惠普企業 (HPE) 2021 Q1 法說會逐字稿

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

美好的一天，歡迎來到 2021 年第一季度惠普企業收益電話會議。我叫 Cole，我將擔任今天電話會議的會議主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。

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

Great. Thank you. Good afternoon, everyone. I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2021 first 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.

偉大的。謝謝。大家下午好。我是 Hewlett Packard Enterprise 投資者關係主管 Andy Simanek。歡迎您參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2021 財年第一季度收益電話會議；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. We posted the press release and the slide presentation accompanying today's earnings release on our HPE Investor Relations web page at investors.hpe.com.

在將電話轉接給 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。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. 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.

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 January 31, 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 1 月 31 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. Also, please refer to our recently filed Form 8-K for detailed information on our realigned financial results for fiscal year '19 and fiscal year '20 to account for changes to our reporting structure in fiscal year '21 that better align to market trends and more accurately reflect how we are managing the business today.

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。此外，請參閱我們最近提交的 8-K 表格，了解我們重新調整的 19 財年和 20 財年財務業績的詳細信息，以說明我們在 21 財年報告結構的變化，以更好地適應市場趨勢和更準確地反映我們今天如何管理業務。

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 posted to our website and is also embedded within the webcast player for this earnings call.

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。

Well, thanks, Andy, and good afternoon, everyone. Thank you for joining us today, and I hope you and your families continue to be safe and healthy.

好吧，謝謝安迪，大家下午好。感謝您今天加入我們，我希望您和您的家人繼續保持安全和健康。

It is hard to comprehend everything that has transpired around the world over the last year. The world we knew pre-pandemic has changed forever, and the need to use innovative technologies to advance the way people live and business operate has never been greater.

很難理解去年世界各地發生的一切。我們在大流行前所了解的世界已經發生了翻天覆地的變化，使用創新技術來改善人們的生活方式和商業運作方式的需求從未如此強烈。

Improving the health of our communities from educating our children to digitizing our economy and enable its recovery creates an enormous opportunity. I believe we are entering a new era, the age of insight, fueled by the amount of data around us. The arrival of safe and effective COVID-19 vaccines is a marvel of innovation and good news for us all, bringing hope and optimism for what lies ahead. I am personally very excited about the future of innovation and impact it will have.

從教育我們的孩子到使我們的經濟數字化並實現經濟復甦，改善我們社區的健康創造了巨大的機會。我相信我們正在進入一個新時代，即洞察力時代，我們周圍的數據量為它提供了動力。安全有效的 COVID-19 疫苗的問世是創新的奇蹟，也是我們所有人的好消息，為未來帶來希望和樂觀。我個人對創新的未來及其影響感到非常興奮。

I am very pleased with HPE's Q1 results. Our revenue exceeded our outlook and represents a stronger-than-normal sequential seasonality. We significantly expanded our gross and operating margins, driving strong profitability across our businesses ahead of pre-pandemic levels.

我對 HPE 第一季度的業績感到非常滿意。我們的收入超出了我們的預期，代表了強於正常的連續季節性。我們顯著提高了毛利率和營業利潤率，在大流行前水平之前推動了我們所有業務的強勁盈利能力。

Our non-GAAP earnings per share exceeded the high end of our guidance, and free cash flow was a record Q1 performance. These results give us confidence to raise our fiscal year '21 EPS and free cash flow outlook, which we will address in more detail later on the call.

我們的非 GAAP 每股收益超過了我們指導的上限，自由現金流是創紀錄的第一季度業績。這些結果使我們有信心提高我們的 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上更詳細地討論這些問題。

The global pandemic has brought a renewed focus on digital transformation as businesses are rethinking everything from remote work and collaboration to business continuity and data insights. As the work recovers, our customers are looking for the agility and simplicity of the cloud-native world with the flexibility and control of a hybrid business model. This is where we have a unique and differentiated value proposition.

隨著企業重新思考從遠程工作和協作到業務連續性和數據洞察力的一切，全球大流行病使人們重新關注數字化轉型。隨著工作的恢復，我們的客戶正在尋求雲原生世界的敏捷性和簡單性以及混合業務模型的靈活性和控制力。這就是我們擁有獨特且差異化的價值主張的地方。

HPE acted intentionally and quickly last year to become a more agile organization and enable our ability to innovate faster. Our Q1 results demonstrate our progress in enhancing our position to accelerate what comes next for our customers. I am very grateful for our dedicated, passionate and resilient team members. They have been laser-focused on delivering for our customers and executing our strategy to drive long-term sustainable profitable growth for our shareholders.

HPE 去年有意識地迅速採取行動，成為一個更敏捷的組織，並使我們能夠更快地創新。我們的第一季度業績表明我們在提升我們的地位以加速為我們的客戶帶來下一步發展方面取得的進展。我非常感謝我們敬業、熱情和堅韌的團隊成員。他們一直專注於為我們的客戶提供服務並執行我們的戰略，為我們的股東推動長期可持續的盈利增長。

We are strengthening our core businesses, doubling down in key areas of growth and accelerating our as-a-service pivot to become the edge-to-cloud platform as-a-service choice for our customers and partners.

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，成為我們客戶和合作夥伴的邊緣到雲平台即服務選擇。

Our total revenue of $6.8 billion was down 3% from the prior year. When normalized for the backlog from last quarter, this is better-than-expected sequential seasonality.

我們的總收入為 68 億美元，比上一年下降 3%。當對上一季度的積壓進行標準化時，這是好於預期的連續季節性。

We saw solid order linearity intake across all of our businesses throughout the quarter. We are executing on multiple growth opportunities, and we are particularly pleased with strong revenue growth in our Intelligent Edge business and growth in our as-a-service orders and revenue. Going forward, we expect to see gradual improvement in customer spending as we progress through fiscal year '21, giving us the confidence in our ability to deliver on our long-term revenue growth guidance.

整個季度，我們所有業務的訂單線性度都保持穩定。我們正在執行多個增長機會，我們對智能邊緣業務的強勁收入增長以及即服務訂單和收入的增長感到特別高興。展望未來，我們預計隨著 21 財年的進展，客戶支出將逐步改善，這使我們對實現長期收入增長目標的能力充滿信心。

Importantly, our non-GAAP gross margin of 33.7% is up 30 basis points year-over-year and 300 basis points sequentially. Our non-GAAP operating profit of 11.3% is up 130 basis points year-over-year, and our non-GAAP EPS of $0.52 is up 4% year-over-year and significantly above the high end of our outlook.

重要的是，我們的非美國通用會計準則毛利率為 33.7%，同比增長 30 個基點，環比增長 300 個基點。我們的非 GAAP 營業利潤為 11.3%，同比增長 130 個基點，我們的非 GAAP 每股收益為 0.52 美元，同比增長 4%，遠高於我們預期的上限。

We generated a record Q1 free cash flow of $563 million, the highest achieved in the first fiscal quarter in the history of Hewlett Packard Enterprise. These are impressive results made possible through disciplined execution, strong expense management and critical investment prioritization.

我們在第一季度產生了創紀錄的 5.63 億美元自由現金流，這是惠普企業歷史上第一財季的最高水平。這些令人印象深刻的成果是通過嚴格的執行、強有力的費用管理和關鍵投資的優先排序實現的。

Based on the strong start to fiscal year '21, we are raising our fiscal year '21 non-GAAP EPS outlook to $1.70 to $1.88 and free cash flow to $1.1 billion to $1.4 billion.

基於 21 財年的強勁開局，我們將 21 財年的非 GAAP 每股收益預期上調至 1.70 美元至 1.88 美元，自由現金流上調至 11 億美元至 14 億美元。

Tarek will discuss the financial results and outlook in greater detail, but let me first give you some additional context around our business segment performance and innovation highlights for the quarter.

Tarek 將更詳細地討論財務業績和前景，但首先讓我為您提供一些有關本季度業務部門業績和創新亮點的更多背景信息。

To emerge and recover from the global pandemic, enterprises require secure connectivity, data insight and a cloud experience to accelerate their digital transformation, all of which further reinforces the significance of HP's differentiated edge-to-cloud platform as-a-service vision.

為了從全球大流行中復蘇，企業需要安全的連接、數據洞察力和雲體驗來加速他們的數字化轉型，所有這些都進一步強化了惠普差異化的邊緣到雲平台即服務願景的重要性。

In our prioritized areas of growth, our Intelligent Edge business had an outstanding quarter, with revenue of $806 million, up 11% year-over-year. We again expect to take market share in both campus switching and wireless LAN segments of the market.

在我們的優先增長領域，我們的 Intelligent Edge 業務季度表現出色，收入為 8.06 億美元，同比增長 11%。我們再次希望在校園交換和無線 LAN 市場中佔據市場份額。

We are seeing continued traction from our investment at the edge, including rich software capabilities like our Aruba ClearPass security, our cloud-native Aruba Central and most recently, Aruba ESP, our edge services platform.

我們看到我們在邊緣的投資持續受到牽引，包括豐富的軟件功能，如我們的 Aruba ClearPass 安全、我們的雲原生 Aruba Central 以及最近的邊緣服務平台 Aruba ESP。

Our Aruba SaaS revenue grew triple digits year-over-year. The first full quarter following our Silver Peak acquisition reinforces that we are on track to grow high-margin recurring revenue with technology that accelerates our ability to capture the high-growth SD-WAN market opportunity.

