戴爾 (DELL) 2021 Q1 法說會逐字稿

Good afternoon and welcome to the Fiscal Year 2021 First 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 財年第一季度業績電話會議。我想通知所有與會者，本次電話會議是應 Dell Technologies 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 Chief Operating Officer, Jeff Clarke; our CFO, Tom Sweet; and our Treasurer, Tyler Johnson. In addition to our press release, financial tables and web deck, beginning with Q1, edited prepared remarks and additional materials are now available before the call 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；我們的首席財務官 Tom Sweet；以及我們的財務主管 Tyler Johnson。除了我們的新聞稿、財務表格和網絡平台之外，從第一季度開始，我們的 IR 網站上的電話會議之前現在還提供經過編輯的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 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, 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、EBITDA、調整後的 EBITDA 和調整後的自由現金流。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 Pivotal 結果。

Finally, I'd like to remind you that all statements made during this call that relate to future events and results are forward-looking statements based on current expectations. Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in our web deck and SEC reports. We assume no obligation to update our forward-looking statements.

最後，我想提醒您，本次電話會議期間所做的與未來事件和結果相關的所有陳述都是基於當前預期的前瞻性陳述。由於存在許多風險和不確定性，實際結果和事件可能與預測的結果和事件存在重大差異，這些風險和不確定性在我們的網絡平台和 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。

Now I'll turn it over to Jeff.

現在我將把它交給 Jeff。

Thanks, Rob. We are all living and working in extraordinary times. Let me upfront, on the behalf of the Dell Technologies team, send our thoughts and best wishes to the global community. Though we are starting to see positive signs around the globe with regards to the pandemic, we understand the unimaginable scope and scale of what it is at its core, a humanitarian crisis. We know that little on our world is untouched.

謝謝，羅布。我們都生活和工作在非常時期。首先讓我代表 Dell Technologies 團隊向全球社區表達我們的想法和最良好的祝愿。儘管我們開始在全球範圍內看到有關這一流行病的積極跡象，但我們了解它的核心是一場人道主義危機，其範圍和規模難以想像。我們知道，我們的世界上幾乎沒有什麼是未被觸及的。

On a personal level, what keeps me going is staying connected. COVID-19 has challenged every convention of our lives. I am finishing up day 78 working from home and settling in into a new normal. I am remote, yet more connected than ever with a deeper sense of unity. I'm not traveling, but I'm visiting with more customers, partners, suppliers and team members, and I'm busier than ever, yet I have more time for my family than I've had in years. And as I reflect on the past quarter, several truths have been reinforced through the pandemic. One, technology has never been more important. That plays a key role in fighting the virus on the front line, it is essential in the development of vaccines and will be a catalyst in the recovery. As a result, digital transformation will accelerate us into the fourth industrial revolution. And then lastly, Dell Technologies' broad portfolio of businesses and capabilities enabled us to work through the crisis and deliver differentiated results for our customers and our company.

在個人層面上，讓我繼續前進的是保持聯繫。 COVID-19 挑戰了我們生活中的每一個慣例。我即將結束第 78 天在家工作並適應新常態。我很遙遠，但比以往任何時候都更加緊密地團結在一起。我不是在旅行，而是拜訪了更多的客戶、合作夥伴、供應商和團隊成員，而且我比以往任何時候都忙，但我有更多的時間陪伴家人。當我回顧過去一個季度時，大流行病強化了一些事實。第一，技術從未如此重要。這在前線抗擊病毒方面發揮著關鍵作用，對疫苗的研發至關重要，並將成為複甦的催化劑。因此，數字化轉型將加速我們進入第四次工業革命。最後，Dell Technologies 廣泛的業務組合和能力使我們能夠度過危機並為我們的客戶和我們的公司提供差異化的結果。

Over Q1, through today and into the future, our focus has been and will be on, one, our people; two, our customers; and three, our business. Let me start with our team members.

在第一季度，從今天到未來，我們一直並將關注的焦點放在我們的員工身上；二、我們的客戶；第三，我們的業務。讓我從我們的團隊成員開始。

The safety and health of our team members, their families and the communities where we live and work is job one. We restricted global travel and moved to virtual-only events. 90% of our 165,000 team members worldwide moved to work from home over one weekend, and they are successfully supporting our customers and partners remotely. And we are protecting our essential employees whose jobs require them to be on-site or with customers with new pandemic-specific protocols.

我們的團隊成員、他們的家人以及我們生活和工作的社區的安全和健康是首要任務。我們限制了全球旅行，並轉向了僅限虛擬的活動。我們全球 165,000 名團隊成員中有 90% 的人在一個週末內搬到了在家工作，他們成功地為我們的客戶和合作夥伴提供了遠程支持。我們正在保護我們的重要員工，他們的工作要求他們在現場或與客戶一起使用新的大流行特定協議。

Next, our customers. Consumers to small businesses to multinational corporations were forced to implement work-from-home, learn-from-home strategies and reestablish business continuity literally overnight. We saw flight to quality where customers leaned on technology partners who had the flexibility and agility to provide solutions at scale across all of their IT needs and deliver services quickly and globally.

接下來，我們的客戶。從小企業到跨國公司的消費者被迫實施在家工作、在家學習的策略，並在一夜之間重建業務連續性。我們看到了質量的飛躍，客戶依賴於技術合作夥伴，這些合作夥伴具有靈活性和敏捷性，可以大規模提供滿足其所有 IT 需求的解決方案，並在全球範圍內快速交付服務。

Consider New York City as an example. Our team helped their department in information technology and communication support the city's health care professionals and first responders, securing critical technology ranging from PCs to servers, storage and VMware, all in a centralized manner with swift implementation. As governments issued their shelter-in-place orders, no one was at receiving docks to get the needed technology. So we shipped notebooks, monitors and accessories directly to people's homes or we set up drive-throughs with proper social distancing and PPE in place to get the people equipment they needed to be productive and connected.

以紐約市為例。我們的團隊幫助他們的信息技術和通信部門支持該市的醫療保健專業人員和急救人員，保護從 PC 到服務器、存儲和 VMware 的關鍵技術，所有這些都以集中的方式快速實施。當政府發布就地避難令時，沒有人在接收碼頭獲取所需的技術。因此，我們將筆記本電腦、顯示器和配件直接運送到人們的家中，或者我們設置了適當的社交距離和 PPE 的免下車通道，以便為人們提供他們需要的生產和連接所需的設備。

We rolled out our payment flexibility program, so customers can access the technology they need now, scale the usage of IT and preserve cash. This program includes 0% interest rates and up to 180-day payment deferral. And we are also making $9 billion in financing available this year. Plus, we added a 1-year term to our Dell Technologies On Demand offerings, which can be used with Dell Technologies cloud platform to rapidly consume hybrid cloud infrastructure.

我們推出了我們的支付靈活性計劃，因此客戶可以訪問他們現在需要的技術、擴展 IT 的使用並保留現金。該計劃包括 0% 的利率和最多 180 天的付款延期。我們今年還將提供 90 億美元的融資。此外，我們為 Dell Technologies On Demand 產品添加了 1 年期限，可與 Dell Technologies 雲平台一起使用以快速使用混合雲基礎架構。

And third, the business. We saw unprecedented demand dynamics over the course of the quarter. And though we face an uncertain environment as we look ahead and made these areas of prudent in-quarter decisions to manage cost and liquidity, we did so with the intent to accelerate through and beyond this crisis. All actions were in line with our strategy which remains unchanged. We are focused on gaining share, integrating and innovating across our portfolio and creating long-term value for all stakeholders. Despite uncertainty, we are in a position of strength, we have a unique opportunity to perform differentially, no matter the environment.

第三，業務。我們在本季度看到了前所未有的需求動態。儘管我們在展望未來並在這些領域做出審慎的季度決策以管理成本和流動性時面臨不確定的環境，但我們這樣做的目的是加快度過並超越這場危機。所有的行動都符合我們保持不變的戰略。我們專注於在我們的產品組合中獲得份額、整合和創新，並為所有利益相關者創造長期價值。儘管存在不確定性，但我們處於優勢地位，無論環境如何，我們都有獨特的機會來表現差異化。

Let me move to a few operational comments for the first quarter. To get more specific on demand, we saw high single-digit order growth for commercial client and double-digit orders growth for notebooks. For example, orders growth for our Latitude notebook family grew 37% year-over-year and 45% sequentially. This growth came primarily from large commercial and government customers, which did put some pressure on profitability. We were the only vendor in the top 5 to have positive year-over-year PC unit growth for calendar Q1, according to IDC. We had our highest share position to date for worldwide PCs at 19.4%. And in commercial PCs, Dell move to #2 worldwide with 26.2% unit share.

讓我談談第一季度的一些運營評論。為了更具體地滿足需求，我們看到商業客戶的高個位數訂單增長和筆記本電腦的兩位數訂單增長。例如，我們 Latitude 筆記本系列的訂單同比增長 37%，環比增長 45%。這種增長主要來自大型商業和政府客戶，這確實給盈利能力帶來了一些壓力。根據 IDC 的數據，我們是前 5 名中唯一一家在第一季度 PC 出貨量同比增長的供應商。迄今為止，我們在全球個人電腦市場的份額最高，為 19.4%。在商用 PC 領域，戴爾以 26.2% 的單位份額躍居全球第二。

As customers shifted spend to remote solutions and BCRP, they did so at the expense of infrastructure spending, resulting in lower ISG demand, but there were some highlights. While down, we saw improved server performance and expect to gain unit and revenue share for mainstream servers when IDC x86 results come out next month. And though we expect our external storage share to be roughly flat in calendar Q1, we expect share growth in high-end, purpose-built back-up appliances and unstructured arrays.

