惠普企業 (HPE) 2021 Q4 法說會逐字稿

Good afternoon, and welcome to the Fourth Quarter Fiscal 2021 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.

下午好，歡迎參加 2021 財年第四季度惠普企業收益電話會議。我的名字是加里，我將擔任今天電話會議的主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。

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

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

Good afternoon, everyone. I'm actually Jeff Kvaal of Investor Relations. I'm filling in for Andy today. I'd like to welcome you all to our fiscal 2021 fourth quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

大家下午好。我實際上是投資者關係部的 Jeff Kvaal。我今天要為安迪填補空缺。歡迎大家參加我們與慧與總裁兼首席執行官安東尼奧·內裡 (Antonio Neri) 舉行的 2021 財年第四季度財報電話會議；以及慧與執行副總裁兼首席財務官 Tarek Robbiati。

Before handing the call over to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately 1 year. We posted the press release and the slide presentation accompanying today's earnings release on our HPE Investor Relations web page at investors.hpe.com.

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

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HPE's filings with the SEC, including its most recent Forms 10-K and Form 10-Q. HPE assumes no obligation and does not intend to update any such forward-looking statements.

與往常一樣，本演示文稿的元素具有前瞻性，並基於我們對當今世界和我們業務的最佳看法。如需更多詳細信息，請參閱與涉及風險、不確定性和假設的前瞻性陳述相關的收益材料的免責聲明。有關其中一些風險、不確定性和假設的討論，請參閱慧與提交給 SEC 的文件，包括其最新的 10-K 表格和 10-Q 表格。 HPE 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 January 31, 2021. Also, for financial information that has been expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details.

我們還注意到，本次電話會議中討論的財務信息反映了基於目前可用信息的估計，可能與慧與在截至 2021 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。此外，對於在非公認會計原則基礎上表達的財務信息，我們在我們的網站上提供了與可比公認會計原則信息的對賬。有關詳細信息，請參閱我們網站上今天的收益發布隨附的表格和幻燈片演示。

Throughout this conference call, all revenue growth rates, unless otherwise noted, are presented on a year-over-year basis and are adjusted to exclude the impact of currency. Finally, we will be referencing the slides and our earnings presentation throughout our prepared remarks. As mentioned, the earnings, presentation can be found posted to our website and is also embedded within the webcast player for this earnings call.

在本次電話會議中，除非另有說明，否則所有收入增長率均按年報告，並進行調整以排除貨幣影響。最後，我們將在我們準備好的評論中參考幻燈片和我們的收益演示文稿。如前所述，可以在我們的網站上找到收益、演示文稿，也可以在此收益電話會議的網絡廣播播放器中嵌入。

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

有了這個，讓我把它交給你，安東尼奧。

Well, thanks, Jeff, and good afternoon, everyone. Thank you for joining our call today. And for those of you who attended our virtual Security Analyst Meeting last month, thank you. We appreciate the opportunity to discuss how our edge-to-cloud strategy position us to capture an expanded market opportunity and accelerate shareholder value creation.

好吧，謝謝，傑夫，大家下午好。感謝您今天加入我們的電話會議。對於上個月參加我們虛擬安全分析師會議的各位，謝謝。我們很高興有機會討論我們的邊緣到雲戰略如何使我們能夠抓住擴大的市場機會並加速股東價值創造。

HPE ended fiscal year 2021 with strong momentum. Customers are responding to our edge-to-cloud value proposition as evidenced by the record demand for our solutions. Demand accelerated in the second half of the year, driving fiscal year 2021 orders growth of 16% year-over-year. Revenue of $27.8 billion in fiscal year '21 grew in line with our long-term outlook, up 1% year-over-year.

慧與在 2021 財年結束時勢頭強勁。客戶正在響應我們的邊緣到雲價值主張，對我們解決方案的創紀錄需求就是明證。下半年需求加速，推動 2021 財年訂單同比增長 16%。 21 財年 278 億美元的收入增長符合我們的長期展望，同比增長 1%。

In fiscal year 2021, we executed very well, which enable us to exceed our commitments across all financial metrics, even with a substantial order backlog. Our as a Service annualized revenue run rate, or ARR, of $796 million was up 36% year-over-year. We significantly improved our gross and operating margins, which increased our fiscal year 2021 non-GAAP operating profit by 25% year-over-year.

在 2021 財年，我們執行得非常好，這使我們能夠在所有財務指標上超越我們的承諾，即使有大量的訂單積壓。我們的即服務年化收入運行率 (ARR) 為 7.96 億美元，同比增長 36%。我們顯著提高了毛利率和營業利潤率，使我們的 2021 財年非公認會計準則營業利潤同比增長 25%。

We delivered fiscal year '21 non-GAAP diluted net earnings per share of $1.96, up 27% year-over-year. And we generated fiscal year 2021 free cash flow of $1.6 billion, up $1 billion year-over-year, which translates to growth of 177%. This was a very strong performance, and it was particularly impressive against the backdrop of industry-wide supply constraints, which continued to challenge our ability to convert orders to revenue as quickly as we would like.

我們實現了 21 財年非 GAAP 攤薄後每股淨收益 1.96 美元，同比增長 27%。我們在 2021 財年產生了 16 億美元的自由現金流，同比增長 10 億美元，這意味著增長了 177%。這是一個非常強勁的表現，在全行業供應緊張的背景下尤其令人印象深刻，這繼續挑戰我們將訂單轉換為收入的能力。

We have a world-class global operations team that continues to work closely with our long-standing diverse network of suppliers. We continue to take proactive inventory measures to better position us to deliver against this robust customer demand.

我們擁有世界一流的全球運營團隊，繼續與我們長期多元化的供應商網絡密切合作。我們將繼續採取積極的庫存措施，以更好地應對這一強勁的客戶需求。

Our results in Q4 strengthened the momentum we have as we enter fiscal year '22. Increased demand in the quarter drove orders growth of 28% year-over-year, with particular strength in our as a Service orders, which grew an impressive 114% year-over-year, including a large Network as a Service win.

當我們進入 '22 財年時，我們在第四季度的業績加強了我們的勢頭。本季度需求增加推動訂單同比增長 28%，其中我們的服務訂單尤為強勁，同比增長 114%，其中包括網絡即服務的巨大勝利。

We also saw record levels of orders in key growth areas, including Intelligent Edge, High Performance Computing and Artificial Intelligence businesses. We delivered $7.4 billion in total Q4 revenue, which was up 7% sequentially and above normal sequential seasonality. We expanded our gross and operating margins, increasing our Q4 non-GAAP diluted net earnings per share by 27% year-over-year. And we generated Q4 free cash flow of $94 million, in line with the outlook we provided at the end of Q3.

我們還在智能邊緣、高性能計算和人工智能業務等關鍵增長領域看到了創紀錄的訂單。我們第四季度的總收入為 74 億美元，環比增長 7%，高於正常的環比季節性。我們擴大了毛利率和營業利潤率，使第四季度非公認會計原則攤薄後的每股淨收益同比增長 27%。我們產生了 9400 萬美元的第四季度自由現金流，與我們在第三季度末提供的前景一致。

Tarek will take you through our quarterly results in detail, but I would like to spend a little more time putting a full fiscal year in context for you. Our fiscal year 2021 results proved the relevance of our strategy to customers and the traction of our transformation to become the S2 cloud company. As we discussed at our Security Analyst Meeting last month, HPE is at the center of several compelling megatrends: the explosion of data at the edge, the mandate for a cloud experience everywhere and the need to extract value from data to generate insights.

Tarek 將向您詳細介紹我們的季度業績，但我想花更多時間為您介紹一個完整的財政年度。我們 2021 財年的業績證明了我們的戰略與客戶的相關性以及我們轉型成為 S2 雲公司的牽引力。正如我們在上個月的安全分析師會議上所討論的，HPE 處於幾個引人注目的大趨勢的中心：邊緣數據的爆炸式增長、無處不在的雲體驗的使命以及從數據中提取價值以產生洞察力的需求。

HPE is differentiated edge-to-cloud strategy uniquely position us to capitalize on these trends and capture growing profitable markets. Our solutions and services help customers overcome the challenges of multi-generation IT and enable them to access, control and maximize the value of all their workloads and data everywhere.

慧與是差異化的邊緣到雲戰略，使我們能夠利用這些趨勢並抓住不斷增長的盈利市場。我們的解決方案和服務幫助客戶克服多代 IT 的挑戰，使他們能夠訪問、控制和最大化其所有工作負載和數據的價值。

We are executing with focus and speed to deliver against our vision and strategy. We are making strategic investments and taking deliberate steps to continue to shift our business. And as I have said previously, this transformation is my #1 priority, and I'm proud of the progress we have made in fiscal year '21.

我們正在以專注和速度執行，以實現我們的願景和戰略。我們正在進行戰略投資，並採取慎重措施繼續轉變我們的業務。正如我之前所說，這種轉變是我的第一要務，我為我們在 21 財年取得的進展感到自豪。

Our Intelligent Edge business grew fiscal year '21 revenue 13% year-over-year with orders exceeding, for the first time, $4 billion. Customer demand was up strong double digits year-over-year as more customers look for ways to create new digital experiences at the edge and capitalize on the data generated there. But the industry-wide component shortages kept us from converting our full order momentum to revenue in Q4, and we enter fiscal year 2022 with record levels of backlog.

我們的智能邊緣業務在 21 財年的收入同比增長 13%，訂單首次超過 40 億美元。隨著越來越多的客戶尋找在邊緣創建新數字體驗並利用那裡生成的數據的方法，客戶需求同比增長兩位數。但全行業的零部件短缺使我們無法在第四季度將全部訂單動力轉化為收入，我們進入 2022 財年時積壓水平創歷史新高。

Our market leadership at the edge remained very strong. HPE was positioned as the leader in -- one of the leaders in the Magic Quadrant Gartner provides for wireless access network edge infrastructure, which is notable because HP is only one of the 2 companies to be positioned in the Leader Quadrant 4 years in a row.

我們在邊緣的市場領導地位仍然非常強大。 HPE 被定位為領導者——Gartner 提供無線接入網絡邊緣基礎設施的魔力像限中的領導者之一，這一點值得注意，因為惠普是連續 4 年被定位在領導者象限中的兩家公司之一.

We continue to drive strong innovation in this business. In Q4, we introduced the industry-first distributed services switch, which brings software-defined services and security right to where the data is created in process. Developed in partnership with Pensando, this solution eliminates legacy appliances and whole software needed to build the hybrid cloud demand, demanded by modern applications and IT organizations.

我們將繼續推動這項業務的強大創新。在第四季度，我們推出了業界首創的分佈式服務交換機，它將軟件定義的服務和安全權利帶到了數據創建的地方。該解決方案與 Pensando 合作開發，消除了構建現代應用程序和 IT 組織所需的混合雲需求所需的遺留設備和整個軟件。

In Q4, we closed the largest Network as a Service deal in HP history to help a large U.S. retailer enhance its customer and employee experience throughout the stores. In addition, the Major League Soccer franchise FC Cincinnati standardized on Aruba at the TQL Stadium to deliver next-generation digital cashless, counterless fun and event experiences. The franchise deployed an end-to-end Aruba Edge Services Platform network at its new 26,000 seats stadium to power this game day and special event experiences.

