戴爾 (DELL) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2022 Second Quarter Results Conference Call for Dell Technologies Inc.

下午好，歡迎參加戴爾技術公司 2022 財年第二季度業績電話會議。

I'd like to inform all participants this call is being recorded at the request of Dell Technologies.

我想通知所有參與者，應 Dell Technologies 的要求，此次通話正在錄音。

This broadcast is the copyrighted property of Dell Technologies Inc.

此廣播是 Dell Technologies Inc. 的版權財產。

Any rebroadcast of this information, in whole or part, without the prior written permission of Dell Technologies is prohibited.

未經 Dell Technologies 事先書面許可，禁止全部或部分重播此信息。

(Operator Instructions)

（操作員說明）

I'd like to turn the call over to Rob Williams.

我想把電話轉給 Rob Williams。

Mr. Williams, you may begin.

威廉姆斯先生，你可以開始了。

Thanks, Jamaria, and thanks, everyone, for joining us.

謝謝 Jamaria，也謝謝大家加入我們。

With me today are Jeff Clarke, Chuck Whitten, Tom Sweet and Tyler Johnson.

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 press release, financial tables, web deck, prepared remarks and additional materials are available on our IR website.

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。

The guidance section will be covered on today's call.

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 and adjusted free cash flow.

在本次電話會議期間，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、營業費用、營業收入、淨收入、每股收益、EBITDA、調整後 EBITDA 和調整後自由現金流。

A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and press release.

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。

Also note that all growth percentages refer to year-over-year change unless otherwise specified.

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。

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.

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。

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.

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。

We assume no obligation to update our forward-looking statements.

我們不承擔更新我們的前瞻性陳述的義務。

Now I'll turn it over to Jeff.

現在我將把它交給傑夫。

Thanks, Rob.

謝謝，羅伯。

Hi, everyone.

大家好。

Thanks for joining us today.

感謝您今天加入我們。

We made it through the first half of the year, and in this incredibly unpredictable environment, we delivered our best second quarter ever.

我們度過了上半年，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。

That's because whether we are reopening or reclosing, eating in restaurants or ordering out, returning to the office or staying at home, the one constant has been an unprecedented demand for technology.

這是因為無論我們是重新開放還是重新關閉，在餐館吃飯還是點餐，回到辦公室還是呆在家裡，始終如一的對技術的需求是前所未有的。

Another constant is our ability to execute against our stated strategy and deliver consistent performance no matter the market dynamics.

另一個不變的是，無論市場動態如何，我們都有能力執行既定戰略並提供一致的績效。

In the last week of June, we released an investor presentation where we outlined our differentiated strategy to drive growth and value creation post the spin-off of VMware.

在 6 月的最後一周，我們發布了一份投資者報告，概述了我們在剝離 VMware 後推動增長和價值創造的差異化戰略。

As we've engaged with investors, there are a number of key points I want to reiterate today from that presentation.

隨著我們與投資者的接觸，我今天想從該演示文稿中重申一些關鍵點。

These can also be found on Slide 4 of today's earnings web deck.

這些也可以在今天的收益網絡幻燈片的幻燈片 4 中找到。

First, we have leadership positions in large, stable and expanding markets with strong underlying fundamentals.

首先，我們在具有強大基本面的大型、穩定和不斷擴大的市場中處於領先地位。

Q2 was an exceptional example of how we've leveraged our leadership positions to seize the opportunities in these growing markets.

第二季度是我們如何利用我們的領導地位來抓住這些不斷增長的市場中的機會的一個特殊例子。

In Q2, we set a second quarter record with revenue up 15% to $26.1 billion and record second quarter EPS of $2.24, up 17%.

在第二季度，我們創下了第二季度的記錄，收入增長 15% 至 261 億美元，第二季度每股收益為 2.24 美元，增長 17%。

We have talked previously about our ability to quickly pivot the business where the demand is strongest, and that was evident in these results.

我們之前談到了我們在需求最強的地方快速轉向業務的能力，這在這些結果中很明顯。

The need for better technology connectivity and productivity in the new do-anything-from-anywhere economy has driven strong IT spending across multiple industries and customer sizes, from large enterprises to medium businesses to small business and consumers.

在新的“隨處可做”經濟中，對更好的技術連接性和生產力的需求推動了多個行業和客戶規模的強勁 IT 支出，從大型企業到中型企業，再到小型企業和消費者。

And we're leaning in to capture our share of the strong IT spending.

我們正在努力從強勁的 IT 支出中分得一杯羹。

Our Client Solutions Group delivered record revenue of $14.3 billion, up 27% as we leaned into commercial, along with solutions in the broader client ecosystem, including software and peripherals, where we are #1 in displays and we believe we gained more than 100 basis points of share in calendar Q2.

我們的客戶解決方案集團實現了創紀錄的 143 億美元的收入，增長了 27%，因為我們傾向於商業，以及更廣泛的客戶生態系統中的解決方案，包括軟件和外圍設備，我們在顯示器領域排名第一，我們相信我們獲得了 100 多個基礎日曆 Q2 中的共享點。

There are positive secular trends at play in client, especially in the areas we are most focused, notably the commercial market, premium price bands and gaming, that should enable stable growth over the next few years.

客戶方面存在積極的長期趨勢，特別是在我們最關注的領域，特別是商業市場、溢價帶和遊戲，這將在未來幾年實現穩定增長。

The Infrastructure Solutions Group continued growth with revenue up 3% to $8.4 billion, primarily driven by growth in servers and networking as customers modernize their IT infrastructure to enable data-driven AI and machine learning technologies.

基礎設施解決方案集團繼續增長，收入增長 3% 至 84 億美元，這主要得益於服務器和網絡的增長，因為客戶對其 IT 基礎設施進行了現代化改造，以支持數據驅動的人工智能和機器學習技術。

We are also encouraged by the strengthening of storage during the quarter and the overall demand for hyperconverged infrastructure and midrange storage.

我們也對本季度存儲的增強以及對超融合基礎設施和中端存儲的整體需求感到鼓舞。

Tom will dive into more of the financial details of Q2 in just a moment.

Tom 稍後將深入探討第二季度的更多財務細節。

The second point is that we have durable competitive advantages that uniquely position us to win in our core and adjacent markets.

第二點是我們擁有持久的競爭優勢，使我們能夠在核心和鄰近市場中獲勝。

A few I would call out that drove our Q2 performance.

我會提到一些推動我們第二季度業績的因素。

We have built an end-to-end innovation engine that delivers engineered solutions and software enhancements based on our unparalleled market reach and ability to see across a customer's full set of IT needs.

我們建立了一個端到端的創新引擎，基於我們無與倫比的市場影響力和洞察客戶全套 IT 需求的能力，提供工程解決方案和軟件增強功能。

These include management and orchestration, embedded intelligence, automation, predictive analytics, proactive support, telemetry and intrinsic security.

其中包括管理和編排、嵌入式智能、自動化、預測分析、主動支持、遙測和內在安全。

A key example is PowerStore, our micro-services-based midrange storage solution, which is ramping faster than any new architecture we've released with double-digit increases in net new storage buyers for both Q1 and Q2.

一個關鍵的例子是 PowerStore，這是我們基於微服務的中端存儲解決方案，它的發展速度比我們發布的任何新架構都快，第一季度和第二季度的淨新存儲買家都出現了兩位數的增長。

We are utilizing our industry-leading scale and differentiated supply chain to successfully navigate through the operational challenges caused by the unprecedented demand that is way ahead of supply right now.

我們正在利用我們行業領先的規模和差異化的供應鏈，成功應對由目前遠超供應的空前需求所帶來的運營挑戰。

Despite industry supply shortages, we shipped a record number of PCs and displays in the second quarter.

儘管行業供應短缺，我們在第二季度的 PC 和顯示器出貨量仍創歷史新高。

The third point is that we're driving a differentiated strategy to seize the tremendous growth potential ahead.

第三點，我們正在推動差異化戰略，以抓住未來巨大的增長潛力。

We are focused on winning the consolidation and modernizing our core businesses by driving ongoing share gains and improving margins through scale, engineering, innovation and product mix shift.

我們專注於通過規模、工程、創新和產品組合轉變來推動持續的份額增長和提高利潤率，從而贏得整合和實現核心業務的現代化。

We are the clear #1 in external storage, #1 in hyperconverged infrastructure, #1 in mainstream servers, #1 in data protection appliances, and our Client Solutions business is #1 in revenue.

我們顯然在外部存儲領域排名第一，在超融合基礎設施領域排名第一，在主流服務器領域排名第一，在數據保護設備領域排名第一，我們的客戶端解決方案業務在收入方面排名第一。

We have demonstrated the ability to adapt to the market dynamics over time as evidenced by our commercial client share gains in 30 of the last 34 quarters, and we have gained more than 700 basis points of share over that period.

我們已經證明了隨著時間的推移適應市場動態的能力，我們的商業客戶在過去 34 個季度中的 30 個季度的份額增長證明了這一點，並且在此期間我們獲得了超過 700 個基點的份額。

Additionally, we have gained more than 700 basis points of share for mainstream servers and approximately 200 basis points of share for external storage over the last 5 years as of calendar Q1 2021 according to IDC data.

此外，根據 IDC 數據，截至 2021 年第一季度的過去 5 年，我們在主流服務器上獲得了超過 700 個基點的份額，在外部存儲上獲得了大約 200 個基點的份額。

We are focused on the midrange segment of storage and are pleased with the momentum we are seeing, but we know we still have work to do.

我們專注於中端存儲領域，並對我們所看到的勢頭感到滿意，但我們知道我們仍有工作要做。

When server and storage calendar Q2 share data is released in September, we expect share gains in both markets.

當服務器和存儲日曆 Q2 份額數據在 9 月發佈時，我們預計這兩個市場的份額都會增長。

We are also prioritizing customer outcomes and modernizing our business model with APEX, which provides an incremental growth opportunity as we introduce more as-a-service solutions and gain traction with current offers.

我們還優先考慮客戶成果，並通過 APEX 使我們的業務模式現代化，這提供了一個增量增長機會，因為我們引入了更多的即服務解決方案並獲得了當前報價的牽引力。

For example, in July, we announced GE is using APEX Data Center Utility to blend automation and software architecture to support its increasing workloads from traditional IT applications to data analytics.

