惠普企業 (HPE) 2022 Q4 法說會逐字稿

Good day, and welcome to the Fourth Quarter Fiscal 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 call is being recorded for replay purposes.

美好的一天，歡迎來到惠普企業 2022 財年第四季度收益電話會議。我叫查克，我將擔任今天電話會議的會議主持人。 （操作員說明）作為提醒，正在錄製此電話會議以供重播。

I would now like to turn the presentation over to your host for today's call, Mr. Jeff Kvaal, Vice President of Investor Relations. Please go ahead, sir.

現在，我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 Jeff Kvaal 先生。請繼續，先生。

Good afternoon, and thank you, Chuck. I'm Jeff Kvaal, Head of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2022 fourth 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.

下午好，謝謝你，查克。我是惠普企業投資者關係主管 Jeff Kvaal。歡迎大家參加我們與 HPE 總裁兼首席執行官 Antonio Neri 舉行的 2022 財年第四季度收益電話會議；和 HPE 執行副總裁兼首席財務官 Tarek Robbiati。

Before handing the call 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 release on our HPE Investor Relations web page at investors.hpe.com.

在將電話轉給 Antonio 之前，讓我提醒您，此電話正在網絡直播中。網絡廣播的重播將在電話會議結束後不久提供大約 1 年。我們在我們的 HPE 投資者關係網頁 investors.hpe.com 上發布了新聞稿和隨今天發布的幻燈片演示。

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.

本演示文稿的內容是前瞻性的，基於我們對當今世界和我們業務的最佳看法。有關更多詳細信息，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。

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. HP assumes no obligation and does not intend to update such forward-looking statements.

有關其中一些風險、不確定性和假設的討論，請參閱 HPE 向美國證券交易委員會提交的文件，包括其最新的 10-K 表格和 10-Q 表格。惠普不承擔任何義務，也不打算更新此類前瞻性陳述。

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 annual report on Form 10-K for the fiscal year ended October 31, 2022.

我們還注意到，本次電話會議上討論的財務信息反映了基於目前可用信息的估計，可能與 HPE 截至 2022 年 10 月 31 日止財政年度 10-K 表格年度報告中最終報告的金額存在重大差異。

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

對於以非 GAAP 為基礎表達的財務信息，我們已經提供了與我們網站上可比的 GAAP 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。在整個電話會議中，除非另有說明，否則所有收入增長率均按同比顯示，並進行調整以排除貨幣的影響。

Finally, after Antonio provides his high-level remarks, Tarek will be referencing the slides in our earnings presentation throughout his prepared remarks. The earnings presentation is also embedded within the webcast player on our website for this earnings call.

最後，在 Antonio 發表了他的高級評論之後，Tarek 將在他準備好的評論中引用我們收益演示中的幻燈片。收益演示文稿也嵌入在我們網站上的網絡廣播播放器中，用於本次收益電話會議。

And with that, let me turn it over to you, Antonio.

有了這個，讓我把它交給你，安東尼奧。

Well, thank you, Jeff, and good afternoon and thank you for joining our call today.

好吧，謝謝你，傑夫，下午好，感謝你今天加入我們的電話會議。

HP had an impressive fourth quarter, delivering outstanding performance across our key performance metrics. Q4 was HPE's most profitable quarter on a non-GAAP continuing operations basis since 2017, with our second highest quarterly revenue and record quarterly free cash flow.

惠普第四季度表現出色，在我們的關鍵績效指標中表現出色。自 2017 年以來，第四季度是 HPE 在非 GAAP 持續運營基礎上盈利最多的季度，季度收入和創紀錄的季度自由現金流量位居第二。

In 2018, we introduced a clear strategy to deliver sustainable long-term value for shareholders. And in 2019, we began our pivot to prioritize recurring revenue through our HP GreenLake edge-to-cloud platform. We have refocused our portfolio and our customer value proposition toward high growth and higher gross margin solutions.

2018 年，我們推出了一項明確的戰略，為股東創造可持續的長期價值。 2019 年，我們開始轉向通過我們的 HP GreenLake 邊緣到雲平台優先考慮經常性收入。我們已將我們的產品組合和客戶價值主張重新聚焦於高增長和更高毛利率的解決方案。

We also improved our operating leverage across the company. We are now seeing these strategic actions paying off. In Q4, orders remained steady, showing continued interest in our differentiated Edge-to-Cloud solutions across industries, from enterprises large and small. Demand over the course of the year was enduring and proved to be better than we anticipated.

我們還提高了整個公司的經營槓桿。我們現在看到這些戰略行動取得了成效。在第四季度，訂單保持穩定，顯示出對我們跨行業、大小企業的差異化邊緣到雲解決方案的持續興趣。這一年的需求是持久的，事實證明比我們預期的要好。

We closed this fiscal year with a significantly larger order book than we had at the start of the year. I am very proud of our performance in the quarter and in fiscal year 2022. Faced with ongoing macroeconomic challenges, supply constraints and adverse foreign exchange, HPE executed exceptionally well.

我們在本財年結束時的訂單量比年初大得多。我為我們在本季度和 2022 財年的表現感到非常自豪。面對持續的宏觀經濟挑戰、供應限制和不利的外匯，HPE 表現出色。

During the fourth quarter, total HPE revenue climbed 12% year-over-year on a constant currency basis to almost $8 billion, which was above our sequential outlook as we started to see a slight improvement to ongoing supply constraints. Our Compute and Intelligent Edge businesses had particularly strong revenue growth, each rising more than 20%.

在第四季度，HPE 總收入按固定匯率計算同比增長 12% 至近 80 億美元，高於我們的連續預期，因為我們開始看到持續的供應限制略有改善。我們的計算和智能邊緣業務收入增長特別強勁，均增長超過 20%。

Even on this higher revenue base, we grew our non-GAAP operating margin. Non-GAAP operating margin rose to 11.5%, up 180 basis points year-over-year, one of the highest quarterly levels in HPE's history. Non-GAAP gross margin was just above 33%, a 10 basis point improvement year-over-year, reflecting ongoing pricing discipline.

即使在這個更高的收入基礎上，我們的非 GAAP 營業利潤率也有所增長。非 GAAP 營業利潤率升至 11.5%，同比增長 180 個基點，是 HPE 歷史上最高的季度水平之一。非 GAAP 毛利率略高於 33%，同比提高 10 個基點，反映了持續的定價紀律。

As customers continue to turn to our edge-to-cloud solutions, we saw increased demand for our HP GreenLake platform. Annualized revenue run rate rose 25% year-over-year even with supply constraints as a headwind. Total as-a-service orders again increased more than 30% from a year ago, helping us close the fiscal year with as-a-service order growth of 68%.

隨著客戶繼續轉向我們的邊緣到雲解決方案，我們發現對 HP GreenLake 平台的需求不斷增加。即使供應受限成為不利因素，年化收入運行率仍同比增長 25%。即服務訂單總額與一年前相比再次增長 30% 以上，幫助我們以 68% 的即服務訂單增長結束本財年。

In the final quarter of the fiscal year, as-a-service orders represented approximately 12% of the total company bookings. Non-GAAP profit in the quarter was a standout. We achieved record quarterly profit despite the continued unfavorable effects from foreign exchange.

在本財年的最後一個季度，即服務訂單約占公司總預訂量的 12%。本季度的非 GAAP 利潤非常出色。儘管外彙的不利影響持續存在，我們仍實現了創紀錄的季度利潤。

Our non-GAAP diluted net earnings per share was $0.57, a 90% sequential rise and 10% increase year-over-year. Free cash flow in the final quarter was just shy of $2 billion, our best ever for a quarter. Free cash flow improved in the second half of the fiscal year 2022 as expected, following better supply chain conversion and working capital actions as we took to increase cash flow from operations.

我們的非 GAAP 每股攤薄淨收益為 0.57 美元，環比增長 90%，同比增長 10%。最後一個季度的自由現金流略低於 20 億美元，這是我們有史以來最好的一個季度。 2022 財年下半年自由現金流如預期有所改善，因為我們採取了更好的供應鏈轉換和營運資本行動來增加運營現金流。

As we look at our full fiscal year '22 performance, it is clear the HP GreenLake platform has enhanced our financial profile with more resilient recurring revenue. Our portfolio is steadily becoming richer in software and services. We continue to shift our mix to higher growth markets and more IP reach offerings. And we continue to invest in our go-to-market capabilities that they are solution-led and outcome-based.

當我們審視我們整個 22 財年的業績時，很明顯，HP GreenLake 平台通過更具彈性的經常性收入改善了我們的財務狀況。我們的產品組合在軟件和服務方面穩步變得更加豐富。我們繼續將我們的組合轉向更高增長的市場和更多的 IP 覆蓋產品。我們繼續投資於我們以解決方案為導向和以結果為基礎的上市能力。

Since we began our as-a-service pivot in 2019, our ARR has more than doubled to $963 million. We exited fiscal year 2022 with more than $8.3 billion in HP GreenLake total contract value, more than twice what it was just 2 years ago.

自 2019 年我們開始以服務為中心以來，我們的 ARR 翻了一番多，達到 9.63 億美元。我們以超過 83 億美元的 HP GreenLake 總合同價值結束了 2022 財年，是 2 年前的兩倍多。

In fiscal year 2022, we produced $28.5 billion of revenue, 5% higher compared to 2021 and above the 3% to 4% outlook we provided at the Securities Analyst Meeting 2021. We achieved this revenue despite not yet having booked all revenue from our Frontier exascale system, which was delayed because our customer needed to extend the acceptance time frame.

在 2022 財年，我們實現了 285 億美元的收入，比 2021 年增長 5%，高於我們在 2021 年證券分析師會議上提供的 3% 至 4% 的預期。儘管尚未計入 Frontier 的所有收入，但我們實現了這一收入exascale 系統，由於我們的客戶需要延長驗收時間而延遲。

Through a combination of pricing actions, portfolio mix shift and cost discipline, we sustained our margins in fiscal year 2022 even in the face of supply constraints and higher components and logistic costs. We increased our operating margin moving 210 basis points from above 8.5% 2 years ago to 10.6% for fiscal year 2022.

通過結合定價行動、投資組合組合轉變和成本控制，我們在 2022 財年保持了利潤率，即使面臨供應限制和更高的零部件和物流成本。我們將營業利潤率從 2 年前的 8.5% 以上提高了 210 個基點，達到 2022 財年的 10.6%。

Overall, in fiscal 2022, our operational performance resulted in a record non-GAAP diluted net earnings per share of $2.02, which came in above the midpoint of the guidance we gave at SAM 2022 in Houston last month, despite ongoing supply impacts, foreign exchange challenges and our exit from Russia and Belarus.

