戴爾 (DELL) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Fiscal year 2023 First Quarter Financial Results Conference Call for Dell Technologies Incorporated. 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 Incorporated. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. (Operator Instructions)

下午好，歡迎參加戴爾技術公司 2023 財年第一季度財務業績電話會議。我想通知所有參與者，應 Dell Technologies 的要求，此次通話正在錄音。此廣播是 Dell Technologies Incorporated 的版權財產。未經 Dell Technologies 事先書面許可，禁止全部或部分重播此信息。 （操作員說明）

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

我想把電話轉給投資者關係主管 Rob Williams。威廉姆斯先生，你可以開始了。

Thanks, Jermiria. And thanks, everyone, for joining us. With me today are Jeff Clarke, Chuck Whitten, Tom Sweet and Tyler Johnson.

謝謝，傑米莉亞。感謝大家加入我們。今天和我在一起的是傑夫·克拉克、查克·惠頓、湯姆·斯威特和泰勒·約翰遜。

Our earnings materials are available on our IR website. And I encourage you to review these presentation materials, which include rich content to complement our discussion this afternoon. Guidance will also be covered on today's call.

我們的收益材料可在我們的 IR 網站上找到。我鼓勵您查看這些演示材料，其中包含豐富的內容來補充我們今天下午的討論。今天的電話會議還將提供指導。

During this call, unless otherwise indicated, all references to financial measures refer to non-GAAP financial measures, which include non-GAAP revenue gross margin, operating expenses, operating income, net income, earnings per share and adjusted free cash flow. A reconciliation of these measures to the most directly comparable GAAP measures can be found in our web deck and press release.

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、營業費用、營業收入、淨收入、每股收益和調整後的自由現金流。這些措施與最直接可比的 GAAP 措施的對賬可以在我們的網絡平台和新聞稿中找到。

Growth percentages refer to year-over-year change unless otherwise noted. 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.

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 Q1 and innovation highlights from Dell Technologies World, along with the current demand and supply chain environments. Chuck will cover detailed Q1 CSG and ISG operating performance. And Tom will cover our Q1 financial results, capital allocation and guidance.

在今天的電話會議中，傑夫將回顧戴爾科技世界的第一季度和創新亮點，以及當前的需求和供應鏈環境。 Chuck 將詳細介紹第一季度 CSG 和 ISG 運營業績。湯姆將介紹我們的第一季度財務業績、資本分配和指導。

Now I'll turn it over to Jeff.

現在我將把它交給傑夫。

Hello, everybody. Thanks for joining us. Following a record FY '22, we continue to execute quite well in a complex macro environment. We are focused on our long-term strategy while continuing to innovate, enhancing existing solutions and creating new ones for our customers.

大家好。感謝您加入我們。在 22 財年創紀錄之後，我們繼續在復雜的宏觀環境中表現出色。我們專注於我們的長期戰略，同時繼續創新、增強現有解決方案並為我們的客戶創造新的解決方案。

For Q1, we delivered record revenue of $26.1 billion, up 16%, with strong, balanced growth across CSG and ISG. We also improved our profitability in the quarter, and we will continue to focus on disciplined cost management. As a result, diluted EPS was $1.84, a record, up 36%. Over the last 12 months, we have generated $5.8 billion of cash flow from operations. We are grateful to succeed alongside our customers.

第一季度，我們實現了創紀錄的 261 億美元收入，增長了 16%，CSG 和 ISG 實現了強勁、平衡的增長。我們還提高了本季度的盈利能力，我們將繼續專注於嚴格的成本管理。結果，攤薄後每股收益為 1.84 美元，創歷史新高，增長 36%。在過去 12 個月中，我們從運營中產生了 58 億美元的現金流。我們很高興能與我們的客戶一起取得成功。

At Dell Technologies World, customers like CVS Health, USAA, General Motors and Boeing talked about reinventing their processes and their industries while unleashing innovation productivity and sustainability with Dell as a key technology partner.

在 Dell Technologies World 上，CVS Health、USAA、通用汽車和波音等客戶談到了重塑他們的流程和行業，同時以戴爾作為關鍵技術合作夥伴釋放創新生產力和可持續性。

We highlighted our role in the multi-cloud future, announcing a steady stream of innovation that places us at the center of our customers' multi-cloud world. Specifically, we made a series of announcements that demonstrate the work we are doing to build a multi-cloud ecosystem that includes all major public clouds. We shared Project Alpine, which brings enterprise-class data services into the public cloud for cloud bursting, test and development, cloud-based analytics, data and container mobility. We are also unlocking the power of data through our partnership with Snowflake, the first of its kind that provides direct access to Dell object storage on-prem, and we are including cybersecurity throughout.

我們強調了我們在多雲未來中的作用，宣布了源源不斷的創新，將我們置於客戶多雲世界的中心。具體來說，我們發布了一系列公告，展示了我們為構建包含所有主要公共雲的多雲生態系統所做的工作。我們分享了 Project Alpine，它將企業級數據服務引入公共雲，用於雲爆發、測試和開發、基於雲的分析、數據和容器移動性。我們還通過與 Snowflake 的合作來釋放數據的力量，Snowflake 是同類中第一個提供直接訪問戴爾本地對象存儲的同類產品，並且我們將網絡安全貫穿始終。

In addition, we also announced over 500 software enhancements to our industry-leading storage portfolio. For PowerMax, the world's most secure, mission-critical storage, we introduced a new intelligent NVMe multi-node, scaled out architecture with isolated cyber-vaults, 65 million immutable snapshots in the industry's first data compression for mainframes.

此外，我們還宣布了對我們行業領先的存儲產品組合的 500 多項軟件增強功能。對於世界上最安全的任務關鍵型存儲 PowerMax，我們推出了一種新的智能 NVMe 多節點、橫向擴展架構，具有隔離的網絡保險庫、6500 萬個不可變快照，這是業界首個大型機數據壓縮。

For PowerStore, we added ease and integration, significantly boosted mixed workload performance deepened VMware integration and added native metro sync replication. And with PowerFlex, we have the only software-defined infrastructure that scales almost limitlessly, for compute and storage while supporting bare metal, all hypervisors and file and block storage services on a single platform with increased cyber resiliency and multi-cloud extensions.

對於 PowerStore，我們增加了易用性和集成，顯著提高了混合工作負載性能，深化了 VMware 集成，並添加了本機 Metro Sync 複製。借助 PowerFlex，我們擁有唯一一款幾乎可以無限擴展的軟件定義基礎架構，用於計算和存儲，同時在單一平台上支持裸機、所有虛擬機管理程序以及文件和塊存儲服務，並提高網絡彈性和多雲擴展。

These software-driven innovations enable a continuously modern storage experience with highly-adaptable storage architectures, comprehensive cyber resiliency and multi-cloud ecosystem flexibility.

這些軟件驅動的創新通過高度適應性的存儲架構、全面的網絡彈性和多雲生態系統的靈活性，實現了持續的現代存儲體驗。

And lastly, we announced a range of APEX offers that further expand our subscription and as-a-service capabilities. To date, the transition towards multi-cloud and a highly-distributed architecture is playing out much like we thought. It's clear our strategy is resonating across our customers and partner ecosystem.

最後，我們宣布了一系列 APEX 產品，進一步擴展了我們的訂閱和即服務能力。迄今為止，向多雲和高度分佈式架構的過渡正在像我們想像的那樣進行。很明顯，我們的戰略正在我們的客戶和合作夥伴生態系統中引起共鳴。

Turning to the supply chain. We experienced a wide range of semiconductor shortages that impacted CSG and ISG in Q1. In addition, the COVID lockdowns in China caused temporary supply chain interruptions in the quarter. As a result, backlog levels were elevated across CSG and ISG exiting the quarter.

轉向供應鏈。我們在第一季度經歷了一系列影響 CSG 和 ISG 的半導體短缺。此外，中國的新冠疫情封鎖導致本季度供應鏈暫時中斷。因此，本季度結束後，CSG 和 ISG 的積壓水平有所上升。

We expect backlog to remain elevated through at least Q2 due to current demand and industry-wide supply chain challenges. Q1 component costs were deflationary across key commodities, but logistics spend remained elevated due to higher rates and a mix of expedited parts.

由於當前的需求和整個行業的供應鏈挑戰，我們預計積壓訂單至少會在第二季度保持較高水平。第一季度主要商品的零部件成本出現通縮，但由於費率上漲和加急零件的混合，物流支出仍然較高。

Turning to Q2. We expect component cost to turn inflationary and logistics costs remain at elevated levels. That all said, Dell Technologies is well positioned to navigate these supply chain challenges just as we have over the past 3-plus years.

轉向第二季度。我們預計零部件成本將轉向通脹，物流成本將保持在較高水平。總而言之，戴爾科技公司已經做好了應對這些供應鏈挑戰的準備，就像我們在過去 3 年多的時間裡一樣。

The big picture. As we previously noted, we are seeing a shift in spend from consumer and PCs to data center infrastructure. IT demand is currently healthy. However, there are a number of uncertainties out in the broader macro that we continue to monitor: geopolitical issues, inflation, ongoing supply chain challenges, chip constraints and COVID shutdowns.

大圖。正如我們之前提到的，我們看到支出從消費者和個人電腦轉向數據中心基礎設施。 IT 需求目前是健康的。然而，我們繼續監測的更廣泛的宏觀存在許多不確定性：地緣政治問題、通貨膨脹、持續的供應鏈挑戰、芯片限制和 COVID 關閉。

What we've shown over the years is that regardless of the environment, we are agile and built to outperform. We are able to quickly lean into opportunities and focus on what we can control, executing our strategy for growth, innovating for our customers, motivating our teams, building better communities and delivering for our stakeholders.

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。我們能夠迅速抓住機會並專注於我們可以控制的事情，執行我們的增長戰略，為我們的客戶創新，激勵我們的團隊，建立更好的社區並為我們的利益相關者提供服務。

And with that, I'd like to turn it over to Chuck for a deeper dive into our segment results.

有了這個，我想把它交給查克，以便更深入地了解我們的細分結果。

Thanks, Jeff. Great to be here with all of you and excited to share the details of our Q1 business unit performance.

謝謝，傑夫。很高興與大家在這里分享我們第一季度業務部門績效的詳細信息。

Starting with ISG, we delivered another record Q1 with 16% growth and $9.3 billion of revenue. It's our fifth consecutive quarter of growth as widespread digital transformation continues to support growth and infrastructure spend.

從 ISG 開始，我們在第一季度創造了另一個創紀錄的增長 16% 和 93 億美元的收入。這是我們連續第五個季度實現增長，因為廣泛的數字化轉型繼續支持增長和基礎設施支出。

ISG profitability was up with operating income growing 39% and operating margins expanding 200 basis points to 11.7%. Servers and networking revenue grew 22%, and storage revenue grew 9% as 4 consecutive quarters of demand growth has now made its way into the P&L. We were particularly pleased with the breadth of strength in storage. In Q1, we saw storage demand growth across our portfolio, including data protection, HCI, unstructured, entry, high end and PowerStore, our marquee mid-range solution and still the fastest-growing storage architecture in company history.

