戴爾 (DELL) 2020 Q2 法說會逐字稿

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

下午好，歡迎參加戴爾科技公司 2020 財年第二季度財務業績電話會議。

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

我想通知所有與會者，應 Dell Technologies 的要求，我們正在對此次通話進行錄音。

This broadcast is the copyrighted property of Dell Technologies Inc.

此廣播是 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信息。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給投資者關係主管 Rob Williams。

Mr. Williams, you may begin.

威廉姆斯先生，您可以開始了。

Thanks, Erica, and thanks for joining us.

謝謝，埃里卡，感謝您加入我們。

With me today are Vice Chairman, Jeff Clarke; our CFO, Tom Sweet; and our Treasurer, Tyler Johnson.

今天和我在一起的是副主席傑夫·克拉克 (Jeff Clarke)；我們的首席財務官 Tom Sweet；以及我們的財務主管 Tyler Johnson。

During this call, we will reference non-GAAP financial measures, including non-GAAP revenue, gross margin, operating expenses, operating income, net income, EPS, EBITDA, adjusted EBITDA and adjusted free cash flow.

在本次電話會議中，我們將參考非 GAAP 財務指標，包括非 GAAP 收入、毛利率、營業費用、營業收入、淨收入、每股收益、EBITDA、調整後的 EBITDA 和調整後的自由現金流。

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

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。

Please also note that all growth percentages refer to year-over-year change unless otherwise specified.

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。

I want to mention that we will not be taking questions related to the Pivotal or Carbon Black transactions that VMware announced on August 22.

我想提一下，我們不會回答與 VMware 在 8 月 22 日宣布的 Pivotal 或 Carbon Black 交易相關的問題。

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，本次電話會議期間所做的與未來結果和事件相關的所有陳述都是基於當前預期的前瞻性陳述。

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.

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面板中進行了討論。

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

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, and thanks to all of you for joining us.

謝謝 Rob，也感謝大家加入我們。

Since we launched Dell Technologies, we have been consistent about our long-term view on global technology investment and what we have to do to realize this unprecedented opportunity.

自從我們推出 Dell Technologies 以來，我們對全球技術投資的長期觀點以及我們必須做些什麼才能實現這一前所未有的機會一直保持一致。

We have to innovate and integrate across the full Dell Technologies portfolio.

我們必須在整個 Dell Technologies 產品組合中進行創新和整合。

Doing this creates the next generation of technology infrastructure that enables digital organizations operating in the data economy.

這樣做會創建下一代技術基礎架構，使數字組織能夠在數據經濟中運營。

We have to continue innovating within our business units to win the consolidation and generate cash.

我們必須在我們的業務部門內繼續創新，以贏得整合併產生現金。

And of course, we have to do this with an eye towards the inevitable fluctuations in near-term demand.

當然，我們必須著眼於近期需求不可避免的波動。

Today, I would like to touch on each of these areas and share some of the progress we have made executing against our strategic priorities.

今天，我想談談這些領域中的每一個，並分享我們在執行戰略重點方面取得的一些進展。

To begin, let me emphasize the long-term drivers for our business remain intact.

首先，讓我強調我們業務的長期驅動力保持不變。

We are in the early stages of a technology-led investment cycle that is accelerating digital transformation.

我們正處於以技術為主導的投資週期的早期階段，該週期正在加速數字化轉型。

That investment cycle is fueled by the exponential increase in data and data-centric workloads that drive better business outcomes alongside an increasingly diverse and mobile workforce.

數據和以數據為中心的工作負載的指數級增長推動了這一投資週期，這些工作負載推動了更好的業務成果以及日益多樣化和移動的員工隊伍。

But to realize these outcomes, customers are grappling with increasing complexity across their operating environments and infrastructure, including data proliferation, multi-cloud management, security, new software architectures, application, artificial intelligence and machine learning, all the while defining their approach to cloud and increasingly, the edge and IoT.

但為了實現這些成果，客戶正在努力應對其運營環境和基礎設施中日益複雜的問題，包括數據激增、多雲管理、安全、新軟件架構、應用程序、人工智能和機器學習，同時定義他們的雲方法以及越來越多的邊緣和物聯網。

Take hybrid cloud as an example.

以混合雲為例。

Companies deploying hybrid cloud strategies want seamless compatibility, consistent infrastructure and operations across private clouds, public clouds and the edge.

部署混合雲戰略的公司希望跨私有云、公共雲和邊緣實現無縫兼容性、一致的基礎設施和運營。

We are optimistic about IT spending because customers need a partner to help them address these challenges, one who is innovating and delivering a comprehensive end-to-end IT strategy.

我們對 IT 支出持樂觀態度，因為客戶需要一個合作夥伴來幫助他們應對這些挑戰，一個正在創新並提供全面的端到端 IT 戰略的合作夥伴。

In fact, the latest IDC forecast for IT spending through 2023, excluding telco, backs up our optimistic view.

事實上，IDC 對 2023 年 IT 支出（不包括電信）的最新預測支持我們的樂觀觀點。

IDC projects growth will be more than 2x world GDP or about 4.3% per year on average.

IDC 預測增長將超過世界 GDP 的 2 倍或平均每年約 4.3%。

So as I said, we believe the long-term drivers of our business are intact.

所以正如我所說，我們相信我們業務的長期驅動力是完整的。

This brings me to my second point.

這就引出了我的第二點。

Dell Technologies is uniquely positioned to capitalize on this enormous opportunity.

Dell Technologies 具有得天獨厚的優勢，可以利用這一巨大機遇。

We have been hard at work innovating and integrating across the portfolio to deliver the future of technology infrastructure with solutions that dramatically simplify IT management.

我們一直在努力創新和集成整個產品組合，以通過可顯著簡化 IT 管理的解決方案交付技術基礎架構的未來。

Last quarter, we made major progress with the announcement of Dell Technologies Cloud and Unified Workspace.

上個季度，我們在發布 Dell Technologies Cloud 和 Unified Workspace 方面取得了重大進展。

Interest remains high in our Dell Technologies Cloud platform, the easiest and fastest way to a consistent hybrid cloud experience.

對我們的 Dell Technologies 雲平台的興趣仍然很高，這是獲得一致的混合雲體驗的最簡單、最快捷的方式。

It brings together Dell EMC's VxRail hyperconverged infrastructure with VMware's Cloud Foundation software stack, offering customers a single, consistent platform for both traditional and cloud native workloads with full automation and integration for hybrid and multi-cloud environments with consistent SLAs, tools, services and management from VMware and Dell EMC.

它將 Dell EMC 的 VxRail 超融合基礎架構與 VMware 的 Cloud Foundation 軟件堆棧結合在一起，為客戶提供一個單一、一致的平台來處理傳統和雲原生工作負載，並為混合和多雲環境提供完全自動化和集成，並提供一致的 SLA、工具、服務和管理來自 VMware 和 Dell EMC。

The customer pays subscription fees for as long as they use it the same way they pay for public cloud infrastructure.

只要客戶使用它，就可以像購買公共雲基礎架構一樣支付訂閱費。

CapEx becomes OpEx.

資本支出變為運營支出。

Earlier this week at VMworld, we announced several other enhancements to our Dell Technologies Cloud offerings, including new validated designs for storage arrays and servers, initial availability of the industry's first fully managed on-premise Data Center-as-a-Service offering and general availability of new "pay for what you use" flexible consumption models.

本週早些時候，在 VMworld 上，我們宣布了 Dell Technologies 雲產品的其他幾項增強功能，包括針對存儲陣列和服務器的經過驗證的新設計、業界首個完全託管的本地數據中心即服務產品的初步可用性以及通用提供新的“按使用量付費”的靈活消費模式。

In addition, we announced Dell Technologies Cloud platforms now support VMware Pivotal Container Service.

此外，我們還宣布 Dell Technologies 雲平台現在支持 VMware Pivotal Container Service。

And with VMware's recent announcement of its intent to acquire Pivotal, our solutions and speed to market get even stronger.

隨著 VMware 最近宣布有意收購 Pivotal，我們的解決方案和上市速度變得更加強大。

Pivotal further extends VMware's Kubernetes capabilities for building, running, managing modern applications on any cloud.

Pivotal 進一步擴展了 VMware 的 Kubernetes 功能，用於在任何云上構建、運行和管理現代應用程序。

Another powerful example of how we're innovating across Dell Technologies is Unified Workspace.

統一工作空間是我們如何在 Dell Technologies 進行創新的另一個有力示例。

This solution integrates capabilities across Dell devices and services, VMware and SecureWorks and now includes Dell ProManage, managed services that integrate Dell's highly skilled experts as part of a customer's IT teams.

該解決方案集成了戴爾設備和服務、VMware 和 SecureWorks 的功能，現在包括 Dell ProManage 託管服務，將戴爾的高技能專家整合為客戶 IT 團隊的一部分。

Think about the IT investment cycle I mentioned earlier and the needs of the growing diverse and mobile workforce.

想一想我之前提到的 IT 投資週期以及不斷增長的多樣化和移動勞動力的需求。

Unified Workspace is an intelligent solution that tells you the specific devices and applications your workforce needs on their specific usage.

Unified Workspace 是一種智能解決方案，可以告訴您您的員工在特定用途方面需要的特定設備和應用程序。

Then it delivers those personalized devices directly to the end user, preconfigured and preloaded with all the applications and security features they need.

然後它將這些個性化設備直接交付給最終用戶，預先配置並預加載他們需要的所有應用程序和安全功能。

IT never has to touch the device.

IT 永遠不必接觸設備。

With VMware's acquisition of Carbon Black, Unified Workspace will only improve with a comprehensive intrinsic security portfolio for the multi-cloud world and for modern applications and devices.

隨著 VMware 對 Carbon Black 的收購，Unified Workspace 將通過面向多雲世界以及現代應用程序和設備的全面的內在安全產品組合得到改進。

As you can see, we are delivering on our promise to innovate across Dell Technologies to create the future of technology infrastructure from the cloud to the edge while dramatically simplifying the customer experience.

如您所見，我們正在兌現我們的承諾，即在整個 Dell Technologies 進行創新，以創造從雲端到邊緣的技術基礎架構的未來，同時顯著簡化客戶體驗。

And this brings me to our next strategic priority, which is all about what we are creating in our business units to drive and win in the consolidation, generate cash flow and fuel innovation.

這讓我想到了我們的下一個戰略重點，即我們在業務部門中創造的一切，以推動並贏得整合、產生現金流和推動創新。

We have the strongest solution set in our history with businesses that are consistently outperforming their competitors.

我們擁有我們歷史上最強大的解決方案，為那些始終超越競爭對手的企業提供解決方案。

In the data center, we are seeing significant traction from our new Unity XT mid-range storage solution.