總體而言，在 2022 財年，我們的運營業績導致創紀錄的非 GAAP 攤薄後每股淨收益 2.02 美元，高於我們上個月在休斯敦舉行的 SAM 2022 上給出的指導的中點，儘管供應影響持續存在，外匯挑戰以及我們從俄羅斯和白俄羅斯退出。

We generated the second highest free cash flow in a fiscal year, a total of $1.8 billion, 3x what it was in fiscal year 2020. We exited fiscal year 2022 with free cash flow at the midpoint of the target we guided at SAM 2022.

我們產生了一個財政年度第二高的自由現金流，總計 18 億美元，是 2020 財政年度的 3 倍。我們在 2022 財政年度結束時的自由現金流處於我們在 SAM 2022 指導的目標的中點。

Our fourth quarter and year-end results position us for continued durable profitable growth in fiscal year 2023, and we are confident in the guidance targets we gave last month at SAM. Going into next quarter, we are optimistic demand will sustain globally. It is clear that customers view their data first digital transformation critical to their success and are prioritizing hybrid cloud solutions to propel them forward, particularly in these dynamic times.

我們的第四季度和年終業績使我們在 2023 財年實現持續持久的盈利增長，我們對上個月在 SAM 上給出的指導目標充滿信心。進入下個季度，我們對全球需求持樂觀態度。很明顯，客戶認為他們的數據優先數字化轉型對他們的成功至關重要，並且正在優先考慮混合雲解決方案以推動他們前進，尤其是在這個充滿活力的時代。

As we look ahead for the next fiscal year, after many quarters of supply constrained in our market, we are beginning to see some improvements. Demand from the consumer sector is slowing, allowing some substrate capacity to shift to enterprise IT technologies. As a result, we have been able to reduce anticipated lead times for some products.

展望下一財年，在我們的市場供應受限多個季度後，我們開始看到一些改善。消費領域的需求正在放緩，使得部分基板產能轉向企業 IT 技術。因此，我們已經能夠縮短某些產品的預期交貨時間。

We are continuing to take proactive measures to mitigate supply chain challenges and we are working through our large order book, which has experienced no material cancellations. Over the course of 2023, we expect to see great and easy but not an end to supply shortages.

我們將繼續採取積極措施來緩解供應鏈挑戰，並且我們正在處理我們的大訂單，該訂單沒有發生重大取消。在 2023 年期間，我們預計供應短缺會很順利，但不會結束。

Despite supply constraints, the momentum we are generating with customers for our HP GreenLake platform has been evident across our financial metrics. HP GreenLake offer customers a unified and automated secure hybrid cloud experience, integrated across the edge data center colocations and public clouds. It is open, so customers can take advantage of the choice in architecture, but also benefit from the consistent cloud operating model HP GreenLake provides for all workloads and applications across hybrid IT estates.

儘管存在供應限制，但我們與客戶一起為我們的 HP GreenLake 平台產生的勢頭在我們的財務指標中是顯而易見的。 HP GreenLake 為客戶提供統一和自動化的安全混合雲體驗，跨邊緣數據中心託管和公共雲集成。它是開放的，因此客戶可以利用架構選擇，還可以受益於 HP GreenLake 為混合 IT 資產中的所有工作負載和應用程序提供的一致的雲操作模型。

With a true cloud metering capability, HP GreenLake enables customers to flex capacity up and down based on their business needs while benefiting from a wide range of cloud services to protect and analyze their data. Our market-leading differentiators helped us attract more new customers to our platform during the fourth quarter than any other quarter before, leading to twice as many new HP GreenLake logos to end fiscal year 2022 than we had a year prior.

憑藉真正的雲計量功能，HP GreenLake 使客戶能夠根據業務需求靈活調整容量，同時受益於廣泛的雲服務來保護和分析他們的數據。我們市場領先的差異化因素幫助我們在第四季度為我們的平台吸引了比以往任何其他季度都多的新客戶，導致到 2022 財年結束時新的 HP GreenLake 標識數量是去年同期的兩倍。

Also, customers are consuming more HP GreenLake services increasing usage above the original contract commitments. Our partners are also seeing the relevance of HP GreenLake with our customers. Partners booked more HP GreenLake orders during the fourth quarter than they ever did before, extending the streak of orders growth to 22 consecutive quarters.

此外，客戶正在使用更多的 HP GreenLake 服務，使使用量超過原始合同承諾。我們的合作夥伴也看到了 HP GreenLake 與我們客戶的相關性。合作夥伴在第四季度預訂了比以往任何時候都多的 HP GreenLake 訂單，將訂單連續增長的勢頭擴大到連續 22 個季度。

During the fourth quarter, we also saw a greater share of partners booking multiple HP GreenLake deals. Next week, we will meet face-to-face with several thousand customers and partners at HPE Discover Frankfurt, to discuss hybrid cloud transformation strategies, ways to drive value from the data across HP cloud and how to bring the cloud experience to applications and data with HP GreenLake.

在第四季度，我們還看到更多合作夥伴預訂了多個 HP GreenLake 交易。下週，我們將在 HPE Discover Frankfurt 與數千名客戶和合作夥伴面對面，討論混合雲轉型戰略、從惠普雲中的數據中獲取價值的方法，以及如何將雲體驗帶入應用程序和數據與 HP GreenLake。

At the event, we will unveil important updates to our HP GreenLake platform. One European customer who has recently adopted the HP GreenLake platform is SPAR. SPAR is the supermarket you see everywhere in Europe from micro roadside convenience stores to massive one-stop hypermarket. SPAR has decided to build its own hybrid cloud on HP GreenLake to run the company's core business. Our platform is running all major applications of SPAR's innovation engine as the retailer pursues its ambition to create the future of grocery and retail shopping.

在此次活動中，我們將公佈 HP GreenLake 平台的重要更新。最近採用 HP GreenLake 平台的一位歐洲客戶是 SPAR。 SPAR 是您在歐洲隨處可見的超市，從微型路邊便利店到大型一站式大賣場。 SPAR 已決定在 HP GreenLake 上構建自己的混合雲，以運行公司的核心業務。我們的平台正在運行 SPAR 創新引擎的所有主要應用程序，因為這家零售商追求其創造雜貨和零售購物未來的雄心。

The HP GreenLake platform also helps SPAR use data to make strategic decisions on everything from warehousing and logistics to in-store experiences to advance its business. HP GreenLake is playing an increasingly important role in customers' IT strategies and in addressing all their needs with one unified edge-to-cloud experience.

HP GreenLake 平台還幫助 SPAR 使用數據對從倉儲和物流到店內體驗的方方面面做出戰略決策，以推動其業務發展。 HP GreenLake 在客戶的 IT 戰略和通過統一的邊緣到雲體驗滿足他們的所有需求方面發揮著越來越重要的作用。

This fiscal year, we performed remarkably well for our customers, our shareholders and our HPE team members. We helped our customers use technology to accelerate the business outcomes while navigating in dynamic environment. Our expanding market leadership demonstrates the trust that customers place in us and the value defined in the differentiated a supply portfolio that only we can deliver.

本財年，我們為客戶、股東和 HPE 團隊成員的表現非常出色。我們幫助客戶在動態環境中導航時使用技術來加速業務成果。我們不斷擴大的市場領導地位表明了客戶對我們的信任以及只有我們才能提供的差異化供應組合所定義的價值。

Demand for our HP solution has been enduring throughout 2022 and continue to be steady as we move into fiscal year 2023. For our shareholders, by executing our strategy, we have pivoted HP to a richer mix of software and services that is delivering recurring profitable growth. In fiscal year 2022, we posted strong revenue growth, record-breaking non-GAAP earnings per share and outstanding free cash flow. I am so proud of our team members around the world who have made these results and our transformation possible through their ingenuity and engagement.

對惠普解決方案的需求在整個 2022 年一直持續，並在我們進入 2023 財年時繼續保持穩定。對於我們的股東來說，通過執行我們的戰略，我們已將惠普轉向更豐富的軟件和服務組合，從而實現經常性盈利增長.在 2022 財年，我們實現了強勁的收入增長、創紀錄的非 GAAP 每股收益和未償付的自由現金流。我為我們在世界各地的團隊成員感到自豪，他們通過他們的聰明才智和參與使這些成果和我們的轉型成為可能。

In fact, this year, HPE achieved one of the highest employee engagement scores in the history of our company, up 20 points over the last 5 years. Our culture has attracted some of the brightest, most innovative talent in tech. HPE's team members are bringing their energy and ideas to provide HPE's next chapter and cement us as the edge-to-cloud market leader.

事實上，今年 HPE 取得了我們公司歷史上最高的員工敬業度分數之一，比過去 5 年上升了 20 分。我們的文化吸引了一些最聰明、最具創新精神的科技人才。 HPE 的團隊成員正在發揮他們的能量和想法來開啟 HPE 的新篇章，並鞏固我們作為邊緣到雲市場領導者的地位。

With our team engaged, our strategy taking flight and our market-leading solutions playing critical roles in customers' business. We enter fiscal year 2023 with incredible momentum on all fronts. And I look forward to advancing our strategy and leadership even further in the next year.

隨著我們團隊的參與，我們的戰略得以實施，我們市場領先的解決方案在客戶的業務中發揮著關鍵作用。進入 2023 財年，我們在各個方面都保持著令人難以置信的勢頭。我期待著在明年進一步推進我們的戰略和領導力。

And with that, I would like now to pass it over to Tarek to make his comment and provide a little bit more details about our financial performance. So Tarek, over to you.

有了這個，我現在想把它傳遞給 Tarek 發表他的評論並提供更多關於我們財務業績的細節。所以 Tarek，交給你了。

Thank you very much, Antonio. Q4 was no question, an outstanding quarter for HPE. As usual, I will reference slides from our earnings presentation to guide you through our performance. Antonio discussed key highlights for Q4 '22 and fiscal year '22 on Slide 4 and 5.

非常感謝你，安東尼奧。毫無疑問，第四季度對 HPE 來說是一個出色的季度。像往常一樣，我將參考我們的收益演示文稿中的幻燈片來指導您了解我們的表現。 Antonio 在幻燈片 4 和幻燈片 5 上討論了 22 年第四季度和 22 財年的主要亮點。

Let me discuss our Q4 performance details, starting with Slide 6. Sustained demand continues to be a core attribute of our differentiated edge to cloud portfolio, which is translated to record or near-record results. As expected, year-over-year order growth continued to moderate in Q4 '22 to down 16% year-over-year as we lap challenging compares.

