -- we don't compete in the very low end of that marketplace. And that's certainly what you've seen now as I'm sure your channel checks tell you that the channel has ample inventory, the competitiveness in consumer has grown because of the ample inventory. And certainly, you're seeing that in some of the other reported earnings through the last couple of weeks.

在消費者方面，我們真的沒有——我們不在那個市場的低端競爭。這肯定是您現在所看到的，因為我相信您的渠道檢查會告訴您渠道有充足的庫存，由於庫存充足，消費者的競爭力有所提高。當然，您在過去幾週的其他一些報告收益中看到了這一點。

In terms of the high-end gaming and the XPS business or premium consumer as we like to call it, I mean certainly, we're impacted. You can't have a consumer business that has exposure to those 2 subcategories to not be impacted. They were impacted less. I think that answers your question. If I didn't, I'll give -- break Rob's rule here and let you qualify it a little more.

就高端遊戲和 XPS 業務或我們喜歡稱之為高端消費者的業務而言，我的意思是，我們當然受到了影響。您不能讓接觸這兩個子類別的消費者業務不受影響。他們受到的影響較小。我認為這回答了你的問題。如果我不這樣做，我會給出 - 在這裡打破 Rob 的規則，讓你再限定一點。

Jeff, maybe let me add on in terms of -- you did a great job talking about the PC demand from an enterprise or ISG infrastructure demand perspective. As we said in our talk track that, look, we did see ISG demand moderate across the quarter in terms of the overall demand growth. What we are seeing is customers with decision cycles elongating customer deal size reducing and, quite frankly, pipeline pushing a little bit.

Jeff，也許讓我補充一下——您從企業或 ISG 基礎設施需求的角度談論 PC 需求做得很好。正如我們在談話中所說，看，就整體需求增長而言，我們確實看到整個季度的 ISG 需求溫和。我們看到的是客戶的決策週期延長，客戶交易規模減少，坦率地說，管道推動了一點。

Obviously, digital technologies is an underlying theme and trend is here to stay, and we do see customers that are continuing to spend, just in the overall environment is cautious. And so as we thought about -- quite frankly, what informed some of our guide is that we look back and thought about where we were in May versus where we are now, although we still see ISG demand sort of in that low double -- or ISG revenue, I should say, in the low double digits for the year. It is a bit softer. And quite frankly, as we talked about backlog and elevated backlog within ISG, that's -- as we think about the back half of the year, that's an area that will probably bring backlog down as we go through the year depending upon ultimate demand signals and supply chain.

顯然，數字技術是一個潛在的主題，趨勢將持續存在，我們確實看到客戶在繼續消費，只是在整體環境中是謹慎的。因此，正如我們所想的那樣——坦率地說，我們的一些指南告訴我們的是，我們回顧並思考了我們在 5 月份所處的位置與現在所處的位置，儘管我們仍然看到 ISG 需求處於那種低兩倍的狀態——或者 ISG 收入，我應該說，在今年的低兩位數。它有點軟。坦率地說，當我們談到 ISG 內的積壓和增加的積壓時，這就是 - 當我們考慮到今年下半年時，這個領域可能會隨著我們全年的發展而減少積壓，具體取決於最終需求信號和供應鏈。

That's great. Okay. I'm afraid of Rob, so I don't want to break his rules, so I appreciate all that detail.

那太棒了。好的。我害怕 Rob，所以我不想打破他的規則，所以我很欣賞所有這些細節。

And our next question will come from Jim Suva with Citi.

我們的下一個問題將來自花旗的 Jim Suva。

And I'm not smart enough to ask more than 1 question, so I'll stick to one. And that is -- with these delays, is your sense that there's an opportunity for share shifts that will actually favor Dell? Are there some actual surprise cancellations you're having? Is it kind of a quarter or 2 pause here? Or any sense about share shifts in this pause of duration?

而且我不夠聰明，不能問超過 1 個問題，所以我會堅持一個。那就是 - 由於這些延遲，您是否覺得有機會真正有利於戴爾的股票轉移？你有一些實際的意外取消嗎？這裡是四分之一或兩個暫停嗎？或者在這個持續時間的停頓中對份額變化有什麼意義？

We didn't hear the first couple of words of your questions. If you could set that up again, that would be very helpful, please.

我們沒有聽到你問題的前幾句話。如果您可以重新設置，那將非常有幫助，請。

You bet. So with these pause that you said about demand, do you think that there's big share shifts occurring or technology transitions that companies are pausing on, especially on the enterprise side? Or do you think that companies are like customers canceling their orders and plans and the duration? I'm just trying to get a sense about, is it just changing more quickly and more broader than one may think?

