惠普企業 (HPE) 2023 Q2 法說會逐字稿

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

晚上好，歡迎來到惠普企業 2023 財年第二季度收益電話會議。我叫查克，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 would like to turn the conference over to your host for today's call, Mr. Kirt Karros, Senior Vice President, Treasurer and Investor Relations. Please proceed, sir.

我想將會議轉交給今天的主持人，財務主管和投資者關係高級副總裁 Kirt Karros 先生。請繼續，先生。

Thank you, Chuck, and good afternoon, good evening, everyone. I'm Kirt Karros, Senior Vice President, Treasurer and Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2023 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.

謝謝查克，大家下午好，晚上好。我是 Kirt Karros，Hewlett Packard Enterprise 高級副總裁兼財務主管和投資者關係。歡迎大家參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2023 財年第二季度收益電話會議；和 HPE 執行副總裁兼首席財務官 Tarek Robbiati。

Before handing the call to Antonio, 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 Investor Relations web page.

在將電話轉給 Antonio 之前，讓我提醒您，此電話正在網絡直播中。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 投資者關係網頁上發布了新聞稿和隨新聞稿發布的幻燈片。

Elements of the financial information referenced on this 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 any such forward-looking statements.

本次電話會議中引用的財務信息的要素是前瞻性的，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，也不打算更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended April 30, 2023. 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.

我們還注意到，本次電話會議上討論的財務信息反映了基於​​目前可用信息的估計，可能與 HPE 截至 2023 年 4 月 30 日財季的 Form 10-Q 季度報告中最終報告的金額存在重大差異。有關更多信息詳細信息請參見與涉及風險、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。

For financial information, we've expressed on a non-GAAP basis, we 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. Throughout this conference call, all revenue growth rates, unless otherwise noted, are presented on a year-over-year basis and adjusted to exclude the impact of currency.

對於財務信息，我們在非 GAAP 基礎上表示，我們在我們的網站上提供了與可比 GAAP 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。在整個電話會議中，除非另有說明，否則所有收入增長率均按年計算並進行調整以排除貨幣的影響。

Finally, after Antonio provides his high-level remarks, Tarek will be referencing the slides in our earnings presentation throughout his prepared remarks.

最後，在 Antonio 發表了他的高級評論之後，Tarek 將在他準備好的評論中引用我們收益演示中的幻燈片。

With that, let me turn it over to you, Antonio.

有了這個，讓我把它交給你，安東尼奧。

Well, thanks, Kirt, and good afternoon. Thank you, everyone, for joining today. In the second quarter, HPE increased total revenues, drove larger contributions from recurring revenues and expanded overall profitability. I attribute this case to 2 primary factors: first, our strategy to pivot our portfolio to higher growth, higher margin areas is working; and second, we are operating with strong discipline.

好吧，謝謝，柯特，下午好。謝謝大家今天的加入。在第二季度，HPE 增加了總收入，推動了經常性收入的更大貢獻，並擴大了整體盈利能力。我將這種情況歸因於兩個主要因素：首先，我們將投資組合轉向更高增長、更高利潤領域的戰略正在發揮作用；其次，我們的經營紀律嚴明。

In a market that continues to be dynamic, we grew our revenue 9% year-over-year to $7 billion. Our annualized revenue run rate, or ARR, increased 38% year-over-year to $1.1 billion. We grew year-over-year revenue across our key segments, except in Compute, with our Intelligent Edge and High-Performance Computing and AI segments delivering particularly standout growth, even though the potential in our HPC & AI segment was somewhat impacted by customer acceptance of certain large deals.

在一個持續充滿活力的市場中，我們的收入同比增長 9% 至 70 億美元。我們的年度收入運行率 (ARR) 同比增長 38% 至 11 億美元。儘管我們的 HPC 和 AI 細分市場的潛力受到客戶接受度的影響，但我們的關鍵細分市場的收入同比增長，但計算除外，我們的智能邊緣和高性能計算以及 AI 細分市場實現了特別顯著的增長某些大宗交易。

HPE achieved exceptional profitability in the second quarter, increasing our non-GAAP gross margins a full 200 basis points to 36.2%, a new record. Our deliberate portfolio mix shift strategy supported by our operating discipline helped us generate a non-GAAP operating margin of 11.5%, up 220 basis points from a year ago. Non-GAAP diluted net earnings per share rose 18% year-over-year to $0.52, at the high end of our second quarter outlook. Free cash flow generated in the quarter was nearly $290 million, an increase of about $500 million from the prior year.

HPE 在第二季度實現了卓越的盈利能力，將我們的非 GAAP 毛利率提高了整整 200 個基點，達到 36.2%，創下新紀錄。在我們的運營紀律的支持下，我們深思熟慮的投資組合轉變戰略幫助我們實現了 11.5% 的非 GAAP 營業利潤率，比一年前增加了 220 個基點。非 GAAP 稀釋後每股淨收益同比增長 18% 至 0.52 美元，處於我們第二季度展望的高端。本季度產生的自由現金流接近 2.9 億美元，比上年增加約 5 億美元。

As a result of our second quarter performance and our expectations of profitability will increase this fiscal year, we are raising our full year GAAP and non-GAAP diluted net earnings per share guidance. Tarek will share further details about our full year updated guidance, including operating profit expectations, later in our call.

由於我們第二季度的業績以及我們對本財年盈利能力預期的提高，我們正在上調全年 GAAP 和非 GAAP 稀釋後每股淨收益指引。 Tarek 將在稍後的電話會議中分享有關我們全年更新指南的更多詳細信息，包括營業利潤預期。

Our portfolio diversification is a clear strength in winning the business of customers who are taking a data-first approach to modernize their IT estates. The relevance of our strategy at the edge in hybrid cloud and AI delivered through our HPE GreenLake edge-to-cloud platform is enabling us to navigate the dynamic macroeconomic environment. In the second quarter, we saw some decline in the health of macroeconomic conditions, causing unevenness in customer demand, particularly in general purpose compute.

我們的產品組合多元化是贏得採用數據優先方法實現 IT 資產現代化的客戶業務的明顯優勢。我們通過 HPE GreenLake 邊緣到雲平台交付的混合雲和人工智能邊緣戰略的相關性使我們能夠駕馭動態的宏觀經濟環境。在第二季度，我們看到宏觀經濟狀況的健康狀況有所下降，導致客戶需求不平衡，特別是在通用計算方面。

We also see unevenness when comparing customer size, industry or geography. European, Asian and midsized company deals are holding up better than expected, while large enterprise businesses and customers in certain sectors such as financial services and manufacturing in North America have been more conservative with their spend.

在比較客戶規模、行業或地域時，我們也看到了不平衡。歐洲、亞洲和中型企業的交易表現好於預期，而北美金融服務和製造業等某些行業的大型企業和客戶在支出方面更為保守。

In the last few months, sales cycles have elongated because customers are more reluctant to quickly commit to large projects or some will seek additional internal approvals at the time of the order. We continue to focus on our sale processes to accelerate closing deals wherever possible.

在過去的幾個月裡，銷售週期已經延長，因為客戶更不願意快速承諾大型項目，或者有些人會在下訂單時尋求額外的內部批准。我們繼續專注於我們的銷售流程，以盡可能加快完成交易。

Our order book at the end of Q2 remains elevated at more than 1.5x the size of normalized historical levels. In the area of high-growth Intelligent Edge, HPC & AI and the HPE GreenLake business order books are especially large.

我們在第二季度末的訂單仍然高於正常歷史水平的 1.5 倍以上。在高增長的 Intelligent Edge 領域，HPC & AI 和 HPE GreenLake 業務訂單尤其多。

Before I provide some business highlights, I want to be sure you saw the announcement we made last Friday related to our relationship with H3C Technologies. After successfully closing negotiations, we announced that Unis will purchase all our shares in H3C for $3.5 billion in cash, subject to certain required regulatory approvals and closing conditions. Importantly, from the China market perspective, we are pleased that we have agreed to the terms of a new go-forward commercial agreement that we will enter with H3C. Tarek will share more in his remarks.

在我提供一些業務亮點之前，我想確保您看到了我們上週五發布的有關我們與 H3C Technologies 關係的公告。在成功結束談判後，我們宣布紫光將以 35 億美元現金購買我們在 H3C 的所有股份，但須符合某些必要的監管批准和成交條件。重要的是，從中國市場的角度來看，我們很高興同意我們將與 H3C 簽訂的新商業協議的條款。 Tarek 將在他的發言中分享更多內容。

Our HPE GreenLake platform continues to power the growth of our software infrastructure and services, capturing more than $10 billion in total contract value for the first time this quarter. HPE GreenLake also drove our ARR to $1.1 billion in the second quarter with an increasing portion coming from margin-rich software and services, which now is 66% of our total ARR mix.

我們的 HPE GreenLake 平台繼續推動我們軟件基礎設施和服務的增長，本季度合同總價值首次超過 100 億美元。 HPE GreenLake 在第二季度也將我們的 ARR 推高至 11 億美元，其中越來越多的部分來自利潤豐厚的軟件和服務，現在占我們總 ARR 組合的 66%。

Our Other Service business continued to expand our opportunities pipeline, though orders this quarter dipped slightly 8% year-over-year. This was driven by a very tough comparison to fiscal year Q2 2022 when orders more than doubled. We have had a great ramp with our HPE GreenLake for private cloud enterprise offering, which advances customers' hybrid cloud environments with a consistent intuitive cloud operating experience.

我們的其他服務業務繼續擴大我們的機會渠道，儘管本季度的訂單同比略微下降 8%。這是由於與 2022 財年第二季度的訂單增長了一倍多相比非常艱難。我們的 HPE GreenLake for private cloud enterprises 產品取得了巨大的進步，它通過一致直觀的雲操作體驗提升了客戶的混合雲環境。

Global engineering company, Danfoss, selected HPE GreenLake for private cloud enterprise as a part of an effort to transform its global IT strategy. With HPE GreenLake for private cloud enterprise, the company moved its IT to an agile sprint-based environment that aligns the right workload on the right platform always -- while significantly reducing its carbon footprint.

全球工程公司 Danfoss 為私有云企業選擇了 HPE GreenLake，作為其全球 IT 戰略轉型努力的一部分。借助面向私有云企業的 HPE GreenLake，該公司將其 IT 轉移到基於衝刺的敏捷環境，該環境始終將正確的工作負載調整到正確的平台上，同時顯著減少其碳足跡。

We continue to innovate the HPE GreenLake edge-to-cloud platform. To complement our organic innovation earlier this month, we completed our acquisition of OpsRamp, whose hybrid digital operations management solutions have enhanced our HPE GreenLake platform by providing visibility, observability and control across multi-vendor and multi-cloud IT environments. We are already getting very positive feedback from customers and partners. With the integration of OpsRamp technology into the HPE GreenLake in Q3, we enter a $39 billion IT operations management market.

