惠普企業 (HPE) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to the third quarter 2022 Hewlett Packard Enterprise Earnings Conference Call. My name is Chuck, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Mr. Andrew Simanek, Vice President of Investor Relations. Please proceed, sir.

下午好，歡迎參加 2022 年第三季度惠普企業收益電話會議。我的名字是查克，我將擔任您今天電話會議的主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。我現在想將演示文稿轉交給今天電話會議的主持人，投資者關係副總裁 Andrew Simanek 先生。請繼續，先生。

Great. Thank you. Good afternoon, everyone. I'm Andy Simanek, Head of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2022 third quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

偉大的。謝謝你。大家下午好。我是 Hewlett Packard Enterprise 投資者關係主管 Andy Simanek。歡迎您參加我們與慧與總裁兼首席執行官安東尼奧·內裡 (Antonio Neri) 舉行的 2022 財年第三季度收益電話會議；以及慧與執行副總裁兼首席財務官 Tarek Robbiati。

Before handing the call over to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately 1 year. We posted the press release and the slide presentation accompanying today's earnings release on our HPE Investor Relations web page at investors.hpe.com.

在將電話轉交給 Antonio 之前，讓我提醒您，此電話正在網絡廣播中。電話會議後不久將提供大約 1 年的網絡廣播重播。我們在我們的慧與投資者關係網頁investors.hpe.com 上發布了今天的收益發布所附帶的新聞稿和幻燈片演示。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HPE's filings with the SEC, including its most recent Form 10-K and Form 10-Q. HPE assumes no obligation and does not intend to update any such forward-looking statements.

與往常一樣，本演示文稿的元素具有前瞻性，並基於我們對當今世界和我們業務的最佳看法。如需更多詳細信息，請參閱與涉及風險、不確定性和假設的前瞻性陳述相關的收益材料的免責聲明。有關其中一些風險、不確定性和假設的討論，請參閱慧與提交給 SEC 的文件，包括其最新的 10-K 表格和 10-Q 表格。 HPE 不承擔任何義務，也不打算更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2022.

我們還注意到，本次電話會議中討論的財務信息反映了基於目前可用信息的估計，可能與慧與在截至 2022 年 7 月 31 日的財政季度的 10-Q 表格季度報告中最終報告的金額存在重大差異。

Also, for financial information that has been expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details. Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year-over-year basis and adjusted to exclude the impact of currency.

此外，對於在非公認會計原則基礎上表達的財務信息，我們在我們的網站上提供了與可比公認會計原則信息的對賬。有關詳細信息，請參閱我們網站上今天的收益發布隨附的表格和幻燈片演示。在本次電話會議中，除非另有說明，否則所有收入增長率均按年報告，並進行調整以排除貨幣影響。

Finally, after Antonio provides his high-level remarks, Tarek will be referencing the slides and our earnings presentation throughout his prepared remarks. As mentioned, the earnings presentation can be found posted to our website and is also embedded within the webcast player for this earnings call.

最後，在安東尼奧發表高級別講話後，塔雷克將在他準備好的講話中引用幻燈片和我們的收益演示文稿。如前所述，可以在我們的網站上找到收益演示文稿，並且還可以在此收益電話會議的網絡廣播播放器中嵌入。

With that, let me turn it over to Antonio.

有了這個，讓我把它交給安東尼奧。

Well, great. Thank you, Andy, and good afternoon, everyone. Thank you for joining today's call. As we have demonstrated throughout 2022, HPE is delivering for our customers and our shareholders. In the third quarter, HPE grew revenues, increased profits and strengthen gross margins through steady operational focus and execution and despite continued tight supply conditions and unfavorable foreign exchange.

嗯，太好了。謝謝你，安迪，大家下午好。感謝您加入今天的電話會議。正如我們在整個 2022 年所展示的那樣，HPE 正在為我們的客戶和股東提供服務。在第三季度，HPE 通過穩定的運營重點和執行以及持續緊張的供應條件和不利的外匯，增加了收入、增加了利潤並提高了毛利率。

In our results, you will see the customer demand for our industry-leading portfolio. We continue to accelerate our recurrent revenue this fiscal year, which validates the compelling value proposition we offer our customers, and the long and the strong response to HPE GreenLake, our unified Edge-to-Cloud as a service platform. Customers continue to prioritize investments in IT. They find HPE's technology solutions to be particularly relevant in today's complex macroeconomic environment where technology innovation is critical to accelerate business transformation and deliver important business outcomes.

在我們的結果中，您將看到客戶對我們行業領先產品組合的需求。我們在本財年繼續增加經常性收入，這驗證了我們為客戶提供的極具吸引力的價值主張，以及對我們統一的邊緣到雲即服務平台 HPE GreenLake 的長期和強烈響應。客戶繼續優先考慮對 IT 的投資。他們發現，HPE 的技術解決方案在當今復雜的宏觀經濟環境中尤為重要，在這種環境中，技術創新對於加速業務轉型和交付重要業務成果至關重要。

In the third quarter, total HPE revenue increased 4% year-over-year to $7 billion, which was also above the sequential outlook we have given. New orders exceeded our expectations despite finally starting to decelerate the growth rates, bringing our quarterly exit backlog to another record level. That is significant, considering that for the previous 4 consecutive quarters, we have grown orders 20% or more year-over-year. We continue to see robust customer demand in the market and a high-quality, durable sales pipeline.

第三季度，HPE 總收入同比增長 4% 至 70 億美元，這也高於我們給出的環比展望。儘管最終開始放緩增長率，但新訂單超出了我們的預期，使我們的季度退出積壓達到了另一個創紀錄的水平。這很重要，考慮到前連續 4 個季度，我們的訂單同比增長 20% 或更多。我們繼續看到市場上強勁的客戶需求以及高質量、耐用的銷售渠道。

Our HPE GreenLake customer base is growing, and our customers are voting for the workloads and data. In Q3, we doubled HPE GreenLake new level of growth year-over-year, and our existing HPE GreenLake customers continue to renew and expand contracts with us.

我們的 HPE GreenLake 客戶群正在增長，我們的客戶正在為工作負載和數據投票。在第三季度，我們的 HPE GreenLake 同比增長新水平翻了一番，我們現有的 HPE GreenLake 客戶繼續與我們續籤和擴大合同。

The HPE GreenLake platform has an exabyte of data under management and customers worldwide connect more than 2 million devices to it. The momentum is reflected on annualized revenue run rate up 28% and total as-a-Service orders were up 39% year-over-year, bringing our year-to-date orders growth to 86%. These indicators show enduring demand for our as-a-Service solutions, even while supply constraints limited some installations.

HPE GreenLake 平台管理著 EB 的數據，全球客戶將超過 200 萬台設備連接到該平台。這一勢頭反映在年化收入運行率增長 28% 和總即服務訂單同比增長 39% 上，使我們年初至今的訂單增長達到 86%。這些指標顯示了對我們的即服務解決方案的持久需求，即使供應限制限制了一些安裝。

Once again, we expanded gross margins in the quarter. Non-GAAP gross margin of 34.7% was up 0.5 points sequentially and matched the highest we have ever generated since we began our as-a-Service in 2019.

我們再次擴大了本季度的毛利率。 Non-GAAP 毛利率為 34.7%，環比增長 0.5 個百分點，與我們自 2019 年開始提供即服務以來的最高水平持平。

We improved non-GAAP operating margin even more than gross margin to 10.5% this quarter, up 120 basis points sequentially and 70 basis points year-over-year. Non-GAAP diluted net earnings per share was $0.48, a 9% sequential rise and 2% year-over-year.

本季度，我們將非公認會計原則的營業利潤率提高到 10.5%，甚至超過毛利率，環比增長 120 個基點，同比增長 70 個基點。非公認會計原則攤薄後每股淨收益為 0.48 美元，環比增長 9%，同比增長 2%。

Our cash flow from operations was $1.3 billion, and our free cash flow in the quarter was $587 million. This is in line with our typical seasonality as we improve cash conversion cycles in the second half.

我們的運營現金流為 13 億美元，本季度的自由現金流為 5.87 億美元。隨著我們在下半年改善現金轉換週期，這符合我們的典型季節性。

From a supply chain perspective, the dynamics remained largely unchanged from the last few quarters, with certain components still in tight supply, which limited shipments. However, we have made progress in proactive measures we have taken to enhance the resilience of our supply chain, including still in demand to products that do not require supply-constrained components, offering new multi-sourcing options and implementing program design changes to our world-class engineering capabilities.

從供應鏈的角度來看，與過去幾個季度相比，動態基本沒有變化，某些組件仍然供應緊張，這限制了出貨量。但是，我們在為增強供應鏈彈性而採取的積極措施方面取得了進展，包括對不需要供應受限組件的產品仍有需求，提供新的多源選項以及對我們的世界實施計劃設計變更一流的工程能力。

We could also see some easing in supply condition if consumer demand continued to slow and component capacity shift towards enterprise customers. Overall, we expect supply chain to remain challenged, supply to remain challenged into next year, although with some very early signs of potential easing in the near term. We remain focused on translating customer demand into profitable revenue growth, as shown in our Q3 results.

如果消費者需求繼續放緩並且零部件產能向企業客戶轉移，我們也可能會看到供應狀況有所緩解。總體而言，我們預計供應鏈仍將面臨挑戰，明年供應仍將面臨挑戰，儘管短期內有一些非常早期的潛在緩解跡象。正如我們的第三季度業績所示，我們仍然專注於將客戶需求轉化為可盈利的收入增長。

Customers continue to tell us that they need to drive their important digital transformation work while managing costs. And it is clear we commit those needs with our Edge-to-Cloud portfolio delivered through the HPE GreenLake platform. HPE GreenLake brings a unified hybrid cloud experience to our customers' data and workloads, enabling them to consume IT as utility.

客戶繼續告訴我們，他們需要在管理成本的同時推動重要的數字化轉型工作。很明顯，我們通過 HPE GreenLake 平台提供的邊緣到雲產品組合滿足了這些需求。 HPE GreenLake 為我們客戶的數據和工作負載帶來統一的混合雲體驗，使他們能夠將 IT 用作實用程序。

In June, I was thrilled to joined 80,000 customers and partners, again, in person in Las Vegas at HPE Discover. We unveiled a series of new cloud services and enhancements for the HPE GreenLake platform to further advance the hybrid cloud experience for customers. We were particularly excited to announce HPE GreenLake for private cloud enterprise, which addresses customers' desire for their own automated, flexible enterprise-grade private cloud.

