惠普企業 (HPE) 2021 Q2 法說會逐字稿

Good afternoon, and welcome to the Second Quarter 2021 Hewlett Packard Enterprise Earnings Conference Call. My name is Matt, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

下午好，歡迎來到 2021 年第二季度惠普企業收益電話會議。我叫馬特，我將擔任今天電話會議的會議主持人。 （操作員說明）提醒一下，正在錄製此會議以供重播。

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

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

Good afternoon. I'm Andy Simanek of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2021 second quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

下午好。我是 Hewlett Packard Enterprise 投資者關係部的 Andy Simanek。歡迎大家參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2021 財年第二季度收益電話會議；和 HPE 執行副總裁兼首席財務官 Tarek Robbiati。

Before handing the call 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.

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。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. 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 Form 10-K and Form 10-Q. HPE assumes no obligation and does not intend to update any such forward-looking statements.

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。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。有關更多詳細信息，請參閱與涉及風險、不確定性和假設的前瞻性陳述相關的收益材料的免責聲明。有關其中一些風險、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 不承擔任何義務，也不打算更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended April 30, 2021.

我們還注意到，本次電話會議討論的財務信息反映了基於​​目前可用信息的估計，可能與 HPE 截至 2021 年 4 月 30 日財季的 10-Q 表季度報告中最終報告的金額存在重大差異。

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.

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。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, after Antonio provides his high-level remarks, Tarek will be referencing the slides and our earnings presentation throughout his prepared remarks. As mentioned, the earnings presentation can be found and posted to our website and is also embedded within the webcast player for this earnings call. With that, let me turn it over to Antonio.

最後，在 Antonio 發表了他的高級評論之後，Tarek 將在他準備好的評論中引用幻燈片和我們的收益報告。如前所述，可以找到收益演示文稿並將其發佈到我們的網站上，並且還嵌入到本次收益電話會議的網絡廣播播放器中。有了這個，讓我把它交給安東尼奧。

Thanks, Andy, and good afternoon, everyone. Thank you for joining us today. While great progress is made in the fight against COVID, it's also clear that it's still a global challenge. I want to take a moment to acknowledge the suffering occurring in India and elsewhere as communities confront devastating COVID surges. We will continue to do everything we can to support our team members, customers and communities through this very challenging time.

謝謝，安迪，大家下午好。感謝您今天加入我們。儘管在抗擊 COVID 方面取得了很大進展，但很明顯它仍然是一個全球性挑戰。我想花點時間承認在印度和其他地方發生的苦難，因為社區面臨毀滅性的 COVID 激增。在這個充滿挑戰的時期，我們將繼續竭盡所能支持我們的團隊成員、客戶和社區。

Hewlett Packard Enterprise had a strong second quarter. I'm very pleased with our results and that they are marked by revenue growth, strong profitability and free cash flow. The overall demand environment is improving, and we are seeing traction across our portfolio.

惠普企業第二季度表現強勁。我對我們的業績感到非常滿意，它們的特點是收入增長、強勁的盈利能力和自由現金流。整體需求環境正在改善，我們看到了我們產品組合的吸引力。

We saw solid sequential improvement in total HPE orders growth that was up mid-single digits with double-digit growth in HPE GreenLake and HPC business segments. We expect to continue to see improvement in customer IT spending throughout 2021. Our disciplined execution on our strategic priorities outlined at the Security Analyst Meeting last fall is positively impacting both top and bottom line performance. We are strengthening our core businesses, doubling down in key areas of growth and accelerating our as-a-Service pivot while advancing our cloud-first innovation agenda to become the edge-to-cloud Platform-as-a-Service choice for our customers and partners.

我們看到 HPE 總訂單增長穩步改善，達到中個位數增長，HPE GreenLake 和 HPC 業務部門實現兩位數增長。我們預計整個 2021 年客戶 IT 支出將繼續改善。我們對去年秋天安全分析師會議上概述的戰略重點的嚴格執行對頂線和底線績效產生了積極影響。我們正在加強我們的核心業務，在關鍵增長領域加倍努力並加速我們的即服務轉向，同時推進我們的雲優先創新議程，成為我們客戶的邊緣到雲平台即服務選擇和合作夥伴。

We have also executed well throughout the industry-wide tightening and cost inflationary trends with minimal impact to our first half. We have taken proactive inventory buffering measures to position us well for the second half. We will continue to take additional inventory actions as appropriate, in alignment to the market demand by leveraging great engineering capabilities and our long-term agreements with our suppliers. Our continued strong performance give us the confidence to raise our fiscal year '21 EPS and free cash flow outlook for the third time since our Security Analyst Meeting. We will provide more details about this new guidance later in the call.

我們在整個行業的緊縮和成本通脹趨勢中也表現良好，對我們上半年的影響微乎其微。我們已採取積極的庫存緩衝措施，為下半年做好準備。我們將繼續採取額外的庫存行動，以適應市場需求，利用強大的工程能力和我們與供應商的長期協議。我們持續強勁的表現讓我們有信心自安全分析師會議以來第三次提高我們的 21 財年每股收益和自由現金流前景。我們將在稍後的電話會議中提供有關此新指南的更多詳細信息。

First, let me review some key Q2 highlights. Revenue of $6.7 billion was up 9% year-over-year, with better-than-normal sequential seasonality. I'm particularly pleased with the double-digit revenue growth in both our HPC and Intelligent Edge businesses that together now represents 2 -- 22% of our HPE total revenue.

首先，讓我回顧一下第二季度的一些關鍵亮點。收入 67 億美元，同比增長 9%，連續季節性好於正常水平。我對我們的 HPC 和 Intelligent Edge 業務的兩位數收入增長感到特別高興，這兩個業務現在合計占我們 HPE 總收入的 2-22%。

Our as-a-Service annual recurring revenue growth was an impressive 30% year-over-year, which underscores our momentum in enabling consumption-based IT. This is an important long-term growth driver for our company.

我們的即服務年度經常性收入同比增長 30%，令人印象深刻，這凸顯了我們在實現基於消費的 IT 方面的勢頭。這是我們公司重要的長期增長動力。

We made significant improvements in both gross and operating margins. Our non-GAAP gross margin of 34.3% is at record level and up 210 basis points year-over-year. Our non-GAAP operating profit of 10.2% is up 300 basis points year-over-year. And our non-GAAP EPS of $0.46 is up 70% year-over-year and above the high end of our outlook range. These results contribute to Q2 free cash flow of $368 million, which is up $770 million year-over-year, bringing our first half fiscal year '21 free cash flow to a record $931 million.

我們在毛利率和營業利潤率方面都取得了顯著改善。我們的非美國通用會計準則毛利率為 34.3%，創歷史新高，同比增長 210 個基點。我們的非 GAAP 營業利潤為 10.2%，同比增長 300 個基點。我們的非 GAAP 每股收益為 0.46 美元，同比增長 70%，高於我們預期範圍的上限。這些結果為第二季度的自由現金流貢獻了 3.68 億美元，同比增長 7.7 億美元，使我們 21 財年上半年的自由現金流達到創紀錄的 9.31 億美元。

Tarek will discuss the financial results and outlook in greater detail. Before he does that, I want to provide additional comments on our business segment performance and highlight some of the innovative solutions and experiences we introduced during the quarter.

Tarek 將更詳細地討論財務結果和前景。在他這樣做之前，我想就我們的業務部門業績提供更多評論，並強調我們在本季度推出的一些創新解決方案和經驗。

HPE has been a driving transformation in our businesses to deliver a modern secure cloud experience everywhere to help our customers with their digital transformations. Our Intelligent Edge business accelerated its momentum with an outstanding quarter across all metrics. Revenue of $799 million grew 17% year-over-year, and operating profit expanded 320 basis points year-over-year. This is the third consecutive quarter of year-over-year revenue growth and sixth consecutive quarter of operating profit expansion. Edge-as-a-Service offerings were up triple digits year-over-year and now a meaningful contributor to HPE's overall ARR.

HPE 一直在推動我們的業務轉型，以在任何地方提供現代安全的雲體驗，幫助我們的客戶進行數字化轉型。我們的 Intelligent Edge 業務加速了發展勢頭，在所有指標上都表現出色。收入 7.99 億美元，同比增長 17%，營業利潤同比增長 320 個基點。這是連續第三個季度實現收入同比增長和連續第六個季度營業利潤擴張。 Edge-as-a-Service 產品同比增長三位數，現在對 HPE 的整體 ARR 做出了重要貢獻。

Extended to the edge has never been more critical for enterprises. At Aruba Atmosphere, our signature event for Aruba customers and partners, we announced an expansive set of cross-portfolio edge-to-cloud security integrations for our Aruba Edge Services Platform, or ESP, including SD-WAN technology from our recent Silver Peak acquisition.

擴展到邊緣對於企業來說從未像現在這樣重要。在我們為 Aruba 客戶和合作夥伴舉辦的標誌性活動 Aruba Atmosphere 上，我們宣佈為我們的 Aruba 邊緣服務平台 (ESP) 提供一系列廣泛的跨產品組合邊緣到雲安全集成，包括我們最近收購的 Silver Peak 的 SD-WAN 技術.

Today, our Aruba Edge Services Platform already supports well over 100,000 customers with 150 new customers added every day, connecting over 1 million active devices. Aruba building identity network security is unique in the market and provides the ideal foundation for building a zero trust and Secure Access Service Edge.

今天，我們的 Aruba Edge Services Platform 已經支持超過 100,000 名客戶，每天新增 150 名新客戶，連接超過 100 萬台活動設備。 Aruba 構建身份網絡安全性在市場上是獨一無二的，為構建零信任和安全訪問服務邊緣提供了理想的基礎。

Our comprehensive portfolio and AI-powered, cloud-driven platforms like Aruba ESP and Aruba Central will continue to accelerate WAN and security deployments, advanced cloud and IoT adoption and fast track digital transformation. Customers like Walgreens Boots Alliance and Mercado Libre chose Aruba in Q2 for these reasons.

我們全面的產品組合和 AI 驅動的雲驅動平台（如 Aruba ESP 和 Aruba Central）將繼續加速 WAN 和安全部署、先進的雲和物聯網採用以及快速數字化轉型。由於這些原因，Walgreens Boots Alliance 和 Mercado Libre 等客戶在第二季度選擇了 Aruba。

I am tremendously pleased with Aruba's impressive performance, and it is against this successful backdrop that I want to share that Aruba founder, Keerti Melkote, has made the decision to retire from HPE. We acquired Aruba in 2015 when we saw the edge as the next frontier. Aruba and Keerti has been instrumental in accelerating this business to the $3 billion business it is today. I'm incredibly grateful for his leadership, and I have personally benefited from his counsel, knowledge and friendship. Keerti will remain as an adviser to me for the remainder of 2021.

