惠普企業 (HPE) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the fiscal 2025 fourth-quarter Hewlett Packard Enterprise earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加惠普企業2025財年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Paul Glaser, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係主管保羅·格拉澤。請繼續。

Good afternoon. I am Paul Glaser, Head of Investor Relations for Hewlett Packard Enterprise. I would like to welcome you to our fiscal 2025 fourth-quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Marie Myers, HPE's Chief Financial Officer.

午安.我是惠普企業投資人關係主管保羅‧格拉澤。歡迎各位參加 HPE 2025 財年第四季財報電話會議，屆時 HPE 總裁兼執行長 Antonio Neri 和 HPE 財務長 Marie Myers 將出席會議。

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

在將電話交給安東尼奧之前，請允許我提醒各位，本次通話正在進行網路直播。網路直播的回放將在電話會議結束後不久提供。我們已將新聞稿和隨附的幻燈片簡報發佈在 HPE 投資者關係網頁上。本次電話會議中提及的部分財務資訊具有前瞻性，並且是基於我們目前對世界和我們業務的最佳看法。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 annual report on Form 10-K for the fiscal quarter ended October 31, 2025. For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. Please refer to HPE's filings with the SEC for a discussion of these risks.

我們還注意到，本次電話會議中討論的財務資訊反映了基於​​目前可獲得的資訊的估計，可能與 HPE 在截至 2025 年 10 月 31 日的財政季度年度報告（10-K 表格）中最終報告的金額存在重大差異。有關更多詳細信息，請參閱收益資料中的免責聲明，其中涉及風險、不確定性和假設的前瞻性陳述。有關這些風險的討論，請參閱 HPE 向美國證券交易委員會提交的文件。

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

對於我們以非公認會計準則 (non-GAAP) 編制的財務信息，我們已在網站上提供了與相應公認會計準則 (GAAP) 信息的調節表。詳情請參閱我們網站上今天發布的財報附帶的表格和幻燈片簡報。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，並已進行調整以排除匯率的影響。Antonio 和 Marie 將參考我們的收益報告以及他們準備好的評論。

With that, let me turn it over to Antonio.

那麼，接下來就交給安東尼奧吧。

Thank you, Paul. Good afternoon, everyone. HP finished a transformative year with a record quarter of profitable growth and disciplined execution. Q4 revenue of $9.7 billion increased 14% year over year, with non-GAAP operating profits growing faster, up 26% year over year.

謝謝你，保羅。大家下午好。惠普公司以創紀錄的季度獲利成長和嚴謹的執行力，結束了變革性的一年。第四季營收達 97 億美元，年增 14%；非 GAAP 營業利潤成長更快，年增 26%。

Non-GAAP operating margin was a record high at 12.2%, including Server around 10% and Networking at 23%, much in the high end of our expectations. Non-GAAP diluted net earnings per share of $0.62 exceeded the high end of our guidance. Stronger profitability also resulted in higher-than-expected free cash flow of $1.9 billion for the quarter, capping a solid fiscal year '25 performance.

非GAAP營業利潤率創歷史新高，達到12.2%，其中伺服器業務利潤率約10%，網路業務利潤率約23%，遠超我們的預期。非GAAP稀釋後每股淨收益為0.62美元，超過了我們預期的上限。獲利能力的增強也使得該季度自由現金流達到預期的 19 億美元，為 2025 財年的穩健業績畫上了圓滿的句號。

The underlying demand environment was strong throughout the quarter with orders growing faster than revenues. We saw an acceleration in orders in the last weeks of the quarter, signaling solid demand for our portfolio. The strong finish coupled with the steps we have taken throughout the year to transform our company positions us well in 2026.

本季整體需求環境強勁，訂單成長速度超過營收成長速度。在本季最後幾週，我們看到訂單量加速成長，這表明市場對我們的產品組合有強勁的需求。強勁的收官表現，加上我們在過去一年為公司轉型所採取的各項措施，使我們在 2026 年處於有利地位。

Reflecting our continued confidence and ongoing technology leadership, we are raising our fiscal year '26 non-GAAP diluted net earnings per share guidance and the midpoint of free cash flow guidance. Marie will provide more details about our Q4 financial results and our new fiscal year '26 outlook in a moment. We intend to capture the opportunity in 2026 and beyond by pursuing the key priorities we outlined at the Securities Analyst Meeting in October.

鑑於我們持續的信心和持續的技術領先地位，我們上調了 2026 財年非 GAAP 稀釋後每股淨收益預期和自由現金流預期中位數。瑪麗稍後將詳細介紹我們第四季的財務業績以及2026財年的展望。我們計劃在 2026 年及以後抓住機遇，繼續推進我們在 10 月證券分析師會議上提出的關鍵優先事項。

These are building a new network and industry leader, profitably capturing the AI infrastructure build-out opportunity, accelerating our high-margin software and services growth through our GreenLake cloud capitalizing on the unstructured data market growth with our leading Alletra MP storage offerings and driving the transition to our next-generation server platforms. This strategy underpins our long-term financial framework.

這些舉措旨在打造新的網路和產業領導者，從人工智慧基礎設施建設中獲利，透過 GreenLake 雲端加速高利潤軟體和服務的成長，利用我們領先的 Alletra MP 儲存產品抓住非結構化資料市場的成長機遇，並推動向下一代伺服器平台的過渡。這項策略是我們長期財務架構的基石。

By fiscal year '28, we are committed to generating at least $3 in non-GAAP diluted net earnings per share and more than $3.5 billion in free cash flow with improved cash conversion cycles. Also, I want to highlight that we recently announced agreements regarding our H3C stake in China. We will sell our remaining 19% stake for approximately $1.4 billion, which we expect to close during the first half of calendar year 2026. These transactions support our plan to reduce our net leverage to around 2x by the end of fiscal year '27.

到 2028 財年，我們承諾實現至少 3 美元的非 GAAP 稀釋後每股淨收益和超過 35 億美元的自由現金流，並改善現金週轉週期。另外，我想強調的是，我們最近宣布了關於我們在中國持有的 H3C 股份的相關協議。我們將出售剩餘的 19% 股份，售價約為 14 億美元，預計將於 2026 年上半年完成交易。這些交易支持我們到 2027 財年末將淨槓桿率降低到 2 倍左右的計畫。

Looking back at fiscal year '25, I am proud of what a transformative year it was for our company. We celebrated our 10-year anniversary, a decade of focus, innovation and technology leadership. We completed the acquisition of Juniper Networks, strengthening our position in the Networking market to create a new industry leader. We scaled our GreenLake cloud hybrid cloud software, Alletra MP storage and AI businesses to new heights, and we continue to improve our cost structure through our catalyst initiatives to operate more efficiently.

回顧 2025 財年，我為公司在這一年的變革性成就感到自豪。我們慶祝了公司成立十週年，這十年我們專注於創新，並保持著技術領先地位。我們完成了對瞻博網路的收購，鞏固了我們在網路市場的地位，打造了新的產業領導者。我們將 GreenLake 雲端混合雲軟體、Alletra MP 儲存和 AI 業務提升到了新的高度，我們透過催化計畫不斷改進成本結構，以更有效率地運作。

Overall, HPE delivered full year revenue of $34.3 billion, a 14% increase year over year. Our revenue growth reflects solid performance across our three largest business segments and the addition of Juniper Networks. We exceeded our full year outlook for non-GAAP diluted net earnings per share and free cash flow delivering $1.94 and $986 million, respectively.

整體而言，HPE全年營收達343億美元，年增14%。我們的營收成長反映了我們三大業務部門的穩健表現以及對瞻博網路的收購。我們全年非GAAP攤薄後每股淨收益和自由現金流均超出預期，分別達到1.94美元和9.86億美元。

Networking played a pivotal role in our success. Segment revenue increased 51% in fiscal year '25, achieving $6.9 billion with additional four months of Juniper results. Orders for the new combined Networking segment grew at a faster rate than revenues in fiscal year '25 as the market recovered.

人脈關係在我們的成功中發揮了關鍵作用。2025 財年，該部門營收成長 51%，達到 69 億美元，其中包括 Juniper 額外四個月的表現。2025 財年，隨著市場復甦，新合併的網路業務部門的訂單成長速度超過了營收成長速度。

We saw strong double-digit order and revenue growth across our key segments of the Networking market on as a reported basis. Regarding the integration of Juniper, I am pleased with the significant progress we have made in forming a new unified leader in Networking. In the five months since closing the transaction, we have brought together our teams, technologies, and go-to-market strategies and the response from our employees, customers, partners and the industry at large has been overwhelmingly positive. They are already seeing the benefits of our combined portfolio, the innovation we are driving, and the cohesive customer experience we now deliver.

按報告數據，我們在網路市場的主要細分領域實現了強勁的兩位數訂單和收入成長。關於 Juniper 的整合，我對我們在組建新的網路領域統一領導者方面取得的重大進展感到滿意。自交易完成以來的五個月裡，我們整合了團隊、技術和市場推廣策略，員工、客戶、合作夥伴和整個產業的反應都非常正面。他們已經看到了我們合併後的產品組合、我們正在推動的創新以及我們現在提供的統一客戶體驗的好處。

Across the industry, stakeholders have expressed enthusiasm for combined company ability to accelerate innovation, deliver greater value, and help organizations build secure, modern, and high-performance networks for the future. The new combined Networking team is performing exceptionally well. We increased orders and revenues on a pro-forma basis during the first full quarter as one team.

整個產業的利害關係人對合併後的公司能夠加速創新、創造更大價值並幫助組織建立面向未來的安全、現代化和高效能網路表示了極大的熱情。新組建的網路團隊表現非常出色。在第一個完整的季度裡，我們作為一個團隊，按計劃實現了訂單量和收入的成長。

As a combined company, we are able to better compete with our comprehensive industry-leading Networking portfolio. We saw good traction with our core customer segments, enterprise, and service provider. As we integrate Juniper Networks and HP Aruba Networking, we are building a modern secure AI native Networking portfolio, one that encompasses Campus and branch data center switching, routing and security.

合併後的公司將擁有業內領先的全面網路產品組合，從而更好地參與競爭。我們在核心客戶群（企業和服務提供者）中獲得了良好的迴響。透過整合 Juniper Networks 和 HP Aruba Networking，我們正在建立一個現代化的安全原生 AI 網路產品組合，涵蓋園區和分支機構資料中心的交換、路由和安全性。

By combining our unique strengths in AI Ops, Agentic AI, silicon IP and go-to-market scale, we are positioned in HP to capture greater market share and revenue synergies. Our networks for AI solutions grew in fiscal year '25, where we saw novel strength in both one and data center switching. We are on track to achieve Networking-focumulative to order target of $1.5 billion by the end of fiscal year '26. The Campus and Branch business had a strong performance in fiscal year '25 with revenue up double digits with orders growing above revenues. RAI for network solutions leverage both mist AI large experience models and Aruba Agentic AI models, driving clear differentiation that is resonating with our customers.

