惠普企業 (HPE) 2017 Q3 法說會逐字稿

Good morning, afternoon and evening, and welcome to the Third Quarter 2017 Hewlett-Packard Enterprise Earnings Conference Call.

早上好、下午好、晚上好，歡迎來到 2017 年第三季度惠普企業收益電話會議。

My name is Austin, and I'll be your conference moderator for today's call.

我叫奧斯汀，我將擔任今天電話會議的會議主持人。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員說明）提醒一下，正在錄製此會議以供重播。

I would now like to turn the presentation over to your host for today's call, Mr. Andrew Simanek, Head of Investor Relations.

現在，我想將演示文稿轉交給今天電話會議的主持人，投資者關係主管 Andrew Simanek 先生。

Please proceed.

請繼續。

Good afternoon.

下午好。

I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise.

我是 Hewlett Packard Enterprise 投資者關係主管 Andy Simanek。

I'd like to welcome you to our fiscal 2017 Third Quarter Earnings Conference Call with Meg Whitman, HPE's Chief Executive Officer; and Tim Stonesifer, HPE's Executive Vice President and Chief Financial Officer.

歡迎您參加我們與 HPE 首席執行官梅格·惠特曼 (Meg Whitman) 舉行的 2017 財年第三季度收益電話會議； HPE 執行副總裁兼首席財務官 Tim Stonesifer。

Before handing the call over to Meg, let me remind you that this call is being webcast.

在將電話轉給 Meg 之前，讓我提醒您，此電話正在進行網絡直播。

A replay of the webcast will be made available shortly after the call for approximately 1 year.

網絡廣播的重播將在電話會議結束後不久提供大約 1 年。

We posted a press release and a slide presentation accompanying today's earnings release on the HPE Investor Relations web page at investors.hpe.com.

我們在 investors.hpe.com 的 HPE 投資者關係網頁上發布了新聞稿和幻燈片演示，以配合今天的收益發布。

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.

與往常一樣，本次演講的內容具有前瞻性，並且基於我們對當今世界和我們業務的最佳看法。

For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions.

有關更多詳細信息，請參閱與涉及風險、不確定性和假設的前瞻性陳述相關的收益材料的免責聲明。

For a discussion of some of these risks, uncertainties and assumptions, please refer to HPE's filings with the SEC, including its most recent Form 10-K.

有關其中一些風險、不確定性和假設的討論，請參閱 HPE 向美國證券交易委員會提交的文件，包括其最新的 10-K 表格。

HPE assumes no obligation and does not intend to update any such forward-looking statements.

HPE 不承擔任何義務，也不打算更新任何此類前瞻性陳述。

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 July 31, 2017.

我們還注意到，本次電話會議上討論的財務信息反映了基於​​目前可用信息的估計，可能與 HPE 截至 2017 年 7 月 31 日財季的 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 provided reconciliations to the comparable GAAP information on our website.

最後，對於在非 GAAP 基礎上表達的財務信息，我們在我們的網站上提供了與可比 GAAP 信息的調節。

Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year-over-year basis and, beginning with fiscal year 2016, are adjusted to exclude the impact of divestitures and currency.

在本次電話會議中，除非另有說明，否則所有收入增長率均按同比計算，並從 2016 財年開始進行調整，以排除資產剝離和貨幣的影響。

We believe this approach helps provide a better representation of HPE's operational performance.

我們相信這種方法有助於更好地展示 HPE 的運營績效。

Please refer to the tables and slide presentation accompanying today's earnings release on our website for details.

有關詳細信息，請參閱我們網站上今天的收益發布隨附的表格和幻燈片演示。

With that, let me turn it over to Meg.

有了這個，讓我把它交給梅格。

Good afternoon, everyone.

大家下午好。

Thank you for joining us on the call.

感謝您加入我們的電話會議。

Today, I would like to cover a couple of things.

今天，我想介紹幾件事。

First, I'll review the results for the quarter.

首先，我將回顧本季度的結果。

Then I'd like to talk about what we see ahead, how we are redesigning this company to be fit for purpose and how we are driving the innovation needed to win in the market.

然後我想談談我們對未來的展望，我們如何重新設計這家公司以適應目標，以及我們如何推動贏得市場所需的創新。

So let's dive right in.

所以讓我們開始吧。

Overall, I'm very pleased with our Q3 performance.

總的來說，我對我們第三季度的表現非常滿意。

We saw strong momentum across key segments of the portfolio, execution continued to improve and our profitability increased over last quarter as we reduced costs across the organization.

由於我們降低了整個組織的成本，我們看到了投資組合關鍵部分的強勁勢頭，執行力繼續提高，我們的盈利能力比上個季度有所提高。

And we successfully closed the spin-merge of our Software business late last week.

上週晚些時候，我們成功完成了軟件業務的分拆合併。

With that milestone behind us, we are off and running.

有了這個里程碑，我們就開始奔跑吧。

In Q3, we delivered total revenue of $8.2 billion, which includes a final full quarter of revenue contribution from Software.

在第三季度，我們實現了 82 億美元的總收入，其中包括來自軟件的最後一個完整季度的收入貢獻。

Future HPE, which now consists of Enterprise Group and Financial Services, was $7.5 billion, up 6% year-over-year.

Future HPE 現在由 Enterprise Group 和 Financial Services 組成，銷售額為 75 億美元，同比增長 6%。

And if you remove Tier 1, revenue was up 10%.

如果去掉第 1 層，收入將增長 10%。

From a profitability perspective, we made good progress on improving our operating margins as we began executing the cost reduction plan we outlined last quarter.

從盈利能力的角度來看，隨著我們開始執行上個季度概述的成本削減計劃，我們在提高營業利潤率方面取得了良好進展。

Tim will provide more details.

蒂姆將提供更多細節。

But our EG margin improved sequentially to 9.3% as we worked to mitigate increased commodity prices, stranded costs from divestitures and dilution from acquisitions.

但我們的 EG 利潤率環比提高至 9.3%，因為我們努力緩解商品價格上漲、資產剝離帶來的擱淺成本以及收購帶來的稀釋。

We expect to see even greater improvement next quarter.

我們預計下個季度會有更大的改善。

With a strong revenue performance and improved profitability, we were able to deliver non-GAAP EPS of $0.30, above our previously provided outlook of $0.24 to $0.28 per share.

憑藉強勁的收入表現和提高的盈利能力，我們能夠實現 0.30 美元的非 GAAP 每股收益，高於我們之前提供的每股 0.24 美元至 0.28 美元的預期。

Free cash flow was also strong at over $400 million in the quarter, putting us in a good position to achieve our full year outlook.

本季度的自由現金流也很強勁，超過 4 億美元，使我們處於實現全年展望的有利位置。

Turning to the business performance.

談到經營業績。

While we have seen some improvement in the market overall, our strong Q3 performance was driven primarily by better execution and a compelling portfolio, resulting in solid growth across key businesses.

雖然我們看到整體市場有所改善，但我們第三季度的強勁表現主要得益於更好的執行力和引人注​​目的產品組合，從而實現了關鍵業務的穩健增長。

For example, core server revenue was up 13% year-over-year, and we expect to gain share in calendar Q2.

例如，核心服務器收入同比增長 13%，我們預計將在第二季度獲得份額。

Since its launch late last year, Synergy is experiencing very strong momentum with over 600 customers to date.

自去年底推出以來，Synergy 發展勢頭強勁，迄今已擁有 600 多家客戶。

As a side benefit, we are also seeing an uptick in blade sales as customers move on to the path to become synergy-ready.

作為一個附帶的好處，我們還看到隨著客戶轉向協同準備的道路，刀片銷量也在上升。

We are also experiencing continued strength in high-performance compute with our combined HPE and SGI portfolio.

憑藉我們的 HPE 和 SGI 產品組合，我們在高性能計算方面也取得了持續的優勢。

And early this summer, we launched the first fully integrated HPE SimpliVity Hyper Converged offering.

今年夏初，我們推出了首個完全集成的 HPE SimpliVity 超融合產品。

Hyper Converged is core to our strategy of making hybrid IT simple for our customers.

超融合是我們為客戶簡化混合 IT 戰略的核心。

And we saw over 200% growth in Q3, although off a small base.

我們在第三季度看到了超過 200% 的增長，儘管基數很小。

All-flash storage grew 30% year-over-year driven by Nimble, which exceeded both revenue and profit plans for the quarter.

在 Nimble 的推動下，全閃存存儲同比增長 30%，超過了本季度的收入和利潤計劃。

With Nimble and our market-leading 3PAR portfolio, HPE delivers a full range of superior flash storage solutions for customers across every segment.

憑藉 Nimble 和我們市場領先的 3PAR 產品組合，HPE 為各個細分市場的客戶提供了全方位的卓越閃存解決方案。

We are already seeing the benefits of the combination of Nimble and HPE, and we couldn't be more excited about the potential.

我們已經看到了 Nimble 和 HPE 結合的好處，我們對其中的潛力感到無比興奮。

Aruba continues to perform exceptionally well.

Aruba 繼續表現出色。

Wireless LAN solutions grew over 30% in the quarter, and Aruba won approximately 70 new logos.

無線 LAN 解決方案在本季度增長了 30% 以上，Aruba 贏得了大約 70 個新標識。

Aruba continues to take share from competitors like Cisco by introducing truly breakthrough solutions for the intelligent edge.

Aruba 通過為智能邊緣引入真正突破性的解決方案，繼續從 Cisco 等競爭對手那里奪取市場份額。

For example, in June, Aruba announced a fundamentally new core aggregation switch called Aruba 8400.

例如，6 月，Aruba 發布了一款全新的核心匯聚交換機，名為 Aruba 8400。

This differentiated solution has a completely redesigned operating system to support the new requirements of modern networks.

這個差異化的解決方案有一個完全重新設計的操作系統來支持現代網絡的新要求。

It enables simplified operations for the network operator, a more powerful and scalable core to support the influx of data, faster time to remediate issues and granular visibility into what's in the network.

它可以簡化網絡運營商的操作、支持數據湧入的更強大和可擴展的核心、更快的時間來修復問題以及對網絡內容的精細可見性。

We estimate the market for this technology is nearly $4 billion.

我們估計這項技術的市場規模接近 40 億美元。

And Technology Services, which includes Pointnext, continued to perform well, with Q3 revenue up 2% over last year.

包括 Pointnext 在內的技術服務繼續表現良好，第三季度收入比去年增長 2%。

We've now seen 5 consecutive quarters of order and revenue growth in consulting as we put more emphasis on advisory and transform services post the ES split.

我們現在已經連續 5 個季度看到諮詢業務的訂單和收入增長，因為我們在 ES 拆分後更加重視諮詢和轉型服務。

To further strengthen our consulting capabilities, just this morning, we announced our intent to acquire Cloud Technology Partners, a leading cloud consulting company that helps its Fortune 500 customers move to the cloud, build new cloud-based solutions and manage their cloud environment.

為了進一步加強我們的諮詢能力，就在今天上午，我們宣布了收購 Cloud Technology Partners 的意向，這是一家領先的雲諮詢公司，幫助其財富 500 強客戶遷移到雲端，構建新的基於雲的解決方案並管理他們的雲環境。

CTP's consulting, design and operational advisory services for cloud environments will strengthen our hybrid IT consulting expertise in a fast-growing market.

CTP 針對雲環境的諮詢、設計和運營諮詢服務將加強我們在快速增長的市場中的混合 IT 諮詢專業知識。

As I mentioned earlier, while executing our business plan for the quarter, we also completed a major milestone.

正如我之前提到的，在執行我們本季度的業務計劃的同時，我們還完成了一個重要的里程碑。

On Friday, we officially closed the spin-off and merger of our Software business with Micro Focus on time and below budget.

週五，我們正式按時且低於預算完成了軟件業務與 Micro Focus 的分拆和合併。

This deal delivered approximately $9 billion in value, and I'm confident that this was a great move for the new Micro Focus and HPE.