我對 Aruba 令人印象深刻的表現感到非常高興，正是在這種成功的背景下，我想分享 Aruba 創始人 Keerti Melkote 已決定從 HPE 退休。我們在 2015 年將邊緣視為下一個前沿領域時收購了 Aruba。 Aruba 和 Keerti 在將這項業務加速到今天的 30 億美元業務方面發揮了重要作用。我非常感謝他的領導，我個人也從他的忠告、知識和友誼中受益匪淺。 Keerti 將在 2021 年剩餘時間內繼續擔任我的顧問。

I am pleased to announce that effective today, Phil Mottram will take over the leadership of our Aruba Intelligent Edge business. Phil is a result-driven leader with extensive experience implementing growth strategies and leading transformation initiatives. He joined HPE in 2019 and most recently assumed the role as the General Manager of our Communications Technology Group, leading a team of more than 5,000 team members who drive $500 million in CPG-specific revenue and $3.5 billion in total revenue for HPE. I'm excited to welcome Phil into this new role and believe he is the perfect fit to ensure we maintain our leadership position and strong momentum in the market.

我很高興地宣布，從今天開始，Phil Mottram 將接管我們的 Aruba Intelligent Edge 業務。 Phil 是一位以結果為導向的領導者，在實施增長戰略和領導轉型計劃方面擁有豐富的經驗。他於 2019 年加入 HPE，最近擔任我們通信技術集團的總經理，領導著一支由 5,000 多名團隊成員組成的團隊，為 HPE 帶來了 5 億美元的 CPG 特定收入和 35 億美元的總收入。我很高興歡迎 Phil 擔任這個新角色，並相信他是確保我們保持領先地位和市場強勁勢頭的完美人選。

In our High Performance Compute & Mission Critical Solutions business, revenue of $685 million was up 11% year-over-year. We are the undisputed market leader with an industry-leading portfolio in AI and deep learning solutions for the new Age of Insight. We continue to execute on over $2 billion in awarded contract, and we are pursuing a robust pipeline of another $5 billion in market opportunity over the next 3 years.

在我們的高性能計算和關鍵任務解決方案業務中，收入為 6.85 億美元，同比增長 11%。我們是無可爭議的市場領導者，擁有行業領先的人工智能和深度學習解決方案組合，適用於新的洞察時代。我們將繼續執行價值超過 20 億美元的已授予合同，並且我們正在尋求在未來 3 年內獲得另外 50 億美元市場機會的強大渠道。

In Q2, we announced several new HPC systems deals and collaborations. This includes building new supercomputer to advance scientific research for the Swiss National Supercomputing Centre, the United States Department of Energy, Los Alamos National Laboratory and the National Supercomputing Centre in Singapore. As we have noted on previous calls, this is an inherently lumpy business due to the lead times between ordinary revenue recognition, but we remain on track to deliver our target of 8% to 12% annual growth in this business this year.

在第二季度，我們宣布了幾項新的 HPC 系統交易和合作。這包括建造新的超級計算機，以推進瑞士國家超級計算中心、美國能源部、洛斯阿拉莫斯國家實驗室和新加坡國家超級計算中心的科學研究。正如我們在之前的電話會議上指出的那樣，由於普通收入確認之間的提前期，這是一項本質上不穩定的業務，但我們仍有望實現今年該業務年增長率 8% 至 12% 的目標。

Our Compute and Storage businesses performed very well in the quarter. Our strategy to grow in profitable segments of the market and pivot to more as-a-Service solutions is paying off. In Compute, revenue of $3 billion was up 10% year-over-year. We drove strong operational performance, expanding operating margins by 550 basis points. We expanded our portfolio with the latest AMD EPYC and Intel Xeon Scalable Processors, which include launching 3 new HPE ProLiant solutions targeting 5G deployments in telco, virtual desktop infrastructure and storage optimized solutions for database workloads in enterprise.

我們的計算和存儲業務在本季度表現非常出色。我們在有利可圖的市場領域發展並轉向更多即服務解決方案的戰略正在取得成效。在計算領域，收入為 30 億美元，同比增長 10%。我們推動了強勁的運營業績，將運營利潤率擴大了 550 個基點。我們通過最新的 AMD EPYC（霄龍）和英特爾至強可擴展處理器擴展了我們的產品組合，其中包括推出 3 款針對電信 5G 部署的全新 HPE ProLiant 解決方案、虛擬桌面基礎設施和針對企業數據庫工作負載的存儲優化解決方案。

In Storage, revenue of $1.1 billion was up 3% year-over-year with a strong operating profit of 16.8%, up 110 basis points year-over-year. We continue to see strength in key software-defined solutions, which drive our ability to attach rich services to our product offerings. HPE Primera and Nimble dHCI both grew triple digits. Our HPE's All-Flash Array portfolio grew 20%.

在存儲方面，收入為 11 億美元，同比增長 3%，營業利潤為 16.8%，同比增長 110 個基點。我們繼續看到關鍵軟件定義解決方案的優勢，這些解決方案推動我們將豐富的服務附加到我們的產品中。 HPE Primera 和 Nimble dHCI 均實現了三位數增長。我們的 HPE 全閃存陣列產品組合增長了 20%。

On May 4, we introduced a new portfolio of cloud-native data infrastructure called HPE Alletra. This portfolio delivers workload-optimized systems and provides customers with architectural flexibility to run any application without compromise from edge to cloud with a cloud operational experience. These innovations are propelling our storage business into our cloud-native software-defined data services business.

5 月 4 日，我們推出了名為 HPE Alletra 的全新雲原生數據基礎設施產品組合。該產品組合提供了工作負載優化的系統，並為客戶提供了架構靈活性，可以運行任何應用程序而不會影響從邊緣到雲的雲操作體驗。這些創新正在推動我們的存儲業務進入我們的雲原生軟件定義數據服務業務。

Our pivot to as-a-Service continued its strong momentum. Our annualized revenue run rate of $678 million was up 30% year-over-year. We saw strong total as-a-Service order growth of 41%. Over 900 go-to-market partners are now actively selling HPE GreenLake as a part of their own marketplace. And we average a 95% renewal rate with billings from those customers at 124% usage of the regional contract commitments.

我們轉向即服務的重心繼續保持強勁勢頭。我們的年化收入運行率為 6.78 億美元，同比增長 30%。我們看到“即服務”訂單總量強勁增長 41%。超過 900 家上市合作夥伴現在正在積極銷售 HPE GreenLake，將其作為自己市場的一部分。我們的平均續訂率為 95%，這些客戶的賬單使用率為 124% 的區域合同承諾。

We have an unmatched portfolio of hybrid cloud services that spans all aspects of networking, compute, storage, VMs, containers, ML Ops, HPC and more. On the innovation front, we announced a transformative new data storage services platform that brings a cloud operational model to whatever data it is by unifying data operations. The platform will be available through HPE GreenLake Central and includes a new data services cloud console and a suite of software subscription services that simplifies and automates global infrastructure and scale.

我們擁有無與倫比的混合雲服務組合，涵蓋網絡、計算、存儲、VM、容器、ML Ops、HPC 等各個方面。在創新方面，我們宣布了一個變革性的新數據存儲服務平台，該平台通過統一數據操作為任何數據帶來雲操作模型。該平台將通過 HPE GreenLake Central 提供，包括一個新的數據服務雲控制台和一套軟件訂閱服務，可簡化和自動化全球基礎設施和規模。

Our industry-leading HPE GreenLake Cloud Services experience enable us to gain more than 90 new customers during the quarter. Carestream is a great recent customer example. In a 3 years multimillion-dollar deal, Carestream selected HPE GreenLake Cloud Services with HPE Ezmeral software and HPE Pointnext services to power a transformative new health care initiative based on Artificial Intelligence-as-a-Service.

我們行業領先的 HPE GreenLake 雲服務經驗使我們在本季度獲得了 90 多個新客戶。 Carestream 是最近的一個很好的客戶示例。在為期 3 年的數百萬美元交易中，Carestream 選擇了 HPE GreenLake 雲服務與 HPE Ezmeral 軟件和 HPE Pointnext 服務，以推動基於人工智能即服務的變革性新醫療保健計劃。

We will continue to invest aggressively in HPE GreenLake Cloud Services to provide a true cloud experience and operating model, whether at-the-edge, on-premises or across multiple clouds. HPE's businesses that provide services and capability of our customers recently transformed also performed well in Q2.

我們將繼續積極投資 HPE GreenLake 雲服務，以提供真正的雲體驗和運營模式，無論是在邊緣、本地還是跨多個雲。 HPE 最近轉型的為我們的客戶提供服務和能力的業務在第二季度也表現良好。

HPE Pointnext Operational Services had another solid quarter with revenue growing year-over-year as reported. We expect to see growth for the full fiscal year, driven by our growing services intensity and other service momentum.

據報導，HPE Pointnext Operational Services 又迎來了一個穩定的季度，收入同比增長。在我們不斷增長的服務強度和其他服務勢頭的推動下，我們預計整個財政年度都會出現增長。

HPE Financial Services continue to play an important role helping our customers as they rebuild and rethink their IT transformation requirements. Cash collections continue to improve, and HPE FS delivered a return on equity of 18.3%, well above pre-pandemic levels. This business continued to perform very well.

HPE 金融服務繼續發揮重要作用，幫助我們的客戶重建和重新思考他們的 IT 轉型需求。現金回款繼續改善，HPE FS 實現了 18.3% 的股本回報率，遠高於大流行前的水平。該業務繼續表現良好。

Over the past year, our global communities have faced a catastrophic health crisis and significant business disruption. At HPE, we accelerated our strategy to be the edge-to-cloud Platform-as-a-Service company to support our customers' rapidly changing needs, who have defined our 60,000 team members' demonstrated amazing agility and perseverance. And I'm tremendously proud of our team members' response during this unprecedented time. I want to thank them for their commitment and passion that has made HPE stronger and better positioned in a world that is forever changed.

