惠普企業 (HPE) 2019 Q3 法說會逐字稿

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

早上好，下午好，晚上好，歡迎來到 2019 年第三季度惠普企業收益電話會議。

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

我叫加里，我將擔任今天電話會議的會議主持人。

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

（操作員說明）提醒一下，正在錄製此會議以供重播。

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

現在，我想將演示文稿轉交給今天電話會議的主持人，投資者關係主管安德魯·西馬內克 (Andrew Simanek) 先生。

Please proceed.

請繼續。

Good afternoon.

下午好。

I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise, and I'd like to welcome you to our fiscal 2019 third 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.

我是 Hewlett Packard Enterprise 投資者關係主管 Andy Simanek，歡迎您參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2019 財年第三季度收益電話會議；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 shortly available after the call for approximately 1 year.

網絡廣播的重播將在電話會議結束後不久提供大約 1 年。

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

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

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today.

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

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

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

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

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

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

HPE 不承擔任何義務，也不打算更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported on HPE's quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2019.

我們還注意到，本次電話會議上討論的財務信息反映了基於目前可用信息的估計，可能與 HPE 截至 2019 年 7 月 31 日財季的 10-Q 表季度報告中最終報告的金額存在重大差異。

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。

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

在整個電話會議中，除非另有說明，否則所有收入增長率均按年計算，並進行調整以排除貨幣的影響。

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 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 the call over to Antonio.

有了這個，讓我把電話轉給安東尼奧。

Thanks, Andy.

謝謝，安迪。

Good afternoon, everyone.

大家下午好。

Thank you for joining us.

感謝您加入我們。

In Q3, we continued to demonstrate disciplined execution, which expanded profitability across the company.

在第三季度，我們繼續展示嚴格的執行力，從而擴大了整個公司的盈利能力。

In a more uneven market, we improved both gross and operating margins, delivered a strong non-GAAP earnings per share and generated a record level of year-to-date free cash flow.

在更加不平衡的市場中，我們提高了毛利率和營業利潤率，實現了強勁的非 GAAP 每股收益，並創造了年初至今的創紀錄水平的自由現金流。

These results reflect our momentum as we take deliberate steps to shift our portfolio to higher-value, software-defined offerings delivered as a service.

這些結果反映了我們的勢頭，因為我們採取慎重的步驟將我們的產品組合轉移到作為服務交付的更高價值的軟件定義產品。

This quarter, we also advanced our innovation agenda.

本季度，我們還推進了創新議程。

We made organic investments in new products and announced strategic acquisitions that drive growth by significantly enhancing our ability to help customers with their digital transformations.

我們對新產品進行了有機投資，並宣布了戰略收購，通過顯著增強我們幫助客戶進行數字化轉型的能力來推動增長。

We delivered revenue of $7.2 billion in Q3, up 1% sequentially and down 3% year-over-year adjusted for the Tier 1 business.

我們在第三季度實現了 72 億美元的收入，環比增長 1%，經一級業務調整後同比下降 3%。

Our revenue growth was primarily impacted by delivery actions through HPE Next, including portfolio rationalization as well as some microeconomic factors.

我們的收入增長主要受到 HPE Next 交付行動的影響，包括投資組合合理化以及一些微觀經濟因素。

Importantly, we continued to deliver growth in key areas of strategic investment, including High Performance Compute, Hyperconverged Infrastructure, hybrid cloud, and HPE Pointnext services orders, of which GreenLake is a key driver of our growth.

重要的是，我們繼續在戰略投資的關鍵領域實現增長，包括高性能計算、超融合基礎設施、混合雲和 HPE Pointnext 服務訂單，其中 GreenLake 是我們增長的關鍵驅動力。

Our gross margin of 33.9% is up 170 basis points from last quarter and 340 basis points year-over-year.

我們的毛利率為 33.9%，比上一季度增長 170 個基點，同比增長 340 個基點。

This was fueled by the mix shift to higher-value offerings and commodities pricing tailwinds.

向更高價值產品和大宗商品定價順風的混合轉變推動了這一趨勢。

Non-GAAP operating profit margin of 9.9% is up 80 basis points year-over-year, and our non-GAAP EPS of $0.45 is up 7% year-over-year and above the high end of our previous outlook.

非美國通用會計準則營業利潤率為 9.9%，同比增長 80 個基點，我們的非美國通用會計準則每股收益為 0.45 美元，同比增長 7%，高於我們此前預期的上限。

Both the quantity and the quality of our free cash flow continues to improve.

我們自由現金流的數量和質量都在不斷提高。

Year-to-date, our free cash flow is $860 million, which is up $790 million from the same prior year period.

年初至今，我們的自由現金流為 8.6 億美元，比上年同期增加 7.9 億美元。

As a result of our ongoing performance, I am very pleased to say that this marks our seventh quarter of raising our non-GAAP EPS outlook for the year.

由於我們持續的表現，我很高興地說，這標誌著我們第七個季度提高了今年的非 GAAP 每股收益預期。

Before I provide specific highlights of our business performance, I will offer a few perspectives on the macro environment.

在我提供我們業務績效的具體亮點之前，我將提供一些關於宏觀環境的觀點。

We continue to see uneven demand due in part to ongoing trade tensions, which impact market stability and customer confidence.

我們繼續看到需求不均衡，部分原因是持續的貿易緊張局勢影響了市場穩定性和客戶信心。

This is showing up in elongated sales cycles, particularly larger deals as we noted last quarter and reiterated during our IR Summit at our Discover conference in June.

這體現在延長的銷售週期中，尤其是我們上個季度指出的大宗交易，並在 6 月份的 Discover 會議的 IR 峰會上重申。

However, our customers continue to affirm their need to accelerate their digital transformations to improve business outcomes and customers and employee experiences while reducing costs.

然而，我們的客戶繼續確認他們需要加速數字化轉型，以改善業務成果以及客戶和員工體驗，同時降低成本。

Explosion of data will continue to fuel underlying demand for solutions to help protect, store, manage and analyze their data.

數據爆炸將繼續推動對解決方案的潛在需求，以幫助保護、存儲、管理和分析他們的數據。

And this is where we are laser-focused.

這就是我們激光聚焦的地方。

We have a strong portfolio of solutions and services that span the Intelligent Edge and hybrid cloud.

我們擁有強大的解決方案和服務組合，涵蓋智能邊緣和混合雲。

We are uniquely positioned to help our customers with this transition.

我們具有獨特的優勢，可以幫助我們的客戶完成這一轉變。

This is why at our Discover conference, we unveiled new innovations to accelerate customers' enterprises with edge-centric, cloud-enabled and data-driven solutions.

這就是為什麼在我們的探索大會上，我們推出了新的創新，以邊緣為中心、支持雲和數據驅動的解決方案來加速客戶的企業發展。

And I announced that we will offer our entire HPE portfolio as a service by 2022.

我宣布，到 2022 年，我們將提供整個 HPE 產品組合即服務。

To share pro forma highlights from our business segments, I will start with Intelligent Edge.

為了分享我們業務部門的備考亮點，我將從 Intelligent Edge 開始。

In Q3, our Intelligent Edge business delivered revenue of $762 million, up 14% sequentially, which is better than our sequential growth last year, but down 2% year-over-year.

第三季度，我們的智能邊緣業務實現收入 7.62 億美元，環比增長 14%，好於我們去年的環比增長，但同比下降 2%。

As we noted last quarter, we are actively addressing the sales coverage model in the United States.

正如我們上個季度所指出的，我們正在積極解決美國的銷售覆蓋模型。

I am pleased with the actions taken to date that have resulted in positive traction with our U.S. product business, which was up over 40% sequentially.

我很高興迄今為止採取的行動對我們的美國產品業務產生了積極影響，該業務連續增長超過 40%。

We delivered solid growth in EMEA and APJ and in our Aruba Services business.

我們在 EMEA 和 APJ 以及我們的 Aruba 服務業務實現了穩健增長。

This growth was driven in part by new customer wins.

這種增長部分是由贏得新客戶推動的。

For instance, Vancouver Clinic, which provides health care services across Southern Washington, wanted to deliver modern health care and reliable connectivity for staff, nurses and doctors to access patient records and utilize medical devices.

例如，在華盛頓南部提供醫療保健服務的溫哥華診所希望為員工、護士和醫生提供現代醫療保健和可靠的連接，以訪問患者記錄和使用醫療設備。

They chose Aruba's mobile-first network with ArubaOS 8 to deliver secure mobility and allow the clinic to perform live network upgrades without interrupting connectivity.

他們選擇 Aruba 的移動優先網絡和 ArubaOS 8 來提供安全的移動性，並允許診所在不中斷連接的情況下執行實時網絡升級。

A key factor in their decision was Aruba ClearPass, which addressed the security concerns as it allows the IT team to quickly and easily create policies for authenticating and onboarding new devices.

他們做出決定的一個關鍵因素是 Aruba ClearPass，它解決了安全問題，因為它允許 IT 團隊快速輕鬆地創建用於驗證和加入新設備的策略。

With a population of more than 750,000 residents, the County of San Mateo here in California has standardized on Aruba for their wireless Network Access Control and edge switching solutions.

加利福尼亞州的聖馬特奧縣擁有超過 750,000 名居民，已經在 Aruba 上對其無線網絡訪問控制和邊緣交換解決方案進行了標準化。

A key factor in the county's decision to choose Aruba was its need for securing several access to mission-critical applications in locations such as the county-funded hospital.

該縣決定選擇 Aruba 的一個關鍵因素是它需要在縣資助的醫院等地點確保對關鍵任務應用程序的訪問。

Customers are recognizing the advantages of Aruba solutions to deliver exceptional customer experiences of Intelligent Edge.

客戶正在認識到 Aruba 解決方案在提供卓越的 Intelligent Edge 客戶體驗方面的優勢。

This is one reason Aruba emerged as the only vendor in the Leaders Category in the recent Forrester New Wave: Wireless Solutions report, which evaluated 8 of the most significant vendors in the wireless space.

這就是 Aruba 在最近的 Forrester New Wave：無線解決方案報告中成為領導者類別中唯一供應商的原因之一，該報告評估了無線領域中 8 家最重要的供應商。

We also launched new offerings during the quarter, including solutions for the fast-growing mid- and small market customer segments and extend the services to capture additional enterprise customers.

我們還在本季度推出了新產品，包括針對快速增長的中小型市場客戶群的解決方案，並擴展了服務以吸引更多的企業客戶。

We introduced Aruba Instant On, a secure, scalable and simple WiFi solution for small businesses, allowing the SMB market to benefit from a proven enterprise expertise.

