戴爾 (DELL) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2022 First Quarter Results Conference Call for Dell Technologies Inc. I'd like to inform all participants that 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 財年第一季度業績電話會議。我想通知所有參與者，本次電話會議應戴爾科技公司的要求進行錄音。此廣播是 Dell Technologies Inc. 的版權財產。未經 Dell Technologies 事先書面許可，禁止對全部或部分信息進行任何重新廣播。 （操作員說明）

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

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

Thanks, Jermiria, and thanks, everyone, for joining us. With me today are our Vice Chairman and COO, Jeff Clarke; our CFO, Tom Sweet; and our Treasurer, Tyler Johnson.

謝謝，Jermiria，謝謝大家加入我們。今天和我在一起的是我們的副主席兼首席運營官 Jeff Clarke；我們的首席財務官 Tom Sweet；和我們的財務主管泰勒·約翰遜。

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.

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 and adjusted free cash flow. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and press release. Please 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準則財務指標，包括非公認會計準則收入、毛利率、營業費用、營業收入、淨收入、每股收益、EBITDA、調整後 EBITDA 和調整後自由現金流。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。

Additionally, I'd like to remind you that all statements made during this call that relate to future events and results 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事件和結果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'll turn it over to Jeff.

現在我將把它交給傑夫。

Thanks, Rob. Hi, everyone. Thanks for joining us today. We are coming off a strong first quarter and a successful Dell Technologies World, where we connected with more than 60,000 customers, partners and stakeholders. We made important announcements on APEX, our edge strategy, and social impact and sustainability commitments, and the response was fantastic. We are energized by the positive feedback on our strategy, innovation and opportunity.

謝謝，羅伯。大家好。感謝您今天加入我們。我們迎來了強勁的第一季度和成功的 Dell Technologies World，我們與 60,000 多名客戶、合作夥伴和利益相關者建立了聯繫。我們就 APEX、我們的邊緣戰略以及社會影響和可持續發展承諾發布了重要公告，反響非常好。對我們的戰略、創新和機會的積極反饋使我們充滿活力。

One of the real silver linings of last year is that digital transformation has been accelerated. Our world is running on data highways now, and we're experiencing everything technology makes possible, deeper, data-driven insights, connectivity and even a deeper human connection. Technology is no longer the IT department. It's the entire organization. It's how you enable everything to deliver better business outcomes.

去年真正的一線希望之一是數字化轉型已經加速。我們的世界現在正在數據高速公路上運行，我們正在體驗技術使之成為可能的一切、更深層次的、數據驅動的洞察力、連接性，甚至更深層次的人際聯繫。技術不再是 IT 部門。這是整個組織。這就是您如何使一切能夠交付更好的業務成果。

And customers are looking to Dell Technologies as their strategic partner to help run their business, deliver their outcomes, capture their opportunities in the data era. For example, a large Fortune 500 retailer made VxRail and VMware Cloud Foundation the hybrid cloud standard for workloads in their data centers. Another example is Honeywell, who is helping its customers transform day-to-day business operations through Software-as-a-Service solutions for the industrial sector. Built on Dell infrastructure, Honeywell Forge Connect is the edge interface for Honeywell Forge Enterprise Performance Management.

客戶希望 Dell Technologies 作為他們的戰略合作夥伴，以幫助他們運營業務、交付成果、抓住數據時代的機遇。例如，一家財富 500 強的大型零售商將 VxRail 和 VMware Cloud Foundation 設為其數據中心工作負載的混合雲標準。另一個例子是霍尼韋爾，它通過工業領域的軟件即服務解決方案幫助其客戶轉變日常業務運營。 Honeywell Forge Connect 建立在戴爾基礎架構之上，是 Honeywell Forge 企業績效管理的邊緣接口。

Turning to the financial results. We started the year strong, delivering record revenue in Q1 of $24.5 billion, up 12%. These results are driven by the "do anything from anywhere" economy where technology enables connectivity and outcomes for all of us. Instead of going to work, school, entertainment or shopping, it all comes to us through our PCs. That need for connectivity was demonstrated in the record demand last year and has continued into this year. Our Client Solutions Group delivered record revenue for the first quarter of $13.3 billion, up 20%.

轉向財務結果。我們年初表現強勁，第一季度的收入達到創紀錄的 245 億美元，增長 12%。這些結果是由“隨時隨地做任何事”的經濟驅動的，在這種經濟中，技術為我們所有人提供了連通性和成果。這一切都不是去上班、上學、娛樂或購物，而是通過我們的個人電腦來到我們身邊。去年創紀錄的需求表明了對連接的需求，並且一直持續到今年。我們的客戶解決方案部門第一季度實現創紀錄的收入 133 億美元，增長 20%。

In our Infrastructure Solutions Group, we are seeing improved demand as customers invest in the solutions they need to power our do-from-anywhere world. The improvement we saw at the end of last year continued into Q1, with revenue growing 5% to $7.9 billion. We saw growth in Q4 for servers and midrange storage, and the momentum continued into Q1 with PowerEdge orders up 7% and midrange storage orders up 23%.

在我們的基礎設施解決方案集團中，隨著客戶投資於他們需要的解決方案來支持我們的“隨處行動”世界，我們看到需求有所改善。我們在去年底看到的改善一直持續到第一季度，收入增長 5% 至 79 億美元。我們看到第四季度服務器和中端存儲的增長勢頭持續到第一季度，PowerEdge 訂單增長 7%，中端存儲訂單增長 23%。

Our VMware business also had a strong quarter with revenue of $3 billion, up 9%. Our partnership continues to expand and our ongoing strategic relationship has been formalized with the commercial agreement announced last month. For example, we have a framework in place to identify new areas of first and best joint innovation. Our unique partnership will continue to deliver highly differentiated, integrated solutions that are multi-cloud and accelerate digital transformation.

我們的 VMware 業務也有一個強勁的季度，收入為 30 億美元，增長 9%。我們的合作夥伴關係繼續擴大，我們持續的戰略關係已通過上個月宣布的商業協議正式確立。例如，我們制定了一個框架來確定第一個和最佳聯合創新的新領域。我們獨特的合作夥伴關係將繼續提供高度差異化的集成解決方案，這些解決方案是多雲並加速數字化轉型。

We are pleased with the quarter, and we are even more excited about the opportunities ahead and the long-term value proposition for Dell Technologies and our stakeholders. With a $4 trillion total IT market, we are only servicing a portion of that total surface area today. Our value creation framework is focused on 4 key areas that expand that surface area or serviceable market. We do that by focusing on our core markets, the broader ecosystem, new growth opportunities, and our corporate and capital structures. I'll cover the first 3 today, and then Tom will cover the fourth.

我們對本季度感到滿意，我們對未來的機會以及戴爾科技公司和我們的利益相關者的長期價值主張更加興奮。憑藉 4 萬億美元的總 IT 市場，我們今天只為該總表面積的一部分提供服務。我們的價值創造框架專注於擴大該表面積或可服務市場的 4 個關鍵領域。我們通過專注於我們的核心市場、更廣泛的生態系統、新的增長機會以及我們的公司和資本結構來做到這一點。我今天將介紹前三個，然後湯姆將介紹第四個。

Our strategy begins with growing and modernizing our core businesses. Our serviceable or addressable market is expanding. In 2019, the serviceable TAM for the broader client ecosystem was approximately $600 billion. And looking out to calendar year 2025, it jumps to a projected $750 billion. This expansion in TAM is driven by increased systems per household, faster refresh rates with higher notebook mix, and investments in a hybrid and remote workforce. Our investments are focused on making the PC more personal and intelligent. But it's just not about the PC. It's about providing technology to deliver an experience to customers that allows them to be connected, productive and effective no matter where they are, and that's increasingly about software.

我們的戰略始於發展和現代化我們的核心業務。我們的可用或可尋址市場正在擴大。 2019 年，更廣泛的客戶生態系統的可用 TAM 約為 6000 億美元。展望 2025 年，預計將達到 7500 億美元。 TAM 的這種擴展是由增加的每戶系統、更快的刷新率和更高的筆記本電腦組合以及對混合和遠程勞動力的投資推動的。我們的投資重點是讓 PC 更加個性化和智能化。但這與 PC 無關。它是關於提供技術以向客戶提供一種體驗，使他們無論身在何處都能保持聯繫、高效和高效，而這越來越與軟件有關。

A few recent examples. We continue to innovate with our built-in AI software, Dell Optimizer, that learns, responds and improves the way you work. We recently updated Dell Hybrid Client that gives users access to their applications and data whether delivered from the public cloud, private cloud or on the device. And we introduced the new SafeShutter on selected devices, the industry's first automatic webcam that knows when to open or close by syncing to your video conferencing applications. It's all of these things combined, devices, software, services and peripherals and a higher profitability profile that have us excited about the future opportunity.

最近的幾個例子。我們通過內置 AI 軟件 Dell Optimizer 繼續創新，該軟件可以學習、響應和改進您的工作方式。我們最近更新了戴爾混合客戶端，讓用戶可以訪問他們的應用程序和數據，無論是從公共雲、私有云還是在設備上交付。我們在選定的設備上引入了新的 SafeShutter，這是業界第一款通過與視頻會議應用程序同步來知道何時打開或關閉的自動網絡攝像頭。正是所有這些東西，設備、軟件、服務和外圍設備以及更高的盈利能力組合，讓我們對未來的機會感到興奮。

The serviceable TAM for our infrastructure business is also growing, from approximately $150 billion in 2019 to a projected $200 billion by 2025. That means growth in areas like servers, storage and networking where we are strong, and growth in areas like hyperconverged infrastructure, where we are innovating for the future.