例如，在 7 月，我們宣布 GE 正在使用 APEX 數據中心實用程序來融合自動化和軟件架構，以支持其從傳統 IT 應用程序到數據分析的不斷增長的工作負載。

With APEX, GE can scale up or down its data center, storage and compute resources on demand as the company executes an approach that adapts to each business unit's strategy.

借助 APEX，GE 可以根據需要擴展或縮減其數據中心、存儲和計算資源，因為該公司執行適合每個業務部門戰略的方法。

We are innovating, integrating and partnering to create the technology ecosystem of the future for our customers with our unique partnership with VMware as the centerpiece.

我們正在創新、整合和合作，以我們與 VMware 為核心的獨特合作夥伴關係為我們的客戶創建未來的技術生態系統。

We continue to drive new product innovation and business opportunities with VMware.

我們將繼續與 VMware 一起推動新產品創新和商機。

For instance, in Q2, we launched new VxRail systems with the latest PowerEdge servers and new software advancements that deliver faster performance as well as simplified deployment and management.

例如，在第二季度，我們推出了新的 VxRail 系統，配備最新的 PowerEdge 服務器和新的軟件改進，可提供更快的性能以及簡化的部署和管理。

Additionally, we introduced VxRail dynamic nodes that expand how customers can use existing Dell Technologies storage resources to support new multi-cloud workloads.

此外，我們還引入了 VxRail 動態節點，擴展了客戶使用現有 Dell Technologies 存儲資源來支持新的多雲工作負載的方式。

VxRail continues to be an area of growth in one of the fastest-growing segments in storage with orders up 34% in Q2.

VxRail 繼續成為增長最快的存儲領域之一的增長領域，第二季度的訂單增長了 34%。

We're also pursuing adjacent high-value growth opportunities where we are uniquely positioned to win, areas like multi-cloud, edge, telecom, data management that open up adjacent multibillion dollar markets.

我們還在尋求相鄰的高價值增長機會，我們在這些領域具有獨特的優勢，例如多雲、邊緣、電信、數據管理等領域，這些領域打開了相鄰的數十億美元市場。

We are investing in these opportunities and expect meaningful contribution from them in years to come.

我們正在對這些機會進行投資，並期望它們在未來幾年做出有意義的貢獻。

And we're already seeing powerful customer use cases today.

我們今天已經看到了強大的客戶用例。

For example, our disruptive bet in telecommunications has led to multiple flagship wins to build open radio access networks, or Open RAN.

例如，我們在電信領域的顛覆性賭注已經導致多個旗艦產品贏得了建設開放式無線電接入網絡或 Open RAN 的勝利。

We are working with Vodafone to build Europe's first commercial Open RAN, bringing more broadband access to European businesses and communities; with Orange to launch Europe's first 5G stand-alone, fully end-to-end cloud network; and with Deutsche Telekom, whose multi-vendor Open RAN network in Neubrandenburg, Germany is now live.

我們正與沃達丰合作打造歐洲首個商用 Open RAN，為歐洲企業和社區帶來更多寬帶接入；與 Orange 合作推出歐洲首個 5G 獨立、完全端到端的云網絡；並與德國電信合作，該公司在德國新勃蘭登堡的多供應商 Open RAN 網絡現已上線。

These are just a few examples, and we are excited about the progress we are making in this space.

這些只是幾個例子，我們對我們在這個領域取得的進展感到興奮。

With these leading market positions, durable competitive advantages and a differentiated strategy, I believe we can drive consistent growth and significant value creation.

憑藉這些領先的市場地位、持久的競爭優勢和差異化戰略，我相信我們可以推動持續增長和顯著的價值創造。

I'm really excited about the opportunities ahead, and I look forward to talking in more detail at our Virtual Securities Analyst Meeting on September 23.

我對未來的機會感到非常興奮，我期待在 9 月 23 日的虛擬證券分析師會議上進行更詳細的討論。

Before we go to Tom and our financial performance, let me introduce Chuck Whitten.

在介紹 Tom 和我們的財務業績之前，讓我介紹一下 Chuck Whitten。

As most of you are aware, in June, we announced Chuck was joining me as Co-Chief Operating Officer.

你們大多數人都知道，在 6 月，我們宣布 Chuck 將加入我擔任聯席首席運營官。

He and I have worked together for many years alongside of the rest of the leadership team to help shape Dell's strategy and growth initiatives.

他和我與領導團隊的其他成員一起工作了很多年，以幫助制定戴爾的戰略和增長計劃。

Welcome, Chuck.

歡迎，查克。

Thanks, Jeff, and hello, everyone.

謝謝，傑夫，大家好。

I'm thrilled to join the Dell Technologies leadership team and look forward to regularly engaging with investors.

我很高興能加入 Dell Technologies 領導團隊，並期待定期與投資者接觸。

As Jeff said, I've worked for more than a decade with Michael, Jeff and the rest of Dell leadership on the company's strategy and positioning.

正如傑夫所說，我與邁克爾、傑夫和戴爾其他領導層一起工作了十多年，負責公司的戰略和定位。

The company has tremendous opportunity ahead, and we're focused on executing the strategy laid out in the June investor presentation.

該公司擁有巨大的機遇，我們專注於執行 6 月份投資者介紹中製定的戰略。

And we have never been more optimistic about our ability to innovate, delight customers, deliver growth and create value for all shareholders in the coming years.

我們對未來幾年創新、取悅客戶、實現增長和為所有股東創造價值的能力感到前所未有的樂觀。

We operate in large, growing markets with ample headroom.

我們在具有充足空間的大型、不斷增長的市場中開展業務。

The markets we target total $1.3 trillion today with core markets growing in the low single digits and adjacent markets growing faster through 2024 as widespread digital transformation drives sustained technology investment.

我們今天的目標市場總額為 1.3 萬億美元，隨著廣泛的數字化轉型推動持續的技術投資，到 2024 年，核心市場以低個位數增長，相鄰市場增長更快。

But beyond sheer size, those markets are evolving in ways that play to our market positions and the durable competitive advantages Jeff mentioned.

但除了規模之外，這些市場的發展方式與我們的市場地位和傑夫提到的持久競爭優勢相得益彰。

As technology becomes ever more essential, more distributed, more hybrid and more multi-cloud, customers need a scale, trusted and global partner who can help them simplify and create business value, from the PC to the core data center to the cloud to the edge.

隨著技術變得越來越重要、更加分散、更加混合和更加多雲，客戶需要一個規模化、值得信賴的全球合作夥伴，他們可以幫助他們簡化和創造業務價值，從 PC 到核心數據中心到雲再到邊緣。

In short, this company was built for this moment in technology, and there is substantial growth opportunity in both our core markets and in high-value adjacent markets where our competitive advantages matter.

簡而言之，這家公司是在技術領域為這一時刻而建立的，在我們的核心市場和我們的競爭優勢至關重要的高價值相鄰市場中都存在巨大的增長機會。

And the spin-off of VMware will unlock the opportunity for us to pursue a balanced capital allocation strategy and invest in sustained profitable growth for years to come.

VMware 的分拆將為我們提供機會，讓我們能夠追求平衡的資本分配戰略，並投資於未來幾年的持續盈利增長。

Our strategy is good for customers, employees and shareholders, and our first half results are proof.

我們的戰略對客戶、員工和股東都有好處，我們上半年的業績就是證明。

It's clear to us that our strategy will drive sustained value creation post spin-off, and that's what we're focused on executing every day as a team.

我們很清楚，我們的戰略將在分拆後推動持續的價值創造，這就是我們作為一個團隊每天都專注於執行的事情。

I look forward to speaking with you in more detail at the Analyst Meeting.

我期待在分析師會議上與您更詳細地交談。

Let me now turn the call over to Tom.

現在讓我把電話轉給湯姆。

Thanks, Chuck, and glad you're with us.

謝謝，查克，很高興你和我們在一起。

I am pleased with our performance and the execution of our strategy as we delivered another quarter of consistent growth for revenue and profitability.

我對我們的業績和戰略的執行感到滿意，因為我們實現了又一個季度的收入和盈利能力持續增長。

Over the last 4 fiscal years, we've grown operating income faster than or equal to revenue every year.

在過去的 4 個財年中，我們每年的營業收入增長速度都超過或等於收入。

Secular trends such as work and learn from anywhere, digitalization of businesses and governments and real-time decision-making with edge data leads us to be optimistic on our long-term growth prospects.

隨處工作和學習、企業和政府的數字化以及邊緣數據的實時決策等長期趨勢使我們對長期增長前景持樂觀態度。

Revenue for the second quarter was a Q2 record at $26.1 billion, up 15%, driven by growth in all 3 business units, led by outstanding performance in CSG and growth in ISG.

第二季度的收入達到創紀錄的 261 億美元，增長 15%，這得益於所有 3 個業務部門的增長，其中 CSG 的出色表現和 ISG 的增長領先。

Demand was ahead of revenue growth as we managed supply constraints, which should not come as a surprise to anyone.

由於我們管理了供應限制，需求超過了收入增長，這對任何人來說都不應該感到意外。

Gross margin was $8.3 billion, up 9% at 31.9% of revenue.

毛利率為 83 億美元，增長 9%，佔收入的 31.9%。

Gross margin as a percentage of revenue was 160 basis points lower, primarily due to a 540 basis point revenue mix shift to CSG.

毛利率佔收入的百分比下降了 160 個基點，主要是由於收入組合向 CSG 轉移了 540 個基點。

We are navigating the inflationary cost environment and have adjusted prices for the higher input cost while being mindful of our competitive positioning.

我們正在應對通脹成本環境，並針對較高的投入成本調整了價格，同時注意我們的競爭定位。

Operating expense was $5.5 billion, up 10%, as we invest for long-term growth, and we have certain costs come back from the depressed levels we saw last year.

運營費用為 55 億美元，增長 10%，因為我們投資於長期增長，並且我們從去年看到的低迷水平中恢復了一定的成本。

Given our strong performance, our variable costs, such as sales compensation and bonus, are running ahead of prior year levels.

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。

We have been disciplined in our decisions and will continue to be prudently managing our expenses going forward.

