戴爾 (DELL) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2022 Third Quarter 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 2022 財年第三季度業績電話會議。我想通知所有參與者，此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 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, Jamaria, and thanks, everyone, for joining us. With me today are Jeff Clarke, Chuck Whitten, Tom Sweet and Tyler Johnson. Our press release, financial tables, web deck, prepared remarks and additional materials are available on our IR website. The guidance section will be covered on today's call.

謝謝 Jamaria，也謝謝大家加入我們。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。我們的新聞稿、財務表、網絡平台、準備好的評論和其他材料可在我們的 IR 網站上找到。今天的電話會議將介紹指導部分。

During this call, unless we otherwise indicate, all references to financial measures refer to non-GAAP financial measures, including non-GAAP revenue, gross margin, operating expenses, operating income, net income, earnings per share, EBITDA, adjusted EBITDA, adjusted free cash flow, as well as an estimated non-GAAP revenue, operating income and EPS from continuing operations. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and press release. Also note that all growth percentages refer to year-over-year change, unless otherwise specified.

在本次電話會議中，除非我們另有說明，否則所有提及的財務指標均指非公認會計原則財務指標，包括非公認會計原則收入、毛利率、運營費用、營業收入、淨收入、每股收益、EBITDA、調整後 EBITDA、調整後自由現金流，以及估計的非公認會計原則收入、營業收入和持續經營的每股收益。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。另請注意，除非另有說明，否則所有增長百分比均指同比變化。

Certain items contained in our earnings materials are presented on a continuing operations basis, giving effect to the VMware spinoff. These amounts represent management's current estimate of continuing operations' financial results. Final amounts presented on a continuing operations basis will be provided in our Form 10-K for fiscal 2022 and subsequent Form 10-Q filings. Amounts are subject to change with no obligation to reconcile these estimates.

我們的收益材料中包含的某些項目是在持續運營的基礎上呈現的，從而使 VMware 分拆生效。這些金額代表管理層對持續經營的財務業績的當前估計。我們將在 2022 財年的 10-K 表格和隨後的 10-Q 表格文件中提供基於持續運營的最終金額。金額可能會發生變化，沒有義務對這些估計進行核對。

Additionally, I'd like to remind you that all 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.

此外，我想提醒您，本次電話會議中與未來結果和事件相關的所有陳述都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。

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

現在我想把它交給查克。

Thanks, Rob, and hi, everyone. Thanks for joining us today. We're 3 quarters into what will prove to be a historic year for Dell. As Michael said at our September Analyst Meeting, we're just beginning to write the next chapter of the Dell Technologies story. During that meeting and with industry analysts at our annual Dell Technologies Summit in October, we shared our view on the IT industry, our strategy going forward and our view on long-term value creation.

謝謝，Rob，大家好。感謝您今天加入我們。對於戴爾來說，這將是歷史性的一年，我們已經過去了 3 個季度。正如邁克爾在 9 月的分析師會議上所說，我們才剛剛開始書寫戴爾科技公司故事的下一章。在那次會議期間，我們在 10 月份的年度戴爾技術峰會上與行業分析師分享了我們對 IT 行業的看法、我們的未來戰略以及我們對長期價值創造的看法。

We'd emphasized 4 key points from those sessions. First, we are uniquely positioned in the data and multi-cloud era with durable advantages, market-leading positions and the financial flexibility to drive sustained profitable growth. Second, our ISG and CSG core businesses are attractive. They sit in large markets estimated at $670 billion in TAM and are projected to grow in the low single digits over the next few years. We have ample headroom for growth, a track record of gaining share and are pursuing a differentiated strategy to consolidate and modernize our core business, including through our APEX-branded as-a-service solutions.

我們強調了這些會議的 4 個關鍵點。首先，我們在數據和多雲時代具有獨特的定位，具有持久的優勢、市場領先地位和財務靈活性，可推動持續的盈利增長。其次，我們的 ISG 和 CSG 核心業務具有吸引力。它們坐落在 TAM 估計為 6700 億美元的大型市場中，預計未來幾年將以低個位數增長。我們擁有充足的增長空間和獲得份額的良好記錄，並正在尋求差異化戰略來整合和現代化我們的核心業務，包括通過我們的 APEX 品牌即服務解決方案。

In CSG, our differentiation comes from our unique direct sales motion and strategic channel program, our focus on the most stable and premium parts of the PC market and our strong attach motion, which captures the value around the device as customers seek exceptional experiences and improved productivity by buying more software and peripherals.

在 CSG，我們的差異化來自於我們獨特的直銷運動和戰略渠道計劃，我們專注於 PC 市場中最穩定和最優質的部分，以及我們強大的附加運動，它在客戶尋求卓越體驗和改進時捕捉設備周圍的價值通過購買更多的軟件和外圍設備來提高生產力。

And for ISG, our leadership positions give us a unique ability to solve customer problems as data proliferates and infrastructure becomes more distributed, hybrid and software-driven. We are #1 in x86 in mainstream server revenue, and we are also #1 in all external storage categories with the most extensive and diverse storage portfolio in the industry. Our storage business addresses each segment of the market with a differentiated architecture optimized for workload needs. And of course, our alliance with VMware is unique in the industry. We've honed a first and best technical and commercial motion that enables faster time to market and differentiated jointly engineered solutions.

對於 ISG，我們的領導地位賦予我們解決客戶問題的獨特能力，因為數據激增，基礎設施變得更加分佈式、混合和軟件驅動。我們在 x86 主流服務器收入中排名第一，我們在所有外部存儲類別中也排名第一，擁有業內最廣泛和多樣化的存儲產品組合。我們的存儲業務通過針對工作負載需求而優化的差異化架構來解決市場的各個細分市場。當然，我們與 VMware 的聯盟在業內是獨一無二的。我們已經磨練出第一個也是最好的技術和商業動議，可以加快上市時間和差異化的聯合設計解決方案。

The third point we'd highlight is the attractive new growth opportunities that surround our business. $650 billion in additional market opportunity growing at an 8% CAGR through 2024. These are markets where we have a unique right to win and are driving real innovation today, markets like telco and edge, to name just 2 examples.

我們要強調的第三點是圍繞我們業務的有吸引力的新增長機會。到 2024 年，6500 億美元的額外市場機會將以 8% 的複合年增長率增長。這些市場是我們擁有獨特的獲勝權並正在推動當今真正創新的市場，例如電信和邊緣市場，僅舉兩個例子。

And lastly, we are firmly committed to creating shareholder value with an attractive long-term financial framework, balanced capital allocation strategy and track record of delivering consistent results in any environment. Our year-to-date and Q3 financial results, along with our steady strategic progress, offer compelling proof of these points and our long-term strategy.

最後，我們堅定地致力於通過具有吸引力的長期財務框架、平衡的資本分配策略以及在任何環境中提供一致結果的記錄來創造股東價值。我們年初至今和第三季度的財務業績，以及我們穩步的戰略進展，為這些觀點和我們的長期戰略提供了令人信服的證據。

Let's start with our core markets and execution. Demand for our solutions remains strong as global economic recovery and widespread digital transformation reset IT demand to higher levels. Against that backdrop and despite the difficult supply environment, we again delivered great performance in Q3 with strong growth in all 3 business units, all regions and broad strength across our commercial PC, server, and notably, most of our storage portfolio. We gained share in servers, storage and PCs, according to the latest reported IDC results.

讓我們從我們的核心市場和執行開始。隨著全球經濟復甦和廣泛的數字化轉型將 IT 需求推向更高水平，對我們解決方案的需求依然強勁。在這種背景下，儘管供應環境艱難，但我們在第三季度再次取得了出色的業績，所有 3 個業務部門、所有地區都實現了強勁增長，並且在我們的商用 PC、服務器，尤其是我們的大部分存儲產品組合中表現出了廣泛的實力。根據 IDC 最新報告的結果，我們在服務器、存儲和個人電腦方面獲得了份額。

As we look forward, all signposts point to continued strong market demand, and we intend to continue winning in the consolidation and gaining share over the long term. Our strategy is not just to win in the consolidation but also to modernize our business, and our APEX-branded solutions are important to that future. Though it is still early days, we're pleased with our technical progress and the momentum across our family of as-a-service offerings which will continue to expand going forward.

展望未來，所有跡像都表明市場需求持續強勁，我們打算繼續在整合中獲勝並獲得長期份額。我們的戰略不僅是在整合中取勝，也是為了實現業務現代化，而我們的 APEX 品牌解決方案對於這一未來非常重要。儘管現在還處於早期階段，但我們對我們的技術進步和我們的即服務產品系列的勢頭感到滿意，這些產品將繼續向前發展。

For example, in October, we announced APEX Cloud Services with VMware Cloud, a terrific example of our first and best alliance with VMware. That solution gives organizations the ability to move workloads across multiple cloud environments and scale resources quickly with predictable pricing and transparent costs.

例如，在 10 月，我們宣布了與 VMware Cloud 合作的 APEX 雲服務，這是我們與 VMware 的第一個也是最好的聯盟的一個很好的例子。該解決方案使組織能夠跨多個雲環境移動工作負載，並以可預測的定價和透明的成本快速擴展資源。

Turning to our growth engines. As I said, edge and telecom are 2 perfect examples of the types of markets we are looking to disrupt, and we delivered a steady stream of innovation in these spaces in Q3. For the edge, we introduced VxRail satellite nodes and updates to our streaming data platform. For telecom, we introduced new Bare Metal Orchestrator software, multiple reference architectures to accelerate ORAN and edge deployments and a new service offering called Respond and Restore for telecom. We're encouraged by our ability to simultaneously deliver in our core while driving innovation in new growth markets, and we will continue to pursue adjacent growth to our market positions. Customer relationships and durable competitive advantages give us a unique right to solve customer problems in the data and multi-cloud era.