透過結合我們在人工智慧營運、智慧人工智慧、矽知識產權和市場推廣規模方面的獨特優勢，我們有能力在惠普公司獲得更大的市場份額和收入協同效應。在 2025 財年，我們的 AI 解決方案網路得到了發展，我們在單中心和資料中心交換方面都取得了新的優勢。我們預計在 2026 財年末實現網路業務累計訂單額 15 億美元的目標。2025 財年，校園和分校業務表現強勁，營收達到兩位數成長，訂單成長超過營收成長。RAI 網路解決方案利用了 Mist AI 大型體驗模型和 Aruba Agentic AI 模型，實現了明顯的差異化，引起了客戶的共鳴。

In our server segment, fiscal year '25 revenue grew 10% year over year. We signed $6.8 billion in new AI system orders in fiscal year '25. Sovereign and enterprise bookings now account for more than 60% of the cumulative orders since Q1 of fiscal year '23, demonstrating our strategy to prioritize profitable AI infrastructure build-out opportunities.

在我們的伺服器業務領域，2025 財年的營收年增了 10%。我們在 2025 財年簽署了價值 68 億美元的新人工智慧系統訂單。自 2023 財年第一季以來，主權和企業訂單佔累計訂單的 60% 以上，這表明我們優先考慮盈利的 AI 基礎設施建設機會的策略是正確的。

In traditional servers, revenue grew double digits year over year, benefiting from a refreshed cycle as customers upgrade to the latest generation of 11 and 12 servers. This support greater world load performance with quantum-proof security, higher density and lower power consumption. I am pleased that we have returned [ server ] operating margin to approximately 10% in Q4. As we look to 2026, we will draw on our supply chain expertise to secure critical commodity supply and exercise our pricing management discipline.

在傳統伺服器領域，營收年增兩位數，受益於客戶升級到最新一代 11 和 12 伺服器帶來的更新周期。這支援更高的全球負載性能，同時具備量子安全防護、更高的密度和更低的功耗。我很高興我們在第四季度將[伺服器]營運利潤率恢復到了大約 10%。展望 2026 年，我們將利用我們的供應鏈專業知識來確保關鍵商品的供應，並嚴格執行我們的定價管理策略。

We expect DRAM and NAND cost to continue to increase in 2026, the majority of which we expect to pass through the market while monitoring demand. Hybrid Cloud revenue grew 5% in fiscal year '25. We added approximately 7,000 new customers to GreenLake, ending the year with approximately 46,000 customers. Total company AIR was $2.2 billion, up 62% year over year with additional Juniper. We continue to differentiate ourselves in a market with unique cloud-native software, AI Ops and services, which together represented over 80% of AIR.

我們預計 DRAM 和 NAND 的成本將在 2026 年繼續上漲，我們預計其中大部分成本將透過市場轉嫁，同時我們將密切關注市場需求。2025財年混合雲收入成長5%。我們為 GreenLake 新增了約 7,000 名客戶，到年底客戶總數約 46,000 名。公司總營收為 22 億美元，年增 62%，其中包括 Juniper 的營收。我們憑藉獨特的雲端原生軟體、AI Ops 和服務，在市場中不斷脫穎而出，這些產品和服務加起來佔 AIR 的 80% 以上。

In storage, we continue to make excellent progress in shifting our portfolio to our own IP. We closed the year with strong demand for HPE Alletra MP with four consecutive quarters of double-digit growth in both orders and revenue. We have now shipped over 7,400 Alletra MP storage rates more than doubling year over year. We added more than 1,300 new customers in fiscal year 2025, further solidifying our leadership in this space.

在儲存方面，我們繼續取得優異的進展，將我們的產品組合轉向我們自己的智慧財產權。今年年底，HPE Alletra MP 的需求強勁，訂單和收入連續四個季度實現兩位數成長。我們目前已交付超過 7,400 台 Alletra MP 儲存設備，較去年同期成長超過一倍。我們在 2025 財年新增了 1300 多名客戶，進一步鞏固了我們在該領域的領先地位。

Demand for a newer differentiated private cloud solutions, private cloud AI and private cloud for virtualization with our HP Morpheus via essential software ramped throughout the year. We set new milestones, including approximately 100 new PC AI customers. Total orders for our provital Solutions, which also includes private cloud business addition and private cloud enterprise offerings increased more than 20% year over year.

全年，市場對新型差異化私有雲解決方案、私有雲 AI 和用於虛擬化的私有雲（透過我們的 HP Morpheus 和關鍵軟體）的需求不斷增長。我們創造了新的里程碑，包括新增約 100 位 PC AI 客戶。我們的私有雲解決方案（包括私有雲業務附加服務和私有雲企業產品）的總訂單量較去年同期成長超過 20%。

HPE is proud to have been named a leader in the 2025 Gartner Magic Quadrant for infrastructure platform, consumption services, positioned highest in execution and furthest envision. This acknowledgment spotlights are innovative cloud native software and services experience, which help customers accelerate transformation and drive operational efficiency across the hybrid IT environment.

HPE 很榮幸被評為 2025 年 Gartner 基礎設施平台和消費服務魔力像限的領導者，在執行力方面排名最高，在願景方面排名最遠。該獎項旨在表彰創新的雲端原生軟體和服務體驗，幫助客戶加速轉型，並在混合 IT 環境中提高營運效率。

This week, more than 5,000 attendees participated in our HPE Discover Barcelona customer and partner events. We introduced new innovations and demonstrated the considerable progress we have made in bringing together HPE and Juniper in a short period of time. For example, in AI for networks, we announced new AI ops capabilities and common infrastructure products that deliver a consistent subscriber experience across both HP Aruba network in Central and HP Juniper Network and Mist cloud platforms.

本週，超過 5,000 名與會者參加了我們在巴塞隆納舉辦的 HPE Discover 客戶和合作夥伴活動。我們推出了新的創新成果，並展示了我們在短時間內將 HPE 和 Juniper 整合在一起所取得的巨大進展。例如，在網路人工智慧領域，我們發布了新的人工智慧維運功能和通用基礎架構產品，可在 HP Aruba Central 網路和 HP Juniper Network 及 Mist 雲端平台上提供一致的使用者體驗。

This is an important milestone in achieving a unified experience across Compass and Branch and demonstrates our commitment to quickly cross-pollinating our platforms and driving common infrastructure products for investment protection.

這是實現 Compass 和 Branch 統一體驗的重要里程碑，也顯示了我們致力於快速實現平台交叉整合，並推動通用基礎設施產品以實現投資保護的承諾。

In Networks for AI, we announced the first OEM switch to leverage Broadcom Tomahawk 6 silicon. To address performance hungry computing for AI inferencing, our new HPE Juniper Networking data center switch connects, GPUs within data centers with the world's highest performance ultra ethernet transport ready switch, delivering 102.4 terabits per second total capacity. And our new HPE Juniper multi-service edge router brings AI inferencing closer to the source of data generation with performance up to 1.6 terabits per second with full duplex 400 gigabits per second connectivity.

在以人工智慧為導向的網路領域，我們發布了首款採用博通 Tomahawk 6 晶片的 OEM 交換器。為了滿足人工智慧推理對效能的高要求運算，我們全新的 HPE Juniper Networking 資料中心交換器將資料中心內的 GPU 與世界上效能最高的超乙太網路傳輸就緒交換器連接起來，總容量可達每秒 102.4 太比特。我們全新的 HPE Juniper 多業務邊緣路由器，以高達每秒 1.6 太比特的效能和每秒 400 吉比特的全雙工連接速度，將 AI 推理更靠近資料產生來源。

Also, in Barcelona, we extended the NVIDIA AI computing by HP portfolio, introducing new solutions for AI factoring scale and performance. In HPE's AI factory Networking solutions, we introduced the new HPE Juniper network in edge on-ramp and long-haul data center interconnect with our HPE Juniper network in MX and PTX high-speed routing platforms. Integrating our Juniper routing solutions with NVIDIA Spectrum-X Ethernet Networking and NVIDIA BlueField-3 DPUs enables high-speed, secure and efficient edge on-ramp and AI data center interconnect use cases.

此外，在巴塞隆納，我們擴展了惠普的 NVIDIA AI 運算產品組合，推出了新的 AI 解決方案，提高了 AI 的規模和效能。在 HPE 的 AI 工廠網路解決方案中，我們引入了新的 HPE Juniper 網絡，用於邊緣接入和長途資料中心互連，並與 MX 和 PTX 高速路由平台中的 HPE Juniper 網路進行互連。將我們的 Juniper 路由解決方案與 NVIDIA Spectrum-X 乙太網路和 NVIDIA BlueField-3 DPU 集成，可實現高速、安全、高效的邊緣存取和 AI 資料中心互連用例。

We also announced the first AMD Helios AI rack-scale architecture with integrated HPE Juniper scale-up Ethernet Networking. The solution leverages purpose-built HPE Juniper Networking data center infrastructure and software to accelerate performance and deployment of at-scale AI training and inferencing for cloud service providers and sovereign clouds.

我們也發表了首款整合 HPE Juniper 縱向擴展乙太網路的 AMD Helios AI 機架級架構。此解決方案利用 HPE Juniper Networking 專門建置的資料中心基礎架構和軟體，加速雲端服務供應商和主權雲端大規模 AI 訓練和推理的效能和部署。

In storage, we announced new solutions to accelerate AI data pipelines. The new HPE Alletra Storage MP X10000 data intelligent nodes transformed the MP X1000 into an active data layer that enriches data in real time for AI pipelines.

在儲存方面，我們發布了加速人工智慧資料管道的新解決方案。全新的 HPE Alletra Storage MP X10000 資料智慧節點將 MP X1000 轉變為一個活躍的資料層，可即時豐富 AI 管道的資料。

Finally, last month, a super completed 2025, we demonstrated our next-generation liquid cool Cray GX and Supercomputing platform at data center scale. We have already won contracts to build five large sovereign systems utilizing this technology, including a second-generation [extra scale] AI supercomputer for the United States Department of Energy. These announcements highlight the strength of our innovation to deliver the best network in AI and cloud solutions for our customers and partners.