ISG 盈利能力上升，營業收入增長 39%，營業利潤率擴大 200 個基點至 11.7%。服務器和網絡收入增長 22%，存儲收入增長 9%，因為連續 4 個季度的需求增長現已進入損益表。我們對存儲強度的廣度感到特別滿意。在第一季度，我們看到整個產品組合的存儲需求增長，包括數據保護、HCI、非結構化、入門、高端和 PowerStore，這是我們的中端解決方案，並且仍然是公司歷史上增長最快的存儲架構。

Turning to Client Solutions. CSG also delivered a record Q1 with revenue of $15.6 billion, up 17% on top of a strong prior year comp of 20% growth. This was outstanding absolute and relative performance. We gained 190 basis points of PC unit share in calendar Q1 based on IDC results, the most among the top 4 industry vendors.

轉向客戶解決方案。 CSG 還實現了創紀錄的第一季度收入，達到 156 億美元，在去年強勁增長 20% 的基礎上增長了 17%。這是傑出的絕對和相對錶現。根據 IDC 的結果，我們在日曆第一季度的 PC 單位份額中獲得了 190 個基點，是前 4 大行業供應商中最多的。

We have now gained unit share in 33 of the last 37 quarters. But as we've highlighted, not all PC units are created equal. Our focus on the commercial segment paid off in Q1 as commercial demand was solid and we saw softness in Consumer and Chrome as expected.

我們現在在過去 37 個季度中的 33 個季度獲得了單位份額。但正如我們已經強調的那樣，並非所有的 PC 單元都是平等的。我們對商業領域的關注在第一季度得到了回報，因為商業需求穩定，我們看到消費者和 Chrome 的疲軟如預期。

Commercial CSG revenue grew 22%, while Consumer grew 3%. We also saw continued strength in software and peripherals as customers continue to seek exceptional PC experiences in the "do anything from anywhere" world. Our market-leading display business, for example, grew 20% and gained 370 basis points in calendar Q1 according to preliminary IDC data.

商業 CSG 收入增長 22%，而消費者增長 3%。隨著客戶繼續在“隨時隨地做任何事”的世界中尋求卓越的 PC 體驗，我們還看到了軟件和外圍設備的持續優勢。例如，根據 IDC 的初步數據，我們市場領先的顯示器業務在第一季度增長了 20% 並上漲了 370 個基點。

The net of strong commercial performance, peripheral growth and disciplined cost management with strong profitability. The business delivered an op inc margin of 7.2%, and we have delivered roughly $1 billion of op inc or better over the last 7 quarters.

強勁的商業業績、外圍增長和嚴格的成本管理以及強大的盈利能力。該業務實現了 7.2% 的運營利潤率，在過去的 7 個季度中，我們交付了大約 10 億美元或更高的運營成本。

Looking ahead, we are seeing a rotation in IT spending from CSG to ISG. Despite economic uncertainty, digital transformation and automation efforts are being used to solve the pressing challenges at the moment as technology and business strategies emerge, benefiting our infrastructure business. We expect ISG growth for the full fiscal year.

展望未來，我們看到 IT 支出從 CSG 轉向 ISG。儘管存在經濟不確定性，但隨著技術和業務戰略的出現，數字化轉型和自動化努力正在被用來解決當前緊迫的挑戰，從而使我們的基礎設施業務受益。我們預計整個財年的 ISG 將增長。

And PCs are now a C-suite issue. In the world of hybrid work and in a fiercely competitive talent market, the PC is the gateway to the employee experience and a visible symbol of a company's commitment to technology. We do, however, expect CSG growth to moderate over the course of the year as the Consumer portion of the market slows.

個人電腦現在是最高管理層的問題。在混合工作的世界和競爭激烈的人才市場中，PC 是員工體驗的門戶，也是公司對技術承諾的明顯像徵。然而，我們確實預計隨著市場的消費者部分放緩，CSG 的增長將在一年中放緩。

Q1 is proof of the benefits of having a strong geographically and sector diverse business covering the end-user to the edge, to the core data center, to the cloud. We are central to our customers' technology agendas, creating predictability, durability and flexibility in our business to pursue growth wherever it materializes in the IT market.

第一季度證明了擁有強大的地理和部門多元化業務的好處，涵蓋最終用戶到邊緣、核心數據中心和雲。我們是客戶技術議程的核心，在我們的業務中創造可預測性、持久性和靈活性，以在 IT 市場實現的任何地方追求增長。

As Jeff stated, there is some macro uncertainty right now. but we have shown time and time again the ability to navigate any market environment by focusing on our customers, our employees, our long-term strategy and our stakeholders.

正如傑夫所說，目前存在一些宏觀不確定性。但我們一次又一次地展示了通過關注我們的客戶、員工、長期戰略和利益相關者來駕馭任何市場環境的能力。

With that, let me turn it over to Tom.

有了這個，讓我把它交給湯姆。

Thanks, Chuck. As Jeff highlighted earlier, we delivered record Q1 revenue of $26.1 billion, up 16%, driven by strong growth in both CSG and ISG. We have previously highlighted that we thought fiscal year '23 would see a more robust infrastructure investment cycle while PC growth would shift back towards historical patterns. To date, this appears to be how fiscal year '23 is shaping.

謝謝，查克。正如 Jeff 早些時候強調的那樣，在 CSG 和 ISG 強勁增長的推動下，我們實現了創紀錄的第一季度收入 261 億美元，增長了 16%。我們之前曾強調，我們認為 23 財年的基礎設施投資週期將更加強勁，而 PC 增長將轉向歷史模式。迄今為止，這似乎是 23 財年的發展方式。

Gross margin was $5.9 billion, up 9% at 22.7% of revenue. Gross margin as a percentage of revenue was 150 basis points lower, primarily due to increased component and logistics cost. However, it was up 190 basis points sequentially due to improvement in both CSG and ISG gross margin percentages as more of our prior pricing actions took effect. We also saw a richer PC and server configurations and stronger storage performance in the quarter.

毛利率為 59 億美元，增長 9%，佔收入的 22.7%。毛利率佔收入的百分比下降了 150 個基點，主要是由於組件和物流成本增加。然而，由於我們之前更多的定價行動生效，CSG 和 ISG 毛利率均有所改善，因此環比上升了 190 個基點。我們還看到了本季度更豐富的 PC 和服務器配置以及更強的存儲性能。

Operating expense was $3.8 billion, up 3% at 14.5% of revenue as a result of investments in our team members and targeted investments in our growth areas, including capabilities to support our evolving business model. We will balance these investments with prudent cost discipline given the uncertainties in the current environment.

運營費用為 38 億美元，增長 3%，佔收入的 14.5%，這是由於對我們團隊成員的投資以及對我們增長領域的針對性投資，包括支持我們不斷發展的業務模式的能力。鑑於當前環境的不確定性，我們將平衡這些投資與審慎的成本紀律。

Operating income was a Q1 record of $2.1 billion, up 21% at 8.2% of revenue. Net income was $1.4 billion, up 36%, primarily driven by growth in operating income and a decline in interest expense due to our lower debt balances. Our tax rate was 19.3%.

營業收入達到創紀錄的 21 億美元，增長 21%，佔收入的 8.2%。淨收入為 14 億美元，增長 36%，主要受營業收入增長和債務餘額減少導致利息支出下降的推動。我們的稅率是 19.3%。

Fully diluted earnings per share was $1.84, up 36% with diluted share count decreasing sequentially to 780 million shares as a result of repurchases.

每股完全攤薄收益為 1.84 美元，增長 36%，由於回購，攤薄後的股票數量依次減少至 7.8 億股。

Our recurring revenue was approximately $5.3 billion a quarter, up 15%. Our remaining performance obligations, or RPO, is approximately $42 billion, up 14% and includes deferred revenue plus committed contract value not included in deferred revenue.

我們每季度的經常性收入約為 53 億美元，增長 15%。我們剩餘的履約義務或 RPO 約為 420 億美元，增長 14%，包括遞延收入加上未包含在遞延收入中的承諾合同價值。

Dell Financial Services originations were $2.1 billion, up 9% and DFS ended the quarter with $13.2 billion in total managed assets.

戴爾金融服務發起人為 21 億美元，增長 9%，截至本季度末，DFS 管理資產總額為 132 億美元。

Turning to our cash flow and balance sheet. Our use of cash from operations was $300 million in Q1, primarily driven by our annual bonus payout and seasonal revenue decline. As a reminder, Q1 is often a use of cash given the seasonality in our business and the timing of our annual incentive compensation payments.

轉向我們的現金流和資產負債表。我們在第一季度使用的運營現金為 3 億美元，主要是由於我們的年度獎金支付和季節性收入下降。提醒一下，考慮到我們業務的季節性以及我們每年支付獎勵金的時間，第一季度通常使用現金。

The team did a nice job on working capital management in the quarter, minimizing the increase in inventory due to supply chain challenges and reducing receivables. Our core debt balance is $16.5 billion, and we ended the quarter with $8.5 billion in cash and investments, down $2.8 billion sequentially principally due to seasonally low free cash flow and $1.75 billion in shareholder capital returns.

該團隊在本季度的營運資金管理方面做得很好，最大限度地減少了因供應鏈挑戰而導致的庫存增加並減少了應收賬款。我們的核心債務餘額為 165 億美元，本季度末我們的現金和投資為 85 億美元，環比下降 28 億美元，主要是由於季節性低自由現金流和 17.5 億美元的股東資本回報。

We repurchased 28.8 million shares of stock in Q1 for $1.5 billion and issued $250 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.

我們在第一季度以 15 億美元回購了 2880 萬股股票，並發放了 2.5 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，像第一季度一樣投機取巧。

Turning to Q2 and fiscal year '23. Digital transformation is a top priority for our customers, and it's fueling our growth as our customers look for a partner in their multi-cloud journey. Global IT spend is projected in the mid-single digits. And with what we see today, the current demand environment supports this. Against that backdrop, we expect Q2 revenue between $26.1 billion and $27.1 billion, up 10% at the midpoint with both CSG and ISG growing. We expect foreign currency to be a headwind for both Q2 and for the full year.

轉向第二季度和 23 財年。數字化轉型是我們客戶的首要任務，隨著我們的客戶在其多雲之旅中尋找合作夥伴，它正在推動我們的增長。全球 IT 支出預計為中個位數。根據我們今天看到的情況，當前的需求環境支持這一點。在此背景下，我們預計第二季度收入在 261 億美元至 271 億美元之間，中點增長 10%，CSG 和 ISG 均增長。我們預計外幣將成為第二季度和全年的不利因素。

We do expect gross margin rates to decrease sequentially as CSG mix increases and we managed through inflation and currency dynamics with an elevated backlog. OpEx will remain roughly flat to Q1 as a percentage of revenue. For our non-GAAP tax rate, you should assume 20%, plus or minus 100 basis points. We expect diluted share count to be roughly 760 million to 765 million shares. Netting this out, we expect diluted earnings per share of $1 to $1.15 and non-GAAP diluted earnings per share in the range of $1.55 to $1.70, up 10% at the midpoint.