6 月，我很高興再次親臨拉斯維加斯的 HPE Discover 與 80,000 名客戶和合作夥伴會面。我們為 HPE GreenLake 平台推出了一系列新的雲服務和增強功能，以進一步提升客戶的混合雲體驗。我們特別高興地宣布推出適用於私有云企業的 HPE GreenLake，它滿足了客戶對自己的自動化、靈活的企業級私有云的需求。

We recognize the important role our partner ecosystem plays in our success and the success of our customers. To continue to expand our growing partner ecosystem and enable them to adapt to customers' evolving requirements, we launched a new program that helps partners build their business on top of our HPE GreenLake platform. Customers are entrusting HPE GreenLake with their most critical workloads and applications.

我們認識到合作夥伴生態系統在我們的成功和客戶的成功中發揮的重要作用。為了繼續擴展我們不斷發展的合作夥伴生態系統並使其能夠適應客戶不斷變化的需求，我們推出了一項新計劃，幫助合作夥伴在我們的 HPE GreenLake 平台之上建立業務。客戶將最關鍵的工作負載和應用委託給 HPE GreenLake。

Japan Card Network, Japan's leading credit card payment network and an existing HPE GreenLake customer expanded its contract in Q3 to add a 100% fault tolerance platform running on HPE NonStop servers, with an integrity -- with an integrated software. The new implementation will power the card net systems demanding, transaction-intensive applications as Japanese consumers rapidly increased use of credit cards and cashless payments.

日本領先的信用卡支付網絡 Japan Card Network 和現有的 HPE GreenLake 客戶在第三季度擴展了其合同，以添加一個在 HPE NonStop 服務器上運行的 100% 容錯平台，該平台具有完整性 - 帶有集成軟件。隨著日本消費者迅速增加信用卡和無現金支付的使用，新的實施將為要求苛刻的交易密集型應用程序提供支持。

In India, the country's largest public sector steel producer also expanded adoption of the HPE GreenLake platform to increase productivity and reduce energy consumption. By modernizing its critical S&P environment with HPE GreenLake, the organization can respond more quickly to business demand and help reduced its data center footprint by over 16% to help reach sustainability goals.

在印度，該國最大的公共部門鋼鐵生產商也擴大了對 HPE GreenLake 平台的採用，以提高生產力並降低能源消耗。通過使用 HPE GreenLake 對其關鍵的 S&P 環境進行現代化改造，該組織可以更快地響應業務需求，並幫助將其數據中心佔用空間減少 16% 以上，以幫助實現可持續發展目標。

These are just 2 examples of existing customers doubling down on HPE GreenLake platform to address new needs. We see this as an important endorsement of the valuable role HPE GreenLake plays in our customers' IT strategy.

這些只是現有客戶加倍使用 HPE GreenLake 平台以滿足新需求的兩個例子。我們認為這是對 HPE GreenLake 在客戶 IT 戰略中發揮的重要作用的重要認可。

At the Edge, we continue to drive innovation with our solutions. Aruba had an impressive quarter with revenue rising 12% year-over-year and orders increasing more than 15% for the seventh consecutive quarter.

在邊緣，我們繼續通過我們的解決方案推動創新。 Aruba 的季度業績令人印象深刻，收入同比增長 12%，訂單連續第七個季度增長超過 15%。

In Q3, Aruba announced new AIOps capabilities to reduce the time IT teams spent on manual tasks like network troubleshooting, performance tuning and security enforcement. These new AI-based insights leverage Aruba's industry-leading data lake from more than 120,000 Aruba users who are now on the HPE GreenLake platform to enhance visibility, operations and the user experience.

在第三季度，Aruba 宣布了新的 AIOps 功能，以減少 IT 團隊在網絡故障排除、性能調整和安全實施等手動任務上花費的時間。這些基於 AI 的新見解利用來自超過 120,000 名 Aruba 用戶的 Aruba 行業領先的數據湖，這些用戶現在在 HPE GreenLake 平台上，以增強可見性、運營和用戶體驗。

Our Edge technology was on display early this month as we created a secure network to power the Birmingham Commonwealth Games 2022 in the U.K. Aruba provided the games network connecting thousands of staff and volunteers and over 4,400 athletes across 20 venues and 38 concurrent events to ensure smooth execution of the games. Committed to leaving a legacy of digital sustainability in the region, HPE is now working with the local organization to make the technology used for the event available to the community, including schools and hospitals.

我們在本月初展示了我們的 Edge 技術，因為我們創建了一個安全網絡來為英國 2022 年伯明翰英聯邦運動會提供支持。Aruba 提供了遊戲網絡，連接了 20 個場館和 38 個並發活動的數千名工作人員和志願者以及超過 4,400 名運動員，以確保順利進行遊戲的執行。慧與致力於在該地區留下數字可持續發展的遺產，現在正與當地組織合作，將用於該活動的技術提供給社區，包括學校和醫院。

As data continues to grow and evolve rapidly, we are seeing customers use our technology to allow data in incredible ways. Catharina Hospital, one of the largest hospital and leading centers for heart diseases in the Netherlands is using HPE Ezmeral software to build a cloud native data lake house that security collects and analyzes anonymized patient data from internal and external sources. This will accelerate mobile training and tech anomalies among the 500,000 electrocardiograms already available for data analysis with higher precision to identify the correct diagnosis and treatment.

隨著數據的持續增長和快速發展，我們看到客戶使用我們的技術以令人難以置信的方式獲取數據。 Catharina 醫院是荷蘭最大的醫院和領先的心髒病中心之一，它正在使用 HPE Ezmeral 軟件構建一個雲原生數據湖庫，用於安全地收集和分析來自內部和外部來源的匿名患者數據。這將加速已經可用於數據分析的 500,000 份心電圖的移動培訓和技術異常，以更高的精度確定正確的診斷和治療。

And in one of the most exciting breakthroughs to showcase the power of AI at scale, earlier this month, I was pleased to visit the Oak Ridge National Laboratory to celebrate Frontier, the world's first fastest and greenest exascale supercomputer that HPE built for the lab. Frontier represents a new area of scientific discovery and innovation that will strengthen U.S. national security and industrial competition.

本月早些時候，在大規模展示 AI 力量的最激動人心的突破之一中，我很高興參觀了橡樹嶺國家實驗室，慶祝 Frontier，這是慧與為實驗室建造的世界上第一台最快、最環保的百億億級超級計算機。 Frontier 代表了一個新的科學發現和創新領域，它將加強美國的國家安全和產業競爭。

HPE has a long history of industry first and one-of-a-kind innovation that advances societal progress. We see this as a part of our purpose to advance the way people live and work. We also delivered on our purpose through our commitment to create a more equitable and sustainable world. Early this summer, we took the bold step of accelerating our net zero carbon emission target by 10 years to 2040. Effective strategy to achieve net zero carbon emissions are a cornerstone of corporate longevity, and we continue to help customers drive their own sustainable transformation.

慧與在推動社會進步的行業首創和獨一無二的創新方面有著悠久的歷史。我們將此視為我們改善人們生活和工作方式的目標的一部分。我們還通過致力於創造一個更加公平和可持續發展的世界來實現我們的目標。今年初夏，我們邁出了大膽的一步，將我們的淨零碳排放目標提前 10 年加速到 2040 年。實現淨零碳排放的有效戰略是企業長壽的基石，我們將繼續幫助客戶推動自身的可持續轉型。

I'm proud of HPE's Q3 performance and the progress we are making to cement our position as the leading Edge-to-Cloud company. When I speak to customers, it is very rewarding to hear how they are using our differentiated portfolio to solve their most critical business problems. Every day, we are proving how essential HPE is to the customers and communities we serve. We couldn't do this without the dedication of our 60,000 team members who impress me every day with their bold innovation and disciplined execution.

我為慧與第三季度的表現以及我們為鞏固我們作為領先的邊緣到雲公司的地位而取得的進展感到自豪。當我與客戶交談時，很高興聽到他們如何使用我們的差異化產品組合來解決他們最關鍵的業務問題。每一天，我們都在證明慧與對我們所服務的客戶和社區的重要性。如果沒有我們 60,000 名團隊成員的奉獻精神，我們就無法做到這一點，他們每天都以大膽的創新和嚴謹的執行給我留下深刻印象。

We have crafted a strategy at HPE that is winning in the marketplace, and I'm confident in our ability to execute on our commitments with strong demand, a solid pipeline and a unique Edge-to-Cloud offering that is delivering revenue growth and expanded gross margins and operating margins for our company.

我們在慧與製定了一項在市場上獲勝的戰略，我相信我們有能力通過強勁的需求、穩固的管道和獨特的邊緣到雲產品來履行我們的承諾，從而實現收入增長和擴展我們公司的毛利率和營業利潤率。

I look forward to updating you about our strategic priorities and outlook when we host our Security Analyst Meeting in late October. I hope you will join to hear how we plan to continue to generate value for HPE's shareholders.

我期待在 10 月下旬舉辦安全分析師會議時向您介紹我們的戰略重點和前景。我希望您能加入，了解我們計劃如何繼續為慧與的股東創造價值。

Let me now ask Tarek to discuss our performance in detail and go through our business segment results. Tarek, over to you.

現在讓我請 Tarek 詳細討論我們的表現並查看我們的業務部門結果。 Tarek，交給你了。

Thank you very much, Antonio. I'll start with a summary of our financial results for the third quarter of fiscal year 2022. As usual, I'll be referencing the slides from our earnings presentation to guide you through our performance.

非常感謝你，安東尼奧。我將從 2022 財年第三季度的財務業績摘要開始。像往常一樣，我將參考我們的收益演示文稿中的幻燈片，以指導您了解我們的業績。

Antonio discussed the key highlights on Slide 1. So now let me discuss our Q3 performance details, starting with Slide 2. We continue to see healthy demand across our differentiated Edge-to-Cloud portfolio. As expected, year-over-year order growth rates moderated to down 9% this quarter as we begin to lap challenging compares. As a reminder, orders were up 29% year-over-year in Q3 of fiscal year '21. We continued to grow our backlog sequentially this quarter to a new record level that is up 96% year-over-year. Our backlog is also expected to be roughly flat next quarter and remains firm with no meaningful cancellations. This maintains our confidence in achieving both our fiscal year '22 revenue outlook of 3% to 4% growth adjusted for currency and our longer term 2% to 4% revenue CAGR outlook provided at our 2021 Securities Analyst Meeting.

