戴爾 (DELL) 2020 Q4 法說會逐字稿

Good afternoon and welcome to the Fiscal Year 2020 Fourth Quarter and Year-end Financial Results Conference Call for Dell Technologies, Inc.

下午好，歡迎參加戴爾科技集團 2020 財年第四季和年終財務業績電話會議。

I'd like to inform all participants this call is being recorded at the request of Dell Technologies.

我想通知所有參與者，本次通話是應 Dell Technologies 的要求進行錄音的。

This broadcast is the copyrighted property of Dell Technologies, Inc.

本廣播是 Dell Technologies, Inc. 的版權財產。

Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited.

未經 Dell Technologies 事先書面許可，禁止全部或部分轉播此資訊。

(Operator Instructions) I'd now like to turn the call over to Rob Williams, Head of Investor Relations.

（操作員說明）我現在想將電話轉給投資者關係主管 Rob Williams。

Mr. Williams, you may begin.

威廉斯先生，您可以開始了。

Thanks, everyone, for joining us.

謝謝大家加入我們。

With me today is our Vice Chairman and Chief Operating Officer, Jeff Clarke; our CFO, Tom Sweet; and our Treasurer, Tyler Johnson.

今天與我在一起的是我們的副董事長兼營運長傑夫克拉克 (Jeff Clarke)；我們的財務長湯姆·斯威特（Tom Sweet）；還有我們的財務主管泰勒·約翰遜。

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.

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、營運費用、營運收入、淨利潤、EBITDA、調整後EBITDA 和調整後自由現金流。

A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and press release.

您可以在我們的網路平台和新聞稿中找到這些衡量標準與其最直接可比較的公認會計原則衡量標準的協調表。

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.

另請注意，除非另有說明，否則所有成長百分比均指同比變化，且 VMware 歷史部門業績已重新調整以包含關鍵績效。

Finally, 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.

最後，我想提醒您，本次電話會議中所做的所有與未來結果和事件相關的陳述都是基於當前預期的前瞻性陳述。

Actual results and events could differ materially from those projected during -- I'm sorry, from those projected due to a number of risks and uncertainties, which are discussed in our web deck and SEC reports.

很抱歉，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期間的預測有重大差異，這些風險和不確定性在我們的網路平台和 SEC 報告中進行了討論。

We assume no obligation to update our forward-looking statements.

我們不承擔更新前瞻性陳述的義務。

Now I'll turn it over to Jeff.

現在我把它交給傑夫。

Thanks, Rob.

謝謝，羅布。

As Dell Technologies begins our fourth year as a combined company, we've never been better positioned to help our customers unlock the potential of all of the data coming their way.

隨著戴爾科技集團合併後的第四年的到來，我們處於前所未有的最佳位置，可以幫助我們的客戶釋放所有資料的潛力。

No one stores, processes, moves and protects more data than we do across any environment.

沒有人比我們在任何環境中儲存、處理、移動和保護更多的資料。

No competitor enjoys our advantaged positions across physical and virtual infrastructure.

沒有任何競爭對手能夠享受我們在實體和虛擬基礎架構方面的優勢地位。

Our investment in talent, innovation and breadth of capabilities gives us an advantaged starting position as we head into the data decade.

我們對人才、創新和能力廣度的投資使我們在進入數據十年時處於有利的起點。

I am optimistic, yet I know we have some hills to climb, that is evident in our FY '20 results.

我很樂觀，但我知道我們還有一些困難需要克服，這在我們 20 財年的表現中顯而易見。

In FY '20, we delivered revenue of $92.5 billion and EPS of $7.35.

20 財年，我們實現了 925 億美元的營收和 7.35 美元的每股盈餘。

Revenue grew modestly at 1%.

營收小幅成長 1%。

We delivered strong profitability with operating income up 15%.

我們實現了強勁的獲利能力，營業收入成長了 15%。

I know you want to understand what is going on with Infrastructure Solutions Group results.

我知道您想了解基礎設施解決方案小組的結果是怎樣的。

So let's start there.

那麼就讓我們從這裡開始吧。

In ISG, our FY '20 revenue was down 7% to $34 billion, but up 10% versus FY '18 as large enterprises that -- our large enterprise customers digested FY '19 CapEx investments in China slowed.

在ISG，我們20財年的營收下降了7%，至340億美元，但與18財年相比成長了10%，因為大型企業－我們的大型企業客戶消化了19財年在中國的資本支出投資放緩。

Server and networking revenue declined in FY '20, but profitability was up as we didn't chase unprofitable server deals in a down market.

伺服器和網路收入在 20 財年有所下降，但盈利能力有所上升，因為我們沒有在低迷的市場中追逐無利可圖的伺服器交易。

Our long-term server share trajectory remains strong.

我們的長期伺服器份額軌跡仍然強勁。

We are winning in the consolidation, gaining approximately 590 basis points of share over the last 3 years, and we have been #1 in mainstream server revenue for 7 quarters according to IDC.

我們在整合中取得了勝利，在過去 3 年中獲得了約 590 個基點的份額，並且根據 IDC 的數據，我們已連續 7 個季度在主流伺服器收入中排名第一。

In FY '21, we're planning for both the overall server market and our server revenue to return to growth, driven by higher value workload servers, increasingly more robust AI and machine-learning solutions and distributed IT requirements at the edge.

在 21 財年，我們計劃在更高價值的工作負載伺服器、日益強大的人工智慧和機器學習解決方案以及邊緣的分散式 IT 需求的推動下，使整個伺服器市場和我們的伺服器收入恢復成長。

According to IDC, mainstream server revenue is expected to grow at 3.3% in calendar year 2020, and we plan to grow at a premium to the IDC forecast.

根據 IDC 的預測，2020 年主流伺服器收入預計將成長 3.3%，我們計劃以高於 IDC 預測的速度成長。

Shifting to storage.

轉向存儲。

Roughly 2.5 years ago, we began to take actions to stabilize the business and lay the foundation for growth.

大約2.5年前，我們開始採取行動穩定業務，為成長奠定基礎。

We have reclaimed over 300 basis points of share since 2017.

自 2017 年以來，我們的份額已恢復超過 300 個基點。

One action, we have invested approximately $1 billion on a run rate basis into sales, coverage, capacity and marketing, including critical investment in storage specialists.

其中一項行動是，我們在銷售、覆蓋範圍、容量和行銷方面投資了約 10 億美元（按運行率計算），其中包括對儲存專家的關鍵投資。

This year, these specialists will reach full productivity.

今年，這些專家將充分發揮生產力。

Earlier this month, we combined into 1 sales organization, and we will realize the next level of synergies and cross-sell opportunities, like selling more storage and data protection to our server customers.

本月早些時候，我們合併為一個銷售組織，我們將實現更高水準的協同效應和交叉銷售機會，例如向我們的伺服器客戶銷售更多儲存和資料保護。

We have made considerable progress simplifying our storage portfolio, moving from over 80 products 2 years ago to roughly 20 today, including our new mid-range storage solution being evaluated now by dozens of customers.

我們在簡化儲存產品組合方面取得了相當大的進展，從兩年前的 80 多種產品增加到今天的大約 20 種，其中包括目前正在接受數十家客戶評估的新中端儲存解決方案。

And by Dell Technology World in May, we will have refreshed our entire storage product lineup under the Power brand, completing a 2.5-year journey of modernizing our entire ISG portfolio.

到 5 月的戴爾科技世界，我們將更新 Power 品牌下的整個儲存產品陣容，完成整個 ISG 產品組合現代化 2.5 年的旅程。

We have never been more competitive from top to bottom.

我們從上到下都具有前所未有的競爭力。

We are planning to grow FY '21 storage revenue at a premium to the market with growth strongest in HCI, followed by core storage and data protection.

我們計劃以高於市場的價格成長 21 財年儲存收入，其中 HCI 成長最為強勁，其次是核心儲存和資料保護。

Our team is tenured and ready to sell, the business is simplified and stabilized, and the portfolios -- is the best it's ever been.

我們的團隊已經任職並準備出售，業務得到簡化和穩定，而且投資組合是有史以來最好的。

FY '21 is the year of ISG.

21 財年是 ISG 年。

FY '20 was an outstanding year for the Client Solutions Group with a record revenue of $45.8 billion, up 6%, with commercial up 11%.

20 財年對客戶解決方案集團來說是出色的一年，營收創紀錄地達到 458 億美元，成長 6%，其中商業收入成長 11%。

We shipped a record 46.5 million units during the calendar year.

我們全年出貨量達到創紀錄的 4,650 萬台。

We executed well, taking advantage of tailwinds from the Windows 10 refresh cycle, declining component cost while navigating through CPU shortages and a dynamic tariff environment.

我們執行得很好，利用了 Windows 10 更新周期的順風，降低了組件成本，同時應對了 CPU 短缺和動態關稅環境。

What's more, we're winning in the consolidation, taking share and growing at a premium to the market.

更重要的是，我們在整合中獲勝，佔據市場份額並以高於市場的速度成長。

We have gained share for 7 years in a row according to IDC, and the plan is to continue this momentum as the market consolidates further.

根據 IDC 的數據，我們的市場份額已連續 7 年增加，並且計劃隨著市場的進一步整合繼續保持這一勢頭。

In FY '21, we expect the PC market to remain solid through the first part of the year before declining in the second half.

在 21 財年，我們預計 PC 市場將在今年上半年保持穩定，然後在下半年下滑。

This means we're facing a tougher compare as the windows 10 refresh wanes.

這意味著隨著 Windows 10 更新的減弱，我們將面臨更艱難的比較。

IDC, PC units -- excuse me, IDC forecasts PC units to be down 7.1% this year.

IDC，PC 銷售量－對不起，IDC 預測今年 PC 銷量將下降 7.1%。

The result is a slowing CSG revenue, making growth in ISG that much more important but that's the advantage of our diversified business, including VMware.

結果是 CSG 收入放緩​​，使得 ISG 的成長變得更加重要，但這正是我們包括 VMware 在內的多元化業務的優勢。

Our VMware business unit had another strong year with FY '20 revenue of $10.9 billion, up 12%, another year of double-digit revenue growth.

我們的 VMware 業務部門又迎來了強勁的一年，20 財年營收達到 109 億美元，成長 12%，又是兩位數營收成長的一年。

And the business is well positioned going forward.

而且該業務在未來的發展中處於有利地位。

For example, we have hundreds of thousands of VMware customers today and the combined workloads are running on the VMware installed base are bigger than all of the public clouds combined.

例如，我們現在擁有數十萬個 VMware 客戶，在 VMware 安裝基礎上運行的總工作負載比所有公有雲的總和還要大。

And more customers have decided multi-cloud is the answer.

更多的客戶已經決定多雲就是答案。

Couple VMware Cloud Foundation and NSX with our leading Dell EMC infrastructure, and we have the industry's best multi-cloud solution.

將 VMware Cloud Foundation 和 NSX 與我們領先的 Dell EMC 基礎架構結合，我們就擁有了業界最佳的多雲解決方案。

The advantage of the Dell Technology Cloud as an operating model is that provides consistency across the entire ecosystem.

戴爾技術雲作為營運模式的優勢在於，可以在整個生態系統中提供一致性。

In application development, we strengthened and simplified our approach with VMware's acquisition of Pivotal combining critical IP and go-to-market capabilities.

