惠普企業 (HPE) 2018 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Second Quarter Fiscal Year 2018 Hewlett Packard Enterprise Earnings Conference Call.

大家下午好，歡迎來到惠普企業 2018 財年第二季度收益電話會議。

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

我叫 William，我將擔任今天電話會議的會議主持人。

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

（操作員說明）作為提醒，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 2018 second quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tim Stonesifer, HPE's Executive Vice President and Chief Financial Officer.

歡迎大家參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2018 財年第二季度收益電話會議； HPE 執行副總裁兼首席財務官 Tim Stonesifer。

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

在將電話轉接給 Antonio 之前，讓我提醒您，此電話正在網絡直播中。

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

我們在我們的 HPE 投資者關係網頁 investors.hpe.com 上發布了新聞稿和伴隨今天收益發布的幻燈片演示。

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 April 30, 2018.

我們還注意到，本次電話會議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 2018 年 4 月 30 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。

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 the call over to Antonio.

有了這個，讓我把電話轉給安東尼奧。

Thanks, Andy, and good afternoon, everyone.

謝謝，安迪，大家下午好。

Thanks for joining us today.

感謝您今天加入我們。

Let me begin by saying that I'm very pleased with our strong performance in Q2.

首先讓我說，我對我們在第二季度的強勁表現感到非常滿意。

We continue to execute well across all business segments while delivering on a number of strategic initiatives.

我們繼續在所有業務部門執行良好，同時實施多項戰略舉措。

Revenue of $7.5 billion was up 10% from the prior year period.

收入為 75 億美元，比上年同期增長 10%。

We experienced solid revenue growth across each business segment with particular strength in Intelligent Edge, high performance compute, Storage, hyperconverged and Composable Infrastructure.

我們在每個業務部門都實現了穩健的收入增長，尤其是在智能邊緣、高性能計算、存儲、超融合和可組合基礎設施方面。

From a macro perspective, the IT market remains robust.

從宏觀上看，IT市場依然強勁。

We saw growth in all regions, with particular strength in both EMEA and APJ.

我們在所有地區都看到了增長，尤其是在 EMEA 和 APJ 地區。

Currency was a larger year-over-year benefit, providing a 3 point tailwind this quarter.

貨幣是一個比去年同期更大的收益，在本季度提供了 3 個百分點的推動力。

Given our strong execution helped by a $0.01 tax benefit, we delivered a non-GAAP EPS of $0.34, above our outlook range of $0.29 to $0.33.

鑑於我們在 0.01 美元的稅收優惠的幫助下執行力強勁，我們實現了 0.34 美元的非 GAAP 每股收益，高於我們 0.29 美元至 0.33 美元的預期範圍。

Looking at cash flow.

看現金流。

Our free cash flow was negative $269 million in Q2.

我們在第二季度的自由現金流為負 2.69 億美元。

We remain confident in our full year outlook of approximately $1 billion in free cash flow.

我們對大約 10 億美元的自由現金流的全年前景充滿信心。

Tim will provide more color on this in a moment.

蒂姆稍後會提供更多顏色。

Finally in Q2, we began executing against our $7 billion capital return plan we announced last quarter.

最後在第二季度，我們開始執行我們上個季度宣布的 70 億美元資本回報計劃。

We returned $1 billion to shareholders in form of share repurchases and dividends, and we announced that we are raising our dividend by approximately 50% starting in the current third quarter.

我們以股票回購和股息的形式向股東返還了 10 億美元，我們宣布從當前第三季度開始將股息提高約 50%。

Looking forward, as a result of our outperformance in Q2 as well as the continued benefits from a lower tax rate, we are raising our fiscal year '18 non-GAAP EPS outlook to $1.40 to $1.50 from our previously provided outlook of $1.35 to $1.45.

展望未來，由於我們在第二季度的出色表現以及較低稅率帶來的持續好處，我們將 18 財年的非 GAAP 每股收益預期從之前提供的 1.35 美元至 1.45 美元的預期上調至 1.40 美元至 1.50 美元。

Tim will provide more details in a minute.

蒂姆將在一分鐘內提供更多細節。

Before I turn to the business segment performance, I want to give you an update on our progress with HPE Next.

在談到業務部門的業績之前，我想向您介紹一下我們在 HPE Next 方面的最新進展。

As a reminder, HPE Next is our company-wide initiative to re-architect HPE to deliver on our strategy and drive new wave of shareholder value.

提醒一下，HPE Next 是我們全公司範圍內的計劃，旨在重新構建 HPE 以實現我們的戰略並推動新一波股東價值。

It is all about simplification, execution and innovation.

這一切都與簡化、執行和創新有關。

Through this initiative, we are simplifying our operating model and the way we work.

通過這一舉措，我們正在簡化我們的運營模式和工作方式。

We are streamlining our offerings and business processes and modernizing our IT systems to improve our execution.

我們正在簡化我們的產品和業務流程，並對我們的 IT 系統進行現代化改造，以提高我們的執行力。

And we are shifting our investments in innovation towards high-growth and higher-margin opportunities.

我們正在將創新投資轉向高增長和更高利潤的機會。

Over the first half of this year, we have achieved some significant milestones across each of these areas.

今年上半年，我們在每個領域都取得了一些重要的里程碑。

For example, we have reduced bands and layers between the CEO and the customer.

例如，我們減少了 CEO 和客戶之間的界限和層級。

We have significant streamlined our sales structure, empowering the front line to make key decisions.

我們已經顯著簡化了我們的銷售結構，授權一線人員做出關鍵決策。

And we have dramatically reduced SKUs and platforms across our volume and value segments, which simplifies our operation and makes us easier to work with.

我們已經大幅減少了我們的數量和價值細分市場的 SKU 和平台，這簡化了我們的運營並使我們更容易合作。

Looking into the second half of the year, we'll be concentrating our efforts on the next phase of the initiative, including building out our no-touch sales model for certain flow segments and accelerating our IT transformation to better service customers and partners.

展望下半年，我們將集中精力推進下一階段的計劃，包括針對特定流量領域構建無接觸銷售模式，以及加快 IT 轉型以更好地服務客戶和合作夥伴。

The changes we are making through HPE Next will not only improve our cost structure.

我們通過 HPE Next 所做的改變不僅會改善我們的成本結構。

It will also give us a significant long-term competitive advantage.

它還將為我們帶來顯著的長期競爭優勢。

I am very proud of the work we are doing here, and while the decisions we are making are for the long term, you're already beginning to see the benefits in our financial results.

我為我們在這裡所做的工作感到非常自豪，雖然我們做出的決定是長期的，但您已經開始看到我們財務業績的好處。

In Q2, we delivered an operating margin of 8.6%, up 270 basis points from last year due in part to the effective execution of HPE Next.

在第二季度，我們實現了 8.6% 的營業利潤率，比去年高出 270 個基點，部分原因是 HPE Next 的有效執行。

Turning to our business segments.

轉向我們的業務部門。

We saw solid performance across the board while continuing to deliver innovation in key areas of our portfolio.

我們看到了全面的穩健表現，同時繼續在我們產品組合的關鍵領域提供創新。

In Intelligent Edge segment, revenue grew 17% year-over-year with strength in both product and services.

在智能邊緣領域，收入同比增長 17%，產品和服務均表現強勁。

Q2 wireless LAN revenue rebounded as expected after a softer Q1, and wire switching remains strong.

Q2 無線 LAN 收入在 Q1 疲軟後如預期反彈，有線交換仍然強勁。

And while still a small portion of our overall product sales, we saw strong customer traction with our Edgeline IoT Systems, including a significant win with a global financial services company.

雖然仍然只占我們整體產品銷售額的一小部分，但我們的 Edgeline IoT 系統吸引了強大的客戶，包括與一家全球金融服務公司的重大勝利。

These results bode well for our future.

這些結果預示著我們的未來。

Our customers tell us they want to take advantage of exploding amount of the usable data being created at the edge.

我們的客戶告訴我們，他們希望利用在邊緣創建的大量可用數據。

We hear them, and we continue to make investments to build out our Intelligent Edge portfolio.

我們聽到了他們的聲音，並繼續進行投資以構建我們的 Intelligent Edge 產品組合。

For example, in Q2, we strengthened our portfolio with the acquisition of Cape Networks.

例如，在第二季度，我們通過收購 Cape Networks 加強了我們的產品組合。

The Cape acquisition is the latest steps towards our vision of autonomous infrastructure enabled by artificial intelligence.

收購 Cape 是我們朝著人工智能實現的自主基礎設施願景邁出的最新一步。

Cape expands Aruba AI powered networking capabilities with a sensor-based network assurance solution that improves network performance, reduces disruptions and significantly simplifies IT management for our customers.

Cape 通過基於傳感器的網絡保障解決方案擴展了 Aruba AI 支持的網絡功能，該解決方案提高了網絡性能、減少了中斷並顯著簡化了我們客戶的 IT 管理。

We also introduced NetInsight, another complementary AI-based analytics and assurance solution for optimizing network performance.

我們還推出了 NetInsight，這是另一種基於 AI 的互補分析和保證解決方案，用於優化網絡性能。

NetInsight uses machine learning to continuously monitor the network and deliver insights in the event of anomalies.

NetInsight 使用機器學習來持續監控網絡並在出現異常情況時提供見解。

It also recommends how best to optimize the network for today's mobile-first employees and workplace-critical IoT devices.

它還建議如何最好地為當今移動優先的員工和工作場所關鍵物聯網設備優化網絡。

Looking forward, we see significant potential in Intelligent Edge, and this will continue to be a key area of investment for us.

展望未來，我們看到了 Intelligent Edge 的巨大潛力，這將繼續成為我們的重點投資領域。

Turning to Hybrid IT.

轉向混合 IT。

Revenue was $6 billion, up 7% year-over-year with solid performance across all segments.

收入為 60 億美元，同比增長 7%，所有部門均表現穩健。

Compute grew 6% year-over-year and 9% if you exclude Tier 1. We saw very strong growth in high-performance compute, Composable Infrastructure and hyper converged offset by the continued decline in our customized commodity server sales to Tier 1 vendors, a business we are moving away from.