隨著客戶將支出轉移到遠程解決方案和 BCRP，他們這樣做是以基礎設施支出為代價的，從而導致 ISG 需求降低，但也有一些亮點。在下降的同時，我們看到了服務器性能的提高，並期望在下個月 IDC x86 結果出來時獲得主流服務器的單位和收入份額。儘管我們預計我們的外部存儲份額在第一季度大致持平，但我們預計高端專用備份設備和非結構化陣列的份額將增長。

From a customer standpoint, we saw order strength in banking and financial services, government, health care and life sciences, each up 15% to 20% in Q1. We also saw very strong double-digit demand in consumer direct and solid high single-digit demand in small business. For small and medium business, however, demand did soften as the quarter progressed given the shelter-in-place orders of various governments. We saw demand drop over the quarter in the most impacted sectors including retail, manufacturing, energy and transportation.

從客戶的角度來看，我們看到銀行和金融服務、政府、醫療保健和生命科學領域的訂單強度在第一季度各增長了 15% 至 20%。我們還看到直接消費者的兩位數需求非常強勁，小型企業的需求也保持在高個位數。然而，對於中小型企業而言，由於各國政府發布了就地避難令，隨著本季度的推進，需求確實有所減弱。我們看到受影響最嚴重的行業（包括零售、製造、能源和運輸）的需求在本季度有所下降。

Throughout this time, we have been advantaged by our agility, our breadth and our scale. We can quickly pivot and lean into the opportunities that exist with unmatched capabilities, including our direct global sales force, flexible consumption models and online leadership. These are truly differentiators for us.

在這段時間裡，我們的敏捷性、廣度和規模一直是我們的優勢。我們可以快速轉向並利用無與倫比的能力抓住存在的機會，包括我們的直接全球銷售隊伍、靈活的消費模式和在線領導力。這些對我們來說是真正的差異化因素。

Our teams had to be nimble and quickly embrace a new sales motion. We successfully pivoted to all virtual engagements with hundreds of thousands of virtual customer interactions in the quarter. And our e-commerce business sets us apart. In April, site visits to delltechnologies.com were up 77% driven largely by interest in remote work offerings and learnings ranging from PC solutions and services, quick-start bundles for VDI and SD-WAN for home access to take the stress off corporate networks.

我們的團隊必須靈活並迅速接受新的銷售活動。我們在本季度成功地轉向了與數十萬虛擬客戶互動的所有虛擬互動。我們的電子商務業務使我們與眾不同。 4 月份，delltechnologies.com 的網站訪問量增長了 77%，這主要是由於人們對遠程工作產品和學習的興趣，包括 PC 解決方案和服務、用於 VDI 的快速啟動捆綁包和用於家庭訪問的 SD-WAN，以減輕企業網絡的壓力.

Another strength is our global supply chain. Its scale and resiliency, which enable the needed flexibility to manage through the many different challenges over the past several years. We've used our global footprint and partnerships to fulfill orders as quickly as possible, exploring all sourcing, production and logistics strategies to meet our customers' needs. We continue to drive innovation and excellence in engineering with a largely remote workforce. Our engineers and product teams delivered several critical solutions in the past couple of months, all from home.

另一個優勢是我們的全球供應鏈。它的規模和彈性，使所需的靈活性能夠應對過去幾年中的許多不同挑戰。我們利用我們的全球足跡和合作夥伴關係盡快完成訂單，探索所有採購、生產和物流策略以滿足客戶的需求。我們繼續通過大量遠程工作人員推動工程創新和卓越。在過去的幾個月裡，我們的工程師和產品團隊交付了幾個關鍵的解決方案，而且都是在家裡完成的。

PowerStore is now shipping and is a step-level improvement in the market. It's up to 7x faster and 3x more responsive than our previous arrays. The feedback from our customers has been fantastic. And we are seeing unprecedented interest. The pipeline is building. This is a game changer for us in mid-range storage.

PowerStore 現已出貨，是市場上的階梯式改進。它比我們以前的陣列快 7 倍，響應快 3 倍。我們客戶的反饋非常好。我們看到了前所未有的興趣。管道正在建設中。這對我們在中端存儲領域來說是一個遊戲規則改變者。

Last week, we launched several Dell Technologies Cloud advancements including Dell Technologies Cloud OneFS for Google Cloud. This combines scalability and performance of Isilon with Google Cloud's analytics and compute services to help customers simplify management of private and public cloud storage.

上週，我們推出了幾項 Dell Technologies Cloud 改進，包括適用於 Google Cloud 的 Dell Technologies Cloud OneFS。這將 Isilon 的可擴展性和性能與穀歌云的分析和計算服務相結合，幫助客戶簡化私有和公共雲存儲的管理。

And in March, VMware introduced new software solutions that place us squarely at the center of our customers' multi-cloud world. The releases featured VMware Tanzu, a portfolio of products and services that transform the way enterprises build, run and manage application software. Also included were major updates to the core portfolio across VMware Cloud Foundation, including the largest evolution of vSphere in a decade, NSX-T, vSAN and vRealize Operations Cloud, which continue to bring innovation to our leading infrastructure stack that powers on-premise environment and public clouds across the world. These are just a few examples of how we're delivering on our customers' needs and executing our strategy.

3 月，VMware 推出了新的軟件解決方案，使我們完全處於客戶多雲世界的中心。這些版本以 VMware Tanzu 為特色，這是一個產品和服務組合，可以改變企業構建、運行和管理應用軟件的方式。還包括對 VMware Cloud Foundation 核心產品組合的重大更新，包括 vSphere 十年來最大的發展、NSX-T、vSAN 和 vRealize Operations Cloud，它們繼續為我們領先的基礎架構堆棧帶來創新，為內部部署環境提供支持和世界各地的公共雲。這些只是我們如何滿足客戶需求和執行戰略的幾個例子。

As the world starts to pivot from response to recovery, I see it in 3 phases. Phase 1, the rapid response. This phase is largely behind us. Organizations have moved to work from home. Kids are learning from home, and we are seeing hopeful signs, including possible vaccine.

隨著世界開始從應對轉向復甦，我將其分為三個階段。第一階段，快速反應。這個階段基本上已經過去了。組織已經轉移到在家工作。孩子們在家學習，我們看到了希望的跡象，包括可能的疫苗。

Phase 2, the new normal. As a society, we are realizing that work isn't a destination, rather it's something many of us can do anywhere, anytime. We are solving customer issues remotely with great success, and customer conversations have changed from what do we do now to how do we plan for the future.

第二階段，新常態。作為一個社會，我們意識到工作不是目的地，而是我們中的許多人可以隨時隨地做的事情。我們正在遠程解決客戶問題並取得巨大成功，客戶對話已經從我們現在做什麼轉變為我們如何規劃未來。

And then into the third phase, new opportunities. High volumes of virtual, online businesses, an accelerated digital existence, making an automated, intelligent and secure supply chain paramount to business continuity. Artificial intelligence and machine learning play a big role to glean meaningful business insights from the vast amount of data this digital existence will create.

然後進入第三階段，新的機會。大量的虛擬在線業務、加速的數字化存在，使得自動化、智能和安全的供應鏈對於業務連續性至關重要。人工智能和機器學習在從這種數字存在將產生的海量數據中收集有意義的商業見解方面發揮著重要作用。

Dell Technologies is uniquely positioned to win in this evolving backdrop, and our Q1 performance again highlights our differentiation and the resiliency.

Dell Technologies 處於獨特的位置，可以在這個不斷變化的背景下取勝，我們第一季度的業績再次凸顯了我們的差異化和彈性。

So to summarize, our breadth of solutions, our scale and our strength have never been more important, with customers increasingly turning to us as a deep and trusted partner when they need help most. Thanks to our customers and our incredible team efforts, we've been able to execute our strategy and emerge from this in an even stronger competitive position. This pandemic has challenged -- or excuse me, this pandemic has changed everything with unprecedented speed and scope, billions of people's lives upended in a matter of weeks. But there is also tremendous innovation and collaboration, heroism and humanity. There is a lot to be hopeful for, and there's a lot of opportunity ahead.

因此總而言之，我們解決方案的廣度、我們的規模和我們的實力從未像現在這樣重要，隨著客戶在最需要幫助時越來越多地轉向我們作為深厚且值得信賴的合作夥伴。感謝我們的客戶和我們令人難以置信的團隊努力，我們能夠執行我們的戰略並從中脫穎而出，處於更強大的競爭地位。這場大流行帶來了挑戰——或者對不起，這場大流行以前所未有的速度和範圍改變了一切，數十億人的生活在短短幾週內就被顛覆了。但也有巨大的創新和協作、英雄主義和人性。有很多希望，前面有很多機會。

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

現在我將把它交給湯姆，讓他更深入地了解我們的財務狀況。

Thanks, Jeff. The global effects of COVID-19 created a challenging environment to navigate, but I am proud of our team members and partners around the globe. They continue to support our customers and many frontline organizations battling this pandemic while also managing their own personal needs and responsibilities.

謝謝，傑夫。 COVID-19 的全球影響創造了一個充滿挑戰的環境，但我為我們在全球的團隊成員和合作夥伴感到自豪。他們繼續支持我們的客戶和許多抗擊這一流行病的前線組織，同時管理他們自己的個人需求和責任。

Demand was strong for work- and learn-from-home solutions and business continuity solutions, especially during the first 2 months of the quarter. Revenue for the first quarter was $21.9 billion, which was flat year-over-year. FX movement, particularly in the euro zone, Brazil and China, created a headwind this quarter, impacting growth by approximately 170 basis points. Gross margin was down 1% to $7.3 billion or 33.4% of revenue. Overall, gross margin was lower due to the strong CSG performance along with the mix shift to large commercial and government customers that Jeff mentioned.

