惠普企業 (HPE) 2019 Q1 法說會逐字稿

Good morning, good afternoon and good evening, and welcome to the First Quarter 2019 Hewlett Packard Enterprise Earnings Conference Call.

早上好，下午好，晚上好，歡迎來到 2019 年第一季度惠普企業收益電話會議。

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

我叫 Denise，我將擔任今天電話會議的主持人。

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

（操作員說明）提醒一下，正在錄製此會議以供重播。

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

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

Please proceed.

請繼續。

Good afternoon.

下午好。

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

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

And I'd like to welcome you to our Fiscal 2019 First 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.

我想歡迎您參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2019 財年第一季度收益電話會議；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 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 obligations 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 January 31, 2019.

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 2019 年 1 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。

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 in 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我們收益演示中的幻燈片。

As mentioned, the earnings presentation can be found posted to our website and 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，也可以將其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.

謝謝，安迪。

Good afternoon, everyone.

大家下午好。

Thank you for joining us.

感謝您加入我們。

Today, we reported another strong quarter for Hewlett Packard Enterprise, providing further evidence that our strategy and disciplined execution are driving solid profitable growth.

今天，我們報告了 Hewlett Packard Enterprise 又一個強勁的季度，進一步證明我們的戰略和嚴格的執行正在推動穩健的盈利增長。

In Q1, we continued to execute against our strategy of accelerating growth in Intelligent Edge and delivering profitable growth in Hybrid IT through innovation, exceptional customer experiences and a commitment to our team and culture.

在第一季度，我們繼續執行我們的戰略，即通過創新、卓越的客戶體驗以及對我們團隊和文化的承諾，加速智能邊緣的增長，並在混合 IT 中實現盈利增長。

We are on track to exceed most of our fiscal year '19 financial commitments that we laid out at our Securities Analyst Meeting in October last year.

我們有望超過我們在去年 10 月的證券分析師會議上製定的大部分 19 財年財務承諾。

Q1 revenue grew 1% year-over-year when adjusted for the Tier 1 segment, in line with our guidance.

根據我們的指導，針對一級細分市場進行調整後，第一季度收入同比增長 1%。

Most importantly, we grew significantly in the high-margin value categories like high-performance compute, hyperconverged and composable infrastructure.

最重要的是，我們在高性能計算、超融合和可組合基礎設施等高利潤率類別中取得了顯著增長。

Our continued mix shift as well as the ongoing cost management and supply chain simplification helped us significantly improve our operating leverage.

我們持續的產品組合轉變以及持續的成本管理和供應鏈簡化幫助我們顯著提高了運營槓桿。

We improved gross margins by 280 basis points year-over-year.

我們的毛利率同比提高了 280 個基點。

We grew non-GAAP operating profit by 19% year-over-year, well above our 6% to 8% guidance.

我們的非美國通用會計準則營業利潤同比增長 19%，遠高於我們 6% 至 8% 的指引。

And we grew non-GAAP earnings per share by 31% to $0.42, well above our outlook of $0.33 to $0.37.

我們將非 GAAP 每股收益增長了 31% 至 0.42 美元，遠高於我們 0.33 美元至 0.37 美元的預期。

All of these drove free cash flow growth of over $200 million year-over-year, putting us well on our way to delivering our fiscal year '19 outlook of $1.4 billion to $1.6 billion.

所有這些推動自由現金流同比增長超過 2 億美元，使我們順利實現 19 財年 14 億美元至 16 億美元的預期。

From a macro perspective, demand remains steady.

從宏觀上看，需求保持平穩。

We continue to monitor the economic uncertainties around the globe, but the overall IT spending environment remains healthy.

我們繼續監測全球經濟的不確定性，但整體 IT 支出環境仍然健康。

Our customers tell us the IT investments they are making are critical to driving business outcomes as they look to harness the explosion of data that continues to grow.

我們的客戶告訴我們，他們正在進行的 IT 投資對於推動業務成果至關重要，因為他們希望利用持續增長的數據爆炸。

While the demand environment is helpful, our performance largely reflects our sound strategy, focused execution and software-defined portfolio that is resonating with our customers around the world.

雖然需求環境很有幫助，但我們的業績在很大程度上反映了我們穩健的戰略、專注的執行和軟件定義的產品組合，這些都引起了全球客戶的共鳴。

Computing at the edge is the next frontier.

邊緣計算是下一個前沿領域。

HPE's unique ability to connect our customers' data between all their edges and all their clouds is a significant differentiator and opportunity for us.

HPE 在客戶所有邊緣和所有云之間連接客戶數據的獨特能力對我們來說是一個重要的差異化因素和機會。

That is why we continue to prioritize strategic investments in the Intelligent Edge business.

這就是為什麼我們繼續優先考慮對智能邊緣業務的戰略投資。

Our Aruba business performed well in Q1.

我們的 Aruba 業務在第一季度表現良好。

We announced 2 important new solutions, the Aruba 510 campus access points designed for 802.11ax and the Aruba 8325 switches.

我們宣布了 2 個重要的新解決方案，即專為 802.11ax 設計的 Aruba 510 園區接入點和 Aruba 8325 交換機。

The introduction of these new offerings should drive accelerated growth in future quarters.

這些新產品的推出應該會推動未來幾個季度的加速增長。

Finally, as you saw in our financial realignment last week, we made an operational change by consolidating our edge data center networking business under Aruba.

最後，正如您在上週的財務調整中看到的那樣，我們通過整合 Aruba 下的邊緣數據中心網絡業務進行了運營變革。

This will help us even more effectively bring our complete networking portfolio to market.

這將幫助我們更有效地將完整的網絡產品組合推向市場。

Investments like these will enable us to continue to be the leader in the edge.

像這樣的投資將使我們能夠繼續成為邊緣領域的領導者。

Turning to our Hybrid IT business.

轉向我們的混合 IT 業務。

We continue to approach this market in a targeted segmented way.

我們繼續以有針對性的細分方式接近這個市場。

That means streamlining our go-to-market approach for our volume solutions and investing in high-value software-defined solutions and services.

這意味著簡化我們的批量解決方案的上市方法，並投資於高價值的軟件定義解決方案和服務。

Software is increasingly embedded across all of our value solutions, and we continue to drive software innovation both through organic investments and acquisitions.

軟件越來越多地嵌入到我們所有的價值解決方案中，我們將繼續通過有機投資和收購來推動軟件創新。

For example, HPE OneView is a software foundation that delivers our composable hybrid cloud vision.

例如，HPE OneView 是一個軟件基礎，可提供我們的可組合混合雲願景。

It has over 1 million licenses in deployment and just won software product of the year for one of the leading channel publications, so it is clearly resonating with our customers and partners.

它擁有超過 100 萬個部署許可證，並且剛剛為一家領先的渠道出版物贏得了年度軟件產品獎，因此它顯然引起了我們的客戶和合作夥伴的共鳴。

And HPE OneView is a key factor in Synergy's success in the market.

而 HPE OneView 是 Synergy 在市場上取得成功的關鍵因素。

HPE Synergy is now a $1 billion run rate business since being introduced just 2 years ago.

自 2 年前推出以來，HPE Synergy 現在的營業額為 10 億美元。

Another good example is Plexxi, which is now incorporated into the composable fabric of our SimpliVity hyperconverged offering.

另一個很好的例子是 Plexxi，它現在被整合到我們 SimpliVity 超融合產品的可組合結構中。

Our hyperconverged portfolio with SimpliVity and Synergy grew 70% in Q1.

我們採用 SimpliVity 和 Synergy 的超融合產品組合在第一季度增長了 70%。

And thanks to our AI software from InfoSight and, more recently, BlueData, we are offering the most intelligent storage platform on the market.

得益於 InfoSight 的 AI 軟件以及最近的 BlueData，我們提供了市場上最智能的存儲平台。

This software is what sets our storage portfolio apart and helped drive the seventh straight quarter of growth.

該軟件使我們的存儲產品組合脫穎而出，並幫助推動了連續第七個季度的增長。

Finally, innovative services like Pointnext GreenLake, which offers a consumption model that lets customers pay for what they use, continued to resonate with customers.

最後，Pointnext GreenLake 等創新服務繼續引起客戶的共鳴，該服務提供了一種讓客戶按使用量付費的消費模式。

GreenLake orders grew double digits in Q1 and added to HPE's subscription services that drive our recurring revenue and profit.

GreenLake 訂單在第一季度增長了兩位數，並增加了 HPE 的訂閱服務，推動了我們的經常性收入和利潤。

We have recently seen competitors compare their offerings to GreenLake, but the reality is that our solution, enabled by software and backed by HPE Financial Services, is the only on-prem consumption-driven offering in the market.

我們最近看到競爭對手將他們的產品與 GreenLake 進行比較，但事實是，我們的解決方案由軟件支持並由 HPE 金融服務支持，是市場上唯一的本地消費驅動型產品。

Beyond GreenLake, Pointnext overall has a strong book-to-bill ratio of 110% in Q1.

除了 GreenLake 之外，Pointnext 第一季度的整體訂單出貨率高達 110%。

As we begin to recognize the full benefit of higher attach rates on our value compute offerings, the go-to-market improvements we have been executing and the completion of the intentional country exit in Advisory and Professional Services, we expect to see a positive inflection in revenue in the second half of fiscal year '19.

隨著我們開始認識到我們的價值計算產品的更高附加率的全部好處、我們一直在執行的上市改進以及諮詢和專業服務中有意國家退出的完成，我們預計會看到積極的變化19 財年下半年的收入。

The investments and focus in differentiated software-defined solutions and services is driving the right mix shift to deliver growth and expand margins in Hybrid IT.

對差異化軟件定義解決方案和服務的投資和關注正在推動正確的組合轉變，以實現混合 IT 的增長和擴大利潤。

Tarek will get into the details, but I'm very pleased with the progress we have made on improving profitability and believe there is still more room to grow.

Tarek 將詳細介紹，但我對我們在提高盈利能力方面取得的進展感到非常高興，並且相信還有更大的增長空間。

Most importantly, our strategy and solutions are resonating with our customers and partners.