我們基礎設施業務的可用 TAM 也在增長，從 2019 年的約 1500 億美元增長到 2025 年的預計 2000 億美元。這意味著我們在服務器、存儲和網絡等領域的增長，以及在超融合基礎設施等領域的增長，其中我們正在為未來而創新。

Just a few weeks ago, we launched software updates to PowerStore, improving workload performance by up to 25%. By automating data processes, we are saving customers money while lowering latency by 15%. We also introduced the cost-effective, entry-level PowerStore 500 to the lineup. PowerStore now serves all midrange price bands. PowerStore is the industry's first modern, midrange storage architecture in a decade. It's a container-based, micro-service software, allows for rapid deployment of new capabilities with no disruption. It continues to ramp faster than any new architecture we've ever released and accelerates our opportunity in midrange storage.

就在幾週前，我們推出了 PowerStore 的軟件更新，將工作負載性能提高了 25%。通過自動化數據處理，我們為客戶節省了資金，同時將延遲降低了 15%。我們還在產品陣容中引入了具有成本效益的入門級 PowerStore 500。 PowerStore 現在服務於所有中端價格段。 PowerStore 是十年來業界第一個現代的中端存儲架構。它是一種基於容器的微服務軟件，允許在不中斷的情況下快速部署新功能。它繼續以比我們發布的任何新架構更快的速度增長，並加速了我們在中端存儲領域的機會。

We recently launched a new line of AI-enabled PowerEdge servers that help customers meet the challenge of digital transformation with a secure infrastructure that supports modern workloads.

我們最近推出了新的支持 AI 的 PowerEdge 服務器系列，通過支持現代工作負載的安全基礎架構幫助客戶應對數字化轉型的挑戰。

We are leading with innovation and taking share where we are strong, but we also know long-term success means doing more than just winning in the consolidation. It also means delivering a leading customer experience, including modernized consumption. This is where APEX comes in, to deliver the scale of the cloud with the ease of as-a-Service. It's a critical component to how we modernize and grow our core businesses, grow private and hybrid cloud, and win the edge.

我們在創新方面處於領先地位，並在我們強大的地方佔有一席之地，但我們也知道長期成功意味著做的不僅僅是在整合中獲勝。這也意味著提供領先的客戶體驗，包括現代化消費。這就是 APEX 的用武之地，它可以輕鬆地提供雲規模，即服務。它是我們如何實現核心業務現代化和發展、發展私有云和混合雲以及贏得優勢的關鍵組成部分。

Building on our long history of offering IT as-a-Service, earlier this month at Dell Technologies World, we launched the new APEX portfolio offerings, Data Storage Services, Cloud Services and Custom Solutions. APEX helps customers simplify digital transformation by increasing IT flexibility, agility and control via a cloud-based service model. We are seeing increased customer interest. Customers like GE are turning to Dell for an as-a-Service approach that assists the industrial giant in delivering solutions that make the world work more efficiently, reliably and safely; and Magellan Health, looking for better control of their infrastructure to help serve patients faster and more effectively.

基於我們提供 IT 即服務的悠久歷史，本月早些時候，我們在 Dell Technologies World 上推出了新的 APEX 產品組合、數據存儲服務、雲服務和定制解決方案。 APEX 通過基於雲的服務模型提高 IT 靈活性、敏捷性和控制力，幫助客戶簡化數字化轉型。我們看到客戶興趣增加。像 GE 這樣的客戶正在向戴爾尋求一種即服務的方法，以幫助這家工業巨頭提供解決方案，讓世界更高效、可靠和安全地工作；和 Magellan Health，尋求更好地控制其基礎設施，以幫助更快、更有效地為患者服務。

And we're building the technology ecosystem of the future. We are innovating and integrating with VMware and our partner ecosystems to create an automated, intelligent infrastructure for 5G and the data era. This includes our better-together solutions with VMware that customers have embraced, such as VxRail, VMware Cloud on Dell EMC, VeloCloud SD-WAN as well as security and end-user computing. With Dell Technologies and VMware, customers have consistent infrastructure and operations from the public cloud to the private cloud, colocations and the edge.

我們正在構建未來的技術生態系統。我們正在創新並與 VMware 和我們的合作夥伴生態系統集成，以創建適用於 5G 和數據時代的自動化、智能基礎架構。這包括我們與客戶已經接受的 VMware 的更好組合解決方案，例如 VxRail、戴爾 EMC 上的 VMware Cloud、VeloCloud SD-WAN 以及安全和最終用戶計算。借助 Dell Technologies 和 VMware，客戶可以擁有從公共雲到私有云、託管和邊緣的一致基礎架構和運營。

It's estimated that 75% of data will be processed outside of a traditional data center or cloud by 2025, and that data will be generated in the real world at the edge. One of the ways we're helping customers make decisions at the edge in real time is with our Streaming Data Platform. This is an open platform that offers powerful real-time analytics at the edge with a smaller footprint. By putting compute, storage and analytics at the edge, where the data is created, we deliver insights in real time and create new opportunities for businesses.

據估計，到 2025 年，75% 的數據將在傳統數據中心或云之外進行處理，這些數據將在現實世界的邊緣生成。我們幫助客戶在邊緣實時做出決策的方法之一是使用我們的流數據平台。這是一個開放平台，可在邊緣提供強大的實時分析，佔用空間更小。通過將計算、存儲和分析置於創建數據的邊緣，我們可以實時提供見解並為企業創造新機會。

We also continue to support customer choice through an ecosystem of value-added partnerships like what we're doing with PTC ThingWorx for smart manufacturing at the edge and with Equinix for hybrid cloud and as-a-Service offerings. And next month, we'll announce an open network ecosystem that brings together infrastructure technology, partners and services to create a more agile and profitable ways for communication service providers to transform their operations and modernize to an open, cloud-native 5G networks. Together with VMware and our partner ecosystem, we are the hybrid and multi-cloud platform for the digital future. And we'll deliver it all through a consistent cloud model and as-a-Service with APEX.

我們還通過增值合作夥伴關係生態系統繼續支持客戶選擇，例如我們正在使用 PTC ThingWorx 進行邊緣智能製造，以及使用 Equinix 提供混合雲和即服務產品。下個月，我們將宣布一個開放的網絡生態系統，該生態系統將基礎設施技術、合作夥伴和服務結合在一起，為通信服務提供商創造一種更靈活、更有利可圖的方式，以轉變其運營並實現開放式雲原生 5G 網絡的現代化。與 VMware 和我們的合作夥伴生態系統一起，我們是面向數字未來的混合和多雲平台。我們將通過一致的雲模型和 APEX 即服務來交付這一切。

As we think about future areas of growth, we'll leverage our leading capabilities, our relationship with VMware and the broader partner ecosystem to capitalize on new large addressable markets and emerging technology spaces, multibillion-dollar markets today that are projected to grow exponentially by 2025. Here, we will pursue logical and closely adjacent opportunities where we have the unique opportunity to win, in areas such as hybrid cloud, edge, telco, as-a-Service and data management to drive high-value growth.

當我們考慮未來的增長領域時，我們將利用我們的領先能力、我們與 VMware 的關係以及更廣泛的合作夥伴生態系統來利用新的大型潛在市場和新興技術空間，以及今天預計將成倍增長的數十億美元的市場2025. 在這裡，我們將在混合雲、邊緣、電信、即服務和數據管理等領域尋求合乎邏輯且緊密相鄰的機會，以推動高價值增長。

We are confident in our ability to drive high-value growth for 2 reasons. One, our differentiated strategy: grow and modernize the core with software; leading with our unique VMware partnership, innovate, integrate and partner to build the technology ecosystem of the future; win the next technology frontier at the edge; deliver the scale of the cloud with ease of as-a-Service with APEX. And two, our competitive operational advantages: our direct sales force and customer intimacy, our global services capability, Dell Financial Services, and industry-leading scale and supply chain.

我們對推動高價值增長的能力充滿信心，原因有兩個。一，我們的差異化戰略：用軟件發展和現代化核心；憑藉我們獨特的 VMware 合作夥伴關係引領創新、整合和合作，構建未來的技術生態系統；在邊緣贏得下一個技術前沿；使用 APEX 輕鬆交付云的規模即服務。第二，我們的競爭運營優勢：我們的直銷團隊和客戶親密度、我們的全球服務能力、戴爾金融服務以及行業領先的規模和供應鏈。

Combined, we have a more focused business with the right formula to consistently deliver annual revenue growth in the GDP or better range over the long term with strong profitability and predictable cash flow. It's an incredible time to be in the business of delivering technology solutions that deliver experiences, insights and outcomes. We are optimistic about the opportunities ahead.

結合起來，我們有一個更專注的業務，具有正確的公式，可以在長期內持續實現 GDP 的年收入增長或更好的範圍，並具有強大的盈利能力和可預測的現金流。現在是從事提供可提供體驗、見解和成果的技術解決方案業務的絕佳時機。我們對未來的機會持樂觀態度。

Before I turn it over to Tom for a closer look at the financials, a quick comment on the global supply situation that extends well beyond IT hardware. As we have mentioned, the pandemic accelerated the adoption of digital technology in every industry. And when coupled with an improving global economy with greater demand for everything, there is an overall shortage of semiconductors. We are executing our strategy as we work through this environment, just as you've seen us do before and which you've come to expect from us.

