惠普企業 (HPE) 2019 Q4 法說會逐字稿

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

早上好、晚上好、下午好，歡迎來到 2019 年第四季度惠普企業收益電話會議。

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

我叫肖恩，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 go ahead.

請繼續。

Good afternoon.

下午好。

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

我是 Hewlett Packard Enterprise 投資者關係部的 Andy Simanek。

I'd like to welcome you to our Fiscal 2019 Fourth Quarter Earnings Conference Call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

歡迎您參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2019 財年第四季度收益電話會議；和 HPE 執行副總裁兼首席財務官 Tarek Robbiati。

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

在將電話轉接給 Antonio 之前，讓我提醒您，此電話正在網絡直播中。

A replay of the webcast will be made available shortly after the call for approximately 1 year.

網絡廣播的重播將在電話會議結束後不久提供大約 1 年。

We posted the press release and the slide presentation accompanying today's earnings release on our HPE Investor Relations 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 and Form 10-Q.

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 表格和 10-Q 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 could differ materially from the amounts ultimately reported in HPE's annual report on Form 10-K for the fiscal year ended October 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 10 月 31 日止財政年度的 10-K 表格年度報告中最終報告的金額存在重大差異。

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

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

Please refer to the tables and slide presentation accompanying today's earnings release on our website for details.

有關詳細信息，請參閱我們網站上今天的收益發布隨附的表格和幻燈片演示。

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 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, and thank you for joining us today.

下午好，感謝您今天加入我們。

We have just closed a very successful fiscal year 2019 at HPE marked by strong and consistent performance across the company.

我們剛剛結束了 HPE 非常成功的 2019 財年，其標誌是整個公司強勁而一致的業績。

We did what we said we would do this year and built on our track record of delivering on our promises since I became CEO almost 2 years ago.

自從我將近 2 年前成為 CEO 以來，我們兌現了今年的承諾，並建立了兌現承諾的記錄。

In fiscal year '19, we realized the benefits of a more streamlined and focused company, and we executed with discipline.

在 19 財年，我們意識到了一家更加精簡和專注的公司的好處，並且我們嚴格執行。

We've made organic investments and targeted acquisitions to shift our portfolio to higher-value, higher-margin offerings.

我們進行了有機投資和有針對性的收購，以將我們的投資組合轉向更高價值、更高利潤的產品。

And we made our culture a priority, which has resulted in an 18-point increase in our employee engagement score over the last 3 years.

我們將文化放在首位，這使我們的員工敬業度得分在過去 3 年中提高了 18 分。

This reenergized, high-performing team is committed to accelerating what is next for customers and partners.

這個重新煥發活力的高績效團隊致力於加快客戶和合作夥伴的下一步發展。

Through these efforts, we improved profitability across the business and significantly exceeded our original non-GAAP earnings and free cash flow guidance.

通過這些努力，我們提高了整個業務的盈利能力，並大大超過了我們最初的非 GAAP 收益和自由現金流指導。

Let's take a closer look at our full fiscal year financial results.

讓我們仔細看看我們整個財政年度的財務業績。

Revenue has been stable sequentially the last 3 quarters with total revenue of $29 billion for fiscal year 2019, down 2% year-over-year when adjusted for Tier 1 and currency.

過去 3 個季度的收入連續穩定，2019 財年總收入為 290 億美元，按一級和貨幣調整後同比下降 2%。

Revenue was impacted by our deliberate action to realign our portfolio as we continue to exit the lower margin Tier 1 server business as well as certain macroeconomic factors.

隨著我們繼續退出利潤率較低的一級服務器業務以及某些宏觀經濟因素，我們有意採取行動重新調整我們的產品組合，從而影響了收入。

In key areas of strategic investment, we saw strong double-digit growth and reported record revenue for the year in high performance compute, Hyperconverged Infrastructure and Composable Cloud.

在戰略投資的關鍵領域，我們在高性能計算、超融合基礎設施和可組合雲方面實現了兩位數的強勁增長，並創下了本年度創紀錄的收入。

We also continue to see very strong growth in HPE GreenLake orders.

我們還繼續看到 HPE GreenLake 訂單的強勁增長。

I am pleased to report our first annualized revenue run rate of $462 million, consistent with the outlook we provided at our Securities Analyst Meeting last month.

我很高興地報告我們的第一個年化收入運行率為 4.62 億美元，這與我們在上個月的證券分析師會議上提供的展望一致。

This metric is to help investors track our progress and better value the recurring and higher-margin benefits as we shift our model to as a service.

該指標旨在幫助投資者跟踪我們的進展，並在我們將模型轉變為服務時更好地評估經常性和更高利潤的收益。

Our non-GAAP gross margin of 32.6% improved 270 basis points year-over-year.

我們的非美國通用會計準則毛利率為 32.6%，同比提高 270 個基點。

This is a key metric because it demonstrates our success at transitioning to higher margin and recurring revenue.

這是一個關鍵指標，因為它表明我們成功地過渡到更高的利潤率和經常性收入。

Our non-GAAP operating profit of $2.8 billion grew 4% year-over-year.

我們的非 GAAP 營業利潤為 28 億美元，同比增長 4%。

We delivered fiscal year '19 non-GAAP earnings per share of $1.77, an improvement of 20% year-over-year and well above our original and revised guidance.

我們實現了 19 財年非 GAAP 每股收益 1.77 美元，同比增長 20%，遠高於我們最初和修訂後的指引。

We improved the quality and quantity of our free cash flow, generating $1.7 billion, which represents growth of 58% year-over-year, even after a $668 million arbitration award payment to DXC.

我們提高了自由現金流的質量和數量，產生了 17 億美元，同比增長 58%，即使在向 DXC 支付了 6.68 億美元的仲裁裁決金之後也是如此。

These strong results allow us to make significant investments in our R&D spending, which was up 10% year-over-year.

這些強勁的業績使我們能夠對研發支出進行重大投資，同比增長 10%。

And as I committed in early 2018, we completed our plan to return $7 billion to shareholders in the form of share repurchases and dividends over fiscal year '18 and fiscal year '19.

正如我在 2018 年初承諾的那樣，我們完成了在 18 財年和 19 財年以股票回購和股息的形式向股東返還 70 億美元的計劃。

Our consistent and strong performance in fiscal year '19 has laid the foundation for the next phase of HPE's journey.

我們在 19 財年的一貫強勁表現為 HPE 下一階段的發展奠定了基礎。

HPE is the edge-to-cloud platform as a service company, and we will execute our strategic pivot to offering our entire portfolio as a service by 2022 as we drive sustainable, profitable growth.

HPE 是一家邊緣到雲平台即服務公司，隨著我們推動可持續的盈利增長，我們將執行我們的戰略重點，到 2022 年將我們的整個產品組合作為服務提供。

Before providing an overview of our business segment performance, I want to note that our view on the macro economy has not materially changed.

在概述我們的業務部門業績之前，我想指出，我們對宏觀經濟的看法沒有發生重大變化。

Ongoing global trade tensions and other geopolitical factors have created uncertainty that contributes to an uneven demand environment.

持續的全球貿易緊張局勢和其他地緣政治因素造成了不確定性，導致需求環境不平衡。

The elongation of sales cycles we experienced since Q2 continues, particularly in larger deals.

自第二季度以來，我們經歷的銷售週期持續延長，尤其是在較大的交易中。

But against this backdrop, we are confident we have the right strategy that anticipates our customers' needs.

但在這種背景下，我們相信我們擁有能夠預測客戶需求的正確戰略。

We live in an edge-to-cloud world.

我們生活在一個邊緣到雲的世界。

We have gone from simply having a data center to having centers of data everywhere.

我們已經從簡單地擁有一個數據中心發展到到處都有數據中心。

Data has tremendous value and is critical to our customers' success.

數據具有巨大的價值，對我們客戶的成功至關重要。

They need a technology partner that has the expertise, the tools and a flexible delivery model to help them harness the power of their data across all their clouds and edges.

他們需要一個擁有專業知識、工具和靈活交付模型的技術合作夥伴，以幫助他們在所有云端和邊緣利用數據的力量。

HPE is uniquely positioned to meet these needs and provide a consistent cloud-like experience for apps and data everywhere.

HPE 具有獨特的優勢，可以滿足這些需求，並為無處不在的應用程序和數據提供一致的類雲體驗。

Our edge-to-cloud platform delivered as a service gives customers the ultimate in choice and flexibility and control to all their apps and data no matter where they live, so we can deliver outcomes for their businesses.

我們作為服務交付的邊緣到雲平台為客戶提供了最終的選擇和靈活性，並控制了他們所有的應用程序和數據，無論他們身在何處，因此我們可以為他們的業務帶來成果。

To highlight the full year performance in our business segments, I will start with Intelligent Edge, which delivered revenue of $2.8 billion, down 2% year-over-year.

為了突出我們業務部門的全年業績，我將從 Intelligent Edge 開始，它實現了 28 億美元的收入，同比下降 2%。

As we have said previously, we identified some execution issues in North America early this year that impacted revenue, and we have been actively addressing them through both new leadership and segmentation initiatives.

正如我們之前所說，今年年初我們在北美髮現了一些影響收入的執行問題，我們一直在通過新的領導層和細分計劃積極解決這些問題。

I am particularly pleased with the traction in Aruba Services, up 18% in fiscal year '19, which will contribute to driving profitable growth in the future.

我對 Aruba Services 的吸引力特別滿意，在 19 財年增長了 18%，這將有助於推動未來的盈利增長。

Throughout the year, we made substantial R&D and sales investments in our Intelligent Edge business.

全年，我們對智能邊緣業務進行了大量研發和銷售投資。

I am excited about the differentiation we are continuing to build in our portfolio.

我對我們繼續在我們的產品組合中建立差異化感到興奮。

We developed new products to expand our reach with new customer segments, including the launch of Aruba Instant On, which targets the growing SMB segment.

我們開發了新產品以擴大我們在新客戶群中的影響力，包括推出 Aruba Instant On，它針對不斷增長的 SMB 細分市場。

And we have made enhancement to Aruba Central, which is at the heart of our edge-to-cloud platform.

我們還增強了 Aruba Central，這是我們邊緣到雲平台的核心。

It is the only cloud-native, simple-to-use platform that unifies network management, AI-powered insight and IoT device security for wire, wireless and WAN networks.