最後，在上個月，我們完成了 2025 年的超級運算任務，並在資料中心規模上展示了我們的下一代液冷 Cray GX 和超級運算平台。我們已經贏得了利用這項技術建造五個大型主權系統的合同，其中包括為美國能源部建造第二代[超大規模]人工智慧超級電腦。這些公告突顯了我們在人工智慧和雲端解決方案領域為客戶和合作夥伴提供最佳網路方面的創新實力。

As I reflect on the past year, I want to highlight a few critical milestones we have achieved as a company. First, we repositioned our business, creating a new Networking leader by combining the strength of HP Aruba Networking and Juniper Networks. Second, we scale our AI business with focus on sovereign and enterprise customers, representing more than 60% of our bookings. Third, we advanced our cloud business with innovative offerings, such as our own Alletra MP storage for both structured and unstructured data, cloud Op Suite software, HP, Morpheus Enterprise, VM Essentials, and private cloud AI, which are all underpinned by our GreenLake cloud scale and experience.

回顧過去一年，我想重點介紹我們公司所取得的一些重要里程碑。首先，我們重新定位了業務，透過結合 HP Aruba Networking 和 Juniper Networks 的優勢，打造了新的網路領導者。其次，我們擴大人工智慧業務規模，重點關注主權國家和企業客戶，這些客戶占我們訂單量的 60% 以上。第三，我們透過創新產品推進了雲端業務，例如我們自己的 Alletra MP 儲存（適用於結構化和非結構化資料）、雲端 Op Suite 軟體、HP、Morpheus Enterprise、VM Essentials 和私有雲 AI，所有這些都以我們的 GreenLake 雲端規模和經驗為基礎。

And lastly, we continue to improve our cost structure through our catalyst initiatives to operate more efficiently by leveraging automation and new AI technologies. We enter fiscal '26 with a world-class portfolio and a stronger market position. Networking cloud and AI remain the three pillars of our strategy. Our organic investments are focused on higher-margin opportunities and with a disciplined approach to the Juniper integration, we are positioned to accelerate value for shareholders.

最後，我們將繼續透過催化劑計畫來改善成本結構，利用自動化和新的人工智慧技術來提高營運效率。進入 2026 財年，我們擁有世界一流的投資組合和更強大的市場地位。網路、雲端運算和人工智慧仍然是我們策略的三大支柱。我們的有機投資專注於利潤率更高的機會，並且透過對 Juniper 整合採取嚴謹的方法，我們有能力加速為股東創造價值。

On behalf of the HPE management team, I want to thank our customers, partners and team members for their dedication this year. Your support has been instrumentally making fiscal '25, a transformative year for HPE. We look forward to successfully executing on our strategy to achieve our fiscal '26 and long-term plan commitments to our shareholders.

我謹代表 HPE 管理團隊，感謝我們的客戶、合作夥伴和團隊成員在過去一年中的辛勤付出。您的支持對 HPE 至關重要，使 2025 財年成為具有變革意義的一年。我們期待成功執行我們的策略，以實現我們對股東在 2026 財年和長期計劃中的承諾。

With that, I will hand it over to Marie for a detailed review of Q4 financial results and our outlook for Q1 and the full fiscal year 2026.

接下來，我將把工作交給瑪麗，讓她詳細審查第四季度財務業績以及我們對第一季和整個 2026 財年的展望。

Thank you, Antonio, and good afternoon, everyone. Fiscal year 2025 has been a transformative year for HPE. We took significant strides towards aligning with our long-term strategy, delivering on our commitments and positioning the company for sustainable growth. We closed the acquisition of Juniper Networks, our largest ever, which has expanded our reach into the data center and significantly bolstered as scale in the Networking sector.

謝謝你，安東尼奧，大家午安。2025 財年是 HPE 的變革之年。我們在與長期策略保持一致、履行承諾以及為公司實現永續成長方面取得了重大進展。我們完成了對 Juniper Networks 的收購，這是我們迄今為止規模最大的一次收購，擴大了我們在資料中心領域的影響力，並顯著增強了我們在網路領域的規模。

The integration of Juniper is a top priority, and I'm pleased to share that our execution is progressing well. While it's early days, the initial synergies we are seeing are encouraging. Reaffirming our belief in the potential of this acquisition to drive higher margin and higher growth opportunities for HPE. We have established a robust foundation to transform our cost structure through catalyst initiatives, which combined with the synergies from Juniper are targeting approximately $1 billion in annualized structural savings by fiscal 2028.

Juniper 的整合是重中之重，我很高興地告訴大家，我們的執行工作進展順利。雖然現在還處於早期階段，但我們目前看到的初步綜效令人鼓舞。重申我們對此次收購的信心，相信它將為 HPE 帶來更高的利潤率和更大的成長機會。我們已建立起堅實的基礎，透過催化措施來轉變我們的成本結構，再加上 Juniper 的協同效應，目標是在 2028 財年實現約 10 億美元的年度結構性節約。

We are pleased with the significant catalyst related cost reductions we captured in fiscal '25. We exceeded our target of achieving 20% of $350 million in annual run rate cost savings as our results track ahead of plan. As part of catalyst, we continue to optimize and streamline our portfolio to become a more agile and efficient organization.

我們對 2025 財年催化劑相關成本的大幅降低感到滿意。我們的業績比預期提前，超額完成了實現年度營運成本節約 3.5 億美元 20% 的目標。作為催化劑的一部分，我們將繼續優化和精簡我們的產品組合，以成為一個更敏捷高效的組織。

Turning to fiscal year 2025. Total revenue reached $34.3 billion, up 14% year over year. Non-GAAP diluted net earnings per share was $1.94, and free cash flow was $986 million exceeding the outlook ranges provided at our Securities Analyst Meeting in October.

展望2025財年。總營收達 343 億美元，年增 14%。非GAAP稀釋後每股淨收益為1.94美元，自由現金流為9.86億美元，超過了我們在10月份證券分析師會議上給出的預期範圍。

GAAP diluted net earnings per share was a loss of $0.04 below our outlook range, primarily driven by accounting adjustments related to the acquisition of Juniper and treatment of preferred stock. We returned $886 million to our common shareholders through dividends and share repurchases, further demonstrating our commitment to delivering value to our investors.

GAAP 稀釋後每股淨收益比我們的預期範圍低 0.04 美元，主要原因是與收購 Juniper 相關的會計調整以及優先股的處理。我們透過股利和股票回購向普通股股東返還了 8.86 億美元，進一步證明了我們致力於為投資者創造價值的承諾。

Non-GAAP operating expenses of $7.5 billion increased 11% year over year and declined 60 basis points as a percentage of revenue. Excluding Juniper, non-GAAP operating expense was down modestly year over year, driven by ongoing cost management initiatives.

非GAAP營運支出為75億美元，年增11%，佔營收的百分比下降了60個基點。剔除 Juniper 的影響，非 GAAP 營運費用較去年同期略有下降，主要得益於持續的成本管理措施。

Let me highlight some key segment-related metrics for our fiscal 2025 results. Networking emerged as a standout performer of the year. The acquisition of Juniper was instrumental in driving this success, particularly in our WAN business.

讓我重點介紹一下我們 2025 財年業績的一些關鍵細分市場指標。人脈拓展成為年度表現最突出的領域。收購 Juniper 對推動這項成功起到了至關重要的作用，尤其是在我們的廣域網路業務方面。

Overall, Networking orders were up strong double digits year over year on a pro forma basis. Meanwhile, our AI server business also had good traction with orders totaling $6.8 billion for the fiscal year and cumulative AI orders since Q1 fiscal 2023, reaching $13.4 billion. Additionally, we saw strong double-digit year over year growth in Alletra MP storage orders, signaling momentum as we focus on HPE developed intellectual property and innovation.

整體而言，以備考基準計算，網路訂單年增兩位數，增幅強勁。同時，我們的 AI 伺服器業務也取得了良好的發展勢頭，本財年訂單總額達 68 億美元，自 2023 財年第一季以來的 AI 累計訂單額已達 134 億美元。此外，Alletra MP 儲存訂單實現了強勁的兩位數同比增長，這表明我們在專注於 HPE 開發的知識產權和創新方面取得了良好勢頭。

Now let me walk you through our fourth quarter performance. Revenue for Q4 was $9.7 billion, up 14% year over year and 6% sequentially, coming in slightly below the low end of our outlook range due primarily to the push out of some AI shipments. This growth was primarily driven by our acquisition of Juniper Networks and robust performance in the HPE Aruba Networking, partially offset by declines in server and hybrid cloud revenue.

現在讓我帶大家回顧一下我們第四季的業績。第四季營收為 97 億美元，年增 14%，季增 6%，略低於我們預期範圍的下限，這主要是由於部分人工智慧產品出貨延遲。這一成長主要得益於我們收購 Juniper Networks 以及 HPE Aruba Networking 的強勁表​​現，但部分被伺服器和混合雲收入的下降所抵消。

Our Q4 profitability was another highlight of the quarter. Non-GAAP gross margin reached a record 36%, driven by a favorable mix shift to Networking stable gross margins across our three largest business segments and disciplined pricing strategies. Non-GAAP operating expenses rose 40% year over year primarily driven by the acquisition of Juniper. Excluding Juniper, non-GAAP operating expenses increased by 3%, reflecting our ongoing efforts to streamline our cost structure and maintain disciplined management of discretionary spending.

第四季的獲利能力是本季另一大亮點。非GAAP毛利率達到創紀錄的36%，這得益於三大業務板塊中網路業務的良好組合轉變，以及穩定的毛利率和嚴格的定價策略。非GAAP營運費用年增40%，主要原因是收購了Juniper。除了 Juniper 外，非 GAAP 營運費用增加 3%，這反映了我們不斷努力精簡成本結構並嚴格管理可自由支配支出。

Non-GAAP operating margin expanded to 12%, an improvement of 110 basis points year over year and 370 basis points sequentially. These improvements were supported by our Catalyst cost savings and Juniper synergies. For the quarter, our non-GAAP diluted net EPS was $0.62, exceeding the high end of our guidance, while GAAP diluted net EPS was $0.11. The difference reflects the exclusion of certain items, including amortization of intangible assets, Juniper related acquisition costs, stock-based compensation expense and cost reduction plan expense, partially offset by adjustments for taxes and other adjustments.

非GAAP營業利益率擴大至12%，年增110個基點，較上季提高370個基點。這些改進得益於 Catalyst 的成本節約和 Juniper 的綜效。本季度，我們的非GAAP攤薄後每股淨收益為0.62美元，超過了我們預期的上限，而GAAP攤薄後每股淨收益為0.11美元。這一差異反映了某些項目的排除，包括無形資產攤銷、與Juniper相關的收購成本、股權激勵費用和成本削減計劃費用，部分被稅收和其他調整所抵消。

Our annualized revenue run rate, or ARR, grew by 62% year over year, reaching $3.2 billion. This growth reflects the strength of our GreenLake platform the accelerating adoption of our software solutions and the incremental contributions from Juniper. GreenLake continues to grow its footprint, adding around 2,000 new customers in the quarter, bringing our total to approximately customers by year-end.