Antonio 討論了幻燈片 1 的主要亮點。所以現在讓我從幻燈片 2 開始討論我們的第三季度業績細節。我們繼續看到我們差異化的邊緣到雲產品組合的健康需求。正如預期的那樣，隨著我們開始進行具有挑戰性的比較，本季度的訂單同比增長率放緩至 9%。提醒一下，21 財年第三季度的訂單同比增長 29%。我們在本季度繼續將我們的積壓訂單增加到創紀錄的水平，同比增長 96%。預計我們的積壓訂單也將在下個季度大致持平，並且保持穩定，沒有有意義的取消。這使我們有信心實現我們在 2021 年證券分析師會議上提供的 22 財年收入增長 3% 至 4% 的增長前景以及我們在 2021 年證券分析師會議上提供的長期收入複合年增長率 2% 至 4% 的前景。

In Q3, we delivered revenue of $7 billion, up 4% year-over-year and above our outlook of up low single digits sequentially despite an ongoing challenging supply environment and greater currency headwinds. Based on current rates, we now expect currency to be a 2.5-point headwind to revenue for the full year as opposed to the 50 basis points expected at the start of our fiscal year.

在第三季度，我們實現了 70 億美元的收入，同比增長 4%，高於我們對連續低個位數的預期，儘管供應環境持續充滿挑戰和貨幣逆風更大。根據目前的匯率，我們現在預計貨幣將對全年的收入構成 2.5 個百分點的阻力，而不是我們財政年初預期的 50 個基點。

We continue to be very pleased with the resiliency and expansion of our non-GAAP gross margins despite the inflationary environment and ongoing supply chain disruptions that are driving up material and logistics costs. We delivered non-GAAP gross margin of 34.7%, up 50 basis points sequentially and flat year-over-year driven primarily by strong pricing discipline and our continued mix shift towards higher-margin software-rich offerings.

儘管通貨膨脹環境和持續的供應鏈中斷推高了材料和物流成本，但我們仍然對我們的非公認會計原則毛利率的彈性和擴張感到非常滿意。我們實現了 34.7% 的非公認會計原則毛利率，環比增長 50 個基點，同比持平，這主要受強大的定價紀律和我們持續向利潤率更高的軟件豐富產品組合轉變的推動。

Non-GAAP operating margins were 10.5%, up 120 basis points sequentially and 70 basis points year-over-year, reflecting operating leverage from strong gross margin and OpEx savings from our cost optimization actions taken during the pandemic. We expect to gain further operating leverage in the short term as we drive more revenue growth and benefit from investments in the high-growth, margin rich areas of our portfolio.

非美國通用會計準則營業利潤率為 10.5%，環比增長 120 個基點，同比增長 70 個基點，反映出強勁的毛利率帶來的運營槓桿以及我們在大流行期間採取的成本優化措施節省的運營支出。隨著我們推動更多收入增長並受益於我們投資組合中高增長、利潤豐厚的領域的投資，我們預計在短期內將獲得進一步的經營槓桿。

With our better-than-guided revenue growth, we delivered non-GAAP diluted net earnings per share of $0.48, up 9% sequentially despite elevated input costs from the ongoing industry-wide supply constraints and foreign exchange impact. As previously indicated, cash flow from operations is following our normal seasonality this year, and working capital has also turned into a tailwind in the second half.

由於我們的收入增長好於預期，我們實現了 0.48 美元的非 GAAP 攤薄後每股淨收益，環比增長 9%，儘管持續的全行業供應限制和外匯影響導致投入成本上升。如前所述，今年的運營現金流跟隨我們的正常季節性，而營運資金在下半年也變成了順風。

In Q3, we generated $1.3 billion of cash flow from operations and free cash flow of $587 million. We continue to make further investments in strategic inventory to navigate the current supply environment, and we are now at peak inventory levels. We will begin to work our inventory balance down next quarter and into the following year, and I'll touch more on that shortly in our outlook.

在第三季度，我們從運營中產生了 13 億美元的現金流和 5.87 億美元的自由現金流。我們繼續對戰略庫存進行進一步投資，以應對當前的供應環境，我們現在處於庫存峰值水平。我們將在下個季度和下一年開始降低庫存餘額，我將在我們的展望中很快談到這一點。

Finally, we continue to return substantial capital to our shareholders. We paid $156 million of dividends in the current quarter and are declaring a Q4 dividend today of $0.12 per share payable in October. We also repurchased $197 million in shares on track towards our goal of at least $500 million of share buybacks executed this fiscal year and bringing our year-to-date total capital returns to $851 million, reflecting our confidence in future cash flow generation.

最後，我們繼續向股東返還大量資本。我們在本季度支付了 1.56 億美元的股息，今天宣佈在 10 月份支付每股 0.12 美元的第四季度股息。我們還回購了 1.97 億美元的股票，以實現我們在本財年執行至少 5 億美元股票回購的目標，並使我們年初至今的總資本回報達到 8.51 億美元，這反映了我們對未來現金流產生的信心。

Slide 3 highlights key metrics demonstrating our progress in our as-a-Service business with more recurring revenue at higher margins. Total as-a-Service orders remained robust, up 39% year-over-year as we begin to lap more challenging compares. Our year-to-date as-a-Service orders are up 86%, which is the best indicator of the long-term health of this business and supports our confidence in achieving our 3-year ARR CAGR target of 35% to 45% from fiscal year '21 to fiscal year '24.

幻燈片 3 突出顯示了我們在即服務業務方面取得進展的關鍵指標，以更高的利潤率獲得更多的經常性收入。隨著我們開始進行更具挑戰性的比較，即服務訂單總量保持強勁，同比增長 39%。我們年初至今的即服務訂單增長了 86%，這是該業務長期健康狀況的最佳指標，支持我們實現 35% 至 45% 的 3 年 ARR 複合年增長率目標的信心從 '21 財年到 '24 財年。

Our ARR growth rate improved from last quarter and was up 28% year-over-year to $858 million, but still face supply constraints continuing to limit some installations. We also continue to expand our as-a-Service margins as our mix of both software and services continues to increase to 64% in Q3, up 6 points year-over-year with our expanding cloud and SaaS offerings, particularly in Edge and Storage.

我們的 ARR 增長率較上一季度有所改善，同比增長 28% 至 8.58 億美元，但仍面臨供應限制，繼續限制一些安裝。我們還繼續擴大我們的即服務利潤率，因為我們的軟件和服務組合在第三季度繼續增加到 64%，隨著我們不斷擴大的雲和 SaaS 產品（尤其是邊緣和存儲）同比增長 6 個百分點.

Let's now turn to our segment highlights on Slide 4. Our growth businesses continue to show improving top line momentum and record levels of backlog fueled by strong demand. In the Intelligent Edge, we achieved both a record level of orders and revenue in the quarter. We grew orders double digits for the seventh consecutive quarter and have roughly 20x our normal levels of backlog. Revenue growth accelerated to 12% year-over-year, outperforming the competition and demonstrating particular strength in Silver Peak, and our Edge-as-a-Service offerings, both up strong double digits. We delivered operating margins of 16.5%, up 390 basis points sequentially and 40 basis points year-over-year, reflecting the improving operating leverage in this business and this despite higher component and logistics costs.

現在讓我們轉向幻燈片 4 中的細分亮點。在強勁需求的推動下，我們的增長業務繼續顯示出不斷提高的收入勢頭和創紀錄的積壓水平。在智能邊緣，我們在本季度實現了創紀錄的訂單和收入水平。我們連續第七個季度實現兩位數的訂單增長，大約是我們正常積壓水平的 20 倍。收入增長同比加速至 12%，表現優於競爭對手，並在 Silver Peak 和我們的邊緣即服務產品中表現出特別的實力，均實現兩位數的強勁增長。我們實現了 16.5% 的營業利潤率，環比增長 390 個基點，同比增長 40 個基點，這反映了該業務的運營槓桿不斷提高，儘管零部件和物流成本較高。

In HPC & AI, revenue grew 15% year-over-year and backlog of awarded contracts remained robust at just under $3 billion. Our Q3 operating profit margin was 3.4%, up 9 points sequentially and is expected to increase further next quarter with the recognition of large deals.

在 HPC 和 AI 方面，收入同比增長 15%，授予合同的積壓仍然強勁，略低於 30 億美元。我們第三季度的營業利潤率為 3.4%，環比上升 9 個百分點，預計隨著大宗交易的確認，下個季度將進一步增加。

In Compute, demand remained robust with backlog growing sequentially to another record and is now at 5x normal levels. Revenue was down 1%, reflecting a continued difficult supply environment with some improvement expected next quarter with new multi-sourcing options for certain components and demand steering towards new solutions. We also continue to be very focused on executing our dynamic pricing strategy that has been effective in managing the increased supply and logistic costs and gives us a very high-quality backlog. The results are showing up in our operating margin performance at 13.3%, up 210 basis points year-over-year and still well above our long-term target set at SAM 2021 of 11% to 13%.

在計算方面，需求保持強勁，積壓訂單連續增長至另一個記錄，目前處於正常水平的 5 倍。收入下降 1%，反映了持續艱難的供應環境，預計下個季度會有一些改善，某些組件有新的多源選擇，並且需求轉向新的解決方案。我們還繼續非常專注於執行我們的動態定價策略，該策略有效地管理了增加的供應和物流成本，並為我們提供了非常高質量的積壓訂單。結果顯示，我們的營業利潤率為 13.3%，同比增長 210 個基點，仍遠高於我們在 SAM 2021 設定的 11% 至 13% 的長期目標。

Within Storage, we achieved another record level of backlog and revenue was up 1%. We continue to emphasize our own IP margin reach products that were up double digits, including nimble and hyper-converged. Our as-a-Service offerings within Storage like Block are also leading order and ARR growth among our business segments. With the favorable mix shift, our operating margins improved to 14.7%, up 210 basis points sequentially.

在存儲方面，我們的積壓工作再創歷史新高，收入增長了 1%。我們繼續強調我們自己的 IP 利潤率達到兩位數的產品，包括靈活和超融合。我們在存儲中的即服務產品（如 Block）也在我們的業務部門中引領訂單和 ARR 增長。隨著有利的組合轉變，我們的營業利潤率提高至 14.7%，環比增長 210 個基點。

With respect to Pointnext operational services, combined with Storage services, orders grew again and are up year-to-date mid-single digits in constant currency, similar to levels for total fiscal year '21 despite the exit of our Russia business. As you know, this is a key component of recurring revenue and profits for each of our segments.

Pointnext 運營服務與存儲服務相結合，訂單再次增長，按固定匯率計算，今年迄今已達到中個位數，儘管我們退出了俄羅斯業務，但與 21 財年的總水平相似。如您所知，這是我們每個部門經常性收入和利潤的關鍵組成部分。

Within HPE Financial Services, volume increased 4% year-over-year in constant currency with strong performance in GreenLake and revenue rose 1%. It's worth noting that our leasing business is well insulating from rising interest rates over time as we price based on a spread and customers often choose to extend their leases during uncertain macroeconomic conditions. Our profitability also continues to benefit from higher residual value realization and bad debt write-offs have returned to pre-COVID levels. Our operating margin was 11.8%, up 70 basis points from the prior year, and our return on equity at 19.5% remains well above the 18% plus target set at SAM 2021.

