惠普企業 (HPE) 2023 Q3 法說會逐字稿

Good afternoon. and welcome to the third quarter fiscal 2023 Hewlett Packard Enterprise Earnings Conference Call. My name is Gary, 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. Jeff Kvaal, Head of Investor Relations. Please go ahead.

下午好。歡迎參加惠普企業 2023 財年第三季度收益電話會議。我叫加里，我將擔任今天電話會議的會議主持人。 （操作員說明）謹此提醒，本次會議正在錄製以供重播之用。現在我想將演講內容交給今天電話會議的東道主投資者關係主管 Jeff Kvaal 先生。請繼續。

Good afternoon, everyone. I'd like to welcome you to our fiscal 2023, third quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Jeremy Cox, HPE's Interim Chief Financial Officer.

大家下午好。歡迎您參加由 HPE 總裁兼首席執行官 Antonio Neri 主持的 2023 財年第三季度收益電話會議。以及 HPE 臨時首席財務官傑里米·考克斯 (Jeremy Cox)。

Before handing the call to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be available shortly after the call concludes. We have posted the press release and the slide presentation accompanying the release on our HPE Investor Relations web page.

在將電話轉交給安東尼奧之前，讓我提醒您，此電話正在網絡直播。通話結束後不久將提供網絡廣播的重播。我們已在 HPE 投資者關係網頁上發布了新聞稿和新聞稿隨附的幻燈片演示。

Elements of the financial information referenced on this call are forward-looking and are based on our best view of the world and our businesses as we see them today. HPE assumes no obligation and does not intend to update such forward-looking statements.

本次電話會議中引用的財務信息要素具有前瞻性，並且基於我們對當今世界和業務的最佳看法。慧與不承擔任何義務，也不打算更新此類前瞻性聲明。

We also note that the financial information discussed on the call reflects estimates based on the 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 ending July 31, 2023. For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. Please refer to HPE's filings with the SEC for a discussion of these risks.

我們還注意到，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，可能與慧與截至2023 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。更詳細的信息，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。請參閱 HPE 向 SEC 提交的文件，了解有關這些風險的討論。

For financial information, we have 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 otherwise noted, are presented on a year-over-year basis and adjusted to exclude the impact of currency.

對於財務信息，我們在非公認會計原則的基礎上表示，我們已在我們的網站上提供了與可比公認會計原則信息的調節表。有關詳細信息，請參閱我們網站上今天的收益發布所附的表格和幻燈片演示。在整個電話會議中，除非另有說明，所有收入增長率均按同比計算，並進行調整以排除貨幣的影響。

Finally, after Antonio provides his remarks, Jeremy will reference our earnings presentation throughout his prepared comments. With that, let me turn to you, Antonio.

最後，在安東尼奧發表講話後，傑里米將在他準備好的評論中引用我們的收益報告。那麼，讓我轉向你，安東尼奧。

All right. Thank you, Jeff, and good afternoon. Thank you, everyone, for joining today. HP delivered another solid quarter. We again increased our revenue, gross margin and earnings per share year-over-year and delivered strong free cash flow. Our results are being driven by our intentional ongoing mix shift to higher growth, higher-margin parts of our portfolio that are critical priorities to customers. Our success in shifting the portfolio delivered 120 basis points year-over-year non-GAAP gross margin expansion, driven by exceptional performance in areas like the Intelligent Edge, where revenue has set its fifth consecutive record quarter and HPE GreenLake, which continued to accelerate our strategic pivot, generating higher recurring revenue and gross profit across our 4 product segments, driven by the increased mix of high-margin software and services.

好的。謝謝你，傑夫，下午好。謝謝大家今天的加入。惠普再次實現了穩健的季度業績。我們的收入、毛利率和每股收益再次同比增長，並實現了強勁的自由現金流。我們的業績是由我們有意持續進行的組合轉向我們投資組合中增長更快、利潤率更高的部分推動的，這些部分對客戶來說是至關重要的。我們成功地轉變了產品組合，實現了非GAAP 毛利率同比增長120 個基點，這得益於智能邊緣（收入連續第五個季度創下新紀錄）和HPE GreenLake（持續加速增長）等領域的出色表現。我們的戰略重點是，在高利潤軟件和服務組合增加的推動下，我們的 4 個產品領域產生更高的經常性收入和毛利潤。

In Q3, our Intelligent Edge business contributed 20% of our total company revenue. It is now the largest source of HPE's operating profit at 49% of our total segment operating profit. Our HPE GreenLake hybrid cloud platform is accelerating our other service pivots, delivering an annualized revenue run rate or ARR, of $1.3 billion, a 48% increase year-over-year. Our strategic shift toward edge hybrid cloud and AI delivered through our HPE GreenLake cloud platform is working, and we are delivering on our financial commitments.

第三季度，我們的智能邊緣業務貢獻了公司總收入的20%。它現在是 HPE 營業利潤的最大來源，占我們部門總營業利潤的 49%。我們的 HPE GreenLake 混合雲平台正在加速我們的其他服務樞紐，實現年化收入運行率 (ARR) 13 億美元，同比增長 48%。我們通過 HPE GreenLake 雲平台實現的向邊緣混合雲和人工智能的戰略轉變正在發揮作用，並且我們正在兌現我們的財務承諾。

Because of our momentum and strong execution throughout this fiscal year and once again, we are raising our full year non-GAAP diluted net earnings per share guidance. GAAP for full year diluted net earnings per share guidance will remain unchanged. For non-GAAP diluted net earnings per share, we're increasing to $2.30 at the midpoint while maintaining both our full year constant currency revenue growth guidance of 4% to 6% and full year free cash flow guidance of $1.9 billion to $2.1 billion.

由於我們整個財年的發展勢頭和強勁的執行力，我們再次提高了全年非公認會計準則稀釋後每股淨利潤指引。全年稀釋後每股淨利潤指引將保持不變。對於非 GAAP 攤薄每股淨利潤，我們將中點增加至 2.30 美元，同時維持 4% 至 6% 的全年固定貨幣收入增長指引和 19 億美元至 21 億美元的全年自由現金流指引。

We will provide more details later in our call today, including on a GAAP basis. Our view of the macro environment remains unchanged from recent months. Customers continue to prioritize their data first digital transformation despite some reservations about the macroeconomic environment for the future. While the broader IT market is still pressured, demand for our product and services grew sequentially in the third quarter across all key segments of our business, driven by high-growth areas like AI and HPE GreenLake.

我們將在今天晚些時候的電話會議中提供更多詳細信息，包括基於公認會計原則的詳細信息。我們對宏觀環境的看法與近幾個月相比沒有變化。儘管對未來的宏觀經濟環境持保留態度，但客戶仍然將數據放在首位進行數字化轉型。儘管更廣泛的 IT 市場仍然面臨壓力，但在 AI 和 HPE GreenLake 等高增長領域的推動下，第三季度我們所有關鍵業務領域對產品和服務的需求都出現了環比增長。

We continue to see strong interest in our AI and supercomputing offerings from enterprise customers, who are incorporating artificial intelligence into their businesses. This is translating into significantly higher demand for our HPC & AI business segment as customers discover HPE's unique capabilities to power unprecedented level of performance for AI at scale, including using our market-leading supercomputers built with sustainability in mind to train and tune their AI models.

我們繼續看到企業客戶對我們的人工智能和超級計算產品表現出濃厚的興趣，他們正在將人工智能融入到他們的業務中。隨著客戶發現慧與能夠為人工智能提供前所未有的性能水平的獨特能力，包括使用我們以可持續發展為理念而構建的市場領先的超級計算機來訓練和調整他們的人工智能模型，這意味著對我們的HPC 和人工智能業務部門的需求顯著增加。

Total HPE revenue during the third quarter increased 3.5% year-over-year to $7 billion, which exceeded the midpoint of our guidance. Non-GAAP gross margin rose 120 basis points year-over-year to 35.9%, very close to the record level we achieved in the second quarter. Higher profitability in the third quarter compared to last year also corresponded to an increase in non-GAAP diluted net earnings per share, which was $0.49, up 2% year-over-year. And we generated $955 million in free cash flow, an increase of nearly $370 million.

第三季度 HPE 總收入同比增長 3.5%，達到 70 億美元，超過了我們指導的中值。非 GAAP 毛利率同比增長 120 個基點至 35.9%，非常接近我們第二季度創下的紀錄水平。與去年相比，第三季度盈利能力有所提高，這也導致非 GAAP 攤薄後每股淨利潤增加，為 0.49 美元，同比增長 2%。我們產生了 9.55 億美元的自由現金流，增加了近 3.7 億美元。

The HPE GreenLake Cloud platform is a key driver of financial performance, with our hybrid cloud offerings through the platform continue to attract new customers and compel existing customers to expand their contracts. HPE GreenLake orders rose 122% year-over-year, resulting in a nearly $1.5 billion increase in our as-a-service total contract value since last quarter. Our cumulative booked total contract value now stands at just under $12 billion. The scale and the strength of HPE GreenLake is evident. It supports 27,000 unique customer logos and 3.4 million connected devices and more than 1,100 partners sell HPE GreenLake, one of the largest partner ecosystems selling as-a-service offerings in the industry.

HPE GreenLake 雲平台是財務業績的關鍵驅動力，我們通過該平台提供的混合雲產品不斷吸引新客戶並迫使現有客戶擴大合同範圍。 HPE GreenLake 訂單同比增長 122%，使我們的即服務合同總價值自上季度以來增加了近 15 億美元。目前，我們的累計預訂總合同價值略低於 120 億美元。 HPE GreenLake 的規模和實力有目共睹。它支持 27,000 個獨特的客戶徽標和 340 萬台連接設備，超過 1,100 個合作夥伴銷售 HPE GreenLake，這是業內銷售即服務產品的最大合作夥伴生態系統之一。

As we grow our ARR, we are also increasing its share of high-margin software and services. Software and services increased 2 percentage points sequentially to 68% of the total ARR mix compared to 66% in the second quarter, with ongoing contributions from SaaS offerings tied to our HPE as software, Storage and HP Aruba networking, our operational services and OpsRamp, our recent acquisition. We are well positioned to continue to grow the software and services mix within our ARR. For example, we saw a double-digit increase in demand with HPE operational services this quarter, which will contribute to future recurring revenues.

隨著我們的 ARR 增長，我們也在增加高利潤軟件和服務的份額。軟件和服務佔總ARR 組合的比例比第二季度的66% 環比增長了2 個百分點，達到68%，其中與我們的HPE 軟件、存儲和HP Aruba 網絡、我們的運營服務和OpsRamp 相關的SaaS 產品的持續貢獻，我們最近的收購。我們處於有利位置，可以繼續擴大 ARR 內的軟件和服務組合。例如，我們看到本季度慧與運營服務的需求出現兩位數增長，這將有助於未來的經常性收入。

The impressive gross margin in our as-a-Service recurring revenues helped lift our already strong overall company gross margin this quarter. These results demonstrate the relevance of our differentiated HPE GreenLake value proposition of providing one unified hybrid cloud experience to empower customers to access analyze and extract value from their data, no matter where it lies at the Edge, in the colos or data center and in the public cloud.