我們推出了 Aruba Instant On，這是一種適用於小型企業的安全、可擴展且簡單的 WiFi 解決方案，使 SMB 市場能夠從經過驗證的企業專業知識中受益。

Now small businesses can deliver a seamless wireless experience with an easy setup that can be managed from any mobile device.

現在，小型企業可以通過可從任何移動設備進行管理的簡單設置來提供無縫無線體驗。

We extended the HPE GreenLake portfolio to the edge by announcing HPE GreenLake for Aruba, which gives organizational flexibility and choice in how they obtain and support their edge infrastructure.

我們通過發布適用於 Aruba 的 HPE GreenLake 將 HPE GreenLake 產品組合擴展到邊緣，這為組織提供了靈活性以及他們如何獲取和支持其邊緣基礎設施的選擇。

We unveiled exciting enhancements to Aruba Central, our cloud-based network platform that manages more than 20,000 customers' branch networks.

我們推出了 Aruba Central 的激動人心的增強功能，這是我們基於雲的網絡平台，管理著 20,000 多個客戶的分支網絡。

With this next generation, a customer will benefit from artificial intelligence-powered network analytics, improved security and user-centric assurance for wire, wireless and edge infrastructures from a single point of control.

有了下一代產品，客戶將從單一控制點受益於人工智能驅動的網絡分析、改進的安全性和以用戶為中心的有線、無線和邊緣基礎設施保證。

We believe the Intelligent Edge is the natural next step of the cloud experience.

我們相信智能邊緣是雲體驗的自然下一步。

The opportunity at the edge is all about using technology and data to bridge the digital and physical worlds.

邊緣的機會就是使用技術和數據來連接數字世界和物理世界。

Increasingly, business outcomes will depend on the experiences that enterprises can deliver at the edge.

業務成果將越來越取決於企業可以在邊緣提供的體驗。

Our strong portfolio enable us to capitalize on this exciting opportunity.

我們強大的產品組合使我們能夠利用這個令人興奮的機會。

Turning to Hybrid IT.

轉向混合 IT。

We delivered our highest operating margin since Q1 fiscal year '17.

我們實現了自 17 財年第一季度以來的最高營業利潤率。

Our operating margin of 12.7% was up 250 basis points year-over-year.

我們的營業利潤率為 12.7%，同比增長 250 個基點。

Revenue of $5.5 billion was down 3% year-over-year when adjusted for Tier 1 in China.

針對中國一級供應商調整後的收入為 55 億美元，同比下降 3%。

While we saw some signs of microeconomic softness and longer sales cycles in certain markets, we realized year-over-year traction in critical areas for customers.

雖然我們在某些市場看到微觀經濟疲軟和銷售週期延長的跡象，但我們在關鍵領域實現了對客戶的同比牽引。

High Performance Computing realized its 10th consecutive quarter of growth, and Composable Cloud grew 28%.

高性能計算連續第 10 個季度實現增長，可組合雲增長 28%。

While Storage overall experienced a modest revenue decline against a tougher market backdrop in year-over-year compare, we gained momentum in key strategic areas like HP Nimble Storage, which grew 21%; and Hyperconverged, which grew 4%.

雖然在較去年同期比較艱難的市場背景下，存儲整體收入略有下降，但我們在關鍵戰略領域獲得了增長勢頭，如 HP Nimble Storage，增長了 21%；和超融合，增長了 4%。

On the innovation front, we announced HPE Primera, a new storage platform for mission-critical workloads.

在創新方面，我們發布了 HPE Primera，這是一個用於關鍵任務工作負載的新存儲平台。

HPE Primera offers unprecedented deployment times of 20 minutes, a guarantee of 100% data availability and upgrades with no downtime for a truly differentiated customer experience.

HPE Primera 提供前所未有的 20 分鐘部署時間，保證 100% 數據可用性和無停機升級，從而提供真正差異化的客戶體驗。

HPE Pointnext services orders, including Nimble orders, grew 2% in constant currency as we have the highest quarter yet for services intensity.

HPE Pointnext 服務訂單（包括 Nimble 訂單）按固定匯率計算增長 2%，因為我們的服務強度達到了迄今為止最高的季度。

We demonstrate the success in attaching a greater level of services and favorable mix shift to infrastructure with higher attach rates.

我們展示了在附加更高級別的服務和有利的組合轉移到具有更高附加率的基礎設施方面的成功。

HPE GreenLake is now one of our fastest-growing businesses.

HPE GreenLake 現在是我們發展最快的業務之一。

This quarter, we continue to see very strong customer momentum with order growth of 10% year-over-year or 42%, excluding one large deal from the prior year.

本季度，我們繼續看到非常強勁的客戶勢頭，訂單同比增長 10% 或 42%，不包括上一年的一筆大交易。

In addition to bringing as a service to the edge with HPE GreenLake for Aruba this quarter, we also launched a new solution to accelerate HPE GreenLake growth in the mid-market.

除了本季度為 Aruba 推出 HPE GreenLake 邊緣服務外，我們還推出了一個新的解決方案來加速 HPE GreenLake 在中端市場的增長。

Customers are choosing HPE GreenLake for choice, flexibility and speed to market.

客戶選擇 HPE GreenLake 是為了選擇、靈活性和上市速度。

For instance, we were selected by the Publicis Groupe for our HPE GreenLake for SAP HANA, a managed private cloud solution to provide speed, scalability and budget predictability.

例如，我們的 HPE GreenLake for SAP HANA 被 Publicis Groupe 選擇，這是一種託管私有云解決方案，可提供速度、可擴展性和預算可預測性。

As part of their move to SAP HANA, Publicis evaluated public cloud alternatives but determined that on-premises model with a pay-per-use managed solution built on HPE's recognized industry leadership was the right option for them.

作為遷移到 SAP HANA 的一部分，Publicis 評估了公共雲替代方案，但確定基於 HPE 公認的行業領導地位構建的具有按使用付費託管解決方案的本地模型是他們的正確選擇。

Additional customer wins during the quarter demonstrate the strength of our portfolio.

本季度贏得的額外客戶證明了我們產品組合的實力。

We won a significant deal with Rolls-Royce Power Systems AG.

我們贏得了與 Rolls-Royce Power Systems AG 的重要交易。

The company was looking for a cloud-like pay-per-use model with an intelligent data platform that could offer high speed and low latency, and HPE was the only company with a model that could meet both needs through HPE GreenLake and HP 3PAR.

該公司一直在尋找一種類似雲的按使用付費模式，該模式具有可以提供高速和低延遲的智能數據平台，而 HPE 是唯一一家擁有可以通過 HPE GreenLake 和 HP 3PAR 滿足這兩種需求的模式的公司。

In addition, Chase Center, the new home of the NBA Golden State Warriors, chose HPE SimpliVity for its 18,000-capacity arena, enabling our private cloud to run application at scale.

此外，NBA 金州勇士隊的新主場大通中心為其 18,000 人的球館選擇了 HPE SimpliVity，使我們的私有云能夠大規模運行應用程序。

Chase Center will open its doors next month ahead of the 2019, 2020 NBA Season and is already working with Aruba to power personalized digital-connected experiences for fans and guests.

大通中心將於下個月在 2019 年和 2020 年 NBA 賽季之前開放，並且已經與 Aruba 合作為球迷和客人提供個性化的數字連接體驗。

In Q3, we also expanded our innovation through our important partnerships and strategic acquisitions.

在第三季度，我們還通過重要的合作夥伴關係和戰略收購擴大了我們的創新。

We've deepened our strategic relationship with Google Cloud to deliver true hybrid cloud for containers and with a choice for as a service delivered through HPE GreenLake.

我們加深了與 Google Cloud 的戰略關係，為容器提供真正的混合雲，並可選擇通過 HPE GreenLake 提供的即服務。

We first announced the relationship in April with 2 HP-validated designs for Google Cloud's Anthos.

我們於 4 月首次宣布與 Google Cloud 的 Anthos 的 2 個經過惠普驗證的設計建立了合作關係。

This expansion shows the growing understanding and acceptance of the fact that the work is hybrid.

這種擴展表明人們越來越理解和接受工作是混合的這一事實。

Just yesterday, we announced the expansion of our partnership with VMware to offer VMware Cloud Foundation as a service.

就在昨天，我們宣布擴大與 VMware 的合作夥伴關係，以提供 VMware Cloud Foundation 即服務。

Through the integration of HPE GreenLake and HPE Synergy with VMware Cloud Foundation, our 2 companies will allow mutual customers to keep all their application tools and data in place while achieving the benefits of cloud and composable infrastructure.

通過 HPE GreenLake 和 HPE Synergy 與 VMware Cloud Foundation 的集成，我們兩家公司將允許共同客戶保留所有應用程序工具和數據，同時實現雲和可組合基礎設施的優勢。

On the acquisition front, just after Q3 closed, we acquired MapR's business assets.

在收購方面，就在第三季度結束後，我們收購了 MapR 的業務資產。

We have been building our HPE AI portfolio over the last few years.

在過去幾年中，我們一直在構建 HPE AI 產品組合。

With MapR's enterprise-grade file system and cloud-native storage, we have a complete portfolio of products to drive AI and analytics applications.

借助 MapR 的企業級文件系統和雲原生存儲，我們擁有完整的產品組合來驅動 AI 和分析應用程序。

The technology is also highly complementary to BlueData's container platform strategy.

該技術還與 BlueData 的容器平台戰略高度互補。

HPE plans to support existing customer deployments along with ongoing renewals, and we are pleased to welcome MapR customers and partners and the MapR team to the HPE family.

HPE 計劃支持現有客戶部署以及持續更新，我們很高興歡迎 MapR 客戶和合作夥伴以及 MapR 團隊加入 HPE 大家庭。

As you will remember, we announced the Cray acquisition early in Q3 and now expect to close the Cray transaction by the end of Q4 fiscal year '19, earlier than originally planned.

您會記得，我們在第三季度初宣布了對 Cray 的收購，現在預計將在 19 財年第四季度末完成 Cray 交易，比原計劃提前。

HPC continues to be a strategic focus area for HPE, and we have a clear differentiation that is even further strengthened by Cray.

HPC 仍然是 HPE 的戰略重點領域，我們有一個明顯的差異化，Cray 進一步加強了差異化。

For instance, Cray recently announced a second exascale supercomputer award with Lawrence Livermore National Lab.

例如，Cray 最近與勞倫斯利弗莫爾國家實驗室宣布了第二個百億億級超級計算機獎。

And last week, HPE joined NASA Ames at the grand opening of its modular supercomputer facility in Mountain View, California.

