惠普企業 (HPE) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to the First Quarter Fiscal 2024 Hewlett Packard Enterprise Earnings Conference Call. My name is Gary, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Ms. Shannon Cross, Senior Vice President and Chief Strategy Officer and Investor Relations. Please proceed.

下午好，歡迎參加惠普企業 2024 財年第一季財報電話會議。我叫加里，我將擔任今天電話會議的會議主持人。 （操作員說明）謹此提醒，本次會議正在錄製以供重播之用。現在我想將演講交給今天電話會議的東道主，高級副總裁兼首席策略官和投資者關係香農·克羅斯女士。請繼續。

Good afternoon. I'd like to welcome you to our fiscal 2024 first quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Marie Myers, HPE's Chief Financial Officer. After 25 years on Wall Street and over 20 years covering HP, I'm very excited to join HPE as Chief Strategy Officer. I look forward to working with Jeff Kvaal and the rest of the IR team, and I look forward to seeing many of you in the months ahead.

午安.歡迎您參加由 HPE 總裁兼執行長 Antonio Neri 主持的 2024 財年第一季財報電話會議。以及 HPE 財務長 Marie Myers。在華爾街工作了 25 年，在 HP 工作了 20 多年後，我很高興能夠加入 HPE 擔任首席策略長。我期待與 Jeff Kvaal 以及 IR 團隊的其他成員合作，也期待在未來幾個月見到你們中的許多人。

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. 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.

在將電話轉交給安東尼奧之前，讓我提醒您，此電話正在網路上直播。通話結束後不久將提供網路廣播的重播。我們已在 HPE 投資者關係網頁上發布了新聞稿和新聞稿隨附的幻燈片簡報。本次電話會議中引用的財務資訊要素具有前瞻性，並且基於我們對當今世界和業務的最佳看法。慧與不承擔任何義務，也不打算更新任何此類前瞻性聲明。

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 January 31, 2024. For a more detailed information, please see the disclaimers on the earnings materials relating 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.

我們也注意到，本次電話會議討論的財務資訊反映了基於​​目前可用資訊的估計，可能與慧與截至2024 年1 月31 日的財政季度的10-Q 表格季度報告中最終報告的金額存在重大差異。更詳細的信息，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。請參閱 HPE 向 SEC 提交的文件，以了解有關這些風險的討論。

For financial information we have expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details. 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. Finally, Antonio and Marie will reference our earnings presentation and their prepared comments.

對於我們在非 GAAP 基礎上表達的財務信息，我們已在我們的網站上提供了與可比較 GAAP 資訊的調整表。有關詳細信息，請參閱我們網站上今天的收益發布所附的表格和幻燈片演示。在整個電話會議中，除非另有說明，所有收入成長率均以同比計算，並進行調整以排除貨幣的影響。最後，安東尼奧和瑪麗將參考我們的收益報告和他們準備好的評論。

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.

在將電話轉交給安東尼奧之前，讓我提醒您，此電話正在網路上直播。通話結束後不久將提供網路廣播的重播。我們已在 HPE 投資者關係網頁上發布了新聞稿和新聞稿隨附的幻燈片簡報。

With that, let me turn it over to Antonio.

那麼，讓我把它交給安東尼奧。

Thank you, Shannon. Good afternoon, and thank you for joining us today. In the first quarter, we are proud to have outpaced our profitability expectations while advancing our long-term strategy. We also continue to scale our recurring revenue, achieving the second highest year-over-year growth rate since we started tracking ARR in late 2019. This is a promising indicator for our ongoing portfolio shift to higher-margin revenues. But overall, Q1 revenue performance did not meet our expectations.

謝謝你，香農。下午好，感謝您今天加入我們。在第一季度，我們很自豪在推進我們的長期策略的同時超出了我們的獲利預期。我們也繼續擴大經常性收入，實現了自 2019 年底開始追蹤 ARR 以來第二高的年成長率。這是一個有希望的指標，表明我們正在將投資組合轉向更高利潤的收入。但整體而言，Q1 營收表現並未達到我們的預期。

During this call, I will address 3 key points. First, I will touch on our revenue, which was lower than expected in large part because network and demand softened industry-wide and because the timing of several large GPU acceptances shifted. Additionally, we did not have the GPU supply we wanted, curtailing our revenue upside. Second, I will address how we are streamlining our reporting segments, accelerating our new specialized sales model, managing our spending and reinforcing execution discipline. Third and most importantly, I will discuss the progress we're making in executing our long-term strategy, which we remain confident in.

在這次電話會議中，我將闡述 3 個要點。首先，我會談談我們的收入，這在很大程度上低於預期，因為整個行業的網路和需求疲軟，而且幾個大型 GPU 接受的時間發生了變化。此外，我們沒有得到我們想要的 GPU 供應，這限制了我們的收入成長。其次，我將討論我們如何簡化我們的報告部門、加速我們新的專業銷售模式、管理我們的支出和加強執行紀律。第三，也是最重要的一點，我將討論我們在執行長期策略方面所取得的進展，我們對此仍然充滿信心。

Let me first address revenue in the quarter. Similar to peers in the market, we saw campus networking product demand weaken and the decline later in the quarter was greater than expected. This was a large headwind relative to our expectations. Customers are taking longer to digest prior orders than we had anticipated, which partially offset the benefit of our backlog entering the quarter. And Europe and Asia were areas of relative softness. We expect weakness in the networking market to persist, which is likely to impact revenue through fiscal year 2024. That said, we anticipate some improvement late in fiscal year 2024 as inventory clears and we ramp into the purchasing season for state and local education customers in the United States.

讓我先談談本季的收入。與市場同業類似，我們看到校園網路產品需求減弱，且本季後期的降幅大於預期。與我們的預期相比，這是一個很大的阻力。客戶消化先前訂單的時間比我們預期的要長，這部分抵消了我們進入本季的積壓訂單帶來的好處。歐洲和亞洲是相對疲軟的地區。我們預計網路市場的疲軟將持續存在，這可能會影響整個2024 財年的收入。也就是說，隨著庫存清理以及我們進入州和地方教育客戶的採購季節，我們預計2024 財年末會出現一些改善。美國。

AI server demand remains very strong, evidenced by our growing cumulative order book. However, GPU availability remains tight, and our delivery timing has also been affected by the increasing length of time customers required to set up the data center space, power and cooling requirements needed to run these systems. As a result, overall AI server orders conversion was below our expectations. However, the AI contribution to ARR is increasing.

人工智慧伺服器的需求仍然非常強勁，我們不斷增長的累積訂單證明了這一點。然而，GPU 的可用性仍然緊張，而且我們的交貨時間也受到客戶設置資料中心空間、運行這些系統所需的電力和冷卻要求所需的時間不斷增加的影響。因此，AI 伺服器整體訂單轉換率低於我們的預期。然而，人工智慧對ARR的貢獻正在增加。

We continue to prioritize profitability. I am pleased that we have delivered non-GAAP gross margin of 36.2%, which is up 200 basis points year-over-year and above 600 basis points from fiscal year 2018. This performance helped our Q1 non-GAAP diluted net earnings per share grow to $0.48, which was above the midpoint of our guidance range despite lower-than-expected revenue, illustrating the positive impact of our pivot to higher growth, higher margin revenue.

我們繼續優先考慮盈利能力。我很高興我們的非 GAAP 毛利率達到 36.2%，年增 200 個基點，比 2018 財年高出 600 個基點。這一業績幫助我們第一季度的非 GAAP 攤薄每股淨利潤增長至0.48 美元，儘管收入低於預期，但仍高於我們指導範圍的中點，這說明我們轉向更高成長、更高利潤率收入的正面影響。

We know that the current environment will require continued discipline in how we execute. We are accelerating new specialized sales motions to maximize opportunities and improve order linearity across our portfolio. Improved cost management will remain an important competency for us in fiscal year 2024.

我們知道，目前的環境需要我們在執行方式上持續遵守紀律。我們正在加速新的專業銷售行動，以最大限度地增加機會並提高整個產品組合的訂單線性度。到 2024 財年，改善成本管理仍將是我們的重要能力。

We also found opportunity to streamline our reporting segments. We have now combined the Compute and HPC and AI segments into a single server segment that integrates general-purpose computing, high-performance computing, supercomputing and AI systems. This will enable us to maximize the opportunities across the entire AI life cycle, from training to tuning to inferencing, and execute with agility. And as previously discussed, we have simplified our hybrid cloud strategy by putting all related products, software and services into one business unit. Our new Hybrid Cloud segment will further accelerate customer adoption of the HPE GreenLake hybrid cloud platform.

我們也找到了精簡報告部門的機會。我們現在已經將運算、高效能運算和人工智慧部分合併為一個伺服器部分，整合了通用運算、高效能運算、超級運算和人工智慧系統。這將使我們能夠最大限度地利用整個人工智慧生命週期（從訓練到調整到推理）的機會，並敏捷執行。如同前面所討論的，我們透過將所有相關產品、軟體和服務整合到一個業務部門來簡化我們的混合雲策略。我們新的混合雲部門將進一步加速客戶對 HPE GreenLake 混合雲平台的採用。

Turning to our strategy. While we are experiencing cyclicality in submarkets, I am more confident than ever in our long-term strategy that is aligned to key market mega trends. In edge, over the last several quarters, we have gained share in the campus networking markets and our strategic investments have paid off. Most recently, we have seen strong growth in SASE, an offering bolstered by our acquisition of Silver Peak in 2020 and Axis Security in 2023. Our sales pipeline for our private 5G offering is also growing rapidly, following our acquisition of Athonet in 2023.