計算同比增長 6%，如果不包括第 1 層，則增長 9%。我們看到高性能計算、可組合基礎設施和超融合的強勁增長被我們對第 1 層供應商的定製商品服務器銷售的持續下降所抵消，我們正在遠離的業務。

Our focus continue to be on providing solutions that deliver high-value differentiation to our customers and drive profitable share for HPE.

我們的重點仍然是提供解決方案，為我們的客戶帶來高價值差異化，並為 HPE 帶來盈利份額。

And we continue to prioritize investment in those higher-margin, higher-growth segments of the market.

我們繼續優先投資於那些利潤率更高、增長更快的市場領域。

For example, just last week, we announced the acquisition of Plexxi.

例如，就在上週，我們宣布收購 Plexxi。

Plexxi provides innovative software-defined networking technology, which we plan to integrate into both SimpliVity, our hyper-converged offering, and Synergy, our composable infrastructure offering.

Plexxi 提供創新的軟件定義網絡技術，我們計劃將其集成到我們的超融合產品 SimpliVity 和我們的可組合基礎設施產品 Synergy 中。

With Plexxi, we will enable customers to move and manage their data more quickly and effectively and also significantly reduce CapEx and OpEx by up to 50% in some cases.

借助 Plexxi，我們將使客戶能夠更快、更有效地移動和管理他們的數據，並且在某些情況下還將資本支出和運營支出顯著降低高達 50%。

Storage performed very well, up 24% year-over-year with the Nimble acquisition and up 14% organically.

存儲表現非常好，收購 Nimble 後同比增長 24%，有機增長 14%。

All-flash continued to perform well, growing 20% year-over-year as the market continues to transition and we benefit from our strong position with both 3PAR and Nimble.

全閃存繼續表現良好，同比增長 20%，因為市場繼續轉型，我們受益於 3PAR 和 Nimble 的強勢地位。

And earlier this month, we introduced the next-generation Nimble Storage platform, which is backed by guaranteed to deliver the best storage efficiency of any all-flash array on the market.

本月早些時候，我們推出了下一代 Nimble Storage 平台，該平台得到保證，可提供市場上任何全閃存陣列的最佳存儲效率。

Data center networking revenue was up 2% year-over-year with good execution within our existing installed base.

數據中心網絡收入同比增長 2%，在我們現有的安裝基礎上執行良好。

Finally, turning to services.

最後，轉向服務。

HPE Pointnext revenue grew 1% year-over-year in Q2.

HPE Pointnext 收入在第二季度同比增長 1%。

We saw a pickup in orders from deals that slipped from Q1 and strong customer traction from our newest offering called HPE GreenLake.

我們看到從第一季度開始下滑的交易訂單有所回升，我們的最新產品 HPE GreenLake 也帶來了強大的客戶吸引力。

HPE GreenLake is a suite of pay-per-use solutions available for top customers' workloads like big data, SAP HANA and edge computing.

HPE GreenLake 是一套按使用量付費的解決方案，適用於大數據、SAP HANA 和邊緣計算等頂級客戶的工作負載。

The offering simplifies the IT experience and gives customers choice in where workloads should live and how to flexibly consume them.

該產品簡化了 IT 體驗，並讓客戶可以選擇工作負載應該位於何處以及如何靈活地使用它們。

This is an offering we will continue to expand.

這是我們將繼續擴展的產品。

Look for updates soon.

盡快尋找更新。

And in Q2, we also continued to strengthen our advisory capabilities, building on our acquisition of Cloud Technology Partners with the acquisition of RedPixie.

在第二季度，我們還通過收購 RedPixie 收購了 Cloud Technology Partners，繼續加強我們的諮詢能力。

RedPixie is a U.K.-based cloud consulting company with deep Microsoft Azure expertise, which perfectly complements CTP's strong AWS relationship.

RedPixie 是一家總部位於英國的雲諮詢公司，擁有深厚的 Microsoft Azure 專業知識，完美補充了 CTP 與 AWS 的強大關係。

We are excited about the capabilities these 2 acquisitions bring to HPE and are already seeing them open doors to new and bigger deals.

我們對這兩項收購為 HPE 帶來的能力感到興奮，並且已經看到它們為新的更大的交易打開了大門。

HPE Financial Services also performed well in the quarter with revenue up 5% year-over-year, driven by strong growth in our asset management business.

在資產管理業務強勁增長的推動下，HPE 金融服務在本季度也表現出色，收入同比增長 5%。

Customers are responding well to the actions we are taking both from an operational and innovation perspective.

客戶對我們從運營和創新角度採取的行動反應良好。

They believe in our strategy and the powerful portfolio of products and services we are building, and that confidence can be seen in some recent wins.

他們相信我們的戰略以及我們正在構建的強大的產品和服務組合，這種信心可以從最近的一些勝利中看出。

For example in Q2, we won a major high-performance compute deal with the U.S. Department of Energy.

例如，在第二季度，我們贏得了與美國能源部的一項重要的高性能計算交易。

This is just the latest example of the strength of HPE's HPC portfolio and the value it brings to the U.S. government and the nation in international competition over computing power.

這只是 HPE HPC 產品組合實力及其為美國政府和國家在國際計算能力競爭中帶來的價值的最新例證。

We also won a new project with Time Warner, where Aruba was selected for the state-of-the-art Hudson Yards Smart Digital Workplace project in New York City.

我們還贏得了時代華納的一個新項目，Aruba 被選中用於紐約市最先進的 Hudson Yards 智能數字工作場所項目。

And we announced a new supercomputer installation at the KU Leuven, a Flemish research university, consistently ranked as 1 of the top 5 most innovative universities in the world.

我們還宣佈在魯汶大學安裝新的超級計算機，這是一所佛蘭德研究型大學，一直被評為世界前 5 名最具創新性的大學之一。

We have collaborated with the university to develop and deploy a new supercomputer specifically built to run AI workloads.

我們已與該大學合作開發和部署專門用於運行 AI 工作負載的新型超級計算機。

It will be used to build applications that drive scientific breakthroughs, economic growth and innovation in Belgium.

它將用於構建推動比利時科學突破、經濟增長和創新的應用程序。

And next month, we will host our annual HPE Discover Conference in Las Vegas, bringing together thousands of customers and partners from around the world.

下個月，我們將在拉斯維加斯舉辦年度 HPE Discover 大會，來自世界各地的數千名客戶和合作夥伴將齊聚一堂。

We'll be making some exciting announcement at the event, and I look forward to see many of you there.

我們將在活動中發布一些激動人心的消息，我期待著在那裡見到你們中的許多人。

So as I said earlier, I'm very pleased with our performance in the first half of fiscal year '18.

因此，正如我之前所說，我對我們在 18 財年上半年的表現感到非常滿意。

All of our business segments performed well.

我們所有的業務部門都表現良好。

We made solid progress on HPE Next and continue to invest in innovation that will furthest strengthen and differentiate our company into the future.

我們在 HPE Next 上取得了堅實的進展，並繼續投資於創新，這將進一步加強和區分我們公司的未來。

Looking ahead to the rest of the year.

展望今年剩餘時間。

As we indicated last quarter, we expect the growth rate to moderate given tougher compares, lapping acquisitions and a smaller currency tailwind.

正如我們上個季度所指出的那樣，我們預計增長率將放緩，因為比較艱難，收購和貨幣順風較小。

While we see a more challenging second half, we have got great momentum, and I'm confident that we will deliver on an annual fiscal year '18 outlook.

雖然我們看到下半年更具挑戰性，但我們的勢頭很好，我相信我們將實現 18 財年的年度展望。

And with that, I will turn it over to Tim.

有了這個，我會把它交給蒂姆。

Thanks, Antonio.

謝謝，安東尼奧。

Our Q2 financial results were strong with robust revenue growth, significantly improved operating margins and better-than-expected earnings.

我們的第二季度財務業績強勁，收入增長強勁，營業利潤率顯著提高，收益好於預期。

Total revenue for the quarter was $7.5 billion, up 10% year-over-year and 6% in constant currency.

本季度總收入為 75 億美元，同比增長 10%，按固定匯率計算增長 6%。

Top line performance was driven by good market dynamics, solid execution and both favorable year-over-year compares and exchange rates.

營收表現受到良好的市場動態、穩健的執行以及有利的同比比較和匯率的推動。

From a portfolio mix perspective, we're seeing solid growth in our value offerings, and our core volume business is growing better than expected.

從投資組合的角度來看，我們看到我們的價值產品穩步增長，我們的核心銷量業務增長好於預期。

From a macro perspective, IT spending continues to be quite healthy with solid customer demand across all businesses and geographies.

從宏觀角度來看，IT 支出繼續相當健康，所有企業和地區的客戶需求都非常穩固。

The pricing environment remains competitive but has continued to be more rational and passing through elevated commodities costs.

定價環境仍然具有競爭性，但繼續更加理性，並且商品成本上升。

DRAM cost increases have also started to flatten.

DRAM 成本增長也開始趨於平緩。

Currency drove a 330 basis point tailwind to revenue year-over-year.

貨幣推動收入同比增長 330 個基點。

With that said, rates have moved somewhat unfavorably in the last month, so currency will not be as large of a benefit in the second half if these rates hold.

話雖如此，上個月利率走勢有些不利，因此如果這些利率保持不變，貨幣在下半年的收益不會那麼大。

We now expect closer to a 2 point benefit to revenue in fiscal year '18.

我們現在預計 18 財年的收入將增加近 2 個百分點。

Regionally, HPE's performance in the Americas continued to be solid, growing 3% in constant currency.

從地區來看，HPE 在美洲的表現繼續穩健，按固定匯率計算增長了 3%。

Most of the growth came from the U.S., Canada and Brazil with strength in Storage and the Intelligent Edge.

大部分增長來自美國、加拿大和巴西，它們在存儲和智能邊緣方面具有優勢。

Revenue growth in Europe continued to be strong, up 9% in constant currency with double-digit growth in U.K., France and Italy.