上週，HPE 與 NASA Ames 一起參加了位於加利福尼亞州山景城的模塊化超級計算機設施的盛大開幕式。

Supporting our purpose to advance the way we live and work, HPE is building a new supercomputer based on the HPE SGI 8600 System as the researchers work to land the first woman and the next man on the moon by 2024.

為了支持我們改善生活和工作方式的目標，HPE 正在構建一台基於 HPE SGI 8600 系統的新型超級計算機，因為研究人員致力於在 2024 年之前讓第一位女性和下一位男性登上月球。

Turning to HPE Financial Services.

求助於 HPE 金融服務。

Revenue of $888 million represented a modest year-over-year decline.

收入為 8.88 億美元，同比略有下降。

However, financing volume was up 5% when adjusted for currency, and operating profit increased 90 basis points year-over-year.

然而，經匯率調整後融資額增長了 5%，營業利潤同比增長了 90 個基點。

HPEFS remains a strategic business that continues to help customers manage and monetize their existing assets in new ways as well as address the entire product life cycle to reduce the costs and resource demands of IT.

HPEFS 仍然是一項戰略性業務，它繼續幫助客戶以新的方式管理他們的現有資產並從中獲利，並解決整個產品生命週期問題，以降低 IT 的成本和資源需求。

In summary, I am pleased with our disciplined and focused execution, which delivered strong operational performance this quarter.

總而言之，我對我們紀律嚴明、專注的執行感到滿意，這在本季度帶來了強勁的運營業績。

We have been able to simultaneously invest in the future growth of our business while expanding operating margins, delivering non-GAAP EPS above our previous outlook and generating record levels of cash flow.

我們能夠同時投資於我們業務的未來增長，同時擴大營業利潤率，實現高於我們之前預期的非 GAAP 每股收益，並產生創紀錄的現金流量。

I remain very confident in our strategy and our ability to continue to drive profitable growth as we pursue the exciting plans we unveiled at Discover to offer our entire portfolio as a service by 2022.

我仍然對我們的戰略和我們繼續推動盈利增長的能力充滿信心，因為我們正在推行我們在 Discover 上公佈的激動人心的計劃，即到 2022 年將我們的整個產品組合作為服務提供。

By doing so, we will be well positioned to deliver long-term recurring revenue growth and profit.

通過這樣做，我們將能夠很好地實現長期經常性收入增長和利潤。

It is an exciting time at HPE.

這是 HPE 激動人心的時刻。

Over the last 2 years, we have shifted our portfolio and aligned our investments and execution to that shift.

在過去的 2 年裡，我們改變了我們的投資組合，並調整我們的投資和執行以適應這種轉變。

This hard work has paved the way for us to innovate, and we are well positioned to capitalize on the significant opportunity in front of us and to continue to deliver strong shareholder value.

這項艱苦的工作為我們的創新鋪平了道路，我們有能力利用擺在我們面前的重大機遇，繼續為股東創造強大的價值。

We look forward to providing more details about our long-term plans at our Securities Analyst Meeting in New York on October 23.

我們期待在 10 月 23 日於紐約舉行的證券分析師會議上提供有關我們長期計劃的更多詳細信息。

With that, I will turn it over to Tarek.

有了這個，我會把它交給 Tarek。

Thank you very much, Antonio.

非常感謝你，安東尼奧。

Now let me provide more detail on our financial results for the quarter.

現在讓我提供有關本季度財務業績的更多詳細信息。

As I have done before, I'll be referencing the slides from our earnings presentation to better highlight our performance in the third quarter of 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，以更好地突出我們在本財年第三季度的業績。

Starting with slides 1 and 2, I would like to talk about the key highlights from this quarter.

從幻燈片 1 和 2 開始，我想談談本季度的主要亮點。

The main takeaways are that we have significantly expanded gross margin this quarter while simultaneously making further investments in the business and delivering non-GAAP EPS above our previous outlook that we will raise for the full year, marking the seventh consecutive quarter of increased non-GAAP EPS guidance.

主要收穫是本季度我們顯著提高了毛利率，同時進一步投資於業務，並實現了高於我們之前全年提高的預期的非 GAAP 每股收益，這標誌著非 GAAP 連續第七個季度增加每股收益指導。

We have also reached record levels of free cash flow compared to the prior year-to-date period and grew revenues sequentially in an uneven macro environment.

與去年同期相比，我們的自由現金流也達到了創紀錄的水平，並且在不平衡的宏觀環境中連續增加了收入。

While our revenue continues to be in transition due to deliberate actions such as Tier 1 sales, China optimization and A&PS country exits, we are pivoting our portfolio towards higher margin and more recurring revenues.

雖然我們的收入由於一級銷售、中國優化和 A&PS 國家退出等有意行動而繼續轉型，但我們正在將我們的投資組合轉向更高的利潤率和更多的經常性收入。

This has translated into gross margin expanding by 340 basis points year-over-year this quarter driven by our portfolio mix shift and commodity tailwinds.

在我們的投資組合轉變和商品順風的推動下，這已轉化為本季度毛利率同比增長 340 個基點。

Our ongoing execution discipline demonstrates that our underlying profitability and quality of earnings continue to improve quarter after quarter.

我們持續的執行紀律表明，我們的潛在盈利能力和盈利質量每季度都在不斷提高。

I'll talk more about this in the upcoming slides.

我將在接下來的幻燈片中詳細討論這一點。

On the cash front, we delivered the highest level of free cash flow we have achieved through the third quarter of the fiscal year as Hewlett Packard Enterprise.

在現金方面，我們提供了惠普企業在本財年第三季度實現的最高水平的自由現金流。

With respect to GAAP EPS, we finished the quarter with an EPS loss of $0.02 that included a $0.42 reserve due to a onetime arbitration award to DXC compared to the previously provided outlook of $0.29 to $0.33 per share for the quarter.

關於 GAAP 每股收益，我們在本季度結束時每股收益虧損 0.02 美元，其中包括由於對 DXC 的一次性仲裁裁決而產生的 0.42 美元儲備金，而此前提供的本季度每股收益預期為 0.29 美元至 0.33 美元。

While we are disappointed with the ruling, it is important to note that at this stage, our fiscal year '19 free cash flow guidance remains unchanged.

雖然我們對裁決感到失望，但需要注意的是，在現階段，我們的 19 財年自由現金流指引保持不變。

Finally, we also announced recent strategic investment in Cray and MapR.

最後，我們還宣布了近期對 Cray 和 MapR 的戰略投資。

We already closed the purchase of MapR's business assets that we acquired for less than onetime annual revenue.

我們已經完成了對 MapR 業務資產的收購，我們以不到一次的年收入收購了這些資產。

We are also making good progress towards closing the Cray transaction, which is now expected to close by the end of quarter 4 of fiscal year '19, earlier than originally anticipated.

我們在完成 Cray 交易方面也取得了良好進展，目前預計該交易將在 19 財年第四季度末完成，比原先預期的要早。

We look forward to deriving significant value from both these acquisitions next year.

我們期待明年從這兩項收購中獲得巨大價值。

Moving on to our macro view of the business on Slide 3. We continue to see an uneven demand environment largely caused by trade tensions similar to what we called out last quarter's earnings and reiterated at our Discovery event in June.

繼續我們在幻燈片 3 上對業務的宏觀看法。我們繼續看到需求環境不平衡，這主要是由貿易緊張局勢造成的，類似於我們在上一季度的收益中所說的，並在 6 月份的 Discovery 活動中重申。

While elongated sales cycles persist and remain more pronounced for larger enterprise deals, they are not materially worse than in June.

雖然延長的銷售週期持續存在，並且對於大型企業交易而言更為明顯，但與 6 月份相比並沒有實質性的惡化。

HPE's broad portfolio and global footprint makes us well diversified to handle choppy markets.

HPE 廣泛的產品組合和全球足跡使我們能夠很好地多元化應對動蕩的市場。

We have also been able to successfully navigate all of the recent tariff increases on China exports that have been factored into our outlook.

我們還成功應對了近期所有已納入我們展望的中國出口關稅上調。

We will now move to Slide 4 that shows our performance in the quarter by segment.

我們現在將轉到幻燈片 4，該幻燈片按細分顯示我們在本季度的表現。

I won't take you through every number, but let me hit a few key points.

我不會帶您了解每個數字，但讓我指出幾個關鍵點。

In the Intelligent Edge, we began to make progress improving our go-to-market execution in the United States where product revenue grew over 40% sequentially.

在 Intelligent Edge 中，我們開始在改善美國的上市執行方面取得進展，產品收入環比增長超過 40%。

We have also introduced several new offerings for the mid-market and SMB market that are gaining traction.

我們還為越來越受歡迎的中端市場和 SMB 市場推出了幾款新產品。

Aruba Services growth continues to be solid across all geographies.

Aruba 服務在所有地區繼續穩步增長。

In Hybrid IT, we continue to grow our higher-margin offerings with Composable Cloud growing at 28% and High Performance Compute at 2%.

在混合 IT 領域，我們繼續增加利潤率更高的產品，其中可組合雲增長 28%，高性能計算增長 2%。

Within Storage, we again saw notable strength in Nimble Storage, which grew 21%; and Hyperconverged Infrastructure, which grew 4%.

在 Storage 中，我們再次看到 Nimble Storage 的顯著實力，增長了 21%；和超融合基礎設施，增長 4%。

In our services business, Pointnext operational services orders and Nimble services orders together were up 3% in constant currency driven by GreenLake orders, which grew 10% year-over-year.

在我們的服務業務中，Pointnext 運營服務訂單和 Nimble 服務訂單在 GreenLake 訂單的推動下按固定匯率計算增長了 3%，同比增長 10%。

Pointnext Advisory and Professional Services orders also grew in constant currency.

Pointnext 諮詢和專業服務訂單也按固定匯率增長。

And within HPE Financial Services, financing volume was up 5% year-over-year in constant currency and return on equity remained strong, exceeding 15% again this quarter.

在 HPE Financial Services 內部，融資額按固定匯率計算同比增長 5%，股本回報率保持強勁，本季度再次超過 15%。

Now we will turn to Slide 5 that demonstrates the many contributions we derived from our unique partnership with H3C.

現在我們將轉向幻燈片 5，它展示了我們從與 H3C 的獨特合作夥伴關係中獲得的許多貢獻。

As you know, H3C is a major player in the fast-growing China market with #1 market share in campus switching and wireless LAN.

如您所知，H3C 是快速增長的中國市場的主要參與者，在園區交換和無線 LAN 領域的市場份額排名第一。

As noted on the slide, profit contribution from H3C occurs in 3 areas: HPE sales of products to H3C for resale in the China market, HPE's resale of H3C's products in the rest of the world outside China and HPE's share of H3C's profits based upon HPE's 49% stake in H3C.

