惠普企業 (HPE) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the third quarter fiscal 2024 Hewlett Packard Enterprise earnings conference call. My name is Gary, and I'll be your conference moderator for today's call. (Operator Instructions)

下午好，歡迎參加惠普企業 2024 財年第三季財報電話會議。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）

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, Paul Glaser, Head of Investor Relations. Please proceed.

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主持人、投資者關係主管保羅·格拉澤 (Paul Glaser)。請繼續。

Good afternoon. I'm Paul Glaser, Head of Investor Relations for Hewlett Packard Enterprise. I would like to welcome you to our fiscal 2024 third-quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Marie Myers, HPE's Chief Financial Officer.

午安.我是保羅‧格拉澤 (Paul Glaser)，惠普企業投資人關係主管。歡迎您參加由 HPE 總裁兼執行長 Antonio Neri 主持的 2024 財年第三季財報電話會議。以及 HPE 財務長 Marie Myers。

Before handing the call to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be available shortly after the call concludes. We have posted the press release and 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，此電話正在網路上直播。通話結束後不久將提供網路廣播的重播。我們已在 HPE 投資者關係網頁上發布了新聞稿和幻燈片簡報。

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 any such forward-looking statements. We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2024.

本次電話會議中引用的財務資訊要素具有前瞻性，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，也不打算更新任何此類前瞻性聲明。我們也注意到，本次電話會議討論的財務資訊反映了基於​​目前可用資訊的估計，可能與慧與截至2024 年7 月31 日的財政季度10-Q 表格季度報告中最終報告的金額存在重大差異。

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.

欲了解更多詳細信息，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。請參閱 HPE 向 SEC 提交的文件，以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，我們以非公認會計準則為基礎表示。我們已在我們的網站上提供了可比較 GAAP 資訊的調整表。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，所有收入成長率均按年計算，並經過調整以排除貨幣的影響。

Finally, Antonio and Marie will reference our earnings presentation in their prepared remarks. With that, let me turn it over to Antonio.

最後，安東尼奧和瑪麗將在他們準備好的演講中引用我們的收益報告。那麼，讓我把它交給安東尼奧。

Thank you, Paul, and welcome to your new role, leading Investor Relations at HPE. And thank you, all, for joining us today. HPE delivered a strong Q3 performance. We generated impressive revenue growth with notable acceleration of AI systems revenue conversion as well as higher operating margin from the prior quarter.

謝謝你，Paul，並歡迎你擔任新職務，領導 HPE 的投資者關係。感謝大家今天加入我們。 HPE 第三季表現強勁。我們實現了令人印象深刻的收入成長，人工智慧系統收入轉換顯著加速，營業利潤率較上一季更高。

Net revenue was $7.7 billion, up 10% year over year and at the high end of our guidance. Non-GAAP diluted net earnings per share was $0.01 from a year ago to $0.50 in Q3, $0.02 above the high end of our guidance. We generate the free cash flow of more than $660 million and will pay a dividend of $0.30 per share. Based on our year-to-date performance, we are raising our full-year GAAP and non-GAAP earnings per share guidance. Marie will provide further details in her remarks.

淨收入為 77 億美元，年增 10%，處於我們指導價值的上限。第三季非 GAAP 攤薄後每股淨利為 0.01 美元，較上年同期增至 0.50 美元，比我們指引的上限高出 0.02 美元。我們產生超過 6.6 億美元的自由現金流，並將支付每股 0.30 美元的股息。根據我們今年迄今的業績，我們正在提高全年公認會計準則和非公認會計準則每股收益指引。瑪麗將在她的演講中提供更多細節。

Lastly, we're also pleased to have received the first payment of $2.1 billion in proceeds from the sale of part of our equity position in H3C. Overall, the demand environment this quarter has improved. We saw sequential and year-over-year orders growth, but with some geographic variation. Demand was strong in North America, Asia Pacific, Japan, and India, while Europe and the Middle East lacked.

最後，我們也很高興收到了出售 H3C 部分股權所獲得的首筆 21 億美元收益。整體而言，本季的需求環境有所改善。我們看到訂單連續增長和同比增長，但存在一些地域差異。北美、亞太地區、日本和印度的需求強勁，而歐洲和中東需求不足。

We are aggressively going after the opportunities presented by better market conditions and are well positioned in a competitive and dynamic environment as we close our fiscal year. I am very proud of the progress we have made in delivering on our edge-to-cloud vision over the last several years, which is generating this performance momentum.

我們正在積極尋求更好的市場條件所帶來的機會，並在結束本財年時在競爭激烈、充滿活力的環境中處於有利地位。我對過去幾年我們在實現邊緣到雲端願景方面取得的進展感到非常自豪，這正在產生這種性能動力。

We have accelerated innovation across all pillars of our strategy, networking, hybrid cloud, and AI delivered through our unified cloud native and AI-driven experience as a part of our HPE GreenLake Cloud platform. Today, almost 37,000 unique customers use our HPE GreenLake Cloud to manage their hybrid IT estate, which drives our annualized revenue run rate subscription growth.

作為 HPE GreenLake 雲端平台的一部分，我們透過統一的雲端原生和人工智慧驅動的體驗，加速了策略、網路、混合雲和人工智慧的所有支柱的創新。如今，近 37,000 名獨特客戶使用我們的 HPE GreenLake 雲端來管理他們的混合 IT 資產，這推動了我們的年收入運行率訂閱成長。

In intelligent edge, we have invested in building an industry-leading AI-driven networking portfolio. HPE Aruba networking is a recognized market leader in the campus and branch segment. The AI market requires a modern, high performing networking fabric as a core foundation to deliver a more efficient data center cloud infrastructure as the world transition to accelerated computing.

在智慧邊緣領域，我們投資建構了業界領先的人工智慧驅動的網路產品組合。 HPE Aruba 網路是園區和分支機構領域公認的市場領導者。隨著世界向加速運算的過渡，人工智慧市場需要現代、高效能的網路結構作為核心基礎，以提供更有效率的資料中心雲端基礎架構。

We are excited to significantly expand our networking business with the pending acquisition of Juniper Networks. The addition of this high-margin business will accelerate our edge-to-cloud vision with a full network in IP stack, from silicon to infrastructure to the operating system to security to software and services in a cloud native and AI-driven approach. We expect our compelling value proposition will begin to deliver returns to our shareholders in the year post close.

我們很高興透過即將收購瞻博網路來大幅擴展我們的網路業務。這項高利潤業務的增加將透過IP 堆疊中的完整網路加速我們從邊緣到雲端的願景，從晶片到基礎設施到作業系統，再到安全性，再到雲端原生和人工智慧驅動方法中的軟體和服務。我們預計，我們令人信服的價值主張將在交易完成後的一年內開始為我們的股東帶來回報。

In Hybrid Cloud, we redefined the cloud space by delivering an experience that is hybrid by design, with HPE GreenLake at the core of our strategy. We have transitioned our HPE server and HPE Storage products to cloud native and software-defined solutions while adding unique software and services to our HPE GreenLake Cloud platform. Our innovation gives customers choice and flexibility across all workload types while managing their public on-prem, colors, and edges in one unified hybrid cloud operations experience.

