惠普企業 (HPE) 2018 Q3 法說會逐字稿

Good afternoon, and welcome to the Third Quarter 2018 Hewlett-Packard Enterprise Earnings Conference Call.

下午好，歡迎來到 2018 年第三季度惠普企業收益電話會議。

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

我叫 Denise，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，投資者關係主管安德魯·西馬內克 (Andrew Simanek) 先生。

Please proceed, sir.

請繼續，先生。

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 third 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 財年第三季度財報電話會議； 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 can differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2018.

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 2018 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。

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.

謝謝，安迪。

Good afternoon, everyone.

大家下午好。

Q3 was another strong quarter for Hewlett Packard Enterprise.

第三季度是 Hewlett Packard Enterprise 的另一個強勁季度。

We delivered solid results across all key financial metrics.

我們在所有關鍵財務指標上都取得了可觀的成績。

We grew revenues, and we significantly expanded operating margins.

我們增加了收入，並顯著擴大了營業利潤率。

We also delivered EPS well above our outlook and generated strong cash flow.

我們還實現了遠高於預期的每股收益，並產生了強勁的現金流。

Our focus on shifting our mix to higher value growth areas while optimizing our volume business is working.

我們專注於將我們的組合轉移到更高價值的增長領域，同時優化我們的批量業務正在發揮作用。

This is supported by excellent execution of HPE Next, our initiative to rearchitect the company from the ground up with the goal of driving better operational efficiency and effectiveness.

這得到了 HPE Next 出色執行的支持，HPE Next 是我們從頭開始重新構建公司的舉措，旨在提高運營效率和效力。

Even as we focus on new growth areas, we continue to deliver solid performance across each of our business segments.

即使我們專注於新的增長領域，我們也繼續在我們的每個業務部門提供穩健的業績。

This, combined with the market momentum, will enable us to deliver fiscal year '18 revenue and earnings well above our original outlook provided at the Securities Analyst Meeting last year.

這與市場勢頭相結合，將使我們能夠實現 18 財年的收入和收益，遠高於我們在去年證券分析師會議上提供的原始展望。

In Q3, we delivered revenue of $7.8 billion, up 4% year-over-year, driven by balanced performance across Hybrid IT, Intelligent Edge and Financial Services, with particular strong growth in Intelligent Edge segment.

在第三季度，我們實現了 78 億美元的收入，同比增長 4%，這得益於混合 IT、智能邊緣和金融服務的平衡性能，尤其是智能邊緣部分的強勁增長。

We also continued to strengthen our profitability by focusing on the high-value segments of the market while improving efficiency through our HPE Next actions.

我們還通過專注於市場的高價值部分，同時通過我們的 HPE Next 行動提高效率，繼續增強我們的盈利能力。

In Q3, we achieved non-GAAP operating margins of 9.6%, up 270 basis points from the prior year.

第三季度，我們實現了 9.6% 的非美國通用會計準則營業利潤率，比上年增長 270 個基點。

As a result, we delivered strong EPS growth in Q3.

因此，我們在第三季度實現了強勁的每股收益增長。

Non-GAAP EPS of $0.44 doubled from a year ago and is well above our outlook range of $0.35 to $0.39.

非 GAAP 每股收益為 0.44 美元，比一年前翻了一番，遠高於我們 0.35 美元至 0.39 美元的預期範圍。

From a free cash flow perspective, we delivered $751 million and are well on track to deliver $1 billion in free cash flow in fiscal year '18.

從自由現金流的角度來看，我們交付了 7.51 億美元，並且有望在 18 財年交付 10 億美元的自由現金流。

Turning to the business segments.

轉向業務部門。

In Hybrid IT, we have the right strategy, and in a healthy IT spending environment, we are executing well.

在混合 IT 中，我們有正確的戰略，在健康的 IT 支出環境中，我們執行得很好。

And it is showing up in our results.

它出現在我們的結果中。

After a strong first half, we continue to see solid growth with revenue of $6.2 billion, which is up 3% year-over-year or up 5% year-over-year, excluding the Tier 1 segment.

在經歷了上半年的強勁表現之後，我們繼續看到穩健的增長，收入達到 62 億美元，同比增長 3% 或同比增長 5%，不包括一級細分市場。

The operating margin expanded 270 basis points to 10.6% from a greater mix of Gen10, improved pricing and savings from HPE Next.

營業利潤率擴大 270 個基點至 10.6%，得益於 Gen10 的更大組合、改進的定價和 HPE Next 的節省。

We are also gaining share in the higher-margin, high-growth segments like software-defined infrastructure, high-performance compute and mission-critical systems.

我們還在軟件定義基礎設施、高性能計算和關鍵任務系統等高利潤、高增長的細分市場中獲得份額。

In compute, ISS core grew 10% year-over-year due to continued market demand, an accelerated mix of Gen10 and better options attach, which helped drive improved average unit pricing.

在計算方面，由於持續的市場需求、Gen10 加速組合和更好的選項附加，ISS 核心同比增長 10%，這有助於推動平均單價的提高。

This is more than offsetting the decline in Tier 1 commodity service sales as we intentionally exit that type of business.

這足以抵消一級商品服務銷售額的下降，因為我們有意退出此類業務。

Our hyperconverged segment, which now includes appliances, infrastructure and our composable offerings, grew over 130% year-over-year and has reached an annual run rate of more than $1 billion.

我們的超融合部分，現在包括設備、基礎設施和我們的可組合產品，同比增長超過 130%，年運行率已超過 10 億美元。

HPE Synergy delivered record revenue and now has more than 1,600 customers.

HPE Synergy 創造了創紀錄的收入，目前擁有 1,600 多家客戶。

Finally, high-performance compute is another area of strength.

最後，高性能計算是另一個優勢領域。

Revenue was up 9% year-over-year, and we continue to be the market leader with roughly 35% market share.

收入同比增長 9%，我們繼續保持市場領先地位，市場份額約為 35%。

And we have strong momentum across both public and increasingly, private sector deployments.

我們在公共部門和越來越多的私營部門部署方面都有強勁的勢頭。

For example, in Q3, we announced a new development in our long standing relationship with the U.S. Department of Energy to build a new supercomputer for the National Renewable Energy Laboratory.

例如，在第三季度，我們宣布了與美國能源部長期合作關係的新發展，為國家可再生能源實驗室建造一台新的超級計算機。

The new system named Eagle will run detailed models that simulate complex processes to advance early research and development of renewable energy technologies across fields including vehicle, wind power and data sciences.

名為 Eagle 的新系統將運行模擬複雜過程的詳細模型，以推進跨領域的可再生能源技術的早期研究和開發，包括車輛、風力發電和數據科學。

Outside of compute, storage revenue grew 1% year-over-year even with tough second half compares.

在計算之外，存儲收入同比增長 1%，即使下半年比較艱難。

At the same time, we saw 70% growth in big data storage.

與此同時，我們看到大數據存儲增長了 70%。

We expect improved organic growth in Q4 as we drive increased sales productivity and as our latest storage offerings gain customer traction.

隨著我們推動銷售生產力的提高以及我們最新的存儲產品獲得客戶的青睞，我們預計第四季度的有機增長將有所改善。

For example, in July, we expanded our offering of HP InfoSight across our 3PAR portfolio, which now enables intelligent all-flash storage for our customers.

例如，在 7 月，我們將 HP InfoSight 產品擴展到我們的 3PAR 產品組合，現在可以為我們的客戶提供智能全閃存存儲。

HP InfoSight is our artificial intelligence platform that helps our customers operate more efficiently in an autonomous data center.

HP InfoSight 是我們的人工智能平台，可幫助我們的客戶在自主數據中心更高效地運營。

We also introduced the next generation of our HPE Nimble Storage platform that enhances the protection of our customers' investments and incorporates our Store More Guarantee, which provides customers with a significant upfront and long-term financial advantage by offering the industry's first guarantee of storage efficiency.

我們還推出了下一代 HPE Nimble Storage 平台，增強了對客戶投資的保護，並納入了我們的 Store More Guarantee，通過提供業界首個存儲效率保證，為客戶帶來顯著的前期和長期財務優勢.

We continue to strengthen our HPE Pointnext services business, and we see significant opportunity as we execute our services-led go-to-market strategy.

我們繼續加強我們的 HPE Pointnext 服務業務，並且在我們執行以服務為主導的上市戰略時看到了重大機遇。

In Q3, HPE Pointnext revenue was down 1% year-over-year but overall orders grew 4%.

第三季度，HPE Pointnext 收入同比下降 1%，但總體訂單增長 4%。

More importantly, our most profitable Operational Services business grew 1% with orders up 8%.

更重要的是，我們利潤最高的運營服務業務增長了 1%，訂單增長了 8%。

This growth is largely due to strong improvement of services intensity as we shift our focus in more value-added offerings, high growth in HPE GreenLake and some larger deals.

這一增長主要是由於我們將重點轉移到更多增值產品、HPE GreenLake 的高增長和一些更大的交易中，服務強度的強勁改善。

Advisory and Professional Services revenue was down 10%, largely due to our intentional exit of more than 40 companies as part of our HPE Next plan, and we continue to invest in new services capabilities.

諮詢和專業服務收入下降了 10%，這主要是由於作為 HPE Next 計劃的一部分，我們有意退出了 40 多家公司，並且我們繼續投資於新的服務能力。

For instance, at HP Discover in Las Vegas, we announced our next generation of HPE GreenLake Hybrid Cloud to help our customers optimize their hybrid cloud operating models.

