惠普企業 (HPE) 2022 Q1 法說會逐字稿

Good day, and welcome to the First Quarter Fiscal 2022 Hewlett Packard Enterprise Earnings Conference Call. My name is Chuck, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

美好的一天，歡迎參加 2022 財年第一季度惠普企業收益電話會議。我的名字是查克，我將擔任您今天電話會議的主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。

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

我現在想將會議轉交給今天的主持人，投資者關係副總裁 Andrew Simanek 先生。請繼續。

Thank you. Good afternoon. I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2022 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.

謝謝你。下午好。我是 Hewlett Packard Enterprise 投資者關係主管 Andy Simanek。歡迎您參加我們與慧與總裁兼首席執行官安東尼奧·內裡 (Antonio Neri) 舉行的 2022 財年第一季度收益電話會議；以及慧與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.

在將電話轉交給 Antonio 之前，讓我提醒您，此電話正在網絡廣播中。電話會議後不久將提供大約 1 年的網絡廣播重播。我們在我們的慧與投資者關係網頁investors.hpe.com 上發布了今天的收益發布所附帶的新聞稿和幻燈片演示。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HPE's filings with the SEC, including its most recent Form 10-K and Form 10-Q. HPE assumes no obligation and does not intend to update any such forward-looking statements.

與往常一樣，本演示文稿的元素具有前瞻性，並基於我們對當今世界和我們業務的最佳看法。如需更多詳細信息，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，請參閱慧與提交給 SEC 的文件，包括其最新的 10-K 表格和 10-Q 表格。 HPE 不承擔任何義務，也不打算更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended January 31, 2022.

我們還注意到，本次電話會議中討論的財務信息反映了基於目前可用信息的估計，可能與慧與在截至 2022 年 1 月 31 日的財政季度的 10-Q 表格季度報告中最終報告的金額存在重大差異。

Also for financial information that has been expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details.

此外，對於以非 GAAP 為基礎表達的財務信息，我們在我們的網站上提供了與可比 GAAP 信息的對賬。有關詳細信息，請參閱我們網站上今天的收益發布隨附的表格和幻燈片演示。

Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year-over-year basis and adjusted to exclude the impact of currency. Finally, after Antonio provides his high-level remarks, Tarek will be referencing the slides in our earnings presentation throughout his prepared remarks. As mentioned, the earnings presentation can be found posted to our website and is also embedded within the webcast player for this earnings call.

在本次電話會議中，除非另有說明，否則所有收入增長率均按年報告，並進行調整以排除貨幣影響。最後，在安東尼奧發表高級別講話後，塔雷克將在他準備好的講話中引用我們收益演示中的幻燈片。如前所述，可以在我們的網站上找到收益演示文稿，並且還可以在此收益電話會議的網絡廣播播放器中嵌入。

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, and good afternoon, everyone. Thank you for joining us today. Before I discuss our results, I would like to address the evolving situation in Ukraine and how we are responding. Our first priority in the region is the safety of our team members, our contingent workers and their immediate families. We are conducting regular proactive outreach to our workforce in Ukraine to offer emergency assistance, making our security team available 24/7 to help.

謝謝，安迪，大家下午好。感謝您今天加入我們。在討論我們的結果之前，我想先談談烏克蘭不斷變化的局勢以及我們如何應對。我們在該地區的首要任務是確保團隊成員、臨時工及其直系親屬的安全。我們正在定期與我們在烏克蘭的員工進行主動外聯，以提供緊急援助，讓我們的安全團隊 24/7 全天候提供幫助。

The HPE Foundation has established a special giving campaign for our team members to support humanitarian efforts in Ukraine, which has already raised $150,000 in just over 24 hours. And we are expanding the time off we offer team members to volunteer, so those in the regions can care for their families and participate in humanitarian relief activities. From a business perspective, we have suspended all shipments into Russia at this time, and we'll continue to adhere through all relevant sanctions and export controls.

HPE 基金會為我們的團隊成員開展了一項特別捐贈活動，以支持烏克蘭的人道主義工作，該活動已在短短 24 小時內籌集了 150,000 美元。我們正在延長我們為團隊成員提供志願服務的時間，以便該地區的人們可以照顧他們的家人並參與人道主義救援活動。從商業角度來看，我們目前已暫停所有運往俄羅斯的貨物，我們將繼續遵守所有相關製裁和出口管制。

Now let me review our results for the first quarter of fiscal 2022. Hewlett Packard Enterprise delivered a solid performance. The quarter was characterized by robust customer demand and profitability, demonstrating the strength of our differentiated edge-to-cloud strategy and our portfolio innovation. Our business pivot is further strengthening our gross and operating margins. As a result of our overall performance this quarter, we are increasing our outlook for non-GAAP diluted net earnings per share for the full fiscal year 2022.

現在讓我回顧一下我們 2022 財年第一季度的業績。惠普企業表現出色。本季度的特點是強勁的客戶需求和盈利能力，展示了我們差異化的邊緣到雲戰略和我們的產品組合創新的實力。我們的業務重心正在進一步提高我們的毛利率和營業利潤率。由於我們本季度的整體表現，我們正在提高對 2022 財年非公認會計原則攤薄後每股淨收益的展望。

In Q1, we saw order growth of 20% from the prior year period, including 136% rise in other service orders. We increased total HPE revenue by 2% year-over-year to $7 billion despite continued industry-wide supply constraints, which slowed our ability to convert orders and record-breaking backlog to revenue. We generated a non-GAAP gross profit margins of 33.9%, higher than the prior quarter and prior year. I'm particularly pleased that we delivered 11% non-GAAP operating margin.

第一季度，我們看到訂單比去年同期增長 20%，其中其他服務訂單增長 136%。儘管全行業持續受到供應限制，我們的 HPE 總收入同比增長 2% 至 70 億美元，這減緩了我們將訂單轉化為創紀錄的積壓收入的能力。我們的非公認會計準則毛利率為 33.9%，高於上一季度和上一年度。我特別高興我們實現了 11% 的非 GAAP 營業利潤率。

Free cash flow was negative $577 million in the quarter, reflecting normal seasonality and proactive actions we continue to take to further buffer inventories in order to meet robust customer demand and forward-looking growth. The performance was -- we delivered this quarter was noteworthy in a macro environment that continues to be defined industry-wide by supply shortages and overloaded logistics channels.

本季度自由現金流為負 5.77 億美元，反映了正常的季節性和我們繼續採取積極行動以進一步緩衝庫存以滿足強勁的客戶需求和前瞻性增長。業績是——我們在本季度交付的業績在宏觀環境中是值得注意的，該環境繼續由供應短缺和物流渠道過載來定義整個行業。

Our global operations team is mitigating impact by prudently building inventory where appropriate and leaning on our long standard supplier relationships. We continue to utilize our world-class supply chain engineering capabilities to adjust the type of components we use, shifting to those that are more readily available.

我們的全球運營團隊正在通過在適當的情況下謹慎地建立庫存並依靠我們長期的標準供應商關係來減輕影響。我們繼續利用我們世界一流的供應鏈工程能力來調整我們使用的組件類型，轉向那些更容易獲得的組件。

We are not seeing any noticeable order cancellations for customers due to elongated delivery times, and we'll continue to take pricing actions in this inflationary environment. As we discussed previously, we expect supply constraints will likely last well into the second half of calendar year 2022. Demand for our differentiated edge-to-cloud products and solutions continues to be very strong, with Q1 marking the third consecutive quarter we have generated year-over-year order growth above 20%. This was also the second conservative quarter that our as-a-service orders more than doubled year-over-year. Customers are turning to HPE for a differentiated portfolio, adopting our solutions to drive their transformation at a faster and faster pace.

由於交貨時間延長，我們沒有看到任何明顯的客戶訂單取消，我們將繼續在這種通脹環境下採取定價行動。正如我們之前所討論的，我們預計供應限制可能會持續到 2022 年下半年。對我們差異化的邊緣到雲產品和解決方案的需求仍然非常強勁，第一季度是我們連續第三個季度產生訂單同比增長超過 20%。這也是我們的即服務訂單同比增長一倍以上的第二個保守季度。客戶轉向慧與尋求差異化產品組合，採用我們的解決方案以越來越快的速度推動他們的轉型。

Several key technology trends that are shaping the IT industry are aligned directly with our strategy to become the edge-to-cloud company through our HPE GreenLake platform offering. The edge is creating new sources of data. Our customers need secure connectivity to power the emerging distributed enterprise with remote workforces while delivering new digital experience to their shareholders.

塑造 IT 行業的幾個關鍵技術趨勢與我們通過 HPE GreenLake 平台產品成為邊緣到雲公司的戰略直接一致。邊緣正在創建新的數據源。我們的客戶需要安全的連接來為新興的分佈式企業提供遠程勞動力，同時為其股東提供新的數字體驗。

The world is hybrid. Cloud is an experience that customers increasingly expect to have wherever the workload leads. The result is a growing demand for multi-cloud experiences, including clouds that live on-premises, at the edge, in colocations or in a public cloud. We have entered the age of insight, and data is the most precious asset. Digital transformation is creating new possibilities for enterprises and customer needs solution to attract insights from the data to accelerate business outcomes. And when customers tell us they want to address this market shift, they are increasingly looking to do so through a flexible as-a-service consumption model that enables them to pay only for the IT they use. Customers seeking to capitalize on these market trend opportunities are turning to HPE GreenLake as the platform of choice. As always, Tarek will provide details about the business results for each of our segments.

世界是混合的。雲是一種客戶越來越希望在工作負載導致的任何地方都能擁有的體驗。結果是對多雲體驗的需求不斷增長，包括在本地、邊緣、託管或公共雲中的雲。我們已經進入洞察時代，數據是最寶貴的資產。數字化轉型正在為企業和客戶需求解決方案創造新的可能性，以從數據中獲取洞察以加速業務成果。當客戶告訴我們他們想要應對這種市場轉變時，他們越來越希望通過一種靈活的即服務消費模式來實現這一目標，這種模式使他們能夠只為他們使用的 IT 付費。尋求利用這些市場趨勢機會的客戶正在將 HPE GreenLake 作為首選平台。與往常一樣，Tarek 將提供有關我們每個部門的業務成果的詳細信息。

I will note a few highlights that underscore our performance this quarter as well as our innovation interaction with customers. Customers' requirements for a unified operating experience across edge-to-cloud and the desire to consume IT in a flexible way is fueling the tremendous orders growth of our HPE GreenLake edge-to-cloud platform, which saw record demand in Q1 with as-a-service orders up 136% year-over-year.

