惠普企業 (HPE) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to the fiscal 2025 second-quarter Hewlett Packard Enterprise earnings conference call.

午安.歡迎參加惠普企業2025財年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員指示）提醒一下，本次會議將會被錄音以供重播。

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

現在，我想把今天的電話會議主持人、投資者關係主管保羅·格拉澤（Paul Glaser）交給大家。先生，請開始。

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

午安.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 second-quarter earnings conference call, with Antonio Neri, HPE's President and Chief Executive Officer; and Marie Myers, HPE's Chief Financial Officer.

歡迎您參加我們的 2025 財年第二季財報電話會議，與會人員包括 HPE 總裁兼執行長 Antonio Neri 和 HPE 財務長 Marie Myers。

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.

在將電話轉交給安東尼奧之前，我想提醒您，本次電話會議正在進行網路直播。會議結束後不久即可觀看網路直播的重播。

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 businesses, as we see them today. HPE assumes no obligation and does not intend to update any such forward-looking statements.

本次電話會議中提及的財務資訊部分為前瞻性訊息，基於我們對當前世界和業務的最佳展望。 HPE 不承擔任何義務，亦無意更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available, at this time; and could differ, materially, from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended April 30, 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；並且可能與 HPE 2025 年 4 月 30 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. Please refer to HPE's filings with the SEC for a discussion of these risks.

如需了解更多詳細信息，請參閱財報資料中與前瞻性陳述相關的免責聲明，這些陳述涉及風險、不確定性和假設。有關這些風險的討論，請參閱慧與向美國證券交易委員會 (SEC) 提交的文件。

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.

對於我們以非公認會計準則 (non-GAAP) 為基礎的財務信息，我們已在網站上提供與可比較公認會計準則 (GAAP) 資訊的對帳表。詳情請參閱我們網站上今日收益報告隨附的表格和幻燈片簡報。

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. Antonio and Marie will refer to our earnings presentation in their prepared comments.

在本次電話會議中，除非另有說明，所有收入成長率均以年比計算，並已進行調整以剔除匯率影響。 Antonio 和 Marie 將在其準備好的評論中提及我們的獲利報告。

Finally, I would like to announce that we will hold our Security Analyst Meeting on October 15, 2025. We will provide more details, as the date gets closer.

最後，我想宣布，我們將於 2025 年 10 月 15 日舉行安全分析師會議。隨著日期臨近，我們將提供更多詳細資訊。

With that, let me turn it over to Antonio.

說完這些，讓我把話題交給安東尼奧。

Thank you, Paul. Good afternoon, everyone.

謝謝保羅。大家下午好。

In Q2, HPE delivered solid results. We executed well and delivered both revenue and non-GAAP diluted net earnings per share above the high end of guidance.

HPE在第二季度取得了穩健的業績。我們表現優異，營收和非公認會計準則每股攤薄淨收益均高於預期上限。

Through focused and disciplined execution, we have addressed the operational challenges we experienced in our Service segment last quarter. We expect these actions will contribute to margin improvement through fiscal year-end.

透過專注且嚴謹的執行，我們成功解決了服務業務上季度遇到的營運挑戰。我們預計這些措施將有助於提升整個財年末的利潤率。

In the second quarter, we saw a very dynamic macro and trade policy environment. The IT industry continues to navigate significant uncertainty brought on by tariffs, the AI diffusion policy withdrawal, and broad macroeconomic concerns. While this led to uneven demand during the quarter, we did not benefit from significant order pull-ins.

第二季度，宏觀和貿易政策環境變化劇烈。 IT產業持續面臨關稅、人工智慧推廣政策撤回以及宏觀經濟普遍擔憂帶來的巨大不確定性。這導致本季需求不均衡，但我們並未從訂單大幅成長中獲益。

We ended Q2 with our stronger pipeline compared to Q1, reinforcing that our strategy is the right one.

與第一季相比，我們在第二季結束時擁有更強大的產品線，證明我們的策略是正確的。

Q2 revenue was $7.6 billion, up 7% year over year and just above the high end of our previously provided guidance. We saw year-over-year revenue growth in every product segment. The results were led by higher AI system revenue conversion in Server; solid performance in Intelligent Edge; and stronger-than-expected performance in our Hybrid Cloud segment, which was driven by our HPE Electra MP storage transition and the continued adoption of HPE GreenLake Cloud subscription services.

第二季營收為 76 億美元，年增 7%，略高於我們先前預期的上限。所有產品部門的營收均實現年成長。主要得益於伺服器部門人工智慧系統營收轉換率的提高；智慧邊緣部門的穩健表現；以及混合雲部門的強於預期的表現，這得益於 HPE Electra MP 儲存的轉型以及 HPE GreenLake Cloud 訂閱服務的持續採用。

Q2 operating profit grew year over year in Hybrid Cloud Intelligent Edge and HPE Financial Services. As we said in our Q1 earnings, we expect that server operating profit to decline quarter over quarter, although our Server revenue and operating margin were near the high end of our Q2 guide.

第二季度，混合雲端智慧邊緣和HPE金融服務的營運利潤較去年同期成長。正如我們在第一季財報中所述，儘管我們的伺服器收入和營運利潤率接近我們第二季度預期的高位，但我們預計伺服器營運利潤將環比下降。

We remain laser focused on execution in our Server segment. Since our last update, we have closely monitored the changes implemented to improve profitability. This includes the roll-out of new pricing analytics, increased discount scrutiny, and inventory management.

我們始終專注於伺服器業務的執行。自上次更新以來，我們密切關注為提升獲利能力而實施的各項變革。這些變革包括推出新的定價分析工具、加強折扣審查以及庫存管理。

As we said in our last call, it will take a couple of quarters to realize the full benefit of these measures. And we expect our Server segment operating margin will recover to approximately 10%, exiting Q4.

正如我們在上次電話會議上所說，這些措施的全面成效還需要幾個季度才能顯現。我們預計伺服器部門的營運利潤率將在第四季度結束後恢復至10%左右。

We delivered non-GAAP diluted net earnings per share of $0.38, above the high end of our previously provided guidance. We benefited from lower-than-anticipated tariff impact and more favorable OI&E. Net of these items, non-GAAP EPS was still at the high end of our outlook, driven by solid revenue performance and cost management.

我們實現了非公認會計準則下每股攤薄淨收益0.38美元，高於我們先前預期的上限。這得益於低於預期的關稅影響以及更有利的營運成本和成本費用。在扣除這些項目後，非公認會計準則下每股收益仍處於我們預期的上限，這得益於穩健的收入表現和成本管理。

As we move into the second half, we have improved line of sight to the timing of our AI revenue conversion. As such, we are tightening our revenue outlook to be up 7% to 9% year over year. In addition, we are raising the low end of our non-GAAP diluted net earnings per share range by $0.08.

隨著下半年的到來，我們對人工智慧收入轉換時機的掌握也更加清晰。因此，我們收緊了收入預期，預計將年增 7% 至 9%。此外，我們將非 GAAP 攤薄每股淨收益預期下限上調了 0.08 美元。

We continue to capitalize on the mega trends reshaping the IT industry across networking, AI, and hybrid cloud.

我們持續利用網路、人工智慧和混合雲等重塑 IT 產業的大趨勢。

In networking, the market continues to recover. Year over year, our business achieved its third consecutive quarter of orders growth and return to revenue growth.

網路業務方面，市場持續復甦。與去年同期相比，我們的業務連續三個季度實現訂單成長，並恢復收入成長。

In AI, we signed $1.1 billion of net new orders, with enterprise accounted for one-third. We converted more than $1 billion into revenue, up from $900 million last quarter. And we exited with $3.2 billion of backlog in AI systems. Our pipeline remains multiples of our backlog.

在人工智慧領域，我們簽署了11億美元的淨新訂單，其中企業訂單佔三分之一。我們將超過10億美元的訂單轉化為收入，高於上一季的9億美元。此外，我們在人工智慧系統領域還有32億美元的待交付訂單。我們的產品線仍是待交付訂單的數倍。

In our Hybrid Cloud segment, we saw another solid quarter of storage revenue performance, with our Alletra portfolio growing high double digits year over year. The transition to a subscription business model is a revenue headwind in the near term; or more accretive to profitability, long term.

在混合雲領域，我們本季的儲存營收表現再創佳績，其中 Alletra 產品組合年增高達兩位數。向訂閱業務模式的轉型在短期內會對收入帶來不利影響，但從長期來看，它更有利於提升獲利能力。

Orders for Alletra MP have grown more than 75% year over year for four consecutive quarters; contributed to our growing deferred software revenue balance. This demonstrates the value of our disaggregated architecture with multi-protocol support and the flexibility of our offering.

Alletra MP 的訂單已連續四個季度同比增長超過 75%，這為我們遞延軟體收入餘額的增長做出了貢獻。這彰顯了我們支援多協定的分解式架構的價值，以及我們產品的靈活性。

Finally, GreenLake continues to deliver strong results. We are growing customer count, which now totals approximately 42,000, generating over $2.2 billion of annualized revenue run rate. This is up 47% year over year and above our 35% to 45% CAGR commitment.

最後，GreenLake 持續取得強勁業績。我們的客戶數量正在成長，目前總計約 42,000 名，創造了超過 22 億美元的年化收入運行率。這一數字年增 47%，高於我們 35% 至 45% 的複合年增長率承諾。

Software and Services continue to be more than 70% of our ARR, demonstrating our portfolio shift to higher growth and higher margin areas of the stack. Marie will provide more details on Q2 and our fiscal year outlook.

軟體和服務業務繼續占我們年度經常性收入 (ARR) 的 70% 以上，這表明我們的投資組合正向更高成長和更高利潤率的領域轉變。 Marie 將提供更多關於第二季及財年展望的詳細資訊。

But, first, I would like to highlight several recent product launches that further reinforce our strategy.