在我把它交給湯姆仔細研究財務狀況之前，先快速評論一下遠遠超出 IT 硬件的全球供應情況。正如我們所提到的，大流行加速了每個行業對數字技術的採用。再加上全球經濟的改善以及對一切的需求增加，半導體整體短缺。當我們在這種環境中工作時，我們正在執行我們的戰略，就像您以前看到我們所做的那樣，您對我們的期望也是如此。

Now over to Tom.

現在交給湯姆。

Thanks, Jeff. I am pleased with our performance as we started the year strong with double-digit revenue growth, operating income growing faster than revenue and strong cash flow generation given the strength in the business.

謝謝，傑夫。我對我們的表現感到滿意，因為我們在年初以兩位數的收入增長強勁，營業收入增長快於收入，並且鑑於業務的實力強勁的現金流產生。

Revenue for Q1 was a first quarter record at $24.5 billion, up 12%, driven by growth in all 3 business units, especially CSG and an improving ISG business. Gross margin was $8 billion, up 9% and 32.7% of revenue. Gross margin as a percent of revenue was 70 basis points lower, primarily driven by a 370 basis point revenue mix shift to CSG.

第一季度的收入達到創紀錄的 245 億美元，增長 12%，這得益於所有 3 個業務部門的增長，尤其是 CSG 和不斷改善的 ISG 業務。毛利率為 80 億美元，增長 9%，佔收入的 32.7%。毛利率佔收入的百分比下降了 70 個基點，主要是由於收入組合向 CSG 轉移 370 個基點。

Operating expense was $5.3 billion, up 3% year-over-year. We are continuing to prudently manage our expenses. But as we talked about last quarter, some costs are coming back into the P&L. Operating income was also a first quarter record at $2.7 billion, up 26% and 11.1% of revenue. We saw improved profitability in all 3 segments, led by CSG. Given the progress we've made on paying down debt, our interest expense was down approximately $162 million, contributing to an even stronger growth of 59% in consolidated net income to $1.8 billion. Earnings per share was $2.13, up 59%.

運營費用為 53 億美元，同比增長 3%。我們將繼續審慎地管理我們的開支。但正如我們上個季度所談到的，一些成本又回到了損益表中。營業收入也是第一季度創紀錄的 27 億美元，分別增長 26% 和收入的 11.1%。我們看到以南玻為首的所有三個部門的盈利能力都有所提高。鑑於我們在償還債務方面取得的進展，我們的利息支出減少了約 1.62 億美元，使合併淨收入更強勁地增長 59% 至 18 億美元。每股收益為 2.13 美元，增長 59%。

Our recurring revenue, which includes deferred revenue amortization, utility and as-a-Service models is approximately $6 billion a quarter, up 12% year-over-year. And our remaining performance obligation is approximately $42 billion, up 15%, which includes deferred revenue plus committed contract value not included in deferred revenue. The growth was driven by a solid performance in hardware and software maintenance and custom as-a-Service solutions. Excluding VMware, Dell's remaining performance obligation is approximately $32 billion, up 18%.

我們的經常性收入（包括遞延收入攤銷、公用事業和即服務模式）約為每季度 60 億美元，同比增長 12%。我們剩餘的履約義務約為 420 億美元，增長 15%，其中包括遞延收入加上未包含在遞延收入中的承諾合同價值。這一增長得益於硬件和軟件維護以及定制即服務解決方案方面的穩健表現。不包括 VMware，戴爾的剩餘履約義務約為 320 億美元，增長 18%。

Turning to the business units. Our Client Solutions Group delivered another quarter of outstanding results despite industry-wide supply chain challenges. CSG revenue was up 20% to $13.3 billion, driven by ongoing high demand for remote work and learning solutions along with gaming systems.

轉向業務部門。儘管整個行業面臨供應鏈挑戰，我們的客戶解決方案部門仍取得了另一個季度的出色業績。由於對遠程工作和學習解決方案以及遊戲系統的持續高需求，CSG 收入增長了 20% 至 133 億美元。

Commercial revenue was up 14% to $9.8 billion. We saw double-digit orders growth for Latitudes, Precision systems and Commercial Chromebooks. And we are starting to see improved demand for desktops as orders for our commercial desktops return to growth.

商業收入增長 14% 至 98 億美元。我們看到 Latitudes、Precision 系統和商用 Chromebook 的訂單實現了兩位數的增長。隨著我們的商用台式機訂單恢復增長，我們開始看到對台式機的需求有所改善。

Our consumer business delivered revenue of $3.5 billion, up 42% as demand remains strong from consumers looking for upgraded experiences in today's world of digital entertainment and e-commerce. On an orders basis, our XPS notebooks were up 21%; Alienware notebooks were up 76%; and our consumer online business was up 58%. And we are riding a wave of growing ASPs in the consumer business as more consumers are choosing high-end systems.

我們的消費者業務實現了 35 億美元的收入，增長了 42%，原因是消費者在當今數字娛樂和電子商務世界中尋求升級體驗的需求依然強勁。在訂單基礎上，我們的 XPS 筆記本增長了 21%； Alienware 筆記本增長了 76%；我們的消費者在線業務增長了 58%。隨著越來越多的消費者選擇高端系統，我們正乘著消費業務不斷增長的 ASP 浪潮。

CSG operating income was up 84% to a record of $1.1 billion and was 8.2% of revenue. We saw better-than-expected profitability primarily due to strong shipments, a stable pricing environment and some component cost deflation.

CSG 營業收入增長 84%，達到創紀錄的 11 億美元，佔收入的 8.2%。我們看到好於預期的盈利能力主要是由於強勁的出貨量、穩定的定價環境和一些組件成本通縮。

We also had a strong quarter for client solutions software and peripherals and services. This highlights the points Jeff made earlier about the broader opportunity for our client business as we innovate across the ecosystem to deliver an enhanced experience for our customers looking to work and play effectively from anywhere. This total solution focus, along with our differentiated competitive advantages and strategy, have enabled us to deliver margin expansion over the last 5 fiscal years. Over that period, CSG revenue has grown at a 7% CAGR while operating income has grown by a CAGR of 18%.

我們在客戶解決方案軟件、外圍設備和服務方面也有一個強勁的季度。這突顯了 Jeff 早些時候提出的觀點，即我們在整個生態系統中進行創新，為希望在任何地方有效工作和娛樂的客戶提供增強的體驗，從而為我們的客戶業務帶來更廣泛的機會。這種整體解決方案的重點，以及我們差異化的競爭優勢和戰略，使我們能夠在過去 5 個財政年度實現利潤增長。在此期間，CSG 收入的複合年增長率為 7%，而營業收入的複合年增長率為 18%。

Moving to ISG. We are encouraged by the positive momentum we've seen in this business over the last 2 quarters. For Q1, revenue was up 5% to $7.9 billion, driven by an improving demand environment for compute and building momentum in storage. We believe demand will continue to improve as we move through the year as customers accelerate their IT investments with focus on hybrid cloud solutions.

轉移到 ISG。我們對過去兩個季度在該業務中看到的積極勢頭感到鼓舞。第一季度，在計算需求環境改善和存儲發展勢頭的推動下，收入增長 5% 至 79 億美元。我們相信，隨著客戶加快 IT 投資並專注於混合雲解決方案，需求將繼續改善。

Servers and networking revenue was $4.1 billion, up 9%, as we saw increased demand for infrastructure compute across our customer base.

服務器和網絡收入為 41 億美元，增長 9%，因為我們看到客戶群對基礎設施計算的需求增加。

Storage revenue was $3.8 billion, flat compared to last year. Highlights for the quarter were hyperconverged infrastructure and midrange, each up 23% based on orders, as VxRail and PowerStore continued to deliver strong growth. Storage buyers were up 12%, driven by PowerStore.

存儲收入為 38 億美元，與去年持平。由於 VxRail 和 PowerStore 繼續實現強勁增長，本季度的亮點是超融合基礎設施和中端基礎設施，基於訂單，每個增長 23%。在 PowerStore 的推動下，存儲買家增長了 12%。

ISG operating income came in at $788 million or 10% of revenue, which was up 30 basis points as we benefited from continued operating expense discipline and an improving demand environment.

ISG 營業收入為 7.88 億美元，佔收入的 10%，增長了 30 個基點，因為我們受益於持續的運營費用紀律和不斷改善的需求環境。

We have a significant presence with many of the leading cloud-based companies in the world. In fact, we provide infrastructure to nearly 80% of the largest cloud service providers in the world. And looking at our top 1,000 ISG customers, demand from SaaS companies, cloud-hosting companies, telco, consumer webtech and fintech companies was up double digits over the trailing 12-month period and currently accounts for nearly 30% of orders from that top 1,000 customer set.

我們在世界上許多領先的基於雲的公司中佔有重要地位。事實上，我們為全球近 80% 的最大雲服務提供商提供基礎設施。從我們的前 1,000 名 ISG 客戶來看，來自 SaaS 公司、雲託管公司、電信公司、消費者網絡技術和金融科技公司的需求在過去 12 個月期間增長了兩位數，目前占前 1,000 名訂單的近 30%客戶集。

The VMware business unit also performed well, delivering revenue of $3 billion, up 9%, and operating income of $841 million or 28.1% of revenue. Based on VMware's stand-alone results, subscription and software as-a-Service revenue grew approximately 29%. The largest revenue contributions were from VMware Cloud Provider Program, modern applications, and end-user computing.

VMware 業務部門也表現出色，實現收入 30 億美元，增長 9%，營業收入 8.41 億美元，佔收入的 28.1%。根據 VMware 的獨立業績，訂閱和軟件即服務收入增長了約 29%。最大的收入貢獻來自 VMware Cloud Provider Program、現代應用程序和最終用戶計算。

Geographically, we have seen an encouraging rebound in demand across most of the countries and regions in which we operate. In our top markets, the United States was up 9%, China was up 36%, and Germany was up 19% based on orders.

