惠普企業 (HPE) 2022 Q2 法說會逐字稿

Good day, and welcome to the Second Quarter Fiscal 2022 Hewlett Packard Enterprise Earnings Conference Call. My name is Chuck, and I'll be your conference moderator for today's call. (Operator Instructions) We will be facilitating a question-and-answer session towards the end of the conference. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

美好的一天，歡迎參加 2022 財年第二季度惠普企業收益電話會議。我的名字是查克，我將擔任您今天電話會議的主持人。 （操作員說明）我們將在會議結束時安排問答環節。 （操作員說明）作為提醒，本次電話會議正在錄音以供重播。

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

我現在想將演示文稿轉交給今天電話會議的主持人，投資者關係副總裁 Andrew Simanek 先生。請繼續，先生。

Great. Thank you. Good afternoon, everyone. I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2022 second 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.

偉大的。謝謝你。大家下午好。我是 Hewlett Packard Enterprise 投資者關係主管 Andy Simanek。歡迎您參加我們與慧與總裁兼首席執行官安東尼奧·內裡 (Antonio Neri) 舉行的 2022 財年第二季度收益電話會議；以及慧與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. A replay of the webcast will be made available shortly after the call for approximately 1 year. 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.

在將電話轉交給 Antonio 之前，讓我提醒您，此電話正在網絡廣播中。電話會議後不久將提供大約 1 年的網絡廣播重播。我們在我們的慧與投資者關係網頁investors.hpe.com 上發布了今天的收益發布所附帶的新聞稿和幻燈片演示。

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

與往常一樣，本演示文稿的元素具有前瞻性，並基於我們對當今世界和我們業務的最佳看法。如需更多詳細信息，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。有關其中一些風險、不確定性和假設的討論，請參閱慧與提交給 SEC 的文件，包括其最新的 10-K 表格和 10-Q 表格。

HPE assumes no obligation and does not intend to update any such forward-looking statements. 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 quarterly report on Form 10-Q for the fiscal quarter ended April 30, 2022. 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. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details.

HPE 不承擔任何義務，也不打算更新任何此類前瞻性陳述。我們還注意到，本次電話會議中討論的財務信息反映了基於目前可用信息的估計，可能與慧與在截至 2022 年 4 月 30 日的財政季度的 10-Q 表格季度報告中最終報告的金額存在重大差異。此外，對於在非公認會計原則基礎上表達的財務信息，我們在我們的網站上提供了與可比公認會計原則信息的對賬。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 adjusted to exclude the impact of currency. Finally, after Antonio provides his high-level remarks, Tarek will be referencing the slides and our earnings presentation throughout his prepared remarks. As mentioned, the earnings presentation can be found posted to our website and is also embedded within the webcast player for this earnings call.

在本次電話會議中，除非另有說明，否則所有收入增長率均按年報告，並進行調整以排除貨幣影響。最後，在安東尼奧發表高級別講話後，塔雷克將在他準備好的講話中引用幻燈片和我們的收益演示文稿。如前所述，可以在我們的網站上找到收益演示文稿，並且還可以在此收益電話會議的網絡廣播播放器中嵌入。

With that, let me turn it over to Antonio.

有了這個，讓我把它交給安東尼奧。

Well, thank you, Andy, and good afternoon, everyone. Thanks for joining today's earnings call. HP's second quarter results reflect significant customer traction for our differentiated portfolio and underscore our progress in becoming the edge-to-cloud company. The macroeconomic environment of the last few months has presented enterprises around the world with strategic challenges that are usually not confronted all at once. The market shifts have certainly created a dynamic backdrop for our global customers and have made it harder for them to realize their goals in the short term.

好吧，謝謝你，安迪，大家下午好。感謝您參加今天的財報電話會議。惠普第二季度的業績反映了我們差異化產品組合對客戶的巨大吸引力，並突顯了我們在成為邊緣到雲公司方面取得的進展。過去幾個月的宏觀經濟環境給世界各地的企業帶來了通常不會同時面臨的戰略挑戰。市場變化無疑為我們的全球客戶創造了一個充滿活力的背景，並使他們更難在短期內實現他們的目標。

But more than ever, organizations need technology partners to help them weather challenges while successfully digitizing and transforming their businesses in order to increase their market competitiveness. HP's ability to address these customer needs was key to our performance in the second quarter.

但是，組織比以往任何時候都更需要技術合作夥伴來幫助他們應對挑戰，同時成功實現業務數字化和轉型，以提高市場競爭力。惠普滿足這些客戶需求的能力是我們第二季度業績的關鍵。

Once again, HP generated significant orders growth, steady revenue and sustained profitability, even as tight supply conditions continued across global industries. We are seeing persistent demand from our customers, underscoring both their IT spending prioritization and their attraction to our compelling portfolio. Very strong customer demand in the second quarter drove orders growth higher, rising 20% year-over-year, which makes this the fourth quarter in a row that HP has logged year-over-year orders growth of 20% or better. Our HPE GreenLake edge-to-cloud platform contributed to as-a-service orders doubling year-over-year, the third straight quarter of triple-digit growth.

即使在全球各行各業持續供應緊張的情況下，惠普再次創造了顯著的訂單增長、穩定的收入和持續的盈利能力。我們看到客戶的持續需求，突顯了他們對 IT 支出的優先考慮以及他們對我們引人注目的產品組合的吸引力。第二季度非常強勁的客戶需求推動訂單增長更高，同比增長 20%，這使惠普連續第四季度實現了 20% 或更高的訂單同比增長。我們的 HPE GreenLake 邊緣到雲平台促成了即服務訂單同比翻番，連續第三個季度實現三位數增長。

We continue to see a great deal of customer interest in our platform, which is evident in our sales pipeline. Our orders backlog across the business is high quality, and we are now -- we are seeing particular strength in our Intelligent Edge and Compute segments, with orders climbing 45% and 23%, respectively. HPC and AI orders grew more than 18%, bringing backlog there to an impressive record of approximately $3 billion. Total HPE revenue rose 1.5% year-over-year to $6.7 billion against a record break in backlog of orders in the midst of industry supply constraints. ARR climbed 25%.

我們繼續看到大量客戶對我們的平台感興趣，這在我們的銷售渠道中很明顯。我們整個業務的訂單積壓是高質量的，我們現在——我們在智能邊緣和計算領域看到了特別的優勢，訂單分別增長了 45% 和 23%。 HPC 和 AI 訂單增長超過 18%，使那裡的積壓訂單達到約 30 億美元的驚人記錄。在行業供應緊張的情況下，HPE 總收入同比增長 1.5% 至 67 億美元，而積壓訂單創歷史新高。 ARR 攀升 25%。

We have momentum across the portfolio with our as-a-service model differentiating us. This quarter, though, through a combination of supply constraints limiting our ability to fulfill orders as well as some areas where we could have executed better, we did not fully translated the strong customer orders into higher revenue growth. I am confident that we have identified where we can strengthen and expect continued improvement as we move into the back half of the year.

我們的服務模式使我們與眾不同，因此我們在整個投資組合中都有發展勢頭。然而，本季度，由於供應限制限制了我們履行訂單的能力，以及我們本可以更好地執行的一些領域，我們並沒有將強勁的客戶訂單完全轉化為更高的收入增長。我相信我們已經確定了我們可以在哪些方面加強並期望隨著我們進入下半年而繼續改進。

Importantly, the quarter's biggest standout, even if we were somewhat limited by supply chain, is that we maintained non-GAAP gross margins of 34%, thanks to disciplined execution and timely pricing actions. Non-GAAP diluted net earnings per share was $0.44, which, together with our Q1 results, makes the first half of 2022 the second strongest EPS half year performance at HPE on a continuing operations basis.

重要的是，即使我們在某種程度上受到供應鏈的限制，本季度最大的突出表現是我們保持了 34% 的非公認會計原則毛利率，這要歸功於嚴格的執行和及時的定價行動。非 GAAP 攤薄後每股淨收益為 0.44 美元，加上我們的第一季度業績，使 2022 年上半年成為慧與持續運營基礎上第二強的半年每股收益表現。

As Tarek will detail for you, we are reaffirming our full year outlook of revenue growth of 3% to 4% and our long-term 2024 revenue CAGR outlook. We are also reaffirming our full fiscal year free cash flow guidance of $1.8 billion to $2 billion. As announced in February, we suspended all shipments to and sales in Russia and Belarus. We have now determined that it's no longer tenable for us to maintain operations in these countries. Therefore, today, we are announcing the closing of our operations in both countries and we'll proceed with an orderly managed exit.

正如 Tarek 將為您詳細說明的那樣，我們重申我們對收入增長 3% 至 4% 的全年展望以及我們對 2024 年長期收入複合年增長率的展望。我們還重申了 18 億至 20 億美元的完整財年自由現金流指導。正如 2 月份宣布的那樣，我們暫停了對俄羅斯和白俄羅斯的所有發貨和銷售。我們現在已經確定，我們不再能夠在這些國家維持業務。因此，今天，我們宣布關閉我們在這兩個國家的業務，我們將繼續有序管理退出。

Our business in these countries represent less than 2% of HPE's total revenue in fiscal year '21. We have booked $126 million pretax charge related to the impact of Russia to our business, which is included in our second quarter GAAP earnings per share results. We expect less significant additional charges in the third quarter related to winding down these operations. Partially to reflect this necessary action and partially to unfavorable foreign exchange movement, we are updating our full fiscal year non-GAAP diluted net earnings per share to between $1.96 to $2.10, which is the guidance we provided at our Securities Analyst Meeting last October.

我們在這些國家/地區的業務僅佔慧與 21 財年總收入的不到 2%。我們已計入與俄羅斯對我們業務的影響相關的 1.26 億美元稅前費用，這已包含在我們第二季度的 GAAP 每股收益結果中。我們預計第三季度與結束這些業務相關的額外費用將減少。部分反映這一必要行動，部分反映不利的外匯走勢，我們將整個財年非公認會計原則攤薄後每股淨收益更新至 1.96 美元至 2.10 美元之間，這是我們在去年 10 月的證券分析師會議上提供的指導。

In the short term, we recognize the supply and logistics constraints, rising inflation and evolving economic and geopolitical conditions are all contributing to a dynamic environment. However, enterprise demand continues to persist across our entire portfolio. We are focused on translating the demand we see in the market and a high-quality backlog into profitable growth while continuing to closely manage our inventory position. When even the supply of low-value components can be hard to secure in today's environment, we will continue to be disciplined and prudent in our decision-making to deliver on our commitments.

