惠普企業 (HPE) 2020 Q4 法說會逐字稿

Good day, and welcome to the Fourth Quarter 2020 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 call is being recorded for replay purposes. 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.

美好的一天，歡迎來到 2020 年第四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，正在錄製此電話會議以供重播。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. Thanks, Cole. Good afternoon, everyone. I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2020 fourth quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

偉大的。謝謝，科爾。大家下午好。我是 Hewlett Packard Enterprise 投資者關係主管 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 2020 財年第四季度收益電話會議；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 annual report on Form 10-K for the fiscal year ended October 31, 2020. Also, for financial information that has been expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details.

我們還注意到，本次電話會議上討論的財務信息反映了基於目前可用信息的估計，可能與 HPE 截至 2020 年 10 月 31 日止財政年度的 10-K 表格年度報告中最終報告的金額存在重大差異。此外，對於以非 GAAP 為基礎表達的財務信息，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. Finally, please note that 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.

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。最後，請注意，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 everyone is staying safe and healthy. Hewlett Packard Enterprise finished the year with a very strong performance. In Q4, we saw a notable rebound in our overall revenue with particular acceleration in key growth areas of our business.

好吧，謝謝安迪，大家下午好。感謝您今天加入我們，我希望每個人都保持安全和健康。 Hewlett Packard Enterprise 以非常強勁的表現結束了這一年。在第四季度，我們看到整體收入顯著反彈，我們業務的關鍵增長領域尤其加速。

As we reviewed at the last month's Securities Analyst Meeting, we are focused on a set of strategic priorities to drive long-term sustainable profitable growth and accelerating -- and pursue sustainable profitable growth. This includes stabilization of our core businesses, doubling down in areas of growth and accelerating our pivot to as a service while taking decisive action to strengthen our financial foundation and become a more agile company. We executed with precision on these strategic priorities, and I'm proud of the results in what has been a very challenging fiscal year '20.

正如我們在上個月的證券分析師會議上回顧的那樣，我們專注於一系列戰略重點，以推動長期可持續的盈利增長和加速——並追求可持續的盈利增長。這包括穩定我們的核心業務，在增長領域加倍努力，加快我們轉向即服務的速度，同時採取果斷行動加強我們的財務基礎，成為一家更靈活的公司。我們精確地執行了這些戰略重點，我為在極具挑戰性的 20 財年取得的成果感到自豪。

Let me review a few Q4 highlights. First, our total revenue of $7.2 billion returned to pre-pandemic levels, up 5% sequentially and flat on a year-over-year basis. We saw increased new orders momentum across all business segments of our company. As I stated in our Q3 earnings, we expect continued gradual performance improvement moving forward. As expected, we returned our backlog to normalized levels this quarter. In Compute, revenue declined 7% sequentially but was up low single digits when normalized for backlog over the last 2 quarters. We are encouraged by new orders intake that point to stabilization in this business, taking into account the typical Q1 seasonality.

讓我回顧一下第四季度的一些亮點。首先，我們 72 億美元的總收入恢復到大流行前的水平，環比增長 5%，同比持平。我們看到公司所有業務部門的新訂單增長勢頭。正如我在第三季度財報中所述，我們預計未來業績將繼續逐步改善。正如預期的那樣，我們在本季度將積壓訂單恢復到正常水平。在 Compute 領域，收入環比下降 7%，但在過去 2 個季度的積壓訂單標準化後，收入下降了低個位數。考慮到典型的第一季度季節性，我們對錶明該業務趨於穩定的新訂單感到鼓舞。

Most importantly, if you look at the combined server view across Compute and HPC & MCS businesses, which is how the market tracks server performance, our total net revenue in the server market will be up 3% sequentially and up 1% year-over-year. As a result, we believe we gained share in total server for the second consecutive quarter.

最重要的是，如果您查看 Compute 和 HPC & MCS 業務的綜合服務器視圖，這是市場跟踪服務器性能的方式，我們在服務器市場的總淨收入將連續增長 3%，同比增長 1%年。因此，我們相信我們連續第二個季度獲得了服務器總量的份額。

In Storage, revenue grew 7% sequentially to $1.2 billion. We also expanded our operating profit to 16.7%, an improvement of 380 basis points sequentially and within the target profitability range of 16% to 18% we discussed at SAM. In both Compute and Storage, we drove higher level of operational services intensity consistent with prior quarter performance.

在存儲方面，收入環比增長 7% 至 12 億美元。我們還將營業利潤率提高至 16.7%，環比提高 380 個基點，並且處於我們在 SAM 討論的 16% 至 18% 的目標盈利範圍內。在計算和存儲方面，我們推動了與上一季度業績一致的更高水平的運營服務強度。

In Q4, we accelerated our business performance in key growth businesses. In Intelligent Edge, revenue rebounded to $786 million, up 14% sequentially and 5% year-over-year. This business performed exceptionally well against the market backdrop. High Performance Compute and Mission Critical Systems had an outstanding quarter, recording revenue of $975 million. This business grew 50% sequentially and 25% year-over-year. Our Pivotal as a Service continued its strong momentum. Our annualized revenue run rate of $585 million was up 11% sequentially and 30% year-over-year. The on-premises as a service market is growing rapidly, especially in the hybrid environment and remains a significant long-term value driver for us and our shareholders.

在第四季度，我們加快了關鍵增長業務的業績。在智能邊緣，收入反彈至 7.86 億美元，環比增長 14%，同比增長 5%。該業務在市場背景下表現異常出色。高性能計算和關鍵任務系統本季度表現出色，收入達到 9.75 億美元。該業務環比增長 50%，同比增長 25%。我們的 Pivotal 即服務繼續保持強勁勢頭。我們的年度收入運行率為 5.85 億美元，環比增長 11%，同比增長 30%。本地即服務市場正在迅速增長，尤其是在混合環境中，並且仍然是我們和我們股東的重要長期價值驅動力。

Through strong operational execution, we delivered non-GAAP earnings per share of $0.37, up 16% sequentially and above the high end of our guidance. Free cash flow of $223 million was in line with our Q3 and SAM guidance. Additionally, we declared our Q1 dividend today, which will be paid on January 6. As we have said in the past, dividends remain an important part of our capital allocation framework that consists of capital returns to shareholders and strategic investments that together drive long-term shareholder value.

通過強有力的運營執行，我們實現了 0.37 美元的非 GAAP 每股收益，比上一季度增長 16%，高於我們指引的上限。 2.23 億美元的自由現金流符合我們第三季度和 SAM 的指導。此外，我們今天宣布了將於 1 月 6 日支付的第一季度股息。正如我們過去所說，股息仍然是我們資本配置框架的重要組成部分，包括對股東的資本回報和共同推動長期發展的戰略投資。術語股東價值。

Based on the strong finish to fiscal year '20 and increased confidence in profitability going into Q1, we are raising our fiscal year '21 non-GAAP EPS guidance by $0.03 at the midpoint. Tarek will review our financial performance and outlook in greater detail, but I will first provide some context around our execution and customer reactions to our approach and offerings.

基於 20 財年的強勁表現以及對進入第一季度的盈利能力的信心增強，我們將 21 財年的非 GAAP 每股收益預期中值提高 0.03 美元。 Tarek 將更詳細地審查我們的財務業績和前景，但我將首先提供一些關於我們的執行情況以及客戶對我們的方法和產品的反應的背景信息。

The global pandemic has forced businesses to rethink everything from remote work and collaboration to business continuity and data insight. Over the last several months, we have seen growing momentum in our businesses as customers increasingly turned to HPE for capabilities from edge to cloud. Our unique set of capabilities help our customers empower their workforces, deploy new resilient IT solutions and extract insight from critical data while leveraging and consuming these solutions more flexibly as a service.

全球大流行迫使企業重新考慮從遠程工作和協作到業務連續性和數據洞察力的一切。在過去的幾個月裡，隨著越來越多的客戶轉向慧與尋求從邊緣到雲的能力，我們的業務發展勢頭越來越強勁。我們獨特的功能集幫助我們的客戶增強他們的員工隊伍，部署新的彈性 IT 解決方案並從關鍵數據中提取洞察力，同時更靈活地利用和使用這些解決方案作為服務。

We continue to strengthen our core businesses in Compute and Storage, which provide critical capabilities to customers and are foundational to our edge to cloud platform as a service strategy. In Compute, the team did an outstanding job of driving supply chain efficiencies and clearing the historical levels of backlog. We will continue our focus on streamlining processes to enhance productivity in this high-volume business.

我們繼續加強我們在計算和存儲方面的核心業務，這些業務為客戶提供關鍵功能，並且是我們邊緣到雲平台即服務戰略的基礎。在 Compute 方面，該團隊在提高供應鏈效率和清除積壓的歷史水平方面做得非常出色。我們將繼續專注於簡化流程，以提高這一大批量業務的生產力。

We are a market leader in Compute, and we are being deliberate in our focus on gaining market share in profitable market segments. This quarter, we became the first company to embed silicon-based security into our industry-standard servers being manufacturing through our HPE trusted supply chain in the United States. This security is critical to a growing number of U.S. customers across federal, public banking and finance and health care verticals.

我們是計算領域的市場領導者，我們正在審慎地專注於在有利可圖的細分市場中獲得市場份額。本季度，我們成為第一家將基於矽的安全性嵌入我們的行業標準服務器的公司，這些服務器正在通過我們在美國的 HPE 信任供應鏈製造。這種安全性對於越來越多的美國聯邦、公共銀行、金融和醫療保健行業的客戶至關重要。

We also launched a new HPE Inference Solution on HPE ProLiant servers in conjunction with Red Hat and NVIDIA to accelerate machine learning directed at the AI and containers market.