在第四季度，我們完成了惠普歷史上最大的網絡即服務交易，以幫助一家大型美國零售商提升其在整個商店的客戶和員工體驗。此外，美國職業足球大聯盟球隊辛辛那提足球俱樂部在 TQL 體育場對 Aruba 進行了標準化，以提供下一代數字無現金、無櫃檯娛樂和活動體驗。該特許經營權在其擁有 26,000 個座位的新體育場部署了端到端 Aruba 邊緣服務平台網絡，為這一比賽日和特殊活動體驗提供動力。

Orders of HPE's High Performance Compute & AI offerings were also up strong double digits year-over-year. This record level of demand has generated an order book of awarded contracts now at $2.7 billion, excluding the important $2 billion win with the U.S. National Security Agency.

慧與高性能計算和人工智能產品的訂單也同比強勁增長兩位數。這一創紀錄的需求水平產生了目前已授予合同的 27 億美元訂單，其中不包括與美國國家安全局贏得的 20 億美元的重要合同。

HPE expanded our #1 market position in HPC with 37% market share as of calendar Q2 data, which is more than 14 points above the closest competitor. And according to the list of the top 500 supercomputers released just 2 weeks ago, 33 of the top 100 most powerful supercomputers in the world were built by HPE. This is more than any company.

截至第二季度日曆數據，HPE 以 37% 的市場份額擴大了我們在 HPC 的第一市場地位，比最接近的競爭對手高出 14 個百分點以上。根據 2 週前發布的 500 強超級計算機名單，全球 100 強超級計算機中有 33 台是由 HPE 製造的。這比任何公司都多。

At the end of Q4, the National Energy Research Scientific Computing Center, NERSC, at Berkeley's Lab accepted the first phase of the promoter supercomputer. Powered by the HPE Cray EX system, [our model] introduced a new generation of supercomputing capabilities to more than 8,000 scientists performing research for the U.S. Department of Energy Office of Science.

第四季度末，伯克利實驗室的國家能源研究科學計算中心NERSC接受了啟動子超級計算機的第一階段。在 HPE Cray EX 系統的支持下，[我們的模型] 為美國能源部科學辦公室的 8,000 多名從事研究的科學家引入了新一代的超級計算能力。

HPE is uniquely positioned to bring the AI, deep learning and data analytics capabilities of our most advanced supercomputers to mainstream enterprises through the HPE GreenLake platform. In Q4, we announced that Eni, a global energy company, selected HP GreenLake to upgrade its existing HPE supercomputer. Through HPE GreenLake, Eni can accelerate discover -- discovery of new energy sources with more accurate modeling and simulations as well as become more sustainable by monitored utilization and energy consumption within an as a Service solution.

HPE 具有獨特的優勢，可以通過 HPE GreenLake 平台將我們最先進的超級計算機的人工智能、深度學習和數據分析功能帶給主流企業。在第四季度，我們宣布全球能源公司 Eni 選擇 HP GreenLake 來升級其現有的 HPE 超級計算機。通過 HPE GreenLake，Eni 可以通過更準確的建模和模擬加速發現新能源，並通過在即服務解決方案中監控利用率和能源消耗變得更加可持續。

We continue to strengthen our Compute and Storage businesses where we saw strong orders and profitability in fiscal year 2021. In Compute, orders increased more than 10% in fiscal year '21 and we delivered operating margins of 10.8%, up 260 basis points year-over-year. We are making bold moves to transform our Storage business into a cloud-native data services business, which resulted in a high single-digit order growth and gross margin expansion, up 130 basis points year-over-year.

我們繼續加強我們的計算和存儲業務，我們在 2021 財年看到了強勁的訂單和盈利能力。在計算方面，訂單在 21 財年增長了 10% 以上，我們實現了 10.8% 的營業利潤率，同比增長 260 個基點-超過一年。我們正在採取大膽舉措，將我們的存儲業務轉變為雲原生數據服務業務，從而實現了高個位數的訂單增長和毛利率增長，同比增長 130 個基點。

And we continue to see high services attach rate, helping enable HP Pointnext orders to increase mid-single digits in fiscal year '21. This contributed to the overall performance of HPE Pointnext, which ended fiscal year '21 with a book-to-bill ratio of 1.15 of revenues, highlighting the potential for future revenue growth in fiscal year '22 and beyond.

我們繼續看到高服務附加率，幫助 HP Pointnext 訂單在 21 財年增加中個位數。這有助於 HPE Pointnext 的整體表現，該公司在 '21 財年結束時的賬面出貨比為 1.15 的收入，突顯了 '22 財年及以後的未來收入增長潛力。

In fiscal year 2021, we generated strong momentum in our transformation to an as a Service company. Our company as a Service orders increased 61% year-over-year, with HPE GreenLake orders increasing 46% year-over-year. Our as a Service annualized revenue run rate or ARR of $796 million was up 36% year-over-year.

在 2021 財年，我們在向服務公司轉型方面產生了強勁勢頭。我們的公司即服務訂單同比增長 61%，HPE GreenLake 訂單同比增長 46%。我們的即服務年化收入運行率或 ARR 為 7.96 億美元，同比增長 36%。

The growth of our ARR is particularly noteworthy because this recurring revenue stream is high-quality and high-margin. During our Security Analyst Meeting last month, Tarek shared that more than 60% of our ARR mix is software and services, and we believe that portion will grow to more than 3/4 in the next 3 years. Our ARR gross margins are well above our corporate average gross margins today and the addition of high-value software content will drive margins even higher.

我們的 ARR 增長尤其值得注意，因為這種經常性收入來源是高質量和高利潤的。在上個月的安全分析師會議上，Tarek 分享了我們超過 60% 的 ARR 組合是軟件和服務，我們相信未來 3 年這一比例將增長到 3/4 以上。我們的 ARR 毛利率遠高於我們今天的公司平均毛利率，高價值軟件內容的添加將推動利潤率更高。

Our pivot to an as a Service company is enabled by HPE Financial Services, which increased fiscal year 2021 financing volume 3% year-over-year driven by strong growth within HPE GreenLake. We continue to advance our leadership in our HP GreenLake offering. In September, we introduced HP GreenLake for data protection, which are cloud services designed to protect data across edge-to-cloud, overcome ransomware attacks and deliver rapid data recovery.

HPE 金融服務使我們轉向服務型公司，在 HPE GreenLake 內部強勁增長的推動下，2021 財年的融資量同比增長 3%。我們將繼續提升我們在 HP GreenLake 產品中的領先地位。 9 月，我們推出了用於數據保護的 HP GreenLake，這是一種雲服務，旨在保護邊緣到雲端的數據、克服勒索軟件攻擊並提供快速數據恢復。

This new set of solutions marks our entry into the growing data protection as a Service market. Our acquisition of Zerto enable us to add market-leading data protection to our cloud services portfolio to help enterprises take cyber threats and ransomware attacks head on.

這套新的解決方案標誌著我們進入了不斷增長的數據保護即服務市場。我們對 Zerto 的收購使我們能夠將市場領先的數據保護添加到我們的雲服務組合中，以幫助企業應對網絡威脅和勒索軟件攻擊。

We also launched HP GreenLake for data analytics, which includes the industry-first, unified modern hybrid analytics and data lake platform. This strategically important solution positions HPE in the growing unified analytics market and helps customers accelerate modernization initiatives for all data across edge-to-cloud.

我們還推出了用於數據分析的 HP GreenLake，其中包括業界首創的統一現代混合分析和數據湖平台。這一具有戰略意義的解決方案將慧與定位於不斷增長的統一分析市場，並幫助客戶加速跨邊緣到雲的所有數據的現代化計劃。

We continue to see incredible response to our HP GreenLake offering. We added more than 300 new GreenLake customers during fiscal year '21, bringing our customer count to more than 1,250. New GreenLake logos represent an increasing share of orders with approximately 1/4 of Q4 GreenLake orders coming from new customers.

我們繼續看到對我們的 HP GreenLake 產品的驚人響應。我們在 21 財年新增了 300 多個 GreenLake 客戶，使我們的客戶數量超過 1,250 個。新的 GreenLake 徽標代表了越來越多的訂單份額，大約 1/4 的第四季度 GreenLake 訂單來自新客戶。

Today, more than 900 partners sell HPE GreenLake, one of the largest partner ecosystems selling as a Service offerings in the industry. We added more than $1.5 billion of GreenLake total contract value over the last year, bringing the total to more than $5.7 billion.

如今，超過 900 家合作夥伴銷售 HPE GreenLake，這是業內最大的合作夥伴生態系統之一，以服務形式銷售產品。去年，我們增加了超過 15 億美元的 GreenLake 總合同價值，使總合同價值超過 57 億美元。

Examples of new GreenLake logos includes Trinchero Family Estates, the second largest family-owned winery in the world, which adopted HPE GreenLake through our channel partner PKA Technologies to add flexibility and scale its capacity to meet the increasing demand of automation. The HPE GreenLake solution powers the winery's automated warehouse, where approximately 60 different types of wines are produced, bottled, packaged and prepared for shipping while reducing overall IT costs.

新的 GreenLake 徽標示例包括全球第二大家族擁有的釀酒廠 Trinchero Family Estates，它通過我們的渠道合作夥伴 PKA Technologies 採用 HPE GreenLake 來增加靈活性並擴大其產能，以滿足日益增長的自動化需求。 HPE GreenLake 解決方案為酒廠的自動化倉庫提供支持，該倉庫生產、裝瓶、包裝和準備運輸大約 60 種不同類型的葡萄酒，同時降低整體 IT 成本。

We also won a deal with ONGC, India's largest oil and natural gas company, which is using the HP GreenLake platform to make one of the largest SAP implementations in the world more manageable and flexible. Our Q4 rounded out an impressive year for HPE and I'm proud of all we have accomplished. We have made incredible progress in transforming to become the edge-to-cloud leader, executing on our strategy to help customers in truly differentiated ways and position ourselves for sustainable profitable growth for our shareholders.

我們還與印度最大的石油和天然氣公司 ONGC 達成了一項協議，該公司正在使用 HP GreenLake 平台使世界上最大的 SAP 實施之一更加易於管理和靈活。我們的第四季度結束了慧與令人印象深刻的一年，我為我們所取得的成就感到自豪。我們在轉型為從邊緣到雲的領導者方面取得了令人難以置信的進展，執行我們的戰略，以真正差異化的方式幫助客戶，並為股東實現可持續的盈利增長做好準備。

At the same time, we have advanced our ESG initiatives, which in Q4 earned us a position on a highly competitive Dow Jones Sustainability World Index, placing in the 98 percentile. We exceeded our commitments in fiscal year '21, and our momentum is strong as we enter fiscal year '22 with a strategy more relevant to customers than ever before and a sharp focus on execution.

與此同時，我們推進了 ESG 舉措，在第四季度，我們在極具競爭力的道瓊斯可持續發展世界指數中排名第 98 位。我們在 '21 財年超出了我們的承諾，隨著我們進入 '22 財年，我們的勢頭強勁，我們的戰略比以往任何時候都更與客戶相關，並且非常注重執行。

With that, I will turn it over to Tarek to share additional details about the quarter. Tarek, over to you.

