惠普企業 (HPE) 2020 Q3 法說會逐字稿

Good afternoon, and welcome to the Third Quarter 2020 Hewlett Packard Enterprise Earnings Conference Call.

下午好，歡迎來到 2020 年第三季度惠普企業收益電話會議。

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

我叫 Cole，我將擔任今天電話會議的會議主持人。

(Operator Instructions) We'll be facilitating a question-and-answer session towards the end of the conference.

（操作員說明）我們將在會議結束時促進問答環節。

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

（操作員說明）提醒一下，正在錄製此會議以供重播。

I would now like to turn the presentation over to your host for today's call, Ms. Sonalee Parekh, Senior Vice President, Corporate Development and Investor Relations.

現在，我想將演示文稿轉交給今天電話會議的主持人，公司發展和投資者關係高級副總裁 Sonalee Parekh 女士。

Please proceed.

請繼續。

Thank you, operator, and good afternoon.

謝謝接線員，下午好。

This is Sonalee Parekh, SVP of Corporate Development and Investor Relations for Hewlett Packard Enterprise.

我是惠普企業公司發展和投資者關係高級副總裁 Sonalee Parekh。

I would like to welcome you to our fiscal 2020 third quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

歡迎您參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2020 財年第三季度收益電話會議；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.

在將電話轉接給 Antonio 之前，讓我提醒您，此電話正在網絡直播中。

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

網絡廣播的重播將在電話會議結束後不久提供大約 1 年。

We posted the press release and the slide presentation accompanying today's earnings release on our HPE Investor Relations web page at investors.hpe.com.

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

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today.

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

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

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

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

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。

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

HPE 不承擔任何義務，也不打算更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal year quarter ended July 31, 2020.

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 7 月 31 日財年季度的 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.

此外，對於在非 GAAP 基礎上表達的財務信息，我們已在我們的網站上提供了與可比 GAAP 信息的對賬。

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

有關詳細信息，請參閱我們網站上今天的收益發布隨附的表格和幻燈片演示。

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

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

Finally, please note that Antonio provides his high-level remarks; Tarek will be referencing the slides in our earnings presentation throughout his prepared remarks.

最後，請注意 Antonio 提供了他的高級評論； Tarek 將在他準備好的發言中引用我們收益演示中的幻燈片。

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

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

With that, let me turn it over to Antonio.

有了這個，讓我把它交給安東尼奧。

Thanks, Sonalee, and good afternoon, everyone.

謝謝，Sonalee，大家下午好。

Thank you for joining us today, and I hope everyone is staying safe and healthy.

感謝您今天加入我們，我希望每個人都保持安全和健康。

Overall, I am pleased with our Q3 performance.

總的來說，我對我們第三季度的表現感到滿意。

We executed well to enable strong sequential growth across our businesses.

我們執行得很好，使我們的業務實現了強勁的連續增長。

We gained momentum in key areas of differentiation driven by customer demand aligned to our strategy.

在客戶需求與我們的戰略相一致的推動下，我們在差異化的關鍵領域獲得了動力。

And we began to take decisive and prudent actions to strengthen our core financial foundation while we continued to align resources to critical areas of growth.

我們開始採取果斷和審慎的行動來加強我們的核心財務基礎，同時我們繼續將資源分配給關鍵的增長領域。

COVID-19 has forced fundamental changes in businesses and communities.

COVID-19 迫使企業和社區發生根本性變化。

These changes have further validated our strategy.

這些變化進一步驗證了我們的策略。

Navigating through the pandemic and planning for a post-COVID world has increased customer needs for as-a-service offerings, secure connectivity, remote work capabilities and analytics to unlock insights from data.

應對大流行病和為後 COVID 世界做規劃增加了客戶對即服務產品、安全連接、遠程工作能力和分析的需求，以從數據中釋放洞察力。

Our solutions are aligned to these needs, and we see a tremendous opportunity to help our customers transform and digitize their businesses as they continue to adapt and operate in a new world.

我們的解決方

Let me review a few highlights from the quarter.

讓我回顧一下本季度的一些亮點。

Total net revenue of $6.8 billion was up 14% quarter-over-quarter, and non-GAAP operating profit was up 33% quarter-over-quarter.

總淨收入為 68 億美元，環比增長 14%，非 GAAP 營業利潤環比增長 33%。

Compute, HPC & MCS, Storage and Intelligent Edge business segments also grew sequentially.

計算、HPC & MCS、存儲和智能邊緣業務部門也依次增長。

Moving forward, we expect continued gradual performance improvement.

展望未來，我們預計性能將繼續逐步改善。

We made significant improvements in our supply chain execution, reducing our backlog by more than $500 million from our Q2 historical high exit levels, which contributed to our results.

我們在供應鏈執行方面做出了重大改進，將我們的積壓訂單從第二季度的歷史最高退出水平減少了 5 億多美元，這對我們的業績做出了貢獻。

In our HPC business, COVID-related impacts continued to affect our customers' ability to accept delivery of our products.

在我們的 HPC 業務中，與 COVID 相關的影響繼續影響我們的客戶接受我們產品交付的能力。

We expect to return to normalized level of backlog by the end of Q4 through continued improvements in both supply chain execution and customer acceptances.

我們預計，通過持續改進供應鏈執行和客戶接受度，到第四季度末，積壓將恢復到正常水平。

Our pivot to as-a-service continued its strong momentum in the quarter.

我們轉向即服務的重心在本季度繼續保持強勁勢頭。

Our annualized revenue run rate of $528 million grew 11% year-over-year.

我們的年度收入運行率為 5.28 億美元，同比增長 11%。

GreenLake services orders grew a record 82% year-over-year.

GreenLake 服務訂單同比增長創紀錄的 82%。

We believe this is faster than the orders growth of public cloud vendors, and it is a validation of our hybrid strategy and competitive differentiation.

我們認為這比公有云供應商的訂單增長更快，這是對我們混合戰略和競爭差異化的驗證。

We are focused on delivering one seamless cloud experience for all applications and data, no matter where they exist: at the edge, in a data center, in a colocation or in a public cloud estate.

我們專注於為所有應用程序和數據提供一種無縫的雲體驗，無論它們存在於何處：邊緣、數據中心、主機託管或公共雲資產。

While others are now publicly declaring plans to offer Everything-as-a-Service, we have been focused on this for several years and have made significant organic and inorganic investments to deliver a differentiated experience for our customers.

雖然其他人現在公開宣布計劃提供一切即服務，但我們多年來一直專注於此，並進行了大量有機和無機投資，為我們的客戶提供差異化的體驗。

Our Q3 free cash flow of $924 million was up $276 million year-over-year, driven by a record cash flow from operations as a result of our improved execution this quarter.

我們第三季度的自由現金流為 9.24 億美元，同比增長 2.76 億美元，這是由於我們本季度執行力的改善導致創紀錄的運營現金流。

Importantly, we also declared our Q4 dividend today.

重要的是，我們今天還宣布了第四季度的股息。

Dividends remain an important part of our capital allocation framework that consists of capital return to shareholders and strategic investments that together drive long-term shareholder value.

股息仍然是我們資本分配框架的重要組成部分，該框架包括對股東的資本回報和共同推動長期股東價值的戰略投資。

Our customers are managing through the pandemic with even greater needs for the capabilities HPE can uniquely provide.

我們的客戶正在應對大流行病，對 HPE 可以提供的獨特功能的需求更大。

In June, we put our strategy in the spotlight at our Discover Virtual Experience event, where we introduced new breakthrough innovation on a global virtual stage.

6 月，我們在 Discover Virtual Experience 活動中將我們的戰略置於聚光燈下，我們在全球虛擬舞台上推出了新的突破性創新。

The new solutions we introduced support our position that cloud is an experience, not a destination, and they're already gaining traction with our customers.

我們推出的新解決方案支持我們的立場，即云是一種體驗，而不是目的地，而且它們已經吸引了我們的客戶。

We launched our next-generation of HPE GreenLake cloud services.

我們推出了下一代 HPE GreenLake 雲服務。

These new cloud services span machine learning operations, container management, virtualization, Infrastructure-as-a-Service, data protection and Connectivity-as-a-Service.

這些新的雲服務涵蓋機器學習操作、容器管理、虛擬化、基礎設施即服務、數據保護和連接即服務。

Now our customers can access all of our HPE GreenLake cloud services via a self-service point-and-click catalog on our HPE GreenLake Central cloud portal.

現在，我們的客戶可以通過 HPE GreenLake Central 雲門戶上的自助式點擊目錄訪問我們所有的 HPE GreenLake 雲服務。

Notably, in Q3, we signed several of our largest HPE GreenLake cloud services deals in history, including LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, who signed a $27 million HPE GreenLake deal to drive their digital transformation and environmental efficiency.

值得注意的是，在第三季度，我們簽署了幾項歷史上最大的 HPE GreenLake 雲服務交易，包括世界上最大的塑料、化學品和煉油公司之一 LyondellBasell，該公司簽署了一項價值 2700 萬美元的 HPE GreenLake 交易，以推動其數字化轉型和環境效率。

Underpinning our customer cloud experience is the need for software.

支撐我們客戶雲體驗的是對軟件的需求。

That is why we introduced our new HPE Ezmeral software portfolio.

這就是我們推出新的 HPE Ezmeral 軟件產品組合的原因。

Our new portfolio includes a container platform that deploys Kubernetes at scale for a wide range of use cases on bare metal and virtual machines; a data fabric that delivers enterprise-wide global access to data from edge to cloud with best-in-class reliability, security and performance; and machine learning operations solution that increases speed and agility for machine learning ops by operationalizing end-to-end processes from pilot to production; as well as IT operations and automation to improve productivity and mitigate risk of service disruption.

我們的新產品組合包括一個容器平台，可針對裸機和虛擬機上的各種用例大規模部署 Kubernetes；一種數據結構，以一流的可靠性、安全性和性能提供企業範圍內對從邊緣到雲的數據的全球訪問；和機器學習運營解決方案，通過實施從試點到生產的端到端流程來提高機器學習運營的速度和敏捷性；以及 IT 運營和自動化，以提高生產力並降低服務中斷的風險。

In addition, it enables our customer to control cost and compliance across their hybrid cloud estate through our managed cloud control capabilities built into the portfolio.

此外，它還使我們的客戶能夠通過我們內置於產品組合中的託管雲控制功能來控制其混合雲資產的成本和合規性。

HPE Ezmeral can be consumed as a license or as a part of our HPE GreenLake cloud services offering.

HPE Ezmeral 可以作為許可證使用，也可以作為我們 HPE GreenLake 雲服務產品的一部分使用。

And just a few weeks ago, as a strong endorsement of our strategy and capabilities, we announced plans to partner with SAP to deliver the customer edition of SAP HANA Enterprise Cloud with HPE GreenLake cloud services.

就在幾週前，作為對我們戰略和能力的有力支持，我們宣布了與 SAP 合作的計劃，以交付帶有 HPE GreenLake 雲服務的 SAP HANA 企業雲客戶版。

This new joint solution will help customers leverage our cloud capabilities while keeping their SAP workloads and data on-premises.

這個新的聯合解決方案將幫助客戶利用我們的雲功能，同時將他們的 SAP 工作負載和數據保留在本地。

At the same time, we continued to strengthen our core capabilities in Storage and Compute, which are essential resources to store and process customers' data.

