惠普企業 (HPE) 2026 Q2 法說會逐字稿

Good day, and welcome to the fiscal 2026 second-quarter Hewlett Packard Enterprise earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加慧與科技（Hewlett Packard Enterprise，HPE）2026 會計年度第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係主管 Paul Glaser。先生，請開始。

Good afternoon. I am Paul Glaser, Head of Investor Relations for Hewlett Packard Enterprise. I would like to welcome you to our fiscal 2026 second-quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Marie Myers, HPE's Chief Financial Officer.

各位下午好。我是慧與科技（Hewlett Packard Enterprise，HPE）投資人關係主管 Paul Glaser。歡迎各位參加我們 2026 會計年度第二季財報電話會議；與會者包括 HPE 總裁暨執行長 Antonio Neri，以及 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. We have posted the press release and the slide presentation accompanying the release on our HPE Investor Relations web page.

在把電話交給 Antonio 之前，先提醒各位，本次會議將以網路直播。電話會議結束後不久，將提供網路直播重播。我們已在 HPE 投資人關係網頁上發布新聞稿，以及隨附的簡報投影片。

Elements of the financial information referenced on this call are forward-looking and are based on our best view of our business and the external factors affecting us as we see them today. HPE assumes no obligation and does not intend to update any such forward-looking statements. 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, 2026.

本次電話會議中提及的部分財務資訊屬於前瞻性陳述，係基於我們對自身業務以及目前所見外部影響因素的最佳判斷。HPE 不承擔、亦無意更新任何此類前瞻性陳述之義務。我們亦提醒各位，本次電話會議所討論的財務資訊反映的是依目前可得資訊所作之估計，且可能與 HPE 於截至 2026 年 4 月 30 日之會計季度所提交的 Form 10-Q 季度報告中最終揭露的金額存在重大差異。

Figures used in verbal remarks are rounded for ease of discussion. For more detailed information, please see the earnings materials as well as disclaimers relating to forward-looking statements that involve risks, uncertainties and assumptions. Please refer to HPE's filings with the SEC for a more detailed discussion of these risks.

口頭說明中使用的數字已四捨五入，以便討論。如需更詳細資訊，請參閱財報相關資料，以及與前瞻性陳述相關、涉及風險、不確定性與假設的免責聲明。關於這些風險的更詳細討論，請參閱 HPE 向美國證券交易委員會（SEC）提交的文件。

For financial information that we are showing 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 GAAP 基礎呈現的財務資訊，我們已在網站上提供與可比 GAAP 資訊的調節表。詳情請參閱我們網站上隨今日財報新聞稿一併提供的表格與投影片簡報。

Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year-over-year basis. Unless otherwise noted, all financial metrics and growth rates discussed today are non-GAAP, and EPS refers to non-GAAP diluted net earnings per share.

在本次電話會議中，除非另有說明，所有營收成長率皆以年對年（YoY）基礎呈現。除非另有說明，今日討論的所有財務指標與成長率皆為非 GAAP；EPS 指非 GAAP 稀釋後每股淨利。

Certain financial information featured in the presentation today has been normalized to include Juniper Networks results as of the beginning of HPE's fiscal year 2025. Antonio and Marie will reference our earnings presentation in their prepared comments.

今日簡報中所呈現的部分財務資訊已進行標準化處理，假設自 HPE 2025 會計年度開始即納入 Juniper Networks 的業績。Antonio 與 Marie 將在其預先準備的發言中引用我們的財報簡報。

With that, let me turn it over to Antonio.

接下來，我把時間交給 Antonio。

Thank you, Paul. Good afternoon, everyone. HPE delivered an exceptional quarter with record-breaking results, disciplined execution, and clear proof that our strategy is working. We made excellent progress in our Juniper integration and in our Catalyst initiative, with both running ahead of schedule.

謝謝你，Paul。各位下午好。HPE 本季交出卓越表現，創下破紀錄的成果，展現嚴謹的執行力，並清楚證明我們的策略正在奏效。我們在 Juniper 整合以及 Catalyst 計畫上都取得極佳進展，兩者皆超前進度。

Revenue in the quarter reached $10.7 billion, up 40%. Non-GAAP earnings per share of $0.79 increased 108%, significantly above the high end of our outlook. We generated $915 million in free cash flow, an improvement of $1.8 billion driven by strong cash from operations and improved cash conversion cycle performance.

本季營收達 107 億美元，成長 40%。非 GAAP 每股盈餘為 0.79 美元，成長 108%，顯著高於我們展望區間的上緣。我們創造 9.15 億美元自由現金流，較前期改善 18 億美元，主要受惠於強勁的營運現金流與現金轉換週期表現改善。

Demand was even stronger than revenue growth. Orders more than doubled, significantly outpacing revenue, resulting in a record company backlog. Customer investments in agentic AI and AI inferencing accelerated. We also saw broad-based demand strength across the portfolio, driven by ongoing investment in compute infrastructure modernization, unstructured storage data growth and private cloud adoption for AI.

需求甚至比營收成長更強勁。訂單量超過倍增，顯著快於營收成長，帶動公司積壓訂單（backlog）創下新高。客戶在代理式 AI（agentic AI）與 AI 推論（inferencing）方面的投資加速。我們也看到整體產品組合呈現廣泛的需求強勢，主要由運算基礎架構現代化的持續投資、非結構化儲存資料成長，以及為 AI 採用私有雲所帶動。

Last year, at a security analyst meeting in New York, we laid out our strategy and fiscal 2028 financial commitments. Based on our strong first-half 2026 results, our record backlog and our visibility into the second-half demand, we now expect to deliver $3.40 in non-GAAP earnings per share at the midpoint and at least $3.5 billion in free cash flow in fiscal 2026.

去年在紐約的資安分析師會議上，我們闡述了策略與 2028 會計年度的財務承諾。基於 2026 上半年強勁的成果、創紀錄的積壓訂單，以及我們對下半年需求的能見度，我們目前預期在 2026 會計年度可達成非 GAAP 每股盈餘中位數 3.40 美元，並且自由現金流至少 35 億美元。

That is two years ahead of our committed long-term plan. Marie will provide more detail on our third-quarter and full-year fiscal 2026 outlook, as well as our fiscal 2027 framework, which is grounded on durable customer demand and the profitability of both business segments.

這比我們承諾的長期計畫提前了兩年。Marie 將就 2026 會計年度第三季與全年展望，以及 2027 會計年度的框架提供更多細節；該框架以持久的客戶需求與兩大業務部門的獲利能力為基礎。

Now let me turn to our business segment highlights, starting with Networking.

現在我來談各業務部門的重點，先從網路（Networking）開始。

I am particularly pleased with the progress we are making on the Juniper integration. We are ahead of our integration milestones and synergies commitments, and the unified portfolio and sales force are already strengthening our market position and growth momentum.

我對 Juniper 整合所取得的進展感到特別滿意。我們在整合里程碑與協同效益承諾方面皆超前進度，而統一的產品組合與銷售團隊已在強化我們的市場地位與成長動能。

Our combined Networking portfolio and vision for self-driving networks is resonating with customers and that enthusiasm, together with strong go-to-market execution, is reflected in our results. Networking delivered revenue of $2.7 billion, up double-digits on a normalized basis, with orders growing significantly faster than revenue. We saw increased demand in Campus & Branch, network for AI and security.

我們整合後的網路產品組合，以及對自駕網路（self-driving networks）的願景，正獲得客戶共鳴；這股熱度加上強勁的市場推進（go-to-market）執行力，也反映在我們的成果上。網路業務營收達 27 億美元，在標準化基礎下呈現雙位數成長，且訂單成長顯著快於營收。我們在園區與分支（Campus & Branch）、AI 網路以及資安方面看到需求提升。

I am pleased with the strong demand we saw from enterprise customers for our Networking portfolio. Campus & Branch orders reached a new record high, growing in the upper 20% range on a normalized basis. We won multimillion-dollar deals across multiple verticals, including retail, automotive, government, and technology.

我很高興看到企業客戶對我們網路產品組合的強勁需求。園區與分支（Campus & Branch）訂單創下新高，在標準化基礎下成長約 20% 高段。我們在多個垂直產業贏得數百萬美元等級的交易，包括零售、汽車、政府與科技。

WiFi seven access points sales increased more than 7 times, reflecting a clear shift toward network modernization. HPE for the 20th time in a row was named a leader in the Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure. We believe this independent industry analyst validation reinforces how far ahead we are in enterprise networking beyond even incumbents.

WiFi 7 無線基地台（access points）銷售成長超過 7 倍，反映出網路現代化的明確轉向。HPE 連續第 20 次被評為 Gartner《魔力象限》（Magic Quadrant）企業有線與無線 LAN 基礎架構領導者。我們相信，這項獨立產業分析師的肯定，強化了我們在企業網路領域的領先幅度，甚至超越既有領導廠商。

Customers trust us with their most critical networking infrastructure decisions as they expand their digital initiatives and AI investments. One customer taking advantage of the part of our combined Campus & Branch Networking portfolio is Lowe's. With over 1,750 stores across North America, Lowe's chose HPE to deliver the network foundation for a major technology transformation to support its digital on-ramp and AI-enabled operations.

當客戶擴大其數位計畫與 AI 投資時，他們在最關鍵的網路基礎架構決策上信任我們。採用我們整合後園區與分支網路產品組合部分方案的客戶之一是 Lowe's。Lowe's 在北美擁有超過 1,750 家門市，選擇 HPE 提供網路基礎，以支援其重大技術轉型，推動數位導入（digital on-ramp）與 AI 賦能的營運。

The solution is built on our HPE Mist AI platform for wiring wireless networking infrastructure alongside our HPE EdgeConnect SD-WAN solution. Last month, we reached a milestone with the launch of new autonomous agents powered by agentic AI for optimizing networking performance. The self-driving network is no longer a concept. It is a reality.

該解決方案以我們的 HPE Mist AI 平台為核心，用於有線與無線網路基礎架構，並搭配 HPE EdgeConnect SD-WAN 解決方案。上個月，我們推出由代理式 AI（agentic AI）驅動、用於最佳化網路效能的新型自主代理（autonomous agents），達成一項里程碑。自駕網路不再只是概念。它已成為現實。

UK Ministry of Justice is an early adopter example. It was able to reduce the number of incidents seen by its network operation center by approximately 75% after deploying a suite of solutions that included our new HPE self-driving network capabilities.

英國司法部（UK Ministry of Justice）就是早期採用者的例子。在部署包含我們全新 HPE 自駕網路能力在內的一套解決方案後，其網路營運中心所觀測到的事件數量約降低 75%。

In enterprise data center switching, orders increased nearly 20% on a normalized basis. Our data center switching pipeline remains strong. Across portfolio product integration and sales, across service storage and networking are driving deeper customer engagement and larger deals.