在混合雲中，我們透過提供混合設計體驗重新定義了雲端空間，其中 HPE GreenLake 是我們策略的核心。我們已將 HPE 伺服器和 HPE 儲存產品轉變為雲端原生和軟體定義解決方案，同時為 HPE GreenLake 雲端平台添加獨特的軟體和服務。我們的創新為客戶提供了所有工作負載類型的選擇和靈活性，同時在統一的混合雲運營體驗中管理其公共本地部署、顏色和邊緣。

Our AI business is built on decades of large-scale infrastructure expertise, including technologies like direct liquid cooling, that they're powering our largest AI systems for large language model builders, service providers, and supercomputing users. We have rapidly expanded our AI portfolio, including the introduction and of HPE private cloud AI, specifically engineer for enterprise customers with the expectation of significant market and market expansion as we are still in the early stages of adoption.

我們的人工智慧業務建立在數十年的大規模基礎設施專業知識之上，包括直接液體冷卻等技術，它們為大型語言模型建構者、服務提供者和超級運算用戶提供最大的人工智慧系統。我們迅速擴展了我們的人工智慧產品組合，包括引入 HPE 私有雲人工智慧，專門為企業客戶進行設計，期望獲得顯著的市場和市場擴張，因為我們仍處於採用的早期階段。

Pursuing this strategy has diversified HPE portfolio to parts of the market with higher margins. Our differentiation not only makes us highly relevant to customers and partners, but also drives profitable growth for our shareholders.

遵循此策略，HPE 產品組合已多元化至利潤率較高的部分市場。我們的差異化不僅使我們與客戶和合作夥伴高度相關，而且還推動我們股東的利潤成長。

I have few observations about Q3 performance in our key segments that I will share, and then I will let Marie fully review a more detailed results. Our service segment, again, outperformed expectations in Q3, thanks to an acceleration in converting AI system orders to revenue. We converted about $1.3 billion in AI systems revenue this quarter of 39% increase from Q2.

我對第三季關鍵部分的表現有一些觀察，我將與大家分享，然後我將讓瑪麗全面回顧更詳細的結果。由於人工智慧系統訂單轉化為收入的加速，我們的服務部門在第三季的表現再次超出了預期。本季我們將人工智慧系統營收轉化為約 13 億美元，較第二季成長 39%。

Revenue from our traditional server business also climbed with a double-digit increase in product orders both sequentially and year over year, reflecting an improvement in the market from traditional compute. We continue to pursue profitable deals within our target server margin range, underscoring stability in our operating profit profile.

我們的傳統伺服器業務收入也隨著產品訂單的環比和同比兩位數成長而攀升，反映出傳統運算市場的改善。我們繼續在目標伺服器利潤範圍內追求有利可圖的交易，這凸顯了我們營運利潤狀況的穩定性。

In AI, our momentum is very clear. Customer demand for HPE AI system rose sequentially, with opportunities increasing in both enterprise and sovereign AI clouds as customers explore more use cases. AI system orders climbed $1.6 billion in the quarter to a cumulative $6.2 billion since Q1 2023, an increase of approximately $3.5 billion over the last year.

在人工智慧領域，我們的勢頭非常明顯。客戶對 HPE AI 系統的需求逐年上升，隨著客戶探索更多用例，企業和主權 AI 雲端的機會不斷增加。 AI系統訂單本季攀升16億美元，自2023年第一季以來累計達62億美元，比去年增加約35億美元。

Customers are exploring new ways to use AI, adding to our already robust pipeline and creating even more runway for our broad AI offerings. Enterprise interest in generative AI is high, and while adoption is still in the initial stages, it is accelerating.

客戶正在探索使用人工智慧的新方法，增加我們已經強大的管道，並為我們廣泛的人工智慧產品創造更多的跑道。企業對生成式人工智慧的興趣很高，雖然採用仍處於初始階段，但正在加速。

Customers tell us that they see the possibilities in building the business cases. We see use cases across multiple verticals from healthcare, financial services to manufacturing. As the use cases mature, they need expertise to help guide the implementation across their enterprise business. Not just 80 direct liquid cooling continues to be a key differentiator in the main driver with large-scale AI customers. The expertise in IP required to build and run large direct liquid cool systems creates a significant margin reached services opportunity for these zero day one day to operations.

客戶告訴我們，他們看到了建立業務案例的可能性。我們看到了從醫療保健、金融服務到製造業等多個垂直領域的用例。隨著用例的成熟，他們需要專業知識來幫助指導整個企業業務的實施。不僅僅是 80 直接液體冷卻仍然是大規模 AI 客戶的主要驅動力的關鍵差異化因素。建造和運行大型直接液體冷卻系統所需的 IP 專業知識為這些零日一日營運創造了巨大的利潤達到服務機會。

HPE has one of the largest water cooling manufacturing and services footprints in the world. In the sovereign space, just recently, the US Department of Energy National Renewable Energy Laboratory announced that its HPE-built Castrol supercomputer came fully online over the summer. Castro will be five times more powerful than NREL's previous supercomputer, Eagle, and is 100% direct liquid cooled. This system will enable research advancing energy efficiency, sustainable transportation, renewable energy, and energy system integration, including by leveraging the latest innovation in AI large language model, modeling, and simulation.

HPE 是全球最大的水冷製造和服務基地之一。在主權領域，就在最近，美國能源部國家可再生能源實驗室宣布，其 HPE 建造的 Castrol 超級電腦於夏季全面上線。 Castro 的性能將是 NREL 之前的超級電腦 Eagle 的五倍，並且採用 100% 直接液體冷卻。該系統將支援推進能源效率、永續交通、再生能源和能源系統整合的研究，包括利用人工智慧大語言模型、建模和模擬的最新創新。

You saw at HPE Discover that HPE is deepening our strong partnership with NVIDIA. In June, we jointly announced NVIDIA AI Computing by HPE, a portfolio of co-developed AI solutions and joint go-to-market integrations, that enable enterprises to accelerate adoption of generative AI. One of those solutions, HPE Private Cloud AI, which just became generally available yesterday, is a turnkey solution that makes it easy for enterprises of all sizes to gain an energy-efficient, fast and flexible option for sustainably developing and deploying generative AI applications.

您在 HPE Discover 上看到，HPE 正在深化我們與 NVIDIA 的牢固合作夥伴關係。 6 月，我們共同發布了 HPE 的 NVIDIA AI 運算，這是一個共同開發的 AI 解決方案和聯合上市整合的產品組合，可幫助企業加速採用生成式 AI。其中的解決方案之一是昨天剛全面推出的HPE 私有雲AI，它是一種交鑰匙解決方案，使各種規模的企業能夠輕鬆獲得節能、快速且靈活的選項，以可持續地開發和部署生成式AI 應用程式。

To this adoption, HPE Private Cloud AI will be available in four modular configurations. These start with small for small model inferencing needs on NVIDIA L40 and scale up to extra large on NVIDIA Grace Hopper 200s for a configuration that allows for multiple use cases, run an inferencing retrievable augmentation generation and large language model fine-tuning.