我將指出一些突出我們本季度業績的亮點以及我們與客戶的創新互動。客戶對跨邊緣到雲的統一運營體驗的需求以及以靈活方式使用 IT 的願望正在推動我們的 HPE GreenLake 邊緣到雲平台的巨大訂單增長，該平台在第一季度的需求創下歷史新高，如下所示：服務訂單同比增長 136%。

During the quarter, we added more than 100 new HPE GreenLake customers, bringing the total count to more than now 1,350 customers who have adopted the HPE GreenLake platform for its -- because of its compelling value proposition. Among the new HPE GreenLake customers we announced in Q1 was Barclays, which has used an HPE GreenLake to deliver its private cloud platform as a part of the bank's hybrid multi-cloud strategy and digital transformation across its global banking businesses.

在本季度，我們增加了 100 多家新的 HPE GreenLake 客戶，使採用 HPE GreenLake 平台的客戶總數超過現在 1,350 家，因為它具有令人信服的價值主張。我們在第一季度宣布的新 HPE GreenLake 客戶包括巴克萊銀行，該銀行使用 HPE GreenLake 交付其私有云平台，作為該銀行全球銀行業務混合多雲戰略和數字化轉型的一部分。

The traction we are seeing in the market for HPE GreenLake is driving us to further accelerate the transformation of HPE into an edge-to-cloud company. On March 22, we will unveil significant new innovations and enhancements to our HPE GreenLake platform to help customers manage their hybrid clouds more easily, protect and get more value from their data and securely connect at the edge.

我們在市場上看到的 HPE GreenLake 牽引力正在推動我們進一步加快 HPE 向邊緣到雲公司的轉型。 3 月 22 日，我們將推出 HPE GreenLake 平台的重大創新和增強功能，以幫助客戶更輕鬆地管理他們的混合雲，保護他們的數據並從他們的數據中獲得更多價值，並在邊緣安全地連接。

Our as-a-service transformation is my number one priority, and it is already delivering results for our shareholders as evidenced in our Q1 performance and increased non-GAAP diluted net earnings per share guidance for the full fiscal year 2022.

我們的即服務轉型是我的第一要務，它已經為我們的股東帶來了成果，這從我們的第一季度業績和 2022 年全年非 GAAP 攤薄每股淨收益指引的增加中得到了證明。

Our other service pivot is accelerating our momentum in key growth businesses. Our Intelligent Edge business segment grew revenues 11% year-over-year and for the fourth consecutive quarter, so year-over-year orders growth of over 35% driven by the very strong demand in secure connectivity from edge-to-cloud. Our Aruba Edge cloud offerings continue to garner new customers.

我們的另一個服務支點正在加速我們在關鍵增長業務中的發展勢頭。我們的智能邊緣業務部門的收入連續第四個季度同比增長 11%，因此在從邊緣到雲的安全連接需求非常強勁的推動下，訂單同比增長超過 35%。我們的 Aruba Edge 雲產品繼續吸引新客戶。

The Aruba Central cloud-native platform now manages more than 120,000 customers and more than 1.9 million network devices. In Q1, we announced that our Aruba cloud-managed branch offering is being adopted by Brasfield & Gorrie, one of the largest private health construction companies in the United States.

Aruba Central 雲原生平台現在管理著超過 120,000 名客戶和超過 190 萬台網絡設備。在第一季度，我們宣布我們的 Aruba 雲管理分支機構產品正在被美國最大的私人健康建築公司之一的 Brasfield & Gorrie 採用。

The company is using our networking portfolio to elevate their construction site innovation with impressive tools like virtual reality views of projects before they are built. Also in the quarter, we introduced the Aruba EdgeConnect Microbranch, an industry-leading home office, cloud-based networking solution that lets remote personnel work seamlessly and securely wherever they are located. Our high performance computing and AI business also generated a noteworthy product order growth of more than 20% year-over-year, which has increased our total order book to a record of approximately $2.7 billion.

該公司正在使用我們的網絡產品組合，通過令人印象深刻的工具（例如項目建成前的虛擬現實視圖）來提升他們的建築工地創新。同樣在本季度，我們推出了 Aruba EdgeConnect Microbranch，這是一種行業領先的家庭辦公室、基於雲的網絡解決方案，可讓遠程人員無論身在何處都能無縫、安全地工作。我們的高性能計算和人工智能業務也產生了令人矚目的產品訂單增長，同比增長超過 20%，這使我們的總訂單增加至約 27 億美元的創紀錄水平。

During the quarter, we announced a win with the United States Department of Energy, National renewable Energy Laboratory to build a new supercomputer that will advance R&D for tomorrow's clean energy systems. Our compute and storage businesses experienced robust order growth and outstanding profitability. In Q1, nearly 10% of compute and storage orders were sold as a service. Compute generated more than 20% order growth year-over-year, expanded gross margins and attractive operating margins, up 240 basis points year-over-year, driven by strong pricing discipline. Storage drove product order growth of more than 15% year-over-year for the fourth consecutive quarter.

在本季度，我們宣布與美國能源部國家可再生能源實驗室合作建造一台新的超級計算機，以推進未來清潔能源系統的研發。我們的計算和存儲業務經歷了強勁的訂單增長和出色的盈利能力。在第一季度，將近 10% 的計算和存儲訂單作為服務出售。在強大的定價紀律的推動下，Compute 產生了超過 20% 的訂單同比增長、擴大的毛利率和有吸引力的營業利潤率，同比增長 240 個基點。存儲推動產品訂單連續第四個季度同比增長超過 15%。

Innovation is unrelenting as we transform this segment into a data services business. For example, in Q1, our venture arm Hewlett Packard Pathfinder invested in BigID. This is a leading data intelligent platform to help organizations realize detailed insights in their sensitive personal and critical data and then act on it.

隨著我們將這一領域轉變為數據服務業務，創新是不懈的。例如，在第一季度，我們的風險投資部門 Hewlett Packard Pathfinder 投資了 BigID。這是一個領先的數據智能平台，可幫助組織對其敏感的個人和關鍵數據進行詳細洞察，然後採取行動。

Our HPE Pointnext Services team is helping customers navigate through their multigenerational IT journey while modernizing, building and running the new hybrid IT estates. In Q1, HPE Pointnext Services orders increased mid-single digits year-over-year.

我們的 HPE Pointnext 服務團隊正在幫助客戶完成他們的多代 IT 旅程，同時對新的混合 IT 資產進行現代化改造、構建和運行。第一季度，HPE Pointnext 服務訂單同比增長中個位數。

Turning to our workforce. We reopened all of our United States offices last month to those who wish to return after careful analysis for information and guidance from the public health officials. I was very pleased to meet team members in person at a new cutting-edge Houston headquarters. You may have caught a glimpse of our Houston campus innovation in the video that ran before this call. We look forward to the official grand opening in April.

轉向我們的員工隊伍。上個月，我們向那些希望返回的人重新開放了我們所有的美國辦事處，這些人在經過仔細分析以獲取公共衛生官員的信息和指導後。我很高興在休斯頓新的尖端總部親自會見團隊成員。您可能已經在本次電話會議之前播放的視頻中瞥見了我們休斯頓校園的創新。我們期待四月的正式盛大開幕。

Alongside advancing our rewarding workplace, I also believe HPE has a responsibility to become a more climate-resilient company. And we know it is a priority for our customers and shareholders. HPE Financial Services plays an important role in our sustainability strategy, providing asset upcycling to customers, which means reuse of millions of technology assets while freeing up capital for customers to reinvest in their businesses.

除了推進我們有價值的工作場所之外，我還相信慧與有責任成為一家更具氣候適應能力的公司。我們知道這是我們的客戶和股東的首要任務。 HPE 金融服務在我們的可持續發展戰略中發揮著重要作用，為客戶提供資產升級循環，這意味著重複使用數百萬技術資產，同時釋放資金讓客戶重新投資於他們的業務。

Customers are choosing HPE in part because of our portfolio sustainability attributes. In fact, in fiscal year 2021, we drove nearly $900 million in revenue from sustainability-related customers' engagements. I am proud of our team members not just for bringing breakthrough customer-centric innovation, but for how they are bringing it to market. We are making bold moves to maximize what we can do for our customers and shareholders. It is this type of collaboration and engagement that's propelling our business transformation.

客戶之所以選擇慧與，部分原因在於我們的產品組合可持續性屬性。事實上，在 2021 財年，我們從與可持續發展相關的客戶參與中獲得了近 9 億美元的收入。我為我們的團隊成員感到自豪，不僅因為他們帶來了以客戶為中心的突破性創新，還因為他們將其推向市場。我們正在採取大膽的舉措，以最大限度地為客戶和股東做些什麼。正是這種協作和參與推動了我們的業務轉型。

It is clear from strong customer feedback and momentum across our businesses that HPE is increasingly well positioned to capitalize on the edge-to-cloud mega trends that define our IT industry. HPE GreenLake is at the center of our strategy to pivot the company, and it is generating record-breaking demand with impressive profitability across our business.

從強大的客戶反饋和我們業務的發展勢頭可以清楚地看出，HPE 越來越有能力利用定義我們 IT 行業的邊緣到雲的大趨勢。 HPE GreenLake 是我們轉變公司戰略的核心，它正在創造破紀錄的需求，並為我們的業務帶來令人印象深刻的盈利能力。

This continue to be uncertain times. As we monitor the dynamic global stage, I am more confident than ever about our future and our ability to drive long-term sustainable profitable growth for our shareholders because of our strategy and differentiated innovation.

這仍然是不確定的時期。當我們關注動態的全球舞台時，我比以往任何時候都更有信心，因為我們的戰略和差異化創新，我們的未來以及我們為股東推動長期可持續盈利增長的能力。

Now I would like Tarek to talk you through the quarter's performance in detail. Tarek?

