惠普企業 (HPE) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to the Third Quarter Fiscal 2021 Hewlett Packard Enterprise Earnings Conference Call.

下午好，歡迎來到惠普企業 2021 財年第三季度收益電話會議。

My name is Matt, and I'll be your conference moderator for today's call.

我叫馬特，我將擔任今天電話會議的會議主持人。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員說明）提醒一下，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.

現在，我想將演示文稿轉交給今天電話會議的主持人，投資者關係副總裁安德魯·西馬內克先生。

Please proceed.

請繼續。

Good afternoon.

下午好。

Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise.

惠普企業投資者關係主管 Andy Simanek。

I'd like to welcome you to our fiscal 2021 third 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.

歡迎大家參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2021 財年第三季度財報電話會議；和 HPE 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.

在將電話轉接給 Antonio 之前，讓我提醒您，此電話正在網絡直播中。

A replay of the webcast will be made available shortly after the call for approximately 1 year.

網絡廣播的重播將在電話會議結束後不久提供大約 1 年。

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.

我們在我們的 HPE 投資者關係網頁 investors.hpe.com 上發布了新聞稿和伴隨今天收益發布的幻燈片演示。

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.

與往常一樣，本次演講的內容具有前瞻性，並且基於我們對當今世界和我們業務的最佳看法。

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

有關更多詳細信息，請參閱與涉及風險、不確定性和假設的前瞻性陳述相關的收益材料的免責聲明。

For a discussion of some of these risks, uncertainties and assumptions, please refer to HPE's filings with the SEC, including its most recent Form 10-K and Form 10-Q.

有關其中一些風險、不確定性和假設的討論，請參閱 HPE 向美國證券交易委員會提交的文件，包括其最新的 10-K 表格和 10-Q 表格。

HPE assumes no obligation and does not intend to update any such forward-looking statements.

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 July 31, 2021.

我們還注意到，本次電話會議上討論的財務信息反映了基於目前可用信息的估計，可能與 HPE 截至 2021 年 7 月 31 日止財政季度的 Form 10-Q 季度報告中最終報告的金額存在重大差異。

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.

此外，對於在非 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 GAAP 信息的對賬。

Please refer to the tables and slide presentation accompanying today's earnings release on our website for details.

有關詳細信息，請參閱我們網站上今天的收益發布隨附的表格和幻燈片演示。

Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year-over-year basis and adjusted to exclude the impact of currency.

在整個電話會議中，除非另有說明，否則所有收入增長率均按年計算並進行調整以排除貨幣的影響。

Finally, we will be referencing the slides in our earnings presentation throughout our prepared remarks.

最後，我們將在整個準備好的評論中引用收益演示中的幻燈片。

As mentioned, the earnings presentation can be found posted to our website and is also embedded within the webcast player for this earnings call.

如前所述，可以在我們的網站上找到收益演示文稿，也可以將其嵌入到本次收益電話會議的網絡廣播播放器中。

With that, let me turn it over to Antonio.

有了這個，讓我把它交給安東尼奧。

Thanks, Andy.

謝謝，安迪。

Good afternoon, everyone.

大家下午好。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

I am amazed by the resilience of our customers, partners and team members.

我對我們的客戶、合作夥伴和團隊成員的應變能力感到驚訝。

And I'm incredibly proud of the way Hewlett Packard Enterprise continues to serve the needs of our global communities during such an unusual and evolving circumstances.

我為 Hewlett Packard Enterprise 在如此不尋常且不斷變化的情況下繼續滿足全球社區需求的方式感到無比自豪。

We delivered a very impressive third quarter at HPE with strong orders growth, expanded margins and record free cash flow.

我們在 HPE 的第三季度表現非常出色，訂單增長強勁，利潤率擴大，自由現金流創紀錄。

Overall, I am pleased to see how our differentiated portfolio is resonating with the market and our edge-to-cloud strategy is driving improved momentum across our businesses.

總的來說，我很高興看到我們的差異化產品組合如何與市場產生共鳴，我們的邊緣到雲戰略正在推動我們業務的發展勢頭。

Based on the strength of our Q3 performance and our confidence about our momentum in the market, we are again raising our fiscal year 2021 EPS and free cash flow outlook, and we are also resuming stock repurchases.

基於我們第三季度的強勁表現和我們對市場勢頭的信心，我們再次上調了 2021 財年的每股收益和自由現金流展望，同時我們還恢復了股票回購。

Revenue in Q3 was $6.9 billion, in line with our outlook and normal sequential seasonality.

第三季度的收入為 69 億美元，符合我們的預期和正常的連續季節性。

Our Q3 orders were up strong double digits year-over-year, and our year-to-date order volume has increased 11%, showing the strength of our edge-to-cloud offerings.

我們第三季度的訂單同比增長兩位數，今年迄今為止的訂單量增長了 11%，顯示了我們邊緣到雲產品的實力。

We significantly expanded our non-GAAP gross and operating margins, driving our year-to-date non-GAAP operating profit and earnings per share, up 28% and 27% year-over-year, respectively.

我們顯著提高了我們的非 GAAP 毛利率和營業利潤率，推動我們年初至今的非 GAAP 營業利潤和每股收益分別同比增長 28% 和 27%。

We generated record year-to-date free cash flow of $1.5 billion, up $1.1 billion year-over-year, putting us well ahead of the original outlook we announced last October.

年初至今，我們創造了創紀錄的 15 億美元自由現金流，同比增長 11 億美元，遠遠超過我們去年 10 月宣布的最初展望。

I am particularly pleased that we were able to deliver these results while mitigating against industry-wide supply constraints by taking proactive inventory measures working closely with our suppliers and deploy our best-in-class engineering capabilities to establish specific response plans.

我特別高興的是，我們能夠通過與供應商密切合作採取積極的庫存措施並部署我們一流的工程能力來製定具體的響應計劃，從而在緩解全行業供應限制的同時取得這些成果。

The impact of the pandemic continue to accelerate the shift we predicted years ago to an edge-centric, cloud-enabled and data-driven world.

大流行的影響繼續加速我們多年前預測的向以邊緣為中心、雲支持和數據驅動的世界的轉變。

Now more than ever, there is a greater need for secure connectivity, faster insights from data and a cloud experience everywhere.

現在比以往任何時候都更需要安全的連接、更快的數據洞察力和無處不在的雲體驗。

We expect these trends to continue.

我們預計這些趨勢將繼續下去。

Digital transformation is no longer a priority but a strategic imperative.

數字化轉型不再是優先事項，而是戰略要務。

To help our customers transform their businesses and be future ready today, we have been focused on doubling down in key areas that are resonating strongly in the market.

為了幫助我們的客戶轉變他們的業務並為未來做好準備，我們一直專注於在市場上引起強烈共鳴的關鍵領域加倍努力。

We had a record number of orders in both our Intelligent Edge business and High Performance Compute & Mission Critical Solutions business.

我們的智能邊緣業務和高性能計算與關鍵任務解決方案業務的訂單數量均創歷史新高。

Due to strong demand and execution, these growth businesses now make up nearly 25% of our total company revenue.

由於強勁的需求和執行力，這些成長型業務現在占我們公司總收入的近 25%。

Our Intelligent Edge business accelerated its momentum again in Q3, with 23% year-over-year revenue growth, driven by a record number of new orders.

我們的智能邊緣業務在第三季度再次加速發展，在創紀錄數量的新訂單的推動下，收入同比增長 23%。

Strong customer demand for secure connectivity has generated a backlog 5x greater than at the close of Q3 last year, as customers increasingly look for solutions to collect, connect, analyze and act on data at the edge.

客戶對安全連接的強烈需求產生了比去年第三季度末多 5 倍的積壓，因為客戶越來越多地尋求在邊緣收集、連接、分析和處理數據的解決方案。

We are leaning into this demand and continue to invest and innovate at the edge.

我們正在順應這種需求，並繼續在邊緣進行投資和創新。

In June, we announced new AI ops, IoT and security features for our Aruba Edge Services Platform, or ESP, designed to streamline network operations, maximize IT efficiency and more easily extend the network from the edge to the cloud.

6 月，我們宣布了 Aruba 邊緣服務平台 (ESP) 的新 AI 操作、物聯網和安全功能，旨在簡化網絡操作、最大限度地提高 IT 效率並更輕鬆地將網絡從邊緣擴展到雲端。

our Aruba ESP continues to gain traction with customers in different verticals.

我們的 Aruba ESP 繼續吸引不同垂直領域的客戶。

In the third quarter, customers including Save A Lot, Monument Health and Circa Resort & Casino, all standardized their networks on Aruba ESP.

在第三季度，包括 Save A Lot、Monument Health 和 Circa Resort & Casino 在內的客戶都在 Aruba ESP 上實現了網絡標準化。

In our High Performance Compute & Mission Critical Solutions business, revenue was up 9% year-over-year, driven by a record number of new orders.

在我們的高性能計算和關鍵任務解決方案業務中，在創紀錄數量的新訂單的推動下，收入同比增長 9%。

We also generated a record order book, which now exceeds $2.5 billion.

我們還創造了一個創紀錄的訂單簿，現在超過 25 億美元。

The exponential growth in data, along with AI and big data analytics, are all driving an increased need for High Performance Computing & Mission Critical capabilities in enterprises of all sizes.

數據的指數級增長，以及人工智能和大數據分析，都在推動各種規模的企業對高性能計算和關鍵任務能力的需求增加。

To meet this demand, we bolstered our artificial intelligence capabilities with the acquisition of Determined AI, a start-up that delivers a puzzle software stack that to train AI models faster at any scale using its open source machine learning platform.

為了滿足這一需求，我們通過收購 Determined AI 來增強我們的人工智能能力，這是一家提供拼圖軟件堆棧的初創公司，可以使用其開源機器學習平台更快地訓練任何規模的 AI 模型。

We also continued to see an increasing number of customers accessing our high performance computer solutions as-a-Service through HPE GreenLake.

我們還繼續看到越來越多的客戶通過 HPE GreenLake 訪問我們的高性能計算機解決方案即服務。

With our HPE GreenLake Cloud Services for HPC, customers gained powerful specialized computing and AI capabilities with a sustainable cloud experience.

借助我們面向 HPC 的 HPE GreenLake 雲服務，客戶獲得了強大的專業計算和 AI 功能以及可持續的雲體驗。

For example, in Q3, HPE was awarded a $2 billion contract to be realized over a 10-year period with the National Security Agency to deliver high performance computing solutions through the HP GreenLake platform.

