惠普企業 (HPE) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the fourth-quarter fiscal 2024 Hewlett Packard Enterprise earnings conference call. (Operator Instructions)

下午好，歡迎參加惠普企業 2024 財年第四季財報電話會議。 （操作員說明）

As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Paul Glaser, Head of Investor Relations. Please go ahead, sir.

謹此提醒，本次會議正在錄製以供重播。現在我想將演講內容交給今天電話會議的主持人、投資者關係主管保羅·格拉澤 (Paul Glaser)。請繼續，先生。

Good afternoon. I am Paul Glaser, Head of Investor Relations for Hewlett Packard Enterprise. I would like to welcome you to our fiscal 2024 fourth-quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Marie Myers, HPE's Chief Financial Officer. Before handing the call to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be available shortly after the call concludes.

午安.我是保羅‧格拉澤 (Paul Glaser)，惠普企業投資人關係主管。歡迎您參加由 HPE 總裁兼執行長 Antonio Neri 主持的 2024 財年第四季財報電話會議。以及 HPE 財務長 Marie Myers。在將電話轉交給安東尼奧之前，讓我提醒您，此電話正在網路上直播。通話結束後不久將提供網路廣播的重播。

We have posted the press release and the slide presentation accompanying the release on our HPE Investor Relations web page. Elements of the financial information referenced on this call are forward-looking and are based on our best view of the world and our businesses as we see them today. HPE assumes no obligation and does not intend to update any such forward-looking statements.

我們已在 HPE 投資者關係網頁上發布了新聞稿以及新聞稿隨附的幻燈片演示。本次電話會議中引用的財務資訊要素具有前瞻性，並且基於我們對當今世界和業務的最佳看法。慧與不承擔任何義務，也不打算更新任何此類前瞻性聲明。

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-K for the fiscal year ended October 31, 2024. For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties, and assumptions. Please refer to HPE's filings with the SEC for a discussion of these risks.

我們也注意到，本次電話會議討論的財務資訊反映了基於​​目前可用資訊的估計，可能與慧與截至2024 年10 月31 日的財年10-K 表格季度報告中最終報告的金額存在重大差異。請參閱 HPE 向 SEC 提交的文件，以了解有關這些風險的討論。

For financial information we have expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details. Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year-over-year basis and adjusted to exclude the impact of currency. Finally, Antonio and Marie will reference our earnings presentation in their prepared comments. With that, let me turn it over to Antonio

對於我們在非 GAAP 基礎上表達的財務訊息，我們已在我們的網站上提供了與可比較 GAAP 資訊的調整表。有關詳細信息，請參閱我們網站上今天的收益發布所附的表格和幻燈片演示。在整個電話會議中，除非另有說明，所有收入成長率均按年計算，並經過調整以排除貨幣的影響。最後，安東尼奧和瑪麗將在他們準備的評論中引用我們的收益報告。有了這個，讓我把它交給安東尼奧

Thank you, Paul, and thank you all for joining us today. Before I share my comments on our quarterly and yearly performance, I would like to provide an update on the Juniper Networks acquisition. We have received approvals from key geographies around the world, including the European Union, UK, India, South Korea, and Australia, which have given unconditional clearance and see the competitive benefits of the transaction.

謝謝保羅，也謝謝大家今天加入我們。在我對我們的季度和年度業績發表評論之前，我想先介紹一下有關瞻博網路收購的最新情況。我們已獲得全球主要地區的批准，包括歐盟、英國、印度、韓國和澳大利亞，這些國家已給予無條件許可，並看到了交易的競爭優勢。

In the United States, we are engaged with the Department of Justice, and we expect their review will continue into the new calendar year. We anticipate the deal will close in the early part of 2025, within the previously stated time frame.

在美國，我們正在與司法部合作，我們預計他們的審查將持續到新的日曆年。我們預計交易將於 2025 年初在先前規定的時間內完成。

Both HPE and Juniper continue to believe the transaction will enable us to provide a complete portfolio of modern, secure networking solutions that offer essential foundations for both hybrid cloud and AI. The combined companies' enhanced ability to compete and innovate will fundamentally improve the networking industry. This transaction will also strengthen US national security interest by advancing HPE's position as a strong US innovator among global technology companies.

HPE 和瞻博網路都堅信，此次交易將使我們能夠提供完整的現代安全網路解決方案組合，為混合雲和人工智慧奠定重要基礎。合併後的公司增強的競爭和創新能力將從根本上改善網路產業。此交易也將提升慧與作為美國全球科技公司中強大創新者的地位，從而加強美國的國家安全利益。

Turning to results. We had an exceptional fourth quarter to cap off a strong year. In actual dollar terms, we generated record quarterly revenue of $8.5 billion, up 15% year over year, exceeding $8 billion for the first time in our history.

轉向結果。我們在第四季表現出色，為強勁的一年畫下了圓滿的句點。以實際美元計算，我們創造了創紀錄的季度營收 85 億美元，年增 15%，史上首次超過 80 億美元。

Our results reflect the continued adoption of HPE GreenLake and the acceleration of our revenue growth in AI. Q4 and fiscal year '24 results exceeded our expectations for revenue, diluted net earnings per share, and free cash flow.

我們的業績反映了 HPE GreenLake 的持續採用以及我們在人工智慧領域收入成長的加速。第四季和 24 財年的業績超出了我們對收入、攤薄後每股淨利潤和自由現金流的預期。

We drove sequential revenue growth across each of our segments, a continuation of the positive momentum. We saw build throughout the year across our business. Q4 constituted our third consecutive quarter of improved year-over-year growth rates in revenue, non-GAAP operating profit, and non-GAAP diluted net earnings per share.

我們推動了每個細分市場的收入連續成長，這是積極勢頭的延續。我們的業務全年都在不斷發展。第四季是我們連續第三個季度實現收入、非 GAAP 營業利潤和非 GAAP 攤薄每股淨利潤同比增長率的提高。

Contributing significantly to our performance was record server revenue of $4.7 billion, up 31% year-over-year, a third consecutive quarter of double-digit growth. Sequentially, AI systems revenue was up 16% to $1.5 billion, exiting fiscal year '24 with $6.7 billion in cumulative orders since Q1 of fiscal year '23. After the close of Q4, I am pleased to share that our AI systems demand remains strong. We have received new orders, bringing AI systems backlog to over $3.5 billion.

對我們業績做出重大貢獻的是創紀錄的 47 億美元伺服器收入，年增 31%，連續第三個季度實現兩位數成長。隨後，人工智慧系統營收成長了 16%，達到 15 億美元，自 23 財年第一季以來，截至 24 財年的累計訂單量為 67 億美元。第四季結束後，我很高興地告訴大家，我們的人工智慧系統需求仍然強勁。我們收到了新訂單，使 AI 系統積壓訂單超過 35 億美元。

Our traditional server business also continued to reflect improving market dynamics as we drove our third consecutive quarter of year-over-year double-digit orders growth. Hybrid cloud revenue grew 18% year over year and 21% sequentially, resulting in revenue of $1.6 billion, with increasing revenue for HPE private cloud and continued growth in HPE storage.

我們的傳統伺服器業務也持續反映出市場動態的改善，我們連續第三個季度的訂單年增率達到兩位數。混合雲營收年增 18%，季增 21%，營收達 16 億美元，其中 HPE 私有雲收入不斷增加，HPE 儲存也持續成長。

We are seeing customers like Lupin Limited, a large India pharmaceutical company, repatriate workloads from the public cloud to enhance their data security and meet regulatory and compliance requirements. Customer adoption of our HPE Alletra Storage MP solutions continues to rise at an accelerated pace.

我們看到像印度大型製藥公司 Lupin Limited 這樣的客戶將工作負載從公有雲轉移出來，以增強其資料安全性並滿足監管和合規性要求。我們的 HPE Alletra Storage MP 解決方案的客戶採用率持續加速成長。

Since launch, we have sold approximately 3,000 systems. Miami Dade County, the seventh most populous county in the United States, implemented HPE Alletra Storage MP to consolidate an existing storage footprint to lower TCO and improve performance and sustainability.

自推出以來，我們已售出約 3,000 套系統。邁阿密戴德縣是美國人口第七多的縣，它實施了 HPE Alletra Storage MP 來整合現有的儲存空間，從而降低整體擁有成本並提高效能和永續性。

Our Intelligent Edge business achieved its third consecutive quarter of orders growth, reflecting our expectations for an improving demand environment. We are particularly pleased with the double-digit year-over-year order growth that we saw in data center networking, an important growth market for our HP Aruba Networking business.

我們的智慧邊緣業務實現了連續第三個季度的訂單成長，反映了我們對需求環境改善的預期。我們對資料中心網路訂單年增兩位數感到特別滿意，而資料中心網路是我們 HP Aruba 網路業務的重要成長市場。

HPE financial services financing volumes of $2.1 billion rose to an all-time high this quarter, driven by strong demand for HPE GreenLake and AI financing. It is clear customers need more investment capacity, whether to deploy AI or to accelerate the adoption of Hybrid Cloud.

受 HPE GreenLake 和人工智慧融資強勁需求的推動，本季 HPE 金融服務融資額達到 21 億美元，創歷史新高。顯然，無論是部署人工智慧還是加速混合雲的採用，客戶都需要更多的投資能力。

Our record-breaking revenue performance in Q4 resulted in record profitability with non-GAAP operating profit of $938 million. That translated to non-GAAP operating margin of more than 11%, a 110 basis points increase sequentially.

我們第四季創紀錄的營收表現帶來了創紀錄的獲利能力，非 GAAP 營業利潤達到 9.38 億美元。這意味著非 GAAP 營運利潤率超過 11%，比上一季增加 110 個基點。

As a result of our exceptional Q4 performance, fiscal year '24 revenue growth topped 3% year over year, exceeding $30 billion as we added more than 9,000 new customers across the portfolio. Combined with our disciplined operating expense management, which accelerated in the back half of the year, we generated a record-breaking $2.3 billion in free cash flow, exceeding our guidance of at least $1.9 billion for the year.

由於我們第四季的出色表現，24 財年的營收年增超過 3%，超過 300 億美元，因為我們的產品組合增加了 9,000 多個新客戶。結合今年下半年加速的嚴格營運費用管理，我們創造了創紀錄的 23 億美元自由現金流，超越了我們今年至少 19 億美元的指引。

We close the year on a strong note, exceeding our full-year commitments for revenue, diluted net earnings per share, and free cash flow. We are very pleased with our results and excited about the opportunities ahead for HPE.