同時，我們繼續加強我們在存儲和計算方面的核心能力，這是存儲和處理客戶數據的重要資源。

Every 60 seconds, we ship 46 terabytes of storage and 4 servers.

每 60 秒，我們運送 46 TB 的存儲和 4 台服務器。

Despite the challenging market that impacted our Storage performance overall, in Q3, we saw sequential improvement of 4% and, importantly, we gained traction and grew in key areas of investment.

儘管充滿挑戰的市場影響了我們的整體存儲性能，但在第三季度，我們看到了 4% 的連續改進，而且重要的是，我們在關鍵投資領域獲得了牽引力並取得了增長。

Big data storage, which is built on unique intellectual property from our MapR acquisition to enable real-time analytics for mission-critical big data workloads, grew revenues 31% year-over-year.

大數據存儲建立在我們收購 MapR 的獨特知識產權之上，可以對關鍵任務大數據工作負載進行實時分析，收入同比增長 31%。

Nimble distributed HCI, our new hyper-converged solution for business-critical applications and mixed workloads at scale grew revenue at 112% year-over-year.

Nimble 分佈式 HCI 是我們針對業務關鍵型應用程序和大規模混合工作負載的全新超融合解決方案，收入同比增長 112%。

And a great example of our organic innovation is HPE Primera, our most intelligent storage platform, grew revenues 114% year-over-year.

我們有機創新的一個很好的例子是我們最智能的存儲平台 HPE Primera，收入同比增長 114%。

HPE Primera gained 104 new logos this quarter, with nearly 1/4 of those being new to HPE Storage.

HPE Primera 本季度新增 104 個標識，其中近 1/4 是 HPE Storage 的新標識。

We saw strong sequential momentum with HPC and Mission-Critical Systems that grew 10%, including a 10-year deal of $125 million with the University of Edinburgh in Scotland, who chose HPE to power the Edinburgh International Data Facility with our industry-leading HPC and AI solutions.

我們看到 HPC 和關鍵任務系統的強勁連續勢頭增長了 10%，其中包括與蘇格蘭愛丁堡大學簽訂的 10 年價值 1.25 億美元的交易，該大學選擇慧與通過我們行業領先的 HPC 為愛丁堡國際數據設施提供動力和人工智能解決方案。

And finally, we had a very solid quarter in Compute, with 29% quarter-over-quarter growth, driven by the reduction in backlog and customer demand in VDI, or virtual desktop infrastructure, solutions.

最後，我們在計算方面有一個非常穩健的季度，環比增長 29%，這得益於 VDI 或虛擬桌面基礎設施解決方案中積壓訂單和客戶需求的減少。

For example, Erasmus University Medical Center in the Netherlands wanted to upgrade its VDI environment for life cycle management needs and to prepare for future waves of COVID-19.

例如，荷蘭伊拉斯姆斯大學醫學中心希望升級其 VDI 環境以滿足生命週期管理需求，並為未來的 COVID-19 浪潮做好準備。

We introduced a complete composable hyper-converged infrastructure solution based on HPE Synergy, along with HPE Primera, to meet our needs.

我們推出了基於 HPE Synergy 和 HPE Primera 的完整可組合超融合基礎設施解決方案來滿足我們的需求。

Our Intelligent Edge business performed in line with the market in Q3.

我們的智能邊緣業務在第三季度的表現與市場一致。

We continued to see the edge as a significant opportunity over the long term.

從長遠來看，我們繼續將邊緣視為一個重要的機會。

The explosion of data, devices and application will drive demand for secure multi-protocol connectivity, analytics and cloud computing capabilities at the edge, especially in the post-COVID world.

數據、設備和應用程序的爆炸式增長將推動對邊緣的安全多協議連接、分析和雲計算功能的需求，尤其是在後 COVID 世界中。

We are now entering the age of insights, driven by the amount of data we are generating and the utilization of new analytic tools, such as machine learning and artificial intelligence technologies.

在我們生成的數據量和新分析工具（如機器學習和人工智能技術）的使用的推動下，我們現在正在進入洞察力時代。

Customers are looking to power a new breed of applications and workloads that work in concert with cloud, but analyze and process data at the edge.

客戶正在尋求支持與雲協同工作但在邊緣分析和處理數據的新型應用程序和工作負載。

To enable these new customer needs, we introduced the Aruba Edge Services Platform, or Aruba ESP, the industry-first AI-powered cloud platform designed for -- to unify, automate and secure the edge.

為了滿足這些新的客戶需求，我們推出了 Aruba Edge Services Platform 或 Aruba ESP，這是業界首個人工智能驅動的雲平台，專為統一、自動化和保護邊緣而設計。

The Aruba ESP combines AIOps, Aruba -- Zero Trust security and a unified infrastructure with financial and consumption flexibility, and we are seeing early customer adoption.

Aruba ESP 結合了 AIOps、Aruba——零信任安全和具有財務和消費靈活性的統一基礎設施，我們看到了早期客戶的採用。

Noble Hospitality, a luxury lifestyle brand, is standardizing on Aruba Edge services Platform as their edge cloud foundation for the hotel chain.

奢華生活方式品牌 Noble Hospitality 正在標準化 Aruba Edge 服務平台作為其連鎖酒店的邊緣雲基礎。

The ability to generate actionable analytics where the data is created and deliver new on-property experiences for guests was critical to their decision.

在創建數據的地方生成可操作的分析並為客人提供新的酒店體驗的能力對他們的決定至關重要。

We also announced our plans to acquire SD-WAN leader, Silver Peak.

我們還宣布了收購 SD-WAN 領導者 Silver Peak 的計劃。

Silver Peak's advanced SD-WAN offerings strengthened our Aruba ESP and complements Aruba's existing work-from-home and branch office solutions to deliver one of the industry's most comprehensive portfolios designed to securely connect any edge to any cloud.

Silver Peak 的高級 SD-WAN 產品增強了我們的 Aruba ESP，並補充了 Aruba 現有的在家工作和分支機構解決方案，以提供業界最全面的產品組合之一，旨在將任何邊緣安全地連接到任何云。

The combination, which is expected to close in Q4 of this fiscal year, will allow enterprise customers to simplify their branch office and WAN deployments to empower remote workforces, enable cloud-native deployments and transform business operations without compromising quality or reliability.

預計將於本財年第四季度完成的合併將使企業客戶能夠簡化其分支機構和 WAN 部署，以增強遠程員工的能力，實現雲原生部署並轉變業務運營，而不會影響質量或可靠性。

This is a great example of accelerating our strategy while maintaining a disciplined approach to capital allocation.

這是在保持嚴格的資本配置方法的同時加快我們的戰略的一個很好的例子。

Building on our 5G Core Stack launch in March, we introduced a new telco Edge Orchestrator solution for telecom operators.

基於 3 月份推出的 5G Core Stack，我們為電信運營商推出了全新的 telco Edge Orchestrator 解決方案。

This new solution provides revenue opportunities for telecoms in the enterprise market with 1-click deployment of applications at the edge of the new 5G networks.

這一新解決方案通過在新 5G 網絡邊緣一鍵式部署應用程序，為企業市場中的電信公司提供了創收機會。

We are receiving positive feedback on our 5G offerings.

我們收到了有關我們 5G 產品的積極反饋。

For example, we announced an innovative technical demonstration of an automated virtual 5G network conducted with a French telecom operator, Orange, and telco infrastructure solutions provider Casa Systems.

例如，我們宣布與法國電信運營商 Orange 和電信基礎設施解決方案提供商 Casa Systems 進行自動化虛擬 5G 網絡的創新技術演示。

The demo highlights the expanding use cases and service agility needed to support 5G business applications, including location-based telemetry, IoT, edge computing and more that will require low latency.

該演示重點介紹了支持 5G 業務應用所需的擴展用例和服務敏捷性，包括基於位置的遙測、物聯網、邊緣計算等需要低延遲的應用。

Our ability to innovate for our customers is made possible by strong financial management that strengthen our core financial foundation and allows us to align resources to the most critical areas.

我們為客戶創新的能力得益於強大的財務管理，它加強了我們的核心財務基礎，並使我們能夠將資源分配給最關鍵的領域。

As we exited Q2, you will recall that we took a number of decisive and prudent actions to manage our business through the evolving impacts of COVID-19.

當我們退出第二季度時，您會記得我們採取了一些果斷和審慎的行動來管理我們的業務，以應對 COVID-19 不斷變化的影響。

This included several short-term initiatives to reduce operating expenses and drive efficiencies as well as the introduction of a long-term cost optimization and prioritization plan designed to accelerate sustainable profitable growth.

這包括多項旨在降低運營費用和提高效率的短期舉措，以及引入旨在加速可持續盈利增長的長期成本優化和優先級排序計劃。

We remain on track to deliver the annualized net run rate savings of at least $800 million by the end of fiscal year '22, driven by optimizing our workplace site strategy, simplifying our product portfolio and introducing new digital customer engagement models.

在優化我們的工作場所戰略、簡化我們的產品組合和引入新的數字客戶參與模型的推動下，我們仍有望在 22 財年末實現至少 8 億美元的年化淨運行率節省。

These efforts, backed by our diversified portfolio, robust balance sheet and investment-grade credit rating, will allow us to continue to invest in key growth areas.

在我們多元化的投資組合、穩健的資產負債表和投資級信用評級的支持下，這些努力將使我們能夠繼續投資於關鍵增長領域。

In closing, I am proud of our Q3 performance, and I am proud of our HPE team.

最後，我為我們第三季度的表現感到自豪，我為我們的 HPE 團隊感到自豪。

Our team members have been steadfast partners for our customers through an unprecedented period.

在前所未有的時期，我們的團隊成員一直是我們客戶的堅定合作夥伴。

They have moved quickly to address rapidly evolving market conditions.

他們迅速採取行動應對快速變化的市場環境。

They have innovated with our customers in mind.

他們以我們的客戶為中心進行創新。

They have made personal sacrifices to invest in our company's future.

他們為投資我們公司的未來做出了個人犧牲。

They have passionately committed to help HPE play a role in shaping a more equitable and inclusive society.

他們熱情地致力於幫助 HPE 在塑造一個更加公平和包容的社會方面發揮作用。

And they have done all of this while managing the challenges of living through a global pandemic.

他們在應對全球大流行病帶來的挑戰的同時完成了所有這些工作。

Put it more simply, my HPE colleagues have represented our values, lived our culture and delivered on our purpose to advance the way people even work.

更簡單地說，我的 HPE 同事代表了我們的價值觀，踐行了我們的文化，並實現了我們的目標，即改善人們的工作方式。

As a result of the efforts, HPE is stronger and better able to serve our customers, partners and communities in a world that's forever changed.

由於這些努力，HPE 變得更加強大，能夠更好地為我們的客戶、合作夥伴和社區在一個永遠變化的世界中提供服務。

While we continue to navigate through the global pandemic and macro uncertainty, we are cautiously optimistic that we will see gradual quarter-over-quarter performance improvement going forward.

在我們繼續應對全球大流行和宏觀不確定性的同時，我們謹慎樂觀地認為，我們將看到未來的季度業績逐步改善。

This is why we are providing guidance for our fiscal year '20 non-GAAP EPS, which Tarek will discuss.

這就是我們為 Tarek 將討論的 20 財年非 GAAP 每股收益提供指導的原因。

We look forward to seeing you virtually at our Securities Analyst Meeting on October 15, where we will provide more details about our long-term plans.