對在家工作和學習解決方案以及業務連續性解決方案的需求強勁，尤其是在本季度的前兩個月。第一季度收入為 219 億美元，同比持平。外匯走勢，尤其是在歐元區、巴西和中國，在本季度造成了不利影響，影響了約 170 個基點的增長。毛利率下降 1% 至 73 億美元，佔收入的 33.4%。總體而言，由於 CSG 的強勁表現以及 Jeff 提到的向大型商業和政府客戶的混合轉移，毛利率較低。

Given the environment, we proactively took cost actions during the quarter to protect and position the company. These measures included a global hiring freeze, reduction in consulting and contractor costs, global travel restrictions and, most recently, the decision to suspend our 401(k) match. The majority of our costs are variable, allowing us to quickly adjust. Our rapid cost actions helped drive operating expenses down 1% year-over-year and down 8% sequentially to $5.2 billion. We continue to evaluate the business and are prepared to take additional actions as necessary.

鑑於環境，我們在本季度積極採取成本行動來保護和定位公司。這些措施包括凍結全球招聘、減少諮詢和承包商成本、全球旅行限制以及最近暫停我們的 401(k) 匹配的決定。我們的大部分成本是可變的，使我們能夠快速調整。我們快速的成本行動幫助推動運營費用同比下降 1%，環比下降 8% 至 52 億美元。我們將繼續評估業務，並準備在必要時採取其他行動。

Operating income was down 2% to $2.2 billion or 9.8% of revenue. Profitability was slightly lower as we managed through multiple impacts in the quarter. Supply chain-related costs for certain components and expedite costs for moving products in this environment were higher in the quarter. We were also impacted by mix dynamics related to strong demand for work from home, a higher mix of large commercial and government transactions and the impacts from a strong dollar even as we adjusted pricing.

營業收入下降 2% 至 22 億美元，佔收入的 9.8%。由於我們在本季度應對了多重影響，因此盈利能力略有下降。本季度某些組件的供應鏈相關成本和在這種環境下移動產品的加速成本較高。我們還受到與在家工作的強勁需求、大型商業和政府交易的更高組合以及強勢美元的影響相關的混合動態的影響，即使我們調整了定價。

Profitability was also impacted by the application of the new Current Expected Credit Loss, or CECL, accounting standard as we recorded increased receivable reserves of approximately $100 million. Our consolidated net income was $1.1 billion, down 5%; and EPS was $1.34, down 8%. Adjusted EBITDA was $2.6 billion or 11.9% of revenue and $11.8 billion for the trailing 12 months.

盈利能力也受到應用新的當前預期信用損失 (CECL) 會計準則的影響，因為我們記錄的應收賬款準備金增加了約 1 億美元。我們的綜合淨收入為 11 億美元，下降 5%；每股收益為 1.34 美元，下降 8%。調整後的 EBITDA 為 26 億美元，佔收入的 11.9%，過去 12 個月為 118 億美元。

Shifting to our business unit results. Client Solutions Group delivered revenue of $11.1 billion, up 2%. Commercial revenue was $8.6 billion, up 4%, including double-digit order growth in commercial notebooks and mobile workstations. Consumer revenue was $2.5 billion, down 5% as we shifted supply to direct from retail. Our consumer direct orders were up nearly 40%, while consumer retail orders were down 37%.

轉向我們的業務部門結果。 Client Solutions Group 實現收入 111 億美元，增長 2%。商業收入為 86 億美元，增長 4%，其中商用筆記本電腦和移動工作站的訂單實現兩位數增長。由於我們將供應從零售轉向直銷，消費者收入為 25 億美元，下降了 5%。我們的消費者直接訂單增長了近 40%，而消費者零售訂單下降了 37%。

The strong demand for remote work and learning solutions drove the strong commercial client and notebook performance. The team did a nice job working through supply chain impacts. We saw extended lead times, particularly for mobile solutions, but these are now turning back to more normal levels.

對遠程工作和學習解決方案的強勁需求推動了商業客戶端和筆記本電腦的強勁表現。該團隊在解決供應鏈影響方面做得很好。我們看到交貨時間延長，尤其是移動解決方案，但現在已經恢復到更正常的水平。

CSG operating income was $592 million or 5.3% of revenue. CSG profitability was impacted by a higher mix of large commercial and government customers and less deflationary component costs compared to a year ago.

CSG 營業收入為 5.92 億美元，佔收入的 5.3%。與一年前相比，CSG 的盈利能力受到更大的商業和政府客戶組合以及通貨緊縮成分成本減少的影響。

ISG revenue was $7.6 billion, down 8%. Storage revenue was $3.8 billion, down 5%. We saw double-digit demand growth in VxRail and in our high-end PowerMax solution and solid demand in unstructured storage, offset by softness in other areas of core storage.

ISG 收入為 76 億美元，下降 8%。存儲收入為 38 億美元，下降 5%。我們看到 VxRail 和我們的高端 PowerMax 解決方案的兩位數需求增長以及非結構化存儲的穩定需求被核心存儲其他領域的疲軟所抵消。

Servers and networking revenue was $3.8 billion, down 10%. However, we did see improved orders results for mainstream servers and expect to gain share in this category.

服務器和網絡收入為 38 億美元，下降 10%。然而，我們確實看到主流服務器的訂單結果有所改善，並希望在這一類別中獲得份額。

ISG operating income was $732 million or 9.7% of revenue, which was down 60 basis points. The first quarter is typically our lightest quarter for ISG, particularly storage as it historically builds throughout the year.

ISG 營業收入為 7.32 億美元，佔收入的 9.7%，下降了 60 個基點。第一季度通常是我們對 ISG 最輕的季度，尤其是存儲，因為它歷來全年都在構建。

Our VMware business unit had a strong quarter, delivering revenue of $2.8 billion, up 12% and operating income of $773 million or 28.1% of revenue. Based on VMware's stand-alone results, subscription and as a service revenue grew 39%, with the strongest revenue performance from end user computing, Carbon Black and VeloCloud offerings as well as VMware Cloud on AWS, which had a triple-digit revenue growth rate. Both NSX and vSAN product bookings grew over 20%.

我們的 VMware 業務部門本季度表現強勁，實現收入 28 億美元，增長 12%，營業收入為 7.73 億美元，佔收入的 28.1%。根據 VMware 的獨立結果，訂閱和即服務收入增長了 39%，其中最強勁的收入表現來自終端用戶計算、Carbon Black 和 VeloCloud 產品以及 AWS 上的 VMware Cloud，收入增長率達到三位數. NSX 和 vSAN 產品預訂量均增長了 20% 以上。

Turning to our balance sheet and capital structure. We ended the quarter with $13.2 billion of cash and investments. This includes the cash from the $2.25 billion of notes issued by Dell Technologies and $2 billion issued by VMware in the first quarter. As announced, the primary use of proceeds from these offerings is the repayment of debt. Earlier this month, VMware did pay down $1.25 billion of the note due in August of 2020. And at the Dell Tech level, we expect to use the $2.25 billion in proceeds to pay down debt in the coming months.

轉向我們的資產負債表和資本結構。我們以 132 億美元的現金和投資結束了本季度。這包括來自戴爾科技公司發行的22.5億美元票據和第一季度VMware發行的20億美元票據的現金。正如所宣布的那樣，這些產品的收益主要用於償還債務。本月早些時候，VMware 確實償還了 2020 年 8 月到期的票據中的 12.5 億美元。在戴爾技術層面，我們預計將在未來幾個月內使用這 22.5 億美元的收益來償還債務。

Our total debt balance ended the quarter at $57.3 billion, and core debt ended the quarter at $36.6 billion. Core debt excludes $9.1 billion of DFS-related debt, the majority of which is nonrecourse to the company and is backed by high-quality receivables. We are focused on ensuring DFS is properly capitalized to support our customers as evidenced by the $1.1 billion asset-backed fixed-term securitization we did in the quarter.

我們的總債務餘額在本季度末為 573 億美元，核心債務在本季度末為 366 億美元。核心債務不包括 91 億美元的 DFS 相關債務，其中大部分對公司沒有追索權，並由高質量的應收賬款支持。我們專注於確保 DFS 得到適當資本化以支持我們的客戶，我們在本季度進行的 11 億美元資產支持定期證券化證明了這一點。

We are effectively managing working capital in this challenging environment. We had a use of cash flow from operations of approximately $800 million, impacted by our normal annual bonus payout, P&L seasonality and approximately $900 million of COVID impact to working capital, principally related to timing of accounts receivable collections and higher inventory, which we expect to normalize in the coming quarters.

在這個充滿挑戰的環境中，我們正在有效地管理營運資金。我們使用了約 8 億美元的運營現金流，受我們正常的年度獎金支付、損益季節性和 COVID 對營運資金的影響約 9 億美元的影響，主要與應收賬款收款時間和庫存增加有關，我們預計在未來幾個季度正常化。

Adjusted free cash flow in Q1 was a negative $1.2 billion coming off of a very strong fourth quarter. Our first quarter tends to be our weakest in regards to cash generation given normal seasonality impacts. On a trailing 12-month basis, adjusted free cash flow was $7.6 billion.

由於第四季度非常強勁，第一季度調整後的自由現金流為負 12 億美元。考慮到正常的季節性影響，我們的第一季度在現金產生方面往往是最弱的。在過去 12 個月的基礎上，調整後的自由現金流為 76 億美元。

We have suspended the share repurchase program announced on the Q4 call. In the first quarter, we did repurchase approximately 6 million shares for approximately $240 million.