從地理上看，我們看到我們經營所在的大多數國家和地區的需求出現了令人鼓舞的反彈。在我們的主要市場中，美國增長了 9%，中國增長了 36%，德國增長了 19%。

Dell Financial Services first quarter originations were $1.9 billion, up 5%, driven primarily by continued strength in our Americas business. DFS ended the quarter with $12.7 billion in total managed assets, up $1.4 billion year-over-year. We had a good quarter for our APEX Custom Solutions, Flex on Demand and Data Center Utility, where we saw bookings of $164 million. These offerings are key and will continue to contribute to our as-a-Service and growth in our remaining performance obligations. And as we talked about at Dell Tech World, APEX is the next evolution of what we've been building on for decades, aligning us even more closely with customer outcomes and results. The pace of adoption will be driven by customer acceptance, but we are seeing increased interest. We believe it will drive incremental revenue growth in the future.

戴爾金融服務第一季度的發起額為 19 億美元，增長 5%，主要受我們美洲業務持續強勁的推動。截至本季度末，DFS 管理資產總額為 127 億美元，同比增長 14 億美元。我們的 APEX 定制解決方案、Flex on Demand 和數據中心實用程序的季度業績不錯，我們看到了 1.64 億美元的預訂。這些產品是關鍵，並將繼續為我們的即服務和我們剩餘的履約義務的增長做出貢獻。正如我們在 Dell Tech World 上所談到的，APEX 是我們幾十年來一直在構建的下一個演變，使我們更加緊密地與客戶成果和結果保持一致。採用速度將由客戶接受度驅動，但我們看到越來越多的興趣。我們相信它將推動未來收入的增量增長。

Turning to our capital structure and balance sheet. We had a strong quarter of cash flow generation and continued our focus on delevering. We generated positive cash flow from operations of $2.2 billion despite typically using cash in our first quarter due to P&L seasonality and bonus payouts. On a trailing 12-month basis, cash flow from operations was a record $14.4 billion. And excluding VMware, it was $10.1 billion. We have a history of generating strong cash flow with our core business averaging more than $6 billion of cash flow from operations annually over the last 2 years.

轉向我們的資本結構和資產負債表。我們有一個強勁的季度現金流產生，並繼續專注於去槓桿化。儘管由於損益季節性和獎金支付，我們在第一季度通常使用現金，但我們從運營中產生了 22 億美元的正現金流。在過去 12 個月的基礎上，運營現金流達到創紀錄的 144 億美元。不包括 VMware，為 101 億美元。過去 2 年，我們的核心業務每年平均產生超過 60 億美元的運營現金流，因此我們擁有產生強勁現金流的歷史。

Cash and investments at the end of the quarter was approximately $15.9 billion and $10.1 billion for Dell, ex VMware. Adjusted EBITDA was $3.2 billion, up 24% at 13.2% of revenue. For the trailing 12 months, adjusted EBITDA was $13.4 billion, up 13%. During the first quarter, we paid down approximately $1.5 billion of debt, paying off all of our fiscal year '22 maturities. Additionally, we paid $1 billion of the margin loan earlier this month for a total debt paydown of $2.5 billion year-to-date.

本季度末，戴爾（前 VMware）的現金和投資約為 159 億美元和 101 億美元。調整後的 EBITDA 為 32 億美元，增長 24%，佔收入的 13.2%。在過去的 12 個月中，調整後的 EBITDA 為 134 億美元，增長 13%。在第一季度，我們償還了大約 15 億美元的債務，償還了我們所有 22 財年到期的債務。此外，我們本月早些時候支付了 10 億美元的保證金貸款，年初至今的總債務償還額為 25 億美元。

Our debt balance now stands at $47.2 billion, and that includes DFS-related debt of $10.2 billion and subsidiary debt of $4.8 billion. Our core debt ended the quarter at $27.9 billion, and our core leverage ratio is now approximately 2.3x adjusted EBITDA.

我們的債務餘額現在為 472 億美元，其中包括 102 億美元的 DFS 相關債務和 48 億美元的附屬債務。我們的核心債務在本季度末為 279 億美元，我們的核心槓桿率現在約為調整後 EBITDA 的 2.3 倍。

Given our strong Q1 cash flow performance, ending Q1 cash balances and the expected VMware dividend proceeds of approximately $9.3 billion to $9.7 billion, we are increasing our full year debt paydown target to be at least $16 billion for fiscal year '22.

鑑於我們強勁的第一季度現金流表現、結束第一季度的現金餘額以及預計的大約 93 億美元至 97 億美元的 VMware 股息收益，我們將 22 財年的全年債務償還目標提高到至少 160 億美元。

Our expectation is that once the spin of VMware is finalized, we will be upgraded to investment-grade by all 3 credit rating agencies. As a reminder, following the announcement of the VMware spin, the 3 rating agencies updated our outlooks to credit watch positive or put our credit rating under review for a potential upgrade to investment-grade ratings. After achieving an investment-grade corporate family rating, we will target a core leverage ratio of 1.5x adjusted EBITDA. Given our healthy balance sheet and strong free cash flow, along with the anticipated Boomi proceeds, 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. We will have more to say on this topic as we get closer to the close of the VMware transaction.

我們的預期是，一旦 VMware 分拆完成，我們將被所有 3 家信用評級機構升級為投資級。提醒一下，在宣布 VMware 分拆後，這 3 家評級機構將我們的展望更新為正面信用觀察，或將我們的信用評級進行審查，以考慮可能提升至投資級評級。在獲得投資級企業家族評級後，我們的核心槓桿率目標為調整後 EBITDA 的 1.5 倍。鑑於我們健康的資產負債表和強勁的自由現金流，以及預期的 Boomi 收益，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。隨著 VMware 交易接近尾聲，我們將在這個話題上發表更多意見。

Now to our outlook. From a macro point of view, the pace of the global economic recovery is progressing with regional and country-specific puts and takes as COVID waves continue to impact many countries and the pace of global vaccine administration progress is uneven. Additionally, the pandemic drove acceleration of digital transformation across multiple industries, and supply has not kept up with demand for certain components. Geographically, North America, China and many countries in Europe are seeing stronger economic recovery and related IT spending.

現在來看我們的展望。從宏觀角度來看，隨著 COVID 浪潮繼續影響許多國家，全球疫苗管理進展的步伐參差不齊，全球經濟復甦的步伐正在隨著區域和國家特定的投入和產出而進展。此外，大流行推動了多個行業的數字化轉型加速，供應未能跟上某些組件的需求。從地理上看，北美、中國和歐洲許多國家的經濟復甦和相關 IT 支出都在加強。

For revenue, it would be appropriate to flow our Q1 revenue upside through your full year models after considering the comments I just mentioned. It's clearly a fluid environment. For Q2, our normal sequential revenue increase is about 6%. We are seeing progress on the economic front. But given ongoing supply constraints particularly impacting CSG as well as VMware's stand-alone guidance, we expect Q2 revenue to be slightly below our normal sequential pattern over the past few years.

對於收入，在考慮到我剛才提到的評論後，將我們的第一季度收入通過您的全年模型流動是合適的。這顯然是一個流動的環境。對於第二季度，我們正常的連續收入增長約為 6%。我們正在看到經濟方面的進展。但鑑於持續的供應限制特別影響 CSG 以及 VMware 的獨立指導，我們預計第二季度收入將略低於過去幾年的正常連續模式。

For Q2 operating income, there's a few items I'd call out. As we talked about on prior calls, we had some costs coming back as we reinstated a number of employee-related benefits in Q1, most notably merit and promotions. I'd also remind you that the VMware and Dell core businesses are investing for long-term growth. We will see a mix shift within CSG in Q2, driven by normal seasonality of stronger education PCs and Chromebook sales. The component supply situation remains constrained, and we expect component cost to be inflationary in Q2. Factoring in these items, we expect operating income to be down low to mid-single digits sequentially on an absolute dollar basis.

對於第二季度的營業收入，我會提到一些項目。正如我們在之前的電話會議中談到的那樣，隨著我們在第一季度恢復了一些與員工相關的福利，尤其是績效和晉升，我們的一些成本又回來了。我還要提醒您，VMware 和戴爾的核心業務正在為長期增長進行投資。我們將在第二季度看到 CSG 內部的混合轉變，這是由於教育 PC 和 Chromebook 銷售的正常季節性推動。零部件供應形勢依然受限，我們預計第二季度零部件成本將出現通脹。考慮到這些項目，我們預計營業收入按絕對美元計算將依次下降到中個位數。

Below the operating income line, we will continue to benefit from lower interest expense. For non-GAAP tax rate, you should assume 17.5%, plus or minus 100 basis points. In addition, keep in mind the majority of the activity for the new $16-plus billion debt reduction target will take place in conjunction with the expected close of the VMware transaction in calendar Q4.

在營業收入線以下，我們將繼續受益於較低的利息支出。對於非 GAAP 稅率，您應該假設 17.5%，正負 100 個基點。此外，請記住，新的 16 多億美元債務削減目標的大部分活動將與 VMware 交易預計在第四季度結束時同時進行。

In closing, we have a set of durable competitive advantages that we believe lead us to a differentiated growth strategy for GDP to GDP plus revenue growth, strong profitability and predictable cash flow. We are focused on maximizing long-term value creation for all aligned shareholders by continuing to profitably grow and modernize our core markets, adding value beyond hardware and transforming our business through APEX. We will leverage our market reach and philosophy of customer choice to bring a broad set of technology solutions to our customers through our first and best alliance with VMware and our broader partner ecosystem. We will pursue adjacent high-growth opportunities like hybrid cloud, telco, edge and data management through organic and potentially future inorganic investments. And we have been deliberate in our corporate and capital structure optimization with the announced VMware spin and Boomi transaction, along with the sale of RSA last year. We will continue to evaluate our structure and capital framework as we go forward.