我們期待在 10 月 15 日的證券分析師會議上以虛擬方式與您見面，屆時我們將提供有關我們長期計劃的更多詳細信息。

And 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.

非常感謝你，安東尼奧。

I'll start with a summary of our financial results for the third quarter of fiscal year 2020.

我將首先總結我們 2020 財年第三季度的財務業績。

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

像往常一樣，我將引用我們收益演示中的幻燈片來強調我們在本季度的表現。

Also, let me remind you that since the start of the fiscal year, we are reporting results according to our new segmentation.

另外，讓我提醒您，自本財年開始以來，我們正在根據新的細分報告結果。

Antonio discussed the key highlights for this quarter on Slide 4. Now let me discuss our financial performance, starting with Slide 5. Q3 was characterized by strong execution, driving sequential growth.

Antonio 在幻燈片 4 上討論了本季度的主要亮點。現在讓我從幻燈片 5 開始討論我們的財務業績。第三季度的特點是執行力強，推動了連續增長。

We delivered Q3 revenues of $6.8 billion, up 14% sequentially and down 4% from the prior year period.

我們在第三季度實現了 68 億美元的收入，環比增長 14%，比去年同期下降 4%。

I am especially pleased to report that we have made significant progress in clearing our backlog by more than $500 million during the quarter.

我特別高興地報告說，本季度我們在清理積壓訂單方面取得了重大進展，減少了 5 億多美元。

We expect a return to normalized backlog levels as we exit Q4 2020.

我們預計在 2020 年第四季度結束時將恢復到正常的積壓水平。

As a result, we have grown non-GAAP gross profit by 8% sequentially to $2.1 billion in Q3.

因此，我們在第三季度的非美國通用會計準則毛利潤連續增長了 8%，達到 21 億美元。

Non-GAAP gross margins were 30.4% this quarter, down 160 basis points sequentially, driven by a higher mix of Compute as we executed against our backlog from prior quarters.

本季度非 GAAP 毛利率為 30.4%，環比下降 160 個基點，這是由於我們針對前幾個季度的積壓訂單執行了更高的計算組合。

Normalizing for the effect of backlog, both our Compute and Storage business segments grew gross margin on a sequential basis.

由於積壓的影響，我們的計算和存儲業務部門的毛利率環比增長。

Our non-GAAP operating profit was up 33% sequentially, resulting in a 7.1% operating margin, and our non-GAAP EPS of $0.32 was up 45% sequentially.

我們的非 GAAP 營業利潤環比增長 33%，營業利潤率為 7.1%，我們的非 GAAP 每股收益為 0.32 美元，環比增長 45%。

Our GAAP EPS was $0.01 as we accelerated our transformation program and incurred restructuring costs.

我們的 GAAP 每股收益為 0.01 美元，因為我們加快了轉型計劃並產生了重組成本。

Q3 cash flow from operations was approximately $1.5 billion, driven by strong operational execution.

在強大的運營執行力的推動下，第三季度運營現金流約為 15 億美元。

Free cash flow was $924 million, up $276 million from the prior year period, driven primarily by favorable working capital movements that I will detail later.

自由現金流為 9.24 億美元，比上年同期增加 2.76 億美元，這主要是受有利的營運資金流動的推動，我將在後面詳述。

Finally, we paid $154 million of dividends in the quarter and are declaring a Q4 dividend today of $0.12 per share payable October 7, 2020.

最後，我們在本季度支付了 1.54 億美元的股息，今天宣布第四季度股息為每股 0.12 美元，將於 2020 年 10 月 7 日支付。

Let's move to Slide 6, which shows our performance in the quarter by segment.

讓我們轉到幻燈片 6，它按部分顯示了我們在季度中的表現。

Here are the highlights.

以下是亮點。

In the Intelligent Edge segment, we grew revenues 3% quarter-over-quarter, in line with the market.

在智能邊緣部分，我們的收入環比增長 3%，與市場保持一致。

While wireless LAN declined single digit sequentially, we grew the campus switching business 12% quarter-over-quarter.

雖然無線 LAN 環比下降個位數，但我們的園區交換業務環比增長了 12%。

In North America, our largest geo, revenue grew 4% quarter-over-quarter, demonstrating our continued momentum.

在我們最大的地區北美，收入環比增長 4%，顯示出我們持續的發展勢頭。

Operating margin in Q3 was 8.6%, down 240 basis points quarter-over-quarter, impacted primarily by higher logistics and duties costs in this current environment.

第三季度的營業利潤率為 8.6%，環比下降 240 個基點，主要受當前環境下物流和關稅成本上升的影響。

In Compute, revenue grew 29% quarter-over-quarter as we executed against the backlog and improved our supply chain execution.

在計算方面，由於我們處理積壓訂單並改進供應鏈執行，收入環比增長 29%。

Not only did units grow strong double digits sequentially, AUP grew 3% quarter-over-quarter as well.

不僅銷量環比增長強勁，兩位數，AUP 也環比增長 3%。

The increased operating leverage in this segment resulted in an operating profit margin of 8.5%, up 380 basis points quarter-over-quarter.

該部門運營槓桿率的提高導致運營利潤率為 8.5%，環比增長 380 個基點。

In High Performance Compute & Mission-Critical Systems, revenue grew 10% quarter-over-quarter, driven by strong performance in edge compute, HPC Apollo and MCS, up sequentially 82%, 16% and 2%, respectively.

在高性能計算和關鍵任務系統方面，由於邊緣計算、HPC Apollo 和 MCS 的強勁表現，收入環比增長 10%，分別環比增長 82%、16% 和 2%。

We expect to see sequential momentum next quarter driven by increased customer acceptance for HPC & MCS and Cray as we execute against the order book across the portfolio.

我們預計下個季度將看到連續的勢頭，這是由於我們在整個產品組合中執行訂單時，客戶對 HPC & MCS 和 Cray 的接受度提高。

Most importantly, Cray remains on track to deliver both on its FY '20 revenue targets and triple-digit run rate synergies by the end of fiscal year '21.

最重要的是，Cray 仍有望在 21 財年末實現其 20 財年的收入目標和三位數的運行率協同效應。

Within Storage, we grew revenue 4% quarter-over-quarter, driven by strong operational execution across the segment portfolio of products and reduction of backlog to normalized levels.

在存儲方面，我們的收入環比增長了 4%，這得益於整個細分產品組合的強大運營執行以及積壓訂單減少至正常水平。

With respect to Pointnext operational services, which is included across our Compute, HPC, MCS and Storage segments, total revenue was down 2%, while orders grew 1% 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，總收入下降了 2%，而訂單環比增長了 1%。

Additionally, our services intensity, which is the ratio of attach revenue per hardware units sold continued to be strong with solid double-digit growth on a sequential basis across all segments: Compute, Storage and HPC & MCS.

此外，我們的服務強度（即每售出硬件單位的附加收入比率）繼續保持強勁勢頭，在所有細分市場（計算、存儲以及 HPC 和 MCS）中連續實現兩位數的穩定增長。

This demonstrates that the underlying profitability of the units we sell and the attach rates continue to be robust.

這表明我們出售的單位的潛在盈利能力和附加率繼續保持強勁。

In Advisory & Professional Services, revenue was down 4% sequentially as COVID impacted consulting activity and the chargeability levels of our staff.

在諮詢和專業服務方面，由於 COVID 影響了諮詢活動和我們員工的收費水平，收入環比下降了 4%。

This business is strategically important for us as it helps customers navigate through their digital transformation and also pulls through significant infrastructure and operational services orders.

這項業務對我們來說具有重要的戰略意義，因為它可以幫助客戶完成數字化轉型，並獲得重要的基礎設施和運營服務訂單。

Within HPE Financial Services, financing volume was up 1% quarter-over-quarter despite the impact of COVID-19, and our net portfolio of assets was up 4% this quarter, driven primarily by FX movements.

在 HPE 金融服務部門，儘管受到 COVID-19 的影響，融資量環比增長 1%，本季度我們的淨資產組合增長 4%，這主要受外匯變動的推動。

We maintained a solid return on equity of approximately 13% this quarter.

本季度我們保持了約 13% 的穩定股本回報率。

Our bad debt loss ratio this quarter was 74 basis points, which was slightly higher than previous quarters, is still best-in-class within this industry.

本季度我們的壞賬損失率為74個基點，略高於前幾個季度，仍然是同行業中最好的。

I am particularly pleased by the collection performance in HPEFS, which attests to the quality of the book and the HPEFS franchise overall.

我對 HPEFS 的收藏表現特別滿意，這證明了本書的質量和 HPEFS 的整體特許經營權。

I will come back to that later on.

我稍後會再談這個。

Our Communications and Media Solutions business that is included in our Corporate Investments segment, is strategically important to us, providing software and services capabilities to telco service providers.

我們的通信和媒體解決方案業務包含在我們的企業投資部門中，對我們具有重要的戰略意義，為電信服務提供商提供軟件和服務能力。

Revenue was down 4% sequentially due to first half slowdown in services bookings.

由於上半年服務預訂放緩，收入環比下降 4%。

However, due to our improved cost of delivery, we're able to expand operating margins by 30 basis points quarter-over-quarter.

然而，由於我們的交付成本有所降低，我們能夠將營業利潤率環比擴大 30 個基點。

We continue to make good progress in our 5G core strategy that provides multi-vendor integration and true cloud-native telco networks functions.

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 7 shows our growing ARR profile, which I introduced at our Securities Analyst Meeting in October 2019.

幻燈片 7 顯示了我們不斷增長的 ARR 概況，這是我在 2019 年 10 月的證券分析師會議上介紹的。

I am very pleased to report that our Q3 '20 ARR came in at $528 million, representing 11% year-over-year growth.

我很高興地報告，我們的 20 年第三季度 ARR 為 5.28 億美元，同比增長 11%。

GreenLake service orders were up 82% year-over-year in constant currency, driven by outstanding performance in North America, which delivered 5x year-over-year growth.

GreenLake 服務訂單按固定匯率計算同比增長 82%，這得益於北美的出色表現，實現了 5 倍的同比增長。

Our HPE Aruba Central SaaS platform continued to grow revenue strong double digits year-over-year as well.

我們的 HPE Aruba Central SaaS 平台的收入也繼續實現兩位數的強勁同比增長。

Based on strong customer demand, I am confident to reiterate our ARR growth guidance of 30% to 40% CAGR from fiscal year '19 to fiscal year '22.

基於強勁的客戶需求，我有信心重申我們從 19 財年到 22 財年的複合年增長率為 30% 至 40% 的 ARR 增長指導。

Slide 8 highlights our EPS performance to date.

幻燈片 8 重點介紹了我們迄今為止的 EPS 表現。

Non-GAAP diluted net earnings per share was $0.32 in Q3, up 45% sequentially from Q2 driven by improved operating leverage, cost control and lower OI&E expenses.

第三季度非 GAAP 稀釋後每股淨收益為 0.32 美元，較第二季度環比增長 45%，這主要得益於運營槓桿的改善、成本控制和 OI&E 費用的降低。

We now expect fiscal year '20 OI&E to be significantly less than our $100 million expense guidance provided at SAM 2019, driven by higher earnings from equity interest in HPC and better cost of debt resulting from our balance sheet funding diversification strategy that I will elaborate further on.