它是唯一一個簡單易用的雲原生平台，統一了有線、無線和 WAN 網絡的網絡管理、AI 驅動的洞察力和 IoT 設備安全性。

In Q4, we launched our revolutionary new CX series switching portfolio.

在第四季度，我們推出了革命性的全新 CX 系列交換機產品組合。

This is the industry's first services-rich networking portfolio designed specifically for today's modern enterprise campus branch and edge data center.

這是業界首個專為當今現代企業園區分支機構和邊緣數據中心設計的服務豐富的網絡產品組合。

It is cloud-ready, easily deployed and simple to manage.

它支持雲，易於部署且易於管理。

This new networking portfolio also lays the intelligent foundation required for future AI-powered automation.

這種新的網絡產品組合還為未來人工智能驅動的自動化奠定了智能基礎。

We are seeing traction in the fast-growing and competitive Wi-Fi 6 enterprise access point market.

我們看到了快速增長且競爭激烈的 Wi-Fi 6 企業接入點市場的吸引力。

In September, industry analysts showed Aruba taking an early market-lead position in delivering Wi-Fi 6 infrastructure.

9 月，行業分析師表明 Aruba 在提供 Wi-Fi 6 基礎設施方面處於早期市場領先地位。

Our Aruba 8000 series core switches that run our advanced operating system, ArubaOS-CX, attracted more than 80 new logos per month.

我們運行高級操作系統 ArubaOS-CX 的 Aruba 8000 系列核心交換機每月吸引了 80 多個新徽標。

And we continue to see new customers turn into Aruba solutions to provide unique and better experiences to their employees and customers at the edge.

我們繼續看到新客戶轉向 Aruba 解決方案，為邊緣的員工和客戶提供獨特和更好的體驗。

Recent examples include the Kentucky Administrative Office of Courts who was looking for a solution to manage the evolving demands of a digital workplace in their network of 120 courtrooms.

最近的例子包括肯塔基州法院行政辦公室，他們正在尋找一種解決方案來管理其 120 個法庭網絡中數字工作場所不斷變化的需求。

Critical to their decision was Aruba Central for its single pane of glass and Aruba ClearPass security to increase visibility and control of the network.

他們做出決定的關鍵是 Aruba Central 的單一管理平台和 Aruba ClearPass 安全性，以提高網絡的可見性和控制力。

U.S. supermarket chain, Giant Eagle, selected Aruba switches and the Aruba AirWave network management platform to minimize business latency, optimize operational manageability and roll out services quickly to help the IT staff become more proactive.

美國連鎖超市 Giant Eagle 選擇 Aruba 交換機和 Aruba AirWave 網絡管理平台，以最大限度地減少業務延遲、優化運營可管理性和快速推出服務，以幫助 IT 員工變得更加主動。

And Carnegie Mellon University purchased Aruba Meridian location services platform in conjunction with AppMaker to help them build their smartphone app with wave-finding services.

卡內基梅隆大學與 AppMaker 一起購買了 Aruba Meridian 定位服務平台，以幫助他們構建具有尋波服務的智能手機應用程序。

Eventually, this deployment will cover the entire 5 million-square-foot campus serving 14,500 students and 1,300 faculty as well as campus visitors.

最終，該部署將覆蓋整個 500 萬平方英尺的校園，為 14,500 名學生和 1,300 名教職員工以及校園訪客提供服務。

More and more enterprises are understanding how critical Intelligent Edge is to their digital transformations.

越來越多的企業開始了解智能邊緣對其數字化轉型的重要性。

Business outcomes will depend on the experiences they can deliver at the edge.

業務成果將取決於他們可以在邊緣提供的體驗。

HPE declared the opportunity at the edge early on, and we continue to make important investments and enhancement to our portfolio and execution to deliver differentiated capabilities and solutions.

HPE 很早就宣布了邊緣機會，我們繼續對我們的產品組合和執行進行重要投資和增強，以提供差異化的功能和解決方案。

Turning to Hybrid IT.

轉向混合 IT。

Our investment in higher-value products and as a service offerings is paying off.

我們對高價值產品和服務產品的投資正在取得回報。

Our operating profit of 12.3% for the year was up 210 basis points from fiscal year 2018.

我們全年的營業利潤為 12.3%，比 2018 財年增長了 210 個基點。

Revenue of $22.8 billion was down 3% when adjusted for Tier 1 and currency.

根據一級和貨幣調整後，收入為 228 億美元，下降了 3%。

Importantly, we saw strong double-digit performance in key areas of the business.

重要的是，我們在業務的關鍵領域看到了兩位數的強勁表現。

High Performance Compute grew 15% in the full year.

高性能計算全年增長 15%。

Composable Cloud grew 47%.

可組合雲增長了 47%。

And Hyperconverged Infrastructure grew 25%.

超融合基礎設施增長了 25%。

And also, this year, HPE Apollo and HPE Synergy each achieved more than $1 billion in revenue for the first time.

此外，今年 HPE Apollo 和 HPE Synergy 的收入均首次超過 10 億美元。

HPE GreenLake continues to be one of our fastest-growing businesses.

HPE GreenLake 仍然是我們增長最快的業務之一。

Orders were up 39% in constant currency in fiscal year '19.

在 19 財年，訂單按固定匯率計算增長了 39%。

Our ability to deliver a consistent cloud-like experience on- and off-premises as a service with HPE GreenLake is a key competitive advantage for HPE.

我們能夠通過 HPE GreenLake 在本地和異地提供一致的類雲體驗即服務，這是 HPE 的一項關鍵競爭優勢。

We saw over 200% GreenLake order growth year-over-year in the channel.

我們看到該渠道的 GreenLake 訂單同比增長超過 200%。

Our partners are an important extension of our own sales and technical teams, and they are a powerful force in driving growth.

我們的合作夥伴是我們自身銷售和技術團隊的重要延伸，是推動增長的強大力量。

At our Securities Analyst Meeting last month, I previewed the next generation of our as a service offering.

在上個月的證券分析師會議上，我預覽了我們的下一代即服務產品。

We want to enable our customers to be the broker of services to their enterprise by giving them visibility, access and control across public, private and edge workloads.

我們希望通過為客戶提供跨公共、私有和邊緣工作負載的可見性、訪問權和控制權，使我們的客戶能夠成為其企業服務的代理人。

Stay tuned for a very exciting announcement in early December.

請繼續關注 12 月初發布的激動人心的公告。

HPE Pointnext services orders, including Nimble orders, grew 1% in fiscal year '19.

HPE Pointnext 服務訂單（包括 Nimble 訂單）在 19 財年增長了 1%。

Going forward, our favorable shift to higher-value solutions should continue to drive service intensity with higher services attach rates.

展望未來，我們向更高價值解決方案的有利轉變應該會繼續以更高的服務附加率推動服務強度。

In our Composable Cloud portfolio, earlier this month, we integrated HPE Primera, our intelligence storage platform with HPE Synergy and HPE Composable Rack, accelerated speed and agility to deliver new apps and innovations to propel customers' businesses.

本月早些時候，在我們的可組合雲產品組合中，我們將我們的智能存儲平台 HPE Primera 與 HPE Synergy 和 HPE 可組合機架集成在一起，加快了速度和敏捷性，以提供新的應用和創新來推動客戶的業務發展。

Just last week, we unveiled our new HPE Container Platform.

就在上週，我們推出了新的 HPE 容器平台。

HPE is the first and only vendor to provide a Kubernetes-based container platform that can support the deployment of any enterprise application, whether it was developed as a cloud-native or as a virtualized enterprise application.

HPE 是第一家也是唯一一家提供基於 Kubernetes 的容器平台的供應商，該平台可以支持任何企業應用程序的部署，無論它是作為雲原生應用程序還是作為虛擬化企業應用程序開發的。

The platform is built on our BlueData container-based software platform with a new open-source Kubernetes orchestration engine, and integration with MapR's unique file system that can provide persistent data, addressing a key challenge in Kubernetes.

該平台建立在我們基於 BlueData 容器的軟件平台上，具有新的開源 Kubernetes 編排引擎，並與 MapR 獨特的文件系統集成，可以提供持久數據，解決了 Kubernetes 中的一個關鍵挑戰。

And in our high performance compute business, just last week, we announced the industry's most comprehensive HPC and AI portfolio for the exascale area with a combination of HPE and Cray.

在我們的高性能計算業務中，就在上週，我們宣布了業界最全面的百億億次級 HPC 和 AI 產品組合，結合了 HPE 和 Cray。

We are proud that 21 of the 50 largest systems on the top 500 supercompute list are now HPE and Cray systems.

我們感到自豪的是，超級計算 500 強榜單中最大的 50 個系統中有 21 個現在是 HPE 和 Cray 系統。

Against a tougher market backdrop, Storage experienced a modest revenue decline of 2%.

在更嚴峻的市場背景下，存儲業務的收入小幅下降了 2%。

However, we continued momentum in key strategic areas, HPE Nimble reported record revenues, up 35% in constant currency for the year.

然而，我們在關鍵戰略領域繼續保持勢頭，HPE Nimble 報告創紀錄的收入，按固定匯率計算全年增長 35%。

Finally, no matter what stack our customers choose, we want to differentiate their hybrid cloud experience with the right software-defined innovation tools.

最後，無論我們的客戶選擇什麼堆棧，我們都希望通過合適的軟件定義創新工具讓他們的混合雲體驗脫穎而出。

Customers are looking for a simplified and automated experience.

客戶正在尋找簡化和自動化的體驗。

This is why we took steps to embed HPE InfoSight, our cloud-based AI operations platform, across our workload-optimized portfolio that includes SimpliVity, 3PAR, ProLiant, Synergy and Apollo.

這就是為什麼我們採取措施將我們基於雲的 AI 運營平台 HPE InfoSight 嵌入到我們的工作負載優化產品組合中，其中包括 SimpliVity、3PAR、ProLiant、Synergy 和 Apollo。

Here are a few examples of how customers are putting our technology to use to drive key business outcomes.

以下是客戶如何利用我們的技術來推動關鍵業務成果的幾個示例。

Oil and Natural Gas Corporation, a state-owned enterprise of India, has selected our storage technology paired with HPE GreenLake to help them manage their critical data with consumption-based services.

印度國有企業 Oil and Natural Gas Corporation 選擇了我們的存儲技術與 HPE GreenLake 相結合，以幫助他們通過基於消費的服務管理關鍵數據。

Previously, they have been grappling with rightsizing their infrastructure for unpredictable data growth.