這筆交易帶來了大約 90 億美元的價值，我相信這對新的 Micro Focus 和 HPE 來說是一個偉大的舉措。

With that transaction now behind us, we have the right strategy and the right portfolio to succeed in today's environment.

隨著那筆交易的結束，我們擁有正確的戰略和正確的投資組合，可以在當今的環境中取得成功。

Our strategy is clear: to make hybrid IT simple, to power the intelligent edge and to provide the services to make it all happen.

我們的戰略很明確：讓混合 IT 變得簡單，為智能邊緣提供動力並提供服務以實現這一切。

It is based on what customers are asking for today and where we see the market moving.

它基於客戶今天的需求以及我們對市場走勢的看法。

Now as a smaller organization with fewer lines of business and clear strategic priorities, we have the opportunity to create an internal structure and operating model that is simpler, nimbler and faster.

現在，作為業務範圍較少且戰略重點明確的小型組織，我們有機會創建更簡單、更靈活、更快速的內部結構和運營模式。

To that end, this quarter we announced a program we are calling HPE Next.

為此，本季度我們宣布了一項我們稱之為 HPE Next 的計劃。

The goal of HPE Next is to produce an organization that is precisely built to compete and win in the marketplace.

HPE Next 的目標是打造一個專為在市場中競爭並取勝而打造的組織。

To do so, we are clean-sheeting the operating model and organization structure to simplify how we work.

為此，我們正在清理運營模式和組織結構，以簡化我們的工作方式。

We are improving core business processes to clarify accountabilities and make the company more efficient and effective.

我們正在改進核心業務流程，以明確責任，使公司更加高效和有效。

We are rightsizing the end-to-end cost structure to ensure we deliver on our financial architecture.

我們正在調整端到端成本結構，以確保我們交付我們的財務架構。

All of this will be done with a continued commitment to operational excellence and to our customers.

所有這一切都將通過對卓越運營和我們客戶的持續承諾來實現。

These efforts will simplify everything from how we engage with customers to how we process orders and compensate sales.

這些努力將簡化一切，從我們與客戶的互動方式到我們處理訂單和補償銷售的方式。

For example, we're reducing the layers in our customer-facing organizations and shifting resources to the geographic markets that will drive the vast majority of our business.

例如，我們正在減少面向客戶的組織中的層級，並將資源轉移到將推動我們絕大部分業務的地理市場。

These changes will be better for HPE and for our customers.

這些變化將對 HPE 和我們的客戶更好。

We will have much more detail on this program and the associated financial impact at our Securities Analyst Meeting in October.

我們將在 10 月份的證券分析師會議上詳細介紹該計劃以及相關的財務影響。

But as discussed in previous calls, we do expect to accelerate most of the $200 million of cash payments originally planned for fiscal year 2018 into Q4 2017 to help quickly enable this program.

但正如在之前的電話會議中所討論的那樣，我們確實希望將原計劃於 2018 財年支付的 2 億美元現金中的大部分加速到 2017 年第四季度，以幫助快速實現該計劃。

Looking forward, we aim to offset a portion of the funding requirements associated with HPE Next through lower-than-expected separation costs and real estate sales enabled by the spin-merge transactions completed this year.

展望未來，我們的目標是通過今年完成的分拆合併交易實現的低於預期的分離成本和房地產銷售來抵消與 HPE Next 相關的部分資金需求。

For example, we recently sold our Roseville site for approximately $100 million and are now leasing back smaller offices there.

例如，我們最近以大約 1 億美元的價格出售了我們的 Roseville 場地，現在正在租回那​​裡較小的辦公室。

Ultimately, HPE Next will produce a long-term operating and financial blueprint for our company with cost discipline built into the system.

最終，HPE Next 將為我們公司製定長期運營和財務藍圖，並在系統中內置成本紀律。

While we work to create this strong internal structure, we cannot lose sight of innovation.

在我們努力建立這種強大的內部結構的同時，我們不能忽視創新。

Innovation is our lifeblood, and the investments we make now will drive HPE in the future.

創新是我們的命脈，我們現在所做的投資將推動 HPE 的未來發展。

Our innovation is at the core of some of the most significant technology trends in the market today like cybersecurity, Internet of Things and artificial intelligence.

我們的創新是當今市場上一些最重要的技術趨勢的核心，例如網絡安全、物聯網和人工智能。

And today, more than ever, we are able to make focused investments in the areas where we see the most opportunity for growth in the future.

今天，我們比以往任何時候都能夠在我們認為未來增長機會最多的領域進行重點投資。

For example, security has become a board-level issue for customers across industries and market segments.

例如，安全已成為跨行業和細分市場客戶的板級問題。

In June, we announced the world's most secure industry standard server.

6 月，我們發布了世界上最安全的行業標準服務器。

HPE is the only company that embeds proprietary silicon-based security into its industry standard servers.

HPE 是唯一一家將專有的基於矽的安全性嵌入到其行業標準服務器中的公司。

This approach addresses firmware attacks, which are one of the biggest threats facing enterprises and governments today.

這種方法解決了固件攻擊，這是當今企業和政府面臨的最大威脅之一。

We are also integrating the behavioral analytics-based security software from our recent acquisition, Niara, across Aruba's networking portfolio.

我們還在 Aruba 的網絡產品組合中集成了我們最近收購的 Niara 基於行為分析的安全軟件。

In the Internet of Things, and in particularly the industrial Internet of Things, we see a tremendous opportunity as customers are looking to transform everything from retail environments to manufacturing floors.

在物聯網，尤其是工業物聯網中，我們看到了巨大的機遇，因為客戶正在尋求改變從零售環境到製造車間的一切。

Our solutions and services capabilities are allowing customers to connect, monitor and analyze these environments, enable new customer experiences, new revenue streams and reduce cost structures.

我們的解決方案和服務能力使客戶能夠連接、監控和分析這些環境，實現新的客戶體驗、新的收入流並降低成本結構。

We are already seeing growth in our Aruba wireless connectivity business driven by IoT.

我們已經看到由物聯網驅動的 Aruba 無線連接業務的增長。

And we are seeing significant emerging interest in our highly differentiated edge compute business, known as Edgeline, driven by these same trends.

在這些相同趨勢的推動下，我們看到人們對我們高度差異化的邊緣計算業務（稱為 Edgeline）產生了濃厚的興趣。

Another example is artificial intelligence, which is transforming industries from retail to manufacturing.

另一個例子是人工智能，它正在將行業從零售業轉變為製造業。

We help our customers use AI to simplify operations and drive business outcomes in a number of ways.

我們幫助客戶使用 AI 以多種方式簡化運營並推動業務成果。

For example, we are incorporating Nimble's predictive analytics technology that uses machine learning to predict and resolve performance issues across our storage portfolio.

例如，我們正在整合 Nimble 的預測分析技術，該技術使用機器學習來預測和解決我們存儲產品組合中的性能問題。

Also, our high-performance compute systems provide the power that is required to crunch the massive amount of data used for AI applications.

此外，我們的高性能計算系統提供了處理用於 AI 應用程序的海量數據所需的能力。

As the amount of data grows, we have a strong road map to memory-driven computing based on our machine research project that will exponentially extend these capabilities in the future.

隨著數據量的增長，我們根據我們的機器研究項目制定了內存驅動計算的強大路線圖，該項目將在未來以指數方式擴展這些功能。

Finally, if there's one commonality our customers have, it's that they live in a hybrid IT world.

最後，如果我們的客戶有一個共同點，那就是他們生活在一個混合 IT 世界中。

They run a mix of workloads in their data center as well as private, managed and public clouds.

他們在數據中心以及私有云、託管雲和公共雲中運行混合的工作負載。

Our top priority is to help them succeed in this environment, and that requires a single data management plane across different environments.

我們的首要任務是幫助他們在這種環境中取得成功，而這需要跨不同環境的單一數據管理平面。

At Discover, we unveiled our vision for our new hybrid IT stack, which brings together our industry-leading OneView platform with a new multi-cloud management capability as well as key software assets like Cloud Cruiser to create a truly unique software-defined approach to hybrid IT management.

在 Discover 上，我們公佈了我們對新混合 IT 堆棧的願景，它將我們行業領先的 OneView 平台與新的多雲管理功能以及 Cloud Cruiser 等關鍵軟件資產結合在一起，以創建真正獨特的軟件定義方法混合 IT 管理。

This new platform will allow customers to simply manage assets across traditional IT, private cloud, managed and public cloud and optimize their right mix of hybrid IT.

這個新平台將使客戶能夠簡單地跨傳統 IT、私有云、託管雲和公共雲管理資產，並優化他們正確的混合 IT 組合。

We already have a number of beta customers, and this platform will be widely available by the end of the year.

我們已經有一些測試版客戶，這個平台將在今年年底廣泛使用。

So overall, I'm very pleased with the quarter, and we now have achieved most of our significant milestones for the year.

總的來說，我對本季度感到非常滿意，我們現在已經實現了今年的大部分重要里程碑。

While we have more work to do, I continue to be excited about the future of HPE.

雖然我們還有更多工作要做，但我仍然對 HPE 的未來感到興奮。

The markets where we play today offer tremendous opportunity.

我們今天所處的市場提供了巨大的機會。

And with laser focus and a world-class portfolio, we are positioned to win.

憑藉激光聚焦和世界一流的產品組合，我們有能力取勝。

We'll have a lot more to tell you at our Securities Analyst Meeting on October 18 in San Francisco.

我們將在 10 月 18 日於舊金山舉行的證券分析師會議上告訴您更多信息。

Before I turn it over to Tim, I want to quickly touch on the devastation we are seeing in Texas caused by Hurricane Harvey.

在我把它交給蒂姆之前，我想快速談談我們在德克薩斯州看到的颶風哈維造成的破壞。

HPE has been part of the Houston community for decades, and our nearly 3,400 employees are deeply rooted in that community.

幾十年來，HPE 一直是休斯頓社區的一部分，我們近 3,400 名員工深深紮根於該社區。

The well-being of our employees and their families has been our top concern over the past week, and we are providing support to many of them.

過去一周，我們員工及其家人的福祉一直是我們最關心的問題，我們正在為他們中的許多人提供支持。

From a business perspective, we're continuing to assess the impact, but Tim will provide a bit more color on that.

從業務角度來看，我們將繼續評估影響，但蒂姆會對此提供更多色彩。

I want to thank our amazing team in Houston who has been working around the clock to get our office back up and running, answer customer inquiries and make sure their colleagues have the support they need.

我要感謝我們在休斯敦的優秀團隊，他們夜以繼日地工作，讓我們的辦公室恢復正常運行，回答客戶的詢問，並確保他們的同事得到他們需要的支持。

So thank you to them.

所以謝謝他們。

And with that, I'll turn it over to Tim.

有了這個，我會把它交給蒂姆。

Thanks, Meg.

謝謝，梅格。

Performance in Q3 was strong, with solid revenue growth and sequential operating margin improvement, in line with our expectations.

第三季度業績強勁，收入穩健增長，營業利潤率環比提高，符合我們的預期。

We achieved better-than-expected cost savings from the plan we described last quarter with more improvement expected to come next quarter.

我們通過上個季度描述的計劃實現了好於預期的成本節約，預計下個季度會有更多改進。

Total revenue for the quarter was $8.2 billion.

本季度總收入為 82 億美元。

This includes a full quarter of Software which, going forward, will be accounted for in discontinued operations.

這包括整整四分之一的軟​​件，今後將計入已終止的業務。

Revenue from future HPE was $7.5 billion, up 6% adjusted for divestitures and currency; and up over 10%, excluding Tier 1 server sales.

來自未來 HPE 的收入為 75 億美元，根據資產剝離和匯率調整後增長 6%；增長超過 10%，不包括第 1 層服務器銷售額。

I'll dive into the business segment performance in a minute.