在短期內，我們認識到供應和物流限制、通脹上升以及不斷變化的經濟和地緣政治條件都促成了一個充滿活力的環境。但是，企業需求在我們的整個產品組合中持續存在。我們專注於將我們在市場上看到的需求和高質量的積壓轉化為盈利增長，同時繼續密切管理我們的庫存狀況。在當今環境下，即使是低價值組件的供應也難以保證，我們將繼續在決策中保持紀律和審慎，以兌現我們的承諾。

As we look to the future, we are strengthening the scale and resilience of our supply chain, including opening a new factory in the Czech Republic for next-generation HPC and AI technologies, which will help us address the very solid demand we have for these specialized solutions. There is no question that we have positioned HP well to help our customers double down on digital transformation. HP GreenLake is at the center of our strategy to deliver edge-to-cloud solutions to enable customers' data first modernization strategies.

展望未來，我們正在加強供應鏈的規模和彈性，包括在捷克共和國開設一家新工廠，生產下一代 HPC 和 AI 技術，這將幫助我們滿足對這些技術的非常穩固的需求專門的解決方案。毫無疑問，我們已經很好地定位了惠普，以幫助我們的客戶在數字化轉型方面加倍努力。 HP GreenLake 是我們提供邊緣到雲解決方案戰略的核心，以支持客戶的數據優先現代化戰略。

I hope many of you will join us later this month to see firsthand how our strategy comes to life when we host HP Discover live in Las Vegas for the first time in 3 years. We will have a lot to show you as it has been an exciting few months for our customers and for HPE.

我希望你們中的許多人將在本月晚些時候加入我們，親眼看看我們的戰略如何在我們三年來首次在拉斯維加斯舉辦 HP Discover 現場直播時實現。我們將向您展示很多東西，因為這幾個月對我們的客戶和慧與來說都是令人興奮的。

In March, we announced features on HPE GreenLake that deliver greater choice and simplicity. We added 12 new cloud native services, with now more than the total of 50 cloud new services available through the platform. We also continue to expand our partner ecosystem, increasing the number of partners actively selling HP GreenLake this quarter by more than 50% from the same period last year. In addition, partners who sold multiple HP GreenLake deals in the quarter increased by 2.5x year-over-year.

3 月，我們宣布了 HPE GreenLake 的功能，這些功能提供了更多的選擇和簡單性。我們添加了 12 項新的雲原生服務，現在通過該平台提供的雲新服務總數已超過 50 項。我們還繼續擴展我們的合作夥伴生態系統，本季度積極銷售 HP GreenLake 的合作夥伴數量比去年同期增加了 50% 以上。此外，本季度銷售多個 HP GreenLake 交易的合作夥伴同比增長 2.5 倍。

At the edge, our capabilities are high demand as organizations need to securely connect distributed workforces and create engaging experiences. We are focused on delivering cloud-native services that can more easily embed intra-automated networks to absorb evolving networking configurations. And with the convergence of Aruba Central and HP GreenLake, more than 120,000 Aruba customers now have access to the HPE GreenLake platform.

在邊緣，我們的能力要求很高，因為組織需要安全地連接分佈式勞動力並創造引人入勝的體驗。我們專注於提供雲原生服務，這些服務可以更輕鬆地嵌入內部自動化網絡以吸收不斷發展的網絡配置。隨著 Aruba Central 和 HP GreenLake 的融合，超過 120,000 名 Aruba 客戶現在可以訪問 HPE GreenLake 平台。

As customers adopt hybrid multi-class solutions, we know they also need a secure and flexible on-premises cloud solution. We were recently selected as the prime provider for Google's cloud distributed hosted solution. HPE GreenLake will enable Google to deliver an on-premises cloud experience for organization with strict data residency, security and privacy requirements. Our hybrid cloud offerings have attracted nearly 150 new customers in Q2, including BMW Group, who is using HPE GreenLake to streamline and unify the company's data management across its global locations in the cloud and Worldline, the world's fourth largest payment provider, who chose HPE GreenLake to implement a major performance upgrade to its payment platform as it continues to deliver against a cashless economy vision.

隨著客戶採用混合多類解決方案，我們知道他們還需要安全靈活的本地雲解決方案。我們最近被選為 Google 的雲分佈式託管解決方案的主要提供商。 HPE GreenLake 將使 Google 能夠為具有嚴格數據駐留、安全和隱私要求的組織提供本地雲體驗。我們的混合雲產品在第二季度吸引了近 150 家新客戶，其中包括正在使用 HPE GreenLake 簡化和統一公司在全球雲中的數據管理的寶馬集團，以及選擇 HPE 的全球第四大支付提供商 Worldline GreenLake 將對其支付平台進行重大性能升級，因為它繼續實現無現金經濟願景。

HPE Financial Services had a unique hand in the Worldline upgrade to HPE GreenLake, with our asset renewal program funding approximately 25% of the refresh.

HPE 金融服務在 Worldline 升級到 HPE GreenLake 中獨樹一幟，我們的資產更新計劃資助了大約 25% 的更新。

From a data perspective, we continue to make meaningful enhancement that allow customers to extract more insights from their data to accelerate business outcomes. For instance, we are creating sophisticated AI models to generate and share insights in distributed environments. In April, we introduced HPE Swarm Learning, which enables users to share learnings through an AI model at the edge and from distinct sites without compromising data privacy. One university in Germany is already using HPE Swarm Learning to more accurately diagnose colon cancer by applying AI learnings that can predict cancerous genetic alterations.

從數據的角度來看，我們繼續進行有意義的增強，使客戶能夠從他們的數據中提取更多見解，以加速業務成果。例如，我們正在創建複雜的 AI 模型，以在分佈式環境中生成和分享見解。 4 月，我們推出了 HPE Swarm Learning，它使用戶能夠通過邊緣和不同站點的 AI 模型共享學習，而不會損害數據隱私。德國的一所大學已經在使用 HPE Swarm Learning，通過應用可以預測癌性基因改變的 AI 學習來更準確地診斷結腸癌。

And early this week, Frontier, an HPE designed and built system became the world's first and the fastest exascale supercomputer, taking the #1 ranking on the world's top 500 list of supercomputers, exceeding the 1 exaflop performance threshold for the first time. To put this in perspective, this performance is 3x faster than the #2 supercomputer. HP has deployed 4 of the top 10 supercomputers and ranked first, second, third and fourth, on the Green 500 list of the most energy-efficient supercomputers in the world.

本週早些時候，HPE 設計和建造的系統 Frontier 成為世界上第一台速度最快的 exascale 超級計算機，在世界 500 強超級計算機榜單中排名第一，首次超過 1 exaflop 的性能閾值。從這個角度來看，這種性能比 #2 超級計算機快 3 倍。惠普已經部署了前 10 名超級計算機中的 4 台，並在全球最節能超級計算機綠色 500 強名單中排名第一、第二、第三和第四。

Our service pivot is also innovative in the way it helps our customers meet their sustainability goals. HPE Relay helped customers reduce their carbon footprint by more than 30% versus traditional IT models. Later this month, when we release our Living Progress Report, we will share more about our efforts to support our customers' goals, while pushing ourselves in the industry to improve our own.

我們的服務樞紐在幫助我們的客戶實現其可持續發展目標的方式上也具有創新性。與傳統 IT 模型相比，HPE Relay 幫助客戶減少了 30% 以上的碳足跡。本月晚些時候，當我們發布我們的生活進步報告時，我們將分享更多關於我們為支持客戶目標所做的努力，同時推動我們在行業中改進我們自己的目標。

Few of us could have predicted that the challenges of the last several years would require enterprises to adopt so dramatically. I spent at least 50% of my time with customers around the world, and I can tell you that when they think about how they are going to reimagine their futures, they see HPE as an even more relevant and essential partner than ever before. As I reflect on Q2 and look ahead to the future, I am confident in our ability to deliver on our commitments.

我們很少有人能預料到，過去幾年的挑戰會要求企業如此大幅度地採用。我至少有 50% 的時間與世界各地的客戶打交道，我可以告訴你，當他們考慮如何重新構想自己的未來時，他們將慧與視為比以往任何時候都更加相關和重要的合作夥伴。當我回顧第二季度並展望未來時，我對我們兌現承諾的能力充滿信心。

We have the right strategy to capitalize on market trends, with an expansive edge-to-cloud portfolio that's connected through our market-leading HPE GreenLake platform. We have significant momentum with our customers. And perhaps most importantly, we have been -- we have a truly stellar team. I am proud of the 60,000 team members who make our results possible and who help us deliver on our purpose as a company. This team will continue to innovate and execute in ways that will further set us apart and continue to create value for our shareholders.

我們有正確的戰略來利用市場趨勢，通過我們市場領先的 HPE GreenLake 平台連接的廣泛的邊緣到雲產品組合。我們與客戶的合作勢頭強勁。也許最重要的是，我們一直——我們擁有一支真正出色的團隊。我為 60,000 名團隊成員感到自豪，他們使我們的成果成為可能，並幫助我們實現公司的目標。這個團隊將繼續創新和執行，以進一步使我們與眾不同，並繼續為我們的股東創造價值。

With that, let me turn it over to Tarek to walk you through the details of our business segment results and overall performance.

有了這個，讓我把它交給 Tarek，向您介紹我們業務部門結果和整體業績的細節。

Thank you very much, Antonio. I'll start with a summary of our financial results for the second quarter of fiscal year 2022. As usual, I'll be referencing the slides from our earnings presentation to guide you through our performance. Antonio discussed the key highlights on Slide 1 and 2. So now let me discuss our Q2 performance details, starting with Slide 3.

非常感謝你，安東尼奧。我將從 2022 財年第二季度的財務業績摘要開始。像往常一樣，我將參考我們的收益演示文稿中的幻燈片，以指導您了解我們的業績。 Antonio 討論了幻燈片 1 和 2 的關鍵亮點。所以現在讓我從幻燈片 3 開始討論我們的第二季度業績細節。

We continue to see robust demand across our differentiated edge-to-cloud portfolio with order growth up 20% year-over-year, the same as last quarter. This marks our fourth quarter in a row with order growth of 20% or better year-over-year. This maintains our confidence in achieving both our fiscal year '22 revenue outlook of 3% to 4% growth adjusted for currency and our longer term 2% to 4% revenue CAGR outlook provided at our 2021 Securities Analyst Meeting.