我們的即服務經常性收入的毛利率令人印象深刻，幫助提升了本季度我們本已強勁的整體公司毛利率。這些結果證明了我們差異化的HPE GreenLake 價值主張的相關性，即提供一種統一的混合雲體驗，使客戶能夠訪問分析數據並從數據中提取價值，無論數據位於邊緣、託管中心或數據中心還是在其他地方。公共雲。

Now I would like to highlight a few important takeaways in our business segment results. First, as I said earlier, HPE's performance in the Intelligent Edge segment was particularly noteworthy in the quarter. Intelligent Edge revenue increased 53% year-over-year and operating profit more than doubled in another exceptional quarter for this business segment. I'm particularly pleased that our Intelligent Edge SaaS revenues continue to climb double digits. We are gaining share, benefiting from improved availability of supply, high shipment volume and a strong response to our SaaS edge offerings in terms of both demand and revenue.

現在我想強調我們業務部門業績中的一些重要內容。首先，正如我之前所說，HPE本季度在智能邊緣領域的表現尤其值得關注。智能邊緣收入同比增長 53%，營業利潤在該業務領域又一個出色的季度中增長了一倍多。我特別高興的是，我們的智能邊緣 SaaS 收入繼續以兩位數的速度攀升。我們正在獲得份額，這得益於供應可用性的改善、高出貨量以及對我們的 SaaS 邊緣產品在需求和收入方面的強烈反應。

Momentum in Intelligent Edge was consistent around the globe, with revenue increasing by double digits in all regions in the third quarter. One example is the University of Maryland, which wanted a stronger cloud-based policy-driven wire and wireless network that could provide improved automation, better device visibility and easier and more secure access for students, faculty and staff as they are returning to campus. The University selected HPE Aruba Networking for a campus-wide refresh to enhance the flexibility, visibility and security of its network through HPE Aruba Clear Pass, our SaaS platform to onboard new devices, grant varying access levels and keep network secure.

全球智能邊緣的發展勢頭一致，第三季度所有地區的收入均實現兩位數增長。馬里蘭大學就是一個例子，該大學希望建立一個更強大的基於雲的策略驅動有線和無線網絡，以便為學生、教職員工返回校園時提供改進的自動化、更好的設備可見性以及更輕鬆、更安全的訪問。該大學選擇HPE Aruba Networking 進行校園範圍內的更新，通過HPE Aruba Clear Pass（我們的SaaS 平台）來增強其網絡的靈活性、可見性和安全性，該平台用於裝載新設備、授予不同的訪問級別並保持網絡安全。

The HPC & AI business segment saw a way for demand deceleration in the quarter as we converted on AI deal opportunities and ship orders that leverage a unique end-to-end AI value proposition, from training to tuning to influence. As a result, we exited the quarter with the largest HPC & AI order book we have ever had. Our AI momentum also helped grow our total HPE order book which is now at more than 2x pre-pandemic levels, driven by exceptional customer demand for our AI solutions and sequential demand improvements across our 4 product segments.

隨著我們利用人工智能交易機會和發貨訂單，利用獨特的端到端人工智能價值主張（從培訓到調整到影響），高性能計算和人工智能業務部門在本季度看到了需求減速的方式。結果，我們在本季度結束時獲得了有史以來最大的 HPC 和 AI 訂單。我們的人工智能勢頭還幫助我們增長了HPE 總訂單量，目前，在客戶對我們的人工智能解決方案的特殊需求以及我們4 個產品領域的連續需求改進的推動下，該訂單量目前已達到大流行前水平的2 倍以上。

Only HPE can combine our unique AI software and Slingshot networking fabric, HPE services offerings and market-leading sustainable supercomputers. Our open ecosystem of AI suppliers is also an advantage for customers who are turning to us for a full spectrum of enterprise AI workloads and use cases, span a large-scale model development, training, tuning and interesting. Through the U.K.'s GW4 Alliance of 4 U.K. research universities, HPE won a contract from the U.K. research and innovation to develop Isambard 3, a supercomputer that leverages the latest HP [XC] supercomputers, HP Slingshot Interconnect and NVIDIA Grace GPU Super Chip.

只有 HPE 能夠將我們獨特的 AI 軟件和 Slingshot 網絡結構、HPE 服務產品和市場領先的可持續超級計算機結合起來。我們開放的人工智能供應商生態系統對於那些向我們尋求全方位企業人工智能工作負載和用例（涵蓋大規模模型開發、培訓、調整和興趣）的客戶來說也是一個優勢。通過由4 所英國研究型大學組成的英國GW4 聯盟，慧與贏得了英國研究與創新機構的合同，開發Isambard 3，這是一款利用最新HP [XC] 超級計算機、HP Slingshot Interconnect 和NVIDIA Grace GPU超級芯片的超級計算機。

The system will provide researchers, engineers and data scientists, purpose-built capabilities to train AI models and accelerate research in clean energy, drug discovery, medical diagnosis and astrophysics. In addition, we were selected by Tokyo Institute of Technology Global Scientific Information and Computing Center to build its next-generation supercomputer, which is called TSUBAME 4.0, which includes AMD's CPUs and NVIDIA's GPUs to accelerate AI-driven scientific discovery in medicine, material science and climate research.

該系統將為研究人員、工程師和數據科學家提供專門構建的功能，以訓練人工智能模型並加速清潔能源、藥物發現、醫學診斷和天體物理學方面的研究。此外，我們還被東京工業大學全球科學信息和計算中心選中構建其下一代超級計算機，稱為 TSUBAME 4.0，其中包括 AMD 的 CPU 和 NVIDIA 的 GPU，以加速醫學、材料科學領域人工智能驅動的科學發現和氣候研究。

Recursion Pharmaceuticals, is a leading public tech bio company that uses advancement in AI to accelerate and industrialize the discovery of new drugs. Recursion turned to HPE's AI software to scale its foundation model efforts, significantly speed up training across its more than 25 petabytes of biological and chemical data and improve team collaboration. We are seeing AI projects generate exciting results on our supercomputers. For example, the LUMI supercomputer built by HPE with AMD CPUs and GPUs is the fastest system in Europe and the third fastest in the world. It has enabled generative AI projects such as creating the world's largest finished language model, and it has helped researchers apply AI for early detection of diagnosis of breast and prostate cancers.

Recursion Pharmaceuticals 是一家領先的公共科技生物公司，利用人工智能的進步來加速新藥的發現並使其產業化。 Recursion 採用 HPE 的 AI 軟件來擴展其基礎模型工作，顯著加快超過 25 PB 生物和化學數據的培訓速度，並改善團隊協作。我們看到人工智能項目在我們的超級計算機上產生了令人興奮的結果。例如，HPE 採用 AMD CPU 和 GPU 構建的 LUMI 超級計算機是歐洲最快、世界第三快的系統。它支持了生成式人工智能項目，例如創建世界上最大的成品語言模型，並幫助研究人員應用人工智能來早期檢測乳腺癌和前列腺癌的診斷。

We continue to make progress in ushering in the area of exascale supercomputing, which enables unprecedented scale and performance for larger AI models, such as generative AI. This quarter, HPE in collaboration with the Lawrence Livermore National Laboratory started to build and test El Capitan, one of the largest upcoming exascale supercomputers. El Capitan, which uses AMD CPUs and GPUs, is expected to reach 2 exaflop of peak performance, will allow researchers to apply AI to advance U.S. national security and breakthroughs in medical and drug research initiatives.

我們在百億億次超級計算領域不斷取得進展，這為更大的人工智能模型（例如生成人工智能）提供了前所未有的規模和性能。本季度，慧與與勞倫斯利弗莫爾國家實驗室合作開始構建和測試 El Capitan，這是即將推出的最大的百億億次超級計算機之一。 El Capitan 使用 AMD CPU 和 GPU，預計將達到 2 exaflop 的峰值性能，將使研究人員能夠應用人工智能來推進美國國家安全以及醫療和藥物研究計劃的突破。

We are seeing demand improving in both our Storage and Compute segments. Storage demand was solid year-over-year with a cloud-native HPE Alletra portfolio recording triple-digit revenue growth. Storage SaaS revenue also increased double digits as we continue to intentionally drive more of HPE's Alletra own IP through HPE GreenLake. Compute performed well considering the sector ongoing cyclicality. We saw sequential unit demand increase in the quarter. One area where we anticipate demand picking up in the coming quarters is customers seeking a solution to run AI inference workloads.

我們看到存儲和計算領域的需求都在改善。存儲需求同比穩定，雲原生 HPE Alletra 產品組合收入實現三位數增長。隨著我們繼續有意通過 HPE GreenLake 推動更多 HPE Alletra 自有 IP，存儲 SaaS 收入也實現了兩位數增長。考慮到該行業持續的周期性，計算表現良好。我們看到本季度單位需求連續增長。我們預計未來幾個季度需求回升的一個領域是客戶尋求運行人工智能推理工作負載的解決方案。

Our new HPE ProLiant Gen 11 servers optimized for AI workloads are well positioned for this growing customer need. During the third quarter, we started shipping these servers, which boost AI inference performance by more than 5x over previous models. And just last week, we expanded our portfolio for enterprise tuning and inference solutions with NVIDIA and VMware to accelerate our customers' generative AI deployments.

我們針對 AI 工作負載進行了優化的全新 HPE ProLiant Gen 11 服務器能夠很好地滿足這一不斷增長的客戶需求。第三季度，我們開始發貨這些服務器，這些服務器的 AI 推理性能比以前的型號提高了 5 倍以上。就在上週，我們與 NVIDIA 和 VMware 合作擴展了企業調優和推理解決方案產品組合，以加速客戶的生成式 AI 部署。

To round out our major segments in HPE Financial Services, revenue climbed 7% year-over-year and financing volume ticked up 6%. HPE Financial Services continues to be strategically important as we continue to ramp up our as-a-service volumes through HPE GreenLake. We continue to strengthen our innovation from edge to cloud, position HPE well for the future. In June, we hosted more than 10,000 customers and partners at our annual HPE Discovery event, where we unveil exciting new edge hybrid cloud and AI solutions to help customers achieve their business goals and gain competitive advantage.