如幻燈片所示，H3C 的利潤貢獻體現在 3 個方面：HPE 向 H3C 銷售產品以在中國市場轉售，HPE 在中國以外的世界其他地區轉售 H3C 的產品，以及 HPE 根據 HPE 的利潤分享 H3C 的利潤。持有H3C 49%股權。

We greatly value our unique partnership with H3C, which helps us capitalize on the incredible growth opportunity in the world's second-largest IT market.

我們非常重視與 H3C 的獨特合作夥伴關係，這有助於我們把握全球第二大 IT 市場令人難以置信的增長機會。

In addition, HPE's 49% equity stake in H3C has been increasing in value through the put option and publicly traded market value of UNIS.

此外，HPE持有的H3C 49%股權通過紫光的認沽期權和公開交易市值不斷增值。

Slide 6 shows our EPS performance to date.

幻燈片 6 顯示了我們迄今為止的 EPS 表現。

Non-GAAP diluted net earnings per share of $0.45 in Q3 is well above our previously provided outlook of $0.40 to $0.44 due to operational outperformance.

由於運營表現出色，第三季度非 GAAP 稀釋後每股淨收益為 0.45 美元，遠高於我們之前提供的 0.40 美元至 0.44 美元的預期。

This marks the ninth quarter in a row that we have exceeded the high end of our non-GAAP quarterly outlook.

這標誌著我們連續第九個季度超過了我們非 GAAP 季度展望的上限。

On a year-to-date basis, non-GAAP diluted net earnings per share has grown 21%.

從年初至今，非 GAAP 稀釋後每股淨收益增長了 21%。

As a reminder, we ended fiscal year '17 with a non-GAAP EPS from continuing operations of $0.94.

提醒一下，我們以 0.94 美元的持續經營業務的非 GAAP 每股收益結束了 17 財年。

Based on our updated fiscal year '19 non-GAAP EPS outlook of $1.74 at the midpoint, we have demonstrated tremendous progress in non-GAAP EPS, which has grown by over 85% in the last 2 years.

根據我們更新的 19 財年非 GAAP 每股收益中點 1.74 美元的預期，我們在非 GAAP 每股收益方面取得了巨大進步，在過去兩年中增長了 85% 以上。

We have been able to achieve this through significant expansion of our gross and operating margins, which I will talk about next.

我們已經能夠通過毛利率和營業利潤率的顯著增長來實現這一目標，我將在接下來討論這一點。

Turning to gross margins on Slide 7. We continued to deliver significant gross margin expansion as we focus on profitable growth in Hybrid IT, shifting our portfolio towards higher-value, higher gross margin offerings and commodity tailwinds.

轉向幻燈片 7 的毛利率。我們繼續實現毛利率的顯著增長，因為我們專注於混合 IT 的盈利增長，將我們的投資組合轉向更高價值、更高毛利率的產品和商品順風。

Gross margin of 33.9% was up 340 basis points year-over-year and up 170 basis points quarter-over-quarter, the sixth quarter of sequential expansion.

毛利率為 33.9%，同比增長 340 個基點，環比增長 170 個基點，連續擴張的第六個季度。

Since Q1 of fiscal year 2018, we have expanded gross margin by 560 basis points through a combination of portfolio mix shift, HPE Next initiatives and commodity tailwinds.

自 2018 財年第一季度以來，我們通過組合組合轉變、HPE Next 計劃和大宗商品順風將毛利率提高了 560 個基點。

Expanding gross margins is very important as it demonstrates that we have a broad portfolio of software-defined, IP-rich 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廣泛的軟件定義、IP 豐富的產品組合，對我們的客戶具有重要價值。

Similar to the last quarter, let me show you on Slide 8 how the mix shift in our portfolio is improving our underlying profitability and quality of earnings.

與上個季度類似，讓我在幻燈片 8 上向您展示我們投資組合的組合轉變如何提高我們的潛在盈利能力和盈利質量。

Year-to-date, we have expanded gross margins by 270 basis points driven by portfolio mix shift combined with supply chain efficiencies and lower commodities costs.

年初至今，在投資組合轉變、供應鏈效率和商品成本降低的推動下，我們的毛利率提高了 270 個基點。

Now let me put in perspective the key metrics to measure our mix shift as we pivot our portfolio.

現在讓我來透視一下關鍵指標，以衡量我們在調整投資組合時的組合轉變。

The left-hand side of the chart shows how the various businesses within Hybrid IT contributed to HPE's overall revenue growth in the first 3 quarters of this fiscal year along with the spectrum of gross margins.

圖表的左側顯示了混合 IT 中的各種業務如何為 HPE 本財年前 3 個季度的整體收入增長以及毛利率範圍做出貢獻。

First, currency has been a headwind this year of about 130 basis points year-to-date.

首先，匯率今年以來一直是不利因素，今年迄今已貶值約 130 個基點。

Second, we continue to wind down the low-margin areas of our Tier 1 business that was roughly 5% of our total revenue last year versus only about 2% this year but at much better gross margins.

其次，我們繼續縮減一級業務的低利潤領域，該領域去年約占我們總收入的 5%，而今年僅佔 2% 左右，但毛利率要好得多。

In compute, the volume compute business declined slightly, diluting growth by 70 basis points, but more importantly, our higher-margin value compute business grew 4% year-to-date and contributed 90 basis points to overall growth at a much higher margin.

在計算方面，容量計算業務略有下降，稀釋了 70 個基點的增長，但更重要的是，我們的高利潤計算業務今年迄今增長了 4%，並以更高的利潤率為整體增長貢獻了 90 個基點。

Storage contributed another 20 basis points to overall growth year-to-date driven by 49% growth in Nimble.

在 Nimble 49% 的增長推動下，存儲為年初至今的整體增長貢獻了另外 20 個基點。

In services, we grew operational services orders, including Nimble services, at 2% year-to-date driven by GreenLake subscription services, which was up 24%.

在服務方面，在 GreenLake 訂閱服務增長 24% 的推動下，我們的運營服務訂單（包括 Nimble 服務）今年迄今增長了 2%。

These are both important lead indicators to overall future Pointnext revenue growth.

這些都是未來 Pointnext 整體收入增長的重要領先指標。

The key takeaway is that our portfolio mix shift is working, and our underlying profitability and overall quality of earnings is materially improving.

關鍵要點是我們的投資組合轉變正在奏效，我們的潛在盈利能力和整體盈利質量正在顯著改善。

Now moving to Slide 9, we have been able to make significant investments in R&D and sales to support future revenue growth while driving significant non-GAAP operating margin expansion.

現在轉到幻燈片 9，我們已經能夠在研發和銷售方面進行大量投資，以支持未來的收入增長，同時推動非 GAAP 營業利潤率顯著增長。

HPE Next has enabled us to redirect investments back into the business, including a double-digit increase year-to-date in R&D to drive organic innovation in our higher-margin, faster-growth areas of the portfolio and additional investments in go-to-market to improve sales effectiveness.

HPE Next 使我們能夠重新將投資重新投入到業務中，包括年初至今的兩位數研發增長，以推動我們在利潤率更高、增長更快的產品組合領域的有機創新，以及對 go-to 的額外投資-市場，以提高銷售效率。

We expect to drive revenue productivity and growth in the upcoming quarters from these strategic investments.

我們希望通過這些戰略投資推動未來幾個季度的收入生產力和增長。

Meanwhile, non-GAAP operating margin has climbed back up to nearly 10%, up over 250 basis points versus 6 quarters ago.

與此同時，非 GAAP 營業利潤率已回升至近 10%，比 6 個季度前高出 250 個基點以上。

Turning to cash flow on Slide 10.

轉向幻燈片 10 上的現金流量。

Free cash flow was seasonally very strong at $648 million in Q3.

第三季度的自由現金流季節性非常強勁，達到 6.48 億美元。

On a year-to-date basis, we have delivered a record level of $860 million in free cash flow that is up $790 million versus the prior year driven primarily by higher profitability and lower onetime payments.

從年初至今，我們實現了創紀錄的 8.6 億美元自由現金流，比上年增加 7.9 億美元，這主要是由於更高的盈利能力和更低的一次性付款。

Underpinning our year-to-date free cash flow performance is an over $900 million improvement in our cash flow from operations relative to last year.

支撐我們年初至今的自由現金流表現的是我們的運營現金流與去年相比增加了超過 9 億美元。

Consequently, at this stage, we believe that we can absorb the unexpected DXC award payment of $666 million to be made in Q4 within our existing full year outlook of $1.4 billion to $1.6 billion of free cash flow.

因此，在現階段，我們相信我們可以在我們現有的 14 億美元至 16 億美元的自由現金流的全年展望中吸收第四季度意外支付的 6.66 億美元 DXC 獎勵金。

Slide 11 shows our capital returns to date.

幻燈片 11 顯示了我們迄今為止的資本回報。

As part of our continued $7 billion capital return plan through fiscal year '19, we returned $727 million 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 7.27 億美元。

We paid $150 million in dividends and repurchased $577 million worth of shares in the quarter.

我們在本季度支付了 1.5 億美元的股息並回購了價值 5.77 億美元的股票。

On a year-to-date basis, we have returned approximately $2.4 billion to shareholders, with $500 million in dividends and $1.9 billion in share repurchases.

年初至今，我們已向股東返還約 24 億美元，其中包括 5 億美元的股息和 19 億美元的股票回購。

Now turning to our outlook on Slide 12.

現在轉向我們對幻燈片 12 的展望。

As a reminder, at SAM, we originally guided our fiscal year '19 non-GAAP EPS outlook to be $1.51 to $1.61.

提醒一下，在 SAM，我們最初將我們的 19 財年非 GAAP 每股收益預期指導為 1.51 美元至 1.61 美元。

Due to our strong non-GAAP EPS performance, we raised our full year EPS guidance by $0.05 in Q1, another $0.06 in Q2 to $1.62 to $1.72.

由於我們強勁的非 GAAP 每股收益表現，我們將第一季度的全年每股收益指引上調了 0.05 美元，第二季度又上調了 0.06 美元至 1.62 美元至 1.72 美元。

With continued operational outperformance in Q3, we are again raising our EPS guidance for the full year.

憑藉第三季度持續的出色運營表現，我們再次提高了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 $1.72 to $1.76, and we expect our fiscal year '19 GAAP diluted net earnings per share to be $0.65 to $0.69.

我們現在預計 19 財年的非 GAAP 攤薄後每股淨收益為 1.72 美元至 1.76 美元，我們預計 19 財年 GAAP 攤薄後每股淨收益為 0.65 美元至 0.69 美元。

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

這是我們連續第七個季度上調非 GAAP 每股收益預期。

So overall, I'm pleased with the progress we continue to make on our revenue and margin transition.