歐洲的收入增長繼續強勁，按固定匯率計算增長 9%，其中英國、法國和意大利的收入增長達到兩位數。

Performance in EMEA was strong across all business units with double-digit growth in compute, Storage and Aruba products and services.

歐洲、中東和非洲地區的所有業務部門均表現強勁，在計算、存儲和 Aruba 產品和服務方面實現了兩位數的增長。

Asia Pacific grew 9% in constant currency with strong growth in China, Australia and Singapore.

亞太地區按固定匯率計算增長 9%，其中中國、澳大利亞和新加坡增長強勁。

Turning to margins.

轉向利潤率。

The gross margin of 30.4% was up 90 basis points year-over-year and 200 basis points sequentially.

毛利率為 30.4%，同比增長 90 個基點，環比增長 200 個基點。

Non-GAAP operating profit of 8.6% was up 270 basis points year-over-year, and 90 basis points sequentially.

非美國通用會計準則營業利潤為 8.6%，同比增長 270 個基點，環比增長 90 個基點。

We continued to execute well this quarter with HPE Next savings driving most of the improvement.

本季度我們繼續表現良好，HPE Next 的節省推動了大部分改進。

DRAM was also less of a pressure point as compared to prior quarters, and we continue to gain traction on the pricing front.

與前幾個季度相比，DRAM 的壓力點也較小，我們繼續在定價方面獲得牽引力。

Going forward, margin improvement will be driven primarily by delivering the cost savings from HPE Next and growing our value portfolio offerings, which have higher margins.

展望未來，利潤率的提高將主要通過提供 HPE Next 的成本節約和增加我們具有更高利潤率的價值組合產品來推動。

Non-GAAP diluted net earnings per share of $0.34 is just above the high end of our previous outlook of $0.29 to $0.33 due to strong operational performance and a tax rate benefit of approximately $0.01.

由於強勁的運營業績和大約 0.01 美元的稅率收益，非 GAAP 每股攤薄淨收益為 0.34 美元，略高於我們先前預期的上限 0.29 美元至 0.33 美元。

The Q2 non-GAAP tax rate was 9.6%, which is just below our previously provided tax range of 11% to 15% due to various onetime reductions in non-U.

第二季度非美國通用會計準則稅率為 9.6%，略低於我們之前提供的 11% 至 15% 的稅率範圍，原因是非美國的各種一次性減免。

S. tax expense.

S. 稅收支出。

For the full year, we now expect our tax rate to be at the lower end of the 11% to 15% range, but we are still working through many variables associated with tax reform.

對於全年，我們現在預計我們的稅率將處於 11% 至 15% 範圍的低端，但我們仍在研究與稅收改革相關的許多變量。

GAAP diluted net earnings per share was $0.49, above our previously provided outlook range of $0.10 to $0.14, primarily due to releasing reserves we've been holding associated with HPQ tax risks that were part of our separation agreement, which has now been settled.

GAAP 稀釋後每股淨收益為 0.49 美元，高於我們之前提供的 0.10 美元至 0.14 美元的展望範圍，這主要是由於釋放了我們一直持有的與 HPQ 稅收風險相關的準備金，這是我們分離協議的一部分，該協議現已解決。

Now turning to the business units.

現在轉向業務部門。

In Hybrid IT, revenue was up 7% year-over-year and 4% in constant currency.

在混合 IT 領域，收入同比增長 7%，按固定匯率計算增長 4%。

Revenue performance was strong and balanced across all businesses in all regions.

所有地區的所有業務的收入表現強勁且均衡。

Operating margins were 10.3%, up 220 basis points year-over-year and 70 basis points sequentially and in line with our expectations.

營業利潤率為 10.3%，同比增長 220 個基點，環比增長 70 個基點，符合我們的預期。

Compute revenue was up 6% year-over-year and 9% excluding Tier 1. We continue to see higher AUPs driven by passing through more DRAM costs, increasing our Gen10 mix and delivering richer attach configurations.

計算收入同比增長 6%，不包括第 1 層的收入增長 9%。我們繼續看到更高的 AUP 是由於轉嫁了更多的 DRAM 成本、增加了我們的 Gen10 組合併提供了更豐富的連接配置。

We saw continued momentum in our value businesses with high-performance compute growing over 20%, hyper converged up triple digits and Synergy gaining increasing customer traction.

我們看到我們的價值業務持續增長，高性能計算增長超過 20%，超融合增長了三位數，Synergy 獲得了越來越多的客戶關注。

As mentioned earlier, revenue growth in our volume business was higher than planned driven by strong growth in core rack.

如前所述，在核心機架強勁增長的推動下，我們批量業務的收入增長高於計劃。

Storage revenue was up 24% year-over-year, with continued momentum in the organic business up 14% year-over-year.

存儲收入同比增長 24%，有機業務的持續增長勢頭同比增長 14%。

We saw strong double-digit growth in converged storage driven by Nimble and big data storage that has become a meaningful part of the portfolio.

我們看到在 Nimble 和大數據存儲的推動下，融合存儲實現了兩位數的強勁增長，這已成為產品組合中重要的一部分。

All-flash arrays grew 20% year-over-year.

全閃存陣列同比增長 20%。

While the overall storage market remains competitive, we like our current position and expect to take nearly 50 basis points of share this quarter, which will be the 10th time in the last 12 quarters where we've gained or maintained share.

雖然整個存儲市場仍然具有競爭力，但我們喜歡我們目前的地位，並預計本季度將獲得近 50 個基點的份額，這將是過去 12 個季度中我們第 10 次獲得或保持份額。

Data center networking revenue was up 2% with good execution primarily from our installed base in the Americas.

數據中心網絡收入增長了 2%，主要來自我們在美洲的安裝基礎。

HPE Pointnext revenue was up 1% year-over-year with operational growth for the seventh consecutive quarter.

HPE Pointnext 收入同比增長 1%，連續第七個季度實現運營增長。

Overall orders grew 1% with even better growth in operational services, which was driven by our new HPE GreenLake flexible capacity offerings.

總體訂單增長了 1%，運營服務的增長甚至更好，這得益於我們新的 HPE GreenLake 靈活容量產品。

Service intensity remains strong, but attach orders continue to be under pressure from lower unit growth and richer hardware configurations.

服務強度依然強勁，但附加訂單繼續受到較低的單位增長和更豐富的硬件配置的壓力。

In the Intelligent Edge, revenue was up 17% year-over-year and 14% in constant currency.

在 Intelligent Edge 中，收入同比增長 17%，按固定匯率計算增長 14%。

Operating margins of 6.5% were up 360 basis points sequentially due to the operating leverage from higher revenue, but were down 110 basis points year-over-year due to significant investments in sales and R&D.

營業利潤率為 6.5%，環比上升 360 個基點，原因是收入增加帶來的經營槓桿作用，但由於對銷售和研發的大量投資，同比下降 110 個基點。

Aligned to our strategy of pivoting to the intelligent edge, we've been making significant go-to-market and R&D investments that have given us a leadership position in this high-growth market opportunity.

根據我們轉向智能邊緣的戰略，我們一直在進行重大的上市和研發投資，使我們在這個高增長的市場機會中處於領先地位。

Aruba product grew 18% with continued strong growth in campus switching and a rebound in wireless LAN despite tough compares in the prior year.

Aruba 產品增長 18%，園區交換持續強勁增長，無線 LAN 反彈，儘管與上一年相比表現不佳。

We've also started to see good traction in our edge compute business.

我們也開始看到邊緣計算業務的良好發展。

Aruba services was up 10% on installed base growth due to strong attach of our software platforms like ClearPass and AirWave.

由於我們的軟件平台（如 ClearPass 和 AirWave）的強大附加，Aruba 服務的安裝基數增長了 10%。

HPE Financial Services revenue grew 5% year-over-year and 1% in constant currency, driven by strong residual sales and growth in our direct business that was somewhat offset by lower operating lease mix.

HPE 金融服務收入同比增長 5%，按固定匯率計算增長 1%，這得益於強勁的剩餘銷售額和我們直接業務的增長，但在一定程度上被較低的經營租賃組合所抵消。

Volume was flat as growth in our direct business was offset by the pressure in our indirect business.

由於我們直接業務的增長被間接業務的壓力所抵消，銷量持平。

Operating profit declined 90 basis points year-over-year to 7.9% due to onetime items.

由於一次性項目，營業利潤同比下降 90 個基點至 7.9%。

Now turning to cash flow.

現在轉向現金流。

Free cash flow was negative $269 million in Q2.

第二季度自由現金流為負 2.69 億美元。

The cash conversion cycle was in line with expectations and decreased sequentially by 1 day to negative 22 days.

現金周轉週期符合預期，環比減少1天至負22天。

Both inventory and payables were elevated in the quarter due to strategic positioning of key commodities and somewhat higher pricing.

由於關鍵商品的戰略定位和定價有所提高，本季度庫存和應付款項均有所增加。

We also ended the quarter with an operating company net cash balance of $3.5 billion.

本季度末，我們的運營公司淨現金餘額為 35 億美元。

Looking forward, we're still on track to achieve our free cash flow outlook of approximately $1 billion in fiscal year '18 as the second half benefits from a few items.

展望未來，由於下半年受益於一些項目，我們仍有望在 18 財年實現約 10 億美元的自由現金流前景。

First, we expect cash earnings to ramp, aligned with normal seasonality and the cost savings from HPE Next.

首先，我們預計現金收入將增加，與正常的季節性和 HPE Next 節省的成本保持一致。

Second, working capital will be a source of cash versus a use of cash in the first half with the cash conversion cycle improving to the negative high 20-day range, similar to our Q4 exit rate.

其次，隨著現金轉換週期改善至 20 天的負高區間，類似於我們第四季度的退出率，營運資金將成為上半年的現金來源而不是現金使用。

Last, we have fewer onetime payments and expect incremental real estate sales towards the end of the year.

最後，我們的一次性付款減少了，預計到年底房地產銷售量會增加。

Moving to capital allocation.

轉向資本配置。

As part of our $7 billion capital return plan through fiscal year '19, which we announced in Q1, we returned $1 billion to shareholders during the quarter.