我們已暫停在第四季度電話會議上宣布的股票回購計劃。第一季度，我們確實以約 2.4 億美元的價格回購了約 600 萬股股票。

Our liquidity position is strong with excess cash on the balance sheet and $5.5 billion of undrawn revolver capacity after repaying a partial draw in Q1. We are comfortable with our capital structure, including our ability to support DFS growth. We have worked to smooth out our debt maturity towers with only $600 million due this June, plus approximately $200 million of debt amortization for the year.

我們的流動性狀況良好，資產負債表上有多餘的現金，在第一季度償還了部分提款後，還有 55 億美元的未提款循環能力。我們對我們的資本結構感到滿意，包括我們支持 DFS 增長的能力。我們已經努力消除我們的債務到期塔，今年 6 月到期的債務只有 6 億美元，加上今年約 2 億美元的債務攤銷。

As I reflect on current results and future opportunities, I'm reminded that we are a different company than we were just 3 years ago and most certainly different than we were in any of the prior economic slowdowns. Today, we have assembled a broad set of capabilities that are differentiated within the industry and drive an attractive financial model.

當我反思當前的結果和未來的機會時，我想起我們是一家與 3 年前不同的公司，而且肯定與之前任何經濟放緩時期不同。今天，我們已經匯集了一系列廣泛的能力，這些能力在行業內脫穎而出，並推動了一個有吸引力的財務模式。

We have broad diversification across our portfolio of software and service solutions, hybrid cloud technologies and traditional infrastructure, all of which are multibillion-dollar businesses. And similarly, we have a broad diversification across our customer base, which allows us a view to customer behavior and demand trends given our direct model. We have a software and security business that's more than $15 billion with strong as a service and recurring revenue characteristics. This creates a stable revenue base, particularly during volatile times.

我們在軟件和服務解決方案、混合雲技術和傳統基礎設施的產品組合中擁有廣泛的多元化，所有這些都是價值數十億美元的業務。同樣，我們在客戶群中擁有廣泛的多元化，這使我們能夠根據我們的直接模型了解客戶行為和需求趨勢。我們擁有超過 150 億美元的軟件和安全業務，具有強大的服務和經常性收入特徵。這創造了穩定的收入基礎，尤其是在動盪時期。

Our total deferred revenue is $27.6 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 16% year-over-year. We are focused on our commitment to maximize long-term value creation for all aligned shareholders by growing faster than competitors, growing EPS faster than revenue and generating strong cash flow over time.

我們的遞延收入總額為 276 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，同比增長 16%。我們專注於通過比競爭對手更快地增長、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現金流，為所有一致股東創造最大長期價值的承諾。

Now let me touch on how we're thinking about the rest of the year. As you know, we withdrew previously issued fiscal '21 financial guidance during the first quarter. We saw strong demand in February and March, but we did see demand soften in the last month of the quarter given our direct model and end-user relationships. As a result, we expect Q2 revenue to be seasonally lower than prior years, which has typically been up to 6% to 8% sequentially from the first quarter.

現在讓我談談我們對今年剩餘時間的看法。如您所知，我們在第一季度撤回了先前發布的 21 財年財務指南。我們在 2 月和 3 月看到了強勁的需求，但考慮到我們的直接模型和最終用戶關係，我們確實看到本季度最後一個月的需求疲軟。因此，我們預計第二季度收入將低於往年，通常比第一季度環比增長 6% 至 8%。

The latest data is pointing to a challenging environment, with global GDP expected to decline between 3% to 5% in 2020; and IT spending, excluding telecom, to be down 5% to 10%. While it's difficult to predict the shape of the slowdown and the recovery and the resultant impact on IT spending, our job is to prudently manage our business so that we are in a strong position on the other side of this crisis.

最新數據表明環境充滿挑戰，預計 2020 年全球 GDP 將下降 3% 至 5%； IT 支出（不包括電信）將下降 5% 至 10%。雖然很難預測經濟放緩和復甦的形式以及由此產生的對 IT 支出的影響，但我們的工作是審慎地管理我們的業務，以便我們在這場危機的另一端處於有利地位。

We remain committed to delevering and achieving investment-grade ratings. Our intent remains to reduce core debt by approximately $5.5 billion in fiscal '21, in addition to the debt repayment associated with the Q1 issuance, though this may be influenced by the macro and related business performance.

我們仍然致力於去槓桿化和實現投資級評級。除了與第一季度發行相關的債務償還外，我們的意圖仍然是在 21 財年將核心債務減少約 55 億美元，儘管這可能會受到宏觀和相關業務績效的影響。

So to close, these are unprecedented times but Dell Technologies is well positioned. We are moving forward, winning the consolidation, integrating and innovating across Dell Technologies to create the future of technology infrastructure and creating long-term value for all stakeholders. This is our strategy and focus. And in a world that is increasingly looking for resiliency, reliability and innovation, we are uniquely positioned to emerge from this time as the essential technology company for the data era.

總而言之，這是前所未有的時代，但戴爾科技處於有利地位。我們正在向前邁進，贏得整個 Dell Technologies 的整合、整合和創新，以創造技術基礎架構的未來並為所有利益相關者創造長期價值。這是我們的戰略和重點。在一個越來越需要彈性、可靠性和創新的世界中，我們具有獨特的優勢，可以從這個時代脫穎而出，成為數據時代的重要技術公司。

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

因此，我將把它轉回 Rob 開始問答。

Thanks, Tom. Let's get to Q&A. (Operator Instructions) Erica, could 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？

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

我們將從 Wells Fargo 的 Aaron Rakers 那裡回答我們的第一個問題。

Just real quickly, kind of thinking about the demand environment, particularly around the server space. Can you talk about how you saw demand pull forward in this last quarter, and what maybe the pipeline and activity looks like thus far in May and how you're currently seeing and characterizing the component pricing environment?

真正快速地思考需求環境，尤其是服務器空間。您能否談談您如何看待上個季度的需求增長，5 月份到目前為止的管道和活動可能是什麼樣子，以及您目前如何看待和描述組件定價環境？

Sure. Aaron, a couple of things. If I look at the server environment, one of the things that you'll see from us is -- or that we saw during the quarter, I should say, is our P&L performance was down minus 10% as you saw and we commented on. But from an order space and the mainstream space, it was minus 1%. From our perspective, we saw an improvement from last year's numbers or last year's performance to Q1. We saw demand in large business and in government for our server products, and that demand was all throughout the quarter.

當然。亞倫，有幾件事。如果我看一下服務器環境，你會從我們這裡看到的一件事是 - 或者我們在本季度看到的，我應該說，我們的損益表現下降了負 10%，正如你所看到的，我們評論了.但從一單空間和主流空間來看，則是-1%。從我們的角度來看，我們看到去年的數字或去年第一季度的表現有所改善。我們看到大型企業和政府對我們的服務器產品有需求，而且這種需求貫穿整個季度。

The same segments that we mentioned earlier, the small business and the medium business, they were impacted in the third month, as Tom and I referenced earlier. And then I think lastly, you had the financial services side, the health care side, the life sciences side have demand throughout the quarter as well that we saw. I wouldn't say we saw any indications, Tom, of a pull-in of demand. We certainly saw, in the demand and the demand strength in the areas that I referenced, the sequential improvement of our business. I'll let Tom add some color to that, and then I'll ask -- answer about the cost environment.

正如我和湯姆之前提到的，我們之前提到的相同細分市場，即小型企業和中型企業，它們在第三個月受到了影響。然後我想最後，金融服務方面、醫療保健方面、生命科學方面在整個季度都有我們看到的需求。湯姆，我不會說我們看到任何需求拉動的跡象。在我提到的領域的需求和需求強度中，我們當然看到了我們業務的連續改進。我會讓湯姆為其添加一些顏色，然後我會問 - 回答有關成本環境的問題。

Yes. Aaron, it's Tom. I would echo what Jeff said. I wouldn't characterize it as pull-in or anything of that. Obviously, this was more a quarter of the work-from-home, learn-from-home framework and customer focus. And so as we said on our talking points, there was -- we did see overall weakness or softness in ISG more than we would have anticipated coming into the quarter. I would also add that Jeff's comment on the minus 1% from a demand perspective is that's a global demand ex China. So I just want to make sure you're clear on that.

是的。亞倫，是湯姆。我會回應傑夫所說的。我不會將其描述為拉入或類似的東西。顯然，這更多是在家工作、在家學習框架和以客戶為中心的四分之一。因此，正如我們在談話要點上所說的那樣——我們確實看到 ISG 的整體疲軟或疲軟比我們預期進入本季度的要多。我還要補充一點，傑夫從需求的角度對負 1% 的評論是，這是中國以外的全球需求。所以我只想確保你清楚這一點。

For servers.

對於服務器。

For servers, yes, for servers. And -- but look, I think the team navigated well. The environment from a pricing perspective was, I'll say, slightly more rational than what we've seen in the past but still very competitive. And I thought the team did a nice job sort of navigating through the demand environment this quarter. And then, Jeff, you want to comment on component cost?

對於服務器，是的，對於服務器。而且 - 但是看，我認為團隊導航得很好。我要說的是，從定價的角度來看，環境比我們過去看到的要理性一些，但競爭仍然非常激烈。我認為該團隊在本季度的需求環境中做得很好。然後，Jeff，你想評論組件成本嗎？

Yes. On a component cost environment, we saw Q1 deflationary. Our outlook is Q2 moves to an inflationary environment, and we think it's inflationary for the balance of the year.