我們的 Aruba SaaS 收入同比增長三位數。收購 Silver Peak 後的第一個完整季度強化了我們有望通過加速我們抓住高增長 SD-WAN 市場機會的能力的技術來增加高利潤率的經常性收入。

Our Silver Peak SaaS offering provide customers the ability to connect all their edges and all their clouds in a fully automated and autonomous way.

我們的 Silver Peak SaaS 產品使客戶能夠以完全自動化和自主的方式連接所有邊緣和所有云。

We launched new SD-WAN capabilities to centrally monitor, manage and automate connectivity from branch location to AWS, adding support for the AWS Transit Gateway Connect solution. And early today, you may have seen our announcement introducing new solutions from deeper integration between our Aruba ESP and Microsoft Azure, which will simplify IoT device connectivity and bring Aruba Central to Microsoft Azure.

我們推出了新的 SD-WAN 功能，以集中監控、管理和自動化從分支機構位置到 AWS 的連接，增加了對 AWS Transit Gateway Connect 解決方案的支持。今天早些時候，您可能已經看到我們的公告介紹了我們的 Aruba ESP 和 Microsoft Azure 之間更深入集成的新解決方案，這將簡化物聯網設備連接並將 Aruba Central 引入 Microsoft Azure。

Finally, we introduced a new class of cloud-native and fully automated data center switching products specifically designed for the edge cloud data centers, which represents a $12 billion TAM expansion opportunity for Hewlett Packard Enterprise.

最後，我們推出了專為邊緣雲數據中心設計的新型雲原生和全自動數據中心交換產品，這為惠普企業帶來了 120 億美元的 TAM 擴展機會。

These new offerings also enable us to accelerate the delivery of workload optimized solutions for our HP GreenLake Cloud services offerings. Aruba's innovations is why customers like Santander, SKECHERS USA and L3 Harris are choosing Aruba. We have multi-growth drivers in our Intelligent Edge business, and we believe we are well positioned to outgrow the market.

這些新產品還使我們能夠加快為我們的 HP GreenLake 雲服務產品交付工作負載優化解決方案。 Aruba 的創新是 Santander、SKECHERS USA 和 L3 Harris 等客戶選擇 Aruba 的原因。我們的 Intelligent Edge 業務擁有多種增長動力，我們相信我們有能力超越市場。

High-performance compute and mission-critical solution is inherently a lumpy business due to the timing of deals and customer uncertainties because we can only recognize revenues once customer workloads are in production. In Q1, revenue was down 9% from the prior year. We remain very confident in this high-growth segment based on our backlog of our awarded business, which now exceeds well over $2 billion of exascale contracts and a robust pipeline of multimillion-dollar sized deals.

由於交易時間和客戶的不確定性，高性能計算和關鍵任務解決方案本質上是一項不穩定的業務，因為我們只能在客戶工作負載投入生產後才能確認收入。第一季度，收入同比下降 9%。基於我們積壓的已授予業務，我們對這個高增長領域仍然非常有信心，這些業務現在超過 20 億美元的百億億級合同和數百萬美元規模交易的強大渠道。

We are on track to deliver the 8% to 12% annual growth rate communicated at our Security Analyst Meeting last fall. We have a market-leading and differentiated portfolio of technologies that will power the new age of insight.

我們有望在去年秋天的安全分析師會議上實現 8% 至 12% 的年增長率。我們擁有市場領先且差異化的技術組合，將推動洞察力的新時代。

We recently introduced HP GreenLake Cloud Services for HPC to accelerate enterprise Main Street adoption or high-performance computing, targeting a $3 billion to $4 billion TAM. Enterprises are running analytics on increasingly large data sets and are adopting new techniques such as artificial intelligence, deep learning and machine learning. And then now we have access to HPC technologies that were historically out of reach.

我們最近推出了用於 HPC 的 HP GreenLake 雲服務，以加速企業 Main Street 的採用或高性能計算，目標是 30 億至 40 億美元的 TAM。企業正在對越來越大的數據集進行分析，並正在採用人工智能、深度學習和機器學習等新技術。然後現在我們可以訪問歷史上遙不可及的 HPC 技術。

In Q1, we won 2 major HPC awards, one with the National Center of Atmospheric Research, a contract worth $35 million, to build a supercomputer for extreme weather research; and another that expands NASA's HP Akin Supercomputer.

第一季度，我們獲得了 2 個主要的 HPC 獎項，一個是與美國國家大氣研究中心簽訂的一份價值 3500 萬美元的合同，用於建造一台用於極端天氣研究的超級計算機；另一個擴展了 NASA 的 HP Akin 超級計算機。

We also completed the installation of the Dammam 7 supercomputer for Saudi Aramco, which immediately became 1 of the top 10 supercomputers in the world.

我們還為沙特阿美公司完成了Dammam 7超級計算機的安裝，該超級計算機立即成為世界十大超級計算機之一。

Finally, on February 20, you may have seen that HPC Spaceborne Computer 2 was launched into orbit for use on the International Space Station. This system is enabling real-time data processing with advanced commercial edge computing in space for the first time as NASA prepares for future missions.

最後，在 2 月 20 日，您可能已經看到 HPC 星載計算機 2 被發射進入軌道，供國際空間站使用。隨著 NASA 為未來的任務做準備，該系統首次在太空中使用先進的商業邊緣計算實現實時數據處理。

Today, I want to share the news that Pete Ungaro has decided to leave the company in April. Pete joined HP with Cray -- with the Cray acquisition and ensured the successful integration of the 2 companies. He has made significant contribution and has grown the business despite the complications and backlog brought by the global pandemic last year. Pete will stay on with the company in a consulting capacity for 6 months. And I'm really grateful for him -- to him for his leadership.

今天，我想分享一個消息，Pete Ungaro 決定在四月份離開公司。 Pete 與 Cray 一起加入了惠普——通過對 Cray 的收購確保了兩家公司的成功整合。儘管去年全球大流行帶來了並發症和積壓，他還是做出了重大貢獻並發展了業務。 Pete 將以諮詢身份留在公司 6 個月。我真的很感謝他——感謝他的領導能力。

I am pleased to announce that Justin Hotard, a seasoned HP leader, will take over the leadership of the HPC MCS business and also Hewlett Packard Labs reporting to me. Justin has brought an extensive experience across the company that includes leading our HPE Compute business, where he transformed the x86 compute portfolio and delivered revenue growth, profitability and market share expansion. I'm excited about what Justin will bring to the business.

我很高興地宣布，經驗豐富的 HP 領導者 Justin Hotard 將接管 HPC MCS 業務，並向我匯報惠普實驗室。 Justin 為整個公司帶來了豐富的經驗，包括領導我們的 HPE 計算業務，在那裡他轉變了 x86 計算產品組合併實現了收入增長、盈利能力和市場份額擴展。我很期待 Justin 將為公司帶來什麼。

In the core businesses of Compute and Storage, our strategy to grow in profitable segments and pivot to more as-a-service solutions is paying off. We drove strong profitability and cash flow in both businesses.

在計算和存儲的核心業務中，我們在盈利領域實現增長並轉向更多即服務解決方案的戰略正在取得成效。我們推動了這兩項業務的強勁盈利能力和現金流。

In Compute, our operating margins of 11.5% increased 80 basis points year-over-year and 490 basis points quarter-over-quarter. Our revenue declined 2% from the prior year but was up low single digits sequentially when normalized for the backlog in Q4. We are encouraged by the sequential growth in new orders intake, taking into account our normal Q2 seasonality.

在計算方面，我們 11.5% 的營業利潤率同比增長 80 個基點，環比增長 490 個基點。我們的收入比上一年下降了 2%，但在對第四季度的積壓訂單進行標準化處理後，連續增長了低個位數。考慮到我們正常的第二季度季節性，我們對新訂單數量的連續增長感到鼓舞。

Just last week, we launched our new HPE 5G open run solution stack for telecommunications companies to accelerate the commercial adoption of open run in 5G network deployments. This is a transformative technology, featuring the industry's first server optimized for 5G open run workloads with our HP ProLiant servers. This complements the HPE 5G core stack and build last year in March.

就在上週，我們為電信公司推出了新的 HPE 5G 開放運行解決方案堆棧，以加速開放運行在 5G 網絡部署中的商業採用。這是一項變革性技術，採用業界首款針對 5G 開放式運行工作負載優化的服務器以及我們的 HP ProLiant 服務器。這補充了 HPE 5G 核心堆棧並於去年 3 月構建。

Orange, one of the world's largest mobile network operators, is currently working with HPE to test a full 5G core stack in preparation for broader commercial deployment.

Orange 是全球最大的移動網絡運營商之一，目前正與 HPE 合作測試完整的 5G 核心堆棧，為更廣泛的商業部署做準備。

In Storage, revenue was down 6% from the prior year, with operating margins of 19.7%, which is above the target profitability range we discussed at SAM.

在存儲方面，收入比上年下降 6%，營業利潤率為 19.7%，高於我們在 SAM 上討論的目標盈利範圍。

We continue to see strong revenue growth in our own IP software-defined portfolio, where we have been investing. Our HPE Primera business grew triple digits year-over-year and soon will be bigger than our 3PAR business. This is the fastest revenue ramp ever achieved in our HP storage portfolio.

我們繼續在我們自己的 IP 軟件定義產品組合中看到強勁的收入增長，我們一直在這些領域進行投資。我們的 HPE Primera 業務同比增長三位數，很快就會超過我們的 3PAR 業務。這是我們的惠普存儲產品組合實現的最快的收入增長。

Our overall HPE All Flash Array portfolio grew 5%, driven by both HPE Primera and HP Nimble storage. Our hyper-converged strategy continued to gain traction. Our HP Nimble dHCI next-generation technology, powered with artificial intelligence, give customers a cloud-native experience in their own data centers, where they also have the ability to control costs while maintaining data compliance and security.