但首先，我想強調一下最近推出的幾款產品，它們進一步強化了我們的策略。

Last month, we launched the industry's most advanced private cloud portfolio. Morpheus and our HPE Virtualization software have been integrated into our HPE Private Cloud portfolio. Through this integration, we can lower customers' virtualization cost by up to 90%, on a core basis; and unify management of their entire multi-cloud and multi-vendor IT estate.

上個月，我們推出了業界最先進的私有雲產品組合。 Morpheus 和我們的 HPE 虛擬化軟體已整合到我們的 HPE 私有雲產品組合中。透過此次集成，我們可以將客戶的虛擬化成本降低高達 90%（核心成本），並統一管理其整個多雲和多供應商 IT 資產。

Customer interest in VM Essentials has been very strong. Notably, (inaudible) is planning to replace 75% of its virtual estate with VM Essentials, within HPE GreenLake, for private cloud enterprise.

客戶對 VM Essentials 的興趣一直非常濃厚。值得注意的是，(聽不清楚) 計劃用 HPE GreenLake 中 75% 的虛擬資產替換 VM Essentials，以服務私有雲企業。

In Networking, we introduced new capabilities with HPE Aruba Networking Central to expand universal Zero Trust Network Access solutions to help enterprises bolster cybersecurity. HPE Aruba Networking Central is now also available to deploy as an on-premises option. This is particularly helpful for customers prioritizing data sovereignty. Aruba Networking Central now manages over 5 million devices and has contributed to strong ARR subscription growth within Intelligent Edge.

在網路領域，我們透過 HPE Aruba Networking Central 引進了新功能，擴展了通用零信任網路存取解決方案，幫助企業增強網路安全。 HPE Aruba Networking Central 現在也可以作為本機部署選項進行部署。這對於優先考慮數據主權的客戶尤其有用。 Aruba Networking Central 目前管理超過 500 萬台設備，並推動了智慧邊緣領域 ARR 訂閱量的強勁成長。

We are maintaining a rapid pace of AI innovation in our deep and longstanding partnership with NVIDIA. One of the cluster build-outs we are working on, right now, with NVIDIA, is a large deployment of NVIDIA GRACE Blackwell NVL72 systems. We are nearing completion and appreciate the continued partnership that pairs our capabilities.

我們與 NVIDIA 建立了長期深入的合作關係，並持續快速推進 AI 創新。目前，我們正在與 NVIDIA 合作進行的群集建設專案之一是大規模部署 NVIDIA GRACE Blackwell NVL72 系統。該計畫已接近尾聲，我們非常感激與 NVIDIA 的持續合作，這將進一步增強我們的能力。

Most recently, at GTC Taipei at Computex, we announced several enhanced storage and server platforms, targeting all customer segments.

最近，在台北國際電腦展的 GTC 上，我們發布了幾款針對所有客戶群的增強型儲存和伺服器平台。

In 2025, we integrated NVIDIA's latest GPUs into our server portfolio, which delivered record-breaking performance for generative AI influencing.

2025 年，我們將 NVIDIA 最新的 GPU 整合到我們的伺服器產品組合中，為生成式 AI 影響帶來了破紀錄的效能。

We announced advancements in storage to unify enterprise data management to create context-rich, AI-ready object data with built-in intelligence. And we launched the HPE Alletra storage MP X10000 SDK solution for the NVDI data platform, bringing enterprise data into an intelligent orchestrated pipeline within the NVIDIA AI ecosystem.

我們宣布了儲存領域的進展，旨在統一企業資料管理，創建具有內建智慧、內容豐富、支援 AI 的物件資料。我們也推出了適用於 NVDI 資料平台的 HPE Alletra 儲存 MP X10000 SDK 解決方案，將企業資料納入 NVIDIA AI 生態系統中智慧協調的管道。

All these new innovations are aligned to our strategy to continue to move up stack to areas of higher growth with higher margins. We continue to help enterprises accelerate their business transformation across Networking, Hybrid Cloud, and AI. And we will unveil even more exciting breakthrough innovations at the HPE Discover, later this month.

所有這些創新都與我們持續向高成長、高利潤領域邁進的策略相契合。我們將繼續幫助企業加速在網路、混合雲和人工智慧領域的業務轉型。本月晚些時候，我們將在 HPE Discover 大會上發布更多令人興奮的突破性創新。

Finally, I want to reinforce our commitment to closing the Juniper Network's transaction. We expect the proposed transaction will deliver at least $450 million in annual run rate synergies to our shareholders, within 36 months of closing the transaction. The deal will have both companies deliver a modern, secure AI-driven, edge-to-cloud portfolio of networking products and services. We continue to expect to close the transaction before the end of fiscal year 2025.

最後，我想重申我們對完成瞻博網路交易的承諾。我們預計，擬議交易將在交易完成後的36個月內為股東帶來至少4.5億美元的年度營運綜效。此次交易將使兩家公司共同提供現代化、安全可靠、由人工智慧驅動、覆蓋邊緣到雲端的網路產品和服務組合。我們預計交易將在2025財年結束前完成。

In closing, in Q2, we delivered solid results through focused and disciplined execution. As we committed, we have addressed the server execution challenges. Our leadership team and I took accountability and swift action, despite the challenges of a fluid macro environment.

最後，在第二季度，我們透過專注且嚴謹的執行取得了穩健的業績。我們履行承諾，解決了伺服器執行上的挑戰。儘管宏觀環境瞬息萬變，但我和領導團隊仍勇於承擔責任，迅速採取行動。

We remain focused on executing against our goals and becoming a more agile and nimble company to continue to increase our profitability and enhance shareholder value.

我們將繼續專注於實現我們的目標，成為一家更敏捷、更有彈性的公司，以繼續提高獲利能力並提升股東價值。

I remain excited about the profitable growth opportunities HPE has ahead, including the anticipated closure of the Juniper Networks transaction. We have the right strategy and the right team to continue to accelerate value for our shareholders.

我對HPE未來的獲利成長機會依然充滿期待，包括即將完成的瞻博網路交易。我們擁有正確的策略和優秀的團隊，能夠持續加速為股東創造價值。

With that, let me turn it over to Marie. Marie?

說完這些，讓我把它交給瑪莉。瑪麗？

Thank you, Antonio. Good afternoon.

謝謝你，安東尼奧。午安.

In Q2, we addressed the execution challenges we experienced in Q1, which enabled us to drive improved margin performance in our Server business, as we moved through the quarter. While we still have more work to do to return the segment's operating profit margin performance to a double-digit rate, we are on the right trajectory to achieve that by Q4 of this year.

在第二季度，我們解決了第一季遇到的執行挑戰，這使我們能夠在整個季度中提升伺服器業務的利潤率。雖然我們仍需付出更多努力才能使該部門的營業利潤率恢復到兩位數，但我們已經朝著在今年第四季實現這一目標的正確方向邁進。

In addition, our Intelligent Edge business returned to year-over-year top-line growth, after five quarters, as the networking market recovery gained momentum.

此外，隨著網路市場復甦勢頭增強，我們的智慧邊緣業務在五個季度後恢復了同比增長。

And we reported double-digit year-over-year revenue growth in our hybrid cloud segment for the third consecutive quarter, with all product lines contributing to growth.

我們的混合雲部門連續第三個季度實現兩位數的同比增長，所有產品線都為成長做出了貢獻。

We also made significant progress against the cost reduction program we announced last quarter, which we expect will contribute to our results in future quarters. We reported non-GAAP diluted net earnings per share of $0.38 ahead of our outlook, driven, in part by a, more moderate tariff impact and operational benefits.

我們上季度宣布的成本削減計劃也取得了顯著進展，預計這將對未來幾季的業績產生積極影響。我們報告的非公認會計準則稀釋每股淨收益為0.38美元，高於我們的預期，部分原因是關稅影響有所緩和，且營運效益有所提升。

However, we continue to navigate a complex macroeconomic and geopolitical landscape and remain prepared to take additional action in the back half of the year to deliver against our fiscal '25 outlook.

然而，我們仍在應對複雜的宏觀經濟和地緣政治形勢，並準備在今年下半年採取進一步行動，以實現我們的 25 財年展望。

Let's talk about the details of the quarter.

我們來談談本季的細節。

Our second-quarter revenue was $7.6 billion, up 7% year over year but down 3% quarter over quarter, reflecting strong top-line performance in Intelligent Edge and Hybrid Cloud and a year-over-year increase in Server revenue.

我們第二季的營收為 76 億美元，年增 7%，但環比下降 3%，這反映了智慧邊緣和混合雲的強勁表現以及伺服器收入的同比增長。

We did not see a significant benefit from tariff-related demand pull-forward, based on quarterly business clarity and historical order patterns.

根據季度業務清晰度和歷史訂單模式，我們並未看到與關稅相關的需求提前帶來顯著的好處。

Our annualized revenue run rate was $2.2 billion, up 47% year over year, driven again by AI and Intelligent Edge. Our Software and Services ARR grew nearly 60% year over year and improved its mix of ARR by 700 basis points to 75%, primarily due to an increase in GreenLake Flex subscriptions and AI services.

我們的年化營收運行率為22億美元，年增47%，這再次得益於人工智慧和智慧邊緣運算的推動。我們的軟體和服務年化營收年增近60%，其年化營收結構提升了700個基點，達到75%，主要得益於GreenLake Flex訂閱量和人工智慧服務的成長。

Non-GAAP gross margin was 29.4%, down 370 basis points year over year and flat quarter over quarter. On a year-over-year basis, gross margin was impacted primarily by an unfavorable mix within Server, including the dilutive backlog in traditional compute we carried into the quarter.

非公認會計準則毛利率為29.4%，較去年同期下降370個基點，較上季持平。年比來看，毛利率主要受到伺服器業務組合不利因素的影響，包括我們在本季結轉的傳統運算業務的稀釋性積壓訂單。

Non-GAAP operating margin was 8%, down 150 basis points year over year, reflecting lower gross margins, partially offset by cost management. The 190 basis points sequential decline was primarily due to increased variable compensation and higher marketing expenses.