在應用程式開發方面，我們透過 VMware 收購 Pivotal 加強並簡化了我們的方法，將關鍵 IP 和上市能力結合起來。

With Project Pacific, VMware is integrating and embedding Kubernetes into vSphere.

透過 Project Pacific，VMware 正在將 Kubernetes 整合並嵌入到 vSphere 中。

And with Tanzu, they are building an enterprise-grade container-based development platform, and it runs anywhere.

他們正在透過 Tanzu 建立一個企業級基於容器的開發平台，並且可以在任何地方運作。

In security, Carbon Black is integrated into our commercial PC security offering, and we are seeing promising attach rates already.

在安全性方面，Carbon Black 已整合到我們的商用 PC 安全產品中，並且我們已經看到了有希望的附加率。

Going forward, expect us to continue to innovate across the portfolio.

展望未來，預計我們將繼續在整個產品組合中進行創新。

We put together a model that allows us to work across Dell Technologies to do joint product planning and development, collaborative innovation and integration to deliver better end-to-end solutions for our customers.

我們建立了一個模型，使我們能夠跨戴爾科技集團進行聯合產品規劃和開發、協作創新和集成，從而為我們的客戶提供更好的端到端解決方案。

We are also seeing increasing customer traction with our co-engineered first and best solutions, including Dell Technology Cloud, Unified Workspace, VxRail with VCF and Smart Fabric Director with NSX.

我們還看到，我們共同設計的首個最佳解決方案（包括戴爾技術雲、統一工作區、帶有 VCF 的 VxRail 以及帶有 NSX 的 Smart Fabric Director）對客戶的吸引力不斷增加。

This is especially true when we collaboratively go to market as 1 unified Dell Technologies sales team to help our customers on their digital transformation journey.

當我們作為一個統一的 Dell Technologies 銷售團隊合作進入市場以幫助我們的客戶完成數位轉型之旅時，尤其如此。

We do this with our largest customers today, and it is a unique customer experience that only Dell Technologies can provide.

如今，我們與最大的客戶合作，這是只有 Dell Technologies 才能提供的獨特客戶體驗。

Customers love it, and it's driving differentiated growth.

客戶喜歡它，它正在推動差異化成長。

For this set of customers, we saw FY '20 revenue grow in every major line of business and 9% in total.

對於這群客戶，我們看到 20 財年每個主要業務線的收入都成長了，總計成長了 9%。

Looking at the rest of our customer segment performance.

看看我們其他客戶群的表現。

Enterprise Preferred accounts, orders revenue grew 6%.

企業首選帳戶、訂單收入成長6%。

Our commercial business orders revenue, excluding China, grew 9% in FY '20.

我們的商業業務訂單收入（不包括中國）在 20 財年成長了 9%。

The investments we have made in small and medium business have both delivered strong double-digit orders revenue growth in FY '20.

我們對中小型企業的投資在 20 財年實現了強勁的兩位數訂單收入成長。

This segment is especially valuable to VMware as we work together to reach downstream and growth of VMware customer base with Dell's direct reach in the mid-market.

這個細分市場對 VMware 來說尤其有價值，因為我們將與戴爾直接接觸中端市場，共同努力進入下游並擴大 VMware 客戶群。

And the good news is the volume of VMware deals going through Dell is increasing across the board as we simplify and streamline our go to market.

好消息是，隨著我們簡化上市流程，透過戴爾進行的 VMware 交易量正在全面增加。

For example, in DFS, VMware originations grew 15% to $1.4 billion in FY '20.

例如，在 DFS 領域，VMware 的創收在 20 財年成長了 15%，達到 14 億美元。

And when a VMware transaction includes a DFS payment solution, the transaction is more profitable, it's significantly larger in size, longer in duration and includes more services.

當 VMware 交易包含 DFS 支付解決方案時，該交易的利潤更高、規模更大、持續時間更長並且包含更多服務。

We are still in the early innings of realizing our full go-to-market synergies with significant cross-sell opportunities.

我們仍處於實現全面進入市場協同效應和重大交叉銷售機會的早期階段。

For example, we have approximately 30,000 server customers every quarter, and only half of them buy storage from Dell Technologies.

例如，我們每季大約有 30,000 個伺服器客戶，其中只有一半從 Dell Technologies 購買儲存。

To address this opportunity, we've rolled out our new global power-up program across all segments to enable selling across our lines of businesses, providing additional incentives and marketing programs to sell new lines of business to existing customers who do not purchase them today.

為了抓住這個機會，我們在所有細分市場推出了新的全球強化計劃，以實現跨業務線的銷售，提供額外的激勵措施和行銷計劃，以向目前尚未購買新業務線的現有客戶銷售新業務線。

While there is more work ahead, I am confident in our strategy, and we are increasingly well positioned for the long term.

雖然未來還有更多工作要做，但我對我們的策略充滿信心，而且我們的長期定位越來越有利。

Our job is clear, ignite ISG growth, manage the Win 10 transition and drive Dell Technologies' synergies.

我們的工作很明確：促進 ISG 成長、管理 Win 10 過渡並推動 Dell Technologies 的協同效應。

Dell Technologies has no ceiling on the potential in the data era.

戴爾科技集團在數據時代的潛力沒有上限。

We remain focused on maximizing value for our aligned shareholders.

我們仍然專注於為我們一致的股東實現價值最大化。

And now I'll turn it over to Tom.

現在我將把它交給湯姆。

Thanks, Jeff.

謝謝，傑夫。

We are focused on maximizing value for all aligned shareholders across 5 levers: current operations, synergies, new opportunities in our corporate and capital structures, and we have made significant progress in each of these areas.

我們致力於透過 5 個槓桿為所有一致股東實現價值最大化：當前營運、協同效應、公司和資本結構中的新機會，並且我們在每個領域都取得了重大進展。

Since 2017, our first full year as a combined company, we have grown revenue at a roughly 77% compound annual growth rate.

自 2017 年（我們合併後公司的第一個全年）以來，我們的收入以約 77% 的複合年增長率成長。

We have reinvested between $4 billion and $5 billion per year in R&D.

我們每年在研發上再投資 40 億至 50 億美元。

And since the EMC transaction, roughly $5.5 billion in M&A, primarily through VMware.

自 EMC 交易以來，併購金額約為 55 億美元，主要透過 VMware 完成。

At the same time, we are simplifying our solutions portfolio and corporate structure.

同時，我們正在簡化我們的解決方案組合和公司結構。

Including the RSA transaction announced last week, we will have divested approximately $9 billion of nonstrategic assets on a gross basis, and we have paid down $19.5 billion gross debt since the EMC transaction, while continuing to optimize the amount of debt due in any one given calendar year.

包括上周宣布的RSA 交易在內，我們將剝離總計約90 億美元的非戰略資產，自EMC 交易以來，我們已償還了195 億美元的總債務，同時繼續優化任何給定債務的到期債務金額公曆年。

Today, we are increasing our previously announced fiscal '21 debt paydown target from $4 billion to approximately $5.5 billion, using the proceeds from the RSA divestiture.

今天，我們利用 RSA 剝離的收益，將先前宣布的 21 財年債務償還目標從 40 億美元提高到約 55 億美元。

We remain committed to achieving investment-grade ratings, and are confident in reaching a 3x core debt leverage ratio by the end of the fiscal year.

我們仍致力於實現投資等級評級，並有信心在本財年末達到 3 倍的核心債務槓桿率。

We are also announcing a share repurchase program of up to $1 billion over the next 24 months, effective immediately.

我們也宣佈在未來 24 個月內實施高達 10 億美元的股票回購計劃，立即生效。

Share repurchase provides an additional lever to help maximize value for shareholders as we opportunistically take advantage of what we believe is a significant discount in our stock price.

股票回購提供了一個額外的槓桿，可以幫助股東實現價值最大化，因為我們會機會性地利用我們認為股價大幅折扣的機會。

Our overall capital allocation framework and financial policy remains unchanged, and we'll continue to principally focus on debt pay down.

我們的整體資本配置框架和財務政策保持不變，我們將繼續主要關注債務償還。

Turning to Q4.

轉向第四季。

We continue to balance revenue and profitability through challenging market conditions, particularly in large enterprise and in China.

我們繼續在充滿挑戰的市場條件下平衡收入和獲利能力，特別是在大型企業和中國。

Q4 revenue was $24.1 billion, up 1%.

第四季營收為 241 億美元，成長 1%。

FX remained a headwind this quarter, impacting growth by approximately 100 basis points.

本季外匯仍是一個阻力，影響成長約 100 個基點。

Our deferred revenue balance grew 16% to $27.8 billion, driven by the sales of software maintenance and services.

在軟體維護和服務銷售的推動下，我們的遞延收入餘額增加了 16%，達到 278 億美元。

Our recurring revenue, which is the combination of deferred revenue amortization, utility and as a service model, is now approximately $6 billion or 24% of our quarterly revenue, and we will continue to focus on growing these offerings.

我們的經常性收入（遞延收入攤銷、公用事業和服務模式的組合）目前約為 60 億美元，占我們季度收入的 24%，我們將繼續專注於發展這些產品。

Gross margin was up 4% to $8.4 billion and was 34.7% of revenue, up 120 basis points, driven by lower component costs, pricing discipline and mix shift to software.

毛利率成長 4%，達到 84 億美元，佔營收的 34.7%，成長 120 個基點，這得益於較低的組件成本、定價規則和轉變為軟體的組合。

Operating expenses were $5.6 billion, up 4% due in part to investments we have made in sales coverage to broaden solution sales capabilities and target specific customer segments, including small and medium business.

營運費用為 56 億美元，成長 4%，部分原因是我們在銷售覆蓋範圍上進行了投資，以擴大解決方案銷售能力並瞄準包括中小型企業在內的特定客戶群。

Operating income was up 4% to $2.8 billion or 11.5% of revenue.

營業收入成長 4%，達到 28 億美元，佔營收的 11.5%。

Our consolidated net income was $1.7 billion, up 6%, benefiting primarily from operating improvements and a reduction in interest expense.

我們的綜合淨利潤為 17 億美元，成長 6%，主要受益於營運改善和利息支出減少。

Our EPS was $2 for the quarter.

本季我們的每股收益為 2 美元。

Adjusted EBITDA was $3.2 billion or 13.3% of revenue and a record $11.8 billion for the year.

調整後 EBITDA 為 32 億美元，佔營收的 13.3%，全年創紀錄的 118 億美元。

Over the last 2 years, we have generated over $22 billion of adjusted EBITDA.

過去 2 年，我們的調整後 EBITDA 超過 220 億美元。

We generated $3.8 billion of adjusted free cash flow in Q4, up 49%, driven by strong profitability and working capital discipline.

在強勁的獲利能力和營運資本紀律的推動下，第四季度我們產生了 38 億美元的調整後自由現金流，成長了 49%。

And our full year adjusted free cash flow was a record $8.9 billion, up 31%.

我們全年調整後自由現金流達到創紀錄的 89 億美元，成長 31%。

We repaid approximately $1.5 billion of gross debt in the quarter or $5 billion for the year, in line with our fiscal '20 commitment.

我們在本季償還了約 15 億美元的總債務，全年償還了 50 億美元，這符合我們 20 財年的承諾。

Shifting to our business unit results, Client Solutions group delivered strong Q4 revenue growth and profitability.

