惠普企業 (HPE) 2016 Q2 法說會逐字稿

Good afternoon, and welcome to the second-quarter 2016 Hewlett Packard Enterprises earnings conference call. My name is Amy, and I will be your conference moderator for today's call.

下午好，歡迎參加 2016 年第二季惠普企業財報電話會議。我叫艾米，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Mr. Andrew Simanek, Head of Investor Relations. Please proceed.

提醒一下，本次會議將會被錄音以供重播。現在，我想將演講交給今天電話會議的主持人、投資者關係主管 Andrew Simanek 先生。請繼續。

Good afternoon, I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our FY16 second-quarter earnings conference call, with Meg Whitman, HPE's President and Chief Executive Officer; Tim Stonesifer, HPE's Executive Vice President and Chief Financial Officer; and joining later, Mike Lawrie, Chairman and Chief Executive Officer of CSC.

下午好，我是惠普企業投資人關係主管安迪‧西馬內克 (Andy Simanek)。歡迎您參加我們的 2016 財年第二季財報電話會議，與會者包括 HPE 總裁兼執行長 Meg Whitman；HPE 執行副總裁兼財務長 Tim Stonesifer；隨後加入的還有 CSC 董事長兼執行長 Mike Lawrie。

Before handing the call over to Meg, let me remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call, for approximately1 year. We posted the press releases and the slide presentations accompanying today's earnings release on our HPE Investor Relations webpage, at www.hpe.com.

在將電話交給梅格之前，請允許我提醒您，本次通話正在進行網路直播。網路直播的重播將在電話會議結束後不久提供，持續約一年。我們在 HPE 投資者關係網頁 www.hpe.com 上發布了今天收益報告的新聞稿和幻燈片簡報。

As always, elements of this presentation are forward-looking, and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see the disclaimers on the earnings and transaction materials relating to forward-looking statements that involve risks, uncertainties, and assumptions.

與往常一樣，本次演示的內容具有前瞻性，並且基於我們對當今世界和我們業務的最佳看法。欲了解更詳細信息，請參閱收益和交易材料中有關涉及風險、不確定性和假設的前瞻性陳述的免責聲明。

For a discussion of some of these risks, uncertainties and assumptions, please refer to HPE's SEC reports, including its most recent Form 10-K. HPE assumes no obligation and does not intend to update any such forward-looking statements. We also note that the financial information discussed on this call reflects estimates based on information available at this time, and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended April 30, 2016.

有關這些風險、不確定性和假設的討論，請參閱 HPE 的 SEC 報告，包括其最新的 10-K 表格。HPE 不承擔任何義務，也不打算更新任何此類前瞻性聲明。我們還注意到，本次電話會議上討論的財務資訊反映了基於​​目前可用資訊的估計，可能與 HPE 2016 年 4 月 30 日結束的財政季度的 10-Q 表季度報告中最終報告的金額存在重大差異。

Finally, for financial information that has been expressed on a non-GAAP basis, we have included reconciliations to the comparable GAAP information. Please refer to the tables and slide presentation accompanying today's earnings release. With that, let me turn it over to Meg.

最後，對於以非 GAAP 基礎表達的財務訊息，我們已將其納入可比較 GAAP 資訊的調整範圍。請參閱今天的收益報告附帶的表格和幻燈片簡報。說完這些，讓我把它交給梅格。

Thanks, Andy, and thank you to everyone on the call for joining us today. Hewlett Packard Enterprise completed our second full quarter as an independent Company, and I have to say that we've delivered the best performance since I joined. In Q2, we saw our first quarter of as-reported year-over-year revenue growth since 2011 for the Hewlett Packard Enterprise businesses.

謝謝，安迪，也感謝今天參加電話會議的所有人。惠普企業作為一家獨立公司完成了第二個完整季度，我必須說，這是我們自我加入以來表現最好的季度。在第二季度，我們看到惠普企業業務自 2011 年以來首次實現報告的年增率。

We also saw our fourth consecutive quarter of year-over-year constant currency revenue growth. We delivered revenue of $12.7 billion, up more than 1% as reported, and 5% in constant currency, driven by excellent performance in Servers, Storage, Networking, and Converged Infrastructure, as well as outstanding performance in Enterprise Services.

我們也實現了連續第四個季度以固定匯率計算的年增長。我們實現了 127 億美元的收入，報告顯示成長超過 1%，以固定匯率計算成長 5%，這得益於伺服器、儲存、網路和整合基礎設施的出色表現，以及企業服務的出色表現。

Enterprise Group had a fabulous quarter, delivering 7% revenue growth on an as-reported basis and 10% in constant currency. In fact, we grew on an as-reported basis in every one of EG's hardware business units, and in every region.

企業集團本季表現出色，報告期間營收成長 7%，以固定匯率計算成長 10%。事實上，EG 的每個硬體業務部門和每個地區都實現了報告顯示的成長。

ES grew revenue year over year in constant currency for the second consecutive quarter, and expanded operating margins more than 3 points over the prior year. That's the eighth consecutive quarter of year-over-year margin expansion.

ES 連續第二季實現營收年增（以固定匯率計算），營業利潤率較上年同期提高 3 個百分點以上。這是利潤率連續第八個季度年增。

Our Software business also delivered a strong quarter. When adjusted for divestitures and acquisitions, Software delivered its third consecutive quarter of constant currency growth. And in Financial Services, we saw double-digit volume growth over the prior year.

我們的軟體業務本季也表現強勁。經過資產剝離和收購調整後，軟體業務連續第三個季度實現了固定匯率成長。在金融服務領域，我們的業務量比前一年實現了兩位數的成長。

So, with strong performance across every one of our business segments, HPE delivered non-GAAP EPS of $0.42, at the high end of our previously provided outlook. Free cash flow improved in the second quarter to $511 million, due to careful management of our working capital.

因此，憑藉我們每個業務部門的強勁表現，HPE 實現了 0.42 美元的非 GAAP 每股收益，達到了我們之前提供的預期的高位。由於我們對營運資金進行了精心管理，第二季的自由現金流改善至 5.11 億美元。

Tim will walk through the drivers of our cash flow and outlook shortly. And we are seeing the benefits of our increased R&D and more focused product road maps, as we take share from our competitors.

蒂姆將很快介紹我們的現金流和前景的驅動因素。隨著我們從競爭對手手中奪取市場份額，我們也看到了加強研發力度和更專注產品路線圖帶來的好處。

In Storage, HPE is the only major vendor to gain share in external disc over the last two years, while EMC, NetApp, IBM and Dell lost share year over year. Revenue in our 3PAR All-Flash business grew nearly triple digits, about two times faster than the market, and is once again expected to be larger and faster-growing than Pure.

在儲存領域，HPE 是過去兩年中唯一一家在外部磁碟市場份額增加的主要供應商，而 EMC、NetApp、IBM 和 Dell 的市佔率則逐年下降。我們的 3PAR 全快閃業務收入成長了近三位數，比市場成長速度快兩倍左右，預計其規模和成長速度將再次超過 Pure。

In Networking, we are seeing an acceleration of our business, particularly since our acquisition of Aruba and our game-changing partnership with Unisplendour, a subsidiary of Tsinghua in China. And our results are in stark contrast with the results Cisco reported last week.

在網路領域，我們的業務正在加速發展，特別是自從我們收購了 Aruba 並與中國清華的子公司紫光集團建立了改變遊戲規則的合作夥伴關係以來。我們的結果與思科上周公布的結果形成了鮮明對比。

In switching, HPE grew 18% year over year versus Cisco that was 3%. And we are getting credit from the industry for our innovation, capturing the leading position in Gartner's most recent Magic Quadrant for wired wireless, upsetting Cisco's longstanding run in the top spot. That is in addition to our leading positions in servers, storage and integrated systems.

在轉換方面，HPE 年成長 18%，而思科則年增 3%。我們的創新也得到了業界的認可，在 Gartner 最新發布的有線無線魔力像限中佔據領先地位，打破了思科長期以來的領先地位。除此之外，我們在伺服器、儲存和整合系統方面也處於領先地位。

And we're not taking our foot off the pedal. Next month, at Discover Las Vegas, you'll be hearing more about some significant new innovations across our cloud, IoT and Composable Infrastructure product lines, as well as an update on the machine.

我們不會停止努力。下個月，在探索拉斯維加斯活動上，您將聽到有關我們的雲端、物聯網和可組合基礎設施產品線的一些重大新創新以及機器的更新。

Last but certainly not least, earlier today, we made a major announcement that we are planning a tax free spinoff and merger of our Enterprise Services business with CSC, which is expected to create a pure play global IT service powerhouse with annual revenue of more than $26 billion. The new Company will have more than 5,000 customers in 70 countries and employees in every region around the world.

最後但同樣重要的一點是，今天早些時候，我們宣布了一項重要消息，我們計劃將我們的企業服務業務與 CSC 進行免稅分拆和合併，預計將創建一個純粹的全球 IT 服務巨頭，年收入將超過 260 億美元。新公司將在70個國家擁有超過5,000名客戶，員工遍佈全球各地區。

The transaction is expected to deliver approximately $8.5 billion to HPE shareholders on an after-tax basis. This includes an equity stake in the newly combined company valued at more than $4.5 billion, which represents approximately 50% ownership, cash dividend of $1.5 billion, and the assumption of $2.5 billion of debt and other liabilities.

預計此交易將為 HPE 股東帶來約 85 億美元的稅後收益。這包括新合併公司價值超過 45 億美元的股權，約佔 50% 的所有權，15 億美元的現金股息，以及承擔 25 億美元的債務和其他負債。

We also expect the merger of the two businesses to produce first year synergies of approximately $1 billion post-close, with a run rate of $1.5 billion by the end of year one. There is also an opportunity for additional synergies in subsequent years. As owners of approximately 50% of the merged company, HPE shareholders will share in the value of the synergies, as well as future growth in earnings.

我們也預計，兩家公司合併後的第一年綜效將達到約 10 億美元，第一年年底的營運率將達到 15 億美元。未來幾年還有機會實現更多的綜效。作為合併後公司約 50% 股份的所有者，HPE 股東將分享協同效應的價值以及未來的收益成長。

The cost to separate ES from HPE will be offset by lower costs associated with the previously announced FY15 restructuring program. So there will be no incremental one-time cash payments beyond what we have already communicated. I will serve on the Board of the new company, and HPE's Board of Directors will nominate half of the new Company's Board.

將 ES 與 HPE 分離的成本將被先前宣布的 2015 財年重整計畫相關的成本降低所抵銷。因此，除了我們已經傳達的金額之外，我們不會再增加一次性現金支付。我將在新公司的董事會任職，HPE董事會將提名新公司董事會的一半成員。

Mike Lawrie, the current Head of CSC, will become Chairman and CEO of the new Company. And Mike Nefkens, the current EVP and General Manager of our Enterprise Services business, will become a key part of the new Company's executive team, and partner closely with Mike Lawrie on building the new organization. Other executives and directors, as well as the name of the Company, will be announced at a later date. The transaction is currently targeted to be completed by March 31, 2017.

現任 CSC 負責人 Mike Lawrie 將成為新公司的董事長兼執行長。我們現任企業服務業務執行副總裁兼總經理 Mike Nefkens 將成為新公司執行團隊的重要成員，並與 Mike Lawrie 密切合作，共同建立新組織。其他高階主管和董事以及公司名稱將於稍後公佈。該交易目前預計於2017年3月31日完成。

For the combined CSC and Enterprise Services, this will create a new company that will be a pure play global IT services leader. For customers, this means global access to world-class offerings in cloud, mobility, application development and modernization. Business process services, IT services, big data and analytics, and security.

合併後的 CSC 和企業服務部將創建一家新公司，成為純粹的全球 IT 服務領導者。對於客戶而言，這意味著可以在全球範圍內存取雲端、行動性、應用程式開發和現代化領域的世界級產品。業務流程服務、IT 服務、大數據和分析以及安全性。

This is combined with deep industry experience in sectors that include financial services, transportation, consumer products, healthcare, and insurance. HPE and this new Company will be closely connected moving forward, with agreements that will keep the two companies aligned for current customers and grow new business opportunities over time.

這與金融服務、交通運輸、消費品、醫療保健和保險等領域的深厚行業經驗相結合。HPE 和這家新公司將在未來保持緊密聯繫，透過達成協議，兩家公司將為現有客戶提供一致的服務，並隨著時間的推移拓展新的業務機會。

For the remaining Hewlett Packard Enterprise, this transaction creates significant incremental value by unlocking a faster growing, higher-margin and stronger free cash flow business. HPE will now have $33 billion in annual revenue, and will focus on secure, next generation, software defined infrastructure that leverages a world-class portfolio of servers, storage, networking, Converged Infrastructure, as well as our Helion Cloud platform and software assets.