轉向我們的增長引擎。正如我所說，邊緣和電信是我們希望顛覆的市場類型的兩個完美例子，我們在第三季度在這些領域提供了源源不斷的創新。對於邊緣，我們引入了 VxRail 衛星節點並更新了我們的流數據平台。對於電信，我們推出了新的 Bare Metal Orchestrator 軟件、多種參考架構來加速 ORAN 和邊緣部署，以及一項名為 Respond and Restore 的新服務產品。我們能夠同時交付核心業務，同時推動新增長市場的創新，這讓我們感到鼓舞，我們將繼續追求與我們的市場地位相近的增長。客戶關係和持久的競爭優勢賦予我們在數據和多雲時代解決客戶問題的獨特權利。

Let me conclude with our commitment to long-term shareholder value. Since the September meeting, we have hit a few major milestones in our efforts to simplify our corporate structure and create financial flexibility to drive future growth. We completed the transaction to spin off VMware, and we closed the Boomi divestiture, each resulting in a more simplified corporate structure. In addition, we have returned to an investment-grade corporate rating which opens up the opportunity for a more balanced capital allocation strategy.

讓我以我們對長期股東價值的承諾作為結束。自 9 月會議以來，我們在努力簡化公司結構和創造財務靈活性以推動未來增長方面取得了幾個重要的里程碑。我們完成了剝離 VMware 的交易，並完成了對 Boomi 的剝離，每項交易都使公司結構更加簡化。此外，我們已恢復投資級公司評級，這為更平衡的資本配置策略提供了機會。

To sum up, we remain confident that our market positions, articulated strategy, durable competitive advantages, commitment to disciplined capital allocation, and importantly, our culture and track record of execution are great for customers and our team members and create an attractive near- and long-term opportunity for shareholders. Q3 was a great example of these winning elements coming together, and we're just getting started.

總而言之，我們仍然有信心，我們的市場地位、明確的戰略、持久的競爭優勢、對有紀律的資本分配的承諾，以及重要的是，我們的文化和執行記錄對客戶和我們的團隊成員來說都很好，並創造了一個有吸引力的近乎和股東的長期機會。第 3 季度是這些獲勝元素融合在一起的一個很好的例子，我們才剛剛開始。

With that, let me now turn it over to Jeff.

有了這個，現在讓我把它交給傑夫。

Thanks, Chuck, and hello, everyone. I started off last quarter's call by saying in this incredibly unpredictable environment, we delivered our best second quarter ever. We now have delivered our best third quarter ever, and we are on track for a historic year.

謝謝，查克，大家好。我在上個季度的電話會議開始時說，在這個令人難以置信的不可預測的環境中，我們實現了有史以來最好的第二季度。我們現在已經實現了有史以來最好的第三季度，我們正步入歷史性的一年。

The constant through all the change over the past 18 months is the unprecedented demand for technology. It is clear, technology is more essential today than ever before. We are clearly winning in the core, and this keeps us at the center of our customers' IT and digital agendas.

過去 18 個月的所有變化中不變的是對技術的空前需求。很明顯，今天的技術比以往任何時候都更加重要。我們顯然在核心領域取得了勝利，這使我們始終處於客戶 IT 和數字議程的中心。

Three quarters into our fiscal year, Dell Technologies has seen a record revenue of $79 billion, up 16%, along with record operating income of $8.4 billion, up 12%. For the third quarter, we delivered 21% of revenue growth as we saw broad-based growth across our business. Similar to last quarter, demand remains ahead of revenue growth as we continue to navigate industry-wide supply constraints driven primarily by integrated circuits. We shipped a record number of products globally in Q3 and have leveraged our strengths: a multi-decade operational excellence; product design flexibility, coupled with less complexity; and our direct model with its high-quality demand signal and ability to shape demand. We are also delivering on our commitment to innovation. We launched a number of new offerings during the quarter.

進入我們財年的三個季度，戴爾科技公司的收入達到創紀錄的 790 億美元，增長 16%，營業收入創紀錄的 84 億美元，增長 12%。第三季度，我們實現了 21% 的收入增長，因為我們看到了整個業務的廣泛增長。與上一季度類似，隨著我們繼續應對主要由集成電路驅動的全行業供應限制，需求仍然領先於收入增長。我們在第三季度全球出貨的產品數量創歷史新高，並充分利用了我們的優勢：數十年的卓越運營；產品設計的靈活性，加上較低的複雜性；我們的直接模型具有高質量的需求信號和塑造需求的能力。我們也在兌現我們對創新的承諾。我們在本季度推出了許多新產品。

Out of our growing telecom business, we introduced Bare Metal Orchestration software to give cloud service providers a flexible and cost-effective way to deploy and operate their open cloud-native network infrastructure. In storage, we announced network attached storage software and hardware innovation for power scale, providing organizations with more flexible consumption, management, protection and cybersecurity capabilities. Additionally, we launched the industry's first end-to-end NVMe/TCP SAN solution, featuring SmartFabric storage software, which provides the intelligence for automated storage connectivity at scale. And in client, we are pairing Windows 11 with our Dell Optimizer built-in intelligence to deliver the most personalized productive computing experience on the world's most intelligent business PCs. We believe the introduction of Windows 11 will continue to drive demand in PCs.

在我們不斷增長的電信業務中，我們引入了 Bare Metal Orchestration 軟件，為雲服務提供商提供了一種靈活且經濟高效的方式來部署和運營其開放的雲原生網絡基礎架構。在存儲方面，我們宣布了針對電力規模的網絡附加存儲軟件和硬件創新，為組織提供更靈活的消費、管理、保護和網絡安全能力。此外，我們推出了業界首個端到端 NVMe/TCP SAN 解決方案，採用 SmartFabric 存儲軟件，為大規模自動化存儲連接提供智能。在客戶端，我們將 Windows 11 與我們的 Dell Optimizer 內置智能相結合，以在世界上最智能的商務 PC 上提供最個性化的高效計算體驗。我們相信 Windows 11 的推出將繼續推動個人電腦的需求。

Lastly, as Chuck mentioned, our first and best partnership with VMware continued to demonstrate our joint ability to deliver differentiated offers with the announcement of APEX Cloud Services wit VMware Cloud at VMworld. It's multi-cloud done right.

最後，正如 Chuck 所提到的，我們與 VMware 的第一個也是最好的合作夥伴關係繼續展示我們提供差異化產品的聯合能力，在 VMworld 上宣布了帶有 VMware Cloud 的 APEX 雲服務。這是正確的多雲。

Turning to our segment results. Our Infrastructure Solutions Group continue to see positive momentum as enterprise IT spending rebounded and our multiyear investments in the portfolio took hold. ISG delivered revenue growth of 5% to $8.4 billion, which was our third consecutive quarter of year-over-year growth. Customers across all regions are investing in IT infrastructure focused on multi-cloud solutions and accelerating digital transformation. This investment is driving very strong demand for compute and storage. Operating income was $892 million or 10.6% of revenue.

轉向我們的細分結果。隨著企業 IT 支出反彈以及我們對投資組合的多年投資站穩腳跟，我們的基礎設施解決方案集團繼續保持積極勢頭。 ISG 實現收入增長 5% 至 84 億美元，這是我們連續第三個季度實現同比增長。所有地區的客戶都在投資專注於多雲解決方案和加速數字化轉型的 IT 基礎設施。這項投資正在推動對計算和存儲的強勁需求。營業收入為 8.92 億美元，佔收入的 10.6%。

Server and networking revenue was $4.5 billion, up 9%, our fourth consecutive quarter of growth. Both server and networking demand were exceptionally strong and ahead of revenue growth throughout the quarter. Our 15G server ramp accelerated over the quarter, and we continue to see positive momentum in high-value workloads.

服務器和網絡收入為 45 億美元，增長 9%，這是我們連續第四個季度的增長。服務器和網絡需求都異常強勁，並且領先於整個季度的收入增長。我們的 15G 服務器在本季度加速增長，我們繼續看到高價值工作負載的積極勢頭。

We are pleased with our storage performance in Q3, where we saw storage return to growth with revenue up 1% to $3.9 billion. Our overall storage demand was strong driven by orders growth of 47% for hyperconverged infrastructure, 26% for data protection and 18% for mid-range storage. Momentum in our mid-range storage business continues to be led by PowerStore, CRN's 2021 Innovator Award for mid-range storage where 23% of PowerStore customers renewed to Dell storage and 28% were repeat buyers. PowerStore is the fastest-ramping storage product in our history.

我們對第三季度的存儲性能感到滿意，我們看到存儲恢復增長，收入增長 1% 至 39 億美元。超融合基礎設施訂單增長 47%，數據保護訂單增長 26%，中端存儲訂單增長 18%，這推動了我們的整體存儲需求強勁。我們的中端存儲業務的勢頭繼續由 CRN 頒發的 2021 年中端存儲創新者獎 PowerStore 引領，其中 23% 的 PowerStore 客戶續訂戴爾存儲，28% 是回頭客。 PowerStore 是我們歷史上發展最快的存儲產品。

Dell continue to lead the transition to software-defined data center this quarter with customers leveraging the power of VxRail and PowerFlex as the foundation of their multi-cloud strategy. For example, Lotus is bringing more power and resiliency to the edge, deploying VxRail to handle IT demands in each of its more than 2,200 home improvement and hardware stores in the United States and Canada, helping the company deliver new capabilities and services that allow its employees to better serve customers during this holiday season and beyond.

戴爾在本季度繼續引領向軟件定義數據中心的過渡，客戶利用 VxRail 和 PowerFlex 的強大功能作為其多雲戰略的基礎。例如，Lotus 正在為邊緣帶來更多的能力和彈性，部署 VxRail 來滿足其在美國和加拿大的 2,200 多家家居裝修和五金店的 IT 需求，幫助該公司提供新的功能和服務，使其能夠員工在這個假期及以後更好地為客戶服務。

Turning to CSG. We had another record quarter driven by the global economic recovery and the new distributed work environment requiring modern devices and advanced productivity solutions. CSG delivered revenue of $16.5 billion, which was up 35%, driven by strong demand across the board: commercial and consumer, notebooks and desktops and across all regions. Commercial revenue was a record at $12.3 billion in Q3, up an unprecedented 40%. We have reached record commercial revenue for each of the last 3 fiscal years and are on track for another strong year. Consumer revenue was a record at $4.3 billion, up 21%, driven by strong growth in notebooks as well as premium and gaming desktops.