我們以強勁的業績結束了這一年，超越了我們對收入、稀釋後每股淨利潤和自由現金流的全年承諾。我們對我們的成果感到非常滿意，並對慧與未來的機會感到興奮。

It is clear our strategy is working. We have a tremendous set of assets, including extensive solutions from edge-to-cloud, enabling us to meet our customer needs across AI, networking, and hybrid cloud. Providing a full stack of product and services clearly differentiates us versus our competition and accelerate value for our shareholders.

很明顯，我們的策略正在發揮作用。我們擁有大量資產，包括從邊緣到雲端的廣泛解決方案，使我們能夠滿足人工智慧、網路和混合雲端方面的客戶需求。提供全套產品和服務使我們在競爭中脫穎而出，並為股東創造更多價值。

In Q4, we continued our investment in innovation, which further enhanced our product portfolio and position us to capture additional market share. AI is clearly transformative for our customers and HPE is positioned to lead in the next wave of innovation.

第四季度，我們繼續對創新進行投資，這進一步增強了我們的產品組合，並使我們能夠獲得更多的市場份額。人工智慧對我們的客戶來說顯然具有變革性，而慧與則定位於引領下一波創新浪潮。

At our recent AI Day, we announced the industry-first 100% fan-less direct liquid cooling architecture, a critical capability for customers to leverage the next generation of direct liquid cooled GPUs and CPUs, while facilitating peak performance as they manage increased energy densities. This industry-first architecture is unique to HPE and results from decades of experience in liquid cooling technologies.

在最近的 AI Day 上，我們宣布推出業界首個 100% 無風扇直接液體冷卻架構，這是客戶利用下一代直接液體冷卻 GPU 和 CPU 的關鍵功能，同時在管理更高的能量密度時促進峰值性能。這種業界領先的架構是 HPE 獨有的，是慧與數十年液體冷卻技術經驗的成果。

Two weeks ago, at SC24, we announced our newest 400-gigabits HPE Slingshot direct liquid cooled networking fabric of products, engineered to support both generative AI cluster workloads and exascale supercomputing. These innovations are enhancing the performance of our AI systems and supercomputing product lines, differentiating us from the competition.

兩週前，在 SC24 上，我們發布了最新的 400 Gb HPE Slingshot 直接液冷網路產品結構，旨在支援生成式 AI 叢集工作負載和百億億次超級運算。這些創新正在提高我們的人工智慧系統和超級運算產品線的效能，使我們在競爭中脫穎而出。

At SC24, we also announced that HPE has delivered the fastest verified supercomputer in the world to the US Department of Energy's Lawrence Livermore National Laboratory. El Capitan is not only the world's fastest supercomputer at more than 1.7 exaflop, it is also among the most energy-efficient in the world. HPE now has deployed 7 of the top 10 fastest supercomputers in the world, including numbers one, two, and three on the list.

在 SC24 上，我們還宣布 HPE 已向美國能源部勞倫斯利弗莫爾國家實驗室交付了世界上最快的經過驗證的超級電腦。 El Capitan 不僅是世界上最快的超級電腦（超過 1.7 exaflop），也是世界上最節能的超級電腦之一。 HPE 目前已部署了全球最快 10 名超級電腦中的 7 台，其中包括排名第一、第二和第三的超級電腦。

We also continue to innovate to help accelerate enterprise adoption of AI. Since launching HPE Private Cloud AI, we have expanded our collaboration with Deloitte to help businesses of all sizes to deploy AI solutions tailored for their industry-specific use cases such as C-Suite AI and many others. In addition, we introduced the Unleash AI partner program to grow our ecosystem and expand customers' ability to address their AI use cases with HPE Private Cloud AI.

我們也不斷創新，幫助加速企業採用人工智慧。自從推出 HPE 私有雲 AI 以來，我們擴大了與德勤的合作，幫助各種規模的企業部署針對其行業特定用例（例如 C-Suite AI 等）量身定制的 AI 解決方案。此外，我們還推出了 Unleash AI 合作夥伴計劃，以發展我們的生態系統並增強客戶利用 HPE 私有雲 AI 解決其 AI 使用案例的能力。

While we are still in early days, interest is strong with hundreds of customers in the pipeline with many compelling proof-of-concept underway. We closed our first deals during Q4, including RWE, a leading company in the field of renewable energy, which selected HPE Private Cloud AI to unlock insights from weather data. Customers are also asking us to help them simplify their VMware private clouds and optimize their virtualization costs.

雖然我們仍處於早期階段，但數百名客戶的興趣濃厚，並且正在進行許多令人信服的概念驗證。我們在第四季度完成了第一筆交易，其中包括再生能源領域的領先公司 RWE，該公司選擇 HPE 私有雲 AI 來解鎖天氣數據的見解。客戶也要求我們幫助他們簡化 VMware 私有雲並優化虛擬化成本。

At HPE Discover Barcelona 2 weeks ago, we launched HPE VM Essentials, which enables customers to manage their virtualization estates across HP, VMware, and many others. We have built on our recent acquisitions of Morpheus Data and OpsRamp, giving customers operational flexibility and allowing them to no longer be locked into a single virtualization vendor.

兩週前，在 HPE Discover 巴塞隆納展會上，我們推出了 HPE VM Essentials，它使客戶能夠跨 HP、VMware 和許多其他公司管理其虛擬化資產。我們以最近收購的 Morpheus Data 和 OpsRamp 為基礎，為客戶提供營運彈性，讓他們不再受制於單一虛擬化供應商。

With HPE VM Essentials, they can achieve up to 5 times lower TCO. As a part of our HPE VM Essentials, we also provide an enterprise-grade open source KVM virtualization solution. This allows customers to dramatically reduce costs while increasing their flexibility to innovate across a full suite of hybrid cloud operations capabilities in an on-premises multi-stack and a multi-cloud public environment.

借助 HPE VM Essentials，他們可以將 TCO 降低多達 5 倍。作為 HPE VM Essentials 的一部分，我們也提供企業級開源 KVM 虛擬化解決方案。這使客戶能夠大幅降低成本，同時提高在本地多堆疊和多雲公共環境中跨全套混合雲操作功能進行創新的靈活性。

In storage, we continue to invest in our multiprotocol HP Alletra Storage MP platform as we transition our storage portfolio to an AI-driven, cloud-native, and disaggregated architecture. Our new HPE Alletra Storage MP X10000 is a revolution in new high-performance object storage designed for AI exabyte scale and optimized for high-speed unstructured data lakes with rapid restore for backup and recovery.

在儲存方面，隨著我們將儲存產品組合轉變為人工智慧驅動、雲端原生和分解架構，我們將繼續投資多協定 HP Alletra Storage MP 平台。我們的全新 HPE Alletra Storage MP X10000 是新型高效能物件儲存的革命，專為 AI EB 規模而設計，並針對高速非結構化資料湖進行了最佳化，可實現備份和復原的快速復原。

Our AWS S3-compatible object storage interface and deduplication supports up to 20 times data reduction and streamlines integration with any available backup solution in the market. With HPE Alletra Storage MP X10000, customers can achieve up to 6 times faster object storage performance compared to competitor solutions in the market.

我們與 AWS S3 相容的物件儲存介面和重複資料刪除支援高達 20 倍的資料縮減，並簡化了與市場上任何可用備份解決方案的整合。透過 HPE Alletra Storage MP X10000，客戶的物件儲存效能比市場上競爭對手的解決方案快 6 倍。

Finally, our Innovation Intelligent Edge are helping us to advance HP Aruba Networking Central with AIOps copilot capabilities built into our HPE GreenLake cloud. During the quarter, we announced two new solutions to enhance the networking operators experience and security for our customers.

最後，我們的創新智慧邊緣透過 HPE GreenLake 雲端內建的 AIOps 副駕駛功能幫助我們推進 HP Aruba Networking Central。在本季度，我們宣布了兩種新的解決方案，以增強網路營運商的體驗和客戶的安全性。

The first is the integration with HPE OpsRamp to monitor third-party devices. We also introduced a behavioral analytical-based network detection and response capability, where we are leveraging network and telemetry to train AI models to monitor customer IoT devices.

第一個是與 HPE OpsRamp 整合以監控第三方設備。我們還引入了基於行為分析的網路偵測和回應功能，利用網路和遙測技術來訓練人工智慧模型來監控客戶物聯網設備。

We have an important place in the market as a leading technology innovator. I am proud that HPE team members around the globe bring our innovations to customers every day to help them modernize their IT infrastructure and transform for the better.

身為領先的技術創新者，我們在市場上佔有重要地位。我感到自豪的是，全球各地的 HPE 團隊成員每天都為客戶帶來我們的創新，幫助他們實現 IT 基礎架構現代化並實現更好的轉型。

I am very pleased with our exceptional fourth-quarter results and the resulting outperformance in several of our full year commitments to our shareholders. Our strategy is well aligned to the mega trends reshaping networking, hybrid cloud, and AI; and our unique product portfolio is well positioned to capture new customers and accelerate value for our shareholders. We expect the pending acquisition of Juniper Networks to further enhance our portfolio, providing customers with complete edge-to-cloud solutions.

我對我們第四季度的出色業績以及由此產生的對股東的多項全年承諾的出色表現感到非常滿意。我們的策略與重塑網路、混合雲和人工智慧的大趨勢非常契合；我們獨特的產品組合能夠很好地吸引新客戶並加速為股東創造價值。我們預計即將完成的對瞻博網路的收購將進一步增強我們的產品組合，為客戶提供完整的邊緣到雲端解決方案。

I am extremely excited about the significant opportunity we have in the coming fiscal year to drive increased value for our shareholders. I am optimistic about what we can achieve and look forward to the year ahead. Now let me turn the call over to Marie who will provide more details about our Q4 results and guide for the first quarter. Marie?

我對我們在下一財年擁有為股東增加價值的重大機會感到非常興奮。我對我們能夠取得的成就感到樂觀，並對未來的一年充滿期待。現在讓我將電話轉給瑪麗，她將提供有關我們第四季度業績和第一季度指南的更多詳細資訊。瑪麗？

Thank you, Antonio, and good afternoon. We ended fiscal 2024 on solid footing and exceeded what we said we would do. We achieved record quarterly revenue, delivered solid profitability, and generated free cash flow above our guidance.

謝謝你，安東尼奧，下午好。我們以堅實的基礎結束了 2024 財年，並超越了我們的承諾。我們實現了創紀錄的季度收入，實現了穩健的盈利能力，並產生了高於我們指導的自由現金流。

We executed well in a dynamic environment, growing revenue sequentially in each segment as investments in AI are leading to infrastructure refreshes. In Q4, we also maintained disciplined cost management and improved non-GAAP operating profit.