讓我從幻燈片 6 開始討論我們第四季度的性能細節。持續的需求仍然是我們差異化邊緣到雲產品組合的核心屬性，這轉化為創紀錄或接近創紀錄的結果。正如預期的那樣，隨著我們進行具有挑戰性的比較，22 年第四季度的同比訂單增長繼續放緩，同比下降 16%。

Having said that, our sequential order growth was flat relative to Q3 '22, which illustrates that demand for our products and services is steady. The key takeaway here is that we are entering fiscal year '23 with an order book that is even higher than the order book we entered fiscal year '22 with, which attests to our momentum for fiscal year 2023.

話雖如此，我們的連續訂單增長與 22 年第三季度持平，這表明對我們產品和服務的需求是穩定的。這裡的關鍵要點是，我們進入 23 財年的訂單甚至比我們進入 22 財年時的訂單還要多，這證明了我們 2023 財年的勢頭。

Now that we have closed fiscal year '22, we will again turn our attention to focus on revenues rather than orders as we have been flagging. This is because of timing differences, orders and backlog are not traditionally good indicators of quarterly revenue in normal times. We will continue to disclose orders for our as-a-service and HPE Pointnext OS business.

既然我們已經結束了 22 財年，我們將再次將注意力轉移到收入上，而不是我們一直萎靡不振的訂單上。這是因為時間差異，訂單和積壓訂單在正常情況下並不是季度收入的傳統好指標。我們將繼續披露我們的即服務和 HPE Pointnext OS 業務的訂單。

While the supply environment is improving, it is not quite back to pre-pandemic levels. Our large order book contributes to our confidence in our fiscal year '23 revenue outlook of 2% to 4% growth adjusted for currency, and the longer term 2% to 4% revenue CAGR outlook over the fiscal year '22 to '25 period we provided at our 2022 Securities Analyst Meeting in Houston last October.

雖然供應環境正在改善，但還沒有完全恢復到大流行前的水平。我們的大量訂單增強了我們對 23 財年收入前景的信心，根據貨幣調整後收入增長 2% 至 4%，而我們在 22 至 25 財年期間的長期收入複合年增長率前景為 2% 至 4%去年 10 月在休斯敦舉行的 2022 年證券分析師會議上提供。

We delivered Q4 revenue of $7.9 billion, which is up 12% annually and 15% sequentially adjusted for currency. This is the second highest revenue figure since our separation transactions in 2017. It would easily have been the highest had revenue recognition from the Frontier deal not slipped into fiscal year '23.

我們在第四季度實現了 79 億美元的收入，年增長率為 12%，經貨幣調整後環比增長 15%。這是自 2017 年我們的分離交易以來的第二高收入數字。如果 Frontier 交易的收入確認沒有滑入 23 財年，這很容易成為最高收入數字。

The Q4 sequential revenue growth is well above our prior outlook for at least 5% sequential growth. We have had healthy demand throughout the past 2 years. We now also have improving supply as supply capacity in the consumer electronics market is redirected towards enterprise markets where demand for digital transformation continues unabated.

第 4 季度的收入環比增長遠高於我們此前預期的至少 5% 的環比增長。在過去的兩年裡，我們的需求一直很健康。隨著消費電子市場的供應能力轉向對數字化轉型的需求持續有增無減的企業市場，我們現在的供應也有所改善。

We closed fiscal year '22 with full year revenue growth of 3% as reported. Currency and our exit from Russia and Belarus represented a 300 basis points headwind to revenue for the full year, which means we ended the year solidly above our initial guidance for 3% to 4% revenue growth adjusted for currency.

據報導，我們以 3% 的全年收入增長結束了 22 財年。貨幣以及我們從俄羅斯和白俄羅斯的退出對全年收入造成了 300 個基點的不利影響，這意味著我們在今年結束時穩固地高於我們最初的 3% 至 4% 收入增長指導（根據貨幣調整）。

Our non-GAAP gross margins remain resilient, thanks to the pricing actions we have taken. Our 33.1% non-GAAP gross margin in Q4 is up 10 basis points year-over-year, reflecting a very strong Compute quarter and higher logistics costs in the Edge business. We retain our pricing discipline and continue to shift our mix of business towards higher-margin, software-intensive as-a-service offerings.

由於我們採取了定價措施，我們的非 GAAP 毛利率保持彈性。我們在第四季度的非美國通用會計準則毛利率為 33.1%，同比增長 10 個基點，反映出非常強勁的計算季度和邊緣業務更高的物流成本。我們保留我們的定價紀律，並繼續將我們的業務組合轉向利潤率更高、軟件密集型即服務產品。

Non-GAAP operating margins reached a record 11.5%, which represented a 100 basis points increase sequentially and a 180 basis points increase year-over-year. This result would not have been possible without the strategic actions we have taken back in fiscal year '20 to reallocate resources and optimize our cost structure. These actions have put us in the position to benefit from an enhanced operating leverage for several quarters over the past 3 years, and this will continue in fiscal year '23 and beyond as Antonio and I remain determined to maintain our focus on productivity.

非 GAAP 營業利潤率達到創紀錄的 11.5%，環比增長 100 個基點，同比增長 180 個基點。如果沒有我們在 20 財年採取的重新分配資源和優化成本結構的戰略行動，這一結果是不可能實現的。這些行動使我們在過去 3 年的幾個季度中受益於運營槓桿的提高，這將在 23 財年及以後繼續，因為安東尼奧和我仍然決心保持對生產力的關注。

Our cost optimization and resource allocation program announced during the pandemic of 2020 and which is now substantially finished, has achieved annual savings of $875 million, well above our initial target of $800 million. As a result, we are now rightsized and we are entering a very different phase of the company, one where the combination of our enhanced cost structure and substantial order book is expected to deliver profitable growth that is increasingly recurring at higher margins as our as-a-service transformation continues to unfold.

我們在 2020 年大流行期間宣布的成本優化和資源分配計劃現已基本完成，每年節省 8.75 億美元，遠高於我們最初 8 億美元的目標。因此，我們現在調整規模，我們正在進入公司的一個非常不同的階段，我們增強的成本結構和大量訂單的結合預計將帶來盈利增長，隨著我們的 as- a-service轉型繼續展開。

Thanks to revenue growth above our guidance, we delivered Q4 non-GAAP diluted net earnings per share of $0.57, which exceeded the midpoint of our guidance range. This is the highest quarterly non-GAAP net diluted EPS figure since our 2017 separations.

由於收入增長高於我們的指導，我們實現了 0.57 美元的第 4 季度非 GAAP 稀釋後每股淨收益，超出了我們指導範圍的中點。這是自我們 2017 年分離以來最高的季度非 GAAP 淨稀釋每股收益數據。

Our full year non-GAAP net diluted EPS of $2.02 was at the upper end of our guidance range of $1.96 to $2.04 post Russia and FX and near the midpoint of our SAM 2021 guidance. Again, we estimate FX impacts on our Russia exit combined for a $0.17 EPS headwind in fiscal year '22.

我們的全年非 GAAP 淨稀釋每股收益 2.02 美元處於我們在俄羅斯和外匯後 1.96 美元至 2.04 美元指導範圍的上限，接近我們 SAM 2021 指導的中點。同樣，我們估計 22 財年外匯對我們俄羅斯退出的影響合計為 0.17 美元的每股收益逆風。

Our GAAP P&L reflects a noncash write-down of goodwill in our HPC & AI and software businesses. Macro trends, including contracting market multiples and higher discount rates used in our impairment test for HPC & AI and software, respectively, significantly impacted this outcome. We continue, nonetheless, to be bullish on the HPC & AI segment given our clear #1 position in the market. And our outlook for this segment is consistent with what we said at SAM 2022. And software remains a critical component of our HPE GreenLake strategy.

我們的 GAAP P&L 反映了我們 HPC & AI 和軟件業務的非現金商譽減記。宏觀趨勢，包括我們分別在 HPC 和 AI 和軟件的減值測試中使用的收縮市場倍數和更高的貼現率，對這一結果產生了重大影響。儘管如此，鑑於我們在市場上的明確第一地位，我們繼續看好 HPC 和 AI 領域。我們對該細分市場的展望與我們在 SAM 2022 上所說的一致。軟件仍然是我們 HPE GreenLake 戰略的重要組成部分。

I am particularly pleased with our free cash flow performance in Q4 '22, where we generated $3 billion in cash flow from operations and free cash flow of $2 billion as we work through our substantial orders and reduce our inventory. As Antonio mentioned, this brought our full year free cash flow to $1.8 billion. This is triple our free cash flow in 2020.

我對我們在 22 年第四季度的自由現金流表現特別滿意，我們在處理大量訂單和減少庫存時從運營中產生了 30 億美元的現金流和 20 億美元的自由現金流。正如安東尼奧所說，這使我們全年的自由現金流達到 18 億美元。這是我們 2020 年自由現金流的三倍。

For the year, free cash flow met the midpoint of our guidance. In fact, our full year free cash flow met our initial pre-Russia and FX guidance from SAM 2021.

今年，自由現金流達到了我們指導的中點。事實上，我們的全年自由現金流符合我們在 2021 年 SAM 的最初俄羅斯和外匯指引。

Finally, we are continuing to return substantial capital to our shareholders. We returned over $1.1 billion in capital to shareholders this year, which represents over 60% of our free cash flow. We paid $154 million in dividends this quarter and repurchased $128 million in stock. That brought our buyback plan to $512 million for the year, above our $500 million target.

最後，我們將繼續向股東返還大量資本。我們今年向股東返還了超過 11 億美元的資本，占我們自由現金流的 60% 以上。本季度我們支付了 1.54 億美元的股息，並回購了 1.28 億美元的股票。這使我們今年的回購計劃達到 5.12 億美元，高於我們 5 億美元的目標。

Our as-a-service business momentum remains strong and this business is lifting our mix of higher margin recurring revenue. Total as-a-service orders remain robust. Orders grew 33% in Q4 despite lapping 104% growth in Q4 '21. On a constant currency basis, orders grew 43% in Q4 and our full year as-a-service orders grew 68%. This indicates the long-term health of our as-a-service portfolio and further strengthens our confidence in our 3-year ARR target of a 35% to 45% CAGR from fiscal year '22 to fiscal year '25.

我們的即服務業務勢頭依然強勁，這項業務正在提升我們較高利潤率的經常性收入組合。即服務訂單總量保持強勁。儘管在 21 年第四季度增長了 104%，但第四季度的訂單增長了 33%。在固定匯率的基礎上，第四季度訂單增長了 43%，我們的全年即服務訂單增長了 68%。這表明我們即服務產品組合的長期健康狀況，並進一步增強了我們對從 22 財年到 25 財年的 3 年 ARR 目標 35% 至 45% 複合年增長率的信心。

Our ARR of $936 million represented 17% growth as reported and 25% growth in constant currency. For March of fiscal year '22, the industry supply constraints have limited shipments and weighed on our growth rate. We expect the improved supply environment to accelerate our ARR growth moving forward.