我們的年度營收運行率（ARR）年增 62%，達到 32 億美元。這一成長反映了我們 GreenLake 平台的強大實力、我們軟體解決方案的加速普及以及 Juniper 的持續貢獻。GreenLake 持續擴大其業務範圍，本季新增約 2,000 名客戶，到年底客戶總數將達到約 2,000 名。

I'm particularly pleased with our Q4 free cash flow of $1.9 billion, well above our expectations, bolstered by strong Juniper collections and better-than-expected profitability.

我對我們第四季度 19 億美元的自由現金流感到特別滿意，這遠遠超出了我們的預期，這得益於 Juniper 強勁的收款和好於預期的盈利能力。

Now let me provide some color by segment, starting with Networking, which is the cornerstone of our transformation strategy. HPE is uniquely positioned to lead in the Networking market, offering an industry-leading secure AI native Networking portfolio that spans campus and branch, data center switching, routing and security solutions.

現在讓我按部分進行一些介紹，首先是人脈網絡，這是我們轉型策略的基石。HPE 在網路市場擁有獨特的領先地位，提供業界領先的安全 AI 原生網路產品組合，涵蓋園區和分店、資料中心交換、路由和安全解決方案。

In Q4, Networking generated revenue of $2.8 billion, representing a 150% year-over-year increase at a 62% sequential growth. Q4 revenue benefited from the first full quarter contribution of Juniper results alongside continued growth in our HPE Aruba Networking business. We saw double-digit growth pro forma year over year across WAN, campus and branch, and security. We are particularly encouraged by the profitability of this newly consolidated Networking business which delivered an operating margin of 23%.

第四季度，網路業務營收達 28 億美元，年增 150%，季增 62%。第四季營收受益於 Juniper 業績的第一個完整季度貢獻，以及 HPE Aruba 網路業務的持續成長。我們看到，廣域網路、園區網路、分公司和安全業務的業績均實現了兩位數的年增長。我們對新合併的網路業務的獲利能力感到特別鼓舞，其營業利潤率達到了 23%。

While this represents a 140-basis point decline year over year, it marks a 220-basis point improvement quarter over quarter driven by robust gross margin performance and higher revenue. Although we will not report Juniper's results separately going forward, we are pleased to note that integration synergies have already been materializing. Enabling Juniper to deliver an eight-year high in operating profit margin during Q4.

雖然這比去年同期下降了 140 個基點，但由於強勁的毛利率表現和更高的收入，這標誌著環比增長了 220 個基點。儘管我們今後將不再單獨報告 Juniper 的業績，但我們很高興地註意到，整合綜效已經開始顯現。使 Juniper 在第四季度實現了八年來最高的營業利潤率。

We remain focused on continuing to unlock the value of this integration. We are combining our two Networking sales teams into a unified organization and implementing a new sales coverage model to drive efficiency and alignment. Starting in January, we will also introduce a unified sales compensation plan, promoting consistently across the integrated Networking team. These actions position us well to build on the momentum we have established and capitalize on the significant market opportunities ahead.

我們將繼續專注於釋放此次整合的價值。我們將兩個網路銷售團隊合併為一個統一的組織，並實施新的銷售覆蓋模式，以提高效率和協調性。從一月開始，我們也將推出統一的銷售薪酬方案，在整個整合的網路團隊中統一推廣。這些舉措使我們能夠鞏固已取得的勢頭，並抓住未來巨大的市場機會。

Moving to our server business. In Q4, server revenue totaled $4.5 billion, representing a 5% decline year over year at a 10% sequential decrease. This performance primarily reflects the timing of AI server shipments during the quarter and lower-than-expected US. federal spending. Despite these headwinds, we were encouraged by robust server order growth across both traditional server and AI offerings with demand significantly outpacing revenue in this period.

轉向我們的伺服器業務。第四季度，伺服器營收總計 45 億美元，年減 5%，季減 10%。這一業績主要反映了本季人工智慧伺服器出貨的時間以及低於預期的美國聯邦支出。儘管面臨這些不利因素，但傳統伺服器和人工智慧產品的強勁伺服器訂單成長令我們倍感鼓舞，在此期間需求明顯超過了收入。

Momentum and traditional server was driven by the continued shift toward next-generation platforms, which contributed to higher average selling prices. Our Gen11 and Gen12 platforms now comprise approximately 98% of our traditional server revenue mix. As we look ahead, we will maintain a disciplined focus on balancing profitability and unit growth for our traditional server business emphasizing volume and services attached to support sustainable long-term cash flow.

動能和傳統伺服器受到向下一代平台持續轉變的推動，這導致了更高的平均售價。我們的第 11 代和第 12 代平台目前約占我們傳統伺服器收入的 98%。展望未來，我們將繼續專注於平衡傳統伺服器業務的獲利能力和單位成長，強調銷售和相關服務，以支援可持續的長期現金流。

Turning to AI systems. Orders were strong in the fourth quarter, reaching $1.9 billion, largely fueled by demand for sovereign customers. Additionally, our AI server pipeline remains multiples of our backlog underscoring the substantial interest we are seeing from sovereign and enterprise customers. It is worth noting that we expect AI demand to remain uneven as some of our larger sovereign customers are placing orders with extended lead times, which may defer shipments to future periods.

轉向人工智慧系統。第四季訂單強勁，達到 19 億美元，這主要得益於主權客戶的需求。此外，我們的 AI 伺服器管道仍然比我們的積壓訂單多出好幾倍，這凸顯了我們從主權國家和企業客戶那裡看到的巨大興趣。值得注意的是，我們預計人工智慧需求仍將不平衡，因為我們的一些大型主權客戶下的訂單交貨週期較長，這可能會將發貨推遲到未來一段時間。

We successfully delivered an operating margin of approximately 10%, consistent with our outlook. We improved our margin performance by 340 basis points sequentially, a result of our disciplined approach to managing AI volumes, executing on traditional server pricing and reducing operating expenses.

我們成功實現了約 10% 的營業利潤率，與我們的預期一致。由於我們採取了嚴格的 AI 業務量管理方法、執行傳統的伺服器定價策略並降低了營運成本，我們的利潤率環比提高了 340 個基點。

Moving to our Hybrid Cloud segment. We reported revenue of $1.4 billion for the quarter, reflecting a 13% decline year over year and a 5% decline sequentially. While below our outlook for flattish revenue quarter-over-quarter, this performance reflected our strategy to sharpen our focus on higher-margin HPE developed solutions while intentionally reducing our exposure to low-margin non-IP related businesses.

進入混合雲板塊。本季營收為 14 億美元，年減 13%，季減 5%。雖然低於我們預期的季度收入持平，但這一業績反映了我們的策略，即更專注於利潤率更高的 HPE 開發解決方案，同時有意減少對低利潤率非智慧財產權相關業務的投入。

As part of this strategic pivot, we are encouraged by the continued momentum in our innovative offerings. Orders for Alletra MP grew strong double digits year over year, underscoring the growing traction of this solution in the market. We are also seeing good growth in private cloud AI orders, which more than doubled sequentially and we closed the year with approximately 100 new logos in this space.

作為這項策略轉型的一部分，我們對創新產品持續成長的勢頭感到鼓舞。Alletra MP 的訂單量同比增長兩位數，凸顯了該解決方案在市場上的日益增長的吸引力。我們也看到私有雲 AI 訂單實現了良好的成長，季增超過一倍，到年底我們在這個領域新增了大約 100 個客戶。

Hybrid cloud operating margin for the quarter came in at 5%, representing a 280 basis point decline year over year and a 90 basis point decline sequentially. This reduction primarily reflects the scaling of operating expenses as we continue to invest in innovative and transformative solutions.

本季混合雲業務的營運利潤率為 5%，年減 280 個基點，較上季下降 90 個基點。這一減少主要反映了隨著我們持續投資於創新和變革性解決方案，營運費用的規模縮小。

Turning to Financial Services. Our financial services business delivered $889 million in revenue, roughly flat sequentially and down 2% year over year. Financing volumes totaled $1.5 billion, reflecting consistent demand within the segment. Operating margin expanded meaningfully to 12%, up 230 basis points year over year and 160 basis points quarter-over-quarter, driven by favorable lease portfolio mix and lower bad debt levels.

轉向金融服務。我們的金融服務業務實現了 8.89 億美元的收入，與上一季基本持平，年減 2%。融資總額達15億美元，反映該領域需求持續強勁。營業利潤率顯著成長至 12%，年成長 230 個基點，較上季成長 160 個基點，主要得益於租賃組合的最佳化和壞帳水準的降低。

Our Q4 loss ratio held steady at approximately 0.5%, while return on equity reached 21%, our highest level in over five years. These results underscore the strength and resilience of our financial services portfolio. For the quarter, we delivered strong operating cash flow of $2.5 billion and free cash flow of $1.9 billion reinforcing our disciplined approach to financial management. Generating robust free cash flow and successfully integrating Juniper remain top priorities as we execute our fiscal 2026 strategy.

我們第四季的虧損率穩定在約 0.5%，而股本回報率達到 21%，創五年多來的新高。這些結果凸顯了我們金融服務組合的實力和韌性。本季度，我們實現了強勁的經營現金流 25 億美元和自由現金流 19 億美元，這鞏固了我們嚴謹的財務管理方法。在執行 2026 財年策略的過程中，產生強勁的自由現金流和成功整合 Juniper 仍然是我們的首要任務。

Our Q4 cash conversion cycle improved last quarter by five days to 30 days. This was driven by a decrease in days receivable largely due to strong collections for Juniper including early payments and a decrease in days of inventory due to lower purchases offset by a decrease in days payable due to higher vendor payments. Inventory ended the year at $6.4 billion, reflecting a 19% decrease year over year and an 11% sequential decline. We continue to demonstrate our commitment to a balanced capital allocation strategy.

我們的第四季現金週轉週期比上一季縮短了5天，達到30天。這主要是由於 Juniper 的收款情況良好，包括提前付款，導致應收帳款週轉天數減少；同時，由於採購量減少，庫存週轉天數也減少，但供應商付款增加，導致應付帳款週轉天數減少，從而抵消了應收帳款週轉天數的減少。截至年底，庫存為 64 億美元，年減 19%，季減 11%。我們將繼續實踐均衡的資本配置策略。

During the quarter, we returned $171 million through dividends to common shareholders and an additional $100 million via share repurchases. At the same time, we reinforced our financial strength by improving our pro forma net leverage ratio from 3.1 to 2.7x, primarily due to an enhanced cash position resulting in a net paydown of $2 billion of term loan debt.