HPE 金融服務的主要細分市場收入同比增長 7%，融資量增長 6%。隨著我們通過 HPE GreenLake 不斷增加即服務量，HPE 金融服務仍然具有重要的戰略意義。我們不斷加強從邊緣到雲的創新，為慧與的未來做好準備。 6 月，我們在年度 HPE Discovery 活動中接待了超過 10,000 名客戶和合作夥伴，在活動中我們推出了令人興奮的新型邊緣混合雲和 AI 解決方案，以幫助客戶實現業務目標並獲得競爭優勢。

At HPE Discover, we announced we have entered the AI public cloud market with HPE GreenLake for large language models. Available at the end of this calendar year, the offering will enable a wide variety of enterprise customers to privately train and tune their data, using our industry-leading AI sustainable supercomputer infrastructure and software. We also extended our hybrid cloud leadership at HPE Discover with new HPE GreenLake hybrid cloud services, including our new SaaS-based IT operations management solution from a recent acquisition of OpsRamp. And to drive faster and easier and more sustainable ways to deploy our HPE GreenLake hybrid cloud solutions outside of the data center, we expanded our partnership with colo market leader, Equinix, which enables customers to go from quarter production in days by using our HPE GreenLake for Private Cloud Enterprise stack.

在 HPE Discover 上，我們宣布我們已通過用於大型語言模型的 HPE GreenLake 進入 AI 公共雲市場。該產品將於今年年底推出，將使各種企業客戶能夠使用我們行業領先的人工智能可持續超級計算機基礎設施和軟件私下訓練和調整他們的數據。我們還通過新的 HPE GreenLake 混合雲服務（包括最近收購的 OpsRamp 提供的基於 SaaS 的新 IT 運營管理解決方案）擴大了我們在 HPE Discover 的混合雲領導地位。為了推動以更快、更簡單、更可持續的方式在數據中心外部署我們的HPE GreenLake 混合雲解決方案，我們擴大了與託管市場領導者Equinix 的合作夥伴關係，這使客戶能夠通過使用我們的HPE GreenLake 在幾天內完成季度生產適用於私有云企業堆棧。

Two new HPE GreenLake for private cloud enterprise customers are Global Logistics Solutions leader, Swisslog and global media -- global company Media House. Swisslog chose HPE for private cloud enterprise to help accelerate their automation of its warehouse centers with a cutting-edge on-premises private cloud that could provide rapid, secure and controlled service delivery. Media House, which owns more than 30 different news brands in Europe, one in a modern on-premise private cloud to accelerate its digital transformation and better leverage data to attract and retain subscribers with a more personalized customer experience.

兩家新推出的面向私有云企業客戶的HPE GreenLake分別是全球物流解決方案領導者Swisslog和全球媒體——全球公司Media House。瑞仕格選擇慧與作為私有云企業，通過尖端的本地私有云來幫助加速其倉庫中心的自動化，從而提供快速、安全和受控的服務交付。 Media House 在歐洲擁有30 多個不同的新聞品牌，其中一個位於現代本地私有云中，旨在加速其數字化轉型並更好地利用數據來吸引和留住訂閱者，並提供更加個性化的客戶體驗。

HPE GreenLake will help the company achieve operational agility, mitigate risk and address IT skills gap and advance its digital priorities.

HPE GreenLake 將幫助該公司實現運營敏捷性、降低風險、解決 IT 技能差距並推進其數字化優先事項。

At HPE Discover, we expanded our HPE GreenLake private cloud portfolio with HPE GreenLake for private cloud business addition, a new offering that allows customers to spin a virtual machine across hybrid clouds on demand. This new offer is an extension of a hyperconverged portfolio with automation and hybrid cloud software built into the private cloud solution.

在 HPE Discover，我們通過 HPE GreenLake 擴展了 HPE GreenLake 私有云產品組合，以增加私有云業務，這是一項新產品，允許客戶按需跨混合雲運行虛擬機。這一新產品是超融合產品組合的擴展，其中包含內置於私有云解決方案中的自動化和混合雲軟件。

Early in the quarter, we previewed a new sustainability dashboard on the HPE GreenLake platform alongside our comprehensive portfolio of sustainability services designed to help organizations reduce the carbon footprint associated with the hybrid IT estate. Customers understand that the hybrid IT estate can be one of their biggest sources of operational emissions and have made measuring and reducing their carbon footprint business imperative.

本季度初，我們在 HPE GreenLake 平台上預覽了新的可持續發展儀表板，以及我們全面的可持續發展服務組合，旨在幫助組織減少與混合 IT 資產相關的碳足跡。客戶了解混合 IT 資產可能是其運營排放的最大來源之一，因此測量和減少其碳足跡業務勢在必行。

Driving the steady drumbeat of innovation strengthened our HPE GreenLake hybrid cloud value proposition for customers to extend our industry leadership, expand our total addressable market and position us well to accelerate our momentum across edge, hybrid cloud and AI in the future. We have been advancing our strategy for the last several years and even a very dynamic market environment, it is clear that our strategy, combined with strong execution and a terrific team, set us apart.

推動創新的穩定鼓點加強了我們對客戶的HPE GreenLake 混合雲價值主張，以擴大我們的行業領先地位，擴大我們的總體目標市場，並使我們能夠在未來加速我們在邊緣、混合雲和人工智能領域的發展勢頭。在過去的幾年裡，我們一直在推進我們的戰略，即使在一個非常活躍的市場環境中，很明顯，我們的戰略，加上強大的執行力和出色的團隊，使我們脫穎而出。

Our third quarter performance demonstrates the progress we have made to shift our portfolio to higher growth, higher margin areas that they are the most critical to customers as they continue to transform. Our pivot to software and services rich businesses has led to new customer logos, greater recurring revenue, margin, earnings per share and free cash flow. This is why we are once again raising our non-GAAP diluted net earnings per share guidance.

我們第三季度的業績證明了我們在將投資組合轉向更高增長、更高利潤率的領域所取得的進展，這些領域對於客戶的持續轉型來說是最關鍵的。我們轉向軟件和服務豐富的業務，帶來了新的客戶標識、更大的經常性收入、利潤、每股收益和自由現金流。這就是為什麼我們再次提高非公認會計準則稀釋後每股淨利潤指引。

Despite a slowdown in some parts of the IT industry, our HPE team has executed our strategy, bringing differentiated innovation and a diverse portfolio to customers around the globe. This positions us to continue to win in the market and deliver for our shareholders.

儘管 IT 行業某些領域增速放緩，但我們的 HPE 團隊仍然執行了我們的戰略，為全球客戶帶來差異化創新和多元化產品組合。這使我們能夠繼續贏得市場並為股東帶來回報。

I'm very pleased to pursue these priorities more closely with Jeremy Cox, whom I appointed as our interim Chief Financial Officer earlier this month. Jeremy is an experienced finance leader whose customer-centric approach, institutional knowledge and track record of operational excellence, sets him up well to serve in this role while we conduct an internal and external search for a permanent CFO. Jeremy will now discuss our quarter financial results in greater detail. So Jeremy, welcome. Over to you.

我很高興與傑里米·考克斯 (Jeremy Cox) 更密切地探討這些優先事項，本月初我任命他為我們的臨時首席財務官。傑里米(Jeremy) 是一位經驗豐富的財務領導者，他以客戶為中心的方法、機構知識和卓越運營記錄，使他能夠在我們進行內部和外部尋找永久首席財務官的同時擔任這一職位。傑里米現在將更詳細地討論我們的季度財務業績。傑里米，歡迎。交給你了。

Thank you very much, Antonio. I'm honored to take on the responsibility of interim CFO as we go through the process. I'll start with a summary of our financial results for the third quarter of FY 2023.

非常感謝你，安東尼奧。我很榮幸能夠在整個流程中承擔臨時首席財務官的職責。我首先總結 2023 財年第三季度的財務業績。

Antonio discussed key highlights on Slide 4. Let me begin with Slide 5, financial highlights. We're actively diversifying our business mix towards our higher-growth, higher-margin portfolio of Intelligent Edge, HPC & AI and HPE GreenLake solutions. This pivot is clearly visible in the 120 basis-point year-over-year expansion of non-GAAP gross margins. We delivered a solid quarter within an IT market still under some pressure. Cycle times remain elongated, and digestion of prior orders will continue to have some near-term impact. This has been particularly true in Compute and to a lesser extent, in Storage.

Antonio 討論了幻燈片 4 上的主要亮點。讓我從幻燈片 5 的財務亮點開始。我們正在積極實現業務組合多元化，以實現更高增長、更高利潤的智能邊緣、HPC 和人工智能以及 HPE GreenLake 解決方案組合。這一轉變在非公認會計原則毛利率同比增長 120 個基點中清晰可見。我們在仍面臨一定壓力的 IT 市場中實現了穩健的季度業績。週期時間仍然延長，先前訂單的消化將繼續產生一些短期影響。這在計算領域尤其如此，在較小程度上在存儲領域尤其如此。

Despite these challenges, we delivered 3.5% year-over-year revenue growth in constant currency to $7 billion, which exceeded the midpoint of our Q3 revenue guidance. This figure included a modest amount of AI revenue. We do see several promising indicators that suggest stabilization. Antonio mentioned the sequential improvement in demand across our 4 product segments. We're starting to see indicators that our largest customers are returning to the market. Intelligent Edge continues to increase revenues rapidly, both on a year-over-year and sequential basis, and robust AI demand is evident in our as-a-service orders.

儘管面臨這些挑戰，按固定匯率計算，我們的收入同比增長了 3.5%，達到 70 億美元，超過了我們第三季度收入指導的中值。這個數字包括少量的人工智能收入。我們確實看到了一些有希望的指標表明穩定。 Antonio 提到我們 4 個產品領域的需求連續改善。我們開始看到我們最大的客戶正在重返市場的跡象。智能邊緣的收入繼續快速增長，無論是同比還是環比，強勁的人工智能需求在我們的即服務訂單中顯而易見。

Our non-GAAP gross margin rose 120 basis points year-over-year to 35.9%. This is off just 30 basis points from our high watermark of 36.2% last quarter. Our margin structure reflects the pivot of our business mix to higher margin, software-intensive recurring revenue, such as Intelligent Edge. The edge mix was up 450 basis points year-over-year. Our Q3 '23 non-GAAP operating margin reached 10.3%. This is down 120 basis points sequentially and 20 basis points year-over-year. Sequentially, the driver was largely return of Compute operating margins to just below long-term target range of 11% to 13% after 6 consecutive quarters above the range.

我們的非 GAAP 毛利率同比增長 120 個基點，達到 35.9%。這距離我們上季度 36.2% 的高水位僅下降了 30 個基點。我們的利潤結構反映了我們的業務組合以更高利潤、軟件密集型經常性收入（例如智能邊緣）為中心。邊緣組合同比增長 450 個基點。我們 23 年第 3 季度的非 GAAP 運營利潤率達到 10.3%。環比下降 120 個基點，同比下降 20 個基點。隨後，驅動因素主要是計算營業利潤率在連續 6 個季度高於該範圍後恢復到略低於 11% 至 13% 的長期目標範圍。

We expect the impact of Compute operating margin cyclicality on HPE's operating margins to decline over time as our revenue mix shifts towards our higher-growth, higher-margin businesses. Our Intelligent Edge business reached a record-high 29.7% operating margin. We remain focused on productivity and continue to expect revenue growth to outpace OpEx growth over time. Our solid Q3 and margin -- revenue and margin performance led GAAP diluted net EPS to $0.35 and non-GAAP diluted net EPS to $0.49, which was up $0.01 year-over-year despite Compute cyclicality. It was also $0.01 above the high end of our Q3 guidance range of $0.44 to $0.48.