非公認會計準則下營業利潤率為8%，年減150個基點，反映毛利率下降，但部分被成本管理抵銷。環比下降190個基點，主要由於浮動薪資增加和行銷費用增加。

Non-GAAP operating expense, as a percentage of revenue, increased sequentially from a record low in Q1 and declined 220 basis points year over year, reflecting better cost discipline, as our business scales further. We'll continue managing discretionary costs and driving efficiencies, while working to increase the incremental structural cost savings we drove this quarter.

非公認會計準則下營運費用佔收入的百分比，較第一季的歷史低點環比上升，年減220個基點，反映出隨著業務規模的進一步擴大，成本管控措施更加到位。我們將繼續管理可自由支配的成本，提高效率，同時努力提升本季已實現的增量結構性成本節約。

Free cash flow was negative $847 million, slightly better than expected, due, in part, to the conversion of some AI backlog.

自由現金流為負 8.47 億美元，略優於預期，部分原因是部分 AI 積壓訂單的轉換。

GAAP diluted net loss per share of $0.82 was below guidance of positive $0.08 to $0.14, primarily due to a non-cash goodwill impairment charge recorded in the quarter.

每股 0.82 美元的 GAAP 稀釋淨虧損低於正 0.08 美元至 0.14 美元的指導值，主要原因是本季度記錄了非現金商譽減損費用。

Non-GAAP diluted net earnings per share of $0.38 was above our guided range of $0.28 to $0.34. EPS included $0.02 ,each related to tariffs and OI&E expense.

非公認會計準則每股攤薄淨收益為0.38美元，高於我們0.28美元至0.34美元的預期範圍。每股收益包含0.02美元，均與關稅和OI&E費用有關。

Non-GAAP diluted net earnings per share excludes $1.7 billion in net cost primarily driven by a non-cash goodwill impairment charge of approximately $1.4 billion or $1.03 per share related to our Hybrid Cloud business. This charge is due primarily to the macroeconomic uncertainty that played out during the second quarter, requiring an additional interim impairment test of that goodwill.

非公認會計準則稀釋每股淨收益不包括17億美元的淨成本，該成本主要來自與混合雲業務相關的約14億美元（合每股1.03美元）的非現金商譽減損支出。該支出主要源自於第二季宏觀經濟的不確定性，需要對該商譽進行額外的中期減損測試。

These tests use a market-based cost of capital assumption, which increased significantly since our last test, leading to the material non-cash impairment charge. Our view on our Hybrid Cloud business has not changed. Other factors excluded from our non-GAAP diluted net earnings per share include expenses related to our cost reduction program, stock-based compensation expense, acquisition, disposition and other charges, amortization of intangible assets, and H3C divestiture related severance costs.

這些測試採用了基於市場的資本成本假設，自我們上次測試以來大幅增加，導致重大非現金減損費用。我們對混合雲業務的看法沒有改變。其他未計入我們非公認會計準則稀釋每股淨收益的因素包括與成本削減計劃相關的費用、股票薪酬費用、收購、處置及其他費用、無形資產攤銷以及H3C資產剝離相關的遣散費用。

Now, let's turn to our segment results.

現在，讓我們來看看我們的分部業績。

Server revenue was $4.1 billion, up 7% year over year and a decline of 5% sequentially, consistent with the higher end of the guidance range we provided. The quarter-over-quarter revenue decline was impacted by lower traditional compute volumes due to the implementation of corrective pricing actions we took at the end of Q1, offset partially by higher-than-expected AI systems revenue.

伺服器營收為41億美元，年增7%，季減5%，與我們預期區間的上限一致。伺服器營收季減主要受第一季末實施的調整性定價措施導致傳統運算量下降的影響，但高於預期的人工智慧系統營收部分抵銷了這一影響。

We took decisive actions to address the execution issues that impacted our performance last quarter. Firstly, we implemented more rigorous reporting processes and analytics to more quickly identify and remediate operational issues. Secondly, we tightened our deal desk controls to require greater management scrutiny, including forward-costing assumptions on orders. Lastly, we are managing inventory exposure associated with AI transactions and potential component transitions.

我們採取了果斷措施，以解決影響上季業績的執行問題。首先，我們實施了更嚴格的報告流程和分析方法，以便更快地發現和修復營運問題。其次，我們加強了交易台控制，要求管理層進行更嚴格的審查，包括對訂單進行遠期成本假設。最後，我們正在管理與人工智慧交易和潛在零件轉換相關的庫存風險。

We believe these steps will improve performance and profitability, as we progress through the back half of fiscal '25 and into next year.

我們相信，隨著我們進入 25 財年下半年並進入明年，這些舉措將提高業績和獲利能力。

In traditional Server, consistent with our expectations, revenue declined sequentially, driven by volume declines, offsetting AUP growth, as the Gen11 server refresh continues to drive the majority of our core compute sales mix. We began shipping Gen12 servers during Q2 and remain confident in its adoption and growth trajectory.

傳統伺服器業務方面，與我們的預期一致，營收環比下降，主要由於銷售下降，抵消了可銷售產品（AUP）的成長，因為Gen11伺服器的更新繼續推動我們核心運算產品組合的大部分成長。我們在第二季開始出貨Gen12伺服器，並對其普及率和成長軌跡充滿信心。

In AI Systems, we signed $1.1 billion in net new orders, driven by strong growth in our enterprise and sovereign markets on both a year-over-year and sequential basis. We recognized more than $1 billion of revenue during the quarter, up from $900 million last year.

在人工智慧系統方面，我們簽署了11億美元的淨新訂單，這得益於企業和主權市場年比和季比的強勁成長。本季我們實現了超過10億美元的收入，高於去年的9億美元。

AI systems revenue increased by greater than 10% sequentially versus our guidance of a modest decline due to improved customer readiness. Server operating margin of 5.9% was consistent with expectations.

由於客戶準備度的提升，人工智慧系統營收季增超過10%，而我們先前預期營收將略有下降。伺服器營運利潤率為5.9%，符合預期。

Our margin performance improved over the course of the quarter as, the remediation actions we implemented in late Q1 helped offset some of the backlog pricing headwinds we carried into the quarter.

我們的利潤率表現在本季度有所改善，因為我們在第一季末實施的補救措施有助於抵消我們在本季度承受的一些積壓定價阻力。

Tariff-related headwinds were milder than expected and margins are expected to benefit further from remediation actions, as we progress through the second half of the year.

與關稅相關的不利因素比預期要溫和，隨著下半年的到來，利潤率預計將因補救措施而進一步受益。

Our Intelligent Edge business performance aligned with expectations, as revenue and operating profit returned to year-over-year growth in Q2, for the first time in five quarters. Revenue was $1.2 billion, up 8% year over year, in line with our outlook for positive revenue growth, due to the ongoing network market recovery and the diminished effect of the prior year's backlog.

我們的智慧邊緣業務表現符合預期，第二季營收和營運利潤實現五季以來首次較去年同期成長。得益於網路市場的持續復甦以及上一財年積壓訂單的影響減弱，本季營收達到12億美元，年增8%，符合我們對營收正成長的預期。

Revenue was up 2% quarter over quarter, reflecting improved demand. We saw orders grow high single digits year over year, including double-digit growth in both data center and campus switching.

營收季增2%，反映出需求回升。訂單量年增率高個位數，其中資料中心和園區交換業務均達到兩位數成長。

WiFi 7 demand ramped meaningfully with orders up triple digits sequentially. Federal, state and local, and education spending was mixed in the quarter, as the US government adjusted the new administration's priorities, while enterprise spending continued its positive trend.

WiFi 7 需求顯著成長，訂單量較上季成長三位數。由於美國政府調整了新政府的優先事項，本季度聯邦、州和地方以及教育支出漲跌互現，而企業支出則延續了積極趨勢。

Our orders remain strong and our channel inventory levels remained healthy as sell-through increased sequentially, despite some pockets of softness across our geographies.

儘管我們各地區存在一些疲軟現象，但由於銷售量連續增加，我們的訂單依然強勁，渠道庫存水準保持健康。

Operating margin was 23.6%, up 180 basis points year over year, driven by revenue growth and cost discipline, resulting in operating profit dollar growth of 16%. Operating margin was down 380 basis points quarter over quarter, primarily due to increased variable compensation expense and slightly lower gross profit.

營業利益率為23.6%，較去年同期成長180個基點，這得益於營收成長和成本控制，使營業利潤成長16%。營業利益率較上月下降380個基點，主要原因是變動薪資費用增加且毛利略有下降。

Moving to Hybrid Cloud. Revenue was $1.5 billion. Once again, we saw broad-based strength, across all areas of the business, contributing to strong revenue growth of 15% year over year. Sequentially, revenue increased 4%, exceeding our expectations.

轉向混合雲。收入達15億美元。我們再次見證了業務各領域普遍的強勁成長，推動營收年增15%。環比成長4%，超出我們的預期。

In Storage, our HPE Alletra MP platform continues to drive robust growth, with revenue up triple digits year over year, and new logos up almost 300 sequentially. In addition, it continues to constitute over half of our IP block orders.

在儲存領域，我們的 HPE Alletra MP 平台持續保持強勁成長，營收年增三位數，新品牌數量較上季增加近 300 個。此外，該平台繼續佔據我們 IP 區塊訂單的一半以上。

In Private Cloud, we are seeing a strong pipeline for our PC AI product, doubling quarter-over-quarter, while VM Essentials has garnered at least 1,000 interested customers.

在私有雲領域，我們的 PC AI 產品線表現強勁，環比增長了一倍，而 VM Essentials 已吸引至少 1,000 名有興趣的客戶。

Hybrid Cloud operating margin rose 440 basis points year over year to 5.4%, driven by strong cost management; but declined 160 basis points sequentially due to higher variable compensation.