在 HPE 金融服務中，以固定匯率計算，交易量同比增長 4%，GreenLake 表現強勁，收入增長 1%。值得注意的是，我們的租賃業務可以很好地避免利率隨著時間的推移而上升，因為我們根據價差定價，而且客戶經常選擇在不確定的宏觀經濟條件下延長租約。我們的盈利能力也繼續受益於更高的殘值實現，壞賬核銷已恢復到 COVID 之前的水平。我們的營業利潤率為 11.8%，比上一年增加 70 個基點，我們 19.5% 的股本回報率仍遠高於 SAM 2021 設定的 18% 以上目標。

Slide 5 highlights our revenue and EPS performance where you can see our revenue and EPS continue to grow despite the difficult supply environment, the exit from our Russia business and increasing headwinds from currency. Year-to-date through Q3, we have already experienced a headwind of $0.05 from currency and $0.03 from exiting Russia.

幻燈片 5 突出顯示了我們的收入和每股收益表現，您可以在其中看到我們的收入和每股收益繼續增長，儘管供應環境困難、我們的俄羅斯業務退出以及貨幣逆風越來越大。年初至今到第三季度，我們已經經歷了 0.05 美元的貨幣逆風和 0.03 美元的退出俄羅斯。

In spite of these headwinds, we delivered a better mix of higher-margin earnings across our portfolio as we continue to execute our Edge-to-Cloud strategy. This improvement can be seen on Slide 6, where we delivered non-GAAP gross margins in Q3 of 34.7%, up 50 basis points sequentially and flat year-over-year, showing their resilience in spite of the increased component and logistics costs. This was driven by both our strategic pricing actions and the favorable mix shift we have been driving to edge, on IP storage and our as-a-Service business.

儘管存在這些不利因素，但隨著我們繼續執行邊緣到雲戰略，我們在整個投資組合中實現了更高利潤率的收益組合。這種改善可以在幻燈片 6 中看到，我們在第三季度實現了 34.7% 的非公認會計原則毛利率，環比增長 50 個基點，同比持平，儘管組件和物流成本增加，但仍顯示出它們的彈性。這是由我們的戰略定價行動和我們一直在推動 IP 存儲和我們的即服務業務的有利組合轉變推動的。

Moving to Slide 7. You can see our non-GAAP operating margins this quarter of 10.5%, up 1.2 points sequentially and up 70 basis points year-over-year. This reflects revenue growth combined with both gross margin expansion and OpEx savings to give us strong operating leverage across the business. This has also been achieved while continuing to invest more in both R&D and our go-to-market in strategic areas of the business for future growth.

轉到幻燈片 7。您可以看到我們本季度的非 GAAP 營業利潤率為 10.5%，環比增長 1.2 個百分點，同比增長 70 個基點。這反映了收入增長與毛利率擴張和運營支出節省相結合，為我們提供了強大的業務經營槓桿。這也已經實現，同時繼續在研發和我們在業務戰略領域的市場進入方面進行更多投資，以實現未來的增長。

On Slide 8, let's spend some time reminding everyone about the status of our unique setup in China through H3C. As disclosed in late April, we have extended our existing put option that is stuck at 15x trailing 12-month earnings through to October 31, 2022. We did this to enable the new investors at the Unigroup level to complete their restructuring and are now determining the longer-term path forward for our stake.

在幻燈片 8 上，讓我們花點時間提醒大家我們通過 H3C 在中國的獨特設置的狀態。正如 4 月下旬所披露的，我們已將我們現有的看跌期權延長至 2022 年 10 月 31 日，該看跌期權的過去 12 個月收益為 15 倍。我們這樣做是為了讓紫光集團的新投資者能夠完成重組，現在正在確定我們的股份的長期前進道路。

We value our presence in China, the second largest and fastest-growing IT market, although prior to the execution of any extension, we will balance the strategic and financial benefits of a continuous involvement in China with rising risks, including geopolitical risk. H3C makes up a significant portion of our P&L and cash flow, and you can see that we are generating growing value to shareholders with our unique setup.

我們重視我們在中國這個第二大和增長最快的 IT 市場的存在，儘管在執行任何延期之前，我們將在持續參與中國的戰略和財務利益與不斷上升的風險（包括地緣政治風險）之間取得平衡。 H3C 占我們損益和現金流的很大一部分，您可以看到我們正在通過我們獨特的設置為股東創造不斷增長的價值。

Our equity interest rose 21% in fiscal year '21 and has grown another 9% in this Q3. Needless to say, we will keep you up to date as we arrive at a longer-term solution for this valuable asset.

我們的股權在 21 財年增長了 21%，在第三季度又增長了 9%。不用說，當我們為這項寶貴的資產找到一個長期的解決方案時，我們會及時通知您。

Turning to Slide 9. Our cash flow from operations was $1.3 billion in Q3. This is aligned to our normal pre-pandemic seasonality and our expectations of working capital tailwinds in the second half. We have been strategically building inventory throughout this year to navigate the supply chain environment. While we still expect to start working down inventory levels in Q4, it will take longer than expected and into fiscal year '23 but still puts us in a better position to convert the continued order demand into revenue and cash in future quarters.

轉到幻燈片 9。我們第三季度的運營現金流為 13 億美元。這與我們正常的大流行前季節性以及我們對下半年營運資金順風的預期一致。今年，我們一直在戰略性地建立庫存，以應對供應鏈環境。雖然我們仍預計在第四季度開始降低庫存水平，但這將需要比預期更長的時間並進入 23 財年，但仍使我們處於更好的位置，可以在未來幾個季度將持續的訂單需求轉化為收入和現金。

Now turning to our outlook on Slide 10. As discussed, Antonio and I are very pleased with the continued demand strength and growing backlog that gives us confidence in achieving our original SAM revenue guidance in fiscal year '22 for growth of 3% to 4% adjusted for currency that now includes a 2.5-point headwind from foreign exchange rates on a full year basis.

現在轉向我們對幻燈片 10 的展望。如上所述，安東尼奧和我對持續的需求強勁和不斷增長的積壓感到非常滿意，這使我們有信心在 22 財年實現我們最初的 SAM 收入指導，增長 3% 至 4%對貨幣進行了調整，現在包括全年外匯匯率的 2.5 個百分點的逆風。

More specifically for Q4 '22, we expect revenue to be up at least 5% sequentially as reported, which includes the larger currency headwind. This is still above our normal seasonality to reflect some improvements in supply due to the full resumption of factories activity in China and our actions to multisource more components and steer the demand.

更具體地說，對於 22 年第四季度，我們預計收入將按報告的順序至少增長 5%，其中包括更大的貨幣逆風。這仍高於我們的正常季節性，以反映由於中國工廠活動的全面恢復以及我們採取多源採購更多零部件和引導需求的行動，供應有所改善。

From an EPS perspective, we are tightening our fiscal year '22 non-GAAP outlook range as we move towards the end of the year to $1.96 to $2.04. This reflects the impact from the supply environment, which we expect to sustain into Q4 and further appreciation of the U.S. dollar since last quarter. As a result, this implies that for Q4 '22, we expect GAAP diluted net EPS of $0.32 to $0.40 and non-GAAP diluted net EPS of $0.52 to $0.60.

從每股收益的角度來看，我們正在收緊我們的 22 財年非公認會計原則展望範圍，因為我們將在年底前達到 1.96 美元至 2.04 美元。這反映了供應環境的影響，我們預計供應環境將持續到第四季度以及自上季度以來美元進一步升值。因此，這意味著對於 22 年第四季度，我們預計 GAAP 攤薄淨每股收益為 0.32 美元至 0.40 美元，非 GAAP 攤薄淨每股收益為 0.52 美元至 0.60 美元。

Furthermore, our free cash flow is also being impacted by exiting our Russia business as well as headwinds from unfavorable currency movements that were previously absorbed in our prior outlook. As a result, we now expect to deliver fiscal year '22 free cash flow of $1.7 billion to $1.9 billion.

此外，我們的自由現金流也受到退出俄羅斯業務的影響，以及之前我們先前展望中吸收的不利貨幣走勢的不利影響。因此，我們現在預計將在 22 財年實現 17 億至 19 億美元的自由現金流。

So overall, I am very pleased with our results in the quarter that can be characterized by sustained demand and very solid execution, navigated a continued challenging supply environment. With record levels of high-quality backlog, we are very well positioned to capitalize on the ongoing Edge-to-Cloud opportunity and close out a strong fiscal year '22.

因此，總的來說，我對我們在本季度的業績感到非常滿意，其特點是持續的需求和非常穩健的執行，在持續充滿挑戰的供應環境中航行。憑藉創紀錄的高質量積壓訂單，我們非常有能力利用持續的邊緣到雲機會並結束強勁的 22 財年。

We look forward to seeing you at our next Securities Analyst Meeting in October to provide our outlook for the fiscal year and beyond. Now with that, let's open it up for questions.

我們期待在 10 月份的下一次證券分析師會議上與您見面，以提供我們對本財年及以後的展望。現在，讓我們打開它來提問。

(Operator Instructions) And the first question will come from Shannon Cross with Credit Suisse.

（操作員說明）第一個問題將來自瑞士信貸的 Shannon Cross。

I wanted to talk a bit about the relative strength in your guidance and how you're thinking about your backlog and that, obviously, contrasting that with your competitor that reported last week who had much more conservative or dire outlook on demand, frankly. So I'm curious, how have you stress tested the backlog? I mean what gives you confidence in coming out and effectively taking up guidance because there's more of a currency hit now. So just any color you can give us maybe even on a geographic basis or a vertical basis in terms of what you're hearing and seeing.

我想談談您指導中的相對優勢以及您如何考慮積壓，顯然，這與上週報告的競爭對手相比，坦率地說，他們對需求的看法更加保守或可怕。所以我很好奇，你是如何對積壓工作進行壓力測試的？我的意思是什麼讓你有信心出來並有效地接受指導，因為現在有更多的貨幣打擊。因此，就您所聽到和看到的內容而言，您甚至可以在地理基礎或垂直基礎上為我們提供任何顏色。

Sure. Thank you, Shannon, for the question. I may start, and then Tarek, please feel free to add your comments. I mean I will say this quarter, Shannon, was characterized, in my mind, by enduring customer demand. And you see what the backlog is now. I mean, it's a record level, more than 3x normal historical seasonality in some segments. It's just amazing to see the demand momentum, think about the Aruba 20x historical levels and even Compute 5x historical levels.