我們繼續看到我們差異化的邊緣到雲產品組合的強勁需求，訂單同比增長 20%，與上一季度相同。這標誌著我們連續第四季度訂單同比增長 20% 或更高。這使我們有信心實現我們在 2021 年證券分析師會議上提供的 22 財年收入增長 3% 至 4% 的增長前景以及我們在 2021 年證券分析師會議上提供的長期收入複合年增長率 2% 至 4% 的前景。

We delivered Q2 revenues of $6.7 billion, up 1.5% year-over-year and in line with our outlook of normal sequential seasonality despite a more challenging supply environment that limited upside. The unexpected COVID-related shutdowns in China and ceasing the support of Russia services contracts impacted our revenue by more than $250 million in the quarter, our total operating margins by more than 1 point and EPS by approximately $0.06. Given the delta between our order and revenue growth rates, our backlog further increased to new record levels and yet remains very high quality. The order book is firm and most importantly, has been priced to preserve gross margins.

我們第二季度的收入為 67 億美元，同比增長 1.5%，符合我們對正常連續季節性的展望，儘管供應環境更具挑戰性，限制了上行空間。中國與 COVID 相關的意外停工以及對俄羅斯服務合同的支持停止影響了我們本季度的收入超過 2.5 億美元，我們的總營業利潤率超過 1 個百分點，每股收益約 0.06 美元。鑑於我們的訂單和收入增長率之間存在差異，我們的積壓訂單進一步增加到新的記錄水平，但質量仍然很高。訂單很牢固，最重要的是，已經定價以保持毛利率。

We are particularly pleased with the resiliency of our non-GAAP gross margins despite the inflationary environment and ongoing supply chain disruptions that are driving up material and logistics costs. We delivered non-GAAP gross margin of 34.2%, up 30 basis points sequentially and down just 10 basis points year-over-year, driven primarily by strong pricing discipline and our continued mix shift towards higher-margin, software-rich offerings.

儘管通貨膨脹環境和持續的供應鏈中斷推高了材料和物流成本，但我們對非公認會計原則毛利率的彈性感到特別滿意。我們的非 GAAP 毛利率為 34.2%，環比增長 30 個基點，同比僅下降 10 個基點，這主要是由於強大的定價紀律和我們持續向更高利潤率、軟件豐富的產品組合轉變。

Non-GAAP operating margins were 9.3%, reflecting the revenue impact from incremental supply constraints and our exit from Russia that reduced operating leverage. We expect operating margins to expand in the short term as we drive more leverage from revenue growth and benefit from investments in the high-growth, margin-rich areas of our portfolio.

非美國通用會計準則營業利潤率為 9.3%，反映了供應限制增加對收入的影響，以及我們退出俄羅斯降低了經營槓桿。我們預計營業利潤率將在短期內擴大，因為我們從收入增長中獲得更多槓桿，並受益於對我們投資組合中高增長、利潤率高的領域的投資。

Within other income and expense, we benefited from robust operational performance in H3C and further gains related to increased valuations in our Pathfinder investment portfolio. As a result, we now expect non-GAAP other income and expense for fiscal year '22 to be an income of approximately $75 million versus prior guidance of an approximately $25 million income. Given our strength in gross margin and despite the approximately $0.06 impact from China and Russia, we delivered non-GAAP diluted net earnings per share of $0.44, near the midpoint of our outlook range of $0.41 to $0.49 for Q2.

在其他收入和支出中，我們受益於 H3C 強勁的運營表現以及與探路者投資組合估值增加相關的進一步收益。因此，我們現在預計 22 財年的非 GAAP 其他收入和支出約為 7500 萬美元，而之前的指導約為 2500 萬美元。鑑於我們在毛利率方面的實力，儘管來自中國和俄羅斯的影響約為 0.06 美元，但我們實現了非公認會計原則攤薄後每股淨收益 0.44 美元，接近我們第二季度預期範圍 0.41 美元至 0.49 美元的中點。

We also delivered GAAP earnings per share of $0.19. This includes $126 million of disaster charges related to Russia, primarily consisting of an increased reserve for financing lease assets. With the decision to already exit Russia that we have announced today, we expect to record an additional and less significant GAAP-only charge in Q3 that has been factored into our updated outlook already. As previously indicated, we expected free cash flow to be in line with our normal seasonality that is a use of cash in the first half and Q2 was a use of cash of $211 million. We have made significant investments in working capital during the first half, reflecting our strategic inventory actions to navigate the current supply environment. This will better position us to convert orders into future revenue and cash flow while working capital is expected to become a tailwind in the second half.

我們還實現了 0.19 美元的 GAAP 每股收益。這包括與俄羅斯有關的 1.26 億美元災難費用，主要包括增加的融資租賃資產準備金。由於我們今天宣布退出俄羅斯的決定，我們預計在第三季度將記錄額外且不那麼重要的 GAAP 費用，這已被納入我們更新的展望中。如前所述，我們預計自由現金流將符合我們正常的季節性，即上半年使用現金，第二季度使用現金 2.11 億美元。上半年，我們對營運資金進行了大量投資，反映了我們為應對當前供應環境而採取的戰略庫存行動。這將使我們更好地將訂單轉化為未來的收入和現金流，而營運資金預計將在下半年成為順風。

Finally, we continue to return substantial capital to our shareholders. We paid $156 million of dividends in the current quarter and are declaring a Q2 dividend today of $0.12 per share payable in July. We also repurchased $58 million in shares, bringing our year-to-date total capital returns to $498 million, reflecting our confidence in future cash flow generation.

最後，我們繼續向股東返還大量資本。我們在本季度支付了 1.56 億美元的股息，今天宣佈在 7 月支付每股 0.12 美元的第二季度股息。我們還回購了 5800 萬美元的股票，使我們年初至今的總資本回報達到 4.98 億美元，反映了我們對未來現金流產生的信心。

Slide 4 highlights key metrics of our growing as-a-service business. We continue to see very strong momentum across our as-a-service portfolio, where we introduced 12 new cloud services this quarter and converged Aruba Central with the HPE GreenLake platform to create a unified operational experience for all users. Total as-a-service orders were up 107% year-over-year, marking the third quarter in a row with orders more than doubling.

幻燈片 4 突出了我們不斷增長的即服務業務的關鍵指標。我們的即服務產品組合繼續保持強勁勢頭，本季度我們推出了 12 種新的雲服務，並將 Aruba Central 與 HPE GreenLake 平台融合，為所有用戶創造統一的運營體驗。即服務訂單總數同比增長 107%，連續第三個季度訂單增長一倍以上。

Our ARR was up 25% year-over-year to $829 million, with supply constraints continuing to limit some installations. While our ARR growth is somewhat volatile in the current supply environment, the strong order growth over the last several quarters is the best indicator of the long-term health of this business. This gives us confidence in delivering our 35% to 45% CAGR target from fiscal year '21 to fiscal year '24, with increasing margins as our mix of both software and services continues to increase to 64% in Q2, up more than 5 points year-over-year with our expanding cloud and SaaS offerings.

我們的 ARR 同比增長 25% 至 8.29 億美元，供應限制繼續限制一些安裝。雖然我們的 ARR 增長在當前供應環境下有些波動，但過去幾個季度的強勁訂單增長是該業務長期健康狀況的最佳指標。這使我們有信心從 21 財年到 24 財年實現 35% 到 45% 的複合年增長率目標，隨著我們的軟件和服務組合在第二季度繼續增長到 64%，利潤率提高了 5 個百分點以上我們不斷擴大的雲和 SaaS 產品與去年同期相比。

Let's now turn to our segment highlights on Slide 5. Our growth businesses continue to show improving top line momentum and record levels of backlog fueled by strong demand. In the Intelligent Edge, demand for our secure connectivity solutions accelerated with orders growing 45% year-over-year, the fifth consecutive quarter with growth of more than 35%. Despite increased supply disruptions in China, revenue grew 9% year-over-year, outperforming the competition and demonstrating particular strength in Silver Peak and our Edge-as-a-Service offerings, both up strong double digits.

現在讓我們轉向幻燈片 5 上的細分市場亮點。在強勁需求的推動下，我們的增長業務繼續顯示出不斷改善的收入勢頭和創紀錄的積壓水平。在智能邊緣，對我們安全連接解決方案的需求加速增長，訂單同比增長 45%，連續第五個季度增長超過 35%。儘管中國的供應中斷增加，但收入同比增長 9%，表現優於競爭對手，並在 Silver Peak 和我們的邊緣即服務產品中表現出特別的實力，均實現兩位數的強勁增長。

We delivered operating margins of 12.6%, reflecting higher component and logistics costs, resulting in lower operating leverage. We expect margins to improve next quarter with higher levels of revenue that also benefit from previous price actions that are sticking. In HPC and AI, demand remains robust with order growth of 18% year-over-year, driving our awarded contracts total to another record level of just under $3 billion. Revenue grew 5% year-over-year and was impacted by 1 large customer acceptance delay that impacted growth by more than 6 points and has now been delivered in Q3.

我們實現了 12.6% 的營業利潤率，反映了更高的組件和物流成本，從而降低了運營槓桿。我們預計下個季度的利潤率會隨著收入水平的提高而提高，這也受益於之前一直存在的價格走勢。在 HPC 和 AI 方面，需求依然強勁，訂單同比增長 18%，推動我們授予的合同總額達到近 30 億美元的新紀錄水平。收入同比增長 5%，並受到 1 個大型客戶接受延遲的影響，該延遲對增長的影響超過 6 個百分點，現已在第三季度交付。

Importantly, our Q2 operating profit was impacted by the ramp in project costs for a couple of mega deals expected to close by the end of the year that will return operating margins to more in range with historical levels. In Compute, order growth remained robust and was up over 20% year-over-year for the fourth consecutive quarter, while revenue growth was up 1%, reflecting a more difficult supply environment.