在 HPE Primera 和 HP Nimble 存儲的推動下，我們的整體 HPE 全閃存陣列產品組合增長了 5%。我們的超融合戰略繼續受到關注。我們的 HP Nimble dHCI 下一代技術由人工智能提供支持，可為客戶在他們自己的數據中心提供雲原生體驗，他們還能夠在保持數據合規性和安全性的同時控製成本。

Our focus on our own IP software-defined portfolio also improves our ability to attach rich services to our product offerings. Our storage operational services attach intensity is up double digits year-over-year.

我們對自己的 IP 軟件定義產品組合的關注也提高了我們將豐富的服務附加到我們的產品的能力。我們的存儲運營服務附加強度同比增長兩位數。

We're also integrating cloud-native software technologies to empower our field and accelerate sales velocity. Just last week, we completed the acquisition of CloudPhysics. This deal provides us with a SaaS-based tool that analyzes IT environment to provide a quick return on investment recommendations for cloud migrations, application modernization and infrastructure. I am very excited about this new addition to our set of capabilities, which we will expand across our entire HP portfolio.

我們還整合了雲原生軟件技術，以增強我們的領域並加快銷售速度。就在上週，我們完成了對 CloudPhysics 的收購。這筆交易為我們提供了一個基於 SaaS 的工具，該工具可以分析 IT 環境，為雲遷移、應用程序現代化和基礎設施提供快速的投資回報建議。我對我們的一系列新功能感到非常興奮，我們將把它擴展到我們的整個 HP 產品組合中。

Our pivot to as-a-service continues its strong momentum. Our annualized revenue run rate of $649 million was up 27% year-over-year. And we had our highest first quarter ever with HP GreenLake Cloud services. The customer adoption continued to be very strong. In Q1, we gained more than 70 new HP GreenLake cloud services logos.

我們以即服務為中心繼續保持強勁勢頭。我們的年化收入運行率為 6.49 億美元，同比增長 27%。惠普 GreenLake 雲服務讓我們的第一季度業績創歷史新高。客戶採用率仍然非常高。第一季度，我們獲得了 70 多個新的 HP GreenLake 雲服務標識。

Lineas, Europe's largest private rail freight operator, selected HP GreenLake Cloud services to support its transformation from a conventional freight company into a high-performing, efficient and sustainable transport system for the European logistics industry. We remain very confident in our unique approach and differentiate the portfolio to capitalize on the rapidly growing on-premises as-a-service market.

歐洲最大的私營鐵路貨運運營商 Lineas 選擇了 HP GreenLake 雲服務，以支持其從一家傳統貨運公司轉型為面向歐洲物流業的高性能、高效和可持續的運輸系統。我們仍然對我們獨特的方法充滿信心，並使產品組合脫穎而出，以利用快速增長的本地即服務市場。

Our new HPE software portfolio and our HP GreenLake manage services offerings enable a true consumption-based experience. Our HP GreenLake Cloud services customer retention rates are above 95%, and the average customer usage of our cloud services currently running at 120% of original commitment, driven by customer expansion in their capacity utilization. We are excited about this long-term opportunity, and I'm very confident in our 30% to 40% CAGR target by fiscal year '22.

我們新的 HPE 軟件產品組合和我們的 HP GreenLake 管理服務產品可實現真正的基於消費的體驗。我們的 HP GreenLake 雲服務客戶保留率超過 95%，我們的雲服務的平均客戶使用率目前運行在最初承諾的 120%，這是由於客戶容量利用率的擴展。我們對這個長期機會感到興奮，我對我們在 22 財年實現 30% 至 40% 的複合年增長率目標充滿信心。

HP continued to benefit from capabilities and services that enable growth in our core business segments. HP Pointnext operational services had a solid quarter. Order trends are improving and revenue has stabilized to flat year-over-year with expanded operating profit margins.

惠普繼續受益於促進我們核心業務部門增長的能力和服務。 HP Pointnext 運營服務有一個穩定的季度。隨著營業利潤率的擴大，訂單趨勢正在改善，收入已穩定為同比持平。

HP Financial Services provide significant value to our customers as they rebuild and rethink their IT transformation requirements. Q1 revenue stabilized with improved collections to deliver a return on equity of 16.5%.

惠普金融服務為我們的客戶提供了巨大的價值，因為他們重建和重新考慮他們的 IT 轉型需求。第一季度收入隨著收款的改善而穩定下來，實現了 16.5% 的股本回報率。

Overall, I'm pleased with how we started fiscal year '21. Because of our strong start, we are raising our outlook for both EPS and free cash flow.

總的來說，我對我們如何開始 21 財年感到滿意。由於我們開局強勁，我們提高了對每股收益和自由現金流的展望。

I talk to customers and partners almost every day. And while there continue to be some level of uncertainty, one thing is clear. Customers are looking to accelerate their transformations and in a partner with the right technology, expertise and financial flexibility. Our distinctive and industry-leading portfolio of edge-to-cloud solutions and unique capabilities is resonating with customers. And I believe our team is one of the best in the industry. I'm impressed with our team members' commitment to make bold moves and ensuring we stay true to our service.

我幾乎每天都與客戶和合作夥伴交談。儘管仍然存在一定程度的不確定性，但有一點是明確的。客戶希望加速轉型，並尋求擁有合適技術、專業知識和財務靈活性的合作夥伴。我們獨特且行業領先的邊緣到雲解決方案組合和獨特的功能正在引起客戶的共鳴。我相信我們的團隊是業內最好的團隊之一。我們的團隊成員致力於採取大膽行動並確保我們忠於我們的服務，這給我留下了深刻印象。

For the third year in a row, HP has been named one of the world's most ethical companies by the Ethisphere Institute. And just last week, HP received the terms of Reuters Foundation's Top Slavery Enterprise Award for our leadership in limiting the risk of slavery in our supply chain and operations.

惠普連續第三年被 Ethisphere Institute 評為全球最具商業道德的公司之一。就在上週，惠普因我們在限制供應鍊和運營中的奴役風險方面的領導作用而獲得了路透社基金會頒發的頂級奴役企業獎。

With this unstoppable team and our portfolio leading solutions, we are well positioned to capture the tremendous opportunity ahead in fiscal year '21 and beyond.

憑藉這支不可阻擋的團隊和我們領先的解決方案組合，我們有能力抓住 21 財年及以後的巨大機遇。

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

有了這個，讓我把它交給 Tarek 來審查季度結果。塔雷克？

Thank you very much, Antonio. I'll start with a summary of our financial results for the first 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.

非常感謝你，安東尼奧。我將從 21 財年第一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 discussed the key highlights for this quarter on Slide 1. And now let me discuss our financial performance and KPIs, starting with Slide 2. I am delighted to report that our Q1 results were marked by continued momentum in revenue, substantial gross and operating margin expansion and robust cash generation.

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和 KPI。我很高興地向大家報告，我們第一季度的業績表現出持續的收入增長勢頭、可觀的毛利率和營業利潤率擴張和強勁的現金產生。

We delivered Q1 revenues of $6.8 billion, down 3% from the prior year period, but better than our typical historical sequential seasonality when normalizing for Q4 backlog. I am particularly proud of the fact that our non-GAAP gross margin returned to above pre-pandemic levels and was up 30 basis points from the prior year period and up 300 basis points sequentially. This was driven by strong pricing discipline, the absence of backlog-related headwinds, cost takeouts and an ongoing favorable mix shift towards higher-margin software-rich offerings.

我們在第一季度實現了 68 億美元的收入，比去年同期下降了 3%，但在對第四季度積壓訂單進行標準化時好於我們典型的歷史連續季節性。我特別自豪的是，我們的非美國通用會計準則毛利率恢復到大流行前水平以上，比去年同期上升 30 個基點，環比上升 300 個基點。這是由於強大的定價紀律、沒有與積壓相關的逆風、成本削減以及持續有利的組合轉向利潤率更高的軟件產品。

Our operating expenses decreased year-over-year, thanks to our ongoing structural efficiency measures as well as some timing-related benefits related to hiring in key selected areas, which have been pushed out.

我們的運營費用同比下降，這要歸功於我們正在進行的結構性效率措施以及一些與關鍵選定領域招聘相關的時間相關福利，這些福利已被推遲。

Our non-GAAP operating margin was 11.3%, up 130 basis points from the prior year, which translates to an 11% year-over-year increase in operating profit. As a result of our strong execution, we ended the quarter with non-GAAP EPS of $0.52, which was up 4% from the prior year and significantly above the higher end of our outlook range.

我們的非美國通用會計準則營業利潤率為 11.3%，比上年增長 130 個基點，這意味著營業利潤同比增長 11%。由於我們執行力強，本季度末非公認會計準則每股收益為 0.52 美元，比去年同期增長 4%，遠高於我們預期範圍的上限。

Q1 cash flow from operations was close to $1 billion, driven by better profitability and strong operational discipline as well as working capital timing benefits. Q1 free cash flow was $563 million, which was up approximately $750 million from the prior year and a record level for any first HPE first quarter.

第一季度來自運營的現金流接近 10 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的時機優勢。第一季度自由現金流為 5.63 億美元，比上年增長約 7.5 億美元，創下 HPE 第一季度的歷史新高。

Finally, we paid $155 million of dividends in the quarter and are declaring a Q2 dividend today of $0.12 per share payable in April 2021.