有了這個，我將把它交給 Tarek 分享有關本季度的更多細節。 Tarek，交給你了。

Thank you very much, Antonio. I'll start with a summary of our financial results for the fourth quarter of fiscal year '21. And as usual, I'll be referencing the slides from our earnings presentation to guide you through our performance in the quarter. Antonio discussed the key fiscal year '21 highlights on Slides 1 and 2, so now let me discuss our Q4 performance, starting with Slide 3.

非常感謝你，安東尼奧。我將從 21 財年第四季度的財務業績摘要開始。和往常一樣，我將參考我們收益報告中的幻燈片，以指導您了解我們在本季度的表現。 Antonio 在幻燈片 1 和 2 上討論了 21 財年的關鍵亮點，所以現在讓我從幻燈片 3 開始討論我們的第四季度業績。

I am very pleased to report that we continue to see unprecedented demand across all our businesses with robust order growth up 28% year-over-year. Building on the strength from the last quarter, we delivered Q4 revenues of $7.4 billion, up 7% from the prior quarter above normal sequential seasonality and this despite increased supply chain challenges that we foreshadowed at SAM last month. It's also worth highlighting that $7.4 billion of revenue represents the highest level since Q1 of fiscal year '19, well before the pandemic.

我很高興地報告，我們繼續看到我們所有業務的需求空前，訂單增長強勁，同比增長 28%。憑藉上一季度的強勁勢頭，我們實現了 74 億美元的第四季度收入，比上一季度的正常連續季節性增長了 7%，儘管我們上個月在 SAM 上預示了供應鏈挑戰的增加。還值得強調的是，74 億美元的收入是自 19 財年第一季度以來的最高水平，遠在大流行之前。

Our non-GAAP gross margin was 33%, which was up 230 basis points from the prior year. And this was driven by our deliberate actions to shift towards higher-margin software-rich offerings, strong pricing discipline and cost takeout. As previously indicated, gross margins were pressured from prior quarter levels due to an increasing industry-wide shortages of certain components that have resulted in extended lead times and higher commodity costs underpinning backlogged orders.

我們的非美國通用會計準則毛利率為 33%，比上年增長 230 個基點。這是由於我們刻意採取行動轉向利潤率更高的軟件豐富產品、強大的定價紀律和成本削減。如前所述，由於某些組件在全行業範圍內的短缺日益加劇，導致交貨時間延長和商品成本增加，導致積壓訂單，毛利率受到上一季度水平的壓力。

We continue to take proactive inventory measures and display healthy price discipline to minimize the impact of recent disruptions. We expect this dynamic supply chain situation to last well into calendar year 2022. We also continue to invest in high gross margin-rich areas of our portfolio.

我們繼續採取積極的庫存措施並顯示健康的價格紀律，以盡量減少近期中斷的影響。我們預計這種動態的供應鏈狀況將持續到 2022 年。我們還將繼續投資於我們投資組合中毛利率高的領域。

We've made investments in our overall go-to-market to accelerate our growth and our shift to an as a Service model. Even with these investments, our non-GAAP operating margin was 9.7%, up 120 basis points from the prior year, which translates to a 16% year-over-year increase in operating profit.

我們已經對我們的整體上市進行了投資，以加速我們的增長和我們向服務模式的轉變。即使有這些投資，我們的非公認會計原則營業利潤率為 9.7%，比上一年增加 120 個基點，這意味著營業利潤同比增長 16%。

Within other income and expense, we benefited from further strong gains related to increased valuations in our Pathfinder venture portfolio, an outstanding operational performance in HPC that I will address in more detail later. With strong execution across the business, we ended the quarter with non-GAAP EPS of $0.52, up 27% from the prior year and at the high end of our outlook range for Q4.

在其他收入和支出中，我們受益於與 Pathfinder 風險投資組合估值增加相關的進一步強勁收益，這是 HPC 的出色運營表現，我將在稍後更詳細地討論。憑藉整個業務的強勁執行，我們在本季度末的非公認會計原則每股收益為 0.52 美元，比去年同期增長 27%，處於我們第四季度展望範圍的高端。

Excluding $2.2 billion of after-tax proceeds received from Oracle satisfaction of the judgment in the Itanium litigation, Q4 cash flow from operations was $784 million, and free cash flow was $94 million. For fiscal year '21, this brings our total cash flow from operations to $3.7 billion, up $1.5 billion from the prior year, and our free cash flow to $1.6 billion, up $1 billion from the prior year, driven primarily by an increase in earnings. Our strong execution and cost optimization and resource allocation program has effectively put us 1 year ahead of schedule with respect to delivering our previous free cash flow targets.

不包括甲骨文滿足安騰訴訟判決而獲得的 22 億美元稅後收益，第四季度運營現金流為 7.84 億美元，自由現金流為 9400 萬美元。對於 21 財年，這使我們的運營總現金流達到 37 億美元，比上年增加 15 億美元，我們的自由現金流達到 16 億美元，比上年增加 10 億美元，主要受收益增長的推動.我們強大的執行和成本優化以及資源分配計劃有效地使我們提前一年實現了我們之前的自由現金流目標。

Finally, the strength of our cash flow has positioned us to return substantial capital to our shareholders. We paid $157 million of dividends in the current quarter and are declaring a Q1 dividend today of $0.12 per share payable in January. We also reinstated our share repurchase program in Q4 buying $213 million in shares, reflecting our confidence in future cash flow generation and our view that the stock is undervalued.

最後，我們強大的現金流使我們能夠向股東返還大量資本。我們在本季度支付了 1.57 億美元的股息，今天宣佈在 1 月份支付每股 0.12 美元的第一季度股息。我們還在第四季度恢復了股票回購計劃，購買了 2.13 億美元的股票，這反映了我們對未來現金流產生的信心以及我們認為股票被低估的觀點。

Slide 4 highlights key metrics of our accelerating as a Service business. We have made significant progress over the last year by adding over 300 new enterprise GreenLake customers to over 1,250 today and increasing our TCV by over $1.5 billion to our current lifetime TCV of over $5.7 billion.

幻燈片 4 突出了我們加速服務業務的關鍵指標。在過去的一年中，我們取得了重大進展，將 300 多個新的企業 GreenLake 客戶增加到今天的 1,250 多個，並將我們的 TCV 增加了超過 15 億美元，我們目前的生命週期 TCV 超過 57 億美元。

For Q4 specifically, our ARR was $796 million, which was up 36% year-over-year as reported and total as a Service orders were up 114% year-over-year, which represents an acceleration from Q3, demonstrating the strong momentum we are experiencing in this business.

特別是對於第四季度，我們的 ARR 為 7.96 億美元，據報導同比增長 36%，作為服務的總訂單同比增長 114%，這比第三季度有所加速，表明我們的強勁勢頭正在經歷這項業務。

It's also important to remember the incremental disclosure we provided at SAM 2021, highlighting the significant proportion of software and services in our offerings that together make up more than 60% of the ARR mix today. We expect this mix percentage to expand to more than 75% by fiscal year '24 as we add more software capabilities driving further gross margin improvement. Overall, based on strong momentum this year, I'm very happy with how this business is progressing, which gives us confidence to increase our ARR growth targets by 5 points to a 35% to 45% CAGR from fiscal year '21 to fiscal year '24.

記住我們在 SAM 2021 上提供的增量披露也很重要，強調了我們產品中軟件和服務的很大一部分，它們共同構成了當今 ARR 組合的 60% 以上。我們預計到 24 財年這一混合百分比將擴大到 75% 以上，因為我們增加了更多軟件功能，推動毛利率進一步提高。總體而言，基於今年的強勁勢頭，我對這項業務的進展感到非常滿意，這使我們有信心將我們的 ARR 增長目標提高 5 個百分點，從 21 財年到 21 財年的複合年增長率為 35% 到 45% '24.

Let's now turn to our segment highlights on Slide 5. Our growth businesses, which now represent nearly 25% of our total company revenue, generated record levels of orders, up strong double digits. In the Intelligent Edge, revenue grew 2% year-over-year in Q4 and for fiscal year '21 was up 13%. Demand continued unabated in Q4 with order growth up over 50% year-over-year, but the component shortages we foreshadowed at SAM were more pronounced in our Aruba business.

現在讓我們轉向幻燈片 5 上的細分亮點。我們的增長業務現在占公司總收入的近 25%，創造了創紀錄的訂單水平，強勁的兩位數。在智能邊緣，第四季度收入同比增長 2%，21 財年增長 13%。第四季度的需求繼續有增無減，訂單同比增長超過 50%，但我們在 SAM 預示的組件短缺在我們的 Aruba 業務中更為明顯。

Additionally, our edge as a Service offerings were up triple digits year-over-year, significantly contributing to our ARR. We delivered a multimillion-dollar NaaS, Network as a Service deal in Q4 for a large U.S. customer, which represented more than 800 basis points headwind in the short term to Aruba revenue in Q4, but will help our long-term financial profile in the business.

此外，我們的優勢即服務產品同比增長了三位數，為我們的 ARR 做出了重大貢獻。我們在第四季度為一家美國大客戶交付了價值數百萬美元的 NaaS 網絡即服務交易，這在短期內對第四季度的 Aruba 收入造成了 800 多個基點的不利影響，但將有助於我們在商業。

Aruba Services also continued to grow strongly, up high single digits. Looking forward, we expect it will take some time for supply chain challenges to ease, but we finished fiscal year '21 with over $4 billion in orders which will give us strong momentum through fiscal year '22.

Aruba 服務也繼續強勁增長，達到個位數。展望未來，我們預計供應鏈挑戰需要一段時間才能緩解，但我們在 21 財年完成了超過 40 億美元的訂單，這將使我們在 22 財年保持強勁勢頭。

In HPC and AI, demand strengthened even further with another record level of orders. Revenue grew 35% sequentially and was flat year-over-year with a difficult compare. We did have customer acceptances of some large contracts get pushed out into fiscal year '22. And we now have $2.7 billion of awarded contract in addition to the $2 billion contract awarded by the NSA, giving us confidence for next year and beyond. We expect robust revenue growth in fiscal year '22 to get us back within the range of our original long-term 8% to 12% CAGR outlook.

在 HPC 和 AI 領域，訂單量再創新高，需求進一步增強。收入環比增長 35%，同比持平，難以比較。我們確實有一些大合同的客戶接受被推遲到 22 財年。除了 NSA 授予的 20 億美元合同外，我們現在還獲得了 27 億美元的合同，這讓我們對明年及以後充滿信心。我們預計 22 財年強勁的收入增長將使我們回到我們最初的 8% 至 12% 的長期復合年增長率前景的範圍內。

In Compute, order growth was up strong double digits. Revenue grew 4% quarter-over-quarter, reflecting above normal sequential seasonality and was up double digits year-over-year when normalizing for the Q4 FY '20 backlog. Operating margins of 9.4% were up 280 basis points from prior year due to disciplined pricing and the rightsizing of the cost structure in this segment.