最後，我們擁有一系列持久的競爭優勢，我們相信這些優勢會引導我們制定差異化的 GDP 增長戰略，以實現 GDP 與 GDP 加收入增長、強勁的盈利能力和可預測的現金流。我們專注於通過持續盈利增長和實現核心市場現代化、在硬件之外增加價值並通過 APEX 轉變我們的業務，為所有一致的股東最大限度地創造長期價值。我們將利用我們的市場影響力和客戶選擇理念，通過我們與 VMware 和我們更廣泛的合作夥伴生態系統的第一個也是最好的聯盟，為我們的客戶帶來廣泛的技術解決方案。我們將通過有機投資和未來潛在的無機投資來尋求鄰近的高增長機會，如混合雲、電信、邊緣和數據管理。我們一直在通過宣布的 VMware spin 和 Boomi 交易以及去年出售 RSA 來優化我們的公司和資本結構。在我們前進的過程中，我們將繼續評估我們的結構和資本框架。

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. Before we start the live portion of our call, I'm sorry to share that Jeff will not be able to join us for the Q&A session. Regretfully, he had an emergency in his extended family this afternoon. (Operator Instructions) Jermiria, can you please introduce the first question?

謝謝，湯姆。在我們開始電話的實時部分之前，我很遺憾地告訴大家，傑夫將無法加入我們的問答環節。遺憾的是，今天下午他的大家庭發生了緊急情況。 （操作員說明）Jermiria，你能介紹一下第一個問題嗎？

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

我們將向花旗集團的 Jim Suva 提出我們的第一個問題。

On the supply constraint side as well as higher memory costs going higher and returning back to work, can you give us some color on that as far as your orders, your books? Are corporations ordering different things post-COVID than pre-COVID? And the component cost of memory, are you able to pass those through? Or is there like a 1-quarter lag?

在供應限制方面以及更高的內存成本越來越高並重返工作崗位，您能否就您的訂單和書籍給我們一些顏色？公司在 COVID 之後訂購的東西是否與 COVID 之前不同？還有內存的組件成本，你能通過嗎？還是有 1 個四分之一的滯後？

Jim. So look, I mean, as it relates to component costs, I'd give you the following thoughts, right? So obviously, given the -- what the environment is with the pace of recovery, the supply situation has not kept up with the demand environment as we think about the need for semiconductors. And that's an industry-wide issue and clearly an issue that the technology industry is dealing with.

吉姆。所以看，我的意思是，因為它與組件成本有關，我會給你以下想法，對吧？很明顯，考慮到復蘇步伐的環境，當我們考慮對半導體的需求時，供應情況並沒有跟上需求環境。這是一個全行業的問題，顯然是技術行業正在處理的問題。

Look, we do expect and -- we do expect that component cost our inflationary in Q2 and probably are going to be inflationary in the second half as we think about it today. And that's principally coming out of displays, DRAMs and NAND. We're not seeing customers at this point in time adjust their configuration frameworks, if you will, in terms of the amount of memory or other types of how they're loading or configuring their systems. That has been a pattern we've seen in the past though with past memory cost or price increases in certain components. So it's clearly something we're watching.

看，我們確實預計並且 - 我們確實預計該組件在第二季度會導致我們的通貨膨脹，並且正如我們今天所考慮的那樣，下半年可能會導致通貨膨脹。這主要來自顯示器、DRAM 和 NAND。如果您願意的話，我們目前還沒有看到客戶在內存量或其他類型的加載或配置系統方面調整他們的配置框架。這是我們過去看到的一種模式，儘管過去的內存成本或某些組件的價格上漲。所以這顯然是我們正在關注的事情。

I do think as it relates to pricing, it is our intent that we will price the input cost increases as appropriate, keeping a thoughtful eye on the market and keeping -- making sure we're in a competitive position. So that's sort of the state of play at this point.

我確實認為，由於它與定價有關，我們的意圖是我們將對投入成本的增加進行適當的定價，密切關注市場並保持 - 確保我們處於競爭地位。所以這就是目前的遊戲狀態。

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

我們的下一個問題是美國銀行的 Wamsi Mohan。

Tom, your guide of low to mid-single-digit decline in operating income for next quarter, as we sort of look at that, that would put you roughly flattish for operating income year-on-year, but there are these inflationary pressures that you spoke about in the second half. How should we think about the balance of operating leverage that might kick in because of a recovery in ISG versus these inflationary costs? Is it correct to extrapolate what you're talking about in 2Q further out in the year?

湯姆，您對下一季度營業收入中低個位數下降的指導，正如我們所看到的那樣，這將使您的營業收入同比大致持平，但存在這些通脹壓力你說的下半場。我們應該如何考慮可能因 ISG 復甦而產生的經營槓桿與這些通脹成本之間的平衡？推斷你在今年第二季度談論的內容是否正確？

Well, look -- Wamsi, thanks for the question. I think about it like this. One, I'm really not going to get into the back half of the year other than let me give you a couple of thoughts around reiterating perhaps what I just mentioned. One, I do think as we think about component cost increases, we'll adjust our pricing as appropriate. We are going to have to work our way through the component supply dynamic situation, and that's going to be an area that we're going to have to actively manage as we go through the year.

好吧，看——Wamsi，謝謝你的提問。我是這樣想的。一，我真的不打算進入下半年，除了讓我給你一些想法，重申我剛才提到的內容。一，我確實認為，當我們考慮組件成本增加時，我們會適當調整定價。我們將不得不在組件供應動態情況下努力工作，這將是我們在這一年中必須積極管理的一個領域。

So as I suggested in the -- in my comments, I would tell you to take the Q1 revenue framework and move -- to bring that forward through your sequential models with some thought around the comments I just gave you around Q2 sequentials. And then look, from my perspective, I don't want to get into the back half. So we'll update you on our Q3 thinking on our Q2 call. And then we have a scheduled -- or we're anticipating scheduling an analyst meeting in September, where we'll give you more thoughts on the back half of the year and the go forward.

因此，正如我在評論中建議的那樣，我會告訴你採用第一季度收入框架並採取行動——通過你的序列模型來推進這一點，並圍繞我剛剛給你的關於第二季度序列的評論進行一些思考。然後看，從我的角度來看，我不想進入後半區。因此，我們將在第二季度電話會議上向您介紹第三季度的想法。然後我們有一個預定的 - 或者我們預計在 9 月安排一次分析師會議，在那裡我們會給你更多關於今年下半年和未來的想法。

Our next question is from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

Tom, I was hoping we could just maybe talk a little bit more on the free cash flow side. It was a lot more positive in the April quarter versus at least what my model had, which is more neutral maybe. So maybe just talk about what drove that performance in the April quarter. And then I don't expect you to give me a full fiscal 2022 outlook, but what are the 2 or 3 puts and takes we should consider for the rest of the year from a free cash flow generation basis, especially given how strong April was?

湯姆，我希望我們可以多談談自由現金流方面的問題。與至少我的模型相比，4 月季度的情況要積極得多，這可能更中性。所以也許只是談談是什麼推動了四月季度的表現。然後我不希望你給我一個完整的 2022 財年展望，但是從自由現金流產生的基礎上，我們應該在今年餘下的時間裡考慮 2 或 3 次看跌期權，特別是考慮到 4 月的強勁表現?

Yes. Look, I'll answer half of that question, and I'll ask Tyler Johnson to jump in as well, our Treasurer. So the performance in cash for Q1 was quite strong. And you're right, our seasonal pattern is typically a use of cash in Q1 given some of the dynamics of the business from a seasonality perspective and bonus payouts and things of that sort. Given the strength in the business though, quarter-on-quarter, we did see strong cash flow generation in the quarter. And I think coupled with working capital management, the discipline that we've shown over the last number of years around working capital, we -- I was very pleased with the cash performance. Tyler, what would you add, comments, thoughts about the environment from a cash perspective?

是的。聽著，我會回答這個問題的一半，我會請泰勒約翰遜也加入進來，我們的財務主管。因此，第一季度的現金表現相當強勁。你是對的，我們的季節性模式通常是在第一季度使用現金，考慮到從季節性角度和獎金支出等方面的一些業務動態。不過，鑑於業務的實力，季度環比，我們確實看到本季度產生了強勁的現金流。而且我認為，再加上營運資金管理，我們在過去幾年中圍繞營運資金展示的紀律，我們 - 我對現金表現非常滿意。泰勒，你會從現金的角度補充什麼、評論和對環境的看法？

I'd probably just add, we obviously benefit as we get this higher mix of CSG because that typically has shorter terms. So there's a benefit there. And look, our collections teams did just an outstanding job. So that was great.

我可能只是補充一下，當我們獲得這種更高的 CSG 組合時，我們顯然會受益，因為這通常具有更短的期限。所以那裡有一個好處。看，我們的收藏團隊做得非常出色。所以那太好了。

Just as a reminder, too, and as you compare it to a year ago, we did have a COVID impact last year. I think that was somewhere around $900 million. But look, as Tom said, it was a great cash flow quarter. We don't guide forward on cash flow. But as I think about the rest of the year, at least as I think about next quarter, Q2 and Q4 tends to be our stronger cash flow quarters. And I am expecting Q2 to be a good cash flow quarter.

