戴爾 (DELL) 2021 Q2 法說會逐字稿

Good afternoon, and welcome to the Fiscal Year 2021 Second 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 Dell Technologies Inc 2021 財年第二季度業績電話會議。我想通知所有與會者，應 Dell Technologies 的要求，本次電話會議正在錄音。此廣播是 Dell Technologies, Inc. 的版權財產。未經 Dell Technologies 事先書面許可，禁止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, Holly, and thanks, everyone, for joining us. With me today are our Vice Chairman and COO, Jeff Clarke; our CFO, Tom Sweet; and our Treasurer, Tyler Johnson.

謝謝 Holly，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；我們的首席財務官 Tom Sweet；以及我們的財務主管 Tyler Johnson。

Our press release, financial tables, web deck, prepared remarks and additional trials are available on our IR website. The guidance section will be covered on today's call.

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試驗。今天的電話會議將涵蓋指導部分。

During this call, unless we indicate otherwise, 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. 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 reports. We assume no obligation to update our forward-looking statements.

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 歷史細分結果已重新計算以包括 Pivotal 結果。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平台和 SEC 報告中進行了討論。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 want to address the amended 13D that we filed on July 15 disclosing that Dell Technologies is exploring potential alternatives with respect to its ownership interest in VMware, including a potential spin-off of its ownership interest to Dell Technologies stockholders or maintaining the status quo. We believe a spin-off could benefit both Dell Technologies and VMware stockholders by simplifying capital structure and corporate structure and enhancing strategic flexibility while still maintaining a mutual beneficial strategic and commercial partnership. With that said, we will not address the filing any further or take questions related to this topic.

最後，在我將其轉交給 Jeff 之前，我想談談我們在 7 月 15 日提交的修訂後的 13D，披露 Dell Technologies 正在探索其在 VMware 的所有權權益方面的潛在替代方案，包括可能剝離其所有權權益給戴爾科技公司的股東或維持現狀。我們認為，通過簡化資本結構和公司結構並增強戰略靈活性，同時仍保持互惠互利的戰略和商業合作夥伴關係，分拆可以使 Dell Technologies 和 VMware 的股東受益。話雖如此，我們不會進一步處理該文件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 Jeff。

Thanks, Rob. We are finishing up day 171 working remotely at Dell Technologies, and the novelty of the new normal has worn off. Michael sent a note to our team members earlier this month that captures the situation quite well, and I quote, "This is going to be a marathon, and it's going to be uneven and frustrating at times." What I can tell you, and what you will see in our results today, is that our team has continued to deliver in extraordinary ways in this unprecedented environment. I'd like to provide several examples of our team's resiliency, tenacity and adaptability. The grit that is inherent in our Dell Technologies culture. These examples demonstrate why I remain so optimistic about the future of the company and our ability to consistently deliver no matter the obstacle.

謝謝，羅布。我們即將結束在 Dell Technologies 遠程工作的第 171 天，新常態帶來的新鮮感已經消退。邁克爾本月早些時候給我們的團隊成員發了一封便條，很好地描述了這種情況，我引用，“這將是一場馬拉松，有時會變得不平衡和令人沮喪。”我可以告訴你的，以及你將從我們今天的結果中看到的，是我們的團隊在這個前所未有的環境中繼續以非凡的方式交付成果。我想舉幾個例子來說明我們團隊的彈性、韌性和適應性。我們 Dell Technologies 文化中固有的勇氣。這些例子證明了為什麼我對公司的未來以及我們無論遇到什麼障礙都能始終如一地交付的能力如此樂觀。

We are still largely working from home. We're not alone in this dimension as we will highlight in our Q2 results. We have moved beyond work as a location. COVID-19 has made one thing clear to us: work is something you do, an outcome, not a place or a time. And it takes teamwork and a culture that prioritizes outcomes and results over effort. Though we have team members juggling many challenges: parenting, caregiving, citizens and countries still grappling with surges of the pandemic, our employee engagement and productivity is at an all-time high. We are seeing a human transformation right before our eyes, emphasizing trust, empathy, patience and flexibility that will serve society and business long after these tough times are over.

我們仍然主要在家工作。正如我們將在第二季度的結果中強調的那樣，我們在這個方面並不孤單。我們已經超越了作為一個地點的工作。 COVID-19 向我們闡明了一件事：工作是您所做的事情，是一種結果，而不是地點或時間。它需要團隊合作和一種將結果和結果置於努力之上的文化。儘管我們的團隊成員應對許多挑戰：育兒、照料、公民和國家仍在努力應對大流行病的激增，但我們的員工敬業度和生產力處於歷史最高水平。我們正在目睹人類的轉變，強調信任、同理心、耐心和靈活性，這些轉變將在這些艱難時期結束後很長一段時間內為社會和企業服務。

While working from home and navigating a turbulent market, we continue to drive innovation in new and different ways. Over the course of 9 weeks in Q2, we had 9 product and solution launches, all while working remotely. We now have completed the modernization of the ISG portfolio, and the pipeline continues to fill with more innovative solutions and products to meet the needs of the new normal. We have not broken stride with customers. We may even be building deeper relationships than we were pre-COVID. Customer engagements have become more frequent, richer in content, while reaching a greater audience within accounts. Customers bring more decision-makers and technologists to executive briefings and we respond with deep solution architecture and engineering to deliver better business outcomes.

在居家辦公並駕馭動蕩的市場的同時，我們繼續以不同的新方式推動創新。在第二季度的 9 週時間裡，我們發布了 9 項產品和解決方案，而且都是遠程工作。我們現在已經完成了 ISG 產品組合的現代化，並且管道將繼續填充更多創新的解決方案和產品，以滿足新常態的需求。我們沒有與客戶保持同步。我們甚至可能正在建立比 COVID 之前更深的關係。客戶參與變得更加頻繁，內容更加豐富，同時在客戶中覆蓋了更多的受眾。客戶將更多的決策者和技術專家帶到執行簡報會上，我們以深度解決方案架構和工程作為回應，以提供更好的業務成果。

And right in the middle of this global pandemic, we paused to listen to our team members and society at large given what happened 3 days before we were last together: the murder of George Floyd. What we heard through a series of listening sessions was consistent: our Black team members want better representation, equal opportunity, efficacy and to see measurable progress against our Diversity & Inclusion 2030 goals. That's what we all want. And the work of real change within our now virtual walls is well underway.

就在這場全球大流行期間，考慮到我們最後一次在一起前 3 天發生的事情：喬治·弗洛伊德 (George Floyd) 被謀殺，我們停下來傾聽我們的團隊成員和整個社會的聲音。我們通過一系列聆聽會議聽到的內容是一致的：我們的黑人團隊成員希望獲得更好的代表性、平等的機會和效率，並希望看到我們的多元化和包容性 2030 目標取得可衡量的進展。這就是我們都想要的。在我們現在的虛擬牆內進行真正變革的工作正在順利進行。

I share this as a backdrop for the differentiated results we will report today. Our results come from a real competitive set of advantage but also real cultural differentiation and resiliency. That is why I'm excited about our Q2 performance and optimistic about our long-term trajectory.

我將此作為我們今天將報告的差異化結果的背景。我們的成果來自真正的競爭優勢，但也來自真正的文化差異和彈性。這就是為什麼我對我們第二季度的表現感到興奮並對我們的長期發展軌跡持樂觀態度。

What we know from our conversations with customers is technology has never been more important. Similar to what we saw in Q1, customers' top digital priorities are enabling learn and work from home and creating automation and agility across IT for consistency and resiliency of operations.

我們從與客戶的對話中了解到，技術從未如此重要。與我們在第一季度看到的情況類似，客戶的首要數字優先事項是支持在家學習和工作，並在整個 IT 中實現自動化和敏捷性，以實現運營的一致性和彈性。

While the pandemic didn't start the remote learn and work trend, it is certainly accelerating it. Take the financial sector and its need to enable secure work-from-home solutions. A major bank in EMEA had to move 200,000 of their 280,000 employees to work from home. To give them the managed access to application and data they needed, we implemented a VDI solution based on VMware Horizon, VMware Cloud Foundation, VxRail, along with 200,000 VDI clients and 2,000 servers and end-to-end services, all from one partner, fully integrated, to help the bank get their employees up and running securely.

雖然大流行並沒有開啟遠程學習和工作的趨勢，但它肯定會加速這種趨勢。以金融部門及其實現安全的在家工作解決方案的需求為例。歐洲、中東和非洲地區的一家大型銀行不得不讓其 280,000 名員工中的 200,000 人在家工作。為了讓他們能夠管理訪問所需的應用程序和數據，我們實施了一個基於 VMware Horizon、VMware Cloud Foundation、VxRail 的 VDI 解決方案，以及 200,000 個 VDI 客戶端和 2,000 個服務器和端到端服務，全部來自一個合作夥伴，完全集成，以幫助銀行讓員工安全地啟動和運行。

After all of this investment to enable remote everything, we will never go back to the way things were before. Here at Dell, we expect, on an ongoing basis, that 60% of our workforce will stay remote or have a hybrid schedule where they work from home mostly and come into the office 1 or 2 days a week. And we are not alone. Recent data shows that work from home is likely to increase by 20 points across all-size companies across all sectors. I think that is understated. And it will take more technology to ensure productivity and collaboration from anywhere. In our 10 years as a connected workplace, we've learned that it's a combination of technology, the right tools for workforce enablement and culture. And we are sharing these best practices with our customers as they embark on this journey. A journey that will be transformational for customers and, as the only player to be able to bring real solutions that connect the edge, core and cloud, will benefit Dell Technologies.

在進行了所有這些使一切都遠程化的投資之後，我們將永遠不會回到以前的狀態。在戴爾，我們預計，在持續的基礎上，我們 60% 的員工將保持遠程或採用混合時間表，他們大部分時間在家工作，每周有 1 或 2 天到辦公室上班。我們並不孤單。最近的數據顯示，在所有行業的各種規模的公司中，在家工作的人數可能會增加 20 個百分點。我認為這是低估了。並且需要更多的技術來確保隨時隨地的生產力和協作。在我們作為互聯工作場所的 10 年中，我們了解到它是技術、支持勞動力和文化的正確工具的結合。我們正在與踏上這段旅程的客戶分享這些最佳實踐。對客戶而言將是一次變革之旅，作為唯一能夠提供連接邊緣、核心和雲的真正解決方案的參與者，戴爾科技集團將受益匪淺。

Also showing up in our performance is demand for simpler, more agile IT across multiple clouds. Companies rush towards the flexibility and ease of public cloud but are now looking to hybrid cloud for a longer-term answer. Essentially, customers want a new operating model, one that consistently delivers the best of all clouds: private, public and edge.