我們不斷創新 HPE GreenLake 邊緣到雲平台。為了補充我們本月早些時候的有機創新，我們完成了對 OpsRamp 的收購，其混合數字運營管理解決方案通過提供跨多供應商和多雲 IT 環境的可見性、可觀察性和控制來增強我們的 HPE GreenLake 平台。我們已經從客戶和合作夥伴那裡得到非常積極的反饋。通過在第三季度將 OpsRamp 技術集成到 HPE GreenLake 中，我們進入了價值 390 億美元的 IT 運營管理市場。

HPE GreenLake is a performance driver across our portfolio, and we are seeing this value across our business segments. Let me provide a few segment highlights. Intelligent Edge had a standout quarter. HPE Aruba Networking has exceeded our expectations in revenue and margin terms, in part because customers are adding more cloud software services to recently deliver infrastructure, which will add to recurring revenue in future quarters. This is the second consecutive quarter of more than $1 billion in revenue in this segment and the 11th consecutive quarter of year-over-year revenue growth.

HPE GreenLake 是我們產品組合的性能驅動因素，我們在各個業務部門都看到了這一價值。讓我提供一些細分市場亮點。 Intelligent Edge 有一個突出的季度。 HPE Aruba Networking 在收入和利潤率方面超出了我們的預期，部分原因是客戶正在為最近交付的基礎設施添加更多雲軟件服務，這將增加未來幾個季度的經常性收入。這是該領域收入連續第二個季度超過 10 億美元，也是收入連續第 11 個季度同比增長。

We continue to drive innovation and expand our addressable market at the edge. Through our acquisition of cloud security provider, Axis Security, we have expanded our SASE, Secure Access Service Edge, offering. And with the soon-to-close purchase of Athonet, we are doubling down on Private 5G. The combination of Axis Security, Athonet and our world-class HPE Aruba Networking Intelligent Edge capabilities gives HP one of the most comprehensive connected edge portfolios in the market. We expect these businesses to continue to grow in the quarters ahead.

我們繼續推動創新並擴大我們在邊緣的潛在市場。通過收購雲安全提供商 Axis Security，我們擴展了 SASE（安全訪問服務邊緣）產品。隨著即將完成的對 Athonet 的收購，我們正在加倍投入 Private 5G。 Axis Security、Athonet 和我們世界一流的 HPE Aruba Networking 智能邊緣功能的結合使惠普成為市場上最全面的連接邊緣產品組合之一。我們預計這些業務將在未來幾個季度繼續增長。

In our HPC & AI business, we saw a significant sequential increase in orders this quarter, with a noteworthy uptick across customer segments from Fortune 500 companies, including a large cloud provider, to digital native start-ups looking for optimized AI supercomputing solutions.

在我們的 HPC 和 AI 業務中，本季度我們看到訂單顯著連續增長，從財富 500 強公司（包括大型雲提供商）到尋求優化 AI 超級計算解決方案的數字原生初創企業的客戶群都有顯著增長。

HPE is winning in AI because we deliver an end-to-end portfolio designed for the full spectrum of enterprise AI workloads and use cases, spanning large-scale model development, training and inferencing. Customers are attracted to HPE's market-leading supercomputing capabilities, differentiated interconnect IP, AI-specific software and services expertise.

HPE 在 AI 領域取得成功，因為我們提供了一個端到端的產品組合，專為全方位的企業 AI 工作負載和用例而設計，涵蓋大規模模型開發、培訓和推理。客戶被 HPE 市場領先的超級計算能力、差異化互連 IP、AI 專用軟件和服務專業知識所吸引。

Since the start of the second quarter, we have won multiple large contracts totaling more than $800 million from large cloud providers and enterprise customers that will develop, train and run AI models. Most of these contracts exceed $100 million each. We expect this pipeline to continue to grow and anticipate these deals will generate significant revenue in later quarters.

自第二季度開始以來，我們從大型雲提供商和企業客戶那裡贏得了多項總計超過 8 億美元的大型合同，這些合同將開發、訓練和運行 AI 模型。這些合同中的大多數每份都超過 1 億美元。我們預計這條管道將繼續增長，並預計這些交易將在以後幾個季度產生可觀的收入。

For example, in Q2, HPE won an AI-focused deal with Crusoe Energy, a cloud provider pioneering infrastructure that taps into stranded energy like wasted methane or trapped renewable energy to power compute resources. Using HPE Cray supercomputers as a generative AI foundation, Crusoe will enable customers to train and run scaled AI models in a sustainable way. Crusoe's mission is to align the future of computing with the future of the climate, and this deal enables a significant offering of a climate-aligned supercomputer service solution.

例如，在第二季度，HPE 贏得了與 Crusoe Energy 的一項以人工智能為重點的交易，Crusoe Energy 是一家開創性基礎設施的雲提供商，利用廢棄的甲烷或捕獲的可再生能源等擱淺能源為計算資源提供動力。使用 HPE Cray 超級計算機作為生成人工智能的基礎，Crusoe 將使客戶能夠以可持續的方式訓練和運行擴展的人工智能模型。 Crusoe 的使命是使計算的未來與氣候的未來保持一致，這項交易使得能夠提供與氣候相關的超級計算機服務解決方案。

Just last week, the Top 500 Supercomputer List was released, and HPE systems comprise more than 1/3 of the top 100 most powerful systems in the world, including Frontier in the #1 spot. In this latest evaluation, the performance of Frontier, the world's first exascale supercomputer, jumped by another 8%.

就在上週，超級計算機 500 強榜單發布，全球 100 強最強大系統中，慧與系統佔 1/3 以上，其中 Frontier 位居第一。在此次最新測評中，全球首台百億億級超級計算機Frontier的性能又躍升了8%。

In the quarter, we recognized a portion of the total revenue of our second exascale system called Aurora for Argonne National Laboratory. Aurora will develop a series of generative AI models to run on the HPE Cray EX supercomputer, which includes HPE Slingshot, a proven Ethernet interconnect that can scale to the system's more than 60,000 GPUs and more than 21,000 CPUs. Aurora is expected to deliver more than 2 exaflops of peak performance computing.

在本季度，我們為阿貢國家實驗室確認了第二個百億億級系統 Aurora 總收入的一部分。 Aurora 將開發一系列在 HPE Cray EX 超級計算機上運行的生成式 AI 模型，其中包括 HPE Slingshot，這是一種經過驗證的以太網互連，可以擴展到系統的 60,000 多個 GPU 和 21,000 多個 CPU。 Aurora 有望提供超過 2 exaflops 的峰值性能計算。

Argonne plans to open the generative AI models to scientific community for a range of research, including an initial focus on accelerating drug discovery and cancer research. AI is a significant profitable growth opportunity for HPE and our shareholders in a space where HPE has unique differentiation, evidenced in the momentum of our business.

Argonne 計劃向科學界開放生成式 AI 模型以進行一系列研究，包括最初的重點是加速藥物發現和癌症研究。在 HPE 具有獨特差異化的領域，AI 對 HPE 和我們的股東來說是一個重要的盈利增長機會，這在我們的業務發展勢頭上得到了證明。

In just a few weeks, we will host our annual customer event, HPE Discover, where we'll make breakthrough announcements in HPE GreenLake, hybrid cloud and AI solutions that we anticipate will accelerate the demand for our differentiated portfolio. We hope many of you will join us in Las Vegas to see our strategy and diverse offerings come to life.

幾週後，我們將舉辦年度客戶活動 HPE Discover，屆時我們將發布 HPE GreenLake、混合雲和 AI 解決方案方面的突破性公告，我們預計這些解決方案將加速對我們差異化產品組合的需求。我們希望你們中的許多人能加入我們在拉斯維加斯的行列，見證我們的戰略和多樣化的產品成為現實。

In our Storage segment, our pivot to IP-owned products continue to get traction in the market, shown by the impressive ramp of HPE Alletra offerings. HPE Alletra revenue increased more than 100% year-over-year. In April, we announced new storage services, HPE GreenLake for Block Storage and HPE GreenLake for File Storage. The new services leverage HPE Alletra Storage, a simplified data life cycle management, with an intuitive cloud operations to store, manage and protect customers' data wherever it resides.

在我們的存儲領域，我們轉向擁有 IP 的產品繼續在市場上受到關注，HPE Alletra 產品令人印象深刻的增長就證明了這一點。 HPE Alletra 收入同比增長超過 100%。 4 月，我們發布了新的存儲服務，HPE GreenLake 塊存儲和 HPE GreenLake 文件存儲。新服務利用 HPE Alletra Storage，一種簡化的數據生命週期管理，通過直觀的雲操作來存儲、管理和保護位於任何位置的客戶數據。

In the month between launch and the close of the quarter, customer orders for the solutions were strong. For example, the Dallas Cowboys selected HPE GreenLake for Block Storage because they believe the simple management, efficient scale and high performance delivered by a new solution will add even more value to their IT operations and customer experience.

從發佈到本季度末的一個月內，客戶對解決方案的訂單非常強勁。例如，達拉斯牛仔隊選擇 HPE GreenLake 用於塊存儲，因為他們相信新解決方案提供的簡單管理、高效擴展和高性能將為他們的 IT 運營和客戶體驗增加更多價值。

In Compute, our continued focus on pricing discipline has added to the segment's profit contribution. We continue to see some sluggishness from large accounts, many of which have placed large orders when industry supply was more constrained. As we look ahead, we are focused on unit growth in other segments of the market.

在計算領域，我們對定價紀律的持續關注增加了該部門的利潤貢獻。我們繼續看到大客戶的一些低迷，其中許多客戶在行業供應受到更多限制時下了大筆訂單。展望未來，我們專注於市場其他領域的單位增長。

We are executing our strategy and delivering strong results, including year-over-year revenue growth, record gross margin and expanded earnings. HPE's year-over-year revenue growth, earnings per share expansion and consistent increase in ARR contribution over the last 2-plus years demonstrate the effectiveness of our strategy and shift in our portfolio to higher-growth, higher-margin areas rich in software and services.

我們正在執行我們的戰略並取得強勁的業績，包括收入同比增長、創紀錄的毛利率和擴大的收益。在過去 2 年多的時間裡，HPE 的收入同比增長、每股收益增長和 ARR 貢獻的持續增長證明了我們戰略的有效性，並將我們的產品組合轉移到增長更快、利潤更高的軟件和軟件領域服務。

Our strong operational discipline continues to drive operating leverage across the company. I'm personally proud of the 60,000 team members for its commitment to both think and innovation is helping our customers achieve their goals.

我們嚴格的運營紀律繼續推動整個公司的運營槓桿。我個人為 60,000 名團隊成員感到自豪，因為他們對思考和創新的承諾正在幫助我們的客戶實現他們的目標。

Our customers are counting on HPE as a key partner to help them capture opportunities ahead from the edge, to hybrid cloud, to AI. While the macroeconomic environment may introduce more uncertainty in the short term, I am confident that our winning strategy, diverse portfolio and continued innovation position us well to deliver for our customers and shareholders.