例如，在拉斯維加斯的 HP Discover 上，我們宣布推出下一代 HPE GreenLake 混合雲，以幫助我們的客戶優化他們的混合雲運營模式。

By eliminating the need for staff to manage their hybrid environments day to day, the new HPE GreenLake solution enables them to focus on innovation.

通過消除員工日常管理混合環境的需要，新的 HPE GreenLake 解決方案使他們能夠專注於創新。

Overall, our Hybrid IT portfolio of products and services is stronger than it has ever been and continues to help our customers manage and simplify their IT in a hybrid world.

總體而言，我們的混合 IT 產品和服務組合比以往任何時候都更強大，並將繼續幫助我們的客戶在混合世界中管理和簡化他們的 IT。

Turning to the Intelligent Edge segment.

轉向智能邊緣部分。

Performance remains strong with revenue of $785 million, up 10% year-over-year.

業績依然強勁，收入為 7.85 億美元，同比增長 10%。

We saw particular strength in our campus segment, driven by our secure cloud offerings.

在我們的安全雲產品的推動下，我們看到了我們校園部門的特別優勢。

Looking forward, Intelligent Edge is a significant long-term growth opportunity for us and therefore, a key area of investment.

展望未來，智能邊緣對我們來說是一個重要的長期增長機會，因此也是一個關鍵的投資領域。

I say that because there is a major transition happening right now driven by the explosion of the data created at the edge.

我之所以這麼說，是因為在邊緣創建的數據激增的推動下，現在正在發生重大轉變。

The edge is a world outside the data Center, and Gartner says 75% of the world's data is generated at the edge.

邊緣是數據中心之外的世界，Gartner 表示世界上 75% 的數據是在邊緣生成的。

I am certain that the rise of intelligent edge is the next great market transition coming, and HPE is uniquely committed to and built for this transition.

我確信智能邊緣的興起是即將到來的下一個偉大的市場轉型，HPE 致力於並為這一轉型而打造。

We already have a competitive advantage at the edge with Aruba, pioneering networking with HPE's deep history in continued innovation in compute, storage and services.

我們已經與 Aruba 一起在邊緣擁有競爭優勢，開創性網絡與 HPE 在計算、存儲和服務方面持續創新的深厚歷史。

That is why we recently announced that we plan to invest $4 billion in this segment over the next 4 years.

這就是為什麼我們最近宣布我們計劃在未來 4 年內在該領域投資 40 億美元。

Two good examples of the innovation we are driving in Intelligent Edge are Aruba's new software-defined brand solution and our converged OT/IT edge solutions.

我們在 Intelligent Edge 中推動創新的兩個很好的例子是 Aruba 的新軟件定義品牌解決方案和我們融合的 OT/IT 邊緣解決方案。

We see a world that is acentric, cloud enabled and data driven, and our portfolio of intelligent edge solutions is resonating with customers.

我們看到一個非中心化、雲支持和數據驅動的世界，我們的智能邊緣解決方案組合正在與客戶產生共鳴。

In Q3, Aruba won significant new deals with customers, including Caesars Entertainment, which will roll out Aruba wireless LAN across their large public venues; and a deal with the University of Arkansas, where Aruba will completely replace the existing network and system, including software and security.

在第三季度，Aruba 贏得了與客戶的重大新交易，其中包括 Caesars Entertainment，它將在其大型公共場所推出 Aruba 無線局域網；並與阿肯色大學達成協議，Aruba 將完全取代現有的網絡和系統，包括軟件和安全性。

We're also seeing strong traction with our Edgeline system in industrial IoT applications.

我們還看到 Edgeline 系統在工業物聯網應用中的強大吸引力。

For example, a leading auto manufacturer is deploying these systems to pioneer the convergence of operational technologies and enterprise-class IT functions all in a single solution.

例如，一家領先的汽車製造商正在部署這些系統，以率先將運營技術和企業級 IT 功能融合在一個解決方案中。

This new integration is allowing customers to reduce costs in their manufacturing operations while increasing production rates.

這種新的集成使客戶能夠在提高生產率的同時降低製造運營成本。

Finally, HPE Financial Services had another strong quarter, delivering revenue of $928 million, up 3% year-over-year with strength in our asset management business.

最後，HPE Financial Services 又迎來了一個強勁的季度，實現了 9.28 億美元的收入，同比增長 3%，這得益於我們資產管理業務的強勁表現。

Financial Services remains a consistent and predictable business for us as customers continue to look for flexible alternative ways to consume and finance their technology needs.

隨著客戶繼續尋找靈活的替代方式來消費和資助他們的技術需求，金融服務對我們來說仍然是一項一致且可預測的業務。

In addition to strong business performance, our efforts with HPE Next continue to pay off as we build on the progress we made in the first half of the year.

除了強勁的業務表現，我們在 HPE Next 方面的努力繼續取得回報，因為我們在今年上半年取得的進展的基礎上再接再厲。

For example, in order to improve our operations, we have significantly simplified our portfolio by reducing our compute platform by nearly 60% and our options by nearly 80%, bringing our total live SKUs down by about 75%.

例如，為了改進我們的運營，我們通過減少近 60% 的計算平台和近 80% 的選項來顯著簡化我們的產品組合，從而使我們的總實時 SKU 減少了約 75%。

We're already starting to see the benefits of this effort show up in our results as the simplification is driving more focus and lower costs.

我們已經開始看到這種努力的好處出現在我們的結果中，因為簡化正在推動更多的關注和更低的成本。

In our supply chain, we are consolidating our manufacturing sites and have already reduced the location by more than half.

在我們的供應鏈中，我們正在整合我們的製造基地，並且已經減少了一半以上的地點。

This saves costs around facilities, test equipment as well as planning and product set-up costs.

這節省了設施、測試設備以及規劃和產品設置成本。

We also completed a final wave of transition to partner-led models in 11 countries in Europe, Middle East and Africa, which enable us to continue to serve these markets with our value partners while we focus on improving our execution in the markets that drive 99.5% of our revenue.

我們還在歐洲、中東和非洲的 11 個國家/地區完成了向合作夥伴主導模式的最後一波過渡，這使我們能夠繼續與我們的價值合作夥伴一起為這些市場提供服務，同時我們專注於提高我們在推動 99.5 的市場中的執行力我們收入的百分比。

Finally, we have also continued to invest in innovation with an emphasis in intelligent edge software-defined artificial intelligence and cloud-enabled technologies.

最後，我們還繼續投資於創新，重點是智能邊緣軟件定義的人工智能和支持雲的技術。

Overall, I'm pleased with our performance in the quarter.

總的來說，我對我們本季度的表現感到滿意。

We continued to execute against our strategy, which is clearly resonating with customers.

我們繼續執行我們的戰略，這顯然引起了客戶的共鳴。

I am excited about the company position, and against our strong market backdrop, we are well on track to meet or exceed our full year financial commitments as we continue to focus on delivering for our customers and partners and driving significant shareholder value.

我對公司的地位感到興奮，並且在我們強勁的市場背景下，隨著我們繼續專注於為我們的客戶和合作夥伴提供服務並推動重要的股東價值，我們有望實現或超過我們的全年財務承諾。

Now before I turn over the call to Tim, let me address the other news we announced today.

現在，在我將電話轉給蒂姆之前，讓我談談我們今天宣布的其他消息。

After 4.5 years at the company during a period of incredible transformation, Tim is stepping down at the end of our fiscal year.

在公司經歷了令人難以置信的轉型期 4.5 年後，Tim 將在本財年結束時卸任。

Tim played a significant role in turning HPE around and contributing to the largest operation in corporate history as we launched Hewlett Packard Enterprise.

在我們推出 Hewlett Packard Enterprise 時，Tim 在扭轉 HPE 並為公司歷史上最大的運營做出貢獻方面發揮了重要作用。

He has helped us demerge 2 major businesses, which delivered more than $20 billion of transaction value and has overseen the completion of 11 acquisitions.

他幫助我們拆分了 2 項主要業務，實現了超過 200 億美元的交易價值，並監督完成了 11 項收購。

Tim has been an incredible partner, adviser and friend to me as we navigated tremendous change together.

在我們共同應對巨大變革的過程中，蒂姆一直是我不可思議的合作夥伴、顧問和朋友。

As I said in our announcement, Tim has helped make HPE's future possible.

正如我在公告中所說，蒂姆幫助 HPE 的未來成為可能。

We are very well positioned for future success because of Tim's leadership and commitment to this company, our employees and our shareholders.

由於 Tim 的領導和對公司、我們的員工和股東的承諾，我們為未來的成功做好了充分準備。

Tim will remain with the company through the end of October 2018 to help ensure a smooth transition to Tarek Robbiati, who will join us as our new CFO effective September 17.

Tim 將在 2018 年 10 月底之前留在公司，以幫助確保順利過渡到 Tarek Robbiati，後者將於 9 月 17 日加入我們，成為我們的新首席財務官。

You will have the opportunity to meet Tarek at our Securities Analyst Meeting at the New York Stock Exchange on October 24.

您將有機會在我們於 10 月 24 日在紐約證券交易所舉行的證券分析師會議上與 Tarek 會面。

Tarek is a seasoned executive with significant global experience managing both business and financial strategy and operations at public and privately held companies within the telecommunications, media, technology and financial services industries.

