惠普企業 (HPE) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the first-quarter fiscal 2025 Hewlett Packard Enterprise earnings conference call.

下午好，歡迎參加惠普企業 2025 財年第一季財報電話會議。

(Operator Instructions)

（操作員指令）

As a reminder, this conference is being recorded for replay purposes.

提醒一下，本次會議正在錄音以供重播。

I would now like to turn the presentation over to your host for today's call, Paul Glaser, Head of Investor Relations.

現在，我想將演講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)。

Please go ahead, sir.

先生，請繼續。

Good afternoon.

午安.

I am Paul Glaser, Head of Investor Relations for Hewlett Packard Enterprise.

我是保羅‧格拉澤 (Paul Glaser)，惠普企業投資人關係主管。

I would like to welcome you to our fiscal 2025 first-quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Marie Myers, HPE's Chief Financial Officer.

歡迎您參加我們 2025 財年第一季財報電話會議，與 HPE 總裁兼執行長 Antonio Neri 一起；以及 HPE 財務長 Marie Myers。

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

在將電話交給安東尼奧之前，請允許我提醒您，該通話正在進行網路直播。

A replay of the webcast will be available shortly after the call concludes.

通話結束後不久將提供網路直播的重播。

We have posted the press release and the slide presentation accompanying the release on our HPE Investor Relations web page.

我們已在 HPE 投資者關係網頁上發布了新聞稿和隨附的幻燈片簡報。

Elements of the financial information referenced on this call are forward-looking and are based on our best view of the world and our business as we see them today.

本次電話會議中引用的財務資訊部分是前瞻性的，基於我們對當今世界和我們業務的最佳看法。

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

HPE 不承擔任何義務，也不打算更新任何此類前瞻性聲明。

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-Q for the fiscal quarter ended January 31, 2025.

我們還注意到，本次電話會議上討論的財務資訊反映了基於​​目前可用資訊的估計，可能與 HPE 2025 年 1 月 31 日結束的財政季度的 10-Q 表季度報告中最終報告的金額存在重大差異。

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

欲了解更詳細信息，請參閱收益資料中有關前瞻性陳述（涉及風險、不確定性和假設）的免責聲明。

Please refer to HPE's filings with the SEC for a discussion of these risks.

請參閱 HPE 向美國證券交易委員會提交的文件，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.

對於我們以非 GAAP 基礎表達的財務訊息，我們已在我們的網站上提供了與可比較 GAAP 資訊的對帳。

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

有關詳細信息，請參閱我們網站上今天的收益報告中附帶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.

在整個電話會議中，除非另有說明，所有收入增長率均按同比計算，並經過調整以排除貨幣的影響。

Finally, Antonio and Marie will reference our earnings presentation in their prepared comments.

最後，安東尼奧和瑪麗將在他們準備好的評論中參考我們的收益報告。

With that, let me turn it over to Antonio.

現在，讓我把話題交給安東尼奧。

Thank you, Paul.

謝謝你，保羅。

Good afternoon, everyone.

大家下午好。

Before I share my comments on our Q1 performance, I would like to start by addressing the recent decision of the Department of Justice to file a lawsuit seeking to block our proposed acquisition of Juniper Networks.

在分享我們對第一季業績的評論之前，我想先談談司法部最近決定提起訴訟，試圖阻止我們對瞻博網路的收購。

The DOJ's analysis of the market is fundamentally flawed.

司法部對市場的分析有根本缺陷。

We strongly believe this transaction will positively change the dynamics in the networking market by enhancing competition.

我們堅信，此交易將透過增強競爭，積極改變網路市場的動態。

HPE and Juniper remain fully committed to the transaction, which we expect will deliver at least $450 million in gross annual run rate synergies to shareholders within three years of the deal closing.

HPE 和 Juniper 仍全力致力於此交易，我們預計，此交易將在交易完成後三年內為股東帶來至少 4.5 億美元的年總運行率綜效。

The court has set a trial date of July 9.

法院已將審判日期定於7月9日。

We believe we have a compelling case and expect to be able to close the transaction before the end of fiscal 2025.

我們相信我們有令人信服的理由，並預計能夠在 2025 財年結束之前完成交易。

As you know, the US administration enacted tariffs on imports from Mexico and Canada, with increased tariffs on imports from China beginning March 4.

大家知道，美國政府對墨西哥和加拿大的進口產品徵收關稅，並從3月4日起提高來自中國的進口產品關稅。

In anticipation of this decision, we have been evaluating numerous scenarios and mitigation strategies since December to assess the potential net impact.

為了應對這項決定，我們自 12 月以來一直在評估多種情境和緩解策略，以評估潛在的淨影響。

We intend to leverage our global supply chain to mitigate aspects of the expected impact, with pricing adjustments also expected.

我們打算利用我們的全球供應鏈來減輕預期影響，同時預期價格也會進行調整。

Pending further announcement from the US administration, our outlook for the balance of the year reflects our best estimate of the net impact from this tariff policy.

等待美國政府進一步宣布消息，我們對今年剩餘時間的展望反映了我們對該關稅政策淨影響的最佳估計。

Marie will provide more details shortly.

瑪麗很快將提供更多詳細資訊。

Turning to our Q1 performance.

談談我們第一季的表現。

We delivered against our commitments for the quarter, including achieving strong double-digit year-over-year revenue growth.

我們履行了本季的承諾，包括實現了強勁的兩位數年收入成長。

However, we could have executed better.

然而，我們本來可以表現得更好。

While our Q1 operating profit outlook anticipated increased pressure on our Server operating margins, three factors impacted our profitability more than expected.

雖然我們預計第一季營業利潤率將面臨更大的伺服器營業利潤率壓力，但有三個因素對我們的獲利能力的影響超出了預期。

Near the end of the quarter, we saw that our traditional Server pricing did not adequately account for the valuation of our inventory, which resulted in incremental Server margin pressure.

接近季度末，我們發現傳統的伺服器定價沒有充分考慮到我們的庫存估價，從而導致伺服器利潤率壓力增加。

Higher discounts due to aggressive pricing competition in the market compounded this issue.

由於市場價格競爭激烈而導致的更大折扣使這一問題更加嚴重。

And finally, our Server margins were further pressured by the higher-than-normal AI inventory caused by the rapid transition of demand to next-generation GPUs and related components.

最後，由於需求快速轉向下一代 GPU 和相關組件導致 AI 庫存高於正常水平，我們的伺服器利潤率進一步承壓。

We have already implemented aggressive actions to address these issues and are already seeing the positive effects of doing so.

我們已經採取積極措施解決這些問題，並看到了積極的結果。

However, we do expect to see continued pressure over the next one to two quarters before we realize the full benefit of these measures, including expected higher AI revenue conversion.

然而，我們確實預計，在我們充分發揮這些措施的好處（包括預期更高的人工智慧收入轉換率）之前，未來一到兩個季度仍將面臨壓力。

Looking ahead, we see additional opportunities to take incremental corporate cost actions to further strengthen our financial profile.

展望未來，我們看到了採取增量企業成本行動以進一步增強我們的財務狀況的更多機會。

We plan to reduce our employee base 5% over the next 12 to 18 months through the reduction of approximately 2,500 positions and expected attrition.

我們計劃在未來 12 到 18 個月內減少約 2,500 個職位並進行預期的人員流失，從而將員工人數減少 5%。

Doing so, we will better align our cost structure to our business mix and long-term strategy.

這樣一來，我們的成本結構就能更能與業務組合和長期策略保持一致。

These are not easy decisions to make as they directly affect the life of our team members.

這些決定並不容易做出，因為它們直接影響我們團隊成員的生活。

We will treat all those transitions with the highest level of care and compassion.

我們將以最高程度的關懷和同情對待所有這些轉變。

I will touch on a few highlights from the quarter, and Marie will go through each segment in greater financial detail.

我將談談本季度的一些亮點，而瑪麗將更詳細地介紹每個部分的財務狀況。

At the company level, we delivered revenue and diluted net earnings per share consistent with our outlook.

在公司層面，我們實現的營收和每股稀釋淨收益與我們的預期一致。

Q1 revenue growth of 17%, a near record, was in line with our mid-teens growth expectations.

第一季營收成長 17%，接近歷史最高水平，符合我們中等水平的成長預期。

This was the fourth consecutive quarter of improved year-over-year top-line growth driven by our Server business, which grew revenue 30% year over year; and hybrid cloud, which was up 11% year over year.

這是連續第四個季度實現同比增長，這主要得益於伺服器業務，該業務收入同比增長 30%；混合雲年增11%。

Non-GAAP operating profit dollars in the quarter were flat year over year.

本季非公認會計準則營業利潤與去年同期持平。

That resulted in non-GAAP diluted net earnings per share of $0.49, consistent with our Q1 outlook range.

這導致非 GAAP 每股攤薄淨收益為 0.49 美元，與我們的第一季預期範圍一致。

We are pleased by the performance of Intelligent Edge, which recorded 2% quarter-over-quarter revenue growth, the third consecutive quarter of sequential revenue growth for the segment.

我們對智慧邊緣部門的表現感到滿意，該部門收入環比增長 2%，這是該部門連續第三個季度實現收入增長。

With the market continuing its positive path to recovery, we delivered double-digit year-over-year orders growth across all key geographies and key products, including campus switching.

隨著市場繼續呈現積極復甦勢頭，我們在所有主要地區和主要產品（包括校園轉換）的訂單均實現了兩位數的同比增長。

During the quarter, HPE Aruba Networking attracted new large enterprise logos, underscoring the confidence of our customers in our strategy, product portfolio, and road map.

在本季度，HPE Aruba Networking 吸引了新的大型企業標識，凸顯了客戶對我們的策略、產品組合和路線圖的信心。

Hybrid Cloud grew 11% year over year, although down sequentially following an exceptional Q4.

混合雲年增 11%，儘管在第四季度表現出色後環比有所下降。

The growth shows our Storage and GreenLake Cloud product strategies are working.

