戴爾 (DELL) 2021 Q4 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2021 Fourth Quarter and Year-end Financial Results Conference Call for Dell Technologies Inc.

下午好，歡迎參加戴爾科技公司 2021 財年第四季度和年終財務業績電話會議。

I'd like to inform all participants, this call is being recorded at the request of Dell Technologies. This broadcast is the copyrighted property of Dell Technologies Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. (Operator Instructions)

我想通知所有參與者，本次通話是應戴爾科技公司的要求進行錄音的。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播。 （操作員說明）

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

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

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

謝謝凱瑟琳，謝謝大家今天加入我們。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、運營費用、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 results and events are forward-looking statements based on current expectations. Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in our web deck and SEC filings. We assume no obligation to update our forward-looking statements.

此外，我想提醒您，本次電話會議中與未來結果和事件相關的所有陳述都是基於當前預期的前瞻性陳述。由於存在許多風險和不確定性，實際結果和事件可能與預測的結果和事件存在重大差異，這些風險和不確定性在我們的網頁版和 SEC 文件中進行了討論。我們不承擔更新我們的前瞻性陳述的義務。

Finally, before I turn it over to Jeff, I want to touch on the amended 13D we filed in July 2020 regarding our exploration of potential alternatives with respect to our ownership interest in VMware. We continue to believe that a tax-free spin could drive significant shareholder value by simplifying our capital structures and enabling greater strategic flexibility while maintaining a strong commercial partnership between Dell and VMware.

最後，在我把它交給 Jeff 之前，我想談談我們在 2020 年 7 月提交的關於我們探索與我們在 VMware 的所有權權益相關的潛在替代方案的修訂後的 13D。我們仍然相信，通過簡化我們的資本結構和實現更大的戰略靈活性，同時保持戴爾和 VMware 之間強大的商業合作夥伴關係，免稅分拆可以為股東創造巨大的價值。

Both companies continue to be engaged on key work streams, and as VMware communicated earlier today, we are making progress in our discussion. However, there is no assurance that we will reach a definitive agreement. We will not address the discussions any further or take questions related to this topic on today's call.

兩家公司都在繼續參與關鍵工作流，正如 VMware 今天早些時候所傳達的那樣，我們的討論正在取得進展。但是，無法保證我們會達成最終協議。我們不會在今天的電話會議上進一步討論或回答與該主題相關的問題。

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 for our first call of calendar 2021. 2020 was a year that none of us anticipated and none of us want to repeat. But it also brought out the best of humanity and reinforced the criticality of technology to solving the problems of today and tomorrow.

謝謝，羅伯。大家好。感謝您加入我們對 2021 年日曆的第一次電話會議。2020 年是我們所有人都沒有預料到的一年，我們也不想重複這一年。但它也激發了人類最好的一面，並強化了技術對解決當今和未來問題的重要性。

At Dell Technologies, we are grateful and honored to have a central role in helping our customers, from consumers to the largest enterprises, keep our society, our economy and our lives moving forward.

在 Dell Technologies，我們很高興也很榮幸能夠在幫助我們的客戶（從消費者到最大的企業）保持我們的社會、我們的經濟和我們的生活向前發展方面發揮核心作用。

Finally, I could not be prouder of how our teams responded in Q4 and throughout this challenging year, delivering for customers worldwide the real business outcomes they need. As a result, our customer relationships and conversations have deepened. And no customer is asking how they can unwind their investments in digital transformations. It's all about moving their businesses forward and investing in their future.

最後，我為我們的團隊在第四季度以及在這一充滿挑戰的一年中做出的反應感到無比自豪，為全球客戶提供了他們需要的真正業務成果。因此，我們的客戶關係和對話加深了。沒有客戶問他們如何才能減少對數字化轉型的投資。這一切都是為了推動他們的業務向前發展並投資於他們的未來。

For example, gaining insights from data, customers like the University of Pisa in Italy, turned to PowerStore, PowerScale and PowerMax for core storage infrastructure to enable remote learning and accelerate their hybrid cloud and AI projects.

例如，為了從數據中獲得洞察力，意大利比薩大學等客戶轉向 PowerStore、PowerScale 和 PowerMax 的核心存儲基礎設施，以支持遠程學習並加速他們的混合雲和 AI 項目。

Swisscom AG is using our as-a-Service and flexible consumption storage solutions for affordable, on-demand access to extra capacity when they need it.

Swisscom AG 正在使用我們的即服務和靈活的消費存儲解決方案，在他們需要時以經濟實惠的方式按需訪問額外容量。

And Dell Technologies is in the middle of the edge and telecom transformation, most recently with Tech Mahindra and AlefEdge in Brazil to offer edge computing as a service to local telecommunication service providers.

Dell Technologies 正在進行邊緣和電信轉型，最近與巴西的 Tech Mahindra 和 AlefEdge 合作，為當地電信服務提供商提供邊緣計算即服務。

These customer examples illustrate not just the market tailwinds that will benefit Dell Technologies, a future that is highly digital and highly distributed, but why we are uniquely positioned to take advantage of the trends. Our unique direct sales engine touches more customers than anybody in technology, giving us insights as we build solutions and allowing us to meet customers where they are in their digital transformation.

這些客戶示例不僅說明了有利於 Dell Technologies 的市場順風，即高度數字化和高度分佈的未來，而且說明了為什麼我們具有獨特的優勢來利用這些趨勢。我們獨特的直銷引擎比技術領域的任何人都接觸到更多的客戶，在我們構建解決方案時為我們提供洞察力，並使我們能夠在客戶處於數字化轉型的情況下與他們會面。

Our breadth from edge to core to cloud makes us relevant no matter the customer challenge, and our unmatched global services allow us to simplify IT complexity for our customers. Behind all of this, of course, our award-winning product teams, a global supply chain with unmatched scale and reach and financing capabilities that make us trusted IT -- makes us trusted advisers, excuse me, to IT decision-makers of companies of all sizes. Dell Technologies has never been stronger or more relevant.

無論客戶面臨何種挑戰，我們從邊緣到核心再到雲的廣度都讓我們與時俱進，我們無與倫比的全球服務使我們能夠為客戶簡化 IT 複雜性。當然，在這一切的背後，我們屢獲殊榮的產品團隊，一個具有無與倫比的規模和覆蓋範圍的全球供應鏈以及讓我們信任 IT 的融資能力——讓我們成為值得信賴的顧問，對不起，這些公司的 IT 決策者所有尺寸。 Dell Technologies 從未如此強大或更具相關性。

Turning to the financial results. We delivered a record $26.1 billion of revenue in Q4 with sequential revenue growth of 11%, driven by strong results in our CSG and VMware businesses as well as our improvement in the ISG business. Tom will cover Q4 in more detail later in the call.

轉向財務結果。我們在第四季度實現了創紀錄的 261 億美元收入，收入環比增長 11%，這得益於我們 CSG 和 VMware 業務的強勁業績以及 ISG 業務的改善。湯姆將在稍後的電話會議中更詳細地介紹第四季度。

For the full year, revenue was a record $94.4 billion, up 2%. Operating income was up 6% to $10.8 billion. And adjusted EBITDA was $12.7 billion, up 8%. Earnings per share for the full year was $8, up 9%.

全年收入達到創紀錄的 944 億美元，增長 2%。營業收入增長 6% 至 108 億美元。調整後的 EBITDA 為 127 億美元，增長 8%。全年每股收益為 8 美元，增長 9%。

Throughout FY '21, we leveraged the depth and breadth of our portfolio to lean into the pockets of growth when and where they occurred. We executed with discipline, speed and precision. And in what was an extremely dynamic environment, we delivered record results.

在整個 21 財年，我們利用我們投資組合的深度和廣度，在增長發生的時間和地點投入到增長的口袋中。我們以紀律、速度和精確的方式執行。在極其動態的環境中，我們交付了創紀錄的結果。

Our Client Solutions Group had an outstanding year, delivering record shipments, revenue and operating income. Revenue for the full year was $48.4 billion, up 5%. And operating income was up 7% to $3.4 billion. And for the calendar year 2020, according to IDC, we shipped 50.3 million units, up 8% and the most ever in a year. Our commercial PC results were even stronger with commercial unit growth of 11%. Dell gained the most commercial unit share of the top 3 vendors with share gain concentrated in notebooks.

我們的客戶解決方案部門表現出色，出貨量、收入和營業收入均創歷史新高。全年收入為 484 億美元，增長 5%。營業收入增長 7% 至 34 億美元。根據 IDC 的數據，在 2020 日曆年，我們出貨了 5030 萬台，增長了 8%，是一年中的最高水平。我們的商用 PC 業績更加強勁，商用單位增長 11%。戴爾在前三名供應商中獲得了最多的商業單位份額，份額增長集中在筆記本電腦上。

Resilient demand was driven by the fast-growing technology-enabled world where consumers can do anything from anywhere. Instead of going to work, school, entertainment, a restaurant or shopping, it all comes to us. The PC is the hub of this new economic model.

快速增長的技術驅動世界推動了彈性需求，消費者可以在任何地方做任何事情。不是去上班、上學、娛樂、去餐廳或購物，而是一切都來找我們。個人電腦是這種新經濟模式的中心。

Our consumer business delivered record revenue of $13 billion for the year, up 12%. Customers have shifted to e-commerce, and our strategy shift earlier this year to advantage our direct and online selling paid off. Our consumer business was up 51% on a revenue basis based on orders, and our consumer online business was up 64% for the year on orders revenue.

我們的消費者業務全年實現創紀錄的 130 億美元收入，增長 12%。客戶已轉向電子商務，今年早些時候我們的戰略轉變以利用我們的直接和在線銷售獲得了回報。我們的消費者業務在訂單收入基礎上增長了 51%，我們的消費者在線業務在訂單收入方面增長了 64%。

Commercial revenue was up 3% to 34 -- or $35.4 billion, also a record. Orders for our commercial notebooks were up 46% on a unit basis and 28% on an orders revenue basis, while orders revenue for Commercial Chromebook was up triple digits.

商業收入增長 3% 至 34 - 或 354 億美元，也是創紀錄的。我們的商用筆記本的訂單量增長了 46%，訂單收入增長了 28%，而商用 Chromebook 的訂單收入增長了三位數。

ISG Solutions Group revenue was $32.6 billion, down 4%. We saw demand in the second half of the year improve with our best results in Q4, as spend increased in the infrastructure needed to power the do-from-anywhere world.

ISG Solutions Group 收入為 326 億美元，下降 4%。我們看到今年下半年的需求有所改善，我們在第四季度取得了最好的成績，因為在基礎設施方面的支出增加了，為隨時隨地提供動力的世界提供動力。

Servers and networking revenue for the year was $16.5 billion, down 4%, but with growth in the fourth quarter. Server demand improved in Q4, and PowerEdge orders were up mid-single digits.

