惠普企業 (HPE) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the First Quarter 2023 Hewlett Packard Enterprise Earnings Conference Call. My name is Anthony, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

下午好，歡迎來到 2023 年第一季度惠普企業收益電話會議。我叫安東尼，我將擔任今天電話會議的會議主持人。 （操作員說明）提醒一下，正在錄製此會議以供重播。

I'd now like to turn the presentation over to your host for today's call, Jeff Kvaal, Senior Director of Investor Relations. Please proceed.

現在，我想將演示文稿轉交給今天電話會議的主持人，投資者關係高級總監 Jeff Kvaal。請繼續。

Thank you, Anthony, and good afternoon, good evening, everyone. I'm Jeff Kvaal, and I'm Head of the Investor Relations team for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2023 first quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

謝謝你，安東尼，大家下午好，晚上好。我是 Jeff Kvaal，是 Hewlett Packard Enterprise 投資者關係團隊的負責人。歡迎大家參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2023 財年第一季度收益電話會議；和 HPE 執行副總裁兼首席財務官 Tarek Robbiati。

Let me remind you that this call is being webcast. A replay of the webcast will be available shortly after the call concludes. We have posted the press release and the slide presentation accompanying the release on our HPE IR web page. Elements of the financial information referenced on the call are forward-looking and are based on our best view of the world and our businesses as we see them today. HPE assumes no obligation and does not intend to update such forward-looking statements.

讓我提醒您，此電話會議正在網絡直播中。電話會議結束後不久將提供網絡廣播的重播。我們已在我們的 HPE IR 網頁上發布了新聞稿和隨新聞稿發布的幻燈片演示。電話中引用的財務信息的要素是前瞻性的，並且基於我們對當今世界和我們業務的最佳看法。 HPE 不承擔任何義務，也不打算更新此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on the 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 January 31, 2023.

我們還注意到，本次電話會議討論的財務信息反映了基於目前可用信息的估計，可能與 HPE 截至 2023 年 1 月 31 日財季的 10-Q 表季度報告中最終報告的金額存在重大差異。

For more detailed information, please see the disclaimers on the earnings materials related to forward-looking statements that involve risks, uncertainties and assumptions. Please refer to HPE's filings with the SEC for a discussion of these risks. For financial information, we've expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website.

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。有關這些風險的討論，請參閱 HPE 提交給美國證券交易委員會的文件。對於財務信息，我們在非 GAAP 基礎上表示，我們已經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. Throughout this conference call, all revenue growth rates, unless otherwise noted, are presented on a year-over-year basis and are adjusted to exclude the impact of currency. Finally, after Antonio provides high-level remarks, Tarek will be referencing the slides and our earnings presentation throughout his prepared remarks.

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。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。最後，在 Antonio 發表高級別評論後，Tarek 將在他準備好的評論中引用幻燈片和我們的收益報告。

And with that, let me turn it to you, Antonio.

有了這個，讓我把它交給你，安東尼奧。

Well, thanks, Jeff, and good afternoon, everyone. Thank you for joining our earnings call. We began our fiscal year 2023 from a position of great strength after delivering an outstanding 2022 fourth quarter. I am extremely pleased with how we leveraged that strength to achieve impressive results in Q1. HPE posted a record set in first quarter performance, extending our track record of consistency fulfilling our financial commitments. We generated our highest first quarter revenue since 2016 and our best ever non-GAAP operating profit margin.

好吧，謝謝，傑夫，大家下午好。感謝您加入我們的財報電話會議。在交付了出色的 2022 年第四季度後，我們以強大的實力開始了 2023 財年。我對我們如何利用這種優勢在第一季度取得令人矚目的成果感到非常高興。 HPE 公佈了第一季度的業績記錄，延續了我們履行財務承諾的一致性記錄。我們創造了自 2016 年以來最高的第一季度收入和有史以來最好的非 GAAP 營業利潤率。

Our focus on growth opportunities and pricing discipline produced our highest ever non-GAAP diluted net earnings per share. Powered by our market-leading hybrid cloud platform, HPE GreenLake, we unlocked an impressive $1 billion in annualized revenue run rate or ARR for the first time. Our results show the relevance of our strategy that addresses megatrends around edge, cloud and AI reshaping our industry, the transformation of our industry-leading portfolio and the outstanding execution of our team.

我們對增長機會和定價紀律的關注產生了有史以來最高的非 GAAP 攤薄每股淨收益。在我們市場領先的混合雲平台 HPE GreenLake 的支持下，我們首次實現了令人印象深刻的 10 億美元年化收入運行率或 ARR。我們的結果顯示了我們戰略的相關性，該戰略解決了重塑我們行業的邊緣、雲和人工智能的大趨勢、我們行業領先的產品組合的轉型以及我們團隊的出色執行力。

In the first quarter, total HPE revenue climbed 18% to $7.8 billion, significantly above the high end of our outlook. We once again expanded non-GAAP operating margin this time to a record 11.8%, up 80 basis points year-over-year. Non-GAAP diluted net earnings per share increased 19% year-over-year to $0.63. Free cash flow was negative $1.3 billion, reflecting working capital needs in a quarter where we typically see use of cash.

第一季度，HPE 總收入增長 18% 至 78 億美元，大大高於我們預期的上限。這次我們再次將非 GAAP 營業利潤率擴大到創紀錄的 11.8%，同比增長 80 個基點。非美國通用會計準則每股攤薄淨收益同比增長 19% 至 0.63 美元。自由現金流為負 13 億美元，反映了我們通常看到使用現金的季度的營運資金需求。

Our Q1 performance and the size of our order book position us well for fiscal year 2023. Our quarterly results, combined with confidence in our strategy and execution have led us to raise our revenue and EPS guidance for the full fiscal year. Tarek will provide more details in his remarks.

我們第一季度的業績和訂單規模使我們在 2023 財年處於有利地位。我們的季度業績，加上對我們的戰略和執行的信心，使我們提高了整個財年的收入和每股收益預期。 Tarek 將在他的發言中提供更多細節。

From a macro perspective, the supply chain challenges we faced during several quarters continue to ease, and we expect more of that throughout fiscal year 2023. As we mentioned at the close of fiscal year 2022, we do not anticipate all supply shortages coming to an end, but we do expect supply availability to continue to improve. Our order book at the start of Q1 was larger than it was a year ago.

從宏觀角度來看，我們在幾個季度面臨的供應鏈挑戰繼續緩解，我們預計整個 2023 財年會出現更多挑戰。正如我們在 2022 財年結束時提到的那樣，我們預計不會出現所有供應短缺問題結束，但我們確實預計供應可用性將繼續改善。我們在第一季度初的訂單比一年前要多。

And as we exit that quarter, it is more than twice the size of normalized historical levels. Our Intelligent Edge, HPC and AI and other as-a-service order books continue to stand at extremely elevated level. Against today's macroeconomic backdrop, demand for our solutions continue. Though it is uneven across our portfolio, we also see more innovated sales cycles, specifically in compute that we have seen in recent quarters.

當我們退出那個季度時，它的規模是正常化歷史水平的兩倍多。我們的 Intelligent Edge、HPC 和 AI 以及其他即服務訂單簿繼續處於極高水平。在當今的宏觀經濟背景下，對我們解決方案的需求仍在繼續。儘管我們的產品組合不均衡，但我們也看到了更多創新的銷售週期，特別是在我們最近幾個季度看到的計算領域。

We responded decisively to demand in the market working to win deals across all geographies and all parts of our portfolio. The traction of our portfolio is the result of our winning strategy, aligned to major market trends around the edge, cloud and AI. We continue to anticipate what comes next for our customers and invest in innovation to address the data first modernization needs with an unmatched set of Edge-to-Cloud solutions.

我們果斷地響應市場需求，努力贏得所有地區和我們產品組合所有部分的交易。我們產品組合的吸引力是我們制勝戰略的結果，與邊緣、雲和人工智能的主要市場趨勢保持一致。我們繼續預測客戶接下來會發生什麼，並投資於創新，以通過一套無與倫比的邊緣到雲解決方案來滿足數據優先的現代化需求。

In addition to driving impressive organic innovation across our portfolio, we continue to be opportunistic in considering strategic acquisitions and partnerships that enhance what we can offer to our customers. Today, we announced our agreement to acquire cloud security provider Axis Security, which will help fortify network security and strengthen our Secure Access Service Edge or SaaS solutions, as we anticipate further customer demand for enhanced connectivity to our HPE Aruba Intelligent Edge solutions.

除了在我們的產品組合中推動令人印象深刻的有機創新外，我們繼續投機考慮戰略收購和合作夥伴關係，以增強我們為客戶提供的服務。今天，我們宣布了收購雲安全提供商 Axis Security 的協議，這將有助於加強網絡安全並加強我們的安全訪問服務邊緣或 SaaS 解決方案，因為我們預計客戶將進一步需要增強與我們的 HPE Aruba 智能邊緣解決方案的連接。

Last week, we also announced our purchase of Athonet, which strengthened our private networking capabilities to help enterprises and telcos accelerate 5G deployments. Through these acquisitions, we are creating 1 of the most complete cloud portfolios in private 5G and wireless connectivity; areas we have identified for growth in coming years. These new private 5G capabilities will be integrated into our HPE GreenLake platform, enabling customers to combine their WiFi and private 5G into 1 subscription that can scale according to demand.

上週，我們還宣布收購 Athonet，這加強了我們的私有網絡能力，以幫助企業和電信公司加速 5G 部署。通過這些收購，我們正在創建私有 5G 和無線連接領域最完整的雲產品組合之一；我們已確定未來幾年的增長領域。這些新的私有 5G 功能將集成到我們的 HPE GreenLake 平台中，使客戶能夠將他們的 WiFi 和私有 5G 合併為一個可根據需求擴展的訂閱。

Earlier in the first quarter, we also purchased technology from 2 companies that enhance our cloud computing and AI offerings. Next quarter, we will begin selling scalable compute software technologies from [hyperscale], introducing additional choice points for customers to meet their compute and data-intensive workloads needs. We also integrate -- we will also integrate the Pachyderm reproducible AI software with our supercomputing AI solutions to further expand our AI at scale capabilities. We will continue to assess organic and inorganic investments that improve our competitive position in growth markets while driving higher level of recurring revenue and profitability.

在第一季度早些時候，我們還從 2 家公司購買了技術，以增強我們的雲計算和人工智能產品。下個季度，我們將開始銷售來自 [hyperscale] 的可擴展計算軟件技術，為客戶引入更多選擇點以滿足他們的計算和數據密集型工作負載需求。我們還將集成——我們還將 Pachyderm 可複制人工智能軟件與我們的超級計算人工智能解決方案集成，以進一步擴展我們的大規模人工智能能力。我們將繼續評估有機和無機投資，以提高我們在增長市場的競爭地位，同時推動更高水平的經常性收入和盈利能力。

As always, we follow a disciplined return-based framework to build on our track record of creating sustainable long-term value for shareholders. Since we began the transformation of our business in 2019 to become the Edge-to-Cloud company, we have consistently grown our other service business, underpinned by the HPE GreenLake platform. The relevance of HPE GreenLake with customers, combined with our disciplined execution, has propelled both [AIR] and our as-a-service total contract value higher. Over the last 2 years, we have more than doubled our as-a-service total contract value, reaching nearly $10 billion through the end of this quarter.