對於剩下的惠普企業而言，此交易透過釋放更快成長、更高利潤率和更強勁的自由現金流業務，創造了顯著的增量價值。HPE 現在的年收入將達到 330 億美元，並將專注於安全的下一代軟體定義基礎設施，該基礎設施利用世界一流的伺服器、儲存、網路、整合基礎設施以及我們的 Helion 雲端平台和軟體資產。

By bringing together leadership positions in these key data centered technologies, we will help customers run their traditional IT better while building a bridge to multi-cloud environments. Beyond the data center, HPE is redefining IT at the edge with our next generation of Aruba and computing products for campus, branch and IoT applications.

透過匯集這些關鍵資料中心技術的領導地位，我們將幫助客戶更好地運行其傳統 IT，同時建立通往多雲環境的橋樑。除了資料中心之外，HPE 還利用新一代 Aruba 和用於校園、分公司和物聯網應用的運算產品重新定義邊緣 IT。

In addition, through our Technology Services division, we can deliver consulting and support to customers, while HPE Financial Services offers financial flexibilities to customers to maximize their investments. Finally, we will continue to leverage our portfolio of operations, security and big data software assets that deliver machine learning and deep analytics capabilities to customers.

此外，透過我們的技術服務部門，我們可以為客戶提供諮詢和支持，而 HPE 金融服務則為客戶提供財務靈活性，以最大化他們的投資。最後，我們將繼續利用我們的營運、安全和大數據軟體資產組合，為客戶提供機器學習和深度分析功能。

Mike Lawrie has joined our call today, and will have much more to say about the deal in a moment. But first, Tim is going to walk us through HPE's financial performance in detail.

麥克·勞瑞 (Mike Lawrie) 今天參加了我們的電話會議，稍後他將就該交易發表更多看法。但首先，提姆將向我們詳細介紹 HPE 的財務表現。

Thanks, Meg. Overall, we had a great quarter. We grew revenue as reported and in constant currency, generated healthy cash flow, and delivered non-GAAP diluted net EPS at the high end of our guided range.

謝謝，梅格。總體而言，我們度過了一個美好的季度。我們的收入按報告和固定匯率計算均有所增長，產生了健康的現金流，並且實現了非公認會計準則稀釋淨每股收益達到我們指導範圍的高端。

Revenue of $12.7 billion was up 1.3% year over year, and grew 4.9% in constant currency. Our fourth consecutive quarter of constant currency growth, and as Meg mentioned, HPE businesses reported absolute revenue growth for the first time in five years.

營收為 127 億美元，年增 1.3%，以固定匯率計算成長 4.9%。這是我們連續第四個季度實現貨幣持續成長，正如梅格所提到的，HPE 業務五年來首次實現絕對收入成長。

We saw revenue growth and constant currency in every region, and outright growth in the Americas and APJ. Our Americas performance continues to support cautious optimism for the remainder of the year, amongst an uneven macroeconomic environment.

我們看到每個地區的收入都在增長並且貨幣匯率保持不變，美洲和亞太及日本地區也實現了全面增長。儘管宏觀經濟環境並不平衡，但我們在美洲市場的表現仍讓我們對今年剩餘時間保持謹慎樂觀的態度。

In EMEA, we were still significantly impacted by currency. However, we're seeing encouraging momentum in enterprise hardware. And in APJ, China networking drove strong performance. The top line currency impact to revenue was 4 points year over year, primarily due to hedging gains from the prior year.

在歐洲、中東和非洲地區，我們仍然受到貨幣的顯著影響。然而，我們看到企業硬體領域出現了令人鼓舞的發展動能。在亞太及日本地區，中國網路推動了強勁表現。匯率對營收的影響較去年同期下降了 4 個百分點，主要原因是對上一年度的避險收益。

Going forward, we expect the currency impact to significantly moderate throughout the second half of the year. And we continue to anticipate an impact to revenue of approximately 3 points for the full year, as rates are now roughly in line with where they were when we originally guided the year. Margins were largely stable in the quarter, with gross margin of 28.7%, up 10 basis points year over year and 30 basis point sequentially.

展望未來，我們預期貨幣影響將在下半年顯著緩和。我們繼續預計全年收入將受到約 3 個百分點的影響，因為目前的利率與我們最初預測的年度水準大致一致。本季利潤率基本穩定，毛利率為 28.7%，較去年同期成長 10 個基點，較上季成長 30 個基點。

And non-GAAP operating profit margin was 7.9%, down 50 basis points year over year and 20 basis points sequentially. Total non-GAAP operating expenses of $2.6 million were up 4.7% year over year, primarily due to increased FSC and R&D investments.

非公認會計準則營業利益率為 7.9%，較去年同期下降 50 個基點，較上季下降 20 個基點。非公認會計準則總營運費用為 260 萬美元，年增 4.7%，主要原因是 FSC 和研發投資增加。

We delivered non-GAAP diluted net earnings per share of $0.42, at the high end of our guided range. This primarily excludes $201 million for amortization of intangible assets, $161 million for restructuring, and $91 million of separation charges. We delivered GAAP diluted net earnings per share of $0.18, $0.01 above our previously guided range.

我們實現的非公認會計準則每股攤薄淨收益為 0.42 美元，處於指導範圍的高端。這主要不包括 2.01 億美元的無形資產攤銷費、1.61 億美元的重組費和 9,100 萬美元的分離費用。我們實現的 GAAP 稀釋每股淨收益為 0.18 美元，比我們之前預期的範圍高出 0.01 美元。

Now turning to the business results, the Enterprise Group had a strong quarter, with excellent top line performance. Our sales motion is hitting its stride, aided by the seamless launch of the HPE brand and our marketing efforts.

現在談談業務成果，企業集團本季表現強勁，營收表現優異。在 HPE 品牌的無縫推出和我們的行銷努力的幫助下，我們的銷售勢頭正在強勁增長。

Revenue was up 7% year over year, or 10% in constant currency, and grew in all product groups. For the remainder of the year, revenue growth will likely moderate, as we will not have the benefit of H3C and begin to face tougher compares.

營收年增 7%，以固定匯率計算成長 10%，且所有產品組均成長。在今年剩餘時間內，營收成長可能會放緩，因為我們將不再擁有 H3C 的優勢，並開始面臨更嚴峻的競爭。

Profitability in the quarter was 11.7%, down 240 basis points year on year. This was primarily due to foreign exchange, heavier Tier 1 mix, and to a lesser degree incremental R&D investments. A deal that exemplifies the strength of the Enterprise Group is a recently won project with Woolworths Limited, Australia's largest retail company.

本季獲利率為11.7%，年減240個基點。這主要是由於外匯、一級市場結構變化較大以及研發投資增加（但程度較小）。體現企業集團實力的交易是最近贏得的與澳洲最大的零售公司 Woolworths Limited 的項目。

Our solution, based on the ConvergedSystem 900 for SAP HANA, provides access to real-time data, enabling critical business decisions to be made immediately. This competitive win against Lenovo, Fujitsu and Dimension Data with Cisco UCS also displaces the current outsource provider Wipro, and further secures HPE's relationship with Woolworths.

我們的解決方案基於 SAP HANA 的 ConvergedSystem 900，可存取即時數據，從而能夠立即做出關鍵業務決策。思科 UCS 在與聯想、富士通和 Dimension Data 的競爭中獲勝，也取代了目前的外包供應商 Wipro，並進一步鞏固了 HPE 與 Woolworths 的關係。

Servers revenue grew 7% year on year, or 10% in constant currency, primarily driven by strong Tier 1 sales in the Americas and core servers in APJ. Based on our performance, we believe we took share in servers overall, density optimized servers, and rack. From a regional perspective, we took share in the Americas and EMEA.

伺服器營收年增 7%，以固定匯率計算成長 10%，主要得益於美洲地區一級伺服器銷售強勁以及亞太及日本地區核心伺服器銷售強勁。根據我們的表現，我們相信我們在整體伺服器、密度優化伺服器和機架方面佔有份額。從區域角度來看，我們在美洲和歐洲、中東和非洲地區佔據了份額。

And this quarter, we started shipping our Hyper Converged HC 380, which enable mid-sized and remote office enterprises to easily deploy, manage and support virtual machines in a few clicks. We continue to see Servers as a growth driver, given the strength of our portfolio, and anticipate healthy demand for compute through the remainder of the year.

本季度，我們開始發售 Hyper Converged HC 380，它使中型和遠端辦公企業只需單擊幾下即可輕鬆部署、管理和支援虛擬機器。鑑於我們產品組合的實力，我們繼續將伺服器視為成長動力，並預計今年剩餘時間內對運算的需求將保持健康。

In Storage, we grew revenue 2% year over year, and 5% in constant currency. Converged Storage continued its strong growth trend, growing 19% year over year in constant currency and comprising 54% of the total portfolio.

在儲存方面，我們的營收年增了 2%，以固定匯率計算成長了 5%。融合儲存持續保持強勁的成長趨勢，以固定匯率計算年增 19%，佔總投資組合的 54%。

3PAR All-Flash revenue grew near triple digits, and continues to drive mid-range share gains. We estimate that we gained market share in the external disk for the 10th consecutive quarter, and expect Storage to gain share throughout the remainder of the year on the strength of the 3PAR portfolio and new logo wins, as we take advantage of the uncertainty surrounding the Dell/EMC merger.

3PAR All-Flash 營收成長接近三位數，並持續推動中階市場佔有率的成長。我們估計，我們已經連續 10 個季度在外部磁碟市場中獲得份額，並且預計，借助 3PAR 產品組合和新標誌的優勢，我們將在今年剩餘時間內利用戴爾/EMC 合併帶來的不確定性，獲得更大的份額。

Networking revenue grew 57% year over year as reported, or 62% in constant currency. And when adjusted for Aruba, Networking was still up 17% in constant currency. We had strong execution, with growth across all regions.

據報道，網路收入年增 57%，以固定匯率計算則成長 62%。經 Aruba 調整後，以固定匯率計算，網路業務仍上漲了 17%。我們的執行力很強，所有地區都實現了成長。

While Aruba continues to drive growth in wireless share, we also expect to take share in switching and routing, on the strength of H3C and Aruba campus switching pull-through. Leading up to the transaction close with Tsinghua, H3C grew more than 50% year over year, validating the strategic moves we made to collaborate with a strong local partner.

在 Aruba 繼續推動無線份額成長的同時，我們也希望藉助 H3C 和 Aruba 校園交換直通的優勢，在交換和路由領域佔有一席之地。在與清華大學達成交易之前，H3C 的年增長率超過 50%，驗證了我們與強大的本地合作夥伴合作的策略性舉措。

In Technology Services, revenue did decline 6% year on year, or 2% in constant currency. However, it was only down 1% in constant currency when adjusted for the discontinuation of HP Inc Attach, which remain in the FY15 results.

技術服務收入較去年同期下降 6%，以固定匯率計算下降 2%。然而，根據 HP Inc Attach 的停產進行調整後，以固定匯率計算僅下降了 1%，而 HP Inc Attach 仍保留在 2015 財年的業績中。

TS support, the most profitable and largest segment of Technology Services, grew orders in constant currency. Based on this and the order growth we saw last year, we continue to expect TS revenue to return to growth in constant currency towards the end of the year.

TS 支援是技術服務中最賺錢、規模最大的部分，其訂單量以固定匯率計算有所增長。基於此以及我們去年看到的訂單成長，我們繼續預計 TS 收入將在年底前恢復成長（以固定匯率計算）。

Enterprise Services had another great quarter, as we continue to see the benefits of our restructuring cost actions and improving sales motion. A great example of the deals we're winning is our recent selection from five other competitors for a 10 year, $0.5 billion contract to provide IT services, including infrastructure, mission critical systems, and applications to the US Strategic Command.

企業服務部又度過了一個出色的季度，我們繼續看到重組成本行動和改善銷售動態的好處。我們贏得的交易的一個很好的例子是，我們最近從其他五個競爭對手中脫穎而出，贏得了一份為期 10 年、價值 5 億美元的合同，為美國戰略司令部提供 IT 服務，包括基礎設施、關鍵任務系統和應用程序。

Revenue declined 2% year over year, but grew 1% in constant currency. When adjusted for the Deutsche Bank win last year, both new business TCV and total TCV grew year over year.

營收年減 2%，但以固定匯率計算成長 1%。考慮到去年德意志銀行的勝利，新業務 TCV 和總 TCV 均同比增長。

Strategic Enterprise Services is gaining strength in both overall revenue and mix, delivering mid-double-digit growth year on year. ABS continues to improve with a third consecutive quarter of year-on-year constant currency revenue growth, and ITO also grew in constant currency for the first time since the first quarter of 2012.