我們在動態環境中表現良好，隨著人工智慧投資導致基礎設施更新，每個細分市場的收入都在持續成長。第四季度，我們也維持了嚴格的成本管理並提高了非公認會計原則營業利潤。

A few highlights from our 2024 results. We grew AI systems revenue more than 150% to $4.1 billion and met our server non-GAAP operating margin target. We continued our product transition within storage and ended the year with Alletra MP accounting for a meaningful portion of total storage orders. Our transition to more software-defined storage will drive a greater mix of higher-margin recurring revenue over the long term.

我們 2024 年業績的一些亮點。我們的人工智慧系統收入成長了 150% 以上，達到 41 億美元，並實現了我們的伺服器非 GAAP 營業利潤率目標。我們繼續在儲存領域進行產品轉型，到年底，Alletra MP 在儲存訂單總量中佔據了相當大的份額。從長遠來看，我們向更多軟體定義儲存的過渡將推動更高利潤的經常性收入的更大組合。

Lastly, in Intelligent Edge, we rightsized our cost structure as we navigated a digestion period. We grew fiscal 2024 revenue 3% to $30.1 billion, exceeding the high end of the outlook range we provided in September.

最後，在智慧邊緣領域，我們在度過消化期時調整了成本結構。我們將 2024 財年營收成長了 3%，達到 301 億美元，超過了我們 9 月提供的展望範圍的上限。

Non-GAAP diluted net EPS of $1.99 and free cash flow of $2.3 billion, both came in above our revised outlook ranges. In total, we returned $826 million to shareholders via dividends and share repurchases. Overall, our results reflect focused execution and improving demand as customers implement AI strategies.

非 GAAP 稀釋後淨每股收益為 1.99 美元，自由現金流為 23 億美元，均高於我們修訂後的展望範圍。我們總共透過股利和股票回購向股東返還了 8.26 億美元。總體而言，我們的結果反映了隨著客戶實施人工智慧策略，重點是執行和不斷改善的需求。

Let me dive into the details of the quarter. We delivered record quarterly revenue and our second highest non-GAAP diluted net EPS, both of which came in above the high end of guidance. Total revenue grew 15% year over year and 9% quarter over quarter to a record $8.5 billion.

讓我深入了解本季的細節。我們實現了創紀錄的季度收入和第二高的非公認會計準則攤薄後淨每股收益，兩者均高於指導上限。總營收年增 15%，季增 9%，達到創紀錄的 85 億美元。

Growth in the quarter was led by strong conversion of AI systems backlog, refreshes in traditional compute, better-than-expected performance within hybrid cloud, and a continued recovery in networking. We are pleased to report non-GAAP diluted net EPS of $0.58, above the high end of guidance despite dilution from the issuance of our convertible preferred securities in September, which was not factored into our outlook.

本季的成長得益於人工智慧系統積壓的強勁轉換、傳統運算的更新、混合雲內優於預期的效能以及網路的持續復甦。我們很高興地報告非 GAAP 攤薄後淨每股收益為 0.58 美元，高於指導上限，儘管我們 9 月發行的可轉換優先證券導致稀釋，而這並未納入我們的展望。

ARR grew 48% year over year to $1.9 billion, nearly doubling since Q1 2023, primarily driven by HPE GreenLake. We added approximately 2,000 new HPE GreenLake customers during the quarter, ending the year with approximately 39,000 unique customers.

ARR 年成長 48%，達到 19 億美元，自 2023 年第一季以來幾乎翻了一番，主要由 HPE GreenLake 推動。本季我們新增了約 2,000 名 HPE GreenLake 客戶，到年底約有 39,000 名獨特客戶。

I am happy to report continued demand for our differentiated AI system offerings, which resulted in strong double-digit sequential revenue growth to $1.5 billion. This record contribution from AI systems revenue, combined with lower mix of Intelligent Edge, drove gross margin down 390 basis points year over year and 90 basis points quarter over quarter to 30.9%.

我很高興地報告對我們差異化人工智慧系統產品的持續需求，這導致收入連續兩位數強勁成長，達到 15 億美元。人工智慧系統收入的創紀錄貢獻，加上智慧邊緣組合的減少，導致毛利率年減 390 個基點，季減 90 個基點至 30.9%。

Non-GAAP operating expenses decreased 9% year over year as reported, and were down $5 million quarter over quarter as we focus on streamlining our cost structure and are closely managing discretionary expenses. Non-GAAP operating margin was 11.1%, up 140 basis points year over year and up 110 basis points sequentially.

據報告，非 GAAP 營運費用年減 9%，季減 500 萬美元，因為我們專注於精簡成本結構並密切管理可自由支配費用。非 GAAP 營運利潤率為 11.1%，較去年同期成長 140 個基點，較上季成長 110 個基點。

Strong profitability rolled through to free cash flow, which exceeded our expectations and totaled $1.5 billion. Fiscal 2024 free cash flow was $2.3 billion, our highest ever for the full year. GAAP diluted net EPS of $0.99 and non-GAAP diluted net EPS of $0.58 were both above guidance, benefiting from better-than-expected OI&E and expense management.

強勁的獲利能力轉化為自由現金流，超出了我們的預期，總計 15 億美元。 2024 財年自由現金流為 23 億美元，創下全年最高水準。受益於好於預期的 OI&E 和費用管理，GAAP 稀釋後淨每股收益為 0.99 美元，非 GAAP 稀釋後淨每股收益為 0.58 美元，均高於預期。

GAAP EPS benefited primarily from a lower than previously expected tax expense on our aggregated H3C dispositions. Non-GAAP diluted net EPS excludes the gain we recognized on the partial sale of our H3C investment at $162 million in net costs, primarily from stock-based compensation expense, acquisition, and other related charges and amortization of intangibles.

GAAP 每股盈餘主要受益於我們合計 H3C 處置的稅收支出低於先前的預期。非 GAAP 攤薄淨每股收益不包括我們因部分出售 H3C 投資而確認的收益，淨成本為 1.62 億美元，主要來自股票補償費用、收購和其他相關費用以及無形資產攤銷。

Now let's turn to the segment results. Our server business was a key driver of record quarterly revenue and grew double digits year over year for the third consecutive quarter. Server revenue achieved an all-time high of $4.7 billion, up 31% year over year and up 9% quarter over quarter with sequential growth in AI systems and traditional servers.

現在讓我們轉向分段結果。我們的伺服器業務是創紀錄季度收入的關鍵驅動力，並連續第三個季度同比增長兩位數。伺服器收入創下 47 億美元的歷史新高，年增 31%，季增 9%，人工智慧系統和傳統伺服器環比成長。

The traditional compute business continued its momentum during the quarter and grew sequentially for the fourth consecutive quarter, driven by ongoing refreshes to our Gen11 server products, which carry higher AUPs. Adoption has been strongest in North America and Europe as customers are investing in new workloads.

在我們的 Gen11 伺服器產品不斷更新（其 AUP 更高）的推動下，傳統運算業務在本季度繼續保持成長勢頭，並連續第四個季度實現環比增長。隨著客戶投資新的工作負載，北美和歐洲的採用率最為強勁。

In the fourth quarter, Gen11 accounted for more than two-third of our core compute revenue and contributed to AUP growth. In AI systems, we continue to grow the business to new highs. AI systems orders during the quarter were in line with our expectations at approximately $1.2 billion. However, we had an order debook in Q4, leaving our net orders for the quarter at approximately $500 million.

第四季度，Gen11 占我們核心計算收入的三分之二以上，並為 AUP 成長做出了貢獻。在人工智慧系統方面，我們不斷將業務發展到新高。本季人工智慧系統訂單約 12 億美元，符合我們的預期。然而，我們在第四季度進行了訂單簿記，使我們該季度的淨訂單約為 5 億美元。

Subsequent to the end of the quarter, we have received orders that bring our current backlog to over $3.5 billion. As we have mentioned before, AI systems orders can be lumpy, and this is an example of that. Fourth quarter server operating margin was 11.6%, up 150 basis points year over year and up 80 basis points quarter over quarter.

本季末後，我們收到的訂單使我們目前的積壓訂單超過 35 億美元。正如我們之前提到的，人工智慧系統的訂單可能是不穩定的，這就是一個例子。第四季伺服器營運利潤率為11.6%，年增150個基點，較上季成長80個基點。

Moving to hybrid cloud, we grew revenue 18% year over year and 21% quarter over quarter to $1.6 billion, materially exceeding our guidance of a slight revenue increase. Revenue growth was led by private cloud and the continued ramp of Alletra MP. During the quarter, we received our first orders for private cloud AI as we target a growing pipeline that includes corporations across verticals and regions.

轉向混合雲後，我們的營收年增 18%，環比成長 21%，達到 16 億美元，大大超出了我們對營收小幅成長的指導。私有雲和 Alletra MP 的持續成長帶動了營收成長。本季度，我們收到了第一批私有雲人工智慧訂單，因為我們的目標是不斷增長的管道，其中包括跨垂直行業和地區的公司。

Interest is strong in manufacturing, education, and financial services. We have also deployed private cloud AI internally and are moving use cases from the public cloud due to better cost performance and compliance. In storage, we are balancing investments in owned IP products against market trends.

人們對製造業、教育和金融服務業的興趣濃厚。我們還在內部部署了私有雲人工智慧，並由於更好的性價比和合規性而將用例從公有雲轉移。在儲存方面，我們正在平衡對自有 IP 產品的投資與市場趨勢。

Alletra MP remains ahead of our expectations and is the fastest ramping storage product in our company's history. Keep in mind, these sales carry a higher portion of deferred software and services revenue, which takes longer to translate to the P&L but benefits margins long term. Hybrid cloud operating margin was 7.7%, up 390 basis points year over year and up 260 basis points sequentially, predominantly due to better OpEx controls.

Alletra MP 仍然領先於我們的預期，是我們公司歷史上成長最快的儲存產品。請記住，這些銷售在遞延軟體和服務收入中所佔的比例較高，這需要更長的時間才能轉化為損益表，但從長遠來看有利於利潤率。混合雲營運利潤率為 7.7%，年成長 390 個基點，較上季成長 260 個基點，這主要歸功於更好的營運支出控制。

Now on to Intelligent Edge. We believe the business remains at a path of recovery and customers have largely digested excess inventories. Total Intelligent Edge revenue was $1.1 billion, down 20% year over year and essentially flat quarter over quarter. Sequentially, we saw growth in services, WLAN products and software, partially offset by declines in switching and campus.