你打賭。因此，在您所說的關於需求的這些停頓中，您認為公司是否正在發生重大的份額轉移或技術轉型，尤其是在企業方面？還是您認為公司就像客戶取消他們的訂單和計劃以及持續時間？我只是想了解一下，它的變化是否比人們想像的更快、更廣泛？

Well, I think we can't underestimate the impact of the macro environment that we are operating in and companies being cautious. And that cautionary view is impacting how fast things will be built out in the future. Again, I think our characterization would be companies are buying to their urgent and immediate needs. I won't say they're postponing their longer-term build-outs, but they're actually reevaluating the timing of those. And I think that's probably an important way to think about it.

好吧，我認為我們不能低估我們所處的宏觀環境和公司謹慎的影響。這種謹慎的觀點正在影響未來構建事物的速度。同樣，我認為我們的特徵是公司正在購買他們的緊迫和直接需求。我不會說他們推遲了他們的長期擴建，但他們實際上是在重新評估那些時間。我認為這可能是一種重要的思考方式。

The notion of digital transformation, the world digitizing the things that I referenced a few moments ago are still here. We're going to live in a world that is clearly more connected, more distributed, building data everywhere with data-driven sites, and that's going to require technology to bring to life. I think an immediate opportunity, I think our direct model in the way that we operate and how I think agile and nimble we are, we typically do well when markets are up and we typically do well when markets are down. So our direct model has allowed us our belief with our listening posts to see this early, position our company appropriately, and we intend to take share in the marketplaces we serve. And we think we're positioned to do that.

數字化轉型的概念，即我剛才提到的將事物數字化的世界仍然存在。我們將生活在一個互聯程度更高、分佈更廣泛的世界中，通過數據驅動的站點在任何地方構建數據，這需要技術來實現。我認為這是一個直接的機會，我認為我們運營方式的直接模式以及我認為我們的敏捷性和敏捷性，我們通常在市場上漲時表現良好，而在市場下跌時我們通常表現良好。因此，我們的直接模式讓我們相信我們的傾聽帖子能夠及早看到這一點，適當地定位我們的公司，並且我們打算在我們服務的市場中佔有一席之地。我們認為我們有能力做到這一點。

And the ability to help, if you will, soft land some of the units slow down by having a model that -- or access to the market that allows us to sell higher-end configurations across PCs, servers and storage and attached peripherals, services and financing, I think, gives us an advantage in a marketplace that may be, I'll use your word, pausing. We would prefer the word slowing for the reasons that I outlined. I hope that helped.

如果你願意的話，還有能力幫助軟土地一些單位放慢速度，因為它有一個模型——或者進入市場，使我們能夠銷售跨 PC、服務器和存儲以及附加外圍設備、服務的高端配置我認為，融資在一個市場上為我們提供了優勢，我會用你的話，暫停。出於我概述的原因，我們更喜歡放慢這個詞。我希望這有幫助。

Yes. I mean I can't help myself but to say, to build up Tom's prior conversation and our -- what we can control in our playbook in these times of economic uncertainty. Look, we have a playbook that has worked over multiple cycles. That is basically we're going to focus on what we control and we're going to position to play offense in this market, and that is we intend to accelerate our strategic position in both our core businesses and in these adjacent businesses. So while we saw -- yes.

是的。我的意思是我忍不住要說，建立湯姆之前的談話和我們的 - 在這些經濟不確定的時期，我們可以在我們的劇本中控制什麼。看，我們有一個已經工作了多個週期的劇本。這基本上是我們將專注於我們控制的東西，我們將在這個市場上進行進攻，這就是我們打算在我們的核心業務和這些相鄰業務中加速我們的戰略地位。所以當我們看到 - 是的。

Sorry, just to finish my thought. Look, I think the cost actions that we took in Q2 that were incredibly prudent were also strategic and not uniformly applied. So we maintained our critical innovation investments. We made critical investments in our priority growth businesses like telecom edge and multi-cloud. And we stay externally focused. As Jeff said, we're a company that has gained 570 bps of commercial unit share over the last 5 years, almost 600 in mainstream servers and are the #1 leader in storage. We -- that -- this is an opportunity for us, and that's how we're trying to position.