重要的是，我們第二季度的營業利潤受到了預計將在今年年底完成的幾筆大型交易的項目成本上升的影響，這將使營業利潤率恢復到更接近歷史水平的範圍內。在計算方面，訂單增長保持強勁，連續第四個季度同比增長超過 20%，而收入增長 1%，反映出供應環境更加困難。

We continue to be very focused on executing a dynamic pricing strategy that has been effective in managing the increased supply and logistics cost and gives us a very high-quality backlog. The results are showing up in our operating margin performance at 13.9%, up 270 basis points year-over-year and 10 basis points sequentially, well above our long-term target set at SAM 2021 of 11% to 13%.

我們繼續非常專注於執行動態定價策略，該策略有效地管理了增加的供應和物流成本，並為我們提供了非常高質量的積壓訂單。結果顯示，我們的營業利潤率為 13.9%，同比增長 270 個基點，環比增長 10 個基點，遠高於我們在 SAM 2021 設定的 11% 至 13% 的長期目標。

Within Storage, we achieved another record level of product backlog that is skewed towards our own IP margin-rich products. Revenue was down 2%, reflecting supply constraints for our own IP products. As a result, we continue to have unfavorable revenue mix that pressured our margins this quarter. We expect both our revenue growth rates and margins to improve over the next few quarters as we work through our favorable backlog mix and steer more demand towards our new Alletra and block storage offerings.

在存儲領域，我們實現了另一個創紀錄的產品積壓水平，這偏向於我們自己的 IP 利潤豐富的產品。收入下降 2%，反映了我們自己的 IP 產品的供應限制。因此，我們繼續面臨不利的收入組合，這對本季度的利潤率造成壓力。我們預計未來幾個季度我們的收入增長率和利潤率都會提高，因為我們通過有利的積壓組合工作，並將更多的需求轉向我們新的 Alletra 和塊存儲產品。

With respect to Pointnext operational services, including storage services, orders again grew mid-single digits year-over-year as reported, similar to levels for total fiscal year '21. As you know, this is very important for the long-term health of our most profitable business. Within HPE Financial Services, volume increased 2% year-over-year with strong performance in GreenLake and revenue was flat. Our profitability continues to benefit from higher residual value realization as customers tend to extend the use of their systems in a supply-constrained environment. Our operating margin was 12.6%, up 180 basis points from the prior year, and our return on equity at 20.4% remains well above the 18-plus percent target set at SAM 2021.

據報導，就包括存儲服務在內的 Pointnext 運營服務而言，訂單再次同比增長中個位數，與 21 財年的總水平相似。如您所知，這對於我們最賺錢的業務的長期健康非常重要。在 HPE 金融服務中，銷量同比增長 2%，GreenLake 表現強勁，收入持平。我們的盈利能力繼續受益於更高的剩餘價值實現，因為客戶傾向於在供應受限的環境中擴展其係統的使用。我們的營業利潤率為 12.6%，比上一年提高了 180 個基點，我們 20.4% 的股本回報率仍遠高於 SAM 2021 設定的 18% 以上的目標。

Slide 6 highlights our revenue and EPS performance where you can see we've maintained relatively constant levels from last year despite incremental supply constraints, in particular, from the China shutdowns and also our ceasing to support services contracts in Russia. As a reminder, this combines for more than a $250 million impact to revenue and a 1 point impact to total operating margins and an approximately $0.06 impact to EPS in Q2. In spite of these headwinds, we delivered a better quality of earnings across our portfolio as we continue to execute our Edge to Cloud strategy.

幻燈片 6 突出顯示了我們的收入和每股收益表現，您可以在其中看到，儘管供應限制增加，特別是中國停工以及我們停止支持俄羅斯的服務合同，我們仍保持與去年相比相對穩定的水平。提醒一下，這對收入產生了超過 2.5 億美元的影響，對總營業利潤率產生了 1 個百分點的影響，對第二季度的每股收益產生了約 0.06 美元的影響。儘管存在這些不利因素，但隨著我們繼續執行從邊緣到雲的戰略，我們在整個投資組合中實現了更好的收益質量。

The improved quality of earnings can be seen on Slide 7, where we delivered non-GAAP gross margins in Q2 of 34.2%, showing their resilience in spite of the increased component and logistics costs. This was driven by both our strategic pricing actions and the favorable mix shift we've been driving towards edge and our as-a-service business.

在幻燈片 7 中可以看到收益質量的提高，我們在第二季度實現了 34.2% 的非公認會計原則毛利率，儘管零部件和物流成本增加，但仍顯示出它們的彈性。這是由我們的戰略定價行動和我們一直在推動邊緣和我們的即服務業務的有利組合轉變推動的。

Moving to Slide 8, you can see our non-GAAP operating margin this quarter of 9.3%, reflecting the reduced operating leverage from supply challenges and our exit from Russia. However, we are achieving much better efficiency in our sales and office investments when measuring productivity on an orders basis. Given our high-quality backlog, we are also continuing to invest more in both R&D and our go-to-market for future growth.

轉到幻燈片 8，您可以看到我們本季度的非 GAAP 營業利潤率為 9.3%，這反映了供應挑戰和我們退出俄羅斯導致的運營槓桿降低。但是，在以訂單為基礎衡量生產力時，我們的銷售和辦公室投資效率要高得多。鑑於我們的高質量積壓，我們還將繼續在研發和進入市場方面進行更多投資，以實現未來增長。

On Slide 9, let's spend some time reminding everyone about our unique set-up in China through H3C. As disclosed in an 8-K in late April, we have extended our existing put option that is struck at 15x trading 12-month earnings through to October 31, 2022. We did this to enable the new investors at the Unigroup level to complete their restructuring, which is proceeding as planned before determining a longer-term path forward for our stake. We value our presence in China, the second largest and fastest-growing IT market, although we will balance, prior to execution of any extension, the strategic and financial benefits of a continuous involvement in China with rising risks, including geopolitical risk.

在幻燈片 9 上，讓我們花點時間提醒大家我們通過 H3C 在中國的獨特設置。正如 4 月下旬在 8-K 中披露的那樣，我們已將現有的 12 個月交易收益的 15 倍看跌期權延長至 2022 年 10 月 31 日。我們這樣做是為了使紫光集團的新投資者能夠完成他們的重組，在確定我們股份的長期前進道路之前，該重組正在按計劃進行。我們重視我們在中國這個第二大和增長最快的 IT 市場的存在，儘管在執行任何擴展之前，我們將平衡持續參與中國的戰略和財務利益與不斷上升的風險，包括地緣政治風險。

H3C makes up a significant portion of our P&L and cash flow, and you can see that we are generating growing value to shareholders with our unique setup. Our equity interest rose 21% in fiscal year '21 and has grown 32% in this Q2 of fiscal year '22. We will keep you up to date as we arrive at a longer-term solution for this valuable asset.

H3C 占我們損益和現金流的很大一部分，您可以看到我們正在通過我們獨特的設置為股東創造不斷增長的價值。我們的股權在 21 財年增長了 21%，在 22 財年的第二季度增長了 32%。當我們為這項寶貴的資產找到長期解決方案時，我們會及時通知您。

Turning to Slide 10. Our free cash flow was a use of cash of $211 million. This is aligned to our normal pre-pandemic seasonality with the first half being a use of cash followed by a strong generation of free cash flow in the second half. The first half of this year has also been uniquely impacted by the supply chain environment as we strategically built inventory levels in Q1 that were flat in Q2.

轉到幻燈片 10。我們的自由現金流是使用了 2.11 億美元的現金。這與我們正常的大流行前季節性一致，上半年是現金的使用，然後是下半年強勁的自由現金流。今年上半年也受到供應鏈環境的獨特影響，因為我們在第一季度戰略性地建立了與第二季度持平的庫存水平。

We are taking further strategic actions to improve supply chain visibility and attain operational and financial benefits. This will put us in a better position to begin converting orders and generate healthy amounts of cash as working capital will turn into a tailwind in the back half of the year. We will need to demonstrate strong execution in the second half, but we have a path forward and expect to deliver fiscal year '22 free cash flow of $1.8 billion to $2 billion.

我們正在採取進一步的戰略行動來提高供應鏈的可見性並獲得運營和財務收益。這將使我們能夠更好地開始轉換訂單並產生大量現金，因為營運資金將在今年下半年變成順風。我們將需要在下半年展示出強大的執行力，但我們有一條前進的道路，預計將在 22 財年實現 18 億至 20 億美元的自由現金流。

Now turning to our outlook on Slide 11. We are revising our fiscal year '22 non-GAAP outlook range back to our original outlook provided at SAM of $1.96 to $2.10. This reflects the impacts of a more unfavorable currency movements since last October, the exit of the business in Russia, the COVID-related disruptions in China to this date, offset by the other income and expense benefit we've received in the first half. From a top line perspective, we are very pleased with the continued strength in orders and growing backlog that gives us confidence in future revenue growth in fiscal year '22 and beyond.

現在轉向我們對幻燈片 11 的展望。我們正在將我們的 22 財年非公認會計準則展望範圍修改回我們在 SAM 提供的 1.96 美元至 2.10 美元的原始展望。這反映了自去年 10 月以來更不利的貨幣走勢、俄羅斯業務的退出、迄今為止中國與 COVID 相關的中斷的影響，這些影響被我們上半年獲得的其他收入和支出收益所抵消。從收入的角度來看，我們對訂單的持續強勁和不斷增長的積壓感到非常滿意，這讓我們對 22 財年及以後的未來收入增長充滿信心。

We do want to remain prudent in the short term, given the ongoing supply challenges that we believe will likely last well into next year. Currency is also expected to now be a 2-point headwind to revenue for the full year as opposed to the 50 basis points at the start of our fiscal year. As a result, we still have strong confidence in our fiscal year '22 revenue growth outlook of 3% to 4% adjusted for currency and expect to end the year with elevated levels of backlog, which bodes well for fiscal year '23.

鑑於我們認為可能持續到明年的持續供應挑戰，我們確實希望在短期內保持謹慎。與我們財年開始時的 50 個基點相比，貨幣現在預計也將對全年的收入構成 2 個百分點的阻力。因此，我們仍然對我們的 22 財年收入增長前景（經貨幣調整後 3% 至 4%）充滿信心，並預計到年底時積壓水平會上升，這對 23 財年來說是個好兆頭。

More specifically, for Q3 '22, we expect revenue to be up low single digits sequentially. This is slightly below our normal seasonality to reflect our expectations that the China shutdowns will have a lingering impact in the short term. As a result, for Q3 '22, we expect GAAP diluted net EPS of $0.22 to $0.32 and non-GAAP diluted net EPS of $0.44 to $0.54.