我們現在預計 20 財年的 OI&E 將大大低於我們在 2019 年 SAM 上提供的 1 億美元的支出指導，這是由於 HPC 股權收益增加以及我們的資產負債表融資多元化戰略導致的債務成本降低，我將進一步闡述在。

Turning to gross margin on Slide 9. And as I mentioned previously, non-GAAP gross profit was up 8% sequentially due to improved operating leverage.

轉向幻燈片 9 的毛利率。正如我之前提到的，由於運營槓桿的改善，非 GAAP 毛利潤連續增長 8%。

At 30.4% of revenues, our gross margin was down 160 basis points quarter-over-quarter driven by higher mix of compute as we executed against our elevated backlog from the prior quarter.

我們的毛利率佔收入的 30.4%，環比下降 160 個基點，這是由於我們針對上一季度增加的積壓訂單執行了更高的計算組合。

Most importantly, and normalizing for the effect of backlog, both Compute and Storage business segments grew gross margins on a sequential basis.

最重要的是，考慮到積壓的影響，計算和存儲業務部門的毛利率環比增長。

Moving to Slide 10.

移動到幻燈片 10。

Non-GAAP operating margin was 7.1% in Q3 of fiscal year '20 and non-GAAP operating income of $484 million was up 33% quarter-over-quarter.

20 財年第三季度非 GAAP 營業利潤率為 7.1%，非 GAAP 營業收入為 4.84 億美元，環比增長 33%。

A combination of improved operating leverage and disciplined cost controls enabled us to improve profitability on a sequential basis.

改進的經營槓桿和嚴格的成本控制相結合，使我們能夠連續提高盈利能力。

Last quarter, let me say this, we were prescient by proactively announcing ahead of other industry players a cost optimization and prioritization plan that would deliver annualized net run rate savings of at least $800 million by the end of fiscal year '22.

上個季度，讓我這麼說吧，我們先於其他行業參與者主動宣布了一項成本優化和優先級排序計劃，該計劃將在 22 財年末實現至少 8 億美元的年化淨運行率節省。

We are making excellent progress there and are very much on track to emerge stronger in the post-COVID world.

我們在那裡取得了出色的進展，並且有望在後 COVID 世界中變得更加強大。

The actions we outlined as part of that plan to transform our core by optimizing our cost structure and aligning our resources through deep segmentation to key growth areas are now clearly starting to bear fruit.

我們作為該計劃的一部分概述的行動，通過優化我們的成本結構和通過深度細分將我們的資源調整到關鍵增長領域來轉變我們的核心，現在顯然開始取得成果。

Turning to Slide 11.

轉到幻燈片 11。

We generated cash flow from operations of approximately $1.5 billion.

我們從運營中產生的現金流量約為 15 億美元。

This is the highest level for the past 11 quarters, as we improved our operational execution.

這是過去 11 個季度的最高水平，因為我們提高了運營執行力。

Free cash flow was $924 million for the quarter, driven by timing of working capital movements that resulted in favorability in Q3.

本季度的自由現金流為 9.24 億美元，這是由營運資金流動的時機推動的，這導致了第三季度的受歡迎程度。

Overall, we saw an improvement in our cash conversion cycle for minus 5 days in the prior quarter to minus 10 days this quarter.

總體而言，我們看到現金轉換週期從上一季度的負 5 天改善到本季度的負 10 天。

For Q4, we expect free cash flow to be sequentially lower mainly due to 2 reasons: number one, working capital will be use of cash; and number two, higher restructuring payments related to our core transformation plan we announced in Q2.

對於第四季度，我們預計自由現金流將連續下降，主要原因有兩個：第一，營運資金將使用現金；第二，與我們在第二季度宣布的核心轉型計劃相關的更高重組付款。

As you recall, during the lockdown, we discussed our company exposure by industry vertical and company size and explained in detail that our business is highly resilient.

您還記得，在封鎖期間，我們按垂直行業和公司規模討論了我們公司的風險敞口，並詳細解釋了我們的業務具有高度彈性。

As a proof point, I would like to highlight the performance of our credit collection teams in both our operating company and in HPEFS.

作為證明，我想強調我們的運營公司和 HPEFS 的信用收集團隊的表現。

Thanks to their contribution during the quarter, the level of our ARR that is current is at a record high of 99.5%, which attests of the strength of the HPE business and the quality of our franchise.

由於他們在本季度的貢獻，我們當前的 ARR 水平達到了 99.5% 的歷史新高，這證明了 HPE 業務的實力和我們特許經營權的質量。

Now moving on to Slide 12, I want to spend a moment to talk about the strength of our diversified balance sheet and liquidity position and provide some insight on the puts and takes on forthcoming adjustments to our cash and debt positions.

現在轉到幻燈片 12，我想花點時間談談我們多元化資產負債表和流動性頭寸的實力，並對看跌期權提供一些見解，並對我們的現金和債務頭寸進行即將進行的調整。

As of our 31st of July quarter end, we had approximately $8.5 billion of cash and cash equivalents, having successfully raised $1.75 billion in senior notes in July 2020 at a low cost of debt.

截至 7 月 31 日的季度末，我們擁有約 85 億美元的現金和現金等價物，並於 2020 年 7 月以較低的債務成本成功籌集了 17.5 億美元的優先票據。

Post the quarter end, we redeemed $3 billion of bonds maturing in October 2020.

本季度末，我們贖回了 2020 年 10 月到期的 30 億美元債券。

Together with an undrawn revolving credit facility of $4.75 billion at our disposal, we currently have approximately $10.3 billion of liquidity after the redemption of the notes maturing in October 2020.

加上我們可支配的 47.5 億美元未提取循環信貸額度，在贖回 2020 年 10 月到期的票據後，我們目前擁有約 103 億美元的流動資金。

Additionally, we expect to pay $925 million cash when we complete the proposed acquisition of Silver Peak, which is expected to close in Q4 of fiscal year '20.

此外，我們預計在完成對 Silver Peak 的擬議收購時將支付 9.25 億美元現金，該收購預計將於 20 財年第四季度完成。

Adjusted for these known changes, our OpCo gross debt would be lower by $3 billion to approximately $4.4 billion, and our OpCo cash will also be lower by $3.9 billion to approximately $4 billion, resulting in an OpCo net debt of approximately $400 million.

根據這些已知變化進行調整後，我們的 OpCo 總債務將減少 30 億美元至約 44 億美元，我們的 OpCo 現金也將減少 39 億美元至約 40 億美元，從而導致 OpCo 的淨債務約為 4 億美元。

Separately, we have securitized some Financial Services-related debt through the ABS market in the U.S., and as of July 301st quarter end, we have approximately $2.1 billion in outstanding ABS issuances.

另外，我們通過美國的 ABS 市場將一些與金融服務相關的債務證券化，截至 7 月 301 季度末，我們有大約 21 億美元的未償 ABS 發行。

The refinancing of higher-cost unsecured debt with ABS financing allows us to boost access to financing markets at cheaper cost of capital, which helps diversify our balance sheet and lower interest expense payments in the future.

通過 ABS 融資對成本較高的無擔保債務進行再融資，使我們能夠以較低的資本成本增加進入融資市場的機會，這有助於使我們的資產負債表多樣化並降低未來的利息支出。

Finally, I would like to reiterate that we remain committed to maintaining our investment-grade credit rating, which was reaffirmed by the rating agencies in July 2020.

最後，我想重申，我們仍然致力於維持我們的投資級信用評級，評級機構於 2020 年 7 月重申了這一評級。

Bottom line, we have a strong cash position and ample liquidity available to run our operations, continue to invest in our business and execute on our strategy.

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 13.

現在轉向幻燈片 13 的展望。

Given the progress made in our operations, we are now in a position to provide guidance on fiscal year '20 EPS.

鑑於我們在運營方面取得的進展，我們現在可以為 20 財年每股收益提供指導。

We expect to finish fiscal year '20 with non-GAAP diluted net earnings per share of $1.30 to $1.34, and we expect our fiscal year '20 GAAP diluted net loss per share to be between $0.35 and $0.31.

我們預計 20 財年的非 GAAP 攤薄後每股淨收益為 1.30 美元至 1.34 美元，我們預計 20 財年 GAAP 攤薄後每股淨虧損在 0.35 美元至 0.31 美元之間。

Let me recap our key takeaways for this quarter on Slide 14.

讓我在幻燈片 14 上回顧一下本季度的主要收穫。

We delivered strong sequential improvement in top and bottom line and significantly improved operational and supply chain execution.

我們在收入和利潤方面實現了強勁的連續改善，並顯著改善了運營和供應鏈執行。

We also accelerated our as-a-service pivot with very strong momentum in ARR and record GreenLake services order growth.

我們還以非常強勁的 ARR 勢頭和創紀錄的 GreenLake 服務訂單增長加速了我們的服務化轉型。

We're taking actions to strengthen our financial foundation and align resources to critical areas to transform our core and drive sustainable profitable growth.

我們正在採取行動加強我們的財務基礎，並將資源分配給關鍵領域，以轉變我們的核心業務並推動可持續的盈利增長。

At this stage, given all of this, we expect gradual sequential performance improvement moving forward.

在現階段，鑑於所有這些，我們預計性能會逐步改善。

In Q3, we paid $154 million in dividends to shareholders.

第三季度，我們向股東支付了 1.54 億美元的股息。

We recognize that dividends are an important part of our capital allocation framework and returns to shareholders, and today, we are very pleased to declare a Q4 dividend of $0.12 per share payable on October 7, 2020.

我們認識到股息是我們資本分配框架和股東回報的重要組成部分，今天，我們非常高興地宣布將於 2020 年 10 月 7 日支付每股 0.12 美元的第四季度股息。

On a personal note, I'd like to echo Antonio's comments.

就個人而言，我想附和 Antonio 的意見。

We are both very proud of the way our company and team members quickly and decisively responded to the unprecedented challenges that the global COVID-19 pandemic has caused.

我們都為我們的公司和團隊成員迅速果斷地應對全球 COVID-19 大流行病帶來的前所未有的挑戰而感到自豪。

As Antonio mentioned, we look forward to having you join us at our Virtual Securities Analyst Meeting on October 15, where we will provide an update on our strategy, financial outlook and capital management policy.

正如安東尼奧所說，我們期待您參加 10 月 15 日的虛擬證券分析師會議，屆時我們將提供有關我們戰略、財務前景和資本管理政策的最新信息。

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

現在，讓我們打開它來提問。

Thank you.

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。

Antonio, can you talk a bit about what customers are telling you, maybe on a geographic basis or looking at your segments, about what they're looking to invest in, how they're feeling about IT budgets?

安東尼奧，你能談談客戶告訴你的事情嗎，也許是基於地域或查看你的細分市場，關於他們希望投資什麼，他們對 IT 預算的看法？

Clearly, some of the other large cap tech companies have come under pressure.

顯然，其他一些大型科技公司也面臨壓力。

So I'm curious as to sort of the sentiment that you're hearing from customers in the channel as they look to the next couple of quarters?

所以我很好奇您在渠道中聽到的客戶對未來幾個季度的看法？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

Thank you, Shannon.

謝謝你，香農。

So I spent probably 50% of my time talking to customers and partners, so I have a pretty good insight of what we see in the market.