在我們的績效中還表現出對跨多個雲的更簡單、更敏捷的 IT 的需求。公司急於追求公共雲的靈活性和易用性，但現在正在尋求混合雲以獲得更長期的答案。從本質上講，客戶需要一種新的運營模式，這種模式能夠始終如一地提供所有云中最好的雲：私有云、公共雲和邊緣雲。

One large hospital system is a great illustration. This customer wanted to modernize their environment to better support electronic medical record and imaging needs. They were happy with their public cloud implementation but needed seamless integration with their storage solutions to pull down data from the public cloud quickly and affordably. We delivered PowerMax and PowerScale in a managed service facility connected to their public cloud, allowing them to better manage and control their data. Because the storage is directly and securely connected to the public cloud at the source, data costs are reduced and latency issues are nearly eliminated. This is a great example of how we're building our entire portfolio for customers' cloud needs, with outcome-based decision-making top of mind.

一個大型醫院系統就是一個很好的例子。該客戶希望對其環境進行現代化改造，以更好地支持電子病歷和成像需求。他們對公共雲實施感到滿意，但需要與其存儲解決方案無縫集成，以快速且經濟地從公共雲中提取數據。我們在連接到他們的公共雲的託管服務設施中交付了 PowerMax 和 PowerScale，使他們能夠更好地管理和控制他們的數據。由於存儲在源頭直接安全地連接到公有云，因此降低了數據成本，幾乎消除了延遲問題。這是一個很好的例子，說明我們如何根據客戶的雲需求構建我們的整個產品組合，並將基於結果的決策放在首位。

Similar to cloud, customers also want to consume more technology as a service, letting them pay for only what they use and to move fixed costs to variable costs, which is critically important right now given the environment. We continue to offer Dell Technologies Cloud on the most broadest infrastructure portfolio with the new Dell EMC PowerScale Storage systems and Dell EMC Ready Solutions on VMware Cloud Foundation. Customers are finding immense value in Dell Technologies On Demand flexible consumption models. Customer demand for these models prompted us to expand our offerings to include Brazil, Chile, Colombia, India and China. That is why we are doubling down on both Dell Technologies Cloud and Dell Technologies On Demand.

與雲類似，客戶也希望將更多的技術作為一種服務來消費，讓他們只為使用的東西付費，並將固定成本轉變為可變成本，這在目前的環境下至關重要。我們繼續在最廣泛的基礎架構產品組合上提供 Dell Technologies Cloud，其中包括新的 Dell EMC PowerScale 存儲系統和基於 VMware Cloud Foundation 的 Dell EMC 就緒解決方案。客戶正在 Dell Technologies On Demand 靈活消費模式中發現巨大價值。客戶對這些型號的需求促使我們將產品範圍擴大到包括巴西、智利、哥倫比亞、印度和中國。這就是為什麼我們在 Dell Technologies Cloud 和 Dell Technologies On Demand 上加倍下注。

Now let's move to our second quarter results. Despite a dramatic deceleration in U.S. GDP during the second calendar quarter of the year, our team stayed focused on the customer and delivered. Overall, we had a solid quarter relative to the macro environment with revenues of $22.8 billion, down 3% and operating income of $2.6 billion or 11.5% of revenue.

現在讓我們來看看我們的第二季度業績。儘管今年第二個日曆季度美國 GDP 急劇下降，但我們的團隊仍然專注於客戶並交付。總體而言，相對於宏觀環境，我們有一個穩定的季度，收入為 228 億美元，下降 3%，營業收入為 26 億美元，佔收入的 11.5%。

Our Client Solutions Group delivered revenue of $11.2 billion, down 5%. In our consumer business, we outperformed, fueled by another outstanding quarter from our consumer direct business that was up 56% based on orders. And our consumer direct online business was up 79% based on orders. We saw strong double-digit growth across all consumer notebooks and gaming systems driven by our premium XPS and Alienware brands, which were up 25% on an orders basis. Overall, notebook momentum continues with orders up 8% driven primarily by growth in consumer and commercial notebook needs at home and for remote work and learning.

我們的客戶解決方案部門實現了 112 億美元的收入，下降了 5%。在我們的消費者業務中，我們的消費者業務表現出色，這得益於我們的消費者直接業務的另一個出色季度，該季度基於訂單增長了 56%。基於訂單，我們的消費者直接在線業務增長了 79%。在我們的優質 XPS 和 Alienware 品牌的推動下，我們看到所有消費類筆記本電腦和遊戲系統都實現了兩位數的強勁增長，訂單增長了 25%。總體而言，筆記本電腦的增長勢頭仍在繼續，訂單增長了 8%，這主要是受消費者和商用筆記本電腦在家中以及遠程工作和學習需求增長的推動。

Infrastructure Solutions revenue was $8.2 billion, down 5%. We saw double-digit orders growth for data protection and VxRail in the second fiscal quarter and mid-single-digit orders growth for high-end storage. These are all sectors where we hold the #1 share position by a large margin and continue to have opportunity for growth. And while it's a little early to comment on PowerStore performance, we continue to hear positive feedback and feel confident that the pipeline will drive profitable share gains, specifically in mid-range segment this year.

基礎設施解決方案收入為 82 億美元，下降 5%。我們在第二財季看到了數據保護和 VxRail 的兩位數訂單增長，以及高端存儲的中個位數訂單增長。在這些領域中，我們以很大的優勢佔據第一的份額，並繼續有增長的機會。雖然現在對 PowerStore 的表現發表評論還為時過早，但我們繼續聽到積極的反饋，並相信該管道將推動盈利份額的增長，特別是今年的中端市場。

Our VMware business segment had another strong quarter, delivering $2.9 billion of revenue, up 10%. In addition to the depth and breadth of our portfolio, a big driver of our differentiated performance is our distinctive direct and channel coverage model of the entire IT market. In the second quarter, demand from government stayed strong, while education demand ramped, with orders up double digits for both verticals. Small and medium business demand improved through the second quarter as businesses opened back up once government restrictions were lifted.

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 10%。除了我們產品組合的深度和廣度之外，我們差異化績效的一個重要驅動因素是我們對整個 IT 市場的獨特直接和渠道覆蓋模式。第二季度，政府需求保持強勁，而教育需求猛增，兩個垂直領域的訂單均增長了兩位數。隨著政府限制解除後企業重新開業，中小企業需求在第二季度有所改善。

Take these results and combine them with the demand that we saw from large enterprises, health care and the financial sector in Q1, and our first half was strong. We delivered $44.7 billion of revenue, $4.8 billion of operating income and $5.7 billion of adjusted EBITDA. We made the appropriate tough decisions around our cost environment in the first half to limit spending and to protect liquidity given the uncertainty of the demand environment.

將這些結果與我們在第一季度從大型企業、醫療保健和金融部門看到的需求結合起來，我們上半年表現強勁。我們實現了 447 億美元的收入、48 億美元的營業收入和 57 億美元的調整後 EBITDA。鑑於需求環境的不確定性，我們在上半年圍繞我們的成本環境做出了適當的艱難決定，以限制支出和保護流動性。

Our track record of consistent profitable growth, share gains, innovation and financial returns reinforces our strategy is working and doesn't change even in amidst the uncertainty. We are focused on winning the consolidation in our core markets, innovating and integrating across Dell Technologies to create the next generation of infrastructure and to do both while strengthening our distinct advantages as a company: our go-to-market capabilities and global services footprint, our supply chain, our product breadth and integration, our financing and the strategic work we do with VMware.

我們在持續的盈利增長、份額收益、創新和財務回報方面的記錄表明，我們的戰略正在發揮作用，即使在不確定的情況下也不會改變。我們專注於贏得我們核心市場的整合，創新和整合 Dell Technologies 以創建下一代基礎架構，同時加強我們作為一家公司的獨特優勢：我們的上市能力和全球服務足跡，我們的供應鏈、我們的產品廣度和整合、我們的融資以及我們與 VMware 開展的戰略工作。

Over the last 3 fiscal years alone, CSG and ISG have delivered a combined $230 billion in revenue and $18 billion in operating income. Over the last 3 calendar years, we have gained 330 basis points of share in commercial client, 510 basis points of share in mainstream servers and 120 basis points of share in mid-range storage. We have the right portfolio and the go-to-market plans in place, and the teams are focused on driving relative share.

僅在過去的 3 個財政年度中，CSG 和 ISG 就實現了總計 2300 億美元的收入和 180 億美元的營業收入。在過去的 3 個日曆年中，我們在商業客戶端中獲得了 330 個基點的份額，在主流服務器中獲得了 510 個基點的份額，在中端存儲中獲得了 120 個基點的份額。我們擁有合適的產品組合和上市計劃，團隊專注於推動相對份額。

Back to why I'm so optimistic. The long-term trends in our business are favorable, and our sources of advantage are real. Though there is a high degree of uncertainty right now, our strategic position and the secular technology trends create long-term growth opportunities for us.

回到為什麼我如此樂觀。我們業務的長期趨勢是有利的，我們的優勢來源是真實的。儘管目前存在高度不確定性，但我們的戰略地位和長期技術趨勢為我們創造了長期增長機會。

We've been talking about the fourth industrial revolution for a while, and now the pandemic has accelerated its arrival. Organizations have had to pivot quickly. First, to work from home and learn from home, and now businesses are taking this opportunity to reinvent their models for a more connected, digital, automated, data-intensive and distributed future. A future that is hybrid, the reimagination of work as an outcome, not a place, reinforces the value of hybrid cloud and positions hybrid as the optimal cloud model to meet the new demands of a fluctuating world, essentially creating a hybrid cloud for a hybrid workforce, utilizing cloud as the modern IT foundation to deliver consistent experiences and economics across many places workloads, and people, reside. Dell is uniquely positioned to deliver on this hybrid reality. Public cloud, sure, but also real growth and resiliency in private clouds and on-premise infrastructure.