同樣提醒一下，當您將其與一年前進行比較時，我們去年確實對 COVID 產生了影響。我認為這大約是 9 億美元。但是，正如湯姆所說，這是一個很好的現金流季度。我們不指導現金流。但當我想到今年餘下的時間時，至少在我想到下個季度時，第二季度和第四季度往往是我們現金流強勁的季度。我預計第二季度將是一個良好的現金流季度。

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。

Tom, last quarter, you said there wasn't yet confidence in the pace and timing of ISG recovery, which influenced your view of profit declines for the year. Can you just update us on where your visibility and confidence in ISG revenue recovery is today versus 90 days ago? And if it recovers, as it's started to in the first quarter, does that give you a possible path to profit growth for the year if you execute through the supply dynamics you talked about?

湯姆，上個季度，您表示對 ISG 復甦的速度和時機尚缺乏信心，這影響了您對今年利潤下降的看法。您能否向我們介紹一下您今天對 ISG 收入恢復的可見性和信心與 90 天前相比在哪裡？如果它恢復，就像第一季度開始的那樣，如果你通過你談到的供應動態執行，這是否會給你帶來今年利潤增長的可能途徑？

Yes, Katy. I was pleased with the progress that we made in ISG in Q1, overall revenue of $7.9 billion, up 5%, operating income a little bit up against a year ago but headed in the right direction. We saw server velocity improving as the demand for compute accelerated, and servers and networking were up 9%. So pleased with that. IDC, as you would note, has a slightly positive sort of spin on server revenue growth for the year; saw improvement in storage with -- flat year-on-year, which is obvious from a revenue perspective but improvement from Q4; really pleased with the progress we're making in midrange. HCI continues to be strong. PowerStore receptivity is -- from a customer base perspective, has been good. And we're seeing net new buyers increasing in storage. So Q1 was positive.

是的，凱蒂。我對我們在第一季度在 ISG 方面取得的進展感到滿意，總收入為 79 億美元，增長 5%，營業收入與一年前相比略有上升，但朝著正確的方向前進。我們看到服務器速度隨著計算需求的加速而提高，服務器和網絡增長了 9%。對此非常滿意。如您所見，IDC 對今年的服務器收入增長略有積極影響；存儲方面有所改善，同比持平，這從收入的角度來看是顯而易見的，但比第四季度有所改善；對我們在中端取得的進展感到非常滿意。 HCI 繼續強勁。從客戶群的角度來看，PowerStore 的接受度一直很好。我們看到淨新買家增加了存儲空間。所以第一季度是積極的。

As we look out to the rest of the year, again, while I don't want to forecast the rest of the year, we'll continue to see how the trends shape. We are reasonably optimistic that the IDC forecast for servers will -- and storage continues to -- will continue to be positive as it is in Q2, and we'll continue to see progress there. So I think as we get to the back half of the year and read it through Q2, we'll give you our perspective on the back half in terms of does ISG velocity continue. We do -- we -- at this point, we believe that it is a positive trend and that we expect it to improve as we go through the year, as we have said in the past; so overall, cautiously optimistic about the year for ISG.

當我們再次展望今年剩餘時間時，雖然我不想預測今年剩餘時間，但我們將繼續觀察趨勢如何形成。我們相當樂觀地認為，IDC 對服務器的預測——並且存儲繼續——將繼續像第二季度一樣積極，我們將繼續看到那裡的進展。因此，我認為當我們進入下半年並閱讀第二季度時，我們將就 ISG 速度是否繼續向您提供我們對下半年的看法。我們確實——我們——在這一點上，我們相信這是一個積極的趨勢，並且我們預計它會隨著我們過去一年的發展而有所改善，正如我們過去所說的那樣；因此，總體而言，對 ISG 的這一年持謹慎樂觀的態度。

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 have a question about your reselling relationship with VMware today. So I think in your last fiscal year, you resold about $4 billion worth of VMware product. A small minority of that was along with Dell product. Most of it was just distributing VMware product to resellers. What is the financial arrangement when you resell VMware products? So on that $3.5 billion that's not affiliated with Dell product, do you receive a commission? And is there any sort of internal revenue transfer deduction? And then when Dell and VMware are separate, will Dell still be receiving commissions? Or what will be the financial arrangement and incentive for Dell to continue to act as VMware's largest distributor?

我今天對您與 VMware 的轉售關係有疑問。所以我認為在你們的上一財年，你們轉售了價值約 40 億美元的 VMware 產品。其中一小部分與戴爾產品有關。其中大部分只是將 VMware 產品分發給經銷商。轉售 VMware 產品時的財務安排是什麼？那麼，在與戴爾產品無關的 35 億美元中，您是否收到佣金？是否有任何形式的內部收入轉移扣除？那麼當戴爾和VMware分開時，戴爾還會收到佣金嗎？或者，戴爾繼續作為 VMware 最大分銷商的財務安排和激勵措施是什麼？

Toni, without getting into a lot of detail there, you -- as you would know, today, any -- VMware is consolidated. So those -- the revenue flowing through Dell is effectively eliminated as we consolidate VMware. I would harken the relationship on the $3.5 billion that you referenced to distributor arrangement, where it's a distributor-margin-type framework. And that's the intent as we move forward. Obviously, post spin, we're not eliminating the VMware revenue and related margin. But as highlighted in the commercial agreement framework, as we chatted about in April, we do expect that through our sales incentives and our selling organizations that we're incentivized to sell VMware. We still think about VMware as part of the -- from a first investor relationship given our tightly coupled solution capabilities that we have. So we're going to continue to move forward with VMware and push that as appropriate, but it's effectively a distributor arrangement.

Toni，這裡沒有詳細介紹，你——正如你今天所知道的那樣——VMware 被整合了。因此，隨著我們整合 VMware，流經戴爾的收入被有效地消除了。我會聽從你提到的分銷商安排的 35 億美元的關係，它是一個分銷商利潤率類型的框架。這就是我們前進的意圖。顯然，在旋轉之後，我們並沒有消除 VMware 的收入和相關的利潤。但正如我們在 4 月份談到的商業協議框架中所強調的那樣，我們確實希望通過我們的銷售激勵措施和我們的銷售組織激勵我們出售 VMware。鑑於我們擁有的緊密耦合的解決方案能力，我們仍然將 VMware 視為第一個投資者關係的一部分。因此，我們將繼續與 VMware 合作，並酌情推動，但這實際上是一種分銷商安排。

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 was wondering if you could dig in a little bit more into the storage orders. I think you mentioned up 23%. How does that sort of play into your thinking for the rest of the year? Any other color on the mix or how it's trending with certain customers would be helpful.

我想知道您是否可以深入了解存儲訂單。我想你提到了 23%。在今年餘下的時間裡，這種想法對你有何影響？混合中的任何其他顏色或它在某些客戶中的流行趨勢都會有所幫助。

Yes. Steven, it's -- what -- if we just think about storage, storage revenue for first quarter was $3.8 billion, flat year-over-year. What I highlighted though was as we look at some of the families within the storage framework, we were very pleased with midrange storage up 23%. We're pleased with our HCI performance. We saw slower growth but still growth in our unstructured and our Isilon PowerScale offerings. Power -- the high end, which is a smaller portion of the market, was soft for us. We've highlighted that in the past couple of quarters. But as you recall, if you think about where from a total TAM addressable market it is, the midrange storage is the biggest area of opportunity for us. And we're pleased with the dynamic and the velocity that we're seeing there. I highlighted the fact that storage net new buyers was up 12%. So pleased with that. Within PowerStore, 20% of the buyers are new storage buyers. And we've got about 25% more competitive displacements year-over-year with PowerStore.

是的。史蒂文，這是 - 什麼 - 如果我們只考慮存儲，第一季度的存儲收入為 38 億美元，與去年同期持平。我強調的是，當我們查看存儲框架內的一些系列時，我們對中端存儲增長 23% 感到非常滿意。我們對我們的 HCI 性能感到滿意。我們看到增長放緩，但我們的非結構化和 Isilon PowerScale 產品仍在增長。功率——佔市場較小部分的高端產品對我們來說是軟弱的。我們在過去幾個季度中強調了這一點。但正如您所記得的，如果您考慮它在整個 TAM 潛在市場中的位置，中端存儲對我們來說是最大的機會領域。我們對在那裡看到的動態和速度感到滿意。我強調了存儲淨新買家增長了 12% 的事實。對此非常滿意。在 PowerStore 中，20% 的買家是新的存儲買家。使用 PowerStore，我們的競爭排量同比增加了約 25%。

So we're pleased with the customer receptivity. We just recently announced a software upgrade in terms of -- which is our fourth software release for the family in the last year. And that's -- it's -- again, it's a micro-services and container-based architecture. So it's -- these are nondisruptive upgrades, but the 25% faster performance for mixed workloads, so more automation. So we're -- I think the pace of innovation within the PowerStore framework is continuing to move forward.

因此，我們對客戶的接受度感到滿意。我們最近剛剛宣布了軟件升級——這是我們去年為該系列發布的第四個軟件版本。這就是 - 它是 - 再次，它是一個微服務和基於容器的架構。因此，這些是無中斷升級，但混合工作負載的性能提高了 25%，因此自動化程度更高。所以我們 - 我認為 PowerStore 框架內的創新步伐正在繼續向前發展。

So having said that, look, we're cautiously optimistic about storage. So we've got -- we went from a negative growth in Q4 in storage revenue on a year-over-year basis. We now have flat. We need to get it to growth. And obviously, the point here is that it's got to continue to grow on a more consistent basis. But the overall economic environment and the buying environment and the IT forecasting would suggest that the storage market should continue to be positive for the year, and we'll -- it's our intention to take advantage of it. So cautiously optimistic but there's more work to do. We have more work to do on coverage models. We have more work to do to accelerate consistent performance across the entire portfolio. So those are areas of focus for us.