我們確實預計毛利率會隨著 CSG 組合的增加而連續下降，並且我們通過通貨膨脹和貨幣動態來管理積壓的增加。運營支出佔收入的百分比將與第一季度大致持平。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 7.6 億至 7.65 億股。扣除這一點，我們預計每股攤薄收益為 1 美元至 1.15 美元，非 GAAP 攤薄每股收益在 1.55 美元至 1.70 美元之間，中點增長 10%。

As you know, we are coming off a record fiscal year '22 and a good start to fiscal year '23. Last quarter, we talked about our long-term value creation framework of 3% to 4% of revenue growth and EPS growth of 6% or better as a starting point for the year.

如您所知，我們即將迎來創紀錄的 '22 財年和 '23 財年的良好開端。上個季度，我們談到了我們的長期價值創造框架，即收入增長 3% 至 4%，每股收益增長 6% 或更高，作為今年的起點。

As we look at the balance of fiscal year '23, we're watching a few macroeconomic dynamics, including the geopolitical environment, inflation, interest rates, slowing economic growth, currency and continued COVID impacts disrupting supply chains and business activity. While we believe these macro dynamics will have some impact on overall IT investment spending, with what we know today, our updated framework has revenue growth of approximately 6% with both CSG and ISG growing for the year and earnings per share growth faster than revenue in the range of 12% or better.

當我們查看 23 財年的餘額時，我們正在關註一些宏觀經濟動態，包括地緣政治環境、通貨膨脹、利率、經濟增長放緩、貨幣和持續的 COVID 影響擾亂供應鍊和商業活動。雖然我們相信這些宏觀動態將對整體 IT 投資支出產生一些影響，但據我們今天所知，我們更新後的框架的收入增長約為 6%，其中 CSG 和 ISG 全年均增長，每股收益增長快於收入增長12% 或更好的範圍。

In closing, we delivered a strong quarter with record Q1 revenue, operating income and diluted earnings per share. We remain focused on executing our strategy to consolidate and modernize our core and build new growth engines that enable our customers' multi-cloud future while delivering revenue and EPS growth with strong free cash flow to our shareholders over time.

最後，我們以創紀錄的第一季度收入、營業收入和每股攤薄收益實現了強勁的季度。我們將繼續專注於執行我們的戰略，以鞏固和現代化我們的核心，並建立新的增長引擎，以支持我們客戶的多雲未來，同時隨著時間的推移為我們的股東提供強勁的自由現金流帶來收入和每股收益增長。

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 get to Q&A. (Operator Instructions) Jermiria, can you please introduce the first question?

謝謝，湯姆。讓我們進入問答環節。 （操作員說明）Jermiria，你能介紹一下第一個問題嗎？

We will take our first question from Krish Sankar with Cowen and Company.

我們將向 Cowen and Company 的 Krish Sankar 提出第一個問題。

I just had a clarification not the question. Just want to make sure you said a FY '23 revenue growth of 6% and EPS, 12-plus percent. And then the question is either for Jeff or Chuck, the CSG slowing makes sense due to the consumer and you said you're monitoring macro data points, but you're confident on the strength in ISG, especially at the time when tech companies are slowing hiring. I'm kind of curious, when you talk to your customers, your CEOs and CIOs, what gives us confidence in continuing this IT spending into the back half? Or is this more a soft spending target that could change as the macro type?

我只是澄清而不是問題。只是想確保您說 23 財年收入增長 6%，每股收益增長 12% 以上。然後問題是對於 Jeff 或 Chuck，CSG 放緩是有道理的，因為消費者，你說你正在監控宏觀數據點，但你對 ISG 的實力充滿信心，尤其是在科技公司處於招聘放緩。我有點好奇，當您與您的客戶、您的 CEO 和 CIO 交談時，是什麼讓我們有信心繼續將 IT 支出用於後半部分？還是這更像是一個可以隨著宏觀類型而改變的軟支出目標？

Krish, it's Tom. Let me -- I will confirm that I did say for fiscal year '23 revenue growth approximately 6%, and then the EPS growth of 12% or better. So yes, you heard that properly. Jeff, Chuck, I don't -- Jeff, do you want to jump in on the ISG question?

克里希，是湯姆。讓我確認一下，我確實說過 23 財年的收入增長大約 6%，然後每股收益增長 12% 或更高。所以是的，你沒聽錯。 Jeff，Chuck，我不-- Jeff，你想直接回答 ISG 的問題嗎？

Sure. The macro question was kind of CSG making sense slowing down and then the implications to ISG. Maybe break those down as we think about those particular businesses. In CSG, we -- I think we've called out before that we thought heading into this year that we would see the growth rate in CSG temper, and what we thought is indeed happening.

當然。宏觀問題是某種意義上的 CSG 放緩，然後是對 ISG 的影響。當我們考慮那些特定的業務時，也許會分解它們。在 CSG，我們 - 我想我們之前已經說過，我們認為進入今年，我們會看到 CSG 的增長率，以及我們認為確實正在發生的事情。

And it's happening in the areas that we happen to be less -- we participate less in, most notably Chrome, which is down significantly; and the low-end and mid-range price bands and Consumer, which are down. But what we see today, we see good growth in Commercial or enterprise PCs, whatever you prefer to call them. We continue to see that as we look forward. But it is a much lower growth rate than last year. There's no question.

它發生在我們碰巧較少的領域——我們參與較少，尤其是 Chrome，它顯著下降；以及低端和中端價格帶和消費者，它們都在下降。但是我們今天看到的是，無論您喜歡如何稱呼它們，我們都看到商業或企業 PC 的良好增長。在我們期待的過程中，我們繼續看到這一點。但增速遠低於去年。沒有問題。

I don't know what else to add to that. There's categories we would tell you. Why would that be the case? Well, we certainly have people going back to the office. We have this notion of a hybrid worker requiring a more capable and powerful machine. We have still a number of folks that are working in this hybrid market that need more mobility, i.e., more notebooks.

我不知道還有什麼要補充的。我們會告訴你一些類別。為什麼會這樣？好吧，我們肯定有人要回辦公室。我們有一個混合工人的概念，需要更強大的機器。我們仍然有很多人在這個混合市場工作，他們需要更多的移動性，即更多的筆記本電腦。

We would tell you that not all PCs are created equal, meaning that the commercial and enterprise generally have higher ASPs, richer content and configuration, greater opportunity to attach things. That's what drives our business.

我們會告訴你，並非所有的 PC 都是平等的，這意味著商業和企業通常具有更高的 ASP、更豐富的內容和配置、更大的附加機會。這就是推動我們業務的動力。

And then if we flip it over to the ISG side, look, I'd be remiss if I didn't call out. We just posted 22% growth in servers and 9% growth in storage. That's the sixth consecutive quarter of server growth and the fourth consecutive quarter of orders growth for storage, the first P&L that we've been indicating. We thought it would flip, and we saw that flip in our P&L. For P&L growth of 9% in storage after 4 quarters of orders growth.

然後，如果我們將其轉至 ISG 方面，看，如果我不喊出來，我就會失職。我們剛剛發布了 22% 的服務器增長和 9% 的存儲增長。這是服務器連續第六個季度增長，存儲訂單連續第四個季度增長，這是我們一直在指出的第一個損益。我們認為它會翻轉，我們在損益表中看到了這種翻轉。在訂單增長 4 個季度後，庫存損益增長 9%。

What's fueling that? Continued digital transformation. The fact that in this data economy and data world, you need more compute assets and storage assets to be able to accelerate that digital transformation. We continue to see that. Certainly, the demand environment we see today indicates that continues. I hope that helped, Krish.

是什麼助長了這一點？持續的數字化轉型。事實上，在這個數據經濟和數據世界中，您需要更多的計算資產和存儲資產才能加速數字化轉型。我們繼續看到這一點。當然，我們今天看到的需求環境表明這種情況仍在繼續。我希望這有幫助，克里希。

We'll take our next question from Aaron Rakers with Wells Fargo.

我們將向富國銀行的 Aaron Rakers 提出下一個問題。

Congratulations on the really solid results and guide. I guess what really stands out to me is the growth that you're seeing in servers. And especially given some of the recent concerns that we've heard from, I think, one of your peers actually this morning talking about supply chain constraints. So I guess maybe you can help us appreciate what you're seeing, particularly around the server piece of the business. And how the company has managed kind of the pass-through? How much of the growth is driven by pricing versus maybe unit growth?

祝賀真正可靠的結果和指導。我想對我來說真正突出的是您在服務器中看到的增長。特別是考慮到我們最近聽到的一些擔憂，我認為，你的一位同行今天早上實際上在談論供應鏈限制。所以我想也許你可以幫助我們欣賞你所看到的，特別是在業務的服務器部分。公司是如何管理這種傳遞的？有多少增長是由定價驅動的，而不是單位增長？

Sure. Maybe Chuck and I will ham and egg this together. But if you take a look at that 22% server growth that I just alluded to and mentioned sixth consecutive quarter, if you look at where some of that growth is coming from, it's coming from content expansion. It's coming from ASP expansion. It's coming from mix of the portfolio, which are all good signs, one that we're penetrating deeper into the enterprise. We're taking on more high-value workloads, our GP, GPU or AI accelerator of growth rate was very strong in the quarter, and that's continued to bolster the performance of our server business. I think that leads to some of that. Chuck, anything to add?

當然。也許查克和我會一起吃火腿和雞蛋。但是，如果你看看我剛剛提到並提到的連續第六個季度的 22% 服務器增長，如果你看看其中一些增長來自哪裡，它來自內容擴展。它來自 ASP 擴展。它來自投資組合的混合，這些都是好跡象，我們正在更深入地滲透到企業中。我們正在承擔更多高價值的工作負載，我們的 GP、GPU 或 AI 加速器在本季度的增長率非常強勁，這繼續增強了我們服務器業務的表現。我認為這導致了一些問題。查克，有什麼要補充的嗎？

No. I mean, I think building off of the prior question, we just see continued strength in the infrastructure markets right now. We said it in our prepared remarks and you mentioned it in your first answer, Jeff.

不。我的意思是，我認為基於之前的問題，我們現在看到基礎設施市場持續走強。我們在準備好的評論中說過，你在第一個回答中提到了它，傑夫。

There's a rotation right now of budgets from client to infrastructure, and that's across the board in our portfolio, whether it's our fifth consecutive overall growth in ISG, our sixth consecutive quarter of server P&L growth for this question, 9% storage revenue growth after 4 consecutive quarters of demand growth. And so despite the macro uncertainty that is out there right now, what we don't see is an immediate move to go after a reduction in IT budgets. I mean, right now, it is a very healthy infrastructure environment.