對不起，只是為了完成我的想法。看，我認為我們在第二季度採取的非常謹慎的成本行動也是戰略性的，並且沒有統一應用。因此，我們維持了關鍵的創新投資。我們對電信邊緣和多雲等優先增長業務進行了重大投資。我們始終專注於外部。正如 Jeff 所說，我們是一家在過去 5 年中獲得了 570 bps 商業單位份額的公司，在主流服務器中擁有近 600 個基點，並且是存儲領域的第一領導者。我們 - 那 - 這對我們來說是一個機會，這就是我們試圖定位的方式。

Our next question comes from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Yes. I want to go back to kind of Rod's question a little bit. I guess if I were to look at the guidance, I think you said low teens on the ISG segment this quarter. I'm assuming that implies year-over-year growth. It doesn't seem like that's really dissimilar to normal seasonality. Actually, I think you could even argue it's a little bit above seasonality. So I guess my question is, as we look at this next quarter and even the quarter after that, should we think about like backlog just burning down relative to demand deteriorating? And just help me bridge that -- that bridge between what's going on with backlog versus what you're actually seeing as far as slowing ISG demand.

是的。我想稍微回到羅德的問題。我想如果我看一下指導，我想你說的是本季度 ISG 細分市場的青少年。我假設這意味著同比增長。看起來這與正常的季節性並沒有什麼不同。實際上，我認為您甚至可以爭辯說它有點超出季節性。所以我想我的問題是，當我們看下一個季度甚至之後的一個季度時，我們是否應該考慮一下，相對於需求惡化而言，積壓訂單會燃燒殆盡？只是幫助我架起橋樑——在積壓的情況與您實際看到的 ISG 需求放緩之間的橋樑。

Yes. That's actually what I was alluding to, right? So the setup of this conversation, if you think about what we just talked about in Q2 was moderating ISG demand as we went through the quarter. And so our expectation is that moderating demand continues. I think if you look overall for -- into the back half of the year, we -- particularly in the ISG space, you got to think about these things separately. We are a bit more optimistic about storage demand than we are about server demand at this point.

是的。這實際上是我所暗示的，對吧？因此，如果您考慮一下我們剛剛在第二季度談到的內容，那麼本次對話的設置正在緩和本季度的 ISG 需求。因此，我們的預期是需求持續放緩。我認為，如果你整體來看——到今年下半年，我們——尤其是在 ISG 領域，你必須分別考慮這些事情。在這一點上，我們對存儲需求比對服務器需求更加樂觀。

And my comment around how we frame the guidance and the components of the guidance, particularly within ISG, has ISG growing sort of in that high single digits, low double digits through the back half of the year, principally both through whatever the current demand generation is in that quarter and then with elevated backlog using backlog to drive incremental shipments, all of this obviously predicated on the supply chain being there. And I think we have more confidence in the availability in the supply chain, particularly in the ISG supply chain.

我對我們如何構建指南和指南的組成部分的評論，特別是在 ISG 內部，ISG 在今年下半年以高個位數、低兩位數增長，主要是通過當前的需求產生是在那個季度，然後積壓增加，使用積壓來推動增加出貨量，所有這些顯然都取決於供應鏈的存在。而且我認為我們對供應鏈的可用性更有信心，特別是在 ISG 供應鏈中。

Jeff, I don't know if you'd add anything to that.

傑夫，我不知道你是否會對此添加任何內容。

No. I think you called it out correctly. As we look at the second half and the demand environment that we've been talking about from a supply chain perspective, the things that have impeded us to be able to ship what we sell in any given quarter, we believe are clearing the way in the second half of the year, which is what we're supposed to do in the supply chain organization. So working through -- the things that I've called out in the past that voltage regulators, embedded controllers, the associated ICs with the power supplies and the mix, our line of sight to them in the second half of the year continues to improve. And we're in a good supply position.

不，我認為你說得對。當我們從供應鏈的角度審視下半年和我們一直在談論的需求環境時，阻礙我們在任何給定季度發貨的事情，我們相信正在掃清道路下半年，這是我們在供應鏈組織中應該做的事情。因此，努力解決我過去提到的穩壓器、嵌入式控制器、與電源相關的 IC 及其組合，我們在下半年對它們的看法繼續改善.我們處於良好的供應狀態。

And our next question will come from Wamsi Mohan with Bank of America.

我們的下一個問題將來自美國銀行的Wamsi Mohan。

Yes. Last quarter, you talked PCs could be about 330 million units. I was wondering if you could give us an update on your current view in '22 and maybe any early thoughts into '23. And if we look at your free cash flow, right, your LTM free cash flow is very impressive. But over the last 6 months, it's been negative. As you look through this weakening demand environment and particularly declining revenues in CSG, I know you've got elevated levels of inventory as well. So there are quite a few moving pieces. So any help you can give us in trying to think through as you burn through that inventory and look at the elevated backlog, the rate and pace of that beginning of, how we should be thinking about your potential free cash flow generation over the next couple of quarters?