策略企業服務在整體收入和產品組合方面均不斷增強，年比實現了中兩位數的成長。ABS 持續改善，連續第三個季度實現年比固定匯率營收成長，ITO 也自 2012 年第一季以來首次實現固定匯率成長。

Operating profit improved 310 basis points year over year, to 6.7%, as the team continues to execute productivity improvements in delivery and sales. We're also seeing the benefits from improving location mix, as well as increasing sold margins and healthy add-on sales.

由於團隊持續提高交付和銷售方面的生產力，營業利潤年增 310 個基點，達到 6.7%。我們也看到了改善地點組合以及提高銷售利潤率和健康附加銷售的好處。

We continue to track well against our longer-term goal of 60/40 low cost/high cost headcount mix, and completed the quarter with 47% of our headcount in low-cost centers. The progress made on cost improvements, sales strength, and normal quarterly seasonality provides us with confidence that operating profit margins for the full year will now be towards the high end of our original 6% to 7% outlook.

我們持續順利實現 60/40 低成本/高成本員工比例的長期目標，本季結束時，47% 的員工位於低成本中心。成本改進、銷售強勁和正常的季度季節性所取得的進展使我們相信，全年營業利潤率將接近我們最初預期的 6% 至 7% 的高端。

Software declined 13% year over year, as reported, or 10% in constant currency. However, it was up 2% in constant currency when adjusted for acquisitions and divestitures. Sales strength in security and big data was partially offset by declines in IT management.

據報道，軟體業務年減 13%，以固定匯率計算下降 10%。然而，根據收購和資產剝離進行調整後，以固定匯率計算，該數字上漲了 2%。安全和大數據領域的銷售強勁表現被 IT 管理領域的銷售下滑部分抵銷。

On a product level, we had encouraging results in Voltage, Fortify and IDOL. The team continues to focus on disciplined cost controls, decreasing OpEx dollars year over year and growing operating profit dollars.

在產品層面，我們在 Voltage、Fortify 和 IDOL 方面取得了令人鼓舞的成績。團隊繼續專注於嚴格的成本控制，逐年減少營運支出並增加營運利潤。

Operating profit margin expended 7 points year over year. However, the largest contributor to OpEx and margin improvement was a one-time benefit from the TippingPoint divestiture.

營業利益率較去年增加7個百分點。然而，營運支出和利潤率提高貢獻最大的是TippingPoint資產剝離帶來的一次性收益。

HPE Financial Services revenue declined 2% year over year, but grew 1% in constant currency. Operating profit declined 130 basis points year over year, to 9.3%, as the lower residual sales pressured margin rates.

HPE金融服務收入較去年同期下降2%，但以固定匯率計算成長1%。由於剩餘銷售額下降給利潤率帶來壓力，營業利潤年減 130 個基點至 9.3%。

Financing volume grew 15% year over year, or 19% in constant currency, primarily due to favorable movement in our cost of funds, which has enabled us to price more competitively. Return on equity was down 230 basis points year on year, to 12.7%.

融資量年增 15%，以固定匯率計算成長 19%，這主要歸因於我們的資金成本的有利變動，這使我們能夠更具競爭力地定價。股本回報率較去年同期下降230個基點至12.7%。

Cash flow was strong in the quarter, due to judicious working capital management. Cash flow from operations was $1.1 billion, up 101% year over year, on an adjusted basis. Free cash flow was $511 million, up from negative $106 million last year, again on an adjusted basis.

由於明智的營運資本管理，本季現金流強勁。經調整後，營運現金流為 11 億美元，年增 101%。自由現金流為 5.11 億美元，高於去年的負 1.06 億美元（同樣是經過調整後的數據）。

When adjusted for the sale of H3C, the cash conversion cycle was 27 days, down four days quarter over quarter. The largest contributor to cash conversion cycle improvement was BPO, which increased five days sequentially, adjusted for H3C, as we continue to improve payment terms with our vendors.

經調整H3C的出售後，現金轉換週期為27天，較上一季減少4天。現金轉換週期改善的最大貢獻者是 BPO，由於我們持續改善與供應商的付款條件，BPO 經 H3C 調整後比上一季增加了五天。

This is partially offset by DSO, which increased two days sequentially, while DOI was flat through the quarter. Given the momentum in our working capital initiatives, we now expect our cash conversion cycle will reach the low 20 day range by the year end.

這被 DSO 部分抵消，DSO 連續兩天增加，而 DOI 在本季度持平。鑑於我們的營運資本計畫的勢頭，我們現在預計到年底我們的現金轉換週期將達到 20 天的低點。

Now let's turn to capital allocation. In the quarter, we returned $109 million of cash to shareholders. Due to the ES CSC transaction, we were largely prohibited from repurchasing shares, and only bought $15 million of shares.

現在讓我們來討論資本配置。本季度，我們向股東返還了 1.09 億美元現金。由於 ES CSC 交易，我們基本上被禁止回購股票，並且只購買了價值 1500 萬美元的股票。

We also paid $94 million as part of our normal dividend. We continue to see our shares as very attractively priced, and will be back in the market this month. Along those lines, our Board of Directors recently increased our share repurchase authorization by $3 billion, which now stands at $4.8 billion remaining.

我們還支付了 9400 萬美元作為正常股息的一部分。我們仍然認為我們的股票價格非常有吸引力，並將於本月重返市場。為此，我們的董事會最近將股票回購授權增加了 30 億美元，目前剩餘金額為 48 億美元。

During our Q1 earnings call, we committed approximately $2 billion of the proceeds from the H3C transaction to share repurchases. We now expect to complete roughly half of those this fiscal year, with the remainder to be completed in FY17. As you'll recall, share repurchases resulting from the H3C transaction are in addition to our commitment to return 100% of our original FY16 free cash flow outlook to shareholders.

在我們的第一季財報電話會議上，我們承諾將 H3C 交易所得的約 20 億美元用於股票回購。我們現在預計本財年將完成其中約一半，其餘部分將在 2017 財年完成。您可能還記得，H3C 交易產生的股票回購是除了我們承諾向股東返還 2016 財年 100% 原始自由現金流預期之外的額外承諾。

Now I would like to provide an update on recent M&A activity. First, we announced the sale of our majority stake in Mphasis to Blackstone, as we continue to refine our capital strategy and make improvements to our go to market model. We expect this transaction to close in the fourth quarter of this year.

現在我想提供近期併購活動的最新情況。首先，我們宣布將我們在 Mphasis 的多數股權出售給黑石集團，同時我們將繼續完善我們的資本策略並改善我們的市場模式。我們預計該交易將在今年第四季完成。

In addition, during the quarter, we closed the sale of 51% of H3C to Tsinghua in the beginning of May. Remember that our prior guidance did not include the impact of this transaction. We now think that we can offset the EPS impact with the share repurchases we completed in the first quarter and the incremental share repurchases to be completed later this year.

此外，本季度，我們於5月初完成了向清華大學出售H3C 51%股份的交易。請記住，我們先前的指導並未包括此次交易的影響。我們現在認為，我們可以透過第一季完成的股票回購和今年稍後完成的增量股票回購來抵消每股收益的影響。

Going forward, we will recognize only 49% of H3C earnings and receive a corresponding cash payment. This will reduce cash flow by approximately $200 million on the second half of FY16. However, roughly half of that will be received as a cash payment in FY17.

展望未來，我們將僅確認 H3C 收益的 49% 並收到相應的現金支付。這將導致 2016 財年下半年的現金流減少約 2 億美元。不過，其中約一半將在 2017 財年以現金形式收到。

Finally, I would like to discuss the cash impact of ES CSC transaction to HPE. There will be no incremental one-time uses of cash beyond what we have already communicated. We expect total one-time separation payments of around $900 million, with $300 million in FY16 and the remainder in FY17.

最後，我想討論 ES CSC 交易對 HPE 的現金影響。除了我們已經傳達的內容之外，我們不會再增加一次性現金的使用。我們預計一次性離職補償總額約為 9 億美元，其中 3 億美元將在 2016 財年支付，剩餘部分將在 2017 財年支付。

As an offset, we will reduce the $2.6 billion of restructuring payments associated with our 2015 structuring plan by roughly $1 billion, as we are achieving our targeted savings more efficiently and will no longer need to fund ES actions after the transaction closes. We have gained valuable experience in the HPE/HPI separation that gives us confidence in executing this spin quickly and efficiently. In total, the FY16 free cash flow will be reduced by $300 million, due to the H3C divestiture and current year ES separation payments that will be partially offset by working capital improvements.

作為補償，我們將減少與 2015 年結構計畫相關的 26 億美元重組支出約 10 億美元，因為我們正在更有效地實現目標節約，並且在交易結束後不再需要為 ES 行動提供資金。我們在 HPE/HPI 分離方面獲得了寶貴的經驗，這使我們有信心快速且有效率地執行這一輪旋轉。總體而言，由於 H3C 資產剝離和本年度 ES 分離付款，2016 財年的自由現金流將減少 3 億美元，但營運資本改善將部分抵銷這一減少。

Let's go to guidance. We expect non-GAAP diluted net earnings per share to be $0.42 to $0.46 in Q3 of 2016. And continue to expect full-year FY16 non-GAAP diluted net earnings per share of $1.85 to $1.95.

我們去指導一下吧。我們預計 2016 年第三季非 GAAP 稀釋每股淨收益為 0.42 美元至 0.46 美元。並繼續預計2016財年全年非GAAP稀釋每股淨收益為1.85美元至1.95美元。

We expect GAAP diluted net earnings per share to be $1.10 to $1.14 in Q3 of 2016, and now expect full-year FY16 GAAP diluted net earnings per share of $1.68 to $1.78, reflecting the new ES separation charges and gain on sale of H3C. And we now expect full-year FY16 free cash flow of $1.7 billion to $1.9 billion.

我們預計 2016 年第三季 GAAP 稀釋每股淨收益為 1.10 美元至 1.14 美元，現預估 2016 財年全年 GAAP 稀釋每股淨收益為 1.68 美元至 1.78 美元，以反映新的 ES 分離費用和 H3C 出售收益。我們現在預計 2016 財年全年自由現金流為 17 億至 19 億美元。

With that, I will turn it back over to Meg.

說完這些，我會把話題交還給梅格。

Thanks, Tim. Now I would like go into more detail on the deal we announced today with CSC, which I think will be very beneficial to customers, employees and shareholders of both companies.

謝謝，蒂姆。現在我想更詳細地介紹我們今天與 CSC 宣布的交易，我認為這對兩家公司的客戶、員工和股東都非常有利。

As today's results confirm, Enterprise Services is a stronger and more robust business that it has been in many years. As a result of customer diversification efforts and other improvements, ES delivered stable constant currency revenue for the first two quarters of FY16, which were the first quarters of year-over-year constant currency revenue growth since FY12.

今天的結果證實，企業服務業務比過去多年以來更加強大、更加穩健。由於客戶多元化努力和其他改進，ES 在 2016 財年前兩個季度實現了穩定的固定匯率收入，這是自 2012 財年以來第一個實現固定匯率收入同比增長的季度。

Overall, ES is on track to achieve its long-term goal of a market competitive cost structure and operating margins. So by bringing together the best of these two organizations, we will create a pure play services leader, ready to compete and win against all the current players. The new Company will have greater agility, focus, and the ability to drive faster outcomes for our customers.

總體而言，ES 有望實現其具有市場競爭力的成本結構和營業利潤率的長期目標。因此，透過整合這兩個組織的最佳資源，我們將創造一個純粹的服務領導者，準備與所有現有參與者競爭並獲勝。新公司將具有更高的靈活性、專注度以及為客戶帶來更快成果的能力。

It will also have a top-notch management team, quite literally the best in the business. And that management team will be 100% focused on ensuring a smooth transition, with no disruption for ES and CSC customers. With that, let me turn it over to Mike Lawrie. Mike and I have gotten to know each other quite well, and I can tell you he is a world class CEO with incredible talent and unbridled passion for his business.

它還將擁有一支頂尖的管理團隊，確切地說是業內最好的團隊。此管理團隊將全力以赴確保平穩過渡，不會對 ES 和 CSC 客戶造成任何干擾。現在，讓我把話題交給麥克勞瑞 (Mike Lawrie)。我和麥克彼此非常了解，我可以告訴你，他是一位世界級的首席執行官，擁有令人難以置信的才華和對他的事業無限的熱情。

Once the deal closes, I look forward to working with him to build our new Company. Mike?

一旦交易完成，我期待與他合作建立我們的新公司。麥克風？

Thank you, Meg. I am excited about the great potential this merger brings to our people, to our clients, to our partners and investors, both at CSC and HPE's Enterprise Services division. And let me tell you why.

謝謝你，梅格。我很高興看到此次合併將為 CSC 和 HPE 企業服務部門的員工、客戶、合作夥伴和投資者帶來巨大的潛力。讓我來告訴你為什麼。

Over the past few years, our two organizations have been embarked on critical turnarounds and broad-based transformations. Not everyone is aware of this, but Meg and I joined our respective companies within about six months of each other.