本季度，我們透過向普通股股東派發股息返還了 1.71 億美元，並透過股票回購額外返還了 1 億美元。同時，我們透過將備考淨槓桿率從 3.1 倍提高到 2.7 倍，增強了財務實力，這主要得益於現金狀況的改善，從而淨償還了 20 億美元的定期貸款債務。

In terms of portfolio optimization, as announced previously, we are selling the entirety of our remaining interest in H3C in transactions valued at $1.4 billion, subject to regulatory review and approval. We expect to conclude both sales in the first half of calendar 2026 and intend to use the proceeds to further deleverage our balance sheet, aligning with our strategic objective of maintaining a strong and flexible financial position.

就投資組合優化而言，正如先前宣布的那樣，我們將出售我們在 H3C 的全部剩餘股份，交易價值 14 億美元，但需經過監管部門的審查和批准。我們預計將在 2026 年上半年完成這兩項出售，並打算利用所得款項進一步降低資產負債率，以符合我們維持強大和靈活的財務狀況的策略目標。

Before I get into the details of our guidance, let me first address the industry-wide commodity cost inflationary environment and provide some context around the actions we are taking. We are monitoring the DRAM and NAND markets daily and taking mitigating actions to preserve our margins. This includes partnering with our suppliers, taking pricing actions, and working with our customers to shape demand.

在詳細介紹我們的指導方針之前，我想先談談整個行業的商品成本通膨環境，並為我們採取的行動提供一些背景資訊。我們每天都在關注DRAM和NAND市場，並採取緩解措施來維持我們的利潤率。這包括與供應商建立合作關係、採取價格措施以及與客戶合作來塑造需求。

Overall, we expect to pass through the majority of component cost increases while monitoring demand elasticity with our customers. These dynamics are factored into our outlook with our server business most exposed, followed by Storage and then Networking. We will continue to focus on what we can control while navigating the environment as it evolves.

整體而言，我們預期大部分零件成本上漲將轉嫁給客戶，同時密切注意客戶的需求彈性。這些動態因素已納入我們的展望，其中伺服器業務受影響最大，其次是儲存業務，然後是網路業務。我們將繼續專注於我們能夠控制的事情，同時適應不斷變化的環境。

Turning to our FY26 outlook. We are reaffirming our revenue growth outlook range of 17% to 22% on a reported basis or 5% to 10% on a pro forma basis as was provided at our Securities Analyst Meeting. We expect our revenue mix to be approximately 46% in the first half and 54% in the second half, which is a bit more back-ended than our typical seasonality given the composition of our AI server backlog and pipeline.

接下來展望2026財年。我們重申先前在證券分析師會議上公佈的營收成長預期範圍，按報告基準計算為 17% 至 22%，按備考基準計算為 5% 至 10%。我們預計上半年的收入佔比約為 46%，下半年約為 54%，考慮到我們的 AI 伺服器積壓訂單和管道的組成，這比我們通常的季節性波動要偏向後半年。

We are raising our full year Networking revenue growth outlook to 65% to 70% on a reported basis, implying approximately $11 billion as we see strong traction in the marketplace for our combined portfolio. The approximately $11 billion in revenue now translates to a mid-single-digit growth on a pro forma basis.

我們將全年網路業務收入成長預期上調至 65% 至 70%（按報告數據計算），這意味著約 110 億美元，因為我們看到我們的綜合產品組合在市場上獲得了強勁的成長勢頭。約 110 億美元的收入，以備考基準計算，相當於中等個位數的成長。

Our FY25 pro forma baseline shifted approximately $300 million related to the move out of noncore assets to corporate and other aligned with our restated financials for the new segmentation effective November 1, 2025. We are optimistic about our Networking outlook with the commencement of our sales day one on January 1 when we combine our sales forces. We will update you on our progress as we move through the integration.

由於將非核心資產轉移到公司和其他資產，我們的 2025 財年備考基準發生了約 3 億美元的變化，這與我們根據 2025 年 11 月 1 日生效的新業務劃分重新編制的財務報表相一致。我們對1月1日正式開始銷售工作後的業務拓展前景充滿信心，屆時我們將整合銷售團隊。我們將隨著整合工作的推進，及時向您報告進度。

We expect operating profit margin in the low 20% range, driven by top line growth and our cost optimization initiatives, resulting in Networking constituting greater than 50% of our total operating profit for the year. We are reaffirming our Cloud and AI revenue growth outlook of mid-single to low double-digit rate growth and operating margin of 7% to 9%.

我們預計營業利潤率將在 20% 左右，這主要得益於營收成長和成本優化舉措，網路業務將占我們全年營業利潤的 50% 以上。我們重申對雲端運算和人工智慧收入成長的預期，即中個位數至低兩位數成長率，營業利潤率為 7% 至 9%。

Given the increasing mix of sovereign customers at our AI backlog, we expect the majority of the backlog to be realized in the second half and beyond. We remain focused on prioritizing profitable server growth, implementing pricing actions to counter rising commodity costs, while balancing the shift to higher-margin owned IP.

鑑於我們人工智慧積壓訂單中主權客戶的比例不斷增加，我們預計大部分積壓訂單將在下半年及以後實現。我們將繼續專注於優先發展獲利性伺服器業務，實施價格策略以應對不斷上漲的商品成本，同時兼顧向利潤更高的自有智慧財產權的轉型。

We are raising our fiscal 2026 non-GAAP diluted net EPS outlook range to $2.25 to $2.45. We expect to recognize approximately 53% of EPS in the second half. Our revised outlook for seasonality versus what we provided at SAM reflects the rapidly shifting component environment. We now also expect a higher GAAP diluted net EPS range of $0.62 to $0.82. These estimates reflect a fully diluted share count of $1.44 billion non-GAAP tax rate of 14% and OI&E of approximately $650 million.

我們將2026財年非GAAP攤薄後每股淨收益預期範圍上調至2.25美元至2.45美元。我們預計在下半年確認約53%的每股盈餘。我們修訂後的季節性展望與我們在 SAM 會議上提供的展望相比，反映了組件環境的快速變化。我們現在預計，GAAP稀釋後每股淨收益範圍將提高至0.62美元至0.82美元。這些預測反映了完全稀釋後的股份數量為14.4億股，非GAAP稅率為14%，以及營運活動及支出約為6.5億美元。

In addition, given faster-than-expected benefits for the integration of Juniper, we are raising the midpoint of our FY26 free cash flow outlook and now expect a range of $1.7 billion to $2 billion, which includes approximately $700 million in costs related to the Juniper and Catalyst programs. Our slightly increased cash expense outlook reflects accelerated implementation of Catalyst-related initiatives at FY26.

此外，鑑於 Juniper 的整合帶來的效益比預期更快，我們提高了 2026 財年自由現金流預期的中位數，現在預計為 17 億美元至 20 億美元，其中包括與 Juniper 和 Catalyst 項目相關的約 7 億美元成本。我們略微上調的現金支出預期反映了 2026 財年 Catalyst 相關措施的加速實施。

For Q1, we expect total revenue will be between $9 billion and $9.4 billion, with sequential revenue decline roughly in line with historic seasonality.

我們預計第一季總收入將在 90 億美元至 94 億美元之間，環比收入下降大致符合歷史季節性規律。

For Networking, we expect revenue to grow 145% to 155% year over year on an as-reported basis or the high end of our updated pro forma revenue growth target range of mid-single digits. This growth is driven by strength in our backlog and Juniper seasonality. We expect continued strength in the business and synergy realization to drive an operating margin rate in line with our full year guidance.

對於網路業務，我們預計按報告資料計算，營收將年增 145% 至 155%，或達到我們更新後的備考收入成長目標範圍（中個位數）的高端。這一增長得益於我們積壓訂單的強勁增長和Juniper產品的季節性銷售。我們預計業務的持續強勁成長和協同效應的實現將推動營業利潤率達到我們全年預期目標。

In Cloud and AI, we continue to see the impact of lumpiness in AI server revenue and expect a sequential decline in the AI service revenue with the majority of AI deals shipping in the latter half of the year. Given the expected mix shift towards traditional server and benefits from recent pricing actions, we expect operating margins for cloud and AI to be slightly above the high end of our FY26 target range. On a consolidated basis, we expect Q1 total operating expense to decrease sequentially. Combined with our commodity cost pricing mitigations, we expect our non-GAAP total operating margin rate to be up slightly sequentially. Consequently, we expect non-GAAP diluted net EPS between $0.57 and $0.61 and GAAP diluted net EPS between $0.09 and $0.13.

在雲端運算和人工智慧領域，我們繼續看到人工智慧伺服器收入波動的影響，並預計人工智慧服務收入將環比下降，因為大部分人工智慧交易將在今年下半年交付。鑑於預計產品組合將向傳統伺服器轉變，以及近期定價措施帶來的收益，我們預計雲端和人工智慧的營運利潤率將略高於我們 2026 財年目標範圍的上限。從合併層面來看，我們預計第一季總營運費用將季減。結合我們的商品成本定價緩解措施，我們預計非GAAP總營業利潤率將比去年同期略有上升。因此，我們預期非GAAP稀釋後每股淨收益在0.57美元至0.61美元之間，GAAP稀釋後每股淨收益在0.09美元至0.13美元之間。

In closing, FY25 was a year of transition for HPE as we repositioned the company for the next phase of growth, completing the integration of Juniper and taking decisive action on our cost structure. There is more work ahead, but we believe we have the right strategy, the right portfolio and a clear path to making HPE a leaner, more efficient company aligned with the Networking, Cloud and AI needs of our customers. I'm confident of the opportunity in front of us. And we remain firmly committed to consistent execution and the financial framework that we outlined for profitable growth and strong cash generation.

總結而言，2025 財年是 HPE 的轉型之年，我們重新定位公司，為下一階段的成長做好準備，完成了對 Juniper 的整合，並對我們的成本結構採取了果斷行動。未來還有更多工作要做，但我們相信我們擁有正確的策略、正確的產品組合以及清晰的路徑，使 HPE 成為一家更精簡、更有效率的公司，以滿足客戶在網路、雲端和人工智慧方面的需求。我對眼前的機會充滿信心。我們將繼續堅定不移地執行我們制定的財務框架，以實現獲利成長和強勁的現金流。

With that, I'll turn the call back to the operator to begin the Q&A.