轉向我們的策略。雖然我們正在經歷子市場的周期性，但我對我們符合主要市場大趨勢的長期策略比以往任何時候都更有信心。在邊緣方面，過去幾個季度，我們在園區網路市場的份額不斷增加，我們的策略投資也得到了回報。最近，我們看到SASE 的強勁成長，我們在2020 年收購Silver Peak 和2023 年收購Axis Security 推動了該產品的發展。繼2023 年收購Athonet 後，我們的私人5G 產品銷售管道也在快速增長。

In Hybrid Cloud, HPE GreenLake continues to resonate in the marketplace and was the primary driver of the highest Q1 year-over-year rise in ARR over the 4-plus years we have been reporting it. Our ARR grew 41% year-over-year to more than $1.4 billion in Q1, and we continue to expect ARR growth of 35% to 45% as we look ahead. We're also capitalizing on cross-selling opportunities when customers come to us for our AI solutions and realize we can meet their storage needs as well.

在混合雲領域，HPE GreenLake 繼續在市場中引起共鳴，並且是我們報告的 4 年多來第一季 ARR 同比最高增幅的主要推動力。第一季我們的 ARR 年成長 41%，超過 14 億美元，展望未來，我們繼續預期 ARR 將成長 35% 至 45%。當客戶向我們尋求我們的人工智慧解決方案並意識到我們也可以滿足他們的儲存需求時，我們也會利用交叉銷售機會。

In AI, we are capturing the explosion in demand for AI systems. Our cumulative accelerator processing unit orders rose to $4 billion in the quarter, driven by demand across HPE Cray EX and XD solutions as well as HPE ProLiant Gen11 AI-optimized servers. APU orders represent nearly 25% of our total server orders since the first quarter of fiscal 2023. Our pipeline is large and growing across the entire AI life cycle from training to tuning to inferencing. We are starting to see AI demand pull-through for other solutions, including storage.

在人工智慧領域，我們正在捕捉人工智慧系統需求的爆炸性成長。在 HPE Cray EX 和 XD 解決方案以及 HPE ProLiant Gen11 AI 優化伺服器的需求推動下，本季我們的加速器處理單元累計訂單已增至 40 億美元。自 2023 財年第一季以來，APU 訂單占我們伺服器總訂單的近 25%。我們的管道規模龐大，並且在從訓練到調整到推理的整個人工智慧生命週期中不斷增長。我們開始看到人工智慧需求拉動其他解決方案，包括儲存。

We expect our Server and Hybrid Cloud segments to grow sequentially through the fiscal year. Server revenue stands to benefit from AI system demand, improving GPU supply, and our continued mix shift to HPE ProLiant Gen11. Hybrid Cloud will benefit from continued HPE GreenLake storage demand and the rising productivity of our specialized sales force.

我們預計我們的伺服器和混合雲業務將在本財年持續成長。伺服器收入將受益於 AI 系統需求、GPU 供應的改善以及我們向 HPE ProLiant Gen11 的持續混合轉型。混合雲將受益於持續的 HPE GreenLake 儲存需求和我們專業銷售團隊不斷提高的生產力。

Our customers continue to validate our value proposition. As one example, we are building for Eni, one of the world's largest energy providers, a new HPE Cray EX supercomputer that will reach more than half an exaflop performance. The system will be one of the most powerful in the world for enterprise use and will accelerate AI-driven scientific discovery to advance efforts in energy.

我們的客戶不斷驗證我們的價值主張。舉個例子，我們正在為世界上最大的能源供應商之一埃尼公司構建一台新型 HPE Cray EX 超級計算機，其性能將達到一半以上的 exaflop 性能。該系統將成為世界上最強大的企業用途系統之一，並將加速人工智慧驅動的科學發現，以推進能源領域的努力。

We also have been awarded the deal for Poland's most powerful supercomputer system located at the Academic Computer Centre CYFRONET of the AGH University of Science and Technology. Based on the HPE Cray EX supercomputer and HPE Slingshot interconnect fabric with NVIDIA Grace Hopper GPUs, the system will be used to support modeling simulation and AI-driven scientific research needs, including training and tuning of large language models.

我們還獲得了位於 AGH 科技大學學術電腦中心 CYFRONET 的波蘭最強大的超級電腦系統的合約。該系統基於 HPE Cray EX 超級電腦和配備 NVIDIA Grace Hopper GPU 的 HPE Slingshot 互連結構，將用於支援建模模擬和人工智慧驅動的科學研究需求，包括大型語言模型的訓練和調整。

We're also seeing growth in AI inferencing. For example, Coles Supermarkets, a leading Australian retailer, implemented an HPE ProLiant Gen11 AI inferencing solution in Q1, which helps with video imaging to reduce store stock lost to theft and infrared scanning at the checkout.

我們也看到人工智慧推理的成長。例如，澳洲領先零售商 Coles Supermarkets 在第一季實施了 HPE ProLiant Gen11 AI 推理解決方案，該解決方案有助於透過視訊成像減少因盜竊和結帳時紅外線掃描而造成的商店庫存損失。

In the quarter, we expanded our strategic collaboration with NVIDIA targeting the enterprise segment of the market. We introduced a preconfigured solution for enterprise customers to fine-tune AI large language models with their private data to accelerate inferencing. Our HPE machine learning development environment software and unique HPE supercomputer and IP are critical parts of the solution, alongside NVIDIA AI Enterprise software. We have built a strong and growing sales pipeline for this new offering.

本季度，我們擴大了與 NVIDIA 的策略合作，瞄準企業市場。我們為企業客戶推出了預先配置的解決方案，可以利用其私人資料微調 AI 大語言模型，以加速推理。我們的 HPE 機器學習開發環境軟體、獨特的 HPE 超級電腦和 IP 以及 NVIDIA AI Enterprise 軟體是此解決方案的關鍵部分。我們為這項新產品建立了強大且不斷成長的銷售管道。

We also continue to build out our HPE GreenLake hybrid cloud platform services. Earlier this quarter, we announced an expanded HPE GreenLake for file storage that is designed for generative AI. This solution is highly differentiated through a high-performant file system solution specifically designed for AI applications. We believe it better positions us to take market share in storage by addressing the previously underserved segment of the file market. Innovation like this continue to attract customers to HPE GreenLake platform, which connects 3.8 million network devices and supports more than 31,000 customer organizations, up approximately 8% from last quarter.

我們也持續建置 HPE GreenLake 混合雲平台服務。本季度早些時候，我們宣布推出專為生成式 AI 設計的擴展 HPE GreenLake 文件儲存。該解決方案透過專為人工智慧應用設計的高效能檔案系統解決方案而具有高度差異化。我們相信，透過解決先前服務不足的文件市場領域，我們可以更好地佔據儲存市場份額。此類創新持續吸引客戶使用 HPE GreenLake 平台，連接 380 萬個網路設備並支援超過 31,000 個客戶組織，較上季成長約 8%。

One new HPE GreenLake customer is the U.S. Navy Fleet Numerical Meteorology and Oceanography Center, which produces critical models of weather and ocean conditions for the U.S. and coalition forces worldwide. They turned to HPE GreenLake to improve predictability, accuracy and speed of their modeling while reducing costs. This week, I attended the Mobile World Congress where AI and private 5G were the key topics among telcos and service providers alike. With our pending acquisition of Juniper Networks, HPE's portfolio will expand to better serve these unique customers from the edge of the network to core 5G to cloud.

HPE GreenLake 的一位新客戶是美國海軍艦隊數值氣象學和海洋學中心，該中心為美國和全球聯軍製作關鍵的天氣和海洋狀況模型。他們借助 HPE GreenLake 來提高建模的可預測性、準確性和速度，同時降低成本。本週，我參加了世界行動通訊大會，其中人工智慧和專用 5G 是電信公司和服務供應商等的關鍵主題。隨著我們即將收購瞻博網絡，HPE 的產品組合將擴展，以便更好地為這些獨特的客戶提供服務，從網路邊緣到核心 5G 再到雲端。

Customers were very interested in our integration of Athonet private 5G capabilities into our Intelligent Edge portfolio as well as in our cloud Open RAN and vRAN solutions. They were also very eager to explore the massive new market opportunity AI inferencing presents at the edge of the network. That is one of the reasons why we're so excited about our pending Juniper Networks acquisition. Combining our complementary portfolios will supercharge HPE's edge-to-cloud strategy, accelerating our entire portfolio with AI-enabled innovation. When our proposed acquisition closes, we will create a new networking innovator with our comprehensive portfolio for customers and partners. The transaction is expected to double the size of our networking business, which will be the core foundation of HPE, covering the anticipated $180 billion market opportunity with our combined IP.

客戶對我們將 Athonet 私有 5G 功能整合到我們的智慧邊緣產品組合以及我們的雲端 Open RAN 和 vRAN 解決方案中非常感興趣。他們也非常渴望探索人工智慧推理在網路邊緣帶來的巨大新市場機會。這就是我們對即將完成的瞻博網路收購感到如此興奮的原因之一。結合我們互補的產品組合將增強 HPE 的邊緣到雲端策略，透過人工智慧支援的創新加速我們的整個產品組合。當我們擬議的收購完成時，我們將透過為客戶和合作夥伴提供全面的產品組合來創建一個新的網路創新者。這項交易預計將使我們的網路業務規模擴大一倍，這將成為 HPE 的核心基礎，透過我們合併後的 IP 覆蓋預計 1800 億美元的市場機會。

From a financial perspective, this transaction is also compelling for our shareholders. In the first year post close, we expect accretion to non-GAAP earnings per share and in the long term, higher non-GAAP gross and operating margins. We are working to secure regulatory approvals in several jurisdictions. We are hopeful that regulators will recognize that this acquisition is centered around driving further innovation for our customers. We continue to expect that the transaction will close later this calendar year or in early calendar 2025.

從財務角度來看，這項交易對我們的股東來說也很有吸引力。在交割後的第一年，我們預計非公認會計原則每股收益將增加，從長遠來看，非公認會計原則毛利率和營業利潤率將更高。我們正在努力獲得多個司法管轄區的監管批准。我們希望監管機構能夠認識到此次收購的重點是為我們的客戶推動進一步創新。我們仍然預計該交易將在今年稍後或 2025 年初完成。

In summary, Q1 2024 was a mixed quarter for HPE. We achieved strong profitability and drove new record ARR growth with overall revenue short-term expectations given the softening networking market, GPU deal timing and to some extent, GPU availability. We are focused on execution as we navigate the fluctuations in demand we see in certain areas of the market. Marie will take you through our adjusted guidance, which reflects our latest thinking about the year ahead.