我們的客戶依靠慧與作為關鍵合作夥伴，幫助他們抓住從邊緣、混合雲到人工智能的機遇。雖然宏觀經濟環境可能在短期內帶來更多不確定性，但我相信我們的製勝戰略、多樣化的產品組合和持續的創新將使我們能夠很好地為我們的客戶和股東提供服務。

I now would like Tarek to provide business segment details and specifics about our progress. So Tarek, over to you.

我現在希望 Tarek 提供業務部門的詳細信息和有關我們進展的細節。所以 Tarek，交給你了。

Thank you very much, Antonio. I will start with a summary of our financial results for the second quarter of fiscal year '23. As usual, I will reference slides from our earnings presentation to guide you through our performance. Antonio discussed key highlights for Q2 '23 on Slide 4. Let me discuss our Q2 performance details, starting with Slide 5.

非常感謝你，安東尼奧。我將從我們 23 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來指導您了解我們的表現。 Antonio 在幻燈片 4 上討論了 Q2 '23 的主要亮點。讓我從幻燈片 5 開始討論我們的 Q2 性能細節。

I would characterize this quarter as solid overall despite the uneven demand indicators across our portfolio, particularly in Compute, with continued demand and outstanding performance in our Intelligent Edge business as a standout. We are very pleased that we are successfully driving further diversification of our business mix towards our higher-growth, higher-margin portfolio of Intelligent Edge, HPC & AI and HPE GreenLake solutions. During the quarter, net revenues grew 56% year-over-year in Edge, 22% year-over-year in HPC & AI and the HPE GreenLake ARR grew 38% year-over-year, all in constant currency.

儘管我們的產品組合中的需求指標不均衡，尤其是在計算方面，但我認為本季度總體上是穩健的，我們的智能邊緣業務的持續需求和出色表現尤為突出。我們很高興我們正在成功地推動我們的業務組合進一步多元化，以實現我們更高增長、更高利潤的智能邊緣、HPC 和 AI 以及 HPE GreenLake 解決方案組合。本季度，Edge 的淨收入同比增長 56%，HPC 和 AI 的淨收入同比增長 22%，HPE GreenLake ARR 同比增長 38%，均按固定匯率計算。

The pivot of our portfolio towards higher-growth, higher-margin markets is clearly visible in the expansion of gross margins and our strategy is working. While we remain confident about our fiscal year '23 and beyond, we are also realistic. Demand through much of the past 2 years has been above trend as attested by our growing order book over the fiscal year '20 to '22 period throughout our business, including Compute, which is very cyclical in nature.

我們的投資組合轉向更高增長、更高利潤率的市場，這在毛利率的擴張中顯而易見，我們的戰略正在發揮作用。雖然我們對 23 財年及以後的財政年度充滿信心，但我們也很現實。在過去 2 年的大部分時間裡，需求一直高於趨勢，我們在 20 至 22 財年整個業務中不斷增長的訂單證明了這一點，包括 Compute，這在本質上是非常週期性的。

Demand shifted from fiscal year '22 and -- to uneven in Q1 and was even more uneven in Q2 across our portfolio. While Q2 revenue of $7 billion equates to a healthy 4% year-over-year growth and 9% year-over-year growth in constant currency, revenues were below our prior guidance range of $7.1 billion to $7.5 billion.

需求從 22 財年轉移到第一季度不均衡，第二季度整個投資組合的需求更加不均衡。雖然第二季度 70 億美元的收入相當於 4% 的健康同比增長和 9% 的固定匯率同比增長，但收入低於我們之前 71 億美元至 75 億美元的指導範圍。

Deal velocity has slowed, particularly in North America in Compute and, to a lesser extent, in Storage. Deal cycles have elongated as customers, primarily our larger compute customers, digest their investments of the past 2 years. This trend has been particularly pronounced for compute in the manufacturing and financial services verticals in North America, in part as a result of loss of confidence in the banking sector. In addition, HPC & AI was affected by several customer acceptances that slipped out of Q2.

交易速度已經放緩，尤其是在北美的計算領域，在較小程度上，在存儲領域。隨著客戶（主要是我們較大的計算客戶）消化他們過去 2 年的投資，交易週期已經延長。這種趨勢在北美製造業和金融服務垂直領域的計算領域尤為明顯，部分原因是人們對銀行業失去了信心。此外，HPC 和 AI 還受到了第二季度的一些客戶接受度的影響。

Despite this, we see several promising indicators. Demand in Q2 grew sequentially, led by HPC & AI and our Intelligent Edge business, Aruba. Aruba continues to grow revenues, both on a year-over-year and on a sequential basis. Overall demand in Compute in the mid-market is stable, including direct enterprise and the channel.

儘管如此，我們還是看到了幾個有希望的指標。在 HPC 和 AI 以及我們的智能邊緣業務 Aruba 的帶動下，第二季度的需求環比增長。 Aruba 的收入繼續增長，無論是同比增長還是環比增長。中端市場對計算的整體需求穩定，包括直接企業和渠道。

Our overall order book at the start of Q3 remains elevated at more than 1.5x normalized historical levels, and we expect the strong momentum in Intelligent Edge to continue. And finally, AI demand is very solid, as you heard from Antonio, and materializing in our pipeline and our order book with several very large deals. More on that later.

我們在第三季度初的整體訂單仍然高於正常化歷史水平的 1.5 倍以上，我們預計 Intelligent Edge 的強勁勢頭將繼續下去。最後，正如你從安東尼奧那裡聽到的那樣，人工智能需求非常穩固，並在我們的管道和我們的訂單簿中實現了幾筆非常大的交易。稍後會詳細介紹。

We also continue to take action to strengthen the portfolio mix shift inorganically across our businesses. We have closed the acquisitions of Axis Security and OpsRamp, and are already winning deals with these assets as part of a broader HPE. I am particularly proud that we have finalized an agreement with our partners at Unis for the sale of our 49% stake through the exercise of our put option for an amount of $3.5 billion. More on that later.

我們還繼續採取行動，加強我們業務的組合組合轉變。我們已經完成了對 Axis Security 和 OpsRamp 的收購，並且已經作為更廣泛的 HPE 的一部分贏得了這些資產的交易。我特別自豪的是，我們已經與我們在 Unis 的合作夥伴達成協議，通過行使我們的看跌期權以 35 億美元的價格出售我們 49% 的股份。稍後會詳細介紹。

In recognition of the Compute weakness, we are adjusting our previously communicated guidance of 5% to 7% revenue growth to 4% to 6% in constant currency. Nevertheless, the combination of our order book, ongoing strength and momentum in Edge and HPC & AI gives us confidence that we will deliver solid FY '23 revenue growth and remain confident in the 2% to 4% revenue CAGR outlook over the FY '22 to FY '25 period that we provided at our 2022 Securities Analyst Meeting in October.

認識到計算方面的弱點，我們將之前傳達的收入增長 5% 至 7% 的指導調整為按固定匯率計算的 4% 至 6%。儘管如此，我們的訂單、Edge 和 HPC & AI 的持續實力和勢頭相結合，使我們有信心實現 23 財年的穩健收入增長，並對 22 財年 2% 至 4% 的收入複合年增長率前景保持信心到我們在 10 月份的 2022 年證券分析師會議上提供的 25 財年期間。

Our non-GAAP gross margin reached a high-water mark of 36.2%. This is up 200 basis points both year-over-year and sequentially. Our margin structure reflects the pivot of our business mix to higher-margin and software-intensive recurring revenue. Our Intelligent Edge business, Aruba, was 19% of total revenue in Q2, up 580 basis points year-over-year. And with Q2 sequential revenue growth in Aruba at 15%, we expect Aruba to represent a larger portion of the company's gross and operating profits by the end of fiscal year '23.

我們的非美國通用會計準則毛利率達到了 36.2% 的高水位線。這比去年同期和環比上升了 200 個基點。我們的利潤率結構反映了我們業務組合向更高利潤率和軟件密集型經常性收入的轉變。我們的智能邊緣業務 Aruba 在第二季度佔總收入的 19%，同比增長 580 個基點。隨著 Aruba 第二季度收入連續增長 15%，我們預計到 23 財年末，Aruba 將占公司毛利潤和營業利潤的更大比例。

As a result, our Q2 '23 non-GAAP operating margin reached 11.5%. This is 220 basis points ahead of Q2 '22 and down just 30 basis points from a record performance in Q1 '23. In addition to the portfolio mix shift towards high-margin businesses, we remain focused on cost control and productivity. Antonio and I remain determined to maintain this focus and to grow revenues faster than OpEx over time.

因此，我們的 Q2 '23 非 GAAP 營業利潤率達到 11.5%。這比 22 年第二季度提前 220 個基點，比 23 年第一季度的創紀錄表現僅下降 30 個基點。除了將投資組合轉向高利潤業務外，我們仍然專注於成本控制和生產力。安東尼奧和我仍然決心保持這一重點，並隨著時間的推移以比 OpEx 更快的速度增長收入。

Our Q2 margin strength drove GAAP diluted net EPS to $0.32 and non-GAAP diluted net EPS to $0.52, at the high end of our guidance range of $0.44 to $0.52. Q2 '23 free cash flow was positive $288 million, an improvement of nearly $500 million over Q2 '22 and $1.6 billion over Q1 '23. We will discuss cash flow in more details later. Having said that, we remain on track to generate between $1.9 billion and $2.1 billion in free cash flow this fiscal year.

我們第二季度的利潤率強勁推動 GAAP 稀釋後淨每股收益達到 0.32 美元，非 GAAP 稀釋後淨每股收益達到 0.52 美元，處於我們 0.44 美元至 0.52 美元指導範圍的高端。 23 年第二季度的自由現金流為正 2.88 億美元，比 22 年第二季度增加了近 5 億美元，比 23 年第一季度增加了 16 億美元。稍後我們將更詳細地討論現金流量。話雖如此，我們仍有望在本財年產生 19 億至 21 億美元的自由現金流。

Finally, we are continuing to return substantial capital to our shareholders. We paid $155 million in dividends and repurchased $106 million in stock this quarter and are on track to buy back at least $500 million worth of shares in fiscal year '23. Our year-to-date total capital returns are $409 million, which reflects our confidence in future cash flow generation.

最後，我們將繼續向股東返還大量資本。本季度我們支付了 1.55 億美元的股息並回購了 1.06 億美元的股票，並有望在 23 財年回購至少價值 5 億美元的股票。我們年初至今的總資本回報為 4.09 億美元，這反映了我們對未來產生現金流的信心。

Moving to Slide 6. We are very pleased to announce our pivot to as-a-Service revenue continues to show strong momentum as ARR surpassed $1.1 billion in Q2 '23. The benefits of easing supply challenges are appearing in our results as ARR growth in constant currency accelerated from 25% in Q4 '22 to 31% in Q1 '23 and now 38% in Q2 '23. Our edge and storage SaaS offerings are the fastest growth components of our as-a-Service portfolio.