現在我想讓 Tarek 詳細介紹一下本季度的表現。塔雷克？

Thank you very much, Antonio. I'll start with a summary of our financial results for the first quarter of fiscal year 2022. As usual, I'll be referencing the slides from our earnings presentation to guide you through our performance.

非常感謝你，安東尼奧。我將從 2022 財年第一季度的財務業績摘要開始。像往常一樣，我將參考我們的收益演示文稿中的幻燈片，以指導您了解我們的業績。

Antonio discussed the key highlights on Slide 1, so now let me discuss our Q1 performance details, starting with Slide 2. We are off to a good start, delivering against our commitments for fiscal year '22 with strong momentum continuing to build across the business. The demand continues to be robust for our differentiated edge-to-cloud portfolio, with order growth up 20% year-over-year, marking our third quarter in a row with order growth at or above 20% year-over-year. This bolsters our confidence in achieving both our fiscal year '22 revenue outlook of 3% to 4% adjusted for currency and our longer term 2% to 4% revenue CAGR outlook provided at our 2021 Securities Analyst Meeting.

安東尼奧討論了幻燈片 1 的主要亮點，所以現在讓我討論我們的第一季度業績細節，從幻燈片 2 開始。我們有一個良好的開端，兌現了我們對 22 財年的承諾，並且在整個業務中繼續建立強勁勢頭.對我們差異化的邊緣到雲產品組合的需求繼續強勁，訂單同比增長 20%，標誌著我們連續第三個季度訂單同比增長達到或超過 20%。這增強了我們對實現 22 財年 3% 至 4% 的貨幣調整收入前景和我們在 2021 年證券分析師會議上提供的 2% 至 4% 的長期收入複合年增長率前景的信心。

We delivered Q1 revenues of $7 billion, up 2% year-over-year and in line with our outlook of normal sequential seasonality despite a continuously challenging supply environment. As a result, our backlog further increased to record levels with a firm order book that shows no signs of double ordering or any noticeable cancellations.

儘管供應環境持續充滿挑戰，我們第一季度的收入為 70 億美元，同比增長 2%，符合我們對正常連續季節性的展望。結果，我們的積壓訂單進一步增加到創紀錄的水平，訂單確定，沒有顯示重複訂購或任何明顯取消的跡象。

We were particularly pleased with the quality of our earnings, including the resiliency of our gross margins despite the ongoing supply constraints that are driving up material and logistics costs. We delivered non-GAAP gross margin of 33.9%, up 90 basis points sequentially and 20 basis points year-over-year, driven primarily by strong pricing discipline and our continued mix shift towards higher-margin, software-rich offerings.

儘管持續的供應限制推高了材料和物流成本，但我們對盈利質量感到特別滿意，包括毛利率的彈性。我們實現了 33.9% 的非公認會計原則毛利率，環比增長 90 個基點，同比增長 20 個基點，這主要受強大的定價紀律和我們繼續向更高利潤率、軟件豐富的產品組合轉變的推動。

Non-GAAP operating margin has also been resilient at 11%, slightly down 30 basis points year-over-year, but up 130 basis points sequentially. We're achieving all of the expected savings from our cost actions announced mid-pandemic while continuing to make investments in our high-growth, margin-rich areas of our portfolio to fuel further revenue and profitability. Within other income and expense, we benefited from further strong gains related to increased valuations in our investment portfolio and robust operational performance in HPC. As a result, we now expect non-GAAP other income and expense for fiscal year '22 to be an income of approximately $25 million versus prior guidance of a $20 million to $40 million expense.

非美國通用會計準則營業利潤率也保持彈性，達到 11%，同比略有下降 30 個基點，但環比增長 130 個基點。我們正在從大流行中期宣布的成本行動中實現所有預期的節省，同時繼續投資於我們投資組合中高增長、利潤豐厚的領域，以進一步推動收入和盈利能力。在其他收入和支出中，我們受益於與我們投資組合估值增加和 HPC 強勁運營業績相關的進一步強勁收益。因此，我們現在預計 22 財年的非 GAAP 其他收入和支出約為 2500 萬美元，而之前的指導為 2000 萬至 4000 萬美元。

As a result of our strength in margins that more than offset the continued supply challenges, we delivered non-GAAP EPS of $0.53, well above the high end of our outlook range of $0.42 to $0.50 for Q1. As previously indicated, we expect the free cash flow to be in line with our typical seasonality that is lowest in Q1, with a use of cash of $577 million for this quarter.

由於我們的利潤率優勢足以抵消持續的供應挑戰，我們實現了 0.53 美元的非公認會計原則每股收益，遠高於我們第一季度預期範圍 0.42 美元至 0.50 美元的高端。如前所述，我們預計自由現金流將符合我們在第一季度最低的典型季節性，本季度使用現金為 5.77 億美元。

We also continue to take strategic inventory actions to navigate the current supply environment. Our inventory is now up $2.5 billion year-over-year to $5.3 billion in support of the substantial order book that we have. This will better position us to convert orders into future revenue and cash flow. Finally, we continued to return substantial capital to our shareholders. We paid $155 million of dividends in the current quarter and are declaring a Q2 dividend today of $0.12 per share payable in April. We also repurchased $129 million in shares during Q1, reflecting our confidence in future cash flow generation.

我們還繼續採取戰略性庫存行動來應對當前的供應環境。我們的庫存現在同比增長 25 億美元，達到 53 億美元，以支持我們擁有的大量訂單。這將使我們更好地將訂單轉化為未來的收入和現金流。最後，我們繼續向股東返還大量資本。我們在本季度支付了 1.55 億美元的股息，今天宣佈在 4 月份支付每股 0.12 美元的第二季度股息。我們還在第一季度回購了 1.29 億美元的股票，反映了我們對未來現金流產生的信心。

Slide 3 highlights key metrics of our growing as-a-service business. We made meaningful progress during Q1. We added more than 100 customers and well over $500 million of total contract value that brings the current total TCV to more than $6.5 billion.

幻燈片 3 突出了我們不斷增長的即服務業務的關鍵指標。我們在第一季度取得了有意義的進展。我們增加了 100 多家客戶，合同總價值超過 5 億美元，使當前的總 TCV 超過 65 億美元。

Total as-a-service orders were up 136% year-over-year. As a proof point of our as-a-service pivot momentum, as-a-service-order growth has accelerated every quarter going back to Q1 of last year. Our ARR was up 23% year-over-year to $798 million with supply constraints limiting some installations. While our ARR growth might be somewhat volatile in the current supply environment, the strong accelerated -- accelerating order growth over the last several quarters is the best indicator of long-term health of this business. This gives us confidence in delivering our 35% to 45% CAGR target from fiscal year '21 to fiscal year '24, with increasing margins as our mix of both software and services continue to increase to 64% in Q1, up more than 4 points year-over-year.

即服務訂單總數同比增長 136%。作為我們即服務支點勢頭的一個證明點，即服務訂單的增長每個季度都在加速，這可以追溯到去年第一季度。由於供應限制限制了一些安裝，我們的 ARR 同比增長 23% 至 7.98 億美元。雖然我們的 ARR 增長在當前的供應環境中可能有些波動，但過去幾個季度強勁的加速 - 加速訂單增長是該業務長期健康狀況的最佳指標。這使我們有信心從 21 財年到 24 財年實現 35% 到 45% 的複合年增長率目標，隨著我們的軟件和服務組合在第一季度繼續增長到 64%，提高了 4 個百分點以上，利潤率不斷提高一年又一年。

Now let's turn to our segment highlights on Slide 4. Our growth businesses continue to show improving top line momentum and record levels of backlog fueled by strong demand. In the Intelligent Edge, demand for our secure connectivity solutions continued unabated with orders growing more than 35% year-over-year, the fourth consecutive quarter.

現在讓我們轉向幻燈片 4 上的細分市場亮點。在強勁需求的推動下，我們的增長業務繼續顯示出不斷提高的收入勢頭和創紀錄的積壓水平。在智能邊緣，對我們安全連接解決方案的需求持續有增無減，訂單連續第四個季度同比增長超過 35%。

Despite increasing supply constraints, revenue grew 11% year-over-year with strength across the portfolio. Both wired switching and wireless LAN grew approximately 10%, with Aruba Services up even stronger driven by our edge-as-a-service offerings up strong double digits. We also delivered strong operating margins of 17.4%, this is a 650 basis point sequential improvement despite higher component and logistics costs, demonstrating that our price actions are sticking.

儘管供應限制越來越多，但收入同比增長 11%，整個投資組合都表現強勁。有線交換和無線 LAN 均增長了約 10%，在我們的邊緣即服務產品強勁兩位數的推動下，Aruba 服務的增長更加強勁。我們還實現了 17.4% 的強勁營業利潤率，儘管組件和物流成本較高，但環比提高了 650 個基點，表明我們的價格行動是堅持不懈的。

In HPC and AI, demand remains robust with product order growth of more than 20% year-over-year, driving our awarded contracts total to another record level of approximately $2.7 billion. Revenue grew 4% year-over-year, but was impacted by 2 large customer acceptance delays that impacted growth by more than 10 points in Q1 and are now on track to be delivered in Q2.

在 HPC 和 AI 方面，需求依然強勁，產品訂單同比增長超過 20%，推動我們的中標合同總額再創新高，約為 27 億美元。收入同比增長 4%，但受到 2 次大型客戶接受延遲的影響，這對第一季度的增長影響超過 10 個百分點，現在有望在第二季度交付。

Our Q1 operating profit was obviously also impacted by these pushouts, and we expect operating margins to return to more in range with historical levels going forward. In compute, order growth was up over 20% year-over-year for the third consecutive quarter while revenue growth was flat, reflecting the difficult supply environment.

我們的第一季度營業利潤顯然也受到了這些推出的影響，我們預計營業利潤率將在未來的歷史水平上恢復到更大的範圍內。在計算方面，訂單增長連續第三個季度同比增長超過 20%，而收入增長持平，反映了艱難的供應環境。

We have been very focused on executing a dynamic pricing strategy that has been effective in managing the increased supply and logistic costs. The results are showing up in our operating margin performance at 13.8%, up 240 basis points year-over-year and 440 basis points sequentially, well above our long-term target of 11% to 13%. Within storage, product order growth was up in the high teens year-over-year. This was the fourth quarter in a row of 15% or better year-over-year product order growth. Revenue was down 3%, reflecting increasing supply constraints, particularly for our owned IP products. As a result, we had an unfavorable revenue mix that pressured our margins this quarter.

