Good afternoon, and welcome to the Fiscal Year 2026 First Quarter Financial Results Conference Call for Dell Technologies. I'd like to inform all participants this call is being recorded at the request of Dell Technologies. This broadcast is the copyrighted property of Dell Technologies. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. Following prepared remarks, we will conduct a question-and-answer session. If you have a question, simply press Star, then 1 on your telephone keypad at any time during the presentation. I'd like to turn the call over to Paul Frantz, Head of Investor Relations. Mr. Frantz, you may begin. Thanks, everyone, for joining us. With me today are Jeff Clarke, Yvonne McGill, and Tyler Johnson. Our earnings materials are available on our IR website, and I encourage you to review these materials. Also, please take some time to review the presentation, which includes additional content to complement our discussion this afternoon. Guidance will be covered on today's call. During this call, unless otherwise indicated, all references to financial measures refer to non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income, net income, diluted earnings per share, free cash flow, and adjusted free cash flow. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and our press release. Growth percentages refer to year-over-year change unless otherwise specified. Statements made during this call that relate to future results and events are forward-looking statements based on current expectations. Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in our web deck and our SEC filings. We assume no obligation to update our forward-looking statements. Now, I'll turn it over to Jeff. Thanks, Paul, and thanks, everyone, for joining us. This quarter, we executed very well, achieving growth across our core markets and experiencing unprecedented demand for our AI-optimized servers. Our revenue reached $23.4 billion, up 5%, driven by growth across all of our core markets. ISG and CSG were up 8%. Earnings per share increased by 17% to $1.55, growing three times faster than revenue. This resulted in a record cash generation for the first quarter and shareholder returns exceeding $2 billion. Turning to AI, we experienced exceptionally strong demand for AI-optimized servers, building on the momentum discussed in February and further demonstrating that our differentiation is winning in the marketplace. We booked $12.1 billion in orders in the first quarter, surpassing the entirety of shipments in all of FY2025. We shipped $1.8 billion, leaving us with a backlog of $14.4 billion. Our five-quarter pipeline continued to grow sequentially across both Tier 2 CSPs and private and public enterprise customers and remains multiples of our backlog. Enterprise AI customers grew again sequentially with good representation across key industry verticals, including web tech, financial services industry, manufacturing, media and entertainment, and education. AI momentum continues to remain strong. That said, given the scale of these opportunities, variability in timing, and choices around technology, the inherent non-linear nature of demand and associated shipments is likely to persist. This quarter is a clear indicator that Dell offering resonates with customers. We are innovating at breakneck speed, designing bespoke custom solutions for customers while being agile to respond quickly to evolving next-generation architectures. Our ecosystem in this space is unmatched, with key partners such as NVIDIA, AMD, Hugging Face, Cohere, Meta, Mistral, and Google, and so many others. Our execution continues to be a key differentiator. We built a strong reputation for deploying large-scale clusters quickly and reliably, significantly reducing the time-to-first token and accelerating time-to-value for our customers. Beyond deployment, we provide ongoing comprehensive support, including managed services that ensure systems reliability and performance in customer data centers. Finally, our ability to offer flexible financing solutions enables customers to scale their AI infrastructure with confidence and efficiency. Looking ahead, we remain focused on expanding our leadership in this space by continuing to invest in innovation, deepening customer partnerships, and delivering the infrastructure and software solutions within our AI factories that will power the next wave of AI transformation. In traditional servers, revenue increased double- digits, and we now have six consecutive quarters of year-over-year demand growth. TRUs increased alongside the mix of our 16th-generation servers as customers prioritize consolidation and modernization of their data centers. A significant portion of the installed base remains on 14th-generation servers or older, presenting a substantial refresh opportunity with our 16 and 17G servers. In storage, revenue increased 6%, making it the third consecutive quarter of P&L growth, along with margin improvement year-over-year. We continue to execute in our areas of focus: Dell IP in the mid-range, software-defined, unstructured, and data protection, as more and more customers move to disaggregated architectures. PowerStore demand rose double- digits, growing for five consecutive quarters. Customers value our five-to-one data reduction guarantee, and we are integrating more security into PowerStore using advanced AI analytics. We are gaining traction in data protection with demand up double- digits in both our next-generation target appliance as well as our software. Our mix of Dell IP storage continues to grow, and we are capturing more value from our platforms, expanding the margin rates within our products. In CSG, momentum increased in commercial PCs where demand strengthened. Overall, CSG revenue rose by 5%, driven by strong commercial revenue growth of 9%. We now have three consecutive quarters of P&L growth and five consecutive quarters of