是的。上個季度，您談到個人電腦的銷量可能約為 3.3 億台。我想知道您是否可以向我們提供有關您在 22 年當前觀點的最新信息，以及對 23 年的任何早期想法。如果我們看看你的自由現金流，對，你的 LTM 自由現金流非常令人印象深刻。但在過去的 6 個月裡，它一直是負面的。當您審視這種疲軟的需求環境，特別是 CSG 收入下降時，我知道您的庫存水平也有所提高。所以有不少動人的作品。因此，當您燒掉庫存並查看增加的積壓、開始的速度和速度時，您可以給我們提供任何幫助，我們應該如何考慮您在接下來的幾年中產生的潛在自由現金流宿舍？

Sure. Wamsi, I'll address since I'm the 1 that put 330 million out there on our last call where our current thinking is. So I'm sure you saw last night that IDC came out with their new forecast, certainly, a significant change. Second half, obviously, particularly changed in the market now in their definition of roughly 305 million units, which I believe takes the market down on their side or just under 13%.

當然。 Wamsi，我會說，因為我是第一個在我們當前的想法所在的最後一次電話會議上投入 3.3 億美元的人。所以我相信你昨晚看到 IDC 發布了他們的新預測，當然，這是一個重大變化。下半年，顯然，現在市場的變化特別大，他們對大約 3.05 億台的定義，我相信這會使市場下跌或略低於 13%。

Our view, so tying it to the 330 million that I talked about last time, our view is built on a proprietary model. That proprietary model uses many industry sources, that uses what we learn from our supply base and what we hear from our customers. And our model is a little more pessimistic than that. We're centering around 290 million units for the year, roughly 151 million sold in the first half of the year. You can do the math of how you get or what it would be in the second half.

我們的觀點，因此將其與我上次談到的 3.3 億聯繫起來，我們的觀點是建立在專有模型之上的。該專有模型使用了許多行業資源，使用了我們從供應商那裡學到的東西以及我們從客戶那裡聽到的東西。我們的模型比這更悲觀一些。我們今年的銷量集中在 2.9 億台左右，上半年售出約 1.51 億台。你可以計算一下你是如何得到的，或者下半場會是什麼。

So we have the second half down more than IDC does based on our insight, our listening posts and our proprietary model that allows us to at least manage and navigate the business. So that's our current outlook, 290 million. It will be wrong tomorrow. The precision of these tools isn't that specific to the decimal, but it is an approximation of where we think the market is now in driving our behavior.

因此，基於我們的洞察力、我們的傾聽帖子和我們的專有模型，我們的下半年比 IDC 的下降幅度更大，這讓我們至少能夠管理和導航業務。這就是我們目前的展望，2.9 億。明天就錯了。這些工具的精度並不是特定於小數點，但它是我們認為市場現在在推動我們行為的一個近似值。

And our next question will come from Amit Daryanani with Evercore.

我們的下一個問題將來自 Evercore 的 Amit Daryanani。

I guess maybe if I think about the back half expectations that you have for ISG, could you just maybe talk about what are you seeing in storage versus servers and 1 is more weaker versus other? That would be really helpful to understand. And then, Tom, if revenues are down the way you're alluding to the back half, can we still have positive free cash flow generation back half of the year?

我想也許如果我考慮一下您對 ISG 的後半部分期望，您能否談談您在存儲與服務器中看到的情況，以及 1 與其他相比更弱？這對理解很有幫助。然後，湯姆，如果收入下降到你提到的後半部分，我們還能在今年後半部分產生正的自由現金流嗎？

Yes, let me take that. Let me start with just the storage side. So look, we're pleased with the storage performance. You saw that fifth consecutive quarter of demand growth in storage and that streak is now extended to the P&L, we're 6% growth in Q2 after 9% growth in Q1, so that's 8% growth for the first half.

是的，讓我接受。讓我從存儲方面開始。所以看，我們對存儲性能感到滿意。您看到存儲需求連續第五個季度增長，並且這種趨勢現在延伸到損益表，在第一季度增長 9% 之後，我們在第二季度增長了 6%，因此上半年增長了 8%。

Look, I think we saw strength across a number of portions of our portfolio. Our breadth of portfolio continues to be an advantage. And so we saw growth in storage around the high end, PowerStore continued to grow, entry, unstructured. And I'd sort of call out that as we've said in the past, the storage business can be lumpy in any 1 quarter. And if we pull the lens back to the first half, our core storage business, data protection, hyperconverged infrastructure businesses all grew at a very healthy clip.

看，我認為我們在投資組合的許多部分都看到了實力。我們廣泛的產品組合仍然是一個優勢。因此，我們看到了高端存儲的增長，PowerStore 繼續增長，入門級，非結構化。正如我們過去所說，存儲業務在任何一個季度都可能出現波動。如果我們把鏡頭拉回到上半年，我們的核心存儲業務、數據保護、超融合基礎設施業務都以非常健康的速度增長。

So looking ahead on storage, we would say, look, we do see demand growth moderating as the caution that enters the environment sort of extends to storage. But from where we sit today, we see more moderation in server buying than in storage buying. And so we do expect storage demand growth again in Q3.