例如，在第三季度，HPE 與國家安全局簽訂了一份價值 20 億美元的合同，該合同將在 10 年內完成，通過 HP GreenLake 平台提供高性能計算解決方案。

The service will help the National Security Agency efficiently process data and unlock new insights in sustainable new ways.

該服務將幫助國家安全局有效地處理數據並以可持續的新方式解鎖新見解。

Our core businesses generated robust year-over-year orders growth as well as strong profitability and free cash flow in the quarter.

我們的核心業務在本季度產生了強勁的同比訂單增長以及強勁的盈利能力和自由現金流。

Year-to-date, Compute and Storage orders are up mid-single digits, with Q3 operating margins of 11.2% and 15.1%, respectively.

年初至今，計算和存儲訂單增長了中個位數，第三季度營業利潤率分別為 11.2% 和 15.1%。

We continue to offer more of our core capabilities as-a-Service.

我們將繼續提供更多核心功能即服務。

In Q3, we introduced unified compute operations as-a-Service through our HP GreenLake edge-to-cloud platform.

在第三季度，我們通過 HP GreenLake 邊緣到雲平台引入了統一計算操作即服務。

This new cloud-based management service simplifies provisioning and automates the management of compute infrastructure wherever it resides.

這種新的基於雲的管理服務簡化了配置並自動化了計算基礎設施的管理，無論它位於何處。

Our Storage business is transforming into a cloud-native software defined data services business through organic innovation and targeted acquisitions.

我們的存儲業務正在通過有機創新和有針對性的收購轉變為雲原生軟件定義的數據服務業務。

In May, we introduced our new cloud data services available through HPE GreenLake as well as a new HPE Alletra cloud native data infrastructure.

5 月，我們推出了通過 HPE GreenLake 提供的新雲數據服務以及新的 HPE Alletra 雲原生數據基礎設施。

And just this week, we closed the acquisition of Zerto, an industry leader in cloud data management and protection and run some way of data recovery services, which will be soon available as-a-Service through HPE GreenLake.

就在本週，我們完成了對 Zerto 的收購，Zerto 是雲數據管理和保護領域的行業領導者，並以某種方式提供數據恢復服務，這些服務將很快通過 HPE GreenLake 以服務形式提供。

This acquisition immediately positions HPE GreenLake in the high-growth data protection market with a proven scale solution.

此次收購立即使 HPE GreenLake 憑藉經過驗證的規模化解決方案進入了高速增長的數據保護市場。

HPE was the first to market 4 years ago in delivering and as-a-Service cloud experience on-premises in a colocation or at the edge with HPE GreenLake.

4 年前，HPE 率先通過 HPE GreenLake 在託管或邊緣提供本地雲體驗和即服務雲體驗。

Today, our HPE GreenLake edge-to-cloud platform has more than 1,100 customers.

如今，我們的 HPE GreenLake 邊緣到雲平台擁有 1,100 多家客戶。

Our annualized revenue run rate this quarter was $705 million, up 33% year-over-year, driven by strong as-a-Service orders growth, up 46% year-over-year.

本季度我們的年化收入運行率為 7.05 億美元，同比增長 33%，這得益於強勁的即服務訂單增長，同比增長 46%。

Organizations across sectors, including retail, health care, financial services and public sector, are turning to HPE GreenLake.

包括零售、醫療保健、金融服務和公共部門在內的各個行業的組織都在轉向 HPE GreenLake。

For instance, we helped Liberty Mutual shift from a traditional CapEx IT spend to a new pay-as-you-go model, creating a cloud experience on-premises to provide transparency into consumption while improving their speed in adapting to capacity demands.

例如，我們幫助 Liberty Mutual 從傳統的資本支出 IT 支出轉變為新的現收現付模式，在本地創建雲體驗以提供消費透明度，同時提高他們適應容量需求的速度。

They standardized critical workloads on HPE Synergy delivered through HPE GreenLake, resulting in a reduced data center footprint and significant cost savings, including a monthly unit rate well below public cloud alternatives.

他們對通過 HPE GreenLake 交付的 HPE Synergy 上的關鍵工作負載進行了標準化，從而減少了數據中心的佔地面積並顯著節省了成本，包括遠低於公有云替代方案的每月單位費率。

We also see in the power of the full HPE edge-to-cloud portfolio as customers are turning to HPE for integrated solutions that combine secure connectivity, data insight capabilities and cloud experiences.

隨著客戶轉向慧與尋求結合了安全連接、數據洞察能力和雲體驗的集成解決方案，我們還看到了完整的慧與邊緣到雲產品組合的強大功能。

Woolworths Group Australia and New Zealand's largest retailer, selected HPE GreenLake to power its new Wpay payment platform.

澳大利亞和新西蘭最大的零售商 Woolworths Group 選擇 HPE GreenLake 為其新的 Wpay 支付平台提供支持。

They needed a solution that combine a powerful mission-critical architecture with ability to scale and also provide a better cost efficiency back to Wpay and its merchant partners.

他們需要一種解決方案，將強大的關鍵任務架構與擴展能力相結合，並為 Wpay 及其商家合作夥伴提供更好的成本效益。

Delivered through HPE GreenLake, their solution leverages our full edge-to-cloud portfolio, including HPE Aruba, HPE NonStop, HPE Primera and HPE Synergy.

他們的解決方案通過 HPE GreenLake 交付，利用了我們完整的邊緣到雲產品組合，包括 HPE Aruba、HPE NonStop、HPE Primera 和 HPE Synergy。

HPE Pointnext Services also provided expertise to us over the company's digital transformation.

HPE Pointnext 服務還為我們提供了有關公司數字化轉型的專業知識。

I believe this is a great example of the power of our HPE edge-to-cloud portfolio.

我相信這是我們 HPE 邊緣到雲產品組合強大功能的一個很好的例子。

To extend our leadership position in cloud services and further accelerate our pivot as-a-Service, we are relentlessly innovating.

為了擴大我們在雲服務領域的領導地位並進一步加速我們的樞軸即服務，我們正在不懈地創新。

We made several compelling announcements at HPE Discover in June.

我們在 6 月的 HPE Discover 上發布了幾項引人注目的公告。

I am particularly excited about our new HPE GreenLake Lighthouse offering, a secure cloud native stack built with HPE Ezmeral software to autonomously optimize different workloads across hybrid estate, reducing time to deployment and operating costs.

我對我們新的 HPE GreenLake Lighthouse 產品感到特別興奮，這是一個使用 HPE Ezmeral 軟件構建的安全雲原生堆棧，可以自動優化混合資產中的不同工作負載，從而減少部署時間和運營成本。

We also introduced Project Aurora to secure the enterprise, embedded in our HPE GreenLake edge-to-cloud platform.

我們還引入了 Project Aurora 來保護企業，嵌入到我們的 HPE GreenLake 邊緣到雲平台中。

Project Aurora automatically and continuously verifies and attests the integrity of the hardware, freeware operating systems, platforms and workloads, while also detecting advanced threats.

Project Aurora 自動且持續地驗證和證明硬件、免費軟件操作系統、平台和工作負載的完整性，同時還檢測高級威脅。

And finally, demonstrating our continued commitment to acquiring assets that complement our own capabilities, we acquired data platform developer Ampool.

最後，我們收購了數據平台開發商 Ampool，以表明我們對收購資產以補充我們自身能力的持續承諾。

Ampool will accelerate HPE Ezmeral analytics run time to deliver high-performance analytics for engineers and business analysts.

Ampool 將加速 HPE Ezmeral 分析運行時間，為工程師和業務分析師提供高性能分析。

I am proud of HPE's performance in Q3 and year-to-date and the significant progress we have made in becoming the edge-to-cloud company.

我為 HPE 在第三季度和年初至今的表現以及我們在成為邊緣到雲公司方面取得的重大進展感到自豪。

The momentum we have in the market compel us to move even further and faster, and our ability to transform with increasing speed is imperative.

我們在市場上的勢頭迫使我們走得更遠更快，而我們以更快的速度進行轉型的能力勢在必行。

This transformation is my #1 priority.

這種轉變是我的第一要務。

At this pivotal moment, our purpose to advance the way people in the work has never been more important.

在這個關鍵時刻，我們推動人們工作方式的目標變得前所未有的重要。

Our vision to become the edge-to-cloud company is proving its tremendous relevance and our portfolio is winning in the marketplace.

我們成為邊緣到雲公司的願景正在證明其巨大的相關性，我們的產品組合正在市場中獲勝。

Fueled by our purpose, vision and portfolio, we have the opportunity to build a more digitally enabled inclusive world.

在我們的宗旨、願景和產品組合的推動下，我們有機會建立一個更加數字化的包容性世界。

We have a mandate to imagine new digital transformation strategies that support our own ESG goals and those of our customers, leading to better business outcomes and societal impact.

我們有責任設想新的數字化轉型戰略，以支持我們自己和客戶的 ESG 目標，從而帶來更好的業務成果和社會影響。

We will never waver from our commitment to being a force for good and a strategic partner for our customers.

我們永遠不會動搖我們的承諾，即成為一股向善的力量和我們客戶的戰略合作夥伴。

We will continue to bring bold new innovation to our customers, and we will continue to create value for our shareholders.

我們將繼續為客戶帶來大膽的創新，我們將繼續為股東創造價值。

And I'm grateful for the incredible team, and I'm confident in and excited about the future.

我很感謝這個不可思議的團隊，我對未來充滿信心和興奮。

I hope you will join us for our virtual Security Analyst Meeting on October 28 to hear more about our position in the market, our priorities and our outlook for the year ahead.

我希望您能參加我們 10 月 28 日舉行的虛擬安全分析師會議，以更多地了解我們在市場中的地位、我們的優先事項以及我們對來年的展望。

I will now turn it over to Tarek.

我現在將把它交給 Tarek。

Thank you very much, Antonio.

非常感謝你，安東尼奧。

I'll start with a summary of our financial results for the third quarter of fiscal year 2021.

我將首先總結我們 2021 財年第三季度的財務業績。

As usual, I'll be referencing the slides from our earnings presentation to guide you through our performance in the quarter.