在企業資料中心交換器方面，訂單在標準化基礎下成長近 20%。我們的資料中心交換器商機管道（pipeline）仍維持強勁。在產品組合整合與銷售推進上，服務、儲存與網路正帶動更深的客戶互動與更大規模的交易。

Security orders grew in the mid-teeth on a normalized basis. We continue to make the network a first line of defense that responds to threats in real time. This quarter, we launched the HP Juniper SRX 400 Series, bringing carrier-grade firewall protection to the branch for large distributed environments. We see significant runway as more customers consolidate networking and security with a single vendor, forcing convergence all the way to the silicon layer of the stack where HPE will have further differentiation.

資安訂單在標準化基礎下成長約十幾個百分點（mid-teens）。我們持續讓網路成為第一道防線，以即時回應威脅。本季我們推出 HP Juniper SRX 400 系列，將電信等級的防火牆防護帶到分支端，適用於大型分散式環境。隨著更多客戶以單一供應商整合網路與資安、推動一路收斂至堆疊的矽層（silicon layer），我們看見顯著的成長跑道，而 HPE 將在此具備進一步差異化優勢。

In our Service Provider Customer segment, revenue increased double-digits on a normalized basis, with Routing orders growing significantly faster than revenue. Routing orders increase nearly 30% on a normalized basis, driven by data center interconnect deployments in large cloud service providers.

在我們的服務供應商客戶（Service Provider Customer）業務區隔中，以標準化口徑計算，營收以兩位數成長；其中，路由（Routing）訂單的成長顯著快於營收。以標準化口徑計算，路由訂單成長近 30%，主要受大型雲端服務供應商在資料中心互連（data center interconnect）部署所帶動。

Customers are choosing HPE because we help them scale in every dimension. Scale up by increasing the performance and density of individual platforms for the most demanding AI workloads. Scale out by expanding the networking fabric to connect thousands of GPUs and accelerators within a single data center. And scale across by extending high bandwidth interconnectivity between data centers across campuses and into the wide area network so AI services can run wherever they are needed.

客戶選擇 HPE，是因為我們協助他們在各個維度實現擴展。向上擴展（scale up）：提升單一平台的效能與密度，以支援最嚴苛的 AI 工作負載。向外擴展（scale out）：擴大網路交換架構（networking fabric），在單一資料中心內連接數千個 GPU 與加速器。跨域擴展（scale across）：在園區內、跨資料中心乃至廣域網路（WAN）之間延伸高頻寬互連，使 AI 服務能在需要之處運行。

HPE is developing a scale-up Ethernet switch and software designed specifically for the AMD Helios AI rack scale architecture, which we expect will be introduced in the fall. In scale-out, we lead with our AI-driven QFX switching fabric. HPE is the first OEM to productize a Tomahawk 6-based 100% liquid-cooled switch with industry-leading performance and power efficient for AI infrastructure.

HPE 正在開發一款向上擴展的乙太網路交換器與軟體，專為 AMD Helios AI 機架級（rack scale）架構設計，我們預期將於秋季推出。在向外擴展方面，我們以 AI 驅動的 QFX 交換架構（switching fabric）領先市場。HPE 是第一家將基於 Tomahawk 6 的 100% 液冷交換器產品化的 OEM，具備業界領先的效能，且對 AI 基礎設施而言更具電力效率。

In addition, our leading fabric management and AIOps capabilities reduce congestion, latency, as well as operational complexity. We expect a roadmap to extend this leadership through co-packaged optics, resulting in lower overall power consumption.

此外，我們領先的交換架構管理（fabric management）與 AIOps 能力可降低壅塞、延遲以及營運複雜度。我們預期透過共同封裝光學（co-packaged optics）的路線圖延伸此一領先地位，進而降低整體耗電。

In scale across, the Juniper PTX Series delivers 800 gigabit density with exceptional power efficiency, leveraging our distinct express silicon and simplified AI-native automation. Because of our leading innovation and market momentum in networks for AI, we are raising our cumulative fiscal 2026 networks for AI order target to at least $2 billion.

在跨域擴展方面，Juniper PTX 系列運用我們獨特的 Express 晶片（express silicon）與簡化的 AI 原生自動化，提供 800Gb 的密度並具備卓越的電力效率。由於我們在 AI 網路的領先創新與市場動能，我們將 2026 會計年度 AI 網路累計訂單目標上調至至少 20 億美元。

We are laser-focused on building the best Networking business in the industry. Our priorities are clear, extend AI-driven automation across the portfolio, help customers scale modern AI infrastructure with secure high-performance networking, and lead in the convergence of networking and security. We have the team, the capabilities and the momentum to convert the opportunity in this segment into durable shareholder value.

我們高度聚焦於打造業界最佳的網路（Networking）事業。我們的優先事項很明確：將 AI 驅動的自動化擴展至整體產品組合；以安全的高效能網路協助客戶擴展現代 AI 基礎設施；並在網路與資安融合方面取得領先。我們具備團隊、能力與動能，能將此業務區隔的機會轉化為可持續的股東價值。

In our Cloud and AI business segment, we executed with strong discipline across all business lines. Revenue was $7.7 billion, up 23%, driven by exceptional traditional Server orders and very strong demand in AI systems, Alletra MP Storage, Private Cloud and GreenLake software and services. Traditional Server orders increased triple digits as customers continue to modernize their compute infrastructure and invest in AI inferencing.

在我們的雲端與 AI（Cloud and AI）業務區隔中，我們在所有業務線上都以高度紀律執行。營收為 77 億美元，成長 23%，主要由傳統伺服器訂單的卓越表現，以及 AI 系統、Alletra MP 儲存、私有雲與 GreenLake 軟體與服務的強勁需求所帶動。傳統伺服器訂單成長達三位數，因客戶持續現代化其運算基礎設施並投資於 AI 推論（inferencing）。

We are working very closely with our silicon and memory partners to continue to secure supply, which we factor into our new fiscal 2026 guide. We are also engaging customers and channel partners on lead times and configuration options to help them plan effectively.

我們正與晶片與記憶體合作夥伴密切合作，以持續確保供應，並已將此因素納入我們新的 2026 會計年度指引。我們也與客戶及通路夥伴就交期與組態選項進行溝通，協助他們有效規劃。

We saw strong demand in AI training throughout the quarter. We booked $1.8 billion in new AI systems orders, bringing cumulative AI systems bookings to $16.4 billion. We entered Q3 with $5.9 billion in backlog, primarily composed of enterprise and sovereign orders.

本季我們在 AI 訓練方面看到強勁需求。我們新增 AI 系統訂單 18 億美元，使 AI 系統累計接單金額達 164 億美元。我們以 59 億美元的積壓訂單（backlog）進入第三季，主要由企業與主權（sovereign）訂單構成。

We are seeing a broad pattern across industries. Enterprises want the flexibility of choosing multiple AI models with the governance and control of on-premises. We will continue to manage AI systems opportunities with a focus on profitable growth and prudent working capital management.

我們在各產業看到廣泛的共同趨勢。企業希望在本地部署（on-premises）的治理與控制之下，仍能保有選擇多種 AI 模型的彈性。我們將持續以獲利成長與審慎的營運資金管理為重點，來管理 AI 系統的商機。

Storage had an outstanding quarter. Alletra MP storage orders increased triple digits, the sixth consecutive quarter of strong growth.

儲存業務本季表現極為出色。Alletra MP 儲存訂單成長達三位數，已連續第六季維持強勁成長。

Several weeks ago, we expanded the platform with new file storage and agentic AIOps capabilities. This extends Alletra MP into the growing unstructured data market. Our HPE Morpheus Enterprise and HPE VM Essential software offerings continue to build momentum. Revenue grew sequentially for the fourth consecutive quarter. VM Essentials customer count increased 43% in the first half with another rise in net new logos.

數週前，我們以新的檔案儲存與代理式（agentic）AIOps 能力擴充了該平台。這使 Alletra MP 延伸至成長中的非結構化資料市場。我們的 HPE Morpheus Enterprise 與 HPE VM Essential 軟體產品持續累積動能。營收已連續第四季呈現季增。VM Essentials 客戶數在上半年增加 43%，淨新增客戶（net new logos）亦再度上升。

Private cloud AI orders increased again this quarter with a growing base of new customer wins. We recently launched our second-generation PCAI offering designed for enterprise AI inferencing and cloud-gapped sovereign environments, which position us for continued growth. More broadly, we are embedding agentic AI capabilities across our storage and data protection portfolio to help customers automate AI data pipelines and operations.

私有雲 AI 訂單本季再度成長，且新增客戶勝出案例持續增加。我們近期推出第二代 PCAI 產品，專為企業 AI 推論與雲端隔離（cloud-gapped）的主權環境設計，使我們具備持續成長的有利定位。更廣泛而言，我們正將代理式 AI 能力嵌入整體儲存與資料保護產品組合，協助客戶自動化 AI 資料管線與營運。

We continue to add new Cloud and AI agentic services to our GreenLake cloud platform, acquiring new customers and increasing the net retention rates for our GreenLake services business, which remains near 110%. We exited Q2 with approximately 50,000 customers operating their IT in our GreenLake cloud, managing more than 6.7 million systems, up from 5.3 million a year ago.

我們持續在 GreenLake 雲端平台新增雲端與 AI 的代理式服務，取得新客戶並提升 GreenLake 服務業務的淨留存率（net retention rates），目前仍接近 110%。第二季結束時，約有 50,000 名客戶在我們的 GreenLake 雲端上運行其 IT，管理超過 670 萬套系統，高於一年前的 530 萬套。

One win that brings the power of the full HPE portfolio together is the Dallas Cowboys, the most valuable sports franchise in the world. They came to HPE with a clear objective, modernize their infrastructure, simplify operations and build the right secure foundation for AI.

有一項勝出案例將 HPE 全產品組合的力量整合在一起：達拉斯牛仔隊（Dallas Cowboys），全球最具價值的運動特許經營權。他們帶著明確目標來到 HPE：現代化其基礎設施、簡化營運，並為 AI 建立正確且安全的基礎。

We delivered a comprehensive solution anchored on our HPE GreenLake private cloud offering, spanning ProLiant servers, Alletra MP Storage, and HPE Morpheus Enterprise. The Cowboys are also adopting HPE VM Essentials as their preferred virtualization layer. This is a strong example of the value customers can unlock when they chose HPE as an end-to-end technology partner.

我們交付了一套以 HPE GreenLake 私有雲為核心的完整解決方案，涵蓋 ProLiant 伺服器、Alletra MP 儲存，以及 HPE Morpheus Enterprise。牛仔隊也正採用 HPE VM Essentials 作為其偏好的虛擬化層。這是客戶選擇 HPE 作為端到端技術夥伴時，所能釋放價值的有力例證。

Lastly, HPE Financial Services delivered another outstanding quarter with record return on equity. Financial Services deepens customer relationships supports our GreenLake cloud adoption and remains a meaningful competitive advantage as customers ramp their investment in AI.

最後，HPE 金融服務（HPE Financial Services）再度交出亮眼的一季，股東權益報酬率（ROE）創下新高。金融服務深化客戶關係、支持 GreenLake 雲端採用，並在客戶加大 AI 投資之際，仍是我們重要的競爭優勢。

Before I close, I want to highlight two important upcoming events. In two weeks, we are hosting HPE Discover in Las Vegas. We will share updates on our Networking, Cloud and AI strategies, including major product announcements, along with a live Q&A for investors and analysts. I hope to see you there. Then later this fall, we will host a dedicated network in Investor Day.