我們還聯合 Red Hat 和 NVIDIA 在 HPE ProLiant 服務器上推出了新的 HPE 推理解決方案，以加速針對 AI 和容器市場的機器學習。

In Storage, we have been on a multiyear journey to create an intelligent data platform from edge-to-cloud and pivot to software-as-a-service data storage solutions, which enable higher level of operational services attach and margin expansion. And our strategy is getting traction. Our portfolio is well positioned in high-growth areas like all-flash array, which grew 29% year-over-year; big data storage, which had its sixth consecutive quarter of growth, up 41% year-over-year; and hyperconverged infrastructure where Nimble dHCI, our new hyperconverged solution, continued momentum and gained share, growing 280% year-over-year.

在存儲方面，我們多年來一直在創建一個從邊緣到雲的智能數據平台，並轉向軟件即服務數據存儲解決方案，從而實現更高水平的運營服務附加和利潤擴展。我們的戰略正在獲得牽引力。我們的產品組合在高增長領域處於有利地位，例如全閃存陣列，同比增長 29%；大數據存儲連續第六個季度實現增長，同比增長 41%；和超融合基礎設施，我們新的超融合解決方案 Nimble dHCI 繼續保持增長勢頭並獲得份額，同比增長 280%。

We also committed to doubling down in growth businesses and investing to fuel future growth. The Intelligent Edge is a critical segment where we declared the opportunity early on and are increasingly differentiated. At the edge, customers need secure seamless connectivity to bridge the digital/physical worlds and the ability to generate actionable analytics where the data is created. This is why Aruba is seeing traction and gaining market share with a leading and highly differentiated portfolio of solutions such as our cloud native Aruba Edge Services platform, which also contributes to ARR growth.

我們還承諾加倍投資增長型業務並投資以推動未來增長。 Intelligent Edge 是一個關鍵部分，我們很早就宣布了這個機會，並且越來越與眾不同。在邊緣，客戶需要安全的無縫連接來連接數字/物理世界，並能夠在創建數據的地方生成可操作的分析。這就是為什麼 Aruba 通過領先且高度差異化的解決方案組合（例如我們的雲原生 Aruba Edge Services 平台）獲得吸引力並獲得市場份額的原因，這也有助於 ARR 增長。

For example, the Pentagon is modernizing both its classified and unclassified networks to support tens of thousands of devices daily using Aruba ESP-based architecture. Comcast also chose our Aruba ESP to power its new Comcast Business Teleworker VPN. The service supports and secures multiple end points in our remote work site, including laptops, desktops, voice-over-IP phones and printers, and partners can centrally manage remote workers and all its infrastructure from a single Aruba ESP cloud console.

例如，五角大樓正在對其機密和非機密網絡進行現代化改造，以支持每天使用基於 Aruba ESP 的架構的數万台設備。 Comcast 還選擇了我們的 Aruba ESP 為其新的 Comcast Business Teleworker VPN 提供支持。該服務支持並保護我們遠程工作站點中的多個端點，包括筆記本電腦、台式機、IP 語音電話和打印機，合作夥伴可以從單個 Aruba ESP 雲控制台集中管理遠程工作人員及其所有基礎設施。

This quarter, we expect to take share in both campus switching and wireless LAN with our best-in-class portfolio, which was just recognized as a leader for the 15th year in the Gartner Magic Quadrant for wired and wireless LAN infrastructure.

本季度，我們預計將憑藉我們一流的產品組合在園區交換和無線 LAN 市場中佔有一席之地，該產品組合剛剛連續第 15 年被評為 Gartner 有線和無線 LAN 基礎設施魔力像限的領導者。

Finally, towards the end of Q4, we closed the acquisition of Silver Peak, which will accelerate Aruba SD-WAN growth in an attractive market growing over 20% and enable our edge-to-cloud platform as a service vision. Silver Peak brings industry-leading technology and was named a leader in the Gartner 2020 Magic Quadrant for WAN edge infrastructure. We believe the explosion of devices, applications and data at the edge will continue to drive demand for secure connectivity, cloud computing capabilities and analytics, especially in a post-COVID world.

最後，在第四季度末，我們完成了對 Silver Peak 的收購，這將加速 Aruba SD-WAN 在一個增長超過 20% 的有吸引力的市場中的增長，並實現我們的邊緣到雲平台即服務願景。 Silver Peak 帶來了行業領先的技術，並在 Gartner 2020 年 WAN 邊緣基礎設施魔力像限中被評為領導者。我們相信，邊緣設備、應用程序和數據的爆炸式增長將繼續推動對安全連接、雲計算功能和分析的需求，尤其是在後 COVID 世界中。

Another high-growth segment where we are extremely well positioned is in high performance computing. In Q4, we performed exceptionally well across the portfolio, with growth in Cray products, mission-critical systems, operational support services and HPE Apollo. The team did an outstanding job in converting the existing backlog and new orders to drive a record quarter-breaking nearly $1 billion revenue.

我們處於非常有利地位的另一個高增長領域是高性能計算。在第四季度，我們在整個產品組合中表現出色，Cray 產品、關鍵任務系統、運營支持服務和 HPE Apollo 均有所增長。該團隊在轉換現有積壓訂單和新訂單方面做得非常出色，從而推動創紀錄的季度收入近 10 億美元。

Q4 marked our first full quarter of Cray operational activity integrated into HPE systems, and the combination of Cray and HPE is driving increased revenue and cost synergies. We signed several large customer deals during the quarter, including 3 exascale system design wins that will use the HPE Cray EX supercomputers. These wins include a $34 million contract with Pawsey Supercomputing Centre in Australia and a $160 million contract with a European high-performance joint undertaking initiative to deliver one of the world's fastest supercomputers that will be used by 10 European countries.

第 4 季度是我們將 Cray 運營活動集成到 HPE 系統的第一個完整季度，Cray 和 HPE 的結合正在推動增加收入和成本協同效應。我們在本季度簽署了幾項大客戶交易，包括 3 個將使用 HPE Cray EX 超級計算機的百億億次級系統設計中標。這些中標包括與澳大利亞 Pawsey 超級計算中心簽訂的價值 3400 萬美元的合同，以及與歐洲高性能聯合計劃簽訂的價值 1.6 億美元的合同，該計劃旨在交付將由 10 個歐洲國家使用的世界上最快的超級計算機之一。

We extended our #1 market position in HPC with 37% market share as of calendar Q2 data, which is 10 points above the next closest competitor. According to the list of the top 500 supercomputers released 2 weeks ago, HPE and Cray systems makes 39 of the top 100 systems more than any other company.

截至第二季度日曆數據，我們以 37% 的市場份額擴大了我們在 HPC 領域的第一市場地位，比緊隨其後的競爭對手高出 10 個百分點。根據兩週前發布的超級計算機 500 強榜單，HPE 和 Cray Systems 在前 100 名系統中佔據 39 位，比其他任何公司都多。

In addition, our HPE Apollo Systems had its highest revenue quarter ever. As an example of the traction we are seeing with Apollo -- with our Apollo value proposition, Mercedes-Benz Grand Prix, constructor of the Mercedes-AMG Petronas Formula One Team, signed a deal for the new Apollo system. Modeling and simulations are about gaining a competitive advantage on the track, and our HPE technology is critical to this team's race strategy.

此外，我們的 HPE Apollo Systems 的季度收入創歷史新高。作為我們看到的 Apollo 牽引力的一個例子——憑藉我們的 Apollo 價值主張，Mercedes-Benz Grand Prix，Mercedes-AMG Petronas 一級方程式車隊的製造商，簽署了新 Apollo 系統的協議。建模和仿真是為了在賽道上獲得競爭優勢，而我們的 HPE 技術對於該團隊的比賽策略至關重要。

Going forward, we are working to bring high performance compute to everyday enterprise environments. Stay tuned for more announcement on this front in the coming few weeks.

展望未來，我們致力於將高性能計算帶入日常企業環境。請繼續關注未來幾週在這方面的更多公告。

Consumption-based solutions provide an attractive alternative for customers looking to drive innovation and modernized infrastructure without the capital and operational expenses tied to over-provisioning. We are a leader in on-premises as a service and have been investing in our HPE software platform and HPE GreenLake managed services offerings to enable a true consumption-based experience that is unique.

基於消費的解決方案為希望推動創新和現代化基礎設施的客戶提供了一個有吸引力的替代方案，而無需與過度配置相關的資本和運營費用。我們是本地即服務領域的領導者，一直在投資我們的 HPE 軟件平台和 HPE GreenLake 託管服務產品，以實現真正的基於消費的獨特體驗。

Customers are recognizing our differentiated products and services, which can be seen in our as-a-service order growth of 20% year-over-year. This quarter, we continue to expand our offerings and introduce HPE GreenLake VDI cloud services. Building on the success of our ready-to-go virtual desktop infrastructure solutions launched early in the year to help customers with immediate connectivity needs, this new solution provides configurations that are optimized for each type of remote worker.

客戶正在認可我們差異化的產品和服務，這可以從我們的即服務訂單同比增長 20% 中看出。本季度，我們繼續擴展我們的產品並推出 HPE GreenLake VDI 雲服務。基於我們今年年初推出的隨時可用的虛擬桌面基礎架構解決方案的成功，以幫助客戶滿足即時連接需求，這一新解決方案提供了針對每種類型的遠程工作者進行優化的配置。

Customers can easily scale usage up and down, which is a compelling and critical capability in today's environment. By leveraging expanded partnership with Citrix, Nutanix, NVIDIA, VMware and Wipro, we can offer comprehensive solutions to an expanded customer base. Our advanced capabilities are driving strong customer demand across diverse markets and industry. We recently announced several new customers. Nokia Software is using HPE GreenLake cloud services to embed further cost and energy savings into its data storage portfolio. Microgen, a leading precision medicine and biotechnology company, selected HPE GreenLake to modernize its IT operations to analyze large-scale medical data on-premises.