更具體地說，對於 22 年第三季度，我們預計收入將連續增長個位數。這略低於我們正常的季節性，以反映我們對中國停工將在短期內產生揮之不去的影響的預期。因此，對於 22 年第三季度，我們預計 GAAP 攤薄後淨每股收益為 0.22 美元至 0.32 美元，非 GAAP 攤薄後淨每股收益為 0.44 美元至 0.54 美元。

So overall, I'm pleased with how we are executing in a strong demand but challenging supply environment during the first half of fiscal year '22. With our high-quality backlog, we are very well positioned to capitalize on the ongoing Edge to Cloud opportunity and deliver against all of our financial commitments set at SAM 2021. Now with that, let's open it up for questions. Thank you.

總的來說，我對我們在 22 財年上半年在需求強勁但供應環境充滿挑戰的情況下表現感到滿意。憑藉我們高質量的積壓工作，我們非常有能力利用持續的邊緣到雲機會，並兌現我們在 SAM 2021 設定的所有財務承諾。現在，讓我們敞開心扉回答問題。謝謝你。

(Operator Instructions) And the first question will come from Aaron Rakers with Wells Fargo.

（操作員說明）第一個問題將來自富國銀行的 Aaron Rakers。

Sorry about that, guys. Can you hear me?

對不起，伙計們。你能聽到我嗎？

Yes, we can Aaron.

是的，我們可以亞倫。

We can.

我們可以。

Okay. Yes, sorry about that. So I'll start with just the question on the backlog. As you kind of thought about the guidance for the full year and, obviously, some moving parts around FX and China, et cetera, but how has your assumptions changed at all with regard to the backlog build? Are you assuming any kind of backlog reduction through the course of this fiscal year? And if not, what's your current views on kind of peaking levels of backlog at this point?

好的。是的，對此感到抱歉。所以我將從積壓的問題開始。當您考慮全年的指導時，顯然還有一些圍繞外彙和中國等活動的部分，但是您對積壓工作的假設發生了怎樣的變化？您是否假設在本財年期間會減少任何形式的積壓工作？如果沒有，您目前對積壓的峰值水平有何看法？

Yes, thank you for the -- Aaron, thank you for the question with regard to our backlog. I would say our backlog has not peaked yet. When you have 4 consecutive quarters of 20% growth and the delta between the backlog growth, order growth and the revenue being what it is, the backlog has not peaked and will probably peak towards the end of this fiscal year. Our assumptions on converting that backlog into revenue are contained in the guidance that we gave for this fiscal year of 3% to 4% revenue growth adjusted for currency. I want to reiterate to you that the FX impact in that guidance is a 2% headwind as opposed to a 50 basis point headwind that we originally forecast.

是的，謝謝你-- Aaron，謝謝你提出關於我們積壓工作的問題。我想說我們的積壓工作還沒有達到頂峰。當您有連續 4 個季度 20% 的增長以及積壓增長、訂單增長和收入之間的增量時，積壓還沒有達到頂峰，並且可能會在本財年末達到頂峰。我們關於將積壓轉化為收入的假設包含在我們為本財年提供的經貨幣調整的收入增長為 3% 至 4% 的指導中。我想向您重申，該指引中的外匯影響是 2% 的逆風，而不是我們最初預測的 50 個基點的逆風。

I would say, Aaron, obviously, we're going to enter 2023 with an elevated backlog, which bodes us well for the future revenue growth of the company. As I said in my remarks, we continue to be very confident in our CAGR outlook that we provided at SAM for the next 3 years. But obviously, as we go forward, the backlog will be reduced, supply and other issues alleviates. And if you think about the 3% to 4% guidance for the year, which is the guidance we provided some versus the 1.5% we just reported, obviously, there will be low single-digit growth sequentially on that revenue.

我想說，亞倫，很明顯，我們將進入 2023 年，積壓量會增加，這對公司未來的收入增長來說是個好兆頭。正如我在講話中所說，我們繼續對我們在 SAM 提供的未來 3 年的複合年增長率前景充滿信心。但顯然，隨著我們的前進，積壓將減少，供應和其他問題將得到緩解。如果您考慮今年 3% 到 4% 的指導，這是我們提供的一些指導，而我們剛剛報告的 1.5%，顯然，該收入將連續出現低個位數的增長。

Great. Thanks for the question, Aaron. Chuck, can we go to the next one, please?

偉大的。謝謝你的問題，亞倫。查克，我們可以去下一個嗎？

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

下一個問題將來自西蒙·利奧波德和雷蒙德·詹姆斯。

I wanted to see if you could help me get a little bit better insight into what allowed you to basically do better on gross margin than we expected. Given the input costs and the foreign exchange what I'm looking for in this question is an understanding of how much of this is about mix, how much of it is about your ability to raise prices and pass that on to customers? And how are you thinking about the outlook for the gross margin given what you've done so far in terms of price increases and what you're thinking about on foreign exchange?

我想看看你能否幫助我更好地了解是什麼讓你的毛利率基本上比我們預期的要好。考慮到投入成本和外匯，我在這個問題中尋找的是了解其中有多少是關於混合的，有多少是關於你提高價格並將其傳遞給客戶的能力？鑑於您迄今為止在價格上漲方面所做的工作以及您對外彙的考慮，您如何看待毛利率的前景？

Sure. So let me try and unpack this for you. So first of all, when you really look at our business across the various segments, Aruba is continuing to do extremely well, and we outperformed the competition, specifically Cisco in the second quarter. And the order book in Aruba is absolutely substantial. As you can observe, Aruba growth, and you know Aruba comes with higher gross margin, has a favorable impact on the mix.

當然。所以讓我試著為你解開這個。因此，首先，當您真正審視我們在各個領域的業務時，Aruba 繼續表現出色，我們在第二季度的表現優於競爭對手，特別是思科。 Aruba 的訂單量絕對可觀。如您所見，Aruba 的增長以及您知道 Aruba 的毛利率較高，對組合產生了有利的影響。

The second thing I would point out to you is with respect to compute, the disciplined pricing actions that we've taken now for several quarters with compute continue to bear fruit. Compute operating profit margins at well above 13%, well above our long-term guidance, have also been better than what our main competitor in that space, Dell, has delivered for their total ISG margins that include compute, storage and networking. So compute is performing much, much better than the rest of the industry.

我要向您指出的第二件事是在計算方面，我們現在已經採取了幾個季度的有紀律的定價行動繼續取得成果。計算營業利潤率遠高於 13%，遠高於我們的長期指導，也優於我們在該領域的主要競爭對手戴爾的 ISG 總利潤率（包括計算、存儲和網絡）。因此，計算的表現比業內其他公司好得多。

Third, when you really look at the gross margin mix again across the other segments, particularly Storage and HPC, there are 2 different stories there. With respect to storage, you have a mix between our own IP product and third-party product that has been unfavorable to us, meaning that there were more third-party product revenues and own IP revenue. And you can see, therefore, that this has had a detrimental impact to gross margins for storage.

第三，當你真正再次查看其他細分市場的毛利率組合時，特別是存儲和 HPC，那裡有兩個不同的故事。在存儲方面，我們自己的 IP 產品和對我們不利的第三方產品混合在一起，這意味著有更多的第三方產品收入和自己的 IP 收入。因此，您可以看到，這對存儲的毛利率產生了不利影響。

Finally, HPC, the story there is a story that is we've always been saying, it's a lumpy business, and it's a matter of revenue scale. We had one slippage of a deal that has affected growth by 6 points in the quarter. That deal has closed into Q3. And really, the fundamental question for HPC is the delivery of substantial mega deals that we have planned for the second half.

最後，HPC，有一個我們一直在說的故事，這是一個不穩定的業務，而且是收入規模的問題。我們有一個交易失誤，影響了本季度的增長 6 個百分點。該交易已在第三季度結束。實際上，HPC 的基本問題是我們計劃在下半年完成的大量大型交易。

And so if you take all of this into account and you look at overall gross margins for the company, the story is different by segment. But it is the result of a number of actions that we have taken in Aruba and in compute, offset by product mix shift in storage and revenue delays in HPC. On the whole, very pleased to have our gross margins where they are at 34.2%, up sequentially and better than last year.

因此，如果您將所有這些考慮在內，並查看公司的整體毛利率，情況會因細分市場而異。但這是我們在 Aruba 和計算領域採取的一系列行動的結果，但被存儲產品組合的轉變和 HPC 的收入延遲所抵消。總體而言，很高興我們的毛利率達到 34.2%，環比上升，比去年更好。

And finally, let me add to this, the performance of HPFS. The performance of HPFS is outstanding. You can see that while there is not much revenue growth. And this is not a gross margin business, it's a business that delivers substantial amounts of profit by way of operating profit margins. And the return on equity there in HPFS is very, very strong, north of 20%, which is better than our long-term outlook of 18-plus percent that we gave you at SAM 2021. So I hope this gave you color and I bump back things for you the way you want it, Simon. But if not, we'll welcome to take the conversation offline with you again.

最後，讓我補充一下 HPFS 的性能。 HPFS 的性能非常出色。你可以看到，雖然收入增長不多。這不是一項毛利率業務，而是一項通過營業利潤率提供大量利潤的業務。 HPFS 的股本回報率非常非常高，超過 20%，這比我們在 SAM 2021 上給你的 18% 以上的長期前景要好。所以我希望這能給你帶來色彩，我西蒙，按照你想要的方式為你退回東西。但如果沒有，我們歡迎再次與您進行離線對話。

The next question will come from Samik Chatterjee with JPMorgan.

下一個問題將來自摩根大通的 Samik Chatterjee。

I guess I just wanted to ask more on the demand side here and you had another quarter of strong orders, maybe if you can give us a bit more color on what you're seeing on a geographic basis. Particularly, I think investors have been concerned about the momentum in enterprise in Europe and ex-Russia, if you can give any color on what you're seeing in that region. And also, I don't know if you sort of pointed out what the order impact on the order number was from the Russia exit as well.