總之，2024 年第一季對 HPE 來說是一個好壞參半的季度。考慮到網路市場疲軟、GPU 交易時機以及某種程度上 GPU 的可用性，我們實現了強勁的獲利能力並推動了 ARR 成長新紀錄，整體營收短期預期也有所下降。當我們應對市場某些領域的需求波動時，我們專注於執行。瑪麗將帶您了解我們調整後的指導，這反映了我們對未來一年的最新想法。

This quarter is a moment in time and does not at all dampen our confidence in the future ahead of us. We have taken the right actions to maximize value for our shareholders. The work we are doing now, combined with our technological edge and our strategy that has never been more relevant, will position us to convert on the long-term opportunities in front of us across edge, hybrid cloud, and AI.

本季是一個關鍵時刻，絲毫不會削弱我們對未來的信心。我們採取了正確的行動，為股東創造最大價值。我們現在所做的工作，結合我們的技術優勢和我們前所未有的策略，將使我們能夠抓住邊緣、混合雲和人工智慧領域的長期機會。

Before we transition, I'm delighted to welcome Marie Myers as our new CFO. Having worked with her at HP before the separation, it is a pleasure to partner with her again. I admire her passion for and skill at fueling innovation and performance. I am confident that Marie is a great fit for this role and expect she will help drive the next phase of growth and shareholder return for HPE.

在我們過渡之前，我很高興歡迎瑪麗·邁爾斯 (Marie Myers) 擔任我們的新任財務長。離職前曾在惠普與她共事，很高興能再次與她合作。我欽佩她對推動創新和績效的熱情和技巧。我相信 Marie 非常適合這個職位，並希望她能夠幫助推動慧與下一階段的成長和股東回報。

I will now turn the call over to her for details about our segments and our outlook. Marie?

我現在將把電話轉給她，以了解有關我們的部門和前景的詳細資訊。瑪麗？

Thank you, Antonio. I'm pleased to be with you today on my first earnings call as HPE's CFO. I've long admired HPE's impressive transformation, and there has never been a more exciting time to be part of this company. We have a growing addressable market, a proven strategy and a differentiated portfolio that is levered to long-term market trends around networking, hybrid cloud and AI. I believe we have a significant opportunity ahead of us. I'm excited to partner with Antonio and the rest of the outstanding HPE team to capitalize on this opportunity and drive value for our shareholders.

謝謝你，安東尼奧。今天，我很高興能與大家一起參加我作為 HPE 財務長的第一次財報電話會議。我一直欽佩 HPE 令人印象深刻的轉型，現在是加入這家公司最令人興奮的時刻。我們擁有不斷成長的潛在市場、經過驗證的策略和差異化的產品組合，可適應網路、混合雲和人工智慧的長期市場趨勢。我相信我們面前有一個重要的機會。我很高興能與 Antonio 和其他傑出的 HPE 團隊合作，利用這個機會並為我們的股東創造價值。

And as Antonio mentioned, we have much to be proud of. Financial highlights in the quarter included record gross margins and expense discipline, which helped lift non-GAAP EPS to the high end of our guidance range. Demand for our traditional server and storage products has stabilized. Demand for our HPE GreenLake offerings was evident in a healthy ARR growth and demand for our AI systems remains robust.

正如安東尼奧所提到的，我們有很多值得自豪的事情。本季度的財務亮點包括創紀錄的毛利率和費用紀律，這有助於將非公認會計原則每股收益提升至我們指導範圍的高端。對我們傳統伺服器和儲存產品的需求已經穩定。對 HPE GreenLake 產品的需求在 ARR 的健康成長中顯而易見，並且對我們的 AI 系統的需求仍然強勁。

However, demand in Intelligent Edge did soften due to customer digestion of strong product shipments in fiscal year '23, which is lasting longer than we initially anticipated and is the primary reason Q1 revenue came in below our expectations. GPU availability and deal timing also contributed. We are taking swift action to address these headwinds by curtailing costs and driving efficiencies across the business.

然而，由於客戶消化了23 財年強勁的產品出貨量，智慧邊緣的需求確實有所疲軟，這種情況持續的時間比我們最初預期的要長，也是第一季營收低於我們預期的主要原因。 GPU 可用性和交易時機也有所貢獻。我們正在迅速採取行動，透過削減成本和提高整個企業的效率來應對這些不利因素。

With that, let's take a closer look at the details of the quarter. Revenue fell 14% year-over-year in constant currency to $6.8 billion. Please recall, we had significant backlog consumption in Q1 '23, particularly in traditional servers and storage. Backlog has now largely normalized across our business with the exception of our APU products.

接下來，讓我們仔細看看本季的細節。以固定匯率計算，營收年減 14% 至 68 億美元。請回想一下，我們在 23 年第一季有大量的積壓消耗，特別是在傳統伺服器和儲存方面。除 APU 產品外，我們的業務積壓現已基本正常化。

We have strong momentum in HPE GreenLake. ARR exceeded $1.4 billion in Q1. Storage and networking software and services are the fastest growth elements of ARR. Our software and services mix rose 400 basis points year-over-year to 69%. ARR is the best indicator of our model transformation to our as-a-service offerings. This growth validates what our customers are telling us, that HPE GreenLake is a differentiated value proposition in the market.

我們在 HPE GreenLake 擁有強勁的發展勢頭。第一季 ARR 超過 14 億美元。儲存和網路軟體及服務是 ARR 成長最快的要素。我們的軟體和服務組合年增 400 個基點，達到 69%。 ARR 是我們轉型為即服務產品模式的最佳指標。這種成長證實了客戶告訴我們的事實：HPE GreenLake 是市場上的差異化價值主張。

Our Q1 non-GAAP gross margin was 36.2%. It rose 200 basis points year-over-year driven by a mix shift to Intelligent Edge and favorable input cost management. We are pleased that our non-GAAP gross margin is up 600 basis points from fiscal year '18 to a company record. This illustrates the ongoing pivot to higher growth, higher margin revenue across our portfolio.

我們第一季的非 GAAP 毛利率為 36.2%。由於向智慧邊緣的混合轉型和有利的投入成本管理，該數字同比上漲 200 個基點。我們很高興我們的非 GAAP 毛利率較 18 財年上升 600 個基點，創下公司紀錄。這說明我們的投資組合正在不斷轉向更高的成長、更高的利潤率收入。

Given the current networking market dynamics, we are taking this moment to streamline and simplify our operations. We are focused on controlling the things we can control. Prudent cost management and disciplined execution are important regardless of the macro environment and are even more critical at times like these.

鑑於目前的網路市場動態，我們正在趁此機會精簡和簡化我們的營運。我們專注於控制我們能控制的事情。無論宏觀環境如何，審慎的成本管理和嚴格的執行都很重要，在這種情況下甚至更為重要。

The benefits of our focus are already evident in our Q1 non-GAAP operating expenses, which declined 4.7% year-over-year at 9.5% sequentially to $1.7 billion. The strong Q1 non-GAAP gross margins and OpEx discipline led to Q1 non-GAAP operating margins of 11.5%, which is down only 30 basis points year-over-year despite less revenue scale. Favorable timing on some corporate expenses was a tailwind to Q1 operating expense and will appear in Q2. GAAP EPS of $0.29 and non-GAAP EPS of $0.48 exceeded the midpoint of our guidance range. Our diluted share count was approximately 1.3 billion, and non-GAAP diluted net earnings per share exclude $251 million in costs primarily from stock-based compensation expense, amortization of intangibles and noncash loss on investments.

我們重點關注的好處已經在我們第一季的非 GAAP 營運支出中體現出來，該支出年減 4.7%，比上一季下降 9.5%，至 17 億美元。強勁的第一季非 GAAP 毛利率和營運支出紀律導致第一季非 GAAP 營運利潤率為 11.5%，儘管收入規模較小，但年比僅下降 30 個基點。一些企業支出的有利時機是第一季營運支出的順風車，並將出現在第二季。 GAAP 每股收益為 0.29 美元，非 GAAP 每股收益為 0.48 美元，超過了我們指導範圍的中點。我們的稀釋後股票數量約為 13 億股，非 GAAP 稀釋後每股淨利不包括 2.51 億美元的成本，主要來自股票補償費用、無形資產攤銷和非現金投資損失。

As we manage the business with focus and discipline, we will also invest to capitalize on the sizable opportunities associated with moving through the interrelated inflection points in networking, hybrid cloud and AI all at the same time. HPE is evolving into a more simple, more agile company that is even better positioned to pursue our growth opportunities and to evolve our mix of products, services and software, and to drive structural higher profitability.

在我們專注、嚴格地管理業務的同時，我們還將進行投資，以利用與同時度過網路、混合雲和人工智慧領域相互關聯的拐點相關的大量機會。 HPE 正在發展成為一家更簡單、更敏捷的公司，能夠更好地抓住我們的成長機會，發展我們的產品、服務和軟體組合，並推動結構性更高的獲利能力。

Turning to our segment results. In addition to the new segments we discussed at SAM, we also created a new service segment that combines our prior compute and HPC and AI segment under one streamlined segment that offers solutions for our customers' training, tuning, and inferencing AI needs across their AI life cycle. Server revenues were $3.4 billion in the quarter, which was down 23% year-over-year. This new segment had a difficult year-over-year compare as, in Q1 '23, the business made significant progress against its backlog and benefited from HPE Cray EX revenue for Frontier.