作為我們在第一季度宣布的 19 財年 70 億美元資本回報計劃的一部分，我們在本季度向股東返還了 10 億美元。

This includes $907 million of share repurchases and $116 million of dividend payments.

這包括 9.07 億美元的股票回購和 1.16 億美元的股息支付。

As previously communicated, we raised our quarterly dividend by 50%, which will be payable in July.

如前所述，我們將季度股息提高了 50%，將於 7 月支付。

We also announced today that we'll be redeeming $1.6 billion of our bonds maturing in October at the end of June.

我們今天還宣布，我們將在 6 月底贖回 10 月到期的 16 億美元債券。

The bond redemption is consistent with our capital allocation approach, which includes maintaining an investment-grade credit rating.

債券贖回符合我們的資本配置方法，其中包括維持投資級信用評級。

Going forward, we intend to run the operating company with net cash neutral or positive and will maintain financial flexibility through borrowing capacity as needed.

展望未來，我們打算以淨現金中性或正值經營運營公司，並將根據需要通過借貸能力保持財務靈活性。

Now turning to our outlook.

現在轉向我們的前景。

Consistent with our approach in Q1, we are increasing our non-GAAP earnings outlook for fiscal year '18 by $0.05 due to our operational performance in Q2 and a favorable tax rate that we now expect to be at the low end of our 11% to 15% guidance for the year.

與我們在第一季度的做法一致，由於我們在第二季度的經營業績以及我們現在預計處於 11% 至15% 的年度指導。

As a result, we expect fiscal year '18 non-GAAP diluted net earnings per share of $1.40 to $1.50, and we expect our fiscal year '18 GAAP diluted net earnings per share to be $1.70 to $1.80.

因此，我們預計 18 財年非 GAAP 攤薄後每股淨收益為 1.40 美元至 1.50 美元，我們預計 18 財年 GAAP 攤薄後每股淨收益為 1.70 美元至 1.80 美元。

For Q3 '18, we expect non-GAAP diluted net earnings per share of $0.35 to $0.39, and we expect GAAP diluted net earnings per share to be $0.19 to $0.23.

對於 18 年第三季度，我們預計非 GAAP 攤薄後每股淨收益為 0.35 美元至 0.39 美元，我們預計 GAAP 攤薄後每股淨收益為 0.19 美元至 0.23 美元。

So overall, I'm pleased with the performance in the quarter and I'm looking forward to focusing on delivering our full year commitments.

總的來說，我對本季度的表現感到滿意，我期待著專注於實現我們的全年承諾。

Before we open up the call for questions, as Antonio mentioned, I just wanted to remind everyone that we have our IR Summit coming up in June at our Discover customer event in Las Vegas, and I hope many of you will be able to join us.

在我們開始提問之前，正如 Antonio 提到的，我只是想提醒大家，我們將於 6 月在拉斯維加斯的 Discover 客戶活動中召開 IR 峰會，我希望你們中的許多人能夠加入我們.

Now let's open it up for questions.

現在讓我們打開它來提問。

(Operator Instructions) And our first questioner today will be Sherri Scribner with Deutsche Bank.

（操作員說明）我們今天的第一個提問者是德意志銀行的 Sherri Scribner。

I think, Antonio and Tim, you both mentioned that DRAM cost increases have started to flatten.

我想，安東尼奧和蒂姆，你們都提到 DRAM 成本增長已經開始趨於平緩。

Can you remind us what -- how you're feeling about DRAM and NAND pricing and generally, component pricing as we move into the second half of the year?

你能提醒我們什麼——你對 DRAM 和 NAND 定價以及我們進入下半年的組件定價有何看法？

And I think when we talked about it last quarter, that's going to be somewhat of a pressure on revenue.

我認為當我們上個季度談到它時，這會對收入造成一定壓力。

How are you thinking about that as we move into the second half?

當我們進入下半場時，你是怎麼想的？

Yes, sure.

是的，當然。

Thanks, Sherri, for the question.

謝謝，Sherri，提出這個問題。

So we start to see a flattening of the DRAM costs.

所以我們開始看到 DRAM 成本趨於平緩。

We still see, what I call, nominal low single-digit cost increases, but well, we are able to pass those along for 2 reasons.

我們仍然看到，我稱之為名義上的低個位數成本增長，但是，我們能夠傳遞這些成本有兩個原因。

One is stronger execution in our go to market, more disciplined approach, and second is our competitors are becoming more rational about pricing in general.

一是我們在進入市場時執行力更強，方法更嚴格，其次是我們的競爭對手在總體定價方面變得更加理性。

So it's going to be a very low kind of cost increase, and we feel confident we'll pass those along.

因此，這將是一種非常低的成本增加，我們有信心將這些增加。

Listen, the AUPs, obviously, are -- continue to be elevated for 2 reasons.

聽著，AUP 顯然是——由於兩個原因而繼續提高。

One is the DRAM, right, we talked before, and two is the richer configurations, right?

一是DRAM，對吧，我們之前講過，二是更豐富的配置對不對？

So the -- particularly on the compute side, the compute side are really driving a significant rich configuration of memory, obviously flash, NAND, internal storage, and that's why we see the increased AUPs.

所以——特別是在計算方面，計算方面確實在推動顯著豐富的內存配置，顯然是閃存、NAND、內部存儲，這就是我們看到 AUP 增加的原因。

And those are not going to change anytime soon.

這些不會很快改變。

Also because customers trying to reach more efficiencies in their data centers, particularly as they deploy the private cloud.

也因為客戶試圖在他們的數據中心達到更高的效率，特別是當他們部署私有云時。

And the other one is some of these workloads demand that level of configuration, particularly as you move to AI and big data analytics.

另一個是其中一些工作負載需要這種級別的配置，尤其是當您轉向 AI 和大數據分析時。

So that's what we've seen so far.

這就是我們到目前為止所看到的。

Okay, great.

好的，太好了。

And then just looking at the Storage business.

然後只看存儲業務。

It seems like you guys have definitely recovered in that business versus some issues you had last year.

與去年遇到的一些問題相比，你們似乎確實在該業務中恢復了。

How are you feeling about the Storage business as we move into the second half?

當我們進入下半年時，您對存儲業務有何看法？

Do you think these revenue growth levels are sustainable?

您認為這些收入增長水平是否可持續？

Or do expect them to come back in a bit?

還是希望他們稍後回來？

Sure.

當然。

I mean, listen, Storage performed very well, up 24% year-over-year with the inclusion of Nimble and 14% organically, which is, to your point, right, we actually executed way better than last year.

我的意思是，聽著，Storage 表現非常好，包括 Nimble 在內，同比增長 24%，有機增長 14%，就你的觀點而言，我們實際上執行得比去年好得多。

Last year, we had some execution challenges, particularly in North America.

去年，我們在執行方面遇到了一些挑戰，尤其是在北美。

We think we have addressed those issues.

我們認為我們已經解決了這些問題。

And when I think about the opportunity in the market, obviously, all-flash continues to be a significant opportunity.

當我考慮市場機會時，顯然，全閃存仍然是一個重要機會。

This quarter, we grew 20%, and we are really excited about our portfolio.

本季度，我們增長了 20%，我們對我們的投資組合感到非常興奮。

I have to say, the combination of Nimble and 3PAR with the simplicity of our value proposition with cloud capabilities built into it and most importantly, whether our AI technologies built into it, both in Nimble and 3PAR, because now we scale that solution to 3PAR actually is something that's resonating with customers.

我不得不說，Nimble 和 3PAR 的結合以及我們價值主張的簡單性以及內置的雲功能，最重要的是，我們的 AI 技術是否內置於 Nimble 和 3PAR 中，因為現在我們將該解決方案擴展到 3PAR實際上是與客戶產生共鳴的東西。

And so as I look forward, we expect to see solid organic growth in Storage, but let's remind ourselves, right, like next quarter, right, we are going to have the lapping of the Nimble acquisition to the portfolio.

因此，正如我所期待的那樣，我們希望看到存儲領域實現穩健的有機增長，但讓我們提醒自己，就像下個季度一樣，我們將把對 Nimble 的收購納入投資組合。

So I think the growth rate will be a little bit more moderated, but we're very confident about our ability to execute with this portfolio because we have true value differentiation.

所以我認為增長率會稍微緩和一些，但我們對我們執行這個投資組合的能力非常有信心，因為我們有真正的價值差異化。

And our next questioner today will be Katy Huberty with Morgan Stanley.

我們今天的下一位提問者是摩根士丹利的凱蒂·休伯蒂。

You beat revenue and EPS 2 quarters in a row, and yet, the majority of the $0.05 full year guidance increase is tax related.

你連續兩個季度超過收入和每股收益，然而，全年 0.05 美元的指導增長中的大部分與稅收有關。

So can you just comment on why you're not assuming that the strong operational trends continue for the remainder of the year?

那麼，您能否評論一下為什麼您不假設今年餘下時間將繼續保持強勁的運營趨勢？

And then just as a related follow-up to that, when you talk about tough compares in the back half of the fiscal year and lapping acquisitions, does that end in a company that's not growing top line?

然後作為相關的後續行動，當你談論本財年後半段的艱難比較和收購時，這是否會導致一家收入沒有增長的公司？

Or do you think the top line can continue to grow in the back half, just at lower rates?

還是您認為後半段的收入可以繼續增長，只是增長率較低？

Yes.

是的。

So as far as the $0.05 goes, I'd say $0.02 of the $0.05 was operational.

因此，就 0.05 美元而言，我想說 0.05 美元中的 0.02 美元是可操作的。

Again, we continue to perform very well, particularly in the volume piece of the portfolio.

同樣，我們繼續表現出色，特別是在投資組合的數量部分。

That's growing faster than we had expected.

這比我們預期的增長速度更快。

As far as why we aren't passing more through, again, we have quite a bit of execution left in the second half.

至於為什麼我們沒有傳球更多，下半場我們還有相當多的執行力。

We still have 6 months to go.

我們還有 6 個月的時間。

So we feel that it's just prudent to pass along the operational performance we're seeing, and then obviously, we're trying to be as transparent as we can on the tax front as we're still working through all those changes.