我們一直非常專注於執行動態定價策略，該策略有效地管理增加的供應和物流成本。結果顯示，我們的營業利潤率為 13.8%，同比增長 240 個基點，環比增長 440 個基點，遠高於我們 11% 至 13% 的長期目標。在存儲方面，產品訂單同比增長高達十幾歲。這是連續第四個季度同比增長 15% 或更好的產品訂單。收入下降 3%，反映出供應限制增加，尤其是我們自有的 IP 產品。結果，我們的收入組合不利，這對本季度的利潤率造成了壓力。

We expect both our revenue growth rates and margins to improve over the next few quarters as we continue to shift our portfolio towards higher-margin products and supply constraints ease.

我們預計未來幾個季度我們的收入增長率和利潤率都會提高，因為我們將繼續將我們的產品組合轉向利潤率更高的產品並且供應限制有所緩解。

With respect to Pointnext Operational Services, including storage services, orders grew mid-single digits year-over-year, as reported similar to levels for total fiscal year '21. As you know, this is a very important for the long-term health of our most profitable business.

關於 Pointnext 運營服務（包括存儲服務），訂單同比增長中個位數，據報導與 21 財年的總水平相似。如您所知，這對於我們最賺錢的業務的長期健康非常重要。

Within HPE Financial Services, volume increased 11% year-over-year, and revenue was down 1%. Our write-offs as a percentage of assets, excluding the impact of 2 frauds in the U.K. and Asia Pacific was 47 basis points, which is below prepandemic levels. Our profitability also continues to benefit from higher residual value's realization and lower borrowing costs as we continue to securitize our U.S. portfolio via the ABS market. Our operating margin was 12.4%, up 260 basis points from the prior year, and our return on equity at 19.7% remains well above the 18-plus percent target set at SAM 2021.

在 HPE 金融服務中，銷量同比增長 11%，收入下降 1%。不包括英國和亞太地區 2 起欺詐行為的影響，我們的註銷資產佔資產百分比為 47 個基點，低於大流行前的水平。隨著我們繼續通過 ABS 市場將我們的美國投資組合證券化，我們的盈利能力也繼續受益於更高的殘值實現和更低的借貸成本。我們的營業利潤率為 12.4%，比上一年增加了 260 個基點，我們 19.7% 的股本回報率仍遠高於 SAM 2021 設定的 18% 以上的目標。

Slide 5 highlights our revenue and EPS performance where you can clearly see the strong rebound from last year and sustained momentum entering fiscal year '22, and this despite a more supply-constrained environment versus a year ago. We are also delivering a better quality of earnings with our portfolio mix continuing to shift to our higher growth and higher-margin businesses as we execute our edge-to-cloud strategy.

幻燈片 5 突出了我們的收入和每股收益表現，您可以清楚地看到自去年以來的強勁反彈以及進入 22 財年的持續勢頭，儘管與一年前相比，供應更加受限。隨著我們執行從邊緣到雲的戰略，我們的投資組合組合繼續轉向我們更高增長和更高利潤的業務，我們還提供了更好的收益質量。

Turning to Slide 6. We delivered non-GAAP gross margins in Q1 of 33.9%, up both year-over-year and sequentially despite all of the increased component and logistic costs. This was driven by both strong pricing discipline and the favorable mix shift we've been driving towards edge and our as-a-service business.

轉到幻燈片 6。我們在第一季度實現了 33.9% 的非 GAAP 毛利率，儘管所有組件和物流成本都增加了，但同比和環比均有所增長。這是由強大的定價紀律和我們一直在推動邊緣和我們的即服務業務的有利組合轉變推動的。

Moving to Slide 7. You can see our non-GAAP operating margin this quarter of 11%, representing a 130 basis point sequential increase. We also delivered roughly the same operating profit versus last year despite a more challenging supply environment while continuing to invest significantly more in both R&D and our go-to-market for the future, thanks to a much better quality of earnings and gross margins.

轉到幻燈片 7。您可以看到我們本季度的非 GAAP 營業利潤率為 11%，連續增長 130 個基點。儘管供應環境更具挑戰性，但我們的營業利潤也與去年大致相同，同時由於盈利質量和毛利率的提高，我們繼續在研發和未來上市方面投入大量資金。

Turning to Slide 8. Our free cash flow was a use of cash of $577 million. This is more aligned to our typical prepandemic seasonality if you look at Q1 in fiscal year '20 or the prior years. Cash flow in Q1 of this year has also been uniquely impacted by the supply chain environment as we have strategically continued building inventory levels. This will better position us to begin converting orders and generate healthy amounts of cash in the back half of the year, reflecting also our typical seasonality. We, therefore, continue to expect to deliver fiscal year '22 free cash flow of $1.8 billion to $2 billion.

轉到幻燈片 8。我們的自由現金流是使用了 5.77 億美元的現金。如果您查看 20 財年或前幾年的第一季度，這更符合我們典型的大流行前季節性。今年第一季度的現金流也受到供應鏈環境的獨特影響，因為我們戰略性地繼續建立庫存水平。這將使我們更好地開始轉換訂單並在下半年產生大量現金，這也反映了我們典型的季節性。因此，我們繼續預計 22 財年的自由現金流將達到 18 億至 20 億美元。

Now turning to our outlook on Slide 9. Given our strong performance in Q1 and building momentum across the business, I am pleased to announce that we are raising our full year non-GAAP diluted net EPS outlook range for fiscal year '22 by $0.07 at the midpoint to $2.03 to $2.17. From a top line perspective, we were very pleased with the continued strength in orders and growing backlog that gives us confidence in future revenue growth in fiscal year '22 and beyond.

現在轉向我們對幻燈片 9 的展望。鑑於我們在第一季度的強勁表現和整個業務的發展勢頭，我很高興地宣布，我們將 22 財年全年非公認會計原則攤薄後每股收益展望範圍提高 0.07 美元，至中點至 2.03 美元至 2.17 美元。從收入的角度來看，我們對訂單的持續強勁和不斷增長的積壓感到非常滿意，這讓我們對 22 財年及以後的未來收入增長充滿信心。

We do also want to remain prudent in the short term given the ongoing supply challenges that we continue to believe will likely last well into the second half of the calendar year. As a result, we still have strong confidence in our fiscal year '22 revenue outlook of growth of 3% to 4% and expect to end the year with elevated levels of backlog, which bodes well for fiscal year '23.

鑑於持續的供應挑戰，我們也確實希望在短期內保持謹慎，我們仍然認為這些挑戰可能會持續到日曆年下半年。因此，我們仍然對 22 財年收入增長 3% 至 4% 的前景充滿信心，並預計到年底時積壓水平會上升，這對 23 財年來說是個好兆頭。

More specifically, for Q2 2022, we expect revenue to be in line with our normal sequential seasonality of down low to mid-single digits and are comfortable with current consensus. As a result, for Q2 '22, we expect GAAP diluted net EPS of $0.18 to $0.26 and non-GAAP diluted net EPS of $0.41 to $0.49.

更具體地說，對於 2022 年第二季度，我們預計收入將符合我們正常的低至中個位數的連續季節性，並且對當前的共識感到滿意。因此，對於 22 年第二季度，我們預計 GAAP 攤薄後的淨每股收益為 0.18 美元至 0.26 美元，非 GAAP 攤薄後的淨每股收益為 0.41 美元至 0.49 美元。

So overall, I am very pleased with our first quarter of fiscal year '22. Our edge-to-cloud strategy is resonating with customers and driving strong demand across our portfolio. This enabled us to deliver a good start to the fiscal year with increasing momentum and a raised outlook. We are very well positioned to capitalize on the ongoing opportunity and deliver against all of our financial commitments set at SAM 2021.

總的來說，我對我們 22 財年的第一季度感到非常滿意。我們的邊緣到雲戰略正在引起客戶的共鳴，並推動我們產品組合的強勁需求。這使我們能夠以不斷增長的勢頭和提高的前景為財政年度提供一個良好的開端。我們非常有能力利用持續的機會並兌現我們在 SAM 2021 設定的所有財務承諾。

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

現在，讓我們打開它來提問。謝謝你。

(Operator Instructions) And our first question will come from Shannon Cross with Cross Research.

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

I wanted to maybe dig a little bit more into linearity during the quarter and what you're hearing from customers in terms of demand given all the geopolitical challenges. You talked about backlog increasing to record levels. I'm wondering, how much of that do you think are customers planning ahead or thinking about longer lead times versus near-term demand that's not just being able to be met right now? And I don't know, just what are you hearing because are customers sort of shifting the way that they think about how they're buying at this point in time? And I guess just the final sort of question within that is, how does this benefit or does it benefit your GreenLake and your as-a-service strategy?

考慮到所有地緣政治挑戰，我可能想在本季度進一步挖掘線性度以及您從客戶那裡聽到的需求方面的信息。你談到了積壓工作增加到創紀錄的水平。我想知道，您認為客戶提前計劃或考慮更長的交貨時間與目前無法滿足的近期需求有多少？而且我不知道，您聽到的是什麼，因為客戶是否正在改變他們對此時購買方式的看法？我想最後一個問題是，這對您的 GreenLake 和您的即服務策略有什麼好處或有什麼好處？

Well, thanks, Shannon. So as you can imagine, I spend a lot of time talking to customers. In fact, 50% of my time is with customers and partners. And the one consistent theme is that I always said in our quarter has 13 weeks and every week has been super strong.

好吧，謝謝，香農。所以你可以想像，我花了很多時間與客戶交談。事實上，我 50% 的時間都與客戶和合作夥伴在一起。一個一致的主題是，我總是說我們的季度有 13 週，而且每週都非常強勁。

We put specific goals for our sales force every week that we track very closely. Tarek runs a very tight process on that. And we have always exceeded every week's forecast. And the feedback is driven by the following: number one, obviously, we know digital transformation is getting stronger and stronger out there, and it's driven by the fact that you've got to digitize your process to be competitive; number two, data continue to explode everywhere, and that means that they need more capacity to store the data, but most importantly, process that data at the pace we haven't seen before, and that's a combination of AI, analytics, deep learning at scale and obviously, a lot of compute power; the third piece, obviously, as I said in my remarks, is that the edge continue to grow very, very rapidly. And in order to transform in a digital environment, you need connectivity. Without being connected, you don't have the on-ramp into this digital transformation.