Tarek 是一位經驗豐富的高管，在管理電信、媒體、技術和金融服務行業的上市公司和私營公司的業務和財務戰略及運營方面擁有豐富的全球經驗。

He most recently served as the CFO at Sprint Corporation, where he was responsible for all finance functions as well as mergers and acquisitions and business developments.

他最近擔任 Sprint Corporation 的首席財務官，負責所有財務職能以及併購和業務發展。

He drove Sprint's transformation efforts to significantly reduce operating expenses, and he played a strategic leadership role in repositioning the company ahead of its old merger with T-Mobile.

他推動了 Sprint 的轉型努力，以大幅降低運營費用，並且在公司與 T-Mobile 的舊合併之前，他在重新定位公司方面發揮了戰略領導作用。

HPE will benefit from Tarek's financial expertise, his customer-centric mindset and his industry segment knowledge.

HPE 將受益於 Tarek 的金融專業知識、他以客戶為中心的思維方式和他的行業細分知識。

And I look forward to partnering with him as we continue to execute against our sound strategy that Tim helped us create.

我期待著與他合作，因為我們將繼續執行蒂姆幫助我們制定的合理戰略。

I am tremendously grateful to Tim for all he has helped us achieve, and it is my pleasure now turn the call over to him to provide additional details about our performance and financial outlook.

我非常感謝蒂姆幫助我們取得的成就，現在我很高興將電話轉交給他，讓他提供有關我們業績和財務前景的更多詳細信息。

With that, I will turn over to Tim.

有了這個，我將交給蒂姆。

Thanks, Antonio, for the kind words.

安東尼奧，謝謝你的客氣話。

Our Q3 financial results were strong with good revenue growth, significantly improved operating margins, better-than-expected earnings and healthy cash flow.

我們第三季度的財務業績強勁，收入增長良好，營業利潤率顯著提高，收益好於預期，現金流健康。

Total revenue for the quarter was $7.8 billion, up 4% year-over-year and 1% in constant currency.

本季度總收入為 78 億美元，同比增長 4%，按固定匯率計算增長 1%。

Top line performance was driven by solid execution and good market dynamics that we expect to continue.

頂線業績是由穩健的執行力和我們預計會持續的良好市場動態推動的。

From a portfolio mix perspective, we continue to drive good growth in our value offerings and our core volume business continues to grow better than expected.

從投資組合的角度來看，我們繼續推動我們的價值產品的良好增長，我們的核心銷量業務的增長繼續好於預期。

From a macro perspective, IT spending continues to be healthy with robust customer demand.

從宏觀角度來看，IT 支出在強勁的客戶需求下繼續保持健康。

The market remains competitive, but pricing remains rational and we continue to pass through commodities costs.

市場競爭依然激烈，但定價依然理性，我們繼續轉嫁商品成本。

DRAM cost increases appear to have peaked, and NAND prices, while less of an impact on our portfolio, have become more favorable.

DRAM 成本增長似乎已經見頂，而 NAND 價格雖然對我們的產品組合影響較小，但變得更加有利。

Currency drove a 230 basis point tailwind to revenue year-over-year.

貨幣推動收入同比增長 230 個基點。

Foreign exchange rates have continued to move unfavorably, so we will not have as large of a tailwind in Q4 and expect less than 1 point of benefit to revenue in Q4 if current rates hold.

外匯匯率繼續不利地變動，因此我們在第四季度不會有那麼大的順風，如果當前匯率保持不變，預計第四季度的收入收益將不到 1 個百分點。

Regionally, HPE's performance was solid around the globe.

從地區來看，HPE 在全球的表現穩健。

Americas revenue was down 3% at constant currency but grew 1% excluding Tier 1 business.

美洲收入按固定匯率計算下降了 3%，但不包括一級業務增長了 1%。

Both core compute and edge grew 10%.

核心計算和邊緣計算均增長了 10%。

Revenue growth in EMEA continued to be strong, up 3% in constant currency with particular strength in the U.K., France and Italy.

歐洲、中東和非洲地區的收入增長繼續強勁，按固定匯率計算增長 3%，其中英國、法國和意大利的增長尤為強勁。

Performance in EMEA was good across all business units, particularly in compute and data center networking.

歐洲、中東和非洲地區的所有業務部門都表現良好，尤其是在計算和數據中心網絡方面。

Asia Pacific grew 6% in constant currency with double-digit growth in Japan and Australia.

亞太地區按固定匯率計算增長 6%，其中日本和澳大利亞實現兩位數增長。

Growth in APJ was also solid across all business segments with notable strength in compute and edge.

APJ 的所有業務部門的增長也很穩健，在計算和邊緣方面具有顯著優勢。

Turning to margins.

轉向利潤率。

The gross margin of 30.7% was up 140 basis points year-over-year and 30 basis points sequentially.

毛利率為 30.7%，同比增長 140 個基點，環比增長 30 個基點。

Non-GAAP operating margin of 9.6% was up 270 basis points year-over-year and 100 basis points sequentially.

非美國通用會計準則營業利潤率為 9.6%，同比增長 270 個基點，環比增長 100 個基點。

Pricing was favorable this quarter as we focused on improving compute margins and we no longer face significant headwinds from commodity costs.

本季度定價有利，因為我們專注於提高計算利潤率，而且我們不再面臨來自商品成本的重大阻力。

We also delivered the expected savings from HPE Next.

我們還實現了 HPE Next 的預期節省。

Looking at the full year, we'll continue to take advantage of healthy demand and grow our volume business much better than expected, which optimizes our operating profit.

展望全年，我們將繼續利用健康的需求，使我們的銷量增長好於預期，從而優化我們的營業利潤。

We now expect the fiscal year '18 non-GAAP operating margin to be just over 9% compared to our prior 9.5% target.

我們現在預計 18 財年非 GAAP 營業利潤率將略高於 9%，而我們之前的目標為 9.5%。

Longer term, we will continue to expand margins by driving further cost savings from HPE Next and improving the mix of our value portfolio, which has higher margins and Pointnext services attach.

從長遠來看，我們將通過推動 HPE Next 進一步節省成本並改善我們的價值組合組合來繼續擴大利潤率，該組合具有更高的利潤率和 Pointnext 服務附加。

Non-GAAP diluted net earnings per share of $0.44 is well above the high end of our previous outlook of $0.35 to $0.39 due to strong operational performance, favorable onetime benefits in OI&E and a lower-than-expected tax rate.

由於強勁的運營業績、有利的 OI&E 一次性收益以及低於預期的稅率，非 GAAP 每股攤薄淨收益為 0.44 美元，遠高於我們先前預期的上限 0.35 美元至 0.39 美元。

The Q3 non-GAAP tax rate was 8%.

第三季度非 GAAP 稅率為 8%。

This is below our previously provided tax range of approximately 11% due to a favorable shift in the mix of earnings and the delay of certain tax expenses from Q3 now expected in Q4.

這低於我們之前提供的大約 11% 的稅收範圍，這是由於收益組合的有利轉變以及某些稅收支出從第三季度開始的延遲，現在預計將在第四季度進行。

Consequently, we expect our Q4 tax rate to be elevated but still come in at approximately 11% for the full year, aligned to our prior guidance.

因此，我們預計我們的第四季度稅率將提高，但全年仍約為 11%，與我們之前的指導一致。

GAAP diluted net earnings per share was $0.29, above our previously provided outlook range of $0.19 to $0.23 primarily due to the same reasons as the non-GAAP results.

GAAP 稀釋後每股淨收益為 0.29 美元，高於我們之前提供的 0.19 美元至 0.23 美元的展望範圍，這主要是由於與非 GAAP 結果相同的原因。

Now turning to the business units.

現在轉向業務部門。

In Hybrid IT, revenue was up 3% year-over-year and flat in constant currency.

在混合 IT 領域，收入同比增長 3%，按固定匯率計算持平。

Operating margins were 10.6%, up 270 basis points year-over-year and 30 basis points sequentially and in line with our expectations.

營業利潤率為 10.6%，同比增長 270 個基點，環比增長 30 個基點，符合我們的預期。

Compute revenue was up 5% year-over-year and 10% excluding Tier 1. We saw continued momentum in our value business with hyperconverged and Synergy up triple digits and mission critical growing 10%.

計算收入同比增長 5%，不包括第 1 層計算收入增長 10%。我們看到我們的價值業務持續增長，超融合和 Synergy 增長了三位數，關鍵任務增長了 10%。

Revenue growth in our core volume business was once again higher than planned, driven by strong growth in core rack and tower.

在核心機架和塔式業務強勁增長的推動下，我們核心業務的收入增長再次高於計劃。

Also, we continue to drive higher AUPs in core compute, up over 25%, by increasing our mix of Gen10 servers with richer attach configurations, improving pricing and to a lesser extent, passing through elevated DRAM costs.

此外，我們通過增加具有更豐富附加配置的 Gen10 服務器組合、提高定價並在較小程度上轉嫁增加的 DRAM 成本，繼續推動核心計算的 AUP 提高 25% 以上。

Structural AUP increases, which exclude elevated DRAM costs, made up more than 75% of the total increase and more than offset core unit declines, which moderated to low double digits this quarter.