所以我大概有 50% 的時間與客戶和合作夥伴交談，所以我對我們在市場上看到的東西有很好的洞察力。

What we see right now, first of all, and I made this comment in my remarks, we see steady demand and, obviously, there are areas which are stronger than others.

我們現在看到的，首先，我在發言中發表了這個評論，我們看到穩定的需求，顯然，有些領域比其他領域更強勁。

But the general sense is as follows.

但一般意義如下。

First of all, they're looking to strengthen their operations and, therefore, IT plays a huge role with that, and IT resiliency is more important than ever.

首先，他們希望加強運營，因此 IT 在這方面發揮著巨大作用，而 IT 彈性比以往任何時候都更加重要。

So anything that comes with security and enables them to digitize their processes is on the growth side.

因此，任何具有安全性並使他們能夠將流程數字化的東西都屬於增長方面。

Second is, obviously, they have a lot of data, and they need to get insight from that data.

其次，很明顯，他們擁有大量數據，他們需要從這些數據中獲得洞察力。

And we see an acceleration of solutions related to AI and machine learning, and that's why our big data storage saw another great, solid performance.

我們看到與 AI 和機器學習相關的解決方案在加速發展，這就是為什麼我們的大數據存儲看到了另一個出色、穩定的性能。

But obviously, ML ops, and that's why we introduced an offer with HPE GreenLake cloud services around machine learning operations, is in high demand.

但很明顯，機器學習操作需求量很大，這就是我們圍繞機器學習操作推出 HPE GreenLake 雲服務報價的原因。

Obviously, as we look at the workforce, I think there are permanent and lasting changes to how we're going to work in the future.

顯然，當我們審視勞動力時，我認為我們未來的工作方式將發生永久和持久的變化。

Remote connectivity is essential.

遠程連接必不可少。

And that's why I'm so excited about the acquisition of Silver Peak because together with Aruba services platform give us now the ability to provide connectivity for all the edges and the edge now is your home office, right?

這就是為什麼我對收購 Silver Peak 感到如此興奮，因為與 Aruba 服務平台一起使我們現在能夠為所有邊緣提供連接，而邊緣現在就是您的家庭辦公室，對吧？

I consider that the micro branch to any cloud.

我認為任何云的微分支。

And obviously, there are multiple clouds because it's a hybrid strategy.

顯然，有多個雲，因為它是一種混合策略。

And then anything that preserves CapEx is also in high demand and that's why we see significant momentum with our HP GreenLake cloud services because that's a true conceived as-a-service offering.

然後任何保留資本支出的東西也有很高的需求，這就是為什麼我們看到我們的 HP GreenLake 雲服務有巨大的發展勢頭，因為這是一個真正的構思即服務產品。

And so obviously, that's in transition.

很明顯，這是在轉型中。

What we see is a transition period, but I would say the enterprise has been steady.

我們看到的是一個過渡期，但我想說企業一直很穩定。

Obviously, SMB is a challenge -- from a customer segmentation perspective, is a challenge.

顯然，SMB 是一個挑戰——從客戶細分的角度來看，是一個挑戰。

When I look at the verticals, I think the financial sector where you play is still very solid and the manufacturing side as well.

當我看垂直領域時，我認為你所玩的金融部門仍然非常穩固，製造業方面也是如此。

Education, obviously, now is going to be very important.

顯然，教育現在將變得非常重要。

And the public sector, the public sector is very strong.

還有公共部門，公共部門非常強大。

And obviously, we have a unique portfolio there with our HPC and AI solutions, but also around storage as well.

顯然，我們在那裡擁有獨特的產品組合，包括我們的 HPC 和 AI 解決方案，但也圍繞存儲。

So that's the general theme, Shannon, that we see at this point in time.

香農，這就是我們此時看到的一般主題。

In terms of budgets, obviously, they are assessing what happens in the context of their own revenues and profit.

在預算方面，顯然，他們正在評估在他們自己的收入和利潤的背景下會發生什麼。

But overall, I will say the enterprise, which is where we participate the most, is fairly steady, and that's what Tarek meant we have a very diversified and resilient portfolio, both by customer segment and by solution.

但總的來說，我會說我們參與最多的企業相當穩定，這就是 Tarek 的意思，我們擁有非常多元化和有彈性的產品組合，無論是在客戶群還是解決方案方面。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just looking at Compute, obviously, you had a benefit from the backlog.

然後也許只看計算，顯然，您從積壓中受益。

But underlying all of that, pricing, competition, component costs, I think you said that revenue was up even net of the backlog fulfillment.

但在所有這一切的基礎上，定價、競爭、組件成本，我想你說過收入甚至在扣除積壓訂單後也有所增加。

So if you could just talk a bit about some of the underlying trends you're seeing there.

所以，如果你能談談你在那裡看到的一些潛在趨勢。

Sure.

當然。

The Compute business performed really well, 29% sequentially and 1% year-over-year.

計算業務表現非常出色，環比增長 29%，同比增長 1%。

And we did a very good job in reducing that backlog.

我們在減少積壓方面做得很好。

There's still some, but that's why we feel very confident that we can totally get back to the historical levels by the end of Q4.

仍然有一些，但這就是為什麼我們非常有信心我們可以在第四季度末完全恢復到歷史水平。

We grew sequentially double digits in units and AUP, 3%.

我們的單位和 AUP 連續增長了兩位數，增長了 3%。

If you recall, commodity cost has been inflationary in the first part of the year, and we took quite significant actions on pricing and that's why our AUPs went up because of pricing, but also because of the structural changes we continue to see in that type of products.

如果你還記得，商品成本在今年上半年一直在通貨膨脹，我們在定價方面採取了相當大的行動，這就是為什麼我們的 AUP 因定價而上漲，但也因為我們繼續看到這種類型的結構變化的產品。

I mentioned we shipped 46 terabytes of storage, and that's not just storage in a traditional storage platform, it goes with compute, right; and for servers.

我提到我們交付了 46 TB 的存儲，這不僅僅是傳統存儲平台中的存儲，它與計算一起使用，對吧；和服務器。

I think as you think about going forward, obviously, we'll continue to be very disciplined on pricing.

我認為當你考慮前進時，顯然，我們將繼續在定價方面非常自律。

In terms of commodity costs, in particular, DRAM, we've started seeing some decline, honestly.

就商品成本而言，尤其是 DRAM，老實說，我們已經開始看到一些下降。

The curve is pointing downwards.

曲線指向下方。

But as I said before, and we lived this in 2018, right, when prices go up -- when cost goes up, prices go up faster and when the cost goes down, it takes longer.

但正如我之前所說，我們在 2018 年經歷過這種情況，對，當價格上漲時——當成本上漲時，價格上漲得更快，當成本下降時，價格上漲的時間更長。

But ultimately, the next generation of our compute platform will drive even more richer configurations because there will be more gigabyte per unit that will be attached to it.

但最終，我們的下一代計算平台將驅動更豐富的配置，因為每個單元將連接更多千兆字節。

And so that's why we feel good about where we are today.

這就是為什麼我們對今天的處境感覺良好。

But that's what we see in Compute right now, it is still very competitive, there's no question about it.

但這就是我們現在在 Compute 中看到的，它仍然非常有競爭力，這是毫無疑問的。

But the demand is shifting between enterprise, public sector and, obviously, the service provider segment.

但需求正在企業、公共部門和服務提供商之間轉移。

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。

Antonio, thanks for those comments around Compute, but I was also wondering, clearly, backlog conversion was -- helped a great deal within the quarter's performance on Compute, but you also showed growth in Compute on a year-on-year basis after a very long time.

安東尼奧，感謝有關 Compute 的評論，但我也想知道，顯然，積壓轉換對本季度 Compute 的表現有很大幫助，但你也顯示了 Compute 在經過很長時間。

How are you thinking about the sustainability, not just sort of going one quarter out, but just more sustainability across the next several quarters in terms of Compute growth?

您如何看待可持續性，不僅僅是一個季度，而是在未來幾個季度的計算增長方面更具可持續性？

And if you could also comment on the deterioration in growth in edge, that would be helpful.

如果你也可以評論邊緣增長的惡化，那將是有幫助的。

And I have a follow-up for Tarek.

我有 Tarek 的後續行動。

Sure.

當然。

I mean as I said before, everything in our life computes, which means Compute is embedded everywhere, not just in a server, and a lot of our storage platform is basically a compute platform with software, right?

我的意思是，正如我之前所說，我們生活中的一切都在計算，這意味著計算無處不在，而不僅僅是在服務器中，我們的很多存儲平台基本上都是帶有軟件的計算平台，對吧？

Big data storage is a great example of that.

大數據存儲就是一個很好的例子。

It is an Apollo platform that runs our AI software on it.

它是一個 Apollo 平台，可以在上面運行我們的 AI 軟件。

It's hard to predict exactly what's going to happen there, but we saw steady demand again.

很難準確預測那裡會發生什麼，但我們再次看到穩定的需求。

We, obviously, have reallocated resources, particularly in our go-to-market where we see the growth opportunity as well.

顯然，我們已經重新分配了資源，特別是在我們看到增長機會的市場上。

And we will continue to drive what the focus is, particularly in areas like VDI, which is, in essence, is a Compute product with a bunch of software.

我們將繼續推動重點，特別是在像 VDI 這樣的領域，它本質上是一種帶有一堆軟件的計算產品。

Traditional Compute per se, in general purpose workloads, those obviously have been kind of weakened over time, have been declining.

傳統計算本身，在通用工作負載中，隨著時間的推移顯然已經被削弱，一直在下降。

But overall, I think a combination of AUPs, pricing, obviously, action and richer configuration, we should maintain a level of stability at this point in time considering that 2020 was fairly depressed overall.

但總的來說，我認為考慮到 2020 年整體相當低迷，結合 AUP、定價、行動和更豐富的配置，我們應該在這個時間點保持穩定水平。

In terms of the edge, we believe we grew in line with the market.

在優勢方面，我們相信我們的增長與市場同步。

If I look at our competitors, what they announced, I think, is in line with the market.

如果我看看我們的競爭對手，我認為他們宣布的是符合市場的。

But we saw strength, as Tarek said, in switching, which was up sequentially, 12%.

但正如 Tarek 所說，我們看到了轉換的力量，它連續上升了 12%。

Obviously, we continue to see quite a bit of strength in our subscription-based model with our Aruba platform.

顯然，我們繼續看到我們的 Aruba 平台基於訂閱的模式具有相當大的優勢。

And also, we saw quite a bit of strength as well on the solutions around we provide, particularly remote work solutions or remote connectivity.

而且，我們在我們提供的解決方案方面也看到了相當大的優勢，尤其是遠程工作解決方案或遠程連接。

For us, this is a business that has the long-term future.

對我們來說，這是一項具有長遠未來的業務。

The thesis is totally intact.

論文完好無損。

The Silver Peak acquisition will, obviously, accelerate the growth of Aruba going forward as well.

收購 Silver Peak 顯然也將加速 Aruba 的發展。

Okay.

好的。

And Tarek, you noted in your comments the seasonality in Q4 around free cash flow that it wouldn't be up seasonally, it would be down.

Tarek，你在評論中註意到第四季度圍繞自由現金流的季節性，它不會季節性上升，而是會下降。

Can you help us think through where in working capital you see the headwinds in 4Q?

您能否幫助我們思考一下您在第四季度看到的營運資金中的哪些逆風？

Is it on the inventory side, which significantly improved here in the third quarter?