全年服務器和網絡收入為 165 億美元，下降 4%，但在第四季度有所增長。第四季度服務器需求有所改善，PowerEdge 訂單增長了中個位數。

Our storage revenue was $16.1 billion, down 4%, but we did see demand growth in key areas. PowerMax, hyper-converged infrastructure and PowerProtect Data Domain all saw solid growth during the year on an orders basis.

我們的存儲收入為 161 億美元，下降了 4%，但我們確實看到了關鍵領域的需求增長。 PowerMax、超融合基礎架構和 PowerProtect Data Domain 在這一年的訂單量均實現了穩健增長。

Our midrange storage business returned to growth in the fourth quarter, driven by accelerated adoption of a PowerStore. PowerStore orders grew 4x compared to the third quarter orders as customers embrace the next-generation of modern data center technology and applications.

在加速採用 PowerStore 的推動下，我們的中端存儲業務在第四季度恢復了增長。由於客戶採用下一代現代數據中心技術和應用程序，PowerStore 訂單與第三季度訂單相比增長了 4 倍。

In a challenging environment, PowerStore is ramping faster than XtremIO and VxRail, making it the fastest new architecture we have released. Additionally, approximately 20% of our PowerStore customers are new to our storage business as we tripled the number of wins against key competitors quarter-over-quarter.

在充滿挑戰的環境中，PowerStore 的發展速度超過了 XtremIO 和 VxRail，使其成為我們發布的最快的新架構。此外，我們大約 20% 的 PowerStore 客戶是我們存儲業務的新客戶，因為我們與主要競爭對手的勝利數量環比增長了兩倍。

Our VMware business also had a strong year with revenue of $11.9 billion, up 9%. Our partnership and co-innovation engine with VMware has never been stronger. In Q4, we announced a collaboration with SK Telecom and VMware to deliver 5G-enabled edge computing solutions to help enterprises quickly act on data where it resides. Throughout a year of unprecedented disruption, we were able to pivot quickly, deliver profitable growth, disciplined share gains, consistent execution, innovation and strong financial returns.

我們的 VMware 業務今年也表現強勁，收入為 119 億美元，增長 9%。我們與 VMware 的合作夥伴關係和共同創新引擎從未如此強大。在第四季度，我們宣布與 SK Telecom 和 VMware 合作，提供支持 5G 的邊緣計算解決方案，幫助企業快速處理數據所在位置。在經歷了前所未有的混亂的一年中，我們能夠快速轉型、實現盈利增長、嚴格的股票收益、持續的執行、創新和強勁的財務回報。

Now let's move from FY '21, and I'll share a little perspective of what we see ahead. We believe the demand environment will continue to improve. Estimates from both IDC and Gartner see IT spending growing mid-single digits in calendar year 2021, including growth in our core PC, server and storage markets.

現在讓我們從 21 財年開始，我將分享一些我們對未來的看法。我們相信需求環境將繼續改善。 IDC 和 Gartner 的估計顯示，2021 日曆年 IT 支出將增長中個位數，包括我們核心 PC、服務器和存儲市場的增長。

The do-from-anywhere world is here to stay. We believe the total addressable market is expanding as there are still millions of children around the world that need PCs. The number of PCs in the household continues to increase. And additionally, the refresh cycles are accelerating with the shift to notebooks. And we are on the cusp of widespread 5G connectivity driving real-time, automated and intelligent outcomes at the edge. This will drive an estimated $700 billion in cumulative spend on the edge -- on edge IT infrastructure and data centers within the next decade.

隨處可做的世界將繼續存在。我們相信，由於全球仍有數百萬兒童需要個人電腦，因此整個潛在市場正在擴大。家庭中的 PC 數量不斷增加。此外，隨著向筆記本電腦的轉移，更新周期正在加速。我們正處於廣泛的 5G 連接的風口浪尖，在邊緣推動實時、自動化和智能的結果。這將在未來十年內在邊緣 IT 基礎設施和數據中心上推動估計 7000 億美元的累計支出。

There is a lot of opportunity ahead for Dell Technologies, and we are going after it with a balanced growth strategy. That begins with growing and modernizing our core businesses. The value creation potential in our client and our infrastructure business is enormous as we consolidate share in the markets that have steady GDP-like growth.

戴爾科技公司未來有很多機會，我們正在通過平衡的增長戰略來追求它。這始於我們的核心業務的發展和現代化。隨著我們在 GDP 穩定增長的市場中鞏固份額，我們的客戶和基礎設施業務的價值創造潛力是巨大的。

We also know long-term success means doing more than just winning the consolidation. It requires us to keep modernizing the customer experience, which brings us to APEX, announced last October at Dell Technologies World. With APEX, we are extending our long history of offering IT as-a-Service to deliver IT resources on demand, Dell managed infrastructure, enabling our customers to pay for only what they use, built on a foundation of trusted technology all at scale.

我們也知道，長期的成功不僅僅意味著贏得整合。它要求我們不斷更新客戶體驗，這將我們帶到了去年 10 月在 Dell Technologies World 上宣布的 APEX。借助 APEX，我們正在擴展我們提供 IT 即服務的悠久歷史，以按需提供 IT 資源、戴爾託管基礎架構，使我們的客戶能夠只為他們使用的東西付費，建立在大規模可信技術的基礎上。

Starting in May, we will bring the first of the new APEX offers to market and add new offerings over the course of the year. This foundational work sets us up to respond to accelerating customer needs and capture market momentum, momentum towards a hybrid, distributed future fueled by data and analytics. We are integrating and innovating on VMware and across our leading capabilities and partner ecosystems to create the automated, integrated infrastructure for 5G and the data era that is AI and ML enabled with intrinsic security throughout.

從 5 月開始，我們將向市場推出第一個新的 APEX 產品，並在一年中添加新產品。這項基礎性工作使我們能夠響應加速的客戶需求並抓住市場動力，推動由數據和分析推動的混合分佈式未來。我們正在 VMware 以及我們領先的能力和合作夥伴生態系統上進行集成和創新，以創建適用於 5G 和數據時代的自動化集成基礎架構，該基礎架構支持 AI 和 ML，並始終具有內在安全性。

And that's how we win at the edge, the next technology frontier. By extending our cloud model and ecosystem to the edge, we can provide a consistent approach to infrastructure, data, applications and security across the entire environment.

這就是我們在邊緣、下一個技術前沿取勝的方式。通過將我們的雲模型和生態系統擴展到邊緣，我們可以為整個環境中的基礎設施、數據、應用程序和安全提供一致的方法。

The competitive advantages I highlighted earlier, our end-to-end portfolio, our sales force and customer intimacy, our global services capability give us a distinctive position in the next evolution of our industry.

我之前強調的競爭優勢、我們的端到端產品組合、我們的銷售隊伍和客戶親密度、我們的全球服務能力使我們在行業的下一次發展中處於獨特的地位。

Before I turn it over to Tom, let me leave you with a few thoughts. We are emerging in an advantaged position for the enormous opportunities ahead, technology delivered as-a-Service, 5G and edge computing. Technology is clearly front and center for the digital futures. And Dell Technologies is uniquely positioned to win in the data era that is already underway.

在我把它交給湯姆之前，讓我給你一些想法。對於未來的巨大機遇、技術即服務交付、5G 和邊緣計算，我們正處於有利位置。技術顯然是數字未來的前沿和中心。戴爾科技集團具有獨特的優勢，可以在已經到來的數據時代取勝。

Now I'll turn it over to Tom for a closer look at the financials.

現在我將把它交給湯姆，讓他仔細看看財務狀況。

Thanks, Jeff. Given what we were modeling for the demand environment early last year with the onset of the pandemic, I am pleased with the record results in revenue, operating income, earnings per share and cash generation, both for the full year and the fourth quarter. Flexibility of our business model and the adaptability of our team positioned us to successfully navigate the macro environment while enabling our customers' digital transformation.

謝謝，傑夫。鑑於我們在去年年初大流行開始時為需求環境建模，我對全年和第四季度的收入、營業收入、每股收益和現金產生的創紀錄結果感到滿意。我們業務模式的靈活性和團隊的適應性使我們能夠成功駕馭宏觀環境，同時實現客戶的數字化轉型。

We ended the year with a strong Q4. Revenue was up 8% to $26.1 billion, driven primarily by the strong growth in our CSG and VMware businesses, with improvement in our ISG business. With a weaker U.S. dollar, FX was a tailwind in the quarter of approximately 100 basis points.

我們以強勁的第四季度結束了這一年。收入增長 8% 至 261 億美元，主要得益於我們的 CSG 和 VMware 業務的強勁增長，以及我們的 ISG 業務的改善。由於美元走軟，外彙在本季度順風順勢上漲了約 100 個基點。

Gross margin was $8.6 billion, up 3% and 33% of revenue. Gross margin as a percent of revenue was 170 basis points lower, driven by the overall mix shift to CSG given the strong client demand environment.

毛利率為 86 億美元，分別增長 3% 和收入的 33%。毛利率佔收入的百分比下降了 170 個基點，這是由於客戶需求環境強勁，整體組合轉向 CSG。

Operating expense was $5.3 billion, down 5% year-over-year, but up 6% sequentially. In the quarter, we started to add back certain employee-related costs, like 401(k) match, merit, promotions and new hiring to support growth.

運營費用為 53 億美元，同比下降 5%，但環比增長 6%。在本季度，我們開始增加某些與員工相關的成本，如 401(k) 匹配、績效、晉升和新招聘以支持增長。

Operating income was up 19% to $3.3 billion or 12.6% of revenue, driven primarily by our operating expense controls, revenue growth in CSG and improved consumer gross margins.

營業收入增長 19% 至 33 億美元或收入的 12.6%，主要受我們的運營費用控制、CSG 收入增長和消費者毛利率提高的推動。

Consolidated net income was $2.3 billion, up 36%, and earnings per share was $2.70 a share, up 35%.

合併淨利潤為 23 億美元，增長 36%，每股收益為 2.70 美元，增長 35%。

Our operational execution and the strong demand environment combined to deliver record P&L metrics and a record $5.9 billion in cash flow from operations.

我們的運營執行和強勁的需求環境相結合，創造了創紀錄的損益指標和創紀錄的 59 億美元的運營現金流。

Total deferred revenue was $30.8 billion, up $3 billion. Our recurring revenue, which includes deferred revenue amortization, utility and as-a-Service models, is now approximately $6 billion a quarter, up 8% year-over-year.

總遞延收入為 308 億美元，增加了 30 億美元。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，現在每季度約為 60 億美元，同比增長 8%。

And as Jeff highlighted, our APEX offerings will broaden our as-a-Service solutions across our portfolio, giving customers more flexibility to scale their IT solutions to meet their business needs and budgets.

