惠普企業 (HPE) 2020 Q1 法說會逐字稿

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

早上好、下午好、晚上好，歡迎來到 2020 年第一季度惠普企業收益電話會議。

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

我叫肖恩，我將擔任今天電話會議的會議主持人。

(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, Mr. Andrew Simanek, Head of Investor Relations.

現在，我想將演示文稿轉交給今天電話會議的主持人，投資者關係主管 Andrew Simanek 先生。

Please proceed.

請繼續。

Good afternoon.

下午好。

I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise.

我是 Hewlett Packard Enterprise 投資者關係主管 Andy Simanek。

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

歡迎您參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2020 財年第一季度收益電話會議；和 HPE 執行副總裁兼首席財務官 Tarek Robbiati。

Before handing the call over to Antonio, let me remind you that this call is being webcast.

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 quarter ended January 31, 2020.

我們還注意到，本次電話會議討論的財務信息反映了基於​​目前可用信息的估計，可能與 HPE 截至 2020 年 1 月 31 日止財政季度的 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-over-year basis and are 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 after 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，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我們收益演示中的幻燈片。

As mentioned, the earnings presentation can be found posted to our website and it 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，它也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, Andy.

謝謝，安迪。

Good afternoon, everyone.

大家下午好。

Thank you for joining us today.

感謝您今天加入我們。

HPE's first quarter results demonstrate continued progress against our strategic priorities to shift our company to higher-margin and more recurring revenues against a dynamic market backdrop.

HPE 第一季度的業績表明，我們的戰略重點在不斷取得進展，使我們的公司在充滿活力的市場背景下轉向更高的利潤和更多的經常性收入。

I am disappointed that our overall revenue of $6.9 billion reflects a 7% decline for the quarter, primarily due to declines in our Compute business.

我感到失望的是，我們 69 億美元的總收入在本季度下降了 7%，這主要是由於我們的計算業務下降。

However, I am pleased with the results in several key areas of our business aligned to our strategy.

然而，我對我們業務的幾個關鍵領域與我們的戰略保持一致的結果感到滿意。

Our pivot to as a service is gaining momentum.

我們轉向即服務的勢頭正在增強。

Our annualized revenue run rate grew 19% year-over-year.

我們的年化收入運行率同比增長 19%。

We started reporting this new metric last quarter to provide more transparency into the recurring and higher-margin benefits of shifting to our as a service model.

我們在上個季度開始報告這一新指標，以便更透明地了解轉向我們即服務模式的經常性和更高利潤的好處。

We grew HPE GreenLake services orders 48% year-over-year.

我們的 HPE GreenLake 服務訂單同比增長 48%。

HPE GreenLake gained 65 new logos in Q1 and has surpassed 800 total customers.

HPE GreenLake 在第一季度獲得了 65 個新標識，客戶總數已超過 800 家。

We returned to growth in our Intelligent Edge business, with revenue up 4% year-over-year.

我們的智能邊緣業務恢復增長，收入同比增長 4%。

And we continue to see profitable growth in areas of investment, including high-performance compute, hyperconverged infrastructure, big data storage and operational services orders, with continued improvements in our services attach intensity.

我們繼續看到投資領域的盈利增長，包括高性能計算、超融合基礎設施、大數據存儲和運營服務訂單，我們的服務附加強度不斷提高。

Our Q1 revenues were impacted by a number of factors.

我們第一季度的收入受到多種因素的影響。

First, like many of our peers, we continue to see uneven and unpredictable demand due to macro uncertainty.

首先，與我們的許多同行一樣，由於宏觀不確定性，我們繼續看到需求不均衡和不可預測。

This has resulted in longer sales cycles and delayed customer decisions.

這導致了更長的銷售週期和延遲的客戶決策。

Second, commodity supply constraints disrupted our ability to meet our customers' demand this quarter, particularly in our Compute and high-performance compute businesses.

其次，商品供應限制擾亂了我們本季度滿足客戶需求的能力，特別是在我們的計算和高性能計算業務中。

Additionally, the outbreak of the coronavirus at the end of January impacted component manufacturing, resulting in higher quarter end backlog.

此外，1 月底冠狀病毒的爆發影響了零部件製造，導致季度末積壓訂單增加。

In both of these cases, we have established specific mitigation and recovery plans with each of our suppliers.

在這兩種情況下，我們都與每個供應商制定了具體的緩解和恢復計劃。

Finally, we encountered a challenge in consolidating our manufacturing site in North America.

最後，我們在整合北美製造基地時遇到了挑戰。

We have a plan in place to address the Q1 issue and are confident that our efforts will result in increased efficiency and agility as we move forward.

我們制定了解決第一季度問題的計劃，並且相信我們的努力將在我們前進的過程中提高效率和敏捷性。

It is important to note that even with the revenue shortfall, we improved our non-GAAP gross margin by 210 basis points year-over-year to 33.2%.

值得注意的是，即使收入不足，我們的非美國通用會計準則毛利率仍同比提高 210 個基點至 33.2%。

We drove non-GAAP earnings per share of $0.44, up 5% year-over-year and in line with our outlook, while also investing for future innovation.

我們將非 GAAP 每股收益推至 0.44 美元，同比增長 5%，符合我們的預期，同時還投資於未來的創新。

And we delivered improved free cash flow compared to last year's level and in line with Q1 normal seasonality.

與去年的水平相比，我們提供了更好的自由現金流，符合第一季度的正常季節性。

While market uncertainty continues and new global developments like the coronavirus have emerged, we have taken the right actions to mitigate against these evolving dynamics.

儘管市場不確定性持續存在，並且出現了冠狀病毒等新的全球發展，但我們已採取正確的行動來緩解這些不斷變化的動態。

Some of these actions include further cost take-out in our back-end operations as a part of our HPE Next program, which has been a key enabler of our gross and operating margin improvement.

其中一些行動包括作為我們 HPE Next 計劃的一部分在我們的後端運營中進一步削減成本，該計劃一直是我們提高毛利率和營業利潤率的關鍵因素。

We have extended the program through fiscal year 2021 and expect incremental savings while maintaining the original net cash impact.

我們已將該計劃延長至 2021 財年，預計在保持原有淨現金影響的同時增加儲蓄。

As Tarek will cover in more detail, because of the actions we have taken to address the uncertainty and the expected recovery of supply chain constraints over time, we are comfortable maintaining our fiscal year '20 non-GAAP EPS outlook.

正如 Tarek 將更詳細地介紹的那樣，由於我們已採取行動解決供應鏈限制的不確定性和隨著時間的推移預期恢復，我們很樂意維持我們的 20 財年非 GAAP 每股收益展望。

But there are too many unknowns at this point to provide second quarter guidance.

但目前未知數太多，無法提供第二季度指引。

Also, we do feel it is prudent to revise our fiscal year '20 free cash flow outlook from $1.9 billion to $2.1 billion to $1.6 billion to $1.8 billion given that we expect some impact on cash conversion cycles driven by the ongoing recovery from supply constraints and impact of the coronavirus.

此外，我們確實認為將我們的 20 財年自由現金流前景從 19 億美元修改為 21 億美元至 16 億美元至 18 億美元是謹慎的，因為我們預計供應限制的持續復甦將對現金轉換週期產生一些影響，並且冠狀病毒的影響。

These are the right pragmatic actions to take, and I am confident in our ability to deliver in our strategy.

這些都是正確的務實行動，我對我們實施戰略的能力充滿信心。

Our customers continue to reaffirm their need for hybrid capabilities to advance their digital transformations and harness the power of their data wherever it lives: in the cloud; on- and off-premises; and increasingly, at the edge.

我們的客戶繼續重申他們對混合功能的需求，以推進他們的數字化轉型並利用其數據的力量，無論數據位於何處：在雲端；場內和場外；並且越來越多地處於邊緣。

As the edge-to-cloud Platform as a Service company, HP is uniquely positioned to capitalize on these trends and help our customers transform.

作為邊緣到雲的平台即服務公司，惠普在利用這些趨勢並幫助我們的客戶轉型方面具有獨特的優勢。

Before Tarek provides more specifics about the quarter, let me highlight a few of our business and segment results.

在 Tarek 提供有關本季度的更多細節之前，讓我重點介紹我們的一些業務和部門業績。

First, our Intelligent Edge business outperformed competitors across the industry.

首先，我們的智能邊緣業務跑贏了整個行業的競爭對手。

We grew in all geographies, posting double-digit growth in North America despite the challenging macro environment, and we delivered double-digit growth in our Aruba-branded products.

儘管宏觀環境充滿挑戰，但我們在所有地區都實現了增長，在北美實現了兩位數的增長，並且我們的 Aruba 品牌產品實現了兩位數的增長。

Over the last 2 quarters, we have been actively enhancing our sales coverage model in North America, and I am proud of the team's hard work and our momentum.

在過去的兩個季度裡，我們一直在積極提升我們在北美的銷售覆蓋模式，我為團隊的辛勤工作和我們的發展勢頭感到自豪。

We declared the opportunity at the Intelligent Edge early, and we continue to invest in bringing a cloud experience to the edge, where data is increasingly created.

我們很早就宣布了智能邊緣的機會，並且我們繼續投資，將雲體驗帶到越來越多地創建數據的邊緣。

At the core of this strategy is HP Aruba Central, the only cloud-native and simple-to-use platform that unifies network management, AI-powered insights and IoT device security for wired, wireless and WAN networks and soon 5G and edge computing.

該戰略的核心是 HP Aruba Central，這是唯一一個易於使用的雲原生平台，它統一了有線、無線和 WAN 網絡的網絡管理、AI 驅動的洞察力和 IoT 設備安全性，以及即將推出的 5G 和邊緣計算。

More than 58,000 unique customers are using Aruba Central.

超過 58,000 個不同的客戶正在使用 Aruba Central。

In Q1, Aruba, which pioneered the software-defined branch solution for deployment and management of large retail networks, further enhanced our solution by integrating Aruba Branch Gateways with Aruba Central.

在第一季度，作為大型零售網絡部署和管理的軟件定義分支解決方案的先驅，Aruba 通過將 Aruba Branch Gateways 與 Aruba Central 集成，進一步增強了我們的解決方案。

By providing a single point of control for SD-WAN, wired and wireless networking, Aruba can help customers achieve secure, simplified branch connectivity at scale.

