惠普企業 (HPE) 2020 Q2 法說會逐字稿

Good afternoon, and welcome to the Second Quarter 2020 Hewlett Packard Enterprise Earnings Conference Call. My name is Eiley, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

下午好，歡迎來到惠普企業 2020 年第二季度收益電話會議。我叫 Eiley，我將擔任今天電話會議的會議主持人。 （操作員說明）提醒一下，正在錄製此會議以供重播。

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

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

Thank you, and good afternoon, everyone. This is Sonalee Parekh, SVP of Corporate Development and Investor Relations for Hewlett Packard Enterprise. I would like to welcome you to our fiscal 2020 second quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

謝謝，大家下午好。我是惠普企業公司發展和投資者關係高級副總裁 Sonalee Parekh。歡迎您參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2020 財年第二季度收益電話會議；和 HPE 執行副總裁兼首席財務官 Tarek Robbiati。

Before handing the call over to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately 1 year. 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. 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。 HPE 不承擔任何義務，也不打算更新任何此類前瞻性陳述。

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

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 4 月 30 日財季的 10-Q 表季度報告中最終報告的金額存在重大差異。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。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 after Antonio provides his high-level remarks, Tarek will be referencing the slides and our earnings presentation throughout his prepared remarks. As mentioned, the earnings presentation can be found posted to our website and is also embedded within the webcast player for this earnings call.

最後，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。

Thanks, Sonalee. Good afternoon, everyone. Thank you for joining us today. I hope everyone is safe and healthy.

謝謝，索娜麗。大家下午好。感謝您今天加入我們。我希望每個人都平安健康。

(technical difficulty)

（技術難度）

Pardon me. Ladies and gentlemen, we seem to be experiencing some technical difficulties. Antonio, your line may be on mute?

對不起。女士們先生們，我們似乎遇到了一些技術難題。安東尼奧，你的線路可能靜音了嗎？

Yes, thank you. Sorry, I had a problem with my phone. So thanks, Sonalee. Good afternoon, everyone. Thank you for joining us today and I hope everyone is safe and healthy. Our fiscal Q2 results represent a full quarter of operating during the coronavirus-19 (sic) [COVID-19] crisis. This pandemic is unlike any other crisis we faced, and it has brought significant economic disruption. Businesses and communities are struggling. Supply chain productivity continues to be significantly constrained, and the demand environment is uneven. The market for capabilities like remote connectivity and virtual desktop solutions is stronger than precrisis in certain segments, and we are well positioned in those areas. But overall, customers are understandably cautious given so much uncertainty.

是的，謝謝。抱歉，我的手機有問題。所以謝謝，索娜麗。大家下午好。感謝您今天加入我們，我希望每個人都安全健康。我們的第二財季業績代表了冠狀病毒 19（原文如此）[COVID-19] 危機期間的整個運營季度。這場大流行不同於我們面臨的任何其他危機，它帶來了嚴重的經濟破壞。企業和社區都在苦苦掙扎。供應鏈生產力繼續受到顯著制約，需求環境參差不齊。遠程連接和虛擬桌面解決方案等功能的市場在某些領域比危機前更強大，我們在這些領域處於有利地位。但總的來說，鑑於如此多的不確定性，客戶持謹慎態度是可以理解的。

These dynamics had a significant impact on our financial performance this quarter given the economic lockdowns since February. Our overall Q2 revenue declined by 15% to $6 billion, which led to a 42% decline in our non-GAAP operating profit. This was a tough quarter by every measure, and I am, of course, disappointed in the results, but I do not view our Q2 performance as a reflection of our capabilities nor of the opportunity ahead of us.

鑑於自 2 月以來的經濟封鎖，這些動態對我們本季度的財務業績產生了重大影響。我們第二季度的整體收入下降了 15% 至 60 億美元，這導致我們的非 GAAP 營業利潤下降了 42%。從各方面來看，這是一個艱難的季度，當然，我對結果感到失望，但我並不認為我們第二季度的表現反映了我們的能力，也沒有反映我們面前的機會。

Through this unsettling time, I have been really proud of our response that is aligned to our purpose to advance the way people live and work. We consider it a responsibility to help the world navigate this pandemic. We have prioritized protecting the health and safety of our team members and supporting our customers and partners as we weather this storm together.

在這段令人不安的時間裡，我為我們的回應感到非常自豪，因為我們的回應符合我們改善人們生活和工作方式的目標。我們認為幫助世界應對這一流行病是一種責任。我們將保護團隊成員的健康和安全放在首位，並在我們共同度過這場風暴時為我們的客戶和合作夥伴提供支持。

At the outset, we moved quickly to mobilize crisis management teams around the world. We took decisive steps to ensure our team members' safety and well-being. We closed all of our sites and rapidly moved team members to work from home except for those who are performing mission-critical roles. We expanded team members' benefits to cover coronavirus-19 testing and treatment, enhanced mental health support and provided tools and resources to keep people connected and productive.

一開始，我們迅速採取行動，動員了世界各地的危機管理團隊。我們採取了果斷措施來確保團隊成員的安全和福祉。我們關閉了所有站點，並迅速讓團隊成員在家工作，但執行關鍵任務的人員除外。我們擴大了團隊成員的福利範圍，涵蓋了冠狀病毒 19 的檢測和治療，加強了心理健康支持，並提供了工具和資源來保持人們的聯繫和工作效率。

We also responded with important initiatives to address key needs created by the pandemic. We made substantial donations through HPE's foundation and designated $2 billion in financing through HPE Financial Services to our customers and partners with financial hardships. Our Aruba networking capabilities have been deployed in drive-up and virtual health care clinics and in schools that are facilitating distance learning. And our high-performance computing solutions are helping scientists and leading research institutions speed up drug discovery with complex modeling, simulation, AI and machine learning capabilities.

我們還採取了重要舉措來應對這一流行病帶來的關鍵需求。我們通過 HPE 基金會進行了大量捐贈，並通過 HPE Financial Services 指定 20 億美元的融資給我們有經濟困難的客戶和合作夥伴。我們的 Aruba 網絡功能已部署在免下車和虛擬醫療保健診所以及促進遠程學習的學校中。我們的高性能計算解決方案正在幫助科學家和領先的研究機構通過複雜的建模、仿真、人工智能和機器學習功能加快藥物發現。

We joined forces with the U.S. government and other high-tech companies to form the White House High Performance Computing Consortium, giving coronavirus-19 researchers access to HPC resources. HPE also signed the Open COVID pledge, granting free access to all of our patented technologies for the purpose of diagnosing, preventing and treating the virus.

我們與美國政府和其他高科技公司聯手組建了白宮高性能計算聯盟，使 coronavirus-19 研究人員能夠訪問 HPC 資源。 HPE 還簽署了 Open COVID 承諾，允許免費使用我們所有的專利技術，用於診斷、預防和治療該病毒。

We have also adapted to deliver much needed capabilities and experiences to aid our customers' transformations as they navigate this difficult time. Through an improved sales coverage model aligned to market segments, our Intelligent Edge business continued to outperform the market while expanding operating margins and demonstrated 12% year-over-year growth in North America. In addition, we gained traction in our HPE GreenLake business. We continue to see acceleration in this very profitable strategic business and are seeing larger deals come in, underscoring a growing interest in our as-a-service offerings. In fact, our annualized revenue run rate, or ARR, increased 17% to $520 million.

我們還進行了調整，以提供急需的功能和經驗，以幫助我們的客戶在度過這個困難時期時實現轉型。通過與細分市場保持一致的改進銷售覆蓋模型，我們的 Intelligent Edge 業務繼續跑贏市場，同時擴大營業利潤率，並在北美實現 12% 的同比增長。此外，我們的 HPE GreenLake 業務也獲得了關注。我們繼續看到這個非常有利可圖的戰略業務的加速發展，並且看到更大的交易進來，突顯出人們對我們的即服務產品的興趣越來越大。事實上，我們的年度收入運行率 (ARR) 增長了 17%，達到 5.2 億美元。

While these are healthy signs of the needs our customers will continue to have coming out of the crisis, there continue to be significant supply constraints and delays in customer acceptance. This has impacted our ability to make deliveries to our customers.

雖然這些是我們的客戶將繼續從危機中走出來的需求的健康跡象，但仍然存在嚴重的供應限制和客戶接受的延遲。這影響了我們向客戶交貨的能力。

Across our portfolio, we exited Q2 with more than $1.5 billion in backlog in Compute, Storage, HPC & Mission-Critical Systems as well Aruba, which represents 2x the historical backlog. Our team is doing everything we can to deliver on these customer orders.

在我們的產品組合中，我們以超過 15 億美元的計算、存儲、HPC 和關鍵任務系統以及 Aruba 積壓退出了第二季度，這是歷史積壓的兩倍。我們的團隊正在竭盡全力交付這些客戶訂單。

Tarek will take you through our Q2 results in more detail. But before he does that, I want to take the time to align actions we will take to address the near-term uncertainty and ensure HPE is well positioned to emerge stronger, more agile and digitally enabled for a post coronavirus-19 world.

Tarek 將帶您更詳細地了解我們第二季度的結果。但在他這樣做之前，我想花點時間調整我們將採取的行動，以解決近期的不確定性，並確保 HPE 處於有利地位，能夠在后冠狀病毒 19 世界中變得更強大、更敏捷和數字化。

While the world has started to envision what a recovery might look like, we need to be prepared for different scenarios. We know there is no going back to what used to be. There is only preparing for and building what comes next. We need to adapt in order to keep our strategic momentum even as the world has changed dramatically. We are taking a deliberate set of actions to protect our financial foundation, become a more agile organization and align our resources to critical core businesses in areas of growth that accelerate our HPE Cloud platform as a service strategy. We continue to analyze financial forecasts and customer trends to better understand when and how global economies will recover.

雖然世界已經開始設想復甦可能會是什麼樣子，但我們需要為不同的情況做好準備。我們知道沒有回到過去的樣子。只有為接下來的事情做準備和建設。即使世界發生了翻天覆地的變化，我們也需要適應，以保持我們的戰略勢頭。我們正在採取一系列深思熟慮的行動來保護我們的財務基礎，成為一個更加敏捷的組織，並將我們的資源與增長領域的關鍵核心業務相結合，以加速我們的 HPE 雲平台即服務戰略。我們繼續分析財務預測和客戶趨勢，以更好地了解全球經濟何時以及如何復蘇。

In the meantime, we are taking some immediate steps to reduce operating expenses that will protect our financial profile. Effective July 1, we will implement a short-term pay reduction for all team members, where it is legally permitted, through October 31, 2020. My executive team and I will take the highest percentage reduction. Beyond us, the amount of reduction will vary by level. For team members who live in countries where pay reductions cannot be mandatory due to local laws and regulations, we are implementing unpaid leaves. In addition, we have implemented cost containment measures across the company, restricted external hiring through the end of our fiscal year and put salary increases on hold. Additionally, our Board of Directors have voluntary decided to forgo a percentage of its cash compensation for the remainder of the fiscal year 2020 to demonstrate its commitment to Hewlett Packard Enterprise as we focus on preserving liquidity and improve our position to deliver for our customers now and in the future.

與此同時，我們正在立即採取一些措施來減少運營費用，以保護我們的財務狀況。從 7 月 1 日起，我們將在法律允許的情況下對所有團隊成員實行短期減薪，直至 2020 年 10 月 31 日。我和我的管理團隊將接受最高比例的減薪。在我們之外，減少的數量會因級別而異。對於居住在因當地法律法規不能強制減薪的國家/地區的團隊成員，我們實行無薪休假。此外，我們在整個公司實施了成本控制措施，在本財年結束前限制外部招聘，並暫停加薪。此外，我們的董事會自願決定在 2020 財年剩餘時間內放棄一定比例的現金補償，以表明其對 Hewlett Packard Enterprise 的承諾，因為我們專注於保持流動性並改善我們現在和未來為客戶提供服務的地位將來。

In addition to those short-term measures, today, we are announcing a cost optimization and prioritization plan. This plan will help us focus our investments and realign our workforce to areas of growth that will accelerate our strategy. Some of the measures in the plan include continuing to streamline our product portfolio, implementing new digital customer engagement models and optimizing our workplace size strategy and experiences. HPE expects the plan will be implemented through fiscal year 2022. And as a result of the changes to the company's workforce, real estate model and further business process improvements, we estimate gross savings of at least $1 billion and annualized net run rate savings of at least $800 million by fiscal year '22 year-end. In order to achieve this level of cost savings, HPE estimates cash funding payments between $1 billion to $1.3 billion over the next 3 years. Tarek will provide further details in his remarks.