總的來說，我對我們在收入和利潤率轉型方面繼續取得的進展感到滿意。

We will continue to execute against our strategy of shifting our portfolio towards profitable growth that will drive our free cash flow and ultimately, shareholder returns.

我們將繼續執行我們的戰略，將我們的投資組合轉向盈利增長，這將推動我們的自由現金流，並最終推動股東回報。

As Antonio mentioned, we look forward to having you join us at our Securities Analyst Meeting on October 23 in New York, where we will provide an update on our strategy and financial outlook.

正如 Antonio 提到的，我們期待您參加 10 月 23 日在紐約舉行的證券分析師會議，屆時我們將提供有關我們戰略和財務前景的最新信息。

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

現在，讓我們打開它來提問。

(Operator Instructions) The first question comes from Katy Huberty with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Katy Huberty。

We've heard from some of your peers over the last couple of weeks that lower commodity costs are starting to be passed through to customers in the form of lower ASPs.

過去幾週，我們從您的一些同行那裡聽說，較低的商品成本開始以較低的 ASP 形式傳遞給客戶。

Can you just talk through how that will influence margins over the next couple of quarters?

您能否談談這將如何影響未來幾個季度的利潤率？

Can you hold on to the margin benefit from commodity prices?

你能守住大宗商品價格帶來的邊際收益嗎？

Or will some of that come out of the model?

還是其中一些會從模型中產生？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

Thanks, Katy, for the question.

謝謝，凱蒂，這個問題。

Definitely, the commodity prices have started to come down.

當然，大宗商品價格已經開始回落。

But I think we have executed with discipline on pricing and costs.

但我認為我們在定價和成本方面執行得很好。

And therefore, we're able to hold a lot of that.

因此，我們能夠容納很多。

And in the short term, we believe that will be the case.

在短期內，我們相信情況會如此。

Think about 1 to 2 quarters.

考慮 1 到 2 個季度。

But at the same time, let's remind ourselves that the content, since you asked the question about ASPs, the content that gets attached to each of the solutions continue to grow, so whether it's memory sizing or storage sizing continue to grow.

但與此同時，讓我們提醒自己內容，自從您提出有關 ASP 的問題以來，每個解決方案附帶的內容都在不斷增長，因此無論是內存大小還是存儲大小都在繼續增長。

While the cost per bit may be coming down, the reality, more overall content gets attached and, therefore, less impact on AUPs.

雖然每比特的成本可能會下降，但實際上，附加的整體內容更多，因此對 AUP 的影響更小。

But I think we have done an excellent job in retaining the cost decline through more content attached and better pricing discipline.

但我認為我們通過更多附加內容和更好的定價紀律在保持成本下降方面做得非常出色。

And Tarek has a comment on that.

Tarek 對此發表了評論。

Yes.

是的。

Katy, hi.

凱蒂，嗨。

I just want to add to what Antonio said.

我只想補充 Antonio 所說的話。

There are 2 effects at play as you point out.

正如您所指出的，有兩種效果在起作用。

One is a tailwind from commodities that Antonio commented on, and there's also the revenue mix shift.

一個是安東尼奧評論的商品帶來的順風，還有收入組合的轉變。

The revenue mix shift is really critical to us sustaining the gross margins moving forward.

收入結構的轉變對我們維持未來的毛利率非常關鍵。

And we're confident that by continuing to grow the areas, revenue streams of higher gross margin, we can maintain the level of gross margins we have overall.

我們有信心，通過繼續擴大毛利率較高的領域和收入來源，我們可以保持總體毛利率水平。

And then just as a follow-up on cash flow.

然後作為現金流的後續行動。

You're holding the full year guidance despite the over $600 million payment.

儘管支付了超過 6 億美元，但您仍持有全年指導。

Can you just talk about what the offsetting positives are to help you hold free cash flow guidance?

您能否談談幫助您保持自由現金流指導的抵消積極因素是什麼？

Yes.

是的。

I'm glad you asked the question.

很高興你問了這個問題。

Last time you and I have spoken, you asked us why we didn't raise the free cash flow guidance.

上次你和我交談時，你問我們為什麼不提高自由現金流量指導。

Okay, I remember that.

好吧，我記得那個。

Yes.

是的。

My answer to your prior question was we had a pretty wide range of $1.4 billion to $1.6 billion.

我對你之前的問題的回答是我們有 14 億美元到 16 億美元的相當廣泛的範圍。

So we stuck to that guidance back then.

所以我們當時堅持那個指導方針。

And now specifically with the DXC award from the arbitration, we feel that there are essentially 3 factors that give us confidence to be able to still deliver the guidance at $1.4 billion to $1.6 billion.

現在特別是仲裁中的 DXC 裁決，我們認為基本上有 3 個因素讓我們有信心能夠仍然提供 14 億至 16 億美元的指導。

Number one, you'd know that our Q4 quarter is the strongest one from a free cash flow generation.

第一，你知道我們的第四季度是自由現金流產生中最強勁的一個季度。

We continue to believe this will be the case in this quarter.

我們仍然相信本季度會出現這種情況。

Number two, if you really look at the free cash flow guidance of $1.4 billion to $1.6 billion and the outperformance on non-GAAP EPS, that outperformance is about $250 million in underlying cash flow earnings.

第二，如果你真的看看 14 億美元至 16 億美元的自由現金流指導和非 GAAP 每股收益的優異表現，那麼這種優異表現約為 2.5 億美元的基礎現金流收益。

And number three, we also said at the beginning of the fiscal year that our working capital will be, this year, a contributor to free cash flow as opposed to a use of cash flow source -- cash flow resources.

第三，我們還在本財年開始時表示，今年我們的營運資金將成為自由現金流的貢獻者，而不是使用現金流來源——現金流資源。

So the combination of these 3 factors makes us believe that at this time, we can withstand the payment of $666 million to DXC.

所以這3個因素的結合讓我們相信，此時，我們能夠承受得起向DXC支付的6.66億美元。

I will not hide from you that this won't be easy.

我不會向你隱瞞這並不容易。

But at this stage, we feel comfortable we can do that.

但在這個階段，我們覺得我們可以做到這一點。

Next question comes from Shannon Cross with Cross Research.

下一個問題來自 Cross Research 的 Shannon Cross。

I wanted to dig a bit more into gross margin.

我想更深入地了解毛利率。

I understand mix is a big part and obviously components.

我知道混合是很重要的一部分，而且顯然是組成部分。

But I think, Tarek, you said it will be sustainable at these levels.

但我認為，Tarek，你說過在這些水平上它將是可持續的。

I'm kind of curious as to how far you think you can take some of the improvements that you're doing right now and how much further there is to go with gross margin.

我很好奇你認為你可以在多大程度上採取你現在正在做的一些改進，以及毛利率還有多少。

And then I have a follow-up.

然後我有一個後續行動。

Okay.

好的。

So as Antonio said, we feel that the commodity tailwinds will continue for a little bit, a couple of quarters, as he mentioned in the prior question.

正如安東尼奧所說，我們認為大宗商品的順風將持續幾個季度，正如他在之前的問題中提到的那樣。

Over and above that, the revenue mix shift plays a very important role in driving higher gross margins.

除此之外，收入結構的轉變在推動更高的毛利率方面發揮著非常重要的作用。

The revenue streams that we have highlighted on our presentation on Slide 7, if my numbering is correct -- Slide 8, excuse me, if you really stack up these revenue streams, they all come up with improved gross margins individually due to the commodities.

我們在幻燈片 7 的演示文稿中強調的收入流，如果我的編號是正確的——幻燈片 8，對不起，如果你真的把這些收入流疊加起來，它們都會因商品而單獨提高毛利率。

But also as the more higher-value revenue streams from value compute and Storage kick in, you can see that the revenue mix will move into favorable gross margin territory.

但隨著來自價值計算和存儲的更多更高價值的收入流開始出現，您可以看到收入組合將進入有利的毛利率區域。

And third, I think we are also, as a management team, looking always at ways under HPE Next and otherwise through our global operations team finding efficiencies in the way we purchase commodities to build our products that we manufacture.

第三，我認為作為一個管理團隊，我們也一直在尋找 HPE Next 下的方式，或者通過我們的全球運營團隊尋找我們購買商品以構建我們製造的產品的方式的效率。

So on the whole, we feel that we have sufficient levers between commodity tailwinds, supply chain efficiencies and revenue mix to sustain the gross margin.

因此，總的來說，我們認為我們在商品順風、供應鏈效率和收入組合之間有足夠的槓桿來維持毛利率。

And I will add, Shannon, which Tarek provided a better comprehensive answer, is the fact that there is always opportunity to improve our cost structure.

我要補充的是，Tarek 提供了一個更全面的答案香農，事實是總有機會改善我們的成本結構。

HPE Next was the framework to go about it, and we've made huge progress.

HPE Next 是實現它的框架，我們已經取得了巨大的進步。

But since then, we have covered other areas, which we are executing, and that's a normal course of business management.

但從那以後，我們涵蓋了我們正在執行的其他領域，這是企業管理的正常過程。

Okay.

好的。

And then I understand net of Tier 1, you were down about 3% in revenue, and there is puts and takes throughout the model.

然後我了解到一級淨值，你的收入下降了大約 3%，並且整個模型都有看跌期權。

How do you think about revenue as a -- revenue growth versus profitability?

您如何看待收入——收入增長與盈利能力？

I don't know, I just wonder if you want to sort of just balance them off because clearly, at some point, we would hope you'd shift back more into a revenue growth situation so that will take acquisition and continued mix shift.

我不知道，我只是想知道你是否想平衡它們，因為很明顯，在某個時候，我們希望你能更多地回到收入增長的狀態，這樣就可以進行收購和持續的混合轉變。

So I'm just curious how you sort of think about that versus cash flow and margin.

所以我很好奇你如何看待它與現金流和利潤率的關係。

Well, sure.

嗯，當然。

I mean listen, I think finding the right balance between growth and profit is always what we are after, too.

我的意思是聽著，我認為在增長和利潤之間找到適當的平衡也是我們一直追求的目標。

I think, as Tarek said, the portfolio mix shift is something that we are completely committed to do and it's paying off, which has allowed us to make investments in the business in the areas we see the growth is going to happen going forward.

我認為，正如 Tarek 所說，投資組合轉變是我們完全致力於做的事情，並且正在取得回報，這使我們能夠在我們認為未來會發生增長的領域對業務進行投資。

And that investment is both organic and inorganic, right?

