戴爾 (DELL) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2021 Third Quarter Results Conference Call for Dell Technologies Inc. I'd like to inform all participants, this call is being recorded at the request of Dell Technologies. This broadcast is the copyrighted property of Dell Technologies Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. (Operator Instructions)

下午好，歡迎參加戴爾科技公司 2021 財年第三季度業績電話會議。我想通知所有與會者，本次電話會議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，禁止全部或部分轉播此信息。 （操作員說明）

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

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

Thanks, Erica, and thanks, everyone, for joining us. With me today are our Vice Chairman and COO, Jeff Clarke; and our CFO, Tom Sweet; along with our Treasurer, Tyler Johnson. Our press release, financial tables, web deck, prepared remarks and additional materials are available on our IR website. The guidance section will be covered on today's call.

謝謝 Erica，也謝謝大家加入我們。今天和我在一起的是我們的副董事長兼首席運營官 Jeff Clarke；以及我們的首席財務官 Tom Sweet；以及我們的財務主管 Tyler Johnson。我們的 IR 網站上提供了我們的新聞稿、財務表格、網絡平台、準備好的評論和其他材料。今天的電話會議將涵蓋指導部分。

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, and that VMware historical segment results have been recast to include pivotal results.

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 GAAP 財務指標，包括非 GAAP 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，並且 VMware 歷史分部結果已重新計算以包括關鍵結果。

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 can 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，本次電話會議期間所做的與未來結果和事件相關的所有聲明都是基於當前預期的前瞻性聲明。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絡演示文稿和 SEC 文件中進行了討論。我們沒有義務更新我們的前瞻性陳述。

Finally, before I turn it over to Jeff, I'd like to touch on the amended 13-D we filed in July regarding our exploration of potential alternatives with respect to our ownership interest in VMware. We believe the tax-free spend 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. Both Dell and VMware have publicly highlighted mutual interest and the potential benefit of such a transaction and have engaged on key work streams, including mutually beneficial commercial arrangements and Dell's expectation of a substantial cash dividend to VMware stockholders in connection with such a transaction. As a reminder, the earliest the transaction could close would be September 2021, with an announcement coming between now and then, assuming we can come to an agreement. There is also the possibility that we will not do anything, and we would maintain our current ownership structure.

最後，在我將其轉交給 Jeff 之前，我想談談我們在 7 月份提交的修訂後的 13-D，內容涉及我們探索與我們在 VMware 的所有權權益相關的潛在替代方案。我們相信，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，免稅支出可以顯著提升股東價值。戴爾和 VMware 都公開強調了此類交易的共同利益和潛在利益，並參與了關鍵工作流程，包括互惠互利的商業安排，以及戴爾希望通過此類交易向 VMware 股東派發大量現金股息。提醒一下，交易最早可能在 2021 年 9 月完成，假設我們能達成協議，現在和那時都會發佈公告。也有可能我們什麼都不做，我們會保持目前的所有權結構。

With that said, we will not address the discussions any further or take questions related to this topic on today's call.

話雖如此，我們不會在今天的電話會議上進一步討論或回答與此主題相關的問題。

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

現在我想把它交給傑夫。

Thanks, Rob. We have now been through 3 quarters of navigating an uncertain and, at times, difficult year. We have been tested across our global society, across industries and companies and as teams and as individuals like never before. I could not be prouder of how the Dell Technologies team has responded. We're growing, innovating and delivering for our customers in extraordinary ways when and how they need us most. Through it all, one thing is clear, the mega technology trends that we have long called out are accelerating, and these trends are highly favorable to Dell Technologies. We are uniquely positioned to win in the growing markets of 2020, and we are making the right investments and innovating to capture the growing markets of tomorrow.

謝謝，羅布。我們現在已經度過了 3 個季度，度過了充滿不確定性、有時甚至是艱難的一年。我們已經在全球社會、行業和公司以及團隊和個人中接受了前所未有的考驗。我對 Dell Technologies 團隊的回應感到非常自豪。我們正在以非凡的方式在客戶最需要我們的時候以非凡的方式發展、創新和交付服務。綜上所述，有一點很清楚，我們長期以來呼籲的大型技術趨勢正在加速，這些趨勢對戴爾技術非常有利。我們具有獨特的優勢，可以在 2020 年不斷增長的市場中取勝，我們正在進行正確的投資和創新，以佔領未來不斷增長的市場。

For the vast majority of companies, digital transformation is now a must-have and accelerating. We see it in our customers' interactions. We see it in our data. In October, we released the third installment of our latest Digital Transformation Index, where we have been tracking digital transformation patterns of more than 4,000 customers since 2016.

對於絕大多數公司來說，數字化轉型現在是必須的，而且正在加速。我們在客戶的互動中看到了這一點。我們在數據中看到了這一點。 10 月，我們發布了最新的數字化轉型指數第三期，自 2016 年以來我們一直在跟踪 4,000 多家客戶的數字化轉型模式。

Our 2020 index revealed that 80% of organizations globally have fast track digital transformation programs. And when compared to the 2018 study, nearly 25% of respondents have progressed from being digital laggards or followers to a more advanced stage in their digital journey. This is great news for our customers' future and more broadly, for the global economy. And it's also great news for us with major investments going towards edge, distributed work and modern consumption, cybersecurity, 5G infrastructure, digital experiences and data management.

我們的 2020 年指數顯示，全球 80% 的組織擁有快速數字化轉型計劃。與 2018 年的研究相比，近 25% 的受訪者已經從數字落後者或追隨者發展到數字之旅的更高級階段。這對我們客戶的未來乃至更廣泛的全球經濟來說都是好消息。這對我們來說也是個好消息，因為我們主要投資於邊緣、分佈式工作和現代消費、網絡安全、5G 基礎設施、數字體驗和數據管理。

Together, these trends are taking us to a future that is highly distributed, with distributed workforce, learning and health care enabled by distributed technology infrastructure, computing, analytics and real-time outcomes at the edge. Organizations investing today will have an advantage tomorrow and they are turning to Dell Technologies as their strategic partner.

這些趨勢共同將我們帶向一個高度分佈式的未來，分佈式勞動力、學習和醫療保健由分佈式技術基礎設施、計算、分析和邊緣實時結果支持。今天投資的組織將在明天獲得優勢，他們正在轉向 Dell Technologies 作為他們的戰略合作夥伴。

Let me use a real customer example to talk about the edge. Fedex CIO, Rob Carter, was with me last month at Dell Technologies World, where we talked about how latency, decentralized computing and data-driven insights they need to lead in the Internet of everything.

我用一個真實的客戶例子來談談邊緣。 Fedex 首席信息官 Rob Carter 上個月和我一起參加了 Dell Technologies World，在那裡我們討論了他們需要如何在延遲、分散計算和數據驅動的洞察力方面引領萬物互聯。

FedEx uses an array of our hybrid cloud technology to bring simplicity and speed to the edge, including VxRail, VMware and pivotal and cloud-native environments, all to keep our world connected and moving. Now we are building on that relationship, working with FedEx and Switch, a leading exascale data center company, to develop technology hubs across the United States to bring IT resources closer to where the applications and data reside, enabling the benefits of 5G and AI technologies. This is a perfect example of how we take our deep IT experience and make it easy for customers to manage data and workloads across all of their operations.

FedEx 使用我們的一系列混合雲技術為邊緣帶來簡單性和速度，包括 VxRail、VMware 以及關鍵和雲原生環境，所有這些都是為了讓我們的世界保持聯繫和移動。現在，我們正在建立這種關係，與領先的百億億次級數據中心公司 FedEx 和 Switch 合作，在美國開發技術中心，使 IT 資源更接近應用程序和數據所在的位置，從而實現 5G 和 AI 技術的優勢.這是一個完美的例子，說明我們如何利用我們深厚的 IT 經驗，讓客戶輕鬆管理其所有運營中的數據和工作負載。

We also had another exceptional quarter in CSG and what has become a multi-quarter trend as customers turn to Dell to enable the remote and hybrid workforce. Our wide range of PCs, including Chromebooks, are providing students everywhere with the essential learning tool they need. The pandemic has expanded consumers' use of online purchasing, which is a big area of focus for us.

我們在 CSG 也有另一個出色的季度，隨著客戶轉向戴爾以支持遠程和混合勞動力，這已成為一個多季度趨勢。我們種類繁多的 PC（包括 Chromebook）為世界各地的學生提供了他們所需的基本學習工具。大流行擴大了消費者對在線購買的使用，這是我們關注的一個大領域。

While we did lose share in calendar Q3, this is a result of a strategic decisions we made earlier in the year. We've moved from retail to our advantaged direct and online selling for consumers. Our strong financial performance reinforces that strategic decision, and we believe this is the right long-term balance for our business.

雖然我們確實在第三季度失去了份額，但這是我們在今年早些時候做出的戰略決策的結果。我們已經從零售轉向面向消費者的優勢直銷和在線銷售。我們強勁的財務業績強化了這一戰略決策，我們相信這是我們業務的正確長期平衡。

And finally, customers are looking for a choice in the way they consume and pay for IT. That's why at Dell Technologies World, we announced Project APEX to unify our as-a-service and cloud capabilities. We have committed to providing all of our solutions as-a-service, and launched the Dell Technologies Cloud Console, enabling a consistent cloud operating model across a customer's entire IT environment, from the edge to the core to the cloud.

最後，客戶正在尋找他們消費和支付 IT 的方式的選擇。這就是為什麼在 Dell Technologies World 上，我們宣布了 Project APEX 以統一我們的即服務和雲功能。我們致力於提供所有解決方案即服務，並推出了 Dell Technologies Cloud Console，從而在客戶的整個 IT 環境（從邊緣到核心再到雲）中實現一致的雲操作模型。

In the past year, we've seen increased interest in our as-a-service and flexible consumption offerings. And this type of transformation expands recurring revenue, providing even more stability as we navigate industry seasonality, mix and demand. The accelerated digital transformation we are experiencing today plays directly to the thesis we had in creating Dell Technologies. We are #1 in everything, all in 1 place. We have the breadth and diversity to lean into pockets of growth when and where they happen, and we can deliver consistent long-term returns as a result.

在過去的一年裡，我們看到人們對我們的即服務和靈活消費產品的興趣越來越大。這種類型的轉型擴大了經常性收入，在我們駕馭行業季節性、組合和需求時提供了更大的穩定性。我們今天正在經歷的加速數字化轉型直接影響了我們創建 Dell Technologies 的論點。我們在所有方面都排名第一，都在一個地方。我們擁有廣度和多樣性，可以在增長發生的時間和地點進入增長的口袋，因此我們可以提供一致的長期回報。

Now let's move into the third quarter performance and the team's strong execution. Revenue was $23.5 billion, up 3%; and operating income was up 12% to $2.7 billion or 11.6% of revenue. As I mentioned earlier, our Client Solutions Group had an outstanding quarter, delivering record shipments, revenue and operating income. Revenue for Q3 was $12.3 billion, up 8%. The PC is the essential device for this remote-everything environment we're living in today, as evidenced by the ongoing demand we are seeing for work and learn-from-home solutions, along with double-digit growth in education, government, particularly in our North America Federal business and the consumer vertical.