最重要的是，我們的戰略和解決方案正在與我們的客戶和合作夥伴產生共鳴。

In Q1, I continued to spend over 50% of my time with our customers and partners, and I consistently hear from them how our vision, portfolio and strategy are perfectly suited to lead them through their digital transformation journeys.

在第一季度，我繼續將超過 50% 的時間花在我們的客戶和合作夥伴身上，並且我不斷聽到他們說我們的願景、產品組合和戰略如何非常適合帶領他們完成數字化轉型之旅。

We continue to win competitive deals due to our differentiated experiences and ability to provide focused portfolio at scale.

由於我們的差異化經驗和大規模提供集中投資組合的能力，我們繼續贏得有競爭力的交易。

For example, in Q1, we won a significant new deal with Telefonica in Spain for a technology infrastructure refresh, including a transition from traditional storage to an all-flash storage solution.

例如，在第一季度，我們在西班牙贏得了與 Telefonica 的一項重大新協議，以更新技術基礎架構，包括從傳統存儲向全閃存存儲解決方案的過渡。

Indiana University selected Aruba for a complete network refresh to support their 109,000 students, including indoor and outdoor access points, wire switches, ClearPath for security, AirWave for network management and NetInsight for analytics and assurance.

印第安納大學選擇 Aruba 進行全面的網絡更新，以支持其 109,000 名學生，包括室內和室外接入點、有線交換機、用於安全的 ClearPath、用於網絡管理的 AirWave 以及用於分析和保證的 NetInsight。

And Tata Motors recently selected us for a significant technology upgrade, including 3PAR and Superdome Flex.

Tata Motors 最近選擇我們進行重大技術升級，包括 3PAR 和 Superdome Flex。

Finally, I believe to completely win, you need the best innovation, which is made possible by having the best talent.

最後，我相信要完全獲勝，你需要最好的創新，而擁有最好的人才才能實現這一點。

Our people are our future.

我們的人民就是我們的未來。

And in Q1, we continued to invest in making HPE a dynamic place where people are proud to work.

在第一季度，我們繼續投資，使 HPE 成為人們引以為豪的充滿活力的工作場所。

With our executive leadership team in place, we've focused on recruiting top talent to HPE and improving the engagement of our teams through new employee experiences, training and professional development and community services opportunities.

憑藉我們的執行領導團隊，我們專注於為 HPE 招聘頂尖人才，並通過新員工體驗、培訓和專業發展以及社區服務機會提高我們團隊的參與度。

And as you may have seen, we began our move to a new state-of-the-art and custom-built headquarters in San Jose, California, 2 weeks ago.

正如您可能已經看到的那樣，兩週前，我們開始搬遷到位於加利福尼亞州聖何塞的最先進的定制總部。

It showcases our innovative solutions while providing collaborative workspaces for our team.

它展示了我們的創新解決方案，同時為我們的團隊提供協作工作空間。

We will host a grand opening in April, and I will be excited to welcome customers, partners and all of you to our new home this year.

我們將在 4 月舉行盛大的開業典禮，今年我將很高興地歡迎客戶、合作夥伴和你們所有人來到我們的新家。

I am pleased with the important progress we have made to transform HPE, and I remain incredibly optimistic about our future.

我很高興我們在轉型 HPE 方面取得了重要進展，我對我們的未來仍然非常樂觀。

Our strategy is on point.

我們的策略是正確的。

The enterprise of the future will be edge-centric, cloud-enabled and data-driven.

未來的企業將以邊緣為中心、雲支持和數據驅動。

And we are proud to be the company who can best help our customers connect all their data wherever it lives.

我們很自豪能夠成為能夠最好地幫助我們的客戶連接所有數據的公司，無論數據位於何處。

Near term, we expect the demand environment to remain healthy and our differentiated software-defined solutions to continue to gain traction with customers, driving accelerated revenue growth starting in Q2.

短期內，我們預計需求環境將保持健康，我們差異化的軟件定義解決方案將繼續吸引客戶，從第二季度開始推動收入加速增長。

Tarek will provide the details, but our confidence in these areas has led us to raise our earnings per share forecast for fiscal year '19.

Tarek 將提供詳細信息，但我們對這些領域的信心使我們提高了 19 財年的每股收益預測。

Longer term, by continuing to execute on our strategy and making important investments in our customers, innovation and our people, I am confident in our ability to deliver strong financial performance and shareholder returns.

從長遠來看，通過繼續執行我們的戰略並對我們的客戶、創新和我們的員工進行重要投資，我對我們實現強勁財務業績和股東回報的能力充滿信心。

I look forward to what lies ahead, and I hope you share my enthusiasm for both the opportunity and for how well positioned we are to capitalize on it.

我期待著未來的發展，我希望你能和我一樣對這個機會以及我們如何充分利用它充滿熱情。

And now let me hand the call over to Tarek, who will provide additional details on the quarter.

現在讓我將電話轉給 Tarek，他將提供有關該季度的更多詳細信息。

Tarek?

塔雷克？

Thank you very much, Antonio.

非常感謝你，安東尼奧。

Now let me share with you our financial results for the quarter.

現在讓我與您分享我們本季度的財務業績。

As I did before, I'll be referencing the slides from our earnings presentation to better highlight the solid start we had in our Q1 to our fiscal year.

正如我之前所做的那樣，我將參考我們的收益演示文稿中的幻燈片，以更好地強調我們在第一季度到本財年的良好開端。

Starting with Slide 1, you'll see that we are already on track to exceed most of our key financial metrics that we committed to at our Securities Analyst Meeting.

從幻燈片 1 開始，您會看到我們已經有望超過我們在證券分析師會議上承諾的大部分關鍵財務指標。

Revenue grew in line with guidance, while we significantly expanded both gross and operating margins, enabling us to deliver non-GAAP earnings per share well above our quarterly outlook.

收入增長符合指引，同時我們顯著提高了毛利率和營業利潤率，使我們能夠實現遠高於季度預期的非 GAAP 每股收益。

This incremental profit and focus on working capital resulted in growing our free cash flow by over $200 million versus the prior year, demonstrating that we are executing well and our strategy is resonating with customers.

這種增量利潤和對營運資金的關注使我們的自由現金流比上一年增加了 2 億美元以上，表明我們執行良好，我們的戰略與客戶產生共鳴。

From a macro perspective, despite some ongoing uncertainties around the globe, we continue to benefit from the underlying trends of ever increasing amounts of data and the acceleration of digital transformations that our customers are undertaking.

從宏觀角度來看，儘管全球仍存在一些不確定性，但我們繼續受益於數據量不斷增加和客戶正在進行的數字化轉型加速的潛在趨勢。

As a result, we have seen IT spending from our enterprise customers remain steady.

因此，我們看到企業客戶的 IT 支出保持穩定。

Looking at foreign exchange rates, they have continued to move unfavorably the last few quarters, and we faced a modest headwind in Q1 of 30 basis points.

看看外匯匯率，它們在過去幾個季度繼續不利地變動，我們在第一季度面臨 30 個基點的適度逆風。

We expect currency will be close to a 2-point headwind to revenue growth on a full year basis in FY '19, based on our current spot rates.

根據我們目前的即期匯率，我們預計 19 財年全年的貨幣收入增長將接近 2 個百分點的逆風。

Looking at Slide 1. Total revenue for the quarter was $7.6 billion, down 2% year-over-year, 1% in constant currency.

看看幻燈片 1。本季度總收入為 76 億美元，同比下降 2%，按固定匯率計算下降 1%。

However, excluding the headwind from our exit of the low-margin Tier 1 business, revenue grew 1%.

然而，排除我們退出低利潤一級業務的不利因素，收入增長了 1%。

Looking forward, we expect the impact from Tier 1 to become less dilutive to revenue growth towards the end of the year.

展望未來，我們預計一級供應商對收入增長的稀釋影響將在年底前減弱。

We also expect the solid enterprise demand environment to continue and our own execution to remain strong, all of which should drive accelerated year-over-year growth rates beginning in Q2.

我們還預計穩健的企業需求環境將繼續存在，我們自身的執行力將保持強勁，所有這些都將推動從第二季度開始的同比加速增長。

Slide 2 gives you a geographic breakdown for the quarter.

幻燈片 2 為您提供了本季度的地理細分。

Americas revenue was up 1% in constant currency.

按固定匯率計算，美洲收入增長 1%。

Core compute grew double digits, and storage grew approximately mid-single digits.

核心計算增長了兩位數，而存儲增長了大約中個位數。

Revenue growth in EMEA continued to be strong, up 2% in constant currency, with double-digit growth in the U.K. and France.

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 2%，其中英國和法國實現了兩位數增長。

Asia Pacific was down 9% in constant currency, primarily driven by revenue declines in the China market.

亞太地區按固定匯率計算下降了 9%，這主要是受中國市場收入下降的推動。

Our HPC partnership there continues to be strong.

我們在那裡的 HPC 合作夥伴關係仍然很牢固。

And we are working to optimize the right mix of HPE product, which generates revenue on our P&L, with HPC's local offerings to maximize the profit of the overall entity.

我們正在努力優化 HPE 產品的正確組合，該產品在我們的損益表中產生收入，並與 HPC 的本地產品相結合，以最大限度地提高整個實體的利潤。

As a reminder, we recognize our 49% equity interest in our P&L and receive dividends.

提醒一下，我們承認我們在損益表中的 49% 股權並獲得股息。

In fiscal year '18, we received cash dividends of $164 million from our HPC joint venture and expect to continue to receive similar dividend payments going forward.

在 18 財年，我們從我們的 HPC 合資企業收到了 1.64 億美元的現金股息，並預計未來將繼續收到類似的股息支付。

Beyond HPC, we saw double-digit growth in the total Asia Pacific region in our Intelligent Edge and Financial Services businesses.

除了 HPC 之外，我們在整個亞太地區的智能邊緣和金融服務業務中也實現了兩位數的增長。

Slide 3 shows our performance in the quarter by segment.

幻燈片 3 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 continuing to win where it matters.

我不會帶你看每一個數字，但關鍵要點是，從投資組合的角度來看，我們將繼續在重要的地方取勝。

We maintained robust growth in our strategically important Intelligent Edge segment, with balanced growth across both wired and wireless LAN.