轉向我們的業務部門業績，客戶解決方案部門在第四季度實現了強勁的收入成長和獲利能力。

Revenue was $11.8 billion, up 8%, as the team did a nice job working through CPU shortages.

由於團隊出色地解決了 CPU 短缺問題，收入達到 118 億美元，成長 8%。

Commercial revenue was $8.6 billion, up 10%, including double-digit growth in commercial desktops and workstations.

商業收入為 86 億美元，成長 10%，其中商業桌上型電腦和工作站實現兩位數成長。

Consumer revenue was $3.2 billion, up 4% as we continued to prioritize CPUs to our commercial business.

由於我們繼續將 CPU 優先用於我們的商業業務，消費者收入達到 32 億美元，成長 4%。

CSG operating income was $624 million or 5.3% of revenue.

CSG 營業收入為 6.24 億美元，佔營收的 5.3%。

Profitability was driven primarily by component cost declines, pricing discipline and our commercial consumer mix.

獲利能力主要由組件成本下降、定價規則和我們的商業消費者組合推動。

As Jeff said, we have work to do in the Infrastructure Solutions Group.

正如傑夫所說，我們基礎設施解決方案小組還有工作要做。

ISG revenue was $8.8 billion, down 11%.

ISG 營收為 88 億美元，下降 11%。

Storage revenue was $4.5 billion, down 3%, with strong double-digit demand growth in HCI, offset by softness in core storage.

儲存收入為 45 億美元，下降 3%，HCI 需求強勁成長，但被核心儲存疲軟所抵消。

Servers and networking revenue was $4.3 billion, down 19%, due in large part to a soft market, particularly in China and in certain large enterprise customers in the U.S. and Europe.

伺服器和網路收入為 43 億美元，下降 19%，這在很大程度上是由於市場疲軟，特別是在中國以及美國和歐洲的某些大型企業客戶。

ISG operating income was $1.1 billion or 12.7% of revenue.

ISG 營業收入為 11 億美元，佔營收的 12.7%。

Our VMware business unit had another solid quarter.

我們的 VMware 業務部門又迎來了一個穩健的季度。

Revenue was $3.1 billion, up 12%, with operating income of $1 billion or 32.8% of revenue.

營收為 31 億美元，成長 12%，營業收入為 10 億美元，佔營收的 32.8%。

And NSX, vSAN and EUC product bookings grew over 20%, mid-teens and over 30%, respectively.

NSX、vSAN 和 EUC 產品預訂量分別成長超過 20%、青少年和超過 30%。

Dell Financial Services originations were a record $2.8 billion, up 30%, with record managed assets of $11.6 billion, up 19%.

戴爾金融服務發起額達到創紀錄的 28 億美元，成長 30%，管理資產達到創紀錄的 116 億美元，成長 19%。

With DFS, we facilitate solution sales across Dell Technologies, driving incremental recurring revenue and operating income.

借助 DFS，我們促進整個 Dell Technologies 的解決方案銷售，從而推動經常性收入和營業收入的增量。

Across the portfolio, we are offering our customers' choice with industry-leading as-a-service and flexible consumption solutions through Dell Financial Services.

在整個產品組合中，我們透過戴爾金融服務為客戶提供業界領先的即服務和靈活的消費解決方案。

With our data center utility, Flex On Demand and PC as a Service offerings, we now have approximately $3.5 billion in flexible consumption model assets under management, and our flex -- and our FY '20 flexible consumption billings totaled nearly $900 million.

憑藉我們的資料中心實用程式、Flex On Demand 和 PC 即服務產品，我們現在管理著約 35 億美元的靈活消費模式資產，而我們的 Flex 和 20 財年的靈活消費帳單總額接近 9 億美元。

Turning to our balance sheet and capital structure, we ended the quarter with $10.2 billion of cash and investments.

談到我們的資產負債表和資本結構，本季末我們的現金和投資為 102 億美元。

Our total debt ended the year at $52.7 billion.

截至年底，我們的總債務為 527 億美元。

Because our total debt includes VMware's debt obligations, DFS funding where the majority is non-recourse to Dell and the over-collateralized margin loan, we feel core debt is more representative of the core Dell debt service obligations.

由於我們的總債務包括 VMware 的債務、DFS 資金（其中大部分對戴爾無追索權）以及超額抵押保證金貸款，因此我們認為核心債務更能代表戴爾的核心償債義務。

Our core debt ended the year at $33.8 billion, down $5.5 billion in fiscal '20.

截至年底，我們的核心債務為 338 億美元，比 20 財年減少了 55 億美元。

Our core leverage ratio ended FY '20 at 3.2x down a full turn from 4.2x at the beginning of the year.

截至 20 財年，我們的核心槓桿率為 3.2 倍，較年初的 4.2 倍下降了整整一倍。

Core debt excludes our DFS-related debt, which has grown with the increase in our financing originations.

核心債務不包括我們與 DFS 相關的債務，隨著我們融資來源的增加而增加。

Majority of our $9.3 billion of DFS-related debt is nonrecourse to the company and is backed by high-quality receivable streams.

我們 93 億美元的 DFS 相關債務中的大部分是對公司無追索權的，並有高品質的應收帳款流支持。

It's important to note that it does not require cash flow from operations to pay down.

值得注意的是，它不需要營運現金流來支付首付。

Moving to guidance.

轉向指導。

We continue to monitor the macroeconomic and IT spending environments, including current softness in large enterprise in China.

我們持續監控宏觀經濟和 IT 支出環境，包括中國大型企業目前的疲軟狀況。

We also monitor the impact of COVID-19 on our sales and supply chain.

我們也監控 COVID-19 對我們的銷售和供應鏈的影響。

We expect the Win 10 refresh to continue into the first half of fiscal '21.

我們預計 Win 10 更新將持續到 21 財年上半年。

While CPU shortages have improved, we expect them to continue through at least the first half of the year.

雖然 CPU 短缺情況有所改善，但我們預計這種情況至少會持續到今年上半年。

And as discussed in our Q3 earnings call, we expect the component cost environment to be inflationary in fiscal '21, a headwind to margins.

正如我們在第三季財報電話會議中所討論的那樣，我們預計 21 財年的零件成本環境將出現通膨，這對利潤率構成不利影響。

We also talked about our operating income percentage trending closer to fiscal '19 levels on the Q3 call.

我們也在第三季電話會議上談到了我們的營業收入百分比趨勢更接近 19 財年的水平。

Because of these factors, and assuming the RSA sale closes in Q3, we expect fiscal '21 GAAP revenue of $91.8 billion to $94.8 billion, operating income of $3.4 billion to $4 billion, and EPS of $0.37 to $1.07.

由於這些因素，假設 RSA 銷售在第三季完成，我們預計 21 財年 GAAP 收入為 918 億美元至 948 億美元，營業收入為 34 億美元至 40 億美元，每股收益為 0.37 美元至 1.07 美元。

We expect our non-GAAP revenue range for the current fiscal year to be $92 billion to $95 billion, our non-GAAP operating income range to -- is $8.9 billion to $9.5 billion, and our non-GAAP EPS guidance range is $5.90 to $6.60.

我們預計本財年的非 GAAP 收入範圍為 920 億美元至 950 億美元，我們的非 GAAP 營業收入範圍為 89 億美元至 95 億美元，我們的非 GAAP 每股收益指引範圍為 5.90 美元至 6.60 美元。

Our non-GAAP tax rate is expected to be 18.5%, plus or minus 100 basis points.

我們的非 GAAP 稅率預計為 18.5%，上下浮動 100 個基點。

This full year guidance does not factor in any potential COVID-19 impact.

本全年指引並未考慮任何潛在的 COVID-19 影響。

Like our customers, our top priority is ensuring the health and safety of our employees and communities.

與我們的客戶一樣，我們的首要任務是確保員工和社區的健康和安全。

We do anticipate a negative impact on our normal Q1 seasonality driven by softness in China, our second largest market.

我們確實預計，由於我們的第二大市場中國的疲軟，我們第一季的正常季節性將受到負面影響。

We will manage the supply chain-related dynamics with extended lead times for certain products, particularly in client.

我們將管理與供應鏈相關的動態，延長某些產品的交貨時間，特別是客戶的產品。

In closing, last year, we leaned on CSG growth with PC demand driven by Win 10 refresh and CSG margin expansion given the favorable component cost environment.

最後，去年，由於 Win 10 更新和 CSG 利潤率擴張（考慮到有利的組件成本環境）推動 PC 需求，我們依賴 CSG 的成長。

This year, we will lean on ISG growth and share gains.

今年，我們將依靠 ISG 的成長和股票收益。

As Jeff said, fiscal '21 is the year of ISG.

正如 Jeff 所說，21 財年是 ISG 年。

We see great potential and possibilities at Dell Technologies as we enter the data decade.

當我們進入數據十年時，我們看到了戴爾科技集團的巨大潛力和可能性。

We will continue to focus on winning in the consolidation in our core hardware markets and delivering differentiated value by innovating and integrating across the business for our customers, our investors and our employees.

我們將繼續專注於在核心硬體市場的整合中獲勝，並透過跨業務創新和整合為我們的客戶、投資者和員工提供差異化的價值。

Our model is focused on long-term profitable growth, and is advantaged given our ability to adjust as needed based on market conditions.

我們的模式專注於長期獲利成長，並具有根據市場狀況根據需要進行調整的能力。

We are focused on growing faster than competitors in the industry, growing operating income and EPS faster than revenue over the long term and generating strong cash flow.

我們專注於比產業競爭對手更快成長，長期來看，營業收入和每股盈餘的成長快於收入，並產生強勁的現金流。

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

接下來，我將把它轉回給 Rob 來開始問答。

Thanks, Tom.

謝謝，湯姆。

Let's go to Q&A.

讓我們進入問答環節。

(Operator Instructions) Erica, can you please introduce the first question.

（操作員指示）Erica，您能介紹一下第一個問題嗎？

And we'll take our first question from Rod Hall with Goldman Sachs.

我們將回答高盛羅德霍爾 (Rod Hall) 提出的第一個問題。

I guess, I wanted to focus on the DFS expansion, and just see if you could give us a little bit more color in terms of why that expanded faster this quarter.

我想，我想專注於 DFS 的擴張，看看你能否給我們更多的資訊來解釋為什麼本季擴張速度更快。

And is that a signal that you guys intend to use DFS more aggressively as we look forward into the next fiscal year.

這是一個訊號，表示你們打算在我們展望下一個財年時更積極地使用 DFS。

Rod, it's Tom.

羅德，是湯姆。

So hey, look, I think we've been very pleased with the DFS growth and their ability to facilitate the selling of our solutions across our customer base and provide the necessary financing capabilities and we've seen great receptivity of the Flex On Demands, and the flexible consumption models and the utility models that we've been driving through the business.

所以，嘿，看，我認為我們對 DFS 的成長及其促進我們在客戶群中銷售解決方案並提供必要的融資能力的能力感到非常滿意，而且我們看到了 Flex On Demands 的巨大接受度，以及我們一直在業務中推動的靈活消費模式和實用模式。

We were very pleased with the -- what we saw in Q4 in terms of the family of Dell Technologies, principally VMware utilizing the financing capabilities to help drive sales.

我們對第四季所看到的 Dell Technologies 系列（主要是 VMware）利用融資能力來幫助推動銷售感到非常滿意。

And obviously, you saw that in the origination numbers.

顯然，您在起源數字中看到了這一點。

And so I think we're ending the year with roughly over $11.8 billion in managed assets.