在計算方面，訂單增長強勁兩位數。收入環比增長 4%，反映高於正常的連續季節性，並且在 20 財年第四季度積壓正常化時同比增長兩位數。由於有紀律的定價和該部門成本結構的合理調整，營業利潤率為 9.4%，比上年增長 280 個基點。

Within Storage, order growth accelerated and was up double digits year-over-year. Revenue grew 2% year-over-year and 7% quarter-over-quarter ahead of normal sequential seasonality driven by strong growth in software-defined offerings. All-flash arrays grew 7% year-over-year, led by Primera, up strong double digits. Nimble grew 4% year-over-year with ongoing strong dHCI momentum, growing double digits year-over-year. Storage operating profit margin was 13.8%, reflecting OpEx investments to continue driving product mix shift towards more software-rich platforms, including our cloud data services.

在存儲領域，訂單增長加速，同比增長兩位數。在軟件定義產品強勁增長的推動下，收入同比增長 2%，環比增長 7%，高於正常的連續季節性。在 Primera 的帶領下，全閃存陣列同比增長 7%，達到兩位數。 Nimble 同比增長 4%，dHCI 勢頭持續強勁，同比增長兩位數。存儲運營利潤率為 13.8%，反映了運營支出投資繼續推動產品組合轉向更多軟件豐富的平台，包括我們的雲數據服務。

With respect to Pointnext operational services, including Nimble services, orders accelerated and were up high single digits in Q4 and up mid-single digits for fiscal year '21. Most importantly, revenue also grew as reported overall for fiscal year '21, the first time in several years. This is, again, very important as we enter fiscal year '22 with strong momentum in our most profitable business.

關於 Pointnext 運營服務，包括 Nimble 服務，訂單加速增長，在第四季度增長了高個位數，在 21 財年增長了中個位數。最重要的是，21 財年的整體收入也出現了增長，這是幾年來的第一次。這一點再次非常重要，因為我們進入 '22 財年，我們最賺錢的業務勢頭強勁。

Within HPE Financial Services, volume increased 18% year-over-year, driven by strong double-digit growth in GreenLake. Revenue was up 3% sequentially and flat year-over-year. Our profitability is also benefiting from higher residual values realization and lower borrowing costs as we continue to securitize our U.S. portfolio via the ABS market. Our operating margin was 14.1%, up 630 basis points from the prior year, and our return on equity at 23.8% is well above the 18% plus target set at SAM 2021.

在 HPE 金融服務領域，受 GreenLake 兩位數強勁增長的推動，交易量同比增長 18%。收入環比增長 3%，同比持平。隨著我們繼續通過 ABS 市場將我們的美國投資組合證券化，我們的盈利能力也受益於更高的殘值實現和更低的借貸成本。我們的營業利潤率為 14.1%，比上一年增加了 630 個基點，我們的股本回報率為 23.8%，遠高於 SAM 2021 設定的 18% 以上的目標。

Slide 6 highlights our revenue and EPS performance, where you can clearly see the strong rebound from last year and sustained momentum throughout fiscal year '21. As mentioned previously, Q4 revenue of $7.4 billion is the highest level we've delivered since Q1 '19. With a strong demand environment, our strategic business mix shift and execution of our cost optimization and resource allocation program, we increased our Q4 non-GAAP EPS to $0.52, up 27% year-over-year.

幻燈片 6 突出了我們的收入和每股收益表現，您可以清楚地看到去年的強勁反彈以及整個 21 財年的持續增長勢頭。如前所述，第四季度 74 億美元的收入是我們自 19 年第一季度以來的最高水平。憑藉強勁的需求環境、我們的戰略業務組合轉變以及成本優化和資源分配計劃的執行，我們將第四季度非公認會計準則每股收益提高至 0.52 美元，同比增長 27%。

Turning to Slide 7. We delivered non-GAAP gross margins in Q4 of 33%. While rates were impacted as expected sequentially from the supply chain challenges previously discussed, we expanded gross margins up 230 basis points from the prior year. This was driven by strong pricing discipline and a positive mix shift towards high-margin software-rich businesses. In total, in fiscal year '21, we delivered nearly $900 million of incremental gross profit.

轉到幻燈片 7。我們在第四季度實現了 33% 的非公認會計原則毛利率。雖然利率按預期順序受到之前討論的供應鏈挑戰的影響，但我們將毛利率比上一年提高了 230 個基點。這是由強大的定價紀律和向高利潤軟件豐富業務的積極組合推動的。總的來說，在 21 財年，我們實現了近 9 億美元的增量毛利潤。

Moving forward, we will face lingering supply chain challenges in the near term, but longer term, structural gross margins will improve from continuous mix shift towards the Intelligent Edge, all IP storage, GreenLake and all of our as a Service offerings.

展望未來，我們將在短期內面臨揮之不去的供應鏈挑戰，但從長期來看，結構性毛利率將從持續的混合轉向智能邊緣、所有 IP 存儲、GreenLake 和我們所有的即服務產品中得到改善。

Moving to Slide 8. You can see we have utilized some of the incremental gross profit to make targeted growth investments while simultaneously expanding non-GAAP operating profit margins. We have increased our investment levels in R&D to fuel our long-term innovation engine and still selling costs to accelerate our growth and higher shift to our as a Service pivot.

轉到幻燈片 8。您可以看到，我們已利用部分增量毛利潤進行有針對性的增長投資，同時擴大非公認會計原則的營業利潤率。我們增加了在研發方面的投資水平，以推動我們的長期創新引擎，並仍在銷售成本以加速我們的增長和向我們作為服務支點的更高轉變。

Even with these investments to drive long-term growth, we delivered operating margins in Q4 of 9.7%, up 120 basis points from the prior year. On Slide 9, we want to highlight our unique setup in China through our investment in HPC that has and continues to generate tremendous value for our shareholders. Our investment and commercial agreement gives us a route-to-market in the second largest, fastest-growing IT market in the world. As you know, we do not consolidate revenue and operating profit from HPC, but recognize our 49% share of HPC's earnings through the equity interest statement line on our P&L as part of other income and expense.

即使通過這些投資來推動長期增長，我們在第四季度實現了 9.7% 的營業利潤率，比去年增加了 120 個基點。在幻燈片 9 中，我們希望通過對 HPC 的投資來突出我們在中國的獨特設置，這已經並將繼續為我們的股東創造巨大價值。我們的投資和商業協議為我們提供了進入全球第二大、增長最快的 IT 市場的途徑。如您所知，我們不合併 HPC 的收入和營業利潤，但通過損益表上的權益表行確認我們在 HPC 收入中的 49% 份額，作為其他收入和費用的一部分。

HPC has delivered outstanding operational performance throughout the year and generated $257 million of equity interest in fiscal year '21, which was up 21% from the prior year. This makes our business in China a very large contributor to our P&L, one that no other multinational has been able to replicate.

HPC 全年實現了出色的運營業績，並在 21 財年產生了 2.57 億美元的股權，比上一年增長了 21%。這使得我們在中國的業務對我們的損益做出了很大貢獻，這是其他跨國公司無法複製的。

Turning to Slide 10. We finished fiscal year '21 generating $3.7 billion of cash flow from operations and $1.6 billion of free cash flow, and this excluding, obviously, the $2.2 billion of after-tax, cash received from Oracle satisfaction of the Itanium litigation.

轉到幻燈片 10。我們在 21 財年結束時產生了 37 億美元的運營現金流和 16 億美元的自由現金流，這顯然不包括從甲骨文對安騰訴訟的滿意中獲得的 22 億美元的稅後現金.

Free cash flow was up $1 billion year-over-year and is $600 million more than the midpoint of our outlook at the start of fiscal year '20, primarily driven by increased earnings. Our cash flow profile is becoming more predictable and aligned to profitability as our restructuring costs diminish, and we grow our as a Service business beginning to recognize more deferred revenues from software and services.

自由現金流同比增長 10 億美元，比我們在 20 財年開始時的預期中點高出 6 億美元，主要受收益增長的推動。隨著我們的重組成本降低，我們的現金流狀況變得更加可預測並與盈利能力保持一致，並且我們發展我們的服務業務，開始確認更多來自軟件和服務的遞延收入。

Moving on to Slide 11. We have made further progress in enhancing our balance sheet strength with a strong free cash flow and payment from Oracle. Following the receipt of the cash from the Itanium litigation, we redeemed early our $1 billion 4.65% coupon outstanding 2024 notes and this in a positive NPV transaction that is net debt-neutral. The make-whole premium paid was a GAAP-only expense in Q4, and we will realize meaningful interest expense savings over the next 3 years.

轉到幻燈片 11。我們在增強資產負債表實力方面取得了進一步進展，憑藉強勁的自由現金流和甲骨文的付款。在收到安騰訴訟的現金後，我們提前贖回了 10 億美元、票面利率為 4.65% 的 2024 年未償票據，這是一筆淨債務中性的正 NPV 交易。支付的全部保費是第四季度的 GAAP 費用，我們將在未來 3 年內實現有意義的利息費用節省。

We are now in an operating company net cash position of $1.8 billion. Bottom line, our improved free cash flow outlook and cash position ensure we have ample liquidity available to balance long-term growth investments with consistent return of capital to our shareholders.

我們現在的運營公司淨現金為 18 億美元。最重要的是，我們改善的自由現金流前景和現金狀況確保我們有充足的流動性來平衡長期增長投資與向股東提供持續的資本回報。

Now turning to our outlook on Slide 12. At our Securities Analyst Meeting last month, we provided our outlook for fiscal year '22, and I would like to encourage you to review my presentation for a more detailed discussion of that outlook. Having said that, let me reiterate the drill down into a few key components.

現在轉向我們對幻燈片 12 的展望。在上個月的證券分析師會議上，我們提供了對 22 財年的展望，我想鼓勵您查看我的演示文稿，以更詳細地討論該前景。話雖如此，讓我重申對幾個關鍵組件的深入研究。

We expect fiscal year '22 revenue growth in constant currency of 3% to 4%. As discussed, the supply chain environment remains very dynamic, and we expect component shortages with increased commodity costs, expedite and shipping fees to last for the next few quarters impacting near-term revenue and gross margins.

我們預計 22 財年的收入增長以固定匯率計算為 3% 至 4%。如前所述，供應鏈環境仍然充滿活力，我們預計未來幾個季度零部件短缺以及商品成本、加急費和運費的增加將持續影響近期收入和毛利率。

In a nutshell, we expect to have more of a back-end loaded year in fiscal year '22 with the supply chain risk that we discussed reflected in our fiscal year '22 guidance. We expect non-GAAP EPS to be $1.96 to $2.10 and free cash flow to be $1.8 billion to $2 billion. We expect free cash flow to be more in line with historical seasonality where the second half is a stronger generator of cash than the first half.

簡而言之，我們預計在 '22 財年會有更多的後端負載年，我們討論的供應鏈風險反映在我們的 '22 財年指導中。我們預計非公認會計原則每股收益為 1.96 至 2.10 美元，自由現金流為 18 億至 20 億美元。我們預計自由現金流將更符合歷史季節性，下半年比上半年更能產生現金。

Now specific to Q1 revenue, given the very strong backlog balanced by supply chain constraints, we expect revenue to be in line with normal sequential seasonality of down mid-single digits from Q4 of fiscal year '21 and are comfortable with current consensus levels. We also expect gross margins to be pressured in the short term given supply chain. As a result, for Q1 '22, we expect GAAP diluted net EPS of $0.19 to $0.27 and non-GAAP diluted net EPS of $0.42 to $0.50.