我們的 ARR 為 9.36 億美元，報告的增長率為 17%，按固定匯率計算增長率為 25%。對於 22 財年的 3 月，行業供應限制限制了出貨量並拖累了我們的增長率。我們預計供應環境的改善將加速我們未來的 ARR 增長。

We also continue to expand our as-a-services margin as our mix of software and services increased to 66% in Q4, up 4 points year-over-year, thanks to our cloud and SaaS offerings, particularly in Edge and Storage. As a result, the gross margins in our as-a-service business remain meaningfully above our corporate gross margins.

由於我們的雲和 SaaS 產品，特別是在邊緣和存儲方面，我們的軟件和服務組合在第四季度增加到 66%，同比增長 4 個百分點，我們還繼續擴大即服務利潤率。因此，我們即服務業務的毛利率仍遠高於我們的企業毛利率。

Let's now turn to our segment highlights on the next slide. All revenue growth rates on this slide are in constant currency. In the Intelligent Edge, we delivered a record quarterly revenue number. We grew our revenues 23% year-over-year. We are outgrowing our main competitors and are taking share across wireless LAN, enterprise switching and SD-WAN including in some of the largest enterprise customers. Customers are increasingly adopting our Edge services platform and automation software suite. Our operating margin of 13.3% was up 2.4% annually, though down 3.2% sequentially with FX being the biggest contributor to the sequential decline. We continue to expect our Edge business to grow and perform like a Rule of 40 business moving forward.

現在讓我們轉到下一張幻燈片上的細分亮點。這張幻燈片上的所有收入增長率均以固定匯率計算。在 Intelligent Edge 中，我們實現了創紀錄的季度收入數字。我們的收入同比增長 23%。我們正在超越我們的主要競爭對手，並在無線局域網、企業交換和 SD-WAN 中佔據份額，包括一些最大的企業客戶。越來越多的客戶採用我們的邊緣服務平台和自動化軟件套件。我們的營業利潤率為 13.3%，年增長率為 2.4%，但環比下降 3.2%，其中外匯是環比下降的最大貢獻者。我們繼續期望我們的 Edge 業務能夠像 40 條規則一樣向前發展。

In HPC & AI, revenue fell 11% year-over-year solely as a result of the Frontier deal slipping into fiscal year '23, which also impacted our operating margin in this segment. We are on track to close that deal in Q1 and have factored that into our guidance. We continue to have orders for HPC & AI solutions of about $3 billion to be delivered in upcoming quarters.

在 HPC 和 AI 中，僅由於 Frontier 交易進入 23 財年，收入同比下降 11%，這也影響了我們在該領域的營業利潤率。我們有望在第一季度完成這筆交易，並將其納入我們的指導方針。我們繼續收到約 30 億美元的 HPC 和 AI 解決方案訂單，將在未來幾個季度交付。

Compute revenues grew 22% year-over-year to a near record of $3.7 billion. The segment benefited from the multi-sourcing and demand steering initiatives we have discussed in prior calls, as well as steadily improving supply availability. We have clearly outperformed the competition in fiscal year '22 and our dynamic pricing strategy has helped us navigate a volatile supply climate while maintaining a healthy margin profile. Our Compute operating margin of 14.7% remains well above our long-term outlook for 11% to 13%, which attest of the best-in-class performance delivered by our Compute business.

計算收入同比增長 22%，接近創紀錄的 37 億美元。該部門受益於我們在之前的電話會議中討論過的多源採購和需求引導計劃，以及供應可用性的穩步提高。我們在 22 財年的表現明顯優於競爭對手，我們的動態定價策略幫助我們應對了多變的供應環境，同時保持了健康的利潤率。我們 14.7% 的計算運營利潤率仍遠高於我們 11% 至 13% 的長期前景，這證明了我們的計算業務提供了一流的性能。

In Storage, we are very pleased to report 6% revenue growth led by all-flash array and HCI. Alletra is one of our fastest ramping new products ever and grew revenue 100% sequentially. In total, revenue from our own IP margin-rich products rose strong double digits in Q4 and contributed to an annual operating margin of 15.9%, which represents a year-over-year gain of 210 basis points and a sequential gain of 120 basis points.

在存儲方面，我們很高興地報告在全閃存陣列和 HCI 的帶動下實現了 6% 的收入增長。 Alletra 是我們有史以來增長最快的新產品之一，收入環比增長 100%。總的來說，我們自己的利潤豐厚的 IP 產品的收入在第四季度強勁增長了兩位數，並貢獻了 15.9% 的年度營業利潤率，同比增長 210 個基點，環比增長 120 個基點.

Our storage transformation is now in full swing, as you can see, and we expect our Storage business to deliver revenue growth in line with market with our own IP products growing above market.

正如您所見，我們的存儲轉型正在如火如荼地進行，我們預計我們的存儲業務將實現與市場同步的收入增長，我們自己的 IP 產品的增長將高於市場。

With respect to Pointnext Operational Services, combined with storage services, orders grew sequentially and, for the year rose, mid-single digits in constant currency despite the exit of our Russia and Belarus business.

關於 Pointnext 運營服務，結合存儲服務，訂單連續增長，儘管我們退出了俄羅斯和白俄羅斯業務，但全年訂單以固定匯率計算增長了中等個位數。

Finally, HPE Financial Services expanded its financial volume 3% year-over-year, and revenue rose 6%. Our operating margins fell 3 percentage points year-over-year as we adjust our prices for a higher interest rate climate. It is worth reiterating that our leasing profit dollars are well insulated from a higher rate environment over time as we price under spread and that our business is resilient in a downturn.

最後，HPE Financial Services 的財務量同比增長 3%，收入增長 6%。由於我們針對更高的利率環境調整價格，我們的營業利潤率同比下降了 3 個百分點。值得重申的是，隨著時間的推移，我們的租賃利潤美元可以很好地免受利率上升的影響，因為我們的定價低於價差，而且我們的業務在經濟低迷時期具有彈性。

Throughout the pandemic, our annual loss ratio never exceeded 1%. Our loss ratio is currently nearing pre-pandemic levels of approximately 0.5%. As a result, our fiscal year '22 HPE FS return on equity remained well above the 18% target we reiterated at SAM 2022.

在整個大流行期間，我們的年度損失率從未超過 1%。我們的損失率目前接近大流行前的水平，約為 0.5%。因此，我們的 22 財年 HPE FS 股本回報率仍遠高於我們在 SAM 2022 重申的 18% 目標。

Slide 9 highlights our revenue and non-GAAP net diluted EPS performance. Antonio and I are very pleased that our strategic focus on both the top and bottom lines is evident in these results. Our revenue and EPS continue to grow despite the volatile supply environment, the exit from our Russia and Belarus businesses and increasing headwinds from currency. As mentioned earlier, during fiscal year '22, we experienced a headwind of $0.12 from currency and $0.05 from exiting Russia and Belarus.

幻燈片 9 重點介紹了我們的收入和非 GAAP 淨稀釋每股收益表現。安東尼奧和我很高興我們在這些結果中明顯地關注了頂線和底線的戰略重點。儘管供應環境不穩定，我們的俄羅斯和白俄羅斯業務退出以及貨幣逆風增加，但我們的收入和每股收益繼續增長。如前所述，在 22 財年，我們經歷了 0.12 美元的貨幣阻力和 0.05 美元的退出俄羅斯和白俄羅斯阻力。

In spite of these headwinds, we met our SAM '21 non-GAAP guidance for fiscal year '22 and delivered a better mix of higher-margin earnings across our portfolio as we continue to execute our edge-to-cloud strategy.

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 22 財年達到了 SAM 21 非 GAAP 指導，並在我們的投資組合中實現了更高利潤率收益的更好組合。

This improvement can be seen on Slide 10, where we delivered non-GAAP gross margins in Q4 of 33.1%. This is a 10 basis point year-over-year improvement despite a significant revenue mix shift to Compute this quarter. Our growing gross profit and margin are a testament to the success of our strategic pricing actions through the supply challenges and the favorable mix shift we are driving towards higher-margin products across our portfolio.

這種改善可以在幻燈片 10 中看到，我們在第 4 季度實現了 33.1% 的非 GAAP 毛利率。儘管本季度收入組合顯著轉向計算業務，但同比增長 10 個基點。我們不斷增長的毛利潤和利潤率證明了我們通過供應挑戰採取戰略定價行動的成功，以及我們正在推動我們的產品組合向利潤率更高的產品的有利組合轉變。

Moving to Slide 11. You can observe that we have delivered an 11.5% non-GAAP operating margin for the company. This is not only up 180 basis points year-over-year and 100 basis points sequentially, but it is the highest operating margin in the history of the company since our 2017 separations. Our very strong Q4 revenue performance and our resilient gross margins are certainly leading contributors to the operating margin expansion. And again, as I mentioned at SAM, this performance would not have been possible without the foundation provided by our resource allocation and cost optimization plan that we launched at the start of the 2020 pandemic.

轉到幻燈片 11。您可以看到我們為公司提供了 11.5% 的非 GAAP 營業利潤率。這不僅同比增長 180 個基點，環比增長 100 個基點，而且是自我們 2017 年分離以來公司歷史上最高的營業利潤率。我們非常強勁的第四季度收入表現和富有彈性的毛利率無疑是營業利潤率擴張的主要貢獻者。再一次，正如我在 SAM 上提到的那樣，如果沒有我們在 2020 年大流行開始時啟動的資源分配和成本優化計劃提供的基礎，這種表現是不可能的。

On Slide 12, let's discuss our setup in China through H3C. As disclosed at SAM, we have extended our existing put option that is struck at 15x trailing 12-month earnings through to December 31, 2022. We did this to allow our partners time to finalize their engagement with their stakeholders and make our final decision regarding our stake in H3C. Through our commercial contracts and equity interest, H3C has contributed a substantial amount to our EPS and free cash flow and our shareholder value in fiscal year '22.

在幻燈片 12 上，讓我們通過 H3C 討論我們在中國的設置。正如在 SAM 上披露的那樣，我們已將現有的看跌期權（按過去 12 個月收益的 15 倍執行）延長至 2022 年 12 月 31 日。我們這樣做是為了讓我們的合作夥伴有時間完成與利益相關者的接觸，並做出我們關於我們在 H3C 的股權。通過我們的商業合同和股權，H3C 在 22 財年為我們的每股收益和自由現金流以及我們的股東價值做出了巨大貢獻。

We will balance the strategic and financial benefits of a continuous involvement in China with rising risks, including geopolitical risk. We will keep you up to date as we arrive at a longer-term solution for this asset.