結構性 AUP 增長（不包括 DRAM 成本上升）佔總增長的 75% 以上，並抵消了本季度放緩至低兩位數的核心單位下降。

Looking forward, we expect unit declines to moderate, which will continue to be offset by structural AUP increases, driven by an increasing mix of Gen10, which is now just over 50% of the portfolio and continues to ramp.

展望未來，我們預計單位降幅將放緩，這將繼續被結構性 AUP 增長所抵消，這是由 Gen10 的組合增加所推動的，Gen10 目前僅佔投資組合的 50% 以上，並且還在繼續上升。

Storage revenue was up 1% year-over-year as we face tougher second half compares.

由於我們面臨更艱難的下半年比較，存儲收入同比增長 1%。

With that said, big data had another strong quarter with high double-digit growth, and entry storage growth was also solid.

話雖如此，大數據又迎來了一個強勁的季度，實現了兩位數的高增長，入門級存儲增長也很穩健。

Looking forward into Q4, we should start seeing the benefits of the increased number of new sales specialists that we hired earlier in this year.

展望第四季度，我們應該開始看到今年早些時候聘用的新銷售專家數量增加帶來的好處。

And as Antonio mentioned, we're excited about the recent enhancements we've made to our offerings, particularly with HPE's InfoSight platform that has been extended to the 3PAR portfolio.

正如 Antonio 所提到的，我們對最近對我們的產品所做的增強感到興奮，特別是 HPE 的 InfoSight 平台已擴展到 3PAR 產品組合。

Given this, we expect the growth rates in storage to pick up next quarter.

鑑於此，我們預計存儲的增長率將在下個季度回升。

Data center networking revenue declined 6% in the quarter as growth rates can vary on a quarter-by-quarter basis for this smaller business, but we still expect to deliver solid growth for the full year.

數據中心網絡收入在本季度下降了 6%，因為這家規模較小的企業的增長率可能會逐季變化，但我們仍預計全年將實現穩健增長。

HPE Pointnext revenue was down 1% year-over-year, but orders were up 4% year-over-year with Operational Services orders up 8% that included a few large deals.

HPE Pointnext 收入同比下降 1%，但訂單同比增長 4%，運營服務訂單增長 8%，其中包括幾筆大型交易。

As you think about the relationship between orders and units, keep in mind that roughly 25% of total Pointnext orders are related to new attach.

當您考慮訂單和單位之間的關係時，請記住，大約 25% 的 Pointnext 總訂單與新附加相關。

And in new attach, we have been shifting our focus to more value-added offerings that drive up services intensity, which was up nearly 20% year-over-year.

在新的附件中，我們一直在將重點轉移到更多增值產品上，以提高服務強度，同比增長近 20%。

We're also growing other non-attach services like our consumption-based offerings with HPE GreenLake, which was up over 40%.

我們還增加了其他非附加服務，例如我們使用 HPE GreenLake 提供的基於消費的產品，增長了 40% 以上。

As a result, we have more than offset recent unit declines and grown Operational Services orders, our most profitable business, for 3 consecutive quarters.

因此，我們已經連續 3 個季度抵消了最近的單位下降和運營服務訂單的增長，這是我們最賺錢的業務。

In the Intelligent Edge, revenue was up 10% year-over-year and 8% in constant currency with strength across all regions.

在 Intelligent Edge 中，收入同比增長 10%，按固定匯率計算增長 8%，所有地區均表現強勁。

Operating margins of 11.6% were down 300 basis points year-over-year due to significant investments in sales and R&D but up 510 basis points sequentially due to the operating leverage from higher revenue.

由於對銷售和研發的大量投資，營業利潤率為 11.6%，同比下降 300 個基點，但由於收入增加帶來的經營槓桿作用，環比上升 510 個基點。

Aligned to our strategy of pivoting to the intelligent edge, we have been making significant 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 10% with continued strong growth in campus switching and edge compute.

隨著園區交換和邊緣計算的持續強勁增長，Aruba 產品增長了 10%。

Aruba services was up 14% on continued installed base growth due to strong attach of our software platform like ClearPass and AirWave.

由於我們的軟件平台（如 ClearPass 和 AirWave）的強大附加，Aruba 服務在安裝基礎持續增長的情況下增長了 14%。

HPE Financial Services revenue grew 3% year-over-year and 3% in constant currency, driven by strong residual sales and solid growth in our direct business.

HPE 金融服務收入同比增長 3%，按固定匯率計算增長 3%，這得益於強勁的剩餘銷售額和我們直接業務的穩健增長。

Volume remained strong, up 15% year-over-year across all regions and with growth in both our direct and indirect business.

銷量保持強勁，所有地區同比增長 15%，我們的直接和間接業務均有增長。

Operating profit increased 20 basis points year-over-year to 7.9%.

營業利潤同比增長 20 個基點至 7.9%。

Now turning to cash flow.

現在轉向現金流。

Free cash flow was $751 million in Q3.

第三季度的自由現金流為 7.51 億美元。

The cash conversion cycle was in line with expectations and decreased sequentially by 1 day to negative 23 days.

現金周轉週期符合預期，環比減少1天至負23天。

We expect our cash conversion cycle to show improvement in Q4, similar to last year as we further bring down inventory levels following strategic positioning of key commodities in prior quarters.

我們預計我們的現金轉換週期將在第四季度有所改善，與去年類似，因為我們在前幾個季度對關鍵商品進行戰略定位後進一步降低了庫存水平。

We also expect cash earnings to be higher in Q4 and are well on track to achieve our free cash flow outlook of $1 billion in fiscal year '18.

我們還預計第四季度的現金收益會更高，並且有望在 18 財年實現我們 10 億美元的自由現金流前景。

We ended the quarter with an operating company net cash balance of $3.2 billion.

本季度末，我們的運營公司淨現金餘額為 32 億美元。

Moving to capital allocation.

轉向資本配置。

As part of our continued $7 billion capital return plan through fiscal year '19, which we announced in Q1, we returned $1.1 billion to shareholders during the quarter.

作為我們在第一季度宣布的 19 財年持續 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 11 億美元。

This includes the previously announced 50% dividend increase totaling $170 million in dividend payments.

這包括之前宣布的 50% 的股息增加，總計 1.7 億美元的股息支付。

We repurchased $936 million in shares in the quarter and will likely exceed our $3.5 billion buyback target for fiscal year '18 as we look to buy back shares opportunistically.

我們在本季度回購了 9.36 億美元的股票，並且可能會超過我們 18 財年 35 億美元的回購目標，因為我們希望有機會回購股票。

Now turning to our outlook.

現在轉向我們的前景。

As a reminder, we started the year with a fiscal year '18 outlook of $1.15 to $1.25.

提醒一下，我們今年年初的 18 財年展望為 1.15 美元至 1.25 美元。

In the past 2 quarters, we've raised our outlook for operational performance we delivered in the quarter and onetime benefits.

在過去的兩個季度中，我們提高了對本季度運營績效和一次性收益的展望。

We will do that again this quarter by passing through our Q3 operational upside and benefits in OI&E.

我們將在本季度再次這樣做，通過我們第三季度的運營優勢和 OI&E 的收益。

Plus, we will pass through additional operational outperformance in Q4 as we remain confident in our execution against a good market backdrop.

此外，我們將在第四季度實現額外的運營表現，因為我們對在良好的市場背景下的執行充滿信心。

As a result, we will increase our fiscal year '18 non-GAAP diluted net earnings per share to $1.50 to $1.55, and we expect fiscal year '18 GAAP diluted net earnings per share to be $1.85 to $1.90.

因此，我們將把 18 財年非 GAAP 攤薄後每股淨收益提高到 1.50 美元至 1.55 美元，我們預計 18 財年 GAAP 攤薄後每股淨收益為 1.85 美元至 1.90 美元。

So overall, I'm pleased with the performance in the quarter.

總的來說，我對本季度的表現感到滿意。

This was our third consecutive quarter with operational outperformance and another proof point to the strength of our strategy and financial architecture laid out for you at the Securities Analyst Meeting in 2017.

這是我們連續第三個季度取得出色的運營業績，並再次證明我們在 2017 年證券分析師會議上為您制定的戰略和財務架構的實力。

I'm looking forward to closing out the fiscal year with another strong quarter.

我期待以另一個強勁的季度結束本財政年度。

Now before we open up the call for questions, I'd just like to say it's been a privilege to be part of this team and I'm incredibly proud of what we've accomplished.

現在，在我們開始提問之前，我只想說，能成為這個團隊的一員是我的榮幸，我為我們所取得的成就感到無比自豪。

As I reflect on my time as a CFO, we launched HPE, we repositioned the portfolio with the ES and software spin merges.

當我回顧我作為首席財務官的時間時，我們推出了 HPE，我們通過 ES 和軟件分拆合併重新定位了產品組合。

We accelerated our strategy with multiple acquisitions while returning $10 billion of cash to shareholders, and we created a significant amount of value.

我們通過多次收購加快了我們的戰略，同時向股東返還了 100 億美元現金，我們創造了可觀的價值。

This year, we've made great progress on HPE Next and we've met or exceeded all of our key financial commitments.

今年，我們在 HPE Next 方面取得了巨大進展，我們已經達到或超過了我們所有的關鍵財務承諾。

I'd like to say thanks to Antonio for being a great business partner, to Meg Whitman for giving me this opportunity, to the board for all of their insights during this transformation and most importantly, to all of my HPE colleagues for their support and dedication to make all of this happen.