我們在決策中自律，並將繼續審慎地管理我們未來的開支。

Operating income was also a second quarter record at $2.8 billion, up 7% and 10.8% of revenue.

營業收入也是第二季度創紀錄的 28 億美元，分別增長 7% 和收入的 10.8%。

Our interest expense was down approximately $134 million given the progress on debt reduction, contributing to the expansion of our consolidated net income to $1.9 billion and earnings per share of $2.24, up 17%.

鑑於債務減免取得進展，我們的利息支出減少了約 1.34 億美元，有助於我們的綜合淨收入擴大至 19 億美元，每股收益為 2.24 美元，增長 17%。

Adjusted EBITDA was $3.3 billion, up 7% at 12.7% of revenue.

調整後的 EBITDA 為 33 億美元，增長 7%，佔收入的 12.7%。

For the trailing 12 months, adjusted EBITDA was $13.6 billion, up 16%.

在過去的 12 個月中，調整後的 EBITDA 為 136 億美元，增長 16%。

Our recurring revenue is approximately $6 billion a quarter, up 14%.

我們每季度的經常性收入約為 60 億美元，增長 14%。

Our remaining performance obligations, or RPO, is approximately $46 billion, up 24% and includes deferred revenue plus committed contract value not included in deferred revenue.

我們剩餘的履約義務或 RPO 約為 460 億美元，增長 24%，包括遞延收入加上未包含在遞延收入中的承諾合同價值。

The growth was driven by an expanded backlog given that demand is ahead of supply in addition to solid performance in hardware and software maintenance.

鑑於需求領先於供應以及硬件和軟件維護方面的穩健表現，這一增長是由積壓的擴大推動的。

Excluding VMware, Dell's RPO is approximately $35 billion, up 30%.

不包括 VMware，戴爾的 RPO 約為 350 億美元，增長 30%。

Turning to the business units.

轉向業務部門。

We had another quarter of very strong performance by our Client Solutions Group despite industry-wide supply chain challenges.

儘管整個行業的供應鏈面臨挑戰，我們的客戶解決方案部門仍然取得了另一個季度的強勁表現。

CSG revenue hit a new record at $14.3 billion, up 27%, on the strength in demand for devices and solutions that offer improved connectivity and productivity.

CSG 收入創下新紀錄，達到 143 億美元，增長 27%，原因是對提供更好連接性和生產力的設備和解決方案的需求強勁。

We continued to see strength across notebooks, but we also saw strong double-digit growth in commercial and desktop orders.

我們繼續看到筆記本電腦的實力，但我們也看到商業和台式機訂單的強勁兩位數增長。

As Jeff mentioned, we leaned into commercial where more than 70% of our CSG revenue comes from, and commercial also contributed to our return to share gains per IDC's calendar Q2 results.

正如 Jeff 所提到的，我們傾向於商業，我們 70% 以上的 CSG 收入來自商業，商業也為我們在 IDC 日曆第二季度業績中的份額收益回報做出了貢獻。

Commercial revenue was up 32% to a record $10.6 billion as businesses looked to upgrade devices and productivity solutions for their long-term in-office, remote and hybrid workforce environments.

商業收入增長 32%，達到創紀錄的 106 億美元，因為企業希望為長期的辦公室、遠程和混合勞動力環境升級設備和生產力解決方案。

Consumer revenue was a second quarter record at $3.7 billion, up 17% as digital entertainment and e-commerce are still driving strong demand for upgraded experiences.

由於數字娛樂和電子商務仍在推動對升級體驗的強勁需求，消費者收入第二季度達到創紀錄的 37 億美元，增長 17%。

CSG operating income was $995 million, up 39% and was 7% of revenue.

CSG 營業收入為 9.95 億美元，增長 39%，佔收入的 7%。

We saw solid profitability primarily due to strong shipments, a mix shift to commercial and a balanced pricing environment.

我們看到強勁的盈利能力主要是由於強勁的出貨量、向商業的混合轉變和平衡的定價環境。

Moving to ISG, where revenue was up 3% to $8.4 billion.

轉向 ISG，收入增長 3% 至 84 億美元。

We saw a strong demand environment for compute and positive momentum in storage.

我們看到了對計算的強勁需求環境和存儲方面的積極勢頭。

Customers across all regions are investing in IT infrastructure focused on multi-cloud solutions and accelerating digital transformation.

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。

Servers and networking reported its third consecutive quarter of positive growth, with revenue of $4.5 billion, up 6%, with strong demand across all customer segments and geographies.

服務器和網絡連續第三個季度實現正增長，收入為 45 億美元，增長 6%，所有客戶群和地區的需求強勁。

Storage revenue was $4 billion, down 1%.

存儲收入為 40 億美元，下降 1%。

On an orders basis, we were encouraged to see positive overall storage growth of 2%, with ongoing demand in high-growth areas like hyperconverged infrastructure, where VxRail's orders were up 34%, and in midrange storage, where orders were up 17%.

在訂單的基礎上，我們很高興看到整體存儲增長 2%，超融合基礎設施等高增長領域的需求持續增長，VxRail 的訂單增長了 34%，而中端存儲的訂單增長了 17%。

PowerStore continues to ramp nicely, making up approximately 38% of our midrange storage portfolio.

PowerStore 繼續穩步增長，約占我們中端存儲產品組合的 38%。

23% of PowerStore customers in Q2 were net new to Dell storage.

第二季度 23% 的 PowerStore 客戶是戴爾存儲的新用戶。

ISG operating income was flat at $970 million and was 11.5% of revenue.

ISG 營業收入持平於 9.7 億美元，佔收入的 11.5%。

The VMware business unit revenue was $3.1 billion, up 8%, and operating income was $849 million or 27% of revenue.

VMware 業務部門收入為 31 億美元，增長 8%，營業收入為 8.49 億美元，佔收入的 27%。

Dell Financial Services originations were $1.9 billion, down 27%, due to the tougher comparison last year as more customers leveraged financing during the early stages of the pandemic.

戴爾金融服務發起的金額為 19 億美元，下降了 27%，原因是去年的比較更加嚴格，因為在大流行的早期階段有更多客戶利用槓桿融資。

DFS ended the quarter with $12.6 billion in total managed assets, flat year-over-year with global portfolio losses at historic lows.

DFS 在本季度末管理資產總額為 126 億美元，與去年同期持平，全球投資組合損失處於歷史低位。

Turning to our capital structure and balance sheet.

轉向我們的資本結構和資產負債表。

We generated strong cash flow in Q2 and are making good progress on delevering.

我們在第二季度產生了強勁的現金流，並且在去槓桿方面取得了良好進展。

Cash flow from operations was $1.7 billion.

運營現金流為 17 億美元。

Although cash flow was slightly lower sequentially, impacted partly by working capital dynamics, our cash flow from operations was $4 billion through the first half of the year, which was up 56% compared to the same period last year.

儘管現金流環比略有下降，部分受到營運資金動態的影響，但我們上半年的運營現金流為 40 億美元，與去年同期相比增長了 56%。

On a trailing 12-month basis, cash flow from operations was $12.8 billion, and excluding VMware, it was $8.4 billion.

在過去 12 個月的基礎上，運營現金流為 128 億美元，不包括 VMware，為 84 億美元。

Over the last 3 years, on a trailing 12-month basis, cash from operations grew at a 15% CAGR.

在過去 3 年中，在過去 12 個月的基礎上，來自運營的現金以 15% 的複合年增長率增長。

Cash and investments ended the quarter at $13.6 billion and approximately $7.5 billion for Dell, excluding VMware.

本季度末現金和投資為 136 億美元，戴爾（不包括 VMware）約為 75 億美元。

During the second quarter, we paid down $3 billion of the $4 billion margin loan that was outstanding as of the beginning of the quarter, and we paid down the remaining $1 billion earlier this week.

在第二季度，我們償還了截至本季度初未償還的 40 億美元保證金貸款中的 30 億美元，本週早些時候我們還清了剩餘的 10 億美元。

We have now paid down approximately $5.5 billion of debt year-to-date and expect to pay down at least $16 billion for the full fiscal year.

今年迄今為止，我們已經償還了大約 55 億美元的債務，預計整個財年至少償還 160 億美元。

Our core debt ended the quarter at $27.6 billion, and our core leverage ratio is approximately 2.2x versus our long-term core leverage target of 1.5x.

本季度末我們的核心債務為 276 億美元，我們的核心槓桿比率約為 2.2 倍，而我們的長期核心槓桿目標為 1.5 倍。

We expect to achieve an investment-grade corporate family rating once the VMware spin is finalized.

一旦 VMware 分拆完成，我們預計將獲得投資級企業家族評級。

Once we get to IG, there will be opportunity for a more balanced capital allocation policy, including shareholder capital return, investments to grow the business and value-enhancing M&A.

一旦我們到達 IG，將有機會制定更平衡的資本配置政策，包括股東資本回報、業務發展投資和增值併購。

We will provide more details on our post-spin capital allocation policy at our Analyst Meeting next month.

我們將在下個月的分析師會議上提供有關我們分拆後資本分配政策的更多細節。

Now to our outlook.

現在來看我們的展望。

From a macro point of view, the global economic recovery is driving broad demand across multiple sectors, including IT.

從宏觀角度來看，全球經濟復甦正在推動包括 IT 在內的多個行業的廣泛需求。

As a result, demand for integrated circuits and components that are fundamental building blocks of today's modern IT, automotive, industrial solutions and home appliances are in tight supply.

因此，作為當今現代 IT、汽車、工業解決方案和家用電器的基本組成部分的集成電路和組件的需求供應緊張。

One of our durable advantages is our industry-leading scale and supply chain expertise.

我們的持久優勢之一是我們行業領先的規模和供應鏈專業知識。

This is serving us well in this environment, and we are actively managing demand that is ahead of the industry's ability to deliver ICs and components.

這在這種環境下為我們提供了很好的服務，我們正在積極管理超出行業交付 IC 和組件能力的需求。

For Q3, we now expect an above-normal sequential revenue growth pattern and year-over-year growth up mid- to high teens.

對於第三季度，我們現在預計收入連續增長模式高於正常水平，同比增長將達到中高水平。

For CSG, we expect high single-digit growth sequentially.