正如 Jeff 強調的那樣，我們的 APEX 產品將在我們的產品組合中擴展我們的即服務解決方案，讓客戶更靈活地擴展他們的 IT 解決方案以滿足他們的業務需求和預算。

Turning to the business units. Our Client Solutions Group delivered record results. The ongoing strong demand for remote work and learning solutions, along with gaming systems, drove CSG revenue up 17% to $13.8 billion as we delivered record shipments again in the quarter.

轉向業務部門。我們的客戶解決方案小組取得了創紀錄的成果。隨著我們在本季度再次交付創紀錄的出貨量，對遠程工作和學習解決方案以及遊戲系統的持續強勁需求推動 CSG 收入增長 17% 至 138 億美元。

Commercial revenue was up 16% to a record high $9.9 billion as we continue to see strong growth in Latitude and Precision notebooks and Commercial Chromebooks. Consumer revenue also reached a record at $3.8 billion, up 19%, driven by strength across all of our consumer notebooks and gaming systems.

商業收入增長 16%，達到創紀錄的 99 億美元，因為我們繼續看到 Latitude 和 Precision 筆記本電腦和商業 Chromebook 的強勁增長。消費者收入也達到創紀錄的 38 億美元，增長 19%，這得益於我們所有消費者筆記本電腦和遊戲系統的強勁表現。

CSG operating income was up 67% to $1 billion and was 7.6% of revenue. We saw better-than-expected profitability due to our record shipments, favorable component costs, improved profitability in consumer and continued operating expense controls across the business.

CSG 營業收入增長 67% 至 10 億美元，佔收入的 7.6%。由於我們創紀錄的出貨量、有利的組件成本、消費者盈利能力的提高以及整個業務的持續運營費用控制，我們看到了好於預期的盈利能力。

Our client solutions business had an extraordinary year in FY '21 as we moved quickly to take advantage of demand opportunities. This business consistently provides stable revenue and generate strong cash flow regardless of the demand cycles we see in the PC space. Now with the record year we just finished, CSG revenue has grown at a 7% CAGR over the last 5 fiscal years, while the CAGR for operating income has grown by 18%.

我們的客戶解決方案業務在 21 財年度過了非凡的一年，因為我們迅速採取行動以利用需求機會。無論我們在 PC 領域看到的需求週期如何，這項業務始終提供穩定的收入並產生強勁的現金流。現在我們剛剛完成了創紀錄的一年，CSG 收入在過去 5 個財政年度以 7% 的複合年增長率增長，而營業收入的複合年增長率增長了 18%。

ISG revenue was $8.8 billion, which was flat year-over-year, but up 10% sequentially. We were pleased to see improvement in this business as we ended the year, and we believe that there will be improved demand for infrastructure as we move through fiscal year '22.

ISG 收入為 88 億美元，同比持平，但環比增長 10%。我們很高興看到今年結束時這項業務有所改善，我們相信隨著我們進入 22 財年，對基礎設施的需求將會有所改善。

Storage revenue was $4.4 billion, down 2%. Midrange, PowerProtect Data Domain and VxRail were highlights as all 3 saw solid orders growth. As Jeff described, PowerStore is gaining momentum, and we are encouraged by the upward trajectory of the ramp as orders grew 4x quarter-over-quarter.

存儲收入為 44 億美元，下降 2%。中端、PowerProtect Data Domain 和 VxRail 是亮點，因為這 3 家公司的訂單都實現了穩健增長。正如 Jeff 所描述的那樣，PowerStore 正在獲得動力，隨著訂單環比增長 4 倍，我們對斜坡的上升軌跡感到鼓舞。

Servers and networking returned to growth with revenue up 3% to $4.4 billion. We are pleased with mainstream orders growth, up 11% sequentially. And we saw improved demand from large enterprises and continued improvement from our small and medium customers.

服務器和網絡恢復增長，收入增長 3% 至 44 億美元。我們對主流訂單增長感到滿意，環比增長 11%。我們看到大型企業的需求有所改善，中小型客戶的需求也在持續改善。

ISG operating income was a record at $1.2 billion or 13.5% of revenue, which was up 80 basis points as we benefited from lower operating expense in an improving demand environment.

ISG 營業收入達到創紀錄的 12 億美元，佔收入的 13.5%，增長了 80 個基點，因為我們受益於需求環境改善的運營費用降低。

The VMware business unit also had a record quarter, delivering revenue of $3.3 billion, up 6%, and operating income of $1.1 billion or 32.2% of revenue.

VMware 業務部門也創下了一個創紀錄的季度，收入為 33 億美元，增長 6%，營業收入為 11 億美元，佔收入的 32.2%。

Based on VMware's standalone results, subscription as-a-Service revenue grew 27%. The business saw strong growth in the VMware Cloud Provider Program, End User Computing, Carbon Black and VMware Cloud on AWS. VMware Cloud on AWS once again had a great quarter with both workloads and revenue nearly doubling year-over-year.

根據 VMware 的獨立結果，訂閱即服務收入增長了 27%。該業務在 VMware Cloud Provider Program、最終用戶計算、Carbon Black 和 VMware Cloud on AWS 方面實現了強勁增長。 VMware Cloud on AWS 再次迎來了一個出色的季度，工作負載和收入同比幾乎翻了一番。

Looking at our Dell Technologies results from a geographic perspective. We saw an encouraging rebound in Q4 orders demand across many of our largest countries. In our top 3 markets, the United States was up 1%, China was up 12%, and U.K. was up 18%.

從地理角度來看我們的 Dell Technologies 業績。我們看到許多最大國家的第四季度訂單需求出現令人鼓舞的反彈。在我們的前 3 個市場中，美國增長了 1%，中國增長了 12%，英國增長了 18%。

Dell Financial Services fourth quarter originations were $2.4 billion and were $8.9 billion for the full year, up 5%. DFS ended the year with a record $13.1 billion in total managed assets, up $1.5 billion year-over-year, with global portfolio losses at historical lows.

戴爾金融服務第四季度的發起額為 24 億美元，全年為 89 億美元，增長 5%。 DFS 以創紀錄的 131 億美元總管理資產結束了這一年，同比增長 15 億美元，全球投資組合損失處於歷史低位。

Turning to our capital structure and balance sheet. We had record cash flow from operations, both for the fourth quarter and the full year. Our strong profitability and sequential growth, along with our working capital management, drove record Q4 cash flow from operations of $5.9 billion. For the full year, we generated $11.4 billion in cash flow from operations.

轉向我們的資本結構和資產負債表。我們在第四季度和全年都有創紀錄的運營現金流。我們強勁的盈利能力和連續增長，以及我們的營運資金管理，推動了創紀錄的 59 億美元運營現金流。全年，我們從運營中產生了 114 億美元的現金流。

Adjusted free cash flow in the quarter was $5.5 billion, up 46%. And for the year, adjusted free cash flow was $10.5 billion.

本季度調整後的自由現金流為 55 億美元，增長 46%。今年，調整後的自由現金流為 105 億美元。

Cash flow from operations for the past 3 years maintained an average of $9.2 billion, illustrating a strong, stable cash generation ability.

過去 3 年的經營現金流平均保持在 92 億美元，顯示出強大、穩定的現金產生能力。

Cash and investments at the end of the quarter was $15.8 billion and approximately $10.6 billion at core Dell.

本季度末的現金和投資為 158 億美元，核心戴爾約為 106 億美元。

Adjusted EBITDA was $3.8 billion, up 19% at 14.6% of revenue. For the full year, adjusted EBITDA was $12.7 billion, up 8%.

調整後的 EBITDA 為 38 億美元，增長 19%，佔收入的 14.6%。全年調整後 EBITDA 為 127 億美元，增長 8%。

We delivered on our fiscal year '21 core debt pay-down target of $5.5 billion and are pleased with the progress we've made on delevering. Considering the uncertainty that arose in the early stages of the pandemic, this progress is extraordinary, and I'm proud of the team for our strong liquidity position as we exited the year. The strong debt pay-down, along with lower interest rates, drove interest expense down approximately $300 million year-over-year.

我們實現了 21 財年 55 億美元的核心債務償還目標，並對我們在去槓桿方面取得的進展感到滿意。考慮到大流行初期出現的不確定性，這一進展非同尋常，我為團隊在今年結束時強大的流動性狀況感到自豪。強勁的債務償還以及較低的利率使利息支出同比下降約 3 億美元。

During the fourth quarter, we paid down approximately $2.4 billion of core debt. Since the quarter ended, we have notified our bondholders of our intent to repay $1 billion in legacy and high-yield notes that are coming due later in the year. With this anticipated pay-down, we only have approximately $500 million of remaining scheduled maturities for fiscal year '22.

在第四季度，我們償還了大約 24 億美元的核心債務。自本季度結束以來，我們已通知我們的債券持有人，我們打算償還將於今年晚些時候到期的 10 億美元遺留和高收益票據。有了這筆預期的償還，我們在 22 財年只有大約 5 億美元的剩餘預定到期期限。

Our total debt principal balance as of fiscal year-end now stands at $48.5 billion, and that includes DFS-related debt of $10.3 billion and subsidiary debt of $4.8 billion.

截至財政年度末，我們的總債務本金餘額為 485 億美元，其中包括 103 億美元的 DFS 相關債務和 48 億美元的附屬債務。

Our core debt ended the quarter at $29.2 billion, and our core leverage ratio is now approximately 2.5x, which is well within our target core leverage range of 2 to 3x. Given our continued strong cash generation and debt pay-down, S&P and Fitch both raised their credit outlooks for Dell Technologies and VMware from negative to stable while maintaining their current credit ratings.

截至本季度末，我們的核心債務為 292 億美元，我們的核心槓桿率現在約為 2.5 倍，完全在我們 2 至 3 倍的目標核心槓桿範圍內。鑑於我們持續強勁的現金生成和債務償還，標準普爾和惠譽均將戴爾科技和 VMware 的信用展望從負面上調至穩定，同時維持目前的信用評級。

We will continue to prioritize debt pay-down as part of our capital allocation strategy, and we are confident in our path toward an investment-grade rating.

我們將繼續優先考慮償還債務，作為我們資本配置戰略的一部分，我們對實現投資級評級的道路充滿信心。

Now to our outlook for fiscal year '22 and Q1. For fiscal year '22, while the exact timing is fluid, we expect the global economy to improve as we move through the year. This should benefit ISG and VMware as the year progresses, particularly as our customers return to the office. We expect CSG strength to continue through the first half with tougher compares in the second half. Factoring in VMware's standalone guidance, the divestiture of RSA and the ongoing risks associated with the macro environment, we currently expect revenue to grow in the low to mid-single-digit range.