過去幾年來，我們兩個組織都開始了重大轉變和廣泛的變革。並不是每個人都知道這一點，但梅格和我是在大約六個月內加入各自的公司的。

And I am pleased to be able to say that in recent years, both our organizations have been on upward trajectories, with significant improvements in financial performance and in client satisfaction scores. And the progress has been real, and it has been measurable. Both of our companies separated last year, within a month of one another, into more client focused, pure play entities aimed at specific markets and core industries.

我很高興地說，近年來，我們兩個組織都呈現上升趨勢，財務表現和客戶滿意度都有顯著提升。而且進步是真實的，而且是可衡量的。我們兩家公司去年在一個月內分拆成更以客戶為中心、專注於特定市場和核心產業的實體。

And today's announcement, the coming together of these two organizations, is the next logical step, building on their progress to date and significantly accelerating their transformation. The new Company will be a global top three leader in IT services, one that is uniquely positioned to lead clients in their digital transformations. Our organizations are highly complementary.

今天宣布的這兩個組織的合併是合乎邏輯的下一步，它將在迄今取得的進展的基礎上進一步加快其轉型。新公司將成為全球三大IT服務領導者之一，擁有獨特的優勢，能夠引領客戶實現數位轉型。我們的組織高度互補。

HPE Enterprise Services has a proud legacy, and brings focus and agility and the ability to drive faster outcomes for clients, along with a first rate sales organization. CSC brings deep industry expertise, innovation and next-generation technologies, and an exceptional partner network, among other strengths.

HPE 企業服務擁有引以為傲的傳統，擁有專注力、敏捷性以及為客戶帶來更快成果的能力，同時擁有一流的銷售組織。CSC 擁有深厚的產業專業知識、創新和下一代技術以及卓越的合作夥伴網路等優勢。

And together, as an agile, technology independent services pure play, we will be better positioned to innovate and compete and win against both emerging and established players. We will have substantial scale to serve customers more efficiently and effectively worldwide. We will have a highly competitive cost structure to take advantage of our distinct growth opportunities, resulting in the capital capacity to invest and grow both organically and inorganically.

作為一家敏捷、技術獨立的服務純企業，我們將處於更有利的位置進行創新和競爭，並戰勝新興和老牌企業。我們將擁有龐大的規模，以便更有效率、更有效地為全球客戶提供服務。我們將擁有極具競爭力的成本結構，以利用我們獨特的成長機會，從而獲得有機和無機投資和成長的資本能力。

We will strengthen and grow client relationships that cover more than three-quarters of the Fortune 500, with less than 15% overlap across our top accounts. We will leverage a combined portfolio that will include leading solutions in areas like managed security, cloud IP, enterprise applications, and big data and analytics, along with combined BPO leadership in healthcare and insurance, and banking and capital markets. But most importantly, this great leap forward in our transformation will enable our people to better innovate, to compete and adapt to an ever-changing marketplace.

我們將加強並發展與財富 500 強企業四分之三以上的客戶關係，其中頂級客戶之間的重疊率不到 15%。我們將利用合併後的產品組合，其中包括託管安全、雲端 IP、企業應用程式、大數據和分析等領域的領先解決方案，以及醫療保健和保險、銀行和資本市場領域的 BPO 領導地位。但最重要的是，我們轉型中的這一重大飛躍將使我們的人民能夠更好地創新、競爭和適應不斷變化的市場。

Employees will become part of a very strong and focused global enterprise that is positioned for success, one that enables them to take advantage of the diverse career development and growth opportunities of a larger global enterprise. And as a pure play services leader, our new Company will be able to operate independent of any single hardware provider, establishing the right partnerships for success. And at the same time, CSC and HPE will have long-term agreements in place to ensure that current customer commitments continue to be met, and our relationship will be stronger and our collaboration deeper.

員工將成為一個非常強大且專注的全球性企業的一部分，該企業為成功做好了準備，使他們能夠利用更大的全球性企業多樣化的職業發展和成長機會。作為純粹的服務領導者，我們的新公司將能夠獨立於任何單一硬體供應商運營，建立正確的合作夥伴關係以取得成功。同時，CSC 和 HPE 將達成長期協議，以確保繼續履行當前客戶承諾，我們的關係將更加牢固，合作將更加深入。

Before I hand it back to Meg, I would just like to take a moment to thank the teams at both companies for their hard work and resilience in driving our respective transformations. Through your efforts, we are at a place where we can bring our two great organizations together. That includes our team at CSC, and also the HPE Enterprise Services team under Mike Nefkens.

在將權力交還給梅格之前，我想花一點時間感謝兩家公司的團隊在推動我們各自的轉型過程中所付出的辛勤工作和堅韌不拔的精神。透過你們的努力，我們能夠將兩個偉大的組織團結在一起。其中包括我們 CSC 的團隊，以及 Mike Nefkens 領導的 HPE 企業服務團隊。

I am pleased that Mike has agreed to stay with the Company in a senior position, reporting to me, and that he will be playing a crucial role in helping build and grow our new Company. And I am looking forward to working with Meg as a member of the new Company's Board.

我很高興麥克同意留在公司擔任高階職位，向我匯報工作，並將在幫助建立和發展我們新公司方面發揮關鍵作用。我期待作為新公司董事會成員與梅格共事。

So let me just reiterate my excitement about our two organizations coming together to better serve clients around the world and deliver value for our shareholders. We recognize that we are just at the beginning of this process, with a lot of work to do. By staying laser focused and working in the same collaborative spirit that has gotten us to this point, we can get to the finish line faster and in a great position to launch the new Company.

因此，讓我再次表達我對我們兩家公司合併的興奮之情，我們將更好地服務全球客戶，為股東創造價值。我們認識到我們才剛開始這一進程，還有很多工作要做。透過保持高度專注並本著使我們達到這一點的相同協作精神，我們可以更快地到達終點線，並處於有利位置來啟動新公司。

My colleagues at CSC and I look forward to working with everyone at HPE Enterprise Services. So now, let me hand it back to you, Meg.

我和 CSC 的同事期待與 HPE 企業服務部的所有人合作。現在，讓我把它交還給你，梅格。

Thank you, Mike. I look forward to a close relationship and what I believe will be a game changing new Company in the global IT services market. Mike will stay with us during the Q&A portion of the call.

謝謝你，麥克。我期待建立密切的合作關係，並相信這將成為全球 IT 服務市場上改變遊戲規則的新公司。在電話會議的問答環節中，麥克將與我們在一起。

Now, I will open it up to questions.

現在，我將開始回答問題。

(Operator instructions)

（操作員指示）

Our first question is from Maynard Um, Wells Fargo.

我們的第一個問題來自富國銀行的 Maynard Um。

Meg, can you talk about the remaining portions of your business? It seems it is definitely more transactional. Do you anticipate that we should think about more transactions happening here, whether it is accelerated M&A or spinoffs or a sale? How should we think about that? And then I have a follow-up.

梅格，您能談談您業務的剩餘部分嗎？看起來它確實更具交易性。您是否預計我們應該考慮這裡發生的更多交易，無論是加速併購還是分拆或出售？我們該如何看待這個問題？然後我有一個後續問題。

Thanks, Maynard. So we are actually very excited about what will become a standalone Hewlett Packard Enterprise. Our focus is going to be on next gen software defined infrastructure with a world-class portfolio of servers, storage, networking, converged infrastructure, hyper-converged, Helion -- our Helion Cloud platform and our software assets. And you probably have guessed by now that I am now a devotee of focus. And this is going to be a laser-like focused Company that, as I think you know, is higher growth, higher margin, with more robust free cash flows. And it's going to be well-capitalized.

謝謝，梅納德。因此，我們對即將成為獨立的惠普企業感到非常興奮。我們的重點將放在下一代軟體定義基礎架構上，其中包括世界一流的伺服器、儲存、網路、融合基礎設施、超融合、Helion——我們的 Helion 雲端平台和我們的軟體資產。您可能已經猜到了，我現在是一個專注的信徒。這將是一家高度專注的公司，我想您也知道，它將擁有更高的成長、更高的利潤率和更強勁的自由現金流。而且它的資本也將充足。

So we don't necessarily think there is a need for acquisitions, but if we find the right companies, we certainly will move. And let me just recap the kind of acquisitions that have worked well for this Company in the past. Complementary technologies that we can put through our excellent distribution and support system. So think 3PAR, 3COM, Aruba. All three of those acquisitions have been fantastic for Hewlett Packard Enterprise, and so we will keep our eyes out for those kinds of acquisitions. Unfortunately, there are not a lot of those around, but to the extent we see them, we will not hesitate to move.

因此，我們不一定認為有必要進行收購，但如果我們找到合適的公司，我們肯定會採取行動。讓我簡單回顧一下過去對本公司來說效果良好的收購類型。我們可以透過我們優秀的分銷和支援系統來實現互補的技術。因此考慮 3PAR、3COM、Aruba。這三次收購對惠普企業來說都是非常有利的，因此我們將密切關注此類收購。不幸的是，周圍這樣的人並不多，但是一旦我們看到，我們就會毫不猶豫地採取行動。

And as Tim said, remember our capital allocation strategy is returns-based. Right now, we really think there is incredible value in our stock price. And Tim announced we're going to be buying back using 100% of our free cash flow, in addition to half of the H3C proceeds. And we just got an increase in authorization of share buyback from our Board.

正如蒂姆所說，請記住我們的資本配置策略是基於回報的。現在，我們確實認為我們的股價具有令人難以置信的價值。提姆宣布，除了一半的 H3C 收益外，我們還將使用 100% 的自由現金流進行回購。我們剛剛從董事會獲得了增加股票回購的授權。

Great. And then on the margin outlook for ES and servers, how should we be thinking -- should we be thinking more along the lines of 7% to 9% margins now for the ES business, and low teens digits on the server side? Thank you. Or I'm sorry, the EG group. Thanks.

偉大的。那麼，關於 ES 和伺服器的利潤前景，我們應該如何考慮——我們是否應該更多地考慮 ES 業務的利潤率為 7% 到 9%，而伺服器端的利潤率為 10% 以下？謝謝。或對不起，EG組。謝謝。

Yes, sure. I would say on ES, as we talked about, we feel much more comfortable at the 7% range for this year. Again, we have a lot of momentum in that business. A lot of the activities that the team has done through the transformation are starting to feed through to the P&L. So 7% to 9% is what we would have. It may be conservative, but again, we need to get some -- continue to execute, and there is more work to do there. So we are prudent at the 7% to 9%.

是的，當然。我想說，就 ES 而言，正如我們所討論的，我們對今年 7% 的範圍感到更加滿意。再次強調，我們在該業務上擁有很大的發展動能。團隊透過轉型完成的許多活動都開始影響損益表。所以我們希望達到 7% 到 9% 的水平。這可能是保守的，但同樣，我們需要得到一些東西——繼續執行，並且還有更多的工作要做。因此，我們對 7% 到 9% 的比例持謹慎態度。

On the EG front, margins were down about 240 basis points. That's primarily driven by foreign exchange, some tier 1 mix, and to a lesser degree the R&D investments we have made. We are a little bit heavy in tier 1 right now. If you'll recall, we launched the cloud line -- product line where we're seeing a lot of momentum, we launched that in the second half of last year. So we are a little bit heavier weighted in tier 1. We expect that to normalize in the second half. I think margins there will be stable in the near term. And if you look longer term, we may even see some expansion, or we would expect to see some expansion, as you think about further growth in Aruba, converged storage, and those types of areas.

在EG方面，利潤率下降了約240個基點。這主要受到外匯、一些一級組合以及（較小程度上）我們所做的研發投資的推動。目前，我們在第一層的壓力有點大。如果你還記得的話，我們推出了雲線——我們看到了很大的發展勢頭的產品線，我們在去年下半年推出了它。因此，我們在第一層級的權重稍微大一些。我們預計這種情況將在下半年恢復正常。我認為那裡的利潤率在短期內將會保持穩定。如果你從長遠來看，我們甚至可能會看到一些擴張，或者我們預計會看到一些擴張，因為你考慮到 Aruba、融合儲存和這些領域的進一步成長。

And then Maynard, don't forget about when we get -- in March 31 of 2017, the combined Company of CSC and our Enterprise Services division, we announced $1.5 billion of synergies on an ongoing basis. And we're really confident of that. And Mike, I might just ask you to comment on what you think, in terms of the synergies of the new Company.

然後梅納德，別忘了我們在 2017 年 3 月 31 日，CSC 和我們的企業服務部門合併後的公司，我們宣布持續實現 15 億美元的協同效應。我們對此非常有信心。麥克，我可能只是想請你就新公司的綜效發表一下你的看法。

Yes, we have taken a pretty deep look at this and have categorized this. So we feel that we really have got a very actionable plan that we can begin to execute, once we close the transaction at the end of March. So Meg, I think that number is a very strong number.

