惠普企業 (HPE) 2018 Q4 法說會逐字稿

Good morning, afternoon, evening, and welcome to the Fourth Quarter 2018 Hewlett Packard Enterprise Earnings Conference Call.

早上好、下午好、晚上好，歡迎來到 2018 年第四季度惠普企業收益電話會議。

My name is Brian, and I'll be your conference moderator today.

我叫布賴恩，今天我將擔任你們的會議主持人。

(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.

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 fourth quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

歡迎您參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2018 財年第四季度收益電話會議；和 HPE 執行副總裁兼首席財務官 Tarek Robbiati。

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 webpage 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 annual report on Form 10-K for the fiscal year ended October 31, 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 10 月 31 日止財政年度的 10-K 表格年度報告中最終報告的金額存在重大差異。

Also for financial information that has been expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website.

此外，對於在非 GAAP 基礎上表達的財務信息，我們已在我們的網站上提供了與可比 GAAP 信息的對賬。

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。

Finally, please note that after Antonio provides his high-level remarks, Tarek will be referencing the slides and our earnings presentation throughout his prepared remarks.

最後，請注意，在 Antonio 發表了他的高級評論之後，Tarek 將在他準備好的評論中引用幻燈片和我們的收益報告。

As mentioned, the earnings presentation can be found posted to our website, and it is also embedded within the webcast player for this earnings call.

如前所述，可以在我們的網站上找到收益演示文稿，它也嵌入到本次收益電話會議的網絡廣播播放器中。

With that, let me turn it over to Antonio.

有了這個，讓我把它交給安東尼奧。

Thanks, Andy, and thanks to everyone for joining us on the call.

謝謝安迪，也感謝大家加入我們的電話會議。

Hewlett Packard Enterprise delivered another strong quarter in Q4, concluding a very successful fiscal year 2018.

Hewlett Packard Enterprise 在第四季度再次表現強勁，為 2018 財年畫上了圓滿的句號。

As we closed my first fiscal year as a CEO, I am thrilled with where we stand in the marketplace, and I'm very excited about our team and our strategy.

當我們結束我作為 CEO 的第一個財政年度時，我對我們在市場上的地位感到非常興奮，我對我們的團隊和我們的戰略感到非常興奮。

Our strategy should be familiar to all of you at this point.

在這一點上，我們的策略對你們所有人來說都應該很熟悉。

We are accelerating growth in Intelligent Edge, delivering profitable growth in the Hybrid IT space and continue to grow operating profit and expand margins, all while investing for growth in the future.

我們正在加速 Intelligent Edge 的增長，在混合 IT 領域實現盈利增長，並繼續增加營業利潤和擴大利潤，同時投資於未來的增長。

To do that, we have been driving a very deliberate strategic shift of our portfolio, which we first laid out for you at the Securities Analyst Meeting in 2017.

為此，我們一直在推動我們的投資組合進行非常慎重的戰略轉變，這是我們在 2017 年的證券分析師會議上首次為您制定的。

We have been focused on executing against that strategy, and we have delivered on what we said we would do.

我們一直專注於執行該戰略，我們已經兌現了我們所說的我們會做的事情。

In fact, we exceeded the revenue growth, non-GAAP operating profit, non-GAAP earnings per share and free cash flow targets that we set at the Securities Analyst Meeting over a year ago.

事實上，我們超過了一年前在證券分析師會議上設定的收入增長、非 GAAP 營業利潤、非 GAAP 每股收益和自由現金流目標。

We are driving both meaningful top line growth and margin expansion, fueling shareholder returns.

我們正在推動有意義的收入增長和利潤率擴張，推動股東回報。

And we're doing all of that while simultaneously advancing our innovation agenda, laying the foundation to deliver value in the future to customers, partners and shareholders.

我們正在做所有這些，同時推進我們的創新議程，為未來為客戶、合作夥伴和股東創造價值奠定基礎。

Fiscal year 2018 shows the strong momentum I'm talking about.

2018 財年顯示了我所說的強勁勢頭。

For the full year, we grew revenue 7%, well above $30 billion, which is even slightly higher than I predicted at our 2018 Securities Analyst Meeting in October.

全年，我們的收入增長了 7%，遠高於 300 億美元，甚至略高於我在 10 月份的 2018 年證券分析師會議上的預測。

We achieved 13% growth in our strategic Intelligent Edge segment for the year, with $2.9 billion in revenue.

今年，我們的戰略智能邊緣部分實現了 13% 的增長，收入達到 29 億美元。

We grew our large Hybrid IT business this year by 6% to over $25 billion.

今年，我們的大型混合 IT 業務增長了 6%，達到 250 億美元以上。

Our growth this year was nicely balanced from a geographic perspective, with particular strength in EMEA.

從地理角度來看，我們今年的增長非常平衡，尤其是在歐洲、中東和非洲地區。

I commend our team in Europe for executing very well on their go-to-market priorities and gaining traction in value segments, which are particularly strong results against the backdrop of political and economic challenges in that region throughout the year.

我讚揚我們在歐洲的團隊很好地執行了他們的進入市場優先事項，並在價值領域獲得了牽引力，在該地區全年面臨政治和經濟挑戰的背景下，這些成果尤其強勁。

At the same time, even as we drove impressive growth, we also expanded profitability in fiscal year 2018, generating $2.8 billion in non-GAAP operating profit.

與此同時，即使我們推動了令人矚目的增長，我們也在 2018 財年擴大了盈利能力，產生了 28 億美元的非 GAAP 營業利潤。

That is an increase of $576 million in profit over the prior fiscal year.

這比上一財年的利潤增加了 5.76 億美元。

This profitability enabled us to exceed our free cash flow targets, generating $1.1 billion for the year largely powered by strong cash flow from operations of $3 billion, which more than doubled over the prior year.

這種盈利能力使我們能夠超越我們的自由現金流目標，全年產生了 11 億美元，這主要得益於來自 30 億美元運營的強勁現金流，這比上一年增加了一倍多。

Lastly, we also returned more than $4 billion to shareholders in fiscal year 2018.

最後，我們還在 2018 財年向股東返還了超過 40 億美元。

Our performance in fiscal year 2018 tells me we have the right strategy at the right time and that we have the right leadership team driving innovation and execution.

我們在 2018 財年的表現告訴我，我們在正確的時間制定了正確的戰略，並且我們擁有推動創新和執行的正確領導團隊。

We have strong momentum across our differentiated portfolio as we head into an expected healthy IT spending environment in 2019.

隨著我們在 2019 年進入預期健康的 IT 支出環境，我們的差異化產品組合勢頭強勁。

Let's take a quick look at our portfolio.

讓我們快速瀏覽一下我們的投資組合。

Our competitive differentiation is becoming increasingly clear to customers and should be to all of you as well.

我們的競爭差異化對客戶來說變得越來越明顯，你們所有人也應該如此。

At Discover Madrid last week and at the Securities Analyst Meeting in New York in October, we talked a lot about our unique ability to advance our customers' businesses.

在上週的 Discover Madrid 和 10 月在紐約舉行的證券分析師會議上，我們談了很多關於我們推動客戶業務發展的獨特能力。

We do this through a strategic mix of products and services that address their current needs while also helping them transition to an edge-centric, cloud-enabled and data-driven enterprise of the future.

我們通過產品和服務的戰略組合來實現這一目標，這些產品和服務可以滿足他們當前的需求，同時幫助他們過渡到以邊緣為中心、雲支持和數據驅動的未來企業。

So how are we doing that?

那麼我們是怎麼做到的呢？

First, we believe Intelligent Edge is the next frontier, and it is our top strategic priority.

首先，我們相信 Intelligent Edge 是下一個前沿領域，也是我們的首要戰略重點。

75% of the data is created at the edge, and our customers increasingly need help to turning all their data from the edge to the cloud into intelligence they can use in real time.

75% 的數據是在邊緣創建的，我們的客戶越來越需要幫助，將他們從邊緣到雲端的所有數據轉化為他們可以實時使用的智能。

This business is growing double digits, up 13% for the full year.

該業務正以兩位數的速度增長，全年增長 13%。

All 3 categories within this business, campus and branch, edge compute and Aruba services, are demonstrating meaningful growth.

該業務中的所有 3 個類別，校園和分支機構、邊緣計算和 Aruba 服務，都顯示出有意義的增長。

And as more compute capacity moves to the edge, we expect this business to continue to be a driver for us.

隨著越來越多的計算能力轉移到邊緣，我們預計這項業務將繼續成為我們的推動力。

Our Hybrid IT business, which includes compute, storage, data center networking and our Pointnext services business, also had solid year-over-year growth in fiscal year '18, up 6%, coupled with meaningful operating margin expansion of 1 full percentage point.

我們的混合 IT 業務，包括計算、存儲、數據中心網絡和我們的 Pointnext 服務業務，在 18 財年也實現了穩健的同比增長，增長 6%，同時運營利潤率顯著增長了 1 個百分點.

The secret of our success in Hybrid IT is that we continue to focus deliberately and successfully on portfolio mix.

我們在混合 IT 領域取得成功的秘訣在於，我們繼續有意識地並成功地專注於投資組合組合。

Our compute value offerings grew 9% for the year, including 25% growth in high-performance compute.

我們的計算價值產品全年增長了 9%，其中高性能計算增長了 25%。

Also, our Composable offerings with HPE Synergy had an incredible year, growing over 280% and reaching an annual run rate of over $1 billion.

此外，我們採用 HPE Synergy 的可組合產品在這一年取得了令人難以置信的成績，增長超過 280%，年運行率超過 10 億美元。

And even as we orchestrate this shift from volume to value, we still posted better-than-expected results in our top compute volume, offerings that were up 7% for the year.

即使我們精心策劃了從數量到價值的轉變，我們仍然在我們的頂級計算量中發布了好於預期的結果，這些產品在今年增長了 7%。

We also continued to be very focused on our storage business, and we saw a 13% growth in the business.

我們還繼續非常關注我們的存儲業務，我們看到該業務增長了 13%。

As we move into fiscal year '19, customers continue to see strong value in our Nimble and 3PAR platforms with HPE InfoSight, enabling customers to operate more efficiently in our autonomous data center.

隨著我們進入 19 財年，客戶繼續看到我們的 Nimble 和 3PAR 平台與 HPE InfoSight 的強大價值，使客戶能夠在我們的自主數據中心更高效地運營。

Finally, our HPE Financial Services business continues to serve a strategic role for our customers.