接下來，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions) Amit Daryanani, Evercore.

（操作說明）Amit Daryanani，Evercore。

Good afternoon. I guess, if I look at the fiscal '26 EPS free cash flow guide, you folks are kind of raising both those numbers while revenue guidance is relatively unchanged. I assume this is just Networking mix that's helping you a bit over here. But can you spend just some time talking more about how are you thinking about the memory headwinds in the fiscal guide versus what you were expecting back at SAM and how do you think this memory cycle ends up being different versus what we saw back in '17, '18? That would be really helpful.

午安.我想，如果我看一下 2026 財年的每股盈餘自由現金流預期，你們似乎提高了這兩個數字，而收入預期則相對保持不變。我猜這只是人脈關係組合，對你有點幫助。您能否花點時間多談談您是如何看待財政指南中提到的記憶基金逆風的，以及您之前在SAM時的預期，還有您認為這次記憶基金周期最終會與我們在2017年、2018年看到的周期有何不同？那真的很有幫助。

Well, Amit, this is Antonio. I will start and then Marie will provide further details. Look, we are very confident the new guide we provided, which obviously raises the EPS and the free cash flow. And it has to do with the combination of the mix of the business, obviously, Networking revenue increased now to the mid-single digits and the continuous actions that we take across the company, right?

阿米特，這位是安東尼奧。我先開始，然後瑪麗會提供更多細節。你看，我們對我們提供的新指引非常有信心，它顯然提高了每股盈餘和自由現金流。這顯然與業務組合的綜合作用有關，網路業務收入現在已經成長到個位數中段，也與我們在公司內部採取的持續行動有關，對吧？

Catalyst is slightly ahead of what we wanted to be. But net-net, the driver of this is all the execution that we have seen now in Juniper. Now we are a Networking-centric company clearly drives all of that. And then on the component side, look, it looks a little bit the early part of the covered time frame with -- it's all about the allocation of supply as we go forward. That drives cost increases.

Catalyst 的表現略微超出了我們的預期。但總而言之，這一切的驅動力是我們現在在 Juniper 中看到的所有執行力。如今，我們是一家以網路為中心的公司，這顯然是這一切的驅動力。然後，在零件方面，你看，目前還處於覆蓋時間範圍的早期階段——隨著我們不斷推進，一切都與供應分配有關。這會導致成本增加。

We already, by the way, Amit, have implemented price increases in the month of November, so that's already in place. And we have very strong capabilities in our supply chain to secure the allocation of components we need, and we have discipline in passing through the cost through our pricing, which again, we already did in November.

順便說一下，Amit，我們已經在11月實施了價格上漲，所以這事已經辦妥了。我們在供應鏈方面擁有非常強大的能力，可以確保我們所需零件的分配，並且我們嚴格地將成本轉嫁到定價上，這一點我們在 11 月就已經做到了。

Everything we know as of today is in our guide. So what we know today is already included in the guide for both revenue and EPS.

我們目前所掌握的所有資訊都已收錄在我們的指南中。所以，我們今天所知道的資訊已經包含在營收和每股盈餘的指導方針中了。

And maybe I'll just add, just to clarify on the guide itself. So you're correct. We did raise the guide at the midpoint by $0.05, and that's actually driven by the revenue that moved out of Q4 into Q1. So we've got some profit benefit there. And also, as you correctly said, some of the stronger Networking backlog that we're seeing.

我或許還要補充一點，以澄清指南本身的內容。你說得對。我們確實將指導價中點上調了 0.05 美元，這實際上是由於從第四季度轉移到第一季的收入所致。所以我們從中獲得了一些利潤。而且，正如您所說，我們還看到一些更嚴重的網路積壓問題。

So overall, look, it's a prudent guide. If we can do better, we will. And we're pleased with the cash flow as well. I think that's a great example of just some of the strengths that we saw in Juniper collections in Q4 because we had very good cash flow in Q4, and that's actually trickling through into '26 as well. So overall, they are the two drivers of the increases in the guidance, Amit.

總的來說，這是一份謹慎的指南。如果我們能做得更好，我們會努力做到。我們對現金流也很滿意。我認為這正是 Juniper 第四季產品系列優勢的一個很好的例子，因為我們在第四季度擁有非常好的現金流，而且這種勢頭實際上也延續到了 2026 年。所以總的來說，Amit，它們是導致業績指引上調的兩大驅動因素。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi. Thanks for taking my question. I guess, Antonio, just following up on the response to Amit's question. You did talk about acceleration in orders towards the end of the quarter. And you're referring to price increases in November. Maybe if you can just sort of help us in terms of how you're interpreting the increase in orders that you saw towards the end of the quarter? And do you see sort of them largely being in response to price actions you're going to take in November?

你好。謝謝您回答我的問題。我想，安東尼奧，我只是在回覆阿米特的問題。您確實提到了季度末訂單加速成長的情況。您指的是11月份的價格上漲。或許您能幫我們解讀一下您如何看待本季末訂單量的成長？您認為這些措施主要是對您將在 11 月採取的價格策略做出的反應嗎？

Just trying to understand what the drivers are, what you're seeing at your end? Thank you.

我只是想了解一下驅動因素是什麼，你那邊看到了什麼？謝謝。

Yeah. Thank you, Samik. We saw a very linear quarter in Q4. And in the last few weeks, we saw an acceleration of that, and it's true across the entire portfolio.

是的。謝謝你，薩米克。第四季我們看到了非常平穩的成長。在過去的幾周里，我們看到這種情況加速發展，而且這種情況在整個投資組合中都存在。

Look, we closed the first quarter as a fully integrated Networking business. The commodity cost has limited impact in the Networking business because, obviously, DRAM are not really applicable to the Networking business. And that business did really, really well.

你看，我們第一季結束時已經發展成為一家完全一體化的網路公司。商品成本對網路業務的影響有限，因為很明顯，DRAM 並不真正適用於網路業務。那家公司發展得非常非常成功。

We saw orders growing faster than revenue there. Then we saw a continued momentum in our Alletra MP storage with double-digit year-over-year growth in both orders and revenues. And then the traditional service business orders did well. It's early to say that it was a pull-in of sorts on demand. But I will tell you that we felt prudent at this point in time, considering the early signals we got from our suppliers on DRAM to take the actions on pricing. And we expect that the NAND part will follow in 2026, and therefore, we will do the same.

我們發現那裡的訂單成長速度超過了收入成長速度。然後，我們看到 Alletra MP 儲存業務繼續保持成長勢頭，訂單和收入均實現了兩位數的同比增長。傳統服務業務訂單表現良好。現在就斷言這是某種應市場需求而進行的拉動還為時過早。但我必須告訴你們，考慮到我們從供應商那裡得到的 DRAM 的早期訊號，我們認為此時採取定價措施是謹慎的。我們預計 NAND 部分將於 2026 年推出，因此，我們將採取相同的做法。

The customers obviously have budgets that ends on December 31. Most of the customers are on calendar year budgets. And so you should normally expect an acceleration of orders in the last part of the year. But we have conversations with customers about what we expect on commodities, so they can make the right decisions and place the right orders. We really focus on conversion short term versus guaranteeing pricing long term because obviously, all our agreements have price protection.

顯然，客戶的預算截止日期是12月31日。大多數客戶都採用年度預算。因此，通常情況下，您應該會預期在下半年訂單量會加速成長。但我們會與客戶溝通，了解我們對大宗商品的預期，以便他們能夠做出正確的決定並下正確的訂單。我們更注重短期轉換率，而不是長期價格保障，因為很顯然，我們所有的協議都有價格保護條款。

And therefore, we will be very upfront way customers when to place the orders and what to expect in terms of supply.

因此，我們將非常坦誠地告知客戶何時下單以及在供貨方面可以期待什麼。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. I wanted to ask on ARR in the GreenLake side, if I could? Could you just talk a little about the traction you're seeing with the other service models more broadly? And then obviously, the ARR jumped a little bit with Juniper being added. If you could just talk a little bit what add in Juniper does to this part of the model? Did this helped -- maybe accelerated obviously the Networking part but underneath, broader benefits by having the two companies combined on the GreenLake side? Thank you.

謝謝。我想在 GreenLake 的 ARR 伺服器上問一下，可以嗎？能否請您談談您在其他服務模式所看到的進展？然後很顯然，隨著 Juniper 的加入，ARR 也略有上升。您能否簡單介紹一下Juniper外掛程式對模型這部分做了哪些工作？這樣做是否有幫助——或許明顯加快了網路建設部分，但從根本上來說，兩家公司在 GreenLake 方面的合併是否帶來了更廣泛的好處？謝謝。

Yeah. Thanks, Tim. Look, all the ARR we added from Juniper is in the software subscription services, because remember, our ARR is a combination of, call it, the SaaS, which is the software subscription on GreenLake. And that's a combination of Networking with Aruba Central, obviously, all the hybrid cloud software with Morpheus, BM Essentials, Zerto, OpsRamp, and the like, and also the storage business, right, with Alletra MP.

是的。謝謝你，提姆。你看，我們從 Juniper 增加的所有 ARR 都來自軟體訂閱服務，因為記住，我們的 ARR 是 SaaS（即 GreenLake 上的軟體訂閱）的組合。這顯然結合了 Aruba Central 的網路功能、Morpheus、BM Essentials、Zerto、OpsRamp 等混合雲軟體，以及 Alletra MP 等儲存業務。

And then we have the GreenLake Flex, which is the pure consumption model, which obviously is inclusive of hardware and financing. And the financing is only for the operating leases part of the equation. But the addition of Juniper comes all the software subscription that are tied to things like Mist and Apstra and so forth.

然後我們還有 GreenLake Flex，它是純粹的消費模式，顯然包括硬體和融資。而這筆融資僅用於支付營業租賃部分的費用。但是，Juniper 的加入也帶來了與 Mist 和 Apstra 等軟體相關的各種訂閱服務。

In fact, one of the key announcements we made yesterday when I was in Barcelona, is the integration already of Apstra with OpsRamp as a part of GreenLake. That's an acceleration of ARR. But look, we now have a baseline that represents 80% of the ARR is software and services. And that's very, very high.

事實上，昨天我在巴塞隆納時，我們宣布的一項重要消息是，Apstra 已經與 OpsRamp 整合，成為 GreenLake 的一部分。這是年度經常性收入（ARR）的加速成長。但是，我們現在的基準線顯示，軟體和服務佔年度經常性收入的 80%。這個數字非常非常高。

And as we continue to grow the Networking business, which now we are at the core, I will argue a Networking-centric company with a tremendous amount of innovation, if you look at the innovation this week has been significantly higher than any other event we have had in the last few years.