轉向 CSG。在全球經濟復甦和需要現代設備和先進生產力解決方案的新分佈式工作環境的推動下，我們又創造了一個創紀錄的季度。 CSG 實現了 165 億美元的收入，增長了 35%，這得益於所有地區的商業和消費者、筆記本電腦和台式機的強勁需求。第三季度商業收入達到創紀錄的 123 億美元，增長了前所未有的 40%。在過去 3 個財年中，我們每年都達到創紀錄的商業收入，並有望迎來又一個強勁的一年。受筆記本電腦以及高端和遊戲台式機強勁增長的推動，消費者收入達到創紀錄的 43 億美元，增長 21%。

Our team did a good job navigating the inflationary component cost and logistics environment, resulting in a record CSG operating income of $1.1 billion, up 14% and 6.9% of revenue. Our long-term focus on higher-value and stable segments of the client market is what helps drive our consistent results. Approximately 80% of the industry's revenue and nearly all of the industry's revenue growth has come from commercial PCs and premium consumer PCs, and that is where we are focused.

我們的團隊在通貨膨脹的零部件成本和物流環境中表現出色，創造了創紀錄的 11 億美元的 CSG 營業收入，分別增長 14% 和 6.9% 的收入。我們長期專注於客戶市場中更高價值和穩定的細分市場，這有助於推動我們取得一致的成果。大約 80% 的行業收入和幾乎所有的行業收入增長都來自商用 PC 和高端消費 PC，這也是我們關注的重點。

We are driving profitable share gains over the long term, especially in commercial client, where we've gained nearly 400 basis points of share for calendar Q3 according to IDC. For total client, we gained more than 300 basis points of share in calendar Q3, outgrowing the next 4 PC vendors combined. In addition, we believe our leading share position in displays further expanded during calendar Q3 based on preliminary IDC data. We'll continue to leverage our strong attach motion to capture our share of the opportunity in the broader PC ecosystem.

從長遠來看，我們正在推動盈利的份額增長，特別是在商業客戶方面，根據 IDC 的數據，我們在第三季度的日曆中獲得了近 400 個基點的份額。對於總客戶而言，我們在日曆第三季度獲得了超過 300 個基點的份額，超過了接下來的 4 家 PC 供應商的總和。此外，根據 IDC 的初步數據，我們相信我們在第三季度的顯示器市場領先地位進一步擴大。我們將繼續利用我們強大的附加動作來抓住我們在更廣泛的 PC 生態系統中的機會份額。

Our client business has delivered dependable and consistent growth throughout multiple cycles, and we believe trends will remain healthy given businesses around the world are increasingly digitizing and utilizing technology to increase productivity and drive innovation.

我們的客戶業務在多個週期中實現了可靠且持續的增長，我們相信，鑑於世界各地的企業越來越多地數字化和利用技術來提高生產力和推動創新，趨勢將保持健康。

To close, we are focused on driving consistent growth in our core businesses where we build customer trust and create insights that power innovation, and we are expanding into new growth businesses where we have a unique right to win. With our durable advantages like our broad customer reach, world-class supply chain and modern services delivery network, I believe we are well positioned to win today and into the future.

最後，我們專注於推動核心業務的持續增長，在這些業務中我們建立客戶信任並創造洞察力以推動創新，並且我們正在擴展到新的增長業務，我們擁有獨特的獲勝權。憑藉我們廣泛的客戶覆蓋面、世界一流的供應鍊和現代服務交付網絡等持久優勢，我相信我們已做好準備，在今天和未來取得勝利。

Now let me turn the call over to Tom.

現在讓我把電話轉給湯姆。

Thanks, Jeff. The digital trends and real-time decision-making at the edge are tailwinds for our infrastructure business, and we continue to see differentiated opportunities in how we target and execute within the PC space. These trends, along with our strategy and durable advantages, lead us to be optimistic about our long-term growth prospects.

謝謝，傑夫。邊緣的數字趨勢和實時決策是我們基礎設施業務的順風，我們繼續看到我們在 PC 領域的目標和執行方式的差異化機會。這些趨勢，連同我們的戰略和持久優勢，使我們對我們的長期增長前景持樂觀態度。

We continue to deliver strong results through any environment, and the third quarter was another example of this performance stability. We drove strong growth in revenue and delivered solid profitability growth despite some challenging dynamics.

我們在任何環境中都繼續提供強勁的業績，第三季度是這種業績穩定性的另一個例子。儘管存在一些具有挑戰性的動態，但我們推動了收入的強勁增長並實現了穩健的盈利增長。

For the third quarter, we saw a record revenue of $28.4 billion, up 21%, driven by growth in all 3 business units, led by another record quarter for CSG and continued growth in ISG. I was pleased to see the improved demand growth in storage, although it did not all flow to the P&L given timing and deferrals.

第三季度，我們看到了創紀錄的 284 億美元的收入，增長了 21%，這得益於所有 3 個業務部門的增長，其中 CSG 的另一個創紀錄的季度和 ISG 的持續增長引領了這一趨勢。我很高興看到存儲需求增長有所改善，儘管考慮到時間和延期，它並沒有全部流向損益表。

Gross margin was $8.4 billion, up 8% and was 29.6% of revenue. Gross margin as a percentage of revenue was 340 basis points lower, primarily due to a revenue mix shift to CSG, along with an inflationary cost environment.

毛利率為 84 億美元，增長 8%，佔收入的 29.6%。毛利率佔收入的百分比下降了 340 個基點，這主要是由於收入組合向 CSG 轉移，以及通脹成本環境。

As we told you on last quarter's call, component cost would be a headwind in Q3, particularly impacting our elevated units in backlog. We took various actions around pricing and configurations as we navigated through the quarter because of the higher cost. In general, as we've discussed in the past, we will realize a portion of the benefit of these price increases in the quarter in which we take the pricing actions as well as in future quarters.

正如我們在上個季度的電話會議上告訴您的那樣，組件成本將成為第三季度的逆風，尤其會影響我們積壓的高架單元。由於成本較高，我們在本季度導航時圍繞定價和配置採取了各種措施。總的來說，正如我們過去所討論的，我們將在我們採取定價行動的季度以及未來幾個季度實現這些價格上漲的部分收益。

Operating expense was $5.5 billion, up 10% as we invest for long-term growth. And our variable costs, such as sales compensation and bonus, are running ahead of prior year levels given our strong performance. As always, we will prudently manage our spending and expenses even as we continue to invest in the business.

運營費用為 55 億美元，增長 10%，因為我們投資於長期增長。鑑於我們的強勁表現，我們的可變成本（例如銷售薪酬和獎金）高於去年水平。與往常一樣，即使我們繼續投資於業務，我們也會謹慎管理我們的開支和開支。

Operating income was a third quarter record at $2.9 billion, up 5% and 10.1% of revenue. A decline in interest expense due to our reduced debt balances and a decline in our effective tax rate contributed to the 18% growth of consolidated net income to $2 billion and 17% growth in diluted earnings per share to $2.37.

第三季度營業收入達到創紀錄的 29 億美元，分別增長 5% 和收入的 10.1%。由於我們的債務餘額減少和我們的有效稅率下降導致利息支出下降，導致合併淨收入增長 18% 至 20 億美元，攤薄後每股收益增長 17% 至 2.37 美元。

Adjusted EBITDA was $3.4 billion, up 6% at 12% of revenue. And for the trailing 12 months, adjusted EBITDA was $13.8 billion, up 14%.

調整後的 EBITDA 為 34 億美元，增長 6%，佔收入的 12%。在過去的 12 個月中，調整後的 EBITDA 為 138 億美元，增長 14%。

Our recurring revenue is approximately $6 billion a quarter, up 13%.

我們每季度的經常性收入約為 60 億美元，增長 13%。

Our remaining performance obligations, or RPO, is approximately $47 billion, up 26% and includes deferred revenue plus committed contract value not included in deferred revenue. Excluding VMware, Dell's RPO is approximately $36 billion, up 32% and up 3% sequentially. The sequential growth was driven by an expanded ISG backlog.

我們剩餘的履約義務或 RPO 約為 470 億美元，增長 26%，包括遞延收入加上未包含在遞延收入中的承諾合同價值。不包括 VMware，戴爾的 RPO 約為 360 億美元，比上一季度增長 32% 和 3%。連續增長是由擴大的 ISG 積壓推動的。

Dell Financial Service originations in Q3 were $2 billion, down 7%, given a number of customers who have opted to use cash to fund their technology purchases. DFS ended the quarter with $12.6 billion in total managed assets, flat year-over-year.

鑑於許多客戶選擇使用現金為其技術購買提供資金，戴爾金融服務在第三季度的發起額為 20 億美元，下降了 7%。 DFS 在本季度末管理資產總額為 126 億美元，與去年同期持平。

Now turning to our balance sheet and capital structure, which, excluding DFS debt, is now fully unsecured. Our cash flow continues to be strong and, as promised, we have repaid substantial debt and delevered the balance sheet. As of today, we have paid down approximately 1/3 of our debt balance from the end of the last fiscal year, and we have paid down $15.9 billion of core and margin loan debt. We are now solidly an investment-grade company, having received upgrades from all 3 of the major credit rating agencies.