demand growth in commercial. We saw double-digit demand growth across small business, medium business, and large enterprise. Commercial demand was strongest in North America, with EMEA and APJ up double- digits. While the PC refresh remains behind prior cycles, we are seeing indicators that the installed base is upgrading to new Windows 11 PCs, many of them AI PCs. The consumer market remains challenged. Consumer revenue declined 19%, and the industry pricing remained competitive. Over the past three months, we've made significant advancements to the Dell AI factory, from industry-first AI PCs to the edge and data center enhancements. We are pushing the boundaries with highly dense, powerful, energy-efficient AI infrastructure, leading the industry in pace of innovation. Some examples of our recent end-to-end AI announcement: we lead the industry with the broadest portfolio of Copilot+ capable AI PCs shipping since March, strategically timed with the Windows 11 refresh. This allows our customers to move to the latest technology and future-proof on-device AI workloads. We announced new Dell Pro Max notebooks and desktops equipped with the NVIDIA RTX Pro Blackwell GPUs, Intel Core Ultra processors, AMD Ryzen, and Threadripper processors. At GTC, we announced the future of desk-side AI development with the Dell Pro Max with the GB10 and GB300, with the latter touting 784GB of unified system memory and the power to run a trillion-parameter model. At DTW, we announced the Dell Pro Max notebook with the industry's first enterprise-grade discrete NPU, capable of running a 109 billion-parameter model, setting a new bar for edge inference and a mobile form factor. On the server side, the XE9780 and XE9780L are air-cooled and liquid-cooled platforms, supporting up to 256 NVIDIA HGX B300 GPUs per rack. The XE9712, supporting NVIDIA GB300 NVL72, which we had the world's first SLED at GTC in March. The XE7745, supporting the NVIDIA RTX Pro 6000 Blackwell GPUs, with support for up to eight GPUs and a 4U chassis. The launch of our power-cooled platform, starting with our rear-door heat exchanger that captures, cools, and recirculates 100% of the rack heat, reducing the cooling energy cost by up to 60%. We introduced the Dell AI Data Platform, which showcases fast, powerful, scalable storage with significant software and hardware enhancements to PowerScale and ObjectScale. It also features cutting-edge technologies like Project Lightning, a large-scale caching solution co-engineered with NVIDIA, and end-to-end data management with the Dell Data Lakehouse. We expanded our ecosystems of partners and announced our collaboration with Google to bring Gemini on-prem exclusively for Dell customers, an industry-first. Additionally, we announced our partnership with the innovative Cohere to simplify the deployment of agentic technology on-prem. We also announced the Dell Private Cloud and the Dell Automation Platform, designed to make deploying, managing, and scaling private cloud environments simple. We are not only innovating today; we are defining the future architecture of the intelligent enterprise. In closing, I'm confident in our position and ability to execute. We are leading in AI and pushing the boundaries of innovation. We had over $12 billion in AI orders this quarter alone, which will drive significant revenue growth and EPS. We are enabling data center modernization and consolidation with our 16th- and 17th-generation servers, enabling lower TCO while reducing physical footprint. Our Dell IP storage portfolio targets faster-growing, higher-margin segments of the market. Our commercial PC portfolio is ideally suited for enterprises with a wider range of offerings and AI-capable devices. Our industry-leading supply chain is a unique advantage in the dynamic environment we are operating in today. We are leveraging the agility and resilience we have built over the past four decades, enabling us to navigate numerous challenges over the years and allows us to minimize the impact on our customers and shareholders. We are using GenAI internally to increase the competitiveness and capability of the company. For example, our digital service assistant has increased our diagnostic and resolution ability while increasing customer satisfaction. We are well-positioned today as AI accelerates and becomes more pervasive in all of our lives. There is so much more to come, and we will be leading. Now, over to you, Yvonne, for more details on Q1. Thanks, Jeff. Let me begin with an overview of our Q1 performance. Then I'll move to ISG, CSG, cash, and guidance. In the first quarter, we saw continued P&L growth across all of our core markets and record Q1 cash flow from operations. Our total revenue was up 5% to $23.4 billion. Our combined ISG and CSG business grew 8%. Gross margin was $5.1 billion, or 21.6% of revenue. This was down 80 basis points due to a more competitive pricing environment, predominantly in CSG and geographical mix within traditional servers. Operating expense was down 2% to $3.4 billion, or 14.5% of revenue, as we continue to unlock efficiencies and modernize our processes. Now, let's look at operating income. We delivered a 10% increase to $1.7 billion, or 7.1% of revenue. This was driven by higher revenue and lower operating expenses. Q1 net income was up 13% to $1.1 billion, primarily driven by stronger operating income. Our diluted EPS was up 17% to $1.55, growing three times faster than revenue. Now, let's move to ISG, where we delivered another quarter of strong performance. ISG revenue was $10.3 billion, up 12%. Servers and networking revenue was a Q1 record of $6.3 billion, up 16%. We saw very robust demand in AI servers with $12.1 billion of orders in the first quarter, and we shipped $1.8 billion of AI servers. In traditional servers, we saw continued P&L growth, but the demand environment moderated compared to the last quarter. Additionally, we saw