受強勁成本管理的推動，混合雲營運利潤率年增 440 個基點至 5.4%；但由於浮動薪酬增加，利潤率環比下降 160 個基點。

Lastly, Financial Services. Our Financial Services business generated revenue of $856 million, up 1% year over year and down 2% quarter over quarter.

最後，金融服務。我們的金融服務業務創造了 8.56 億美元的收入，年增 1%，季減 2%。

Financing volumes decreased 20% year over year to $1.3 billion. Our Q2 loss ratio was 0.6% and return on equity totaled 17.5%.

融資額年減20%，至13億美元。第二季我們的損失率為0.6%，股本回報率為17.5%。

Operating margin of 10.4% increased 110 basis points year over year and 100 basis points quarter over quarter; and was the highest in two years, primarily due to strong cost management.

營業利益率為 10.4%，年成長 110 個基點，季增 100 個基點；為兩年來的最高水平，主要得益於強有力的成本管理。

Moving to cash flow and capital allocation. We consumed $461 million of operating cash flow in the quarter. And free cash flow was an outflow of $847 million, slightly better than we guided, which benefited from better-than-expected non-GAAP net earnings and inventory reduction.

談到現金流和資本配置。本季度，我們的營運現金流消耗了4.61億美元。自由現金流流出8.47億美元，略高於我們的預期，這得益於非公認會計準則淨利潤好於預期以及庫存減少。

Inventory totaled $8.1 billion at the end of the period, down $481 million sequentially. Reducing our inventory balance to more normalized levels remains a key priority, and we expect to reduce inventory levels further in Q3, as we deploy a large AI system order booked earlier this year.

期末庫存總額為81億美元，季減4.81億美元。將庫存餘額降至更正常的水平仍然是我們的首要任務，隨著我們部署了今年稍早訂購的大型人工智慧系統，我們預計第三季庫存水準將進一步降低。

Q2 cash conversion cycle was positive 26 days, up 21 days from last quarter. This was driven by a decrease in days payable due to higher vendor payments and lower inventory purchases and an increase in days receivable due to later shipment timing in the quarter, offset by a decrease in days of inventory due to higher shipments.

第二季現金週轉週期為正26天，較上一季增加21天。這主要是由於：由於供應商付款增加和庫存採購減少，應付帳款天數減少；以及由於本季度發貨時間推遲，應收帳款天數增加；但因發貨量增加，庫存天數減少，兩者相抵。

We expect sequential improvements in free cash flow partially driven by an improved cash conversion cycle, over the back half of the year.

我們預計，下半年自由現金流將持續改善，部分原因是現金轉換週期的改善。

We returned $171 million through dividends and $50 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向普通股股東返還 5,000 萬美元。

Our results this quarter reflect the importance of balancing investments in innovation and growth, with disciplined cost management to improve our long-term profitability and to drive shareholder value.

本季度的業績反映了平衡創新和成長投資以及嚴格的成本管理的重要性，以提高我們的長期獲利能力並推動股東價值。

Last quarter, we announced a cost-reduction program aimed at streamlining our workforce and reducing our cost structure. This was an important first step. But only part of broader actions were undertaking. This program is largely centered around a 5% workforce reduction that we expect to complete largely by year-end.

上個季度，我們宣布了一項旨在精簡員工隊伍和降低成本結構的成本削減計畫。這是重要的第一步。但目前只實施了部分更廣泛的行動。該計劃主要圍繞5%的裁員，我們預計該計劃將在年底前基本完成。

We are on track to achieve our savings goals expected for FY25. We ended the quarter with a headcount just under 59,000, the lowest we have seen as an independent company. We are reducing management layers and flattening our organization because flatter is faster, enabling swifter decision-making and improving agility across functions.

我們正穩步實現2025財年的預期節支目標。本季末，我們的員工人數略低於5.9萬人，這是我們作為獨立公司以來員工人數最少的一次。我們正在精簡管理層級，並實現組織扁平化，因為扁平化意味著更快，以便能夠更快地做出決策，並提高各職能部門的敏捷性。

Today, we are accelerating those cost efforts through Catalyst, a comprehensive series of initiatives designed to accelerate revenue growth, while also driving structural cost savings. These initiatives fall into four key categories and include the prior workforce cost reduction program, which we announced last quarter, in addition to efforts around operational efficiency, optimizing our portfolio, and using AI across our business.

今天，我們正透過「催化劑」計畫（Catalyst）加速這些成本控制工作。 「催化劑」計畫是一系列旨在加速收入成長並推動結構性成本節約的綜合舉措。這些措施主要分為四大類，包括我們上季度宣布的勞動力成本削減計劃，以及圍繞營運效率、優化產品組合以及在整個業務中使用人工智慧等措施。

These workforce optimization efforts are covered by the existing $350 million in charges we announced last quarter and any resulting benefits are included in our FY25 guide. We will update you at our Securities Analyst Meeting in October, when we provide our fiscal '26 outlook.

這些員工隊伍優化措施已包含在我們上季度宣布的3.5億美元現有費用中，由此產生的任何收益均已納入我們的2025財年業績指引。我們將在10月的證券分析師會議上更新2026財年的業績展望，屆時我們將向您通報最新情況。

As part of Catalyst, we want to make it easier to do business with us: simplifying our offerings, streamlining our sales processes, and aligning our team, internally, to be more responsive to customers' needs.

作為 Catalyst 的一部分，我們希望讓與我們開展業務變得更加容易：簡化我們的產品、精簡我們的銷售流程、並在內部協調我們的團隊，以便更好地回應客戶的需求。

In addition, we will be leveraging AI to improve efficiency across our business. As an example: we are adopting an Agentic AI initiative as part of our campaign.

此外，我們將利用人工智慧來提升整個業務的效率。例如，我們正在採用 Agentic AI 計劃作為我們活動的一部分。

Within finance, HPE and Deloitte codeveloped Zora AI [CFO] Insights agents, built on NVIDIA's advanced AI stack and deployed on our own HPE Private Cloud AI platform. This strategic move will transform our executive reporting.

在財務領域，HPE 和德勤共同開發了 Zora AI [CFO] Insights 代理，它基於 NVIDIA 先進的 AI 堆疊構建，並部署在我們自己的 HPE 私有雲 AI 平台上。這項策略舉措將徹底改變我們的高階主管報告方式。

We're turning data into actionable intelligence, accelerating our reporting cycles by approximately 50% and reducing processing costs by an estimated 25%.

我們正在將數據轉化為可操作的情報，將報告週期縮短約 50%，並將處理成本降低約 25%。

Our ambition is clear: a leaner, faster, and more competitive organization. Nothing is off limits. We are focused on rethinking the business; not just reducing our costs but transforming the way we operate.

我們的目標很明確：打造一個更精簡、更快速、更具競爭力的組織。我們無所不能。我們專注於重新思考業務；不僅要降低成本，更要轉變營運方式。

We'll keep you regularly updated on our progress.

我們將定期向您通報我們的進度。

Before addressing our outlook, given the evolving and uncertain state of global trade policy, I want to provide a brief update to our tariff outlook.

在討論我們的前景之前，鑑於全球貿易政策不斷變化和不確定的狀況，我想簡要介紹一下我們的關稅前景。

Our initial full-year guidance of a $0.07 impact to earnings reflected our best estimate, based on tariffs in place on March 4, net of our mitigation efforts. And, as mentioned, we absorbed $0.02 in the second quarter.

我們初步預計全年獲利將受到 0.07 美元的影響，這反映了我們基於 3 月 4 日生效的關稅（扣除我們的減稅措施）的最佳預估。此外，如上所述，我們在第二季度吸收了 0.02 美元的損失。

Looking out to the second half of the year, we are reducing our tariff impact by $0.01 to $0.02, as the 90-day pause currently in effect for most tariffs expires on July 9.

展望下半年，我們將關稅影響減少 0.01 美元至 0.02 美元，因為目前對大多數關稅實施的 90 天暫停期將於 7 月 9 日到期。

For fiscal 2025, we are tightening our guidance due to improved visibility into the second half of the year. We now expect constant currency revenue growth of 7% to 9%. We estimate currency impacts of about 20 basis points, improved from our prior view, as FX becomes less of a headwind due to a weaker outlook for the US dollar.

由於下半年前景更加明朗，我們正收緊2025財年的業績指引。我們目前預期固定匯率營收成長率將達到7%至9%。我們估計匯率影響約為20個基點，較先前的預測有所改善，因為美元前景疲軟導致外匯市場對公司不利的因素減弱。

By segment, we expect to continue Intelligent Edge to grow mid-single digits; Hybrid Cloud to grow high single digits; and that Server will grow low double digits. We are maintaining our outlook for non-GAAP gross margin to be below 30% for the full year, with Q4 exiting the year above that.

就各細分市場而言，我們預期智慧邊緣運算將持續維持中位數個位數成長；混合雲業務將維持高個位數成長；伺服器業務將維持低兩位數成長。我們維持全年非公認會計準則毛利率低於30%的預期，但第四季的毛利率將高於此水準。

In Q3, we expect operating expense to increase sequentially, due to the higher marketing expenses associated with our annual Discovery event but is expected to step back down in Q4 to a level more consistent with Q2.

在第三季度，我們預計營運費用將環比增加，因為我們的年度探索活動相關的行銷費用較高，但預計第四季度的營運費用將回落至與第二季度更一致的水平。

We expect full-year non-GAAP operating margin above 9% at the midpoint, as we see sequential improvements in the second half of fiscal 2025, exiting the year approaching normal ranges.

我們預計全年非 GAAP 營業利潤率中位數將超過 9%，因為我們看到 2025 財年下半年將持續改善，年底將接近正常範圍。

By segment: we continue to expect Hybrid Cloud operating margin in the mid to high single digits; Intelligent Edge to remain in the mid-20% range; and, Sever, to improve sequentially, exiting the year with an operating margin around 10%. We now expect OI&E will constitute a net benefit of approximately $15 million.