現在預算從客戶轉向基礎設施，這在我們的投資組合中是全面的，無論是我們在 ISG 連續第五個整體增長，我們在這個問題上連續第六個季度的服務器損益增長，4 後存儲收入增長 9%需求連續幾個季度增長。因此，儘管目前存在宏觀不確定性，但我們沒有看到立即採取行動削減 IT 預算。我的意思是，現在，這是一個非常健康的基礎設施環境。

And I think maybe to put a bow on it, I think our supply chain team has done a very good job of positioning our company with the available parts that are out there, which there is a shortage of parts for servers, and we've been able to work our way through that and be able to deliver for our customers. Ultimately, that's the name of the game, and I think our supply chain continues to distinguish itself in being able to fulfill and meet the commitments we give to our customers.

而且我認為也許要對此表示敬意，我認為我們的供應鏈團隊已經很好地定位了我們公司的可用零件，那裡存在服務器零件短缺，我們已經能夠通過我們的方式工作並能夠為我們的客戶提供服務。最終，這就是遊戲的名稱，我認為我們的供應鏈在能夠履行和履行我們對客戶的承諾方面繼續脫穎而出。

We will take our next question from Samik Chatterjee with JPMorgan.

我們將向摩根大通的 Samik Chatterjee 提出下一個問題。

Congrats on the strong results here. I guess I just wanted to ask on the margin. You had very strong margins in both segments. As we sort of -- how should we think about sustainability of these margins? I know you pointed out the component costs going up, but I can also think about sort of pricing that property finds its way in a bigger magnitude through the P&L through the year. So maybe just help us through sort of thinking about sustainability of these margins on a segment basis. And what are the sort of different drivers to keep in mind here?

恭喜這裡的強勁結果。我想我只是想問一下。你在這兩個領域都有非常高的利潤率。當我們有點——我們應該如何考慮這些利潤的可持續性？我知道您指出了組件成本的上升，但我也可以考慮通過全年的損益表以更大的幅度找到房產的定價方式。因此，也許只是通過在細分基礎上思考這些利潤率的可持續性來幫助我們。在這裡要記住哪些不同的驅動因素？

Samik, it's Tom. Let me sort of walk you through how we think about margin frameworks as we move forward. So we talked about -- obviously, we're very pleased with the margin performance in Q1, which -- when we talk -- if you recall back in the Q4 conversation we had at the end of February, we talked about the fact that we thought we would see margins move upward coming out of Q4. We did see that driven by, I think, the strong performance in the client business, particularly the commercial business, also the strong storage growth that we saw, a 9% revenue growth.

薩米克，是湯姆。讓我向您介紹我們在前進時如何考慮保證金框架。所以我們談到了——顯然，我們對第一季度的利潤率表現非常滿意，當我們談到這一點時——如果你回想一下我們在 2 月底的第四季度談話，我們談到了這樣一個事實：我們認為我們會看到第四季度的利潤率上升。我認為，我們確實看到了客戶業務的強勁表現，特別是商業業務，以及我們看到的強勁存儲增長，即收入增長 9%。

And the pricing actions that we had been talking about in commenting on the fact that those needed to work their way through the backlog started to manifest themselves in Q1, and so really pleased with the margin performance in Q1.

我們在評論那些需要通過積壓工作的人開始在第一季度表現出來的事實時一直在談論的定價行為，對第一季度的利潤率表現非常滿意。

I think the dynamic as we look at Q2 is this, that we do expect that we are going to get a heavier mix of CSG in the second quarter. We are going to continue to work and fight through inflation, right? So we do expect higher overall input cost in Q2, which we'll have to price for. And you know that with an elevated backlog that, that will take some time to work its way through. And then as we also think about the FX environment that we're going to be in, where currency is going to be a headwind of somewhere between roughly 400 basis points for the quarter, so that's going to be something we're going to have to price for. But again, you don't get all of that pricing dynamic in the current quarter, and so the macro has some headwinds that we're going to have to continue to execute our way through.

我認為我們看第二季度的動態是這樣的，我們確實預計我們將在第二季度獲得更重的 CSG 組合。我們將繼續努力並與通貨膨脹作鬥爭，對嗎？因此，我們確實預計第二季度的總體投入成本會更高，我們必須為此定價。而且您知道，隨著積壓的增加，這將需要一些時間才能完成。然後，當我們還考慮我們將要所處的外匯環境時，貨幣將成為本季度大約 400 個基點之間的逆風，所以這將是我們將要擁有的東西定價。但同樣，你在本季度沒有得到所有的定價動態，因此宏觀有一些逆風，我們將不得不繼續執行我們的方式。

I think at an individual business unit level, as we think about clients that -- we should see a bit more Commercial client in the quarter coming from the elevated backlog, but that's going to have some headwinds on cost as we talked about in pricing. And then the server storage mix, I think, is going to continue to be an interesting area.

我認為在單個業務部門級別，當我們考慮客戶時 - 我們應該在本季度看到更多來自積壓的商業客戶，但是正如我們在定價中談到的那樣，這將在成本方面產生一些阻力。然後，我認為服務器存儲組合將繼續成為一個有趣的領域。

We do expect elevated backlogs in Q2, so particularly in the ISG space. As Jeff mentioned, the server supply chain continues to be challenging, I'll say it like that, with shortages in [NICs] and power supplies and other components. And so that will be something we'll have to work our way through. We're cautiously optimistic about storage, but we had a very strong storage quarter, and we just got to go out and continue to execute it.

我們確實預計第二季度的積壓會增加，尤其是在 ISG 領域。正如 Jeff 提到的，服務器供應鏈仍然充滿挑戰，我會這樣說，因為 [NIC] 和電源以及其他組件短缺。所以這將是我們必須努力解決的問題。我們對存儲持謹慎樂觀的態度，但我們有一個非常強勁的存儲季度，我們必須走出去繼續執行它。

So overall, that's the dynamic that we're looking at as we think about Q2. You fast forward through the rest of the year, and I would tell you that we would expect -- if margins are dipping a bit in Q2, we expect them to be relatively flat in Q3 and come back a bit in Q4 as we think about how the mix of the business shifts towards an ISG mix at the end of the year given some of the seasonality of the business.

總的來說，這就是我們在考慮第二季度時所關注的動態。你在今年剩下的時間裡快進，我會告訴你，我們會預期 - 如果第二季度利潤率略有下降，我們預計第三季度利潤率將相對持平，並在我們認為的第四季度回升一點鑑於業務的某些季節性，業務組合如何在年底轉向 ISG 組合。

So that's a broad stroke at what margins look like from our perspective. But again, I would just tell you that, look, we're going to have to work our way through inflation for the year. We'll price it as appropriate. We'll have to watch the market positioning on pricing. And currency is going to be a headwind, roughly somewhere between 300 to 400 basis points for the year. So those are all some of the dynamics that we're working our way through.

因此，從我們的角度來看，這是對利潤率的粗略描述。但同樣，我只想告訴你，看，我們將不得不努力克服今年的通貨膨脹。我們會酌情定價。我們將不得不關注市場對定價的定位。貨幣將成為逆風，今年大約在 300 到 400 個基點之間。所以這些都是我們正在努力解決的一些動態。

We'll take our next question from Sidney Ho with Deutsche Bank.

我們將在德意志銀行接受 Sidney Ho 的下一個問題。

Congrats on the great quarter. I have a bigger quick -- bigger picture question on customer behavior. Well, there has been a lot of cross currents in terms of supply constrained environment but also in terms of macro uncertainties. Have you seen any change in customer order behavior in terms of volume and commitment because of supply constraints, but at the same time, may be shifting away from on-prem to the cloud? Then how do you manage those trends from supply chain and R&D or maybe? Just generally speaking OpEx perspective for the year.

祝賀偉大的季度。我有一個關於客戶行為的更大的快速 - 更大的圖片問題。嗯，在供應受限的環境和宏觀不確定性方面都存在很多矛盾。由於供應限制，您是否看到客戶訂單行為在數量和承諾方面發生任何變化，但與此同時，可能正在從本地轉移到雲端？那麼您如何管理供應鍊和研發的這些趨勢呢？只是一般來說今年的運營支出觀點。

Well, maybe I'll start and just say, look, the environment that we've been in, in the last 6 months, we have not seen a fundamental change in customer behavior in terms of order patterns. So despite long lead times, we haven't seen material differences in our cancellation rates, whether that's across our CSG business or our ISG business. And the long-term trend of where am I choosing to put a workload, per our conversations that we had at Dell Technologies World most recently is almost entirely with customers around the multi-cloud opportunities.

好吧，也許我會開始說，看看我們所處的環境，在過去的 6 個月中，我們沒有看到客戶行為在訂單模式方面發生根本性變化。因此，儘管交貨時間很長，但無論是在我們的 CSG 業務還是 ISG 業務中，我們都沒有看到我們的取消率存在重大差異。根據我們最近在 Dell Technologies World 上進行的對話，我選擇將工作負載放在哪裡的長期趨勢幾乎完全是圍繞多雲機會與客戶進行的。

So while there are certainly workloads that continue to go to the public cloud, increasingly, the conversation that we have with customers is about operating in a multi-cloud environment. They see the right workload in the right place at the right cost is the objective of their environment. And so broadly, that's the trends that we're seeing in infrastructure.

因此，雖然肯定有工作負載繼續進入公共雲，但我們與客戶的對話越來越多地是關於在多雲環境中運行。他們認為以合適的成本在合適的地方提供合適的工作負載是他們環境的目標。從廣義上講，這就是我們在基礎設施中看到的趨勢。

In terms of how we manage it from a supply chain standpoint, obviously, I'll defer to Jeff on that portion.

就我們如何從供應鏈的角度管理它而言，顯然，我會在這部分聽從 Jeff 的意見。

Yes. Look, maybe a slightly different perspective. I think the order pattern has changed slightly but not in the way that you described. People are coming to Dell because there's confidence in our supply chain to deliver. If you think about our performance now 6 quarters in a row of server growth and the shortage of parts and servers as customers are working to build out on-prem, to build out their digital transformation, as Chuck said, build out their multi-cloud infrastructure and certainly our architecture and strategic drive to be at the center of that, customers continue to come to Dell because our commitment to delivery date is pretty darn high.

是的。看，也許是一個稍微不同的觀點。我認為訂單模式略有變化，但與您描述的方式不同。人們來到戴爾是因為對我們的供應鏈交付充滿信心。如果您考慮一下我們現在連續 6 個季度的服務器增長以及零件和服務器短缺的表現，因為客戶正在努力構建本地，構建他們的數字化轉型，正如 Chuck 所說，構建他們的多雲基礎設施，當然還有我們的架構和戰略驅動力，客戶繼續來到戴爾，因為我們對交付日期的承諾非常高。

As Chuck mentioned, our cancellation rates have not moved over a long period of time, which while we may not give the exact date they want because we have products on extended lead time, the date we give customers is the date the product shows up. And they can count on it, they can count out on their integration and deployment of technology and their build-out of their projects.