對於南玻而言，我們預計環比將實現高個位數增長。

For ISG, we expect low single-digit growth sequentially.

對於 ISG，我們預計會出現低個位數的環比增長。

And for VMware, you should factor in their stand-alone revenue guidance, which is roughly flat sequentially.

對於 VMware，您應該考慮他們的獨立收入指引，該指引大致持平。

Given this, we expect Q3 revenue overall to be up mid-single digits sequentially versus a normal 2% decline.

鑑於此，我們預計第三季度的整體收入將環比增長中個位數，而正常下降 2%。

For Q3 operating income, we expect a mix shift to CSG sequentially, ongoing component cost dynamics, a modest increase in OpEx as we invest for growth, and we are considering the impact of VMware stand-alone guidance.

對於第三季度的營業收入，我們預計將按順序向 CSG 轉變，持續的組件成本動態，隨著我們為增長而投資，OpEx 將適度增加，並且我們正在考慮 VMware 獨立指導的影響。

With all of these factors, in our view, operating income dollars will be up 1% to 2% sequentially.

在我們看來，考慮到所有這些因素，營業收入美元將連續增長 1% 至 2%。

Below the operating income line, we will continue to benefit from lower interest expense as we reduce our debt.

在營業收入線以下，隨著我們減少債務，我們將繼續受益於較低的利息支出。

But do keep in mind, the majority of our $16 billion plus in targeted debt paydown will occur at the time of the VMware transaction, which we now estimate to be -- to close in early November.

但請記住，我們 160 億美元以上的目標債務償還中的大部分將發生在 VMware 交易時，我們現在估計這筆交易將在 11 月初完成。

For non-GAAP tax rate, you should assume 17% plus or minus 100 basis points.

對於非 GAAP 稅率，您應該假設 17% 正負 100 個基點。

In the absence of share repurchase activity, diluted share count should also increase slightly sequentially.

在沒有股票回購活動的情況下，稀釋後的股票數量也應該會依次略有增加。

In closing, we have a track record of consistent execution across any economic or IT spending cycle given our durable competitive advantages, and we are investing in innovation and software development to differentiate our solutions and appliances.

最後，鑑於我們持久的競爭優勢，我們擁有在任何經濟或 IT 支出週期中始終如一的執行記錄，我們正在投資創新和軟件開發，以區分我們的解決方案和設備。

We are optimistic about the long-term growth prospects for our businesses.

我們對業務的長期增長前景持樂觀態度。

I'm confident in our ability to deliver consistent and predictable financial performance.

我對我們提供一致且可預測的財務業績的能力充滿信心。

From fiscal year '18 through fiscal year '21, we grew revenue at a 6% CAGR and grew adjusted EBITDA at a 12% CAGR, and we generated nearly $28 billion in operating cash flow.

從 18 財年到 21 財年，我們的收入以 6% 的複合年增長率增長，調整後的 EBITDA 以 12% 的複合年增長率增長，我們產生了近 280 億美元的經營現金流。

We are well positioned and have the right strategy to create long-term value for our stakeholders.

我們處於有利地位，並擁有為利益相關者創造長期價值的正確戰略。

We look forward to sharing more about our plans for core Dell with all of you on September 23.

我們期待在 9 月 23 日與大家分享更多關於我們的核心戴爾計劃的信息。

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

有了這個，我將把它轉回給 Rob 開始問答。

Thanks, Tom.

謝謝，湯姆。

Let's get to Q&A.

讓我們進入問答環節。

(Operator Instructions) Jamaria, can you introduce the first question?

（操作員說明） Jamaria，你能介紹第一個問題嗎？

We'll 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。

Jeff, I had a question on the PC side.

傑夫，我有一個關於 PC 端的問題。

It looks like your U.S. competitor had some operational misstep last quarter, and based on your above-seasonal October guidance for CSG, are you gaining market share in this environment?

看起來您的美國競爭對手在上個季度出現了一些運營失誤，根據您對 CSG 的 10 月以上季節性指導，您是否在這種環境下獲得了市場份額？

Or are component constraints limiting it?

還是組件約束限制了它？

And also in regards to the industry shortages, can you share where exactly you're seeing those constraints?

還有關於行業短缺的問題，你能分享一下你在哪裡看到了這些限制嗎？

Is this like power management ICs and display drivers or any other components?

這是否像電源管理 IC 和顯示驅動器或任何其他組件？

Any color there would be helpful.

那裡的任何顏色都會有幫助。

Sure, Krish.

當然，克里希。

I mean first to answer your question about share.

我的意思是首先回答你關於分享的問題。

In the most recent IDC-published share data, Dell was the top share gainer of the top 5 manufacturers in the marketplace.

在 IDC 發布的最新份額數據中，戴爾是市場上前 5 名製造商中份額增長最快的公司。

We took share in total PCs.

我們佔據了個人電腦總數的份額。

We took share in commercial PCs, our focus.

我們在商用 PC 市場佔有一席之地，這是我們的重點。

We took more share than any of our other competitors in those spaces.

在這些領域，我們比其他任何競爭對手都佔據了更多的份額。

So to answer your question, yes, we're taking share.

所以回答你的問題，是的，我們正在分享。

We took 120 basis points of share, for example, in the commercial PC market in calendar Q2.

例如，我們在日曆第二季度的商用 PC 市場中佔據了 120 個基點的份額。

Your specific question of where are the shortages in the industry, as we've, I think, mentioned through several of these calls now, it's semiconductors.

你的具體問題是該行業的短缺在哪裡，我認為，正如我們現在通過幾個電話提到的那樣，它是半導體。

The industry demand, and industry being IT, consumer electronics, automotive, industrials, for electronics, for semiconductor continues to be strong.

IT、消費電子、汽車、工業、電子、半導體等行業需求持續強勁。

That is the area that is challenged certainly for us.

這無疑是我們面臨挑戰的領域。

We continue to work through it.

我們將繼續努力。

I think we are working through it reasonably well.

我認為我們的工作做得相當好。

The execution of our supply chain team is, I think, quite impressive with record shipments for the quarter for PCs, record shipments for displays.

我認為，我們的供應鏈團隊的執行令人印象深刻，本季度 PC 出貨量創紀錄，顯示器出貨量創紀錄。

But the types of devices would be scalers, TCONs, microcontrollers, power ICs, driver ICs.

但設備類型將是縮放器、TCON、微控制器、電源 IC、驅動器 IC。

Those types of devices are the ones that we see consistently challenged at different times.

這些類型的設備是我們看到在不同時間不斷受到挑戰的設備。

I hope that helped.

我希望這有幫助。

Our next question is from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的 Rod Hall。

I guess I wanted to ask something on PCs as well.

我想我也想在 PC 上問一些問題。

Your U.S. competitor has just signaled that they're reducing their promotional and marketing spend assumptions substantially, and that had a big impact on margins in the quarter.

您的美國競爭對手剛剛表示，他們正在大幅降低促銷和營銷支出假設，這對本季度的利潤率產生了重大影響。

And we're assuming it will have a large impact on their PC margins looking forward.

我們假設這將對他們未來的 PC 利潤產生重大影響。

I'm just curious if you guys are seeing that kind of promotional and marketing spend reduction in the market today and what you're thinking in terms of your own expenditures in that respect in the back end of the year given the demand dynamics against the supply dynamics.

我只是想知道你們是否看到今天市場上的這種促銷和營銷支出減少，以及鑑於需求動態與供給動態。

We have not lowered our marketing or compensation for whether it's our direct sellers or our channel partners.

無論是我們的直銷商還是我們的渠道合作夥伴，我們都沒有降低我們的營銷或補償。

We've seen the demand of the market continue to pick up.

我們看到市場需求繼續回升。

It's been pivoting or moving towards commercial, which generally has a lower marketing cost in it as well, but the selling costs are fairly consistent.

它一直在轉向或轉向商業化，這通常也具有較低的營銷成本，但銷售成本相當一致。

And we don't have any planned changes.

而且我們沒有任何計劃中的更改。

We like where our business is.

我們喜歡我們的業務所在。

We think we are executing at a very high level.

我們認為我們的執行水平非常高。

We saw a tremendous rebound in our premium products, whether that be our workstation products, our commercial desktop products.

我們的高端產品出現了巨大的反彈，無論是我們的工作站產品，還是我們的商用桌面產品。

We continue to see strong demand for our commercial notebook products.

我們繼續看到對我們的商用筆記本產品的強勁需求。

Rod, I don't know any other way to say this other than demand was strong through the quarter.

羅德，除了整個季度的需求強勁之外，我不知道有什麼其他的說法。

I think you probably saw that in our backlog growth that Tom alluded to before, and business is good.

我想您可能已經在 Tom 之前提到的我們的積壓訂單增長中看到了這一點，而且生意很好。

Rod, I would also add that I think Jeff and I have a lot of scar tissue over the years where one of the things that we believe is that you have to have a consistent presence in the market in terms of driving demand and driving your message.

羅德，我還要補充一點，我認為傑夫和我這些年來有很多疤痕組織，我們認為的一件事是，在推動需求和推動信息方面，你必須在市場上保持一致的存在.

And when you pull back, you tend to see the impacts of that 1 to 2 quarters out.

當你撤退時，你往往會看到 1 到 2 個季度的影響。

So we like where we are.

所以我們喜歡我們所處的位置。

We like what we're doing.

我們喜歡我們正在做的事情。

We're being disciplined in our spend.

我們在支出方面受到紀律處分。

But we also want to make sure that we are positioned thoughtfully in the market relative to the demand signals that we're seeing.

但我們也想確保我們在市場中的定位與我們看到的需求信號有關。

Our next question is from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I guess my question is on the storage side.

我想我的問題是在存儲方面。

And Jeff, I'd love to get your perspective here because overall sales on storage were, I think, down 1%, compares were fairly easy.

Jeff，我很想听聽你的看法，因為我認為存儲的整體銷售額下降了 1%，相比之下相當容易。

And I think a couple of your peers in that space actually had double-digit growth yesterday.

而且我認為您在該領域的幾個同行昨天實際上實現了兩位數的增長。

So I'd love to understand, how do you think storage performed versus your own internal expectations this quarter?