現在來看我們對 22 財年和第一季度的展望。對於 '22 財年，雖然確切的時間是不確定的，但我們預計全球經濟將隨著這一年的發展而改善。隨著時間的推移，這將使 ISG 和 VMware 受益，尤其是當我們的客戶返回辦公室時。我們預計南玻的實力將持續到上半年，而下半年將更加艱難。考慮到 VMware 的獨立指導、RSA 的剝離以及與宏觀環境相關的持續風險，我們目前預計收入將在中低個位數範圍內增長。

We expect to see costs come back into the P&L, though not fully back to prepandemic OpEx levels. We have reinstated a number of employee-related benefits, most notably merit, promotions and 401(k) match, and VMware and Dell core businesses are investing for long-term growth.

我們預計成本會回到損益表中，但不會完全恢復到大流行前的運營支出水平。我們已經恢復了許多與員工相關的福利，最顯著的是績效、晉升和 401(k) 匹配，VMware 和戴爾的核心業務正在為長期增長進行投資。

These expense additions and their full year impact, combined with VMware guidance for operating income of 28% for their standalone P&L, should be factored into your operating income models. Also, remember Dell Technologies' VMware business unit results include additional OpEx that we recognize related to the combined solutions selling expenses.

這些費用增加及其全年影響，再加上 VMware 對其獨立損益的 28% 營業收入的指導，應考慮到您的營業收入模型中。此外，請記住 Dell Technologies 的 VMware 業務部門業績包括我們認為與組合解決方案銷售費用相關的額外運營支出。

Below the operating income line, we will benefit from the lower interest expense and a stable tax rate of 18%, plus or minus 100 basis points. Please also factor in a higher weighted average share count, driven by the absence of a share repurchase program in FY '21 and currently planned for FY '22.

在營業收入線以下，我們將受益於較低的利息支出和 18% 的穩定稅率，正負 100 個基點。還請考慮更高的加權平均股票數量，這是由於 21 財年沒有股票回購計劃而目前計劃在 22 財年進行。

In addition, we expect to pay down at least $5 billion in debt this year, including the $1 billion I referenced a moment ago.

此外，我們預計今年將償還至少 50 億美元的債務，包括我剛才提到的 10 億美元。

For Q1, there are a few items we would like you to consider: First, you should factor in VMware standalone revenue guidance, which is in line with normal seasonality. We also expect typical revenue seasonality for ISG.

對於第一季度，我們希望您考慮以下幾項：首先，您應該考慮 VMware 獨立收入指導，該指導符合正常的季節性。我們還預計 ISG 的典型收入季節性。

For CSG, we had an exceptional fourth quarter, and we expect continued solid industry demand in Q1, with industry demand potentially outpacing supply. As a result, we currently expect strong revenue growth in the mid-teens year-over-year. Given our exceptional results in Q4 and Q1 last year, we would be happy with that result. This nets out to Q1 revenue -- Q1 year-over-year revenue growth in the mid-single-digit range.

對於南玻而言，我們在第四季度表現出色，我們預計第一季度行業需求將持續強勁，行業需求可能超過供應。因此，我們目前預計青少年中期收入將同比強勁增長。鑑於我們去年第四季度和第一季度的出色業績，我們會對這一結果感到滿意。這扣除了第一季度的收入——第一季度的收入同比增長在中個位數範圍內。

Below the revenue line, the same perspectives I shared for the full year will also impact your Q1 modeling. Factoring this in, we expect operating income dollars to be down slightly year-over-year.

在收入線下方，我分享的全年相同觀點也會影響您的第一季度建模。考慮到這一點，我們預計營業收入將同比略有下降。

In closing, we have a strong operating heritage focused on execution in our core businesses and value creation over time. Our model delivers top line growth, solid profitability and generates strong cash flow through various economic cycles and environments. Over the last 4 years, our ISG and CSG combined revenue has grown at a 5% CAGR and contributed more than $310 billion in revenue with approximately $25 billion in operating income. In that same time period, our VMware business segment has delivered $41 billion in revenue and $12 billion in operating income.

最後，我們擁有強大的運營傳統，專注於核心業務的執行和隨著時間的推移創造價值。我們的模型提供了收入增長、穩健的盈利能力，並在各種經濟周期和環境中產生了強勁的現金流。在過去 4 年中，我們的 ISG 和 CSG 合併收入以 5% 的複合年增長率增長，貢獻了超過 3100 億美元的收入和約 250 億美元的營業收入。在同一時期，我們的 VMware 業務部門實現了 410 億美元的收入和 120 億美元的營業收入。

Last year was no exception to that strong execution and value creation focus. We outgrew our competitors, gaining share in commercial client and servers. We reenergized our midrange storage offering. We grew profitability faster than revenue and generated record cash flow. We delivered on our fiscal year '21 delevering goal and continue to focus our capital allocation policy on debt pay-down. And we've taken the appropriate corporate structure steps as evidenced by the ongoing simplification of operations, the divestiture of RSA and the exploration of a potential tax-free spin of Vmware.

去年對強有力的執行和價值創造的關注也不例外。我們超越了競爭對手，在商業客戶端和服務器中獲得了份額。我們重新激活了我們的中端存儲產品。我們的盈利能力增長快於收入增長，並產生了創紀錄的現金流。我們實現了 21 財年的去槓桿目標，並繼續將資本配置政策的重點放在償還債務上。我們已經採取了適當的公司結構步驟，持續的運營簡化、RSA 的剝離以及對 Vmware 潛在免稅旋轉的探索證明了這一點。

As we look forward, we will continue to focus on what we can control and be disciplined in balancing growth with profitability and investing in future growth vectors.

展望未來，我們將繼續專注於我們可以控制的事情，並在平衡增長與盈利能力以及投資於未來的增長載體方面保持自律。

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

有了這個，我將把它轉回給 Rob 開始問答。

Thanks, Tom. Let's get to Q&A. (Operator Instructions) Erica (sic) [Katherine], can you please introduce the first question?

謝謝，湯姆。讓我們進入問答環節。 （操作員說明）Erica（原文如此）[Katherine]，你能介紹一下第一個問題嗎？

Your first question comes from the line of Aaron Rakers with Wells Fargo.

您的第一個問題來自富國銀行的 Aaron Rakers。

I guess the question is on the PC business. As we look at your growth, commercial up 16%, I think your competitor tonight was down 6%. I'm just curious, how do you see, as we return back to normal, just the demand environment on commercial PCs? And what's your expectation of growth in that segment as we move through the course of 2021?

我想問題是關於個人電腦業務的。當我們看到你的增長時，商業增長了 16%，我認為你的競爭對手今晚下降了 6%。我只是好奇，當我們恢復正常時，您如何看待商用 PC 的需求環境？隨著我們進入 2021 年，您對該細分市場的增長有何期望？

Sure, Aaron, this is Jeff. If you think about where the strong points of growth have been in commercial this past year, we think there are sources of growth as we head into 2021, education being one of those, the public sector being one of those. There's modernization moving towards notebooks, the mobile form factor. We're seeing the mobile form factor now represent roughly 25% -- or, excuse me, 75% of the marketplace, desktops being 25% of the marketplace. That bodes well for [public] organizations that have been roughly 50-50, notebooks, desktops. So some catching up to do there. We think that continues to fuel growth as we head in to the 2021 calendar year, soon to be, or now our fiscal '22 for us.

當然，亞倫，這是傑夫。如果你想想過去一年商業增長的優勢在哪裡，我們認為進入 2021 年會有增長的來源，教育就是其中之一，公共部門就是其中之一。現代化正在朝著筆記本電腦這一移動形式因素發展。我們看到移動設備現在約佔市場的 25%——或者，對不起，佔市場的 75%，台式機佔市場的 25%。這對於大約 50-50 歲的 [公共] 組織、筆記本電腦、台式機來說是個好兆頭。所以有些人趕上去那裡做。我們認為，隨著我們即將進入 2021 日曆年，或者現在我們的 22 財年，這將繼續推動增長。

So I think those signs are good. I think we also have to realize that people are going to go back to work and go into an office, in many cases, they haven't been in for 5, 6, 7 quarters, depending on when that occurs. That will be the largest aging or the most significant aging of an installed base that certainly we've seen ever in our industry.

所以我認為這些跡像是好的。我認為我們還必須意識到，人們將重返工作崗位並進入辦公室，在許多情況下，他們已經有 5、6、7 個季度沒有上班了，這取決於這種情況發生的時間。這將是我們在行業中見過的最大或最顯著的安裝基礎老化。

I also think this -- it's an important consideration. This work-from-home and do-from-anywhere environment, we don't believe slows down postpandemic or post people going back to the office. So we're going to continue to see an environment where people will do more and more work, more and more of their activities away from the office, driving demand for PCs, which has become essential in this type of work environment, this type of consumer environment. I think I said on our last call, there's no question in our mind that the PC has become one of, if not the most, essential device in this work from anywhere, do-from-anywhere environment that we're in today.

我也認為這是一個重要的考慮因素。這種在家工作和隨時隨地工作的環境，我們認為不會減緩大流行後的速度或讓人們回到辦公室。因此，我們將繼續看到一種環境，人們將做越來越多的工作，越來越多的活動不在辦公室，從而推動對 PC 的需求，這在這種類型的工作環境中變得至關重要，這種類型的消費環境。我想我在上次電話會議上說過，毫無疑問，PC 已經成為我們今天所處的任何地方、隨時隨地進行的工作中最重要的設備之一。

Long-winded way of saying, I think the market continues to look strong. If you saw the IDC data that came out yesterday, their strength of the demand environment continues to be strong in both the commercial and consumer marketplaces in calendar '21. I hope that helps.

囉嗦的說法，我認為市場繼續看強。如果您看到昨天發布的 IDC 數據，他們在 21 年日曆中的商業和消費市場的需求環境強度繼續保持強勁。我希望這會有所幫助。

Your next question comes from the line of Rod Hall with Goldman Sachs.

您的下一個問題來自高盛的 Rod Hall。

Tom, I wanted to drill into this cash flow number because it's extremely strong and just get you maybe to talk a little bit about working capital changes there, how that working capital change looks in April. I mean, normally in April, you'd be increasing working capital. I wonder if that's going to be the case this year. Just maybe talk us through kind of how sustainable some of that is.

湯姆，我想深入研究這個現金流量數字，因為它非常強大，也許只是讓你談談那裡的營運資金變化，以及四月份的營運資金變化情況。我的意思是，通常在四月份，你會增加營運資金。我想知道今年是否會出現這種情況。只是也許可以告訴我們其中一些是多麼可持續。

Yes, Rod, I'm happy to chat about it. First, let me just say, I think the company had an extraordinary Q4 from a cash flow perspective. And I think it shows the power of the model when you get sequential growth quarter-on-quarter in the business like we get. And Q4 is normally a strong cash flow quarter for us to begin with, Rod.