我們在具有重要戰略意義的智能邊緣領域保持強勁增長，在有線和無線 LAN 領域實現平衡增長。

In Hybrid IT, our high-margin value compute portfolio grew close to 20%, driven by strength in the high-performance compute, which grew over 50%, and in hybrid converged offerings, which grew 70%.

在混合 IT 領域，我們的高利潤計算產品組合增長了近 20%，這主要得益於高性能計算增長超過 50% 以及混合融合產品增長 70%。

Within our storage portfolio, we saw notable strength in all-flash arrays, which grew 20%.

在我們的存儲產品組合中，我們看到全閃存陣列的顯著優勢，增長了 20%。

Our services business continues to show great potential, with a Pointnext book-to-bill ratio of 110% and orders for Pointnext Operational Services, including Nimble services, growing 2% year-over-year in constant currency.

我們的服務業務繼續展現出巨大潛力，Pointnext 訂單出貨比為 110%，Pointnext 運營服務訂單（包括 Nimble 服務）按固定匯率計算同比增長 2%。

And within HPE Financial Services, we saw strong double-digit growth in our asset management business, which is key for unlocking value to our customers and higher margin for us.

在 HPE Financial Services，我們的資產管理業務實現了兩位數的強勁增長，這是為我們的客戶釋放價值並為我們提高利潤率的關鍵。

Overall, we are confident that we can accelerate revenue growth as we continue pivoting our business towards higher-margin, software-defined offerings and improve our performance in our services business as fiscal year '19 progresses.

總體而言，隨著我們繼續將業務轉向利潤率更高的軟件定義產品，並隨著 19 財年的推進提高我們服務業務的績效，我們有信心能夠加快收入增長。

Slide 4 shows our EPS performance to date.

幻燈片 4 顯示了我們迄今為止的 EPS 表現。

Non-GAAP diluted net earnings per share of $0.42 was up 31% year-over-year and well above our previously provided outlook of $0.33 to $0.37 due to strong operational performance, favorable other income and expense, a lower-than-expected tax rate and a lower share count from opportunistic buybacks.

非美國通用會計準則每股攤薄淨收益為 0.42 美元，同比增長 31%，遠高於我們之前提供的 0.33 美元至 0.37 美元的預期，原因是強勁的運營業績、有利的其他收入和支出以及低於預期的稅率機會主義回購的股票數量減少。

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

這標誌著我們連續第五個季度超出了我們展望範圍的高端。

This outperformance has been driven primarily by the significant improvements we are making in both gross and operating profit margins to drive increased operating leverage.

這種出色的表現主要是由於我們在毛利率和營業利潤率方面取得的顯著改善，以推動增加經營槓桿。

I'll talk more about that in just a minute.

我將在一分鐘內詳細討論這一點。

As outlined at our Securities Analyst Meeting in October, we report our non-GAAP earnings using a structural tax rate based on long-term non-GAAP financial projections.

正如我們在 10 月份的證券分析師會議上概述的那樣，我們使用基於長期非 GAAP 財務預測的結構稅率來報告我們的非 GAAP 收益。

At our Analyst Meeting, we had indicated that the rate was expected to be 13% beginning in fiscal year '19.

在我們的分析師會議上，我們曾表示，從 19 財年開始，該利率預計為 13%。

Having received further guidance from the U.S. Treasury, we have now concluded our structural tax rate will be 12%, which will be our non-GAAP tax rate for future quarters pending any structural change in our worldwide tax environment.

在收到美國財政部的進一步指導後，我們現在得出結論，我們的結構稅率將為 12%，這將是我們未來幾個季度的非 GAAP 稅率，等待我們的全球稅收環境發生任何結構性變化。

GAAP diluted net earnings per share were $0.13, below our previously provided outlook range of $0.19 to $0.23 per share, primarily due to the impact of onetime noncash U.S., tax reform adjustments as we received incremental guidance on how to apply the new regulations.

GAAP 攤薄後每股淨收益為 0.13 美元，低於我們之前提供的每股 0.19 美元至 0.23 美元的展望範圍，這主要是由於美國一次性非現金稅制改革調整的影響，因為我們收到了有關如何應用新法規的增量指導。

Turning to margins, on Slides 5 and 6. We continued to deliver significant margin expansion as a result of focusing on profitable growth in Hybrid IT; shifting our portfolio towards higher-value, higher gross margin offerings; and continuing to drive HPE Next initiatives.

關於利潤率，請參見幻燈片 5 和 6。由於專注於混合 IT 的盈利增長，我們繼續實現了顯著的利潤率增長；將我們的投資組合轉向價值更高、毛利率更高的產品；並繼續推動 HPE Next 計劃。

Gross margin of 31.1% was up 280 basis points year-over-year and up 40 basis points quarter-over-quarter, the fourth quarter of sequential expansion.

毛利率為 31.1%，同比增長 280 個基點，環比增長 40 個基點，連續擴張的第四季度。

Improvements were driven primarily by portfolio mix, supply chain efficiencies, reducing manufacturing overhead and, to a much lesser extent, lower commodities cost.

改進主要是由產品組合、供應鏈效率、減少製造費用以及在較小程度上降低商品成本推動的。

Expanding gross margins is very important as it demonstrates that we have a rich portfolio of software-defined offerings of significant value to our customers.

擴大毛利率非常重要，因為它表明我們擁有豐富的軟件定義產品組合，對我們的客戶具有重要價值。

Non-GAAP operating margin of 8.9% was up 160 basis points year-over-year.

非美國通用會計準則營業利潤率為 8.9%，同比增長 160 個基點。

HPE Next has been a great success story for us this year.

今年，HPE Next 對我們來說是一個巨大的成功案例。

It has enabled us to make significant investments back into the business, including a 20% increase year-over-year in R&D to drive organic innovation.

它使我們能夠對業務進行重大投資，包括研發同比增長 20% 以推動有機創新。

We expect the benefits from HPE Next to continue well into the future, enabling investment opportunities and margin expansion benefits that will ultimately drive further cash flow growth.

我們預計 HPE Next 帶來的好處將持續到未來很長一段時間，從而帶來投資機會和利潤擴張優勢，最終將推動現金流進一步增長。

Now, turning to the segment and business units, starting on Slide 7 with the Intelligent Edge.

現在，轉向細分市場和業務部門，從帶有智能邊緣的幻燈片 7 開始。

Revenue was up 5% year-over-year and 4% in constant currency, led by growth in Aruba Services.

在 Aruba Services 的增長帶動下，收入同比增長 5%，按固定匯率計算增長 4%。

Operating margins of 1.3%, which are seasonally lowest in Q1, were down 390 basis points year-over-year due to ongoing significant investments in sales and R&D.

由於對銷售和研發的持續大量投資，營業利潤率為 1.3%，是第一季度的季節性最低點，同比下降 390 個基點。

Aruba Product grew 3%, with balanced growth across both wired and wireless LAN.

Aruba 產品增長 3%，有線和無線 LAN 均實現均衡增長。

We expect share gains in wireless and wired, which has gained share for 7 consecutive quarters.

我們預計無線和有線的份額將增長，這已連續 7 個季度增長。

With the new product launches in both wireless and wired switching that Antonio mentioned, we expect to drive accelerated growth as the year progresses.

隨著 Antonio 提到的無線和有線交換新產品的推出，我們預計隨著時間的推移將加速增長。

Aruba Services went up 20% on a continued installed base growth.

Aruba Services 由於安裝基數的持續增長而上漲了 20%。

We will continue to push high-margin Aruba Services to represent a higher portion of Aruba's total revenue.

我們將繼續推動高利潤的 Aruba 服務佔 Aruba 總收入的更高部分。

Moving on to Slide 8. In Hybrid IT, revenue was down 3% year-over-year, both as reported and in constant currency, but grew, excluding Tier 1 sales.

轉到幻燈片 8。在混合 IT 中，收入同比下降 3%，按報告和固定匯率計算，但不包括第 1 層銷售額。

Operating margins were 11.3%, up 200 basis points year-over-year, almost at a 2-year high level.

營業利潤率為 11.3%，同比上升 200 個基點，接近 2 年來的高位。

We are executing well against our strategy of driving profitable growth by shifting to higher gross margin value offerings while improving operating margins across the portfolio with HPE Next.

我們正在很好地執行我們的戰略，即通過轉向更高毛利率的產品來推動盈利增長，同時通過 HPE Next 提高整個產品組合的營業利潤率。

Compute revenue was down 3% year-over-year, but up 3% excluding Tier 1. Most importantly, our higher-margin value compute business was up nearly 20%.

計算收入同比下降 3%，但不包括第 1 層計算收入增長 3%。最重要的是，我們利潤率較高的計算業務增長了近 20%。

Our hyperconverged portfolio, which includes the Synergy and SimpliVity offerings, was up 70%.

我們的超融合產品組合（包括 Synergy 和 SimpliVity 產品）增長了 70%。

Our high-performance compute category was again up over 50%.

我們的高性能計算類別再次增長了 50% 以上。

And our edge compute service grew triple digits again this quarter.

本季度我們的邊緣計算服務再次增長了三位數。

These trends are indicative that our focus on market segmentation is paying off, and we are winning where it matters.

這些趨勢表明我們對市場細分的關注正在取得成效，我們正在關鍵領域取得成功。

Storage revenue was up 3% year-over-year, which marks our seventh consecutive quarter of growth.

存儲收入同比增長 3%，這是我們連續第七個季度實現增長。

This quarter, we saw particular strength in all-flash arrays, which grew 20% year-over-year, driven by Nimble.

本季度，在 Nimble 的推動下，我們看到全閃存陣列表現尤為強勁，同比增長 20%。

Big data also had another strong quarter, growing at 25% year-over-year, and we expect it to further benefit from our recently announced acquisition of BlueData.

大數據也有另一個強勁的季度，同比增長 25%，我們預計它將進一步受益於我們最近宣布的對 BlueData 的收購。

We have also seen significant margin expansion as our customers embrace our intelligent storage offerings.