所以我很想了解，您認為本季度的存儲性能與您自己的內部預期相比如何？

And then what do you think is fundamentally needed for Dell to start gaining share on the storage side over the next few quarters?

那麼，您認為戴爾在未來幾個季度開始在存儲方面獲得份額需要什麼？

Sure.

當然。

Thanks for the question.

謝謝你的問題。

Maybe sometimes I think we don't do a good job of describing our storage business.

也許有時我認為我們沒有很好地描述我們的存儲業務。

And let me start with, first, we have the broadest portfolio in the marketplace.

首先，讓我開始，我們擁有市場上最廣泛的產品組合。

Second to none.

首屈一指。

We're the leader in high-end storage, midrange storage, entry-level storage, unstructured storage, object storage, all-flash as well as modern storage, software-defined, HCI, the hyperconverged space.

我們是高端存儲、中端存儲、入門級存儲、非結構化存儲、對象存儲、全閃存以及現代存儲、軟件定義、HCI、超融合空間的領導者。

Our share position in calendar Q1 was 32.3%, which is larger than #2, 3, 4 and 5 combined.

我們在日曆第一季度的份額為 32.3%，高於 #2、3、4 和 5 的總和。

Our business -- and Tom and I, I think, referenced it in our prepared comments.

我們的業務——我認為湯姆和我在我們準備好的評論中引用了它。

Our business grew in the midrange.

我們的業務在中端增長。

Our business grew in HCI, and we believe we grew in unstructured as fast or faster than any of our competitors in those spaces.

我們的業務在 HCI 方面有所增長，我們相信我們在非結構化方面的增長速度與我們在這些領域的任何競爭對手一樣快或更快。

In the midrange, which is defined as the $25,000 to $255,000 price bands, which is about 60% of the marketplace, we grew 17%.

在中端市場，即 25,000 至 255,000 美元的價格區間，約佔市場的 60%，我們增長了 17%。

That's very competitive against the numbers that you mentioned from yesterday against our pure-play competitors in the midrange market space.

與您昨天提到的與我們在中端市場領域的純競爭者相比，這非常具有競爭力。

In Q1 -- or I should say, and this marks the third consecutive quarter with that 17% that we've grown in the midrange.

在第一季度——或者我應該說，這標誌著我們連續第三個季度在中端增長了 17%。

So for the last 3 quarters, we grew 8% in Q4, 23% in Q1, 17% in Q2.

因此，在過去的三個季度中，我們在第四季度增長了 8%，在第一季度增長了 23%，在第二季度增長了 17%。

Our midrange business is growing.

我們的中端業務正在增長。

Our midrange business is taking share.

我們的中端業務正在佔據份額。

We've recently added the PowerStore 500, which allows us to cover the entry-level price band.

我們最近添加了 PowerStore 500，它使我們能夠覆蓋入門級價格範圍。

So we now cover all price bands in the midrange marketplace.

因此，我們現在涵蓋了中端市場的所有價格區間。

We also added new performance upgrades to our product in a seamless upgrade that happened earlier this year.

在今年早些時候發生的無縫升級中，我們還為我們的產品添加了新的性能升級。

Our storage buyer base grew double digits, as we mentioned in our prepared comments.

正如我們在準備好的評論中提到的那樣，我們的存儲買家群增長了兩位數。

PowerStore remains the fastest-growing new storage product in the history of the company through its first 5 quarters.

在前 5 個季度，PowerStore 仍然是公司歷史上增長最快的新存儲產品。

23% of our PowerStore buyers are new to our storage business, and 20% of them are repeat buyers.

我們 23% 的 PowerStore 買家是我們存儲業務的新手，其中 20% 是回頭客。

So we think we are executing at a very high level degree of performance or execution in our midrange.

因此，我們認為我們正在以非常高水平的性能或執行在我們的中端執行。

That said, you called out one of our challenges that our orders growth was 2%.

也就是說，您提出了我們面臨的挑戰之一，即我們的訂單增長率為 2%。

Our P&L growth was negative 1%.

我們的損益增長為負 1%。

And we have a very large high-end business.

而且我們有一個非常大的高端業務。

That large high-end business is cyclical in nature.

大型高端業務本質上是周期性的。

It was down year-over-year, and that's down year-over-year after a very solid first half of last year.

同比下降，在去年上半年非常穩健之後，同比下降。

So we like our hand.

所以我們喜歡我們的手。

We like our execution today.

我們喜歡今天的執行。

We do have this broad portfolio that is subjected to the cyclical nature of some segments.

我們確實有這個廣泛的投資組合，它受到某些細分市場的周期性影響。

But in the high-growth space of HCI, our VxRail product grew 34% and midrange at 17%.

但在 HCI 的高增長領域，我們的 VxRail 產品增長了 34%，中端產品增長了 17%。

We are growing very competitively against our pure-play competitors there.

與那裡的純粹競爭對手相比，我們的競爭非常激烈。

And we like the momentum.

我們喜歡這種勢頭。

As I've said, as a trained engineer 3 data points makes a trend.

正如我所說，作為一名訓練有素的工程師，3 個數據點會形成趨勢。

We now have a trend of 3 growth data points in midrange storage.

我們現在在中端存儲中有 3 個增長數據點的趨勢。

Amit, I would also add that -- and Jeff mentioned it in his prepared remarks, that we have gained 200 basis points of storage share over the last 5 years.

阿米特，我還要補充一點——傑夫在他準備好的講話中提到，我們在過去 5 年中獲得了 200 個基點的存儲份額。

So would we like to gain more?

那麼我們想獲得更多嗎？

Sure.

當然。

But we do cover all segments of the storage market versus pure plays that are more narrowly focused.

但我們確實涵蓋了存儲市場的所有細分市場，而不是關注範圍更窄的純市場。

And we're going to keep working on it.

我們將繼續努力。

And our focus is how do we grow, grow profitably and make sure that we're satisfying our customer demands.

我們的重點是我們如何發展、盈利增長並確保我們滿足客戶的需求。

Our next question is from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

I wanted to ask about the RPO balance.

我想問一下RPO餘額。

And I think you guys noted that your RPO, excluding VMware, was up about 30%.

而且我認為你們注意到您的 RPO（不包括 VMware）增長了約 30%。

If I put that in context, your deferred revenue, ex VMware, grew about 11% year-over-year.

如果我把它放在上下文中，您的遞延收入（前 VMware）同比增長約 11%。

So clearly, the RPO balance is expanding much faster than core Dell deferred revenue.

很明顯，RPO 餘額的增長速度遠快於戴爾的核心遞延收入。

Can you help me appreciate how much of that is just this backlog build due to supply constraints relative to kind of software deferred -- software RPO growing or subscription growing?

您能否幫助我了解由於與延遲軟件類型相關的供應限制（軟件 RPO 增長或訂閱增長）而導致的積壓工作有多少？

I'm just trying to understand the backlog build that you're seeing right now.

我只是想了解您現在看到的積壓工作。

Yes.

是的。

Aaron, let me take that.

亞倫，讓我接受。

So you saw quarter-on-quarter that overall RPO was up roughly about $3.9 billion.

因此，您看到整體 RPO 環比增長約 39 億美元。

The vast majority of that principally related to backlog growth, right?

其中絕大多數主要與積壓增長有關，對吧？

So that's how you should think about the RPO growth Q1 to Q2.

這就是你應該如何看待第一季度到第二季度的 RPO 增長。

Maybe just an add to that.

也許只是一個補充。

If you think about that backlog growth and the momentum that we saw in our business, at least from our seat, that indicates strong demand for our products and our services as that backlog build.

如果您考慮一下積壓的增長以及我們在業務中看到的勢頭，至少從我們的角度來看，這表明隨著積壓的增加，對我們的產品和服務的強勁需求。

Our cancellation rates didn't change over the quarter.

我們的取消率在本季度沒有變化。

Our ability to deliver for our customers or to our customer commitments, I think, is indicative of that cancellation rate not changing at all.

我認為，我們為客戶提供服務或履行客戶承諾的能力表明取消率根本沒有變化。

Again, we shipped a record number of PCs and displays as we had the building backlog, and our supply chain team continues to be agile in this dynamic marketplace.

同樣，我們的 PC 和顯示器出貨量創下歷史新高，因為我們有建築積壓，而且我們的供應鏈團隊在這個充滿活力的市場中繼續保持敏捷。

We're maneuvering to maximize shipments for our customers.

我們正在努力為我們的客戶最大限度地運送貨物。

And probably just a little plug here, there are 200 PCs available today on dell.com with next-day ship ready to go.

可能只是這裡的一個小插曲，今天在 dell.com 上有 200 台 PC 可用，第二天就可以發貨了。

Our next question is from Katy Huberty with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Katy Huberty。

The guidance for above-seasonal 3Q growth is particularly impressive given market concerns around slowing PC growth and the supply constraints that you've talked some about.

考慮到市場對個人電腦增長放緩和您所說的供應限制的擔憂，第三季度以上季節性增長的指導尤其令人印象深刻。

So can you just give more specifics around the products or end markets within CSG and any notable trends in ISG that's driving the more bullish outlook?

那麼，您能否就 CSG 的產品或終端市場以及 ISG 的任何顯著趨勢提供更多細節來推動更看漲的前景？

Yes, Katy.

是的，凱蒂。

Look, I think as we step back, we like the demand environment that we're seeing right now.

看，我認為當我們退後一步時，我們喜歡我們現在看到的需求環境。

Yes, it's challenging from a supply [chain.] They're -- clearly, we're constrained on certain parts, as Jeff and his team worked their way through that.

是的，供應鏈具有挑戰性。他們——顯然，我們在某些方面受到限制，因為 Jeff 和他的團隊正在努力解決這個問題。

But the demand signals that we see from our end customers, it looks promising.

但我們從最終客戶那裡看到的需求信號看起來很有希望。

And so as we think about the business and our position within the -- what we're trying to drive, as Jeff mentioned, very strong client demand.

因此，當我們考慮業務和我們在其中的地位時——正如傑夫所說，我們正在努力推動非常強勁的客戶需求。

And we, as you know, are more heavily oriented towards commercial PCs, and that mix was up this quarter.