我們預計，隨著我們的收入組合轉向高增長、高利潤業務，計算業務利潤率週期性對 HPE 運營利潤率的影響將隨著時間的推移而下降。我們的智能邊緣業務運營利潤率達到創紀錄的 29.7%。我們仍然關註生產力，並繼續預計隨著時間的推移，收入增長將超過運營支出增長。我們穩健的第三季度和利潤率——收入和利潤率表現使GAAP 攤薄後淨每股收益達到0.35 美元，非GAAP 攤薄後淨每股收益達到0.49 美元，儘管存在計算週期性，但同比增長了0.01 美元。該價格也比我們第三季度指導範圍 0.44 美元至 0.48 美元的上限高出 0.01 美元。

Our Q3 free cash flow was $955 million. We continue to return substantial capital to our shareholders, paying $154 million in dividends and repurchasing $187 million in stock this quarter. We have now returned $831 million in capital to shareholders this year.

我們第三季度的自由現金流為 9.55 億美元。我們繼續向股東返還大量資本，本季度支付了 1.54 億美元的股息並回購了 1.87 億美元的股票。今年我們已向股東返還 8.31 億美元資本。

Moving to Slide 6. Our as-a-service revenue continues to show strong momentum. ARR reached $1.3 billion in Q3 '23. The benefits of as-a-service deals we won in prior quarters are now appearing in our results, though, the large AI as-a-service deals booked in Q3 have yet to reach revenues. Year-over-year ARR growth in constant currency has accelerated from 25% in Q4 '22 to 31%, 38% and now 48% in Q3 '23. The 48% growth is above our long-term 35% to 45% target and should be viewed as an indicator of our long-term momentum rather than as a new growth trajectory.

轉向幻燈片 6。我們的即服務收入繼續表現出強勁的勢頭。 2023 年第 3 季度，ARR 達到 13 億美元。我們在前幾個季度贏得的即服務交易的好處現在已經體現在我們的業績中，不過，第三季度預訂的大型人工智能即服務交易尚未達到收入。按固定匯率計算，ARR 同比增長從 22 年第 4 季度的 25% 加速到 23 年第 3 季度的 31%、38%，現在為 48%。 48% 的增長高於我們 35% 至 45% 的長期目標，應被視為我們長期勢頭的指標，而不是新的增長軌跡。

The fastest-growing components within ARR year-over-year are Storage and Edge. We continue to lift HPE GreenLake's value proposition with an increasing mix of higher-margin, recurring software and services revenue. Antonio mentioned that in Q3, our software and services mix rose to 68% and should continue to increase. While this mix has traditionally tilted to services, software is now half of the total. In the future, we expect software growth to exceed services growth and for as-a-service margins to rise over time.

ARR 中同比增長最快的組件是存儲和邊緣。我們通過增加利潤率更高的經常性軟件和服務收入組合，繼續提升 HPE GreenLake 的價值主張。 Antonio 提到，在第三季度，我們的軟件和服務組合上升到 68%，並且應該會繼續增加。雖然這種組合傳統上偏向於服務，但現在軟件已佔總數的一半。未來，我們預計軟件增長將超過服務增長，並且即服務利潤率將隨著時間的推移而上升。

To Slide 7. Our Q3 as-a-service order growth was robust. We're pleased to have delivered 122% year-over-year order growth, which has raised our cumulative as-a-service TCV to nearly $12 billion. The driving factor was AI demand. A significant percentage of our AI orders have come under the as-a-service model, and the strength this quarter should also provide confidence in our long-term 35% to 45% ARR growth outlook. Order growth will fluctuate given the volatility of large as-a-service deals.

轉到幻燈片 7。我們的第三季度即服務訂單增長強勁。我們很高興實現了 122% 的同比訂單增長，這使我們的累計即服務 TCV 提高到近 120 億美元。驅動因素是人工智能需求。我們的人工智能訂單中有很大一部分屬於即服務模式，本季度的強勁表現也應該讓我們對 35% 至 45% 的長期 ARR 增長前景充滿信心。鑑於大型即服務交易的波動性，訂單增長將會波動。

Now let's turn to our segment highlights on the next slide. And remember, all revenue growth rates on this slide are in constant currency. In Intelligent Edge, we grew revenues 53% year-over-year and 8% sequentially, delivering record revenues for a fifth consecutive quarter. Customers are increasingly adopting our software-centric solutions such as Edge Connect SD-WAN software and our Aruba Central management platform. We've expanded the access security and SASE funnel to 6x since the acquisition. Our operating margin of 29.7% was up more than 1,300 basis points year-over-year and 280 basis points sequentially. We're benefiting from revenue scale and prior pricing actions, which are helping us build visibility into the durability of our mid-20% margin target over time. While we're making progress on our order book, we expect to carry an above-normal order book into FY '24.

現在讓我們轉向下一張幻燈片上的片段亮點。請記住，這張幻燈片上的所有收入增長率均以固定匯率計算。在智能邊緣領域，我們的收入同比增長 53%，環比增長 8%，連續第五個季度創造創紀錄的收入。客戶越來越多地採用我們以軟件為中心的解決方案，例如 Edge Connect SD-WAN 軟件和我們的 Aruba Central 管理平台。自收購以來，我們已將訪問安全性和 SASE 渠道擴展至 6 倍。我們的營業利潤率為 29.7%，同比增長超過 1,300 個基點，比上一季度增長 280 個基點。我們受益於收入規模和之前的定價行動，這有助於我們了解 20% 中間利潤率目標隨著時間的推移的持久性。雖然我們的訂單簿正在取得進展，但我們預計 24 財年的訂單簿將高於正常水平。

In HPC & AI, revenue grew 3% year-over-year. Customer discussions on large language models and generative AI that began in Q1 turned to wins in Q2 and are now showing up as as-a-service orders in Q3. AI, the predominant driver of our 122% year-over-year growth in as-a-service dollars, has also driven sequential growth in our corporate total order book, which I'll discuss in a moment. We expect AI deals to provide gross margin rates above historical levels. We believe building and operating large AI models requires unique computational capabilities, including silicon and software that our HPE Cray supercomputers and HPC & AI solutions are extremely well positioned to enable.

在 HPC 和 AI 領域，收入同比增長 3%。第一季度開始的關於大型語言模型和生成人工智能的客戶討論在第二季度取得了勝利，現在在第三季度以服務訂單的形式出現。人工智能是我們的即服務收入同比增長 122% 的主要驅動力，也推動了我們公司總訂單的連續增長，我稍後將對此進行討論。我們預計人工智能交易將提供高於歷史水平的毛利率。我們相信，構建和操作大型 AI 模型需要獨特的計算能力，包括我們的 HPE Cray 超級計算機以及 HPC 和 AI 解決方案非常適合實現的芯片和軟件。

As for operating margin, our Q3 performance was just below breakeven. The early stage of the AI market, tightness in certain key components and long lead times in this segment mean that operating margins in HPC & AI will continue to fluctuate. We'll discuss our outlook for revenue growth, investment and margin improvement at our Securities Analyst Meeting.

至於營業利潤率，我們第三季度的業績略低於盈虧平衡點。人工智能市場處於早期階段，某些關鍵零部件的緊張以及該領域的交貨時間較長意味著HPC和AI的運營利潤率將持續波動。我們將在證券分析師會議上討論收入增長、投資和利潤率改善的前景。

Storage fell 2% year-over-year but rose 3% sequentially. HPE Alletra revenue grew triple digits in Q3 for the fifth consecutive quarter. It is now one of our higher revenue products and thus growth rates may normalize. This product is shifting our mix within storage to higher-margin, software-intensive revenue and is a key driver of our ARR growth. We'll continue to invest in R&D and our owned IP products in this business unit such as our new file as a Service and HPE Alletra MP offerings. Q3 '23 operating margin of 10.7% is down 360 basis points year-over-year as we transition to HPE Alletra.

存儲量同比下降 2%，但環比增長 3%。 HPE Alletra 收入在第三季度連續第五個季度實現三位數增長。它現在是我們收入較高的產品之一，因此增長率可能會正常化。該產品正在將我們的存儲組合轉向利潤率更高的軟件密集型收入，並且是我們 ARR 增長的關鍵驅動力。我們將繼續投資於該業務部門的研發和我們自有的 IP 產品，例如我們的新文件即服務和 HPE Alletra MP 產品。隨著我們過渡到 HPE Alletra，23 年第 3 季度的運營利潤率為 10.7%，同比下降 360 個基點。

HPE Alletra includes a meaningful component of ratable revenue, which pushes revenue recognition out into future periods.

HPE Alletra 包含應納稅收入的重要組成部分，這將收入確認推至未來期間。

Compute revenue was down 10% year-over-year to $2.6 billion and down 5% sequentially. The deal elongation challenges we've discussed previously were most prevalent in the Compute business as some customers digest prior investments. Declining AUPs from a record high in Q1 '23 was also a significant driver. But as previously noted, we did see sequential demand improvement. And after 6 quarters of above plan operating margins in Compute, this quarter's 10.9% was a shade below our long-term margin target of 11% to 13%.

計算收入同比下降 10% 至 26 億美元，環比下降 5%。我們之前討論過的交易延長挑戰在計算業務中最為普遍，因為一些客戶消化了之前的投資。 AUP 從 2023 年第一季度創紀錄的高位下降也是一個重要的推動因素。但如前所述，我們確實看到需求連續改善。在計算業務連續 6 個季度實現高於計劃的運營利潤率後，本季度的 10.9% 略低於我們 11% 至 13% 的長期利潤率目標。

HPE Financial Services revenues rose 7% year-over-year and financing volume of $1.7 billion grew 6% in constant currency, driven by HPE GreenLake. Our operating margins were down 340 basis points year-over-year, reflecting rapid interest hikes and higher cost of funds that will gradually offset over time through pricing as well as lower asset management margins as supply challenges ease. Time and time again, HPE FS has proven resilient in a downturn, thanks to the quality underwriting of our book of business.

在 HPE GreenLake 的推動下，HPE 金融服務收入同比增長 7%，按固定匯率計算，融資額增長 6%，達 17 億美元。我們的營業利潤率同比下降 340 個基點，反映出利率快速上漲和資金成本上升，隨著時間的推移，隨著供應挑戰緩解，這些成本將通過定價以及較低的資產管理利潤率逐漸抵消。得益於我們業務的優質承保，HPE FS 一次又一次地證明了其在經濟低迷時期的韌性。

Throughout the pandemic, our annual loss ratio never exceeded 1%, and our Q3 loss ratio of 0.48% was even lower than it was in the full year 2019 pre-pandemic.