a lower mix of North America in traditional server, which is a higher-margin geography. Storage revenue was up 6% to $4 billion, our third consecutive quarter of growth. We saw strong demand in our Dell IP portfolio, specifically with PowerStore and data protection. We had ISG operating income of $1 billion, up 36%. This was driven primarily by higher revenue. Our ISG operating income rate was up year-over-year to 9.7% of revenue. The rate improvement of approximately 170 basis points was driven by revenue scaling and slightly lower operating expense and higher mix of Dell IP storage. As Jeff mentioned, we are focused on further increasing our mix of Dell IP versus partner IP storage and are also driving continued product profitability improvement within our storage business. Now, let's turn to CSG. CSG revenue was up 5% to $12.5 billion. Commercial revenue was up 9% to $11 billion, while consumer revenue was down 19% to $1.5 billion. CSG operating income was $0.7 billion, or 5.2% of revenue. TRUs remained stable sequentially, and we continue to see customers prioritize richly configured AI-ready devices. As Jeff mentioned, we saw strong performance across small and medium business and large enterprise. In consumer, the demand environment remained soft, and profitability remains challenged. We are focused on executing within CSG, leveraging our leading go-to-market engine and broader portfolio of offerings to capture the PC refresh. Now, let's move to cash flow and the balance sheet. We had a strong cash quarter with record Q1 cash flow from operations of $2.8 billion. This was primarily driven by profitability and working capital improvement. We ended the quarter with $9.3 billion in cash and investments, up $4.2 billion sequentially. Our core leverage ratio was up sequentially to 1.6x, given our recent debt issuance. We returned $2.4 billion of capital to shareholders with 22.1 million shares of stock repurchased at an average price of $90 per share and paid a dividend of roughly $0.53 per share. Our significant share repurchases this quarter reflect our continued confidence in the business, our ability to act opportunistically during periods of price dislocation, and commitment to disciplined capital allocation. Since our capital return program began at the beginning of 2023, we've returned $13.2 billion to shareholders through stock repurchases and dividends. Turning to Q2 guidance. In CSG, we expect the PC refresh cycle to continue as the install base upgrades to new devices, resulting in improved profitability sequentially. In ISG, we expect to ship roughly $7 billion of AI servers as we fulfill some of our large deals. We are expecting sub-seasonal performance in traditional server and storage, our larger profit pools that provide scale as customers evaluate their IT spend for the year, given the dynamic macro environment. Given that backdrop, we expect Q2 revenue to be between $28.5 billion and $29.5 billion, up 16% at the midpoint of $29 billion. ISG and CSG combined are expected to grow 19% at the midpoint, with ISG growing significantly and CSG up low to mid single digits. OpEx will be down low single digits year-over-year. We expect operating income to be up roughly 8%. We expect our diluted share count to be roughly 685 million shares. Our diluted non-GAAP EPS is expected to be $2.25+ or - $0.10, up 15% at the midpoint. Moving to the full year. It is early in what has been a very dynamic year. We're optimistic on our portfolio and our ability to execute. However, we want to be thoughtful on how customers think through their IT spend relative to the macro environment. Against that backdrop, we are reiterating our full-year revenue guidance and expect FY26 revenue to be between $101 billion and $105 billion, with a midpoint of $103 billion, up 8%. We expect ISG to grow high teens, driven by over $15 billion in AI server shipments and continued growth in traditional server and storage. We expect CSG to grow low to mid single digits. We expect the combined ISG and CSG to grow 10% at the midpoint. Given what we expect for the first half, the full-year guide reflects slightly lower profitability expectations within CSG, traditional server, and storage. As our modernization efforts continue, we expect operating expense to be down low single digits year-over-year. We expect operating income to be up roughly 9%. We expect I&O to be between $1.4 billion-$1.5 billion. We are increasing our diluted non-GAAP earnings per share guidance to $9.40+ or - $0.25, up 15% at the midpoint, assuming an annual non-GAAP tax rate of 18%. In closing, we have another strong quarter with EPS growth significantly outpacing revenue and record Q1 cash generation. We are focused on executing our strategy, expanding our lead in AI, and modernizing our business, all driving increased EPS growth. This will be an exciting year, and I look forward to the growth we see above our long-term framework and the value we will continue to deliver to our customers and our shareholders. Now, I'll turn it back to Paul to begin Q&A. Thanks, Yvonne. In order to ensure we get as many of you as possible, please ask one concise question. Let's go to the first question. We'll take our first question from Amit Daryanani with Evercore ISI. Thanks a lot for taking my question. I guess my question was just on the AI server revenues. You folks had some really impressive performance in Q1. I think the backlog at $12.1 billion was up over $3 billion from 90 days ago. Can you just touch on kind of what are you seeing and how should we think about the fiscal 2026 AI server revenue target, which I think was $15 billion before, especially as you're seeing a bigger uptick in engagement from the sovereign side and also some of the new clouds I think are raising the CapEx? Just any framework on how to think about the AI server market as we go forward would be really helpful. Sure. Amit, thanks for the