客戶可以輕鬆地擴展和縮減使用量，這在當今環境中是一項引人注目的關鍵功能。通過擴大與 Citrix、Nutanix、NVIDIA、VMware 和 Wipro 的合作夥伴關係，我們可以為擴大的客戶群提供全面的解決方案。我們的先進能力正在推動不同市場和行業的強勁客戶需求。我們最近宣布了幾位新客戶。 Nokia Software 正在使用 HPE GreenLake 雲服務，進一步將成本和能源節約納入其數據存儲產品組合。領先的精準醫學和生物技術公司 Microgen 選擇 HPE GreenLake 對其 IT 運營進行現代化改造，以分析本地的大規模醫療數據。

YF Life Insurance, a fast growing fintech company based in Hong Kong also selected HPE GreenLake to strengthen its online sales platform applications and fintech support systems. The momentum we are realizing in each of these areas is possible because of our focused strategy and disciplined execution. By innovating and investing in the most impactful areas and optimizing how we manage our own business, we are ensuring we are in the best possible position to help our customers manage theirs.

總部位於香港的快速發展的金融科技公司 YF Life Insurance 也選擇了 HPE GreenLake 來加強其在線銷售平台應用程序和金融科技支持系統。由於我們專注的戰略和嚴格的執行，我們在每個領域實現的勢頭都是可能的。通過在最具影響力的領域進行創新和投資並優化我們管理自己業務的方式，我們確保我們處於最佳位置來幫助我們的客戶管理他們的業務。

Early in the pandemic, we recognized there was no going back to what used to be, only preparing for and building what comes next. This is one of the reasons we have made the recent decision to relocate HPE's headquarters to Houston. We have listened to our team members' preferences about the future of work and reimagined our real estate site to optimize and improve how both physical and virtual offices -- office spaces are used in this new area. Houston has long been HPE's largest U.S. employment hub, and we are currently constructing a state-of-the-art new campus.

在大流行初期，我們認識到無法回到過去，只能為接下來的事情做準備和建設。這是我們最近決定將 HPE 總部遷至休斯敦的原因之一。我們聽取了團隊成員對未來工作的偏好，並重新構想了我們的房地產網站，以優化和改進物理和虛擬辦公室——辦公空間在這個新領域的使用方式。休斯敦長期以來一直是 HPE 在美國最大的就業中心，我們目前正在建設一個最先進的新園區。

Obviously, we intend to maintain our innovation tech hub in San Jose, California. Our Aruba headquarters will be housed within our digital-enabled San Jose site, so storage and software. There will be no layoff associated with this move and consolidation. We are committed to both markets as critical parts of our talent and real estate strategy in a post-pandemic world.

顯然，我們打算保留我們在加利福尼亞州聖何塞的創新技術中心。我們的 Aruba 總部將設在我們支持數字的聖何塞站點內，因此存儲和軟件。此次搬遷和整合不會導致裁員。在大流行後的世界裡，我們致力於將這兩個市場作為我們人才和房地產戰略的重要組成部分。

As we have been transforming how we work, we have also recognized that we have an enormous opportunity for customers to transform and digitize their business to adapt and operate in a new world. Business continuity and success depend on solutions and advanced IT resiliency, empower more workforces securely, extend connectivity, reinvigorate customer engagement and enable business model evolution. Against this backdrop, HPE has delivered despite the challenging circumstances.

隨著我們一直在轉變我們的工作方式，我們也認識到我們為客戶提供了巨大的機會來轉變和數字化他們的業務以適應新世界並在新世界中運營。業務連續性和成功取決於解決方案和高級 IT 彈性，安全地為更多員工提供支持，擴展連接性，重振客戶參與度並推動業務模型發展。在此背景下，HPE 在充滿挑戰的環境中實現了目標。

We have brought new capabilities and experiences to our customers to meet their emerging needs. We have invested in both organic innovation and M&A that strengthen and differentiate our position in the market. We have acted quickly to protect our financial foundation and become a more agile company. And we have remained committed to our culture. We have asked a lot to our team this year, and I am personally immensely proud and grateful for the significant courageous contribution.

我們為客戶帶來了新的能力和體驗，以滿足他們新出現的需求。我們投資於有機創新和併購，以加強和區分我們在市場上的地位。我們已迅速採取行動來保護我們的財務基礎並成為一家更加敏捷的公司。我們一直致力於我們的文化。今年我們對我們的團隊提出了很多要求，我個人為做出的重大勇敢貢獻感到無比自豪和感激。

There is no question there is more work to be done, but our customers have validated our vision, and we have demonstrated in Q4 and throughout 2020 that we have the right team and the right strategies in place to execute on that vision. While there remains continued uncertainty in the world, there is also a great deal of promise and optimism. The HPE we created 5 years ago has an important role to play in the world's recovery from an unprecedented pandemic. That presents an opportunity for our company and for our investors. I am confident we will continue to rise to the occasion and deliver in bold new ways.

毫無疑問，還有更多工作要做，但我們的客戶已經驗證了我們的願景，我們在第四季度和整個 2020 年都證明了我們擁有合適的團隊和正確的戰略來執行該願景。儘管世界上仍然存在持續的不確定性，但也充滿希望和樂觀情緒。我們 5 年前創建的 HPE 在世界從一場史無前例的大流行病中復蘇中發揮著重要作用。這為我們公司和我們的投資者提供了機會。我相信我們將繼續迎難而上，並以大膽的新方式交付成果。

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 fourth quarter of fiscal year 2020. As usual, I'll be referencing the slides from our earnings presentation to highlight our performance in the quarter. Antonio discussed the key highlights for this quarter on Slide 4, so now let me discuss our financial performance starting with Slide 5.

非常感謝你，安東尼奧。我將從我們 2020 財年第四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強調我們在本季度的表現。 Antonio 在幻燈片 4 上討論了本季度的主要亮點，所以現在讓我從幻燈片 5 開始討論我們的財務業績。

I am very pleased to report that Q4 marked a return of revenue to pre-pandemic levels. We delivered Q4 revenues of $7.2 billion, up 5% sequentially and flat from the prior year period as our growth businesses of Intelligent Edge and HPC, MCS executed strongly. We also cleared our backlog by a further $250 million during the quarter, which has now returned to normalized levels as we exited Q4. As a result of the improved revenue performance, we have grown non-GAAP gross profit by 7% sequentially to $2.2 billion in Q4. Non-GAAP gross margins of 30.6% were also up sequentially, driven by positive mix shift towards Intelligent Edge, Storage and HPC, MCS, all of which reported strong sequential revenue growth.

我很高興地報告，第四季度標誌著收入恢復到大流行前的水平。由於我們的 Intelligent Edge 和 HPC、MCS 的增長業務執行強勁，我們第四季度的收入為 72 億美元，環比增長 5%，與去年同期持平。我們還在本季度進一步清理了 2.5 億美元的積壓訂單，隨著我們退出第四季度，現在已經恢復到正常水平。由於收入表現有所改善，我們在第四季度的非美國通用會計準則毛利增長了 7%，達到 22 億美元。 30.6% 的非 GAAP 毛利率也環比上升，這得益於向智能邊緣、存儲和 HPC、MCS 的積極組合轉變，所有這些都報告了強勁的環比收入增長。

Our non-GAAP operating profit was up 15% sequentially, resulting in a 7.7% operating margin, and our non-GAAP EPS of $0.37 was up 16% sequentially. Q4 cash flow from operations was $747 million, driven by strong operational execution. Free cash flow was $223 million, and that was in line with our guidance as we saw the expected reversal in the favorable working capital movements from elevated backlog in Q3. Finally, we paid $154 million of dividends in the quarter and are declaring a Q1 dividend today of $0.12 per share payable in January 2021.

我們的非 GAAP 營業利潤環比增長 15%，營業利潤率為 7.7%，非 GAAP 每股收益為 0.37 美元，環比增長 16%。在強大的運營執行力的推動下，第四季度運營現金流為 7.47 億美元。自由現金流為 2.23 億美元，這符合我們的指導，因為我們看到第三季度積壓增加導致有利的營運資金流動出現預期逆轉。最後，我們在本季度支付了 1.54 億美元的股息，今天宣布第一季度股息為每股 0.12 美元，將於 2021 年 1 月支付。

Now let's turn to our segment highlights in Slides 6 and 7. As you can see, we are doing exactly what we said we would do at SAM in October. We're doubling down on our growth businesses of Intelligent Edge and HPC, MCS while stabilizing our core business segments of Compute and Storage.

現在讓我們轉到幻燈片 6 和 7 中的細分亮點。如您所見，我們正在做的正是我們在 10 月份在 SAM 上所說的。我們正在加倍發展 Intelligent Edge 和 HPC、MCS 的增長業務，同時穩定我們的計算和存儲核心業務部門。

In Intelligent Edge, we continued our momentum with 14% quarter-over-quarter and 5% year-over-year growth. We also expect to take share in both campus switching and wireless LAN with our best-in-class portfolio, which was just recognized as a leader for the 15th year in the Gartner Magic Quadrant for wired and wireless LAN access infrastructure.

在 Intelligent Edge 方面，我們繼續保持勢頭，環比增長 14%，同比增長 5%。我們還希望憑藉我們一流的產品組合在園區交換和無線 LAN 市場中佔有一席之地，該產品組合剛剛連續第 15 年被評為 Gartner 有線和無線 LAN 接入基礎設施魔力像限的領導者。

We're also beginning to see the operating profit potential of this business with operating margin in Q4 of 10.1%, up 150 basis points quarter-over-quarter and 390 basis points year-over-year as we drove greater productivity from prior investments in this business. Finally, we closed the Silver Peak acquisition on September 21, so it had a minimal contribution in Q4. But obviously, Silver Peak will be more meaningful going forward.

我們也開始看到該業務的營業利潤潛力，第四季度的營業利潤率為 10.1%，環比增長 150 個基點，同比增長 390 個基點，因為我們從之前的投資中提高了生產力這項業務。最後，我們於 9 月 21 日完成了對 Silver Peak 的收購，因此它在第四季度的貢獻微乎其微。但顯然，Silver Peak 在未來會更有意義。

In HPC & MCS, revenue reached record levels near $1 billion, growing 50% sequentially and 25% year-over-year, driven by strong performance in Cray, HPC Apollo and MCS. We executed well against our existing order book with increased customer acceptances and grew orders further with a healthy pipeline. As you know, this business can be lumpy with revenue recognition and profitability linked to completion of critical customer milestones. While we do expect to see a normal seasonal decline in Q1 '21, we are well on our way to delivering our 8% to 12% 3-year revenue CAGR outlined at SAM.