在我結束之前，我想強調兩項即將到來的重要活動。兩週後，我們將在拉斯維加斯舉辦 HPE Discover。我們將分享網路、雲端與 AI 策略的最新進展，包括重大產品發布，並為投資人與分析師安排現場問答。希望到時能見到各位。接著在今年秋季稍晚，我們將舉辦一場專門的網路投資人日（Investor Day）。

In closing, HPE delivered an exceptional quarter. Our results demonstrate that our strategy continues to pay off. We now expect to significantly exceed our original fiscal 2028 non-GAAP earnings per share target and generate at least $3.5 billion in free cash flow in fiscal 2026, two years ahead the plan.

總結而言，HPE 交出一個卓越的季度。我們的成果證明，我們的策略持續奏效。我們現在預期將大幅超越原先 2028 會計年度的非 GAAP 每股盈餘目標，並在 2026 會計年度產生至少 35 億美元的自由現金流（free cash flow），較原計畫提前兩年達成。

The market trends driving our performance remains strong and well aligned to our strategy. We expect demand strength to continue into fiscal 2027 and beyond, which will accelerate durable shareholder value as we continue to scale profitably.

推動我們表現的市場趨勢依然強勁，且與我們的策略高度一致。我們預期需求強度將延續至 2027 會計年度及其後，並在我們持續以獲利方式擴張的同時，加速創造可持續的股東價值。

We are executing with strong discipline, creating meaningful value from the Juniper acquisition and strengthening our position at the intersection of networking, cloud and AI. With the combined strength of HPE and Juniper, we have the portfolio, the talent and the go-to-market scale to lead in the market. I want to thank our team members for their focus and strong execution.

我們以高度紀律執行，從收購 Juniper 中創造具意義的價值，並強化我們在網路、雲端與 AI 交會點的地位。憑藉 HPE 與 Juniper 的合併實力，我們具備產品組合、人才與市場推進（go-to-market）規模以引領市場。我要感謝我們的團隊成員專注投入並強力執行。

With that, let me turn it to Marie to take you through the financial results and our 2026 and 2027 outlook. Marie?

接下來，我把時間交給 Marie，請她帶各位回顧財務結果，以及我們對 2026 與 2027 年的展望。Marie？

Thank you, Antonio, and good afternoon, everyone. I'm pleased with our outstanding second-quarter results. We exceeded our commitments, delivering record revenue and EPS, driven by disciplined execution and a strong demand environment. Our large backlog, favorable industry tailwinds and improved demand visibility support a higher growth outlook.

謝謝你，Antonio，各位下午好。我對我們第二季的卓越成果感到欣慰。我們超越承諾，創下營收與每股盈餘（EPS）新高，這得益於有紀律的執行與強勁的需求環境。我們龐大的積壓訂單、有利的產業順風以及更佳的需求能見度，支持更高的成長展望。

In addition, we are achieving catalyst cost savings and Juniper synergies ahead of schedule. As a result, we are increasing our fiscal '26 EPS outlook by over 40%. I will address the drivers behind the strong EPS and free cash flow outlook shortly. But first, let's take a look at our Q2 performance.

此外，我們在催化劑成本節省與 Juniper 協同效益方面的進展也超前於時程。因此，我們將 2026 會計年度的每股盈餘（EPS）展望上調逾 40%。我稍後將說明強勁 EPS 與自由現金流展望背後的驅動因素。但首先，讓我們先看看第二季的表現。

Revenue of $10.7 billion was above the high end of our guidance range, led by traditional Server as customers accelerated investments in agentic AI and AI inferencing, and by networking where we saw broad-based growth across the portfolio.

營收為 107 億美元，高於我們指引區間的上緣；主要由傳統伺服器帶動，因客戶加速投資於代理式 AI 與 AI 推論，同時網路業務也帶動成長，我們看到整體產品組合呈現廣泛成長。

Sequentially, revenue grew 15%, reflecting higher average selling prices within our Server business, driven by ongoing DRAM and NAND inflationary costs and supply constraints. We continue to work with our partners to secure long-term agreements while executing the pricing actions we discussed last quarter.

按季來看，營收成長 15%，反映伺服器業務的平均銷售價格上升，主要受持續的 DRAM 與 NAND 通膨成本以及供應受限所驅動。我們持續與合作夥伴合作以取得長期協議，同時執行我們在上季討論過的定價措施。

Gross margin improved to 36.9% driven by mix as we shape demand to higher-margin products. Catalyst savings and Juniper-related synergies also contributed to improvement on a year-over-year basis. Operating profit was $1.4 billion, above our expectations, representing a 13.3% operating margin. As the company scales and we continue to capture accelerated catalyst cost savings and Juniper synergies, we expect operating profit growth to continue to outpace our top line.

毛利率提升至 36.9%，主要受產品組合帶動，因我們引導需求轉向毛利較高的產品。催化劑節省與 Juniper 相關協同效益也對年增改善有所貢獻。營業利益為 14 億美元，高於我們的預期，營業利益率為 13.3%。隨著公司規模擴大，且我們持續掌握加速的催化劑成本節省與 Juniper 協同效益，我們預期營業利益成長將持續超越營收成長。

EPS was $0.79, well above the high end of our guidance. GAAP EPS was $0.44. We delivered Q2 free cash flow of $915 million, fueled by strong operating profit.

每股盈餘（EPS）為 0.79 美元，顯著高於我們指引的上緣。GAAP 每股盈餘為 0.44 美元。我們第二季自由現金流為 9.15 億美元，主要受強勁營業利益帶動。

Now let's turn to our segment results.

接下來我們來看各事業部門的表現。

Networking delivered another solid quarter. Revenue of $2.7 billion was up 10% on a normalized basis as growth accelerated. Our backlog continues to grow, given elevated demand and supply constraints and this is reflected in the greater-than-40% sequential growth we saw in our purchase commitments. We continue to see strong demand for our networks for AI portfolio and now expect cumulative orders to reach at least $2 billion by fiscal year-end '26.

網路業務再度交出穩健的一季。營收為 27 億美元，以標準化口徑計年增 10%，且成長加速。在需求高檔與供應受限的情況下，我們的在手訂單持續增加，這也反映在採購承諾按季超過 40% 的成長。我們持續看到 AI 網路產品組合的強勁需求，並預期截至 2026 會計年度年底，累計訂單至少可達 20 億美元。

Within our product categories, Campus & Branch, normalized revenue growth accelerated to 10%, again by large deals across multiple industries. Security growth inflected positively to 18%, benefiting from improved backlog conversion and solid in-quarter demand. Data Center Networking and Routing grew 6% and 9%, respectively, reflecting robust networks for AI demand.

在產品類別方面，Campus & Branch 以標準化口徑計的營收成長加速至 10%，再次由跨多個產業的大型交易帶動。資安成長轉為正向並達 18%，受惠於在手訂單轉換改善與當季穩健需求。資料中心網路與路由分別成長 6% 與 9%，反映 AI 網路需求強勁。

We are optimistic about the demand momentum we are seeing based on our growing pipeline. Across customer verticals, service provider revenue grew 13% and enterprise grew 9% on a normalized basis. Our AI-native self-driving network solution is clearly resonating as customers prioritize AI use cases and simplify their network operations. Network operating margin of 21.6% was in line with guidance, reflecting improved operating leverage as Juniper synergies continue to ramp.

基於我們不斷擴大的商機管線所呈現的需求動能，我們對前景保持樂觀。按客戶垂直領域來看，服務供應商營收以標準化口徑計成長 13%，企業客戶成長 9%。我們的 AI 原生自駕網路解決方案顯然引起共鳴，因客戶優先推動 AI 使用情境並簡化其網路營運。網路業務營業利益率為 21.6%，符合指引，反映隨著 Juniper 協同效益持續提升而帶來的營運槓桿改善。

The sequential decline in margin reflected two factors. First, Q1 benefited from certain onetime items. And second, Q2 absorbed higher variable compensation expense. We remain focused on disciplined execution, operational efficiencies and synergy realization to improve profitability and expand margins in the second half and beyond.

營業利益率按季下滑反映兩項因素。第一，第一季受惠於某些一次性項目。第二，第二季吸收了較高的變動薪酬費用。我們仍專注於嚴謹執行、營運效率與協同效益落地，以提升獲利能力，並在下半年及之後擴大利潤率。

Moving to Cloud and AI. We delivered revenue of $7.7 billion, up 23% as strong order activity and pass-through of higher cost of new orders, a traditional Server and Storage drove the upside, partially offset by supply constraints and timing of AI server shipments. Financial Services continues to perform well. Scale benefits drove operating profit of nearly $1 billion, up 48% sequentially and triple digits year-over-year, pushing operating margin to 12.4%, up 220 basis points sequentially.

接著看雲端與 AI。我們實現營收 77 億美元，成長 23%；強勁的訂單活動與新訂單較高成本的轉嫁、傳統伺服器與儲存帶動上行，但部分被供應限制與 AI 伺服器出貨時點所抵銷。金融服務業務持續表現良好。規模效益帶動營業利益接近 10 億美元，按季成長 48%，年增達三位數，使營業利益率提升至 12.4%，按季上升 220 個基點。

Server revenue increased 33% as ASP growth and additional server more than offset supply-constrained unit volumes. Demand remained broad-based, as orders more than doubled year over year and increased strong double digits sequentially. We see accelerating demand in high memory configured service, targeted and agentic AI workloads, supporting our expectation of sustainable growth.

伺服器營收成長 33%，因 ASP 成長與額外的伺服器出貨量，足以抵銷受供應限制的出貨單位數。需求仍呈現廣泛性，訂單年增超過一倍，按季亦成長強勁的雙位數。我們看到高記憶體配置服務、目標型與代理式 AI 工作負載的需求加速，支持我們對可持續成長的預期。

AI systems orders of $1.8 billion were more balanced and broad-based this quarter. Demand is expanding beyond AI server factories into broader AI workloads like orchestration, data movement and agentic AI. Service Provider orders exceeded the combined total of its prior four quarters, underscoring the inherently lumpy nature of our large-scale AI deals.

本季 AI 系統訂單為 18 億美元，分布更為均衡且更廣泛。需求正從 AI 伺服器工廠擴展至更廣泛的 AI 工作負載，例如編排、資料移動與代理式 AI。服務供應商訂單超過其前四季合計，凸顯我們大型 AI 交易本質上具有波動性的特徵。

Our backlog increased nearly 20% sequentially to a new high, and our pipeline remains multiples of our backlog. We continue to expect AI revenue to improve in the back half of the year now peaking in Q4.

我們的在手訂單按季增加近 20%，創下新高，而商機管線仍為在手訂單的數倍。我們仍預期 AI 營收將在今年下半年改善，並於第四季達到高峰。

Storage revenue grew 2%, driven by strong orders, the ongoing mix shift towards high-value owned IP and disciplined pricing execution. Alletra MP customer migration momentum accelerated sequentially, driving triple-digit year-over-year growth in both orders and revenue. Continued demand strength in private cloud and our expanding backlog are driving improved revenue visibility. Lastly, Financial Services revenue was up 6% and generated an all-time high in return on equity exceeding 30%.