在數據中心，我們看到了我們新的 Unity XT 中端存儲解決方案的巨大吸引力。

And the strong acceptance of XT in the market gives us confidence as we ramp the solution and prepare to bring our next-generation mid-range storage offering to the market.

市場對 XT 的廣泛接受給了我們信心，因為我們會推出解決方案並準備將我們的下一代中端存儲產品推向市場。

We are also seeing strong receptivity of our PowerProtect X400 and PowerProtect Software.

我們還看到我們的 PowerProtect X400 和 PowerProtect 軟件具有很強的接受能力。

The X400 delivers next-generation data management and protection in a software-defined scale-out appliance.

X400 在軟件定義的橫向擴展設備中提供下一代數據管理和保護。

It is highly complemented by our PowerProtect Software offering that delivers data protection, deduplication, operation agility, self-service and IT governance.

它與我們的 PowerProtect 軟件產品高度互補，可提供數據保護、重複數據刪除、操作敏捷性、自助服務和 IT 治理。

In Q2, VxRail orders grew 77% as organizations continue to benefit from its simple integration with VMware Cloud Foundation to enable hybrid cloud environments.

在第二季度，VxRail 訂單增長了 77%，因為組織繼續受益於它與 VMware Cloud Foundation 的簡單集成以支持混合雲環境。

It's just another example how we are collaborating with VMware to bring another first and best solution to the marketplace.

這只是我們如何與 VMware 合作為市場帶來另一個第一和最佳解決方案的另一個例子。

In client solutions, we introduced new XPS products with leading design and user experience, including more powerful processing and applications matched with thinner and lighter designs like our new XPS 13 2-in-1.

在客戶端解決方案方面，我們推出了具有領先設計和用戶體驗的新 XPS 產品，包括更強大的處理能力和應用程序，以及更輕薄的設計，如我們的新 XPS 13 二合一。

And our Dell Latitude 7400 2-in-1 continues to receive incredible praise from the media and customers alike with PCWorld deeming it, "A nearly perfect combination of power and battery life." It is the first commercial laptop with built-in sensing technology.

我們的 Dell Latitude 7400 二合一電腦繼續受到媒體和客戶的一致好評，PCWorld 認為它是“電源和電池壽命近乎完美的結合”。它是第一款內置傳感技術的商用筆記本電腦。

Our teams are turning out the industry's best products and solutions, executing on our priority to win the consolidation and generate cash flow, which brings me to my final point.

我們的團隊正在開發業界最好的產品和解決方案，執行我們的首要任務以贏得整合併產生現金流，這讓我談到了我的最後一點。

As we invest and innovate to capture on the enormous opportunity in front of us, we must remain disciplined and mindful of the near-term environment in which we operate in.

在我們進行投資和創新以抓住擺在我們面前的巨大機遇時，我們必須保持紀律並註意我們經營所處的近期環境。

So before I turn it over to Tom, let me shift gears to the current demand environment and our view on component cost.

所以在我把它交給湯姆之前，讓我先談談當前的需求環境和我們對組件成本的看法。

Our core Dell orders were up 4%, excluding China, and we are seeing a clear split between enterprise infrastructure and PC spending globally.

我們的核心戴爾訂單增長了 4%，不包括中國，我們看到全球企業基礎設施和 PC 支出之間存在明顯的分歧。

In enterprise infrastructure, the market is softer than we and the industry anticipated.

在企業基礎設施方面，市場比我們和行業預期的要疲軟。

We expect it to remain soft through the balance of the year, particularly in China.

我們預計它在今年餘下時間將保持疲軟，尤其是在中國。

We feel really good about our ISG execution in Q2 given the market context.

鑑於市場環境，我們對第二季度 ISG 的執行感覺非常好。

In the first half, we acquired approximately 21,000 ISG customers, up 11% from the prior year.

上半年，我們獲得了約 21,000 名 ISG 客戶，比上年增長 11%。

And more of our ISG customers are purchasing multiple lines of businesses.

我們的更多 ISG 客戶正在購買多個業務線。

Our storage business remains healthy in Q2 with orders up 1% and first half orders up 4%.

我們的存儲業務在第二季度保持健康，訂單增長 1%，上半年訂單增長 4%。

Our sales team remain optimistic about our portfolio and positioning as we head into the second half of the year.

隨著我們進入下半年，我們的銷售團隊對我們的產品組合和定位保持樂觀。

Turning to servers.

轉向服務器。

The industry saw unprecedented growth last year, and many customers are still digesting their CapEx investments.

該行業去年出現了前所未有的增長，許多客戶仍在消化他們的資本支出投資。

We are balancing revenue and profitability as we navigate through the current server dynamics.

在瀏覽當前的服務器動態時，我們正在平衡收入和盈利能力。

Our Q2 server revenue declined, but we realized higher margin dollars as we were consciously more selective on large low-margin deals in all geographies.

我們的第二季度服務器收入有所下降，但我們實現了更高的利潤率美元，因為我們有意識地在所有地區的大型低利潤交易中更有選擇性。

Outside of China, our server orders were up 1%, and we expect to gain share this quarter in North America and EMEA when IDC publish its results next week.

在中國以外，我們的服務器訂單增長了 1%，我們預計本季度在 IDC 下周公佈業績時將在北美和 EMEA 獲得份額。

Our server ASPs remain strong, up high single digits as customers are increasingly buying higher-end systems to support their high-value workloads.

隨著客戶越來越多地購買高端系統來支持他們的高價值工作負載，我們的服務器 ASP 保持強勁，達到高個位數。

In Q2, CSG delivered record performance driven by strong execution, the Win 10 refresh and a declining component cost environment.

在第二季度，CSG 在強大的執行力、Win 10 更新和不斷下降的組件成本環境的推動下取得了創紀錄的業績。

Longer term, we expect to continue to drive share gains through innovation and execution as the industry continues to consolidate among the top vendors.

從長遠來看，隨著行業繼續在頂級供應商之間進行整合，我們預計將繼續通過創新和執行來推動份額增長。

We will continue to focus on commercial, high-end consumer and gaming as well as increasing our attach of services, financing and software and peripherals.

我們將繼續專注於商業、高端消費和遊戲，並增加我們的服務、融資、軟件和外圍設備。

In the supply chain, we expect the component cost environment to remain deflationary in aggregate through at least the end of the year, though it's important to note we expect the decline to significantly slowdown in the second half measured against the first half.

在供應鏈中，我們預計零部件成本環境總體上將至少在年底前保持通縮，但需要注意的是，我們預計下半年的下降幅度將比上半年顯著放緩。

This quarter, we clearly benefited from the strength of our broad IT solutions portfolio, which helped us deliver strong results amid short-term market volatility.

本季度，我們明顯受益於我們廣泛的 IT 解決方案組合的優勢，這幫助我們在短期市場波動中取得了強勁的業績。

While we saw soft spending in pockets of the marketplace, our overall performance in Q2 reflected our competitive advantage.

雖然我們看到市場上的支出疲軟，但我們在第二季度的整體表現反映了我們的競爭優勢。

In the second half, you should expect us to continue to balance growth and profitability but with a slightly higher bias towards maintaining growth at the portfolio level.

下半年，您應該期望我們繼續平衡增長和盈利能力，但會略微偏向於在投資組合層面保持增長。

We have built a business to be successful in any environment.

我們建立的企業在任何環境下都能取得成功。

We are differentiated by our broad portfolio in the industry with leading solutions, our direct model including services and financing, and our world-class supply chain with its size and scale.

我們的與眾不同之處在於我們在行業中擁有領先解決方案的廣泛產品組合、我們的直接模式（包括服務和融資）以及我們世界一流的供應鏈規模和規模。

Whether the market expands or declines, we expect to outperform the industry.

無論市場是擴大還是下降，我們都希望跑贏行業。

So to recap, we believe strongly that our long-term growth drivers are intact.

因此，回顧一下，我們堅信我們的長期增長動力完好無損。

We are innovating across the portfolio to create the infrastructure for the digital future.

我們正在整個產品組合中進行創新，以創建面向數字未來的基礎設施。

We are investing and innovating to win the consolidation.

我們正在投資和創新以贏得整合。

And we are mindful of the near-term environment, and we are confident we can outperform.

我們關注近期環境，我們有信心我們可以跑贏大市。

Ultimately, it's all about the customer, and no one is better positioned than Dell Technologies to be our customer's best, most trusted partner on their digital transformation journey.

歸根結底，一切都以客戶為中心，沒有人比 Dell Technologies 更能成為我們客戶數字化轉型之旅中最好、最值得信賴的合作夥伴。

With that, I'll turn it over to Tom to talk about our Q2 results.

有了這個，我會把它交給湯姆來談談我們第二季度的結果。

Thanks, Jeff.

謝謝，傑夫。

Our model is focused on long-term profitable growth with the ability to adjust as needed based on market conditions.

我們的模型側重於長期盈利增長，並能夠根據市場情況根據需要進行調整。

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

我們專注於比行業競爭對手更快地增長，營業收入和每股收益的增長速度快於收入，並隨著時間的推移產生強勁的現金流。

We executed well against these priorities again in Q2 as we balanced revenue and profitability with market conditions.

由於我們在收入和盈利能力與市場條件之間取得了平衡，我們在第二季度再次很好地執行了這些優先事項。

While we saw a softer enterprise IT market this quarter, we continued to benefit from having the industry's broadest portfolio of solutions.

雖然本季度我們看到企業 IT 市場疲軟，但我們繼續受益於擁有業界最廣泛的解決方案組合。

Revenue was $23.5 billion, up 1% with core orders revenue up 4% excluding China.

收入為 235 億美元，增長 1%，核心訂單收入增長 4%（不包括中國）。

And our deferred revenue balance increased to $25.3 billion, up 17%.

我們的遞延收入餘額增加到 253 億美元，增長了 17%。

FX remained a headwind this quarter, impacting year-over-year growth rates by approximately 150 basis points.

本季度外匯仍然是一個不利因素，影響了同比增長率約 150 個基點。

Gross margin was up 13% to $8 billion and was 34% of revenue, up 340 basis points driven by lower component cost and pricing discipline.

毛利率增長 13% 至 80 億美元，佔收入的 34%，在較低的組件成本和定價紀律的推動下增長 340 個基點。

Operating expenses were $5.2 billion, up 6% due in part to investments we have made in sales coverage to expand our buyer base.

營業費用為 52 億美元，增長 6%，部分原因是我們在銷售範圍方面進行了投資，以擴大我們的買家群。

In the quarter, new enterprise and commercial customer acquisitions were up over 10% from the prior year.

本季度，新企業和商業客戶的收購比去年同期增長了 10% 以上。

And over the last 6 quarters, approximately 80% of our top 30,000 customers have purchased 4 or more lines of business from us.