在 HPC 和 MCS 方面，收入達到創紀錄的近 10 億美元，環比增長 50%，同比增長 25%，這得益於 Cray、HPC Apollo 和 MCS 的強勁表現。我們對現有訂單執行良好，客戶接受度提高，並通過健康的管道進一步增加訂單。如您所知，這項業務可能會因收入確認和與關鍵客戶里程碑的完成相關聯的盈利能力而起伏不定。雖然我們確實預計 21 年第一季度會出現正常的季節性下降，但我們正在努力實現 SAM 概述的 8% 至 12% 的 3 年收入複合年增長率。

In Compute, revenue declined 7% sequentially but was up low single digits when normalizing Q3 and Q4 results for backlog conversion. Gross and operating margins were also pressured by clearing the backlog as we had to fulfill orders at cost levels higher than originally quoted. We are pleased to report that backlog has now returned to normalized levels, thanks to continued improvements in our supply chain execution.

在 Compute 領域，收入環比下降 7%，但在將第三季度和第四季度的結果歸一化以進行積壓轉換時，收入下降了低個位數。毛利率和營業利潤率也因清理積壓訂單而受到壓力，因為我們必須以高於最初報價的成本水平履行訂單。我們很高興地報告，由於我們供應鏈執行的持續改進，積壓現在已經恢復到正常水平。

Within Storage, we grew revenue 7% quarter-over-quarter, driven by strong operational execution, reduced backlog and improved order momentum in key areas of the portfolio. We saw notable strength in big data, up 27% sequentially, driven by increased customer focus on AI, machine learning-related applications; all-flash array storage up 19% sequentially by increased -- driven by increased adoption of Primera All-flash and dHCI, which grew double digits sequentially. We also expanded operating margins this quarter, which was up 380 basis points quarter-on-quarter, ending at 16.7% of revenue and already aligned to our SAM fiscal year '23 targets.

在存儲方面，我們的收入環比增長 7%，這得益於強大的運營執行力、積壓訂單減少以及產品組合關鍵領域訂單勢頭的改善。我們看到大數據的顯著優勢，環比增長 27%，這是由於客戶對人工智能、機器學習相關應用程序的關注度增加；全閃存陣列存儲環比增長 19%，原因是 Primera 全閃存和 dHCI 的採用增加，環比增長兩位數。本季度我們還擴大了營業利潤率，環比增長 380 個基點，佔收入的 16.7%，並且已經與我們的 SAM'23 財年目標保持一致。

With respect to Pointnext operational services, which is included across our Compute, HPC, MCS and Storage segment, total revenue was up 2%, while orders were down 1% on a sequential basis. Additionally, our services intensity, which is the ratio of attach revenue per hardware unit sold, continued to be strong with notable strength in Compute and Storage, excluding Nimble, which were up low single digits growth on a sequential basis.

關於 Pointnext 運營服務，包括我們的計算、HPC、MCS 和存儲部門，總收入增長了 2%，而訂單環比下降了 1%。此外，我們的服務強度（即每售出硬件單位的附加收入比率）繼續保持強勁，在計算和存儲方面具有顯著優勢，不包括 Nimble，後者連續實現低個位數增長。

In Advisory & Professional Services, revenue was up 6% sequentially even as COVID impacted consulting activity and the chargeability levels of our staff. Within HPE Financial Services, financing volume was up 6%, and revenue was up 2% quarter-over-quarter despite the impact of COVID-19. We maintained a solid return on equity of approximately 13% this quarter. Our bad debt loss ratio this quarter was 1.06%, which, while slightly higher than previous quarters, is still best in class and well within our comfort zone as cash collections have already returned back to pre-COVID levels.

在諮詢和專業服務方面，儘管 COVID 影響了諮詢活動和我們員工的收費水平，但收入環比增長了 6%。儘管受到 COVID-19 的影響，HPE Financial Services 的融資額仍環比增長 6%，收入環比增長 2%。本季度我們保持了約 13% 的穩定股本回報率。本季度我們的壞賬損失率為 1.06%，雖然略高於前幾個季度，但仍然是同類產品中最好的，並且在我們的舒適範圍內，因為現金回收已經恢復到 COVID 之前的水平。

In our Communications and Media Solutions business that is included in our Corporate Investments segment, orders were up 18% and revenue was up 6% sequentially, driven by strong double-digit orders and revenue growth in Americas. Additionally, due to our improved cost of delivery, we were able to expand operating margins by 240 basis points quarter-over-quarter. We continue to make good progress in our 5G core strategy that provides multi-vendor integration and true cloud-native telco network functions.

在我們的企業投資部門所包含的通信和媒體解決方案業務中，訂單增長了 18%，收入環比增長了 6%，這得益於美洲強勁的兩位數訂單和收入增長。此外，由於我們改善了交付成本，我們能夠將營業利潤率環比擴大 240 個基點。我們在提供多供應商集成和真正的雲原生電信網絡功能的 5G 核心戰略方面繼續取得良好進展。

Slide 8 shows key metrics of our growing as-a-service business, which I elaborated on during our recent Securities Analyst Meeting. We are making great strides in our AAS offering. I am pleased to report that our Q4 '20 ARR came in at $585 million, representing 11% quarter-over-quarter and 30% year-over-year reported growth. Total as-a-service orders were up 20% year-over-year, driven by outstanding performance in North America and APJ.

幻燈片 8 顯示了我們不斷增長的即服務業務的關鍵指標，我在最近的證券分析師會議上對此進行了詳細說明。我們在 AAS 產品方面取得了長足的進步。我很高興地報告，我們的 20 年第四季度 ARR 為 5.85 億美元，環比增長 11%，同比增長 30%。在北美和 APJ 的出色表現的推動下，即服務訂單總額同比增長 20%。

Our HPE Aruba Central SaaS platform also continued to grow revenue strong double digits year-over-year. Based on strong customer demand and recent wins, I am very happy with how this business is delivering and progressing towards its ARR growth targets of 30% to 40% CAGR from fiscal year '20 to fiscal year '23 set at our 2019 SAM and reiterated at our 2020 SAM meeting.

我們的 HPE Aruba Central SaaS 平台的收入也繼續實現強勁的兩位數同比增長。基於強勁的客戶需求和最近的勝利，我對這項業務如何實現並朝著我們在 2019 年 SAM 設定的 20 財年到 23 財年 30% 至 40% 複合年增長率的 ARR 增長目標感到非常高興，並重申在我們的 2020 SAM 會議上。

Slide 9 highlights our revenue and EPS performance to date where you can clearly see Q2 was a trough. Strong operational execution has driven sequential revenue growth from a low of $6 billion in Q2 all the way back to $7.2 billion in Q4.

幻燈片 9 突出顯示了我們迄今為止的收入和每股收益表現，您可以清楚地看到第二季度是一個低谷。強大的運營執行力推動收入連續增長，從第二季度的 60 億美元的低位一路回升至第四季度的 72 億美元。

Turning to Slide 10. The rebound in revenue has resulted in a 15% improvement in non-GAAP gross profit from the Q2 trough, which was up to $2.2 billion in Q4. Also, the gross margin rate in Q4 of 30.6% of revenues was up 20 basis points sequentially, driven by a higher mix of Intelligent Edge, Storage and HPC, MCS, which are higher-margin businesses, offset by continued execution of elevated compute backlog, which was a headwind but is now behind us.

轉到幻燈片 10。收入的反彈導致非 GAAP 毛利潤比第二季度低谷提高了 15%，第四季度高達 22 億美元。此外，第四季度的毛利率佔收入的 30.6%，環比上升 20 個基點，這是由於智能邊緣、存儲和 HPC、MCS 的更高組合推動的，這些業務是利潤率較高的業務，但被繼續執行增加的計算積壓所抵消，這是一個逆風，但現在已經過去了。

Moving to Slide 11. You can see how the improvement in gross profit, combined with progress on our cost optimization plan, has delivered 53% growth in operating profit from the Q2 trough while still investing for growth. As mentioned at SAM, we are making excellent progress in our cost optimization and prioritization plan, which will strengthen our financial foundation while aligning resources to critical growth areas. As of the end of this quarter, we are on track to deliver annualized net run rate savings for at least $800 million from the FY '19 baseline by the end of fiscal year '22, with most of the savings being realized by the end of fiscal year '21. Obviously, we will keep you updated on our progress in the upcoming quarters.

轉到幻燈片 11。您可以看到毛利潤的改善，加上我們成本優化計劃的進展，使營業利潤從第二季度的低谷增長了 53%，同時仍在為增長進行投資。正如 SAM 所提到的，我們在成本優化和優先級排序計劃方面取得了顯著進展，這將加強我們的財務基礎，同時將資源分配給關鍵的增長領域。截至本季度末，我們有望在 22 財年末實現比 19 財年基線至少 8 億美元的年化淨運行率節省，其中大部分節省將在 2019 年底實現'21財政年度。顯然，我們會在接下來的幾個季度讓您了解我們的最新進展。

Turning to Slide 12. We generated cash flow from operations of $747 million, and free cash flow was $223 million for the quarter, driven by timing of working capital movements from clearing backlog that resulted in favorability in Q3 but a headwind we flagged for in Q4. We ended fiscal year '20 with free cash flow of $560 million, in line with our outlook provided at SAM 2020. Looking to '21, we expect free cash flow to grow over 75% at the midpoint of our outlook of $900 million to $1.1 billion. Please remember our normal cash flow seasonality, where the second half is a stronger generator of cash flow than the first half.