這一成長表明我們的儲存和 GreenLake Cloud 產品策略正在發揮作用。

Demand for our Alletra storage MP was up triple digits year over year and now represents greater than 50% of our IP block product orders.

我們對 Alletra 儲存 MP 的需求年增了三位數，現在占我們 IP 區塊產品訂單的 50% 以上。

GreenLake remains a key differentiator, enabling HPE to capture new enterprise hybrid cloud and AI workloads and data.

GreenLake 仍然是一個關鍵的差異化因素，使 HPE 能夠捕捉新的企業混合雲端和 AI 工作負載和資料。

We finished Q1 with more than 41,000 enterprises using HPE GreenLake Cloud.

第一季結束時，已有超過 41,000 家企業使用 HPE GreenLake Cloud。

And ARR surpassed $2 billion for the first time, up 46% year over year.

ARR 首次超過 20 億美元，較去年同期成長 46%。

In AI, we continue to see strong demand from model builders and service providers.

在人工智慧領域，我們繼續看到模型建構者和服務提供者的強勁需求。

We booked $1.6 billion in new AI system orders in the quarter, bringing our cumulative AI system orders to $8.3 billion.

我們在本季獲得了 16 億美元的新 AI 系統訂單，使我們的累積 AI 系統訂單達到 83 億美元。

The Blackwell GPU generation of products represented approximately 70% of our new order intake in Q1.

Blackwell GPU 產品約占我們第一季新訂單量的 70%。

We exited the quarter with $3.1 billion in AI systems backlog, up 29% quarter over quarter, and our pipeline remains multiples of our backlog.

本季末，我們的人工智慧系統積壓訂單價值為 31 億美元，季增 29%，而且我們的產品線仍然是積壓訂單的數倍。

On the revenue front, we delivered $900 million in AI systems revenue in Q1.

在營收方面，我們在第一季實現了 9 億美元的人工智慧系統收入。

As we have said before, the AI systems business tends to be lumpy as large deals take time to convert.

正如我們之前所說，由於大筆交易的轉換需要時間，因此人工智慧系統業務往往不穩定。

We expect significantly higher AI revenue conversion in the second half of 2025, driven by the transition to Blackwell GPUs.

我們預計，在向 Blackwell GPU 的過渡的推動下，2025 年下半年的 AI 收入轉換率將大幅提高。

We're proud to have achieved a new milestone three weeks ago when we announced the shipment of our first NVIDIA GB200 systems.

三週前，我們宣布第一批 NVIDIA GB200 系統出貨，我們很榮幸能取得一個新的里程碑。

In the enterprise AI market, we saw an accelerated adoption of a variety of AI models, including agentic AI approaches in specific market verticals and workflows.

在企業 AI 市場，我們看到各種 AI 模型的加速採用，包括特定垂直市場和工作流程中的代理 AI 方法。

In Q1, our enterprise AI orders increased 40% year over year driven by higher conversion from the proof-of-concept phase.

第一季度，由於概念驗證階段的轉換率提高，我們的企業 AI 訂單年增 40%。

An example is KDDI who, in partnership with HPE, designed and implemented a platform, which will be used both internally and externally to develop, to train and tune Japanese generative AI models for domain-specific use cases.

例如，KDDI 與 HPE 合作設計並實施了一個平台，該平台將在內部和外部用於開發、訓練和調整針對特定領域用例的日本生成式 AI 模型。

Our enterprise AI pipeline continued to grow with customers who continue to validate their use cases on our Private Cloud AI solution powered by GreenLake Cloud.

隨著客戶繼續在由 GreenLake Cloud 提供支援的私有雲 AI 解決方案上驗證他們的用例，我們的企業 AI 管道不斷發展。

We see broad and increased interest from sovereign customers globally.

我們看到全球主權客戶的興趣日益濃厚。

Sovereign customers are deploying both AI systems for the development of sovereign generative AI large language models and supercomputing systems for simulation and modeling using AI.

主權客戶正在部署用於開發主權生成式人工智慧大型語言模型的人工智慧系統，以及用於使用人工智慧進行模擬和建模的超級運算系統。

Recently, the Leibniz Supercomputing Centre at the Bavarian Academy of Sciences and Humanities selected HPE to build their new supercomputer called Blue Lion.

近日，巴伐利亞科學與人文學院萊布尼茲超級運算中心選定HPE來打造其名為Blue Lion的新型超級電腦。

It features HPE innovations, including our industry-first 100% fanless direct liquid cooling infrastructure with our Slingshot networking fabric.

它採用了 HPE 創新技術，包括我們業界首創的 100% 無風扇直接液體冷卻基礎設施和 Slingshot 網路結構。

Lastly, HPE and Accenture are collaborating on a new agentic AI solution for procurement powered by Accenture AI Refinery with our Private Cloud AI offering.

最後，HPE 和埃森哲正在合作開發一種新的採購代理 AI 解決方案，該解決方案由埃森哲 AI Refinery 和我們的私有雲 AI 產品提供支援。

This new solution will be deployed across HPE's category and sourcing strategies, spend management, strategic relationship analysis, and contract obligation management.

此新解決方案將部署在HPE的類別和採購策略、支出管理、策略關係分析和合約義務管理。

Shifting to the innovation front.

轉向創新前沿。

I am proud of our new and differentiated products and services we continue to bring to market to fuel the success of our customers and growth of our business.

我為我們不斷向市場推出的全新差異化產品和服務感到自豪，這些產品和服務將推動我們客戶的成功和業務的成長。

For example, in Intelligent Edge, we announced new vertical solutions for retailers to accelerate security-first AI-driven networks.

例如，在智慧邊緣領域，我們為零售商宣布了新的垂直解決方案，以加速安全第一的人工智慧驅動網路。

These solutions provide Intelligent Edge processing for IoT data in real time, improving security, operational efficiencies and customer experiences for retailers.

這些解決方案為物聯網資料提供即時智慧邊緣處理，提高零售商的安全性、營運效率和客戶體驗。

In hybrid cloud, last November, we introduced our new KVM-based HPE VM Essentials software offerings.

在混合雲領域，去年 11 月，我們推出了基於 KVM 的全新 HPE VM Essentials 軟體產品。

Hybrid cloud orchestration and on-premises infrastructure virtualizations are tremendous growth opportunities for HPE.

混合雲編排和內部基礎架構虛擬化為 HPE 帶來了巨大的成長機會。

Our new VM Essentials enables customers to deploy a more cost-effective virtualization solution than VMware with full hybrid cloud orchestration.

我們全新的 VM Essentials 讓客戶能夠部署比具有完整混合雲編排的 VMware 更具成本效益的虛擬化解決方案。

Since its launch, we have had hundreds of customers in trials, demonstrating strong market interest and excitement.

自推出以來，我們已經有數百名客戶參與試用，表現出強烈的市場興趣和熱情。

We are in the process of integrating our VM Essentials into our Private Cloud offerings.

我們正在將 VM Essentials 整合到我們的私有雲產品中。

We also continue to offer it as a stand-alone software on HPE and multi-vendor infrastructure.

我們也將繼續將其作為 HPE 和多供應商基礎架構上的獨立軟體提供。

In Storage, we are very pleased with our triple-digit year-over-year orders growth in our Alletra MP portfolio.

在儲存方面，我們對 Alletra MP 產品組合中三位數的同比增長感到非常高興。

This validates our strategy to provide customers a disaggregated data infrastructure with subscription-based hybrid cloud native services.

這驗證了我們的策略，即為客戶提供具有基於訂閱的混合雲原生服務的分解資料基礎設施。

Alletra MP now offers walk and fast objects supporting a variety of data workloads, including AI.

Alletra MP 現在提供支援各種資料工作負載（包括 AI）的步行和快速物件。

This reduces customers' need for multiple infrastructure purchases and management.

這減少了客戶購買和管理多個基礎設施的需求。

And finally, in our Server business, two weeks ago, we launched a new ProLiant Gen12 server platform with our next-generation iLO quantum-resistant security enclave and direct liquid cooling support.

最後，在我們的伺服器業務中，兩週前，我們推出了新的 ProLiant Gen12 伺服器平台，該平台配備了我們的下一代 iLO 抗量子安全區域和直接液體冷卻支援。

This latest generation offers the most sustainable and secure cost per computing core performance.

最新一代產品提供了最永續、最安全的每運算核心效能成本。

One Gen12 server can replace up to 26 Gen9 servers and up to 14 Gen10 servers.

一台 Gen12 伺服器可以取代最多 26 台 Gen9 伺服器和最多 14 台 Gen10 伺服器。

This reduces power consumption by at least 65%.

這可將功耗降低至少 65%。

In closing, in Q1, we saw continued strong demand across the portfolio driven by our new impressive innovations and customers' continued enthusiasm for our offerings.

最後，在第一季度，我們看到整個產品組合的需求持續強勁，這得益於我們令人印象深刻的創新和客戶對我們產品的持續熱情。

However, we could have executed better, particularly in our Server segment.

然而，我們本可以做得更好，特別是在伺服器領域。

HPE has a proven execution track record, and we are committed to doing what is needed.

HPE 擁有經過驗證的執行記錄，我們致力於做需要做的事情。

We have already taken steps to improve our execution performance, and we expect our efforts will contribute to improvements in the back half of fiscal year 2025.

我們已經採取措施提高我們的執行績效，並預計我們的努力將有助於 2025 財年下半年的改善。

We have made great strides at HPE in accelerating our strategy and aligning our product portfolio to market inflection points and customer needs.

在 HPE，我們在加速我們的策略以及使我們的產品組合與市場轉折點和客戶需求保持一致方面取得了巨大進步。

We will continue to make bold moves to enhance our portfolio and attract new customers in ways that accelerate value for our shareholders.

我們將繼續採取大膽舉措，增強我們的產品組合，吸引新客戶，從而為股東創造更多價值。

Now let me turn the call over to Marie, who will provide more details on the quarter.

現在，讓我將電話轉給瑪麗，她將提供有關本季的更多詳細資訊。

Marie?