我將在一分鐘內深入探討業務部門的表現。

From a macro perspective, we are seeing some overall improvement in the market but continue to see competitive pricing and a challenging commodities environment.

從宏觀角度來看，我們看到市場出現了一些整體改善，但繼續看到具有競爭力的價格和充滿挑戰的商品環境。

Currency remained unfavorable but to a lesser extent than prior quarters with a 70 basis point year-over-year headwind to revenue in Q3.

貨幣仍然不利，但程度低於前幾個季度，第三季度收入同比下降 70 個基點。

HPE's performance in the U.S., excluding Tier 1, improved as core service returned to growth and networking performance accelerated, but storage remain challenged.

隨著核心服務恢復增長和網絡性能加速，HPE 在美國的業績（不包括第 1 層）有所改善，但存儲仍然面臨挑戰。

Revenue in Europe has also returned to growth with strong results in Germany and broad stabilization across Western Europe.

歐洲的收入也恢復增長，德國業績強勁，西歐整體穩定。

Asia Pacific similarly improved with double-digit growth in Japan, China and India.

亞太地區同樣有所改善，日本、中國和印度實現了兩位數的增長。

Turning to margins.

轉向利潤率。

Gross margin of 33% was down 340 basis points year-over-year and down 80 basis points sequentially.

毛利率為 33%，同比下降 340 個基點，環比下降 80 個基點。

Non-GAAP operating profit of 8.4% was down 150 basis points year-over-year but up 60 basis points sequentially.

非美國通用會計準則營業利潤為 8.4%，同比下降 150 個基點，但環比上升 60 個基點。

As mentioned, we're seeing the initial results of our second half cost savings plan with sequential improvement in EG margins.

如前所述，我們看到了下半年成本節約計劃的初步結果，以及 EG 利潤率的連續改善。

However, we continue to be negatively impacted by a challenging pricing environment, commodities cost and, to a lesser extent, currency.

然而，我們繼續受到具有挑戰性的定價環境、商品成本以及較小程度上的貨幣的負面影響。

We also had a full quarter impact from stranded costs and short-term dilution from recent acquisitions, but we're making good progress and still expect both to be eliminated by year-end.

擱淺成本和近期收購的短期稀釋也對我們產生了整個季度的影響，但我們正在取得良好進展，並且仍然預計到年底將消除這兩種情況。

Non-GAAP diluted net earnings per share of $0.30 is above our previous outlook of $0.24 to $0.28, primarily due to cost savings, software performance and favorable other income and expense.

非 GAAP 每股攤薄淨收益為 0.30 美元，高於我們此前預期的 0.24 美元至 0.28 美元，這主要是由於成本節約、軟件性能和有利的其他收入和支出。

Non-GAAP diluted net earnings per share primarily excludes pretax amounts for separation charges of $190 million, restructuring charges of $165 million and amortization of intangible assets of $132 million.

非 GAAP 每股攤薄淨收益主要不包括稅前 1.9 億美元的離職費用、1.65 億美元的重組費用和 1.32 億美元的無形資產攤銷。

GAAP diluted net earnings per share was $0.10, above our previously provided outlook range of negative $0.02 to $0.02, primarily due to an Enterprise Services spin-merger-related noncash income tax benefit.

GAAP 稀釋後每股淨收益為 0.10 美元，高於我們之前提供的負 0.02 美元至 0.02 美元的展望範圍，這主要是由於與企業服務分拆合併相關的非現金所得稅優惠。

Now turning to the results by business.

現在轉向業務結果。

In the Enterprise Group, revenue was up 3% as the go-to-market changes we made at the beginning of the year combined with recent product rollouts more than offset pressure from a competitive market.

Enterprise Group 的收入增長了 3%，這是因為我們在年初進行的上市變化以及最近推出的產品足以抵消來自競爭激烈的市場的壓力。

EG revenue grew over 9% year-over-year, excluding Tier 1 server sales, with strong growth in ISS core, Aruba and all-flash storage.

EG 收入同比增長超過 9%，不包括一級服務器銷售，ISS 核心、Aruba 和全閃存存儲增長強勁。

Operating margins were down 350 basis points year-over-year.

營業利潤率同比下降 350 個基點。

However, they improved 50 basis points sequentially to 9.3%.

然而，他們連續提高了 50 個基點至 9.3%。

The sequential margin improvement is in line with the cost savings plan we outlined on the Q2 earnings call, which called for savings of $200 million to $300 million in the second half of the year.

連續利潤率的提高符合我們在第二季度財報電話會議上概述的成本節約計劃，該計劃要求在今年下半年節省 2 億至 3 億美元。

Server revenue was flat and grew 12%, excluding Tier 1, thanks to better execution, easier compares from the prior year and some improvement in the overall market.

服務器收入持平並增長 12%，不包括第 1 層，這要歸功於更好的執行、與上一年相比更容易以及整體市場的一些改善。

We also have a strong portfolio in the growing and more profitable areas of the market.

我們還在不斷增長和利潤更高的市場領域擁有強大的產品組合。

High-performance compute grew more than 40% with SGI and over 10% organically.

高性能計算通過 SGI 增長超過 40%，有機增長超過 10%。

And Synergy's momentum is generating strong pull-through for blades that were up double digits.

Synergy 的勢頭正在為增長兩位數的刀片產生強大的推動力。

We're also seeing good traction in Hyper Converged that grew triple digits.

我們還看到 Hyper Converged 的​​吸引力增長了三位數。

Storage revenue was up 11% driven by the Nimble acquisition offset by continued challenging markets.

存儲收入增長了 11%，這是由於 Nimble 的收購被持續充滿挑戰的市場所抵消。

All-flash arrays grew 30% year-over-year, primarily driven by the Nimble acquisition, which is performing ahead of expectations.

全閃存陣列同比增長 30%，主要受 Nimble 收購的推動，其表現超出預期。

We continue to expect NAND supply constraints through the end of the year, but they have started to moderate.

我們繼續預計 NAND 供應限制將持續到今年年底，但它們已經開始緩和。

3PAR revenue declined 9% due to a more competitive market in the U.S. Networking revenue grew 16%, driven by Aruba wireless solutions, which grew over 30%.

由於美國市場競爭更加激烈，3PAR 收入下降了 9%。在 Aruba 無線解決方案的推動下，網絡收入增長了 16%，增長超過 30%。

We're also seeing Aruba lead to strong pull-through of wired switching that grew mid-single digits, demonstrating the combined strength of Aruba and HPE.

我們還看到 Aruba 引領有線交換的強勁增長，實現了中等個位數的增長，展示了 Aruba 和 HPE 的綜合實力。

Networking is now seeing growth across all product groups and geographies.

網絡現在在所有產品組和地區都在增長。

Technology Services grew revenue for the fifth consecutive quarter, up 2% year-over-year.

技術服務收入連續第五個季度增長，同比增長 2%。

While overall orders were down slightly, we continue to improve service intensity or attach dollars per unit, which helps offset pressure from declining hardware unit sales.

雖然整體訂單略有下降，但我們繼續提高服務強度或增加每單位美元，這有助於抵消硬件單位銷售下降的壓力。

HPE Financial Services revenue grew 10%, its fifth consecutive quarter of year-over-year growth driven by lease conversions and an increase in operating lease mix.

HPE 金融服務收入增長 10%，連續第五個季度實現同比增長，這主要得益於租賃轉換和經營租賃組合的增加。

Financing volume, however, declined 8% due to lower indirect business.

然而，由於間接業務減少，融資額下降了 8%。

Operating profit declined 210 basis points year-over-year to 7.8%, reflecting onetime items and the increased operating lease mix.

營業利潤同比下降 210 個基點至 7.8%，反映了一次性項目和增加的經營租賃組合。

We continue to see the strategic importance of Financial Services to our customers as flexible consumption pricing models gain momentum.

隨著靈活的消費定價模式獲得動力，我們繼續看到金融服務對我們客戶的戰略重要性。

Software revenue was down 1% as growth in license and SaaS was offset by declines in Professional Services, with more emphasis on higher margin products.

軟件收入下降了 1%，因為許可證和 SaaS 的增長被專業服務的下降所抵消，專業服務更加強調利潤率更高的產品。

The operating margin was 24.9%, a 710 basis point improvement year-over-year.

營業利潤率為 24.9%，同比提高 710 個基點。

Looking back in the quarter, I'm pleased with the business performance and believe we have a strong portfolio of solutions and services that's clearly gaining traction with customers.

回顧本季度，我對業務表現感到滿意，並相信我們擁有強大的解決方案和服務組合，這些解決方案和服務顯然受到了客戶的青睞。

Increasingly, we're seeing customers turn to us for a comprehensive IT strategy, from hybrid IT to the campus to services.

我們越來越多地看到客戶轉向我們尋求全面的 IT 戰略，從混合 IT 到園區再到服務。

For example, last month, we announced a new project with NASA focused on developing a supercomputer that can withstand the harsh conditions of space.

例如，上個月，我們宣布了與 NASA 的一個新項目，重點是開發能夠承受太空惡劣條件的超級計算機。

We also recently announced that HPE has been selected as the official IT networking and wireless infrastructure partner for the Tottenham Hotspur Football Club's new state-of-the-art stadium being built-in London.

我們最近還宣布，HPE 已被選為托特納姆熱刺足球俱樂部在倫敦新建的最先進體育場的官方 IT 網絡和無線基礎設施合作夥伴。

And Pointnext continues to add logos from around the world, including Siemens, Travelers and Saudi Telecom Company in Q3.

Pointnext 在第三季度繼續添加來自世界各地的徽標，包括西門子、Travelers 和沙特電信公司。

Overall, we feel good about the momentum we are seeing and the opportunity ahead.

總的來說，我們對我們看到的勢頭和未來的機會感到滿意。

Now to cash flow.

現在來看現金流。

Free cash flow was better than expected at $428 million, benefiting from continued improvement in working capital management and favorable CapEx.

自由現金流好於預期，為 4.28 億美元，這得益於營運資本管理的持續改善和有利的資本支出。

The cash conversion cycle was down 5 days sequentially to negative 17 days.

現金周轉週期連續下降 5 天至負 17 天。

Capital allocation during the quarter included $107 million in dividend payments and $625 million of share repurchases.

本季度的資本配置包括 1.07 億美元的股息支付和 6.25 億美元的股票回購。

We've now returned $2.3 billion to shareholders year-to-date and are on track to fulfill our full year commitment of $3 billion.

今年迄今，我們已向股東返還 23 億美元，並有望實現全年 30 億美元的承諾。

Moving to our Software spin-merge transaction.

轉到我們的軟件旋轉合併交易。

We completed the Software spin on September 1 on schedule and under budget.

我們在 9 月 1 日按計劃並在預算內完成了軟件分拆。

We continue to make progress removing stranded costs and remain confident we'll eliminate all costs on a run-rate basis by the end of the fiscal year.

我們繼續在消除擱淺成本方面取得進展，並堅信我們將在本財政年度結束時按運行率消除所有成本。

Turning to our outlook.

轉向我們的前景。

As the Software transaction is now complete, consistent with prior divestitures, the fiscal 2017 earnings outlook will no longer include Software for the last 2 months of the year.

由於軟件交易現已完成，與之前的資產剝離一致，2017 財年的盈利前景將不再包括今年最後兩個月的軟件。

As a reminder, the impact of removing 2 months of Software from the full year fiscal year '17 earnings outlook is $0.13, including $0.12 of earnings contribution and $0.01 of stranded costs.

提醒一下，從 17 財年全年收益前景中刪除 2 個月的軟件的影響為 0.13 美元，包括 0.12 美元的收益貢獻和 0.01 美元的滯留成本。

With that, we expect to finish fiscal year 2017 with non-GAAP diluted net earnings per share of $1.36 to $1.40.