是的。在組件成本環境中，我們看到第一季度通貨緊縮。我們的展望是第二季度進入通貨膨脹環境，我們認為今年餘下時間會出現通貨膨脹。

(Operator Instructions)

（操作員說明）

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 just wanted to follow up on the linearity question. What did you -- what have you seen so far in May. And it sounds like you're planning for demand to get worse. You highlighted that spending is kind of correlated with GDP. GDP's going to be down. IT spend is going to be down 5% to 10%. That's how much it was down during the financial crisis, and your revenues fell more than 10% during that period. Is that the framework that you're thinking about now? Or are the changes to your business that you highlight suggest that you should do better? So I guess one really long-winded question around linearity around April and May. And then if I interpret your comments, it sounds like you actually think growth, particularly in enterprise, could get worse before it gets better given your outlook on GDP and IT spend.

我只是想跟進線性問題。你在 5 月份做了什麼——到目前為止你看到了什麼。聽起來你正計劃讓需求變得更糟。您強調支出與 GDP 有點相關。 GDP會下降。 IT 支出將下降 5% 至 10%。這就是金融危機期間下降的幅度，而在此期間你們的收入下降了 10% 以上。這是您現在考慮的框架嗎？或者您強調的業務變化是否表明您應該做得更好？所以我想一個關於 4 月和 5 月左右線性度的非常冗長的問題。然後，如果我解釋你的評論，聽起來你真的認為增長，特別是在企業中，考慮到你對 GDP 和 IT 支出的展望，在它變得更好之前可能會變得更糟。

Well, hey, Toni, it's Tom. Let me start. I mean we're obviously not immune to the global macro environment. And what we tried to do is give you a perspective on what we saw for demand as we came through the quarter. It's really early in May. So I don't really want to comment on the demand trends in May at this point just given where we are in the quarter. But look, if you look at what IDC is forecasting in terms of storage and server growth, it's clearly softening or soft -- or weaker in Q2. They do forecast it to get stronger in the back half of the year. And then actually, back to positive growth in calendar '21 as of right now with their forecast.

嗯，嘿，托尼，我是湯姆。讓我開始吧。我的意思是我們顯然不能免受全球宏觀環境的影響。我們試圖做的是讓您了解我們在本季度看到的需求情況。真的是五月初。因此，鑑於我們在本季度所處的位置，目前我真的不想評論 5 月份的需求趨勢。但是，如果你看一下 IDC 在存儲和服務器增長方面的預測，它在第二季度顯然正在走軟或疲軟 - 或者更弱。他們確實預測它會在今年下半年變得更強勁。然後實際上，根據他們的預測，截至目前，日曆'21 恢復正增長。

So we're trying to be prudent as we think our way through the framework that we're navigating through businesses or -- and customers across the globe are just coming back to work, in some instances. In other instances, they're still in a work-from-home environment. And so as we think about it, your comment around the financial crisis of 2008, 2009, I get your point, we are a different company from then until now given our broad set of diversified solutions, our recurring revenue streams. But look, I mean, I think the guidance we tried to give you was to give you some perspective on how we thought about the demand environment as we navigate through the through the second quarter. And then, Jeff, do you want to comment maybe?

因此，我們在考慮我們正在瀏覽業務的框架時要謹慎，或者 - 在某些情況下，全球客戶剛剛恢復工作。在其他情況下，他們仍然處於在家工作的環境中。因此，當我們考慮它時，你對 2008 年、2009 年金融危機的評論，我明白你的意思，從那時到現在，我們是一家不同的公司，因為我們擁有廣泛的多元化解決方案，我們的經常性收入來源。但是，我的意思是，我認為我們試圖給你的指導是讓你了解我們在第二季度中如何看待需求環境。然後，傑夫，你想發表評論嗎？

One thing to add to that, Tom, I think whatever that demand environment is, the way we're running the business is driving its relative share, taking share on how the market segments perform. We think we've done that in Q1. That will be certainly the task we have at hand in Q2, running the business to take relative share in those segments that we operate in.

湯姆，我認為無論需求環境如何，我們經營業務的方式都在推動其相對份額，分享細分市場的表現。我們認為我們已經在第一季度做到了。這肯定是我們在第二季度手頭的任務，即經營業務以在我們經營的那些細分市場中佔據相對份額。

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。

I guess, Tom, I heard you, towards the end of your commentary, talk about July quarter being up less than 6% to 8%, that's the historical number, I think. Do I read this as it should still be up, but perhaps a lot more muted versus what you've seen historically? Is that the right way to interpret what you said? And then in terms of margins, maybe how do we think about op margins and free cash flow? And specifically, is the expectation for fiscal '21 margins being comparable to fiscal '19, is that the right way to think about it even today?

我想，湯姆，我聽到你在評論快結束時談到 7 月季度增長不到 6% 到 8%，我認為這是歷史數字。我讀這個是不是因為它應該還在，但可能比你過去看到的要安靜得多？這是解釋你所說內容的正確方法嗎？然後就利潤率而言，也許我們如何看待運營利潤率和自由現金流？具體來說，對 21 財年利潤率的預期是否與 19 財年相當，即使在今天，這是否也是正確的思考方式？

Well, this is Tom. So look, again, I'm not going to parse the guidance. I would tell you that we do expect -- the guidance we gave you is our best view right now on how we think about the quarter. From a margin perspective, I would tell you that, look, part of this is going to depend upon what happens with the component costs as we go through the year and what the pricing environment and demand environment looks like. Right now, we see the component cost environment as inflationary as we step through the rest of the year. We'll see how that holds up relative to the overall demand environment and whether that changes.

嗯，這是湯姆。所以再說一遍，我不打算解析指南。我會告訴你，我們確實期待 - 我們給你的指導是我們目前對我們如何看待本季度的最佳看法。從利潤的角度來看，我會告訴你，看，這部分取決於我們一年中組件成本的變化以及定價環境和需求環境的情況。現在，隨著今年剩餘時間的推移，我們認為組件成本環境會出現通貨膨脹。我們將看到相對於整體需求環境而言，這種情況如何保持不變，以及這種情況是否會發生變化。

And then the other part of the margin framework is going to just be the mix dynamic within the business. And so as of right now, I think that our margin dynamics, as we go forward, will have sort of those seasonal impacts that we typically have had given that, as you go through the year, ISG business has typically ramped with the strength in Q4. So you got to think about that in contemplation to the margin dynamics that we're looking at. So I mean, I think -- again, I'm not going to get into specifics on how we see Q2 other than to tell you that we do expect it to be a little bit softer than historical norms. And so that's how we're thinking about the business right now from a P&L revenue perspective.

然後利潤率框架的另一部分將只是業務中的混合動態。因此，就目前而言，我認為隨著我們的前進，我們的利潤率動態將產生我們通常已經給予的那種季節性影響，隨著你度過這一年，ISG 業務通常會隨著Q4.所以你必須考慮到我們正在研究的利潤率動態。所以我的意思是，我認為 - 再一次，我不會詳細說明我們如何看待第二季度，只是告訴你我們確實希望它比歷史規範稍微軟一點。這就是我們現在從損益收入的角度考慮業務的方式。

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。

Tom, how should we think about your OpEx trajectory? You noted a bunch of initiatives around cost saves. Can you maybe help us size the totality of that magnitude of cost-saving efforts? And how much has sort of already flowed through in the quarter, if any? And how much is left to be realized?

湯姆，我們應該如何考慮您的運營支出軌跡？您注意到了一系列圍繞成本節約的舉措。您能否幫助我們確定節省成本的總體規模？如果有的話，本季度已經流入了多少？還有多少有待實現？

Yes. Wamsi, the way I would think about it is, look, what we're trying to do is to protect the -- as I think about liquidity, protect the business; make prudent, thoughtful moves relative to the uncertainty in the demand environment while making sure that we're taking care of our customers and our business and our team members. And so the actions today around global hiring freeze, reduction of consulting spend and all of those other items that I listed had positive impact in Q1, but it clearly wasn't a full quarter impact. As you think about -- most of those things were put into place mid- to late March, all into early April. And so you would expect those OpEx savings to build as you go through the year. What we're trying to make sure of is that we protect also the EBITDA generation of the company at a consolidated level.

是的。 Wamsi，我的想法是，看，我們正在努力做的是保護——就像我考慮流動性一樣，保護企業；針對需求環境的不確定性採取謹慎、深思熟慮的舉措，同時確保我們照顧好我們的客戶、我們的業務和我們的團隊成員。因此，今天圍繞全球招聘凍結、諮詢支出減少以及我列出的所有其他項目的行動對第一季度產生了積極影響，但顯然不是整個季度的影響。正如你所想的那樣——其中大部分都是在 3 月中下旬到 4 月初實施的。因此，您會期望這些 OpEx 節省會隨著您度過這一年而增加。我們試圖確保的是，我們也在綜合層面保護公司的 EBITDA 一代。

And so while I'm not going to frame or give you the overall impact of the OpEx levers that we're pulling, what I want to convey is that we want to be thoughtful stewards of the business, make sure we position the business properly. And protect liquidity and cash while also making sure that we make the necessary investments to position the company properly coming out of this crisis. And so I feel good about the -- these are hard decisions, but I think we've made the appropriate decisions with what we know today. And we'll continue to look at the business, and we have available -- other available levers if we need it.