瑪麗？

Thank you, Antonio, and good afternoon, everyone.

謝謝你，安東尼奧，大家午安。

During the first quarter of fiscal 2025, we saw increased demand for service, storage and networking products.

在 2025 財年第一季度，我們看到對服務、儲存和網路產品的需求增加。

Our revenue grew 17% compared to last year, marking the fourth straight quarter of accelerated revenue growth.

我們的營收比去年同期成長了17％，這是連續第四個季度營收加速成長。

We met our outlook, achieving double-digit growth in Server and Hybrid Cloud.

我們實現了預期目標，伺服器和混合雲實現了兩位數的成長。

Intelligent Edge also performed better than we expected and is set to grow further in this quarter.

Intelligent Edge 的表現也優於我們的預期，並將在本季進一步成長。

We reported non-GAAP diluted net earnings per share of $0.49, aligning with our outlook, showing strong profitability in Hybrid Cloud and Intelligent Edge.

我們報告的非公認會計準則稀釋每股淨收益為 0.49 美元，與我們的預期一致，顯示出混合雲和智慧邊緣的強勁獲利能力。

However, we faced some challenges in the Service segment, which we are addressing.

然而，我們在服務領域面臨一些挑戰，我們正在解決這些挑戰。

Here's a closer look at the details of the quarter.

以下是本季的詳細資訊。

Our first-quarter revenue was $7.9 billion, up 17% year over year, but down 7% quarter over quarter, reflecting typical seasonality and lower AI systems revenue.

我們第一季的營收為 79 億美元，年增 17%，但環比下降 7%，反映了典型的季節性和較低的人工智慧系統收入。

Our annual recurring revenue was $2.1 billion, up 46% year over year, driven by AI and Intelligent Edge.

我們的年經常性收入為 21 億美元，年增 46%，這得益於人工智慧和智慧邊緣的發展。

Non-GAAP gross margin was 29.4%, down 680 basis points year over year and 150 basis points quarter over quarter.

非公認會計準則毛利率為 29.4%，較去年同期下降 680 個基點，較上季下降 150 個基點。

On a year-over-year basis, gross margin was impacted by a higher mix of Server revenue and lower contribution from Intelligent Edge.

與去年同期相比，毛利率受到伺服器收入組合增加和智慧邊緣貢獻減少的影響。

And we faced challenges in Server that pressured margin both year-over-year and sequentially.

我們在伺服器方面面臨挑戰，這對利潤率造成了同比和環比的壓力。

Non-GAAP operating margin was 9.9%, down 160 basis points year over year and 120 basis points sequentially, primarily due to headwinds in gross margin.

非公認會計準則營業利潤率為 9.9%，年減 160 個基點，較上季下降 120 個基點，主要由於毛利率下降。

Operating margin partially benefited from a 9% decrease in non-GAAP operating expenses, reflecting lower variable compensation and continued cost discipline.

營業利潤率部分受益於非公認會計準則營業費用 9% 的下降，反映出較低的可變薪酬和持續的成本控制。

In my first year as CFO, we implemented cost-saving measures by targeting discretionary spending, reducing non-GAAP operating expenses from 24% in fiscal 2023 to 22% of revenue in fiscal 2024.

在我擔任財務長的第一年，我們透過針對可自由支配的支出實施了節約成本的措施，將非 GAAP 營運費用從 2023 財年的 24% 減少到 2024 財年的 22%。

In Q1, these actions lowered operating expenses to a record low of 19% of revenue.

在第一季度，這些舉措將營運費用降至佔收入19%的歷史最低水準。

This year, we aim to target more structural cost savings.

今年，我們的目標是實現更多結構性成本節約。

Free cash flow was negative $877 million, in line with normal seasonal patterns.

自由現金流為負 8.77 億美元，與正常的季節性模式一致。

GAAP diluted net earnings per share was $0.44, above guidance of $0.31 to $0.36 due to a gain recognized on the sale of our Communications Technology Group, or CTG, and lower-than-expected Juniper-related costs.

每股 GAAP 攤薄淨收益為 0.44 美元，高於預期的 0.31 至 0.36 美元，這得益於出售通訊技術集團 (CTG) 所確認的收益以及瞻博網路相關成本低於預期。

Non-GAAP diluted net earnings per share of $0.49 was within our guided range of $0.47 to $0.52. Non-GAAP diluted net earnings per share excludes $57 million in net costs primarily related to stock-based compensation expense, H3C divestiture-related severance costs, acquisition, disposition and other charges, and amortization of intangible assets, primarily offset by the gain recognized on the sale of CTG.

非公認會計準則攤薄每股淨收益為 0.49 美元，介於我們預期的 0.47 美元至 0.52 美元範圍內。非公認會計準則攤薄每股淨收益不包括5,700萬美元的淨成本，該成本主要與股票薪酬費用、H3C資產剝離相關的遣散費用、收購、處置和其他費用以及無形資產攤銷有關，主要被出售CTG確認的收益所抵銷。

Now let's break down the segment results.

現在讓我們來分解一下細分結果。

Server revenue was $4.3 billion, up 30% year over year.

伺服器營收為43億美元，年增30%。

Revenue fell sequentially, primarily due to the timing of AI systems deals.

收入環比下降，主要原因是人工智慧系統交易的時機。

In traditional compute, our Gen11 value proposition resonated with customers, contributing to year-over-year AUP growth.

在傳統運算領域，我們的 Gen11 價值主張引起了客戶的共鳴，促進了 AUP 的逐年成長。

Gen11 accounts for the majority of our traditional compute sales, and we expect to begin shipping the new Gen12 portfolio later this year.

Gen11 占我們傳統運算銷售額的大部分，我們預計將於今年稍後開始發售新的 Gen12 產品組合。

In AI Systems, we signed $1.6 billion in net orders and added enterprise and sovereign customers, although most demand is still from model builders.

在人工智慧系統方面，我們簽署了 16 億美元的淨訂單，並增加了企業和主權客戶，儘管大多數需求仍然來自模型建構者。

We recognized roughly $900 million of revenue, up from about $400 million last year, but down sequentially as expected due to chip availability and customer readiness.

我們實現的收入約為 9 億美元，高於去年的約 4 億美元，但由於晶片可用性和客戶準備情況，收入環比下降，這一點符合預期。

We expect these factors will continue to affect our AI systems business.

我們預計這些因素將持續影響我們的人工智慧系統業務。

Server operating margin was well below expectations at 8.1%.

伺服器營業利益率遠低於預期，為8.1%。

While our guidance of 10% to 11% assumed impact from the GPU transition and competitive pricing, market pressures were greater than expected and execution issues further impacted operating margin.

雖然我們的 10% 至 11% 的預期考慮了 GPU 轉型和競爭性定價的影響，但市場壓力大於預期，執行問題進一步影響了營業利潤率。

We have made improvements and taken additional steps to reduce costs, expecting Server operating margin to be around 10% by Q4.

我們已經做出改進並採取額外措施來降低成本，預計到第四季度伺服器營運利潤率將達到 10% 左右。

Let me provide further details.

讓我提供進一步的細節。

In traditional compute, we faced challenges in pricing strategies and discounting.

在傳統運算中，我們面臨定價策略和折扣方面的挑戰。

We now have a more rigorous discount framework with increased deal mix scrutiny.

我們現在擁有更嚴格的折扣框架並加強了交易組合審查。

These changes will take time to impact our P&L as we work through our backlog.

由於我們正在處理積壓的工作，這些變化需要一些時間才能對我們的損益表產生影響。

In addition, we expect pricing adjustments may negatively impact top line growth in the near term.

此外，我們預期價格調整可能會在短期內對營收成長產生負面影響。

In AI, our margins were affected by the transition to new GPUs and managing older GPU inventory.

在人工智慧領域，我們的利潤率受到向新 GPU 過渡和管理舊 GPU 庫存的影響。

We believe this is an industry-wide challenge that will improve as supply and demand align.

我們相信，這是整個產業面臨的挑戰，隨著供需協調，這種情況將會得到改善。

We have implemented actions to reduce inventory.

我們已經採取措施減少庫存。

Now on to Intelligent Edge, which exceeded our expectations and is ready for growth in Q2.

現在談談智慧邊緣，它超出了我們的預期並準備在第二季度實現成長。

Revenue was $1.1 billion, up 2% quarter over quarter, ahead of guidance of flattish growth.

營收為 11 億美元，季增 2%，高於預期的穩定成長。

Revenue was down 4% year over year as we move past post-pandemic related backlog.

由於我們擺脫了疫情後相關的積壓訂單，收入比去年同期下降了 4%。

We saw double-digit year-over-year growth in SASE and data center switching with notable order growth for wireless LAN and campus switching.

我們看到 SASE 和資料中心交換實現了兩位數的同比增長，其中無線區域網路和校園交換的訂單顯著增長。

Despite some pressure from weaker federal spending, we grew orders double digits year-over-year in all major regions.

儘管受到聯邦支出減少的一些壓力，我們在所有主要地區的訂單都比去年同期增長了兩位數。

We expect the business to return to year-over-year growth in Q2 given order trends and normalized channel inventory.

鑑於訂單趨勢和通路庫存的正常化，我們預計第二季業務將恢復年成長。

Operating margin was 27.4%, down 200 basis points year-over-year, but up 300 basis points quarter-over-quarter due to higher revenue and cost controls.

營業利益率為 27.4%，年減 200 個基點，但由於收入和成本控制的提高，季增 300 個基點。

Moving to Hybrid Cloud.

轉向混合雲。

We saw broad-based strength, growing revenue 11% year over year to $1.4 billion, in line with our guidance.

我們看到了全面的力量，營收年增 11% 至 14 億美元，符合我們的預期。

Sequentially, the business declined 12%.

與上一季相比，該業務下降了 12%。

Our HPE Alletra MP platform is ramping nicely, adding over 150 new logos this quarter.