question. First of all, we're 91 days into the year. We've got 273 more to go. I like the start. $12.1 billion of orders in Q1, more than all of last year. We're off to a good start, but we have much in front of us. The customer deployments that we have in front of us are large. They're complex. They have very detailed scheduled deliveries. There's lots of dependencies on this. We've talked about this business being lumpy and non-linear. The dependencies in this business are waiting for data centers to be built, power to be provided, direct work of cooling infrastructure to be put in place. We're orchestrating a highly complex supply chain. You've probably seen the reference that a GB200 NVL72 rack has 1.2 million parts in it. Coordinating and orchestrating that across our value add, whether that be CDUs, cold plates, the racks themselves, power shelves, what have you, that's what we're working through. It's driven the backlog. We love where the backlog is. It's healthy. It's reflective. I believe the backlog is $14.4 billion on top of that $12.1 billion of orders. And probably the interesting thing, what I think is the most interesting thing, is that we converted our five-quarter pipeline, obviously, to generate the $12.1 billion in the growing backlog, and the five-quarter pipeline grew. It grew sequentially. It's up significantly year-over-year. It's filled through lots of multiple types of technology versions of Blackwell, and it now contains sovereign. You may have seen an announcement earlier today from the Department of Energy around the NERSC 10 in our design win there, an example of sovereign AI. We're very excited about that. Also, we've got lots to go, three quarters in front of us. I can really tell you we're on the plus side of $15 billion and feel pretty good about it, but we'll update you on how the full year goes in another quarter. Thanks, Amit. Our next question will come from Ben Reitzes with Melius Research. Make this concise from Paul there, so I'll do my best, Jeff. I wanted to talk about second-half guidance. I mean, Amit went there a little bit, but if you do the $15 billion +, let's call it, and including $8 billion in the first half for AI servers, that implies, I do not know, $3.5 billion each quarter in the back half. I think Amit was getting at this, that is that indicative of demand? Yvonne and Jeff, do you mind just talking about, is that the kind of lumpiness we're really getting, seven going to three and a half, or are you just being conservative? Sorry for the multi-part, but Yvonne, do you mind just saying again what you're looking for in ISG? What level of moderation for the second half of demand in both ISG and CSG? Is it really significant? In order to kind of keep your guidance, we actually have to slow down AI servers, but I'm not so sure street numbers for the other two segments go down very much. Thanks. In the back half, I mean. Thanks. Let's see if we can parse our way through that. I believe, first of all, Yvonne made a reference that we expect to ship $7 billion of AI servers on top of the $1.8 billion that I referenced, so we're closer to $9 billion in the first half. I made the reference that the five-quarter pipeline continues to grow and grow significantly. It remains multiples of our backlog. The enterprise component of that continues to grow. In fact, it's growing at a faster rate than the CSP part of that pipeline. We're optimistic. It's early in the year. We're 91 days in. We have a couple of technology shifts in front of us. We're very excited about that. We continue to win and differentiate ourselves with our engineering and innovation, our ability to deliver and deploy, and turning on our racks in 24 hours when they're operating and in business for our customers. We continue to focus on what differentiates us. I like our prospects of converting more pipeline in the second half, but at this point, we're on the 15+ side. Our annual guidance that we just delivered suggests that's exactly where we are and I'll let Yvonne work her way through the ISG question that you had. Yeah. From an ISG perspective, as I think through the full-year guide, we are early on, right? We have been thinking that as we are, I'd say, historically a bit conservative in how we look at the year, we have really held holistically on the year right now, given what we're seeing in the dynamic environment. I am really excited about the AI opportunity. Obviously, we have a significant backlog already, and that will continue to expand. At this juncture, we think we should remain on what we have put out for the guide and not do any dynamic increases there. Thanks. All right. Thanks, Ben. The next question comes from Erik Woodring with Morgan Stanley. Hey, guys. Thank you so much for taking my question. Jeff, obviously, Ben and Amit have touched on it. Really strong commentary on AI servers. I would love to just get a little bit more color from you on the potential for the storage and services attach opportunity alongside AI servers. Obviously, there was commentary more than a year ago about a pretty big opportunity there. I'm just wondering, as you've kind of seen this market evolve with CSP customers, enterprises, sovereigns, when can we think about that attach opportunity really starting to materialize? Any way to size how to think about the attach? Anything that you could help us understand for margin impact? Just some more context would be helpful there. Thanks so much. Sure. I think part of it is part of the answer lies in linking to what we announced at Dell Technologies World, which is an expansion of our storage portfolio, the storage capability, our data management platform, the Dell Automation Platform. Those things are all important as we're building out the portfolio of pluses around the specific AI server node and the rack. We made reference to Project Lightning last week. Continue to be excited about the opportunities