正如查克所提到的，我們的取消率在很長一段時間內都沒有變化，雖然我們可能無法給出他們想要的確切日期，因為我們的產品提前期較長，但我們給客戶的日期是產品出現的日期。他們可以指望它，他們可以指望他們對技術的集成和部署以及他們對項目的擴展。

So probably not the answer you're looking for an order pattern, but I think it's a reinforcer of what's been happening in our business. And then we take that demand signal, which is the beauty of our direct model, and we act upon that in our supply chain. I think I've made mention in before this notion that we have digitized our supply chain where we have put together advanced planning and modeling techniques, data transparency and the ability to do predictive analytics and anticipate the needs of what we have.

所以可能不是您正在尋找訂單模式的答案，但我認為它是我們業務中正在發生的事情的強化劑。然後我們接受需求信號，這是我們直接模型的優點，我們在供應鏈中對此採取行動。我想我在這個概念之前已經提到過，我們已經數字化了我們的供應鏈，我們將先進的規劃和建模技術、數據透明度以及進行預測分析和預測我們所擁有的需求的能力結合在一起。

And I think we respond faster and ask quicker than perhaps others, and that puts us in a better position to ensure we have the supply, what's available, for our customers. That's the linkage between -- and how our model works, it's very different than perhaps others is the connection between the demand signal, the supply signal and, quite frankly, what we design.

而且我認為我們可能比其他人更快地響應和詢問，這使我們處於更好的位置，以確保我們為客戶提供供應，可用的東西。這就是我們的模型之間的聯繫——以及我們的模型如何運作，它與其他模型非常不同，也許是需求信號、供應信號以及坦率地說，我們設計的東西之間的聯繫。

And that tightly coupled ecosystem is a differentiator for the Dell business model. And clearly, in these times, when they're stressed in the supply picture, we're able to use our early indication of what demand is, be able to schedule that, plan that in the supply chain. And then ultimately, if we have to pivot to requalify or add a different part in our designs, we're able to quickly do that.

這種緊密耦合的生態系統是戴爾商業模式的差異化因素。顯然，在這些時候，當他們在供應方面受到壓力時，我們能夠使用我們對需求的早期指示，能夠安排時間，在供應鏈中進行計劃。然後最終，如果我們必須重新確定或在我們的設計中添加不同的部分，我們能夠快速做到這一點。

We'll take our next question from David Vogt with UBS.

我們將向瑞銀的 David Vogt 提出我們的下一個問題。

I have a clarification question and a bigger picture question. So clearly, 90 days ago, you guys were really optimistic about the outlook. A lot has changed since then, and it appears that you guys have handled sort of the disruptions in April better than most companies that we've talked to over the last couple of weeks. Can you kind of share with us kind of what you saw in April, kind of what set you apart, where the component issues were and how you guys navigated that better than most?

我有一個澄清問題和一個更大的問題。很明顯，90 天前，你們對前景非常樂觀。從那以後發生了很多變化，看起來你們在 4 月份處理的中斷比我們過去幾週交談過的大多數公司都要好。您能否與我們分享一下您在 4 月份看到的情況，是什麼讓您與眾不同，組件問題在哪裡，以及你們是如何比大多數人更好地解決這些問題的？

And then on a clarification issue, I think last quarter, you talked about a potential make-whole payment in the fiscal fourth quarter of $150 million to $200 million. Do you still expect that in the fourth quarter? And is that sort of factored into the guidance that's Tom gave for the full year?

然後在一個澄清問題上，我認為上個季度，您談到了第四財季潛在的 1.5 億至 2 億美元的全額付款。您是否仍然期望在第四季度出現這種情況？湯姆給出的全年指導是否考慮到了這一點？

Sure. Maybe I step into the supply chain component of that. Look, it's very important for us I think we've consistently communicated this. We are encountering what everybody else is encountering in this industry. There is a wide-scale semiconductor shortage across a vast number of components. I think I rattled off all sorts of components on previous earnings calls, it's still the same.

當然。也許我會涉足其中的供應鏈部分。看，這對我們來說非常重要，我認為我們一直在傳達這一點。我們正在遇到其他人在這個行業遇到的情況。大量組件存在大規模的半導體短缺。我想我在之前的財報電話會議上喋喋不休地講了各種各樣的組成部分，它仍然是一樣的。

The most stressed networks tend to be the trailing nodes, 40-nanometer, 55, 60 nanometer, the 8-inch network. What's increasingly interesting is now the new factories are being delayed in their deployment because they can't get the equipment needed. This cascades itself into categories of servers or automotive that's growing very fast. That's taking the very same components that we all need, which tend to be around the microcontrollers, the power subsystems, which are needed to build certainly the devices we have.

壓力最大的網絡往往是尾隨節點，40 納米、55、60 納米、8 英寸網絡。現在越來越有趣的是，新工廠的部署被推遲，因為他們無法獲得所需的設備。這將自身級聯成快速增長的服務器或汽車類別。這採用了我們所有人都需要的相同組件，這些組件往往圍繞著微控制器、電源子系統，這些都是構建我們擁有的設備所必需的。

That's for everybody. We are encountering that. I think we've talked about our long-term relationships. I just mentioned in the previous answer our ability to plan and anticipate and do predictive modeling, and we act with speed. I think one of the things that separates our ability in the supply chain is to see this earlier and decide quicker and adapt and provide and overcome with what is thrown at us.

那是給每個人的。我們正在遇到這種情況。我想我們已經談到了我們的長期關係。我剛剛在上一個答案中提到了我們計劃和預測以及進行預測建模的能力，並且我們行動迅速。我認為區分我們在供應鏈中的能力的一件事是更早地看到這一點，更快地做出決定，適應並提供和克服拋給我們的東西。

In terms of what happened in April, we all read about lockdowns. By the way, they started in March, mid-March with Shenzhen. They can make their way into Shanghai with various stages of lockdown. We had our own challenges here in the state of Texas with some border crossing issues. So we continue to adapt and improvise along the journey. It's what we do.

就四月份發生的事情而言，我們都讀到了關於封鎖的消息。順便說一句，他們從三月中旬開始在深圳。他們可以通過不同階段的封鎖進入上海。我們在得克薩斯州遇到了一些過境問題。因此，我們在旅途中繼續適應和即興發揮。這就是我們所做的。

Fortunately or unfortunately, depending on your perspective, we've had 3-plus years of practice at this or getting good at our game. And our team is nimble. It's flexible. We're able to move material. We're able to use our vast network of 25 factories, 50 different fulfillment centers around the globe that allow us essentially to move any order to any factory to be able to build it.

幸運或不幸，根據您的觀點，我們已經在這方面進行了 3 年多的練習，或者在我們的遊戲中表現出色。而且我們的團隊很靈活。它很靈活。我們能夠移動材料。我們能夠使用我們龐大的 25 家工廠網絡、50 個全球不同的履行中心，這使我們基本上可以將任何訂單轉移到任何工廠以便能夠建造它。

Now we can't do that instantaneously overnight. You got to get material. You got to move orders. But our ability to use our global network and to see it, I think, quicker than others is why I think we're able to continually deliver. And again, I'd be remiss to say, I didn't do my job, but we built backlog. We did not build more than we sold.

現在我們不能在一夜之間立即做到這一點。你必須得到材料。你必須移動訂單。但我認為，我們能夠比其他人更快地使用我們的全球網絡並看到它，這就是我認為我們能夠持續交付的原因。再說一次，我會失職地說，我沒有做我的工作，但我們積壓了。我們建造的數量不超過銷售的數量。

I think you did your job really well, Jeff. I'd just also underscore per your last answer, it's also our business model integrated to that incredible supply chain performance. So our sales engine that's able to not just take that -- take a demand signal and feed it back to the supply chain but also shape to availability, which we've been doing for the last couple of years, and we certainly did since March. Our product teams that are designing modularity and being able to respond to the parts that are available. So we like to say it's not one thing, it's our integrated business model.

我認為你的工作做得很好，傑夫。根據您的最後一個答案，我還要強調一下，這也是我們的商業模式與令人難以置信的供應鏈績效相結合。因此，我們的銷售引擎不僅能夠接收需求信號並將其反饋給供應鏈，還能塑造可用性，這是我們過去幾年一直在做的事情，我們自 3 月以來確實做到了.我們的產品團隊正在設計模塊化並能夠響應可用的部件。所以我們喜歡說這不是一回事，這是我們的綜合商業模式。

Let me take that, David. Let me just comment on the make-whole payment question that you put there at the end of that question. I think you're referring to -- we talked about last quarter the fact that as we thought about our capital allocation framework for the year and the fact that we might do some incremental debt pay down during the course of the year that if we were to do some of those -- some of that debt would have a make whole payment on it and sort of.

讓我接受，大衛。讓我評論一下您在該問題末尾提出的全額付款問題。我想你指的是——我們在上個季度談到了這樣一個事實，即當我們考慮我們今年的資本分配框架時，以及我們可能會在一年中做一些增量債務償還的事實，如果我們是做其中的一些——其中一些債務需要全額償還。

And so as we think about it now, we sort of have P&L for the year model at right around $1.5 billion. So you think about Q1 at 3.48x, plus we've stuck in a $100 million make-whole thought, if you will, into the ethanol for the year. We'll have to work -- as we go through the year, we will keep looking at does that makes sense to do and is that the right use of capital at the time. But -- so that's the context around that.

因此，當我們現在考慮時，我們的年度損益模型大約在 15 億美元左右。因此，您認為第一季度的市盈率為 3.48 倍，此外，如果您願意的話，我們已經將 1 億美元的整體想法投入到今年的乙醇中。我們將不得不工作——隨著我們度過這一年，我們將繼續研究這樣做是否有意義，以及當時是否正確使用資本。但是——這就是這方面的背景。

We'll take our next question from Simon Leopold with Raymond James.

我們將接聽西蒙利奧波德和雷蒙德詹姆斯的下一個問題。

This morning on the call Broadcom hosted, they talked about a strategy to take more of the VMware sales direct, a focus on the top 1,500 customers. Now you've got a meaningful chunk of VMware revenue that flows through your business. I just want to get a better understanding of how you see the potential for VMware being part of Broadcom affecting your top line, and I assume it doesn't do much to the bottom line, but just want to understand what you're expecting.

今天早上在博通主持的電話會議上，他們談到了一項戰略，即採取更多的 VMware 直接銷售，重點關注前 1,500 名客戶。現在，您已經獲得了可觀的一部分 VMware 收入流經您的業務。我只是想更好地了解您如何看待 VMware 成為 Broadcom 的一部分影響您的收入的潛力，我認為它不會對底線產生太大影響，但只是想了解您的期望。

Simon, let me start with just saying, look, obviously, we're not part of the transaction between VMware and Broadcom if that is to come to fruition. We have a 20-year relationship with VMware. As you know, we -- with all of the work that's been done with them and the close collaboration over the last 5 years or so and the whole posture around, VMware is first and best as we lead.