現在進入智慧邊緣。我們相信業務仍處於復甦之路，客戶已基本消化了過剩庫存。智慧邊緣總收入為 11 億美元，年減 20%，較上季基本持平。隨後，我們看到服務、WLAN 產品和軟體的成長，但部分被交換和園區的下降所抵消。

Importantly, we are seeing more large deals in our pipeline, giving us confidence that demand is improving. Keep in mind, we were still benefiting from the drawdown of networking backlog in Q1 of fiscal 2024. Operating margin of 24.4% was down 270 basis points year over year but up 200 basis points quarter over quarter due to lower OpEx in line with our expectations.

重要的是，我們看到更多的大型交易正在醞釀中，這讓我們相信需求正在改善。請記住，我們仍然受益於 2024 財年第一季網路積壓的減少。

Lastly, financial services. Our financial services business generated $893 million of revenue, up 2% year over year and up 1% quarter over quarter. Financing volumes increased 41% year over year to a new all-time high of $2.1 billion. Our Q4 loss ratio remained steady near 0.5% and return on equity totaled 17%. Operating margin was 9.2%, up 120 basis points year over year and up 20 basis points quarter over quarter.

最後是金融服務。我們的金融服務業務產生了 8.93 億美元的收入，年增 2%，季增 1%。融資額年增 41%，達到 21 億美元的歷史新高。我們第四季的虧損率穩定在 0.5% 附近，股本回報率總計 17%。營業利益率為 9.2%，較去年同期成長 120 個基點，較上季成長 20 個基點。

Moving to cash flow and capital allocation. We generated strong operating cash flow of $2 billion and free cash flow of $1.5 billion in the quarter, both of which exceeded our expectations due to higher revenue and increased collections.

轉向現金流和資本配置。本季我們產生了 20 億美元的強勁營運現金流和 15 億美元的自由現金流，由於收入增加和收款增加，這兩項都超出了我們的預期。

For the full year, free cash flow was a record $2.3 billion, above our guidance of $1.9 billion. Q4 cash conversion cycle was a negative 12 days, down 8 days from Q4 '23 and down 16 days from last quarter. Inventory ended the year at $7.8 billion, up 2% quarter over quarter due to the nature of our AI systems business.

全年自由現金流達到創紀錄的 23 億美元，高於我們 19 億美元的指引。第四季現金轉換週期為負 12 天，比 23 年第四季減少 8 天，比上季減少 16 天。由於我們人工智慧系統業務的性質，截至年底庫存為 78 億美元，環比增長 2%。

We are focused on reducing inventory during fiscal 2025 as we convert AI systems backlog and grow our storage business. During Q4, we returned $169 million via dividends and $50 million via share repurchases to common shareholders, respectively. We returned a total of $826 million during the full year.

隨著我們轉換人工智慧系統積壓並發展我們的儲存業務，我們的重點是在 2025 財年期間減少庫存。第四季度，我們分別透過股利和股票回購向普通股股東返還了 1.69 億美元和 5,000 萬美元。我們全年共返還 8.26 億美元。

Moving to our outlook for fiscal Q1 2025. As Antonio said, we expect to close the Juniper transaction in early 2025, at which time we will provide combined company guidance for fiscal 2025. However, let me provide some high-level thoughts as to how we are thinking about the upcoming year.

轉向我們對 2025 財年第一季的展望。正在考慮即將到來的一年。

Overall, customer conversations indicate higher IT spending in 2025 with multiple tailwinds that should contribute to revenue growth. We expect continued recovery in traditional compute and growing adoption of AI systems by enterprises and sovereigns, although we expect orders to remain competitive and lumpy.

整體而言，客戶對話顯示 2025 年 IT 支出將會增加，多重利好因素將有助於收入成長。我們預計傳統運算將持續復甦，企業和主權國家將越來越多地採用人工智慧系統，儘管我們預計訂單仍將具有競爭力且不穩定。

In hybrid cloud, we are beginning to see customers accelerate digital transformation projects in order to execute on AI strategies. And in networking, we expect demand will modestly recover throughout the year.

在混合雲中，我們開始看到客戶加速數位轉型項目，以執行人工智慧策略。在網路方面，我們預計全年需求將溫和復甦。

For the first quarter, we expect year-over-year revenue growth to be in the mid-teens. On a sequential basis, this is in line with normal seasonality. We expect server revenue to be down quarter over quarter. We expect flat to modest growth sequentially in traditional compute and lower AI systems contribution following a very strong quarter.

對於第一季度，我們預計營收年增將在十幾歲左右。從順序來看，這符合正常的季節性。我們預計伺服器收入將環比下降。我們預計，在經歷了一個非常強勁的季度後，傳統計算將出現持平或溫和增長，而人工智慧系統的貢獻將下降。

Server operating margin will be closer to 10% to 11% as customers navigate the transition to next-gen GPUs. In Hybrid Cloud, we expect a sequential decline in the first quarter due to stronger-than-seasonal growth in Q4, with operating margin in the mid-single-digit range. And in networking, we are still managing prolonged sales cycles and expect the business to be around historical seasonality of flattish sequential growth. We expect Intelligent Edge operating margin to be in the low 20% range due to mix.

隨著客戶過渡到下一代 GPU，伺服器營運利潤率將接近 10% 至 11%。在混合雲方面，由於第四季成長強於季節性，我們預計第一季將出現環比下降，營業利潤率將在中個位數範圍內。在網路方面，我們仍在管理延長的銷售週期，並預期業務將圍繞歷史季節性連續成長持平。由於混合因素，我們預計智慧邊緣營運利潤率將在 20% 左右。

Gross margin will benefit from a more favorable revenue mix, and we expect a modest sequential decrease in OpEx. OI&E is expected to positively contribute to the bottom line with higher net interest income, more than offsetting $0.02 of headwinds associated with the cost of our Juniper financing.

毛利率將受益於更有利的收入組合，我們預計營運支出將略有下降。 OI&E 預計將透過更高的淨利息收入對淨利潤做出積極貢獻，超過抵銷與瞻博網路融資成本相關的 0.02 美元的不利因素。

Overall, we estimate Q1 GAAP diluted net EPS to be between $0.31 and $0.36 and non-GAAP diluted net EPS to be between $0.47 and $0.52 based on 1.4 billion diluted weighted average shares outstanding, including $76 million of dilution from our convertible preferred securities.

整體而言，根據14 億股稀釋加權平均流通股（包括來自我們的可轉換優先證券的7,600 萬美元稀釋），我們預計第一季GAAP 稀釋後淨每股收益將在0.31 至0.36 美元之間，非GAAP 稀釋後淨每股收益將在0.47 至0.52 美元之間。

For free cash flow, we typically consume cash in the first quarter. We intend to procure components needed to meet current and future AI systems demand while continuing to manage inventory. For Q1, we intend to buy back shares of common stock at a similar pace to Q4. We remain committed in the long term to our balanced capital allocation framework, our dividend, and our investment-grade rating.

對於自由現金流，我們通常在第一季消耗現金。我們打算採購滿足當前和未來人工智慧系統需求所需的組件，同時繼續管理庫存。對於第一季度，我們打算以與第四季度類似的速度回購普通股。從長遠來看，我們仍然致力於平衡的資本配置框架、股息和投資等級評級。

In summary, we delivered strong Q4 results and ended fiscal 2025 well positioned to drive profitable growth and generate free cash flow that we can reinvest into the business while also returning capital to shareholders. With that, I'll turn it over for Q&A.

總而言之，我們在第四季度取得了強勁的業績，並在2025 財年結束時處於有利位置，可以推動盈利增長並產生自由現金流，我們可以將其再投資於業務，同時還將資本返還給股東。這樣，我將把它轉過來進行問答。

(Operator Instructions) Wamsi Mohan, Bank of America.

（操作員指示）Wamsi Mohan，美國銀行。

Yeah. Thank you so much. And congrats on the strong quarter and guide, especially given the dilution from the preferred stock. As we look at your AI business, the -- can you maybe give us some sense of how your AI pipeline is shaping up, given that the backlog levels kind of dipped in the quarter?

是的。太感謝了。祝賀強勁的季度和指南，特別是考慮到優先股的稀釋。當我們審視你們的人工智慧業務時，考慮到本季的積壓水平有所下降，您能否讓我們了解一下你們的人工智慧管道的發展？

And I know you made some comments about how it's backed up intra-quarter. But can you give us some sense of how the pipeline looks and what the composition of that could be? Thank you.

我知道您對季度內的備份方式發表了一些評論。但是您能否讓我們了解一下管道的外觀及其組成？謝謝。

Yeah. Thanks, Wamsi. This is Antonio. The pipeline is a multiple of the current backlog which we shared as of a day ago, which is basically more than $3.5 billion. And inside our pipeline, obviously, remember there is foue key segments of the market.

是的。謝謝，瓦姆西。這是安東尼奧.該管道是我們一天前分享的當前積壓訂單的數倍，基本上超過 35 億美元。顯然，在我們的管道中，請記住有四個關鍵市場部分。

Obviously, the biggest driver continues to be what I call segment one or model builders, hyperscalers as well as now the Tier 2, Tier 3 that they are in the business to provide GPU capacity on demand on a per hour basis. So they continue to be the two biggest driver.

顯然，最大的驅動力仍然是我所說的第一細分市場或模型建構商、超大規模供應商，以及現在的第 2 層、第 3 層，他們從事按小時按需提供 GPU 容量的業務。所以他們仍然是兩個最大的推動者。

But what I'm really pleased, and Maria and I have made those comments in our remarks, is the fact that we see now the enterprise AI pipeline continue to grow steadily. There are hundreds of customers on the pipeline. The size of the deal will vary obviously because it's not the same size of the deal of the other two segments.

但我真正感到高興的是，我們現在看到企業人工智慧管道繼續穩定成長，瑪麗亞和我在我們的演講中也發表了這些評論。目前有數百家客戶正在籌備中。交易規模將明顯不同，因為它與其他兩個細分市場的交易規模不同。

But there are some very interesting large-sized deals in the pipeline, and they are doing proof-of-concept. But the positive news is that, remember that we made the announcement of the offer that co-engineered solution with NVIDIA in June. And we made it available only on September 9.

但有一些非常有趣的大型交易正在進行中，他們正在進行概念驗證。但好消息是，請記住，我們在 6 月宣布了與 NVIDIA 共同設計的解決方案。我們僅在 9 月 9 日推出。

So really, we had seven weeks to be able to collect orders. We already collected orders in enterprise AI and we already closed deals in enterprise AI. And two weeks ago, we made additional enhancement to this offer, particularly with a partner ecosystem, including Deloitte.