因此，展望存儲，我們會說，看，我們確實看到需求增長放緩，因為進入環境的謹慎程度延伸到存儲。但是從我們今天的情況來看，我們看到服務器購買比存儲購買更加溫和。因此，我們確實預計第三季度的存儲需求將再次增長。

And our next question will come from Sidney Ho with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Sidney Ho。

My question is on the margin side of things. I think last quarter, you expect the gross margin to be kind of flattish in Q3 and up slightly in Q4. Given what you're seeing right now and also the incremental foreign exchange headwinds, how are you seeing gross margin trending? And also while you're at it, can you talk about what your expectations by operating -- by segment in terms of operating margins, given your comment on reducing expenditures?

我的問題是在邊緣方面。我認為上個季度，您預計第三季度毛利率將持平，第四季度略有上升。鑑於您現在看到的情況以及外匯逆風的增加，您如何看待毛利率趨勢？而且，當你在做這件事的時候，你能否談談你對運營的期望——在營業利潤率方面，根據你對減少支出的評論？

Sidney, let me talk about the margin dynamics that we're seeing, and I won't parse it down to an operating segment level. But at an aggregate level, if you recall what we said in the guidance when we talked about this in May, we expected Q2 gross margins to decline given the mix of the business, given foreign currency, again, some of the backlog dynamics. And effectively, that's what you saw happen in the Q2 results.

西德尼，讓我談談我們所看到的利潤率動態，我不會將其解析為運營部門級別。但總體而言，如果您還記得我們在 5 月份談到這個問題時在指南中所說的話，我們預計第二季度的毛利率將下降，因為業務組合、外匯以及一些積壓動態。實際上，這就是您在第二季度結果中看到的情況。

What we just said in the guidance for Q3 was that we do expect operating our gross margin, excuse me, to increase in Q3, just given the mix of the business, the pricing actions that we have taken to try to offset the currency, although that continues to be dynamic. But we think the mix of the business is helpful and we mix a bit more towards commercial PCs in the back half of the year as well. So our expectation right now with what we know today is that gross margins move upward in Q3 and then relatively stable as you go through the remainder of the year.

我們剛剛在第三季度的指導中說的是，我們確實預計第三季度的毛利率會增加，只是考慮到業務的組合，我們為抵消貨幣而採取的定價行動，儘管這仍然是動態的。但我們認為業務的混合是有幫助的，我們在下半年也會更多地向商用 PC 混合。因此，我們現在對我們今天所知道的情況的預期是，毛利率在第三季度上升，然後在今年剩餘時間里相對穩定。

Our next question will come from Steven Fox with Fox Advisors.

我們的下一個問題將來自 Fox Advisors 的 Steven Fox。

Just wanted to clarify a couple of things you said on storage or just maybe understand time line. So I understand what you said looking back on mix and trends and how you're still seeing overall demand growth and the broad advantages in the portfolio. But when you think about mix over the next 2 to 3 quarters, can you sort of dig into that? And what sort of some of these macro pressures might mean for the overall storage mix going forward?

只是想澄清您在存儲上所說的幾件事，或者只是想了解時間線。所以我理解你在回顧組合和趨勢時所說的話，以及你如何仍然看到整體需求增長和投資組合的廣泛優勢。但是，當您考慮未來 2 到 3 個季度的混音時，您能深入了解一下嗎？這些宏觀壓力中的哪些可能對未來的整體存儲組合意味著什麼？

Well, let me try to work my way to that question. So I think we've tried to say that as we think about our businesses, we've talked about the PC business and the demand, the forward-looking server part of our business and its associated demand. And I think Chuck just referenced, we expect the storage marketplace to grow in the mid-single digits -- and we expect to gain share and outperform the market. Where are the sources of that performance? The sources of those performance are going to be our #1 positions across the portfolio. We're a market leader in the high end. We just put version 4 of PowerMax into the marketplace. It's unmatched in the market, and we continue to believe we can grow that.