以前，他們一直在努力調整其基礎架構以應對不可預測的數據增長。

However, now as one of our largest HPE GreenLake customers, they will be able to flexibly adjust capacity without over-provisioning.

但是，現在作為我們最大的 HPE GreenLake 客戶之一，他們將能夠靈活調整容量而不會過度配置。

Since 2017, we have been working with the EPFL Blue Brain Project, a Swiss brain research initiative that is focused on building a biologically detailed digital reconstruction and simulation of the mouse brain.

自 2017 年以來，我們一直在與 EPFL Blue Brain Project 合作，這是一項瑞士大腦研究計劃，專注於構建小鼠大腦的生物學細節數字重建和模擬。

As the Blue Brain Project has progressed in their scientific road map and neuroscience research modeling larger and larger brain regions, they have needed to exponentially increase compute power, which they are now doing with a major new upgrade of 880 HPE SGI Apollo 8600 nodes.

隨著 Blue Brain Project 在其科學路線圖和神經科學研究中對越來越大的大腦區域進行建模的進展，他們需要以指數方式提高計算能力，他們現在正在通過對 880 個 HPE SGI Apollo 8600 節點進行重大新升級來實現這一目標。

Turning to HPE Financial Services.

求助於 HPE 金融服務。

Fiscal year revenue of $3.6 billion is flat when adjusted for currency, while operating profits increased 70 basis points.

經匯率調整後，本財年收入為 36 億美元，持平，而營業利潤增長了 70 個基點。

HPEFS best-in-class loss ratios drove a strong return on equity of 16%.

HPEFS 一流的損失率推動了 16% 的強勁股本回報率。

HPEFS serves as the financial engine behind our as a service offering, giving customers flexibility in how they consume their IT solutions by bringing a robust balance sheet with over $13 billion of net portfolio of assets.

HPEFS 是我們即服務產品背後的財務引擎，通過帶來穩健的資產負債表和超過 130 億美元的淨資產組合，讓客戶可以靈活地使用 IT 解決方案。

HPEFS saw strong double-digit growth in its as a service revenue this year.

HPEFS 今年的即服務收入實現了兩位數的強勁增長。

HPEFS differentiates our value proposition strategic to our customers as it helps them manage and monetize their existing assets in new ways.

HPEFS 使我們的客戶戰略價值主張脫穎而出，因為它可以幫助他們以新的方式管理現有資產並從中獲利。

HPEFS plays a major role in helping customers achieve their sustainability goals by promoting the circular economy with its best-in-class asset management business.

HPEFS 通過其一流的資產管理業務促進循環經濟，在幫助客戶實現可持續發展目標方面發揮著重要作用。

In summary, I am very pleased with our performance in fiscal year 2019.

總之，我對我們在 2019 財年的表現感到非常滿意。

I remain confident in our ability to deliver strong results in fiscal year 2020 as we continue to shift our portfolio to higher-value, software-defined solutions and execute our pivot to offering everything as a service by 2022 to deliver our edge-to-cloud platform, which will drive sustainable, profitable growth.

我對我們在 2020 財年取得強勁業績的能力充滿信心，因為我們將繼續將我們的產品組合轉向更高價值的軟件定義解決方案，並執行我們的重心，到 2022 年提供一切即服務，以提供我們的邊緣到雲平台，這將推動可持續的盈利增長。

I'm confident because we have spent the past 2 years sharpening our focus, never losing sight of our customers and partners and executing with discipline.

我很有信心，因為我們在過去 2 年裡一直在集中精力，從未忽視我們的客戶和合作夥伴，並嚴格執行。

We built a world-class leadership team that has reinvigorated our culture and is bringing customer-driven innovation to market through our own R&D and through strategic partnerships and acquisitions.

我們建立了一個世界級的領導團隊，重振了我們的文化，並通過我們自己的研發以及通過戰略合作夥伴關係和收購將客戶驅動的創新推向市場。

We have the right strategy that will enable us to deliver exceptional edge-to-cloud experiences for our customers that are unmatched in the industry.

我們擁有正確的戰略，這將使我們能夠為我們的客戶提供業內無與倫比的卓越的邊緣到雲體驗。

This is an exciting place to be as we begin the new year.

在我們開始新的一年時，這是一個令人興奮的地方。

With that, I will turn it over to Tarek to walk you through our results in more detail.

有了這個，我將把它交給 Tarek，讓您更詳細地了解我們的結果。

Thank you very much, Antonio.

非常感謝你，安東尼奧。

Now let me provide you more detail on our financial results for the quarter and the full year '19.

現在讓我為您提供更多關於我們 19 年季度和全年財務業績的詳細信息。

As I have done before, I'll be referencing the slides from our earnings presentation to better highlight our performance in the fourth quarter and 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第四季度和本財年的表現。

Starting with slides 1 to 3, I'd like to first talk about the key highlights for the full year '19.

從幻燈片 1 到 3，我想先談談 19 年全年的主要亮點。

In fiscal year '19, we continue to pivot our portfolio towards higher margin and more recurring revenue that will lay the foundation for sustainable, profitable growth in the future.

在 19 財年，我們繼續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，這將為未來可持續的盈利增長奠定基礎。

We've executed on our strategy with great discipline and, despite an uneven macro environment, we maintained sequentially stable revenue for the last 3 quarters.

我們以嚴格的紀律執行我們的戰略，儘管宏觀環境不平衡，但我們在過去三個季度保持了連續穩定的收入。

And we did this while significantly expanding non-GAAP gross margins, which improved by 270 basis points this year driven primarily by structural improvements, including product mix and cost of sales efficiencies.

我們這樣做的同時，還大幅擴大了非美國通用會計準則毛利率，今年毛利率提高了 270 個基點，這主要得益於結構性改進，包括產品組合和銷售效率成本。

Our gross margin improvements have enabled us to make further investments in the business while simultaneously delivering growth in non-GAAP operating profit.

我們的毛利率提高使我們能夠進一步投資於業務，同時實現非 GAAP 營業利潤的增長。

The combination of margin expansion and below-the-line benefits, including share buybacks, resulted in diluted non-GAAP EPS of $1.77, which is up 20% year-over-year and well above our original outlook of $1.51 to $1.61 provided at SAM in October 2018.

利潤率擴張和線下收益（包括股票回購）相結合，導致稀釋後的非 GAAP 每股收益為 1.77 美元，同比增長 20%，遠高於我們在 SAM 提供的 1.51 美元至 1.61 美元的原始預期2018 年 10 月。

On the cash front, we generated significantly higher levels of free cash flow this fiscal year of $1.7 billion, which was up 58% compared to the prior year.

在現金方面，本財年我們產生了 17 億美元的自由現金流，比上一年增長了 58%。

I'll talk more about that later in the presentation.

我將在稍後的演示中詳細討論這一點。

On the acquisition front, we successfully closed the Cray transaction in September well ahead of schedule.

在收購方面，我們提前於 9 月成功完成了對 Cray 的交易。

While the financial impacts of Cray were minimal in fiscal year '19, we expect to derive more material benefits in fiscal year '20 and beyond.

雖然 Cray 在 19 財年的財務影響微乎其微，但我們預計在 20 財年及以後將獲得更多物質利益。

Finally, we also delivered on our capital returns program commitment over fiscal year '18 and '19, returning $7 billion to shareholders in the form of share repurchases and dividends per our original commitment made in early 2018.

最後，我們還兌現了 18 財年和 19 財年的資本回報計劃承諾，根據我們在 2018 年初做出的最初承諾，以股票回購和股息的形式向股東返還 70 億美元。

Now turning to Slide 4 for the quarter results.

現在轉到幻燈片 4 了解季度業績。

We finished the quarter with non-GAAP diluted net EPS of $0.49, which was above our previously provided outlook of $0.43 to $0.47 and up 14% from the prior year.

我們以 0.49 美元的非 GAAP 稀釋後淨每股收益結束本季度，高於我們之前提供的 0.43 美元至 0.47 美元的預期，比去年同期增長 14%。

GAAP diluted net EPS for the quarter was $0.36, above the previously provided outlook of $0.24 to $0.28, primarily due to the benefits from the termination of a Tax Matter Agreement with HP, Inc.

本季度 GAAP 稀釋淨每股收益為 0.36 美元，高於之前提供的 0.24 美元至 0.28 美元的預期，這主要是由於終止與惠普公司的稅務事項協議帶來的好處。

that was established at the time of the separation.

那是在分離時建立的。

Moving on to a macro view of the business on Slide 5. As Antonio mentioned, our view of the macroeconomic environment remains largely unchanged with uneven demand.

轉到幻燈片 5 的宏觀業務視圖。正如安東尼奧所提到的，我們對宏觀經濟環境的看法基本保持不變，需求不均衡。

Trade tensions and geopolitical factors continue to cause business uncertainty, particularly in larger enterprise deals, similar to what we called out during the prior 2 quarters.

貿易緊張局勢和地緣政治因素繼續導致業務不確定性，尤其是在大型企業交易中，類似於我們在前兩個季度所說的情況。

However, HPE's broad portfolio and global footprint makes us well diversified to handle choppy markets, which has enabled us to stabilize revenue in the last 3 quarters.

然而，HPE 廣泛的產品組合和全球足跡使我們能夠很好地多元化以應對動蕩的市場，這使我們能夠在過去 3 個季度穩定收入。

We will now move to Slide 6 that shows our performance in the quarter by segment.

我們現在將轉到幻燈片 6，它按細分顯示我們在季度中的表現。

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've made sales leadership changes and introduced new segmentation to improve our go-to-market execution.

在 Intelligent Edge 中，我們改變了銷售領導層並引入了新的細分來改進我們的上市執行力。

We believe the edge remains the next big opportunity, which is why we've continued to make significant R&D and sales investments despite pressuring near-term profitability.

我們相信邊緣仍然是下一個重大機遇，這就是為什麼儘管近期盈利能力面臨壓力，但我們仍繼續進行大量研發和銷售投資。

We now have an enhanced go-to-market and a full suite of differentiated solutions that can also be consumed as a service.

我們現在擁有增強的上市能力和一整套差異化解決方案，這些解決方案也可以作為服務使用。

Going forward, we are expecting a meaningful improvement in profitability as these investments begin yielding benefits and revenue returns to growth as fiscal year '20 progresses.