當然。謝謝你，香農的問題。我可能會開始，然後是 Tarek，請隨時添加您的評論。我的意思是，我會說，香農這個季度的特點是，在我看來，持久的客戶需求。你會看到現在的積壓工作是什麼。我的意思是，這是一個創紀錄的水平，在某些領域是正常歷史季節性的 3 倍以上。看到需求勢頭，想想 Aruba 20 倍的歷史水平，甚至計算 5 倍的歷史水平，真是太神奇了。

So that's very pleasing. And I think it's a testament of our value proposition because GreenLake is a pull-through platform for us across every aspect of our portfolio. As we said on the supply chain, the supply chain dynamics remain largely unchanged. But what has changed for us is that over the months and the quarter, we have taken actions to dual source or to steer demand in our products and then obviously implement design changes. I think because of our combination of our portfolio and customer segments, we believe we are very well positioned to move forward through this challenge as we go into next quarter and into 2023.

所以這非常令人愉快。而且我認為這證明了我們的價值主張，因為 GreenLake 是一個貫穿我們投資組合各個方面的平台。正如我們在供應鏈上所說，供應鏈動態基本保持不變。但對我們來說發生變化的是，在過去的幾個月和一個季度中，我們採取了雙源或引導產品需求的行動，然後顯然實施了設計變更。我認為，由於我們結合了我們的產品組合和客戶群，我們相信在進入下個季度和 2023 年時，我們已經準備好迎接這一挑戰。

But we expect supply to remain challenged as we get into 2023. That said, I mean, the fact of the matter is that we believe that, ultimately, we're going to see easing signs because of the -- of what we see in the consumer space and even in automotive and industrial, which are a conversation with the suppliers as they start thinking now how to balance that supplier substrate and then obviously, enterprise is well positioned.

但我們預計，隨著我們進入 2023 年，供應仍將面臨挑戰。也就是說，我的意思是，事實是我們相信，最終，我們將看到緩解跡象，因為我們在消費領域，甚至在汽車和工業領域，這是與供應商的對話，因為他們現在開始考慮如何平衡供應商的基礎，然後顯然，企業處於有利地位。

In terms of clearing the backlog, this is going to still take quite a bit of time, and that's a good news for us because it gave us momentum in Q4 in 2023 which is great because remember, 2 things have happened in that backlog. Number one is price for a strong gross margin as Tarek just went through. So in many ways, it's protected for that gross margin. And number two, we have not seen any meaningful cancellation at all.

就清理積壓而言，這仍需要相當長的時間，這對我們來說是個好消息，因為它在 2023 年第四季度為我們提供了動力，這很棒，因為請記住，該積壓中發生了兩件事。第一是Tarek剛剛經歷的強勁毛利率的價格。因此，在許多方面，它都受到毛利率的保護。第二，我們根本沒有看到任何有意義的取消。

Yes, Shannon, if I can add on a couple of comments. What we're doing is we are engineering new solutions that are less dependent on components that are experiencing shortages. We're steering demand toward those solutions, and this is across every facet of our portfolio. We are also multisourcing the most constrained components, and this is helping working through the backlog. But as Antonio said, this will remain a challenged environment into next year. And that is actually for us an opportunity to continue to drive revenue with high-quality margins into fiscal year '23.

是的，Shannon，如果我可以補充幾點意見。我們正在做的是我們正在設計新的解決方案，這些解決方案較少依賴正在經歷短缺的組件。我們將需求導向這些解決方案，這貫穿於我們產品組合的方方面面。我們還對最受限制的組件進行多源採購，這有助於解決積壓工作。但正如安東尼奧所說，到明年這仍將是一個充滿挑戰的環境。這實際上對我們來說是一個機會，可以在 23 財年繼續以高質量的利潤率推動收入。

I do want to pick up on your point that you made very rightly about the guidance and having absorbed 200 basis points incremental in foreign exchange terms. This is a very important point. 200 extra basis points of headwind is about $580 million of revenue. You multiply this by the OP margin, and you can really look at what impact would that have had on EPS. So we are very pleased with the performance of our business. And the fact that in spite of substantial foreign exchange headwinds, we are able to maintain the revenue guide of 3% to 4% in constant currency and therefore, our EPS guide as a result. So thanks for pointing that out.

我確實想了解你的觀點，即你對指導方針的看法非常正確，並且吸收了 200 個基點的外匯增量。這是非常重要的一點。 200 個額外的逆風基點約為 5.8 億美元的收入。將其乘以 OP 邊際，您可以真正了解這會對 EPS 產生什麼影響。因此，我們對我們的業務表現感到非常滿意。事實上，儘管存在巨大的外匯逆風，我們仍能夠維持 3% 至 4% 的固定匯率收入指導，因此，我們的每股收益指導。所以感謝您指出這一點。

One more thing, Shannon, is for you to also understand is that as we continue to grow the as-a-Service component of this, the solutions for Storage, Compute, Private Clouds and the like are more standardized, which give us a better predictability on that front. So that will also help us move through this supply tight environment.

還有一件事，Shannon，您還需要了解的是，隨著我們繼續發展其即服務組件，存儲、計算、私有云等解決方案更加標準化，這為我們提供了更好的解決方案。在這方面的可預測性。因此，這也將幫助我們度過這種供應緊張的環境。

The next question will come from Meta Marshall with Morgan Stanley.

下一個問題將來自 Meta Marshall 和摩根士丹利。

Great. Maybe building upon that question. The OpEx or kind of your EPS commentary would indicate maybe slightly higher OpEx into Q4, particularly given kind of the gross margin levers that you saw in the last quarter. So you noted some of that is FX adjusted, but I would think that there's kind of an FX tailwind on the OpEx piece. And so I just wanted to get a sense of is it -- are you seeing larger-than-expected expenses and OpEx? Is there less gross margin leverage as maybe we recognize some higher-priced inventory? Just anything to kind of note there into Q4 would be helpful.

偉大的。也許建立在這個問題之上。 OpEx 或您的 EPS 評論可能表明第四季度的 OpEx 可能略高，特別是考慮到您在上個季度看到的毛利率槓桿。所以你注意到其中一些是 FX 調整的，但我認為 OpEx 部分有一種 FX 順風。所以我只是想了解一下 - 您是否看到超出預期的費用和運營支出？毛利率槓桿是否較低，因為我們可能會認識到一些價格較高的庫存？第四季度任何需要注意的地方都會有所幫助。

Of course, Meta. Thanks for asking the question. So FX is obviously a headwind to revenue because 55% of our revenue in the company is denominated in non-U.S. dollar currencies. But it's -- as you point out, a tailwind to OpEx to some degree. Some of the cost that we incur is therefore lower on a dollar basis. Net-net FX is a headwind to operating profit and EPS.

當然，元。感謝您提出問題。因此，外匯顯然是收入的逆風，因為我們公司 55% 的收入以非美元貨幣計價。但它 - 正如您所指出的，在某種程度上對 OpEx 有利。因此，我們產生的一些成本按美元計算較低。 Net-net FX 對營業利潤和每股收益構成不利影響。

And so we started our cost containment in the middle of the pandemic, as you may recall, in April, May 2020. And we stay disciplined on OpEx moving forward. And this is shown to you by our gross and operating margin performance. We feel comfortable about our gross margin trend, and we believe per my script, that there is further opportunity to extract operating leverage in Q4 and beyond, thanks to the growth in high-margin areas of our portfolio such as the Edge.

因此，您可能還記得，在 2020 年 4 月、5 月，我們在大流行期間開始了成本控制。我們在運營支出方面保持自律。我們的毛利率和營業利潤率表現向您展示了這一點。我們對我們的毛利率趨勢感到滿意，並且根據我的劇本，我們相信，由於我們投資組合的高利潤率領域（例如 Edge）的增長，我們在第四季度及以後有更多機會提取經營槓桿。

I feel pretty comfortable about the situation. If you look at our gross margins, to add more color, they're up 50 basis points sequentially and flat year-on-year. And this is in spite of an inflationary environment that would put a lot of pressure on supply chain, logistics costs and material costs, obviously, but also on labor costs. So on the whole, look for our margins and where they stand relative to those headwinds that we just discussed.

我對這種情況感到很自在。如果你看看我們的毛利率，為了增加色彩，它們連續上漲 50 個基點，同比持平。儘管通貨膨脹環境顯然會給供應鏈、物流成本和材料成本帶來很大壓力，但也會給勞動力成本帶來壓力。所以總的來說，尋找我們的利潤以及它們相對於我們剛剛討論的逆風的位置。

I will add, Meta, a couple of things. First of all, year-over-year, you see a slight decline in OpEx as a percent of revenue, but that OpEx that we report, obviously, large maturities, R&D and [FXD]. But when you look at that OpEx as a productivity lever against our orders and what we have done, you can see with the backlog we have, we have improved our productivity, particularly on the sales force side.

Meta，我將補充幾件事。首先，與去年同期相比，您會看到運營支出佔收入的百分比略有下降，但我們報告的運營支出顯然是大期限、研發和 [FXD]。但是，當您將運營支出視為針對我們的訂單和我們所做工作的生產力槓桿時，您可以看到我們的積壓工作，我們提高了生產力，特別是在銷售人員方面。

And then in R&D, to Tarek's point, we started this program in Q2 2020 at the beginning of the pandemic. In fact, I will say we were the first company to come out with a resource allocation and optimization program that allow us to manage cost in a discipline way but reposition resources in the areas of growth we want to drive going forward. And so, Tarek rightfully so said, we will continue to see operating leverage as we convert the backlog and we scale that revenue, which obviously, we have a significant backlog. But as a percent of the order momentum, the productivity has significantly improved.

然後在研發方面，就 Tarek 而言，我們在 2020 年第二季度大流行開始時啟動了這個計劃。事實上，我會說我們是第一家推出資源分配和優化計劃的公司，該計劃使我們能夠以紀律的方式管理成本，但在我們希望推動的增長領域重新配置資源。因此，Tarek 正確地說，隨著我們轉換積壓訂單並擴大收入，我們將繼續看到運營槓桿，顯然，我們有大量的積壓訂單。但作為訂單動力的百分比，生產力已顯著提高。

The next question will come from Toni Sacconaghi with Bernstein.

下一個問題將來自托尼·薩科納吉和伯恩斯坦。

Yes. I'm wondering if you could just comment on linearity throughout the quarter in terms of orders and whether you saw any degradation. And then I was hoping you could just maybe help quantify sort of the aggregate backlog because, as you noted, your order compares are very difficult going forward, 20% plus for the last 4 quarters. So if orders end up being down 10% a year for the next 3 or 4 quarters, that's $2.8 billion less in orders.