按業務部門劃分：我們繼續預期混合雲營運利潤率將維持在中高個位數；智慧邊緣將維持在20%左右；伺服器業務將環比改善，年底營運利潤率約為10%。我們目前預計，OI&E將帶來約1500萬美元的淨利潤。

We are narrowing our fiscal year 2025 non-GAAP diluted net earnings per share outlook to $1.78 to $1.90. $0.03 of this is related to a lower-than-expected net tariff expense and $0.01 is related to operational improvements.

我們將 2025 財年非 GAAP 稀釋每股淨收益預期縮小至 1.78 美元至 1.90 美元。其中 0.03 美元與低於預期的淨關稅費用有關，0.01 美元與營運改善有關。

We are guiding GAAP diluted net earnings per share between $0.30 and $0.42, inclusive of the goodwill impairment charge previously mentioned versus our previous GAAP guidance range of approximately $1.15 to $1.35.

我們預計 GAAP 稀釋每股淨收益在 0.30 美元至 0.42 美元之間，其中包括前面提到的商譽減損費用，而我們先前的 GAAP 指引範圍約為 1.15 美元至 1.35 美元。

Our outlook for free cash flow of approximately $1 billion remains intact.

我們對約 10 億美元自由現金流的預期保持不變。

For Q3, we expect revenue will be between $8.2 billion and $8.5 billion.

對於第三季度，我們預計營收將在 82 億美元至 85 億美元之間。

For Intelligent Edge, we expect revenue will continue to improve sequentially, as the networking market recovery progresses, with operating margin remaining in the mid-20% range.

對於智慧邊緣，隨著網路市場的復甦，我們預計收入將繼續環比增長，營業利潤率仍將保持在 20% 左右。

For Hybrid Cloud, we expect revenue to increase slightly sequentially, with operating margin in the mid-single digits, improved sequentially and year over year.

對於混合雲，我們預計營收將環比略有成長，營業利潤率將達到中等個位數，環比和年比均有所提高。

For Server, we forecast a sequential increase at mid-teens rate, reflecting a strong double-digit increase in AI systems revenue, due to a large AI deal we expect to ship in Q3. Server operating margin is expected to improve sequentially, falling in the mid to high single digits range, due to the corrective actions we took, offsetting a higher mix of AI systems revenue.

對於伺服器業務，我們預測其環比成長將達到15%左右，這反映了人工智慧系統收入強勁的兩位數成長，這得益於我們預計在第三季交付的一筆大型人工智慧訂單。由於我們採取了糾正措施，預計伺服器營運利潤率將環比提升，降至個位數中高位，從而抵消了人工智慧系統收入結構性成長的影響。

We expect GAAP diluted net earnings per share to be between $0.24 and $0.29 and non-GAAP diluted net earnings per share to be between $0.40 and $0.45.

我們預計 GAAP 稀釋每股淨收益在 0.24 美元至 0.29 美元之間，非 GAAP 稀釋每股淨收益在 0.40 美元至 0.45 美元之間。

We expect the second half of fiscal 2025 will be seasonally stronger than the first half, with free cash flow rebounding sequentially in Q3, primarily due to the continued reduction in inventories and increased net income.

我們預計 2025 財年下半年的季節性表現將強於上半年，第三季自由現金流將環比反彈，這主要得益於庫存持續減少和淨收入增加。

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

現在，我開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Maybe, just to talk about -- April quarter numbers came in better than expected, especially on the Server side, where you had a few issues last quarter. I think both on the x86 and the AI side.

或許可以這麼說——四月季度的數據好於預期，尤其是在伺服器方面，上個季度你們遇到了一些問題。我認為在x86和AI方面都是如此。

If you just talk about what's needed, at this point, for Server margins to go from 5% to 10%-plus by year end, it would be helpful just to understand and get an update on what issues have been resolved versus what still needs to be tackled, as you go forward to get to that 10% number?

如果您只是談論目前需要做什麼，那麼到年底伺服器利潤率要從 5% 提高到 10% 以上，了解並了解哪些問題已經解決以及哪些問題仍需解決會很有幫助，因為您正努力實現 10% 的目標？

And then, Antonio, maybe, somewhat related to all this -- since we last spoke, there have been public articles around an active engagement. I'd love to understand how do you think about it; and, maybe, talk about your priorities or options in the event Juniper doesn't close. Because I think you've talked a fair bit about what the model can look like with Juniper in there.

然後，安東尼奧，也許與所有這些有點相關——自從我們上次談話以來，已經有一些關於積極參與的公開文章。我很想了解您對此有何看法；或許，您可以談談如果瞻博網路不關閉，您的優先事項或選擇。因為我認為您已經談了很多關於瞻博網路加入後，該模式會是什麼樣子。

Well, thanks, Amit. Good afternoon.

好的，謝謝，阿米特。午安.

As I said in my remarks -- also, Marie - we addressed the execution challenges we had in Q1.

正如我在發言中所說—瑪麗，我們解決了第一季遇到的執行挑戰。

If you recall, we spoke about the three issues. It was the cost in our pricing. It was the discounting. And it was the inventory, which, obviously, was elevated and that drove incremental expenses.

如果你還記得的話，我們討論過三個問題。一個是定價成本，一個是折扣，一個是庫存。庫存顯然增加了，這導致了費用的增加。

So we felt that we have addressed those issues with very targeted actions that will continue to deliver results, as we go through the back half of the year. Examples of these actions are:

因此，我們認為我們已經採取了非常有針對性的行動來解決這些問題，這些行動將在下半年繼續取得成效。這些行動的例子包括：

On the pricing side, new analytics -- so that give us a better insight of what comes next in our pipeline and have to price in discount (inaudible). Obviously, a very, very stringent discounting empowerment throughout the organization.

在定價方面，新的分析方法讓我們更能洞察產品線的下一步發展，並根據折扣（聽不清楚）進行定價。顯然，整個組織都擁有非常嚴格的折扣授權。

And then, on the inventory side -- look, quarter over quarter, we reduced inventory by $500 million. We believe that the remaining actions will be addressed through the back half, as we convert more revenue. In Q3, we're going to convert a very large deployment that we expect to be completed here, soon.

然後，在庫存方面——我們每季都減少了5億美元的庫存。我們相信，隨著我們收入的增加，剩餘的措施將在下半年解決。在第三季度，我們將轉換一個非常大的部署，預計很快就會完成。

And so, we are confident that those actions will help us return to the 10% exits on operating margins in Q4. And, also, clearly, that's also -- since, also, by the incremental actions we have taken on cost.

因此，我們相信這些舉措將有助於我們在第四季將營業利潤率恢復到10%。而且，顯然，這也是因為我們在成本上採取了漸進式的措施。

So we are confident about that. That's why we have raised the bottom end of our guide. And we believe we have line of sight to that.

所以我們對此充滿信心。這就是為什麼我們提高了指引的下限。我們相信我們已經看到了這個目標。

In terms of your second question: look, we don't comment on specific communication that we have with our shareholders. Our Board and I engage a number of shareholders. And we have an ongoing dialogue on a range of issues and opportunities.

關於你的第二個問題：你看，我們不會評論與股東的具體溝通狀況。我和董事會與許多股東進行了溝通。我們就一系列問題和機會保持持續對話。

We value the constructive input from all of them. We believe, today, the fastest path to increase is (inaudible) the shareholder values the Juniper transaction. But we also have seen and explore a number of other options, if the Juniper deal doesn't happen. And that includes capital return and other portfolio actions.

我們重視所有人的建設性意見。我們認為，目前最快的增值途徑是（聽不清楚）股東重視瞻博網路的交易。但如果瞻博網路交易未能達成，我們也已經考慮並探索了許多其他方案，包括資本回報和其他投資組合行動。

But we are not going to discuss those, until we see the outcome of the Juniper transaction. And we are -- look, we are within five weeks of the trial. And we hope to get that result and start the integration of the asset.

但我們不會討論這些，直到我們看到瞻博網路交易的結果。而且我們──你看，審判還有五週的時間。我們希望得到結果，並開始整合資產。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Antonio, I was hoping you could elaborate a little bit. You talked about, I think, the pipeline exiting Q2 being a little stronger than exiting Q1. You also mentioned a multiplier on the AI backlog. So I'm assuming that's part of the answer.

安東尼奧，我希望你能詳細說明一下。你提到，我認為第二季的銷售管道比第一季的要強一些。你也提到了人工智慧積壓訂單的乘數效應。所以我認為這是部分原因。

But can you just run through the businesses and give us a little bit of color on that pipeline, whether it's product-driven or geographic? What is driving that upside in pipeline, compared to last quarter?

您能否簡單介紹一下這些業務，並為我們介紹這些業務的銷售管道，無論是產品驅動還是地域驅動？與上一季相比，是什麼推動了銷售管道的成長？

Yeah. Thanks, Tim. Look, we saw a strengthening of the pipeline across the portfolio.

是的。謝謝，蒂姆。你看，我們看到整個投資組合的管道都在加強。

Let's start with AI. Obviously, you saw that we recorded one-third of our orders in AI, be it now enterprise-driven. So that's a very strong momentum there. It's driven by our servers, both ProLiant and Cray, with GPUs and Private Cloud AI.

我們先從人工智慧說起。顯然，您已經看到，我們有三分之一的訂單來自人工智慧領域，包括現在的企業驅動型訂單。所以，這是一個非常強勁的成長勢頭。這得益於我們的伺服器（包括 ProLiant 和 Cray 伺服器）、GPU 以及私有雲人工智慧。

Then, in Sovereign, we continue to see a very strong engagement. We have a number of opportunities in the making. And we hope to close some of those, here, in the short term.

在Sovereign，我們持續看到非常強烈的參與度。我們有很多機會正在醞釀。我們希望在短期內完成其中一些。

And then, in the Traditional Service Provider, right, and Model Builders, obviously, those are large deployments. As I said, we are closing, now, a deployment, which will be one of the largest [GP] 200 deployments, so far, in the world. And we participate there where it makes sense because, obviously, there is a margin aspect and a working capital aspect.