第四次工業革命已經談了一段時間了，現在疫情加速到來。組織不得不迅速轉向。首先，在家工作，在家學習，現在企業正藉此機會重塑他們的模式，以實現更加互聯、數字化、自動化、數據密集型和分佈式的未來。混合的未來，將工作作為結果而非地點的重新構想，強化了混合雲的價值，並將混合定位為最佳雲模型，以滿足不斷變化的世界的新需求，本質上是為混合雲創建混合雲勞動力，利用云作為現代 IT 基礎，跨工作負載和人員所在的許多地方提供一致的體驗和經濟效益。戴爾在實現這種混合現實方面具有獨特的優勢。公有云，當然，還有私有云和本地基礎設施的真正增長和彈性。

We have a history of investing in new businesses and technology solutions that layer into our portfolio and spur growth. Emerging technologies around widespread connectivity with 5G, data-driven insights at the edge and expanding workloads in a hybrid cloud future will each create opportunities for long-term growth and value creations at Dell Technologies. Increasingly, customers are turning to Dell technologies to shape this digital future. Given the unique advantages we've talked about, combine these advantages with our purpose-driven culture and track record of consistently growing our core businesses while investing in the long-term future, I like our hand.

我們有投資新業務和技術解決方案的歷史，這些新業務和技術解決方案會融入我們的投資組合併刺激增長。圍繞 5G 廣泛連接的新興技術、邊緣數據驅動的洞察力以及混合雲未來不斷擴展的工作負載，每一項都將為 Dell Technologies 的長期增長和價值創造創造機會。越來越多的客戶轉向戴爾技術來塑造這個數字化未來。鑑於我們談到的獨特優勢，將這些優勢與我們以目標為導向的文化以及在投資長期未來的同時持續發展核心業務的記錄相結合，我喜歡我們的手。

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

現在我會把它交給湯姆看看我們的財務狀況。

Thanks, Jeff. Overall, we were pleased with our performance, especially given the current environment. Despite the pandemic and economic headwinds, we're executing on our strategy in driving long-term value creation for Dell Technologies and our stakeholders. We're delivering relative growth and winning in the consolidation. We're creating differentiated Dell Technologies solutions through innovation and integration, and we're generating strong cash flow, enabling us to delever and create value for shareholders.

謝謝，傑夫。總的來說，我們對我們的表現感到滿意，尤其是考慮到當前的環境。儘管存在大流行病和經濟逆風，我們仍在執行我們的戰略，為 Dell Technologies 和我們的利益相關者推動長期價值創造。我們正在實現相對增長並在整合中獲勝。我們正在通過創新和整合創建差異化的 Dell Technologies 解決方案，我們正在產生強大的現金流，使我們能夠去槓桿化並為股東創造價值。

Revenue for the second quarter was $22.8 billion, down 3% year-over-year. FX continued to be a headwind, particularly in Brazil, India and China, impacting our growth rate by approximately 150 basis points. Revenue was up 4% sequentially, which was below our historical Q2 seasonal revenue range, but was in line with our expectations as we discussed on our Q1 earnings call.

第二季度收入為 228 億美元，同比下降 3%。外匯仍然是不利因素，尤其是在巴西、印度和中國，影響了我們的增長率約 150 個基點。收入環比增長 4%，低於我們歷史上第二季度的季節性收入範圍，但符合我們在第一季度財報電話會議上討論的預期。

Gross margin was $7.6 billion or 33.5% of revenue. Like Jeff said, we saw demand growth in education, state and local government and consumer during Q2, which impacted gross margin given these customer verticals tend to deliver less margin dollars.

毛利率為 76 億美元，佔收入的 33.5%。正如 Jeff 所說，我們在第二季度看到了教育、州和地方政府以及消費者的需求增長，這影響了毛利率，因為這些垂直客戶往往提供的利潤較少。

The majority of cost actions taken in the first quarter remain in place and helped drive operating expenses down 4% year-over-year and down 3% sequentially to $5 billion. Some of these cost benefits are shorter-term reductions that will phase out over time. For example, we saw lower employee benefit claims during the government shelter-in-place periods, lower facilities-related costs and reduced advertising and promotional spending in certain verticals. We believe some of these cost benefits will normalize as we move through the remainder of the year as we prepare sites to bring team members back to the office and benefit utilization normalizes.

第一季度採取的大部分成本措施仍然存在，並幫助推動運營支出同比下降 4%，環比下降 3% 至 50 億美元。其中一些成本效益是短期削減，隨著時間的推移將逐漸消失。例如，我們看到在政府就地避難期間員工福利申請減少，設施相關成本降低，某些垂直行業的廣告和促銷支出減少。我們相信，隨著我們在今年剩餘時間裡進行準備，將團隊成員帶回辦公室並使效益利用正常化，其中一些成本效益將正常化。

Operating income was $2.6 billion or 11.5% of revenue. While down 5%, operating income was up 21% sequentially driven primarily by the strong operating expense controls and business unit mix dynamics. Consolidated net income was $1.6 billion, down 7%.

營業收入為 26 億美元，佔收入的 11.5%。營業收入雖然下降了 5%，但環比增長了 21%，這主要是受強大的營業費用控制和業務部門組合動力的推動。綜合淨收入為 16 億美元，下降 7%。

EPS was $1.92, down 11% year-over-year but up 43% sequentially. Adjusted EBITDA was $3.1 billion, down 2% at 13.6% of revenue. For the trailing 12 months, adjusted EBITDA was $11.8 billion.

每股收益為 1.92 美元，同比下降 11%，但環比增長 43%。調整後的 EBITDA 為 31 億美元，下降 2%，佔收入的 13.6%。在過去的 12 個月中，調整後的 EBITDA 為 118 億美元。

Total deferred revenue was $28.8 billion, up 14% 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 15%.

遞延收入總額為 288 億美元，同比增長 14%。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 15%。

As Jeff mentioned, we will continue to focus on providing as-a-service solutions for our customers across our portfolio, giving them more flexibility in cloud-like economics.

正如 Jeff 所提到的，我們將繼續專注於為我們的客戶提供服務解決方案，讓他們在類似雲的經濟中獲得更大的靈活性。

Shifting to our business unit results. Client Solutions Group delivered revenue of $11.2 billion, down 5%. Demand for remote work and learning solutions from our education, government and consumer customers drove strong consumer client and notebook performance. Consumer revenue was $3.2 billion, up 18% driven by the strong double-digit growth across all of our consumer notebooks and gaming systems. Our focus on premium consumer products is paying off. Our XPS and Alienware product lines saw combined orders growth of 25%. And as expected, commercial client was more challenged in Q2 with revenue of $8 billion, down 11%, as double-digit growth in Latitude notebooks and commercial Chromebooks was offset by reduced demand in commercial desktops.

轉向我們的業務部門結果。 Client Solutions Group 實現收入 112 億美元，下降 5%。我們的教育、政府和消費者客戶對遠程工作和學習解決方案的需求推動了強勁的消費者客戶端和筆記本電腦性能。消費者收入為 32 億美元，增長 18%，這得益於我們所有消費類筆記本電腦和遊戲系統的兩位數強勁增長。我們對優質消費品的關注正在取得成效。我們的 XPS 和 Alienware 產品線的合併訂單增長了 25%。正如預期的那樣，商業客戶在第二季度面臨更大的挑戰，收入為 80 億美元，下降 11%，因為 Latitude 筆記本電腦和商業 Chromebook 的兩位數增長被商業台式機需求的減少所抵消。

CSG operating income was $715 million or 6.4% of revenue. CSG profitability was down from Q2 record levels last year, primarily due to less deflationary component cost environment compared to a year ago, but we are pleased with the improved operating margin profile versus Q1. We continue to be very pleased with our Client Solutions Group performance. It is a stable business that consistently delivers strong cash flow and provides scale, helping us weather the different cycles year in and year out.

CSG 營業收入為 7.15 億美元，佔收入的 6.4%。 CSG 的盈利能力低於去年第二季度的創紀錄水平，這主要是由於與一年前相比通貨緊縮的組件成本環境有所減輕，但我們對營業利潤率與第一季度相比有所改善感到滿意。我們仍然對我們的客戶解決方案部門的表現感到非常滿意。這是一項穩定的業務，始終如一地提供強勁的現金流並提供規模，幫助我們年復一年地度過不同的周期。

ISG revenue was $8.2 billion, down 5%. Storage revenue was $4 billion, down 4% year-over-year but up 5% sequentially, and a bright spot given the macro environment. The strong demand for VxRail continued with double-digit orders growth again this quarter. Other storage highlights included triple-digit orders growth in our high-end PowerMax solution and double-digit orders growth in Data Protection. We saw softness in other areas of core storage, including mid-range. We continue to build pipeline for PowerStore and are pleased with the customer receptivity. We expect it to ramp through the second half of this year and heading into fiscal year '22.

ISG 收入為 82 億美元，下降 5%。存儲收入為 40 億美元，同比下降 4%，但環比增長 5%，在宏觀環境下是一個亮點。本季度 VxRail 的強勁需求繼續保持兩位數的訂單增長。其他存儲亮點包括我們高端 PowerMax 解決方案的三位數訂單增長和數據保護方面的兩位數訂單增長。我們看到核心存儲的其他領域表現疲軟，包括中檔。我們繼續為 PowerStore 構建管道，並對客戶的接受度感到滿意。我們預計它將在今年下半年開始並進入 22 財年。

Servers and networking revenue was $4.2 billion, down 5% year-over-year but up 12% sequentially. Overall, servers were still challenged with some improvement in orders for mainstream servers. Our high-value servers built for artificial intelligence and machine learning workloads saw mid-single digit orders growth, though this is still a small piece of the overall server revenue mix.

服務器和網絡收入為 42 億美元，同比下降 5%，但環比增長 12%。總體而言，服務器仍然面臨挑戰，主流服務器的訂單有所改善。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的訂單量實現了中個位數增長，儘管這仍然只佔整體服務器收入組合的一小部分。

ISG operating income was $973 million or 11.9% of revenue, which was down 30 basis points, primarily due to lower server profitability as component costs were higher compared to Q2 of last year. Given the dynamics in the macro environment, the ISG results have been softer than we expected coming into this year. However, it is a critical component of our portfolio and one that we expect to improve as the overall economy and IT spending rebound. Over the last 5 fiscal years, we have grown this business organically and inorganically by more than $18 billion and is now on a greater than $30 billion run rate. It delivers excellent profitability and gives us a seat at the table during all of our customers' most critical IT infrastructure decisions.