現在讓我們進入第三節的表現和球隊的強大執行力。收入為 235 億美元，增長 3%；營業收入增長 12% 至 27 億美元，佔收入的 11.6%。正如我之前提到的，我們的客戶解決方案部門有一個出色的季度，交付了創紀錄的出貨量、收入和營業收入。第三季度收入為 123 億美元，增長 8%。 PC 是我們今天生活的這個遠程一切環境的基本設備，我們看到對工作和在家學習解決方案的持續需求，以及教育、政府、特別是政府部門的兩位數增長證明了這一點在我們的北美聯邦業務和消費者垂直領域。

Demand for notebooks remained strong, with orders up 24%, driven by double-digit orders growth across the majority of our commercial and consumer notebook lines. In addition, orders for commercial Chromebooks more than doubled.

筆記本電腦的需求依然強勁，訂單增長了 24%，這主要得益於我們大多數商用和消費筆記本電腦產品線的兩位數訂單增長。此外，商用 Chromebook 的訂單增加了一倍以上。

Our consumer business had another impressive quarter, primarily driven by our premium XPS and Alienware brands, which combined, were up 43% on an orders basis. The consumer direct business was up 40% -- was up 47% on orders, and our consumer direct online business was up 62% based on orders as we seize the opportunity what we believe is a long-term multiyear trend towards e-commerce.

我們的消費者業務又迎來了一個令人印象深刻的季度，這主要是由我們的高端 XPS 和 Alienware 品牌推動的，它們的訂單量合計增長了 43%。消費者直接業務增長了 40%——訂單增長了 47%，我們的消費者直接在線業務基於訂單增長了 62%，因為我們抓住了機會，我們認為這是電子商務的長期趨勢。

Infrastructure Solutions Group revenue was $8 billion, down 4%. While the overall market for ISG has been soft this year, we are seeing improvement. Server demand improved and PowerEdge orders were up single digits sequentially. Large enterprise remain challenged, but we saw better velocity from our small business and medium business customers. Storage demand was mixed. We were pleased with our relative performance given current market dynamics. Bright spots included PowerMax and hyper converged infrastructure, each growing double digits in the third quarter on an orders basis.

基礎設施解決方案集團收入為 80 億美元，下降 4%。儘管今年 ISG 的整體市場疲軟，但我們看到了改善。服務器需求有所改善，PowerEdge 訂單連續增長個位數。大型企業仍然面臨挑戰，但我們從我們的中小型企業客戶那裡看到了更快的速度。存儲需求喜憂參半。鑑於當前的市場動態，我們對我們的相對錶現感到滿意。亮點包括 PowerMax 和超融合基礎設施，它們在第三季度的訂單量均增長了兩位數。

PowerStore is gaining traction. We delivered nearly double the orders revenue achieved in the second quarter. Albeit on a small base, we are still early in the ramp. We're pleased with the PowerStore -- we are pleased with PowerStore's progress and are seeing early wins as customers transition from existing Unity, SC, VNX, Equallogic and XtremIO products. And more than 15% of the PowerStore customers are new storage buyers. We feel great about the future of PowerStore and our storage leadership.

PowerStore 越來越受歡迎。我們交付的訂單收入幾乎是第二季度實現的兩倍。儘管基礎很小，但我們仍處於起步階段。我們對 PowerStore 感到滿意——我們對 PowerStore 的進步感到滿意，並且隨著客戶從現有的 Unity、SC、VNX、Equallogic 和 XtremIO 產品過渡，我們看到了早期的勝利。超過 15% 的 PowerStore 客戶是新的存儲購買者。我們對 PowerStore 的未來和我們在存儲方面的領先地位感到非常滿意。

Our VMware business segment had another strong quarter, delivering revenue of $2.9 billion, up 8%. The VMware partnership and teaming remains strong, and our cloud capabilities continue to build.

我們的 VMware 業務部門又迎來了一個強勁的季度，實現了 29 億美元的收入，增長了 8%。 VMware 的合作夥伴關係和團隊合作依然強大，我們的雲計算能力也在不斷增強。

Year-to-date, performance has been amazingly consistent in the light of what has turned out to be an incredibly challenging macro environment. We have delivered $68.2 billion of revenue, flat year-on-year, as we executed against growth opportunities, and we delivered $7.5 billion of operating income and $8.9 billion of adjusted EBITDA.

年初至今，鑑於事實證明這是一個極具挑戰性的宏觀環境，業績表現出奇地一致。我們已經實現了 682 億美元的收入，與去年同期持平，因為我們抓住了增長機會，我們實現了 75 億美元的營業收入和 89 億美元的調整後 EBITDA。

In the first quarter, we saw a dramatic surge from large enterprise, health care and the financial sector for work from home and business continuity solutions. This drove strong growth in our commercial client and with our VMware solutions. Towards the end of that quarter, we started to see signs of a slowdown in small and medium businesses. Then in Q2, demand shifted to government, education and consumer as remote work continued and learn from home needs soared.

第一季度，我們看到大型企業、醫療保健和金融部門對在家工作和業務連續性解決方案的需求激增。這推動了我們的商業客戶和我們的 VMware 解決方案的強勁增長。到那個季度末，我們開始看到中小企業放緩的跡象。然後在第二季度，隨著遠程工作的繼續和在家學習需求的飆升，需求轉向了政府、教育和消費者。

Similar to GDP, and given our third quarter results, our second quarter appears to be a trough for the year. In Q3, strength in government, education and consumer continued, and it was encouraging to see double-digit orders growth from our small and medium business customers, given the number of jobs this sector creates around the world.

與 GDP 類似，鑑於我們第三季度的業績，我們的第二季度似乎是今年的低谷。在第三季度，政府、教育和消費者領域繼續保持強勁勢頭，考慮到該行業在全球創造的就業數量，我們的中小企業客戶的訂單實現兩位數增長令人鼓舞。

And though some companies have moved to the public cloud for certain workloads or immediate business continuity needs, hybrid cloud momentum is building as the longer-term answer, a new operating model where workloads will be distributed between public and private clouds, traditional data centers and increasingly out to the edge. Like Australia's largest retailer, Woolworths, where we recently announced a deal to enable their hybrid cloud strategy by bringing together their public and private clouds onto a single platform, utilizing as-a-service with Dell Technologies On Demand.

儘管一些公司已將某些工作負載或即時業務連續性需求轉移到公共雲，但混合雲勢頭正在形成作為長期答案，這是一種新的運營模式，其中工作負載將分佈在公共雲和私有云、傳統數據中心和越來越到邊緣。與澳大利亞最大的零售商 Woolworths 一樣，我們最近宣布了一項交易，通過將公有云和私有云整合到一個平台上，利用 Dell Technologies On Demand 提供的即服務來實現他們的混合雲戰略。

With our hybrid cloud capabilities, the depth and breadth of our portfolio, industry-leading global supply chain, go-to-market and services reach, we have a significant -- we have significant competitive advantages to be the partner of choice. Put this all together, and you get a track record of consistent execution, profitable growth, disciplined share gains, innovation and financial returns regardless of the environment.

憑藉我們的混合雲功能、我們產品組合的深度和廣度、行業領先的全球供應鏈、上市和服務範圍，我們擁有顯著的——我們擁有成為首選合作夥伴的顯著競爭優勢。將所有這些放在一起，無論環境如何，您都會獲得一致執行、盈利增長、有紀律的股票收益、創新和財務回報的記錄。

Looking ahead, I see an extraordinary opportunity as technology continues to drive our society forward and Dell Technologies fulfills its role as the essential technology company for the data era. And with 5G, data-driven insights, automation and embedded intelligence, we will see an explosion of edge computing in smart cities and transportation, factories, hospitals and schools around the world.

展望未來，隨著技術繼續推動我們的社會向前發展以及 Dell Technologies 履行其作為數據時代必不可少的技術公司的角色，我看到了一個非凡的機遇。借助 5G、數據驅動的洞察力、自動化和嵌入式智能，我們將看到邊緣計算在全球智能城市和交通、工廠、醫院和學校中的爆炸式增長。

We know how to get technology into the real world at scale, providing a consistent approach to infrastructure, data, applications and security across the entire environment from multiple clouds to the edge. What the last 9 months has shown is that Dell Technologies is resilient, ready to meet the needs of customers today and for what's to come.

我們知道如何將技術大規模地應用到現實世界中，為從多雲到邊緣的整個環境中的基礎設施、數據、應用程序和安全性提供一致的方法。過去 9 個月的情況表明，Dell Technologies 具有彈性，隨時準備滿足客戶當前和未來的需求。

According to IDC, the expected compound annual growth rate for IT, excluding telco, through 2024 is 4.7%. It's clear that digital future is bright. We're excited about the opportunities that lie ahead.

據 IDC 稱，到 2024 年，IT（不包括電信）的預期復合年增長率為 4.7%。很明顯，數字化的未來是光明的。我們對未來的機遇感到興奮。

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

現在我會把它交給湯姆來查看財務狀況。

Thanks, Jeff. Overall, we have executed well this year, navigating through an uncertain macro environment. We've delivered stable and differentiated performance by leveraging our diversified IT platform and leaning into the current growth opportunities in a disciplined way. And we're driving value by expanding profitability faster than revenue and generating strong cash flow which has enabled significant debt paydown.

謝謝，傑夫。總體而言，我們今年表現良好，在不確定的宏觀環境中前行。通過利用我們多元化的 IT 平台並以有紀律的方式抓住當前的增長機會，我們已經提供了穩定和差異化的績效。我們通過比收入更快地擴大盈利能力和產生強勁的現金流來推動價值，這使得顯著的債務償還成為可能。

For the third quarter, revenue was better than expected and above our typical seasonality at $23.5 billion, up 3% both year-over-year and sequentially. FX this quarter did not have a meaningful impact on our financial results. Also, a reminder that we completed the sale of RSA in early September.

第三季度的收入好於預期，高於我們通常的季節性收入 235 億美元，同比和環比增長 3%。本季度的外匯對我們的財務業績沒有產生重大影響。另外，提醒一下，我們在 9 月初完成了 RSA 的銷售。

Gross margin was $7.8 billion or 33% of revenue. Gross margin dollars were flat, which I believe is a good result given the demand that we've seen from education, government and consumer customers typically tends to deliver less margin dollars. Operating expense was $5 billion, up slightly 1% sequentially and better than expected as we continue to benefit from the cost containment actions we instituted earlier this year. Operating income was up 12% to $2.7 billion or 11.6% of revenue driven primarily by our ongoing operating expense controls and strong profitability in CSG. Consolidated net income was $1.7 billion, up 18%, and EPS was $2.03 a share, up 16%. Adjusted EBITDA was $3.2 billion, up 13% at 13.7% of revenue. For the trailing 12 months, adjusted EBITDA was $12.1 billion. Total deferred revenue was $28.7 billion, up 11% year-over-year. Our recurring revenue, which includes deferred revenue amortization, utility and as-a-service models is now approximately $6 billion a quarter, up 13%.