現在具體到第一季度的收入，鑑於供應鏈限制平衡的非常強大的積壓，我們預計收入將符合從 21 財年第四季度下降中個位數的正常連續季節性，並且對當前的共識水平感到滿意。鑑於供應鏈，我們還預計短期內毛利率將受到壓力。因此，對於 22 年第一季度，我們預計 GAAP 攤薄淨每股收益為 0.19 美元至 0.27 美元，非 GAAP 攤薄淨每股收益為 0.42 美元至 0.50 美元。

So overall, I'm very proud of our progress throughout a strong fiscal year '21. As Antonio said, we exceeded all our key financial targets in fiscal year '21, often by a significant margin. The demand environment has been incredibly strong across our business with acceleration in the second half of fiscal year '21, demonstrating that our edge-to-cloud strategy is working well and that we are entering fiscal year '22 with strong momentum. We are now well positioned to capitalize on the opportunity in front of us and deliver against our fiscal year '22 outlook.

總的來說，我為我們在 21 財年強勁的進展感到非常自豪。正如安東尼奧所說，我們在 21 財年超出了我們所有的主要財務目標，而且通常幅度很大。我們業務的需求環境一直非常強勁，在 21 財年下半年加速，這表明我們的邊緣到雲戰略運作良好，並且我們正以強勁的勢頭進入 22 財年。我們現在已經準備好利用我們面前的機會，並根據我們的 22 財年展望實現目標。

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

現在，讓我們打開它來提問。

(Operator Instructions) Our first question is from Shannon Cross with Cross Research.

（操作員說明）我們的第一個問題來自 Cross Research 的 Shannon Cross。

I wanted to dig a little bit more into the as a Service performance. Obviously, orders are extremely strong during the quarter. How much of that was from the onetime -- well, not onetime, but from the large contract signed? How should we think about the longer-term growth potential, how it flows through the model as we look to the next year or 2?

我想深入挖掘一下作為服務的性能。顯然，本季度的訂單非常強勁。其中有多少來自曾經——嗯，不是一次性，而是來自簽訂的大合同？我們應該如何考慮長期增長潛力，當我們展望明年或 2 年時，它如何在模型中流動？

And I don't know maybe if you can give a little bit more on the composition of the as a Service? Is there any one product or service that's really driving that business at this point in time?

而且我不知道您是否可以就作為服務的組成提供更多信息？目前是否有任何一種產品或服務真正推動了該業務？

Well, thank you, Shannon. I will start, and obviously, I would like Tarek to comment on the modeling itself. Listen, we are super proud of the momentum we have in the market with HPE GreenLake. We believe it's truly differentiated in the market. And as we show you some 2/3 of that is already in the software and services, and we believe in 3 years, will be more than 75% of it, which obviously come with high margin and more durable revenue in many ways.

好吧，謝謝你，香農。我將開始，顯然，我希望 Tarek 對建模本身發表評論。聽著，我們為 HPE GreenLake 在市場上的發展勢頭感到非常自豪。我們相信它在市場上真正與眾不同。正如我們向您展示的那樣，其中大約 2/3 已經在軟件和服務中，我們相信在 3 年內，將超過 75%，這顯然在許多方面都帶來了高利潤和更持久的收入。

What customers like about the model is the ability to procure everything from edge to cloud from one integrated platform. And it's not just what I call Infrastructure as a Service or Hardware as a Service on premises in a colo or at the edge, is the fact that they can consume anything from Network as a Service, subscription to Aruba products, to what I call private cloud to data services, which is part of the transformation we are driving in our storage portfolio.

客戶喜歡該模型的地方在於能夠從一個集成平台採購從邊緣到雲的所有內容。這不僅僅是我所說的基礎設施即服務或硬件即服務，在託管或邊緣的場所，他們可以消費任何東西，從網絡即服務、訂閱 Aruba 產品到我稱之為私有的東西雲到數據服務，這是我們在存儲產品組合中推動的轉型的一部分。

And as we said, $5.7 billion already in total contract value and in Q4, the growth was accelerated by a number of new logos, which again, we added 300 in fiscal year '21 which drove the order growth to 114%, okay? So when you think about this, we have been delivering 40, 50, 60 and in Q4 was 114%. And Aruba is one key component of that. But what we see now, Shannon, is also the Storage part of the is growing very rapidly. And that's why I'm excited about next year because we're also adding new capabilities to that platform, particularly in the early part of 2022.

正如我們所說，合同總價值已經達到 57 億美元，在第四季度，一些新標識加速了增長，我們在 21 財年又增加了 300 個，這推動了訂單增長到 114%，好嗎？因此，當您考慮到這一點時，我們一直在交付 40、50、60，第四季度為 114%。 Aruba 是其中的一個關鍵組成部分。但是我們現在看到的，Shannon，也是 Storage 部分增長非常快。這就是我對明年感到興奮的原因，因為我們也在為該平台添加新功能，尤其是在 2022 年初。

So overall, I will say this has been a home run. We believe we have years of advantage. We are disclosing all our numbers, as you see, versus some of our competitors are not sharing anything as far as I can see. And what I'm really pleased is that we have now 900 partners selling with us, co-selling, and you will see their offers in our platform here soon because that's the way we drive, fully push from both sides, direct and indirect.

所以總的來說，我會說這是一個本壘打。我們相信我們有多年的優勢。如您所見，我們正在披露我們所有的數據，而據我所知，我們的一些競爭對手並沒有分享任何東西。我真正感到高興的是，我們現在有 900 個合作夥伴與我們一起銷售，共同銷售，您很快就會在我們的平台上看到他們的報價，因為這就是我們的驅動方式，直接和間接地從雙方全力推動。

So Tarek, do you want to talk about the modeling?

那麼Tarek，你想談談建模嗎？

So yes, Shannon, I mean, Antonio said already quite a few things. So first and foremost is one -- the first -- this first and largest Network as a Service contract contributed to orders in Q4 substantially, but did not contribute to the ARR because the revenue will be recognized over time. But notwithstanding that, the ARR, if you really look at our ARR progression quarter after quarter in fiscal year '21, it's outstanding. We did $649 million in Q1 of ARR, grew that to $678 million in Q2, $705 million in Q3 and now approaching $800 million, $796 million to be precise in Q4.

所以是的，香農，我的意思是，安東尼奧已經說了很多話。因此，最重要的是一個 - 第一個 - 這個第一個也是最大的網絡即服務合同對第四季度的訂單做出了實質性貢獻，但沒有對 ARR 做出貢獻，因為收入將隨著時間的推移而得到確認。但儘管如此，ARR，如果你真的看一下我們在 21 財年一個季度一個季度的 ARR 進展情況，它就非常出色。我們在 ARR 的第一季度實現了 6.49 億美元，在第二季度增長到 6.78 億美元，在第三季度增長到 7.05 億美元，現在接近 8 億美元，確切地說是第四季度的 7.96 億美元。

So the momentum in this business is extremely strong, and there isn't a particular business unit that is contributing. We're executing an integrated strategy that is about edge, cloud and data. Right now, the main contributors are the various parts of the organization that fit these 3 pillars. Aruba is one of them. The Storage business unit is another one. We will also continue to expand our as a Service offerings in HPC and AI because we see a tremendous opportunity there. And the future will tell us how big that opportunity will be for us. But we firmly believe in it.

因此，這項業務的勢頭非常強勁，並且沒有一個特定的業務部門在做出貢獻。我們正在執行一項關於邊緣、雲和數據的綜合戰略。目前，主要貢獻者是組織中適合這 3 個支柱的各個部分。阿魯巴島就是其中之一。存儲業務部門是另一個。我們還將繼續擴展我們在 HPC 和 AI 中的即服務產品，因為我們看到了巨大的機會。未來將告訴我們這個機會對我們來說有多大。但我們堅信這一點。

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

下一個問題來自美銀美林的 Wamsi Mohan。

Yes. Antonio, I'm trying to reconcile your comments around strong backlog, which you guys have been very consistent about. Relative to what happened in the quarter and the guide here for -- in the near term, it sounds like component shortages were a major reason for that, but you're maintaining your full year guide.

是的。安東尼奧，我正試圖協調你對大量積壓的評論，你們一直對此非常一致。相對於本季度發生的情況和此處的指南 - 在短期內，聽起來組件短缺是造成這種情況的主要原因，但您正在維持全年指南。

So just trying to understand like what gives you the confidence that these will resolve itself? And what gives you the confidence that this is -- this back-end loaded year is going to pan out as you're seeing it now?

所以只是試圖理解是什麼讓你有信心這些問題會自行解決？是什麼讓你相信這是 - 這個後端負載的一年將會如你現在所看到的那樣成功？

Sure. Well, I mean, if you look at our results, right, once -- right, so we grew orders. Total company orders 16% year-over-year, but our revenue in actual dollars was up 3%. Obviously, there is a big divergence there between 16% and 3%, right?

當然。好吧，我的意思是，如果你看看我們的結果，對，一次——對，所以我們增加了訂單。公司總訂單同比增長 16%，但我們的實際收入增長了 3%。顯然，16% 和 3% 之間存在很大差異，對吧？

And that's driven by the supply availability. Despite the fact that we continue, I think, do a great job navigating through the challenge. And then one area I'm really particularly pleased, one say is the fact that linearity in the business in the way we approach customers that book orders is now more front end and back end in the quarter itself.

這是由供應可用性驅動的。儘管我們繼續，但我認為，在應對挑戰方面做得很好。然後我真的特別高興的一個領域是，我們接觸客戶預訂訂單的方式中的業務線性現在在本季度本身更加前端和後端。

I always talk about quarters having 13 weeks and what is amazing to me in the last couple of quarters, the bookings have been more on the front end than the back end, which allows us, actually. It's a little bit counterintuitive if you think about it. The more orders are -- bring early on, the more I can convert despite the supply chain challenges because I have more time and more velocity, if you will.

我總是談論有 13 週的季度，而在過去的幾個季度中，令我驚訝的是，前端的預訂量比後端多，這實際上允許我們。如果你仔細想想，這有點違反直覺。訂單越多 - 儘早帶來，儘管供應鏈挑戰，我可以轉換的越多，因為我有更多的時間和更快的速度，如果你願意的話。

So listen, as Tarek said, and I said in my remarks, short term, we're going to continue to navigate. This is an industry-wide challenge. But we're very confident with the actions we are taking ourselves. And the fact of the matter is that, that backlog is very durable. People asked me early on, have you seen cancellation? I can tell you right now, 0, no cancellations whatsoever. And the orders coming in every day, every week is incredibly strong.

所以聽著，正如塔雷克所說，我在講話中說過，短期內，我們將繼續航行。這是一個全行業的挑戰。但我們對自己正在採取的行動非常有信心。事實是，積壓的工作非常持久。人們很早就問我，你見過取消嗎？我現在可以告訴你，0，沒有任何取消。每天、每週的訂單都非常強勁。

So we have to navigate the next quarter or 2. And then based on our understanding and the work we have done with our suppliers, the second half will be better. And then also remember, we have I think, world-class capabilities, both on the supply chain operations and our engineering capabilities to be able to adjust components based on the bond. And then also, remember, a big chunk of the backlog is related to acceptances in the customer base with HPC, which is already built and shipped.