我們每週都會為我們的銷售人員制定具體目標，並密切跟踪。 Tarek 對此進行了非常嚴格的流程。而且我們總是超出每週的預測。反饋是由以下因素驅動的：第一，顯然，我們知道數字化轉型正在變得越來越強大，這是因為您必須將流程數字化以具有競爭力；第二，數據繼續在各處爆炸式增長，這意味著他們需要更多容量來存儲數據，但最重要的是，以我們從未見過的速度處理數據，這是人工智能、分析、深度學習的結合在規模上，顯然，大量的計算能力；顯然，正如我在評論中所說，第三部分是邊緣繼續非常非常迅速地增長。為了在數字環境中轉型，您需要連接性。如果沒有連接，您就無法進入這種數字化轉型。

Of course, customers are concerned about inflationary costs going forward. They monitor what's happening out there. And -- but in the end, I think all of this, when you balance the demand for these trends, and I talked about the trends, right, and the megatrends and then the fact that customers want to consume more flexibly, don't want to put all that CapEx to work, GreenLake is getting significant attention. And that's why I said when I think about the future of this company, the product is HPE GreenLake. Everything gets delivered through HPE GreenLake. Whether it's a connectivity through a subscription model, whether it's compute and storage that you can consume elastically with data services running on top of it, whether it's the services to operate in a hybrid world, HPE GreenLake is becoming a platform of choice for many customers because offers that flexibility and in an architecture that's edge-to-cloud.

當然，客戶擔心未來的通脹成本。他們監視那裡發生的事情。而且 - 但最後，我認為所有這一切，當你平衡這些趨勢的需求時，我談到了趨勢，對，大趨勢，然後是客戶想要更靈活地消費的事實，不要為了讓所有資本支出發揮作用，GreenLake 受到了極大的關注。這就是為什麼我在考慮這家公司的未來時說，產品就是 HPE GreenLake。一切都通過 HPE GreenLake 交付。無論是通過訂閱模式實現的連接，無論是您可以通過在其上運行的數據服務彈性消費的計算和存儲，還是在混合世界中運行的服務，HPE GreenLake 正在成為許多客戶的首選平台因為在邊緣到雲的架構中提供了這種靈活性。

And that's inclusive, by the way, of the public cloud. And that's why when you see the innovation we're going to bring in the next 2 weeks, it includes the public cloud in the way we manage that. So overall, I will say, great execution by our team. Customers need more IT now more than ever. And obviously, we are doing a good job, I will say, in the quality of earnings, pricing elasticity and everything we have done, which is the results of the profitability you saw in Q1.

順便說一句，這包括公共雲。這就是為什麼當你看到我們將在接下來的兩週內帶來的創新時，它包括了我們管理公共雲的方式。所以總的來說，我會說，我們團隊的執行力很好。客戶現在比以往任何時候都需要更多的 IT。顯然，我會說，我們在收益質量、定價彈性和我們所做的一切方面做得很好，這是你在第一季度看到的盈利能力的結果。

Your next question will come from Wamsi Mohan with Bank of America.

您的下一個問題將來自美國銀行的 Wamsi Mohan。

Congrats on the really solid gross margin performance in a very tough environment where others are really seeing a lot of pressure on their GP dollars and gross margins. I was hoping you can talk about the sustainability of these gross margins through the rest of the year, especially in light of the increasing DRAM and NAND cost? And it seems as though some of the logistics are really not letting up so far? And maybe you can share some color on your ability to take incremental price actions and maybe share some color on what you've already been able to pass through in terms of pricing?

恭喜在非常艱難的環境中毛利率表現非常穩健，其他人確實看到他們的 GP 美元和毛利率面臨很大壓力。我希望你能談談這些毛利率在今年剩餘時間裡的可持續性，特別是考慮到 DRAM 和 NAND 成本的增加？到目前為止，似乎有些物流真的沒有鬆懈？也許你可以分享一些關於你採取增量價格行動的能力的顏色，或者分享一些你已經能夠在定價方面通過的顏色？

Wamsi, thank you for the questions. Yes, indeed, I'm very pleased with our gross margin performance this quarter, and we outperformed our competitors. It's pretty obvious when you look at what they have reported. And the resiliency of our gross margin is there for everyone to see, and this despite the ongoing supply constraints that everyone has been facing with. So we feel that this performance can be sustained, but the -- you have to adopt different pricing strategies across different segments. So we have to be incredibly dynamic in our compute segment that we have been, and this translates into significant operating profit margins at 13.8%, which is even higher than the long-term outlook that we put forward for that segment at SAM 2021.

瓦姆西，謝謝你的提問。是的，確實，我對本季度的毛利率表現非常滿意，我們的表現優於競爭對手。當您查看他們報告的內容時，這一點非常明顯。我們毛利率的彈性是有目共睹的，儘管每個人都面臨著持續的供應限制。因此，我們認為這種表現可以持續下去，但是 - 你必須在不同的細分市場採用不同的定價策略。因此，我們必須在我們的計算領域擁有令人難以置信的活力，這轉化為 13.8% 的可觀營業利潤率，這甚至高於我們在 SAM 2021 上為該領域提出的長期前景。

And in the rest of our portfolio, we have significant differentiation at the edge, in storage, also in HPE Financial Services and HPC. So there, the pricing strategy is different. We take a harder look at how much value you can extract given that our portfolio there is more differentiated. But it's -- everyone is contributing here to making sure that the gross margins are sustainable.

在我們的其他產品組合中，我們在邊緣、存儲、HPE 金融服務和 HPC 方面都有顯著差異化。所以在那裡，定價策略是不同的。鑑於我們的投資組合更加差異化，我們會更加仔細地研究您可以提取多少價值。但它 - 每個人都在這里為確保毛利率是可持續的做出貢獻。

Finally, I want to highlight to you that as-a-service contributes and will continue to contribute in the long run to enhance gross margins. That's why we highlighted to you all, on the -- in the slide presentation, the mix shift in the composition of the ARR. The more we continue to drive as-a-service growth, the better it is for gross margins ultimately. But it's a dynamic environment.

最後，我想向您強調，即服務有助於並將在長期內繼續為提高毛利率做出貢獻。這就是為什麼我們在幻燈片演示中向大家強調了 ARR 組成的混合轉變。我們越是繼續推動即服務的增長，最終的毛利率就越好。但這是一個動態的環境。

And to your point, you will see some pressure on some commodities. We feel we are well equipped with our inventory levels to withstand the pressure from these commodities. And this is why we buffered up inventory to the levels that we reported knowing that this is obviously to meet a substantial order book that is much higher than what we have experienced in prior years. As Antonio said, the demand in the quarter has been extremely strong every week, and it continues to surprise us from its strength and resiliency standpoint.

就你而言，你會看到一些商品面臨一些壓力。我們認為我們的庫存水平足以承受來自這些商品的壓力。這就是為什麼我們將庫存緩衝到我們報告的水平，因為我們知道這顯然是為了滿足遠高於我們前幾年經歷的大量訂單。正如安東尼奧所說，本季度的需求每週都非常強勁，從其強度和彈性的角度來看，它繼續讓我們感到驚訝。

Your next question will come from Tim Long with Barclays.

您的下一個問題將來自巴克萊銀行的 Tim Long。

I was hoping to just follow up on some of the as-a-service business and deals. You mentioned getting some large deals and more backlog building there. Could you talk a little bit about kind of the complexion of what you're seeing from a solution set or a customer base driving that? And maybe a little bit on kind of what you see from pipeline on some of the customers looking to more take on the as-a-service type of offering as opposed to just kind of the standard of the build and buy?

我希望只是跟進一些即服務業務和交易。你提到在那裡獲得一些大筆交易和更多的積壓工作。您能否談談您從解決方案集或驅動該解決方案的客戶群中看到的情況？也許您從管道中看到的一些客戶希望更多地採用即服務類型的產品，而不僅僅是構建和購買的標準？

Sure. Well, one of the marquee customers is actually your bank, Barclays, quite interesting. They needed a partner to take them to this hybrid journey. And in their case, they have tens and tens of thousands of VMs. So in their case, they wanted flexibility to scale up and down in a private cloud environment and yet integrate the public cloud as they go forward. So they felt that, obviously, with GreenLake, they get the best of both words, an experience and a cost on-prem that's very competitive and ability to move VMs back and forth as they need.

當然。好吧，其中一位大客戶實際上是您的銀行，巴克萊銀行，非常有趣。他們需要一個合作夥伴來帶他們進入這個混合之旅。在他們的案例中，他們擁有數以萬計的虛擬機。因此，在他們的案例中，他們希望能夠靈活地在私有云環境中進行擴展和縮減，同時在他們前進的過程中集成公共雲。因此，他們認為，很明顯，通過 GreenLake，他們可以充分利用這兩個詞，一種體驗和一種極具競爭力的本地成本，並且能夠根據需要來回移動虛擬機。

But the reality is that, that is driven by many factors. Number one, let's start with the edge, right? So obviously, a lot of the as-a-service now at the edge is done in a subscription model. You subscribe to the Aruba Cloud Platform now inside GreenLake. And then basically, you can provision connectivity with a few clicks. But now we are seeing growth in what we call the NaaS environment, the Network as a Service, where customers don't just want the subscription, but they want the full consumption, including the hardware and services in a managed services approach. They don't want to be in what I call the day 2 of the run part. So that comes with a lot of services. And that's why Tarek mentioned the combination of software and services is increasing.

但現實是，這是由許多因素驅動的。第一，讓我們從邊緣開始，對吧？很明顯，現在邊緣的許多即服務都是在訂閱模式中完成的。您現在在 GreenLake 中訂閱了 Aruba 雲平台。然後基本上，您只需單擊幾下即可提供連接。但現在我們看到我們稱之為 NaaS 環境的增長，即網絡即服務，客戶不僅想要訂閱，還想要完整的消費，包括託管服務方法中的硬件和服務。他們不想參加我所說的跑步部分的第二天。所以這帶來了很多服務。這就是為什麼 Tarek 提到軟件和服務的結合正在增加。

If you look at the colocation or the edge, where the cloud is moving as well, or data center, obviously, private cloud is one aspect, is that infrastructure as a service component. But a lot is also workload-optimized solutions, whether it's workloads like VDI or whether it's SAP as a Service, or Machine Learning as a Service. So we see existing workloads and new workloads also being consumed as a service in these locations. So those are the type of deals we're seeing.