儲存營收成長 2%，受強勁訂單、持續轉向高價值自有 IP 的產品組合變化，以及嚴謹的定價執行所帶動。Alletra MP 客戶移轉動能按季加速，帶動訂單與營收皆呈現年增三位數成長。私有雲需求持續強勁以及我們擴大的在手訂單，正提升營收能見度。最後，金融服務營收成長 6%，並創下歷史新高的股東權益報酬率（ROE）超過 30%。

Turning to our catalyst initiatives and Juniper synergies. I'm pleased that we are running ahead of plan as we work on a range of programs to reduce cost of sales and OpEx across our business. As a result of these programs, at quarter end, we reported an employee base of just over 65,000, the lowest level at which we have operated as a combined company and reflecting an over 9% decline since both programs began.

接著談我們的催化劑計畫與 Juniper 協同效益。我很高興我們在推動一系列計畫、以降低全公司銷貨成本與營業費用（OpEx）方面的進度超前於規劃。在這些計畫的推動下，截至季末，我們回報員工人數略高於 65,000 人，這是我們作為合併後公司運作以來的最低水準，也反映自兩項計畫啟動以來已下降逾 9%。

Within Juniper synergies, we continue to focus on the four pillars we laid out at SAM. Phase 1 of the integration, which we completed in January, focused on reducing overlapping corporate functions and optimizing sales and service organizations. As our Mist and Aruba portfolios converge, we expect to optimize our R&D spend. In addition, we plan to continue to leverage overall HPE scale to improve commodity prices and consolidate our vendor footprint to drive savings through supply chain integration.

在 Juniper 協同效益方面，我們持續聚焦於我們在 SAM 所提出的四大支柱。第一階段整合已於一月完成，重點在於降低重疊的企業職能並優化銷售與服務組織。隨著我們的 Mist 與 Aruba 產品組合逐步整合，我們預期將優化研發（R&D）支出。此外，我們計畫持續運用 HPE 的整體規模以改善大宗商品採購價格，並整併供應商版圖，透過供應鏈整合推動節省。

Finally, regarding customer support, we intend to leverage scale and digital capabilities inherited from Juniper to further improve efficiency and the customer experience. We expect to exceed our annual target of $200 million by the end of fiscal year '26.

最後，在客戶支援方面，我們打算運用從 Juniper 繼承的規模與數位能力，進一步提升效率與客戶體驗。我們預期在 2026 會計年度年底前，將超越每年 2 億美元的目標。

I'm pleased with our progress on Catalyst, and we are ahead of plan. Workforce transformation continues to drive the majority of our savings and Gen AI-enabled process simplification now represents nearly 20% of our fiscal '26 initiative savings. We are leaning into Gen AI to increase productivity and reduce costs across the organization, including customer support, HR and marketing.

我對我們在 Catalyst 的進展感到滿意，而且我們超前於規劃。人力轉型持續貢獻我們大部分的節省，而由生成式 AI（Gen AI）賦能的流程簡化，目前約占我們 2026 會計年度計畫節省的近 20%。我們正加大運用 Gen AI，以提升生產力並降低全組織成本，包括客戶支援、人資與行銷。

Our teams are driving greater automation, redefining work management and reducing costs. We are also rationalizing our global lab footprint by more than two-thirds and reducing our contractor base and supply chain customer service by over 90% through targeted consolidation. Taken together, we are building a leaner, more efficient organization and delivering meaningful benefit to our operating margin.

我們的團隊正推動更高程度的自動化、重新定義工作管理並降低成本。我們也將全球實驗室據點縮減超過三分之二，並透過有針對性的整併，將承包商規模以及供應鏈客戶服務人力縮減逾 90%。綜合而言，我們正在打造更精實、更高效率的組織，並為營業利益率帶來實質效益。

Turning to free cash flow. We delivered operating cash flow of $1.4 billion. Free cash flow totaled $915 million in Q2, bringing our first-half fiscal '26 total to $1.6 billion, about 75% above our prior comparable period, high reported in fiscal '21.

接著談自由現金流。我們實現營運現金流 14 億美元。第二季自由現金流合計 9.15 億美元，使 2026 會計年度上半年合計達 16 億美元，較先前可比期間高出約 75%，並創下自 2021 會計年度以來的最高水準。

Our cash conversion cycle improved by two days from Q1, driven primarily by increase in days payable due to higher purchases to support future shipments. This was offset by an increase in days of inventory due to higher inventory in anticipation of second half AI service shipments. Days receivable increased by five days from the prior quarter due to strong revenue performance towards the end of the quarter. Inventory ended the quarter at $9 billion, up year over year and sequentially, supporting second half AI installations and targeted commodity purchases.

我們的現金轉換週期較第一季改善了兩天，主要受惠於因支援未來出貨而增加採購，帶動應付帳款天數上升。此一改善被庫存天數上升所抵銷，原因是為因應下半年 AI 服務出貨而提高庫存水位。應收帳款天數較前一季增加五天，係因本季末營收表現強勁所致。本季末庫存為 90 億美元，較去年同期及前一季均增加，用以支援下半年 AI 安裝與策略性大宗商品採購。

We remain committed to our capital allocation strategy. During Q2, we returned $343 million to shareholders, including $189 million in common dividends and $154 million via share repurchases. We refinanced $2 billion of debt, received gross proceeds of approximately $1.4 billion after closing our previously announced H3C transactions last month and used cash on hand to retire our term loan.

我們仍然致力於資本配置策略。第二季期間，我們向股東回饋 3.43 億美元，其中包含 1.89 億美元普通股股利，以及透過庫藏股買回 1.54 億美元。我們為 20 億美元債務進行再融資，上月完成先前宣布的 H3C 交易後取得約 14 億美元的總收益，並以手頭現金償還定期貸款。

We expect the net impact will reduce annual net interest expense by approximately $75 million. Importantly, we improved our pro forma net leverage ratio to 2.3 times at quarter end, down from 2.6 times last quarter.

我們預期其淨影響將使年度淨利息費用減少約 7,500 萬美元。重要的是，我們在季末將備考淨槓桿比率改善至 2.3 倍，較上季的 2.6 倍下降。

Turning to guidance. We are taking up our outlook on the back of Q2 results and greater visibility into the second half demand environment. Starting with Q3, we expect total revenue will be between $11.5 billion and $12.1 billion, driven by strong demand.

接著談展望。在第二季業績表現以及對下半年需求環境能見度提高的基礎上，我們上調展望。先看第三季，我們預期總營收介於 115 億至 121 億美元之間，主要由強勁需求帶動。

For Networking, we expect revenue to grow 73% to 78% year over year and on a reported basis or approaching 10% on a normalized basis. We expect revenue performance and synergy realization to help offset the impact of inflationary component costs, driving an operating margin rate in line with our full year guidance.

在網路業務方面，我們預期營收年增 73% 至 78%（以報告基礎計），或以常態化基礎計接近 10%。我們預期營收表現與協同效益的實現將有助於抵銷通膨帶來的零組件成本影響，使營業利益率與全年指引一致。

In Cloud and AI, we expect revenue to grow with the high teens, reflecting demand durability, elevated pricing and improved AI systems revenue. We expect operating margins to be in the low to mid-teens. On a consolidated basis, we expect Q3 total operating expense to increase sequentially, supporting seasonal marketing expense and networking R&D investments.

在雲端與 AI 方面，我們預期營收將以十幾%的高段成長，反映需求韌性、較高定價以及 AI 系統營收改善。我們預期營業利益率落在低到中十幾%的區間。以合併基礎來看，我們預期第三季總營業費用將較前一季增加，以支應季節性行銷費用與網路研發投資。

We expect our operating margin rate to be up on a sequential basis, driven by improved operating leverage. Consequently, we expect EPS between $0.88 and $0.93 and GAAP EPS between $0.84 and $0.89. For fiscal year '26, we are raising our EPS outlook range to $3.35 to $3.45. We are also raising our GAAP EPS range to $2.42 to $2.52.

我們預期營業利益率將較前一季上升，主要由營運槓桿改善所帶動。因此，我們預期 EPS 介於 0.88 至 0.93 美元之間，GAAP EPS 介於 0.84 至 0.89 美元之間。就 2026 會計年度而言，我們將 EPS 展望區間上調至 3.35 至 3.45 美元。我們也將 GAAP EPS 區間上調至 2.42 至 2.52 美元。

We are making the following updates to our outlook. We are raising our full-year consolidated revenue growth to 29% to 33% on a reported basis or high teens on a normalized basis. We are also raising our full-year consolidated operating profit growth outlook to 80% to 85% on a reported basis.

我們對展望做出以下更新。我們將全年合併營收成長上調至 29% 至 33%（以報告基礎計），或以常態化基礎計為十幾%的高段。我們也將全年合併營業利益成長展望上調至 80% 至 85%（以報告基礎計）。

For Cloud and AI, we expect Server demand and pricing to remain durable driving sustainable revenue growth. Consequently, we are raising our full-year Cloud and AI revenue growth to the low 20% range from our prior mid- to high single-digit range, driven by higher ASPs in our traditional Server business and improved AI systems revenue. We are also raising our operating margin rate outlook to low to mid-teens.

在雲端與 AI 方面，我們預期伺服器需求與定價將維持韌性，帶動可持續的營收成長。因此，我們將全年雲端與 AI 營收成長上調至 20% 出頭的區間，較先前的中到高個位數區間提高，主要由傳統伺服器業務較高 ASP（平均銷售單價）以及 AI 系統營收改善所驅動。我們也將營業利益率展望上調至低到中十幾%。

We are raising our full-year Networking revenue growth, 72% to 75% on a reported basis or approaching 10% on a normalized basis, reflecting accelerated business performance as our integration efforts take hold. We are lowering our OI&E outlook to a range of $420 million to $460 million, reflecting lower net interest expense expectations. Lastly, we are increasing our free cash flow outlook to at least $3.5 billion, up from our prior outlook of at least $2 billion.

我們將全年網路業務營收成長上調至 72% 至 75%（以報告基礎計），或以常態化基礎計接近 10%，反映隨著整合工作發揮成效而加速的業務表現。我們將其他收入與費用（OI&E）展望下調至 4.20 億至 4.60 億美元區間，反映對淨利息費用較低的預期。最後，我們將自由現金流展望提高至至少 35 億美元，高於先前至少 20 億美元的展望。

We are confident in our new fiscal '26 outlook as we see continued order momentum in the business thus far in Q3. Based on the durability of demand we are seeing in our results, we are providing an initial framework for fiscal '27. We see sustained secular tailwinds driving consolidated revenue growth of 8% to 12% with a similar range for both of our Networking and Cloud and AI segments.