除了這些短期措施外，今天，我們還宣布了一項成本優化和優先級排序計劃。該計劃將幫助我們集中投資並將我們的員工隊伍調整到可加速我們戰略的增長領域。該計劃中的一些措施包括繼續精簡我們的產品組合、實施新的數字客戶參與模型以及優化我們的工作場所規模戰略和體驗。 HPE 預計該計劃將在 2022 財年實施。由於公司勞動力、房地產模型和業務流程的進一步改進，我們估計總節省至少 10 億美元，年化淨運行率節省 at到 22 財年年底至少達到 8 億美元。為了實現這一水平的成本節約，HPE 估計在未來 3 年內支付的現金資金將在 10 億至 13 億美元之間。 Tarek 將在他的發言中提供更多細節。

While we take the steps to secure our financial foundation and strengthen our operations, we have simplified our operating model and have aligned them to the financial segmentation we introduced early this year. Each of HPE's businesses is critical to our go-forward success. Each carries out an important part of the mission. And as our customers demand new and different products and services from us, we must deliver. I am personally committed to delivering to help each of our businesses leverage its existing strengths and evolve. Each of our business groups now report directly to me.

在我們採取措施確保我們的財務基礎和加強我們的運營的同時，我們簡化了我們的運營模式，並使其與我們今年年初推出的財務細分保持一致。 HPE 的每一項業務都對我們取得成功至關重要。每個人都執行任務的重要部分。當我們的客戶要求我們提供新的和不同的產品和服務時，我們必須交付。我個人致力於幫助我們的每個企業利用其現有優勢並不斷發展。我們每個業務部門現在都直接向我匯報。

As part of the new organizational model, we created a GreenLake cloud services group to accelerate our as-a-service capabilities. We also added a new software team that will architect our software strategy and portfolio that power our as-a-service platform. This new structure will provide further accountability and improve our execution and transformation.

作為新組織模型的一部分，我們創建了一個 GreenLake 雲服務組來加速我們的即服務功能。我們還增加了一個新的軟件團隊，該團隊將構建我們的軟件戰略和產品組合，為我們的即服務平台提供支持。這種新結構將提供進一步的問責制，並改善我們的執行力和轉型。

As the world emerges from the global pandemic, business continuity will depend on solutions that advance IT resiliency, empower remote workforces securely, extend connectivity, reinvigorate customer engagement and enable business model evolution. These realities mean that the digital transformation will be more critical than ever. This is why we must accelerate our strategy to deliver everything as-a-service, edge to cloud.

隨著世界從全球大流行中走出來，業務連續性將取決於能夠提高 IT 彈性、安全地為遠程員工提供支持、擴展連接性、重振客戶參與度並推動業務模型發展的解決方案。這些現實意味著數字化轉型將比以往任何時候都更加重要。這就是為什麼我們必須加快我們的戰略，以提供一切即服務，從邊緣到雲。

We see the growth in the cloud, on- and off-premises and increasingly at the edge where we are uniquely positioned. The edge customers need persistent connectivity to bridge the digital and physical worlds. HPE Aruba Central is at the core of our edge strategy. It is the only cloud-native, simple-to-use and secure platform that unifies network management for wired, wireless and WAN networks and soon, 5G and edge computing. In Q2, the number of unique customers using Aruba Central increased to 65,000.

我們看到雲、內部和外部的增長，並且越來越多地出現在我們獨特定位的邊緣。邊緣客戶需要持久連接來連接數字世界和物理世界。 HPE Aruba Central 是我們邊緣戰略的核心。它是唯一的雲原生、易於使用且安全的平台，可以統一有線、無線和 WAN 網絡的網絡管理，很快還會有 5G 和邊緣計算。在第二季度，使用 Aruba Central 的唯一客戶數量增加到 65,000。

Customers will also continue to need capabilities that harness the power of their data wherever it lives: at the edge, across public and private clouds, in colocations or in the traditional data center. We continue to believe the cloud is an experience, not a destination. And as-a-service business models will extend the cloud experience everywhere for all apps and data.

客戶還將繼續需要能夠利用其數據力量的能力，無論數據位於何處：在邊緣、跨公共雲和私有云、在主機託管或在傳統數據中心。我們仍然相信雲是一種體驗，而不是目的地。即服務業務模型將為所有應用程序和數據在任何地方擴展雲體驗。

Earlier this month, we announced the general availability of HPE GreenLake Central, our advanced cloud-native platform that provides customers with a consistent cloud experience for all their applications and data through underlying operations consoles that runs, manages and optimizes their entire hybrid cloud estate. And in Q2, we made HPE Container Platform generally available. Our new cloud-native, software-defined stack is built using technologies from HPE's acquisition of BlueData, Storage and MapR and deliver greater flexibility and lower cost for Kubernetes deployments of cloud-native and noncloud-native applications with persistent storage connectivity.

本月早些時候，我們宣布全面推出 HPE GreenLake Central，這是我們先進的雲原生平台，通過運行、管理和優化其整個混合雲資產的底層操作控制台，為客戶的所有應用程序和數據提供一致的雲體驗。在第二季度，我們全面推出了 HPE 容器平台。我們新的雲原生軟件定義堆棧是使用 HPE 收購 BlueData、Storage 和 MapR 的技術構建的，可為具有持久存儲連接的雲原生和非雲原生應用程序的 Kubernetes 部署提供更大的靈活性和更低的成本。

Next month at our first-ever Discover virtual experience, we will showcase how HPE will help organizations ensure seamless business continuity through new technology capabilities, greater business intelligence and enhanced financial flexibility. Joined by thousands of customers and partners, we will discuss how we should think differently about transformation in the future, and we'll introduce new innovation to bring agility to customers' apps and data everywhere.

下個月，在我們的首次 Discover 虛擬體驗中，我們將展示 HPE 如何通過新技術功能、更強大的商業智能和增強的財務靈活性幫助組織確保無縫的業務連續性。與成千上萬的客戶和合作夥伴一起，我們將討論我們應該如何以不同的方式思考未來的轉型，我們將引入新的創新來為客戶的應用程序和數據帶來敏捷性。

There is a great promise in what we can accomplish when we increase the speed of innovation and continue to bring to market differentiated capabilities from edge to cloud. Our customers, partners and communities need what HPE can provide. Our ability to execute our strategic pivot to offering our entire portfolio as a service by 2022 while we continue to rearchitect and strengthen our core businesses is critical. As we drive increased performance in our core businesses, we will be able to further align resources to new growth segments that will accelerate our strategy and pave the way to sustainable, profitable growth.

當我們加快創新速度並繼續將從邊緣到雲的差異化功能推向市場時，我們將大有可為。我們的客戶、合作夥伴和社區需要 HPE 提供的服務。我們有能力執行我們的戰略支點，到 2022 年將我們的整個產品組合作為服務提供，同時我們繼續重組和加強我們的核心業務，這一點至關重要。隨著我們推動核心業務績效的提高，我們將能夠進一步將資源分配給新的增長領域，這將加速我們的戰略並為可持續的盈利增長鋪平道路。

One of our core beliefs at HPE is the power of "Yes, we can," and I'm confident in our ability to execute because I believe we have the right strategy, the right leadership team and the right mindset to adapt and deliver in bold, new ways. We are focused and we are making the necessary trade-offs so we can continue to invest in the future. We are undertaking it with a sense of urgency and conviction in our strategy.

HPE 的核心信念之一是“是的，我們可以”的力量，我對我們的執行能力充滿信心，因為我相信我們擁有正確的戰略、正確的領導團隊和正確的心態來適應和交付大膽的新方法。我們很專注，我們正在做出必要的權衡，以便我們可以繼續投資於未來。我們懷著緊迫感和對我們戰略的堅定信念來開展這項工作。

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

有了這個，讓我把它交給 Tarek 來審查本季度的結果。塔雷克？

Thank you very much, Antonio. Hope you can all hear me and are all safe and well. I'll start with a summary of our financial results for the second quarter of fiscal year 2020. As I have done before, I'll be referencing the slides from our earnings presentation to highlight our performance in the quarter. Also please note, since last quarter, we are now reporting results according to our new segmentation.

非常感謝你，安東尼奧。希望你們都能聽到我的聲音，並且一切安好。我將從我們 2020 財年第二季度的財務業績摘要開始。正如我之前所做的那樣，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。另請注意，自上個季度以來，我們現在根據新的細分報告結果。

Antonio discussed some of the key highlights of this quarter on Slide 1. Now let me discuss our financial performance, starting Slide 2. Our Q2 results were heavily impacted by the global COVID-19 crisis. As Antonio mentioned, our Q2 represented a full quarter of operating under COVID-19. Our revenues of $6 billion were down 15% year-over-year, primarily driven by supply chain disruption, which resulted in significantly higher levels of backlog, particularly in Compute, HPC & MCS and Storage. We also saw uneven demand with customers pushing out business activity as they navigated through the current economic crisis and lockdown.

Antonio 在幻燈片 1 上討論了本季度的一些主要亮點。現在讓我從幻燈片 2 開始討論我們的財務業績。我們的第二季度業績受到全球 COVID-19 危機的嚴重影響。正如安東尼奧所提到的，我們的第二季度代表了在 COVID-19 下運營的整整四分之一。我們的收入為 60 億美元，同比下降 15%，這主要是由於供應鏈中斷，導致積壓水平顯著增加，特別是在計算、HPC 和 MCS 以及存儲方面。我們還看到需求不均衡，客戶在度過當前的經濟危機和封鎖期間推動了業務活動。

At the edge, the market for capabilities like remote cloud connectivity and virtual desktop solutions was stronger than precrisis in certain segments, and we're well positioned in those areas, offsetting the decline in campus switching that resulted from lower business activity. Despite the challenging backdrop, we managed to maintain relatively stable non-GAAP gross margins, which were down by 20 basis points year-over-year.

在邊緣，遠程雲連接和虛擬桌面解決方案等功能的市場在某些領域比危機前更強勁，我們在這些領域處於有利地位，抵消了因業務活動減少而導致的園區交換下降。儘管背景充滿挑戰，我們仍設法保持了相對穩定的非美國通用會計準則毛利率，同比下降 20 個基點。

Our non-GAAP operating profit, however, was down 42% year-over-year to 6.1% in operating margin terms, and our non-GAAP EPS of $0.22 was down 48% year-over-year. Our GAAP EPS was a loss of $0.64, primarily due to an $865 million noncash goodwill impairment charge associated with legacy goodwill allocated to the HPC & MCS business segment, which impacted GAAP net EPS by $0.67. This impairment was not driven by the Cray business, which continues to perform consistent with our expectations.

然而，我們的非美國通用會計準則營業利潤同比下降 42% 至營業利潤率 6.1%，我們的非美國通用會計準則每股收益為 0.22 美元，同比下降 48%。我們的 GAAP 每股收益虧損 0.64 美元，這主要是由於與分配給 HPC 和 MCS 業務部門的遺留商譽相關的 8.65 億美元非現金商譽減值費用，這對 GAAP 淨每股收益產生了 0.67 美元的影響。這一減值並非由 Cray 業務驅動，該業務的表現繼續符合我們的預期。

Cash flow from operations this quarter was $100 million impacted by reduced profitability and inventory buildup. Free cash flow was negative $402 million compared to a positive $402 million for the prior year period, which was impacted by higher financing volumes. Taking all the previous into account, we're taking decisive and prudent actions to manage our costs and expenses, further improve our liquidity and focus on opportunities to emerge stronger in the post-COVID-19 world.