通過為 SD-WAN、有線和無線網絡提供單點控制，Aruba 可以幫助客戶大規模實現安全、簡化的分支機構連接。

Our customers continue to recognize our innovation at the edge.

我們的客戶繼續認可我們在邊緣的創新。

For instance, in the first quarter, the Office of Information Technology at Princeton University turned to Aruba AOS-CX to support its wired initiative and seamlessly integrate with Aruba wireless with a goal of creating a complete mobile-first campus of the future.

例如，在第一季度，普林斯頓大學信息技術辦公室求助於 Aruba AOS-CX 以支持其有線計劃並與 Aruba 無線無縫集成，目標是創建一個完整的移動優先校園。

Sub-Zero, a leading luxury appliance maker, updated its wired with wireless infrastructure through Aruba AOS-CX and [Eastern Wireless] to support IoT in high-end appliances.

領先的奢侈家電製造商 Sub-Zero 通過 Aruba AOS-CX 和 [Eastern Wireless] 更新了其有線和無線基礎設施，以支持高端家電中的物聯網。

Both our Aruba AOS-CX and Wi-Fi 6 solutions continue to gain traction in the market.

我們的 Aruba AOS-CX 和 Wi-Fi 6 解決方案繼續在市場上獲得吸引力。

The customer examples I share are a testament of our differentiated innovation.

我分享的客戶示例證明了我們的差異化創新。

I am excited about how our market leadership is helping customers redefine experiences at the edge.

我對我們的市場領導地位如何幫助客戶重新定義邊緣體驗感到興奮。

We will continue to enhance our portfolio with the integration of 5G and mobile edge computing to capitalize on this significant opportunity.

我們將繼續通過整合 5G 和移動邊緣計算來增強我們的產品組合，以利用這一重大機遇。

Turning to Hybrid IT.

轉向混合 IT。

As we announce at our Securities Analyst Meeting last fall, we are providing revenue and operating profit disclosures in 4 business segments, Compute, High Performance Compute & Mission-Critical Systems, Storage and Advisory & Professional Services, aligned to customer demands and market trends.

正如我們在去年秋天的證券分析師會議上宣布的那樣，我們將根據客戶需求和市場趨勢披露 4 個業務部門的收入和營業利潤，即計算、高性能計算和關鍵任務系統、存儲以及諮詢和專業服務。

Tarek will walk you through the financial results in greater detail, but let me share a few high-level observations.

Tarek 將更詳細地向您介紹財務結果，但讓我分享一些高層次的觀察結果。

As I noted earlier, our Compute revenue was impacted by a combination of factors and came in lower than anticipated for the quarter.

正如我之前提到的，我們的計算收入受到多種因素的影響，低於本季度的預期。

However, we did see an acceleration in unit volumes, which were up mid-single digits year-over-year, excluding Tier 1 and China.

然而，我們確實看到了單位數量的加速增長，同比增長中個位數，不包括一級和中國。

Our High Performance Compute & Mission-Critical Systems segment includes the first full quarter of Cray.

我們的高性能計算和關鍵任務系統部分包括 Cray 的第一個完整季度。

We are excited about the combination of HP and Cray and the growing TAM.

我們對 HP 和 Cray 的合併以及不斷增長的 TAM 感到興奮。

We have been awarded more than $2 billion in HPC business expected to be delivered in the next 3 years.

我們已獲得超過 20 億美元的 HPC 業務，預計將在未來 3 年交付。

Programs include the U.S. Department of Energy's El Capitan system at the Lawrence Livermore National Laboratory and Frontier Supercomputer at Oak Ridge National Laboratory, among others.

項目包括美國能源部勞倫斯利弗莫爾國家實驗室的 El Capitan 系統和橡樹嶺國家實驗室的 Frontier 超級計算機等。

Our new segmentation provide greater insights into the size, strength and attractive financial profile of our HP Storage business, which is a $5 billion business with an operating margin of 18%.

我們的新細分讓我們更深入地了解惠普存儲業務的規模、實力和有吸引力的財務狀況，該業務價值 50 億美元，營業利潤率為 18%。

We gained momentum in key areas during the quarter and expect to gain share in external disk.

本季度我們在關鍵領域獲得了動力，並有望在外盤中獲得份額。

Big data storage grew 45% year-over-year and demonstrates early success with our MapR acquisition.

大數據存儲同比增長 45%，並展示了我們收購 MapR 的早期成功。

Hyperconverged infrastructure also continued to grow, up 6%.

超融合基礎設施也繼續增長，增長了 6%。

HP InfoSight, our cloud-based AI operations platform, gained momentum across both Storage and Compute.

HP InfoSight 是我們基於雲的 AI 運營平台，在存儲和計算領域都獲得了發展勢頭。

I am proud of our focused efforts and innovation that have created one of the most comprehensive intelligent data platform in the industry, which will continue to provide customers with superior simplicity and performance.

我為我們的專注努力和創新創造了業內最全面的智能數據平台之一而感到自豪，它將繼續為客戶提供卓越的簡單性和性能。

Our Advisory & Professional Services business provides strategy, technology planning and consultant services that help customers navigate their digital transformation from edge to cloud.

我們的諮詢和專業服務業務提供戰略、技術規劃和諮詢服務，幫助客戶完成從邊緣到雲的數字化轉型。

With increased focus and simplification of this business, we drove demand across the HPE portfolio and significantly expanded operating margins this quarter, up 12.5 points year-over-year.

隨著對該業務的更加關注和簡化，我們推動了整個 HPE 產品組合的需求，並在本季度顯著擴大了營業利潤率，同比增長 12.5 個百分點。

Our customer wins demonstrate the strength of our strategy and breadth of our portfolio.

我們贏得客戶證明了我們戰略的實力和我們產品組合的廣度。

For example, HPE was recently selected by Zenuity, a joint venture between Volvo Cars and Veoneer, to help make next-generation autonomous driving cars a reality.

例如，HPE 最近被沃爾沃汽車和 Veoneer 的合資企業 Zenuity 選中，以幫助實現下一代自動駕駛汽車。

HPE will provide the crucial AI and high-performance computing required to gather, store, organize and analyze data from its global network of test vehicles and software development centers.

HPE 將提供收集、存儲、組織和分析來自其全球測試車輛網絡和軟件開發中心的數據所需的關鍵人工智能和高性能計算。

The end-to-end solution will be delivered as a service through HP GreenLake.

端到端解決方案將通過 HP GreenLake 作為服務提供。

Rohde & Schwarz, a global electronics company, wanted to reduce storage complexity and reclaim management time, already relying on 3PAR for business-critical applications, the company chose Nimble Storage to help manage a 20% year-over-year growth in data.

Rohde & Schwarz 是一家全球性電子公司，希望降低存儲複雜性並節省管理時間，該公司已經在業務關鍵型應用程序中依賴 3PAR，因此選擇 Nimble Storage 來幫助管理同比增長 20% 的數據。

This new combination has improved performance threefold.

這種新組合將性能提高了三倍。

Volkswagen Group selected HPE to deliver state-of-the-art compute and mission-critical servers to run its apps and solutions like SAP HANA, virtual desktop infrastructure and others focused on big data analytics, AI and autonomous driving.

大眾汽車集團選擇慧與提供最先進的計算和關鍵任務服務器，以運行其應用程序和解決方案，如 SAP HANA、虛擬桌面基礎設施和其他專注於大數據分析、人工智能和自動駕駛的應用程序和解決方案。

Our offerings such as HPE Superdome Flex, HPE ProLiant Gen10 servers and HPE Pointnext support services will power the data and apps for the Volkswagen Group's 12 global brands.

我們的 HPE Superdome Flex、HPE ProLiant Gen10 服務器和 HPE Pointnext 支持服務等產品將為大眾汽車集團 12 個全球品牌的數據和應用提供支持。

In Q1, we continued to accelerate innovation.

第一季度，我們繼續加速創新。

We achieved a major milestone in our pivot to as a service with the launch of HPE GreenLake Central platform.

隨著 HPE GreenLake Central 平台的推出，我們實現了轉向即服務的重要里程碑。

HPE GreenLake Central is an advanced cloud platform that provides customers with a consistent cloud experience for all their applications and data wherever they live through an operational console that runs, manages and optimizes their entire hybrid estate.

HPE GreenLake Central 是一個先進的雲平台，通過運行、管理和優化其整個混合資產的操作控制台，為客戶提供一致的雲體驗，無論他們身在何處，都能獲得所有應用程序和數據。

We launched our HPE Container Platform, which is the first enterprise-grade Kubernetes-based container solution.

我們推出了 HPE 容器平台，這是第一個基於 Kubernetes 的企業級容器解決方案。

It leverages HPE's acquisition of BlueData and MapR together with 100% open-source Kubernetes software.

它利用 HPE 對 BlueData 和 MapR 的收購以及 100% 開源 Kubernetes 軟件。

This platform provides customers with a common and faster path to run legacy and cloud-native applications with persistent storage connectivity.

該平台為客戶提供了一種通用且更快速的途徑來運行具有持久存儲連接的遺留和雲原生應用程序。

And we acquired Scytale, an innovative software company focused on service authentication.

我們還收購了專注於服務認證的創新軟件公司 Scytale。

The Scytale team are the founding contributors to 2 open-source projects that they are positioned to become the de facto standard for identifying and securing enterprise workloads, both on- and off-premises.

Scytale 團隊是 2 個開源項目的創始貢獻者，他們定位於成為識別和保護企業工作負載（無論是在內部還是外部）的事實標準。

Our Scytale acquisition is consistent with our targeted approach to M&A that brings critical talent and complementary technologies to HPE.

我們對 Scytale 的收購與我們有針對性的併購方法一致，為 HPE 帶來了關鍵人才和互補技術。

We look for accretive, value-enhancing acquisitions that improve our competitive positioning and accelerate our strategy.

我們尋求增值、增值的收購，以改善我們的競爭地位並加速我們的戰略。

Finally, our HPE Financial Services business continues to provide us with a critical competitive advantage.

最後，我們的 HPE 金融服務業務繼續為我們提供關鍵的競爭優勢。

In Q1, overall financing volume increased 2%.

第一季度，整體融資額增長2%。

GreenLake represented more than 40% of our HPE leasing volume.