最後，我們的 HPE 金融服務業務繼續為我們的客戶發揮戰略作用。

It is a critical piece of our overall offering, affording customers flexibility in how they consume technology and often helping them to unlock value trapped in their own balance sheets.

它是我們整體產品的重要組成部分，為客戶提供瞭如何使用技術的靈活性，並經常幫助他們釋放困在自己資產負債表中的價值。

HPE Financial Services' core capability that stands behind our HPE GreenLake model, and every GreenLake contract includes 100% attach of our Pointnext Operational Services offerings.

HPE 金融服務的核心能力支持我們的 HPE GreenLake 模型，每份 GreenLake 合同都包括 100% 附加我們的 Pointnext 運營服務產品。

We have delivered these benefits for customers while growing our financing volumes and achieving a double-digit return on equity.

我們為客戶帶來了這些好處，同時增加了融資量並實現了兩位數的股本回報率。

In short, we are becoming more selective in where we are investing for growth, and improvements you see in overall margin shows this approach is paying off.

簡而言之，我們在為增長而投資的地方變得更加有選擇性，您在整體利潤率方面看到的改善表明這種方法正在奏效。

Tarek will take you through our Q4 results in a moment.

Tarek 稍後將帶您了解我們的第四季度結果。

But before I turn the call over to him, let me offer some final thoughts on the opportunity I see for Hewlett Packard Enterprise moving forward.

但在我將電話轉給他之前，讓我就我看到的惠普企業向前發展的機會提出一些最後的想法。

The ongoing explosion of data is powering Intelligent Edge, creating $140 billion opportunity.

持續的數據爆炸正在為 Intelligent Edge 提供動力，創造了 1400 億美元的機會。

As you know, we have committed to invest $4 billion over 4 years to capitalize on this market.

如您所知，我們已承諾在 4 年內投資 40 億美元來利用這個市場。

Meanwhile, the Hybrid IT market opportunity remains enormous at $185 billion, and we see no end in sight for the mix shift from volume to value.

與此同時，混合 IT 市場機會仍然巨大，達到 1850 億美元，而且我們認為從數量到價值的混合轉變沒有盡頭。

We continue to see great momentum in ongoing shift to hyperconverged and composable infrastructure, which is driving our customers' portfolio mix.

我們繼續看到向超融合和可組合基礎架構的持續轉變的巨大勢頭，這正在推動我們客戶的投資組合。

The other major trend we are benefiting from is customers increasing demand for flexibility, both in terms of how they deploy infrastructure and how they pay for it.

我們受益的另一個主要趨勢是客戶對靈活性的需求不斷增加，無論是在部署基礎設施的方式還是支付方式方面。

By disaggregating the hardware and software elements of the infrastructure, we can give customers the cloud experience and economics on premises with applications deciding where they should run in a most efficient way.

通過分解基礎設施的硬件和軟件元素，我們可以為客戶提供本地雲體驗和經濟性，讓應用程序決定它們應該以最有效的方式在何處運行。

HPE GreenLake is our flagship offering here, combining a cloud-like experience for on-premises infrastructure that the customers pay as they go and only for what they consume.

HPE GreenLake 是我們在這裡的旗艦產品，結合了本地基礎設施的類似雲的體驗，客戶可以按實際使用量付費，並且只為他們使用的東西付費。

To date, we already have more than 400 customers using our consumption-based model.

迄今為止，我們已經有 400 多家客戶使用我們基於消費的模型。

We estimate this is over $2 billion of total contract value, including hardware.

我們估計這超過 20 億美元的總合同價值，包括硬件。

Along with our HPE Synergy platform, this solution helps our customers decide how they use the infrastructure and run the application in the most efficient way.

與我們的 HPE Synergy 平台一起，此解決方案可幫助我們的客戶決定他們如何使用基礎設施並以最高效的方式運行應用程序。

One other recent development I want to highlight is the acquisition of BlueData, which takes our consumption model a step further into AI, machine learning and big data analytics.

我想強調的另一項近期發展是對 BlueData 的收購，這使我們的消費模式更進一步進入人工智能、機器學習和大數據分析。

BlueData has developed an outstanding as a service software platform that uses container technology to make it simpler and more cost effective to deploy large-scale machine learning and big data analytics environments.

BlueData 開發了一個出色的即服務軟件平台，該平台使用容器技術使部署大規模機器學習和大數據分析環境變得更簡單、更具成本效益。

It is complementary to our Apollo systems and Professional Services, extending our data-first strategy.

它是對我們的 Apollo 系統和專業服務的補充，擴展了我們的數據優先戰略。

By seamlessly combining their software platform with our existing software-defined infrastructure and services, we'll be able to help our customers accelerate their AI and big data transformations and better extract insights from their data, whether on-premises, in the cloud or in a hybrid architecture.

通過將他們的軟件平台與我們現有的軟件定義基礎設施和服務無縫結合，我們將能夠幫助我們的客戶加速他們的人工智能和大數據轉型，並更好地從他們的數據中提取洞察力，無論是在本地、雲端還是在混合架構。

Overall, our unique offerings have positioned us right where I want us to be as powerful forces reshape the way customers are generating and utilizing data in their businesses.

總的來說，我們獨特的產品使我們處於我希望我們成為的位置，因為強大的力量重塑了客戶在其業務中生成和利用數據的方式。

Across all areas of the business, we are putting our customers at the center of everything we do, and that's reflected in our performance, customer feedback and recent customer wins.

在業務的所有領域，我們都將客戶置於我們所做一切的中心，這反映在我們的績效、客戶反饋和最近贏得的客戶中。

For example, we recently supported Lufthansa Technik to create a wireless access point for an in-flight entertainment system, utilizing our [H] mobile-first campus products.

例如，我們最近支持 Lufthansa Technik 利用我們的 [H] 移動優先園區產品為機上娛樂系統創建無線接入點。

This wireless access point model is one of the most advanced in-flight wireless networks in the skies.

這種無線接入點模型是空中最先進的機載無線網絡之一。

HPE also signed 2 multimillion-dollar contracts with Grupo Santander in Spain and Mexico for the deployment of Santander's global cloud based on HPE Synergy.

HPE 還與西班牙和墨西哥的 Grupo Santander 簽署了 2 份價值數百萬美元的合同，用於部署基於 HPE Synergy 的 Santander 全球雲。

And we had the significant HPE GreenLake win with Danfoss, the largest manufacturing company in Denmark.

我們與丹麥最大的製造公司丹佛斯一起贏得了 HPE GreenLake 的重大勝利。

Looking ahead to 2019, I have great confidence that we'll continue to build on all this momentum.

展望 2019 年，我非常有信心我們將繼續保持所有這些勢頭。

We will continue our work to accelerate growth in Intelligent Edge, deliver profitable growth in Hybrid IT and balance all of this with continued cost savings from HPE Next and resulting margin expansion.

我們將繼續努力加速 Intelligent Edge 的增長，實現混合 IT 的盈利增長，並平衡所有這些與 HPE Next 的持續成本節約以及由此帶來的利潤率增長。

Now before I turn the call over, I would like to formally welcome Tarek to his first earnings call as a CFO.

現在，在我結束電話會議之前，我想正式歡迎 Tarek 作為首席財務官參加他的第一次財報電話會議。

As you know by now, Tarek joined us in September 17 and jumped right in, quickly getting up to speed on HPE's strategy and financial commitments so that we can continue to deliver for our customers and partners and drive significant value for our shareholders.

如您所知，Tarek 於 9 月 17 日加入我們並立即加入，迅速了解 HPE 的戰略和財務承諾，以便我們能夠繼續為我們的客戶和合作夥伴提供服務並為我們的股東創造巨大價值。

I hope many of you had the opportunity to meet and speak to Tarek at the Securities Analyst Meeting.

我希望你們中的許多人有機會在證券分析師會議上與 Tarek 見面並交談。

We are very fortunate to have him on the team, and we'll continue to benefit from his financial expertise, his customer-centric mindsets and insight, and his industry segment knowledge.

我們很幸運能有他加入團隊，我們將繼續受益於他的財務專業知識、以客戶為中心的思維方式和洞察力，以及他的行業細分知識。

Tarek?

塔雷克？

Thank you very much, Antonio.

非常感謝你，安東尼奧。

It's a real privilege for me to report Hewlett Packard Enterprise's quarterly earnings for the first time in my new role as CFO.

在我擔任首席財務官的新職位上首次報告惠普企業的季度收益對我來說是一種真正的榮幸。

In my view, there is a great potential at HPE.

在我看來，HPE 有很大的潛力。

No other company has the full suite of assets and channel capabilities needed to compete across the edge-to-cloud continuum.

沒有其他公司擁有在邊緣到雲連續體中競爭所需的全套資產和渠道能力。

Two and a half months into the role, I'm very excited to be part of HPE's leadership team as we guide the company and our customers into the next phase of a technology-led transformation.

擔任職務兩個半月後，我很高興能成為 HPE 領導團隊的一員，因為我們將帶領公司和我們的客戶進入技術主導轉型的下一階段。

But before I share with you our results in detail, I would like to take this opportunity to thank my predecessor, Tim Stonesifer, for the hard work that stands behind HPE's strong fiscal year '18 performance and a great handover between us.

但在我與您詳細分享我們的結果之前，我想藉此機會感謝我的前任蒂姆·斯通西弗 (Tim Stonesifer)，感謝他為 HPE 18 財年的強勁業績和我們之間的出色交接所做的辛勤工作。

Now let me share with you our financial results for the quarter, and I'll be referencing the slides from our earnings presentation to better highlight the strong momentum of the business throughout fiscal year '18.

現在讓我與您分享我們本季度的財務業績，我將參考我們的收益演示文稿中的幻燈片，以更好地突出整個 18 財年業務的強勁勢頭。

Starting with Slide 1, you'll see that our Q4 financial results were very strong.

從幻燈片 1 開始，您會看到我們第四季度的財務業績非常強勁。

We ended fiscal year with robust revenue growth, significantly improved operating margins, better-than-expected non-GAAP earnings and free cash flow.

我們以強勁的收入增長、顯著提高的營業利潤率、好於預期的非美國通用會計準則收益和自由現金流結束了本財年。

Our results demonstrate our ability to grow free cash flow by accelerating growth in the Intelligent Edge, driving profitable growth in Hybrid IT and continuing to grow operating profits by expanding operating margins through HPE Next and also by shifting the portfolio mix to higher-margin and better services attach offerings.