轉到幻燈片 6。我們非常高興地宣布，隨著 ARR 在 2023 年第二季度超過 11 億美元，我們轉向即服務收入繼續顯示出強勁勢頭。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%，以及現在 23 年第二季度的 38%，緩解供應挑戰的好處正在我們的結果中顯現出來。我們的邊緣和存儲 SaaS 產品是我們即服務產品組合中增長最快的組件。

Our as-a-Service order decline of 8% in Q2 '23 is a function of a tough compare to Q2 '22, in which orders grew 107% on strength of several large deals. We are comfortable with our robust pipeline, which includes very large enterprise AI wins we recently closed and reiterate our 3-year ARR target of a 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 Q2 '23, our mix of software and services increased another 220 basis points year-over-year to 66%, and we have attained a total TCV well in excess of $10 billion.

我們的即服務訂單在 23 年第二季度下降了 8%，這是與 22 年第二季度相比艱難的結果，其中由於幾筆大交易的力量，訂單增長了 107%。我們對我們強大的管道感到滿意，其中包括我們最近關閉的非常大的企業 AI 勝利，並重申我們的 3 年 ARR 目標，即從 22 財年到 25 財年的複合年增長率為 35% 至 45%。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 年第二季度，我們的軟件和服務組合同比又增加了 220 個基點，達到 66%，我們的 TCV 總額已遠遠超過 100 億美元。

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 grew our revenue 56% year-over-year and exceeded the Rule of 40 for a second consecutive quarter. Most importantly, we grew revenues 15% sequentially and delivered record revenues for a fourth consecutive quarter. We are outgrowing our main competitors and are taking share in some of the largest enterprise customers who are increasingly adopting our software-centric solutions such as EdgeConnect SD-WAN software and our Aruba Central management platform.

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。在智能邊緣，我們的收入同比增長 56%，連續第二個季度超過 40 條規則。最重要的是，我們的收入環比增長了 15%，並連續第四個季度實現了創紀錄的收入。我們正在超越我們的主要競爭對手，並在一些最大的企業客戶中佔有一席之地，這些客戶越來越多地採用我們以軟件為中心的解決方案，例如 EdgeConnect SD-WAN 軟件和我們的 Aruba Central 管理平台。

We have now closed our acquisition of Axis Security, and are already generating SD-WAN and SASE wins in combination. Our acquisition of private 5G player, Athonet, is still pending but already contributing to our pipeline of business. Our operating margin of 26.9% was up more than 1,400 basis points year-over-year and 500 basis points sequentially. We're benefiting from scale and a solid order book that continues to grow. And as a result, we are optimistic about the prospects of our Intelligent Edge business in fiscal year '23 and beyond.

我們現在已經完成了對 Axis Security 的收購，並且已經在 SD-WAN 和 SASE 的組合中獲勝。我們對私人 5G 運營商 Athonet 的收購仍在進行中，但已經為我們的業務渠道做出了貢獻。我們的營業利潤率為 26.9%，同比增長超過 1,400 個基點，環比增長 500 個基點。我們受益於規模和持續增長的穩固訂單。因此，我們對 Intelligent Edge 業務在 23 財年及以後的前景持樂觀態度。

In HPC & AI, revenue grew 22% year-over-year. The emergence of large language models and generative AI has prompted many inquiries from our customer base during the past quarter, which are turning into pipeline and orders. In the past few months, we have multiple large enterprise AI wins totaling more than $800 million and counting. This includes large AI-as-a-Service deals under the GreenLake model.

在 HPC 和 AI 領域，收入同比增長 22%。大型語言模型和生成式 AI 的出現在過去一個季度促使我們的客戶群提出了許多詢問，這些詢問正在轉化為管道和訂單。在過去的幾個月裡，我們贏得了多個大型企業 AI 項目，總額超過 8 億美元，而且還在增加。這包括 GreenLake 模型下的大型人工智能即服務交易。

We believe building and operating large AI models requires unique computational capabilities, including silicon and software, that our great supercomputers and HPC & AI solutions are extremely well positioned to enable. We expect AI demand to drive healthy revenue growth in the future and intend to invest organically and inorganically to fully grasp this opportunity as our acquisitions of Determined AI and Pachyderm attest. The early stage of the AI market, tightness in certain key components and non-linked times in this business means that operating margins in the business unit will continue to fluctuate.

我們相信構建和運行大型 AI 模型需要獨特的計算能力，包括矽和軟件，而我們出色的超級計算機以及 HPC 和 AI 解決方案非常適合實現這些能力。我們預計 AI 需求將在未來推動健康的收入增長，並打算進行有機和無機投資以充分把握這一機會，正如我們對 Determined AI 和 Pachyderm 的收購所證明的那樣。人工智能市場的早期階段，某些關鍵組件的緊張以及該業務的非鏈接時間意味著該業務部門的營業利潤率將繼續波動。

Storage revenue grew 2% year-over-year. HPE Alletra revenue grew triple digits in Q2 for the fourth consecutive quarter, lifting our total all-flash array growth to 20% year-over-year. HPE Alletra is driving a long-term mix shift to higher-margin, software-intensive as-a-Service revenue. We will continue to invest in R&D for our own IP products in this business unit such as our new File-as-a-Service and Alletra MP offerings.

存儲收入同比增長 2%。 HPE Alletra 收入在第二季度連續第四個季度增長三位數，將我們的全閃存陣列總收入同比增長 20%。 HPE Alletra 正在推動向利潤率更高的軟件密集型即服務收入的長期組合轉變。我們將繼續投資於該業務部門中我們自己的 IP 產品的研發，例如我們新的文件即服務和 Alletra MP 產品。

Our Q2 '23 operating margin of 7.9% is down 390 basis points year-over-year as we navigate uneven demand and migrate to our software-defined HPE Alletra, which includes a significant component of SaaS ratable revenue.

我們的 Q2 '23 營業利潤率為 7.9%，同比下降 390 個基點，因為我們應對不均衡的需求並遷移到我們的軟件定義的 HPE Alletra，其中包括 SaaS 可評定收入的重要組成部分。

Compute revenue was down 3% year-over-year to $2.8 billion and down 20% sequentially. The deal elongation and demand softness I discussed previously was most prevalent in the Compute business as our large customers, particularly in manufacturing and financial services in North America, digest the investments they have made in recent years.

計算收入同比下降 3% 至 28 億美元，環比下降 20%。我之前討論的交易延長和需求疲軟在計算業務中最為普遍，因為我們的大客戶，特別是北美的製造業和金融服務業，消化了他們近年來的投資。

Our Compute operating margin of 15.2% exceeded our long-term outlook of 11% to 13% for the sixth consecutive quarter, which attests to the quality of our historical book of business. While we are seeing decreasing commodities cost leading to increased competitive price pressure, we are selling 3 differentiated platforms in the market, Gen10, Gen10 Plus and Gen11, which should allow a gradual management of margins over time.

我們的計算運營利潤率為 15.2%，連續第六個季度超過我們 11% 至 13% 的長期預期，這證明了我們歷史業務的質量。雖然我們看到商品成本下降導致競爭價格壓力增加，但我們在市場上銷售 3 種差異化平台，即 Gen10、Gen10 Plus 和 Gen11，這應該允許隨著時間的推移逐步管理利潤率。

In HPE Services, which is within our Compute, HPC & AI and Storage segments, and excluding HPE GreenLake, orders were down low single digits, and revenues were flat year-over-year. HPE Financial Services revenues rose 7% year-over-year, and financing volume of $1.7 billion grew 17% in constant currency, driven by HPE GreenLake.

在我們的計算、HPC 和 AI 以及存儲部門內的 HPE 服務中，不包括 HPE GreenLake，訂單下降了低個位數，收入同比持平。在 HPE GreenLake 的推動下，HPE 金融服務收入同比增長 7%，按固定匯率計算，融資額為 17 億美元，增長 17%。

Our operating margins were down 280 basis points year-over-year, reflecting rapid interest rate hikes and higher cost of funds that we will gradually offset over time through pricing. Time and time again, this business has proven resilient in a downturn, thanks to the quality of the underlying of the book of business. Throughout the pandemic, our annual loss ratio never exceeded 1%. Our Q2 loss ratio of 50 basis points was below full year 2019 or pre-pandemic levels.

我們的營業利潤率同比下降 280 個基點，反映了利率的快速上漲和資金成本的上升，我們將通過定價逐漸抵消這些成本。由於業務簿基礎的質量，該業務一次又一次地證明在經濟低迷時期具有彈性。在整個大流行期間，我們的年度損失率從未超過 1%。我們的第二季度損失率為 50 個基點，低於 2019 年全年或大流行前的水平。

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, again, grown both our revenue and non-GAAP diluted net EPS in Q2 '23 year-over-year, despite our transition towards a recurring revenue model, an uneven spending environment and FX rates remaining a significant headwind that impacted revenue growth by 480 basis points in Q2 '23.

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。儘管我們向經常性收入模式轉型，但不均衡的支出環境和匯率仍然是影響收入增長的重大逆風，我們在 23 年第二季度的收入和非 GAAP 稀釋淨每股收益再次同比增長23 年第二季度下降 480 個基點。

Slide 9 illustrates the progress we have made in our gross margin structure. Our Q2 '23 non-GAAP gross margin is up 200 basis points year-over-year. Our growing gross profit and margin are a testament to the success of the strategic pivot of our portfolio and the pricing actions we have taken. With 56% year-over-year growth in constant currency, our Intelligent Edge business was a standout and is now representing 19% of total sales in Q2 '23, up 580 basis points from a year ago.

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 Q2 '23 非 GAAP 毛利率同比增長 200 個基點。我們不斷增長的毛利潤和利潤率證明了我們投資組合戰略支點的成功以及我們採取的定價行動。我們的 Intelligent Edge 業務以固定匯率計算同比增長 56%，表現突出，目前佔 23 年第二季度總銷售額的 19%，比一年前增長 580 個基點。

Slide 10 illustrates our non-GAAP operating margin progress, which reached 11.5% in Q2 '23. This is up 220 basis points year-over-year, and it also represents a high watermark for non-GAAP operating profit margin for a Q2 in any year. Again, our portfolio mix shift, pricing strategies and productivity focus are the primary drivers of our operating margin expansion. The Intelligent Edge business not only represented 19% of revenue in the quarter but did so with a record 26.9% operating margin.

幻燈片 10 說明了我們的非 GAAP 營業利潤率進展，在 2023 年第二季度達到了 11.5%。這比去年同期上升了 220 個基點，這也代表了任何一年第二季度非 GAAP 營業利潤率的高水位線。同樣，我們的投資組合轉變、定價策略和生產力重點是我們營業利潤率增長的主要驅動力。 Intelligent Edge 業務不僅佔本季度收入的 19%，而且營業利潤率達到創紀錄的 26.9%。

Turning to the next slide. As you know, we have chosen to exercise our put options on our shares in H3C. We are pleased to have announced earlier that we and our partner, Unisplendour, have come to an agreement and signed a put share purchase agreement that values our 49% stake in H3C at USD 3.5 billion. The next step in the process is to obtain the necessary regulatory approvals and to complete certain conditions necessary for closing. We anticipate that the process to close will require a further 6 to 12 months to complete. However, this time line could be further extended pursuant to the terms of our agreement.