因此，我們預計 2017 財年的非 GAAP 攤薄後每股淨收益為 1.36 美元至 1.40 美元。

We expect GAAP diluted net earnings per share to be negative $0.11 to negative $0.07.

我們預計 GAAP 稀釋後每股淨收益為負 0.11 美元至負 0.07 美元。

Please note that our outlook does not include a likely material noncash tax benefit associated with potential corporate tax reforms.

請注意，我們的展望不包括與潛在的公司稅改革相關的可能的重大非現金稅收優惠。

We expect to undertake tax planning actions next quarter and are still working through the details, but we expect them to result in a material benefit to our Q4 '17 and fiscal 2017 tax rate.

我們預計將在下個季度採取稅收籌劃行動，並且仍在研究細節，但我們預計它們將為我們的 17 年第四季度和 2017 財年稅率帶來實質性好處。

Also, as Meg mentioned, Hurricane Harvey has had a substantial impact to our Houston operations.

此外，正如梅格所提到的，颶風哈維對我們休斯頓的業務產生了重大影響。

Our top priority has been ensuring the well-being of our employees during this challenging time.

在這個充滿挑戰的時期，我們的首要任務是確保員工的福祉。

From a business perspective, we're continuing to assess the impact.

從業務角度來看，我們正在繼續評估影響。

Fortunately, we have a limited amount of production in Houston, which we've been able to mostly shift to other locations, so we don't expect a disruption to our customer deliveries.

幸運的是，我們在休斯敦的生產量有限，我們已經能夠將大部分生產轉移到其他地點，因此我們預計我們的客戶交付不會中斷。

Of course, we will bear uninsured costs associated with lost inventory or repairs to our campus but have not incorporated anything into our outlook at this time.

當然，我們將承擔與庫存丟失或校園維修相關的未投保費用，但目前尚未將任何內容納入我們的展望。

Finally, turning to the cash flow outlook.

最後，轉向現金流前景。

Year-to-date, free cash flow was almost equal to our full year target.

年初至今，自由現金流幾乎等於我們的全年目標。

However, Q4 cash flow will likely be lower than in prior years due to less seasonal earnings uplift following the Software and ES divestitures and the additional restructuring charges we're accelerating from fiscal year '18.

然而，由於軟件和 ES 資產剝離後季節性收益增長減少，以及我們從 18 財年開始加速的額外重組費用，第四季度的現金流量可能會低於往年。

As a result, we're maintaining our full year fiscal year '17 free cash flow outlook of negative $1.8 billion but do acknowledge there could be some upside.

因此，我們維持 17 財年全年自由現金流為負 18 億美元的預期，但承認可能存在一些上行空間。

Additionally, we'll need to make payments for previously agreed-upon balance sheet adjustments to DXC and Micro Focus that are still being finalized but still expect to end the year with an operating company net cash balance of approximately $6.5 billion.

此外，我們還需要為 DXC 和 Micro Focus 之前商定的資產負債表調整付款，這些調整仍在最後敲定中，但仍預計到年底運營公司的淨現金餘額約為 65 億美元。

Before we turn to questions, I wanted to briefly address a few topics which may provide helpful context going into our October 18 Analyst Day.

在我們開始提問之前，我想簡要介紹幾個主題，這些主題可能會為 10 月 18 日的分析師日提供有用的背景信息。

First, we gave a view of fiscal year '17 future HPE earnings during our last Analyst Day of $1.25 to $1.35.

首先，我們在上一個分析師日期間給出了 17 財年未來 HPE 收益 1.25 美元至 1.35 美元的觀點。

However, this did not account for $0.06 of stranded costs and the first quarter earnings takedown for currency and DRAM pricing of $0.12.

然而，這並未計入 0.06 美元的擱淺成本以及第一季度貨幣和 DRAM 定價 0.12 美元的收益減少。

Those 2 items will bring the fiscal year '17 outlook midpoint down to $1.12.

這兩項將使 17 財年的展望中點降至 1.12 美元。

We've also seen further commodity pressure, a more competitive pricing environment and some dilution from M&A that reduce at fiscal year '17 outlook for future HPE closer to just over $1.

我們還看到了進一步的商品壓力、更具競爭力的定價環境以及併購帶來的一些稀釋，這些因素在 17 財年對未來 HPE 的展望接近略高於 1 美元。

Second, we're in the process of settling outstanding tax disputes that have already been reserved against but will result in approximately $300 million of cash payments in fiscal year '18 that we think can be partially recovered through foreign tax credits in future years.

其次，我們正在解決尚未解決的稅務糾紛，這些糾紛將在 18 財年產生約 3 億美元的現金支付，我們認為這些款項可以在未來幾年通過外國稅收抵免部分收回。

And lastly, with regards to the HPE Next program Meg discussed, I want to provide some additional color on high-level expected savings before we provide the full details at our Analyst Day.

最後，關於 Meg 討論的 HPE Next 計劃，在我們在分析師日提供完整細節之前，我想提供一些關於高水平預期節省的額外顏色。

Based on our current assessment, we're committed to $1.5 billion of gross savings over the next 3 years.

根據我們目前的評估，我們承諾在未來 3 年內節省 15 億美元的總費用。

Keep in mind that this is a gross savings number, and the net savings could be impacted by incremental investments, ongoing commodities pressure and a continued competitive pricing environment.

請記住，這是一個總儲蓄數字，淨儲蓄可能受到增量投資、持續的商品壓力和持續的競爭性定價環境的影響。

We're still working out the funding requirements for HPE Next, but we expect to partially offset any cash cost with real estate sales, including the Roseville site completed this quarter, and lower-than-expected separation costs.

我們仍在研究 HPE Next 的資金需求，但我們希望通過房地產銷售（包括本季度完工的 Roseville 場地）和低於預期的分離成本來部分抵消任何現金成本。

We will provide more details about the HPE Next initiative at our upcoming Analyst Day.

我們將在即將到來的分析師日提供有關 HPE Next 計劃的更多詳細信息。

It's absolutely the right thing to do, and we'll achieve a very attractive return on the required investment.

這絕對是正確的做法，我們將獲得非常有吸引力的投資回報。

Overall, like Meg, I'm very pleased with the progress made this quarter, and I'm confident that our plan is the right long-term strategy to position us for success.

總的來說，我和梅格一樣，對本季度取得的進展感到非常滿意，而且我相信我們的計劃是正確的長期戰略，可以使我們取得成功。

I look forward to discussing the future of HPE at our upcoming Analyst Day.

我期待在即將到來的分析師日討論 HPE 的未來。

Now let's open it up for questions.

現在讓我們打開它來提問。

(Operator Instructions) Our first question is from Katy Huberty with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Katy Huberty。

I just want to start with a clarification, Tim, and make sure I understand your commentary around fiscal '17 remain co earnings.

蒂姆，我只想首先澄清一下，並確保我理解你對 17 財年剩餘共同收益的評論。

So the way I read it is $1 of earnings in fiscal '17, if you back out Software and services, and so we should think about growing off of that base by some amount in fiscal '18.

所以我讀它的方式是 17 財年的收入 1 美元，如果你退出軟件和服務，所以我們應該考慮在 18 財年從這個基礎上增加一些。

Is that right?

是對的嗎？

Yes, that's correct.

對，那是正確的。

I mean, if you take into account the stranded costs, the $0.12 takedown, obviously, we have some short-term dilution that we've been talking about, these recent acquisitions.

我的意思是，如果你考慮到滯留成本，即 0.12 美元的損失，顯然，我們一直在談論這些最近的收購，這些短期稀釋。

And then we continue to see commodity pressure and a very competitive pricing environment.

然後我們繼續看到商品壓力和極具競爭力的定價環境。

The combination of those 4 things takes you down to about $1 by the end of the year.

到年底，這 4 件事的組合會使您的收入降至 1 美元左右。

Okay, great.

好的，太好了。

And then just a question as well, how much of the $200 million to $300 million of savings were you able to capture in the third quarter?

然後還有一個問題，在第三季度節省的 2 億至 3 億美元中，您能獲得多少？

And on the same lines, have you been able to pass through some of the higher component costs in the third quarter versus what you saw in the second quarter?

同樣，與第二季度相比，您是否能夠在第三季度傳遞一些更高的組件成本？

Yes, let me start with the $200 million to $300 million.

是的，讓我從 2 億到 3 億美元開始。

So last quarter, when we announced that, we thought roughly 1/3 of that would happen in Q3 and 2/3 of that would happen in Q4.

所以上個季度，當我們宣布這一點時，我們認為大約 1/3 會發生在第三季度，而 2/3 會發生在第四季度。

I'd say we're tracking ahead of schedule.

我會說我們正在提前跟踪。

I mean, when I look at all the metrics, whether it be travel, as an example, is down 21%; if I look at contractor headcount, down 14%; rehire rates, so how many jobs we fill, which is typically something very difficult for our leadership team to do because, obviously, there's a lot of work that needs to be done, that's roughly half of what it was last year so we are seeing very good progress there.

我的意思是，當我查看所有指標時，例如旅行，下降了 21%；如果我看承包商人數，下降了 14%；重新僱用率，我們填補了多少工作崗位，這通常是我們的領導團隊很難做到的事情，因為很明顯，有很多工作需要完成，這大約是去年的一半，所以我們看到那裡的進展非常好。

Like I said, I'd say more than 1/3 is hitting in Q3, and we're confident that we'll get the rest in Q4.

就像我說的，我想說超過 1/3 的產品在第三季度實現了目標，我們有信心在第四季度實現其餘的目標。

As far as the pricing component, we still see a very competitive environment out there, particularly in the U.S. So that is something we're not passing through as much as we like.

就定價部分而言，我們仍然看到競爭非常激烈的環境，尤其是在美國。所以這是我們沒有像我們希望的那樣經歷的事情。

Again, longer-term, we think that we'll be able to pass this pricing -- the commodity cost pressure through because as an industry, I think folks are going to need make money.

同樣，從長遠來看，我們認為我們將能夠傳遞這種定價——商品成本壓力，因為作為一個行業，我認為人們需要賺錢。

But we're not gaining the traction that we had anticipated, and that's why you're seeing the pressure.

但是我們沒有獲得我們預期的牽引力，這就是為什麼你看到壓力。

Our next question is from Toni Sacconaghi with Bernstein.

我們的下一個問題來自 Toni Sacconaghi 和 Bernstein。

I have a question and a follow-up.

我有一個問題和一個後續行動。

I think your guidance for fiscal Q4 implies Enterprise Group operating margins at around 11%.

我認為您對第四財季的指導意味著企業集團的營業利潤率約為 11%。

I think at Discover, Meg, you had commented on EG margins rebounding to similar levels as last year or 12% or 13%.

我想在 Discover，梅格，你曾評論過 EG 利潤率反彈至與去年相似的水平，即 12% 或 13%。

Are -- has your outlook for the recovery in Q4 changed over the last 3 months?

在過去 3 個月中，您對第四季度復甦的前景是否發生了變化？

And can you help address that apparent disparity?

你能幫助解決這種明顯的差異嗎？

Yes, sure.

是的，當然。

So I mean, first of all, let me start with Q3.

所以我的意思是，首先，讓我從第三季度開始。

And we were pleased to see that margins were up 50 basis points sequentially.

我們很高興看到利潤率連續上升了 50 個基點。

Again, a lot of that was driven by the cost savings that we had laid out on the 2Q call, offsetting the pressure that we're seeing from a full quarter of stranded costs, as an example, in ES, along with the short-term dilution.

同樣，其中很大一部分是由我們在第二季度電話會議上提出的成本節約推動的，抵消了我們從整個四分之一的擱淺成本中看到的壓力，例如在 ES 中，以及短期 -術語稀釋。

So as I look into Q4, I would expect those margins to improve.