隨著我們不斷發展網路業務（現在我們已將其作為核心業務），我認為我們是一家以網路為中心的公司，擁有大量的創新能力。如果你看看本週的創新成果，你會發現它比過去幾年我們舉辦的任何其他活動都要高得多。

Rami came strong and articulated the strategy about cross-pollinating the Mist and Aruba Central. That means both will get the benefits of each other, which means more software added through the AI Ops in addition to the fact now we support dual hardware on both platforms. We also announced the new Juniper QFX fabric, which is first their liquid cooling. He took advantage of a directly and that has also a component of software that will go into the subscription.

拉米強勢出擊，闡述了將 Mist 和 Aruba Central 進行交叉授粉的策略。這意味著兩者將互相受益，這意味著除了現在我們在兩個平台上都支援雙硬體之外，還將透過 AI Ops 添加更多軟體。我們也發表了全新的 Juniper QFX 架構，這是他們首款液冷產品。他直接利用了這一點，而且其中還包含一個將納入訂閱的軟體元件。

So that's what we're seeing. And so obviously, now we have a $3.2 billion ARR. And from there, we expect to continue to grow at a bigger base, obviously. And that's where we are excited about what comes next with GreenLake. And all the AI Ops intelligence we build around it.

這就是我們看到的情況。所以很顯然，我們現在的年度經常性收入 (ARR) 為 32 億美元。顯然，我們希望在此基礎上繼續發展壯大。而這正是我們對 GreenLake 的下一步發展感到興奮的地方。以及我們圍繞它構建的所有 AI 運維智能。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey, guys. Thank you so much for taking my questions. Antonio, I'm going to go back to kind of where -- and Samik, we're touching on the commodity stuff. I truly want to understand your thoughts on the pass-through of demand elasticity because we can look at server DRAM contract pricing up 50% in 4Q alone. DRAM is obviously a considerable part of the server bill of materials. I guess, simple math would say you'd have to raise pricing just to account for the contract pricing in 4Q alone. So I guess maybe just -- is that the implication that you're kind of referencing here?

嘿，夥計們。非常感謝您回答我的問題。安東尼奧，我要回到剛才我們討論的話題——薩米克，我們正在談到大宗商品方面的事情。我非常想了解您對需求彈性傳遞的看法，因為我們可以看到，僅在第四季度，伺服器 DRAM 合約價格就上漲了 50%。DRAM顯然是伺服器物料清單中相當大的一部分。我猜，簡單的數學計算就能得出，僅僅為了彌補第四季的合約價格，你就必須提高價格。所以我想，你是不是想表達這個意思？

And second, what are you assuming for demand elasticity? Just because if we take your kind of cloud and AI guide, it does assume a notable acceleration in growth through the year. So I'd love to just understand -- are you talking about pricing increases, that considerable. And two, how do you expect demand to respond?

其次，你對需求彈性做了哪些假設？即使我們採用您提供的雲端運算和人工智慧指南，它也確實假設全年成長將顯著加速。所以我很想了解一下——您指的是價格上漲，而且漲幅如此之大嗎？第二，你預期需求會如何反應？

Thank you, Erik. I think you are spot on. I think you know how far, to be honest with you. You may be a little bit short, in fact, I will say, look, we have made pricing changes to reflect exactly what you say, which is the DRAM cost and the percentage of the mix of that in the BOM in our servers. And we expect that the non part of that will follow as we go forward.

謝謝你，埃里克。我覺得你說得完全正確。說實話，我想你知道我離目標有多遠。您可能有點理解有誤，事實上，我想說的是，我們已經對價格進行了調整，以反映您所說的，即 DRAM 成本及其在我們伺服器物料清單中的佔比。我們預計，隨著我們不斷前進，非這一部分也會隨之而來。

As demand elasticity -- look, there are benefits to upgrade because we have shown customers that you can take a generation 10, which is maybe 40 years old, down to 1, 7 generation, 10 servers down to 1. That helps reduce your energy cost by 65%, get better performance on a per core basis, more density and at the same time, you can pay off that investment in less than two years. So the depreciation of that return is very, very fast.

就需求彈性而言——你看，升級是有好處的，因為我們已經向客戶證明，你可以將一台可能用了 40 年的第 10 代伺服器降級到第 1 代，將一台第 7 代、10 台伺服器降級到第 1 代。這樣可以降低 65% 的能源成本，提高每個核心的效能，增加密度，同時，你可以在不到兩年的時間內收回投資。因此，這種收益的貶值速度非常非常快。

So as we said in my remarks, we are going to monitor the cost and the demand. And I think you will see a rebalancing over time between units and revenue, but remember, more than two-thirds of our AUP is structural. So I believe there are unit growth that we'll continue to see, but maybe a little bit more muted than maybe expected 6 months ago.

正如我剛才所說，我們將密切關注成本和需求。我認為隨著時間的推移，銷售量和收入之間將會出現重新平衡，但請記住，我們 AUP 的三分之二以上是結構性的。所以我相信銷量還會繼續成長，但可能比6個月前預期的溫和一些。

But on the balance, the revenue will grow as implied in our revenue guidance because of these AUP mix shift. And I think you're spot on in your thesis.

但總的來說，由於這些 AUP 組合的變化，收入將如我們的收入預期中所暗示的那樣增長。我認為你的論點完全正確。

I'll just add, Eric. Look, we're using multiple tools. You've hit on pricing. But also, we've been down this track before, we know that other tools like demand shaping are critical to us to this process. So we will be looking at how we can shape demand with the bots that are available where we try to balance some of our key customer relationships. But as Antonio said, our guidance really reflects the best estimate of the impact of commodities and the actions as of now.

我再補充一點，艾瑞克。你看，我們使用了多種工具。你已經找到了定價的關鍵。但是，我們以前也走過這條路，我們知道需求塑造等其他工具對我們完成這個過程至關重要。因此，我們將研究如何利用現有的機器人來塑造需求，同時努力平衡我們的一些關鍵客戶關係。但正如安東尼奧所說，我們的指導意見確實反映了目前大宗商品價格和相關措施的影響的最佳估計。

And by the way, another point, Erik, is that when we have frame agreements, think about large enterprises. They buy on three catalog of pre-configured products. There are price protection guarantees there. So obviously, there is an ability for us to raise prices as a part of the changes we see in the industry.

順便說一句，艾瑞克，還有一點，就是當我們簽訂框架協議時，要考慮大型企業。他們從三個預配置產品目錄中採購。那裡有價格保護保證。顯然，隨著產業的變化，我們有能力提高價格。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Oh, yes. Thank you. I wanted to clarify some of the comments around seasonality. -- slides you talk about the $9 billion to $9.4 billion in 1Q is a decline consistent with historical seasonality. But I think, Marie, you said that there were some pushouts of servers from 4Q to 1Q. So should that not be driving much better seasonality and sort of a higher outlook in fiscal 1Q. And similarly, you noted that the AI server lumpiness and sort of timing will drive the second half of the fiscal year, much higher relative to the first half.

哦是的。謝謝。我想澄清一些關於季節性的評論。 ——您在投影片中提到，第一季90億美元至94億美元的降幅與歷史季節性法則相符。但瑪麗，我想你說過，從第四季到第一季有一些伺服器被推遲了。所以，這應該會推動季節性因素得到顯著改善，並提振第一財季的績效預期。同樣，您也指出，人工智慧伺服器的不穩定性和時間安排將導致下半年的財政年度支出比上半年高得多。

It's like different seasonality. So I'm just trying to piece those pieces together what's baked in from pushouts into 1Q? And would the seasonality have been even worse, had those pushouts not occurred. So hopefully, you can just maybe put that all in some context? Thank you.

這就像不同的季節一樣。所以我現在只是想把這些碎片拼湊起來，弄清楚從第一季推出的產品中究竟包含了什麼？如果沒有這些裁員，季節性波動會不會更嚴重？所以，希望你能把這些內容放在一個適當的背景下解釋一下？謝謝。

Sure. No problem, Wamsi. So why don't I just clarify the seasonality with respect to Q1, then I'll turn to Antonio to talk about the AI timing. So with respect to Q1 seasonality, the way to think about it is shot on, we did have some AI deals that moved out of Q4 into Q1. But just bear in mind that from a Q1 perspective, it is in line with our normal sort of historic seasonality for Q1 revenue. So sort of use that as an anchor to think about the year.

當然。沒問題，瓦姆西。那麼，我先解釋一下第一季的季節性問題，然後再請安東尼奧談談人工智慧的時機問題。所以就第一季季節性而言，可以這樣理解：我們確實有一些人工智慧交易從第四季度轉移到了第一季。但請記住，從第一季的角度來看，這符合我們第一季收入的正常歷史季節性規律。所以，不妨以此為錨點來思考這一年。

And I think in the prepared remarks, I did mention that we had a split between revenue of 46% in the first half and 54% in the back half. So use that as another way to sort of think through the seasonality. So hopefully, that gives you the context on Q1. And then I'm going to sort of turn it to Ontario to talk specifically about the back half and how we see the AI shipments sort of placing themselves throughout the year.

而且我認為，在事先準備好的發言稿中，我確實提到過，我們上半年的收入佔比為 46%，下半年的收入佔比為 54%。所以，你可以把這當作另一種思考季節性問題的方法。希望以上內容能幫助你理解問題 1 的背景。然後，我將把話題轉向安大略省，具體談談下半年的情況，以及我們預計人工智慧產品在今年的出貨量將如何變化。

Antonio, over to you.

安東尼奧，該你了。

Look, on the AI conversion, right, because now more than 60% of our orders are in sovereign and enterprise. And obviously, enterprise is a very large number of deals that get through, but there is smaller in size compared to potentially in sovereign AI cloud, which obviously is much larger. But when I think about that, look, they are longer to convert for a number of reasons, right?

你看，關於人工智慧轉型，對吧，因為現在我們超過 60% 的訂單都來自主權國家和企業。顯然，企業級交易的數量非常龐大，但與潛在的自主人工智慧雲相比，其規模要小得多，後者顯然要大得多。但仔細想想，由於種種原因，它們的轉換時間會更長，對吧？

Number one, obviously, is the whole procurement process is much longer to get the funding locked and so forth, the data center readiness, the availability of power and cooling and the like. And some of these deals, by the way, are not current technologies, maybe they are for the back half set of technologies.

顯而易見的第一點是，整個採購過程要長得多，需要落實資金等等，還要考慮資料中心的準備、電力和冷卻設備的可用性等等。順便說一句，其中一些交易涉及的並非當前技術，而可能是後半部分技術。

Particularly with NVIDIA, Beta, and Rubin. So you have a combination of factors there. In regard to the push out of the deals, look, there were some deals for the government related. They take time. They take time to really get the machine up and running again.