為了實現這項採用，HPE 私有雲 AI 將提供四種模組化配置。這些從 NVIDIA L40 上的小型模型推理需求開始，擴展到 NVIDIA Grace Hopper 200 上的超大模型推理需求，以實現允許多個用例的配置、運行推理可檢索增強生成和大型語言模型微調。

We are offering customers two important choice points, self-managed or fully managed service with the ability to purchase as-a-service through an operating expenditure model or as a capital expense. With three clicks and less than 30 seconds to deploy, HPE Private Cloud AI dramatically simplifies their ops, ITOps, and FinOps for enterprise customers, allowing them to easily establish and meter their environments, monitor and observe their infrastructure and applications, and life cycle manage all aspects of their Private Cloud AI system.

我們為客戶提供兩個重要的選擇點：自我管理或完全管理的服務，並能夠透過營運支出模式或作為資本支出購買即服務。只需點擊三下，不到30 秒即可完成部署，HPE 私有雲AI 大大簡化了企業客戶的營運、ITOps 和FinOps，使他們能夠輕鬆建立和計量其環境、監控和觀察其基礎設施和應用程式以及生命週期管理其私有雲人工智慧系統的各個方面。

And just last week, we further expanded our NVIDIA partnership by adding NVIDIA NIM Agent Blueprints to HPE Private Cloud AI for multiple generative AI use cases. This includes a digital human workflow for customer service, a generative virtual screening workflow for computer-aided drug discovery, and a PDF data extraction workflow for enterprise RAG that uses vast quantity of business data for more accurate responses.

就在上週，我們進一步擴大了與 NVIDIA 的合作夥伴關係，將 NVIDIA NIM Agent 藍圖添加到 HPE 私有雲 AI 中，以實現多個生成式 AI 使用案例。這包括用於客戶服務的數位人類工作流程、用於電腦輔助藥物發現的生成虛擬篩選工作流程，以及用於企業RAG 的PDF 資料擷取工作流程，該工作流程使用大量業務資​​料來獲得更準確的回應。

Integrating this catalog of pre-trained customizable AI workflows into our HPE Private Cloud AI stack enables customers to easily deploy key AI use cases to accelerate time to value. With the series of announcements about HPE Private Cloud AI, we are well positioned to serve our enterprise customer needs.

將此預先訓練的可自訂 AI 工作流程目錄整合到我們的 HPE 私有雲 AI 堆疊中，使客戶能夠輕鬆部署關鍵 AI 使用案例，從而加快價值實現。隨著有關 HPE 私有雲 AI 的一系列公告，我們已做好充分準備來滿足企業客戶的需求。

Since the announcement less than three months ago, we have seen very high customer interest, with requests for proof-of-concept demos exceeding our expectations. We are increasing sales resources and enabling our partner ecosystem to meet the high demands for demos. We believe HPE Private Cloud AI is going to be an important growth driver for our Hybrid Cloud business, and we are filing numerous patents to ensure our leadership is recognized and protected.

自從不到三個月前宣布這一消息以來，我們看到客戶的興趣非常高，對概念驗證演示的要求超出了我們的預期。我們正在增加銷售資源，並使我們的合作夥伴生態系統能夠滿足對演示的高要求。我們相信 HPE 私有雲 AI 將成為我們混合雲業務的重要成長動力，我們正在申請大量專利，以確保我們的領先地位得到認可和保護。

This innovation and customer interest positions HPE Hybrid Cloud well as AI is an accelerator for Hybrid Cloud solutions. We are on a positive trajectory with orders, and we are beginning to realize returns from an ongoing investment in both our product portfolio and our specialized sales motions. There is more work to do, but we are pleased that our revenue and profitability both improved quarter over quarter.

這項創新和客戶利益使 HPE 混合雲以及 AI 成為混合雲解決方案的加速器。我們的訂單正處於積極的軌道上，我們開始從對產品組合和專業銷售活動的持續投資中實現回報。還有更多工作要做，但我們很高興我們的收入和盈利能力逐季提高。

Customers require new data protocols in file and object to store and manage data to train AI applications. We expect that extending our HPE Alletra storage software-defined offerings to these new data protocols will lead to a higher proportion of software and related services in our portfolio.

客戶需要文件和物件中的新資料協定來儲存和管理資料以訓練人工智慧應用程式。我們預計，將我們的 HPE Alletra 儲存軟體定義產品擴展到這些新的資料協定將導致我們的產品組合中軟體和相關服務的比例更高。

We are seeing double-digit orders growth in HPE Alletra Storage and in HPE GreenLake Hybrid Cloud SaaS offerings. In just the last three months, almost 3,000 new customers began using our HPE GreenLake Cloud, and we added almost 10,000 more customers in the last year.

我們看到 HPE Alletra Storage 和 HPE GreenLake 混合雲 SaaS 產品的訂單出現兩位數成長。光是過去三個月，就有近 3,000 名新客戶開始使用我們的 HPE GreenLake Cloud，去年我們又增加了近 1 萬名客戶。

We are pleased with the momentum we are seeing with customers who are turning to HPE GreenLake. We are proud to announce a new agreement with Deloitte to utilize the HPE GreenLake Cloud to help transform and centralize Deloitte's IT infrastructure, which includes AI computing. We continue to introduce new Hybrid Cloud offerings by adding more profitable software and services, which is clearly reflected in our ARR mix now at 71%.

我們對客戶轉向 HPE GreenLake 的勢頭感到高興。我們很自豪地宣布與德勤達成一項新協議，利用 HPE GreenLake 雲端來幫助轉型和集中德勤的 IT 基礎設施，其中包括人工智慧運算。我們透過添加更有利可圖的軟體和服務，繼續推出新的混合雲產品，這清楚地反映在我們目前 71% 的 ARR 組合中。

For example, at the end of August, we closed our acquisition of Morpheus Data. We believe this acquisition solidifies HPE's leadership position as the first vendor with a full suite of software capabilities across the hybrid cloud stack. We look forward to integrate Morpheus Data multi-cloud automation and orchestration capabilities into our HPE GreenLake Cloud platform to complement the AI-driven multi-cloud and multi-vendor observability from HPE's OpsRamp acquisition and our own organic innovation.

例如，8月底，我們完成了對Morpheus Data的收購。我們相信，此次收購鞏固了慧與作為第一家在混合雲堆疊中提供全套軟體功能的供應商的領導地位。我們期待將 Morpheus Data 多雲自動化和編排功能整合到我們的 HPE GreenLake Cloud 平台中，以補充 HPE OpsRamp 收購和我們自己的有機創新帶來的人工智慧驅動的多雲和多供應商可觀察性。

In Intelligent Edge, we believe we are beginning a market recovery as customers finish digesting previous orders post-COVID. Revenue improved sequentially on gains in services and SASE. Momentum is building and we saw sequential orders increase in all regions with particular strength in North America.

在智慧邊緣領域，我們相信，隨著客戶消化完新冠疫情後的先前訂單，我們正在開始市場復甦。收入因服務和 SASE 的成長而環比成長。勢頭正在增強，我們看到所有地區的訂單連續增加，其中北美尤其強勁。

On the products front, orders growth was led by wireless LAN, SASE, and data center networking products. Conversely, campus switching products orders have been slower to recover. Last month, we reinforced HPE Aruba Network in Cyber Defenses with a new AI-powered network detection and response and campus-based zero trust network access. The solution leverages telemetry from HPE Aruba network in centers data lake to train and deploy AI models to monitor and detect unusual activity in vulnerable IoT devices, helping to support mission-critical business processes.