如您所知，我們更傾向於商業 PC，並且本季度這種組合有所增加。

And we've seen continued strength in commercial PC demand.

我們已經看到商用 PC 需求持續強勁。

So we're encouraged by that even as consumer demand was double digits this quarter.

因此，即使本季度消費者需求達到兩位數，我們也對此感到鼓舞。

So we're pleased with how that's growing as well.

因此，我們也對它的增長方式感到滿意。

So look, I think from a parsing the guidance, I would tell you, we're pleased with CSG, which is what I mentioned in my guidance comment.

所以看，我認為通過解析指導，我會告訴你，我們對 CSG 很滿意，這就是我在指導評論中提到的。

From an ISG perspective, strong compute opportunity.

從 ISG 的角度來看，強大的計算機會。

We're encouraged by the improving storage performance there.

我們對那裡不斷提高的存儲性能感到鼓舞。

I don't want to oversell that.

我不想過度推銷它。

There's work to do in storage, but we're pleased with the environment and the spend we're seeing in the data center.

存儲方面還有工作要做，但我們對環境和我們在數據中心看到的支出感到滿意。

So for us, the dynamic is going to be the supply chain framework around can Jeff get the appropriate -- Jeff and team get the appropriate parts in and the configurations that we need to be able to ship, right?

所以對我們來說，動態將是圍繞 Jeff 能否獲得適當的供應鏈框架——Jeff 和團隊獲得適當的部件以及我們需要能夠交付的配置，對嗎？

And so -- but overall, I think the demand environment from our perspective for Q3 looks healthy.

所以 - 但總的來說，我認為從我們的角度來看，第三季度的需求環境看起來很健康。

We've talked about the fact that we've got -- we've talked about the fact that we saw some component cost inflation beginning in Q2 with component costs are inflationary in Q3.

我們已經談到了這樣一個事實——我們已經談到了這樣一個事實，即我們從第二季度開始看到一些組件成本通脹，而組件成本在第三季度是通脹性的。

And so we are working our way through that.

所以我們正在努力解決這個問題。

We have adjusted pricing accordingly.

我們已相應調整定價。

And it does not, at this point, seem to have impacted any of the demand signals that we're seeing.

在這一點上，它似乎並沒有影響我們看到的任何需求信號。

So I think we're well positioned.

所以我認為我們的定位很好。

We've got to go execute.

我們必須去執行。

But overall, I think we feel pretty good about where we are at this point.

但總的來說，我認為我們對目前所處的位置感覺很好。

Yes.

是的。

Katy, maybe just 2 points of color to emphasize what Tom said.

凱蒂，也許只是 2 點顏色來強調湯姆所說的話。

We saw the movement in CSG towards commercial away from consumer and away from Chrome to commercial, and we believe we positioned our supply chain to capture that momentum.

我們看到 CSG 從消費者轉向商業化，從 Chrome 轉向商業化，我們相信我們定位我們的供應鏈以抓住這種勢頭。

And then secondly, I think we've talked about this with our growing server momentum now 3 quarters in a row of server growth, that we're seeing a returned investment into the data center, that a couple of years of delayed investments and aging installed base, new product transitions with the new processors that are available in the marketplace, some of the supply uncertainty is having customers prioritize their projects to transform, modernize and protect their digital businesses.

其次，我認為我們已經討論了這個問題，我們的服務器增長勢頭現在連續三個季度服務器增長，我們看到對數據中心的投資回報，幾年的延遲投資和老化安裝基礎，新產品與市場上可用的新處理器的過渡，一些供應不確定性正在讓客戶優先考慮他們的項目，以改造、現代化和保護他們的數字業務。

And we're seeing that momentum build.

我們看到這種勢頭正在增強。

Our next question is from Toni Sacconaghi with Bernstein.

我們的下一個問題來自托尼·薩科納吉和伯恩斯坦。

I was wondering if you could help quantify either the book-to-bill or the magnitude of your prevailing backlog.

我想知道您是否可以幫助量化訂單到賬單或當前積壓的數量。

I think in response to a prior question, you said RPO was up.

我認為在回答之前的問題時，您說 RPO 已啟動。

Most of it was backlog growth, so $3-plus billion sequentially.

其中大部分是積壓的增長，因此連續超過 3 億美元。

That's about 1.5 weeks of backlog.

這大約是 1.5 週的積壓工作。

I'm wondering if you can help to mention either book-to-bill or size of backlog exiting Q2 in terms of weeks of backlog by business.

我想知道您是否可以根據業務積壓的周數來幫助提及第二季度的訂單到賬單或積壓的大小。

And then secondly, when you -- related to that, when you talk about the above-seasonal guide, what are you assuming for backlog in Q3?

其次，當您與此相關時，當您談論上述季節性指南時，您對第三季度的積壓工作有何假設？

Are you assuming you're drawing some down?

你假設你正在畫一些下來？

And how much of the above-seasonal growth is driven by pricing and/or expected change in backlog?

上述季節性增長中有多少是由定價和/或積壓的預期變化推動的？

Well, Toni, there's like 3 questions in that question, man.

好吧，托尼，這個問題大概有 3 個問題，伙計。

I counted 5.

我數了5。

Look, I don't really want to unpack backlog or parse backlog.

看，我真的不想解壓積壓或解析積壓。

I will tell you that it has expanded on us, as you might imagine, given the demand dynamics that we're working our way through and the supply constraints.

我會告訴你，鑑於我們正在努力解決的需求動態和供應限制，正如你所想像的那樣，它已經擴展到了我們身上。

Unlike some of our competitors, I'm not going to tell you how many weeks of backlog we have.

與我們的一些競爭對手不同，我不會告訴你我們有多少週的積壓。

I'll just tell you that it's extended and that -- or it's expanded, and we need to work our way through it.

我只想告訴你，它已經擴展了——或者它已經擴展了，我們需要努力解決它。

As we think about Q3, I think what you should -- what you need to think about is that, look, we believe the demand environment remains healthy.

當我們考慮第三季度時，我認為你應該 - 你需要考慮的是，看，我們相信需求環境仍然健康。

We are -- we did adjust pricing for higher input costs.

我們 - 我們確實為更高的投入成本調整了定價。

So there is obviously some translation to higher TRU.

所以顯然有一些翻譯到更高的 TRU。

But the overall prevailing framework that we're going to have to work our way through for Q3 is around what our are shipment mix -- what's our shipment mix look like, right?

但是，我們必須在第三季度完成的總體流行框架是圍繞我們的出貨組合——我們的出貨組合是什麼樣的，對吧？

And that's the work that Jeff and his team are doing right now around what goes out, what mix of products goes out.

這就是 Jeff 和他的團隊現在圍繞推出的產品、推出的產品組合所做的工作。

But overall, we feel good about their ability to execute on that given -- and hence, the revenue guide that we provided to you.

但總的來說，我們對他們執行給定的能力感到滿意——因此，我們為您提供的收入指南。

Our next question is from Steven Fox with Fox Advisors.

我們的下一個問題來自 Fox Advisors 的 Steven Fox。

I understand and it's well documented where we are with the component constraints.

我理解並且它已經很好地記錄了我們在哪裡使用組件約束。

So I was curious how you would describe sort of the path out of this for the company.

所以我很好奇你會如何描述公司的出路。

How much more can you control on your own destiny going forward?

未來你還能控制多少自己的命運？

And just to be clear, what is the impact you're seeing like this quarter versus last quarter?

為了清楚起見，您看到本季度與上一季度的影響是什麼？

Well, thanks for the question.

嗯，謝謝你的問題。

Look, in aggregate, the semiconductor industry needs more capacity.

總體而言，半導體行業需要更多產能。

I think we've talked about this before, but we're seeing the same thing.

我想我們之前已經討論過這個問題，但我們看到的是同樣的事情。

It's constrained.

它受到約束。

I think the constraints certainly last or go into next year.

我認為這些限制肯定會持續或持續到明年。

The most constrained nodes are the trailing nodes, most particularly the parts that come off the 8-inch network.

最受約束的節點是尾隨節點，尤其是來自 8 英寸網絡的部分。

Quite frankly, no one's investing in a lot of new 8-inch capacity, if any.

坦率地說，沒有人會投資大量新的 8 英寸容量（如果有的話）。

There's wafer and substrate shortages.

存在晶圓和基板短缺。

We have assembly and test.

我們有組裝和測試。

Wire bonding lead frame areas are challenged.

引線鍵合引線框架區域面臨挑戰。

So I think these are consistent things that we've talked about as we've got into the semiconductor challenge broadly across multiple industries.

因此，我認為這些是我們在廣泛涉足多個行業的半導體挑戰時所討論的一致的事情。

The path out of this is ultimately more capacity.

最終的出路是更多的容量。

It takes a long time to build these different fabs anywhere from a couple of years to 3 years depending on the process technology we're talking about.

根據我們談論的工藝技術，建造這些不同的晶圓廠需要很長時間，從幾年到三年不等。

And obviously, lots of capital is required to do that.

顯然，要做到這一點需要大量的資金。

Our job is that's the environment we're playing in.

我們的工作就是我們所處的環境。

We've been directly managing our components for a very long time in this company.

長期以來，我們一直在這家公司直接管理我們的組件。

We have longstanding relationships and partnerships.

我們有長期的關係和夥伴關係。

We continue to let people know what our long-term demand is.

我們繼續讓人們知道我們的長期需求是什麼。

It's how we plan this company.

這就是我們計劃這家公司的方式。

And what we have found is those partnerships over long periods of time and consistency in those partnerships and the agreements that we have in place certainly help us navigate these types of situations.

我們發現，這些長期合作夥伴關係和這些合作夥伴關係的一致性以及我們現有的協議肯定有助於我們應對這些類型的情況。

That's what we're focused on.

這就是我們所關注的。

You're not going to see us get into the semiconductor business.

你不會看到我們進入半導體行業。

It's certainly not a core competence and something that we wouldn't touch.

這當然不是核心能力，也不是我們不會觸及的東西。

We're working with our partners to continue to understand what the demand characteristics long term look like for these marketplaces.

我們正在與我們的合作夥伴合作，繼續了解這些市場的長期需求特徵。

I think as we've been consistent, we believe the PC market long term continues to grow.