一如既往，我們遵循紀律嚴明的基於回報的框架，以鞏固我們為股東創造可持續長期價值的記錄。自 2019 年我們開始業務轉型成為邊緣到雲公司以來，我們在 HPE GreenLake 平台的支持下不斷發展其他服務業務。 HPE GreenLake 與客戶的相關性，加上我們嚴格的執行，推動了 [AIR] 和我們即服務的總合同價值更高。在過去的 2 年裡，我們的即服務合同總價值增加了一倍多，到本季度末達到近 100 億美元。

These milestones prove the momentum in our transformation. During the first quarter, we once again increased our new HPE Green logos, growing our customer base by 7%. While as-a-service order this quarter declined 20% year-over-year, it is important to keep in mind that the order figure is compared to prior year growth of a record 136%. One HPE GreenLake customer we recently highlighted is the 2023 Ryder Cup, which announced HPE will deliver an intelligent, secure and flexible high-performance network to our platform at the September 2023 golf event in Rome.

這些里程碑證明了我們轉型的勢頭。第一季度，我們再次增加了新的 HPE Green 標識，使我們的客戶群增加了 7%。雖然本季度即服務訂單同比下降 20%，但請務必記住，訂單數字與去年創紀錄的 136% 增長率相比。我們最近重點介紹的一位 HPE GreenLake 客戶是 2023 年萊德杯，它宣布 HPE 將在 2023 年 9 月於羅馬舉行的高爾夫賽事中為我們的平台提供智能、安全和靈活的高性能網絡。

Our platform will enable the Ryder Cup to deliver the tournament as-a-service in a sustainable cost-efficient way while significantly enhancing the spectator experience and engagement. We have continued our investment in HP GreenLake, expanding our cloud services portfolio and partner ecosystem. In December, at our HPE Discover Frankfurt customer event in Germany, we announced our latest enhancements and the new cloud platform services capabilities in the data analytics, developer and sustainability areas. Our HPE GreenLake platform continue to attract business and drive performance across the portfolio. In every one of our key segments during the first quarter, we produced more revenues as well as positive operating profit.

我們的平台將使萊德杯能夠以可持續的成本效益方式提供錦標賽即服務，同時顯著增強觀眾體驗和參與度。我們繼續投資 HP GreenLake，擴展我們的雲服務組合和合作夥伴生態系統。 12 月，在我們在德國舉行的 HPE Discover Frankfurt 客戶活動中，我們宣布了我們在數據分析、開發人員和可持續發展領域的最新增強功能和新的雲平台服務功能。我們的 HPE GreenLake 平台繼續吸引業務並推動整個產品組合的性能。在第一季度的每個關鍵部門，我們都創造了更多的收入和正的營業利潤。

Let me provide you a few highlights. In our Intelligent Edge segment, revenue increased 31% year-over-year. We continue to see customers switch to our HPE Aruba technology from other vendors. We provide a single AI-driven cloud management experience, which is now part of HPE GreenLake platform with ease of use and proven cost benefits. Year-over-year revenue growth was even higher in our HPC & AI segment, up 37% as we book revenue associated with Frontier, the world's first exascale system. HPE is the clear market leader and has significant growth opportunities as enterprises scale AI models.

讓我為您提供一些亮點。在我們的智能邊緣部分，收入同比增長 31%。我們繼續看到客戶從其他供應商轉向我們的 HPE Aruba 技術。我們提供單一的 AI 驅動的雲管理體驗，該體驗現已成為 HPE GreenLake 平台的一部分，具有易用性和經過驗證的成本優勢。我們的 HPC 和 AI 部門的收入同比增長甚至更高，增長了 37%，因為我們預訂了與世界上第一個百億億級系統 Frontier 相關的收入。 HPE 是明顯的市場領導者，隨著企業擴展 AI 模型，它擁有巨大的增長機會。

AI will transform the IT landscape in the coming years and is a generation of technology shift like web, mobile and cloud that have the potential to disrupt existing business models. Supercomputing will be essential to enabling this disruption. For example, building a viable generative large language model for search would require a supercomputer to run the model continuously to stay current and improve accuracy. Our HPC & AI business has strong IP in the case of experience that give HPE a competitive advantage in building large computing systems, which are required to increase social adoption of AI models globally.

人工智能將在未來幾年改變 IT 格局，並且是一代技術轉變，如網絡、移動和雲，有可能破壞現有的商業模式。超級計算對於實現這種顛覆至關重要。例如，為搜索構建一個可行的生成式大型語言模型需要一台超級計算機持續運行該模型以保持最新並提高準確性。我們的 HPC 和 AI 業務擁有強大的 IP 經驗，使 HPE 在構建大型計算系統方面具有競爭優勢，這需要在全球範圍內增加 AI 模型的社會採用。

We recognize AI will become the dominant supercomputing workload, while we acquired the market leader Cray in 2019, and continue to invest in key technology innovations that will enable these AI models at scale. Key examples are our acquisition of Determined AI in 2021 and Pachyderm early this year while adding unique and differentiated software to help our customer train AI models and automate data pipelines. Customers recognized this leadership. For example, Aleph Alfa, a German startup building a commercial large language model has turned to HPE. We're also working with customers across industry verticals such as life sciences, aerospace to enable new breakthroughs with AI.

我們認識到 AI 將成為主導的超級計算工作負載，同時我們在 2019 年收購了市場領導者 Cray，並繼續投資關鍵技術創新，以大規模支持這些 AI 模型。關鍵示例是我們在 2021 年收購了 Determined AI 並在今年年初收購了 Pachyderm，同時添加了獨特且差異化的軟件來幫助我們的客戶訓練 AI 模型和自動化數據管道。客戶認可了這種領導力。例如，構建商業大型語言模型的德國初創公司 Aleph Alfa 已轉向慧與。我們還與生命科學、航空航天等垂直行業的客戶合作，以實現人工智能的新突破。

In the quarters ahead, we anticipate sharing more news on how we are scaling in this market and attracting new customers. I'm also pleased with the strong and steady performance of HPE Financial Services, which grew revenue 8% and financing volumes 21% year-over-year. Last month, we announced the retirement of our long-standing leader of this business, Irv Rothman, and the promotion of Gerri Gold to take the helm and further accelerate the business momentum. Gerri and her team recently launched a special financing program for customers who score high in ESG, and we are seeing great customer and partner response already.

在未來幾個季度，我們預計會分享更多關於我們如何在這個市場上擴大規模和吸引新客戶的新聞。我也對 HPE 金融服務強勁而穩定的表現感到滿意，其收入同比增長 8%，融資額同比增長 21%。上個月，我們宣布長期擔任該業務負責人的 Irv Rothman 退休，並提拔 Gerri Gold 掌舵，進一步加快業務發展勢頭。 Gerri 和她的團隊最近為 ESG 得分高的客戶推出了一項特別融資計劃，我們已經看到客戶和合作夥伴的巨大反響。

I am very proud of how the HP team members have executed to achieve this quarter's exceptional performance, especially given the uneven macro environment. We have kicked off fiscal year 2023 with another set of standout results, giving us the confidence to raise our revenue and non-GAAP earnings per share guidance for the full fiscal year. Our customers have responded to the hybrid cloud value proposition we uniquely provide as they seek better ways to drive value from data from Edge-to-Cloud. We are attracting more customers and executing with discipline. As we look forward, we remain laser-focused on executing our winning strategy, which is delivering unmatched innovation and significant results for our customers and shareholders. We are confident in our strategy and execution for the long term.

我為惠普團隊成員如何執行以實現本季度的出色表現感到非常自豪，尤其是在宏觀環境不平衡的情況下。我們以另一組出色的業績拉開了 2023 財年的序幕，這讓我們有信心提高整個財年的收入和非 GAAP 每股收益指引。我們的客戶對我們獨特提供的混合雲價值主張做出了回應，因為他們尋求更好的方法來從邊緣到雲的數據中推動價值。我們正在吸引更多客戶並嚴格執行。展望未來，我們將繼續專注於執行我們的致勝戰略，為我們的客戶和股東帶來無與倫比的創新和顯著成果。我們對我們的長期戰略和執行充滿信心。

Let me now ask Tarek to give details on our business segments and greater visibility into our updated financial outlook. so Tarek, over to you.

現在讓我請 Tarek 詳細介紹我們的業務部門，並讓我們更清楚地了解我們最新的財務前景。所以 Tarek，交給你了。

Thank you very much, Antonio. Q1 '23 was, as Antonio said, a record quarter for HPE. As usual, I will reference slides some earnings presentation to guide you through our performance. Antonio discussed key highlights for Q1 '23 on Slide 4. Let me discuss our Q1 performance details, starting with Slide 5. We are very pleased that the execution of our strategy has driven record quarterly results in terms of revenue, non-GAAP gross margin, non-GAAP operating margin and non-GAAP EPS for a first quarter of a financial year. These and other records I referenced are primarily since we reset our strategy with our 2017 spin-off transactions.

非常感謝你，安東尼奧。正如 Antonio 所說，23 年第一季度是 HPE 創紀錄的季度。像往常一樣，我將參考一些收益演示文稿來指導您了解我們的表現。安東尼奧在幻燈片 4 上討論了 23 年第一季度的主要亮點。讓我從幻燈片 5 開始討論我們第一季度的業績細節。我們很高興我們戰略的執行在收入、非 GAAP 毛利率方面推動了創紀錄的季度業績、非 GAAP 營業利潤率和非 GAAP 每股收益為一個財政年度的第一季度。我引用的這些記錄和其他記錄主要是因為我們通過 2017 年的分拆交易重新設置了我們的戰略。

Notably, revenues grew year-over-year across all our business segments, save for corporate in Q1 '23, as we benefited from improvements in the supply environment. Our supply chain execution is solid, we have very strong momentum, thanks to our substantial order book and our investments are bearing fruit, and we are gaining share in specific at segments. In short, our strategy is working and working really well. Having said so, while we are optimistic about our fiscal year '23, we're all realistic. Overall, we have experienced above-trend demand through much of the past 2 years as attested by our growing order book over the fiscal year '20 to '22 period.

值得注意的是，由於我們受益於供應環境的改善，除 23 年第一季度的公司業務外，我們所有業務部門的收入均同比增長。我們的供應鏈執行穩固，我們的勢頭非常強勁，這要歸功於我們大量的訂單和我們的投資正在取得成果，並且我們在特定領域的份額正在增加。簡而言之，我們的戰略正在發揮作用，而且效果非常好。話雖如此，雖然我們對 23 財年持樂觀態度，但我們都很現實。總體而言，我們在過去 2 年的大部分時間裡經歷了高於趨勢的需求，我們在 20 財年至 22 財年不斷增長的訂單證明了這一點。

And our market demand has shifted from being steady across our portfolio to being uneven over the course of Q1 '23. More specifically, deal velocity for Compute has slowed as customers digest the investments of the past 2 years, though demand for our storage and HPCI solutions is holding and demand for our edge solutions remains healthy. In that context, we are taking action to maintain our momentum for the second half of '23 and fiscal year '24. We intend to further our investments in software and services in all our business units including in our HPE GreenLake Edge Cloud platform, HPC AI, storage and edge to extend our share gains across our segments, all while retaining our cost discipline and productivity focus.