受盈利能力下降和庫存增加的影響，本季度運營現金流為 1 億美元。自由現金流為負 4.02 億美元，而去年同期為正 4.02 億美元，這是受融資量增加的影響。考慮到之前的所有情況，我們正在採取果斷和審慎的行動來管理我們的成本和支出，進一步提高我們的流動性，並專注於在後 COVID-19 世界中變得更強大的機會。

Turning to Slide 3. Antonio outlined for you some of the near-term cost takeout measures we're implementing, including reductions in pay across our workforce, unpaid leave in places where pay reductions are not legally permitted and hiring restrictions. He also mentioned the actions we're committing to today to further strengthen our financial profile in the medium and long term and accelerate our strategy.

轉到幻燈片 3。Antonio 為您概述了我們正在實施的一些近期成本削減措施，包括削減我們所有員工的工資、在法律不允許減薪的地方實行無薪休假以及招聘限制。他還提到了我們今天承諾採取的行動，以進一步加強我們的中長期財務狀況並加快我們的戰略。

Today, we are announcing a cost optimization and prioritization plan to reflect the current revenue environment and to position ourselves as a more resilient company ready to address the needs of our customers in a post-COVID-19 world. We remain confident that we have the right strategy and are taking the right actions to secure our financial foundation and support our path to sustainable, profitable growth.

今天，我們宣布了一項成本優化和優先級排序計劃，以反映當前的收入環境，並將我們定位為一家更具彈性的公司，隨時準備在後 COVID-19 世界中滿足客戶的需求。我們仍然相信我們擁有正確的戰略並正在採取正確的行動來確保我們的財務基礎並支持我們實現可持續、盈利增長的道路。

More specifically, our plan is designed to rightsize our cost structure to the new normal; to allocate resources in alignment with our new segmentation and growth areas; to drive increased efficiencies through investment in digitalization and automation; and finally, to accelerate our pivot to as-a-service to drive long-term sustainable profitable growth. Overall, these new cost efficiencies will be captured from simplifying and evolving our product portfolio strategy and go-to-market, cost savings from supply chain optimization, increased penetration of remote customer support, new initiatives to leverage digital marketing and consolidating our real estate footprint.

更具體地說，我們的計劃旨在調整我們的成本結構以適應新常態；根據我們新的細分和增長領域分配資源；通過投資數字化和自動化來提高效率；最後，加快我們轉向即服務的步伐，以推動長期可持續的盈利增長。總體而言，這些新的成本效率將通過簡化和發展我們的產品組合戰略和上市、供應鏈優化節省成本、增加遠程客戶支持的滲透、利用數字營銷的新舉措和鞏固我們的房地產足跡來實現.

In terms of a time line, we expect that the plan will be implemented through fiscal year 2022 and estimate that it will deliver annualized net run rate savings of at least $800 million by fiscal year '22 end. Having said that, we expect to achieve the majority of the savings by the end of fiscal year '21. In order to achieve this level of cost savings, we estimate cumulative cash funding payments of between $1 billion to $1.3 billion over the next 3 years.

就時間表而言，我們預計該計劃將在 2022 財年之前實施，並估計到 22 財年末它將實現至少 8 億美元的年化淨運行率節省。話雖如此，我們預計將在 21 財年末實現大部分節省。為了實現這一水平的成本節約，我們估計未來 3 年累計支付的現金資金將在 10 億至 13 億美元之間。

We'll now move to Slide 4 that shows our performance in the quarter in accordance with our new segmentation. Let me hit a few key points. In the Intelligent Edge segment, we declined 2%. However, we saw over 12% year-over-year growth in North America, showing that the changes we made to our North America sales leadership and go-to-market segmentation are paying off, even in the midst of a challenging business environment. While campus switching declined single digits due to increased emphasis on working from home, we grew the wireless LAN product business 7% year-over-year due to high demand for our remote access solutions and Wi-Fi 6 Certified (sic) [Wi-Fi CERTIFIED 6] access points with 35% year-over-year growth in North America. Furthermore, we expanded gross margins and also grew operating margins by 570 basis points year-over-year to 11%. The bottom line is that we gained share in both campus switching and wireless LAN markets while significantly improving profit margins.

我們現在將轉到幻燈片 4，該幻燈片根據我們的新細分顯示我們在本季度的表現。讓我說幾個關鍵點。在智能邊緣部分，我們下降了 2%。然而，我們在北美看到了超過 12% 的同比增長，這表明我們對北美銷售領導地位和進入市場細分所做的改變正在取得成效，即使在充滿挑戰的商業環境中也是如此。雖然由於越來越重視在家工作，校園交換下降了個位數，但由於對我們的遠程訪問解決方案和 Wi-Fi 6 認證（原文如此）[Wi- Fi CERTIFIED 6] 接入點在北美同比增長 35%。此外，我們擴大了毛利率，營業利潤率也同比增長 570 個基點至 11%。最重要的是，我們在園區交換和無線 LAN 市場都獲得了份額，同時顯著提高了利潤率。

In Compute, revenue declined 19% this quarter driven by lower conversion rates, even as order backlog grew to 2x our average historical backlog, and lower unit growth which was negative double digits this quarter. Our ability to fulfill orders was impacted by component shortages, with supply chain logistics further disrupting our ability to fulfill demand due to the coronavirus pandemic. As the supply chain constraints alleviate, we expect to execute against our high backlog.

在計算領域，由於轉換率較低，本季度收入下降了 19%，儘管訂單積壓增長到我們平均歷史積壓的 2 倍，並且本季度單位增長率較低，為負兩位數。我們履行訂單的能力受到組件短缺的影響，供應鏈物流因冠狀病毒大流行進一步破壞了我們滿足需求的能力。隨著供應鏈限制的緩解，我們希望針對我們的高積壓訂單執行。

In High Performance Compute & Mission-Critical Systems, revenue declined 18%, primarily as a result of delayed installation and customer acceptance on account of COVID-19. Similar to Compute, this resulted in an elevated backlog, but we expect to see a stronger uptick in revenues in the second half of the year as we execute against the order book. Our HPC business has been actively involved in COVID-related research activity and is providing COVID-19 researchers worldwide with access to the world's most powerful HPC resources to advance the pace of scientific discovery in the fight to stop the virus. Furthermore, we announced the 2023 delivery of the world's fastest exascale supercomputer, El Capitan, for the United States Department of Energy at a record-breaking speed of 2 exaflops, 10x faster than today's most powerful supercomputer. Most importantly, the Cray integration remains on track to deliver the FY '20 revenue targets and triple-digit run rate synergies by fiscal year '21.

在高性能計算和關鍵任務系統中，收入下降了 18%，這主要是由於 COVID-19 導致安裝和客戶驗收延遲。與 Compute 類似，這導致積壓增加，但我們預計在下半年我們會根據訂單執行更強勁的收入增長。我們的 HPC 業務一直積極參與與 COVID 相關的研究活動，並為全球 COVID-19 研究人員提供訪問世界上最強大的 HPC 資源的途徑，以加快科學發現的步伐以阻止該病毒。此外，我們還宣布將於 2023 年以創紀錄的 2 exaflops 速度為美國能源部交付世界上最快的百億億億級超級計算機 El Capitan，比當今最強大的超級計算機快 10 倍。最重要的是，Cray 整合仍有望在 21 財年實現 20 財年的收入目標和三位數的運行率協同效應。

Within Storage, we declined 16% year-over-year due to higher backlog similar to Compute but had notable strength in big data, showing a growth of 61% year-over-year. Nimble services revenues grew 20% year-over-year with services intensity at record highs as customers add high-margin, value-added services.

在存儲方面，由於與計算類似的較高積壓，我們同比下降 16%，但在大數據方面具有顯著優勢，同比增長 61%。隨著客戶增加高利潤、增值服務，靈活服務收入同比增長 20%，服務強度創歷史新高。

For Operational Services, which is included across Compute, HPC & MCS and Storage, revenue declined by less than 1% year-over-year while orders were down 5% year-over-year driven by the drop in Compute units. On the positive side, our services intensity, which is the ratio of attach revenue per hardware unit sold, continued to be strong with double-digit growth in Storage and HPC & MCS services driven by Cray. This demonstrates that the underlying profitability of the units we sell and the attach rates continues to be robust.

對於包含在計算、HPC 和 MCS 以及存儲中的運營服務，收入同比下降不到 1%，而由於計算單位的下降，訂單同比下降 5%。從積極的方面來看，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 Cray 的推動下，存儲以及 HPC 和 MCS 服務實現了兩位數的增長。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 8%, but we significantly improved operating margins by 6.2 points year-over-year due to our reentry in select countries, combined with an increase in remote delivery of projects from 65% to 90%, which helped to control costs and drive an improvement in chargeability levels of staff. Within HPE Financial Services, financing volume grew 10% year-over-year despite the impact of COVID-19, and our net portfolio of assets was up 4% this quarter with longer contract terms supporting GreenLake. We maintained a solid return on equity of approximately 15% again this quarter.

在諮詢和專業服務方面，收入下降了 8%，但由於我們重新進入特定國家，加上項目的遠程交付從 65% 增加到 90%，我們的營業利潤率同比顯著提高了 6.2 個百分點，這有助於控製成本並提高員工的收費水平。在 HPE Financial Services，儘管受到 COVID-19 的影響，融資量同比增長 10%，本季度我們的淨資產組合增長 4%，合同期限更長，支持 GreenLake。本季度我們再次保持了約 15% 的穩定股本回報率。

Our bad debt loss ratio this quarter was 0.5%, which is best-in-class in this industry. We'll obviously continue to closely monitor the impairment losses as liquidity constraints could affect some of our customers' ability to pay in upcoming quarters. We will tighten our underwriting guidelines as necessary to ensure we can manage through this crisis, and any impairment losses remain within our level of confidence.

本季度我們的壞賬損失率為0.5%，在同行業中處於領先地位。我們顯然會繼續密切監控減值損失，因為流動性限制可能會影響我們一些客戶在未來幾個季度的支付能力。我們將在必要時收緊我們的承保指南，以確保我們能夠度過這場危機，並且任何減值損失都在我們的信心水平之內。

Our Communications & Media Solutions business that is included in our Corporate Investments segment is a strategically important business to us, providing software and services capabilities to telco service providers. CMS is showing improved momentum. We saw strong double-digit software order growth, with EMEA growing 45% and Japan growing 70% this quarter.

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，對我們來說是一項具有戰略意義的重要業務，為電信服務提供商提供軟件和服務能力。 CMS 顯示出改善的勢頭。我們看到強勁的兩位數軟件訂單增長，本季度 EMEA 增長 45%，日本增長 70%。

Revenue gained momentum, growing 2% sequentially. We also expanded operating margins by 170 basis points year-over-year this quarter. We also recorded our first 5G core win with a Tier 1 carrier in the United States. The strategic win validates our 5G strategy with multi-vendor integration and true cloud-native telco network solutions.

收入增長勢頭強勁，環比增長 2%。本季度，我們的營業利潤率也同比增長了 170 個基點。我們還記錄了我們與美國一級運營商的第一個 5G 核心網勝利。戰略勝利通過多供應商集成和真正的雲原生電信網絡解決方案驗證了我們的 5G 戰略。

Slide 5 shows our growing ARR profile I introduced at our Securities Analyst Meeting in October 2019. I'm pleased to report that our Q2 '20 ARR came in at $520 million, representing 17% year-over-year growth and in line with our expectations. Our HPE Aruba Central SaaS platform continued to grow revenue triple digits year-over-year this quarter. As we progress towards building our go-to-market as a service motion and remain focused on offering a full suite of differentiated solutions that can be consumed as a service, we are reiterating our ARR growth guidance of 30% to 40% compounded annual growth rate from FY '19 to FY '22.