我們的 HPE Alletra MP 平台發展順利，本季增加了 150 多個新標誌。

HPE Alletra MP's higher deferred revenue will benefit the long-term P&L but impacts near-term growth and margin.

HPE Alletra MP 的較高遞延收入將有利於長期損益，但會影響短期成長和利潤率。

The transition to Alletra MP pulls through more owned IP, which benefits profit.

向 Alletra MP 的轉變帶來了更多自有 IP，從而有利於盈利。

HPE Private Cloud AI continues to attract customers with fast deployment and competitive ROI.

HPE Private Cloud AI 持續以快速部署和具競爭力的投資報酬率吸引客戶。

We continue to grow our pipeline, with opportunities spanning regions and sectors.

我們將持續拓展業務管道，拓展跨地區、跨產業的機會。

During the quarter, we received orders for small, medium and large configurations, with use cases varying from inferencing and fine-tuning to manufacturing and life sciences.

在本季度，我們收到了小型、中型和大型配置的訂單，用例從推理和微調到製造和生命科學不等。

Hybrid Cloud operating margin was 7%, up 300 basis points year over year, primarily due to cost controls, but down 80 basis points sequentially.

混合雲營業利潤率為 7%，較去年同期成長 300 個基點，主要由於成本控制，但較上季下降 80 個基點。

Lastly, Financial Services.

最後，金融服務。

Our Financial Services business generated $873 million of revenue, up 2% year over year and flat quarter over quarter.

我們的金融服務業務創造了 8.73 億美元的收入，年增 2%，環比持平。

Financing volumes decreased 14% year over year to $1.2 billion after a record high last quarter.

融資額繼上個季度創下歷史新高後，年減 14% 至 12 億美元。

Our Q1 loss ratio was 0.6% and return on equity totaled 16.4%.

我們第一季的損失率為 0.6%，股本回報率總計 16.4%。

Operating margin was solid at 9.4%, up 90 basis points year over year and up 20 basis points quarter over quarter.

營業利益率穩定在 9.4%，比去年同期成長 90 個基點，比上一季成長 20 個基點。

Moving to cash flow and capital allocation.

轉向現金流和資本配置。

Reflecting normal seasonality, we consumed $390 million of operating cash flow in the quarter and free cash flow was an outflow of $877 million.

反映正常的季節性，我們在本季消耗了 3.9 億美元的營運現金流，自由現金流流出 8.77 億美元。

Inventory totaled $8.6 billion at the end of the period, up $767 million quarter over quarter, primarily to support AI systems orders signed during the quarter.

期末庫存總額為 86 億美元，季增 7.67 億美元，主要用於支援本季簽署的人工智慧系統訂單。

We are focused on reducing inventory levels to normal ranges.

我們致力於將庫存水準降低至正常範圍。

Q1 cash conversion cycle was positive 5 days, up 17 days from last quarter, primarily due to an increase in the days of inventory to support purchases for AI systems, partially offset by an increase in days payable due to timing of vendor payments.

Q1 現金週轉週期為正 5 天，較上一季增加 17 天，主要由於支援人工智慧系統採購的庫存天數增加，部分被供應商付款時間導致的應付天數增加所抵消。

We returned $171 million through dividends and $52 million via share repurchases to common shareholders, respectively.

我們分別透過股利向普通股股東返還 1.71 億美元和透過股票回購返還 5,200 萬美元。

Overall, the quarter was within our guidance, but given the performance in server, we took immediate actions to limit hiring, travel and discretionary expenses.

總體而言，本季的財務狀況符合我們的預期，但考慮到伺服器的表現，我們立即採取行動限制招募、差旅和可自由支配的開支。

We also decided to take further actions in the form of workforce reductions and attrition management to better align our cost structure with the current business needs.

我們也決定採取裁員和人員流失管理等進一步措施，以使我們的成本結構更能適應當前的業務需求。

This tough decision will help streamline our organization, improve productivity and speed up decision-making.

這個艱難的決定將有助於精簡我們的組織，提高生產力並加快決策速度。

We will support affected team members with resources and assistance during this transition.

我們將在過渡期間為受影響的團隊成員提供資源和援助。

We expect to achieve at least $350 million in gross savings by fiscal 2027 with about 20% of the savings achieved by the end of this year.

我們預計到 2027 財年將實現至少 3.5 億美元的總節約，其中約 20% 的節約將在今年底實現。

The timing of reductions will vary by geography.

減產的時間因地區不同而有所差異。

Total cash charges will be around $350 million through fiscal 2026.

到 2026 財年，總現金費用將達到 3.5 億美元左右。

These savings are in addition to the synergies we will realize after closing the Juniper acquisition.

這些節省是我們完成瞻博網路收購後所實現的綜效的補充。

Before I get into the details of our guidance, let me first provide some context.

在詳細介紹我們的指導之前，讓我先提供一些背景資訊。

Recent tariff announcements have created uncertainty for our industry, primarily affecting our Server business.

最近的關稅公告為我們的行業帶來了不確定性，主要影響了我們的伺服器業務。

We are working on plans to mitigate these impacts through supply chain measures and pricing actions.

我們正在製定計劃，透過供應鏈措施和定價行動來減輕這些影響。

Through these efforts, we expect to mitigate, to a significant degree, the impact on the second half of the year and, to a lesser extent, the impact on Q2 as it takes time to implement mitigations.

透過這些努力，我們預計將在很大程度上減輕對下半年的影響，並在較小程度上減輕對第二季度的影響，因為實施緩解措施需要時間。

The guidance we are providing today reflects our best estimate of the impacts of the March 4 tariffs and our mitigation plans.

我們今天提供的指導反映了我們對 3 月 4 日關稅影響和緩解計劃的最佳估計。

Also, because we now expect to close Juniper by the end of this fiscal year, we will provide full year stand-alone guidance.

此外，由於我們預計在本財年結束前關閉 Juniper，因此我們將提供全年獨立指引。

For fiscal 2025, we expect constant currency revenue growth of 7% to 11% with revenue weighted towards the second half.

對於 2025 財年，我們預期固定貨幣收入成長率將達到 7% 至 11%，營收主要集中在下半年。

We estimate currency impacts of around 150 basis points.

我們估計貨幣影響約為150個基點。

By segment, we expect Intelligent Edge will grow sequentially through the year, equating to year-over-year growth in the mid-single digits.

以細分市場來看，我們預期智慧邊緣將全年持續成長，相當於年成長中個位數。

For Hybrid Cloud, revenue is expected to grow in the high single digits.

對於混合雲，預計收入將以高個位數成長。

And for Server, we anticipate revenue will slow to low double-digit growth, with AI systems revenue ramping meaningfully in the back half.

對於伺服器而言，我們預計營收將放緩至低兩位數成長，而人工智慧系統收入將在下半年大幅成長。

In addition, we expect to see more pronounced Server seasonality in Q3 given the expected timing of AI shipments.

此外，考慮到 AI 出貨的預期時間，我們預計第三季的伺服器季節性將更加明顯。

Our outlook assumes non-GAAP gross margin will be below 30% for the full year with quarterly rates impacted by the timing of AI systems deals.

我們的展望假設非 GAAP 毛利率全年將低於 30%，季度利率將受到人工智慧系統交易時機的影響。

We expect full year non-GAAP operating margin of around 9% at the midpoint, but we expect to exit the year approaching normal ranges.

我們預計全年非公認會計準則營業利潤率中位數約為 9%，但我們預計今年年底將接近正常範圍。

By segment, we expect Hybrid Cloud operating margin in the mid- to high single digits and Intelligent Edge to remain in the mid-20% range.

按部門劃分，我們預計混合雲營業利潤率將達到中高個位數，智慧邊緣將維持在 20% 左右。

Server is expected to improve in the back half, exiting the year with operating margin around 10%.

預計伺服器業務在下半年將有所改善，年底的營業利潤率將達到 10% 左右。

We expect OI&E will be a net expense of approximately $15 million.

我們預計 OI&E 的淨支出約為 1500 萬美元。

We are guiding GAAP diluted net earnings per share between $1.15 and $1.35 and our non-GAAP diluted net earnings per share between $1.70 and $1.90 weighted to the second half.

我們預計下半年每股 GAAP 攤薄淨收益在 1.15 美元至 1.35 美元之間，非 GAAP 攤薄淨收益在 1.70 美元至 1.90 美元之間。

Non-GAAP diluted net earnings per share outlook assumes Q4 will account for a higher percentage of our annual non-GAAP net earnings compared to recent periods.

非公認會計準則攤薄每股淨收益前景假設第四季將占我們年度非公認會計準則淨收益的更高比例。

We expect free cash flow will be approximately $1 billion, including operating profit of roughly $3 billion at the midpoint, negative working capital and the restructuring charges related to the cost savings we announced today.

我們預計自由現金流約為 10 億美元，包括中間值約 30 億美元的營業利潤、負營運資本以及與我們今天宣布的成本節約相關的重組費用。

For Q2, we expect revenue will be between $7.2 billion and $7.6 billion.

對於第二季度，我們預計營收將在 72 億美元至 76 億美元之間。

This range includes a return to year-over-year growth in Intelligent Edge with operating margin in the mid-20% range.

該範圍包括智慧邊緣的同比增長，營業利潤率在 20% 左右。

For Hybrid Cloud, we expect revenue will be down slightly sequentially with operating margin in the mid-single digits, reflecting seasonality.

對於混合雲，我們預計收入將比上個季度略有下降，營業利潤率將達到中等個位數，這反映了季節性因素。

For Server, we forecast a sequential decline in the mid- to high-single digits, including a modest decline in AI systems revenue.

對於伺服器，我們預測其收入將環比下降中高個位數，其中人工智慧系統收入將小幅下降。

Q2 will be the trough for Server operating margin in the mid-single digits due to both the timing of tariff implementation and the corrective actions we are taking in the business.

由於關稅實施的時間和我們在業務中採取的糾正措施，第二季將是伺服器營業利潤率的低谷，處於個位數的中段。

We expect GAAP diluted net earnings per share to be between $0.08 and $0.14 and non-GAAP diluted net earnings per share between $0.28 and $0.34. Lower earnings, combined with investments in our AI business, will be a headwind to Q2 free cash flow, resulting in abnormal seasonality.