像往常一樣，我將參考我們的收益演示文稿中的幻燈片來指導您了解我們在本季度的表現。

Antonio discussed the key highlights on Slides 1 and 2. So now let me discuss our Q3 performance, starting with Slide 3.

Antonio 討論了幻燈片 1 和 2 的主要亮點。現在讓我從幻燈片 3 開始討論我們第三季度的表現。

I'm pleased to report that we are experiencing very strong demand across all of our businesses.

我很高興地報告，我們所有業務的需求都非常強勁。

Q3 was marked by accelerating order growth, strong gross and operating margin expansion and robust cash flow generation.

第三季度的特點是訂單增長加速、毛利率和營業利潤率強勁增長以及產生強勁的現金流。

Building on the strength from the last quarter, we delivered Q3 revenues of $6.9 billion, up 3% from the prior quarter and in line with normal sequential seasonality, also in line with our outlook that factored in some of the expected supply chain constraints we flagged.

基於上一季度的強勁勢頭，我們在第三季度實現了 69 億美元的收入，比上一季度增長 3%，符合正常的連續季節性，也符合我們的展望，該展望考慮了我們標記的一些預期的供應鏈限制.

We're working to ensure disruption is minimal by taking proactive measures and coordinating with our world-class suppliers to establish tailored recovery plans.

我們正在努力通過採取積極措施並與我們的世界級供應商協調製定量身定制的恢復計劃來確保將中斷降到最低。

I am particularly proud of our non-GAAP gross margin that hit another record level of 34.7%, up 40 basis points sequentially and up 420 basis points from the prior year period.

我對我們的非美國通用會計準則毛利率再創歷史新高 34.7% 感到特別自豪，連續增長 40 個基點，比上年同期增長 420 個基點。

This is driven by our deliberate actions to shift towards higher-margin software-rich offerings, strong pricing discipline and cost takeout.

這是由於我們有意採取行動轉向利潤率更高的軟件產品、嚴格的定價紀律和成本削減。

As previously indicated, we continue to invest in high-growth, margin-rich areas of our portfolio, both in R&D and go-to-market, particularly in Aruba Software and as-a-Service, which increased our non-GAAP operating expenses in the quarter.

如前所述，我們繼續投資於我們投資組合中高增長、利潤豐厚的領域，包括研發和上市，尤其是 Aruba 軟件和即服務，這增加了我們的非 GAAP 運營費用在本季度。

We also booked 2 onetime charging totally $28 million for a legal settlement and bad debt associated with likely fraud involving a channel partner in APJ.

我們還預訂了 2 個一次性收費總額為 2800 萬美元的法律和解和與涉及 APJ 渠道合作夥伴的可能欺詐相關的壞賬。

Even with these investments and onetime charges, our non-GAAP operating margin was 9.8%, up 190 basis points from the prior year, which translates to a 25% year-over-year increase in operating profit.

即使有這些投資和一次性費用，我們的非 GAAP 營業利潤率為 9.8%，比上一年增加 190 個基點，這意味著營業利潤同比增長 25%。

We continue to be focused on driving further efficiencies in the business.

我們將繼續專注於進一步提高業務效率。

Within other income and expense, we benefited from stronger operational performance in H3C and strong gains related to increased valuations in our Pathfinder venture portfolio.

在其他收入和支出中，我們受益於 H3C 更強勁的運營業績以及與 Pathfinder 風險投資組合估值增加相關的強勁收益。

As a result, we now expect other income and expense for fiscal year '21 to be an income of approximately $50 million.

因此，我們現在預計 21 財年的其他收入和支出約為 5000 萬美元。

With strong execution across the business and despite 2 unanticipated onetime charges, we ended the quarter with non-GAAP EPS of $0.47, up 31% from the prior year and above the higher end of our outlook range for Q3.

憑藉整個業務的強勁執行力，儘管有 2 項意外的一次性費用，我們在本季度結束時的非公認會計準則每股收益為 0.47 美元，比去年同期增長 31%，高於我們對第三季度展望範圍的上限。

Q3 cash flow from operations was $1.1 billion, and free cash flow was $526 million.

第三季度運營現金流為 11 億美元，自由現金流為 5.26 億美元。

This puts us at a record $1.5 billion of year-to-date free cash flow, up $1.1 billion from the prior year, driven primarily by an increase in operating profit.

這使我們今年迄今的自由現金流達到創紀錄的 15 億美元，比上年增加 11 億美元，這主要是由於營業利潤的增長。

Finally, the strength of our business has positioned us to contribute substantial capital to our shareholders.

最後，我們的業務實力使我們能夠為股東貢獻大量資金。

We paid $157 million of dividends in the quarter and are declaring a Q4 dividend today of $0.12 per share payable in October.

我們在本季度支付了 1.57 億美元的股息，今天宣佈在 10 月份支付每股 0.12 美元的第四季度股息。

We are also announcing today the resumption of share buybacks as a result of greater free cash flow generation and visibility.

我們今天還宣布，由於產生更大的自由現金流和可見度，將恢復股票回購。

I'll come back to capital allocation more broadly when we discuss the outlook.

當我們討論前景時，我將更廣泛地回到資本配置上。

Now let's turn to our segment highlights on Slide 4. Our growth businesses, which now represent nearly 25% of our total company revenue, are executing strongly and experiencing record order levels.

現在讓我們轉到幻燈片 4 上的細分市場亮點。我們的增長業務現在占公司總收入的近 25%，執行強勁，訂單水平創歷史新高。

In the Intelligent Edge, we accelerated our top line momentum with record levels of orders and 23% year-over-year revenue growth.

在 Intelligent Edge 方面，我們以創紀錄的訂單水平和 23% 的同比收入增長加快了營收勢頭。

Switching was up over 20% year-over-year, whereas wireless LAN experienced more acute supply constraints and was up mid-single digits.

交換同比增長超過 20%，而無線 LAN 經歷了更嚴重的供應限制，並且增長了中個位數。

Additionally, the Edge-as-a-Service offerings were up triple digits year-over-year, which reflects enabling software platforms as well as Network-as-a-Service.

此外，邊緣即服務產品同比增長三位數，這反映了支持軟件平台和網絡即服務。

We also continue to see strong operating margins at 15.8% in Q3, up 540 basis points year-over-year, which included a $17 million onetime legal settlement that impacted margins by 2 points.

我們還繼續看到第三季度的強勁營業利潤率為 15.8%，同比增長 540 個基點，其中包括 1700 萬美元的一次性法律和解，使利潤率下降了 2 個百分點。

Silver Peak continues to perform strongly and contributed 7 points to the Intelligent Edge growth.

Silver Peak 繼續表現強勁，為 Intelligent Edge 的增長貢獻了 7 個百分點。

In addition, we started generating meaningful revenue synergies by cross-selling the Aruba portfolio, which reinforces the merits of the Silver Peak deal.

此外，我們開始通過交叉銷售 Aruba 產品組合產生有意義的收入協同效應，這加強了 Silver Peak 交易的優點。

In HPC & MCS, demand strengthened even further with a record order level.

在 HPC 和 MCS 領域，需求進一步增強，訂單水平創歷史新高。

Revenue grew 9% year-over-year as we continue to achieve more customer acceptance milestones and deliver on more than $2.5 billion of awarded contracts, including the contract that Antonio mentioned with the NSA worth $2 billion over 10 years.

隨著我們繼續實現更多的客戶接受里程碑並交付超過 25 億美元的已授予合同，包括 Antonio 提到的與 NSA 在 10 年內價值 20 億美元的合同，收入同比增長 9%。

We remain on track to deliver on our full year and 3-year revenue growth CAGR target of 8% to 12%.

我們仍有望實現 8% 至 12% 的全年和 3 年收入複合年增長率目標。

In Compute, revenue grew 4% quarter-over-quarter, reflecting normal sequential seasonality despite previously anticipated supply chain tightness.

在計算部門，收入環比增長 4%，反映了正常的連續季節性，儘管此前預計供應鏈緊張。

Operating margins of 11.2%, were up 190 basis points from the prior year, due to disciplined pricing and the rightsizing of the cost structure in this segment.

營業利潤率為 11.2%，比上年增長 190 個基點，這歸功於嚴格的定價和該部門成本結構的調整。

Within Storage, revenue grew 1% year-over-year and 3% quarter-over-quarter, ahead of normal sequential seasonality, driven by strong growth in software-defined offerings.

在存儲方面，在軟件定義產品強勁增長的推動下，收入同比增長 1%，環比增長 3%，早於正常的連續季節性。

Nimble grew 10% year-over-year, with ongoing strong dHCI momentum, growing double digits year-over-year.

Nimble 同比增長 10%，dHCI 勢頭持續強勁，同比增長兩位數。

All-Flash Arrays grew by over 30% year-over-year, led by Primera.

在 Primera 的帶動下，全閃存陣列同比增長超過 30%。

The mix shift towards more software-rich platforms helped drive Storage operating margins to 15.1%, up 10 basis points year-over-year, offset by continued investments in our cloud data services.

向更多軟件豐富平台的組合轉變幫助將存儲運營利潤率推高至 15.1%，同比增長 10 個基點，但被我們對雲數據服務的持續投資所抵消。

With respect to Pointnext operational services, including Nimble services, revenue grew for the third consecutive quarter year-over-year as reported with both order and revenue growth expected for fiscal year '21.

關於包括 Nimble 服務在內的 Pointnext 運營服務，收入連續第三個季度同比增長，據報導，21 財年的訂單和收入均有所增長。

Within HPE Financial Services, revenue was flat year-over-year and sequentially.

HPE Financial Services 的收入同比和環比持平。

While our bad debt loss ratio did increase slightly to 94 basis points this quarter, it was entirely due to a onetime $11 million reserve charge related to the already mentioned likely fraud in APJ by a channel partner.

雖然本季度我們的壞賬損失率確實略有上升至 94 個基點，但這完全是由於與已經提到的渠道合作夥伴在 APJ 可能存在的欺詐行為相關的一次性 1100 萬美元的準備金費用。

Absent this one-off event, our bad debt loss ratio would have improved to just 61 basis points aligned to pre-pandemic levels.

如果沒有這一一次性事件，我們的壞賬損失率將提高到僅 61 個基點，與大流行前的水平保持一致。

More importantly, we continue to see improved cash collections above pre-pandemic levels.

更重要的是，我們繼續看到高於大流行前水平的現金收集有所改善。

Our operating margin was 11.1%, up 300 basis points from the prior year.