是的，羅德，我很樂意談論它。首先，我只想說，從現金流的角度來看，我認為該公司第四季度的表現非常出色。而且我認為，當您像我們一樣在業務中獲得季度環比增長時，它顯示了該模型的力量。羅德，第四季度通常對我們來說是一個強勁的現金流季度。

So if you look at the demands or the dynamics within working capital, what you saw was despite the strong revenue growth, which drove a build in accounts receivable, our aging actually improved. I think we had good discipline around our inventory positions. And our payables positions were, I think, appropriate.

因此，如果您查看營運資金的需求或動態，您會看到儘管收入增長強勁，推動了應收賬款的增加，但我們的老化實際上有所改善。我認為我們在庫存位置方面有良好的紀律。我認為，我們的應付賬款頭寸是合適的。

As we think -- so there wasn't really anything unusual in the quarter from a working capital dynamic other than I think the team executed well in managing the balance sheet, and we benefited from the strong business environment and the revenue environment that we saw.

正如我們所認為的那樣，除了我認為團隊在管理資產負債表方面表現出色之外，本季度的營運資金動態並沒有什麼不尋常的地方，而且我們受益於我們所看到的強勁的商業環境和收入環境.

I would -- so as we step from Q4 into Q1, I would remind everybody that Q1 is traditionally our weakest cash quarter. It's also generally our weakest quarter of the year from a business perspective. So we normally see a cash -- we normally burn some cash in Q1. And I think our expectation is, is that we'll do that again in the quarter, although probably not to the extent that we did it a year ago.

我會 - 所以當我們從第四季度進入第一季度時，我會提醒大家，第一季度傳統上是我們最弱的現金季度。從業務角度來看，這通常也是我們今年最疲軟的一個季度。所以我們通常會看到現金——我們通常會在第一季度燒掉一些現金。我認為我們的期望是，我們將在本季度再次這樣做，儘管可能不會像一年前那樣。

So I mean I think we're being good -- I feel really good about our cash position, $10.6 billion at the core Dell level. I think the teams -- I think we're well positioned from a liquidity perspective. If you heard in my prepared remarks, we've already notified the bondholders of $1 billion pay-down from some of the maturity schedules that are due this year, which only leaves us $500 million of scheduled maturities for the year.

所以我的意思是我認為我們做得很好——我對我們的現金狀況感覺非常好，戴爾核心水平為 106 億美元。我認為團隊 - 從流動性的角度來看，我認為我們處於有利位置。如果您在我準備好的講話中聽到，我們已經通知債券持有人從今年到期的一些到期時間表中償還了 10 億美元，這僅剩下 5 億美元的預定到期。

So I think we're in good shape, Rod, and we'll continue to manage our way and be disciplined in the balance sheet. Tyler, would you add anything to that?

所以我認為我們的狀態很好，羅德，我們將繼續管理自己的方式，並在資產負債表中保持紀律。泰勒，你會加點什麼嗎？

Yes. Look, I think the only thing I would add is, look, I think we'll remain focused on working capital, right? I mean we did end at really good levels, right? I don't expect there to be a material shift as we work through next year.

是的。看，我想我唯一要補充的是，看，我認為我們將繼續專注於營運資金，對吧？我的意思是我們確實以非常好的水平結束了，對吧？我預計在我們明年的工作中不會出現重大轉變。

So I guess the only other thing is, keep in mind also that Q1 a year ago, we did have some impacts from COVID to working capital, right? So obviously, we won't have those same impacts going into Q1 this year.

所以我想唯一的另一件事是，請記住，一年前的第一季度，我們確實從 COVID 對營運資金產生了一些影響，對吧？所以很明顯，我們不會在今年第一季度產生同樣的影響。

Your next question comes from the line of Katy Huberty with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Katy Huberty。

Maybe, Jeff, what do you expect the shape of the recovery to look like in ISG this year, given that was a laggard in fiscal '21? And just any color around orders or the pipeline build that you saw in ISG that might build some confidence in a recovery.

也許，傑夫，你認為今年 ISG 的複蘇形態會是什麼樣子，因為這在 21 財年是落後的？您在 ISG 中看到的訂單或管道建設的任何顏色都可能會為複蘇建立一些信心。

Sure. I will tell you, it's one of the questions Tom and I often sit back and reflect on inside the company as we look at our FY '22 plan, just how the ISG market responds. You've seen the market forecast there shows growth to be in both the server and storage sectors. We spend a lot of time trying to figure out and model what that looks like in terms of when and at what rate it comes back. It's still a little foggy, if you will, to call because if you look at the IDC forecast for storage, as an example, in Q1, it's negative. That said, I think there's some encouraging signs in our business.

當然。我會告訴你，這是湯姆和我經常坐下來思考公司內部的問題之一，因為我們著眼於我們的 22 財年計劃，以及 ISG 市場的反應。您已經看到那裡的市場預測顯示服務器和存儲領域都將出現增長。我們花了很多時間試圖找出並模擬它在何時以及以何種速度返回的樣子。如果你願意的話，打電話仍然有點模糊，因為如果你看看 IDC 對存儲的預測，例如，在第一季度，它是負面的。也就是說，我認為我們的業務中有一些令人鼓舞的跡象。

If you recall in our Q3 comments, I think I made a comment that our server business accelerated throughout the quarter, and that momentum continued in Q4 to the point where our server business had, for the first time in 8 quarters, growth. That's encouraging. We saw in our server business, large bids respond back positively. Our small business and medium business sectors came back positively. So seeing growth in the server sector is, I think, very encouraging for us.

如果您還記得我們在第三季度的評論，我想我曾發表評論說我們的服務器業務在整個季度都在加速，並且這種勢頭在第四季度持續到我們的服務器業務在 8 個季度中首次增長的地步。這是令人鼓舞的。我們在服務器業務中看到，大額出價得到了積極的回應。我們的小型企業和中型企業部門積極回升。因此，我認為看到服務器領域的增長對我們來說非常鼓舞人心。

We saw growth in the high-value workloads. We're actually very excited about the progress that we've made in high-value workloads, seeing that growth being in, let's say, significant double digits, if you will, and increasing our share position in the most valuable workloads in the data center. I'm encouraged by that, and it clearly looks like server momentum continues.

我們看到了高價值工作負載的增長。實際上，我們對我們在高價值工作負載方面取得的進展感到非常興奮，如果您願意的話，我們看到這種增長正在達到兩位數，並且增加了我們在數據中最有價值的工作負載中的份額中央。我對此感到鼓舞，而且顯然服務器勢頭仍在繼續。

Storage. Clearly, you've seen our results. We were down in the quarter, an improvement over Q3. We saw vast improvement in the midrange. The first time we've grown the midrange now in storage, I believe it's in 9 quarters. We grew midrange by 8% on the back of PowerStore. We had growth in both our PowerStore business, our HCI segment. We grew in our data -- our PowerProtect Data Domain segment. And we grew, which I think is equally important, in our all-flash array segment. So we had growth in those areas in our storage business. Obviously, still down, but I'm encouraged by the progress we've made in the midrange.

貯存。顯然，您已經看到了我們的結果。我們在本季度有所下降，比第三季度有所改善。我們在中端看到了巨大的進步。我們第一次在存儲中增長中端，我相信它在 9 個季度內。在 PowerStore 的支持下，我們的中端增長了 8%。我們的 PowerStore 業務和 HCI 部門都有增長。我們的數據增長了——我們的 PowerProtect Data Domain 部分。我們在全閃存陣列領域成長，我認為這同樣重要。因此，我們的存儲業務在這些領域都有增長。顯然，仍然下降，但我對我們在中端取得的進展感到鼓舞。

I think I made reference in our talking points about PowerStore is now up 4x what it was in Q3 and Q4. 20% of the customers are new storage buyers. Our win rate against the competition is up or tripled or up 3x, if you will. And I think that bodes well, given the progress we've made over the last 3 years, in consolidating the high end of the storage marketplace, where we've aggregated our share position by over 1,300 basis points to over 50% of the market in the high end. Now with the momentum we have in the midrange, the opportunity is to grow the sub-$250,000 segment, the midrange, and that's what we eye.

我想我在我們的談話要點中提到了 PowerStore 現在是第三季度和第四季度的 4 倍。 20% 的客戶是新的存儲買家。如果您願意，我們對競爭對手的勝率會提高或增加三倍或增加 3 倍。而且我認為這是個好兆頭，鑑於我們在過去 3 年中取得的進展，在整合高端存儲市場方面，我們已經將我們的份額頭寸加總超過 1,300 個基點，佔市場的 50% 以上在高端。現在，隨著我們在中端市場的發展勢頭，機會是增長低於 250,000 美元的中端市場，這就是我們所關注的。

How to call that? Tom can weigh in here in a moment. We both spend a lot of time -- I don't know, which is probably -- you've seen some of the prudent outlook that we have for the year of when that comes back in our business.

那怎麼稱呼？湯姆馬上就可以在這裡稱重。我們都花了很多時間——我不知道，這可能是——你已經看到了我們對這一年的一些審慎展望，當這種情況重新出現在我們的業務中時。

No, I would just say, Jeff, that -- I would agree with that, Katy. I mean it's just trying to figure out the pace and timing, I think, is what we've been focused on, and it's a little unclear now. We clearly think the back half is better than the first half.

不，我只想說，傑夫，那——我同意這一點，凱蒂。我的意思是，它只是試圖弄清楚節奏和時機，我認為，這是我們一直關注的，現在有點不清楚。我們顯然認為後半場比前半場要好。

Correct.

正確的。

In terms of ISG velocity, just a question of that sequencing and the timing. So we're obviously going to be focused on it. And I think you've seen our history and our execution where we will drive where there's growth and take advantage of the market opportunities, but it's still a little bit unclear in terms of sequencing there.

就 ISG 速度而言，只是順序和時間的問題。所以我們顯然會專注於它。而且我認為您已經看到了我們的歷史和執行情況，我們將在有增長的地方推動並利用市場機會，但就那裡的排序而言仍然有點不清楚。

Your next question comes from the line of Tim Long with Barclays.

您的下一個問題來自巴克萊銀行的 Tim Long。

This is Peter Zdebski on for Tim. Congratulations on the quarter. (inaudible) if you could drill down a bit on the gross margin outlook into fiscal '22, specifically as related to component costs and any supply chain considerations there.

這是蒂姆的彼得茲德布斯基。祝賀本季度。 （聽不清）如果您可以深入了解 22 財年的毛利率前景，特別是與組件成本和那裡的任何供應鏈考慮因素有關。

Yes. Let me start, and then, Jeff, you should take the supply chain and component cost. So look, I think as we think about margin -- and I'm not going to go to gross margin. Let me just sort of think -- tell you about how we think about the bottom of the P&L, so to speak.