我們對新的 2026 會計年度展望充滿信心，因為截至目前在第三季我們看到業務持續的訂單動能。基於我們在業績中所見的需求韌性，我們提供 2027 會計年度的初步框架。我們看到持續的結構性順風帶動合併營收成長 8% 至 12%，我們的網路以及雲端與 AI 兩個部門也預期落在相近區間。

Our outlook assumes that acceleration in AI systems revenue growth. We see improved operating margins of 12% to 16% for the company and expect to see a year-over-year reduction in operating expense. We forecast net working margin in the mid- to high-20% range, driven by scale mix and synergies with Cloud and AI operating margin in the range of 10% to 15%, depending on the mix of AI business and the pace of Catalyst savings. We expect revenue growth and operating leverage to deliver EPS growth of 12% to 16% and free cash flow of at least $4.5 billion.

我們的展望假設 AI 系統營收成長將加速。我們看到公司營業利益率改善至 12% 至 16%，並預期營業費用將年減。我們預測淨營運利潤率在 20% 中段至高段區間，主要由規模組合與協同效益帶動；雲端與 AI 的營業利益率預期在 10% 至 15% 區間，取決於 AI 業務組合以及 Catalyst 節省的實現速度。我們預期營收成長與營運槓桿將帶動 EPS 成長 12% 至 16%，以及自由現金流至少 45 億美元。

Our outlook is expected to enable faster debt pay down. As a result, we now expect to reach out 2 times net leverage goal by the end of fiscal year '26, one year ahead of schedule. Once we reach our leverage target, we expect to return at least 75% of free cash flow to our shareholders via dividends and share repurchases.

我們的展望預期將使債務償還速度更快。因此，我們現在預期將在 2026 會計年度末達成 2 倍淨槓桿的目標，較原計畫提前一年。一旦達到槓桿目標，我們預期將透過股利與庫藏股買回，向股東回饋至少 75% 的自由現金流。

To close, Q2 was an outstanding quarter for HPE. We scale the business, expanded margins and generated significant free cash flow. We raised our outlook and are building a stronger, more profitable HPE. I am confident in our ability to create long-term value for our shareholders.

最後總結，第二季對 HPE 而言是非常出色的一季。我們擴大業務規模、提升利潤率並產生可觀的自由現金流。我們上調展望，並正在打造更強大、更具獲利能力的 HPE。我對我們為股東創造長期價值的能力充滿信心。

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

接下來，我將把電話交回給接線員，開始問答環節。

(Operator Instructions) Asiya Merchant, Citi.

(接線員指示) Asiya Merchant，花旗。

Outstanding results and guidance. Marie and Antonio, I guess folks are kind of talking about enterprise budgets, just given the price inflation that you guys are seeing through and being passed through, where do you see enterprise budget still sustaining themselves?

業績與指引都非常亮眼。Marie 和 Antonio，我想大家一直在談企業預算，考量到你們所看到並轉嫁出去的價格通膨，你們認為企業預算還能在多大程度上持續支撐？

And obviously, your guide here now into fiscal year '27, many people are concerned that there is some kind of like demand cliff that you could see even past the more near-term outlooks and growth forecast that you're seeing. What gives you this confidence to now provide fiscal year '27 guide? If you could help us understand, I see it's between networking as well as cloud and AI. What gives you the confidence that you're seeing in being able to provide an early outlook into '27? That would be great.

另外，你們現在也提供到 2027 會計年度的指引，很多人擔心即使在你們較近期的展望與成長預測之後，仍可能出現某種需求斷崖。是什麼讓你們有信心現在就提供 2027 會計年度的指引？如果可以協助我們理解，我看到涵蓋網路以及雲端與 AI。你們看到哪些訊號，使你們有信心能夠提供對 2027 年的早期展望？那就太好了。

Well, thank you, Asiya, for the question. I think it's multiple factors. Factor number one, and probably the most important one, is the durability of the demand based on what my conversations with customers and the large, large pipeline, which remains multiples of the current backlog. And when you look at that demand and the pipeline is driven by the use cases, we see with the deployment of AI or the build-out of new data centers for AI, obviously, and then the modernization taking place in enterprise.

Asiya，謝謝你的提問。我認為有多個因素。第一個因素，也是可能最重要的因素，是需求的韌性：基於我與客戶的對話，以及非常龐大的管線，且其規模仍是目前積壓訂單的數倍。而當你看這些需求時，管線是由使用情境所驅動；我們看到 AI 的部署或為 AI 建置新資料中心，當然還有企業端正在進行的現代化。

And so it's a combination of multiple things that ultimately give us the confidence to not only provide the new guide for '26, but an early view of '27. So when you think about our results in the first half, and the backlog we have and the supply that we have on hand and what is coming, that solidifies the '26. And then in '27, the momentum we have in networking is outstanding across all customer segments and as well product segments.

因此，這是多項因素的組合，最終讓我們有信心不僅提供新的 2026 年指引，也能對 2027 年給出早期觀點。當你回顧我們上半年的業績、我們擁有的積壓訂單、手上現有的供應以及即將到位的供應，這些都鞏固了 2026 年的展望。至於 2027 年，我們在網路業務的動能非常出色，涵蓋所有客戶區隔以及產品區隔。

We talked about some of the demand that we see today in Campus & Branch, upper 20% and Cloud Networking, which is in the 30% and so forth. And customers, when you think about budgets, obviously, they are challenged because of the price increases we have seen driven by the cost of commodity. But I can tell you, we have not seen any pull-in. We don't see a cliff. And in many ways, I think customers are prioritizing getting access to technology now faster than ever before because nobody wants to be left behind when it comes down to deploying.

我們談到目前在 Campus & Branch（校園與分支）看到的一些需求，約在 20% 出頭，以及 Cloud Networking（雲端網路）約在 30% 等等。而客戶在思考預算時，顯然會面臨挑戰，因為我們看到由大宗商品成本推動的價格上漲。但我可以告訴你，我們沒有看到任何提前拉貨（pull-in）。我們沒有看到需求斷崖。而在很多方面，我認為客戶正把「更快取得技術」放在比以往更優先的位置，因為在部署這件事上，沒有人想被落下。

I'll give an example in our own company. We have 1,200 use cases in AI. Marie, which is next to me here, is one of the early adopters and I will say, aggressive adopter, but we have more than 250 use cases, mostly agentic AI, which has been already deployed. And now we see this across the entire spectrum.

我舉我們公司自己的例子。我們在 AI 方面有 1,200 個使用案例。坐在我旁邊的 Marie 是早期採用者之一，我會說是積極的採用者；但我們已經部署了超過 250 個使用案例，主要是代理式 AI（agentic AI）。而現在我們在整個光譜上都看到了這種情況。

I was last week in Chicago. I met with a number of customers and partners, and they see this. And when you go through that motion, then AI inference is growing. And so we expect that the AI inference is going to be an accelerator of our demand as we go forward. And therefore, points to be durable in our demand and our ability to convert that.

我上週在芝加哥。我與多位客戶和合作夥伴會面，他們也看到了這一點。當你走過那個過程後，AI 推論（inference）正在成長。因此我們預期，AI 推論將會在未來成為推動我們需求的加速器。也因此，我們的需求以及將其轉化的能力，將會更具持久性。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行（Bank of America）。

Really impressive set of results here and guide. Antonio, can you give us maybe some rough mix of the opportunity that you see? You mentioned scale up, scale out, scale across, especially as you look into fiscal '27, how do you see that evolve?

這裡的業績與指引都非常令人印象深刻。Antonio，你能否大致談談你所看到的機會組合？你提到 scale up、scale out、scale across，特別是展望 2027 財年時，你認為它會如何演進？

And if I could, Marie, the growth in free cash flow is well in excess of EPS for '27, hoping you might be able to share some color on the drivers of that.

另外如果可以的話，Marie，2027 年自由現金流的成長遠高於 EPS，希望你能分享一下其背後的驅動因素。

Well, thank you, Wamsi. I think it's fairly balanced across the four product segments, Wamsi. I mean let's start with Campus & Branch, which has been and is the lion's share of our networking mix. I think the self-driving network vision and now the execution of it is absolutely resonated with customers.

謝謝你，Wamsi。我認為在四個產品區隔之間相當均衡，Wamsi。先從 Campus & Branch（校園與分支）開始，它一直是、也仍是我們網路組合中占比最大的部分。我認為自駕網路（self-driving network）的願景，以及現在的落地執行，確實引起了客戶強烈共鳴。

We announced our road map last December at the HPE Discover in Barcelona. You will see new announcements here in two weeks. Our ability to support Aruba switches with Mist and cross-pollinating two platforms. But ultimately, that AI-driven experience is resonating, and I mentioned one of the customers, as an example, taking advantage of that.

我們去年 12 月在巴塞隆納的 HPE Discover 上公布了我們的產品路線圖。兩週後你們會在這裡看到新的公告。我們支援 Aruba 交換器與 Mist 的能力，以及兩個平台之間的交叉導入。但最終，這種 AI 驅動的體驗正在引起共鳴；我也提到過其中一位客戶作為例子，正在利用這些能力。

When I think about Data Center Networking, we grew 20% in enterprise. That obviously is driving synergies with the rest of the portfolio because now we have a full conversation with customers across Server, Storage and Networking. Now we are introducing in the fall, the new switch with Helios stack reference architecture. That's the first time to market Tomahawk 6, 1.6 terabits. That will be a tailwind as 2027 start adopting the footprint in large service providers.

談到 Data Center Networking（資料中心網路），我們在企業市場成長了 20%。這顯然正在與產品組合的其他部分產生綜效，因為現在我們可以就伺服器、儲存與網路，與客戶進行完整的對話。今年秋季我們將推出搭配 Helios 堆疊參考架構的新交換器。這將是 Tomahawk 6（1.6Tbps）首次上市。當大型服務供應商在 2027 年開始採用並擴大部署時，這將成為一股順風。

And then obviously, scale across, the PTX platform is, I will say, the reference when it comes down for Data Center Interconnect and that PTX10000 and 12000 is resonating to drive Data Center Interconnect. So is fairly balanced, I will say, and we are early, early in the process. Obviously, you have to win the reference architecture and kind of the discussion with the customers at that level. But then it's going to be synergies across the rest of the portfolio with compute.

接著當然是 scale across：PTX 平台我會說在資料中心互連（Data Center Interconnect）方面是業界的參考標竿，而 PTX10000 與 12000 也正引起共鳴，推動資料中心互連。所以我會說相當均衡，而且我們仍處於非常、非常早期的階段。顯然，你必須先在參考架構層級贏得客戶的認可與討論。但接下來就會與運算（compute）等產品組合的其他部分產生綜效。

So I feel very good about the momentum and kudos to the team who has executed flawlessly. And when you think about an integration of this scale done as so fast because if you put it in perspective, we integrate the R&D teams, we announced the road map. We didn't miss a beat on network and innovation. We integrated the sales force in January, and we're ahead of the integration milestones of synergy. So I think this is a reference for how to do large acquisitions in the market.

因此我對這股動能感到非常樂觀，也要稱讚團隊執行得無懈可擊。而當你思考如此規模的整合能在這麼短時間內完成——如果你把它放在脈絡中看，我們整合了研發團隊、公布了路線圖。我們在網路與創新上沒有錯過任何節奏。我們在 1 月整合了銷售團隊，而且在綜效整合里程碑上超前進度。所以我認為這是市場上如何進行大型併購的參考案例。

So Marie, what do you want to (multiple speakers)

所以 Marie，你想要——(多位講者)

Wamsi, I'll answer your question on the strong free cash flow guide to '27. And it's pretty simple. It's really just based around the expectations that we have of the operating profit growth. And obviously, that supports higher profitability, and that's translating, frankly, into cash flow.