GreenLake 占我們 HPE 租賃量的 40% 以上。

HPEFS uses multiple levers to help customers accelerate their digital transformations while contributing to the circular economy.

HPEFS 使用多種槓桿幫助客戶加速數字化轉型，同時為循環經濟做出貢獻。

Through asset upcycling and accelerated migration, HPEFS free up well over $500 million in our customers' budgets over the last 2 years.

通過資產升級再造和加速遷移，HPEFS 在過去 2 年中為我們的客戶節省了超過 5 億美元的預算。

This business helps our customers capture value from older assets, achieve their sustainability goals and invest in new technologies as a service.

該業務幫助我們的客戶從舊資產中獲取價值，實現他們的可持續發展目標，並將新技術作為一種服務進行投資。

As we advance our business objectives to meet our customer needs and deliver for our shareholders, we continue to be guided by a very strong purpose.

在我們推進我們的業務目標以滿足客戶需求並為我們的股東提供服務時，我們將繼續以一個非常強烈的目標為指導。

I am tremendously proud of our environmental stewardship, our investments in our people and our culture of integrity and inclusion.

我為我們的環境管理工作、我們對員工的投資以及我們的誠信和包容文化感到無比自豪。

HP was just recognized as one of the most ethical companies by Ethisphere Institute.

惠普剛剛被 Ethisphere Institute 評為最有道德的公司之一。

We were also proud to be named to Bloomberg's Gender-Equality Index.

我們也很自豪能夠入選彭博社的性別平等指數。

These are very important measures of how HP delivers for our team members, customers, shareholders and our global communities.

這些是惠普如何為我們的團隊成員、客戶、股東和我們的全球社區提供服務的非常重要的衡量標準。

In summary, in Q1, we faced continued macro uncertainty which, combined with supply and manufacturing constraints, impacted our revenue, particularly in Compute.

總之，在第一季度，我們面臨持續的宏觀不確定性，加上供應和製造限制，影響了我們的收入，特別是在計算方面。

Despite these issues in the current market backdrop, we continue to execute with discipline and made progress against our strategic priorities.

儘管在當前市場背景下存在這些問題，但我們繼續嚴格執行並在我們的戰略重點方面取得進展。

We outperformed the market in critical areas like Intelligent Edge.

我們在 Intelligent Edge 等關鍵領域的表現優於市場。

We gained traction in high-performance compute with the acquisition of Cray.

通過收購 Cray，我們在高性能計算領域獲得了關注。

We advanced our pivot to as a service, all while delivering EPS and gross margin expansion.

我們將重心轉向即服務，同時實現每股收益和毛利率的增長。

While we made progress in these important areas, we know we have work to do to improve in others.

雖然我們在這些重要領域取得了進展，但我們知道我們還需要努力改進其他領域。

We are living in an uncertain time, but what is certain is our commitment to continue to manage our business with focus and discipline.

我們生活在一個不確定的時代，但可以肯定的是，我們致力於繼續以專注和紀律的方式管理我們的業務。

I believe in our sound strategy, in our talented team and in our differentiated technology.

我相信我們的穩健戰略、才華橫溢的團隊和差異化的技術。

This combination will enable us to execute our pivot to provide our customers and partners unique edge-to-cloud experiences delivered as a service.

這種結合將使我們能夠執行我們的支點，為我們的客戶和合作夥伴提供獨特的邊緣到雲體驗作為服務交付。

And by doing so, we expect to deliver long-term profitable growth and generate stakeholder value.

通過這樣做，我們期望實現長期盈利增長並為利益相關者創造價值。

With that, let me turn it over to Tarek to provide more details about the quarter.

有了這個，讓我把它交給 Tarek 來提供有關該季度的更多詳細信息。

Thank you very much, Antonio.

非常感謝你，安東尼奧。

Now let me provide more detail on our financial results for the first quarter of fiscal year 2020.

現在讓我提供更多有關 2020 財年第一季度財務業績的詳細信息。

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

正如我之前所做的那樣，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 please note that we are now reporting results according to our new segmentation.

另請注意，我們現在根據新的細分報告結果。

This will provide more granular detail on the financial performance of our businesses and our progress towards becoming the edge-to-cloud Platform as a Service company.

這將提供有關我們業務的財務績效以及我們成為邊緣到雲平台即服務公司的進展的更詳細信息。

Please refer to our recently filed Form 8-K for more detailed information, which includes historical reconciliation tables for the last 2 years.

請參閱我們最近提交的 8-K 表格以獲取更多詳細信息，其中包括過去 2 年的歷史調節表。

Antonio already discussed the high-level points for the quarter, but I want to briefly reiterate the main takeaway.

安東尼奧已經討論了本季度的要點，但我想簡要重申一下主要內容。

We are continuing to execute on our transition to higher-margin and more recurring revenue areas in a challenging business environment.

在充滿挑戰的商業環境中，我們將繼續執行向更高利潤率和更多經常性收入領域的過渡。

We also remain confident that we have the right strategy in place and are taking the right actions to lay a foundation for sustainable, profitable growth in the future.

我們也仍然相信，我們制定了正確的戰略，並正在採取正確的行動，為未來可持續、盈利的增長奠定基礎。

Turning to Slide 2, with the financial highlights for the quarter.

轉到幻燈片 2，其中包含本季度的財務亮點。

Despite the top line challenges from uneven demand and component supply and manufacturing constraints that I'll provide more detail on shortly, we continued to expand non-GAAP gross margins, which improved by 210 basis points this year, driven primarily by portfolio mix shift, cost of services efficiencies and commodity cost tailwinds.

儘管需求不均衡和零部件供應以及製造限制帶來了頂線挑戰，我將在短期內提供更多細節，但我們繼續擴大非 GAAP 毛利率，今年提高了 210 個基點，這主要是受投資組合轉變的推動，服務效率成本和商品成本順風。

This gross margin expansion combined with other income and expense benefits that included record equity interest contributed from our ownership in H3C and share buybacks resulted in diluted non-GAAP EPS of $0.44, which is up 5% year-over-year and in line with our original outlook for the quarter.

這種毛利率的增長與其他收入和費用收益相結合，包括我們在 H3C 的所有權所貢獻的創紀錄股權和股票回購，導致攤薄後的非 GAAP 每股收益為 0.44 美元，同比增長 5%，符合我們的預期本季度的原始展望。

On the cash front, free cash flow was a use of $185 million, which was in line with the prior year and normal seasonality.

在現金方面，自由現金流為 1.85 億美元，與上年和正常季節性一致。

Consistent with our capital management policy, we paid $156 million in dividends and repurchased $204 million in shares.

根據我們的資本管理政策，我們支付了 1.56 億美元的股息並回購了 2.04 億美元的股票。

From a macro perspective, as Antonio mentioned, geopolitical factors continue to cause business uncertainty, particularly in larger enterprise deals, creating an uneven and unpredictable business environment.

從宏觀角度來看，正如 Antonio 提到的，地緣政治因素繼續導致商業不確定性，特別是在大型企業交易中，創造了一個不平衡和不可預測的商業環境。

This was further exacerbated by supply constraints, both component shortages and our North American manufacturing site consolidation, which affected the Compute business, in particular.

供應限制、組件短缺和我們的北美製造基地整合進一步加劇了這種情況，這尤其影響了計算業務。

We expect component shortages to remain a headwind and this situation to alleviate as we progress through the year.

我們預計組件短缺仍將是一個不利因素，隨著我們今年的進展，這種情況會有所緩解。

The North American manufacturing site consolidation has created near-term execution challenges that we are actively addressing and expect to have improved efficiencies and agilities in our supply chain moving forward.

北美製造基地的整合帶來了近期的執行挑戰，我們正在積極應對這些挑戰，並期望在我們的供應鏈中提高效率和敏捷性。

Adding to the uncertainty is the potential disruption to demand and supply caused by the coronavirus outbreak.

增加不確定性的是冠狀病毒爆發可能對需求和供應造成的破壞。

The health issue is causing disruption to both supply and demand, and while we cannot quantify the real impact at this time, we're monitoring the situation closely and are working with our suppliers to minimize potential impact.

健康問題正在對供需雙方造成乾擾，雖然我們目前無法量化實際影響，但我們正在密切監測情況，並與我們的供應商合作，以盡量減少潛在影響。

We'll now move to Slide 3 that shows our performance in the quarter in accordance with our new segmentation.

我們現在將轉到幻燈片 3，它根據我們的新細分顯示了我們在本季度的表現。

I won't take you through every number, but let me hit a few key points.

我不會帶您了解每個數字，但讓我指出幾個關鍵點。

In the Intelligent Edge segment, we grew 4%.

在智能邊緣領域，我們增長了 4%。

Our changes to North America sales leadership and go-to-market segmentation are paying off with double-digit growth in North America and 13% growth in overall wireless LAN product.

我們對北美銷售領導地位的改變和進入市場的細分正在帶來回報，北美地區實現兩位數增長，無線局域網產品整體增長 13%。

While we continue to make relevant R&D and sales investments this year, we're also delivering significant improvement in profitability with operating margins of 9.7%, up 630 basis points year-over-year.

在我們今年繼續進行相關研發和銷售投資的同時，我們的盈利能力也有了顯著提高，營業利潤率為 9.7%，同比增長 630 個基點。

In Compute, revenue declined 15% this quarter due to the previously highlighted uneven demand environment, component supply constraints and North American manufacturing site consolidation, yet we delivered a 9.5% operating profit margin in line with last year.

在計算方面，由於之前強調的需求環境不平衡、組件供應限制和北美製造基地整合，本季度收入下降了 15%，但我們實現了 9.5% 的營業利潤率，與去年持平。

With respect to units, excluding Tier 1 and China, our units were up mid-single digits year-over-year and have also been growing sequentially since Q2 2019.

關於單位，不包括一級和中國，我們的單位同比增長中個位數，並且自 2019 年第二季度以來也一直在連續增長。

In High Performance Compute & Mission-Critical Systems, we grew revenue 6% that included our first full quarter contribution from Cray.

在高性能計算和關鍵任務系統中，我們的收入增長了 6%，其中包括來自 Cray 的第一個完整季度貢獻。

Our HPC business has been awarded over $2 billion of business that is expected to be delivered through fiscal year '23.