我們的結果表明，我們有能力通過加速 Intelligent Edge 的增長、推動混合 IT 的盈利增長以及通過 HPE Next 擴大營業利潤率以及將投資組合組合轉向利潤率更高和更好的方式來繼續增加營業利潤來增加自由現金流服務附加產品。

The punchline is that our resulting growth of 49% year-over-year in cash flow from operations demonstrate that our strategy is bearing fruit.

重要的是，我們由此產生的運營現金流同比增長 49% 表明我們的戰略正在取得成果。

From a macro perspective, IT spend continues to be strong and customer demand remains healthy heading into fiscal year '19.

從宏觀角度來看，IT 支出繼續強勁，客戶需求在進入 19 財年之前保持健康。

The market remains competitive, but pricing remains rational, and we are holding on to favorable pricing with improving commodities cost to expand gross margins.

市場競爭依然激烈，但定價依然理性，我們堅持有利的定價，通過改善商品成本來擴大毛利率。

DRAM costs have peaked and are starting to come down.

DRAM 成本已經見頂並開始下降。

NAND prices, while less of an impact on our portfolio, continue to decline.

NAND 價格雖然對我們的產品組合影響較小，但仍在繼續下降。

Currency drove a 50 basis point tailwind to revenue year-over-year.

匯率推動收入同比增長 50 個基點。

Having said that, foreign exchange rates continued to move unfavorably the last couple of quarters, and we now expect currency to be a headwind of closer to 2 points of revenue growth in fiscal year '19.

話雖如此，外匯匯率在過去幾個季度繼續不利，我們現在預計貨幣將成為 19 財年收入增長接近 2 個百分點的不利因素。

Looking at Slide 2, total revenue for the quarter was $7.9 billion, up 4% year-over-year and 3% in constant currency.

看看幻燈片 2，本季度的總收入為 79 億美元，同比增長 4%，按固定匯率計算增長 3%。

Top line performance in fiscal year 2018 was driven by strong execution in a healthy demand environment that we expect to continue heading into fiscal year '19.

2018 財年的頂線業績是由我們預計將繼續進入 19 財年的健康需求環境中的強勁執行推動的。

Slides 3 and 4 give you a geographic breakdown for the quarter.

幻燈片 3 和 4 為您提供了本季度的地理細分。

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

從地區來看，HPE 在全球的表現穩健。

Americas revenue was up 3% in constant currency.

按固定匯率計算，美洲收入增長了 3%。

Core compute, which excludes mission-critical systems and Tier 1, and Intelligent Edge both grew double digits in constant currency.

核心計算（不包括關鍵任務系統和第 1 層）和智能邊緣都以固定匯率增長了兩位數。

Revenue growth in EMEA continued to be strong, up 8% in constant currency, with double-digit growth 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 8%，其中英國、法國和意大利的收入增長達到兩位數。

Performance in EMEA was robust across all business segments with notable growth in core compute at 24% and Intelligent Edge at 14%.

歐洲、中東和非洲地區的所有業務部門均表現強勁，核心計算顯著增長 24%，智能邊緣增長 14%。

Asia Pacific was down 4% in constant currency due to our focus on profitable share in the China market.

由於我們專注於中國市場的盈利份額，亞太地區按固定匯率計算下降了 4%。

Growth in APJ, excluding China, was up 2%, with solid results across all business segments with notable strength in core compute which grew 18%.

亞太及日本地區（不包括中國）增長了 2%，所有業務部門都取得了穩健的業績，其中核心計算領域表現強勁，增長了 18%。

Slide 5 shows our performance in the quarter by segment.

幻燈片 5 按細分顯示了我們在本季度的表現。

I won't take you through every number, but the key takeaway is that from a portfolio mix perspective, we are winning where it matters.

我不會帶你了解每個數字，但關鍵要點是，從投資組合的角度來看，我們正在重要的地方獲勝。

We maintained robust double-digit growth in our strategically important Intelligent Edge segment.

我們在具有重要戰略意義的智能邊緣領域保持了兩位數的強勁增長。

In Hybrid IT, our compute value portfolio grew over 20% this quarter.

在混合 IT 中，我們的計算價值組合在本季度增長了 20% 以上。

And within HPE Pointnext, our Operational Services business grew orders and revenue by 2% in fiscal year '18.

在 HPE Pointnext 中，我們的運營服務業務在 18 財年的訂單和收入增長了 2%。

Overall, we are confident in sustaining robust revenue growth as we continue pivoting our business towards higher-margin, higher-value offerings and improve our performance in our services business in fiscal year '19.

總體而言，隨著我們繼續將業務轉向利潤率更高、價值更高的產品並提高 19 財年服務業務的績效，我們有信心保持強勁的收入增長。

Turning to margins on Slide 6. We continue to deliver significant margin expansion as a result of focusing on profitable growth in Hybrid IT, shifting our portfolio towards higher-value, higher-margin offerings and continuing to drive HPE Next initiatives.

關於幻燈片 6 的利潤率。由於專注於混合 IT 的盈利增長，將我們的產品組合轉向價值更高、利潤率更高的產品，並繼續推動 HPE Next 計劃，我們繼續實現利潤率的顯著增長。

Gross margin of 30.9% was up 120 basis points year-over-year and 20 basis points sequentially.

毛利率為 30.9%，同比增長 120 個基點，環比增長 20 個基點。

Non-GAAP operating margin of 10.1% was up 190 basis points year-over-year and 50 basis points sequentially.

非美國通用會計準則營業利潤率為 10.1%，同比增長 190 個基點，環比增長 50 個基點。

HPE Next has been an incredible success story for us this year, and we expect to continue reaping the operating margin expansion benefits delivered by HPE Next for years to come to drive operating leverage and cash flow growth.

今年，HPE Next 對我們來說是一個令人難以置信的成功故事，我們希望在未來幾年繼續獲得 HPE Next 帶來的營業利潤率擴張收益，以推動運營槓桿和現金流增長。

Moving on to Slide 7. Non-GAAP diluted net earnings per share of $0.45 in Q4 of fiscal year '18 was above the high end of our previous outlook of $0.39 to $0.44 per share due to strong operational performance, favorable other income and expense, and a lower-than-expected tax rate.

轉到幻燈片 7。由於強勁的運營業績、有利的其他收入和支出，18 財年第四季度的非 GAAP 稀釋後每股淨收益為 0.45 美元，高於我們此前預期的每股 0.39 美元至 0.44 美元的高端，以及低於預期的稅率。

This marks the fourth consecutive quarter we exceeded the high end of our outlook range.

這標誌著我們連續第四個季度超過了我們展望範圍的高端。

GAAP diluted net earnings per share was a $0.52 loss, below our previously provided outlook range of $0.16 to $0.21 per share, primarily related to the impact from U.S. tax reform, which was a drag of over $0.85 to GAAP earnings this quarter.

GAAP 攤薄後每股淨收益虧損 0.52 美元，低於我們之前提供的每股 0.16 美元至 0.21 美元的展望範圍，這主要與美國稅制改革的影響有關，這對本季度 GAAP 收益的拖累超過 0.85 美元。

Without the impact, we would have exceeded our outlook on this metric as well.

如果沒有影響，我們也會超出我們對該指標的預期。

Now turning to the segments and business units starting on Slide 8. In the Intelligent Edge, revenue was up 17% year-over-year and 15% in constant currency with strength across all regions.

現在轉向從幻燈片 8 開始的細分市場和業務部門。在 Intelligent Edge 中，收入同比增長 17%，按固定匯率計算增長 15%，所有地區都表現強勁。

Operating margins of 10.1% were down 240 basis points year-over-year due to the ongoing significant investments in sales and R&D as we continue to manage this business for growth and share leadership in the $140 billion Intelligent Edge market opportunity.

營業利潤率為 10.1%，同比下降 240 個基點，原因是在我們繼續管理該業務以實現增長並在價值 1400 億美元的智能邊緣市場機會中佔據領導地位的同時，對銷售和研發進行了大量投資。

Aruba product grew 17%, with continued strong growth across all product categories, including campus switching, wireless LAN and edge compute.

Aruba 產品增長 17%，所有產品類別持續強勁增長，包括園區交換、無線局域網和邊緣計算。

We continued gaining share in the campus switching business, recording 7 consecutive quarters of share gain and saw a notable triple-digit growth in our edge compute business.

我們在園區交換業務中繼續獲得份額，連續 7 個季度實現份額增長，並且我們的邊緣計算業務實現了顯著的三位數增長。

Aruba services was up 16% on continued installed base growth due to strong attach of our software platform like ClearPass for Secure Network Access Control.

由於我們的軟件平台（如用於安全網絡訪問控制的 ClearPass）的強大附加，Aruba 服務在安裝基礎持續增長的情況下增長了 16%。

As you can see from the revenue mix chart, Aruba Services represents today a small portion of Aruba's total revenue, which highlights a great potential for the upcoming years.

從收入組合圖表中可以看出，Aruba 服務目前僅佔 Aruba 總收入的一小部分，這凸顯了未來幾年的巨大潛力。

Moving on to Slide 9. In Hybrid IT, revenue was up 5% year-over-year and up 4% in constant currency.

轉到幻燈片 9。在混合 IT 中，收入同比增長 5%，按固定匯率計算增長 4%。

Operating margins were 11.9%, up 210 basis points year-over-year and 130 basis points sequentially, in line with our expectations.

營業利潤率為 11.9%，同比增長 210 個基點，環比增長 130 個基點，符合我們的預期。

Compute revenue was up 9% year-over-year and 14% excluding Tier 1. As a reminder, Tier 1 was over 20% of our compute portfolio a couple of years ago and is now under 10%, which is a proof point of our commitment to improving our portfolio profitability mix.

計算收入同比增長 9%，不包括第 1 層則增長 14%。提醒一下，幾年前第 1 層占我們計算產品組合的 20% 以上，現在不到 10%，這證明了我們致力於改善我們的投資組合盈利能力組合。

Our compute value business, which has higher margins and better services attach, has continued momentum, growing at over 20% year-over-year.

我們的計算價值業務具有更高的利潤率和更好的服務附加，繼續保持增長勢頭，同比增長超過 20%。

This was driven by our hyperconverged portfolio, which includes Synergy, up triple digits and currently at over $1 billion revenue run rate; also, our high-performance compute category, which was up over 50%; and finally, mission-critical service, which was up 14%.