毛利率為 78 億美元，佔收入的 33%。毛利率持平，我認為這是一個很好的結果，因為我們從教育、政府和消費者客戶那裡看到的需求通常傾向於提供較少的利潤美元。營業費用為 50 億美元，環比小幅增長 1%，好於預期，因為我們繼續受益於我們今年早些時候採取的成本控制措施。營業收入增長 12% 至 27 億美元，佔收入的 11.6%，這主要是由於我們持續的營業費用控制和 CSG 的強勁盈利能力。綜合淨收入為 17 億美元，增長 18%，每股收益為 2.03 美元，增長 16%。調整後的 EBITDA 為 32 億美元，增長 13%，佔收入的 13.7%。在過去的 12 個月中，調整後的 EBITDA 為 121 億美元。遞延收入總額為 287 億美元，同比增長 11%。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，增長 13%。

As announced at Dell Technologies World, we will broaden our as-a-service solutions for our customers across our entire portfolio over the next year, giving them more flexibility to scale their IT to meet their business needs and budgets. We're seeing adoption of our portfolio delivered as a service through flexible consumption solutions and expect this to continue to grow over time.

正如在 Dell Technologies World 上宣布的那樣，明年我們將在我們的整個產品組合中為我們的客戶擴展我們的即服務解決方案，讓他們更靈活地擴展他們的 IT 以滿足他們的業務需求和預算。我們看到我們的產品組合通過靈活的消費解決方案以服務的形式被採用，並預計這種情況會隨著時間的推移而繼續增長。

Turning to the business units. Our Client Solutions Group results were above our expectations, driven by ongoing strong demand for work and learn from home solutions, along with gaming systems. CSG revenue was a record $12.3 billion, up 8% as we delivered record shipments in the quarter. Commercial revenue was up 5% to $8.8 billion as we saw strong growth in Latitude and Precision notebooks and commercial Chromebooks. Not surprisingly, given the remote nature of this year's working and learning environment, we continue to see reduced demand in commercial desktops.

轉向業務部門。我們的客戶解決方案部門的業績超出了我們的預期，這是由於對工作和家庭解決方案以及遊戲系統的持續強勁需求推動的。 CSG 收入達到創紀錄的 123 億美元，增長 8%，因為我們在本季度交付了創紀錄的出貨量。由於我們看到 Latitude 和 Precision 筆記本電腦以及商用 Chromebook 的強勁增長，商業收入增長了 5%，達到 88 億美元。毫不奇怪，鑑於今年工作和學習環境的遠程性質，我們繼續看到對商用台式機的需求減少。

Consumer revenue was $3.5 billion, up 14%, driven by strong growth across all of our consumer notebooks and gaming systems. Our premium consumer products, XPS and Alienware combined saw strong double-digit revenue growth for both notebooks and desktops. CSG operating income was also a record at $1 billion, up 36% and 8.2% of revenue. The strong profitability was driven by our record shipments, product mix and our operating expense discipline. This has been a great year for our Client Solutions business, and it's clear that the PC is still the platform of choice. The revenue stability of this business has been beneficial and has consistently generated strong cash flow that has enabled us to weather different cycles and demand fluctuations. Over the past 5 fiscal years, CSG revenue has grown at a 3% CAGR, while the CAGR for operating income was nearly triple that rate.

消費者收入為 35 億美元，增長 14%，這得益於我們所有消費類筆記本電腦和遊戲系統的強勁增長。我們的高端消費產品 XPS 和 Alienware 的筆記本電腦和台式機收入都實現了兩位數的強勁增長。 CSG 營業收入也創下 10 億美元的歷史新高，分別增長 36% 和 8.2%。強勁的盈利能力是由我們創紀錄的出貨量、產品組合和我們的運營費用紀律推動的。今年對我們的客戶端解決方案業務來說是豐收的一年，很明顯 PC 仍然是首選平台。該業務的收入穩定性是有益的，並持續產生強勁的現金流，使我們能夠經受住不同的周期和需求波動。在過去的 5 個財政年度中，CSG 收入以 3% 的複合年增長率增長，而營業收入的複合年增長率幾乎是該增長率的三倍。

ISG revenue was $8 billion, down 4%. Though disappointed in the decline, the overall server and storage market has been softer than we expected coming into this year. Given the dynamics in the macro environment, we executed against the growth opportunities within these markets while delivering solid profitability.

ISG 收入為 80 億美元，下降 4%。儘管對下降感到失望，但今年整體服務器和存儲市場比我們預期的要疲軟。鑑於宏觀環境的動態，我們抓住了這些市場的增長機會，同時實現了穩健的盈利能力。

Storage revenue was $3.9 billion, down 7%. PowerMax and HCI, specifically VxRail, where highlights as both were up double digits based on orders. We continue to see softness in other areas of core storage, including mid-range. As Jeff described, PowerStore's trending in the right direction, and we expect it to ramp through the rest of this year and into FY '22.

存儲收入為 39 億美元，下降 7%。 PowerMax 和 HCI，特別是 VxRail，兩者的亮點都基於訂單增長了兩位數。我們繼續看到核心存儲其他領域的疲軟，包括中檔。正如 Jeff 所描述的那樣，PowerStore 正朝著正確的方向發展，我們預計它會在今年餘下的時間裡持續增長並進入 22 財年。

Servers and networking revenue was $4.2 billion, down 2%. Overall, server demand was softer than expected, but we did see improvement in orders with our mainstream servers growing sequentially. We also saw improved transactional demand for our mainstream servers as we move through the quarter. We continue to look for balanced growth, being disciplined and selectively leaning into opportunities that make economic sense. For instance, our high-value servers built for artificial intelligence and machine learning workloads had another quarter of positive growth, with orders up mid-single digits and is a growing piece of our server revenue mix.

服務器和網絡收入為 42 億美元，下降 2%。總體而言，服務器需求比預期疲軟，但我們確實看到訂單有所改善，我們的主流服務器環比增長。隨著本季度的推進，我們還看到對主流服務器的交易需求有所改善。我們繼續尋求平衡增長，遵守紀律並有選擇地傾向於具有經濟意義的機會。例如，我們為人工智能和機器學習工作負載構建的高價值服務器又實現了四分之一的正增長，訂單數量達到中等個位數，並且在我們的服務器收入組合中佔越來越大的比重。

ISG operating income was $882 million or 11% of revenue, which was down 90 basis points as higher component costs for servers and networking and product mix more than offset lower operating expense. The VMware business unit had another strong quarter, delivering revenue of $2.9 billion, up 8%, and operating income of $837 million or 28.9% of revenue. Based on VMware's standalone results, subscription and software-as-a-service revenue grew 44%. The business saw better than expected growth in the VMware Cloud Provider Program, modern applications and VMware Cloud on AWS. VMware Cloud and AWS continued to show great traction in Q3, with triple-digit revenue growth.

ISG 營業收入為 8.82 億美元，佔收入的 11%，下降了 90 個基點，因為服務器和網絡以及產品組合的較高組件成本抵消了較低的營業費用。 VMware 業務部門又一個強勁的季度，實現收入 29 億美元，增長 8%，營業收入 8.37 億美元，佔收入的 28.9%。根據 VMware 的獨立業績，訂閱和軟件即服務收入增長了 44%。該業務在 VMware Cloud Provider 計劃、現代應用程序和 VMware Cloud on AWS 方面的增長好於預期。 VMware Cloud 和 AWS 在第三季度繼續表現出巨大的吸引力，實現了三位數的收入增長。

Dell Financial Services growth continued in the third quarter with originations up 4% to $2.1 billion. DFS ended the quarter with $12.6 billion in total managed assets, up $1.9 billion year-on-year. DFS enables sales, drives profitable growth and retains customers through a number of traditional financing and innovative payment solutions, including consumption and as-a-service offerings.

戴爾金融服務業務在第三季度繼續增長，發起金額增長 4% 至 21 億美元。 DFS 在本季度結束時管理的總資產為 126 億美元，同比增長 19 億美元。 DFS 通過多種傳統融資和創新支付解決方案（包括消費和即服務產品）促進銷售、推動盈利增長並留住客戶。

Moving to our capital structure and balance sheet. Cash flow from operations was quite strong and above typical seasonality at approximately $3 billion, driven by improvement in net income and diligent working capital management. Adjusted free cash flow in Q3 was $2.7 billion, and on a trailing 12-month basis, adjusted free cash flow was $8.8 billion. We ended the quarter with $13 billion of cash and investments. Our liquidity position is strong, and we made excellent progress on delevering.

轉向我們的資本結構和資產負債表。在淨收入改善和勤奮的營運資金管理的推動下，運營現金流非常強勁，高於典型的季節性，約為 30 億美元。第三季度調整後的自由現金流為 27 億美元，過去 12 個月調整後的自由現金流為 88 億美元。我們以 130 億美元的現金和投資結束了本季度。我們的流動性狀況良好，我們在去槓桿方面取得了很好的進展。

During the third quarter, we paid down approximately $4.6 billion of debt, including $3.1 billion of core debt and $1.5 billion of VMware debt. With the debt payments made in Q3, our total debt balance ended the quarter at $50.4 billion, and includes DFS-related debt of $10.1 billion and subsidiary debt of $4.8 billion. Our core debt ended the quarter at $31.4 billion. We are on track to reduce core debt by approximately $5.5 billion in FY '21 as we expect to pay down at least $2.4 billion in Q4.

第三季度，我們償還了大約 46 億美元的債務，包括 31 億美元的核心債務和 15 億美元的 VMware 債務。加上第三季度支付的債務，我們的總債務餘額在本季度末為 504 億美元，其中包括 101 億美元的 DFS 相關債務和 48 億美元的附屬債務。本季度末我們的核心債務為 314 億美元。我們有望在 21 財年將核心債務減少約 55 億美元，因為我們預計在第四季度至少償還 24 億美元。

With our continued debt paydown and strong profitability, our core leverage is now below 3x and at the top end of our target core leverage range of 2 to 3x. Recognizing leverage is only 1 metric used by the rating agencies, based on our calculations, we believe this puts us inside the current investment-grade target range for S&P. We are pleased with the progress we've made against our delevering plan, and debt paydown will continue to be our capital allocation priority as we work toward investment-grade metrics.