展望未來，隨著 20 財年的推進，隨著這些投資開始產生收益和收入回報增長，我們預計盈利能力將有顯著改善。

In Hybrid IT, we continue to grow our higher-margin compute offerings with Composable Cloud growing at 21%, reaching a record level of $1 billion in annual revenues this year, and our Apollo offerings, which power the high performance compute portfolio, also reaching a record $1 billion in annual revenues.

在混合 IT 領域，我們繼續增加利潤率更高的計算產品，其中 Composable Cloud 增長了 21%，今年的年收入達到創紀錄的 10 億美元，而我們為高性能計算產品組合提供支持的 Apollo 產品也達到了年收入達到創紀錄的 10 億美元。

These organically developed offerings demonstrate the strength of our innovation engine.

這些有機開發的產品展示了我們創新引擎的實力。

With respect to units, excluding Tier 1 and China, our server units have been growing sequentially since Q2 of fiscal year 2019 and were up year-over-year.

在單位方面，不包括一級和中國，我們的服務器單位自 2019 財年第二季度以來一直在連續增長，並且同比增長。

Within Storage, we continued making great strides in the entry level and midrange storage markets with notable strength in Nimble Storage, which grew 2%.

在存儲方面，我們繼續在入門級和中端存儲市場取得長足進步，其中 Nimble Storage 的實力顯著，增長了 2%。

Hyperconverged Infrastructure, which will be reported in Storage starting the next quarter, grew at 14%.

將從下個季度開始在存儲中報告的超融合基礎設施增長了 14%。

In our services business, Pointnext operational services orders, including Nimble orders, were flat this quarter but up 1% on a full year basis in constant currency.

在我們的服務業務中，包括 Nimble 訂單在內的 Pointnext 運營服務訂單本季度持平，但按固定匯率計算全年增長 1%。

Our services intensity, which is the ratio of attach revenue per unit, was up across all hardware categories this quarter.

我們的服務強度，即每單位附加收入的比率，在本季度所有硬件類別中都有所上升。

Services intensity reached record levels in value compute and storage, which were both up over 20% year-over-year.

服務強度在價值計算和存儲方面達到了創紀錄的水平，同比增長超過 20%。

This demonstrates that the underlying profitability of the units we sell and the attach rates continue to improve.

這表明我們出售的單位的潛在盈利能力和附加率繼續提高。

GreenLake orders, which have 100% services attach rates, grew by an impressive 72% year-over-year to record levels, demonstrating strong execution in pivoting to our as a service offerings.

具有 100% 服務附加率的 GreenLake 訂單同比增長 72%，達到創紀錄水平，這表明我們在轉向作為服務產品方面的執行力很強。

Within HPE Financial Services, we expanded our net portfolio of assets, which was up 1% in constant currency this quarter with longer contract terms supporting GreenLake, and we maintained a strong return on equity, which exceeded 15% again this quarter.

在 HPE 金融服務部門，我們擴大了我們的淨資產組合，本季度以固定匯率計算增長了 1%，合同期限更長，支持 GreenLake，並且我們保持了強勁的股本回報率，本季度再次超過 15%。

And while not shown on this slide, Communications and Media Solutions, or CMS, is a strategically important business providing software capabilities to telcos, which is showing improved momentum.

雖然這張幻燈片上沒有顯示，但通信和媒體解決方案 (Communications and Media Solutions, 簡稱 CMS) 是一項具有重要戰略意義的業務，它為電信公司提供軟件功能，並顯示出改善的勢頭。

Orders in CMS were up 17% year-over-year due to improved execution selling software licenses.

由於銷售軟件許可的執行力得到改善，CMS 的訂單同比增長 17%。

We are excited about the opportunity for CMS to collaborate across all businesses to capitalize on the 5G momentum and growth opportunity with service providers.

我們很高興 CMS 有機會跨所有業務進行合作，以利用 5G 的勢頭和與服務提供商的增長機會。

Slide 7 shows our EPS performance to date.

幻燈片 7 顯示了我們迄今為止的 EPS 表現。

Non-GAAP diluted net earnings per share of $0.49 in Q4 is well above our previously provided outlook of $0.43 to $0.47 due to operational outperformance and favorable other income and expense.

由於運營表現出色以及有利的其他收入和支出，第 4 季度非 GAAP 稀釋後每股淨收益為 0.49 美元，遠高於我們之前提供的 0.43 美元至 0.47 美元的預期。

This marks the 10th 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 10 個季度超過我們非 GAAP 季度展望的上限。

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 fiscal year '19 diluted non-GAAP EPS performance of $1.77, we have demonstrated tremendous progress in non-GAAP EPS, which has grown by over 88% in the last 2 years.

根據我們 19 財年 1.77 美元的稀釋後非 GAAP 每股收益表現，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 88% 以上。

We have been able to achieve this through a significant expansion of gross margin 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擴張來實現這一目標，我將在接下來談到這一點。

Turning to gross margins on Slide 8. We continue to deliver significant year-over-year gross margin expansion as we focus on profitable growth in hybrid IT, shifting our portfolio towards higher-value, higher gross margin offerings and more recent commodity tailwinds.

轉向幻燈片 8 的毛利率。我們繼續實現毛利率的顯著同比增長，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更近期的商品順風。

Non-GAAP gross margins of 33.3% was up 260 basis points year-over-year and up 500 basis points since Q1 of fiscal year '18.

非美國通用會計準則毛利率為 33.3%，同比增長 260 個基點，自 18 財年第一季度以來增長了 500 個基點。

This has been possible through a combination of portfolio mix shift, HPE Next initiatives and commodity tailwinds.

這是通過組合組合轉變、HPE Next 計劃和商品順風相結合而實現的。

Now moving to Slide 9. We continue 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。我們繼續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 this year 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，包括今年研發的兩位數增長，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，以及對進入市場的額外投資以改善銷售效率。

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 margins has climbed over 10%, up 290 basis points versus Q1 '18.

與此同時，非 GAAP 營業利潤率攀升超過 10%，比 18 年第一季度高出 290 個基點。

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 $878 million in Q4.

自由現金流在第四季度非常強勁，達到 8.78 億美元。

On a full year basis, we generated significantly higher levels of free cash flow of $1.7 billion that is up over $600 million or 58% versus the prior year driven primarily by higher profitability and lower HPE Next payments.

在全年基礎上，我們產生了 17 億美元的自由現金流，比上一年增加了 6 億美元或 58%，這主要是由於更高的盈利能力和更低的 HPE Next 付款。

Underpinning our year-to-date free cash flow performance is an improvement of over $1 billion or 35% 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 10 億美元或 35%。

It is important to note that in the $1.7 billion figure, we absorbed the unexpected arbitration payment of $668 million made to DXC.

值得注意的是，在 17 億美元的數字中，我們吸收了向 DXC 支付的 6.68 億美元的意外仲裁費用。

We also had a $200 million benefit from terminating the Tax Matter Agreement with HP, Inc.

我們還從終止與惠普公司的稅務事項協議中獲得了 2 億美元的收益。

Most importantly, even without the payment from HP, Inc., we would have been at the midpoint of our original FY '19 guide of $1.4 billion to $1.6 billion.

最重要的是，即使沒有惠普公司的付款，我們也將處於我們最初的 19 財年指南 14 億美元至 16 億美元的中點。

Looking forward into fiscal year '20, it is important to consider some puts and takes as you model out free cash flow.

展望 20 財年，在為自由現金流建模時考慮一些看跌期權和接受很重要。

We expect cash earnings will increase with growing profitability, and we expect to receive another tranche of $50 million from HP, Inc.

我們預計現金收益將隨著盈利能力的提高而增加，我們預計將從 HP, Inc. 獲得另一筆 5000 萬美元的資金。

related to the termination of the Tax Matters Agreement.

與稅務事項協議的終止有關。

We will also need to make capital investments in our as a service offerings and make integration payments related to Cray that will drive future revenue and profit growth.

我們還需要對我們的即服務產品進行資本投資，並進行與 Cray 相關的整合支付，這將推動未來的收入和利潤增長。

As a result, we continue to expect fiscal year '20 free cash flow to be between $1.9 billion and $2.1 billion.

因此，我們繼續預計 20 財年的自由現金流將在 19 億美元至 21 億美元之間。

Slide 11 shows the ARR slide I had discussed at our recent Securities Analyst Meeting.

幻燈片 11 顯示了我在最近的證券分析師會議上討論過的 ARR 幻燈片。

Please reference the same presentation for a deep dive into what makes up the ARR.

請參考同一演示文稿以深入了解 ARR 的組成部分。

Our Q4 '19 ARR actuals came in line with our guidance at SAM at $462 million.

我們的 19 年第四季度 ARR 實際值與我們在 SAM 的指導一致，為 4.62 億美元。

Looking forward, we feel confident we can achieve our growth guidance of 30% to 40% compounded annual growth rate from fiscal year '19 to fiscal year '22.

展望未來，我們有信心從 19 財年到 22 財年實現 30% 至 40% 的複合年增長率增長目標。

Slide 12 shows our capital returns to date.

幻燈片 12 顯示了我們迄今為止的資本回報。

We returned $431 million to shareholders during the quarter.

我們在本季度向股東返還了 4.31 億美元。

We paid $147 million in dividends and repurchased 284 million worth of shares in the quarter.

我們在本季度支付了 1.47 億美元的股息並回購了價值 2.84 億美元的股票。

At this point, we have completed our $7 billion capital returns program over fiscal year '18 and fiscal year '19, returning $4.1 billion in fiscal year '18 and $2.9 billion in fiscal year '19.

至此，我們已經完成了 18 財年和 19 財年 70 億美元的資本回報計劃，18 財年返還 41 億美元，19 財年返還 29 億美元。

It is also important to note that we have also recently raised our dividend payment from $0.1125 per share to $0.12 per share, an increase of 7%.

同樣重要的是要注意，我們最近還將股息支付從每股 0.1125 美元提高到每股 0.12 美元，增幅為 7%。

Now turning to our outlook on Slide 13.

現在轉向我們對幻燈片 13 的展望。

At our recent Securities Analyst Meeting, we provided our outlook for fiscal year '20.

在我們最近的證券分析師會議上，我們提供了 20 財年的展望。

I would encourage you to review my presentation for a more detailed discussion of that outlook.

我鼓勵您查看我的演示文稿，以更詳細地討論該前景。

Having said that, let me reiterate a few key points of our outlook.