現在轉向我們的資產負債表和資本結構，不包括 DFS 債務，現在完全沒有擔保。我們的現金流繼續強勁，正如承諾的那樣，我們已經償還了大量債務並去槓桿化了資產負債表。截至今天，我們已經償還了上一財年末債務餘額的大約 1/3，我們已經償還了 159 億美元的核心和保證金貸款債務。我們現在是一家穩固的投資級公司，已獲得所有 3 家主要信用評級機構的升級。

For the third quarter, cash flow from operations was $3.3 billion, up 9%. And excluding VMware, it was $2.2 billion. On a trailing 12-month basis, cash flow from operations was $13.1 billion, up 45%. And excluding VMware, it was $8.5 billion, up 76%. I'm happy with how we've managed our working capital, although we did see higher inventory levels given the supply chain dynamics and component availability. We expect inventory balances to come down as the supply chain situation improves over the next year. Cash and investments ended the quarter at $24.2 billion and approximately $11.5 billion for Dell, excluding VMware.

第三季度，運營現金流為 33 億美元，增長 9%。不包括 VMware，為 22 億美元。在過去 12 個月的基礎上，運營現金流為 131 億美元，增長 45%。不包括 VMware，為 85 億美元，增長 76%。我對我們管理營運資金的方式感到滿意，儘管鑑於供應鏈動態和組件可用性，我們確實看到了更高的庫存水平。隨著明年供應鏈狀況的改善，我們預計庫存餘額將下降。本季度末現金和投資為 242 億美元，戴爾（不包括 VMware）約為 115 億美元。

Finally, as of last Friday, November 19, we have repurchased approximately 2 million shares. Our intent is to continue buying shares going forward programmatically as we manage dilution and opportunistically return capital to shareholders.

最後，截至 11 月 19 日上週五，我們已經回購了大約 200 萬股股票。我們的意圖是繼續以編程方式購買股票，因為我們管理稀釋併機會性地將資本返還給股東。

Before I talk to our outlook, I'd like to provide a view of our third quarter financial results on a continuing operations basis, which is how prior periods will be recast beginning in the fourth quarter. As explained in Appendix C of our web deck, we currently estimate Q3 revenue from continuing operations was $26.5 billion, operating income was $2 billion, and diluted earnings per share was $1.69.

在我談論我們的前景之前，我想提供一個基於持續運營的第三季度財務業績的看法，這就是從第四季度開始將如何重鑄之前的時期。正如我們的網頁版附錄 C 中所解釋的，我們目前估計第三季度來自持續經營的收入為 265 億美元，營業收入為 20 億美元，攤薄後每股收益為 1.69 美元。

It's important to note that our continuing operations financials differ from the pro forma financials we've released to date, particularly in the treatment of interest and other in a diluted share count. Please refer to Appendix C of our web deck for further details.

值得注意的是，我們的持續經營財務數據與我們迄今為止發布的備考財務數據不同，特別是在處理利息和其他稀釋股份計數方面。請參閱我們網頁版的附錄 C 了解更多詳情。

Now to our outlook. The macroeconomic environment is healthy across multiple sectors, including IT. Our demand velocity reflects that businesses continue to prioritize their digital transformations to help meet customer needs and improve productivity. Semiconductor shortages, supply chain challenges, heightened logistics costs as well as inflationary input costs are common themes across the economy. We'll leverage our durable competitive advantages to adapt and deliver consistent, predictable results over time.

現在來看我們的展望。包括 IT 在內的多個行業的宏觀經濟環境都很健康。我們的需求速度反映了企業繼續優先考慮其數字化轉型，以幫助滿足客戶需求並提高生產力。半導體短缺、供應鏈挑戰、物流成本上升以及通脹投入成本是整個經濟的共同主題。隨著時間的推移，我們將利用我們持久的競爭優勢來適應並提供一致、可預測的結果。

I'll provide more guidance this quarter than is typical to help facilitate our reporting transition to a post-VMware spin basis. As a reminder, our fourth quarter financial results will include VMware reseller revenue. For Q4, on a continuing operations basis, we expect revenue in the range of $27 billion to $28 billion, which implies a 12% to 16% growth. We expect GAAP operating income between $1.65 billion and $1.75 billion and non-GAAP operating income between $2.25 billion and $2.35 billion, which is in line with historical trends. Operating income margin will be up sequentially given Q4 is a seasonally strong storage quarter. We expect a continued net inflationary environment and estimate a modest increase in OpEx as we invest alongside our strong top line growth.

我將在本季度提供比通常情況更多的指導，以幫助促進我們的報告過渡到後 VMware 旋轉基礎。提醒一下，我們第四季度的財務業績將包括 VMware 經銷商收入。對於第四季度，在持續運營的基礎上，我們預計收入在 270 億美元至 280 億美元之間，這意味著增長 12% 至 16%。我們預計 GAAP 營業收入在 16.5 億美元至 17.5 億美元之間，非 GAAP 營業收入在 22.5 億美元至 23.5 億美元之間，符合歷史趨勢。鑑於第四季度是季節性強勁的存儲季度，營業收入利潤率將環比上升。我們預計淨通脹環境將持續，並估計隨著我們在強勁收入增長的同時進行投資，OpEx 將適度增長。

Below the operating income line, you should assume 17%, plus or minus 100 basis points, for non-GAAP tax rate and diluted shares in the range of 810 million to 820 million. Additionally, we will benefit from lower interest expense given the debt reduction we discussed. We expect diluted GAAP earnings per share between $0.97 and $1.16 and non-GAAP diluted earnings per share between $1.85 and $2.05.

在營業收入線以下，您應該假設非 GAAP 稅率為 17%，正負 100 個基點，稀釋股份在 8.1 億至 8.2 億之間。此外，鑑於我們討論的債務減少，我們將受益於較低的利息支出。我們預計稀釋後的 GAAP 每股收益在 0.97 美元至 1.16 美元之間，非 GAAP 稀釋後的每股收益在 1.85 美元至 2.05 美元之間。

I'll provide guidance for fiscal '23 on our Q4 earnings call. However, I'd reiterate that we expect to see growth in both our CSG and ISG businesses. We expect revenue growth and EPS growth to be consistent with our long-range financial framework, which we discussed during our Analyst Meeting in September.

我將在第四季度財報電話會議上為 23 財年提供指導。但是，我要重申，我們希望看到我們的 CSG 和 ISG 業務增長。我們預計收入增長和每股收益增長將與我們在 9 月份的分析師會議上討論的長期財務框架保持一致。

In closing, a quick reminder. ESG remains an important focus for Dell Technologies, and we have a long legacy of engagement with investors. ESG marries our corporate purpose and commitment to value creation to help move societal and business progress forward together. You can find more details on Slide 19 of the web deck.

最後，快速提醒。 ESG 仍然是 Dell Technologies 的一個重要關注點，我們與投資者的合作由來已久。 ESG 結合了我們的企業宗旨和對價值創造的承諾，以幫助推動社會和業務共同進步。您可以在網頁版的幻燈片 19 上找到更多詳細信息。

As I look forward, I'm confident in our ability to deliver consistent and predictable financial performance across any economic or IT spending cycle. With our track record of strong operational and strategic execution and our durable competitive advantages, I'm optimistic about the long-term growth prospects for Dell. We are focused on executing our strategy to consolidate and modernize the core and build new growth businesses that enable the multi-cloud future, along with delivering an attractive long-term financial model of 3% to 4% revenue growth and 6% or better diluted earnings per share growth.

展望未來，我對我們在任何經濟或 IT 支出週期中提供一致且可預測的財務業績的能力充滿信心。憑藉我們強大的運營和戰略執行記錄以及持久的競爭優勢，我對戴爾的長期增長前景持樂觀態度。我們專注於執行我們的戰略，以整合和現代化核心並建立新的增長業務，以實現多雲未來，同時提供具有吸引力的長期財務模型，收入增長 3% 至 4%，稀釋 6% 或更好每股收益增長。

With that, I'll turn it back to Rob to begin Q&A.

有了這個，我將把它轉回給 Rob 開始問答。

Thanks, Tom. Let's get to Q&A. (Operator Instructions) Jamaria, 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） Jamaria，你能介紹一下第一個問題嗎？

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

我們將回答托尼·薩科納吉和伯恩斯坦的第一個問題。

Yes. I was wondering if you could comment a little bit on the dynamics for operating margins in ISG. They were down 90 basis points sequentially and 40 basis points year-over-year despite improving volumes, and whether you could comment on sort of order growth relative to revenue growth for both storage and for servers and networking.

是的。我想知道您是否可以對 ISG 的營業利潤率動態發表一些評論。儘管數量有所增加，但您是否可以評論相對於存儲、服務器和網絡收入增長的訂單增長，它們環比下降了 90 個基點，同比下降了 40 個基點。

Toni, it's Tom. Let me sort of take you through how we thought about it and what we're seeing. So from an op margin perspective related to ISG, you correctly highlighted that we're down quarter-on-quarter about 90 basis points from 11.5% to 10.6%. I would remind all of you and remind you, Toni, that last quarter, we talked about the increased component cost that would impact us in Q3, and we clearly saw that. As we highlighted that, we thought my overall operating margin guidance or operating income guidance last quarter was to be 1% to 2% sequentially, and I think we ultimately came out at 2% this quarter. We did have headwinds with component costs, particularly in the server space and particularly with the -- as I mentioned again last quarter, with the backlog that was sitting -- the units sitting in backlog at the end of the quarter which. While we did try to adjust prices on some of those units, we did have some negative -- or some headwinds, I would say, on those shipments as they went out. So that was the principal drag on operating margin in ISG.

托尼，是湯姆。讓我帶你了解一下我們是如何思考的以及我們所看到的。因此，從與 ISG 相關的運營利潤率的角度來看，您正確地強調了我們的季度環比下降了約 90 個基點，從 11.5% 降至 10.6%。我會提醒你們所有人，並提醒你們，托尼，上個季度，我們談到了將在第三季度影響我們的組件成本增加，我們清楚地看到了這一點。正如我們所強調的那樣，我們認為我上個季度的整體營業利潤率指導或營業收入指導是連續 1% 到 2%，我認為我們最終在本季度達到 2%。我們確實在組件成本方面遇到了阻力，特別是在服務器領域，特別是 - 正如我上個季度再次提到的那樣，積壓的訂單在本季度末積壓的單位。雖然我們確實試圖調整其中一些單位的價格，但我們確實對這些出貨量產生了一些負面影響——或者說是一些逆風。因此，這是 ISG 運營利潤率的主要拖累。

From an orders growth, we don't really get into demand conversations here, but I would tell you that we saw healthy demand growth in both servers and in storage. Really pleased with what velocity of those 2 particular lines of business, which is why I highlighted in the RPO that the backlog dynamic that -- our RPO expanded because of the backlog dynamic principally in ISG. So pleased with the velocity and pleased with the overall environment as we see the demand environment as we move forward.