幻燈片 5 顯示了我在 2019 年 10 月的證券分析師會議上介紹的我們不斷增長的 ARR 概況。我很高興地報告，我們的 20 年第二季度 ARR 為 5.2 億美元，同比增長 17%，符合我們的預期期望。本季度，我們的 HPE Aruba Central SaaS 平台收入繼續實現三位數的同比增長。隨著我們朝著將上市即服務的方向發展並繼續專注於提供一整套可作為服務使用的差異化解決方案，我們重申我們的 ARR 增長目標為 30% 至 40% 的複合年增長率從 19 財年到 22 財年的利率。

Slide 6 highlights our EPS performance to date. Non-GAAP diluted net earnings per share was $0.22 in Q2, with headwinds from reduced operating leverage, suspension of our share buybacks and a lower but expected contribution from OI&E. Consistent with our guidance at SAM, we expect OI&E to be approximately negative $100 million for fiscal year '20.

幻燈片 6 重點介紹了我們迄今為止的 EPS 表現。第二季度非 GAAP 稀釋後每股淨收益為 0.22 美元，不利因素包括經營槓桿降低、股票回購暫停以及 OI&E 的貢獻較低但符合預期。與我們在 SAM 的指導一致，我們預計 OI&E 在 20 財年約為負 1 億美元。

Turning to gross margin on Slide 7. We delivered non-GAAP gross margin of 32% in Q2 of fiscal year '20, which was down 20% -- which was down, excuse me, 20 basis points year-over-year. Commodity costs were a tailwind to gross margin this quarter even as the supply-demand balance turned into a more inflationary commodities environment at the start of the quarter.

轉向幻燈片 7 的毛利率。我們在 20 財年第二季度的非公認會計準則毛利率為 32%，下降了 20%——不好意思，同比下降了 20 個基點。大宗商品成本對本季度的毛利率不利，儘管供需平衡在本季度初轉為通貨膨脹率更高的大宗商品環境。

Moving to Slide 8. Non-GAAP operating margin was 6.1% in Q2 of fiscal year '20, and non-GAAP operating income was down 42% year-over-year. This clearly demonstrates the imperative to rightsize our business to reflect the new revenue profile we are facing as a result of the COVID-19 impact.

轉到幻燈片 8。20 財年第二季度的非 GAAP 營業利潤率為 6.1%，非 GAAP 營業收入同比下降 42%。這清楚地表明，必須調整我們的業務規模，以反映我們因 COVID-19 影響而面臨的新收入狀況。

Turning to Slide 9. Our cash flow from operations was $100 million impacted by reduced profitability from the Compute and Storage businesses, which were heavily impacted this quarter, and higher than normal working capital. Free cash flow was a use of $402 million for the quarter driven by year-over-year growth, which was impacted by financing volumes. Higher-than-normal backlog and resulting inventory buildup triggered a reduction in our cash conversion cycle from minus 17 days in the prior quarter to minus 5 days this quarter. We expect our cash conversion cycle to improve through the rest of the year as we execute against the backlog and supply chain constraints alleviate, both of which help us reduce our high inventory levels.

轉到幻燈片 9。我們的運營現金流為 1 億美元，受到本季度受到嚴重影響的計算和存儲業務盈利能力下降的影響，高於正常營運資金。在同比增長的推動下，自由現金流在本季度使用了 4.02 億美元，這受到融資量的影響。高於正常水平的積壓和由此產生的庫存增加導致我們的現金周轉週期從上一季度的負 17 天減少到本季度的負 5 天。我們預計我們的現金轉換週期將在今年餘下時間得到改善，因為我們針對積壓和供應鏈限制進行了緩解，這兩者都有助於我們降低高庫存水平。

Now moving on to Slide 10. I want to spend a moment on the strength of our balance sheet and investment-grade credit rating, which is a competitive advantage in this environment. As of our April 30 quarter end, we had approximately $5.1 billion of cash and cash equivalents, having successfully raised $2.25 billion in senior notes in April 2020 at a low cost of capital. We also have an undrawn revolving credit facility of $4.75 billion at our disposal. So in total, we have approximately $10 billion of liquidity. We remain committed to maintaining our investment-grade rating, which was reaffirmed by the rating agencies in April 2020. Bottom line, we have a strong cash position and ample credit available during these uncertain times to support and invest in our business.

現在轉到幻燈片 10。我想花點時間談談我們的資產負債表和投資級信用評級的實力，這是在這種環境下的競爭優勢。截至 4 月 30 日季度末，我們擁有約 51 億美元的現金和現金等價物，並於 2020 年 4 月以較低的資本成本成功籌集了 22.5 億美元的優先票據。我們還有 47.5 億美元的未提取循環信貸額度可供我們支配。因此，我們總共擁有大約 100 億美元的流動資金。我們仍然致力於維持我們的投資級評級，評級機構於 2020 年 4 月重申了這一評級。最重要的是，在這些不確定的時期，我們擁有強大的現金頭寸和充足的可用信貸來支持和投資我們的業務。

Let me recap for you our key takeaways for this quarter on Slide 11. But before I do that, it's worth spending a couple of minutes on capital allocation. In Q2, we returned $305 million to shareholders in the form of share repurchases and dividends. We repurchased $151 million in shares and paid a cash dividend of $154 million. In April 2020, we took the decision to suspend share buybacks in the light of the current environment where liquidity is of paramount importance. Subsequently, in April, we announced a regular dividend payment for Q3 '20 payable in July.

讓我在幻燈片 11 上為您回顧一下我們本季度的主要收穫。但在我這樣做之前，值得花幾分鐘時間進行資本配置。在第二季度，我們以股票回購和股息的形式向股東返還了 3.05 億美元。我們回購了 1.51 億美元的股票，並支付了 1.54 億美元的現金股息。 2020 年 4 月，鑑於流動性至關重要的當前環境，我們決定暫停股票回購。隨後，在 4 月，我們宣布定期支付 20 年第三季度的股息，將於 7 月支付。

Finally, let me summarize the key takeaway for you this quarter. Our fiscal Q2 results represent a full quarter of operating under the COVID-19 crisis, and were heavily impacted by the crisis both on the demand and supply side. As a result, we have enacted short-term actions and long-term cost optimization and prioritization plans to reflect the current revenue environment and to position ourselves as a more resilient company in a post-COVID world.

最後，讓我總結一下本季度的主要收穫。我們的第二財季業績代表了在 COVID-19 危機下運營的整個季度，並且在需求和供應方面都受到危機的嚴重影響。因此，我們制定了短期行動和長期成本優化和優先級排序計劃，以反映當前的收入環境，並將我們定位為後 COVID 世界中更具彈性的公司。

Our robust balance sheet with approximately $10 billion of liquidity and investment-grade credit rating gives us flexibility not only to weather the current storm but to continue to invest in key growth initiatives. We remain confident that we have the right strategy and are taking the right actions to secure our financial foundation and support our path to sustainable, profitable growth.

我們穩健的資產負債表擁有大約 100 億美元的流動性和投資級信用評級，使我們不僅能夠靈活應對當前的風暴，而且能夠繼續投資於關鍵的增長計劃。我們仍然相信我們擁有正確的戰略並正在採取正確的行動來確保我們的財務基礎並支持我們實現可持續、盈利增長的道路。

Now turning to outlook. Since the crisis began, we've been stress testing our model and running scenarios based on various assumptions, just like everybody else does. Given the level of uncertainty around the duration of the crisis and the rate and the shape of the recovery, there's a wide range of possible outcomes for the year. We have taken prudent and decisive steps, with the latest being our cost optimization and prioritization plan, so that we are prepared for the different outcomes. Due to the uncertainty, and consistent with our April 6, 2020 8-K filing where we withdrew our fiscal year '20 financial guidance, we will not be providing any Q3 or fiscal year '20 guidance.

現在轉向前景。自危機開始以來，我們一直在根據各種假設對我們的模型和運行場景進行壓力測試，就像其他人所做的那樣。鑑於危機持續時間、復甦速度和形式的不確定性程度，今年可能出現多種結果。我們已採取謹慎果斷的步驟，最新的是我們的成本優化和優先級計劃，以便我們為不同的結果做好準備。由於存在不確定性，並且與我們在 2020 年 4 月 6 日提交的 8-K 文件中撤回了 20 財年的財務指導，我們將不會提供任何第三季度或 20 財年的指導。

Now with that, let me hand over to Antonio and open it up for questions. Antonio?

現在，讓我交給安東尼奧並開始提問。安東尼奧？

So thank you, Tarek, and I know Eiley is going to moderate this. So Eiley, why don't we get started?

謝謝你，Tarek，我知道 Eiley 會緩和這件事。那麼 Eiley，我們為什麼不開始呢？

(Operator Instructions) Our first question comes from Katy Huberty with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Katy Huberty。

The color on backlog is helpful, but I wonder whether you could also give some color on how orders trended through the fiscal second quarter and what you've seen from an order perspective in the month of May. And then just related to that, you specifically said that the HPC business and conversion rates would tick up in the second half, but you stopped short of giving a similar time line for Compute and Storage. So just any color as to when you think orders will begin to convert in those 2 segments as well.

積壓訂單的顏色很有幫助，但我想知道您是否也可以提供一些顏色來說明第二財季的訂單趨勢以及您從 5 月份的訂單角度看到的情況。然後與此相關的是，您明確表示 HPC 業務和轉換率將在下半年上升，但您沒有為計算和存儲提供類似的時間線。因此，關於您認為訂單何時也將在這 2 個細分市場中開始轉換的任何顏色。

Yes, Katy, and thanks for the question. So the order intake, or what I referred as the order linearity, was fairly steady I have to say. We normally plan a quarter in 13 weeks. The first week is the previous backlog from the previous quarter -- the backlog from the previous quarter and then 12 weeks, right? And we plan the linearity early on. And I will say we hit or exceeded our order linearity intake every week of the quarter. And so this really came down to our ability to convert the order book into revenue.

是的，凱蒂，謝謝你的提問。所以我不得不說，訂單攝入量，或者我所說的訂單線性，相當穩定。我們通常計劃在 13 週內完成一個季度。第一周是上一季度的積壓——上一季度的積壓，然後是 12 週，對嗎？我們很早就計劃了線性度。我會說我們在本季度的每個星期都達到或超過了我們的訂單線性攝入量。所以這真的取決於我們將訂單轉化為收入的能力。

And in the case of HPC, High Performance Compute, let me remind everyone that in order for us to convert that order into revenue, we have to build it, obviously. We have to ship it. But we have to install it, and we have to turn it on. And once the customer accepts that installation, which, in many cases, is fairly large installations, you're talking about a number of clusters, that's when only we can recognize revenue. And so the impact on HPC was twofold: was not been able to go to customer sites because customers were locked down like we are and not be able to install and deliver and turn it on; and obviously, the same challenge we had in Compute and Storage with supply chain constraints in capacity because of the social distancing; and obviously, in the components level that we saw, obviously, a major disruption. And as a reminder, we ship pretty much 3 servers every minute. And so when the supply chain stops, it's pretty significant.

就 HPC、高性能計算而言，讓我提醒大家，為了將訂單轉化為收入，顯然我們必須構建它。我們必須運送它。但是我們必須安裝它，我們必須打開它。一旦客戶接受了該安裝，在許多情況下，這是相當大的安裝，你談論的是許多集群，那時候我們才能確認收入。因此，對 HPC 的影響是雙重的：無法訪問客戶站點，因為客戶像我們一樣被鎖定，無法安裝、交付和打開它；顯然，由於社交距離，我們在計算和存儲方面遇到了同樣的挑戰，供應鏈容量受到限制；顯然，在我們看到的組件級別，顯然是一個重大中斷。提醒一下，我們每分鐘運送將近 3 台服務器。因此，當供應鏈停止時，這非常重要。

So in terms of going forward, our priority 1, 2 and 3 continues to be clear the backlog. And that's how I think about it. Throughout Q2, we made progress in the recovery. I will say China is pretty much back to normal. But obviously, they are cleaning the backlog themselves because they had to first recover the labor. And then obviously, they depend also on sub-suppliers for the components. Think about cables, connectors, transistors, you name it. And so for us, the majority of backlog right now is in the bucket.