隨著我們持續償還債務和強勁的盈利能力，我們的核心槓桿率現在低於 3 倍，處於我們 2 至 3 倍目標核心槓桿率範圍的高端。根據我們的計算，認識到槓桿率只是評級機構使用的指標之一，我們認為這使我們處於標準普爾當前的投資級目標範圍內。我們對我們在去槓桿化計劃方面取得的進展感到滿意，在我們努力實現投資級指標的過程中，償還債務將繼續成為我們的資本配置優先事項。

Moving now to our outlook for the fourth quarter. Though the latest global GDP and industry data for infrastructure demand indicate gradual improvement into the next year, there continues to be a high degree of uncertainty as COVID-19 infections increased globally, and some geographies have implemented new restrictions. Given the macro backdrop and the trends that we've seen in our business, we expect Q4 revenue to be up 3% to 4% sequentially, which is slightly below typical seasonality of 5% to 6% sequentially. We expect strong CSG results with revenue expected to be slightly above normal seasonality of plus 2% to 3% sequentially. For ISG, we expect revenue to track slightly lower than last year's 4% sequential growth based on the continued softness in data center spending.

現在轉到我們對第四季度的展望。儘管最新的全球 GDP 和行業基礎設施需求數據表明明年將逐步改善，但隨著全球 COVID-19 感染的增加，以及一些地區實施了新的限制措施，仍存在高度不確定性。鑑於宏觀背景和我們在業務中看到的趨勢，我們預計第四季度收入將連續增長 3% 至 4%，略低於 5% 至 6% 的典型季節性。我們預計 CSG 業績強勁，預計收入將略高於正常季節性增長 2% 至 3%。對於 ISG，基於數據中心支出的持續疲軟，我們預計收入將略低於去年 4% 的環比增長。

From an operating income standpoint, we expect CSG margins to remain strong and above historical averages but lower sequentially due to a higher mix of consumer PCs and commercial Chromebooks, along with holiday promotions. We are a bit more cautious on ISG margin dollars given the uncertainty in the macro, while VMware should benefit from typical seasonality in Q4. Taking all of this into account, we expect consolidated operating margin dollars to be slightly higher versus Q3.

從營業收入的角度來看，我們預計 CSG 利潤率將保持強勁並高於歷史平均水平，但由於消費 PC 和商用 Chromebook 的組合增加以及假日促銷，因此環比下降。鑑於宏觀的不確定性，我們對 ISG 保證金美元更加謹慎，而 VMware 應該會從第四季度的典型季節性中受益。考慮到所有這些因素，我們預計綜合營業利潤率美元將略高於第三季度。

Our breadth and diversity of portfolio has driven stability in our performance through the year, and we continue to adjust to opportunities we see in the business. Given the aforementioned risk, we believe it's still too early to talk about next year. That said, looking at the current global GDP and IDC forecast, we are cautiously optimistic about the potential for recovery post pandemic-related pressures. GDP expectations and IT spend, ex telco estimates from both IDC and Gartner, see 4% to 5% growth in 2021. We hope to have a better perspective on the global economy and our outlook after we close the current fiscal year.

我們產品組合的廣度和多樣性推動了我們全年業績的穩定，我們將繼續調整以適應我們在業務中看到的機會。鑑於上述風險，我們認為現在談論明年還為時過早。儘管如此，從當前的全球 GDP 和 IDC 預測來看，我們對大流行相關壓力後的複蘇潛力持謹慎樂觀態度。根據 IDC 和 Gartner 對電信公司的估計，GDP 預期和 IT 支出在 2021 年將增長 4% 至 5%。我們希望在本財年結束後對全球經濟和我們的前景有更好的看法。

In closing, we have a history of navigating through challenging environments, and this year has been a great example of our strong operating heritage. The steady execution in our core businesses and the ability to leverage our broad portfolio have enabled stability and generate a strong cash flow through these uncertain times. The teams are executing our strategy, and we're managing the business for long-term consistent growth. We're using our unique strengths to win in the consolidation of the markets in which we compete, running the business to outgrow the industry. And we're creating differentiated Dell Technologies solutions through innovation and integration across the entire family.

最後，我們有在充滿挑戰的環境中航行的歷史，今年是我們強大運營傳統的一個很好的例子。我們核心業務的穩定執行以及利用我們廣泛的投資組合的能力在這些不確定的時期實現了穩定性並產生了強勁的現金流。團隊正在執行我們的戰略，我們正在管理業務以實現長期持續增長。我們正在利用我們獨特的優勢在我們競爭的市場整合中取勝，經營業務以超越行業。我們正在通過整個系列的創新和集成來創建差異化的 Dell Technologies 解決方案。

This year has also been a good example of maximizing value creation for all shareholders. We've outgrown our competitors, grown profitability faster than revenue and generated strong cash flow. We've made good progress on our delevering goal and are committed to getting back to investment grade. 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. We're focused on what we can control and leaning into the areas of growth, which will continue to be the way we navigate through any environment or cycle.

今年也是為所有股東創造價值最大化的一個很好的例子。我們已經超越了競爭對手，盈利能力的增長速度快於收入增長速度，並產生了強勁的現金流。我們在去槓桿化目標方面取得了良好進展，並致力於回到投資級別。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 潛在免稅分拆的探索就證明了這一點。我們專注於我們可以控制的事情並傾向於增長領域，這將繼續成為我們在任何環境或週期中導航的方式。

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

有了這個，我會把它轉回給羅布開始問答。

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

謝謝，湯姆。讓我們開始問答吧。 （操作員說明）埃里卡，你能介紹一下第一個問題嗎？

Your first question is from Toni Sacconaghi with Bernstein.

你的第一個問題來自伯恩斯坦的 Toni Sacconaghi。

I'm wondering if you can comment a little bit about the forces at work on margins in both your PC and your enterprise business. So specifically, how much is sort of cyclically lower OpEx spending, things like less travel, less promotion, helping both sides of the business? Secondly, what are you seeing on components? DRAM is essential to both, yet we're seeing record margins in PCs, and we're not really -- we're seeing kind of weak margins in enterprise. And then thirdly, what are you seeing in the pricing and competitive environment? Should we be reading into the weak margins and the sequential deterioration in margins in enterprise being a function of incremental price competition, given continued softness in the market?

我想知道您是否可以對影響個人電腦和企業業務利潤率的因素發表一些評論。那麼具體來說，週期性降低 OpEx 支出有多少，比如減少差旅、減少促銷，對企業雙方都有幫助？其次，您在組件上看到了什麼？ DRAM 對兩者都是必不可少的，但我們看到 PC 的利潤率創歷史新高，而且我們並不是真的 - 我們看到企業的利潤率有點低。第三，您在定價和競爭環境中看到了什麼？鑑於市場持續疲軟，我們是否應該將企業利潤率疲軟和利潤率連續惡化視為增量價格競爭的結果？

Toni, it's Tom. Let me start, and then Jeff can jump in here as well. So look, as we think about sort of the margin dynamics, the operating margin dynamics across the various segments of the business, I'd characterize it like this. Obviously, the cost constraint actions that we did earlier in the year have been helpful from an operating margin perspective. I would remind everybody that those were put in at the time when there was significant uncertainty on the COVID impact. And obviously, we're still not through the navigation of that, but we will think our way to how do we think about the long-term sustainability or lack thereof of some of those OpEx actions as we get into next year.

托尼，是湯姆。讓我開始，然後 Jeff 也可以加入進來。所以看，當我們考慮某種利潤率動態時，業務各個部門的營業利潤率動態，我會這樣描述它。顯然，從營業利潤率的角度來看，我們在今年早些時候採取的成本限制行動是有幫助的。我會提醒大家，這些是在 COVID 影響存在重大不確定性的時候提出的。顯然，我們仍然沒有通過導航，但我們將考慮我們如何考慮我們進入明年的一些 OpEx 行動的長期可持續性或缺乏可持續性。

But as we think about PCs, for instance, right? Clearly, component costs were inflationary for most of the year. The dynamic, though, Toni, has been that component -- some of the parts shortage and parts dynamics have, I would say, prevented a bit of -- or sort of encourage rational pricing in terms of the PC space. And so when some of the, for instance, screens are in short supply, you don't see extraordinarily aggressive pricing. It's still price competitive, but not as competitive.

但是，例如，當我們考慮 PC 時，對嗎？很明顯，組件成本在一年中的大部分時間都在通貨膨脹。不過，托尼，動力一直是那個組成部分——我想說，一些零件短缺和零件動態已經阻止了一點——或者在某種程度上鼓勵了 PC 空間的合理定價。因此，當某些屏幕供不應求時，您不會看到非常激進的定價。它仍然具有價格競爭力，但沒有那麼有競爭力。

And then on the enterprise mix, our enterprise side of the house, clearly, data center demand has been softer this year. And as a result of that, we have seen -- and we've talked about it in the past calls, pricing pressure, particularly on the large bid business, generally in the computer server space, storage is a little less sensitive to the pricing, just given the IP that's embedded in the solution capabilities. But net-net, it's -- those are the dynamics that we've been navigating our way through. And maybe, Jeff, you can jump in and add some color if you'd like?

然後在企業組合方面，我們的企業方面，很明顯，今年數據中心的需求有所減弱。因此，我們已經看到——我們在過去的電話會議中也談到過，定價壓力，特別是在大型投標業務上，通常在計算機服務器領域，存儲對定價的敏感度較低，只需給出解決方案功能中嵌入的 IP。但是，net-net，它是——這些是我們一直在探索的動力。也許，傑夫，如果你願意，你可以加入並添加一些顏色？

Sure. Let me start with component pricing, Toni. It might be helpful. So we look at Q3. Q3 from our perspective was slightly inflationary, as Tom mentioned, driven by DRAM, NAND, and LCDs, offset by our structural commodity category. As we look in to Q4, it flips to be slightly deflationary driven by DRAM and NAND, offset by the shortages the industry is encountering around LCDs.

當然。讓我從組件定價開始，托尼。這可能會有所幫助。所以我們看看第三季度。從我們的角度來看，第三季度在 DRAM、NAND 和 LCD 的推動下略有通脹，但被我們的結構性商品類別所抵消。當我們展望第 4 季度時，DRAM 和 NAND 推動了輕微的通貨緊縮，但被行業在 LCD 周圍遇到的短缺所抵消。

So I think that's the kind of component-driven cost environment. There are a couple of subcategories that are, I think, important for you to think about. One would be LCDs, and then particularly the components that go into the LCDs most notably T-Cons and drivers, ICs, those are in short supply, driving up the cost of LCDs. And then likely, there's going to be challenges in the freight network towards the very end of the year as airplanes get filled up with vaccines and we're all competing for a limited amount of space.