最後，我們在本季度支付了 1.55 億美元的股息，今天宣布第二季度股息為每股 0.12 美元，將於 2021 年 4 月支付。

Now let's turn to our segment highlights on Slide 3. In Intelligent Edge, we accelerated our momentum with rich software capabilities, delivering 11% year-over-year growth, our third consecutive quarter of sequential growth.

現在讓我們轉到幻燈片 3 上的細分市場亮點。在 Intelligent Edge 中，我們通過豐富的軟件功能加快了發展勢頭，實現了 11% 的同比增長，這是我們連續第三個季度實現連續增長。

Switching was up 5% year-over-year with double-digit growth in North America. And wireless LAN was up 11% year-over-year with double-digit growth in both North America and APJ.

轉換量同比增長 5%，北美地區實現兩位數增長。無線 LAN 同比增長 11%，北美和 APJ 均實現兩位數增長。

Additionally, the Aruba SaaS offering was up triple digits year-over-year and is now a significant contributor to HPE overall ARR. Based on our solid performance, we expect to take share again this quarter in both campus switching and wireless LAN. We are also seeing the significant operating profit potential of this business with operating margins in Q1 of 18.9%, up 680 basis points year-over-year as we drove greater productivity from past investments and operational leverage benefits kick in.

此外，Aruba SaaS 產品同比增長三位數，現在是 HPE 總體 ARR 的重要貢獻者。基於我們穩健的表現，我們預計本季度將在園區交換和無線局域網領域再次佔據份額。我們還看到該業務具有巨大的營業利潤潛力，第一季度的營業利潤率為 18.9%，同比增長 680 個基點，因為我們從過去的投資中提高了生產率，並且運營槓桿效益開始發揮作用。

Finally, I am pleased to say we recognized our first full quarter of revenue from the acquisition of Silver Peak, the premium growth SD-WAN leader, which contributed approximately 500 basis points to the Intelligent Edge top line growth.

最後，我很高興地說，我們通過收購高級增長 SD-WAN 領導者 Silver Peak 確認了我們第一個完整季度的收入，這為 Intelligent Edge 收入增長貢獻了大約 500 個基點。

In HPC and MCS, revenue declined 9% year-over-year, primarily due to the inherent lumpiness of the business, which is linked to the timing of deals and customer acceptance milestones.

在 HPC 和 MCS 中，收入同比下降 9%，這主要是由於業務固有的不穩定性，這與交易時間和客戶接受度里程碑有關。

We remain very confident in the near-term and longer-term outlook for this business and are reaffirming our full year and 3-year revenue growth CAGR target of 8% to 12%, respectively, as highlighted at SAM.

正如在 SAM 上強調的那樣，我們對這項業務的近期和長期前景仍然充滿信心，並重申我們的全年和 3 年收入複合年增長率目標分別為 8% 至 12%。

We have an extremely strong order book of over $2 billion worth of awarded exascale contracts with another $5-plus billion of market opportunity over the next 3 years.

我們擁有價值超過 20 億美元的已授予百億億級合同的極其強勁的訂單，在未來 3 年內還有另外 5 多億美元的市場機會。

Finally, we announced the launch of our HPC as a Service offer, which we expect to gain traction later this year and become a further contributor to our overall growing ARR profile.

最後，我們宣布推出我們的 HPC 即服務產品，我們預計它會在今年晚些時候獲得牽引力，並成為我們整體增長的 ARR 概況的進一步貢獻者。

In Compute, revenue stabilized to a 2% year-over-year decline, but was up low single digits sequentially when normalizing for Q4 backlog, which attest of a strong order momentum in the quarter.

在 Compute 領域，收入穩定在同比下降 2% 的水平，但在對第四季度積壓訂單進行歸一化處理後，收入連續下降個位數，這證明了本季度強勁的訂單勢頭。

Gross and operating margins were up meaningfully quarter-over-quarter due to the absence of any backlog-related margin impact, improved supply chain execution and the rightsizing of the cost structure of this segment. We ended the quarter with an operating profit margin of 11.5%, up 80 basis points from prior year period and at the high end of our long-term margin guidance for this segment provided at SAM.

由於沒有任何與積壓相關的利潤率影響、改善的供應鏈執行以及該部門成本結構的調整，毛利率和營業利潤率環比大幅上升。本季度結束時，我們的營業利潤率為 11.5%，比去年同期增長 80 個基點，處於 SAM 提供的該部門長期利潤率指導的高端。

Within storage, revenue declined 6% year-over-year, driven by difficult prior year compare, but with strong growth in software-defined offerings. We are extremely well positioned in Storage with Primera and Nimble dHCI. Our most software rich platforms, they are both growing triple digits year-over-year.

在存儲方面，收入同比下降 6%，這是由於前一年比較艱難，但軟件定義產品的強勁增長。通過 Primera 和 Nimble dHCI，我們在存儲領域處於非常有利的地位。我們最豐富的軟件平台，它們都以三位數的年增長率增長。

They are absolute winners in the market, and Primera is on track to surpass 3PAR sales as early as next quarter.

他們是市場上的絕對贏家，Primera 有望在下個季度超越 3PAR 的銷售額。

We also saw notable strength in overall Nimble, up 31% year-over-year, and total all-flash arrays were up 5% year-over-year. The mix shift towards our more software-rich platforms helped drive storage operating profit margins to 19.7%, well above our long-term outlook for this segment presented at SAM last October.

我們還看到 Nimble 的整體實力顯著，同比增長 31%，全閃存陣列總量同比增長 5%。向我們更豐富的軟件平台的組合轉變幫助將存儲營業利潤率推高至 19.7%，遠高於我們去年 10 月在 SAM 上提出的該細分市場的長期展望。

With respect to Pointnext operational services, including Nimble services, revenue stabilized and was flat year-over-year, driven by the increased focus of our BU segments on selling products and services as bundles, improved services intensity and are growing as-a-service business, which I remind you, involves service attach rates of 100%. This is very important to note because all of our services -- all of our OS revenue is recurring with 3-year average contract length, and OS remains the highest operating margin contributor to our segments.

關於 Pointnext 運營服務，包括 Nimble 服務，收入穩定且同比持平，這是由於我們的 BU 部門更加關注捆綁銷售產品和服務，提高服務強度並作為服務增長我提醒您的業務涉及 100% 的服務附加率。這一點非常重要，因為我們所有的服務——我們所有的操作系統收入都是以 3 年平均合同期限重複出現的，操作系統仍然是我們部門的最高營業利潤率貢獻者。

Within HPE Financial Services, revenue stabilized and was slightly down 1% year-over-year. As expected, we are seeing sequential improvements in our bad debt loss ratios, ending this quarter at approximately 0.9%, which continues to be best-in-class within the industry.

在 HPE 金融服務中，收入穩定並同比小幅下降 1%。正如預期的那樣，我們看到壞賬損失率連續改善，本季度末約為 0.9%，繼續保持行業最佳水平。

We have also seen strong cash collections well above pre-COVID levels. As a result, our non-GAAP operating margin was 9.8%, up 110 basis points on the prior year. And our return on equity is back to a pre-pandemic high teens level of 16.5%.

我們還看到強勁的現金回款遠高於 COVID 前的水平。因此，我們的非 GAAP 營業利潤率為 9.8%，比上年增長 110 個基點。我們的股本回報率回到了大流行前 16.5% 的青少年高水平。

Slide 4 highlights key metrics of our growing as-a-service business. Similar to last quarter, we are making great strides in our as-a-service offering this quarter with over 70 new GreenLake logos added in Q1. I am very pleased to report that our Q1 21 ARR came in at $649 million, representing 27% year-over-year reported growth. Total as-a-service orders were up 26% year-over-year, driven by very strong performance in Europe and Japan.

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。與上一季度類似，本季度我們在即服務產品方面取得了長足進步，第一季度新增了 70 多個 GreenLake 徽標。我很高興地報告，我們 21 年第一季度的 ARR 為 6.49 億美元，同比增長 27%。受歐洲和日本強勁表現的推動，即服務訂單總額同比增長 26%。

Our HPE Aruba Central SaaS platform also contributed to grow revenues strong triple digits year-over-year. Based on strong customer demand and recent wins, I am very happy with how this business is executing and progressing towards achieving its ARR growth targets of 30% to 40% CAGR from fiscal year '20 to fiscal year '23, which I am reiterating today.

我們的 HPE Aruba Central SaaS 平台也促進了收入同比增長強勁的三位數。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，以實現其從 20 財年到 23 財年 30% 至 40% 複合年增長率的 ARR 增長目標，我今天重申這一目標.

Slide 5 highlights our revenue and EPS performance to date, where you can clearly see the strong rebound from our Q2 trough. Revenue returned back to near pre-pandemic levels last quarter. And with the operational execution of our cost optimization and resource allocation program, we have nearly doubled EPS from the trough and are now growing year-over-year.

幻燈片 5 重點介紹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第二季度的低谷中強勁反彈。上個季度收入恢復到接近大流行前的水平。通過我們的成本優化和資源分配計劃的運營執行，我們的每股收益幾乎翻了一番，現在還在逐年增長。

Turning to Slide 6. We delivered a non-GAAP gross margin rate of Q1 -- in Q1 of 33.7% of revenues, which was up 300 basis points sequentially and 30 basis points from the prior year period. This was driven by strong pricing discipline, the absence of backlog-related headwinds we had in the second half of last year, 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 Storage.