事實上，我們有七個星期的時間來收集訂單。我們已經收集了企業人工智慧領域的訂單，並且已經完成了企業人工智慧領域的交易。兩週前，我們對這項服務進行了進一步的增強，特別是與包括德勤在內的合作夥伴生態系統的合作。

So very pleased. This is going to be a growth driver in 2025 as we go forward. And then on the first segment, obviously, the transition, I would say, to the latest GPUs that will happen over the course of the next few quarters.

所以非常高興。隨著我們的前進，這將成為 2025 年的成長動力。然後，在第一部分，顯然，我想說的是，向最新 GPU 的過渡將在接下來的幾個季度內發生。

Thank you Wamsi. Next question, please.

謝謝瓦姆西。請下一個問題。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Thanks and congrats on the quarter. Maybe diving into gross margins, can you just talk about some of the puts and takes on maybe particularly server margin this quarter and just kind of the weight of some of the XD servers versus El Capitan recognition? Or just some of the dynamics that play on gross margins would be helpful. Thank you.

偉大的。感謝並祝賀本季。也許深入探討毛利率，您能談談本季度伺服器利潤率的一些看跌期權和承付款項，以及一些 XD 伺服器與 El Capitan 認可度之間的權重嗎？或者只是一些影響毛利率的動態會有所幫助。謝謝。

Hi, Meta. Good afternoon, it's Marie. And first of all, I'll just add up by saying, as you know, we typically don't get into gross margin at the segment level but let me give you some color around how we think about our op margins.

嗨，梅塔。下午好，我是瑪麗。首先，我只想補充一下，如您所知，我們通常不會在細分市場層面上討論毛利率，但讓我給您一些關於我們如何看待營運利潤率的資訊。

First of all, I'd say, look, from a service segment perspective, really pleased with the performance in the quarter. We were at 11.6%. And if you think about it, we actually had our highest ever AI server revenue of $1.5 billion. So I think you can see just the performance there.

首先，我想說，從服務部門的角度來看，我們對本季的表現非常滿意。我們當時的比例是 11.6%。如果你想一想，我們實際上擁有有史以來最高的 AI 伺服器收入，達到 15 億美元。所以我認為你可以看到那裡的表演。

In terms of the color and how to think about it, El Capitan actually was included in the quarter, so we did actually get the final acceptances. A couple of points to note. If you look at the mix inside server, we see traditional compute, particularly Gen11, we're about two-third of the mix so far to date, and that particularly has higher configurations. And as a result, it's driving richer AUPs and obviously higher structural margins.

就顏色和思考方式而言，El Capitan 實際上已包含在本季度中，因此我們確實獲得了最終接受。有幾點要注意。如果您查看伺服器內部的組合，我們會看到傳統運算，特別是 Gen11，到目前為止，我們約佔組合的三分之二，並且特別具有更高的配置。因此，它推動了更豐富的 AUP 和明顯更高的結構利潤。

And also, frankly, we've been really successful about passing over commodity costs. And if you look at both the GPU servers, it is competitive, but you can see the revenue scale is helping us out there. And then finally, I think we've been really prudent with our cost controls and all of that's playing off in terms of our OpEx discipline. So that's how we're thinking about server margins.

而且，坦白說，我們在轉嫁商品成本方面非常成功。如果你看看這兩款 GPU 伺服器，你會發現它們都具有競爭力，但你可以看到收入規模正在幫助我們擺脫困境。最後，我認為我們對成本控制非常謹慎，所有這些都在我們的營運支出紀律方面發揮作用。這就是我們考慮伺服器利潤的方式。

But in addition to what Marie said, Meta, is this was the third consecutive quarter of double-digit year-over-year orders growth in the traditional server. And when I think about the opportunity ahead of us, there are, just for HPE, 0.5 million units in the installed base that must be refreshed for several reasons.

但除了 Marie 所說的之外，Meta 還表示，這是傳統伺服器訂單同比連續第三個季度實現兩位數增長。當我想到我們面前的機會時，僅對 HPE 而言，由於多種原因，安裝基礎上就有 50 萬台設備必須更新。

Number one, they are doing very little work and consuming a lot of energy. Number two is because they have reaching, or they are reaching the depreciation cycle. And when enterprise customers think about deployment of AI, they need to free up space, power, and cooling to absorb this new system. So this is a big opportunity for us, both from a units perspective and obviously, Gen11 comes with a different configuration, as Marie said, and then the services touch that comes with it.

第一，他們做的工作很少，卻消耗大量的能量。第二是因為它們已經達到或正在達到折舊週期。當企業客戶考慮部署人工智慧時，他們需要釋放空間、電力和冷卻來吸收這個新系統。因此，這對我們來說是一個巨大的機會，無論是從單位的角度來看，還是顯然，Gen11 配備了不同的配置，正如 Marie 所說，然後是隨之而來的服務接觸。

Thank you. Meta. Next question, please.

謝謝。元。請下一個問題。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. I was hoping I could ask a two-parter on the AI service. First, can you just clarify that debook comment that came in? It sounds like $700 million debook of backlog. Was that a competitive loss or someone had double ordered or something else that was going on there? And then the second part, following on the gross margin.

謝謝。我希望能向兩人詢問有關人工智慧服務的問題。首先，您能澄清一下收到的 debook 評論嗎？聽起來像是 7 億美元的積壓訂單。這是競爭失敗還是有人重複訂購了，或者那裡發生了其他事情？然後是第二部分，即毛利率。

Can you talk a little bit about when you're looking at AI business, what are the metrics you're looking at? Are you -- do you have thresholds for gross margin or cash flow or something else that prohibits you from going at certain deals where maybe ODMs or lower gross margin OEMs would go? Thank you.

可以談談當你在關注人工智慧業務時，你關注的指標是什麼嗎？您是否有毛利率或現金流量的門檻或其他因素阻止您參與 ODM 或毛利率較低的 OEM 可能會參與的某些交易？謝謝。

Sure. And thank you for the question. As we said before, orders during the quarter were in line with our expectations. In fact, we booked $1.2 billion of new orders in Q4. However, we debooked a large order, which was $700 million during the same quarter because we had concern with a specific customer. And we pride ourselves of a very strong control in this environment, and we continue to be very vigilant about how we engage and making sure we manage the risk.

當然。謝謝你的提問。正如我們之前所說，本季的訂單符合我們的預期。事實上，我們在第四季預訂了 12 億美元的新訂單。然而，由於我們對特定客戶的擔憂，我們在同一季度取消了一筆價值 7 億美元的大訂單。我們為在這種環境下擁有非常強大的控制能力而感到自豪，並且我們將繼續對如何參與並確保我們管理風險保持高度警惕。

And we felt that already carried a lot of risk, and therefore, we felt it was very prudent to debook it and focus on other areas of the business. And that's why as we keep going throughout the next few weeks, up to yesterday, we ended up with a backlog now which is more over the $3.5 billion.

我們認為這已經帶來了很大的風險，因此，我們認為取消它並專注於業務的其他領域是非常謹慎的。這就是為什麼我們在接下來的幾週繼續進行，直到昨天，我們現在積壓的訂單超過 35 億美元。

So that's what happened. It has nothing to do with competitive. It has nothing to do with everything else. We had a concern with a specific customer, and we decided it was prudent to debook it.

這就是發生的事情。這與競爭無關。它與其他一切都無關。我們對某個特定客戶有疑慮，因此決定取消其預訂是謹慎的做法。

Yeah. And Tim, just to add on how we think about margin structure and AI systems, I think we've said this in the past, but look, we have a framework that we use for our pricing, and it's absolutely our intention to remain disciplined both on cost and price as we pursue profitable growth. I think that has been our mantra. But obviously then, we're out there balancing those gross margin pressures with cost control, strategic buys, and you've seen that in terms of our pricing discipline.

是的。提姆，我想補充我們對利潤結構和人工智慧系統的看法，我想我們過去已經說過這​​一點，但是看，我們有一個用於定價的框架，我們絕對打算保持紀律當我們追求盈利增長時，我們會考慮成本和價格。我認為這一直是我們的座右銘。但顯然，我們正在透過成本控制、策略性採購來平衡毛利率壓力，而且你已經在我們的定價紀律方面看到了這一點。

And I would add and I think Antonio made this comment earlier that we do see, over time, improving profitability as the market moves more to, I think, the two sectors that Antonio referred to, both in terms of sovereign and enterprise where we see services attach, et cetera. So just use that as a way to think about the longer-term sort of margin structure as well.

我想補充一點，我認為安東尼奧早些時候發表了這一評論，隨著時間的推移，我們確實看到，隨著市場更多地轉向安東尼奧提到的兩個部門，無論是在我們看到的主權部門還是企業部門，獲利能力都會提高服務附加等等。因此，也可以將此作為考慮長期利潤結構的一種方式。

Thank you, Tim. Next question, please.

謝謝你，提姆。請下一個問題。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Good afternoon. Thanks for taking my question. I guess if I just look at the corporate level, you've had a couple of quarters where gross margins have been down a fair bit year-over-year. I think it was down like 390 basis points this quarter.

午安.感謝您提出我的問題。我想如果我只看公司層面，你會發現有幾個季度毛利率比去年同期下降了相當多。我認為本季下降了 390 個基點。

Could you just talk like, A, what's driving this gross margin degradation for you folks? But it clearly looks like you're able to offset all of this with some really good OpEx control. Could we just talk about what's driving the gross margin decline? And then how low can you take OpEx at this point, given your expectations for revenue growth in the next fiscal year? Thank you.

能否簡單說一下，A，是什麼原因導致你們毛利率下降？但很明顯，您可以透過一些非常好的營運支出控制來抵消所有這些。我們可以談談毛利率下降的原因嗎？那麼，考慮到您對下一財年營收成長的預期，此時您可以將營運支出定為多低？謝謝。

Yeah, no worries. Good afternoon, it's Marie. So why don't I take that one? On gross margin, so for Q4, as you rightly said, it was 30.9% so we're down both on a year on year and Q-on-Q basis. If you step back and look at the overall revenue mix, perhaps one of the largest drivers is really just the lower contribution of the Intelligent Edge revenue.

是的，不用擔心。下午好，我是瑪麗。那我為什麼不拿那個呢？就毛利率而言，正如您所說，第四季度毛利率為 30.9%，因此我們同比和環比均有所下降。如果您退後一步看看整體收入組合，也許最大的驅動因素之一實際上只是智慧邊緣收入的貢獻較低。

And in fact, in Q4, Amit, it was actually the lowest for the entire year. And obviously, we had a higher contribution inside of servers of AI systems revenue and product mix. So that obviously impacted gross margin. But what I would say is despite that headwind, we actually grew gross profit dollars both year-on-year and Q-on-Q.