西蒙，讓我先說，看，很明顯，如果要實現的話，我們不會參與 VMware 和博通之間的交易。我們與 VMware 有 20 年的合作關係。如您所知，我們 - 與他們一起完成的所有工作以及過去 5 年左右的密切合作以及整個態勢，VMware 是我們領導的第一和最好的。

Our expectation is that, that relationship continues. We have a commercial framework agreement that we negotiated with VMware as we did the spin at last year. And we would expect that those -- that continues. And the mutual benefit that we both received from the commercial framework -- they -- with the go-to-market reach we have in some of our technology and our benefit with some of their solution technology should continue. So that's our expectation as we look at it today.

我們的期望是，這種關係會繼續下去。我們與 VMware 談判達成了一項商業框架協議，就像我們去年進行的那樣。我們希望那些 - 繼續。我們都從商業框架中獲得的互惠互利——他們——以及我們在某些技術中擁有的進入市場的影響力，以及我們對他們的一些解決方案技術的好處應該會繼續下去。這就是我們今天看到的期望。

We'll take our next question from Rod Hall with Goldman Sachs.

我們將向高盛的 Rod Hall 提出下一個問題。

I just wanted to clarify that last response, Tom. So the commercial framework, the legal framework, does it have any kind of an M&A clause in it that would cause it to need to be renegotiated assuming the deal closes? And then I had a question on PCs as well.

我只是想澄清最後的回應，湯姆。那麼商業框架，法律框架，是否有任何類型的併購條款，如果交易完成，它需要重新談判？然後我也有關於 PC 的問題。

I guess I would just tell you that I'm not going to get into all the commercial (inaudible) terms, but there is a change in control provision that allows that -- the commercial frameworks continues on with the change in control.

我想我只想告訴你，我不會涉及所有商業（聽不清）條款，但是控制條款的變化允許這樣做——商業框架隨著控制的變化而繼續。

Okay, okay. And then on PCs, I just wanted to ask, it sounded like -- I'm not sure how to interpret your PC commentary in terms of comparison to last quarter. I mean it sounded a little bit more cautious to me, but commercial is still pretty good. Could you guys just maybe update us on what you're thinking on PC units? I know AMD has come out and talked about high single-digit unit declines now. Are you on board with that idea? Do you think units in the industry are flat? Just curious what you're kind of thinking about industry units here.

好吧好吧。然後在個人電腦上，我只是想問一下，這聽起來像 - 我不確定如何根據與上一季度的比較來解釋你的個人電腦評論。我的意思是這對我來說聽起來有點謹慎，但商業廣告仍然相當不錯。你們能否向我們介紹一下你們對 PC 單元的看法？我知道 AMD 已經站出來談論現在單位數的高單位數下降。你同意這個想法嗎？你認為這個行業的單位是平的嗎？只是好奇你對這裡的行業單位有什麼看法。

Sure. I mean I'll take this, and Chuck certainly can build upon this. Look, I think we continue to talk about a marketplace that was going to slow down. It is slowing down. We saw that in the IDC Q1 results, which remind you, I think we outperformed the market significantly in that calendar Q1 period.

當然。我的意思是我會接受這個，而查克當然可以在此基礎上再接再厲。看，我認為我們繼續談論一個將會放緩的市場。它正在放緩。我們在 IDC 第一季度的業績中看到，提醒您，我認為我們在第一季度日曆期間的表現明顯優於市場。

Our own internal modeling, IDC just came out with a new set of projections last night. Our modeling is a little more positive than that or a little bigger than that, if you want to say. I'll be very specific with you. We have the market somewhere around 330 million units. We have Chrome falling fast. We have consumer in the high single digits. And we have -- on a unit basis, we have the commercial hanging in there. That's how we get to 330 units.

我們自己的內部建模，IDC 昨晚剛剛推出了一組新的預測。如果你想說的話，我們的模型比那更積極一點，或者比那更大一點。我會很具體地告訴你。我們的市場大約有 3.3 億台。我們讓 Chrome 快速下降。我們有高個位數的消費者。我們有 - 在單位的基礎上，我們有廣告掛在那裡。這就是我們獲得 330 個單位的方式。

When you look at the composition of our business, the places where the market is strongest is the places we have the greatest exposure. I think our mix of commercial was 77% in Q1, which is up 3 points year-over-year. So more exposed to the place that's doing better. That's what we -- clearly, where we've built our product portfolio or our relationships and customer base is, and that's how we tend to look at the market.

從我們的業務構成來看，市場最強的地方就是我們曝光率最高的地方。我認為第一季度我們的商業組合為 77%，同比增長 3 個百分點。所以更多地接觸到做得更好的地方。這就是我們 - 顯然，我們已經建立了我們的產品組合或我們的關係和客戶群，這就是我們傾向於看待市場的方式。

Yes, Jeff, I think net the forecast, the IDC forecast, our forecast, they do reflect the structural reset of the PC market to a higher level that we've talked about. And as you said, given our focus on the commercial segment, which we think fares better than Chrome and Consumer the rest of the year, we feel well positioned no matter the sort of unit market environment.

是的，傑夫，我認為除去預測、IDC 預測和我們的預測，它們確實反映了 PC 市場的結構性重置，達到了我們所討論的更高水平。正如你所說，鑑於我們專注於商業領域，我們認為在今年餘下的時間裡，它的表現要好於 Chrome 和消費者，無論單位市場環境如何，我們都感覺自己處於有利地位。

Obviously, part of our view that we would see moderating growth this year coming off a 27% growth in CSG last year is we're lapping some pretty strong compares in second half performance. But again, to just underscore our commentary, we expect CSG to grow for the year. We expect CSG to grow at a multiple to our long-term growth framework, and we expect to keep gaining share.

顯然，我們認為今年 CSG 增長 27% 後，今年將放緩增長的部分觀點是，我們在下半年的表現上進行了一些相當強勁的比較。但同樣，為了強調我們的評論，我們預計 CSG 將在今年增長。我們預計 CSG 將以我們長期增長框架的倍數增長，並且我們預計將繼續獲得份額。

We'll take our next question from Wamsi Mohan with Bank of America.

我們將向美國銀行的 Wamsi Mohan 提出我們的下一個問題。

It's Ruplu filling in for Wamsi today. Is there a way to quantify how much the supply chain issues, including the component shortages and logistics costs, how much that negatively impacted your revenues and margins in fiscal 1Q? And is there an estimate for the impact on the top line for the full year? And Tom, you're guiding fiscal '23 revenues now to be -- to grow higher at 6% year-on-year. Does that come with higher working capital requirements? And so do you think free cash flow in fiscal '23 now can be higher than what you thought 90 days ago?

今天是 Ruplu 填補了 Wamsi。有沒有辦法量化供應鏈問題（包括組件短缺和物流成本）對您第一財季的收入和利潤率產生了多大的負面影響？是否有對全年收入影響的估計？湯姆，你現在正在指導 23 財年的收入 - 以同比 6% 的速度增長。這會帶來更高的營運資金要求嗎？那麼，您認為現在 23 財年的自由現金流是否會高於您 90 天前的想法？

Ruplu, since we're probably not going to answer your first question, maybe we'll focus on the second question.

Ruplu，因為我們可能不會回答你的第一個問題，也許我們會專注於第二個問題。

Yes, I was going to answer the first question of, look, we have a backlog. It's elevated. We're going to continue to work through it as we always do. We won't disclose or parse it down into the impact of this quarter or any future periods in time. They are elevated. You can see that in our RPO level when you look at that versus previous periods, and it's our job on the supply chain to get supply matched up with demand and actually catch up a little bit. That's what we're going to try to do.

是的，我要回答第一個問題，看，我們有積壓。它升高了。我們將一如既往地繼續努力。我們不會披露或分析它對本季度或任何未來時間段的影響。他們被抬高了。您可以在我們的 RPO 水平中看到這一點，與之前的時期相比，我們在供應鏈上的工作是讓供應與需求相匹配並實際趕上一點。這就是我們要嘗試做的事情。

I was going to answer it, but I mean I -- on your working capital question, look, we are -- we did adjust our framework upward, and we had told you we would continue to look at that as we go through the year. So we -- right now, we see the total year at 6% with both CSG and ISG growing sort of mid-single digits for the year.

我本來打算回答這個問題，但我的意思是我——關於你的營運資金問題，看，我們是——我們確實向上調整了我們的框架，我們已經告訴過你，我們將在這一年繼續關注這一點.所以我們——現在，我們看到全年的總增長率為 6%，CSG 和 ISG 在今年都在增長中個位數。

I think if you do the math on that, you would obviously see that we do expect the back half to be slower than the first half as we think there continues to be. We're lapping from a CSG perspective, some pretty tough comps in Q3 and Q4 of last year. So that will, I think, be a bit of a -- as you think about the performance of the business, that would be something to consider.

我認為，如果您對此進行數學計算，您顯然會看到我們確實預計後半部分會比上半部分慢，正如我們認為的那樣。我們從 CSG 的角度來看，去年第三季度和第四季度的一些非常艱難的比賽。因此，我認為這會有點——當你考慮業務的表現時，這將是需要考慮的事情。

I do think from a CSG perspective that we expect sort of ASPs to be flat to slightly declining as we go through the year, but we don't see significant movement there given some of the inflationary pressures. But again -- and we'll have to monitor that relative to the pricing environment and what's going on in the market.

我確實認為，從 CSG 的角度來看，我們預計隨著我們這一年的過去，某種 ASP 將持平或略有下降，但鑑於一些通脹壓力，我們認為那裡沒有顯著變化。但同樣——我們必鬚根據定價環境和市場情況來監控這一點。

I think -- we think we're very -- we're optimistic about this, the ISG space. Infrastructure spending is holding up with what we can see today. Implicit in my guidance, when you would think about the fact that I am slowing ISG in the back half of the year some, it's still growing but at sort of low to mid-single digits Q3 to Q4. But I think that's just being prudent given the uncertainty that's out there in the market right now. And we'll continue to update you as we go through the year.

我認為——我們認為我們非常——我們對此感到樂觀，ISG 領域。基礎設施支出與我們今天看到的情況保持一致。在我的指導中暗示，當你想到我在今年下半年放緩 ISG 的事實時，它仍在增長，但在第三季度到第四季度的低到中個位數。但鑑於目前市場上存在的不確定性，我認為這只是謹慎的做法。在這一年中，我們將繼續為您提供最新信息。

As it relates to working capital, look, we have a -- if you haven't looked at our balance sheet lately, we have a lot of inventory right now. So I'm up $2.4 billion year-over-year. In fact, Jeff and I were just talking about that.

由於它與營運資金有關，看，我們有一個 - 如果你最近沒有查看我們的資產負債表，我們現在有很多庫存。所以我同比增長了 24 億美元。事實上，傑夫和我只是在談論這個。

You remind me.

你提醒我。

I reminded you that it needs to come down, right? So -- and look, so I don't see a specific need for incremental working capital. Actually, what I'm challenging the organization to is begin to bring that inventory down as that's going to be obviously very much dependent upon how the supply chain sort of behaves in the second half, but I think there's opportunity to actually squeeze that down some. So I think overall, I'm not concerned about working capital in the second half.