Wamsi，我來回答你關於到 2027 年強勁自由現金流指引的問題。其實很簡單。主要就是基於我們對營業利益成長的預期。而這顯然支撐更高的獲利能力，坦白說，也正在轉化為現金流。

And just one other thing just to bear in mind, our '26 baseline, actually, has the charges associated with the Juniper synergies, which, obviously, you're not going to see that level of magnitude repeated in '27. So that's also one of the benefits that's playing as well into the free cash flow guide.

另外還有一點要記得：我們 2026 年的基準其實包含與 Juniper 綜效相關的費用，顯然你不會在 2027 年看到同等幅度的重複發生。因此這也是自由現金流指引中的一項助益。

Just to close, as I said in my prepared remarks, that will get us to 2x leverage by the end of '26. And I think I mentioned that we will pull in our share repo now into early '27 as well. So I just want to sort of close with that comment.

最後收尾一下，正如我在事先準備的發言中所說，這將使我們在 2026 年底達到 2 倍槓桿（2x leverage）。我想我也提到，我們會把股票回購（share repo）提前到 2027 年初進行。所以我想用這點作為結語。

(Operator Instructions)

(接線員指示)

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

I can't ask a multipart question after Paul just called us out on that, I guess, now. So maybe I'll stick to one. And Antonio, this may sound like a bit of a silly question.

Paul 剛剛才點名我們不要問多段式問題，我想我現在也不能問了。所以我可能就問一個。Antonio，這聽起來也許有點傻。

But given these numbers are so strong, especially when I look at the fiscal '27 guide, can you just talk about what's the bigger gating factor to growth as you go forward? Is it customer demand? Or is it more component availability?

但鑑於這些數字非常強勁，尤其是我看 2027 財年的指引時，你能否談談未來成長更大的限制因素是什麼？是客戶需求嗎？還是更多是零組件供應的可得性？

And I'm really trying to understand whether the outlook reflects the level of demand you're actually seeing today? Or is there actually additional demand that could be served if component supply and availability becomes a bit more easier? Just love to understand just on the component side, what's going on.

我真正想理解的是：這個展望是否反映了你們今天實際看到的需求水準？或者如果零組件供應與可得性變得更寬鬆一些，是否其實還有額外需求可以被滿足？很想了解在零組件端到底發生了什麼。

Well, thank you, Amit. I think demand to me equals bookings or orders and so we expect that demand to be strong and durable well into 2027. I think we have an amazing portfolio perfectly aligned to the inflection point that we see today across Networking, Cloud and AI. And so we are uniquely positioned when it comes to demand and bookings. And as I said in my prepared remarks, the pipeline remains multiples of the current backlog, which is a record breaking at the company level.

謝謝你，Amit。對我而言，需求等同於預訂（bookings）或訂單（orders），因此我們預期需求將一路強勁且具持久性，延續到 2027 年。我認為我們擁有一個令人驚豔的產品組合，與我們今天在網路、雲端與 AI 看到的拐點完美對齊。因此在需求與接單方面，我們具備獨特的有利位置。而正如我在事先準備的發言中所說，商機管線（pipeline）仍是目前在手訂單（backlog）的數倍，而在公司層級這是破紀錄的。

When it comes down to potential upside on the revenue and the ability to convert that, it really comes down to availability of supply. And what we factor, both in '26 and '27, first is the allocation that we already got in our supply for '26. I will say our teams have got much more proficient. By the way, using AI to really do a better supply matching with the demand that we have versus the supply that we have in terms of what type of mix you want to drive based on the capacity you've got allocated. So that's why with Marie, we provided that new revenue guidance.

至於營收的潛在上行空間以及將其轉化的能力，關鍵其實在於供應可得性。而我們在 2026 與 2027 年的假設，首先是基於我們已經取得的 2026 年供應配額（allocation）。我會說我們的團隊已經熟練得多。順帶一提，我們也在使用 AI，讓供應與需求的匹配做得更好——也就是在你已分配到的產能之下，依據你想推動的產品組合類型，去匹配我們的需求與供應。所以這也是為什麼我和 Marie 提供了新的營收指引。

There is no incremental supply in '26 at this point in time, unless somebody cancels something, and then we are able to get that. And in '27, as you know, we have long-term agreements where we lock capacity. And we divide that capacity every quarter based on the mix of orders and backlog and what we see in the pipeline. And so all of that has been factored in our guide.

就目前而言，'26 年沒有任何增量供應，除非有人取消了某些訂單，然後我們才能取得那部分供應。而在 '27 年，如你所知，我們有長期協議來鎖定產能。我們會根據訂單組合、積壓訂單以及我們在管線中看到的情況，每一季分配該產能。因此，這些都已反映在我們的指引之中。

So if supply improves in '27 with the momentum and demand we have, we may have an upside. But I will tell you, I don't expect the supply availability change in '27 that much. Neither the cost will continue to be elevated until these new factories will provide the yields to compensate for the incredible demand that we see across the portfolio.

所以如果 '27 年供應隨著我們目前的動能與需求而改善，我們可能會有上行空間。但我可以告訴你，我不預期 '27 年的供應可得性會有那麼大的變化。成本也不會持續維持在高檔，直到這些新工廠能提供足夠的良率，以因應我們在整個產品組合中看到的驚人需求。

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

Can you talk more about the improved AI systems outlook that you talked to? And if there's anything you can share on the demand outlook across customer types? And if expectations for AI systems profitability are improved relative to 90 days ago?

你能否多談談你提到的 AI 系統展望改善？以及你是否能分享不同客戶類型的需求展望？另外，相較於 90 天前，對 AI 系統獲利能力的預期是否有所提升？

Thank you, Katherine. I will start and Marie if you want to add something.

謝謝你，Katherine。我先開始，Marie 如果你想補充也可以。

Look, we have been very deliberate in our strategy to focus on the markets related to the AI where HPE can drive value and can drive the portfolio that we have, not just pursuing just revenue for the sake of revenue. And those are markets has been three.

你看，我們在策略上一直非常審慎，聚焦於與 AI 相關、HPE 能夠創造價值並能帶動我們既有產品組合的市場，而不是為了營收而追求營收。而這些市場有三個。

One is enterprise. And you can see the momentum in enterprise and in particular whether AI factory for enterprise, which is private cloud AI. By the way, deep, deep integration with NVIDIA, and you're going to see more of that in a couple of weeks, which includes a lot related to software. It's not just taking the GPUs and distributors in a server. And by the way, that now includes storage, which is the first platform to be fully certified by NVIDIA when it comes down to the file kind of structured data.

第一個是企業市場。你可以看到企業端的動能，特別是面向企業的 AI 工廠，也就是私有雲 AI。順帶一提，與 NVIDIA 有非常、非常深度的整合，幾週後你會看到更多內容，其中包含大量與軟體相關的部分。這不只是把 GPU 透過經銷通路放進伺服器而已。而且，現在也包含儲存，這是 NVIDIA 在檔案型結構化資料方面第一個完成全面認證的平台。

Second part, obviously, is sovereign. And those are long cycles. But when you think about sovereign, I don't think about just large 1-gigawatt factory. I think about deployments that act as a sovereign and ultimately are governed under the sovereign law or [air gapped] to meet the sovereign requirements. And then there are large pursuits in a large scale that may take longer to achieve.

第二部分，顯然是主權（sovereign）。而這些是長週期。但談到主權，我不只想到大型的 1GW 工廠。我想到的是以主權方式運作、最終受主權法律治理，或採用[air gapped]（隔離式）以符合主權要求的部署。此外，也有一些大規模的重大專案，可能需要更長時間才能達成。

But what we see right now, Katherine, is a huge growth in inferencing. Inferencing clearly is accelerating. And that's a combination of both GPUs and CPUs. And this is why we see the momentum also on the traditional server because a lot of these inference deployments will be done on CPUs. And it will be done in locations where the customers feel confident in terms of governance, data privacy and so forth.

但我們現在看到的，Katherine，是推論（inferencing）的巨大成長。推論顯然正在加速。而這是 GPU 與 CPU 的組合。這也是為什麼我們在傳統伺服器上也看到動能，因為許多推論部署會在 CPU 上完成。而且會部署在客戶在治理、資料隱私等方面感到有信心的地點。

And that's why I think we all need to realize there is a new market there. It's not the traditional market that we know or have been used to. But this gives us the confidence that we have the right portfolio at the right time to capture this market. And I believe, by the end of the decade, much of the demand will be in the inferencing space.

因此我認為我們都需要意識到，那裡出現了一個新市場。它不是我們所熟悉或習慣的傳統市場。但這讓我們有信心：我們在對的時間擁有對的產品組合來掌握這個市場。我相信到本十年末，需求很大一部分會在推論領域。

And that's why combination with networking and compute and storage and memory, by the way, will give us the ability to be more competitive and honestly, harvest more of the value of the gross margin as we go forward.

也因此，結合網路、運算、儲存與記憶體（順帶一提），將使我們更具競爭力，而且坦白說，能在未來收割更多毛利價值。

And maybe I'll just add a comment, Katherine, on the margin. So we typically don't break out our AI systems margins. But as Antonio alluded to, we do see enterprise and sovereign typically being a more profitable sort of part of the mix compared to, say, your classic service provider or model builders. So that's just some context to how to think about margins.

Katherine，或許我再補充一點關於毛利。我們通常不會單獨揭露 AI 系統的毛利率。但如 Antonio 所提到的，相較於典型的服務供應商或模型建置者，企業與主權客戶通常在組合中屬於較高獲利的部分。以上提供一些思考毛利的背景。

And last, I would say, on the service provider, we play selectively in that market and we have been prioritizing prudent working capital management. And this is one of the reasons, together with the cash commercial cycle, which obviously is slower on the AI system side compared to the traditional business side, and the fact that we have now sold 100% of the H3C stake that we can pay down that debt faster to return to the 2 times leverage commitment that we gave a year earlier and that will allow us to make the right investment and return approximately 75% of capital in 2027.

最後，我想說在服務供應商方面，我們會選擇性地參與該市場，並且一直優先推動審慎的營運資金管理。這也是原因之一；再加上現金商業週期——顯然 AI 系統端相較於傳統業務端更慢——以及我們現在已出售可出售的 H3C 持股 100%，因此我們能更快償還債務，以回到我們一年前承諾的 2 倍槓桿水準，並讓我們能做出正確投資，且在 2027 年回饋約 75% 的資本。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Congrats on the strong results and outlook here. Antonio, if I can just on the growth outlook that you have this year and trying to compare that to next year, this year, you're expecting Cloud and AI to accelerate relative to Networking. But when we get to your guidance for next year, you're expecting similar growth rates or the growth rates to converge.