這是由我們的超融合產品組合推動的，其中包括 Synergy，增長了三位數，目前收入運行率超過 10 億美元；此外，我們的高性能計算類別增長了 50% 以上；最後是關鍵任務服務，增長了 14%。

Revenue growth in our volume business was once again higher than planned in the high single digits, excluding Tier 1, 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，我們的批量業務收入增長再次高於計劃的高個位數，不包括第 1 層。

Also, we continued to drive higher AUPs in total compute, which was up 20%, excluding Tier 1, by increasing our mix of Gen10 servers with richer attach configurations, maintaining pricing power, and to a lesser extent, passing through elevated DRAM costs.

此外，我們繼續推動更高的總計算 AUP，增加了 20%，不包括第 1 層，方法是增加我們具有更豐富附加配置的 Gen10 服務器組合，保持定價能力，並在較小程度上轉嫁增加的 DRAM 成本。

As expected, unit declines excluding Tier 1 moderated to mid-single digits this quarter, and we are confident that we can continue to offset moderating unit declines with structural AUP increases heading into fiscal year '19.

正如預期的那樣，本季度不包括第 1 層級的單位降幅放緩至中等個位數，我們有信心在進入 19 財年之前，我們可以繼續通過結構性 AUP 增長來抵消緩和的單位降幅。

Storage revenue was up 6% year-over-year as customers embraced our intelligent storage offerings embedded with our AI-based predictive analytics InfoSight platform and we improved our go-to-market execution.

存儲收入同比增長 6%，因為客戶接受了我們嵌入基於 AI 的預測分析 InfoSight 平台的智能存儲產品，並且我們改進了上市執行。

Big data had another strong quarter, growing at 92% year-over-year, which will further benefit from our recently announced acquisition of BlueData.

大數據又迎來了一個強勁的季度，同比增長 92%，這將進一步受益於我們最近宣布的對 BlueData 的收購。

Entry storage growth was also solid.

入門級存儲增長也很穩健。

Looking forward into fiscal year '19, we are pleased with our full portfolio across Nimble and 3PAR, and we expect to gain share in the external storage market.

展望 19 財年，我們對 Nimble 和 3PAR 的完整產品組合感到滿意，我們希望在外部存儲市場獲得份額。

HPE Pointnext revenue declined overall 3% year-over-year due to our continued intentional exit from low-margin countries in the Advisory and Professional Services business but was flat on a full year basis and would have been up 1% normalizing for those country exits.

HPE Pointnext 收入總體同比下降 3%，原因是我們繼續有意退出諮詢和專業服務業務的低利潤國家，但全年持平，如果這些國家退出正常化，收入將增長 1% .

If you look at our higher-margin Operational Services business, revenue was up 2% on a full year basis.

如果你看看我們利潤率較高的運營服務業務，全年收入增長了 2%。

Looking into fiscal year '19, we see continuous growth in Operational Services orders as we expect favorable mix from our value offerings that have better services intensity and from our consumption-based offerings with HPE GreenLake, which grew orders at a 30% year-over-year rate in constant currency this quarter.

展望 19 財年，我們看到運營服務訂單持續增長，因為我們預計我們具有更好服務強度的價值產品和我們基於消費的 HPE GreenLake 產品的有利組合，訂單同比增長 30% - 本季度固定匯率年利率。

Moving to Slide 10.

移動到幻燈片 10。

HPE Financial Services revenue declined 7% year-over-year and 5% in constant currency due to a large onetime lease buyout deal in the prior year period.

HPE 金融服務收入同比下降 7%，按固定匯率計算下降 5%，原因是去年同期進行了一項大型一次性租賃收購交易。

Normalizing for this onetime buyout, revenue was up 3% year-over-year.

將這次一次性收購歸一化，收入同比增長 3%。

Financing volume remains strong across all regions and was up 8% year-over-year, with solid growth in our direct business.

所有地區的融資額都保持強勁，同比增長 8%，我們的直接業務穩步增長。

Operating margin increased 20 basis points year-over-year to 7.8%.

營業利潤率同比增長 20 個基點至 7.8%。

We are very pleased with HPE FS' performance and look to accelerate its contribution to the business for years to come.

我們對 HPE FS 的表現非常滿意，並希望在未來幾年加快其對業務的貢獻。

Now turning to cash flow on Slide 11.

現在轉向幻燈片 11 上的現金流量。

Free cash flow was $1 billion in Q4, in line with our expectations and consistent with prior year seasonality.

第四季度的自由現金流為 10 億美元，符合我們的預期並與去年的季節性一致。

Cash flow from operations growth has been significant in fiscal year '18, driven by HPE Next and shifting our portfolio mix to where we want to win, that is where we have higher margins and better services attach.

在 HPE Next 的推動下，運營增長產生的現金流量在 18 財年非常顯著，並將我們的投資組合轉移到我們想要獲勝的地方，即我們擁有更高的利潤率和更好的服務。

In fiscal year '19, we expect free cash flow to be $1.4 billion to $1.6 billion as we announced at SAM, a significant improvement compared to this year.

正如我們在 SAM 上宣布的那樣，在 19 財年，我們預計自由現金流將達到 14 億至 16 億美元，與今年相比有了顯著改善。

We also expect our cash flow seasonality to be similar to prior years, where the first half is a use of cash with particular emphasis on Q1, and then we generate significant cash in the second half of the year, primarily in Q4.

我們還預計我們的現金流季節性與往年相似，上半年是現金的使用，特別強調第一季度，然後我們在下半年產生大量現金，主要是在第四季度。

With respect to our capital management strategy and 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.

關於我們的資本管理戰略，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 $164 million in dividend payments.

這包括之前宣布的 50% 的股息增長，總計 1.64 億美元的股息支付。

We repurchased $983 million of shares in the quarter and exceeded our $3.5 billion buyback target for fiscal year '18.

我們在本季度回購了 9.83 億美元的股票，超過了 18 財年 35 億美元的回購目標。

Finally, as you can see from Slide 12, our balance sheet remains strong, and we ended the quarter with an operating company net cash balance of $3.1 billion.

最後，正如您從幻燈片 12 中看到的那樣，我們的資產負債表依然強勁，本季度末我們的運營公司淨現金餘額為 31 億美元。

Looking into fiscal year '19, we expect to return approximately $2.9 billion, which is the remainder of our $7 billion capital returns program, thus delivering on our commitment to shareholders.

展望 19 財年，我們預計將返還約 29 億美元，這是我們 70 億美元資本回報計劃的剩餘部分，從而兌現我們對股東的承諾。

Antonio provided our fiscal year '18 performance overview, but let me recap it here now that you've seen the quarterly results.

安東尼奧提供了我們 18 財年的業績概覽，但既然您已經看到了季度業績，讓我在這裡回顧一下。

Fiscal year '18 was really an outstanding year, as you can see from Slide 13 to 16.

正如您從幻燈片 13 到 16 中看到的那樣，18 財年確實是出色的一年。

For the full year, we grew revenue by 7% year-over-year, with notable growth in compute value at 9%, storage at 13% and edge at 13%.

全年，我們的收入同比增長 7%，計算價值顯著增長 9%，存儲增長 13%，邊緣計算增長 13%。

We grew non-GAAP operating profit by 26% and delivered a non-GAAP operating margin of 9%, which was up 140 basis points year-over-year and in line with recent communications.

我們的非 GAAP 營業利潤增長了 26%，非 GAAP 營業利潤率為 9%，同比增長 140 個基點，與最近的溝通一致。

We executed well on HPE Next, pivoted our portfolio mix towards higher-value, higher-margin offerings, which came with better Pointnext services attach, and grew our consumption-based services business.

我們在 HPE Next 上表現出色，將我們的產品組合轉向價值更高、利潤更高的產品，這些產品附帶更好的 Pointnext 服務，並發展了我們基於消費的服務業務。

Also, we delivered non-GAAP EPS of $1.56, above our most recent outlook of $1.50 to $1.55 and well above our original SAM 2017 outlook of $1.15 to $1.25, a growth of over 60% year-over-year from continuing operations.

此外，我們交付的非 GAAP 每股收益為 1.56 美元，高於我們最近的 1.50 美元至 1.55 美元的預期，也遠高於我們最初的 SAM 2017 年 1.15 美元至 1.25 美元的預期，持續經營同比增長超過 60%。

Cash flow from operations were $3 billion, a growth of over 120% year-over-year, while free cash flow came in at $1.1 billion, significantly above our fiscal year '17 levels and above our fiscal year '18 guidance.

運營現金流為 30 億美元，同比增長超過 120%，而自由現金流為 11 億美元，大大高於我們 17 財年的水平和 18 財年的指導。

In summary, we have far exceeded our full year revenue, operating profit and cash flow commitments outlined at SAM in 2017.

總而言之，我們遠遠超過了 2017 年在 SAM 上概述的全年收入、營業利潤和現金流量承諾。

This demonstrates that we have the right strategy and our execution remains robust.

這表明我們擁有正確的戰略，我們的執行力依然強勁。

Now turning to our outlook on Slide 17.

現在轉向我們對幻燈片 17 的展望。

At our recent Securities Analyst Meeting, we provided our outlook for fiscal year '19, and I would encourage you to review my presentation for a more detailed discussion of that outlook.

在我們最近的證券分析師會議上，我們提供了 19 財年的展望，我鼓勵您查看我的演示文稿，以便更詳細地討論該展望。

It's worth reiterating a few points for this call.

有必要為此呼籲重申幾點。

From a top line perspective, we expected to grow our fiscal year '19 revenue adjusted for lower-margin Tier 1 business and currency fluctuations.

從頂線的角度來看，我們預計我們的 19 財年收入會增長，但會根據利潤率較低的一級業務和貨幣波動進行調整。

Also, we expect to grow our fiscal year '19 non-GAAP operating profit by 6% to 8%.

此外，我們預計 19 財年非 GAAP 營業利潤將增長 6% 至 8%。

As a reminder, we would be removing non-service pension costs and benefits from our non-GAAP results.

提醒一下，我們將從我們的非 GAAP 結果中刪除非服務養老金成本和收益。

Consequently, our fiscal year '18 non-GAAP EPS adjusted for pension accounting and taxes would be $1.45.

因此，我們根據養老金會計和稅收調整的 18 財年非 GAAP 每股收益將為 1.45 美元。

We finished the year better than what we flagged at our 2018 SAM.