是的。讓我開始，然後，傑夫，你應該考慮供應鍊和組件成本。所以看，我認為當我們考慮利潤率時 - 我不會去毛利率。讓我想一想——告訴你我們如何看待損益表的底部，可以這麼說。

Look, there'll be some mix dynamics as we work our way through the year in terms of the CSG, ISG businesses. We also -- let me remind you that we've also added -- we are adding OpEx back into the business this year as we think about the -- some of the employee benefits that we've reinstated, like 401(k) match and some of the merit cycle. VMware is also investing in their business. And so they've got a heavier -- a bit more OpEx into the business.

看，隨著我們在 CSG、ISG 業務方面的工作，將會有一些混合動力。我們還 - 讓我提醒您，我們還添加了 - 我們今年將 OpEx 重新添加到業務中，因為我們考慮了 - 我們恢復的一些員工福利，例如 401(k) 匹配和一些優點循環。 VMware 也在投資他們的業務。因此，他們對業務的投入更大——更多的運營支出。

So net-net, I would tell you that we do think there's a -- if we think about operating margin, we do think on a percentage basis, that it is -- it probably runs slightly lower than it did this year. And the absolute dollars are probably down slightly as well. So those are the things that we're working our way through.

所以淨淨值，我會告訴你，我們確實認為有一個 - 如果我們考慮營業利潤率，我們確實認為它是基於百分比的 - 它可能比今年略低。絕對美元也可能略有下降。所以這些是我們正在努力解決的問題。

Now, look, I mean, I think the reality is, is that we'll have to work our way through the year in component costs, which Jeff can highlight. This is going to be a dynamic that we're going to have to work through as well.

現在，看，我的意思是，我認為現實是，我們必須在組件成本方面努力完成這一年，傑夫可以強調這一點。這將是一個動態，我們也將不得不解決這個問題。

Yes. Happy to weigh in on the supply chain and commodity cost dynamics. Clearly, in 2020, we ended the year as a deflationary year. Our view right now, as we look at 2021, Q1 is light deflationary. And then we believe, over the year, it becomes inflationary. What's driving that? We see, in Q1, SSDs continue to be coming down in costs, offset, if you will, by increased cost, what we see in LCDs and ICs that are driving some of the demand-supply shortages that we have in the marketplace today.

是的。樂於權衡供應鍊和商品成本動態。顯然，在 2020 年，我們以通縮年結束了這一年。我們現在的觀點是，當我們展望 2021 年時，第一季度是輕度通縮。然後我們相信，在這一年裡，它會變得通貨膨脹。是什麼驅動了它？我們看到，在第一季度，SSD 的成本繼續下降，如果你願意的話，通過成本增加來抵消我們在 LCD 和 IC 中看到的導致我們今天市場上的一些供需短缺的情況。

If I was to call out one specific thing, which we're keeping our eye on, is freight costs. Freight costs continue to be a challenge for us. So that's not exactly a component or a commodity cost that's part of our supply chain transformation. And while rates have, I think, eased a little bit, the fact is the industry is using, and we are using, more air. We're expediting more, and the air network is tight. So we continue to watch the cost increase overall in that area as well as steering into an overall inflationary year in calendar '21. But to be specific, deflationary in calendar Q1 -- fiscal Q1, excuse me.

如果我要說一件我們一直在關注的具體事情，那就是運費。運費對我們來說仍然是一個挑戰。因此，這不完全是我們供應鏈轉型的組成部分或商品成本。我認為，雖然費率有所下降，但事實是該行業正在使用，而且我們正在使用更多的空氣。我們加快了速度，而且空中網絡很緊。因此，我們繼續關注該領域的整體成本增加，以及在 21 日曆年進入整體通脹年。但具體來說，日曆 Q1 的通縮——財政 Q1，對不起。

Your next question comes from the line of Toni Sacconaghi with Bernstein.

您的下一個問題來自托尼·薩科納吉（Toni Sacconaghi）與伯恩斯坦（Bernstein）的對話。

Tom, you commented about full year '22 guidance being in the low to mid-single digits. But I think at spot rates, currency will probably help almost 2 points. Maybe you can confirm that. And you also talked about IDC and Gartner end markets growing at 5%. So putting those all together would be that you're kind of assuming share loss in 2022, and I'm wondering if you can reconcile that.

湯姆，您評論說 22 年全年指導處於低到中個位數。但我認為以即期匯率計算，貨幣可能會幫助將近 2 個百分點。也許你可以確認。您還談到 IDC 和 Gartner 終端市場以 5% 的速度增長。因此，將所有這些放在一起，您會假設您在 2022 年會出現股票虧損，我想知道您是否可以調和這一點。

And maybe more specifically, I think there's always a lot of interest from investors about ISG. That's been the one business that has been up and down over the last 4 years. I think it's been down 3 the last 4. Do you believe that servers and networking and storage can grow at constant currency in fiscal '22? And is that sort of embedded in your guidance?

也許更具體地說，我認為投資者對 ISG 總是很感興趣。這是過去 4 年中起起落落的一項業務。我認為過去 4 年下降了 3 次。您認為服務器、網絡和存儲可以在 22 財年以恆定貨幣增長嗎？那是嵌入在你的指導中的嗎？

Toni, so let me try and connect the dots with those multiple data points that you threw out. So look, I think as our -- our view right now is we think our way through fiscal '22. And let me start with the fact that, well, there are signs of optimism or -- in terms of ISG demand, we do -- we are being prudent, in my opinion, on when does that sequence in. So we'll take advantage of the growth opportunities that are there as they present themselves.

托尼，讓我試著把這些點與你扔掉的多個數據點聯繫起來。所以看，我認為作為我們的 - 我們現在的觀點是我們在 22 財年思考我們的方式。讓我從一個事實開始，嗯，有樂觀的跡象，或者 - 就 ISG 需求而言，我們確實 - 在我看來，我們正在謹慎對待該序列何時開始。所以我們將採取利用它們呈現出來的增長機會。

I think from a revenue framework, I would have you think about -- our range of thinking right now is roughly in that 3% to 5% from a revenue growth range with what we know today. Obviously, we'll continue to watch this and take advantage of the opportunities and continue to provide you our perspective as we think our way -- as we go through the year.

我認為從收入框架來看，我會讓你考慮一下——我們現在的思考範圍大致在我們今天所知道的收入增長范圍的 3% 到 5% 之間。顯然，我們將繼續關注這一點並利用這些機會，並繼續為您提供我們的觀點，因為我們認為我們的方式 - 隨著我們度過這一年。

On a currency basis, I'll ask Tyler to jump in as well. Look, we do expect to get a bit of a tailwind from currency. I won't comment on the spot rate comment that you made. But...

在貨幣基礎上，我會要求泰勒也加入進來。看，我們確實希望從貨幣中獲得一點順風。我不會評論你所做的即期匯率評論。但...

I think it's fair.

我認為這是公平的。

Yes. I think that's -- I think currency should be a benefit with what we know today. So Ty, would you add anything to that?

是的。我認為那是 - 我認為貨幣應該是我們今天所知道的好處。那麼 Ty，您會對此添加任何內容嗎？

Yes. No, look, I mean, I think definitely, we're seeing favorability there, and we'll see what happens over the course of the year. But I agree, I think we'll see some favorability.

是的。不，看，我的意思是，我認為肯定的是，我們在那裡看到了支持，我們將看看這一年會發生什麼。但我同意，我認為我們會看到一些支持。

Your next question comes from the line of Simon Leopold with Raymond James.

您的下一個問題來自 Simon Leopold 和 Raymond James 的觀點。

I wanted to see if you could maybe discuss the impact of the semiconductor supply constraints, what you're doing to address, what we've heard across the board in terms of shortages. And if you can quantify if there was a revenue impact in the current quarter and in the April quarter, what you expect as constraint from just supply chain shortages of semiconductors.

我想看看你是否可以討論半導體供應限制的影響，你正在做些什麼來解決，我們在短缺方面全面聽到了什麼。如果您可以量化當前季度和 4 月季度是否對收入產生影響，那麼您預計半導體供應鏈短缺會帶來什麼限制。

Sure. I'm not sure, Simon. I know exactly what you're hearing, but I'll at least illustrate what we're working through. And clearly, we've been maneuvering across our supply base for now the better part of 2.5 years. There are shortages, most notably for the past couple of years with microprocessors. I think we made mention of it at the end of last quarter, the notion of that's now impacting things like LCDs.

當然。我不確定，西蒙。我確切地知道你在聽什麼，但我至少會說明我們正在努力解決的問題。顯然，在 2.5 年的大部分時間裡，我們一直在整個供應基礎上進行機動。存在短缺，尤其是在過去幾年的微處理器方面。我想我們在上個季度末提到了它，這個概念現在正在影響 LCD 之類的東西。

At the core of the issue is wafer capacity is taxed. There's been a number of substrate issues that have disrupted the supply. That has impacted particularly the 8-inch network. The 8-inch network makes a lot of the basic components that we all need in the industry from TCON, to driver ICs, to power ICs, to microcontrollers, card readers, codecs, you name it. Those are the types of issues we are working through as an industry. Certainly, Dell is working through that.

問題的核心是對晶圓產能征稅。有許多基材問題中斷了供應。這尤其影響了 8 英寸網絡。 8 英寸網絡製造了許多我們在行業中都需要的基本組件，從 TCON、驅動器 IC、電源 IC、微控制器、讀卡器、編解碼器，應有盡有。這些是我們作為一個行業正在解決的問題類型。當然，戴爾正在努力解決這個問題。

I think we've shown the ability to be resilient and responsive. At this point of pride, we shipped the most PCs we've ever shipped in Q3. We followed that up in Q4 by shipping the most PCs we've ever shipped in Q4. We had the best quarter in terms of absolute shipments and calendar (inaudible) more according to IDC. We just came off 50 million units of PC shipments in the calendar year. This is what we do for a living. This is -- there are challenges. I'm certainly not in denial about that.

我認為我們已經展示了彈性和響應能力。在這個自豪的時刻，我們在第三季度出貨了我們有史以來出貨量最多的 PC。我們在第四季度跟進了這一趨勢，出貨量是我們在第四季度出貨的最多的 PC。根據 IDC 的數據，我們在絕對出貨量和日曆（聽不清）方面表現最好。我們剛剛在日曆年中減少了 5000 萬台 PC 出貨量。這就是我們為生而做的事情。這是 - 有挑戰。我當然不會否認這一點。

If you look at the forecast that came out from IDC last night, there's certainly a lot of demand. And we have challenges to make sure that we get the supply for our companies. Again, it's totally new. We think our total buy helps us here. We think our long-term relationship with our supply base helps us here. We think our direct model helps us here by shifting demand to the components that we do get. But if you are hearing that there are supply shortages, you are hearing correctly. I hope it's across the areas that I described. And that's what we see, and we're navigating real time today. I hope that helps, Simon.