在產品方面，訂單成長主要由無線 LAN、SASE 和資料中心網路產品帶動。相反，校園交換產品訂單恢復較慢。上個月，我們透過全新的 AI 驅動的網路偵測和回應以及基於園區的零信任網路存取增強了 HPE Aruba 網路的網路防禦能力。此解決方案利用中心資料湖中的 HPE Aruba 網路遙測技術來訓練和部署 AI 模型，以監控和偵測易受攻擊的物聯網設備中的異常活動，從而幫助支援關鍵任務業務流程。

Our security solutions are attractive to customers like Noble Hotels, which is leveraging a secure AI-powered network, combining the HPE Aruba Networking Central platform and HPE Aruba Network in ClearPath to implement a zero trust strategy. This installation will help provide secure, seamless, and hyper-personalized guest experiences, including an AI concierge across Noble's global footprint of luxury hotels.

我們的安全解決方案對 Noble Hotels 等客戶很有吸引力，該酒店利用安全的 AI 驅動網絡，將 HPE Aruba Networking Central 平台和 HPE Aruba Network 結合在 ClearPath 中來實施零信任策略。此安裝將有助於提供安全、無縫且超個人化的賓客體驗，包括 Noble 全球豪華飯店的人工智慧禮賓服務。

We are excited for what comes next with our pending Juniper Networks acquisition and the comprehensive networking profile we will create. As I have said before, we expect that Juniper will be accretive to our margin profile and non-GAAP EPS in year one. The deal recently received regulatory approvals in the European Union, UK, India, and several other jurisdictions, and we remain on track to close in late calendar year 2024 or early calendar year 2025. Plans are well underway to ensure successful integration post-close.

我們對即將完成的瞻博網路收購以及我們將創建的全面網路設定檔的下一步感到興奮。正如我之前所說，我們預計瞻博網路將在第一年增加我們的利潤率和非公認會計原則每股盈餘。該交易最近獲得了歐盟、英國、印度和其他幾個司法管轄區的監管批准，我們仍有望在 2024 年末或 2025 年年初完成。

To conclude, I am very pleased with our third-quarter performance. Our impressive revenue growth reflects the strength of our portfolio and the growing excitement customers have for our newest innovations across AI network and Hybrid Cloud. HPE is playing a crucial role in helping customers adopt this transformative technology across their business. As we innovate, we also continue to stay disciplined in the way we manage our business and cost structure.

最後，我對我們第三季的業績感到非常滿意。我們令人印象深刻的收入成長反映了我們產品組合的實力以及客戶對我們在人工智慧網路和混合雲方面的最新創新的日益興奮。 HPE 在幫助客戶在其整個業務中採用這種變革性技術方面發揮著至關重要的作用。在我們創新的同時，我們也持續在管理業務和成本結構的方式上保持紀律。

In Q3, we delivered profitable growth for our shareholders in a competitive and dynamic environment. Next month, we look forward to hosting some of you at our incredible Wisconsin manufacturing facility where we will build many of our industry-leading direct liquid-cooled AI systems. The work we do there plays a key role in driving the transition to direct liquid cooled systems and the successful AI revenue conversion we saw this quarter. I hope you will take advantage of this opportunity to experience this.

第三季度，我們在競爭激烈、充滿活力的環境中為股東實現了獲利成長。下個月，我們期待在我們令人難以置信的威斯康辛州製造工廠接待你們中的一些人，我們將在那裡建立許多行業領先的直接液冷人工智慧系統。我們在那裡所做的工作在推動向直接液冷系統的過渡以及我們本季度看到的成功的人工智慧收入轉換方面發揮著關鍵作用。我希望您能利用這個機會來體驗一下。

Now I will hand it over to Marie to go through the segment results in greater detail. Marie?

現在，我將把它交給瑪麗，讓她更詳細地檢查分段結果。瑪麗？

Thank you, Antonio, and good afternoon. We are pleased with our performance this quarter and we did what we said we would do. We delivered strong top-line revenues, grew revenue sequentially in each segment, prudently managed costs, improved profitability sequentially, and delivered non-GAAP diluted net earnings per share that exceeded the high end of our guidance range. As Antonio said, we are pleased to have received the $2.1 billion in proceeds from the partial sale of the H3C equity position.

謝謝你，安東尼奧，下午好。我們對本季的表現感到滿意，並且我們做到了我們所說的。我們實現了強勁的營收，每個部門的收入連續增長，審慎管理成本，連續提高盈利能力，並實現了超出我們指導範圍上限的非公認會計原則攤薄每股淨利潤。正如安東尼奧所說，我們很高興收到部分出售H3C股權的21億美元收益。

Today's results highlight our ability to deliver amidst a dynamic macro environment. While some customers remain cautious and prioritize mission-critical projects, we are encouraged by the recovery in enterprise demand we are seeing in North America, followed by modest improvement across the other geographies. We remain excited about HPE's position across AI, hybrid cloud, and networking.

今天的結果凸顯了我們在動態宏觀環境中提供服務的能力。雖然有些客戶仍然保持謹慎態度並優先考慮關鍵任務項目，但我們對北美企業需求的復甦感到鼓舞，隨後其他地區也出現了適度的改善。我們對慧與在人工智慧、混合雲和網路領域的地位感到興奮。

HPE is well positioned for the AI opportunity. This quarter, our AI systems backlog increased, and we grew AI systems revenues approximately 40% sequentially. We continue to win deals with both model builders and sovereigns and are well positioned to address enterprise AI demand. In traditional servers, we are seeing signs of a recovery as both demand and revenue increased sequentially.

HPE 已做好充分準備抓住人工智慧機會。本季度，我們的 AI 系統積壓量增加，AI 系統營收季增約 40%。我們繼續贏得與模型建構者和主權國家的交易，並處於滿足企業人工智慧需求的有利位置。在傳統伺服器中，隨著需求和收入的連續增長，我們看到了復甦的跡象。

In Hybrid Cloud, we see an improvement in storage led by the strong demand for our HPE Alletra NP offering, and we continue to drive ARR growth. We are encouraged by the early and strong customer response to our Private Cloud AI offering that we announced at Discover, which we expect to drive AI adoption in the enterprise.

在混合雲中，我們看到對 HPE Alletra NP 產品的強勁需求帶動了儲存的改善，並且我們繼續推動 ARR 成長。客戶對我們在 Discover 上宣布的私有雲 AI 產品做出了早期而強烈的反應，我們對此感到鼓舞，我們預計該產品將推動 AI 在企業中的採用。

Lastly, results were solid in networking, improving sequential demand in WLAN, data center networking and switching, along with continued growth in security and services, keeps us optimistic heading into the fourth quarter.

最後，網路的業績強勁，WLAN、資料中心網路和交換的連續需求不斷改善，以及安全和服務的持續成長，使我們對第四季保持樂觀。

We continue to make progress towards our strategic goals. Our recently announced acquisition of Morpheus Data that expands our Hybrid Cloud capabilities and our confidence in closing the Juniper acquisition by the end of calendar year 2024 or early calendar year 2025 are excellent examples. Overall, I am pleased with our performance in Q3 and look forward to carrying our momentum through the end of our fiscal year.