從訂單增長來看，我們在這裡並沒有真正進入需求對話，但我會告訴你，我們看到服務器和存儲方面的需求都在健康增長。對這兩個特定業務線的速度感到非常滿意，這就是為什麼我在 RPO 中強調積壓動態——我們的 RPO 擴展主要是因為 ISG 中的積壓動態。對速度感到非常滿意，並對整體環境感到滿意，因為我們看到了我們前進的需求環境。

We'll take our next question from Katy Huberty with Morgan Stanley.

我們將向摩根士丹利的 Katy Huberty 提出下一個問題。

Yes. I wanted to follow up on ISG because, Tom, as you said, you made notable comments about ISG backlog growing and also strong storage demand, not necessarily converting to the P&L in the quarter. Can you just talk about the shape of demand linearity, why some of that revenue was pushed and how you see it flowing through in the January quarter, particularly as it relates to whether we should expect an acceleration in storage revenue growth?

是的。我想跟進 ISG，因為湯姆，正如你所說，你對 ISG 積壓的增長和強勁的存儲需求發表了值得注意的評論，不一定會在本季度轉換為損益表。您能否談談需求線性的形狀，為什麼其中一些收入被推動以及您如何看待它在 1 月季度的流動，特別是與我們是否應該預期存儲收入增長加速有關？

Yes. Look, Katy, as it relates to storage demand, I think we've talked about in the past that the storage demand tends to be more back-end loaded in the quarter, and we clearly saw that again this quarter, perhaps a bit more than in prior quarters. And as a result of that, we were not able to convert that backlog to revenue. So much are -- much of that order demand to revenue, I should say. So that was clearly a headwind.

是的。看，凱蒂，因為它與存儲需求有關，我認為我們過去曾討論過存儲需求在本季度傾向於更多的後端負載，我們在本季度再次清楚地看到了這一點，也許更多比前幾個季度。因此，我們無法將積壓的訂單轉化為收入。這麼多 - 我應該說，大部分訂單對收入的需求。所以這顯然是一個逆風。

Also, remember that within my storage solutions that I'm selling, I've got a high degree of software and services that usually get wrapped up into multiyear arrangements that result in it being deferred to the balance sheet. So I've got -- which I think is a good thing, by the way. So I don't want to say that's a negative because, ultimately, that gives us a revenue stream in the future. But what -- so that was the principal headwind that we saw, both we built backlog in storage as a result of the linearity, and we also deferred a fair amount of revenue to the balance sheet, just given the service attach rate as well as the software content within the storage.

另外，請記住，在我銷售的存儲解決方案中，我擁有高度的軟件和服務，這些軟件和服務通常會被納入多年期安排，從而導致它被推遲到資產負債表中。所以我有 - 順便說一句，我認為這是一件好事。所以我不想說這是負面的，因為最終這會給我們帶來未來的收入來源。但是，這是我們看到的主要不利因素，由於線性關係，我們在存儲中建立了積壓，而且我們還將相當數量的收入推遲到資產負債表中，僅考慮到服務附加率以及存儲中的軟件內容。

Maybe, Tom, to add a little bit to that. We're encouraged by the storage orders growth because in the most strategic category, software-defined storage, we grew 47%. Mid-range orders grew 18%, which is now the fourth consecutive quarter our mid-range business has grown. That's on top of taking share in the last (inaudible) quarter in midrange in Q2. Data protection grew. Unstructured data grew, and our entry-level orders grew as well in the storage business. So Katy, we remain encouraged by the orders growth. We have the conversion that Tom walked through that we have to continue to work on, but the demand environment in Q3, we're pleased with.

也許，湯姆，補充一點。我們對存儲訂單的增長感到鼓舞，因為在最具戰略意義的軟件定義存儲類別中，我們增長了 47%。中檔訂單增長了 18%，這是我們的中檔業務連續第四個季度增長。這是在第二季度中端的最後一個（聽不清）季度的份額之上。數據保護增長。非結構化數據增長了，我們的入門級訂單也在存儲業務中增長。所以凱蒂，我們仍然對訂單增長感到鼓舞。我們有湯姆經歷的轉換，我們必須繼續努力，但我們對第三季度的需求環境感到滿意。

Yes. And Katy, I should answer, I guess, the second half of your question, which is around as you think about what's the implication for Q4 revenue. Look, I think the reality is, as we highlighted in the talk track, that we're continuing to face supply chain challenges. And so how much of server demand gets converted or backlog gets converted into shippable revenue is something that the teams are working every day. We have longstanding relationships with our supply chain, but it is a pretty dynamic environment and semiconductors continue to be a challenge, particularly for NIC cards and port cards for us. So I think that's going to be one of the things that we're going to have to work our way through as we go through the quarter in terms of how much headwind does supply chain give us. Jeff, I don't know if you'd add anything to that.

是的。凱蒂，我想我應該回答你問題的後半部分，這就是你思考第四季度收入的含義時。看，我認為現實是，正如我們在談話中強調的那樣，我們將繼續面臨供應鏈挑戰。因此，有多少服務器需求轉化或積壓轉化為可交付收入是團隊每天都在工作的事情。我們與我們的供應鏈有著長期的關係，但這是一個非常動態的環境，半導體仍然是一個挑戰，特別是對於我們的 NIC 卡和端口卡。因此，就供應鏈給我們帶來的逆風而言，我認為這將是我們在整個季度中必須努力解決的問題之一。傑夫，我不知道你是否會對此添加任何內容。

I think well said.

我覺得說得好。

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。

Yes. I know you typically don't give free cash flow guide. But in the spirit of giving more color on guidance, can you talk about cash flow that you're expecting to generate from now here in fiscal 4Q? And how should we expect that to track relative to net income next year? You noted growth in both CSG and ISG next fiscal year with the long-term framework. Should we be thinking of applying that to free cash flow as well?

是的。我知道您通常不提供自由現金流指南。但是，本著為指導提供更多色彩的精神，您能否談談您期望從現在開始在第四財季產生的現金流？我們應該如何期望它與明年的淨收入相關？您注意到在長期框架下，CSG 和 ISG 都在下個財年實現增長。我們是否應該考慮將其應用於自由現金流？

Yes. It's Tyler. So like you said, we don't typically have guidance on Q4. But I would say, look, Q4 tends to be a strong cash flow quarter for us, and I'm expecting those same trends, so looking for a good cash flow quarter.

是的。是泰勒。所以就像你說的，我們通常沒有關於第四季度的指導。但我想說，看，第四季度對我們來說往往是一個強勁的現金流季度，我期待著同樣的趨勢，所以尋找一個良好的現金流季度。

As I look into next year, look, we've talked about the relationship between net income in excess of 100%, and I expect that to continue to hold.

當我展望明年時，看，我們已經談到了淨收入超過 100% 之間的關係，我預計這種關係會繼續保持下去。

Yes, and that's adjusted free cash flow.

是的，這是調整後的自由現金流。

Adjusted free cash flow, yes, that's right.

調整後的自由現金流，是的，沒錯。

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

我們將向 Evercore 的 Amit Daryanani 提出下一個問題。

I guess maybe a question on the CSG side. Your ability to, I think, accelerate CSG growth despite compares getting difficult is fairly impressive. So I'm wondering if you can just talk about what are some of the drivers that's driving this outperformance. And how should we think about the durability of the CSG growth as you go forward because you compare that, you get more and more difficult, I think, through the next few quarters now.

我想可能是 CSG 方面的一個問題。我認為，儘管比較困難，但您加速 CSG 增長的能力令人印象深刻。所以我想知道你是否可以談談推動這種優異表現的一些驅動因素。以及我們應該如何考慮 CSG 增長的持久性，因為你比較一下，我認為，在接下來的幾個季度裡，你會變得越來越困難。

And related to CSG, maybe the margin discussion you had on ISG, could you just talk about margin performance in CSG? Better volumes than, I think, sequentially and year-over-year margins have slowed down.

關於CSG，也許你在ISG上討論過保證金，你能談談CSG的保證金表現嗎？我認為，比環比和同比利潤率更高的銷量已經放緩。

Okay. Wamsi, this is Jeff. That's a lot of questions in there. Let me see if I can work my way through them. What we're seeing and why we're encouraged about the demand environment that we've called out and you see it in our performance is our focus being in commercial PCs, premium consumer, gaming and professional workstations. That's where the demand is. That's our strength. That's been our focus. And when we think about the trends that are underway, the do-from-anywhere, work-from-home, learn-from-home, buy-from-home, game-from-home, entertain-from-home, the change in the usage pattern of hybrid workers, what we think is now a reentry of workers back into the office, the addition of Windows 11 and the ability now to move to more mobile platforms and an aged installed base all set up for the demand environment we're seeing today, we believe, continues into next year.

好的。瓦姆西，這是傑夫。裡面有很多問題。讓我看看我是否可以通過它們。我們所看到的以及為什麼我們對我們所呼籲的需求環境感到鼓舞，您在我們的表現中看到它是我們專注於商用 PC、高端消費者、遊戲和專業工作站。這就是需求所在。這就是我們的力量。這一直是我們的重點。當我們考慮正在發生的趨勢時，隨時隨地做，在家工作，在家學習，在家購買，在家遊戲，在家娛樂，變化在混合員工的使用模式中，我們認為現在員工重新回到辦公室，Windows 11 的加入以及現在遷移到更多移動平台的能力和老舊的安裝基礎都是為我們的需求環境而建立的我們相信，今天看到的將持續到明年。

So we're encouraged by where the growth is in the marketplace. The areas that certainly have been challenged on the consumer side or the Chrome side, we don't have great exposure to. We have exposure to where the growth is.