所以我們必須導航下一季度或第二季度。然後根據我們的理解和我們與供應商所做的工作，下半年會更好。然後還要記住，我認為我們擁有世界一流的能力，無論是供應鏈運營還是我們的工程能力，都能夠根據債券調整組件。此外，請記住，積壓的很大一部分與客戶群對 HPC 的接受有關，HPC 已經構建和交付。

But as you know, we cannot recognize revenue until fully accepted. This quarter, we recognized a customer, which had a large order in HPC. But remember, in 2022, we have the large exascale deals and one of them is going to be very important for us as we think about the back half of the year.

但如您所知，在完全接受之前，我們無法確認收入。本季度，我們認識了一位客戶，該客戶在 HPC 方面有大筆訂單。但請記住，在 2022 年，我們有大量的 exascale 交易，其中一項對我們來說非常重要，因為我們考慮到今年下半年。

So that's why Tarek and I are very confident in that 3% to 4% guidance. And let's remind ourselves in the 3% to 4% guidance, we have 1 to 1.5 point of headwind because of the transition to as a Service, right, which is great. It's durable. It's long-term growth. And so you normalize for that, it's more like 5% to 5.5%, if you will.

這就是為什麼 Tarek 和我對 3% 到 4% 的指導非常有信心。讓我們在 3% 到 4% 的指導中提醒自己，由於過渡到即服務，我們有 1 到 1.5 個逆風點，對，這很棒。它很耐用。這是長期的增長。因此，您對此進行標準化，如果您願意，它更像是 5% 到 5.5%。

And then on top of that, you have to add the currency, which obviously is a headwind in the sense that the 3% to 4% is constant currency. So if you add all of that, we are more than like in the 7% to 8% growth. And remember that Q4 was a $7.4 billion, the largest quarter despite the supply chain going all the way back to 2019.

然後最重要的是，你必須添加貨幣，這顯然是一個不利因素，因為 3% 到 4% 是不變的貨幣。所以，如果你把所有這些都加起來，我們的增長速度就會超過 7% 到 8%。請記住，第四季度是 74 億美元，儘管供應鏈可以追溯到 2019 年，但仍是最大的一個季度。

The next question is from Simon Leopold with Raymond James.

下一個問題來自 Simon Leopold 和 Raymond James。

On this 28% order growth, I'm wondering if you could unpack maybe some of the factors that contributed to it. And what I'm thinking about is, is there an aspect here of customers trying to get in ahead of price increases or an aspect of customers placing orders earlier because of extended lead times. If you could just help us understand what you see contributing to that massive number?

在這 28% 的訂單增長中，我想知道您是否可以解開一些促成它的因素。我在想的是，這裡是否存在客戶試圖在價格上漲之前進入的一個方面，或者是客戶由於交貨時間延長而提前下訂單的一個方面。如果您能幫助我們了解您認為對這一龐大數字的貢獻是什麼？

Well, glad you call it massive because we agree with you. It's a strong momentum and clearly was stronger in Q3 and Q4 than the first half of the year. I think it's a combination, Simon. I think that obviously, there is a market demand out there driven by the recovery in the economy. I think customers also worry about the impact of the supply that we'll have in the short midterm.

好吧，很高興你稱之為巨大，因為我們同意你的看法。這是一個強勁的勢頭，並且在第三季度和第四季度顯然比上半年更強勁。我認為這是一個組合，西蒙。我認為，很明顯，經濟復甦推動了市場需求。我認為客戶也擔心我們將在短期內對供應產生影響。

But on the same time, we should not underestimate the power of our portfolio because I got this question earlier on, you think this is double-bookings? Perhaps in the commodity space, but not on the value space. We believe Aruba is unique and differentiated. This is not something you can swap by somebody else. And that business is a true mobile-first cloud-native approach, which drives a unique experience at the edge. And that's -- the momentum has happened for a number of quarters now, despite the short-term challenge of supply.

但同時，我們也不應該低估我們投資組合的力量，因為我之前就得到了這個問題，你認為這是雙重預訂嗎？也許在商品空間，但不在價值空間。我們相信 Aruba 是獨一無二且與眾不同的。這不是你可以被別人交換的東西。該業務是真正的移動優先雲原生方法，可在邊緣提供獨特的體驗。這就是——儘管供應面臨短期挑戰，但勢頭已經持續了幾個季度。

HPC, we are the clear #1 leader with 35% market share and 14 points advantage against the second competitor. And then the supercomputer, I don't think there's anybody that can match us. 35% of the top 100 supercomputers are all back and enterprise, and we're going to deliver the extra scale in '22. And GreenLake, again, the question about GreenLake is a true hybrid differentiated offerings from edge to cloud. And I think that has been in the making now for a number of years, and the pipeline is just amazing to me.

HPC，我們顯然是排名第一的領導者，擁有 35% 的市場份額和 14 分的優勢，與第二名競爭對手相比。然後是超級計算機，我認為沒有人能比得上我們。前 100 名超級計算機中有 35% 都回歸企業，我們將在 22 年提供更大的規模。而 GreenLake，關於 GreenLake 的問題是真正的混合差異化產品，從邊緣到雲。我認為這已經醞釀了好幾年了，這條管道對我來說真是太棒了。

And now we are getting better and better in closing deals faster and deploying the solution, which, remember, it's not just deploying it, it's also driving usage. And so it's a combination of growth in the current installed base and new logos, which I commented 300 new logos. So we believe there may be some in the commodity space, but the rest is because of our edge-to-cloud offering, which is resonating in the market, and we believe that's going to accelerate in 2022.

現在，我們在更快地完成交易和部署解決方案方面做得越來越好，記住，這不僅僅是部署它，它還推動了使用。因此，這是當前安裝基礎和新徽標的增長的結合，我評論了 300 個新徽標。因此，我們相信在商品領域可能會有一些，但其餘的是因為我們的邊緣到雲產品，這在市場上引起了共鳴，我們相信這將在 2022 年加速。

The next question is from Kyle McNealy with Jefferies.

下一個問題來自傑富瑞的凱爾麥克尼利。

I was wondering if you could drill down a bit more in the areas that are driving your Compute segment results? They were a bit higher than we expected and certainly the consensus, I get that there's some FX in there. You quantified that. But are there segments of the market that have been stronger for you that you can contextualize? And can you give us a sense for unit growth for Compute? And maybe a split of how much ASP growth comes from memory versus product mix versus general price increases?

我想知道您是否可以在推動您的 Compute 細分結果的領域進行更多深入研究？它們比我們預期的要高一點，當然也是共識，我知道裡面有一些外匯。你量化了。但是，是否有對您來說更強大的細分市場，您可以將其背景化？您能否讓我們了解 Compute 的單位增長情況？或許平均價格增長來自內存、產品組合和總體價格增長的比例？

Go ahead, Tarek, and then I will comment on the end -- on the back end.

來吧，Tarek，然後我將評論結尾——在後端。

Sure, Kyle. So in terms of customer segments, the demand remains very strong across the board and large enterprise customers, SaaS companies, telcos, and we see very robust demand from all these customers.

當然，凱爾。因此，就客戶群而言，整體和大型企業客戶、SaaS 公司、電信公司的需求仍然非常強勁，我們看到所有這些客戶的需求都非常強勁。

With respect to unit growth, units have been roughly flat quarter-on-quarter, but the right comparison is a normalized year-over-year comparison. If you normalize for Q4 '20 units that were sold, but for orders that were generated in Q1 and Q2, you remember the dynamics of fiscal year '20, units have grown 13% Q4 '21 over normalized Q4 '20, which is an excellent result for us. We're very pleased with it.

關於單位增長，單位季度環比基本持平，但正確的比較是標準化的同比比較。如果您對 20 年第四季度已售出的單位進行標準化，但對於第一季度和第二季度產生的訂單，您還記得 20 財年的動態，單位在 20 年第四季度標準化後增長了 13%，這是一個對我們來說是極好的結果。我們對此非常滿意。

And this comes together with very strong disciplines from our management team there in the compute space. We've executed a number of price increases ahead of price hikes of commodities and logistics costs coming up by way of expedite fees and container costs that have been rising quite dramatically, as you know. The AUP have risen overall at about 3%. When you think about this on a normalized basis, and we feel pretty good about our performance in Compute, both on the P, the price and the quantity.

這與我們管理團隊在計算領域的強大紀律相結合。如您所知，在商品和物流成本上漲之前，我們已經通過加速費用和集裝箱成本大幅上漲，執行了多次價格上漲。 AUP 總體上漲了約 3%。當您在標準化的基礎上考慮這一點時，我們對我們在計算方面的表現感到非常滿意，無論是在 P、價格和數量上。

We feel that there is still strong demand moving forward, particularly in fiscal year '22 with the order book that we have been able to generate and the backlog that we have in that segment. But that comment that I just made is true and very true for Aruba where we feel a very strong order demand in Aruba and also in storage. So we feel pretty good about fiscal year '22, as Antonio commented a moment ago.

我們認為未來仍有強勁的需求，特別是在 22 財年，我們已經能夠產生訂單以及我們在該領域的積壓。但我剛剛發表的評論對 Aruba 來說是真實的，而且非常真實，我們覺得 Aruba 和存儲方面的訂單需求非常強勁。因此，正如安東尼奧剛才評論的那樣，我們對 22 財年感覺很好。

Yes. Just to add a few comments. In simple terms, this is the way to think about it. So first of all, our compute orders were up more than 10% in 2021. Our units normalized for -- remember, the 2020 backlog, if you remember, when the COVID started, we had a $750 million backlog which we cleared $500 million in Q3 2020 and $250 million in Q4. When you normalize for that, units are up.

是的。只是添加一些評論。簡單來說，這就是思考的方式。因此，首先，我們的計算訂單在 2021 年增長了 10% 以上。我們的單位標準化為 - 請記住，2020 年的積壓，如果你還記得，當 COVID 開始時，我們有 7.5 億美元的積壓，我們清除了 5 億美元2020 年第三季度和第四季度 2.5 億美元。當您對此進行標準化時，單位就增加了。

Obviously, AUPs are up for 2 reasons: number one, cost; and number two, structural changes. As we introduce the next generation of our Compute platform, call it, Gen10 [Form 5 and 11], you're going to see more options and more density in those platform, which drives structural changes, which are -- we believe those structural changes are sustainable, irrespective of the changes of the commodity cost.

顯然，AUP 上升有兩個原因：第一，成本；第二，結構變化。當我們介紹下一代計算平台時，稱之為 Gen10 [Form 5 和 11]，您將在這些平台中看到更多的選項和更高的密度，這將推動結構性變化，我們相信這些結構性變化無論商品成本如何變化，變化都是可持續的。

And then if you listen to what we said in 2020 and 2021 are pivot to different segments of the market, we said we want to focus on growing segments of the market, while enterprise is still super important. SaaS, Telco and Edge are 3 growing markets where we have been benefit from. Telco, obviously, with a 5G deployment, our Intelligent Edge Solutions at the Edge particularly in retail, manufacturing and hospitality. And then obviously, the focus on the SaaS, which is not the big cloud providers, but Software as a Service companies, which are driving quite significant growth.