整個疫情期間，我們的年度損失率從未超過1%，第三季度0.48%的損失率甚至低於2019年疫情前全年的損失率。

Slide 9 highlights our revenue and non-GAAP diluted net EPS performance. The progress we're making against our edge-to-cloud strategy is evident in the financial results we delivered on both the top and bottom lines. We've held our revenue steady this quarter and expanded non-GAAP diluted net EPS year-over-year despite an uneven spending environment, our transition towards a recurring revenue model and FX rates remaining a significant headwind. FX was a 280 basis point headwind to revenue growth in Q3.

幻燈片 9 重點介紹了我們的收入和非 GAAP 稀釋後淨每股收益業績。我們在邊緣到雲戰略方面所取得的進展在我們交付的營收和利潤的財務業績中顯而易見。儘管支出環境不平衡，我們向經常性收入模式的過渡和匯率仍然是一個重大阻力，但本季度我們的收入保持穩定，並同比擴大了非公認會計原則稀釋後的淨每股收益。外匯對第三季度收入增長構成了 280 個基點的阻力。

On Slide 10, we've included a new depiction of our portfolio shift, which illustrates just how significant the Intelligent Edge business has become for HPE. Even 3 years ago, Intelligent Edge constituted just 10% of revenue, and this quarter, it represents 20%. Operating profit trajectory is even more dramatic. Edge contributed just over 10% of operating profit 3 years ago and is now 49% of total segment operating profit. We'll offer our forward-looking view at our Security Analyst Meeting.

在幻燈片 10 中，我們對我們的產品組合轉變進行了新的描述，這說明了智能邊緣業務對 HPE 的重要性。即使在 3 年前，智能邊緣僅佔收入的 10%，而本季度這一比例已達到 20%。營業利潤的軌跡更加引人注目。 3 年前，Edge 貢獻了略高於 10% 的營業利潤，現在佔該部門總營業利潤的 49%。我們將在安全分析師會議上提供前瞻性觀點。

Slide 11 illustrates the progress we've made on our gross margin structure. Our Q3 non-GAAP gross margin is up 120 basis points year-over-year despite FX headwinds. Our year-over-year non-GAAP gross profit and margin growth show the success of our strategic portfolio pivot and the pricing actions HPE has taken.

幻燈片 11 展示了我們在毛利率結構方面取得的進展。儘管匯率不利，我們第三季度的非 GAAP 毛利率仍同比增長 120 個基點。我們的非公認會計準則毛利潤和利潤率的同比增長表明我們的戰略投資組合支點以及慧與所採取的定價行動取得了成功。

Slide 12 illustrates our non-GAAP operating margin, which was 10.3% in Q3. This is down 20 basis points year-over-year, also inclusive of FX headwinds and 120 basis points sequentially. While the primary driver of the sequential decline was the return of Compute operating margins to near our target range, we also made certain targeted investments in the quarter to further enable our pivot. Our deliberate portfolio mix shift, pricing strategies and productivity focus put us on track to increase operating margin in FY '23.

幻燈片 12 顯示了我們的非 GAAP 營業利潤率，第三季度為 10.3%。該數字同比下降 20 個基點，其中也包括外匯不利因素，環比下降 120 個基點。雖然連續下降的主要驅動因素是計算業務利潤率恢復到接近我們的目標範圍，但我們還在本季度進行了某些有針對性的投資，以進一步實現我們的轉型。我們深思熟慮的投資組合組合轉變、定價策略和生產力重點使我們有望在 23 財年提高營業利潤率。

On Slide 13, as previously announced, we exercised the put option on our shares in H3C and signed a put share purchase agreement that values our 49% H3C stake at USD 3.5 billion. The next step in the process is to obtain the necessary regulatory approvals and to conclude certain conditions necessary for closing. We expect to conclude this process in the first half of calendar year 2024 although this time line could be further extended pursuant to the terms of our agreement. We intend to update our plans for the use of proceeds once the transaction closes. You can assume that we will use the same disciplined returns-based framework for evaluating investments, capital returns and maintaining an investment-grade credit rating that we've outlined in the past.

在幻燈片 13 中，正如之前宣布的，我們對 H3C 股份行使了看跌期權，並簽署了一份看跌股份購買協議，將我們 49% 的 H3C 股份估值為 35 億美元。該過程的下一步是獲得必要的監管批准並達成關閉所需的某些條件。我們預計將在 2024 年上半年完成這一流程，不過根據我們的協議條款，這一時間線可能會進一步延長。我們打算在交易結束後更新我們的收益使用計劃。您可以假設我們將使用相同的基於回報的嚴格框架來評估投資、資本回報並維持​​我們過去概述的投資級信用評級。

Finally, we continue to benefit from H3C dividends in FY '23. We'll offer an update on our go-forward expectations for H3C dividend at SAM in October.

最後，我們繼續受益於 23 財年的 H3C 股息。我們將於 10 月份在 SAM 上提供對 H3C 股息的未來預期的最新信息。

Now to Slide 14. We generated $1.5 billion in cash flow from operations and $955 million in free cash flow. Our Q3 free cash flow improved by approximately $670 million sequentially and nearly $370 million year-over-year. Similar to our Q4 '22 performance, we expect to generate significant free cash flow in the remainder of FY '23 and are reiterating our guidance of $1.9 billion to $2.1 billion in free cash flow in FY '23.

現在看幻燈片 14。我們的運營現金流量為 15 億美元，自由現金流量為 9.55 億美元。我們第三季度的自由現金流環比增加了約 6.7 億美元，同比增加了近 3.7 億美元。與我們 22 年第 4 季度的業績類似，我們預計將在 23 財年剩餘時間內產生大量自由現金流，並重申我們對 23 財年自由現金流 19 億至 21 億美元的指導。

The timing of receipts and payments plus inventory investments have held cash conversion cycle steady sequentially at 23 days. We expect to exit the year with a neutral cash conversion cycle.

收付時間加上存貨投資使現金周轉週期穩定在 23 天。我們預計今年將以中性現金轉換週期結束。

Now let's turn to outlook on Slide 15. As we've mentioned, the broader IT market is still pressured. Macro uncertainty is affecting some of our end markets, yet customer investment is rising in others, such as Edge and HPC & AI. We believe our portfolio differentiation will continue to drive share gains in key markets. We are also entering Q4 with an order book that is more than 2x pre-pandemic levels. Our order book has increased from more than 1.5x prepandemic levels entering Q3, primarily on the strength of AI orders.

現在讓我們轉向幻燈片 15 的展望。正如我們所提到的，更廣泛的 IT 市場仍然面臨壓力。宏觀不確定性正在影響我們的一些終端市場，但其他市場（例如 Edge、HPC 和 AI）的客戶投資正在增加。我們相信，我們的投資組合差異化將繼續推動主要市場的份額增長。我們進入第四季度時的訂單量也超過了大流行前水平的兩倍。進入第三季度，我們的訂單量已從疫情前的水平增加了 1.5 倍以上，這主要得益於人工智能訂單的力量。

The assumptions in our guidance, which incorporate our current thinking on the macroeconomic picture, demand, inflationary pressure, supply and FX rates remain relatively unchanged. We've indicated throughout the fiscal year that our financial performance is likely to be weighted to the first half of the year. We continue to view this as the proper framework for FY '23. For Q4, we expect revenues in the range of $7.2 billion to $7.5 billion. We expect GAAP diluted net EPS between $0.36 and $0.40 and non-GAAP diluted net EPS between $0.48 and $0.52.

我們指導中的假設包含了我們目前對宏觀經濟形勢、需求、通脹壓力、供應和匯率的看法，但保持相對不變。我們在整個財年中都表示，我們的財務業績可能會加權到今年上半年。我們仍然認為這是 23 財年的正確框架。我們預計第四季度的收入將在 72 億美元至 75 億美元之間。我們預計 GAAP 攤薄後淨每股收益在 0.36 美元至 0.40 美元之間，非 GAAP 攤薄後淨每股收益在 0.48 美元至 0.52 美元之間。

We're reiterating our prior fiscal year 2023 guidance of 4% to 6% revenue growth in constant currency. We expect FX to be a 300 basis-point revenue headwind from our previously communicated 250 to 300 basis-point headwind. In parallel, we also reiterate our expectation that margin strength from our portfolio mix shift will deliver non-GAAP operating growth of 6% to 7%. We're reiterating our GAAP diluted net EPS guidance of between $1.42 and $1.46 due to tax rate differences and additional amortization of intangibles from our recent acquisitions.

我們重申上一財年 2023 財年的指導方針，即按固定匯率計算，收入增長 4% 至 6%。我們預計外匯收入將比之前公佈的 250 至 300 個基點的收入逆風增加 300 個基點。與此同時，我們還重申我們的預期，即我們的投資組合組合轉變帶來的利潤率優勢將帶來 6% 至 7% 的非 GAAP 運營增長。由於稅率差異和我們最近收購的無形資產的額外攤銷，我們重申 GAAP 稀釋後淨每股收益指導為 1.42 美元至 1.46 美元。

We're raising our non-GAAP diluted net EPS guidance from between $2.06 to $2.14 to between $2.11 and $2.15. We reiterate our guidance for free cash flow of between $1.9 billion and $2.1 billion. For OI&E, we benefited this year from higher interest income and FX hedging costs lower than we originally forecasted. The combination of these and other anticipated benefits in the second half of this fiscal year leads us to expect OI&E to be a positive $50 million to $70 million on a full year basis. We had previously expected OI&E to be neutral for the full year.

我們將非 GAAP 稀釋後淨每股收益指導從 2.06 美元至 2.14 美元提高至 2.11 美元至 2.15 美元。我們重申自由現金流在 19 億美元至 21 億美元之間的指導。對於OI&E，我們今年受益於利息收入的增加和外匯對沖成本低於我們最初的預測。結合本財年下半年的這些效益和其他預期效益，我們預計 OI&E 全年將實現 5000 萬至 7000 萬美元的正收益。我們此前預計 OI&E 全年將保持中性。

In terms of capital returns, we are maintaining our dividend and expect to return approximately 60% of free cash flow to shareholders via dividends and repurchases.

在資本回報方面，我們維持股息，並預計通過股息和回購向股東返還約60%的自由現金流。

So to conclude, the uneven end market demand thus far in FY '23 is an opportunity for HPE to showcase our differentiated portfolio led by HPE GreenLake Hybrid Cloud, Intelligent Edge and HPC & AI and we'll continue to take the steps required to further accelerate the pivot of our product portfolio and our company towards faster growth, higher margin recurring revenues. We look forward to updating you with HPE's outlook beyond FY '23 at our Securities Analyst Meeting in October.