因此，我們對市場的增長情況感到鼓舞。在消費者方面或 Chrome 方面肯定受到挑戰的領域，我們沒有太多接觸。我們知道增長在哪裡。

Our execution and I think what is differentiating us today is the fact that we have a differentiated model. We're encountering the same supply chain challenges, the same integrated circuit semiconductor problems that Tom mentioned earlier that everybody else is.

我們的執行，我認為今天使我們與眾不同的是我們擁有差異化的模型這一事實。我們遇到了同樣的供應鏈挑戰，同樣的集成電路半導體問題，就像湯姆之前提到的其他人一樣。

What's different is our Dell direct model, our ability to really understand the pure demand signals from our customers and then equally translating that quickly into our supply base, into the demand plan that we go build to. We're able to shape demand. We built an R&D engine that is really optimized to be able to be aligned to our direct way of selling. Translation, we have fewer SKUs, less complexity. We have a design methodology that has interchangeability and leverage and reuse. That gives us tremendous flexibility where components are and being able to do, for example, fast pen quals or pen-to-pen quals and changing out of components.

不同的是我們的戴爾直接模式，我們能夠真正理解來自客戶的純粹需求信號，然後同樣迅速地將其轉化為我們的供應基礎，轉化為我們構建的需求計劃。我們能夠塑造需求。我們構建了一個真正優化的研發引擎，能夠與我們的直接銷售方式保持一致。翻譯，我們的 SKU 更少，複雜性更低。我們有一種具有可互換性、槓桿作用和重用性的設計方法。這為我們提供了極大的靈活性，可以在組件所在的位置進行操作，例如，快速筆對筆或筆對筆的筆對筆和更換組件。

If the Dell model, all the way from its demand engine to how we market, to how we shape demand, put that demand signal into the supply chain, the product model that goes with it and then a responsive supply chain that's pretty darn quick. I mean, what I like about our supply chain is we've digitized it over the years. We're now able to do scenario planning and simulations. That simulation allows us to make quicker decisions. In this time and day, quick decisions equal execution. And then you couple that with partnerships that we've built over the past 3 decades by the leaders that are currently in our organization that go multiple levels down, I think that's a distinguishing characteristic of our performance and our differentiated model today. Does that help?

如果戴爾模型，從其需求引擎到我們的營銷方式，再到我們如何塑造需求，將需求信號放入供應鏈、與之配套的產品模型，然後是一個非常快的響應式供應鏈。我的意思是，我喜歡我們的供應鏈的地方在於我們多年來已經將其數字化。我們現在能夠進行場景規劃和模擬。這種模擬使我們能夠更快地做出決定。在這個時代，快速決策等於執行。然後你將其與我們在過去 3 年中建立的合作夥伴關係相結合，這些合作夥伴關係目前在我們組織中的多個級別的領導者，我認為這是我們今天的表現和差異化模式的一個顯著特徵。這有幫助嗎？

Hey, Amit, I might add on your operating margin comment...

嘿，阿米特，我可能會在您的營業利潤率評論中添加...

I said Wamsi. My mistake. Thanks for reminding me.

我說萬西。我的錯。謝謝你的提醒。

On -- you are correct, right. Year-over-year, CSG is down roughly 130 basis points on an op margin. I would tell you the phenomenon I just highlighted in server has played out in client as well in the sense of, again, remember that we stepped in from Q2 into Q3 with the most significant component of cost increases in the history of the company that we've ever seen.

開——你是對的，對。與去年同期相比，CSG 的營業利潤率下降了大約 130 個基點。我會告訴你我剛剛在服務器中強調的現像已經在客戶端上演了，在某種意義上，再次記住，我們從第二季度進入第三季度，這是公司歷史上成本增長最顯著的組成部分，我們'見過。

And as a result of that, we also -- obviously, with elevated backlogs, working our way through the backlog that was priced at component cost frameworks that perhaps didn't fully reflect the amount of cost increases that were coming through was a challenge that we had to work our way through as we went through the quarter. So that was probably the principal reason you see the 130 basis points design or margin differential. There is some mix dynamics in there as well. And I would recall -- if you would recall back to Q3 a year ago, where you saw consumer demand quite high, Chrome demand very high, which actually drove actually pretty better profit margins than typical. So there were some profit margin mix dynamics in there as well that have subsided as we go into -- as we look forward a year -- from a year ago.

因此，我們也 - 顯然，隨著積壓的增加，我們通過以組件成本框架定價的積壓工作，可能沒有完全反映正在經歷的成本增加量，這是一個挑戰，當我們度過這個季度時，我們必須努力完成。因此，這可能是您看到 130 個基點的設計或保證金差異的主要原因。那裡也有一些混合動力。我會記得 - 如果你回想起一年前的第三季度，你看到消費者需求非常高，Chrome 需求非常高，這實際上推動了比典型情況更好的利潤率。因此，隨著我們進入 - 正如我們展望一年 - 從一年前開始，那裡也有一些利潤率組合動態。

We'll take our next question from Shannon Cross with Cross Research.

我們將通過 Cross Research 向 Shannon Cross 提出下一個問題。

I wanted to ask about Project APEX. I realize it's pretty early, but I'm wondering if you can maybe give some more details on what you're hearing from customers, how we should think about growth in Project APEX then benefiting the $6 billion, I think, you're now running in terms of recurring revenue. If there's anything we should either not include as we think about growth there and then what runs through your recurring line or just anything because I'm sure everybody is going to be starting to focus on some of these numbers going forward.

我想問一下 Project APEX。我意識到現在還為時過早，但我想知道您是否可以提供更多詳細信息，說明您從客戶那裡聽到的內容，我們應該如何考慮 Project APEX 的增長，然後讓 60 億美元受益，我想，您現在在經常性收入方面運行。如果有什麼我們不應該包括在內，因為我們考慮在那裡的增長，然後是貫穿你的經常性生產線的東西，或者只是任何東西，因為我相信每個人都將開始關注未來的這些數字中的一些。

Thanks, Shannon. It's Chuck. I'm going to start on that, and then we'll layer in. Look, as we've called out, our immediate focus in FY '22 has been centered on engaging customers and ensuring that our APEX offers are resonating in the marketplace and that we are making progress against our multiyear plans to broaden our APEX portfolio of offers.

謝謝，香農。是查克。我將從這個開始，然後我們將進行分層。看，正如我們所呼籲的那樣，我們在 22 財年的直接重點一直集中在吸引客戶並確保我們的 APEX 產品在市場上引起共鳴並且我們正在根據我們的多年計劃取得進展，以擴大我們的 APEX 產品組合。

So while I won't quote specific numbers to your question on customer feedback, first and foremost, what I would say is interest in APEX continues to accelerate, and our pipeline continues to build across the family of offers. And the customer feedback has been good. They're drawn to the simplicity of engaging through our console, the flexibility to adjust based on their needs and the value, obviously, of only paying for what they use.

因此，雖然我不會針對您關於客戶反饋的問題引用具體數字，但首先，我想說的是，人們對 APEX 的興趣繼續加速，我們的管道繼續在整個產品系列中建立。而且客戶反饋很好。他們被我們控制台的簡單性、根據他們的需求進行調整的靈活性以及顯然只為他們使用的東西付費的價值所吸引。

The second thing I would call out is we continue to make good progress in broadening the portfolio, as we called out in our remarks today. We were excited to announce the APEX Cloud Services with VMware Cloud, which is available next year. That's another great proof point of our joint engineering with VMware, so we feel like we're making good progress on APEX.

我要指出的第二件事是，正如我們在今天的講話中所指出的那樣，我們在擴大投資組合方面繼續取得良好進展。我們很高興地宣布推出帶有 VMware Cloud 的 APEX 雲服務，該服務將於明年推出。這是我們與 VMware 聯合工程的另一個重要證明點，所以我們覺得我們在 APEX 上取得了良好的進展。

From a financial impact, look, as you said, we're still in very early innings, and we'll provide much more detailed commentary and guidance when it's appropriate. But in the meantime, we're focused on customers and delivering against the technical road maps, as I said.

從財務影響來看，正如你所說，我們仍處於早期階段，我們將在適當的時候提供更詳細的評論和指導。但與此同時，正如我所說，我們專注於客戶並根據技術路線圖交付。

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。

Yes. I just have a couple of -- well, one question, really, and an expansion on that. But I wanted to check, Tom. You said you had really high backlog, I think very high backlog on CSG due to commercial orders last quarter. And I'm wondering if you worked through any of that backlog this quarter or did it remain as high as it is? And then kind of the other flip side of that is what's the visibility now in that CSG and particularly commercial order volume? Can you see out to February? How far out can you see?

是的。我只有幾個——嗯，一個問題，真的，還有一個擴展。但我想檢查一下，湯姆。你說你的積壓非常高，我認為由於上個季度的商業訂單，CSG 的積壓非常高。而且我想知道您是否在本季度完成了任何積壓工作，或者它是否保持在原來的水平？那麼另一方面，CSG 尤其是商業訂單量現在的可見度如何？你能看到二月嗎？你能看到多遠？

Rod, I will tell you that we did work through some of the elevated backlog in CSG as we worked our way through the quarter. It is still elevated. And that continues to be a challenge for us as we think about component availability as we work our way through Q4. That was why we called out, within my talk track, anyway, the fact that we saw ISG backlog expand in terms of the -- that elevated further. CSG, although I didn't explicitly say it, came down somewhat but still elevated.