在過去的 6 個季度中，我們前 30,000 名客戶中約有 80% 從我們這裡購買了 4 條或更多條業務線。

We are pleased with our operating income, which was up 30% to $2.7 billion or 11.7% of revenue.

我們對我們的營業收入感到滿意，營業收入增長了 30%，達到 27 億美元，佔收入的 11.7%。

Our EPS was $2.15, benefiting from strong operating profitability and a lower tax rate in the quarter due to revenue mix.

我們的每股收益為 2.15 美元，受益於強勁的運營盈利能力和由於收入組合而導致的本季度較低的稅率。

Adjusted EBITDA was $3.2 billion or 13.5% of revenue and $11.2 billion on a trailing 12-month basis.

調整後的 EBITDA 為 32 億美元，佔收入的 13.5%，過去 12 個月為 112 億美元。

We had a record cash flow quarter generating $3.4 billion of adjusted free cash flow driven by strong profitability and working capital discipline.

在強大的盈利能力和營運資本紀律的推動下，我們的現金流量季度創下新高，產生了 34 億美元的調整後自由現金流量。

Some of our working capital benefit came from reduced inventory as we are working through the supply chain dynamics that impacted cash flow last year.

我們的部分營運資金收益來自庫存減少，因為我們正在處理去年影響現金流的供應鏈動態。

We also saw deferred revenue increase 17% to $25.3 billion with recurring revenue now making up 20% to 25% of our revenue each quarter.

我們還看到遞延收入增長 17% 至 253 億美元，經常性收入現在占我們每個季度收入的 20% 至 25%。

Our services and software businesses continue to grow as we expand the portfolios, adding revenue and cash flow stability and predictability.

隨著我們擴大產品組合，增加收入和現金流的穩定性和可預測性，我們的服務和軟件業務繼續增長。

We repaid approximately $2 billion of gross debt in the quarter and $2.4 billion year-to-date, and we are well positioned to repay approximately $5 billion of gross debt in total in fiscal year '20.

我們在本季度償還了約 20 億美元的債務總額，今年迄今償還了 24 億美元的債務總額，我們有能力在 20 財年償還總額約 50 億美元的債務總額。

We have now paid down $17 billion of gross debt since the EMC merger.

自 EMC 合併以來，我們現在已經償還了 170 億美元的總債務。

Shifting to our business unit results.

轉向我們的業務部門結果。

ISG revenue was $8.6 billion, down 7%.

ISG 收入為 86 億美元，下降 7%。

Storage revenue was flat at $4.2 billion.

存儲收入持平，為 42 億美元。

As Jeff mentioned, orders were up 1% driven by strength in Isilon and our industry-leading HCI solutions.

正如 Jeff 所提到的，訂單增長了 1%，這得益於 Isilon 的實力和我們行業領先的 HCI 解決方案。

We are seeing strong receptivity for our new Unity XT solution in the midrange, and we continue to press on growth levers within the broadest and most diverse portfolio in the industry.

我們看到中端市場對我們新的 Unity XT 解決方案的強烈接受，我們將繼續推動行業中最廣泛和最多樣化的產品組合中的增長槓桿。

Servers and networking revenue was $4.4 billion, down 12%.

服務器和網絡收入為 44 億美元，下降 12%。

The global server market remains softer than anticipated coming into the year and has affected our server growth.

今年全球服務器市場仍然比預期疲軟，影響了我們的服務器增長。

The impact to our business was most pronounced in China again this quarter, where we were more selective on larger deals and focused on building sustainable, long-term customer relationships.

本季度對我們業務的影響在中國再次最為明顯，我們在中國對大型交易更有選擇性，並專注於建立可持續的長期客戶關係。

ISG operating income was $1.1 billion or 12.2% of revenue.

ISG 營業收入為 11 億美元，佔收入的 12.2%。

Operating income percentage was up 120 basis points largely due to our business and geography mix as well as pricing discipline.

營業收入百分比增長了 120 個基點，這主要是由於我們的業務和地域組合以及定價紀律。

Our VMware business unit had another good quarter with revenue of $2.5 billion, up 12%.

我們的 VMware 業務部門又迎來了一個不錯的季度，收入達到 25 億美元，增長了 12%。

Operating income was $762 million or 30.9% of revenue.

營業收入為 7.62 億美元，佔收入的 30.9%。

Based on VMware's stand-alone results reported last week, VMware's growth in total revenue plus the sequential change in total unearned revenue was 17%.

根據 VMware 上周公布的獨立業績，VMware 的總收入增長加上未實現收入總額的環比變化為 17%。

Core software-defined data center license bookings grew in the high single digits.

核心軟件定義數據中心許可證預訂量以高個位數增長。

NSX license bookings were up over 30% and vSAN license bookings grew over 45%.

NSX 許可證預訂量增長超過 30%，vSAN 許可證預訂量增長超過 45%。

CSG delivered record revenue and units with strong profitability in Q2.

CSG 在第二季度實現了創紀錄的收入和單位盈利能力。

Revenue was $11.7 billion, up 6%.

收入為 117 億美元，增長 6%。

Within CSG, commercial revenue was $9.1 billion, up 12%, driven by double-digit growth in commercial notebooks, desktops and workstations.

在 CSG 內部，商業收入為 91 億美元，增長 12%，這主要得益於商用筆記本電腦、台式機和工作站的兩位數增長。

Consumer revenue was $2.7 billion, down 12% as we continued to prioritize commercial mix and the higher end of consumer PCs.

消費者收入為 27 億美元，下降 12%，因為我們繼續優先考慮商業組合和更高端的消費 PC。

We saw strong profitability in CSG this quarter due to component cost declines, commercial consumer mix and pricing discipline.

由於組件成本下降、商業消費者組合和定價紀律，我們在本季度看到了 CSG 的強勁盈利能力。

CSG operating income was $982 million or 8.4% of revenue.

CSG 營業收入為 9.82 億美元，佔收入的 8.4%。

Going forward, you will continue to see us balance revenue and profitability against market dynamics.

展望未來，您將繼續看到我們根據市場動態平衡收入和盈利能力。

Dell Financial Services originations were $2 billion, up 3%.

戴爾金融服務的發起金額為 20 億美元，增長 3%。

We did record a noncash charge of $619 million or $524 million, net of tax benefits, after a strategic review of our Virtustream business.

在對我們的 Virtustream 業務進行戰略審查後，我們確實記錄了 6.19 億美元或 5.24 億美元的非現金費用，扣除稅收優惠。

We remain committed to serving our customers as we reposition the business.

在我們重新定位業務時，我們仍然致力於為客戶服務。

Turning to our balance sheet and capital structure.

轉向我們的資產負債表和資本結構。

We grew cash and investments in the quarter to approximately $10 billion even after the Q2 debt paydown of $2 billion.

即使在第二季度償還了 20 億美元的債務之後，我們在本季度的現金和投資仍增加到約 100 億美元。

Our core debt balance ended the quarter at $36.4 billion, down over $12 billion since the EMC acquisition.

我們的核心債務餘額在本季度末為 364 億美元，自收購 EMC 以來減少了超過 120 億美元。

And net core debt ended Q2 at $30.5 billion.

第二季度淨核心債務為 305 億美元。

Please see Slide 14 in our web deck for more details.

有關更多詳細信息，請參閱我們網絡平台中的幻燈片 14。

We are focused on maximizing free cash flow, and our capital allocation strategy remains unchanged.

我們專注於最大化自由現金流，我們的資本配置策略保持不變。

We are committed to reducing leverage and achieving investment-grade ratings.

我們致力於降低杠桿率並實現投資級評級。

Given our recent debt paydown and refinancing activity, we have only $2.3 billion due in the next 18 months, excluding VMware and we will continue to look for additional opportunities to smooth our debt maturity profile and optimize our capital structure.

鑑於我們最近的債務償還和再融資活動，我們在未來 18 個月內只有 23 億美元到期，不包括 VMware，我們將繼續尋找更多機會來平滑我們的債務到期狀況並優化我們的資本結構。

We will maintain pricing discipline as we move into the back half of the year while adjusting as appropriate given market and competitive dynamics.

我們將在進入下半年時保持定價紀律，同時根據市場和競爭動態進行適當調整。

We are still monitoring the macroeconomic and IT spending environments as well as ongoing trade discussions between the U.S. and China.

我們仍在關注宏觀經濟和 IT 支出環境以及中美之間正在進行的貿易討論。

Moving to guidance.

轉向指導。

Based on Q2 results and our current expectations for the balance of the year and excluding the impact of VMware's Pivotal and Carbon Black acquisitions, we now expect fiscal year '20 GAAP revenue of $92.7 billion to $94.2 billion, operating income of $2.9 billion to $3.3 billion and EPS of $5.45 to $5.90.

根據第二季度業績和我們目前對今年餘下時間的預期，並排除 VMware 收購 Pivotal 和 Carbon Black 的影響，我們現在預計 20 財年 GAAP 收入為 927 億美元至 942 億美元，營業收入為 29 億美元至 33 億美元每股收益為 5.45 美元至 5.90 美元。

We are narrowing our non-GAAP revenue range for the current fiscal year to $93 billion to $94.5 billion.

我們正在將本財年的非 GAAP 收入範圍縮小至 930 億美元至 945 億美元。

Due to our strong profitability in the first half of the year, we are increasing our non-GAAP operating income guidance range to $9.8 billion to $10.2 billion and increasing our non-GAAP EPS guidance range to $6.95 to $7.40.

由於我們上半年的強勁盈利能力，我們將非 GAAP 營業收入指導範圍上調至 98 億美元至 102 億美元，並將我們的非 GAAP 每股收益指導範圍上調至 6.95 美元至 7.40 美元。

We expect our non-GAAP tax rate to be 16% plus or minus 100 basis points.

我們預計我們的非 GAAP 稅率為 16% 上下 100 個基點。

In closing, we are well positioned.

最後，我們處於有利地位。

We are innovating to drive growth and future value, and we are driving the [core] for share again and cash flow.

我們正在創新以推動增長和未來價值，我們正在推動[核心]再次獲得份額和現金流。

We have one of the industry's strongest and most comprehensive portfolios, its largest direct sales force and a world-class supply chain with size and scale and we are focused on enabling our customers' digital future.

我們擁有業內最強大、最全面的產品組合之一、最大的直銷隊伍和世界級規模的供應鏈，我們專注於實現客戶的數字化未來。

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

有了這個，我會把它轉回給羅布開始問答。

Thanks, Tom.

謝謝，湯姆。

Let's get to Q&A.

讓我們開始問答吧。

(Operator Instructions) Erica, could you please introduce the first participant?

（操作員說明）埃里卡，你能介紹一下第一個參與者嗎？

We'll take our first question from Katy Huberty with JPMorgan (sic) [Morgan Stanley].