因此，就前進而言，我們的優先事項 1、2 和 3 繼續清除積壓。這就是我的想法。在整個第二季度，我們在復蘇方面取得了進展。我會說中國已經基本恢復正常。但很明顯，他們正在自己清理積壓的訂單，因為他們必須先恢復勞動力。然後很明顯，它們還依賴組件的次級供應商。想想電纜、連接器、晶體管，應有盡有。所以對我們來說，現在大部分積壓都在桶裡。

And then in the regional factories, for the vast majority, all are performing at capacity except 1 or 2 where the rules and the regulations or the shelter-in-place are demanding that there is a stringent process on social distancing, which obviously impact the capacity in the factory lines. But the factories are all up and running. So I am optimistic about the weeks to come. So I take this a week at a time. Obviously, we continue to focus on the order intake. I cannot comment in May because I think you asked the question on May because we are in Q3 right now. But in Q2, the order linearity was fairly steady. And we expect not just HPC but Compute and Storage to continue to make progress, and that's why Q3 will be different than Q2.

然後在區域工廠中，對於絕大多數人來說，除 1 或 2 家外，所有工廠都在滿負荷運轉，那裡的規章制度或就地避難所要求對社會疏遠有嚴格的程序，這顯然會影響工廠生產線的產能。但工廠都在運轉。所以我對未來幾週持樂觀態度。所以我一次一周服用一次。顯然，我們繼續關注訂單接收。我不能在 5 月發表評論，因為我認為你在 5 月問了這個問題，因為我們現在正處於第三季度。但在第二季度，訂單線性度相當穩定。我們不僅希望 HPC，而且計算和存儲也能繼續取得進步，這就是第三季度與第二季度不同的原因。

Our next question comes from Wamsi Mohan with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Wamsi Mohan。

Antonio, you commented on rightsizing the cost structure to a new normal. A few years ago, HPE Next was supposed to be the last restructuring program. And I know no one could have anticipated COVID-19. But is it your view that you will not get back to pre-COVID levels because of secular end-market challenges? Or is there a different interpretation to that?

安東尼奧，你評論說將成本結構調整到新常態。幾年前，HPE Next 被認為是最後一個重組計劃。而且我知道沒有人能預料到 COVID-19。但您是否認為由於長期的終端市場挑戰，您不會回到 COVID 之前的水平？還是對此有不同的解釋？

Yes. Thanks, Wamsi, a great question. So since mentioned HPE Next, let me start with that. I mean I was the architect of HPE Next. In the 2017 year, as you know, we launched it in the fall of 2017. I will say, HPE Next was a great success story because it allows us to rearchitect the company in the key areas in terms of simplification of processes, streamlining our go-to-market model. Remember, we went from a worldwide geo to country to more a geo model where we remove layers. And honestly, it allows us to reinvest back in innovation, and that's where I announced the investment of $4 billion at the edge, and now we start seeing the results of that with great numbers despite the challenges. So that was a success. And remember, we committed to deliver $800 million in net savings and which we did and we did ahead of schedule.

是的。謝謝，Wamsi，一個很好的問題。既然提到了 HPE Next，那我就從它開始吧。我的意思是我是 HPE Next 的架構師。如您所知，在 2017 年，我們在 2017 年秋季推出了它。我要說的是，HPE Next 是一個偉大的成功案例，因為它使我們能夠在關鍵領域重新構建公司，簡化流程，簡化我們的流程上市模式。請記住，我們從全球地理到國家，再到更多的地理模型，我們在其中刪除了圖層。老實說，它使我們能夠重新投資於創新，這就是我宣佈在邊緣投資 40 億美元的地方，現在儘管面臨挑戰，我們還是開始看到大量的結果。所以這是成功的。請記住，我們承諾實現 8 億美元的淨節省，我們做到了，而且我們提前做到了。

Now to your point, this is a crisis unlike anyone we have faced. And I will say, 2017, I said, listen, we don't envision another cost optimization plan. But this is a cost optimization driven by the pandemic. But honestly, I see an opportunity to go faster in our pivot to our strategy, which is to offer everything as a service. It is very unfortunate that we have this pandemic, which is causing tremendous economic disruption and obviously, a huge impact to communities. But from the business perspective, we are more convicted than ever in our strategy. And we see it, the demand for pervasive ubiquity connectivity. That's why the access points are very strong for us: all cloud -- the cloud experience deployed everywhere from the edge-to-cloud and the ability to consume it as a service, and this is where we see tremendous momentum with HPE GreenLake.

現在就您的觀點而言，這是一場不同於我們所面臨的任何危機。我會說，2017 年，我說，聽著，我們沒有設想另一個成本優化計劃。但這是大流行病推動的成本優化。但老實說，我看到了一個機會，可以更快地轉向我們的戰略，即提供一切即服務。非常不幸的是，我們有這種流行病，它正在造成巨大的經濟破壞，顯然對社區產生巨大影響。但從商業角度來看，我們比以往任何時候都更加堅定我們的戰略。我們看到了對無處不在的連接的需求。這就是接入點對我們來說非常強大的原因：全雲——從邊緣到雲部署在任何地方的雲體驗以及將其作為服務使用的能力，這就是我們看到 HPE GreenLake 巨大發展勢頭的地方。

So for me it is rightsize our cost structure to the new normal. And we don't know exactly what the new normal is at this point in time because we don't know what the recovery looks like. It's about allocating resources for the areas of growth we see in the future and also increase efficiency because we learn a lot. Remember, in Q1, I talked about it. We learned quite a lot and we extended the HPE Next, which is now part of this cost optimization and prioritization plan and digitized everything.

所以對我來說，將我們的成本結構調整到新常態。而且我們目前還不確切知道新常態是什麼，因為我們不知道復甦是什麼樣子。這是關於為我們在未來看到的增長領域分配資源，並提高效率，因為我們學到了很多東西。請記住，在第一季度，我談到了它。我們學到了很多東西，我們擴展了 HPE Next，它現在是這個成本優化和優先級計劃的一部分，並將一切數字化。

I believe this will cause incredible structural impacts in the way people are going to work. And my expectation is at least 50% of our employees will never come back to an office. And the office will look completely different, which means our offices will be more center of innovation and collaboration, not where you come to do your regular work every day. And that requires resizing our real estate footprint. But even as you resize the footprint, that also require new experiences and therefore, investment associated with that. But when you bring it all together, and they need to reskill and upskill and allocate resources in the right place, I believe we have an opportunity to accelerate that strategy and drive to that long-term sustainable profitable growth.

我相信這將對人們的工作方式產生不可思議的結構性影響。我的預期是我們至少有 50% 的員工永遠不會回到辦公室。辦公室看起來會完全不同，這意味著我們的辦公室將更像是創新和協作的中心，而不是你每天來做日常工作的地方。這需要調整我們的房地產足跡。但是，即使您調整足蹟的大小，也需要新的體驗，因此需要與之相關的投資。但是，當你把所有這些結合起來，他們需要重新學習和提高技能，並在正確的地方分配資源時，我相信我們有機會加速該戰略並推動長期可持續的盈利增長。

Okay. The negative operating leverage on compute was quite significant in the quarter. How much of that would you say was a supply-driven issue versus demand-driven issue? And how do you think investors should think about the trajectory of that given that you also have the significant cost actions starting to kick in?

好的。本季度計算的負運營槓桿非常顯著。您認為其中有多少是供應驅動的問題與需求驅動的問題？鑑於您也開始採取重大成本行動，您認為投資者應該如何考慮這一軌跡？

Sure. Definitely, it was supply chain-driven, although demand continued to be uneven, as we discussed before, particularly in Compute. I would say you have to look at it this way, the shortfall on the revenue is pretty much all supply chain-driven because I made the comment early on that our linearity in the order intake was pretty steady. But in that order linearity, you have to look at the customer segments. Obviously, when you sell to, I call it cloud companies which are more software companies that deliver their value through the cloud, those will continue to be steady. If you think about enterprise, I will say, those were pretty steady. SMB, obviously, was the biggest challenge in the transactional business because, fundamentally, that segment of the market was significantly disruptive.

當然。當然，它是由供應鏈驅動的，儘管正如我們之前討論的那樣，需求仍然不平衡，尤其是在計算領域。我想說你必須這樣看，收入的不足幾乎都是供應鏈驅動的，因為我很早就發表評論說我們的訂單攝入量的線性非常穩定。但在該訂單線性度中，您必須查看客戶群。顯然，當你賣給，我稱之為雲公司時，更多的軟件公司通過雲交付價值，這些公司將繼續保持穩定。如果你考慮企業，我會說，那些非常穩定。顯然，SMB 是交易業務中最大的挑戰，因為從根本上說，這部分市場具有顯著的破壞性。

As I think about the future, right, obviously, we already were under a macro situation. But let's remind ourselves that the Compute platform go through an innovation cycle themselves even though it's commoditized. And as I think about the Gen10, you remember the Gen10, we actually told everyone that we said that 2/3 of the structural change was permanent because of the ability to attach richer configuration. As we go to what we call Gen10.5 and Gen11, which is happening in the next 18 months, you're going to see more on that. You're going to see, again, the same cycle where the density of these products, the amount of memory and storage you can put inside this compute platform, will continue to increase. And that's good for us because obviously, it drives AUP. But right now, our focus is really around clear the backlog, both on the Compute side and on the HPC side, both finish installation and obviously clear the backlog there as well.

當我考慮未來時，對，顯然，我們已經處於宏觀形勢之下。但是，讓我們提醒自己，計算平台即使商品化了，也會經歷一個創新周期。當我想到 Gen10 時，你還記得 Gen10，我們實際上告訴每個人，我們說 2/3 的結構變化是永久性的，因為能夠附加更豐富的配置。當我們進入我們稱之為 Gen10.5 和 Gen11 的階段時，這將在接下來的 18 個月內發生，您將看到更多相關信息。您將再次看到這些產品的密度、您可以放入此計算平台中的內存和存儲量將繼續增加的相同周期。這對我們有好處，因為很明顯，它推動了 AUP。但是現在，我們的重點實際上是清除計算端和 HPC 端的積壓，完成安裝並顯然也清除那裡的積壓。

Our next question comes from Toni Sacconaghi with Bernstein.

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

I have 2 questions as well. First, it sounds like you're saying there was really de minimis impact from coronavirus on demand, and this was largely supply-driven. And if you had the supply and you kept backlog at normal levels, you would have done $700 million more in revenue in Q2. And it sounds like if production's up and running, if you're able to bring down your backlog to normal levels, that should boost Q3 revenues $700 million relative to normal seasonality. So am I thinking about that correctly? And how much progress do you think you can make on bringing your backlog down to normal levels over the course of Q3? And then I have a follow-up.

我也有兩個問題。首先，聽起來你是在說冠狀病毒對需求的影響確實微乎其微，這主要是供應驅動的。如果您有供應並且將積壓保持在正常水平，那麼您在第二季度的收入將增加 7 億美元。聽起來如果生產正常運行，如果你能夠將積壓訂單減少到正常水平，那麼相對於正常的季節性，第三季度的收入應該會增加 7 億美元。那麼我是否正確地考慮了這一點？在第三季度的過程中，您認為在將積壓工作降至正常水平方面可以取得多大進展？然後我有一個後續行動。

Yes. Thanks, Toni. Hope all is well. Yes, I think you're thinking in the right parameters. The only thing I will say is that, definitely, the vast majority was supply chain. And as I said in my earlier comment in the previous question, there was some demand, obviously, but particularly in SMB and some elements of the mid-market where enterprise was a little more steady. And we saw uptake in demand, for example, that consumes Compute, for example, in solutions like VDI, which was in high demand; or even big data storage which, in the end, Toni, is a Compute platform with a lot of hard disk attached to it or SSDs attached to it.