是在第三季度顯著改善的庫存方面嗎？

And what sort of magnitude of restructuring we should expect in 4Q as well?

我們還應該在第四季度期待什麼樣的重組規模？

Okay.

好的。

Thank you, Wamsi, for the question.

謝謝你，Wamsi，提出這個問題。

So let me start by answering the latter part of your question on the magnitude of the restructuring.

因此，讓我首先回答你關於重組規模的問題的後半部分。

It's pretty much in line with the guidance we gave you in Q2 for fiscal year '20.

這與我們在 20 財年第二季度為您提供的指導非常一致。

$300 million to $400 million is the cost we would incur for the restructuring.

3億到4億美元是我們重組的成本。

Now back to the first part of your question with respect to free cash flow.

現在回到你關於自由現金流的問題的第一部分。

Free cash flow was exceptionally strong in Q3 as we work through the backlog, right?

當我們處理積壓訂單時，第三季度的自由現金流異常強勁，對吧？

So this has been very, very solid and, particularly, we were able to work through the backlog and improve the cash conversion cycle.

所以這是非常非常穩固的，特別是，我們能夠解決積壓工作並改善現金轉換週期。

Also, we benefited from temporary favorable timing of working capital, and that component will reverse in Q4.

此外，我們受益於營運資金的暫時有利時機，該部分將在第四季度逆轉。

And so in Q4, like I mentioned in my script, expect free cash flow to be lower than Q3 as a result of 2 components: one is the restructuring cost; and number two, the working capital changes.

因此，在第四季度，就像我在腳本中提到的那樣，由於兩個因素，預計自由現金流將低於第三季度：一個是重組成本；另一個是重組成本。第二，營運資金發生變化。

And specifically, if you want a little bit more guidance as to where in working capital the change will come, it's predominantly in payables that you will see a change that will be adverse to the generation of free cash flow.

具體來說，如果你想獲得更多關於營運資金變化的指導，你會發現主要是應付賬款，你會看到對自由現金流產生不利的變化。

I think there is another piece of this, Wamsi.

我認為還有另一部分，Wamsi。

Maybe, Tarek, you want to comment about the inventory side of the house because we believe there is a lot of fluidity there.

也許，Tarek，你想對房子的庫存方面發表評論，因為我們相信那裡有很多流動性。

It's very fluid.

它非常流暢。

And also, there are some opportunities.

而且，還有一些機會。

Shannon asked that question.

香農提出了這個問題。

So we're going to play that market based on what we see opportunity for us.

因此，我們將根據我們看到的機會來玩這個市場。

And therefore, this -- in the end, this comes down to really the timing.

因此，這 - 最後，這歸結為真正的時機。

The bottom line is timing.

最重要的是時機。

Yes.

是的。

That's absolutely right.

這是絕對正確的。

So one of the reasons why you may wonder why we don't guide on free cash flow, although we guide on EPS, is because we do see opportunities that are available to us to take advantage of from an inventory position standpoint.

因此，您可能想知道為什麼我們不指導自由現金流，儘管我們指導 EPS，原因之一是因為我們確實看到了我們可以從庫存頭寸的角度利用的機會。

And we want to retain the flexibility to be able to capitalize on those.

我們希望保留能夠利用這些的靈活性。

Having said that, we do expect positive cash flow in Q4 lower than Q3 for the reasons that I mentioned.

話雖如此，由於我提到的原因，我們確實預計第四季度的正現金流低於第三季度。

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。

Can you put context around the $500 million of backlog worked down this quarter as it relates to the overall size of excess backlog exiting April?

您能否介紹本季度減少的 5 億美元積壓訂單的背景，因為它與 4 月份結束的超額積壓訂單的總體規模有關？

And then as a follow-up, you talked about the really strong growth in GreenLake and customers shifting to OpEx models, but ARR growth did decelerate.

然後作為後續行動，您談到了 GreenLake 的真正強勁增長以及客戶轉向 OpEx 模型，但 ARR 增長確實放緩了。

Maybe talk through the factors that will get you back to the 30% to 40% growth target.

也許談談可以讓你回到 30% 到 40% 增長目標的因素。

And what the time line looks like in terms of hitting that growth profile?

就達到這種增長狀況而言，時間表是什麼樣的？

Sure.

當然。

So thank you, Katy, and I'm sure you will all be normalizing for backlog on every aspect of our business, so I want to take the opportunity to clarify this and leaving no shadows for doubt.

所以謝謝你，凱蒂，我相信你們都會對我們業務各個方面的積壓進行規範化，所以我想藉此機會澄清這一點，不要留下任何疑問。

So as you recall, in Q2, we said we exited with executable backlog in excess of $1.5 billion, which was 2x the level that we would normally see in our operations, so essentially, $750 million above the level that we normally have in our business.

正如您所記得的，在第二季度，我們說我們退出時可執行積壓超過 15 億美元，這是我們通常在運營中看到的水平的 2 倍，因此基本上比我們通常的業務水平高出 7.5 億美元.

We reduced that $750 million by $500 million in Q3, the rest we believe we can reduce by Q4.

我們在第三季度將這 7.5 億美元減少了 5 億美元，其餘的我們相信我們可以在第四季度減少。

So even if you normalize for the $500 million, and I'll let you do all the calculations, you will see that the underlying revenue performance Q3 on Q2 is better.

因此，即使您對 5 億美元進行標準化，我會讓您進行所有計算，您也會發現第 3 季度的基礎收入表現比第 2 季度更好。

And also, if you really ask where did that backlog get reduced, in which segment, in particular, it was mainly Compute and a tiny bit in Storage.

而且，如果你真的問積壓是從哪裡減少的，特別是在哪個部分，它主要是計算和存儲中的一小部分。

That's where the $500 million come from.

這就是5億美元的來源。

And even if you look at Compute back onto Wamsi's questions before, and you normalize for the reduction in backlog, you will observe that Compute was growing sequentially even after the normalization.

即使您回顧 Compute 之前 Wamsi 的問題，並針對積壓的減少進行標準化，您也會觀察到即使在標準化之後 Compute 仍在按順序增長。

We also want to underscore the fact that the backlog reduction hides a little bit what happens at the gross margin level, right?

我們還想強調一個事實，即積壓訂單的減少在一定程度上掩蓋了毛利率水平上發生的情況，對吧？

It's very difficult for you to see this at your end.

你很難在最後看到這一點。

But we did -- both of us reiterate the fact that, with the pricing actions we have taken and once you normalized for backlog, both Compute and Storage saw their underlying gross margins going up.

但我們做到了——我們都重申了一個事實，即通過我們採取的定價行動，一旦你將積壓標準化，計算和存儲的基礎毛利率都會上升。

And this is partly the reason why we've done so well in growing our gross profit 8% sequentially in the year.

這也是我們今年毛利潤環比增長 8% 的表現如此出色的部分原因。

So that, hopefully, answers the backlog question -- or part of your question.

因此，希望能回答積壓問題——或您的部分問題。

On GreenLake, it's true that you're saying that Q-on-Q, the ARR decelerated, but the practical reality is where you look at the lead indicators that make the ARR is the order growth.

在 GreenLake 上，您確實在說 Q-on-Q，ARR 減速，但實際情況是您查看使 ARR 成為訂單增長的領先指標。

The order growth that we've had in Q3, it's the record -- at record levels.

我們在第三季度的訂單增長是創紀錄的——達到創紀錄的水平。

We didn't experience an 82% order growth in GreenLake, and we feel very good about this order growth because we're seeing bigger deals with larger companies.

我們在 GreenLake 沒有經歷 82% 的訂單增長，我們對這種訂單增長感覺非常好，因為我們看到與更大公司的更大交易。

And the companies that Antonio quoted are not small companies that typically start with a little spend that is valuable on their IT infrastructure.

Antonio 引用的公司不是小公司，這些公司通常從少量對 IT 基礎設施有價值的支出開始。

These are bigger companies that are considering as-a-service consumption as a new way to handle their IT expenditures.

這些較大的公司正在考慮將“即服務”消費作為處理其 IT 支出的新方式。

So Antonio, maybe you would like to add to that?

安東尼奧，也許你想補充一下？

Yes.

是的。

Actually, I will say a couple of things to that comment on the backlog, Katy.

實際上，凱蒂，我會針對積壓的評論說幾句話。

I mean this is product shipped, right?

我的意思是這是已發貨的產品，對嗎？

Not all of the products was totally recognizable in the quarter, particularly in HPC because if you remember right, in the HPC segment, we got to ship it, we have to install it, we have to turn it on, and we have to run the test.

並不是所有的產品在本季度都能被完全識別，特別是在 HPC 中，因為如果你沒記錯的話，在 HPC 領域，我們必須運送它，我們必須安裝它，我們必須打開它，我們必須運行考試。

And only and only when the customer signs up for the acceptance, then we can recognize revenue.

只有且只有當客戶簽約驗收時，我們才能確認收入。

And that's why we still have quite an interesting opportunity in Q4 with HPC in particular.

這就是為什麼我們在第四季度仍然有一個非常有趣的機會，特別是 HPC。

But in Compute, once you ship it, you recognize it.

但在 Compute 中，一旦你發布它，你就會認出它。

So overall, very pleased with that.

總的來說，對此非常滿意。

But even when you factor the backlog out, we actually grew sequentially on net new orders.

但即使你把積壓因素排除在外，我們實際上也在淨新訂單上連續增長。

And the net new orders, to Tarek's point, came at higher margins because of our pricing actions.

由於我們的定價行為，在 Tarek 看來，淨新訂單的利潤率更高。

The problem is the backlog was kind of dilutive to the margins because we price-protect our customers, obviously, and we stand on that commitment and also the channel, right?

問題是積壓有點稀釋了利潤，因為我們顯然在價格上保護了我們的客戶，而且我們堅持這一承諾和渠道，對吧？

On the GreenLake, I mean, this is an amazing performance.

在 GreenLake，我的意思是，這是一場了不起的表演。

As I said in my comment, I think, it is, we believe -- I believe, is faster growth than any cloud out there.

正如我在評論中所說，我認為，我們相信——我相信，它的增長速度比任何云都快。

And it has -- it really comes down to the ability to provide a hybrid experience.

它有 - 它真的歸結為提供混合體驗的能力。

What customers are telling us, they don't want to be on the wrong side of the house anymore, but they understand they have to have apps and data everywhere.

客戶告訴我們的是，他們不想再站在房子的錯誤一邊，但他們明白他們必須在任何地方都有應用程序和數據。

70% of the apps and data still on-prem, by the way, and more apps and data are moving to the edge.

順便說一下，70% 的應用程序和數據仍在本地，更多的應用程序和數據正在移動到邊緣。

But ultimately, even if they have apps and data in public cloud, they like the GreenLake because it provides them the cost control, the managed aspect of it, and we can run it for them in a truly hybrid approach.

但最終，即使他們在公共雲中擁有應用程序和數據，他們也會喜歡 GreenLake，因為它為他們提供了成本控制和管理方面，我們可以以真正的混合方法為他們運行它。

And when they keep the apps and data on-prem, we give them the exact same consumption model or whether they move it to the edge.

當他們將應用程序和數據保留在本地時，我們會為他們提供完全相同的消費模型，或者他們是否將其移動到邊緣。

And their value proposition is resonating more and more because the world is hybrid, cloud is an experience and, obviously, our software capabilities, they are playing a huge role together with our innovation on the business model side and, obviously, the financing.