我們繼續朝著我們的戰略目標取得進展。我們最近宣布的 Morpheus Data 的收購擴大了我們的混合雲能力，我們有信心在 2024 年底或 2025 年初完成對瞻博網路的收購，這些都是很好的例子。總的來說，我對我們第三季的表現感到滿意，並期待在整個財年結束時保持我們的勢頭。

Now let me go through the details of the quarter. Revenue grew 10% year over year and 7% quarter over quarter in constant currency to $7.7 billion, near the high end of our guidance range for the quarter. Our as-a-service momentum continued this quarter. We grew ARR 39% in constant currency year over year to more than $1.7 billion, led by AI through HPE GreenLake and networking and storage subscriptions.

現在讓我詳細介紹一下本季的具體情況。以固定匯率計算，營收年增 10%，季增 7%，達到 77 億美元，接近我們本季指導範圍的上限。本季我們的即服務動能仍在持續。在 HPE GreenLake 的人工智慧以及網路和儲存訂閱的帶動下，我們的 ARR（以固定匯率計算）年增 39%，達到超過 17 億美元。

With enterprise AI customers, we are noticing a strong appetite for a consumption model, both to alleviate investment pressures as well as to retain flexibility to grow workloads, though this is still early days. We continue to lift HPE GreenLake's value proposition with an increasing mix of higher-margin software and services revenue. This quarter, we expanded the software and services mix of ARR approximately 300 basis points year over year to 71% due to the stronger sales of AI services tied to hardware sales and Aruba Central platform subscriptions.

對於企業人工智慧客戶，我們注意到對消費模式的強烈興趣，既可以減輕投資壓力，又可以保持工作負載成長的靈活性，儘管這還處於早期階段。我們透過增加利潤率更高的軟體和服務收入組合，繼續提升 HPE GreenLake 的價值主張。本季度，由於硬體銷售和 Aruba Central 平台訂閱相關的 AI 服務銷售強勁，我們將 ARR 的軟體和服務組合比去年同期擴大了約 300 個基點，達到 71%。

Our non-GAAP gross margin was 31.8%, which was down 410 basis points year over year, driven by a lower mix of Intelligent Edge revenue and a higher mix of AI server revenue. The 130-basis-point sequential decline was driven by the higher AI server revenue mix. We have balanced gross margin pressures by executing on strong cost controls and by maintaining pricing discipline and a competitive AI server market.

我們的非 GAAP 毛利率為 31.8%，年減 410 個基點，這是由於智慧邊緣收入組合較低和 AI 伺服器收入組合較高所致。 130 個基點的環比下降是由較高的 AI 伺服器收入組合推動的。我們透過執行強而有力的成本控制、維持定價紀律和競爭激烈的人工智慧伺服器市場來平衡毛利率壓力。

Our non-GAAP operating expenses decreased approximately 7% year over year and 1% quarter over quarter despite a seasonal increase in marketing expenses associated with our annual Discover event. Since joining as CFO, I have taken a rigorous programmatic approach to streamlining our cost structure to drive operating expense improvements. And we expect to see the benefits of these actions in the second half of the year.

儘管與我們的年度 Discover 活動相關的行銷費用季節性增加，但我們的非 GAAP 營運費用比去年同期下降了約 7%，環比下降了 1%。自從我擔任財務長以來，我採取了嚴格的程序化方法來簡化我們的成本結構，以推動營運費用的改善。我們預計將在今年下半年看到這些行動的好處。

This is already evident in our results as we drove a 50-basis-point sequential improvement in our non-GAAP operating margin, offsetting pressures we saw at the gross margin line. Our non-GAAP operating margin was stable at 10%.

這在我們的業績中已經很明顯，我們的非公認會計原則營業利潤率連續提高了 50 個基點，抵消了我們在毛利率線上看到的壓力。我們的非 GAAP 營業利潤率穩定在 10%。

Profitability improvements and better-than-expected OI&E drove GAAP diluted net EPS of $0.38 per share and our non-GAAP diluted net EPS of $0.50 per share, both above the high end of our guidance ranges. Our non-GAAP diluted net EPS excludes $149 million in net costs, primarily from stock-based compensation expense, amortization of intangibles and acquisition, and other related charges.

獲利能力的改善和好於預期的 OI&E 推動 GAAP 攤薄後淨 EPS 達到每股 0.38 美元，非 GAAP 攤薄後淨 EPS 達到每股 0.50 美元，均高於我們指引範圍的上限。我們的非 GAAP 稀釋後淨每股盈餘不包括 1.49 億美元的淨成本，主要來自股票補償費用、無形資產和收購攤銷以及其他相關費用。

Now let's turn to the segment results, starting with servers. Strength in both AI systems and traditional servers drove healthy revenue growth and stable operating margins. Server revenues were $4.3 billion in the quarter, up 35% year over year and 11% sequentially.

現在讓我們轉向分段結果，從伺服器開始。人工智慧系統和傳統伺服器的實力推動了收入的健康成長和穩定的營業利潤率。該季度伺服器營收為 43 億美元，年增 35%，季增 11%。

In traditional servers, we saw steady growth and are seeing signs of a recovery. We saw strength in North America, where our installed base is spending more, though EMEA and APJ customers continue to evaluate spend. Our Gen11 product continues to ramp ahead of expectations and now represents a growing proportion of total server revenue.

在傳統伺服器中，我們看到了穩定成長，並看到了復甦的跡象。我們看到了北美地區的實力，儘管歐洲、中東和非洲和亞太及日本地區的客戶仍在評估支出，但我們的安裝基礎正在增加支出。我們的 Gen11 產品持續超出預期，目前在伺服器總收入中所佔的比例越來越大。

And we have been able to manage an inflationary component environment through dynamic pricing by leveraging strong supplier relationships. In AI systems, demand remains strong though large deals continue to be lumpy. AI systems product and services orders rose $1.6 billion sequentially, driving our cumulative orders since Q1 '23 to $6.2 billion. We are pleased with our current AI systems backlog, which has increased quarter over quarter to $3.4 billion. Demand remains healthy from the model builders.

我們已經能夠利用強大的供應商關係，透過動態定價來管理通貨膨脹的零件環境。在人工智慧系統中，儘管大宗交易仍然不穩定，但需求仍然強勁。 AI 系統產品和服務訂單連續成長 16 億美元，使我們自 23 年第一季以來的累積訂單達到 62 億美元。我們對目前的 AI 系統積壓訂單感到滿意，該訂單數量逐季增加至 34 億美元。模型建構者的需求依然健康。

We are winning deals in this space and following a framework to manage risks and profits. While still early days, we continue to see positive signs from enterprise customers. In fact, more than 80% of enterprises are experimenting with gen AI initiatives, which supports our view that the number of customers will continue to trend favorably. This quarter, our enterprise AI pipeline more than doubled sequentially. And sovereign AI is an adjacency for HPE right beside our market leadership in supercomputing.