是的。我想知道您是否可以就訂單方面的整個季度的線性度以及您是否看到任何退化發表評論。然後我希望你能幫助量化總積壓的排序，因為正如你所指出的，你的訂單比較非常困難，過去 4 個季度超過 20%。因此，如果未來 3 或 4 個季度的訂單最終每年下降 10%，那麼訂單將減少 28 億美元。

My sense is you may have $3 billion or $4 billion in incrementally higher backlog than normal. So that would still suggest reported revenue growth could grow. But I'm wondering, if you can also just sort of talk to that dynamic of the tough order comps and likely facing negative order growth and whether the backlog ultimately measures up according to the math that I outlined that should make everyone feel good about continued revenue growth.

我的感覺是，您可能有 30 億美元或 40 億美元的積壓比正常情況增加。因此，這仍然表明報告的收入增長可能會增長。但我想知道，您是否也可以談談艱難訂單組合的動態，並可能面臨訂單負增長，以及積壓訂單最終是否符合我概述的數學公式，這應該讓每個人都對繼續感到滿意收入增長。

Sure. So it's a great question, Toni. So first and foremost, I want to point out to you that our -- we don't comment and give a specific figure on the backlog. But suffice is to say that it's close to double what it used to be last year this time of the year. That's the first point to take away, and we're working through it and it's firm. There are no meaningful cancellations. So that's a tailwind to revenue generation, and we are executing better and better in our global operations team to convert that backlog into revenues.

當然。所以這是一個很好的問題，托尼。因此，首先，我想向您指出，我們的 - 我們不會對積壓工作發表評論並給出具體數字。但可以說它幾乎是去年這個時候的兩倍。這是要帶走的第一點，我們正在努力解決它，它是堅定的。沒有有意義的取消。因此，這對創收有利，我們在全球運營團隊中執行得越來越好，將積壓的訂單轉化為收入。

Orders are there. And they are there when you really look at segment by segment, we give you in our presentation, the detail of the order growth. So you can see the order growth in the Edge, for example, which has been on relentless, we've had 7 quarters in a row of substantial order growth at the Edge in double digits. And the same holds true for other parts of our portfolio. the HPC & AI has its own dynamics with futures and a substantial order book north of $3 billion. So demand is not slowing to the point where this affects our fiscal year '23 guide that we gave you at SAM last year, and we reiterated during the course of this year.

訂單在那裡。當您真正逐段查看時，它們就在那裡，我們在演示文稿中為您提供訂單增長的詳細信息。因此，您可以看到 Edge 的訂單增長，例如，它一直在無情地增長，我們已經連續 7 個季度在 Edge 實現了兩位數的大幅訂單增長。我們投資組合的其他部分也是如此。 HPC & AI 擁有自己的期貨動態和超過 30 億美元的大量訂單。因此，需求並沒有放緩到影響我們去年在 SAM 上給您的 '23 財年指南的地步，我們在今年的過程中重申了這一點。

We still see continuous demand. Even in Q3, the demand was sustained across the portfolio in Compute, in Storage, in HPC & AI and at the Edge. It's probably lower than what it used to be 4 quarters ago for obvious reasons. These are tough compares. But the way to think about it is that the tide has come up. And maybe now the tide is a little bit catching its breath, but it's still there relative to where we were at the pandemic data point.

我們仍然看到持續的需求。即使在第三季度，計算、存儲、HPC 和 AI 以及邊緣的產品組合的需求也持續存在。由於顯而易見的原因，它可能低於 4 個季度前的水平。這些是艱難的比較。但思考的方式是，潮水已經來了。也許現在潮流有點喘不過氣來，但相對於我們在大流行數據點的位置，它仍然存在。

I will say, Toni, just to add on that, we use the word steady because obviously, you can't use the word growth in the context of the compares here. But steady, steady. And then within the steadiness, we have growth in some unique segments that continue. And Tarek talked about the Edge, we have a 20x backlog in that business. And even on Compute, we still have 5x.

我會說，托尼，補充一點，我們使用穩定這個詞，因為很明顯，你不能在這裡比較的上下文中使用增長這個詞。但是穩，穩。然後在穩定的情況下，我們在一些獨特的領域繼續增長。 Tarek 談到了 Edge，我們在該業務中有 20 倍的積壓。即使在 Compute 上，我們仍然有 5 倍。

So -- and the other thing to remember here is that GreenLake is an accelerator of orders intake because that creates us momentum in renewing and expanding and cross-selling across the business. So I think the original guidance we gave us at SAM last year, which was 2% to 4% over the long-term period, still absolutely true. And then when we get together at SAM here at the end of October, we're going to tell you what we're going to do specifically for '23. But I sit here today and I feel pretty good about the momentum we have because demand is steady, and our strategy is resonating with the pivot to as-a-Service.

所以 - 這裡要記住的另一件事是，GreenLake 是訂單接收的加速器，因為這為我們在整個業務中更新、擴展和交叉銷售創造了動力。所以我認為我們去年在 SAM 上給我們的原始指導，長期為 2% 到 4%，仍然絕對正確。然後，當我們在 10 月底在 SAM 聚會時，我們將告訴您我們將為 23 年專門做些什麼。但我今天坐在這裡，我對我們的勢頭感覺很好，因為需求是穩定的，我們的戰略與轉向即服務的戰略相呼應。

Next question will come from Tim Long with Barclays.

下一個問題將來自巴克萊銀行的 Tim Long。

Yes, I wanted to get back to the kind of as-a-Service and ARR businesses. You guys are sticking to the longer-term guide here a little acceleration from what we've seen this past quarter. Could you just kind of dig into that a little bit? What are you seeing that's going to sustain that level of high growth over multiple years of the new programs or new products that are going to maybe transition the model so that we can keep that 25 to -- I'm sorry, 35% to 45% growth rate for ARR?

是的，我想回到那種即服務和 ARR 業務。與我們在上個季度看到的相比，你們在這裡堅持長期指南。你能稍微深入一點嗎？您看到什麼將在多年的新計劃或新產品中維持這種高增長水平，這些新計劃或新產品可能會轉變模式，以便我們可以將 25% 保持到 - 對不起，從 35% 到 45% ARR的增長率？

Sure. Well, our as-a-Service transformation through Edge-to-Cloud platform, GreenLake, is my #1 priority and it's central to our strategy to bring that unified hybrid cloud experience that everybody is talking in the market. Ultimately, customers want to consume IT solutions in different ways. And this IT utility model is growing very, very rapidly. And I'd add here, we were the first with that strategy. And so we have a little bit of head start here. And you see that in our order momentum, right, year-to-date. We grew the as-a-Service bookings by 86%. And so clearly, that gives you the confidence that the 35% to 45% is absolutely achievable.

當然。好吧，我們通過邊緣到雲平台 GreenLake 的即服務轉型是我的第一要務，它是我們戰略的核心，即帶來市場上每個人都在談論的統一混合雲體驗。最終，客戶希望以不同的方式使用 IT 解決方案。而且這種 IT 實用模型正在非常非常迅速地發展。我要在這裡補充一下，我們是第一個採用這種策略的人。所以我們在這裡有一點先機。你在我們的訂單勢頭中看到了這一點，對，年初至今。我們的即服務預訂量增長了 86%。很明顯，這讓你相信 35% 到 45% 是絕對可以實現的。

But what it gives me more confidence, honestly, Tim, is the fact that when I was at Discover just 2 months ago and you look at the breadth of our solutions through the platform, and the experience that we provide, whether it's to deploy connectivity anywhere in your enterprise or where to deploy a private cloud that we came out with the new private cloud enterprise solutions, where you can run any type of workload, whether it's virtualized, containerized or bare metal or whether to deploy data solutions to extract value from the data is growing. And that platform today has now more than an exabyte of data under management and 2 million devices under management as well.

但老實說，蒂姆，它讓我更有信心的是，當我兩個月前在 Discover 時，你通過平台查看了我們解決方案的廣度，以及我們提供的經驗，無論是部署連接我們推出了新的私有云企業解決方案，您可以在企業中的任何地方或部署私有云的地方運行任何類型的工作負載，無論是虛擬化、容器化還是裸機，或者是否部署數據解決方案以從中提取價值數據正在增長。如今，該平台管理著超過 1 EB 的數據和 200 萬台設備。

So our confidence to deliver the 35% to 45% is absolutely there. And remember that at the last Security Analyst Meeting, we guided by the end of 2024 to have an ARR close to $2.3 billion, and we believe we are on track to do that. Tarek, do you have any comments on that?

因此，我們絕對有信心交付 35% 到 45%。請記住，在上一次安全分析師會議上，我們指導到 2024 年底將 ARR 接近 23 億美元，我們相信我們正在實現這一目標。 Tarek，您對此有何評論？

No, I think you said very well, Antonio. We simply -- we emphasize one thing strategically is, clearly, the word is now hybrid. Our customers have spoken, the market has spoken, the world is hybrid. For us to scale an as-a-Service business in a hybrid world for any player to do so, you need to build a platform. Without the platform, you cannot scale, durably scale and take advantage of the hybrid world.

不，我認為你說得很好，安東尼奧。我們只是 - 我們戰略性地強調一件事，顯然，這個詞現在是混合的。我們的客戶說話了，市場說話了，世界是混合的。為了讓我們在混合世界中為任何參與者擴展即服務業務，您需要構建一個平台。沒有該平台，您就無法擴展、持久擴展和利用混合世界。

And when you really look at what that means, it translates into higher margins in this business over time. The margins of this business are getting richer and richer as we add more services onto the platform and more software content onto the offerings. And we've made meaningful progress increasing our software and services mix by 6 points year-over-year to the current level of about 64%. And we are targeting over 75% by fiscal year '24 as we add more and more software content with storage data services such as Zerto. So we add more softer content with networking services such as Silver Peak and new workloads. So we believe that our ARR is already well above corporate average gross margins, and we are driving it to even higher levels by adding more and more software, high-value content.

當你真正了解這意味著什麼時，隨著時間的推移，它會轉化為這項業務的更高利潤率。隨著我們在平台上添加更多服務以及在產品中添加更多軟件內容，這項業務的利潤越來越豐厚。我們取得了有意義的進展，將我們的軟件和服務組合同比增長 6 個百分點，達到目前的 64% 左右。隨著我們通過 Zerto 等存儲數據服務添加越來越多的軟件內容，我們的目標是到 24 財年超過 75%。因此，我們通過 Silver Peak 等網絡服務和新工作負載添加了更多更軟的內容。因此，我們相信我們的 ARR 已經遠高於公司平均毛利率，我們正在通過添加越來越多的軟件和高價值內容將其推向更高的水平。

The next question will come from Amit Daryanani with Evercore.

下一個問題將來自 Evercore 的 Amit Daryanani。

I guess I was hoping you could talk a little bit about the October quarter guide and what you're implying here. I think the implication is marginal and will be up about 100 basis points, if not more sequentially. And Tarek, I know you talked about better mix potentially there. But maybe you can just help us understand how do you think revenues could look like sequentially versus historical seasonality in October? And then as you think about this 100 basis plus margin expansion, on the operating line sequentially, what are the big enablers of that? If you kind of call this out, that would be helpful.