我們今年的成績比我們在 2018 年 SAM 上的成績要好。

Looking forward, our fiscal year '19 guidance is unchanged, with diluted net earnings per share of $1.51 to $1.61 for non-GAAP EPS, an 8% improvement over the prior year; and our GAAP EPS outlook remains $0.73 to $0.83 per share.

展望未來，我們的 19 財年指引保持不變，非 GAAP 每股收益的攤薄後每股淨收益為 1.51 美元至 1.61 美元，比上年增長 8%；我們的 GAAP 每股收益前景仍為 0.73 美元至 0.83 美元。

Finally, for Q1 '19, we expect diluted net non-GAAP EPS of $0.33 to $0.37 and diluted net GAAP EPS of $0.19 to $0.23 per share.

最後，對於 19 年第一季度，我們預計攤薄後每股非 GAAP 每股收益為 0.33 美元至 0.37 美元，攤薄後每股 GAAP 每股收益為 0.19 美元至 0.23 美元。

So overall, I'm very pleased with the performance, not just in the quarter but the full fiscal year.

因此，總的來說，我對業績感到非常滿意，不僅是在本季度，而且是在整個財政年度。

We have the right vision and execution, and the results show that we are winning where it matters.

我們擁有正確的願景和執行力，結果表明我們在重要的地方取勝。

With that, now let's open it up to questions.

有了這個，現在讓我們打開它來提問。

(Operator Instructions) Today's first question will be from Katy Huberty with Morgan Stanley.

（操作員說明）今天的第一個問題將來自摩根士丹利的 Katy Huberty。

Just 2 quick questions.

只需 2 個快速問題。

I'll ask them at once.

我馬上問問他們。

The first is how would you break down the server revenue growth in the quarter between units and ASPs?

首先是您如何分解單位和 ASP 之間的季度服務器收入增長？

And then you mentioned a couple of times in the call that you expect robust demand to continue into next year.

然後你在電話中多次提到你預計強勁的需求將持續到明年。

What are the signals that give you that confidence given everything that's going on in the macro environment?

考慮到宏觀環境中發生的一切，有哪些信號讓您充滿信心？

Katy, this is Antonio.

凱蒂，這是安東尼奧。

I will answer the second question first about the macro environment.

關於宏觀環境，我先回答第二個問題。

The reason why I'm confident is because we see ongoing demand from customers, and that demand is driven by the amount of data we are creating, we are generating.

我之所以有信心，是因為我們看到客戶的持續需求，而這種需求是由我們正在創建和生成的數據量驅動的。

And obviously, regulations like privacy and others requires that data to be stored, to be managed, to be curated, and obviously, extract the value as soon as possible.

顯然，隱私等法規要求存儲、管理、整理數據，並且顯然要盡快提取價值。

So it's a function of the data.

所以它是數據的函數。

And if you look at the charts, actually, the data growth outpaces the compute growth, which means that compute growth has to catch up sooner rather than later.

如果你看一下圖表，實際上，數據增長超過了計算增長，這意味著計算增長必須盡快趕上而不是更晚。

So from my vantage point, as long as that data continues to grow, and I mentioned this before, 2 years from now, we're going to generate twice the amount of data we generate in human history, that means that data has to be computed.

所以從我的角度來看，只要數據繼續增長，我之前提到過，從現在起兩年後，我們將生成人類歷史上生成的數據量的兩倍，這意味著數據必須是計算。

And today, only 6% of that data has been utilized.

而今天，只有 6% 的數據得到了利用。

The other 94% has not been utilized.

其餘 94% 尚未使用。

So from that point, I feel very good and confident about the ongoing demand, and we see that in the momentum we had in the last few quarters.

因此，從那時起，我對持續的需求感到非常滿意和有信心，我們在過去幾個季度的勢頭中看到了這一點。

And at this point in time, I think that will continue.

在這個時候，我認為這種情況會繼續下去。

In terms of the server AUPs, listen, as we said before, it's all structural.

就服務器 AUP 而言，聽著，正如我們之前所說，它都是結構性的。

This quarter, actually, if you recall 2 quarters ago, I said as we exit 2018, we will see mitigated declines in units, and that's exactly what happened here, has been very low single-digit decline in units.

這個季度，實際上，如果你還記得兩個季度前，我說過，當我們退出 2018 年時，我們將看到單位下降有所緩解，而這正是這裡發生的情況，單位下降非常低的個位數。

And the rest is all structural AUP driven by the mix shift to Gen10, which drives more option attach.

其餘的都是由混合轉向 Gen10 驅動的結構性 AUP，這推動了更多的選項附加。

And ultimately -- the elevated DRAM price is still there, although now still declining.

最終 - 高架 DRAM 價格仍然存在，儘管現在仍在下降。

But the fact of the matter is that these servers, these computer platforms will continue to add more and more options and, therefore, the AUP structural changes are permanent as we go along.

但事實是，這些服務器、這些計算機平台將繼續添加越來越多的選項，因此，隨著我們的發展，AUP 結構變化將是永久性的。

Next question will be from Simon Leopold with Raymond James.

下一個問題將來自 Simon Leopold 和 Raymond James。

I wanted to see if you could speak about how you see the trajectory for the server markets, excluding the hyperscale portion, and how much of this is influenced by the macro and other factors.

我想看看你是否可以談談你如何看待服務器市場的軌跡，不包括超大規模部分，以及其中有多少受到宏觀和其他因素的影響。

And just one -- I'll just add in there, are you expecting any changes in the competitive dynamics with Dell considering its plan to come back into the public space now?

只有一個 - 我只是在那裡添加，你是否期望戴爾考慮其現在重返公共領域的計劃，競爭動態會發生任何變化？

And its assertion that the integration with EMC is complete.

並斷言與 EMC 的集成已經完成。

Yes, I mean, we have a very deliberate strategy to shift from volume to value.

是的，我的意思是，我們有一個非常慎重的戰略，從數量轉向價值。

Despite that, volume business grew 7% for the year, which is good.

儘管如此，全年銷量增長了 7%，這很好。

And our value business grew 20% year-over-year, and that's because the software-defined infrastructure is the perfect architecture to deploy on-premises against these specific optimized workload solutions that customers are looking for.

我們的價值業務同比增長 20%，這是因為軟件定義的基礎架構是針對客戶正在尋找的這些特定優化工作負載解決方案進行本地部署的完美架構。

When you look at that value business, our HPC business, our high-performance compute business grew 25%, and that's driven by the big data analytics and specific segments like government, oil and gas, weather and academia.

當您查看該價值業務時，我們的 HPC 業務、我們的高性能計算業務增長了 25%，這是由大數據分析和政府、石油和天然氣、天氣和學術界等特定領域推動的。

If I look at the hyperconverged business, growing triple digits.

如果我看一下超融合業務，增長三位數。

If you look at our Synergy business, grew 280%.

如果你看看我們的 Synergy 業務，增長了 280%。

But now it's already a $1 billion run rate.

但現在它已經達到了 10 億美元的運行率。

All these platforms actually drive higher services attach with Operational Services.

所有這些平台實際上都推動了與運營服務相關的更高服務。

And so we continue that to -- we continue to believe that's going to continue to grow.

因此，我們繼續這樣做——我們繼續相信它會繼續增長。

And everything we have done is deliberately to shift to that model, not just from the engineering perspective but as well as from the go-to-market perspective because the way we actually incent our people is to go sell solutions that they're workload optimized.

我們所做的一切都是故意轉向該模型，不僅從工程角度而且從上市角度來看，因為我們實際激勵我們的員工的方式是去銷售他們工作負載優化的解決方案.

So I feel very good about that, and we expect that to continue, whether it's on prem, cloud infrastructure or mission-critical applications.

所以我對此感覺非常好，我們希望這種情況會繼續下去，無論是在預置、雲基礎設施還是關鍵任務應用程序。

In fact, our mission-critical business, think about workloads like HANA or SQL or Oracle, actually, that business grew 35%, which is very, very strong.

事實上，我們的關鍵任務業務，想想像 HANA 或 SQL 或 Oracle 這樣的工作負載，實際上，該業務增長了 35%，這是非常非常強勁的。

So I feel good about that.

所以我對此感覺很好。

Now in terms of the Tier 1 business or the hyperscalers, we made that decision almost 2 years ago.

現在，就一級業務或超大規模企業而言，我們大約 2 年前就做出了這個決定。

And to Tarek's comment, it used to be 20% of the business, now it's less than 10% of the business.

根據 Tarek 的評論，它曾經佔業務的 20%，現在不到業務的 10%。

And we have been very deliberate about that because there was no margins to be made, or at least not the one that we wanted to make.

我們對此非常慎重，因為沒有利潤可賺，或者至少不是我們想要賺的利潤。

And number two, there was no services pull through associated with that.

第二，沒有與之相關的服務。

So our -- we are set on our strategy, and that's what we are executing.

所以我們 - 我們制定了我們的戰略，這就是我們正在執行的。

Dell, listen, I'm focused on my strategy.

戴爾，聽著，我專注於我的戰略。

And listen, I'm very pleased and proud of what we have done here in the first year with the team.

聽著，我為我們在第一年與團隊在這裡所做的一切感到非常高興和自豪。

We are growing revenue in the company on the high single digits.

我們公司的收入以高個位數增長。

We are expanding profitability by 63% on our earnings per share.

我們將每股收益的盈利能力提高了 63%。

We are returning $7 billion of cash or capital to shareholders.

我們將向股東返還 70 億美元的現金或資本。

And we are validating our strategy with customers every single day.

我們每天都在與客戶一起驗證我們的策略。

Last week, at the HPE Discover in Madrid, we had more than 10,000 customers come in and telling us we are on the right path.

上週，在馬德里的 HPE Discover 上，我們有超過 10,000 名客戶前來告訴我們，我們走在正確的道路上。

Next question will be from Toni Sacconaghi with Bernstein.

下一個問題將來自 Toni Sacconaghi 和 Bernstein。

Two questions, please.

請教兩個問題。

First, I'm wondering if you can comment at all on the impact of tariffs.

首先，我想知道你是否可以就關稅的影響發表評論。

I think as of November 1, you increased pricing on Aruba by 10%.

我想從 11 月 1 日起，你們將 Aruba 的定價提高了 10%。

And I'm wondering, would you continue to increase price if there was change in tariffs?

我想知道，如果關稅發生變化，你們會繼續提高價格嗎？

And did you see any kind of pull in, in advance of the price increases that benefited Aruba in the quarter?