然後，如果您聽聽我們在 2020 年和 2021 年所說的轉向不同的市場細分，我們說我們希望專注於不斷增長的市場細分，而企業仍然非常重要。 SaaS、Telco 和 Edge 是我們從中受益的 3 個不斷增長的市場。顯然，電信公司部署了 5G，我們的智能邊緣解決方案在邊緣，特別是在零售、製造和酒店業。然後很明顯，SaaS 的重點不是大型雲提供商，而是軟件即服務公司，它們正在推動相當大的增長。

And then we have our own value built into the platform with silicon root of trust and manageability. And all of this, by the way, is all now being delivered to HPE GreenLake as well. So GreenLake is a force multiplier for the growth in compute because the more we sell as a Service, the more recurring revenue and compute we're going to have over time. So I hope that answers the question.

然後，我們將自己的價值內置到平台中，並具有信任和可管理性的矽根。順便說一句，所有這些現在也都交付給了 HPE GreenLake。因此，GreenLake 是計算增長的力量倍增器，因為我們作為服務銷售的越多，隨著時間的推移，我們將獲得更多的經常性收入和計算。所以我希望這能回答這個問題。

The next question is from Katy Huberty with Morgan Stanley.

下一個問題來自摩根士丹利的 Katy Huberty。

Antonio, how should we reconcile your commentary on incredibly strong order growth in just about every business and orders up 16% in fiscal '21 with the 3% revenue growth that you reported last year and the similar 3% to 4% revenue growth for fiscal '22? Is there a point that these really strong orders convert to a meaningful acceleration in revenue growth? And if so, which quarter of fiscal '22 do you think we could see that backlog flush?

安東尼奧，我們應該如何調和您對幾乎每項業務中令人難以置信的強勁訂單增長的評論以及 21 財年訂單增長 16% 與您去年報告的 3% 收入增長以及類似的財政收入增長 3% 至 4% '22?這些真正強勁的訂單是否會轉化為收入增長的有意義的加速？如果是這樣，您認為我們可以在 22 財年的哪個季度看到積壓的訂單？

Yes, I will let Tarek start, and then I will add a few comments.

是的，我會讓 Tarek 開始，然後我會添加一些評論。

Yes. So Katy, the most important comment I would make to you with respect to orders is that the acceleration of orders manifested itself very strongly in the second half of fiscal year '21. And it's continuing from here on, the demand remains very strong. We're getting orders every day, and the linearity is better even this quarter than it was in the prior quarter last year.

是的。所以凱蒂，關於訂單，我要對你說的最重要的評論是，訂單的加速在 21 財年的下半年表現得非常強烈。從這裡開始，需求仍然非常強勁。我們每天都收到訂單，即使本季度的線性度也比去年上一季度要好。

The trough for our business was hit in the second quarter of 2020 ever since revenue has been edging up. And we're now at a point in Q4 '21, where we hit the revenue that is at the high watermark that is on the par with the first quarter of fiscal year '19 roughly. We do see the acceleration of the revenue growth year-over-year manifesting itself on a full year basis. But timing-wise, we did say in my script and hopefully, it was understood that the fiscal year '22 is going to be back-end loaded.

自從收入小幅上升以來，我們的業務在 2020 年第二季度觸底。我們現在處於 21 年第四季度的某個時刻，我們的收入達到了與 19 財年第一季度大致相當的高水位線。我們確實看到了全年收入增長的加速。但就時間而言，我們確實在我的腳本中說過，希望大家理解 22 財年將被後端加載。

Why is that? It's because we still have to navigate supply chain constraints and those supply chain constraints are probably not going to abate before the end of fiscal year '22 and most likely calendar year '22. Specifically for Q1, we're comfortable with current consensus levels on revenue and which also imply, as I said in my script, a seasonal decline of mid-single digits.

這是為什麼？這是因為我們仍然必須應對供應鏈限制，而這些供應鏈限制在 22 財年結束之前可能不會減弱，而且很可能在 22 日曆年結束。特別是對於第一季度，我們對當前收入的共識水平感到滿意，正如我在腳本中所說，這也意味著中個位數的季節性下降。

But when you really look at the overall trend, year-over-year from now on, we do expect an acceleration of revenue that will be dampened a little bit by supply chain constraint that we're navigating day after day, month after month and quarter after quarter.

但是，當您真正查看總體趨勢時，從現在開始逐年對比，我們確實預計收入的加速將受到供應鏈限制的影響，我們日復一日、月復一月地導航一個季度一個季度。

Yes. Katy, I think in addition to what Tarek said, first of all, I don't see the demand abating anytime soon. I actually see that continue to accelerate. And what is amazing to me is that in the areas where we place a particular focus, we see amazing growth.

是的。凱蒂，我認為除了塔雷克所說的，首先，我認為需求不會很快減弱。我實際上看到這種情況繼續加速。令我驚訝的是，在我們特別關注的領域，我們看到了驚人的增長。

And what excites me is that I -- knowing what I know about our new offerings and acceleration of innovation particularly in the first calendar quarter, we believe that's going to be a turbocharge. Now as you can imagine, I spend a lot of time with our global supply team driving the day-to-day operations with Tarek here. And obviously, we have to navigate the first 2 quarters of the year.

讓我興奮的是，我知道我對我們的新產品和加速創新的了解，特別是在第一季度，我們相信這將是一個渦輪增壓。現在您可以想像，我花了很多時間與我們的全球供應團隊一起推動 Tarek 的日常運營。顯然，我們必須在今年的前兩個季度中度過難關。

But I feel pretty good about accelerating that in the back half, a combination of supply availability and customer acceptances. But again, when you normalize the growth for everything I said earlier to Wamsi, which is including the as a Service pivot, you should think about not 3 to 4, but more like 6 to 7 because that's the way we should think about it.

但我對在後半部分加速這一點感覺非常好，這是供應可用性和客戶接受度的結合。但是同樣，當您將我之前對 Wamsi 所說的一切（包括作為服務支點）的增長標準化時，您應該考慮的不是 3 到 4，而更像是 6 到 7，因為這是我們應該考慮的方式。

And then in that, remember, the growth of the ARR is going to continue to accelerate at 35% to 45%. And hopefully, in 2022, we're going to get the credit for the transformation we drive in this business.

然後，請記住，ARR 的增長將繼續以 35% 到 45% 的速度加速。希望在 2022 年，我們將因我們在這項業務中推動的轉型而獲得讚譽。

The next question is from Amit Daryanani with Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

Perfect. I guess, maybe I want to talk a little bit on the Intelligent Edge side. And Tarek, maybe if you could just talk about what's driving out just the revenue deceleration, but also the margin declines over there. The margin drop seemed fairly material. So I would love to understand kind of what's happening there. How do you see that business ramp up through fiscal '22?

完美的。我想，也許我想談談智能邊緣方面。塔雷克，也許你可以談談是什麼導致了收入減速，但那裡的利潤率也下降了。利潤率下降似乎相當可觀。所以我很想了解那裡正在發生的事情。您如何看待 22 財年的業務增長？

And then, Antonio, I want to touch this with you, which is you've talked a fair bit about the conviction in the orders that you have and how good they are and I think you've said about a lack of cancellation being a pretty big driver for it -- driver for your confidence. I would imagine cancellations will only happen when supply chain issues alleviate versus right now. Is that fair? And if so, are there other things you're looking at in your business that gives you confidence that these orders will convert?

然後，安東尼奧，我想和你談一談，你已經談了很多關於你所擁有的訂單的信念以及它們有多好，我想你已經說過沒有取消是一個相當大的驅動力——你信心的驅動力。我想只有當供應鏈問題相對於現在有所緩解時才會發生取消。這公平嗎？如果是這樣，您在業務中是否有其他事情可以讓您確信這些訂單會轉化？

So Tarek, you want to talk about the Aruba piece of it, which obviously the Network as a Service was a big component of that?

那麼 Tarek，您想談談其中的 Aruba 部分，顯然網絡即服務是其中的一個重要組成部分？

Yes, yes. So let me take that, Antonio. Thank you. So Amit, as we shared in our scripts, we signed a very substantial Network as a Service contract for the first time with a large U.S. retailer. And this had a headwind on revenue growth in Aruba of about 800 basis points and a headwind on operating margins of about 500 basis points. So if you were to normalize for it, you still realize -- you would realize that the double-digit growth in Aruba and high-teens margins are still there. And we're very comfortable they're there for us.

是的是的。所以讓我接受吧，安東尼奧。謝謝你。所以 Amit，正如我們在腳本中所分享的，我們第一次與一家大型美國零售商簽署了一份非常重要的網絡即服務合同。這對 Aruba 的收入增長造成了約 800 個基點的不利影響，並對營業利潤率造成了約 500 個基點的不利影響。因此，如果您要對其進行正常化，您仍然會意識到 - 您會意識到 Aruba 的兩位數增長和高青少年利潤率仍然存在。我們很高興他們在那里為我們服務。

Aruba is a 40% business, meaning we do see the top line growth to be in the high teens and the margins to be in the high teens as well, approaching a sum of 40% overall. Nothing has changed. We feel very comfortable, particularly knowing that the order book remains very strong. If anything, there was one part of our company that suffered a little bit more of supply chain constraints in Q4, it is Aruba.

Aruba 是一個 40% 的企業，這意味著我們確實看到收入增長在十幾歲，利潤率也在十幾歲，總和接近 40%。什麼也沒有變。我們感到很舒服，特別是知道訂單仍然非常強勁。如果有的話，我們公司的一部分在第四季度遭受了更多的供應鏈限制，那就是 Aruba。

But it's just simply deferring revenue that could have been realized in Q4 into Q1 and Q2 of fiscal year '22. The order story remains incredibly strong, and the demand there is super solid. So we're very confident about the prospects of Aruba for fiscal year '22.

但這只是簡單地將本可以在第四季度實現的收入推遲到 22 財年的第一季度和第二季度。訂單故事仍然非常強勁，而且需求非常穩固。因此，我們對 Aruba 在 22 財年的前景充滿信心。

Yes. I mean I think that I covered pretty much everything. Remember what we said in our commentary, right, that this is the first year that Aruba crossed the $4 billion mark in orders.

是的。我的意思是我認為我幾乎涵蓋了所有內容。請記住我們在評論中所說的，沒錯，這是 Aruba 的訂單量首次突破 40 億美元大關。

I remember when I acquired Aruba in 2015 and then we merged it with the rest of HPE business, it was in the high 2s. Now we are $4 billion. And we, again, to Tarek's point, we believe this business is going to continue to grow double digits. We obviously have to think about this business long-term growth, particularly as we pivot more as a Service because the network as a Service is a nascent market, but the subscription side is actually a growing and more established markets.

我記得當我在 2015 年收購 Aruba，然後我們將它與 HPE 的其他業務合併時，它處於高 2 秒。現在我們有 40 億美元。而且，對於 Tarek 來說，我們相信這項業務將繼續以兩位數的速度增長。我們顯然必須考慮這項業務的長期增長，特別是當我們更多地轉向服務時，因為網絡即服務是一個新興市場，但訂閱方面實際上是一個不斷增長和更成熟的市場。

So remember, there's 2 different value proposition here. I subscribed to a WiFi connectivity or a LAN port. That's today the triple-digit growth that Tarek talked early on, on the as a Service side. And then there is the nascent Network as a Service, which the hardware component of that is totally deferred over the length of the contract. And when you have an excess of a $100-plus million deal, obviously, that has a huge impact.