然後，在傳統服務提供者和模型建構者領域，顯然這些都是大規模部署。正如我所說，我們現在即將完成一項部署，這將是迄今為止全球最大的[GP] 200部署之一。我們參與這些部署是合理的，因為顯然，這涉及到利潤和營運資金方面。

But then, also, we have multiples of current backlog, which is now $3.2 billion. So it went up $100 million quarter over quarter. That's on AI. And so, we continue to see very strong momentum.

不過，我們目前的積壓訂單量是目前的數倍，目前是32億美元。所以月增了1億美元。這都歸功於人工智慧。因此，我們繼續保持著非常強勁的成長勢頭。

In the Hybrid Cloud, I'm very, very pleased with the momentum we have in Storage, with our Alletra MP portfolio. Booking more than 75% order growth for consecutive quarter is pretty stunning. But, as you know, a portion of that order gets deferred, once we convert to revenue, because there is a SaaS piece connected to CapEx. In the short term, it's our revenue headwind. In the long term, it's profit accretion.

在混合雲領域，我對我們儲存業務以及 Alletra MP 產品組合的強勁成長勢頭感到非常滿意。連續一個季度訂單增長超過 75%，這非常令人驚嘆。但是，如您所知，一旦我們轉換為收入，部分訂單就會被遞延，因為 SaaS 部分與資本支出相關。短期來看，這會阻礙我們的收入成長。但長期來看，這將有助於利潤成長。

But the demand for Alletra is very strong because we introduced a very unique disaggregated architecture with multi-protocol support. We also introduced integrated offerings with NVIDIA. And, at the same time, each of these aspects --whether it's the Server or the Storage -- gets integrated in our Private Cloud portfolio.

但市場對 Alletra 的需求非常強勁，因為我們推出了一個非常獨特的、支援多協定的分解式架構。我們也推出了與 NVIDIA 的整合產品。同時，所有這些方面——無論是伺服器還是儲存——都整合到了我們的私有雲產品組合中。

In addition, the virtualization part of the Private Cloud is very, very strong. Marie stated that they are now 1,000 customers logged in our pipeline. And, now, they're going through [POS]. One customer, (inaudible), has already committed to transition 75% of the estate. That's pre-defined number. And we see tremendous opportunities ahead.

此外，私有雲的虛擬化部分非常強大。 Marie 表示，目前已有 1,000 位客戶登入我們的管道。現在，他們正在透過 [POS] 進行遷移。一位客戶（聽不清楚）已經承諾遷移 75% 的資產。這是預先設定的數字。我們看到了巨大的機會。

And then, GreenLake. GreenLake continued to do extremely well, with 47% in subscription services growth. And that's through both Storage growth and Intelligent Edge growth and the Private Cloud growth.

接下來是GreenLake。 GreenLake持續表現出色，訂閱服務成長了47%。這得益於儲存、智慧邊緣和私有雲的成長。

And then, in Networking, the market, I believe, has recovered, right? Three consecutive quarters of order demand. We see that in WiFi 7 transition, in the upgrade cycle of switching, in campus and branch. And, now, we start seeing growth in data center switching because we have a unique position there.

然後，在網路領域，我相信市場已經復甦了，對吧？訂單需求連續三個季度保持成長。我們在WiFi 7過渡、交換器升級週期、校園和分公司中都看到了這一點。現在，我們開始看到資料中心交換器的成長，因為我們在該領域擁有獨特的地位。

But once we closed the Juniper deal, we expect that growth to continue to accelerate.

但一旦我們完成 Juniper 交易，我們預計成長將繼續加速。

So we saw strong solid momentum, across the three areas of the portfolio, balanced across geography. Actually, I will say Europe was very solid.

因此，我們看到投資組合的三個領域都呈現出強勁且穩健的勢頭，並且在各個地區都保持均衡。實際上，我認為歐洲市場的表現非常穩健。

Now, Europe, obviously, now, you have the euro strengthening, right, which is helpful, from a revenue perspective. But, at the same time, we need to see what happens after the summer, which normally tends to be a reset, in many ways.

現在，歐洲顯然正在經歷歐元走強，這對收入是有利的。但同時，我們需要觀察夏季之後的情況，夏季通常會在許多方面帶來調整。

But, so far, so good. I'm very encouraged. And, here, in three weeks, we're going to make a series of new announcements, which I believe will strengthen that pipeline.

不過，到目前為止一切順利。我非常受鼓舞。三週後，我們將發布一系列新公告，我相信這些公告將增強我們的發展管道。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Just wanted to get a sense of where you're seeing the most AI server traction, right now.

只是想了解現在您在哪裡看到了最多的 AI 伺服器吸引力。

And then, maybe, just on the second piece, just about improving the margin profile of the Storage business -- realized Alletra, doing quite well. But just how -- what you see as the path towards improving the margin profile there, with your own IP products.

然後，也許就第二點而言，關於提高儲存業務的利潤率，Alletra 表現相當不錯。但是，您認為如何利用自己的 IP 產品來提高該業務的利潤率？

Yeah, Meta.

是的，Meta。

On the Server side: look, it's a combination, depending on the customer segment. When you think about these large service providers of model builders, they tend to consume a large amount of compute. It's very compute-driven; meaning, accelerating computing. But that comes with networking and other things that you have to surround around infrastructure, which -- obviously, direct liquid cooling, which we have been talking about since last October, is now a necessity.

在伺服器方面：你看，這是一個組合，取決於客戶細分。想想那些大型模型建構服務供應商，他們往往會消耗大量的運算資源。它高度依賴計算，也就是說，加速計算。但這需要網路和其他圍繞基礎設施的東西，顯然，我們從去年十月就開始討論的直接液冷現在已經成為必需品。

And we believe HPE is uniquely positioned, both from an AP perspective and manufacturing capability, at scale perspective. It takes an enormous amount of work. And we have learned a lot in these deployments in the last few months.

我們相信，無論是從應用處理器 (AP) 角度，還是從製造能力和規模角度來看，HPE 都擁有獨特的優勢。這需要大量的工作。在過去幾個月的部署中，我們學到了很多。

But then, as you go to Sovereign, it is a mix of compute and storage and, as well, supercomputing. Let's not forget supercomputing -- continue to be a very important element.

但是，說到 Sovereign，它融合了運算、儲存和超級運算。別忘了超級計算——它仍然是一個非常重要的元素。

But, clearly, there is 15 to 20 countries. They're all trying to deploy AI factories for sovereign reasons and the like. And they are, again, very compute-centric. But the other type of infrastructure, you can attach to it.

但顯然，有15到20個國家。他們都在出於主權等原因試圖部署人工智慧工廠。而且，它們都非常以計算為中心。但其他類型的基礎設施，你可以連接到它。

And an enterprise is all above, right? What we see in enterprise is time-to-value. It's not time-to-market. Time-to-value; meaning, I don't need to spend a lot of time gluing together infrastructure. I need to deploy infrastructure at the speed that can deliver value to the enterprise.

企業級就更是如此，對吧？我們在企業級中看到的是價值實現時間，而不是上市時間。價值實現時間的意思是，我不需要花很多時間整合基礎設施。我需要以能夠為企業帶來價值的速度來部署基礎架構。

This is where storage and compute are very tightly coupled, with a networking that really brings all of that together. And the software piece of that is the most official component. That's why GreenLake resonates because once you are in GreenLake, you already have access to all the softwares.

在這裡，儲存和計算緊密耦合，並透過網路真正將它們連接在一起。而軟體部分是最正式的組件。這就是 GreenLake 引起共鳴的原因，因為一旦你使用 GreenLake，你就已經可以存取所有軟體了。

And that's the co-engineering work we have done with NVIDIA: bringing their software and HPE software in an environment where they can accelerate time-to-value.

這就是我們與 NVIDIA 共同完成的工程工作：將他們的軟體和 HPE 軟體放在一個可以加速價值實現的環境中。

So that's what we have seen. In terms of storage margin, Marie, you want to (multiple speakers) -- ?

這就是我們所看到的。瑪麗，關於儲存裕度，你想（多位發言者）－？

Yeah. Look: I'd say, Meta, we do expect to see the margins -- as you know, we reflect that in our Hybrid Cloud segment. And, through the course of the year, we do expect to see -- the margins actually turned up towards the end of the year to the high single digits.

是的。我想說，Meta，我們確實預計利潤率會有所提升——正如你所知，這反映在了我們的混合雲業務中。而且，我們確實預期利潤率會在年底前回升到較高的個位數。

So you'll see some of that favorability to basically flow through by the end of Q4.

因此，您會看到部分有利因素將在第四季末基本顯現。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

This is Victor Chiu, on for Simon Leopold.

我是 Victor Chiu，取代 Simon Leopold。

Has [Blackwell] demand helped to bridge the recovery in AI servers and contribute to the improved line of sight that you noted earlier? And what steps have you taken to ensure that you have optimized inventory levels around AI service, going forward?

Blackwell 的需求是否有助於彌合 AI 伺服器的復甦，並有助於您先前提到的視線改善？您採取了哪些措施來確保未來圍繞 AI 服務優化庫存水準？

Yeah. In Q1, I said that the demand -- the orders we booked -- shifted very rapidly to Blackwell. And that clearly is now what we've seen.

是的。我在第一季就說過，需求——也就是我們收到的訂單——迅速轉移到了Blackwell。現在我們顯然已經看到了這一點。

The way we drive this process now -- remember, for some of the customers, not all of them is pre-payment. And that means that unless they pre-pay us, we don't buy inventory. So that's point number 1.

我們現在推動這項流程的方式是——記住，對於某些客戶來說，並非所有客戶都是預付款。這意味著，除非他們預付款，否則我們不會購買庫存。這是第一點。

And point number 2 is that, on the previous generation, that inventory has been decreased, dramatically. There's still demand. But our exposure on the older inventory is significantly lower. And we are adequately reserved, at this point in time.