總而言之，23 財年迄今為止終端市場需求不均衡，為HPE 提供了展示我們以HPE GreenLake 混合雲、智能邊緣以及HPC 和AI 為主導的差異化產品組合的機會，我們將繼續採取必要的措施，進一步推進加速我們的產品組合和公司轉向更快的增長、更高的經常性收入利潤率。我們期待在 10 月份的證券分析師會議上向您介紹慧與 23 財年之後的最新展望。

Now let's open it up for questions.

現在讓我們打開它來提問。

(Operator Instructions) The first question is from Simon Leopold with Raymond James.

（操作員說明）第一個問題來自 Simon Leopold 和 Raymond James。

I wanted to see if you could put the AI wins in the same terms you did at the analyst section you had in June when you had told us you had $1.6 billion in awards. That was a combination of CapEx and recurring deals that would be spread out over a number of years. So what I'm looking for is an update on that and how much of the AI are you expecting in that fourth quarter? And sort of what's the time frame for seeing the benefits?

我想看看你是否可以用與 6 月份分析師部分相同的術語來表述人工智能的勝利，當時你告訴我們你獲得了 16 億美元的獎項。這是資本支出和持續數年的經常性交易的結合。所以我正在尋找的是這方面的最新信息，以及您對第四季度人工智能的預期有多少？看到好處的時間範圍是多少？

Thanks, Simon. Well, all those deals we talked to came through. They were booked and the pipeline continues to be super strong. In fact, I will say the pipeline we came in and we exit is pretty much the same. So that means throughout the quarter, we booked those deals and we exit pretty much with the same pipeline we came in. So clearly, the momentum in the business is significant. But as you can see, our progress is showing up in as-a-service, which you saw the 122% as-a-service other growth, which is very significant, and that fuels our order book to be now more than 2x than pre-pandemic levels, and we exit the HPC & AI quarter with the largest ever order book we ever had.

謝謝，西蒙。好吧，我們談過的所有交易都達成了。他們已被預訂，並且管道仍然非常強大。事實上，我想說的是，我們進入和退出的管道幾乎是一樣的。因此，這意味著在整個季度中，我們預訂了這些交易，並且我們退出時的管道與我們進入時的管道幾乎相同。很明顯，該業務的勢頭是巨大的。但正如您所看到的，我們的進步體現在即服務方面，您看到了 122% 的即服務其他增長，這是非常顯著的，這使得我們的訂單量現在超過了 2 倍以上。疫情爆發前的水平，我們以有史以來最大的訂單退出HPC 和AI 季度。

Now we start now shipping some of those orders, those wins, but it's long ways to go. And remember that there's 2 components related to that. Number one is availability supply, which obviously in the AI space is constrained. Number one is the fact that when you deploy these deals, you have to install it and then drive acceptances, which means elongated times for revenue recognition. And then maybe in a specific win or 2, there are other conditions related to the contractual agreements. So the net of this is that what we discussed at the end of Q2 and then during the HPE Discover came all through and then what I'm really pleased of is the quality of the deals we are getting.

現在我們開始運送其中一些訂單，那些勝利，但還有很長的路要走。請記住，有兩個與此相關的組件。第一是可用性供應，這在人工智能領域顯然是受到限制的。第一個事實是，當您部署這些交易時，您必須安裝它，然後推動接受，這意味著收入確認的時間會延長。然後也許在特定的勝利或兩場比賽中，還有與合同協議相關的其他條件。因此，最終的結果是，我們在第二季度末和 HPE Discover 期間討論的內容全部實現了，然後我真正感到高興的是我們獲得的交易的質量。

And I just referenced a half a dozen or so in my opening remarks to give a sense of the type of customers we're winning to make sure you understand the proof points associated with that. And so as we go forward, we expect this momentum to accelerate, but the revenue recognition will be different than the what I call the demand bookings in our systems because, obviously, that takes time. In any case, the other thing I will say is that one of the reasons why customers are coming to us is because we have a complete life cycle of solutions from training to tuning to inferencing.

我在開場白中只引用了大約六個客戶，以讓您了解我們正在贏得的客戶類型，以確保您了解與此相關的證據點。因此，隨著我們的前進，我們預計這種勢頭會加速，但收入確認將不同於我在我們的系統中所說的需求預訂，因為顯然，這需要時間。無論如何，我要說的另一件事是，客戶來找我們的原因之一是因為我們擁有從訓練到調優到推理的完整解決方案生命週期。

So on training side, obviously, these are companies that develop their own language models, whether it's startups or large unique customers. On the tuning side, which I believe will be one of the biggest opportunity will be when customers use these foundational models that you can get in the market and we're going to offer over time, 5 unique of them in our AI public cloud instance. So they can tune those models with their data in a private, secure, responsible way. And then number three, which I'm really excited because it would be an accelerator of both Compute and Edge, is going to be the AI inferencing.

因此，在培訓方面，顯然，這些公司開發了自己的語言模型，無論是初創公司還是大型獨特客戶。在調優方面，我相信最大的機會之一將是當客戶使用這些可以在市場上獲得的基礎模型時，我們將隨著時間的推移在我們的 AI 公共雲實例中提供其中 5 個獨特的模型。因此，他們可以以私密、安全、負責任的方式利用數據調整這些模型。第三，我真的很興奮，因為它將成為計算和邊緣的加速器，這將是人工智能推理。

And so all those 3 will move concurrently. And so you have to look at this not just the next quarter, but on a mid- to long-term basis, call it, 2, 4 and then 8 quarters.

所以這三個將同時移動。因此，你不僅要著眼於下個季度，還要著眼於中長期，稱之為 2 個、4 個季度，然後是 8 個季度。

The next question is from Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

Yes. I guess I wanted to build on Simon's question a little bit. I think in the context of last quarter and what you had disclosed at the analyst event, you had also alluded to within that pipeline, large hyperscale cloud opportunities. I'm curious what are you seeing in that vertical? Should we expect that to further expand? Just kind of any context around the positioning within cloud where HPE Enterprise hasn't really historically had a material footprint. Why are you winning in that -- in those opportunities if they're expanding?

是的。我想我想以西蒙的問題為基礎。我認為，在上個季度的背景下以及您在分析師活動中披露的內容中，您還提到了該管道中的大型超大規模雲機會。我很好奇你在那個垂直方向上看到了什麼？我們是否應該期望這種情況進一​​步擴大？只是圍繞雲中定位的任何背景，HPE Enterprise 歷史上並未真正擁有實際足跡。如果這些機會正在擴大，你為什麼能在這些機會中獲勝？

Yes, Aaron. So one of the opportunities we won in Q3 was a large hyperscaler. We haven't even started building and shipping that. So that tells you the size of it. And we have further opportunities down as I look at '24. The reason why they come to us is, number one, it's because we have a unique amount of intellectual property. Think about it as an open ecosystem with our networking fabric, which obviously supports NVIDIA. We have a fantastic relationship with NVIDIA, but also supports other type of accelerators.

是的，亞倫。因此，我們在第三季度贏得的機會之一是大型超大規模企業。我們甚至還沒有開始建造和運輸它。這告訴你它的大小。當我展望 24 世紀時，我們還有更多的機會。他們之所以來找我們，第一是因為我們擁有獨特的知識產權。將其視為一個帶有我們的網絡結構的開放生態系統，它顯然支持 NVIDIA。我們與 NVIDIA 有著良好的關係，但也支持其他類型的加速器。

And depending on the AI workload, it can be a mix and match, if you hear my comments, right? In some cases, we have NVIDIA GPUs with potentially AMD CPUs. In some cases, all NVIDIA, in some cases -- in the case, for example, of the Aurora system, the Argonne Laboratory is actually all Intel. So that provides flexibility for customers whether it's performance driven or supply driven over time. And the other one is because we have unique expertise in AI. Remember, we have been in AI for a decade. It's just we have done it for unique discrete customers that we're building this system on a purpose base. But now this is why we entered the AI public cloud to democratize the AI for every enterprise. And that's why we saw the growth in the HPE GreenLake as a service, AI bookings because they cannot build that themselves.

根據人工智能的工作負載，它可以是混合搭配，如果你聽到我的評論，對吧？在某些情況下，我們有 NVIDIA GPU，也可能有 AMD CPU。在某些情況下，全部是NVIDIA，在某些情況下——例如Aurora系統，阿貢實驗室實際上全部是英特爾。因此，無論是性能驅動還是供應驅動，這都為客戶提供了靈活性。另一方面是因為我們在人工智能方面擁有獨特的專業知識。請記住，我們在人工智能領域已經有十年了。我們只是為獨特的離散客戶所做的，我們才基於目的構建這個系統。但現在這就是為什麼我們進入人工智能公共雲，為每個企業實現人工智能的民主化。這就是為什麼我們看到 HPE GreenLake 作為一項服務、人工智能預訂的增長，因為他們無法自行構建。

And the other piece of this is the ability to consume this in a sustainable way. I think sustainability is becoming a key component because customers deploy AI want to make sure they control the carbon footprint with it. And then the data center services, which are essential to run this massive at-scale AI solutions. And then for the large language model companies, one of the things that attract them to us it's not just all of the things I just said, is the fact that working with us, they can get access to our route to market, so they can reach enterprises in ways potentially they couldn't by themselves.

另一部分是以可持續的方式消費它的能力。我認為可持續性正在成為一個關鍵組成部分，因為部署人工智能的客戶希望確保他們控制碳足跡。然後是數據中心服務，這對於運行大規模人工智能解決方案至關重要。對於大型語言模型公司來說，吸引他們來到我們這裡的原因之一不僅僅是我剛才所說的所有事情，而是與我們合作，他們可以進入我們的市場途徑，這樣他們就可以以他們自己可能無法做到的方式接觸企業。

So it's a combination of multiple things that they are all coming our way, I will say. But ultimately, our strategy is a software-led strategy using our supercomputer as a cloud kind of experience and then wrapping around all the services and the software needed to provide that level of capability.

所以我會說，這是多種事情的結合，它們都將發生在我們身上。但最終，我們的戰略是一種以軟件為主導的戰略，使用我們的超級計算機作為一種雲體驗，然後圍繞提供該級別功能所需的所有服務和軟件。

Your next question is from Meta Marshall with Morgan Stanley.

您的下一個問題來自摩根士丹利的梅塔·馬歇爾。

Maybe taking a second on the Intelligent Edge business. Can you just give a sense of what is the biggest forward driver that you're seeing? I think people understand kind of the catch-up spend and the backlog release that has been done. But just what you're kind of seeing in ongoing kind of orders today. And is that WiFi 6? Is it still kind of return to work? Just what are the biggest drivers that you're seeing to kind of help continue the growth of that business?