是的，我們對此進行了深入研究並進行了分類。因此，我們覺得我們確實有一個非常可行的計劃，一旦我們在三月底完成交易，我們就可以開始執行。所以梅格，我認為這個數字是一個非常強大的數字。

Great, thank you, Maynard. Can we have the next question, please?

太好了，謝謝你，梅納德。我們可以問下一個問題嗎？

The next question is from Toni Sacconaghi, Bernstein.

下一個問題來自伯恩斯坦的托尼·薩科納吉。

Yes, thank you. I have a couple questions related to services and the transaction. I guess the first question is, why now, Meg? The business has a lot of momentum in terms of profit improvement. I understand the $8.5 billion consideration, but this business is going to earn over $1 billion in net income this year, could be closer to $1.3 billion, $1.4 billion, going forward.

是的，謝謝。我有幾個與服務和交易相關的問題。我想第一個問題是，為什麼是現在，梅格？該業務在利潤提升方面具有很大的發展動能。我理解 85 億美元的代價，但這項業務今年的淨收入將超過 10 億美元，未來可能接近 13 億美元、14 億美元。

So you're ascribing a value of 6.5 to 8 times to that business, when operating profit under your previous plan would have been growing pretty healthily. So I guess the question is, why now, when you are at the cusp of improvement and arguably could have gotten paid for that in your stock price? And how did you determine the value? And I have a follow-up, please.

因此，您將該業務的價值定為 6.5 到 8 倍，而按照您先前的計劃，營業利潤將會非常健康地增長。所以我想問題是，為什麼是現在，當你正處於改善的邊緣，並且可以說可以從你的股價中獲得回報時？您是如何決定該價值的？我還有一個後續問題，請回答。

Yes, sure. We are actually very pleased with the turnaround that we have executed in enterprise services. And I would say the time is right now because we believe this industry actually will consolidate, and it is better to be on the front end of a consolidation play than the back end of the consolidation play. And while there is more margin expansion here, we actually think the ability to accelerate the turnaround of ES will happen in the combined entity of CSC and ES.

是的，當然。事實上，我們對企業服務領域所取得的轉變感到非常滿意。我想說現在正是時候，因為我們相信這個產業實際上將會整合，而處於整合的前端比處於整合的後端更好。雖然這裡的利潤率擴張更多，但我們實際上認為加速 ES 扭虧為盈的能力將在 CSC 和 ES 的合併實體中實現。

And recall that our shareholders will own 50% of this new entity, so they will be party to that -- a 50% of the synergies, 50% of the operational improvements, 50% of the synergy improvement. So in some ways, the shareholders get the best of both worlds. They get to maintain a position in Hewlett Packard Enterprise in a more focused, software defined data center and edge strategy, and they get to ride the upside -- half the upside that they would've gotten had it stayed with us. And my view is, the upside will be bigger with CSC and ES together.

回想一下，我們的股東將擁有這個新實體的 50%，所以他們將參與其中——50% 的協同效應、50% 的營運改善、50% 的協同效應改進。因此從某種程度上來說，股東可以兩全其美。他們可以在惠普企業中保持一席之地，採用更專注的軟體定義資料中心和邊緣策略，並且可以享受到好處——如果繼續留在我們這裡，他們所能獲得的好處只有一半。我的觀點是，CSC 和 ES 的結合將帶來更大的好處。

And I guess the other reason is, why now, is the business is in a good position. 2 years ago, we were struggling in this business. We have diversified the revenue. We have taken cost out. Revenue has stabilized. We have developed some new product lines, and I think combined with CSC, it is going to be a powerhouse IT services company.

我想另一個原因是，現在業務狀況良好。兩年前，我們在這個行業裡苦苦掙扎。我們已經實現了收入多元化。我們已經扣除了成本。收入已趨於穩定。我們已經開發了一些新的產品線，我認為與 CSC 結合後，它將成為一家強大的 IT 服務公司。

And just to follow up along those lines, Meg, I am trying to understand what will really be incremental from the merger. You had outlined 30,000 person headcount reduction as part of your original ES plan, and growth savings of $2.7 billion. And so I would like to understand, when the deal is consummated, how much of that will have been captured? And then is the $1.5 billion you're talking about just the continuation of what was already in the plan? Or is it truly incremental? Because at least by my math, a lot of it doesn't feel like it is incremental, because I do not think you're going to be done with your original restructuring plan by March 31, 2017.

梅格，為了延續這個思路，我試著去了解合併後真正會帶來什麼增量。您已在最初的 ES 計劃中概述了裁員 30,000 人以及節省 27 億美元的成長成本。所以我想了解一下，當交易完成時，其中有多少會被捕獲？那麼，您所說的 15 億美元只是計畫中已有內容的延續嗎？還是它真的是增量的？因為至少根據我的計算，其中許多看起來並不像是漸進的，因為我不認為你會在 2017 年 3 月 31 日之前完成你最初的重組計劃。

So we will not be done with the entire restructuring plan, but we will be done with a big chunk of it. Basically, probably, I would say 60% of it, maybe almost 70% of it, and that $1.5 billion of synergy is incremental. And it's things like, between the two companies' 95 data centers, okay, we definitely do not need 95 data centers. Multiple offshore locations and delivery centers. We will be able to consolidate delivery centers and leverage our position in India and China and Costa Rica and other places.

因此，我們不會完成整個重組計劃，但我們會完成其中的一大部分。基本上，我可能會說其中的 60%，也許接近 70%，而 15 億美元的協同效應是增量的。就像，兩家公司有 95 個資料中心，好吧，我們肯定不需要 95 個資料中心。多個離岸地點和配送中心。我們將能夠整合交付中心並利用我們在印度、中國、哥斯達黎加和其他地方的地位。

We will be able to leverage our selling teams that will be able to, I think, do more in the context of this combined entity. So our estimate is those $1.5 billion of synergies is completely incremental, and we will probably 60% to 70% of the way through the transformation and the cost reduction.

我們將能夠利用我們的銷售團隊，我認為，他們將能夠在合併後的實體中做更多的事情。因此，我們估計這 15 億美元的協同效應完全是漸進的，我們大概會透過轉型和成本削減實現 60% 到 70% 的協同效應。

Thank you.

謝謝。

Great. Thank you, Tony. Can we have the next question, please?

偉大的。謝謝你，托尼。我們可以問下一個問題嗎？

The next question is from Sherri Scribner of Deutsche Bank.

下一個問題來自德意志銀行的謝裡‧斯克里布納 (Sherri Scribner)。

I was hoping to get a little detail on the impact of the HC3 divestiture on the second half results. Primarily, is it going to show up in terms of lower revenue in the networking number? Or should we also see an impact to servers and storage from that divestiture?

我希望了解 HC3 資產剝離對下半年業績的影響的詳細資訊。首先，這是否會反映為網路收入的下降？或者我們也應該看到此次資產剝離對伺服器和儲存的影響？

Yes, sure. You will see that in the second half. It is about $0.05. We're estimating most of that is from operating profit. There is some stranded costs that we need to take out, now that the deal is closed. You will see most of that show up in the networking and a little bit in TS, as well.

是的，當然。您將在下半場看到這一點。大約是 0.05 美元。我們估計其中大部分來自營業利潤。交易已經完成，我們需要消除一些擱淺成本。您會看到其中大部分內容出現在網路中，少量內容也出現在 TS 中。

Okay, but on the revenue side, it will mostly be on the networking?

好的，但是從收入方面來看，主要還是來自網路嗎？

Correct.

正確的。

(multiple speakers) [I don't think] there will be much impact at all or servers or storage or converged infrastructure or the Helion Cloud platform or our software, or frankly ES.

（多位發言者）[我認為]不會對伺服器、儲存、整合基礎架構、Helion 雲端平台、我們的軟體，或坦白說 ES 產生太大影響。

Okay, perfect. And then thinking about the divestiture of the services business, how will you structure your private cloud solutions, going forward? Will they sit on the HPE side? Will they sit on the new business side? And how will you offer those solutions to your customers?

好的，完美。然後考慮剝離服務業務，未來您將如何建立您的私有雲解決方案？他們會站在 HPE 這邊嗎？他們會坐在新業務方面嗎？您將如何向您的客戶提供這些解決方案？

Yes, so the Helion Cloud platform, as a whole, will sit on the Hewlett Packard Enterprise side. So for example, private cloud, we're the world leader in private cloud, in our Helion CloudSystem platform that is built on open stack. And then, of course, the software business around CSA and other products, in terms of one pane of glass to manage a multi-cloud environment will sit with Hewlett Packard Enterprise. However, virtual private cloud and managed private cloud is today delivered by ES, and in the future will be delivered by CSC ES.

是的，因此 Helion Cloud 平台作為一個整體將位於惠普企業一側。以私有雲為例，我們是私有雲領域的全球領導者，我們的 Helion CloudSystem 平台建立在開放堆疊之上。當然，圍繞 CSA 和其他產品的軟體業務（就管理多雲環境的單一玻璃而言）將由惠普企業負責。不過，虛擬私有雲和託管私有雲目前是由ES交付的，未來將由CSC ES交付。

And we're just going to be working very closely together to make sure that there is a seamless offering in the marketplace when someone wants a private cloud, plus VPC or MPC. And then obviously, we have a relationship with Azure and CSC has a relationship with AWS. So the new Company will be able to offer both to customers, which I think is going to be a real benefit. And Mike, do you want to add anything to that?

我們將緊密合作，確保當有人需要私有雲、VPC 或 MPC 時，市場上能夠提供無縫產品。顯然，我們與 Azure 有關係，CSC 與 AWS 有關係。因此，新公司將能夠向客戶提供這兩種服務，我認為這將帶來真正的好處。麥克，你還有什麼要補充的嗎？

I think that's the real benefit, is we're going to be able to provide our clients a wide range of solutions. I'm anxious to be able to get access to some of the investments that, Meg, you and the Company have made over the past couple of years. Because you have got some leading solutions, and that all can be brought now to our customers through the sales force and the delivery forces that we have as a result of the combined companies.

我認為這才是真正的好處，我們將能夠為客戶提供廣泛的解決方案。梅格，我迫切希望能夠了解您和公司在過去幾年所做的一些投資。因為你們已經獲得了一些領先的解決方案，並且現在可以透過合併後的公司所擁有的銷售團隊和交付團隊將這些解決方案帶給我們的客戶。

Great, thank you, Sherri. Can we have the next question, please?

太好了，謝謝你，謝裡。我們可以問下一個問題嗎？

The next question is from Katy Huberty at Morgan Stanley.

下一個問題來自摩根士丹利的凱蒂休伯蒂 (Katy Huberty)。

Good afternoon. Tim, can you just clarify, in the free cash flow guidance for this yea? Should we subtract the $300 million from the $2 billion to $2.2 billion range? Or do you expect to offset some of that $300 million hit? And then what is the normalized free cash flow with all the divestitures, in comparison to that $3.7 billion number that you talked about at the analyst day? And then I have a follow-up.

午安.提姆，你能澄清一下今年的自由現金流指引嗎？我們是否應該從 20 億到 22 億美元範圍內減去 3 億美元？或者您希望抵消 3 億美元部分損失？那麼，與您在分析師日談到的 37 億美元相比，所有資產剝離後的正常自由現金流是多少？然後我有一個後續問題。

Yes, sure. We are reducing the guide from $2 billion to $2.2 billion, down to $1.7 billion to $1.9 billion. So that is a new guide for the year. And if you think about that, it is really three components. There's $200 million of pressure from the H3C divestiture, so that does not show up in our free cash flow. There is about $300 million that are related to the separation costs now for the ES transaction.

是的，當然。我們將指導金額從 20 億美元下調至 22 億美元，降至 17 億美元至 19 億美元。這就是今年的新指南。如果你仔細想想，它實際上由三個部分組成。H3C 資產剝離給我們帶來了 2 億美元的壓力，因此這不會反映在我們的自由現金流中。目前，ES 交易的分離成本約為 3 億美元。

And then those will be partially offset by working capital improvement. So we continue to see momentum, particularly if you look at extended payment terms, if you look at just being a little bit more disciplined around payment exceptions and things of that nature. So net-net, we will reduce the guide by $300 million. I think about it as primarily driven by the H3C divestiture. From a normalized perspective, I would say normalized would probably be around maybe [3.5], north of [3.5], [3.8], something like that.