事實上，阿米特，第四季度實際上是全年最低的。顯然，我們在人工智慧系統收入和產品組合的伺服器內部做出了更高的貢獻。這顯然影響了毛利率。但我想說的是，儘管有逆風，我們的毛利實際上同比和環比都有成長。

Now going forward, I think I said in my prepared remarks that we do actually expect to see gross margin will be up modestly in terms of the improved business mix and predominantly, that's driven by the Intelligent Edge mix. But from a longer-term perspective, just two things to keep in mind.

現在，我想我在準備好的演講中說過，我們確實預計毛利率將因業務組合的改善而小幅上升，這主要是由智慧邊緣組合推動的。但從長遠來看，有兩件事需要牢記。

First of all, obviously, when we closed Juniper, that is going to be a big driver and has a very positive impact on both gross and operating. We expect that 50% of operating profit going forward will come from Juniper. And secondly, as I mentioned earlier, I think when I answered Tim's question, we do expect, particularly in the AI space, those higher-margin opportunities as we move more into seeing the adoption of sovereign and enterprise.

首先，顯然，當我們關閉瞻博網路時，這將成為一個巨大的推動因素，並對總收入和營運產生非常積極的影響。我們預計未來 50% 的營業利潤將來自瞻博網路。其次，正如我之前提到的，我認為當我回答蒂姆的問題時，我們確實期望，特別是在人工智慧領域，隨著我們更多地看到主權和企業的採用，那些利潤率更高的機會。

On the cost side of the house, really pleased with the work we've done so far to date. We've been really focused on discretionary costs throughout '24. We're moving more into areas of productivity. Amit, as we look at '25, we're actually using gen AI inside the company, using it in finance to help drive productivity. So we see opportunities like that throughout the company. I would just say at a company as large as HPE, there's plenty of opportunity, Amit.

在房子的成本方面，我們對迄今為止所做的工作非常滿意。整個 24 年我們一直非常關注可自由支配成本。我們正在更多地進入生產力領域。阿米特，當我們回顧 25 年時，我們實際上在公司內部使用人工智慧，在金融領域使用它來幫助提高生產力。所以我們在整個公司都看到了這樣的機會。我只想說，在慧與這麼大的公司裡，有很多機會，阿米特。

Thank you. Amit. Next question please.

謝謝。阿米特。請下一個問題。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you for taking the question. I think in your commentary on the outlook, you indicated that traditional servers would be flattish to even slightly up sequentially in the January quarter, which I think defies seasonality. So I just want to verify if I got that correct, maybe if you could unpack what's happening in that part of the business. Thank you.

感謝您提出問題。我認為您在對前景的評論中指出，傳統伺服器在一月份季度將持平甚至略有上升，我認為這違背了季節性。所以我只是想驗證我是否正確，也許你可以解開這部分業務中發生的事情。謝謝。

Yeah. So this is Marie here, Simon. So yes, you did get that correct in terms of servers. And I think I did mention in my prepared remarks that we did see a lower AI mix in terms of systems in Q1. And I think as we've said in the past, this business is lumpy, so you just bear that in mind as you think about it.

是的。這是瑪麗，西蒙。是的，您在伺服器方面確實是正確的。我想我在準備好的發言中確實提到，我們確實在第一季的系統方面看到了較低的人工智慧組合。我認為正如我們過去所說的那樣，這個行業是不穩定的，所以你在思考它時記住這一點。

In terms of traditional servers and the outlook on the business, really nothing's changed. We continue to see the momentum in that business. I think Antonio described it very well earlier when he mentioned two-third of the mix is already at Gen11 in traditional servers, and we see that continuing. So don't expect that to change fundamentally.

就傳統伺服器和業務前景而言，確實沒有任何改變。我們繼續看到該業務的勢頭。我認為 Antonio 之前描述得很好，當時他提到三分之二的組合已經在傳統伺服器的 Gen11 中，並且我們看到這種情況仍在繼續。所以不要指望這種情況會發生根本性的改變。

But just remember, it's a pretty competitive environment out there, both for both traditional servers and AI systems right now in the market. So that's the way I'd sort of think about it. So that's why we felt it was prudent, given the current backlog we've got to guide 10% to 11% right now.

但請記住，對於目前市場上的傳統伺服器和人工智慧系統來說，這是一個相當競爭的環境。這就是我的想法。這就是為什麼我們認為這是謹慎的，考慮到目前的積壓，我們現在必須指導 10% 到 11%。

Also, Simon, obviously, in addition to the traditional yearly seasonality, now we have gone back to the normal seasonality we used to have a few years ago when you adjust for the COVID and the recovery that happened after that.

另外，西蒙，顯然，除了傳統的年度季節性之外，現在我們已經回到了幾年前的正常季節性，當你根據新冠疫情和之後發生的複蘇進行調整時。

On the AI side, one-third -- more than one-third of our backlog is Blackwell-related. And so you need to consider that -- the trajectory of that more than $3.5 billion being Blackwell-related, you need time to convert that into revenue. And that's why Marie mentioned the lumpiness of revenue conversion sometime or the orders intake.

在人工智慧方面，我們有三分之一以上的積壓訂單與 Blackwell 相關。因此，您需要考慮到與 Blackwell 相關的超過 35 億美元的軌跡，您需要時間將其轉化為收入。這就是為什麼瑪麗有時會提到收入轉換或訂單量不穩定的原因。

But notwithstanding, we are very pleased with the revenue we had in Q4. We are confident about the continued growth in 2025 as we transition the GPUs to this new type of silicon.

但儘管如此，我們對第四季的營收感到非常滿意。隨著我們將 GPU 過渡到這種新型矽，我們對 2025 年的持續成長充滿信心。

Thank you, Simon. Next question, please.

謝謝你，西蒙。請下一個問題。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah, thanks for taking the question. Antonio, kind of building off of that last comment, I'm curious as we think about the Blackwell platform cycle ahead of us and your comment on the backlog build that you're seeing, can you just update us where -- I think a lot of that initial demand seems to be centered around the GB200 NVL, that rack scale system.

是的，感謝您提出問題。安東尼奧，在最後一條評論的基礎上，我很好奇，當我們思考我們面前的 Blackwell 平台週期以及您對您所看到的積壓構建的評論時，您能否更新我們的情況 - 我認為許多最初的需求似乎都集中在GB200 NVL（即機架秤系統）。

Where does HPE stand on that platform shipping those system configurations? When do you think that those would ship in volume for HPE?? Thank you.

HPE 在運送這些系統配置的平台上處於什麼位置？您認為這些產品何時會為 HPE 大量出貨？謝謝。

Yeah. I think you're right, Aaron. I think again, in the segmentation, I'd like to operate within the segment one and two, call it, service provider, hyperscalers, and model builders. They tend to lead with the latest technology, and that transition is going to happen over '25. And so obviously, we are working with the customers and NVIDIA as they become available, and we will be shipping those in volume in 2025.

是的。我認為你是對的，亞倫。我再次認為，在細分市場中，我想在第一和第二細分市場內運營，稱之為服務提供者、超大規模商和模型建構商。他們傾向於引領最新技術，這種轉變將在 25 年左右發生。顯然，我們正在與客戶和 NVIDIA 合作，以便在產品上市時合作，我們將於 2025 年批量發貨。

And so when you think about calendar year, right, I will say, in the first half of 2025 is when you start seeing growth in that platform. In the sovereign space, I don't think that's the case. I think it's a mix of multiple configurations because they are different type of workloads. And then in enterprise, I argue, it will be an N-1 or N-2 because the enterprise is less about Blackwell or Grace Blackwell. It's more about the simplicity of the deployment and the time to value.

因此，當您考慮日曆年時，我會說，2025 年上半年您將開始看到該平台的成長。在主權領域，我認為情況並非如此。我認為這是多種配置的混合，因為它們是不同類型的工作負載。然後在企業中，我認為，這將是 N-1 或 N-2，因為企業不太關注 Blackwell 或 Grace Blackwell。更多的是關於部署的簡單性和實現價值的時間。

And that's why when you look at today, our HPE Private Cloud AI is all now based on H100. And so -- and that's plenty for what they do, whether it's dragging a model or fine-tuning a model or doing inferencing. So that's why you can generalize things here, but it's fair to say people in the business to build and train models will lead with the latest technology and they will transition in the first half of 2025. And then the enterprise will stay one or two generations behind because, obviously, they'll need all that computing power.

這就是為什麼當您今天看到時，我們的 HPE 私有雲 AI 現在全部基於 H100。因此，這對於他們所做的事情來說已經足夠了，無論是拖曳模型還是微調模型或進行推理。這就是為什麼你可以在這裡概括事情，但可以公平地說，構建和訓練模型的企業人員將引領最新技術，他們將在 2025 年上半年進行轉型。因為，顯然，他們需要所有的運算能力。

Thank you, Aaron. Next question please.

謝謝你，亞倫。請下一個問題。

Toni Sacconaghi, Bernstein.

東尼薩科納吉、伯恩斯坦。

Yes, thank you. I'm not sure if you said it but perhaps you can just confirm, did your AI pipeline grow sequentially? And then on the hybrid cloud side, it was a huge jump sequentially, dramatically higher than your guidance as well and the biggest sequential increase we've ever seen. Was there any unusually large deal in there? I know you closed Morpheus also, but I don't think that was really material.

是的，謝謝。我不確定你是否說過，但也許你可以確認一下，你的人工智慧管道是否連續成長？然後在混合雲方面，這是一個巨大的連續跳躍，也大大高於您的指導，也是我們見過的最大的連續增長。裡面有什麼異常大的交易嗎？我知道你也關閉了睡眠功能，但我認為這並不重要。

Can you add any color about whether there was anything unusual? Did you pull forward deals and hence you think next quarter is going to be seasonally weaker than usual? But again, there was an enormous differentiation relative to normal history in your own guidance. Thank you.

能補充一下是否有什麼不尋常的地方嗎？您是否提前了交易，因此您認為下個季度的季節性會比平常弱？但同樣，您自己的指導與正常歷史相比存在巨大差異。謝謝。

Yes, Marie, you want to take that?

是的，瑪麗，你想要那個嗎？

Address hybrid cloud, Toni. Look, first of all, I'd start out and say, look, we're really pleased with the performance of hybrid cloud in the quarter. And as you mentioned, revenue was up almost 18% year on year and 22% quarter on quarter, so really strong growth. It was really driven by both private cloud and frankly, just the ongoing adoption of HPE Alletra MP Storage.