我要感謝 Antonio 成為了一位出色的業務合作夥伴，感謝 Meg Whitman 給我這個機會，感謝董事會在轉型過程中提供的所有見解，最重要的是，感謝我所有的 HPE 同事的支持和致力於使這一切成為現實。

The company is in an excellent position to continue to deliver.

該公司處於繼續交付的絕佳位置。

Now with that, let's open it up to questions.

現在，讓我們開始提問。

(Operator Instructions) The first questions will be from Katy Huberty of Morgan Stanley.

（操作員說明）第一個問題將來自摩根士丹利的凱蒂休伯蒂。

How much of the $0.07 EPS beat this quarter would you attribute to operational or execution factors versus some of the onetime and tax benefits?

本季度超過 0.07 美元的每股收益中，您認為運營或執行因素與一些一次性和稅收優惠相比有多少？

And given the guidance increase just flows through that 3Q beat, why not assume that execution continues?

鑑於指導增加僅流經 3Q 節拍，為什麼不假設執行繼續？

Then, I have a follow-up on servers.

然後，我對服務器進行跟進。

Sure, thanks, Katy.

當然，謝謝，凱蒂。

So as far as the beat goes, I'd say $0.02 of that was operational, $0.03 was driven by some favorable OI&E, which was driven by primarily FX and then another $0.02 was driven by the favorable tax rate, which is really just going to be a shift between Q2 or Q3 and Q4.

因此，就節拍而言，我想說其中 0.02 美元是可操作的，0.03 美元是由一些有利的 OI&E 驅動的，這主要是由外匯驅動的，然後另外 0.02 美元是由優惠稅率驅動的，這實際上只是是 Q2 或 Q3 和 Q4 之間的轉變。

Now when you look at the total year though, going from the $1.40 to the $1.50 up to where we are, I would say $0.02 of that was the operational improvement in Q3, which, to your point, we passed through consistent as in prior quarters.

現在，當您查看全年時，從 1.40 美元到 1.50 美元，再到我們現在的水平，我想說其中 0.02 美元是第三季度的運營改進，就您而言，我們與前幾個季度保持一致.

$0.03 of that is the OI&E, a onetime benefit, but we are flowing through another $0.02 of operational improvements because we do expect to continue to execute in Q4 along with a good market backdrop.

其中 0.03 美元是 OI&E，這是一次性收益，但我們正在經歷另外 0.02 美元的運營改進，因為我們確實希望在良好的市場背景下繼續在第四季度執行。

And then as we think about the server business, will revenue growth in the foreseeable future come entirely from mix shift and AUP increases?

然後當我們考慮服務器業務時，在可預見的未來收入增長是否會完全來自混合轉移和 AUP 增加？

Or do you have any line of sight into units stabilizing year-on-year or even returning to growth over the next year?

或者您是否有任何關於單位同比穩定甚至在明年恢復增長的看法？

This is Antonio.

這是安東尼奧。

So yes, we expect to continue to grow the business despite the fact that we continue to de-emphasize our focus on that commoditized server business.

所以是的，儘管我們繼續不強調我們對商品化服務器業務的關注，但我們希望繼續發展業務。

And this quarter, as you can see, we grew the business 5% and if you take the Tier 1, up 10%.

本季度，如您所見，我們的業務增長了 5%，如果您採用第 1 層級，則增長了 10%。

And the reason why is because, obviously, the demand is there.

之所以如此，顯然是因為需求存在。

And ultimately, the strategic growth categories continue to grow at a healthy pace, and we continue to gain share in that particular segment.

最終，戰略增長類別繼續以健康的速度增長，我們繼續在該特定領域獲得份額。

And then last but not least, we have made structural changes in that AUP.

最後但同樣重要的是，我們對該 AUP 進行了結構性更改。

So maybe Tim can reinforce that comment because he made the comment that 75% of that AUP increase was driven by structural changes.

因此，也許 Tim 可以強化這一評論，因為他評論說 AUP 增長的 75% 是由結構變化驅動的。

Yes.

是的。

So again, our definition of structural is excluding everything that's associated with the pass-through of increased commodity costs.

因此，我們對結構性的定義再次排除了與商品成本增加的轉嫁相關的一切。

So as you go -- as you look going forward, I would expect to continue to see structural improvements, primarily given by the fact that, one, we're going to continue to attach to richer configs.

因此，隨著你的前進——當你展望未來時，我希望繼續看到結構上的改進，主要是因為，第一，我們將繼續附加到更豐富的配置。

And if you look at the Gen10 server mix today, it's roughly just over 50% of the overall portfolio, so there's still room to grow there.

如果你看看今天的 Gen10 服務器組合，它大約佔整個產品組合的 50% 以上，因此仍有增長空間。

So I'd expect that to offset any unit pressure that we see going forward.

所以我希望這能抵消我們看到的任何單位壓力。

The next question will be from Sherri Scribner of Deutsche Bank.

下一個問題將來自德意志銀行的 Sherri Scribner。

Okay, we'll go on to the next question.

好，我們繼續下一個問題。

It will be from Toni Sacconaghi of Bernstein.

它將來自伯恩斯坦的 Toni Sacconaghi。

It sounded like you felt you had a lot of profit tailwinds in the Hybrid IT segment this quarter.

聽起來您覺得本季度您在混合 IT 領域有很多利潤順風。

Excellent execution on HPE Next, DRAM pricing environment better, structural price improvements, and volume sequentially was up a couple hundred million.

在 HPE Next 上表現出色，DRAM 定價環境更好，結構性價格改善，銷量連續增長了數億美元。

And also, your mix of Tier 1 moved down, which should have helped.

而且，您的第 1 層組合下降了，這應該有所幫助。

So I guess, in light of those things, why did we not see more sequential improvement in operating margins in Hybrid IT?

所以我想，鑑於這些事情，為什麼我們沒有看到混合 IT 的營業利潤率有更多的連續改善？

And I have a follow-up, please.

我有一個後續行動，請。

Yes.

是的。

Again, I mean, if you look at the sequential improvements overall, it was driven by those things.

再一次，我的意思是，如果你從整體上看連續改進，它是由那些東西驅動的。

So if you look at the mix improvement, if you look at some of the -- as we rightsize across acquisitions, as we deliver the HPE Next, so that was in line with our expectations.

因此，如果你看一下混合改進，如果你看一些——當我們在收購中調整規模時，當我們交付 HPE Next 時，這符合我們的預期。

Keep in mind, we did do some recent acquisitions, so there's a little bit of incremental OpEx in there as we take that into the system.

請記住，我們最近確實進行了一些收購，因此當我們將其納入系統時，其中會有一些增量的 OpEx。

But overall, we were pleased with our margin improvements.

但總的來說，我們對利潤率的提高感到滿意。

And again, this is a plan that has been built on that.

再說一遍，這是一個以此為基礎的計劃。

We talked about that going back to Q1, and we see nice expansion in Q2, Q3, would expect that to continue in Q4.

我們談到了回到第一季度，我們看到第二季度、第三季度的擴張很好，預計第四季度會繼續。

And then I just have 2 minor clarifications.

然後我只有 2 個小的澄清。

So your tax rate, you're expecting to be 11% for the full year.

所以你的稅率，你預計全年是 11%。

I think at the end of Q1, you said you expected your tax rate next year to be 16% to 20%.

我想在第一季度末，您曾說過您預計明年的稅率為 16% 至 20%。

Should we still be thinking about that?

我們還應該考慮這個嗎？

Or are there discretes or structural changes?

或者是否存在離散或結構變化？

And then could you clarify what server unit growth was in total and then ex Tier 1, please?

然後你能澄清一下服務器單位增長總量是多少，然後是第 1 層嗎？

Yes.

是的。

So as far as the tax rate goes, we would expect it to still be in that 16% to 20% range.

因此，就稅率而言，我們預計它仍將處於 16% 至 20% 的範圍內。

And then from a unit -- what was the second question?

然後來自一個單元——第二個問題是什麼？

The second question was total unit growth.

第二個問題是總單位增長。

So Toni, on that one, Tim made the comment in his remarks that the total units, that when you add everything, it was actually down low double digits, so it's an improvement quarter-over-quarter, and we continue to see that moderate, obviously, on the growth areas that we are emphasizing.

所以托尼，關於那個，蒂姆在他的評論中評論說，總單位，當你添加所有東西時，它實際上下降了兩位數，所以這是一個季度環比的改善，我們繼續看到適度的，顯然，在我們強調的增長領域。

And that's mostly driven because of the Tier 1, right, as we exit year-over-year.

這主要是因為我們年復一年退出時，第一層是正確的。

But we are emphasizing and growing the aspects of the other portfolio.

但我們正在強調和發展其他投資組合的方面。

So I think as we go forward, we expect that to stabilize and -- moderate and stabilize and then continue to drive the structural price changes that we saw this quarter, which we expect to continue.

因此，我認為隨著我們的前進，我們預計這種情況會穩定下來——溫和穩定，然後繼續推動我們在本季度看到的結構性價格變化，我們預計這種變化會持續下去。

Our next question will be from Robert Cihra of Guggenheim Partners.

我們的下一個問題將來自 Guggenheim Partners 的 Robert Cihra。

Just asking -- it was mentioned a couple times you expect your storage growth to improve next quarter, and I'm just wondering, apart from slightly easier compare, what's driving that.