我認為，由於我們一直保持一致，我們相信 PC 市場長期會繼續增長。

We believe the server industry continues to grow long term as we believe the same to be true of the storage business.

我們相信服務器行業將繼續長期增長，因為我們相信存儲業務也是如此。

And letting our partners know that there'll be long-term demand is the best thing we can do to ensure there will be capacity in the future.

讓我們的合作夥伴知道會有長期需求是我們能做的最好的事情，以確保未來有能力。

Our next question is from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess I just wanted to follow up on the price increases that you've talked about previously, and you mentioned this today as well.

我想我只是想跟進您之前談到的價格上漲，您今天也提到了這一點。

Are we starting to see those kind of impact your guidance for the next quarter?

我們是否開始看到這些影響您對下一季度的指導？

And when do we kind of -- typically with the lag through the channel, when do we start to expect the full impact of that?

我們什麼時候 - 通常是通過渠道的滯後，我們什麼時候開始期待它的全部影響？

And how are you thinking about like the magnitude in terms of that benefit between ISG and CSG?

您如何看待 ISG 和 CSG 之間的收益幅度？

Yes.

是的。

Samik, so the way I would think about it is we have adjusted our pricing given the higher costs we're seeing, and Jeff has mentioned some of the constraints we have in that space.

Samik，所以我認為我們已經調整了定價，因為我們看到了更高的成本，Jeff 提到了我們在該領域的一些限制。

We have -- I mentioned earlier that we expect Q3 is inflationary from a component cost perspective.

我們有 - 我之前提到過，從組件成本的角度來看，我們預計第三季度會出現通貨膨脹。

We expect Q4 to be inflationary with what we know today.

我們預計第四季度將與我們今天所知道的一樣出現通脹。

We've talked a lot for a while now about the fact that with our broad, diverse portfolio, as we adjust pricing, it does take a little bit of time for that to flow through.

一段時間以來，我們一直在談論這樣一個事實，即憑藉我們廣泛、多樣化的投資組合，當我們調整定價時，確實需要一點時間來實現這一點。

I think we've been pretty proactive on it at this point.

我認為我們在這一點上非常積極主動。

We expect that some of those price increases, a portion of those price increases will impact Q3 and then obviously on into Q4.

我們預計其中一些價格上漲，其中一部分價格上漲將影響第三季度，然後顯然會影響到第四季度。

The challenge in the dynamic that we're working our way through -- or the mix dynamic, I should say, we're working our way through is the fact that I'm coming into -- I've got backlog that's priced at different price points given where we were in the cost curves at the time of the transaction.

我們正在努力解決的動態中的挑戰——或者混合動態，我應該說，我們正在努力解決的事實是我正在進入——我有積壓的訂單，價格為給定交易時我們在成本曲線中的不同價格點。

So there's some mix dynamics within backlog that we'll work our way through.

因此，我們將逐步解決積壓工作中的一些混合動態。

Hence, why I guided like I guided.

因此，為什麼我要像我指導的那樣指導。

While we're bullish -- while we like our revenue guidance, the op inc guidance wasn't quite as expansive.

雖然我們看好 - 雖然我們喜歡我們的收入指導，但運營公司的指導並不那麼廣泛。

In fact, our EPS -- you just think about our EPS and probably our guidance as being similar to how I guided on operating income.

事實上，我們的每股收益——您只需將我們的每股收益以及我們的指導視為類似於我對營業收入的指導。

And that's just -- we've got some mix dynamics there that we're working our way through.

這只是 - 我們在那裡有一些混合動力，我們正在努力解決。

And obviously, the gating factor, again, comes back to what can we get shipped within the quarter.

顯然，門控因素又回到了我們可以在本季度內發貨的內容。

So look, I think the teams reacted well.

所以看，我認為球隊的反應很好。

The encouraging news from -- encouraging perspective that I have is that even with the price increases, we have not seen demand signals change.

我所擁有的令人鼓舞的消息是，即使價格上漲，我們也沒有看到需求信號發生變化。

And I think that's very encouraging.

我認為這非常令人鼓舞。

We watch our transactional velocity quite closely.

我們密切關注我們的交易速度。

That has not really moved on us even with the price increases.

即使價格上漲，這並沒有真正影響我們。

So again, it comes back to, yes, we've got build in backlog.

再次，它回到，是的，我們已經建立了積壓。

Cancellation rates are -- haven't changed at all.

取消率是 - 根本沒有改變。

So we feel good about the overall environment.

所以我們對整體環境感覺良好。

And look, customers have generally been accepting of the price increases given there's inflation in the environment broadly in many different commodities and areas.

而且，鑑於許多不同商品和地區的環境普遍存在通貨膨脹，客戶普遍接受了價格上漲。

And so they're -- they've -- and quite frankly, with the lack of supply in the industry, there's not a lot of places that they can go.

所以他們 - 他們已經 - 坦率地說，由於行業供應不足，他們可以去的地方不多。

Your next question comes from Shannon Cross with Cross Research.

您的下一個問題來自 Cross Research 的 Shannon Cross。

I'm curious on the PC side.

我對PC端很好奇。

How are you thinking about Win11 and commercial demand, how long that will sort of last?

您如何看待 Win11 和商業需求，這將持續多久？

I don't know.

我不知道。

It's just -- it seems like we've had so many different Wins going at the PC market, predominantly tailwinds.

只是——似乎我們在 PC 市場上獲得了很多不同的勝利，主要是順風。

I'm wondering how much of a benefit you think it will have.

我想知道你認為它會有多大的好處。

Shannon, Jeff, good to hear your voice again.

香農，傑夫，很高興再次聽到你的聲音。

Look, we're bullish on Windows 11.

看，我們看好 Windows 11。

Our industry has a history of new operating systems driving an upgrade cycle.

我們的行業有新操作系統推動升級週期的歷史。

The upgrade cycle, when the product is formally released into the marketplace, we believe, is there.

我們相信，當產品正式投放市場時，升級週期是存在的。

We think Windows 11 brings a lot to end users from anywhere from a new user interface to the ability to see some productivity enhancements, run multiple desktops and such, drives a higher hardware specification, which is good for business.

我們認為 Windows 11 從任何地方為最終用戶帶來了很多東西，從新的用戶界面到提高生產力、運行多個桌面等的能力，推動了更高的硬件規格，這對企業有利。

We have a large installed base that will continue to need to be refreshed against that.

我們有一個龐大的安裝基礎，將繼續需要對此進行更新。

We believe that this is really a replacement of a PC, not an upgrade of an OS on an old PC.

我們認為這實際上是 PC 的替代品，而不是舊 PC 上操作系統的升級。

So that generally drives demand in our industry.

因此，這通常會推動我們行業的需求。

You couple that with what we believe is a general change in usage patterns that the PC has become more essential in this work-from-home, learn-from-home, game-from-home, buy-from-home, entertain-from-home world.

您將這一點與我們認為的使用模式的普遍變化相結合，PC 在這種在家工作、在家學習、在家遊戲、在家購買、從娛樂中變得更加重要-家庭世界。

And we think that we're on the verge of new models where, a long time ago, we thought success was one PC per household, now we're seeing multiple PCs per household.

我們認為我們正處於新模式的邊緣，很久以前，我們認為成功是每個家庭一台 PC，現在我們看到每個家庭有多台 PC。

We're seeing a more mobile PC base, which requires a more frequent upgrade or replacement cycle is the right word.

我們正在看到更多的移動 PC 基礎，這需要更頻繁的升級或更換週期是正確的詞。

We think the future is pretty bright for the PC.

我們認為 PC 的未來非常光明。

And a phrase that we've been kicking around the organization is all signs point to a stronger and longer demand cycle for PCs.

我們一直在該組織周圍宣傳的一句話是所有跡像都表明個人電腦的需求週期更強、更長。

And we think commercial PCs, in particular, will benefit from that.

我們認為，特別是商用 PC 將從中受益。

Our next question is from Wamsi Mohan with Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Congrats on the solid quarter and guide.

祝賀堅實的季度和指導。

Jeff, can you update us maybe on the specific milestones for the VMware spend that you're tracking?

Jeff，您能否向我們介紹您正在跟踪的 VMware 支出的具體里程碑？

And any timing or milestones that you can share here at all outside of sort of the potential closing in November?

除了可能在 11 月關閉之外，您還可以在這里分享任何時間或里程碑嗎？

And can you also tell us if you received [accelerating] the tax-free spin ruling from the IRS?

你能告訴我們你是否收到了美國國稅局的[加速]免稅旋轉裁決嗎？

Wamsi, it's Tom.

瓦姆西，是湯姆。

Let me take that.

讓我接受。

There's -- as we track the -- track towards the potential VMware spin date of early November, we are still awaiting the private letter ruling from the IRS.

在我們跟踪 11 月初潛在的 VMware 輪換日期之前，我們仍在等待 IRS 的私人信件裁決。

So that is the one major milestone out there.

所以這是一個重要的里程碑。

And so we're continuing to work very closely with them, and it's tracking as expected.

因此，我們將繼續與他們密切合作，並按預期進行跟踪。

So that's the remaining major hurdle, if you will.

如果你願意的話，這就是剩下的主要障礙。

Everything else is moving as planned, right?

其他一切都按計劃進行，對吧？

The teams are working very closely together as they continue -- as we continue to sort of work through our workflows and work streams around post-spin work, innovation targets, innovation areas.

團隊繼續密切合作——我們將繼續通過我們的工作流程和圍繞後期工作、創新目標、創新領域的工作流進行排序。

The go-to-market motions are all in place.

進入市場的動議都已到位。

So we feel good about where we are.

因此，我們對自己所處的位置感覺良好。

But we do obviously need to close and get the successful ruling of the private -- from the IRS on the private letter ruling, and that remains on track as of this date.

但我們顯然需要關閉並獲得私人的成功裁決 - 從美國國稅局對私人信件的裁決，並且截至目前仍在進行中。

Yes.

是的。

Thanks for the question, Wamsi.

謝謝你的問題，Wamsi。

And I would also just say that we intend to continue to provide information.

我也只想說，我們打算繼續提供信息。

We've been pretty transparent to the best of our abilities as we move through this process, and we'll continue to do that along with VMware.