第二點是，上一代產品的庫存已大幅減少。需求仍然存在。但我們對老庫存的敞口明顯較低。目前，我們的儲備充足。

Samik Chatterjee, J.P. Morgan.

薩米克‧查特吉，摩根大通。

Maybe, Antonio, on the general purpose servers, if I can ask you, just related to what the competitors has talked about; more specifically, calling out weaker trends -- and general focus (inaudible) was in the US, specifically.

安東尼奧，也許在通用伺服器上，如果我可以問你的話，只是與競爭對手談論的內容有關；更具體地說，指出較弱的趨勢 - 並且一般焦點（聽不清）具體是在美國。

Maybe, if you can highlight what trends you're seeing there, in terms customer orders (technical difficulty) expanded of the execution improvement that you're seeing in that business?

也許，您可以強調您在那裡看到的趨勢，就客戶訂單（技術難度）而言，您在該業務中看到的執行改進是否擴大了？

And, maybe, just a follow-up there. I know you're reiterating the 10% margin target for the total Server segment for 4Q. But that's the reiteration from the quarter ago. But tariffs are a lower headwind than what you anticipated 90 days ago. So (technical difficulty) automatically assume that the outlook is a bit better than what you thought 90 days ago?

也許，我只是想補充一下。我知道您重申了第四季度伺服器業務整體利潤率目標為10%。但這是上一季的重申。但關稅帶來的不利影響比您90天前的預期要小。所以（技術難題）可以自動假設前景比您90天前的預期好一些嗎？

Yeah. I'm really sorry. I have a very hard time hearing you.

是的。真的很抱歉。我聽不太清楚你說話。

Maybe, I don't know if you can reconnect with a better line -- I caught a little bit about North America. I think it was.

也許吧，我不知道你是否能用更好的方式重新聯繫——我聽到了一些關於北美的事情。我想是的。

Look, we, in North America, we didn't see any slowdown, at this point in time. It was steady, as we normally have seen. We have a strong engagement with our partner network. And so, I didn't see that, at this point in time.

在北美，我們目前沒有看到任何放緩。它保持穩定，就像我們通常看到的那樣。我們與合作夥伴網路保持密切的聯繫。所以，目前我還沒有看到這種情況。

In fact, I will argue that our monthly order demand was stronger than the previous two months. So that's what I saw.

事實上，我認為我們每個月的訂單需求比前兩個月更強。這就是我看到的情況。

And then, the second part -- honestly, I couldn't hear. (inaudible) you got it? Marie, (multiple speakers) --

然後，第二部——說實話，我聽不清楚。 （聽不清楚）你明白了嗎？瑪麗（多位發言者）－

I think Samik heard you just talk about the Server operating margin. So let me just walk you through how to think about those margins through the year.

我想薩米克聽到你剛才談到伺服器營運利潤率了。那麼，我來跟你講講如何計算全年的利潤率。

As we look sequentially, we do expect to see those margins improve. So as we walk from Q2 to Q3 and Q3 to Q4, Q3 is going to be driven, as Antonio mentioned earlier, by the mix of Server revenue, which is going to be skewed by that large AI order that we expect to ship in Q3.

從環比來看，我們確實預期利潤率會有所提高。因此，從第二季度到第三季度，再到第四季度，正如Antonio之前提到的，第三季度的營收將主要由伺服器收入組成驅動，而伺服器收入將受到我們預計將在第三季度交付的大型AI訂單的影響。

Then, as you correctly said, as we move from Q3 to Q4, we do expect Q4 to exit the year around 10%. That's consistent with what we've said before. So I just want to clarify that for you, as well, please.

然後，正如您所說，隨著第三季度過渡到第四季度，我們確實預計第四季度的銷售額將在10%左右。這與我們之前所說的一致。所以我也想為您澄清一下。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah. I appreciate the question.

是的。我很感謝你的提問。

Yeah. Antonio, as we get going through the Blackwell ramp, since we're at the front end and you're already starting to notice it in your business, is it reasonable to anticipate higher highs, increased highs in both systems revenue, over time; and in backlog, as well, as we go through the cycle.

是的。安東尼奧，既然我們正處於 Blackwell 的前端，而且您也已經開始在業務中註意到這一點，那麼，隨著我們經歷整個週期，預期兩個系統的收入和積壓訂單都會隨著時間的推移而創下新高，這合理嗎？

You saw this through the [Hopper] cycle. And it would make sense that you would see it through the Blackwell cycle. But just want to get your thoughts on that, as well.

您透過[霍珀]循環看到了這一點。透過布萊克威爾循環來看待這一點也是合理的。不過，我也想聽聽您對此的看法。

Yeah. Look: this business is lumpy, right? So you're going to have periods of very high orders, if you close one or two very large deals with service providers.

是的。你看，這個行業波動很大，對吧？所以，如果你和服務提供者達成一兩筆大單，你的訂單量就會非常高。

And then, obviously, then, after that is the revenue recognition because I can tell you, from what I learned in this deployment, it takes several months to build it, ship it, install it, and make it productive.

然後，顯然，之後就是收入確認，因為我可以告訴你，從我在這次部署中了解到的情況來看，建置、運輸、安裝並使其投入生產需要幾個月的時間。

And so -- that said, though, as we go from the $200 million to the $300 million, I think the mix is going to shift a little bit between the Grace, Blackwell 300 -- with Blackwell only 300, and that has to do with performance and it has to do with the use case between training and inferencing.

所以 — — 儘管如此，當我們從 2 億美元增加到 3 億美元時，我認為 Grace、Blackwell 300 和 Blackwell 300 之間的組合會發生一些變化，這與性能有關，也與訓練和推理之間的用例有關。

But I will say that as I think about these large deals that are in the pipeline, pretty much all of them are [200] with a (inaudible) shifting already to [300]. And that will take time to see it from orders to revenue because remember, the [300] is coming in the back half of 2025 or early 2026, at scale.

但我想說，當我想到這些正在醞釀的大型交易時，幾乎所有交易都是[200]筆，而且[聽不清楚]已經轉向[300]筆。從訂單到收入還需要時間，因為要記住，[300]筆交易將在2025年下半年或2026年初大規模實現。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

First, I wanted to ask about the comments around federal and state and local education spending. Any visibility into when that improves and when you get better line of sight into that?

首先，我想問一下關於聯邦、州和地方教育支出的評論。您能預測一下這種情況何時會有所改善嗎？您什麼時候能更了解一下？

And then, second, just on the higher-than-expected AI systems revenue in the quarter. I think you mentioned some of the AI outperformance driven by improved customer readiness. Could you just provide a little bit more texture around that? Is that driven by a greater need to do these AI deployments? Is it component availability? Any thoughts, there, would be great.

其次，關於本季高於預期的人工智慧系統收入。您提到了人工智慧的出色表現部分是由於客戶準備度的提高。您能否更詳細地介紹一下這一點？這是因為對這些人工智慧部署的需求增加嗎？還是因為組件供應充足？您有什麼想法嗎？

Yeah. On the US federal spend, right? Clearly, there was a period of time where the government had to enact their plans. But remember: not every vendor participates, uniformly, across the federal. We are unique, in many ways, because we provide systems at large scale. Sometimes, in classified environment. Sometimes, in non-classified environments.

是的。關於美國聯邦支出，對吧？顯然，政府必須制定一段時間的計畫。但請記住：並非所有供應商都統一參與整個聯邦政府的計畫。我們在很多方面都是獨一無二的，因為我們提供大規模的系統。有時是在機密環境中，有時是在非機密環境中。

And that has not slowed down in the context of what we see. However, there are areas of the government where there was a pause, whether it's a review in current deals that the government needed an incremental approval to get it done.

從我們所看到的情況來看，這並沒有放緩。然而，政府的某些領域出現了停頓，無論是對當前交易的審查，還是政府需要逐步批准才能完成的交易。

But we expect that to solve itself, as we go in the back half. And we have a very solid pipeline related to the US Federal business.

但我們預計，隨著下半年的推進，這個問題會自行解決。我們與美國聯邦業務相關的管道非常穩固。

Now, remember: we are also a large provider of supercomputing capacity. That's very important. And we already see new opportunities in the pipeline, as we go through the refresh of that.

現在，請記住：我們也是超級運算能力的大型供應商。這一點非常重要。隨著我們不斷更新，我們已經看到了新的機會。

The second part of the question was -- I'm trying to think about -- oh, the deal timing of -- or some of these AI deals.

問題的第二部分是——我正在嘗試思考——哦，交易時機——或者一些人工智慧交易。

No. Look, there is -- the timing of the deals and the deployment, right? We believe they are aligned to the customer needs. So when we think about these deployments, we see an acceleration of deployment because in enterprise, they either put it in a (inaudible) or they put it in their own data center.

不。你看，交易和部署的時間安排是有的，對吧？我們相信它們與客戶需求是一致的。所以，當我們考慮這些部署時，我們看到部署速度在加速，因為在企業中，他們要麼把它放在（聽不清楚）裡，要麼把它放在自己的資料中心裡。

And so, when we see customers is modernizing the data center, especially because they are focused on data sovereignty and compliance, free up the space and bring the infrastructure that they need to do dragging or fine-tuning or infancy.

因此，當我們看到客戶正在對資料中心進行現代化改造時，特別是因為他們專注於資料主權和合規性，釋放空間並帶來他們需要進行拖延、微調或初期階段的基礎設施。

And then, in Service Providers, look, there is a lot of build-out. But they tend to be very straightforward, unless you work a very, very large deployment. But, in terms of components availability, we have now seen a constraint in components availability to the current generation.

然後，在服務提供者方面，你看，有很多擴建工作。但它們往往非常簡單，除非你進行非常非常大規模的部署。但是，就組件可用性而言，我們現在看到當前這一代產品的組件可用性受到了限制。

As we go to the 300, it's a different story.