在 23 年第一季度，我們的市場需求已經從整個投資組合的穩定轉變為不均衡。更具體地說，隨著客戶消化過去 2 年的投資，計算的交易速度已經放緩，儘管對我們的存儲和 HPCI 解決方案的需求保持不變，對我們的邊緣解決方案的需求保持健康。在這種情況下，我們正在採取行動以保持 23 年下半年和 24 財年的勢頭。我們打算進一步投資我們所有業務部門的軟件和服務，包括我們的 HPE GreenLake Edge Cloud 平台、HPC AI、存儲和邊緣，以擴大我們在各個細分市場的份額收益，同時保持我們的成本控制和生產力重點。

We delivered Q1 revenue of $7.8 billion, which equates to a robust 12% year-over-year growth and 18% in constant currency despite our exit from Russia and Belarus in Q2 '22. We did not experience a typical seasonal decline between Q4 and Q1, thanks to excellent supply chain execution on our large order book. Each of our segments excluding only our Corporate segment grew revenue at least 8% in constant currency. This revenue performance was well above our prior guidance for Q1 of $7.2 billion to $7.6 billion and represented a record Q1 revenue level.

儘管我們在 22 年第二季度退出了俄羅斯和白俄羅斯，但我們第一季度的收入為 78 億美元，這相當於 12% 的強勁同比增長和 18% 的固定匯率。由於我們的大訂單上出色的供應鏈執行，我們在第四季度和第一季度之間沒有經歷典型的季節性下降。我們的每個部門（僅公司部門除外）按固定匯率計算的收入增長至少 8%。這一收入表現遠高於我們先前對第一季度 72 億美元至 76 億美元的指導，代表了創紀錄的第一季度收入水平。

We benefited from improvements in the supply environment, particularly in our Compute segment. This allowed us to execute against our order book, which our customers greatly appreciated. The delivery times of our products and services across our portfolio are now almost back to pre-pandemic levels. Yet we continue to have more progress to make in supply chain productivity as our order book entering Q2 '23 is more than twice normal level across our company. The combination of our large order book and improved supply environment gives us confidence that we can grow revenues well above the previously communicated guidance of 2% to 4% revenue growth in constant currency for fiscal year '23. More on that later.

我們受益於供應環境的改善，尤其是在我們的計算部門。這使我們能夠根據我們的訂單簿執行，我們的客戶對此非常讚賞。我們產品組合中產品和服務的交付時間現在幾乎恢復到大流行前的水平。然而，我們在供應鏈生產力方面繼續取得更多進展，因為我們進入 23 年第二季度的訂單是我們公司正常水平的兩倍多。我們的大量訂單和改善的供應環境相結合，使我們有信心在 23 財年以固定匯率計算的收入增長遠高於先前傳達的 2% 至 4% 的收入增長指導。稍後會詳細介紹。

As a result, we also a confidence in the longer term 2% to 4% revenue CAGR outlook over the fiscal year '22 to fiscal year '25 period, we provided at our 2022 Securities Analyst Meeting last October. Our non-GAAP gross margin reached a Q1 record of 34.2%. This is up 30 basis points year-over-year and 110 basis points sequentially. Our margin structure has benefited from pricing actions we have taken over the course of the pandemic, combined with the beginnings of declines in commodities and logistics costs. Over the long term, our margin structure will continue to benefit as we continue to shift our mix of business to higher margin software-intensive as-a-service offerings.

因此，我們也對我們在去年 10 月的 2022 年證券分析師會議上提供的 22 財年至 25 財年期間 2% 至 4% 的長期收入複合年增長率前景充滿信心。我們的非美國通用會計準則毛利率達到了 34.2% 的第一季度記錄。同比上漲 30 個基點，環比上漲 110 個基點。我們的利潤率結構受益於我們在大流行期間採取的定價行動，以及商品和物流成本開始下降。從長遠來看，隨著我們繼續將業務組合轉向利潤率更高的軟件密集型即服務產品，我們的利潤率結構將繼續受益。

Our non-GAAP operating margins reached a record high 11.8%. This is 80 basis points ahead of Q1 '22 and 30 basis points higher than Q4 '22. While strong revenue growth and gross margin performance are key drivers, this result would not have been possible without the strategic actions, Antonio and I took in fiscal year '20 to reallocate resources and optimize our cost structure. As mentioned during our last earnings call, Antonio and I remain determined to maintain our focus on productivity.

我們的非美國通用會計準則營業利潤率達到創紀錄的 11.8%。這比 22 年第一季度提前 80 個基點，比 22 年第四季度高 30 個基點。雖然強勁的收入增長和毛利率表現是關鍵驅動因素，但如果沒有戰略行動，安東尼奧和我在 20 財年採取的重新分配資源和優化成本結構的戰略行動是不可能的。正如我們在上一次財報電話會議上提到的那樣，安東尼奧和我仍然決心保持對生產力的關注。

Our top line and margin strength in Q1 translated to GAAP diluted net EPS of $0.38 and non-GAAP diluted net EPS of $0.63. Non-GAAP diluted net EPS easily exceeded our guidance range of $0.50 to $0.58 and was another company record. Our Q1 2023 free cash flow was negative $1.3 billion. We typically have seasonal outflows in our Q1. We will discuss cash flow in more detail in a moment. But having said that, we remain on track to generate between $1.9 billion and $2.1 billion in free cash flow in fiscal year '23. Finally, we are continuing to return substantial capital to our shareholders.

我們在第一季度的收入和利潤率優勢轉化為 0.38 美元的 GAAP 稀釋後淨每股收益和 0.63 美元的非 GAAP 稀釋後淨每股收益。非 GAAP 稀釋淨每股收益輕鬆超過了我們 0.50 美元至 0.58 美元的指導範圍，並創造了另一項公司記錄。我們 2023 年第一季度的自由現金流為負 13 億美元。我們通常在第一季度有季節性資金流出。稍後我們將更詳細地討論現金流。但話雖如此，我們仍有望在 23 財年產生 19 億至 21 億美元的自由現金流。最後，我們將繼續向股東返還大量資本。

We paid $156 million in dividend this quarter and repurchased $73 million in stock. We intend to buy back at least $500 million worth of shares in fiscal year '23, just like we did in fiscal year '22.

本季度我們支付了 1.56 億美元的股息並回購了 7300 萬美元的股票。我們打算在 23 財年回購價值至少 5 億美元的股票，就像我們在 22 財年所做的那樣。

Turning on to our as-a-Service business performance. We are very pleased to announce our ARR surpassed $1 billion in Q1 '23. This is an important milestone for our business that reflects that our as-a-service strategy is working. The supply chain challenges have slowed our ARR growth in prior quarters. The benefits of easing supply challenges are beginning to appear in our results as ARR growth in constant currency accelerated from 25% in Q4 '22 to 31% in Q1 '23.

轉向我們的即服務業務績效。我們非常高興地宣布我們的 ARR 在 23 年第一季度超過 10 億美元。這是我們業務的一個重要里程碑，反映出我們的即服務戰略正在發揮作用。供應鏈挑戰減緩了我們前幾個季度的 ARR 增長。隨著按固定匯率計算的 ARR 增長從 22 年第四季度的 25% 加速到 23 年第一季度的 31%，緩解供應挑戰的好處開始出現在我們的結果中。

We expect further acceleration through fiscal year '23 as improving supply allows us to expedite delivery of as-a-service solutions to our customers. Our as-a-service order decline of 20% in Q1 is a function of a difficult compare to Q1 '22, in which orders grew 136% on strength from several large deals, including a large public cloud customer. We are comfortable with our robust pipeline of as-a-Service business. We base this confidence on our 68% order growth in fiscal year '22, the number of deals currently pending acceptance and our current view of the sales funnel.

我們預計 23 財年將進一步加速，因為供應的改善使我們能夠加快向客戶交付即服務解決方案。我們的即服務訂單在第一季度下降了 20%，這是由於與 22 年第一季度相比困難重重，其中包括大型公共雲客戶在內的幾筆大型交易使訂單增長了 136%。我們對我們強大的即服務業務管道感到滿意。我們的信心基於 22 財年 68% 的訂單增長、目前待接受的交易數量以及我們目前對銷售渠道的看法。

We, therefore, retain our 3-year ARR target of 35% to 45% CAGR from fiscal year '22 to fiscal year '25. Most importantly, we continue to make our as-a-Service business more valuable with a growing mix of higher-margin software and services recurring revenue. In Q1 '23, our mix of software and services increased another 150 basis points year-over-year to 65%, thanks to our cloud and SaaS offerings, particularly in edge and storage.

因此，我們保持從 22 財年到 25 財年的 3 年 ARR 目標為 35% 至 45% 的複合年增長率。最重要的是，我們通過不斷增加利潤率更高的軟件和服務的經常性收入組合，繼續使我們的即服務業務更有價值。在 23 年第一季度，我們的軟件和服務組合同比又增加了 150 個基點，達到 65%，這要歸功於我們的雲和 SaaS 產品，尤其是在邊緣和存儲方面。

Let's now turn to our segment highlights on the next slide. I would like to remind you that all revenue growth rates on this slide are in constant currency. In the Intelligent Edge, we delivered a second consecutive record revenue quarter and surpassed the $1 billion revenue milestone for the first time. We grew our revenue 31% year-over-year. We are outgrowing our main competitors and are taking share with our combination of wireless LAN, enterprise switching and SD-WAN solutions, including in some of the largest enterprise customers. Customers are increasingly adopting our software-centric solutions such as our edge service platform and automation suite.

現在讓我們轉到下一張幻燈片上的細分亮點。我想提醒您，這張幻燈片上的所有收入增長率均以固定匯率計算。在 Intelligent Edge 方面，我們連續第二個季度實現創紀錄的收入，並首次超過 10 億美元的收入里程碑。我們的收入同比增長 31%。我們正在超越我們的主要競爭對手，並通過我們的無線 LAN、企業交換和 SD-WAN 解決方案組合搶占市場份額，包括一些最大的企業客戶。客戶越來越多地採用我們以軟件為中心的解決方案，例如我們的邊緣服務平台和自動化套件。

Our operating margin of 21.9% was up 450 basis points annually and 860 basis points sequentially. We're benefiting from scale and our prior price increases have worked through our order book. We are very, very pleased that our edge business has exceeded the Rule of 40 this quarter and feel very optimistic about the prospects of our Aruba business in fiscal year '23 and beyond, given its substantial order book underpinned by a superior platform-based SaaS offerings.

我們 21.9% 的營業利潤率每年增長 450 個基點，環比增長 860 個基點。我們從規模中受益，我們之前的價格上漲已經通過我們的訂單簿發揮作用。我們非常非常高興我們的邊緣業務在本季度超過了 40 條規則，並且對我們的 Aruba 業務在 23 財年及以後的前景感到非常樂觀，因為其大量訂單由基於平台的卓越 SaaS 支撐產品。

We retain confidence in our long-term targets of mid-teens revenue growth and mid-20% operating margins. In HPC and AI, revenue grew 37% year-over-year. We successfully closed the balance of the Frontier deal in Q1, which contributed to the strength of this business in Q1 '23. While the segment is also now benefiting from easing supply chain, the lumpiness and long lead times of this business mean that operating margins will continue to fluctuate.