在過去的一年裡，我們的全球社區面臨著災難性的健康危機和嚴重的業務中斷。在 HPE，我們加快了成為邊緣到雲平台即服務公司的戰略，以支持我們客戶快速變化的需求，我們 60,000 名團隊成員表現出驚人的敏捷性和毅力，正是這些客戶定義了我們。我為我們團隊成員在這個前所未有的時期做出的反應感到非常自豪。我要感謝他們的承諾和熱情，使 HPE 在一個永遠變化的世界中變得更加強大和更好地定位。

As businesses emerge from the pandemic and move beyond the realities of COVID, digital transformation is at the forefront of their strategic initiatives. At our Discover event on June 22, you will hear more about how HPE is at the center of this super-charged digital economy. Our edge-to-cloud architecture, software and solutions all delivered as-a-Service will continue to help our customers transform their businesses, optimize their applications, and data clouds are increasingly distributing work and be future-ready today. I'm excited about our momentum, and I believe that HPE represents a strong investment opportunity for our shareholders.

隨著企業從大流行中走出來並超越 COVID 的現實，數字化轉型處於其戰略計劃的最前沿。在我們於 6 月 22 日舉辦的探索活動中，您將了解到更多有關慧與如何處於這個超高速數字經濟中心的信息。我們的邊緣到雲架構、軟件和解決方案均以服務形式交付，將繼續幫助我們的客戶轉變他們的業務、優化他們的應用程序，並且數據云正在越來越多地分配工作並為未來做好準備。我對我們的勢頭感到興奮，我相信 HPE 對我們的股東來說是一個強大的投資機會。

With that, let me turn it over to Tarek to review the quarter's results.

有了這個，讓我把它交給 Tarek 來審查本季度的結果。

Thank you very much, Antonio. I'll start with a summary of our financial results for the second quarter of fiscal year '21. 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 highlights for this quarter on Slide 1, and now let me discuss our financial performance, starting with Slide 2.

非常感謝你，安東尼奧。我將從 21 財年第二季度的財務業績摘要開始。像往常一樣，我將參考我們的收益演示文稿中的幻燈片來指導您了解我們在本季度的表現。 Antonio 在幻燈片 1 上討論了本季度的主要亮點，現在讓我從幻燈片 2 開始討論我們的財務業績。

I am very pleased to report that our Q2 results reflect continued momentum in revenue, strong growth and operating margin expansion and robust cash flow generation.

我很高興地報告，我們第二季度的業績反映了收入的持續增長勢頭、強勁的增長和營業利潤率的擴張以及強勁的現金流產生。

We delivered Q2 revenues of $6.7 billion, up 9% from the prior year period, a level better than our normal sequential seasonality. I am particularly proud of the fact that our non-GAAP gross margin is at the record level of 34.3%, up 210 basis points from the prior year period and up 60 basis points sequentially. This was driven by strong pricing discipline, cost takeouts and an ongoing favorable mix shift towards higher-margin, software-rich offering. Our non-GAAP operating expenses increased in the quarter, as we've previously indicated due to the planned hiring increases along with R&D and go-to-market investments, this offset by our continued progress delivering on the savings from our cost optimization plan, which is on track.

我們第二季度的收入為 67 億美元，比去年同期增長 9%，好於我們正常的連續季節性。我特別自豪的是，我們的非美國通用會計準則毛利率達到創紀錄的 34.3%，比去年同期增長 210 個基點，環比增長 60 個基點。這是由嚴格的定價紀律、成本削減以及持續的有利組合轉向利潤率更高、軟件豐富的產品所推動的。我們的非 GAAP 運營費用在本季度有所增加，正如我們之前指出的那樣，由於計劃的招聘增加以及研發和上市投資，這被我們在成本優化計劃中實現節省的持續進展所抵消，這是在軌道上。

Even with our investments, our non-GAAP operating margin was 10.2%. That is up 300 basis points from our prior year, which translates to a 59% year-over-year increase in operating profit. Within other income and expense, we benefited from one-time gains related to increased valuations in our Cohesity and IonQ investments within our Pathfinder venture portfolio. As a result, we now expect other income and expense for the full year in fiscal year '21 to be an expense of approximately $50 million.

即使有我們的投資，我們的非 GAAP 營業利潤率為 10.2%。這比我們上一年增加了 300 個基點，這意味著營業利潤同比增長 59%。在其他收入和支出中，我們受益於與 Pathfinder 風險投資組合中 Cohesity 和 IonQ 投資估值增加相關的一次性收益。因此，我們現在預計 21 財年全年的其他收入和支出約為 5000 萬美元。

With strong execution across the business, we ended the quarter with non-GAAP EPS of $0.46, up 70% from the prior year and meaningfully above the higher end of our outlook range for Q2. Q2 cash flow from operations was $822 million and free cash flow was $368 million, up $770 million from the prior year, driven by better profitability and strong operational discipline as well as working capital benefits. This puts us at a record level of free cash flow for the first half at $931 million. Finally, we paid $156 million of dividends in the quarter and are declaring a Q3 dividend today of $0.12 per share payable in July.

憑藉整個業務的強勁執行力，我們在本季度結束時的非公認會計準則每股收益為 0.46 美元，比去年同期增長 70%，大大高於我們第二季度展望範圍的上限。第二季度運營現金流為 8.22 億美元，自由現金流為 3.68 億美元，比上年增加 7.7 億美元，這得益於更好的盈利能力和強大的運營紀律以及營運資本收益。這使我們上半年的自由現金流達到創紀錄的 9.31 億美元。最後，我們在本季度支付了 1.56 億美元的股息，並於今天宣佈在 7 月支付每股 0.12 美元的第三季度股息。

Now let's turn to our segment highlights on Slide 3. In Intelligent Edge, we accelerated our momentum with rich software capabilities to meet robust customer demand, delivering 17% year-over-year revenue growth across the portfolio. Switching was up 17% year-over-year, and wireless LAN was up 16%. Additionally, the Edge-as-a-Service offerings were up triple digits year-over-year and now represent a meaningful contribution to HPE's overall ARR.

現在讓我們轉到幻燈片 3 中的細分市場亮點。在 Intelligent Edge 中，我們通過豐富的軟件功能加快了發展勢頭，以滿足強勁的客戶需求，使整個產品組合的收入同比增長 17%。交換同比增長 17%，無線局域網增長 16%。此外，Edge-as-a-Service 產品同比增長了三位數，現在對 HPE 的整體 ARR 做出了有意義的貢獻。

We also continue to see strong operating margins at 15.5% in Q2, up 320 basis points year-over-year, which is the sixth consecutive quarter of year-over-year operating margin expansion. Silver Peak continues to perform well, leveraging the high-growth SD-WAN market opportunity and contributed about 5 points to the Intelligent Edge top line growth.

我們還繼續看到第二季度的強勁營業利潤率為 15.5%，同比增長 320 個基點，這是連續第六個季度營業利潤率同比增長。 Silver Peak 繼續表現良好，利用高增長的 SD-WAN 市場機會，為 Intelligent Edge 的收入增長貢獻了約 5 個百分點。

In HPC-MCS, revenue grew 11% year-over-year as we continue to achieve more customer acceptance milestones and deliver on our more than $2 billion of awarded contracts. We remain on track to deliver on our full year and 3-year revenue growth CAGR target of 8% to 12%.

在 HPC-MCS 中，收入同比增長 11%，因為我們繼續實現更多的客戶接受里程碑並交付超過 20 億美元的已授予合同。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 10% year-over-year and was down just 1% sequentially, reflecting much stronger-than-normal sequential seasonality. Operating margins were up meaningfully year-over-year due to disciplined pricing and the rightsizing of the cost structure in this segment. We ended the quarter with an operating profit margin of 11.3%, up 550 basis points from the prior year period and towards the upper range of our long-term margin guidance for these segments provided at SAM.

在計算方面，收入同比增長 10%，環比僅下降 1%，反映出比正常情況強得多的環比季節性。由於嚴格的定價和該部門成本結構的調整，營業利潤率同比大幅增長。本季度結束時，我們的營業利潤率為 11.3%，比上年同期增長 550 個基點，接近 SAM 為這些部門提供的長期利潤率指導的上限。

Within Storage, revenue grew 3% year-over-year, driven by strong growth in software-defined offerings. Nimble grew 17% with ongoing strong dHCI momentum growing triple digits. All-Flash Arrays grew 20% year-over-year, led by Primera, that was up triple digits and is expected to surpass 3PAR sales next quarter.

在存儲方面，受軟件定義產品強勁增長的推動，收入同比增長 3%。 Nimble 增長了 17%，dHCI 的持續強勁勢頭增長了三位數。在 Primera 的帶動下，全閃存陣列同比增長 20%，增幅為三位數，預計下個季度銷售額將超過 3PAR。

The mix shift towards our more software-rich platforms and operational execution helped drive storage operating profit margin to 16.8%, up 110 basis points year-over-year. With respect to Pointnext operational services, including Nimble services, revenue grew for the second consecutive quarter year-over-year as reported with further growth expected for the full year of fiscal year '21. This has been driven by the increased focus of our BU segments on selling product and service bundles, improve service intensity and our growing as-a-Service business, which I'll remind you, enrolls service attach rates of 100%. This is very, very important to note because all of our OS revenue is recurring with 3-year average contract length, and OS is the highest operating margin contributor to our segments.

向我們更豐富的軟件平台和運營執行的組合轉變幫助推動存儲運營利潤率達到 16.8%，同比增長 110 個基點。關於 Pointnext 運營服務，包括 Nimble 服務，收入連續第二個季度同比增長，預計 21 財年全年將進一步增長。這是由於我們的 BU 部門更加關註銷售產品和服務捆綁、提高服務強度以及我們不斷增長的即服務業務，我會提醒您，服務附加率達到 100%。這一點非常非常重要，因為我們所有的 OS 收入都是以 3 年平均合同期限重複出現的，而 OS 是我們部門的最高營業利潤率貢獻者。

Within HPE Financial Services, revenue was down 3% year-over-year as the pandemic did not materially impact this business until later in 2020. As expected, we are seeing continued sequential improvements in our bad debt loss ratios ending this quarter at just 75 basis points, which continues to be best-in-class within the industry. We have also seen improved cash collections well above pre-COVID levels. Our operating margin in this segment was 10.8%, up 160 basis points from the prior year and our return on equity at 18.3% is well above pre-pandemic levels and the 15%-plus target that we set at SAM.