轉到幻燈片 6。我們提供了第一季度的非 GAAP 毛利率——第一季度為收入的 33.7%，比上年同期上升 300 個基點和 30 個基點。這是由嚴格的定價紀律、我們去年下半年沒有與積壓相關的逆風、運營服務、成本削減和自動化帶來的利潤擴張以及向高利潤軟件業務的積極組合轉變所推動的，例如智能邊緣和存儲。

Moving to Slide 7. You can also see we have expanded non-GAAP operating profit margins, which is up 280 basis points sequentially and 130 basis points from the prior year period. We have done this by driving further productivity benefits while simultaneously maintaining our investment levels in R&D and field selling costs, which are critical to fuel our innovation engine and revenue growth targets.

轉到幻燈片 7。您還可以看到我們擴大了非 GAAP 營業利潤率，環比上升 280 個基點，比去年同期上升 130 個基點。我們通過進一步提高生產力來實現這一目標，同時保持我們在研發和現場銷售成本方面的投資水平，這對於推動我們的創新引擎和收入增長目標至關重要。

Q1 operating expenses also benefited from delayed hiring and a pushout of select investments that we will be making to drive further growth.

第一季度的運營支出也受益於延遲招聘和推出我們將為推動進一步增長而進行的精選投資。

Turning to Slide 8, we generated record levels of first quarter cash flows. Cash flow from operations was approximately $1 billion, and free cash flow was $563 million for the quarter, up approximately $750 million from the prior year period. This was primarily driven by the increased profitability, strong operational discipline and some working capital in year timing related benefits.

轉向幻燈片 8，我們產生了創紀錄水平的第一季度現金流量。本季度運營現金流約為 10 億美元，自由現金流為 5.63 億美元，較上年同期增加約 7.5 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與年度時間相關的收益中的一些營運資金所推動的。

Now moving on to Slide 9. Let me remind everyone about the strength of our diversified balance sheet, liquidity position, which are a competitive advantage in the current environment. As of our January 31 quarter end, we had approximately $4.2 billion of cash on hand.

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，流動性狀況，這是當前環境下的競爭優勢。截至 1 月 31 日的季度末，我們手頭有大約 42 億美元的現金。

Together with an undrawn revolving credit facility of $4.75 billion at our disposal, we currently have approximately $9 billion of liquidity.

加上我們可支配的 47.5 億美元的未提取循環信貸額度，我們目前擁有大約 90 億美元的流動資金。

Finally, I would like to reiterate that we remain committed to maintaining our investment-grade credit rating, which was recently reaffirmed by the rating agencies. Bottom line, our improved free cash flow outlook and cash position ensures we have ample liquidity to run our operations, continue to invest in our business to drive growth and execute on our strategy.

最後，我想重申，我們仍然致力於維持我們最近被評級機構重申的投資級信用評級。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，繼續投資於我們的業務以推動增長並執行我們的戰略。

Now turning to outlook on Slide 10. At our October 2020 Securities Analyst Meeting, we provided our outlook for fiscal year '21, which we raised by $0.03 at the midpoint to $1.60 to $1.78 in our last earnings release. Today, I'm pleased to announce that we are raising our fiscal year guidance for fiscal year '21 once again to reflect our strong operational performance to date and confidence in our outlook.

現在轉向幻燈片 10 的展望。在我們 2020 年 10 月的證券分析師會議上，我們提供了對 21 財年的展望，我們在上一次收益發布中將其中點上調了 0.03 美元，達到 1.60 美元至 1.78 美元。今天，我很高興地宣布，我們將再次提高 21 財年的財年指導，以反映我們迄今為止強勁的運營業績和對我們前景的信心。

We now expect to grow our fiscal year '21 non-GAAP operating profit by over 20% and expect to deliver fiscal year '21 non-GAAP diluted net earnings per share between $1.70 to $1.88, which is a $0.10 per share improvement on the midpoint of our prior EPS guidance of $1.60 to $1.78.

我們現在預計 21 財年非 GAAP 營業利潤將增長 20% 以上，並預計 21 財年非 GAAP 攤薄後每股淨收益在 1.70 美元至 1.88 美元之間，較中點每股增加 0.10 美元我們之前的 EPS 指導值為 1.60 美元至 1.78 美元。

From a top line perspective, we are pleased with the momentum we saw in Q1. And whilst we continue to see gradual improvement, we remain prudent as we and the rest of the world continue to navigate the pandemic and related macro uncertainties. More specifically for Q2 '21, we expect revenue to be slightly better than in line with our normal sequential seasonality of down mid-single digits from Q1. This still represents double-digit year-over-year growth from the $6 billion trough of Q2 of fiscal year '20.

從頂線的角度來看，我們對第一季度的勢頭感到滿意。雖然我們繼續看到逐步改善，但隨著我們和世界其他地區繼續應對大流行病和相關的宏觀不確定性，我們仍然保持謹慎。更具體地說，對於 21 年第二季度，我們預計收入將略好於我們從第一季度開始連續下降中個位數的正常連續季節性。與 20 財年第二季度 60 億美元的低谷相比，這仍然是兩位數的同比增長。

Now with respect to supply chain, I would like to remind everyone that we exited Q4 of fiscal year '20 with higher levels of inventory to protect against the risk of a short-term supply squeeze and address improved customer demand. With these actions and other proactive steps that we've taken in Q1, we do not expect any meaningful impacts on our supply chain in the near term. We are now turning our attention to working on strengthening our inventory supply for the second half of fiscal year '21 as we see improved levels of demand, recognizing also that we have entered an inflationary environment for memory components.

現在關於供應鏈，我想提醒大家，我們以更高的庫存水平結束了 20 財年第四季度，以防範短期供應緊縮的風險並滿足客戶需求的改善。通過我們在第一季度採取的這些行動和其他積極措施，我們預計短期內不會對我們的供應鏈產生任何有意義的影響。我們現在正將注意力轉向努力加強 21 財年下半年的庫存供應，因為我們看到需求水平有所提高，同時也認識到我們已經進入內存組件的通脹環境。

For Q2 '21, we expect GAAP diluted net EPS of $0.02 to $0.08 and non-GAAP diluted net EPS of $0.38 to $0.44. Additionally, given our record levels of cash flow this quarter and raised earnings outlook, I am very pleased to announce that we are also raising fiscal year '21 free cash flow guidance from our SAM guidance of $900 million to $1.1 billion to a revised outlook of $1.1 billion to $1.4 billion, a $250 million increase at the midpoint.

對於 21 年第二季度，我們預計 GAAP 稀釋後淨每股收益為 0.02 美元至 0.08 美元，非 GAAP 稀釋後淨每股收益為 0.38 美元至 0.44 美元。此外，鑑於本季度我們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導從我們的 SAM 指導 9 億美元提高到 11 億美元，修訂後的展望為11 億美元至 14 億美元，中點增加 2.5 億美元。

So overall, Antonio and I are proud of these results. We have navigated well through unprecedented challenges in the last fiscal year and have started the new fiscal year strong out of the gate. We saw significant acceleration and customer demand in our Intelligent Edge business and the order pipeline, and our HPC MCS business remains robust. Our core business of Compute and Storage revenues are stabilizing with improved margins, and our as-a-service ARR continues to show strong momentum aligned to our outlook.

總的來說，安東尼奧和我為這些結果感到自豪。我們在上一財年順利度過了前所未有的挑戰，並以強勁的勢頭開啟了新的財年。我們看到智能邊緣業務和訂單管道的顯著加速和客戶需求，我們的 HPC MCS 業務依然強勁。我們的核心計算和存儲業務收入隨著利潤率的提高而穩定下來，我們的即服務 ARR 繼續顯示出與我們的前景一致的強勁勢頭。

As a result of our cost optimization and resource allocation program, we are emerging from an unprecedented crisis as a different company, one that is much leaner, better-resourced and positioned to capitalize on the gradual economic recovery currently at play. We are already seeing the benefits of our actions in our improved margin profile and free cash flow outlook.

由於我們的成本優化和資源分配計劃，我們正從一場前所未有的危機中脫穎而出，成為一家不同的公司，這家公司更精簡、資源更充足，並且有能力利用當前正在逐步復甦的經濟。我們已經在改善的利潤率狀況和自由現金流前景中看到了我們行動的好處。

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

現在，讓我們打開它來提問。安迪？

Great. Thanks, Tarek. First question, please. Thank you.

偉大的。謝謝，塔雷克。第一個問題，請。謝謝。

(Operator Instructions) Our first question today will come from Shannon Cross with Cross Research.

（操作員說明）我們今天的第一個問題將來自 Cross Research 的 Shannon Cross。

I'm curious, everyone is talking about digital transformations, and they seem to have really gained traction early in COVID with the need for remote work. But now could you talk a bit about how customer priorities and purchase decisions are changing as we're moving past COVID?

我很好奇，每個人都在談論數字化轉型，而且由於遠程工作的需要，他們似乎在 COVID 早期就真正獲得了關注。但是現在你能談談隨著我們過去的 COVID，客戶的優先級和購買決策是如何變化的嗎？

And I'm wondering if it's an opportunity for more consultative sales and higher ASPs margin. If you could talk about it maybe by segment, that would be helpful because I assume it may vary across your business lines.

我想知道這是否是一個獲得更多諮詢銷售和更高 ASP 利潤率的機會。如果您可以按細分來談論它，那會很有幫助，因為我認為它可能因您的業務線而異。

Well, thanks, Shannon. Yes. I will take that, Andy. Well, we definitely still see the tailwind of what we saw in 2020. Obviously, we work in a much more distributed environment. We talked about this all the time about the fact that many employees will never return to the office, and they need access to data and services in a very connected way. And so that's why we believe our Aruba business, it is a digital transformation engine for our customers. It is not just about access to a WiFi port, but it's also the fact that provide that edge-to-cloud connectivity for all the apps and data, wherever they live.