我們將從 Katy Huberty 和 JPMorgan (sic) [Morgan Stanley] 提出我們的第一個問題。

You mentioned a bias towards growth in the second half of the year.

你提到下半年偏向於增長。

Does that imply that you expect to pass through more of the lower memory prices into the next couple of quarters?

這是否意味著您希望將更多較低的內存價格傳遞到接下來的幾個季度？

And if so, which segments of your business would you expect to see the most price elasticity?

如果是這樣，您希望您業務的哪些部分的價格彈性最大？

Katy, it's Tom.

凱蒂，是湯姆。

So look, I mean what we were trying to signal there is that as we think about the business and the business velocity, which we like the ramp in business velocity during the quarter, we are starting to -- as we think about cost trends and the deflationary cycle that we're seeing, which we -- is slowing, we do expect that we'll pass -- particularly in some of the server space, probably have to pass more of those cost declines through.

所以看，我的意思是我們試圖發出的信號是，當我們考慮業務和業務速度時，我們喜歡本季度業務速度的上升，我們開始 - 當我們考慮成本趨勢和我們看到的通貨緊縮週期正在放緩，我們確實希望我們會通過 - 特別是在某些服務器領域，可能必須通過更多的成本下降。

And in fact, we are seeing a little bit more aggressiveness in some of those large enterprise and large deals that we -- that we mentioned in the first quarter.

事實上，我們在第一季度提到的一些大型企業和大型交易中看到了更多的進取心。

So the bias towards growth was really directed at trying to make sure -- we're a company that drives on scale.

因此，對增長的偏見實際上是為了確保——我們是一家規模化的公司。

We're going to be balanced in the back half of the year.

我們將在下半年實現平衡。

But I do think that from the dynamics that we're seeing right now that I would expect that we're going to see a bit more pricing aggressiveness in the back half.

但我確實認為，從我們現在看到的動態來看，我預計我們會在後半部分看到更多的定價激進性。

And I would probably point towards servers.

我可能會指向服務器。

I think we feel good about where the client business is and the storage business is from a pricing perspective, but I think servers may have some pressure points.

我認為從定價的角度來看，我們對客戶端業務和存儲業務的位置感到滿意，但我認為服務器可能會有一些壓力點。

I would add to that.

我會補充一點。

We've certainly spent much of the first half of the year in servers keeping our product line and our traditional price position.

我們肯定在今年上半年的大部分時間裡都在服務器上花費了很多時間來保持我們的產品線和我們的傳統價格定位。

And we're going to continue to price the product lines going forward to do that.

我們將繼續為未來的產品線定價。

And as Tom said, that's going to be our bias towards growth.

正如湯姆所說，這將是我們對增長的偏見。

And I think the other thing that we're signaling and we mentioned a couple of times is the fuel of that will be commodity deflation substantially slows in the second half, so we have to watch that.

我認為我們發出的另一件事是，我們已經多次提到，下半年大宗商品通貨緊縮將大幅放緩，因此我們必須關注這一點。

But we're going to have a slight bias towards growth, keeping our eye on profitability in both of the businesses.

但我們將略微偏向於增長，同時關注這兩項業務的盈利能力。

Our next question is from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的 Rod Hall。

I wanted to ask about the trajectory of demand and where you guys have seen weakness, where you've seen strength.

我想問一下需求的軌跡以及你們在哪裡看到了弱點，在哪裡看到了力量。

When we look at other companies that have reported enterprise, we've seen a pattern of weakness in large enterprises that seems to develop in, let's say, the June time frame.

當我們查看其他報告企業的公司時，我們看到了大型企業的疲軟模式，這種模式似乎是在 6 月的時間框架內發展起來的。

And so I'm wondering whether that has been the same for you and whether you've seen that continue to weaken or you think it's stabilized.

所以我想知道這對你來說是否一樣，你是否看到它繼續減弱或者你認為它已經穩定。

And then I'd also love to get a comment on small and medium businesses.

然後我也很想就中小企業發表評論。

Those seem to be -- have been more stable, and I'm wondering if you could just confirm that, that's also what you're seeing.

那些似乎 - 已經更加穩定，我想知道你是否可以確認，這也是你所看到的。

Sure, Rod, Jeff here.

當然，這裡是羅德，傑夫。

When I look at the server business, in particular, the softness that we have seen, and we actually talked about it last quarter as well, is in large bids and in China.

當我特別關注服務器業務時，我們所看到的疲軟，實際上我們在上個季度也談到過，是在大型投標和中國。

So those large enterprise bids that you mentioned, we continue to see softness there as well as in China.

所以你提到的那些大型企業投標，我們繼續看到那里和中國的疲軟。

In fact, if you were to look at our server business excluding China, we were actually -- had growth.

事實上，如果你看看我們不包括中國的服務器業務，我們實際上 - 有增長。

Our business was up 1% in orders.

我們的業務訂單量增長了 1%。

We continue to see that pressure in the second half of the year.

我們在今年下半年繼續看到這種壓力。

Tom alluded to just moments ago about the price aggressiveness that we think is turning up in the second half in those large orders, those large enterprise accounts.

湯姆剛才提到了我們認為下半年在那些大訂單、那些大企業客戶中出現的價格侵略性。

So I think that's consistent with what you've seen.

所以我認為這與你所看到的一致。

And then on [MB and SB], we continue to see that business perform.

然後在 [MB 和 SB] 上，我們繼續看到該業務的表現。

We don't break out the segment performance of the businesses, but it's been an area of growth for us and we'll continue, I think, to see that going forward.

我們沒有打破業務的細分市場表現，但它一直是我們增長的領域，我認為我們將繼續看到它的發展。

Our next question is from Toni Sacconaghi with AllianceBernstein.

我們的下一個問題來自 AllianceBernstein 的 Toni Sacconaghi。

I'm wondering, given your significant overage and operating profit year-to-date, why you wouldn't look to pay down more debt this year.

我想知道，鑑於您今年迄今的大量超支和營業利潤，您為什麼不打算在今年償還更多債務。

I think your target was $4.8 billion.

我認為你的目標是 48 億美元。

You mentioned close to $5 billion, which sounds pretty similar.

你提到了將近 50 億美元，這聽起來很相似。

But perhaps you can give us an updated view on what you think operating income will be for the year and why you wouldn't want to more aggressively pay down debt.

但也許您可以向我們提供您認為今年的營業收入以及您不想更積極地償還債務的原因的最新觀點。

Toni, it's Tom.

托尼，是湯姆。

Let me start and then I'll let Tyler talk a little bit about our debt plans.

讓我開始，然後讓泰勒談談我們的債務計劃。

And look, I mean the guidance we gave clearly upped the range around operating income given the overperformance in the first half.

看，我的意思是，鑑於上半年的超額表現，我們給出的指導明顯提高了營業收入的範圍。

We are -- we did end the quarter at $10 billion of cash, of which $6 billion of that you should think about as core.

我們 - 我們確實以 100 億美元的現金結束了本季度，其中 60 億美元應該被視為核心。

So look, I mean I think we're going to have some flexibility of all things go like we think it does to take a look at that as we go through the year.

所以看，我的意思是我認為我們將對所有事情都有一定的靈活性，就像我們認為的那樣，在我們度過這一年的時候看看它。

Right now as we look at the maturity stacks that we're planning on addressing, I think we feel good about the $5 billion.

現在，當我們審視我們計劃解決的成熟度問題時，我認為我們對 50 億美元感到滿意。

We'll have to see what -- where we -- how the rest of the year unfolds and whether we would submit to doing even more than that.

我們必須看看今年剩下的時間會發生什麼——我們在哪裡——如何展開，以及我們是否願意做更多的事情。

Tyler, I don't know if you would add anything.

泰勒，我不知道你是否會添加任何內容。

No, I think you said it.

不，我想你說過。

I mean the debt pay-down remains a priority, so we'll continue to focus on that.

我的意思是，償還債務仍然是當務之急，因此我們將繼續關注這一點。

We'll see how cash continues to come in for the remainder of the year but feel very confident about the $5 billion we talked about, so making really good progress.

我們將看到現金在今年剩餘時間內如何繼續流入，但對我們談到的 50 億美元充滿信心，因此取得了非常好的進展。

I mean if you look at our leverage ratios, we improved about 0.5 turn going from the end of last year to where we are now, so making great progress.

我的意思是，如果你看一下我們的槓桿率，我們從去年年底到現在的水平提高了大約 0.5 個百分點，所以取得了很大的進步。

Okay.

好的。

And if I could just sneak in another one.

如果我能偷偷溜進另一個。

I missed a couple of minutes because I got disconnected on the call, so I apologize if you addressed this during that period.

我錯過了幾分鐘，因為我在通話中斷開了連接，所以如果你在那段時間解決了這個問題，我深表歉意。

But you seem to suggest that you see more incremental price aggression in servers but are pretty confident on the PC side.

但是您似乎暗示您在服務器端看到了更多的增量價格侵略，但對 PC 端非常有信心。

Are you suggesting that sort of the more normalized PC operating margin, which is more than 300 basis points above, currently above your prior indicated range that we should be thinking, a, about sustainability in the mid- to high single digit or high single digits for PC operating margins at least for a few more quarters?

你是在建議那種更正常化的 PC 營業利潤率，比目前高出 300 多個基點，目前高於我們應該考慮的先前指示的範圍，a，關於中高個位數或高個位數的可持續性PC 營業利潤率至少還能維持幾個季度？

Or how much do you think the falling component prices has boosted PC op margins above a normalized rate?

或者您認為組件價格下跌在多大程度上將 PC 運營利潤率提高到正常水平以上？

Toni, it's Tom.

托尼，是湯姆。

So let me start and maybe Jeff can chime in here as well.

那麼讓我開始吧，也許傑夫也可以在這裡插話。

As we think about our guidance -- as we think of the guidances we gave, which was $9.8 billion to $10.2 billion, which was a raise of roughly about $700 million midpoint to midpoint, as we think about the back half of the year, it's clear as we look -- we see that the PC op margins benefited from a couple of things, 1 being the significant cost decline, of which we have probably priced through about 60% of that cost, and we've also let some of that cost fall through the bottom.

當我們考慮我們的指導時——當我們考慮我們給出的指導時，即 98 億美元至 102 億美元，這是大約 7 億美元的中點到中點的增加，當我們考慮今年下半年時，它是我們看起來很清楚 - 我們看到 PC 運營利潤率受益於幾件事，1 是顯著的成本下降，我們可能已經通過大約 60% 的成本定價，我們也讓其中的一些成本跌破谷底。

The other piece of the dynamic there has been the commercial client mix, and we're up about 4% year-on-year from 69% to 73% of mix.