ISG 營業收入為 9.73 億美元，佔收入的 11.9%，下降了 30 個基點，這主要是由於組件成本高於去年第二季度，導致服務器盈利能力下降。鑑於宏觀環境的動態，今年 ISG 的業績比我們預期的要疲軟。然而，它是我們投資組合的重要組成部分，我們預計隨著整體經濟和 IT 支出的反彈，它會有所改善。在過去的 5 個財政年度中，我們的業務有機增長和無機增長超過 180 億美元，現在的運行率超過 300 億美元。它提供了出色的盈利能力，並讓我們在所有客戶最關鍵的 IT 基礎架構決策中都有參與權。

The VMware business unit had another strong quarter, delivering revenue of $2.9 billion, up 10%, and operating income of $894 million or 30.7% of revenue. Based on VMware's stand-alone results, subscription and as-a-service revenue grew 44% and comprised 22% of total revenue. The largest revenue contributors included the VMware Cloud Provider Program, Modern Applications, End User Computing and Carbon Black. VMware Cloud on AWS once again had a triple-digit revenue growth rate.

VMware 業務部門又迎來了一個強勁的季度，實現收入 29 億美元，增長 10%，營業收入為 8.94 億美元，佔收入的 30.7%。根據 VMware 的獨立業績，訂閱和即服務收入增長了 44%，佔總收入的 22%。最大的收入來源包括 VMware Cloud Provider Program、Modern Applications、End User Computing 和 Carbon Black。 VMware Cloud on AWS 再次實現了三位數的收入增長率。

Before I move to the capital structure, I want to highlight Dell Financial Services, which continued its growth trajectory and had an outstanding second quarter. DFS originations were up 31% to $2.6 billion driven by strong VMware and EMEA performance. The introduction of the DFS Payment Flexibility Program in April has been very well received across all lines of business and customer segments. Earlier this month, we extended the program through the end of October with payment deferrals until 2021 as we continue to work together with our customers and partners to enable their businesses through these challenging times.

在我轉向資本結構之前，我想強調戴爾金融服務，它繼續保持增長軌跡並在第二季度表現出色。在 VMware 和 EMEA 強勁表現的推動下，DFS 發起增長了 31%，達到 26 億美元。 4 月份推出的 DFS 支付靈活性計劃在所有業務線和客戶群中廣受好評。本月早些時候，我們將該計劃延長至 10 月底，並將付款延期至 2021 年，因為我們將繼續與客戶和合作夥伴合作，幫助他們的企業度過這些充滿挑戰的時期。

Turning to the cash flow generation and our balance sheet. We generated cash flow from operations of approximately $3.3 billion driven by strong profitability and improved working capital dynamics as some of the COVID-19-related impacts on collections and inventory partially normalized. Adjusted free cash flow in Q2 was $3.6 billion, and on a trailing 12-month basis, adjusted free cash flow was $7.8 billion. Our liquidity position is strong, and we are comfortable with our capital structure. We ended the quarter with $12.3 billion of cash and investments and $5.9 billion of undrawn revolver capacity.

轉向現金流的產生和我們的資產負債表。由於 COVID-19 對收款和庫存的一些相關影響部分正常化，強勁的盈利能力和改善的營運資本動態推動我們從運營中產生了約 33 億美元的現金流。第二季度調整後的自由現金流為 36 億美元，過去 12 個月，調整後的自由現金流為 78 億美元。我們的流動性狀況良好，我們對自己的資本結構感到滿意。本季度結束時，我們擁有 123 億美元的現金和投資以及 59 億美元的未動用左輪手槍產能。

From a debt perspective, we paid down approximately $3.5 billion of total debt during the second quarter, including $2.2 billion of core debt and $1.25 billion of VMware debt. Our total debt balance ended the quarter at $54.5 billion. This includes DFS-related debt of $10 billion and subsidiary debt of $6.3 billion in addition to our core debt and margin loan.

從債務的角度來看，我們在第二季度償還了約 35 億美元的總債務，其中包括 22 億美元的核心債務和 12.5 億美元的 VMware 債務。本季度末我們的總債務餘額為 545 億美元。除了我們的核心債務和保證金貸款外，這還包括 100 億美元的 DFS 相關債務和 63 億美元的附屬債務。

Our core debt ended the quarter at $34.1 billion. Over the last 4 years since the EMC transaction closed, our core debt has been reduced by nearly $15 billion, demonstrating our commitment to pay down debt. While the total debt balance has decreased by a lesser amount over that period, this is primarily due to the debt added by VMware to support its own strategic initiatives and debt we have added specifically to fund DFS growth as customers increasingly value the payment flexibility that our financing solutions offer. As a reminder, a majority of the DFS debt is secured by financing receivables and is serviced by the cash flow generation from these receivables.

本季度末我們的核心債務為 341 億美元。在 EMC 交易完成後的過去 4 年裡，我們的核心債務減少了近 150 億美元，這表明我們致力於償還債務。雖然在此期間總債務餘額減少較少，但這主要是由於 VMware 為支持其自身的戰略計劃而增加的債務以及我們專門為 DFS 增長提供資金而增加的債務，因為客戶越來越重視我們的支付靈活性融資解決方案提供。提醒一下，大部分 DFS 債務由應收賬款融資擔保，並由這些應收賬款產生的現金流量提供服務。

Delevering continues to be the priority for our capital allocation, and we are committed to achieving investment-grade ratings. Our intent remains to reduce core debt by approximately $5.5 billion in fiscal year '21, which would be incremental to the $2.3 billion we've already paid year-to-date.

去槓桿仍然是我們資本配置的優先事項，我們致力於實現投資級評級。我們的意圖仍然是在 21 財年將核心債務減少約 55 億美元，這將比我們今年迄今已經支付的 23 億美元有所增加。

Let me provide a few comments on the rest of the year. As you know, we withdrew our fiscal year '21 guidance during the first quarter. There continues to be a high degree of uncertainty for the remainder of this year. The latest global GDP and industry data indicates continuing, but moderating, declines for the second half of the year. Similar to Q2, we expect Q3 revenue to be seasonally lower than prior years, which has typically been flat to down 2% sequentially. As a reminder, we are currently on track to close the RSA transaction in early September. Historically, RSA contributed roughly $800 million in annual revenue, and approximately $200 million of operating income with similar back-end loaded seasonal trends to ISG.

讓我對今年餘下的時間發表一些評論。如您所知，我們在第一季度撤回了 21 財年的指導方針。今年剩餘時間仍存在高度不確定性。最新的全球 GDP 和行業數據表明，今年下半年經濟持續下滑，但有所放緩。與第二季度類似，我們預計第三季度的收入季節性低於往年，往年通常持平或環比下降 2%。提醒一下，我們目前有望在 9 月初完成 RSA 交易。從歷史上看，RSA 為 ISG 貢獻了大約 8 億美元的年收入和大約 2 億美元的營業收入，並且具有與 ISG 類似的後端加載季節性趨勢。

Turning to operating income. There are a few items that need to be considered. We saw component inflation in the second quarter and anticipate inflation again in Q3. We are seeing DRAM and SSD prices potentially softening as we move through the second half, with the benefit from this not showing up until later in the year. In addition, normal sequentials point toward a higher mix of consumer PCs in Q3, and recent IDC forecasts reflect a higher mix towards consumer PC and Chromebook units in Q3. Considering these items, along with the lower revenue sequentially, general macro challenges and VMware operating income expectations, we expect our operating margins will be lower sequentially.

轉向營業收入。有幾個項目需要考慮。我們在第二季度看到了成分通脹，並預計在第三季度再次出現通脹。隨著我們進入下半年，我們看到 DRAM 和 SSD 的價格可能會走軟，而從中受益要到今年晚些時候才會顯現出來。此外，正常的順序表明第三季度消費 PC 的組合更高，而最近的 IDC 預測反映出第三季度消費 PC 和 Chromebook 單元的組合更高。考慮到這些項目，連同收入連續下降、一般宏觀挑戰和 VMware 營業收入預期，我們預計我們的營業利潤率將連續下降。

We are proud of our operating heritage. We will continue to manage the business, driving above-market performance. We are focused on what we can control while navigating through the macro, adjusting for the dynamic cost and currency environments while also balancing appropriate cost actions with necessary investments.

我們為我們的經營傳統感到自豪。我們將繼續管理業務，推動高於市場的業績。我們專注於我們可以控制的事情，同時通過宏觀進行導航，調整動態成本和貨幣環境，同時平衡適當的成本行動與必要的投資。

In closing, we are winning the consolidation, and we're executing on our long-term drivers of value creation for Dell Technologies and our core markets. We are taking the appropriate corporate structure steps to optimize value, simplify and align our focus areas as evidenced by the VMware merger with Pivotal, ongoing simplification of operations, the announced divestiture of RSA and the exploration of alternatives with VMware. We will continue to create differentiated Dell Technologies solutions through innovation and integration across the entire family.

最後，我們正在贏得整合，我們正在執行為 Dell Technologies 和我們的核心市場創造價值的長期驅動力。我們正在採取適當的公司結構步驟來優化價值、簡化和調整我們的重點領域，VMware 與 Pivotal 的合併、持續的運營簡化、宣布剝離 RSA 以及與 VMware 探索替代方案就證明了這一點。我們將通過整個家族的創新和整合，繼續打造差異化的 Dell Technologies 解決方案。

Our goal is to create long-term value for all aligned shareholders by outgrowing our competitors, growing EPS faster than revenue and generating strong cash flow over time. And, as we continue to delever and get back to investment grade, we will look for other opportunities to return capital to shareholders.

我們的目標是通過超越競爭對手、每股收益增長快於收入增長以及隨著時間的推移產生強勁的現金流，為所有一致的股東創造長期價值。而且，隨著我們繼續去槓桿化並回到投資級別，我們將尋找其他機會將資本返還給股東。

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) Holly, can you introduce the first question.