我們的營業利潤率為 11.1%，比上年增長 300 個基點。

And our return on equity at 18.3%, is well above the 15% plus target set at SAM.

我們的股本回報率為 18.3%，遠高於 SAM 設定的 15% 以上的目標。

Slide 5 highlights the key metrics of our growing as-a-Service business.

幻燈片 5 重點介紹了我們不斷發展的即服務業務的關鍵指標。

We have made significant progress since our Analyst Day last October by adding over 200 new enterprise GreenLake customers to over 1,100 today and increasing our TCV by over $1 billion to a current lifetime TCV of well over $5 billion.

自去年 10 月的分析師日以來，我們取得了重大進展，將 200 多個新的企業 GreenLake 客戶增加到今天的 1,100 多個，並將我們的 TCV 增加了超過 10 億美元，目前生命週期 TCV 超過 50 億美元。

For Q3 specifically, our ARR was $705 million, which was up 33% year-over-year as reported, and total as-a-Service orders were up 46% year-over-year.

具體到第三季度，我們的 ARR 為 7.05 億美元，據報導同比增長 33%，即服務訂單總額同比增長 46%。

It is also important to note that the mix of our ARR is becoming more and more software-rich as we build out our GreenLake Cloud Platform, which is improving our margin profile.

同樣重要的是要注意，隨著我們構建我們的 GreenLake 雲平台，我們的 ARR 組合變得越來越豐富，這正在改善我們的利潤率。

We look forward to providing more disclosure around our software and services mix at our Analyst Day later this fall, which I believe reinforces the significant value add of GreenLake.

我們期待在今年秋天晚些時候的分析師日上提供更多關於我們的軟件和服務組合的披露，我相信這會加強 GreenLake 的重要附加值。

Overall, based on strong customer demand and recent wins, I am very happy with how this business is executing and progressing towards achieving our ARR growth target of 30% to 40% CAGR from FY '20 to FY '23.

總的來說，基於強勁的客戶需求和最近的勝利，我對這項業務的執行方式和進展情況感到非常滿意，以實現我們從 20 財年到 23 財年 30% 至 40% 複合年增長率的 ARR 增長目標。

Slide 6 highlights our revenue and EPS performance to date where you can clearly see the strong rebound from last year and sustained momentum for the last 3 quarters.

幻燈片 6 突出顯示了我們迄今為止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和過去 3 個季度的持續增長勢頭。

The demand environment continues to strengthen.

需求環境繼續加強。

And with the operational execution of our cost optimization and resource allocation program, we have increased non-GAAP EPS in Q3 by 31% year-over-year.

通過執行我們的成本優化和資源分配計劃，我們在第三季度的非 GAAP 每股收益同比增長了 31%。

Turning to Slide 7. We delivered another record non-GAAP gross margin rate in Q3 of 34.7% of revenues, which was up 40 basis points sequentially and up 420 basis points from the prior year.

轉到幻燈片 7。我們在第三季度實現了另一個創紀錄的非 GAAP 毛利率，佔收入的 34.7%，環比上升 40 個基點，比去年同期上升 420 個基點。

This was driven by strong pricing discipline and a positive mix shift towards high-margin software-rich businesses like the Intelligent Edge and next-generation storage offerings.

這是由強大的定價紀律和向智能邊緣和下一代存儲產品等高利潤軟件豐富業務的積極組合轉變所推動的。

We have also benefited from our new segmentation we implemented beginning of fiscal year 2020, that gives us much better visibility into each business unit and enables the better resource allocation and discipline to drive operating leverage.

我們還受益於我們在 2020 財年年初實施的新細分，這使我們能夠更好地了解每個業務部門，並實現更好的資源分配和紀律以推動運營槓桿。

Moving to Slide 8. You can also see we have expanded non-GAAP operating profit margin substantially from pandemic lows to 9.8%, which is up 190 basis points from the prior year period.

轉到幻燈片 8。您還可以看到，我們已將非 GAAP 營業利潤率從大流行低點大幅擴大至 9.8%，比去年同期上升 190 個基點。

We are driving further productivity benefits and delivering the expected savings from our cost optimization plan, while simultaneously increasing our investment levels in R&D and field selling costs, which are critical to fuel our long-term innovation engine and revenue growth targets.

我們正在推動進一步提高生產力，並通過我們的成本優化計劃實現預期的節省，同時增加我們在研發和現場銷售成本方面的投資水平，這對於推動我們的長期創新引擎和收入增長目標至關重要。

As mentioned previously, Q3 operating expenses also included onetime charges not included in our guidance, totaling $28 million for a legal settlement and the likely [forgery] involving a partner.

如前所述，第三季度的運營費用還包括我們的指導中未包括的一次性費用，總計 2800 萬美元用於法律和解和可能涉及合作夥伴的 [偽造]。

Excluding these one-off charges, our operating margin would have been 10.2%.

排除這些一次性費用，我們的營業利潤率為 10.2%。

Turning to Slide 9. We generated a record year-to-date levels of cash flow with $2.9 billion of cash flow from operations and $1.5 billion of free cash flow, which is up $1.1 billion year-over-year.

轉到幻燈片 9。我們產生了創紀錄的年初至今現金流量，運營現金流量為 29 億美元，自由現金流量為 15 億美元，同比增長 11 億美元。

This was primarily driven by increased operating profit.

這主要是由於營業利潤增加所致。

I would like also to underscore that this year, our free cash flow seasonality will be different than in prior years.

我還想強調，今年我們的自由現金流季節性將與往年不同。

We expect increased Financial Services volume that include more than $150 million in Q4 financing for a very large deal that is predominantly GreenLake and will benefit our ARR margins for years to come.

我們預計金融服務量會增加，其中包括為主要是 GreenLake 的一項非常大的交易在第四季度提供超過 1.5 億美元的融資，這將有利於我們未來幾年的 ARR 利潤率。

We also have further restructuring payments and growing working capital needs as we continue to buffer our inventory levels in the light of the disruption in the global IT supply chain.

鑑於全球 IT 供應鏈中斷，我們繼續緩衝庫存水平，因此我們還有進一步的重組付款和不斷增長的營運資金需求。

Now moving on to Slide 10, let me remind everyone about the strength of our diversified balance sheet.

現在轉到幻燈片 10，讓我提醒大家注意我們多元化資產負債表的優勢。

As of July 31, the operating company net cash balance turned positive due to our strong free cash flow.

截至 7 月 31 日，由於我們強勁的自由現金流，運營公司的淨現金餘額轉正。

Furthermore, we made additional progress during the quarter, securitizing over $750 million of financial services-related debt through the ABS market.

此外，我們在本季度取得了更多進展，通過 ABS 市場將超過 7.5 億美元的金融服務相關債務證券化。

The refinancing of higher cost unsecured debt with ABS financing allows us to boost access to financing market at a cheaper cost of debt capital as well as diversify and segregate our balance sheet between our operating company and our Financial Services business.

通過 ABS 融資對成本較高的無擔保債務進行再融資，使我們能夠以較低的債務資本成本增加進入融資市場的機會，並使我們的運營公司和金融服務業務之間的資產負債表多樣化和分離。

Bottom line, our improved free cash flow outlook and cash position ensure we have ample liquidity to run our operations, continuing to invest in our business to drive growth and return capital to shareholders.

總而言之，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運營我們的業務，繼續投資於我們的業務以推動增長並向股東返還資本。

Now turning to our outlook on Slide 11.

現在轉向我們對幻燈片 11 的展望。

I'm very pleased to announce that we are once again raising our full year guidance to reflect the continued momentum in the demand environment and our strong execution.

我很高興地宣布，我們將再次提高全年業績指引，以反映需求環境的持續勢頭和我們強大的執行力。

This will be the fourth guidance increase since SAM in October 2020.

這將是自 2020 年 10 月 SAM 以來第四次上調指引。

We now expect to deliver fiscal year '21 non-GAAP diluted net earnings per share between $1.88 and $1.96.

我們現在預計 21 財年非 GAAP 稀釋後每股淨收益在 1.88 美元至 1.96 美元之間。

With respect to supply chain, as indicated last quarter, industry-wide tightening somewhat constrained our supply as expected.

關於供應鏈，如上季度所示，全行業的緊縮在某種程度上限制了我們的供應，正如預期的那樣。

We continue to take proactive inventory measures where possible.

我們將繼續盡可能採取積極的庫存措施。

And you can see our efforts in inventory balances that increased $1.3 billion year-to-date that also reflects the strengthening demand environment and a substantial order book we have across the business.

你可以看到我們在庫存餘額方面的努力，今年迄今增加了 13 億美元，這也反映了不斷加強的需求環境和我們在整個業務中擁有的大量訂單。

We expect the challenged supply chain conditions to persist until at least the middle of calendar year 2022 and have factored these into our revenues, costs and cash flow outlook.

我們預計充滿挑戰的供應鏈狀況至少會持續到 2022 年年中，並將這些因素納入我們的收入、成本和現金流展望中。

From a top line perspective, although we remain prudent given the challenged supply chain environment, we are very pleased with the accelerating Q3 order momentum across all segments of the business.

從頂線的角度來看，儘管我們在充滿挑戰的供應鏈環境中保持謹慎，但我們對所有業務部門加速的第三季度訂單勢頭感到非常高興。

More specifically for Q4 '21, we expect revenue to be above our normal sequential seasonality from Q3 and are comfortable with current consensus levels.

更具體地說，對於 21 年第四季度，我們預計收入將高於我們從第三季度開始的正常連續季節性，並且對當前的共識水平感到滿意。

For Q4 '21, we expect GAAP diluted net EPS of $0.14 to $0.22 and non-GAAP diluted net EPS of $0.44 to $0.52.

對於 21 年第四季度，我們預計 GAAP 稀釋後淨每股收益為 0.14 美元至 0.22 美元，非 GAAP 稀釋後淨每股收益為 0.44 美元至 0.52 美元。

Additionally, given our record levels of free cash flow year-to-date and confidence in our raised outlook, I'm very pleased to announce that we are also raising fiscal year '21 free cash flow guidance to $1.5 billion to $1.7 billion, that is a $600 million increase at the midpoint from our original SAM guidance with the top end of this free cash flow guidance range at the peak levels attained in fiscal year '19.