隨著我們的客戶接受我們的智能存儲產品，我們還看到了顯著的利潤增長。

Looking forward, we expect storage revenue to ramp, targeting $1 billion per quarter.

展望未來，我們預計存儲收入將增加，目標是每季度 10 億美元。

HPE Pointnext revenue declined 6% year-over-year as expected, due primarily to our continued intentional exit from low-margin countries in the Advisory and Professional Services business.

正如預期的那樣，HPE Pointnext 收入同比下降 6%，這主要是由於我們繼續有意退出諮詢和專業服務業務的低利潤國家。

This will become less dilutive as the year progresses.

隨著時間的推移，這將變得不那麼稀釋。

More importantly, Operational Services orders, including Nimble service orders, grew 2% in constant currency.

更重要的是，包括 Nimble 服務訂單在內的運營服務訂單按固定匯率計算增長了 2%。

Growth in new attach to our higher-value offerings like Nimble and the increasing adoption of our Flexible Capacity offerings with GreenLake, which was up double digits, drove the order growth and the strong book-to-bill ratio of 110% in the quarter.

我們的高價值產品（如 Nimble）的新附加值的增長以及越來越多地採用我們的 GreenLake 靈活容量產品（增長兩位數）推動了訂單增長和本季度 110% 的強勁訂單出貨率。

These leading indicators give us confidence in the long-term health of the business, and we expect an inflection in revenue growth in the second half.

這些領先指標讓我們對業務的長期健康發展充滿信心，我們預計下半年收入增長將出現拐點。

Moving to Slide 9. HPE Financial Services revenue was up 3% year-over-year and 6% in constant currency on strength in our higher-margin asset management business.

轉到幻燈片 9。HPE 金融服務收入同比增長 3%，按固定匯率計算增長 6%，這得益於我們利潤率較高的資產管理業務的強勁表現。

Financing volume was down 3% year-over-year and flat in constant currency, with an ending net portfolio of assets of $13 billion.

融資額同比下降 3%，按固定匯率計算持平，期末淨資產組合為 130 億美元。

Loss ratios also continued to be best in class, below 50 basis points.

損失率也繼續處於同類最佳水平，低於 50 個基點。

Operating margin increased 40 basis points year-over-year to 8.4%, and return on equity was a robust 15.6%.

營業利潤率同比增長 40 個基點至 8.4%，股本回報率高達 15.6%。

Our Financial Services business continues to play a vital role, unlocking value for our customers through our traditional leasing offerings, asset management services and flexible consumption offerings with GreenLake that we will look to accelerate for years to come.

我們的金融服務業務繼續發揮著至關重要的作用，通過我們的傳統租賃產品、資產管理服務和 GreenLake 的靈活消費產品為我們的客戶釋放價值，我們將在未來幾年加速發展。

Now turning to cash flow on Slide 10.

現在轉向幻燈片 10 上的現金流量。

Free cash flow was a negative $190 million in Q1.

第一季度的自由現金流為負 1.9 億美元。

This is an improvement of more than $200 million versus the prior year, driven by improved working capital management and higher profitability.

這比上一年增加了 2 億多美元，這得益於改善的營運資本管理和更高的盈利能力。

Q1 is always our seasonally weakest quarter, so we are well on our way to achieve our full year outlook of $1.4 billion to $1.6 billion of free cash flow.

第一季度始終是我們季節性最弱的季度，因此我們正在努力實現 14 億美元至 16 億美元的自由現金流的全年展望。

More importantly and on an annual basis, we expect working capital to be a contributor to free cash flow generation in the year, offsetting some of the restructuring costs of HPE Next, thanks to an improved cash conversion cycle.

更重要的是，在年度基礎上，我們預計營運資金將成為當年自由現金流產生的貢獻者，抵消 HPE Next 的部分重組成本，這要歸功於改進的現金轉換週期。

The cash conversion cycle was a negative 22 days in Q1 as working capital became a source of cash this year compared to the same period last year, where it was a use of cash.

第一季度的現金周轉週期為負 22 天，因為與去年同期相比，營運資金成為今年的現金來源，去年同期是現金的使用。

Moving to capital allocation.

轉向資本配置。

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

作為我們 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 10 億美元。

We paid $157 million in dividends and repurchased $814 million worth of shares in the quarter that we intentionally accelerated to be opportunistic at lower trading prices throughout the quarter.

我們在本季度支付了 1.57 億美元的股息並回購了價值 8.14 億美元的股票，我們有意加速在整個季度以較低的交易價格投機取巧。

Finally, and as you can see from Slide 11, our balance sheet remains strong, and we ended the quarter with an operating company net cash balance of $2.1 billion.

最後，正如您從幻燈片 11 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 21 億美元。

Also, as a reminder, the vast majority of our debt is associated with the $13 billion receivable book of our financing business.

此外，提醒一下，我們的絕大部分債務都與我們融資業務的 130 億美元應收賬款相關。

With less than 50 basis points of bad debt as a percentage of average net receivables, the underwriting performance of HPEFS is best in class.

由於壞賬占平均應收賬款淨額的百分比低於 50 個基點，HPEFS 的承保業績在同類產品中名列前茅。

As a result, the level of cash support for HPEFS is minimal, which enables HPEFS to generate a higher return on financial assets and double-digit return on equity, as I mentioned before.

因此，HPEFS 的現金支持水平極低，這使 HPEFS 能夠產生更高的金融資產回報率和兩位數的股本回報率，正如我之前提到的。

Now turning to our outlook on Slide 13.

現在轉向我們對幻燈片 13 的展望。

As a reminder, we started the year with a fiscal year '19 EPS non-GAAP outlook of $1.51 to $1.61 per share.

提醒一下，我們年初的 19 財年每股收益非 GAAP 展望為每股 1.51 美元至 1.61 美元。

Given our strong non-GAAP EPS performance in Q1 and continued confidence in achieving the full year plan, we are raising our EPS guidance for the full year.

鑑於我們在第一季度的強勁非 GAAP 每股收益表現以及對實現全年計劃的持續信心，我們正在提高全年的每股收益指引。

We now expect to finish fiscal year '19 with non-GAAP diluted net earnings per share of $1.56 to $1.66.

我們現在預計 19 財年的非 GAAP 攤薄後每股淨收益為 1.56 美元至 1.66 美元。

And we expect our fiscal year '19 GAAP diluted net earnings per share to be $0.88 to $0.98 per share.

我們預計我們的 19 財年 GAAP 每股攤薄淨收益為 0.88 美元至 0.98 美元。

This is now the fifth consecutive quarter that we are raising our non-GAAP EPS outlook.

現在這是我們連續第五個季度上調我們的非 GAAP 每股收益預期。

For Q2 fiscal year '19, we expect non-GAAP diluted net earnings per share of $0.34 to $0.38.

對於 19 財年第二季度，我們預計非 GAAP 攤薄後每股淨收益為 0.34 美元至 0.38 美元。

And we expect GAAP diluted net earnings per share to be $0.19 to $0.23.

我們預計 GAAP 每股攤薄淨收益為 0.19 美元至 0.23 美元。

So overall, I'm very pleased with our performance in the quarter to start the year.

總的來說，我對我們在今年年初的季度表現感到非常滿意。

We continue to execute well against our strategy, and it's clearly resonating with customers as we are making the right bets and winning where it matters.

我們繼續很好地執行我們的戰略，這顯然引起了客戶的共鳴，因為我們正在做出正確的賭注並在重要的地方獲勝。

This gives me a great confidence in our ability to accelerate revenue growth in the upcoming quarters with continued margin expansion that will drive our free cash flow and, ultimately, strong shareholder returns.

這讓我對我們在未來幾個季度加速收入增長的能力充滿信心，持續擴大利潤率將推動我們的自由現金流，並最終帶來強勁的股東回報。

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

現在，讓我們打開它來提問。

(Operator Instructions) Your first question will be from Shannon Cross of Cross Research.

（操作員說明）您的第一個問題將來自 Cross Research 的 Shannon Cross。

This is Ashley Ellis on for Shannon.

這是香農的阿什莉埃利斯。

Within Pointnext, I was wondering if you could quantify the drivers of the decline.

在 Pointnext 中，我想知道您是否可以量化下降的驅動因素。

I think you began exiting or maybe you completely exited several countries around the middle of last year.

我認為你在去年年中左右開始退出或者可能完全退出了幾個國家。

So I'm wondering what else drove the decline versus the prior 2 quarters.

所以我想知道還有什麼導致與前兩個季度相比下降。

And how do you plan on stabilizing that business?

您打算如何穩定該業務？

And then I have a follow-up.

然後我有一個後續行動。

So thank you for the question.

謝謝你的提問。

This is Antonio.

這是安東尼奧。

I'm going to start, and then I'm going to give it to Tarek.

我要開始了，然後我要把它交給 Tarek。

So first of all, let's recap Pointnext, which we are pleased with our bookings performance, which, as Tarek said, in the Operational Services business, grew 2% year-over-year.

所以首先，讓我們回顧一下 Pointnext，我們對我們的預訂表現感到滿意，正如 Tarek 所說，在運營服務業務中，我們的預訂表現同比增長了 2%。

But when you look at the book-to-bill ratio, which is the orders that we take now against the current revenue period -- or the current period revenue and you think about the future, which is basically translate those orders into revenue, that was 110%, which is very, very strong.

但是，當你查看訂單出貨比時，即我們現在接受的訂單與當前收入期的對比——或者當期收入，你會想到未來，這基本上是將這些訂單轉化為收入，那是110%，非常非常強。

On the Advisory and Professional Services and your question, we started last year as a part of HPE Next and it will be done sometime the latter part of this year.

關於諮詢和專業服務以及您的問題，我們從去年開始作為 HPE Next 的一部分，並將在今年下半年的某個時候完成。

And we are, as I said earlier in my HPE Next commentary, it's the fact that we are really refocusing Advisory and Professional Services in fewer countries so we can make bigger investments where we can drive the pull-through above our software-defined infrastructure, our Intelligent Edge and the attach that goes with it.