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

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

我們將從凱蒂·休伯蒂 (Katy Huberty) 和摩根士丹利 (Morgan Stanley) 那裡回答我們的第一個問題。

Last November, you guided to an operating margin this year that would be roughly in line with fiscal '19. But just looking at the first half of the year, you're tracking about 100 basis points above that level. So is that still a fair target? And how do you see the operating margin playing out for the next couple of quarters?

去年 11 月，您指導今年的營業利潤率大致與 19 財年持平。但僅看今年上半年，你就會追踪到高於該水平約 100 個基點。那麼這仍然是一個公平的目標嗎？您如何看待未來幾個季度的營業利潤率？

Katy, thanks for the question. This is obviously Tom. So look, I think as we think about the first half of the year, I think we generally have been pleased with the operating performance of the organization given the dynamics in the macro. And obviously, a lot of that has to do with the cost dynamics that we've been able to drive in terms of the constraints we put on spending, whether that was the reductions in T&E, the head count freeze and those other cost actions that we took. As we sit here at the midpoint of the year and look forward into the back half, there are some dynamics I highlighted in my guidance section that I just want to keep you centered on, which is around we are seeing -- if you think about our seasonal pattern, Q2, Q4 generally are bigger quarters. Q1, Q3 generally are seasonally a little bit softer than Q2, Q4.

凱蒂，謝謝你的提問。這顯然是湯姆。所以看，我認為當我們考慮今年上半年時，我認為鑑於宏觀動態，我們總體上對組織的經營業績感到滿意。顯然，這在很大程度上與我們在支出限制方面能夠推動的成本動態有關，無論是 T&E 的減少、員工人數凍結還是其他成本行動我們拿了。當我們坐在今年的中點並展望下半年時，我在我的指導部分強調了一些動態，我只想讓你集中在我們所看到的周圍——如果你想一想我們的季節性模式，Q2、Q4 通常是較大的季度。 Q1、Q3 的季節性通常比 Q2、Q4 稍微溫和一些。

There are a couple of dynamics as we look at Q2 -- or I'm sorry, Q3, as we think about the demand environment, the mix dynamic with our client business, our CSG business, where we typically trend towards consumer in Q3 as we get ready for the holiday season. We're going to have the additional dynamic this year, I think, a bit more education and Chromebook dynamic mix in there. So that's going to -- that has some dynamics around our margin. And then I also would remind you that with the RSA divestiture, which is targeted right around the beginning of September, we'll drop some operating income and revenue out of the consolidated total.

當我們看第二季度時，有一些動態 - 或者我很抱歉，第三季度，當我們考慮需求環境時，與我們的客戶業務、我們的 CSG 業務的混合動態，我們通常在第三季度趨向於消費者我們為假期做好準備。我認為，今年我們將有更多的動態，更多的教育和 Chromebook 動態組合。所以這將 - 在我們的保證金周圍有一些動態。然後我還要提醒您，隨著 RSA 剝離（目標是在 9 月初左右），我們將從合併總額中減少一些營業收入和收入。

So look, I do think that we might see a bit more downward pressure on operating margin in the back half of the year right now. We'll obviously have to watch it. And part of that would be dependent upon how do the mix dynamics play out as well as the component cost environment, which we still believe is inflationary in Q3. So I think we'll continue to look at it. First half was strong. We'll see how the back -- or solid, I should say. We'll see how the back half plays out.

所以看，我確實認為我們現在可能會在今年下半年看到營業利潤率面臨更大的下行壓力。我們顯然必須觀看它。其中一部分將取決於混合動態如何發揮作用以及組件成本環境，我們仍然認為第三季度會出現通貨膨脹。所以我認為我們會繼續研究它。上半場表現強勁。我們將看看背面如何——或者說堅固，我應該說。我們將看看後半段的表現如何。

Tom, is it still realistic, though, that you could see a sub-10% margin for the year like in fiscal '19?

湯姆，你能看到像 19 財年那樣今年的利潤率低於 10% 是否仍然現實？

I don't think so. Not that I'm -- I don't think it gets to that level.

我不這麼認為。並不是說我 - 我不認為它達到了那個水平。

We'll take our next question from Simon Leopold with Raymond James.

我們將與 Raymond James 一起接受 Simon Leopold 的下一個問題。

This is Victor Chiu in for Simon Leopold. Can you provide us with some color around the performance verticals maybe where you saw better demand in the quarter? I just kind of want to get a sense for the pieces, the puts and takes that surprised you relative to your expectations.

這是 Simon Leopold 的 Victor Chiu。您能否為我們提供一些關於性能垂直方面的顏色，也許您在本季度看到更好的需求？我只是想了解一下相對於您的期望而言讓您感到驚訝的片段，推桿和推桿。

Yes. Look, maybe I'll let -- let me say a few high-level comments, and maybe Jeff could jump in and talk about some of the business unit dynamics that we saw. I would remind you that as we -- in our call in Q1, we highlighted the fact that if you think about the seasonal pattern or the linearity pattern we saw in Q1, we saw February and March quite strong, and clearly, March spiked with the work-from-home dynamic as businesses and education institutions shifted to work from home, learn from home. But then, as you recall in our talking points, we also talked about the fact that we have seen April soften. That demand dynamic of April softening, that linearity, continued on into May, which we thought May, from a demand perspective, was quite soft. June began to recover. And then by the time we hit late June, in July, we saw week-over-week strength, improved demand, although still negative as we got through the end of the quarter from a demand perspective. And so there are some dynamics within that, within the context of the BUs in terms of how each of those BUs performed during -- as we went through the quarter.

是的。看，也許我會讓——讓我說一些高層評論，也許傑夫可以插嘴談談我們看到的一些業務部門動態。我想提醒您，我們 - 在第一季度的電話會議中，我們強調了一個事實，即如果您考慮我們在第一季度看到的季節性模式或線性模式，我們會看到 2 月和 3 月非常強勁，而且很明顯，3 月飆升隨著企業和教育機構轉向在家工作，在家學習，在家工作的動態。但是，正如您在我們的談話要點中回憶的那樣，我們還談到了一個事實，即我們看到四月份的情況有所緩和。 4 月份疲軟的需求動態，這種線性，一直持續到 5 月份，我們認為從需求的角度來看，5 月份相當疲軟。六月開始恢復。然後到 6 月下旬，即 7 月，我們看到每週都強勁，需求有所改善，儘管從需求的角度來看，我們在本季度末仍然是負面的。因此，在 BU 的背景下，就每個 BU 在本季度的表現而言，其中存在一些動態。

And maybe with that, I'll turn it over to Jeff. Maybe he can give some highlights on what we saw in the ISG space and then in the PC space.

也許有了這個，我會把它交給傑夫。也許他可以重點介紹我們在 ISG 空間和 PC 空間中看到的內容。

Yes, happy to, Victor. I mean to build on what Tom said, clearly, there were a couple of trends that we saw from a vertical orientation. We saw education and government grow double digits. We saw, as Tom mentioned, the improvement over the quarter. We saw the SB and NB verticals or businesses improved week-over-week from early June through the end of the quarter. Still below normal seasonal rates, but they improved from the beginning of the quarter. We saw the largest transformational -- in the world continue to invest in digital transformation and continued to move forward digital agendas. If you look at it from a product perspective, as Tom mentioned, learn from home and work from home continue through the quarter, particularly towards the latter part of the quarter, as many countries were preparing to send their youth back to school, which, in many cases, is going to be an online work -- learn-from-home environment.

是的，很高興，維克多。我的意思是在湯姆所說的基礎上，顯然，我們從垂直方向看到了一些趨勢。我們看到教育和政府部門增長了兩位數。正如湯姆所說，我們看到了本季度的改進。從 6 月初到本季度末，我們看到 SB 和 NB 垂直行業或業務每週都在改善。仍低於正常的季節性增長率，但與本季度初相比有所改善。我們看到了世界上最大的轉型——繼續投資數字轉型並繼續推進數字議程。如果你從產品的角度來看，正如湯姆提到的那樣，在家學習和在家工作將持續整個季度，特別是在本季度的後半部分，因為許多國家/地區正準備讓他們的年輕人重返學校，這，在許多情況下，這將是一個在線工作——在家學習的環境。

And we saw many institutional customers who have historically been in the public sector, a desktop-based or a PC asset moving to a notebook-based asset, buying more notebooks throughout the quarter. And then lastly, we saw demand on the ISG side for our data protection products, our high-end storage products and our VxRail products. Data Protection and VxRail grew double digit in the quarter on an orders basis, and we had good demand for our high-end storage in the single digits. I hope that helped.

我們看到許多歷史上一直在公共部門、基於台式機或 PC 資產的機構客戶轉向基於筆記本電腦的資產，在整個季度購買了更多筆記本電腦。最後，我們看到了 ISG 方面對我們的數據保護產品、高端存儲產品和 VxRail 產品的需求。 Data Protection 和 VxRail 在本季度的訂單量增長了兩位數，我們對高端存儲的個位數需求很高。我希望這有所幫助。

We'll take our next question from Matt Cabral with Crédit Suisse.

我們將接受瑞士信貸的 Matt Cabral 的下一個問題。

On ISG, I was wondering if you can talk a little bit more about what pricing dynamics looked like across both storage and servers in the quarter. And just if you can comment on if you've any changes in the wider competitive environment as the demand environment has gotten a little more difficult.

關於 ISG，我想知道您是否可以多談談本季度存儲和服務器的定價動態。隨著需求環境變得更加困難，您是否可以評論更廣泛的競爭環境是否有任何變化。

Well, I think, Matt, if we were to look at servers, we remain disciplined throughout the quarter, as we mentioned in Q1 as well, very disciplined to what we see in the marketplace. There are some aggressive pricing for server deals without question. But we're not out chasing share. We don't think that's good for our business. We want to be disciplined and return profitable gains in the business. Clearly, the pressure we're seeing in ISG is more of a macro one. The macro demand of the ISG sector, both storage and server, is certainly different than we thought when we planned the year and started the calendar year back in January. We have continued to see customers slow down their investments, in some cases, sweat their current infrastructure through the first half of the year to navigate through the pandemic.