因此，當我研究第四季度時，我預計這些利潤率會有所提高。

As we get more cost savings in Q4 as compared to Q3, although not as much as we had expected, that's certainly going to be helpful from a margin perspective.

與第三季度相比，我們在第四季度節省了更多成本，儘管沒有我們預期的那麼多，但從利潤率的角度來看，這肯定會有所幫助。

As you well know, Toni, if you just look at seasonality in EG, if you look at the last couple of years, we do see a -- fourth quarter as our most profitable quarter, so we should expect to see that same type of lift in Q4 this year.

正如你所知，托尼，如果你只看 EG 的季節性，如果你看過去幾年，我們確實看到第四季度是我們最賺錢的季度，所以我們應該期望看到同樣類型的今年第四季度升值。

And again, as we continue to eliminate the stranded costs and the short-term dilution, as we right size the cost envelopes of those acquisitions, that will drive some margin improvement as well.

再一次，隨著我們繼續消除擱淺成本和短期稀釋，當我們正確調整這些收購的成本範圍時，這也將推動利潤率的提高。

But to your question, I would expect to see those margins at the end of Q4 to be closer to 11%.

但對於你的問題，我預計第四季度末的利潤率將接近 11%。

And the primary reason is we continue to see commodity cost pressure.

主要原因是我們繼續看到商品成本壓力。

I mean, if you just look at memory as an example, we're still up another 5% or 10% versus last quarter.

我的意思是，如果你只以內存為例，我們仍然比上一季度再增長 5% 或 10%。

And again, we are not getting the pricing traction that we had anticipated, and that's what's causing the incremental pressure.

再一次，我們沒有得到我們預期的定價牽引力，這就是造成增量壓力的原因。

And I'd just add to that, Toni, I think we can return to historic levels in 2018, but we're going to be probably a quarter or so delayed.

我只想補充一點，托尼，我認為我們可以在 2018 年恢復到歷史水平，但我們可能會延遲四分之一左右。

And we'll see what happens in commodity pricing and those other things, but I also think HPE Next will certainly help.

我們會看到商品定價和其他方面會發生什麼，但我也認為 HPE Next 肯定會有所幫助。

And then just a follow-up, Meg, I was wondering if you could maybe just clear the air on your commitment to Hewlett Packard Enterprise.

然後是後續行動，Meg，我想知道你是否可以澄清你對 Hewlett Packard Enterprise 的承諾。

There's obviously been a lot of press speculation about you're potentially accepting a role at Uber as CEO.

顯然有很多媒體猜測你有可能接受 Uber 的首席執行官一職。

You had made statements saying that you're remaining at HPE.

你曾發表聲明說你將留在 HPE。

I was wondering if you could just clear the air on the apparent reporting discrepancies in your statements and where you stand in terms of your commitment to HPE.

我想知道您是否可以就您聲明中明顯的報告差異以及您在 HPE 承諾方面的立場澄清一下。

Yes, sure.

是的，當然。

There has been some press.

有一些新聞。

So listen, I thought -- I was called in very late in the Uber search, and I thought it was a very interesting business model to me.

所以聽著，我想——我在 Uber 搜索中很晚才被叫進來，我認為這對我來說是一個非常有趣的商業模式。

It's actually quite similar to eBay in many ways.

實際上，它在很多方面與 eBay 非常相似。

It's very disruptive.

這非常具有破壞性。

It relies on a community of drivers, just like eBay relies on a community of sellers.

它依賴於司機社區，就像 eBay 依賴於賣家社區一樣。

And the growth prospects reminded me of eBay in its early days.

增長前景讓我想起了早期的 eBay。

And as you know, I'm also an investor in Uber.

如你所知，我也是優步的投資者。

And -- but in the end, it wasn't the right thing.

而且 - 但最終，這不是正確的事情。

And -- but I would say it has really nothing to do with HPE, which is quite special in its own right.

而且 - 但我會說它與 HPE 毫無關係，HPE 本身就很特別。

And we have a very focused strategy and a path forward to build a very big business on what I think is a quite compelling strategy: hybrid IT, edge computing, IoT and much more.

我們有一個非常專注的戰略和一條前進的道路，可以在我認為非常有吸引力的戰略上建立一個非常大的企業：混合 IT、邊緣計算、物聯網等等。

And we also have a remarkable customer base and partner base.

我們還擁有卓越的客戶群和合作夥伴群。

So the other thing is I've dedicated the last 6 years of my life to this company, and there is more work to do.

所以另一件事是，我將生命的最後 6 年奉獻給了這家公司，還有更多工作要做。

And I'm here to help make this company successful, and I'm excited about the new strategy.

我來這裡是為了幫助這家公司取得成功，我對新戰略感到興奮。

So lots more work to do, and I actually am not going anywhere.

還有很多工作要做，實際上我哪兒也不去。

And our next question is from Sherri Scribner with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sherri Scribner。

I'm sure you'll talk about this at the Analyst Day.

我相信你會在分析師日談論這個。

But when we think about potential fiscal '18 earnings for the business now, clearly, we've got somewhere around $1 in earnings this year for the remaining business.

但是，當我們現在考慮該業務的潛在 18 財年收益時，很明顯，我們今年剩餘業務的收益約為 1 美元。

And when we think about things like stranded costs and higher commodity costs, it seems like those things probably should abate to some extent next year.

當我們考慮諸如擱淺成本和更高的商品成本之類的事情時，這些事情似乎明年應該會有所減輕。

So I guess I'm trying to understand how much of that are you expecting to abate?

所以我想我想了解您希望減少多少？

I think Meg just said DRAM and commodity cost, probably improve in fiscal '18 but maybe takes a quarter longer.

我認為梅格剛剛說過 DRAM 和商品成本，可能會在 18 財年有所改善，但可能需要四分之一的時間。

Stranded costs should go away.

擱淺的成本應該會消失。

Should we be able to add at least some of that to that $1 number in fiscal '18?

我們是否應該能夠在 18 財年的 1 美元數字中至少增加一些？

Yes, fair question, and we will certainly give you plenty of detail at the Securities Analyst Meeting.

是的，公平的問題，我們肯定會在證券分析師會議上為您提供大量細節。

But just to help you frame it up, we should see some significant uplift from an EPS perspective in '18.

但只是為了幫助您構建它，我們應該在 18 年從 EPS 的角度看到一些顯著的提升。

And let me just start with the tailwinds that we should see.

讓我從我們應該看到的順風開始。

So to your point, stranded costs and also the short-term dilution from those -- the recent M&A deals, that should come back and provide some tailwind for us in 2018.

因此，就你的觀點而言，擱淺成本以及近期併購交易帶來的短期稀釋，應該會在 2018 年回歸併為我們提供一些順風。

And you guys can quantify that based off of the color we've given.

你們可以根據我們給出的顏色對其進行量化。

The other thing that we should say some -- see some headwind, although I'm a little bit hesitant, is foreign exchange.

我們應該說的另一件事——看到一些逆風，雖然我有點猶豫，是外匯。

I mean, if rates stay where they are today and hold, then that would certainly provide some tailwinds for us.

我的意思是，如果利率保持在今天的水平並保持不變，那肯定會為我們提供一些順風。

Now we'll have to see what happens at the beginning of the year.

現在我們必須看看年初會發生什麼。

But as I said, if they hold to where they are today, that should provide some uplift.

但正如我所說，如果他們堅持他們今天的位置，那應該會帶來一些提升。

Obviously, we're excited about HPE Next.

顯然，我們對 HPE Next 感到興奮。

We think that's going to yield some significant savings.

我們認為這將產生一些顯著的節省。

Now we'll have to figure out the difference between the gross and the net but, overall, that should be positive.

現在我們必須計算出總值和淨值之間的差異，但總的來說，這應該是正數。

And then we should see some benefit from the lower share count.

然後我們應該從較低的份額中看到一些好處。

So those are all the positives we have going into the year.

所以這些都是我們進入這一年的所有積極因素。

As far as some of the pressure points that we'll continue to see, although DRAM may soften a little bit, just keep in mind we're going to have a full year impact of that versus what we had this year.

就我們將繼續看到的一些壓力點而言，儘管 DRAM 可能會有所緩解，但請記住，與今年相比，我們將對全年產生影響。

So we do expect that to be a significant pressure point going into '18.

因此，我們確實預計這將成為 18 年的一個重要壓力點。

When you compare year-over-year, I mean, DRAM costs will be roughly double.

當你與去年同期相比時，我的意思是，DRAM 成本將大約翻一番。

We're expecting, and we'll see what happens, but we continue to expect to see a very difficult pricing environment.

我們期待，我們會看到會發生什麼，但我們繼續期待看到一個非常困難的定價環境。

We're not anticipating that easing up in the near term, so that would provide some pressure.

我們預計短期內不會放鬆，因此這會帶來一些壓力。

And then we're obviously going to continue to invest in the business.

然後我們顯然會繼續投資這項業務。

But net-net, hopefully that helps you frame it up.

但是 net-net，希望能幫助您構建它。

But given the positives and the negatives, we would certainly expect to see a significant uplift in 2018.

但考慮到積極因素和消極因素，我們當然預計 2018 年會出現顯著增長。

Okay, great.

好的，太好了。

And then just a follow-up, can you maybe provide some additional detail on the strength you saw in the server business?

然後只是一個後續行動，你能否提供一些關於你在服務器業務中看到的實力的額外細節？

It seems that was much better than expected.

這似乎比預期的要好得多。

And it sounded like, from your commentary, that, that was more specific to HP and you gained share, but maybe some additional detail would be helpful.

從你的評論來看，這聽起來更像是針對惠普的，你獲得了份額，但也許一些額外的細節會有所幫助。

Yes, I'll take that, and then Tim can follow on.

是的，我會接受的，然後蒂姆可以跟進。

So the results were quite a bit better in servers, flat overall, but grew 12% to 13%, excluding Tier 1. And I'd say there's a couple of things going on.

所以服務器的結果要好得多，總體持平，但增長了 12% 到 13%，不包括第 1 層。我想說有幾件事正在發生。

One is better execution, particularly in Americas, but actually across the board.

一個是更好的執行，尤其是在美洲，但實際上是全面的。

And I think that execution will continue.

而且我認為執行將繼續。

And we expect to, as we said, to gain a bit of share in the second quarter.

正如我們所說，我們希望在第二季度獲得一些份額。

Some -- there was also some improvement, frankly, in the overall market.

一些 - 坦率地說，整個市場也有一些改善。

And in all fairness, these were easier compares in Q3 than they were in Q1 and Q2.

平心而論，與第一季度和第二季度相比，第三季度的這些比較更容易。

But I also just have to say, the portfolio that we had worked hard to create, that we have pivoted to over the last couple of years, that is in faster growing, more profitable areas in the market, is starting to kick in.

但我也不得不說，我們努力創建的投資組合，我們在過去幾年中轉向的投資組合，即市場上增長更快、利潤更高的領域，正在開始發揮作用。

And you can see that in high-performance compute.

您可以在高性能計算中看到這一點。

You can see it in Synergy's momentum.

您可以在 Synergy 的勢頭中看到這一點。

That is not only the actual product of Synergy but it's actually accelerating the core blade business.

這不僅是 Synergy 的實際產品，而且實際上正在加速核心刀片業務。

We're also seeing good traction in Hyper Converged that grew triple digits, albeit off a small base.

我們還看到 Hyper Converged 的良好牽引力增長了三位數，儘管基數很小。

And then, of course, Aruba continues to do very well.

然後，當然，Aruba 繼續做得很好。

And interestingly, on Aruba in the U.S., it reignited the wired networking business, which was part of the thesis of the acquisition, but it's actually playing out very nicely in the United States.

有趣的是，在美國的 Aruba 上，它重新點燃了有線網絡業務，這是收購論點的一部分，但實際上它在美國的表現非常好。

So listen, I mean I think the market is going to continue to be competitive.