在本季度使 Aruba 受益的價格上漲之前，您是否看到任何形式的拉動？

Could you comment on that, please?

你能對此發表評論嗎？

Yes, Toni.

是的，托尼。

So yes, we increased prices like any other competitor has done.

所以是的，我們像其他競爭對手一樣提高了價格。

Remember, in the U.S. tariff, there were 4 phases.

請記住，在美國的關稅中，有 4 個階段。

The first 2 phases, we managed it.

前兩個階段，我們做到了。

There was no impact to us.

對我們沒有影響。

The third phase is exactly the one you're talking about, the 10%.

第三階段就是你說的那10%。

And as you read the last few days, it's uncertain what is going to happen on January 1. We'll see the outcome of the negotiation.

正如你最近幾天讀到的那樣，不確定 1 月 1 日會發生什麼。我們將看到談判的結果。

But we increased the prices 10%, and we saw no pull up because of that price increase expected on November 1. So there was no incremental benefit for Q4.

但我們將價格提高了 10%，但由於 11 月 1 日的預期價格上漲，我們沒有看到任何上漲。因此，第四季度沒有增量收益。

So that's the bottom line.

這就是底線。

As this new -- whatever tariff comes in play, we're already working on 2 aspects of it.

作為這個新的——無論關稅發揮什麼作用，我們已經在研究它的兩個方面。

One, obviously, is the pricing side, but the other one is the supplier side.

顯然，一個是定價方面，另一個是供應商方面。

So we continue to work with our supply chain and our suppliers to figure out what is the long-term strategic option here.

因此，我們繼續與我們的供應鍊和供應商合作，找出這裡的長期戰略選擇。

But we need to wait, what happens with the negotiation because at 10%, it makes no sense to change anything.

但我們需要等待，談判會發生什麼，因為在 10% 時，改變任何東西都沒有意義。

At 25%, obviously, you have to consider other options.

顯然，在 25% 時，您必須考慮其他選擇。

Okay.

好的。

And then I'm just wondering, I don't think you commented on what the -- or maybe I missed it, and I apologize, on what the services operational support growth was specifically in Q4.

然後我只是想知道，我不認為你評論了什麼——或者我可能錯過了它，我很抱歉，關於第四季度服務運營支持增長的具體情況。

And I understand the move to value, but I was under the impression that support services are largely correlated to unit growth.

我理解轉向價值，但我的印像是支持服務在很大程度上與單位增長相關。

And with unit growth down, again, mid-single digits this quarter and down, I think, double digits for the year, is it really realistic to believe that high-margin Operational Services can grow in fiscal '19?

隨著單位增長再次下降，本季度中個位數下降，我認為今年是兩位數，相信高利潤率的運營服務可以在 19 財年增長真的現實嗎？

And if so, why?

如果是這樣，為什麼？

All right.

好的。

So with respect to the Operational Services orders in Q4, they were down as we pulled through some of those orders into Q3.

因此，關於第四季度的運營服務訂單，當我們將其中一些訂單拖入第三季度時，它們有所下降。

In the course of the fiscal year '18, overall, OS services orders were up 2%, as I mentioned in my script.

正如我在腳本中提到的那樣，在 18 財年的過程中，總體而言，操作系統服務訂單增長了 2%。

Moving forward to fiscal year '19, Toni, the thing that one has to factor in is what Antonio said with respect to the categories of products that we're selling, they drive higher services attach.

展望 19 財年，托尼，一個人必須考慮的事情是安東尼奧關於我們銷售的產品類別所說的話，它們推動了更高的服務附加。

We do expect continuous growth in OS services in fiscal year '19 as a result of a shift in the category mix that we are driving right now with our strategy.

我們確實預計 OS 服務在 19 財年會持續增長，因為我們正在通過我們的戰略推動類別組合的轉變。

Yes, Toni.

是的，托尼。

Another point I want to make is that units is one thing, but also remember the Operational Services ratio of the -- what we call the intensity rate is a percentage or a correlation to the average unit price of the unit.

我想說的另一點是單位是一回事，但也要記住運營服務比率——我們所說的強度率是一個百分比或與單位平均單價的相關性。

So you can't just use units, right?

所以你不能只使用單位，對吧？

You have to use the penetration rate and the intensity rate associated with that.

您必須使用與之相關的滲透率和強度率。

And as the AUP goes up, the reality on the compute side, the reality is that you're supporting more components in that platform, therefore, the services component of that goes with it as a ratio.

隨著 AUP 的上升，在計算方面的現實情況是，您在該平台中支持更多組件，因此，其服務組件也隨之而來。

So that's why we are confident that in 2018, our Operational Services orders or the bookings will continue to grow as we continue to shift to the more blocks of IT which is value oriented.

這就是為什麼我們有信心在 2018 年，隨著我們繼續轉向更多以價值為導向的 IT 模塊，我們的運營服務訂單或預訂將繼續增長。

Next question will be from Shannon Cross with Cross Research.

下一個問題將來自 Cross Research 的 Shannon Cross。

I want to talk a bit about operating cash flow and free cash flow.

我想談談經營現金流和自由現金流。

Both AP as well as AR were uses of cash benefit from inventory, if you can just talk a bit about some of the moves there and then how we should think about fiscal 2019.

AP 和 AR 都是利用庫存的現金收益，如果你能談談那裡的一些舉措，然後我們應該如何考慮 2019 財年。

I know you reiterated your guidance, but maybe if you can provide some reminders about what's nonrecurring that hit this year that gives you comfort in the higher guidance for next year or the growth next year.

我知道你重申了你的指導，但也許你可以提供一些關於今年發生的非經常性事件的提醒，讓你對明年更高的指導或明年的增長感到欣慰。

So you can refer to the presentation, and specifically on Slide 11, with respect to the operating cash flow trends versus the total free cash flow trends.

因此，您可以參考有關經營現金流趨勢與總自由現金流趨勢的演示文稿，特別是幻燈片 11。

The one thing that you want me to comment on is the role of inventory in the quarter.

你想讓我評論的一件事是庫存在本季度的作用。

We have sold more of our own manufactured products, and that's why when you calculate the impact of free cash flow, you have to factor in the movement in inventory.

我們銷售了更多自己製造的產品，這就是為什麼在計算自由現金流的影響時，必須考慮庫存變動的原因。

The growth in overall operating free cash flow is very, very tangible.

整體經營自由現金流的增長非常非常明顯。

And the best way to see the sources of the growth in operating free cash flow is to look at the margin expansion in our operating profit between the first quarter '18 versus the fourth quarter '18 exit.

查看運營自由現金流增長來源的最佳方式是查看 18 年第一季度與 18 年第四季度退出之間我們的運營利潤的利潤率增長。

You can observe, for example, that the first quarter '18, we finished OP at $593 million, and whereas in the fourth quarter of fiscal year '18, we exited with close to $800 million in operating profit.

例如，您可以觀察到，18 年第一季度，我們以 5.93 億美元的價格完成了 OP，而在 18 財年第四季度，我們以接近 8 億美元的營業利潤退出。

And that is what is standing behind the growth in overall free cash flow.

這就是整體自由現金流增長背後的原因。

So that is sustainable.

所以這是可持續的。

That is what has been driven by that HPE Next program.

這就是 HPE Next 計劃所推動的。

And we keep a tight lid on the benefits and run rate benefits that HPE Next has delivered to us.

我們對 HPE Next 為我們帶來的優勢和運行率優勢嚴格保密。

And this is what stands behind the growth that we foreshadowed at SAM in October 2018 for fiscal year '19 and beyond.

這就是我們在 2018 年 10 月在 SAM 上為 19 財年及以後所預示的增長背後的原因。

And with respect to the nonrecurring item on free cash flow, there will be more of that in the 10-K that we will file in the upcoming days.

關於自由現金流的非經常性項目，我們將在未來幾天提交的 10-K 中包含更多內容。

But suffice it to say that there are recurring charges in the amount of $531 million that we took for the full year, some IT costs, some consulting fees that were one-offs and other nonrecurring charges, the total of which is about $800 million, give or take.

但足以說明我們全年收取的經常性費用為 5.31 億美元，一些 IT 成本，一些一次性的諮詢費和其他非經常性費用，總計約為 8 億美元，給或拿。

You'll see all that break down in the 10-K that we will file in the upcoming 2 weeks.

您會在我們將在接下來的 2 週內提交的 10-K 中看到所有這些分解。

I would say, Shannon, I mean, we are very confident about our '19 and '20 guidance.

我會說，香農，我的意思是，我們對 19 和 20 年的指導非常有信心。

As you'll recall at the Securities Analyst Meeting, we said we're going to grow 50% free cash flow between '18 and '19 and we're going to double it by 2020.

正如您在證券分析師會議上回憶的那樣，我們表示我們將在 18 年和 19 年之間將自由現金流增長 50%，並且我們將在 2020 年之前將其翻一番。

And that's because all the leverage that we get through HPE Next, the portfolio mix shift that we talked about it.

那是因為我們通過 HPE Next 獲得的所有槓桿作用，我們談到的投資組合組合轉變。

And I will say we are executing.

我會說我們正在執行。

We are executing exactly what we committed a year ago, and this year has been really good from that vantage point.

我們正在執行我們一年前做出的承諾，從這個有利的角度來看，今年真的很好。

And then can you just talk a bit more about China and some of the pressure you're seeing there?

然後你能多談談中國和你在那裡看到的一些壓力嗎？

I'm curious if the declines we saw this quarter on a year-over-year basis sort of give us an idea of the magnitude of what you're walking away from for the foreseeable future.

我很好奇我們在本季度看到的同比下降是否讓我們了解了在可預見的未來你正在遠離的規模。

Or what specifically is going on there as you walk away from unprofitable contracts?

或者當你放棄無利可圖的合同時，那裡具體發生了什麼？

Yes.

是的。

So let's remind ourselves what the model for us is in China.

因此，讓我們提醒自己，中國的模式是什麼。

We have a joint venture, although we own only 49% of that joint venture, and we resell our products through H3C -- or the New H3C, which is the company that we actually sold to the Unigroup a couple of -- 3 years ago.

我們有一家合資企業，儘管我們只擁有該合資企業 49% 的股份，我們通過 H3C 或新華三轉售我們的產品，這是我們實際上在 3 年前賣給紫光集團的公司.

And so they make their own choices, right?

所以他們做出自己的選擇，對吧？

So they're trying to balance profitability and growth.

所以他們試圖平衡盈利能力和增長。

And there were demands in certain areas of the portfolio, including hyperscalers that we decided not to participate.