只是問 - 有人多次提到你預計下個季度你的存儲增長會有所改善，我只是想知道，除了稍微容易比較之外，是什麼推動了這一點。

Is that market?

那是市場嗎？

Is that HPE specific as you move past the Nimble acquisition now?

當您現在超越 Nimble 收購時，那是 HPE 的具體表現嗎？

Sure.

當然。

I mean, this quarter, we grew storage as a segment 1%.

我的意思是，本季度，我們將存儲作為一個細分市場增長了 1%。

When you look with the combination of that segment plus the other platforms, including hyperconverged and composable, actually, the total growth is 12%.

如果將該細分市場與其他平台（包括超融合和可組合）結合起來，實際上總增長率為 12%。

And within that also, we saw a big base of storage growing 70% because that's the demand, right?

此外，我們還看到大量存儲增長了 70%，因為這是需求，對吧？

So we see the explosion of data continue, and you have to store the data somewhere.

所以我們看到數據繼續爆炸式增長，你必須將數據存儲在某個地方。

And obviously, more hybrid cloud capabilities are needed going forward.

顯然，未來需要更多的混合雲功能。

And that's what -- the beauty about our Nimble platform, which provide cloud volumes so you can move data back and forth between on-prem and off-premises, providing an intelligent platform with HPE InfoSight.

這就是我們 Nimble 平台的美妙之處，它提供雲卷，因此您可以在內部部署和外部部署之間來回移動數據，從而提供帶有 HPE InfoSight 的智能平台。

So we expect the combination of the data growth plus our increased productivity in our sales force plus a differentiation of the portfolio to continue to accelerate the growth in storage.

因此，我們預計數據增長加上我們銷售人員生產力的提高以及產品組合的差異化將繼續加速存儲的增長。

And obviously, each different -- each subsegment of that storage segment would play differently.

顯然，每個不同的——存儲段的每個子段都會發揮不同的作用。

But we are very confident about our ability to grow storage because we have a differentiated portfolio, very autonomous in many way, self-healing.

但我們對我們增加存儲的能力非常有信心，因為我們擁有差異化的產品組合，在很多方面都非常自主，可以自我修復。

And then ultimately, we introduce new platforms now.

最後，我們現在推出新平台。

As customers get more acquainted with those platforms, we believe we have a true value differentiated offer in the market.

隨著客戶越來越熟悉這些平台，我們相信我們在市場上擁有真正的價值差異化產品。

Your next question will be from Simon Leopold of Raymond James.

你的下一個問題將來自 Raymond James 的 Simon Leopold。

I appreciate you reiterated the target for the full year, free cash flow generation of $1 billion.

感謝您重申全年目標，即產生 10 億美元的自由現金流。

I think what I'm trying to understand is how much of the pattern we observe on a quarterly basis is abnormal versus what you would think is normal because it looks like you're generating much of that target in the fourth fiscal quarter.

我想我想了解的是，我們每季度觀察到的模式有多少是異常的，而你認為是正常的，因為看起來你在第四財季實現了大部分目標。

And I'm really -- my objective here is to think about the longer-term free cash flow generation.

我真的——我的目標是考慮長期自由現金流的產生。

Maybe help us think about puts and takes around that trend.

也許可以幫助我們考慮看跌期權並圍繞這一趨勢採取行動。

Sure.

當然。

Free cash flow is a tough one to model because of the complexity of the balance sheet and the timing.

由於資產負債表和時間的複雜性，自由現金流很難建模。

So I mean, the way I would think about it, as we've discussed before, when you look at this business and you go back the last couple years and '18 is no different, the first half of the year, we consume a lot of cash; and the second half of the year, we generate a significant amount of cash.

所以我的意思是，正如我們之前討論過的那樣，我的想法是，當你審視這項業務時，回顧過去幾年，18 年也沒有什麼不同，今年上半年，我們消耗了大量現金；下半年，我們產生了大量現金。

And the profile has been pretty consistent if you go back to prior years.

如果你回到前幾年，情況就非常一致了。

And that has a whole host of reasons.

這有很多原因。

But I would just -- I think the trends that we're having are consistent.

但我只是 - 我認為我們所擁有的趨勢是一致的。

If you look at Q3, we generated $751 million.

如果你看一下第三季度，我們產生了 7.51 億美元。

So we're now, if you look at quarter-to-date, at $70 million for the year.

所以我們現在，如果你看看季度至今，今年是 7000 萬美元。

So between cash earnings and then some continued improvement in our cash conversion cycle, we ended Q3 at negative 23 days.

因此，在現金收入和現金轉換週期的持續改善之間，我們以負 23 天結束了第三季度。

We'd expect to be at the high negative 20-day range in Q4, very similar to last year.

我們預計第四季度將處於 20 天的高負區間，與去年非常相似。

So those are kind of the dynamics, and I wouldn't expect that to really change as we go forward.

所以這些都是動態的，我不希望隨著我們的前進而真正改變。

And just as a quick follow-up, wonder if we could get maybe a little bit of color commentary on your progress around hyperconverged infrastructure.

作為快速跟進，想知道我們是否可以對您在超融合基礎設施方面的進展進行一些有色評論。

Sure.

當然。

We are very pleased with our progress in hyperconverged.

我們對我們在超融合方面取得的進展感到非常滿意。

Again, we grew the total segment 130% year-over-year, which is roughly 3x the market.

同樣，我們的總細分市場同比增長 130%，大約是市場的 3 倍。

Our HPE SimpliVity platform continued to grow very, very nicely, driven by the efficiency of the software-defined storage that's built into it with the industry-leading HPE ProLiant server, which is the most secure server platform on the planet.

我們的 HPE SimpliVity 平台繼續非常非常好地發展，這得益於內置於其中的軟件定義存儲的效率以及行業領先的 HPE ProLiant 服務器，這是地球上最安全的服務器平台。

In addition to our HPE OneView, which is our software-defined data center infrastructure, which adds significant capabilities in term of provisioning, life cycle management and more and more automated AI capabilities built into it.

除了我們的 HPE OneView，它是我們的軟件定義數據中心基礎設施，它在配置、生命週期管理和越來越多內置的自動化 AI 功能方面增加了重要功能。

But also, let's remember that part of the hyperconverged, as we move into what we call composable infrastructure, which is a superset of the hyperconverged, continue to grow very, very nicely.

但是，讓我們記住超融合的一部分，當我們進入我們所謂的可組合基礎設施時，它是超融合的超集，繼續非常非常好地增長。

In fact, we grew 3 -- triple digits, and now we have 1,600 customers on it.

事實上，我們增長了 3 - 三位數，現在我們有 1,600 名客戶。

And so that's a platform we are very proud of the work we have done.

因此，這是一個我們為所做的工作感到非常自豪的平台。

And again, bringing the innovation that really matters for our customers, which, ultimately, are looking to deploy infrastructure that's efficient and cloud like with the same economics and the same way to consume it.

再次，為我們的客戶帶來真正重要的創新，最終，他們希望部署高效且類似於雲的基礎架構，具有相同的經濟性和相同的消費方式。

And that's why is resonating with customers.

這就是與客戶產生共鳴的原因。

And the next question will be Rod Hall of Goldman Sachs.

下一個問題將是高盛的 Rod Hall。

I wanted to just ask if you could give us any more color on why the Americas constant currency growth was down 3% in the quarter and it has grown 4% the last couple of quarters.

我想問問你是否可以給我們更多的顏色來說明為什麼美洲的恆定貨幣增長率在本季度下降了 3%，而在過去幾個季度中增長了 4%。

So would you be able to comment on what's happening there considering it seems like a pretty strong enterprise spending environment?

那麼，考慮到這似乎是一個非常強大的企業支出環境，您能否評論那裡發生的事情？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

So if you look at the Americas, to your point, down 3%.

所以如果你看看美洲，就你的觀點而言，下降了 3%。

If you look at Tier 1, because a significant amount of our Tier 1 business is in the Americas, if you exclude that, we were actually up 1%.

如果你看一下一級，因為我們的大量一級業務在美洲，如果你排除它，我們實際上上漲了 1%。

And if you look at compute, again, excluding Tier 1, we were up 10% in the Americas.

如果你再看看計算，不包括第 1 層，我們在美洲增長了 10%。

And then if you look at edge as well, we were up 10% in the Americas.

然後，如果你也看邊緣，我們在美洲增長了 10%。

So you really need to take the Tier 1 into account there, but overall, we felt pretty good about our growth across all of our markets.

所以你真的需要在那裡考慮一級，但總的來說，我們對我們在所有市場的增長感到非常滿意。

Yes.

是的。

And I will say most of the concentration of Tier 1, right, where the builds are -- were created and so forth, they are all in the -- mostly in the North America region.

我會說第 1 層的大部分集中，正確的，構建所在的地方 - 被創建等等，它們都在 - 主要是在北美地區。

And then I wanted to just clarify your commentary around unit volumes and juxtapose that with the AUP commentary because I thought I heard you say that AUPs were up over 25%, but I wasn't sure if that was for total servers or some subsegment.

然後我只想澄清你對單位數量的評論，並將其與 AUP 評論並列，因為我想我聽到你說 AUP 增長超過 25%，但我不確定那是針對總服務器還是某些子部分。

And then revenues are up 5%, but you're saying that units are down low double digits.