好吧，讓我試著解決這個問題。所以我認為我們試圖說，當我們考慮我們的業務時，我們已經談到了個人電腦業務和需求，我們業務的前瞻性服務器部分及其相關需求。我認為 Chuck 剛剛提到，我們預計存儲市場將以中個位數增長——我們預計將獲得份額並超越市場。這種表現的來源在哪裡？這些業績的來源將是我們在投資組合中的第一名。我們是高端市場的領導者。我們剛剛將 PowerMax 第 4 版推向市場。它在市場上是無與倫比的，我們仍然相信我們可以發展它。

PowerStore, Chuck made some references of how PowerStore is doing. It's nearly half of our midrange mix now. 24% of the customers are new. We just put our third software release into the marketplace with a new controller. We now have a feature that certainly, we wish we have had earlier, but it's now in the marketplace, a native metro sync replication. We don't have any market deficiencies in the mid-range. And we have the most modern architecture in the marketplace, and we expect to lean on that. Our PowerScale and structured product is new. Our PowerFlex software-defined storage product is unmatched in the marketplace. Those are going to be sources where we go drive differentiated growth and attempt I believe we'll be successful in outperforming the marketplace.

PowerStore，Chuck 對 PowerStore 的表現做了一些參考。它現在幾乎是我們中檔組合的一半。 24% 的客戶是新客戶。我們剛剛通過新控制器將我們的第三個軟件版本推向市場。我們現在有一個功能，當然，我們希望我們更早擁有，但它現在在市場上，一個本地 Metro 同步複製。我們在中檔沒有任何市場缺陷。我們擁有市場上最現代的架構，我們希望以此為基礎。我們的 PowerScale 和結構化產品是新產品。我們的 PowerFlex 軟件定義存儲產品在市場上是無與倫比的。這些將成為我們推動差異化增長和嘗試的來源，我相信我們將成功超越市場。

Jeff, I think in addition to that, given the product portfolio that we have, there's a couple of macro things that help us as well. Clearly, the mainframe refresh cycle so the high end are PowerMax should benefit from that. Now it's early innings, but we do expect there to be some benefit as a result of that. And the reality of the world is that data is still getting created. So the need and the ability of a company to store data continues to grow. And with the solution capabilities that you just outlined in our positioning in the market, I think we feel pretty good about the opportunities.

傑夫，我認為除此之外，鑑於我們擁有的產品組合，還有一些宏觀的東西也可以幫助我們。顯然，大型機刷新周期如此高端，PowerMax 應該會從中受益。現在是早期的一局，但我們確實希望因此會有一些好處。世界的現實是，數據仍在不斷創造中。因此，公司存儲數據的需求和能力不斷增長。憑藉您剛剛在我們的市場定位中概述的解決方案能力，我認為我們對這些機會感到非常滿意。

Right. And maybe if you think about it, I think I mentioned this before, but if you summarize that, our priorities in the storage business are really consolidating the high end with the best product in the marketplace. Innovating and taking share in the mid-range where we are the market leader, but want to create more space and then lead in the HCI and software-defined infrastructure business. So we have the leadership position in all 3, and we continue to lean on them to grow.

正確的。如果你仔細想想，我想我之前提到過這一點，但如果你總結一下，我們在存儲業務中的優先事項確實是用市場上最好的產品來鞏固高端產品。創新並在我們是市場領導者的中端市場中佔有一席之地，但希望創造更多空間，然後在 HCI 和軟件定義的基礎設施業務中處於領先地位。所以我們在這三個方面都處於領導地位，我們繼續依靠他們來成長。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess you've mentioned a few times on the call that you've obviously managed the business through economic downturns in the past as well. I was just curious if you can talk about parts of the business that will be countercyclical. I know financial services was called out as one. And particularly, as some of the slowing reverses from your customers, hopefully, in some time, when we should expect to see the rebound first? Any insights on that from your experience.

我猜您在電話會議上曾多次提到您顯然在過去的經濟衰退中也管理過業務。我只是想知道您是否可以談論將是反週期的部分業務。我知道金融服務被稱為一體。特別是，隨著您的客戶的一些放緩逆轉，希望在某個時候，我們應該期待什麼時候首先看到反彈？根據您的經驗對此有何見解。

Yes. Let me start and then the guys can jump in here. As you think about what might be countercyclical in our business, you rightly pointed out that what we have seen in the past with DFS is that in times of macro uncertainty or macro weakness, customers tend to want to preserve cash balances and liquidity opportunities and move towards financing. And clearly, the originations that we saw in DFS this quarter are opportunities for us.

是的。讓我開始，然後伙計們可以跳進來。當您考慮我們業務中可能出現的反週期因素時，您正確地指出，我們過去在 DFS 中看到的是，在宏觀不確定或宏觀疲軟的時期，客戶往往希望保留現金餘額和流動性機會並轉移走向融資。顯然，我們本季度在 DFS 中看到的起源對我們來說是機會。

So I would also talk -- point you to thinking about APEX is an opportunity, right, in terms of the as a service and subscription frameworks that many customers are interested in, the lack of preservation of capital or CapEx is an opportunity to lean into APEX, which will be interesting for us. If you think about sectors or verticals within the marketplace, and you think about the macro dynamic that's going on right now and where governments, in particular, are spending money or where investments are going into think -- within the government space, the defense sector, education and health care within the government space are interesting opportunities depending upon how budgets get released and how they flow. You've seen the macro around energy. And so investment flowing into the energy verticals and energy companies will require infrastructure build out.