然後這些將透過營運資本改善得到部分抵銷。因此，我們繼續看到這種勢頭，特別是如果你考慮延長付款期限，如果你考慮對付款例外情況和諸如此類的事情採取更嚴格的紀律。因此，我們將把指導價減少 3 億美元。我認為這主要是由於 H3C 資產剝離所致。從正常化的角度來看，我認為正常化可能在3.5左右，或3.5以上，3.8左右，諸如此類。

Okay. And then Meg, one of the reasons HP originally purchased DDS was the potential of revenue synergies, as that business pulled more HP systems and software. As you look to separate those businesses, are there revenue dis-synergies that we should now think about? Thanks.

好的。然後梅格，惠普最初收購 DDS 的原因之一是其潛在的收入協同效應，因為該業務吸引了更多的惠普系統和軟體。當您考慮分離這些業務時，我們是否應該考慮收入不綜效應？謝謝。

Yes, no, we don't believe that that will be case. You are right, one of the predicates of the EDS acquisition was pull-through of our infrastructure business as well as our software business. And by the way, that has been realized. So we've got a commercial agreement with the new Company, CSC ES, that will keep those level of pull-through the same for 3 years.

是的，不，我們不相信會出現這種情況。您說得對，收購 EDS 的前提之一就是拉動我們的基礎設施業務和軟體業務。順便說一句，這已經實現了。因此，我們與新公司 CSC ES 達成了一項商業協議，該協議將在 3 年內保持相同的拉動水準。

Now, we hope we will actually be able to do more with CSC, because we haven't really had access to their book of business. And they've got a very strong business, and as Mike said, they are interested in our products and software, and we have to go in and earn that business. But that is one of the things that we intend to do. So at a very minimum, baseline will be maintained, and there's an upside in terms of earning more business with CSC.

現在，我們希望能夠與 CSC 進行更多合作，因為我們還沒有真正接觸過他們的業務。他們的業務非常強大，正如麥克所說，他們對我們的產品和軟體感興趣，我們必須進入並贏得這項業務。但這是我們打算做的事情之一。因此，至少，基線將得到維持，並且從與 CSC 開展更多業務的角度來看，這是一個好處。

Can we have the next question, please?

我們可以問下一個問題嗎？

The next question is from Brian Alexander, Raymond James.

下一個問題來自 Raymond James 的 Brian Alexander。

Could you just clarify whether you're still expecting constant currency revenue growth for all of FY16, adjusting for the H3C divestiture? And if so, how do you think the second half will compare to the first half? Thanks.

您能否澄清一下，在調整 H3C 資產剝離的影響後，您是否仍預計 2016 財年全年的貨幣收入將保持持續增長？如果是這樣，您認為下半年與上半年相比如何？謝謝。

Sure, yes, we do still expect to see revenue growth for the total year, in constant currency. The one thing that I would say is that the growth rates will be a little bit more normalized, if you will, in the second half. There will be less FX pressure, as an example. Because again, if you look at the second quarter, most of that FX pressure was driven by the hedge gains that we received in the second quarter of last year that did not repeat this year. So that will tend to normalize. So we expect to grow, but it will be a little bit more muted, I would say, versus the first half, because again, the compares get a little bit tougher, too, as well, in the second half.

當然，是的，我們仍然預計以固定匯率計算全年收入將實現成長。我想說的是，下半年的成長率將會更加正常化。例如，外匯壓力將會減少。因為如果你再看一下第二季度，你會發現大部分外匯壓力是由我們去年第二季度獲得的對沖收益所驅動的，而今年這種情況並沒有重演。因此這將趨於正常化。因此，我們預計會成長，但我想說，與上半年相比，成長會更加緩慢，因​​為下半年的比較也會變得更加困難。

Okay, thank you.

好的，謝謝。

Thank you, Brian. Can we have the next question, please?

謝謝你，布萊恩。我們可以問下一個問題嗎？

Next question, Kulbinder Garcha, Credit Suisse.

下一個問題是瑞士信貸的 Kulbinder Garcha。

My question is for is for Meg. Meg, you mentioned earlier on that you are a devotee, I think, of focus. And we have seen HPE go from being a $100 billion business to a $50 billion business to now a $33 billion business. My question would be, then, why would the remaining assets, do they belong together?

我的問題是針對梅格 (Meg) 的。梅格，你之前提到過，我認為你是個專注的信徒。我們見證了 HPE 從價值 1000 億美元的企業發展成為一家價值 500 億美元的企業，現在又發展成為一家價值 330 億美元的企業。那我的問題是，為什麼剩餘的資產應該歸為一類？

Has any thought been given around optimizing the remaining portfolio further? For example, I think most people would understand that you have a reasonably sub-scale software business. Does that really belong with HP Enterprise? Have you thought about pruning even further, going forward? Or do you think this is really the asset base and technology base that HP Enterprise required to thrive long-term?

有沒有考慮進一步優化剩餘的投資組合？例如，我想大多數人都會理解，你的軟體業務規模相當小。這真的屬於 HP Enterprise 嗎？您是否考慮過今後進一步修剪？或者您認為這確實是惠普企業長期發展所需的資產基礎和技術基礎？

Yes, so we're happy with the performance of the overall portfolio. You saw the growth in EG. Software grew in constant currency when you normalized for M&A. And when you think about the software defined data center, I'm really quite happy with the performance of the assets. So obviously, over time, we continue to ensure that we've got the right set of assets. Someone earlier on the call asked whether we would do M&A or some divestiture? Listen, we're going to continue to optimize the set of assets that we have, but we're really happy with the current portfolio.

是的，我們對整體投資組合的表現感到滿意。您看到了 EG 的成長。當你將併購標準化時，軟體的貨幣價值就會不斷成長。當您考慮軟體定義的資料中心時，我對資產的效能感到非常滿意。因此顯然，隨著時間的推移，我們將繼續確保我們擁有正確的資產。之前電話中有人問我們是否會進行併購或資產剝離？聽著，我們將繼續優化我們擁有的資產組合，但我們對目前的投資組合非常滿意。

Thank you.

謝謝。

Great, thank you Kulbinder. Can we have the next question, please?

太好了，謝謝你，Kulbinder。我們可以問下一個問題嗎？

The next question is from Rod Hall at JPMorgan.

下一個問題來自摩根大通的羅德霍爾 (Rod Hall)。

Thanks for taking my question. I guess I have two. One, I wanted to see if you guys could walk us through the -- you said $4.5 billion of equity value, I think for 50% in the new entity. Can you just walk us through your calculation on that? How you are getting there?

感謝您回答我的問題。我想我有兩個。首先，我想看看你們能否跟我們講一下——你們說的 45 億美元股權價值，我認為是新實體的 50%。能向我們簡單介紹一下您的計算嗎？你怎麼去那裡？

And then the second question, I wanted to go back to the synergies question, and ask whether you think there will be any revenue dissynergy? Is there overlap in revenues that would create some dissynergy there that we should be netting against the $1.5 billion incremental? Thank you.

然後第二個問題，我想回到協同效應問題，並問您是否認為會出現任何收入不協同？是否存在收入重疊，從而產生一些不協同效應，以至於我們應該抵消 15 億美元的增量？謝謝。

Yes, so I will get Mike Lawrie to address the revenue dis-synergies. He mentioned that we have a very small overlap of customers, only 15%, but you might talk about that.

是的，所以我會讓 Mike Lawrie 來解決收入不協同的問題。他提到，我們的客戶重疊很小，只有 15%，但您可以談談這個。

Correct. Yes, we just don't see that much dissynergy here. With the -- when we went through the top 200 accounts, we had less than a 15% overlap. So it is really two different customer sets. So when you think about it, it makes a lot of sense, because many of our losses were HPE's gains, and vice versa, although it was mostly losses on our side. So when you think about it, it really is truly a new market opportunity for us. And that is why we do not think there will be very many revenue dis-synergies, and why there is such an opportunity to expand the business that we're doing together.

正確的。是的，我們只是沒有看到那麼多的不協同效應。當我們查看前 200 個帳戶時，重疊率不到 15%。所以這其實是兩組不同的客戶。所以，當你仔細想想，這很有道理，因為我們的許多損失都是 HPE 的收益，反之亦然，儘管這主要是我們的損失。所以，想想看，這對我們來說確實是一個新的市場機會。這就是為什麼我們認為不會出現太多收入不協同的情況，以及為什麼我們有機會擴大共同開展的業務。

And then let me walk through, at a high level, the deal mechanics, and then I will ask Chris Hsu, who is our Chief Operating Officer, who helped negotiate this deal, to give a bit more detail. So we'd started out with, what is the value of the enterprise services asset? And as you saw from the release, the headline value there is $8.5 billion. Now, we wanted to make sure we did a 50/50, merger of equals, tax-free spin merge of enterprise services into this new entity.

然後，讓我從高層介紹交易機制，然後我會請我們的營運長 Chris Hsu（他幫忙談判了這筆交易）提供更多細節。那我們首先要問的是，企業服務資產的價值是多少？正如您從新聞稿中看到的，其總價值為 85 億美元。現在，我們希望確保以 50/50 的比例、平等合併、免稅的方式將企業服務合併到這個新實體中。

And so obviously, we made some -- we negotiated some adjustments to that. So first of all, the new Company -- and I am calling it, for shorthand, CSC ES, will pay Hewlett Packard Enterprise, the future standalone Hewlett Packard Enterprise, $1.5 billion of cash after the deal closes. And we will assume $2.5 billion of liability, pension liability, as well as an old EDS $300 million bond. And then ES, or Hewlett Packard Enterprise, will actually subsidize some of that pension liability with offshore cash. So Chris, do you want to add any more detail to that?

因此，顯然，我們對此做出了一些調整——我們對此進行了協商。首先，新公司——我簡稱為 CSC ES——將在交易完成後向惠普企業（未來獨立的惠普企業）支付 15 億美元現金。我們將承擔 25 億美元的債務、退休金債務以及 EDS 的 3 億美元舊債券。然後，ES（惠普企業）實際上將使用離岸現金補貼部分退休金債務。那麼克里斯，你想補充更多細節嗎？

Sure, Meg. Meg, you hit most of the high points. We started with negotiating, like Meg said, the $8.5 billion. And at the time that we did the value, the equity value of CSC was about $4.6 billion. And we then developed a -- in order to get to the 50/50 merger of equals, to make this a tax-free spin under an RMT structure, we then developed a set of upfront considerations that Meg went through, with the cash dividend and then some transfer of liabilities. So that was roughly $3.9 billion.

當然，梅格。梅格，你已經觸及了大部分要點。正如梅格所說，我們開始談判 85 億美元。在我們進行估值時，CSC 的股權價值約為 46 億美元。然後，為了實現 50/50 的平等合併，為了使其成為 RMT 結構下的免稅合併，我們制定了一套前期考慮因素，Meg 經歷了現金股息和一些負債轉移。所以這大約是 39 億美元。

So the two components, the $3.9 billion of upfront considerations, plus the $4.6 billion of equity considerations in CSC stock, essentially makes up the $8.5 billion in total valuation. Now, the equity considerations that CSC will essentially issue stock at the time of the transaction, and that stock will essentially result in the Company being 50/50. And the price or the total value at the time of close will depend on where CSC is trading at that point in time.

因此，這兩個部分，即 39 億美元的前期對價，加上 46 億美元的 CSC 股票股權對價，基本上構成了 85 億美元的總估值。現在，股權考慮是 CSC 將在交易時發行股票，而該股票基本上將導致公司股權比例為 50/50。收盤時的價格或總價值將取決於當時 CSC 的交易情況。

Perfect, thank you. The next question, please?

非常好，謝謝。請問下一個問題？

The next question is from Steve Milunovich at UBS.

下一個問題來自瑞銀的史蒂夫·米盧諾維奇。

Thank you. I wanted to go back to this question about the pull-through. I would think that ES, while some of it is very independent, would have pulled through a fair amount of your EG business, particularly as we move more to cloud. And I'd like you to talk a little bit more about the commitments that you have. Are you the favored hardware supplier for the new Company?

謝謝。我想回到這個有關拉通的問題。我認為，儘管 ES 的某些部分非常獨立，但它將承擔相當一部分 EG 業務，特別是當我們更多地轉向雲端時。我希望您再多談談您所做出的承諾。您是新公司首選的硬體供應商嗎？

And I guess part of the point of being a pure services company is that they are fairly agnostic. And so do you lose that over time? So it is not obvious to me that you absolutely maintain what you have, and it's just a question of if it gets better, I'm a little worried, obviously, about whether it could get worse. And then conversely, what is getting rid of the services business, or half of it, do for you on the HPE side? What can you do now that you were not able to do previously?

我認為，作為一家純服務公司，他們的部分特質就是相當不可知。那麼隨著時間的推移，你會失去它嗎？因此，對我來說，你是否能完全維持現狀並不明顯，問題只是情況是否會變得更好，顯然，我有點擔心情況是否會變得更糟。那麼反過來說，從 HPE 角度來說，放棄服務業務（或放棄一半）會對您造成什麼影響？現在您可以做什麼而以前不能做？

Sure. So actually, we are very -- this was a very important part of the deal. Because the last thing I wanted to do was combine CSC with ES and then lose the infrastructure pull-through. That would not have been of value to Hewlett Packard Enterprise. So we have negotiated a deal that I think is very fair. It allows CSC to continue to work with people they've worked with in the past, but we've also got a commitment from them for the next 3 years.