我想我只是想在這裡詢問更多關於需求方面的問題，並且您還有另外四分之一的強勁訂單，也許您可以給我們更多關於您在地理上看到的情況的顏色。特別是，我認為投資者一直關注歐洲和前俄羅斯企業的發展勢頭，如果你能對你在該地區看到的情況給出任何顏色的話。而且，我不知道您是否指出了訂單對訂單號的影響也來自俄羅斯出口。

Yes, thank you. Thank you for the question. As I said in my remarks, we continue to see ongoing persistent demand from our customers. I think it's a combination of them prioritizing IT spend. And honestly, the attraction to our portfolio. We have a very comprehensive portfolio from edge to cloud that is resonating in the market. And Tarek just talked a little bit about the strength of the edge, which grew now in excess of 40% for 4 consecutive quarters. That's simply remarkable. And yet, we just delivered 9% revenue growth. So that tells you the strength of the demand. As you think about this distributor enterprise, there's a new way to work.

是的，謝謝。感謝你的提問。正如我在講話中所說，我們繼續看到客戶持續不斷的需求。我認為這是他們優先考慮 IT 支出的組合。老實說，我們的投資組合的吸引力。我們擁有從邊緣到雲的非常全面的產品組合，在市場上引起了共鳴。 Tarek 剛剛談到了邊緣的力量，現在連續 4 個季度增長超過 40%。這簡直太了不起了。然而，我們剛剛實現了 9% 的收入增長。所以這告訴你需求的強度。當您想到這家經銷商企業時，就會發現一種新的工作方式。

I think the other area, obviously, as customers continue to assess their hybrid multi-cloud journeys, which is now here to stay, they see HPE GreenLake as a very solid alternative to what I call flexibility, choice and control. And the fact that one of the major clouds is leveraging HPE GreenLake to basically deliver their managed hosted distributor cloud, is a testament of that differentiation.

我認為另一個領域，顯然，隨著客戶繼續評估他們的混合多雲之旅，現在仍然存在，他們認為 HPE GreenLake 是我所說的靈活性、選擇和控制的非常可靠的替代品。主要雲之一正在利用 HPE GreenLake 基本上交付其託管的託管分銷商雲，這一事實證明了這種差異化。

The other thing, obviously, anything related to data is simply very strong. I think the demand for big data analytics, AI and machine learning will continue to grow. And that's because customers need to extract insights from the data, which I think is the most valuable thing they have. Obviously, cybersecurity, Aruba with our SD-WAN and our SASE approach also provides an alternative to that.

另一件事，顯然，任何與數據相關的東西都非常強大。我認為對大數據分析、人工智能和機器學習的需求將繼續增長。那是因為客戶需要從數據中提取見解，我認為這是他們擁有的最有價值的東西。顯然，網絡安全、Aruba 與我們的 SD-WAN 和我們的 SASE 方法也提供了替代方案。

So I think as I look forward, I personally believe, and being at the World Economic Forum for the last week and listening, I think the potential slowdown is more a consumer issue more than an enterprise issue. And the reason why I said that is because every customer we talk to, they are prioritizing digitizing their businesses, modernizing their businesses, deploying cloud as an experience in this multi-cloud approach because it's all about speed and agility. And obviously, as I said before, extract every bit of insight from the data. And that's our strategy against the trends we see with HP GreenLake, which is a data-first modernization approach.

所以我認為，當我展望未來時，我個人認為，在上週的世界經濟論壇上聆聽，我認為潛在的放緩更多是消費者問題，而不是企業問題。我之所以這麼說，是因為我們與之交談的每一位客戶都將業務數字化、業務現代化、將雲部署為這種多雲方法中的體驗作為優先事項，因為這一切都與速度和敏捷性有關。顯然，正如我之前所說，從數據中提取每一點洞察力。這就是我們針對 HP GreenLake 所看到的趨勢所採取的策略，這是一種數據優先的現代化方法。

Our demand is super strong, 20%, 4 consecutive quarters for HPE is pretty remarkable. And our order backlog, as we said early on, is high quality, which means it's order -- the order book is firm. We don't see any major cancellation that will concern us at all. And last but not least, to Tarek's point, we priced the backlog to preserve gross margins. And that's what gives us the confidence not only to grow revenue, but continue to deliver our operating margin commitments and ultimately EPS commitments.

我們的需求非常強勁，20%，連續 4 個季度對 HPE 的需求非常可觀。正如我們之前所說，我們的訂單積壓是高質量的，這意味著它是訂單——訂單是確定的。我們根本看不到任何與我們有關的重大取消。最後但並非最不重要的一點是，就 Tarek 而言，我們為積壓的訂單定價以保持毛利率。這讓我們有信心不僅增加收入，而且繼續履行我們的營業利潤率承諾和最終的每股收益承諾。

The impact of Russia is -- and Belarus because you have to combine these two, is less than 2% of the revenue on a continuous basis. If you look at 2021, in terms of EPS, Tarek explained it and unpacked it for you, which we were able to kind of offset in many ways with overperformance in Q1. So Tarek, any comments you want to say?

俄羅斯的影響是——而白俄羅斯，因為你必須將這兩者結合起來，持續不到收入的 2%。如果你看一下 2021 年的每股收益，Tarek 會解釋它並為你解開包裝，我們能夠在許多方面通過第一季度的超額表現來抵消它。 Tarek，你有什麼想說的嗎？

Yes. So let me add on the last part of your question. So the impact from Russia on orders was negligible. This was not something that has affected our orders. China and Russia together, obviously, with Belarus, impacted our revenue by $250 million. The majority of that impact relates to China. And the Russia impact specifically is related to the fact that we cannot operate any more in the country and serve existing customers with our services contracts, and therefore, this has been factored into the impact. I've described that totals for China and Russia, 1% impact on total operating profit margins and $0.06 on EPS overall. But again, the majority of these impacts were driven by the China disruptions on the supply side of the equation.

是的。所以讓我補充你問題的最後一部分。所以俄羅斯對訂單的影響可以忽略不計。這並沒有影響我們的訂單。顯然，中國和俄羅斯以及白俄羅斯共同影響了我們 2.5 億美元的收入。這種影響主要與中國有關。俄羅斯的影響具體與我們無法在該國繼續運營並通過我們的服務合同為現有客戶提供服務這一事實有關，因此，這已被考慮在內。我已經描述了中國和俄羅斯的總數，對總營業利潤率的影響為 1%，對整體每股收益的影響為 0.06 美元。但同樣，這些影響中的大部分是由中國供應方面的中斷驅動的。

And yes, I agree with Antonio on the -- totally agree on the resiliency of the demand. I simply want to add the fact that even though there could be a slowdown in the EU, the European governments are ramping up a number of initiatives that are all in our favor in the digital space, which gives us confidence for the medium to long term.

是的，我同意安東尼奧的觀點——完全同意需求的彈性。我只是想補充一個事實，即使歐盟可能會放緩，歐洲政府正在加大一些舉措，這些舉措在數字領域都對我們有利，這讓我們對中長期充滿信心.

And I will say, our diversification of our coverage around the globe also is a good positive thing.

我會說，我們在全球範圍內的覆蓋範圍多樣化也是一件好事。

Great. Thanks for that question, Samik. Can we get the next one please?

偉大的。謝謝你的問題，薩米克。請問下一個可以嗎？

The next question will come from Wamsi Mohan with Bank of America.

下一個問題將來自美國銀行的 Wamsi Mohan。

I hear your comments about the confidence around the demand trajectory and that orders continue to be very strong. But as you look into the second half, can you talk about how those demand trends are breaking out across regions, if you're seeing any variability from 90 days ago?

我聽到您對需求軌蹟的信心以及訂單繼續非常強勁的評論。但是，當您展望下半年時，如果您看到 90 天前的任何變化，您能談談這些需求趨勢是如何跨地區爆發的嗎？

And you also sort of maintained your free cash flow guide. But EPS, you alluded to some of these impacts, the $0.06 that you alluded to, Tarek, but you're maintaining your free cash flow. What are some of the offsets that are allowing you to do that? And when you look at the second half free cash flow that needs to come in extremely strong, so can you talk about what levers we should expect within those free cash flow moving pieces that get you to your guide across the second half?

而且您還維護了您的自由現金流指南。但是每股收益，你提到了其中的一些影響，你提到的 0.06 美元，Tarek，但你正在維持你的自由現金流。允許您這樣做的一些偏移量是什麼？當你看到下半年需要非常強勁的自由現金流時，你能談談我們應該在那些自由現金流移動部分中期待哪些槓桿，讓你在下半年獲得指導嗎？

Yes. Let me start and I would like Tarek to talk about the free cash flow, Wamsi. Listen, so far, so far, and I can only talk so far, I have not seen any major deviation from 90 days ago on demand, continue to be very strong. And that's why we use the word persistent. Persistent meaning it's there, right? And then I think it depends on what happens here in the back half of the year with some of the other policies, Tarek mentioned some of them in Europe. Obviously, as we think about inflation, interest rates and whatnot, that may or may not have an impact.

是的。讓我開始，我想讓 Tarek 談談自由現金流，Wamsi。聽著，到目前為止，到目前為止，我只能說到目前為止，我沒有看到與 90 天前的需求有任何重大偏差，繼續非常強勁。這就是我們使用持久這個詞的原因。持久的意思是它在那裡，對吧？然後我認為這取決於今年下半年發生的其他一些政策，Tarek 提到了歐洲的一些政策。顯然，當我們考慮通貨膨脹、利率等等時，這可能會或可能不會產生影響。

But as I said earlier, Wamsi, I think it's mostly on the consumer side and the enterprise side. If anything, I will argue, it will have a positive impact to our GreenLake because customers want to maybe preserve some CapEx and then would use more of the as-a-service model and still, deal with the reality that this is a hybrid multi-cloud journey, and therefore, for those award loads and data that cannot move outside their premises or a colocation or even moving from the edge for that matter, GreenLake is perfectly suited for that. And that's why it's a combination of our solutions, now 50-plus cloud native services, the fact that Google is going to use our solution is a very strong endorsement.

但正如我之前所說，Wamsi，我認為它主要是在消費者端和企業端。如果有的話，我會爭辯說，它將對我們的 GreenLake 產生積極影響，因為客戶可能希望保留一些資本支出，然後會使用更多的即服務模型，並且仍然要處理這是一個混合多-雲之旅，因此，對於那些無法移出其場所或託管甚至從邊緣移動的獎勵負載和數據，GreenLake 非常適合。這就是為什麼它是我們的解決方案的組合，現在有 50 多個雲原生服務，Google 將使用我們的解決方案這一事實是一個非常強烈的認可。

But I think we are positioned to capture either way. And I think our backlog gives us a very strong foundation to build from there as we look forward. Tarek, you want to talk about the free cash flow question?