我們對中期收入增長和 20% 中期營業利潤率的長期目標充滿信心。在 HPC 和 AI 方面，收入同比增長 37%。我們在第一季度成功完成了 Frontier 交易的餘額，這為 23 年第一季度該業務的實力做出了貢獻。雖然該部門現在也受益於寬鬆的供應鏈，但該業務的波動性和較長的交貨時間意味著營業利潤率將繼續波動。

As Antonio mentioned, we have been thinking strategically about and investing behind artificial intelligence for many years. This is true both organically and inorganically. The emergence of large language models such as ChatGPT and BART and generative AI, some of which run on our systems has prompted many questions from our customer base.

正如 Antonio 提到的，多年來我們一直在戰略性地思考和投資人工智能。這在有機和無機方面都是正確的。 ChatGPT 和 BART 等大型語言模型以及生成式 AI（其中一些在我們的系統上運行）的出現引發了我們客戶群的許多問題。

We believe AI at scale is a high-growth market and that the building and refinement of AI models will require unique computational capabilities that our Cray supercomputers and HPI solutions are extremely well positioned to enable. We intend to invest organically and inorganically as listed by our acquisition of Pachyderm to fully grasp this opportunity.

我們相信大規模 AI 是一個高速增長的市場，而 AI 模型的構建和改進將需要獨特的計算能力，我們的 Cray 超級計算機和 HPI 解決方案非常適合實現這些能力。我們打算通過收購 Pachyderm 進行有機和無機投資，以充分把握這個機會。

With regards to storage, we are pleased to report 10% annual growth, where we are bolstering our portfolio to grow market share. HPE Alletra remains 1 of our fastest-growing new product introductions ever, and grew well above triple digits in Q1.

在存儲方面，我們很高興地報告了 10% 的年增長率，我們正在加強我們的產品組合以增加市場份額。 HPE Alletra 仍然是我們推出的增長最快的新產品之一，並且在第一季度的增長率遠高於三位數。

HPE Alletra contributed to double-digit growth in our own IP products, which is driving a mix shift to higher-margin, software-intensive as a service revenue. We continue to invest in R&D for our own IP products in this business unit. And as a result, our Q1 operating margin of 12% is down 190 basis points year-over-year. Compute revenues grew 19% year-over-year to $3.5 billion. The segment benefited from the multi-sourcing and demand steaming initiatives we have discussed in prior calls as well as steadily improving supply availability. Our dynamic pricing strategy has helped us navigate the volatile supply climate while driving industry-leading gross margins.

HPE Alletra 為我們自己的 IP 產品實現了兩位數的增長做出了貢獻，這推動了向利潤率更高的軟件密集型服務收入的混合轉變。我們繼續在該業務部門投資於我們自己的 IP 產品的研發。因此，我們第一季度 12% 的營業利潤率同比下降 190 個基點。計算收入同比增長 19% 至 35 億美元。該部門受益於我們在之前的電話會議中討論過的多源採購和需求驅動計劃，以及穩步提高供應可用性。我們的動態定價策略幫助我們應對了多變的供應環境，同時推動了行業領先的毛利率。

Our compute operating margin of 17.6% exceeded our long-term outlook of 11% to 13% for the fifth consecutive quarter, which attests to our best-in-class performance. We do believe our compute operating margins are peaking and should gradually return to our target range of 11% to 13%. While we are seeing commodities costs decreasing, leading to increased competitive price pressure, we have for the first time 3 concurrent and differentiated platforms being sold in the market, Gen10, Gen10 Plus and Gen11, which would allow a gradual management of pricing and margins over time.

我們的計算運營利潤率為 17.6%，連續第五個季度超過我們 11% 至 13% 的長期預期，這證明了我們一流的表現。我們確實相信我們的計算運營利潤率正在見頂，應該會逐漸回到我們 11% 至 13% 的目標範圍。雖然我們看到商品成本下降，導致競爭價格壓力增加，但我們首次在市場上銷售 3 個並發和差異化的平台，即 Gen10、Gen10 Plus 和 Gen11，這將允許逐步管理定價和利潤率時間。

In our Pointnext Operational Services business, combined with storage services, orders declined mid- to high single digits and revenues were flat year-over-year, driven by uneven demand. As you know, this is a key component of recurring revenues and profit for each of our segments. Finally, HPE Financial Services revenues rose 8% year-over-year and financing volume of $1.6 billion grew 21% in constant currency. Our operating margins fell 300 basis points year-over-year due to the higher interest rate climate that we will gradually offset over time through pricing. Time and time again, our HPFS business has proven resilience in downturn, thanks to the quality of the underwriting of the book of business.

在我們的 Pointnext 運營服務業務中，結合存儲服務，由於需求不均衡，訂單下降了中高個位數，收入同比持平。如您所知，這是我們每個部門經常性收入和利潤的關鍵組成部分。最後，HPE 金融服務收入同比增長 8%，融資額 16 億美元，按固定匯率計算增長 21%。由於較高的利率環境，我們的營業利潤率同比下降 300 個基點，隨著時間的推移，我們將通過定價逐漸抵消這一影響。一次又一次，我們的 HPFS 業務在低迷時期證明了彈性，這要歸功於業務簿承銷的質量。

Throughout the pandemic, I'd like to remind you, our annual loss ratio never exceeded 1%. Our loss ratio is back to pre-pandemic levels of approximately 50 basis points. Slide 8 highlights our revenue and non-GAAP diluted net EPS performance. We are very pleased that the progress we are making against our Edge-to-Cloud strategy is evident in the financial results we have delivered on both the top and bottom lines. We have grown both our revenue and non-GAAP diluted net EPS to record or near-record levels in Q1 '23. This illustrates not only the commercial success of our products in the marketplace, but also our ability to generate healthy margins.

在整個大流行期間，我想提醒您，我們每年的損失率從未超過 1%。我們的損失率回到了大流行前的水平，約為 50 個基點。幻燈片 8 重點介紹了我們的收入和非 GAAP 稀釋淨每股收益表現。我們很高興我們在邊緣到雲戰略方面取得的進展在我們在頂線和底線上交付的財務業績中顯而易見。在 23 年第一季度，我們的收入和非 GAAP 稀釋淨每股收益都增長到了創紀錄或接近創紀錄的水平。這不僅說明了我們產品在市場上取得的商業成功，也說明了我們產生可觀利潤的能力。

I am particularly pleased to see that our focus on supply chain execution has enabled the attainment of record revenues despite a substantial year-over-year headwind from foreign exchange rates that impacted revenue growth by 550 basis points in Q1 '23. Slide 9 illustrates the progress we have made in our gross margin structure. Our Q1 '23 non-GAAP gross margin is up 30 basis points year-over-year. We generated $2.7 billion in gross profit in Q1 '23, which is yet another quarterly record. Our gross profit and margin are a testament to the success of our strategic pricing actions through the period of supply challenges in fiscal year '20 to fiscal year '22.

我特別高興地看到，我們對供應鏈執行的關注使我們實現了創紀錄的收入，儘管外匯匯率的同比逆風在 23 年第一季度影響了收入增長 550 個基點。幻燈片 9 說明了我們在毛利率結構方面取得的進展。我們的 23 年第一季度非 GAAP 毛利率同比增長 30 個基點。我們在 23 年第一季度創造了 27 億美元的毛利潤，這又是一個季度記錄。在 20 財年到 22 財年的供應挑戰期間，我們的毛利潤和利潤率證明了我們戰略定價行動的成功。

It is also illustrative of the long-term favorable mix shift we are driving. Despite a strong compute quarter, our revenue mix of Compute at 44% was flat year-over-year. This illustrates that we have a larger revenue base as our higher-margin segments are growing rapidly, and our as-a-service strategy is gaining momentum. Slide 10 illustrates our non-GAAP operating margins, which reached 11.8% in Q1 '23. This is up 30 basis points sequentially and 80 basis points year-over-year.

這也說明了我們正在推動的長期有利的組合轉變。儘管計算季度表現強勁，但我們的計算收入組合為 44%，同比持平。這說明我們擁有更大的收入基礎，因為我們的高利潤細分市場正在快速增長，而且我們的即服務戰略正在獲得動力。幻燈片 10 說明了我們的非 GAAP 營業利潤率，該利潤率在 23 年第一季度達到了 11.8%。這比上一季度增加了 30 個基點，同比增加了 80 個基點。

It is also a record quarterly non-GAAP operating margin for the company. Our very strong Q1 revenue performance and our resilient gross margins are the leading contributors to the operating margin expansion. Unlike many tech companies that have announced layoffs recently, we have strong momentum in HPE with a combination of our improved cost structure, substantial order book and outstanding execution, delivering profitable growth that is increasingly recurring at higher margins as our as-a-service transformation continues to unfold. Again, let me reiterate that Antonio and I are determined to maintain this focus on profitable growth and productivity for the future.

這也是該公司創紀錄的季度非 GAAP 營業利潤率。我們非常強勁的第一季度收入表現和富有彈性的毛利率是營業利潤率擴張的主要貢獻者。與最近宣布裁員的許多科技公司不同，我們在 HPE 方面擁有強勁的發展勢頭，結合我們改進的成本結構、大量訂單和出色的執行力，隨著我們的即服務轉型，利潤增長越來越多地以更高的利潤率出現繼續展開。再次重申，安東尼奧和我決心在未來繼續關注盈利增長和生產力。

Let's now turn to discuss H3C. As you know, we've chosen to exercise our put options on our shares in H3C. We took this decision after carefully weighing the financial implications of remaining in the joint venture with the risk-reward profile of exercising the put. We are confident that we have made the decision that is in the best interest of our shareholders. HPE and our partner, Unisplendour continue to have constructive discussions to reach agreement on the determination of the final purchase price of HPE shares in H3C and enter into a share purchase agreement. We will keep you updated. Please keep in mind that our decision to exercise the put is distinct from the commercial agreements with H3C. We intend to continue to do business in China through both our direct sales and through H3C, and we remain committed to serving our customers in China.

現在讓我們轉而討論H3C。如您所知，我們已選擇行使我們持有的 H3C 股票的看跌期權。我們在仔細權衡了保留在合資企業中的財務影響與行使看跌期權的風險回報情況後，做出了這一決定。我們相信，我們做出的決定符合股東的最佳利益。 HPE與我們的合作夥伴紫光繼續進行建設性討論，就確定HPE入股新華三股份的最終價格達成一致，並簽訂股份購買協議。有任何消息會知悉你的。請記住，我們行使認沽權的決定不同於與 H3C 的商業協議。我們打算繼續通過我們的直銷和 H3C 在中國開展業務，我們將繼續致力於為我們在中國的客戶提供服務。

I would like to remind you that we will continue to recognize the value of the dividends we received from H3C in our financials until the transaction is complete, and I'm happy to report H3C results remains healthy despite uncertainty in the Chinese economy. Our first fiscal year from a cash flow perspective is typically a down quarter for cash flow.