轉到幻燈片 12。本季度我們從運營中產生了 7.47 億美元的現金流，自由現金流為 2.23 億美元，這是由於清算積壓造成的營運資金流動時間的推動，這導致了第三季度的受歡迎程度，但我們在第四季度發現了逆風.我們以 5.6 億美元的自由現金流結束了 20 財年，這與我們在 SAM 2020 上提供的展望一致。展望 21 年，我們預計自由現金流將增長 75% 以上，達到 9 億美元至 1.1 美元的展望中點十億。請記住我們正常的現金流季節性，下半年的現金流比上半年更強。

Now moving on to Slide 13. Let me remind everyone about the strength of our diversified balance sheet and liquidity position, which is a competitive advantage in the current environment. As our October 31 quarter end, we had approximately $4.2 billion of cash after successfully redeeming $3 billion of bonds maturing in October 2020 and paying approximately $853 million, net of cash -- excuse me, $853 million of net cash for closing the Silver Peak transaction. Together with an undrawn revolving credit facility of $4.75 billion at our disposal, we currently have approximately $9 billion of liquidity.

現在轉到幻燈片 13。讓我提醒大家注意我們多元化的資產負債表和流動性狀況的優勢，這是當前環境下的競爭優勢。在我們 10 月 31 日的季度末，在成功贖回 2020 年 10 月到期的 30 億美元債券並支付約 8.53 億美元（扣除現金）後，我們擁有約 42 億美元的現金——對不起，8.53 億美元的淨現金用於完成 Silver Peak 交易.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, we have a strong cash position and ample liquidity available to run our operation, continue to invest in our business 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，我們擁有強大的現金頭寸和充足的流動性來運營我們的業務，繼續投資於我們的業務並執行我們的戰略。

Now turning to outlook on Slide 14. At our recent Securities Analyst Meeting, we provided our outlook for fiscal year '21, and I would encourage you to review my presentation for a more detailed discussion of that outlook. Having said that, let me drill down on a few key areas. We continue to expect to grow our fiscal year '21 non-GAAP operating profit by 15% to 20% and now expect FY '21 non-GAAP diluted net earnings per share to be between $1.60 to $1.78 as a result of increased confidence in margin improvement. This is a $0.03 per share improvement on the midpoint of our prior guidance of $1.56 to $1.76 in EPS.

現在轉向幻燈片 14 的展望。在我們最近的證券分析師會議上，我們提供了 21 財年的展望，我鼓勵您查看我的演示文稿，以便更詳細地討論該展望。話雖如此，讓我深入探討幾個關鍵領域。我們繼續預計我們的 21 財年非 GAAP 營業利潤將增長 15% 至 20%，並且由於對利潤率的信心增強，現在預計 21 財年非 GAAP 攤薄每股淨收益將在 1.60 美元至 1.78 美元之間改進。這比我們之前每股收益 1.56 美元至 1.76 美元的指引中點提高了 0.03 美元。

From a top line perspective, we are pleased with the rebound we saw in Q4 and continue to see gradual improvement but want to remain somewhat cautious due to the uncertain pace of recovery from the COVID-19 pandemic. More specifically for Q1 '21, after normalizing for excess backlog reduction in Q4 '20 of $250 million, we expect Q1 '21 revenue to be in line with our normal sequential seasonality of down mid-single digits from Q4.

從頂線的角度來看，我們對我們在第四季度看到的反彈感到滿意，並繼續看到逐步改善，但由於從 COVID-19 大流行中復甦的步伐不確定，我們希望保持謹慎。更具體地說，對於 21 年第一季度，在將 20 年第四季度的超額積壓減少 2.5 億美元標準化後，我們預計 21 年第一季度的收入將與我們從第四季度開始連續下降中個位數的正常連續季節性一致。

For fiscal year '21, we expect total revenue to be in line with our long-term financial targets of a CAGR of 1% to 3% presented at our recent Securities Analyst Meeting. For Q1 '21, we expect GAAP diluted net EPS of $0.02 to $0.06 and non-GAAP diluted net EPS of $0.40 to $0.44.

對於 21 財年，我們預計總收入將符合我們在最近的證券分析師會議上提出的複合年增長率為 1% 至 3% 的長期財務目標。對於 21 年第一季度，我們預計 GAAP 稀釋後淨每股收益為 0.02 美元至 0.06 美元，非 GAAP 稀釋後淨每股收益為 0.40 美元至 0.44 美元。

So overall, I'm very pleased with the performance in the quarter and execution against our strategy and financial priorities outlined at SAM. We have navigated well through unprecedented challenges this fiscal year and had a very strong finish. Q4 was marked by a strong rebound in revenue as we reduced backlog to normalized levels and saw increased order momentum across all business segments. We saw significant acceleration in customer demand in our growth businesses of Intelligent Edge and HPC, MCS. Our core business of Compute and Storage is pointing to signs of stabilization, and our as-a-service ARR continues to show strong momentum aligned to our outlook. We have been proactive in strengthening our financial foundation and aligning resources to critical areas to transform our core. This will ultimately drive sustainable profitable growth and shareholder returns for the long run.

總的來說，我對本季度的表現以及我們在 SAM 上概述的戰略和財務優先事項的執行情況感到非常滿意。我們在本財年順利度過了前所未有的挑戰，並取得了非常出色的成績。第 4 季度的特點是收入強勁反彈，因為我們將積壓訂單減少到正常水平，並且所有業務部門的訂單勢頭都有所增加。我們看到客戶需求在我們的智能邊緣和 HPC、MCS 增長業務中顯著加速。我們的計算和存儲核心業務顯示出穩定跡象，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。我們一直積極加強我們的財務基礎，並將資源分配給關鍵領域，以實現我們的核心業務轉型。從長遠來看，這最終將推動可持續的盈利增長和股東回報。

Let me close by reiterating that I'm very proud of what we have accomplished as a team during very challenging and uncertain times, and we look forward to fiscal year '21. Now with that, let's open it up for questions. Thank you.

最後，我要重申，我為我們團隊在充滿挑戰和不確定的時期所取得的成就感到非常自豪，我們期待著 21 財年的到來。現在，讓我們打開它來提問。謝謝。

(Operator Instructions)

（操作員說明）

And our first question today will come from Aaron Rakers with Wells Fargo.

我們今天的第一個問題將來自富國銀行的 Aaron Rakers。

I guess I wanted to go into the Compute segment a little bit more. First of all, can you talk a little bit about the demand linearity you saw throughout this October quarter? And just as we move forward, how do I think about the operating profitability? If I look back in fiscal '19, I think the average operating margin was somewhere in the 11.5% range. This quarter was 6%, averaging about 7% this last fiscal year. So I'm just trying to understand what is the kind of normalized operating margin profile of that Compute business.

我想我想更多地進入計算領域。首先，您能談談您在整個 10 月季度看到的需求線性嗎？在我們前進的同時，我如何看待運營盈利能力？如果回顧 19 財年，我認為平均營業利潤率在 11.5% 左右。本季度為 6%，上一財年平均約為 7%。因此，我只是想了解該計算業務的標準化運營利潤率是什麼樣的。

All right. Tarek?

好的。塔雷克？

All right. So look, if you look at total revenue in Compute, as Antonio said and I think I reiterated, too, revenue was up low single digits when you normalize for Q3 and Q4 for backlog conversion, right? So considering where we were at the end of Q2, the team did an outstanding job of driving supply chain efficiencies and clearing that backlog. The backlog is no more a problem. It's back to normalized levels.

好的。所以看，如果你看一下 Compute 的總收入，正如 Antonio 所說，我想我也重申過，當你對第三季度和第四季度的積壓轉換進行標準化時，收入增長了低個位數，對吧？因此，考慮到我們在第二季度末的情況，該團隊在提高供應鏈效率和清理積壓方面做得非常出色。積壓不再是問題。它回到了正常水平。

Specifically with respect to order trends and momentum, order trends were encouraging, then this is pointing to further stabilization in this business. And most importantly, if you look on a combined view, for servers across Compute and HPC, MCS, which is how the market tracks service performance, our total net revenue in the servers would be up low single digits sequentially and up low double digits sequentially if you exclude the impact of backlog in Q3 and Q4. So we feel we gained revenue market share in total servers for the second consecutive quarter.

特別是在訂單趨勢和勢頭方面，訂單趨勢令人鼓舞，這表明該業務進一步穩定。最重要的是，如果你從一個綜合的角度來看，對於計算和 HPC 之間的服務器，MCS，這是市場跟踪服務性能的方式，我們在服務器中的總淨收入將連續增長低個位數和連續低兩位數如果排除Q3和Q4積壓的影響。因此，我們認為我們連續第二個季度在服務器總數中獲得了收入市場份額。

Now when you look at margins in that context, gross and operating margins were pressurized by clearing backlog as we had to fulfill orders in Q4 at cost levels higher than they were originally quoted. Having said that, we're pleased to report now, again, that the backlog has returned to normalized levels, and we continue to improve our supply chain execution.

現在，當你在這種情況下查看利潤率時，毛利率和營業利潤率因清理積壓而受到壓力，因為我們不得不在第四季度以高於最初報價的成本水平履行訂單。話雖如此，我們現在很高興再次報告，積壓已恢復到正常水平，我們將繼續改善我們的供應鏈執行。

As we continue to stabilize this business, we expect gross margins to expand now that backlog is no longer an issue and mix shift to more profitable market segments. We also continue to optimize R&D and sales investments and expect to achieve an operating profit margin of 10% to 12%. This is what we told you as part of our long-term outlook provided at SAM.

隨著我們繼續穩定這項業務，我們預計毛利率將會擴大，因為積壓不再是一個問題，並且混合轉向利潤更高的細分市場。我們還繼續優化研發和銷售投資，並期望實現 10% 至 12% 的營業利潤率。這是我們在 SAM 提供的長期展望中告訴您的內容。

So I just want to emphasize a couple of points that I hope that didn't go lost through Tarek's commentary here because he provided a lot of insight. Our orders in Compute without China, because, as you know, we have a different setup, was up 2% quarter-over-quarter, our new orders. And then as we think about the total server category, which is Compute plus HPC plus MCS, you combine all of that and basically, when you normalize for the backlog, we would have been up quite a bit sequentially and up low single digits year-over-year. And that's why we believe we have gained share in total server revenue.