我們預期每股 GAAP 攤薄淨收益在 0.08 美元至 0.14 美元之間，每股非 GAAP 攤薄淨收益在 0.28 美元至 0.34 美元之間。獲利下降，加上我們對人工智慧業務的投資，將對第二季的自由現金流造成阻力，導致季節性異常。

As such, we expect Q2 will be our weakest cash generation quarter during 2025.

因此，我們預計第二季將是我們 2025 年現金創造能力最弱的季度。

In summary, we are confident in our measures to improve our server business.

綜上所述，我們對改善伺服器業務的措施充滿信心。

In 2025, we will focus on rightsizing our cost structure while leveraging AI technologies to enhance our processes, aiming to make HPE more agile and positioned for the long term.

2025 年，我們將專注於調整成本結構，同時利用 AI 技術來增強我們的流程，旨在使 HPE 更加敏捷並做好長期定位。

We remain a leader in innovation, encouraged by the strong demand for products like HPE Alletra MP and Private Cloud AI.

受到 HPE Alletra MP 和 Private Cloud AI 等產品的強勁需求的鼓舞，我們仍然保持著創新領域的領先地位。

The networking market is recovering, and our business is performing well.

網路市場正在復甦，我們的業務表現良好。

We look forward to closing the Juniper acquisition later this year.

我們期待在今年稍後完成對瞻博網路的收購。

With that, I'll open the floor for questions.

現在，我開始回答大家的提問。

(Operator Instructions)

（操作員指令）

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Marie, it sounds like you anticipated some of the pricing pressure kind of on the GPU market when you gave the original 10% to 11% operating margin guidance.

瑪麗，聽起來，當您最初給出 10% 至 11% 的營業利潤率指引時，您就已經預料到了 GPU 市場會面臨一些定價壓力。

But I just wanted to get a sense, of the 250 basis point shortfall.

但我只是想了解 250 個基點的缺口。

How much of that was CPU versus kind of pricing inventory -- additional pricing in inventory on GPUs?

其中有多少是 CPU 定價庫存，有多少是 GPU 庫存的額外定價？

Meta, thanks for your question.

Meta，謝謝你的提問。

I think you're referring to Q1.

我認為您指的是 Q1。

So I'm going to answer you in terms of the Q1 actuals.

因此，我將根據第一季的實際情況來回答您。

So as you know, in our original guide, we actually had 10% to 11% for Server, and that did actually include some of the pressures that Antonio mentioned in his prepared remarks in terms of the AI GPU transitions.

如您所知，在我們的原始指南中，我們實際上將伺服器的比例控制在 10% 到 11% 之間，這確實包括了 Antonio 在準備好的發言中提到的有關 AI GPU 轉換的一些壓力。

However, the magnitude of that impact was greater than we expected.

然而，影響的程度超出了我們的預期。

And what I would say was unanticipated was the pricing challenges that we experienced in traditional compute.

我想說的是，我們在傳統運算領域遇到了定價挑戰，這是意料之外的。

That was not in our Q1 guide.

這不在我們的第一季指南中。

So hopefully, that gives you some context there, Meta.

所以希望這能給你一些背景信息，Meta。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Just kind of building on Meta's question there, when we look at the gross margin profile of your AI server revenue and thinking about the monetization of the backlog as we move forward, I'm curious of how that's changed or how your views have kind of structurally changed over the course of the last three months?

只是基於 Meta 的問題，當我們查看您的 AI 伺服器收入的毛利率狀況並思考未來積壓訂單的貨幣化時，我很好奇它是如何變化的，或者您的觀點在過去三個月中發生了怎樣的結構性變化？

And whether or not the gross margin pressure you might be seeing, is there any kind of inventory charges or write-downs that are more transitory in the model?

以及您是否看到了毛利率壓力，模型中是否存在任何類型的庫存費用或減記，這些費用或減記是比較暫時的嗎？

And just any context on how margin profile looks, thinking about the Hopper going to the Blackwell product cycle, would be helpful.

只要了解利潤率概況，想想 Hopper 轉向 Blackwell 產品週期，就會很有幫助。

Yes.

是的。

Thanks, Aaron.

謝謝，亞倫。

This is Antonio.

這是安東尼奧。

So when I think about the AI market, again, and the AI margin in that context, I see three segments, right?

因此，當我再次考慮人工智慧市場以及該背景下的人工智慧利潤時，我看到三個部分，對嗎？

So you talk about the service provider model builders.

所以您談論服務提供者模型建構者。

They lead with time to market with the latest technologies.

他們利用最新技術及時將產品推向市場。

And that's why in Q1, we saw a quite significant amount of orders on Blackwell.

這就是為什麼我們在第一季看到 Blackwell 的訂單量相當大。

In fact, I think I said 70% of the mix of the $1.6 billion was Blackwell.

事實上，我認為我說過 16 億美元中的 70% 是布萊克威爾的。

When you go to the other two segments, the sovereign and the enterprise AI, that's not the case.

當你轉向另外兩個領域，即主權人工智慧和企業人工智慧時，情況就不是那樣了。

They go with a combination of prior technologies and maybe new technologies in the sovereign.

他們採用了先前的技術與主權方面的新技術的組合。

And enterprise market definitely is N minus 1 or even minus 2, for that matter.

而企業市場肯定是 N 減 1 甚至減 2。

And so that's why that inventory in the AI that was higher than normal is because now it will take a little bit longer for us to basically transition that inventory as we go through the other two segment consumption, while the service providers and the model builders will shift much more quickly into the latest technologies.

這就是為什麼人工智慧中的庫存高於正常水平的原因，因為現在我們需要更長的時間來基本轉換庫存，因為我們要經歷其他兩個細分市場的消費，而服務提供者和模型建構者將更快地轉向最新技術。

And that working capital, because, in the end, it's all working capital, pressure is not so much the margin pressure of what you sold when, it's what compounded the issue in our Q1.

而營運資本，因為歸根究底都是營運資本，壓力不在於銷售時的利潤壓力，而是第一季問題的加劇。

And it will take, like we said, 1 or two quarters to convert that backlog, the $3.1 billion, into revenue, plus new orders are coming in, and then return the traditional Server business to the, what I would call, more normal operating margins because that was mostly impacted by, what I'd call, the higher discounting and that onetime thing, we would call it the value of our inventory itself.

正如我們所說的，需要一到兩個季度的時間將這 31 億美元的積壓訂單轉化為收入，再加上新訂單的到來，然後傳統服務器業務將恢復到我所說的更正常的營業利潤率，因為這主要受到我所說的更高折扣和一次性的東西的影響，我們稱之為我們庫存本身的價值。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Your guidance implies over $2 billion year-on-year growth in revenue, but at the midpoint, almost $150 million year-on-year decline in operating profit dollars.

您的指引意味著營收將年增 20 億美元以上，但中間值顯示營業利潤將年減近 1.5 億美元。

So can you just help us think through how much of operating profit dollar headwind you are baking in explicitly from your tariff assumptions?

那麼，您能否幫助我們思考一下，從您的關稅假設中，您明確承受了多少營業利潤的美元逆風？

And if you could bridge that similarly for free cash flow on a year-on-year basis where you're going from north of $2 billion to $1 billion, how much of that is tariffs versus competitive pricing versus inventory that would be helpful.

如果你能以類似的方式將自由現金流逐年提升，從 20 億美元降至 10 億美元，那麼其中有多少是關稅、競爭性定價和庫存，這會很有幫助。

Maybe I'll take the second part of your question first in terms of cash itself.

也許我會先就現金本身來回答你問題的第二部分。

So for the full-year guide, as you know, in my prepared remarks, I mentioned at least $1 billion.

因此，對於全年指南，如你所知，我在準備好的演講中提到了至少 10 億美元。

The way to think about cash flow is you take our net earnings at the midpoint of $180 million, the biggest driver is really working capital and then also the announcement that we made around the cost efficiency program.

思考現金流的方式是，以我們的淨收益 1.8 億美元的中間值計算，最大的驅動因素實際上是營運資本，然後還有我們圍繞成本效率計劃所做的聲明。

So they are the two biggest drivers that sort of influence cash flow from a year-on-year basis.

因此，從同比來看，它們是影響現金流的兩個最大驅動因素。

And then obviously, the tariff impact flows straight into the earnings at the midpoint.

顯然，關稅的影響會直接影響中期收益。

In terms of tariffs, Wamsi, how to answer that, what we've got in the guide is actually $0.07 for the year, and that gets you to the midpoint of the $1.80 on the guide.

關於關稅，Wamsi，該如何回答呢，我們指南中給出的價格實際上是每年 0.07 美元，這就達到了指南中 1.80 美元的中間值。

I would add, though, the way to think about tariffs is we've worked obviously on mitigation effects, but it does take time to see those mitigation effects take place.

不過，我想補充一點，考慮關稅的方式是，我們顯然已經致力於緩解效應，但要看到這些緩解效應的發生確實需要時間。

So as a result, literally $0.04 of that $0.07 is actually going to be in Q2, and it's also in the Server business, which is where we see the greatest extent of that of the tariff impact.

因此，這 0.07 美元中的 0.04 美元實際上將出現在第二季度，而且是伺服器業務，這是我們看到關稅影響程度最大的領域。

So tariffs, $0.07 in the year, but the sort of like the hardest part of the tariff sort of impact is really going to be borne in Q2.

因此，關稅每年為 0.07 美元，但關稅影響最嚴重的部分實際上將在第二季度承受。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Sorry to keep beating the AI server horse here.

抱歉，我繼續在這裡敲打 AI 伺服器。

But maybe, Antonio, just on the strategy side, just curious, it seems like from the outside year, 1.5 years, 2 years ago, some of your peers were really chasing model builders, lower gross margin business.