話雖如此，讓我重申我們展望中的幾個要點。

From a top line perspective, we expect to grow our fiscal year '20 revenue, adjusted for currency fluctuations.

從頂線的角度來看，我們預計會增加 20 財年的收入，並根據貨幣波動進行調整。

Also, we expect to grow our fiscal year '20 non-GAAP operating profit by 4% to 6%.

此外，我們預計 20 財年非 GAAP 營業利潤將增長 4% 至 6%。

Consequently, we expect fiscal year '20 non-GAAP diluted net earnings per share to be $1.78 to $1.94 and fiscal year '20 GAAP diluted net earnings per share to be $1.01 to $1.17.

因此，我們預計 20 財年非 GAAP 攤薄後每股淨收益為 1.78 美元至 1.94 美元，20 財年 GAAP 攤薄後每股淨收益為 1.01 美元至 1.17 美元。

For Q1 '20, we expect GAAP diluted EPS of $0.20 to $0.24 per share and non-GAAP diluted net EPS of $0.42 to $0.46 per share.

對於 20 年第一季度，我們預計 GAAP 攤薄每股收益為 0.20 美元至 0.24 美元，非 GAAP 攤薄每股收益為 0.42 美元至 0.46 美元。

So overall, I'm very pleased with the performance in the quarter and the fiscal year 2019.

總的來說，我對本季度和 2019 財年的表現感到非常滿意。

We have successfully demonstrated that our business is resilient to macro softness and can generate substantial amounts of free cash flow.

我們已成功證明我們的業務對宏觀經濟疲軟具有彈性，並且可以產生大量的自由現金流。

We have the right strategy and have laid a strong foundation for the years to come.

我們擁有正確的戰略，並為未來幾年奠定了堅實的基礎。

We will continue to shift our portfolio to higher-margin, software-defined solutions and focus on delivering our edge-to-cloud platform, offering our full portfolio as a service by 2022.

我們將繼續將我們的產品組合轉向利潤率更高的軟件定義解決方案，並專注於提供我們的邊緣到雲平台，到 2022 年將我們的完整產品組合作為服務提供。

This will ultimately drive sustainable, profitable growth and shareholder returns for the long term.

這最終將推動可持續的盈利增長和股東長期回報。

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

現在，讓我們打開它來提問。

(Operator Instructions) Our first question today will come from Katy Huberty with Morgan Stanley.

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

As we look into the January quarter, do you have any thoughts around the revenue trajectory, just looking at Street expectations, therefore, a revenue increase of 2% to 3% from the October quarter?

當我們研究 1 月季度時，您是否對收入軌蹟有任何想法，看看華爾街的預期，因此，收入比 10 月季度增長 2% 到 3%？

But since the spin from HP, there isn't a consistent seasonality.

但自惠普分拆以來，就沒有一致的季節性。

And in fact, revenues have been flat to down in past January quarters.

事實上，在過去的一月份季度，收入一直持平甚至下降。

It's Tarek here.

我是塔瑞克。

So as a broad reminder, on fiscal year '20, we do expect to grow revenue adjusted for currency overall.

因此，作為一個廣泛的提醒，在 20 財年，我們確實預計收入會根據貨幣調整後整體增長。

Now when you specifically get into the Q1 of fiscal year '20, you have 2 effects to take into consideration.

現在，當您具體進入 20 財年的第一季度時，您需要考慮兩個影響。

Number one, the reality that we're operating in is different than what it was in fiscal year '18, owing to the macro environment.

第一，由於宏觀環境，我們經營的現實與 18 財年不同。

And number two, we will consolidate the contribution of revenue from Cray in full for the first quarter.

第二，我們將在第一季度全面整合 Cray 的收入貢獻。

So on the whole, we do expect, within the context of what I mentioned and with seasonality, that we will grow revenue for the full year.

因此，總的來說，我們確實預計，在我提到的內容和季節性因素的影響下，我們全年的收入都會增長。

And on a first quarter basis, we'll be roughly flat sequentially relative to where we stand right now.

在第一季度的基礎上，相對於我們現在所處的位置，我們將大致持平。

Okay.

好的。

That's helpful.

這很有幫助。

And Tarek, how should we think about the contribution from lower commodity costs on gross margin?

而 Tarek，我們應該如何考慮較低的商品成本對毛利率的貢獻？

Of the 260 basis point gross margin expansion, how much of that would you say is from commodity costs?

在 260 個基點的毛利率增長中，您認為其中有多少來自商品成本？

Yes.

是的。

So, so far, as we explained at SAM and even in prior earnings releases, some of the gross margin expansion is structural in nature as a result of the products and the mix of what we sell, and the remainder is driven by commodities.

因此，到目前為止，正如我們在 SAM 甚至在之前的收益發布中所解釋的那樣，由於產品和我們銷售的產品組合，一些毛利率的增長本質上是結構性的，其餘的是由商品驅動的。

So I would say 50-50 is a rough split between what is structural and mix-related on one side versus commodities on the other.

所以我想說 50-50 是一個粗略的劃分，一方面是結構性和混合相關性，另一方面是商品。

We feel that the commodities environment is probably as best it could be right now, and it's going to continue for a little bit.

我們認為大宗商品環境可能是目前最好的，而且還會持續一段時間。

The question is how long will that be continuing for.

問題是這種情況會持續多久。

We do believe that the profitability level that we are experiencing right now are there to stay for at least a couple of quarters.

我們確實相信，我們目前所經歷的盈利水平至少會持續幾個季度。

And I will say, Katy, a couple of things.

凱蒂，我要說幾件事。

One thing I am pleased is our discipline with pricing.

我很高興的一件事是我們在定價方面的紀律。

I think the team has done a very good job despite the changes in commodity pricing to drive the right configuration for the right workloads and the right pricing which, as you can see, we have achieved what I believe a record year of profitability in the Hybrid IT business.

我認為儘管商品定價發生變化以驅動正確的配置以適應正確的工作負載和正確的定價，但我認為該團隊做得非常好，正如您所看到的，我們已經實現了我認為混合動力創紀錄的一年盈利能力IT 業務。

But as we talked before, the structural changes continue to be there because, obviously, the systems with more IP built into it, particularly with software-defined as well as the configuration for density and more data kind of driven type of configurations, give us the confidence on the AUP stability as we go along.

但正如我們之前所說，結構變化繼續存在，因為顯然，內置更多 IP 的系統，特別是軟件定義的以及密度配置和更多數據驅動類型的配置，給我們隨著我們的發展，對 AUP 穩定性的信心。

Our next question will come from Toni Sacconaghi with Bernstein.

我們的下一個問題將來自 Toni Sacconaghi 和 Bernstein。

I was wondering if you could just comment on the demand and macro environment.

我想知道你是否可以評論一下需求和宏觀環境。

I know you used the term stable a lot in terms of revenue stability.

我知道您在收入穩定性方面經常使用“穩定”一詞。

But if we look at the metric that you like to use most, which is I think the most accurate, which is ex Tier 1 at constant currency, it's gone from plus 1 in Q2 to minus 3 in Q3 to minus 7 in Q4.

但是，如果我們看一下你最喜歡使用的指標，我認為這是最準確的，即按固定貨幣計算的前一級，它從第二季度的正 1 變為第三季度的負 3，再到第四季度的負 7。

And the comparisons are really not all that different.

而且這些比較實際上並沒有什麼不同。

And if anything, you added a bit of Cray this quarter.

如果有的話，你在本季度增加了一些 Cray。

And so at least on the surface, it appears as though the macro environment might be becoming more challenging, and you've had a number of other enterprise players suggest that.

因此，至少從表面上看，宏觀環境似乎變得更具挑戰性，而且您已經有許多其他企業參與者提出了這一建議。

So perhaps you can provide us with an update on the macro environment.

因此，也許您可以向我們提供有關宏觀環境的最新信息。

And if you do believe it's relatively stable, then why are we seeing this deceleration in revenue trajectory?

如果您確實相信它相對穩定，那麼為什麼我們會看到收入軌跡出現這種減速？

And I have a follow-up, please.

我有一個後續行動，請。

Sure.

當然。

Thanks, Toni, for the question.

托尼，謝謝你提出這個問題。

As I said, our macro economy view has not changed -- materially changed from Q2 since we started talking about this.

正如我所說，我們的宏觀經濟觀點沒有改變——自從我們開始討論這個問題以來，與第二季度相比發生了重大變化。

But I will say, Toni, it has been 2 halves here, the first half, obviously, coming in from a strong 2018 with inflationary commodity costs.

但我要說的是，托尼，這裡已經有兩半了，上半年，很明顯，2018 年表現強勁，商品成本上漲。

Obviously, Tarek can talk a little bit more about the tax reform and what that did and some pent-up demand on some modernization that needed to take place because of digital transformation, and then the second half more driven by the tariff situation with the global trade, some geopolitical instability and then the deflationary side of the commodities.

顯然，Tarek 可以更多地談論稅制改革以及它做了什麼，以及由於數字化轉型而需要進行的一些現代化的一些被壓抑的需求，然後下半年更多的是受全球關稅形勢的推動貿易、一些地緣政治不穩定以及商品的通貨緊縮方面。

We saw unit increase in Q4 of 2%.

我們看到第四季度的銷量增長了 2%。

So I think, listen, the elongated sales cycles continue to be there.

所以我認為，聽著，延長的銷售週期繼續存在。

We believe the demand is there.

我們相信需求是存在的。

It's just a matter of timing in many ways.

從很多方面來說，這只是時間問題。

And obviously, customers are looking at where to spend the dollars.

顯然，客戶正在考慮把錢花在哪裡。

And I'd say a lot of dollars are spent to make sure they can harness the power of the data as fast as possible because that's the value of doing this.

而且我會說花費了大量資金來確保他們能夠盡快利用數據的力量，因為這就是這樣做的價值。

But obviously, if we stay in this environment, there will be always a little bit more questions out there.

但顯然，如果我們留在這種環境中，總會有更多問題出現。

So hopefully, we're going to get a result one way or the other one.

所以希望我們能以一種或另一種方式得到結果。

But I'm still very hopeful about the future because, obviously, this digital transformation continue to be there and continue to accelerate, and the data, continue to explore around that.

但我仍然對未來充滿希望，因為很明顯，這種數字化轉型將繼續存在並繼續加速，而數據將繼續圍繞它進行探索。

So I don't know, Tarek, if you have any additional comment on that.

所以我不知道，Tarek，你是否對此有任何補充意見。

Yes.