我想我希望你能談談 10 月季度指南以及你在這裡的意思。我認為影響是微不足道的，如果不是按順序上升的話，將會上升大約 100 個基點。塔雷克，我知道你談到了可能在那裡更好的混合。但也許您可以幫助我們了解您認為 10 月份的收入與歷史季節性相比如何？然後，當您考慮這 100 個基點外加利潤率擴張時，按順序在運營線上，這其中的主要推動力是什麼？如果你把這個叫出來，那會很有幫助。

Yes. Okay. So let me try and break that down for you through the P&L, Amit. We're entering Q4 with, as Antonio said, enduring demand and a record backlog. And yes, there are still uncertainties in supply chain and the macroeconomic environment with FX.

是的。好的。因此，讓我嘗試通過損益表為您分解，阿米特。正如安東尼奧所說，我們正在進入第四季度，持續的需求和創紀錄的積壓。是的，供應鍊和外匯宏觀經濟環境仍然存在不確定性。

In spite of this, we believe we can grow revenue -- by at least 5% on an as-reported basis. And this reflects above normal seasonality with some supply improvement, but we will still face also a greater currency impact. And so if you take that 5% revenue growth on an as-reported basis and you assume that gross margins will be down modestly quarter-over-quarter, you have to make that assumption because Compute margins will return to more historical ranges. You combine that with the fact that OpEx should be down modestly because of the measures we're taking and the pause we're putting on hiring and expenses that are discretionary in nature, or any will probably remain flat to slightly down quarter-on-quarter given the higher interest expense that we are seeing due to interest rates increasing.

儘管如此，我們相信我們可以增加收入——在報告的基礎上至少增加 5%。這反映了高於正常的季節性，供應有所改善，但我們仍將面臨更大的貨幣影響。因此，如果您按照報告的基礎計算 5% 的收入增長，並且假設毛利率將比上一季度略有下降，那麼您必須做出這樣的假設，因為計算利潤率將回到更多的歷史範圍。您將其與 OpEx 應該適度下降的事實相結合，因為我們正在採取的措施以及我們暫停招聘和支出的性質是可自由支配的，或者任何可能會保持平穩或略微下降。由於利率上升，我們看到更高的利息支出。

Tax rate will remain stable. You can assume a 14% effective tax rate as guided at SAM. You take all of that math of revenue, gross margin, OpEx or I&E and tax and you get to the guide that we gave you of $0.52 to $0.60 non-GAAP EPS for Q4 '22.

稅率將保持穩定。您可以按照 SAM 的指導假設 14% 的有效稅率。你把收入、毛利率、運營支出或 I&E 和稅收的所有數學計算出來，你就會得到我們給你的 22 年第四季度非公認會計原則每股收益 0.52 美元到 0.60 美元的指南。

Perfect. Thank you for running the whole model to what we have.

完美的。感謝您將整個模型運行到我們所擁有的。

Next question will come from Aaron Rakers with Wells Fargo.

下一個問題將來自富國銀行的 Aaron Rakers。

Yes. I wanted to go back to kind of the operating margin sustainability and particularly around the Compute segment. If we look back over the past several quarters, you've seen anywhere from high single-digit to kind of high teens declines on a unit basis. However, ASPs have been up 10% to 20% year-over-year. So I guess my question is, how are you thinking about the durability of that profitability given that ASP uplift that we've seen over the past several quarters. And can you kind of separate the pricing uplift that you've seen between mix versus the pass-through of increased component pricing over the past few quarters?

是的。我想回到運營利潤率的可持續性，尤其是在計算領域。如果我們回顧過去幾個季度，您會看到從高個位數到高個位數的單位下降。然而，平均售價同比增長 10% 至 20%。所以我想我的問題是，鑑於我們在過去幾個季度看到的 ASP 提升，您如何看待這種盈利能力的持久性。您能否將您在過去幾個季度中看到的混合價格上漲與組件價格上漲的傳遞區分開來？

Yes. Maybe I'll start and then I'll give it to Tarek. Thank you for the question. I mean, obviously, we are managing our -- the Compute business very different than our competition. And you see that in our operating margin performance, right, 13.3%, which is over 200 basis points year-over-year up. But we always guided you and the rest of the Street on an 11% to 13%. So we expect that over time to return to those levels, somewhere in that range.

是的。也許我會開始，然後我會把它交給 Tarek。感謝你的提問。我的意思是，顯然，我們正在管理我們的計算業務，這與我們的競爭對手非常不同。您可以在我們的營業利潤率表現中看到，對，13.3%，同比增長超過 200 個基點。但我們總是以 11% 到 13% 的速度引導你和華爾街的其他人。因此，我們預計隨著時間的推移會恢復到那個水平，在那個範圍內的某個地方。

But at the same time, we continue to be incredible discipline in pricing. And that backlog that we have, which is now 5x historical levels. Has been priced with that in mind, with that pricing discipline. And so that's why it gives us the confidence that as we go through the next handful of quarters here, we continue to see solid performance.

但與此同時，我們在定價方面繼續保持令人難以置信的紀律。還有我們的積壓，現在是歷史水平的 5 倍。考慮到這一點，按照定價原則進行定價。這就是為什麼它讓我們相信，當我們在這裡度過接下來的幾個季度時，我們將繼續看到穩健的表現。

But in the end, we will see obviously the balance between units and AUPs because particularly, memory pricing will start taking effect. But at the same time, we are focusing also on profitable growth units in different segments of the market. And one strategy to do so is our GreenLake platform because we are able to reach different customers with different configs with a margin that's more accretive, particularly because all the GreenLake's deals comes with the attach of Pointnext XOS.

但最終，我們將明顯看到單位和 AUP 之間的平衡，因為特別是內存定價將開始生效。但與此同時，我們也關注不同市場領域的盈利增長單位。這樣做的一個策略是我們的 GreenLake 平台，因為我們能夠接觸到具有不同配置的不同客戶，並且利潤率更高，特別是因為 GreenLake 的所有交易都附帶了 Pointnext XOS。

And one area you're going to see us also shifting is the software that comes with our Compute platform will be delivered also as a SaaS offering on the GreenLake platform as we have now entered or soon to be entered Gen11. So there is that dynamic of unit pricing and then offer configuration with SaaS that we're going to drive through the next generation here. But that 11% to 13% is more reasonable in our mind. And clearly, we are doing so by managing our backlog and new orders intake.

您將看到我們也在發生變化的一個領域是，我們的計算平台附帶的軟件也將作為 GreenLake 平台上的 SaaS 產品交付，因為我們現在已經進入或即將進入 Gen11。因此，存在單位定價的動態，然後通過 SaaS 提供配置，我們將在這裡推動下一代。但在我們看來，這 11% 到 13% 更合理。顯然，我們是通過管理積壓和新訂單來做到這一點的。

Tarek, do you have any comments on that?

Tarek，您對此有何評論？

Can I just add a little bit more color on the revenue AUP units dynamic here, right? So I want to flag that our backlog consists of very healthy increases in both units and AUPs, right? The revenue is -- in every quarter is more and more coming from the backlog. And specifically for Q3, regarding units and AUPs, units were down in high teens because of supply chain tightness, but AUPs rose also in the high teens because of richer configs and the pricing actions that we've taken place.

我可以在這里為收入 AUP 單位動態添加一點顏色，對嗎？所以我想指出，我們的積壓工作包括單位和 AUP 的非常健康的增長，對吧？收入是 - 每個季度都越來越多地來自積壓。特別是對於第三季度，關於單位和 AUP，由於供應鏈緊張，單位在十幾歲時下降，但由於更豐富的配置和我們採取的定價行動，AUP 在十幾歲時也有所上升。

So it remains a very dynamic business to watch for. Antonio flagged the need to monitor [RAM] prices, which we're doing on a daily basis. And we can be very quick at flipping our pricing strategy the other way should the market realign. But I think the longer-term trend that I would like you to focus on is the richer configs. These are the lead driver and the more structural driver of AUP increases rather than the pricing tools and measures that we can take. And we are very, very pleased overall with the way we're driving price, margin, units and mix in this Compute business. And as Antonio pointed out, at 13.3% OP margins, this is by far the most profitable Compute server business in the industry.

因此，它仍然是一個非常值得關注的動態業務。 Antonio 表示需要監控 [RAM] 價格，這是我們每天都在做的事情。如果市場重新調整，我們可以非常迅速地改變我們的定價策略。但我認為我希望您關注的長期趨勢是更豐富的配置。這些是 AUP 增長的主要驅動因素和更具結構性的驅動因素，而不是我們可以採取的定價工具和措施。我們對我們在這個計算業務中推動價格、利潤率、單位和組合的方式感到非常、非常滿意。正如 Antonio 所指出的，以 13.3% 的 OP 利潤率，這是迄今為止業內最賺錢的計算服務器業務。

Your next question will come from Wamsi Mohan with Bank of America.

您的下一個問題將來自美國銀行的 Wamsi Mohan。

Yes. Tarek, maybe just to follow up on that pricing commentary. When you think about the structural versus the cyclical impacts, any way you can parse that on how much of that pricing you're seeing is structural versus cyclical?

是的。 Tarek，也許只是為了跟進那個定價評論。當您考慮結構性與週期性影響時，您可以通過任何方式解析您所看到的定價中有多少是結構性與週期性？

And as you're talking about the supply improvements how should we reconcile that with the backlog remaining elevated? If we look into fiscal '23 and we start to see moderation over there in unit growth and AUP soften, can you just help us think through the impact to cash flows as well?

當你在談論供應改善時，我們應該如何與積壓的訂單保持一致？如果我們研究 23 財年，我們開始看到單位增長放緩，AUP 走軟，你能不能幫助我們考慮一下對現金流的影響？

Yes. So it's hard to really parse out what is structural by way of configs and/or pricing related with respect to what drives our overall AUP in the Compute business. And the reason for it is our own actions. We have started to steer the demand towards new configs where we do have the supply and particularly the Gen10 plus servers are very successful in the market today. And these are, by definition, higher config relative to the Gen10. And so I would say a large chunk of the success that we have there is driven by our own engineering and the steering of the demand to be able to fulfill the orders that we have in the backlog.