因此，雖然我不打算對我們正在拉動的 OpEx 槓桿的整體影響進行框架或給您，但我想傳達的是，我們希望成為業務的周到管家，確保我們正確定位業務.並保護流動性和現金，同時確保我們進行必要的投資以使公司正確地擺脫這場危機。所以我對這些都是艱難的決定感覺很好，但我認為我們已經根據我們今天所知道的情況做出了適當的決定。我們會繼續關注業務，如果我們需要的話，我們還有其他可用的槓桿。

And those decisions have protected the things that we've invested in: capacity and coverage; the build-out of our storage, R&D and innovation, which is -- that's showcased now with our PowerStore launch on May 5. And it is aligned with our strategy, which is to consolidate the core businesses that we operate in and to drive innovation and integration across the Dell Technologies companies to build differentiated solutions.

這些決定保護了我們投資的東西：容量和覆蓋範圍；我們的存儲、研發和創新的構建，這在我們於 5 月 5 日推出的 PowerStore 中得到了展示。它符合我們的戰略，即鞏固我們經營的核心業務並推動創新和跨 Dell Technologies 公司的整合，以構建差異化的解決方案。

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。

Jeff, Dell clearly managed the supply chain better than peers. I'd love to hear how you think that opened up any cross-selling opportunities across the portfolio. And do you think the share gains that you saw in the first quarter are sustainable even as competitors catch up with their own backlog and supply chain disruption?

傑夫，戴爾顯然比同行更好地管理供應鏈。我很想听聽您如何看待這在整個投資組合中打開了交叉銷售的機會。你認為你在第一季度看到的份額增長是否可持續，即使競爭對手趕上了他們自己的積壓和供應鏈中斷？

Thanks for the question, Katy. Look, one of the things that we saw during the quarter, which I think is representative of the scale and capability of this company, I coined it in our remarks around this flight to quality. We saw customers really move to partners who could provide the end-to-end capabilities and services they need across all ranges of products. We saw that from smaller companies to the largest multinational companies around the globe. And that flight to quality, I think, served us well. It really reinforces the breadth of our portfolio and then the superior execution of our supply chain. We were able to navigate the very difficult environment, I think, quite well: the speed at which we made decisions and pivoting supply and pivoting to facilities that we can operate in; the assessments that we made into our second level and third level of the supply chain component base, pivoting quickly. I think it's demonstrated in our Q1 PC performance. We were the only OEM to grow in Q1. We think we'll gain share, as we mentioned, in servers and in units and revenue in mainstream.

謝謝你的問題，凱蒂。看，我們在本季度看到的一件事，我認為它代表了這家公司的規模和能力，我在我們圍繞這次質量飛行的評論中創造了它。我們看到客戶真正轉向可以提供他們在所有產品範圍內所需的端到端功能和服務的合作夥伴。我們從全球較小的公司到最大的跨國公司都看到了這一點。我認為，這種對質量的追求對我們很有幫助。它確實增強了我們產品組合的廣度，進而增強了我們供應鏈的卓越執行力。我認為，我們能夠很好地應對非常困難的環境：我們做出決策的速度，以及轉向供應和轉向我們可以運營的設施的速度；我們對供應鏈組件基礎的第二級和第三級所做的評估，正在迅速轉變。我認為這在我們第一季度的 PC 性能中得到了證明。我們是第一季度唯一增長的 OEM。正如我們所提到的，我們認為我們將在服務器、單位和主流收入方面獲得份額。

And I think that continues into Q2 and through the year. I think that is a source of differentiation for us. The things that we've done to position our supply chain in a very differentiated way where we've taken this notion of digital supply chain and the very digital transformation that we talk about across lots of our customers and taking it to heart inside our supply chain; where we've automated across our planning, our procurement, manufacturing and logistics side; we have a data transparency where we can look at an end-to-end visibility of how our supply chain is performing; and then we've introduced predictive analytics that allow us to anticipate the movements we've made and move very quickly. And I think that again served us well. I think that's sustainable. I think it's differentiated. And I believe that will serve all of our businesses quite well going forward.

我認為這種情況會持續到第二季​​度和全年。我認為這是我們差異化的來源。我們所做的事情以一種非常差異化的方式定位我們的供應鏈，我們採用了數字供應鏈的概念以及我們在許多客戶中談論的非常數字化轉型，並將其銘記在我們的供應中鏈;我們在規劃、採購、製造和物流方面實現了自動化；我們有數據透明度，我們可以查看我們的供應鏈如何執行的端到端可見性；然後我們引入了預測分析，使我們能夠預測我們所做的動作並迅速採取行動。我認為這再次為我們服務。我認為這是可持續的。我覺得是有區別的。我相信這將很好地服務於我們所有的業務。

We'll take our next question from Jeriel Ong with Deutsche Bank.

我們將接受來自德意志銀行的 Jeriel Ong 的下一個問題。

I understand it's tough to predict the future in terms of future revenue trends, but I do want to harp back the OpEx line, a line that you guys have good control over. For the latest quarter, it was down. Total operating expense is down about 1% year-on-year. I'm just wondering whether that leverage that you guys are generating your model can be sustained through the rest of the year and your sense of where OpEx trends are for the full year.

我知道很難根據未來的收入趨勢來預測未來，但我確實想重申 OpEx 線，你們可以很好地控制這條線。最近一個季度，它下降了。總運營費用同比下降約 1%。我只是想知道你們生成模型的槓桿作用是否可以在今年餘下的時間裡持續下去，以及你們對全年 OpEx 趨勢的看法。

Jeriel, it's Tom. Look, I do think that we -- obviously, OpEx is something that we can control and are being very thoughtful about it. I do think that there is leverage in the P&L related to OpEx. The actions that we have taken to date, along with the recent decision on the 401(k) match suspension, we're obviously modeling different scenarios around demand trends and the impacts of the P&L within ranges. And we feel good about the actions to date relative to ensuring that we're protecting the liquidity and EBITDA generation for the -- with what we know today. So I think the leverage is there. I think we'll continue to see efficiency in the P&L. And if the demand environment turns out to be very different than how we're thinking about it, then we'll take the appropriate actions to position the business properly. We're making sure that we're serving our customers while preserving and protecting the capabilities of the business. So Jeff, I don't know if you'd add anything, but...

傑瑞爾，是湯姆。看，我確實認為我們 - 顯然，OpEx 是我們可以控制的東西，並且正在對此進行深思熟慮。我確實認為與 OpEx 相關的 P&L 中存在槓桿作用。我們迄今為止採取的行動，以及最近關於 401(k) 匹配暫停的決定，我們顯然正在圍繞需求趨勢和 P&L 在範圍內的影響對不同場景進行建模。我們對迄今為止採取的行動感到滿意，以確保我們以我們今天所知道的方式保護流動性和 EBITDA 的產生。所以我認為槓桿是存在的。我認為我們將繼續看到損益表的效率。如果事實證明需求環境與我們的想法大不相同，那麼我們將採取適當的行動來正確定位業務。我們確保在為客戶服務的同時保持和保護業務能力。傑夫，我不知道你是否可以添加任何內容，但是......

Spot on.

發現。

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。

Tom, I just wanted to see if you could dig into the working capital change from COVID, the $900 million that you called out, or the cash flow change to be more specific. I know you're saying accounts receivable as well as inventory, and we see the $100 million accounting change on the receivables. But just wondering how -- did the receivables change become more of a structural thing as you allow people to pay a little bit slower through the year? Or is that more of a one-off? And then on the inventory, is that components? Can you dig into the composition of that inventory at all for us?

湯姆，我只是想看看你是否可以深入研究 COVID 帶來的營運資本變化，即你所說的 9 億美元，或者更具體的現金流量變化。我知道你說的是應收賬款和存貨，我們看到了 1 億美元的應收賬款會計變更。但只是想知道——當你允許人們在一年中支付的速度稍微慢一點時，應收賬款的變化是否變得更像是一種結構性的事情？或者這更像是一次性的？然後在庫存上，是組件嗎？您能為我們深入了解該庫存的構成嗎？

Rod, let me start, and then I'll let Tyler also jump in. On the COVID-related items, I wanted to make sure we called out just that impact of working capital because it was unusual this quarter. And we saw that principally in our collections activity and in the inventory. And from our perspective, I think the team did a really nice job of being proactive, reaching out to customers, capturing, quite frankly, where were they in their disbursing cycles given the fact that many of them had been working from home, their businesses have shut down or, in fact, many of the government agencies that we were dealing with were in a work-from-home situation, which did not allow them to process and disburse. And so that's a long-winded way of saying I think we did a pretty good job of putting our hands around what we thought sort of the receivable dynamics look like as we ended the quarter.

Rod，讓我開始，然後我讓 Tyler 也加入進來。在與 COVID 相關的項目上，我想確保我們只提到了營運資金的影響，因為這在本季度很不尋常。我們主要在我們的收藏活動和庫存中看到了這一點。從我們的角度來看，我認為該團隊在積極主動、接觸客戶、坦率地說，考慮到他們中的許多人一直在家工作、他們的企業中，捕獲他們在支付週期中的位置方面做得非常好已經關閉，或者事實上，我們正​​在處理的許多政府機構都處於在家工作的狀態，這不允許他們處理和支付。因此，這是一種冗長的說法，我認為我們在處理本季度結束時我們認為的應收賬款動態方面做得很好。

I don't expect it to be structural. And in fact, we made good progress on that $600 million in May. But I do expect that we'll continue to see some impact of COVID. I mean I think it'd be unrealistic to think that we won't. I don't expect that to turn into a significant bad debt dynamic, but I do think it turns into a time of slower payment. And we saw a little bit with our aging creep as we finished the quarter. So it's not structural, in my opinion, on the receivables side. And then on the inventory side, it was more around having supply available for -- to make sure that we satisfied our customers' demand, and that we'll work our way through that as we go through the second quarter.