因此，我們認為傳遞我們所看到的運營績效是明智的，然後顯然，我們正在努力在稅收方面盡可能透明，因為我們仍在努力完成所有這些變化。

As far as the growth goes, yes, I think we can continue to grow.

就增長而言，是的，我認為我們可以繼續增長。

If you look at the 10% growth that we had in Q2, I'd say about 3.5 points of that was tailwind from FX.

如果你看一下我們在第二季度取得的 10% 的增長，我想說其中大約 3.5 個百分點來自外匯。

We had a couple points of tailwind from the compares with Nimble and SimpliVity, and then we have 4.5 points of execution.

我們從與 Nimble 和 SimpliVity 的比較中得到了一些順風點，然後我們有 4.5 個執行點。

And I think -- well, I think it's really a combination of execution because I do think our go-to-market motion is working better.

而且我認為 - 好吧，我認為這確實是執行的結合，因為我確實認為我們的上市動議運作得更好。

I do think that our geo model that we pivoted to this year is working very well, but we also have better markets, right?

我確實認為我們今年轉向的地理模型運行良好，但我們也有更好的市場，對嗎？

We have better -- we have stronger customer demand.

我們有更好的——我們有更強大的客戶需求。

We have a better pricing environment.

我們有更好的定價環境。

So that plays into it as well.

所以這也很重要。

As I look forward into the second half, rates have moved a little bit unfavorably for us.

當我展望下半年時，利率對我們來說有點不利。

If those rates hold, we would get less of a tailwind.

如果這些利率保持不變，我們將獲得更少的順風。

We obviously lose the favorable compares.

我們顯然失去了有利的比較。

The other point I would make out is we're doing about half of the Tier 1 business in the second half of the year that we did versus the first half.

我要指出的另一點是，與上半年相比，我們在今年下半年完成了大約一半的一級業務。

So that's about 2.5 points of headwind, no margin impact.

所以這大約是 2.5 點的逆風，沒有利潤率影響。

And then we have tougher compares overall.

然後我們進行總體比較。

So I think going forward, we can certainly grow, but it's obviously not going to be at that 10% rate given the reason I just laid out.

所以我認為展望未來，我們當然可以增長，但考慮到我剛剛提出的原因，它顯然不會達到 10% 的速度。

So Katy, this is Antonio.

凱蒂，這是安東尼奧。

I want to add a couple of things here.

我想在這裡添加幾件事。

One is if you go back to what we guided at SAM, right, we said 0 to 1% growth.

一個是如果你回到我們在 SAM 上的指導，對，我們說 0 到 1% 的增長。

It's obvious we're going to grow faster than that for the year.

很明顯，我們的增長速度將超過今年。

I think that's one area.

我認為這是一個領域。

Second is that we are very, very confident in our portfolio, and I think as we continue to pivot from volume to value, we will see also an improvement there because the growth areas we see are in hyper converged in areas like private cloud, high-performance compute and so forth.

其次是我們對我們的產品組合非常非常有信心，我認為隨著我們繼續從數量轉向價值，我們也會看到那裡的改善，因為我們看到的增長領域在私有云等領域超融合，高-性能計算等等。

So we believe this company absolutely can grow, and definitely this year, we'll be above the guidance we gave you for the full year.

所以我們相信這家公司絕對可以成長，而且今年肯定會超過我們給你的全年指導。

And our next questioner today will be Toni Sacconaghi with Bernstein.

我們今天的下一位提問者是伯恩斯坦的 Toni Sacconaghi。

You provided an update on HPE Next and some of the accomplishments so far.

您介紹了 HPE Next 的最新情況以及迄今為止取得的一些成就。

I think the target was to try and deliver $250 million in net savings for this year and ultimately, $800 million over the next 3 years.

我認為目標是嘗試在今年實現 2.5 億美元的淨節省，並最終在未來 3 年實現 8 億美元。

Could you provide an update specifically on where you think you are in terms of the savings capture rate so far this year and whether we should still be thinking about $250 million savings for the year?

您能否具體說明今年到目前為止您認為自己在儲蓄捕獲率方面所處的位置，以及我們是否仍應考慮今年節省 2.5 億美元？

And I have a follow-up please.

我有一個後續行動。

Sure, Toni.

當然，托尼。

This is Antonio.

這是安東尼奧。

Thanks for the question.

謝謝你的問題。

So we are confident we are on track to deliver the $250 million for the year.

因此，我們有信心我們有望在今年交付 2.5 億美元。

And just as a reminder, right, HPE Next is the initiative I launched to re-architect the company to deliver on our vision and our strategy.

提醒一下，HPE Next 是我發起的一項計劃，旨在重新構建公司以實現我們的願景和戰略。

And at the core of this was not just cost savings, right?

其核心不僅僅是節省成本，對吧？

It's all about simplification, innovation and execution.

這一切都與簡化、創新和執行有關。

We have made good progress on many fronts.

我們在許多方面都取得了良好進展。

One is the, listen, the operating model simplification.

一是，聽，運營模式的簡化。

Go to market is paying off in term of not just the savings but actually improved execution.

進入市場不僅在節省方面而且在實際上提高了執行力方面都得到了回報。

Second, we have reduced already quite significantly the number of platforms and options, which translates into lower amounts of SKUs to our customers and partners, which allows us to better plan and execute in our supply chain.

其次，我們已經大大減少了平台和選項的數量，這轉化為我們的客戶和合作夥伴的 SKU 數量減少，這使我們能夠更好地規劃和執行我們的供應鏈。

And then third is the culture of the company as well.

第三是公司的文化。

So from my standpoint, we are on track what we said we're going to do.

所以從我的角度來看，我們正在按照我們所說的去做。

And to me, this is going to be the competitive advantage that Hewlett Packard Enterprise will have going forward.

對我來說，這將成為惠普企業未來的競爭優勢。

For me, this is not just a way to return shareholder value but really to improve the way we execute our business every single day.

對我而言，這不僅是一種回報股東價值的方式，而且真正改善了我們每天開展業務的方式。

The reality is the market is moving really fast.

現實是市場發展得非常快。

We need to react to those opportunities quickly.

我們需要對這些機會迅速做出反應。

And having a lean, mean end-to-end value chain is absolutely essential.

擁有一個精益、平均的端到端價值鍊是絕對必要的。

So now we're going to enter the second phase of this, which is the transformation in the processes and IT modernization, which actually will give us the incremental step forward on executing even better and more simply in front of the market opportunity.

所以現在我們將進入第二階段，即流程轉型和 IT 現代化，這實際上將使我們在市場機會面前更好、更簡單地執行。

So Tim, you want to add anything?

蒂姆，你想補充什麼嗎？

No, I think you nailed it.

不，我想你成功了。

All right.

好的。

So the follow-up, it still looks like -- if we believe that Pointnext has about 30% operating margins, which is historically where it's been, it still looks like operating margins on server, storage and the data center networking is in the 1% to 2% range right now, and that probably suggests that server margins are negative still.

因此，後續行動看起來仍然是——如果我們認為 Pointnext 的營業利潤率約為 30%，這在歷史上一直如此，那麼服務器、存儲和數據中心網絡的營業利潤率看起來仍然處於 1 % 到 2% 的範圍，這可能表明服務器利潤率仍然為負。

How should investors just think about what a normalized margin for these businesses are?

投資者應該如何考慮這些業務的標準化利潤率是多少？

Or has the whole server market moved to a market where we shouldn't be thinking about it that way and that you're really looking at a blended margin between support and servers are really becoming the vehicle to selling high-margin support, and we shouldn't be thinking about discrete profitability for each of those?

或者整個服務器市場已經轉移到一個我們不應該這樣考慮的市場，你真的在看支持和服務器之間的混合利潤率真的成為銷售高利潤支持的工具，我們不應該考慮每個人的離散盈利能力嗎？

Yes.

是的。

So thanks for the question, Toni.

謝謝托尼的提問。

I would just say this.

我只想說這個。

I think your math is correct.

我認為你的數學是正確的。

You're in the low single-digit range for the hardware businesses.

您處於硬件業務的低個位數範圍內。

I'm not really going to comment on where theirs are going.

我真的不會評論他們的去向。

But again, to give you some color, if you look at our overall margin of 8.6%, as we've talked about all year, we do think that continues to improve over the course of the year, and that's really a combination of the increased cost savings from HPE Next.

但是，再次給你一些顏色，如果你看看我們 8.6% 的整體利潤率，正如我們全年所討論的那樣，我們確實認為這一年會繼續改善，這實際上是HPE Next 進一步節省了成本。

That's a combination of the acquisitions as they become more and more accretive as we continue to grow those businesses and rightsize those cost envelopes.

這是收購的結合，因為隨著我們繼續發展這些業務並調整這些成本範圍，它們變得越來越增值。

And then to Antonio's point, as we continue to pivot towards the value portion of our portfolio where we have higher margins and higher attach, that obviously gives us some rate lift as well.

然後安東尼奧的觀點，隨著我們繼續轉向我們投資組合的價值部分，我們有更高的利潤率和更高的附加值，這顯然也給了我們一些利率提升。

So we'd expect those dynamics to continue through the course of the year on a normalized, if you will, basis, 2 or 3 years down the road.

因此，我們預計這些動態將在一年中以標準化的方式持續下去，如果你願意的話，在未來 2 或 3 年的基礎上。

I think a couple calls ago, I said I think there's a couple of 100 points of improvement, and I still think that's true because, again, even as we exit '18, we're still going to have more HPE Next savings, and we'll continue to pivot towards the value portion of the portfolio.

我想在幾個電話之前，我說我認為有幾個 100 點的改進，我仍然認為這是真的，因為即使我們退出 18 年，我們仍然會節省更多的 HPE Next，並且我們將繼續轉向投資組合的價值部分。

The other thing I will add, Toni -- this is Antonio -- is that, listen, when you look at our Q2 performance, right, we improved our Hybrid IT margins by 220 basis points in that business.

我要補充的另一件事是，托尼——這是安東尼奧——聽著，當你看我們第二季度的表現時，我們在該業務中將混合 IT 利潤率提高了 220 個基點。

And obviously, like I said before, the rationalization of platforms and options give us improved profitability on the hardware side.