我們的 HPC 業務已獲得超過 20 億美元的業務，預計將在 23 財年交付。

We will also optimize the Cray cost envelope and expect triple-digit millions in annualized run rate cost synergies to be recognized by the end of the next fiscal year, significantly adding to the operating profit and margins of HPC & MCS.

我們還將優化 Cray 成本範圍，並預計到下一財年末將實現三位數的年化運行率成本協同效應，從而顯著增加 HPC 和 MCS 的營業利潤和利潤率。

Within Storage, we made progress against a competitive backdrop, maintaining flat sequential revenues with notable strength in big data growing at 45% year-over-year and hyperconverged infrastructure growing at 6% year-over-year this quarter.

在存儲方面，我們在競爭激烈的背景下取得了進展，保持了環比持平的收入，本季度大數據同比增長 45%，超融合基礎設施同比增長 6%。

Note that this is the first quarter we are reporting hyperconverged infrastructure in Storage aligned to our peers.

請注意，這是我們報告與同行保持一致的存儲超融合基礎設施的第一季度。

In Advisory & Professional Services, we are reporting for the first time in our new segmentation, revenue was flat, and we significantly improved operating margins by 12.5 points year-over-year as we focus on eliminating unprofitable business.

在諮詢和專業服務方面，我們首次在新的細分市場中發布報告，收入持平，並且由於我們專注於消除無利可圖的業務，我們的營業利潤率同比顯著提高了 12.5 個百分點。

For operational services, which is included across Compute, HPC & MCS and Storage, orders were up 1% year-over-year, and revenue was down 2%.

對於包括計算、HPC 和 MCS 以及存儲在內的運營服務，訂單同比增長 1%，收入下降 2%。

Our services intensity, which is the ratio of attach revenue per unit, was up year-over-year again in every business segment this quarter, with double-digit growth in HPC & MCS services intensity driven by Cray.

我們的服務強度，即每單位附加收入的比率，在本季度的每個業務部門都再次同比增長，在 Cray 的推動下，HPC 和 MCS 服務強度實現了兩位數的增長。

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。

Within HPE Financial Services, we expanded our net portfolio of assets, which was up 2% in constant currency this quarter, with longer contract terms supporting GreenLake, and we maintained a solid return on equity of approximately 15% again this quarter with bad debt loss ratio of 0.4%, which is best-in-class within this industry.

在 HPE 金融服務中，我們擴大了我們的淨資產組合，本季度按固定匯率計算增長了 2%，合同期限更長，支持 GreenLake，本季度我們再次保持了約 15% 的穩健股本回報率，同時出現壞賬損失0.4%的比率，這在同行業中是最好的。

And while not shown on this slide, communications and media solutions that is included in our Corporate Investments segment is a strategically important business to us, providing software and services capabilities to telco service providers.

雖然本幻燈片未顯示，但我們的企業投資部門中包含的通信和媒體解決方案對我們來說是一項具有戰略意義的重要業務，可為電信服務提供商提供軟件和服務功能。

It is showing improved momentum.

它顯示出改善的勢頭。

Orders in CMS were up 10% sequentially, and revenue was up 2% due to improved momentum of the telco software and services business.

CMS 訂單環比增長 10%，收入增長 2%，這歸功於電信軟件和服務業務的增長勢頭。

Slide 4 shows the ARR slide that I discussed at our Securities Analyst Meeting in October 2019.

幻燈片 4 顯示了我在 2019 年 10 月的證券分析師會議上討論的 ARR 幻燈片。

Please reference the same presentation for a deep dive into what makes up the ARR.

請參考同一演示文稿以深入了解 ARR 的組成部分。

Our Q1 '20 ARR actuals came in at $511 million, a 19% year-over-year growth that accelerated from last quarter.

我們的 20 年第一季度實際 ARR 為 5.11 億美元，比上一季度增長 19%。

Our HPE Aruba Central platform is starting to gain traction, with revenue growing triple digits year-over-year.

我們的 HPE Aruba Central 平台開始受到關注，收入同比增長三位數。

We also continue to see strong growth in GreenLake services orders, which are up 48% year-over-year.

我們還繼續看到 GreenLake 服務訂單的強勁增長，同比增長 48%。

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 confident in achieving our ARR growth guidance of 30% to 40% compounded annual growth rate from fiscal year '19 to fiscal year '22.

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，我們有信心實現 30% 至 40% 的複合 ARR 增長目標從'19財年到'22財年的年增長率。

Slide 5 shows our EPS performance to date.

幻燈片 5 顯示了我們迄今為止的 EPS 表現。

Non-GAAP diluted net earnings per share of $0.44 in Q1 is in line with our previously provided outlook of $0.42 to $0.46 due to disciplined execution, expanding gross margins and favorable other income and expense.

由於紀律嚴明的執行、擴大的毛利率以及有利的其他收入和支出，第一季度非 GAAP 稀釋後每股淨收益為 0.44 美元，符合我們之前提供的 0.42 美元至 0.46 美元的預期。

This represents year-over-year growth of 5%.

這表示同比增長 5%。

Also, please note, our OI&E performance in Q1 of fiscal year '20 does not change our fiscal year '20 OI&E outlook.

另外請注意，我們在 20 財年第一季度的 OI&E 表現不會改變我們 20 財年的 OI&E 展望。

As we foreshadowed during last October's Securities Analyst Meeting, we continue to expect OI&E to be a $0.03 to $0.05 per share headwind in fiscal year '20.

正如我們在去年 10 月的證券分析師會議上預示的那樣，我們繼續預計 OI&E 在 20 財年的每股逆風將達到 0.03 美元至 0.05 美元。

Turning to gross margins on Slide 6. We continue to deliver significant year-over-year gross margin expansion that was up 210 basis points year-over-year to 33.2% as we shifted to higher-margin offerings like the Intelligent Edge with Aruba Central, hyperconverged infrastructure, the addition of Cray and commodity cost tailwinds.

轉向幻燈片 6 的毛利率。我們繼續實現毛利率的顯著同比增長，同比增長 210 個基點至 33.2%，因為我們轉向更高利潤的產品，如 Intelligent Edge with Aruba Central 、超融合基礎設施、Cray 的加入和商品成本的順風。

Moving to Slide 7. We have continued to improve operating profit since the beginning of Q1 of fiscal year '18 while making strategic investments in R&D and sales to support long-term profitable growth.

轉到幻燈片 7。自 18 財年第一季度開始以來，我們繼續提高營業利潤，同時對研發和銷售進行戰略投資以支持長期盈利增長。

In Q1 of fiscal year '20, we are now consolidating a full quarter of additional operating expenses from the Cray acquisition that will be optimized going forward.

在 20 財年的第一季度，我們現在整合了 Cray 收購產生的額外運營費用的整整一個季​​度，這些費用將在未來進行優化。

Furthermore, given the additional uncertainty in the business environment introduced this quarter, we are taking near-term actions that will enable us to protect and expand our profitability in fiscal year '20 while continuing to make critical long-term investments.

此外，鑑於本季度商業環境的額外不確定性，我們正在採取近期行動，這將使我們能夠在 20 財年保護和擴大我們的盈利能力，同時繼續進行關鍵的長期投資。

As Antonio mentioned, we will extend the HPE Next program into fiscal year '21 and expect incremental savings while maintaining the original net cash impact.

正如 Antonio 所提到的，我們將把 HPE Next 計劃延長至 21 財年，並期望在保持最初的淨現金影響的同時增加節省。

Turning to cash flow on Slide 8. Operating cash flow declined with revenue $461 million year-over-year.

轉向幻燈片 8 的現金流。營業現金流下降，收入同比下降 4.61 億美元。

Free cash flow for Q1 was in line with normal seasonality at negative $185 million, in line with the prior year, thanks to planned net CapEx benefits in the quarter.

由於本季度計劃的淨資本支出收益，第一季度的自由現金流與正常季節性一致，為負 1.85 億美元，與上年持平。

Please remember, our normal seasonality is for cash to be used in the first half and then we generate significant amounts of free cash flow in the second half of the fiscal year.

請記住，我們正常的季節性是在上半年使用現金，然後我們在本財政年度的下半年產生大量的自由現金流。

Now as a reminder, on Slide 9, we maintained a solid balance sheet with our cash flow generation, and we have a disciplined returns-based process for evaluating investments and capital returns.

現在提醒一下，在幻燈片 9 上，我們通過產生現金流維持了穩健的資產負債表，並且我們有一個嚴格的基於回報的流程來評估投資和資本回報。

We are committed to maintaining an investment-grade credit rating that is evidenced by our current operating net cash position.

我們致力於維持投資級信用評級，我們當前的運營淨現金狀況證明了這一點。

Consistent with our capital return commitments in Q1, we returned $360 million in the form of share repurchases and dividends.

與我們在第一季度的資本回報承諾一致，我們以股票回購和股息的形式返還了 3.6 億美元。

As part of our capital allocation framework, we also target value-enhancing acquisitions to improve our competitive positioning and to accelerate our strategy of pivoting to as a service that provides us with higher levels of recurring revenue and profitability.

作為我們資本配置框架的一部分，我們還以增值收購為目標，以提高我們的競爭地位，並加快我們轉向為我們提供更高水平的經常性收入和盈利能力的服務的戰略。

As with any investment we consider, we follow a rigorous evaluation process, cognizant of size, valuation, financial impacts, such as accretion dilution, and strategic fit.

與我們考慮的任何投資一樣，我們遵循嚴格的評估流程，了解規模、估值、財務影響（如增生稀釋）和戰略契合度。

Now turning to our outlook on Slide 10.

現在轉向我們對幻燈片 10 的展望。

As discussed, we are in an increasingly uneven business environment, but at this point, we are comfortable maintaining our fiscal year '20 non-GAAP EPS outlook of $1.78 to $1.94 given the cost actions we plan to take and the expected recovery of supply chain constraints over time.

正如所討論的，我們處於越來越不平衡的商業環境中，但在這一點上，鑑於我們計劃採取的成本行動和供應鏈的預期復蘇，我們很樂意維持 20 財年非公認會計原則每股收益 1.78 美元至 1.94 美元的預期隨時間的限制。

However, there is still considerable uncertainty in the short term due to the unknown potential impacts from the coronavirus, so we're not in a position to provide a second quarter outlook.