所以聽著，我的意思是我認為市場將繼續競爭。

We're going to continue to face some headwinds from Tier 1. That was down versus Q3.

我們將繼續面臨來自第 1 層的一些不利因素。與第 3 季度相比有所下降。

But we're feeling much better about that core business.

但我們對核心業務感覺好多了。

And you really need to think about this as stabilizing the core transactional rack and tower business while we pivot the portfolio to higher-margin and higher-growth segments in the marketplace.

你真的需要將此視為穩定核心交易機架和塔式業務，同時我們將投資組合轉向市場中利潤率更高和增長更快的細分市場。

And that's working.

這很有效。

The only thing I will say is, what I've learned over the last 6 years in this business, there's always something that could happen here, whether it's floods in Thailand, floods in Houston, I mean, this is a remarkable situation that we face in Houston, I have to say.

我唯一要說的是，我在過去 6 年中在這個行業學到的東西，這裡總會發生一些事情，無論是泰國的洪水，還是休斯敦的洪水，我的意思是，這是一個我們無法想像的非凡情況面對休斯頓，我不得不說。

And so I feel good about our execution.

所以我對我們的執行感覺很好。

I feel good about what we can control.

我對我們可以控制的事情感覺很好。

Our next question is from Steve Milunovich with UBS.

我們的下一個問題來自瑞銀集團的 Steve Milunovich。

First question on CTP acquisition, it's quite interesting and I think a very, very good company.

關於 CTP 收購的第一個問題，這很有趣，我認為這是一家非常非常好的公司。

Their primary business though I believe is trying to move on-premise customers to the cloud, and particularly to AWS, which is a kind of threat to your core business.

儘管我認為他們的主要業務是試圖將本地客戶轉移到雲端，尤其是 AWS，這對您的核心業務是一種威脅。

But I guess, you feel that having that as part of the services offering, helping customers with hybrid cloud is more important?

但我想，你覺得將其作為服務產品的一部分，幫助客戶使用混合雲更重要嗎？

So listen, a core part of our strategy is we make hybrid IT simple.

所以聽著，我們戰略的核心部分是讓混合 IT 變得簡單。

And what CTP does very well is very consistent with our strategy, which is what customers need to do is they need to start with their applications and their workloads.

CTP 做得很好的地方與我們的戰略非常一致，客戶需要做的是他們需要從他們的應用程序和工作負載開始。

First, we make sure that they've got -- they've rationalized those workloads as fast and as much as they can, and then decide where each of those workloads should go based on a total cost of ownership and how they want to pay for it, whether it be on a consumption-based pricing model or CapEx.

首先，我們確保他們已經 - 他們已經盡可能快地合理化這些工作負載，然後根據總擁有成本和他們想要支付的方式來決定每個工作負載應該去哪裡對於它，無論是基於消費的定價模型還是資本支出。

So that's what this team does, and we will add our expertise on on-prem private cloud, we'll add our expertise in -- because we do some of this today, and it's an opportunity to scale that practice.

這就是這個團隊所做的，我們將增加我們在本地私有云方面的專業知識，我們將增加我們的專業知識——因為我們今天做了一些，這是一個擴展這種實踐的機會。

But listen, there are some workloads that customers probably should move to a public cloud.

但是請注意，客戶可能應該將一些工作負載轉移到公共雲中。

And Azure is our public cloud partner.

Azure 是我們的公共雲合作夥伴。

We're excited about Azure Stack on-prem, we aim to be the leader in infrastructure behind Azure Stack on-prem.

我們對 Azure Stack on-prem 感到興奮，我們的目標是成為 Azure Stack on-prem 背後基礎設施的領導者。

And so we want to make sure that we help customers find their right mix of hybrid IT, and this is a nice way to scale that -- the business for us.

因此，我們希望確保我們幫助客戶找到適合他們的混合 IT 組合，這是擴展它的好方法——對我們來說是業務。

And then on the storage side, could you give us a sense of how much Nimble contributed to that revenue?

然後在存儲方面，您能否告訴我們 Nimble 對該收入的貢獻有多大？

I think you said 3PAR was down.

我想你說 3PAR 倒閉了。

Was it 9% year-over-year?

是同比增長 9% 嗎？

Was that an effect of Nimble at all?

那是 Nimble 的影響嗎？

Because I think you've separated where those 2 are going into the markets, so I wouldn't expect to see too much effect from Nimble on the 3PAR.

因為我認為你已經將這 2 個進入市場的地方分開了，所以我不希望看到 Nimble 對 3PAR 產生太大影響。

Yes, I would just say that all-flash in general was up about 30% and roughly 6% organically.

是的，我只想說全閃存總體上增長了大約 30%，有機地增長了大約 6%。

We did see some pressure on 3PAR, to your point.

就您的觀點而言，我們確實看到了 3PAR 的一些壓力。

that's primarily, again, we're seeing a very competitive pricing environment, particularly in the U.S., in storage and 3PAR.

這主要是，再次，我們看到了一個非常有競爭力的定價環境，特別是在美國，在存儲和 3PAR 方面。

Yes, we're -- listen, we're excited now about our storage portfolio, 3PAR plus Nimble.

是的，我們 - 聽著，我們現在對我們的存儲產品組合 3PAR 加上 Nimble 感到興奮。

We get incremental scale, we get infosite, which is obviously AI for the data center in the context of Nimble.

我們獲得了增量規模，我們獲得了 infosite，這顯然是 Nimble 背景下數據中心的 AI。

And I think 1 plus 1 here is going to equal more than 2. And we're really pleased.

我認為這裡的 1 加 1 將大於 2。我們真的很高興。

We're going to combine the R&D.

我們將合併研發。

We're combining the sales specialist teams.

我們正在合併銷售專家團隊。

We're leveraging, I think, the strengths of both companies to give us more scale, particularly in the all-flash segment of the market, which is growing.

我認為，我們正在利用兩家公司的優勢來擴大我們的規模，尤其是在不斷增長的全閃存市場領域。

And you will recall that only about 10% of data centers have moved to all-flash, so there's a lot of running room there.

你會記得只有大約 10% 的數據中心已經遷移到全閃存，所以那裡有很大的運行空間。

And we're a leader in that marketplace, and we aim to continue that trend.

我們是該市場的領導者，我們的目標是延續這一趨勢。

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。

I'm sure you'll get into it in more detail at the Analyst Day, but can you talk a bit about your thoughts on cash and use of cash?

我相信你會在分析師日更詳細地了解它，但你能談談你對現金和現金使用的看法嗎？

Clearly, some will be used to fund the restructuring, but where -- what are you thinking about in terms of acquisition strategy going forward and other ways to return cash to shareholders?

顯然，其中一些將用於為重組提供資金，但您在未來的收購戰略和其他向股東返還現金的方式方面有何想法？

Yes, Meg, you can jump in here afterwards.

是的，梅格，之後你可以跳到這裡來。

I think we're going to continue to operate within the framework that we had, right?

我認為我們將繼續在已有的框架內運作，對嗎？

And we're going to be very disciplined.

我們將非常有紀律。

It's going to be returns-based.

它將以回報為基礎。

And it's going to be sort of a 3-legged stool.

這將是一種 3 條腿的凳子。

So we're going to continue to focus on organic investments because when we do that well and we do it right, it's good for customers, it's good for partners, it's good for shareholders.

因此，我們將繼續專注於有機投資，因為當我們做得好並且做得對時，這對客戶、合作夥伴和股東都有好處。

Think about all-flash, think about synergy and those types of things.

想想全閃存，想想協同作用和那些類型的東西。

Obviously, we're biased towards share repurchases right now.

顯然，我們現在偏向於股票回購。

And then we'll also look at M&A.

然後我們還將研究併購。

Again, M&A, that's complementary IP that helps leverage our distribution where we can then blow out some profitable growth.

同樣，併購，這是互補的知識產權，有助於利用我們的分銷，然後我們可以實現一些盈利增長。

So I would expect us to continue to operate within that framework.

因此，我希望我們繼續在該框架內運作。

And like I said, we'll give you some more color as we get into the Analyst Meeting in October.

就像我說的那樣，我們將在 10 月份的分析師會議上為您提供更多信息。

Great.

偉大的。

And then I'm just curious when I looked at cost reductions, you talked about travel, down 21%; contractors, down 14%.

然後我很好奇，當我看到成本降低時，你談到了差旅，下降了 21%；承包商，下降 14%。

How much of this is sort of recurring or can be continued?

其中有多少是反復發生的或可以繼續進行的？

And how much of it is just sort of a near-term reduction in your spend?

其中有多少只是近期支出的減少？

And I'm just trying to figure out, is it -- does it make sense that travel's down 21% to support the ongoing business?

而且我只是想弄清楚，它 - 旅行下降 21% 以支持正在進行的業務是否有意義？

Or is this just sort of in the interim while you're getting HPE Next in place?

或者這只是在您準備好 HPE Next 期間的過渡期？

So let me give you a little context on that.

因此，讓我給您一些背景信息。

So listen, there's obviously some short-term cost reduction that we're doing.

所以聽著，我們正在做一些短期的成本削減。

But I have to say that what we are -- the $200 million to $300 million in Q3 and Q4, I do not think it's actually hurting the business.

但我不得不說，我們的情況——第三季度和第四季度的 2 億至 3 億美元，我認為這實際上並沒有損害業務。

I think we are executing better than we were before, and you can see that in our results.

我認為我們比以前執行得更好，您可以在我們的結果中看到這一點。

But as we move into HPE Next, it is a much broader initiative than sort of normal cost reduction.

但隨著我們進入 HPE Next，它是一項比正常的成本削減更廣泛的舉措。

We are essentially re-architecting the company to be precisely built to compete and win in our markets.

我們實質上是在重新設計公司，使其能夠在我們的市場中競爭並取勝。

And we are actually clean-sheeting both the operating model and the organizational structure to simplify how we work.

我們實際上正在清理運營模式和組織結構，以簡化我們的工作方式。

And we want to take actions that optimize business processes and operations.

我們希望採取行動優化業務流程和運營。

And let me just give you a couple of examples of that, and this has all become very obvious as ES has moved out.

讓我舉幾個例子，隨著 ES 的退出，這一切都變得非常明顯。

When ES went to DXC on March 31, a $28 billion business, 110,000 people left this organization.

當 ES 於 3 月 31 日加入 DXC 時，這家價值 280 億美元的企業有 11 萬人離開了這個組織。

And it was, in some ways, like the tide going out.

在某些方面，這就像潮水退去。

You can see where there were real opportunities to improve.

您可以看到真正有改進機會的地方。

And I'll give you a perfect example.

我會給你一個完美的例子。

Think about platforms and skus and options.

考慮平台、SKU 和選項。

So we have about 50,000 live configs -- live configurations in our server business.

所以我們有大約 50,000 個實時配置——我們服務器業務中的實時配置。

The old 80-20 rule applies.

舊的 80-20 規則適用。

And so if we are to really focus on the configurations that make the most difference, this will -- think about it: inventory, nodes, purchasing, supply chain, everything gets simpler and easier.

因此，如果我們真正專注於產生最大差異的配置，這將——想一想：庫存、節點、採購、供應鏈，一切都會變得更簡單、更容易。

Think about decreasing the layers in our customer-facing organizations so that there's more accountability and decision-making closer to the customers, reducing the number of markets that we operate in to prioritize the customers and the countries that are driving the vast majority of the business today and will drive almost all the growth.

考慮減少我們面向客戶的組織中的層級，以便有更多的問責制和決策更貼近客戶，減少我們運營的市場數量，以優先考慮客戶和推動絕大多數業務的國家今天並將推動幾乎所有的增長。

So this is the kind of thing we're doing.

所以這就是我們正在做的事情。

So yes, I think the travel and the contractors are interesting and have not hurt the business, but the fundamental re-architecture and reengineering of this business is, I think, very, very exciting.