解決混合雲問題，Toni。首先，我首先會說，我們對本季混合雲的表現非常滿意。正如您所提到的，營收年增近 18%，環比成長 22%，成長非常強勁。這實際上是由私有雲和 HPE Alletra MP 儲存的持續採用所推動的。

So I think both of those were just great drivers of contribution. I think you see in the deck that -- on the investor deck, we had 39,000 customers on GreenLake. And our MP Storage, I think, is one of the fastest adoptions ever in the history of the company. So I think you're starting to see those benefits pass through. And in fact, AAR was up 48% as well.

所以我認為這兩者都是貢獻的重要推手。我想你在投資者平台上看到，我們在 GreenLake 上有 39,000 名客戶。我認為，我們的 MP 儲存是公司歷史上採用速度最快的之一。所以我認為你已經開始看到這些好處正在傳遞。事實上，AAR 也成長了 48%。

So overall, really good on the top line and frankly, pleased with the trajectory from a margin perspective as well, as you rightly said, we're continuing to scale the business, manage our cost structure, all of that's paying off.

總的來說，營收確實很好，坦白說，從利潤率角度來看，我們也對這一軌跡感到滿意，正如您所說，我們正在繼續擴大業務規模，管理我們的成本結構，所有這些都得到了回報。

And the Q1 guide actually does continue some of the momentum on the margin. We expect that to be relatively sequentially flattish. And given the strong Q4, we do expect to have a modest sort of decrease in revenue, which is more in line with the sequential on hybrid cloud. So overall, I think very pleased and want that trajectory to continue, Toni. I'll turn it over to Antonio now.

第一季的指導實際上確實延續了一些邊際勢頭。我們預計這一數字將相對持平。鑑於第四季度的強勁表現，我們確實預計收入將略有下降，這更符合混合雲的連續情況。總的來說，我認為非常高興，並希望這種軌跡能夠繼續下去，托尼。我現在就把它交給安東尼奧。

Just to add a couple of things there, Toni, and before I answer the AI question. So first of all, we now see the result of many, many quarters of hard work in hybrid cloud. Remember, hybrid cloud is led by the GreenLake platform plus storage plus all the ancillary services. And Alletra MP Storage today is the fastest-ever ramp in the history of the company, already on a $1 billion annualized basis. And remember, that platform actually could be higher.

東尼，在我回答人工智慧問題之前，我想補充幾點。首先，我們現在看到了混合雲領域許多、許多方面努力工作的成果。請記住，混合雲由 GreenLake 平台、儲存以及所有輔助服務主導。今天的 Alletra MP Storage 是該公司歷史上最快的成長速度，年收入已達 10 億美元。請記住，該平台實際上可以更高。

But remember, a portion of that revenue gets deferred because it's a subscription of the software to the infrastructure. And that's why I'm so excited with the focus of the platform, including the latest introduction with the Storage MPX10000 because that addresses the AI needs at scale, particularly exabyte scale for unstructured data.

但請記住，部分收入會被推遲，因為它是軟體對基礎設施的訂閱。這就是為什麼我對該平台的關注如此興奮，包括最新推出的 Storage MPX10000，因為它滿足了大規模的人工智慧需求，特別是 EB 級非結構化資料。

The second thing is I'm really proud, and by the way, on Alletra MP, we sold already 3,000 new systems. On the GreenLake, obviously, the platform has 39,000 customers. Throughout the year, we added more than 9,000 new logos to HPE.

第二件事是我真的很自豪，順便說一句，在 Alletra MP 上，我們已經售出了 3,000 個新系統。顯然，在 GreenLake 上，該平台擁有 39,000 名客戶。在這一年裡，我們為 HPE 增加了 9,000 多個新標誌。

And now with Morpheus Data and OpsRamp, Zerto on the ransomware protection plus the GreenOps, the FinOps, people realize that GreenLake is a true hybrid by design and is core how we deliver infrastructure and the software that comes with it. So that's what's driving the growth in the hybrid cloud space.

現在，有了 Morpheus Data 和 OpsRamp、Zerto 的勒索軟體保護以及 GreenOps、FinOps，人們意識到 GreenLake 在設計上是真正的混合體，是我們提供基礎設施及其附帶軟體的核心。這就是推動混合雲領域成長的因素。

And more to come there because also Aruba has a huge component of subscription through the GreenLake platform. And then on the AI, yes, the pipeline grew quarter over quarter. And as I said, it's a multiple of the current backlog at more than $3.5 billion, but also the composition of the pipeline keeps shifting. And my -- what I'm really pleased is that the enterprise side has grown very rapidly on the back of the offer that now it's available for ordering for customers

還會有更多這樣的事情發生，因為阿魯巴島也透過 GreenLake 平台擁有巨大的訂閱組成部分。然後在人工智慧方面，是的，管道逐季成長。正如我所說，這是目前積壓訂單（超過 35 億美元）的數倍，而且管道的組成也在不斷變化。我真正感到高興的是，在現在可供客戶訂購的產品的支持下，企業方面的發展非常迅速

Thank you, Toni. Next question, please.

謝謝你，托尼。請下一個問題。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hi, thanks for taking my question. If I can change gears here a bit on Intelligent Edge. You talked about the strong order patterns. But when I look at the revenue performance in the quarter, I know you were up modestly, but it did seem like overall from at least relative to some other peers that have reported, the sequential growth was a bit more limited relative to sort of quarter over quarter increases here.

您好，感謝您提出我的問題。如果我可以在智慧邊緣上稍微改變一下。您談到了強訂單模式。但是，當我查看本季的營收表現時，我知道您的成長幅度不大，但總體而言，至少相對於其他一些已報告的同行而言，環比成長相對於某個季度來說更為有限這裡的季度成長。

So I mean, is there -- how you're thinking about sort of the next year playing out? And when you look at order trends, are they coming in as expected? Or are you seeing a bit more weakness than what you would have expected maybe 90 days ago?

所以我的意思是，你對明年的情況有何看法？當您查看訂單趨勢時，它們是否如預期般出現？或者您發現比 90 天前預期的情況更加疲軟？

And within that portfolio, how are you thinking about where, as you said, enterprises are going to spend more relative to their IT budgets? What are you hearing from them in terms of priorities within that portfolio? Thank you.

在該投資組合中，您如何考慮企業將在哪些方面（如您所說）相對於其 IT 預算進行更多支出？您從他們那裡了解到該投資組合中的優先事項是什麼？謝謝。

Absolutely and thank you for the question. So as I said in my remarks, we had the third consecutive order growth in Intelligent Edge. But you don't see yet fully translating into revenue, which looks like more flattish. In fact, that's the case for even Q1 is because the growth areas that accelerated are very much subscription based. So this is SD-WAN with SSE, called the SASE framework, had a very nice quarter.

絕對可以，謝謝你的提問。正如我在演講中所說，我們在智慧邊緣領域的訂單連續第三次成長。但你還沒有看到完全轉化為收入，看起來更平淡。事實上，即使第一季也是如此，因為加速的成長領域很大程度上是基於訂閱的。這就是帶有 SSE 的 SD-WAN，稱為 SASE 框架，這個季度表現非常好。

The second is the subscription services to HPE GreenLake Aruba Central, which is very important in the way you manage that infrastructure. But we're now seeing is also customers placing orders for future quarters related to Wi-Fi 7. And as we look at that, what I'm very excited is that when you upgrade your access points, at some point, you also need to upgrade your campus switching.

第二個是 HPE GreenLake Aruba Central 的訂閱服務，這對於管理基礎設施的方式非常重要。但我們現在也看到客戶正在為未來幾季下Wi-Fi 7 相關的訂單。還需要升級您的園區交換。

And the reason why it's necessary because the access points are powered over Ethernet from the switching port. But today, I will say the one area has not yet fully returned to what we want to see is the campus switching itself.

之所以有必要，是因為存取點是透過乙太網路從交換埠供電的。但今天，我要說的是，尚未完全恢復到我們希望看到的一個方面是校園切換本身。

And then last but not least, data center networking using more intelligent features that our CNX platform brings to table has had double-digit growth again. And so that's why I'm excited about the combination with Juniper Networks because bring complementarity to that portfolio. And when I look at the AI, I see three unique opportunities. Number one, the interconnectivity within data center to data center. That requires basically a big router.

最後但並非最不重要的一點是，使用我們的 CNX 平台帶來的更智慧功能的資料中心網路再次實現了兩位數的成長。這就是為什麼我對與瞻博網路的合併感到興奮，因為這為該產品組合帶來了互補性。當我審視人工智慧時，我看到了三個獨特的機會。第一，資料中心之間的互連性。這基本上需要一個大路由器。

And obviously, Juniper really has a leading platform with 100-gig. Once you are inside the data center, you need a high-performance fabric. You need to let the pipes inside the data center to be able to connect rack to rack and row to row. And then inside the rack itself, you need a high-performance connectivity.

顯然，Juniper 確實擁有一個領先的 100G 平台。一旦進入資料中心，您就需要高效能結構。您需要讓資料中心內部的管道能夠連接機架與機架、行與行。然後在機架內部，您需要高性能連線。

This is why the HPE Slingshot 400-gig that we just announced two weeks ago has played a massive role, especially as customers will consider other type of silicon in that environment. And they need an open architecture and that's what Slingshot brings out.

這就是為什麼我們兩週前剛發布的 HPE Slingshot 400-g 發揮了巨大作用，特別是當客戶在該環境中考​​慮使用其他類型的晶片時。他們需要一個開放的架構，這就是 Slingshot 所帶來的。

But I believe the market is on recovery, three data points already, three quarters of growth. And this is what I believe in the context what Marie just said early on, on the question of margins and contribution of each of the businesses, I argued networking is the biggest upside HPE will have in '25 and '26.

但我相信市場正在復甦，已經有三個數據點，三個季度的成長。這就是我在瑪麗剛才所說的背景下所相信的，關於每個業務的利潤和貢獻問題，我認為網絡是 HPE 在 25 年和 26 年將擁有的最大優勢。

Thank you, Samik. Next question, please.

謝謝你，薩米克。請下一個問題。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great guys. Thank you for the (technical difficulty) Antonio, can you dig in a little bit into the deplatforming of the orders? You mentioned risk, but can you get into specifics in terms of what was the definition of risk? And how do you think about AI going forward? I know it's lumpy but just trying to get a sense for what was particularly risky about those orders. And how should we think about that going forward? Thank you.