也許可以考慮一下智能邊緣業務。您能否介紹一下您所看到的最大的前進驅動力是什麼？我認為人們理解已經完成的追趕支出和積壓工作的釋放。但這正是您今天在持續訂單中看到的情況。那是WiFi 6嗎？這還是重返工作崗位嗎？您認為有助於該業務持續增長的最大驅動因素是什麼？

Well, thank you for the question. I'm incredibly proud of the work we have done in the Intelligent Edge business segment. This is the opportunity I highlight in 2018 where I said we will invest over the next 4 years to build the right solutions that ultimately will allow customers to drive what I call a data-first digital transformation. So it's a combination of things. Number one, return to work, obviously, you need to have the right connectivity. Number two, in order to process the data, you need to connect devices and things that are essential, right, in order to provide the right cloud experience on those types of workloads and applications.

嗯，謝謝你的提問。我對我們在智能邊緣業務領域所做的工作感到非常自豪。這是我在 2018 年強調的機會，我表示我們將在未來 4 年內投資構建正確的解決方案，最終使客戶能夠推動我所說的數據優先的數字化轉型。所以這是多種因素的結合。第一，返回工作崗位，顯然，您需要擁有正確的連接。第二，為了處理數據，您需要連接必要的設備和事物，以便為這些類型的工作負載和應用程序提供正確的雲體驗。

But our portfolio is unique because we provide edge to cloud networking capabilities. Our strength obviously has been always in the campus and branch. We see that to transition to WiFi 6. In fact, we shipped more than $30 million ports so far with WiFi 6 by number of access points and ports, we are one of the largest, if not the largest, I will say. And also now that drives the 26 million ports we drove in the switching side, which was the thesis when I acquired Aruba in 2015.

但我們的產品組合是獨一無二的，因為我們提供邊緣云網絡功能。我們的優勢顯然一直在校園和分校。我們看到了向WiFi 6 的過渡。事實上，到目前為止，我們的WiFi 6 端口出貨量已超過3000 萬美元，按接入點和端口的數量計算，我會說，即使不是最大的，我們也是最大的之一。現在，這也驅動了我們在交換端驅動的 2600 萬個端口，這是我 2015 年收購 Aruba 時的論文。

Over time, we have made this all cloud native, and we have added to it. And so as we look forward, what I'm excited is that we are delivering more capabilities and expanding our time with the same experience. So we added soft -- wide data network. 3, 4 years ago, was a niche market. Now it's a very large market, more than $5 billion in the TAM. And that's why we did the acquisition of Silver Peak. Now that's integrating the same control plane with HPE GreenLake as a part of the Aruba experience. And now we just completed the acquisition of Axis Securities. So take Axis security and Silver Peak. Now we're going to offer the most comprehensive SSE framework at the edge.

隨著時間的推移，我們已經將其全部變成了雲原生，並且我們還對其進行了添加。因此，當我們展望未來時，令我感到興奮的是，我們正在提供更多功能，並在相同的體驗下延長我們的時間。所以我們添加了軟的——廣泛的數據網絡。三、四年前，還是一個利基市場。現在它是一個非常大的市場，TAM 價值超過 50 億美元。這就是我們收購 Silver Peak 的原因。現在，將同一控制平面與 HPE GreenLake 集成，作為 Aruba 體驗的一部分。現在我們剛剛完成了對Axis Securities 的收購。以 Axis security 和 Silver Peak 為例。現在我們將提供最全面的邊緣 SSE 框架。

And then also, we are integrating Athonet, which provided both core 5G, software-defined solutions and private 5G at the edge. All of this comes under a cloud-native model in a subscription-based model, which will continue to fuel the growth as we think about '24 and '25. Bottom line, it is one of the most comprehensive portfolio out in the market. And no surprise, obviously, with the growth we have. Obviously, we are converting more of our order book, but we exited Q3 and we expect to exit Q4 with a significant elevated order book in -- as we enter '24. And you can see the results right now represent 20% of the company's revenue and almost half of the company profit.

此外，我們正在集成 Athonet，它提供核心 5G、軟件定義解決方案和邊緣專用 5G。所有這一切都基於基於訂閱的模型中的雲原生模型，當我們考慮“24”和“25”時，這將繼續推動增長。最重要的是，它是市場上最全面的產品組合之一。顯然，隨著我們的增長，這並不令人意外。顯然，我們正在轉換更多的訂單簿，但我們退出了第三季度，我們預計在進入 24 年時，訂單簿將顯著增加。你可以看到現在的業績占公司收入的 20%，幾乎占公司利潤的一半。

And so the mix shift has really worked for us in this particular part of the portfolio as it is now with GreenLake as well.

因此，混合轉變在投資組合的這一特定部分中確實對我們產生了作用，就像現在對 GreenLake 的作用一樣。

The next question is from Asiya Merchant with Citi.

下一個問題來自花旗銀行的 Asiya Merchant。

If you can -- storage was up sequentially, which was a positive, and it seems like the HPE Alletra is getting traction. As you think about the fourth quarter -- the fiscal fourth quarter, if you can provide some guidelines on how you're thinking about your Storage portfolio, both on the top line as well as when you think margins kind of get back to, I think the target margins, which are much higher than where they are right now.

如果可以的話——存儲量連續增加，這是一個積極的結果，而且 HPE Alletra 似乎正在受到關注。當您考慮第四季度（第四財季）時，如果您可以提供一些關於如何考慮存儲投資組合的指導方針，無論是在營收方面還是在您認為利潤率有所回升時，我想想目標利潤率，它比現在高得多。

So let me start, and I will pass it to Jeremy. The team and I has drove an intentional strategy to pivot the portfolio which was a conglomerate of different offerings that we built over 15 years or so to one consistent architecture that allows customers to consume data services, both primary and secondary in a cloud-native way and a subscription-based model. So HPE Alletra is our primary storage that now covers pretty much all the price segments of the price bands, if you will, of the traditional storage from general purpose to business critical to mission-critical. And we address block and file. And in the future, we're also going to address the object piece.

那麼讓我開始吧，我會將其傳遞給傑里米。我和團隊制定了一項有意的戰略，將我們在 15 年左右構建的不同產品組合的產品組合轉變為一個一致的架構，允許客戶以雲原生方式使用主要和輔助數據服務以及基於訂閱的模式。因此，HPE Alletra 是我們的主要存儲，如果您願意的話，它現在涵蓋了傳統存儲的幾乎所有價格段，從通用到關鍵業務再到關鍵任務。我們處理塊和文件。將來，我們還將解決對象部分的問題。

So as a customer, you can now subscribe to HPE GreenLake, deploy one consistent back-end infrastructure, whether it's in a colo, at the edge or in your own data center and consume hybrid cloud data services. And you can put block type of solutions or file and then eventually object, which is a significant CapEx reduction for customers because they don't have to buy 3 different ways to deploy it. And an OpEx reduction because obviously, it's very efficient to manage in a cloud type of experience. And so this business went from 0 to in excess of $1 billion very, very quickly. And it's amazing that it's one of the fastest-growing products in our portfolio, growing triple digits. But what I'm really pleased is that it comes with a significant subscription, which is growing double digits. So maybe, Jeremy, you want to take the second part of the question, how we see this evolve, in particular from a margin perspective.

因此，作為客戶，您現在可以訂閱 HPE GreenLake，部署一致的後端基礎設施（無論是在託管中心、邊緣還是在您自己的數據中心），並使用混合雲數據服務。您可以放置​​塊類型的解決方案或文件，然後最終提出反對，這對客戶來說是一個顯著的資本支出減少，因為他們不必購買 3 種不同的方式來部署它。運營支出的減少是因為顯然，在雲類型的體驗中進行管理非常高效。因此，這項業務非常非常快地從 0 增長到超過 10 億美元。令人驚訝的是，它是我們產品組合中增長最快的產品之一，增長了三位數。但令我真正感到高興的是，它的訂閱量很大，並且正在以兩位數的速度增長。因此，傑里米，您可能想回答問題的第二部分，即我們如何看待這種演變，特別是從利潤角度來看。

Sure. And that's where I'll pick up, Antonio, it was on Alletra. I think we've previously talked to you guys about how this product is really a combination now of a higher software component and that software component does have an element of taking what was prior product revenue and now deferring that onto the balance sheet, about 14% is deferred onto the balance sheet. And so as we see that work off over time as that product is deployed out, we'll start seeing an inflection point, and that should positively impact revenue as we look forward, particularly into FY '24.

當然。這就是我要接聽的地方，Antonio，是在 Alletra 上。我想我們之前已經和你們討論過這個產品實際上是一個更高軟件組件的組合，而該軟件組件確實有一個元素，即獲取之前的產品收入，現在將其推遲到資產負債表上，大約 14 % 遞延至資產負債表。因此，當我們看到隨著該產品的部署，隨著時間的推移，我們將開始看到一個拐點，這應該會對我們的未來收入產生積極影響，特別是到 24 財年。

And that also has an impact on the margin line, too, as that deferral is deferring software-based revenue that has a higher margin concentration to it. So we would expect to see our operating margins start to recover back to kind of historical levels as well as we look forward to '24.

這也會對利潤率產生影響，因為這種推遲會推遲基於軟件的收入，而這些收入的利潤集中度較高。因此，我們預計我們的營業利潤率將開始恢復到歷史水平，並且我們期待 24 年。

And as Jeremy said, right, so there is a specific component is ratable here. So we are going through that transition. But for 2 consecutive quarters, we saw demand improving, Q1 to Q2 and Q2 to Q3, and that's very positive. And we expect that to show up as we go forward as we transition those orders into revenues.

正如傑里米所說，是的，所以這裡有一個特定的組件是可評級的。所以我們正在經歷這個轉變。但連續兩個季度，我們看到需求有所改善，從第一季度到第二季度，從第二季度到第三季度，這是非常積極的。我們預計，隨著我們將這些訂單轉化為收入，這一點將會顯現出來。

The next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I guess you mentioned a couple of times in your prepared remarks about the cyclicality in the Compute business, which is a headwind. Maybe if you can outline your thoughts on where we are in the cycle? Is there more downside to revenue and margins as we move into fiscal fourth quarter? Or you did reference a demand improvement? So I'm just sort of curious, does it imply fiscal 3Q is sort of the near-term trough here in the business? And more broadly, if I can ask like questions that investors are asking us today is how much of the demand improvement that you're seeing going into fiscal '24 helps you offset the tailwind that you have this year from backlog and still enable you to grow in fiscal '24, if you can share any early thoughts on that?

我想您在準備好的評論中多次提到了計算業務的周期性，這是一個逆風。也許您可以概述一下您對我們所處週期的想法？當我們進入第四財季時，收入和利潤率是否會出現更多下滑？或者您確實提到了需求改進？所以我有點好奇，這是否意味著第三財季是該行業的近期低谷？更廣泛地說，如果我可以問投資者今天問我們的類似問題，那麼您看到的進入24 財年的需求改善在多大程度上可以幫助您抵消今年積壓帶來的不利影響，並且仍然使您能夠24 財年的增長，您能否分享對此的任何早期想法？

Sure. So first of all, I think it's important to recognize that the traditional general-purpose Compute business goes through these cycles, right? Last year, we obviously have got a significant demand uptick because of the supply chain challenges. Customers are absorbing that, in some cases, still need to deploy some of those products and the like. But we saw signs of stabilization and we saw demand improvement at the unit level, which is super, super important because demand in the unit level also drives attach.