所以請記住，這裡有兩種不同的價值主張。我訂閱了 WiFi 連接或 LAN 端口。這就是今天 Tarek 早期談到的三位數增長，即服務方面。然後是新生的網絡即服務，其硬件組件在合同期限內完全延期。當你有超過 100 多萬美元的交易時，顯然，這會產生巨大的影響。

But it's good for the long-term durability, and that's why we are very bullish about this business. And listen, as I said earlier to Katy, we believe over time, this is going to alleviate the supply, and we're going to convert more of that. But we actually with a backlog I've never seen in my life, and obviously, our customers need connectivity to operate in this digital economy.

但這對長期耐用性有好處，這也是我們非常看好這項業務的原因。聽著，正如我之前對凱蒂所說，我們相信隨著時間的推移，這將減少供應，我們將轉換更多的供應。但實際上，我們積壓了我一生中從未見過的積壓，顯然，我們的客戶需要連接才能在這個數字經濟中運營。

And so then the second part of his question was, do we believe that orders get canceled when supply chain alleviates?

那麼他問題的第二部分是，我們是否相信當供應鏈緩解時訂單會被取消？

Yes. Well, I mean -- listen, my view is not because we -- a lot of those orders are also related to GreenLake as well, not just transactional business. And obviously, we prioritize orders in a way that drives the profitability of the business and mission-critical requirements for our customers. And therefore, we don't believe that's going to be the case. Our job is to convert as many as we can as fast as we can.

是的。好吧，我的意思是 - 聽著，我的觀點不是因為我們 - 很多這些訂單也與 GreenLake 相關，而不僅僅是交易業務。顯然，我們優先考慮訂單，以推動業務盈利能力和客戶的關鍵任務要求。因此，我們認為情況不會如此。我們的工作是盡可能快地轉換盡可能多的人。

And the next question will be from Sidney Ho with Deutsche Bank.

下一個問題將來自德意志銀行的 Sidney Ho。

This is Jeff Rand on for Sidney. You continue to grow your inventory on your balance sheet. Can you talk about how your inventory strategy has changed with the supply constraints? And what type of impact you're expecting from higher inventory on free cash flow in fiscal year 2022?

這是西德尼的傑夫蘭德。您繼續增加資產負債表上的庫存。你能談談你的庫存策略是如何隨著供應限製而改變的嗎？您預計庫存增加會對 2022 財年的自由現金流產生什麼影響？

Yes, sure. So thanks for the question, Jeff. We've been buffering inventory for the past 5 quarters to navigate supply chain constraints. Obviously, this leads to a situation where our inventory levels are higher than in some cases, we would like, but it's necessary and it's okay. It doesn't really impact our free cash flow guidance for fiscal year '22, which I'm very happy to reiterate. We said we would be attaining $1.8 billion to $2 billion of free cash flow in fiscal year '22. And the increase in inventory is factored into the guidance.

是的，當然。所以謝謝你的問題，傑夫。過去 5 個季度，我們一直在緩衝庫存以應對供應鏈限制。顯然，這會導致我們的庫存水平高於我們希望的某些情況，但這是必要的，沒關係。它並沒有真正影響我們對 22 財年的自由現金流指導，我很高興重申這一點。我們曾說過，我們將在 22 財年實現 18 億至 20 億美元的自由現金流。並且庫存的增加被納入指導。

The guidance is more attained on free cash flow by way of earnings growth, number one. Number two, also by reduction of restructuring costs as our restructuring programs are winding down. And then yes, there is a bit of an offset, a headwind from inventory increases, but it's absolutely fine.

該指導更多地通過盈利增長獲得自由現金流，排名第一。第二，隨著我們的重組計劃逐漸結束，也通過降低重組成本。然後是的，有一點抵消，來自庫存增加的逆風，但這絕對沒問題。

When you're having your order book in the way we have it, you got to get -- be ahead of the curve by way of buffering inventory, and that's what we've been doing for the past 5 quarters. And we'll continue to do so in fiscal year '22.

當您以我們的方式獲得訂單時，您必須通過緩衝庫存來領先於曲線，這就是我們過去 5 個季度一直在做的事情。我們將在 22 財年繼續這樣做。

Yes. I will say, first of all, since the question was not asked, but I maybe answer proactively is Tarek talked about the restructuring. We are winding down that program, and we are well on track to deliver that commitment that we made to our shareholders. Remember with the net $800 million at this time. So very pleased with that, which makes us a more lean and agile company. And part of that is also the ability to execute faster.

是的。我會說，首先，既然這個問題沒有被問到，但我可能會主動回答是 Tarek 談到了重組。我們正在逐步結束該計劃，並且我們有望兌現我們對股東做出的承諾。記住此時的淨額為 8 億美元。對此非常滿意，這使我們成為一家更加精簡和敏捷的公司。其中一部分也是執行速度更快的能力。

One of the big changes we made also was the way we compensate our sales force on orders, and this is what you see. We are now confident based on our systems implementation. If you recall, we started 3 years ago, and we are also getting close to that completion, allowed us to make some changes here in the way we drive the business going forward. And I think this is all about operational excellence and execution.

我們所做的重大改變之一也是我們根據訂單補償銷售人員的方式，這就是您所看到的。我們現在對我們的系統實施充滿信心。如果您還記得，我們是在 3 年前開始的，而且我們也接近完成，這使我們能夠在推動業務發展的方式上做出一些改變。我認為這一切都與卓越運營和執行有關。

On the inventory side, I think the team has done a remarkable job driving working capital and -- but also at the same time, making the right long-term bets on this inventory, which give us not just the ability to convert but pricing power. And as I said in the Security Analyst Meeting, we tend to be the market leader in changing prices, and we will continue to do so because it's the right thing to do at the right time. And so we will continue to manage that inventory as needed for our customers and for delivering of numbers.

在庫存方面，我認為團隊在推動營運資金方面做得非常出色，而且同時也對庫存做出了正確的長期押注，這不僅賦予了我們轉換的能力，而且賦予了我們定價能力.正如我在證券分析師會議上所說，我們往往是改變價格的市場領導者，我們將繼續這樣做，因為這是在正確的時間做正確的事情。因此，我們將繼續根據客戶的需要和交付數字來管理庫存。

Our final question will be from Samik Chatterjee with JPMorgan.

我們的最後一個問題將來自摩根大通的 Samik Chatterjee。

I guess I wanted to get your thoughts on H3C. You had a strong year with 20%-plus growth in equity income. How should we think about kind of fiscal '22 there? And what's your visibility into H3C navigating the supply chain constraints as well? And through the conference call today, you've mentioned multiple times about a back-end loaded year. So just wanted to see if that's consistent with how should we think about H3C equity income as well?

我想我想了解您對 H3C 的看法。你有一個強勁的一年，股票收入增長了 20% 以上。我們應該如何看待那裡的 22 財政年度？您對 H3C 應對供應鏈限制的看法如何？通過今天的電話會議，您多次提到後端加載的年份。所以只是想看看這是否與我們應該如何看待H3C股權收入一致？

Yes. Well, Tarek and I felt it was important to share with you how H3C contributes to our financial performance. You saw that slide that shows the equity interest of 49%, what value drives for our shareholders, which is pretty significant.

是的。好吧，Tarek 和我覺得有必要與您分享 H3C 如何為我們的財務業績做出貢獻。您看到了顯示 49% 股權的幻燈片，這是對我們股東的價值驅動，這非常重要。

And H3C is an independent entity, which operates in China, obviously. And they manage the business day to day. And they have done a remarkable job. I mean they continue to grow their business in China. They are positioned extremely well in what they call the ICT business, the support telco, the support enterprise customers and SMB. They have a unique value proposition and set of products, which are very well received. And we expect that business to continue to grow double digits.

顯然，H3C 是一個獨立的實體，在中國運營。他們每天都在管理業務。他們做得非常出色。我的意思是他們繼續在中國發展業務。他們在所謂的 ICT 業務、支持電信公司、支持企業客戶和 SMB 方面處於非常有利的地位。他們有獨特的價值主張和一系列產品，非常受歡迎。我們預計該業務將繼續以兩位數增長。

And the report is incredibly accretive to what we do. But also, at the same time, as Tarek said, is a unique setup, which no other multinational really has been able to achieve in a country, obviously, which is going through a lot of changes here.

該報告對我們所做的工作具有難以置信的增值作用。但同時，正如塔雷克所說，這是一個獨特的設置，顯然沒有其他跨國公司能夠在一個國家真正做到這一點，這個國家正在經歷很多變化。

And it's the second largest market on the planet, okay? So if you believe that market will continue to grow, and they are very well positioned, this will continue to accrete to our shareholders. Now as we said in previous quarters, our put expire at the May time frame.

它是地球上第二大市場，好嗎？因此，如果您相信市場將繼續增長，並且他們處於非常有利的位置，這將繼續影響我們的股東。現在，正如我們在前幾個季度所說，我們的看跌期權在 5 月份到期。

That's right.

這是正確的。

And as always, we will do what is the right thing for our shareholders, what is the best return for our shareholders, and we will make that decision at the right time.

和往常一樣，我們會為股東做正確的事，為股東帶來最好的回報，我們會在正確的時間做出決定。

And Antonio said it very well. I would simply add that the interesting data point on the slide, and hopefully, you'll take away is that we're not in a rush. The value of our stake continues to accrete and we feel very, very good about our position in H3C.

安東尼奧說得很好。我只想在幻燈片上添加有趣的數據點，希望你能明白我們並不著急。我們所持股份的價值不斷增加，我們對自己在 H3C 的地位感覺非常非常好。

Okay. Well, thank you, everyone. Thank you, Jeff. We appreciate you making the time to talk to us today. I hope you walk away with a clear view of how we are performing. I'm particularly pleased with the momentum we have as we enter 2022.

好的。嗯，謝謝大家。謝謝你，傑夫。感謝您今天抽出時間與我們交談。我希望你能清楚地了解我們的表現。我對我們進入 2022 年的勢頭感到特別高興。

Our strategy could not be more on point. I think the demand is strong, not only because of the market, but because of our solutions. And I'm very excited about the ability to create and accelerate our shareholder value in 2022. And then we have some amazing things coming down the pipeline in terms of innovation that's going to differentiate us even further.

我們的策略再恰當不過了。我認為需求強勁，不僅因為市場，還因為我們的解決方案。我對能夠在 2022 年創造和加速我們的股東價值感到非常興奮。然後，我們將在創新方面取得一些令人驚奇的事情，這將使我們進一步與眾不同。

And so I'm looking forward to 2022, while we navigate this short-term challenge of supply, but we are very confident on the current guidance and the consensus out there. And we hope to exceed that as we execute in the next quarter.

因此，我期待著 2022 年，雖然我們應對這一短期供應挑戰，但我們對當前的指導和共識非常有信心。我們希望在下個季度執行時超過這一點。

If I don't speak to you in the next month or so, thank you very much. Be well. Happy holidays to everyone and to a prosperous 2022. Thank you very much.

如果我在下個月左右不和你說話，非常感謝你。好好的。祝大家節日快樂，2022 年繁榮昌盛。非常感謝。

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

女士們，先生們，我們今天的呼籲到此結束。謝謝你。