所以是的，我認為旅行和承包商很有趣並且沒有損害業務，但我認為這項業務的基本重新架構和重新設計非常非常令人興奮。

I think it's going to be good for customers, and it's going to be good for our speed and nimbleness and agility as a company.

我認為這對客戶有好處，對我們公司的速度、敏捷性和敏捷性也有好處。

I think the only thing I would add to that, to Meg's point, a lot of the HPE Next stuff is very structural.

我想我唯一要補充的是，在梅格看來，很多 HPE Next 的東西都是非常結構化的。

So that will obviously be more run rate-related.

所以這顯然與運行率有關。

But keep in mind, that savings, the $1.5 billion savings, is a gross savings number.

但請記住，節省下來的 15 億美元是一個總節省額。

So again, we're going to continue to see commodity cost pressure.

因此，我們將再次看到商品成本壓力。

One of the things you'll see that we did very effectively with ES is we're going to hire people.

您會看到我們用 ES 做得非常有效的一件事是我們將僱用人員。

As we shift roles from high-cost countries to low-cost countries, we're going to be out hiring people.

隨著我們將角色從高成本國家轉移到低成本國家，我們將停止招聘人員。

And then we're going to continue to invest in the business.

然後我們將繼續投資這項業務。

But net-net, it should drive some significant savings for the business going forward.

但總的來說，它應該會為未來的業務節省大量資金。

Our next question is from Jim Suva with Citi.

我們的下一個問題來自花旗銀行的 Jim Suva。

Taking back and looking at the bigger picture of things, is Brexit now still a headwind to the company?

回過頭來看事情的大局，英國退歐現在是否仍然是公司的逆風？

Are we turning the corner on Brexit?

我們正在扭轉英國退歐的轉折點嗎？

Can you talk a bit about kind of your overall demand trends?

你能談談你的整體需求趨勢嗎？

As I know for a while, there's a little bit of a pause or hesitation there.

正如我一段時間以來所知道的，那裡有一點停頓或猶豫。

Yes.

是的。

So listen, I think when Brexit was first announced, we did see a pause in the demand in the U.K. market, no question about it, because customers were trying to decide do they want to build that next data center in the U.K. or should they be building that data center someplace else in Europe.

所以聽著，我認為當英國脫歐首次宣佈時，我們確實看到了英國市場需求的暫停，這是毫無疑問的，因為客戶正試圖決定他們是想在英國建造下一個數據中心，還是應該在歐洲其他地方建設該數據中心。

I think we're still feeling some after-effects from Brexit because it's not clear exactly how this is all going to work.

我認為我們仍然感受到英國退歐的一些後遺症，因為目前還不清楚這一切將如何運作。

So I would say the U.K. market is a bit challenged for us.

所以我想說英國市場對我們來說有點挑戰。

It's not only Brexit, it's also the public sector that is cutting back spending quite dramatically.

不僅僅是英國退歐，公共部門也在大幅削減開支。

So the U.K. is not one of our stronger markets.

所以英國不是我們更強大的市場之一。

It's a very important market for us, but I wouldn't say it is doing as well as the rest of Western Europe.

這對我們來說是一個非常重要的市場，但我不會說它的表現與西歐其他地區一樣好。

And frankly, the United States, Canada, Latin America and Asia are all outperforming the U.K. right now.

坦率地說，美國、加拿大、拉丁美洲和亞洲目前的表現都優於英國。

Our next question is from James Kisner with Jefferies LLC.

我們的下一個問題來自 Jefferies LLC 的 James Kisner。

So very nice work on servers.

在服務器上做的非常好。

It's nice to see that business doing better.

很高興看到該業務做得更好。

I was hoping you could dig into the success there.

我希望你能深入了解那裡的成功。

I mean how much of that is really attributable to just product cycle with Synergy.

我的意思是其中有多少真正歸因於 Synergy 的產品週期。

I'm also kind of curious how you might expect the year-over-year growth rates in servers to trend over the next couple of quarters as the comps get a lot easier in a couple of quarters from now.

我也很好奇您如何期望服務器的同比增長率在接下來的幾個季度內呈現趨勢，因為從現在開始的幾個季度內，競爭變得更加容易。

And just separately and relatedly, on Cloudline, are you still committed to that product line?

單獨且相關地，在 Cloudline 上，您是否仍致力於該產品線？

And can you tell us how much of the business is coming from Cloudline?

您能否告訴我們有多少業務來自 Cloudline？

Yes.

是的。

So listen, I think -- I'd say we are cautiously optimistic about our server business.

所以聽著，我想——我想說我們對我們的服務器業務持謹慎樂觀的態度。

So you're right, Synergy has made a difference.

所以你是對的，Synergy 有所作為。

High-performance compute has made a difference.

高性能計算發揮了重要作用。

SimpliVity has made a difference.

SimpliVity 有所作為。

And so there's -- and we talked about Synergy is also really helping our blade business.

因此，我們談到了 Synergy 也確實在幫助我們的刀片業務。

It's interesting, people are buying more c7000s because there's a road map to a future state.

有趣的是，人們正在購買更多的 c7000，因為有通往未來狀態的路線圖。

So we're excited about that.

所以我們對此感到興奮。

I would also say Gen10 is a real opportunity for us.

我還要說 Gen10 對我們來說是一個真正的機會。

I mentioned in my opening remarks that Gen10 is now the industry's most secure server.

我在開場白中提到，Gen10 現在是業界最安全的服務器。

This is a big issue now for everybody, and we are the only server company that has built security into the silicon in our servers.

這對每個人來說都是一個大問題，我們是唯一一家將安全性內置到服務器芯片中的服務器公司。

So we're cautiously optimistic.

所以我們謹慎樂觀。

I think I would add commodity pressure, currency, there -- it's a very competitive pricing environment still.

我想我會增加商品壓力，貨幣，那裡 - 它仍然是一個非常有競爭力的定價環境。

So the only reason I'm not even more enthusiastic is just there's challenges that remain in the market.

所以我沒有更加熱情的唯一原因是市場上仍然存在挑戰。

We are executing a lot better here.

我們在這裡的表現要好得多。

Thanks to the U.S. team, thanks to EMEA and APJ and Latin America, we are executing a lot better here than we have in the past with a stronger portfolio.

多虧了美國團隊，多虧了 EMEA、APJ 和拉丁美洲，我們在這裡的表現比過去好得多，產品組合更強大。

Cloudline, you had a question about Cloudline.

Cloudline，您對 Cloudline 有疑問。

So listen, Tier 1 continues to be a headwind for us.

所以聽著，Tier 1 仍然是我們的逆風。

It's a very lumpy business with not much profit attached to it.

這是一項非常不穩定的業務，沒有多少利潤。

And so we need to figure out what the long-term answer is on Cloudline.

因此，我們需要弄清楚 Cloudline 上的長期答案是什麼。

And so we're evaluating that right now.

所以我們現在正在評估。

We will, I think, have an answer by the Securities Analyst Meeting about what we want to do about Cloudline on a go-forward basis.

我認為，我們將在證券分析師會議上就我們希望在前進的基礎上對 Cloudline 做些什麼做出答复。

And Tim, you might talk a little bit about how much -- I think he asked the question of how much...

蒂姆，你可以談談多少——我想他問的是多少……

Yes, it's roughly, call it, 10% to 15% of our Tier 1 revenue.

是的，這大約是我們一級收入的 10% 到 15%。

Our next question is from Ittai Kidron with Oppenheimer.

我們的下一個問題來自 Ittai Kidron 和 Oppenheimer。

Sorry to beat a dead horse here, but I'm going to dig into servers yet again.

很抱歉在這裡打了一個死馬，但我將再次深入研究服務器。

Can you perhaps give us the year-over-year growth rate, actually excluding your acquisitions as well, because there are 2 of them in the numbers which you did not exclude?

你能不能給我們同比增長率，實際上也排除了你的收購，因為其中有 2 個在你沒有排除的數字中？

Okay, let's see.

好吧，讓我們看看。

So you'd like to know the number.

所以你想知道這個數字。

So I can tell you, high-performance compute was 40% with SGI and 10% organically.

所以我可以告訴你，高性能計算是 40% 的 SGI 和 10% 有機的。

I'm talking servers in total.

我說的是服務器。

You gave the number of 10%, excluding Tier 1 and divestitures, but can you give it also excluding M&A?

你給出了 10% 的數字，不包括一級和資產剝離，但你能給出不包括併購在內的數字嗎？

And I guess, the second point, Tim, how much of the growth here is -- I mean, you've managed to roll some of the price increases in DRAM into customers.

我想，蒂姆，第二點，這裡的增長有多少——我的意思是，你已經設法將 DRAM 的一些價格上漲推給了客戶。

I understand not all of it, clearly, you're absorbing some of it.

我理解的不是全部，很明顯，你正在吸收其中的一部分。

But how much of the growth here is price-driven versus unit-driven?

但是這裡的增長中有多少是價格驅動的而不是單位驅動的？

So on the organic piece, the M&A activity is roughly 3 points, call it.

所以在有機部分，併購活動大約是 3 點，稱之為。

And I'm sorry, what was the second question about price?

抱歉，關於價格的第二個問題是什麼？

Yes, how much of the growth was driven by unit growth versus ASP growth?

是的，有多少增長是由單位增長和 ASP 增長驅動的？

Because you have managed to increase some prices, I understand not to the full extent of the DRAM increases, but prices have come up to a certain degree.

因為你們設法提高了一些價格，我理解 DRAM 的漲幅沒有達到全部，但價格已經上漲了一定程度。

I'm just trying to gauge how much of the growth here is really unit-driven versus ASP-driven.

我只是想衡量這裡的增長有多少是真正的單位驅動與 ASP 驅動的。

Yes, I would say it's ASP-driven.

是的，我會說它是 ASP 驅動的。

But again, as we -- it depends on what product line you're talking about.

但同樣，正如我們一樣——這取決於你在談論什麼產品線。

If you're talking servers, it's ASP-driven.

如果你說的是服務器，它就是 ASP 驅動的。

So I'll just leave it at that.

所以我就把它留在那兒。

Got it.

知道了。

Okay.

好的。

And then for you, Meg, on storage, I think good results there.

然後對於你，梅格，在存儲方面，我認為那裡的結果很好。

At the same time, when you get compared on the all-flash progress compared to a NetApp or Pure, you're still well behind from a growth standpoint.

同時，當您將全閃存進展與 NetApp 或 Pure 進行比較時，從增長的角度來看，您仍然遠遠落後。

I guess, I'm trying to gauge, relative to the size of the business you have there, what in your opinion should the all-flash array business grow at as we think about next year?

我想，我正在嘗試衡量，相對於您在那裡的業務規模，您認為我們明年考慮的全閃存陣列業務應該增長多少？

Yes.

是的。

So I think, actually, we, I think, did a very good job of getting to all-flash early with 3PAR and then, of course, Nimble.

所以我認為，實際上，我認為我們在使用 3PAR 儘早實現全閃存方面做得非常好，當然還有 Nimble。

And then the 2 competitors that you mentioned actually showed up with an all-flash product quite recently, and they've been able to mine their installed base, which we understood would happen.

然後你提到的 2 個競爭對手實際上最近出現了一個全閃存產品，他們已經能夠挖掘他們的安裝基礎，我們知道這會發生。

So our objective is we've got to go mine our installed base.

所以我們的目標是我們必須挖掘我們的安裝基礎。

And then when a customer is thinking about upgrading to all-flash, we got to make sure that we're in a competitive position there.

然後，當客戶考慮升級到全閃存時，我們必須確保我們在那里處於競爭地位。

I can't give you an estimated growth rate of all-flash.

我不能給你一個全閃存的估計增長率。

What I can tell you is it's faster, better, cheaper.

我可以告訴你的是它更快、更好、更便宜。

And that is usually a winning formula for CIOs, and we're seeing a huge amount of interest in all-flash.