然而，由于冠狀病毒的潛在影響未知，短期內仍存在相當大的不確定性，因此我們無法提供第二季度展望。

From a cash flow perspective and given our negative cash conversion cycle, we expect some current year impact on working capital receivables with elongated sales cycles persisting and the need to build inventory levels due to the supply chain constraints.

從現金流的角度來看，鑑於我們的負現金轉換週期，我們預計本年度應收賬款營運資金會受到一些影響，銷售週期持續延長以及由於供應鏈限制需要建立庫存水平。

Consequently, we feel it is prudent to revise our fiscal year '20 free cash flow outlook from $1.9 billion to $2.1 billion to $1.6 billion to $1.8 billion.

因此，我們認為將我們的 20 財年自由現金流前景從 19 億美元修改為 21 億美元至 16 億美元至 18 億美元是謹慎的做法。

We remain committed to our previously announced capital management policy of returning 50% to 75% of free cash flow to shareholders and now expect to be at the higher end of that range for fiscal year '20.

我們仍然致力於我們之前宣布的資本管理政策，即向股東返還 50% 至 75% 的自由現金流，現在預計將在 20 財年處於該範圍的較高端。

So overall, we continued to make progress against our strategic priorities within an uneven environment and introduced new challenges this quarter.

因此，總的來說，我們在不平衡的環境中繼續在我們的戰略重點方面取得進展，並在本季度引入了新的挑戰。

We're taking the appropriate actions to navigate the near-term uncertainty while executing against our vision and strategy that is clearly resonating with customers.

我們正在採取適當的行動來應對近期的不確定性，同時執行我們明顯引起客戶共鳴的願景和戰略。

We will continue to shift our portfolio to higher-margin, software-defined solutions and focus on delivering our edge-to-cloud platform, offering our full portfolio as a service by 2022.

我們將繼續將我們的產品組合轉向利潤率更高的軟件定義解決方案，並專注於提供我們的邊緣到雲平台，到 2022 年將我們的完整產品組合作為服務提供。

This will ultimately drive sustainable, profitable growth and shareholder returns for the long term.

這最終將推動可持續的盈利增長和股東長期回報。

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)

（操作員說明）

Our first question will come from Katy Huberty with Morgan Stanley.

我們的第一個問題將來自摩根士丹利的 Katy Huberty。

Tarek, how much do you think the temporary factors like component constraints, the supply chain disruption from coronavirus and the factory consolidation in North America had on total revenue?

Tarek，您認為組件限制、冠狀病毒造成的供應鏈中斷以及北美工廠整合等臨時因素對總收入的影響有多大？

And then as a follow-up, Antonio, given how important revenue growth is for stock price performance and valuation, can you talk about the investments you're making and the time line investors should think about to return the company to growth?

然後作為後續行動，安東尼奧，考慮到收入增長對股價表現和估值的重要性，你能談談你正在進行的投資以及投資者應該考慮讓公司恢復增長的時間表嗎？

And how dependent is that path on M&A?

這條道路對併購的依賴程度如何？

Okay.

好的。

Katy, thank you for the question.

凱蒂，謝謝你的提問。

With respect to how much those short-term disruptions have accounted for our revenue performance, I would say quite a lot.

至於這些短期中斷對我們收入表現的影響有多大，我想說很多。

There are 3 things that affected our revenue performance.

有 3 件事影響了我們的收入表現。

These are the macro environment softness; the second thing is supply chain constraints; and the third one is also the manufacturing node consolidation in North America.

這些是宏觀環境的軟性；第二件事是供應鏈約束；第三個也是北美的製造節點整合。

We've taken steps to address what's under our control.

我們已採取措施解決我們控制範圍內的問題。

Nonetheless, coronavirus has affected the tail end of the quarter and injected a new degree of uncertainty.

儘管如此，冠狀病毒影響了本季度末，並註入了新的不確定性。

And when you look at the revenue performance of the company, most of the decline came in the Compute category that we refer to in our new segmentation, and that decline has a lot to do with what you referred to from a supply chain standpoint.

當你查看公司的收入表現時，大部分下降都來自我們在新細分中提到的計算類別，而這種下降與你從供應鏈的角度提到的有很大關係。

Yes.

是的。

Katy, thanks for the question.

凱蒂，謝謝你的提問。

I just would like to add to Tarek that we feel pretty good about the recovery and the node consolidation that's under our control.

我只想向 Tarek 補充一點，我們對恢復和我們控制下的節點整合感到非常滿意。

All the other factors, Tarek explained very well.

所有其他因素，Tarek 解釋得很好。

In terms of when you think about investment long term, we have been very clear where we want to invest.

就您何時考慮長期投資而言，我們已經非常清楚我們想要投資的地方。

The investment, obviously, is in Intelligent Edge.

顯然，投資是在 Intelligent Edge 上。

We see that as the next frontier, big opportunity for us.

我們認為這是下一個前沿領域，對我們來說是一個巨大的機遇。

We continue to do so.

我們繼續這樣做。

And I have to say I'm incredibly pleased with the Q1 performance because we said that business will return to growth, and we show -- we demonstrated that's the case.

我不得不說，我對第一季度的表現非常滿意，因為我們說過業務將恢復增長，而且我們展示了——我們證明了情況就是如此。

We outperformed the market and every single competitor there.

我們的表現優於市場和那裡的每一個競爭對手。

And we are very, very pleased with the differentiation we have in that portfolio with higher margins.

我們對我們在該產品組合中具有更高利潤率的差異化感到非常非常滿意。

So for us, that's one area of investment.

所以對我們來說，這是一個投資領域。

Much of that growth has happened organically.

大部分增長都是有機發生的。

But we always look for would it make sense for us in terms of accretive addition in terms of intellectual property and talent, right, that we want to continue to expand that set of experience we delivered at the edge?

但是我們一直在尋找在知識產權和人才方面的增值對我們來說是否有意義，我們希望繼續擴展我們在邊緣提供的那套體驗嗎？

And as I said in my opening remarks, we are on a journey to integrate 5G and mobile edge computing on a very robust cloud-based solution called HP Aruba Central, which is all subscription-based, and obviously, we can deliver that through GreenLake.

正如我在開場白中所說，我們正在將 5G 和移動邊緣計算集成到一個名為 HP Aruba Central 的非常強大的基於雲的解決方案中，該解決方案全部基於訂閱，顯然，我們可以通過 GreenLake 實現這一目標.

Obviously, the other piece of this is what I call intellectual property to make our core business stronger.

顯然，另一部分就是我所說的知識產權，可以使我們的核心業務更加強大。

And that's all software-defined at the core with some additional, call it, intellectual property in the silicon space.

而這一切都是軟件定義的核心，還有一些額外的，稱之為矽空間中的知識產權。

That's what the core of the Cray acquisition was all about.

這就是收購 Cray 的核心所在。

The Cray acquisition is all about software in a cloud-native environment to run these big data-intensive workloads, and silicon was all about that.

Cray 的收購完全是關於在雲原生環境中運行這些大數據密集型工作負載的軟件，而矽就是這樣。

And as I think about the pivot to as a service, also, we're looking for software that will make our as a service experience unique and differentiated in a true edge-to-cloud platform.

當我考慮轉向即服務時，我們也在尋找能夠使我們的即服務體驗在真正的邊緣到雲平台中獨一無二和與眾不同的軟件。

And as I announced in my remarks, we introduced 2 key platforms: one is HPE GreenLake Central, which is the console, the control point for managing and deploying workloads at the edge, in the core on-/off-premises, so we've added managed services layer on top of that; and then the container platform, which is a true cloud-native environment where you can run both legacy and cloud-based workloads.

正如我在發言中宣布的那樣，我們推出了 2 個關鍵平台：一個是 HPE GreenLake Central，它是控制台，是用於在邊緣、核心內部/外部管理和部署工作負載的控制點，所以我們'在其之上添加了託管服務層；然後是容器平台，這是一個真正的雲原生環境，您可以在其中運行遺留和基於雲的工作負載。

So those are the things we are doing.

所以這些就是我們正在做的事情。

But I just want to emphasize we have a very stringent, rigorous process here on return on invested capital.

但我只想強調，我們在投資資本回報方面有一個非常嚴格、嚴謹的流程。

And I see as an -- M&A as 1 of the 3 levers to drive innovation: organic is one aspect; partnership is the other one; and inorganic.

我認為併購是推動創新的 3 個槓桿之一：有機是一個方面；合夥是另一種；和無機物。

And I say that the last 15 acquisitions have been part of it, has been always in that vein.

我說最近的 15 次收購是其中的一部分，一直都是這樣。

And that's our goal.

這就是我們的目標。

Our next question will come from Jeriel Ong with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Jeriel Ong。

To start off, is there any guidance for revenue for the year?

首先，今年的收入是否有任何指導？

And focusing on the quarter itself, could you quantify -- or for the guided quarter, could you quantify maybe how much below seasonal do you think these coronavirus impacts and supply chain constraints could impact the next quarter?

關注本季度本身，你能否量化——或者對於指導季度，你能否量化你認為這些冠狀病毒的影響和供應鏈限制可能會影響下一季度的季節性程度？

Okay.

好的。

So let me start by the second part of your question, which is how much of an impact will the coronavirus have on our business.

那麼讓我從你問題的第二部分開始，即冠狀病毒對我們的業務有多大影響。

Well, first, as we already flagged, the health and safety of our employees, customers and partners is our priority.

嗯，首先，正如我們已經指出的那樣，我們的員工、客戶和合作夥伴的健康和安全是我們的首要任務。

And you know that out of abundance of caution for them, we've made the decision to cancel or postpone most of the HPE-sponsored events through April.

您知道，出於對他們的謹慎考慮，我們已決定取消或推遲大部分由 HPE 贊助的活動，直至 4 月。

Unfortunately, this is also causing supply and demand disruptions and affecting our revenue profile.

不幸的是，這也導致供需中斷並影響我們的收入狀況。

The outbreak at the end of January started to impact component manufacturing and resulted in constrained supply and higher quarter-end backlog worldwide, and we have been in constant contact with our suppliers and are establishing specific mitigation and recovery plans.

1 月底爆發的疫情開始影響零部件製造，導致全球供應受限和季度末積壓增加，我們一直與供應商保持聯繫，並正在製定具體的緩解和恢復計劃。

So this is affecting our revenue profile for the full year.