在 HPE 金融服務中，收入同比下降 3%，因為大流行直到 2020 年晚些時候才對該業務產生重大影響。正如預期的那樣，我們看到本季度末的壞賬損失率持續改善，僅為 75基點，這仍然是業內同類最佳。我們還看到現金收款得到改善，遠高於 COVID 之前的水平。我們在該部門的營業利潤率為 10.8%，比上一年增長 160 個基點，我們的股本回報率為 18.3%，遠高於大流行前的水平和我們在 SAM 設定的 15% 以上的目標。

Slide 4 highlights key metrics of our growing as-a-Service business. Similar to the past couple of quarters, we are making great strides in our as-a-Service offering with over 90 new enterprise GreenLake customers added, that is in Q2, bringing the total to well over 1,000.

幻燈片 4 重點介紹了我們不斷發展的即服務業務的關鍵指標。與過去幾個季度類似，我們在即服務產品方面取得了長足進步，在第二季度增加了 90 多個新的企業 GreenLake 客戶，使總數超過 1,000 個。

I am pleased to report that our Q2 '21 ARR was $678 million, which was up 30% year-over-year as reported. Total as-a-Service orders were up 41% year-over-year, driven by strong performance in North America and Central Europe. Our Edge-as-a-Service offerings also continued to grow revenue strong triple digits year-over-year.

我很高興地報告，我們的 21 年第二季度 ARR 為 6.78 億美元，同比增長 30%。受北美和中歐強勁表現的推動，即服務訂單總額同比增長 41%。我們的邊緣即服務產品的收入也繼續實現強勁的三位數同比增長。

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 targets of 30% to 40%, a CAGR from FY '20 to FY '23.

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 30% 至 40% 的 ARR 增長目標，從 20 財年到 23 財年的複合年增長率。

Slide 5 highlights our revenue and EPS performance to date where you can clearly see the strong rebound and momentum from our Q2 '20 trough. For the past 2 quarters, revenue has exceeded our normal sequential seasonality, reflecting the improving demand environment. And with the operational execution of our cost optimization and resource allocation program, we have increased non-GAAP EPS in Q2 by 70% year-over-year.

幻燈片 5 突出顯示了我們迄今為止的收入和每股收益表現，您可以清楚地看到我們從 20 年第二季度低谷以來的強勁反彈和勢頭。在過去的兩個季度中，收入超出了我們正常的連續季節性，反映出需求環境正在改善。通過執行我們的成本優化和資源分配計劃，我們在第二季度的非 GAAP 每股收益同比增長了 70%。

Turning to Slide 6. We delivered a record non-GAAP gross margin rate in Q2 of 34.3% of revenues, which was up 60 basis points sequentially and up 210 basis points from the prior year. This was driven by strong pricing discipline, operational services margin expansion from cost takeout and automation and a positive mix shift towards high-margin, software-rich businesses like the Intelligent Edge and next-generation storage offering.

轉到幻燈片 6。我們在第二季度實現了創紀錄的非 GAAP 毛利率，佔收入的 34.3%，環比上升 60 個基點，比去年同期上升 210 個基點。這是由於強大的定價紀律、成本削減和自動化帶來的運營服務利潤率擴張以及向智能邊緣和下一代存儲產品等高利潤、軟件豐富的業務的積極組合轉變所推動的。

We have also benefited from the new segmentation we implemented beginning of fiscal year '20 that has given us much better visibility into each business unit and enabled better operational discipline.

我們還受益於我們在 20 財年開始實施的新細分，這使我們能夠更好地了解每個業務部門，並實現更好的運營紀律。

Moving to Slide 7. You can also see we have expanded non-GAAP operating profit margin substantially from pandemic lows of -- to 10.2%, which is up 300 basis points from the prior year period. We have done this by 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. Q2 operating expenses also included planned increased hiring and spending on select investment to drive further growth.

轉到幻燈片 7。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 10.2%，比上年同期增加 300 個基點。為此，我們進一步提高了生產力，並通過成本優化計劃實現了預期的節省，同時增加了研發和現場銷售成本的投資水平，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。第二季度的運營支出還包括計劃增加的招聘和特定投資支出，以推動進一步增長。

Turning to Slide 8. We generated a record first half levels of cash flow with $1.8 billion of cash flow from operations and $931 million of free cash flow, which is up $1.5 billion year-over-year. This was primarily driven by the increased profitability, strong operational discipline and some in near timing-related benefits. I would like to underscore that this year, our free cash flow profile seasonality will be different as a result of our back-end-loaded restructuring costs and investment in inventory for our supply chain to cater for rising demand and chip shortages as the economic recovery accelerate.

轉到幻燈片 8。我們創造了創紀錄的上半年現金流量，運營現金流量為 18 億美元，自由現金流量為 9.31 億美元，同比增長 15 億美元。這主要是由於盈利能力的提高、嚴格的運營紀律以及一些與時間相關的收益。我想強調的是，由於我們的後端重組成本和我們供應鏈的庫存投資，以應對經濟復甦帶來的需求增長和芯片短缺，今年我們的自由現金流狀況季節性將有所不同加速。

Now moving on to Slide 9, let me remind everyone about the strength of our diversified balance sheet. As of April 30 quarter end, we have improved the operating company to a net cash neutral position with our strong free cash flow. Furthermore, we have made good progress securitizing some financial services-related debt through the ABS market and expect to have close to all of the U.S. portfolio securitized by year-end. The refinancing of higher cost unsecured debt with ABS financing allows us to boost access to financing markets at a cheaper cost of debt capital as well as diversifying and segregating our balance sheet between our operating company and our financial services business.

現在轉到幻燈片 9，讓我提醒大家注意我們多元化資產負債表的實力。截至 4 月 30 日季度末，我們憑藉強勁的自由現金流將運營公司改善為淨現金中性地位。此外，我們在通過 ABS 市場將一些與金融服務相關的債務證券化方面取得了良好進展，預計到年底將接近所有美國投資組合的證券化。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 ensures we have ample liquidity available to run our operations, continue to invest in our business, drive growth and execute on our strategy.

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運營我們的業務、繼續投資我們的業務、推動增長和執行我們的戰略。

Now turning to our outlook on Slide 10. I am 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 operational performance to date. This will be our third guidance increase in SAM in October 2020. We now expect to grow non-GAAP operating profit by 25% to 35% and deliver fiscal year '21 non-GAAP diluted net earnings per share between $1.82 and $1.94. This is a $0.09 per share improvement at the midpoint of our prior EPS guidance of $1.70 to $1.88 and a $0.22 per share improvement at the midpoint since SAM.

現在轉向我們對幻燈片 10 的展望。我很高興地宣布，我們再次提高全年指導，以反映需求環境的持續勢頭和我們迄今為止強勁的運營業績。這將是我們在 2020 年 10 月對 SAM 的第三次指導增長。我們現在預計非 GAAP 營業利潤將增長 25% 至 35%，並實現 21 財年非 GAAP 攤薄後每股淨收益在 1.82 美元至 1.94 美元之間。這是我們先前 EPS 指導值 1.70 美元至 1.88 美元的中點每股收益 0.09 美元和自 SAM 以來每股收益 0.22 美元的中點收益。

With respect to supply chain, we have executed well to date with minimal impacts and continue to take proactive inventory measures where possible. We do see further industry-wide tightening and inflation persisting in the near term, which has been factored in our outlook from both a revenue and cost perspective, but overall demand remains strong. From a top line perspective, we are pleased with the momentum we saw in the first half. And while we continue to see further demand improvement, we remain prudent as certain geographies continue to navigate the pandemic, and we continue to observe uncertainties in the supply of commodity.

在供應鏈方面，我們迄今為止執行良好，影響最小，並繼續盡可能採取積極的庫存措施。我們確實看到短期內整個行業的緊縮和通貨膨脹持續存在，這已從收入和成本的角度考慮在我們的前景中，但總體需求仍然強勁。從頂線的角度來看，我們對上半年的勢頭感到滿意。雖然我們繼續看到需求進一步改善，但由於某些地區繼續應對大流行，我們仍然保持謹慎，並且我們繼續觀察商品供應的不確定性。

More specifically for Q3 '21, we expect revenue to be in line with our normal sequential seasonality of up low single digits from Q2. For Q3 '21, we expect GAAP diluted net EPS of $0.04 to $0.10 and non-GAAP diluted net EPS of $0.38 to $0.44. Additionally, given our record levels of cash flow in the first half and raised earnings outlook, I am very pleased to announce that we are also raising FY '21 free cash flow guidance to $1.2 billion to $1.5 billion. That is a $350 million increase at the midpoint from our original SAM guidance. So overall, Antonio and I are very proud of the progress we have made in the first half. We have navigated well through the pandemic and are exiting the first half with improved revenue momentum, strong profitability and robust cash flow.

更具體地說，對於 21 年第三季度，我們預計收入將與我們從第二季度開始的低個位數增長的正常順序季節性一致。對於 21 年第三季度，我們預計 GAAP 稀釋後淨每股收益為 0.04 美元至 0.10 美元，非 GAAP 稀釋後淨每股收益為 0.38 美元至 0.44 美元。此外，鑑於我們上半年創紀錄的現金流水平和上調的盈利前景，我很高興地宣布，我們還將 21 財年的自由現金流指引上調至 12 億美元至 15 億美元。這比我們最初的 SAM 指南的中點增加了 3.5 億美元。總的來說，安東尼奧和我為我們在上半年取得的進步感到非常自豪。我們順利度過了這場大流行病，並以改善的收入勢頭、強勁的盈利能力和強勁的現金流結束了上半年。

Our growth businesses in the Intelligent Edge and HPC-MCS have accelerated top line performance. Our core business of Compute and Storage revenues are growing with improved margins, and our as-a-Service ARR is accelerating. We also continue to execute well against our cost optimization and resource allocation program, which has made us leaner, better resourced and positioned to capitalize on the economic recovery currently at play.

我們在 Intelligent Edge 和 HPC-MCS 方面的增長業務加速了頂線業績。我們的核心業務計算和存儲收入隨著利潤率的提高而增長，我們的即服務 ARR 正在加速。我們還繼續很好地執行我們的成本優化和資源分配計劃，這使我們變得更精簡、資源更充足，並有能力利用當前的經濟復甦。

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

現在，讓我們打開它來提問。謝謝。

(Operator Instructions) The first question comes from Wamsi Mohan with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Wamsi Mohan。

Yes. Congrats on another beat and full year free cash flow raise. I was wondering if you can dig a little bit more into the guidance dynamics. You're guiding 3Q a little bit below The Street, 4Q slightly higher. Can you maybe address what the visibility you have into 4Q is and how much of supply chain impact are you baking in into 3Q, 4Q? Is that both the demand and the cost level?