轉到下一張幻燈片。如您所知，我們已選擇行使我們持有的新華三股份的看跌期權。我們很高興早些時候宣布，我們和我們的合作夥伴紫光已達成協議，並簽署了認售股份購買協議，我們持有的 H3C 49% 的股權價值為 35 億美元。該過程的下一步是獲得必要的監管批准並完成關閉所需的某些條件。我們預計關閉流程還需要 6 到 12 個月才能完成。然而，根據我們的協議條款，這個時間線可以進一步延長。

We intend to update our plans for the use of proceeds once the transaction closes. You can assume that we will use the same disciplined return-based framework for evaluating investments, capital returns and maintaining an investment-grade credit rating we have outlined in the past.

我們打算在交易結束後更新我們的收益使用計劃。您可以假設我們將使用同樣嚴格的基於回報的框架來評估投資、資本回報並維持我們過去概述的投資級信用評級。

As part of this framework, we may consider a range of allocation activities, including but not limited to, both organic and strategic investments, return of capital to shareholders, repayment and/or redemption of outstanding debt and general corporate purposes.

作為該框架的一部分，我們可能會考慮一系列分配活動，包括但不限於有機和戰略投資、向股東返還資本、償還和/或贖回未償債務以及一般企業用途。

We have also negotiated the terms of a new go-forward strategic sale agreement to be entered into with H3C that covers the commercial sales, service and reseller arrangements between the companies. We're firmly committed to serving our customers and to continuing to do business in China through both direct sales and our partner, H3C.

我們還與 H3C 就一項新的未來戰略銷售協議的條款進行了談判，該協議涵蓋了公司之間的商業銷售、服務和經銷商安排。我們堅定地致力於服務我們的客戶，並通過直銷和我們的合作夥伴 H3C 繼續在中國開展業務。

Finally, as you see on this slide, we are continuing to benefit from H3C dividends in fiscal year '23, and we'll provide a more detailed update at SAM in October 23 as to our go-forward expectations in this area.

最後，正如您在這張幻燈片上看到的，我們將繼續受益於 23 財年的 H3C 股息，我們將在 10 月 23 日的 SAM 上提供更詳細的更新，說明我們在這一領域的未來預期。

In Q2 '23, we are pleased to have generated a positive $889 million in cash flow from operations and $288 million in free cash flow. Our free cash flow improved by $1.6 billion sequentially from a seasonally low Q1 '23 and was also nearly $500 million above our Q2 '22 free cash flow. 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.

在 23 年第二季度，我們很高興從運營中產生了 8.89 億美元的正現金流和 2.88 億美元的自由現金流。我們的自由現金流比 23 年第一季度的季節性低點連續增加了 16 億美元，也比 22 年第二季度的自由現金流高出近 5 億美元。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 19 億美元至 21 億美元的指導方針。

Net income was the primary driver of our positive free cash flow. Working capital continued to be a use of cash in the quarter. The timing of receipts and payments plus continuing inventory investments have lifted our cash conversion cycle to a positive 24 days in Q2 '23. We expect to exit the year with a neutral cash conversion cycle. Also please remember, we have made significant CapEx investments in HPFS volumes to drive future revenue growth in subsequent quarters.

淨收入是我們正自由現金流的主要驅動力。本季度營運資金繼續使用現金。收支的時間安排加上持續的庫存投資使我們的現金轉換週期在 2023 年第二季度達到正的 24 天。我們預計今年將以中性現金轉換週期結束。另請記住，我們已對 HPFS 量進行了大量資本支出投資，以推動後續季度的未來收入增長。

Now let's turn to our outlook on Slide 13. As we have mentioned, demand for our products and services was more uneven in Q2 '23 across our business than it was in Q1 '23. Macro uncertainty is affecting some of our end markets, yet customer investment is rising in other end markets such as Edge and HPC & AI. We believe our portfolio differentiation will continue to drive market share gains in key markets.

現在讓我們轉向我們對幻燈片 13 的展望。正如我們所提到的，與 23 年第一季度相比，23 年第二季度我們業務對我們產品和服務的需求更加不平衡。宏觀不確定性正在影響我們的一些終端市場，但客戶在其他終端市場（如 Edge 和 HPC & AI）的投資正在增加。我們相信我們的產品組合差異化將繼續推動主要市場的市場份額增長。

We're also entering Q3 '23 still carrying a substantial order book relative to pre-pandemic levels. Let me reiterate that our guidance incorporates our current thinking on the macroeconomic picture, inflationary pressure and FX risk, which is -- which represented a 480 basis point headwind to revenue growth in Q2 '23. I would like to remind you that approximately 50% of our revenue is generated in foreign currencies.

我們也進入了 23 年第三季度，相對於大流行前的水平，訂單量仍然很大。讓我重申一下，我們的指導意見結合了我們目前對宏觀經濟形勢、通脹壓力和外匯風險的看法，這代表了 23 年第二季度收入增長的 480 個基點逆風。我想提醒您，我們大約 50% 的收入是以外幣產生的。

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. We continue to view that as the proper lens for fiscal year '23. For Q3 '23, we expect revenues in the range of $6.7 billion to $7.2 billion. At the midpoint of the range, this represents revenues that are stable year-over-year and most importantly, flat sequentially in reported dollars.

我們在上次財報中表示，我們在 23 財年的財務業績可能比往常更重視上半年。我們繼續將其視為 23 財年的合適鏡頭。對於 23 年第三季度，我們預計收入在 67 億美元至 72 億美元之間。在該範圍的中點，這代表收入同比穩定，最重要的是，按報告的美元計算環比持平。

We expect GAAP diluted net EPS of $0.34 to $0.38 and non-GAAP diluted net EPS of $0.44 to $0.48. This outlook assumes the current levels of demand we have been experiencing remain relatively unchanged, that we continue to make progress on the delivery of our order book and no further deterioration from FX rates.

我們預計 GAAP 稀釋後淨每股收益為 0.34 美元至 0.38 美元，非 GAAP 稀釋後淨每股收益為 0.44 美元至 0.48 美元。這一前景假設我們目前的需求水平保持相對不變，我們繼續在交付訂單方面取得進展，並且匯率不會進一步惡化。

Given the weakness in Compute demand, we are adjusting our previously communicated fiscal year '23 guidance of 5% to 7% revenue growth to 4% to 6% in constant currency, and expect FX to be a 250 to 300 basis point revenue headwind.

鑑於計算需求疲軟，我們將之前公佈的 23 財年收入增長 5% 至 7% 的指導調整為按固定匯率計算的 4% 至 6%，並預計外匯將成為 250 至 300 個基點的收入逆風。

In parallel, we also expect our margin strength from portfolio mix shift to deliver non-GAAP operating profit growth of 6% to 7%, which is up from our prior 5% to 6% view. We are lifting our GAAP diluted net EPS guidance from $1.40 to $1.48 to a new range of $1.42 to $1.50, and raising our non-GAAP diluted net EPS guidance from $2.02 to $2.10 to a new range of $2.06 to $2.14. We reiterate our guidance for free cash flow of $1.9 billion to $2.1 billion.

與此同時，我們還預計我們的投資組合轉變帶來的利潤率優勢將帶來 6% 至 7% 的非 GAAP 營業利潤增長，高於我們之前 5% 至 6% 的預期。我們將我們的 GAAP 稀釋淨每股收益指導從 1.40 美元上調至 1.48 美元至 1.42 美元至 1.50 美元的新範圍，並將我們的非 GAAP 稀釋後淨每股收益指導從 2.02 美元上調至 2.10 美元至 2.06 美元至 2.14 美元的新範圍。我們重申我們對 19 億至 21 億美元自由現金流的指導。

For I&E, we have benefited in the first half '23 from FX hedging costs lower than we originally forecasted. The combination of this plus other anticipated benefits in the second half of '23 now leads us to expect to E&I to be neutral on a full year basis versus our prior expectation of a $20 million to $40 million.

對於 I&E，我們在 23 年上半年受益於低於我們最初預測的外匯對沖成本。加上 23 年下半年的其他預期收益，我們現在預計 E&I 在全年基礎上保持中性，而我們之前的預期為 2000 萬至 4000 萬美元。

In terms of capital returns, we expect to return approximately 60% of free cash to shareholders via dividends and repurchases. And we are maintaining our dividend, and expect to repurchase at least $500 million worth of shares in fiscal year '23.

在資本回報方面，我們預計將通過股息和回購向股東返還約 60% 的自由現金。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。

So to conclude, we see the uneven end market demand in FY '23 as an opportunity for HPE to accelerate our portfolio pivot to faster growth, higher-margin recurring revenues. Antonio and I look forward to continuing our execution momentum through fiscal year '23 and beyond.

因此，總而言之，我們將 23 財年不均衡的終端市場需求視為 HPE 加速我們的投資組合轉向更快增長、更高利潤率經常性收入的機會。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.

現在，讓我們打開它來提問。

(Operator Instructions) And our first question will come from Shannon Cross with Credit Suisse.

（操作員說明）我們的第一個問題將來自瑞士信貸的 Shannon Cross。

Antonio, can you dig a bit more into the significant outperformance you continue to see in Intelligent Edge? You're gaining share. The market remains strong. I know there's some backlog but it seems as if end demand is also remaining pretty solid. So as you look at this business, how should we think about seasonality over the coming quarters because it's been so strong in the first half? How do you think about a more normalized growth rate in the business? And just any more color you can give because it has been such a strong performer.

安東尼奧，你能否更深入地了解你在 Intelligent Edge 中繼續看到的顯著優異表現？你正在獲得份額。市場依然強勁。我知道有一些積壓，但似乎最終需求也保持相當穩定。因此，當您審視這項業務時，我們應該如何考慮未來幾個季度的季節性，因為它在上半年表現如此強勁？您如何看待業務中更正常的增長率？您可以提供更多顏色，因為它的表現非常出色。

Well, thank you, Shannon. We are incredibly pleased about the performance of Intelligent Edge. If you recall, this has been a story in the making since the acquisition of Aruba in 2015, which I completed. And then in 2018, I committed to invest $4 billion over the next 4 years. And the result of this growth is a combination of many things: Number one, a very differentiated portfolio, which is cloud driven. A lot of what we do is SaaS subscription, which drives a lot of infrastructure in the campus and branch but now more and more at the edge of the data center.