羅德，我會告訴你，在我們完成本季度的工作時，我們確實解決了 CSG 的一些積壓問題。它仍然處於高位。當我們在第四季度工作時考慮組件可用性時，這對我們來說仍然是一個挑戰。這就是為什麼我們在我的談話軌道中呼籲，無論如何，我們看到 ISG 積壓的事實進一步增加。 CSG，雖然我沒有明確說出來，但還是有所下降，但仍然有所提升。

In terms of order visibility, look, I mean, it's hard to call but I mean, overall, the environment remains healthy. We're optimistic about the client space for the reasons Jeff just highlighted earlier. So -- and as that's reflected in the guidance that I provided for Q4. And also, I would remind you that we're also projecting growth for next year in CSG and in ISG.

就訂單可見性而言，看，我的意思是，這很難說，但我的意思是，總的來說，環境仍然健康。由於 Jeff 剛才強調的原因，我們對客戶空間持樂觀態度。所以 - 正如我為第四季度提供的指導所反映的那樣。此外，我要提醒您，我們還預計明年 CSG 和 ISG 的增長。

So I think, overall, we feel good about the demand environment. It's going to continue to be challenging from a supply chain perspective, and it will be up to us to execute our way through that.

所以我認為，總的來說，我們對需求環境感覺良好。從供應鏈的角度來看，這將繼續具有挑戰性，我們將自行決定如何解決這個問題。

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。

I was just wondering off of all the comments around how you're managing through the current environment. If we think about the current quarter relative to seasonality and mix and then your ability to shape demand versus manage supply chain, can you give us a sense for how it's impacting sort of the implied margins and where you're getting better, where it's sort of status quo versus what you've done in the last couple of quarters?

我只是想知道有關您如何在當前環境中進行管理的所有評論。如果我們考慮當前季度與季節性和混合的相關性，然後考慮您塑造需求與管理供應鏈的能力，您能否讓我們了解它如何影響隱含利潤率以及您在哪裡變得更好，在哪裡排序現狀與你在過去幾個季度所做的事情？

Yes. Steve, maybe I'll start, and then Chuck and Jeff can jump in, as appropriate. I mean, look, we're shaping demand, quite frankly, to the component availability that we have, recognizing that within the CSG space, we're shaping demand towards those areas of focus for us, which is commercial, high-end, consumer, gaming and the related peripheral environment around them. And so pricing is relatively benign or, I should say, stable in terms of the pricing environment. So it really comes down to can we get supply and ensure that we can deliver against our customer commitments there.

是的。史蒂夫，也許我會開始，然後查克和傑夫可以酌情加入。我的意思是，看，坦率地說，我們正在塑造需求，以我們擁有的組件可用性，認識到在 CSG 領域，我們正在塑造對我們關注的那些領域的需求，即商業、高端、消費者、遊戲和他們周圍的相關外圍環境。所以定價相對溫和，或者，我應該說，就定價環境而言，是穩定的。因此，真正歸結為我們能否獲得供應並確保我們能夠兌現我們的客戶承諾。

So -- and Jeff and team are doing a nice job every day of trying to fight their way through the component dynamics that are impacting us. So look, I feel good about our ability to shape demand given the direct model, our ability to have the sales organization sell the configurations that we have.

所以——傑夫和他的團隊每天都做得很好，他們試圖通過影響我們的組件動態來爭取他們的方式。所以看，我對我們在直接模式下塑造需求的能力感到滿意，我們有能力讓銷售組織銷售我們擁有的配置。

And in terms of how is that impacting profitability, I think that's a little bit harder to call. All I would tell you is that what we're trying to do is make sure we hit our customer commitments and that we're optimizing for our product given the shortage in the industry that there is. So we are trying to make sure that our pricing is consistent with the conditions that exist.

就這對盈利能力的影響而言，我認為這有點難以確定。我要告訴你的是，我們正在努力做的是確保我們兌現客戶承諾，並且鑑於行業存在短缺，我們正在優化我們的產品。因此，我們正在努力確保我們的定價與現有條件一致。

Yes. Tom, I would add, look, our flexibility to shape demand to the available supply, I think, is well understood, and we do quite well. We priced what the -- for all of the known costs that we have coming into the system. We just went through our largest quarter-over-quarter cost increase that we have seen.

是的。湯姆，我想補充一下，我認為，我們對可用供應的需求調整的靈活性很好理解，我們做得很好。我們為我們進入系統的所有已知成本定價。我們剛剛經歷了我們所見過的最大的季度環比成本增長。

The wild card for us or the costs that we're continuing to work on is logistics. The logistics cost environment today is pretty challenging. Inbound freight and expedited freight, the fact that we're expediting more things, we've shifted from less ocean to more air, that combination of things, making sure that we understand those input costs into our pricing models, I think, is clearly the challenge that we look to in Q4 and have to work our way through. But our component costs and component availability, I think it's well understood we can shape. It's all I -- guess the dynamic for us to work through is really this logistics cost and the variability there.

對我們來說，或我們正在繼續努力的成本是物流。當今的物流成本環境非常具有挑戰性。入境貨運和加急貨運，事實上，我們正在加快更多的事情，我們已經從更少的海運轉向更多的空運，這些事情的結合，確保我們將這些投入成本理解到我們的定價模型中，我認為，很明顯我們在第四季度面臨的挑戰，必須努力克服。但是我們的組件成本和組件可用性，我認為這是很好理解的，我們可以塑造。這就是我的全部 - 猜測我們要解決的動態實際上是物流成本和那裡的可變性。

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。

I imagine this may be a little bit tricky to answer, but I'm trying to get a better understanding of maybe a bridge for the gross margin in terms of the factors, either sequentially or year-over-year, leading to the results when I think about the input costs, the product mix and your ability to move to higher ASPs. If we could maybe get some order of magnitude of what are the factors affecting your gross margin and how to think about that as we're modeling going forward, particularly in light of the VMware spin.

我想這可能有點難以回答，但我正試圖更好地理解可能是毛利率的橋樑，無論是按順序還是按年計算，導致結果我會考慮投入成本、產品組合以及您轉向更高 ASP 的能力。如果我們可以了解影響您的毛利率的因素以及在我們繼續建模時如何考慮這一點，特別是考慮到 VMware 的旋轉，我們可能會得到一個數量級的信息。

Well, Simon, it's Tom. So we don't typically comment on gross margin at a business unit level. I would tell you at a top line level, as we think about dynamics, it's principally going to come down to how do we think about mix as it moves forward into Q4, which I would remind you that Q4 tends to be a higher storage quarter for us. So generally, gross margins improve Q3 to Q4.

嗯，西蒙，是湯姆。因此，我們通常不會評論業務部門級別的毛利率。我會在頂線級別告訴你，當我們考慮動態時，它主要歸結為我們如何看待混合進入第四季度，我會提醒你第四季度往往是一個更高的存儲季度為了我們。因此，總體而言，毛利率在第三季度至第四季度有所改善。

There is a seasonal pattern to storage as you move on to the next year. That's, I think, well understood at this point. I think as it relates to CSG, look, again, we're focused on the higher areas in terms of commercial, in terms of gaming, in terms of high-end consumer. Component costs are going to be the driver there for us, right, in the sense of how we think about the environment.

當您進入下一年時，存儲有一個季節性模式。我認為，在這一點上很好理解。我認為，因為它與 CSG 相關，再看一遍，我們專注於商業、遊戲和高端消費者方面的更高領域。就我們對環境的看法而言，組件成本將成為我們的驅動力。

We did highlight that we do expect Q4 component costs and logistics costs together are going to be inflationary, which -- so we have priced for that with what we know today. So the mix dynamic or the -- so the input costs are going to be a dynamic you've got to think your way through. So you got to think through your overall sort of what's the industry inflation/deflation look like as a -- we're not -- we don't quite mimic that dollar for dollar, but it's probably a good bellwether for you.

我們確實強調，我們確實預計第四季度的組件成本和物流成本將是通脹性的，因此我們已經根據我們今天所知道的情況對此進行了定價。所以混合動力或 - 所以投入成本將成為你必須考慮的動力。因此，您必須仔細考慮行業通貨膨脹/通縮的總體情況，因為我們不是-我們並沒有完全模仿美元兌美元，但這對您來說可能是一個很好的風向標。

And then I missed server, but server is also going to be very much dependent upon component cost dynamics, right? And so you got to think your way through that and then think through the mix dynamics. Q4 tends to be a higher ISG, higher storage quarter. We have some consumer impact in Q4, given the holiday season. You move into Q1, which tends to be our seasonally softest quarter as you come out of Q4, then it ramps again in Q2 with the higher volume coming through Q2, and then that seasonal pattern begins to repeat. So I think that's about the best guidance I can give you as you think your way through mix versus input cost dynamics.

然後我錯過了服務器，但服務器也將非常依賴於組件成本動態，對吧？所以你必須思考你的方式，然後思考混合動力。第四季度往往是更高 ISG、更高存儲的季度。鑑於假日季節，我們在第四季度對消費者產生了一些影響。你進入第一季度，當你離開第四季度時，這往往是我們季節性最疲軟的季度，然後在第二季度再次上升，第二季度的交易量增加，然後這種季節性模式開始重複。因此，我認為這是我可以為您提供的最佳指導，因為您可以通過混合與投入成本動態來思考自己的方式。

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

我們將向花旗集團的 Jim Suva 提出下一個問題。

It's well known a lot of component shortages are out there. Can you maybe help us get our arms around which ones are the most hardest to get now? Are they like power management integrated circuits? And what's the visibility that your suppliers are giving you for equilibrium for you to be able to catch up with demand?

眾所周知，那裡存在許多組件短缺。您能否幫助我們了解現在最難獲得的那些？它們像電源管理集成電路嗎？您的供應商為您提供平衡的可見性以使您能夠趕上需求？

Sure, Jim. I'll take that one. This is Jeff. Look, we see integrated circuit semiconductors remain constrained, will remain constrained into next year. The trailing nodes are the most constrained, so anything in an 8-inch network is certainly challenged. As well as the 12-inch 65-, 55- and 40-nanometer networks are certainly most challenged across the board. You have wafer shortages that go along with that. I think I mentioned in the last 2 calls, the back end, the assembly and test had been impacted by COVID. That's improved a little bit but still constrained. There's been a number of substrate shortages around the world that continue to impact this.