好吧，我認為，馬特，如果我們要看服務器，我們在整個季度都保持紀律，正如我們在第一季度提到的那樣，對我們在市場上看到的情況非常有紀律。毫無疑問，服務器交易有一些激進的定價。但我們並不是在追逐份額。我們認為這對我們的業務不利。我們希望遵守紀律並在業務中回報可盈利的收益。顯然，我們在 ISG 中看到的壓力更多是宏觀壓力。 ISG 部門（包括存儲和服務器）的宏觀需求肯定與我們計劃這一年並在 1 月份開始日曆年時所想的不同。我們繼續看到客戶放慢了他們的投資，在某些情況下，他們在今年上半年耗費了他們當前的基礎設施以度過這一流行病。

As I mentioned in the previous question, we've seen those largest customers continue to invest in infrastructure. We would categorize them as the digital leaders. Those digital leaders continue to invest in infrastructure, their digital transformation programs and projects. And we saw healthy demand in the largest companies around the world continuing to buy servers and continuing to buy storage class products. As we look downfield, if you will, and we think about what happens towards the second half of the year, you've probably seen the same forecast that we have. IDC has shown the external storage market and the mainstream server market under pressure in the second half of the year, specifically changing their forecast by roughly 600 basis points more negative. And we think we can weather the storm throughout the rest of the year. And as we look into next year, we see growth in the server market and the external storage market.

正如我在上一個問題中提到的，我們已經看到那些最大的客戶繼續投資於基礎設施。我們會將他們歸類為數字領導者。這些數字領導者繼續投資於基礎設施、他們的數字轉型計劃和項目。我們看到全球最大的公司持續購買服務器並繼續購買存儲類產品的健康需求。當我們向下看時，如果你願意的話，我們會考慮今年下半年會發生什麼，你可能已經看到了與我們相同的預測。 IDC 顯示，下半年外部存儲市場和主流服務器市場面臨壓力，具體而言，將他們的預測下調了約 600 個基點。我們認為我們可以在今年餘下的時間裡度過難關。展望明年，我們看到服務器市場和外部存儲市場的增長。

I believe the server forecasts are roughly 7% growth next year. We believe we have the right portfolio to be able to take advantage of the growth environment, that will be around -- or rebound, if you prefer. I think about the opportunities that we have in cross-selling in our buyer base, our storage customers buying servers, our server customers buying storage. The opportunity that we have in high-value workloads in the server marketplace, I think, is still an untapped opportunity for us. While we've made progress and saw growth in that area this quarter, there remains to be a good opportunity for us. And then we believe there's emerging opportunity as the telco industry standardizes on an open platform what's going to happen in edge and the data of intensive workloads that will evolve on the edge. And then clearly, the continued migration of the hybrid and private cloud world that we've seen throughout the last 6 quarters, we think that continues as hybrid cloud is the norm going forward. I hope that helped.

我相信服務器預測明年大約增長 7%。我們相信我們擁有正確的投資組合，能夠利用增長環境，如果你願意的話，這種增長環境將會出現——或者反彈。我想到了我們在買家群中交叉銷售的機會，我們的存儲客戶購買服務器，我們的服務器客戶購買存儲。我認為，我們在服務器市場的高價值工作負載方面所擁有的機會對我們來說仍然是一個尚未開發的機會。儘管本季度我們在該領域取得了進展並取得了增長，但對我們來說仍然是一個很好的機會。然後我們相信，隨著電信行業在一個開放平台上標準化邊緣將發生的事情以及將在邊緣發展的密集工作負載的數據，將會出現新的機會。然後很明顯，我們在過去 6 個季度看到的混合雲和私有云世界的持續遷移，我們認為隨著混合云成為未來的常態，這種情況將繼續下去。我希望這有所幫助。

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

我們將與 Bernstein 一起接受 Toni Sacconaghi 的下一個問題。

I was just wondering if you can comment on just demand in your guidance. You talked about weeks sequentially improving in terms of growth rate. And yet, you're guiding for below-normal sequential growth for fiscal Q3. Most companies are not. Most are guiding for inline or better-than-normal sequential growth unless they had a unique backlog relief or higher revenues in Q2 from backlog, which I don't think was the case with Dell. And I also recall, last quarter, you seemed relatively optimistic about the ISG business. You sound a bit more cautious about it now. I think server growth, even Q1 and Q2, was below seasonal despite the fact that it sounds like you're being quite aggressive with financing. So maybe you can just comment on -- are you incrementally negative around ISG relative to 90 days ago? Why are you not guiding for at least sequential growth if weekly order patterns are ultimately getting better? And why do you think you were below-normal sequential server growth from Q1 to Q2 despite aggressive financial promotion as evidenced by how much financing went up in the quarter, and your commentary around sequential improvement?

我只是想知道您是否可以在您的指導中對公正需求發表評論。你談到了數週的增長率連續提高。然而，您正在指導第三財季低於正常的連續增長。大多數公司都不是。大多數公司都在指導內聯或優於正常的連續增長，除非他們在第二季度有獨特的積壓緩解或積壓帶來的更高收入，我認為戴爾的情況並非如此。我還記得，上個季度，您似乎對 ISG 業務相對樂觀。你現在聽起來有點謹慎了。我認為服務器增長，甚至是第一季度和第二季度，都低於季節性增長，儘管聽起來你們在融資方面非常積極。所以也許你可以評論一下——與 90 天前相比，你對 ISG 的負面看法是否有所增加？如果每週訂單模式最終變得更好，你為什麼不至少指導連續增長？為什麼你認為從第一季度到第二季度服務器的連續增長低於正常水平，儘管本季度融資增加了多少以及你對連續改進的評論證明了積極的金融促銷？

Toni, it's Tom. So look, let me set the stage, right? If you look at our normal seasonal pattern, Q1 to Q2 is generally a growth pattern, right, where Q2 has always been, for us, a strong education, state and local government buying season. Q3 -- Q2 to Q3 has traditionally been a negative sequential growth pattern for us. As we come out of that strong Q2, we start to see mix dynamics within the CSG business, with consumer starting to ramp which generally has a lower ASP, and then we step back up in Q4 generally from a sequential pattern. Our perspective this year, with what we know to date, and I'll comment on the fact -- yes, we did comment about the fact that as we got -- as we went through Q2, we saw improved demand coming into July. But the dynamics tend to change as you go into the next quarter when buying season patterns change.

托尼，是湯姆。所以看，讓我來佈置舞台，對吧？如果你看一下我們正常的季節性模式，第一季度到第二季度通常是一種增長模式，對的，第二季度對我們來說一直是一個強勁的教育、州和地方政府購買季節。第三季度——第二季度到第三季度對我們來說傳統上是負連續增長模式。當我們走出強勁的第二季度時，我們開始看到 CSG 業務的混合動態，消費者開始增加，平均售價通常較低，然後我們通常在第四季度從順序模式中回升。我們今年的觀點，根據我們迄今為止所知道的，我將評論這個事實——是的，我們確實評論了一個事實——當我們經歷第二季度時，我們看到 7 月份的需求有所改善。但是，當您進入下個季度時，購買季節模式發生變化，動態往往會發生變化。

And so we are, I think, thoughtfully cautious around how do we think about demand in Q3 given the dynamics within the macro and our normal historical patterns here that we think are going be slightly softer. As you look at the ISG space, in particular, we would normally see a sequential falloff Q2 to Q3. The 3-year average is around negative 2%, negative 3% sequentially, Toni, for ISG. And don't forget RSA comes out of there. So I just think we're -- and you look at the IDC forecast for Q3, which has mainstream server revenue ex China at minus 12 and external storage at minus 10, essentially. I think we just -- given that pattern and given what we're seeing in the environment, we want to make sure that we're thoughtful about how we frame the quarter. And obviously, we're going to push on this appropriately. But that's -- I think from our perspective, the frame that we're providing makes sense relative to what we're seeing.

因此，我認為，鑑於宏觀動態和我們認為這裡的正常歷史模式將略微走軟，我們對如何看待第三季度的需求持謹慎態度。特別是當您查看 ISG 空間時，我們通常會看到 Q2 到 Q3 的連續衰減。 Toni，ISG 的 3 年平均值約為負 2%，連續負 3%。並且不要忘記 RSA 是從那裡出來的。所以我只是認為我們 - 你看一下 IDC 對第三季度的預測，基本上，中國以外的主流服務器收入為負 12，外部存儲為負 10。我認為我們只是 - 鑑於這種模式以及我們在環境中看到的情況，我們希望確保我們對如何構建本季度進行了深思熟慮。顯然，我們將適當地推動這一點。但那是——我認為從我們的角度來看，我們提供的框架相對於我們所看到的是有意義的。

And Jeff, I don't know if you have anything.

傑夫，我不知道你有沒有什麼。

Well, the only thing I would add to it is the comment I made with Matt as well is the market has more headwinds in the second half than ISG from 90 days ago. The most recent forecasts have changed. They've become more negative in both external storage and server. Clearly, we're going to continue to operate and execute a premium to however the market -- whatever the market outcomes are. But they are certainly more negative as we look at the second half of the uncertainty that Tom talked about. We're going to focus on the growth programs of where our marketing is, our Power Up program that I talked about, I believe, in our last earnings call. Continuing to work and grow our customer base, continue to focus on the opportunities we have in cross-selling across the portfolio. We're going to continue to focus on ramping our PowerStore product as it's now in the marketplace and off to a good start. But we're facing market conditions that are very different from 90 days ago.

好吧，我唯一要補充的是我和馬特的評論，下半年市場的逆風比 90 天前的 ISG 還要多。最近的預測發生了變化。他們在外部存儲和服務器方面變得更加消極。顯然，無論市場結果如何，我們將繼續運營並執行溢價。但當我們審視湯姆談到的不確定性的後半部分時，他們肯定更加消極。我們將專注於我們的營銷所在的增長計劃，我相信，我在上次財報電話會議上談到的 Power Up 計劃。繼續努力並擴大我們的客戶群，繼續關注我們在整個產品組合中交叉銷售的機會。我們將繼續專注於提升我們的 PowerStore 產品，因為它現在已投放市場並取得了良好的開端。但我們面臨的市場狀況與 90 天前大不相同。

Jeff, I guess if I could just follow up. I appreciate the fact that, look, IT budgets have probably been slashed. A lot of CIO surveys suggest that. I appreciate the fact that you're always down sequentially, but you said you'd be down more than normal sequential. And that just feels somewhat at odds with the fact that your order rate was kind of improving in the back half of the quarter. So is there anything you saw -- you've seen in August that makes you incrementally more worried? Or put RSA aside, is there anything else fundamentally that you're worried about either competitive-wise that would suggest you shouldn't extrapolate some of that order improvement you were seeing throughout the quarter? I just want to be sure we're not missing anything.