很棒的傢伙。謝謝你（技術難題）安東尼奧，你能深入研究一下訂單的去平台化嗎？您提到了風險，但您能否詳細說明風險的定義是什麼？您如何看待人工智慧的未來發展？我知道這很不穩定，但只是想了解這些訂單的風險特別大。我們該如何思考未來的發展？謝謝。

I mean, listen, we look at the customers from a variety of angles. Obviously, the ability to verify end user, ability to obviously fulfill the payment of the orders and risk associated with allocated components and the like. And we felt that particular they had a lot of risk and we decided not to fulfill it because of our stringent controls. And my view is that this was the right thing to do.

我的意思是，聽著，我們從多個角度看待客戶。顯然，驗證最終用戶的能力、明顯履行訂單支付的能力以及與分配的組件相關的風險等。我們覺得他們有很大的風險，由於我們嚴格的控制，我們決定不履行它。我的觀點是，這是正確的做法。

Yeah. And I'd just add, look, HPE has a very strong control environment. As we've said before, orders and backlog are subject to the booking pushouts and cancellations prior to rev rec. So we maintain those tight controls.

是的。我想補充一點，慧與擁有非常強大的控制環境。正如我們之前所說，訂單和積壓訂單會受到預訂延遲和取消的影響。因此，我們保持嚴格的控制。

Okay. Thank you. Next question, please.

好的。謝謝。請下一個問題。

Matt Niknam, Deutsche Bank.

馬特·尼克南，德意志銀行。

Thanks so much for taking the question. You sounded fairly constructive around IT spend, particularly heading into '25. So I'm just wondering what's changed, if anything, over the last three months mainly in terms of macro backdrop. And I guess, more specifically, have you seen any pick up or change in behavior post election? Thanks.

非常感謝您提出問題。您在 IT 支出方面聽起來相當有建設性，尤其是進入 25 年。所以我只是想知道過去三個月主要在宏觀背景方面發生了什麼變化（如果有的話）。我想，更具體地說，您是否看到選舉後行為有任何回升或變化？謝謝。

Well, first of all, Matt, welcome. Welcome to the community. Pleased to have you here. So the macro environment versus a year ago has improved, no question whatsoever. Obviously, they are unique areas where the customers are paying more attention.

嗯，首先，馬特，歡迎。歡迎來到社區。很高興您來到這裡。因此，毫無疑問，宏觀環境與一年前相比有所改善。顯然，它們是客戶更加關注的獨特領域。

Focus on AI clearly is very high on the agenda. Focus on implementing a more flexible hybrid model because AI at the core is a hybrid workload and a data-intensive workload. Definitely, that's another big area. And both of those spaces, HPE has the right to play and win with a unique focus and innovation. I think obviously, cyber continues to be very important.

顯然，關注人工智慧已被提上議程。專注於實施更靈活的混合模型，因為人工智慧的核心是混合工作負載和資料密集型工作負載。當然，那是另一個大領域。在這兩個領域，HPE 都有權憑藉獨特的專注和創新來參與並贏得勝利。我認為顯然，網路仍然非常重要。

But then also by geography, maybe varies a little bit. But as I said earlier, in server, we are on the cycle for modernization and improve efficiency of footprint cost per workload. I talked about the TCO per workload and as well as the power consumption. A lot of focus on sustainability.

但由於地理位置的不同，可能會有所不同。但正如我之前所說，在伺服器方面，我們正處於現代化的循環中，並提高每個工作負載的佔用空間成本的效率。我談到了每個工作負載的 TCO 以及功耗。非常注重永續性。

This was very obvious to me, Matt, when I was two weeks ago in Barcelona. We had the biggest conference ever in Europe with more than 4,500 customers all very keen to understand our solutions in the context of sustainability.

馬特，兩週前我在巴塞隆納時，這一點對我來說非常明顯。我們舉辦了歐洲有史以來規模最大的會議，超過 4,500 名客戶都非常渴望了解我們在永續發展背景下的解決方案。

And then one of the areas, again, I will reinforce what I said earlier, networking needs to catch up to the demands of AI. And that's why we believe that the combination of HPE and Juniper is so important to drive that next wave of innovation. But networking clearly is going to be a topic for '25 and beyond. So that's what we see.

然後，我將再次強調我之前所說的一個領域，即網路需要趕上人工智慧的需求。這就是為什麼我們相信 HPE 和瞻博網路的結合對於推動下一波創新浪潮如此重要。但網路顯然將成為 25 世紀及以後的主題。這就是我們所看到的。

When I speak to customers, which I do more than 50% of the time, the AI is pretty much focused on the enterprise side. It's very much focused about business productivity and time to value. And even in our case, right, we have many, many, many use cases, which many are already deployed in production, which allows us to do some of the things that Marie talked early on in efficiency and cost reduction.

當我與客戶交談時（超過 50% 的時間我都會這麼做），人工智慧主要集中在企業方面。它非常關注企業生產力和價值實現時間。即使在我們的例子中，我們也有很多很多用例，其中許多已經部署在生產中，這使我們能夠做一些瑪麗早期談到的提高效率和降低成本的事情。

But we're still early, and that's the excitement, which means the opportunities are yet to come at much bigger scale. And if I want to wrap my commentary about why we are delivering the performance we have delivered in Q4, I will use only one word: innovation.

但我們還為時過早，這就是令人興奮的地方，這意味著更大範圍的機會還沒有到來。如果我想總結為什麼我們能夠實現第四季的業績，我只會用一個字：創新。

Our strategy is an innovation-driven strategy that makes us more relevant, that eventually customers buy more from us, that increases value for shareholders. So for me, it's a testament that the strategy is working. And then as I look at these mega trends and the customer needs, we are uniquely positioned even with the pending Juniper acquisition to address those needs.

我們的策略是創新驅動的策略，使我們更具相關性，最終客戶從我們這裡購買更多產品，從而增加股東的價值。所以對我來說，這證明了策略正在發揮作用。然後，當我審視這些大趨勢和客戶需求時，即使即將收購瞻博網路來滿足這些需求，我們也處於獨特的地位。

Okay, thank you. Operator, one more question, please.

好的，謝謝。接線員，還有一個問題。

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great. Thank you for squeezing me in. The enterprise services on the AI side of things, it looks like you continue to book services there on your orders. If you can double click on that, relative to where you were last quarter, what kind of services? Is that a growing percentage of your orders revenues? And where is HPE winning as you look at those services pipeline as well? Thank you.

偉大的。謝謝你讓我加入。如果您可以雙擊它，相對於上個季度的情況，您會得到什麼樣的服務？這在您的訂單收入中所佔的比例是否在不斷增長？當您審視這些服務管道時，HPE 的優勢在哪裡？謝謝。

Thank you for the question. Our services orders related to AI went up quarter over quarter. So -- and the type of services customers are looking for is you can use two different ways to think about it, the day zero, day one, and day two. The day zero is where you help customers define the use cases, define the return on investment and the like. The day one is where you design and implement, and the day two is to run it.

謝謝你的提問。我們與人工智慧相關的服務訂單較上季成長。因此，客戶尋求的服務類型是您可以使用兩種不同的方式來思考它：零天、第一天和第二天。第零天是幫助客戶定義用例、定義投資回報等的時間。第一天是設計和實施，第二天是運行它。

And HPE is uniquely positioned in all these three days, if you will. And therefore, we see quite a bit of engagement upfront. But also the partnerships with companies like Deloitte, and I mentioned that are so important to reach customers, to bring more a business process-oriented approach is essential. They also focus on additional AI practices. And we have many other conversations, by the way. You will hear more about that in the next few weeks, few announcements there.

如果你願意的話，HPE 在這三天中處於獨特的地位。因此，我們看到了相當多的前期參與。而且與德勤等公司的合作關係對於接觸客戶非常重要，因此帶來更多以業務流程為導向的方法至關重要。他們也專注於其他人工智慧實踐。順便說一句，我們還有很多其他的對話。在接下來的幾週內，您將聽到更多相關訊息，但很少有公告。

And then obviously, on design and implementing and running, HPE has all the capabilities that we need. But on the designing and implementing, this unique approach with the private cloud AI has proven to be the right value proposition because many of these enterprises don't have the time, don't have the expertise, and they want a partner that can help them do that.

顯然，在設計、實作和運作方面，HPE 擁有我們需要的所有功能。但在設計和實施方面，這種獨特的私有雲人工智慧方法已被證明是正確的價值主張，因為許多企業沒有時間，沒有專業知識，而且他們想要一個可以提供幫助的合作夥伴他們這樣做。

And then on the run time, many of these instances would not land in their own data center, will land into what I call co-locations. And HPE already has three disposition enterprise stacks with our private cloud AI so that they can turn it on when they are ready to deploy those use cases. And that's why we should expect continued improvement on the services side, which is the source for gross margin as we go forward.

然後在運行時，其中許多實例不會落在自己的資料中心，而是落在我所說的主機託管處。 HPE 已經擁有三個帶有我們的私有雲 AI 的部署企業堆疊，以便他們可以在準備部署這些用例時將其打開。這就是為什麼我們應該期待服務方面的持續改善，這是我們未來毛利率的來源。

Very good. That was our last question. Antonio, if you have --

非常好。這是我們最後一個問題。安東尼奧，如果你有——

We are right on time, and I want to thank everyone for participating today. Again, very, very pleased with our results in Q4, capping off a very strong year. You can see the momentum of revenue, operating profit dollars.

我們準時參加，我要感謝大家今天的參與。同樣，我們對第四季的業績非常非常滿意，為這一非常強勁的一年畫上了圓滿的句號。你可以看到收入、營業利潤的成長動能。

We did what we said. I mean, that's fundamentally the bottom line. And we had a record number of metrics there. But I'm excited about 2025. I think we have an amazing set of assets that will continue to drive profitable growth and drive shareholder value.

我們做到了我們所說的。我的意思是，這從根本上來說是底線。我們的指標數量創歷史新高。但我對 2025 年感到興奮。

And the pending Juniper acquisition, as I said in my remarks, we're working through the process. We are confident this will close in the early part of 2025. And we are working very, very collaborative with the DOJ. So nothing gives me pause that would not happen. So if I don't speak to you, happy holidays to you and your family, and we'll reconvene in early 2025.

正如我在演講中所說，即將進行的瞻博網路收購，我們正在完成整個過程。我們相信這將在 2025 年初結束。所以沒有什麼能讓我停下來，那是不會發生的。因此，如果我不和您說話，祝您和您的家人節日快樂，我們將在 2025 年初再次聚會。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。