正如我之前在 HPE Next 評論中所說的那樣，事實上，我們確實在更少的國家/地區重新關注諮詢和專業服務，因此我們可以進行更大的投資，從而在我們的軟件定義基礎設施之上推動突破，我們的 Intelligent Edge 及其附件。

So instead of being in 170 countries, we're going to be in fewer countries.

因此，我們不會在 170 個國家/地區開展業務，而是會在更少的國家/地區開展業務。

And that work is well underway, and that's the declining revenue that we saw in Q1.

這項工作正在進行中，這就是我們在第一季度看到的收入下降。

But as I said in my remarks, we see that inflection point to start happening in the second half of 2019.

但正如我在發言中所說，我們看到拐點將在 2019 年下半年開始出現。

Tarek, I'm not sure if you want to add anything on that.

Tarek，我不確定你是否想添加任何內容。

Thank you, Antonio.

謝謝你，安東尼奧。

I would simply add by highlighting the fact that under the umbrella of Pointnext, we have essentially 2 types of businesses.

我想簡單地補充一點，強調在 Pointnext 的保護下，我們基本上有兩種類型的業務。

We have the Pointnext Operational Services business, which is a maintenance business across all our installed base at our customers, and we have also the A&PS business, which is, by and large, a consulting business that we run globally.

我們有 Pointnext 運營服務業務，這是我們客戶所有已安裝基礎的維護業務，我們還有 A&PS 業務，總的來說，這是我們在全球運營的諮詢業務。

To answer your question, Ashley, most of the decline within revenue was driven by A&PS, and this is the fruit of decisions we made with respect to country exits.

回答你的問題，Ashley，大部分收入下降是由 A&PS 驅動的，這是我們在國家退出方面做出的決定的結果。

The order book on Pointnext Operational Services is working well.

Pointnext Operational Services 上的訂單運作良好。

We are very confident with the order levels that we've seen across Pointnext Operational Services and Nimble services in the quarter.

我們對本季度 Pointnext 運營服務和 Nimble 服務的訂單水平非常有信心。

And the book-to-revenue ratio -- the book-to-bill ratio, at 110%, is pointing to long-term revenue generation by this business unit.

訂單收入比 - 訂單出貨比為 110%，表明該業務部門的長期收入產生。

And another thing I would add, Ashley, since you asked the question, remember, one of the key components of that Operational Services portfolio is also HPE GreenLake, which grew double digits.

我要補充的另一件事是，阿什利，既然你問了這個問題，請記住，該運營服務組合的一個關鍵組成部分也是 HPE GreenLake，它增長了兩位數。

And to give a slice of that business, so you understand it, we already have more than 450 customers under that type of contract.

並且為了分得一杯羹，所以你明白，我們已經有超過 450 名客戶簽訂了此類合同。

The TCV value of that over the period of time is already over $2 billion, and this business is going to be close to a $1 billion run rate business for us in a year.

這段時間的 TCV 價值已經超過 20 億美元，這項業務將在一年內接近 10 億美元的運行率業務。

So we are very excited about that because, I made the comments in my remarks, that it's the only on-prem true consumption-driven offering on the market.

所以我們對此感到非常興奮，因為我在評論中發表了評論，這是市場上唯一真正的本地消費驅動產品。

That was very helpful.

這很有幫助。

Maybe we could go further into that, then.

那麼也許我們可以進一步探討。

Could you detail the margin profile between the operational business and the advisory business and maybe how you see margin improving over time?

您能否詳細說明運營業務和諮詢業務之間的利潤率概況，以及您如何看待利潤率隨著時間的推移而提高？

And that is it for me.

對我來說就是這樣。

I'm glad you're asking the question.

很高興你提出這個問題。

So the richest margin revenue stream is Pointnext Operating Services (sic) [Operational Services].

因此，利潤率最高的收入來源是 Pointnext 運營服務（原文如此）[運營服務]。

A&PS is lower margin, but still very profitable for us compared to Operational Services.

與運營服務相比，A&PS 的利潤率較低，但對我們來說仍然非常有利可圖。

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

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

This may be a difficult one for you to answer, but I wanted to see if you had some thoughts on why one of the other peers within the IT space has talked about weakness in January following a decent close to calendar '18.

這對你來說可能很難回答，但我想看看你是否有一些想法，為什麼 IT 領域的其他同行在 18 年日曆接近尾聲後在 1 月份談到了疲軟。

And it sounds like your view on the overall IT spending trends are fairly stable and no particular weakness apart from some of the international challenges that are ongoing, not new.

聽起來您對整體 IT 支出趨勢的看法相當穩定，除了一些持續存在的國際挑戰之外沒有特別的弱點，而不是新的。

Can you maybe shed some light on why you might see the world differently?

您能否闡明為什麼您可能會以不同的方式看待世界？

Sure.

當然。

I mean, I'm going to comment for us, not for the other vendors.

我的意思是，我要為我們發表評論，而不是為其他供應商發表評論。

Listen, from a macro perspective, demand remained steady.

聽著，從宏觀上看，需求保持穩定。

And obviously, we continue to monitor the economic uncertainty driven by global trade and Brexit and others.

顯然，我們將繼續監測全球貿易和英國退歐等因素帶來的經濟不確定性。

But our demand was very steady throughout the quarter.

但我們的需求在整個季度都非常穩定。

And people ask me questions like did the government shutdown have an impact to the U.S. business, the answer is no.

人們問我政府關門是否對美國企業有影響等問題，答案是否定的。

Zero.

零。

In fact, one of the elements of the portfolio we sell to the government is the high-performance compute.

事實上，我們向政府出售的產品組合的要素之一是高性能計算。

And I can tell you, our high-performance compute in that segment, in government, grew triple digits.

我可以告訴你，我們在政府部門的高性能計算增長了三位數。

When you ask me about Brexit, our business in the U.K. grew double digits.

當你問我關於英國脫歐的問題時，我們在英國的業務增長了兩位數。

And in China, we have a unique setup, which Tarek made the comment about our joint venture with a Chinese partner in a company called New H3C.

在中國，我們有一個獨特的設置，Tarek 就我們與一家名為 New H3C 的中國合作夥伴的合資企業發表了評論。

We, at this point in time -- I always talk about this from the customer point of view.

我們，在這個時間點——我總是從客戶的角度來談論這個。

We see customers accelerating their digital transformation.

我們看到客戶正在加速他們的數字化轉型。

I talk about -- all the time about the explosion of the data around us.

我一直在談論我們周圍數據的爆炸式增長。

That data is outpacing the compute power, but that compute is shifting.

該數據超過了計算能力，但該計算正在發生變化。

It's not just in the cloud.

它不只是在雲中。

It's moving to the edge.

它正在向邊緣移動。

And that's why I talk about the ability to provide the cloud computing at the edge, and that's why our edge computing platforms grew triple digits this quarter.

這就是為什麼我談論在邊緣提供雲計算的能力，這就是為什麼我們的邊緣計算平台在本季度增長了三位數。

So we may have a different portfolio and we may have a different focus on the segment, but we saw no slowdown in our demand in Q1.

所以我們可能有不同的投資組合，我們可能對該細分市場有不同的關注，但我們看到第一季度的需求沒有放緩。

And that's why, together with our portfolio and our sound strategy, we are very confident to accelerate growth in revenue in Q2 and beyond.

這就是為什麼連同我們的產品組合和合理的戰略，我們非常有信心在第二季度及以後加速收入增長。

And that's why we also raised the EPS guidance.

這就是為什麼我們還提高了 EPS 指導。

The next question will be from Toni Sacconaghi of Bernstein.

下一個問題將來自 Bernstein 的 Toni Sacconaghi。

I just want to reconcile the increase in guidance with what appear to be some nonoperating benefits.

我只想將指導的增加與一些非經營性收益相協調。

So I'm hoping you can just correct me if I'm misspoken and then reconcile it.

所以我希望如果我說錯了，你可以糾正我，然後和解。

So by my calculations, other income was a $0.045 benefit this quarter relative to your prior guidance.

因此，根據我的計算，相對於您之前的指導，本季度其他收入的收益為 0.045 美元。

Tax rate now at 12% for the year is about a $0.02 benefit.

今年的稅率為 12%，相當於 0.02 美元的收益。

So those 2 alone are $0.065, and you're raising the guidance $0.05.

因此，僅這 2 個就是 0.065 美元，而您將指導提高了 0.05 美元。

Additionally, relative to my model, unallocated stock-based compensation was down $25 million year-over-year.

此外，相對於我的模型，未分配的基於股票的薪酬同比下降了 2500 萬美元。

That helped $0.02.

這幫助了 0.02 美元。

So if I add these 3 factors, it's $0.085, which are all effectively nonoperating.

因此，如果我將這 3 個因素相加，則為 0.085 美元，它們實際上都是非經營性的。

And yet you're raising guidance by $0.05 despite the fact that you sound very positive on fundamentals.

然而，儘管您聽起來對基本面非常樂觀，但您還是將指導價提高了 0.05 美元。

Am I misspeaking on any of the factors?

我是否在任何因素上說錯了？

And how do I reconcile that?

我該如何調和呢？

And I have a follow-up, please.

我有一個後續行動，請。

Yes.

是的。

I think, Toni, your math doesn't work.

我認為，托尼，你的數學不行。

The improvement in operating profit is driving the vast majority of the growth that stands behind our guidance change.

營業利潤的改善推動了我們指導變化背後的絕大部分增長。

Yes, there is some benefits from tax, but the difference is not going to drive more than $0.01, a little bit more, potentially, from our math.

是的，稅收有一些好處，但差異不會超過 0.01 美元，根據我們的計算可能會多一點。

The OI&E improvement is also a function of 2 things.

OI&E 的改進也是兩件事的函數。

There is the interest expense side that we are managing and keeping under control, and there's also dividends from China that we explained and continue to foreshadow.

我們正在管理和控制利息支出方面，還有我們解釋並繼續預示的來自中國的紅利。

That is responsible for $0.01 or $0.02.

這是 0.01 美元或 0.02 美元的責任。

On the whole, the real driver of operating performance is the expansion in gross margin.