這通常是 CIO 的製勝法寶，我們看到人們對全閃存表現出極大的興趣。

As CIOs continue to be under cost pressure and performance pressure, all-flash is a natural opportunity for them.

隨著 CIO 繼續承受成本壓力和性能壓力，全閃存對他們來說是一個自然的機會。

So I don't know whether this will continue at a 30% growth rate, but it will be at least double digits I think for the foreseeable future.

所以我不知道這是否會繼續保持 30% 的增長率，但我認為在可預見的未來至少會是兩位數。

This is a fundamental trend in the data center.

這是數據中心的基本趨勢。

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。

So I've got one question and a follow-up.

所以我有一個問題和一個跟進。

First, wanted to see if you could talk a little bit about your thoughts on the federal vertical and help us understand the sizing and what assumptions you've made or thoughts you have in terms of potential risk if there is a government shutdown.

首先，想看看你是否可以談談你對聯邦垂直領域的看法，並幫助我們了解規模以及你所做的假設或你對政府關閉時的潛在風險的想法。

So the federal business is an important part of our business in the United States.

所以聯邦業務是我們在美國業務的重要組成部分。

I think it's roughly 10% to 15% of our revenue in the United States, and we have an excellent position there, we've got long-standing relationships with almost every agency and every part of the federal government.

我認為它大約占我們在美國的收入的 10% 到 15%，我們在那裡有一個很好的位置，我們與幾乎每個機構和聯邦政府的每個部分都有長期的關係。

So a government shutdown would probably be a blip, honestly, for us.

因此，老實說，政府關門對我們來說可能只是曇花一現。

There would be a speed bump there.

那裡會有一個減速帶。

What I will say is a lot of these purchases are long ahead of -- they buy and the delivery is over a long period of time.

我要說的是，這些購買中的很多都是提前很久——他們購買並交付了很長一段時間。

So probably, that would not -- if there was a government shutdown in October, that probably wouldn't affect us until a little bit later in 2018.

所以可能不會——如果 10 月份政府關門，那可能不會影響我們，直到 2018 年晚些時候。

But listen, a government shutdown, I don't think is our friend or anyone else who sells to the government, that's not our friend.

但是聽著，政府關門，我不認為是我們的朋友或任何向政府出售產品的人，那不是我們的朋友。

And we certainly hope that will not happen.

我們當然希望這不會發生。

Great.

偉大的。

And then in terms of a follow-up, I wanted to get a better understanding of how you're thinking about the campus environment because you did talk about a very strong Aruba business, and you mentioned some pull-through sales of upgrades.

然後在後續方面，我想更好地了解您對園區環境的看法，因為您確實談到了非常強大的 Aruba 業務，並且您提到了一些升級銷售。

But if we look at the campus switching environment by itself, how is that trending for you?

但是，如果我們單獨看一下校園交換環境，您認為這種趨勢如何？

You've mentioned a couple of data points, but I want to see if we could quantify it.

你提到了幾個數據點，但我想看看我們是否可以量化它。

Yes, let me talk a little bit about Aruba and why I think Aruba is seeing the traction that they are seeing.

是的，讓我談談 Aruba，以及為什麼我認為 Aruba 正在看到他們所看到的牽引力。

First is you hear about CIOs digitalizing their environment and their interactions with the customers.

首先是您聽說 CIO 將他們的環境以及他們與客戶的互動數字化。

How many times have you heard a CIO saying, "I've got to digitize my environment?" In many ways, Aruba is the wedge of how that gets done.

您聽過多少次 CIO 說：“我必須將我的環境數字化？”在許多方面，Aruba 是實現這一目標的楔子。

Either they are transforming their employee environment in their campuses across the world so that it is a more modern work environment, mobile first and fundamentally changing their employee experience.

他們要么正在改變他們在世界各地園區的員工環境，使其成為一個更現代的工作環境，移動優先，並從根本上改變他們的員工體驗。

Or it is a customer who is saying, "I've got to change my interaction with my customers," and whether that is a retail environment, fast food, hospitals, government interaction.

或者是一位顧客說，“我必須改變我與顧客的互動方式，”無論是零售環境、快餐、醫院還是政府互動。

So Aruba is on the cutting edge of this digital transformation that every organization is undergoing, and that is fundamentally what's driving demand.

因此，Aruba 處於每個組織正在經歷的數字化轉型的前沿，而這從根本上推動了需求。

There's 2 things that differentiate Aruba.

阿魯巴島有兩點與眾不同。

One is security.

一是安全。

Whether that is ClearPass or Niara, we win on security virtually all the time.

無論是 ClearPass 還是 Niara，我們幾乎始終在安全方面取勝。

We have the most secure wireless network, and that is an important decision criteria.

我們擁有最安全的無線網絡，這是一個重要的決策標準。

There is also interesting things built into Aruba.

Aruba 中還內置了一些有趣的東西。

They bought a company called Meridian, which is wayfinding and GPS.

他們收購了一家名為 Meridian 的公司，該公司從事尋路和 GPS 業務。

So whether that is wayfinding through a large big box retail environment, whether that is wayfinding through a hospital, this is a very important application that rides on top of Aruba.

因此，無論是通過大型零售環境進行尋路，還是通過醫院進行尋路，這都是基於 Aruba 的非常重要的應用程序。

The other thing is asset tagging.

另一件事是資產標籤。

If you think about a hospital environment, where are -- most of their assets are mobile.

如果您考慮醫院環境，他們的大部分資產都是移動的。

And at the end of every day, they are never where they're supposed to be.

在每一天結束時，他們從來沒有在他們應該在的地方。

And the ability to asset tag and work through the wireless network has been a big selling point for a number of different customers.

資產標籤和通過無線網絡工作的能力一直是許多不同客戶的一大賣點。

So listen, we compete hard every day there, but it is a very rapidly growing market.

所以聽著，我們在那裡每天都在激烈競爭，但這是一個增長非常迅速的市場。

And we're gaining share in the campus branch and edge.

我們正在校園分支和邊緣獲得份額。

So listen, we expect that to continue.

所以聽著，我們希望這種情況繼續下去。

I think that the Aruba team would also tell you they have benefited being part of Hewlett Packard because when they were Aruba, people loved the product, but some big companies were a little bit hesitant to sign onto a small, independent startup.

我認為 Aruba 團隊也會告訴你，他們作為 Hewlett Packard 的一部分受益匪淺，因為當他們是 Aruba 時，人們喜歡這個產品，但一些大公司在與一家小型獨立初創公司簽約時有點猶豫。

While part of HPE, they know we will stand behind Aruba, and that has totally helped the revenue trajectory of Aruba.

作為 HPE 的一部分，他們知道我們將支持 Aruba，這完全有助於 Aruba 的收入軌跡。

So listen, we remain optimistic.

所以聽著，我們保持樂觀。

And they have a fantastic product, well priced, with an excellent sales force, with terrific white glove service, and that's another differentiator.

他們擁有出色的產品、合理的價格、優秀的銷售團隊和出色的白手套服務，這是另一個差異化因素。

Your last question today will come from Ananda Baruah with Loop Capital.

您今天的最後一個問題將來自 Loop Capital 的 Ananda Baruah。

What I'd really love to just get a little bit more of a view on is with regards to HP Next.

我真的很想多了解一下 HP Next。

Meg, what are some of the revenue initiatives that we might expect?

梅格，我們可能會期待哪些收入舉措？

You began to sort of touch on them in your dialogue earlier, but what are some of those?

你在早些時候的對話中開始有點觸及它們，但其中有哪些？

And what might -- not quantified but the types of impacts that you guys are looking for?

什麼可能——不是量化的，而是你們正在尋找的影響類型？

Yes.

是的。

So listen, we think HPE Next will have positive revenue accelerators.

所以聽著，我們認為 HPE Next 將有積極的收入加速器。

And it really goes to 2 major initiatives.

它確實涉及 2 個主要計劃。

One is how do we make decisions on accountability much closer to the customer so that frontline sales executives can make the decisions in the field faster?

一是我們如何更貼近客戶地制定問責制決策，以便一線銷售主管能夠更快地做出現場決策？

And that by increasing the agility and the decision-making, I think, actually, we will do more business.

通過提高敏捷性和決策制定，我認為實際上我們將開展更多業務。

Another case on revenue acceleration is our ability to quote configurations much faster.

另一個關於收入加速的案例是我們能夠更快地報價配置。

We've made progress on this over the last several years, but we need to make more progress.

在過去的幾年裡，我們在這方面取得了進展，但我們需要取得更多進展。

And how we change our pricing and our quoting to be much more customer-focused and customer-friendly, I think is an important element for us.

我認為我們如何改變我們的定價和報價以更加以客戶為中心和對客戶友好，這對我們來說是一個重要因素。

If you think about reducing the number of SKUs and options, this also makes it easier to sell and faster to configure an offering.

如果您考慮減少 SKU 和選項的數量，這也會使銷售更容易，配置產品的速度更快。

And I think that will accelerate.

我認為這會加速。

And then I mentioned probably like most companies, a small number of countries account for the vast majority of revenue and profit and will account for the growth in our industry over the next 5 to 10 years.

然後我提到可能像大多數公司一樣，少數國家/地區佔收入和利潤的絕大部分，並將在未來 5 到 10 年內推動我們行業的增長。

And we want to make sure we are allocating the resources correctly to the largest countries, with the countries that have the most growth and profit potential for us.

我們希望確保我們正確地將資源分配給最大的國家，這些國家對我們來說具有最大的增長和利潤潛力。

And so I think that actually will accelerate.

所以我認為這實際上會加速。

As you can imagine, a 1% increase in the United States dwarfed just about -- if you think of the long tail of countries that dwarfed the revenue in those long tail of countries.

正如你可以想像的那樣，美國 1% 的增長幾乎相形見絀——如果你想到那些使那些長尾國家的收入相形見絀的國家的長尾。

So those are some of the initiatives that I think, by extension, will impact revenue to the positive.

因此，這些是我認為的一些舉措，推而廣之，會對收入產生積極影響。

So we're very focused on how do we be simpler to do business with, faster to do business with, which should result in revenue increases.

因此，我們非常關注如何更簡單地開展業務，更快地開展業務，這應該會增加收入。

Really appreciate.

真的很感謝。

Do you think you could see an impact in '18 from any of these initiatives?

您認為您可以從這些舉措中的任何一項中看到 18 年的影響嗎？

We do.

我們的確是。

Actually, we really do.

事實上，我們確實如此。

We aim to go into FY '18 with a clean sheet operating model, in a way that I hope customers will see a difference right away.

我們的目標是進入 18 財年，採用全新的運營模式，我希望客戶能立即看到不同之處。

And frankly, it will be easier for our employees to get things done.

坦率地說，我們的員工將更容易完成工作。

If you think about what was required to hold this company together when it was a very large multi-business company, some of those ways of doing business we need to let go of.

如果你想一想當這家公司是一家非常大的多業務公司時，需要什麼才能將其團結在一起，我們需要放棄其中的一些經營方式。

And I understand why it was here.

我明白它為什麼會在這裡。

It was necessary in terms of gluing together such a large company.

就將這樣一家大公司粘合在一起而言，這是必要的。

But now that we're more focused with a focused strategy and a smaller company, I think we can do better in terms of making it easier for our employees to get things done.

但現在我們更專注於一個專注的戰略和一個更小的公司，我認為我們可以做得更好，讓我們的員工更容易完成工作。

Thank you, Ananda, appreciate it.

謝謝你，阿南達，感激不盡。

I think with that, we can close the call.

我想這樣，我們就可以結束通話了。

Ladies and gentlemen, this concludes our call for today.

女士們，先生們，我們今天的呼籲到此結束。

Thank you, and enjoy the rest of your day.

謝謝，祝您度過餘下的一天。