話雖如此，看，我們對存儲持謹慎樂觀的態度。所以我們得到了——我們從第四季度的存儲收入同比負增長中走出來。我們現在有單位。我們需要讓它成長。顯然，這裡的重點是它必須在更一致的基礎上繼續增長。但整體經濟環境和購買環境以及 IT 預測表明，今年存儲市場應該會繼續保持樂觀，我們將——我們打算利用它。如此謹慎樂觀，但還有更多工作要做。我們在覆蓋模型方面還有更多工作要做。我們還有更多工作要做，以加快整個產品組合的一致性能。所以這些是我們關注的領域。

Yes. And so look, the industry forecast are for kind of mid-4% growth for the year, for the overall storage industry. So we feel pretty good about that opportunity going forward, for sure. Thanks, Steve. I appreciate that question.

是的。所以看，行業預測今年整個存儲行業的增長率為 4% 左右。因此，我們肯定對未來的機會感到非常滿意。謝謝，史蒂夫。我很欣賞這個問題。

Our next question is from Shannon Cross with Cross Research.

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

Tom, can you talk a bit about how APEX will impact the P&L and maybe working capital or CapEx over time? I realize it's still early, but as you look at how the subscription revenue and that will flow through, can you just give us some of your high-level thoughts?

Tom，您能否談談 APEX 將如何影響 P&L 以及隨著時間的推移可能會影響營運資本或資本支出？我意識到現在還為時過早，但是當您看到訂閱收入以及這些收入將如何流動時，您能否給我們一些高層次的想法？

Shannon, yes, look, I mean we're very excited about APEX. And you are right, it is very early in the journey with APEX. We just announced the first set of offerings at Dell Tech World a few weeks ago. But having said that, customer interest has been quite strong, and we're encouraged by that. But -- so -- but from a financial perspective, as it relates to the year, I mean it's clearly -- it's just not going to have a material impact on the year as we think about it this year just given the size of the company that we are.

Shannon，是的，聽著，我的意思是我們對 APEX 感到非常興奮。你是對的，現在與 APEX 合作還處於起步階段。幾週前，我們剛剛在 Dell Tech World 上宣布了第一批產品。但話雖如此，客戶的興趣一直很強烈，我們對此感到鼓舞。但是 - 所以 - 但從財務角度來看，因為它與今年有關，我的意思是很明顯 - 它不會對今年產生重大影響，因為我們今年考慮它只是考慮到它的規模我們的公司。

What we're going to watch and monitor is number of new customers coming into APEX to make sure that that's ramping as appropriate and within our plans. And then as it becomes more relevant to the financial situation, we'll begin to give you some framework to think about around that. But you are right, on a subscription and revenue -- with a subscription-based offering, clearly, revenue and cash flows are impacted as those -- as that business ramps. But I'm confident given our size, our scale, our ability and our strong balance sheet that we'll navigate through that as appropriate. But again, we'll give you more information on that as the ramp -- at the appropriate time as we see the ramp.

我們將要觀察和監控的是進入 APEX 的新客戶數量，以確保這在我們的計劃內適當增加。然後，隨著它與財務狀況的相關性越來越高，我們將開始為您提供一些框架來考慮這一點。但是，在訂閱和收入方面，您是對的——對於基於訂閱的產品，顯然，隨著業務的增長，收入和現金流也會受到影響。但鑑於我們的規模、規模、能力和強大的資產負債表，我有信心，我們將酌情應對。但同樣，我們會在我們看到坡道的適當時間為您提供更多關於坡道的信息。

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 CSG side, clearly very strong results in the first quarter. How are you thinking about the revenue growth for that business for the remainder of the year? And if you can comment on your expectations for commercial versus consumer separately, that would be great. And how do you discount the potential impact from component shortage, which seems to be impacting CSG more?

我的問題是關於南玻方面的，第一季度的業績顯然非常強勁。您如何看待該業務在今年剩餘時間內的收入增長？如果您可以分別評論您對商業和消費者的期望，那就太好了。您如何看待組件短缺的潛在影響，這似乎對 CSG 的影響更大？

Yes. Look, we're very pleased with the CSG performance, if I can get those words out. It's a pretty robust demand environment, and we saw that -- we saw strong demand in Q4. We saw it again in Q1, very -- overall revenue up 20% to $13.3 billion; 42% growth in consumer revenue, up to $3.5 billion; and $9.8 billion of commercial revenue, up 14% for Q1. So as we think about the future, there is no indication at this point in time that the demand environment remains strong.

是的。看，我們對 CSG 的表現非常滿意，如果我能把這些話說出來的話。這是一個非常強勁的需求環境，我們看到了——我們在第四季度看到了強勁的需求。我們在第一季度再次看到它，非常 - 總收入增長 20% 至 133 億美元；消費者收入增長 42%，高達 35 億美元；以及 98 億美元的商業收入，第一季度增長 14%。因此，當我們考慮未來時，目前沒有跡象表明需求環境仍然強勁。

Now what we're carefully watching is as we get into Q2 and the remainder of the year is that, as you highlighted, there are component supply and component cost dynamics that we will have to manage and work our way through. I highlighted in my prepared remarks that component costs in Q2 are going to be inflationary. We will price that inflation -- that input cost to increase as appropriate, and we'll have to watch to make sure that the -- we'll watch to see of any impact on demand.

現在我們正在仔細觀察的是，隨著我們進入第二季度，而今年剩下的時間，正如您所強調的那樣，我們將不得不管理和解決組件供應和組件成本動態。我在準備好的評論中強調，第二季度的組件成本將是通貨膨脹的。我們將對通貨膨脹進行定價——投入成本將酌情增加，我們必須觀察以確保——我們將觀察對需求的任何影響。

And that's really the framework we're going to have to work our way through as we go through the year. If you look at IDC forecast, they are forecasting a very robust demand environment for calendar '21. I think something appropriately like 355 million, 357 million units, 18% growth, if I recall properly. And so we're optimistic about the business, but I do think that the supply dynamic in terms of availability is going to be -- have to be something we're going to have to navigate. And that's going to be with us. Our best point of view is that supply constraint continues on into next year. And our supply chain team is working that daily to ensure that we are managing that to the extent possible.

這確實是我們在這一年中必須努力完成的框架。如果您查看 IDC 預測，他們預測 21 年日曆的需求環境非常強勁。如果我沒記錯的話，我認為應該是 3.55 億、3.57 億台、18% 的增長。因此，我們對業務持樂觀態度，但我確實認為，就可用性而言，供應動態將是——必須是我們必須駕馭的東西。這將與我們同在。我們最好的觀點是，供應限制將持續到明年。我們的供應鏈團隊每天都在努力，以確保我們盡可能地管理它。

But Sidney, we're very positive about CSG. [The security] is strong. The longer-term trends are also very strong in CSG, as we think about the TAM expansion, as Jeff highlighted in his comments, from $600 billion in calendar '19 to $750 billion in 2025. And that's all based upon what's happening with the PC in terms of the PC as an essential unit. The density of PCs within households is increasing. We've got -- we're seeing faster refresh cycles given the migration to notebooks from desktops. We -- and so there's just lots of positive indicators. And then the ecosystem around the PC itself in terms of software and support, the services element, we've got work we're doing on making the PC experience a much more seamless and holistic experience.

但是 Sidney，我們對 CSG 非常看好。 [安全]強大。 CSG 的長期趨勢也非常強勁，正如 Jeff 在評論中強調的那樣，我們考慮 TAM 的擴張，從 19 年日曆的 6000 億美元到 2025 年的 7500 億美元。這一切都基於 PC 發生的事情就 PC 作為一個基本單元而言。家庭中 PC 的密度正在增加。我們已經 - 鑑於從台式機遷移到筆記本電腦，我們看到了更快的刷新周期。我們 - 所以只有很多積極的指標。然後是圍繞 PC 本身的生態系統，包括軟件和支持、服務元素，我們正在努力使 PC 體驗成為更加無縫和整體的體驗。

And so we're very optimistic about the opportunity over the next coming years in the PC space as we continue to think about how do we grow and modernize the core business and then how do we build out the ecosystem and take advantage through our direct selling and cross-sell motion around the PC unit itself. So -- but again, there's work to do in the short term as we work our way through some of the component supply dynamics.

因此，我們對未來幾年 PC 領域的機會非常樂觀，因為我們將繼續思考如何發展核心業務並使核心業務現代化，然後我們如何構建生態系統並通過我們的直銷獲得優勢並圍繞 PC 單元本身進行交叉銷售。所以 - 但同樣，在我們通過一些組件供應動態的方式工作時，短期內還有工作要做。

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 wanted to come back to this net debt-to-EBITDA target you mentioned, Tom, of 1.5x. If we look at this cash flow glide path and all the other pieces of cash coming to you guys in the deal and Boomi and so on, I mean that seems like a lot of cash that frees up for Dell Technologies shareholders to be distributed or maybe it's M&A. But I wonder if you could just comment a little bit on the timing on that. And then also, what are your priorities? Is it -- do you have any thoughts on -- is it dividend? Is it buyback? How do you prioritize the return of that cash?