投資組合的某些領域存在需求，包括我們決定不參與的超大規模。

So from that perspective, we actually kind of at arm's length, if you will.

所以從這個角度來看，如果你願意的話，我們實際上有點敬而遠之。

We just sell through them and they make their own choices.

我們只是通過他們銷售，他們做出自己的選擇。

So we work with them on an ongoing basis because ultimately they are the ones that make those decisions.

因此，我們會持續與他們合作，因為最終是他們做出這些決定。

Next question will be from Paul Coster with JPMorgan.

下一個問題將來自摩根大通的保羅科斯特。

I wonder if you can just give us a little bit of color on the edge compute growth trajectory relative to everything else.

我想知道你是否可以給我們一些關於邊緣計算相對於其他一切的增長軌蹟的顏色。

And do you see any cross-selling sort of synergies with your broader Hybrid IT offerings?

您是否看到任何交叉銷售與更廣泛的混合 IT 產品之間的協同效應？

Yes.

是的。

So the edge compute business is growing significantly.

因此，邊緣計算業務正在顯著增長。

This is driven by the use cases in specific verticals.

這是由特定垂直領域的用例驅動的。

We see that in manufacturing.

我們在製造業中看到了這一點。

We see that in hospitals.

我們在醫院看到了。

As the IoT part of this and the convergence of both the OT, operational technology, and IT becomes a reality, that's a big advantage that we have.

隨著其中的物聯網部分以及 OT、運營技術和 IT 的融合成為現實，這是我們擁有的一大優勢。

We are one of the only vendors that have a true converged OT and IT platform, and I can tell you, it's growing triple digits.

我們是僅有的擁有真正融合 OT 和 IT 平台的供應商之一，我可以告訴你，它正在以三位數的速度增長。

And obviously, we expect that to continue to be the case.

顯然，我們希望情況會繼續如此。

But more and more it is a vertical solution, top to bottom, from infrastructure to software to analytics to connectivity and security.

但它越來越成為一個垂直解決方案，從上到下，從基礎設施到軟件到分析再到連接和安全。

And that's why the combination of Aruba with networking, connectivity and security with an edge compute allows us to provide full-blown solutions for customers.

這就是為什麼將 Aruba 與網絡、連接和安全性與邊緣計算相結合，使我們能夠為客戶提供成熟的解決方案。

So that's what we see at this point in time.

所以這就是我們在這個時間點看到的。

And definitely, there are this synergy because all the large deals that we see with Aruba are the reasons that happen through our cross synergy when we go-to-market with Hybrid IT.

當然，存在這種協同作用，因為我們看到與 Aruba 的所有大型交易都是我們在使用混合 IT 進入市場時通過交叉協同作用發生的原因。

More and more, we sell an edge to cloud architecture.

我們越來越多地向雲架構銷售優勢。

We sell the campus and branch solutions with Aruba.

我們與 Aruba 一起銷售園區和分支機構解決方案。

In verticals, we sell edge compute.

在垂直領域，我們銷售邊緣計算。

And then we sell the cloud.

然後我們賣雲。

The cloud, maybe -- call it on-premises or hybrid, if you will.

雲，也許——如果你願意的話，可以稱之為本地或混合。

And in that context, we see the whole pull-through.

在這種情況下，我們看到了整個過程。

A great example of this is the announcement I made with the Golden State Warriors.

一個很好的例子就是我與金州勇士隊的聲明。

Or what we do with Formula 1 just to bring it to reality.

或者我們對 Formula 1 所做的只是為了將其變為現實。

We provide them the cloud for the factory.

我們為他們提供工廠的雲。

We provide them the edge, the circuit, and so in other use cases.

我們在其他用例中為他們提供邊緣、電路等。

So it's a big opportunity, and it's all driven by this experience you need to provide at the edge and the fact you need to extract value and deliver outcomes from the data that generate at the core.

因此，這是一個巨大的機會，而這一切都取決於您需要在邊緣提供的這種體驗，以及您需要從核心生成的數據中提取價值並交付成果這一事實。

And so that's why I'm very excited about our strategy.

這就是為什麼我對我們的戰略感到非常興奮。

Are there any special incentives around the data center products inside that Intelligent Edge team?

Intelligent Edge 團隊內部的數據中心產品是否有任何特殊激勵措施？

Yes.

是的。

So there is -- definitely is compensation that the account manager sells everything.

所以 - 肯定是客戶經理出售所有東西的補償。

They get paid on selling the full-blown solution.

他們通過銷售成熟的解決方案獲得報酬。

And then obviously, when you bring the specialists, they are paid on the specific components of it.

然後很明顯，當您聘請專家時，他們會根據其中的特定組件獲得報酬。

But the reality, there's cross incentives that goes back and forth.

但現實是，存在來回的交叉激勵。

But let's be clear, the edge people are just the specialist people, really, the people who bring to bear the solution.

但我們要明確一點，邊緣人只是專家，實際上，是帶來解決方案的人。

And the Hybrid IT people sell everything, edge to cloud.

混合 IT 人員銷售一切，從邊緣到雲。

And so that's why the strategy is working and more and more pull-through for Aruba is happening.

這就是為什麼該戰略正在發揮作用並且 Aruba 正在發生越來越多的突破。

And the same the other way around because once you have connectivity, you have to do some sort of processing of data.

反之亦然，因為一旦建立連接，就必須對數據進行某種處理。

And that's where we bring the edge compute to bear.

這就是我們帶來邊緣計算的地方。

The next question will be from Jim Suva with Citi.

下一個問題將來自花旗銀行的 Jim Suva。

In your prepared comments, you made a reference to some efforts in China that I believe impacted your margins a little bit.

在你準備好的評論中，你提到了在中國的一些努力，我認為這些努力對你的利潤產生了一些影響。

Can you just give us some color on what's going on with your efforts there and the margins and outlook, especially as it relates to who knows what's going to happen with trade wars and stuff?

您能否簡單介紹一下您在那裡所做的努力以及利潤率和前景，特別是與誰知道貿易戰和其他事情會發生什麼有關？

And does this relate all to H3C, which historically we've known, or is it something different?

這是否與歷史上我們所熟知的 H3C 有關，還是有所不同？

Yes -- no.

是的——不。

So again, we don't sell direct in China.

同樣，我們不直接在中國銷售。

We actually moved to this new model almost 3 years ago now.

實際上，我們大約 3 年前就轉向了這種新模式。

And H3C is the sole distributor of HP products, and they represent us in China.

而H3C是惠普產品的獨家經銷商，他們代表我們在中國。

But they are sold as a part of the H3C portfolio.

但它們作為 H3C 產品組合的一部分出售。

And what we are doing, like they are doing is focus on profitable growth.

我們正在做的，就像他們正在做的那樣，專注於盈利增長。

And so as they focus on the entire portfolio, they pick and choose where they believe is the best thing to do.

因此，當他們專注於整個投資組合時，他們會挑選並選擇他們認為最好的事情。

And we are very happy, actually, incredibly happy with the performance of H3C because as you know we collect as dividends and they have done really well performance wise.

事實上，我們對 H3C 的表現感到非常高興，非常高興，因為正如你所知，我們收集股息，他們在表現方面做得非常好。

Yes.

是的。

What I was getting is more forward-looking is what you've seen going on.

我得到的是更具前瞻性的是你所看到的。

Is that something we should expect into 2019 or is it a new change from what occurred in the past?

這是我們在 2019 年應該期待的事情，還是與過去發生的事情相比發生的新變化？

No, I think it continues in 2019.

不，我認為它會在 2019 年繼續。

And honestly, listen, China is the second-largest IT market now.

老實說，中國現在是第二大 IT 市場。

There is a lot of opportunities, but you have to be very focused on where to spend your energy to drive profitable growth.

機會很多，但您必須非常專注於將精力花在何處以推動盈利增長。

And they are the ones that make those decisions.

他們是做出這些決定的人。

As you recall, we have actually rights in the governance because, obviously, we're part of the board.

您還記得，我們實際上擁有治理權，因為很明顯，我們是董事會的一部分。

But the reality is that, that market will continue to grow.

但現實是，該市場將繼續增長。

Then there will be some seasonality, variability quarter-to-quarter depending on the pipeline, but in the end, we believe China is a great market going forward.

然後會有一些季節性，季度與季度之間的差異取決於管道，但最終，我們相信中國是一個偉大的市場。

And we rely on them, and very happy with what they're doing.

我們依賴他們，並且對他們正在做的事情非常滿意。

And just housekeeping, tax rate was lower this quarter and other income was better.

只是家務，本季度的稅率較低，其他收入較好。

How should we think about for 2019, those items?

我們應該如何考慮 2019 年的這些項目？

Jim, so I would refer you to what we said at the Securities Analyst Meeting.

吉姆，所以我建議你參考我們在證券分析師會議上所說的話。

We basically guided other income and expense at a $250 million expense that includes the equity interest.

我們基本上以包括股權在內的 2.5 億美元支出來指導其他收入和支出。

And then if you remember the tax rate, we basically said from a non-GAAP perspective would be 13%.

然後如果你還記得稅率，我們基本上說從非 GAAP 的角度來看是 13%。

So I would continue to use those going forward.

所以我會繼續使用那些前進的。

Next question will be from Jeff Kvaal from Nomura Instinet.

下一個問題將來自 Nomura Instinet 的 Jeff Kvaal。

I'd like to lead off with an Aruba question.

我想先問一個阿魯巴問題。

Obviously, that's been a source of great strength, both [naturally] and also some upside.

顯然，這一直是強大力量的源泉，既 [自然] 也有一些好處。

Can you talk a little bit about where you think that strength is coming from?

你能談談你認為力量來自哪裡嗎？

Obviously, there's a decent amount of good IT spending.

顯然，有相當數量的良好 IT 支出。

There's a little bit of a switch refresh underway from your competitors.

您的競爭對手正在進行一些開關更新。

Did that help?

那有幫助嗎？

And then how much is share gain a factor there?

然後那裡的份額增長是多少？

And then secondly, Tarek, this is maybe for you, but I think you had mentioned earlier in the script that the FX headwinds had stiffened a little bit for you over the course of the quarter.

其次，Tarek，這可能適合你，但我想你在劇本的前面已經提到過，在本季度的過程中，外匯逆風對你來說有所加強。

That doesn't appear to have changed your guidance at all, and I'm wondering if you could talk us through that, please.