我們正在這個領域贏得交易，並遵循一個框架來管理風險和利潤。雖然還處於早期階段，但我們繼續看到企業客戶的積極跡象。事實上，超過 80% 的企業正在嘗試 gen AI 計劃，這支持了我們的觀點，即客戶數量將繼續呈現有利趨勢。本季度，我們的企業人工智慧通路較上季增加了一倍多。除了我們在超級運算領域的市場領導地位之外，主權人工智慧也是慧與的鄰接點。

We continue to see increasing demand from this set of customers who are embracing AI. Within model builders and sovereign AI, customers is a growing desire for liquid cooling. However, adoption relies on data center readiness. We view HPE's multi-decade design and manufacturing expertise, intellectual property, patent portfolio, and global reach and dedicated services as clear differentiators as the market moves in this direction. Q3 was again a strong quarter for AI system revenue conversion.

我們不斷看到這群擁抱人工智慧的客戶的需求不斷增加。在模型建構器和主權人工智慧領域，客戶對液體冷卻的需求日益增長。然而，採用取決於資料中心的準備情況。我們認為，隨著市場朝這個方向發展，HPE 數十年的設計和製造專業知識、智慧財產權、專利組合以及全球影響力和專門服務是明顯的差異化因素。第三季再次成為人工智慧系統營收轉換強勁的季度。

AI system revenues were $1.3 billion in the quarter, up approximately 40% from the prior quarter. We are pleased with the stability of our operating margins within our Server business. Our Q3 Server operating margin was 10.8%. This was up 70 basis points year over year, but down 20 basis points sequentially. AI systems make up a higher share of our total server revenue compared to one year ago, 10% in Q3 FY23 versus 30% this quarter.

本季 AI 系統營收為 13 億美元，比上一季成長約 40%。我們對伺服器業務營運利潤率的穩定性感到滿意。我們第三季的伺服器營運利潤率為 10.8%。該數字同比上升 70 個基點，但環比下降 20 個基點。與一年前相比，人工智慧系統在我們伺服器總收入中所佔的份額更高，2023 財年第三季為 10%，而本季為 30%。

This underscores our disciplined focus on profitability and a competitive AI server market. Our operating margin performance was in line with expectations. For the full year, we continue to expect our Server margins to be at the low end of our target range of 11% to 13%. We will remain disciplined in cost and price as we pursue profitable growth. Now moving to Hybrid Cloud.

這凸顯了我們對獲利能力和競爭激烈的人工智慧伺服器市場的嚴格關注。我們的營業利益率表現符合預期。就全年而言，我們繼續預計伺服器利潤率將處於目標範圍 11% 至 13% 的低端。在追求利潤成長的過程中，我們將繼續嚴格控製成本和價格。現在轉向混合雲。

Both revenue and profitability improved quarter over quarter. Segment revenues of $1.3 billion were down 7% year over year, but up 4% sequentially. As we have previously discussed, we are managing both a sales model transition and product transition within the storage business. Our product model transition is to a more cloud-native software-defined platform with HPE Alletra, which offers a unified storage architecture, comprehensive AIOps, and cross-stack analytics and aligns to customer preferences for a hybrid cloud model. Translating the storage growth to revenues will take time because of the higher mix of ratable software and services, which is deferred into future periods.

收入和盈利能力均較上季有所改善。部門營收為 13 億美元，年減 7%，但季增 4%。正如我們之前討論的，我們正在管理儲存業務中的銷售模式轉型和產品轉型。我們的產品模型過渡到採用 HPE Alletra 的更雲原生的軟體定義平台，該平台提供統一儲存架構、全面的 AIOps 和跨堆疊分析，並符合客戶對混合雲模型的偏好。將儲存成長轉化為收入需要時間，因為可評級軟體和服務的組合程度較高，而這種情況將推遲到未來時期。

We continue to see strength for our Alletra MP offering, with sequential improvement led by our continued business transformation efforts, particularly in go-to-market. We are seeing signs of improving demand for block storage and early traction and file, and we are closely monitoring the impacts of commodity costs on demand. In our Private Cloud business, we are having constructive conversations with our customers to evaluate their virtualization strategy.

我們繼續看到我們的 Alletra MP 產品的優勢，在我們持續的業務轉型努力（特別是在進入市場方面）的帶動下取得了連續的改進。我們看到區塊儲存以及早期牽引和文件需求有所改善的跡象，我們正在密切監視商品成本對需求的影響。在我們的私有雲業務中，我們正在與客戶進行建設性對話，以評估他們的虛擬化策略。

At Discover, we announced efforts to develop our virtualization capabilities, which will be available within our Private Cloud business edition solution. Lastly, customers are reacting positively to our recently announced Private Cloud AI offering and partnership with NVIDIA, which unifies AI skills, data, architecture, and solutions into 1 fully managed platform and accelerates time to value for enterprises looking to begin their AI journeys.

在 Discover 上，我們宣布努力開發虛擬化功能，這些功能將在我們的私有雲商業版解決方案中提供。最後，客戶對我們最近宣布的私有雲AI 產品以及與NVIDIA 的合作夥伴關係做出了積極的反應，該產品將AI 技能、數據、架構和解決方案統一到一個完全託管的平台中，並為希望開始AI 之旅的企業加快實現價值的時間。

We are seeing traction in both customer demos and pipeline. And as of yesterday, our Private Cloud AI offering is globally available to order. Our Hybrid Cloud operating margin was 5.1%, down 30 basis points year over year, but up 430 basis points sequentially, predominantly due to better OpEx controls. Moving to Intelligent Edge. Revenues were $1.1 billion, down 23% year over year on tough compares but up 3% sequentially.

我們在客戶演示和管道中都看到了吸引力。截至昨天，我們的私有雲人工智慧產品已在全球範圍內接受訂購。我們的混合雲營運利潤率為 5.1%，年減 30 個基點，但環比成長 430 個基點，這主要歸功於更好的營運支出控制。轉向智慧邊緣。營收為 11 億美元，年減 23%，但季增 3%。

Demand was steady quarter over quarter. Backlog remains at normal levels. Channel inventory remains healthy, and we believe that we have moved past the trough. On the order side, we are seeing a recovery that is in line with our industry peers. For the second consecutive quarter, we saw order improvements in each of our geographies, led by strength in North America followed by modest growth at EMEA and APJ.

需求環比穩定。積壓仍保持在正常水準。渠道庫存保持健康，我們相信我們已經度過了低谷。在訂單方面，我們看到了與業界同行一致的復甦。連續第二個季度，我們看到每個地區的訂單都有所改善，其中北美地區訂單強勁，其次是歐洲、中東和非洲 (EMEA) 和亞太及日本地區 (APJ) 的小幅增長。

By product, we saw sequential order improvements in data center networking and in campus. We grew both services and SASE orders mid to high single digits year over year as customers remain excited about Aruba Central platform that is part of our HPE GreenLake offering.

從產品來看，我們看到資料中心網路和園區的順序不斷改進。由於客戶對屬於我們 HPE GreenLake 產品的一部分的 Aruba Central 平台仍然感到興奮，我們的服務和 SASE 訂單逐年增長了中位數到高個位數。

On the revenue side, we drove year-over-year strength in data center networking, SASE and services, though, saw declines in our campus and switching due to difficult annual compares. Our sequential revenue grew approximately 3%, consistent with our expectation that Q2 would be the trough. The segment operating margin of 22.4% was down 520 basis points year over year driven by tough year-over-year revenue compares, offset slightly by a better year-over-year gross margin rate.