轉向我們的部門業績。除了我們在SAM 討論的新細分市場之外，我們還創建了一個新的服務細分市場，將我們先前的計算、HPC 和AI 細分市場結合到一個簡化的細分市場中，為客戶的AI 訓練、調整和推理需求提供解決方案生命週期。該季度伺服器營收為 34 億美元，年減 23%。這個新細分市場與去年同期相比遇到了困難，因為在 23 年第一季度，該業務在積壓訂單方面取得了重大進展，並受益於 Frontier 的 HPE Cray EX 收入。

We are capturing the robust growth in AI demand. Our cumulative APU orders since Q1 '23, which include APU attached products and services in our HPE Cray EX, XD and ProLiant systems, rose approximately $500 million sequentially to now $4 billion. Our pipeline is robust and GPU supply, while still constrained, is improving. Our APU product revenue increased sequentially to well over $400 million. We are now converting our APU orders into revenues, and yet very strong demand means our APU backlog is over $3 billion.

我們正在抓住人工智慧需求的強勁成長。自 23 年第一季以來，我們的累計 APU 訂單（包括 HPE Cray EX、XD 和 ProLiant 系統中的 APU 連接產品和服務）連續增加了約 5 億美元，目前為 40 億美元。我們的管道很強大，GPU 供應雖然仍然受到限制，但正在改善。我們的 APU 產品收入連續成長至超過 4 億美元。我們現在正在將 APU 訂單轉化為收入，但非常強勁的需求意味著我們的 APU 積壓訂單超過 30 億美元。

Our pipeline is well above that. AI revenue in the quarter included our first revenues from AI cloud offering and from our HPE GreenLake win with a large hyperscale customer. Our traditional high-performance computing and supercomputing revenue fell seasonally, sequentially following a strong Q4. Revenue from our traditional server business increased sequentially. We expect this trend to continue given a structural mix shift to higher AUP Gen11 and rising input costs. Gen11 servers nearly doubled sequentially to 30% of the mix in Q1.

我們的管道遠高於此。本季的 AI 收入包括我們來自 AI 雲端產品的第一筆收入以及我們贏得大型超大規模客戶的 HPE GreenLake 收入。我們的傳統高效能運算和超級運算收入在第四季度表現強勁後出現季節性下降。傳統伺服器業務營收季增。鑑於結構性組合轉向更高的 AUP Gen11 和不斷上升的投入成本，我們預計這一趨勢將持續下去。 Gen11 伺服器在第一季的佔比幾乎翻了一番，達到 30%。

Including HPE, Cray XD takes the mix of next-generation servers to 44%. We are encouraged that our Gen11 pipeline is starting to include AI inferencing activity and enterprise applications. We expect AI inferencing to gather momentum in fiscal year '24.

包括 HPE 在內，Cray XD 將下一代伺服器的比例提高到 44%。我們感到鼓舞的是，我們的 Gen11 管道開始包括人工智慧推理活動和企業應用程式。我們預計人工智慧推理將在 24 財年累積動力。

As a reminder, our Gen11 services come with an attached subscription to our compute ops management software, which lifts our margin structure. Our Q1 operating margin was 11.4%. While up sequentially, the margin was down 430 basis points year-over-year given declining revenues. Intelligent Edge revenues were $1.2 billion or up 2% year-over-year. Demand for our campus switching and WiFi products eased materially, particularly in Europe and Asia, and was the largest contributor to our Q1 revenue gap. We continue to see mid-single-digit growth benefits from our existing backlog but expect these to normalize going forward as we are now approaching our typical range.

提醒一下，我們的 Gen11 服務附帶對我們的計算營運管理軟體的訂閱，這提高了我們的利潤結構。我們第一季的營業利益率為 11.4%。雖然利潤率環比上升，但由於收入下降，利潤率比去年同期下降 430 個基點。智慧邊緣營收為 12 億美元，年增 2%。我們的園區交換和 WiFi 產品的需求大幅下降，特別是在歐洲和亞洲，這是我們第一季收入缺口的最大貢獻者。我們繼續從現有的積壓訂單中看到中個位數的成長效益，但預計這些成長將在未來正常化，因為我們現在正在接近我們的典型範圍。

Our total channel inventory is within the normal range overall, inclusive of a pocket in the SMB business. We also continue to make progress in our new TAMs of data center networking, private 5G and SASE. The Intelligent Edge portfolio of subscription revenue grew well above 50% as we are benefiting from growing attach from our strong fiscal year '23 revenue growth. We are pleased with our 29.4% operating margin, which was up 1,000 basis points year-over-year. The new Hybrid Cloud segment includes our storage businesses and now the HPE GreenLake portion of our Server business. Revenues of $1.2 billion were down 10% year-over-year.

我們的通路總庫存總體處於正常範圍內，其中包括中小企業業務。我們在資料中心網路、專用 5G 和 SASE 的新 TAM 方面也持續取得進展。智慧邊緣組合的訂閱收入成長遠超 50%，因為我們受益於 23 財年強勁的營收成長帶來的成長。我們對 29.4% 的營業利潤率感到滿意，年增 1,000 個基點。新的混合雲部門包括我們的儲存業務以及現在的伺服器業務的 HPE GreenLake 部分。營收為 12 億美元，年減 10%。

Our traditional storage business was down year-over-year on difficult compares, given backlog consumption in Q1 '23. Total electro subscription revenue grew over 100% year-over-year and is an illustration of our long-term transition to an as-a-service model across our businesses. We are starting to see AI server demand pull through interest in our file storage portfolio. We are also already seeing some cross-selling benefits of integrating the majority of our HPE GreenLake offering into a single business unit.

鑑於 23 年第一季的積壓消耗，我們的傳統儲存業務由於難以比較而比去年同期下降。電子訂閱總收入年增超過 100%，這說明我們的業務長期轉型為即服務模式。我們開始看到人工智慧伺服器的需求透過對我們的文件儲存產品組合的興趣而拉動。我們也已經看到了將大部分 HPE GreenLake 產品整合到單一業務部門中所帶來的一些交叉銷售優勢。

Our operating margin was 3.8%, which was down 200 basis points year-over-year. Lower revenues and a high mix of third-party product impacted margins in the traditional storage business. Our HPE Financial Services revenue was down 2% year-over-year and financing volume was $1.4 billion. Our operating margin of 8.5% was up 130 basis points year-over-year. We are successfully passing through interest rate increases, and our asset management margins are returning to normal. Our Q1 loss ratio remained steady at 0.5%.

我們的營業利益率為 3.8%，年減 200 個基點。收入下降和第三方產品的高度混合影響了傳統儲存業務的利潤。我們的 HPE 金融服務收入年減 2%，融資額為 14 億美元。我們的營業利益率為 8.5%，較去年同期成長 130 個基點。我們正在順利度過升息期，資管利潤率正在恢復正常。我們第一季的虧損率穩定在 0.5%。

Turning now to cash flow and capital allocation. We generated $64 million in cash flow from operations and consumed $482 million in free cash flow this quarter. HPE typically consumes cash in the first half of the year and generates cash in the second half. Our first quarter free cash flow benefited from some prepayments associated with pending HPE GreenLake deals and HPE Cray XD shipments. Our cash conversion cycle was 7 days, which is a reduction of 8 days from Q1 '23. Our days payable and days of inventory were both higher, given the lower revenue and strong demand for APUs. We returned $172 million in capital to shareholders in Q1, primarily through our dividend.

現在轉向現金流和資本配置。本季我們從營運中產生了 6,400 萬美元的現金流，消耗了 4.82 億美元的自由現金流。 HPE 通常在上半年消耗現金，在下半年產生現金。我們第一季的自由現金流受益於與懸而未決的 HPE GreenLake 交易和 HPE Cray XD 發貨相關的一些預付款。我們的現金轉換週期為 7 天，比 23 年第一季減少了 8 天。鑑於營收下降和 APU 需求強勁，我們的應付帳款天數和庫存天數均較高。第一季度，我們主要透過股利向股東返還了 1.72 億美元的資本。

Before I discuss our outlook, let me first recap the key drivers that factor into our expectations for Q2 and the full year. For server, we expect improving GPU supply to drive sequential revenue increases through fiscal year '24. Given improving supply and the timing of installations, we expect segment revenue and therefore, corporate revenue to be heavily weighted to the second half of the year. We expect the blended margin of the new segment to be flattish for the remainder of the fiscal year.

在討論我們的前景之前，讓我先回顧一下影響我們對第二季和全年預期的關鍵驅動因素。對於伺服器，我們預計 GPU 供應的改善將推動 24 財年的營收持續成長。鑑於供應和安裝時間的改善，我們預計部門收入以及企業收入將在今年下半年佔據重要地位。我們預計新部門的混合利潤率將在本財年剩餘時間內持平。

For Intelligent Edge, we expect the market to remain soft throughout the year. Our cost reduction efforts will take time to show their benefits, which will result in margin pressure in Q2. Later in our fiscal year, we expect our normal channel inventory position and seasonal strength in the education market to be a modest revenue tailwind. We expect the full year margin to be in the mid-20% range. For Hybrid Cloud, we expect sequential increases through the year as our traditional storage business improves and HPE GreenLake momentum continues. We expect meaningful progress through the year.

對於智慧邊緣，我們預計全年市場將保持疲軟。我們降低成本的努力需要時間才能顯現其效益，這將導致第二季的利潤率壓力。在我們的財年後期，我們預計我們正常的通路庫存狀況和教育市場的季節性優勢將成為適度的收入推動力。我們預計全年利潤率將在 20% 左右。對於混合雲，我們預計隨著傳統儲存業務的改善和 HPE GreenLake 勢頭的持續，全年混合雲將持續成長。我們預計今年將取得有意義的進展。

With that context, let me turn to our outlook. For Q2, we expect revenues in the range of $6.6 billion to $7 billion or up slightly sequentially at the midpoint. We expect GAAP diluted net EPS to be between $0.20 and $0.25, and our non-GAAP diluted net EPS between $0.36 and $0.41. In part, given the higher prepayments in Q1, we expect negative free cash flow in Q2.