所以我認為這是一種組件驅動的成本環境。我認為有幾個子類別對您來說很重要。一個是 LCD，然後是進入 LCD 的組件，最顯著的是 T-Con 和驅動器、IC，它們供不應求，推高了 LCD 的成本。然後很可能，到今年年底，貨運網絡將面臨挑戰，因為飛機上裝滿了疫苗，而我們都在爭奪有限的空間。

So that's how we look at the cost environment, Tom, and across pricing. If I went by specific product, notebook prices have generally firmed up around the industry. We have the demand/supply dynamic that Tom talked about. Desktop pricing is a little more competitive than normal, given that the demand for desktops has fallen considerably over the year. If I were to look at servers, servers, we still see the aggressiveness and the very big deals. Although, as we mentioned in our prepared remarks, there is less of those, and we mentioned that in Q2 as well. But nothing out of the ordinary beyond that and the big deals and servers.

這就是我們看待成本環境、湯姆和跨定價的方式。如果按具體產品來看，整個行業的筆記本電腦價格普遍走高。我們有湯姆談到的需求/供應動態。鑑於對台式機的需求在過去一年中大幅下降，台式機定價比正常情況更具競爭力。如果我要看服務器，服務器，我們仍然會看到侵略性和非常大的交易。雖然，正如我們在準備好的評論中提到的那樣，這些數量較少，我們也在第二季度提到過。但除此之外沒有什麼不尋常的，還有大筆交易和服務器。

And the same is true in storage. We're not seeing anything out of the ordinary. Obviously, when we're doing competitive swap, those bids are fairly aggressive. Our discounting has been stable. We've not seen any major price move in the industry since July. So that's, in detail, how we look at the pricing environment that we're operating in today. I hope that was helpful.

存儲也是如此。我們沒有看到任何異常情況。顯然，當我們進行競爭性互換時，這些出價相當激進。我們的折扣一直很穩定。自 7 月以來，我們沒有看到該行業有任何重大價格變動。所以，這就是我們如何看待我們今天運營的定價環境的詳細信息。我希望這對您有所幫助。

That was all helpful. If you could just comment on the cyclical OpEx reduction because of travel, et cetera. And does that become a headwind at some point?

這很有幫助。如果你能評論一下由於旅行等原因導致的周期性 OpEx 減少。這會在某個時候成為逆風嗎？

Yes. Toni, it's Tom. Look, I mean, as I mentioned, we did do a number of cost containment actions. And as we think our way through next year, as we build the AOP for our operating plan for next year, obviously, there's a number of those cost containment actions that are not going to be sustainable long term. So we are going to have to work our way through how do we reset or rethink some of the OpEx framework, but that's no -- we're always having to do a bit of that. And so we'll have to work our way through the P&L framework for next year to make sure everything holds together the way we want it to, but we'll have to address it.

是的。托尼，是湯姆。看，我的意思是，正如我提到的，我們確實採取了一些成本控制措施。當我們考慮明年的方式時，當我們為明年的運營計劃制定 AOP 時，顯然，有許多成本控制措施不會長期可持續。因此，我們將不得不通過我們如何重置或重新考慮一些 OpEx 框架來解決問題，但事實並非如此——我們總是不得不做一些事情。因此，我們必須在明年的損益框架中努力工作，以確保一切都按照我們想要的方式結合在一起，但我們必須解決它。

Yes. We recognized some of the costs moves we made this year are not sustainable as we head into next year's plan.

是的。我們認識到，在我們進入明年的計劃時，我們今年所做的一些成本舉措是不可持續的。

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

你的下一個問題來自美國銀行的 Wamsi Mohan。

Jeff or Tom, can you talk about the enterprise spend outlook? And Jeff, you opened the call talking about digital transformation and sort of this hybrid cloud transition. Over time, how that should help? Why is that not creating a better uplift in server revenues? If you could just talk about, is ISG potentially on a trajectory of growth as we look into the next fiscal year? And I have a quick follow-up.

Jeff 或 Tom，您能談談企業支出前景嗎？傑夫，你打開了電話，談論數字化轉型和這種混合雲轉型。隨著時間的推移，這應該如何幫助？為什麼這不能更好地提高服務器收入？如果你能談談，在我們展望下一財年時，ISG 是否有可能走上增長軌道？我有一個快速的跟進。

Of course, Wamsi, I'll take a swing at and then Tom, I'm sure, will come over-the-top. And we step back and kind of look at this in the macro. FY '19 for us was an extraordinary enterprise year, specifically for servers. FY '20 was a year for digestion. And quite honestly, a year ago, when we were planning the business for FY '21, we thought there was a modest growth opportunity. Pandemic hits. We see companies respond to the pandemic by really pushing their budgets towards 3 specific areas: work from home, business continuity and strategic digital transformation activities. Broad-based enterprise deployment or buys have been slowed, as we've mentioned over the previous calls, and we mentioned in our remarks.

當然，Wamsi，我會試一試，然後 Tom，我敢肯定，會誇大其詞。我們退後一步，從宏觀上看一下。 19 財年對我們來說是非凡的企業年，特別是對於服務器而言。 20 財年是消化的一年。老實說，一年前，當我們為 21 財年規劃業務時，我們認為存在適度的增長機會。流行病來襲。我們看到公司通過將預算真正推向 3 個特定領域來應對這一流行病：在家工作、業務連續性和戰略數字轉型活動。正如我們在之前的電話會議中提到的那樣，以及我們在評論中提到的那樣，基礎廣泛的企業部署或購買已經放緩。

So if I start there, that the pandemic has really changed the profile this year and really slowed down investments. And those budgets are under pressure, and those budgets are increasingly or have been increasingly been used over the year for things that certainly weren't contemplated, a work-from-home environment where large percentages of companies' workforces still remain at home, and that's where the investments have gone.

因此，如果我從那裡開始，大流行病確實改變了今年的情況並真正減緩了投資。這些預算面臨壓力，這些預算在過去一年中越來越多地或已經越來越多地用於肯定沒有考慮到的事情，在家工作的環境中，公司的大部分員工仍然留在家裡，以及這就是投資的去向。

If you look at our business in our remarks, we talked about enterprise continues to be challenged. The very large businesses, the very large bids continues to be a challenged area for us. But we did see signs where our small and medium businesses did grow. We saw a sequential improvement in our server business, which we're encouraged by. We continue to keep the product line fresh. We keep the product line and price position.

如果你在我們的評論中看看我們的業務，我們談到企業繼續受到挑戰。非常大的企業，非常大的出價對我們來說仍然是一個充滿挑戰的領域。但我們確實看到了我們的中小型企業確實增長的跡象。我們看到了服務器業務的連續改進，這讓我們感到鼓舞。我們繼續保持產品線新鮮。我們保持產品線和價格定位。

And probably maybe to close on it before I turn it over to Tom. Look, we're optimistic about what IDC and the other industry pundits talk about for next year. So this year, we're weathering through a server marketplace that's down 6%, a storage marketplace that's down somewhere in the same ballpark, 7%, if I remember correctly. And we're looking into a calendar year '21, our fiscal '22 with servers being up nearly 4% and storage being up nearly 5%. We think the market response, companies can no longer defer their investments in infrastructure, and that's the rebound. I hope that helped. Tom?

在我把它交給 Tom 之前，可能會結束它。聽著，我們對 IDC 和其他行業專家對明年的討論持樂觀態度。所以今年，我們正在經歷一個下降 6% 的服務器市場，一個下降了 7% 的存儲市場，如果我沒記錯的話。我們正在研究 21 年日曆年，我們的 22 財年服務器增長近 4%，存儲增長近 5%。我們認為市場反應，企業不能再推遲對基礎設施的投資，這就是反彈。我希望這有所幫助。湯姆？

Yes. Jeff, the only thing I would add is, obviously, part of our thinking around the ISG space is evidenced in our guidance that we just talked about and since we still expect Q4 to be relatively soft. And if you look at -- on a -- from an ISG perspective, if you look at storage, their forecast, IDC is forecasting storage at a minus 6% in Q4 and servers at a minus -- roughly a minus 4.5% mainstream servers, that is.

是的。傑夫，我唯一要補充的是，很明顯，我們對 ISG 空間的部分思考在我們剛剛談到的指導中得到了證明，因為我們仍然預計第四季度會相對疲軟。如果你看 - 從 ISG 的角度來看，如果你看存儲，他們的預測，IDC 預測第四季度存儲為負 6%，服務器為負 - 主流服務器約為負 4.5% ， 那是。

And so we do think that we've got to work our way through the remainder of the year. And then we are cautiously optimistic. Obviously, we'll have to see how the macro uncertainty plays out, but we do think that an investment cycle sets itself up next year given some of the indications we're seeing. And then, again, the IDC trends over the next 3 years or so are encouraging, but there's work to do clearly.

因此，我們確實認為我們必須在今年餘下的時間裡努力工作。然後我們謹慎樂觀。顯然，我們必須看看宏觀不確定性如何發揮作用，但我們確實認為，鑑於我們看到的一些跡象，明年會出現一個投資週期。然後，IDC 未來 3 年左右的趨勢再次令人鼓舞，但仍有工作要做。

Jeff, if I could. In the prepared remarks, you guys noted the VMware spend could happen in September '21, if you came to an agreement. I know you're limited in what you can say around this, but any chance you can comment on the moving pieces that agreement hinges on in terms of perhaps debt levels or ownership structure or high voting share conversion? What are the pieces to think about that would make you either reach or not reach an agreement?

傑夫，如果可以的話。在準備好的評論中，你們注意到，如果你們達成協議，VMware 支出可能會在 21 年 9 月發生。我知道你在這方面的發言權有限，但你是否有機會就債務水平、所有權結構或高投票權股份轉換等方面對協議所依賴的變動部分發表評論？考慮哪些因素會使您達成或無法達成協議？

Wamsi, it's Rob. I appreciate the question. We're going to pass on that. We're just going to keep the comments specific to what I had in the lead-in. So well, if we have an update, we'll definitely let you know.

瓦姆西，是羅布。我很欣賞這個問題。我們將傳遞這一點。我們將只針對我在導入中的內容保留評論。好吧，如果我們有更新，我們一定會通知您。

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

我們將接受 Evercore 的 Amit Daryanani 的下一個問題。

PI guess, Jeff, I was hoping you could talk a bit more on the storage side. I think it was down 7% this quarter, which is the largest decline we've seen in the last 2.5 years, I think. And that's despite PowerStore sounds like it's doing fairly well. So maybe just reconcile the storage declines versus the new product momentum? And then when I think about this 4% number that you talked about for infrastructure in [Jan], how do you -- how does that stack up across storage and servers?

PI 猜想，Jeff，我希望你能多談談存儲方面的問題。我認為本季度下降了 7%，我認為這是我們在過去 2.5 年中看到的最大降幅。而且，儘管 PowerStore 聽起來還不錯。那麼也許只是調和存儲下降與新產品勢頭？然後，當我想到你在 [1 月] 談到的基礎設施的這個 4% 的數字時，你如何 - 這在存儲和服務器中如何疊加？

Sure. I think Tom and I will parse that, and I'll take the first part, talk about storage, what we're seeing and then maybe a few comments about PowerStore. And then Tom can link that to our guidance and look forward.