好吧，謝謝，香農。是的。我會接受的，安迪。嗯，我們肯定仍然看到了 2020 年的順風。顯然，我們在一個更加分佈式的環境中工作。我們一直在談論這個事實，即許多員工永遠不會回到辦公室，他們需要以非常互聯的方式訪問數據和服務。這就是為什麼我們相信我們的 Aruba 業務，它是我們客戶的數字化轉型引擎。這不僅僅是關於訪問 WiFi 端口，而且還是為所有應用程序和數據提供邊緣到雲連接的事實，無論它們位於何處。

So what we see though is an acceleration for definitely the access to data, the analytics side. We see AI machine learning taking holding every segment of the market because data insights is necessary to compete in this new digital economy. We see, obviously, the need to improve IT resiliency based on the learnings we had in 2020. We see also the need to deploy cloud everywhere.

所以我們看到的是數據訪問和分析方面的加速。我們看到人工智能機器學習佔據了市場的每一個部分，因為數據洞察力對於在這個新的數字經濟中競爭是必不可少的。顯然，我們看到需要根據 2020 年的經驗提高 IT 彈性。我們還看到需要在任何地方部署雲。

And remember, our definition of the cloud is an experience, not a destination. And that's why we are very bullish about our HP GreenLake cloud services. The pipeline, the size of the deal, the need to engage in a consultative application-driven conversation is increasing. And that's where we have aligned our advisory and professional services to that part of the business. So I think there is going to be a mix of things, Shannon. But ultimately, digital transformation is no longer a priority. It is a strategic imperative.

請記住，我們對雲的定義是一種體驗，而不是目的地。這就是為什麼我們非常看好我們的 HP GreenLake 雲服務。管道、交易規模、參與諮詢應用程序驅動對話的需求正在增加。這就是我們將我們的諮詢和專業服務與這部分業務相結合的地方。所以我認為會有多種情況，香農。但最終，數字化轉型不再是優先事項。這是一項戰略要務。

And those who move fast around the data insights and digitizing everything will be the winners. No question.

那些圍繞數據洞察快速行動並將一切數字化的人將成為贏家。沒有問題。

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。

And congrats on the nice execution and especially the strong cash flow performance.

並祝賀良好的執行，尤其是強勁的現金流表現。

Antonio, you noted some solid order linearity. I was wondering if you can talk about any meaningful changes that you're seeing in your customer conversations around recovery and enterprise demand. And what are some of the key assumptions around the upside to the EPS and cash flow guide?

安東尼奧，你注意到一些可靠的線性順序。我想知道您是否可以談談您在圍繞恢復和企業需求的客戶對話中看到的任何有意義的變化。圍繞 EPS 和現金流量指南的上行的一些關鍵假設是什麼？

Well, maybe I'll start, and then I would like Tarek to talk about the EPS upside.

好吧，也許我會開始，然後我想 Tarek 談談 EPS 的好處。

Listen, I spent more than 50% of my time talking to customers and partners, and I see a renewed focus on making sure the businesses are positioned for success. Definitely, there is a need to modernize their infrastructure and deploy these new technologies across the board.

聽著，我 50% 以上的時間都花在了與客戶和合作夥伴的交談上，我看到人們重新關注確保企業成功的定位。毫無疑問，需要對其基礎設施進行現代化改造並全面部署這些新技術。

Our order linear intake, Wamsi, it was very solid every single week of the quarter. There was no one week that was higher than others. Honestly, I was very pleasantly surprised about that. The way I manage the business with my team, a quarter has 13 weeks because when you go into a quarter, you already have a week of backlog and then you drive your linearity from there. And it was very consistent. It was across all businesses.

我們的訂單線性攝入量，Wamsi，本季度的每一周都非常穩定。沒有一周高於其他一周。老實說，我對此感到非常驚喜。我和我的團隊管理業務的方式，一個季度有 13 週，因為當你進入一個季度時，你已經有一周的積壓工作，然後你從那裡推動你的線性。而且非常一致。它涉及所有業務。

As Tarek said, our Compute business saw sequential growth in our order intake, the same in our areas of the Storage portfolio, where we are pivoting, particularly everything that's software-defined. Aruba was very strong out of the gate, and we see the momentum going through 2021. GreenLake, the same thing. But ultimately, our vision of edge-to-cloud is paying off because ultimately, customers need that architecture and a set of services that they can deliver what they need in this digital transformation.

正如 Tarek 所說，我們的計算業務訂單量連續增長，在我們的存儲產品組合領域也是如此，我們正在重點關注這些領域，尤其是軟件定義的所有領域。 Aruba 一開始就非常強大，我們看到了 2021 年的勢頭。GreenLake 也是如此。但最終，我們對邊緣到雲的願景正在得到回報，因為最終，客戶需要這種架構和一組服務，他們可以在這個數字化轉型中提供他們需要的東西。

So we feel very confident about that. And that's why we are confident in raising the outlook, which Tarek gave you the insights about the EPS upside. So maybe, Tarek, you want to talk about that?

所以我們對此非常有信心。這就是為什麼我們有信心提高前景，Tarek 為您提供了有關 EPS 上行空間的見解。所以也許，Tarek，你想談談這個？

Sure, Antonio. Wamsi, thanks for the question.

當然，安東尼奧。瓦姆西，謝謝你的提問。

We feel very good about our guidance for the second quarter and the full year '21. We did express in our scripts that we see our non-GAAP operating profit growing by over 20% year-over-year, and our guidance reflect that.

我們對第二季度和 21 年全年的指導感到非常滿意。我們確實在我們的腳本中表達了我們看到我們的非 GAAP 營業利潤同比增長超過 20%，我們的指導反映了這一點。

Now when you look at our margins for this quarter and the need to proceed with select investments, we feel that the guidance that we have on an EPS level is achievable, particularly when you look at the improvement quarter-over-quarter in Q2 and for the rest of the year, as Q3 and Q4 are usually strong quarters for our businesses such as the Intelligent Edge and also Storage.

現在，當您查看我們本季度的利潤率以及繼續進行特定投資的必要性時，我們認為我們對 EPS 水平的指導是可以實現的，尤其是當您查看第二季度和第二季度的環比改善時今年剩下的時間，因為第三季度和第四季度通常是我們業務的強勁季度，例如智能邊緣和存儲。

With respect to cash flow, our guidance has improved by $250 million at the midpoint, and it's a reflection of the improved outlook on operating profit. I am very pleased to put forward the guidance of $1.1 billion to $1.4 billion in free cash flow. And we'll see as the year progresses, how this guidance will translate in actual results.

關於現金流，我們的指引在中點提高了 2.5 億美元，這反映了營業利潤前景的改善。我很高興提出 11 億至 14 億美元的自由現金流指導。隨著時間的推移，我們將看到這一指導將如何轉化為實際結果。

And 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. Also congrats on the quarter from me as well. I want to ask about the margin profile. Tarek, when you think about the performance that we've seen this last quarter and you think about the mix of the business going forward, I guess, how do you think about the continued upward levers on gross margin? And can you just remind us of where we stand on the $800 million net savings initiatives from an OpEx perspective? Where we stand at now and what's left in terms of that target by the exit of fiscal '22?

是的。也祝賀我的季度。我想問一下保證金概況。 Tarek，當您考慮我們上個季度看到的業績並考慮未來的業務組合時，我想，您如何看待毛利率持續上升的槓桿？您能否從 OpEx 的角度提醒我們我們對 8 億美元淨節省計劃的立場？我們現在所處的位置以及 22 財年退出時該目標還剩下什麼？

Sure, Aaron. Thank you for the question. So let's pick up gross margin first, and then we'll talk about our cost optimization, resource allocation program.

當然，亞倫。感謝你的提問。所以讓我們先提一下毛利率，然後再談談我們的成本優化、資源分配方案。

On gross margin, we feel very good that now that we've put behind us all the effects from backlog in Q3, Q4 of last year, we're now operating the business in the context where we have normal business flows between orders and supply chain delivery. And we do acknowledge, like we said before, that there is an inflationary environment on some commodities such as DRAM, but we feel that we have the right levers around pricing and also purchases to navigate the upcoming quarters. We feel very good about our supply chain position in terms of inventory levels for the short term.

在毛利率方面，我們感覺非常好，因為我們已經把去年第三季度、第四季度積壓的所有影響都拋在腦後，我們現在在訂單和供應之間有正常業務流動的背景下經營業務連鎖配送。我們確實承認，就像我們之前所說的那樣，DRAM 等某些商品存在通脹環境，但我們認為我們在定價和採購方面擁有正確的槓桿來應對即將到來的幾個季度。就短期庫存水平而言，我們對我們的供應鏈狀況感到非常滿意。

As a reminder, at the end of last year, we stocked up in anticipation of 2 things: a resurgence in customer demand, which we saw happening; and also a potential squeeze in some commodities that we were anticipating back then, which is proving true now. But we are very well positioned to drive that. So we will navigate the short-term supply-demand equation reasonably well, pulling on pricing levers as needed in our core.