所以這影響了我們全年的收入狀況。

This is why we're not guiding in the short term.

這就是為什麼我們不在短期內提供指導。

And relative to what we said at SAM, where we were experiencing -- we're thinking we would be returning to growth in fiscal year '20, I don't think that it is likely at this stage that we'll grow in fiscal year '20 as a whole for the fiscal year.

相對於我們在 SAM 所說的，我們正在經歷——我們認為我們將在 20 財年恢復增長，我認為在這個階段我們不太可能在財政上實現增長20 年作為一個整體的財政年度。

But we do anticipate recovery of those supply chain constraints over time and face easier comps during the course of the year.

但我們確實預計這些供應鏈限制會隨著時間的推移而恢復，並在這一年中面臨更輕鬆的補償。

I would like to add a couple of comments.

我想補充幾點意見。

One is on the coronavirus.

一個是關于冠狀病毒。

Obviously, this is very fluid at this point in time.

顯然，在這個時間點這是非常不穩定的。

There is uncertainty.

存在不確定性。

We have a daily process with each of our suppliers that we manage very, very tightly.

我們與每個供應商都有一個日常流程，我們對其進行非常非常嚴格的管理。

And some of those suppliers are dependent on other suppliers because, as you can imagine, the supply chain is a little bit longer with Tier 2, Tier 3 suppliers that provide what I call low-level components to build what I call the printed circuit boards or the PCAs or the PCBAs, and that's a challenge we see today.

其中一些供應商依賴於其他供應商，因為正如您可以想像的那樣，供應鏈稍長一些，二級、三級供應商提供我所說的低級組件來構建我所說的印刷電路板或者 PCA 或 PCBA，這是我們今天看到的挑戰。

And we see recovery, but obviously, it's going to take time.

我們看到了復甦，但顯然，這需要時間。

And that's why Tarek said we cannot provide right now a definite guidance.

這就是為什麼 Tarek 說我們現在無法提供明確的指導。

I think it would be not appropriate.

我認為這是不合適的。

And that's why we felt prudent not to provide Q2 but because the recovery is going to happen through the year that we felt comfortable reaffirming the 2020 guidance.

這就是為什麼我們謹慎地不提供第二季度的原因，而是因為複蘇將在這一年發生，我們很樂意重申 2020 年的指導方針。

Remember, when we went to the Security Analyst Meeting in October, we said that we expect to grow the company on a 3-year basis long-term plan of 1% to 3%.

請記住，當我們在 10 月份參加安全分析師會議時，我們曾說過我們希望公司在 3 年的基礎上實現 1% 至 3% 的長期增長計劃。

I think that piece is still complete and intact because, as you can see, as we pivot the portfolio to higher value and higher margins, at the same time, the pivot to as a service, which is going extremely well, and then obviously that Intelligent Edge business growing, that's how we think about the long-term growth in the right margin profile.

我認為這部分仍然是完整和完整的，因為正如你所看到的，當我們將投資組合轉向更高價值和更高利潤時，與此同時，轉向即服務，進展非常順利，然後很明顯智能邊緣業務不斷增長，這就是我們對正確利潤率的長期增長的看法。

Obviously, the Compute at this point in time was the challenge short term.

顯然，此時的 Compute 是短期挑戰。

I don't think it was off compared to some of our peers.

與我們的一些同行相比，我不認為它是關閉的。

In fact, in some cases, we did better than our peers.

事實上，在某些情況下，我們比同行做得更好。

But that was a disappointment.

但那令人失望。

And obviously, we need to stabilize and manage it through the supply chain recovery.

顯然，我們需要通過供應鏈恢復來穩定和管理它。

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。

Yes.

是的。

I have a question and a follow-up.

我有一個問題和一個後續行動。

First, I was wondering if you could provide book-to-bill information or backlog information for the Compute business for this year relative to the end of Q1 last year.

首先，我想知道您是否可以提供與去年第一季度末相比，今年計算業務的訂單出貨信息或積壓信息。

I think that would provide incremental confidence and insight into how much of this is component in your inability to fulfill versus how much of this is kind of a demand issue.

我認為這將提供更多的信心和洞察力，了解其中有多少是您無法實現的，而有多少是需求問題。

So book-to-bill for Compute this year versus last year and/or backlog for compute this year versus last year.

因此，今年計算的訂單到賬單與去年相比，和/或今年計算的積壓與去年相比。

And I have a follow-up, please.

我有一個後續行動，請。

Sure, Toni.

當然，托尼。

Thanks for the question.

謝謝你的問題。

I don't have the book-to-bill, but I can tell you we entered Q2, which is the quarter we're in, with higher backlog than we anticipated.

我沒有訂單出貨單，但我可以告訴你我們進入了第二季度，也就是我們所在的季度，積壓訂單比我們預期的要多。

And definitely, it's more on the elevated side.

當然，它更偏向於高處。

And so that's true for Compute and as well a carryover for high-performance compute, which, at the core of that product, Toni, is the legacy HPE Apollo.

因此，對於 Compute 以及高性能計算的繼承都是如此，Toni 是該產品的核心，它是遺留的 HPE Apollo。

So we entered Q2 with a higher elevated backlog that we have seen.

因此，我們進入了第二季度，我們看到了更高的積壓。

I don't see yet -- let me qualify this.

我還沒有看到 - 讓我限定一下。

Outside China, I haven't seen yet a significant impact on demand so far.

在中國以外，到目前為止，我還沒有看到對需求的重大影響。

Definitely, in China, as you know, we have a different setup with our H3C partnership there, and you should expect a short-term impact in China.

當然，正如你所知，在中國，我們與 H3C 的合作夥伴關係有不同的設置，你應該期待在中國產生短期影響。

But right now, they are working through it.

但現在，他們正在努力解決這個問題。

But I will say, right now, we haven't seen a significant impact.

但我要說，現在，我們還沒有看到重大影響。

If anything, actually, it creates short-term opportunities.

實際上，如果有的話，它會創造短期機會。

I can tell you because of the coronavirus, we see customers coming to us and saying, "Can you ship this product to take care of the fact that my employees are not going to be at work." We see some demand in specific areas of workload-optimized solutions.

我可以告訴你，由于冠狀病毒，我們看到客戶來找我們說，“你能運送這個產品來照顧我的員工不上班的事實嗎？”我們在工作負載優化解決方案的特定領域看到了一些需求。

And as I said in my opening remarks, we do have as awarded business, which, obviously, we have to build and ship more than $2 billion in HPC business that we have to ship over the next several quarters in the next 2 years.

正如我在開場白中所說，我們確實擁有已授予的業務，顯然，我們必須在未來兩年的接下來幾個季度內建立和交付超過 20 億美元的 HPC 業務。

And that business is doing very well from my vantage point.

從我的角度來看，這項業務做得很好。

But it is obviously segregated in 2 different segments: Compute; and on the other hand, HPC & Mission-Critical.

但它顯然分為兩個不同的部分：計算；另一方面，HPC 和關鍵任務。

Okay.

好的。

If I could just follow up, I'd love to get your impression of the stock.

如果我能跟進，我很想知道你對這隻股票的印象。

It's obviously very beaten down, and I'd like your view on that.

它顯然被打敗了，我想听聽你對此的看法。

And you've talked about your openness to doing acquisitions, and I'm wondering if you could clarify whether there's a size limit or whether you would go to $10 billion.

你談到了你對進行收購的開放態度，我想知道你是否可以澄清是否有規模限製或者你是否會達到 100 億美元。

But also, are there other structural moves that you would consider?

而且，您還會考慮其他結構性舉措嗎？

So would you consider taking on debt and aggressively repurchasing your own shares given the valuation right now, like HPQ has done?

那麼，考慮到目前的估值，你會考慮舉債並積極回購自己的股票，就像 HPQ 所做的那樣嗎？

And would you consider other portfolio moves, such as divesting businesses like, just for example, because it's small and orphaned, A&PS or other businesses?

您是否會考慮其他投資組合舉措，例如剝離業務，例如，因為它規模小且孤立，A&PS 或其他業務？

So how -- what do you think of the stock, how big the acquisition size?

那麼如何 - 你如何看待股票，收購規模有多大？

Would you think about debt repurchase and how about divestment?

你會考慮債務回購和撤資嗎？

Sure.

當然。

And I'm going to start, then I'm going to give it to Tarek.

我要開始了，然後我會把它交給 Tarek。

Let me talk about the stock.

先說股票。

Listen, I think it is a disappointing kind of situation, in my view.

聽著，在我看來，這是一種令人失望的情況。

We are heavily discounted.

我們打折很多。

There is no question about it.

毫無疑問。

But think about the last 9 quarters, Toni, and think about the gross margin expansion and EPS expansion we have had.

但想想過去 9 個季度，托尼，想想我們的毛利率擴張和每股收益擴張。

It's pretty remarkable.

這非常了不起。

I mean, in the last 2 years, we expanded the margins every single quarter, and we have expanded EPS every single quarter.

我的意思是，在過去的兩年裡，我們每個季度都在擴大利潤率，而且每個季度都在擴大每股收益。

So my vantage point, we have done the right things.

所以我的觀點是，我們做了正確的事情。

We have made the company leaner, meaner, and at the same time, we have taken big, big, big challenges, and we have managed it through.

我們讓公司變得更精簡、更精簡，與此同時，我們也接受了巨大、巨大、巨大的挑戰，並且我們成功地度過了難關。

So I think, for us, is to continue to focus on the areas where we see the opportunity to compete and win in higher margins, but obviously, the stock also is thinking about long-term growth, and I understand that.

所以我認為，對我們來說，是繼續關注我們認為有機會競爭並贏得更高利潤的領域，但顯然，該股也在考慮長期增長，我理解這一點。

And obviously, a big component of that is our Compute business.

顯然，其中很大一部分是我們的計算業務。

But in the end, I think the stock is heavily discounted, and I'm disappointed in that.

但最後，我認為這隻股票被大幅打折，我對此感到失望。

On the M&A, we have been very clear since day 1 that we look at assets that they are accessible, that generally are accretive or we can manage the dilution very quickly.