當我們到達 300 時，情況就不同了。

I'd just add that, specifically, in Q2, we saw that incremental AI revenue -- it was really related to what Antonio said around customer readiness. So just thinking about it as from a timing perspective. That's the way to think about that AI revenue in Q2.

我想補充一點，具體來說，在第二季度，我們看到了AI收入的增量——這與Antonio所說的客戶準備息息相關。所以，從時間角度來思考這個問題。這就是我們看待第二季度AI收入的方式。

David Vogt, UBS.

瑞銀的戴維·沃格特。

Maybe, Antonio, can I dig in on the industry drivers and the demand backdrop? Because I thought I heard you say demand seemed to be relatively solid, even in the third month of April.

安東尼奧，或許我可以深入探討產業驅動因素和需求背景？我好像聽你說過，即使在4月的第三個月，需求似乎也相對穩定。

And what I'm trying to understand is July of the quarter. The guide looks relatively strong. But if I take it in the context of the full year, we're looking for, I think, a relatively modest sequential growth in October.

我想了解的是7月季度的情況。這份指引看起來相對強勁。但如果結合全年來看，我認為10月的環比成長會相對溫和。

Now, I recognize backdrop is murky and the comp is tough on a year-over-year. Can you, maybe, just expand on why you're being a little bit more conservative than I thought you would be, given the trends in October?

現在，我意識到背景不明朗，年比來看業績也比較艱難。您能否解釋一下，考慮到十月份的趨勢，為什麼您的預測比我想像的要保守一些？

And, then, maybe, just for Marie: on the workforce reduction plan, I would imagine that the vast majority of that is skewed towards the Server business. If not, please correct me. But I'm trying to think through what are the margin impacts on Server, as we exit this year when the plan is complete and you're exiting at a 10% rate. Does that suggest that we can get back to the level of margins previously, before this most recent downdraft because of some execution issues? And I'm thinking more like fiscal '24.

然後，也許，就瑪麗而言：關於裁員計劃，我認為絕大部分會偏向伺服器業務。如果不是，請糾正我。我正在努力思考，當我們今年計劃完成後以10%的利率退出時，這會對伺服器業務的利潤率產生什麼影響。這是否意味著我們的利潤率可以恢復到之前（由於一些執行問題導致最近這次下滑之前的水平）？我考慮的更像是24財年。

Why don't I take the second part of your question, first, on the Server margins and the restructuring plan.

我來回答你問題的第二部分，首先是關於伺服器利潤和重組計劃。

First of all, just pleased to say we're on track, in terms of our savings goals -- what we said on the last call that we had 20% of savings of the $350 million during the year. At this point, overall, I think I said in my prepared remarks, we've actually seen really good progress against the head count. So absolutely on track to achieve the goals we had.

首先，我很高興地說，就我們的節支目標而言，我們進展順利——上次電話會議上我們說過，今年我們已完成了3.5億美元節支目標的20%。目前，總的來說，我記得我在準備好的演講稿中已經說過，我們在員工人數方面確實取得了顯著進展。所以，我們絕對有望實現既定目標。

With respect to how to tie that to Server margin, that plan is actually more than Server. It's actually enterprise-wide. So I just want to correct your question because it's not specifically aimed at Server. It's aimed at just actually the entire company. And we did announce Catalyst, also, as part of the statements I made, as well, earlier.

至於如何將其與伺服器利潤聯繫起來，該計劃實際上不僅限於伺服器，而是整個企業範圍的。所以我想糾正一下你的問題，因為它並非專門針對伺服器，而是針對整個公司。而且，作為我先前聲明的一部分，我們也宣布了 Catalyst。

So -- as we think about Server margins, I'll let you know because we've got (inaudible) coming up in October. We'll give you further color around how to think about those margins for '26. So that's it on the Server piece.

所以——當我們考慮伺服器利潤率時，我會通知你，因為我們十月有（聽不清楚）。我們會進一步解釋如何計算26年的利潤率。關於伺服器的部分就到這裡。

And then, in terms of just the revenue linearity in the back half of the year, as I said in my prepared remarks, we do expect to ship a very large AI deal in Q3. So, as a result of that, we're going to see a more non-seasonal pattern in Q3. And then, we'll continue to see revenue growth, from a year-on-year basis, into Q4. But it's going to be moderated because of the fact we've got that large conversion of that large AI system deal in Q3.

然後，就下半年的收入線性而言，正如我在準備好的發言中所說，我們確實預計在第三季會有一筆非常大的人工智慧交易。因此，我們將在第三季看到一個更非季節性的模式。然後，我們將在第四季度繼續看到收入同比增長。但由於我們在第三季有大量人工智慧系統交易的轉換，成長速度將會有所放緩。

So that's how you should be thinking about the revenue seasonality in the back half and, respectively, between Q3 and Q4.

所以你應該這樣考慮下半年以及第三季和第四季之間的營收季節性。

And I will say: for Q4, right -- look, there is timing related to some of the deals. But, if you recall, in Q4 of 2024, we had an exceptional Q4 with a significant year-over-year revenue growth. And, despite that, we expect year-over-year revenue growth in Q4.

我想說的是：對於第四季度，你看，有些交易是有時間安排的。但是，如果你還記得的話，2024 年第四季度，我們的業績表現非常出色，營收比去年同期成長顯著。儘管如此，我們預計第四季度的營收仍將年增。

But, to Marie's point: the seasonality between Q3 and Q4 is a little bit different because of these very large acceptance we are working, right now, as we speak.

但是，正如瑪麗所說：第三季度和第四季度之間的季節性略有不同，因為我們正在努力實現非常大的接受度，就在我們說話的時候。

Okay. Thank you. Operator, this will be our last question.

好的。謝謝。接線員，這是我們的最後一個問題。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

I wanted to just dig a little bit deeper into the AI server competitive landscape.

我只是想更深入地了解 AI 伺服器的競爭格局。

Antonio, if I look at your closest competitor, I think their new order number was like $12 billion. You, guys, talked about $1 billion. So I'm curious: Should we kind of think about HPE as a little bit different, in terms of how you're going to market, what segments you really want to focus on, maybe relative to your peers? Or has there been any changes in the competitive landscape, in terms of deals that you'll go after and, maybe, walk away from.

安東尼奧，如果我看看你們最接近的競爭對手，他們的新訂單金額大概是120億美元。你們之前說是10億美元。所以我很好奇：我們是否應該把HPE看作是有點不同的？例如你們的行銷方式？你們真正想關注的市場區隔是什麼？例如相對於你們的同行？或者說，競爭格局是否改變了？你們會爭取哪些交易，或可能會放棄哪些交易？

I'm just curious how you would compare fairly different numbers, in terms of the order momentum we're seeing on these AI servers.

我只是好奇，就我們在這些 AI 伺服器上看到的訂單動量而言，您會如何比較相當不同的數字。

Sure, Aaron.

當然，亞倫。

Look, we are focused in all segments of the market. But we participate with discipline -- where we see a path to gross margin accretion and, obviously, working capital that eventually translates into free cash flow.

你看，我們專注於市場的所有細分領域。但我們參與其中時會遵循紀律——我們會看到一條提高毛利率的途徑，而且顯然，營運資本最終會轉化為自由現金流。

Look, what I saw there is probably a couple of large opportunities that we decided not to participate. And, if you look at the results, it's fair to say that they actually -- on the profitability, we will see what they're going to do.

瞧，我看到的可能是一些我們決定不參與的重大機會。而且，如果你看看結果，公平地說，他們實際上——就盈利能力而言，我們會看看他們會怎麼做。

But my view is that, in enterprise, we're all in. We see that momentum in Sovereign, we're all in. And we see the momentum, as you see more in the next few weeks.

但我的觀點是，在企業領域，我們全力以赴。我們在 Sovereign 中看到了這種勢頭，我們全力以赴。我們看到了這種勢頭，正如您在接下來的幾週內看到的那樣。

And then, in Service Provider, we participate in where we believe we can sustain that 10% operating margin and still sustain our revenue, as we go forward.

然後，在服務提供者方面，我們相信我們可以維持 10% 的營業利潤率，並且在未來仍能維持我們的收入。

Antonio, any closing comments?

安東尼奧，還有什麼最後評論嗎？

Yeah. Look, I know we probably have more questions. But I know we have follow-up calls, with each of you.

是的。我知道我們可能還有更多問題。但我知道我們會和你們每個人進行後續電話溝通。

Look, we delivered a solid Q2. I'm very pleased with the fifth consecutive quarter of year-over-year revenue growth.

你看，我們第二季的業績表現穩健。我對連續第五個季度實現同比增長感到非常高興。

We see the actions we have taken in Server already delivering the results that we want. And we don't see that in the next two quarters.

我們看到，我們在伺服器方面採取的措施已經取得了預期的效果。但我們預計未來兩季不會再看到這種效果。

Networking continues to do very well. And we are very pleased with the Hybrid Cloud.

網路業務持續表現良好。我們對混合雲非常滿意。

But, as always, there is more work to do. I believe we have line of sight to our new guide and commitments. And it's all about driving the execution, which is sustained by an amazing portfolio with amazing innovation.

但一如既往，我們還有很多工作要做。我相信我們已經明確了新的目標和承諾。關鍵在於推動執行，而這離不開我們卓越的產品組合和卓越的創新。

And I hope you will pay attention to what we have to say in three weeks, at HPE Discover. You will be very impressed about the number of new innovation we're going to continue to bring in the market, across Networking, Hybrid Cloud, and AI.

希望大家能關注我們三週後在 HPE Discover 大會上發布的新動態。我們將在網路、混合雲和人工智慧領域持續為市場帶來大量創新，定會令大家印象深刻。

We hope, next time we speak, we're going to have an answer on the Juniper network deal.

我們希望，下次談話時，我們能夠對瞻博網路交易有一個答案。

So thank you, again, for your time today.

再次感謝您今天抽出時間。

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。