是的。謝謝，托尼。希望一切安好。是的，我認為您正在考慮正確的參數。我唯一要說的是，絕大部分是供應鏈。正如我在上一個問題的早期評論中所說，顯然有一些需求，但特別是在 SMB 和中端市場的某些元素中，企業更穩定一些。我們看到了需求的增長，例如，在需求量很大的 VDI 等解決方案中消耗計算；甚至是大數據存儲，最後，Toni 是一個計算平台，上面附有大量硬盤或 SSD。

So in that context, you're asking absolutely the right question, and this is what I'm maniacally focused with the team and which, as I said, my priority 1, 2 and 3 is clear the backlog. And as I said earlier, we focused the quarter in 13 weeks where we enter the backlog, which was the $1.5 billion on May 1, and where we're going to exit on July 31 as the new orders come in because, fundamentally, we expect the orders to come in, and we have a linearity plan associated with that recovery. So I feel pretty optimistic about it.

因此，在這種情況下，你問的問題絕對正確，這就是我對團隊的瘋狂關注，正如我所說，我的優先事項 1、2 和 3 是清除積壓的。正如我之前所說，我們將本季度的重點放在 13 週內，我們進入積壓訂單，這是 5 月 1 日的 15 億美元，我們將在 7 月 31 日隨著新訂單的到來而退出，因為從根本上說，我們預計訂單會進來，我們有一個與恢復相關的線性計劃。所以我對此感到非常樂觀。

But however, it's going to come down to our ability to get the supply in the right place and ability to execute in the cycle times that we need. And obviously, as you know, we have a very global diversified supply chain, and we have made some series of moves to move products built around the globe, even if they are for other regions so we can accelerate that backlog. And so this is going to be the name of the game. But generally, as I think about the last 4 weeks, and I think about the next 4 weeks and then the next 4 weeks after that, we continue to see progress.

但是，這將歸結為我們在正確的地方獲得供應的能力以及在我們需要的周期時間內執行的能力。顯然，正如你所知，我們擁有一個非常全球化的多元化供應鏈，我們已經採取了一系列舉措來轉移全球製造的產品，即使它們是針對其他地區的，這樣我們就可以加速積壓。所以這將成為遊戲的名稱。但總的來說，當我想到過去 4 週，我想到接下來的 4 週，然後再接下來的 4 週，我們繼續看到進展。

But there's a lot of things, who knows, there is a restart of coronavirus. I'm more concerned right now, Toni, to be honest with you, if something happened in one of these locations where we have the factory and you go into a resheltering or the social distancing, that could have an impact. In terms of the velocity behind with components from China, I will say that's where the vast majority is going absolutely in the right direction. And obviously, the logistics side, as we reopen countries and flights across the globe, that will help as well.

但是有很多事情，誰知道呢，冠狀病毒又重新開始了。 Toni，老實說，我現在更擔心的是，如果我們工廠所在的這些地點之一發生了什麼事，而你進入重新安置或保持社交距離，那可能會產生影響。就來自中國的零部件落後的速度而言，我會說絕大多數人都在朝著正確的方向前進。顯然，物流方面，隨著我們在全球範圍內重新開放國家和航班，這也將有所幫助。

Okay. Maybe you could -- I mean is it unrealistic to think you could close -- you could get backlog to normal levels? And then my second question is, if you're really saying that this was largely a supply, not demand disruption, I'm still a little -- I'm having difficulty reconciling the new sort of HPE Next to because, on your Q4 call, you were pretty unequivocal. There wouldn't be another HPE Next. You felt you were in the right place on cost. You said last quarter, you were doing a little bit more on cost, but it wasn't structural, it wasn't another HPE Next. And now you are undertaking a significant multiyear structural change. And a, that doesn't feel consistent with the statement that this was really a supply issue. And b, it makes me wonder, like, are you more worried about your competitive position? Or are you worried that the IT environment is going to be weaker for a while?

好的。也許你可以——我的意思是認為你可以關閉是不現實的——你可以將積壓工作恢復到正常水平嗎？然後我的第二個問題是，如果你真的說這主要是供應中斷，而不是需求中斷，我仍然有點——我很難協調新型 HPE Next，因為，在你的第四季度打電話，你很明確。不會有另一個 HPE Next。您覺得自己在成本上處於正確的位置。你上個季度說，你在成本上做了更多，但這不是結構性的，不是另一個 HPE Next。現在你們正在進行重大的多年結構變革。而且，這與這確實是一個供應問題的說法不一致。 b，這讓我想知道，你是否更擔心你的競爭地位？或者您是否擔心 IT 環境會暫時變弱？

Yes. Thanks, Toni. So my remarks about what happened in Q2 was about the supply chain and lesser so on the demand. I cannot forecast right now what the demand is on the back end, and this is where, in our remarks, we said we are looking at the pipeline, we are looking at the economic indicators, which obviously all of you provide and others. And so I would not make any further comment because on the demand, I don't know, in October or November, I don't know what that would look like. But I'm just replying to your question about what happened in Q2 definitely was, based on the order intake we had, it was -- the vast majority was a supply chain problem.

是的。謝謝，托尼。所以我對第二季度發生的事情的評論是關於供應鏈的，而不是關於需求的。我現在無法預測後端的需求是什麼，這就是我們在評論中所說的我們正在研究管道，我們正在研究經濟指標，顯然你們和其他人都提供了這些指標。所以我不會做任何進一步的評論，因為根據需求，我不知道，在 10 月或 11 月，我不知道那會是什麼樣子。但我只是回答你關於第二季度發生的事情的問題，根據我們收到的訂單，絕大多數是供應鏈問題。

And there were pockets of uneven demand, which obviously were accentuated in the SMB space, which was quite significant. But remember, we serve global customers, we serve large enterprise, mid-market and SMB and in that lower vertical, so you have to look at this from multiple perspectives. But the difference in Q2 was the vast majority was definitely supply chain. And in that demand, we saw pockets of growth despite the dynamic of the coronavirus, which Aruba definitely was -- despite the 2% decline year-over-year, we saw bright spots in wireless LAN, up 7%; North America, as a geo, 12%. The remote access points, we couldn't ship enough of it. I mean we didn't have all of it. VDI was another one.

並且存在一些不均衡的需求，這在 SMB 空間中明顯加劇，這是非常重要的。但請記住，我們服務於全球客戶，我們服務於大型企業、中型市場和 SMB 以及較低的垂直領域，所以你必須從多個角度來看待這個問題。但第二季度的不同之處在於，絕大多數肯定是供應鏈。在這種需求中，儘管冠狀病毒的動態，我們看到了一些增長，阿魯巴島肯定是這樣——儘管同比下降了 2%，但我們看到了無線 LAN 的亮點，增長了 7%；北美，作為一個地理區域，12%。遠程訪問點，我們無法提供足夠的。我的意思是我們沒有全部。 VDI 是另一個。

So I think -- that was Q2. As I think about Q3, it's all about cleaning the backlog. And in a reasonable way, I feel more confident in Q3 than, obviously, in the results in Q2 because you should expect continuous improvement. As for the demand, I don't know what to tell you, Toni, right now, because, obviously, it depends also in the global recovery of the economy. And then ultimately, the customers are going to assess where they want to spend the money. But right now, that's where we are.

所以我認為 - 那是第二季度。當我想到第三季度時，一切都是為了清理積壓。並且以一種合理的方式，我對第三季度的結果顯然比對第二季度的結果更有信心，因為你應該期待持續改進。至於需求，托尼，我現在不知道該告訴你什麼，因為顯然，這也取決於全球經濟的複蘇。最終，客戶將評估他們想把錢花在哪裡。但現在，這就是我們所在的位置。

And then in terms of HPE Next, I made that comment at the beginning of HPE Next. Now let's be clear, I mean nobody expected a coronavirus-19. But as I said in one of my comments, I think, to Katy's question -- actually, Wamsi's question, was I believe, in a downturn, this is where you got to double down in your strategy and this is where you're investing in the right place now, so when the recovery takes place, you come out on the other end stronger. And so that's fundamentally what we're doing, is really, obviously, addressing the cost resizing for the situation we are in. And in the short term, we have taken some painful actions. For me, as a CEO, telling our employees we're going to cut salaries, is not an easy thing to do. I don't take that lightly. But on the other hand, allocating the right people, the right resources, the right investment into the future, now that we're in the downturn, is the biggest opportunity because I think the strategy is absolutely spot-on, and I'm more convicted than ever.

然後就 HPE Next 而言，我在 HPE Next 開始時發表了評論。現在讓我們明確一點，我的意思是沒有人預料到冠狀病毒 19。但正如我在我的一條評論中所說，我認為，對於 Katy 的問題——實際上，Wamsi 的問題，我認為，在經濟低迷時期，這是你必須加倍制定戰略的地方，也是你投資的地方現在在正確的位置，所以當恢復發生時，你會在另一端變得更強大。因此，從根本上說，這就是我們正在做的事情，很明顯，是針對我們所處的情況解決成本調整問題。在短期內，我們採取了一些痛苦的行動。對我來說，作為首席執行官，告訴我們的員工我們將減薪並不是一件容易的事。我不會掉以輕心。但另一方面，分配合適的人、合適的資源、對未來的正確投資，現在我們正處於低迷時期，是最大的機會，因為我認為該戰略絕對正確，而且我比以往任何時候都更有罪。

Our next question comes from Shannon Cross with Cross Research.

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

My first one is -- I realize you're not giving guidance, but can you provide some parameters for us to consider? Thinking about OpEx, how much is variable? How material do you think the salary reductions will be relative to sort of the overall base run rate of OpEx? And is there a significant amount of revenue that's sort of just sitting out there waiting to be recognized as soon as customers come back and can be trained and can accept? And I don't know, maybe something about backlog in terms of your confidence level that you're not going to lose those orders to competitors or that they're pretty firm orders. Just anything you can kind of give us, perhaps some idea of how to think about it. Was this the trough quarter, for instance?

我的第一個是——我知道你沒有提供指導，但你能提供一些參數供我們考慮嗎？考慮 OpEx，有多少是可變的？您認為減薪與 OpEx 的整體基本運行率有多大關係？是否有大量收入只是坐在那裡等待客戶回來後立即得到認可並且可以接受培訓和接受？而且我不知道，就您的信心水平而言，也許與積壓有關，您不會將這些訂單輸給競爭對手，或者它們是非常確定的訂單。任何你能給我們的東西，也許是關於如何思考它的一些想法。例如，這是低谷季度嗎？

Sure. Let me start, and then I will ask Tarek to talk about more the first part of your question. Obviously, again, it goes back to Toni's question, the confidence to clear the backlog. And this is where, again, we are focused. And I feel better about it than 6 weeks ago. But as I said earlier, right, we are taking it day by day, week by week. It looks promising, and we continue to make progress every day, every week. In terms of what is the size of revenue, I cannot give you right now. But I will tell you, remember, HPC deals are normally multimillion-dollar deals, sometimes mid-double-digit deals. And those are all waiting to be deployed and installed, and they are all over the world. And so obviously, we have a fantastic services organization ready to go as soon as the customer let us in. So those are the things you need to think about. But I hope everybody appreciate, we've given you a complete direction of what was the backlog and what we're doing about it.

當然。讓我開始，然後我會請 Tarek 談談你問題的第一部分。顯然，這又回到了托尼的問題，即清除積壓的信心。這也是我們關注的重點。我感覺比 6 週前好多了。但正如我之前所說，對，我們每天、每週都在接受它。它看起來很有希望，我們每天、每週都在繼續取得進展。就收入的規模而言，我現在不能給你。但我會告訴你，請記住，HPC 交易通常是數百萬美元的交易，有時是中等兩位數的交易。而那些都在等待部署和安裝，它們遍布世界各地。很明顯，一旦客戶讓我們進入，我們就有一個出色的服務組織準備就緒。所以這些是你需要考慮的事情。但我希望每個人都能理解，我們已經為您提供了關於積壓工作以及我們正在採取的措施的完整指導。

I think I'm going to give it back to Tarek to talk about the first part of the question. So Tarek?