恭喜你們交出強勁的結果與展望。Antonio，我想就你們今年的成長展望，並嘗試與明年比較一下：今年你們預期雲端與 AI 的加速幅度會高於網路業務。但到了你們對明年的指引，你們預期成長率相近，或成長率會趨於收斂。

I'm just wondering, is that more a function you think about the individual drivers being slightly different in terms of timing with your customers? Or is there more of a supply component in there as the growth rates converge next year? If you can sort of help me out in terms of what changes in the drivers.

我想了解的是：這是否更多是因為你們認為各自的驅動因素在客戶端的時點略有不同？或者，當明年成長率收斂時，其中是否有更多供應面的因素？如果你能協助說明一下驅動因素有哪些變化。

Yeah. I think in the Cloud and AI outlook, that is the usual lumpiness, I will say, of the AI system conversion. And so that's one aspect. But then across both segments, that is the timing of supply availability.

是的。我認為在雲端與 AI 的展望上，主要是 AI 系統轉換一貫的波動性（lumpiness）。這是一個面向。但在兩個事業部門之間，還有一個因素是供應可得性的時點。

Look, if you think about Networking for a moment, right, and you think about on an average, we grew 10% this past quarter. But we grew 2x or 3x the orders, the bookings in some of the product segments. That tells you we are growing much faster than the revenue.

你看，如果你先想一下網路業務，對吧，我們這一季平均成長 10%。但在某些產品線，我們的訂單、接單（bookings）成長了 2 倍或 3 倍。這告訴你，我們的成長速度遠快於營收。

And then on the Cloud and AI, obviously, we have a very large backlog in servers, and then you have the lumpiness of the AI systems. And also, we have constraints on the NAND side of the equation for storage.

而在雲端與 AI 方面，顯然我們在伺服器上有非常龐大的積壓訂單，另外還有 AI 系統的波動性。同時，在儲存這一端，我們在 NAND 方面也有一些限制。

So it's a combination of many things. There is not one specific number. But as memory becomes available, then we should see an acceleration of conversion. But again, don't expect that to happen early on in the cycle in '27. If anything maybe at the end of '27. But once again, we factor all that in our 8% to 12% guide for 2027.

所以這是多種因素的組合。並不是某一個特定數字所能解釋。但隨著記憶體供應變得更充足，我們應該會看到轉換速度加快。不過，再次強調，不要預期這會在 '27 年週期初期就發生。如果有的話，可能是在 '27 年末。但同樣地，我們已把這些都納入 2027 年 8% 到 12% 的指引之中。

David Vogt, UBS.

David Vogt，瑞銀。

Maybe, Antonio, can we touch on networking for a second. So obviously, strong results there, really strong orders. But just trying to get a sense of how we think about how those orders flow into the business because you guided approaching kind of double-digit normalized growth for this year and effectively double-digit growth at the midpoint for next year. Is there a reason why we're not seeing an acceleration?

Antonio，也許我們談一下網路業務。顯然那邊的結果很強，訂單也非常強勁。但我想了解的是，我們該如何看待這些訂單流入業務的節奏，因為你們指引今年接近雙位數的常態化成長，而明年在中位數也基本是雙位數成長。那為什麼我們沒有看到加速？

And then along those lines, what's driving the margin uplift next year in fiscal '27 in the networking business, particularly given the supply chain constraints and cost inflation that you've mentioned earlier?

另外沿著這個脈絡，明年（會計年度 '27）網路業務的毛利率提升是由什麼驅動的？特別是考量你先前提到的供應鏈限制與成本通膨。

Yeah. Thanks, David. Look, it's all about supply chain. Supply chain is the name of the game in Networking. Some of these products have DDR4, some have DDR5. Some have other components that are constrained by the wafer capacity. We continue to work with our suppliers. By the way, we believe now we are the largest OEM partner of Broadcom in the networking space and also combined with the rest of the business.

是的。謝謝，David。你看，這一切都取決於供應鏈。在網路領域，供應鏈就是決勝關鍵。有些產品用的是DDR4，有些用的是DDR5。有些還有其他元件受到晶圓產能的限制。我們持續與供應商合作。順帶一提，我們相信目前我們是Broadcom在網路領域最大的OEM合作夥伴，並且也涵蓋到我們其餘業務的合併規模。

So it's all about the supply availability in that moment in time to convert these orders. And I think that's the opportunity, I will say. I think one hand is a challenge, but on the other hand, it's an opportunity. If something unlocks there, then it will be faster conversion of this amazing momentum we have in networking into revenue. So that's what it is.

所以，關鍵在於當下那個時間點的供應可得性，才能把這些訂單轉化出來。我認為那就是機會，我會這麼說。一方面是挑戰，但另一方面也是機會。如果那裡有任何解鎖，那麼我們在網路業務上這股驚人的動能轉為營收的速度就會更快。就是這樣。

And Marie, you want to talk about the --

Marie，你要不要談一下--

On the op margins themselves, David, what you're seeing in '27 is actually the full-year benefit of the Juniper Synergies program, which you recall we started when we closed the deal. So all of that, we expect is going to flow on a full-year basis from '26 into '27. And frankly, that's what's driving the margin.

就營業利益率本身而言，David，你在'27年看到的其實是Juniper協同效益計畫的全年效益；你還記得我們是在交易完成時就啟動的。因此，我們預期這些效益會在'26年到'27年以全年基礎完整反映。坦白說，這就是推動利潤率的主因。

And I might add, it actually also helps us on cost of sales as well. So as we sort of buffer some of the impact that we've discussed here today on commodity costs, we're seeing some of those benefits help us out on gross margins as well.

我再補充一下，這其實也有助於我們的銷貨成本。因此，當我們在一定程度上緩衝今天討論到的大宗商品成本影響時，我們也看到其中一些效益同樣對毛利率有所幫助。

That's right.

沒錯。

Erik Woodring, Morton Stanley.

Erik Woodring，Morton Stanley。

Echo the congrats on the quarter and the outlook. Antonio, when you take a step back, can you just help us better understand exactly what has happened over the last 90 days in Cloud and AI? And what I really mean by that is your significant price hikes were already well known last quarter. So that's not a surprise. But now you're looking obviously at low 20% year-over-year Cloud and AI revenue growth versus 90 days, you thought it would be mid- to high single digits.

也要恭喜本季表現與展望。Antonio，退一步看，你能否幫我們更清楚理解過去90天在雲端與AI方面到底發生了什麼？我真正的意思是，你們大幅調價在上季就已經眾所周知。所以那不是驚喜。但現在你們顯然預期雲端與AI營收年增率在低20%區間；而90天前你們認為會是中到高個位數。

So exactly what changed so abruptly in the last 90 days? And can you help us understand what customer base cohort did this inflection come from?

那麼，過去90天到底是什麼讓情況如此突然改變？你能否幫我們理解，這個拐點主要來自哪一類客戶群（cohort）？

Yeah. Thanks, Erik. Well, I will say at the core is demand acceleration. And I think the demand acceleration was manifested in a number of categories in the Cloud and AI business. Obviously, the traditional Server. I talked before about the concern to get access to products and don't wait for things to improve. I think that was very clear. Second is the agentic AI. Definitely, there has been a key driver of demand acceleration.

是的。謝謝，Erik。我會說核心是需求加速。而且我認為需求加速在雲端與AI業務的多個類別中都有所體現。很明顯，傳統伺服器就是其一。我之前談過，客戶擔心拿不到產品，因此不會等到情況改善才行動。我認為這點非常明確。第二是代理式AI（agentic AI）。這確實是需求加速的一個關鍵驅動因素。

I think on the storage side, obviously, we have our own benefit because we have foreseen a transition to our Alletra MP because also we are end-of-life legacy products. And then we introduced new data platforms with object, which we expect to accelerate now with the introduction of file. I think there is a combination of virtualization modernization because customers with the new commercial terms, they are very concerned about cost.

我認為在儲存方面，很明顯我們也有自身的利多，因為我們已預見客戶將轉向我們的Alletra MP，同時我們也正讓既有的舊產品走到生命週期終點。此外，我們也推出了新的資料平台（物件），並預期隨著檔案（file）的導入，現在會進一步加速。我認為還有一個組合因素是虛擬化現代化，因為在新的商業條款下，客戶對成本非常在意。

When you modernize your software virtualization estates, by definition, you're modernizing the infrastructure that sits underneath. That's a combination of our Morpheus dragging the private cloud business addition for virtualization. And as we grow private cloud AI, I call it AI factory factor enterprise, that infrastructure and software is pretty much the same. The only really changes is the GPUs in the server and the Alletra X10000 in the storage.

當你把軟體虛擬化資產（estates）現代化時，按定義你也會把底層的基礎設施一併現代化。這包含我們的Morpheus，帶動私有雲業務在虛擬化方面的增量。而當我們擴大私有雲AI——我稱之為企業AI工廠（AI factory）——其基礎設施與軟體幾乎是相同的。真正的差異只是在伺服器中的GPU，以及儲存端的Alletra X10000。

But then GreenLake also is a driver of additional adoption of technology because once you're on the platform, as I said earlier, we have a net retention rate of near 110%. And obviously as budget as constrained, we expect, obviously, the consumption model to grow over the next few quarters because you move to more of an OpEx model.

另外，GreenLake也會推動技術的進一步採用，因為一旦你上了這個平台，如我先前所說，我們的淨留存率接近110%。而且在預算受限的情況下，我們預期未來幾季消費型（consumption）模式會成長，因為你會更偏向OpEx模式。

So it's a combination of many things. But the pipeline and the customer engagement are super strong. And then obviously, the Networking provides a core foundation to drive cross synergies as we go forward.

所以這是多種因素的組合。但我們的管線與客戶互動都非常強勁。此外，網路業務也提供了核心基礎，讓我們在未來推進跨領域協同效益。

Matthew Niknam, Truist.

Matthew Niknam，Truist。

I will echo the congrats. Everyone is relayed as well. Phenomenal results.

我也要再次恭喜。大家也都轉達了。成果非常亮眼。

Antonio, you mentioned cross portfolio sales. And I'm wondering how prevalent these are right now? And is it in the context of more security and networking among enterprise customers? Or are you seeing more cross-portfolio purchasing across Servers, Storage and Networking products to really bring some of these Juniper revenue synergies to fruition?

Antonio，你提到跨產品組合銷售。我想知道目前這種情況有多普遍？這主要是在企業客戶之間更偏向資安與網路的搭售情境嗎？還是你看到更多跨產品組合的採購，涵蓋伺服器、儲存與網路產品，來真正讓這些Juniper的營收協同效益落地？

Well, thank you. I think it's the latter, and I will say it's early, even because, as I said in my opening remarks, our enterprise data center switching orders grew 20%. And that's very early, very early in the process. We see now larger deals and larger engagement because we have the scale of our sales force where the network in sales force can get access to customers that in the past, they were not able to get to.