我們將在持續參與中國業務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。當我們為該資產製定長期解決方案時，我們會及時通知您。

Our cash flow story on Slide 13, a test of our outstanding execution. Our Q4 cash flow from operations and free cash flow were $3 billion and $2 billion, respectively. This is aligned to our normal pre-pandemic seasonality and our expectations of working capital tailwinds in the second half.

我們在幻燈片 13 上的現金流故事，是對我們出色執行力的考驗。我們第四季度的運營現金流和自由現金流分別為 30 億美元和 20 億美元。這符合我們正常的大流行前季節性和我們對下半年營運資金順風的預期。

We have been strategically building inventory ahead of the competition throughout fiscal year '21 and fiscal year '22 to navigate the supply chain environment. Our inventory balances have now peaked and are beginning to decline as we enter fiscal year '23 and deliver on our substantial order book.

在整個 21 財年和 22 財年，我們一直在戰略性地在競爭之前建立庫存，以駕馭供應鏈環境。隨著我們進入 23 財年並交付大量訂單，我們的庫存餘額現已達到頂峰並開始下降。

Our strong Q4 cash flow brought full year '22 cash flow from operations to $4.6 billion and our free cash flow to $1.8 billion. The $1.8 billion is triple what we delivered in fiscal year '20. It is also at the midpoint of our guidance range of $1.7 billion to $1.9 billion despite the negative impact of Russia and FX that we estimate to be approximately $250 million.

我們強勁的第四季度現金流使 22 年全年運營現金流達到 46 億美元，我們的自由現金流達到 18 億美元。 18 億美元是我們在 20 財年交付的金額的三倍。儘管俄羅斯和外彙的負面影響我們估計約為 2.5 億美元，但它也處於我們 17 億美元至 19 億美元指導範圍的中點。

Now turning to our outlook on Slide 14. As we discussed, demand for our products and services portfolio remained steady in Q4 relative to Q3. Our view remains one of enduring market demand given the mega trends of digital transformation and the explosion of data. We also believe our own portfolio differentiation will allow market share gains.

現在轉向我們對幻燈片 14 的展望。正如我們所討論的，與第三季度相比，第四季度對我們產品和服務組合的需求保持穩定。鑑於數字化轉型和數據爆炸的大趨勢，我們的觀點仍然是持久的市場需求之一。我們還相信，我們自己的產品組合差異化將使市場份額增加。

Let me reiterate that our guidance incorporates our current thinking on the macroeconomic picture, inflationary pressure and FX risk. I would like to remind all of you that approximately 55% of our revenue is generated in foreign currencies.

讓我重申一下，我們的指引結合了我們目前對宏觀經濟形勢、通脹壓力和外匯風險的看法。我想提醒大家，我們大約 55% 的收入是外幣產生的。

For Q1 '23, we expect revenue to be in the range of $7.2 billion to $7.6 billion, which at the midpoint, implies a mid-single-digit seasonal decline that we typically experience in Q1 relative to Q4 of each year. We expect GAAP diluted net EPS of $0.32 to $0.40 and non-GAAP diluted EPS of $0.50 to $0.58.

對於 23 年第一季度，我們預計收入將在 72 億美元至 76 億美元之間，這在中點意味著我們通常在第一季度相對於每年第四季度經歷中等個位數的季節性下降。我們預計 GAAP 稀釋後淨每股收益為 0.32 美元至 0.40 美元，非 GAAP 稀釋後每股收益為 0.50 美元至 0.58 美元。

While we are pleased with our Q1 outlook, we are cognizant given the macroeconomic environment and FX headwinds that it is too early at this stage to rethink our fiscal year '23 guidance. Given the points above, we consider it prudent to assume our year may be more weighted to the first half than is typical. We are, therefore, reiterating our full year '23 guidance. This includes revenue growth of 2% to 4% adjusted for currency; non-GAAP operating profit growth of 4% to 5%; GAAP diluted net EPS of $1.38 to $1.46; non-GAAP diluted net EPS of $1.96 to $2.04; and free cash flow of $1.9 billion to $2.1 billion.

雖然我們對第一季度的前景感到滿意，但我們認識到，鑑於宏觀經濟環境和外匯逆風，現階段重新考慮我們的 23 財年指導方針還為時過早。鑑於以上幾點，我們認為假設我們的年度可能比通常情況下更重視上半年是謹慎的。因此，我們重申我們全年的 23 年指導方針。這包括按貨幣調整後 2% 至 4% 的收入增長；非美國通用會計準則營業利潤增長 4% 至 5%； GAAP 稀釋淨每股收益為 1.38 美元至 1.46 美元；非 GAAP 稀釋淨每股收益為 1.96 美元至 2.04 美元；自由現金流為 19 億至 21 億美元。

In terms of capital returns, we are maintaining our dividends and expect to buy back at least $500 million worth of shares in fiscal year '23, just like we did in fiscal year '22.

在資本回報方面，我們將維持股息，並預計在 23 財年回購價值至少 5 億美元的股票，就像我們在 22 財年所做的那樣。

So to conclude, our results speak for themselves in a test of our outstanding execution in a quarter that can be characterized by enduring demand for our differentiated portfolio of products and services. We look forward to continuing our execution momentum in fiscal year '23.

因此，總而言之，我們的結果不言自明地測試了我們在一個季度的出色執行情況，其特點是對我們差異化的產品和服務組合的持久需求。我們期待在 23 財年繼續保持執行勢頭。

Now with that, let's open it up for questions.

現在，讓我們打開它來提問。

(Operator Instructions) And the first question will come from Wamsi Mohan with Bank of America.

（操作員說明）第一個問題將來自美國銀行的 Wamsi Mohan。

Yes. Congrats on good results. I was wondering if you can comment a little bit about what the demand trends look like by region. It seems like a lot of companies are citing more of a slowdown like NetApp just now and Dell last week. I'm curious to get your thoughts on how IT budgets are shaping up for calendar '23. Most companies we're speaking with are more cautious about the near term, maybe the first half of '23 and optimistic more of a recovery in '23. And I think, Tarek, you just said that for you, you're expecting, if I heard that right, like more confidence in sort of the first half. So any color there would be helpful.

是的。恭喜取得好成績。我想知道您是否可以評論一下按地區劃分的需求趨勢。似乎很多公司都在引用更多的放緩，比如剛剛的 NetApp 和上週的戴爾。我很想知道您對日曆 '23 的 IT 預算是如何形成的。與我們交談的大多數公司對近期都更加謹慎，也許是 23 年上半年，對 23 年的複蘇更為樂觀。我想，Tarek，你剛剛對你說了，如果我沒聽錯的話，你希望對上半場更有信心。所以那裡的任何顏色都會有所幫助。

Yes. Thanks, Wamsi, for the question. As we said in our commentary, we exited 2022 with a significant larger book than we enter 2022 and that demand was enduring. Honestly, was better than we anticipated and remains steady because when you look at the quarter-over-quarter Tarek mentioned, was flat. But I think we have a point of differentiation compared to others, I think it's important to recognize. First, we have a diversity of portfolio from edge-to-cloud. And you can see some of the results in the Edge, which obviously are outstanding. I think our HP GreenLake is unique because it delivers a true hybrid experience that you can consume as-a-service, and that's also dragging the entire portfolio.

是的。謝謝，Wamsi，提出這個問題。正如我們在評論中所說，我們在 2022 年結束時的賬簿比我們進入 2022 年時要多得多，而且這種需求是持久的。老實說，比我們預期的要好並且保持穩定，因為當你看 Tarek 提到的季度環比時，它是持平的。但我認為我們與其他人相比有一點差異化，我認為認識到這一點很重要。首先，我們擁有從邊緣到雲端的多樣化產品組合。您可以在 Edge 中看到一些結果，這些結果顯然非常出色。我認為我們的 HP GreenLake 是獨一無二的，因為它提供了一種真正的混合體驗，您可以將其作為服務使用，這也拖累了整個產品組合。

And when I talk about customers, what we see, customers continue to prioritize digital transformations. And a lot of that is driven by the need to automate, simplify, be more efficient in everything they do and also prioritize that data. The data insights, to me, are an important aspect of what customers are looking for. And so I think demand is there. I think in our case, probably it's better balanced. You asked a question about the geos. I think the performance of the geo has been even. I mean even across all the 10 geos that we have, and across the segments.

當我談論客戶時，我們所看到的是，客戶繼續優先考慮數字化轉型。其中很多是由自動化、簡化、提高他們所做的每件事的效率以及優先處理這些數據的需要所驅動的。對我來說，數據洞察力是客戶尋找的一個重要方面。所以我認為需求是存在的。我認為在我們的案例中，它可能更平衡。你問了一個關於 geos 的問題。我認為 geo 的表現一直很平穩。我的意思是甚至跨越我們擁有的所有 10 個地理區域，以及各個細分市場。

I got this question early on, if this is just an enterprise or a small business. No, it is the 10 geos and all the segments from large to small, medium business.

我很早就得到了這個問題，如果這只是一家企業或一家小型企業。不，它是 10 個地區以及從大到中小型企業的所有細分市場。

In terms of budget, just a month or so ago, we hosted what we call the Board of Advisory, and we have 25 customers that represent multiple industries. And the sentiment there is that they need to continue to digitize and they need to continue to ensure technology plays a vital role. And again, these are technologies in the Edge, connectivity being one important aspect. The other one is obviously cloud, but cloud as an experience, not just putting data in one place is a true hybrid approach. And then this data, data-driven insights. And so we are, I think, very uniquely positioned to capture that opportunity.

在預算方面，大約一個月前，我們主持了我們所謂的諮詢委員會，我們有 25 個代表多個行業的客戶。那裡的情緒是他們需要繼續數字化，他們需要繼續確保技術發揮至關重要的作用。同樣，這些都是邊緣技術，連通性是一個重要方面。另一個顯然是雲，但云作為一種體驗，而不僅僅是將數據放在一個地方是一種真正的混合方法。然後是這些數據，數據驅動的見解。因此，我認為，我們處於非常獨特的位置來抓住這個機會。

The next question will come from Kyle McNealy with Jefferies.