當然，吉姆。我會拿那個。這是傑夫。看，我們看到集成電路半導體仍然受到限制，到明年仍將受到限制。尾隨節點是最受限制的，因此 8 英寸網絡中的任何東西肯定會受到挑戰。除了 12 英寸 65 納米、55 納米和 40 納米網絡之外，當然也面臨著最大的挑戰。隨之而來的是晶圓短缺。我想我在最近 2 次電話會議中提到過，後端、組裝和測試都受到了 COVID 的影響。這有所改善，但仍然受到限制。世界各地存在許多基材短缺，繼續影響著這一點。

And to answer your question specifically, we track 27 different categories of integrated circuits across our portfolio. I think I've mentioned the usual suspects, but I'll deal with them here, so anywhere from codecs to audio amplifiers, USB Type-C controllers, MOSFETs, Power ICs, TCONs, sensor ICs, TPM, microcontrollers, driver ICs for our PC side. And then on our enterprise side, Power ICs, VMC, TPM, FPGAs and MOSFETs.

為了具體回答您的問題，我們跟踪了我們產品組合中的 27 種不同類別的集成電路。我想我已經提到了常見的嫌疑人，但我會在這里處理它們，所以從編解碼器到音頻放大器、USB Type-C 控制器、MOSFET、電源 IC、TCON、傳感器 IC、TPM、微控制器、驅動器 IC我們的PC端。然後在我們的企業方面，電源 IC、VMC、TPM、FPGA 和 MOSFET。

So power was one that you mentioned. Absolutely, power is front and center. We are encountering the same shortages as everybody else. I think our team is navigating it quite well, I think, and primarily driven by long-term partnerships. We've been doing this a long time. Again, the relationships that I have with our supply base go back from the very beginning of the time I was a developer here. I think that helps serves us well, doing this for 3-plus decades and continuing to know the folks at these companies and knowing our long-term history and the fact that we talk about long-term design prospects as well. I hope that answers your question.

所以權力就是你提到的一種。絕對，權力是前沿和中心。我們和其他人一樣面臨著同樣的短缺。我認為我們的團隊在這方面做得很好，我認為，主要是由長期合作夥伴關係推動的。我們已經這樣做了很長時間。同樣，我與供應商的關係可以追溯到我在這裡做開發人員的一開始。我認為這對我們很有幫助，這樣做了 3 多年，並繼續了解這些公司的人，了解我們的長期歷史以及我們談論長期設計前景的事實。我希望這能回答你的問題。

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。

Yes. And I won't ask about supply chain. What I wanted to ask about is just like as you guys have executed, it looks like nearly all of the $16 billion of debt reduction is completed. Do we look into fiscal '23 and assume any incremental deleverage of the balance sheet? Or is the entirety of the capital return strategy focused on share repurchase at this point? And how do we think about, again, the bridge of free cash flow to adjusted free cash flow as we think about that targeted 40% to 60%.

是的。我不會問供應鏈。我想問的是，就像你們執行的一樣，看起來160億美元的減債幾乎全部完成了。我們是否會研究 23 財年並假設資產負債表會出現任何增量去槓桿化？還是此時整個資本回報策略都集中在股票回購上？以及我們如何考慮自由現金流與調整後的自由現金流之間的橋樑，因為我們認為目標是 40% 到 60%。

Aaron, it's Tom, and then maybe I'll have Tyler jump in here as well. As it relates to -- as we think about debt reduction as we work our way through fiscal '23, I would expect that there will be some continued debt reduction next year. Now clearly, we have cleaned up a lot of the near-term maturities, but we are still focused on a core leverage ratio target of 1.5. We're currently at 1.9. So there will be some element of debt reduction next year, not -- obviously not clearly to the extent that it has been in the past.

Aaron，我是 Tom，然後也許我會讓 Tyler 也加入進來。與之相關的是，當我們在 23 財年努力工作時考慮減少債務時，我預計明年將繼續減少債務。現在很明顯，我們已經清理了很多近期到期的債券，但我們仍然專注於 1.5 的核心槓桿率目標。我們目前是 1.9。因此，明年將會有一些債務減少的因素，而不是 - 顯然不像過去那樣清楚。

And I would remind you, as you think about our capital allocation framework, 40% to 60% of our adjusted free cash flow is going to go towards shareholder capital, returning it through the form of what we believe to be dividends if the Board approves those next year, our share buyback, and then obviously investment in the business and debt reduction.

我要提醒你，當你考慮我們的資本分配框架時，我們調整後的自由現金流的 40% 到 60% 將用於股東資本，如果董事會批准，則以我們認為是股息的形式返還那些明年，我們的股票回購，然後顯然是投資業務和減少債務。

Tyler, do you want to take the free cash flow conversion question?

泰勒，你想回答自由現金流轉換問題嗎？

Yes. I mean, maybe, Aaron, it's easier to take that one off-line. I mean, the intent or purpose of that adjustment is to reflect the impact of DFS. There is a walk in the web deck, I believe, but happy to take that one off-line.

是的。我的意思是，也許，亞倫，讓那個離線更容易。我的意思是，該調整的意圖或目的是反映 DFS 的影響。我相信在網絡平台上有一個散步，但很高興讓那個離線。

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。

Great. I have a question on the VMware resell revenue. If I do my math right, the revenue would be somewhere around $1 billion, maybe a little bit over $1 billion a quarter. But if I do the same math for operating margin, it doesn't seem like that business is that profitable. First, is that the right conclusion? Second, how should we think about this probability of this business going forward? And lastly, how do you plan on disclosing that revenue in the future?

偉大的。我有一個關於 VMware 轉售收入的問題。如果我算對了，收入將在 10 億美元左右，每季度可能略高於 10 億美元。但是，如果我對營業利潤率做同樣的計算，那麼這項業務似乎並沒有那麼有利可圖。首先，這是正確的結論嗎？第二，我們應該如何看待這個業務發展的可能性？最後，您打算如何在未來披露該收入？

Sidney, it's Tom. So look, I would -- to help you guys think your way through it, I would think about Q4 VMware resell revenue somewhere in the range of $1.3 billion, okay? And you are right, as we have discussed a number of times in previous calls, the margin associated with that resale revenue is minimal, right? Now that's an area that we're focused on, beginning to drive up, but it's never going to be -- as we look at it today, anyway, it's got a ways to go to get to more distributor-like margins. But today, you should think about it as not really impacting or contributing in any meaningful way to operating margin performance. And so that's probably the easiest way to think about it for right now.

西德尼，是湯姆。所以看，我會 - 為了幫助你們思考如何通過它，我會考慮第四季度 VMware 轉售收入在 13 億美元左右，好嗎？你是對的，正如我們在之前的電話會議中多次討論的那樣，與轉售收入相關的利潤微乎其微，對吧？現在這是我們關注的一個領域，開始提高，但它永遠不會——正如我們今天所看到的那樣，無論如何，它有辦法獲得更多類似分銷商的利潤。但是今天，您應該認為它並沒有真正影響或以任何有意義的方式對營業利潤率表現做出貢獻。所以這可能是目前考慮它的最簡單的方法。

Thanks for the question, Sidney.

謝謝你的問題，西德尼。

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

我們現在將回答瑞銀的大衛沃格特的最後一個問題。

Great. So this is more of a longer-term question, and I know you're not going to give guidance on the next fiscal year. But when I listen to you talk about the strength in the order book, whether it's in servers, in storage, and you're taking share and what we're seeing relatively, at least from an industry perspective, a strong backdrop. When I think about next year from the ISG side, are we -- are you being a little bit conservative when you think about sort of the longer-term model in the context of what you're seeing near term and how that might drive revenue growth next year in ISG, maybe a little bit faster than 3% to 5% or at least at the higher end of that range?

偉大的。所以這更像是一個長期問題，我知道你不會在下一個財政年度提供指導。但是當我聽你談論訂單簿的實力時，無論是在服務器、存儲方面，你都在分享，我們相對而言，至少從行業的角度來看，這是一個強大的背景。當我從 ISG 方面考慮明年時，當您在近期看到的情況以及這可能如何推動收入的背景下考慮某種長期模型時，我們是否有點保守明年 ISG 的增長，可能會比 3% 到 5% 快一點，或者至少在該範圍的高端？

David, look, I think the message I wanted to get out for purposes of people beginning to think your way through next year is that we expect growth. And we expect, at a minimum, that our revenue frameworks will be in the range of the long-term framework that we provided and that our profitability will be in the framework that we provided. And I don't want to go beyond that at this point, other than to tell you that when we get through -- get to the Q4 earnings, that we'll clearly have a conversation about any further thinking around next year. So I'll leave it at that.

大衛，看，我想我想傳達的信息是為了讓人們開始考慮明年的方式，那就是我們期待增長。我們希望，至少，我們的收入框架將在我們提供的長期框架的範圍內，我們的盈利能力將在我們提供的框架內。在這一點上，我不想超越這一點，除了告訴你，當我們完成第四季度的收益時，我們顯然會就明年的任何進一步思考進行對話。所以我就這樣吧。

All right. Thanks, David. Thanks for giving us the opportunity to talk about the long term. We like that. And thanks for everyone for joining.

好的。謝謝，大衛。感謝您給我們機會談論長期。我們喜歡這樣。並感謝大家的加入。

We're going to be -- we will be participating in several conferences, investor conferences over the next couple of weeks, and we will be on the road on both the East and West Coast in early January. So we do look forward to engaging with the investor community at these events in the fourth quarter. And with that, I thank you for joining us.

我們將在接下來的幾週內參加幾個會議，投資者會議，我們將在 1 月初在東海岸和西海岸上路。因此，我們確實期待在第四季度的這些活動中與投資者社區互動。有了這個，我感謝你加入我們。

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

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。