這種投資既是有機的又是無機的，對吧？

So we made a commitment to particular segments of the market on Intelligent Edge, which I believe is the next frontier through connectivity, security and the cloud consumption model.

因此，我們對 Intelligent Edge 的特定細分市場做出了承諾，我認為這是連接性、安全性和雲消費模型的下一個前沿領域。

I think the multiple use cases we see expanding in that space are sources of growth, and we feel pretty good about with the latest innovation we brought to the market.

我認為我們看到在該領域擴展的多個用例是增長的源泉，我們對我們推向市場的最新創新感到非常滿意。

As I think about the core business, right, the workload-optimized, cloud-enabled and consumption-driven model are areas of growth.

當我考慮核心業務時，正確的是，工作負載優化、雲支持和消費驅動的模型是增長領域。

And in that, when you think about type of workloads will drive growth, we talked about HPC, High Performance Compute, the ability to provide hybrid solutions with software-defined experiences is where we make investments.

在這方面，當您考慮工作負載類型將推動增長時，我們談到了 HPC、高性能計算，提供具有軟件定義體驗的混合解決方案的能力是我們進行投資的地方。

And so for us, finding that balance is key but also getting the portfolio in the right place is what we're really after.

所以對我們來說，找到平衡是關鍵，但同時讓投資組合處於正確的位置才是我們真正追求的。

And obviously, we believe we are in the right place, and the services piece of this is obviously very critical.

顯然，我們相信我們來對地方了，其中的服務顯然非常關鍵。

And that's why I'm so excited about the GreenLake offering because it's a point of differentiation for us in the marketplace that customers are paying attention and even our competitors for that matter.

這就是為什麼我對 GreenLake 產品如此興奮，因為它是我們在市場上的差異化點，客戶正在關注，甚至是我們的競爭對手。

But getting growth also in the underlying business just like we did with Nimble is foundational.

但是，就像我們對 Nimble 所做的那樣，在基礎業務中也取得增長是基礎。

I don't know, Tarek, if you want to add anything.

Tarek，我不知道你是否想添加任何內容。

Yes.

是的。

I just would like to put a little bit more context on what Antonio has said and put some perspective on our fiscal year '19.

我只想對 Antonio 所說的話進行更多背景介紹，並對我們的 19 財年發表一些看法。

Fiscal year '19 was not a year where we wanted to dial up the growth.

19 財年不是我們想要加快增長的一年。

Fiscal year '19 is a year where we had to deliver on EPS commitment, drive free cash flow.

19 財年是我們必須兌現 EPS 承諾、推動自由現金流的一年。

These are the 2 most important metrics.

這是兩個最重要的指標。

Prepare ourselves to dial up the growth in the subsequent quarters.

準備好在隨後的幾個季度中加快增長。

And we feel that we've done a fair bit of progress here.

我們覺得我們在這裡取得了相當大的進步。

There's, of course, more to be done, but you can see on Slide 9 that we've made significant investments in FSC dollars and R&D dollars to dial up the growth in the upcoming quarters.

當然，還有更多工作要做，但您可以在幻燈片 9 中看到，我們已經對 FSC 資金和研發資金進行了大量投資，以加快未來幾個季度的增長。

In addition to Antonio's point, the inorganic investments that we have made will bear fruit.

除了安東尼奧的觀點之外，我們所做的無機投資也將取得成果。

Effectively today, we secured approval for the completion of the Cray acquisition.

從今天開始，我們獲得了完成 Cray 收購的批准。

This has become official just a few minutes before our call.

在我們通話前幾分鐘，這已成為官方消息。

So we will close the Cray acquisition in Q4 fiscal year '19 and start to consolidate immediately upon the close, which is late in the quarter of fiscal year '19.

因此，我們將在 19 財年第四季度結束對 Cray 的收購，並在 19 財年季度末的交易結束後立即開始整合。

More of that growth will be felt in fiscal year '20 as a result of the consolidation.

由於合併，20 財年將感受到更多增長。

But notwithstanding the consolidation of Cray, we will grow our business overall.

但儘管對 Cray 進行了整合，我們仍將全面發展我們的業務。

And the next question comes from Toni Sacconaghi with Bernstein.

下一個問題來自 Toni Sacconaghi 和 Bernstein。

Sorry, I'd just like to revisit the gross margin topic one more time.

抱歉，我只想再討論一次毛利率話題。

Maybe you can help provide what estimate you think was -- what percentage of the gross margin improvement year-over-year and sequentially was driven by commodities and whether you can confirm there were no onetime factors in Q3.

也許你可以幫助提供你認為的估計——毛利率同比增長和環比增長的百分比是由大宗商品推動的，以及你是否可以確認第三季度沒有一次性因素。

I was just struck by how much gross margins went up sequentially when revenues were essentially flat, Tier 1 was essentially flat, and there didn't seem to be really radical mixes in your business on a sequential basis, yet margins went up 170 basis points.

當收入基本持平時毛利率連續上升多少讓我感到震驚，一級基本持平，而且你的業務似乎並沒有連續的激進組合，但利潤率上升了 170 個基點.

So maybe you can help clarify how much was attributable to commodities year-over-year and sequentially that there were no other onetime factors and how we should think about sequential dynamics.

所以也許你可以幫助澄清有多少是商品同比和順序的，沒有其他一次性因素，以及我們應該如何考慮順序動態。

Okay.

好的。

So there are no onetime factors that affect the gross margin.

所以不存在影響毛利率的一次性因素。

That's the first thing.

這是第一件事。

You can take that off the table.

你可以把它從桌子上拿下來。

The second thing, Toni, that affects the gross margins is the mix shift versus the commodities.

Toni，影響毛利率的第二件事是相對於商品的組合轉變。

I'd say to put some metrics around this, roughly 50% was mix shift and 50% was commodities.

我會說圍繞這個制定一些指標，大約 50% 是混合轉變，50% 是商品。

As part of that, you also have to -- the mix shift pertaining to Pointnext.

作為其中的一部分，你還必須——與 Pointnext 相關的混合轉變。

Pointnext OS costs of services is effectively affecting our gross margin.

Pointnext OS 服務成本正在有效地影響我們的毛利率。

We're injecting more and more automation in Pointnext OS to reduce the actual cost of labor that affects the gross margin component.

我們在 Pointnext OS 中註入越來越多的自動化，以減少影響毛利率部分的實際勞動力成本。

So all of the levers that are available to us, and last but not least, the supply chain as we've spoken a moment ago, are contributing to augmenting the gross margins.

因此，我們可以使用的所有槓桿，最後但並非最不重要的是，正如我們剛才所說的供應鏈，都有助於提高毛利率。

We have a new team in global operations.

我們在全球運營中擁有一支新團隊。

We are starting to feel the weight of -- that they carry and the traction they're gaining.

我們開始感受到它們所承載的重量以及它們正在獲得的牽引力。

We want to see further savings from supply chain moving forward.

我們希望看到供應鏈向前發展進一步節省開支。

And so on the whole, because we know this is the most important metric that govern the tech space, we will drive the gross margins to higher levels.

總的來說，因為我們知道這是管理技術領域最重要的指標，我們將把毛利率推向更高水平。

So how high is up?

那麼到底有多高呢？

It's for us to see and for you to determine over time as we execute, but we're very pleased with the progress so far, Toni.

隨著時間的推移，我們會看到並由您來確定，但我們對迄今為止的進展感到非常滿意，Toni。

And Toni, I will add one thing.

托尼，我要補充一件事。

Obviously, we talked about unevenness and what's going on in the market.

顯然，我們談到了不平衡以及市場上正在發生的事情。

But I think this team has executed with discipline, discipline to participate in the market we want to compete, to extract value from that market, and that's what resulted in expanded profitability.

但我認為這個團隊執行紀律，紀律參與我們想要競爭的市場，從該市場中提取價值，這就是擴大盈利能力的原因。

Okay.

好的。

If I could just follow up.

如果我能跟進就好了。

You talked about unevenness in macro.

你談到了宏觀上的不平衡。

I guess the question is how do you know that sort of what you're seeing or the revenue softness that you're experiencing is not due to a more structural shift to the cloud or some of these customers that are pausing are not thinking about tighter partnerships with cloud vendors?

我想問題是你怎麼知道你所看到的那種情況或你正在經歷的收入疲軟不是由於向雲計算的結構性轉變或其中一些暫停的客戶沒有考慮更嚴格的與雲供應商合作？

And what makes you confident, I guess, that the revenue weakness that you've seen I think relative to expectations because I think at the beginning, you were optimistic that growth would accelerate through the year.

我猜是什麼讓你有信心，我認為你所看到的收入疲軟與預期有關，因為我認為一開始，你對今年的增長會加速持樂觀態度。

So relative to those initial expectations, what makes you confident that this is not something structural rather than what appears to be sort of cyclical demand factors that you're citing?

因此，相對於那些最初的預期，是什麼讓您相信這不是結構性的，而不是您所引用的似乎是周期性需求因素？

Yes, Toni.

是的，托尼。

I mean let me start by stating that the world is hybrid, and I quoted some of the deals that we won this quarter where you see the value of placing data in workloads, both on-prem and off-prem.

我的意思是讓我首先說明世界是混合的，我引用了本季度我們贏得的一些交易，您可以看到將數據置於本地和非本地工作負載中的價值。

And that's the new reality.

這就是新的現實。

And more and more of those workloads and data will be processed at the edge, and that's the big opportunity.

越來越多的工作負載和數據將在邊緣處理，這是一個巨大的機會。

That's why I have a lot of confidence.

這就是為什麼我有很大的信心。

I have confidence in the fact that the data around us will continue to explode, fueled by the digital transformation we all experience in every industry.

我相信，在我們每個行業都經歷的數字化轉型的推動下，我們周圍的數據將繼續呈爆炸式增長。

That data has tremendous value.

這些數據具有巨大的價值。

We are only utilizing 6% of that data today, and that's why we see an acceleration on new techniques like AI, machine learning, big data analytics.

我們今天只使用了 6% 的數據，這就是為什麼我們看到人工智能、機器學習、大數據分析等新技術正在加速發展。

And that's why we're making quite big significant investments, first to make our infrastructure more intelligent so that the customers don't need to spend money running that infrastructure, second, to give a simple experience like you would think about the public cloud in many ways but with the same economics because we have talked to -- I spent 50% of my time with customers, and they are telling me at their scale of production workloads, it is cheaper for them to run it on-prem than off-prem.