在收入方面，我們推動了資料中心網路、SASE 和服務的逐年成長，但由於年度比較困難，我們的園區和轉換業務有所下降。我們的環比收入成長了約 3%，這與我們對第二季將是谷底的預期一致。由於年比收入比較困難，該部門營業利潤率為 22.4%，年減 520 個基點，但被同比改善的毛利率略有抵消。

But our OpEx was the primary reason for a 60 basis point sequential improvement in operating margin. Our OpEx plan has put us on path to achieve operating margins in the mid-20% range by Q4.

但我們的營運支出是營業利益率較上季提高 60 個基點的主要原因。我們的營運支出計畫使我們能夠在第四季度實現 20% 左右的營運利潤率。

Now turning to Financial Services. Our HPE Financial Services revenue were $879 million, up 1% year over year and financing volumes were $1.5 billion year to date. $800 million of $4.5 billion in financing volume went to AI wins with both cloud and enterprise customers, which illustrates that AI is driving demand across our portfolio.

現在轉向金融服務。我們的 HPE 金融服務收入為 8.79 億美元，年增 1%，今年迄今的融資額為 15 億美元。 45 億美元融資額中的 8 億美元用於人工智慧贏得雲端和企業客戶的青睞，這表明人工智慧正在推動我們整個投資組合的需求。

Operating margin of 9% was up 80 basis points year over year and down 30 basis points sequentially. Our portfolio remains healthy and we continue to improve the investment grade mix. Our Q3 loss ratio remains steady at below 0.5%, and our return on equity is a solid 17.4%.

營業利益率為 9%，較去年同期上升 80 個基點，較上季下降 30 個基點。我們的投資組合保持健康，並持續改善投資等級組合。我們第三季的虧損率穩定在 0.5% 以下，股本回報率穩定在 17.4%。

Turning now to cash flow and capital allocation. We generated $1.2 billion in cash flow from operations and $669 million in free cash flow. We are on track for $1.9 billion in free cash flow. We remain confident in our ongoing ability to generate strong free cash flow even as we pursue strategic buys given the rising component cost environment.

現在轉向現金流和資本配置。我們產生了 12 億美元的營運現金流和 6.69 億美元的自由現金流。我們預計將實現 19 億美元的自由現金流。儘管我們在零件成本不斷上升的環境下尋求策略性收購，但我們仍然對我們持續產生強勁自由現金流的能力充滿信心。

Our Q3 cash conversion cycle was a positive 4 days, which is a reduction of 19 days from Q3 '23. Our days of inventory and days of payables were both higher on AI systems orders that outpaced revenue conversion and on our strategic purchases for our server business. We continue to believe working capital to be neutral to free cash flow as we expect declines in inventory led by strong AI system revenue conversion to balance declines at accounts payable as we exit the year.

我們第三季的現金轉換週期為正 4 天，比 23 年第三季減少了 19 天。我們的庫存週轉天數和應付帳款週轉天數均高於收入轉換的人工智慧系統訂單以及伺服器業務的策略採購。我們仍然認為營運資本對自由現金流是中性的，因為我們預計，隨著我們退出今年，強勁的人工智慧系統收入轉換將導致庫存下降，從而導致應付帳款餘額下降。

We are pleased to have received the $2.1 billion in proceeds from the partial sale of the H3C equity position. We remain committed to our balanced capital allocation framework and are focused on managing our balance sheet and maintaining our dividend. We returned $221 million in capital to shareholders in Q3, and $607 million year to date.

我們很高興收到部分出售 H3C 股權的 21 億美元收益。我們仍然致力於平衡的資本配置框架，並專注於管理我們的資產負債表和維持我們的股利。第三季度，我們向股東返還了 2.21 億美元的資本，今年迄今，我們向股東返還了 6.07 億美元的資本。

Now let's turn to guidance. As Antonio mentioned, we are making steady progress on securing the necessary regulatory approvals required for our pending Juniper acquisition and look forward to closing by the end of calendar year '24 or early calendar year '25.

現在讓我們轉向指導。正如 Antonio 所提到的，我們正在為即將進行的 Juniper 收購獲得必要的監管批准而取得穩步進展，並期待在 24 年底或 25 年初完成收購。

For the fourth quarter, we expect revenues in the range of $8.1 billion to $8.4 billion, GAAP diluted net EPS to be between $0.76 and $0.81, and our non-GAAP diluted net EPS to be between $0.52 and $0.57. For revenue, we expect to see sequential growth similar to the last couple of quarters with revenue to remain towards server. We continue to manage the business at the operating income level and therefore expect a sequential decline in operating expenses in order to deliver our EPS targets. On a segment basis, we expect the following: for Server, we expect to convert AI systems to revenue at a strong pace. As mentioned, the market remains competitive and large deals remain lumpy.

對於第四季度，我們預計營收在81 億美元至84 億美元之間，GAAP 攤薄後淨每股收益將在0.76 美元至0.81 美元之間，非GAAP 攤薄後淨每股收益將在0.52 美元至0.57美元之間。就收入而言，我們預計將看到與過去幾季類似的環比成長，收入仍將來自伺服器。我們繼續在營業收入水準上管理業務，因此預計營業費用將持續下降，以實現我們的每股盈餘目標。從細分市場來看，我們預計如下：對於伺服器，我們預期人工智慧系統將快速轉化為收入。如前所述，市場競爭依然激烈，大宗交易仍然不穩定。

We continue to be timed to market for GPUs and are looking forward to shipping H200 chips for the AIST supercomputer in Q4. We also expect a continued demand in traditional service driven by Gen11 adoption and higher units. We are maintaining our expectation of achieving the low end of our 11% to 13% operating margin range for the full year.

我們繼續把握 GPU 的上市時機，並期待在第四季度為 AIST 超級電腦出貨 H200 晶片。我們也預計，由於 Gen11 的採用和更高的單位，對傳統服務的需求將持續成長。我們維持全年營運利潤率 11% 至 13% 區間下限的預期。

For Hybrid Cloud, we expect a slight revenue increase to close the year, though expect pressures from rising commodity costs, particularly at SSDs, ARR growth should continue as our storage business accelerates and ships to subscription under HPE GreenLake. And we expect operating margins to continue to trend favorably to the mid-single-digit range.

對於混合雲，我們預計今年年底收入將略有增長，儘管預計商品成本上漲帶來壓力，尤其是 SSD，但隨著我們的存儲業務加速並在 HPE GreenLake 下進行訂閱，ARR 增長應會持續。我們預計營業利潤率將持續維持在中個位數範圍內。

For the Intelligent Edge business, we anticipate a slight sequential revenue increase for the fourth quarter on the recovery in campus and WLAN as well as strength in data center networking. Benefits from our cost reduction efforts materialized in our third-quarter results, and we expect a similar trend in the fourth quarter, supporting our outlook for a full-year operating margin in the mid-20% range.

對於智慧邊緣業務，我們預計第四季度營收將因園區和 WLAN 的復甦以及資料中心網路的強勁而略有環比增長。我們的成本削減努力在第三季的業績中得到了體現，我們預計第四季度也會出現類似的趨勢，支持我們對全年營業利潤率在 20% 左右的預期。

For the full year, we are tracking towards the high end of our revenue guidance of 1% to 3% growth in constant currency. We expect to balance gross margin pressures from a higher mix of AI systems with continued operating discipline and expect to come in at the low end of our operating profit growth guidance of 0% to 2%. We now expect OI&E to be a $50 million to $100 million headwind versus our prior expectation of $150 million headwind.