我想回到你提到的這個淨債務對 EBITDA 的目標，湯姆，1.5 倍。如果我們看看這條現金流下滑路徑，以及在交易和 Boomi 等交易中獲得的所有其他現金，我的意思是，這似乎是一大筆現金，可以讓戴爾科技公司的股東自由分配，或者也許這是併購。但我想知道您是否可以就此時間發表一點評論。然後，您的優先事項是什麼？是不是——你有什麼想法——是股息嗎？是回購嗎？您如何優先考慮返還現金？

Yes. Rod, you are right, if things play out as we presume they will, given the VMware spin and the business performance that we're seeing, we -- there is a substantial amount of cash coming to Dell Technologies. And we've highlighted that as -- vis-à-vis our adjusted upward target around debt repayment to $16 billion-plus of debt repayment. If those play out as we think about it and we're investment-grade post the anticipated VMware spin transaction, it does open up the opportunity to broaden out our capital allocation framework. And we've talked about this a bit, as you know. I think over the last 5 years, roughly about 90% to 95% of our free cash flow has been devoted to debt repayment. That pivots obviously given the situation or the opportunity we'll have later in the year.

是的。羅德，你是對的，如果事情像我們想像的那樣發展，考慮到 VMware 的發展和我們所看到的業務表現，我們 - 戴爾科技公司將獲得大量現金。我們已經強調了這一點——相對於我們調整後的債務償還上調目標至 160 億美元以上的債務償還。如果我們認為這些都發揮了作用，並且我們在預期的 VMware 分拆交易後處於投資級，它確實為擴大我們的資本分配框架提供了機會。正如你所知，我們已經討論過這個問題。我認為在過去 5 年中，我們大約 90% 到 95% 的自由現金流都用於償還債務。考慮到我們將在今年晚些時候擁有的情況或機會，這顯然是關鍵。

So we are going to broaden out our capital allocation strategy. Part of that will be a program around shareholder capital return. And that's a balance between -- as we think our way through dividend or share buyback or some combination thereof as well as investment in the business and potentially targeted inorganic M&A activity. I'd offer up that we will provide some more thoughts on this whole area as we get closer to the VMware spin transaction date and give you some frameworks to think about at that point in time.

因此，我們將擴大我們的資本配置策略。其中一部分將是圍繞股東資本回報的計劃。這是一種平衡——我們通過股息或股票回購或它們的某種組合來思考我們的方式，以及對業務的投資和潛在的有針對性的無機併購活動。我提議，隨著我們接近 VMware 旋轉交易日期，我們將提供有關整個領域的更多想法，並為您提供一些在那個時間點考慮的框架。

Rod, and just to make sure that I heard you correctly, because I thought you might have said net debt. I just want to be clear it's gross debt at 1.5x.

羅德，只是為了確保我沒聽錯，因為我認為你可能說的是淨債務。我只是想清楚它的總債務是 1.5 倍。

Perfect. Thanks for that clarification, Tyler.

完美的。謝謝你的澄清，泰勒。

Our next question will come from Matt Cabral with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Matt Cabral。

It sounded from the prepared remarks like you guys had a really strong quarter in China. I was wondering if you could just remind us how big China is within the portfolio and maybe speak to the areas of strength that you saw during the quarter there. And then just broadly, how we should think about sustainability within China going forward.

從準備好的評論中聽起來，你們在中國的季度表現非常強勁。我想知道您是否可以提醒我們中國在投資組合中的規模有多大，也許可以談談您在該季度看到的優勢領域。然後從廣義上講，我們應該如何思考中國未來的可持續發展。

Yes. Matt, so China is roughly, from a revenue basis, about 6%, 7% of consolidated revenue at this point. It's our second largest business unit. Having said that, it's -- from a percent of operating income generation, it's much less than that, okay? It tends to be a lower ASP business. And the mix dynamic over there is a bit more skewed towards the client. The sustainability of it -- look, I mean we've come through a couple of tough years with China in terms of having to reset that business and refocus the business from customer base -- refocusing on specific segments of customer base, principally focused on the smaller corporates, medium business, building out the direct selling motion, building out the medium business frameworks over there. Sustainability continues to be an area that we're thinking our way through.

是的。馬特，所以從收入來看，中國大致佔綜合收入的 6% 到 7%。這是我們的第二大業務部門。話雖如此，它 - 從營業收入的百分比來看，比這要少得多，好嗎？它往往是一個較低的平均售價業務。而且那裡的混合動力更偏向於客戶。它的可持續性——看，我的意思是，我們在中國經歷了幾年艱難的歲月，不得不重新調整業務並從客戶群重新關注業務——重新關注客戶群的特定細分市場，主要關注於小公司，中型企業，建立直銷運動，建立那裡的中型企業框架。可持續發展仍然是我們正在考慮的一個領域。

There's obviously geopolitical dynamics we -- that you have to work your way through. But the China market is a big market. We're -- we've been in China a long time. We're there to make sure that we can serve the China market appropriately. But we will continue to watch the cost structure over there and adjust appropriately given the business velocity that we're seeing but reasonably optimistic in the long term, but it's an area of continued focus as we -- to make sure that we set the business model over there appropriately.

我們顯然有地緣政治動態——你必須努力克服。但中國市場是一個大市場。我們是——我們在中國已經很長時間了。我們在那裡確保我們能夠為中國市場提供適當的服務。但我們將繼續關注那裡的成本結構，並根據我們看到的業務速度進行適當調整，但從長遠來看，這是一個相當樂觀的領域，但這是我們持續關注的一個領域——以確保我們設定業務適當地在那邊建模。

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。

I wanted to see if maybe you could give us a little bit more help on what your thinking is happening currently in your gross margins. And what I'm getting at is really trying to understand what kind of pressure you're experiencing from supply chain for Dell from things like expedite fees for components or increased prices. So just trying to get a better sense of how to quantify the gross margin headwind you would relate to your supply chain issues.

我想看看您是否可以就您當前在毛利率中的想法向我們提供更多幫助。而我真正想要了解的是，你從戴爾的供應鏈中感受到了什麼樣的壓力，比如加快組件費用或提高價格。因此，只是想更好地了解如何量化與供應鏈問題相關的毛利率逆風。

Yes. Simon, I'm not really going to parse that a lot for you. But I will tell you that, as I highlighted, that we are seeing component cost inflation in Q2 and remind you that Q1 was a component cost deflationary period for us. So we're moving from deflation to inflation. We have seen increased logistics costs just given the availability of containers. The overall transport costs are up. We have air transports up. Shipping containers are at a premium. So those have all been headwinds into the logistics cost. Now this is what we do every day. So we're managing our way through it. But to the extent that we're seeing increased costs there, we are passing those through as appropriate. And there is no signs that these are going to subside anytime soon. I'll say it like that just given the strong economic environment that we see from a demand perspective.

是的。西蒙，我真的不會為你解析那麼多。但我會告訴你，正如我強調的那樣，我們在第二季度看到組件成本膨脹，並提醒你第一季度對我們來說是一個組件成本通縮期。所以我們正在從通貨緊縮轉向通貨膨脹。鑑於集裝箱的可用性，我們已經看到物流成本增加。整體運輸成本上升。我們有空運。海運集裝箱非常昂貴。所以這些都是物流成本的阻力。現在這就是我們每天都在做的事情。所以我們正在設法通過它。但就我們看到那裡的成本增加而言，我們會酌情通過這些成本。沒有跡象表明這些情況會很快消退。鑑於我們從需求角度看到的強勁經濟環境，我會這樣說。

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

我們現在將回答富國銀行的 Aaron Rakers 提出的最後一個問題。

I wanted to kind of build on Simon's question there. As we think about the ISG segment, a lot of the component costs or a lot of component constraints have been kind of centered, it seems like, on the PC segment. Have you seen constraints in your ability to meet demand in the ISG segment, particularly servers? And if so, how would you characterize kind of the lead times on products or for that matter, kind of backlog building if you are seeing constraints?

我想在那裡建立西蒙的問題。當我們考慮 ISG 細分市場時，許多組件成本或許多組件限制似乎都集中在 PC 細分市場。您是否在滿足 ISG 領域（尤其是服務器）需求的能力方面受到限制？如果是這樣，如果您看到限制，您將如何描述產品的交貨時間或積壓工作？

Aaron, I would say it like this for ISG from a server perspective. We really haven't seen significant supply constraint in the server space at this point. Obviously, some of the input costs are going up around DRAM and NAND. But in terms of our ability to meet demand, we've been able to navigate through that. And our lead times in servers are generally on standard lead times. So that environment -- the ISG environment to date has been reasonably unaffected by some of the supply chain constraints as we look at it today.

Aaron，從服務器的角度來看，對於 ISG，我會這樣說。在這一點上，我們真的沒有看到服務器空間出現明顯的供應限制。顯然，DRAM和NAND周圍的一些投入成本正在上升。但就我們滿足需求的能力而言，我們已經能夠度過難關。我們在服務器中的交貨時間通常是標準交貨時間。因此，正如我們今天所看到的那樣，迄今為止的環境——ISG 環境並沒有受到一些供應鏈限制的影響。

Okay. Thanks. Hey, that's going to wrap Q&A. I appreciate everyone joining us today. We'll be participating virtually in a number of investor conferences and events throughout June and July. So please check the IR website, look for press releases from us for announcements of the upcoming events. Thanks for joining us today.

好的。謝謝。嘿，這將結束問答環節。我感謝今天加入我們的每一個人。我們將在 6 月和 7 月虛擬參加一些投資者會議和活動。因此，請查看 IR 網站，查找我們發布的新聞稿，了解即將舉行的活動的公告。感謝您今天加入我們。

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。