there. I would probably cast it as modest improvement in our storage and networking attach. We've made significant improvement in our deployment and installation services attach. It is what's actually differentiating us in the marketplace. Our ability to do the L11, L12, get it deployed, installed, and ultimately operational in a short period of time. That continues to differentiate. It's being valued by our customers. If I extrapolate that to what can be done in enterprise, it is the same sort of opportunity. In fact, we think the opportunity to attach storage, particularly as the data structure moves to more object storage and our assets in the unstructured space, we have a differentiated advantage. We are going to continue to invest in that portfolio. The opportunity in networking is there. Obviously, the services that I just mentioned are equally important in enterprise as they are in the largest clusters in the world. We remain optimistic. We have work to do. I would not be, I think, truthful if I said we were satisfied. We are not satisfied with the attach today. I think that is all upside and opportunity. Our sales team is focused on that. We continue to find opportunities to differentiate our portfolio, look at some of the subsystems and our performance and the attributes that it brings to what's being done in these modern workloads. We are very optimistic about that. I think I've made reference in the past as these modern workloads evolve. It's clear that the disaggregated storage architecture is the path of the future, and I think we have the best portfolio in that. We will continue to focus on that with our customers. All right. Thank you. Awesome. Thank you, Jeff. Good luck, guys. You're welcome. Thanks. The next question will come from Wamsi Mohan with Bank of America. Yes. Thank you so much. Maybe a quick clarification. Are you assuming any impact from tariffs in your numbers at all? For my question, given the significant ramp of AI servers and sort of what you're guiding incrementally for next quarter, I'm calculating a low single-digit operating margin on the AI servers. Would you agree with that? How should we think about the progression of gross margin? Thank you. Maybe a couple of sound bites, and then Yvonne can add to this. Our guidance for the year in Q2 includes everything that we know about tariffs as of today. We were able to navigate that, I believe, successfully. I think we view the input cost to our business as deflationary in Q2. That is inclusive of tariffs. We are very confident that what we conveyed in the form of our outlook is very inclusive of our cost associated with tariffs. We did not make any price moves in the quarter. We were steady. We have been through this before. I think we weathered the storm quite well and ultimately took care of our customers and served them quite well. When I think about AI and the numbers that we gave, the $7 billion of incremental revenue, when you look at it, I believe it's roughly $4 billion on a year-over-year basis. It's roughly $5 billion on a quarter-over-quarter basis. It drives significant gross margin dollar growth on both a year-over-year and quarter-over-quarter basis. It drives significant operating income dollar growth on a quarter-over-quarter and year-over-year basis. Yeah. I'll. I'll punt that over to Yvonne, and she can add more. Yeah. I'd say embedded within the guide is a 10% quarter-over-quarter increase in gross margin dollars. As Jeff mentioned, what we're seeing in ISG quarter-over-quarter is about $5.3 billion more revenue with roughly $500 million more in operating income, which is being driven by AI server profitability and to a lesser extent improvement in the profitability within our storage portfolio. Excellent. Thank you, Wamsi. The next question will come from Michael Ng with Goldman Sachs. Hi. Good afternoon. Thanks for the question. Just have two on AI servers. I was just wondering if you could comment on the AI server profit outlook for the full year. I think you reiterated the revenue and OpEx outlook despite the lower profit assumptions on CSG traditional servers and storage. Does that imply that the AI server profit outlook was raised? Are you still expecting ISG margins to be flat year-over-year in fiscal 2026? Secondly, I was just wondering if you could talk a little bit about some of the AI server orders that happened in the last two months after you gave that update at the end of February. Were there any kind of key customer types or kind of texture to the orders that you could just help to characterize? Thank you. Why do not I start with the guidance and the ISG profitability? For the full year, I just talked on it. We are expecting rates to be down going forward, but we are seeing that reflective of what we saw in the first half, right? What we saw in the first quarter plus what we are expecting in the second quarter. Overall, it is driven by lower profitability in traditional servers and CSG. Holistically, when we are talking about AI, we are seeing those dollars being accretive into our P&L. Storage margins are also improving nicely, and we expect that to continue over the year as we lean more into our Dell IP mix. That is good to expect also. ISG margins will expand throughout the year as we see the typical seasonality within that part of the portfolio. I do not know, Jeff, if there is anything you would add to that. I would reemphasize the point that you made. It's the driving behavior in our AI business. It's driving gross margin dollar accretion and operating income dollar accretion. Does a sizable AI business dilute the overall rate? Of course it does. We're looking at it in absolute dollars in every scenario that we've now conveyed to you in our guidance for both the quarter and the year. It drives operating income dollar growth and gross margin dollar growth. I think it's something we continue to focus on. That's important to