顯然，正如我之前所說，平台和選項的合理化提高了我們在硬件方面的盈利能力。

It is obvious that, obviously, a big chunk of our profitability comes from services, but let's remind ourselves that profitability of the services business is not just attach, right?

很明顯，很明顯，我們的很大一部分盈利來自服務，但讓我們提醒自己，服務業務的盈利不僅僅是附加，對吧？

It's what we call services-led opportunities, and we have pivot that portfolio quite significantly in the last 2 to 3 years.

這就是我們所說的以服務為主導的機會，在過去的 2 到 3 年裡，我們對該投資組合進行了相當大的調整。

And we see now the momentum in the way customers want to consume in a more subscription-based model.

我們現在看到了客戶希望以更加基於訂閱的模式進行消費的勢頭。

And that's why things like HPE GreenLake are very important to us as well.

這就是為什麼像 HPE GreenLake 這樣的東西對我們也非常重要。

But to Tim's point, right, we will continue to drive that rigor and discipline in our cost structure.

但就蒂姆的觀點而言，對，我們將繼續在我們的成本結構中推動這種嚴謹性和紀律性。

And ultimately, the simpler we innovate in our portfolio, the easier it is to go sell it to improve that, the pull-through for services and as well for the rest of the HPE portfolio.

最終，我們在產品組合中的創新越簡單，出售它以改進它、服務以及 HPE 產品組合的其餘部分的拉動就越容易。

And the next questioner today will be Simon Leopold with Raymond James.

今天的下一位提問者是 Simon Leopold 和 Raymond James。

This is Victor Chiu in for Simon Leopold.

這是 Simon Leopold 的 Victor Chiu。

I wanted to ask about free cash flow.

我想問一下自由現金流。

It seems like -- FCF seems like it'll have to have a quite a sharp step-up in the back half of the year to get to your $1 billion target.

看起來 - FCF 似乎必須在今年下半年有一個相當大的提升才能達到你 10 億美元的目標。

So I just was hoping you could give us a little more color around that.

所以我只是希望你能給我們更多的顏色。

How much of the upside is coming from the proceeds from real estate?

有多少收益來自房地產收益？

And what parts of working capital are you expecting will improve that will help drive the cash conversion in the second half of the year?

您預計營運資金的哪些部分會有所改善，這將有助於推動下半年的現金轉換？

Sure.

當然。

So listen, we're still confident with $1 billion for fiscal year '18.

所以聽著，我們仍然對 18 財年的 10 億美元充滿信心。

Q2 came in at negative $269 million, which to be honest with you, was lighter than we had expected.

第二季度為負 2.69 億美元，老實說，比我們預期的要少。

I think on the last call, I said Q2 would be flattish, and we basically had a higher mix of onetime payments along with some unfavorable movements in other assets and liabilities that was related to the VAT taxes.

我想在上次電話會議上，我說第二季度會持平，我們基本上有更高的一次性付款組合以及與增值稅相關的其他資產和負債的一些不利變動。

So those are more timing than anything else.

所以這些比什麼都重要。

But as you know in this business, free cash flow is very seasonal.

但正如您所知，在這項業務中，自由現金流量具有很強的季節性。

If you look at the last couple of years, we typically have negative free cash flow in the first half of the year, and then we generate a significant amount in the second half of the year.

如果你看看過去幾年，我們通常在上半年出現負自由現金流，然後在下半年產生大量現金流。

And I don't think 2018 is going to be any different.

我認為 2018 年不會有任何不同。

And it's really driven by 4 things.

它實際上是由四件事驅動的。

I mean, first of all, you can look at the earnings ramp.

我的意思是，首先，你可以看看盈利增長。

I mean, that's reflected in our EPS guide.

我的意思是，這反映在我們的 EPS 指南中。

That's in combination of HPE Next savings as well as typical seasonality.

這結合了 HPE Next 節省和典型的季節性因素。

So that will obviously generate more free cash flow.

因此，這顯然會產生更多的自由現金流。

From a working capital perspective, we actually had a cash usage in the first half the year.

從營運資金的角度來看，我們實際上在上半年使用了現金。

We're going to generate cash in the second half of the year.

我們將在今年下半年產生現金。

I think the best indicator to look at there is our cash conversion cycle.

我認為最好的指標是我們的現金轉換週期。

As we said in the prepared remarks, we'd expect that to end at the negative high 20-day range.

正如我們在準備好的評論中所說，我們預計這將在 20 天的負高位結束。

That will be very consistent with where we exited Q4 of '17, and that generates a significant amount of cash.

這將與我們退出 17 年第四季度的情況非常一致，這會產生大量現金。

Other assets and liabilities, we had some unfavorability in the first half.

其他資產和負債，上半年我們有一些不利。

I would expect that to come back in the second half.

我希望這種情況會在下半場回歸。

Nothing has really structurally changed when you think about the balance sheet.

當你考慮資產負債表時，結構上並沒有真正發生變化。

I'll go back to the VAT example.

我將回到增值稅示例。

We should be collecting on those receivables in the second half of the year.

我們應該在下半年收回這些應收賬款。

And then lastly is we're going to have fewer onetime payments.

最後，我們將減少一次性付款。

So if you look at the SAM presentation that we laid out, we had about $1.1 billion of onetime cash payments.

因此，如果您查看我們佈置的 SAM 演示文稿，我們有大約 11 億美元的一次性現金支付。

Roughly $800 million of that has been taken care of in the first half of the year, so that provides us a tailwind in the back half of the year.

今年上半年已經處理了大約 8 億美元，因此這為我們下半年提供了順風。

And then we will have, to your point, we will have some real estate gains in the second half of the year.

然後，按照你的觀點，我們將在今年下半年獲得一些房地產收益。

So there's a lot of moving parts in free cash flow.

所以自由現金流中有很多變動的部分。

That's why it's very difficult to forecast on a quarterly basis, but given those comments, we feel very good about the $1 billion for fiscal year '18.

這就是為什麼很難按季度進行預測，但鑑於這些評論，我們對 18 財年的 10 億美元感到非常滿意。

And our next questioner today will be Shannon Cross with Cross Research.

我們今天的下一位提問者是 Cross Research 的 Shannon Cross。

My first question is with regard to AI.

我的第一個問題是關於人工智能的。

I'm just curious how you see some of the new offerings that you've launched and some of the acquisitions sort of fitting into this.

我只是好奇你如何看待你推出的一些新產品以及一些適合這種情況的收購。

And particularly, I'm curious as to how you're going to monetize them because everybody sort of talks about AI and what it's going to do to the industry, but I'm wondering how it helps you from a competitive standpoint over time.

特別是，我很好奇你將如何通過它們獲利，因為每個人都在談論 AI 及其對行業的影響，但我想知道它如何隨著時間的推移從競爭的角度幫助你。

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

Thank you for the question, Shannon.

謝謝你的問題，香農。

I mean, I'm actually very excited about AI.

我的意思是，我實際上對 AI 感到非常興奮。

We see this every single day.

我們每天都看到這一點。

I spend 50% of my time talking to customers.

我花 50% 的時間與客戶交談。

And AI is kind of interesting because what they're looking for is to monetize that data faster and trying to understand what they should be doing with that data from a business perspective.

人工智能有點有趣，因為他們正在尋找的是更快地將數據貨幣化，並試圖從業務角度了解他們應該如何處理這些數據。

So AI gives you that vehicle to accelerate outcomes from the data standpoint.

因此，人工智能為您提供了從數據角度加速成果的工具。

And we already have very strong offerings, both in-memory solutions.

我們已經擁有非常強大的產品，包括內存解決方案。

You think about our Superdome X and as well as HPE Apollo 6500, which is an AI design platform.

您想想我們的 Superdome X 以及 HPE Apollo 6500，這是一個人工智能設計平台。

And so how we monetize is very simple.

因此，我們如何獲利非常簡單。

We provide services upfront, which is basically the advisory capability, how to implement AI in their environment; and number two, how we design and implement the right solution for them.

我們預先提供服務，這基本上是諮詢能力，如何在他們的環境中實施人工智能；第二，我們如何為他們設計和實施正確的解決方案。

And at the core of this, we already have many, many platforms with AI embedded into it in their most solution development kits that their data scientists can go and develop using whatever tools they want, whether it's cloud data or Hortonworks or whatever it is.

在這方面的核心，我們已經有很多很多平台在他們的大多數解決方案開發工具包中嵌入了 AI，他們的數據科學家可以使用他們想要的任何工具進行開發，無論是雲數據還是 Hortonworks 或其他任何工具。

And so this is a good opportunity for us.

所以這對我們來說是一個很好的機會。

And also, we are using AI inside our portfolio, right?

而且，我們在我們的產品組合中使用人工智能，對吧？

So we talk about the future of hybrid IT being adaptive and autonomous.

因此，我們談論的是混合 IT 的自適應性和自主性的未來。

We are leveraging those AI technologies inside our own software-defined infrastructure.

我們正在我們自己的軟件定義基礎架構中利用這些人工智能技術。

An example of that obviously is InfoSight, but you're going to see more and more of that embedded at the edge and as well as in our cloud orchestration capabilities.

一個明顯的例子是 InfoSight，但你會看到越來越多的東西嵌入到邊緣以及我們的雲編排功能中。

And then, Tim, can you talk a bit about how we should think about the model changing as you move more and more to flexible capacity or flexible consumption models over time?

然後，蒂姆，你能談談我們應該如何考慮隨著時間的推移越來越多地轉向靈活的容量或靈活的消費模型而改變模型嗎？

I mean, how quickly do you think we make the shift sort of -- we saw it in software obviously to SaaS, and now I guess, we're seeing it into devices and service over time.

我的意思是，您認為我們進行這種轉變的速度有多快——我們顯然在軟件中看到了它向 SaaS 的轉變，現在我想，隨著時間的推移，我們正在將其轉變為設備和服務。

I think you're asking the question from the business model perspective or the financial perspective.

我認為你是從商業模式或財務角度問這個問題。

If it's financial, I will ask Tim here to comment.