我不希望它是結構性的。事實上，我們在 5 月份就這 6 億美元取得了良好進展。但我確實希望我們會繼續看到 COVID 的一些影響。我的意思是，我認為認為我們不會這樣做是不現實的。我不認為這會變成一個重大的壞賬動態，但我確實認為它會變成一個更慢的支付時間。在本季度結束時，我們看到了一點點老化的跡象。因此，在我看來，在應收賬款方面，這不是結構性的。然後在庫存方面，更多的是圍繞供應可用——以確保我們滿足客戶的需求，並且我們將在第二季度完成這一工作。

And then, Tyler, maybe you could address maybe the broader work -- the cash question that really Rod's asking in the sense of cash flow generation and how we think about that.

然後，泰勒，也許你可以解決更廣泛的工作——羅德在現金流產生的意義上真正提出的現金問題，以及我們如何看待這個問題。

Yes. I mean, look, I think Tom said it in terms of the working capital impact, and we thought it was important to call that out as you are thinking about our debt pay down, the $5.5 billion that we're still focused on paying down, right? So look, I think the good news is, from a cash perspective, we started the year with excess cash. If you focus more on full year cash versus just a quarter of cash, we'll get that working capital benefit back. Obviously, we have RSA. The proceeds will come in later in the year. So then if you look at what's left over and the free cash flow generation necessary to pay down that debt, we feel good where we are. So I think that was really the main point of really calling that out.

是的。我的意思是，聽著，我認為湯姆是在談到營運資金的影響時說的，我們認為在您考慮償還我們的債務時指出這一點很重要，我們仍然專注於償還 55 億美元， 正確的？所以看，我認為好消息是，從現金的角度來看，我們以過剩的現金開始了這一年。如果您更多地關注全年現金而不是四分之一的現金，我們將收回營運資本收益。顯然，我們有 RSA。收益將在今年晚些時候到賬。因此，如果你看看剩下的東西以及償還債務所需的自由現金流產生，我們會感覺很好。所以我認為這真的是真正提出這一點的要點。

Yes. And then Rod, remember that Q1 is seasonally our lowest cash-generation quarter, right? And it has historically been that way given some of the payouts related to bonus, the P&L -- or the revenues typically sequentially down Q4 to Q1, which we saw again this quarter. And we generally build cash as we go through the year. And so there's some seasonality dynamics that you need to think about as well from a cash generation perspective.

是的。然後 Rod，請記住，第一季度是我們季節性現金生成最低的季度，對嗎？從歷史上看，考慮到與獎金、損益表相關的一些支出，或者收入通常連續下降第四季度到第一季度，我們在本季度再次看到這種情況。我們通常會在一年中積累現金。因此，從現金產生的角度來看，您還需要考慮一些季節性動態。

And maybe just one final point, as you're thinking about looking at the year-over-year compare. Just as a reminder, as we were going into Q1 last year. We had talked about working capital improvements, and we saw a pretty dramatic benefit from working capital in Q1 last year. So obviously, we're seeing a little bit of the opposite this year. So that definitely impacts the year-over-year compare.

也許只是最後一點，因為你正在考慮查看同比比較。提醒一下，當我們去年進入第一季度時。我們曾討論過改善營運資金，去年第一季度我們看到了營運資金帶來的巨大收益。很明顯，今年我們看到了一些相反的情況。所以這肯定會影響同比比較。

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, since the PowerStore is now out, can you talk a bit about initial customer feedback, how you think it's going to roll through, share opportunity, anything you can give us?

傑夫，由於 PowerStore 現已推出，您能否談談最初的客戶反饋、您認為它會如何發展、分享機會以及您能給我們的任何東西？

Sure. Thanks for the opportunity to talk about PowerStore, Shannon. We're pretty excited about it. The reception has exceeded our high expectations. We've seen some really great reviews, some assessments of where the product is on a relative basis. The one that stands out in my mind is -- it's being touted as the most important development in data storage hardware, setting the new benchmark for the industry. The pipeline is growing rapidly. We have over 70% of our storage specialists that already have had pipeline for PowerStore. And recall, we just started -- we turned on the sales force in April, started shipping in April. We formally launched on May 5, and 70% of our storage specialists already have pipeline.

當然。感謝 Shannon 有機會談論 PowerStore。我們對此感到非常興奮。接待超出了我們的高期望。我們已經看到了一些非常棒的評論，一些對產品相對位置的評估。在我看來最突出的是——它被吹捧為數據存儲硬件領域最重要的發展，為行業樹立了新的標杆。管道正在快速增長。我們有超過 70% 的存儲專家已經擁有 PowerStore 管道。回想一下，我們剛剛開始——我們在 4 月份啟用了銷售團隊，4 月份開始發貨。我們於 5 月 5 日正式上線，我們 70% 的存儲專家已經擁有管道。

For me, it really indicates that this demand that we're seeing from our customers that the product is very differentiated. We're excited with what we have built. There isn't anything like it in the marketplace. It has 3 main features, in my mind, that differentiates it from the rest of the marketplace. We've said time and time again, you've heard me talk about this in our sessions, it's a data-centric architecture. We clearly have built this around a container-based architecture that optimizes system performance, scalability and storage efficiency. For us, it's got 7x the IOPS and 3x the lower latency than our previous product, which just makes it the performance leader in the marketplace today. It does scale out, scale up, ultimate flexibility while guaranteeing a 4:1 data-to-reduction rate. We've built in automation into this or intelligence, so we have an AI engine in, very similar to what we've done on the PowerMax range of products.

對我來說，這確實表明我們從客戶那裡看到的這種產品差異化需求。我們對我們所建造的感到興奮。市場上沒有類似的東西。在我看來，它有 3 個主要特點，使它有別於市場上的其他產品。我們已經一次又一次地說過，你已經在我們的會議上聽到我談論過這個，它是一個以數據為中心的架構。我們顯然圍繞一個基於容器的架構構建了它，該架構優化了系統性能、可擴展性和存儲效率。對我們來說，它的 IOPS 比我們以前的產品高 7 倍，延遲低 3 倍，這使其成為當今市場上的性能領導者。它確實可以橫向擴展、縱向擴展、極致的靈活性，同時保證 4:1 的數據縮減率。我們已經將自動化或智能內置到其中，因此我們有一個人工智能引擎，與我們在 PowerMax 系列產品上所做的非常相似。

And then lastly, we think, that what's really going to drive it and the biggest form of differentiation is this flexible architecture and the adaptability and to really run applications on the array itself. You take that, and you put the wrap around the -- or wrap around it our future-proof offer around anytime upgrade, seamless migration; you capture that with the broad end-to-end portfolio that we have, that we now have the entire portfolio simplified, modernized. Next month, Unstructured.NEXT, the last of the powering up of the portfolio will be delivered. It has a -- we have a second-to-none position in external storage in the marketplace. And then if I take another couple of minutes, you add to what we've done with Dell Technology On Demand, the ability to work this as a service and various consumption models. We have a very, very modern way to consume and digest IT with the very best products in the marketplace. So we're pretty excited about the prospects to regain midrange share.

最後，我們認為，真正推動它的是什麼，最大的差異化形式是這種靈活的架構和適應性，以及真正在陣列本身上運行應用程序。你接受它，然後把它包裹起來——或者把它包裹起來，我們的面向未來的產品圍繞著隨時升級、無縫遷移；您可以通過我們擁有的廣泛的端到端產品組合捕捉到這一點，我們現在可以簡化、現代化整個產品組合。下個月，Unstructured.NEXT，投資組合的最後一次升級將交付。它有一個 - 我們在市場上的外部存儲方面擁有首屈一指的地位。然後，如果我再花幾分鐘時間，您將添加我們對 Dell Technology On Demand 所做的工作，將其作為服務和各種消費模型工作的能力。我們有一種非常非常現代的方式來使用市場上最好的產品來消費和消化 IT。因此，我們對重新獲得中端市場份額的前景感到非常興奮。

We'll take our next question from Jeff Kvaal with Nomura.

我們將接受 Jeff Kvaal 和野村證券的下一個問題。

I certainly appreciate your caution about offering much quantitative view about where business may be headed in the upcoming quarter. That makes sense. I think maybe another way to help guide us and understand what we might expect from you might be to help us with the trajectory of the business through February and March, and then compare that a little bit more specifically to April. If you're able to share with us anything about the softness that you previously characterized, I would certainly be grateful.

我當然感謝您對提供有關下一季度業務發展方向的大量定量觀點的謹慎態度。這就說得通了。我想也許另一種方法可以幫助指導我們並了解我們對您的期望可能是幫助我們了解 2 月和 3 月的業務軌跡，然後將其與 4 月進行更具體的比較。如果您能與我們分享您之前描述的柔軟性，我將不勝感激。

Jeff, it's Tom. So look, we are trying to be, obviously, as transparent as we think is appropriate. I would tell you that we saw the quarter started like most normal quarters do and then accelerated on us sort of in the last week of February, early March for a period of 2 or 3 to 4 weeks where, once the COVID crisis literally hit Europe and North America and accelerated, the various companies and governments and businesses around the globe made the decisions to shut down and work from home. That's generally where we saw the acceleration in our demand environment, principally in our CSG business. So there was a pretty significant surge of demand in that month of March, I'll say that, generally from fulfilling work-from-home orders, fulfilling learn from -- distance learning, those dynamics. As we stepped into April, what we saw was we got through that initial surge where, quite frankly, companies were just trying to get people up and operating from a work-from-home environment. And the focus then continued to be on how do you optimize that environment, and that will continue. But what we saw was, again, the CSG surge sort of softened a little bit in April.