是的。

Thank you, Antonio.

謝謝你，安東尼奧。

I'd like to add some comments on the impact that tax reform has had on the industry.

我想就稅收改革對該行業的影響發表一些評論。

We've done a fair bit of work on this internally.

我們已經在內部為此做了很多工作。

And there's no doubt that fiscal year '18 was propelled by the benefits from tax reform, i.e., there was more disposable income for large corporates worldwide to be spent on infrastructure, and that has happened.

毫無疑問，18 財年受到稅收改革帶來的好處的推動，即全球大型企業有更多的可支配收入用於基礎設施建設，而且這種情況已經發生。

That carried on pretty nicely all the way on to the first quarter of fiscal year '19.

這種情況一直持續到 19 財年第一季度。

Beyond that point, there was a drop due to macroeconomic factors.

除此之外，由於宏觀經濟因素，出現了下降。

But also, we do believe that there is an element where the spend that was taking place in fiscal year '19 has to be digested by the companies moving forward.

而且，我們確實認為，有一個因素是 19 財年發生的支出必須由向前發展的公司消化。

So in simple terms, I'd say the tide has come down in fiscal year '19 relative to fiscal year '18, and that digestion is taking place.

所以簡單來說，我想說相對於 18 財年，19 財年的趨勢已經下降，並且正在消化。

So year-over-year compares, which give rise to the calculations you put forward --- Toni, by the way, your calculations are correct.

所以逐年比較，這引起了你提出的計算——托尼，順便說一下，你的計算是正確的。

The year-over-year compares are lesser and less relevant in the context where you do have to assume that this infrastructure is to be digested.

在您必須假設要消化此基礎設施的情況下，同比比較越來越不相關。

And what's important for us is to see that the revenue remaining stable should bode well for the future as continuous demand for data will get to a point where that capacity that has been essentially consumed in fiscal year '18 will be needing to be refreshed in the upcoming quarters.

對我們來說重要的是看到保持穩定的收入應該預示著未來的好兆頭，因為對數據的持續需求將達到這樣一個程度，即在 18 財年基本消耗的容量將需要在 18 財年得到更新即將到來的季度。

So hopefully, that provides you with a color on the year-over-year comparison.

因此，希望這能為您提供同比比較的顏色。

And I will say, Toni, one more thing is that our revenue for the last 3 quarters has been stable, so despite all of this, our revenue has been stable for 3 consecutive quarters.

我要說的是，托尼，還有一件事是我們過去三個季度的收入一直很穩定，所以儘管如此，我們的收入已經連續三個季度保持穩定。

I know you've made some very conscious decisions about exiting Tier 1 and focusing on higher-value products.

我知道您已經做出了一些非常有意識的決定，即退出第 1 層並專注於更高價值的產品。

But just on a reported basis, your revenue is down $1.7 billion or about 6%.

但僅根據報告，您的收入下降了 17 億美元或約 6%。

And so the question is, in light of a smaller top line, do you have to sort of take out incremental costs because you have a lower revenue base?

所以問題是，鑑於收入較低，你是否必須因為收入基礎較低而扣除增量成本？

And how do we think about that?

我們如何看待這一點？

Like is HPE all done?

就像 HPE 都完成了嗎？

Or is there more?

或者還有更多？

Do you feel you need to take out more costs?

你覺得你需要拿出更多的成本嗎？

And certainly, at least in this quarter, you seem to have very tight control over OpEx.

當然，至少在本季度，您似乎對 OpEx 有非常嚴格的控制。

Even R&D, which have been growing all year, seem to have come down this quarter despite Cray.

即使是全年都在增長的研發，儘管有 Cray，但本季度似乎有所下降。

So maybe you can comment on in light of a top line, albeit somewhat driven by your own decisions being down, whether you need to take out incremental costs and how specifically you're thinking about OpEx and whether Q4 was really a sign of what we should expect going forward.

因此，也許您可以根據頂線發表評論，儘管這在某種程度上是由於您自己的決定失敗而導致的，您是否需要扣除增量成本以及您對 OpEx 的具體考慮以及第四季度是否真的是我們的標誌應該期待前進。

Sure.

當然。

So like Antonio said, Toni, the revenue for us was stable, hovering above the $7.2 billion mark for Q2, Q3 and Q4.

所以就像安東尼奧說的那樣，托尼，我們的收入很穩定，在第二季度、第三季度和第四季度徘徊在 72 億美元以上。

What's interesting in this is the underlying profitability of the revenue has materially improved as a result of some actions that we have taken: shifting the mix, structural improvement in the products, et cetera.

有趣的是，由於我們採取了一些行動，收入的潛在盈利能力得到了實質性改善：改變產品組合、改進產品結構等。

So the underlying EPS, and you could see it also from an operating cash flow standpoint, has been improving materially, although the revenue is stable.

因此，儘管收入穩定，但從經營現金流的角度來看，基本每股收益一直在大幅改善。

So EPS for Q2, we were at $0.42.

所以第二季度的每股收益為 0.42 美元。

For Q3, we were at $0.45.

對於第三季度，我們的價格為 0.45 美元。

And for Q4, we were at $0.49.

對於第四季度，我們的價格為 0.49 美元。

So we are extracting more and more value over a revenue base that is stable.

因此，我們在穩定的收入基礎上獲取越來越多的價值。

In saying that, we are not going to cut costs materially to propel our EPS forward in fiscal year '20.

話雖如此，我們不會大幅削減成本來推動 20 財年每股收益的增長。

The reason is we do believe that we have to continue to make the investments in R&D in the key strategic areas of our business, the edge being one of them; the second one, storage as well.

原因是我們確實相信我們必須繼續在我們業務的關鍵戰略領域進行研發投資，邊緣就是其中之一；第二個，存儲也是如此。

And you'll see more and more of that in the upcoming quarters.

在接下來的幾個季度中，您會看到越來越多的情況。

There is always an element of having to apply cost discipline, and that is normal in the context of any company and should be expected.

總有一個因素必須應用成本紀律，這在任何公司的背景下都是正常的，應該是預期的。

We feel that it's important that we stay relatively nimble in our thinking and not inflate our cost base too much.

我們認為，重要的是我們要保持相對靈活的思維，不要過分誇大我們的成本基礎。

But the underlying fundamental trends of data are there, and they are playing.

但數據的潛在基本趨勢是存在的，而且它們正在發揮作用。

That's why we are investing quite significant amounts of dollars in R&D, in the right category.

這就是為什麼我們在正確的類別中投入大量資金進行研發。

And the performance of our edge business this year, if you really look at it and what has driven it in the detail, a lot of the underlying operating profit performance is driven by those R&D and FSC investments that we have made to pivot the business to growth in the upcoming quarters.

而我們今年邊緣業務的表現，如果你真的仔細觀察它以及驅動它的細節，很多潛在的營業利潤表現是由我們為將業務轉向未來幾個季度的增長。

So Toni, I will add a couple of things.

托尼，我要補充幾件事。

First of all, if you're asking the question there will be a separate cost reduction program again, no.

首先，如果您要問這個問題，將再次有一個單獨的成本削減計劃，沒有。

We are executing our HPE Next.

我們正在執行 HPE Next。

This is year 3, and we are super, super pleased with the outcome.

這是第 3 年，我們對結果非常非常滿意。

And we expect to continue to drive the right productivity from what we have done in the previous 2 years.

我們希望通過過去 2 年所做的工作繼續推動正確的生產力。

Understand there is one more year to go here, which will complete the program.

了解還有一年時間來到這裡，這將完成該計劃。

But as Tarek said, we will always look for opportunities to improve the productivity of the business by improving the way we engage customers and partners.

但正如 Tarek 所說，我們將始終尋找機會，通過改進與客戶和合作夥伴互動的方式來提高企業的生產力。

And obviously, we still need to get a lot of the benefits of the investment we made in IT.

顯然，我們仍然需要從 IT 投資中獲得很多收益。

This year, we invested plus 10% -- when you look at the year as a whole, plus 10% growth in R&D and FSC, and that will also drive productivity in terms of growth in the key strategic areas that we're looking for.

今年，我們的投資增加了 10%——從全年來看，再加上 10% 的研發和 FSC 增長，這也將在我們正在尋找的關鍵戰略領域的增長方面推動生產力.

So we are very proud and pleased with the work we have done.

因此，我們對我們所做的工作感到非常自豪和高興。

And I think we have still a disciplined mentality here to continue to be very, very rigorous about our approach.

而且我認為我們在這裡仍然有一種紀律嚴明的心態，可以繼續對我們的方法非常非常嚴格。

But I want to make clear that there is no one-off program here.

但我要明確的是，這裡沒有一次性的計劃。

We already have done what we needed to do, and that becomes now part of the DNA of the company going forward.

我們已經完成了我們需要做的事情，現在這已成為公司前進的 DNA 的一部分。

Our next question will come from Shannon Cross with Cross Research.

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

Can you provide more details on the performance of Storage this quarter?

您能否提供有關本季度存儲性能的更多詳細信息？

If you can talk pricing and demand competition, just wondering what the underlying trends you're seeing there are.

如果您可以談論定價和需求競爭，只是想知道您看到的潛在趨勢是什麼。

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

I mean Storage was down year-over-year, 11%.

我的意思是存儲同比下降 11%。

But when you look at the year, Shannon, it was down 2%.

但是當你看這一年時，Shannon，它下降了 2%。

And within that, we saw growth in Hyperconverged, which is up 25% for the year.

其中，我們看到了超融合的增長，全年增長了 25%。

And we saw Nimble to a record year of 35%.

我們看到 Nimble 達到了創紀錄的 35%。

And we are leveraging now the platform called HPE InfoSight, which you're familiar with, our AI ops platform that we embedded everywhere, whether it is in ProLiant, whether it is in our Storage business across the entire portfolio beyond Nimble.

我們現在正在利用您熟悉的名為 HPE InfoSight 的平台，我們在任何地方都嵌入了我們的 AI 操作平台，無論是在 ProLiant 中，還是在 Nimble 之外的整個產品組合中的存儲業務中。

So we have it now in Hyperconverged, we leverage it in HPE Primera.

所以我們現在在超融合中擁有它，我們在 HPE Primera 中利用它。

Primera, for us, will be an area of growth going forward.

對我們來說，Primera 將成為未來的增長領域。

But if you look at the last point of market share, we actually gained 100 basis points in market share last quarter.