整體而言，經營業績的真正驅動力是毛利率的擴張。

We expanded gross margins 280 basis points year-over-year, and that is really the key acid test in my mind in the way we want to look at the business moving forward, with HPE Next also driving higher levels of efficiencies from an OpEx standpoint.

我們的毛利率同比增長了 280 個基點，在我看來，這確實是我們看待業務發展方式的關鍵嚴峻考驗，HPE Next 還從運營支出的角度推動了更高水平的效率.

And this is why you can see a pretty large improvement in overall operating margins, which are now at 8.9% in Q1, up from 7.3% in Q1 last year once you've normalized for the pension adjustment.

這就是為什麼你可以看到整體營業利潤率有相當大的改善，現在第一季度為 8.9%，高於去年第一季度的 7.3%，一旦你對養老金調整進行了標準化。

So it's a 160 basis points improvement year-over-year in operating margin overall.

因此，整體營業利潤率同比提高 160 個基點。

Okay.

好的。

Tarek, maybe you can just provide updated guidance for interest and other.

Tarek，也許你可以為興趣和其他提供更新的指導。

It was minus $250 million for the year.

全年為負 2.5 億美元。

What's the updated guidance then?

那麼更新後的指南是什麼？

And then, separately, for my follow-up, edge compute did extremely well.

然後，單獨地，對於我的後續行動，邊緣計算做得非常好。

That's new to the segment.

這是該細分市場的新內容。

So I'm trying to understand the growth trajectory of traditional compute.

所以我試圖了解傳統計算的增長軌跡。

So I think traditional compute was probably minus 5% or minus 6% if we exclude edge compute.

所以我認為如果我們排除邊緣計算，傳統計算可能是負 5% 或負 6%。

Maybe you could help us with what server units grew and what server ASPs did in the quarter.

也許您可以幫助我們了解本季度增長的服務器數量以及服務器 ASP 的表現。

Okay.

好的。

So let me take the first part of the question, and I will ask Andy to shed some light on edge compute versus compute growth.

所以讓我回答問題的第一部分，我會請安迪闡明邊緣計算與計算增長的關係。

And Antonio will add to that.

安東尼奧將補充這一點。

A fair question on OI&E.

關於 OI&E 的公平問題。

We did, and you're correct, guide at the SAM Meeting, at the Securities Analyst Meeting, to a $250 million expense for the full year.

我們確實在證券分析師會議上的 SAM 會議上指導了全年 2.5 億美元的支出，你是對的。

We don't give specific new guidance at this stage on this line item.

我們現階段不會就此行項目提供具體的新指導。

But it's true that we did have some outperformance relative to what we guided on a full year basis in the course of Q1.

但確實，相對於我們在第一季度的全年指導，我們確實有一些出色的表現。

And we expect to beat on the $250 million.

我們預計將超過 2.5 億美元。

But even if you were to take the $250 million in terms of overall EPS impact, the impact will be relatively small relative to the original guidance that we gave at SAM.

但即使你在整體 EPS 影響方面考慮了 2.5 億美元，相對於我們在 SAM 上給出的最初指導，影響也相對較小。

Andy and Antonio?

安迪和安東尼奧？

Yes.

是的。

So on the server side, Tony, a couple of things.

所以在服務器端，托尼，有幾件事。

Our value compute grew 20% in aggregate.

我們的價值計算總計增長了 20%。

And you saw some of the commentary around the software-defined infrastructure with hyperconverged growing 70% and high-performance compute growing 50%.

你看到了一些關於軟件定義基礎設施的評論，其中超融合增長了 70%，高性能計算增長了 50%。

And obviously, we are exiting the Tier 1 business, right, which that continued to be a now a less of an impact for us.

顯然，我們正在退出一級業務，對吧，這對我們來說現在影響較小。

But if you look at the growth of compute overall was minus 3%.

但如果你看一下整體計算的增長是負 3%。

But if you exclude the Tier 1, it's plus 3%.

但如果你排除第 1 層，它會增加 3%。

So we expect that headwind to continue to be less and less because, obviously, we'll continue to deplete that specific segment.

因此，我們預計逆風將繼續越來越少，因為很明顯，我們將繼續耗盡該特定部分。

On the edge side, it's still relatively small on an overall basis, but we are very encouraged about the momentum because we're growing triple digits.

在邊緣方面，它總體上仍然相對較小，但我們對這種勢頭感到非常鼓舞，因為我們正在以三位數的速度增長。

And that will continue to be the case.

這種情況將繼續存在。

And the reason why that's the case, Toni, is because we see the growth of that cloud closer where the data is created.

Toni，之所以會出現這種情況，是因為我們看到雲的增長離創建數據的地方更近了。

And we see new use cases in manufacturing, transportation and health care.

我們在製造、運輸和醫療保健領域看到了新的用例。

And the embedded compute in those platforms plus the cloud closer where the data is, is better economics for customers in many of the use cases.

這些平台中的嵌入式計算加上更靠近數據所在的雲，在許多用例中對客戶來說更經濟。

So that's what we see today.

這就是我們今天所看到的。

From the AUP perspective, our AUP continued to grow.

從 AUP 的角度來看，我們的 AUP 繼續增長。

And that's a function of the fact that we've said many times that 2/3 of the AUP is structural because as you know, the commodity cost base has been declining.

這是因為我們多次說過 2/3 的 AUP 是結構性的，因為正如你所知，商品成本基礎一直在下降。

And it takes a longer time to pass that through.

而且需要更長的時間才能通過。

But the reality, we'll continue to grow AUPs roughly 20%, which is a function of what customers are buying, which is configurations related to AI and big data and analytics and other software-defined infrastructure.

但現實是，我們將繼續將 AUP 增長大約 20%，這是客戶購買的功能，這是與人工智能、大數據和分析以及其他軟件定義的基礎設施相關的配置。

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

這就是我們在這個時間點看到的 Toni。

The next question will be from Katy Huberty of Morgan Stanley.

下一個問題將來自摩根士丹利的凱蒂休伯蒂。

Can I just come back to the guidance question?

我可以回到指導問題嗎？

Because you beat in the quarter by $0.07.

因為您在本季度超出了 0.07 美元。

You're raising by $0.05, which assumes that there's a $0.02 headwind that hits in the following quarters.

你籌集了 0.05 美元，這假設在接下來的幾個季度中有 0.02 美元的阻力。

Is that -- what is that headwind?

那是——逆風是什麼？

Or are we thinking about that wrong?

還是我們想錯了？

Is there just conservatism baked into the guidance?

指南中是否只包含保守主義？

Then I have a follow-up.

然後我有一個後續行動。

All right.

好的。

It's true, Katy.

這是真的，凱蒂。

We beat by $0.07, we gave back $0.05 by way of guiding -- guidance improvement.

我們擊敗了 0.07 美元，我們通過指導 - 指導改進的方式回饋了 0.05 美元。

Look, this is only Q1.

看，這只是Q1。

We have 3 quarters to go.

我們還有 3 個季度。

We want to accelerate growth, and give me $0.02 to be able to do that.

我們想加速增長，給我 0.02 美元就可以做到這一點。

Okay.

好的。

And then as a follow-up, R&D, as you mentioned, is up strong double digits year-on-year.

然後作為後續行動，正如你提到的，研發同比增長兩位數。

Can you just talk through the projects that are receiving the most incremental investment?

你能談談獲得最多增量投資的項目嗎？

Is that all going to the Intelligent Edge investment over multiple years that you've talked about?

您所說的這些都將用於多年的 Intelligent Edge 投資嗎？

Or are there other areas of the business where you're seeing a significant step-up in investment?

或者您在其他業務領域看到投資顯著增加？

Sure, Katy.

當然，凱蒂。

So one point I want to make on the previous question is the fact, listen, we need to manage the company for the long term.

所以我想就上一個問題提出的一點是，聽著，我們需要長期管理公司。

And obviously, we continue to accelerate investment where we see the opportunity to grow and deliver shareholder value.

顯然，在我們看到增長和創造股東價值的機會時，我們將繼續加速投資。

So to Tarek's point, this is just Q1, and we see opportunity to accelerate some investments.

因此，就 Tarek 的觀點而言，這只是第一季度，我們看到了加速一些投資的機會。

To the question that Toni asked, the Intelligent Edge is absolutely an area that we continue to invest.

對於托尼提出的問題，智能邊緣絕對是我們繼續投資的領域。

And you saw in the numbers, right, that we are growing, but also reinvesting significantly back into the business.

你從數字中看到，對，我們正在增長，但也對業務進行了大量再投資。

And in that, think about the connectivity aspect of this as 5G comes online, there is an opportunity to integrate 5G into the overall control plane and data plane that we provide customers with our Aruba platforms.

並且，考慮到 5G 上線時的連接方面，有機會將 5G 集成到我們通過 Aruba 平台為客戶提供的整體控制平面和數據平面中。

Think about the cloud computing at the edge, we talked earlier.

想想邊緣的雲計算，我們之前談過。

And then in the core business, right, for us, it's all about software embedded in our solutions, because customers want a workload-optimized solution on-prem that they can connect to the cloud in a very efficient way.

然後在核心業務中，對我們來說，這都是關於嵌入我們解決方案的軟件，因為客戶需要一個工作負載優化的本地解決方案，他們可以以非常有效的方式連接到雲。

And all of that is going through software.

所有這些都是通過軟件進行的。

And how you should think about that is their private cloud on premises with the right consumption model with the right simple aspects of the experience to provision and manage that infrastructure, and we feel very good about that.

你應該如何看待他們的本地私有云，具有正確的消費模型，具有正確的簡單體驗來配置和管理該基礎設施，我們對此感到非常滿意。

That's why Synergy is a $1 billion run rate business for us.

這就是為什麼 Synergy 對我們來說是一項 10 億美元的運行率業務。

And when you think about Synergy, 95% of that business -- or the platform is software.

當你想到 Synergy 時，95% 的業務——或平台是軟件。

That's why HPE OneView now is the foundation to deliver the composable cloud and the hybrid cloud vision.

這就是為什麼 HPE OneView 現在是交付可組合雲和混合雲願景的基礎。

And that's why there's already more than 1 million licenses deployed.