另一個動態是商業客戶組合，我們從 69% 到 73% 的組合同比增長了約 4%。

And so that's been beneficial as we navigated through the first half.

因此，在我們度過上半年時，這對我們很有幫助。

I think as we step through the back half, I think we're going to see PC margins gradually normalize back towards the historic norms.

我認為當我們進入後半部分時，我認為我們將看到 PC 利潤率逐漸正常化，回到歷史標準。

We'll have to see how that unfolds.

我們將不得不看看它是如何展開的。

But the rate of cost decline is significantly less than it is in the second half than it was in the first half and as you think about pricing normalizing and the prices in the market beginning to capture a lot of that cost decline already.

但成本下降的速度明顯低於下半年的水平，而在你考慮定價正常化時，市場價格已經開始吸收大量成本下降。

So we are thinking that PC margins gradually come back to more historical norms, not in any sort of dramatic clip-like fashion but I just think we're going to see those things gradually migrating back.

所以我們認為 PC 利潤率會逐漸恢復到更多的歷史規範，而不是以任何一種戲劇性的剪輯方式，但我只是認為我們會看到這些東西逐漸回歸。

Jeff, I don't know what you would add.

傑夫，我不知道你會添加什麼。

A couple of things.

幾件事。

Part of our improvement or performance in the first half, you talked about 2 of them being the commercial mix and pricing through about 60% of the cost decline.

我們上半年的部分改進或業績，你談到其中 2 個是商業組合和定價，成本下降了約 60%。

Our direct commercial PC business grew double digits, which drives higher attach rates of services, peripherals and financing that's helped, and we've seen an [SRU] improvement in there as well.

我們的直接商用 PC 業務增長了兩位數，這推動了更高的服務附加率、外圍設備和融資，這也有所幫助，我們也看到了 [SRU] 的改善。

And that's led to the performance that you just spoke about, Toni.

這導致了你剛才談到的表現，托尼。

Conversely, when I look at the second half, the second half is tilting towards consumer, and consumer has a lower margin structure than our commercial business.

相反，當我看下半年時，下半年向消費者傾斜，消費者的利潤率結構低於我們的商業業務。

We certainly have the uncertainty with trade and the associated costs that go along with trade as we head into the second half.

隨著我們進入下半年，我們當然會面臨貿易的不確定性以及與貿易相關的成本。

And then I would point to some of the publicly available data, which I know you know very, very well.

然後我會指出一些公開可用的數據，我知道你非常非常了解這些數據。

But to make our point, DRAM, if I look at DRAM exchange, if I look about -- look at where we started the first of the year to where we are today, DRAM has fallen 60% -- nearly 60%.

但為了說明我們的觀點，DRAM，如果我看看 DRAM 交易，如果我看看 - 看看我們從今年第一年開始到今天的位置，DRAM 已經下跌了 60% - 將近 60%。

If I look at what they say the projection is for the remainder of the year, we see a 3% cost decline.

如果我看看他們所說的今年剩餘時間的預測，我們會看到成本下降 3%。

So the rate of deflation is changing, and we think the pricing environment will reflect that towards the end of the year.

因此通貨緊縮率正在發生變化，我們認為定價環境將在年底前反映出來。

Does that help?

這有幫助嗎？

Yes, it does.

是的，它確實。

Our next question is from Paul Coster with JPMorgan.

我們的下一個問題來自摩根大通的保羅科斯特。

I'll sneak in 2 quick ones if I may.

如果可以的話，我會偷偷加入 2 個快速的。

First up, to what extent do you think Windows 10 is kind of fueling the CSP growth this year?

首先，您認為 Windows 10 在多大程度上推動了今年 CSP 的增長？

And does that kind of set you up for tough comps next year?

這會讓你為明年的艱難比賽做好準備嗎？

And on the China front, the business that you're kind foregoing at the moment, is that business that you think you'll come back to at some future point?

在中國方面，您目前放棄的業務，是您認為您會在未來某個時候回歸的業務嗎？

Or are you kind of moving on from that very competitive segment of the market?

還是您正在從競爭激烈的市場領域繼續前進？

Paul, why don't you -- Jeff, why don't you take the Win 10 comment and I'll take China?

保羅，你為什麼不——傑夫，你為什麼不接受 Win 10 評論，我會接受中國？

Yes.

是的。

Paul, I mean industry data varies but we're roughly 60-ish percent plus through the Windows 10 migration.

保羅，我的意思是行業數據各不相同，但我們大約有 60% 以上是通過 Windows 10 遷移完成的。

That has clearly been a source of growth for the commercial PC business for the past 1.5 years or so.

在過去 1.5 年左右的時間裡，這顯然是商用 PC 業務的增長來源。

We see that continuing to be a source of growth for the remaining part of the year and probably into the very early part of next calendar year.

我們認為這將繼續成為今年剩餘時間的增長來源，並可能進入下一個日曆年的早期。

Tough compares, of course, if you look at what the commercial PC business has performed at for the past 6 quarters and what's in front of us, it will be tougher comparison next year.

當然，比較艱難，如果你看看過去 6 個季度商用 PC 業務的表現以及我們面前的情況，明年的比較將會更加艱難。

You see that in the industry forecast for PC growth next year, which is going to be down.

你可以在明年 PC 增長的行業預測中看到這一點，這將會下降。

The latest forecast, I believe, has PCs down 4% next year.

我相信，最新的預測是 PC 明年將下降 4%。

This year, it's roughly flat but heavily biased towards commercial, consumer being down.

今年，它大致持平，但嚴重偏向於商業，消費者處於低迷狀態。

And that will be a headwind as we go into the business next year.

當我們明年進入業務時，這將是一個逆風。

I would also tell you the things that we've done in the business to prepare us for that, I think, are pretty encouraging.

我還要告訴你我們在業務中為為此做好準備所做的事情，我認為非常令人鼓舞。

We're going to focus on the consolidation that's underway that -- as the PC industry continues to consolidate towards the top 3 manufacturers.

我們將專注於正在進行的整合——隨著 PC 行業繼續向前 3 大製造商整合。

We have made investments in coverage and capacity across all sorts of customers from the smallest businesses to the largest businesses in the world.

我們已經對從世界上最小的企業到最大的企業的各種客戶的覆蓋範圍和容量進行了投資。

We think that expansion of coverage and capacity helps us in the long term.

我們認為，從長遠來看，擴大覆蓋範圍和容量對我們有幫助。

And then we have new technologies that we think help us with our Unified Workspace driving a differentiated solution into the marketplace.

然後我們有了新技術，我們認為這些技術可以幫助我們的統一工作空間將差異化解決方案推向市場。

That will be a source of growth for the business.

這將成為業務增長的源泉。

And then clearly, our focus on our direct commercial business and then the high-end consumer and gaming business are where you'll see our focus as we head into next year.

然後很明顯，我們專注於我們的直接商業業務，然後是高端消費者和遊戲業務，這是我們進入明年時的重點。

And Paul, as it relates to China, the business that we've essentially chosen to not participate in, in this year has generally been in the hyperscale server space where the pricing dynamics have not made a lot of sense to us.

保羅，因為它與中國有關，我們基本上選擇不參與的業務，在今年一般都在超大規模服務器領域，那裡的定價動態對我們來說沒有多大意義。

And the other thing that we look at, when we look at and evaluate large bids or large opportunities is to what extent that, that -- is that business strategic to us and sticky, meaning is a long-term customer acquisition play where they're going to buy multiple LOBs and have the opportunity to sell the multiple different types of solutions and service capabilities?

我們看的另一件事是，當我們審視和評估大型投標或大型機會時，在多大程度上，那是對我們的業務戰略和粘性，意思是他們的長期客戶獲取遊戲您是否打算購買多個 LOB 並有機會出售多種不同類型的解決方案和服務功能？

What we have generally seen with that -- the hyperscale business in China is that it tends to be very transactional, where you're getting -- that business is rebid every quarter or every half year.

我們普遍看到的是——中國的超大規模業務往往是非常交易的，你得到的地方——該業務每季度或每半年重新投標一次。

And so -- and given that pattern and the -- and what we've seen, we've chosen not to participate in it.

因此 - 鑑於這種模式和 - 以及我們所看到的，我們選擇不參與其中。

And if that's the pattern that continues, you'll see us continue to not participate in it.

如果這種模式繼續下去，你會看到我們繼續不參與其中。

Instead, we're very focused on growing the customer base in China and about building lasting, sustainable customer relationships.

相反，我們非常專注於擴大中國的客戶群以及建立持久、可持續的客戶關係。

So we have shifted the focus of the China business to we'd much rather them -- they go out and build the server buyer base into the mid- and small enterprise and larger enterprise space absent the hyperscale and not participate in that hyperscale space just given the purchasing behavior and the buying behaviors that we're seeing.

因此，我們已經將中國業務的重點轉移到我們更願意他們身上——他們走出去，將服務器購買者基礎建立到沒有超大規模的中小型企業和大型企業空間，而不是參與超大規模空間考慮到我們所看到的購買行為和購買行為。

So I don't think that with what we know right now that, that piece of that market is -- while it will still probably be there, it's not of a lot of interest to us at this point in time.

因此，我不認為根據我們現在所知道的，那個市場的一部分 - 雖然它可能仍然存在，但目前我們對它並不感興趣。

But the same characteristics we see globally are occurring in China.

但我們在全球看到的相同特徵正在中國出現。

It's the second largest market in the world.

它是世界第二大市場。

We're entering a data economy.

我們正在進入數據經濟。

There's a big opportunity.

有一個很大的機會。

The role of hybrid cloud is important, data analytics.

混合雲的作用很重要，數據分析。

So the long-term attributes of the marketplace remain strong, and we're very optimistic about that over the long term.

因此，市場的長期屬性依然強勁，從長遠來看，我們對此非常樂觀。

Which is why we want the business building the customer base, right?

這就是為什麼我們希望企業建立客戶群，對嗎？

We want them out foundationally improving the scale.

我們希望他們從根本上提高規模。

Our next question is from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

I wanted to ask about the storage business.

我想問一下存儲業務。

As you look at storage demand being healthy, but the revenue was only about flat this past quarter.

正如您所看到的存儲需求健康，但上個季度的收入僅持平。

And we've seen bookings growth or orders growth kind of playing into effect here, up 4% for the first half.

我們已經看到預訂增長或訂單增長在這裡發揮了作用，上半年增長了 4%。

But how do I think about the progression of growth as you kind of think about the product cycle dynamics?

但是，當您考慮產品週期動態時，我如何考慮增長的進程？

What's your expectation for the back half of the year in terms of the storage growth specifically?

您對下半年存儲增長的具體預期是什麼？

Well, when I look at the storage performance through the quarter, I certainly point to areas that I think are positive.