但是安東尼奧，也許只是從戰略方面來說，只是好奇，似乎從外部來看，一年半、兩年前，你們的一些同行確實在追逐模型建造者，毛利率較低的業務。

You guys seem much more focused on supercompute and areas that had better margin to it.

你們似乎更加專注於超級計算及其利潤更高的領域。

It seems like that strategy has changed and now HPE is more willing to get into some of these lower-margin businesses.

現在看來，該策略已經改變，HPE更願意進入一些利潤較低的業務。

Like the GB200 NVL72, I imagine it is very low gross margin.

就像GB200 NVL72一樣，我想它的毛利率非常低。

Am I right in that strategy change?

我改變策略的做法正確嗎？

And in the future, should we expect that chasing the model builder business may never get better on a gross margin basis, so that might be something that's more challenging to continue to compete in if we're going to be talking single-digit gross margins for that?

並且在未來，我們是否應該預期，追逐模型建造業務的毛利率可能永遠不會變得更好，因此，如果我們要談論個位數的毛利率，那麼繼續競爭可能會更具挑戰性？

Yes.

是的。

Thank you, Tim.

謝謝你，提姆。

So no, our strategy has not changed.

所以我們的策略沒有改變。

If you look at the Q1 performance on our Server operating margins, it was not particularly driven by the AI gross margins or operating margins in many ways of the pricing of the deals.

如果你看一下我們伺服器營業利潤率第一季的表現，你會發現，在交易定價的許多方面，它並不是特別受到 AI 毛利率或營業利潤率的驅動。

We participate in service provider where we believe through scale and other mixes that we drive in that deal, whether it's services, manufacturing and the like, we can make the math work to ultimately deliver that overall 10% server margin combined with the rest of the Server business.

我們參與服務供應商，我們相信透過規模和我們在交易中推動的其他組合，無論是服務、製造還是類似的東西，我們可以透過計算最終實現結合伺服器業務的其餘部分來實現整體 10% 的伺服器利潤率。

What was different in Q1 for us was, again, the higher-than-anticipated discounting on the traditional server business.

對我們來說，第一季的不同之處在於，傳統伺服器業務的折扣再次高於預期。

And the fact that, unfortunately, this is on us.

事實上，不幸的是，這是我們的錯。

It's the bad news, good news in many ways, right, is that the cost that we saw in our valuation of the inventory was not completely factored in that pricing for traditional servers, compounded by the higher-than-anticipated discounting; and then obviously, the GPU transition on the working capital that Marie just described, which obviously had an impact on the AI margin, but not because the pricing was off or anything.

這在很多方面都是壞消息，但也是好消息，對吧，我們在庫存估價中看到的成本並沒有完全計入傳統伺服器的定價中，再加上高於預期的折扣；然後顯然，Marie 剛剛描述的 GPU 轉型對營運資金的影響顯然對 AI 利潤產生了影響，但不是因為定價偏離或其他原因。

So in many ways, I'm confident.

所以從很多方面來說我都很有信心。

Obviously, we have put the right actions in place.

顯然，我們已經採取了正確的行動。

The cost issue has been taken care of.

成本問題已解決。

We found out the near end of the Q1, so I'm personally very disappointed about that.

我們在第一季即將結束的時候才發現這一點，所以我個人對此感到非常失望。

It's on us, it's on me, and we feel we have the corrective actions in place.

這是我們的責任，也是我的責任，我們覺得我們已經採取了糾正措施。

But our focus is really on the mix of the three segments.

但我們的重點其實是三個部分的結合。

Clearly, a huge focus on enterprise AI.

顯然，企業 AI 受到極大關注。

As I said in my remarks, 40% year-over-year orders growth.

正如我在演講中所說，訂單年增40％。

We have a great platform there.

我們在那裡有一個很好的平台。

We drive additional services, particularly on the maintenance and the GreenLake subscription on that.

我們提供附加服務，特別是維護和 GreenLake 訂閱服務。

And then the balance on sovereign between generative AI and supercomputing, which is very good for us; and then in the service provider where it makes sense.

然後是生成式人工智慧和超級運算之間的主權平衡，這對我們來說非常有利；然後在服務提供者那裡它是有意義的。

And so for me, that's the approach.

對我來說，這就是方法。

And again, in Q1, we had this unique set of situations that we know we're going to fix.

再次，在第一季度，我們遇到了一系列特殊情況，我們知道我們會解決的。

And that's why at the end of Q4, we're going to basically drive to the normalized, what I call, 10% overall server margin in the full segment.

這就是為什麼在第四季末，我們基本上要實現整個細分市場 10% 的標準化整體伺服器利潤率。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I wanted to see if you could talk a little bit about your customer mix and how it might be changing.

我想知道您是否可以談談您的客戶結構以及它可能如何變化。

And to be transparent, I'm wondering, are you targeting more of the cloud builders right now?

並且坦白說，我想知道，您現在是否瞄準更多的雲端建構者？

And is that affecting some of the assumptions, so you're in a more aggressive space?

這是否會影響一些假設，因此您處於更積極的空間？

Or are we seeing issues where perhaps your federal market, which I assume is very profitable, is weaker in the mix.

或者我們看到的問題可能是，你們的聯邦市場（我認為該市場利潤豐厚）在整體市場中表現較弱。

So trying to get a little bit of unpacking, particularly around compute, around what's going on in the verticals that might be affecting margin.

因此，嘗試進行一些解讀，特別是在計算方面，以及垂直領域中可能影響利潤的事件。

Well, thank you, Simon.

好吧，謝謝你，西蒙。

No, I mean, I don't think this is new news.

不，我的意思是，我不認為這是新消息。

But in the service provider model builders, we obviously target those who value the value of our intellectual property, now obviously, direct liquid cooling, 100% fanless.

但在服務提供者模式建構者中，我們顯然瞄準那些重視我們智慧財產權價值的人，現在顯然是直接液體冷卻，100％無風扇。

This is what we shipped three weeks ago for the first time.

這是我們三週前第一次運送的貨物。

And that takes a lot of work, both on the capital side, but as well on the manufacturing side.

這需要大量的工作，不僅在資本方面，而且在製造方面。

But that's a market that's super concentrated.

但這個市場高度集中。

I mean when you think about it, the model builders, maybe you can count it with a finger of two hands, maybe less.

我的意思是，當你考慮一下，模型建造者，也許你可以用兩隻手的手指數出來，甚至更少。

And then on the service providers, probably 15 to 20 that make a difference, right?

然後對於服務提供者來說，大概有 15 到 20 個會產生影響，對嗎？

And that's why you need to find a balanced approach.

這就是為什麼你需要找到一個平衡的方法。

I'm particularly targeting the tens of thousands of enterprise customers that now are now adopting a variety of AI models and more agentic approaches.

我特別關注的是目前正在採用各種人工智慧模型和更多代理方法的數萬家企業客戶。

And while the value of the order transaction is much lower, obviously, comes with a complete different margin profile.

雖然訂單交易的價值要低得多，但顯然伴隨著完全不同的保證金狀況。

And what I'm pleased is that we now see the acceleration of that and a significant pipeline and our channel motion is actually an advantage for us.

我很高興的是，我們現在看到了這一進程的加速以及重要的管道和管道動向，這實際上對我們來說是一個優勢。

So you may end up -- obviously, everybody think about what's going to happen with the CapEx deployment in one segment of the market.

因此你最終可能會——顯然，每個人都會思考在市場的一個部分中資本支出部署將會發生什麼。

That may slow down at some point.

到某個時候，這速度可能會減慢。

I don't know.

我不知道。

But right now, it feels solid.

但現在，它感覺很堅固。

And then a growth on enterprise, which will benefit our mix between the segments.

然後是企業的成長，這將有利於我們各個部門之間的組合。

And in between, the sovereign, right, when you think about our sovereign, when it comes down to supercomputers, I think we win 3 out of 4 very easily.

在這兩者之間，主權，對，當你想到我們的主權時，當談到超級電腦時，我認為我們很輕鬆地贏得了 4 場中的 3 場。

And then on top of that, you have now this generative AI and like the University of Bristol or Japan AIST or many others that are coming through the pipeline.

除此之外，現在還有這種生成性人工智慧，以及像布里斯託大學或日本 AIST 或許多其他正在透過通路推出的人工智慧。

And that's where we find the balance for the Server business and, in the meantime, drive the refresh in the traditional compute which has been very solid.

這就是我們找到伺服器業務平衡點的地方，同時推動傳統運算的更新，而傳統運算一直非常穩固。

In fact, we had, again, double-digit year-over-year orders growth.

事實上，我們的訂單量年增了兩位數。

And ultimately, now with Gen12, we have another great platform to transition the installed base to lower cost per core with more sustainability with 65% energy reduction.

最後，現在有了 Gen12，我們有了另一個出色的平台，將安裝基礎轉變為更低的每核心成本，實現更高的永續性，同時減少 65% 的能源消耗。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I guess, Antonio, Marie, if I look at the fiscal '25 guide that you folks are giving out right now, it sort of implies that revenue growth will be close to double digits, 9.5%, 10% in the back half of the year.

我想，安東尼奧，瑪麗，如果我看一下你們現在給出的 25 財年指南，它意味著收入增長將接近兩位數，即今年下半年的 9.5%、10%。

And at the same time, I think you're implying about $1 EPS in the back half.

同時，我認為你暗示下半年的每股盈餘約為 1 美元。

So that would, I think, mathematically get to about a 250 basis point step-up in operating margins in H2 versus the Q2 levels.

因此，我認為，從數學上講，下半年的營業利潤率將比第二季上升約 250 個基點。

Can you spend some time on what's giving you the confidence that, a, revenues will actually snap up this way?

您能否花點時間思考一下，是什麼讓您有信心，收入實際上會以這種方式增加？

And then b, if the revenues are really going to snap up with AI servers, how do you get that sort of operating margin expansion in the back half of the year?

然後，b，如果收入真的要隨著人工智慧伺服器的出現而增加，那麼您如何在下半年實現這種營業利潤率的擴大？

Yes.