但我認為我們有能力捕捉任何一種方式。我認為我們的積壓工作為我們提供了一個非常堅實的基礎，可以在我們期待的過程中從那裡開始構建。 Tarek，你想談談自由現金流的問題嗎？

Yes, sure. So first Wamsi, if you want a rough rule of thumb when you're looking at EPS changes and how these EPS dollars translate or cents translates into free cash flow, every cent of EPS is essentially $13 million to $15 million, right? So when you look at the lowering of our guidance is very much contained in the guidance we gave at the free cash flow level. So the lowering of our guidance back to the SAM 2021 guide is very much contained in the free cash flow guide that we gave you.

是的，當然。首先，Wamsi，如果您在查看 EPS 變化以及這些 EPS 美元或美分如何轉化為自由現金流時想要一個粗略的經驗法則，每股收益的每一分基本上是 1300 萬到 1500 萬美元，對嗎？因此，當您查看我們的指導降低時，我們在自由現金流水平上給出的指導非常包含。因此，將我們的指導降低到 SAM 2021 指南在很大程度上包含在我們提供給您的自由現金流指南中。

And the reason why we gave you this free cash flow guide was because of the working capital assumptions that we had made at the beginning of our fiscal year. So I feel comfortable that we are within the free cash flow guide.

我們給你這個自由現金流指南的原因是因為我們在財政年度開始時所做的營運資金假設。因此，我對我們處於自由現金流指南範圍內感到很自在。

Now the second part of your question is what makes you confident that in the second half, you can generate this quantity of free cash flow given where you are at the end of the first half. I would simply say to you that we expect, first and foremost, working capital to become a tailwind in the second half as opposed to the first, where it was a headwind because of the inventory actions that we've taken. And by the way, we've done this before. In fiscal year '19, I want to remind everybody, we generated in the first half, $200 million of free cash flow and in the second half, we generated $2.2 billion.

現在你的問題的第二部分是什麼讓你有信心在下半年，鑑於你在上半年結束時所處的位置，你可以產生這麼多的自由現金流。我只想對您說，首先，我們預計營運資金將在下半年成為順風，而不是在上半年，由於我們採取的庫存行動，這是逆風。順便說一句，我們以前做過。在 19 財年，我想提醒大家，我們在上半年創造了 2 億美元的自由現金流，在下半年，我們創造了 22 億美元。

So more than -- 10x more than what we generated in the first half. This was offset by $666 million that we had to pay for an arbitration case that we lost at the time in fiscal year '19. And we had very little time to turn around and offset the impact of that arbitration case, and yet we came into our guide that we gave at the time.

所以超過 - 比我們上半年產生的多出 10 倍。這被我們在 19 財年當時敗訴的仲裁案件所支付的 6.66 億美元所抵消。我們幾乎沒有時間扭轉局面並抵消該仲裁案的影響，但我們還是進入了我們當時給出的指南。

And really look also at the trends on operating free cash flow that we highlighted to you as part of this call, you will observe that our seasonality is very much in line with fiscal year '19 and fiscal year '20. Fiscal year '21 was a different story because in fiscal year '21, you had the impact of restructuring costs that were affecting free cash flow. And if you will observe the detail of our press release with the tables that we provided you, you will see that our restructuring costs are coming down overall relative to fiscal year '21. So lots of puts and takes there, but we are happy to reaffirm the free cash flow guide of $1.8 billion to $2 billion.

仔細看看我們在本次電話會議中向您強調的運營自由現金流的趨勢，您會發現我們的季節性與 19 財年和 20 財年非常一致。 '21 財年是一個不同的故事，因為在 '21 財年，你受到了影響自由現金流的重組成本的影響。如果您通過我們提供給您的表格來觀察我們新聞稿的詳細信息，您會發現我們的重組成本相對於 21 財年總體上正在下降。那裡有很多看跌期權，但我們很高興重申 18 億至 20 億美元的自由現金流指導。

That's why -- one thing for me to say is that we are exactly what we were at the October Security Analyst Meeting, where we guided 3% to 4% revenue growth, the EPS guidance we just provided today, which is $1.96 to $2.10 and a free cash flow of $1.8 billion to $2 billion. And knowing the seasonality of our business, we say at the time this year will be a normal seasonality business as you take the 2 years of COVID out of the way, we are very confident to deliver that number. It's exactly what Tarek said, it's the working capital is going to turn favorable to us. And as we continue to drive the backlog down over time, that will help us as well.

這就是為什麼 - 我要說的一件事是，我們正是在 10 月份的安全分析師會議上，我們指導了 3% 到 4% 的收入增長，我們今天剛剛提供的每股收益指導是 1.96 美元到 2.10 美元和18億至20億美元的自由現金流。並且知道我們業務的季節性，我們說今年將是正常的季節性業務，因為您將 2 年的 COVID 排除在外，我們非常有信心實現這個數字。這正是 Tarek 所說的，營運資金將會對我們有利。隨著我們隨著時間的推移繼續減少積壓，這也將對我們有所幫助。

So the earning correlation to free cash flow is the same we provided at SAM. And in terms of restructuring, just to be clear on that one, we are very pleased with the progress we've made, which obviously was there, we refer to the time reallocating resources to the areas of growth. You can see the areas of growth being HPC, AI, edge and GreenLake, obviously, which are paying off to us and on track to deliver the $800 million net savings that we committed at the time.

因此，與自由現金流的收入相關性與我們在 SAM 提供的相同。在重組方面，為了明確這一點，我們對我們取得的進展感到非常滿意，這顯然是存在的，我們指的是重新分配資源到增長領域的時間。您可以看到增長的領域是 HPC、AI、edge 和 GreenLake，顯然，它們正在為我們帶來回報，並有望實現我們當時承諾的 8 億美元的淨節省。

Great. Thanks, Wamsi, for the question, appreciate it. Can we go to the next one please, Chuck?

偉大的。謝謝，Wamsi，感謝這個問題。我們可以去下一個嗎，查克？

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

下一個問題將來自高盛的 Rod Hall。

I guess in the ongoing spirit of trying to make sense of an incredibly complicated supply situation, I wanted to come back and kind of maybe juxtapose your performance here against a couple of other companies. So if I look at Cisco, they, I would say, objectively performed quite a bit worse on supply than you guys did. You had some sort of a middle-of-the-road impact, not too bad of an impact from what I can tell in the numbers.

我想本著試圖弄清極其複雜的供應情況的持續精神，我想回來並可能將您在這裡的表現與其他幾家公司並列。因此，如果我看看思科，我會說，客觀上他們在供應方面的表現比你們差得多。你有某種中間的影響，從我可以從數字中看出的影響還不錯。

And then if I look at Dell, they had almost no impact. Although Dell did call out some looking forward issues with server supply. So I just wonder if you could dig into that a little bit for us and kind of help us understand some of the puts and takes around supply, maybe why those differences of performance emerged. And then I have a follow-up.

然後，如果我看看戴爾，它們幾乎沒有影響。儘管戴爾確實指出了服務器供應方面的一些前瞻性問題。所以我只是想知道你是否可以為我們深入研究一下，並幫助我們了解一些關於供應的看跌期權，也許是為什麼會出現這些性能差異。然後我有一個跟進。

Sure. I'm going to start. But I think -- I don't think you can look quarter-by-quarter. Honestly, you have to look at the half and then in the second half. If you look at our performance in Q1, we did very well. And on the balance, I think we are pleased with the first half. Listen -- and then there is a lot of puts and takes here because factory locations plays a role. So sometime you're in the right side of the location, sometimes you're not.

當然。我要開始了。但我認為 - 我不認為你可以按季度查看。老實說，你必須先看下半場，然後再看下半場。如果你看看我們在第一季度的表現，我們做得很好。總的來說，我認為我們對上半場感到滿意。聽著——然後這裡有很多投入和投入，因為工廠位置起著重要作用。因此，有時您在該位置的右側，有時您不在。

And obviously, for us, the impact of Shenzhen and Shanghai was there in April, and Tarek quantified that for you. That impacted not just the compute business, every line of business because other products come from that side. Some of our vendors did not have the same impact. So that's why it's important.

顯然，對我們來說，深圳和上海的影響在 4 月就已經存在，Tarek 為您量化了這一點。這不僅影響了計算業務，還影響了每條業務，因為其他產品都來自這方面。我們的一些供應商沒有產生同樣的影響。這就是為什麼它很重要。

The other one is that you make strategic choices about components 2 to 3 years ago. And those -- there are some suppliers more impacted than other ones. And therefore, you need to go into the details of the product itself and configurations and whatnot. And last but not least, when you look at our performance, let's remind ourselves, we have a unique set-up in China. And that set-up basically says we cannot consolidate the China revenue that our partner today delivers.

另一個是您在 2 到 3 年前對組件做出戰略選擇。還有那些——有些供應商受到的影響比其他供應商更大。因此，您需要深入了解產品本身和配置等細節。最後但同樣重要的是，當你看到我們的表現時，讓我們提醒自己，我們在中國有一個獨特的設置。這種設置基本上表明我們無法整合我們的合作夥伴今天提供的中國收入。

And when you look at the China growth, I can tell you, our H3C business is performing exceptionally well in China. However, the only thing we recognize on that is the dividend that we collect, but not the revenue. And then when you look at the segment, call it, the server category, it is compute plus HPC plus H3C as the way market share gets reported.

當你看到中國的增長時，我可以告訴你，我們的 H3C 業務在中國的表現非常好。然而，我們唯一認識到的是我們收取的股息，而不是收入。然後，當您查看細分市場時，將其稱為服務器類別，它是計算加 HPC 加 H3C 作為報告市場份額的方式。

So that's why I look at this from a half performance. We made it better in Q1, maybe a little bit less so in Q2, against some of our competitors, namely Dell, as you said, on some aspects. But on a balance, not that far off, again, Cisco definitely we did well on every metric you want to look at it. And -- but in the end, we are focused on the full year to deliver that guidance of 3% to 4% and obviously exit the year with still quite a large backlog, which bodes well for '23.