在我們完成這個過程時，我們已經盡我們最大的能力保持透明，我們將繼續與 VMware 一起這樣做。

And we've released some preliminary non-GAAP P&Ls in conjunction with the roadshow materials back at the end of June.

我們已經在 6 月底發布了一些初步的非公認會計原則損益表以及路演材料。

And we hope to give you some additional information in conjunction with or just prior to the Analyst Meeting on September 23.

我們希望在 9 月 23 日分析師會議期間或之前為您提供一些額外信息。

So I look forward to continuing to provide additional insight as we move along here.

因此，我期待在我們繼續前進的過程中繼續提供更多見解。

Our next question is from Sidney Ho with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

My question is on the operating margins by segment.

我的問題是按部門劃分的營業利潤率。

Your ISG margin has improved to now close to long-term trend.

您的 ISG 保證金已提高到現在接近長期趨勢。

Conversely, CSG has come down a little bit, but still very good.

反之，CSG有所下降，但仍然非常好。

How do you expect operating margins of both segments to trend for the next few quarters given the higher input cost?

鑑於較高的投入成本，您預計未來幾個季度這兩個部門的營業利潤率將如何變化？

Maybe you can choose -- pick and choose which one to serve in the supply-constrained environment.

也許您可以選擇——在供應受限的環境中挑選並選擇服務於哪一個。

It sounds like Q3 is a dip, but how about beyond Q3, especially when IT spending continues to improve?

聽起來 Q3 是一個下滑，但 Q3 之後的情況如何，尤其是當 IT 支出繼續改善時？

Yes.

是的。

Sidney, I don't really want to get into long-term operating margin guidance on this call.

西德尼，我真的不想在這次電話會議上獲得長期運營利潤率指導。

But I would just tell you, look, we're pleased overall with the progress we made with our CSG performance and strong profitability.

但我只想告訴你，看，我們對我們在 CSG 業績和強勁盈利能力方面取得的進展感到滿意。

We have talked about in the past that we expect -- we think that, that business runs somewhere between 5 to 6 points of operating margin on a sort of a long-term basis.

我們過去曾討論過我們所期望的——我們認為，從長期來看，該業務的營業利潤率在 5 到 6 個點之間。

We're continuing to evaluate that, whether that's the appropriate model on a go-forward basis, and we'll share some of that at our Analyst Meeting on the 23rd of September.

我們將繼續評估這是否是未來的合適模型，我們將在 9 月 23 日的分析師會議上分享其中的一些。

I think from an ISG perspective, we're pleased with the performance -- the progress, but I think there's more work to do there, particularly as we continue to push on storage growth, which generally drives a higher operating margin.

我認為從 ISG 的角度來看，我們對性能和進展感到滿意，但我認為還有更多工作要做，特別是在我們繼續推動存儲增長的情況下，這通常會推動更高的營業利潤率。

So look, good progress, but always more to do, and we'll update you guys on our long-term thinking as we -- at the Analyst Meeting here next month.

所以看，進展順利，但總是有更多工作要做，我們將在下個月的分析師會議上向你們更新我們的長期想法。

Our next question is from Simon Leopold with Raymond James.

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

You did talk earlier about price increases, but I'm assuming, particularly within the CSG segment, you're shifting your mix towards your higher-profit, higher-price products, and that's a tailwind.

您之前確實談到了價格上漲，但我假設，特別是在 CSG 領域，您正在將您的組合轉向您的更高利潤、更高價格的產品，這是一個順風。

So just trying to understand how much of this good revenue trend, the revenue growth is driven by mix versus price increases.

因此，只是想了解這種良好的收入趨勢有多少，收入增長是由混合與價格上漲驅動的。

If you could just help us break this down in terms of kind of what's sustainable here and what are the key factors on the overall growth.

如果您能幫助我們從這裡的可持續發展以及整體增長的關鍵因素方面進行分解。

I assume it's not just about more units.

我認為這不僅僅是更多的單位。

Simon, look, I think you got to think about it like this.

西蒙，聽著，我想你必須這樣想。

So you know, having been around this business for a while, that some of the TRU dynamics within the business are going to be generated based upon what's the component cost environment.

所以你知道，在這個業務領域已經有一段時間了，業務中的一些 TRU 動態將根據組件成本環境產生。

And so they will move as component costs move.

因此，它們將隨著組件成本的變化而變化。

Right now, with the higher input costs, we've raised prices.

現在，隨著投入成本的增加，我們提高了價格。

So yes, that does have a TRU impact.

所以是的，這確實會產生 TRU 影響。

So we do expect some favorability coming through the -- from TRUs as we look into Q3 and probably into Q4 just given the component cost environment.

因此，考慮到組件成本環境，我們確實預計第三季度和第四季度可能會從 TRU 中獲得一些青睞。

Having said that, we're also bullish on demand, right, with what we know today.

話雖如此，我們也看好需求，對，就我們今天所知道的。

So we do expect the demand environment to remain favorable absent some sudden change.

因此，我們確實預計需求環境將在沒有突然變化的情況下保持有利。

And so again, I think it's going to come down to -- as you're trying to think your way through how do I think about revenue in the future, at least in the near term, it's going to come down to the shipment mix, right?

再說一次，我認為這將歸結為——當你試圖思考我如何看待未來的收入時，至少在短期內，這將歸結為出貨組合， 對？

And that's the thing that we're continuing to work through in all transparency as the supply chain team continues to work through component cost shortages and what they can get in into and what does that look like.

這就是我們在所有透明度下繼續努力的事情，因為供應鏈團隊繼續努力解決組件成本短缺問題以及他們可以進入什麼領域以及這是什麼樣的。

So I'm not -- that's about the most straightforward answer I can give you right now, which is, look, yes, TRU should be somewhat of a benefit, but the mix dynamics from the shipment is going to be what's going to really sort of move -- will decide how the P&L shake out.

所以我不是——這是我現在可以給你的最直接的答案，也就是說，看，是的，TRU 應該有點好處，但發貨的混合動力將是真正的某種舉動——將決定損益表如何擺脫。

And we feel good about what we can get done in Q3, hence the guidance we gave you, and we'll update you on Q4 at the appropriate time.

我們對我們在第三季度可以完成的工作感到滿意，因此我們為您提供了指導，我們將在適當的時候在第四季度向您更新。

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 lot of my questions have been answered so I'll just ask one question, and that's a follow-up on the storage side.

我的很多問題都已得到解答，所以我只問一個問題，這是存儲方面的後續行動。

You talked about different end segments you feel pretty proud about and pleased about.

您談到了您感到非常自豪和高興的不同末端部分。

But when you look at the overall numbers, they look pretty disappointing relative to your competitors out there.

但是，當您查看總體數字時，相對於您的競爭對手而言，它們看起來非常令人失望。

So the question is, are you guys like disengaging in quite a few markets and we should be aware at that?

所以問題是，你們是否喜歡在很多市場中脫離，我們應該意識到這一點？

Or what you're talking about, the small slices that you're doing okay at, are those early green shoots of what's yet to come in the future?

或者你在說什麼，你做得很好的小片段，是未來尚未出現的那些早期的綠芽？

Well, let me work our way through that, Jim.

好吧，讓我解決這個問題，吉姆。

So the 17% growth that I mentioned is in the biggest part of the storage market.

所以我提到的 17% 的增長是存儲市場的最大部分。

It represents 60% of the revenue, the midrange, the price bands that cover $25,000 to $250,000.

它代表了收入的 60%，中端價格區間涵蓋 25,000 美元至 250,000 美元。

We grew that 17% in the quarter, the third consecutive quarter that we've had growth in the midrange on the back of our new product PowerStore, which we've talked about is our game changer in the midrange.

我們在本季度增長了 17%，這是我們連續第三個季度在我們的新產品 PowerStore 的支持下在中端實現增長，我們已經談到這是我們在中端的遊戲規則改變者。

And it's proven to be that to date.

迄今為止，事實證明是這樣的。

We're excited, fastest-growing product we've ever launched through its first 5 quarters.

我們很興奮，這是我們在前 5 個季度推出的增長最快的產品。

We have a growing customer base, and we have repeat buyers.

我們有不斷增長的客戶群，我們有回頭客。

Good signs.

好兆頭。

Hyperconverged, the fastest-growing space in storage, where we have the privileged position of being the market leader.

超融合，存儲領域增長最快的空間，我們在其中擁有成為市場領導者的特權地位。

Our combined product with VMware, VxRail, grew 34%.

我們與 VMware 的組合產品 VxRail 增長了 34%。

So in the 2 most important marketplaces, midrange and the new 2-tier architecture, modern architecture, we're the leader and we're growing.

所以在兩個最重要的市場，中端和新的 2 層架構，現代架構，我們是領導者，我們正在成長。

And we're growing at or a faster rate than our competitors in those spaces.

在這些領域，我們的增長速度比我們的競爭對手更快。

What I mentioned before is in the high end where we have the privileged position of having a share position of in excess of 42%, that market is declining.

我之前提到的是高端市場，我們擁有超過 42% 的份額，這個市場正在下降。

It's cyclical in nature.

它本質上是周期性的。

Last first half, it grew.

上半年，它增長了。

This first half, it's not growing.

上半年，它沒有增長。

That business, we're obviously exposed to a large percentage of that business being the market share leader with 42-plus percent share, is declining and we're declining like the market is declining.

該業務，我們顯然暴露於該業務的很大一部分是具有 42% 以上份額的市場份額領導者，正在下降，我們正在下降，就像市場在下降一樣。

I hope that helped put color to it.

我希望這有助於為它增添色彩。

All right.

好的。

Appreciate it, Jim.

欣賞它，吉姆。

Appreciate it, Jeff.

欣賞它，傑夫。

Thanks to everyone for joining.

感謝大家的加入。

Look forward to seeing you all at our Securities Analyst Meeting.

期待在我們的證券分析師會議上與大家見面。

It will be virtual.

它將是虛擬的。

It will be on September 23 in the morning, and additional details will continue to head your way.

這將是 9 月 23 日早上，更多細節將繼續向您介紹。

So thanks again.

所以再次感謝。

Take care.

小心。

This concludes today's conference call.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。