這就是為什麼我們要進行相當大的重大投資，首先是讓我們的基礎設施更加智能，這樣客戶就不需要花錢運行該基礎設施，其次，提供一種簡單的體驗，就像你會想到的公共雲一樣很多方法，但具有相同的經濟性，因為我們已經談過 - 我花了 50% 的時間與客戶打交道，他們告訴我，在他們的生產工作負載規模上，他們在本地運行它比在外部運行它更便宜- prem。

That said, they will put workloads in both places.

也就是說，他們將把工作量放在兩個地方。

And last but not least is the fact that they want to consume more and more as a service, and that's the new reality.

最後但並非最不重要的一點是，他們希望將越來越多的消費作為一種服務來消費，這就是新的現實。

And so that's why when I bring it together, the world is hybrid.

所以這就是為什麼當我把它放在一起時，世界是混合的。

The edge is becoming more and more intelligent.

邊緣變得越來越智能。

The data has value because that's where outcomes are being derived.

數據具有價值，因為這是得出結果的地方。

And I think our portfolio is uniquely positioned to address these new realities, and how we connect this world is the opportunity going forward.

而且我認為我們的產品組合具有獨特的優勢來應對這些新現實，而我們如何連接這個世界是未來的機遇。

We have been trimming down, pruning down all the areas we don't want to participate.

我們一直在削減，削減所有我們不想參與的領域。

And unfortunately, that has taken time, whereas the Tier 1 business or some of the Advisory and Professional Services in countries where we believe we couldn't get scale repay with the resources and funding areas we want to go forward and then augment that investment with targeted, very disciplined acquisition, return of invested capital that will drive growth.

不幸的是，這需要時間，而我們認為我們無法通過我們想要推進的資源和資金領域獲得規模回報的國家的一級業務或一些諮詢和專業服務，然後增加投資有針對性的、非常有紀律的收購，投資資本的回報將推動增長。

And that's why I'm confident, Toni.

這就是為什麼我有信心，托尼。

Obviously, we need the right innovation and the right talent.

顯然，我們需要合適的創新和合適的人才。

But I will say this team is really executing with remarkable discipline, and you can see the expanded profitability, and I think that will continue.

但我要說的是，這支團隊確實非常有紀律地執行，你可以看到盈利能力的擴大，我認為這將繼續下去。

The next question comes from Paul Coster with JPMorgan.

下一個問題來自摩根大通的保羅科斯特。

Just drilling into the uneven demand comment.

只是鑽研不平衡的需求評論。

I wonder if you've noticed any difference in the behavior of enterprise customers versus SMBs or whether there's any verticals which are sort of standing up quite well under this sort of onslaught of news and if there are any verticals which, on the other hand, are looking particularly uncertain about their IT spending.

我想知道您是否注意到企業客戶與 SMB 的行為有什麼不同，或者是否有任何垂直行業在這種新聞衝擊下表現得相當好，另一方面，是否有任何垂直行業，對他們的 IT 支出特別不確定。

Sure.

當然。

So I will say the SMB and mid-market continues to be strong.

所以我會說中小企業和中端市場繼續保持強勁。

And this is where we are putting a lot of emphasis on what we call the no-touch, low-touch model for the transactional, high-velocity business.

這就是我們非常重視我們稱之為交易型、高速業務的無接觸、低接觸模型的地方。

We also introduced new offerings targeted for that segment of the market.

我們還推出了針對該細分市場的新產品。

An example is Aruba Instant On, where now you can -- if you're a small business, from a single couple of clicks, in fact, 2, 3 clicks on the mobile app, you can actually deploy an entire WiFi infrastructure for less than $200.

一個例子是 Aruba Instant On，現在你可以——如果你是一家小型企業，只需點擊幾次，實際上，在移動應用程序上點擊 2、3 次，你就可以部署整個 WiFi 基礎設施，成本更低超過 200 美元。

And so that

這樣

(technical difficulty)

（技術難度）

Pardon me, this is the conference operator.

對不起，我是會議接線員。

It appears we have had a disconnection from the speakers' location.

看來我們與揚聲器的位置斷開了連接。

Please stand by.

請待命。

We'll try to reconnect them.

我們將嘗試重新連接它們。

(Operator Instructions)

（操作員說明）

Yes, this is Andy.

是的，這是安迪。

Sorry, everyone, for the technical difficulties we were having there.

抱歉，大家，我們在那裡遇到了技術困難。

So we'll jump back in with -- I believe Paul Coster had asked a question about the macro environment, any particular verticals that we're seeing change.

因此，我們將回到 - 我相信保羅科斯特已經問過一個關於宏觀環境的問題，我們看到任何特定的垂直變化。

We've got Antonio...

我們有安東尼奧...

Yes, Paul.

是的，保羅。

Sorry about that.

對於那個很抱歉。

I'm not sure what happened.

我不確定發生了什麼。

We will check into it after this, but you asked a question about the unevenness of the market and most importantly, which segment of the market.

我們將在這之後進行調查，但你問了一個關於市場不平衡的問題，最重要的是，市場的哪個部分。

I will start to answer the question that we see good momentum in SMB and mid-market, particularly on the transactional business.

我將開始回答我們在 SMB 和中端市場看到良好勢頭的問題，尤其是在交易業務方面。

And that's why we have a lot of focus both on the product portfolio and the go-to-market.

這就是為什麼我們非常關注產品組合和上市。

We'd make some announcement with Aruba on Instant On and the low-touch, no-touch, particularly in the e-commerce side with the channel partners.

我們將與 Aruba 就 Instant On 和低接觸、無接觸發布一些公告，特別是在與渠道合作夥伴的電子商務方面。

And then on the enterprise, we see strong demand in health care.

然後在企業方面，我們看到醫療保健方面的強勁需求。

I spend a lot of time with them here at our ADC because of the digitization of their experiences with a mobile-first, cloud-first approach, at the same time in the industrial space with manufacturing, the need to bridge the analog world with the digital world.

我在我們的 ADC 花了很多時間和他們在一起，因為他們使用移動優先、雲優先的方法將他們的經驗數字化，同時在工業領域與製造業，需要將模擬世界與數字世界。

Oil and gas, obviously, continued to be a little bit hit and miss there because of the situation with oil.

顯然，由於石油的情況，石油和天然氣在那裡繼續受到打擊和錯過。

But overall, I mean, when it comes down to larger deals, that's where we see the elongated sales cycles.

但總的來說，我的意思是，當涉及到更大的交易時，這就是我們看到延長的銷售週期的地方。

Sorry about the disruption.

抱歉打擾了。

Sorry, Paul.

對不起，保羅。

Thank you for the question.

感謝你的提問。

And the next question is from Simon Leopold with Raymond James.

下一個問題來自 Simon Leopold 和 Raymond James。

I first wanted, hopefully, a simple maybe clarification.

希望我首先想要一個簡單的可能澄清。

Appreciate that you're reiterating the fiscal '19 free cash flow target.

感謝您重申 19 財年的自由現金流目標。

In June, you had also reiterated the fiscal '20 target for roughly $2 billion of free cash flow.

6 月，您還重申了 20 財年的目標，即大約 20 億美元的自由現金流。

Just wanted to make sure that nothing has changed in your view on that fiscal '20 target.

只是想確保您對 20 財年目標的看法沒有任何改變。

Yes.

是的。

Thank you for asking the question.

謝謝你問這個問題。

I should have mentioned this.

我應該提到這一點。

Nothing has changed for our 2020 $1.9 billion to $2.1 billion of free cash flow guidance.

我們 2020 年 19 億美元至 21 億美元的自由現金流指導沒有任何變化。

Great.

偉大的。

And then I wanted to get back to the trending.

然後我想回到趨勢。

One of the things we've heard about, and I think you've even addressed, is declining ASPs.

我們聽說過的一件事是 ASP 下降，我想你甚至已經提到過。

And clearly, your costs have come down faster and you benefited from mix.

很明顯，您的成本下降得更快，並且您從混合中受益。

Is there some element that you could help us quantify the dynamic of what degree you're reducing price since that will factor into maybe our revenue estimates?

是否有一些因素可以幫助我們量化您降低價格的動態程度，因為這可能會影響我們的收入估算？

Okay.

好的。

So we are starting to see AUP come down, which were up at very low single digits, and these were reflecting lower DRAM costs that are starting to be passed through.

因此，我們開始看到 AUP 下降，其漲幅非常低，這反映出較低的 DRAM 成本開始被傳遞。

So we're now almost at a full Gen10 mix, so we're getting less uplift from the new generation.

所以我們現在幾乎處於完整的 Gen10 混合狀態，所以我們從新一代中獲得的提升較少。

Having said that, we continue to see more and more option attach and richer configurations.

話雖如此，我們繼續看到越來越多的選項附加和更豐富的配置。

As Antonio mentioned, that will continue to be a trend due to the ever-increasing amount of data that is being generated and consumed.

正如 Antonio 所提到的，由於生成和使用的數據量不斷增加，這將繼續成為一種趨勢。

So consequently, we should see AUPs tick back up over time as DRAM costs start to level off or even potentially rebound in the future.

因此，隨著 DRAM 成本開始趨於平穩甚至可能在未來反彈，我們應該會看到 AUP 隨著時間的推移而回升。

And I want to add to that since I ran the compute business for several years, and I have to tell you the tick-tock of the technologies and amount of memory in storage you can attach continue to increase.

我想補充一點，因為我經營計算業務多年，我必須告訴你技術的滴答聲和你可以附加的存儲內存量在不斷增加。

As we go to the next generation or Gen11 and just take a look at just the latest announcement we made with AMD, the amount of memory channels you can attach more options to it continues to grow.

隨著我們進入下一代或 Gen11，看看我們與 AMD 發布的最新公告，您可以為其附加更多選項的內存通道數量繼續增長。

And so now on the same form factor, you have way more memory and way more storage capacity.

因此，現在在相同的外形尺寸下，您擁有更多的內存和更多的存儲容量。

And like I said before, as the cost per bit may be coming down, the number of bits continue to grow.

就像我之前說的，隨著每比特的成本可能會下降，比特的數量會繼續增長。

And therefore, what we said before is 2/3 of that AUP is structural, and that will continue because now we have new solutions like nonvolatile memory and so forth.

因此，我們之前所說的 AUP 的 2/3 是結構性的，並且這種情況將繼續存在，因為現在我們有了新的解決方案，如非易失性存儲器等。

And so those are technologies that will find each way through the portfolio that we already provide and the next generations.

因此，這些技術將通過我們已經提供的和下一代的產品組合找到各種方法。

And the next question comes from Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

Congrats on the execution on the mix of the business driving forward.

祝賀執行業務組合向前發展。

On the mix discussion, I'm curious, it looks like now your Tier 1 customers for this given quarter has fallen below kind of 1% of total revenue.