如果你看看昨晚 IDC 的預測，肯定會有很多需求。我們面臨著確保我們為公司獲得供應的挑戰。再次，它是全新的。我們認為我們的總購買對我們有幫助。我們認為我們與供應基地的長期關係對我們有幫助。我們認為我們的直接模型通過將需求轉移到我們確實獲得的組件來幫助我們。但是，如果您聽說供應短缺，那您就听對了。我希望它跨越我所描述的領域。這就是我們所看到的，我們今天正在實時導航。我希望這會有所幫助，西蒙。

It does. Just to clarify, not an issue you're seeing affect your April quarter?

確實如此。澄清一下，您看到的問題不會影響您的四月季度嗎？

Simon, we're just going to go with one question. You can jump back into the queue and follow up if you'd like to.

西蒙，我們只回答一個問題。如果您願意，您可以跳回隊列並跟進。

Your next question comes from the line of Krish Sankar with Cowen and Company.

您的下一個問題來自與 Cowen and Company 的 Krish Sankar。

Congrats on the good results in delevering. Jeff, I had a question on the storage front. You folks have done a great job in consolidating the storage product portfolio over the last couple of years. And you highlighted some share gains a few quarters ago. How should we think of that momentum going into FY '22? And where is your storage market share today?

恭喜去槓桿取得好成績。傑夫，我有一個關於存儲方面的問題。在過去的幾年裡，你們在整合存儲產品組合方面做得很好。您在幾個季度前強調了一些股票收益。我們應該如何看待進入 22 財年的這種勢頭？您今天的存儲市場份額在哪裡？

Lots of questions. Let me see if I can work through that. So we've largely spent the last 3 years simplifying and consolidating the portfolio into the Power portfolio that you would know them as PowerMax, PowerStore, PowerVault, PowerScale as the primary storage of vehicles. That's gone from -- I think I've quoted in the past of 88 different platforms consolidating that to roughly 20 across our portfolio. We've seen tremendous progress in consolidation in the above $250,000 product space. Over the last 3 years, I think I mentioned we've taken 1,300 basis points of share, have over 50% of the most valuable storage market.

很多問題。讓我看看我能不能解決這個問題。因此，在過去 3 年中，我們大部分時間都在將產品組合簡化並整合到 Power 產品組合中，您可以將它們稱為 PowerMax、PowerStore、PowerVault、PowerScale，作為車輛的主要存儲。這已經過去了——我想我過去引用了 88 個不同的平台，將其整合到我們產品組合中的大約 20 個。我們已經看到在 250,000 美元以上的產品空間整合方面取得了巨大進展。在過去的 3 年中，我想我提到我們已經佔據了 1,300 個基點的份額，擁有超過 50% 的最有價值的存儲市場。

The challenges that we had, which we've talked about at numerous of these calls, is midrange, which is the largest single portion of the marketplace. And PowerStore is the vehicle that we built, we launched in May and have been ramping through the year to begin to change our growth trajectory in that business.

我們在許多電話會議中談到的挑戰是中端，這是市場中最大的單一部分。 PowerStore 是我們製造的工具，我們於 5 月推出，並在這一年中一直在努力改變我們在該業務中的增長軌跡。

I'm pleased to say midrange grew 8% in fiscal Q4, again, the first time we've grown midrange in 9 quarters. It's all on the back of PowerStore. The product is being received well by our customers. Again, over Q3, we grew 4x. We tripled the amount of competitive takeouts. 20% of the customers are new to the -- or excuse me, we doubled the amount of new customers. 20% of the customers are new to our storage business just for PowerStore alone. It is clearly the vehicle that we intend to take share with in fiscal '22, calendar '21.

我很高興地說，中端在第四財季增長了 8%，這也是我們在 9 個季度中首次實現中端增長。這一切都在 PowerStore 的背後。該產品受到我們客戶的好評。同樣，在第三季度，我們增長了 4 倍。我們將競爭性外賣的數量增加了兩倍。 20% 的客戶是新客戶——或者對不起，我們的新客戶數量翻了一番。僅 PowerStore 就有 20% 的客戶是我們存儲業務的新手。這顯然是我們打算在 '22 財年、'21 日曆中分享的工具。

I like the progress we've made, but we have work to do in front of us. Tom and I have talked about our, I guess, strategic impatience of we want more faster. We like how we've ended the year. We exit on a high note, and we have a big set of ambitions about taking share in the midrange and storage for PowerStore. Given the progress that we've made in unstructured, the progress we've made in the high end, this is the space for us to absolutely capture needed market share. We intend to do so.

我喜歡我們取得的進展，但我們還有工作要做。湯姆和我已經談到了我們想要更快的戰略不耐煩。我們喜歡我們如何結束這一年。我們以高調退出，我們對在 PowerStore 的中端和存儲市場佔有一席之地抱有很大的雄心。鑑於我們在非結構化方面取得的進展，我們在高端方面取得的進展，這是我們絕對獲得所需市場份額的空間。我們打算這樣做。

Your last question, what's our market share? If memory serves me right, it's right at 28% from the last reported quarter from IDC, which was Q3. I believe. If I'm off by a couple of tenths, I'm in the zip code.

您的最後一個問題，我們的市場份額是多少？如果我沒記錯的話，與 IDC 上一季度報告的季度（即第三季度）相比，它是正確的 28%。我相信。如果我偏離了十分之幾，我就在郵政編碼中。

29.

29.

Excuse me, I was wrong. 29. That's more -- I don't like being off that much. Thank you, Rob. I appreciate that. 29.

對不起，我錯了。 29. 更重要的是——我不太喜歡休息。謝謝你，羅布。我很感激。 29.

I rounded up.

我四捨五入。

Oh, you rounded up.

哦，你圓了。

Rounded up to 20 basis points.

向上取整至 20 個基點。

Your next question comes from the line of Wamsi Mohan with Bank of America.

您的下一個問題來自美國銀行的 Wamsi Mohan。

Yes. Last year, about 12 months ago, you had expected fiscal '21 to look like fiscal '19 from an op margin rate perspective. Instead, it turned out to be quite different, for obvious reasons. As we look at fiscal '22, maybe can you draw a similar comparison, looking back at prior years, whether it's fiscal '19, '20 or '21, and talk about how we should think about the profile of fiscal '22? And if you can comment on order visibility trends relative to 3 months ago, that would be helpful, too.

是的。去年，大約 12 個月前，您曾預計 21 財年從營業利潤率的角度來看會像 19 財年。相反，結果卻完全不同，原因很明顯。當我們看 22 財年時，也許你能做一個類似的比較，回顧前幾年，無論是 19 財年、20 財年還是 21 財年，然後談談我們應該如何看待 22 財年的概況？如果您可以評論相對於 3 個月前的訂單可見性趨勢，那也會很有幫助。

Wamsi, it's Tom. So let me try and sort of give you some context around it. As -- obviously, fiscal year '21 had a number of twists and turns and with the pandemic and the extraordinary growth in the CSG business and the work from home environment, along with the sort of the supply-demand dynamic, pricing has -- in FY '21 was relatively stable, which helped us from a margin perspective.

瓦姆西，是湯姆。所以讓我試著給你一些關於它的背景。因為——顯然，21財年經歷了許多曲折，隨著大流行、CSG業務和在家工作環境的非凡增長，以及那種供需動態，定價已經—— 21 財年相對穩定，這從利潤率的角度幫助了我們。

I think a couple of things to think about as we step into '22 and as it relates to sort of op margin, we do expect op margin to go down in '22 for a couple of reasons: One, think about the VMware stand-alone guidance, first and foremost, where their operating margin guidance is down; secondly, we have incremental OpEx going into the business, both from an employee benefit perspective as reinstates and benefits as well as some investments. So we do think from a operating margin percentage, that it will be less than FY '21. If you go back to an FY '20 context, for instance, I do expect that it will be lower than the FY '20 operating margin. So I do think you got to take that into account. But principally, you got to think about the VMware dynamic within our consolidation.

我認為當我們步入 22 年時需要考慮幾件事，因為它與某種運營利潤率有關，我們確實預計 22 年的運營利潤率會下降，原因有兩個：第一，考慮 VMware 的立場-單獨的指導，首先是他們的營業利潤率指導下降；其次，我們從員工福利的角度，如恢復和福利以及一些投資，都在增加運營支出。因此，我們確實認為從營業利潤率百分比來看，它將低於 21 財年。例如，如果你回到 20 財年的環境，我確實預計它會低於 20 財年的營業利潤率。所以我認為你必須考慮到這一點。但主要是，您必須考慮我們整合中的 VMware 動態。

So -- and from that perspective, I think that, that's something you should be thinking about. So I think overall, we'll work our way through the year and take advantage of the growth vectors that are there, but we'll have to work -- there will be some challenges as we work our way through the year, as usual.

所以 - 從這個角度來看，我認為這是你應該考慮的事情。所以我認為總的來說，我們將在這一年中努力工作，並利用那裡的增長載體，但我們必須努力——像往常一樣，在我們努力完成這一年的過程中會遇到一些挑戰.

Your next question comes from the line of Amit Daryanani with Evercore.

您的下一個問題來自於 Evercore 的 Amit Daryanani。

I guess my question is really going back to the free cash flow discussion. Really impressive free cash flow generation this quarter. I think you're back within your target leverage you've talked about. So I guess I'm trying to understand, how should we think about fiscal '22 free cash flow? What are kind of the puts and takes worth considering? And then do we expect to shift your capital allocation given all your macro commentary and the fact your leverage is within the target range now?

我想我的問題真的要回到自由現金流的討論上。本季度真正令人印象深刻的自由現金流產生。我認為你回到了你所說的目標槓桿範圍內。所以我想我試圖理解，我們應該如何看待 22 財年的自由現金流？什麼樣的看跌期權值得考慮？然後，鑑於您的所有宏觀評論以及您的槓桿現在在目標範圍內，我們是否期望改變您的資本配置？

Yes. Amit, look, I think we don't give a cash flow forecast per se. So I mean our cash flow generation will be, to some extent, dependent upon how the business performance drives, right? But look, I think we're optimistic about our cash flow and our -- the business overall as we work our way through the year and the cash flow generation as a result of that.

是的。阿米特，看，我認為我們本身並沒有給出現金流量預測。所以我的意思是，我們的現金流產生在某種程度上將取決於業務績效的驅動方式，對吧？但是看，我認為我們對我們的現金流和我們的整體業務持樂觀態度，因為我們在這一年中的工作以及由此產生的現金流量。

Our capital allocation policy is going to remain fairly stable in the context of focused on delevering. We've been pretty consistent on that. And what we have talked about is the fact that as we get to and achieve investment grade, then that allows us to rethink or relook at the capital allocation policy and broaden it out as we've talked about before in terms of how much of our capital do we want to vote to, to debt repayment versus some type of a shareholder return program as well as continuing to invest in the business.