是的。

Let me take that one there, Amit.

讓我把這個帶到那兒，阿米特。

So first of all, in terms of the back half, you're correct.

首先，就後半部而言，你是對的。

We are very weighted in terms of both revenue and profitability in the back half, and it's not that dissimilar to fiscal 2024.

我們在下半年的營收和獲利都非常重視，與 2024 財年並沒有什麼不同。

A couple of things to bear in mind, as I said in my prepared remarks, we do see the timing of AI systems sort of moving into the back half as well.

需要記住幾件事，正如我在準備好的發言中所說的那樣，我們確實看到人工智慧系統的發展時間也正在進入後半段。

So that will drive some of the revenue to the point you just raised.

因此這將推動部分收入達到你剛剛提出的水平。

And then secondly, I would say this in terms of as you think about profitability and the fact that I think we said in the prepared remarks, we do expect our Server business to exit the year in around about the 10% range as well, the factors underpinning that are obviously three sort of critical areas: one, the actions that Antonio referred to around server execution, you'll see those impacts, obviously, they trough in Q2, and they will continue to flow through the P&L in Q3 and Q4; secondly, we would have had time to mitigate tariffs, so that's another contributor as well; and then third, we will see the impact of the cost efficiency program.

其次，我想從盈利能力的角度來談，正如我們在準備好的評論中提到的，我們確實預計我們的服務器業務在今年結束時也將以 10% 左右的幅度增長，支撐這一趨勢的因素顯然是三個關鍵領域：第一，安東尼奧提到的圍繞服務器執行的行動，你會看到這些影響，顯然，它們在第二季度達到低谷，並且將繼續影響第三季度和第四季度的收益；其次，我們將有時間降低關稅，這也是另一個因素；第三，我們將看到成本效率計劃的影響。

So it's really those 3 drivers that will sort of influence profitability.

因此，這三種驅動因素​​實際上會對獲利能力產生影響。

And then finally, like I said, just reiterating, just the timing of AI systems, which really -- those deals, as we've said in the past, are very lumpy, and they sort of obviously can drive a sort of different seasonality in terms of your quarterly revenue.

最後，就像我說的，只是重申一下，人工智慧系統的時間安排，正如我們過去所說的那樣，這些交易非常不穩定，而且它們顯然會在季度收入方面帶來不同的季節性。

So bear all that in mind when you think about the guide, but actually, Q4 is really going to account for a higher percentage of our full year earnings compared to what you've seen in terms of some of our recent years.

因此，當您考慮指南時，請記住所有這些，但實際上，與最近幾年的情況相比，第四季度實際上占我們全年收益的更高百分比。

I will add only one more thing to what Marie said, it's the fact that our networking business will continue its recovery, right?

我只想補充一點瑪麗所說的話，那就是我們的網路業務將繼續復甦，對嗎？

Again, we talk about three consecutive quarters of sequential growth, supported by now double-digit orders growth on a year-over-year basis.

再次，我們談論的是連續三個季度的連續增長，這得益於目前同比兩位數的訂單增長。

So this was the last quarter technically that we lapped the higher compares.

因此從技術上來說這是我們超越更高競爭對手的最後一個季度。

And then from here on, right, we expect it to be in the mid-single digits revenue growth for the balance of the year.

從現在開始，我們預計今年餘下時間的收入成長率將達到中等個位數。

So that's why -- and that obviously comes with a completely different profile.

這就是為什麼——而且這顯然有完全不同的特點。

And as you know, in Q1, we delivered 27% operating margins.

如您所知，第一季我們實現了 27% 的營業利潤率。

And that's a big opportunity for us.

這對我們來說是一個巨大的機會。

And that's why we are also committed to the Juniper deal because the combination of the two will accelerate the profit recovery later when the deal close in the back of probably Q4 and then obviously in 2026.

這就是我們致力於 Juniper 交易的原因，因為兩家公司的結合將加速利潤的復甦，交易很可能在第四季後期完成，然後顯然是在 2026 年。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I guess, Antonio, Marie, you're talking about the mitigation efforts that you're doing in relation to the tariffs.

我想，安東尼奧、瑪麗，你們正在談論與關稅相關的緩解措施。

I was curious how should I think about the sort of focus relative to supply chain flexibility versus pricing to mitigate the impact of tariffs, which one is sort of the bigger focus here going into the back half?

我很好奇，我應該如何考慮相對於供應鏈彈性與定價的關注點，以減輕關稅的影響，哪一個是下半年更大的關注點？

And particularly when it comes to pricing, how are you thinking about sort of the level of confidence in taking pricing, particularly when you're mentioning certain end markets where discounting is more aggressive than you thought?

特別是在定價方面，您如何看待定價的信心水平，特別是當您提到某些終端市場的折扣比您想像的更激進時？

And how should we think about the sort of level of visibility or confidence into getting those pricing actions done without really impacting demand?

我們應該如何考慮在不真正影響需求的情況下完成這些定價行動的可見度或信心程度？

Yes.

是的。

So first of all, we have a very holistic and global supply chain, which allows us to mitigate some of the impact of the tariffs.

首先，我們擁有非常全面和全球的供應鏈，這使我們能夠減輕關稅的一些影響。

We build products around the globe close to the customer because obviously, we need to be close to them to meet the turnaround times that they require.

我們在全球範圍內靠近客戶的地方生產產品，因為顯然我們需要靠近他們才能滿足他們所要求的周轉時間。

But we're able to shift productions from one side to the other side because of our flexibility that we have.

但由於我們具有靈活性，我們能夠將生產從一邊轉移到另一邊。

Separately, on the pricing side, no question.

另外，在定價方面，毫無疑問。

We will adjust pricing accordingly while we continue to drive that working capital down per the comments Marie made and therefore, create more flexibility in our pricing as we manage discounting more tightly.

我們將根據瑪麗的意見繼續降低營運資本，同時相應地調整價格，從而在更嚴格地管理折扣的同時，為我們的定價創造更大的靈活性。

What I don't know, and this is best guess for everyone, what the overall tariff increases and how that materialize in the end in the market will do to demand maybe in the second half of the year.

我不知道的是，這是對每個人來說最好的猜測，整體關稅會如何增加，以及最終在市場上如何實現，這可能會對下半年的需求產生影響。

But we are confident in our revenue guide that we provided, which I think one of your colleagues spot on, that 9.5% at the midpoint, which is very high for us, right, in the very, very high single digit, perhaps even double digits, and we feel good about that.

但是我們對我們提供的收入指南很有信心，我認為您的一位同事指出了這一點，中間值為 9.5%，這對我們來說非常高，非常高的個位數，甚至可能是兩位數，我們對此感到很滿意。

It could impact maybe some aspects, but overall, that range is very comfortable for us at this point in time.

它可能會對某些方面產生影響，但總的來說，目前這個範圍對我們來說非常舒適。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

Marie, I thought I heard you say on the call the cost restructuring savings are in addition to the Juniper savings.

瑪麗，我想我聽到你在電話中說過成本重組節省是瞻博網路節省的額外費用。

So does that mean -- I couldn't hear you clearly, but does that mean the savings that you're announcing today impact more the Server, Storage side of the business and not Aruba and Intelligent Edge?

那麼這是否意味著——我聽不清楚，但這是否意味著您今天宣布的節省更多地影響伺服器、儲存方面的業務，而不是 Aruba 和 Intelligent Edge？

Just trying to get a sense for how that layers in over the next couple of years.

只是想了解未來幾年內這種情況將如何發展。

And if that's the case, is the $425 million or $450 million that you mentioned regarding Juniper all from the Juniper side, from the transaction if it closes?

如果是這樣的話，您提到的有關 Juniper 的 4.25 億美元或 4.5 億美元是否都是來自 Juniper 方面，來自交易完成後的金額？

Yes, David.

是的，大衛。

It's Marie.

是瑪麗。

So just to clarify, yes.

所以只是為了澄清一下，是的。

So first of all, the Juniper at least $450 million is completely tied to Juniper as a stand-alone.

首先，Juniper 至少有 4.5 億美元是與 Juniper 獨立運作完全掛鉤的。

And then in terms of the $350 million of gross annual run rate savings that we announced today, that actually ties to our current organization, our current company.

就我們今天宣布的 3.5 億美元的年度總運行率節省而言，這實際上與我們目前的組織、目前的公司有關。

So as I mentioned, we expect to achieve these numbers over the course of '25 and '26, and this is really much more focused around what I would describe as cost efficiency.

正如我所提到的，我們預計在 25 年和 26 年期間實現這些數字，而這實際上更多地集中在我所說的成本效率上。

And I think we mentioned in terms of eliminating around about 2,500 jobs inside the company as it is today.

我們提到過，目前公司內部將裁減約 2,500 個工作機會。

So think about them as sort of 2 separate initiatives and two separate plans.

所以可以把它們視為兩個獨立的舉措和兩個獨立的計劃。

I mean, this is very simple.

我的意思是，這非常簡單。

We had the plan to close the transaction at the end of Q1.

我們計劃在第一季末完成交易。

It is very disappointing that the DOJ decided to file a lawsuit.

司法部決定提起訴訟，這令人非常失望。

But if we had the plan also to announce what we felt was the opportunity to go forward to take incremental cost out.

但如果我們也有計劃宣布我們認為有機會繼續削減增量成本。

If you take the two programs together, it's at least $800 million.

如果將這兩個項目加在一起，其成本至少為 8 億美元。

But we have not closed the Juniper transaction.

但我們尚未完成Juniper交易。

Therefore, we have to wait for that.

因此，我們必須等待。

And we are committed to deliver at least $450 million once the transaction closes.

我們承諾交易完成後將提供至少 4.5 億美元。

In the meantime, we are moving forward with the $350 million that Marie talked about.

與此同時，我們正在推進瑪麗談到的 3.5 億美元計劃。

And that's why I think it's the right time to do so, also in the context of what the market is expecting and what's happening with tariff and the like and also what happened to us in Q1, which we feel confident we will address.