我提醒過你，它需要降下來，對吧？所以 - 看，所以我沒有看到對增量營運資金的具體需求。實際上，我向組織提出的挑戰是開始降低庫存，因為這顯然在很大程度上取決於供應鏈在下半年的表現，但我認為實際上有機會將庫存減少一些.所以我認為總的來說，我並不關心下半年的營運資金。

Tyler, I know I probably just stepped all over you, but...

泰勒，我知道我可能只是踩到你了，但是...

No, no, I think that's exactly right. That's how we're thinking about it, Tom.

不，不，我認為這是完全正確的。我們就是這麼想的，湯姆。

Yes. And thanks, Ruplu.

是的。謝謝，魯普魯。

We'll take our next question from Amit Daryanani with Evercore.

我們將向 Evercore 的 Amit Daryanani 提出我們的下一個問題。

I guess I have 2 as well. I guess the first one is if I look at your full year guide, right, you're going to do fairly robust growth in the first half. But you're sort of implying that back half growth will be, I think, flattish for the most part. So maybe just touch on why do you think the back half will be flattish. It will be fairly unique if it happens. And do you expect to exit the year with a higher backlog than you're sitting on right now? Or do you -- are you anticipating working down the backlog? So I'd love to understand kind of the back half assumptions there.

我想我也有2個。我想第一個是如果我看看你的全年指南，對，你將在上半年實現相當強勁的增長。但你有點暗示，我認為後半部分的增長將在很大程度上持平。所以也許只是談談為什麼你認為後半部分會平淡。如果它發生，它將是相當獨特的。您是否期望以比現在更高的積壓退出這一年？或者你——你是否期待著處理積壓的工作？所以我很想了解那裡的後半部分假設。

And then Jeff, I would love to hear on the storage side. This was a very sizable inflection that you folks had in April. I guess one data point won't make a trend. But what's the durability of the growth that you just saw on the storage side? And how much of that do you think was share gain versus end markets doing well?

然後是 Jeff，我很想听聽存儲方面的意見。這是你們在四月份遇到的一個非常大的變化。我猜一個數據點不會成為趨勢。但是您剛剛在存儲方面看到的增長的持久性是多少？與終端市場表現良好相比，您認為其中有多少是份額收益？

Well, let me start, Amit, on the full year guide. I think if you just break down the piece parts of this, clearly, CSG was 17% in Q1. We do expect it to grow again in Q2. But I think we just talked about the fact that the environment is slowing and the fact that we have some tougher compares in the back half of the year when you think about year-over-year comparison and year-over-year growth. So look, I think it's just prudent to be a little bit cautious and -- as we think about the back half of the year. Clearly, if the opportunity to grow faster is there, we will do so thoughtfully.

好吧，讓我從全年指南開始，阿米特。我認為，如果你只是分解其中的一部分，很明顯，第一季度的 CSG 為 17%。我們確實預計它會在第二季度再次增長。但我認為我們剛剛談到了環境正在放緩的事實，以及當您考慮同比比較和同比增長時，我們在下半年進行了一些更艱難的比較。所以看，我認為謹慎一點是謹慎的，並且 - 當我們考慮今年下半年時。顯然，如果有更快增長的機會，我們會深思熟慮地這樣做。

On the ISG side, with what we see, we're sort of looking at sort of mid-single digits. If you think about IT, the forecast for IT spending in the infrastructure space in the back -- in the year, it's sort of mid-single digits to upper single digits. That's how we think about it as well. I think the question that we're working our way through is just does that -- how does that manifest itself, and I just would like to have the year progress a little bit further before we think whether there's any incremental strength there. So right now, I've got the year at 6%. It implies that ISG is a little softer in the second half. We'll watch it, and we'll update you again at the -- at our Q2 call. So there's just too many uncertainties out there right now to be so exact at this point in the year.

在 ISG 方面，根據我們所看到的，我們有點看中個位數。如果您考慮 IT，那麼在後面對基礎設施領域的 IT 支出的預測——在這一年中，它是中個位數到上個位數。我們也是這麼想的。我認為我們正在努力解決的問題就是這樣做 - 它是如何表現出來的，我只是想讓這一年進一步發展，然後再考慮是否有任何增量力量。所以現在，我的年利率是 6%。這意味著ISG在下半場稍微走軟。我們會關注它，我們會在第二季度的電話會議上再次向您更新。所以現在有太多的不確定性，不能在今年的這個時候如此準確。

Yes. And maybe to build on that with storage. Look, we've talked about 4 quarters in a row now of storage orders growth. Now 9% P&L growth in Q1. Our orders growth in Q1 was in excess of the P&L growth. Let's call it double. All geographies grew storage. We grew storage on our high-end price bands, our mid-range price bands, our low-end price bands. We grew in HCI. We grew in data protection. Most notably in data protection in the area of cybersecurity, where we have a very advantaged position with our cyber-based products. Customers continue to look for us to help them in this world that we live in today with cyber and cyber resiliency.

是的。也許可以在此基礎上進行存儲。看，我們已經連續 4 個季度談到了存儲訂單的增長。現在第一季度的損益增長了 9%。我們第一季度的訂單增長超過了損益增長。讓我們稱之為雙重。所有地區都增加了存儲量。我們在高端價格帶、中端價格帶和低端價格帶上增加了存儲。我們在 HCI 中成長。我們在數據保護方面有所增長。最值得注意的是在網絡安全領域的數據保護方面，我們在基於網絡的產品方面處於非常有利的地位。在我們今天生活的這個世界上，客戶繼續尋求我們幫助他們提供網絡和網絡彈性。

PowerStore group. PowerStore continues to be our fastest-growing, new architecture we put in the marketplace. Just got 500 new features into the marketplace across our portfolio. We have a mainframe refresh that will come throughout the year, and our PowerMax is unmatched in its capability. One of my favorite features there is the first time we have mainframe compression in the industry on our product waiting for the mainframe update.

PowerStore 組。 PowerStore 仍然是我們投放市場的增長最快的新架構。剛剛在我們的產品組合中向市場推出了 500 項新功能。我們將全年進行大型機更新，而我們的 PowerMax 的功能無與倫比。我最喜歡的功能之一是我們第一次在我們的產品上進行大型機壓縮，等待大型機更新。

I like a lot of what's going on. It's 4 quarters in demand of Chuck [and I's] team. We modeled this. Tom just mentioned it, mid- to high single-digit market growth. Obviously, we want to take share. We're taking share with the performance that we just delivered, midrange in particular, which is where the largest swath of the market is. Our unstructured product continues to do well.

我喜歡很多正在發生的事情。 Chuck [和我的] 團隊需要 4 個季度。我們對此進行了建模。湯姆剛剛提到它，中高個位數的市場增長。顯然，我們想分享。我們正在分享我們剛剛交付的性能，特別是中端，這是最大的市場所在。我們的非結構化產品繼續表現良好。

It's hard for me to tell you if that's going to continue. I like all of the signs, 4 quarters of growth. I think of the strategy that we have, which is continue to drive the consolidation and the high-end innovate and disrupt in the mid-range, which we're doing, and take our leadership position in software-defined storage and continue to drive our leadership position even further there, whether that's our VxRail asset or our own PowerFlex asset, both grew nicely in orders in Q1.

我很難告訴你這是否會繼續下去。我喜歡所有的跡象，四個季度的增長。我想到了我們的戰略，即繼續推動整合和高端創新，並在中端進行顛覆，我們正在這樣做，並在軟件定義存儲領域佔據領導地位並繼續推動我們的領導地位更進一步，無論是我們的 VxRail 資產還是我們自己的 PowerFlex 資產，都在第一季度的訂單中增長良好。

So I hope that answered the question. And it's hard for me to have a crystal ball what that means in Q4. But certainly, what we've performed to date and as we look at the market as a whole, we're positioned nicely.

所以我希望這回答了這個問題。我很難擁有一個水晶球，這在第四季度意味著什麼。但可以肯定的是，我們迄今為止的表現以及從整體市場來看，我們的定位很好。

We'll take our next question from Steven Fox with Fox Advisors.

我們將向 Steven Fox 和 Fox Advisors 提出我們的下一個問題。

Just one question for me. To the extent you can sort of talk about your own pricing into your customers, where do you think you're able to continue to get price and pass on inflation? And where maybe does it get more difficult, especially if some verticals are facing their own end market challenges going forward? Any help on pricing recently and what you're thinking about in the future would be helpful.

對我來說只有一個問題。在某種程度上，您可以向客戶談論您自己的定價，您認為您能夠在哪裡繼續獲得價格並轉嫁通貨膨脹？可能在哪裡變得更加困難，特別是如果某些垂直行業在未來面臨自己的終端市場挑戰？最近對定價的任何幫助以及您對未來的考慮都會有所幫助。

Sure. Maybe I'll take a stab, and Chuck and Tom can come over the top. But we'll start with PC. So if you look at the pricing environment in PC that's back to what I mentioned earlier, this is kind of [3 tails]. In Chrome, pricing is largely back to pre-COVID normal levels. It's aggressive. There's lots of inventory out there. It's an aggressive pricing market.

當然。也許我會試一試，然後查克和湯姆可以超越。但我們將從 PC 開始。因此，如果您查看回到我之前提到的 PC 中的定價環境，這是一種 [3 tails]。在 Chrome 中，定價在很大程度上回到了 COVID 之前的正常水平。這是侵略性的。那裡有很多庫存。這是一個激進的定價市場。

In those price bands in consumer, the low end or at the low price points, the midrange price points, there's a fair amount of inventory out there. You saw promos being run through the holidays. They continued into Q1. The pricing towards the burst deals towards the second half of the year are already underway in those price bands, and they're quite aggressive. In the higher end part of consumer, whether that be our XPS area or Alienware, things are a little more stable.

在消費者的這些價格範圍內，低端或低價點，中端價格點，那裡有相當數量的庫存。你看到促銷活動貫穿整個假期。他們繼續進入第一季度。下半年的突發交易定價已經在這些價格區間進行，而且相當激進。在消費者的高端部分，無論是我們的 XPS 領域還是 Alienware，情況都比較穩定。

Commercial, it's a more favorable pricing environment. There's still a lot of mismatch sets out there, meaning that there aren't enough components. Everybody doesn't have the right set of components to build a finished system. So pricing is more stable, more favorable. And we're taking the inflation that we see, and we're certainly trying to pass it through.

商業，這是一個更有利的定價環境。那裡仍然有很多不匹配的設置，這意味著沒有足夠的組件。每個人都沒有正確的組件集來構建一個完整的系統。所以定價更穩定，更優惠。我們正在承受我們看到的通貨膨脹，我們當然正在努力通過它。

I think Chuck talked a little bit about this earlier, but if you look at broadly across our PC space, ASPs are boosted by the fact that we have a configuration dynamic, those buying PCs need a more capable PC to work in a hybrid modern world. We have content going up, and we're attaching more things with them.