當然。我想 Tom 和我會對此進行解析，我將開始第一部分，談論存儲，我們所看到的，然後可能是關於 PowerStore 的一些評論。然後湯姆可以將其與我們的指導聯繫起來並向前看。

And clearly, we talked in our prepared remarks, and you'll see it in the web deck, our storage business was down 7% for the quarter. We were disappointed with that result. We talked about 2 areas where we have seen growth, in fact, strong double-digit growth with our PowerMax business and our VxRail business. And then we talked about its inability or -- it's implied its inability to offset what's happening in the midrange, which is why PowerStore is so important for us, getting our midrange trajectory on a take share trajectory, which, quite frankly, it's not with our performance. We're encouraged by the first 2 quarters of PowerStore. I think I mentioned in my remarks, it was up nearly twice the revenue in Q2 and Q3. 15% of the customers are new storage buyers to the company, and that makes us feel very good that we are on the right trajectory with PowerStore.

很明顯，我們在準備好的評論中談到了這一點，你會在網絡甲板上看到它，我們的存儲業務本季度下降了 7%。我們對這個結果感到失望。我們談到了我們看到增長的兩個領域，事實上，我們的 PowerMax 業務和 VxRail 業務實現了兩位數的強勁增長。然後我們談到了它的無能，或者 - 這意味著它無法抵消中端發生的事情，這就是為什麼 PowerStore 對我們如此重要，讓我們的中端軌跡走上共享軌跡，坦率地說，它不是我們的表現。 PowerStore 的前兩個季度讓我們深受鼓舞。我想我在發言中提到，第二季度和第三季度的收入增長了近兩倍。 15% 的客戶是公司的新存儲購買者，這讓我們對 PowerStore 走在正確的軌道上感到非常高興。

But remember, it's on a base of starting literally at 0 2 quarters ago. It has to build momentum. We expect it to continue to ramp in Q4 and all through next year, and that ramp is the key to our success in growing our storage business as we have strong success in the above $2,050 segments and have actually taken share there.

但請記住，它是從字面上從 0 2 個季度前開始的。它必須建立勢頭。我們預計它將在第四季度和明年全年繼續增長，而這種增長是我們成功發展存儲業務的關鍵，因為我們在 2,050 美元以上的細分市場取得了巨大成功，並且實際上已經佔據了那裡的份額。

And then, Amit, why don't -- it's Tom. Why don't I just take a -- make a comment on your second part of that question, which I think was around the Q4 framework that we laid out, with the seasonality that we called out for ISG, which we said last year was 4%, and we expected it to be slightly lower than that on a sequential basis this year.

然後，阿米特，為什麼不——是湯姆。我為什麼不就這個問題的第二部分發表評論，我認為這是圍繞我們制定的第四季度框架，以及我們為 ISG 呼籲的季節性，我們去年說的是4%，我們預計今年將略低於環比。

Look, I think the dynamics are pretty much what I just chatted about, which is we do continue to see softness in the data center space. Typically, Q4 is a larger storage quarter. And so we do expect some uplift in storage, although we are slightly cautious about how does data center spending play its way out through Q4. So it makes sense to us, given some of the dynamics that we're seeing that -- and by the way, that our Q3 results were for servers by -- we're sort of buoyed up by the federal mix in the government space. We won't have that in Q4. So we're just slightly cautious about what we see for Q4 ISG spend at this point.

看，我認為動態與我剛才聊的差不多，我們確實繼續看到數據中心領域的疲軟。通常，Q4 是一個更大的存儲區。因此，我們確實預計存儲會有所提升，儘管我們對數據中心支出如何在第四季度發揮作用持謹慎態度。因此，考慮到我們所看到的一些動態，這對我們來說是有意義的——順便說一下，我們的第三季度結果是針對服務器的——我們在某種程度上受到了政府領域的聯邦組合的鼓舞.我們不會在第四季度擁有它。因此，我們目前對第四季度 ISG 支出的看法略有謹慎。

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

我們將從 Rod Hall 和 Goldman Sachs 提出下一個問題。

Yes. I wanted to start off, Tom, and go back to your comments on investment grade. You said that you're into that territory now. And I wonder if you could talk about what other pieces of data or evidence you think the rating agencies are waiting for to potentially make a change there? And also if you could give us any kind of idea on what the next chance for that timing-wise might look like? And then I have a follow-up.

是的。我想開始，湯姆，回到你對投資等級的評論。你說你現在進入了那個領域。我想知道您是否可以談談您認為評級機構正在等待哪些其他數據或證據可能在那裡做出改變？另外，如果你能給我們任何關於時機明智的下一次機會會是什麼樣子的想法？然後我有一個後續行動。

Rod, it's Tom. And then I'll let Tyler jump in here as well as he's on the call. Look, the leverage ratio -- and we've made great progress on core leverage ratio. So as we highlighted, as I highlighted on the prepared remarks, we're down slightly below the 3x adjusted EBITDA sort of leverage ratio that we have been -- that we've talked about. Now the leverage ratio is only one element of what the rating agencies look at in terms of the totality of the credit, if you will. So they're obviously thoughtful about the macro environment, the pandemic. We've got some news out there around the potential VMware spend. So I'm assuming they're also trying to be -- trying to sift through what that looks like.

羅德，是湯姆。然後我會讓 Tyler 插進來，因為他正在接聽電話。看，槓桿率——我們在核心槓桿率方面取得了很大進展。因此，正如我們強調的那樣，正如我在準備好的發言中強調的那樣，我們略低於我們已經討論過的 3 倍調整後 EBITDA 槓桿率。現在，如果您願意的話，槓桿率只是評級機構根據信用總量考慮的因素之一。因此，他們顯然對宏觀環境、大流行病深思熟慮。我們有一些關於 VMware 潛在支出的消息。所以我假設他們也在努力——試圖篩選看起來像什麼。

So we're holding regular conversations with them, and we continue to share our perspective, but we recognize that it's ultimately their call on when they might make that determination. And we'll continue to provide them our point of view, and we'll continue to stay focused on our capital allocation policy, which is centered around debt repayment at this point. Tyler, why don't you jump in and add some thoughts there, if you would, please?

因此，我們定期與他們進行對話，並繼續分享我們的觀點，但我們認識到，最終由他們決定何時做出決定。我們將繼續向他們提供我們的觀點，我們將繼續專注於我們的資本配置政策，該政策目前以償還債務為中心。泰勒，如果你願意的話，你為什麼不跳進去添加一些想法呢？

Yes. I mean, look, I think you pretty much well covered it. I mean, look, we're happy with where we are. I mean if you go back and look at where we were really projecting when we were going to cross over, we were thinking it was going to be more at the end of the year, and that was really a pre-COVID projection. So I think the fact that we were able to do this in the face of COVID really speaks highly to the power of cash flow generation that the business throws off.

是的。我的意思是，看，我認為你已經很好地涵蓋了它。我的意思是，看，我們對我們所處的位置很滿意。我的意思是，如果你回過頭來看看我們真正預測的時候我們要跨越的地方，我們認為它會在今年年底更多，這實際上是 COVID 之前的預測。因此，我認為我們能夠在面對 COVID 的情況下做到這一點這一事實確實高度說明了業務所產生的現金流產生的力量。

Look, I think the rating agencies and specifically S&P, which is the one that gives us credit for cash and the one that we mentioned in the talking points, they're going to want to see sustainability, so us staying under their targets for a reasonable period of time. And I think Tom called out, I mean, I think in the face of COVID, also the potential VMware transaction, that's something that's going to be top of their mind. So great progress. We'll keep doing what we're doing, and we'll go from there.

看，我認為評級機構，特別是標準普爾，這是給我們現金信用的機構，也是我們在談話要點中提到的機構，他們會希望看到可持續性，所以我們在他們的目標下保持合理的時間段。而且我認為湯姆大聲疾呼，我的意思是，我認為面對 COVID 以及潛在的 VMware 交易，這將是他們的首要考慮。這麼大的進步。我們將繼續做我們正在做的事情，我們將從那裡開始。

Okay. And then I wanted to -- on my follow-up, just ask Jeff about the PowerStore range and maybe some of the feature functionality there. Some of your competitors have called out things like clustering, storage efficiency technologies as lacking and needing development. But I know you guys rolled this thing out as -- in a containerized sort of solution so you can rapidly evolve it. I'm just wondering, do you think the ramp in that requires additional feature adds? Or do you think you've got everything you need and there's just more question and traction in the market and maybe COVID's slowing it down and so on?

好的。然後我想 - 在我的後續行動中，只向 Jeff 詢問 PowerStore 系列以及那裡的一些功能。您的一些競爭對手指出集群、存儲效率技術等缺乏並且需要開發。但我知道你們推出了這個東西——在一種容器化的解決方案中，這樣你就可以快速發展它。我只是想知道，您認為需要添加額外功能的斜坡嗎？或者你認為你已經擁有了你需要的一切，只是市場上有更多的問題和吸引力，也許 COVID 放慢了它的速度等等？

Sure. Good question, Rod. Let me try to break that down. So if I think about what -- COVID is slowing it down, I think we last -- we talked last call about the things we're doing to ensure that the product is in front of our customers. We've clearly made a lot of progress in Q3 in doing that. We put a large number of seed units in front of our largest channel partners across the globe. They are 95% up and running in front of customers at all channel partners today. We put an active try-and-buy program in place. We have our team out delivering units to customers. We have an internal team that's out helping customers ramp their proof of concept, all with a desire to help drive assessment and the proof of concepts that go along with the new category and a new architecture that we put in the marketplace.

當然。好問題，羅德。讓我試著分解一下。因此，如果我考慮什麼——COVID 正在減慢它的速度，我想我們最後一次——我們在最後一次電話會議上談到了我們正在做的事情，以確保產品出現在我們的客戶面前。我們在第三季度顯然在這方面取得了很大進展。我們將大量種子單位放在全球最大的渠道合作夥伴面前。如今，它們已在所有渠道合作夥伴的客戶面前啟動並運行 95%。我們實施了一個積極的先試后買計劃。我們讓我們的團隊向客戶交付產品。我們有一個內部團隊正在幫助客戶提升他們的概念證明，所有這些都希望幫助推動評估和概念證明，這些都與我們投放市場的新類別和新架構一起出現。

We've done, for example, 6,000 virtual demos and proof of concepts to help our customers through this. So we're very encouraged by that so much that it's ramping. You probably know our product line quite well, XtremIO, the groundbreaking all-flash architecture; VxRail, groundbreaking HCI architecture. PowerStore, at this point in time through its first 3 quarters, is ahead of both of their ramps.