但如果你看一下市場份額的最後一點，上個季度我們的市場份額實際上增加了 100 個基點。

So in our market, obviously, there has been a kind of stop in the growth in the second half and probably a decline, we don't have the final figures yet, we gained share.

因此，在我們的市場中，很明顯，下半年的增長出現了某種停滯，可能會下降，我們還沒有最終數據，我們獲得了份額。

So that's why we are very excited about our Storage portfolio.

這就是為什麼我們對我們的存儲產品組合感到非常興奮。

And obviously, it's a key strategic area for us.

顯然，這對我們來說是一個關鍵的戰略領域。

And then with the acquisition of MapR and BlueData storage, now we have a complete portfolio for our customers in the software-defined space, and that's why we introduced our HPE Container Platform last week.

然後通過收購 MapR 和 BlueData 存儲，現在我們在軟件定義領域為我們的客戶提供了完整的產品組合，這就是我們上週推出 HPE 容器平台的原因。

So for the year, again, the revenue was down 2%.

因此，這一年的收入再次下降了 2%。

But in that, a lot of growth in key strategic areas and a lot of profit improvements and share gain in the last quarter that was reported.

但就此而言，據報導，上一季度關鍵戰略領域的大量增長以及大量利潤改善和份額增長。

And specifically for Storage, Shannon, if I may add, Storage revenue in Q4 relative to Q3 was marginally up on a sequential basis.

特別是對於存儲，Shannon，如果我可以補充的話，第四季度的存儲收入相對於第三季度略有上升。

This is again another element of the prior answer, which is year-over-year compares are of a different nature given the various effects that are playing out is, but revenue from Storage sequentially Q4 on Q3 was marginally up.

這又是先前答案的另一個要素，考慮到正在發生的各種影響，同比比較具有不同的性質，但存儲收入在第三季度的第四季度略有上升。

And pricing, what trends are you seeing there given what's going on in commodities?

在定價方面，鑑於大宗商品的情況，您看到了什麼趨勢？

I think I would say pricing on Storage is stable.

我想我會說 Storage 的定價是穩定的。

Okay.

好的。

And then my final question -- my second question is just on China.

然後是我的最後一個問題——我的第二個問題是關於中國的。

Can you touch on what you're seeing through the joint venture and what that market looks like and maybe some of the trends in terms of using your technology versus H3C's?

您能否談談您通過合資企業看到的情況以及該市場的情況，以及在使用您的技術與 H3C 的技術方面的一些趨勢？

Yes.

是的。

So our setup in China continues to be a point of focus for us.

因此，我們在中國的設置仍然是我們關注的焦點。

We are pleased with the setup because, obviously, it allows us to participate in a market that obviously is unique.

我們對這種設置感到滿意，因為很明顯，它使我們能夠參與一個明顯獨特的市場。

The indigenous part of the H3C in China continues to grow nicely.

H3C在中國的本土部分繼續保持良好增長。

And obviously, we capture that through our dividends.

顯然，我們通過股息獲得了這一點。

And our portfolio, meaning the HPE side of the portfolio, continued to be sold through that entity because they are the exclusive distributor of products in China, but that has been declining because of the shift between the indigenous products and the green products, our HP green -- or our HP-owned products.

我們的產品組合，即產品組合中的 HPE 方面，繼續通過該實體銷售，因為它們是中國產品的獨家經銷商，但由於本土產品和綠色產品之間的轉變，我們的 HP綠色——或我們的惠普自有產品。

So overall, in total, that business continues to grow.

因此，總體而言，該業務總體上繼續增長。

But as always, there is challenges there driven by the same situation we see here.

但與往常一樣，我們在這裡看到的同樣情況也帶來了挑戰。

But overall, we are very pleased with the setup.

但總的來說，我們對設置非常滿意。

And I think it's the right setup at the point in time we are today considering the global trade tensions.

而且我認為在我們今天考慮全球貿易緊張局勢的時間點這是正確的設置。

Our next question will come from Simon Leopold with Raymond James.

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

I wanted to see if we could maybe double-click on what's happening trend-wise in the Intelligent Edge, the HPE Aruba business, in that I think earlier this year, you had talked about some execution issues hampering this business.

我想看看我們是否可以雙擊 HPE Aruba 業務 Intelligent Edge 中正在發生的趨勢，因為我認為今年早些時候，您談到了一些阻礙該業務的執行問題。

And now I guess, we've got some concern about the macro, yet some opportunities from things like Wi-Fi 6. Just if you could maybe walk us through the crosscurrents and how to think about the trajectory of that line of business.

現在我想，我們對宏觀有一些擔憂，但也有一些來自 Wi-Fi 6 之類的機會。希望你能帶領我們走過這些逆流，以及如何思考該業務線的軌跡。

Sure.

當然。

First of all, I am excited about the business because it is positioned for where we see the trends in the market, right?

首先，我對這項業務感到興奮，因為它定位於我們看到市場趨勢的地方，對嗎？

So first of all, the digital transformation starts by providing secure connectivity to drive the experiences through the digital transformation.

因此，首先，數字化轉型始於提供安全連接，以通過數字化轉型推動體驗。

Second, more and more workloads are moving to the edge.

其次，越來越多的工作負載正在轉移到邊緣。

And so we have been working on a couple of things.

所以我們一直在做一些事情。

First, our portfolio of products, so we have the best portfolio we ever had now since the introduction at HPE Discover and later in Q3, with Aruba Central, which is the most comprehensive as a service model for both mid-market and enterprise and Aruba Instant On, which is a killer solution for the SMB market.

首先是我們的產品組合，因此我們擁有自 HPE Discover 和後來的第三季度推出以來最好的產品組合，Aruba Central 是面向中端市場和企業以及 Aruba 的最全面的服務模型Instant On，這是中小企業市場的殺手級解決方案。

Obviously, Wi-Fi 6 became available in the second half of 2019.

顯然，Wi-Fi 6 是在 2019 年下半年問世的。

And as I said in my early comments, more than 1/3 of the Wi-Fi 6 in enterprise was Aruba, but it's early stages.

正如我在早期評論中所說，企業中超過 1/3 的 Wi-Fi 6 是 Aruba，但它處於早期階段。

Obviously, we had to work on our own execution in North America, which we feel we have put behind us.

顯然，我們必須在北美開展自己的執行工作，我們覺得我們已經把它拋在腦後了。

And we feel that that's going to give us momentum as we enter 2020.

我們認為這將為我們進入 2020 年提供動力。

But in the Aruba portfolio, obviously, we sell Aruba in the rest of the portfolio.

但顯然，在 Aruba 投資組合中，我們出售了其餘投資組合中的 Aruba。

And I will say that the Aruba part of the portfolio is steady and growing slightly, and the other ones were slightly down.

我要說的是，投資組合中的 Aruba 部分穩定且略有增長，而其他部分則略有下降。

But in aggregate, that's where you see the performance.

但總的來說，這就是您看到性能的地方。

So I know Tarek has a few comments to add associated with that.

所以我知道 Tarek 有一些與此相關的評論要添加。

Yes.

是的。

Thank you, Antonio.

謝謝你，安東尼奧。

So I'd say on the Intelligent Edge, if you look at our presentation, and you referred specifically to Slide 3, you will observe that the majority of the operating profit decline is driven by the conscious decision we made to invest in R&D products to equip the edge with a full suite of products.

所以我想在 Intelligent Edge 上說，如果你看一下我們的演示文稿，並且你特別提到了幻燈片 3，你會發現大部分營業利潤下降是由我們有意識地決定投資研發產品來驅動的為邊緣配備全套產品。

So more than 2/3 of the operating profit decline year-over-year is a conscious decision we've made to invest in R&D to equip Aruba with a full suite of products.

因此，超過 2/3 的營業利潤同比下降是我們有意識地決定投資研發，為 Aruba 配備全套產品。

And very recently, they've launched a number of different solutions, including a single operating system to cater for the high end of the market all the way down to branches: Wi-Fi 6, Aruba Central.

最近，他們推出了許多不同的解決方案，包括一個單一的操作系統，以滿足從高端市場一直到分支機構的需求：Wi-Fi 6、Aruba Central。

And we feel that now the company is, from a portfolio standpoint -- product portfolio standpoint, extremely well positioned for the future.

我們認為，從投資組合的角度來看，現在公司在產品組合的角度來看，為未來做好了充分的準備。

It's been acknowledged by a number of industry analyst publications, including the Gartner Group, IDC and Forrester Research.

它得到了許多行業分析出版物的認可，包括 Gartner Group、IDC 和 Forrester Research。

And there, we feel that we're extremely well equipped and positioned for the future with Aruba.

在那裡，我們覺得我們為 Aruba 的未來做好了充分的準備和定位。

Now this puts more emphasis, obviously, on execution in fiscal year '20, and we look forward to seeing the fruits of those investments.

現在，這顯然更加強調了 20 財年的執行，我們期待看到這些投資的成果。

Our next question will come from Rod Hall with Goldman Sachs.

我們的下一個問題將來自高盛的 Rod Hall。

I wanted to start by asking if you've seen any change in the size of customers exhibiting these delays and lower spending patterns.

我想首先詢問您是否看到表現出這些延遲和較低支出模式的客戶規模有任何變化。

In other words, have you seen it move from the Fortune 100-type customer down to mid-markets in any of your business lines or in all of them?

換句話說，您是否看到它在您的任何業務線或所有業務線中從財富 100 強類型的客戶轉移到中端市場？

And then I have a follow-up to that.

然後我有一個後續行動。

No, not really.

不，不是真的。

I mean what we said is that the elongation sales -- in sales cycles are really in the -- mostly in the enterprise space and in larger deals, not in the smaller deals or smaller customer segments.

我的意思是我們所說的是，銷售週期中的延長銷售實際上是在企業領域和較大的交易中，而不是在較小的交易或較小的客戶群中。

Okay.

好的。

Great.

偉大的。

And then the follow-up, I wanted to see maybe, Tarek, if you could answer this.

然後是後續行動，Tarek，我想看看你是否能回答這個問題。

Would the potential transaction at HPQ change their commitment to you in terms of financial services in any way?

HPQ 的潛在交易是否會以任何方式改變他們在金融服務方面對您的承諾？

Or would whatever commitments they have with you persist through any sort of potential transaction?

或者他們對您的任何承諾是否會通過任何類型的潛在交易持續存在？

The simple answer to your question is no.