此外，鑑於我們今年迄今的自由現金流創紀錄水平以及對我們上調前景的信心，我很高興地宣布，我們還將 21 財年的自由現金流指導上調至 15 億美元至 17 億美元，即與我們最初的 SAM 指導的中點相比增加了 6 億美元，該自由現金流指導範圍的上限處於 19 財年達到的峰值水平。

As you recall, at the end of the first half of fiscal year 2020, we suspended our share buybacks to preserve liquidity in the context of the global pandemic disruption.

您還記得嗎，在 2020 財年上半年末，我們暫停了股票回購，以在全球大流行中斷的背景下保持流動性。

Although we continue to operate in a challenged supply environment, our order momentum and improved cash flow generation visibility give us confidence to reinstate our share repurchase program.

儘管我們繼續在充滿挑戰的供應環境中運營，但我們的訂單勢頭和改善的現金流生成可見性使我們有信心恢復我們的股票回購計劃。

We are targeting up to $250 million of share repurchases in Q4 of fiscal year '21, and we'll update investors on our capital management policy for fiscal year '22 at SAM in October.

我們的目標是在 21 財年第四季度回購高達 2.5 億美元的股票，我們將在 10 月份的 SAM 上向投資者更新我們 22 財年的資本管理政策。

As a reminder, we always follow a disciplined, return-based capital allocation framework to maximize long-term shareholder value.

提醒一下，我們始終遵循紀律嚴明、以回報為基礎的資本配置框架，以最大化長期股東價值。

Our #1 priority remains delivering sustainable profitable growth through both organic and inorganic M&A investments while remaining committed to paying dividends to our shareholders.

我們的第一要務仍然是通過有機和無機併購投資實現可持續的盈利增長，同時繼續致力於向我們的股東支付股息。

In addition, we will consider opportunistic share buybacks when we see a favorable return for doing so.

此外，當我們看到有利的回報時，我們會考慮機會主義的股票回購。

So overall, and to conclude, I am very proud of the progress we have made year-to-date in fiscal year '21.

總而言之，我為我們在 21 財年迄今取得的進展感到非常自豪。

It's clear that our edge-to-cloud strategy is resonating with customers and driving improved momentum across all of our businesses.

很明顯，我們的邊緣到雲戰略引起了客戶的共鳴，並推動了我們所有業務的發展勢頭。

Our growth businesses in the Intelligent Edge and HPC/MCS have accelerated top line performance with record levels of orders.

我們在 Intelligent Edge 和 HPC/MCS 方面的增長業務以創紀錄的訂單水平加速了頂線業績。

Our core business of Compute and Storage is demonstrating momentum with robust orders and improved margins and our as-a-Service ARR is accelerating.

我們的計算和存儲核心業務以強勁的訂單和提高的利潤率展現出勢頭，我們的即服務 ARR 正在加速。

All of this translates to improving revenue momentum, strong profitability growth and record levels of free cash flow.

所有這一切都轉化為改善收入勢頭、強勁的盈利能力增長和創紀錄水平的自由現金流。

We look forward to closing out our fiscal year much leaner, better resourced and positioned to capitalize on the strong demand environment.

我們期待以更精簡、資源更充足和定位更好的方式結束我們的財政年度，以利用強勁的需求環境。

Lastly, as Antonio mentioned, we look forward to having you join us for our virtual Securities Analyst Meeting in late October, where we will provide an update on our strategy, business insights and financial outlook.

最後，正如 Antonio 提到的，我們期待您加入我們在 10 月下旬舉行的虛擬證券分析師會議，屆時我們將提供有關我們戰略、業務見解和財務前景的最新信息。

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

現在，讓我們打開它來提問。

(Operator Instructions) The first question will come from Amit Daryanani with Evercore.

（操作員說明）第一個問題將來自 Evercore 的 Amit Daryanani。

I guess the question is really around the free cash flow generation.

我想問題實際上是圍繞自由現金流的產生。

I think you're implying, based on the [rate] free cash flow guide, that we'll do around $100 million or so of free cash flow in Q4.

我認為你是在暗示，根據 [利率] 自由現金流指南，我們將在第四季度實現大約 1 億美元左右的自由現金流。

That, I think, would be one of the softest (inaudible) you've seen.

我認為，那將是您所見過的最柔和（聽不見）的聲音之一。

So maybe just quantify some of the dynamics that are at play that's driving that part.

因此，也許只是量化驅動該部分的一些正在發揮作用的動態。

You have talked about a few of them, but just quantify the headwind there?

你已經談到了其中的一些，但只是量化那裡的逆風？

And then secondly, the focus has always been getting to this $2 billion free cash flow number longer term.

其次，重點一直是從長期來看這個 20 億美元的自由現金流量。

Maybe touch on what are the key levers to get to this $2 billion number?

或許可以談談達到這個 20 億美元數字的關鍵槓桿是什麼？

And how much of that is self-help versus revenue driven?

其中有多少是自助與收入驅動的？

Sure.

當然。

Thank you, Amit, for the question.

阿米特，謝謝你提出這個問題。

So yes, our free cash flow for Q4 is north of $100 million is actually implied in our guidance is about $150 million in Q4.

所以是的，我們第四季度的自由現金流量超過 1 億美元，實際上我們的指導意見暗示第四季度約為 1.5 億美元。

And this figure reflects a different seasonal profile that we have had this year in terms of our revenue and expense profile, but also a couple of very important dynamics that I would like to underscore.

這個數字反映了我們今年在收入和支出方面的不同季節性概況，但也反映了我想強調的幾個非常重要的動態。

First of all, we have to continue to make investments in our inventory level to withstand the supply chain constraints that we flagged for several quarters now.

首先，我們必須繼續對我們的庫存水平進行投資，以承受我們已經標記了幾個季度的供應鏈限制。

Second, in Q4 of fiscal year '21, in my script, I described a very, very large GreenLake deal that will impact free cash flow in Q4, but that will generate substantial ARR revenue in subsequent quarters.

其次，在 21 財年第四季度，在我的腳本中，我描述了一筆非常非常大的 GreenLake 交易，它將影響第四季度的自由現金流，但將在隨後的幾個季度產生可觀的 ARR 收入。

This is a deal in several hundred millions of dollars that we have not announced yet, but it is already something that we're financing, and this is affecting therefore, free cash flow already as of Q4 of fiscal year '21.

這是一筆數億美元的交易，我們尚未宣布，但它已經是我們正在融資的事情，因此，這已經影響到 21 財年第四季度的自由現金流。

Thirdly, we are still peaking on restructuring costs in fiscal year '21, and we feel very positive about our cost optimization and resource allocation program, which will wind down at the end of fiscal year '22.

第三，我們在 21 財年的重組成本仍處於頂峰，我們對成本優化和資源分配計劃感到非常樂觀，該計劃將在 22 財年末結束。

And so this is a nice segue to tell you about our guidance towards fiscal year '22 and the $2 billion target that we have.

因此，這是一個很好的轉折點，可以告訴您我們對 22 財年的指導以及我們擁有的 20 億美元目標。

We continue to expect revenue growth in fiscal year '22 with the momentum that carries out of fiscal year '21.

我們繼續預計 22 財年的收入將隨著 21 財年的勢頭增長。

And also, the restructuring cost program winding down will be a key determinant of our generation of free cash flow in fiscal year '22.

而且，重組成本計劃的結束將是我們在 22 財年產生自由現金流的關鍵決定因素。

So hopefully, I gave you color there.

所以希望我在那裡給了你顏色。

Antonio, you want to add something?

安東尼奧，你想補充點什麼嗎？

No.

不。

The only thing I would say, Amit, is that, listen, Tarek made this comment in his remarks is the fact of the matter on the high end, on the top end of that guidance, we give you $1.7 billion is almost the same number we achieved in 2020 -- 2019.

阿米特，我唯一要說的是，聽著，塔雷克在他的評論中發表的這個評論是高端的事實，在該指導的高端，我們給你的 17 億美元幾乎是相同的數字我們在 2020-2019 年取得了成就。

And therefore, in many ways, we are almost a year ahead of our commitment.

因此，在許多方面，我們比我們的承諾提前了將近一年。

Because if you recall, we said we're going to return to normalized free cash flow in 2022.

因為如果你還記得的話，我們說過我們將在 2022 年恢復正常的自由現金流。

And the reality, even when you finance this large deal that the venture we're going to communicate has nothing to do with NSA deal.

而現實情況是，即使你資助了這筆大交易，我們將要傳達的風險與 NSA 交易無關。

We are already almost at the same number.

我們已經差不多了。

So that's why we are so pleased on the momentum that we have, but it's a momentum based on the order growth and all the actions we have taken and the deliberate shift in our portfolio to higher margins.

所以這就是為什麼我們對我們擁有的勢頭如此滿意，但這是基於訂單增長和我們採取的所有行動以及我們的投資組合有意轉向更高利潤率的勢頭。

And that's what you see in our numbers in Q3, right?

這就是您在第三季度的數字中看到的，對嗎？

It's a record-breaking gross margin of 34.7%.

這是創紀錄的 34.7% 的毛利率。

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

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

I wanted to see if you could discuss what you've done and what you plan to do in regards to price increases?

我想看看你是否可以討論你已經做了什麼以及你打算在價格上漲方面做什麼？

And help us understand how this affects your sales growth and margins?

並幫助我們了解這如何影響您的銷售增長和利潤？

Yes.

是的。

Thanks, Simon, for the question.

謝謝西蒙提出的問題。

I will start, and then I will let Tarek comment.

我先開始，然後讓 Tarek 發表評論。

Listen, we take pricing actions all the time.

聽著，我們一直在採取定價行動。

In fact, we probably are the first to take pricing action in our industry, I will say.

事實上，我會說，我們可能是我們行業中第一個採取定價行動的人。

We continue to assess what is the right strategy by segment and making sure that we take those actions where appropriate.

我們繼續按細分市場評估什麼是正確的戰略，並確保我們在適當的時候採取這些行動。

And the fact of the matter is that we have increased pricing even (inaudible) that's a fact.

事實是，我們甚至（聽不清）提高了價格，這是事實。

And we do that in the context of, obviously, supply availability, [still in] demand in the right portfolio and obviously inflationary costs associated with some of the commodities.

顯然，我們在供應可用性、正確投資組合中的需求以及與某些商品相關的明顯通脹成本的背景下這樣做。

At the same time, remember, there is also new innovation, I guess, built in our products, which have structural impact in the sense that where you look at our infrastructure, right?