好吧，當我查看整個季度的存儲性能時，我當然會指出我認為積極的領域。

We see our HCI business continuing to grow.

我們看到我們的 HCI 業務在持續增長。

I think we made reference earlier that our HCI business, specifically the VxRail component of that, grew 77%.

我想我們之前提到過我們的 HCI 業務，特別是其中的 VxRail 組件，增長了 77%。

Our converged infrastructure business grew this past quarter.

我們的融合基礎設施業務在上個季度實現了增長。

The broad category of unstructured data grew, and we saw actually good performance in our Unity and the new Unity XT mid-range product had year-over-year growth as well.

非結構化數據的廣泛類別在增長，我們在 Unity 中看到了良好的性能，新的 Unity XT 中端產品也實現了同比增長。

In addition to the PowerMax 2000 that we introduced early last fall for the high price bands and the midrange all grew.

除了我們去年秋初針對高價頻段推出的 PowerMax 2000 之外，中端產品均有所增長。

I think we've positioned the product line in a great way.

我認為我們已經很好地定位了產品線。

You'll see some more announcements through the remainder of the year that we'll continue to refresh it and keep it competitive.

在今年餘下的時間裡，您會看到更多公告，我們將繼續更新它並保持競爭力。

And we expect to outgrow the marketplace.

我們期望超越市場。

The marketplace is expected to grow with the last forecast, I think, just under 3%.

我認為，市場預計將根據上次預測增長，略低於 3%。

I would expect us to outperform the market.

我希望我們能跑贏市場。

The investments that we've made in capacity, in coverage, the tenure of that sales force continues to grow by the day literally.

我們在能力、覆蓋面、銷售人員的任期方面所做的投資從字面上看每天都在增長。

And we're pretty optimistic about our prospects to outperform the marketplace in the second half of the year.

我們對下半年跑贏市場的前景非常樂觀。

Aaron, the one thing I would add to that and Jeff obviously highlighted a lot of the -- how we're thinking about it is one of the things we've been very focused on with the investment we've made in the selling capacity has been around customer base expansion, which is why we highlighted the fact that in ISG with year-over-year 21,000 new buyers, they -- that are coming back into ISG business.

亞倫，我要補充的一件事，傑夫顯然強調了很多 - 我們如何思考它是我們一直非常關注的事情之一，我們在銷售能力方面進行了投資一直圍繞客戶群擴張，這就是為什麼我們強調在 ISG 中有 21,000 名新買家的事實，他們 - 正在回歸 ISG 業務。

Now whether they're buying 1 LOB or 2 LOBs, but the point of it is that we're expanding the customer base, which gives us a broader feel, a broader base to sell into.

現在無論他們是購買 1 個 LOB 還是 2 個 LOB，但重點是我們正在擴大客戶群，這給了我們更廣泛的感覺，更廣泛的銷售基礎。

And so we're encouraged by that and obviously got to go out and execute and do the -- and make sure that sales motion is right on the coverage model.

因此，我們對此感到鼓舞，並且顯然必須出去執行並執行 - 並確保銷售動議在覆蓋模型上是正確的。

But one of the investment paybacks we've been looking for from this go-to-market investment that we've made over the last 2 years has been around are we expanding the customer base.

但是，我們在過去兩年中進行的這項上市投資一直在尋找投資回報之一，那就是我們擴大了客戶群。

So encouraged by the trends we've seen but clearly, we'll address them appropriately.

受到我們所看到但很明顯的趨勢的鼓舞，我們將適當地解決這些問題。

Just to [clarify], when you say the marketplace, we're certainly in the early stages in an area that we've referenced [obviously].

只是為了[澄清]，當你說市場時，我們肯定處於我們[顯然]提到的領域的早期階段。

There's more data being created.

正在創建更多數據。

There will be more data created on the edge.

邊緣將創建更多數據。

We have a leadership position across HCI, CI and external storage.

我們在 HCI、CI 和外部存儲領域處於領先地位。

And we've improved investment over the past 2 years [for the past] coverage that we talked about.

我們在過去 2 年 [for the past] 的覆蓋範圍內改善了我們談到的投資。

[And we believe] we can outperform the market.

[而且我們相信]我們可以跑贏市場。

Our next question is from Shannon Cross with Cross Research.

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

Jeff, can you talk a bit about what you're seeing from customers with initial response to Dell Technologies Cloud?

Jeff，您能談談您從客戶那裡看到的對 Dell Technologies Cloud 的初步反應嗎？

And maybe in -- more in general, just commentary from clients about cloud adoption, both hybrid and public.

也許——更一般地說，只是客戶對雲採用的評論，包括混合雲和公共雲。

I'd be happy to.

我很樂意。

We had a good week this week.

這週我們度過了愉快的一周。

At VMworld, we talked about our Dell Technologies Cloud platform.

在 VMworld 上，我們談到了我們的 Dell Technologies 雲平台。

We actually made several announcements to extend that platform from what we announced at Dell Technologies World the last week of April.

實際上，我們發布了幾項公告來擴展我們在 4 月最後一周在 Dell Technologies World 上宣布的平台。

And the interest this week has been very high.

本週的興趣非常高。

Specifically, we extended the platform of validated designs to support our PowerMax storage arrays and our Unity and Unity XT storage arrays and our PowerEdge MX compute.

具體來說，我們擴展了經過驗證的設計平台，以支持我們的 PowerMax 存儲陣列和我們的 Unity 和 Unity XT 存儲陣列以及我們的 PowerEdge MX 計算。

We also, which the thing I'm most excited about and that patent team did a great job on stage earlier in the week, is we announced the initial availability of the first on-prem Data Center-as-a-Service, so in managed service for data center on-prem with first or the initial availability of that product, which is pretty exciting for us.

我們也是，我最興奮的事情，專利團隊在本週早些時候在舞台上做得很好，我們宣布了第一個本地數據中心即服務的初步可用性，所以在為本地數據中心提供託管服務，並首次或首次提供該產品，這對我們來說非常令人興奮。

And then on top of that, acknowledging or building upon what we announced back in that last week of April, we talked about new consumption models and we've added our Dell Technologies Cloud platform and our on-demand payment terms that we can pay in any form of consumption.

然後最重要的是，承認或基於我們在 4 月的最後一周宣布的內容，我們討論了新的消費模式，我們已經添加了 Dell Technologies 雲平台和我們可以支付的按需支付條款任何形式的消費。

So very similar to how a public cloud operates today.

與今天公共雲的運作方式非常相似。

We can actually bill the customer by usage, and that's been received quite well.

我們實際上可以按使用情況向客戶收費，並且收到了很好的效果。

So we're pretty excited about that capability.

所以我們對這種能力感到非常興奮。

As you think about we added VMware Pivotal Container Service support on top of that, and we have a very comprehensive multi-cloud, hybrid cloud in the marketplace, in fact, the only one that allows you to move data workloads across the edge to on-prem private data centers to the public cloud.

正如您所想的那樣，我們在此基礎上添加了 VMware Pivotal Container Service 支持，並且我們在市場上擁有非常全面的多雲、混合雲，事實上，這是唯一允許您將數據工作負載從邊緣移動到線上的雲-prem 私有數據中心到公共雲。

That's what our customers are asking for, the ability to do that in an automated way, to be able to manage it in a consistent way, and our Dell VMware cloud allows us to do that.

這就是我們的客戶所要求的，能夠以自動化的方式做到這一點，能夠以一致的方式對其進行管理，而我們的 Dell VMware 雲使我們能夠做到這一點。

So I'm pretty bullish on the opportunities going forward.

所以我非常看好未來的機會。

Does that make sense?

那有意義嗎？

Yes.

是的。

Our next question comes from Matt Cabral with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Matt Cabral。

On ISG margins, I'm wondering if you could bridge the strength you saw in the quarter between mix, the commodity tailwind and maybe other factors.

關於 ISG 利潤率，我想知道您是否可以彌合您在本季度看到的混合、商品順風和其他因素之間的優勢。

And in particular, just if you can touch a little bit on what margins for servers versus storage did for you on a year-over-year basis?

特別是，如果您能稍微了解一下服務器與存儲的同比利潤率對您有何影響？

Well, Matt, it's Tom.

嗯，馬特，是湯姆。

We don't typically parse.

我們通常不解析。

We give you a revenue and an op inc, but let me sort of try and give you some -- but because I'm feeling nice today, I'm going to give you some color around it, right?

我們給你收入和運營公司，但讓我試著給你一些——但因為我今天感覺很好，我會給你一些顏色，對吧？

So look, as we looked at -- you just -- we looked at our margins -- gross margin for -- or our operating margin performance, let me start there.

所以看，當我們看到 - 你只是 - 我們看到了我們的利潤率 - 毛利率 - 或我們的營業利潤率表現，讓我從那裡開始。

What I would tell you is that it was up 190 basis points.

我要告訴你的是，它上漲了 190 個基點。

I'm talking about Q-on-Q now, so from 10.3% to 12.2%.

我現在說的是 Q-on-Q，所以從 10.3% 到 12.2%。

I think that from a -- if you were to pick your way through that, most of that goodness was principally OpEx goodness.

我認為，如果你要選擇自己的方式，那麼大部分好處主要是 OpEx 好處。

And the actual gross margins for us was flat to slightly down.

我們的實際毛利率持平或略有下降。

And we -- and if you parse that margin, what you would see is storage margins were stable and we saw some server -- we had server margins declining slightly.

我們——如果你分析這個利潤率，你會看到存儲利潤率穩定，我們看到一些服務器——我們的服務器利潤率略有下降。

And if you think about what's driving the server margin decline, it's really the things that we just previously talked about, which we saw some pricing aggressiveness in large enterprise deals and we saw some mix dynamics within China, which drove some margin pressure downwards.

如果你想想是什麼推動了服務器利潤率的下降，那真的是我們之前談到的事情，我們看到大型企業交易中出現了一些定價激進的情況，我們看到了中國國內的一些混合動態，這導致了一些利潤率壓力下降。

So that's sort of the environment we saw, and that's also why we're essentially sort of flashing the headlights on the fact that we do think that we'll see a bit more server pricing aggressiveness and -- as we go through the back half.

所以這就是我們所看到的環境，這也是為什麼我們本質上是在強調我們確實認為我們會看到更多的服務器定價侵略性這一事實 - 當我們經歷後半部分時.

So that's how -- that's sort of our current thinking.

這就是我們目前的想法。

I don't know, Jeff, if you would add anything, but we just thought about it right now.

傑夫，我不知道你是否願意添加任何內容，但我們現在只是在考慮。

Spot on.

發現。

Our next question is from Amit Daryanani with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Amit Daryanani。

I guess maybe I'm going to just have a broader question.