當然。所以實際上，我們非常——這是交易中非常重要的一部分。因為我最不想做的就是將 CSC 與 ES 結合起來，然後失去基礎設施的拉通。這對惠普企業來說沒有任何價值。因此，我們達成了一項我認為非常公平的協議。它允許 CSC 繼續與過去合作過的人合作，但我們也得到了他們未來 3 年的承諾。

Beyond that, I am very confident that the work we will do in Hewlett Packard Enterprise will earn our way to that commitment. Think about our server lineup, our storage lineup, our networking lineup, our wired wireless LAN lineup, our converged infrastructure, hyper-converged and Helion Cloud platform. But we do have, if you will, a safety net for the next 3 years. But I also -- one of the benefits of a pure play services company is to be able to work with best-of-breed, and I know Mike wants to continue to do that. So I think we have struck a good thing that protects us in the near-term, but gives Mike the flexibility he needs to do solutions that are right for his customers.

除此之外，我非常有信心，我們在惠普企業所做的工作將使我們兌現這項承諾。想想我們的伺服器陣容、我們的儲存陣容、我們的網路陣容、我們的有線無線區域網路陣容、我們的整合基礎設施、超融合和 Helion 雲端平台。但如果你願意的話，我們確實有未來三年的安全網。但我也認為，純服務公司的優勢之一就是能夠與最優秀的公司合作，我知道麥克希望繼續這樣做。因此，我認為我們找到了一個好辦法，既能在短期內保護我們，又能為麥克提供所需的靈活性，以便他能為客戶找到合適的解決方案。

On the other side of it is, we do business today with some of ES's competitors. Think about Deloitte or Accenture or Capgemini or the Indian players, and we want to continue to grow that. And there -- just like for Mike, there is a benefit to being a pure play, there will be benefit for us, in terms of being primarily a software defined infrastructure company and software company. So we imagine growing the business with those players, as well.

另一方面，我們今天與 ES 的一些競爭對手有業務往來。想想德勤、埃森哲、凱捷或印度的參與者，我們希望繼續發展。就像麥克一樣，作為一家純粹的公司有其好處，作為一家軟體定義基礎設施公司和軟體公司，對我們來說也是有好處的。因此，我們也設想與這些參與者一起發展業務。

And by the way, this interestingly happened with the HPE/HP Inc split. When HP Inc became a separate company, all of a sudden, a lot of competitors who used to think they were competitors, to some degree, with our Company all of a sudden were very interested in the HP Inc offering. So we think that could happen to us, as well.

順便說一句，有趣的是，HPE/HP Inc 分割時也發生了這種情況。當惠普公司成為獨立公司時，突然之間，許多曾經認為在某種程度上與我們公司是競爭對手的競爭對手突然對惠普公司的產品或服務非常感興趣。所以我們認為這也可能發生在我們身上。

Great, thank you, Steve. Can we have the next question, please?

太好了，謝謝你，史蒂夫。我們可以問下一個問題嗎？

The next question is from Amit Daryanani, RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Amit Daryanani。

Thanks, good afternoon guys. Meg, the biggest question we keep getting right now is, what drove the transaction at this point for you guys? And really broadly, as you look at HPE post this transaction and after March 31, what do you think your revenue growth and EPS targets would look like, relative to IT spend over time?

謝謝，大家下午好。梅格，我們現在最大的疑問是，是什麼促使你們達成了這筆交易？從廣義上講，當您觀察 HPE 此次交易後以及 3 月 31 日之後的情況時，您認為相對於一段時間內的 IT 支出，您的收入增長和 EPS 目標會是什麼樣的？

Yes, listen, part of the benefit of this transaction is focused on a smaller number of businesses that I think play into a sweet spot in IT spend. So the objective of standalone HPE will be all about helping customers optimize and modernize their traditional IT spend, which by the way is still 88% of the spend in the marketplace, and transition to a multi-cloud environment. And also deploy, obviously, the software assets. So we're not giving revenue guidance and EPS guidance for the standalone Company, and I am certain we will closer to March 31.

是的，聽著，這筆交易的部分好處集中在少數企業上，我認為這些企業在 IT 支出方面發揮最佳作用。因此，獨立 HPE 的目標是幫助客戶優化和現代化其傳統 IT 支出（順便說一下，這仍然佔市場支出的 88%），並過渡到多雲環境。顯然，還要部署軟體資產。因此，我們不會為獨立公司提供收入指導和每股收益指導，但我確信我們會在 3 月 31 日之前提供。

But we expect to go at or above the market rate, as we did this quarter. I think it is important to look at our results this quarter, for enterprise group and software. I think they are the best indication that we have got a winning company here. We outgrew the market. We outgrew every single competitor. Gained share in every single one of our -- against our infrastructure competitors.

但我們預計其價格將達到或超過市場價格，就像本季一樣。我認為查看本季度企業集團和軟體的業績非常重要。我認為它們最好地表明我們在這裡擁有一家成功的公司。我們的規模已經超出了市場的承受能力。我們超越了每一個競爭對手。在與基礎設施競爭對手的競爭中，我們在每個領域都獲得了市場份額。

And I think what you have now is the enterprise group and software on a roll. And the investments that we have made in R&D, the investments we have made in a fire in the belly sales force. We have done a complete transformation of our sales force around not only our channel, but also direct selling. And then if you think about how we've optimized marketing spend over the last couple of years, we're doing better in demand gen digital marketing than we had ever done. So I think you've got a little powerhouse in software defined infrastructure and software.

我認為現在你們的企業集團和軟體業務都進展順利。我們在研發方面所做的投資，我們在強大的銷售團隊所做的投資。我們對銷售團隊進行了徹底的轉型，不僅包括管道，還包括直銷。然後，如果您想想我們在過去幾年中如何優化行銷支出，我們在需求產生數位行銷方面的表現比以往任何時候都要好。所以我認為你們在軟體定義的基礎設施和軟體方面擁有一股強大的力量。

Perfect, thank you, Amit. Can we have the next question, please?

太好了，謝謝你，阿米特。我們可以問下一個問題嗎？

The next question is from Ittai Kidron, Oppenheimer.

下一個問題來自奧本海默的 Ittai Kidron。

Thanks. This is Ittai. Question for Tim. Tim, I wanted to drill down a little bit into your third-quarter guidance, especially on the EPS, which is below the Street by about $0.04. How much of this is the H3C transaction? I think you about talked about a $0.05 loss there. And is that also the reason you're looking for a very fourth quarter weighted EPS upside? Can you walk us through some of the elements for that variability?

謝謝。這是伊泰。問蒂姆一個問題。提姆，我想深入了解你對第三季的預期，特別是每股收益，它比華爾街預期低了約 0.04 美元。其中H3C交易金額有多少？我認為您談到了那裡的 0.05 美元損失。這是否也是您期待第四季加權每股收益上漲的原因？您能向我們介紹一下造成這種變化的一些因素嗎？

Sure. So if you take our third-quarter guide, we're at -- the midpoint is about $0.44. The primary delta versus consensus right now is really driven by the H3C transaction, to your point. That's probably about, I would say, $0.03 or $0.04. So that implies a ramp in the fourth quarter, and that is really -- think about it in three ways. One, it is typical seasonality. So when you look at our ES business and our software business, those businesses tend to be back end loaded. So that will drive a lot of the improvement.

當然。因此，如果你採用我們的第三季指南，我們處於 - 中點約為 0.44 美元。正如您所說，目前與共識相比的主要差異實際上是由 H3C 交易所驅動的。我想說，這大概是 0.03 美元或 0.04 美元。所以這意味著第四季度的成長將會加快，這實際上——從三個方面來考慮。第一，這是典型的季節性。因此，當您查看我們的 ES 業務和軟體業務時，您會發現這些業務往往是後端加載的。這將推動很多改進。

The second component is around the H3C transaction from a stranded cost perspective. So now that the deal is closed, there is some overhead costs that we need to take out of the system. That generally takes a little bit of time, not too dissimilar to the dissynergy story we had around the separation. And then the third component is driven by the share repurchases. So there is more of an impact in Q4 versus Q3 on the share repurchase front.

第二個部分是從擱淺成本的角度圍繞 H3C 交易展開的。現在交易已經完成，我們需要從系統中扣除一些管理費用。這通常需要一點時間，與我們分離時遇到的不協同故事並沒有太大不同。第三個因素是股票回購。因此，第四季對股票回購的影響比第三季更大。

So those are really the key drivers to the ramp in the fourth quarter, but we have got clear plans. For sure, we need to go out and execute, but we feel good about the total year. And that is why we held our total-year guide of $1.85 to $1.95.

因此，這些確實是第四季度成長的關鍵驅動因素，但我們已經有了明確的計劃。當然，我們需要出去執行，但我們對全年的情況感到滿意。這就是我們將全年指導價維持在 1.85 美元至 1.95 美元的原因。

That's great. Then as a follow-up, on EG margins, for two quarters in a row now, they are down on a year-over-year basis. And I understand that FX is a part of that, but how do we think about the timeline by which we go back towards the 15% range? Is that even possible, given the mix of solutions? And maybe you can walk us through that? And when does TS start contributing for this, from a growth standpoint, revenue not just margin?

那太棒了。接下來，EG 利潤率已經連續兩季年減。我明白外匯是其中的一部分，但我們如何考慮回到 15% 範圍的時間表呢？考慮到多種解決方案，這可能嗎？您能給我們講講這個嗎？從成長的角度來看，TS 何時開始為此做出貢獻，不僅是利潤，還有收入？

Sure. I would say, from a margin perspective, for sure FX has had a factor, has been a factor, particularly if you look at the first half of the year. And that will tend to have less of an impact, going forward. We do have a heavy mix of tier 1 right now. Again, we launched cloud line in the second half of last year. So right now, when you look at our total mix from a tier 1 perspective, it is a little bit heavy. Again, that will tend to normalize. So I would expect the margins in EG to be stable. And I am not going to give margin guidance here, but again, as we continue to grow Aruba, as we continue to grow storage, that is going to help the margin front.

當然。我想說，從利潤率的角度來看，外匯肯定是一個因素，一直都是一個因素，特別是如果你看今年上半年。從長遠來看，這的影響將會越來越小。我們現在確實有大量一級混合產品。再次，我們在去年下半年推出了雲端線。因此現在，當你從一級角度來看我們的整體組合時，它有點沉重。再一次，這將趨於正常化。所以我預計 EG 的利潤率會保持穩定。我不會在這裡給出利潤指導，但隨著 Aruba 的持續成長，隨著我們儲存的持續成長，這將有助於提高利潤率。

On the TS front, that business will also stabilize. So we had -- we were down in revenue 1% in constant currency when you adjust for the HPI transaction. But we do expect revenue growth in the latter part of the year. And the way to think about that is, obviously, that is an annuity type business, given the contracts.

在 TS 方面，該業務也將穩定下來。因此，當我們根據 HPI 交易進行調整時，以固定匯率計算，我們的收入下降了 1%。但我們確實預期今年下半年營收會成長。顯然，從合約角度來看，這是一種年金類型的業務。

So what we are going to start seeing in the second half is that those negative growth orders that we had in 2014, that is replaced by positive growth that we saw in 2015. That feeds our 2016 revenues. So we do expect TS revenue to be flat, on a year-over-year basis, for the total year. And that will also help from a margin perspective, as well.

因此，我們將在下半年看到，2014 年的負成長訂單將被 2015 年的正成長所取代。這構成了我們 2016 年的收入。因此，我們確實預計 TS 全年營收將與去年同期持平。從利潤角度來看，這也有幫助。

Very good, good luck.

非常好，祝你好運。

Great. Thank you, Ittai. Can we have the next question, please? The next question is from Jim Suva at Citi.

偉大的。謝謝你，伊泰。我們可以問下一個問題嗎？下一個問題來自花旗銀行的 Jim Suva。

Thank you, and congratulations on a lot of work and the big surprise. Regarding the divestiture of H3C, aside just from the pure mechanics of selling 51%, and what goes on with the entity transactions, and how it accounts for [financially]. For a pure sales perspective, was there an impact in this quarter and an impact in the next quarter, as far as transactions, whether they be accelerated or deferred? Or anything we should think about, as far as closing the transactions around the H3C transaction?