是的。因此，很難通過配置和/或定價的方式真正解析出與驅動我們在計算業務中的整體 AUP 相關的結構。原因是我們自己的行為。我們已經開始將需求轉向我們確實有供應的新配置，尤其是 Gen10 plus 服務器在當今市場上非常成功。根據定義，這些是相對於 Gen10 更高的配置。所以我想說，我們在那裡取得的很大一部分成功是由我們自己的工程和需求導向驅動的，以便能夠完成我們積壓的訂單。

And then specifically for cash flow, overall, at the company level, the dynamic that you all need to take into account is starting from the revenue growth that we flagged, which would be at least 5% on a revenue basis, reported basis, applying the margins commentary that we discussed, you're going to have a certain amount of cash earnings growth in Q4 sequentially relative to Q3. But the most important driver of free cash flow in Q4 is our cash flow conversion cycle. We already started to see in Q3 as foreshadowed the working capital becoming a tailwind. And in Q4, as we turn through our backlog, and we drive, therefore, higher revenues, we're also going to drive inventory levels down. And our overall cash conversion cycle will move from a positive 18 today to a negative figure, which is favorable to free cash flow generation in Q4.

然後特別是對於現金流，總體而言，在公司層面，你們都需要考慮的動態是從我們標記的收入增長開始，在收入基礎上，報告基礎上至少有 5%，應用根據我們討論的利潤率評論，與第三季度相比，第四季度的現金收益將連續增長。但第四季度自由現金流最重要的驅動因素是我們的現金流轉換週期。我們已經在第三季度開始看到，這預示著營運資金將成為順風。在第四季度，當我們處理積壓訂單並因此推動更高的收入時，我們還將降低庫存水平。我們的整體現金轉換週期將從今天的正數 18 轉為負數，這有利於第四季度產生自由現金流。

That's the key dynamic that I want you to take away as we work through the inventory, the inventory has peaked in Q3, it will take longer than expected to work through that. But overall, our focus is on managing our cash flow conversion cycle, taking it back down to a negative number, which is good for free cash flow, and we're going to start doing so with our team immediately in Q4, and we'll keep it there for the upcoming quarters.

這是我希望你在我們處理庫存時帶走的關鍵動態，庫存在第三季度達到頂峰，解決這個問題需要的時間比預期的要長。但總的來說，我們的重點是管理我們的現金流轉換週期，將其降低到負數，這有利於自由現金流，我們將在第四季度立即與我們的團隊開始這樣做，我們將在接下來的幾個季度中保留它。

So Wamsi, just a comment on the question around structural and units and the like. We have talked about this now for a number of years, I will say. And every generation that we introduced in the Compute business, call it Gen10, Gen10.5, soon Gen11, you see that, generally speaking, the rule of 2/3, 1/3 stays through over time, right? 2/3 is structural, meaning it's related to the number of options you can attach to the server platform, and that's driven by more memory and more storage and different class of storage because obviously, as you go to NVMe and then go NVMe over Fabrics and others, including SmartNIC, the content of the service becomes richer and richer and therefore, the content of Pointnext XOS also becomes richer because now you have different quantities to support.

所以Wamsi，只是對有關結構和單元等問題的評論。我會說，我們已經討論了很多年了。我們在計算業務中引入的每一代，稱為 Gen10、Gen10.5，很快就會成為 Gen11，你看，一般來說，2/3、1/3 的規則會隨著時間的推移而存在，對嗎？ 2/3 是結構性的，這意味著它與您可以附加到服務器平台的選項數量有關，這是由更多內存和更多存儲以及不同類型的存儲驅動的，因為很明顯，當您使用 NVMe，然後使用 NVMe over Fabrics和其他包括SmartNIC在內的，服務的內容越來越豐富，因此Pointnext XOS的內容也越來越豐富，因為現在你有不同的支持量。

So over time, when I look at the trends, it's still kind of the same 2/3, 1/3. And this business continue to be over $12 billion, no matter how you look at it. But I'm confident, as we go through here with GreenLake, the type of configuration becomes richer as well because the cloud experience that we built around it.

所以隨著時間的推移，當我查看趨勢時，它仍然是相同的 2/3、1/3。不管你怎麼看，這項業務的規模仍然超過 120 億美元。但我有信心，當我們在這裡使用 GreenLake 時，配置類型也會變得更加豐富，因為我們圍繞它構建的雲體驗。

Great. Thanks for the question. The operator, I think we have time for 1 more, please.

偉大的。謝謝你的問題。接線員，我想我們還有時間再做 1 個。

The last question will come from Rod Hall with Goldman Sachs.

最後一個問題將來自高盛的 Rod Hall。

I guess most of my questions have been answered. I thought maybe I would ask about financial services. That number has been down the last 3 quarters. Just curious whether you guys are seeing anything within that from an origination point of view or anything else that might give us some hint as to what is going on with different -- various parts of that business. We know there are businesses outside of your own that are in there. For comparison, by the way, Dell said they saw increased originations there because of what they're seeing in the broader macro. And I just wondered kind of whether you had any more color on that.

我想我的大部分問題都已得到解答。我想也許我會問一下金融服務。這個數字在過去 3 個季度一直在下降。只是好奇你們是否從起源的角度看到了其中的任何內容，或者任何其他可能給我們一些暗示的東西 - 該業務的各個部分正在發生什麼。我們知道那裡有您自己以外的企業。作為比較，順便說一句，戴爾表示，由於他們在更廣泛的宏觀環境中看到的情況，他們看到那裡的起源有所增加。我只是想知道你是否有更多的顏色。

Yes, certainly. So yes, similarly to our competitors we're seeing originations or what we call financing volume up. It has increased 4% year-over-year. And this is driven by strong performance in GreenLake, but also whatever else we decide to finance in HPEFS financial services. So the $13 billion lease portfolio is continuing to produce a substantial amount of profits and the profits come from 2 sources. One, it's a money-over-money business as all their financial services are, it's about spread and making sure that the spread is unaffected by rising interest rates. This continues unabated.

是的，當然了。所以，是的，與我們的競爭對手類似，我們看到了起源或我們所說的融資量增加。同比增長 4%。這是由 GreenLake 的強勁表現以及我們決定在 HPEFS 金融服務中融資的任何其他因素推動的。因此，130 億美元的租賃組合繼續產生可觀的利潤，利潤來自兩個來源。第一，這是一項貨幣兌貨幣業務，就像他們所有的金融服務一樣，它是關於點差，並確保點差不受利率上升的影響。這種情況繼續有增無減。

And we also are seeing the second profitable driver of growth in HPEFS, which is the fact that in this macroeconomic environment, customers tend to use their equipment for longer, which improves the realization of residual values. And so this is all ticking in the right direction. We're very pleased with this. And if you look back at the quality of the returns from HPEFS, it's extremely high. Bad debt has returned to pre-COVID levels, which is remarkable. It shows the resilience of the portfolio and quality of the portfolio. And this is what stands behind a high return on equity of 19.5%, which is up 1.3 points from the prior year, and this is well above my long-term guidance for this business for an ROI of 18% plus and well above pre-pandemic levels. So very happy with the performance of HPEFS.

我們還看到了 HPEFS 增長的第二個盈利驅動因素，即在這種宏觀經濟環境下，客戶傾向於使用他們的設備的時間更長，從而提高了剩餘價值的實現。所以這一切都朝著正確的方向發展。我們對此非常滿意。如果您回顧一下 HPEFS 的退貨質量，您會發現它非常高。壞賬已恢復到 COVID 之前的水平，這是了不起的。它顯示了投資組合的彈性和投資組合的質量。這就是 19.5% 的高股本回報率背後的原因，比上一年增加了 1.3 個百分點，這遠高於我對該業務的長期指導，即投資回報率 18% 以上，遠高於前一年。流行病水平。對 HPEFS 的性能非常滿意。

Thanks, Rod, for the question. Antonio, maybe I'll turn it over to you for any final remarks.

謝謝，羅德，這個問題。安東尼奧，也許我會把它交給你做最後的評論。

Yes. I would just make one point on the last question, which is important that you understand as well. HPEFS is very strategic when you pivot to as-a-Service because as the business grows, you're going to manage a lot of assets. And fleet management is an essential component of the strategy. And that gives us a huge advantage when you have an asset life cycle management set of capabilities and scale because in some cases, customers will say, "Hey, I'm okay, we're using that solution, and we will have ability to deliver faster for our customers." So I don't want to lose that point from a strategic perspective.

是的。我只想對最後一個問題提出一點意見，這對你也很重要。當您轉向即服務時，HPEFS 非常具有戰略意義，因為隨著業務的增長，您將管理大量資產。車隊管理是該戰略的重要組成部分。當您擁有一套資產生命週期管理功能和規模時，這為我們提供了巨大的優勢，因為在某些情況下，客戶會說，“嘿，我很好，我們正在使用該解決方案，我們將有能力為我們的客戶提供更快的服務。”所以我不想從戰略角度失去這一點。

Now just to closing, I know some of you have to go probably to the HPQ call, but I will wrap it up saying we had another solid quarter performance as we have done throughout 2022. I think our focus on the strategy, operational execution is absolutely delivering for shareholders, and that's reflected in our results and guidance. Our pipeline is incredibly strong and our backlog is now record breaking. And that gives us the confidence to deliver against our '22 commitments and the guide that we just provided today.

現在快結束了，我知道你們中的一些人可能必須參加 HPQ 電話會議，但我會總結說，我們在整個 2022 年都取得了又一個穩健的季度業績。我認為我們對戰略和運營執行的關注是絕對為股東提供服務，這反映在我們的業績和指導中。我們的管道非常強大，我們的積壓工作現在打破了記錄。這讓我們有信心兌現我們的 '22 承諾和我們今天剛剛提供的指南。

But what I'm really more pleased about is HPE is becoming more and more relevant to our customers because of our approach. And so we have crafted a unique, differentiated strategy that address, what I call, the data first modernization challenges and the opportunity we see in the market, and that's resonated with HPE GreenLake. So very confident in our ability to deliver what we discussed today in Q4 and into 2023. And we have a very talented management team and 60,000 employees that really driven by this purpose to pivot the company and deliver for our shareholders. So thank you for your time, and we hope to see you at the Security Analyst Meeting in late October. Thank you.

但我真正感到高興的是，由於我們的方法，HPE 與我們的客戶越來越相關。因此，我們制定了一項獨特的差異化戰略，以解決我所說的數據優先現代化挑戰和我們在市場上看到的機遇，這與 HPE GreenLake 產生了共鳴。因此，我們對我們今天在第四季度和 2023 年實現我們今天討論的內容的能力非常有信心。我們擁有一支非常有才華的管理團隊和 60,000 名員工，他們真正受此驅動，以推動公司發展並為我們的股東提供服務。感謝您抽出寶貴時間，我們希望在 10 月下旬的安全分析師會議上見到您。謝謝你。

Ladies and gentlemen, this concludes our call for today. Thank you for your participation. You may now disconnect.

女士們，先生們，我們今天的呼籲到此結束。感謝您的參與。您現在可以斷開連接。