下一個問題將來自 Jefferies 的 Kyle McNealy。

This one is for the Compute business. We assume a big part of it was driven by the supply improvement that you talked about, but units were only up 4% year-over-year. So there may not have been an incredible amount of backlog consumption. So can we talk a bit more about the AUPs? They're still growing at about teens year-over-year. It was high teens this quarter based on the pace of your price increases and the momentum of richer config that you called out. How long do you think that this growth will continue? And what does the durability of the AUP trajectory look like for you guys?

這是針對計算業務的。我們假設其中很大一部分是由您談到的供應改善推動的，但銷量同比僅增長 4%。因此，積壓消費量可能不會令人難以置信。那麼我們可以多談談 AUP 嗎？他們仍在以十幾歲的速度同比增長。根據你們的價格上漲速度和你們所說的更豐富配置的勢頭，本季度是十幾歲。您認為這種增長會持續多久？你們覺得 AUP 軌蹟的持久性如何？

Yes. Kyle, thanks. I think you understand the trends in our Compute business really well. So let me reiterate, we ended the year with record quarterly revenues of $3.7 billion. This is a 22% year-over-year growth at constant currency. Unit growth was 4% and AUP was an increase in the high teens as you foreshadowed.

是的。凱爾，謝謝。我認為您非常了解我們計算業務的趨勢。因此，讓我重申一下，我們以創紀錄的 37 億美元季度收入結束了這一年。按固定匯率計算，同比增長 22%。正如您所預示的那樣，單位增長率為 4%，AUP 是青少年時期的增長。

And what's driving the demand for our Compute solutions is richer can fix. Customers of all sizes are selecting our Compute solutions to run their private clouds and to power a multitude of workloads, data types and applications and Compute remains and will continue to remain a critical component of our customer transition towards modern edge-to-cloud architectures.

推動我們計算解決方案需求的因素是更豐富的解決方案。各種規模的客戶都在選擇我們的計算解決方案來運行他們的私有云，並為大量的工作負載、數據類型和應用程序提供支持，而計算仍然是並將繼續是我們客戶向現代邊緣到雲架構過渡的關鍵組成部分。

And you're right in saying that with these results and the unit increase, our order book in Compute remains strong as we enter fiscal year '23. So moving forward, trend-wise, what you can expect is, obviously, this level of AUP growth to come down as we'll have to pass on to our customers the benefit of ease pricing -- of commodity easing, but we feel very good about the prospects of Compute in fiscal year '23 given the order book, the fact that our products are more and more differentiated and the need for customers to continue to opt for greater configs.

你說得對，隨著這些結果和單位的增加，我們在 Compute 的訂單在我們進入 23 財年時仍然強勁。因此，從趨勢來看，你可以期待的是，顯然，這種 AUP 增長水平將會下降，因為我們必須將寬鬆定價的好處傳遞給我們的客戶 - 商品寬鬆政策，但我們感覺非常鑑於訂單簿，我們的產品越來越差異化以及客戶繼續選擇更大配置的需求，我們對 Compute 在 23 財年的前景看好。

And I will say, Kyle, we just introduced the Gen11 platform. And one of the key differentiation we have -- actually, we have several. Number one is our hybrid design. It was designed with hybrid in mind, meaning the solution gets deployed and managed from HP GreenLake, wherever you deploy that.

我會說，凱爾，我們剛剛推出了 Gen11 平台。我們擁有的關鍵差異之一——實際上，我們有幾個。第一是我們的混合設計。它在設計時考慮了混合，這意味著該解決方案可以從 HP GreenLake 部署和管理，無論您在哪裡部署它。

Number two is continued enhancement on the security side, which is a point of differentiation. And one that really is coming up is sustainability. In our new offer, we actually provide customers with ability to optimize the Compute platform based on carbon footprint and consumption, and we get them also a carbon footprint report. So that allowed them to maximize the usage of the platform while they reduce their carbo footprint. So overall, we continue to see good momentum, and we are bringing new innovation into the platform itself.

第二是安全方面的持續增強，這是一個差異化點。真正即將到來的是可持續性。在我們的新產品中，我們實際上為客戶提供了根據碳足跡和消耗優化計算平台的能力，我們還為他們提供了一份碳足跡報告。這樣一來，他們就可以最大限度地利用平台，同時減少碳足跡。所以總的來說，我們繼續看到良好的勢頭，我們正在為平臺本身帶來新的創新。

The next question will come from Shannon Cross with Credit Suisse.

下一個問題將來自瑞士信貸的 Shannon Cross。

I wanted to dig a little bit more into your as-a-service business. Just looking at the like absolute dollars. You had a stair-step up to $936 million annualized run rate during the quarter. And it looks like there was a significant uptick in the percent -- well, at least 200 basis uptick in the percent of revenue coming from software services. So I'm wondering what's behind that and what trends you're seeing as you sign more and more of these contracts with your customers on a ratable basis.

我想更深入地了解您的即服務業務。只是看著絕對美元。您在本季度的年化運營率達到了 9.36 億美元。而且看起來百分比有顯著上升 - 好吧，來自軟件服務的收入百分比至少上升了 200 個基點。所以我想知道這背後的原因以及當您與客戶簽訂越來越多的此類合同時，您看到了什麼趨勢。

Yes. Thank you, Shannon. I think a couple of things. So first of all, we ended the year with a 68% year-over-year growth in our bookings. Today, we have now $8.3 billion in total contract value. As you know, those are contracts can vary between 3 to 5 years. So as you can imagine, that gives us a tremendous confidence that we will grow that ARR in the 35% to 45%. We actually closed 2022 with twice as many new HP logos that we enter now into the 2022 year.

是的。謝謝你，香農。我想幾件事。因此，首先，我們在今年年底的預訂量同比增長了 68%。今天，我們的合同總價值達到 83 億美元。如您所知，這些合同可能在 3 到 5 年之間變化。因此，正如您可以想像的那樣，這給了我們巨大的信心，我們將把 ARR 提高 35% 到 45%。實際上，我們在 2022 年結束時使用的新 HP 徽標數量是我們現在進入 2022 年的兩倍。

And then the important fact is why the mix is shifting is because the Aruba business is all a subscription business. And Tarek made a comment about the automation suite, obviously, software-defined wide area network, and also the subscription to wireless or switching comes through the platform. But also the growth that we've seen in Storage.

然後重要的事實是，為什麼組合正在發生變化，因為 Aruba 業務都是訂閱業務。 Tarek 對自動化套件發表了評論，顯然，軟件定義的廣域網，以及通過該平台訂閱無線或交換。還有我們在存儲方面看到的增長。

Storage had a great quarter particularly on our own IP product, that's all software-defined, and that's all subscription-based. And what excites Tarek and me is the fact that in 2023, you're going to see an acceleration of that portfolio to HP Alletra, which HP Alletra had 100% growth sequential.

存儲有一個很好的季度，特別是在我們自己的 IP 產品上，這些產品都是軟件定義的，而且都是基於訂閱的。令 Tarek 和我興奮的是，到 2023 年，您將看到 HP Alletra 的投資組合加速增長，HP Alletra 連續增長 100%。

And obviously, that comes also with an incredible attach of Pointnext OS. And also, as we drive that data protection strategy, the incremental value comes from backup and recovery and disaster recovery and ransomware offers. We have now those offers integrated into HP GreenLake. And so that combination is what's driving the mix shift to more software- and services-rich offers.

顯然，這還伴隨著令人難以置信的 Pointnext OS 附件。而且，當我們推動數據保護策略時，增量價值來自備份和恢復以及災難恢復和勒索軟件提供的服務。現在，我們已將這些優惠集成到 HP GreenLake 中。因此，這種組合正在推動向更多軟件和服務豐富的產品組合轉變。

The next question will come from Simon Leopold with Raymond James.

下一個問題將來自 Simon Leopold 和 Raymond James。

I wanted to see if we could dig into what you're seeing in terms of trends for the Compute business. In particular, what's catching my attention is after this very, very strong results for the quarter, it sounds like you're confident in the outlook. And that stands in contrast to your biggest competitor in servers, which seems to be expecting a decline in calendar '23. So if you could maybe do a little bit of compare and contrast as to why you might be seeing the world differently than they are, if I'm interpreting your outlook correctly?

我想看看我們是否可以深入了解您所看到的計算業務趨勢。特別是，引起我注意的是在本季度非常非常強勁的結果之後，聽起來你對前景充滿信心。這與您在服務器領域最大的競爭對手形成鮮明對比，後者似乎預計 23 年日曆會有所下降。所以，如果我正確地解釋了你的觀點，你是否可以做一些比較和對比，看看為什麼你對世界的看法可能與他們不同？

Okay. Sure. Sorry. So I would say, if you refer to our prime competitor, I think some of their comments are referring to the consumer side of their operation as much as they refer to their enterprise side.

好的。當然。對不起。所以我想說，如果你提到我們的主要競爭對手，我認為他們的一些評論既指的是他們運營的消費者方面，也指的是他們的企業方面。

Yes. I'm specifically looking at servers and compute. So with...

是的。我特別關注服務器和計算。所以與...

Yes. I think overall, so when you look at their results, they were, I would say, not too bad, we did much better than they did. And that is a function of many steps that we have taken in Compute. So there is Gen11 being one of our key solutions now, are gaining traction in the market as customers need bigger and richer configs moving forward. Our customers knew that Gen11 was coming and they held their orders firm. So we had no orders cancellations that are meaningful throughout fiscal year '22. And we finally got the supply that was there to be able to bring our customers to the next-generation compute environment.

是的。我認為總的來說，所以當你看他們的結果時，我會說，他們還不錯，我們做得比他們好得多。這是我們在 Compute 中採取的許多步驟的結果。因此，Gen11 現在是我們的關鍵解決方案之一，隨著客戶需要更大、更豐富的配置向前發展，它在市場上越來越受歡迎。我們的客戶知道 Gen11 即將推出，因此他們堅守訂單。因此，在整個 22 財年，我們沒有任何有意義的訂單取消。我們終於獲得了能夠將我們的客戶帶入下一代計算環境的供應。

So we feel very good about where we are. And to the extent that supply is there, we have a contrasting view relative to our -- what our competitors are signaling with respect to their service business.

所以我們對自己所處的位置感覺非常好。就供應量而言，我們與我們的競爭對手有不同的看法——我們的競爭對手就他們的服務業務發出的信號。

So I will add, Simon, that the demand has been enduring and steady throughout the years, throughout the 4 quarters in 2022. We exit the year with a significant larger order book. When I think about our differentiation, I think our Compute is differentiated because of HP GreenLake. It's because of the experience we provide to our Compute platform. And the fact also, if you recall, 2 years ago, we said we are diversifying our go-to-market as well to attack profitable growth in segments where we did not participated as much, particularly more in the commercial to mid-market space. And one of the areas we saw great growth was through our channel ecosystem.