這就是為什麼已經部署了超過 100 萬個許可證。

So think about core, all about software, AI, machine learning to automate everything and to make that Hybrid IT experience simple.

所以想想核心，所有關於軟件、人工智能、機器學習來自動化一切，並使混合 IT 體驗變得簡單。

And on the edge, really, the edge compute connectivity and security and obviously, services.

在邊緣，實際上，邊緣計算連接性和安全性，顯然還有服務。

Services, for us, is very, very significant, and the consumption model is one aspect of that.

服務對我們來說非常非常重要，消費模式是其中的一方面。

The next question will be from Jeff Kvaal of Nomura Instinet.

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

Okay.

好的。

I'm afraid I'm going to have to start with just clarifying that guidance one step further.

恐怕我將不得不從進一步澄清該指南開始。

And that is if I'm interpreting your remarks correctly, the gross margin improvement that you've got in this quarter is sustainable, but you may choose to increase your OpEx a little bit more to pursue some of these growth opportunities, and that's why the full year guidance isn't going up.

那就是如果我正確地解釋了你的話，你在本季度獲得的毛利率改善是可持續的，但你可能會選擇增加一點運營支出來追求其中的一些增長機會，這就是為什麼全年指導沒有上升。

Is that right?

是對的嗎？

No.

不。

Jeff, look, the gross margin improvement of 280 basis points is sustainable.

傑夫，你看，毛利率提高 280 個基點是可持續的。

But in my speech, I've explained the sources of that improvement, which have to do with supply chain efficiencies improvement, such as logistics costs, manufacturing, overhead cost reductions and also to a much lesser extent, the improvement in commodities cost.

但在我的演講中，我已經解釋了這種改進的來源，這與供應鏈效率的提高有關，例如物流成本、製造、間接成本的降低，以及在較小程度上與商品成本的提高有關。

The mix is the fundamental point that drives the improvement in gross margin.

組合是推動毛利率提升的根本點。

It's not just the cost of sales, but the mix of the revenue drives the improvement in gross margin.

不僅僅是銷售成本，收入的組合也推動了毛利率的提高。

This has caused us to beat guidance in this quarter by $0.07.

這導致我們在本季度超出指導 0.07 美元。

This is the first quarter of the fiscal year.

這是本財年的第一季度。

We see potential, having talked to many customers, to continue to grow and accelerate growth starting Q2.

在與許多客戶交談後，我們看到了從第二季度開始繼續增長和加速增長的潛力。

And so we are going to make a limited amount of investments to go and pursue that growth moving forward.

因此，我們將進行有限的投資，以追求未來的增長。

And to be clear, that investment is, again, in the areas I talked earlier before, is all about accelerating innovation, accelerating innovation based on the customer feedback, which the feedback is our strategy is sound and is resonating with them.

需要明確的是，在我之前談到的領域，投資都是關於加速創新，根據客戶反饋加速創新，反饋是我們的戰略是合理的，並與他們產生共鳴。

Our HPE Next actually gives us the operating leverage together with our mix shift to make some of those choices.

我們的 HPE Next 實際上為我們提供了運營槓桿以及我們的組合轉變以做出其中一些選擇。

Okay, that makes total sense.

好的，這完全有道理。

And your gross margin commentary, Tarek, was clear.

Tarek，你的毛利率評論很明確。

It was more of an OpEx question.

這更像是一個運營支出問題。

Could I also ask on the Aruba side of things, product, it seems like you've got some new product, the 11ax upgrade?

我還可以問一下 Aruba 方面的問題嗎？產品，好像你們有一些新產品，11ax 升級？

Should we expect that to bring Aruba back towards its more traditional growth rates in the next quarter or over a series of quarters?

我們是否應該期望這會使 Aruba 在下一季度或一系列季度內恢復到更傳統的增長率？

Or how should we think about that?

或者我們應該如何考慮？

Yes, absolutely.

是的，一點沒錯。

We are incredibly excited about the new offerings that Aruba brought to the market, the Aruba 510 access points that, to your point, now are going to deliver this new experience with the 802.11ax, which improves bandwidth and improve the overall experience.

我們對 Aruba 推向市場的新產品感到非常興奮，Aruba 510 接入點，就您而言，現在將通過 802.11ax 提供這種新體驗，從而提高帶寬並改善整體體驗。

As you know, Aruba is a software platform that provides a mobile-first, cloud-first approach, and these access points are actually going to enhance those experiences.

如您所知，Aruba 是一個提供移動優先、雲優先方法的軟件平台，這些接入點實際上將增強這些體驗。

And the 8325 switches are the next iteration of programmable switches that ultimately take advantage of these new capabilities, and we expect that to accelerate growth.

8325 交換機是最終利用這些新功能的下一代可編程交換機，我們預計這將加速增長。

Listen, the Aruba portfolio, the wireless LAN grew double digits, and that's great.

聽著，Aruba 產品組合，無線 LAN 增長了兩位數，這很棒。

But as you know, when customers see this new technology, they also want to take advantage of it.

但正如您所知，當客戶看到這項新技術時，他們也想利用它。

And also in the United States, they have programs like E-rate and all those come to play.

而且在美國，他們有像 E-rate 這樣的程序，所有這些都來玩。

And so I know there was another question before that didn't come up, but since I'm here, I'm going to answer proactively.

所以我知道之前還有一個問題沒有提出來，但既然我來了，我會主動回答。

It was, was the Q4 deals have an impact to the Q1?

是的，第四季度的交易對第一季度有影響嗎？

The answer is no.

答案是不。

It's just normal seasonality, and our bookings in Aruba Products are incredibly strong.

這只是正常的季節性，我們在 Aruba Products 的預訂非常強勁。

So this is just about converting the bookings to revenue and then take advantage of these new offerings, which are super, super bullish.

所以這只是將預訂轉化為收入，然後利用這些超級、超級看好的新產品。

The next question will be from Rod Hall of Goldman Sachs.

下一個問題將來自高盛的 Rod Hall。

I just wanted to come back to the AUP comment.

我只想回到 AUP 評論。

I think you had said that AUP is up about 20% for servers, and I wonder if you could give us the other side of that equation, the unit decline number?

我想你曾說過服務器的 AUP 上升了大約 20%，我想知道你是否可以告訴我們等式的另一邊，即單位下降數？

And then I have a follow-up, and that relates to the geographical revenues in the guidance.

然後我有一個跟進，這與指南中的地域收入有關。

We see this big deterioration in Asia Pacific, which you called out as China.

我們看到亞太地區的這種嚴重惡化，你稱之為中國。

I wonder if you could talk about whether that, in your estimation, is declining further or whether that's relatively stable at this point?

我想知道你能否談談，據你估計，這是否正在進一步下降，或者目前是否相對穩定？

And maybe simultaneously, in EMEA, U.K., if you could just comment on what you think forward trends look like there.

也許同時，在英國的歐洲、中東和非洲，如果你能評論一下你認為那裡的未來趨勢是什麼樣的。

Sure, Rod.

當然，羅德。

So I'll take a quick grab at the units ASPs question.

因此，我將快速了解單位 ASP 問題。

So as Antonio mentioned, AUPs are up again about 20% or so this quarter.

正如安東尼奧提到的那樣，本季度 AUP 再次上漲了約 20% 左右。

And so you can kind of back into the units numbers, but they were down similar to what we saw last quarter.

所以你可以回到單位數量，但它們的下降與我們上個季度看到的相似。

So no major change in the dynamic because obviously, compute, excluding Tier 1, grew 3%.

因此動態沒有重大變化，因為很明顯，計算（不包括第 1 層）增長了 3%。

So I think the important thing that Antonio mentioned was we've got enough structural AUP uplift to continue to drive overall growth in core compute.

所以我認為 Antonio 提到的重要事情是我們有足夠的結構性 AUP 提升來繼續推動核心計算的整體增長。

So no major change from that dynamic perspective.

所以從那個動態的角度來看沒有重大變化。

And maybe Antonio, I'll let you take the...

也許安東尼奧，我會讓你帶...

Yes, and I want to make a comment on that, because remember, the units that have been declining is the units that have no attach to Pointnext.

是的，我想對此發表評論，因為請記住，一直在下降的單位是沒有附加到 Pointnext 的單位。

That's what I really want to emphasize versus the units that are growing are the ones that drive the attach in Pointnext Operational Services, which are the value units, whether it's high-performance compute or hyperconverged and others.

這就是我真正想要強調的，而正在增長的單元是推動 Pointnext 運營服務附加的單元，它們是價值單元，無論是高性能計算還是超融合等。

And that's why those businesses, as they grow, whether they're growing 50% or 70% with AUP of increase of 20%, the reality is that, that drives a nice attach, and that's why our book-to-bill ratio was 110%, and that's why our Operational Services business grew as well.

這就是為什麼這些業務在增長時，無論是增長 50% 還是 70%，AUP 增長 20%，事實是，這會帶來很好的附加值，這就是為什麼我們的訂單出貨比是110%，這就是我們的運營服務業務也增長的原因。

So that's why I want to emphasize that, because the 2 go hand-in-hand, versus the volume commoditized part today, which is a big chunk of the unit decline was the Tier 1 and no implication to Pointnext.

所以這就是為什麼我想強調這一點，因為 2 是齊頭並進的，與今天的商品化部分相比，這是單位下降的很大一部分是一級，對 Pointnext 沒有影響。

In terms of China, as I said before, we have a unique setup there.

就中國而言，正如我之前所說，我們在那裡有獨特的設置。

But Asia Pacific without China grew again, and that's what is important, and it grew double digits.

但是沒有中國的亞太地區再次增長，這很重要，而且增長了兩位數。

But in China, because we have this setup, they have a combination of a portfolio of the HPE products and Chinese products.

但在中國，因為我們有這樣的設置，他們擁有 HPE 產品和中國產品的組合。

As you can imagine, selling in that market is not linear and uniform, because when you sell to government, right, they would like to have more Chinese products versus selling in the traditional commercial space.

你可以想像，在那個市場上銷售不是線性和統一的，因為當你向政府銷售時，他們希望有更多的中國產品而不是在傳統商業領域銷售。

But in the end, we don't -- are not concerned at all, because in the end, we have a 49% stake that delivers very nice dividends.