所以我只想強調幾點，我希望 Tarek 在這裡的評論不會遺漏這些觀點，因為他提供了很多見解。我們在沒有中國的計算中的訂單，因為如你所知，我們有不同的設置，我們的新訂單環比增長 2%。然後當我們考慮整個服務器類別時，即計算加 HPC 加 MCS，你將所有這些結合起來，基本上，當你對積壓進行標準化時，我們會按順序增長很多，並且每年增長低個位數 -超過一年。這就是為什麼我們相信我們在服務器總收入中獲得了份額。

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 you could drill down on what's occurring in the Intelligent Edge business. In particular, we see a couple of cross currents. Maybe macro recovery would be helpful, but this could be offset by increased work from home. So there's this debate about how this business may trend. And on top of that, I have the impression that you expect to gain market share from some of your larger competitors. Wonder if you could help us understand how you weigh these various cross currents when you look out over calendar '21 opportunities for the Intelligent Edge.

我想看看您是否可以深入了解智能邊緣業務中發生的事情。特別是，我們看到了一些交叉電流。也許宏觀經濟復甦會有所幫助，但這可能會被在家工作的增加所抵消。因此，存在關於該業務可能如何發展的爭論。最重要的是，我的印像是您希望從一些較大的競爭對手那裡獲得市場份額。想知道當您查看 Intelligent Edge 的日曆 '21 機會時，您是否可以幫助我們了解您如何權衡這些不同的交叉流。

Yes. Thank you for the question. I mean, we committed to doubling down on the edge 2 years ago, where I went on to say that the Intelligent Edge is the next big frontier. And when you think about digital transformation, all starts with a connectivity. And in order to participate in the digital transformation, you need connectivity, you need security, and then ultimately, you need to bring the cloud computing where the data is created. And we have now seen that the vast majority of the data is created outside the data center, outside the big cloud and more and more where we live and work.

是的。感謝你的提問。我的意思是，我們在 2 年前承諾在邊緣上加倍努力，我接著說智能邊緣是下一個大前沿。當您考慮數字化轉型時，一切都始於連通性。為了參與數字化轉型，您需要連通性、安全性，最終，您需要在創建數據的地方引入雲計算。而我們現在已經看到，絕大多數數據是在數據中心之外、在大雲之外以及越來越多的我們生活和工作的地方創建的。

Obviously, the pandemic has validated what I said 2 years ago that the enterprise of the future will be edge centric, cloud enabled and data driven. And when I think about our Q4 performance, and I'm going to speak organically because the Silver Peak acquisition was just 4, 5 weeks in our numbers, we grew year-over-year versus our competitors in the traditional space, whether Cisco or others declined. And that's where we believe we are going to gain share.

顯然，這場大流行證實了我 2 年前所說的未來企業將以邊緣為中心、雲支持和數據驅動。當我考慮我們第四季度的業績時，我將有機地發言，因為 Silver Peak 的收購在我們的數字中只有 4、5 週，與傳統領域的競爭對手相比，無論是思科還是思科，我們都實現了同比增長其他人拒絕了。這就是我們相信我們將獲得份額的地方。

And the reason why we believe that momentum will continue is not just because of the transformation that we see in customers, particularly as we're going to be in a much more distributed enterprise where connectivity has to be ubiquitous, is because we have a cloud-native solution. It is important that the Street understand our Aruba Edge Services platform is a software company and provides cloud connectivity -- connectivity from the cloud with security, analytics, AI and all the things that you need in this environment, a massive scale. And it has to be designed for devices, people and things.

我們相信這種勢頭會持續下去的原因不僅僅是因為我們在客戶身上看到的轉變，特別是因為我們將在一個更加分佈式的企業中，連接必須無處不在，因為我們有一個雲- 本機解決方案。重要的是，街道了解我們的 Aruba Edge Services 平台是一家軟件公司，提供雲連接——來自云的連接與安全、分析、AI 以及您在此環境中需要的所有東西，大規模。它必須為設備、人和事物而設計。

And that's why we have, in that platform today, more than 65,000 customers, and we are adding 14,000 new devices every single day. And that momentum is all about the experience we can provide. And this is why we saw the 14% growth sequentially, and also, we saw the 5% year-over-year growth. But what is interesting is it is a Software-as-a-Service growth because, ultimately, that contributes to our ARR. And by the way, our switching was up sequentially high single digits versus our competitor down. And our wireless line was up 20% quarter-over-quarter. So we believe we have something specially unique here, right in the middle of what the customer demand is. I don't know, Tarek, if you want to add any commentary.

這就是為什麼我們今天在該平台上擁有超過 65,000 名客戶，並且我們每天都在添加 14,000 台新設備。而這種勢頭就是我們可以提供的經驗。這就是為什麼我們看到了 14% 的連續增長，而且我們看到了 5% 的同比增長。但有趣的是它是軟件即服務的增長，因為最終這有助於我們的 ARR。順便說一下，我們的開關量連續上升了個位數，而我們的競爭對手則下降了。我們的無線線路環比增長 20%。所以我們相信我們在這裡有一些特別獨特的東西，就在客戶需求的中間。 Tarek，我不知道你是否想添加任何評論。

That's absolutely right, Antonio. There's one thing I can add from a financial standpoint, is we do project that the edge is going to outgrow the market given the strong differentiation that the Aruba Edge Services platform provides that Antonio described. And we see revenue growing at a 6% to 10% CAGR over the next 3 years from FY '20 to FY '23. And this will come with enhanced profitability. We ended Q4 with a 10.1% OP margin, up 150 basis points. Longer term, we expect operating margins to progress upwards through the teens, with more scale and richer gross margins from higher software content such as the Aruba services platform, including the contribution from Silver Peak.

完全正確，安東尼奧。從財務的角度來看，我可以補充一件事，我們確實預測，鑑於 Antonio 描述的 Aruba Edge Services 平台提供的強大差異化，邊緣將超過市場。我們預計未來 3 年，從 20 財年到 23 財年，收入將以 6% 到 10% 的複合年增長率增長。這將帶來更高的盈利能力。我們以 10.1% 的運營利潤率結束了第四季度，上升了 150 個基點。從長遠來看，我們預計營業利潤率將上升到十幾歲，更高的軟件內容（如 Aruba 服務平台）帶來更大的規模和更豐富的毛利率，包括 Silver Peak 的貢獻。

And I think you should walk away with 3 key trends so that you can put that in context. One is Wi-Fi for secure remote worker solutions; Wi-Fi 6 refresh, which is a pull-through for switching because of the architecture; and obviously, the acceleration for SD-WAN, which, obviously, Silver Peak plays a huge role; and last but not least, we see an increased demand in NaaS, which is Network as a Service, which obviously is a component of our HPE GreenLake offering.

而且我認為您應該離開 3 個關鍵趨勢，以便您可以將其放在上下文中。一種是用於安全遠程工作者解決方案的 Wi-Fi； Wi-Fi 6 refresh，因為架構的關係，是切換的pull-through；顯然，SD-WAN 的加速，顯然，Silver Peak 發揮了巨大的作用；最後但並非最不重要的一點是，我們看到對 NaaS 的需求增加，即網絡即服務，這顯然是我們 HPE GreenLake 產品的一個組成部分。

And 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。

Congrats on the strong execution and solid quarter. Antonio, you're back at pre-pandemic revenue levels for overall revenue, and your growth segments are performing impressively. Do you see this as a sign that enterprise spending is coming back stronger than you thought 90 days ago? And Tarek, if I could, can you just give us an update on the roughly $2 billion of payment that are potentially coming your way from Oracle and how you would deploy that if you got that over the next year?

祝賀強大的執行力和穩健的季度。安東尼奧，你的總收入回到了大流行前的收入水平，你的增長部門表現令人印象深刻。您是否認為這是企業支出比 90 天前想像的更強勁的跡象？ Tarek，如果可以的話，你能否向我們介紹一下 Oracle 可能向你支付的大約 20 億美元的付款的最新情況，以及如果你在明年收到這筆付款，你將如何部署？

Yes. Thanks, Wamsi. I mean I will say we are very encouraged by the order momentum we have. Obviously, there's still quite a bit of uncertainty out there. We still subscribe to our thesis that Tarek and I discussed in Q2, which is a U-shaped recovery. But what I'm really pleased is the -- all the momentum and the sequential growth that we continue to see and the demand, particularly in the growth areas but also very pleased with what is pointed to the stabilization of the core business. The fact that our Compute orders grew sequentially 2% is very, very good.

是的。謝謝，瓦姆西。我的意思是我會說我們對我們的訂單勢頭感到非常鼓舞。顯然，那裡仍然存在相當多的不確定性。我們仍然同意 Tarek 和我在第二季度討論的論點，即 U 型複蘇。但我真正感到高興的是——我們繼續看到的所有勢頭和連續增長以及需求，特別是在增長領域，但也對核心業務的穩定表示非常滿意。我們的計算訂單連續增長 2% 這一事實非常非常好。

We also saw sequential growth in Storage, in orders. And I think it's pointed to different solutions, Wamsi. Obviously, we see containers. We see bare metal applications. We see everything that's workload optimized. Data recovery is one aspect of it. VDI is another aspect of it. I think there is a shift in not just buying infrastructure but that type of infrastructure, which is way more optimized.

我們還看到了存儲訂單的連續增長。 Wamsi，我認為它指向不同的解決方案。顯然，我們看到了容器。我們看到了裸機應用程序。我們看到了工作負載優化的一切。數據恢復是其中的一方面。 VDI是它的另一個方面。我認為，不僅僅是購買基礎設施，而且這種類型的基礎設施也發生了變化，這種方式更加優化。

And one of the things we see, obviously, is GreenLake. GreenLake is a driving force for pulling through our portfolio. And when you pull that portfolio through, Compute and Storage win. And that's where we discussed at SAM not only we need to focus on the stabilization but the transformation of the business to become more software and silicon oriented, which the exact example of that is we introduced our silicon root of trust version 2.0, which is the most secure platform on the planet.