所以我還要談談——指出你認為 APEX 是一個機會，對，就許多客戶感興趣的即服務和訂閱框架而言，缺乏資本或資本支出是一個傾斜的機會APEX，這對我們來說會很有趣。如果你考慮市場中的行業或垂直領域，你會考慮目前正在發生的宏觀動態，特別是政府在哪里花錢或投資正在考慮的地方——在政府領域，國防部門，政府空間內的教育和醫療保健是有趣的機會，這取決於預算如何發布以及它們如何流動。你已經看到了圍繞能源的宏觀。因此，流入能源垂直領域和能源公司的投資將需要建設基礎設施。

So there are a number of areas within this broad context of a slowing economy that are interesting to us that we are -- we will exploit as appropriate to try and drive velocity. I would also remind you that Jeff highlighted in his conversation around supply chain that we expect deflationary component costs in Q3. Obviously, you guys have been following this industry for a while and know that in times of deflationary component costs, historically, we've tended to do well in those types of opportunities as we think about margin opportunity there.

因此，在經濟放緩的大背景下，我們對我們感興趣的許多領域 - 我們將酌情利用以嘗試提高速度。我還要提醒您，傑夫在他圍繞供應鏈的談話中強調，我們預計第三季度的組件成本將出現通縮。顯然，你們已經關注這個行業一段時間了，並且知道在通貨緊縮的組件成本時期，從歷史上看，當我們考慮那裡的保證金機會時，我們往往在這些類型的機會中做得很好。

So look, we'll have to navigate through it. It's what we do. But I'm confident that we'll be positioned to take advantage of any growth vectors that are out there.

所以看，我們將不得不瀏覽它。這就是我們所做的。但我相信我們將能夠利用現有的任何增長載體。

Our final question will come from Krish Sankar with Cowen and Company.

我們的最後一個問題將來自與 Cowen and Company 的 Krish Sankar。

This is Steven calling on behalf of Krish. Just 1 question on ISG server refresh later this year. Obviously, the new x86 server chips that are coming out this year are probably 1 of the most anticipated product releases. Can you talk about your customer feedback on expected demand [this year] within the context of macro slowing? And also just given that AMD-based service systems have increased as a percentage of the overall market, but do you anticipate your portfolio to also be in line with that?

我是 Steven 代表 Krish 打電話來的。今年晚些時候關於 ISG 服務器更新的問題只有 1 個。顯然，今年推出的新 x86 服務器芯片可能是最受期待的產品發布之一。在宏觀經濟放緩的背景下，您能否談談您對 [今年] 預期需求的客戶反饋？而且還只是考慮到基於 AMD 的服務系統在整個市場中所佔的百分比有所增加，但您是否預計您的產品組合也會與此一致？

Well, let me see if I work my way through that. So we talked about a slowing server demand independent of technology and architecture. It's probably we're saying for the last 6 quarters, we've been in a growth mode. The sector has really grown for us. It's been 7 quarters in a row, and you've seen this massive consumption of infrastructure. In this case, we're talking about servers. Servers, we benefited from that by taking tremendous share in this marketplace.

好吧，讓我看看我是否能解決這個問題。因此，我們談到了獨立於技術和架構的服務器需求放緩。可能我們在說過去 6 個季度，我們一直處於增長模式。該行業確實為我們成長。連續 7 個季度，您已經看到了基礎設施的大量消耗。在這種情況下，我們談論的是服務器。服務器，我們從中受益，在這個市場上佔據了巨大的份額。

So as I look forward, as we get through the consumption cycle, and I'm not here, I can't cast how long that consumption cycle is going to be delayed or paused as we go through what's called a digestion period. We're poised quite well when the consumption button gets turned back on again. We'll have refresh products, both classes of x86 architectures. We'll be in a performance position of the progress we've made strategically across high-value workloads. Our ability to sell deeper into the data center, what we're doing in the software-defined space across the board, I think, positions us quite nicely to take advantage of when that consumption period resumes. I can't forecast that. We talked about the demand slowing. We didn't say it was stopped. So I think that's an important notification.