這似乎根本沒有改變你的指導，我想知道你是否可以和我們談談，拜託。

Sure.

當然。

I will take the first question and then Tarek will take the second one.

我將回答第一個問題，然後 Tarek 將回答第二個問題。

So we continue to see strength in the Aruba business because the reality is the edge is where we live and work, and everybody's looking for providing a whole different experience.

因此，我們繼續看到 Aruba 業務的優勢，因為現實是邊緣是我們生活和工作的地方，每個人都在尋求提供完全不同的體驗。

And the mobile first, cloud first approach that Aruba has is actually resonating with customers and allows them to provide this new experience as well as in hospitals or venues or retail verticals.

Aruba 的移動優先、雲優先方法實際上引起了客戶的共鳴，並允許他們在醫院、場館或零售垂直領域提供這種新體驗。

They are all looking to provide that connectivity with an application experience that collects data and obviously extracts value out of that data.

他們都希望通過收集數據並從數據中明顯提取價值的應用程序體驗來提供連接性。

And Aruba is perfectly suited for that because it has a platform-driven approach.

Aruba 非常適合這一點，因為它採用平台驅動的方法。

And so that drives switching.

這樣就推動了轉換。

It drives the new architecture for wireless connectivity now with the WiFi 6 that's going to be available here soon.

它現在通過即將在此處提供的 WiFi 6 推動無線連接的新架構。

And obviously, the expansion through this IoT-led use cases, for example, smart buildings and so forth.

顯然，通過這種物聯網主導的用例進行擴展，例如智能建築等。

So that's why we are so bullish about that business.

這就是我們如此看好該業務的原因。

And then when you bring edge compute to that platform, then you add the incremental capabilities because it is easier to move to cloud computing where the data is, not the other way around.

然後，當您將邊緣計算引入該平台時，您會添加增量功能，因為更容易遷移到數據所在的雲計算，而不是相反。

So that's where we see.

這就是我們看到的地方。

And it's all experience driven, and the architecture we have actually enables that.

這都是經驗驅動的，而我們擁有的架構實際上可以實現這一點。

Yes.

是的。

On FX, good observation.

在 FX 上，良好的觀察力。

The FX rates have moved somewhat unfavorably relative to the prior month when we were at SAM.

與我們在 SAM 的前一個月相比，外匯匯率有些不利。

When we were at SAM, the euro was trading at about $1.15.

當我們在 SAM 時，歐元的交易價格約為 1.15 美元。

And now, the new spot rates are pointing to $1.13, trending a little bit lower.

而現在，新的即期匯率指向 1.13 美元，呈小幅下跌趨勢。

So remember then, we said we would face a headwind of 1 to 2 points.

所以請記住，我們說過我們將面臨 1 到 2 分的逆風。

Now it's going to be looking closer to 2 points for fiscal year '19.

現在，19 財年將接近 2 個百分點。

That's why we can't say at this stage given where the rates are trending.

這就是為什麼我們不能在這個階段說出利率的趨勢。

And Tarek...

還有塔雷克...

[But it] can change.

[但它]可以改變。

It can change.

它可以改變。

Next question will be from Rod Hall with Goldman Sachs.

下一個問題將來自 Rod Hall 和 Goldman Sachs。

I just wanted to ask a question about the cash flow.

我只想問一個關於現金流的問題。

I see that the proceeds from sale of PP&E almost more or less doubled in the quarter off of last quarter.

我看到出售 PP&E 的收益在上個季度幾乎翻了一番。

And I wonder if you could give us any color on what drove that increase.

我想知道你是否可以告訴我們是什麼推動了這種增長。

And then I have a follow-up to that.

然後我有一個後續行動。

Yes, that is correct.

對，那是正確的。

We did have a -- quite a unique transaction during the course of the quarter.

在本季度的過程中，我們確實有一筆非常獨特的交易。

There was a -- overall in the year, there's about $400 million of real estate gains and most of which happened in Q4.

有一個 - 總體而言，今年有大約 4 億美元的房地產收益，其中大部分發生在第四季度。

We effectively sold the campus that we occupy right now in Palo Alto.

我們有效地賣掉了我們現在在帕洛阿爾托佔據的校園。

And we're moving into a new location during the course of fiscal year '19, at the beginning of the calendar year of '19.

我們將在 19 財年期間，即 19 日曆年開始時搬遷到新地點。

You'll see all of that explained and disclosed in our 10-K for greater details.

您將在我們的 10-K 中看到所有解釋和披露的內容以獲取更多詳細信息。

But that's a one-off.

但那是一次性的。

We'll continue to optimize our real estate, but that is quite a unique transaction that has happened in the fourth quarter.

我們將繼續優化我們的房地產，但這是第四季度發生的非常獨特的交易。

Okay, great.

好的，太好了。

Then just to follow-up on that, I wanted to -- I know that the underlying business there is -- or at least a lot of that is the leasing business.

然後只是為了跟進，我想 - 我知道那裡的基礎業務 - 或者至少其中很多是租賃業務。

And I know some of that is HPQ-related leasing.

我知道其中一些是與 HPQ 相關的租賃。

And I wondered if you could say kind of what proportion of that leasing business in the Financial Services arm is related to HPQ.

我想知道你是否可以說一下金融服務部門的租賃業務中有多少與 HPQ 相關。

And how much is HPE?

HPE 多少錢？

I just don't really know the split between the 2 things.

我只是不太清楚這兩件事之間的區別。

We don't disclose the split of the receivables in Financial Services between HPE and HPQ.

我們沒有披露 HPE 和 HPQ 之間金融服務應收賬款的拆分。

But it has been trending around at the same levels at historical data prior to the split.

但它在拆分前的歷史數據中一直處於相同水平。

There hasn't been any major change in that regard.

在這方面沒有任何重大變化。

We continue to drive significant growth in volume.

我們繼續推動銷量的顯著增長。

We pointed to 8% volume growth in Financial Services for this year, and I'm very pleased with how that is going.

我們指出今年金融服務業務量增長了 8%，我對目前的情況感到非常滿意。

Our last question today will be from Amit Daryanani with RBC Capital Markets.

我們今天的最後一個問題將來自 RBC Capital Markets 的 Amit Daryanani。

I guess, the 2 questions will be, one, on storage.

我想，這 2 個問題將是，一個，關於存儲。

It was up 13% year-over-year.

同比增長 13%。

That's fairly impressive.

這相當令人印象深刻。

Just talk about what enabled that.

只是談談是什麼促成的。

And how do you think that trends going forward through fiscal '19?

您如何看待 19 財年的趨勢？

And then secondly, on Pointnext, I think it was down 3% year-over-year.

其次，在 Pointnext 上，我認為它同比下降了 3%。

How much will it be down?

會跌多少？

Or what are the extra divestitures, geos that you're exiting from on Pointnext?

或者你在 Pointnext 上退出的額外資產剝離和地理位置是什麼？

Yes, let me talk about storage first.

對，先說存儲。

Listen, I'm very pleased with our performance in fiscal year '18.

聽著，我對我們在 18 財年的表現感到非常滿意。

We grew 13% for the full year, which is faster than the market.

我們全年增長了 13%，快於市場。

So we expect to gain share in the external storage.

所以我們希望在外部存儲中獲得份額。

And that's driven by a cohesive strategy with both Nimble and 3PAR, enabled by a phenomenal platform called HPE InfoSight, which provides predictive analytics for storing and managing that data.

這是由 Nimble 和 3PAR 共同製定的戰略推動的，該戰略由一個名為 HPE InfoSight 的非凡平台提供支持，該平台提供用於存儲和管理該數據的預測分析。

And last week, I announced that we're extending that platform now to the rest of the on-prem business infrastructure, including both compute and networking.

上週，我宣布我們現在將該平台擴展到其他本地業務基礎設施，包括計算和網絡。

So customer sees the value of predictive analytics, fix the problems before they happen.

因此，客戶看到了預測分析的價值，在問題發生之前解決了問題。

And obviously, now we keep adding features to both the InfoSight and the 2 platform, both Nimble and 3PAR, with the availability of new flash storage and so forth.

顯然，現在我們不斷向 InfoSight 和 2 平台（包括 Nimble 和 3PAR）添加功能，並提供新的閃存等。

If you add the hyperconverged part of that on top of storage, well, actually, we're growing -- we will be growing almost 20%, 19%.

如果你在存儲之上添加超融合部分，那麼，實際上，我們正在增長——我們將增長近 20%、19%。

And so the combination of different infrastructure for different use cases plus our intellectual property is paying off.

因此，針對不同用例的不同基礎設施加上我們的知識產權的組合正在取得回報。

And again, we expect that to continue to be the case in 2019 and beyond because we have some exciting solutions that are coming to market.

同樣，我們預計這種情況在 2019 年及以後會繼續存在，因為我們有一些令人興奮的解決方案即將上市。

And some of them, we announced it last week at HPE Discovery Madrid.

其中一些是我們上週在 HPE Discovery Madrid 上宣布的。

I don't know, Tarek, if you want to talk about the Pointnext question?

我不知道，Tarek，你是否想談談 Pointnext 問題？

Yes.

是的。

To add a little bit more color on revenue for Pointnext, in the quarter, revenue from operating services was down 1%.

為了給 Pointnext 的收入增添一點色彩，本季度來自運營服務的收入下降了 1%。

Overall, for the full year, it was growing at 2%.

總體而言，全年增長率為 2%。

Equally, orders for the full year were growing at 2%.

同樣，全年訂單增長 2%。

And that was reflected in my script as well.

這也反映在我的劇本中。

I think with that, we can close up the call, please.

我想這樣，我們就可以結束通話了。

Well, thank you for the time, and thank you for the questions.

好吧，謝謝你的時間，也謝謝你的問題。

And I just want to wrap by saying I'm very pleased with the fiscal year '18 performance, with our growth and expanding profitability and our innovation.

最後，我只想說我對 18 財年的業績、我們的增長和不斷擴大的盈利能力以及我們的創新感到非常滿意。

I think we made great progress as we transition.

我認為我們在轉型過程中取得了很大進步。

And this was all 100% execution driven.

這都是 100% 執行驅動的。

100% of what we did here was about executing our strategy, which is clear and resonating with our customers and partners.

我們在這裡所做的 100% 都是關於執行我們的戰略，該戰略清晰明了並引起了我們的客戶和合作夥伴的共鳴。

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 very much.

非常感謝。

Have a great one.

有一個偉大的。