好吧，謝謝你，香農。我們對 Intelligent Edge 的性能感到非常滿意。如果您還記得的話，自 2015 年我完成收購 Aruba 以來，這個故事就一直在醞釀之中。然後在 2018 年，我承諾在未來 4 年內投資 40 億美元。這種增長的結果是許多因素的結合：第一，一個非常差異化的產品組合，它是雲驅動的。我們所做的很多事情都是 SaaS 訂閱，它推動了校園和分支機構中的大量基礎設施，但現在越來越多地位於數據中心的邊緣。

Second is the fact that our team has executed extremely well in targeting growth areas in the market by customer segment and verticals and use cases. And then after that, I will say, the cloud AI experience that we've built in the portfolio with the simplicity of use is one of the reasons why customers prefer the HPE Intelligent Edge now delivered through HPE GreenLake offering. And over time, we have added more and more functionality, both organic and inorganically. I think organically, the AIOps is a point of differentiation for us. We talk about AI these days, but we embedded AI in our HPE Aruba Central, now part of the GreenLake, several years ago.

其次，我們的團隊在按客戶群、垂直行業和用例瞄準市場增長領域方面表現非常出色。然後，我要說的是，我們在產品組合中構建的雲 AI 體驗簡單易用，這是客戶更喜歡現在通過 HPE GreenLake 產品提供的 HPE Intelligent Edge 的原因之一。隨著時間的推移，我們添加了越來越多的有機和無機功能。我認為有機地，AIOps 是我們的差異化點。這些天我們談論人工智能，但幾年前我們將人工智能嵌入到我們的 HPE Aruba Central 中，現在是 GreenLake 的一部分。

We added, obviously, the SD-WAN component of our portfolio through the acquisition of Silver Peak. And now as Tarek said, we have closed the Axis Security. And think about it this way, for every $1 of SD-WAN, it should be $1 of SASE attached to it. That's why it was fundamental for us to bolster that type of capability. And then we are very bullish about the opportunity to provide private 5G as an extension of the connectivity layer with Wi-Fi, LAN and SD-WAN. And then over time, we're going to continue to grow our data center footprint because of the organic investments we've made over a number of years, which actually, the differentiation comes from the silicon side and as well as from the software side.

顯然，我們通過收購 Silver Peak 添加了我們產品組合中的 SD-WAN 組件。現在正如 Tarek 所說，我們已經關閉了 Axis Security。並且這樣想，對於每 1 美元的 SD-WAN，它應該附加 1 美元的 SASE。這就是為什麼加強這種能力對我們來說至關重要。然後我們非常看好提供私有 5G 作為 Wi-Fi、LAN 和 SD-WAN 連接層擴展的機會。然後隨著時間的推移，由於我們多年來進行的有機投資，我們將繼續擴大我們的數據中心足跡，實際上，差異化來自矽方面和軟件方面.

80%-plus of our portfolio in the campus and branch has our own silicon. We use our own chipsets. And obviously, the software we deliver to ArubaOS CX is programmable to the silicon. So those are the reasons. I think the use cases continue to be very evident in hospitality. Obviously, as the services sector continue to do well, customers want the connected experience. We see that in health care. I see that as a part of my engagement in the health care since I'm a Director in an insurance company.

我們在園區和分支機構中 80% 以上的產品組合都有我們自己的芯片。我們使用自己的芯片組。顯然，我們提供給 ArubaOS CX 的軟件是可編程的。所以這些就是原因。我認為用例在酒店業中仍然非常明顯。顯然，隨著服務業繼續表現良好，客戶需要互聯體驗。我們在醫療保健領域看到了這一點。我認為這是我參與醫療保健的一部分，因為我是一家保險公司的董事。

We see that in manufacturing through automation and robotics. If you're not connected, obviously, you can't deliver any of that. But in the end, it's all about the digitization of enterprise, and the first step to digitize in a data-first approach is the connectivity. So that's why we are very bullish about this. I think the business will continue to grow double digits. That's why we laid out a few quarters back the Rule of 40, whatever is the mix of growth and profit. But so far, we have blown through the Rule of 40. If you add 56 and the 27, that's pretty much a Rule of 80-plus. And so that obviously is not sustainable but we're gaining share, and that's what really matters.

我們通過自動化和機器人技術在製造業中看到了這一點。如果你沒有連接，顯然，你無法提供任何東西。但歸根結底，這都是關於企業的數字化，而以數據為先的方法實現數字化的第一步是連接。所以這就是為什麼我們對此非常看好。我認為該業務將繼續以兩位數的速度增長。這就是為什麼我們在幾個季度前製定了 40 條規則，無論增長和利潤的組合是什麼。但到目前為止，我們已經突破了 40 的規則。如果將 56 和 27 相加，這幾乎就是 80+ 的規則。所以這顯然是不可持續的，但我們正在獲得份額，這才是真正重要的。

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。

Maybe I can ask you on the AI pipeline that you discussed a few times on the call. How are you thinking about the land and expand opportunities as you sort of engage with these customers? I know you referenced the $800 million pipeline that you booked recently. And any insights into how competitive are these deals versus some of your sort of traditional supercomputer wins that you have sort of competed for wins around?

也許我可以問你關於你在電話會議上討論過幾次的 AI 管道。當您與這些客戶打交道時，您如何看待土地和擴大機會？我知道你提到了你最近預訂的 8 億美元管道。對於這些交易與您為贏得勝利而競爭的某些傳統超級計算機勝利相比，這些交易的競爭力有多大？

And just finally, a quick follow-up, Slingshot and interconnect technology, how do you see that sort of evolving and becoming maybe a secondary sort of source to NVIDIA in sort of the interconnect technology.

最後，快速跟進，Slingshot 和互連技術，您如何看待這種演變，並可能成為 NVIDIA 在某種互連技術方面的次要來源。

Thank you. Obviously, what have been experienced in AI is simply amazing, breath-taking in some cases. I consider AI a massive inflection point, not different than Web 1.0 or mobile in different decades. But obviously, the potential to disrupt every industry, through advance many of the challenges we all face every day through data insights is just astonishing.

謝謝。顯然，在某些情況下，人工智能所經歷的一切簡直令人驚嘆，令人嘆為觀止。我認為 AI 是一個巨大的轉折點，與不同年代的 Web 1.0 或移動沒有什麼不同。但顯然，通過數據洞察推進我們每天都面臨的許多挑戰，顛覆每個行業的潛力是驚人的。

And HPE has a unique opportunity in that market because ultimately, you need a what I call a hybrid AI strategy. You need strong inference at the edge. And that, really comped by being able to connect and process data, wherever it's created with very efficient and low carbon footprint, meaning sustainable solutions with lower power consumption.

HPE 在該市場中擁有獨特的機會，因為最終，您需要一種我稱之為混合 AI 戰略。您需要在邊緣進行強大的推理。而且，真正做到這一點的是能夠連接和處理數據，無論數據是在何處以非常高效和低碳足跡創建的，這意味著具有更低功耗的可持續解決方案。

And then on the other side, you need a training environment where you take some part of the data, where you can train for different needs, different models for different type of use cases. And HPE has a unique portfolio from the inference side all the way to the training side. So our HPE ProLiant has already some very powerful cost-efficient solutions at the inference. The amount of computational power, now we can put in one of these, what I call, 2U servers. It's simply amazing.

然後在另一方面，你需要一個訓練環境，你可以在其中獲取部分數據，在那裡你可以針對不同的需求進行訓練，針對不同類型的用例使用不同的模型。 HPE 擁有從推理端一直到訓練端的獨特產品組合。因此，我們的 HPE ProLiant 在推理時已經擁有一些非常強大且經濟高效的解決方案。計算能力，現在我們可以放入其中一個，我稱之為 2U 服務器。這簡直太神奇了。

And there are different types of configurations that we need to go through to accelerate the GPUs and the like, and sometimes CPUs, by the way. And on the other side, obviously on the training side, you need at scale type of models with very specialized stacks, and that's where HPE, through organic and inorganic acquisition, really excel. Because delivering this large amount of GPUs as a coherent system requires enormous expertise. And that's where HPE has unique differentiation. Differentiation in delivering AI at scale through supercomputing. Think about the old tech become the new tech in many ways.

順便說一句，我們需要通過不同類型的配置來加速 GPU 等，有時甚至是 CPU。另一方面，顯然在訓練方面，你需要具有非常專業堆棧的大規模模型，而這正是 HPE 通過有機和無機收購真正擅長的地方。因為將如此大量的 GPU 作為一個連貫的系統來交付需要大量的專業知識。而這正是 HPE 與眾不同的地方。通過超級計算大規模交付 AI 的差異化。想想舊技術在許多方面成為新技術。

Second is unique IP, and you named HPE Slingshot. HPE Slingshot is the true Ethernet fabric that's very efficient from both cost and power consumption to chain up to, in this case, like Aurora, 60,000 GPUs. And by the way, it's open because we can support any type of GPUs. Obviously, NVIDIA right now is a hot commodity, but think about Frontier was all AMD. And in the case of Aurora, is all Intel. And we are building a lot of NVIDIA systems in partnership with NVIDIA. So we can support that in an open environment.

其次是獨特的 IP，您將其命名為 HPE Slingshot。 HPE Slingshot 是真正的以太網結構，它在成本和功耗方面都非常高效，可以鏈接到（在本例中與 Aurora 一樣）60,000 個 GPU。順便說一句，它是開放的，因為我們可以支持任何類型的 GPU。顯然，NVIDIA 現在是熱門商品，但想想 Frontier 全是 AMD。就 Aurora 而言，全是英特爾。我們正在與 NVIDIA 合作構建許多 NVIDIA 系統。所以我們可以在開放環境中支持它。

The other piece of this is the fact that HPE has unique software. In order to present the system in a coherent way, you need software to manage contention of resources because the most important metric for developers is the starting and the completion of the model. And many developers we have been working with, not the traditional RAN type, but people are developing these large language models are telling us, "Sometimes, we try systems in an open cloud environment, it doesn't start for us. Sometimes we can't complete the model." That's the unique expertise that we bring because we know how to do that at scale.

另一點是 HPE 擁有獨特的軟件。為了以連貫的方式呈現系統，您需要軟件來管理資源爭用，因為對開發人員來說最重要的指標是模型的開始和完成。和我們一起工作的許多開發人員，不是傳統的 RAN 類型，而是開發這些大型語言模型的人告訴我們，“有時，我們在開放的雲環境中嘗試系統，它不會為我們啟動。有時我們可以完成模型。”這是我們帶來的獨特專業知識，因為我們知道如何大規模地做到這一點。

And then last but not least, it's very important. Our aspiration is not just AI in the system infrastructure level. We already have, through the acquisition of HPE Cray, today, a lot of software that actually provides the packages to train these models. And then in addition to the acquisition of Pachyderm and Determined AI, where we focus on the simplicity to prepare the data, to automate the data pipeline and eventually to train that data.