然後收入增長了 5%，但你說的是單位數量下降了兩位數。

So can you just piece those together for me so that it's clear what the AUP contribution and the unit contribution was for the total?

那麼，您能否幫我將這些拼湊起來，以便清楚 AUP 貢獻和單位貢獻對總數的影響？

Yes.

是的。

So the core -- the 25% is related to core compute, so -- and that was pretty consistent with what we did in Q2.

所以核心 - 25% 與核心計算相關，所以 - 這與我們在第二季度所做的非常一致。

So again, I think the best way to think about it is, if you look at the structural increases, so take out the effect of the pass-through of commodity cost increases, that attributes roughly 75% of the price increase.

所以，我認為最好的思考方式是，如果你看一下結構性增長，那麼去掉商品成本增長的轉嫁效應，這大約佔價格上漲的 75%。

And then if you look at units in core, they were down sort of low double digits, and that's kind of how you get to the numbers.

然後，如果您查看核心單位，它們下降了兩位數，這就是您獲得這些數字的方式。

Your next question will be from Ananda Baruah of Loop Capital.

你的下一個問題將來自 Loop Capital 的 Ananda Baruah。

Two if I could.

如果可以的話，兩個。

The first is just with regards to Next and the ongoing benefit from mix in the core business.

首先是關於 Next 以及核心業務組合的持續好處。

What would be -- if you sort of flow the numbers through that you provided at the Analyst Day for Next through next year, so fiscal '19, and then, I guess, even holding all else equal, it would suggest potential for a pretty nice jump up in op income dollars in '19 from '18.

會是什麼——如果你將你在下一年到明年的分析師日提供的數字進行排序，那麼 19 財年，然後，我想，即使其他所有條件都相同，這也表明有可能出現一個漂亮的從 18 年到 19 年的營業收入美元增長不錯。

And then given how well you've done repositioning the business mix, et cetera, Gen10 in '18, it would seem that there would even be a little bit more lift behind that.

然後考慮到你在 18 年重新定位業務組合等 Gen10 等方面做得如何，這背後似乎會有更多的提升。

So could you -- what would be the reasons -- I mean, that's the anecdotal.

你也可以——原因是什麼——我的意思是，這就是軼事。

What would be the reasons that maybe we would not be positioned to see a nice lift up in '19 EPS from '18 EPS?

可能是什麼原因導致我們無法看到 18 年 EPS 的 19 年 EPS 有很好的提升？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

So listen, we're going to give you plenty of color on '19 next month at the Security Analyst Meeting or in 2 months, but here's a couple things to think about.

所以聽著，我們將在下個月的安全分析師會議上或 2 個月後為您提供 19 年的大量信息，但這裡有幾件事需要考慮。

I mean, the levers, to your point, as you look at '19 versus '18, will be very similar to what we laid out at the Security Analyst Meeting last year.

我的意思是，就您而言，當您比較 19 年與 18 年時，槓桿將與我們在去年安全分析師會議上提出的非常相似。

So HPE Next, that will drive some nice improvements in '19 from a year-over-year basis as we continue to make progress on that initiative, and we're well on track.

因此，HPE Next，隨著我們繼續在該計劃上取得進展，這將在 19 年同比推動一些不錯的改進，並且我們正在走上正軌。

And that should be somewhat aligned to what we saw this year.

這應該與我們今年看到的情況有些一致。

Mix will also play an impact, so we're going to continue to mix up and grow the higher margin pieces of the portfolio.

混合也會產生影響，所以我們將繼續混合併增加投資組合中利潤率較高的部分。

We've got some nice traction in '18.

我們在 18 年獲得了一些不錯的牽引力。

We'd expect that to continue in '19, particularly against a good market drop.

我們預計這種情況將在 19 年繼續，尤其是在市場下跌的情況下。

FX, you can look at the rates today and look at where we were before.

外匯，你可以看看今天的利率，看看我們以前的水平。

That will probably, if those rates hold, that would be a headwind as you go into '19, so take that into account.

如果這些利率保持不變，那可能會成為你進入 19 年的逆風，所以要考慮到這一點。

OI&E, we've had a few onetime benefits this year.

OI&E，今年我們有一些一次性福利。

We had one in Q1.

我們在第一季度有一個。

We just talked about one in Q3.

我們剛剛在第三季度談到了一個。

So I would take that into account as you look at a year-over-year view.

因此，當您查看同比視圖時，我會考慮到這一點。

I think rates are higher now than they were before, so I would take that into account as well.

我認為現在的利率比以前高，所以我也會考慮到這一點。

And then we will see some pressure on the tax rate, right, because if we come in as expected between that 16% to 20% rate as compared to the 11% rate this year, that will be a pressure point.

然後我們會看到稅率的一些壓力，對吧，因為如果我們按預期將 16% 到 20% 的稅率與今年的 11% 稅率相比，那將是一個壓力點。

And then lastly, share count.

最後，分享數量。

I mean, share count would be -- should be favorable next year as it was this year.

我的意思是，明年的股票數量應該會像今年一樣有利。

So again, we're going to give you all that color at the Security Analyst Meeting, but those are the levers that I think about.

因此，我們將再次在安全分析師會議上為您提供所有顏色，但這些是我考慮的槓桿。

And I would say just a comment here.

我只想在這裡發表評論。

I think Tim did an excellent job in articulating the financial view of this, but I have to say, I'm incredible -- proud with the work the team has done.

我認為蒂姆在闡明對此的財務觀點方面做得非常出色，但我不得不說，我很不可思議——對團隊所做的工作感到自豪。

We had executed in HPE Next per the plan, and they are executing well despite all the transformation we're driving.

我們按照計劃在 HPE Next 中執行，儘管我們正在推動所有轉型，但他們執行良好。

Thanks for the details.

感謝您提供詳細信息。

And then, Tim, just quickly, I would love your view on normalized free cash flow.

然後，蒂姆，很快，我會喜歡你對正常化自由現金流的看法。

At Discover, you guys gave, for the first time, a number related to the dynamics that you've been talking about for a few quarters, the $1.5 billion.

在 Discover，你們第一次給出了一個與你們幾個季度以來一直在談論的動態相關的數字，即 15 億美元。

Could you just talk a little bit about normalized free cash flow and how we should think about that and when we can expect you guys to get there?

您能否談談正常化的自由現金流以及我們應該如何考慮這一點以及我們何時可以期望你們到達那裡？

Yes.

是的。

Again, we're going to lay all that out at the Security Analyst Meeting.

同樣，我們將在安全分析師會議上列出所有這些內容。

Our view is still our normalized free cash flow is in the $2 billion range.

我們的觀點是，我們的標準化自由現金流仍然在 20 億美元的範圍內。

We will not get there next year as we've talked about because we have charges related to HPE Next which, again, are critical to transforming this business and positioning us for success going forward.

正如我們所討論的那樣，我們明年不會實現這一目標，因為我們有與 HPE Next 相關的費用，這再次對業務轉型和定位我們取得成功至關重要。

But we'll give you plenty of detail at the Security Analyst Meeting.

但我們會在安全分析師會議上為您提供大量詳細信息。

And that will be Aaron Rakers of Wells Fargo.

那就是富國銀行的 Aaron Rakers。

Tim, congratulations.

蒂姆，恭喜。

I wanted to go back to the ASP discussion a little bit and take it a little differently.

我想稍微回到 ASP 的討論，並以不同的方式進行討論。

If you just isolate out the 25% out of the 75% that's related to component pricing, I'm curious of how you see the environment progressing over the next couple of quarters and whether or not we should be assuming that you have to start to pass through the possibility that component pricing starts to decline and your customers start to ask for that to be given back on the ASP side.

如果你只是從與組件定價相關的 75% 中分離出 25%，我很好奇你如何看待未來幾個季度的環境進展以及我們是否應該假設你必須開始忽略組件價格開始下降的可能性，您的客戶開始要求在 ASP 方面退還該價格。

Yes.

是的。

I mean, certainly now if you look at DRAM costs, they've certainly moderated and we are passing through those incremental costs.

我的意思是，如果你現在看看 DRAM 成本，肯定會有所緩和，我們正在轉移這些增量成本。

I think, going forward, if this thing was to move in a different direction, I would expect that to be passed through as well.

我認為，展望未來，如果這件事要朝著不同的方向發展，我希望它也能通過。

My experience in prior industries is that when commodities go down, it's a little bit easier to hold onto them on their way down, so we should get a little bit of benefit from that.

我在先前行業的經驗是，當商品下跌時，在下跌過程中持有它們會容易一些，因此我們應該從中獲得一些好處。

But we'll see what happens.

但我們會看到會發生什麼。

And the other big thing too is what are our competitors doing and what is the competitive pricing landscape out there if that were to happen.

另一件大事也是我們的競爭對手在做什麼，如果發生這種情況，那裡的競爭定價格局是什麼。

Okay.

好的。

And then as a real quick follow-up, I apologize if I missed it, but you talked a little bit about storage and storage coupled with HCI.

然後作為一個真正的快速跟進，如果我錯過了，我深表歉意，但你談到了存儲和存儲與 HCI 的結合。

But I think in the past, you've provided some metrics around the growth of your all-flash business.

但我認為在過去，你提供了一些關於全閃存業務增長的指標。

I was curious if you could provide that this quarter.