如果是財務問題，我會請蒂姆在這裡發表評論。

I mean, what we see right now is customers like the ability to consume on prem in a utility-based model.

我的意思是，我們現在看到的是客戶喜歡在基於實用程序的模型中進行本地消費的能力。

And what that means, they want a fully integrated solution with the hardware or the infrastructure that they need with the software and the services to be able to run in a most efficient way.

這意味著，他們想要一個與硬件或基礎設施完全集成的解決方案，而他們需要的軟件和服務能夠以最有效的方式運行。

In many ways, as you know, we talked before how we bring that public cloud experience and economics on prem, and that experience includes the consumption-based models.

如您所知，在很多方面，我們之前都談到瞭如何將公共雲體驗和經濟性引入本地，而這種體驗包括基於消費的模型。

So depending on the scale, we already can provide customers a very competitive solution on premises, and it's not just infrastructure as a services but also outcome as a services.

因此，根據規模，我們已經可以為客戶提供非常有競爭力的本地解決方案，它不僅是基礎設施即服務，而且結果也是服務。

Think about back-up recovery as a service, SAP HANA as a service and so forth.

將備份恢復視為一項服務，將 SAP HANA 視為一項服務等等。

So we already have those solutions available, and we see a significant interest and actually a significant uptick in that business.

所以我們已經有了這些解決方案，我們看到了人們對該業務的濃厚興趣，實際上也出現了顯著增長。

From the financial perspective, right, we have crafted what I think is a very strong and simple solution of our customers leveraging our strength with our portfolio of financial services, which provide that embedded financing but is a services-led orientation.

從財務的角度來看，我們已經精心設計了我認為非常強大和簡單的解決方案，讓我們的客戶利用我們的優勢和我們的金融服務組合，提供嵌入式融資，但是以服務為主導的方向。

And the way we financial treat them is no way -- not different than any subscription-based model.

我們對待他們的財務方式是絕無僅有的——與任何基於訂閱的模式沒有什麼不同。

But Tim, maybe you want to comment on that.

但是蒂姆，也許你想對此發表評論。

No, I would just say that, over time, it will improve our recurring revenue and will also improve our profitability.

不，我只想說，隨著時間的推移，它會提高我們的經常性收入，也會提高我們的盈利能力。

The next questioner today will be Jim Suva with Citigroup.

今天的下一位提問者是花旗集團的 Jim Suva。

I have a question on the Hybrid IT reporting segment, specifically the Pointnext or the service revenues.

我對混合 IT 報告部分有疑問，特別是 Pointnext 或服務收入。

If I do the math correctly, that is up about 1% year-over-year but constant currency down 1% year-over-year.

如果我算對了，那是同比增長約 1%，但固定匯率同比下降 1%。

How should we think about why would revenues for Pointnext be down year-over-year when, overall, your company results are so strong?

我們應該如何考慮為什麼 Pointnext 的收入會同比下降，而總體而言，貴公司的業績如此強勁？

Or how do we bridge the gap between those differences?

或者我們如何彌合這些差異之間的差距？

Yes.

是的。

I just think that's a factor.

我只是認為這是一個因素。

Obviously, FX is a challenge, and I think that's just a factor of the contracts rolling off.

顯然，外匯是一個挑戰，我認為這只是合同減少的一個因素。

And given the fact that a lot of these are 3-year contracts, you have some timing in there from a translation and FX perspective.

考慮到其中很多都是 3 年期合同，從翻譯和外彙的角度來看，你有一些時機。

Okay.

好的。

So if that's the case, should we expect Pointnext to be challenged the next few quarters then with timing of contracts rolling off?

因此，如果是這樣的話，我們是否應該期望 Pointnext 在接下來的幾個季度中受到挑戰，然後隨著合同時間的推移而受到挑戰？

No.

不。

I think -- think about it -- listen, when we book the orders, right, we book at whatever the currency was at that time, but at the same time, we are booking the orders with what I call more favorable currency.

我想——想一想——聽著，當我們預訂訂單時，是的，我們以當時的任何貨幣預訂，但與此同時，我們以我稱之為更有利的貨幣預訂訂單。

And the mix of this is going to dictate basically what the outcome is.

而這一切的結合將基本上決定結果是什麼。

But we're still confident that we'll continue to drive the growth in this portfolio driven by these new offerings, not just the attach.

但我們仍然相信，我們將繼續推動由這些新產品驅動的該產品組合的增長，而不僅僅是附加產品。

And that's why we are very keen to continue to drive that consumption-based model that Shannon asked the question for because that HPE GreenLake is growing significantly faster than what we are posting here as a whole segment.

這就是為什麼我們非常熱衷於繼續推動 Shannon 提出問題的基於消費的模型，因為 HPE GreenLake 的增長速度明顯快於我們在這裡發布的整個細分市場。

I would say the other thing to look at in that business is the service's intensity.

我想說的是，在該業務中要注意的另一件事是服務的強度。

So service intensity was up 35% in Q2, and so we continue to have more attach dollars per unit.

因此，服務強度在第二季度上升了 35%，因此我們繼續擁有更多的單位附加值。

The next questioner today will be Steve Milunovich with UBS.

今天的下一位提問者是瑞銀集團的 Steve Milunovich。

First of all, on the tax rate for fiscal '19, I think previously you said the tax rate would go up next year.

首先，關於 19 財年的稅率，我想你之前說過明年稅率會上升。

We were thinking maybe 18%-ish.

我們當時想的可能是 18% 左右。

But does that come down a couple points now?

但這現在下降了幾分嗎？

Yes.

是的。

We'll give you guys more color at SAM because we're still working through the impact in fiscal year '18.

我們將在 SAM 為你們提供更多顏色，因為我們仍在努力應對 18 財年的影響。

But to your point, at the last time we guided, we said 16% to 20%, so you're right in the middle there.

但就你的觀點而言，在我們上次指導時，我們說 16% 到 20%，所以你就在中間。

Again, I'm not going to give any guidance here for '19, but we'll give you full transparency in October at SAM.

同樣，我不會在這里為 '19 提供任何指導，但我們將在 10 月的 SAM 上為您提供完全透明的信息。

Okay.

好的。

And I wonder if you could elaborate a little bit more on your private cloud opportunity, what some of the trends you're seeing is Azure Stack out there and some volume.

我想知道你是否可以詳細說明你的私有云機會，你看到的一些趨勢是 Azure Stack 和一些數量。

How is your Microsoft relationship?

您與 Microsoft 的關係如何？

And I think you'd actually need new servers if an account were to use Azure with your products.

而且我認為，如果帳戶要將 Azure 用於您的產品，您實際上需要新的服務器。

And maybe talk a little bit about your software offerings.

也許談談您的軟件產品。

I think you have some fairly good orchestration software.

我認為您有一些相當不錯的編排軟件。

Yes, sure.

是的，當然。

Thanks for the question.

謝謝你的問題。

So we see good traction in the private cloud segment.

因此，我們在私有云領域看到了良好的牽引力。

We offer a multi-cloud type of solution.

我們提供多雲類型的解決方案。

Obviously, we have the VMware, and we have now a very strong integration between the VMware stack in our HPE Synergy.

顯然，我們擁有 VMware，現在我們在 HPE Synergy 中的 VMware 堆棧之間實現了非常強大的集成。

We see a significant traction of Synergy with VMware, in particular segments like the financial sector, where they need large deployments of large VM farms, I call it, that, ultimately, they can manage significant amount of workloads.

我們看到 Synergy 與 VMware 的巨大吸引力，特別是像金融部門這樣的部門，他們需要大量部署大型 VM 場，我稱之為，最終他們可以管理大量的工作負載。

The other one is Azure stack.

另一個是 Azure 堆棧。

It's still a little bit early, but we see good traction with Microsoft in providing the true consumption-based model on prem and off prem with Azure Stack and Azure cloud.

現在還有點早，但我們看到微軟在使用 Azure Stack 和 Azure 雲提供真正的基於消費的本地和非本地模型方面有很好的吸引力。

We have done slightly different implementation on that because we have better engineering integration, and we already provide different type solution, whether it's HPE ProLiant or what is now with availability of HPE SimpliVity as well with a [hyper-based] solution.

我們在這方面做了略微不同的實施，因為我們有更好的工程集成，並且我們已經提供了不同類型的解決方案，無論是 HPE ProLiant 還是現在可用的 HPE SimpliVity 以及 [基於超] 的解決方案。

And so -- and by the way, with our offering of HPE OneSphere, we also provide OpenStack and Docker Kubernetes environment for those customers who want to accelerate deployment of containers.

因此 - 順便說一下，通過我們提供的 HPE OneSphere，我們還為那些想要加速容器部署的客戶提供 OpenStack 和 Docker Kubernetes 環境。

So in the end, we have one platform called HPE OneView that manages any type of infrastructure, whether it is a traditional Tier 3 approach, converged, hyper converged and composable.

所以最終，我們擁有一個名為 HPE OneView 的平台，可以管理任何類型的基礎設施，無論是傳統的第 3 層方法、融合的、超融合的還是可組合的。

And now with the inclusion of Plexxi, which we announced last week, we've actually now virtualized in a network and fully integrated natively that solution in all our offerings.

現在，隨著我們上周宣布的 Plexxi 的加入，我們實際上已經在網絡中進行了虛擬化，並將該解決方案完全集成到我們所有的產品中。

And then with HPE OneSphere, we provide a true multicloud in a hybrid IT environment where you deploy VMs or you deploy a container or even a open-source type of solution.

然後藉助 HPE OneSphere，我們在混合 IT 環境中提供真正的多雲，您可以在其中部署虛擬機或部署容器，甚至是開源類型的解決方案。

So we see the traction across them, and I think we wrap all of that with our consumption-based model, right?

所以我們看到了它們之間的吸引力，我認為我們用基於消費的模型包裝了所有這些，對吧？

And we talked about HPE GreenLake, and that's where the customers are very, very interested to work with us.

我們談到了 HPE GreenLake，這就是客戶非常非常有興趣與我們合作的地方。

And our next questioner today will be Ananda Baruah with Loop Capital.