在重點去槓桿的背景下，我們的資本配置政策將保持相對穩定。我們在這方面一直很一致。我們談到的是這樣一個事實，即當我們達到並達到投資級別時，這使我們能夠重新思考或重新審視資本分配政策，並將其擴大，正如我們之前談到的那樣我們想要投票的資本，債務償還與某種類型的股東回報計劃以及繼續投資於業務。

So Tyler, I don't know what you would add, if you would add anything on FY '22 free cash flow. But that's how I'm thinking about it.

所以泰勒，我不知道你會添加什麼，如果你想在 22 財年的自由現金流上添加任何東西。但這就是我的想法。

Yes. I mean, look, I think I mentioned it earlier, just from a working capital perspective, we're not expecting any huge shifts in our CCC metrics, and there's nothing unusual. So Tom is right. I mean it will follow the shape of the P&L. But obviously, we feel comfortable with the $5 billion plus debt pay-down target that we're throwing out there. We've got cash on the balance sheet. We'll generate good cash flow.

是的。我的意思是，看，我想我之前提到過，只是從營運資金的角度來看，我們預計我們的 CCC 指標不會發生任何巨大變化，也沒有什麼不尋常的。所以湯姆是對的。我的意思是它將遵循損益表的形狀。但顯然，我們對我們提出的 50 億美元以上的債務償還目標感到滿意。我們的資產負債表上有現金。我們將產生良好的現金流。

And conversations with the rating agencies are all very positive. I mean I think quite frankly, my guess is, with all 3 of them, our performance for the quarter and for the year is better than what they had modeled. I think that we'll see what happens going forward for the year. We'll see what happens with VMware. Obviously, they're watching that closely, and that goes into their modeling and their expectations.

與評級機構的對話都非常積極。我的意思是，坦率地說，我的猜測是，對於所有這三個，我們在本季度和本年度的表現都比他們建模的要好。我認為我們會看到今年會發生什麼。我們將看看 VMware 會發生什麼。顯然，他們正在密切關注這一點，這也體現在他們的建模和期望中。

But we've got a little bit of work to do. We're at 2.5 using our metrics, and I think we want to get closer to 2, right? We're -- I think we're probably over half a turn inside of where S&P wants to see us. There are 3 crossovers. So we're probably sub-2.5 now. We're 2.5 with our metrics. We'll get Fitch and Moody's there, and we'll get (inaudible).

但我們還有一點工作要做。我們的指標是 2.5，我認為我們希望接近 2，對吧？我們 - 我認為我們可能在標準普爾希望看到我們的地方超過半圈。有3個交叉點。所以我們現在可能低於 2.5。我們的指標是 2.5。我們會得到惠譽和穆迪，我們會得到（聽不清）。

Your next question comes from the line of Shannon Cross with Cross Research.

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

I was curious, given this is about the time when you look at your comp plans and maybe your channel strategy, what you're focused on for the coming year and what kind of changes you've made to both your channel strategy as well as your comp plans.

我很好奇，因為這是您查看您的競爭計劃和渠道策略的時候，您明年的重點是什麼以及您對您的渠道策略以及你的補償計劃。

Shannon, it's Tom, and then Jeff can jump in here as well. We haven't made significant change to our comp plans or channel strategy. We continue to refine them, focused on incentivizing the behaviors we want around driving our higher-value products and services and capabilities and making sure that our programs, both from a inside seller and Dell and team member compensation framework and our channel frameworks, are consistent.

香農，我是湯姆，然後傑夫也可以跳進來。我們沒有對我們的薪酬計劃或渠道戰略做出重大改變。我們繼續完善它們，專注於激勵我們想要圍繞推動我們更高價值的產品、服務和能力的行為，並確保我們的計劃，無論是來自內部賣家和戴爾以及團隊成員的薪酬框架和我們的渠道框架，都是一致的.

So not a lot of change, to be honest, right? We've adjusted certain payout structures based upon focus and emphasis, which you might imagine, we continue to be focused on the ISG portfolio to a heavy extent. We continue to be focused on the -- our solution capabilities with VMware, and we're incentivizing those appropriately.

所以說實話，變化不大，對吧？我們已經根據重點和重點調整了某些支付結構，您可能會想像，我們將繼續在很大程度上專注於 ISG 投資組合。我們將繼續專注於我們與 VMware 的解決方案能力，並且我們正在適當地激勵這些能力。

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

傑夫，我不知道你是否會對此添加任何內容。

I'd just be real precise. Storage and the solutions with VMware, those high-value solutions between the 2 companies that help our company -- help our customers with digital transformation. And Shannon, you've heard me say this before, storage, storage, storage.

我只是非常精確。存儲和 VMware 解決方案，這兩家公司之間幫助我們公司的高價值解決方案 - 幫助我們的客戶進行數字化轉型。還有香農，你以前聽我說過，存儲，存儲，存儲。

Your last question comes from the line of Jim Suva with Citigroup.

您的最後一個問題來自花旗集團的 Jim Suva。

Tom, you gave some really good commentaries on -- overall in your different business segments. I'd just like to ask 1 follow-up question on the storage business. You talked about how you've done a lot of consolidating of your products, and you feel like your portfolio is in really good shape. If we compare, though, your recent results to, say, NetApp and some of the other ones that just recently came out, though, your year-over-year sales decline is still lagging the others. So can you help me bridge the difference between your comments of the portfolio realignment and where you're positioning with the midrange? Or is it simply a lot of that positioning is yet to come in the future?

湯姆，你在不同的業務領域給出了一些非常好的評論。我只想問一個關於存儲業務的後續問題。您談到了您是如何對產品進行大量整合的，並且您覺得您的產品組合狀況非常好。但是，如果我們將您最近的結果與 NetApp 和其他一些剛剛發布的結果進行比較，那麼您的同比銷售額下降仍然落後於其他結果。那麼，您能否幫助我彌合您對投資組合調整的評論與您在中端的定位之間的差異？或者僅僅是很多定位在未來還沒有到來？

Well, I think, Jim, part of the answer lies in do we have a very large, broad, diverse portfolio playing in all aspects of the storage marketplace. Not all of them grow at a similar rate. For example, I mentioned about the progress we've made in the high end. We've made tremendous progress in the high end. The high end of the marketplace, I think, will show that it slowed down quarter-over-quarter and year-over-year. Our exposure to that, as I mentioned, was half of the marketplace or half of the share is Dell share that has slowed down, that has an impact. Conversely, the area that is growing for us now is on the HCI side and the midrange side. We've had continued success with HCI, and that continues to this day and optimistic about that going forward.

好吧，我認為，吉姆，部分答案在於我們是否在存儲市場的各個方面都有一個非常龐大、廣泛、多樣化的產品組合。並非所有人都以相似的速度增長。例如，我提到了我們在高端方面取得的進展。我們在高端領域取得了巨大進步。我認為，市場的高端將表明它環比和同比放緩。正如我所提到的，我們的風險敞口是市場的一半或一半的份額是戴爾的份額已經放緩，這會產生影響。相反，我們現在正在增長的領域是 HCI 端和中端端。我們在 HCI 方面取得了持續的成功，這種情況一直持續到今天，並且對未來的發展持樂觀態度。

But we've talked on this call about the challenges that we've had in the midrange. One data point does not make a trend, but we're encouraged that we had exited Q4, the fiscal year, with positive momentum in our midrange business. We have a lot of work to do there. We're optimistic. We think our product continues to hunt in the marketplace. It's doing very well. And I point to the things that keep us -- get us encouraged.

但是我們在這次電話會議上談到了我們在中端面臨的挑戰。一個數據點並沒有形成趨勢，但我們感到鼓舞的是，我們已經退出了本財年第四季度，我們的中端業務勢頭良好。我們在那裡有很多工作要做。我們很樂觀。我們認為我們的產品會繼續在市場上佔有一席之地。它做得很好。我指出了讓我們保持下去的事情——讓我們受到鼓勵。

The number of competitive takeouts, I don't know what others had said, ours tripled quarter-over-quarter. The number of new customers on PowerStore doubled. 1 in 5 of the customers are new to the Dell storage business. It's 4x larger than it was the previous quarter. We clearly have momentum that we have to build, certainly, and great momentum we need to build from that into FY '22. We have large expectations in that area. That's going to be key to our absolute performance. We've made progress in unstructured.

競爭性外賣的數量，我不知道其他人怎麼說，我們的季度環比增長了兩倍。 PowerStore 的新客戶數量翻了一番。五分之一的客戶是戴爾存儲業務的新手。它比上一季度大 4 倍。我們顯然有我們必須建立的動力，當然，我們需要在 22 財年建立這種動力。我們在這方面有很大的期望。這將是我們絕對錶現的關鍵。我們在非結構化方面取得了進展。

So when I look at that, I'm optimistic -- back to one of the earlier questions. I believe it was from Katy. We're looking for the market to continue to rebound or respond, and that's how we're looking at our share and our business performance over the year.

因此，當我看到這一點時，我很樂觀——回到之前的問題之一。我相信是凱蒂寄來的。我們正在尋找市場繼續反彈或回應，這就是我們如何看待我們的份額和全年的業務表現。

Look, I'd ask you to go look at what product performance was in some of those results as well versus what our product performance was in the quarter and make those comparisons. That said, we're not satisfied with where we ended in Q4 and the year. It improved over Q3, and we have greater expectations in FY '22.

看，我會要求你去看看其中一些結果中的產品性能以及我們在本季度的產品性能並進行比較。也就是說，我們對第四季度和當年的結局並不滿意。它比第三季度有所改善，我們對 22 財年有更大的期望。

And back to the point that was made in one of the earlier questions, we run these businesses to outperform the marketplaces. We expect to take commercial PC share. We expect to take server share. And we're going to run the business to take storage share in calendar '21, fiscal '22.

回到前面一個問題中提出的觀點，我們經營這些業務是為了超越市場。我們預計將佔據商用 PC 的份額。我們希望獲得服務器份額。我們將在 '21 日曆和 '22 財年經營業務以獲取存儲份額。

All right. Jeff, if the last 2 questions didn't qualify where your focus was, I don't know what else we could do there. So I appreciate that. Thanks, everyone, for joining us. We'll be at Morgan Stanley next week with Jeff. We've got another other -- a number of other virtual events that we'll be hosting or participating in. And mark your calendars for Dell World -- Dell Technologies World on May 5 and 6. We will host a financial analyst Q&A event, of course, virtually at that. So thanks for joining us.

好的。傑夫，如果最後 2 個問題不符合您的重點，我不知道我們還能做些什麼。所以我很感激。謝謝大家加入我們。下週我們將與傑夫一起在摩根士丹利。我們還有另一個——我們將主辦或參與的許多其他虛擬活動。並在 5 月 5 日至 6 日為戴爾世界——戴爾科技世界標記您的日曆。我們將舉辦金融分析師問答活動，當然，實際上就是這樣。所以感謝您加入我們。

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。