如果您查看託管或邊緣，雲也在移動，或者數據中心，顯然，私有云是一個方面，是基礎設施即服務組件。但也有很多工作負載優化解決方案，無論是 VDI 等工作負載，還是 SAP 即服務或機器學習即服務。因此，我們看到現有工作負載和新工作負載也在這些位置作為服務使用。這些就是我們看到的交易類型。

And remember, it's not just the hardware and software, it's the services that comes with it because what we're seeing our customers, and we talked about some of the previous customers as well, they want HPE to run their solution end-to-end, which the managed services piece come as well with it. So it's a combination of Infrastructure as a Service, connectivity and then as well, this workload optimization with more and more management as well as the hybrid estate, which includes the public cloud.

請記住，不僅僅是硬件和軟件，還有隨之而來的服務，因為我們看到我們的客戶，我們也談到了一些以前的客戶，他們希望慧與運行他們的解決方案端到端-最後，託管服務部分也隨之而來。因此，它是基礎架構即服務、連接性以及這種工作負載優化與越來越多的管理以及包括公共雲在內的混合資產的組合。

And last but not least, obviously, if you think about data, data is a major component. Data has a gravitational force. And at the same time, they want to apply these new techniques. That's why we see a lot of growth in the AI machine learning space, both in the enterprise space and at scale through HPC. And that's why on the HPC side, we are very, very pleased with the momentum.

最後但同樣重要的是，很明顯，如果你考慮數據，數據是一個主要組成部分。數據具有引力。同時，他們想應用這些新技術。這就是為什麼我們看到人工智能機器學習領域有很大的增長，無論是在企業領域還是通過 HPC 實現的大規模增長。這就是為什麼在 HPC 方面，我們對這種勢頭非常非常滿意。

As we know, that business becomes a little bit lumpy because of the customer acceptances. But this year, we're going to deliver some of the most amazing systems you can imagine at massive scale where customers can process data we have not imagined before. So it's a combination of all things, that's what resulted in 136% growth. And that's why we are very excited about the momentum. But what excites me the most, honestly, is the innovation we're going to continue to bring in the platform called HPE GreenLake. And to the question that Shannon asked me earlier, that's why it's my priority #1 because it's working, it's driving more growth in the bookings and better profitability.

正如我們所知，由於客戶的接受，該業務變得有點不穩定。但今年，我們將大規模交付一些您能想像到的最驚人的系統，客戶可以在其中處理我們以前從未想像過的數據。所以它是所有事物的結合，這就是導致 136% 增長的原因。這就是為什麼我們對這種勢頭感到非常興奮。但老實說，最讓我興奮的是我們將繼續在名為 HPE GreenLake 的平台中引入創新。對於香農早些時候問我的問題，這就是為什麼它是我的首要任務，因為它正在發揮作用，它推動了預訂量的更多增長和更好的盈利能力。

The next question will come from Meta Marshall with Morgan Stanley.

下一個問題將來自 Meta Marshall 和摩根士丹利。

Great. I wanted to dig into the Intelligent Edge upside. You noted that order growth was still stronger than the revenue growth that you guys were able to post. And so kind of 2 parts of the question are just is some of the order growth that you're seeing still kind of return to office plans? Are we really starting to kind of move past this return to office-driven growth?

偉大的。我想深入了解智能邊緣的優勢。你注意到訂單增長仍然強於你們能夠發布的收入增長。所以問題的兩個部分只是你看到的一些訂單增長仍然是重返辦公室的計劃嗎？我們真的開始擺脫這種回歸辦公室驅動的增長嗎？

And then on the second piece, just on the revenue upside that you were able to post, is that some kind of loosening of availability for networking chips? Or is there anything that led to kind of outperformance in that segment or losing the supply chain in that segment more than others?

然後在第二部分，就您能夠發布的收入增長而言，網絡芯片的可用性是否有所放鬆？還是有什麼東西導致該細分市場的表現優於其他細分市場，或者該細分市場的供應鏈損失比其他細分市場更大？

Sure. Well, thank you for the question. And I will start and Tarek can add on. If you go back to 2018, when I became CEO, I said that the edge is the next frontier and we will invest in innovation over the next 40 years. We are now seeing the results of that investment because we have a unique value proposition in as-a-service model that actually is accelerating our momentum there.

當然。嗯，謝謝你的問題。我將開始，Tarek 可以補充。如果你回到 2018 年，當我成為 CEO 時，我說過邊緣是下一個前沿，我們將在未來 40 年投資於創新。我們現在看到了這項投資的成果，因為我們在即服務模式中有一個獨特的價值主張，實際上正在加速我們在那裡的發展勢頭。

And you saw the numbers, right, 35% growth for the fourth consecutive quarter. This is not just a data point in the chart, there is 4 of them in the data in the chart that they are driving strong demand. I think the pandemic has accelerated the need for that distributed connectivity. In fact, this quarter, we announced a new offer, the EdgeConnect offer, which basically gives the customer the ability to manage the workforce wherever they are in a seamless, secure, integrated way and provision their connectivity wherever they are. But listen, the scale of the platform we have, I think, is a match. We already have more than 120,000 customers, which are consuming more and more services. They may start with WiFi. They are LAN, now they are in WAN. That's why we made the acquisition of Silver Peak more than 15 months ago. And soon, we're going to add 5G too.

你看到了數字，沒錯，連續第四個季度增長了 35%。這不僅僅是圖表中的一個數據點，圖表中的數據中有 4 個它們正在推動強勁的需求。我認為大流行加速了對分佈式連接的需求。事實上，本季度，我們宣布了一項新服務，即 EdgeConnect 服務，該服務基本上使客戶能夠以無縫、安全、集成的方式隨時隨地管理員工，並隨時隨地提供連接。但是聽著，我認為我們擁有的平台的規模是匹配的。我們已經擁有超過 120,000 名客戶，他們正在消費越來越多的服務。他們可能從 WiFi 開始。他們是局域網，現在他們在廣域網。這就是我們在 15 個多月前收購 Silver Peak 的原因。很快，我們也將添加 5G。

So in my view, this is just a buildup momentum. And the architecture of that business is about unification of the connectivity, which makes it simpler to run the operations, the network operations, whatever that connectivity is, the security layer, which obviously is super important and then the analytics because (inaudible) what customers like about our offer is the ability to use the data that we actually can provide through the network on performance and characteristics that allows them to deliver a better experience. And when you have almost 2 million devices, there is a lot of data points. In fact, so you know the scale every hour, we process almost 2 billion data points. And that's done around the globe in 13 different geos. And that gives the ability of the customer to provide these unique experiences.

所以在我看來，這只是一個積累的勢頭。該業務的架構是關於連接的統一，這使得運行操作變得更簡單，網絡操作，無論連接是什麼，安全層，這顯然是非常重要的，然後是分析，因為（聽不清）什麼客戶與我們的產品一樣，我們能夠使用我們實際上可以通過網絡提供的關於性能和特性的數據，從而使他們能夠提供更好的體驗。當您擁有近 200 萬台設備時，就會有大量數據點。事實上，你知道每小時的規模，我們處理近 20 億個數據點。這是在全球 13 個不同的地區完成的。這使客戶能夠提供這些獨特的體驗。

But again, that comes also with an improvement in operating margins, which is 17.4%, which is actually sequentially at 650 basis points. I think on the supply, obviously, we have been working for some time, I can tell you we are -- we continue to place orders at least 4, if not 5 quarters ahead of demand because we are so confident about this business to continue to grow, and we have to work it through. Sometimes we get a little better margin to what we have, sometimes we may live orders unconverted, but on the long term, this is going to continue to be a shiny story for us.

但同樣，這也伴隨著營業利潤率的提高，達到 17.4%，實際上是連續 650 個基點。我認為在供應方面，顯然，我們已經工作了一段時間，我可以告訴你，我們繼續下訂單至少提前 4 個季度，如果不是 5 個季度，因為我們對這項業務繼續下去充滿信心成長，我們必須克服它。有時我們的利潤比我們所擁有的要好一些，有時我們可能會在未轉換的情況下接受訂單，但從長遠來看，這對我們來說將繼續是一個閃亮的故事。

The next question will come from Sidney Ho with Deutsche Bank.

下一個問題將來自德意志銀行的 Sidney Ho。

I have a couple of questions on the ARR side, ARR didn't grow on a sequential basis for the first time in a while. I know you talked about supply challenges, limiting some of the installations. Is there a seasonality element to the ARR growth? That's question number one.

我有幾個關於 ARR 方面的問題，ARR 在一段時間內第一次沒有按順序增長。我知道你談到了供應挑戰，限制了一些安裝。 ARR 增長是否存在季節性因素？這是第一個問題。

And secondly, GreenLake Services growth continued to accelerate more than double for the second consecutive quarter. Can you walk us through how long it takes for GreenLake orders to flow into the ARR calculation? I assume it's different for every business segment.

其次，GreenLake 服務的增長連續第二個季度繼續加速超過一倍。您能否告訴我們 GreenLake 訂單需要多長時間才能流入 ARR 計算？我認為每個業務部門都不同。

So let me start, and I'm sure the last part of the question, Tarek will answer how long it takes. No, I don't think there's any seasonality. This is up to the right. And it's just a matter of getting those installations completed. Sometimes it's the supply, sometimes it's the customer readiness in some cases. But the reality is all driven by the availability of the systems for us to install. So that's the answer on that. But again, because of the momentum we have there, we are very confident on that 35% to 45% CAGR that we committed at SAM. And obviously, over time, this takes care of itself. So that's on that part of the question. I don't see an issue at all. So that's on that part of the question. I don't see an issue at all.