在併購方面，我們從第一天起就非常清楚，我們關注的資產是可獲得的，通常是增值的，或者我們可以非常迅速地管理稀釋。

But ultimately, it has to have strategic fit in the context of our strategy, obviously, whether it's the edge-to-cloud architecture and pivoting to as a service.

但最終，它必須在我們的戰略背景下具有戰略意義，顯然，無論是邊緣到雲架構還是轉向即服務。

I think the assets we have acquired makes complete sense from that vantage point, and we have delivered strong results.

我認為從這個有利的角度來看，我們收購的資產是完全有意義的，而且我們已經取得了很好的成果。

Size is important, but I will say it's more strategic fit and obviously the return on that investment capital, which we have incredible strong discipline and where we have demonstrated that over the last 2 years.

規模很重要，但我會說它更符合戰略，顯然是投資資本的回報，我們擁有令人難以置信的強大紀律，並且在過去兩年中我們已經證明了這一點。

And so maybe I will go pass it now to Tarek because you asked the question about taking debt and buying stock and so forth.

所以也許我現在會把它傳遞給 Tarek，因為你問了關於舉債和購買股票等的問題。

Yes.

是的。

So Toni, I would say -- Antonio answered the question on the stock.

所以托尼，我想說——安東尼奧回答了關於股票的問題。

I would simply point to you at the performance of the various parts of our business, the Intelligent Edge, which has outperformed the sector quite substantially this quarter, what's the value of that?

我想簡單地向您指出我們業務各個部分的表現，即智能邊緣，它在本季度的表現大大優於該行業，它的價值是什麼？

If you look at our Storage business, which has done better than most of the players in the market and is of the same size as a very large pure-play listed company, what's the value of that?

如果你看一下我們的存儲業務，它比市場上的大多數參與者做得更好，而且規模與一家非常大的純上市公司相同，它的價值是什麼？

And if you look at our HPC & MCS business and the $2 billion of backlog contracted revenues that would come in, what's the value of that?

如果你看看我們的 HPC 和 MCS 業務以及 20 億美元的積壓合同收入，它的價值是多少？

And then you have to look at other players in the sector and compare our Compute business to them and see that also for those players, the Compute business is valued negatively from an equity standpoint.

然後你必須看看該行業的其他參與者，並將我們的計算業務與他們進行比較，看看對於那些參與者來說，從股權的角度來看，計算業務的估值也是負面的。

But it does generate cash, and we have to figure that out.

但它確實會產生現金，我們必須弄清楚這一點。

Finally, let me finish by saying H3C, the put option, what's the value of that?

最後說一下H3C，看跌期權，它的價值是多少？

It's a listed company, and it's pretty substantial.

它是一家上市公司，而且相當可觀。

So I'll let you conclude whether the stock is beaten down or not and how much it's beaten down.

所以我會讓你得出結論，股票是否被打跌，被打跌多少。

And you probably, in your own question, you have the answer.

在您自己的問題中，您可能已經有了答案。

With respect to acquisitions -- sorry, go ahead.

關於收購——對不起，繼續吧。

No.

不。

I was just going to say, you basically said I think it's really beaten down, especially on some of the parts.

我只是想說，你基本上說我認為它真的被打敗了，尤其是在某些部分。

So then are you or why wouldn't you consider much more aggressively repurchasing your own shares at these levels?

那麼你是不是或者你為什麼不考慮在這些水平上更積極地回購你自己的股票？

So the thing that we -- let me just finish up answering the other part, and I'll come back to your question on buying shares.

所以我們 - 讓我完成對另一部分的回答，然後我會回到你關於購買股票的問題。

With respect to acquisitions, Antonio answered very, very clearly.

關於收購，安東尼奧回答得非常非常清楚。

We remain disciplined in that field.

我們在那個領域保持紀律。

We're not going to look at acquisitions that don't fit our investment criteria from an accretion/dilution standpoint.

我們不會從增持/稀釋的角度看待不符合我們投資標準的收購。

It's very, very important we do that.

我們這樣做非常非常重要。

A&PS, specifically for A&PS, it's a very strategic business that pulls a lot of revenue and profits in other parts of the organization, and it's essential for enabling the as a service pivot.

A&PS，特別是對於 A&PS，這是一項非常具有戰略意義的業務，可以為組織的其他部分帶來大量收入和利潤，並且對於實現即服務樞軸至關重要。

Now coming back on to your question with respect to aggressive buybacks, we did in the past 2 years execute a $7 billion capital return program to shareholders.

現在回到你關於積極回購的問題，我們在過去兩年中確實向股東執行了 70 億美元的資本回報計劃。

We returned $2.9 billion by way of dividends and $4.1 billion by way of buybacks.

我們通過股息的方式返還了 29 億美元，通過回購的方式返還了 41 億美元。

And what we did flag at SAM is the fact that we are going to continue to return capital to shareholders in line with our free cash flow generation capacity.

我們在 SAM 所做的事情是，我們將繼續根據我們的自由現金流生成能力向股東返還資本。

We're not going to deviate from this because it's important that we continue to think about the long-term value of those businesses, and each one of those businesses has its own investment profile and needs to be therefore catered for.

我們不會偏離這一點，因為重要的是我們要繼續考慮這些業務的長期價值，而這些業務中的每一個都有自己的投資概況，因此需要加以照顧。

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

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

I wanted to look more at your cost-cutting actions.

我想更多地了解你們的成本削減行動。

I think you talked about taking actions during the current quarter, which may be curtailing travel, which obviously would save money.

我想你談到了在本季度採取行動，這可能會減少旅行，這顯然會省錢。

But more importantly, how are you thinking about the expansion of Next?

但更重要的是，您如何看待 Next 的擴張？

Is this sort of a reevaluation of your cost base?

這是對您的成本基礎的重新評估嗎？

Or is it more sort of a continuation of your usual productivity actions?

或者它更像是您通常的生產力活動的延續？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

So thank you, Shannon, for this question.

謝謝香農提出這個問題。

First and foremost, you may recall when I joined HPE 14 months ago, I used the expression at SAM in 2018 that looking at our cost structure was akin to a fitness exercise.

首先，您可能還記得 14 個月前我加入 HPE 時，我在 2018 年的 SAM 使用了這樣的表達方式，即查看我們的成本結構類似於健身鍛煉。

And it's always important that we look at our cost structure based on the revenue profile that we have, and it's no different right now.

根據我們擁有的收入狀況來審視我們的成本結構始終很重要，現在也沒有什麼不同。

Specifically to HPE Next, we are continuing the implementation of the program in that context where we have to align our cost structure to the new business climate that exists.

特別是針對 HPE Next，我們將繼續在這種情況下實施該計劃，我們必須使我們的成本結構與現有的新商業環境保持一致。

We're not announcing a new restructuring plan, and what is happening is that through the implementation of the new segmentation, we have identified new savings opportunities in each of the businesses, and we'll continue to streamline our operations in that context.

我們沒有宣布新的重組計劃，而是通過實施新的細分，我們在每項業務中發現了新的節省機會，我們將繼續在這種情況下簡化我們的運營。

I will say, Shannon, a couple of things.

香農，我要說幾件事。

So I think the work we have done in the last 2 years give us insights on how we can streamline our operations and be even more agile and focus on everything we do.

所以我認為我們在過去 2 年所做的工作讓我們深入了解如何簡化我們的運營，更加敏捷並專注於我們所做的一切。

And as you recall, the HPE Next was really transformative from the process standpoint as well as from the IT perspective.

您還記得，HPE Next 從流程和 IT 的角度來看確實具有變革性。

And I will say, for the vast majority, everything was executed flawlessly, and we have delivered the results of the gross margin expansion you see.

我會說，對於絕大多數人來說，一切都執行得很完美，我們已經交付了你所看到的毛利率擴張的結果。

As we implemented this new segmentation, now we can see through even better visibility on what else we can go do.

當我們實施這個新的細分時，現在我們可以更好地了解我們還能做什麼。

And as Tarek just said it, right, the reality is you never stop focusing on improving your operations.

正如 Tarek 剛才所說，對，現實是您永遠不會停止專注於改進您的運營。

And because HPE Next actually at the core was a cultural transformation, it gave us the ability now to take further actions, which are actually, I will argue, timely considering the uncertainty we live in.

因為 HPE Next 實際上的核心是文化轉型，它讓我們現在有能力採取進一步行動，我認為，這些行動實際上是及時考慮我們生活的不確定性。

But it's to do the hard things now as these things recover to come on the other end even stronger than before.

但現在要做的是困難的事情，因為這些事情會在另一端恢復過來，甚至比以前更強大。

On the short-term actions, I think, first, we have to protect our employees, first and foremost.

關於短期行動，我認為，首先，我們必須首先保護我們的員工。

I think it's important, and that was the first step.

我認為這很重要，這是第一步。

And then, obviously, that comes with the benefits from the savings, but I want to be clear, this is all about protecting our employees to make sure they don't get exposed for things they don't need to.

然後，很明顯，這會帶來節省的好處，但我想明確一點，這一切都是為了保護我們的員工，以確保他們不會因不必要的事情而受到影響。

And then can you talk a little bit about what you've seen just in the last couple of weeks in terms of production capability or capacity and things coming online?

然後你能談談你在過去幾週看到的生產能力或產能以及上線的東西嗎？

I'm just curious because some of the other companies in the space have started to mention that they're seeing some improvement in the supply chain, again, this is more on the China side, but just in terms of availability of components in that.

我很好奇，因為該領域的其他一些公司已經開始提到他們看到供應鏈有所改善，同樣，這更多是在中國方面，但只是在組件的可用性方面.

And one we talked to even indicated that almost on a daily basis, things were getting better.

一位與我們交談過的人甚至表示，幾乎每天，情況都在好轉。

So I'm just curious as to if you can talk at all about near-term trends.

所以我很好奇你是否可以談談近期趨勢。

Yes.

是的。

No.

不。

That's correct.

這是正確的。

We see kind of the same thing.

我們看到了同樣的事情。

Obviously, some companies have been aligned for some time, and they have been recovering on a daily basis the output of their facilities or their capacity.

顯然，一些公司已經調整了一段時間，他們每天都在恢復設施的輸出或產能。

Obviously, the biggest constraint they had at the time was labor because, obviously, depending on the region within China, but eventually became the entire China, for the most part, is the health measures and certifications that they have to go through.