提醒一下，在去年年底，我們儲備了兩件事：客戶需求的複蘇，我們看到了這種情況的發生；以及我們當時預期的某些商品的潛在緊縮，現在證明是正確的。但我們完全有能力推動這一點。因此，我們將合理地駕馭短期供需方程，根據需要在我們的核心中拉動定價槓桿。

In addition to this, you have a mix effect from software rich revenues. These are coming from storage and of course, the Intelligent Edge. Aruba is performing extremely well. It's a very high gross margin business. We see continued growth in Aruba. We've demonstrated 3 quarters of consecutive growth. This is set to continue. The products are in very hot demand everywhere globally. And the mix effect will also play on the gross margin front.

除此之外，您還可以從軟件豐富的收入中獲得混合效應。這些來自存儲，當然還有智能邊緣。 Aruba 的表現非常出色。這是一項毛利率非常高的業務。我們看到阿魯巴島的持續增長。我們已經連續 3 個季度實現增長。這將繼續下去。這些產品在全球各地都非常搶手。混合效應也將在毛利率方面發揮作用。

I think I've given you sufficient color there. So maybe it's time we turn to the cost optimization and resource allocation program.

我想我已經給了你足夠的顏色。所以也許是時候我們轉向成本優化和資源分配計劃了。

The bottom line on this one is we're on track. And the reason why you see our operating margins up to the levels that you've seen north of 11% overall for the company is because of that program. And so what's very, very important for us is that we keep that expense discipline to sustain this level of operating profit growth moving forward and drive productivity, meaning having higher revenue over the same cost base to continue to drive operating profit growth and, therefore, translating into free cash flow growth moving forward.

這件事的底線是我們走上正軌。你看到我們的營業利潤率達到你所看到的公司整體 11% 以上的水平的原因是因為該計劃。因此，對我們來說非常非常重要的是，我們要保持這種支出紀律，以維持這種水平的營業利潤增長並推動生產力，這意味著在相同的成本基礎上獲得更高的收入，以繼續推動營業利潤增長，因此，轉化為自由現金流的增長。

The $800 million net run rate benefits, as a reminder, would be felt for the most part in fiscal year '21. You started seeing some of that. We're incurring restructuring costs to that effect. And the program will be over by fiscal year '22. And we're well on track, and I'm very pleased with how it's tracking as we speak.

提醒一下，8 億美元的淨運行率收益將在 21 財年的大部分時間體現出來。你開始看到其中的一些。為此，我們正在承擔重組成本。該計劃將在 22 財年結束。我們進展順利，我對我們說話時的跟踪方式感到非常滿意。

My other comment -- sorry, and my comment on what Tarek said, what we announced last year in Q2 was the right thing to do. It gave -- we have enough experience in this company to tell us to take actions immediately and now proven to be very, very fruitful for us.

我的其他評論 - 抱歉，我對 Tarek 所說的評論，我們去年在第二季度宣布的是正確的做法。它給出了 - 我們在這家公司有足夠的經驗告訴我們立即採取行動，現在證明對我們來說非常非常富有成效。

As Tarek said in his remarks, right, we are becoming a different company, more leaner, more agile and allows us to prioritize investment in the areas of growth. So very pleased that we took that action at the time.

正如 Tarek 在他的發言中所說，對，我們正在成為一家不同的公司，更精簡、更敏捷，並允許我們優先投資於增長領域。非常高興我們當時採取了這一行動。

Good point, Antonio. Thanks, Aaron, for the question.

好點，安東尼奧。謝謝，Aaron，提出這個問題。

And 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。

Question for Tarek. You beat the first quarter by about $0.11 versus consensus. You guided up the full year by $0.10. So the guidance implies that you don't operationally beat the next 3 quarters.

塔雷克的問題。與市場普遍預期相比，您比第一季度高出約 0.11 美元。您將全年指導價提高了 0.10 美元。因此，該指導意味著您不會在接下來的 3 個季度中取得成功。

Is that just prudence as we await full visibility into the pace of demand recovery? Or is that tied to some of the delayed OpEx investments that you mentioned? And maybe if you can detail what some of those investments are just so that we can understand what those are.

在我們等待需求復蘇步伐的全面可見性之際，這是否只是一種謹慎？或者這是否與您提到的一些延遲的運營支出投資有關？也許如果你能詳細說明其中一些投資是什麼，這樣我們就能理解它們是什麼。

Sure. So we pretty much, Katy, passed on to the full year guidance the entire beat in Q1.

當然。因此，凱蒂，我們幾乎將第一季度的整個節拍傳遞給了全年指導。

A couple of points on the investment front. You could see from some of the slides that we put forward, our investment in R&D and FSC, this has to continue, and we'll find adequate sources to fund investments in FSCs and R&D because we have to continue to fuel growth. And this is part of our story, which is to rethink our cost structure in terms of back-office and front-of-house to drive growth and innovation by way of software.

投資方面的幾點。你可以從我們提出的一些幻燈片中看到，我們對研發和 FSC 的投資必須繼續下去，我們將找到足夠的資金來源來為 FSC 和研發投資提供資金，因為我們必須繼續推動增長。這是我們故事的一部分，即重新考慮我們在後台和前台方面的成本結構，以通過軟件推動增長和創新。

So I feel pretty good about that. With respect to also your modeling of EPS on a full year basis, I want to take the opportunity to highlight what's going on at the OI&E level. OI&E was a positive contributor to EPS in this quarter. This is just simply due to timing, particularly the contribution of economic interest from HPC.

所以我對此感覺很好。關於你的全年 EPS 建模，我想藉此機會強調 OI&E 層面正在發生的事情。 OI&E 對本季度的每股收益做出了積極貢獻。這僅僅是由於時機，特別是 HPC 的經濟利益貢獻。

For the full year, we still see overall in OI&E $100 million expense. And this is why you may think that the guidance is flat H1 on H2. But don't forget the effect of OI&E coming in, in the second half of the year as an expense.

對於全年，我們仍然看到 OI&E 總體支出為 1 億美元。這就是為什麼您可能認為指導是 H2 上的 H1 持平。但不要忘記 OI&E 的影響，在今年下半年作為一項費用。

And 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。

And I'll extend my congratulations as well. I wanted to talk a little bit on Aruba, fairly strong double-digit growth over here. And I think that's fairly impressive given peers like Cisco and Juniper are probably seeing low to mid single-digit growth. I know Silver Peak got some element to this. But I'd love to get a sense from a share gain perspective, where are you seeing the share gains on the products and vertical side? Some color there would be helpful. And then the durability of this growth, that would be helpful to understand as well.

我也將表示祝賀。我想談談阿魯巴島，這裡兩位數的增長相當強勁。而且我認為這相當令人印象深刻，因為思科和瞻博網絡等同行可能會看到中低個位數的增長。我知道 Silver Peak 對此有所了解。但我很想從份額收益的角度了解一下，您在哪裡看到產品和垂直方面的份額收益？一些顏色會有幫助。然後這種增長的持久性，這也有助於理解。

Well, thanks, Amit. Well, listen, we believe Aruba is a winner, simply put. It is a software asset that delivers mobile first-class, first experience that provides ubiquitous, secure connectivity in a platform-oriented approach. So for us, it's not a surprise to see the momentum in that business, which is not just revenue. As Tarek said, 3 consecutive quarters of growth, but also 5 quarters of growth and margin expansion in that business. And as we commented early on, our SaaS revenue, which is the subscription to the platform, is up triple digits, right, on that part of the business.

好吧，謝謝，阿米特。嗯，聽著，簡單地說，我們相信 Aruba 是贏家。它是一種軟件資產，可提供一流的移動體驗，以面向平台的方式提供無處不在的安全連接。所以對我們來說，看到該業務的勢頭並不奇怪，這不僅僅是收入。正如 Tarek 所說，該業務連續 3 個季度增長，而且還有 5 個季度的增長和利潤率擴張。正如我們早些時候評論的那樣，我們的 SaaS 收入，即平台的訂閱，在這部分業務上增長了三位數。

We expect to gain both shares in campus switching and wireless LAN, whether is -- we'll see how the market does. But some of our competitors don't disclose numbers, so it's hard to understand what was down versus up. But I think the market was not as positive as people portray, but we outperformed that market quite significantly. So whether it's 100 basis points, 200 basis points, all we see soon. But I remained very bullish. I remain very bullish about the business. This business will continue to grow for the balance of the year. Also because now we have Silver Peak in our portfolio, which is a completely differentiated experience for the SD-WAN.

我們希望獲得校園交換和無線局域網的份額，無論是——我們將看看市場的表現。但是我們的一些競爭對手沒有透露數字，所以很難理解什麼是下跌，什麼是上漲。但我認為市場並不像人們描繪的那麼積極，但我們的表現明顯優於市場。因此，無論是 100 個基點還是 200 個基點，我們很快就會看到。但我仍然非常樂觀。我仍然非常看好這項業務。該業務將在今年餘下時間繼續增長。還因為現在我們的產品組合中有 Silver Peak，這是 SD-WAN 的完全差異化體驗。

And remember what I said early on, in an edge-to-cloud architecture, you have to connect all your edges and all your cloud. And the only way to do it at scale is through software. And Silver Peak brings a SaaS solution and also an on-prem solution that allows customers to connect all their edges on the cloud in a fully automated and autonomous way. And that's a big opportunity for us. And that's why I'm really bullish because ultimately, we are integrating that solution into the same platform. And then there are multiple drivers of growth as we think about the next 12, 24, 36 months, which includes edge computing and 5G. So that's why I'm very, very confident in our ability to deliver against that market.