例如，我們已經完成了 6,000 個虛擬演示和概念驗證，以幫助我們的客戶解決這個問題。因此，我們對此感到非常鼓舞，以至於它正在加速發展。您可能非常了解我們的產品線，XtremIO，突破性的全閃存架構； VxRail，突破性的 HCI 架構。 PowerStore 在前 3 個季度的這個時間點上，領先於他們的兩個增長點。

So I don't know what competitors say. I know what customers say. Customers say we have a very competitive product. We have a product that is meeting their needs. It's revolutionary, and it is actually a modern storage product to the point that the number of competitive takeouts we had in Q3 over Q2 nearly doubled. So we like our momentum. We're impatient. We want it to be more. We want to grow faster, but we like what we've done.

所以我不知道競爭對手怎麼說。我知道客戶怎麼說。客戶說我們的產品很有競爭力。我們有滿足他們需求的產品。它是革命性的，它實際上是一種現代存儲產品，以至於我們在第三季度的競爭性外賣數量比第二季度幾乎翻了一番。所以我們喜歡我們的勢頭。我們很不耐煩。我們希望它更多。我們想發展得更快，但我們喜歡我們所做的。

When I look at architectural features, from my seat, it's the highest performance storage array in its price bands today in the mid range. It has the best data reduction in the marketplace today. It has features that are competitive today with more features coming. The fact that we can run an application on the array makes it a very differentiated architecture. And we're very pleased with its competitiveness from a feature performance and capability point of view, to the point that it's the first modern array in the marketplace.

當我從我的座位上看架構特徵時，它是當今中檔價格範圍內性能最高的存儲陣列。它具有當今市場上最好的數據縮減功能。它具有當今具有競爭力的功能，並且還會有更多功能。我們可以在陣列上運行應用程序這一事實使其成為一種非常與眾不同的架構。我們對它在功能性能和功能方面的競爭力感到非常滿意，因為它是市場上第一個現代陣列。

So I like our hand. We just have to ramp it. Tom and I are impatient with the team. We want to see a more accelerated ramp. But again, its ramp today is faster than the 2 groundbreaking -- last 2 groundbreaking architectures in our company, XtremIO and VxRail. So the early signs remain good.

所以我喜歡我們的手。我們只需要加速它。湯姆和我對團隊不耐煩。我們希望看到更快的增長。但同樣，它今天的增長速度比我們公司 XtremIO 和 VxRail 這兩個突破性的——最後兩個突破性的架構更快。因此，早期跡象仍然良好。

(Operator Instructions)

（操作員說明）

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

我們將與摩根士丹利一起接受 Katy Huberty 的下一個問題。

Can you just talk about the shape of demand recovery, if any, that you saw in the enterprise and the SMB market separately during the October quarter? And whether there were any material changes in these trends in the month of November as some of the countries rolled back their reopening plans.

您能否談談您在 10 月季度分別在企業和 SMB 市場看到的需求復甦的形式（如果有的話）？以及隨著一些國家取消重新開放計劃，這些趨勢在 11 月份是否有任何實質性變化。

Katy, it's Tom. So look, as we think about the ISG space, in particular in -- within the -- and within the SMB market, the small and medium business. We did see improved transactional velocity as we went through our quarter, started sort of soft and improved. I don't want to overstate it because it's still a bit of a tough slog but...

凱蒂，是湯姆。因此，當我們考慮 ISG 空間時，請看，特別是在 - 在 - 和 SMB 市場內，中小型企業。我們確實看到了我們在整個季度中提高的交易速度，開始有點軟和改進。我不想誇大它，因為它仍然有點艱難，但是......

It's a smaller portion of the business.

這是業務的一小部分。

Yes. And -- but it's a good indication of how we think about transactional velocity in the business. And in that case, what we saw was, I think, the demand velocity improving as we went through the quarter from something like a minus, say, mid-teens type of down to a much better performance as we got through month 3 of the quarter.

是的。而且 - 但它很好地表明了我們如何看待業務中的交易速度。在那種情況下，我認為，我們看到的是，隨著我們經歷了這個季度，需求速度從負值（比如說，十幾歲左右）下降到 2019 年第 3 個月時的更好表現四分之一。

Now remember that -- I'm not going to comment on November, but -- which is our Q4, obviously. But we're encouraged by that, but we're also realistic as we think our way to how does ISG and infrastructure spending frame out in Q4. And our thinking is reflected in the results that -- or the guidance that we provided.

現在請記住——我不會在 11 月發表評論，但是——這顯然是我們的第四季度。但我們對此感到鼓舞，但我們也很現實，因為我們思考如何在第四季度製定 ISG 和基礎設施支出框架。我們的想法反映在結果或我們提供的指導中。

I think, Tom, it's spot on. Over the quarter, month-over-month, we saw improvement in the absolute demand profile, quite honestly, in both server and storage. The small and medium business comments you made are spot on. We saw more quote activity in that area. Conversion rates improved a little bit in that area. That's the trend, but again, we see budgets have tightened. They've been really redirected over the year to ensure the workforce is enabled to work from. That's certainly delayed or push bigger spend projects over the course of the year, and there's no reason to believe that doesn't continue into Q4.

我認為，湯姆，這是正確的。在本季度中，我們看到服務器和存儲的絕對需求狀況逐月改善，老實說。您發表的中小型企業評論是正確的。我們在該地區看到了更多的報價活動。該領域的轉化率有所提高。這是趨勢，但我們再次看到預算已經收緊。在過去的一年裡，他們確實進行了重新定向，以確保員工能夠繼續工作。這肯定會在一年中推遲或推動更大的支出項目，而且沒有理由相信這種情況不會持續到第四季度。

We'll take our next question from Jim Suva with Citi Group Investment.

我們將從花旗集團投資部的 Jim Suva 那裡回答下一個問題。

My question is just on shares, like share losses or share gains. It sounds like your PC segment, you went through a shift to direct, and you lost some share. Are you now at a stabilization point or still some more to transition away? Then on the server side, was it -- not server, storage. On the storage side, was it missed execution? Was it not having the right product out at the right time? Was it COVID? You couldn't reach the end customer? It seems like on storage, you really are having some challenges there.

我的問題只是關於股票，比如股票損失或股票收益。這聽起來像是您的 PC 細分市場，您經歷了向直接的轉變，並且失去了一些份額。您現在處於穩定點還是還有一些需要過渡？然後在服務器端，是——不是服務器，是存儲。在存儲方面，它是否錯過了執行？是不是沒有在正確的時間推出正確的產品？是新冠肺炎嗎？您無法聯繫到最終客戶？似乎在存儲方面，您確實在那裡遇到了一些挑戰。

Well, I think there's certainly the devil's in the detail here. If you look at PC, we'll start there in Q3. We did lose absolute share. The market certainly shifted to consumer, and the consumer growth was extraordinary. Our consumer business, if I recall correctly, was up 14%, but that was certainly behind the marketplace. And I know I'm making a slight compare between the fiscal quarter and the calendar quarter, but you get the point.

好吧，我認為這裡的細節肯定是魔鬼。如果你看看 PC，我們將從第三季度開始。我們確實失去了絕對份額。市場當然轉向了消費者，而且消費者的增長是非同尋常的。如果我沒記錯的話，我們的消費者業務增長了 14%，但這肯定落後於市場。而且我知道我在財政季度和日曆季度之間做了一個輕微的比較，但你明白了。

You know, strategically, we have been working, particularly with the CPU shortages over the past 2-plus years, of prioritizing our business with commercial and premium consumer. And both of those businesses continue to respond well, but the commercial marketplace was soft in Q3. And consumer was significantly up in Q3, and our share loss is largely on the consumer side. We did lose some share and timing in the commercial, but it's largely on the consumer side.

你知道，在戰略上，我們一直在努力，特別是在過去 2 年多的 CPU 短缺的情況下，優先考慮我們與商業和高端消費者的業務。這兩項業務繼續反應良好，但商業市場在第三季度表現疲軟。第三季度消費者顯著增長，我們的份額損失主要在消費者方面。我們確實在商業廣告中失去了一些份額和時機，但這主要是在消費者方面。

We made a strategic shift actually the end of last year of migrating to our heritage and advantage in the marketplace, which has been reinforced by the buying trends in the pandemic of our online direct business. That's serving us well. I think I made comments that our online business was up about 62%, and our consumer direct business was up 47%, if memory serves me right. That's encouraging.

實際上，我們在去年年底進行了戰略轉變，轉向了我們在市場上的傳統和優勢，我們的在線直接業務大流行的購買趨勢進一步加強了這一點。這對我們很有幫助。我想我說過我們的在線業務增長了約 62%，而我們的消費者直接業務增長了 47%，如果我沒有記錯的話。這是令人鼓舞的。

We want to participate in the broad swath of the marketplace. For those who think we're only participating in the mid-range and above, we're not. I think I mentioned our Chromebooks doubled on a year-over-year basis. And we'll continue to participate and catch up to the marketplace. I think our fiscal results are very different than our calendar share results. Our fiscal results of being 8% revenue growth, I think, is pretty significant and different than our share results that ended in September. In other words, we had a very big October. We're encouraged though.

我們想參與廣泛的市場。對於那些認為我們只參與中檔及以上的人來說，我們不是。我想我提到過我們的 Chromebook 同比增長了一倍。我們將繼續參與並趕上市場。我認為我們的財政結果與我們的日曆份額結果非常不同。我認為，我們 8% 的收入增長的財政結果非常顯著，並且與我們 9 月份結束的股票結果不同。換句話說，我們有一個非常重要的十月。不過我們很受鼓舞。

I look at the server side. The server side, we expect to take share. We think we've outperformed the market at a minus 2%. I think the market projection for Q3 in servers is minus 5%, 4%, something like that? If memory serves me right?

我看服務器端。服務器端，我們希望分享。我們認為我們的表現優於市場 - 2%。我認為服務器第三季度的市場預測是負 5%、4%，類似這樣的水平嗎？如果沒記錯的話？

It's minus 5.5%, Jeff. It's minus (inaudible) China.

這是負 5.5%，傑夫。這是減去（聽不清）中國。

Exactly. So we're in a share position there. And then on the storage side, it's not missed execution per se, Jim. We're taking share and consolidating in the high end. We continue to do that. Our PowerMax product continues to do well. We've taken share in the hyper-converged or software-defined space. It's back to the midrange. Our midrange is shrinking. I think we've mentioned that each of the previous 3 quarters this year, and it's why PowerStore is important. PowerStore is the catalyst. I think we've said this for the past couple of years in anticipation of the product, it is the catalyst for us to change our share trajectory in the midrange, which is the single largest segment in storage. That's why it's important. That's why doubling quarter-over-quarter is a good sign. That's why being ahead of our XtremIO and VxRail ramp is key. And again, we like our hand. We need to continue to ramp it, and we believe we can.