他們的價值主張越來越引起共鳴，因為世界是混合的，雲是一種體驗，很明顯，我們的軟件能力，他們與我們在商業模式方面的創新以及很明顯的融資一起發揮著巨大的作用。

So that's what we see.

這就是我們所看到的。

And the ARR will take care of itself because, obviously, there is puts and takes because, remember, ARR is a consumption-driven metric of it and, as we go forward, very, very confident to hit that 30% to 40%.

ARR 會照顧好自己，因為很明顯，ARR 是一個消費驅動的指標，因為很明顯，ARR 是一個消費驅動的指標，隨著我們的前進，我們非常非常有信心達到 30% 到 40%。

Our next question will come from Toni Sacconaghi with Bernstein.

我們的下一個問題將來自 Toni Sacconaghi 和 Bernstein。

I just wanted to revisit this question of demand trends and how backlog can impact it.

我只是想重新審視這個需求趨勢的問題以及積壓如何影響它。

So the way that I think of it is, last quarter, you built backlog, so you didn't ship $500 million worth of stuff that you should have shipped.

所以我的想法是，上個季度，你建立了積壓，所以你沒有運送價值 5 億美元的東西，你應該運送。

And so if I adjust for that, last quarter should have been $500 million higher.

因此，如果我對此進行調整，上個季度應該高出 5 億美元。

In this quarter, you actually shipped that and recognized $500 million, and so this quarter, adjusting for backlog, should be $500 million lower.

在這個季度，你實際發貨並確認了 5 億美元，所以這個季度，根據積壓調整，應該減少 5 億美元。

So if I look at that year-over-year revenue ex the $500 million boost in backlog, it's down 13%.

因此，如果我看一下去年同期的收入，不包括積壓訂單增加的 5 億美元，它下降了 13%。

But more importantly, sequentially, if I make those 2 adjustments, revenue is actually down about 3% sequentially, which should be a reflection of orders, if I make the backlog adjustment, and that's below normal seasonal.

但更重要的是，如果我進行這兩項調整，收入實際上連續下降約 3%，這應該是訂單的反映，如果我進行積壓調整，這低於正常的季節性。

And so a, is that incorrect an analysis?

所以，那是不正確的分析嗎？

And b, I'd like to understand why that wouldn't point to the fact that the order rate actually might be getting a little worse rather than getting a little better?

b，我想了解為什麼這不能表明訂單率實際上可能變得更糟而不是變得更好這一事實？

And I have a follow-up, please.

我有一個後續行動，請。

Yes, Toni, it's Tarek here.

是的，Toni，我是 Tarek。

So your math is right, but operationally, things are slightly different, meaning if you normalize Q3 performance for the $500 million, yes, you get to $6.3 billion, but it's not entirely operationally correct to add the $500 million to Q2 because as part of the backlog, you do have orders that ship in quarter but are not invoiced.

所以你的數學是正確的，但在操作上，情況略有不同，這意味著如果你將第三季度的表現標準化為 5 億美元，是的，你會得到 63 億美元，但是將 5 億美元添加到第二季度在操作上並不完全正確，因為作為積壓，您確實有按季度發貨但未開具發票的訂單。

You do have all sorts of different effects that come into play that distort that picture.

你確實有各種不同的效果在起作用，扭曲了那張照片。

So there is a limit to the normalization math that we can give.

因此，我們可以給出的歸一化數學是有限制的。

The simple point is, it's all about timing.

簡單的一點是，一切都與時間有關。

Look, it's all about timing.

看，一切都與時間有關。

This revenue should have materialized in fiscal year '20.

這筆收入應該在 20 財年實現。

It is materializing in fiscal year '20.

它在 20 財年實現。

And we're back to normalized levels of backlog by the end of fiscal year '20.

到 20 財年結束時，我們將恢復正常的積壓水平。

We've taken $500 million of backlog down.

我們已經減少了 5 億美元的積壓訂單。

There's another, you've done the math, $250 million to go.

還有一個，你算過，還有 2.5 億美元。

There's also another aspect that Antonio underscored before in HPC & MCS, it's very, very important for all of you to understand and it's the following.

安東尼奧之前在 HPC 和 MCS 中還強調了另一個方面，這對你們所有人來說非常非常重要，如下所示。

Specifically for that segment, it's slightly different than other segments because these systems are super sophisticated and even if we ship and land the system on customer premises, before we can actually invoice the customer, there's a technical acceptance process that takes place that delays our ability to invoice the customer.

特別是對於該細分市場，它與其他細分市場略有不同，因為這些系統非常複雜，即使我們在客戶所在地運送和降落系統，在我們實際向客戶開具發票之前，也會有一個技術驗收流程，這會延遲我們的能力給客戶開具發票。

And so that is also fundamentally changing the trajectory of HPC & MCS, and we see very, very strong order demand in the public sector, which underpins the HPC & MCS segment, and you'll see the fruits of that in the foreseeable quarters.

因此，這也從根本上改變了 HPC 和 MCS 的發展軌跡，我們看到公共部門的訂單需求非常非常強勁，這支撐了 HPC 和 MCS 部分，您將在可預見的季度看到它的成果。

The conclusion of it is, whatever happens on backlog is an FY '20 phenomenon driven by COVID, and there were -- essentially in Q1, the fact that we had, you remember, component shortages, the whole industry experienced those, this translated in Q2 into manufacturing closures, where manufacturing was not at the full level.

結論是，無論積壓發生什麼，都是由 COVID 驅動的 20 財年現象，而且 - 基本上在第一季度，我們有，你記得，組件短缺，整個行業都經歷過這些，這轉化為第二季度進入製造業關閉，製造業沒有達到全面水平。

And then now this issue has morphed into being, specifically for HPC & MCS, a customer acceptance issue.

然後現在這個問題已經演變成客戶接受度問題，特別是對於 HPC 和 MCS。

So all in all, what matters is that the revenue of fiscal year '20 is actually the same if you factor into the equation the fact that we will reduce the backlog we generated and we saw elevated at the end of Q2, we'll turn that into revenue by the end of Q4 in full.

所以總而言之，重要的是，如果你考慮到我們將減少我們產生的積壓訂單並且我們在第二季度末看到升高的事實，那麼 20 財年的收入實際上是相同的，我們將轉向到第四季度末全部轉化為收入。

Yes.

是的。

I think, Toni, the other part is that we reduced the backlog by $500 million, but not all of that translated in Q3 because, again, the HPC side of this, it takes -- sometimes takes weeks, sometimes it takes months.

我認為，Toni，另一部分是我們將積壓訂單減少了 5 億美元，但並不是所有這些都在第三季度進行了轉換，因為 HPC 方面需要——有時需要數週，有時需要數月。

We have installations which are very large.

我們有非常大的裝置。

It takes many, many weeks.

這需要很多很多周的時間。

And obviously, the global pandemic, the COVID, is not allowing us to have a lot of people on site for cabling and all that as well.

顯然，全球大流行病 COVID 不允許我們在現場安排大量人員進行佈線等工作。

And even if we ship it, in many cases, depending on the timing, on the kind of more of the normal type of products, we may have a ship to, not invoice, which basically, yes, from the supply chain, it was taken care, but not from the revenue recognition perspective.

即使我們發貨，在很多情況下，取決於時間，更多的正常類型的產品，我們可能有發貨地址，而不是發票，基本上，是的，來自供應鏈，它是注意，但不是從收入確認的角度。

That type of situation gets resolved, generally speaking, within a handful of weeks.

一般來說，這種情況會在幾週內得到解決。

On the HPC, it depends on customer by customer.

在 HPC 上，它取決於客戶。

But the point on HPC is very strong and, obviously, we have a go-forward outlook for a month of business, which is very sizable for us, and that's very good.

但是關於 HPC 的觀點非常強烈，顯然，我們對一個月的業務有一個前瞻性的展望，這對我們來說非常可觀，而且非常好。

If I could just quickly follow up.

如果我能快速跟進就好了。

So if order rates are steady and you still have $250 million-plus in backlog given HPC, should we be modeling normal seasonality, which is up maybe a couple of hundred million sequentially plus $250 million to $300 million from backlog pushout?

因此，如果訂單率穩定，並且考慮到 HPC，您仍然有超過 2.5 億美元的積壓訂單，我們是否應該對正常的季節性進行建模，這可能連續增加幾億美元加上積壓訂單推出的 2.5 億至 3 億美元？

Is that -- isn't that the literal interpretation of what you're suggesting?

那是——這不是對您的建議的字面解釋嗎？

And then just on the Compute margins.

然後就在計算利潤率上。

They were down 440 basis points year-over-year despite flat volumes.

儘管銷量持平，但它們同比下降了 440 個基點。

Is that really the impact of the rising component prices?

這真的是元器件價格上漲的影響嗎？

And should we expect that to reverse pretty sharply as a result over the next couple of quarters as you pass through price increases?

隨著價格上漲，我們是否應該期望在接下來的幾個季度中這種情況會急劇逆轉？

Okay.

好的。

So I'd say, in simple terms, if you want to model this with seasonality factors that you've outlined, that is potentially correct.

所以我想說，簡單來說，如果你想用你概述的季節性因素對此進行建模，那可能是正確的。

The only major shift here is this: the tide has come down across the industry.

這裡唯一的重大轉變是：整個行業都在退潮。

And it's not just for us, but overall, the level of demand is not going to be very quickly resuming to the levels we witnessed in fiscal year '19.

不僅對我們而言，而且總體而言，需求水平不會很快恢復到我們在 19 財年看到的水平。

So the year-over-year compares that you're seeing are less and less meaningful.

因此，您看到的同比比較越來越沒有意義。

And what matters more is what happens on a sequential basis.

更重要的是順序發生的事情。

This is why we are accentuating where we are recovering from Q2 into Q3 and now Q4 with the dynamics that Antonio mentioned with respect to HPC & MCS and customer acceptances.

這就是為什麼我們要強調我們從第二季度到第三季度和現在第四季度的恢復，安東尼奧提到的關於 HPC 和 MCS 以及客戶接受度的動態。

Toni, I apologize, could you repeat the second part of your question?

Toni，我很抱歉，你能重複一下你問題的第二部分嗎？

I'm not sure I remember it.

我不確定我是否記得。

It's just Compute margins year-over-year down 440, and does that improve as you pass along DRAM pricing?

只是計算利潤率同比下降了 440，隨著 DRAM 定價的提高，這種情況會有所改善嗎？

Yes.

是的。

The answer is yes, Toni.

答案是肯定的，托尼。

That is correct.

那是對的。

We've taken pricing actions.

我們已經採取了定價行動。

And as Antonio said, in these situations, we've lived those before in 2018.

正如安東尼奧所說，在這些情況下，我們曾在 2018 年經歷過這些情況。

As we raise prices, the margin expands, and the commodity costs take longer to normalize or to revert back into a position when margins are deteriorating.

隨著我們提高價格，利潤率擴大，商品成本需要更長的時間才能正常化或恢復到利潤率惡化時的水平。

And so we do believe that at least in the short term, if the DRAM pressure continues, we will see margin expansion in Compute.

因此，我們確實相信，至少在短期內，如果 DRAM 壓力持續存在，我們將看到計算領域的利潤率擴大。

And the only thing I said, Toni, just to wrap the first part is that we feel confident that we will continue to see performance improvement as we go forward on a sequential basis.