因此，西蒙，我要補充一點，多年來，在 2022 年的四個季度中，需求一直保持穩定。我們以更大的訂單量結束了這一年。當我考慮我們的差異化時，我認為我們的計算因 HP GreenLake 而與眾不同。這是因為我們為計算平台提供的體驗。事實上，如果你還記得，2 年前，我們說過我們正在多元化我們的上市以及攻擊我們沒有參與那麼多的細分市場的盈利增長，特別是在商業到中端市場領域.我們看到巨大增長的領域之一是通過我們的渠道生態系統。

And then you couple all of that with our pricing discipline and then you get the results of unit growth and revenue growth with amazing profitability. So I think we have that tailwind. What I recovered is all about the revenue side. But on the demand side, it comes to those factors. And I think Gen11 is another step in that direction, which actually gives us tremendous differentiation.

然後你將所有這些與我們的定價規則結合起來，然後你將獲得單位增長和收入增長的結果以及驚人的盈利能力。所以我認為我們有順風。我恢復的都是關於收入方面的。但在需求方面，涉及到這些因素。我認為 Gen11 是朝這個方向邁出的又一步，它實際上給了我們巨大的差異化。

The next question will come from Samik Chatterjee with JPMorgan.

下一個問題將來自摩根大通的 Samik Chatterjee。

Congrats on the strong results here. I guess I just wanted to see if you could talk about backlog or the order book in context of the segments of it and how to think about the supply improvement. Particularly if you can shed some color on where backlog or order book remains most elevated related to sort of normal exiting the year and as supply improves next year as you outlined, where can we see the most likelihood of sort of digesting that backlog down to a bit more closer to normal levels? And seems like you're expecting supply to remain sort of a constraint. So backlog probably doesn't come back to normal by the end of next year, but any thoughts on that also would be appreciated.

祝賀這裡取得了很好的成績。我想我只是想看看你是否可以在其細分的背景下談論積壓或訂單簿，以及如何考慮供應改善。特別是如果您可以說明積壓訂單或訂單簿與今年正常退出相關的最高點，並且正如您概述的那樣明年供應有所改善，我們在哪裡可以看到最有可能將積壓訂單消化為更接近正常水平？並且您似乎期望供應仍然是一種限制。因此，到明年年底，積壓可能不會恢復正常，但對此有任何想法也將不勝感激。

Well, as Tarek said in his comments, going forward, we're going to move away from all of these backlog orders and the like to focus on the revenue. That's why we gave the revenue guidance in Q1 because I think it's a better indicator of what we're going to see. I will say in Q4 is what we were able to incrementally convert from the backlog was mid-single digits. And I can tell you the backlog, our order book, as we call it now, is very, very large. And in fact, in some segments, particularly in the Edge business, the order book is now bigger at the end of Q4 than it was at the end of Q3.

好吧，正如 Tarek 在他的評論中所說，展望未來，我們將擺脫所有這些積壓訂單等，將重點放在收入上。這就是我們在第一季度給出收入指引的原因，因為我認為這是我們將要看到的更好的指標。我要在第四季度說的是，我們能夠從積壓中逐步轉換為中個位數。我可以告訴你積壓訂單，我們現在稱之為訂單簿，非常非常大。事實上，在某些領域，特別是在邊緣業務中，第四季度末的訂單現在比第三季度末更大。

So the bottom line is that we see that enduring steady demand and we'll take up the entire 2023. And honestly, I'm not sure we will ever exit 2023 to back to historical level. I don't think that will be the case because as good as we are trying to convert some incremental aspects of the order book as we go forward to some easing of the supply, the demand continues to be there. So I think it's going to take a little bit of time.

所以底線是我們看到持久穩定的需求，我們將佔據整個 2023 年。老實說，我不確定我們是否會在 2023 年退出並回到歷史水平。我不認為會是這種情況，因為儘管我們在努力減少供應的過程中嘗試轉換訂單的一些增量方面，但需求仍然存在。所以我認為這需要一點時間。

And I think that the order book will return to normal, I would say, historical level, once incremental capacity comes online. Because while we saw in this particular quarter some easing, it was because some reallocation of substrate came at the expense of the Consumer business, which obviously is down but the incremental capacity is not yet online, particularly in those older technology nodes, call it, 28, 40 and 65 nanometers, which is where the constraint is.

而且我認為一旦增量產能上線，訂單將恢復正常，我會說，歷史水平。因為雖然我們在這個特定的季度看到了一些放鬆，但這是因為基板的一些重新分配是以消費者業務為代價的，消費者業務顯然已經下降，但增量產能尚未上線，特別是在那些較舊的技術節點中，稱之為， 28、40 和 65 納米，這是限制所在。

The next question will come from Toni Sacconaghi with Bernstein.

下一個問題將來自 Toni Sacconaghi 和 Bernstein。

Your guidance for Q1 implies double-digit revenue growth on a year-over-year basis. For the full year, you're at 2% to 4%. So is what you're seeing in Q1 really a reflection of confidence in backlog drawdown? Or are you implicitly seeing demand slow over the course of the year?

您對第一季度的指導意味著收入同比增長兩位數。對於全年，您的增長率為 2% 至 4%。那麼，您在第一季度看到的情況真的反映了對積壓縮減的信心嗎？或者您是否隱含地看到需求在這一年中放緩？

And then related to that, your free cash flow guidance is well below your net income for fiscal '23 despite the fact that you believe you can draw down the inventory further. Maybe you can help us with the bridge there.

然後與此相關的是，儘管您相信可以進一步減少庫存，但您的自由現金流指導遠低於 23 財年的淨收入。也許你能幫我們修那座橋。

Yes. Thanks, Toni. Let me start, and I will give it to Tarek. As we said, we gave the revenue guidance $7.2 billion to $7.6 billion. I'm not sure it's double digit, but maybe high single digit compared to Q1 2022. But in any case, that guidance includes the recognition of the remaining part of Frontier, which obviously is an important aspect of HPC. And then the ongoing ability to convert the order book as it comes in, plus the larger order book we already have. And then maintaining a certain level of margin, obviously, which we are confident based on our pricing and operating leverage actions we have taken.

是的。謝謝，托尼。讓我開始，我會把它交給 Tarek。正如我們所說，我們給出了 72 億至 76 億美元的收入指導。我不確定它是兩位數，但與 2022 年第一季度相比可能是個位數。但無論如何，該指南包括對 Frontier 剩餘部分的認可，這顯然是 HPC 的一個重要方面。然後是不斷轉換訂單簿的能力，加上我們已經擁有的更大的訂單簿。然後保持一定水平的利潤率，顯然，我們有信心根據我們採取的定價和經營槓桿行動。

So that's where we stand, and that's why we gave the guidance. As we go through the quarter -- through the year, sorry, we felt prudent at this point in time to maintain it because of the FX uncertainty. Obviously, FX stabilizes or slightly improve. That full year guidance implies there is some potential upside. But also, it's going to come down to the supply availability, as I just made the comments early on. In terms of the free cash flow and the working capital, I will pass it to Tarek.

這就是我們的立場，這就是我們提供指導的原因。當我們經歷這個季度 - 整個一年，抱歉，由於外彙的不確定性，我們在這個時間點保持謹慎。顯然，FX 趨於穩定或略有改善。全年指導意味著存在一些潛在的上行空間。而且，這將歸結為供應可用性，因為我剛剛在早些時候發表了評論。在自由現金流和營運資金方面，我將把它傳遞給 Tarek。

Yes. Well, thank you, Antonio, and thank you, Toni. So our free cash flow for fiscal year '23 is going to be driven, obviously, by our earnings, but also reduction in restructuring expense, and you will observe already between '21 and '22 when you have a chance to look at our 8-K filing. That restructuring expense is dropping quite considerably, and that trend will continue in FY '23 relative to FY '22.

是的。好吧，謝謝你，安東尼奧，謝謝你，托尼。因此，我們 23 財年的自由現金流顯然將由我們的收益和重組費用的減少驅動，當您有機會查看我們的 8 時，您將在 21 和 22 之間觀察到-K 備案。重組費用正在大幅下降，並且相對於 22 財年，這種趨勢將在 23 財年繼續。

And the third variable to our free cash flow calculation is working capital, right?

我們的自由現金流計算的第三個變量是營運資金，對吧？

So far, inventory levels have reduced between Q4 and Q3 in the amount of approximately $400 million. We believe that inventory levels have peaked and we're going to work through our order book to continue to deliver on these orders and therefore, this will reduce our inventory levels.

到目前為止，第四季度和第三季度之間的庫存水平減少了大約 4 億美元。我們認為庫存水平已經達到頂峰，我們將通過我們的訂單簿繼續交付這些訂單，因此，這將降低我們的庫存水平。

At the same time, if the demand remains as steady as we're seeing it, we'll probably need to continue purchases moving forward. So I feel comfortable at this stage with the guidance we gave you on free cash flow of $1.9 billion to $2.1 billion, $2 billion at the midpoint. Let's see how the year plays out, and we will think about giving you more color on how much free cash flow we can generate within that guidance or possibly more.

與此同時，如果需求像我們所看到的那樣保持穩定，我們可能需要繼續採購。因此，在現階段，我對我們為您提供的自由現金流量指導為 19 億至 21 億美元，中點為 20 億美元感到滿意。讓我們看看這一年的結果如何，我們將考慮為您提供更多關於在該指導範圍內我們可以產生多少自由現金流或可能更多的顏色。

The 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。

Congratulations on the solid results. I want to go back to kind of the Compute side of the business. As we look at the backlog dynamics and the commentary that you've already given, I'm curious of how you guys see component price deflation factoring into your expectations as we move forward. Put another way, is there -- how do you -- how does the company operate as far as passing through if it's memory cost deflation and so on and so forth? How do we think about the progression of that as you think about the Compute business going through fiscal '23?

祝賀你取得了不錯的成績。我想回到業務的計算方面。當我們查看積壓動態和您已經給出的評論時，我很好奇你們如何看待組件價格通縮在我們前進的過程中影響您的期望。換句話說，如果內存成本下降等等，公司是如何運營的？當您考慮 23 財年的計算業務時，我們如何看待它的進展？

Yes. So thanks for asking the question, Aaron. You know that we have posted in Q4 an operating profit margin in Compute at 14.7%, which is the highest it's ever been, and it's higher than the outlook we guided you all at SAM, long-term OP margin in Compute of 11% to 13%. And the reason why we have that difference is that we believe as supply continues to ease, there will be the need for us to adjust our pricing down to continue to grow the business moving forward. So the level of -- at which the AUPs are at today will come down as we pass on the reduction in costs from commodities, DRAMs in particular. We're starting to see some of this, but it's early days. And what's a very, very important compute on the way up, just like on the way down is to be extremely reactive and dynamic with our pricing.