我認為 Chuck 早些時候談到了這一點，但如果你從我們的 PC 領域廣泛觀察，ASP 會因為我們擁有動態配置這一事實而得到提升，那些購買 PC 的人需要更強大的 PC 才能在混合現代世界中工作.我們的內容在增加，並且我們正在將更多的東西附加到他們身上。

If I look at storage, storage is a favorable pricing place where we can take the rising input costs, and we can -- we are passing that through. And that's not unique to us, the industry is. The same is true on servers, which makes a lot of sense given there are not enough parts to match the server demand today, hence our growing backlog, and that's a favorable environment where we can pass along the cost increase.

如果我看一下存儲，存儲是一個價格優惠的地方，我們可以承受不斷上漲的投入成本，我們可以——我們正在通過它。這不是我們獨有的，這個行業是。在服務器上也是如此，考慮到沒有足夠的部件來滿足當今的服務器需求，因此我們的積壓訂單不斷增加，這是一個有利的環境，我們可以將成本增加轉嫁給我們。

Our ASP performance. I think we mentioned earlier, we [stood out] by the fact that we have pricing and inflation and then we have this content dynamic. We're selling servers deeper into the enterprise, higher-value workloads, more GPUs, more DRAM, more NAND per server. That adds up to a higher ASP.

我們的 ASP 表現。我認為我們之前提到過，我們 [突出] 的事實是我們有定價和通貨膨脹，然後我們有這種內容動態。我們正在向企業銷售更深入的服務器、更高價值的工作負載、更多的 GPU、更多的 DRAM、每台服務器更多的 NAND。這增加了更高的 ASP。

Our teams are making adjustments as we speak. Tom referenced this earlier, foreign exchange rates, They're changing when we have to price. Pricing is underway to do that. We'll try to capture as much as we can along the journey. He called that out as a, perhaps, challenge in the quarter. And then we have a variety of metrics that look at our relative position to our competitors. And we largely say with everything that I just said, we are in price position in the marketplace.

在我們發言時，我們的團隊正在做出調整。湯姆早些時候提到了這一點，外匯匯率，當我們必須定價時，它們會發生變化。定價正在進行中。我們將嘗試在旅途中盡可能多地捕捉。他稱這可能是本季度的一個挑戰。然後我們有各種指標來衡量我們與競爭對手的相對位置。我們基本上說我剛才所說的一切，我們在市場上處於價格地位。

We'll take our next question from Toni Sacconaghi with Bernstein.

我們將從托尼·薩科納吉（Toni Sacconaghi）和伯恩斯坦（Bernstein）那裡回答我們的下一個問題。

I just have a couple of follow-up clarifications. You explicitly noted that order growth was stronger than revenue growth in storage. Was that also the case this quarter in servers and PCs?

我只是有幾個後續澄清。您明確指出，訂單增長強於存儲收入增長。本季度的服務器和 PC 也是如此嗎？

Secondly, you noted that you were opportunistic in your share repurchases this quarter and bought back $1.5 billion. Your share price, even with the strength in the aftermarket, is well below the average price that it was during Q1. Why shouldn't we expect you to be just as opportunistic in terms of buybacks in Q2?

其次，您指出您在本季度的股票回購中是機會主義的，並回購了 15 億美元。你的股價，即使在售後市場表現強勁，也遠低於第一季度的平均價格。為什麼我們不應該期望您在第二季度的回購方面同樣投機取巧？

And then finally, just on free cash flow, do you expect free cash flow to be higher than net income, consistent with your long-term model for fiscal '23?

最後，僅就自由現金流而言，您是否期望自由現金流高於淨收入，與您對 23 財年的長期模型一致？

Yes. We'll take the first 2, Toni. We don't forecast cash flow, so we'll lay out the last one. We'll take the first 2 relatively quick, please.

是的。我們會拿前兩個，托尼。我們不預測現金流，所以我們會列出最後一個。請相對較快地完成前兩個。

Sure. We mentioned that storage orders were ahead. They were. Server orders and server P&L performance were largely the same. And CSG, P&L revenue performance was ahead of orders performance.

當然。我們提到存儲訂單在前面。他們是。服務器訂單和服務器損益表現基本相同。南玻、損益收入表現領先於訂單表現。

What was the second part of that? I was (inaudible).

第二部分是什麼？我是（聽不清）。

Share buyback.

股份回購。

Opportunistic versus [problematic].

機會主義與[有問題的]。

Look, Toni, I mean if you think about what we did in Q4, Q1, it was all around, we had a significant amount of dilution coming through the VMware spin transaction. And since we weren't in the market for last year given the beam we're spent. we thought it was appropriate. And part of our goal with the share buyback is to control dilution. And so that focus, plus the fact that share price did obviously evolve through the quarter, was the impetus to continue to be into the market a bit.

聽著，托尼，我的意思是，如果你考慮一下我們在第四季度和第一季度所做的事情，那就是無處不在，我們通過 VMware 旋轉交易獲得了大量稀釋。而且由於我們去年沒有進入市場，因為我們已經花光了。我們認為這是合適的。我們回購股票的部分目標是控制稀釋。因此，這種關注，加上股價在本季度確實明顯演變的事實，是繼續進入市場的動力。

I think what we're trying to balance as we go through the remainder of the year is the cash balance has obviously come down as we spent a fair amount of cash in Q1 on share buyback. So my point of view on this right now is that we're going to continue to be programmatic, and I will be opportunistic where it makes sense. But I don't think that pace that you saw in Q1 should be how you model the whole year, so that's how we're thinking about it right now.

我認為我們在今年剩餘時間裡試圖平衡的是現金餘額明顯下降，因為我們在第一季度花費了大量現金進行股票回購。所以我現在對此的觀點是，我們將繼續進行程序化，並且我將在有意義的地方投機取巧。但我不認為你在第一季度看到的速度應該是你全年建模的方式，所以這就是我們現在正在考慮的方式。

We'll now take our final question from Jim Suva with Citigroup.

我們現在將向花旗集團的 Jim Suva 提出最後一個問題。

A clarification question for Tom and more of a strategy question probably -- I guess, it would probably be for Jeff or Chuck. But Tom, a clarification. You talked about pricing in a deflationary environment turning to inflationary for your components. I guess everywhere around the world for the past 3 months, I haven't seen pricing going up, and you talked about favorable deflationary. Was that like some longer-term contracts you had or agreements that are now kind of being rightsized to market? Or was it like displays or memories? I'm kind of scratching my head here about what really helped you.

可能是湯姆的一個澄清問題和更多的策略問題——我想，這可能是傑夫或查克的問題。但是湯姆，澄清一下。您談到了在通貨緊縮的環境中對組件進行通脹的定價。我想過去 3 個月在世界各地，我沒有看到價格上漲，而且你談到了有利的通貨緊縮。這是否像您擁有的一些長期合同或現在已被適當調整到市場的協議？或者它就像展示或記憶？對於真正幫助你的東西，我有點摸不著頭腦。

And then more of the strategy question either for Jeff or Chuck. It seems like on storage, which you touched on earlier, you had a couple of past quarters of kind of flattish growth. And now storage was up 9%, and you talked about we're in a bit of a high-performance compute/mainframe pause before it starts. Am I right we're at a new chapter of -- after several quarters of flattish storage growth actually kicking it into high gear for storage?

然後是 Jeff 或 Chuck 的更多戰略問題。似乎在您之前提到的存儲方面，您在過去幾個季度中都有過平緩的增長。現在存儲增長了 9%，而且你談到我們在開始之前處於高性能計算/大型機暫停狀態。我說得對嗎，我們正處於新的篇章——在經歷了幾個季度的平淡存儲增長之後，實際上將其推向了高速存儲？

Jim, it's Tom. Let me take the first part of your question. Let me tell you what I believe I said, which was we expect input costs to be inflationary as we end Q2, right? And that's the entire basket of component plus logistics costs. So we do expect that to be an inflationary pressure in Q2, somewhat into the back half of the year depending upon some of the demand signals.

吉姆，是湯姆。讓我來回答你問題的第一部分。讓我告訴你我相信我說過的話，我們預計在第二季度結束時投入成本會通脹，對吧？這就是整個籃子組件加上物流成本。因此，我們確實預計這將成為第二季度的通脹壓力，取決於一些需求信號，在某種程度上進入下半年。

Yes. And then to wrap up on storage. Look, as we said in the last few quarters, we've seen healthy storage demand growth. Translating that to the P&L takes time because we have a significant amount of our storage content that is deferred software and services. And so as we said, the key performance indicator we've been watching is the consecutive quarters of demand growth. And so after posting 4, we are now seeing that start to translate into the P&L at 9% storage revenue growth.

是的。然後結束存儲。看，正如我們在過去幾個季度所說，我們已經看到了健康的存儲需求增長。將其轉換為損益表需要時間，因為我們有大量的存儲內容是延遲軟件和服務。正如我們所說，我們一直在關注的關鍵績效指標是需求連續幾個季度的增長。因此，在發布 4 之後，我們現在看到它開始以 9% 的存儲收入增長轉化為損益。

On the mainframe refresh question or the high end, look, we did see demand growth in the high end in Q1. And if you'll recall, we saw high-end growth in Q4 as well. We would not attribute that right now to the mainframe refresh. We're #1 in high end and have a number of customers that refresh from time to time, and that's really what we've seen over the last couple of quarters. But that said, as Jeff called out, we are incredibly well positioned for the mainframe refresh that is sort of starting right now, and we tend to see the benefit a quarter or 2 later in our business. And as Jeff called out, the new PowerMax that adds the industry's first data compression for mainframes positions us really well for that demand cycle. So that's where we are in storage. Obviously, incredibly pleased with both our P&L performance, but more importantly, as Jeff called out, the strong demand we saw in all parts of the portfolio.

在大型機刷新問題或高端問題上，看，我們確實看到第一季度高端的需求增長。如果你還記得，我們在第四季度也看到了高端增長。我們現在不會將其歸因於大型機刷新。我們在高端領域排名第一，並且有許多客戶不時更新，這就是我們在過去幾個季度中看到的情況。但是話雖如此，正如 Jeff 所說，我們已經為現在開始的大型機更新做好了準備，而且我們往往會在四分之一或兩個季度後看到我們業務中的好處。正如 Jeff 所說，為大型機添加業界首個數據壓縮的新 PowerMax 使我們在該需求週期中處於非常有利的地位。這就是我們存儲的地方。顯然，我們對我們的損益表表現非常滿意，但更重要的是，正如 Jeff 所說，我們在投資組合的所有部分都看到了強勁的需求。

All right. Well, as a quick reminder, we'll be at the Bernstein Strategic Directions -- Decisions Conference in New York, the Bank of America Global Technology Conference in San Francisco and the JPMorgan Global Leaders Forum in Toronto in June. We'll have other events during the quarter. Check the website. Thanks for joining us today.

好的。好吧，作為一個簡短的提醒，我們將參加 6 月在紐約舉行的伯恩斯坦戰略方向 - 決策會議、在舊金山舉行的美國銀行全球技術會議和在多倫多舉行的摩根大通全球領袖論壇。我們將在本季度舉辦其他活動。檢查網站。感謝您今天加入我們。

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

今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。