顯然，我們看到的其中一件事是 GreenLake。 GreenLake 是推動我們投資組合的推動力。當您完成該產品組合時，計算和存儲將獲勝。這就是我們在 SAM 上討論的地方，我們不僅需要關注穩定性，還需要關注業務轉型，以變得更加面向軟件和矽，具體的例子是我們引入了我們的矽信任根版本 2.0，這是地球上最安全的平台。

But what is interesting, if you listen to some of our competitors, including today, they say that 96% of the spend is still on-prem. This is not my words. It's a big cloud provider who said that. And that transition is an important transition for us to capture, and that's where we went ahead with our on-premise solutions as a service. So that's why I think there is definitely stabilization in demand. There is increased demand in certain areas associated with connectivity, AI, data. We see more workload-optimized solution. We see more IT resiliency needed at this point in time. And that's where, as we enter Q1, we enter with a very strong momentum on our orders, and that's why we were confident with Tarek to raise our guidance for the year.

但有趣的是，如果你聽聽我們的一些競爭對手（包括今天）的說法，他們會說 96% 的支出仍在本地。這不是我的話。是一家大型雲提供商這麼說的。這種轉變對我們來說是一個重要的轉變，這就是我們將內部部署解決方案作為一種服務繼續前進的地方。所以這就是為什麼我認為需求肯定會穩定下來。與連通性、人工智能和數據相關的某些領域的需求有所增加。我們看到了更多針對工作負載優化的解決方案。我們發現此時需要更多的 IT 彈性。這就是當我們進入第一季度時，我們的訂單勢頭非常強勁，這就是為什麼我們對 Tarek 提高今年的指導充滿信心。

Oracle?

甲骨文？

Wamsi, so the question on Oracle, so yes, we have not forgotten about that one, of course. Let me remind everybody where we stand. There was a $3 billion, roughly, jury verdict in HPE's favor in the Itanium matter. That matter remains on appeal. The renewed judgment now stands at $3.8 billion in total, with interest accruing at 10% since May 2019 so an interesting interest rate here. The appeal has been fully briefed, and we are awaiting the California Court of Appeal to schedule oral argument.

Wamsi，所以關於 Oracle 的問題，是的，我們當然沒有忘記那個問題。讓我提醒大家我們的立場。在 Itanium 事件中，陪審團做出了大約 30 億美元的有利於 HPE 的裁決。這件事仍在上訴中。更新後的判決現在總額為 38 億美元，自 2019 年 5 月以來利息為 10%，因此這是一個有趣的利率。上訴已得到全面介紹，我們正在等待加州上訴法院安排口頭辯論。

Although we are hopeful that we will receive a ruling from the California Court of Appeal in 2021, obviously, the timing of this is out of our control. We remain confident that the outcome on appeal will be favorable to HPE. And also, I want to remind you all that we would have to share any sort of payment with our cousins at HP Inc.

雖然我們希望我們能在 2021 年收到加州上訴法院的裁決，但顯然，這個時間是我們無法控制的。我們仍然相信上訴結果將有利於 HPE。而且，我想提醒大家，我們必須與 HP Inc. 的表兄弟分享任何形式的付款。

Correct.

正確的。

And our next question will come from Amit Daryanani with Evercore ISI.

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

This is Irvin Liu dialing in for Amit. I wanted to get an update on your HPC & MCS business. During your recent Analyst Day, you alluded to this business in addition to Intelligent Edge being contributors to growth. And clearly, this quarter puts an emphasis on that viewpoint. Can you perhaps highlight some of the underlying demand vectors for a business that's been historically lumpy in nature, perhaps the durability of this level of growth looking forward and perhaps progress on reaching customers beyond Cray's historically public sector customer base?

我是 Irvin Liu，正在為 Amit 撥入電話。我想了解您的 HPC 和 MCS 業務的最新動態。在最近的分析師日期間，除了 Intelligent Edge 之外，您還提到了這項業務是增長的貢獻者。顯然，本季度強調了這一觀點。您能否強調一些歷史上本質上不穩定的企業的潛在需求向量，也許是這種增長水平的持久性，也許是在接觸 Cray 歷史上公共部門客戶群以外的客戶方面取得的進展？

Yes. Well, that's part of the thesis why we combine Cray with the organic portfolio HPE had. You need to look at the segmentation of the business. Obviously, Cray plays on the top end of the supercomputer market with a unique set of technologies both in software and silicon. That's very important to understand. Cray brought to us a fully verticalized stack from the silicon, particularly in the interconnect fabric to the entire software to manage these very specialized workloads, which is a significant point of differentiation for us.

是的。好吧，這就是為什麼我們將 Cray 與 HPE 的有機產品組合結合起來的部分原因。您需要查看業務細分。顯然，Cray 憑藉一套獨特的軟件和芯片技術在超級計算機市場的高端市場佔據一席之地。理解這一點非常重要。 Cray 為我們帶來了一個完全垂直化的堆棧，從矽，特別是互連結構到整個軟件，以管理這些非常專業的工作負載，這對我們來說是一個重要的差異化點。

And then the HPE Apollo, which is a platform I actually introduced when I was running the Compute business in 2013, plays more in the mid-range and the low end in a density optimized and other type of workloads. The combination drives tremendous synergies across the entire segment. And it's true it is lumpy, no question about it. But it's lumpy because the way the mechanics works in terms of revenue recognition. So in this business, obviously, you take the order. Then you have the time to build it. It takes sometimes months to build one of these systems. You have to ship it. You have to install it. You have to run the workload. And only when the customer give us acceptance, we can recognize revenue.

然後是 HPE Apollo，這是我在 2013 年經營計算業務時實際引入的平台，在密度優化和其他類型的工作負載中更多地發揮中端和低端的作用。這種結合推動了整個細分市場的巨大協同效應。毫無疑問，它確實是塊狀的。但它是塊狀的，因為機制在收入確認方面的運作方式。所以在這個行業，很明顯，你接受訂單。然後你有時間建造它。構建其中一個系統有時需要幾個月的時間。你必須運送它。你必須安裝它。您必須運行工作負載。只有當客戶給我們驗收時，我們才能確認收入。

But remember, what we showed you at SAM is the fact that we have more than $2 billion in backlog, meaning awarded business that we expect to ship between '21 and '22. And that business is already won, okay? And some of those include exascale systems, which, obviously, we shared the data with you, which we won 5 out of 6. But since SAM, we won new deals, and I quoted some of those in my opening remarks, like the Pawsey deal and the European Union deal. And these are typical. And the reason why we win is because we have a very set of specialized technology, and the need to co-locate data in compute is unique.

但請記住，我們在 SAM 上向您展示的事實是，我們有超過 20 億美元的積壓訂單，這意味著我們希望在 21 年到 22 年之間交付的已授予業務。那筆生意已經贏了，好嗎？其中一些包括 exascale 系統，顯然，我們與您共享了數據，我們贏得了 6 場比賽中的 5 場。但是自 SAM 以來，我們贏得了新交易，我在開場白中引用了其中一些，例如 Pawsey交易和歐盟交易。這些都是典型的。我們之所以獲勝，是因為我們擁有一套非常專業的技術，並且在計算中共同定位數據的需求是獨一無二的。

And that's why not only we continue to grow the business at the pace you saw, but also we own 39 of the top 500 supercomputers and we own 37% of the share. So we are very pleased with this business. Now our thesis is coming through, and the reason is because of data. Data is exploding. AI is now a democratized tool. In many ways, you need high performance compute capabilities to run it. By the way, we see now the momentum on margins, too, right, because now we own more of that stack.

這就是為什麼我們不僅繼續以您看到的速度發展業務，而且我們擁有 500 強超級計算機中的 39 台，我們擁有 37% 的份額。所以我們對這項業務非常滿意。現在我們的論文通過了，原因是因為數據。數據呈爆炸式增長。人工智能現在是一種民主化的工具。在許多方面，您需要高性能計算能力來運行它。順便說一句，我們現在也看到了利潤率的勢頭，因為現在我們擁有更多的堆棧。

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 wondering, Antonio, if you can talk a bit about your thoughts behind the headquarters move and any potential cost savings not from layoffs but perhaps lower taxes than that. And then I don't know, Tarek, if you can just confirm that the cost of the new building was included within your free cash flow estimates.

我想知道，安東尼奧，你是否可以談談你對總部搬遷背後的想法，以及任何潛在的成本節約，而不是裁員，而是可能比這更低的稅收。然後我不知道，Tarek，你是否可以確認新建築的成本包含在你的自由現金流估算中。

Sure. Listen, as we look into the future, our business needs, opportunities for cost savings, simplifying our footprint and also, remember, we learned quite a bit, Sharon, about the team preferences about the future of work. Altogether, we made the decision to relocate the headquarters.

當然。聽著，當我們展望未來時，我們的業務需求、節省成本的機會、簡化我們的足跡，還有，請記住，莎倫，我們學到了很多關於團隊對未來工作的偏好。總而言之，我們做出了搬遷總部的決定。

Let me be clear. Our technological hub for innovation, particularly in Aruba, Software, Storage is in Silicon Valley. And basically, what we are doing is consolidating our Silicon Valley footprint in the state-of-the-art San Jose headquarters that we opened last year. This is our technological hub. Now for nontechnical hub and jobs, we decided to move the headquarters to Texas because you have access to diverse talent, and ability to attract and retain is unique and differentiated.

讓我說清楚。我們的創新技術中心位於矽谷，尤其是在 Aruba、軟件和存儲方面。基本上，我們正在做的是在我們去年開設的最先進的聖何塞總部鞏固我們在矽谷的足跡。這是我們的技術中心。現在對於非技術中心和工作，我們決定將總部遷至德克薩斯州，因為您可以接觸到多樣化的人才，並且吸引和留住人才的能力是獨一無二的。

So what we are creating here is 2 very strong hubs with clear mandate on each of them. From the taxes perspective, there is none because we are incorporated in Delaware to begin with. Definitely, our savings are associated with the real estate because you rationalize the area footprint. You expect savings. The cost of the new site in Houston was already included in our numbers because we already were building that since beginning of 2020. That was already in the plan. We are not changing anything. So we're just relocating that.