所以讓我開始吧，我相信問題的最後一部分，Tarek 會回答需要多長時間。不，我不認為有任何季節性。這是在右邊。這只是完成這些安裝的問題。有時是供應，有時是客戶準備在某些情況下。但現實都是由我們可以安裝的系統的可用性驅動的。所以這就是答案。但同樣，由於我們在那裡的勢頭，我們對我們在 SAM 承諾的 35% 到 45% 的複合年增長率非常有信心。顯然，隨著時間的推移，這會自行解決。這就是問題的那一部分。我根本看不出有什麼問題。這就是問題的那一部分。我根本看不出有什麼問題。

The services piece, I think you just mentioned -- I mentioned it before, right? As with GreenLake, the one important part is it comes with 100% attach rates of Pointnext Services. And as we go forward, obviously, that momentum continued to build a bigger kind of deferred aspect of it.

服務部分，我想你剛剛提到過——我之前提到過，對吧？與 GreenLake 一樣，一個重要的部分是它具有 100% 的 Pointnext 服務附加率。顯然，隨著我們前進，這種勢頭繼續建立更大的延遲方面。

And at the same time, we're also adding the managed services piece of it because many of the new deals we have been engaging, there was a question earlier about the pipeline. The pipeline looks amazingly strong and some very large marquee deals in the making.

同時，我們還添加了託管服務部分，因為我們一直在參與的許多新交易，之前有一個關於管道的問題。管道看起來非常強大，並且正在製定一些非常大的交易。

But with that said, the managed services piece is an additive to the attach because customers don't want to be in the round time anymore. So they are relying on the GreenLake as a Platform plus the services under needs to run their operations. So maybe, Tarek, you want to talk about the conversion into ARR, I think it is, right?

但是話雖如此，託管服務部分是附加的附加物，因為客戶不想再呆在圓形時間裡了。因此，他們依靠 GreenLake 作為平台以及運行其運營所需的服務。所以也許，Tarek，你想談談轉換為 ARR，我想是的，對吧？

Yes. So I mean the simple answer to your question on how long does it take to see an order flow into the ARR in revenue terms is this. Our GreenLake model is an appliance-driven model, where effectively, you have a complete stack from standard hardware platforms with services and software on top. And so to the extent that we have to deliver that complete stack solution, it takes -- obviously, it's important that we deliver the right hardware to be able to start to recognize the revenue. By the moment we deliver the appliance and the revenue flows based on the contract duration, and we have flagged to you and possibly to occasions that the services revenue, which makes the bulk of the ARR with the software is recognized over time over the duration of the contract, and the contract duration varies between 36 and up to 55, 58 months, in some cases, 60 months. And so this is why it takes time to develop the ARR.

是的。所以我的意思是，對於您的問題，從收入角度來看，訂單流入 ARR 需要多長時間的簡單答案是這樣的。我們的 GreenLake 模型是一種設備驅動的模型，實際上，您擁有來自標準硬件平台的完整堆棧，頂部有服務和軟件。因此，就我們必須提供完整的堆棧解決方案而言，它需要 - 顯然，我們提供正確的硬件以便能夠開始確認收入是很重要的。到我們根據合同期限交付設備和收入流時，我們已經向您並可能在某些情況下標記了服務收入，這使得軟件的大部分 ARR 在一段時間內隨著時間的推移而得到確認合同，合同期限從 36 個月到最長 55 個月不等，58 個月，在某些情況下為 60 個月。這就是為什麼開發 ARR 需要時間的原因。

But the really important thing to note is the size of the total contract value that we have on the balance sheet. So if you really look at the contract value that we have on the balance sheet, we increased it by $500 million in this quarter, taking the total to $6.5 billion of revenue that will unwind in the upcoming, say, 60 months at the worst, right? So that's the dynamic that you have here in terms of orders versus revenue and ARR recognition.

但真正需要注意的是我們在資產負債表上的總合同價值的大小。因此，如果你真的看一下我們在資產負債表上的合同價值，我們在本季度將其增加了 5 億美元，使總收入達到 65 億美元，這些收入將在即將到來的情況下，比如最壞的 60 個月，對？這就是您在訂單與收入和 ARR 確認方面的動態。

Which is a great question because, obviously, if you look at our ARR, again, at $800 million this quarter and our total contract value is $6.5 billion and more than 64% now is software and services. Over time, you will see the impact it has on our results, both quality of the revenue mix and quality of the earnings because as Tarek said, obviously, everything we do through GreenLake is accretive. And so that's why we are excited about the momentum we have on GreenLake.

這是一個很好的問題，因為很明顯，如果您再次查看我們的 ARR，本季度再次達到 8 億美元，我們的總合同價值為 65 億美元，現在超過 64% 是軟件和服務。隨著時間的推移，您會看到它對我們的業績產生的影響，包括收入組合的質量和收益的質量，因為正如 Tarek 所說，顯然，我們通過 GreenLake 所做的一切都是增值的。這就是為什麼我們對 GreenLake 的發展勢頭感到興奮的原因。

Your next question will come from Aaron Rakers with Wells Fargo.

您的下一個問題將來自富國銀行的 Aaron Rakers。

Congrats on the results. I guess I wanted to kind of frame how you're thinking about the full year revenue guidance at 3% to 4% relative to the backlog build. So if I look at the revenue guidance at the midpoint, it would seem to suggest you expect a stronger second half relative to what we've seen over the past few years, second half versus first half. So I guess my question is, what's your assumptions around backlog build? And when maybe we see that peak and you start to ship against that backlog, is that factored into your revenue growth expectation from this year?

祝賀結果。我想我想說明你是如何考慮相對於積壓構建的 3% 到 4% 的全年收入指導。因此，如果我查看中點的收入指導，這似乎表明您預計下半年相對於我們在過去幾年中看到的情況（下半年與上半年相比）會更強勁。所以我想我的問題是，你對積壓工作的假設是什麼？當我們看到那個高峰並且您開始針對該積壓發貨時，這是否已計入您今年的收入增長預期？

Great question. And I think if you think about it in Q1, right? So we grew orders 20% and revenue 2%. It means that we're growing orders 10x faster than the revenue. And so that's the simple message there. But the reality is that, obviously, we said that the supply will challenge that we see. And by the way, logistics, right, which obviously comes with other issues will be well into the second half of '22. So this is a matter of timing more than anything else. And definitely, we said -- we feel very good about the 3% to 4% revenue, but it's going to depend to that ability to get the supply that we need in the right time, in the right mix.

好問題。我想如果你在第一季度考慮一下，對吧？所以我們的訂單增長了 20%，收入增長了 2%。這意味著我們的訂單增長速度比收入快 10 倍。這就是那裡的簡單信息。但現實是，顯然，我們說過供應將挑戰我們所看到的。順便說一句，物流，對，顯然伴隨著其他問題，將在 22 年下半年順利進行。因此，這比其他任何事情都更重要的是時間問題。當然，我們說 - 我們對 3% 到 4% 的收入感覺非常好，但這將取決於在正確的時間以正確的組合獲得我們需要的供應的能力。

Remember, we have a very large portfolio. Not all orders are created equal to the point that Tarek meant earlier. And then we see. Obviously, as we go through, we're going to assess what else may happen there. But definitely, it's just a timing issue at this point in time, more than anything else. And we expect that to get better as we go along. But the message that you imply that second half will be higher, absolutely, there is no question about it. The question is how high depending on the ability to convert the backlog.

請記住，我們有一個非常大的投資組合。並非所有訂單的創建都與 Tarek 之前的意思相同。然後我們看到了。顯然，在我們經歷的過程中，我們將評估那裡可能發生的其他事情。但可以肯定的是，目前這只是一個時間問題，比其他任何事情都重要。我們希望隨著我們的發展，情況會變得更好。但是你暗示下半年會更高的消息，絕對沒有問題。問題是多高取決於轉換積壓的能力。

I will say the backlog right now in Q1 is bigger than Q4. And Tarek and I believe that backlog has not peaked. And also remember on the backlog, we have a lot of HPC systems, which, in some cases, by the way, have already been built and delivered. But it takes several months to get it running, which basically until you run the payload and the workload and some of them need to go what I call the top 100 HCL -- HPL kind of testing. You are now going to get the acceptance.

我會說第一季度的積壓訂單比第四季度大。 Tarek 和我相信積壓工作尚未達到頂峰。還要記住，在積壓工作中，我們有很多 HPC 系統，順便說一下，在某些情況下，這些系統已經構建和交付。但是它需要幾個月的時間才能運行，基本上直到你運行有效負載和工作負載，其中一些需要進行我所說的前 100 個 HCL——HPL 類型的測試。您現在將獲得接受。

So that's why, maybe a quarter, you're going to have a huge acceptance and this will happen. Well, that's will happen is the acceptance of some of the system. And Tarek talked about 2 systems that slipped from Q1 into Q2. So you got all these dynamics. But definitely, second half will be better and then hopefully carries on into '23 because the demand is still super strong.

所以這就是為什麼，也許四分之一，你會有一個巨大的接受，這會發生。好吧，那將會發生的是一些系統的接受。 Tarek 談到了從 Q1 滑入 Q2 的 2 個系統。所以你得到了所有這些動態。但可以肯定的是，下半年會更好，然後有望延續到 23 年，因為需求仍然非常強勁。

Yes. Aaron, if I can add to Antonio's answer. When we gave guidance at SAM, we told you all that we are targeting 3% to 4% revenue growth in fiscal year '22 with the second half of the year counting for more than the first half of the year. Nothing has changed to that picture. If anything, the order strength is greater than what we anticipated at SAM, and it surprised us somewhat in Q1 because -- and I just want to remind you what Antonio said in his first answer to the first question, orders have been strong for 13 weeks in Q1. And so when you really look at what's happening on 2 fronts: first, on our inventory levels, we are acquiring substantial amounts of inventory to cater for the strength of the order demand. And so if you also look at what the delta is between order growth and revenue growth, as Antonio said, we're clearly not at peak backlog, right? That is going to continue. It bodes well for fiscal year '22 and for fiscal year '23 as well.