在此背景下，讓我談談我們的前景。對於第二季度，我們預計營收在 66 億美元至 70 億美元之間，或比上一季的中位數略有上升。我們預計 GAAP 攤薄後淨每股收益將在 0.20 美元至 0.25 美元之間，非 GAAP 攤薄後淨每股收益將在 0.36 美元至 0.41 美元之間。在某種程度上，鑑於第一季的預付款較高，我們預計第二季的自由現金流為負。

Let me remind you that we have 2 drivers of potential lumpiness in our business. One is the timing and customer acceptances of large Cray wins, including Cray XD wins, which should ramp beginning in Q2. The second is the start of certain large HPE GreenLake deals. For some of these large deals, our segments recognize the related hardware on installation. In our consolidated results, we eliminate the segment revenue and recognize it over time. Both large deals and higher eliminations are indicators of our confidence in the second half of the fiscal year.

讓我提醒您，我們的業務有兩個潛在的不穩定因素。一是 Cray 重大勝利的時機和客戶接受度，包括 Cray XD 勝利，這應該會從第二季開始增加。第二個是某些大型 HPE GreenLake 交易的開始。對於其中一些大型交易，我們的部門會在安裝時識別相關硬體。在我們的合併表現中，我們消除了分部收入並隨著時間的推移確認它。大型交易和更高的淘汰率都顯示了我們對本財年下半年的信心。

For fiscal year '24, we are revising our outlook, primarily given the current networking market headwinds. Let me remind you that we are excluding the H3C earnings and gain on sale from our non-GAAP results beginning in fiscal year '24. We now expect revised ranges for constant currency revenue and non-GAAP operating profit growth of 0% to 2%, GAAP diluted net EPS of $1.81 to $1.91 and non-GAAP diluted net EPS of $1.82 to $1.92.

對於 24 財年，我們正在修改我們的前景，主要是考慮到當前網路市場的不利因素。讓我提醒您，我們將從 24 財年開始的非 GAAP 業績中排除 H3C 獲利和銷售收益。我們現在預期固定匯率收入和非GAAP 營業利潤成長的修正範圍為0% 至2%，GAAP 稀釋後淨每股收益為1.81 美元至1.91 美元，非GAAP 稀釋後淨每股收益為1.82 美元至1.92 美元。

The mix shift from Intelligent Edge to Server should also weigh on our gross margins. We now expect the full year non-GAAP gross margin to be slightly down from our prior full year expectation of 35%. We expect the impact of the cost actions we have initiated to materialize in the second half and leave fiscal year '24 OpEx to be flat to down from fiscal '23 OpEx. We expect our operating margin to be flattish year-over-year. We now expect OI&E to be $200 million to $250 million headwind versus our prior $300 million expectation, given better Q1 free cash flow and more favorable interest rate assumptions.

從智慧邊緣到伺服器的混合轉變也會影響我們的毛利率。我們現在預計全年非 GAAP 毛利率將略低於我們先前 35% 的全年預期。我們預計我們發起的成本行動的影響將在下半年顯現，並使 24 財年的營運支出與 23 財年的營運支出持平甚至下降。我們預計我們的營業利潤率將與去年同期持平。鑑於第一季更好的自由現金流和更有利的利率假設，我們現在預計 OI&E 將面臨 2 億至 2.5 億美元的逆風，而我們之前的預期為 3 億美元。

We expect the effect on currency to be immaterial. We expect free cash flow to be at least $1.9 billion in fiscal year '24. We expect significantly stronger free cash flow in the second half of the year led by improvements in inventories as AI service shipments ramp. We reiterate our commitment to our dividend, which was raised 8% from fiscal year '23 to fiscal year '24; debt repayment to maintain an investment-grade credit rating; and in long term, returning capital to shareholders through share repurchases.

我們預期對貨幣的影響並不重大。我們預計 24 財年的自由現金流至少為 19 億美元。我們預計，隨著人工智慧服務出貨量的增加，庫存改善，下半年自由現金流將顯著增強。我們重申對股利的承諾，從 23 財年到 24 財年，股利提高了 8%；償還債務以維持投資等級信用評等；長遠來看，透過股票回購向股東返還資本。

To conclude, we executed well in Q1 amidst a challenging market backdrop. We are pleased with our margin and EPS results while understanding our slower networking product demand and GPU availability and timing impacted our revenue performance. We have taken prompt action to further reduce our costs and continue to manage our expenses prudently while we advance our long-term strategy. AI server demand is strong. Demand has stabilized for our traditional server and storage products, and our HPE GreenLake momentum is robust.

總而言之，在充滿挑戰的市場背景下，我們在第一季表現良好。我們對利潤率和每股盈餘結果感到滿意，同時了解我們較慢的網路產品需求以及 GPU 可用性和時間安排影響了我們的收入表現。我們已迅速採取行動，進一步降低成本，並在推進長期策略的同時繼續審慎管理開支。 AI伺服器需求強勁。我們傳統伺服器和儲存產品的需求已經穩定，我們的 HPE GreenLake 勢頭強勁。

We will continue to invest in IT inflections, networking, hybrid cloud and AI, to drive our pivot to higher growth, higher margin revenue. I look forward to engaging with you in the months ahead, as does our new Chief Strategy Officer, Shannon Cross, who has joined us following a distinguished career as a Wall Street analyst and now has oversight of our IR function.

我們將繼續投資 IT 轉型、網路、混合雲和人工智慧，以推動我們實現更高成長、更高利潤率收入。我期待在未來幾個月與您合作，我們的新任首席策略長 Shannon Cross 也是如此，他在擔任華爾街分析師方面有著出色的職業生涯，現在負責監督我們的 IR 職能。

We will appreciate your input and questions along the way, and we can get started with that right now. I'll open it up now for your questions about the quarter.

我們將感謝您在此過程中提出的意見和問題，我們現在就可以開始。我現在將打開它來回答您有關本季度的問題。

(Operator Instructions) The first question today is from Meta Marshall with Morgan Stanley.

（操作員說明）今天的第一個問題來自摩根士丹利的 Meta Marshall。

Maybe on the GPU available -- or GPU delays that you're seeing in far as acceptance, just what are you seeing in terms of -- you identified that power and some of these things were conditions for what the delays were. But just what are you seeing in terms of how long those delays are going to take and how long the delays and the acceptances are going to be?

也許在可用的 GPU 上，或者您所看到的 GPU 延遲，就您所看到的而言，您確定了功率和其中一些因素是延遲的條件。但您認為這些延誤需要多長時間以及延誤和接受需要多長時間？

Well, thank you, Meta. So as I said in my prepared remarks, we had a couple of deals that slipped from Q1 into future quarters because customers are taking a little bit longer to prepare the data center space, getting the power and the cooling ready. And obviously, those deals will come as we complete those installations.

嗯，謝謝你，梅塔。正如我在準備好的演講中所說，我們有幾筆交易從第一季滑到了未來幾個季度，因為客戶需要更長的時間來準備資料中心空間，準備好電源和冷卻。顯然，當我們完成這些安裝時，這些交易就會到來。

And then on the GPU side, obviously, we continue to experience a tight environment, although we are seeing some improvements. We have already a lot of GPUs that we already built, but the customers will take time to accept those systems. But the reality is that we need more supply against the backlog that we announced today, which was $3 billion at the end of the Q1.

然後在 GPU 方面，顯然，儘管我們看到了一些改進，但我們仍然面臨著緊張的環境。我們已經建立了很多 GPU，但客戶需要時間來接受這些系統。但現實是，我們需要更多的供應來應對我們今天宣布的積壓訂單，第一季末的積壓金額為 30 億美元。

So that's what we see today. And as we go forward, we expect that improvement to happen, and that's why we are confident on the conversion of the GPU orders into revenue as we go along, not just because of the GPU availability but also the acceptances.

這就是我們今天所看到的。隨著我們的前進，我們預計這種改進將會發生，這就是為什麼我們對將 GPU 訂單轉化為收入充滿信心，不僅因為 GPU 的可用性，還因為接受度。

And the next question is from Amit Daryanani with Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

I guess, Antonio, maybe just talk about, if I look at the revenue shortfall in Jan quarter, how much of that do you think is because your customers are pushing out their delivery schedules because there isn't enough power versus you just didn't have enough GPUs? If you were to think about those 2 buckets. And then as you think about the full year guide, perhaps I didn't appreciate this. But can you just talk about what are you expecting for the networking segment, Intelligent Edge to do in the 0% to 2% guide right now?

我想，安東尼奧，也許只是談談，如果我看看一月份季度的收入短缺，你認為其中有多少是因為你的客戶因為沒有足夠的電力而推遲了他們的交貨時間表，而你只是沒有'沒有足夠的 GPU？如果你想一下那兩個桶子。然後當你想到全年指南時，也許我並不欣賞這一點。但您能否談談您對網路領域、智慧邊緣目前在 0% 到 2% 指南中的期望？

So I'll take -- I'll answer the first part of your question around the revenue. So in the first quarter with respect to what drove the $300 million on the revenue, it was mostly actually networking. We did have one deal that moved out. I think Antonio mentioned that in his prepared remarks. And then in terms of just how we're thinking about the second half of the guide, we are expecting a very strong second half, and that's predominantly driven actually by AI systems revenue. We are expecting networking to be slightly more favorable in the back half, but we really see the trough of networking in Q2, Amit.

所以我將回答你關於收入的問題的第一部分。因此，第一季 3 億美元收入的推動因素實際上主要是網路。我們確實有一筆交易已搬離。我認為安東尼奧在他準備好的演講中提到了這一點。然後就我們如何看待指南的後半部分而言，我們預計下半年會非常強勁，而這實際上主要是由人工智慧系統收入推動的。我們預計網路在後半段會稍微有利一些，但我們確實在第二季度看到了網路的低谷，阿米特。

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

下一個問題是西蒙·利奧波德和雷蒙德·詹姆斯提出的。

I wanted to see if we could drill down a little bit in terms of understanding what's changed in the Intelligent Edge versus 90 days ago. And 2 elements are crossing my mind. One is really around the pending Juniper deal, whether that's influencing customers to maybe hold off purchases because of the uncertainties that might be affecting their decision-making as to what happens after you're combined. And the other part is just wondering, if there's inventory that's been sitting in the channel, why didn't you know about it or why didn't you see it. Just trying to get an understanding of sort of what you've learned over these last 90 days.