我們今天的下一位提問者是來自 Loop Capital 的 Ananda Baruah。

Yes.

是的。

Two if I could and I'll ask them both at the same time.

如果可以的話，我會同時問他們兩個。

The first is with regards to long-term competitive advantages from Next.

首先是關於 Next 的長期競爭優勢。

Makes sense how it would improve your processes and your get to market and like that.

有意義的是它將如何改善您的流程和您進入市場等等。

Could you speak specifically as to what you see as some of the competitive advantages relative to the marketplace and to your competition?

您能否具體談談您認為相對於市場和競爭對手的一些競爭優勢？

And then the second question is I believe there is a comment that the second half will be more challenging.

然後第二個問題是我相信有評論說下半場會更具挑戰性。

I was just wondering if you could kind of tease out what some of the challenges specifically you see are in the second half.

我只是想知道您是否可以梳理一下您在下半年看到的具體挑戰。

Sure.

當然。

I mean, as I said before, we truly believe -- I believe that HPE Next will be a competitive differentiator for us because one of the challenges we see in this industry with all the acquisition, mergers and whatnot is the ability to provide an integrated experience.

我的意思是，正如我之前所說，我們真的相信 - 我相信 HPE Next 將成為我們的競爭優勢，因為我們在這個行業看到的所有收購、合併等挑戰之一是提供集成的能力經驗。

With the hard work we have done over the last 6.5 years and position of Hewlett Packard Enterprise clearly in the space where we can compete and win, we have the opportunity to really deliver a whole integrated new experience.

憑藉我們在過去 6.5 年中所做的辛勤工作，以及惠普企業在我們可以競爭和獲勝的領域中的明確定位，我們有機會真正提供全新的集成體驗。

And it's an opportunity of a lifetime.

這是一生難得的機會。

And so listen, I've been in the company for 23 years.

聽著，我在公司工作了 23 年。

And unfortunately, I know every system, every process for good or bad, and I know we have tremendous upside not only to improve our cost structure but really improve our growth through better execution once we have this integrated experience.

不幸的是，我知道每一個系統，每一個流程的好壞，我知道一旦我們擁有這種綜合經驗，我們不僅可以改善我們的成本結構，而且可以通過更好的執行來真正促進我們的增長。

And let me give you example of that.

讓我舉個例子。

We are now going to have a simple, much better integrated partner experience with configurators.

我們現在將通過配置器獲得簡單、更好的集成合作夥伴體驗。

We're going to have a no-touch, low-touch model for more the transactional side, particularly as you think about that market in the mid-market and SME.

我們將為更多交易方面提供無接觸、低接觸模式，特別是當您考慮中端市場和中小企業市場時。

We're going to have a streamlined one single kind of platform for the supply chain, which actually improves not just the, what I call, quote to cash but also the finance side of the execution.

我們將為供應鏈提供一個精簡的單一平台，它實際上不僅改善了我所說的報價到現金，還改善了執行的財務方面。

So there is -- but all of this translates into value both for our customers and for our shareholders because, obviously, we will automate everything we can in that execution.

所以有 - 但所有這些都轉化為我們的客戶和股東的價值，因為很明顯，我們將在執行過程中自動化一切。

From the growth standpoint, again, like I said before, we are confident we will beat our guidance we gave at SAM, which was 0 to 1%., but obviously, we're going to have tougher compares, right?

從增長的角度來看，正如我之前所說，我們有信心超過我們在 SAM 給出的指導，即 0 到 1%，但顯然，我們將進行更嚴格的比較，對吧？

As we articulated before, right, the currency is not going to be as strong as a tailwind.

正如我們之前闡明的那樣，正確的是，貨幣不會像順風一樣強勁。

We have the, what I call the acquisitions now in the full run rate but very confident in our organic growth because our portfolio is very, very strong.

我們有，我現在稱之為全速收購，但對我們的有機增長非常有信心，因為我們的投資組合非常非常強大。

So it's going to come down to how well are we going to execute, and we're going to execute them better and obviously, where we see the opportunity in terms of balancing growth with the profitability, which we just increased again on EPS.

因此，這將歸結為我們執行得如何，我們將更好地執行它們，顯然，我們在平衡增長與盈利能力方面看到了機會，我們剛剛再次提高了每股收益。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Can we have the last question please?

我們可以問最後一個問題嗎？

Yes.

是的。

That question will be from Aaron Rakers with Wells Fargo.

這個問題將來自富國銀行的 Aaron Rakers。

I do have a follow-up as well.

我也有跟進。

I want to go back to kind of Toni's earlier question on the progression of your savings that you expect to generate from HPE Next.

我想回到 Toni 之前關於您希望從 HPE Next 產生的儲蓄進展的問題。

I'm curious if you could just give us a framework of how much have you realized of the $250 million, thus far, in the first half of the year?

我很好奇你是否可以給我們一個框架，說明今年上半年你對這 2.5 億美元的實現有多少？

And when you look at some of the progress of things that you are going to execute upon, manufacturing facilities from 17 down to 7, going to 1 ERP system versus 10, 400 sales comp plans down to 25, et cetera, I'm just curious, can you help us understand what has been done and what maybe still -- or what you're planning to execute upon looking through the second half of the year?

當你查看你將要執行的事情的一些進展時，製造設施從 17 個減少到 7 個，從 10 個到 1 個 ERP 系統，400 個銷售計劃減少到 25 個，等等，我只是好奇的是，您能否幫助我們了解已經完成的工作以及可能仍在進行的工作——或者您計劃在下半年執行的工作？

And I do again have a follow-up.

我又做了一次跟進。

Sure.

當然。

I'll answer the financial component, then flip it over to Antonio.

我將回答財務部分，然後將其交給 Antonio。

So if you look at the $250 million, I would say that probably 1/3 of that is in the first half, and 2/3 will be coming in the back half of the year.

因此，如果您查看 2.5 億美元，我會說其中可能有 1/3 在上半年，而 2/3 將在下半年出現。

And as Antonio mentioned, everything that we have seen so far, we are on track to deliver that.

正如 Antonio 所提到的，到目前為止我們所看到的一切，我們都有望實現。

Yes.

是的。

In terms of what has been done, so we already initiated the platform simplification, to your point, right?

就已經完成的工作而言，我們已經啟動了平台簡化，就您的觀點，對嗎？

We said 26 platform down to 7. And on the volume side, 27 down to 9. So we are well on our way.

我們說 26 個平台下降到 7 個。在數量方面，27 個下降到 9 個。所以我們進展順利。

We are not completely done on that, but we are well on our way.

我們在這方面還沒有完全完成，但我們已經在路上了。

In terms of the manufacturing side, actually, we have not yet initiated the full transition because part of this is dependent to the IT implementation.

實際上，在製造方面，我們還沒有開始全面轉型，因為這部分取決於 IT 實施。

So in the back half of this year, particularly on the latter part of the year, we're going to implement the new SAP instance.

所以在今年下半年，特別是今年下半年，我們將實施新的 SAP 實例。

And with that foundation, with a common data master, we're going to move to the simplification of our supply chain in number of nodes, which the vast majority is going to happen in 2019.

有了這個基礎，有了一個共同的數據主控，我們將在節點數量上轉向簡化我們的供應鏈，其中絕大多數將在 2019 年發生。

In terms of core plans, we executed much of that.

在核心計劃方面，我們執行了大部分。

We entered 2018 in terms of sales core plans, which actually is also one of the reasons why we executed better because you're telling the sellers exactly where to focus on and how they're going to get paid.

我們在銷售核心計劃方面進入了 2018 年，這實際上也是我們執行得更好的原因之一，因為你告訴賣家確切的重點在哪里以及他們將如何獲得報酬。

And so that's actually a -- is a motivator in many ways, and that's why we have better execution.

所以這實際上是一個 - 在很多方面都是一種激勵因素，這就是為什麼我們有更好的執行力。

So very confident where we are today, but there's still a significant amount of work to be done.

對我們今天所處的位置非常有信心，但仍有大量工作要做。

And it's a journey that we laid out for the next 3 years, and much of this will also will be dependent on the IT transformation we are driving, particularly on the low touch, no touch, which is going to come in the latter part of 2019.

這是我們為未來 3 年制定的旅程，其中很大一部分也將取決於我們正在推動的 IT 轉型，特別是低接觸、無接觸，這將在2019.

And that will improve, again, our execution and our go to market as we continue to pivot from volume to value growth.

隨著我們繼續從數量增長轉向價值增長，這將再次改善我們的執行和進入市場。

Yes.

是的。

That's very helpful.

這很有幫助。

And maybe this is somewhat tied to it as the follow-up.

也許這在某種程度上與後續行動有關。

When I look at the cash conversion cycle, one thing that stands out is you had about a 17% increase, 40% year-over-year in your inventory carried on the balance sheet coming out of this last quarter.

當我查看現金轉換週期時，有一件突出的事情是，上個季度資產負債表上的庫存同比增長了 17%，同比增長 40%。

Is there strategic purchases being made in the inventory balance?

庫存餘額中是否有戰略採購？

Are you holding more just than what you would naturally hold given some of these initiatives?

考慮到其中一些舉措，您是否持有比您自然持有的更多的權利？

Or what's really driving that increase in the inventory side?

或者是什麼真正推動了庫存方面的增長？

Yes.

是的。

It's a little bit of both.

兩者都有一點。

I mean, we were carrying some excess buffer stock just to make sure that we had enough inventory to meet customer demand.

我的意思是，我們攜帶一些多餘的緩衝庫存只是為了確保我們有足夠的庫存來滿足客戶的需求。

And then you have to remember that we have elevated DRAM costs in there as well, so that has a significant impact.

然後你必須記住，我們在那裡也提高了 DRAM 成本，因此產生了重大影響。

Great.

偉大的。

Thank you, Aaron, and thanks, everyone, for joining us today.

謝謝你，Aaron，也感謝大家今天加入我們。

With that, I think we can close up the call.

這樣，我想我們可以結束通話了。

And ladies and gentlemen, this will conclude our call for today.

女士們，先生們，我們今天的電話會議到此結束。

Thank you for attending.

感謝您的出席。