我想提醒您，在交易完成之前，我們將繼續認可我們從 H3C 收到的股息在我們財務中的價值，我很高興地報告儘管中國經濟存在不確定性，但 H3C 的業績仍然健康。從現金流的角度來看，我們的第一個財政年度通常是現金流下降的一個季度。

In Q1 '23, we had outflows of $800 million in cash flow from operations and $1.3 billion in free cash flow. Working capital was a use of cash due to timing of receipts, payments and continued investments in inventory, which has driven our cash flow conversion cycle from a negative 14 days in Q4 to a positive 15 days in Q1 '23. More specifically, our accounts payable balance was reduced by $2.2 billion quarter-over-quarter and was the main driver for negative operating cash flow and affected our cash flow conversion cycle.

在 23 年第一季度，我們的運營現金流流出 8 億美元，自由現金流流出 13 億美元。由於收貨、付款和庫存持續投資的時間安排，營運資金是現金的使用，這使我們的現金流轉換週期從第四季度的負 14 天增加到 23 年第一季度的正 15 天。更具體地說，我們的應付賬款餘額環比減少了 22 億美元，這是負經營現金流的主要驅動因素，並影響了我們的現金流轉換週期。

Also, we have made significant investment in HPFS volumes to drive future growth in subsequent quarters. We expect to generate significant free cash flow in the remainder of fiscal year '23 and reiterate our guidance of $1.9 billion to $2.1 billion in free cash flow for the full year. Now let's turn to our outlook slide on Slide 13. As we have mentioned, demand for our products and services was more uneven in Q1 '23 across our business than it was in Q4 '22. Having said that, we also believe our portfolio differentiation will continue to drive market share gains and are entering Q2 '23 with a substantial order book relative to pre-pandemic levels. We had strong momentum in Q1 '23, and we are now turning our focus to invest in sustaining that momentum in the second half of '23 and fiscal year '24 in a context of continuous macroeconomic uncertainty.

此外，我們對 HPFS 捲進行了大量投資，以推動後續季度的未來增長。我們預計將在 23 財年的剩餘時間產生可觀的自由現金流，並重申我們對全年自由現金流 19 億美元至 21 億美元的指導。現在讓我們轉到幻燈片 13 上的展望幻燈片。正如我們所提到的，與 22 年第四季度相比，23 年第一季度我們業務對我們產品和服務的需求更加不平衡。話雖如此，我們也相信我們的投資組合差異化將繼續推動市場份額的增長，並以相對於大流行前水平的大量訂單進入 23 年第二季度。我們在 23 年第一季度勢頭強勁，在宏觀經濟持續不確定的背景下，我們現在將重點轉向投資以維持 23 年下半年和 24 財年的這種勢頭。

Let me reiterate that our guidance incorporates our current thinking on the macroeconomic picture, inflationary pressure, our exit from Russia and Belarus in '22 and foreign exchange risk. I would like to remind you that approximately 50% of our revenue is generated in foreign currencies. For Q2 '23, we expect revenues in the range of $7.1 billion to $7.5 billion. At the midpoint of the range, this represents 9% year-over-year growth in reported dollars. We expect GAAP diluted net EPS of $0.27 to $0.35 and non-GAAP diluted net EPS of $0.44 to $0.52. This outlook assumes the current level of demand we have been experiencing remain unchanged, and that we continue to make progress on the delivery of our order book.

讓我重申一下，我們的指引結合了我們目前對宏觀經濟形勢、通脹壓力、我們在 22 世紀退出俄羅斯和白俄羅斯以及外匯風險的看法。我想提醒您，我們大約 50% 的收入是以外幣產生的。對於 23 年第二季度，我們預計收入在 71 億美元至 75 億美元之間。在該範圍的中點，這代表報告的美元同比增長 9%。我們預計 GAAP 稀釋後淨每股收益為 0.27 美元至 0.35 美元，非 GAAP 稀釋後淨每股收益為 0.44 美元至 0.52 美元。這一展望假設我們目前的需求水平保持不變，並且我們繼續在交付訂單方面取得進展。

To sum it up, I am very pleased with our Q1 results and guidance for Q2. We also understand some of our end markets are likely to remain uneven in the near term. We had indicated at our last earnings announcement that our financial performance in Fiscal year '23 is likely to be more weighted to the first half of the year than is typical. Given the strong Q1 performance, momentum and substantial order book we continue to have, we are lifting our full year guidance accordingly.

總而言之，我對我們第一季度的結果和第二季度的指導感到非常滿意。我們也明白我們的一些終端市場在短期內可能會保持不平衡。我們在上一次收益公告中表示，我們在 23 財年的財務業績可能比往常更重視上半年。鑑於第一季度的強勁表現、勢頭和我們繼續擁有的大量訂單，我們相應地提高了全年指引。

We are now targeting 5% to 7% revenue growth adjusted for currency, which is at the midpoint, twice our prior revenue growth guidance, non-GAAP operating profit growth of 5% to 6%, GAAP diluted net EPS of $1.40 to $1.48. Non-GAAP diluted net EPS of $2.02 to $2.10 and free cash flow of $1.9 billion to $2.1 billion.

我們現在的目標是按貨幣調整後收入增長 5% 至 7%，處於中點，是我們之前收入增長指導的兩倍，非 GAAP 營業利潤增長 5% 至 6%，GAAP 稀釋淨每股收益 1.40 美元至 1.48 美元。非 GAAP 稀釋淨每股收益為 2.02 美元至 2.10 美元，自由現金流為 19 億美元至 21 億美元。

Specifically for OI&E, we benefited in Q1 '23 from one-off foreign exchange gains that accounted for $0.02 to $0.03 per share. These are unlikely to repeat in the rest of the fiscal year. Given the high interest rate environment is expected to remain unchanged, we expect OI&E to be an expense of $20 million to $40 million on a full year basis. This explains our fiscal year '23 EPS guidance range of $2.02 to $2.10, which incorporates $0.06 of the $0.09 beat in Q1 '23.

特別是對於 OI&E，我們在 23 年第一季度受益於一次性外匯收益，佔每股 0.02 美元至 0.03 美元。這些不太可能在本財年的剩餘時間內重演。鑑於高利率環境預計將保持不變，我們預計全年 OI&E 支出為 2000 萬至 4000 萬美元。這解釋了我們的 23 財年每股收益指導範圍為 2.02 美元至 2.10 美元，其中包含 23 年第一季度 0.09 美元的 0.06 美元。

In terms of capital returns, we will return approximately 60% of free cash flow to shareholders via dividends and repurchases. We are maintaining our dividend and expect to repurchase at least $500 million worth of shares in fiscal year '23. So to conclude, our results speak for themselves, and we continue to execute better than the competition.

在資本回報方面，我們將通過股息和回購向股東返還約 60% 的自由現金流。我們將維持派息，並預計在 23 財年回購至少價值 5 億美元的股票。總而言之，我們的結果不言而喻，我們的執行力繼續優於競爭對手。

While many tech companies are playing defense with layoffs, we see fiscal year '23 as an opportunity to accelerate the execution of our strategy. Antonio and I look forward to continuing our execution momentum through fiscal year '23 and beyond.

儘管許多科技公司都在通過裁員進行防禦，但我們將 23 財年視為加速執行戰略的機會。安東尼奧和我期待在 23 財年及以後繼續保持我們的執行勢頭。

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

現在，讓我們打開它來提問。謝謝。

(Operator Instructions)

（操作員說明）

Our first question will come from Aaron Rakers with Wells Fargo.

我們的第一個問題將來自富國銀行的 Aaron Rakers。

Congrats on the solid performance. I guess I wanted to ask a question more strategically in kind of thinking about the product portfolio. You guys and many others, obviously talking a lot about ChatGPT and Generative AI. In the conversation on today's call, you alluded to the fact that you're well positioned with some of your HPC and your high-performance compute platforms. And I want to make sure I understood what you're saying a little bit correct.

祝賀您的穩定表現。我想我想問一個關於產品組合的更具戰略性的問題。你們和其他許多人，顯然談論了很多關於 ChatGPT 和生成 AI 的話題。在今天電話會議的談話中，您提到了一個事實，即您在某些 HPC 和高性能計算平台方面處於有利地位。我想確保我理解你說的有點正確。

Are you participating in some of the infrastructure in some of the cloud opportunities? Or how do you see yourself participating in kind of these AI investments that really seem to be driving this narrative around meaningful deployments of accelerated Compute.

您是否參與了一些雲機會中的一些基礎設施？或者您如何看待自己參與這些 AI 投資，這些投資似乎真正推動了圍繞有意義的加速計算部署的敘述。

Well, thank you, Aaron. Obviously, AI is now front and center in the IT community because of what we saw in the last couple of months. And as I said, has the potential to disrupt every industry. We cannot talk about what specific cloud, that is 1 specific cloud they use our specific Cray systems.

好吧，謝謝你，亞倫。顯然，由於我們在過去幾個月中看到的情況，人工智能現在成為 IT 社區的前沿和中心。正如我所說，它有可能顛覆每個行業。我們不能談論具體的雲是什麼，也就是他們使用我們特定的 Cray 系統的 1 個特定的雲。

But I will say we have a bigger opportunity than that because when I think about the deployment of these large language models that require supercomputing capacity. And at that point, when you think about what we did with Frontier is how we make that accessible to every enterprise of every size. And so we, as a company, have a unique opportunity that happens every so often where there is a massive inflection point like AI and LLM, right, the large language model with a unique differentiation in our IP, which is a combination of organic assets that we built over a number of years and the acquisition of Cray.

但我會說我們有比這更大的機會，因為當我考慮部署這些需要超級計算能力的大型語言模型時。在這一點上，當你想到我們對 Frontier 所做的事情時，就會想到我們如何讓各種規模的每個企業都能訪問它。因此，作為一家公司，我們有一個獨特的機會，這種機會經常發生在有像 AI 和 LLM 這樣的巨大拐點的地方，對，大型語言模型在我們的 IP 中具有獨特的差異化，它是有機資產的組合我們建立了多年並收購了 Cray。

So as Tarek said in his remarks, we are assessing what is the type of business model we can deploy as a part of our as-a-service model by offering, what I call a cloud supercomputing IS layer with a platform-as-a-service that ultimate developers can develop, train and deploy these large models at scale. So that's why we said early on, we will talk more about that in the subsequent quarters. But we are very well positioned, and we have a very large pipeline of customers. Last week, I was in Europe, and I was amazed to see the large pipeline of customers that they are demanding that. And I mentioned 1 specific customer, Aleph Alfa, which is already coming to us to do that.

因此，正如 Tarek 在他的評論中所說，我們正在評估我們可以通過提供什麼類型的業務模型作為我們的即服務模型的一部分進行部署，我稱之為具有平台即服務的雲超級計算 IS 層-最終開發人員可以大規模開發、訓練和部署這些大型模型的服務。所以這就是為什麼我們早些時候說過，我們將在隨後的幾個季度中更多地討論這個問題。但我們的定位非常好，我們擁有非常龐大的客戶渠道。上週，我在歐洲，看到大量客戶提出這樣的要求，我感到很驚訝。我提到了一位特定客戶 Aleph Alfa，他已經來找我們這樣做了。

Our next question will come from Meta Marshall with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Meta Marshall。

Great. You noted, obviously, seeing some weakness kind of in the environment. Just wanted to get a sense of either customer type or vertical or just kind of segment that you expect to kind of see be the source that kind of weakness throughout the year? And are you seeing more people kind of opt for GreenLake subscription offerings as a result of kind of more macro sensitivity?