因此，我認為今年年底我們的管理資產將大約超過 118 億美元。

We're pleased with that.

我們對此感到滿意。

You know, Rod, obviously, that we've financed the DFS business using the securitized debt, for the most part, securitized by the financing receivables.

羅德，你顯然知道，我們使用證券化債務為 DFS 業務提供融資，其中大部分是透過應收帳款融資進行證券化的。

And so that structure works very efficiently.

因此該結構非常有效。

So relatively inexpensive cost of capital.

因此資金成本相對低廉。

And we're going to continue to drive it.

我們將繼續推動它。

It's proven to be a facilitator of our selling people -- our team members, I should say.

事實證明，它是我們銷售人員（我應該說，我們的團隊成員）的促進者。

And we think that we can continue to grow originations and continue to drive solutions.

我們認為我們可以繼續發展創新並繼續推動解決方案。

And with the demand that we're seeing around flexible consumption models and as-a-service models, I think we're excited by that economic framework and the ability of our -- of DFS to continue to provide that type of capability.

鑑於我們對靈活消費模式和即服務模式的需求，我認為我們對這種經濟框架以及我們的 DFS 繼續提供此類功能的能力感到興奮。

Rod, I would add to that.

羅德，我想補充一點。

I mean, so much so that we launched a program called Dell Technologies On Demand last November, which packages our consumption, our various as-a-service, our metering usage capabilities and look at some modern way customers want to digest or ingest IT.

我的意思是，我們去年11 月推出了一個名為Dell Technologies On Demand 的計劃，該計劃將我們的消費、各種即服務、計量使用功能打包在一起，並著眼於客戶想要消化或吸收IT的一些現代方式。

And I think you're going to see us continue to build upon the programs that allow us to give our customers the flexibility they need to consume IT in a variety of ways, whether it's pay as you grow, Flex On Demand, some of the data center utility that Tom mentioned.

我認為您將會看到我們繼續以這些計劃為基礎，使我們能夠為客戶提供以各種方式使用 IT 所需的靈活性，無論是按需付費、按需彈性還是某些方式。的資料中心實用程式。

We think it is the wave of the future.

我們認為這是未來的趨勢。

We think we have a very differentiated offering that you're able to consume IT from us without being forced to use our managed services or various services.

我們認為我們擁有非常差異化的產品，您可以使用我們的 IT，而不必被迫使用我們的託管服務或各種服務。

You can pick and choose as you please.

您可以隨心所欲地挑選和選擇。

And we offer this capability across the entire portfolio from our PCs to our servers, all the way to our infrastructure gear.

我們在從 PC 到伺服器、一直到基礎設施設備的整個產品組合中提供此功能。

And then earlier this week, you might have seen, on the Dell Technology Cloud, our VxRail plus VMware Cloud Foundation, we added a subscription service capability along with that.

本週早些時候，您可能已經看到，在戴爾技術雲、我們的 VxRail 和 VMware Cloud Foundation 上，我們新增了訂閱服務功能。

So I -- look, I think, as Tom said, this is a key component.

所以我——看，我認為，正如湯姆所說，這是一個關鍵組成部分。

It's sticky with our customers, and it's how they want to -- increasingly want to consume IT.

它對我們的客戶具有黏性，這就是他們想要的方式——越來越想要使用 IT。

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

我們將回答 Evercore 的 Amit Daryanani 提出的下一個問題。

I guess, to start off with -- can you just talk about -- Jeff, I think you mentioned fiscal '21 to be the year of infrastructure segment or something thereabouts.

我想，首先——你能談談嗎——傑夫，我想你提到 21 財年是基礎設施領域或相關領域的一年。

Can you just help me understand, what does that really mean for Dell?

您能幫我理解這對戴爾來說到底代表什麼嗎？

Is there a growth bogie, a revenue bogie that you have when you made that statement?

當你發表這項聲明時，是否有成長轉向架、營收轉向架？

Or how do you deal with operating margins, maybe that's it.

或者你如何處理營業利潤率，也許就是這樣。

But I'm sort of trying to understand, what is the year of infrastructure segment mean for the company?

但我有點想了解，今年的基礎建設部門對公司意味著什麼？

Look, I think Tom and I will kind of ham and egg this together.

聽著，我想湯姆和我會把火腿和雞蛋放在一起。

But if you step back and you look at our business and the fact that we think the Windows 10 transition on the CSG side, last year, the first half of the year, and then we'll be facing tougher compares.

但如果你退後一步，看看我們的業務，以及我們認為去年、今年上半年 Windows 10 是在 CSG 方面進行過渡的事實，那麼我們將面臨更艱難的比較。

And for us to hit the revenue guidance that Tom mentioned earlier, our ISG has to perform better than it did in FY '20.

為了達到 Tom 先前提到的營收指引，我們的 ISG 必須比 20 財年表現得更好。

It's that simple.

就是這麼簡單。

And then if you think about a core construct of the strategy that company is to win in the consolidation, in this case, win in the consolidation of the core server market, win in the consolidation of the core storage market, we have to outperform the market, and that requires us to grow.

然後，如果你考慮公司在整合中獲勝的策略的核心結構，在這種情況下，在核心伺服器市場的整合中獲勝，在核心儲存市場的整合中獲勝，我們必須超越市場，這需要我們成長。

Yes, we have growth bogies for our business.

是的，我們的業務有成長轉向架。

We have a gain share plan and a revenue share gain.

我們有收益分享計劃和收入分享收益。

I'm not going to give those numbers out.

我不會透露這些數字。

It's implied in the guidance that Tom gave.

湯姆提供的指導中暗示了這一點。

And we have to see the ISG perform on a year-over-year basis, it has to be a dramatic improvement.

我們必須看到 ISG 的表現與去年同期相比，必須是一個巨大的進步。

I mean, you heard the numbers that we talked about where the whole business was down over the year and our Q4 performance wasn't where Tom and I would have liked it.

我的意思是，你聽到了我們談論的數字，全年整個業務都在下滑，而我們第四季的表現也不是湯姆和我所希望的。

So as we think about what will change -- because if I would guess your next question is, what will be different?

因此，當我們思考會發生什麼變化時——因為如果我猜你的下一個問題是，會有什麼不同？

Why will it be the year of ISG?

為什麼今年會是ISG年？

And I think you have to look at it from maybe 2 components, the server side and the storage side.

我認為你必須從兩個元件來看待它：伺服器端和儲存端。

I'll start with storage.

我將從存儲開始。

We have invested a lot in capacity and coverage.

我們在容量和覆蓋範圍上投入了大量資金。

That capacity and coverage is increasingly more tenured.

這種能力和覆蓋範圍越來越長期。

We'd head into FY '21 with the most tenured productive capacity we've had in our storage sellers, period.

進入 21 財年，我們的儲存銷售商將擁有最長期的生產能力。

You couple that with the completeness of the product portfolio or if you prefer the overhaul of the product portfolio that we spent the last 2.5 years modernizing that stack.

您可以將其與產品組合的完整性結合起來，或者如果您更喜歡對我們在過去 2.5 年中對堆疊進行現代化改造的產品組合進行徹底改革。

It's completed by mid-year.

到年中就完成了。

So our belief is, and why it's part of the gain share plan in storage is a modern competitive portfolio, best-in-class in many areas with the most tenured sales force that we have in storage.

因此，我們的信念是，為什麼它是儲存領域收益分享計劃的一部分，是一個現代的競爭性產品組合，在許多領域都是一流的，並且擁有我們在儲存領域最資深的銷售人員。

That's our growth plan.

這就是我們的成長計劃。

Jeff, I would add on the storage comment.

傑夫，我想添加存儲評論。

Just that as we look at the opportunity to cross sell and the synergy opportunity there between our server buyers and those buyers that buy storage, it's roughly a 3:1 ratio or something like that of servers to storage.

正如我們看到交叉銷售的機會以及我們的伺服器買家和購買儲存的買家之間的協同機會一樣，大約是 3:1 的比率，或者類似於伺服器與儲存的比率。

There's an opportunity there to cross sell with the more tenured sales organization with the coverage expansion that we're driving.

隨著我們正在推動的覆蓋範圍擴大，有機會與更長期的銷售組織進行交叉銷售。

I think we're -- feel good about the opportunity to go mine that customer base and expand the customer base for storage.

我認為我們對挖掘客戶群並擴大儲存客戶群的機會感到很高興。

I think that's the other thing that, as we think our way through what's different about fiscal '20 versus fiscal '21, that's going to be important for the folks on the phone to think about.

我認為這是另一件事，當我們思考 20 財年與 21 財年的不同之處時，電話中的人們需要考慮這一點。

You want to talk about servers real quick?

您想快速討論一下伺服器嗎？

I'm happy to add servers on top of that as well.

我很高興在此基礎上添加伺服器。

When you think about servers and our performance this year.

當您考慮服務器和我們今年的表現。

If you step back and over the last 3 years, I think we mentioned in our remarks, roughly 590 basis points of share gain.

如果你退後一步，我想我們在演講中提到了過去 3 年的股價上漲了大約 590 個基點。

We've added $4 billion of server revenue left over the last 3 years.

過去 3 年，我們的伺服器收入增加了 40 億美元。

Calendar '19, fiscal '20 was a year of digesting the large capital investments of the 2 previous years.

'19 日曆、'20 財政年度是消化前兩年大量資本投資的一年。

Surveying of customers, the IDC outlooks are vastly improved for the demand profile in calendar '20 than they were last year at this time.

透過對客戶的調查，IDC 對 20 世紀的需求狀況的展望比去年同期有了很大改善。

So we're optimistic that the demand comes back.

因此，我們對需求的恢復持樂觀態度。

We have historically ran at a premium.

我們歷來都以溢價運行。

We've run at a premium to the point where we've taken share -- a pretty significant share, as I mentioned, over that 3-year period, become the #1 server provider in the marketplace, and we think that's a catalyst for growth.

我們已經以溢價運行，以至於我們已經佔據了份額——正如我提到的，在這三年期間，我們獲得了相當大的份額，成為市場上排名第一的伺服器提供商，我們認為這是一個催化劑為了成長。

And that's how we built our plan this year.

這就是我們今年制定計劃的方式。

Yes.

是的。

And just to remind everybody, we have, for most of the year, this year, talked about, quite frankly, the challenges we've seen in the server space, principally around China and around North America Enterprise, that large bid business, and we've chatted about that over the last calls that we've done.

只是為了提醒大家，今年的大部分時間，我們坦率地談論了我們在伺服器領域看到的挑戰，主要是在中國和北美企業周圍，大型投標業務，以及我們在最近的通話中已經討論過這個問題。

So when you think about the fact -- look, I mean, overall, server revenue's down roughly 14% year-over-year.

因此，當你考慮這個事實時，我的意思是，總體而言，伺服器收入比去年同期下降了約 14%。

You dissect that and you look back at our demand or our orders velocity and while server revenue is down 14% on a ship basis, if you dissect that, China demand's down roughly 35%, and the rest of the world's down roughly 5%.

你仔細分析一下，然後回顧一下我們的需求或訂單速度，雖然伺服器收入按出貨量下降了14%，但如果你仔細分析一下，就會發現中國的需求下降了大約35%，世界其他地區的需求下降了大約5%。

So what does that translate to?