us. That is the driving behavior of how we're running this business. In terms of orders, clearly, I won't talk about specific customers. We saw CSP customers. We saw enterprise customers. The number of enterprise customers grew. The number of repeat enterprise customers grew as well. Our enterprise growth is exciting with over 3,000 customers now buying various forms of our Dell AI factories. We saw a mix from Hopper Technology and Blackwell Technology across those. We saw it with Arm and x86, so a great cross-representation there. I mean, that's the color and context, I guess, texture I'm willing to part with than what we sold in Q1. Great. Thank you for helpful. Thank you. Good. Moving on to Samik Chatterjee with JP Morgan. Great. Hi. Thanks for taking my question. Maybe just more broadly, in terms of your customer behavior, just curious if you've seen any sort of pull forward. I know you're managing the tariff environment pretty well, but not so much as everyone in the industry. Have you seen customers pull forward some demand? Particularly when we think about the caution that you have related to traditional servers and CSG, are you treating that more as customers just being cautious about the macro or more being in digestion after a pull forward of demand from your customers? Thank you. I'm certain we had some customers pull in demand. They certainly saw what was happening in the marketplace and how dynamic things were. There's no way to say that that didn't happen. I'm sure it did. To what degree? I don't know. What we know is, for example, if I separate the businesses, we're in the middle of a race to refresh. We have the Windows 10 expiration in the PC business. We've seen good traction or clearly in the refresh cycle. It's certainly behind others. Indications are we are seeing good growth. I think I mentioned in my remarks that North America and EMEA and APJ all grew double- digits from a demand perspective. We did see a slowdown in month three. Month one was greater than January. Month two was greater than February. Month three slowed in weeks 10-12. All three U.S. businesses, commercial PCs, traditional servers, and storage. Clearly, there was a bump along the journey there. Yvonne made reference to that with a slowdown in our traditional server business. I'll pull ahead. We are still optimistic about the year. We have all of the businesses growing. We are maybe a little more muted in what we think in those businesses. They may be down a point in terms of their absolute market growth. I do not think anyone knows. When you look at traditional servers, you look at storage, the other two businesses that I was referring to, again, both were growing nicely. North America speed bump week 10-12 in month three. Worked our way through that. We now have that reflected in our guidance in Q2. Great. Thank you. Okay. Thanks, Danny. The next question comes from Asiya Merchant with Citi. Great. Thank you for taking my question. If you could just talk a little bit about the competitive dynamics, just given the macro environment, a little bit of slowdown that you're seeing here, the fact that you didn't raise prices, just help us understand how the competitive responses were. If some of the guidance that you're providing reflects maybe a heightened competitive intensity, or is this more just macro and just being prudent given your customer behavior that you just outlined? Thank you. Sure. Let me take a run at that. In CSG specifically, commercial PCs. Look, ASPs remained relatively stable in the marketplace. There were certainly some complications or some dynamic behavior associated with tariffs that we certainly weathered through. We did not raise list price. We saw an actual increase of AI PCs as we're ramping our new products to help us stabilize our ASPs. I talked about the speed bump that we had in weeks 10 through 12 in month three of the quarter. That was really the United States. Commercial bids, they're no different than they were in Q1 or they were in the latter part of last year. Large bids are typically aggressive. We see transactional pricing much more stable and disciplined. Consumer PCs remained aggressive with a promotional bent to it. A high percentage of commercial, excuse me, consumer PCs remain in the promotional pricing kind of price bands. That is kind of where the business is. I do not see it changing in Q2. We are in this race to refresh in commercial PCs. We have launched a whole new series of products that are AI PCs that we are excited about. We are actually seeing an uplift in those customers that buy AI PCs and uplift in ASPs, as I mentioned, that stabilized overall ASPs. In the cost environment we are going to operate in, we believe, is deflationary inside our CSG business. If I move over to ISG, again, large deals, large customers, they are aggressive. It is not different. It has always been the case. It continues to be the case. There might have been a slight increase of some of more aggressive deals, but nothing really to write home about, if you will. Core server margins were relatively stable. The issue we had that Yvonne and I have tried to talk about is the slowdown of that traditional server business in North America in the quarter. We did not see any change from our side or our competitors' behavior. We did not make a list price move with all of the tariff work, all the tariff work that we had to mitigate and when others did. In storage, no major price moves. It has been pretty benign, pretty consistent. Big wins are aggressive. That is not unusual. That is the competitive environment. Thanks, Asiya. That's great. Thank you. Thank you for the color. We will take a question from Krish Sankar with TD Cowen. Yeah. Hi. Thanks for taking my question. Jeff, I just want to follow up on an earlier question on the storage attach rate. Last week at Dell Technologies, you introduced the ObjectScale platform, which can do up to 1,000 