特別是 NVIDIA、Beta 和 Rubin。所以這裡涉及多種因素。至於交易的取消，你看，其中一些交易與政府有關。這需要時間。他們需要時間才能真正讓機器重新啟動運作。

Remember, we just now a handful of weeks here since they came back online. That may take an extra full set of weeks. And then there was one particular deal that they didn't -- they weren't ready with the data center. And so we deploy a number of ports and those other ports will take a number of incremental weeks to get it done. So we expect that the back end of the year, we'll have the biggest part of the AI revenue conversion.

請記住，他們恢復上線至今才幾個星期。那可能需要額外花費整整幾週時間。但有一項交易他們沒能完成——他們的資料中心還沒準備好。因此，我們部署了多個端口，而其他端口的部署則需要數週時間才能逐步完成。因此我們預計，在今年下半年，我們將迎來人工智慧收入轉換的最大部分。

But at the same time, we continue to stay focused on those two segments because the focus here is because of our ability to play and win with the right margin profile and the right working capital.

但同時，我們將繼續專注於這兩個領域，因為我們之所以能夠專注於此，是因為我們有能力憑藉合適的利潤率和合適的營運資本參與競爭並取得成功。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah, thanks for taking the questions. I wanted to ask about the Networking business. It looks like on a pro forma basis using Juniper's results, you grew kind of in the low to maybe mid-teens range year-on-year this last quarter. It looks like you're guiding kind of the pro forma number to kind of grow in that mid-single-digit range next quarter in that range for the full year.

謝謝你回答這些問題。我想諮詢一下網路行銷產業的情況。根據 Juniper 的業績數據，以預估方式來看，你們上個季度的年增速大概在 10% 到 25% 之間。看起來你們正在引導預測數字在下一季達到個位數中段的成長，並預計全年也將保持在這個範圍內。

I'm curious, why necessarily see a deceleration in that? Is that conservatism? And if you can, can you talk a little bit about Juniper's positioning in some of these AI fabric build-outs, what your discussion has been with customers thus far. I think Juniper has had a position in some larger build-outs in the past. Thank you.

我很好奇，為什麼一定認為這會導致成長放緩？這就是保守主義嗎？如果可以的話，能否談談瞻博網路在這些人工智慧架構建構中的定位，以及到目前為止您與客戶的討論內容？我認為Juniper過去曾參與過一些大型建設項目。謝謝。

Yeah. No, no worries. Why don't just talk a little bit about the revenue and how we're thinking about it. Yes, you're right. Look, really pleased with the results, I'd say, for Q4, both in terms of both revenue and operating margins for the business. I think you're seeing the transformative power of those two Networking companies coming together and just what we can drive here.

是的。別擔心。不如我們稍微談談收入狀況以及我們對此的看法。是的，你說得對。說實話，我對第四季的業績非常滿意，無論是營收還是營業利潤率。我認為你們正在見證這兩家網路公司合併所帶來的變革力量，以及我們能夠在這裡取得的成就。

What I would say, as you think about the rest of the year, we have kept revenue -- we did raise revenue actually in terms of the range that we gave you for Networking. And a couple of things just to bear in mind, we do have a critical milestone in the integration that's taking place in this current quarter, which is actually the integration of both of the sales forces. So it's early days.

我想說的是，在展望今年剩餘時間時，我們保持了收入——實際上，就我們之前給出的網路推廣範圍而言，我們的收入確實有所增長。還有幾件事要記住，我們本季正在進行的整合工作有一個關鍵的里程碑，那就是兩個銷售團隊的整合。現在還為時過早。

And I think at this point, we've got a prudent outlook given where we're at relative to the integration itself. So a couple of things just to bear in mind in terms of drivers, there is some seasonality I mentioned earlier. We see some commodity pressures that you heard us talk about on the call.

我認為，就目前我們與整合本身的關係而言，我們持謹慎的態度。所以，關於駕駛員，有幾點要注意，我之前提到過一些季節性因素。正如我們在電話會議上提到的，我們看到了一些大宗商品的壓力。

And then obviously, we've got the product mix in terms of a bit more cloud and AI. But I'd say, overall, we're comfortable with the guide that we've given you so far for Networking for the year.

顯然，我們的產品組合中也增加了一些雲端技術和人工智慧產品。但總的來說，我們對目前提供給大家的年度人脈拓展指南感到滿意。

So Tim, look, this is, in my mind, it's very simple. We have an incredible portfolio in the campus and branch we continue to make tremendous traction. Both platforms are winning in the market. There is more about integrating the sales force, getting them stabilized from an account coverage perspective, I think the channel will be the opportunity for us to drive upside because they are all super excited about that part of the business.

提姆，你看，在我看來，這很簡單。我們在校園和分公司擁有令人矚目的投資組合，我們持續取得巨大進展。兩個平台都在市場上佔優勢。還有更多需要關注的是如何整合銷售團隊，如何從客戶覆蓋的角度穩定下來。我認為通路將是我們推動業務成長的機會，因為他們都對這部分業務感到非常興奮。

And look, we had major wins on both sides. And so we expect that to continue in 2026. On the data center switches side, we expect that business to grow at or above market as we go forward. Networking for AI, we said we expect to achieve $1.5 billion by the end of 2026.

你看，雙方都取得了重大勝利。因此，我們預計這種情況將在2026年繼續下去。在資料中心交換器方面，我們預計該業務將隨著時間的推移實現與市場持平或高於市場水平的成長。我們曾表示，到 2026 年底，人工智慧網路領域的規模預計將達到 15 億美元。

Obviously, some of that will cut into '27 because we have the backlog conversion that have to take place. The one area that I am actually more excited in many ways, is the routing business. The MX platform is the standard for on-ramp cloud. It is an amazing product that really is winning in the market. And even the PTX for the DCI, I mean in the data center interconnect for long haul is the reference. And that business has a very large backlog that will convert later in the year.

顯然，其中一些會影響 2027 年的進度，因為我們還有積壓的轉換工作需要完成。實際上，在很多方面，我更感興趣的領域是路線規劃業務。MX平台是雲端存取的標準。這是一款非常棒的產品，在市場上非常受歡迎。甚至是資料中心互連（DCI）的 PTX，我的意思是，在長途資料中心互連中，都是參考標準。而且該業務還有大量的積壓訂單，這些訂單將在今年稍後轉換。

And Marie referenced to this, I think it's important that all of you remind yourself that Juniper is a back-end loaded conversion to revenue. That has been always the case. And that's why we have given this seasonality in line to also what HP is going to do.

瑪莉也提到了這一點，我認為大家一定要記住，Juniper 是一個後端投入較多才能轉化為收入的平台。一直都是如此。因此，我們也考慮了季節性因素，這與惠普公司即將採取的措施一致。

But based on what we know today and the line of sight to the integration, and still have to go through the sales integration on January 2, we still raised the revenue guidance to now, call it, the mid-single digits, call it, 5%-plus, which is almost double of what we gave you at the Security Analyst Meeting at the midpoint, which was between 2% and 5%.

但根據我們目前所了解的情況以及對整合的預期，並且還要在 1 月 2 日完成銷售整合，我們仍然將收入預期上調至目前的個位數中段，也就是 5% 以上，這幾乎是我們在安全分析師會議上給出的中間值（2% 到 5%）的兩倍。

So that tells you we are growing confidence. And as we go forward, we will see how the team executes. But look, we believe there is a tremendous opportunity. And the goal for us is all about our execution.

這說明我們的信心正在增強。接下來，我們將看看球隊的執行情況。但是，我們相信這裡蘊藏著巨大的機會。而我們的目標完全取決於執行力。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Marie, if I can just ask about the sale of the assets that you have and how that is reflected in your I believe I figure didn't really change from what you provided at the analyst a bit. So how should we think about the sale and how that should be factored into the OIE.

瑪麗，我可以問一下你出售資產的情況嗎？以及這如何反映在你的……我認為……和你之前提供給分析師的資訊相比，並沒有太大變化。那麼我們該如何看待這次出售，以及這應該如何納入世界動物衛生組織（OIE）的考量？

Yes, look, Asia, at this point, I assume you're talking about H3C. Look, everything is factored into the OI&E numbers that I gave in my prepared remarks. We'd actually planned for this all along in '26. So it's all captured there in the prepared remarks that I gave you in the call today, Asiya.

是的，聽著，亞洲，此時此刻，我假設你們指的是 H3C。你看，所有因素都已計入我在準備好的發言稿中給出的營運成本和支出數據中。其實早在 1926 年我們就已經計劃好了這件事。所以，阿西婭，我今天在電話裡向你發表的準備好的講話中都包含了這些內容。

Yeah, no, thank you. Thank you for the patience today. Look, Maria and I provided a lot of detail provided a lot of data. I'm sure you will have follow-up questions that the IR team will handle.

不，謝謝。感謝您今天的耐心等待。你看，我和瑪麗亞提供了很多細節和數據。我相信您之後還會有其他問題，投資人關係團隊會負責處理。

But we felt that this was the right time to give you as much data as possible as we enter 2026.

但我們認為，在進入 2026 年之際，現在正是向您提供盡可能多的數據的最佳時機。

And look, I will say that 2026 is a year where the HP has the opportunity to not only deliver what we committed, but really drive the transformation of this company to a new height based on the fact that we are now a Networking-centric company.

而且，我認為 2026 年是惠普不僅有機會兌現我們的承諾，而且有機會真正推動公司轉型到新高度的一年，因為我們現在是一家以網路為中心的公司。

And on that foundation with the latest innovation, we will deliver great experiences, growth opportunities in both cloud and AI. But we will maintain the strong discipline, focus on growth and operating margins that ultimately drive profitable growth and free cash flow. And I believe our strategy is working and the Juniper integration is working. And so that's what I will leave you today.

在此基礎上，結合最新的創新技術，我們將為用戶帶來卓越的體驗，並在雲端運算和人工智慧領域創造成長機會。但我們將保持嚴格的紀律，專注於成長和營業利潤率，最終將推動獲利成長和自由現金流。我相信我們的策略正在奏效，Juniper 的整合也正在奏效。今天我就給大家留下這些吧。

And I take this opportunity to thank you for your coverage and feedback. And if I don't speak to you, I wish you and your firm and is happy holidays.

我藉此機會感謝你們的報道和回饋。如果我沒能和您交談，我祝您和您的公司節日快樂。

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

會議現已結束。感謝各位參加今天的報告會。您現在可以斷開連線了。