那麼這意味著什麼呢？

It really means that we saw above-market growth in areas like North America, commercial, medium business, small business in Latin America.

這實際上意味著我們在北美、拉丁美洲的商業、中型企業、小型企業等領域看到了高於市場水平的成長。

We saw market growth or our market rate growth in APJ and EMEA, and the softness was in China and within that North American Enterprise space, which was roughly down double digits there.

我們看到了亞太及日本和歐洲、中東和非洲地區的市場成長或市場成長率的成長，而中國和北美企業領域的疲軟程度則大致下降了兩位數。

And so look, I think we understand where the soft spots have been.

所以看，我認為我們了解弱點在哪裡。

China will continue to navigate -- situationally, we're focused on expanding the buyer base there.

中國將繼續前進——就具體情況而言，我們的重點是擴大那裡的買家基礎。

We're focused on changing that business model to make sure that we expand the server buyer base over time and derive lifetime value for the customers that we acquire.

我們致力於改變這種業務模式，以確保我們隨著時間的推移擴大伺服器購買者基礎，並為我們獲得的客戶帶來終身價值。

And obviously, there's dynamics there, with the coronavirus that's going on now, but we're going to work -- we'll continue to work our way on the business model in China.

顯然，隨著現在正在發生的冠狀病毒，那裡存在著動態，但我們將繼續努力——我們將繼續在中國的商業模式上努力。

And so we're really focused on how do we drive velocity back into the business, while being thoughtful about profitability.

因此，我們真正關注的是如何提高業務速度，同時考慮獲利能力。

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

我們將回答托尼·薩科納吉和伯恩斯坦提出的下一個問題。

I was just wondering if you can comment on sort of your longer-term outlook.

我只是想知道您是否可以評論一下您的長期前景。

I think before you became public, you talked about 4% to 6% revenue growth at the Analyst Day.

我想在你公開之前，你在分析師日談到了 4% 到 6% 的營收成長。

In the fall, you said 4%, plus or minus 1%, which is 3% to 5% top line growth.

在秋季，你說 4%，正負 1%，也就是 3% 到 5% 的營收成長。

And if I look at your 4 years, last 4 years, your revenue growth has been, 1, 1, 2, and 3 and 13.

如果我看看你的 4 年，過去 4 年，你的收入成長是 1、1、2、3 和 13。

So you've been 1 or 2 for 3 of the 4 years.

所以，在這 4 年中，有 3 年你一直處於 1 或 2 狀態。

And ex-VMware, you really -- you haven't grown in essentially 3 of the 4 years.

對於前 VMware 公司，您確實在 4 年中的 3 年裡基本上沒有成長。

So it does feel like you've become increasingly cautious about your long-term outlook.

因此，你確實感覺自己對自己的長期前景變得越來越謹慎。

And I'd like -- if you could explain why that is.

我希望——如果你能解釋為什麼會這樣。

And should we be thinking about core Dell, ex-VMware sort of flattish on a go-forward basis in the top line, given the historical track record and sort of given the nebulous commentary around longer-term growth provided in your slide deck.

考慮到歷史業績記錄以及幻燈片中提供的有關長期增長的模糊評論，我們是否應該考慮核心戴爾（前VMware）的營收在未來的基礎上持平。

Toni, it's Tom.

東尼，是湯姆。

So look, I would think about it like this.

所以看，我會這樣想。

So I think over the last 3 years, we've had a compound growth rate at the top around 7%.

所以我認為在過去 3 年裡，我們的複合成長率最高約為 7%。

And yes, there has been variability by year.

是的，每年都有變化。

And much of that has been situational on where the market is.

其中很大一部分是根據市場情況而定的。

And even if -- so if you're in a down market, and you're growing at a premium.

即使——如果你處於低迷的市場，而你的成長卻溢價。

It's still a -- their growth rates continue to have been under some pressure, to your point.

就你的觀點而言，他們的成長率仍然面臨一些壓力。

But our model is built on long-term growth and consolidation of the market and share gain.

但我們的模型是建立在長期成長、市場整合和份額成長的基礎上的。

I think what you've seen us do is navigate our way through the environment that we've been in.

我認為你所看到的我們所做的就是在我們所處的環境中導航。

So fiscal '18 and fiscal '19 was clearly the year of velocity where we added roughly $11 billion of revenue to the business.

因此，18 財年和 19 財年顯然是高速發展的一年，我們為業務增加了約 110 億美元的收入。

Fiscal '20 has clearly been one where we've had to navigate through what I would call a tough sort of infrastructure spend environment, and we leaned into the client business.

顯然，20 財年我們必須應對我所說的艱難的基礎設施支出環境，因此我們專注於客戶業務。

And so -- and at the same point in time, generated extra --I think, strong profitability and cash flow as we navigated through the business.

因此，在同一時間點，我認為，在我們開展業務的過程中，產生了額外的強勁盈利能力和現金流。

So your point's valid in the sense of, yes, we've had to navigate through it.

所以你的觀點是有效的，是的，我們必須瀏覽它。

Look, I think, longer term, what we've talked about is the fact that we'd like -- we think our growth is sort of going to mirror GDP.

我認為，從長遠來看，我們所討論的是我們希望的事實——我們認為我們的成長在某種程度上反映 GDP。

And so the range we gave you for next year sort of has the GDP range as it exists today at that upper end of the range.

因此，我們給你的明年的範圍有點像今天的 GDP 範圍，處於該範圍的上限。

Obviously, we're trying to be thoughtful around the dynamics in the environment right now, although our guidance doesn't specifically include coronavirus.

顯然，我們正在努力考慮目前環境的動態，儘管我們的指導並未具體包括冠狀病毒。

But again, you're looking at a market in FY '21 for us, or fiscal '21, that you've got an IDC forecast of negative, I think, 7 or negative 8 in the client business, so we're going to grow at a premium there.

但同樣，你正在關注我們 21 財年的市場，或者 21 財年，你的 IDC 預測是負數，我認為，客戶業務為 7 或負 8，所以我們將在那裡以溢價增長。

You've got an IDC forecast that essentially says low single-digit growth in mainstream server revenue, and you've got an IDC forecast that essentially is relatively flat on external storage.

IDC 的預測實質上顯示主流伺服器收入的個位數成長較低，而 IDC 的預測實質上外部儲存的收入相對持平。

And so even with the growth premiums we're driving, it does create a bit of growth dynamics that we're going to have to work our way through.

因此，即使我們正在推動成長溢價，它確實創造了一些我們必須努力克服的成長動力。

But I think we're bullish in the long term on the overall business.

但我認為從長遠來看我們對整體業務持樂觀態度。

Yes, VMware has been clearly been a positive from a growth story.

是的，VMware 的成長故事顯然是正面的。

And we have driven a lot of synergies with VMware in the context of driving velocity for VMware, and we'll continue to do so.

在提高 VMware 速度的背景下，我們與 VMware 實現了許多協同效應，並且我們將繼續這樣做。

So look, we have been, I think, tried to be thoughtful about how we're guiding the business in the context of the environment we're in, I think we're bullish in the long term, but we're going to have to navigate through some of the short-term dynamics that we're seeing.

所以，我認為，我們一直在努力考慮如何在我們所處的環境中指導業務，我認為從長遠來看我們是看漲的，但我們將必須應對我們所看到的一些短期動態。

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

我們將回答來自 Cross Research 的 Shannon Cross 的下一個問題。

Tom, can you talk a bit about the comfort level with cash generation, given some of the puts and takes with the weakness in TCs that's coming theoretically because of coronavirus, but they may be getting back toward the end of the year.

湯姆，你能談談現金生成的舒適度嗎？

And then also just in terms of the amount of investment you need to make.

然後也取決於您需要進行的投資金額。

And then just a below-the-line question, think you can talk a little bit about some of the puts and takes, interest in the equity line and all of that, just so we can make sure we're all in the same camp in terms of where we should be for fiscal 2021?

然後是一個線下問題，我想你可以談談一些看跌期權和看跌期權、對權益線的興趣等等，這樣我們就可以確保我們都在同一個陣營2021 財年我們應該做什麼？

Great.

偉大的。

Thanks, Shannon.

謝謝，香農。

Let me start on the cash and then Tyler is here.

讓我從現金開始，然後泰勒就來了。

So I'd also -- I also would like him to comment on any additional insight.

所以我也 - 我也希望他對任何其他見解發表評論。

So look, I think we feel good about -- with what we know today about our cash flow forecast.

因此，我認為我們對今天所了解的現金流預測感到滿意。

We did up it given the RSA -- or did up the debt repayment given the RSA transaction that's scheduled to close in, I think we're estimating Q3 time frame at this point.

考慮到 RSA，我們完成了債務償還——或者考慮到計劃結束的 RSA 交易，我們完成了債務償還，我認為我們此時正在估計第三季度的時間表。

Yes, the coronavirus is a -- has created some level of uncertainty, if you will, and we signaled in the guidance conversation that I had in my prepared remarks that we did expect our sequentials -- or normal sequentials from Q4 to Q1 to be softer as a result of the coronavirus impact.

是的，如果你願意的話，冠狀病毒已經造成了一定程度的不確定性，我們在指導對話中表示，我在準備好的發言中表示，我們確實預計我們的序列或從第四季度到第一季度的正常序列將是由於冠狀病毒的影響而變得疲軟。

We are not looking at that at this point with what we know that, that isn't -- that it affects the full year.

我們目前並沒有根據我們所知道的情況來看待這個問題，它不會影響全年。

The question that we've been thinking our way through is, as we look at the impact of the coronavirus is, there's 2 principal impacts right now.

我們一直在思考的問題是，當我們檢視冠狀病毒的影響時，目前有兩個主要影響。

One is in our domestic China business, which has been, obviously, with the Chinese economy softening, and given the -- what they're going through to try to contain the virus.

其中之一是我們國內的中國業務，顯然，隨著中國經濟的疲軟，考慮到他們為遏制病毒而正在經歷的事情。

We do expect an impact in Q1 in the China business itself.

我們確實預計第一季中國業務本身會受到影響。

And then the question becomes to this extent that there's supply chain or lead time dynamics, how do you think about demand as a perishable, or does it defer?

然後問題變成了供應鏈或交貨時間動態，您如何看待需求是易腐爛的，還是會延遲？

I think our thinking right now is that, to the extent that it's the only demand that we see that is perishable at this point is that consumer demand, where they want to buy a product now, and if you don't have the right product or the lead times don't work, perhaps they move elsewhere.

我認為我們現在的想法是，我們認為目前唯一容易消失的需求是消費者需求，他們現在想購買產品，如果你沒有合適的產品或交貨時間不起作用，也許他們搬到了其他地方。

Now, we'll obviously continue to refine that as we move forward and learn more about impacts.

現在，隨著我們前進並了解更多有關影響的信息，我們顯然將繼續完善這一點。

But I do think for the full year, we feel good about our cash forecast at this point in time.

但我確實認為，就全年而言，我們對目前的現金預測感覺良好。

We've got a very efficient working capital model.

我們有一個非常有效的營運資金模式。

I think if you look at the amount of debt coming due, I think it's very, very manageable this year.

我認為，如果你看看即將到期的債務金額，我認為今年非常非常容易管理。

And our whole goal was to get ahead and try and drive some of the future maturity stacks down.

我們的整體目標是取得成功並嘗試降低未來的一些成熟度。

And Tyler, maybe you can comment on that?