nodes. I'm kind of curious, A, number one, do you think some of these private storage companies, which have higher nodes, are kind of eating share from the legacy storage companies? Number two, do you need to be designed in on AI training to get the AI inference business, or do you think they're kind of agnostic to each other? I'll start with the latter one first. They're two different use cases or two different applications in AI. Clearly, we're trying to win both. When you look at, I think I've even made references on this call before, that AI devours data and training large models devours data. Quite frankly, even the example that I was on stage last week at DTW talking about our digital service assistant, it consumes a lot of data inside our company. Around five specific data sources are repair data, our dispatch data, our telemetry data, our knowledge base, and our call logs. That's very representative of an enterprise-class use case. Lots of data. In that case, it is an object file system and serving up that information quite fast to the computational engines to make the recommendation. I think the same thing happens when we talk about large data sets and enterprises being consumed by AI inference, which ultimately becomes AI inference reasoning, which ultimately becomes agentic technology going forward. I am very optimistic about the storage opportunities on enterprise. These fast subsystems, whether that is a true parallel file system like Project Lightning that is designed for AI first, what we have done with our PowerScale, ObjectScale, building up the portfolio, the number of announcements we made last week, we are building the high-performance file systems and storage systems in this disaggregated storage world where it has really moved to a flexible, agile, high-performance storage system to meet the needs of these AI workloads. That is what we are building. That is what we are focused on. You got a big glimpse of it last week at Dell Technologies World. Back to the attach conversation, we think that's the bridge for us to continue to improve our attach rate going forward. Thanks, Krish. We'll take a question from David Vogt with UBS. Great. Thanks, guys, for taking my question. Jeff, on AI, to keep it very simple, what is the type of demand that you're seeing in the quarter from an order perspective and what you're shipping? The reason I'm asking is you've got this fairly well-documented GPU transition out there that has sort of plagued maybe some of your competitors. What are you doing differently? What are you seeing from customers? When you think about that backlog that you're sitting at at $14.4 billion, how would you characterize sort of the flavor of that backlog from a technology perspective? Thank you. The backlog is primarily Blackwell. It has a combination of GB or Arm-based Blackwell with x86 Blackwell. It has some Hopper in it as well. Yes, these systems are complex. They're not for the faint-hearted. This is where real engineering, I believe, matters or innovation matters. The custom design nature in some of these very large deployments are unique, pushing the envelope, working with our partner NVIDIA and then specifically our customers to design a custom solution that meets the needs. Not only designing it, delivering it, and having it work at volume or at scale is equally as difficult. When you deliver it, as I made reference earlier, it actually works. We are moving towards when we deliver, and it is delivered at our customer site, it's upfront operational within 24 hours. Challenge anybody to see if they're close to that. I think we continue to differentiate ourselves. This is the opportunity. Blackwell challenges many engineering principles. We think we're working our way through them. We're excited about new versions of Blackwell as they come out later in the year. Obviously, next year's design that we made reference to in the press release this morning on Nurse 10, where it's going to provide 10 times more performance than the current implementation. That's the next generation platform between Dell and NVIDIA. We're excited. Great. Thanks, guys. Thanks, David. Moving on to Simon Leopold with Raymond James. Great. Thank you for taking the question. I want to see if maybe you could help us bridge the trends in your ISG operating margin in that I know there's some seasonal aspects to it that we saw, but last quarter, you did have significant operating margin improvement and less year-over-year improvement this quarter. If you could unpack the trends there and include in that, did you have any inventory write-downs or any excess inventory like Hopper or anything like that that might have affected the operating margins in ISG? Thank you. In ISG, the operating rate was down quarter over quarter. That is seasonally what happens, right? Going from Q4, our highest performing quarter. In fact, we had record operating income of 18.1% in Q4. Normal seasonality there coming in, but slightly more than in Q1, slightly more than what we were expecting. That is because of a few things. Traditional servers were impacted by lower North America mix, which we have already talked about, which is higher margin, as well as more large deals. We have talked about that. Those large deals continue to be competitive. We did improve our operating income rate, though, 170 basis points. We are going to maintain that, all that while driving up our Dell IP mix within our storage portfolio. I had mentioned also lower operating expense. I think we are on the path, normal seasonality from Q4- Q1. We will see that as our storage portfolio continues to build across the year. In Q2, we've already talked about how we're going to have a high mix of AI servers that we're expecting to be shipped. If you're going to focus on rates, we will have a rate impact there, but we will be driving significant margin dollars and operating income dollars quarter over