最後但並非最不重要的一點是，這非常重要。我們的願望不僅僅是系統基礎架構級別的人工智能。今天，通過收購 HPE Cray，我們已經擁有許多實際提供訓練這些模型的軟件包的軟件。然後，除了收購 Pachyderm 和 Determined AI 之外，我們還專注於準備數據、自動化數據管道並最終訓練數據的簡單性。

And I think you will hear more about this in a couple of weeks when we go to HPE Discovery in Las Vegas. So I would recommend you follow us because you will see some breakthrough announcements in the way we provide this AI solution from edge or inference all the way to the training model in a way that every type of customer can get access to our HPE GreenLake platform.

幾週後，當我們去拉斯維加斯的 HPE Discovery 時，我想您會聽到更多相關信息。所以我建議您關注我們，因為您會看到我們提供此 AI 解決方案的一些突破性公告，從邊緣或推理一直到訓練模型，每種類型的客戶都可以訪問我們的 HPE GreenLake 平台。

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

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

I wanted to just get a better understanding about how you're thinking about the server cycle. And what I'm pondering here is some of the third-party market researchers are predicting a rebound in server sales in calendar '24, particularly coming from enterprise and telco operators. And that's been, I think, strong verticals for you. How are you thinking about how this cycle that you're -- you highlighted the demand absorption that's occurring now, how do you see this playing out over multiple quarters?

我只是想更好地了解您對服務器週期的看法。我在這裡思考的是，一些第三方市場研究人員預測 24 年日曆中的服務器銷售將出現反彈，尤其是來自企業和電信運營商的銷售。我認為，這對你來說是強大的垂直領域。您如何看待這個週期 - 您強調了現在正在發生的需求吸收，您如何看待這在多個季度中發揮作用？

Well, Simon, we will be there. I mean, obviously, we have a large footprint. We participate in many of the verticals you described. In the short term, obviously, we see a significant challenge in Financial Services. Tarek talked about that, called it the crisis of the Financial Services where the large deals that normally happen are now elongated or waiting to get longer approvals and the like. But there is also a lot of digestion and deflationary that's taking place on the commodity space as well, but there is no supply chain challenges. So maybe just in time, orders works fine because now we can deliver servers in what I call pre-pandemic SLAs, right? So that's a positive news.

好吧，西蒙，我們會在那裡。我的意思是，很明顯，我們的足跡很大。我們參與了您描述的許多垂直領域。顯然，在短期內，我們看到金融服務面臨重大挑戰。 Tarek 談到了這一點，稱之為金融服務危機，通常發生的大型交易現在被延長或等待獲得更長時間的批准等。但商品領域也發生了很多消化和通貨緊縮，但沒有供應鏈挑戰。所以也許及時，訂單運作良好，因為現在我們可以按照我所說的大流行前 SLA 交付服務器，對嗎？所以這是一個積極的消息。

Now it's hard to predict, to be honest with you. We commented that Europe and Asia and mid-market, things seems to be holding up. I agree with you the telco should be a growing opportunity. And listen, we have a very optimized compute platform for virtualization and RAN deployments. We have very strong partnerships with the equipment providers. We have a platform called HPE ProLiant 110 that's really very specialized for the virtualization of the RAN. And as 5G deployments take hold, we expect to capture a size of that.

老實說，現在很難預測。我們評論說，歐洲和亞洲以及中端市場的情況似乎正在持續。我同意你的看法，電信公司應該是一個不斷增長的機會。聽著，我們有一個非常優化的虛擬化和 RAN 部署計算平台。我們與設備供應商建立了非常牢固的合作夥伴關係。我們有一個名為 HPE ProLiant 110 的平台，它非常專門用於 RAN 的虛擬化。隨著 5G 部署站穩腳跟，我們預計會佔據一定規模。

But right now, it's a little bit blurry, and that's why with Tarek, we felt prudent and pragmatic, in many ways, to readjust that guidance for the short term. Ultimately, I think, I believe long term, there is a growth opportunity, driven by the growth of data we see in the market. That data needs to be processed. The world is hybrid, so the balance between the public cloud and on-prem of colocations and at the edge continues to be there. I think form factors are evolving at the same time.

但現在，它有點模糊，這就是為什麼對於 Tarek，我們在很多方面都感到謹慎和務實，以重新調整短期指導。最終，我認為，我相信從長遠來看，在我們在市場上看到的數據增長的推動下，存在增長機會。該數據需要處理。世界是混合的，因此公共雲和本地託管以及邊緣之間的平衡仍然存在。我認為外形因素也在同時發展。

But I think it comes down to the unit growth and the unit growth of what average unit price. These systems are becoming well more dense and more intelligent in many ways. But at the same time, think about units and then attach rates and then what happens with the cost of commodity. So there will be unit growth. I think there will be segments that will drive unit growth, but we have to see a little bit more before we can call that growth at this point in time.

但我認為這歸結為單位增長和平均單價的單位增長。這些系統在許多方面變得更加密集和智能。但與此同時，考慮單位，然後附加費率，然後再考慮商品成本會發生什麼。所以會有單位增長。我認為會有一些細分市場將推動單位增長，但我們必須先看到更多，然後才能稱其為此時的增長。

The next question will come from Amit Daryanani with Evercore.

下一個問題將來自 Evercore 的 Amit Daryanani。

I wanted to go back to the Intelligent Edge discussion, if I may. And I think your growth and margin are both obviously very impressive here. I think the growth rate is higher than what Arista is doing. So maybe just spend a little bit of time on your -- how much of this growth is really end demand-driven versus perhaps backlog liquidation-driven? Just anything on the backlog and what's happening over there would be helpful.

如果可以的話，我想回到智能邊緣的討論。而且我認為您的增長和利潤率在這裡顯然都非常可觀。我認為增長率高於 Arista 正在做的事情。因此，也許只是花一點時間在你的 - 這種增長中有多少是真正的最終需求驅動的，而不是積壓清算驅動的？積壓工作中的任何內容以及那裡發生的事情都會有所幫助。

And then I guess, Antonio, as you think about Intelligent Edge, your stock price clearly is not reflecting all the value that this segment is creating for your customers. So I'm wondering, have you looked at or thought about different ways to unlock that potential value over time?

然後我猜，安東尼奧，當你想到 Intelligent Edge 時，你的股價顯然沒有反映這個細分市場為你的客戶創造的所有價值。所以我想知道，您是否考慮過或考慮過隨著時間的推移釋放潛在價值的不同方法？

Well, thank you for the question. I hope you will be writing about this because to your point, right, we are not getting credit for the stellar performance. And honestly, a story in the making for a number of quarters, right? So this was the 11th consecutive quarters of growth for that business, which is very impressive in my mind. And I think Tarek had a little bit of challenge saying 1,400 basis points. I mean, normally, 100-plus or 200-plus, but 1,400, it was a little bit awkward to say it. And I think it's because, A, we have that unique differentiation in the software that makes that portfolio so special in many ways, and that's what customers are attracted to.

嗯，謝謝你的問題。我希望你會寫這篇文章，因為就你的觀點而言，我們並沒有因為出色的表現而受到讚揚。老實說，一個故事正在醞釀好幾個季度，對吧？所以這是該業務連續第 11 個季度增長，這在我看來非常令人印象深刻。而且我認為 Tarek 說 1,400 個基點有點挑戰。我的意思是，通常情況下，100 多或 200 多，但是 1,400，說起來有點尷尬。我認為這是因為，A，我們在軟件方面擁有獨特的差異化，這使得該產品組合在很多方面都如此特別，而這正是吸引客戶的地方。

Now as I think about what is driving, I think it's basically demand rolling through that very large order book. And as I said in my remarks, the order book for both the Intelligent Edge and AI remains very, very large, and that demand improved sequentially, as Tarek said. And so we keep trying to work that order book, but we keep feeding our order book with sequential growth in that demand. We don't believe the demand is poised to go down significantly from here. In fact, we believe it's going to be somewhat steady. But that's why we need to keep innovating and keep adding functionalities and capability to that portfolio.

現在，當我考慮驅動因素時，我認為這基本上是通過大量訂單滾動的需求。正如我在發言中所說，智能邊緣和 AI 的訂單仍然非常非常大，而且正如 Tarek 所說，這種需求在不斷增加。因此，我們一直在努力處理該訂單簿，但我們不斷為我們的訂單簿提供需求的連續增長。我們認為需求不會從現在開始大幅下降。事實上，我們相信它會有些穩定。但這就是為什麼我們需要不斷創新並不斷向該產品組合添加功能和能力。

As Tarek said, 19% almost of the revenue now is coming from this portfolio. And this portfolio enables us to build scale, also -- and allows us to build the as-a-Service model because a lot of what we have done with GreenLake came from the extraction of the cloud coming from this business that we expanded in the rest of the portfolio in hybrid cloud and AI. So it's a very important critical business. I think the market is starting to see a sizing increase before they give us credit. But I think now everybody has to take notice of that.

正如 Tarek 所說，現在幾乎 19% 的收入來自這個投資組合。這個產品組合使我們能夠擴大規模，也使我們能夠構建即服務模型，因為我們對 GreenLake 所做的很多工作都來自我們在混合雲和 AI 中的其餘產品組合。所以這是一個非常重要的關鍵業務。我認為在他們給予我們信任之前，市場已經開始看到規模增加。但我認為現在每個人都必須注意這一點。

And Amit, if I can add to what Antonio said. I mean, this market is healthy, and it will continue to grow in the upper single digits for several years to come. We're very comfortable with this. We're also investing in adjacent TAMs. Antonio spoke about SASE, private 5G but also data center networking for us is a massive opportunity that we're going after. We're generating already a lot of revenues in there.

阿米特，如果我可以補充一下安東尼奧的話。我的意思是，這個市場是健康的，未來幾年它將繼續以較高的個位數增長。我們對此非常滿意。我們還在投資相鄰的 TAM。 Antonio 談到了 SASE，私有 5G 以及數據中心網絡對我們來說是一個我們正在追求的巨大機會。我們已經在那裡產生了很多收入。

Aruba today represented 19% of revenues in -- 19% of total revenues in Q2. If you really look where we were at the end of fiscal year '22, to put things in perspective, we were only at 13% of total revenues. So we believe we now will be stably in the high teens as a percentage of revenues for the whole of the company. And then I'll let you do the math with regards to how much Aruba will represent as a percentage of total operating profit of the company.

Aruba 今天佔收入的 19%——佔第二季度總收入的 19%。如果你真的看看我們在 22 財年末的情況，從長遠來看，我們只佔總收入的 13%。因此，我們相信我們現在將穩定在整個公司收入的十幾歲左右。然後我將讓您計算一下 Aruba 占公司總營業利潤的百分比。

So Aruba is absolutely core. And you know that when we pass the 15% mark of total revenue, the stock market should take notice about that. And by way of comparison, if you compare Aruba in size to its next competitor, Juniper, it has roughly the same revenue at the end of the second quarter, but Juniper has 14% operating profit margin, and Aruba is at 26.9%. That speaks volumes about the performance of Aruba.