泰勒，也許你可以對此發表評論？

Shannon, maybe a couple of additional points.

香農，也許還有幾點。

So one, obviously, we're -- if you look at the balance sheet and where we ended cash, right, we're ending it at very healthy levels.

所以，顯然，如果你看看資產負債表和我們結束現金的地方，對吧，我們將其結束在非常健康的水平。

So I feel good about that.

所以我對此感覺很好。

And then Tom talked about some of the dynamics in China.

然後湯姆談到了中國的一些動態。

And if you think about where our cash is generated and what we actually use to really run the company, the cash in China is not always immediately accessible.

如果你想想我們的現金是從哪裡產生的，以及我們實際用來經營公司的，你會發現，在中國，現金並不總是能立即獲得。

So from a liquidity perspective, it's not necessarily an impact in terms of what I'm using kind of for day-to-day liquidity.

因此，從流動性的角度來看，這不一定會對我日常使用的流動性產生影響。

And then the below-the-line question?

那麼下面的問題呢？

Oh, yes.

哦是的。

So page -- I think if I point you to the slide deck, where we lay out the -- and I think it's like Page 26 or Slide 26 in the deck where we talk about the F&O impact.

所以，我想如果我把你指向幻燈片，我們在那裡佈置了——我認為這就像幻燈片中的第 26 頁或幻燈片 26，我們在其中討論了 F&O 的影響。

If you look at that this year, what you essentially see is about $2.8 billion below the line, principally made up of interest expense and some FX costs.

如果你看看今年，你基本上會看到線下約 28 億美元，主要由利息支出和一些外匯成本組成。

The way I think about it is, if you roughly think about the fact that for FY '21, we should have reduced interest expense at the Dell level, Dell EMC level, if you will, roughly a couple of hundred million dollars.

我的想法是，如果你粗略地考慮一下這樣一個事實，即對於 21 財年，我們應該在戴爾層面、戴爾 EMC 層面（如果你願意的話）減少大約幾億美元的利息支出。

We are getting -- VMware has additional debt and less interest income.

我們得到－VMware 的債務增加，利息收入減少。

So you've got an offset of that couple of hundred million by say, $100 million or so and then you got FX.

因此，您可以抵消這幾億美元，例如 1 億美元左右，然後您就獲得了外匯。

And we don't forecast the gains coming out of the venture portfolio.

我們不會預測創投組合的收益。

That will happen as it happens or not.

無論發生與否，這都會發生。

And so we think the right number to be thinking about is between roughly $2.6 billion to $2.7 billion at the F&O line.

因此，我們認為 F&O 線的正確數字是在 26 億至 27 億美元之間。

It's in that range, Shannon.

就在這個範圍內，香農。

And I would think from a share count perspective, you ought to be in sort of that 760-ish -- $760 million range, given some of the dilution we're seeing out of the equity program.

我認為從股票數量的角度來看，考慮到我們從股權計劃中看到的一些稀釋，你的股票應該在 760 美元左右——7.6 億美元的範圍內。

So that's sort of rough math.

這是一種粗略的數學計算。

Now you know that share count will fluctuate depending upon, obviously, share price and not of exercises, but that's sort of the number that we've been modeling.

現在您知道，股票數量顯然會根據股價而不是行使而波動，但這就是我們一直在建模的數字。

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

我們將回答摩根士丹利的凱蒂·休伯蒂提出的下一個問題。

Tom, first to you.

湯姆，首先是你。

Should we think about the share repurchase that was announced today as potentially the start of a bigger capital return program once you get to investment-grade?

我們是否應該將今天宣布的股票回購視為一旦達到投資級別，可能會啟動更大的資本回報計劃？

And then just wanted to ask a follow-up for Jeff, given the importance of storage, the ISG business, can you just talk about what happened to delay the midrange storage launch, whether you think there's a revenue impact from that delay?

然後我想問 Jeff 的後續問題，考慮到儲存、ISG 業務的重要性，您能否談談延遲中階儲存推出的原因，您認為這種延遲是否會對收入產生影響？

Katy, it's Tom.

凱蒂，是湯姆。

Let me talk a little bit about the share repurchase, which is -- we have always thought about, at the appropriate time, a shareholder value, shareholder return program.

讓我談談股票回購，這是──我們一直在考慮，在適當的時候，股東價值、股東回報計畫。

I think as we thought about it, and given where we were in our debt repayment schedule and our ability to continue to pay down debt, we thought it was appropriate and timely, if you will, to put in a share repurchase plan.

我認為，當我們考慮這個問題時，考慮到我們的債務償還時間表以及我們繼續償還債務的能力，我們認為如果你願意的話，制定股票回購計劃是適當和及時的。

Now, obviously, it's $1 billion over 2 years, and we're going to be thoughtful about -- and a bit opportunistic.

現在，顯然，兩年內的投資額將達到 10 億美元，我們將深思熟慮——而且會有點機會主義。

We think our stock is trading at a discount that doesn't quite make sense to us.

我們認為我們的股票目前的折扣價對我們來說不太合理。

And so we're going to begin to take advantage of that.

所以我們將開始利用這一點。

I do think, to answer your second part of the question, which is, I think we have in the past said once we hit investment-grade, we would have -- the capital allocation framework would adjust and change so that we are create -- having some type of a shareholder value creation opportunity for our shareholders.

我確實認為，要回答問題的第二部分，我認為我們過去曾說過，一旦我們達到投資級別，我們就會——資本配置框架將進行調整和改變，以便我們創造—— - 為我們的股東提供某種類型的股東價值創造機會。

And so yes, I think this is the first step in that journey.

是的，我認為這是這趟旅程的第一步。

We are obviously focused on making sure that we hit our commitments around debt repayment.

顯然，我們專注於確保履行債務償還的承諾。

That is a -- the primary use of our capital at this point in time and as we work our way back to investment-grade.

這是目前我們資本的主要用途，也是我們努力恢復投資等級的過程。

And -- but I do think that a shareholder return or shareholder value comp framework makes sense as we move forward.

而且——但我確實認為，隨著我們的前進，股東回報或股東價值補償框架是有意義的。

Midrange.

中頻。

Midrange.

中頻。

Katy, so let me tell you where we're at, what we've done and then you can ask a follow-up question if I'm not clear enough.

凱蒂，讓我告訴你我們現在在哪裡，我們做了什麼，如果我不夠清楚，你可以提出後續問題。

So first of all, we delivered a number of arrays to our beta program, quite honestly, the largest beta program that we've ever run in the history of the company in Q4.

首先，我們向 Beta 計劃交付了許多陣列，老實說，這是我們在第四季度運行的公司歷史上最大的 Beta 計劃。

So we have dozens upon dozens of customers that have the product in their hands today, and we're really pleased the feedback has been overwhelmingly positive.

因此，今天我們有數十名客戶手中擁有該產品，我們非常高興得到了壓倒性的正面回饋。

From the flexibility of the platform to the absolute performance of the platform.

從平台的靈活性到平台的絕對效能。

So we're excited with what we're hearing to date.

因此，我們對迄今為止所聽到的消息感到興奮。

It is late.

現在已經太晚了。

I committed to be done by the end of the year.

我承諾在今年底前完成。

It didn't get done by the end of the year.

到了年底還沒完成。

That's on me.

那是我的事。

And the reason that it's late is being the quality and reliability leader in the marketplace, I was pushing us to really drive on the customer experience side and learn from the last mega launches that we've done in storage.

之所以遲到，是因為我們成為市場上的品質和可靠性領導者，我一直在推動我們真正推動客戶體驗方面的發展，並從我們在儲存領域所做的最後一次大型發布中學習。

And what we learned during that studying of how do we enable a quick launch with our sales force, we wanted to do the broadest at-scale system test we've ever done.

我們在研究如何與我們的銷售人員一起實現快速啟動的過程中了解到，我們想要進行我們曾經做過的最廣泛的大規模系統測試。

That's what we did.

這就是我們所做的。

Quite honestly, I underestimated how long it would take.

老實說，我低估了需要多長時間。

And as a result, we've been late as sort of the byproduct of that decision that I made to do a larger -- the most comprehensive at-scale system test.

結果，我們遲到了，這是我決定進行更大規模、最全面的大規模系統測試的副產品。

But it gave us an opportunity to address what we've learned in the beta program.

但這給了我們一個機會來解決我們在測試版計劃中學到的知識。

It gave us an opportunity to keep our sales force focused on year-end of the last fiscal year.

它使我們有機會讓我們的銷售人員專注於上一財年的年末。

Two weeks ago, we stood up in front of the entire sales force, we trained them on the Midrange.

兩週前，我們站在整個銷售人員面前，並對他們進行了中端產品培訓。

NEXT platform.

下一個平台。

They're excited about it and we will begin selling the product before the end of this fiscal quarter in Q1, and there is no material impact to our revenue plans in storage or the midrange.

他們對此感到興奮，我們將在第一季本財季結束之前開始銷售該產品，這對我們在儲存或中端領域的收入計劃沒有重大影響。

We're actually quite excited.

我們實際上很興奮。

When we think about the midrange, Tom mentioned earlier, that yes, calendar '20 storage forecast is actually slightly down.

當我們考慮中端時，Tom 之前提到過，是的，20 世紀的儲存預測實際上略有下降。

But the midrange is expected to grow about 4.5%.

但中檔預計成長約4.5%。

It's the area where we've been most challenged.

這是我們面臨最大挑戰的領域。

And with this product, we really crispened up the mid to the high end of the midrange portfolio and with our Unity XT platform, which is performing quite well, we have a really comprehensive coverage of the midrange storage marketplace, which is the largest segment, and we're pretty excited about the prospects there.

透過這款產品，我們真正提升了中階產品組合的中高端，並且憑藉我們表現良好的 Unity XT 平台，我們真正全面覆蓋了中階儲存市場，這是最大的細分市場，我們對那裡的前景感到非常興奮。

We need to get the product done.

我們需要完成產品。

It will be done.

將會完成。

We will be taking orders and delivering before the end of the quarter.

我們將在本季末之前接受訂單並交付。

(Operator Instructions)

（操作員說明）

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

我們將回答美國銀行 Wamsi Mohan 提出的下一個問題。

I was wondering if you can talk a little bit about where you are with portfolio reorganization.

我想知道您是否可以談談您在投資組合重組方面的進展。

Clearly, you had a decision to sell RSA.

顯然，您決定出售 RSA。

Wondering what sort of prompted that from a timing perspective?

想知道從時間角度來看是什麼促使了這一點？

And then, I mean, historically, EMC had done a ton of acquisitions.

然後，我的意思是，從歷史上看，EMC 進行了大量的收購。

There's a lot that's buried in there that I don't know how core Dell used that or not.

裡面埋藏著很多東西，我不知道戴爾的核心是如何使用它的。

So any color on where you think the portfolio changes, if there are more to go and magnitude of those and the users potentially of that, would that be more towards capital return, if they were to happen.

因此，您認為投資組合發生變化的任何顏色，如果有更多的變化，這些變化的規模和潛在的用戶，如果它們發生的話，是否會更傾向於資本回報。

Wamsi, it's Tom.

瓦姆西，是湯姆。

So I think what we have said consistently over the last year or 2 has been that we continue to look at the corporate structure and the capabilities and the assets that we have within the family.