quarter based upon how we're guiding. That's coming from the entire portfolio, inclusive of our AI servers. Thanks, Simon. Thank you. The next question will come from Mehdi Hosseini with SIG. Yes, sir. Thanks for taking my question. One quick follow-up. Just going back to the backlog you reported for April quarter based on the $12 billion booking, it's a huge number. Should we expect this booking and the backlog is good for the entire fiscal year? I'm asking this because just to better set the expectation, should we expect a sharp decline in orders into July and then a rebound, or is this order enough for the entire fiscal year? We're 91 days into the year with $12.1 billion of orders to date with a five-quarter pipeline that is significantly greater than the backlog of $14.4 billion. We're going to ship $7 billion of that backlog in Q2. We're going to go try to convert—that's our job—convert the pipeline in Q2 and in the second half into orders. Our best outlook is that we're in the 15+ range of ship revenue. We'll continue to work and drive backlog and convert pipeline into backlog. The composition of the backlog does have orders that are delivered beyond Q2 based on customer delivery schedules, which is dependent on their buildings, power, cooling solutions, their ability to take it. We're pretty, I think, tied out. We are tied out with our customers there. We know our delivery schedules, and we've communicated delivery schedules, our ability to ship $7 billion in the quarter, and that's going to convert more revenue of that pipeline going forward. We'll update you on what we think the entire AI year looks like if there's an update in Q2. We're optimistic about the additional opportunities there. 15+ with a capital L. With the pluses. Capital L, capital U, capital S. Thanks, man. The next question will come from Matt Nickum with Deutsche Bank. Hey, guys. Thanks so much for taking the question. I had a quick follow-up on servers and a question on cash flow. On the server side, is there any indication that the incremental spend for AI servers may be crowding out or negatively impacting traditional server spend, or is that softness more macro-related? On operating cash flow, very strong one Q. Yvonne, maybe I'm curious if you'd call out any one-off or non-recurring benefits in the quarter and then maybe just directionally how to think about subsequent quarters. Thank you. Let me take the first question. I think we said it in our prepared remarks. Q1 marked the sixth consecutive quarter of demand growth in our traditional server business. We expected, we, the industry, we Dell, expected growth to moderate in fiscal 2025. It clearly has. We've updated our market models. We believe the market is somewhere in that 4%-5% revenue growth range for traditional servers. We'll outperform that and take share. Our guidance reflects our best understanding of where the market is, our ability to grow against that. Yvonne made reference that our Q2 server revenue is below seasonality. I think that is prudent given what we learned in Q1, specifically around the slowdown in month three, weeks 10 through 12 in North America, specifically the United States. We're still optimistic. We're going to continue to grow. We see server ASPs continue to rise. We continue to see core count go up. We continue to see memory content go up. We continue to see storage content go up, which continues to tell us that consolidation is well underway. Customers are looking to consolidate traditional workloads to find space, power, and cooling to fuel new AI workloads. If you like the opportunity side of this, half of our installed base is 14G servers. The opportunity to replace them at 3-1, 4-1 with a 16G server, or 6-1 to 7-1 with a 17G server is right for the picking. That is what we are going to continue to focus on when we think the opportunity is there. Hey, Matt, let me jump in. This is Tyler. Let me jump in on the cash flow question. You said it, really strong quarterly cash flow. I'll remind you that when we ended Q4 on that call, I talked about the fact that when we saw a year like that with lower cash flow and working capital metrics where they were, that typically that's followed by a fairly strong year. I think that's just what we're seeing is the beginning of that. There was nothing unique. There was no one-off impact that generated that. I will take the opportunity to point out that we did see an increase in payables. That's a temporary increase. It's cash neutral because there's an offset. We're going to see that normalize this quarter. The reason I want to point that out is because that large increase is not the driver of cash. When you see that come back down and normalize, that's not going to be a negative impact to cash. If you look at CCC, we normalized for that. We would have been in the low 30s. That's compared to we ended negative 31 days in Q4. Net net, there was a benefit from working capital. That plus profitability is what drove cash flow. Great job. We were able to use that to return $2.4 billion to our shareholders. Thanks a lot, Matt. That's the last question. I'll hand it to Jeff to close. Thanks, Paul. Thanks, everyone, for joining us today. As we wrap up, I want to emphasize a few key points from today's call. First, our momentum in AI is unmatched. We booked over $12 billion of orders this quarter alone, which will drive meaningful revenue and EPS growth going forward. Second, our supply chain is a unique advantage that enables us to respond with discipline and agility to minimize any impacts as demonstrated in the first quarter. Third, in a dynamic environment, we are reiterating our full-year revenue guidance and raising our EPS guidance. We will continue to do what we do: drive growth, profitability, and shareholder return. Thanks for your time today. This concludes today's conference call. We appreciate your participation. You may disconnect at this time.