是的。祝賀又一次擊敗和全年自由現金流量增加。我想知道您是否可以更深入地了解指導動態。你指導 3Q 略低於 The Street，4Q 略高。您能否說明您對第四季度的可見性以及您對第三季度、第四季度的供應鏈影響有多大？這是需求和成本水平嗎？

Yes. Wamsi, it's Tarek here. So let me try and dissect the guidance we gave for Q3 and also the full year. So putting things in perspective. First, you know we are raising our FY '21 EPS outlook by $0.09 at the midpoint to $1.82 to $1.94 based on our Q2 outperformance. And we feel very confident for the rest of the year. This reflects what we see as continued improvement in customer spending, but also we want to remain prudent given the remaining pandemic and supply chain uncertainty.

是的。 Wamsi，我是 Tarek。因此，讓我嘗試剖析我們為第三季度和全年提供的指導。所以把事情放在眼裡。首先，您知道，根據我們第二季度的出色表現，我們將 21 財年每股盈利預期中點提高 0.09 美元至 1.82 美元至 1.94 美元。我們對今年餘下的時間充滿信心。這反映出我們認為客戶支出在持續改善，但鑑於仍存在的大流行病和供應鏈不確定性，我們也希望保持謹慎。

Specifically for Q3, it's important to note that we do expect revenue growth in line with normal FY '18, FY '19 sequential seasonality of up low single digits. We anchored you on FY '18 or FY '19 and not last year because of the disruption we suffered in the supply chain last year. So it's better to look at it from an FY '18, FY '19 viewpoint.

特別是對於第三季度，需要注意的是，我們確實預計收入增長符合正常的 FY'18、FY'19 連續季節性上升低個位數。我們將您固定在 18 財年或 19 財年，而不是去年，因為我們去年在供應鏈中遭受了中斷。因此，最好從 18 財年、19 財年的角度來看待它。

You should expect that gross margins hold roughly flat relative to our H1 levels, near just under 34%. OpEx should be up somewhat as we continue to make select investments aligned to our strategy in key growth areas, and this is partially offset by further efficiencies we find. But most importantly, it is important that you note that OI&E will flip to an expense overall in the full year, and therefore, in the second half.

您應該預計毛利率與我們的上半年水平大致持平，接近 34%。隨著我們繼續在關鍵增長領域根據我們的戰略進行選擇投資，運營支出應該會有所上升，這部分被我們發現的進一步效率所抵消。但最重要的是，重要的是要注意 OI&E 將在全年轉為支出，因此在下半年。

OI&E in Q1 was a positive income, and in Q2 was a positive income. And now we're expecting for the full year '21 a $50 million expense, hence, the guidance that we're giving you overall for Q3. You can expect that the tax rates will be unchanged at 14%, like we said at SAM. And the net of all of this is that we expect our Q3 non-GAAP EPS to be in the range of $0.38 to $0.44, and we feel pretty comfortable about it.

OI&E Q1是正收益，Q2是正收益。現在我們預計 21 年全年的支出為 5000 萬美元，因此，我們為您提供了第三季度的總體指導。正如我們在 SAM 所說，您可以預期稅率將保持在 14% 不變。所有這一切的淨值是我們預計我們的第三季度非 GAAP 每股收益在 0.38 美元到 0.44 美元之間，我們對此感到非常滿意。

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。

Yes. Just wanted to ask your take on the forward guidance, which implies low single-digit sequential growth following above seasonal quarter in the April quarter. It sounds like backlog continues to be strong. So are there particular pockets of areas where you're seeing a slowdown or maybe more cautious outlook for -- from customers because they're still dealing with the pandemic issues?

是的。只是想問問你對前瞻性指導的看法，這意味著在 4 月季度高於季節性季度之後的低個位數連續增長。聽起來積壓情況仍然很嚴重。那麼，是否有特定地區的客戶因為他們仍在處理流行病問題而看到放緩或可能更加謹慎的前景？

Maybe I'll start. I don't know if Tarek has any comments. I mean we see strong demand momentum right now. We quoted in our remarks that we're up mid-single digits and, therefore, we translate that conversion into revenue. But obviously, part of the improvement could come from the HPC acceptances. Remember that on HPC, our order to revenue is a little bit more lumpy because of the time between orders and revenue takes longer. But overall, what we are confident is the fact that we see obviously IT demand improving. But I'm really pleased with our innovation and our ability to execute against that innovation. The innovation we have across the portfolio is perfectly timed what we see in today's environment.

也許我會開始。我不知道 Tarek 是否有任何意見。我的意思是我們現在看到強勁的需求勢頭。我們在評論中引用了中個位數的增長，因此，我們將這種轉化轉化為收入。但顯然，部分改進可能來自 HPC 驗收。請記住，在 HPC 上，我們的訂單到收入有點不穩定，因為訂單和收入之間的時間更長。但總的來說，我們有信心的事實是我們看到 IT 需求明顯改善。但我對我們的創新以及我們執行該創新的能力感到非常滿意。我們在整個產品組合中的創新恰逢我們在當今環境中所見。

We live in a much more distributed enterprise. Obviously, digital transformation is essential to operate in this digital economy, and the first step is connectivity. And I have to tell you, the Intelligent Edge business is absolutely incredibly strong. You saw in actual dollars, almost 20%. And we expect to continue to be super strong for the balance of the year into '22, honestly. And that's because we have a business at scale. You have a massive business at scale, and to give a point of reference, we already have 100,000 customers on that platform.

我們生活在一個更加分佈式的企業中。顯然，數字化轉型對於在數字經濟中運營至關重要，而第一步就是互聯互通。我必須告訴你，智能邊緣業務絕對非常強大。你看到的實際美元，幾乎是 20%。老實說，我們希望在 22 年的剩餘時間裡繼續保持超強勢頭。那是因為我們的業務規模很大。您擁有規模龐大的業務，作為參考，我們已經在該平台上擁有 100,000 名客戶。

We have 150 customers every day. We manage more than 1.1 million devices. And honestly, we actually manage data of 1 billion plus per hour, data points that comes through our cloud. And so we expect that to continue to be very strong. I think the core business has definitely stabilized, and we've seen pockets of improvement, particularly with Storage. And then the other service will continue to stay strong.

我們每天有 150 位顧客。我們管理著超過 110 萬台設備。老實說，我們實際上每小時管理超過 10 億個數據，這些數據點來自我們的雲。因此，我們預計它會繼續非常強勁。我認為核心業務肯定已經穩定下來，我們已經看到了一些改進，尤其是在存儲方面。然後其他服務將繼續保持強勁。

Again, we are cautious about the supply chain aspect of this. But we position ourselves well for the second half, and that was all factored in our guidance, absolutely well factored in our guidance, so it's why we raised the guidance.

同樣，我們對此的供應鏈方面持謹慎態度。但我們為下半場做好了定位，這都在我們的指導中得到了充分考慮，在我們的指導中絕對得到了很好的考慮，所以這就是我們提高指導的原因。

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。

My congrats on the quarter as well. I want to come back, Tarek, to just reconciling the improving growth trajectory in all of your segments with the second half EPS guidance that assumes well below normal seasonality or about [48%] of EPS coming in the back half versus past years. You typically have low to mid-50% second half EPS mix.

我也祝賀這個季度。塔雷克，我想回來，只是將你所有細分市場的增長軌跡與下半年每股收益指導相協調，該指導假設遠低於正常季節性，或者下半年每股收益與過去幾年相比約為 [48%]。下半年每股收益組合通常在 50% 左右。

I think I heard you mention supply chain constraints and being cautious around that and COVID, in general, cost inflation, investments you're making and then the OI&E dynamics. Can you just rank those -- well, first, did I forget any? And then can you just rank those factors in terms of which are having the most impact on your back half EPS guidance?

我想我聽說你提到供應鏈限制並對此和 COVID 保持謹慎，總的來說，成本通脹、你正在進行的投資，然後是 OI&E 動態。你能給那些排名——好吧，首先，我忘記了嗎？然後您能否根據對您的後半部分 EPS 指導影響最大的因素對這些因素進行排名？

Yes. Thank you, Katy. So let me try and add a little bit more color to what we said already. So first of all, remember our cost optimization and allocation program. We exited FY '20 very lean, and this has driven a very strong performance in Q1 at $0.52 per share. This is a level of earnings that was actually benefiting from the fact that we have a very strong run rate entering into Q1.

是的。謝謝你，凱蒂。因此，讓我嘗試為我們已經說過的話添加一點色彩。所以首先，記住我們的成本優化和分配方案。我們以非常精簡的方式退出了 20 財年，這推動了第一季度的強勁表現，達到每股 0.52 美元。這是一個收益水平，實際上受益於我們進入第一季度的運行率非常強勁這一事實。

In Q2, you saw that momentum continuing with the EPS that we posted at $0.46 per share. Very comfortable with the level of investments that we are making, and this is also showing in the gross and operating margin expansion that we've demonstrated so far.

在第二季度，您看到我們公佈的每股收益為 0.46 美元，這種勢頭仍在繼續。對我們正在進行的投資水平非常滿意，這也體現在我們迄今為止展示的毛利率和營業利潤率的增長中。

So now when you also look at how this translates into free cash flow, obviously, we had a lot of free cash flow benefits into Q1, Q2 as a result of the earnings strength and which translated into free cash flow. But moving forward, what you have to factor into the guidance on earnings is the fact that there is some degree of uncertainty on supply chain, although, as Antonio said, the demand is very strong across the board. The demand is very strong in Aruba. The demand is very strong in Compute. And you can see that with units going up year-over-year. And also in HPC-MCS, we are seeing the revenue trending in the range that we guided at SAM. This is all good.

所以現在當你也看看這如何轉化為自由現金流時，顯然，由於盈利強勁，我們在第一季度、第二季度有很多自由現金流收益，並轉化為自由現金流。但展望未來，你必須考慮到的是，供應鏈存在一定程度的不確定性，儘管正如安東尼奧所說，整體需求非常強勁。阿魯巴島的需求非常強勁。計算方面的需求非常強勁。你可以看到單位同比增長。在 HPC-MCS 中，我們也看到了我們在 SAM 指導的範圍內的收入趨勢。這一切都很好。

Having said that, we have also to reckon 2 other dynamics aside from the cost optimization program and the demand. The other dynamic is OI&E, which affects EPS in Q3 and Q4. Q1, Q2, we had 2 income quarters as far as OI&E is concerned. They flip into an expense of $50 million for the full year; gives you an order of magnitude of what would be the EPS for each one of Q3, Q4.