所以這就是為什麼我從一半的表現來看這個。正如你所說，我們在第一季度做得更好，在第二季度可能會稍微遜色一點，與我們的一些競爭對手，即戴爾，如你所說，在某些方面。但總的來說，再一次，思科肯定在你想要查看的每個指標上都做得很好。而且 - 但最終，我們專注於全年提供 3% 到 4% 的指導，並且顯然在今年結束時仍有相當大的積壓，這對 23 年來說是個好兆頭。

Yes. I want to add also, Rod, that the -- in what you said, it's really important to look at what happens at the bottom line and at the margin level. And when you really look at how we've outperformed Dell on the margin level, Q1 and Q2, considering it simply the compute margins alone compared to the ISG margins is very telling.

是的。羅德，我還想補充一點，在你所說的中，看看底線和邊際水平發生了什麼非常重要。當你真正看到我們如何在第一季度和第二季度的利潤率水平上超越戴爾時，僅考慮計算利潤率與 ISG 利潤率相比就非常有說服力。

Yes. I think on that note, I mean, delivering 13.9% on what people refer as a commoditized business compared to 10.2%, which includes server storage and networking, I think it's pretty remarkable. But I think also shows our strategy to drive profitable revenue growth, not just revenue for the sake of revenue.

是的。我認為，關於這一點，我的意思是，在人們所說的商品化業務上實現了 13.9%，而在包括服務器存儲和網絡在內的業務中實現了 10.2%，我認為這非常了不起。但我認為這也顯示了我們推動盈利收入增長的戰略，而不僅僅是為了收入而收入。

The next question will come from Irvin Lu with Evercore ISI.

下一個問題將來自 Evercore ISI 的 Irvin Lu。

So the large delta between your orders growth and revenue trajectory suggests that there still remains a large amount of unfulfilled demand. Given this dynamic, do you envision a scenario where customers begin to perhaps re-architect their infrastructure so that a larger mix of their IT workloads whether that's compute, storage, networking, HPC are delivered via cloud native GreenLake as-a-service models?

因此，您的訂單增長與收入軌蹟之間的巨大差異表明仍有大量未滿足的需求。鑑於這種動態，您是否設想客戶可能開始重新構建他們的基礎架構，以便通過雲原生 GreenLake 即服務模型交付更大的 IT 工作負載組合，無論是計算、存儲、網絡、HPC 嗎？

That's a great question. We see that more and more. Obviously, I think what customers are battling is the fact they are going through a multigenerational IT journey here that they have to modernize; the fact that data has gravity and, obviously, some industry are more regulated than others. Then you talk about latency and experience that really matters. Cost, obviously, is another big component because at scale, they need to comprehend the cost aspect of it.

這是一個很好的問題。我們越來越多地看到這一點。顯然，我認為客戶正在與之抗爭的是他們正在經歷一個他們必須進行現代化改造的多代 IT 旅程。數據具有重要性的事實，顯然，某些行業比其他行業受到更多監管。然後你談論真正重要的延遲和體驗。顯然，成本是另一個重要組成部分，因為在規模上，他們需要理解成本方面。

And GreenLake is an amazing platform we have developed over the years to give them access, flexibility and control against all the needs. In a way, they are moving away from running IT to more innovating on IT. And that's why this data-first modernization approach is so relevant.

GreenLake 是我們多年來開發的一個了不起的平台，可讓他們訪問、靈活並控制所有需求。在某種程度上，他們正在從運行 IT 轉向更多的 IT 創新。這就是為什麼這種數據優先的現代化方法如此重要的原因。

And that's why we already have more than $6 billion in the balance sheet related to the HPE GreenLake business, which again grew 107% in Q2. And obviously, those bookings eventually will unwind from the balance sheet and through the P&L. And the other important fact here that Tarek show in one of his slides, is the fact that our mix of GreenLake is shifting every single quarter to more software and services, which obviously comes with a significant higher margin than just the hardware.

這就是為什麼我們的資產負債表中與 HPE GreenLake 業務相關的資產已經超過 60 億美元，該業務在第二季度再次增長了 107%。顯然，這些預訂最終將從資產負債表和損益表中取消。 Tarek 在他的一張幻燈片中展示的另一個重要事實是，我們的 GreenLake 組合每個季度都在轉向更多的軟件和服務，這顯然帶來了比硬件更高的利潤。

So that's why I think about the order momentum is super strong, the marquee type of customers across every industry is super strong. The fact that we keep adding capabilities, the mix is shifting and that's totally accretive to our gross margin as we go forward. And this is one of the key moments of our company, transforming into a relevant platform that customers can use as they go through this journey that we just -- that you just highlighted.

所以這就是為什麼我認為訂單勢頭非常強勁，每個行業的大客戶類型都非常強大。事實上，我們不斷增加功能，組合正在發生變化，隨著我們的發展，這完全增加了我們的毛利率。這是我們公司的關鍵時刻之一，轉變為一個相關的平台，客戶可以在他們經歷我們剛剛強調的這段旅程時使用。

Great. Thanks, Irvin, for the question. Operator, let's go to the last one, please.

偉大的。謝謝，歐文，你的問題。接線員，我們去最後一個吧。

Our last question will come from Kyle McNealy with Jefferies.

我們的最後一個問題將來自凱爾麥克尼利和傑富瑞。

Can you give us a sense for the deferred revenue position in HPC and AI with the business you already have lined up and scheduled to deliver? You obviously already have one that was -- reached acceptance in Q3 already. And maybe give us a sense for the operating margin level that, that revenue is expected to come in at. Do you expect, I mean, given the project costs -- times are taking in advance of revenue recognition, how much catch-up profitability might you get? And what does the margin profile look like in the business that's expected for the back half of the year?

您能否讓我們了解您已經安排併計劃交付的業務在 HPC 和 AI 中的遞延收入狀況？你顯然已經有了一個——已經在第三季度被接受了。也許讓我們對營業利潤率水平有所了解，預計該收入將進入。我的意思是，考慮到項目成本——在收入確認之前需要時間，你是否期望，你可以獲得多少追趕盈利能力？預計下半年業務的利潤率情況如何？

Sure. Listen, I'm continuing to be incredibly bullish about this business. Supercomputing is necessary to advance AI and deep learning solutions to solve some of the biggest societal challenges and, honestly, climate and other. As I think about the current situation we are in, we have almost $3 billion in backlog. A couple of 2 quarters ago, we were talking about $2.5 billion and maybe a year, $1 billion, $1.5 billion. So we have been continuing to grow the momentum with customers. By the way, it's all over the world. If you look at the wins, including the #3 supercomputer called LUMI, that's in Europe. We have also supercomputers in France, in Germany and so forth.

當然。聽著，我繼續非常看好這項業務。超級計算對於推進人工智能和深度學習解決方案以解決一些最大的社會挑戰以及老實說氣候和其他挑戰是必要的。當我想到我們目前的情況時，我們有近 30 億美元的積壓工作。兩個季度前，我們談論的是 25 億美元，也許一年，10 億美元，15 億美元。因此，我們一直在繼續與客戶一起發展勢頭。順便說一句，它遍布世界各地。如果你看一下勝利，包括名為 LUMI 的排名第三的超級計算機，那是在歐洲。我們在法國、德國等地也有超級計算機。

So we are clearly the market leader there. However, this business is lumpy, as we said, right, from the time you book the order to time you recognize revenue, it can be several quarters. And the reason that's the case is because there are large installations and customers need to go through their own process to validate the workload. And over time, right, we're going to have -- a quarter, you're going to see a massive growth in revenue, which is not linear in many ways as many of those customer systems gets accepted. So -- but in terms of margins, I will let Tarek comment on this. Obviously, you have to look at long term, not just quarter-by-quarter because that's not how this business works.

所以我們顯然是那裡的市場領導者。但是，正如我們所說，這項業務很不穩定，對，從您預訂訂單到確認收入，可能是幾個季度。之所以會出現這種情況，是因為安裝量很大，客戶需要通過自己的流程來驗證工作負載。隨著時間的推移，對，我們將會有一個季度，你會看到收入的大幅增長，這在很多方面都不是線性的，因為這些客戶系統中的許多都被接受了。所以 - 但就利潤而言，我會讓 Tarek 對此發表評論。顯然，您必須著眼於長期，而不僅僅是逐個季度，因為這不是這項業務的運作方式。

Yes, that's right. You said it very well, Antonio. I'll add to the margin part of the question saying, our Q2 operating profit margin was affected by the ramp in project-related costs, and they were recognized ahead of revenue for a couple of very large mega deals that we're expecting to close by year-end. And therefore, as a result of that, we expect operating margins to return to more in range with historical levels on this business, and we feel pretty good about these prospects.

是的，這是正確的。你說得很好，安東尼奧。我將在問題的利潤率部分補充說，我們的第二季度營業利潤率受到項目相關成本上升的影響，並且在我們預期的幾筆非常大的大型交易中，它們在收入之前得到確認年底關閉。因此，因此，我們預計營業利潤率將恢復到該業務的歷史水平範圍內，我們對這些前景感到非常滿意。

Great. Thanks, Kyle, for the last question. Antonio, I'll turn it over to you for some closing marks.

偉大的。謝謝，凱爾，最後一個問題。安東尼奧，我會把它交給你一些結束標記。

Well, thanks, everyone. I know there's a lot going on, a lot of news today to cover, but I appreciate you making the time. Again, walk away from this quarter feeling good about the momentum we have with the persistent demand that we see in the market, with an amazing set of solutions that are attracting customers. A testament of that is 20%, again, bookings with a backlog that gives us the confidence to deliver on our commitments.

嗯，謝謝大家。我知道今天有很多事情要報導，有很多新聞要報導，但我很感謝你抽出時間。再次，離開本季度，我們對我們在市場上看到的持續需求以及一系列吸引客戶的驚人解決方案感到滿意。再次證明，20% 的訂單積壓，讓我們有信心兌現承諾。

And honestly, I'm optimistic about the future, about the opportunity to innovate for our customers and to deliver the value to our shareholders. So again, thanks for your time today. I know there will be follow-up calls after this call, and I appreciate you making the time.

老實說，我對未來、為客戶創新和為股東創造價值的機會感到樂觀。再次感謝您今天的寶貴時間。我知道在這次電話會議之後會有後續電話，我感謝你抽出時間。

Thanks, everyone.

感謝大家。

Ladies and gentlemen, this concludes our call for today. Thank you.

女士們，先生們，我們今天的呼籲到此結束。謝謝你。