偉大的。你注意到，很明顯，看到了環境中的某種弱點。只是想了解一下您希望看到的客戶類型或垂直或只是某種細分市場是全年這種弱點的根源嗎？你是否看到更多的人因為對宏觀的敏感性而選擇 GreenLake 訂閱服務？

Sure. I mean, I don't think there is 1 specific geography or 1 specific segment. I will say, as we said in the early remarks, right, the Compute business, obviously, we see a little bit more unevenness, if you will, with longer sales cycles because also they are digested all what they acquired last year because of the supply chain and the cost rising. But when you look at the rest of the segments, as Tarek said and I said, the Intelligent Edge business, the connectivity business, is very, very solid. And we exited once again Q1 with an extremely elevated book of orders.

當然。我的意思是，我認為沒有 1 個特定的地理位置或 1 個特定的細分市場。我會說，正如我們在早期的評論中所說，對，計算業務，顯然，如果你願意的話，我們會看到更多的不平衡，銷售週期更長，因為它們也消化了去年收購的所有東西，因為供應鍊和成本上升。但是當你看看其餘的細分市場時，正如 Tarek 所說和我所說的那樣，智能邊緣業務，即連接業務，非常非常穩固。我們再次以極高的訂單退出第一季度。

HPC, we just talked about it, right? We see an amazing pipeline in front of us. We have only deployed 1 exascale system, and we have few to go because we are delivering all of them to the Department of Energy. And then as I said earlier, right, we have an opportunity to grow that business through an as-a-service model.

HPC，我們剛剛談到了它，對吧？我們在我們面前看到了一條驚人的管道。我們只部署了 1 個 exascale 系統，而且我們幾乎沒有什麼可去的，因為我們正在將它們全部交付給能源部。然後正如我之前所說，我們有機會通過即服務模式發展該業務。

But that said, what customers are telling me is that they need a hybrid cloud experience. And we see, in some cases, repatriation of workloads on-prem, but they want the same cloud experience with the same consumption model, and that's what GreenLake does extremely well. It's a true hybrid cloud experience for low-dose overloads, where data, data compliance and cost plays a big role, and that's why we see the momentum we have.

但話雖如此，客戶告訴我的是他們需要混合雲體驗。我們看到，在某些情況下，本地工作負載被遣返，但他們希望使用相同的消費模型獲得相同的雲體驗，而這正是 GreenLake 做得非常好的地方。這是低劑量過載的真正混合雲體驗，其中數據、數據合規性和成本起著重要作用，這就是我們看到我們擁有的勢頭的原因。

The fact that we doubled the total contract value from Q1 '21 to Q1 '23 from $5 billion to $10 billion, it tells you the momentum. What I'm really pleased is the fact that 2/3 of that momentum is in software and services, which means we will be more resilient as we go forward to weather some of these challenges because it's a recurring revenue.

事實上，我們從 21 年第一季度到 23 年第一季度的合同總價值翻了一番，從 50 億美元增加到 100 億美元，這說明了勢頭。我真正感到高興的是，這種勢頭的 2/3 來自軟件和服務，這意味著我們在應對其中一些挑戰時會更有彈性，因為它是經常性收入。

And we count in that, just to be clear, through software-as-a-service subscription and consumption which is exactly the way it's supposed to be. And that's why we are very bullish about our GreenLake and the fact that we crossed $1 billion ARR, it's just a testament that we have a winning strategy.

我們希望通過軟件即服務訂閱和消費來計算這一點，這正是它應該的方式。這就是為什麼我們非常看好我們的 GreenLake 以及我們超過 10 億美元 ARR 的事實，這只是我們擁有成功戰略的證明。

Our next question will come from Samik Chatterjee with JPMorgan.

我們的下一個問題將來自摩根大通的 Samik Chatterjee。

Congrats on the execution here. I guess my question was more on the full year guide, and I understand some of the headwinds in certain segments that you're calling out, but the revenue guide goes up by about sort of 300 basis points for the year. The operating profit growth sort of goes up by 100 basis points. And while I understand some of the headwinds, what maybe I can use some help on is maybe understand the mix implications of how you're thinking about it, just given the more lower sort of flow-through that we're seeing to operating profit growth for the full year guide?

恭喜這裡執行。我想我的問題更多是關於全年指南，我理解你所說的某些細分市場的一些不利因素，但今年的收入指南上升了大約 300 個基點。營業利潤增長率上升了 100 個基點。雖然我理解一些不利因素，但也許我可以使用一些幫助來理解你如何看待它的混合影響，只是考慮到我們看到的營業利潤的流動性較低全年增長指南？

Sure. So thank you for remarking that our revenue guide at the midpoint is effectively doubling from the prior guide that we gave. The prior guide that we gave was 2% to 4%. We're now guiding 5% to 7%. So at the midpoint, it is 6%, which is double what we gave previously. And in giving that guide, we factor in a number of elements. First of all, the macro environment; second of all, foreign exchange rates; and third of all, our desire to continue to invest to perpetrate the momentum that we have in the second half and in fiscal year '24 because there's always something else that we have to think about for the end of the year, and we're not done yet.

當然。因此，感謝您評論我們的中點收入指南實際上是我們提供的先前指南的兩倍。我們給出的先前指南是 2% 到 4%。我們現在指導 5% 到 7%。所以在中點，它是 6%，是我們之前給出的兩倍。在提供該指南時，我們考慮了許多因素。首先，宏觀環境；其次，外匯匯率；第三，我們希望繼續投資以延續我們在下半年和 24 財年的勢頭，因為在年底我們總有其他事情需要考慮，而且我們還沒做完。

I also want to flag that we believe that commodity costs are coming down in particular areas, which should effectively come with added pricing pressure in compute, and this is also something that we have factored into our guidance. But if you really think about our non-GAAP operating profit growth, the prior guide was at 4% to 5% growth, and now we're guiding 5% to 6% growth, and we feel comfortable with the information we have on the macro, foreign exchange rates, et cetera, that our guide is appropriate.

我還想指出，我們認為商品成本在特定領域正在下降，這應該會有效地增加計算的定價壓力，這也是我們在指導中考慮的因素。但如果你真的考慮我們的非 GAAP 營業利潤增長，之前的指導是 4% 到 5% 的增長，現在我們指導 5% 到 6% 的增長，我們對我們掌握的信息感到滿意宏觀、外匯匯率等，我們的指南是合適的。

Our next question will come from Kyle McNealy with Jefferies.

我們的下一個問題將來自 Jefferies 的 Kyle McNealy。

It was a great quarter for Intelligent Edge. Can you help us understand how we should think about a big quarter here in Q1? Is that level sustainable going forward? Or was there some big deals or particular activity that you would call out that isn't likely to repeat. Your guidance implies it decelerates from here, but can you give us a sense for how we should model this going forward and how frequently you might see growth ahead of your mid-teens growth guidance?

對於 Intelligent Edge 來說，這是一個很棒的季度。你能幫助我們理解我們應該如何考慮第一季度的一個大季度嗎？該水平是否可持續發展？或者是否有一些大交易或特定活動，您會宣布它們不太可能重複。你的指導暗示它從這裡開始減速，但你能否讓我們了解我們應該如何模擬這種情況，以及在你的中期增長指導之前你可能會看到增長的頻率？

Yes. Thanks, Kyle. No, there was not a unique deal. This is the continuous momentum we have had now for a number of quarters. The book of business in this particular business segment continue to be extremely elevated. As Tarek said, we continue to gain share. And I think it's because we have a unique value proposition, which is a cloud native offer for all aspects of connectivity.

是的。謝謝，凱爾。不，沒有獨特的交易。這是我們現在幾個季度以來的持續勢頭。這一特定業務部門的業務賬簿繼續非常高。正如 Tarek 所說，我們繼續獲得份額。我認為這是因為我們有一個獨特的價值主張，即為連接的各個方面提供雲原生服務。

We announced now the acquisition of Athonet, which we will integrate the private 5G into the same control plane. And today, we announced the acquisition of Axis Security, which is the Secure Access Secure Edge at the top. And so when we think about the book of business, the incredible pipeline we have ahead of us, the execution of the team, the easing of the supply, although in this particular business there is a little bit more constrain on the supply compared to the other businesses.

我們現在宣布收購 Athonet，我們將把私有 5G 集成到同一個控制平面中。今天，我們宣布收購 Axis Security，這是頂級的 Secure Access Secure Edge。因此，當我們考慮業務簿、我們面前令人難以置信的管道、團隊的執行力、供應的緩和時，儘管在這個特定的業務中，與其他業務。

We talk about a Rule of 40, and this was the Rule of 50 something, I guess. But the fact of the matter is that, as Tarek said, we expect to grow double digits, right? And in the mid-20s on operating profit. This business is now humming and it's going to be one of the most important growth engine as we go in the future. And as Tarek said, it's also allowing us to be less reliant on the rest of the portfolio, which is very, very critical. And this comes with a high gross margin, obviously.

我們談論 40 條規則，我猜這是 50 條規則。但事實是，正如 Tarek 所說，我們預計會增長兩位數，對嗎？而在 20 年代中期的營業利潤。這項業務現在正在蓬勃發展，它將成為我們未來最重要的增長引擎之一。正如 Tarek 所說，這也讓我們減少了對其他投資組合的依賴，這非常非常關鍵。顯然，這帶來了高毛利率。

I would simply add to what Antonio said, look, the Edge have broken the $1 billion revenue bar. I think now we are entering a phase with all the additions that we're making to the portfolio. We're entering a phase of a new watermark level. We have built at the Edge with Antonio and the management team, one of the most comprehensive portfolio of the entire industry. And it is really, really winning shares even in the largest customer segments, thanks to the Edge-to-Cloud platform that Aruba has built and that powers GreenLake in everything we do.

我只想補充一下 Antonio 所說的，看，Edge 已經突破了 10 億美元的收入門檻。我認為現在我們正在進入一個階段，我們正在對投資組合進行所有添加。我們正在進入新水印級別的階段。我們與 Antonio 和管理團隊一起打造了 Edge，這是整個行業中最全面的產品組合之一。由於 Aruba 構建的邊緣到雲平台，它在我們所做的一切中為 GreenLake 提供支持，即使在最大的客戶群中也確實贏得了份額。

And I hope the market will take notice of that and give us a little bit of recognition about the work we have done in this particular segment.

我希望市場會注意到這一點，並對我們在這一特定領域所做的工作給予一點認可。

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 know this is going to be a bit of a tricky one, but I want to see if you could help us understand why your view sounds more optimistic than your other IT-exposed peers, whether it's around, in particular, the Compute side of the business as a storage.

我知道這會有點棘手，但我想看看您是否可以幫助我們理解為什麼您的觀點聽起來比其他接觸 IT 的同行更樂觀，尤其是在計算方面業務作為存儲。

I get Intelligent Edge, so I'm not really pushing there. But just the contrast in your outlook on storage and Compute versus some of your peers. Can you help us understand that?