確切地。所以我們在那裡佔有一席之地。然後在存儲方面，它本身並沒有錯過執行，吉姆。我們正在高端領域分享和鞏固。我們繼續這樣做。我們的 PowerMax 產品繼續表現良好。我們已經在超融合或軟件定義領域佔有一席之地。它回到了中檔。我們的中檔正在縮小。我想我們在今年的前三個季度中的每個季度都提到過，這就是 PowerStore 很重要的原因。 PowerStore 是催化劑。我認為我們在過去幾年中已經說過這一點是因為對產品的預期，它是我們改變中端份額軌蹟的催化劑，這是存儲中最大的一個部分。這就是為什麼它很重要。這就是為什麼季度環比翻一番是一個好兆頭。這就是為什麼領先我們的 XtremIO 和 VxRail 坡道是關鍵。再一次，我們喜歡我們的手。我們需要繼續提高它，我們相信我們可以。

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

我們將接受 Aaron Rakers 和 Wells Fargo 的下一個問題。

Yes. And I'll try and stick to this 1 question. It's on the storage business. And I guess my question is fairly simple in that we've seen the last couple of quarters, I think last quarter, you talked about triple-digit order growth in PowerStore. This quarter, it was double digits. So I'm just -- help us understand how we think about the growth of orders relative to when that kind of orders turns into revenue growth? I'm just trying to understand when maybe we could see that those businesses start to inflect? And appreciating that PowerStore is a big component of that.

是的。我會盡量堅持這個 1 問題。它在存儲業務上。我想我的問題很簡單，因為我們已經看到了過去幾個季度，我想上個季度，你談到了 PowerStore 的三位數訂單增長。本季度，它是兩位數。所以我只是 - 幫助我們了解我們如何看待訂單的增長相對於這種訂單何時轉化為收入增長？我只是想了解什麼時候我們可以看到這些業務開始發生變化？並感謝 PowerStore 是其中的重要組成部分。

Well, PowerStore would have been a small component in our remarks last quarter.

好吧，PowerStore 在我們上個季度的評論中只是一個小組成部分。

Aaron, let me just -- from a materiality perspective, PowerStore is going to take a while to ramp to the point where it isn't going to move the needle on a business that's close to $4 billion on a revenue basis, right? So it will take a bit of time. That's why you heard me comment on the fact that we're optimistic about PowerStore, and we expect it to ramp Q4 on into next year. So when we referenced triple-digit or double-digit orders grow, obviously, it's starting from a base that's pretty small. And -- but clearly, we're optimistic, and we think as we work our way through the year, that you start to see that inflection point and particularly in the mid-range space. Jeff, I mean, I just wanted to set that comment.

亞倫，讓我 - 從重要性的角度來看，PowerStore 將需要一段時間才能達到它不會對收入接近 40 億美元的業務產生影響的程度，對嗎？所以這需要一點時間。這就是為什麼你聽到我評論我們對 PowerStore 持樂觀態度，我們預計它會在明年第四季度推出。因此，當我們提到三位數或兩位數的訂單增長時，顯然，它是從一個非常小的基數開始的。而且——但很明顯，我們很樂觀，我們認為在我們今年的工作中，你開始看到那個拐點，尤其是在中檔空間。傑夫，我的意思是，我只是想發表評論。

No, I think you summed it up well. And then we continue to focus on our PowerMax performance and growth, in the high end, which we continue to be a consolidator in the high end, the most valuable portion of the storage marketplace. And we continue to see excellent performance there. But as I mentioned in the last question or the question before that, it's the midrange in changing that trajectory that's key to Tom's point. Our impatience, we want to continue to accelerate the ramp of PowerStore because it's the catalyst to change our share.

不，我認為你總結得很好。然後我們繼續專注於我們的 PowerMax 性能和增長，在高端，我們繼續成為高端市場的整合者，這是存儲市場中最有價值的部分。我們繼續在那裡看到出色的表現。但正如我在上一個問題或之前的問題中提到的那樣，改變軌蹟的中檔是湯姆觀點的關鍵。我們不耐煩，我們希望繼續加速 PowerStore 的增長，因為它是改變我們份額的催化劑。

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

我們將從 Cross Research 的 Shannon Cross 那裡回答我們的最後一個問題。

I was wondering if you could talk to, Jeff, about, from a macro standpoint, how you're thinking about the PC industry? And we heard from your competitor tonight, they're talking about 1 computer per person. I would assume at some point, we're going to start seeing lapping the initial Win10 computers that were put out there. So how are you kind of thinking about where this industry is going and the sustainability? Because it feels like we keep getting to the point where investors will say, "We're worried PCs are going to fall off a cliff in the next couple of quarters." And then obviously, the pandemic and everything seem to push that back. But I'm wondering, what are you thinking?

我想知道你是否可以從宏觀的角度與 Jeff 談談你對 PC 行業的看法？今晚我們從您的競爭對手那裡得知，他們正在談論每人一台計算機。我假設在某個時候，我們將開始看到對最初推出的 Win10 計算機進行搭接。那麼，您如何看待這個行業的發展方向和可持續性？因為感覺我們一直到了投資者會說的地步，“我們擔心 PC 會在接下來的幾個季度掉下懸崖。”然後很明顯，大流行病和一切似乎都把它推回去了。但我想知道，你在想什麼？

Well, I suspect all of you who are working on a PC right now is taking notes. It is the essential device. It was pre pandemic, and it's become even more of an essential device for productivity and for learning. And if you play that through, and you know our industry [fell] 0.7 billion units, give or take in the installed base. 700 million of those are 4 years or older, which is a refresh opportunity. The public sector, which has been a laggard in terms of its desktop and notebook mix has been 50-50, rapidly moving to 75% notebooks and catching up to the rest of the industry, which is a source of growth.

好吧，我懷疑現在在 PC 上工作的所有人都在做筆記。它是必不可少的設備。那是在大流行之前，它已經成為提高生產力和學習的重要設備。如果你玩完了，你就會知道我們的行業 [下降] 7 億台，在安裝基礎上給予或接受。其中 7 億人年齡在 4 歲或以上，這是一個刷新機會。在其台式機和筆記本電腦組合方面一直落後的公共部門已達到 50-50，迅速轉向 75% 的筆記本電腦並趕上該行業的其他部門，這是增長的源泉。

Education, the one-to-one initiative, the data I have would suggest there's still over 10 million children in the United States that do not have PC to turn on in this learn-from-home environment. There's 10 million in Japan. There's over 40 million in Western Europe. There is a huge opportunity to get the necessary tools in our global students' hands so they can stay up and be educated along with everybody else. This notion of household rates going up, I think, is very real. I don't think you can get by having a PC for everyone in the home now. We have 2 parents likely working from home. You have multiple children working from home. That's a multi-PC environment in the home today, and I don't think that largely changes. As the industry moves towards the 75% or better in notebooks, you have a replacement cycle advantage. Notebooks are generally replaced about 1.5 years faster than desktops. So that will feed itself.

教育，一對一的倡議，我掌握的數據表明，在這種在家學習的環境中，美國仍有超過 1000 萬兒童沒有電腦可以打開。日本有1000萬。西歐有超過 4000 萬。這是一個巨大的機會，可以讓我們全球的學生掌握必要的工具，這樣他們就可以熬夜和其他人一起接受教育。我認為，這種家庭利率上升的想法是非常真實的。我不認為你現在可以通過為家裡的每個人配備一台 PC 來實現。我們有 2 位父母可能在家工作。您有多個孩子在家工作。這是當今家庭中的多 PC 環境，我認為這不會發生很大變化。隨著行業向筆記本電腦的 75% 或更高水平發展，您將擁有更換週期優勢。筆記本電腦的更換速度一般比台式機快 1.5 年左右。所以這會養活自己。

And you ultimately have, again, what I consider the essential device in the stay-at-home economy. And ultimately, we're bringing the world into the home through the PC.

你最終又一次擁有了我認為是居家經濟中必不可少的設備。最終，我們將通過 PC 將世界帶入家中。

Maybe that's a long-winded way of saying I'm bullish. I think if you look at the prospects from IDC and Gartner and look at low single-digit growth over the next 3-ish years, 4 years is realistic. Again, last quarter, I think the market was $82 million, give or take a few. That was the biggest quarter in 12 years. You've seen some of the forecasting for Q4. It's in the high teens. It will put the market roughly 300 million units in calendar '20. That will be the biggest year in 6 years. This thing is far from dead. It has become far more an essential device for all of us in this work-from-home, stay-from-home environment.

也許這是我看漲的一種冗長的說法。我認為，如果你看看 IDC 和 Gartner 的前景，看看未來 3 年左右的低個位數增長，4 年是現實的。同樣，上個季度，我認為市場規模為 8200 萬美元，或多或少。這是 12 年來最大的一個季度。您已經看到了第四季度的一些預測。在十幾歲的時候。它將在 calendar '20 投放市場約 3 億台。那將是 6 年來最大的一年。這東西離死不遠了。在這個在家工作、待在家裡的環境中，它已成為我們所有人的必備設備。

How material is gaming? And just quickly, how material do you see gaming being?

遊戲有多物質？很快，您認為遊戲有多重要？

Well, I think it's huge. Look at all the young people. That's what they do. I know I have one at home that is an active gamer. And I think, by the way, in the stay-in-home environment, entertainment is key, and gaming is a huge entertainment or outlet, and I think it is essential. And I think it's key. And certainly with our Alienware brand, the success we've had there, we're quite pleased and love to see more gaming. Got a few promos on the website today if you're interested in getting a great Alienware 17-inch notebook.

好吧，我認為這是巨大的。看看所有的年輕人。他們就是這麼做的。我知道我家裡有一個活躍的遊戲玩家。而且我認為，順便說一句，在居家環境中，娛樂是關鍵，而遊戲是一種巨大的娛樂或宣洩方式，我認為這是必不可少的。我認為這是關鍵。當然，憑藉我們的 Alienware 品牌，我們在那裡取得的成功，我們非常高興並希望看到更多遊戲。如果您有興趣購買出色的 Alienware 17 英寸筆記本電腦，今天可以在網站上獲得一些促銷信息。

All right. All right. Thanks, Jeff. Thanks, Shannon, and thanks, everyone, for joining us today. As a reminder, we'll be participating virtually in a couple of conferences next week. Tom will do a fireside chat on Tuesday at Wells Fargo, and Jeff will do a fireside chat on Thursday at Crédit Swiss -- or Suisse, sorry. Additionally, we will be attending several other virtual conferences in December and into January, so check the IR website for the latest updates. And finally, thank you for joining us today, and we wish everyone in the U.S. a safe and happy thanksgiving.

好的。好的。謝謝，傑夫。謝謝香農，也謝謝大家今天加入我們。提醒一下，下週我們將以虛擬方式參加幾個會議。 Tom 將於週二在 Wells Fargo 進行一次爐邊談話，而 Jeff 將在周四在 Crédit Swiss（或 Suisse，抱歉）進行一次爐邊談話。此外，我們將在 12 月和 1 月參加其他幾個虛擬會議，因此請查看 IR 網站以獲取最新更新。最後，感謝您今天加入我們，我們祝愿美國的每個人都能度過一個平安快樂的感恩節。

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。感謝您的參與。此時您可以斷開連接。