我想我會把它交還給 Tarek 來談談問題的第一部分。那麼塔雷克？

Thank you, Antonio. It's quite difficult to call the bottom or a trough quarter given the level of uncertainty that is currently visible. So one thing that we know is that the uncertainty is high. And it's everyone's guess what the shape of the recovery will be, so please bear that in mind. And most people and economies we talk to, and I spent a lot of time talking to many experts, as I'm sure you did, are not thinking in terms of a V-shaped recovery, more in terms of a U-shaped recovery, and that's what we are modeling. And this is why we have come up with the cost prioritization plan that Antonio mentioned. And as he said, we need to take every day as it comes.

謝謝你，安東尼奧。鑑於目前可見的不確定性水平，很難稱之為底部或谷底季度。所以我們知道的一件事是不確定性很高。每個人都在猜測復甦的形式，所以請牢記這一點。與我們交談過的大多數人和經濟體，我花了很多時間與許多專家交談，正如我相信你所做的那樣，他們並沒有考慮 V 型複蘇，更多的是考慮 U 型複蘇，這就是我們正在建模的。這就是為什麼我們提出了 Antonio 提到的成本優先級排序計劃。正如他所說，我們需要面對每一天。

So in terms of cost takeout, there is -- as part of our plan, the goal is to achieve the vast majority of the $800 million net run rate savings by fiscal year '21, although we said this number will be visible by fiscal year '22. And the reason why we said this is because of this level of uncertainty that exists in the shape of the economic recovery that I was referring to you before. So what we are doing is we're supplementing run rate reductions with temporary pay cuts and actions that we can take otherwise to protect the financial profile of the company and enhance our liquidity moving forward.

因此，就成本支出而言，作為我們計劃的一部分，目標是在 21 財年之前實現 8 億美元淨運行率節省中的絕大部分，儘管我們說這個數字將在財年之前可見'22。我們之所以這麼說，是因為我之前提到的經濟復甦形式存在這種不確定性。因此，我們正在做的是通過臨時減薪和我們可以採取的其他行動來補充降低運行率，以保護公司的財務狀況並增強我們未來的流動性。

Our next question comes from Jeriel Ong with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Jeriel Ong。

And I guess, first off, I'd like to ask a little bit about GreenLake. Obviously, it was nice that the business still grew year-on-year, but I'm wondering why you're confident in an acceleration in that growth. It seems like as the business gets bigger, it will be hard seeing the growth rate, but it seems like you're kind of back-ending more of that growth to get to that 30% to 40% compound annual growth rate.

我想，首先，我想問一些關於 GreenLake 的問題。顯然，業務仍然同比增長是件好事，但我想知道你為什麼對這種增長的加速充滿信心。似乎隨著業務規模的擴大，很難看到增長率，但似乎你在某種程度上推遲了更多的增長，以達到 30% 到 40% 的複合年增長率。

Sure. Thank you, Jeriel. I think we have a unique differentiated value proposition with the HPE GreenLake. And with HPE -- with the introduction of HPE GreenLake Central, which is a true cloud-native platform where you can deploy the right mix from edge to cloud and consumer as a service and deliver the workload optimized solutions in a standardized way, it is a true differentiation for us. And what we have seen in the last several months is a continuous growth in our pipeline and the ability to convert that pipeline into larger deals. Some of these deals, in particular, the 2 or 3, which are triple digits, to give a sense. And so for us -- and also they are multiyear, right? So for us, that's exciting because, remember, we said many times, when we sign a GreenLake deal, we work with the customer in a multiyear deal. And the pull-through for infrastructure that goes with it and services attached is higher. The services attached through Pointnext -- Pointnext operational services is 100%, by the way, attached. And the margins are higher.

當然。謝謝你，傑瑞爾。我認為 HPE GreenLake 具有獨特的差異化價值主張。與 HPE 一起——隨著 HPE GreenLake Central 的推出，這是一個真正的雲原生平台，您可以在其中部署從邊緣到雲和消費者即服務的正確組合，並以標準化的方式提供工作負載優化的解決方案，它是對我們來說是真正的差異化。在過去的幾個月裡，我們看到的是我們的渠道不斷增長，並且有能力將該渠道轉化為更大的交易。其中一些交易，特別是 2 或 3，它們是三位數，以提供某種意義。對我們來說也是如此——它們也是多年的，對吧？所以對我們來說，這是令人興奮的，因為，請記住，我們多次說過，當我們簽署 GreenLake 協議時，我們會與客戶在多年協議中合作。隨之而來的基礎設施和附加服務的拉動性更高。通過 Pointnext 附加的服務——順便說一下，Pointnext 運營服務是 100% 附加的。而且利潤率更高。

So fundamentally, we are confident in reaffirming the annualized run rate revenue of 30%, 40% that Tarek talked earlier because it's a function of getting this continuous momentum and larger deals for many large-cap companies. So I think that's what we see. And now we are tailoring it more for the mid-market as well for SMB. And what the customers are looking for is the ability to scale up and down based on their needs and also more and more have someone else run it for them. They don't want to be in the run side, they want to be more in the innovation side.

因此，從根本上說，我們有信心重申 Tarek 早些時候談到的 30%、40% 的年化運行率收入，因為這是為許多大型公司獲得這種持續勢頭和更大交易的功能。所以我認為這就是我們所看到的。現在我們更多地為中端市場和 SMB 量身定制它。客戶正在尋找的是根據他們的需要擴大和縮小規模的能力，而且越來越多的人需要別人為他們運行。他們不想站在跑的一邊，他們更想站在創新的一邊。

Got it, appreciate that. And just one more for me. I think I get a sense from the cash spend for the cost realignment that fiscal year '21 is going to be -- it seems like the bulk of the spending. But I guess I'd like to get an idea for whether it's going to be cost of goods sold or OpEx-driven, if there's -- if it's going to represent the general mix of your costs generally or if it's going to be weighted one way or another.

明白了，感激不盡。還有一個給我。我想我從 21 財年將要進行的成本調整的現金支出中了解到——這似乎是支出的大部分。但我想我想知道它是銷售成本還是運營支出驅動，如果有——它是否代表你成本的一般組合，或者它是否會被加權方式或其他。

I'm going to give that to Tarek.

我要把它交給 Tarek。

Yes. Thank you, Antonio. With respect to cash or cash flow, I'd like also to ask you a question for clarification purposes. With respect to cash flow, what has driven our cash flow performance in Q2 is the increase in inventory levels and the change in the cash conversion cycle. We've stocked up a lot of inventory, and the backlog is also a reflection of the fact that we stocked up a lot of inventory. And our cash flow conversion cycle, which was a favorable minus 17 days, dropped to a less favorable minus 5 days because of our stocking up in inventory terms. Could you please, for my benefit, repeat your question on cost and what you were trying to get to here? I did not quite understand it.

是的。謝謝你，安東尼奧。關於現金或現金流量，我也想問你一個問題，以便澄清。在現金流方面，推動我們第二季度現金流表現的是庫存水平的增加和現金轉換週期的變化。我們囤了很多庫存，積壓也反映了我們囤了很多庫存。由於我們在庫存方面進行了儲備，我們的現金流轉換週期從有利的負 17 天下降到不利的負 5 天。為了我的利益，您能否重複您關於成本的問題以及您試圖到達這裡的目的？我不太明白。

Yes. So in terms of your annualized net run rate savings, what areas of your business are those going to come from?

是的。因此，就您的年化淨運行率節省而言，這些將來自您業務的哪些領域？

Okay. So by and large, we're going to leave no stone unturned. That's the message. But effectively, if you look at what the plan is about, it's fundamentally around realigning resources to the segments that we started to report back in the first quarter and areas of growth that we see, driving better productivity levels across those segments, changing fundamentally the way we engage with customers from a marketing and sales standpoint, rethinking our supply chain to create it in such a way that is more resilient than before, yet agile and efficient. Rethinking also our workforce management practices because, quite frankly, I don't know what your situation is like, but we've been working very effectively from home for the past 3 months almost. And so this is pointing to us the need to think about this new normal and what does it mean from a workforce management standpoint and our real estate footprint. So you can rethink your real estate footprint now that the world is much more distributed and connected than ever before. So I hope I have provided sufficient color to answer your question.

好的。所以總的來說，我們將不遺餘力。這就是信息。但實際上，如果你看看這個計劃是關於什麼的，它基本上是圍繞著將資源重新分配給我們在第一季度開始報告的細分市場和我們看到的增長領域，推動這些細分市場提高生產力水平，從根本上改變我們從營銷和銷售的角度與客戶互動的方式，重新思考我們的供應鏈，以比以前更有彈性、敏捷和高效的方式創建它。還要重新考慮我們的勞動力管理實踐，因為坦率地說，我不知道你的情況如何，但在過去的 3 個月裡，我們一直在家裡非常有效地工作。因此，這表明我們需要考慮這種新常態，以及從勞動力管理的角度和我們的房地產足跡來看這意味著什麼。因此，現在世界比以往任何時候都更加分散和連接，因此您可以重新考慮您的房地產足跡。所以我希望我已經提供了足夠的顏色來回答你的問題。

Our next question comes from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

This is Jake on for Aaron. I was wondering if you could go into a little bit about how we should think about portfolio simplification in regard to the cost optimization plan.

這是亞倫的傑克。我想知道你是否可以談談我們應該如何考慮與成本優化計劃相關的投資組合簡化。

Yes. So obviously, from the portfolio optimization, I think about the work we have done under HPE Next and continue that work to streamline a number of platform as options. We have done a phenomenal job there. But to Tarek's point, it's all about where we build these products and fundamentally, where we also design these products. So there is an opportunity to continue to drive that optimization. And fundamentally, I think about our portfolio as a way to accelerate that as-a-service model. Obviously, on one hand, at the edge, we have a fantastic cloud platform called HPE Aruba that we continue to -- Aruba Central that we continue to invest, and it's 100% software, right, with access points of switching that comes with it, think of it that way and obviously, through the subscription model. The other thing is, obviously, on the core business, is how we drive the best workload optimized solutions that they are fully automated and provisioned from the cloud using HPE GreenLake Central. So that's another component of that.

是的。很明顯，從投資組合優化來看，我考慮了我們在 HPE Next 下所做的工作，並繼續這項工作以精簡多個平台作為選項。我們在那裡做得非常出色。但在 Tarek 看來，這完全取決於我們在哪裡構建這些產品，從根本上說，我們也在哪裡設計這些產品。因此，有機會繼續推動優化。從根本上說，我認為我們的產品組合是加速即服務模型的一種方式。顯然，一方面，在邊緣，我們有一個很棒的雲平台，稱為 HPE Aruba，我們繼續 - 我們繼續投資的 Aruba Central，它是 100% 的軟件，正確的，帶有它附帶的交換接入點，顯然是通過訂閱模式來考慮的。顯然，在核心業務方面，另一件事是我們如何推動最佳工作負載優化解決方案，這些解決方案是完全自動化的，並使用 HPE GreenLake Central 從雲中進行配置。這是其中的另一個組成部分。

So that's how we think about it. And obviously, there is a lot of the work we do even in the core businesses. While people may think it's hardware -- and I want to give an example. In the recent introduction of our distributed hyperconverged infrastructure, it's actually all software. It's 100% software in many ways. And as I think about the future of how the world will evolve, we're going to live in a more distributed model. Today, it's very centralized in the sense you have your mobile phone or your mobile device connected to some sort of cloud. That cloud can be your data center, can be somebody else's cloud. But fundamentally, the cloud experience will extend -- will be extended all the way to the edge. And that's why we have planned in that portfolio to continue to invest in the Aruba Central with integration of 5G and the integration of edge compute. So it's a combination of freeing up resources in the traditional businesses, reallocate those resources in those areas that will drive the long-term sustainable profitable growth based on the work we have done in HPE Next and also continue to digitize everything we have and we can.