話雖如此，除了成本優化計劃和需求之外，我們還必須考慮其他兩個動態。另一個動態是 OI&E，它影響第三季度和第四季度的每股收益。第一季度，第二季度，就 OI&E 而言，我們有兩個收入季度。他們全年花費 5000 萬美元；為您提供 Q3、Q4 每一個的 EPS 的數量級。

And then on free cash flow, the other final element that drives it is we have to deal with supply chain, and we continue to buffer inventory to be ready for the demand in fiscal year '21 for the second half, but also fiscal year '22. We do not expect that the situation on inventory is going to be all of a sudden setting up across the world and across the industries. And we've taken steps, and we'll continue to do so.

然後是自由現金流，另一個推動它的最終因素是我們必須處理供應鏈，我們繼續緩衝庫存，為下半年‘21財年和財年’的需求做好準備22.我們預計庫存情況不會突然在全球和各行各業出現。我們已經採取措施，並將繼續這樣做。

So overall, we're managing, I would say, the resurgent demand environment very well. We're lean from an organization standpoint. Our earnings power is shown by the margins we're posting. And also, you could see that what we're doing on free cash flow, we're doing very, very well. So hopefully, that gives you a color to your questions with the rankings of the various effects at play.

所以總的來說，我想說，我們正在很好地管理復甦的需求環境。從組織的角度來看，我們很精簡。我們公佈的利潤率表明了我們的盈利能力。而且，你可以看到我們在自由現金流方面所做的事情，我們做得非常非常好。因此，希望這可以通過各種影響的排名為您的問題增添色彩。

Katy, this is Antonio. I just want to reinforce a couple of things. I understand the normal sequential seasonality, people trying to get into it. But the fact of the matter is we are delivering record-breaking gross margin. We are raising our EPS guidance despite the supply chain uncertainty. And our business is in huge demand.

凱蒂，這是安東尼奧。我只想強調幾件事。我理解正常的順序季節性，人們試圖進入它。但事實是我們正在實現創紀錄的毛利率。儘管供應鏈存在不確定性，但我們仍在提高 EPS 指引。我們的業務需求量很大。

And it's not just the IT demand, it's the fact that we have unique portfolio, edge-to-cloud, that's meeting the customer needs of today and future-ready for tomorrow. And so I think the fact is that when you look at the full year, right, we have raised guidance now 3 times. And to Tarek's point, it's more than 25% from the beginning of the year. And that's a testament of the momentum we have in the business.

不僅僅是 IT 需求，事實上，我們擁有獨特的產品組合，從邊緣到雲，可以滿足當今客戶的需求，並為未來做好準備。所以我認為事實是，當你看全年時，我們已經提高了 3 次指導。就 Tarek 的觀點而言，它比年初增加了 25% 以上。這證明了我們在業務中的勢頭。

Then obviously, every quarter has ups and downs because of unique things like OI&E or maybe more inventory build-out. But in the end, the takeaway is that we are raising again the EPS for the full year and free cash flow.

然後很明顯，由於 OI&E 或可能更多的庫存增加等獨特的事情，每個季度都有起伏。但最後，我們要再次提高全年每股收益和自由現金流。

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。

I wanted to see if you could give us a sense for the position of your compute installed base. We saw F5 had stronger-than-expected upgrade activity to hardware systems coming out of the worst days of COVID impact. For you guys, how high is the average age of your compute installed base versus normal levels? And are you seeing any upgrade activity start to come through now for on-premise hardware after COVID-related delays last year?

我想看看您是否可以讓我們了解您的計算安裝基礎的位置。我們看到，在 COVID 影響最嚴重的日子裡，F5 對硬件系統的升級活動強於預期。對你們來說，您的計算安裝基礎的平均年齡與正常水平相比有多高？在去年與 COVID 相關的延遲之後，您是否看到任何升級活動現在開始針對本地硬件進行？

Well, sure. Obviously, we are one of the market leaders today in terms of whatever you look at, revenue or market share. But obviously, our portfolio, which is ProLiant, is on the 23 years in the making, and our installed base is incredibly large.

嗯，當然。顯然，無論從收入還是市場份額來看，我們都是當今市場的領導者之一。但顯然，我們的產品組合 ProLiant 已有 23 年的歷史，我們的安裝基礎非常龐大。

The average is probably between 4, 5 years, Kyle, at this point in time. Definitely, it's a pent-up demand to modernize that infrastructure. But it's not just replacing the hardware for the sake of replacing hardware. It's to really bring that cloud experience to that computer source and more and more be able to consume it elastically as a service. And that's the unique value proposition we have, which is not only just the best infrastructure with ProLiant as a franchise, but the fact that we have a provisional life cycle management, and you should stay tuned for more announcement here shortly, but also be able to pivot that installed base to more a consumption base over time, and then more and more as workload-optimized solutions.

Kyle，在這個時間點，平均時間可能在 4、5 年之間。毫無疑問，對基礎設施進行現代化改造是被壓抑的需求。但這不僅僅是為了更換硬件而更換硬件。它是真正將雲體驗帶到該計算機源，並且越來越多的人能夠將其作為服務彈性地使用。這就是我們擁有的獨特價值主張，這不僅是 ProLiant 作為特許經營權的最佳基礎設施，而且是我們擁有臨時生命週期管理的事實，您應該繼續關注這裡的更多公告，但也能夠隨著時間的推移，將安裝基礎轉向更多的消費基礎，然後越來越多地作為工作負載優化的解決方案。

And remember, these platforms come also in a different structure in the sense that you have more options and more technologies built into the platform. And so for us, it's a big opportunity. And I think an accelerator of that position is our GreenLake business. It's not just replacing the old infrastructure of the CapEx, but be able to bring and repatriate workloads on-prem where it makes sense, or actually whole workloads on-prem because now we can deliver a true cloud experience in our consumption-driven model.

請記住，這些平台也有不同的結構，因為你有更多的選擇和平台內置的更多技術。所以對我們來說，這是一個很大的機會。我認為這一職位的加速器是我們的 GreenLake 業務。它不僅取代了資本支出的舊基礎設施，而且能夠在有意義的地方帶來和調回本地工作負載，或者實際上是在本地部署整個工作負載，因為現在我們可以在我們的消費驅動模型中提供真正的雲體驗。

Yes. Let me add to this, Kyle. There's also another aspect that we see the pent-up demand and really the need to modernize the infrastructure and the way the infrastructure is used. But also if the decision to actually modernize the infrastructure and move into consumption isn't made, it's not bad for us because we benefit from extended leasing with our financial services portfolio. It has been doing extremely well with our asset management business as people tend to use the infrastructure more absent a decision or an availability of supply for the equipment they want to use. So it's good for us on all fronts, and we're very happy with that performance on both the core Compute business and HPFS.

是的。讓我補充一點，凱爾。還有另一個方面，我們看到了被壓抑的需求，以及對基礎設施和基礎設施使用方式進行現代化改造的真正需要。但是，如果沒有做出真正使基礎設施現代化並進入消費領域的決定，這對我們來說也不錯，因為我們可以從我們的金融服務組合的延長租賃中受益。我們的資產管理業務一直做得非常好，因為人們更傾向於在沒有決定或他們想要使用的設備供應可用性的情況下使用基礎設施。所以這對我們各方面都有好處，我們對核心計算業務和 HPFS 的表現感到非常滿意。

And last but not least, let's not forget to choose hardware. It's the operational service that come with it because every upgrade cycle, whether it's the traditional way or as-a-Service, obviously, as-a-Service is even better because it comes with 100% attached Pointnext OS. We have seen richer configurations and higher services tested attached. And that's why part of the gross margin expansion you saw in Q2 in Compute, which was 550 basis points, comes also to the fact we are attaching more services to our infrastructure.

最後但同樣重要的是，我們不要忘記選擇硬件。這是隨附的運營服務，因為每個升級週期，無論是傳統方式還是即服務，顯然，即服務甚至更好，因為它帶有 100% 附加的 Pointnext 操作系統。我們看到了更豐富的配置和更高的服務測試附加。這就是為什麼您在第二季度看到的 Compute 毛利率增長 550 個基點的部分原因是我們正在將更多服務附加到我們的基礎架構上。

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

我們的下一個問題將來自富國銀行的 Aaron Rakers。

Yes. Congratulations on the quarter and the raised guide. One of the things that comes up, obviously, is your asset, H3C. I'm just curious, any updated thoughts on how you are thinking about that put optionality, which I believe expires in early '22? And how are you thinking about kind of the use of capital? Any kind of thoughts on more flexibility on M&A or any strategic thoughts on that front?

是的。祝賀本季度和提高指南。顯然，出現的其中一件事是您的資產 H3C。我只是好奇，關於您如何考慮看跌期權的任何最新想法，我認為它會在 22 年初到期？您如何考慮資本的使用？關於在併購方面更加靈活的任何想法或這方面的任何戰略想法？

Well, I will start and then Tarek will comment. Listen, we still have roughly a year to make the decision. The put expire in May 2022. Let me remind everybody that, obviously, China is the second largest IT market and growing. And our setup is unique, is unique in many ways to fulfill the needs of a unique market like China. And I think that, that joint venture with a partner has been incredibly successful, driving shareholder values not at H3C level and also through us, right, because obviously we collect dividends from that joint venture. But it's a way to reach a market that's very hard to compete.

好吧，我會開始，然後 Tarek 會發表評論。聽著，我們還有大約一年的時間來做出決定。認沽期權將於 2022 年 5 月到期。讓我提醒大家，顯然，中國是第二大 IT 市場，並且還在增長。我們的設置是獨一無二的，在很多方面都是獨一無二的，可以滿足像中國這樣的獨特市場的需求。而且我認為，與合作夥伴的合資企業取得了令人難以置信的成功，不僅在 H3C 層面而且還通過我們推動了股東價值，對吧，因為顯然我們從該合資企業收取股息。但這是進入難以競爭的市場的一種方式。

So we will continue to relay what is the best use of that capital in the context of participating in China, and we decided to take action what to do with our capital. But right now, we have not decided one way or the other one. We continue to explore what is the best return for shareholders and also to position the company for growth as we think about the future. I don't know, Tarek, if you have any comments.