因此，正如我所期待的那樣，當我們度過消費周期時，我不在這裡，我無法預測消費周期將在我們經歷所謂的消化期時被延遲或暫停多長時間。當消費按鈕再次打開時，我們已經做好了準備。我們將更新產品，這兩類 x86 架構。我們將在高價值工作負載的戰略性進展中處於性能位置。我認為，我們深入數據中心銷售的能力，我們在軟件定義領域所做的一切，使我們能夠很好地利用這一消費期的恢復。我無法預測。我們談到了需求放緩。我們沒有說它停止了。所以我認為這是一個重要的通知。

And then the longer-term attributes continue to really drive a demand, a multi-cloud world, a decentralized world, a data-intensive world, a world that requires more data-driven insights, automation and embedded intelligence. Those are the things that we built for our customers. So longer term, I feel really good. I'm not a market forecaster in terms of what happens in the next period of time, but we're positioned quite well.

然後，長期屬性繼續真正推動需求，多雲世界、去中心化世界、數據密集型世界、需要更多數據驅動的洞察力、自動化和嵌入式智能的世界。這些是我們為客戶打造的東西。所以從長遠來看，我感覺很好。就未來一段時間會發生什麼而言，我不是市場預測者，但我們的定位非常好。

Good. We had a couple of second questions that I intentionally didn't address that were related to cash flow. And I just feel like it's probably better that we just hit those. So Tom, questions on cash flow in the second half, given the linearity and demand dynamics.

好的。我們有幾個第二個問題，我故意沒有解決與現金流有關的問題。而且我只是覺得我們只是擊中那些可能會更好。所以湯姆，考慮到線性和需求動態，下半年的現金流問題。

Yes. Look, obviously, I think it was Amit pointed out that over the first half of the quarter -- or first half of the year, we've seen free cash flow sort of a bit softer, given some of the sequential dynamics -- demand dynamics and revenue dynamics in the business. So as we think about the back half of the year, we will generate free cash flow. Yes, our model, as you guys all know, is when we expand revenue with our negative working capital model, we tend to generate a lot of cash flow when revenue demand or revenues flatten. You tend to have a little bit of a pullback in that. We've got a number of actions in place right now, particularly around how do you think about driving working capital down to drive more efficient utilization of working capital. You saw our inventory came down $400 million in the quarter. We'll continue to work our way through that being cognizant of ensuring that continuity of supply and supply capabilities are there to help us serve our customers.

是的。看，顯然，我認為是阿米特指出，在本季度的上半年——或今年上半年，考慮到一些連續的動態——需求，我們看到自由現金流有點疲軟業務動態和收入動態。因此，當我們考慮今年下半年時，我們將產生自由現金流。是的，大家都知道，我們的模型是，當我們用負營運資本模型擴大收入時，當收入需求或收入趨於平緩時，我們往往會產生大量現金流。你往往會有一點回調。我們現在已經採取了一些行動，特別是關於您如何考慮降低營運資金以推動更有效地利用營運資金。您看到我們的庫存在本季度下降了 4 億美元。我們將繼續努力，確保供應的連續性和供應能力能夠幫助我們為客戶服務。

We did build receivables this quarter doing some of -- as a result of some of the sales linearity that we saw the receivable agings in great shape. We're not seeing any signs of stress from the customer base there at this point. And so we'll work hard to get that back in the profile. Tyler, what else would you add to that?

我們確實在本季度建立了應收賬款 - 由於我們看到應收賬款老化狀況良好的一些銷售線性。目前，我們沒有看到那裡的客戶群有任何壓力跡象。因此，我們將努力將其恢復到個人資料中。泰勒，你還有什麼要補充的？

No, I would probably just add. I mean, look, if you look back over the last several years, obviously, it's been a great demand environment, and we benefited from working capital efficiency, and you saw our free cash flow conversion to net income was well above 1x, right? And obviously, that's our target, although I would say for this year, given where we are and what we're seeing, I would expect us to be below that 1x target. But we'll obviously migrate back towards that over time.

不，我可能會添加。我的意思是，如果你回顧過去幾年，很明顯，這是一個很好的需求環境，我們受益於營運資本效率，你看到我們的自由現金流轉換為淨收入遠高於 1 倍，對吧？顯然，這是我們的目標，儘管我會說今年，鑑於我們所處的位置和我們所看到的，我希望我們低於 1 倍的目標。但隨著時間的推移，我們顯然會回到那個方向。

All right. Thanks, Tyler. That wrapped the call today. Just as a reminder, we'll be at a multitude of conferences this quarter with additional IR activities in Asia and Europe. So we look forward to seeing you when we're out on the road, and thank you for joining us today.

好的。謝謝，泰勒。今天的電話就這樣結束了。提醒一下，我們將在本季度參加眾多會議，並在亞洲和歐洲開展額外的 IR 活動。因此，我們期待在旅途中見到您，並感謝您今天加入我們。

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

謝謝你。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開連接。