我得到了智能邊緣，所以我並沒有真正推動那裡。但只是您對存儲和計算的看法與您的一些同行的對比。你能幫助我們理解嗎？

Sure. Thank you, Simon. Well, first of all, let me start by saying we have a unique strategy and a very diversified portfolio. Some of our competitors don't have the breadth and depth of our portfolio. Some of them are just playing compute and storage, some of them play just in storage, some of them only play in networking. And by the way, let's remind ourselves that 1/3 of our recurring revenues come from services, which is unique in our space.

當然。謝謝你，西蒙。好吧，首先，讓我首先說我們有一個獨特的戰略和一個非常多元化的投資組合。我們的一些競爭對手沒有我們產品組合的廣度和深度。有的只玩計算和存儲，有的只玩存儲，有的只玩網絡。順便說一句，讓我們提醒自己，我們 1/3 的經常性收入來自服務，這在我們的領域是獨一無二的。

So we have a unique portfolio, which is incredibly relevant in the megatrends we see in the market. But what we have done really well, I will say, Simon, is we brought all that unique portfolio in an integrated solution and experience through HPE GreenLake. And now the HPE GreenLake is a winning strategy for us because it's very hard to do. One thing is to offer just a subscription model on some sort of solution, but when you leverage on a true as-a-service model across all line of businesses, let me remind you, architecturally, I drove a vision with the team that everything we do, whether you consume it as-a-service or you consume it in a traditional way, that entire experience is delivered now to HPE GreenLake, whether you deploy a compute node somewhere, whether in the [cloud] or premise or at the edge, you need a subscription to that compute node.

因此，我們擁有獨特的產品組合，這與我們在市場上看到的大趨勢非常相關。但我們做得非常好的，我會說，西蒙，我們通過 HPE GreenLake 將所有獨特的產品組合整合到一個集成解決方案和體驗中。現在 HPE GreenLake 對我們來說是一個成功的戰略，因為它很難做到。一件事是只提供某種解決方案的訂閱模式，但是當你在所有業務線中利用真正的即服務模式時，讓我提醒你，在架構上，我與團隊一起推動了一個願景，即一切我們確實如此，無論您是將其作為服務使用還是以傳統方式使用，現在整個體驗都將交付給 HPE GreenLake，無論您是在某處部署計算節點，無論是在 [雲] 或場所還是在邊緣，您需要訂閱該計算節點。

Whether it's the storage business. Now you asked about the storage. This product, HPE Alletra, and Tarek mentioned this, is the fastest growing product in the history of the company, it has grown triple digits on a consistent basis.

無論是存儲業務。現在你問的是存儲。 HPE Alletra 和 Tarek 提到的這個產品是公司歷史上增長最快的產品，它一直保持三位數增長。

And you will see more announcement about this platform going forward, but it was conceived to be a SaaS-led offer. And that's why it's fueling also the recovery revenue as we go forward. And I think the combination of that gives the customers a unique experience instead of buying 3 different things for people, they can consume it all through 1 integrated experience. And that's why we are confident. Now on the Compute side, obviously, that Compute business go through their own processes and cycles, right, because we have CPUs that come on and off at different time of the year or years. But Tarek said, we have 3 concurrent platforms going on that gives us a lot of flexibility to attack specific customer segments with different configure and pricing. And Generation 11 is unique because we address 3 specific needs, the hybrid cloud need, the security need and the workload optimization. And it comes with unique technologies that actually lift the [UP] up because now it's more structural because we're adding DDR5 memory, which basically means more content in through the server.

你會看到更多關於這個平台的公告，但它被認為是一個以 SaaS 為主導的產品。這就是為什麼它在我們前進的過程中也推動了恢復收入。而且我認為這兩者的結合為客戶提供了獨特的體驗，而不是為人們購買 3 種不同的東西，他們可以通過一種綜合體驗來消費這一切。這就是我們有信心的原因。現在在計算方面，顯然，計算業務會經歷自己的流程和周期，對吧，因為我們的 CPU 在一年或幾年的不同時間開啟和關閉。但 Tarek 說，我們有 3 個並發平台在運行，這給了我們很大的靈活性來攻擊具有不同配置和定價的特定客戶群。第 11 代是獨一無二的，因為我們解決了 3 個特定需求，即混合雲需求、安全需求和工作負載優化。它配備了獨特的技術，實際上提升了 [UP]，因為現在它更具結構性，因為我們正在添加 DDR5 內存，這基本上意味著通過服務器輸入更多內容。

And that's why we believe we can manage through this transition. But I mean, if you look at the performance of that business, it was best in class. 90% Year-over-year growth and an amazing 17.6% operating profit. And when you look at some of our competitors, as a combined business, not even come to the same number we delivered just on Compute.

這就是為什麼我們相信我們可以通過這種轉變進行管理。但我的意思是，如果你看一下該業務的表現，它是同類產品中最好的。 90% 的同比增長和驚人的 17.6% 的營業利潤。當您查看我們的一些競爭對手時，作為一個合併的業務，甚至沒有達到我們僅在計算上交付的相同數字。

Our next question will come from Amit Daryanani with Evercore.

我們的下一個問題將來自 Evercore 的 Amit Daryanani。

Thanks for the question and congrats on the quarter. I was wondering if could just talk about what's the timing for the H3C transaction from here? And then how do you think about the usage of the proceeds that you get from here? Because I think if you -- if you sell the stake you have, it would be dilutive by about $0.17 to $0.18 of EPS line. So I'm just wondering how do you think about using the proceeds and offsetting the dilution potentially?

感謝您提出問題並祝賀本季度。我想知道是否可以從這裡談談H3C交易的時間安排？那麼您如何看待從這裡獲得的收益的用途？因為我認為如果你 - 如果你出售你所擁有的股份，它將稀釋每股收益約 0.17 美元至 0.18 美元。所以我只是想知道你如何考慮使用收益和抵消潛在的稀釋？

Yes. So thank you, Amit, for the question on H3C. We exercised the put, as you recall, towards the end of the calendar year of 2022. And we are right now in the process of agreeing the value of our stake with our partners of Unigroup. And this process is going to take a few months and it's going to -- we expect it to complete towards the end of calendar year '23, and we feel reasonably good about the prospects. For the meantime, we continue to consolidate H3C and benefits from the dividends that we received from the company.

是的。所以謝謝你，阿米特，關於 H3C 的問題。如您所知，我們在 2022 日曆年年底行使了認沽權。我們目前正在與紫光集團的合作夥伴就我們的股份價值達成一致。這個過程將需要幾個月的時間——我們預計它會在 23 日曆年年底完成，我們對前景感到相當樂觀。與此同時，我們繼續整合 H3C 並從我們從公司收到的股息中受益。

And we are not deconsolidating H3C at this stage. It's most likely going to be the case of the end of fiscal year '23, when that will happen. And at that point, we will advise both on the impact of dilution from deconsolidation and also the use of proceeds once we receive them. I would like to also emphasize that we continue to have commercial agreements with H3C. Notwithstanding the exercise of the put, those commercial agreements are distinct from the exercise of the put, and we will continue to generate value through those commercial agreements that we have with H3C.

而且我們現階段不會拆分 H3C。這很可能會在 23 財年結束時發生。屆時，我們將就拆分帶來的稀釋影響以及收到收益後的用途提出建議。我還想強調，我們繼續與 H3C 簽訂商業協議。儘管行使了認沽權，但這些商業協議與行使認沽權不同，我們將繼續通過與 H3C 簽訂的這些商業協議創造價值。

Yes. And as always, I mean, listen, we're going to apply the same discipline for returning capital to shareholders and continue to invest in the business at the appropriate time. But until we finish this process, right, it's just to put this icing we have to go through the process and complete the agreement.

是的。和往常一樣，我的意思是，聽著，我們將採用相同的紀律向股東返還資本，並在適當的時候繼續投資業務。但是在我們完成這個過程之前，對，只是為了錦上添花，我們必須完成這個過程並完成協議。

Our next question will come from Sidney Ho with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Sidney Ho。

Congrats on the strong results. So I also have a question on the full year guide being up 3% to 6% -- I think it's 5% to 7%. And obviously, impressive compared to our peer, who just downtake earlier today. But if I look at the midpoint, take a midpoint of your fiscal second quarter guidance, it would assume the second half of the year will be down slightly from the first half which is kind of unseasonal, right? It's normal seasonality is up by call it, 5%.

祝賀你取得了優異的成績。所以我還有一個關於全年指南上漲 3% 到 6% 的問題——我認為是 5% 到 7%。顯然，與我們今天早些時候剛剛下台的同行相比，令人印象深刻。但如果我看中點，取第二財季指導的中點，假設下半年將比上半年略有下降，這有點反季節，對吧？這是正常的季節性，可以稱之為 5%。

Can you talk about what's embedded in your second half revenue guidance? Is that all driven by your view on the macro side? Any onetime item that we should be thinking about in the first half? And maybe how we should think about the backlog helping -- delivering from your backlog help offset some of the demand weakness from a half-over-half basis standpoint.

您能談談您下半年的收入指引中嵌入了什麼嗎？這都是你對宏觀方面的看法所驅動的嗎？上半年我們應該考慮的任何一次性項目？也許我們應該如何考慮積壓的幫助——從你的積壓中交付有助於從一半以上的基礎角度抵消一些需求疲軟。

Okay. A lot of questions into 1 question, but I will try my best. So first and foremost, the revenue growth that we are targeting for the full year is 5% to 7%, which at the midpoint is 6%, which is double of what we originally anticipated. And that is because of all the puts and takes in our portfolio and the way we see supply easing on 1 side, also demand continuing unevenly although across our portfolio.

好的。很多問題變成1個問題，但我會盡力而為。因此，首先，我們全年的收入增長目標是 5% 到 7%，中間值是 6%，是我們最初預期的兩倍。這是因為我們投資組合中的所有看跌期權和看跌期權，以及我們看到一方面供應放鬆的方式，儘管在我們的投資組合中，需求也持續不平衡。

And if you really look at our EPS guide, 1 thing I would like to emphasize for everyone on the call is that we did beat the midpoint of our guide by $0.09 and $0.03 of that beat pertained to OI&E and had to do with foreign exchange gains that are not operational. We continue to view OI&E on the full year basis being an expense of USD 20 million to USD 40 million due to elevated interest expenses.

如果你真的看看我們的 EPS 指南，我想在電話會議上向每個人強調的一件事是，我們確實比指南的中點高出 0.09 美元，其中 0.03 美元與 OI&E 有關，並且與外匯收益有關無法運行。由於利息支出增加，我們繼續認為全年 OI&E 支出為 2000 萬美元至 4000 萬美元。

And there is also in our guidance, the potential impact from FX volatility. And so what is baked into our guidance is just that our current view to the best of our knowledge, of the macro environment, the impact of interest rates and also the impact of foreign exchange rates that we see at this stage, knowing that things can evolve. It's also important to note that this is our first quarter. We still have 9 months to go, and we want to make sure that we remain prudent in the current circumstance where the macro environment remains uncertain.