同時，請記住，我猜，我們的產品中也內置了新的創新，從您查看我們的基礎設施的角度來看，它們具有結構性影響，對嗎？

New technologies drive 2/3 of the pricing in many ways in the (inaudible).

新技術在許多方面推動了 2/3 的定價（聽不清）。

But we could take closer actions all the time, Simon, and we will continue to do so.

但我們可以一直採取更密切的行動，西蒙，我們將繼續這樣做。

And that's part of the reason also why we see record breaking margins, but in addition to the fact that we are still in demand in the right place and driving the mix shift that we talked before.

這也是我們看到創紀錄的利潤率的部分原因，但除了我們仍然在正確的地方有需求並推動我們之前談到的混合轉變這一事實之外。

So Tarek, I know you want to get more specific probably.

所以 Tarek，我知道你可能想更具體一點。

Thank you, Antonio, and thank you, Simon, for the question.

謝謝安東尼奧，也謝謝西蒙提出的問題。

We have in this context where you have a constrained supply environment to be very careful around managing pricing, right?

在這種情況下，您的供應環境受限，因此在管理定價方面要非常小心，對嗎？

And we have taken action that is translating in this record level of gross margin at 34.7%.

我們採取的行動正在轉化為 34.7% 的創紀錄毛利率水平。

Some of our competitors didn't take that action, and it's down to them and up to them.

我們的一些競爭對手沒有採取這種行動，這取決於他們，也取決於他們。

But we feel that the current environment is calling for a [decent] approach to pricing, and we see an encouraged balanced pricing behavior across the market.

但我們認為當前環境需要一種[體面的]定價方法，我們看到整個市場鼓勵平衡定價行為。

So more specifically, with respect to our units and AUPs in Compute, I'm sure someone will ask the question, AUP was up mid- to high single digits quarter-on-quarter, reflecting pass-through of commodity cost and richer configurations, as always, configurations that are richer play a big role in the AUP, but also pricing in this case.

因此，更具體地說，關於我們在 Compute 中的單位和 AUP，我相信有人會問這個問題，AUP 環比上升到中高個位數，反映了商品成本和更豐富配置的傳遞，與往常一樣，更豐富的配置在 AUP 中扮演著重要角色，但在這種情況下定價也是如此。

And units were flat quarter-over-quarter, given some expected supply chain constraints.

考慮到一些預期的供應鏈限制，銷量環比持平。

So we feel pretty good about performance in Compute in that regard.

因此，在這方面，我們對 Compute 的性能感到非常滿意。

It's still a business that we have to manage very, very carefully on a day-to-day basis because of the supply environment being volatile forces us to do so, but we still see scope for continuous gross margin improvement across the board and in compute as well.

由於供應環境的波動迫使我們這樣做，這仍然是一項我們必須在日常工作中非常、非常謹慎地管理的業務，但我們仍然看到全面和計算領域的毛利率持續提高的空間以及。

The next question will come from Aaron Rakers with Wells Fargo.

下一個問題將來自富國銀行的 Aaron Rakers。

I'm going to ask for one clarification real quick.

我很快就會要求澄清。

Just how would you define normal seasonality in fiscal 4Q?

您如何定義第四財季的正常季節性？

And then kind of the longer-term question would be Tarek, you've done a phenomenal job of driving gross margin leverage in the company.

然後是 Tarek 的長期問題，你在推動公司毛利率槓桿方面做得非常出色。

I'd just love to hear your thoughts on as you think about the mix of business going forward, where do you think ultimately gross margin can actually go?

當您考慮未來的業務組合時，我很想听聽您的想法，您認為毛利率最終會走向何方？

What's the normalized gross margin in your mind given the mix that HPE is driving?

考慮到 HPE 推動的組合，您心目中的標準化毛利率是多少？

So let me pick up the first question on the normalized seasonality, typically, what you observe in terms of sequential quarter-over-quarter growth, I would say it's somewhere in the low single digits around the 1% to 2% range between Q3 and Q4.

因此，讓我回答關於標準化季節性的第一個問題，通常，您觀察到的連續季度環比增長，我想說它在第三季度和第三季度之間的 1% 到 2% 範圍內的低個位數範圍內。 Q4.

So Q4 and Q3 growth is about that level.

所以第四季度和第三季度的增長大約是這個水平。

Like I said in my script, I'm comfortable with the current consensus on revenue for Q4, and we feel pretty good about this.

就像我在劇本中所說的那樣，我對目前關於第四季度收入的共識感到滿意，我們對此感覺非常好。

The order book is very, very solid.

訂單簿非常非常穩固。

Antonio underscored this across the board, our order book is super solid.

安東尼奧全面強調了這一點，我們的訂單非常可靠。

Now the question is, how much of that can be really accelerate in terms of conversion in Q4.

現在的問題是，就第四季度的轉化率而言，其中有多少可以真正加速。

And it's every day is another day.

每一天都是新的一天。

So we're working through that.

所以我們正在努力解決這個問題。

And this obviously has an impact on gross margins, right?

這顯然對毛利率有影響，對吧？

Because the more you wait for fulfilling an order, the more you can have an adverse impact on gross margins.

因為您等待履行訂單的時間越長，對毛利率的不利影響就越大。

But we feel fairly comfortable with us managing this dynamic and particularly leveraging or pulling the levers across the board that we have, such as our revenue mix, I want to highlight to you the continuous growth in Aruba, this level of growth in Aruba on our Intelligent Edge business of 23% comes with very high-calorie revenue, and we feel very, very comfortable and pleased with that trend.

但我們對管理這種動態感到相當自在，特別是利用或拉動我們現有的槓桿，例如我們的收入組合，我想向你們強調阿魯巴的持續增長，阿魯巴的這種增長水平23% 的 Intelligent Edge 業務帶來非常高熱量的收入，我們對這種趨勢感到非常、非常舒服和高興。

Also, our growth in Storage, which comes with very high-calorie gross margin revenue is pleasing at 3%.

此外，我們在存儲方面的增長令人欣喜，它帶來了非常高的毛利率收入，達到了 3%。

We took share from some of our main competitors.

我們從一些主要競爭對手那里奪取了份額。

And this gives you an idea that we have a few strings in our bow, so to speak, to actually continue to drive gross margins to better levels.

這讓你知道我們的弓中有幾根弦，可以這麼說，實際上可以繼續將毛利率推向更好的水平。

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

我們的下一個問題將來自美國銀行的 Wamsi Mohan。

You sound very bullish on order momentum.

你聽起來非常看好訂單勢頭。

And it seems like you can't capitalize on the full strong demand, given some of the supply chain impacts.

考慮到供應鏈的某些影響，您似乎無法充分利用強勁的需求。

Is there any way to quantify the magnitude of sort of what is this revenue impact perhaps in the quarter?

是否有任何方法可以量化本季度收入影響的程度？

And what you're expecting for maybe the next few quarters?

您對接下來幾個季度的期望是什麼？

And how confident are you that these orders won't be canceled or lost to other vendors?

您對這些訂單不會被取消或丟失給其他供應商有多大信心？

Well, we are very confident in the sense that we have taken proactive actions.

嗯，我們非常有信心，因為我們已經採取了積極的行動。

We continue to take proactive actions.

我們繼續採取積極行動。

You can imagine a person involved with some of these conversations with suppliers.

您可以想像一個人參與其中一些與供應商的對話。

But if you look at our order buffering -- sorry, inventory buffering we took, right.

但是，如果你看看我們的訂單緩衝——抱歉，我們採取了庫存緩衝，對吧。

Our inventory is up $1.3 billion.

我們的庫存增加了 13 億美元。

And at the same time, right, we have, I think, one of the best-in-class engineering team that they can swap things as we go along the way.

同時，我認為，我們擁有一流的工程團隊之一，他們可以在我們前進的過程中交換東西。

That said, as I look at this order book, there is so much potential upside here.

也就是說，當我看這本訂單簿時，這裡有很多潛在的上漲空間。

It's all about the daily conversion.

這都是關於每日轉換的。

And so far, once -- we have not seen any cancellations.

到目前為止，我們還沒有看到任何取消。

Just to be clear, when people ask me, hey, this is perishable?

澄清一下，當人們問我，嘿，這是易腐爛的嗎？

No.

不。

I can tell you, the answer is definitely no.

我可以告訴你，答案肯定是否定的。

I think it's because also customers realize it's not just a supply constraint, but a need to provision more compute and data insight capabilities.

我認為這是因為客戶也意識到這不僅僅是供應限制，而是需要提供更多的計算和數據洞察能力。

And then as I said earlier, even despite the fact that our Intelligent Edge business exited with a 5x backlog on that unique segment of the market, we still delivered 23% in constant currency, 27% growth.

然後正如我之前所說，儘管我們的 Intelligent Edge 業務在這個獨特的市場領域以 5 倍的積壓退出，但我們仍然交付了 23% 的固定匯率，27% 的增長。

And that's why Tarek said, we expect revenue to continue to grow and in particular, '22.

這就是為什麼 Tarek 說，我們預計收入將繼續增長，尤其是 22 年。

And then to the question that was asked earlier about margin, the margin strengthening over time because of the mix shift.

然後是之前提出的關於利潤率的問題，由於混合轉變，利潤率隨著時間的推移而增加。

And that Aruba is very important to us.

Aruba 對我們來說非常重要。

But fundamentally, I think our edge-to-cloud vision and strategy is absolutely resonated in the market because customers need 3 things.

但從根本上說，我認為我們的邊緣到雲願景和戰略在市場上絕對能引起共鳴，因為客戶需要三樣東西。

They need secure connectivity in this cyber world, they need a cloud experience everywhere, and then they need data insights yesterday in my view.

在這個網絡世界中，他們需要安全連接，他們需要無處不在的雲體驗，然後在我看來，他們還需要昨天的數據洞察力。

And then we need to be able to consume it as-a-Service in an elastic way.

然後我們需要能夠以彈性方式將其作為服務使用。

We have all the 4 ingredients, and that's why we are going to accelerate further and faster this strategy because it's working.

我們擁有所有 4 種成分，這就是為什麼我們要進一步加快這一戰略的原因，因為它正在發揮作用。

And Wamsi, if I can add to Antonio's comments, in my mind, there is no point crying over a spilled milk.