Toni，為了結束第一部分，我唯一說的是，我們有信心，隨著我們按順序前進，我們將繼續看到性能改進。

Question is, by how much?

問題是，多少？

But the reality is about timing, it's about all these things that we just cover, converting orders and then ultimately be able to recognize revenue.

但現實是關於時間的，它是關於我們剛剛涵蓋的所有這些事情，轉換訂單然後最終能夠確認收入。

But at this time, my early comments were we expect continued sequential performance improvement as we move forward.

但在這個時候，我的早期評論是我們希望隨著我們的前進繼續連續改進性能。

Our next question will come from Rod Hall with Goldman Sachs.

我們的下一個問題將來自高盛的 Rod Hall。

Yes.

是的。

Thanks for the question.

謝謝你的問題。

I'll make them quick as you're done at the end of the hour here.

我會盡快完成，就像你在一小時結束時所做的那樣。

I wanted to ask back on Compute.

我想在 Compute 上反問。

I think, Tarek, you had said AUPs are up 3% sequentially.

我想，Tarek，你說過 AUP 連續上漲 3%。

Could you say what that is year-over-year on AUPs for Compute?

你能說說計算 AUP 的同比增長情況嗎？

And then I'll just give you my follow-up now so you don't have to come back to it.

然後我現在就給你我的後續行動，這樣你就不必再回來了。

Could you just comment, maybe Antonio or Tarek, on visibility that you've got right now on demand, given your little bit better commentary on demand than what we've heard from some other big enterprise players?

鑑於您對需求的評論比我們從其他一些大型企業參與者那裡聽到的要好一些，您能否評論一下，也許是安東尼奧或塔雷克，關於您現在按需獲得的可見性？

Sure, Rod.

當然，羅德。

Thanks for the question.

謝謝你的問題。

So I'll say, in Compute, units grew 36% quarter-on-quarter, while AUP grew 3% quarter-on-quarter.

所以我會說，在 Compute 中，單位環比增長 36%，而 AUP 環比增長 3%。

I know you want the AUP on a year-over-year basis.

我知道您希望 AUP 逐年增長。

I don't have that handy with you.

我沒有那個方便你。

I can follow up and let you know what the answer is and the IR team will do that.

我可以跟進並讓您知道答案是什麼，IR 團隊會這樣做。

And the second part of your question?

你問題的第二部分？

And the second part of the question is about the demand visibility.

問題的第二部分是關於需求可見性的。

As I said, it depends by customer segment, depends by offer.

正如我所說，這取決於客戶群，取決於報價。

Ultimately, what I see at this point in time is it has been steady, but the reality is that there are areas that are stronger and there are areas that are weaker.

最終，我在這個時間點看到的是它一直很穩定，但現實是，有些領域更強，有些領域更弱。

But I think it points to the diversification of our portfolio.

但我認為這表明我們投資組合的多元化。

We have a unique portfolio, and that's why we have a unique strategy to become the platform edge to cloud.

我們有一個獨特的產品組合，這就是為什麼我們有一個獨特的戰略來成為雲的平台邊緣。

And I think -- as I think about that, obviously, there is a lot of opportunities, particularly as we continue to pivot the company with more software and services-oriented type of offers.

而且我認為 - 正如我所想的那樣，顯然有很多機會，特別是當我們繼續以更多軟件和麵向服務的產品類型來推動公司發展時。

And you can see even in Q3, some of the strength with big data storage; our Primera, which is a software -- in essence, it is a software offering based on InfoSight, up over 100%.

你甚至可以在第三季度看到大數據存儲的一些優勢；我們的 Primera，它是一種軟件——本質上，它是一種基於 InfoSight 的軟件產品，漲幅超過 100%。

So these are the things that will continue to drive growth.

因此，這些都是將繼續推動增長的因素。

And if we can sustain -- the question was asked about the Compute momentum, then you get that continued improvement, which we believe will be the case.

如果我們能夠維持——有人問了關於計算勢頭的問題，那麼你就會得到持續的改進，我們相信情況會如此。

But HPC plays a huge role for us.

但 HPC 對我們起著巨大的作用。

Let me be clear about HPC.

讓我澄清一下 HPC。

I am very bullish about that business.

我非常看好這項業務。

And Rod, let me follow up on the AUP questions on a year-over-year basis.

Rod，讓我逐年跟進 AUP 問題。

On a year-over-year basis, units grew 3% and AUP was down 2%, that is the answer you were looking for.

與去年同期相比，單位增長 3%，AUP 下降 2%，這就是您要尋找的答案。

And on visibility, look, in simple terms, it's better than in Q2, and that's the reason why we provide guidance.

在可見性方面，簡單來說，它比第二季度要好，這就是我們提供指導的原因。

If we didn't have confidence, we wouldn't be providing guidance if visibility were to be too low or too uncertain for us to do so.

如果我們沒有信心，如果能見度太低或太不確定而我們無法提供指導，我們就不會提供指導。

And our final question today will come from Amit Daryanani with Evercore.

我們今天的最後一個問題將來自 Evercore 的 Amit Daryanani。

I just have a question around your margin structure.

我只是對您的保證金結構有疑問。

Fairly impressive, I think, 100 basis points op margin uptick you guys saw sequentially.

我認為，相當令人印象深刻，你們連續看到 100 個基點的運營利潤率上升。

But when I kind of break it up, it looks like gross margins were down 170 basis points and maybe more than made up for that in SG&A and R&D curtailment.

但當我將其分解時，毛利率似乎下降了 170 個基點，並且可能超過了 SG&A 和 R&D 縮減的影響。

So could you just maybe talk about, first off, gross margin decline?

那麼，您能否首先談談毛利率下降？

Was that all mix?

那是所有的混合嗎？

Or were there other factors involved in it?

還是有其他因素參與其中？

That would be helpful.

那會很有幫助。

And then the OpEx run rate you have today, is this a steady state number we could think about as we go forward?

然後是您今天的 OpEx 運行率，這是我們在前進時可以考慮的穩定狀態數字嗎？

Or was there more one-off things that helped you curtail it?

還是有更多一次性的事情可以幫助您減少它？

Thank you, Amit, for the questions.

謝謝阿米特提出的問題。

So yes, your observation is right, the gross margin went down 160 basis points as highlighted in our announcement, and we more than made that at the OP margin level, with the OP margin at 7.1%.

所以是的，你的觀察是正確的，正如我們公告中強調的那樣，毛利率下降了 160 個基點，而且我們在 OP 利潤率水平上做到了這一點，OP 利潤率為 7.1%。

So what's driving that at the gross margin level is purely the mix.

因此，在毛利率水平上推動這一點的純粹是組合。

We had more Compute revenue at lower margin.

我們以較低的利潤獲得了更多的計算收入。

It's a mix issue.

這是一個混合問題。

We did also articulate the fact that if you normalize for backlog, which did have an impact on gross margins, both in Compute and Storage, our gross margins would be up.

我們還闡明了一個事實，即如果您將積壓標準化，這確實對計算和存儲的毛利率產生了影響，我們的毛利率將會上升。

But also, what you can see at OP margin is the fact that we are starting to take cost out, and we are incurring restructuring costs as a result of this.

而且，您在 OP 利潤率上可以看到的事實是，我們開始削減成本，因此我們正在承擔重組成本。

I want to take the opportunity to remind everyone about our cost optimization and prioritization plan that we announced in Q2.

我想藉此機會提醒大家我們在第二季度宣布的成本優化和優先級排序計劃。

We took proactive steps to strengthen our financial profile.

我們採取了積極措施來加強我們的財務狀況。

We're -- I would tell you, I take a lot of pride about this one because we were prescient, and we did it on time, being hit very hard in a full quarter of Q2 that was disrupted by COVID.

我們——我會告訴你，我對此感到非常自豪，因為我們有先見之明，而且我們按時做到了，在第二季度的整個季度都受到了 COVID 的嚴重打擊。

And we are on track with that program to generate net annualized run rate savings of at least $800 million by the end of fiscal year '22 relative to the fiscal year '19 exit level, and with most of those savings achieved at the end of fiscal year '21.

我們正按計劃實施該計劃，到 22 財年結束時，相對於 19 財年的退出水平，產生至少 8 億美元的淨年化運行率節省，其中大部分節省是在 22 財年結束時實現的21 年。

So hopefully, that should give you some comfort with respect to also the visibility point.

因此，希望這也能讓您在能見度方面感到一些安慰。

That's why we're saying, we expect gradual performance improvements going forward knowing that we have taken actions with this core transformation program that is about prioritizing and reducing costs where we can find opportunities to do so.

這就是為什麼我們要說的是，我們知道我們已經通過這個核心轉型計劃採取了行動，該計劃旨在確定優先次序並降低成本，我們可以找到這樣做的機會，因此我們希望逐步提高性能。

Yes.

是的。

I will say, just to wrap that up, I know that was the last question, there is always quite interesting and significant opportunities.

我會說，總結一下，我知道這是最後一個問題，總是有非常有趣和重要的機會。

Remember that HPE Next was a very successful program for us and for our shareholders, and this is the next iteration.

請記住，HPE Next 對我們和我們的股東來說是一個非常成功的計劃，這是下一個迭代。

But most importantly, this is all about executing our strategy and align our resources to where we believe the growth is and continue to make this company even more efficient on a foundation of work we did the last 3 years.

但最重要的是，這一切都是為了執行我們的戰略，並將我們的資源調整到我們認為增長的方向，並在我們過去 3 年所做的工作的基礎上繼續使這家公司更加高效。

So that's why we are very, very confident about that.

所以這就是為什麼我們對此非常非常有信心。

And we have a very strong discipline and track record, to be honest with you, while at the same time we focus on innovation.

老實說，我們有很強的紀律和業績記錄，同時我們專注於創新。

So I know we went a little bit longer, but we felt that it was important to give you as much clarity and insight as possible.

所以我知道我們的時間稍微長了一點，但我們認為讓您盡可能清楚和深入了解很重要。

Again, I will wrap up by saying, very pleased with Q3.

再一次，我會說，對第三季度非常滿意。

This was a quarter marked by strong execution and, honestly, very strong sequential growth.

這是一個執行力強的季度，老實說，連續增長非常強勁。

While much of the uncertainty is still there in the market and the global pandemic is still with us, we actually are cautiously optimistic, and we will see quarter-over-quarter improvements going forward across our businesses and, at the same time, we are investing into the future, which is essential for us, but I'm very pleased with our execution in the pivot to as-a-Service.

儘管市場上仍然存在很多不確定性，全球大流行病仍在我們身邊，但我們實際上持謹慎樂觀的態度，我們將看到我們所有業務的季度環比改善，與此同時，我們投資於未來，這對我們來說至關重要，但我對我們在轉向即服務方面的執行感到非常滿意。

You can see the momentum there.

你可以看到那裡的勢頭。

Hopefully, we will see you in October at the virtual event for the Securities Analyst Meeting.

希望我們能在 10 月的證券分析師會議虛擬活動中見到您。

Thank you for your time, and I hope to talk to you soon.

感謝您的寶貴時間，希望能盡快與您交談。

And ladies and gentlemen, this concludes our call today.

女士們，先生們，我們今天的電話會議到此結束。

Thank you for attending, and you may now disconnect your lines at this time.

感謝您的出席，此時您可以斷開您的線路。