我想也許我會問一個更廣泛的問題。

But when I think about getting into this one, this kind of expectation was Dell and you guys would essentially miss revenues, miss EPS given what every of all your peers have talked about in terms of negative commentary.

但是當我考慮進入這個領域時，這種期望是戴爾，你們基本上會錯過收入，錯過每股收益，因為你們所有的同行都在負面評論方面談論過。

Your numbers are really much more better than that fear was.

你的數字真的比那種恐懼要好得多。

So I'm curious, what do you think is driving the delta, the better performance at Dell versus what your peers have been talking about?

所以我很好奇，您認為是什麼推動了三角洲的發展，即戴爾的業績與您的同行所談論的相比更好？

And importantly, do you think this performance is sustainable as you go forward?

重要的是，你認為這種表現在你前進的過程中是可持續的嗎？

Amit, it's Tom.

阿米特，是湯姆。

Look, I won't comment on our peers.

看，我不會評論我們的同行。

I mean what I would tell you is that if you think about the broad set of capabilities and solutions and the comprehensive portfolio we have, we think we have more growth levers and more levers that we can address and build upon with our customers, right?

我的意思是我要告訴你的是，如果你考慮我們擁有的廣泛的能力和解決方案以及全面的產品組合，我們認為我們有更多的增長槓桿和更多的槓桿可以解決並與客戶建立聯繫，對嗎？

And so we have the most comprehensive portfolio in the IT infrastructure industry from our perspective.

因此，從我們的角度來看，我們擁有 IT 基礎設施行業最全面的產品組合。

You think about the work that we've done on go to market over the last 2 years, we've been building the customer base, which we've highlighted this quarter, whether it's around the 21,000 new buyers in ISG year-over-year or whether it's around the 11% growth -- or the 10% growth in customers, new acquisition customers.

您想想過去兩年我們在上市方面所做的工作，我們一直在建立客戶群，我們在本季度強調了這一點，無論是 ISG 的 21,000 名新買家 -年還是在 11% 左右的增長——或者 10% 的客戶增長，新收購客戶。

And so we've been very focused on building our customer base as well.

因此，我們也一直非常專注於建立我們的客戶群。

Now look -- and we've obviously -- if you think about the financial performance, we clearly have been aided by -- we've had some deflationary cost environment in the first half of the year.

現在看 - 我們顯然 - 如果你考慮財務表現，我們顯然得到了幫助 - 我們在今年上半年遇到了一些通貨緊縮的成本環境。

We are obviously signaling through my guidance that, that -- and we have said that, that cost decline or that cost deflation substantially slows in the second half of the year.

我們顯然通過我的指導發出信號——我們已經說過，成本下降或成本通縮在今年下半年大幅放緩。

But our job and our model that we built is to grow at a premium to the market, take share, take relative share and generate cash flow.

但我們的工作和我們建立的模型是以高於市場的價格增長，佔據份額，佔據相對份額並產生現金流。

And so that's the model we've built, and we think that's the model that sustains in all these different types of economic environments.

這就是我們建立的模型，我們認為這是在所有這些不同類型的經濟環境中都能維持的模型。

And look, I mean we're doing our best to execute the model.

看，我的意思是我們正在盡最大努力執行該模型。

And I think we've had a pretty good execution quarter from my perspective.

從我的角度來看，我認為我們有一個非常好的執行季度。

But again, I think it gets back to the broadness of the portfolio.

但我認為這又回到了投資組合的廣泛性。

If you look at the results, obviously, we're aided by a strong CSG business this quarter.

如果你看一下結果，很明顯，本季度我們得到了強勁的 CSG 業務的幫助。

If we were a solely infrastructure data center business, it would have been a bit -- it would have been quite a little bit of a different story.

如果我們是一家純粹的基礎設施數據中心業務，那將會有點 - 這將是一個完全不同的故事。

But our broad portfolio allows us to play the growth levers that are available in the marketplace.

但我們廣泛的產品組合使我們能夠發揮市場上可用的增長槓桿。

And I think the team did a pretty good job on that.

我認為團隊在這方面做得很好。

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

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Can you comment on the ability to absorb the higher tariffs coming here shortly and List 4 particularly around notebook and displays?

您能否評論一下吸收即將到來的更高關稅的能力以及清單 4，特別是圍繞筆記本電腦和顯示器的關稅？

And your message is very clear around server pricing.

而且您關於服務器定價的信息非常明確。

But how should we think about pricing as the lever for share gains in storage and if you intend to use pricing as a lever there?

但是，我們應該如何將定價視為存儲市場份額增長的槓桿，以及您是否打算將定價用作其中的槓桿？

Can you be a little more specific around ACI and all-flash?

您能否更具體地介紹 ACI 和全閃存？

Sure.

當然。

Why I don't take the tariff question?

為什麼我不接受關稅問題？

Wamsi, this is Jeff.

Wamsi，這是傑夫。

Clearly, we have spent a lot of time planning and working through the very dynamic situation that we're living in today with tariffs.

顯然，我們已經花了很多時間來規劃和應對我們今天生活在關稅中的非常動態的情況。

Our global supply chain with 25 manufacturing sites around the globe allows us to have the agility and flexibility we need to honestly move fast and to minimize the impact.

我們的全球供應鏈在全球擁有 25 個製造基地，使我們能夠擁有快速行動所需的敏捷性和靈活性，並將影響降至最低。

We're focused on continuity of supply and continuity of supply and delivery to our customers and managing that.

我們專注於供應的連續性以及供應和交付給我們客戶的連續性並對其進行管理。

But quite honestly, we're working through the challenges of List 4, which is what you're specifically talking about.

但老實說，我們正在努力應對列表 4 的挑戰，這正是您特別提到的內容。

We've mentioned List 1 through 3 in the previous calls.

我們在之前的電話會議中提到了列表 1 到 3。

We successfully mitigated that cost impact to the vast majority of our products.

我們成功地減輕了對我們絕大多數產品的成本影響。

There has been cases where we have not and we raised price.

在某些情況下我們沒有提高價格。

And we will continue to work to mitigate the impact to our customers with List 4 starting with All in One from September 1, call it December 15 with flat panel monitors and notebooks.

我們將繼續努力減輕對我們客戶的影響，清單 4 從 9 月 1 日開始使用一體機，稱其為 12 月 15 日，使用平板顯示器和筆記本電腦。

In some cases, our costs are going to go up and we will have to move price.

在某些情況下，我們的成本會上升，我們將不得不調整價格。

It's one of the comments I made earlier when you think about the second half and what's different on our client business.

這是我早些時候在考慮下半年以及我們的客戶業務有何不同時發表的評論之一。

We have the uncertainty of tariffs and the uncertainty of the associated costs that go along with it.

我們有關稅的不確定性以及隨之而來的相關成本的不確定性。

We cannot absorb all of that cost, and we will pass that along to our customers in the form of price in various ways.

我們無法吸收所有這些成本，我們將以各種方式以價格的形式將其轉嫁給我們的客戶。

How we do that, we're still working our way through.

我們如何做到這一點，我們仍在努力。

We spend a lot of time making sure that we have our manufacturing capabilities in place, that the manufacturing sites are prepared, the manufacturing processes are prepared for the changes, sourcing operations for our notebook, All in Ones and flat panel monitors.

我們花了很多時間來確保我們的製造能力到位，製造場地準備就緒，製造流程為變化做好準備，為我們的筆記本電腦、一體機和平板顯示器採購業務。

So that's where we are.

這就是我們的處境。

I think that's the best answer I can give today.

我認為這是我今天能給出的最佳答案。

More to come.

還有更多。

It is pretty dynamic.

這是非常動態的。

It has changed a couple of times.

它已經改變了幾次。

And will probably continue to change, but yes.

並且可能會繼續改變，但是是的。

Wamsi, your other comment around pricing, obviously, we did signal or are signaling that we are seeing a bit more pricing aggressiveness in the server space.

Wamsi，你關於定價的其他評論，顯然，我們確實發出信號或正在發出信號表明我們在服務器領域看到了更多的定價激進性。

As it relates to our intention or our strategy around pricing on storage and some of our other product lines, I mean, we're not -- we don't -- we're not driving any sort of significant change in our pricing strategy in our other LOBs.

由於它與我們圍繞存儲和其他一些產品線定價的意圖或策略有關，我的意思是，我們不會 - 我們不會 - 我們不會推動我們的定價策略發生任何重大變化在我們的其他 LOB 中。

So we'll obviously react to ensure that we're price competitive and relative to the environment in the market.

因此，我們顯然會做出反應，以確保我們的價格具有競爭力並與市場環境相關。

But at this point, there's no intention to use price as a lever on -- in some of these other areas.

但在這一點上，我們無意在其他一些領域使用價格作為槓桿。

Our next question is from Simon Leopold with Raymond James.

我們的下一個問題來自 Simon Leopold 和 Raymond James。

I was wondering if maybe you could talk a little bit more about trending from a geography and market vertical beyond what -- you've mentioned China a number of times, but I guess I'd like to hear a little bit more detail maybe versus Europe.

我想知道你是否可以從地理和市場垂直方向多談談趨勢——你已經多次提到中國，但我想我想听聽更多的細節，也許與歐洲。

And then you also talked about sort of the large enterprise weakness.

然後你還談到了大型企業的弱點。

Could you maybe touch on some other verticals such as government-led type markets and maybe some of the dynamics?

您能否談談其他一些垂直領域，例如政府主導型市場和一些動態？

Because it sounds to me that maybe Europe is a little bit better, government is a little bit better.

因為在我看來，也許歐洲好一點，政府好一點。

Like some color beyond what we've talked about already.

就像我們已經討論過的一些顏色。

Simon, it's Tom.

西蒙，是湯姆。

Let me start and maybe Jeff can jump in.

讓我開始，也許 Jeff 可以加入。

And I'm going to try and keep this at a reasonably high level.

我將嘗試將其保持在一個合理的高水平。

But as we think about just geo-based right now, we would tell you that, in general, we've seen North America demand has generally been quite -- has been healthy.

但正如我們現在考慮的只是基於地理的，我們會告訴你，總的來說，我們已經看到北美的需求總體上是相當健康的。

And we're pleased with that.

我們對此感到滿意。

We're pleased with our Latin America demand.

我們對拉丁美洲的需求感到滿意。

I think we have seen some softening in Europe and whether that's Brexit-related or just short of general economic dynamics, hard to parse that.

我認為我們已經看到歐洲出現了一些疲軟，無論是與英國退歐有關還是與一般經濟動態有關，都很難分析。

But I think we've seen some softening there.

但我認為我們已經看到了一些軟化。

I mean you go to Asia, clearly, we've talked about China being a sort of a softer market for us this year.