還有 Wamsi，如果我可以補充 Antonio 的評論，在我看來，沒有必要為打翻的牛奶哭泣。

If we could have converted more, we would have converted more, but it doesn't really matter.

如果我們能轉化更多，我們就會轉化更多，但這並不重要。

The order momentum and the order book remains strong and what we didn't convert in Q3 would convert in Q4 and subsequent quarters.

訂單勢頭和訂單簿仍然強勁，我們在第三季度沒有轉換的將在第四季度和隨後的季度轉換。

To specifically give you an idea of where we would have ended in Q3, we probably would have ended above seasonal trends that we see between Q2 and Q3 by a low single-digit percentage number.

為了具體讓您了解我們將在第三季度結束的位置，我們可能會以較低的個位數百分比數字結束我們在第二季度和第三季度之間看到的季節性趨勢。

But the momentum is very strong in Q4 and also for '22.

但是第四季度和 22 年的勢頭非常強勁。

That's the interesting bit.

這是有趣的一點。

In the environment that we're operating in, the demand is very solid.

在我們經營的環境中，需求非常穩定。

And the supply constraints, we don't see them ending before the first half of calendar year '22.

而供應限制，我們認為它們不會在 22 年上半年之前結束。

So we just have to navigate this as the capacity of all our manufacturing partners is not back to pre-pandemic levels, and that will still take a good 2 to 3 quarters.

因此，我們必須解決這個問題，因為我們所有製造合作夥伴的產能都沒有恢復到大流行前的水平，而且這仍然需要 2 到 3 個季度。

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

我們的下一個問題將來自德意志銀行的 Sidney Ho。

And congrats on solid progress on the ARR side and the cash flow.

並祝賀 ARR 方面和現金流方面的穩步進展。

My question is on the HPC segment.

我的問題是關於 HPC 部分的。

You suggested the full year HPC revenue will grow within the target range of 8% to 12%.

您建議全年 HPC 收入將在 8% 至 12% 的目標範圍內增長。

Is that on a revenue basis or order basis?

是按收入計算還是按訂單計算？

And it is revenue it would imply fiscal Q4 will see at least 50% growth.

收入意味著第四財季將至少增長 50%。

Am I doing the math correctly?

我做的數學正確嗎？

And so what's driving such growth?

那麼是什麼推動了這種增長？

I understand revenues could be quite lumpy in this business.

我知道這項業務的收入可能非常不穩定。

Yes.

是的。

Let me start and Tarek is welcome to.

讓我開始吧，歡迎 Tarek 加入。

Listen, as you said, right, this business is lumpy because of the time it takes to book the order to build the ship and they install it and then most importantly, customer accept the order, meaning the workload that was intended to run on is active, is in production.

聽著，正如您所說，對，這項業務很不穩定，因為預訂建造船舶的訂單需要時間，他們會安裝它，然後最重要的是，客戶接受訂單，這意味著原本打算運行的工作負載是活躍，正在生產中。

And we normally see this trend accelerate in the back half of the year because of the way the acceptances work.

由於接受工作的方式，我們通常會看到這種趨勢在下半年加速。

So we absolutely expect a significant uptick here.

因此，我們絕對期望這裡會出現顯著上升。

And that's why we are very confident in our ability to deliver for the year 2021, the 8% to 12% growth that we committed since the beginning, actually 2021.

這就是為什麼我們對我們在 2021 年實現的能力非常有信心，即我們從一開始就承諾的 8% 到 12% 的增長，實際上是 2021 年。

And we have a number of deals that are all now running the, what we call, the testing cycles and fairly confident about the customer acceptances, which would allow us to recognize revenue.

我們有許多交易現在都在運行，我們稱之為測試週期，並且對客戶的接受度相當有信心，這將使我們能夠確認收入。

This has nothing to do with supply availability in many ways because, obviously, those systems, in many ways, has already shipped and they are already deployed.

這在很多方面與供應可用性無關，因為很明顯，這些系統在很多方面已經發貨並且已經部署。

It's just getting through the cycle for the customer to get the performance that they need.

客戶只是通過週期來獲得他們需要的性能。

And there is quite a bit of tuning that gets done when the systems are deployed.

並且在部署系統時完成了相當多的調整。

But to Tarek's point, the demand is unbelievably strong.

但就 Tarek 的觀點而言，需求強勁得令人難以置信。

Put aside the $2 billion award that we got yesterday -- we announced yesterday, we continue to win multiple -- multimillion-dollar deals in many aspects, and you can see some of those, as we announced throughout the quarter.

撇開我們昨天獲得的 20 億美元獎勵——我們昨天宣布，我們繼續在許多方面贏得多筆——數百萬美元的交易，你可以看到其中的一些，正如我們在整個季度宣布的那樣。

And that's the power of the portfolio we have in high-performance computing and specifically, tool for these AI and deep learning capabilities.

這就是我們在高性能計算方面擁有的產品組合的力量，特別是用於這些 AI 和深度學習功能的工具。

And by the way, we have $2.5 billion of awarded business, which I don't consider backlog is business that will be delivered over the next 12 to 18 months, particularly the large extra scale systems, which are an amazing feat of technology, I will say.

順便說一句，我們有 25 億美元的中標業務，我不認為積壓業務將在未來 12 到 18 個月內交付，尤其是大型超大規模系統，這是一項了不起的技術壯舉，我會說。

The next question will come from Shannon Cross with Cross Research.

下一個問題將來自 Cross Research 的 Shannon Cross。

I was wondering if you can quantify how the shift to GreenLake and recurring revenue and as-a-Service is impacting revenue?

我想知道您是否可以量化向 GreenLake 的轉變以及經常性收入和即服務對收入的影響？

If there's any way to sort of quantify where you would have been if you hadn't sort of made the shift at this point?

如果有任何方法可以量化如果你此時沒有做出轉變的話你會在哪裡？

And I'm also curious, with regard to GreenLake, how are your customer conversations going?

我也很好奇，關於 GreenLake，您的客戶對話進展如何？

I'm not sure how many quarters ago, you said we're shifting everything to at least have an option from a script -- subscription standpoint.

我不確定多少個季度前，你說我們正在改變一切，至少從腳本的角度來看有一個選項——訂閱的角度。

So I'm just wondering if it's still kind of a push to customers?

所以我只是想知道它是否仍然是一種對客戶的推動？

Or is there more of a pull from them as they look at alternatives to cloud?

或者在他們尋找雲的替代方案時，是否有更多的吸引力？

Thank you, Shannon.

謝謝你，香農。

I mean we are incredibly bullish about this business.

我的意思是我們非常看好這項業務。

I think we have a competitive advantage, and the competitive advantage come from many aspects.

我認為我們有競爭優勢，競爭優勢來自很多方面。

One is the software.

一是軟件。

Software that makes this consumption model -- through consumption model unlike some of the other ones that we're trying to catch up, which is more a financial engineering in many ways, understand everybody is getting into the space.

建立這種消費模型的軟件——通過不同於我們試圖趕上的其他一些消費模型的軟件，這在很多方面更像是一種金融工程，了解每個人都在進入這個領域。

but we have years of leadership here.

但我們在這裡擁有多年的領導地位。

And the conversation goes as simple as this.

談話就這麼簡單。

I want the cloud experience on-prem and at the edge, and we can bring that through GreenLake because it is a true cloud experience that you can consume elastically on a per unit measure that we can measure all the way to core levels and be able to automate the whole experience through our software stack, which obviously [HPE Ezmeral] now is becoming a very important component of that.

我想要本地和邊緣的雲體驗，我們可以通過 GreenLake 帶來它，因為它是一種真正的雲體驗，您可以按單位度量彈性地使用我們可以一直度量到核心級別並且能夠通過我們的軟件堆棧自動化整個體驗，顯然 [HPE Ezmeral] 現在正在成為其中非常重要的組成部分。

And that's why Tarek made the comment earlier, as we go through the SAM end of October, we're going to give a little better disclosure of that because the software content of the ARR continues to increase.

這就是 Tarek 早些時候發表評論的原因，因為我們將在 10 月底通過 SAM，我們將對此進行更好的披露，因為 ARR 的軟件內容不斷增加。

Aruba by definition, Shannon, is already all software, right?

Aruba 顧名思義，香農，已經是所有的軟件，對吧？

And he said that a 3 -- triple-digit growth is happening in that business because you are subscribing to get connectivity.

他說，該業務正在發生 3 - 三位數的增長，因為您訂閱以獲得連接。

And our platform is a cloud platform at scale because we manage now more than 1.5 million devices.

我們的平台是一個大規模的雲平台，因為我們現在管理著超過 150 萬台設備。

But it's not a pool, I will say.

但這不是游泳池，我會說。

When customers are becoming way more sophisticated about the hybrid estate, where they should host the data and whether you should run the (inaudible), they realize that the vast majority are still on-premise and many of them will stay on-premise.

當客戶對混合資產、他們應該在哪里托管數據以及您是否應該運行（聽不清）變得越來越複雜時，他們意識到絕大多數仍然在本地，而且其中許多人將留在本地。

It's just economics and physics.

這只是經濟學和物理學。

And we can deliver some experience on-prem and still give them a hybrid experience by managing the workloads and datasets outside their 4 walls.

我們可以提供一些本地體驗，同時通過管理他們 4 牆之外的工作負載和數據集，仍然為他們提供混合體驗。

And GreenLake is absolutely resonating.

GreenLake 絕對能引起共鳴。

And that's why you see us catering everything to GreenLake, whether it's connectivity, whether it's data services, whether it is elastic computing and more workload optimized services as we go along.

這就是為什麼你會看到我們為 GreenLake 提供一切服務，無論是連接性、數據服務、彈性計算還是我們進行的更多工作負載優化服務。

And that's why I said earlier, this is all about acceleration on that.

這就是為什麼我之前說過，這都是關於加速的。

And between now and March, you're going to see a massive acceleration and that's why it's my #1 priority.

從現在到三月，你會看到一個巨大的加速，這就是為什麼它是我的第一要務。

And by the way, as revenue is accretive from a gross margin perspective.

順便說一句，從毛利率的角度來看，收入是增加的。

So Tarek, do you want to talk about that?

那麼 Tarek，你想談談這個嗎？

Yes, absolutely.

是的，一點沒錯。

So Shannon, what I would say is if you refer back to Slide 5 of our investor presentation, we showed you the stack of revenue that composes our ARR, right?