在混合討論中，我很好奇，看起來你這個給定季度的一級客戶現在已經下降到總收入的 1% 以下。

So it looks like that kind of that mix shift has finalized itself.

所以看起來那種混合轉變已經完成了。

But I'm curious in terms of the overall mix of compute between value versus the volume, where does that mix stand today?

但我很好奇價值與數量之間的整體計算組合，這種組合今天處於什麼位置？

And how do you think about that mix or what it could look like over the next year or 2 years?

您如何看待這種組合，或者它在未來一年或兩年內會是什麼樣子？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

Look, you're right in your assertion around Tier 1. Right now, Tier 1, as we said, is 2.2% of HPE's revenue year-to-date.

看，你對第 1 層的斷言是正確的。正如我們所說，目前，第 1 層佔 HPE 年初至今收入的 2.2%。

So in the last quarter, it was roughly the amount that you indicated.

所以在最後一個季度，大致是你指出的數量。

But it is coming at a much higher gross margin, and we're happy with that level of gross margin.

但它的毛利率要高得多，我們對這個毛利率水平感到滿意。

Revenue with no gross margin makes no sense to us.

沒有毛利率的收入對我們來說毫無意義。

With respect to the rest, 50-50 is roughly the answer between volume compute and value compute.

關於其餘部分，50-50 大致是體積計算和價值計算之間的答案。

But within that, you also have more and more software-defined solutions, which will lift the gross margin up of each of those 2 categories.

但在其中，您還擁有越來越多的軟件定義解決方案，這將提高這兩個類別中每一個類別的毛利率。

And so that is important to note.

所以這一點很重要。

We're making those investments in R&D to drive differentiation.

我們正在對研發進行這些投資以推動差異化。

That differentiation comes in the form of software-defined infrastructure in both volume and value compute and, of course, needless to say, Storage and all the other offerings that we have in Hybrid IT.

這種差異化體現在體積和價值計算中的軟件定義基礎設施的形式，當然，不用說，存儲和我們在混合 IT 中擁有的所有其他產品。

Okay.

好的。

And then as a follow-up, going back to GreenLake, I think the last quarter or last couple of quarters, you've given some metrics.

然後作為後續行動，回到 GreenLake，我認為上個季度或最後幾個季度，你已經給出了一些指標。

I know that orders looked like they were up about 10%.

我知道訂單看起來增加了大約 10%。

But I'm curious, any update on how many customers have adopted versus 600 that was quoted last quarter?

但我很好奇，關於有多少客戶採用了與上個季度引用的 600 相比，是否有任何更新？

And where do we stand as far as the contract value of GreenLake at this point?

就 GreenLake 的合同價值而言，我們目前的立場如何？

So we have north of 600 customers right now, and our total contract value is in excess of $2.5 billion from GreenLake.

所以我們現在有超過 600 個客戶，我們與 GreenLake 的合同總價值超過 25 億美元。

And as we go along, we're going to share more about this.

隨著我們的進行，我們將分享更多相關信息。

But the bottom line, that is new logos and expansion of current contracts.

但最重要的是，這是新標識和現有合同的擴展。

So that's the reality.

這就是現實。

And one of the things that we saw with GreenLake which is very pleasing is the ability to continue to grow once you're on the contract; and the renewal rates, which are 99%; and the NPS score is 91, which is remarkable for a business like that.

我們在 GreenLake 看到的一件非常令人高興的事情是，一旦你簽訂了合同，它就有能力繼續增長；續訂率為 99%； NPS 得分為 91，這對於這樣的企業來說是非常了不起的。

And one comment I want to add on the volume versus value.

我想補充一條關於數量與價值的評論。

We categorized that based on the type of server we talked before on the compute side.

我們根據之前在計算方面討論過的服務器類型對其進行了分類。

But more of the volume will become value as we add, to Tarek's point, more software and more of the IP we acquire, particularly in areas like Plexxi in a composable rack.

但是，隨著我們增加更多的軟件和更多的知識產權，更多的數量將成為價值，特別是在可組合機架中的 Plexxi 等領域。

And you can think about it of a server that has a volume aspect but a ton of value added on top, therefore, becomes -- in a package solution, becomes a value over time.

你可以把它想像成一個服務器，它有一個體積方面，但在上面增加了大量的價值，因此，在一個包解決方案中，隨著時間的推移變成一個價值。

And that question will come from Rod Hall with Goldman Sachs.

這個問題將來自 Rod Hall 和 Goldman Sachs。

I wanted to ask about the Pointnext trend and the OP services within that.

我想詢問 Pointnext 趨勢和其中的 OP 服務。

So Pointnext still deteriorating by 4% but OP services up 3%.

所以 Pointnext 仍然惡化了 4%，但 OP 服務增長了 3%。

I just wonder if you guys can help us understand when you would expect that overall line maybe to stabilize.

我只是想知道你們是否可以幫助我們了解您預計什麼時候整體線可能會穩定下來。

And would love it if you give us, of course, the proportionate split between the 2 things.

當然，如果您給我們按比例分配兩件事，我們會很高興。

And then I have a follow-up.

然後我有一個後續行動。

Okay.

好的。

So remember in Pointnext overall, you have 2 revenue streams that have very different economics: one is Pointnext OS and the other one is the A&PS business.

所以請記住，總體而言，在 Pointnext 中，您有 2 個收入來源，它們的經濟效益截然不同：一個是 Pointnext OS，另一個是 A&PS 業務。

Overall, we feel good about the long-term opportunity in Pointnext and particularly, following Antonio's announcement at Discover, to offer our entire portfolio as a service by 2022, and this is where GreenLake plays a crucial role.

總的來說，我們對 Pointnext 的長期機會感到滿意，特別是在 Antonio 在 Discover 上宣佈到 2022 年將我們的整個產品組合作為服務提供之後，這就是 GreenLake 發揮關鍵作用的地方。

In Q3, the services orders for Pointnext OS and Nimble grew 3% in constant currency.

在第三季度，Pointnext OS 和 Nimble 的服務訂單按固定匯率計算增長了 3%。

And our book-to-bill ratio was similar to last quarter, about 1.12.

我們的訂單出貨比與上一季度相似，約為 1.12。

It is important to understand that the mix shift that we are driving across the portfolio of compute to more sophisticated software-defined offerings is increasing our attach rates and service intensity to levels that we haven't witnessed in the past.

重要的是要了解，我們推動計算產品組合向更複雜的軟件定義產品的混合轉變正在將我們的附加率和服務強度提高到我們過去從未見過的水平。

The service intensity in Q3 was the highest quarter ever.

第三季度的服務強度是有史以來最高的一個季度。

GreenLake, as we mentioned, is also a key driver of Pointnext orders and is one of our fastest-growing businesses with strong customer momentum, and GreenLake grew 42%.

正如我們提到的，GreenLake 也是 Pointnext 訂單的主要驅動力，並且是我們增長最快的業務之一，客戶勢頭強勁，GreenLake 增長了 42%。

So that gives you a good color around Pointnext OS.

這樣您就可以對 Pointnext OS 有一個很好的認識。

And with respect to A&PS, it's a much smaller portion of the total Pointnext revenue stream.

就 A&PS 而言，它在 Pointnext 總收入流中所佔的比例要小得多。

And we are optimizing that business for growth and profitability with the country exits that Antonio referred to at the beginning of this conversation.

我們正在通過安東尼奧在本次談話開始時提到的國家退出來優化該業務的增長和盈利能力。

Okay.

好的。

And then just a quick follow-up since we're over time.

然後只是快速跟進，因為我們已經超時了。

Could you just clarify -- I heard your comments on AUP starting to decline a little bit in core compute ex Tier 1. Could you just clarify what is happening there with unit volume trends?

您能否澄清一下——我聽說您對 AUP 的評論在核心計算 ex Tier 1 中開始有所下降。您能否澄清一下那裡發生的單位體積趨勢？

So units were still declining at the low single-digit rate.

因此，單位數仍在以低個位數的速度下降。

This hasn't changed.

這沒有改變。

But it doesn't truly bother me.

但這並沒有真正打擾我。

Again, it's just -- what we're trying to do is to shift towards those units that drive higher services attached, number one.

同樣，這只是 - 我們正在努力做的是轉向那些推動更高附加服務的單位，第一。

There is also -- an important point to note is that when you look at units on a sequential basis, they were up.

還有一點——需要注意的重要一點是，當你按順序查看單位時，它們是上升的。

So what matters is that we look at the momentum of the business overall and what drives the attach rates, which is service intensity in the right type of units, we feel reasonably good about the performance on this quarter on that front.

因此，重要的是我們著眼於整體業務的發展勢頭以及推動附加率的因素，即正確類型單位的服務強度，我們對本季度在這方面的表現感到相當滿意。

But again, this is something very important.

但同樣，這是非常重要的事情。

Our units were up sequentially, and that's the major takeaway.

我們的單位依次上升，這是主要的收穫。

And second is that our ability to attach to the right unit has improved dramatically, and that's why we drove the best services intensity yet.

其次是我們依附於正確單位的能力得到了顯著提高，這就是我們推動迄今為止最好的服務強度的原因。

And so for us, that's what our strategy is.

所以對我們來說，這就是我們的戰略。

And more software content we add, obviously, we attach all the type of services, particularly in the software license associated with those units, not just associated Proactive Care or break/fix type of support.

我們添加的更多軟件內容，顯然，我們附加了所有類型的服務，特別是在與這些單元相關的軟件許可中，而不僅僅是相關的主動關懷或中斷/修復類型的支持。

Again, apologies.

再次道歉。

I don't know what happened to the web service here, but we'll look into it.

我不知道這裡的網絡服務發生了什麼，但我們會調查的。

But I just want to wrap up by reiterating that we are pleased with our progress in what we call in an uneven market.

但我只想重申，我們對我們在不平衡市場中取得的進展感到滿意。

We executed with strong discipline, which obviously you could see the results and expanded profitability and record levels of cash flow.

我們以嚴格的紀律執行，顯然你可以看到結果和擴大的盈利能力以及創紀錄的現金流水平。

That give us the confidence to raise our outlook and reaffirm both the 2019 and 2020 free cash flow.

這讓我們有信心提高我們的前景並重申 2019 年和 2020 年的自由現金流。

And at the same time, we continue to invest in the business, both organic and inorganically, so we can continue to focus on that growth that Shannon asked the question with the right level of profit.

與此同時，我們繼續對業務進行有機和無機投資，因此我們可以繼續專注於香農提出的具有適當利潤水平的問題的增長。

So with that, we are looking forward to see you on October 23 at the Securities Analyst Meeting.

因此，我們期待在 10 月 23 日的證券分析師會議上見到您。

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.

謝謝。