我想看看我們是否可以深入了解智慧邊緣與 90 天前相比發生的變化。我想到了兩個要素。其中一個問題實際上是圍繞著懸而未決的瞻博網路交易，這是否會影響客戶推遲購買，因為不確定性可能會影響他們對合併後發生的情況的決策。另一部分只是想知道，如果渠道中存在庫存，為什麼您不知道或為什麼沒有看到它。只是想了解一下您在過去 90 天裡學到的東西。

Thank you, Simon. So first of all, we saw an acceleration of the demand softness in the back -- at the end of the Q1, really in January, whether it's now people coming back, but obviously, the reality is we saw that as a headwind to our revenue in Q1. I have to say, we do not have a channel inventory problem. Actually, we are in great position. Particularly from the enterprise customers and the enterprise product, we do not have that issue at this point in time.

謝謝你，西蒙。首先，我們看到後面的需求疲軟加速 - 在第一季末，實際上是在一月份，無論現在人們回來了，但顯然，現實是我們認為這是我們的逆風第一季的收入。我不得不說，我們不存在渠道庫存問題。事實上，我們的處境非常好。特別是從企業客戶和企業產品來看，我們目前還沒有這個問題。

What we do see is customers are taking longer with the product we already shipped to them to install it and eventually go through the next cycle. And that's why we said with Marie, we're going to start seeing a slight improvement on the back half with Q2 being the trough. And part of the back half also is the traditional buying season in the United States with state, local education. The pipeline is very good. We have not lost one single deal that I can point to, neither because of the slowdown or customers deferring, not because of the announcement of the acquisition of Juniper.

我們確實看到，客戶需要更長的時間來安裝我們已經發貨給他們的產品，並最終進入下一個週期。這就是為什麼我們對瑪麗說，我們將開始看到後半段略有改善，而第二季是低潮。而下半年的部分時間也是美國各州、地方教育的傳統購買季。管道非常好。我可以指出的是，我們沒有失去任何一筆交易，既不是因為經濟放緩或客戶延遲，也不是因為宣布收購瞻博網路。

And maybe, Simon, just to add to Antonio's comments, the only place where we saw a slightly elevated pocket of inventory was in SMB, which is a pretty small part of our business.

也許，西蒙，只是為了補充安東尼奧的評論，我們看到庫存略有增加的唯一地方是中小型企業，這只是我們業務的一小部分。

Yes.

是的。

And the next question is from Toni Sacconaghi with Bernstein.

下一個問題是托尼·薩科納吉和伯恩斯坦提出的。

Sorry, I just have one clarification and a question. Marie, on the (inaudible) that the backlog drop down has contributed, I think, mid-single digits to the Intelligent Edge or something more broad than that. So can you just comment or clarify exactly what the backlog contribution was? And I suppose there's none going forward.

抱歉，我只有一個澄清和一個問題。瑪麗，我認為（聽不清楚）積壓下降對智慧邊緣或更廣泛的東西做出了中個位數的貢獻。那麼您能否評論或澄清一下積壓的貢獻是什麼？我想沒有任何進展。

And then just on my question, you sound pretty excited about sequential growth over the course of the year, both in servers and storage. Maybe you can just elaborate on why you see that. Is servers -- do you see sequential growth in traditional servers, non-accelerated (inaudible) and what (inaudible)

關於我的問題，您聽起來對伺服器和儲存在這一年中的連續成長感到非常興奮。也許你可以詳細說明為什麼你會看到這一點。伺服器－您是否看到傳統伺服器的連續成長，非加速（聽不清楚）以及什麼（聽不清楚）

So maybe I'll take the first part of the question, and I'll turn to Antonio for the second part. So look, in terms of the backlog, we really don't disclose the backlog on edge. But I think what we've said is that we've seen our backlog sort of revert back to normalized levels with the exception, obviously, of our APU or AI system. So that's how we're thinking about the backlog.

所以也許我會回答問題的第一部分，然後我會轉向安東尼奧回答第二部分。所以看，就積壓而言，我們確實沒有透露邊緣的積壓。但我認為我們所說的是，我們已經看到我們的積壓工作恢復到正常水平，顯然，我們的 APU 或人工智慧系統除外。這就是我們如何考慮積壓的問題。

I think in terms of just some context and commentary, you've seen in the industry that the market has definitely softened. And I think as Antonio said earlier, we saw that late in the quarter. So that's how we characterize the networking demand. And I would say that we do expect the trough in Q2 and to be slightly more favorable in the back half. So that's how we're thinking about the networking market playing out for the year. I think I'll turn to Antonio to comment on servers.

我認為僅就一些背景和評論而言，您在行業中已經看到市場肯定已經疲軟。我認為正如安東尼奧之前所說，我們在本季末看到了這一點。這就是我們描述網路需求的方式。我想說的是，我們確實預計第二季會出現低谷，並且下半年會稍微有利一些。這就是我們對今年網路市場走勢的看法。我想我會請安東尼奧來評論服務器。

Yes, Toni. Thank you for the question. So on the server and storage side, obviously, we see signs of stabilization. It has been now a couple of quarters with sequential order improvement. But the reality is that, as we said in our opening remarks, we continue to see the mix shift in the traditional servers, as you call it, to Gen11. By the end of the year, we should be approximately 60% of the way there. Obviously, those servers come with a different set of structural configurations and pricing, which obviously is higher.

是的，托尼。感謝你的提問。因此，在伺服器和儲存方面，顯然我們看到了穩定的跡象。訂單連續改善已經過去幾個季度了。但現實是，正如我們在開場白中所說，我們繼續看到傳統伺服器（如您所說的）向 Gen11 的混合轉變。到今年年底，我們應該已經完成了大約 60% 的工作。顯然，這些伺服器具有不同的結構配置和定價，顯然更高。

At the same time, we're going to see cost inflation. We believe that's going to be the case, and therefore, we have to eventually pass those as well. But the number of units have been very stable or slightly improving. And that's an important indicator because, ultimately, that also drives our attach rate of our Operational Services, which in the quarter was very, very good. So that's why we are confident there's sequential improvement from here on.

同時，我們將看到成本通膨。我們相信情況會如此，因此，我們最終也必須通過這些。但單位數量一直非常穩定或略有改善。這是一個重要的指標，因為最終，這也推動了我們營運服務的附加率，本季的附加率非常非常好。這就是為什麼我們有信心從現在開始會取得連續性的改進。

And then on the storage side, obviously, AI is going to be a pull-through demand for us. We introduced a new offer now specifically for file. And remember that HPE Alletra will continue to grow from here on. And a portion of that HPE Alletra revenue is also in the ARR because remember that software now is completely disaggregated from the solution itself, which means you have the CapEx portion of the revenue recognized in quarter and the subscription part of the software amortized over the period of the contract. So that's why ARR is growing because of the subscription in networking, which was up significantly, the storage and obviously, AI now also contributing to the ARR as well.

然後在儲存方面，顯然，人工智慧將成為我們的拉動需求。我們現在推出了專門針對文件的新優惠。請記住，HPE Alletra 將從現在開始繼續發展。 HPE Alletra 收入的一部分也包含在ARR 中，因為請記住，軟體現在已與解決方案本身完全分離，這意味著您可以在季度中確認收入的資本支出部分，並在此期間攤銷軟體的訂閱部分合約的。這就是 ARR 成長的原因，因為網路訂閱量顯著增加，儲存以及顯然人工智慧現在也對 ARR 做出了貢獻。

The next question is from Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

I wanted to ask about the server market, maybe 2 parts. I guess when we look at some of your peers, I mean, it seems to be that the lead times have improved on some of the GPUs, particularly the H100. But I'd be curious of kind of like can you talk a little bit about what you've seen on lead times there in terms of your ability to deliver on some of this backlog, how that's changed over the course of this last quarter? And then any thoughts on traditional server recovery? How do we think about the pace of that embedded in your expectations looking through this year?

我想問伺服器市場，可能有兩個部分。我想當我們觀察一些同行時，我的意思是，某些 GPU（尤其是 H100）的交貨時間似乎有所改善。但我很好奇，您能否談談您在交貨時間內所看到的情況，即您交付部分積壓訂單的能力，以及在上個季度的過程中發生了怎樣的變化？那麼對傳統伺服器復原有什麼想法嗎？我們如何看待您今年的預期中的這一步伐？

Yes, sure. I think I covered the larger part of that question with Toni's question about sequential improvement in the traditional server, which obviously is still very CPU centric. On a combined server, right, now 25% of the total volume is APUs, which obviously GPUs is the biggest portion of it. So we expect that sequential improvement driven by recovery in demand in units and then obviously the shift to Gen11, which is important in this transition.

是的，當然。我想我用 Toni 關於傳統伺服器順序改進的問題涵蓋了該問題的大部分，這顯然仍然非常以 CPU 為中心。在組合伺服器上，右圖，現在 APU 佔總容量的 25%，顯然 GPU 是其中最大的部分。因此，我們預計，單位需求的復甦將推動連續改善，然後顯然是向 Gen11 的轉變，這在這一轉變中很重要。

On the GPU lead times, they have come down but it's still elevated. We're talking about 20-plus weeks at least lead time. And so -- and then it's going to be a combination of multiple type of GPUs, right, because there is still demand from the prior generation to H100. Obviously, the majority of the demand today is on H100. And going forward, we're going to have the Grace Hopper H200 and others, right, including MI300X and the like.

在 GPU 交貨時間方面，雖然有所下降，但仍有所上升。我們談論的是至少 20 週以上的交貨時間。所以——然後它將是多種類型 GPU 的組合，對吧，因為上一代對 H100 的需求仍然存在。顯然，今天的大部分需求都集中在 H100 上。展望未來，我們將擁有 Grace Hopper H200 和其他產品，包括 MI300X 等。

And the difference for us is that because we have a unique networking interconnect fabric, we can support all of them. So that's an important differentiation that I think everyone needs to remind because, while a lot of the volume today is NVIDIA and then on the supercomputing, which is also an AI business, by the way, we support all 3 of them. And so that, for us, gives us the optionality to convert the orders that we have and future orders we see in the pipeline with a little bit more flexibility, I will say.