是的。亞倫，如果我可以補充安東尼奧的答案。當我們在 SAM 提供指導時，我們告訴大家，我們的目標是在 22 財年實現 3% 到 4% 的收入增長，下半年的收入將超過上半年。那張照片沒有任何變化。如果有的話，訂單強度大於我們在 SAM 的預期，這在第一季度讓我們有些驚訝，因為——我只想提醒你安東尼奧在他對第一個問題的第一個回答中所說的話，13 年的訂單一直很強勁第一季度的幾週。因此，當您真正了解兩個方面的情況時：首先，在我們的庫存水平上，我們正在獲取大量庫存來滿足訂單需求的強度。因此，如果你也看看訂單增長和收入增長之間的差異，正如安東尼奧所說，我們顯然沒有處於積壓高峰，對吧？這將繼續下去。這對於 '22 財年和 '23 財年來說都是好兆頭。

Finally, the thing I want to highlight to you is the impact of foreign exchange rates. When we were together at SAM in October, we mentioned that we were expecting 50 basis points of headwind due to foreign exchange rates. Now obviously, the situation is slightly different. The dollar is stronger, and we expect a full point headwind of 50 basis points. But yes, we are comfortable reiterating the 3% to 4% top line revenue growth because of the strength of the order book. So hopefully, you can see the link between orders, orders backlog, inventory buildup and ultimate revenue guidance that we give on a constant currency basis.

最後，我想向大家強調的是外匯匯率的影響。當我們在 10 月份一起在 SAM 時，我們提到我們預計由於外匯匯率會出現 50 個基點的逆風。現在顯然，情況略有不同。美元走強，我們預計整點逆風為 50 個基點。但是，是的，由於訂單的強勁，我們很樂意重申 3% 至 4% 的收入增長。因此，希望您能看到我們在固定貨幣基礎上提供的訂單、訂單積壓、庫存積累和最終收入指導之間的聯繫。

The next question will come from Amit Daryanani with Evercore.

下一個問題將來自 Evercore 的 Amit Daryanani。

I guess I have to ask a free cash flow question now. I guess, Tarek, down $600 million free cash flow or thereabouts, it's somewhat more severe than what I would think normal seasonality should be. So maybe you can just flesh out how much of this you think is seasonal versus perhaps things driven by working capital inefficiencies. And there's a big spike or drop in these other assets and liabilities, maybe you can just start what happened there as well.

我想我現在必須問一個自由現金流的問題。我想，Tarek，自由現金流減少了 6 億美元左右，這比我認為的正常季節性應該嚴重一些。因此，也許您可以將您認為的季節性因素與營運資金效率低下驅動的因素具體化。而且這些其他資產和負債會出現大幅上漲或下跌，也許你也可以開始那裡發生的事情。

And then importantly, as I go through the year, do I think about April being somewhat more muted in free cash flow as well and in the back half being better? Or what does that cadence look like?

然後重要的是，當我度過這一年時，我是否認為 4 月份的自由現金流也會更加低迷，而後半部分會更好？或者那個節奏是什麼樣的？

Okay. So Tarek?

好的。所以塔雷克？

Okay. So a couple of things on -- to answer your question. First of all, the negative $577 million free cash flow is mainly driven by working capital. If you really look at the buildup in inventory, we now have $5.3 billion of inventory. This has had an adverse impact on the cash flow conversion cycle. And so our cash flow conversion cycle is a positive 20 days, which is an increase of 17 days relative to the prior quarter because we're stocking up inventory given the order demand and the order book that we have. So that's the main driver. Is it seasonal relative to the prior years, yes, but not fiscal year '21. You have to go back to the first quarter of fiscal year '20 and prior years to determine free cash flow seasonality moving forward. But we feel good about our ability to generate free cash flow as we work through the backlog and reduce the inventory levels. And this is why we reaffirmed the free cash flow guide of $1.8 billion to $2 billion for fiscal year '22.

好的。所以有幾件事——回答你的問題。首先，負5.77億美元的自由現金流主要是由營運資金驅動的。如果你真的看一下庫存的增加，我們現在有 53 億美元的庫存。這對現金流轉換週期產生了不利影響。因此，我們的現金流轉換週期是正的 20 天，比上一季度增加了 17 天，因為鑑於訂單需求和我們擁有的訂單簿，我們正在儲備庫存。所以這是主要驅動力。相對於前幾年是季節性的，是的，但不是 21 財年。您必須回到 20 財年第一季度和前幾年來確定未來的自由現金流季節性。但我們對我們在處理積壓和降低庫存水平時產生自由現金流的能力感到滿意。這就是為什麼我們重申 22 財年 18 億至 20 億美元的自由現金流指導。

There was another part of your question, which I forgot, I think you were talking about the movement in other assets and liabilities. Andy, would you want to take that one, please?

你的問題的另一部分，我忘記了，我想你是在談論其他資產和負債的變動。安迪，你想拿那個嗎？

Yes. That's generally related to our comp plans where we pay out our bonus in the first quarter. So that's one of the reasons why if you look at our typical seasonality, as Tarek said, going back to fiscal year '20 or before, you'll generally see Q1 is always a use of cash.

是的。這通常與我們在第一季度支付獎金的薪酬計劃有關。所以這就是為什麼如果你看看我們典型的季節性，正如 Tarek 所說，回到 20 財年或更早的財年，你通常會看到第一季度總是使用現金。

I think, operator, we have time for one more, please.

我想，接線員，我們有時間再來一次，拜託。

Our final question will come from Kyle McNealy with Jefferies.

我們的最後一個問題將來自凱爾麥克尼利和傑富瑞。

Great job on the results in such a difficult environment for everyone else. We have some recent survey work that we did that shows enterprises are expecting a higher-than-normal level of refresh activity in the coming year, specifically for servers and storage. We assume that some of that might be catch-up on upgrading aging infrastructure coming out of the pandemic. But are you seeing that type of activity come through in helping the results? And what would be your expectation for refresh and upgrade activity for the balance of the year 2022?

在如此艱難的環境中，對其他所有人來說，結果都做得很好。我們最近進行的一些調查工作表明，企業預計來年的更新活動水平會高於正常水平，尤其是服務器和存儲方面。我們假設其中一些可能會趕上從大流行中升級老化的基礎設施。但是您是否看到這種活動有助於取得成果？您對 2022 年剩餘時間的更新和升級活動有何期望？

Sure, Kyle. Yes. Of course, customers are now thinking about what else they need to succeed in this new environment. Definitely, the pandemic put a halt on their expenses because, obviously, at the beginning of pandemic, everybody was in preservation mode on liquidity. But at the same time, I think there is a component of modernization, which I call it better than refresh. And also, they need to deploy these new technologies, right? It's not any more about a cloud mandate. It's about what they're going to do with that data because cloud is just a means to the end, right? It's all about accelerating speed and agility.

當然，凱爾。是的。當然，客戶現在正在考慮他們還需要什麼才能在這個新環境中取得成功。毫無疑問，大流行停止了他們的開支，因為顯然，在大流行開始時，每個人都處於流動性保存模式。但與此同時，我認為現代化有一個組成部分，我稱之為比刷新更好。而且，他們需要部署這些新技術，對嗎？這不再與雲授權有關。這是關於他們將如何處理這些數據，因為雲只是達到目的的一種手段，對吧？這一切都是為了加快速度和敏捷性。

But what customers are looking also is what type of things they need to do with that data. So it's a combination of data exploring, connectivity required in this digital world and the fact that you need to stay up to these new ways to deliver IT, while they transition this journey to the multigenerational IT because many of these customers have a lot of complexity. They have legacy assets that they have a lot of data with applications that are not really replatform. They cannot replatform. They are other ones that, honestly, they need to, what I call, cloudify, but most importantly, they need to deploy these new technologies around data.

但客戶所關注的也是他們需要對這些數據做什麼樣的事情。因此，它結合了數據探索、這個數字世界所需的連接性以及您需要緊跟這些交付 IT 的新方式這一事實，同時他們將這一旅程過渡到多代 IT，因為其中許多客戶具有很多複雜性.他們擁有遺留資產，他們擁有大量數據，這些應用程序並沒有真正重新平台化。他們無法重新構建平台。老實說，他們需要雲化，但最重要的是，他們需要圍繞數據部署這些新技術。

So that's why our vision to become the edge-to-cloud platform company is so spot on because it's aligned to those megatrends of connectivity, cloud and data that you can consume as a service. And that's why the future of the company long term is GreenLake, is that product that drives the rest of the portfolio with higher margins and obviously, more recurring revenues for us and for our shareholders.

這就是為什麼我們成為邊緣到雲平台公司的願景如此明確的原因，因為它與您可以作為服務消費的連接、雲和數據的大趨勢保持一致。這就是為什麼公司長期的未來是 GreenLake，該產品以更高的利潤率推動其餘投資組合，顯然，為我們和我們的股東帶來更多的經常性收入。

Well, great. Thank you, Kyle, for the question and everybody else for participating. Antonio, maybe I'll turn it back to you for some closing remarks.

嗯，太好了。謝謝你，凱爾，謝謝你的問題和其他人的參與。安東尼奧，也許我會把它轉回給你做一些結束語。

Yes. So obviously, very pleased with the Q1 performance, solid start. Again, the quarter was characterized by the customer demand, right? Very robust customer demand and very strong profitability.

是的。很明顯，對第一季度的表現非常滿意，開局良好。同樣，本季度的特點是客戶需求，對吧？非常強勁的客戶需求和非常強勁的盈利能力。

I think it's showing the strength of our strategy and differentiated portfolio innovation. I think we are very well positioned against these trends, as Kyle just asked at the end. But obviously, we live in interesting times, right? So -- and right now, we have to be vigilant about that. Our priority is to continue to execute on our commitments and also make sure we can contribute to the society as a whole because this company has unique value and culture. So proud of not only what we deliver, but how we deliver. So I hope you stay safe and well, and I hope to speak to you soon. Thank you for your time today.

我認為這顯示了我們戰略和差異化投資組合創新的實力。正如凱爾最後所問的那樣，我認為我們在應對這些趨勢方面處於非常有利的地位。但顯然，我們生活在有趣的時代，對吧？所以——現在，我們必須對此保持警惕。我們的首要任務是繼續履行我們的承諾，並確保我們能夠為整個社會做出貢獻，因為這家公司具有獨特的價值和文化。不僅為我們提供的產品感到自豪，而且為我們提供的方式感到自豪。所以我希望你保持安全，我希望很快能和你說話。謝謝你今天的時間。

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

女士們，先生們，我們今天的呼籲到此結束。謝謝你。