謝謝，祝賀你完成了許多工作並獲得了巨大的驚喜。關於 H3C 的剝離，除了出售 51% 的純粹機制之外，實體交易的進展如何，以及它在財務上如何核算。從純粹的銷售角度來看，就交易而言，本季和下一季是否會受到影響，無論是加速還是延遲？或者說，關於完成 H3C 交易，我們應該考慮什麼？

I wouldn't think so, if I am understanding your question correctly. Remember now, H3C is 51% -- in China, is 51% owned by Unisplendour, a subsidiary of Tsinghua. So the CEO is a great guy by the name of Tony Yu, who is running the business. We have the Chairman and the CFO. But it is really going to depend on the momentum in that H3C business, in the China market.

如果我正確理解了你的問題，我不會這麼認為。請記住，H3C 在中國擁有 51% 的股份，由清華的子公司紫光股份持有。執行長是一位很棒的人，名叫 Tony Yu，他負責管理公司。我們有董事長和財務長。但這實際上取決於 H3C 業務在中國市場的發展勢頭。

And what I will tell you is, the momentum is really good. We had a very good second quarter there, even though the transaction hadn't closed. And I was just in China two weeks ago, and I will tell you Tsinghua is incredibly committed to this. The management team is fired up. They feel like they control their own destiny in China. And so I cannot predict what the revenue will do there, but I am feeling really good about our 49% ownership of a business that I think there is a lot of commitment, on behalf of Tsinghua and the management team, to make successful.

我要告訴你們的是，目前的勢頭非常好。儘管交易尚未完成，但我們的第二季表現非常好。我兩週前剛去過中國，我可以告訴你們，清華大學對此非常投入。管理團隊熱情高漲。他們感覺自己在中國掌握自己的命運。因此我無法預測那裡的收入會如何，但我對我們擁有的 49% 的企業所有權感到非常滿意，我認為清華大學和管理團隊對企業的成功做出了巨大的承諾。

Okay. And then as a follow-up, regarding the pull-through of the -- I think you mentioned a 3 year agreement with CSC. Is that just on the HP services that goes to CSC? Or is CSC also, with their other existing businesses, having an agreement to refer HP for their products?

好的。然後作為後續問題，關於——我想您提到了與 CSC 簽訂的 3 年協議。這僅僅是針對 HP 向 CSC 提供的服務嗎？或者 CSC 是否也與其其他現有業務達成協議，推薦 HP 的產品？

No, it is really around -- so we sell a certain amount -- Hewlett Packard -- the enterprise group and software, mostly the enterprise group, sells a lot of their products to enterprise services in an inter-company transfer today. And we want to make sure that that business stays for the next 3 years, and we have a chance to earn more business. So think about it. It's servers, storage, networking, converged infrastructure, the Helion Cloud platform and TS, as well as software. So that is how the agreement is structured. Does that answer your question?

不，它確實存在——所以我們銷售一定數量的產品——惠普——企業集團和軟體，主要是企業集團，今天在公司間轉移中將其大量產品出售給企業服務。我們希望確保這項業務在未來 3 年內能夠保持下去，並且我們有機會獲得更多業務。所以考慮一下。它包括伺服器、儲存、網路、融合基礎設施、Helion 雲端平台和 TS 以及軟體。這就是該協議的結構。這回答了你的問題嗎？

Yes, it does. Thank you very much.

是的。非常感謝。

The other thing I would add is they are playing in a $2.5 billion ITO market today that we do not participate in. So it may even be a growth opportunity for HPE.

我想補充的另一件事是，他們目前在價值 25 億美元的 ITO 市場中競爭，而我們並沒有參與其中。因此這對 HPE 甚至可能是一個成長機會。

Perfect, great, thank you, Jim. Can we have the next question, please?

完美，太棒了，謝謝你，吉姆。我們可以問下一個問題嗎？

The next question in from Wamsi Mohan at Bank of America Merrill Lynch.

下一個問題來自美銀美林的 Wamsi Mohan。

Yes, thank you. Apart from the separation costs associated with this ES transaction, can you talk about any potential cost dis-synergies or stranded costs associated with this deal? And I have a follow-up.

是的，謝謝。除了與此 ES 交易相關的分離成本之外，您能否談談與此交易相關的任何潛在的成本不協同效應或擱淺成本？我還有一個後續問題。

Yes, sure. So the overall separation cost will be $900 million. Again, $300 million of that will be incurred in 2016, and $600 million of that will be incurred -- roughly $600 million will be incurred in 2017. Again, there is no incremental one-time cash costs associated with this. We will reduce the 2015 restructuring plan by about $1 billion, and that will offset the cost for here.

是的，當然。因此總分離成本將達到 9 億美元。再次，其中 3 億美元將在 2016 年發生，6 億美元將在 2017 年發生——大約 6 億美元將在 2017 年發生。再次，這不會產生任何增量的一次性現金成本。我們將把2015年重組計畫削減約10億美元，這將抵銷這裡的成本。

As far as the stranded cost number, we will work those costs out through the system. I think the good news is what we have learned in the last separation was how to do this and how to do it efficiently. So I would just say, on the stranded cost piece, if I look at project planning and what have you, we have that much more clearly defined. We know who owns it, and we how that is going to come out of the system and when that comes out of the system.

至於擱淺成本數字，我們將透過系統計算出這些成本。我認為好消息是我們在上次分離中學到的是如何做到這一點以及如何有效地做到這一點。因此，我只想說，關於擱淺成本部分，如果我看一下專案規劃和其他內容，我們會發現我們對擱淺成本有更清晰的定義。我們知道誰擁有它，也知道它將如何從系統中出來以及何時從系統中出來。

Yes, and also [said], I think there is a real benefit to having done one separation. The first time you do it, you get the best advice you can and you learn how to do it. This time, we have this thing down to a science. And so I think a number of the same people are going to work on this separation, and I'm highly confident we're going to be able to work off those stranded costs, probably faster than we did in version 1.0.

是的，而且我還說，我認為進行一次分離確實有好處。第一次做這件事時，你會得到最好的建議，並學會如何做。這一次，我們把這件事情歸結為一門科學。因此，我認為許多相同的人將會致力於這項分離工作，而且我非常有信心，我們將能夠消除這些擱淺成本，而且可能比我們在 1.0 版本中做得更快。

Okay, great. And as my follow-up, Tim, on normalized free cash flow, given the higher transactional nature of the business post-ES, I am a little surprised you have a fairly tight range of [3.5] to [3.8], if I heard you right. How should we think about the volatility of that number? And then just longer term normalized CapEx spend for HPE in a post-ES world? Thanks.

好的，太好了。提姆，關於正常化自由現金流，考慮到 ES 之後業務的交易性質更高，如果我沒聽錯的話，我有點驚訝你有一個相當狹窄的 [3.5] 到 [3.8] 的範圍。我們該如何看待這個數字的波動性？那麼，在後 ES 時代，HPE 的長期標準化資本支出是多少？謝謝。

Yes, let me just clarify, the [3.5] to [3.8], that was [16] with ES in it. So if you are looking to pull ES out from a normalized perspective, that is not what I was talking about. I was talking about our current guide, with current separation and current restructuring, what have you. In general, if you strip out ES, I'd think about, obviously, ES has more CapEx than the other businesses. From a normalized CapEx perspective, I think you could see our CapEx go down by $500 million or $600 million. That is what we typically use for ES. So that's how I'd think about it, from a normalized perspective. Again, we will give some more color when we do SAM in October, but I think CapEx is a big driver.

是的，讓我澄清一下，3.5到3.8就是16加上ES。因此，如果您想從規範化的角度來提取 ES，那不是我所說的。我正在談論我們目前的指南，當前的分離和當前的重組，你有什麼。一般來說，如果去掉 ES，我會想，顯然 ES 的資本支出比其他業務多。從正常化的資本支出角度來看，我認為我們的資本支出可能會下降 5 億或 6 億美元。這就是我們通常用於 ES 的。所以從正常化的角度來看，這就是我的想法。再次強調，我們將在 10 月進行 SAM 時提供更多信息，但我認為資本支出是一個重要驅動因素。

As I said, I think what we're doing, by the announcements we made today, is unlocking the value of these two companies. And remember, EG plus software plus our financial services business is a faster growing, higher margin, more robust free cash flow business. And I think now that, with a super-focused mission, we are going to see some real benefits there. And then obviously, by consolidating CSC with ES, I think we're going to get real cost synergies there.

正如我所說，我認為我們今天所宣布的舉措正在釋放這兩家公司的價值。請記住，EG 加上軟體加上我們的金融服務業務是一個成長更快、利潤更高、自由現金流更強勁的業務。我認為現在，透過高度集中的使命，我們將會看到一些真正的好處。顯然，透過將 CSC 與 ES 合併，我認為我們將獲得真正的成本協同效應。

Thank you.

謝謝。

Great, thank you. I think we have time for one more question, please.

太好了，謝謝。我想我們還有時間再回答一個問題。

Your next question is from Simona Jankowski at Goldman Sachs.

您的下一個問題來自高盛的 Simona Jankowski。

Maybe just the last question, then, on the fundamentals that you're seeing out there. It sounded like you attribute the strong performance in EG mostly to share gains, but can you also comment on the demand environment? And then just relative to those share gains, you touched a little bit on what drove that, such as retooling the sales force, et cetera. Can you comment, in a little bit more detail, on any other factors driving your success there? Whether it is related to solution selling or pricing or products, anything of that nature? Thank you.

那麼，也許這只是關於您所看到的基本面的最後一個問題。聽起來您將 EG 的強勁表​​現主要歸因於股票收益，但您能否也評論一下需求環境？然後，相對於這些份額成長，您稍微談到了推動這一成長的因素，例如重組銷售團隊等等。您能否更詳細地評論一下推動您在那裡取得成功的其他因素？它是否與解決方案銷售、定價或產品或類似性質的任何事物有關？謝謝。

Sure. So listen, it is an uneven macroeconomic environment. I think Tim said that at first. And so different countries go up and down, different regions. But overall, I think we feel very comfortable with our position in the traditional IT market, and then in our ability to provide solutions in a multi-cloud environment. So I think demand can go up and down, but our objective is in whatever the market is doing, we want to make sure we at least hold or gain share. And we did that in the last quarter. And I do not think there's new to add as to why.

當然。所以聽著，這是一個不平衡的宏觀經濟環境。我認為提姆一開始就這麼說過。因此，不同國家、不同地區的情況都有所好壞。但總的來說，我認為我們對自己在傳統 IT 市場中的地位以及在多雲環境中提供解決方案的能力感到非常滿意。所以我認為需求可能會上升或下降，但我們的目標是無論市場如何，我們都希望確保至少保持或獲得份額。我們在上個季度做到了這一點。我認為沒有什麼新的內容可以解釋原因。

First of all, I think the R&D investments that we've made over the last 4 years are paying off. So the development cycle in servers, storage, networking, those kinds of things, hyper-converged, these are long-term investments. What you started three years ago actually comes to market now or even next year. So that investment in R&D is paying off, and I will tell a dollar spent on internal R&D is the best dollar we spend at HP. It is fantastic. Second is, when you retool a sales force, that take some time, as well. And I would say we are much farther along than we have been, and there is more work to do.

首先，我認為我們過去四年的研發投資正在獲得回報。因此，伺服器、儲存、網路、超融合等方面的開發週期都是長期投資。你三年前開始的產品實際上現在甚至明年就會進入市場。因此，對研發的投資正在獲得回報，而且我認為，在惠普，花在內部研發上的一美元是花得最值的一美元。太棒了。第二，當你重組銷售團隊時，這也需要一些時間。我想說我們已經取得了比以前更大的進步，但仍有更多的工作要做。

And then as I said, marketing, we have retooled our entire demand generation. We've retooled -- and by the way, the launch of Hewlett Packard Enterprise gave us a chance to tell people the story of the enterprise side of this business. Because prior to that, if you had asked man on the street, what is HP, they'd say a printing and PC company. So I think that's actually been beneficial. And then turnarounds takes 5 years. (laughter) I said it when I started, and we're rounding the bend into the end of the fifth year. And so it is gratifying that we saw as-reported growth for the first time in 5 years.

然後，正如我所說的，在行銷方面，我們已經重新調整了整個需求生成。我們已經進行了重組——順便說一句，惠普企業的成立讓我們有機會向人們講述這項業務的企業方面的故事。因為在此之前，如果你在街上問一個男人，HP 是什麼，他們會說是一家印刷和 PC 公司。所以我認為這實際上是有益的。然後週轉需要 5 年。（笑聲）當我剛開始時我就說過了，現在我們即將進入第五年的末期。因此，我們很高興看到五年來首次實現了報告所稱的成長。

Thank you.

謝謝。

Great, thank you, Simona. I think that wraps up today's call.

太好了，謝謝你，西蒙娜。我想今天的電話會議就到此結束了。

Thank you very much.

非常感謝。

Ladies and gentlemen, this concludes our call for today. Thank you.

女士們、先生們，我們今天的通話到此結束。謝謝。