顯然，他們當時最大的限制是勞動力，因為很明顯，取決於中國的地區，但最終成為整個中國，在很大程度上是他們必須通過的衛生措施和認證。

But in general, I will say it's progressed every single day, and whether it's people coming online or people improving the output of whatever we're already doing.

但總的來說，我會說它每天都在進步，無論是人們上網還是人們改進我們已經在做的事情的產出。

And so that's progressing.

所以這是進步的。

And so you have to take it day by day.

所以你必須日復一日地接受它。

And obviously, what we're doing is, because we have a global supply chain here, is China is one aspect, but also how we manage inventory and how we manage the distribution of those orders in a way we can maximize the return while these things gets back to normal.

很明顯，我們正在做的是，因為我們在這裡有一個全球供應鏈，中國是一個方面，還有我們如何管理庫存以及我們如何管理這些訂單的分配，以便我們可以在這些方面最大化回報一切恢復正常。

That's how we are managing.

我們就是這樣管理的。

And to be honest, we have a very stringent process with war rooms and talking to suppliers every single day.

老實說，我們每天都有一個非常嚴格的作戰室流程，並與供應商交談。

I personally have talked to at least 50 of them myself and have direct contact with each of them.

我個人至少與他們中的 50 人交談過，並且與他們每個人都有直接聯繫。

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

我們的下一個問題將來自美銀美林的 Wamsi Mohan。

Your free cash flow guidance came down, but EPS did not.

您的自由現金流量指導下降了，但每股收益沒有。

I was wondering, are you still expecting the same operating profit dollars?

我想知道，您是否仍期望相同的營業利潤美元？

Or are there other items, some benefits below the line that are contemplated within your guidance?

或者在您的指南中是否有其他項目，線下的一些好處？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

Thank you, Wamsi.

謝謝你，瓦姆西。

So you remember last year, this time of the year, we did say that from a free cash flow standpoint, working capital would be a contributor to cash.

所以你還記得去年，每年的這個時候，我們確實說過，從自由現金流的角度來看，營運資金將成為現金的貢獻者。

And that is what happened last year.

這就是去年發生的事情。

This year, we have attained the point where our cash conversion cycle is negative.

今年，我們已經達到了現金轉換週期為負的地步。

And whilst we do deliver the EPS guide, and we confirmed it for Antonio, the drop in revenue will inevitably have a drag on the free cash flow generation.

雖然我們確實提供了 EPS 指南，並且我們為 Antonio 確認了這一點，但收入的下降將不可避免地拖累自由現金流的產生。

That is because we have a negative free cash flow cycle.

那是因為我們有一個負的自由現金流週期。

So the way cash tracks earnings is a combination of what happens in the P&L at EPS level but also the working capital component that comes with the P&L and the revenue from the accounts receivables side and also the fact that we need to build inventory to be able to cater for the supply chain shortages that we explained.

因此，現金跟踪收益的方式結合了每股盈餘水平的損益表以及損益表附帶的營運資本部分和應收賬款方面的收入，以及我們需要建立庫存以便能夠以滿足我們解釋的供應鏈短缺。

That is what is behind the difference between the P&L EPS performance and the free cash flow guide that we put forward.

這就是 P&L EPS 表現與我們提出的自由現金流指南之間差異的原因。

And I will say, in 2020, obviously, it's a timing issue as we recover the supply chain.

我會說，到 2020 年，顯然，這是我們恢復供應鏈的時間問題。

And that is a timing from the -- when we can build and ship these products, obviously, and also the fact that we have to rebuild some of the inventory because as the operations in China and other parts of the world maybe were impacted, we had to manage that inventory, and now we have to rebuild it back over time.

這是一個時間——當我們可以製造和運輸這些產品時，顯然，還有我們必須重建一些庫存的事實，因為由於中國和世界其他地區的業務可能受到影響，我們必須管理該庫存，現在我們必須隨著時間的推移重建它。

Okay.

好的。

Antonio, you commented on sort of the uncertainty surrounding 2Q, but you also seem to be confident on the fiscal year guide.

安東尼奧，你對第二季度的不確定性發表了評論，但你似乎也對財政年度指南充滿信心。

I understand HPE Next is under your control, but what gives you confidence that this demand comes back?

我知道 HPE Next 在您的控制之下，但是是什麼讓您相信這種需求會回來？

It's clear that things in China are improving, but when you sort of think about the demand environment globally, what gives you confidence that the demand is going to come back in the second half?

很明顯，中國的情況正在改善，但當你考慮全球的需求環境時，是什麼讓你有信心下半年需求會回升？

Because that's what it seems implicitly what is embedded in your full year guide.

因為這似乎隱含在您的全年指南中。

Yes.

是的。

I mean, first, let's start with some of the businesses I have reported earlier and Tarek provided detail.

我的意思是，首先，讓我們從我之前報導過的一些業務開始，Tarek 提供了詳細信息。

Obviously, the Intelligent Edge, we see continued momentum.

顯然，智能邊緣，我們看到了持續的勢頭。

That is continuing right now as we speak.

就在我們說話的時候，這種情況仍在繼續。

We feel pretty good about that.

我們對此感覺很好。

Much of the supply chain is not gated in China for the Intelligent Edge, so that's a positive news.

智能邊緣的大部分供應鏈都沒有在中國設門，所以這是個好消息。

Then, obviously, on high-performance computing, that demand continues to be solid, and we have a very interesting pipeline ahead of us with a unique, differentiated portfolio.

然後，很明顯，在高性能計算方面，這種需求繼續保持穩定，我們前面有一條非常有趣的管道，擁有獨特的、差異化的產品組合。

So the need for processing data through AI, machine learning, big data-intensive workloads continue to be very high.

因此，通過人工智能、機器學習、大數據密集型工作負載處理數據的需求仍然非常高。

That's not stopping.

那不是停止。

As we think about these new storage platforms, particularly what I call Intelligent Data platform, the data growth requires that the data gets stored and gets managed and ultimately insights are extracted from it.

當我們考慮這些新的存儲平台時，尤其是我所說的智能數據平台，數據增長需要存儲和管理數據，並最終從中提取見解。

So that's positive as well.

所以這也是積極的。

Right now, as I said earlier, as we enter Q2, we enter with a sizable backlog because we couldn't ship it in Q1 everything we wanted.

現在，正如我之前所說，當我們進入第二季度時，我們進入了大量積壓工作，因為我們無法在第一季度交付我們想要的一切。

And at the same time, we haven't seen yet outside China a significant impact.

與此同時，我們還沒有看到中國以外的重大影響。

But obviously, as we think about the second -- back of the year here, obviously, we expect to -- things to return to a level of normalcy that eventually will allow us to continue to progress against that.

但很明顯，當我們考慮第二個時——顯然，我們希望在今年年底——事情恢復到正​​常水平，最終將使我們能夠繼續取得進展。

That's how I see it right now.

這就是我現在的看法。

And because of everything we do, both from a mix perspective, with the pivot to, obviously, as a service, which is a long-term opportunity and growing, and the fact we're taking our own actions here with HPE Next and other ones, that's where, at this point in time, we felt comfortable in affirming the original guidance that we provided here on EPS.

由於我們所做的一切，無論是從混合的角度來看，還是以服務為中心，這顯然是一個長期的機會，而且還在不斷增長，而且我們正在與 HPE Next 和其他公司一起採取我們自己的行動那些，在這個時間點，我們很樂意確認我們在這裡提供的關於 EPS 的原始指導。

But we felt prudent to adjust the cash flow for the dynamics Tarek explained earlier.

但我們謹慎地根據 Tarek 之前解釋的動態調整現金流。

Our final question will come from Simon Leopold with Raymond James.

我們的最後一個問題將來自 Simon Leopold 和 Raymond James。

I've got 2, one is probably really simple, so I'll ask that one first, and then a follow-up.

我有 2 個，一個可能真的很簡單，所以我會先問那個，然後再跟進。

What are your expectations for the full year's net CapEx?

您對全年淨資本支出有何預期？

If you could answer that, and then I've got a follow-up.

如果你能回答這個問題，我就會進行跟進。

Look, net CapEx for this year is not a particularly large number.

看，今年的淨資本支出並不是一個特別大的數字。

In this first half of the year, we have benefited from in-plan sales that have reduced our overall CapEx consumption, and we think that from a CapEx standpoint, we're in line with prior years.

今年上半年，我們受益於計劃內銷售，減少了我們的整體資本支出消耗，我們認為從資本支出的角度來看，我們與往年持平。

I don't see, beyond the first quarter performance, a significant uptick in CapEx this year.

除了第一季度的表現，我認為今年的資本支出沒有顯著增加。

We don't have any specific CapEx expenditures that are extraordinary from what we have seen before.

與我們之前所見相比，我們沒有任何特別的資本支出支出。

Okay.

好的。

And then the other one I wanted to see if you could give us some better insight is to understand how much money you would be able to borrow, say, for acquisitions or other purposes yet still maintain your investment-grade credit rating.

然後另一個我想看看你是否能給我們一些更好的見解是了解你可以藉多少錢，比如說，用於收購或其他目的，同時仍保持你的投資級信用評級。

I believe that's important to you.

我相信這對你很重要。

So just -- I want to get a better understanding of what the sort of maximum borrowing could be.

所以只是 - 我想更好地了解最大借貸的種類。

Well, it really depends on what you borrow the money for, to some extent, right?

嗯，在某種程度上，這真的取決於你借錢的目的，對吧？

And that's the question.

這就是問題所在。

But if you really want to look at how do we maintain our investment-grade rating and what would be our borrowing capacity maintaining that investment-grade rating, it's probably around the $5 billion mark.

但如果你真的想看看我們如何維持我們的投資級評級以及我們維持該投資級評級的借貸能力是多少，它可能在 50 億美元左右。

But I want to make sure that one thing is clear, right?

但我想確定一件事是清楚的，對吧？

We are committed to maintain our credit rating.

我們致力於維持我們的信用評級。

Great.

偉大的。

I think with that, we can close down the call.

我想這樣我們就可以結束通話了。

All right.

好的。

Thank you.

謝謝。

Thank you, everyone, for joining us.

謝謝大家加入我們。

Ladies and gentlemen, this concludes our call for today.

女士們，先生們，我們今天的呼籲到此結束。

Thank you.

謝謝。