我很好奇你是否可以在本季度提供。

Yes.

是的。

We typically don't break that out.

我們通常不會打破它。

All flash is part of, to your point, the overall storage, but we keep it at the overall storage level.

就您而言，全閃存是整體存儲的一部分，但我們將其保留在整體存儲級別。

It will be Jeff Kvaal of Nomura Instinet.

它將是野村證券的 Jeff Kvaal。

I wanted to first follow up on Rod's question about the decline in the Americas.

我想首先跟進羅德關於美洲衰退的問題。

You cited the Tier 1s.

你引用了一級。

Does that imply that the runoff of the Tier 1 customers has picked up?

這是否意味著一級客戶的流失有所增加？

And how much of that is left to go?

剩下多少呢？

So this was at the peak, remember, we said this was 15%, 1-5, 15% of our total compute business, and so there's still some way to go.

所以這是在高峰期，記住，我們說這是我們總計算業務的 15%、1-5、15%，所以還有一段路要走。

And remember that there is seasonality in that business based on when the builds -- build-outs of these large hyperscale business center took place.

請記住，根據這些大型超大規模商業中心的建設時間，該業務存在季節性。

So we still have some business, and we are transitioning that business as we speak.

所以我們仍然有一些業務，我們正在轉變我們所說的業務。

So -- but as I said before, most of these build-outs are actually in the United States.

所以——但正如我之前所說，這些擴建中的大部分實際上都在美國。

Okay.

好的。

And then secondly as a follow-up, could I ask -- we haven't talked about tariffs yet, and I'm wondering if you have some thoughts on what might happen in the tariff landscape and how you might be preparing for various eventualities and how we might want to prepare for various eventualities.

其次，作為後續行動，我能問一下——我們還沒有討論過關稅問題，我想知道你是否對關稅格局中可能發生的事情有一些想法，以及你如何為各種可能發生的情況做準備以及我們可能希望如何為各種可能發生的情況做準備。

Sure.

當然。

I mean, this is a very complex topic, right?

我的意思是，這是一個非常複雜的話題，對吧？

Let's say, most of the U.S. tech firm relying on complex supply chain and HPE is not different, right?

比方說，大多數依賴複雜供應鏈的美國科技公司和 HPE 沒有什麼不同，對吧？

So this system, call it, has been built over many decades, and we need to understand the details.

所以這個系統，稱之為，已經建立了幾十年，我們需要了解細節。

Honestly, it's too early.

老實說，現在還為時過早。

We don't have the full details.

我們沒有完整的細節。

Obviously, we are providing inputs in the right forums, and we believe there is different ways to address this problem.

顯然，我們在正確的論壇中提供意見，我們相信有不同的方法可以解決這個問題。

But from our vantage point, we are looking at scenarios depending on where this is going to land.

但從我們的角度來看，我們正在根據它的著陸點來考慮情景。

And once we have the details, we will let you know if there is an impact or not.

一旦我們掌握了詳細信息，我們就會通知您是否有影響。

But we have already kind of maneuvered through 2 different iterations of this and we were able to do a good job in mitigating.

但我們已經通過 2 次不同的迭代進行了操作，並且我們能夠在緩解方面做得很好。

The latest one, we still have to wait till the end of September to see what happens.

最新的，還要等到9月底才能看情況。

Yes.

是的。

I mean, just to give you some financial context around that.

我的意思是，只是為了給你一些關於這方面的財務背景。

I mean, less than 5% of our total cost of sales envelope comes directly from China.

我的意思是，我們的總銷售成本中只有不到 5% 直接來自中國。

So it's a big number, but it's not a huge number.

所以這是一個很大的數字，但它不是一個巨大的數字。

To Antonio's point, after rounds 1 and 2, we have been able to make some changes in our supply chain motion and think there is minimal risk from a financial perspective.

對於 Antonio 的觀點，在第一輪和第二輪之後，我們已經能夠對我們的供應鏈運動做出一些改變，並且認為從財務角度來看風險很小。

When you look at rounds 3 and 4, that would impact kind of the half of that 5% that I just mentioned.

當您查看第 3 輪和第 4 輪時，這會影響我剛才提到的 5% 的一半。

That's really going to be dependent on do they go with 10% or 25%, will be dependent on whether we can make any more changes in our supply chain motion.

這真的取決於他們是選擇 10% 還是 25%，將取決於我們是否可以對我們的供應鏈運動做出更多改變。

And the other thing to keep in mind is this is not just an HPE thing.

另一件要記住的事情是，這不僅僅是 HPE 的事情。

This is an industry thing.

這是一個行業的事情。

So how will the competition in the industry respond with regards to passing that through on the pricing front?

那麼，在定價方面，行業競爭將如何應對呢？

So we think it's minimal impact at this stage, but to Antonio's point, we're keeping an eye on it to make sure we understand the changes.

所以我們認為現階段影響很小，但就 Antonio 的觀點而言，我們正在密切關注它以確保我們了解這些變化。

And that will be Paul Coster of JPMorgan.

那就是摩根大通的保羅科斯特。

You're in investment mode as far as the Intelligence Edge is concerned, so you must be under earning in that segment.

就 Intelligence Edge 而言，您處於投資模式，因此您在該細分市場中的收入一定不足。

Can you give us some sense of how much you are under earning by, whether it's in terms of margins or dollars?

您能否告訴我們您的收入少了多少，無論是按利潤還是美元計算？

And I have a follow-up.

我有一個後續行動。

Yes, sure.

是的，當然。

So if you look at Q3, you'll note that in edge that our margins were down about 510 basis points.

所以如果你看看第三季度，你會注意到我們的利潤率下降了大約 510 個基點。

That is primarily driven by the fact that we are investing in sales and in R&D.

這主要是由於我們正在投資於銷售和研發。

Again, the edge is a key pillar to our strategy.

同樣，邊緣是我們戰略的關鍵支柱。

That's going to be a high-growth, high-margin opportunity for us, and we're going to continue to invest there.

這對我們來說將是一個高增長、高利潤的機會，我們將繼續在那裡投資。

Now what I will note is if you look at it sequentially, they are up.

現在我要注意的是，如果您按順序查看，它們會上升。

So -- they're up 510 basis points.

所以 - 他們上漲了 510 個基點。

Sorry, I think they're down 300 basis points year-over-year, sorry.

抱歉，我認為他們同比下降了 300 個基點，抱歉。

So -- and they're up 510 basis points sequentially, which just shows you that that operating leverage and that revenue leverage is important given the margin profile in that business.

所以——它們連續上漲了 510 個基點，這只是向你表明，考慮到該業務的利潤率，運營槓桿和收入槓桿很重要。

And can you give us some sense of what it is you're investing in?

你能告訴我們你投資的是什麼嗎？

I'm particularly interested in the sort of probable convergence of your technology with point to point, point to multipoint.

我對您的技術與點對點、點對多點的可能融合特別感興趣。

Sure.

當然。

Obviously, we have a very strong platform with Aruba and which provides connectivity.

顯然，我們與 Aruba 有一個非常強大的平台，可以提供連接。

But it's also a mobile-first, cloud-first platform.

但它也是一個移動優先、雲優先的平台。

And what we are doing there is investing in security and cloud consumption-based models and analytics.

我們在那裡所做的是投資於安全和基於雲消費的模型和分析。

Those are the 3 big areas.

這些是3個大領域。

And if you think about the type of organic and inorganic investments we've made in the last, let's say, 18 months, with acquisition of Niara, which provides now AI, security embedded in our platform or whether it's Cape Networks or even RASA Network, they're all geared into that direction.

如果你想一想我們在過去，比如說 18 個月內進行的有機和無機投資的類型，收購了 Niara，它現在提供人工智能、嵌入我們平台的安全性，或者是 Cape Networks 甚至 RASA Network ，他們都朝著那個方向發展。

So there is to continue to expand the adjacency around the core campus and really provide the digital platform that customers are looking for.

因此，要繼續擴大核心園區周圍的鄰接範圍，真正提供客戶正在尋找的數字平台。

And then on the industrial side, obviously, we see now new use cases in terms of IoT applications, which customers are looking to convergence of what we call operational technologies and enterprise-IT-class technologies because, ultimately, much of that data in the industrial space is analog data which has to be digitized and then analyzed.

然後在工業方面，很明顯，我們現在看到了物聯網應用方面的新用例，客戶正在尋求我們稱之為運營技術和企業 IT 級技術的融合，因為最終，大部分數據都在工業空間是模擬數據，必須將其數字化然後進行分析。

And in that space, we see the opportunity to bring what we call edge computing closer where the data is generated and yet provide that (inaudible) for customers to deploy this new framework.

在那個領域，我們看到了將我們所謂的邊緣計算帶到更靠近數據生成位置的機會，同時為客戶提供（聽不清）來部署這個新框架。

So we see that continue to grow and is going to be very industry driven and obviously, very use case driven.

所以我們看到它繼續增長，並且將非常受行業驅動，顯然，非常受用例驅動。

I think, with that, we can wrap up the call for today.

我想，這樣我們就可以結束今天的電話會議了。

Thanks, everyone for joining.

謝謝大家的加入。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, the conference has concluded.

女士們，先生們，會議結束了。

Thank you for attending today's presentation, you may now disconnect your lines.

感謝您參加今天的演講，您現在可以掛斷電話了。