傑夫，我想我是否可以跟進。我很欣賞這樣一個事實，看，IT 預算可能已經被削減了。許多 CIO 調查都表明了這一點。我很欣賞你總是按順序倒下的事實，但你說你會比正常順序倒下更多。這與您的訂單率在本季度後半段有所改善這一事實有些矛盾。那麼，您在 8 月份看到的任何事情讓您越來越擔心嗎？或者將 RSA 放在一邊，從根本上說，您是否擔心任何其他競爭方面的問題，這表明您不應該推斷您在整個季度看到的一些訂單改善？我只是想確定我們沒有遺漏任何東西。

Let's make sure, I think what Tom referenced, it was an overall number. And the one that we haven't talked about that has some headwind is the PC business. And we see a fundamental mix. While we're seeing an incremental increase in unit demand based on the learn from home and the continued work-from-home phenomena that's been underway, that is largely education-driven, that is largely lower-end ASPs that are associated with it. And I believe that's some of what Tom is referring to when we look at normal seasonal patterns. This is different. So if you look at the opportunity in the PC marketplace and where the growth is, it is heading towards the lower-end ASPs on that side of the marketplace. Does that help?

讓我們確定一下，我認為 Tom 提到的是一個總數。而我們還沒有談到的有一些阻力的是 PC 業務。我們看到了一個基本的組合。雖然我們看到基於在家學習和持續在家工作現象的單位需求逐漸增加，但這主要是教育驅動的，主要是與之相關的低端 ASP。我相信這就是 Tom 在查看正常的季節性模式時所指的部分內容。這是不同的。因此，如果你看看 PC 市場的機會和增長點，就會發現它正朝著市場這一側的低端 ASP 方向發展。這有幫助嗎？

Yes.

是的。

So a combination of increasingly more negative outlook of the ISG sector; we're going to continue to drive our performance, and you saw some good performance in our data protection business, as I mentioned, high-end storage, VxRail; and then the PC dynamic is another one that is -- it's very different than what we've seen in any other seasonal pattern between Q2 and Q3.

因此，ISG 行業的前景越來越消極；我們將繼續推動我們的業績，正如我提到的，您在我們的數據保護業務中看到了一些不錯的業績，高端存儲，VxRail；然後 PC 動態是另一個 - 它與我們在第二季度和第三季度之間的任何其他季節性模式中看到的非常不同。

Tom, anything to add?

湯姆，有什麼要補充的嗎？

No, I think you've articulated it, Jeff.

不，我想你已經表達清楚了，傑夫。

We'll take our next question from Wamsi Mohan with Bank of America.

我們將接受來自美國銀行的 Wamsi Mohan 的下一個問題。

Just a follow-up on those PC comments. Your PC competitor just called out CPU and panel constraints. Is there an element on the below seasonal from a commodity procurement and supply chain perspective, too? Or is that not an issue for you guys? And I have a follow-up, if I could.

只是對那些 PC 評論的跟進。您的 PC 競爭對手剛剛提出了 CPU 和麵板限制。從商品採購和供應鏈的角度來看，是否也存在以下季節性因素？或者這對你們來說不是問題？如果可以的話，我有後續行動。

Well, Wamsi, I think there are a couple of things. I'm going to separate on this. If you think about -- what's just happened is even IDC, within the calendar quarter, Q3 has changed the forecast outlook for the calendar quarter we're in by 20 points. I've been at this a while. I've never seen that much change in a 6-week period with 7 weeks to go, which, to me, suggests that there is unanticipated demand driven from learn from home, a one-to-one education initiative. If I recall the comments I made just moments ago about the public sector, more of those workers that are at home need notebooks. That demand wasn't planned. So if you think about where the industry has been and where the demand is today, we would have had to call that many months ago given the lead time for silicon and the lead time for LCDs. That's the backdrop of where that demand is.

好吧，Wamsi，我認為有幾件事。我要分開了。如果你想想——剛剛發生的事情甚至是 IDC，在日曆季度內，第三季度已經將我們所在日曆季度的預測前景改變了 20 個百分點。我已經有一段時間了。我從未見過在 6 週的時間內發生如此大的變化，還有 7 週的時間，對我來說，這表明在家學習這一一對一的教育計劃帶來了意想不到的需求。如果我還記得剛才關於公共部門的評論，那麼更多在家工作的員工需要筆記本。這種需求不是計劃好的。因此，如果你想一想這個行業的發展現狀和今天的需求，考慮到矽的交貨時間和 LCD 的交貨時間，我們不得不在幾個月前就宣布這一點。這就是需求所在的背景。

If I look at our portfolio, it's a very broad portfolio, as you know, we have products on standard lead time across the board. But in these areas where the growth is, think Chromebook of 11.6-inch screens, education notebooks of 14-inch and 15-inch TN screens, if you look at the supply constraints there, there's supply constraints with LCD, typically on glass itself and the drivers themselves, and there aren't enough low core count CPUs for the industry to respond to this demand profile. Do I think we will solve it in time? Without question. Is our supply chain responding accordingly? Yes. We're solving this each and every day. The lead times in our products service are getting better by the day. But that's the challenge in front of us. It's a good challenge. It's one that I know we will respond to. But it's this unanticipated spike in demand in this particular subsegment that has driven industry shortages, which I'm sure you heard from everybody, we're responding to.

如果我看一下我們的產品組合，它是一個非常廣泛的產品組合，如您所知，我們的產品全面採用標準交貨時間。但在這些增長的領域，想想 11.6 英寸屏幕的 Chromebook，14 英寸和 15 英寸 TN 屏幕的教育筆記本，如果你看看那裡的供應限制，LCD 有供應限制，通常是玻璃本身和驅動程序本身，而且業界沒有足夠的低核心數 CPU 來響應這種需求情況。我認為我們會及時解決嗎？毫無疑問。我們的供應鍊是否做出了相應的反應？是的。我們每天都在解決這個問題。我們產品服務的交貨時間一天比一天好。但這就是擺在我們面前的挑戰。這是一個很好的挑戰。這是一個我知道我們會回應的問題。但正是這一特定細分市場的意外需求激增導致了行業短缺，我相信你從每個人那裡都聽到了，我們正在對此做出回應。

Okay. That's helpful. And I was wondering if you might be able to share some color on how investors should think about the timing to investment grade? I mean we have sort of -- prior to your announcement on the alternatives you're exploring with VMware, there was an expectation around this timing. And now with this in the mix, can you help us think through whether that changes the timing on the path to investment grade or how investors should think about that?

好的。這很有幫助。我想知道您是否可以分享一些關於投資者應該如何考慮投資級別時機的顏色？我的意思是，在您宣布與 VMware 一起探索的備選方案之前，我們有某種程度的期望。現在考慮到這一點，您能否幫助我們思考一下這是否會改變通往投資級道路的時機，或者投資者應該如何考慮？

Wamsi, it's Tyler. Look, I think we've talked a little bit about -- obviously, we're in kind of a different environment, right? I think the one thing that I'm really happy about, and I think we're doing a great job of, is the continued debt paydown. Obviously, we've reiterated the $5.5 billion that we're going to pay down this year. And if you look at our payout profile, right, I've got nothing else to do this year. And probably, a piece of that $5.5 billion will be focused on the debt that's coming due next year. So I feel really good how I'm positioned from a capital structure position and then also how the debt is coming down. My conversations with the rating agencies remain good. I think, obviously, they're working through a lot as they're thinking about the overall macro environment. And I think it's fair to say that that's going to influence any type of decision. But we're making the right progress, and I'm happy to see the direction we're going. So we'll continue to see how the rest of the year plays out. But I think, like I said, we're doing what we need to do.

瓦姆西，是泰勒。聽著，我想我們已經談了一點——顯然，我們處在一個不同的環境中，對吧？我認為我真正高興的一件事，而且我認為我們做得很好，就是持續償還債務。顯然，我們重申了今年將支付的 55 億美元。如果你看看我們的支出情況，對吧，今年我沒有別的事可做。很可能，這 55 億美元中的一部分將用於支付明年到期的債務。因此，我對自己在資本結構方面的定位以及債務下降的方式感覺非常好。我與評級機構的對話仍然很好。我認為，很明顯，他們在考慮整體宏觀環境時正在做很多工作。我認為可以公平地說，這將影響任何類型的決定。但我們正在取得正確的進展，我很高興看到我們前進的方向。因此，我們將繼續關註今年剩餘時間的表現。但我認為，正如我所說，我們正在做我們需要做的事情。

Tyler, we're at $34 billion of core -- $34.1 billion of core right now, I think we've done a nice job. We do -- and from a capital allocation policy, Wamsi, nothing's changed, right, in the sense that we're going to -- predominant use of our capital right now is debt paydown. And I think that continues until we get the capital structure back into that investment-grade range. And the timing of that will be somewhat dependent upon the rating agencies who consider not only our stand-alone results but also the overall macro and their perspective around that. So I think we'll continue to be very focused on it.

泰勒，我們的核心業務價值 340 億美元——目前核心業務價值 341 億美元，我認為我們做得很好。我們這樣做了——從資本分配政策來看，Wamsi，沒有任何改變，對，從某種意義上說——我們現在資本的主要用途是償還債務。而且我認為這種情況會一直持續到我們將資本結構恢復到投資級別範圍為止。其時間將在某種程度上取決於評級機構，他們不僅考慮我們的獨立結果，而且考慮整體宏觀和他們對此的看法。所以我認為我們將繼續非常關注它。

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

我們將從 Cross Research 的 Shannon Cross 那裡回答下一個問題。

Jeff, I'm curious how -- from a strategic standpoint, thinking about like the post-pandemic work environment, both for Dell but also, obviously, for your customers, I'm just curious how that's changing where you're focusing your investments. I know some out there have said up to 50%, which seems pretty aggressive if people won't come back to the office. But I'm curious as you look sort of a couple of years down the line how this is changing things.