因此，我們在這裡創建的是 2 個非常強大的中心，每個中心都有明確的授權。從稅收的角度來看，沒有，因為我們一開始就在特拉華州註冊成立。當然，我們的儲蓄與房地產相關，因為您使面積足跡合理化。您期望節省。休斯頓新站點的成本已經包含在我們的數字中，因為我們從 2020 年初就已經在建設它了。這已經在計劃中了。我們沒有改變任何東西。所以我們只是重新定位它。

And what we're doing for the unique job functions that we believe are better suited to be in Houston, we are offering a voluntary move to employees. And there will be no jobs impact in California. So that's pretty much it. And we are creating, again, 2 very strong hubs for our company and rationalize the footprint that will drive cost savings over time, which, by the way, they're part of Project Accelerate as we go along.

我們正在為我們認為更適合休斯頓的獨特工作職能所做的工作，我們正在為員工提供自願調動。並且不會對加州的就業產生影響。差不多就是這樣。我們再次為我們的公司創建了 2 個非常強大的中心，並合理化了足跡，這將隨著時間的推移推動成本節約，順便說一句，隨著我們的進展，它們是 Project Accelerate 的一部分。

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。

What have you seen in Europe as markets have -- as some of those markets have shut down? And do you view that as a path to what you might see in the U.S. over the next few months? And then just as it relates to demand in the October quarter, any difference in trends between the commercial, enterprise and public sector?

你在歐洲看到了什麼市場 - 因為其中一些市場已經關閉？您是否認為這是通往未來幾個月您在美國可能看到的情況的途徑？然後，正如它與 10 月季度的需求相關，商業、企業和公共部門之間的趨勢有何不同？

Yes, Katy. I mean Europe was strong for us. I mean, honestly, the lockdown is happening as we speak maybe in the last 2 to 3 weeks in some markets. But I have to say no real impact at this point in time that we can see. We again exit October with the momentum and a good order book getting into Q1. The momentum is being carried in November.

是的，凱蒂。我的意思是歐洲對我們來說很強大。我的意思是，老實說，正如我們所說，可能在過去 2 到 3 週內某些市場正在實施封鎖。但我不得不說，目前我們看不到任何實際影響。我們再次以良好的勢頭和進入第一季度的良好訂單退出 10 月。勢頭正在 11 月進行。

But again, there's still a lot of uncertainty out there. I'm not sure yet what real impact it is. Also, we'll say that customers are now kind of accustomed to deal with this way to work. Obviously, we have been now 9, 10 months in this situation and so business continues. There may be certain things may be slowed down over time because you need access to certain facilities. But overall, I haven't seen anything in particular right now. Commercial seems to be improving. And then on the public sector side, obviously, we participate, particularly with HPC, and that continues to be very, very strong, I will say.

但同樣，那裡仍然存在很多不確定性。我還不確定它的真正影響是什麼。另外，我們會說客戶現在有點習慣於以這種方式工作。顯然，我們在這種情況下已經 9、10 個月了，所以業務仍在繼續。隨著時間的推移，某些事情可能會變慢，因為您需要使用某些設施。但總的來說，我現在還沒有看到任何特別的東西。商業似乎正在改善。然後在公共部門方面，顯然，我們參與了，特別是 HPC，而且我會說，這仍然非常非常強大。

And our next question will come from Jeriel Ong with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Jeriel Ong。

Revenues, it's nice to see this revenue trend kind of get back to that flat year-on-year range. But if I really look at the gross and operating margins, there's still deltas on a year-on-year basis. I understand the normalization of backlog may have something to do with the modeling of this. But I guess, going forward, as we're forecasting the fiscal '21, what are the prospects for margin normalization back into those fiscal '19 figures?

收入，很高興看到這種收入趨勢回到了同比持平的範圍。但如果我真的看一下毛利率和營業利潤率，就會發現同比仍有增量。我知道積壓的規範化可能與此建模有關。但我想，展望未來，當我們預測 21 財年時，利潤率正常化回到 19 財年數據的前景如何？

Jeriel, thanks for the question. So if you refer back to our outlook on revenue that we provided at SAM, and that was a 1% to 3% CAGR growth of revenue that we reiterated today as we issued our guidance for fiscal year '21. We also said that we expect operating profit to grow 15% to 20% over next year. And so when you take the combination of the revenue growth, which is outpaced by the operating profit growth, yes, surely, there will be operating margin expansion.

傑瑞爾，謝謝你的提問。因此，如果你回顧一下我們在 SAM 上提供的收入展望，那就是我們今天在發布 21 財年指南時重申的收入複合年增長率為 1% 至 3%。我們還表示，我們預計明年的營業利潤將增長 15% 至 20%。因此，當您將營業利潤增長超過收入增長的組合時，是的，營業利潤率肯定會擴大。

And what's fueling that expansion is the cost optimization and prioritization program, which is well on track and most of the benefits of that program will be attained towards the end of fiscal year '21. And I would want to remind everybody that we are foreseeing $800 million of net run rate savings off the fiscal year '19 baseline. And so you can infer from this where the margins would be by the end of fiscal year '21 leading into fiscal year '22.

推動這種擴張的是成本優化和優先排序計劃，該計劃進展順利，該計劃的大部分好處將在 21 財年結束時實現。我想提醒大家，我們預計 19 財年基線的淨運行率將節省 8 億美元。因此，您可以從中推斷到 21 財年末進入 22 財年的利潤率。

And that question will come from Rod Hall with Goldman Sachs.

這個問題將來自 Rod Hall 和 Goldman Sachs。

I wanted to come back to the Financial Services business and particularly the write-off percentage and the increase there. And just -- I know there's a little bit of seasonality there, Tarek, but it seems like that's up a little bit. I'm just curious if you could say a word about -- I know you said it's a healthy absolute level but a word about what it tells us about the end market and whether you would expect that to decline in the January quarter.

我想回到金融服務業務，尤其是註銷百分比和那裡的增長。只是 - 我知道那裡有一點季節性，Tarek，但似乎有點上升了。我只是想知道你是否可以說一句話——我知道你說這是一個健康的絕對水平，但要說說它告訴我們終端市場的情況，以及你是否預計它會在 1 月份季度下降。

And then I assume the return on equity there is still relatively low because you guys are forgiving payments. But could you just update us on that payment forgiveness plan? And is that over? Are you still doing it? Just kind of give us an update on where that stands as well.

然後我假設那裡的股本回報率仍然相對較低，因為你們正在寬恕付款。但是你能告訴我們關於付款寬恕計劃的最新情況嗎？就這樣結束了嗎？你還在做嗎？也請告訴我們最新情況。

Thank you, Rod. It's a really good question. So when you look at the Financial Services business, the bad debt loss ratio is just over 1%. It's up modestly. I'm very comfortable personally with that level given what happened in the pandemic. And we are absolutely satisfied with the way the business unit has performed. The team has worked incredibly hard to give payment holidays to certain customers who needed it. This is why year-over-year, you see the revenue dropping but the profitability hasn't dropped dramatically at all. And that is testing of the way the management team has performed this year.

謝謝你，羅德。這是一個非常好的問題。因此，當您查看金融服務業務時，壞賬損失率剛剛超過 1%。它謙虛地上升了。考慮到大流行中發生的事情，我個人對這個水平感到非常滿意。我們對該業務部門的表現非常滿意。該團隊非常努力地為某些需要的客戶提供付款假期。這就是為什麼與去年同期相比，您看到收入下降但盈利能力根本沒有大幅下降。這是對管理團隊今年表現方式的考驗。

And it's actually what that translates into, is an extremely strong position for the future because what happened is that you had contract extended as a result of those "payment holidays". And when those contracts extend, that, over time, leads to higher returns as you know in the leasing space. So on the whole, I feel very, very positive about the performance of HPFS. We want to reiterate cash collections have already returned to pre-COVID levels, which is good. Economically, it's a sound position also for the economy. We're now collecting cash on deferrals granted earlier in the year, and that level of deferral was granted to a small subset of the customers. And we do expect the return on equity to trend back to the 15%-plus levels over the next couple of years.

這實際上意味著，對未來來說是一個非常強大的位置，因為發生的事情是你的合同因那些“支付假期”而延長。當這些合同延長時，隨著時間的推移，會帶來更高的回報，正如您在租賃領域所知。所以總的來說，我對 HPFS 的性能感覺非常非常積極。我們要重申，現金收款已經恢復到 COVID 之前的水平，這很好。在經濟上，這對經濟來說也是一個良好的位置。我們現在正在收取今年早些時候授予的延期付款的現金，並且該級別的延期付款授予了一小部分客戶。我們確實預計未來幾年的股本回報率將回到 15% 以上的水平。

All right. Thanks, Tarek. I know there may be some more questions, Andy, but I know you and Tarek will do some callbacks as well. And so there will be opportunity for those who were not able to put a question in to answer the question.

好的。謝謝，塔雷克。我知道可能還有更多問題，Andy，但我知道你和 Tarek 也會做一些回訪。因此，那些無法提出問題的人將有機會回答問題。

In any case, I just want to finish by saying that Q4 was marked by a very strong rebound in our total company revenue. We are pleased with the results. While much uncertainty still exists in the overall market, I am confident in our team ability to execute the strategic priorities we shared with you, particularly the SAM, which we believe will position us to drive future sustainable profitable growth. And again, thank you for joining on the call today -- joining us today on the call, and I hope you continue to stay safe and healthy. Happy holidays to you and your families.

無論如何，我只想說第四季度的標誌是我們公司總收入的強勁反彈。我們對結果很滿意。雖然整個市場仍然存在很多不確定性，但我相信我們的團隊有能力執行我們與您分享的戰略重點，尤其是 SAM，我們相信這將使我們能夠推動未來可持續的盈利增長。再次感謝您今天加入電話會議——今天加入我們的電話會議，我希望您繼續保持安全和健康。祝您和您的家人節日快樂。

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

女士們，先生們，我們今天的電話會議到此結束。謝謝。而在這個時候，你現在可能會斷開連接。