是的。謝謝你提出這個問題，Aaron。你知道我們在第四季度公佈了 Compute 的營業利潤率為 14.7%，這是有史以來最高的，並且高於我們在 SAM 指導大家的前景，Compute 的長期營業利潤率為 11% 至13%。我們之所以有這種差異，是因為我們相信隨著供應繼續減少，我們將需要下調定價以繼續發展業務。因此，隨著我們傳遞商品（尤其是 DRAM）成本的降低，今天 AUP 的水平將會下降。我們開始看到其中的一些，但現在還為時尚早。什麼是非常非常重要的計算在上升的過程中，就像在下降的過程中一樣，我們的定價是非常被動和動態的。

And we have now the ability to do so globally to push changes in our list prices through our ERP system over a weekend, if needs be, to react to changes in commodity prices and what we're seeing in the competitive environment. So we remain, with our business unit of compute and the management team there, extremely focused on competitive pricing dynamics. Because for us, it's really critical as we foreshadowed to you that we maintain scale in Compute and continue to capture the lion's share of the value in the industry, which we are doing today.

我們現在有能力在全球範圍內這樣做，以便在周末（如果需要）通過我們的 ERP 系統推動我們的定價變化，以對商品價格的變化以及我們在競爭環境中看到的情況做出反應。因此，我們的計算業務部門和管理團隊仍然非常關注有競爭力的定價動態。因為對我們來說，這真的很重要，正如我們向您預示的那樣，我們在計算領域保持規模並繼續佔據行業價值的最大份額，就像我們今天所做的那樣。

And in 2022, we have shown that we are the best on executing that strategy. No question.

到 2022 年，我們已經證明我們是執行該戰略的最佳人選。沒有問題。

Our final question will come from Amit Daryanani with Evercore.

我們的最後一個問題將來自 Evercore 的 Amit Daryanani。

I guess my question is really around the Intelligent Edge business and maybe 2 parts. One, if you could just talk about the 23% growth here, it's fairly impressive. Any details you can give on kind of what is driving that from a product basis or even backlog versus end demand would be really helpful to understand.

我想我的問題實際上是圍繞 Intelligent Edge 業務，也許是 2 個部分。第一，如果你能在這裡談論 23% 的增長，那是相當令人印象深刻的。您可以提供任何有關產品基礎或積壓與最終需求的驅動因素的詳細信息，這將非常有助於理解。

And then Tarek, if I remember, at SAM, you talked about mid-20% operating margins in Intelligent Edge over time. As you look at the path from 13.3% to mid-20%, what do you need to get there? Is there a revenue number or something else just helpful to understand the margin expansion bridge from here?

然後 Tarek，如果我記得的話，在 SAM，你談到隨著時間的推移，Intelligent Edge 的營業利潤率達到 20% 左右。當您審視從 13.3% 到 20% 中期的路徑時，您需要什麼才能到達那裡？是否有收入數字或其他有助於從此處了解利潤率擴張橋的信息？

Yes. Let me start, and then Tarek can talk about the margins. I want to be clear, the edge, 100% demand-driven, has nothing to do with backlog or any of that. The order book continued to grow in this business. And we are winning. We are taking share. And the reason why we are taking share is because we have a true differentiated value proposition that's built on 3 particular layers of the architecture. One is the unification of the connectivity layer with wireless LAN switching and one SD-WAN capabilities. These are both organic and inorganic investments we make over time. Remember, we did the Silver Peak acquisition.

是的。讓我開始，然後 Tarek 可以談談利潤率。我想明確一點，邊緣，100% 需求驅動，與積壓或任何其他無關。該業務的訂單繼續增長。我們贏了。我們正在分享。我們分享的原因是因為我們有一個真正差異化的價值主張，它建立在架構的 3 個特定層上。一種是連接層與無線 LAN 交換和一種 SD-WAN 功能的統一。這些都是我們隨著時間的推移進行的有機和無機投資。請記住，我們進行了 Silver Peak 收購。

We have unique differentiation through our security layer with SASE, through both organic and partnerships. And then we have a best-in-class AIOps. That's delivering tremendous value for customers to drive new experiences, to automate everything they do across the enterprise and is 100% driven by the demand at this point in time.

通過有機和合作夥伴關係，我們通過 SASE 的安全層實現了獨特的差異化。然後我們擁有一流的 AIOps。這為客戶帶來了巨大的價值，可以推動新體驗，使他們在整個企業中所做的一切自動化，並且 100% 由此時的需求驅動。

Yes. So let me elaborate on what Antonio said with regard to your portion of the question that pertains to operating margins. Our operating margin for the edge was 13.3% in the quarter. It was up annually by 2.4%, right? It was down sequentially 3.2%, but it was up annually 2.4%. I think here, you have a mix effect that is at play between as-a-service offerings and NaaS offerings that play a role in the way the margin fares in the short term. And obviously if we're entering the NaaS market, that is because we expect to see the margins, the gross margins of NaaS to improve over time. So that is 1 factor.

是的。因此，讓我詳細說明安東尼奧對您關於營業利潤率問題的部分所說的話。本季度我們的邊緣運營利潤率為 13.3%。它每年增長 2.4%，對吧？它連續下降 3.2%，但每年上漲 2.4%。我認為在這裡，即服務產品和 NaaS 產品之間存在混合效應，它們在短期內對利潤率產生影響。顯然，如果我們進入 NaaS 市場，那是因為我們希望看到利潤率，即 NaaS 的毛利率會隨著時間的推移而提高。所以這是 1 個因素。

The other factor that has affected the margins very short term, very tactically in Q4 is logistics costs. And I flagged that in my script, logistics cost in Aruba were higher than we would have liked. But that, again, is changing. And so we expect Aruba to perform as a Rule of 40 company moving forward. And that's the ambition that we have in the medium to long term, which is to maintain high double-digit growth in Aruba and operating profit margins in the mid-20s range. We're comfortable with that outlook that we announced at SAM.

另一個在短期內影響利潤率的因素是物流成本。我在我的劇本中指出，阿魯巴島的物流成本高於我們的預期。但這又一次發生了變化。因此，我們希望 Aruba 能夠按照 40 家公司的規則向前發展。這就是我們在中長期的雄心壯志，即保持 Aruba 的兩位數高增長和 20 多歲左右的營業利潤率。我們對在 SAM 上宣布的前景感到滿意。

Well, thank you for all the questions and thank for making the time today. I want to close with a couple of more additional thoughts. Obviously, we had an outstanding quarter, an exceptionally well-executed quarter for us with record-breaking results across key performance metrics. But when you reflect back, and this is my 20th quarter as the CEO reporting earnings, this is a combination of many things we have done over the last few years. It's not just a onetime thing.

好吧，謝謝你提出的所有問題，也謝謝你今天抽出時間。我想以一些額外的想法作為結束。顯然，我們有一個出色的季度，一個執行得非常出色的季度，我們在關鍵績效指標方面取得了創紀錄的成績。但當你回想起來，這是我作為 CEO 報告收益的第 20 個季度，這是我們過去幾年所做的許多事情的結合。這不僅僅是一次性的事情。

When I think about that, first and foremost, we have a clear strategy. We have been executing and accelerating and is winning in the market and is winning with customers. When you have twice a month of logos that we had at the beginning of the year, that tells you customers are entrusting their transformation to HPE.

當我想到這一點時，首先也是最重要的是，我們有一個明確的戰略。我們一直在執行和加速，正在贏得市場並贏得客戶。當您有我們年初時每月兩次的徽標時，這表明您的客戶正在將他們的轉型委託給 HPE。

Second is we are executing better. No question about it, and Q4 was a great example of that.

其次是我們執行得更好。毫無疑問，第四季度就是一個很好的例子。

Third is that the demand for our solutions remains steady. And I understand the question about, well, your competitors may have or other vendors have different views. I cannot comment on their views. I'm just telling you, after 20 quarters is what I see and what we say we do. So in the end, we probably have to take at the face value of what we tell you, and we delivered against that.

第三是對我們解決方案的需求保持穩定。我理解這個問題，嗯，你的競爭對手可能有或其他供應商有不同的看法。我無法評論他們的觀點。我只是告訴你，在 20 個季度之後，我所看到的就是我們所說的我們所做的。所以最後，我們可能不得不接受我們告訴你的內容的表面價值，並且我們兌現了這一點。

And then last but not least, in 2020, Tarek and I on Q2 2020, when the pandemic started, we came here to the call and we told you we're going to enact a program to reallocate resources to high-growth, high-margin areas and rightsize the company. We believe we are rightsized going forward. And those actions are paying off, not only because we delivered $175 million net savings to shareholders but because we have now different talent in different locations that give us the confidence that we can execute the strategy.

最後但並非最不重要的是，在 2020 年，Tarek 和我在 2020 年第二季度，當大流行開始時，我們來這裡打電話，我們告訴你我們將製定一項計劃，將資源重新分配給高增長、高-保證金區域並調整公司規模。我們相信我們未來的規模是合理的。這些行動正在取得成效，不僅因為我們為股東節省了 1.75 億美元的淨成本，還因為我們現在在不同地點擁有不同的人才，這讓我們有信心執行該戰略。

So it's a combination of 4 different things we have done over and over and over. In Q4, obviously, with a little bit of easing on supply, we're able to translate all the hard work into record-breaking results. And most importantly, give us the confidence that we entered 2023 with an amazing momentum, and that's why we give the guidance that we give you. And we're going to see every quarter where we stand, but we feel pretty good about our ability to deliver and potentially even exceed those numbers we give for the full year.

所以這是我們一遍又一遍地做的 4 件不同事情的組合。顯然，在第四季度，隨著供應略有放鬆，我們能夠將所有的辛勤工作轉化為破紀錄的業績。最重要的是，讓我們相信我們以驚人的勢頭進入了 2023 年，這就是我們給出我們給你們的指導的原因。我們將看到每個季度的情況，但我們對我們交付的能力感到非常滿意，甚至可能超過我們全年給出的數字。

So with that, thank you very much. If I don't speak to you before the end of the year. I wish you a happy holidays to you and your families. So thank you for your time today.

所以，非常感謝你。如果我在年底之前不跟你說話。祝您和您的家人節日快樂。謝謝你今天的時間。

Ladies and gentlemen, this concludes our call for today. Thank you, and have a great night.

女士們，先生們，我們今天的呼籲到此結束。謝謝你，祝你度過一個美好的夜晚。