謝謝。我認為是後者，但我也會說目前仍在早期；因為如我在開場致詞提到，我們的企業資料中心交換器訂單成長了20%。而這在流程上還非常早期、非常早期。我們現在看到更大的案子與更深的互動，因為我們的銷售團隊具備規模，使得網路銷售團隊能接觸到過去無法觸及的客戶。

And then there is the product integration. To give a sense of the product integration, we are integrating what is called the Apstra lifecycle management or intent-based provisioning for data center switching with Morpheus. What that allows to do is to provide a full hybrid control plane for Server, Storage and Networking and also integrating the software-defined networking into the VM essential stack. That also will drive the data center switching inside the private cloud reference architecture.

接著是產品整合。就產品整合而言，舉例來說，我們正在把所謂的Apstra生命週期管理或意圖式（intent-based）佈署，整合到資料中心交換器並與Morpheus結合。這讓我們能提供涵蓋伺服器、儲存與網路的完整混合式控制平面，同時也把軟體定義網路整合進VM essential堆疊。這也會推動資料中心交換器納入私有雲參考架構之中。

Eventually, when we move into the Ethernet-based storage as the speeds continue to grow, that's going to be, of course, a Juniper switch at the 1.6 terabits. So I will say we are early.

最終，當我們走向以乙太網為基礎的儲存，且速度持續提升時，當然會是Juniper的交換器，達到1.6太比特。所以我會說我們仍在早期。

Now network and security, that's a more insulated within networking because obviously, if you think about the edge, deploying a SASE, or a secure service edge, that will drive convergence between network and security. But there, we are not thinking about driving security convergence just at a software level. We are taking a bold approach, which is to drive it at the silicon level, and you're going to see more of that as we go forward with Rami and team.

至於網路與資安，那在網路領域內相對更獨立一些；因為如果你想到邊緣端部署SASE（安全存取服務邊緣，secure service edge），就會推動網路與資安的融合。但在那裡，我們不只是從軟體層面去推動資安融合。我們採取更大膽的方法，也就是在矽晶片層面推動融合；隨著Rami和團隊往前推進，你們會看到更多這方面的進展。

Aaron Rakers, Wells Fargo.

Aaron Rakers，Wells Fargo。

Congrats on the results, very impressive. I guess my question, some of it's been a little bit asked, but I want to go back to the traditional Server business, 40%-plus year-on-year growth, very impressive. But I'm curious if you could unpack how much we're seeing in terms of the ability to price through some of the inflationary component costs relative to underlying unit demand?

恭喜這次的成果，非常令人印象深刻。我想我的問題有一部分先前已被問到一些，但我想回到傳統伺服器業務：年增40%以上，非常亮眼。但我好奇的是，你能否拆解一下，我們看到的成長中，有多少來自把通膨性的零組件成本透過價格轉嫁出去的能力，相對於底層的出貨量需求？

And I guess when we look forward, does the guidance reflect a continued expectation of price increases to mitigate any margin impacts? Any kind of color of what you've done on the pricing strategy would be helpful.

另外，往前看，指引是否反映了你們仍預期會持續調價，以緩解任何利潤率的影響？若能分享一些你們在定價策略上做了什麼的細節，會很有幫助。

Yeah. Thank you. Look, Aaron, units are up, and we expect units to increase as we go forward because as prices normalize, obviously, the [UPM] units will rebalance. But units were up slightly this quarter.

是的。謝謝。你看，Aaron，出貨量（units）在增加，而且我們預期未來出貨量會持續增加，因為隨著價格回歸正常，很明顯，[UPM] 的出貨量將會重新平衡。不過本季出貨量只是小幅上升。

The second part of this is that the pricing, we have been very disciplined, right? And obviously, we are seeing significant dislocation on the cost. We expect that to moderate in the second half and eventually normalize. But I will say, Aaron, that, that cost environment and pricing environment will continue to be very elevated in 2027.

第二部分是定價，我們一直非常自律，對吧？而且很明顯，我們看到成本端出現顯著的錯位。我們預期下半年會趨於緩和，並最終回歸正常。但我想說，Aaron，這樣的成本環境與定價環境在 2027 年仍將持續處於非常高的水準。

But the units will rebalance. And as we said earlier, right, we expect that demand to continue to be very strong as we look into 2027, especially the context is going to change because of the agentic AI deployment.

但出貨量會重新平衡。而且如同我們先前所說，展望 2027 年，我們預期需求將持續非常強勁，尤其是在代理式 AI（agentic AI）部署的帶動下，整體情境將會改變。

And maybe just add a couple of comments just on the margin durability. We do also see the impact of our Catalyst program, helping us out both on gross and operating margins. And I think I commented in my prepared remarks, we were slightly ahead. So that's giving us confidence around the durability of those margins. And we do expect that to see some improvement in unit volumes in the back half of the year as well.

另外也補充幾點關於毛利率韌性。我們也看到 Catalyst 計畫的影響，對毛利率與營業利益率都有幫助。我想我在事先準備的發言中提到過，我們略微超前。因此，這讓我們對這些利潤率的韌性更有信心。同時，我們也預期今年下半年出貨量也會有一些改善。

Tim Long, Barclays.

Tim Long，巴克萊（Barclays）。

I was hoping to touch on storage for a minute here. Maybe just -- if you could just talk a little bit about kind of seeing the outsized growth in Server but not in storage, what you would think about kind of pull-through there.

我想花一點時間談談儲存（storage）。也許——如果你能稍微談一下，為什麼伺服器（Server）出現超預期成長，但儲存沒有；你怎麼看待其中的帶動（pull-through）效應。

And I would assume you're -- I know there's a lot of ASP increase in service because of DRAM, but I think also some in storage because of NAND. So maybe you can just touch on that dynamic around the storage business.

我猜你的情況是——我知道因為 DRAM 的關係，服務（service）的 ASP 上升很多，但我想儲存也有一些，因為 NAND。所以也許你可以談談儲存業務在這方面的動態。

Yeah, sure. Look, the Alletra MP block customer migration accelerated. We talk about driving triple digits year-over-year growth on the Alletra MP, which is the go-forward platform in both orders and revenue. Marie talked about that. Obviously, that takes time to see in the total number, but because we have other stuff in the storage. But overall, the storage was up 2%.

好的，當然。你看，Alletra MP 區塊（block）客戶的遷移正在加速。我們提到，Alletra MP（也就是未來主力平台）在訂單與營收上都實現了三位數的年增成長。Marie 也談到了這點。很明顯，這需要一些時間才會在總體數字中反映出來，因為我們在儲存業務裡還有其他產品。但整體而言，儲存業務成長了 2%。

But the Alletra MP, which is the platform that has both block file with object is growing triple digits, both revenue and orders. And remember that our revenue is also somewhat impacted by the fact that we are deferring a portion of the revenue over a longer period of time. Why that's the case? Because our software is a SaaS-based solution on that CapEx, which is hardware.

但 Alletra MP 這個平台（同時涵蓋區塊、檔案與物件）在營收與訂單上都以三位數成長。而且請記得，我們的營收也在某種程度上受到影響，因為我們把一部分營收遞延到更長的期間認列。為什麼會這樣？因為我們的軟體是以 SaaS 為基礎的解決方案，而那部分 CapEx 則是硬體。

But the takeaway, our go-forward platform is growing in triple digits, both orders and revenue. And over time, that's going to fuel the growth, the total storage has become the biggest part of the portfolio.

但重點是，我們的未來主力平台在訂單與營收上都以三位數成長。隨著時間推進，這將帶動成長，而整體儲存也已成為產品組合中最大的一部分。

Operator, this will be the last question, please.

接線員，請問這將是最後一個問題。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

I think most of the questions have been asked. I guess we've heard some contradictory commentary from some of your peers regarding pull-through orders. Just curious what's the confidence that the strength this quarter doesn't reflect any of that? And what's giving you confidence in the sustainability going forward?

我想大多數問題都已經問過了。我想我們也聽到一些同業對於「拉貨式」訂單（pull-through orders）有些相互矛盾的評論。我只是好奇，你們有多大信心認為本季的強勁表現並不反映那種情況？以及是什麼讓你們對未來的可持續性有信心？

Yeah. Sam. I mean we have no evidence in our orders or backlog of any pulls in. And honestly, unlike COVID where people maybe -- were also doing double booking, we don't see that at all. And we have no cancellations. So that's the answer related to that question.

是的。Sam。我的意思是，我們在訂單或積壓訂單（backlog）中沒有看到任何提前拉貨的證據。而且老實說，不像 COVID 時期人們可能——也會重複下單（double booking），我們完全沒有看到那種情況。而且我們沒有取消訂單。所以這就是對那個問題的回答。

And because of the pipeline that we have, we feel confident about the durability of that demand, which will drive this sustained momentum. And that's why Marie and I went on and we provided a guidance for '26 as we did and the financial framework for '27. That's what we see.

此外，基於我們目前的商機管道（pipeline），我們對需求的韌性很有信心，這將推動動能持續。也因此 Marie 和我才會進一步提供我們對 2026 年的指引，以及 2027 年的財務框架。這就是我們所看到的。

Well, good. I know there's more questions, but I know the team will follow up with you. I just want to wrap by saying we delivered an exceptional quarter with record-breaking results. Those results were driven by the strong demand that we see in the market, strong disciplined execution and honestly our strategy because our strategy is more encompassing when it comes down to a Networking, Cloud and AI.

很好。我知道還有更多問題，但我知道團隊會再跟各位後續聯繫。我想做個總結：我們交出了一個非常出色的季度，創下破紀錄的成果。這些成果來自於我們在市場上看到的強勁需求、強而有力且自律的執行，以及坦白說我們的策略，因為我們的策略在網路、雲端與 AI 方面更為全面。

The Juniper acquisition, in my mind, has been a home run and it's proven to be a big source of shareholder value creation. And therefore, we believe the strategy is working.

在我看來，收購 Juniper 是一次全壘打，並已證明是創造股東價值的重要來源。因此，我們相信這個策略正在奏效。

I think our portfolio is the strongest it has ever been, and you're going to see more of that here in two weeks because I will encourage you to log in either the keynote or to be in person there. We're going to have 7 acres of technology on display, just to put it in perspective. And you're going to see the synergies across the portfolio as we were talking about it.

我認為我們的產品組合是史上最強的，而你們在兩週後會看到更多內容；我也鼓勵各位不論是線上收看主題演講（keynote）或親自到場。我們將展示 7 英畝的技術展區，讓大家有個概念。而且你們會看到我們一直在談的、跨產品組合的協同效應。

And the most important part is that we're building durable momentum for the future. This result is not a onetime thing. It's the combination of the quality of earnings that we are driving across the portfolio. And my view is that we just unlocking the value that was always here in the company. And I think there is more to be done.

最重要的是，我們正在為未來建立可持續的動能。這個結果不是一次性的。它是我們在整個產品組合中推動的獲利品質提升所共同帶來的成果。而我的看法是，我們只是正在釋放公司一直以來就存在的價值。而且我認為還有更多工作要做。

But I'm very proud of what the team has delivered this quarter and the guide that we provided as we think about '26 and '27. So thank you again for your time. Hope to see you soon or at the HPE Discover.

但我對團隊本季的交付成果，以及我們在思考 2026 與 2027 年時所提供的指引，感到非常自豪。再次感謝各位撥冗參與。希望很快能見到各位，或在 HPE Discover 與各位相見。

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

本次會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。