因此，我認為我們在過去一兩年裡一直表示，我們將繼續關注公司結構以及我們家族內部擁有的能力和資產。

And as you recall, shortly after we combined the companies, we did sell the services -- the legacy Dell Services business, the software business and the...

正如您所記得的，在我們合併公司後不久，我們確實出售了服務——傳統的戴爾服務業務、軟體業務和…

ECD.

ECD。

ECD business.

ECD業務。

Thank you.

謝謝。

And so look, we continue to look at it.

所以看，我們繼續關注它。

But we're triggered the RSA -- decision was essentially, as we continue to look at our security strategy, we are increasingly focused on intrinsic security.

但我們觸發了 RSA——決定本質上是，隨著我們繼續審視我們的安全策略，我們越來越關注內在安全。

How do we build security into the core of the products.

我們如何將安全性建置到產品的核心中。

RSA is a nice asset.

RSA 是一項很好的資產。

I think our perspective was that if it wasn't going to be core to our security platform and strategy, that was probably better to do something different with that asset, and put it in the hands of an ownership structure that was going to optimize the platform and optimize the asset.

我認為我們的觀點是，如果它不會成為我們安全平台和策略的核心，那麼最好對該資產做一些不同的事情，並將其置於所有權結構手中，以優化該資產。 。

And so that was the decision to sell.

這就是出售的決定。

I think the team did a nice job running the process.

我認為團隊在運行流程方面做得很好。

We're going to continue to evaluate the rest of the portfolio.

我們將繼續評估投資組合的其餘部分。

And assume -- thinking through the alignment of assets, the alignment of capability with where we're headed strategically in a number of areas, including security and data management, data services.

並假設－透過資產的調整、能力的調整與我們在多個領域的策略發展方向思考，包括安全和資料管理、資料服務。

So all of those areas are of interest to us.

因此，所有這些領域都是我們感興趣的。

Obviously, I don't want to go over my skis here.

顯然，我不想在這裡檢查我的滑雪板。

So but our commitment to you is that we'll continue to think about where is the right -- what capabilities do we need to own, what capabilities do we partner for, what capabilities should not be part of the family.

因此，我們對您的承諾是，我們將繼續思考哪裡是正確的——我們需要擁有哪些能力，我們需要合作獲得哪些能力，哪些能力不應該成為家族的一部分。

And we'll continue to simplify their corporate structure.

我們將繼續簡化他們的公司結構。

Because that's been -- continues to be feedback around the complexity of the Dell Technologies' portfolio.

因為戴爾科技集團產品組合的複雜性一直以來都是回饋。

And obviously, we want to think our way through thoughtfully where what capabilities belong in the family and what capabilities are better off outside of the family.

顯然，我們希望深思熟慮哪些能力屬於家庭，哪些能力在家庭之外會更好。

Well I think, Tom, to add to that, maybe more of a product and offer and IP point of view, we've made a tremendous amount of progress simplifying the portfolio, consolidating IP, changing the way that we build integrated products across the Dell Technologies companies.

湯姆，我想補充一點，也許更多的是從產品、服務和智慧財產權的角度來看，我們在簡化產品組合、鞏固智慧財產權、改變我們在整個行業建立整合產品的方式方面取得了巨大進展。戴爾科技公司。

So if you think about the work we've done now with Carbon Black, Unified Workspace, VMware, Dell PCs, Dell services and building an integrated platform that we can sell a modern PC experience by, you're going to see us consolidate more of our technology that way, where I point to Dell Technology Cloud, the work that we've done with VMware, with VMware Cloud Foundation, VxRail, now a series of offers that we're building around that and the multi-hybrid cloud world that we operate in, yet another form of a consolidation of portfolio and simplifying our offers to our customers.

因此，如果您考慮我們現在在Carbon Black、統一工作空間、VMware、戴爾PC、戴爾服務所做的工作，以及建立一個我們可以銷售現代PC 體驗的整合平台，您會看到我們整合了更多就我們的技術而言，我指的是戴爾技術雲，我們與 VMware、VMware Cloud Foundation、VxRail 所做的工作，現在我們圍繞這些技術和多混合雲世界構建了一系列產品我們以另一種形式整合產品組合併簡化我們向客戶提供的服務。

Remember, the second component of our strategy, I mentioned the first one was all about win in the consolidation, the other one is to go build deeply integrated solutions that drive incremental value for our customers, which is really about simplifying the individual products across the portfolio and building integrated solutions.

請記住，我們策略的第二個組成部分，我提到第一個組成部分是在整合中獲勝，另一個是建立深度整合的解決方案，為我們的客戶帶來增量價值，這實際上是為了簡化整個產業的單一產品。

And we spent a great deal of time there.

我們在那裡度過了很多時間。

You'll see us do more of that going forward.

您會看到我們未來會做更多這樣的事。

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

我們將回答德意志銀行 Jeriel Ong 提出的下一個問題。

So it seems -- I want to kind of maybe just paint a picture a little bit and think about ISG, there's a little bit more bullishness in ISG for the year.

看來——我想稍微描繪一下ISG，今年ISG 的前景更樂觀。

And I think you've kind of painted your storage picture in terms of then having products in the mid-range, et cetera, so I can kind of see your point of view there.

我認為您已經根據中檔產品等描繪了您的儲存圖片，所以我可以看到您的觀點。

But on the server networking side, it seems like the year-on-year growth has kind of declined more and more with each passing quarter.

但在伺服器網路方面，似乎每季的年增率都在下降。

So what gives you confidence in that turning around and contributing to growth for the full year?

那麼，是什麼讓您對扭轉局面並為全年成長做出貢獻充滿信心呢？

Well, I think I'd point back to the earlier question and comments that Tom and I made.

好吧，我想我應該回顧一下湯姆和我之前提出的問題和評論。

You're clearly right.

你顯然是對的。

When we look at the performance over the fourth quarter, there was a deceleration of the store -- of the server business.

當我們查看第四季度的業績時，會發現商店——伺服器業務出現了減速。

I recall correctly minus 9, minus 12, minus 16, minus 19, for the annual number that Tom represented, minus 14.

我正確地記得負9、負12、負16、負19，湯姆所代表的年度數字是負14。

If you break that down, it really is concentrated in Greater China.

如果你細分的話，它確實集中在大中華區。

Greater China was down 35% on an orders basis over the year.

大中華區訂單量較去年同期下降 35%。

Rest of the world was minus 5%.

世界其他地區的成長率為-5%。

Inside that minus 5%, what slowed down was our North America enterprise business.

在這負 5% 的成長率中，放緩的是我們的北美企業業務。

In other words, we actually grew in small business, medium business, North America, commercial and LatAm.

換句話說，我們實際上在小型企業、中型企業、北美、商業和拉丁美洲都有成長。

We grew at market in APJ and in EMEA, and then the 2 hotspots are the ones that we've called out consistently have been China and North America Enterprise.

我們在亞太及日本和歐洲、中東和非洲市場取得了成長，然後我們一直指出的兩個熱點是中國和北美企業。

Tom talked about the China market and the dynamics that's going on there, so I think the real follow-up question is "What are we doing differently in North America Enterprise to change our performance?"

湯姆談到了中國市場以及那裡正在發生的動態，所以我認為真正的後續問題是“我們在北美企業採取了哪些不同的做法來改變我們的業績？”

And as we think about that, we're driving a -- if you will, a different coverage alignment.

當我們思考這一點時，如果你願意的話，我們正在推動一種不同的覆蓋範圍調整。

We're going back through the coverage models.

我們將回顧一下覆蓋率模型。

We're enhancing that because at the core, we have to grow the buyer base.

我們正在加強這一點，因為核心是我們必須擴大買家基礎。

And if I think about the number of PC customers that we have across our enterprise accounts and the number of server customers that we have in our enterprise accounts, there is a big drop off between the 2. And we need to cross sell.

如果我考慮一下我們的企業帳戶中擁有的 PC 客戶數量和我們的企業帳戶中擁有的伺服器客戶數量，兩者之間會出現很大的下降。

We're already in those accounts.

我們已經在這些帳戶中了。

Yes, they are different buyers inside those different customers but we have to bring our end-to-end capability across the customer set and cross-sell and expand what we sell in each of those customers and change the coverage map, so we can bring on new customers to the fold.

是的，他們是這些不同客戶中的不同買家，但我們必須在客戶群中發揮我們的端到端能力，進行交叉銷售，並擴大我們在每個客戶中銷售的產品並改變覆蓋範圍，這樣我們就可以帶來吸引新客戶加入。

That's fundamentally the work that's underway.

這基本上就是正在進行的工作。

We have some new programs inside the corporation.

我們公司內部有一些新項目。

You would not know about it, but we've trained our sales force 2 weeks ago on this, a power-up program, which is essentially allowing us to go build cross-sell, build the buyer base, bring seed units and marketing programs and incentives for us to expand the buyer base across the various segments, in this case, North America Enterprise, our largest customers.

你可能不知道，兩週前我們就這個強化計劃對我們的銷售人員進行了培訓，這本質上是讓我們能夠建立交叉銷售，建立買家基礎，帶來種子單位和營銷計劃以及激勵我們擴大各個細分市場的買家基礎，在本例中，北美企業是我們最大的客戶。

We're pretty optimistic there.

我們對此非常樂觀。

We see that our sales force is more tenured, again, bringing back that notion of a more tenured sales force is a more productive sales force, and we're going to lean on that as we head into this fiscal year.

我們再次看到，我們的銷售隊伍的任期更長，這讓我們重新認識到，任期更長的銷售隊伍是一支更有生產力的銷售隊伍，當我們進入本財年時，我們將依靠這一點。

So that's what is changing.

這就是正在發生的變化。

The market's better, too.

市場也比較好。

Depending on how you look at it, the x86 market's forecasted to be up 1%.

根據您的看法，x86 市場預計將成長 1%。

That's 5 points better than the same time last year.

比去年同期高出 5 個百分點。

Mainstream place -- space, where we predominantly operate is projected to be or forecasted to be up 3.3%.

主流領域－我們主要經營的太空領域預計將成長 3.3%。

We're going to grow at a premium.

我們將以溢價增長。

Content rate's up.

內容率上去了。

Our exposure to high-value workloads is increasing.

我們接觸高價值工作負載的機會正在增加。

Those drive higher TRUs.

這些驅動更高的 TRU。

And we're pretty optimistic about our ability to take share and outperform the marketplace broadly across the server market.

我們對我們在整個伺服器市場上佔據份額並超越市場的能力非常樂觀。

Tom, anything to add?

湯姆，有什麼要補充的嗎？

No.

不。

I would just also comment on the fact that with that higher content and with the commodity cost inflation that's being forecasted, you would see a positive impact on TRUs as you think about how you're adjust -- you'll adjust pricing as you go through the year.

我還要評論這樣一個事實，即隨著內容的增加以及所預測的商品成本通膨，當您考慮如何調整時，您會看到對 TRU 的積極影響 - 您將隨時調整定價經過一年。

So that's also a benefit to top line.

所以這對營收也有好處。

Exactly.

確切地。

All right.

好的。

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

我們將接受富國銀行 Aaron Rakers 提出的下一個問題。

One of the comments that was made during the prepared remarks was the 3:1 ratio, as far as your server customers that actually purchase the storage portfolio.

就實際購買儲存產品組合的伺服器客戶而言，在準備好的發言中提出的意見之一是 3:1 的比例。

I'm curious if you could help us understand how that's evolved over the past 12 or 24 months.