因此，我們將繼續傳達在參與中國的背景下如何最好地利用這筆資金，我們決定採取行動如何處理我們的資金。但是現在，我們還沒有決定採用哪種方式。我們繼續探索什麼是對股東的最佳回報，並在我們思考未來時為公司的增長定位。 Tarek，我不知道你是否有任何意見。

You said it very well, Antonio. We have time to make the decision. The put expires in April 2022. So we have a little bit less than a year, and that is to sell all or part of our 49% stake in munis. We feel that this is a stake that continues to accrete in value.

你說得很好，安東尼奧。我們有時間做出決定。看跌期權將於 2022 年 4 月到期。所以我們還有不到一年的時間，那就是出售全部或部分我們在 munis 的 49% 股份。我們認為這是一個持續增值的股權。

Just to put things in perspective for everyone on the call, in fiscal year '20 alone, the equity interest contribution from H3C grew over 20% to $212 million for fiscal year '20. We expect that growth to continue and therefore, the value of our stake to continue to accrete.

只是為了讓每個人都能正確看待事情，僅在 20 財年，H3C 在 20 財年的股權貢獻就增長了 20% 以上，達到 2.12 億美元。我們預計這種增長將繼續下去，因此，我們所持股份的價值將繼續增加。

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

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

I was just going to ask about acquisitions in general and your M&A thoughts. It's been about a year since Silver Peak, a couple of years since MapR. Just -- I know you've made some small acquisitions in the interim, but I'm wondering with the liquidity position you have, the cash flow and your approach to growth where you're at and what you might think are some holes in your portfolio?

我只是想問一下一般的收購和你的併購想法。自 Silver Peak 以來大約一年，自 MapR 以來已有幾年。只是——我知道你在此期間進行了一些小規模的收購，但我想知道你的流動性狀況、現金流和你所處的增長方式，以及你可能認為的一些漏洞你的投資組合？

Yes. No, thank you. Obviously, M&A is an important component of our strategy. And as we have done -- at least I have done now probably 19 of them, as always have been about, obviously, very stringent return on invested capital, very disciplined in that approach. But it's always about bringing intellectual property and talent to accelerate our edge-to-cloud platform vision.

是的。不，謝謝。顯然，併購是我們戰略的重要組成部分。正如我們所做的那樣——至少我現在已經完成了其中的 19 次，顯然，與往常一樣，非常嚴格的投資資本回報率，在這種方法中非常有紀律。但它始終是關於帶來知識產權和人才來加速我們的邊緣到雲平台願景。

Silver Peak was completed in September last year and now fully integrated to the business and now we start seeing the momentum in our Intelligent Edge business. And all the ones we are doing along the way, particularly around data and software-defined assets and so forth. So again, we continue to evaluate what is available there, notwithstanding the fact that we have to be incredibly disciplined.

Silver Peak 於去年 9 月完工，現已完全整合到業務中，現在我們開始看到 Intelligent Edge 業務的發展勢頭。以及我們在此過程中所做的所有事情，特別是圍繞數據和軟件定義資產等。因此，儘管我們必須嚴格遵守紀律，但我們還是繼續評估那裡可用的內容。

As you know, valuation seems to be a little bit too high for some of the assets. But again, if there is something out there that makes sense, we will evaluate it, and we will take the right action. But again, it's an important component of our strategy going forward. And we always talk about the Aruba-like type of things. But we have relayed everything, whatever is relevant for our strategy. I don't know Tarek, if you have any comments on that.

如您所知，某些資產的估值似乎有點過高。但同樣，如果有什麼有意義的東西，我們會對其進行評估，並採取正確的行動。但同樣，這是我們未來戰略的重要組成部分。我們總是談論類似 Aruba 的事情。但我們已經轉達了所有與我們的戰略相關的內容。我不知道 Tarek，如果你對此有任何意見。

Yes. Shannon, I mean, it's very important to maintain discipline and focus in the content -- in a context where valuations in some cases, particularly for some class of assets, a little bit exuberant. But if we can find 2 to 3 Silver Peak type of acquisitions, I don't think Antonio and I will hesitate a second to just go ahead and press the button.

是的。香農，我的意思是，在某些情況下，特別是某些類別的資產的估值有點過高的情況下，保持紀律和專注於內容非常重要。但如果我們能找到 2 到 3 個 Silver Peak 類型的收購，我認為安東尼奧和我會毫不猶豫地繼續按下按鈕。

Our next question will come from Amit Daryanani with Evercore.

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

I guess I was just hoping if you could talk more about the Intelligent Edge performance. The 17% growth, I think, is more impressive, better than what most of your peers have had on the networking side other than Arista, maybe. So maybe you just talk about what is driving the inflection of growth over here? And what is the durability of the double-digit growth really as we go into the back half and beyond? That would be really helpful. And then if I could ask you to clarify this because I may have missed it completely, why is OI&E flipping from positive in the first half to negative in such a big win in the back half?

我想我只是希望您能多談談 Intelligent Edge 的性能。我認為 17% 的增長更令人印象深刻，也許比 Arista 以外的大多數同行在網絡方面的增長要好。所以也許你只是談論是什麼推動了這裡的增長拐點？當我們進入後半段及以後時，兩位數增長的持久性究竟如何？那真的很有幫助。然後如果我可以請你澄清這一點，因為我可能完全錯過了，為什麼 OI&E 在下半場如此大的勝利中從上半場的積極轉變為消極？

Sure. I will start, and Tarek will talk about the OI&E. I mean, obviously, if you look about the way we operate and the growth in IoT and the need for connectivity, obviously, is continuing to grow.

當然。我將開始，Tarek 將談論 OI&E。我的意思是，很明顯，如果你看看我們的運營方式和物聯網的增長以及對連接的需求，顯然，它正在繼續增長。

Interesting enough, 3 years ago, I said that the enterprise of the future will be edge-centric, cloud-enabled and data-driven. And it's playing exactly that way. Unfortunately, through the COVID pandemic, we saw that acceleration. But when you think about digital transformation, right, obviously, we live in a digital economy. And the first step is to be connected. If you're not connected, you're not participating. That connectivity is not just any more users and devices, it's things. Everything is connected to the network. Everything computes, everything generates data.

有趣的是，3 年前，我說過未來的企業將以邊緣為中心、雲支持和數據驅動。它就是這樣玩的。不幸的是，通過 COVID 大流行，我們看到了這種加速。但是，當您考慮數字化轉型時，很明顯，我們生活在數字經濟中。第一步是連接。如果你沒有連接，你就沒有參與。這種連接不僅僅是更多的用戶和設備，而是事物。一切都連接到網絡。一切都在計算，一切都在生成數據。

And so connectivity is at the forefront of the digital transformation. And obviously, remote working is requiring now the need for WiFi connectivity to a level we haven't seen before. But that's an example of what's happening out there. But I will say our innovation with a true cloud-native platform at massive scale. And again, the fact that we already have 100,000 customers, and we're adding 150 customers every day, that tells you the value proposition resonated.

因此，連通性處於數字化轉型的最前沿。顯然，遠程工作現在對 WiFi 連接的需求達到了前所未有的水平。但那是那裡正在發生的事情的一個例子。但我要說的是我們通過真正的大規模雲原生平台進行的創新。再一次，事實上我們已經擁有 100,000 名客戶，而且我們每天都在增加 150 名客戶，這告訴你價值主張引起了共鳴。

We can provision a WAN port, a LAN port or a WiFi port or a BLE or ZigBee, whatever is the means of protocol from the cloud. And we're able to do that in an intelligent and autonomous way. Because ultimately, it's about the data you collect and what experiences you can provide. And so we believe this is absolutely durable. We are very bullish about this business. We expect this business to continue to grow double digits for the balance of the year. And as we add more functionality by cloud platform, particularly with edge computing and 5G, we are going to accelerate that momentum. And when you talk to customers and partners, they love the Aruba experience. Absolutely, they love the simplicity. They love the fact that you improve their experience for their own business and then powers this new way to work. So that's why we are very excited.

我們可以提供一個 WAN 端口、一個 LAN 端口或一個 WiFi 端口或一個 BLE 或 ZigBee，無論來自云的協議是什麼方式。我們能夠以智能和自主的方式做到這一點。因為歸根結底，這與您收集的數據以及您可以提供的體驗有關。所以我們相信這是絕對耐用的。我們非常看好這項業務。我們預計該業務將在今年餘下時間繼續以兩位數的速度增長。隨著我們通過雲平台添加更多功能，尤其是邊緣計算和 5G，我們將加快這一勢頭。當您與客戶和合作夥伴交談時，他們會喜歡 Aruba 體驗。當然，他們喜歡簡單。他們喜歡這樣一個事實，即您可以為他們自己的業務改善他們的體驗，然後為這種新的工作方式提供動力。所以這就是我們非常興奮的原因。

And the other thing is that the platform that Aruba runs the cloud is not the platform we run the rest of the company. When we deploy now one of the data services through the new announcements we made on May 4, or where we deploy compute or where we deploy workload-optimized, is running on the same back end that Aruba was originally created. And that's why we have a true edge-to-cloud platform. And then we lay on top of that the as-a-Service model, whether it's subscription and software, which is growing triple digits on Aruba or whether it's the as-a-Service model with GreenLake. And that's the unique differentiation we have in the marketplace. And that's why we feel very good about the growth prospect of this business. Tarek, on the OI&E?

另一件事是 Aruba 運行雲的平台不是我們運行公司其他部分的平台。當我們現在通過我們在 5 月 4 日發布的新公告部署其中一項數據服務時，或者我們部署計算或部署工作負載優化的位置時，運行在 Aruba 最初創建的同一後端上。這就是我們擁有真正的邊緣到雲平台的原因。然後我們將其置於即服務模型之上，無論是訂閱和軟件，它在 Aruba 上以三位數的速度增長，還是與 GreenLake 的即服務模型。這就是我們在市場上的獨特差異化。這就是為什麼我們對這項業務的增長前景感到非常滿意。 Tarek，關於 OI&E？

Yes. Thank you, Antonio. On the OI&E front, thanks for asking the question as to why we expect OI&E to flip into an expense in the second half. In OI&E, you have effectively 3 effects. The first one is the H3C economic contribution, and the timing of which shifts between quarters. Well, we're, like we said before, very happy with H3C and the economic interest that we have through them and the cash they return to us on a regular basis. So there's a timing element there for H3C. There is also interest expense that is the second force in the OI&E line.