我的意思是你去亞洲，很明顯，我們已經談到中國今年對我們來說是一個比較疲軟的市場。

Pleased with what we're seeing in Japan.

對我們在日本看到的一切感到高興。

We're starting to see better velocity coming out of Australia and New Zealand.

我們開始看到更好的速度來自澳大利亞和新西蘭。

So I think, in general, I mean that would be how I would frame it for you.

所以我認為，總的來說，我的意思是我會如何為你構建它。

On a vertical basis, our customer segment perspective, Q2, which is obviously the quarter we're reporting on, is generally a strong education state and local government market in the U.S. And I would tell you that, that's been -- it seems to be holding up fine.

從垂直的角度來看，我們的客戶群角度來看，顯然是我們報告的第二季度，通常是美國強大的教育州和地方政府市場，我會告訴你，這似乎是保持良好狀態。

We're optimistic about the federal business going into Q3 in the U.S. So across the -- I think across the globe, government procurements continue to be on track.

我們對美國進入第三季度的聯邦業務持樂觀態度。因此，我認為在全球範圍內，政府採購繼續走上正軌。

So I mean that's sort of what we're seeing right now.

所以我的意思是這就是我們現在所看到的。

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

傑夫，我不知道你是否願意補充任何內容。

No, not at all.

一點都不。

It's was pretty good.

已經很不錯了

Our next question is from Jeriel Ong with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Jeriel Ong。

I'm trying to reconcile the storage -- you guys mentioned storage is going to grow more than 3% year-on-year it seems, but yet enterprise IT spend is going to continue to be weak throughout the rest of the year.

我正在嘗試調和存儲——你們提到存儲似乎將同比增長 3% 以上，但企業 IT 支出在今年餘下時間將繼續疲軟。

It seems like from my model, your top line guidance that at least on a year-on-year basis, between 3Q and 4Q, I'm actually seeing that year-on-year's revenue should accelerate.

從我的模型來看，你的頂線指導似乎至少在第三季度和第四季度之間同比增長，我實際上看到同比收入應該加速增長。

Could you verify if that's true and kind of help me reconcile some of these statements and how that impacts your full year guidance?

您能否證實這是否屬實，並幫助我協調其中的一些陳述，以及這對您的全年指導有何影響？

Well, I'm not sure -- it's Tom, Jeriel.

好吧，我不確定——是湯姆，傑瑞爾。

So I'm not sure of what -- how you're modeling and so maybe the team can help you with that offline.

所以我不確定 - 你是如何建模的，所以也許團隊可以幫助你離線。

I would tell you that as we think about storage, I mean, the market is sort of low single digits, and so that's the forecast from IDC.

我會告訴你，當我們考慮存儲時，我的意思是，市場有點低個位數，這就是 IDC 的預測。

Jeff talked about the fact that we saw storage demand at 1% in Q2.

Jeff 談到了一個事實，即我們看到第二季度的存儲需求為 1%。

The broader ISG comment, which I think you're referring to, is that we continue to see softness in servers.

更廣泛的 ISG 評論，我想你指的是，我們繼續看到服務器的疲軟。

And so you've got to think about that mix dynamic.

所以你必須考慮混合動態。

IDC is forecasting negative growth in servers for mainstream servers for the rest of the year.

IDC 預測今年剩餘時間主流服務器的服務器將出現負增長。

And so there are some interplay between those 2 LOBs as you model ISG.

因此，在您為 ISG 建模時，這 2 個 LOB 之間存在一些相互作用。

So yes, maybe the team can take that offline and take a look at how you're thinking about it.

所以是的，也許團隊可以將其離線並查看您的想法。

But as we look at the business, we expect to see server revenue -- that's -- the server market continue to be challenging for the remainder of the year with what we know today.

但是當我們審視業務時，我們希望看到服務器收入——也就是說——服務器市場在今年餘下的時間裡繼續面臨我們今天所知道的挑戰。

We are more optimistic about the storage market.

我們更看好存儲市場。

Now it's still -- it's not a double-digit growth market, but we are optimistic that given the improvement in the coverage model, all the work that Jeff has done with his team on product and product line positioning that we expect to see better results in storage.

現在它仍然是 - 這不是一個兩位數增長的市場，但我們樂觀地認為，鑑於覆蓋模型的改進，Jeff 與他的團隊在產品和產品線定位方面所做的所有工作，我們期望看到更好的結果在存儲中。

And so that's how we've thought about the year at this point.

這就是我們在這一點上對這一年的看法。

Our next question is from Andrew Vadheim with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Andrew Vadheim。

So to start the year, you discussed the expectation that investments in sales capacity and coverage would add OpEx and that you'd begin to see the benefit of these investments ramp as you move into the second half of the year.

因此，今年年初，您討論了對銷售能力和覆蓋範圍的投資將增加 OpEx 的預期，並且隨著您進入今年下半年，您將開始看到這些投資的好處。

But it seems like today's commentary was that the second half will balance growth and profitability but maybe leaning towards growth.

但今天的評論似乎是下半年將平衡增長和盈利能力，但可能傾向於增長。

Can you just kind of level set where we are with regards to sales productivity?

您能否就銷售效率設定我們目前的水平？

Well, look, it's Tom.

嗯，看，是湯姆。

We don't sort of talk about those numbers publicly.

我們不會公開談論這些數字。

But I would tell you that we are seeing the capacity that we've added sort of ramping on the sort of the normal productivity curves that we would expect, right?

但我會告訴你，我們看到我們增加的產能在我們預期的正常生產率曲線上有所增加，對吧？

Now you have to balance that against it is a bit tougher market than it was a year ago.

現在你必須權衡這一點，因為它是一個比一年前更艱難的市場。

And so there are macro dynamics that you're managing as you think about productivity, although we don't tend to give the sales orgs a lot of breaks on -- we'll just have to simply drive to the productivity levels that we've committed to.

因此，當您考慮生產力時，您正在管理宏觀動態，儘管我們不傾向於給銷售組織很多休息時間——我們只需要簡單地推動生產力水平，我們'我已經承諾。

But to be fair, it's a bit choppier market out there, particularly like in servers.

但公平地說，這是一個有點不穩定的市場，尤其是在服務器領域。

So -- but the productivity curves they're on -- and to your comment, we're biasing ourselves towards growth.

所以——但是他們所處的生產率曲線——根據你的評論，我們偏向於增長。

What we're trying to signal is, is that we do want to make sure that the growth engine stays intact and that we're -- we have a bias towards customer base expansion, revenue base expansion.

我們試圖發出的信號是，我們確實希望確保增長引擎保持完好無損，而且我們 - 我們傾向於擴大客戶群，擴大收入基礎。

Even in a tougher market, the benefits of scale for us are quite significant and we want to make sure that, that scale advantage continues.

即使在更加艱難的市場中，規模優勢對我們來說也是相當顯著的，我們希望確保這種規模優勢能夠持續下去。

So as we think about the back half of the year, that was what we were trying to signal.

因此，當我們考慮今年下半年時，這就是我們試圖發出的信號。

And we're still investing in sales capacity, I might add, particularly as we think about some of the market opportunity as we set up for next year.

我可能會補充說，我們仍在對銷售能力進行投資，尤其是在我們考慮為明年設立的一些市場機會時。

So that's how we're thinking about it.

這就是我們考慮的方式。

We'll take our final question from John Roy with UBS.

我們將接受約翰·羅伊 (John Roy) 和瑞銀 (UBS) 的最後一個問題。

Maybe as a final, you've been talking a lot about enterprise weakness and -- through now and through the back half of the year.

也許作為決賽，你一直在談論企業的弱點——從現在到今年下半年。

Maybe you could give us some color on why you think that the enterprises are doing that.

也許你可以告訴我們一些你認為企業這樣做的原因。

Is it macro?

是宏嗎？

Is it trade, cloud?

是貿易嗎，雲？

Is it really just digestion?

真的只是消化嗎？

Is it something else?

是別的東西嗎？

Maybe if you could just kind of order what you're seeing out there and why the enterprises seem to be softer.

也許如果你可以訂購你在那裡看到的東西以及為什麼企業似乎更軟。

I think we've talked about it before and I think even made reference in our talking points earlier.

我想我們之前已經討論過它，我想甚至在我們之前的談話要點中也提到過。

Coming off the best server year in time and the best storage year in times in calendar 2018.

2018 年成為最佳服務器年度和最佳存儲年度。

If memory serves me, we roughly have the storage market growing 12% last year and the server market 30-ish percent if memory serves me right.

如果沒記錯的話，去年存儲市場大約增長了 12%，如果沒記錯的話，服務器市場大約增長了 30%。

There's been a digestion of that that's taken longer than, I think, all of us in the industry expected.

我認為，消化的時間比我們業內所有人預期的要長。

And by and large, that's what we're dealing with combined with the softness that we talked about in what has been one of the fastest growing markets in the world, China.

總的來說，這就是我們正在處理的問題，再加上我們在中國這個世界上增長最快的市場之一所談到的疲軟。

I would also add that if you just think -- and I'm not -- we don't have enough visibility to parse that I think in the way you're asking us, but most of us that are running large enterprises don't like uncertainty.

我還要補充一點，如果你只是認為——我不是——我們沒有足夠的知名度來解析我認為你問我們的方式，但我們大多數經營大型企業的人都沒有不喜歡不確定性。

And when you think about the macro environment, whether it's tariffs or Brexit or some of the other macro dynamics around interest rates and where GDP is trending, it does create an air of -- potentially an air of uncertainty.

當你考慮宏觀環境時，無論是關稅還是英國脫歐，還是圍繞利率和 GDP 趨勢的其他一些宏觀動態，它確實會產生一種——潛在的不確定性氣氛。

And so that also probably has some level of dampening effect on the market.

因此，這也可能對市場產生一定程度的抑製作用。

Having said that though, right, I mean we think that we're optimistic about the back half of the year.

儘管如此，我的意思是我們認為我們對今年下半年持樂觀態度。

We think we're set up to continue to execute.

我們認為我們已經準備好繼續執行。

And companies are still spending.

公司仍在支出。

And companies are still under digital transformation, and they need to -- and they think about some of these IT investments as essential to their business model evolution.

公司仍在進行數字化轉型，他們需要——他們認為其中一些 IT 投資對其業務模式的演變至關重要。

So we'll continue to press forward and drive the business.

因此，我們將繼續推進並推動業務發展。

As a reminder, we'll be at the Citi Global Technology Conference in New York on September 4 and 5. We'll also be hosting our business update for the investment community in New York on September 26.

提醒一下，我們將參加 9 月 4 日至 5 日在紐約舉行的花旗全球技術大會。我們還將在 9 月 26 日在紐約為投資界舉辦我們的業務更新。

So we look forward to continuing the dialogue.

因此，我們期待繼續對話。

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.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。