這就是為什麼我認為現在是採取這項措施的正確時機，同時也要考慮到市場預期、關稅等方面的情況，以及我們在第一季遇到的情況，我們有信心解決這些問題。

But think about the whole thing, it can be quite sizable.

但仔細想想，這個數字可能相當可觀。

But in the meantime, we're addressing the stand-alone because that's who we are.

但同時，我們正在解決獨立問題，因為這就是我們的本質。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Antonio, I just wanted to ask about the AI systems orders momentum throughout the quarter.

安東尼奧，我只是想問一下整個季度人工智慧系統訂單的發展。

The $1.6 billion implies a little bit of a slowdown in December and January after the $1 billion-plus order in November.

16億美元的訂單意味著，在11月獲得超過10億美元的訂單之後，12月份和1月份的業務將略有放緩。

Has the demand environment for AI systems changed?

人工智慧系統的需求環境是否改變了？

What have you seen during the quarter and then in the couple of months since?

您在本季以及此後幾個月看到了什麼情況？

And then if I could just ask Marie, a quick follow-up on free cash flow.

然後，如果我可以問瑪麗關於自由現金流的一個快速後續問題。

Anything other than the $250 million of cash restructuring that impacts the outlook?

除了 2.5 億美元的現金重組之外，還有什麼因素會影響前景嗎？

I just wanted to see if there was anything unusual there.

我只是想看看那裡是否有什麼不尋常的事情。

Yes.

是的。

Thank you, Michael.

謝謝你，麥可。

I think you're correct.

我認為你是對的。

I mean, obviously, we started strong in the quarter and then obviously, vacations and the like.

我的意思是，顯然，我們在本季度開局強勁，然後顯然還有假期等等。

But remember, this is a lumpy business, right?

但請記住，這是一項不穩定的業務，對吧？

You may have strong spurs of demand happening one month and then perhaps not so much the next month.

某個月可能會出現需求強勁的情況，但下個月可能就不會那麼明顯了。

But in aggregate, right, when you think about it, we booked $8.3 billion.

但從總體上看，如果你考慮一下，我們的預算為 83 億美元。

That was up double digits, and we doubled it quarter over quarter.

這個數字是兩位數，而且我們每個季度都將其翻了一番。

I think that's the message, right?

我想這就是訊息，對吧？

So our AI systems net orders in the quarter were twice as big as Q4.

因此，我們本季的人工智慧系統淨訂單是第四季的兩倍。

That said, what I'm particularly proud is the fact that the AI enterprise is strong.

話雖如此，讓我特別自豪的是人工智慧企業的強大。

And that to me is a testament that our customers are deploying these solutions, particularly in inferencing, and the inference is where all the value gets realized.

對我來說，這證明我們的客戶正在部署這些解決方案，特別是在推理方面，而推理是實現所有價值的地方。

And the pipeline remains at multiples on every segment of the AI, whether it's sovereign, enterprise AI or model builders and service providers.

並且，人工智慧每個環節都有多個管道，無論是主權人工智慧、企業人工智慧，還是模型建構者和服務提供者。

And just to clarify on the cash flow, the number four actually for '25 is $400 million, $250 million, which comes from the cost efficiency program that we just announced.

為了澄清現金流，25 年的實際數字是 4 億美元、2.5 億美元，這來自我們剛剛宣布的成本效率計劃。

And we also have some carryover from prior period restructuring programs.

我們也繼承了前期重組計劃的一些成果。

So that's what gets you to $400 million in terms of the cash walk that I did earlier.

這就是我之前所說的 4 億美元現金支出。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特·尼克納姆（Matt Niknam）。

I'm wondering, has the macro backdrop and specifically around tariff uncertainty, has that had any impact on customer purchasing or demand to date?

我想知道宏觀背景，特別是關稅不確定性，對迄今為止的客戶購買或需求有何影響？

And just in a similar vein, are you baking in any incremental softness from US Fed as a result of some of the DOGE initiatives?

同樣地，您是否認為聯準會會因為 DOGE 的一些舉措而採取一些漸進式的寬鬆政策？

Yes.

是的。

Thank you.

謝謝。

No.

不。

So far, no.

到目前為止還沒有。

In fact, as we said in our prepared remarks, we had double-digit order growth in all our business units.

事實上，正如我們在準備好的發言中所說的那樣，我們所有業務部門的訂單都實現了兩位數的成長。

That's true for networking.

對於網路而言，確實如此。

That was true for servers.

對於伺服器來說確實如此。

That was true for AI systems.

對於人工智慧系統來說，情況確實如此。

That was true for storage.

對於存儲來說確實如此。

It was actually triple digits.

實際上是三位數。

And now the Alletra MP represent more than 50% of the mix.

現在 Alletra MP 的份額已超過 50%。

So demand was very, very strong.

因此需求非常非常強勁。

We don't see yet the full impact of the tariffs in the market.

我們還沒有看到關稅對市場造成的全部影響。

I think it will take another month or two.

我認為還需一兩個月的時間。

On the federal side, it depends on which agency you're working with.

從聯邦方面來說，這取決於你與哪個機構合作。

So far, not a significant slowdown.

到目前為止，尚未出現明顯放緩。

But remember, the HPE company provides core, core tech infrastructure for the Department of Defense and Department of Energy and many agencies that provide national security of sorts.

但請記住，HPE公司為國防部、能源部和許多提供各種國家安全的機構提供核心的技術基礎設施。

And therefore, that has not been seen.

因此，這種情況還沒有出現。

But we'll see what happen next.

但我們會看到接下來會發生什麼。

Hard to predict at this point in time.

目前很難預測。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Antonio, just a quick question on gen AI server mix as you guys are thinking about it for fiscal '25.

安東尼奧，我只想問一下關於新一代 AI 伺服器組合的問題，因為你們正在考慮 25 財年的問題。

And I guess, really, what I'm interested in is any context on how much of what you're looking at in the backlog pipeline would go into GreenLake versus the revenues in the traditional sales sets?

我想，我真正感興趣的是，您所關注的積壓訂單中有多少會進入 GreenLake，以及傳統銷售集中的收入是多少？

And then any sense of how your mix might change from SPs and model builders relative to enterprise and sovereigns?

那麼您認為，相對於企業和主權國家，您的組合從 SP 和模型建構者到企業將發生怎樣的變化？

And that's it for me.

對我來說這就是全部了。

Yes.

是的。

Thank you.

謝謝。

When I think about enterprise AI, there is a big component that goes through the GreenLake because there is a subscription of the software to the GreenLake platform.

當我考慮企業 AI 時，有一個很大的組件要經過 GreenLake，因為 GreenLake 平台有軟體訂閱。

All that software that we co-engineer with NVIDIA, so that's what we call NVIDIA Computing by HPE, is actually a subscription into the GreenLake platform with a CapEx on the infrastructure attached to it.

我們與 NVIDIA 共同設計的所有軟體，也就是我們所說的 HPE 的 NVIDIA Computing，實際上是對 GreenLake 平台的訂閱，以及附加在其上的基礎設施的資本支出。

Think about it that way.

就這樣想想吧。

While the growth is very nice, and you saw the 40% growth in orders, it actually takes time to see it, right?

雖然增長很不錯，而且您看到訂單增長了 40％，但實際上需要時間才能看到這一點，對嗎？

And now remember, we have now $2 billion-plus in ARR that you will be adding to it as we grow that installed base.

請記住，我們現在的 ARR 已經超過 20 億美元，隨著安裝基數的擴大，您將繼續增加我們的 ARR。

But on the service providers or the model builders, those have been, at least in the last couple of quarters, all CapEx purchases.

但對於服務提供者或模型建構者來說，至少在過去幾個季度裡，這些都是資本支出採購。

And therefore, there is no GreenLake flex offer associated at this point in time with that one.

因此，目前還沒有與該優惠相關的 GreenLake 彈性優惠。

So that's why it's more CapEx on one.

這就是為什麼它的資本支出更多。

And over time, you have a CapEx plus a subscription on the other one.

隨著時間的推移，您將擁有一筆資本支出加上另一筆訂閱費用。

Okay.

好的。

Well, I think we are at the end of the call.

好吧，我想我們的通話結束了。

Thank you for joining the call.

感謝您加入通話。

Again, I will leave you with this.

再次，我將把這個留給你們。

Number one is we delivered a solid quarter, but we could have executed better.

首先，我們本季的業績表現穩健，但我們可以做得更好。

I'm really proud of the demand that we're seeing.

我對於我們所看到的需求感到非常自豪。

That tells me the innovation and the strategy is right.

這告訴我創新和策略是正確的。

But ultimately, we could have executed better in the Server operating margin side, where a couple of things were under our control.

但最終，我們可以在伺服器營運利潤率方面表現得更好，因為有幾件事在我們的控制範圍內。

And obviously, we are committed to go fix that.

顯然，我們致力於解決這個問題。

Confident to return to normalized EPS by Q4 and the 10% server margin at the exit Q4.

有信心在第四季度恢復正常每股收益並在第四季度退出時實現 10% 的伺服器利潤率。

And then we took aggressive actions on incremental cost that we can take out now.

然後，我們對現在可以消除的增量成本採取了積極的行動。

And also, we factor a tariff impact now.

此外，我們現在考慮關稅的影響。

So you have one complete view of what fiscal year 2025 looks like.

因此，您可以全面了解 2025 財年的狀況。

And last, but not least, we are totally committed to the Juniper deal.

最後，但並非最不重要的一點是，我們完全致力於瞻博網路交易。

We believe we have a very strong case, and we expect to close that transaction in the second half of 2025.

我們相信我們的理由非常充分，我們預計將在 2025 年下半年完成交易。

And the good news, at least there is a trial date now set for July 9, and we believe we have a compelling case to get a favorable ruling.

好消息是，至少現在審判日期已定於 7 月 9 日，我們相信我們有充分的理由獲得有利的裁決。

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

感謝您今天抽出時間，希望很快能與您交談。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。