所以Aruba絕對是核心。你知道，當我們超過總收入的 15% 時，股市應該注意到這一點。相比之下，如果將 Aruba 的規模與其下一個競爭對手 Juniper 進行比較，它在第二季度末的收入大致相同，但 Juniper 的營業利潤率為 14%，而 Aruba 為 26.9%。這充分說明了 Aruba 的性能。

And I will say, you asked a question, how you consider unlocking the value? I mean, as you can expect, Amit, we really review with our Board strategy to maximize value for our shareholder. But we believe the edge is critical to our strategy because it's aligned to the customer need. You need the connectivity to drive the digital transformation. Without that, it's incomplete. At the same time, I know I talked about the leverage of the edge portfolio and the cloud for the rest of the company.

我會說，你問了一個問題，你是如何考慮釋放價值的？我的意思是，正如你所期望的，阿米特，我們真的審查了我們的董事會戰略，以最大限度地為我們的股東創造價值。但我們相信邊緣對我們的戰略至關重要，因為它符合客戶需求。您需要連接性來推動數字化轉型。沒有它，它是不完整的。同時，我知道我談到了邊緣產品組合和雲對公司其他部門的影響。

And also, let's remind ourselves, we have cross-selling opportunities. Because once we land the customer on HPE GreenLake, whether it's through the edge or through the hybrid cloud and now through the AI as we go forward, you will see the opportunity to cross-sell, which benefit Aruba and the Intelligent Edge as a whole and the rest of the company as well.

而且，讓我們提醒自己，我們有交叉銷售的機會。因為一旦我們讓客戶使用 HPE GreenLake，無論是通過邊緣還是通過混合雲，以及現在通過 AI，隨著我們的前進，您將看到交叉銷售的機會，這有利於 Aruba 和 Intelligent Edge 作為一個整體以及公司的其他人。

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 was wondering if you could maybe share some color on your comments regarding deal velocity slowdown both in Compute and Storage, and you noted manufacturing and financial services verticals, in particular, for Compute. Can you share some color on how linearity was in the quarter? And are you baking in an increased deceleration in other verticals as you look at your back half of the year?

我想知道您是否可以分享您關於計算和存儲交易速度放緩的評論，並且您提到了製造和金融服務垂直領域，尤其是計算領域。你能分享一些關於本季度線性度的顏色嗎？當你回顧今年的後半年時，你是否在其他垂直領域加速減速？

Thanks, Wamsi. I think Tarek mentioned that we assume in our guidance current level of demand and no further deterioration. Demand on Compute was slightly down from the previous quarter compared to everything else that was up sequentially. And so from our vantage point, we believe we have covered this in the guidance.

謝謝，瓦姆西。我認為 Tarek 提到我們在我們的指導中假設當前的需求水平並且不會進一步惡化。與上一季度相比，對計算的需求略有下降，而其他方面的需求則環比上升。因此，從我們的角度來看，我們相信我們已經在指南中涵蓋了這一點。

I think from the deterioration, I think it was clear when the financial crisis started sometime in March, we saw a deceleration. And that was very evident in the financial sector, right? So the financial vertical, I will say. But that said, it is the most uneven part of the portfolio, as we commented. I think it's driven by the digestion of our customers' order last year. The fact that today, they are maybe prioritizing investments in the edge or prioritizing investment in AI, which clearly we are a benefactor of it from that perspective.

我認為從惡化情況來看，很明顯，當金融危機在 3 月份的某個時候開始時，我們看到了減速。這在金融領域非常明顯，對吧？所以金融垂直，我會說。但話雖如此，正如我們評論的那樣，它是投資組合中最不平衡的部分。我認為這是受去年客戶訂單消化的推動。事實上，今天，他們可能正在優先投資邊緣或優先投資人工智能，從這個角度來看，我們顯然是它的恩人。

I think customers are looking for resilience as well, considering everything that's happening around the globe. And then also understanding what's happening with the cost of the commodities as we go to this transition. And ultimately, at some point, right, we'll see what the consumer market is going to do because the consumer is a driver of data as well. And so we need to understand those trends.

考慮到全球正在發生的一切，我認為客戶也在尋求彈性。然後還要了解在我們進行這種過渡時商品成本發生了什麼。最終，在某個時候，我們將看到消費者市場將要做什麼，因為消費者也是數據的驅動力。因此，我們需要了解這些趨勢。

But I will say from that vantage point, I think clearly the Compute market as a whole, and this is important we segment this because sometimes people refer Compute as servers. We don't refer that as servers. We refer that as a specific general purpose compute. The servers include, obviously, high-performance computing and other form factors. But in that space, clearly, is the most uneven at this time.

但我會從那個有利的角度說，我清楚地認為整個計算市場，我們將其細分很重要，因為有時人們將計算稱為服務器。我們不將其稱為服務器。我們將其稱為特定的通用計算。顯然，服務器包括高性能計算和其他形式因素。而在那空間之中，顯然，此時是最不平整的。

Our final question will come from Toni Sacconaghi with Bernstein.

我們的最後一個問題將來自 Toni Sacconaghi 和 Bernstein。

I'm just wondering if you can just help triangulate some of the numbers around backlog that were highlighted on the call. So I think backlog exiting last quarter was 2x normal. Exiting this quarter was 1.5x normal, so it came down quite a bit. But you added $800 million in orders in the Intelligent Edge business. So that would suggest there was like really dramatic drawdown, like $1 billion-plus of backlog in other businesses. So is that the right way to think about it or am I triangulating it incorrectly? And also, how do -- you keep saying that demand improved this quarter versus last quarter but revenue was down and you drew down a lot of backlog. So I'm also just trying to reconcile that.

我只是想知道您是否可以幫助對電話中突出顯示的積壓工作中的一些數字進行三角測量。所以我認為上個季度退出的積壓是正常的 2 倍。本季度退出是正常值的 1.5 倍，因此下降了很多。但是您在 Intelligent Edge 業務中增加了 8 億美元的訂單。因此，這表明存在真正的戲劇性縮減，例如其他業務的 10 億美元以上的積壓。那麼這是思考它的正確方法還是我錯誤地對其進行了三角測量？而且，如何 - 你一直說本季度的需求與上一季度相比有所改善，但收入下降並且你減少了大量積壓。所以我也只是想調和這一點。

Sure. So a couple of things I'll correct. So last quarter, right, we exited with an order book that was 2x historical levels, and we refer to historical levels to pre pandemic, Toni. And then this quarter, we're exiting 1.5x. What is different is that the mix of that order book is different, right? Because obviously, the growth we have in Intelligent Edge and AI is substantial, obviously. But the $800 million, I want to clarify that for you, Toni. The $800 million was just in the AI space.

當然。所以我會糾正幾件事。所以上個季度，我們退出時的訂單是歷史水平的 2 倍，我們指的是大流行前的歷史水平，托尼。然後本季度，我們將退出 1.5 倍。不同的是那個訂單簿的組合不同，對吧？因為很明顯，我們在 Intelligent Edge 和 AI 方面的增長是巨大的。但是 8 億美元，我想為你澄清一下，托尼。 8 億美元只是在 AI 領域。

And every segment grew sequentially orders, except Compute, which was very slow low single-digits demand decline. And so clearly, what you want to isolate is Compute, is Compute particularly in North America, is Compute particularly in these 2 segments we described, financial services and manufacturing. But the mix of the order book has shifted because now the larger of the book is actually in the Intelligent Edge and it is in AI. And the $800 million I described early on are all 100% orders that we got in the AI space because we saw a significant uptick, and that came from Fortune 100 -- 500 companies, some of these digital-native large language models companies and a large cloud provider.

每個細分市場的訂單都按順序增長，除了計算，這是非常緩慢的低個位數需求下降。很明顯，你想要隔離的是計算，特別是在北美的計算，特別是在我們描述的這兩個領域的計算，金融服務和製造業。但是訂單簿的組合已經發生了變化，因為現在訂單簿中較大的部分實際上在智能邊緣和人工智能中。我之前描述的 8 億美元都是我們在 AI 領域獲得的 100% 訂單，因為我們看到了顯著的增長，這些訂單來自財富 100 強——500 家公司，其中一些數字原生大型語言模型公司和大型雲提供商。

But ultimately, that's what's happening. And the Compute -- that's why we are readjusting that guidance on revenue because of the unevenness in Compute. But overall, we are, as a total company, 1.5x where normally we should be.

但最終，這就是正在發生的事情。還有 Compute——這就是為什麼我們要重新調整收入指導，因為 Compute 的不平衡。但總的來說，作為一家公司，我們是正常情況下的 1.5 倍。

Yes. Well, thank you for all your comments, and we appreciate you attending today the call. I mean, I will leave with a simple message, right? So I think overall, HPE had a very solid quarter. Obviously, we were not at the total revenue consensus as people put out there. But the fact of the matter, we grew revenues. We significantly grew our recurrent revenues, and we had an exceptional profitability for the quarter. And this was driven by our pivot, and you can see the pivot and the meaningful impact that Intelligent Edge and AI is having to our business.

是的。好吧，感謝您的所有評論，我們感謝您參加今天的電話會議。我的意思是，我會留下一個簡單的消息，對嗎？所以我認為總的來說，HPE 有一個非常穩健的季度。顯然，我們並不像人們所說的那樣達成總收入共識。但事實上，我們增加了收入。我們的經常性收入顯著增長，本季度的盈利能力非常出色。這是由我們的支點驅動的，您可以看到 Intelligent Edge 和 AI 對我們業務的支點和有意義的影響。

We didn't spoke a lot about Storage but Storage grew 2%. And at the same time, the Alletra platform, which is a software-defined platform, grew in excess of 100% and a big portion of that revenue is actually deferred. So I think in the short term, we're going to navigate this uneven demand in Compute, but we are very pleased about the momentum we have in hybrid cloud with GreenLake, AI and which is a massive, massive opportunity for the company with our unique differentiation and obviously, the Intelligent Edge, which is delivering a standout performances quarter after quarter after quarter.

我們沒有過多談論存儲，但存儲增長了 2%。與此同時，作為軟件定義平台的 Alletra 平台增長超過 100%，其中很大一部分收入實際上是遞延的。所以我認為在短期內，我們將應對計算領域的這種不均衡需求，但我們對我們在混合雲中與 GreenLake、AI 的勢頭感到非常高興，這對我們的公司來說是一個巨大的機會獨特的差異化，顯然還有 Intelligent Edge，它每季度都表現出色。

So with that, I hope to see you at HPE Discovery in Vegas in 3 weeks because we have some amazing announcements that we want to share with you that will continue to drive momentum in our business. So thank you very much.

因此，我希望 3 週後在維加斯的 HPE Discovery 與您見面，因為我們有一些驚人的公告要與您分享，這些公告將繼續推動我們的業務發展。非常感謝。

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

女士們，先生們，我們今天的呼籲到此結束。感謝您的參與。