是的。謝謝你，安東尼奧。在 OI&E 方面，感謝您問我們為什麼預計 OI&E 會在下半年變成支出。在 OI&E 中，您實際上有 3 種效果。第一個是 H3C 的經濟貢獻，它的時間在季度之間變化。好吧，正如我們之前所說，我們對 H3C 以及我們通過他們獲得的經濟利益以及他們定期返還給我們的現金非常滿意。所以 H3C 有一個時間元素。還有利息支出是 OI&E 線中的第二股力量。

And then the third force is the Pathfinder portfolio, our venture portfolio, which has been doing extremely well in the first half, and we did flag this in my script. We said we had benefits from revaluations of our investment in Cohesity and IonQ. We had, in the first quarter in OI&E a $16 million income; in the second quarter, a $27 million income. This is on an aggregate basis across the 3 forces. So for the first half, $43 million of OI&E income, and we're guiding for the full year for an expense of $50 million. So that's a $90 million swing.

然後第三股力量是探路者投資組合，我們的風險投資組合，它在上半年表現非常好，我們確實在我的腳本中標記了這一點。我們說我們從對 Cohesity 和 IonQ 投資的重估中獲益。第一季度，我們在 OI&E 的收入為 1600 萬美元；第二季度，收入為 2700 萬美元。這是 3 種力量的總和。因此，上半年的 OI&E 收入為 4300 萬美元，我們預計全年的支出為 5000 萬美元。所以這是一個 9000 萬美元的波動。

And that $90 million swing, if you turn it into an EPS number, you might have to do the math yourself, it's about $0.07 to $0.08 of EPS for the full year, right? That's the thing you have to reckon when you compute your Q3 or Q4 EPS forecast. That's the swing factor there. It does not change the fact that our operating performance remains very, very solid. The swing factor at the OI&E level is explaining a little bit more, hopefully, the guidance for all of you on the call.

而這 9000 萬美元的波動，如果將其轉換為每股收益數字，您可能需要自己計算，全年每股收益約為 0.07 美元至 0.08 美元，對嗎？這是你在計算第三季度或第四季度每股收益預測時必須考慮的事情。這就是那裡的搖擺因素。這並沒有改變我們的經營業績仍然非常非常穩固的事實。 OI&E 級別的搖擺因素正在解釋更多，希望能為你們所有人提供指導。

And I will say again, despite all of that, we have raised the guidance.

我要再說一遍，儘管如此，我們還是提出了指導意見。

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

我們的最後一個問題將來自德意志銀行的 Sidney Ho。

Congrats on solid results and cash flow. My question is on the HPC business. I had expected that business to grow sequentially, especially after a slowdown in Q1. Maybe it's just normal seasonality, but understand the businesses could be lumpy. Are there any trends that you can draw from the last 2 quarters? What are deals that are taking longer to close or being accepted by customers? And more broadly, what gives you confidence that you can hit your 8% to 12% growth target? Maybe you can talk about what's the normal seasonality for that business in fiscal Q3 and fiscal Q4.

祝賀穩健的業績和現金流。我的問題是關於 HPC 業務的。我曾預計該業務會連續增長，尤其是在第一季度放緩之後。也許這只是正常的季節性，但要了解業務可能會起伏不定。您可以從過去兩個季度中得出什麼趨勢嗎？哪些交易需要更長時間才能完成或被客戶接受？更廣泛地說，是什麼讓您有信心實現 8% 到 12% 的增長目標？也許你可以談談該業務在第三季度和第四季度的正常季節性是什麼。

Let me start. I'm going to talk more for the market. Tarek can talk more on the financial side. Listen, the booking momentum is incredibly strong in this business. So you have to look at the booking side and then you have to look at the revenue side. The bookings continue to be just amazing. And I quote that some of the deals we won, these are multimillion dollar deals. Seasonality in this business doesn't really play out that well because the fact of the matter is that you have these large systems that need to be built, shipped, installed. You have to run the workloads. And then only then when the customer accepts the system with the workload running that you can recognize revenue.

讓我開始吧。我要多談談市場。 Tarek 可以在財務方面談得更多。聽著，這項業務的預訂勢頭非常強勁。所以你必須看看預訂方面，然後你必須看看收入方面。預訂量仍然驚人。我引用我們贏得的一些交易，這些都是數百萬美元的交易。這項業務的季節性並沒有真正發揮作用，因為事實是你有這些需要構建、運輸和安裝的大型系統。您必須運行工作負載。然後只有當客戶接受運行工作負載的系統時，您才能確認收入。

And that time can vary. It can be as quick as 3 months; as long as a year, in some cases. Especially when you deploy these massive exascale systems, which we're going to do starting end of the year and then next year in 2022. And sometimes you need to run the workload for a month. But reinstalling the system from the factory image on the floor, sometimes, can take up to 60 days. It's just -- it's a size of football field.

那個時間可能會有所不同。最快3個月；在某些情況下長達一年。尤其是當你部署這些大規模的百億億次級系統時，我們將從今年年底開始，然後是明年 2022 年。有時你需要運行一個月的工作負載。但有時，從地板上的出廠映像重新安裝系統可能需要長達 60 天的時間。它只是——它有一個足球場那麼大。

So I would not think about the seasonality. I think about the long-term growth of the business. We feel pretty good and confident about the CAGR. But even this year, we believe we're going to deliver the 8% to 12% growth, just this year in 2021, right? So this is about keeping the orders book momentum short term, the life cycle of the supply chain and install and acceptance as much as we can. And then this business is a lot of software, right, that gets built around the system itself. So that's why we're very bullish about this system -- this business.

所以我不會考慮季節性。我考慮業務的長期增長。我們對 CAGR 感覺很好，也很有信心。但即使是今年，我們也相信我們將在 2021 年實現 8% 到 12% 的增長，對吧？因此，這是關於保持短期訂單勢頭、供應鏈的生命週期以及盡可能多的安裝和驗收。然後這項業務是圍繞系統本身構建的很多軟件，對吧。所以這就是為什麼我們非常看好這個系統 - 這個業務。

And remember, it's all on the back of the day. That's why we talk about AI and deep learning technologies. Data continue to grow exponentially, and you need more compute. That's a fact at the level you haven't seen before. Tarek, maybe you want to comment on…

請記住，這一切都在一天的後面。這就是我們談論人工智能和深度學習技術的原因。數據繼續呈指數級增長，您需要更多的計算能力。這是您前所未見的事實。 Tarek，也許你想評論......

Yes. No, you said it very well, Antonio. We simply say, look, the order momentum remains very, very strong. It was up double digits in Q2. We have a large awarded order book with over $2 billion of contracts. The pipeline that we are having in mind includes another $5 billion of exascale opportunity to be awarded over the next 3 years.

是的。不，你說得很好，安東尼奧。我們只是說，看，訂單勢頭仍然非常非常強勁。它在第二季度增長了兩位數。我們有大量已授予的訂單，其中包含超過 20 億美元的合同。我們正在考慮的管道包括在未來 3 年內授予的另外 50 億美元的百億億級機會。

The win rates that we observed are very high. We win 5 out of 6 contracts in the exascale space. It's an inherently lumpy business. So I think if you look at it on a quarterly basis, probably not the best picture. You have to look at it on a multiyear basis. And we feel very confident that we can achieve the 8% to 12% CAGR per year, including starting this year, fiscal year '21.

我們觀察到的獲勝率非常高。我們在 exascale 空間的 6 個合同中贏得了 5 個。這是一個本質上不穩定的業務。所以我認為如果你按季度看，可能不是最好的情況。你必須在多年的基礎上看它。我們非常有信心，我們可以實現每年 8% 到 12% 的複合年增長率，包括從今年開始，也就是 '21 財年。

And because of the lumpiness of the revenue, you also have lumpiness in profitability as a result of the revenue profile and the product mix. That doesn't worry us at all. It's the nature of the beast, so to speak. We feel that HPC-MCS is extremely well positioned as a business segment to continue to be a very strong tractor of growth for HPE overall.

而且由於收入的波動性，由於收入狀況和產品組合，您的盈利能力也會波動。這根本不讓我們擔心。可以說，這是野獸的本性。我們認為 HPC-MCS 作為一個業務部門處於非常有利的地位，可以繼續成為 HPE 整體增長的非常強大的牽引力。

And that growth will continue, which, as I said earlier, right, today, the HPC and the Edge already represent 22% of the company's revenue. And as we go forward with both businesses growing double digits, that 22% will be bigger at the different margin than the core, right?

而且這種增長將繼續下去，正如我之前所說，對，今天，HPC 和 Edge 已經占公司收入的 22%。隨著我們兩個業務的兩位數增長，22% 的不同利潤率將比核心業務更大，對吧？

So anyway, I know we are running out of time. Just to close, I'm very pleased with HPE's Q2 results that again, they are marked by strong revenue momentum, profitability and free cash flow. The overall demand is improving, but our execution, our innovation is perfectly timed to the customer needs that we see in the marketplace. And despite there is supply chain uncertainty around specific commodities, we factor all that in, in our ability to execute on the back half, and that's why we are raising, once again for the third time in the year, our EPS and free cash flow.

所以無論如何，我知道我們的時間不多了。最後，我對 HPE 第二季度的業績感到非常滿意，它們再次以強勁的收入勢頭、盈利能力和自由現金流為標誌。整體需求正在改善，但我們的執行力、我們的創新恰到好處地滿足了我們在市場上看到的客戶需求。儘管特定商品的供應鏈存在不確定性，但我們將所有這些因素都考慮在我們後半部分的執行能力中，這就是我們今年第三次提高每股收益和自由現金流的原因.

And I believe the future is edge-to-cloud, and it's going to be consumption-based. Well, I think HPE has a unique value proposition and a set of offerings. And that's why I believe this is a very exciting time for HPE. We have worked really hard despite the pandemic. Our team has been incredibly resilient. And this company has a clear purpose: to advance the way people live or work. And despite the challenges, we continue to support the communities we are in. So again, thank you again for joining the call today, and I hope you continue to stay safe and healthy. And talk to you soon.

而且我相信未來是邊緣到雲的，它將以消費為基礎。好吧，我認為 HPE 具有獨特的價值主張和一系列產品。這就是為什麼我相信這對 HPE 來說是一個非常激動人心的時刻。儘管大流行，我們仍然非常努力。我們的團隊一直非常有彈性。這家公司有一個明確的目標：改善人們的生活或工作方式。儘管面臨挑戰，我們仍繼續支持我們所在的社區。再次感謝您今天加入電話會議，我希望您繼續保持安全和健康。並儘快與您交談。

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

感謝大家。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. Thank you.

女士們，先生們，我們今天的呼籲到此結束。謝謝。