對你的問題的簡單回答是否定的。

There is a contract in place between the parties.

雙方之間存在合同。

We've been working for more than decades with HPI on financing their own equipment.

幾十年來，我們一直與 HPI 合作，為他們自己的設備融資。

This is incredibly well established and set across the channels.

這是非常完善的，並且跨渠道設置。

It's incredibly difficult to, therefore, dislodge HPEFS from those channels.

因此，很難從這些渠道中移除 HPEFS。

We feel very good about this.

我們對此感覺很好。

I don't think a transaction will cause us any palpitations in that regard.

我認為交易不會讓我們在這方面有任何顧慮。

Because of the market we cover and the vast majority of those are customers or channel partners we have direct relationships anyway.

由於我們覆蓋的市場，而且其中絕大多數是客戶或渠道合作夥伴，我們無論如何都有直接的關係。

Our next question will come from Jim Suva with Citi.

我們的下一個問題將來自花旗銀行的 Jim Suva。

I have 2 questions, and I'll ask them at the same time so you can decide which to ask first -- answer, first or second.

我有 2 個問題，我會同時問他們，這樣你就可以決定先問哪個——先回答還是再回答。

So the first one is your sales growth, you mentioned growth for next year, is that with or without Cray?

所以第一個是你的銷售增長，你提到明年的增長，是有沒有 Cray？

I know you said on a currency as-adjusted basis, but I wanted to be clear, is that with or without Cray?

我知道你說的是調整後的貨幣，但我想澄清一下，有沒有 Cray？

And then my second question is your fiscal 2020 EPS outlook is the same from your Investor Day.

然後我的第二個問題是你的 2020 財年每股收益展望與你的投資者日相同。

Does that include more stock buyback?

這是否包括更多的股票回購？

And if so, how much should we plan on?

如果是這樣，我們應該計劃多少？

The first question is with Cray, which is what we said at the Securities Analyst Meeting.

第一個問題是關於克雷的，這是我們在證券分析師會議上所說的。

And Tarek will answer the question on EPS.

Tarek 將回答有關 EPS 的問題。

So yes, remember -- sorry, I just had to press my mic button.

所以是的，請記住——抱歉，我不得不按下我的麥克風按鈕。

Hopefully, you can hear me now.

希望你現在能聽到我的聲音。

So remember at our Securities Analyst Meeting, we said that we would, from a capital management policy, return between 50% to 75% of our cash flow to shareholders.

所以請記住，在我們的證券分析師會議上，我們說過，根據資本管理政策，我們會將 50% 至 75% 的現金流返還給股東。

And therefore, this would be tracking cash flow which, in turn, will be tracking earnings.

因此，這將跟踪現金流量，而現金流量又將跟踪收益。

And there is no change to this.

並且沒有改變這一點。

We've assumed a certain level of share buybacks, which is what is currently implied by the market.

我們假設一定程度的股票回購，這是目前市場所暗示的。

And the dividend -- we upped the dividend from $0.1125 to $0.12, so you can very easily do the math to understand the level of share buyback that is implied by the figures I've just quoted to you.

還有股息——我們將股息從 0.1125 美元提高到 0.12 美元，所以你可以很容易地進行數學計算，以了解我剛才引用的數字所暗示的股票回購水平。

Our final question today will come from Aaron Rakers with Wells Fargo.

我們今天的最後一個問題將來自富國銀行的 Aaron Rakers。

I have one question and a follow-up as well.

我有一個問題和一個跟進。

As we think about the impacts of component pricing dynamics, and it sounds like the positive trends might continue here for a little bit with regard to the business and the gross margin, I'm just curious, is there any kind of framework you can help us understand of how much mix has played a part within the server category?

當我們考慮組件定價動態的影響時，聽起來積極的趨勢可能會在業務和毛利率方面持續一段時間，我很好奇，是否有任何類型的框架可以提供幫助我們了解在服務器類別中有多少組合發揮了作用？

Particularly any comments on how much content growth you've seen from, say, DRAM or memory in general?

特別是關於您從 DRAM 或一般內存中看到的內容增長有多少的評論？

Just trying to think about the structural kind of sustainability of those trends going forward.

只是想想想這些趨勢在結構上的可持續性發展。

Okay.

好的。

So you may recall from my speech that I made the comment with respect to units.

所以你可能還記得我的演講，我對單位發表了評論。

And we explained that when you look at the units of what we sell, excluding Tier 1s and China, our server units have been growing sequentially since the second quarter of fiscal year '19.

我們解釋說，當您查看我們的銷售單位時，不包括一級和中國，我們的服務器單位自 19 財年第二季度以來一直在連續增長。

And they were up 2% year-over-year in Q4 with higher services intensity.

他們在第四季度同比增長 2%，服務強度更高。

So this is really a key driver of our earnings performance in Q3 and Q4, and we see those trends continue.

因此，這確實是我們第三季度和第四季度盈利表現的關鍵驅動力，我們看到這些趨勢仍在繼續。

Although now, most of what we sell is Gen10 on the server side, we do believe that the configurations that customers require to cater for the exponential growth of data are causing ultimately to see units going up and eventually AUP, after a phase of deceleration, will start to go up again.

雖然現在，我們銷售的大部分是服務器端的 Gen10，但我們確實相信，客戶為滿足數據的指數增長而需要的配置最終會導致單位數量上升，並最終導致 AUP，經過一段時間的減速後，將再次開始上漲。

So that's what we are seeing in the medium to long term.

這就是我們在中長期看到的情況。

Obviously, we have taken actions ourselves to take advantage of supply, pricing.

顯然，我們自己已經採取行動來利用供應和定價。

And as you know, we do a lot of supply -- long-term supply arrangements as they become available.

如您所知，我們做了很多供應——長期供應安排，因為它們可用。

But in the end, the structure of the systems, particularly as the Generation 11 comes online, that will drive, again, another structural change in our AUPs because of the configurations.

但最終，系統的結構，特別是當第 11 代上線時，由於配置的原因，這將再次推動我們 AUP 的另一個結構變化。

That's helpful.

這很有幫助。

And then a second follow-up question, on the Storage business, as we think about the product portfolio, I know you mentioned strong growth in Nimble.

然後是第二個後續問題，關於存儲業務，當我們考慮產品組合時，我知道你提到了 Nimble 的強勁增長。

But I'm just curious of where we're at with the Primera product.

但我只是很好奇我們在 Primera 產品方面的進展。

When do we expect that to really start to materialize from a revenue standpoint?

從收入的角度來看，我們什麼時候期望真正開始實現？

And just remind us how much of your business in Storage is related to more of those higher-end platforms.

請提醒我們，您在存儲業務中有多少與更多高端平台相關。

I think that's founded on the legacy 3PAR platform.

我認為這是建立在傳統的 3PAR 平台之上的。

I'm just trying to think about the refresh opportunity as you look through this next several quarters, what that might present.

在接下來的幾個季度中，我只是想考慮刷新機會，可能會出現什麼。

Yes.

是的。

I mean we have received very strong accolades and interest on HPE Primera.

我的意思是我們在 HPE Primera 上獲得了非常強烈的讚譽和興趣。

And remember, HPE Primera, we don't sell it just as a part of an independent storage appliance, what we sell is a part of a Composable Cloud and with integration with both HPE Synergy and the HPE Composable Rack as a block of IT that has all the software-defined intelligence and automation, including HPE InfoSight.

請記住，HPE Primera，我們不只是將其作為獨立存儲設備的一部分進行銷售，我們銷售的是可組合雲的一部分，並與 HPE Synergy 和 HPE 可組合機架集成，作為一個 IT 塊，擁有所有軟件定義的智能和自動化，包括 HPE InfoSight。

And obviously, our strength has been mostly in the midrange market.

顯然，我們的優勢主要集中在中端市場。

And -- but the high end is very -- is a market that's very interesting for us, and we're rolling that as we speak, and I believe throughout 2020 will be a driving force for growth for us.

而且 - 但高端非常 - 是一個對我們來說非常有趣的市場，我們正在推動這一市場，我相信整個 2020 年將成為我們增長的推動力。

Generally, the market is actually moving in a direction that's more software-defined.

一般來說，市場實際上正朝著軟件定義的方向發展。

And that's why HPE InfoSight is a key component of HPE Primera for us because it's mostly software on an appliance-based-driven solution, but it's actually the software that makes that unique.

這就是為什麼 HPE InfoSight 對我們來說是 HPE Primera 的關鍵組件，因為它主要是基於設備驅動的解決方案上的軟件，但實際上是軟件使它獨一無二。

Great.

偉大的。

Thank you, Aaron.

謝謝你，亞倫。

So I think we're unfortunately out of time for questions.

所以我認為我們很遺憾沒有時間提問。

But Antonio, let me turn it over to you for any final comments.

但是安東尼奧，讓我把它交給你，請你發表最後的評論。

Well, as always, thank you for joining us today.

好吧，一如既往，感謝您今天加入我們。

I just wanted to wrap by saying I believe we had another very strong year.

我只想說我相信我們又度過了一個非常強勁的一年。

This is the second year as a CEO, and we did what we said we would do.

這是擔任 CEO 的第二年，我們做到了我們所說的。

I think we have achieved record level of profitability, non-GAAP EPS and free cash flow.

我認為我們已經實現了創紀錄的盈利水平、非 GAAP 每股收益和自由現金流。

I will emphasize the free cash flow because we actually improved cash flow by 58%.

我會強調自由現金流，因為我們實際上將現金流提高了 58%。

We are on track to deliver that normalized cash flow we have spoken many, many times.

我們有望實現我們多次談到的標準化現金流。

And we are very, very confident of that $1.9 billion to $2.1 billion.

我們對這 19 億至 21 億美元非常、非常有信心。

What I'm really pleased is about the execution of the business with our discipline by pivoting the business and excited about the future without forgetting the fact that the culture of the company is -- plays a huge role.

我真正感到高興的是，通過推動業務發展和對未來感到興奮，同時不忘記公司文化發揮著巨大作用這一事實，以我們的紀律執行業務。

And I couldn't be more pleased and proud of the work we have done here.

我對我們在這裡所做的工作感到非常高興和自豪。

So thanks again for joining us today and, hopefully, see you soon.

再次感謝您今天加入我們，希望很快見到您。

Ladies and gentlemen, this concludes our call today.

女士們，先生們，我們今天的電話會議到此結束。

Thank you.

謝謝。