這就是我們的想法。顯然，我們甚至在核心業務中也做了很多工作。雖然人們可能認為它是硬件——我想舉個例子。在我們最近推出的分佈式超融合基礎設施中，其實都是軟件。它在許多方面都是 100% 的軟件。當我思考世界將如何演變的未來時，我們將生活在一個更加分佈式的模型中。今天，從你的手機或移動設備連接到某種雲的意義上說，它非常集中。該雲可以是您的數據中心，也可以是其他人的雲。但從根本上說，雲體驗將會擴展——將一直擴展到邊緣。這就是為什麼我們計劃在該產品組合中繼續投資 Aruba Central，集成 5G 和邊緣計算。因此，它結合了釋放傳統業務的資源，根據我們在 HPE Next 所做的工作，將這些資源重新分配到那些將推動長期可持續盈利增長的領域，並繼續數字化我們擁有的一切，我們可以.

Our next question comes from Simon Leopold with Raymond James.

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

My sense is that the quarter you just reported was primarily supply, and the uncertainty you're expressing about the outlook maybe reflects more of a shift towards demand. So I thought it would be helpful if you could give us a better understanding of what your customer verticals typically look like. In other words, how much is federal government? How much is the SMB market? How much is Financial Services? Because I think even if we can't make predictions, I think all of us have some sense of which verticals are healthier than others. Appreciate it.

我的感覺是，您剛剛報告的季度主要是供應，您表達的對前景的不確定性可能更多地反映了向需求的轉變。因此，我認為如果您能讓我們更好地了解您的垂直客戶通常是什麼樣子，那將會很有幫助。換句話說，聯邦政府有多少？ SMB 市場有多大？金融服務多少錢？因為我認為即使我們無法做出預測，我認為我們所有人都知道哪些垂直行業比其他垂直行業更健康。欣賞它。

Sure. Thanks, Simon. I think I will say -- let me start with the bad. SMB obviously has been a significant challenge. We all witness every day. That's what has driven the big chunk of the unemployment that we see here in the United States. So obviously, that will take time to recover. And generally, that market gets served through what we call a transactional engine, and it's a high-velocity engine. In the enterprise, if you take it by vertical, I think telco has been fairly steady. Tarek talked about a portfolio that we have called Communications & Media Solutions. You heard some of the numbers, in some areas growing 40% and 70%. It's all software and services and obviously, drags infrastructure because, eventually, you have to virtualize whatever infrastructure you put there.

當然。謝謝，西蒙。我想我會說——讓我從壞處開始。 SMB 顯然是一個重大挑戰。我們每天都在見證。這就是導致我們在美國看到的大量失業的原因。很明顯，這需要時間才能恢復。通常，該市場通過我們所說的交易引擎得到服務，這是一個高速引擎。在企業中，如果按垂直方向來看，我認為電信公司一直相當穩定。 Tarek 談到了我們稱之為通信與媒體解決方案的產品組合。你聽到了一些數字，在一些地區增長了 40% 和 70%。這都是軟件和服務，顯然會拖累基礎設施，因為最終，您必須虛擬化放置在那裡的任何基礎設施。

Financial Services actually was fairly steady and strong. We have a very large footprint, and this is where the diversification of our geo and verticals actually is helping us a little bit. Generally, FSI and telco are very large for us where retail, not so much. And I think retail, obviously, was more impacted. But I will say, telco or communication, media and entertainment, financial services was strong. Obviously, oil and gas, not so much, because we know the pricing of the oil. And then as I think about transportation, obviously, impacted as well. But I will say the number of deals and the size of the deals were generally the same. The elongated sales cycles were consistent. But we align our plans based on the linearity that I talked earlier, and Q2 was fairly steady so far.

金融服務實際上相當穩定和強大。我們的足跡非常大，這就是我們地理和垂直領域的多元化實際上對我們有所幫助的地方。一般來說，FSI 和電信對我們零售業來說非常大，而不是那麼大。我認為零售業顯然受到的影響更大。但我要說的是，電信或通信、媒體和娛樂、金融服務很強勁。顯然，石油和天然氣並沒有那麼多，因為我們知道石油的定價。然後當我想到交通時，顯然也受到了影響。但我會說交易的數量和交易的規模通常是相同的。延長的銷售週期是一致的。但我們根據我之前談到的線性調整我們的計劃，到目前為止，第二季度相當穩定。

So whether I know the first half was supply chain and the second half is demand is to be seen. Again, Tarek talked early on about the shape of the recovery. And I agree with Tarek, I totally subscribe to the U recovery. The question is how far the 2 sides of the U are and how deep the U is. But right now, it feels steady in those areas. And as I said earlier, our focus is the backlog.

所以我是否知道上半場是供應鏈，下半場是需求，還有待觀察。同樣，Tarek 很早就談到了復甦的形式。我同意 Tarek 的觀點，我完全贊同 U 復甦。問題是 U 的 2 邊有多遠以及 U 有多深。但現在，在這些領域感覺很穩定。正如我之前所說，我們的重點是積壓。

Our final question comes from Amit Daryanani with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Amit Daryanani。

This is Irvin Liu dialing in for Amit. As I've looked at your cost optimization and prioritization plan that was announced today, that will result in a $1 billion to $1.3 billion total cash payment through fiscal 2022. Now is it fair to say that the cost savings plan will essentially push back the timing related to the achievement of your normalized free cash flow target of $2 billion by, let's say, another 2 to 3 years?

我是 Irvin Liu，正在為 Amit 撥入電話。正如我看過您今天宣布的成本優化和優先級排序計劃一樣，到 2022 財年，這將導致 10 億至 13 億美元的現金支付總額。現在可以公平地說，成本節約計劃將從根本上推遲與實現 20 億美元的標準化自由現金流目標相關的時間安排，比方說，再過 2 到 3 年？

Yes. Thanks for the question. I'm going to pass it to Tarek.

是的。謝謝你的問題。我要把它傳遞給 Tarek。

Thank you, Antonio. So the most important thing in our cost optimization and prioritization plan is to achieve those $800 million of net run rate savings and hold them as long as possible in the cost structure so that we can effectively see more margins in our business. With respect to free cash flow, last year, if it were not for a legal settlement that we paid, we would have exceeded the $2 billion free cash flow mark. So that was what that business was capable back then with a certain revenue base. And what you've heard from Antonio is that we are rightsizing the business to what is potentially a new revenue base. And it's too early to tell whether that new revenue base will come back to the pre-pandemic revenue levels moving forward. But what's very important right now is our focus, is to ensure that we rightsize our business and deliver those run rate savings so that we can emerge stronger after this crisis subsides.

謝謝你，安東尼奧。因此，在我們的成本優化和優先級排序計劃中，最重要的是實現這 8 億美元的淨運行率節省，並在成本結構中盡可能長時間地保留它們，以便我們能夠有效地在我們的業務中看到更多利潤。關於自由現金流，去年，如果不是我們支付的法律和解，我們將超過 20 億美元的自由現金流大關。這就是該業務當時具有一定收入基礎的能力。你從安東尼奧那裡聽到的是，我們正在對業務進行合理調整，以達到潛在的新收入基礎。現在判斷新的收入基礎是否會在未來恢復到大流行前的收入水平還為時過早。但現在非常重要的是我們的重點，是確保我們合理調整我們的業務並實現這些運行率節省，以便我們能夠在這場危機消退後變得更強大。

Yes. Thanks, Tarek. And again, I just want to -- last year was a unique year in the sense that we were pretty much on track. And actually, I will argue, we delivered the normalized free cash flow because we're able to take care of unique circumstances with a settlement in arbitration. So when you add it all up, it was in excess of $2 billion. And again, it comes down to our ability to drive the operating cash, the cash from operations, which generally tends to be very strong. Obviously, this quarter, because we couldn't convert, we couldn't deliver that.

是的。謝謝，塔雷克。再說一次，我只是想——從某種意義上說，去年是獨一無二的一年，因為我們已經步入正軌。事實上，我會爭辯說，我們提供了正常化的自由現金流，因為我們能夠通過仲裁解決特殊情況。所以當你把它全部加起來時，它超過了 20 億美元。再一次，這取決於我們推動運營現金的能力，即來自運營的現金，這通常非常強勁。顯然，這個季度，因為我們無法轉換，所以我們無法交付。

But let me remind again that the cost optimization and so prioritization is not just about resizing but it's about shifting investments to the strategy, which I answered earlier to Toni. I think it's the opportunity we have now and therefore, making that happen in the lower part of this, whatever the lower is, is the right strategy so you become stronger on the other end.

但讓我再次提醒，成本優化和優先級排序不僅僅是調整規模，而是將投資轉移到戰略上，我之前已經向 Toni 回答過這個問題。我認為這是我們現在擁有的機會，因此，在較低的部分實現這一點，無論較低的部分是什麼，都是正確的策略，這樣你就會在另一端變得更強大。

So to wrap it up, thanks again for joining us today and for your questions. Let me make a few comments to wrap the call. As I said earlier, these are unprecedented and challenging times for all of us. It's not just the business but obviously, the economy and the communities. Technology and digital transformation, in my view, are more critical than ever to enable what I think is going to be a new world, a new distributed world where workforces will be located in different ways. And honestly, there will be new ways to run businesses.

總結一下，再次感謝您今天加入我們並提出您的問題。讓我發表一些評論來結束電話會議。正如我之前所說，這對我們所有人來說都是前所未有和充滿挑戰的時期。這不僅僅是商業，顯然還有經濟和社區。在我看來，技術和數字化轉型比以往任何時候都更加重要，它可以讓我認為將成為一個新世界，一個新的分佈式世界，勞動力將以不同的方式分佈。老實說，將會有新的經營方式。

I think our strategy to deliver a cloud experience from the edge to the cloud is more relevant than ever. And at the core of that is to securely connect people and things as we see more than 50 million devices being connected to the network every single day. But at the same time, we need to analyze data faster and to accelerate business outcomes for our customers.

我認為我們提供從邊緣到雲端的雲體驗的戰略比以往任何時候都更重要。其核心是安全地連接人和物，因為我們每天看到超過 5000 萬台設備連接到網絡。但與此同時，我們需要更快地分析數據並為我們的客戶加快業務成果。

I think the measure we announced today will allow us to protect not only our balance sheet and continue to preserve the liquidity, which, as you saw in one of the slides, we have a very robust balance sheet with capacity up to $10 billion, so that's not the issue. But fundamentally, my goal is to adapt the organization to be more agile, to align our resources to the critical core business areas of growth and ultimately, to accelerate the strategy which I'm very convicted, which will result in a long-term sustainable profitable growth. And I want you to take away that this work is being done with sense of urgency. Whether we are the first to announce it than other people doesn't matter. We believe that this is the right thing to do and that time is important.

我認為我們今天宣布的措施不僅能讓我們保護我們的資產負債表，還能繼續保持流動性，正如您在其中一張幻燈片中看到的那樣，我們擁有非常穩健的資產負債表，容量高達 100 億美元，所以那不是問題。但從根本上說，我的目標是使組織變得更加敏捷，將我們的資源與關鍵的核心業務增長領域相結合，並最終加速我深信不疑的戰略，這將帶來長期可持續的發展盈利增長。我希望你們明白，這項工作是在緊迫感下完成的。我們是否比其他人第一個宣布它並不重要。我們認為這是正確的做法，時間很重要。

So again, thank you for joining us on the call today, and I hope you stay safe with you and your family. And we'll talk soon. Take care.

再次感謝您今天加入我們的電話會議，希望您和您的家人平安。我們很快就會談。小心。

Ladies and gentlemen, this concludes our call for today, and you may now disconnect. Thank you.

女士們，先生們，我們今天的電話會議到此結束，你們現在可以斷開聯繫了。謝謝。