我很好奇您能否幫助我們了解過去 12 或 24 個月的發展。

What does that look like, call it, 1 year or 2 ago?

一兩年前，這是什麼樣子的？

And how do you think about driving that?

您如何看待駕駛它？

What kind of initiatives have you put in place?

您採取了哪些措施？

And how would you define success in that ratio looking forward?

展望未來，您如何定義這個比率的成功？

Well, in the prepared remarks, I believe I said we have roughly 30,000 server customers a quarter and less than half buy our storage.

嗯，在準備好的發言中，我相信我說過我們每個季度大約有 30,000 個伺服器客戶，其中不到一半購買我們的儲存。

I didn't say that, that's certainly what I meant to say.

我沒這麼說，這確實是我想說的。

Yes.

是的。

You did.

你做到了。

Look, if you look at the long-term trend there, the server component of that buyer base is modestly growing and the storage one isn't.

看，如果你看看那裡的長期趨勢，你會發現該買家群的伺服器元件正在適度成長，而儲存元件卻沒有。

That has been our challenge.

這是我們面臨的挑戰。

And the capacity and coverage that we put in place is intended to change that direction -- change that trajectory.

我們建立的能力和覆蓋範圍旨在改變這個方向——改變這個軌跡。

It takes longer for a sales person, a sales maker, a sales specialist in storage to come up the productivity ramp.

儲存領域的銷售人員、銷售人員、銷售專家需要更長的時間才能提高生產力。

So I think Tom and I have made reference throughout the session this afternoon that the tenured productivity of our storage sellers is the greatest it's been as we head into fiscal '21.

因此，我認為湯姆和我在今天下午的整個會議中都提到，隨著我們進入 21 財年，我們的儲存銷售商的長期生產力是最高的。

That's important to us.

這對我們很重要。

That is a driver.

那是一個司機。

So if you think about more tenured productivity, broad coverage of the marketplace, a more competitive product line from top to bottom, that's the lever that we are going to drive our storage business with.

因此，如果你考慮更高的終身生產力、更廣泛的市場覆蓋範圍、從上到下更具競爭力的產品線，這就是我們推動儲存業務的槓桿。

And then I just made reference in the previous question to a program that we put in place called Power Up, which is, again, an internal program, centered around driving cross-sell and upsell of our portfolio, winning new customers.

然後我在上一個問題中提到了我們實施的一個名為「Power Up」的計劃，這又是一個內部計劃，其核心是推動我們產品組合的交叉銷售和追加銷售，贏得新客戶。

It really is about seed units, promotional offers, we're putting sales incentives in place.

這實際上與種子單位、促銷優惠有關，我們正在實施銷售獎勵措施。

In fact, Tom and I improved a sales compensation plan that incents our sales force to sell multiple lines of business in an account.

事實上，湯姆和我改進了一項銷售補償計劃，激勵我們的銷售人員在一個帳戶中銷售多個業務線。

So if you start with -- we have the most customers in our PC division, the next most customers in servers and the next most customers in storage, cross-selling, incenting our sales force to sell more lines of business as we move down the stack is certainly where we've tilted the compensation plan this year.

因此，如果你從——我們的PC 部門擁有最多的客戶，其次是伺服器領域的客戶，其次是儲存領域的客戶，交叉銷售，隨著我們向下移動，激勵我們的銷售人員銷售更多的業務線。

Hey, Jeff, the other thing I think that's important to comment on, as we talk about storage and storage velocity is the velocity of the VxRail capability and product solution set, right?

嘿，Jeff，我認為值得評論的另一件事是，當我們談論儲存和儲存速度時，VxRail 功能和產品解決方案集的速度，對吧？

I mean, that's growing plus 60% year-over-year, and so there's great velocity in our ACI solution capability that will continue where it's appropriate for the workloads, we're clearly focused on driving that.

我的意思是，這一數字同比增長了 60%，因此我們的 ACI 解決方案能力將在適合工作負載的地方繼續高速發展，我們顯然致力於推動這一速度。

And then I think as part of this -- you've mentioned the more tenured sales organization, but also, we need -- we'd call out the fact that since we have combined the selling organizations, we have adjusted coverage models to reach farther into the customer population.

然後我認為，作為其中的一部分 - 您提到了更長期的銷售組織，而且我們需要 - 我們會指出這樣一個事實：由於我們合併了銷售組織，我們已經調整了覆蓋模型以達到更深入地深入顧客群體。

We freed up capacity.

我們釋放了產能。

To drive a selling motion that touches more customers.

推動吸引更多客戶的銷售行動。

And so it's going to be -- there's no 1 magic bullet here.

所以事情將會是──這裡沒有一顆靈丹妙藥。

This is going to be a combination of the mid-range capability we're bringing online, the coverage model expansion, the marketing programs and the tenure of our capacity, so -- selling capacity.

這將是我們在線提供的中端能力、覆蓋模型擴展、行銷計劃和我們能力的任期（即銷售能力）的結合。

So those combined, coupled with great velocity in our VxRail capability, I think, all point to opportunities for us to grow.

因此，我認為，這些因素結合起來，再加上我們 VxRail 能力的高速發展，都為我們帶來了成長的機會。

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

我們將回答西蒙·利奧波德和雷蒙德·詹姆斯提出的下一個問題。

Thanks for the color that you gave around your vision for ISG for the -- looks for the year '21.

感謝您為 ISG 21 年外觀的願景提供了色彩。

That's pretty helpful.

這很有幫助。

But I guess my question is, given that you've been making these investments around capacity and coverage, and commentary from competitors that imply that they're seeing more aggressiveness from Dell.

但我想我的問題是，考慮到您一直在圍繞容量和覆蓋範圍進行這些投資，並且競爭對手的評論暗示他們看到了戴爾更具侵略性。

I guess, I would have expected fiscal 4Q results to have trended a bit more towards stable, I guess, to better reflect that.

我想，我本來預期第四季財報的業績會更加趨於穩定，以便更好地反映這一點。

So could you just help us understand maybe if there were some specific puts and takes that were unique to this quarter?

那麼，您能否幫助我們了解本季是否有一些獨特的具體看跌期權和看跌期權？

Or if the headwinds that you saw in North America were incremental to what you've been seeing?

或者，您在北美看到的逆風是否比您所看到的更嚴重？

So maybe if you could just help us flesh that out a little better.

所以也許你能幫助我們更好地充實這一點。

Yes.

是的。

Look, I think our philosophy here as we have navigated through the year, this year has been to where we think it's appropriate to be aggressive to when customer business that we think has longer-term value, then we'll be appropriately aggressive in terms of acquisition pricing to win that business.

聽著，我認為我們這一年的理念是，今年我們認為應該積極進取，當我們認為具有長期價值的客戶業務時，我們將適當進取的收購定價來贏得該業務。

As we went through the -- and so I don't really think -- and where quite frankly, it doesn't make sense or where we don't see long-term value, and there's the competitive dynamics of the competitive pricing environment haven't made sense to us, you have seen us step back from some of that business.

當我們經歷——所以我真的不這麼認為——坦白說，這是沒有意義的，或者我們看不到長期價值，而且競爭定價環境的競爭動態對我們來說沒有意義，你已經看到我們從某些業務中退縮了。

And I think essentially, we saw a couple of things.

我認為本質上，我們看到了一些事情。

As it relates to servers in the North America Enterprise, large enterprise space, for instance, the number of bids is down and the price aggressiveness on most of those contracts or bid opportunities has been quite aggressive.

例如，由於涉及北美企業（大型企業空間）的伺服器，投標數量下降，並且大多數合約或投標機會的價格激進度相當高。

And so we have been selective in where we have chosen to participate, and then you get into decisions around do you have other lobs that you're selling to that customer?

因此，我們對選擇參與的領域進行了選擇性的選擇，然後您就需要做出決定，是否還有其他吊球要賣給該客戶？

What's the customer overall profitability look like?

客戶的整體獲利能力如何？

Do you have the opportunity to recover some of that aggressive pricing over time.

隨著時間的推移，您是否有機會恢復一些激進的定價？

And that's the balance.

這就是平衡。

And the needle that we've been threading as we've gone through the year.

以及我們這一年來一直在穿線的針。

And as a result of that, you saw softness in North America Enterprise.

結果，你看到了北美企業的疲軟。

I'll talk to China in a second.

我稍後會與中國交談。

And so look, did we -- do see anything incremental in Q4?

那麼，我們是否在第四季度看到了任何增量？

I think the trends that we've talked about have essentially continued in Q4, in terms of the aggressiveness of the pricing, and the cycle time on opportunities is clearly longer.

我認為我們討論的趨勢在第四季度基本上延續，就定價的積極程度而言，機會的周期時間顯然更長。

And so that's been a dynamic that we just had to work our way through.

因此，這是一個我們必須努力克服的動態。

And so as you think then and pivot into fiscal '21, you said, well, what's different, well, the market is supposed to be better, we've got better coverage.

因此，當您思考並轉向 21 財年時，您說，嗯，有什麼不同，嗯，市場應該更好，我們有更好的覆蓋範圍。

I think the dynamics around our reach into selling organizations to cross-sell opportunities are all going to be positive for us in the coming year.

我認為，我們進入銷售組織以獲取交叉銷售機會的動力在未來一年對我們來說都是積極的。

And on the storage side, it's been the -- we've had great success with our VxRail product.

在儲存方面，我們的 VxRail 產品取得了巨大成功。

We've seen softness in the core array.

我們已經看到了核心陣列的疲軟。

Again, that infrastructure space has been soft.

同樣，基礎設施空間一直很軟。

We've taken share, a firm 270 to 300 basis points of share over the last 3 years.

我們已經佔據了市場份額，在過去 3 年裡，我們的市佔率穩定在 270 到 300 個基點。

We've been navigating through what I think has been a challenging environment there.

我們一直在經歷我認為那裡充滿挑戰的環境。

But I think as we step into FY '21, I think we're better positioned from a coverage model and from a solution perspective.

但我認為，當我們進入 21 財年時，我認為從覆蓋模型和解決方案的角度來看，我們處於更好的位置。

And so look, I think it's a -- those are the navigation we've had to do as a result of that.

所以看，我認為這是我們因此必須做的導航。

Granted, there was some revenue pressure clearly in the ISG space, but yet, we drove great profitability across the business and strong cash flow.

誠然，ISG 領域顯然存在一些收入壓力，但我們在整個業務中實現了巨大的盈利能力和強勁的現金流。

And so it's all about how do you balance the model given the market that we see and that we participate in.

因此，關鍵在於如何在考慮到我們所看到和參與的市場的情況下平衡模型。

All right.

好的。

Well, good.

嗯，很好。

Well, thanks, Simon.

好吧，謝謝，西蒙。

We're going to wrap up there.

我們就到此結束。

Just as a reminder, we'll be at Morgan Stanley next week in San Francisco.

提醒一下，下週我們將在舊金山的摩根士丹利。

And we will be hosting an IR track at Dell Technologies World.

我們將在 Dell Technologies World 舉辦 IR 分會場。

We'll begin that the evening of May 3 and continue on the 4. So hopefully, we'll see many of you there, and there'll be additional information in the coming weeks on that event.

我們將從5 月3 日晚上開始，並在5 月4 日繼續。 。

So thanks for joining us today.

感謝您今天加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may now disconnect at this time.

您現在可以斷開連線。