但最終，我們並不——根本不擔心，因為最終，我們擁有 49% 的股份，可以帶來非常可觀的股息。

And we are driving that upside together with our shareholders because we pass those dividends to our shareholders.

我們正在與我們的股東一起推動這一增長，因為我們將這些股息傳遞給了我們的股東。

And so I want the community to understand that, that business as a whole is growing, but the mix within the business is shifting.

因此，我希望社區了解，整個業務都在增長，但業務內部的組合正在發生變化。

But in reality, we pass the benefit of that growing business through the dividend side.

但實際上，我們通過股息方面傳遞了不斷增長的業務的好處。

Yes.

是的。

If I can just add a commentary on this one because it's really important to understand our setup in China.

如果我可以對此添加評論，因為了解我們在中國的設置非常重要。

Look, most companies who set up a business in China, most Western companies, typically set it up with a special purpose [value call] with a Chinese partner, and both parties put their assets and know-how to work for the joint venture to succeed.

看，大多數在中國開展業務的公司，大多數西方公司，通常會與中國合作夥伴建立一個特殊目的[價值通話]，雙方將他們的資產和專有技術用於合資企業成功。

Very few players across all sectors have a 49% stake in a substantial operation in China.

在所有行業中，很少有參與者在中國的大型業務中擁有 49% 的股份。

We do.

我們的確是。

And if you really want to look more at our Chinese business, you have to refer back to the parent company, UNIS, which is listed in China, and see how much of the profit of our HPC joint venture contributes to the total profit pool of UNIS.

而如果真要多看我們中國的業務，就得回頭去看看在中國上市的母公司紫光，看看我們HPC合資公司的利潤佔總利潤池有多少？聯合國信息系統。

So the setup for us is optimal, and what we're trying to do is to manage the operations, as Antonio said, through the mix of products to maximize profits and dividend payouts.

因此，我們的設置是最佳的，正如安東尼奧所說，我們正在努力做的是通過產品組合來管理運營，以最大化利潤和股息支付。

Okay, and maybe a comment on Europe?

好的，也許對歐洲發表評論？

Yes.

是的。

Europe was actually the best-performing region, I would say, when you think about that.

考慮到這一點，我會說歐洲實際上是表現最好的地區。

And we have very strong growth in many of the geos within Europe.

我們在歐洲的許多地區都有非常強勁的增長。

I mean, I made a comment about Brexit early on, but our U.K. business grew double digits.

我的意思是，我很早就對英國退歐發表了評論，但我們在英國的業務增長了兩位數。

So France, so Germany.

法國如此，德國如此。

We have very strong momentum in Europe.

我們在歐洲的勢頭非常強勁。

And I think our portfolio, considering how business is done there and how customers adopt new technologies, they're incredibly suited for that market.

我認為我們的產品組合，考慮到在那裡開展業務的方式以及客戶如何採用新技術，它們非常適合該市場。

So overall, we are very pleased with Europe.

總的來說，我們對歐洲非常滿意。

They grew 3% year-over-year.

他們同比增長 3%。

In that, you have, obviously, some of the exit in the Central European countries that we talked about, our Advisory and Professional Services.

顯然，您在我們談到的中歐國家有一些出口，我們的諮詢和專業服務。

But the core business and the Operational Services business grew very nicely.

但核心業務和運營服務業務增長非常好。

And we see an expansion with Aruba, too.

我們也看到了 Aruba 的擴張。

It will be Ananda Baruah of Loop Capital.

它將是 Loop Capital 的 Ananda Baruah。

Hey, just going back to the revenue acceleration commentary, you guys mentioned revenue acceleration coming starting the second quarter a handful of times across a handful of segments using a handful of context.

嘿，回到收入加速的評論，你們提到了從第二季度開始的收入加速在少數幾個細分市場中出現了幾次。

I know the growth kind of forecast for the fiscal year was really just for growth.

我知道本財年的增長預測實際上只是為了增長。

But I would love context, we probably all would, just on how you want us to sort of think about revenue acceleration because that would sort of suggest something greater than just nominal growth.

但我會喜歡背景，我們可能都會喜歡，只是關於你希望我們如何考慮收入加速，因為這會暗示一些比名義增長更大的東西。

And so how should we think about that?

那麼我們應該如何考慮呢？

It also sounds like you're talking about investing into upcoming growth opportunities, too.

聽起來您也在談論投資即將到來的增長機會。

I think the word amplified was used as well.

我認為也使用了放大這個詞。

So any context there would be fantastic.

所以任何背景都會很棒。

Okay.

好的。

Let me try and add a little bit of color for all of you to understand this point.

讓我嘗試為大家理解這一點添加一點色彩。

We did say and we guided that we would be growing revenue for the full year.

我們確實說過並且我們指導我們將在全年增加收入。

There's no change to that.

這沒有改變。

However, there were a couple of dynamics that we also flagged to you.

但是，我們也向您標記了一些動態。

Number one, currency.

第一，貨幣。

We still expect a 1% to 2% of headwind from currency.

我們仍然預計貨幣將帶來 1% 至 2% 的逆風。

It's closer to 2% rather than 1%.

它更接近 2% 而不是 1%。

And there's also the Tier 1 dynamic.

還有第 1 層動態。

The Tier 1 revenue decline has diluted our growth profile.

一級收入下降削弱了我們的增長前景。

What gave us now more confidence that we can grow as of Q2 is because we have seen the Tier 1 decline being sharper than what we originally anticipated, which reduces the dilution effect for the subsequent quarters.

現在讓我們更有信心在第二季度實現增長的是，因為我們看到一級供應商的下降幅度比我們最初預期的要大，這減少了隨後幾個季度的稀釋效應。

And that's why we made the commentary overall that we can see acceleration of revenue from Q2, Q3 and Q4.

這就是為什麼我們做出整體評論，我們可以看到第二季度、第三季度和第四季度的收入加速增長。

And finally and most importantly, what really is driving this level of confidence is all the discussions we're having with our customers, who are reiterating that their plans continue apace.

最後也是最重要的是，真正推動這種信心水平的是我們與客戶進行的所有討論，他們重申他們的計劃將繼續快速推進。

And that's why we qualified the macro environment by saying it is steady.

這就是為什麼我們通過說它穩定來限定宏觀環境。

Yes.

是的。

I want to add one thing to the point here is that we see, again, the explosion of the data as a driver to drive growth.

我想在這裡補充一件事，我們再次看到數據的爆炸式增長是推動增長的動力。

Our high-performance compute portfolio is best in class, and we see the momentum accelerating.

我們的高性能計算產品組合是一流的，而且我們看到了加速發展的勢頭。

Aruba will continue to accelerate starting Q2 and beyond because of our new offerings and also because how demand shapes throughout the year.

由於我們的新產品以及全年需求的變化，Aruba 將從第二季度開始及以後繼續加速發展。

And obviously, our software-defined portfolio clearly is resonating with customers.

顯然，我們的軟件定義產品組合顯然引起了客戶的共鳴。

That, together with the comments that Tarek made about the Tier 1, we're actually very, very confident that our Q2 and beyond, our revenue will accelerate from the current levels.

那，連同 Tarek 對一級的評論，我們實際上非常、非常有信心，我們的第二季度及以後，我們的收入將從目前的水平加速。

And that's why, together with our mix and together with our cost disciplined execution, we are confident to raise the guidance.

這就是為什麼，連同我們的組合和我們嚴格的成本執行，我們有信心提高指導。

And as I said in my comments, I think there is more opportunities here to continue to drive that shareholder value.

正如我在評論中所說，我認為這裡有更多機會繼續推動股東價值。

And again, our innovation is the best we ever had.

再一次，我們的創新是我們有史以來最好的。

The employee morale in the company is the best we ever had.

公司的員工士氣是我們有史以來最好的。

We've just moved to a new headquarters here, which is phenomenal.

我們剛剛搬到這裡的新總部，這太棒了。

And we are winning in key segment of the markets where we decide to focus on.

我們正在我們決定關注的關鍵市場領域取得勝利。

So that gives us the confidence that we can accelerate revenue.

因此，這使我們有信心可以加速收入。

Okay, that's great.

好的，那太好了。

I appreciate it.

我很感激。

And just a real quick follow-up.

並且只是一個真正的快速跟進。

That -- does that hold for your channel business as well, which is a significant portion of your revenue?

那 - 這是否也適用於您的渠道業務，這是您收入的很大一部分？

You mentioned enterprise -- you gave some enterprise context earlier, but for your channel business as well.

您提到了企業——您之前提供了一些企業背景，但也針對您的渠道業務。

Yes, absolutely, because if the channel doesn't grow, we can't grow.

是的，絕對是，因為如果渠道不增長，我們就無法增長。

So 70%, 7-0, percent of our business in the core Hybrid IT and up to 90% in Aruba are all driven by the channel.

因此，我們在核心混合 IT 中 70%、7-0、% 的業務以及在 Aruba 中高達 90% 的業務都是由渠道驅動的。

And in fact, tomorrow, I will be talking to the channel partners about our momentum and our innovation to all the key CEOs in there with us.

事實上，明天，我將與渠道合作夥伴討論我們的發展勢頭和我們的創新，以及與我們一起的所有主要首席執行官。

So they like our predictable channel program so they can understand how to make money with us.

所以他們喜歡我們可預測的渠道計劃，這樣他們就可以了解如何通過我們賺錢。

But ultimately, they like our portfolio to serve our customers better.

但最終，他們希望我們的產品組合能夠更好地為我們的客戶服務。

So our sellout in the channel has grown at double digits, and that's why we are confident.

所以我們在渠道的銷售量以兩位數的速度增長，這就是我們有信心的原因。

Great.

偉大的。

And thank you, everyone else, for joining the call today.

感謝大家今天加入電話會議。

With that, I think we can wrap things up.

有了這個，我想我們可以結束了。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes our call for today.

女士們，先生們，我們今天的呼籲到此結束。

Thank you for joining.

感謝您的加入。

And at this time, you may disconnect your lines.

而此時，你可能會斷開你的線路。