所以香農，我想說的是，如果你回顧一下我們投資者介紹的幻燈片 5，我們向你展示了構成我們 ARR 的收入堆棧，對嗎？

So our GreenLake revenue is across all segments, so Compute, HPC/MCS, Storage, Aruba and also HPE FS, as you can infer from that slide.

因此，我們的 GreenLake 收入涵蓋所有領域，如計算、HPC/MCS、存儲、Aruba 和 HPE FS，正如您可以從該幻燈片中推斷的那樣。

And the more we drive GreenLake by way of software, the more accretive it is to the overall gross margin of the company, that's a key lever to drive gross margin moving forward.

我們通過軟件驅動 GreenLake 的次數越多，它對公司整體毛利率的貢獻就越大，這是推動毛利率向前發展的關鍵槓桿。

We're driving gross margin across every single stream lane through the revenue mix and across also that revenue mix horizontally by way of pivoting the company to become an as-a-Service.

我們正在通過收入組合推動每一條流道的毛利率，並通過將公司轉變為即服務來橫向推動收入組合。

So far, what I could tell you is that the GreenLake gross margin is substantially higher than the average gross margin of the company that we posted today.

到目前為止，我可以告訴你的是，GreenLake 的毛利率大大高於我們今天發布的公司的平均毛利率。

And we look forward, Antonio and I to update you and every other member of the analyst community at our virtual SAM event in October, highlighting to you where we see the ARR growing and its mix by segment moving forward.

我們期待安東尼奧和我在 10 月份的虛擬 SAM 活動中向您和分析師社區的所有其他成員介紹最新情況，向您強調我們看到 ARR 增長的地方及其按細分市場向前發展的組合。

And in composition, how much of it is software and how much of it comes from other types of revenue streams, such as Pointnext OS, which are very important to the profitability of the company.

而在構成上，有多少是軟件，又有多少來自其他類型的收入流，比如 Pointnext OS，這對公司的盈利能力非常重要。

Our next question will come from Katy Huberty with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Katy Huberty。

Speaking of GreenLake, the $2 billion NSA contract is a great success story for that business.

說到 GreenLake，價值 20 億美元的 NSA 合同是該業務的一個巨大成功案例。

Should we assume that the $2 billion of revenue is recognized ratably over the 10-year contract?

我們是否應該假設 20 億美元的收入在 10 年合同中按比例確認？

Or will there still be lumpiness like you've seen in HPC historically?

還是會像您以前在 HPC 中看到的那樣出現塊狀結構？

And then also, when does that start to impact the financial model?

然後，這什麼時候開始影響財務模型？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

I think it will be definitely recognized over time.

我認為隨著時間的推移它肯定會被認可。

There will be periods will be a little bit more lumpy because of the infrastructure, but start recognizing here in 2022 immediately.

由於基礎設施的原因，有些時期會更加崎嶇不平，但請立即在 2022 年開始認識到這一點。

In fact, we're expecting here the first order happening now and start shipping soon.

事實上，我們在這裡期待第一筆訂單現在發生並很快開始發貨。

But obviously, the one thing you need to understand about this deal is not just about selling infrastructure and consumer as-a-Service through HPE GreenLake is a true as-a-Service model and managing it at the same time.

但很明顯，關於這筆交易，您需要了解的一件事不僅僅是通過 HPE GreenLake 銷售基礎設施和消費者即服務，這是一種真正的即服務模式並同時對其進行管理。

So we are operating the whole environment.

所以我們在運營整個環境。

which is a bit different than it used to be in the past.

這與過去有點不同。

Thanks, Katy.

謝謝，凱蒂。

I know you had a follow-up, we'll catch you after the call.

我知道你有跟進，我們會在電話後接你。

Our next question will come from Matt Sheerin with Stifel.

我們的下一個問題將來自 Stifel 的 Matt Sheerin。

Our next question will come from Kyle McNealy with Jefferies.

我們的下一個問題將來自 Jefferies 的 Kyle McNealy。

Congrats on the strong results in Intelligent Edge.

祝賀 Intelligent Edge 取得的優異成績。

But I'm curious on where you think we can go from here.

但我很好奇你認為我們可以從這裡走向何方。

It's been growing at faster than what the market has typically grown at in the past.

它的增長速度超過了過去市場通常的增長速度。

We realized that WiFi 6 adoption curve is helping that.

我們意識到 WiFi 6 採用曲線正在幫助實現這一點。

But how sustainable do you think this 20% plus growth rate is that we're seeing now?

但是，您認為我們現在看到的 20% 以上的增長率有多可持續？

And should we expect some deceleration in there?

我們應該期待那裡有一些減速嗎？

Or is there potential for continued momentum or acceleration with WiFi 6 upgrades?

或者 WiFi 6 升級是否有可能繼續保持勢頭或加速發展？

Listen, I expect this business to continue to grow double digits, right?

聽著，我預計這項業務將繼續以兩位數增長，對嗎？

And we are very confident with that forecast and honestly maintaining or improve it even the level of profitability because as Tarek made earlier -- made the comment earlier, right?

我們對該預測非常有信心，並且誠實地維持或提高它甚至盈利水平，因為正如 Tarek 早些時候所做的那樣 - 早些時候發表評論，對吧？

This quarter was impacted by a settlement on a legal matter that has been going on for a decade.

本季度受到一項已經持續了十年的法律問題的和解的影響。

And so I'm pleased that, that finally it has completed, which was $17 million that we booked for this and has nothing to do with Aruba.

所以我很高興，它終於完成了，這是我們為此預訂的 1700 萬美元，與 Aruba 無關。

It just happened way before Aruba for that matter.

就此而言，它發生在阿魯巴島之前。

And so the reason why I'm confident is because we have a unique value proposition.

所以我有信心的原因是因為我們有一個獨特的價值主張。

The value proposition of Aruba is a mobile-first, cloud-first, which is based on 3 layers.

Aruba 的價值主張是基於 3 層的移動優先、雲優先。

One is the unification of the network for whatever type of connectivity you need, which is WiFi to your point WiFi 6 has now been adopted.

一個是統一網絡，滿足您需要的任何類型的連接，即 WiFi 到你的點 WiFi 6 現已被採用。

And we are, I think, the largest vendor shipping WiFi access points.

我認為，我們是最大的 WiFi 接入點供應商。

Second is, obviously, LAN.

其次，顯然是 LAN。

Third is WAN, and that's why this acquisition of Silver Peak has been incredible well received by our customers and very timely because it's integrated now in the same control play.

第三是 WAN，這就是為什麼這次對 Silver Peak 的收購受到了我們客戶的熱烈歡迎，而且非常及時，因為它現在集成在同一個控制遊戲中。

And going forward, we're going to integrate more solutions like 5G and edge computing.

展望未來，我們將集成更多解決方案，例如 5G 和邊緣計算。

And that's why this edge-to-cloud platform is so essential.

這就是為什麼這個邊緣到雲平台如此重要的原因。

But the Aruba Edge Platform is what allows us to deliver the entire edge-to-cloud platform because now that the platform also serves as the back end to deliver [IS] for customers on-prem and at the edge for compute and storage too, including data services or workload optimized solutions.

但是 Aruba Edge Platform 使我們能夠提供整個邊緣到雲平台，因為現在該平台還可以作為後端為本地客戶和邊緣計算和存儲交付 [IS]，包括數據服務或工作負載優化解決方案。

So super pleased.

超級高興。

And remember what I said, we executed 3 2021 with a 5x backlog on our normal run rate seen in Aruba and the bookings were very, very strong, super strong.

記住我說過的話，我們在 2021 年執行了 3 次任務，積壓是我們在阿魯巴島看到的正常運行率的 5 倍，而且預訂非常非常強勁，非常強勁。

Great.

偉大的。

Thanks, Kyle, for the question.

謝謝，凱爾，提出這個問題。

And I think that takes us about time, so that will be our final question.

我認為這會花費我們一些時間，所以這將是我們的最後一個問題。

Antonio, why don't I turn it over to you for any final remarks that you have?

安東尼奧，我為什麼不把它轉交給你，聽取你的最後意見？

Yes.

是的。

So again, thank you for making the time today.

再次感謝您今天抽出時間。

Again, we are very pleased with our Q3 results, which again was marked by the order strong momentum in line revenue expectations, but most importantly, a strong improvement in gross and operating margin and record year-to-date orders and free cash flow.

同樣，我們對我們的第三季度業績感到非常滿意，這再次以符合收入預期的訂單強勁勢頭為標誌，但最重要的是，毛利率和營業利潤率的強勁改善以及年初至今的訂單和自由現金流量創歷史新高。

And that gives us the confidence to, once again, for the fourth time in the year to raise EPS and free cash flow and enter 2022 with good visibility about what we think is going to happen.

這讓我們再次有信心，今年第四次提高每股收益和自由現金流，並以我們認為將要發生的事情進入 2022 年。

I'm particularly bullish about the IT spend cycle.

我特別看好 IT 支出週期。

People ask me, what do you think the Delta virus is going to do?

人們問我，你認為 Delta 病毒會做什麼？

It's going to do nothing on demand I can tell you that now.

它不會按需執行任何操作，我現在可以告訴你。

It may have some impact on supply availability, but nothing on demand.

它可能對供應可用性有一些影響，但對需求沒有影響。

Let me be clear about that.

讓我澄清一下。

And the reason why is because customers need to digitize their business.

之所以如此，是因為客戶需要將他們的業務數字化。

They need to create a more IT resilient environment.

他們需要創建更具 IT 彈性的環境。

And honestly, they need to attract inside from the data at the pace we've never seen before.

老實說，他們需要以我們以前從未見過的速度從數據中吸引內部人員。

And our edge-to-cloud platform strategy is resonating.

我們的邊緣到雲平台戰略引起了共鳴。

So thank you for making the time to be with us today, and I hope to catch up at the end of October on Security Analyst Meeting.

因此，感謝您今天抽出時間與我們在一起，我希望能趕上 10 月底的安全分析師會議。

Perfect.

完美的。

Thank you.

謝謝。

Operator, I think we can go ahead and close out the call.

接線員，我想我們可以繼續並結束通話。

Ladies and gentlemen, this concludes our call for today.

女士們，先生們，我們今天的呼籲到此結束。

Thank you.

謝謝。