傑夫，我很好奇——從戰略的角度來看，像大流行病後的工作環境一樣，無論是對戴爾，還是對你的客戶，我只是很好奇這會如何改變你的工作重點投資。我知道有些人說高達 50%，如果人們不回到辦公室，這似乎相當激進。但我很好奇，因為你看起來有點像幾年後這會如何改變事情。

Thanks for the question, Shannon. It's an interesting dynamic that we see underway right now. If I look at Dell, I think I mentioned this in our prepared remarks, we see us being a connected workplace now for almost 12 years, a future where 60-plus percent of our professional workforce will work in a remote or hybrid environment, where they come to the office 1 or 2 days is the definition of a hybrid workplace. And that workplace itself will transform. Rather than having pre-described or predetermined workspace, the workspace is going to be much more highly collaborative, much more open to drive that sort of collaborative nature that we think happens in the future of work. Our belief is that we think, and I think it's understated, that we'll have a 20- to 30-point increase in remote workers and remote -- or hybrid type of work environments across all company types, all sectors, all geographies.

謝謝你的問題，香農。我們現在看到這是一個有趣的動態。如果我看看戴爾，我想我在準備好的發言中提到了這一點，我們看到我們現在已經成為一個互聯的工作場所近 12 年了，未來我們 60% 以上的專業員工將在遠程或混合環境中工作，在那裡他們來辦公室 1 或 2 天就是混合型工作場所的定義。那個工作場所本身也會發生轉變。與預先描述或預先確定的工作空間不同，工作空間將更具協作性，更加開放，以推動我們認為未來工作中會發生的那種協作性質。我們的信念是，我們認為，而且我認為它被低估了，我們將在所有公司類型、所有部門、所有地區的遠程工作者和遠程或混合類型的工作環境中增加 20 到 30 個百分點。

And I think what's interesting is how the PC industry will navigate how to, what we've coined as the 3 phases, do it light, do it right and then the new innovation that leads to a modern PC experience. Given where things are today, we're still much more on the do it light where we're taking sectors that have historically been behind on the mobile phenomena. Public is one of them or, quite frankly, education that's been behind. And we're just getting compute assets in their hands to enable them to work remotely to work online. We will move to a phase where doing it right is going to take over, and we're going to see, I think, a lot of innovation and play to our broad end-to-end portfolio. Things such as unified workspace are going to matter where we can actually take on life cycle management. We can do provisioning of the PC via our cloud capability. We can do app and patch updates remotely. We can do proactive and predictive service calls.

我認為有趣的是 PC 行業將如何導航，我們稱之為 3 個階段，輕而易舉，正確行事，然後是帶來現代 PC 體驗的新創新。考慮到今天的情況，我們仍然更多地關注我們正在採取行動的領域，這些領域在歷史上一直落後於移動現象。公眾就是其中之一，或者坦率地說，教育落後了。我們只是讓他們掌握計算資產，使他們能夠遠程工作或在線工作。我們將進入一個正確行事的階段，我認為，我們將看到很多創新，並發揮我們廣泛的端到端產品組合的作用。諸如統一工作空間之類的事情對於我們可以實際進行生命週期管理的地方很重要。我們可以通過我們的雲功能配置 PC。我們可以遠程進行應用程序和補丁更新。我們可以進行主動和預測性的服務呼叫。

So we can change the dynamic of the asset that's in our customers' hands and then how do we make that asset more productive in time because we still see, and I think it's proven time and time again here, over the first 6 months of this calendar year, the PC remains the primary productivity device. And it's increasingly the essential learning device in an online future way to educate the world, too. I think that bodes very well for us as an industry. I think we have to navigate some of the changes and what types of products are in each of those types of end users' hands. And then we're really excited about the innovation that it will drive long term as we modernize that PC experience and thinking of this even perhaps as more of an as-a-service experience long term on the PC side. Does that help?

因此，我們可以改變客戶手中資產的動態，然後我們如何及時提高該資產的生產率，因為我們仍然看到，而且我認為這在前 6 個月內一次又一次地得到證明日曆年，PC 仍然是主要的生產力設備。它也越來越成為未來在線教育世界的基本學習設備。我認為這對我們這個行業來說是個好兆頭。我認為我們必須了解一些變化以及每種類型的最終用戶手中的產品類型。然後，隨著我們對 PC 體驗進行現代化改造，我們對它將長期推動的創新感到非常興奮，甚至可能將其視為 PC 端的長期即服務體驗。這有幫助嗎？

Yes.

是的。

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

我們現在將與高盛一起接受 Rod Hall 的最後一個問題。

I wanted to come back to the mid-range weakness comment you made, Jeff, and try to tie that back together with PowerStore and understand -- well, first of all, is that mainly related to SMEs being weak, which I think a lot of companies have seen? And then secondly, on PowerStore, are you seeing it taking people longer to test the product? And is there anything you're doing short term with regards to pricing of other products or offering of other products to try to help people out while they evaluate PowerStore in this difficult environment?

我想回到你發表的中檔弱點評論，Jeff，並嘗試將其與 PowerStore 聯繫起來並理解 - 好吧，首先，這主要與 SME 弱點有關，我認為很多公司見過嗎？其次，在 PowerStore 上，您是否看到人們需要更長的時間來測試產品？在其他產品的定價或提供其他產品方面，您是否在短期內做任何事情來幫助人們在這種困難的環境中評估 PowerStore？

Sure. Let me start with a couple of thoughts because I love the question. One is, I think, it's important to note we've completed the journey that I've spoken to you all over the past handful of years now of modernizing our ISG portfolio. The entire ISG portfolio now is powered up in our definition. If you think about the last 3 products of those 9 products that we launched over the quarter, PowerStore, PowerScale, PowerFlex are all on the marketplace around the rest of the portfolio. Next week is an interesting time for us because the world's largest sales force is going through their annual technical training and will be clearly amped up on our new portfolio and its competitiveness across each and every sector that we participate in.

當然。讓我從幾個想法開始，因為我喜歡這個問題。一個是，我認為，重要的是要注意我們已經完成了我在過去幾年中與您交談過的旅程，現在我們已經實現了 ISG 產品組合的現代化。整個 ISG 產品組合現在在我們的定義中得到了加強。如果你想想我們在本季度推出的這 9 種產品中的最後 3 種產品，PowerStore、PowerScale、PowerFlex 都在市場上圍繞其餘產品組合上市。下週對我們來說是一個有趣的時刻，因為世界上最大的銷售團隊正在接受他們的年度技術培訓，並將明顯增強我們的新產品組合及其在我們參與的每個領域的競爭力。

Specifically with PowerStore, what we have done is we're doing more demos, more virtual demos. Clearly, this virtual world has made it a little more difficult, but it's a long selling cycle to begin with. We always thought about our PowerStore ramp in the second half of the year converting the pipeline that I talked about last time. If I was to reflect on what's happened in Q2, I would tell you, we're very happy with the early traction we've had with PowerStore. At less than a quarter of shipping, we have already acquired hundreds of new customers, 20% of them are new to Dell. 20% of our PowerStore customers are new to Dell. What's probably the more compelling from my point of view is we're seeing a strong correlation with our competitive swaps that are up 32% quarter-over-quarter. And we've seen 2x the level of competitive displacement revenue than the previous quarter since the launch of PowerStore.

特別是對於 PowerStore，我們所做的是我們正在做更多的演示，更多的虛擬演示。顯然，這個虛擬世界使它變得有點困難，但從一開始就是一個漫長的銷售週期。我們一直在考慮下半年我們的 PowerStore 坡道轉換我上次談到的管道。如果我要反思第二季度發生的事情，我會告訴你，我們對 PowerStore 的早期牽引力感到非常滿意。在不到四分之一的出貨量中，我們已經獲得了數百名新客戶，其中 20% 是戴爾的新客戶。我們的 PowerStore 客戶中有 20% 是戴爾的新客戶。從我的角度來看，更引人注目的可能是我們看到與我們競爭性掉期的強相關性，這些掉期環比增長 32%。自 PowerStore 推出以來，我們發現競爭性替代收入水平是上一季度的 2 倍。

I think about the largest storage sales force on the planet, their expectations are high. They're enthusiastic about the product. Our expectations haven't changed at all about PowerStore. That sales force is out generating hundreds of new opportunities a week. We're doing many virtual demos every week on top of the pipeline that we referenced last time. So we absolutely believe we have a winner here. Our expectations haven't changed. Yes, we're dealing with a COVID environment that takes a little longer to do some of the evals, some of the certifications. But our team is being creative, helping customers do that. And then your last question about pricing, we didn't change our pricing on PowerStore. We went into the marketplace, and we priced PowerStore against the competition at the same level on an effective gigabyte. So in my mind, we've put a better product potentially in the hands of the market at the same price as our competitors on an effective gigabyte. I think that's a win in our hand.

我想到這個星球上最大的存儲銷售團隊，他們的期望很高。他們對產品充滿熱情。我們對 PowerStore 的期望完全沒有改變。這支銷售隊伍每週都會產生數百個新機會。我們每週都會在上次引用的管道之上進行許多虛擬演示。所以我們絕對相信我們在這裡有一個贏家。我們的期望沒有改變。是的，我們正在處理一個 COVID 環境，它需要更長的時間來進行一些評估和一些認證。但我們的團隊正在發揮創造力，幫助客戶做到這一點。然後是關於定價的最後一個問題，我們沒有改變我們在 PowerStore 上的定價。我們進入了市場，我們將 PowerStore 的價格與競爭對手的有效千兆字節進行了比較。因此，在我看來，我們已經以與我們的競爭對手相同的價格，在有效千兆字節上將更好的產品潛在地交到市場手中。我認為這是我們的勝利。

Thanks, Rod. And thanks, Jeff. All right. That's a wrap on Q&A. We'll see many of you virtually at the Citi Global Technology Conference on Tuesday, September 8. So thanks for joining.

謝謝，羅德。謝謝，傑夫。好的。這是問答環節的總結。我們將在 9 月 8 日星期二的花旗全球技術大會上以虛擬方式與你們中的許多人見面。感謝您的加入。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。