當然。因此，首先，我認為重要的是要認識到傳統的通用計算業務會經歷這些週期，對吧？去年，由於供應鏈挑戰，我們的需求顯然出現了顯著增長。客戶注意到，在某些情況下，仍然需要部署其中一些產品等。但我們看到了穩定的跡象，我們看到單位層面的需求改善，這是非常非常重要的，因為單位層面的需求也推動了附加。

And as I referenced in my remarks, that unit demand together with the storage demand and obviously, the acceleration we saw in HPE GreenLake drove double-digit growth in operational services, which obviously is important as we think about ratable revenue and profit as we look into the future. Now we have this unique expectation of the company because in the past, we wanted to give you visibility of what is general purpose compute and what is HPC and supercomputers. But when you combine the 2 is what I refer to the server category. Because in the end, there is a server component associated with that. And there is different IP you bundle depending if it's general purpose or a supercomputer.

正如我在講話中提到的，單位需求與存儲需求一起，顯然，我們在HPE GreenLake 中看到的加速推動了運營服務的兩位數增長，這顯然很重要，因為我們考慮的是我們所看到的可評估收入和利潤進入未來。現在我們對公司有這種獨特的期望，因為在過去，我們希望讓您了解什麼是通用計算以及什麼是 HPC 和超級計算機。但是當你將這兩者結合起來時，我指的是服務器類別。因為最終有一個與之相關的服務器組件。您可以捆綁不同的 IP，具體取決於它是通用計算機還是超級計算機。

And the combination of general-purpose compute, as you refer, and HPC and supercomputers demand clearly improved very nicely quarter-over-quarter. I think -- as I think about 2024 as a server category, I think you're going to see the continued improvement in demand on HPC & AI. I think the AI inference related to Compute will be announced to the rate for Compute. And then we have to see the evolution of price in the commodity space, which you will expect some time in '24 that curve will bend up again because as demand stabilize and improves, cost of commodity will start going up.

正如您所提到的，通用計算與 HPC 和超級計算機的需求相結合，季度環比明顯改善。我認為，當我將 2024 年視為服務器類別時，我認為您將看到 HPC 和 AI 的需求持續改善。我認為與Compute相關的AI推理將會以Compute的費率公佈。然後我們必須看到商品領域價格的演變，您預計在 24 年的某個時候該曲線將再次彎曲，因為隨著需求穩定和改善，商品成本將開始上升。

And remember, we also have a tradition in the making from what I call Gen 10 and Gen 10.5 to Gen 11. And Gen 11 also comes with a higher, we call it, product intensity. So as more options and the options come with larger memory and larger type of storage and obviously more GPU embedded in the traditional compute will drive, over time, AUPs up. I don't know if Jeremy, do you have anything to add?

請記住，我們也有一個傳統，從我所說的 Gen 10 和 Gen 10.5 到 Gen 11。Gen 11 還具有更高的產品強度，我們稱之為產品強度。因此，隨著更多的選項以及更大內存和更大類型存儲的選項，以及傳統計算中嵌入更多 GPU，隨著時間的推移，AUP 將會上升。不知道Jeremy您還有什麼要補充的嗎？

Maybe I'll pick up on the margin side of it, Antonio. Obviously, in these cycle times, we've -- I think we've proven that in down cycles where commodities are declining, causing declines in AUP, we've been able to hold pricing to drive margin. And then as it inflects back and turns back up, we've been able to be leading market leaders on pricing to make sure that we're catching it appropriately on that.

也許我會從邊緣部分開始，安東尼奧。顯然，在這些週期中，我認為我們已經證明，在大宗商品價格下跌、導致 AUP 下降的下行週期中，我們能夠保持定價以提高利潤率。然後，隨著它的彎曲和回升，我們已經能夠成為定價方面的市場領導者，以確保我們能夠適當地抓住這一點。

So our expectation is as that changes throughout this process, on top of the point that Antonio made about Gen 11 really driving an AUP premium for us, which can also be an impact. We still expect that 11% to 13% operating profit, structural range to be reflective of what our longer-term expectations are.

因此，我們的期望是，隨著整個過程的變化，Antonio 提出的關於 Gen 11 的觀點確實為我們帶來了 AUP 溢價，這也可能產生影響。我們仍然預計 11% 至 13% 的營業利潤結構範圍將反映我們的長期預期。

But let me reinforce one important point because if you go back 2 years or 3 years, whatever was the cyclicality at the time, we will have a different dynamic in our total company revenue and profit. I want to emphasize that because of our mix shift to edge, hybrid cloud and now AI as we go forward, which, obviously, expect margins to improve. The strong performance we had in that mix shift more than offsets the cyclicality we saw in Compute, which is very evident in our Q3 results because our margins improved again, 120 basis points.

但讓我強調一個重要的觀點，因為如果你回到兩年或三年，無論當時的周期性如何，我們公司的總收入和利潤都會有不同的動態。我想強調的是，隨著我們的不斷發展，我們向邊緣、混合雲和現在的人工智能的混合轉變，顯然預計利潤率會提高。我們在混合轉變中的強勁表現遠遠抵消了我們在計算領域看到的周期性，這在我們第三季度的業績中非常明顯，因為我們的利潤率再次提高了 120 個基點。

If you go back 2 years ago, our margins at the company level were in the 33s, in 2022, were in the 34s. And in 2023, we are in the high 35s. And so that tells you that structurally, our business composition is shifting, and we intend to continue to drive that mix shift. And that's why software and services with Intelligent Edge and hybrid cloud and now AI with our software-led strategy, we'll continue to sustain that. And we will be able to manage the cyclical Compute much, much better.

如果你回到 2 年前，我們公司層面的利潤率為 33 多美元，到 2022 年，我們的利潤率為 34 多美元。到 2023 年，我們將進入 35 歲左右。因此，這告訴您，從結構上講，我們的業務構成正在發生變化，我們打算繼續推動這種組合轉變。這就是為什麼具有智能邊緣和混合雲的軟件和服務，以及現在的人工智能和我們以軟件為主導的戰略，我們將繼續維持這一點。我們將能夠更好地管理循環計算。

And our final question will come from Wamsi Mohan with Bank of America.

我們的最後一個問題將由美國銀行的瓦姆西·莫漢 (Wamsi Mohan) 提出。

Antonio, you're exiting this year with a high single-digit decline in revenues and Edge clearly is doing extremely well and some benefit from backlog. How confident are you that HPE can grow revenues in fiscal '24, given the current exit trajectory of the business? You also noted some stabilization. So curious to get just some high-level thoughts, not explicit guidance, maybe, but just some directional commentary on how you could see that playing out.

Antonio，今年您將因收入大幅下降個位數而退出，而 Edge 顯然表現非常好，並且從積壓中受益。鑑於該業務目前的退出軌跡，您對慧與在 24 財年實現收入增長的信心有多大？您還注意到一些穩定。我很想得到一些高層次的想法，也許不是明確的指導，但只是一些關於如何看待這種情況的定向評論。

I think your comment is related to Q4, right? So obviously, we are going to lap a very high quarter because last year in Q4, we were able to convert more of that order book related to the fact that supply started improving in Q4, and you saw that in Q1. So to me, it's just a lapping of the numbers. But that said, and we're going to talk to this at the Security Analyst Meeting, we expect revenue to continue to improve in fiscal year '24. We're going to tell you exactly what that will look like. But I will say that while revenue will improve year-over-year, and remember, in Q1, we're also going to have a big lap because Q1 revenue was $7.8 billion.

我認為您的評論與 Q4 有關，對嗎？顯然，我們將迎來一個非常高的季度，因為去年第四季度，我們能夠轉換更多的訂單，這與第四季度供應開始改善這一事實有關，你在第一季度就看到了這一點。所以對我來說，這只是數字的一圈。但話雖如此，我們將在安全分析師會議上討論這一點，我們預計 24 財年的收入將繼續改善。我們將確切地告訴您那會是什麼樣子。但我要說的是，雖然收入將同比改善，但請記住，在第一季度，我們也將取得很大的進步，因為第一季度的收入為 78 億美元。

The fact of the matter on a yearly basis, right, this year, we are growing 4% to 6%. And Jeremy talked about the headwind we saw in the FX, which is now 300 basis points. So we are growing faster than what we guided you at the beginning of the year, which was 2% to 4%. We are now growing 4% to 6%. And we expect our revenue to continue to improve because of these momentum we have in the businesses, but we'll guide you a specific percentage at the Security Analyst Meeting.

事實上，每年我們的增長率是 4% 到 6%。 Jeremy 談到了我們在外匯中看到的逆風，目前匯率為 300 個基點。因此，我們的增長速度比年初指導的 2% 到 4% 還要快。我們現在的增長率是 4% 到 6%。由於我們在業務方面的這些勢頭，我們預計我們的收入將繼續改善，但我們將在安全分析師會議上為您提供具體的百分比。

And -- but the other important part is that the mix of our revenue is changing, and the gross margin mix is changing, and also the way we generate free cash flow is changing. And so more to come when we talked at the Security Analyst Meeting, okay?

而且 - 但另一個重要部分是我們的收入組合正在發生變化，毛利率組合正在發生變化，我們產生自由現金流的方式也在發生變化。當我們在安全分析師會議上談論時，還會有更多內容，好嗎？

I know that, unfortunately, you have to cover a lot of companies today, and I understand HP Inc. is about to start the call. I hope you can see from this quarter results how our strategy is working. We are delivering on our commitments. We always do what we say. And we are shifting successfully our portfolio. And so despite some aspects of the market being a little bit more challenged than others, we continue to grow revenue, we continue to expand margins, and we'll continue to improve our net earnings per share on a non-GAAP basis.

我知道，不幸的是，您今天必須覆蓋很多公司，而且我知道惠普公司即將開始通話。我希望您能從本季度的業績中看到我們的戰略是如何運作的。我們正在兌現我們的承諾。我們總是說到做到。我們正在成功地轉變我們的投資組合。因此，儘管市場的某些方面比其他方面面臨更大的挑戰，但我們繼續增加收入，繼續擴大利潤率，並且我們將繼續提高非公認會計準則基礎上的每股淨利潤。

So I'm looking forward to see you at the Security Analyst Meeting in October. We're going to have it in New York, so it's a little bit more accessible. So I hope to see you soon. And if you have any questions, we'll follow up with you offline. Thank you for your time today.

因此，我期待在 10 月份的安全分析師會議上見到您。我們將在紐約設立它，所以更容易接近。所以我希望很快就能見到你。如果您有任何疑問，我們將在線下與您聯繫。感謝您今天抽出時間。

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

女士們、先生們，我們今天的呼籲到此結束。感謝您的出席。您現在可以斷開連接。