傑夫，是湯姆。所以看，顯然，我們正在努力做到我們認為合適的透明度。我會告訴你，我們看到這個季度像大多數正常季度一樣開始，然後在 2 月的最後一周、3 月初的 2 或 3 到 4 週內對我們加速，一旦 COVID 危機真正襲擊了歐洲和北美並加速，全球各地的各種公司和政府和企業做出了關閉和在家工作的決定。這通常是我們看到需求環境加速的地方，主要是在我們的 CSG 業務中。因此，在 3 月份的那個月，需求出現了相當大的激增，我要說的是，通常是來自完成在家工作的訂單，完成學習——遠程學習，這些動力。當我們步入 4 月時，我們看到的是我們經歷了最初的激增，坦率地說，公司只是想讓人們在家工作的環境中工作。然後重點繼續放在如何優化該環境上，並且這種情況將繼續下去。但我們再次看到，4 月份 CSG 的激增有所減弱。

And then the infrastructure spend, there's typical seasonality with linearity within a quarter where it tends to ramp quite a bit in April. It did ramp in April but not at historical norms. And so those are sort of the dynamics we saw as we went through the quarter. And so our comments to you today are just directed at we don't have great visibility into what the demand profile looks like as we go through the quarter and into the back half of the year. We think it's -- we do think, as we think about seasonality of our business and normal sequentials that as we look at it today is we don't believe that the historical sequentials, from a revenue perspective, Q1 to Q2, are going to hold. And we want you to be a bit thoughtful about how you think about that, right? So that's our comment to you or that's our guidance to you. And we'll continue to run the business prudently. But Jeff, I don't know if you'd add anything on the demand environment that I just sort of highlighted, but...

然後是基礎設施支出，在一個季度內存在典型的線性季節性，在 4 月份往往會大幅上升。它確實在 4 月份有所上升，但沒有達到歷史標準。因此，這些就是我們在整個季度看到的動態。因此，我們今天對您的評論只是針對我們對整個季度和下半年的需求概況沒有很好的了解。我們認為 - 我們確實認為，當我們考慮業務的季節性和我們今天所看到的正常順序時，我們不相信從收入的角度來看，第一季度到第二季度的歷史順序會抓住。我們希望您考慮一下您的想法，對嗎？這就是我們對您的評論或我們對您的指導。我們將繼續謹慎經營業務。但是傑夫，我不知道你是否會在我剛剛強調的需求環境中添加任何內容，但是......

Not in the near term, but I think you hit all the high points, Tom. What would extend is we still see digital transformation occurring, in fact, accelerating through and after this crisis. We see a movement to hybrid multi-cloud continuing to accelerate through and after this crisis. We continue to see this path towards a fourth industrial revolution where we see the immense amount of data coming and the need for more automation, the more artificial intelligence, the more machine learning, more autonomous outcomes as a result of that. I think in the work from home that Tom just mentioned, again, I can't speak to what the demand will be next quarter, we don't know. What I do know is this has fundamentally changed how people work. And as a result of that, changing how people do the work in a world where people do work, it's going to create tremendous opportunity.

短期內不會，但我認為你達到了所有的高點，湯姆。將會擴展的是，我們仍然看到數字化轉型正在發生，事實上，在這場危機期間和之後加速。我們看到在這場危機期間和之後，向混合多雲的運動繼續加速。我們繼續看到這條通往第四次工業革命的道路，我們看到海量數據的到來以及對更多自動化、更多人工智能、更多機器學習、更多自主結果的需求。我認為在湯姆剛才提到的在家工作中，我不能說下個季度的需求是什麼，我們不知道。我所知道的是，這從根本上改變了人們的工作方式。因此，改變人們在人們工作的世界中的工作方式，將創造巨大的機會。

We think there'll be opportunity in how we educate our youth going forward. We think there's going to be changes in the way of how medicine will be provided or health care will be provided in the future. We think about how people are working today where you have a PC installed base of 1.7 billion units. You have roughly half of those units incapable of running a Zoom or a Skype or a Teams session of any high quality. Those are all opportunities in time that bode well long term. What Tom said about the near term was spot-on. But the characteristics of technology, the need for technology bode very well.

我們認為在未來如何教育我們的年輕人方面有機會。我們認為未來提供藥物或提供醫療保健的方式將會發生變化。我們考慮人們今天的工作方式，您擁有 17 億台 PC 安裝基數。這些設備中大約有一半無法運行 Zoom 或 Skype 或任何高質量的 Teams 會話。從長遠來看，這些都是及時的機會。湯姆關於近期的說法是準確的。但是技術的特性，對技術的需求是很好的預兆。

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

我們將接受花旗集團吉姆蘇瓦的最後一個問題。

With that being said, the capital program that you've laid out, goal to get investment rating or the metrics of it, it seems like it isn't changed, but then you removed or suspended your stock buyback. Can you help us understand about the timing? It sounds like you'd mentioned $5.5 billion debt pay down but then depend upon the markets and the stock buyback is suspended. Can you just kind of talk about, overall, what are the features you're looking at or variables to turn back on the stock buyback program? And the $5.5 billion, is there some hesitancy now behind it or just capital deployment overall returns?

話雖這麼說，你制定的資本計劃、獲得投資評級的目標或它的指標，似乎沒有改變，但後來你取消或暫停了股票回購。你能幫我們了解一下時間嗎？聽起來你提到了 55 億美元的債務償還，但隨後取決於市場，股票回購被暫停。總體而言，您能否談談您正在尋找的功能或變量以重新啟動股票回購計劃？而 55 億美元，現在背後是否有一些猶豫，或者只是資本部署的整體回報？

Jim, it's Tom, and I'll let Tyler jump in. Look, our intention around investment grade and the march back to investment grade hasn't changed. Obviously, again, we're trying to be thoughtful. We still are committed to the $5.5 billion. There is some dependency on how the business performs for the remainder of the year, as you might imagine, given cash generation. But in terms of how we're thinking about capital usage or capital use and how we want to structure the capital framework, nothing has really changed. We did suspend our share buyback. We thought that was prudent just given the uncertainty in the demand environment and wanting to make sure we preserved our liquidity and that we -- where we focus liquidity, we focus it on debt pay down as a principal source. But look, I don't think anything has changed from our perspective. But you're hearing us say, hey, look, we're going to have to navigate through some uncertainty as we come through the coming quarters. And we -- but we are committed to being back to investment grade. And as you and I have talked, Jim, that's going to be the decision of the various rating agencies. It's our job to sort of put the business in a position where they can make that decision.

吉姆，我是湯姆，我讓泰勒插話。看，我們圍繞投資級別和回歸投資級別的意圖沒有改變。顯然，我們再次嘗試考慮周全。我們仍然致力於 55 億美元。正如您可能想像的那樣，考慮到現金產生，這在一定程度上取決於業務在今年剩餘時間裡的表現。但就我們如何考慮資本使用或資本使用以及我們希望如何構建資本框架而言，一切都沒有真正改變。我們確實暫停了股票回購。考慮到需求環境的不確定性，我們認為這是謹慎的做法，並希望確保我們保持流動性，並且我們——在我們關注流動性的地方，我們將其重點放在償還債務上作為主要來源。但是，從我們的角度來看，我認為沒有任何改變。但是你聽到我們說，嘿，看，在接下來的幾個季度中，我們將不得不克服一些不確定性。而我們——但我們致力於回到投資級別。正如你和我所說的那樣，吉姆，這將是各個評級機構的決定。我們的工作是讓企業處於可以做出決定的位置。

Yes. I mean, look, I'm not sure I have more to add other than there's no hesitancy in terms of the commitment, and we continue to have those conversations with the rating agencies. We just obviously have to see kind of how the business evolves over the coming quarters. But as I said earlier, at this point, I feel good about our ability to pay down the $5.5 billion.

是的。我的意思是，看，除了在承諾方面沒有猶豫之外，我不確定我還有什麼要補充的，我們將繼續與評級機構進行這些對話。我們顯然必須看看未來幾個季度業務的發展情況。但正如我之前所說，在這一點上，我對我們支付 55 億美元的能力感到滿意。

Yes. Jim, remember, Tyler, earlier in the call, sort of outlined how we were thinking about cash generation and with the RSA sale and some of the other inputs of cash. I mean the $5.5 billion seems -- looks realistic to us at this point, and we'll just have to -- we'll work towards -- that's the framework for the year.

是的。吉姆，記住，泰勒，在電話會議的早些時候，概述了我們如何考慮現金生成以及 RSA 銷售和其他一些現金投入。我的意思是 55 億美元似乎——在這一點上對我們來說看起來很現實，我們只需要——我們將努力實現——這是今年的框架。

All right. Thanks, Jim. Thanks for the question, and thanks, everyone, for joining us. Just a quick reminder, next week, Michael will be virtually participating in the Bank of America Technology Conference, and he will be doing a keynote at 12:35 Central Daylight Time. We've also got our leaders of the various segments of our business -- solution segments of our business participating in events throughout the June time frame. We've also got Tom and Jeff in events in mid-month and later this month. So we look forward to connecting with all of you virtually in a number of activities throughout the June time frame. Thanks again.

好的。謝謝，吉姆。感謝提問，也感謝大家加入我們。快速提醒一下，下週邁克爾將以虛擬方式參加美國銀行技術會議，他將在中部夏令時間 12:35 發表主題演講。我們還讓我們業務各個部門的領導者——我們業務的解決方案部門在整個 6 月的時間框架內參與了活動。我們還有湯姆和傑夫參加月中和本月晚些時候的活動。因此，我們期待在整個 6 月的時間範圍內通過虛擬方式與你們所有人進行許多活動。再次感謝。

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

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。