我們的指南中也提到了外匯波動的潛在影響。因此，我們的指南中包含的只是我們目前對宏觀環境、利率的影響以及我們現階段看到的外匯匯率的影響的看法，知道事情可以發展。同樣重要的是要注意這是我們的第一季度。我們還有 9 個月的時間，我們要確保在當前宏觀環境仍然不確定的情況下保持謹慎。

Sidney, thanks very much, and we'll take 2 more questions, Anthony?

西德尼，非常感謝，我們將再回答兩個問題，安東尼？

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

我們的下一個問題將來自美國銀行的 Wamsi Mohan。

Can you talk a little bit about how much incremental orders in your backlog you were able to satisfy versus what you had anticipated going into the quarter given the fact that some of these supply chain improvements came through the course of the quarter? And can you also maybe help us think through what you're expecting from an FX headwind now in fiscal '23 relative to your SAM guide of a $0.30 headwind to EPS.

考慮到其中一些供應鏈改進是在本季度進行的，您能否談談您能夠滿足的積壓訂單增量與您對本季度的預期？您是否也可以幫助我們考慮一下您對 23 財年外匯逆風的預期，相對於您的 SAM 指南，每股收益 0.30 美元的逆風。

Thanks, Wamsi. I will answer the first part and Tarek, on the second part. I mean not enough. I mean, the fact of the matter is that we made some progress, but not enough progress against that very strong order book. And that's why we exit Q1 with 2x normal historical levels. Now we expect that to continue to improve, obviously, throughout the years as supply continue to ease.

謝謝，瓦姆西。我將回答第一部分，Tarek 回答第二部分。我的意思是還不夠。我的意思是，事實是我們取得了一些進展，但相對於非常強勁的訂單來說進展還不夠。這就是為什麼我們以 2 倍的正常歷史水平退出第一季度。現在，隨著供應繼續減少，我們預計這些年來顯然會繼續改善。

But again, we have a good pipeline in front of us. And so the goal is to continue to fill the order book. But when you ask me about how much progress we made in Q1, not enough. If you look at our Intelligent Edge business, it's extremely elevated. Our HPC business, when I look about the future deliveries we have to live is always very, very strong.

但同樣，我們面前有一條很好的管道。因此，目標是繼續填寫訂單。但是當你問我我們在第一季度取得了多少進展時，我說還不夠。如果你看看我們的智能邊緣業務，它會非常高。我們的 HPC 業務，當我展望我們必須生活的未來交付時，總是非常非常強大。

Storage is good, and Compute is still there. So we have work to do, more work to do. And then on FX, I think...

存儲很好，計算仍然存在。所以我們有工作要做，還有更多工作要做。然後在 FX 上，我認為...

Oh, yes. Thank you, Antonio, and thank you, Wamsi. This gives me the opportunity to remind everybody that at SAM in last October, we flagged at least a $0.30 headwind from foreign exchange this fiscal year. Quite honestly, the headwind we have experienced in this quarter of 550 basis points is above what we anticipated. We still feel that we can attain our new guide on revenue growth and EPS, notwithstanding the current FX headwinds, but things can always evolve and this is why we remain prudent in our full year guide with regards to revenue and EPS growth. So that 30-plus percent EPS impacts from FX has risen, but we are managing it and factoring it into our new guide.

哦是的。謝謝 Antonio，也謝謝 Wamsi。這讓我有機會提醒大家，在去年 10 月的 SAM 上，我們標記了本財年外匯逆風至少 0.30 美元。老實說，我們在本季度經歷的 550 個基點的逆風超出了我們的預期。儘管當前存在外匯逆風，但我們仍然認為我們可以實現收入增長和每股收益的新指南，但事情總是會發生變化，這就是為什麼我們在全年收入和每股收益增長指南中保持謹慎。因此，外匯對每股收益的 30% 以上的影響已經上升，但我們正在對其進行管理，並將其納入我們的新指南。

I mean, on that point, I think it's simply remarkable because we have to cover all of that $0.30 started right operationally.

我的意思是，在這一點上，我認為這非常了不起，因為我們必須支付所有開始運營的 0.30 美元。

Yes.

是的。

The fact that we are raising the midpoint from the $2, which included a $0.30 headwind, now $2.06. It shows you that the mix of the business is going in the right direction, the expansion of the margins and the productivity we continue to drive. Despite the fact the FX actually got worse at the time. And the 550 basis point is pretty significant. So I think from our vantage point, we are doing all the right things and we're confident in that guidance we just provided to you.

事實上，我們將中點從 2 美元提高到 2.06 美元，其中包括 0.30 美元的逆風。它向您展示了業務組合正朝著正確的方向發展，利潤率的擴大以及我們繼續推動的生產力。儘管當時外匯實際上變得更糟。 550 個基點非常重要。因此，我認為從我們的角度來看，我們正在做所有正確的事情，並且我們對剛剛提供給您的指導充滿信心。

Thanks very much, Wamsi. And Anthony, last question.

非常感謝，Wamsi。安東尼，最後一個問題。

Our final question will come from Ananda Baruah with Loop Capital.

我們的最後一個問題將來自 Loop Capital 的 Ananda Baruah。

Really appreciate it. Antonio, I would love to get any context you can provide going back to the AI and large language model conversation. Is there any useful way for us to think about the required resources, sort of different and what you're seeing for those applications relative to kind of typical high-performance Compute application resources? And then are you also seeing for those AI type projects, are you also seeing any impact to the storage attach? And then is there any networking attach impact there as well? Would just love context on those rates.

真的很感激。安東尼奧，我很想得到你能提供的任何背景，回到人工智能和大型語言模型對話。有什麼有用的方法可以讓我們考慮所需的資源，與典型的高性能計算應用程序資源相比，這些應用程序有什麼不同？然後你是否也看到了那些人工智能類型的項目，你是否也看到了對存儲附加的任何影響？然後那裡也有任何網絡附加影響嗎？只是喜歡這些費率的背景。

No, thank you. Well, we have been in the AI business now for many years, right? So -- and we have been in the specific AI scale business. One of the key differentiations we have in that business, actually several, right? Number 1 is the -- what you refer to as networking, I call it interconnect fabric. The ability to connect 40,000 GPUs at scale requires a unique differentiated fabric. That's what the Frontier system is all about. And as I think about the next generation of this, we can easily double to 80,000 GPUs because our software and our silicon scales to those levels.

不，謝謝。好吧，我們從事人工智能業務已經很多年了，對吧？所以——我們一直在從事特定的人工智能規模業務。我們在該業務中的主要差異之一，實際上是幾個，對吧？第一個是——你所說的網絡，我稱之為互連結構。大規模連接 40,000 個 GPU 的能力需要獨特的差異化結構。這就是 Frontier 系統的意義所在。當我想到下一代時，我們可以很容易地翻倍到 80,000 個 GPU，因為我們的軟件和我們的芯片可以擴展到這些水平。

And so that's a unique value proposition that you don't get in the traditional commoditized cloud environment. The other key differentiation we have is the programming environment we acquired to the Cray acquisition because when you develop these AI models, you have to deploy it and you have to manage it at scale to take advantage of the massive set of capabilities. That also is a unique software value proposition that's very hard to duplicate.

因此，這是您在傳統商品化雲環境中無法獲得的獨特價值主張。我們擁有的另一個關鍵區別是我們獲得的編程環境與 Cray 的收購，因為當你開發這些人工智能模型時，你必須部署它並且你必須大規模地管理它以利用大量的功能。這也是一個很難復制的獨特軟件價值主張。

And then last but not least, to be able to leverage all these wonderful capabilities, you have to be able to prepare the data. And the data pipeline requires a lot of work upfront because it has to be clean and compliance and all of that. And that's why our acquisitions like the Determined AI and Pachyderm, in particular, now allows us to automate to that data pipeline. But we are not stopping there. We continue to move up and build what I call the platform-as-a-service for developers so they can take advantage of this automation for the data, train the models and then deploy the model. And if they need a supercomputing type of capabilities, we will be there for them. So that's why I said early on, we are a unique point in time where an inflection in the market intersects a unique set of capabilities, which we intend to fully capitalize top to bottom, not just on the hardware level, but all the way to the software level. And you will hear more about that as we come to the next months and quarters.

最後但同樣重要的是，要能夠利用所有這些出色的功能，您必須能夠準備數據。數據管道需要大量的前期工作，因為它必須乾淨、合規等等。這就是為什麼我們收購了 Determined AI 和 Pachyderm，特別是現在讓我們能夠自動化該數據管道。但我們並沒有就此止步。我們繼續向上移動並為開發人員構建我稱之為平台即服務的東西，以便他們可以利用這種數據自動化、訓練模型然後部署模型。如果他們需要超級計算類型的功能，我們會為他們提供幫助。所以這就是為什麼我早些時候說，我們是一個獨特的時間點，市場的拐點與一組獨特的能力相交，我們打算從上到下充分利用這些能力，不僅僅是在硬件層面，而是一直到軟件層面。在接下來的幾個月和幾個季度中，您會聽到更多相關信息。

And I'm really excited about that opportunity because we already have customers coming to us, we need that, and they are generally enterprise customers that deploy these large case model that they don't want to spend hundreds of millions of dollars, but they want to use it as-a-service.

我對這個機會感到非常興奮，因為我們已經有客戶來找我們，我們需要這樣，他們通常是部署這些大型案例模型的企業客戶，他們不想花費數億美元，但他們想將其用作服務。

Okay. Well, thank you, everyone. I always appreciate you making the time to talk to us. I know today was an incredible busy day about all the earnings being posted. But let me remind you a couple of things. I mean, first of all, today, results is not a coincidence. It's a combination of many things we have done over a longer period of time. It is the fact that we have a unique strategy, we have been consistently executing with discipline at all levels, driving cost discipline, productivity, investing organically and inorganically to bolster our unique portfolio aligned to those trends we discussed today.

好的。嗯，謝謝大家。我一直很感激你抽出時間與我們交談。我知道今天是令人難以置信的忙碌的一天，因為所有的收入都被公佈了。但是讓我提醒你幾件事。我的意思是，首先，今天的結果並非巧合。這是我們在較長時間內所做的許多事情的結合。事實上，我們有一個獨特的戰略，我們一直在各級執行紀律，推動成本紀律、生產力、有機和無機投資，以加強我們與我們今天討論的趨勢相一致的獨特投資組合。

We generated a record-setting performance in the first quarter for our shareholders. It was the highest revenue quarter since 2016. We delivered the best non-GAAP operating profit and the highest ever EPS net diluted earnings per share. And I believe we are very well positioned to navigate this uneven market. As always, there is always more work to do, no question about that. But I think we have a world-class team, a unique culture and customers want us to be there for them through this tradition. So thank you very much, and I will forward to see you at the next call or in one of the conference calls we do with you.

我們在第一季度為股東創造了創紀錄的業績。這是自 2016 年以來收入最高的季度。我們實現了最好的非 GAAP 營業利潤和有史以來最高的 EPS 淨稀釋每股收益。而且我相信我們已經做好充分準備來駕馭這個不平衡的市場。一如既往，總是有更多的工作要做，這是毫無疑問的。但我認為我們擁有一支世界一流的團隊，一種獨特的文化，客戶希望我們通過這一傳統為他們服務。非常感謝你，我會在下一次電話會議或我們與你舉行的電話會議中與你見面。

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。