記住我之前說過的話，在邊緣到雲的架構中，你必須連接所有的邊緣和所有的雲。大規模實現它的唯一方法是通過軟件。 Silver Peak 帶來了 SaaS 解決方案和本地解決方案，允許客戶以完全自動化和自主的方式連接雲上的所有邊緣。這對我們來說是一個很大的機會。這就是為什麼我真的很看好，因為最終，我們將該解決方案集成到同一個平台中。然後，在我們考慮未來 12、24、36 個月時，有多種增長驅動因素，其中包括邊緣計算和 5G。所以這就是為什麼我對我們在這個市場上的能力非常、非常有信心。

And our next question will come from Simon Leopold with Raymond James.

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

I wanted to see if maybe you could help us understand where you see your market in terms of enterprises coming out of the pandemic or recovery. And really, the root of this question is Intelligent Edge looks like it's recovered with the year-over-year growth, whereas the other segments, maybe we can expect more of a recovery pattern later this year. So I'm looking for maybe a bridge between what's execution and what's kind of macro recovery by segment.

我想看看您是否可以幫助我們了解您對走出大流行或複甦的企業的市場看法。實際上，這個問題的根源是 Intelligent Edge 看起來隨著同比增長而復蘇，而其他領域，也許我們可以期待今年晚些時候出現更多的複蘇模式。所以我正在尋找可能是什麼是執行和什麼是細分的宏觀恢復之間的橋樑。

Yes. I mean, I think the market, in general, is recovering. As I said early on, Simon, is my point about the order linearity was steady and consistent throughout the quarter, which give us the confidence that we will see gradual continued improvement in that demand. And it's not one business. I think it's across all businesses. And I think it's a combination of our execution because of our strategy and the emphasis on the innovation that we bring to the market. And obviously, as the market gets better, we should take advantage of that. But remember, we have a unique value proposition.

是的。我的意思是，我認為市場總體上正在復蘇。正如我早些時候所說，西蒙，我的觀點是整個季度訂單線性穩定且一致，這讓我們相信我們將看到需求逐漸持續改善。這不是一項業務。我認為這適用於所有企業。而且我認為這是我們執行力的結合，因為我們的戰略和對我們為市場帶來的創新的重視。顯然，隨著市場變得更好，我們應該利用這一點。但請記住，我們有一個獨特的價值主張。

We are a company that has unique portfolio from edge to cloud. Our competitors don't have all of that. Some have in one area, some have in another area. And what customers want is an integrated experience more and more. And obviously, the shift to a consumption-driven model is in our favor because once we land a customer in GreenLake, basically, they get what they want, whether it's at the edge or what is in the core or whether it's in a managed services for the hybrid model that they are all adopting.

我們是一家擁有從邊緣到雲的獨特產品組合的公司。我們的競爭對手不具備所有這些。有些在一個地區，有些在另一個地區。而客戶想要的是越來越多的一體化體驗。顯然，向消費驅動模式的轉變對我們有利，因為一旦我們在 GreenLake 中找到客戶，基本上，他們就會得到他們想要的東西，無論是在邊緣還是核心，或者是否在託管服務中對於他們都採用的混合模型。

So I think Compute, I think there are new technologies coming online with NVMe and more options that can be attached. Storage, obviously, is all the software-defined that Tarek talked about it. Data is exploding. And HPC, I'm very bullish about HPC because ultimately, the data sets we see in customer sites continue to grow. And they all need AI machine learning at one point in time. Not just few customers. So whether it's large public sector, education also is going to be very good because we expect our children to get back to school at some point in time. Obviously, transportation with autonomous vehicles and 5G deployments.

所以我認為 Compute，我認為 NVMe 上線的新技術以及可以附加的更多選項。顯然，存儲是 Tarek 談到的所有軟件定義的。數據呈爆炸式增長。而 HPC，我非常看好 HPC，因為最終，我們在客戶站點中看到的數據集會繼續增長。他們都需要在某個時間點進行 AI 機器學習。不僅僅是少數客戶。因此，無論是大型公共部門，教育也將非常好，因為我們希望我們的孩子在某個時間點回到學校。顯然，交通與自動駕駛汽車和 5G 部署。

So I see multiple growth going forward and obviously, it's in our hand to innovate and deliver against that opportunity.

因此，我看到了未來的多重增長，顯然，創新和抓住這個機會掌握在我們手中。

Antonio, if I can add color to compute business, I think it's important we let everyone on the call know, that when you look at the underlying performance of compute and particularly when you normalize for Q4 backlog impacts, both AUP and units were up sequentially. So there is a real recovery in Compute if you strip out the impact of backlog in Q4.

安東尼奧，如果我可以為計算業務增添色彩，我認為讓通話中的每個人都知道這一點很重要，當您查看計算的基礎性能時，尤其是當您對第 4 季度積壓影響進行標準化時，AUP 和單位都按順序上升.因此，如果你剔除第四季度積壓的影響，Compute 就會真正復甦。

AUP was up high single digits, and units were up approximately 10% quarter-on-quarter once you do that normalization. It's very hard for analysts outside the company to do the normalization, but that's why I wanted to make the point. So hopefully, that will resonate with the analysts community on this earnings announcement.

AUP 呈高個位數增長，一旦你進行標準化，單位數量環比增長約 10%。公司外部的分析師很難進行標準化，但這就是我想說明這一點的原因。因此，希望這將在本次收益公告中引起分析師群體的共鳴。

Our last question today will come from Paul Coster with JPMorgan.

我們今天的最後一個問題將來自摩根大通的保羅科斯特。

Not a very exciting question to finish up on, but it looks like you're pushing the upper boundary of your expected operating margin range for the core businesses. And I'm wondering -- and it sounds like they could get better yet. So are you going to change the range of expectations around operating margins? Or is this just sort of unsustainable what we're seeing at the moment?

這不是一個非常令人興奮的問題，但看起來你正在推動核心業務預期營業利潤率範圍的上限。我想知道 - 聽起來他們可能會變得更好。那麼，您是否打算改變營業利潤率的預期範圍？或者這只是我們目前看到的那種不可持續的情況？

Tarek, you want to take that?

塔雷克，你想接受嗎？

Yes. I'll take it. Paul, this is a very exciting question. It's a very exciting question for me. It's essential. So don't be shy about it.

是的。我要買它。保羅，這是一個非常令人興奮的問題。這對我來說是一個非常令人興奮的問題。這是必不可少的。所以不要害羞。

I would simply say, look, we have to keep the expense discipline and drive productivity. We feel that the upper boundary has yet to be tested. And I would say that this is always, in a company like this, not a short-term endeavor, but something that has to be done on the sustainable business -- on a sustainable basis moving forward. But remember also that what drives the operating margin is the continuous expansion into software. Margin risk software offerings, and our ARR will start to shine as it continues to accelerate into fiscal year '21 and '22.

我只想說，看，我們必須遵守開支紀律並提高生產力。我們覺得上限還有待考驗。我要說的是，在像這樣的公司中，這始終不是短期的努力，而是必須在可持續發展的業務上做的事情——在可持續發展的基礎上向前發展。但還要記住，推動營業利潤率的是不斷擴展到軟件領域。保證金風險軟件產品和我們的 ARR 將開始大放異彩，因為它繼續加速進入 '21 和 '22 財年。

Great. Thanks, Paul, for the question.

偉大的。保羅，謝謝你提出這個問題。

Antonio, maybe I'll turn it over to you for any final comments you have before we close the call.

安東尼奧，在我們結束電話會議之前，也許我會把它轉交給你，徵求你的任何最終意見。

Well, thank you, Tarek, and thank you, everyone, for joining us today. I know there are more questions, but I know Tarek and the team will get off-line with you on the one-on-one follow-up calls.

好吧，謝謝 Tarek，也謝謝大家今天加入我們。我知道還有更多問題，但我知道 Tarek 和團隊會在一對一的跟進電話中與您離線。

Now, I mean, I just want to reiterate this is a very solid start for our company for fiscal year '21. Obviously, we remain committed to driving shareholder value. I'm particularly pleased with our results in profitability, in free cash flow, which was record-breaking. The fact that we are confident in the demand recovery and our own execution that allows us to raise guidance for the full year in both non-GAAP EPS and free cash flow. We see tremendous momentum in our areas of innovations and focus, Intelligent Edge and even HPC business, remember with our lumpiness of the business, confident to deliver that 8% to 12% growth and in the pivot to as-a-service.

現在，我的意思是，我只想重申，這對我們公司的 21 財年來說是一個非常堅實的開端。顯然，我們仍然致力於推動股東價值。我對我們在盈利能力和自由現金流方面的成績感到特別滿意，這是破紀錄的。事實上，我們對需求復蘇和我們自己的執行充滿信心，這使我們能夠提高全年非 GAAP 每股收益和自由現金流的指導。我們在創新和專注、智能邊緣甚至 HPC 業務領域看到了巨大的發展勢頭，記住我們業務的笨拙，有信心實現 8% 到 12% 的增長，並轉向即服務。

So because all of that, we believe this is going to be a good year in balance. And obviously, we're all watching the trends with the COVID. But I think customers realize that this is the year they need to make the investments to digitize everything in the company.

因此，由於所有這些，我們相信這將是平衡的好一年。顯然，我們都在關注 COVID 的趨勢。但我認為客戶意識到今年是他們需要進行投資以數字化公司一切的一年。

So again, thank you for joining us today, and I hope you continue to stay safe and healthy. Talk to you next quarter.

再次感謝您今天加入我們，我希望您繼續保持安全和健康。下個季度再談。

And ladies and gentlemen, this concludes our call for today. Thank you. And at this time, you may now disconnect.

女士們，先生們，我們今天的呼籲到此結束。謝謝。而在這個時候，你現在可能會斷開連接。