對我們來說，不同之處在於，因為我們擁有獨特的網路互連結構，所以我們可以支援所有這些。因此，這是一個重要的區別，我認為每個人都需要提醒，因為雖然今天的大部分銷量是 NVIDIA，然後是超級計算，這也是人工智慧業務，順便說一句，我們支援這三個業務。因此，對於我們來說，這使我們可以選擇以更大的靈活性來轉換我們現有的訂單和我們在管道中看到的未來​​訂單，我會說。

The next question is from Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

You said some of your demand in AI systems is coming in via GreenLake. Can you help us understand the linkage between your view of AI revenue and ARR growth?

你說你對人工智慧系統的一些需求是透過 GreenLake 進來的。您能否幫助我們了解您對人工智慧收入和 ARR 成長之間聯繫的看法？

Yes, Wamsi. I can start and then, Marie, feel free to add. I mean, the fact of the matter is that when you look at that $4 billion cumulative orders, a significant portion is going to go through the HPE GreenLake. If you recall last year, I announced that a hyperscaler placed an order with us, and that order is going through the GreenLake platform. And so that's why you see a breakdown over time of the AI GPU orders going through the ARR, which is fine.

是的，瓦姆西。我可以開始，然後瑪麗，請隨意補充。我的意思是，事實是，當您查看 40 億美元的累積訂單時，您會發現很大一部分將通過 HPE GreenLake。如果您還記得去年，我宣布一家超大規模企業向我們下了訂單，該訂單正在透過 GreenLake 平台進行。這就是為什麼您會看到 ARR 中的 AI GPU 訂單隨時間的細分情況，這很好。

Ultimately, they give us the ability to attach other services, which is important to remember here because, remember, when it goes to the HPE GreenLake, in many cases, we are actually running those systems for the customer. It's not just shipping the system to the customer. We actually put it in a location, whereas our data center footprint with our cooling and power, and then we attach our services, which are the run time plus other things we do.

最終，它們使我們能夠附加其他服務，這一點在這裡記住很重要，因為記住，當它進入 HPE GreenLake 時，在許多情況下，我們實際上是在為客戶運行這些系統。這不僅僅是將系統運送給客戶。我們實際上把它放在一個位置，而我們的資料中心足跡與我們的冷卻和電力，然後我們附加我們的服務，這是運行時間加上我們所做的其他事情。

And why it's important also, the growth in ARR, because that drives a margin expansion and accretion over time. So that's what's going on in addition to the fact that obviously now we crossed 31,000 customers on HPE GreenLake platform. To put it in context, Wamsi, that's almost 3,000 customers in 1 quarter. I mean, 8% up quarter-over-quarter, that's 3,000 customers.

為什麼 ARR 的成長也很重要，因為隨著時間的推移，這會推動利潤率的擴張和增加。這就是目前正在發生的事情，顯然現在我們在 HPE GreenLake 平台上的客戶數量已超過 31,000 名。結合上下文來看，Wamsi，1 季內有近 3,000 名客戶。我的意思是，比上一季成長 8%，即 3,000 名客戶。

And everything we do from the software perspective and now it's just subscription, whether you sell HPE ProLiant Gen11, let's say, an AI-optimized server, the software to connect the server actually runs to GreenLake. Obviously, the Alletra software runs through the GreenLake. A lot of the Aruba software, including Aruba Central, a subscription and now you have AI as well.

我們從軟體角度所做的一切，現在都只是訂閱，無論您是銷售 HPE ProLiant Gen11，比如說 AI 優化的伺服器，連接伺服器的軟體實際上都運行到 GreenLake。顯然，Alletra軟體是透過GreenLake運行的。很多 Aruba 軟體，包括 Aruba Central，都需要訂閱，現在您也有 AI。

And maybe, Wamsi, I'll just put a couple of numbers around the APU or the AI system orders that we saw, too. So we ended the quarter actually with $3 billion in backlog, so we really nearly tripled actually year-on-year. And in terms of just the link back to ARR, we shipped around $400 million in revenue, but we had incremental revenue actually that went into ARR. And that sort of underscores the growth that we saw in ARR and expect to see going forward as well, Wamsi.

也許，Wamsi，我也會在 APU 或我們看到的人工智慧系統指令周圍放上幾個數字。因此，在本季結束時，我們實際上已經積壓了 30 億美元，因此我們實際上同比增長了近兩倍。僅就與 ARR 的連結而言，我們的收入約為 4 億美元，但我們實際上有增量收入，這些收入都進入了 ARR。這在某種程度上強調了我們在 ARR 中看到的成長，並預計未來也會看到成長，Wamsi。

The next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I guess, Antonio, you referenced the increase in demand on AI that you see related to inferencing workloads on the enterprise side. Can you maybe talk a bit in terms of how these deployments are looking different to what you've been doing on the AI training side and maybe with some hyperscalers? And given the lead times, is this demand going to more materialize in relation to revenue more in fiscal '25? Or is that just a fair estimate about -- given the lead times?

我想，安東尼奧，您提到了與企業端推理工作負載相關的人工智慧需求的成長。您能否談談這些部署與您在人工智慧培訓方面以及某些超大規模部署方面所做的工作有何不同？考慮到交付週期，這種需求在 25 財年的收入中是否會更具體化？或者這只是一個公平的估計——考慮到交貨時間？

Yes. No, thank you. That's an excellent question. Obviously, I spoke about the AI life cycle, training, tuning, and inferencing. Obviously, the training side has been more focused on the hyperscalers, so Tier 2, Tier 3 type of providers or companies that are funded well to build these large language models.

是的。不，謝謝。這是一個很好的問題。顯然，我談到了人工智慧的生命週期、訓練、調整和推理。顯然，培訓方面更關注超大規模企業，因此二級、三級類型的提供者或公司有足夠的資金來建立這些大型語言模式。

But when you look at enterprise, most of the enterprises are going to take a model and fine-tune it to give a context to the model with their data. And that, it can happen in multiple locations, right? It can happen in their data centers or potentially in a colo or, in some cases, in the public cloud, but we see more focus on where they can control the data in a secure environment.

但當你觀察企業時，大多數企業都會採用模型並對其進行微調，以便為模型及其資料提供上下文。而且，它可以發生在多個地點，對嗎？它可能發生在他們的資料中心，也可能發生在託管中心，或者在某些情況下發生在公有雲中，但我們看到他們更專注於他們可以在安全環境中控制資料的地方。

And then the inferencing side, it can happen in a data center or in a public cloud once they are all trained but also at the edge. In fact, we showcase a lot of the inferencing cases at the edge in Mobile Congress at the edge of the network. Think about use cases like the Coles Supermarket, right? So there is a lot of data to the video footage captured in the stores. That video footage needs to be inferenced right there at that given moment with 0 latency in order to deliver the outcome. And there are [others one] in manufacturing and the like.

然後是推理方面，一旦它們都經過訓練，它就可以在資料中心或公有雲中發生，但也可以在邊緣進行。事實上，我們在行動大會上展示了許多網路邊緣的邊緣推理案例。想想像 Coles 超市這樣的用例，對嗎？因此，商店中拍攝的影片片段包含大量數據。該影片片段需要在給定時刻以 0 延遲進行推斷，才能提供結果。還有製造業等領域的[其他]。

And in fact, one of the use cases we saw also for inferencing is a large bank that now are doing some fine-tuning and inferencing to do risk management and other things. So we -- I will say we are kind of getting into it. I will say the growth will happen in the second half in '25. Definitely, the lead times will play a role. But I'm very encouraged about the momentum we see and the opportunity we have also with the combination of Juniper because most of these inferencing requires the network connectivity to deliver it. And that to me is one of the thesis why we went ahead with that acquisition.

事實上，我們看到的推理用例之一是一家大型銀行，該銀行現在正在進行一些微調和推理以進行風險管理和其他事情。所以我們——我會說我們正在進入這個領域。我想說成長將在 25 年下半年發生。當然，交貨時間會發揮作用。但我對我們看到的動力以及我們與瞻博網路的結合所獲得的機會感到非常鼓舞，因為大多數推理都需要網路連結來提供。對我來說，這就是我們繼續進行這項收購的原因之一。

The next question is from Tim Long with Barclays.

下一個問題來自巴克萊銀行的提姆朗。

Just on the -- another one on the AI server side. Can you talk a little bit about how you guys are thinking about profitability for these businesses as we get more accelerated compute in your servers? And if you can also kind of break that down between maybe the Cray businesses and the standard compute, is there going to be more of a margin gap in those 2 businesses when looking at more traditional going to accelerated?

就在人工智慧伺服器端的另一個。當我們在你們的伺服器中獲得更加速的運算時，你們能談談你們如何考慮這些企業的獲利能力嗎？如果你也可以將 Cray 業務和標準運算之間的情況進行分解，那麼在考慮更傳統的加速時，這兩個業務是否會存在更大的利潤差距？

Sure, I can start. I will say, listen, I think if you look at our Server segment that we just published, we delivered very strong performance. I mean we are in the target range we committed a while back of 11% to 13%. And that -- the fact that we bring them together give us the flexibility, opportunity to maximize the blended margin here as we go forward. To give a reference, when you sell an EX system, generally, it's a liquid cool system that tends to gravitate to the supercomputing side or large AI clusters of thousands of GPUs.

當然，我可以開始了。我會說，聽著，我想如果你看看我們剛剛發布的伺服器部分，我們提供了非常強大的效能。我的意思是，我們已經達到了不久前承諾的 11% 到 13% 的目標範圍內。事實上，我們將它們結合在一起，為我們提供了靈活性，讓我們有機會在前進的過程中最大限度地提高混合利潤。僅供參考，當你銷售 EX 系統時，通常它是液冷系統，傾向於超級運算端或數千個 GPU 的大型 AI 叢集。

But an EX system supports today up to 80,000 GPUs in 1 system, and that's because of our interconnect fabric, HPE Slingshot. In fact, some of those systems have 80,000 GPUs and maybe 40,000 CPUs in 1 coherent system. But then you have other customers [are] many 2,000 or 4,000 GPUs. And depending on which location they pick, they need liquid cooling, we deploy those. Now generally speaking, the XD platform, the Cray XD platform is the one that has the density and is more air cool oriented and ability to mix-match different configurations, and that's where the vast majority of the action is today in AI.

但如今，EX 系統在 1 個系統中支援多達 80,000 個 GPU，這要歸功於我們的互連結構 HPE Slingshot。事實上，其中一些系統在 1 個相干系統中擁有 80,000 個 GPU，可能還有 40,000 個 CPU。但你還有其他客戶，他們有很多 2,000 或 4,000 個 GPU。根據他們選擇的位置，他們需要液體冷卻，我們會部署這些。現在一般來說，XD 平台、Cray XD 平台是一個具有密度、更風冷導向、能夠混合匹配不同配置的平台，這就是當今人工智慧領域的絕大多數行動所在。

And ProLiant Gen11, actually, is more used for inferencing or in some areas of fine-tuning as well. So we have the flexibility to meet all those demands with our unique IP. And on top of that, we actually lay our Machine Learning Development Environment. In fact, there are customers that come to us just for the MLDE environment. Later on, we pull the server. Now on AUPs, I will tell you that when you sell an XD, depending on the [capacity], it can be 20x the value of a traditional server with CPUs. And in EX, it can be up to 35x. And so as we go forward, the ability to optimize margin through the configs and attach the services, whether it's our data center services plus the software and the Operational Services allows us to really drive the best outcome for our shareholders.

事實上，ProLiant Gen11 更多地用於推理或某些微調領域。因此，我們可以利用我們獨特的 IP 來靈活地滿足所有這些需求。最重要的是，我們實際上奠定了機器學習開發環境。事實上，有些客戶只是為了 MLDE 環境來找我們。稍後，我們拉取伺服器。現在在 AUP 上，我會告訴你，當你出售 XD 時，根據[容量]，它的價值可以是具有 CPU 的傳統伺服器的 20 倍。在 EX 中，最高可達 35 倍。因此，隨著我們前進，透過配置和附加服務優化利潤的能力，無論是我們的資料中心服務加上軟體和營運服務，都使我們能夠真正為股東帶來最佳結果。

And that final question will come from Lou Miscioscia from Daiwa Capital Markets.

最後一個問題將由大和資本市場公司的 Lou Miscioscia 提出。

Antonio, I guess the question I have is since you're talking a lot about data centers, I'm wondering what's going to happen. Is -- are the vast majority of x86 applications going to start to shift over to really be accelerated with GPUs due to the concern of more (inaudible) coming to end? And what I'm asking is not really inference and it's not training. These are just normal applications, sort of like the same way architectures shifted from IBM mainframes or PA years and years ago to x86, eventually to that and cloud. Do you think that that's going to shift over to running on GPUs?

安東尼奧，我想我的問題是，既然你談論了很多關於資料中心的事情，我想知道會發生什麼。由於擔心更多（聽不清楚）即將結束，絕大多數 x86 應用程式是否會開始轉向真正使用 GPU 加速？我所要求的並不是真正的推理，也不是訓練。這些只是普通的應用程序，有點像架構從多年前的 IBM 大型主機或 PA 轉向 x86，最終轉向 x86 和雲端的方式。您認為這會轉向在 GPU 上運行嗎？

Well, thank you for the question. I think we need to understand there are 2 worlds that will coexist. There is the cloud-native world. Think about the cloud-native world where you have thousands and thousands of applications running on thousands and thousands of servers and they share everything. That architecture will exists for a long, long time because it's cost efficient, and the realization is that those applications rollout were designed for that type of environment, for the traditional monolithic approach to more a cloud-centric approach.

嗯，謝謝你的提問。我認為我們需要明白有兩個世界將會共存。這是雲端原生的世界。想像一下雲端原生世界，其中有成千上萬的應用程式在成千上萬的伺服器上運行，並且它們共享一切。該架構將存在很長很長一段時間，因為它具有成本效益，並且我們認識到這些應用程式的推出是為這種類型的環境而設計的，從傳統的整體方法到更多以雲端為中心的方法。

And then you have these AI applications where you may have one application, only one, running on thousands and thousands of servers, which have accelerated compute. And it's a little bit farfetched to say everything is going to move there. I argue that you will have inferencing solutions that a CPU will be just fine.

然後你就有了這些人工智慧應用程序，其中你可能只有一個應用程序，在成千上萬的伺服器上運行，這些伺服器加速了計算。說一切都會轉移到那裡有點牽強。我認為你會有推理解決方案，CPU 就可以了。

Think about your phone, right? The phone will have, at some point, the ability to manage a large language model, let's say, 20 billion or 30 billion parameters; or the PC, maybe in the 80 billion to 100 billion parameters. But when you go up higher than that, obviously, you need potentially a server at the edge. And an 8 -- what I'll call 8-way GPU will be the right way to go.

想想你的手機，對嗎？在某種程度上，手機將具有管理大型語言模型的能力，比如說 200 億或 300 億個參數；或者PC，可能有800億到1000億個參數。但當你的等級更高時，顯然，你可能需要一台位於邊緣的伺服器。 8 路－我稱之為 8 路 GPU 將是正確的選擇。

So I argue there will be a mix in the transition here for a long period of time. Not everything will go to a GPU. It also depends how these large language models and all the AI applications get constructed.

所以我認為在很長一段時間內，這裡的過渡將會是混合的。並非所有內容都會交給 GPU。它還取決於如何建立這些大型語言模型和所有人工智慧應用。

Now you asked us -- you made another interesting point, which I want to make sure the -- all of you remember. We, as a company, have 2 now public instances of AI, power with renewal energies where we are supporting some of these customers, including a hyperscaler and going forward, enterprise customers because they don't have the space and the cooling and they're understanding how to run the system of scale. That's a unique differentiation Hewlett Packard Enterprise have in addition to build systems and ship them. And I think that's an opportunity for us because that will drive stickiness to our HPE GreenLake platform, which obviously will drive recurring revenues but better attach of software and services down the road. And Juniper will play a huge role in that environment.

現在你問我們——你提出了另一個有趣的觀點，我想確保——你們所有人都記得。作為一家公司，我們現在有 2 個公共人工智慧實例，採用可再生能源，我們正在為其中一些客戶提供支持，包括超大規模企業客戶，因為他們沒有空間和冷卻設施，而且他們「重新了解如何運行規模系統。這是慧與除了建置系統和交付系統之外的獨特優勢。我認為這對我們來說是一個機會，因為這將提高我們對 HPE GreenLake 平台的黏性，這顯然會帶來經常性收入，但會在未來更好地附加軟體和服務。瞻博網路將在該環境中發揮巨大作用。

Thank you, Lou. Let me now turn it back to Antonio for concluding remarks.

謝謝你，盧。現在讓我請安東尼奧做總結發言。

Well, thank you, Shannon. And thank you, everyone. I know you have been covering multiple calls today. I know it's late on the East Coast, but I will leave you with few comments. Number one, we have the right strategy and the right team at the right time. This quarter, obviously, it was a little bit mixed because of the revenue. But remember, lower revenue also went through the ARR, so we need to understand that implication going forward.

嗯，謝謝你，香農。謝謝大家。我知道您今天接了多通電話。我知道在東海岸已經很晚了，但我會給你留下一些評論。第一，我們在正確的時間有正確的策略和正確的團隊。顯然，本季由於收入的原因，情況有些複雜。但請記住，ARR 也會導致收入下降，因此我們需要了解未來的含義。

I'm very confident about the future. And the moves we have made and continue to make, including the Juniper acquisition, will allow us to participate in this inflection point with a unique IP. Everybody, obviously, is focused about this AI momentum and the server side, but you need more than servers. AI will drive the need for more ports. That means you need more networking bandwidth. That's for sure.

我對未來非常有信心。我們已經採取和繼續採取的舉措，包括收購瞻博網絡，將使我們能夠以獨特的智慧財產權參與這項轉折點。顯然，每個人都專注於人工智慧的發展勢頭和伺服器端，但您需要的不僅僅是伺服器。人工智慧將推動對更多連接埠的需求。這意味著您需要更多的網路頻寬。這是肯定的。

Also, let's not forget, we need to do this responsibly. One of the things I'm really proud about our company is the commitment to social responsibility. Doing all of this, addressing the sustainability and the ethical challenges and the responsibility around AI. But listen, just we came out 2 weeks ago where HP was ranked #1 in just capital, ranking something that when you are proud of it and I know shareholder value, all of that. We have to take some actions here.

另外，我們不要忘記，我們需要負責任地這樣做。我對我們公司真正感到自豪的事情之一就是對社會責任的承諾。做這一切，解決人工智慧的可持續性、道德挑戰和責任。但聽著，就在我們兩週前發布的報告中，惠普在資本方面排名第一，當你為它感到自豪並且我知道股東價值，所有這些的時候，它的排名就是如此。我們必須在這裡採取一些行動。

We are really focused on the strong execution and discipline, something we have shown now for 6 years-plus. And that's why I'm confident in the adjusted guidance we provided with Marie. And as we get into '25, obviously with the pending acquisition, I feel HPE will be even in a stronger position as we get through 2024.

我們真正關注的是強而有力的執行力和紀律，這是我們六年多來所表現出來的。這就是為什麼我對我們為瑪麗提供的調整後的指導充滿信心。隨著我們進入 25 年，顯然隨著即將進行的收購，我認為 HPE 在 2024 年將處於更有利的地位。

So thank you for your time and hope to connect with you soon.

感謝您抽出寶貴的時間，並希望盡快與您聯繫。

Ladies and gentlemen, this concludes our call for today. Thank you. You may now disconnect.

女士們、先生們，我們今天的呼籲到此結束。謝謝。您現在可以斷開連線。