就全年而言，我們正朝著收入指引的上限邁進，即以固定匯率計算 1% 至 3% 的成長。我們預計將透過持續的營運紀律來平衡更多人工智慧系統組合帶來的毛利率壓力，並預計將實現營業利潤成長指引的下限，即 0% 至 2%。我們現在預計 OI&E 將帶來 5,000 萬至 1 億美元的阻力，而我們先前預期的為 1.5 億美元。

We have tightened our non-GAAP diluted net EPS expectations for the full year to $1.92 to $1.97. For GAAP EPS, we are now seeing increased costs related to the Juniper transaction with our expectations now at $1.68 to $1.73. Lastly, we remain committed in the long term to our balanced capital allocation framework, our dividend, and to our investment-grade rating.

我們已將全年非 GAAP 稀釋後淨每股收益預期收緊至 1.92 美元至 1.97 美元。對於 GAAP 每股收益，我們現在看到與瞻博網路交易相關的成本增加，我們目前的預期為 1.68 美元至 1.73 美元。最後，我們仍然致力於長期平衡的資本配置架構、股利和投資等級評等。

In the near term, we expect to continue share repurchases at a pace in line with Q3 as we prudently manage our balance sheet ahead of the Juniper transaction closing. To summarize, our Q3 results were strong and demonstrated good sequential revenue growth.

短期內，我們預計將繼續以與第三季一致的速度進行股票回購，因為我們在瞻博網路交易結束前審慎管理我們的資產負債表。總而言之，我們第三季的業績強勁，並顯示出良好的連續收入成長。

With that, I'll turn it over for Q&A.

這樣，我將把它轉過來進行問答。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作員指令）Meta Marshall，摩根士丹利。

Great, thanks and congrats on the results. Maybe just on the Server margins. Given the AI revenue contribution, they were a little bit higher than expected. Could you just break down? Is this from kind of better ProLiant margins?

太好了，謝謝並祝賀結果。也許只是在伺服器邊緣。考慮到人工智慧的收入貢獻，它們略高於預期。你能崩潰嗎？這是 ProLiant 利潤更高的結果嗎？

Better kind of proprietary Cray margins? Just better pricing discipline? Just a little bit more insight into the margin strength we saw there. Thank you.

更好的專有 Cray 利潤率？只是更好的定價紀律嗎？只是對我們在那裡看到的利潤率實力有更多的了解。謝謝。

Yes, good afternoon and thanks for your question. On Server margins. First of all, as I said in my prepared remarks, we did, in fact, ship about $1.3 billion of AI servers in the quarter. So that constituted around about 30% of Server revenue. And despite that, our margins were at 10.8%.

是的，下午好，謝謝你的提問。在伺服器邊緣。首先，正如我在準備好的發言中所說，事實上，我們本季確實出貨了約 13 億美元的人工智慧伺服器。因此，這約佔伺服器收入的 30% 左右。儘管如此，我們的利潤率為 10.8%。

And to your point, what was it driven by? So first of all, we're well on track on the shift to Gen11. In itself, Gen11 has rich configurations and therefore comes with a higher margin profile. Also, I think we've been pretty successful at passing through those commodity costs. And despite the fact that we're in a pretty competitive both CPU and GPU environment.

就您而言，它是由什麼驅動的？首先，我們在向 Gen11 的轉變方面進展順利。 Gen11本身擁有豐富的配置，因此具有較高的利潤率。另外，我認為我們在轉移這些商品成本方面非常成功。儘管事實上我們處於一個 CPU 和 GPU 競爭都非常激烈的環境中。

And then lastly, I'd say you would have seen that our OpEx was down sequentially. And you're seeing the impact, frankly, of that OpEx discipline show up in the margins as well, Meta.

最後，我想說你會看到我們的營運支出連續下降。坦白說，你會看到營運支出紀律的影響也出現在邊緣，Meta。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Thanks for taking my question. And I apologize if there's some background ground, just getting the most questions today on the gross margin. And Marie, I know you've outlined the factors there in terms of the AI server mix, but hoping you can flesh that out a bit more in terms of, was there anything outside of the AI server mix that impacted gross margins at the company level in the quarter itself?

感謝您提出我的問題。如果有一些背景知識，我很抱歉，今天收到最多的問題是關於毛利率的。瑪麗，我知道您已經概述了人工智慧伺服器組合方面的因素，但希望您能進一步充實這一點，即人工智慧伺服器組合之外是否有任何因素影響了公司的毛利率本季本身的水平？

And as we think about sort of your operating discipline going into the next quarter, should we be expecting sort of further moderation in the gross margins and more operating discipline to help maintain that operating margin outlook? And if I can just add on there the AI order that you're seeing. You mentioned lumpy deals with customers.

當我們考慮進入下個季度的營運紀律時，我們是否應該期望毛利率進一步放緩，並採取更多的營運紀律來幫助維持營運利潤率前景？如果我可以添加你所看到的人工智慧訂單。您提到與客戶的交易不穩定。

Is that impacting your thinking on gross margins for the aggregate company as we look forward as well in terms of which verticals those orders are coming from? Thank you.

當我們展望這些訂單來自哪些垂直領域時，這是否會影響您對整個公司毛利率的看法？謝謝。

So again, good afternoon. So I think I got most of your questions so I'll hit it up in terms of gross margins and what we've seen. So first of all, I would say just step back and think about gross margins at a high level. From a year-on-year perspective, just remind everybody that obviously, the contribution from our networking revenue is lower. So obviously, that's impacted gross margins from a year-on-year basis.

再說一遍，下午好。所以我想我已經回答了你們大部分的問題，所以我會就毛利率和我們所看到的情況進行討論。因此，首先，我想說的是，退一步思考高水準的毛利率。從同比的角度來看，只是提醒大家，顯然我們的網路收入的貢獻是較低的。顯然，這對同比毛利率產生了影響。

Now when you look sequentially, as I mentioned in prepared remarks, the AI mix of servers, we converted at a much faster pace. And obviously, that's really driven gross margin in the quarter. Now I would add to your point, we've been offsetting it with prudency on OpEx. You've seen that. We're going to continue to do that. I think I mentioned that in my guide comments.

現在，當你按順序查看時，正如我在準備好的評論中提到的，伺服器的人工智慧組合，我們的轉換速度要快得多。顯然，這確實推動了本季的毛利率。現在我想補充一下你的觀點，我們一直在謹慎地對待營運支出來抵消它。你已經看到了。我們將繼續這樣做。我想我在我的指南評論中提到過這一點。

And then also, we continue to have a mindset about being very disciplined on cost and price as we pursue profitable growth. So I think we've talked about the fact we're selective on deals. And you see that, frankly, if you look at the quality of our receivables, you'll see it in our receivables.

此外，在追求獲利成長的過程中，我們繼續保持對成本和價格嚴格控制的心態。所以我認為我們已經討論過我們對交易有選擇性的事實。坦白說，如果您查看我們的應收帳款質量，您就會在我們的應收帳款中看到這一點。

Now a couple of things to sort of bear in mind as we go forward. As we see enterprise AI gain momentum, that's going to have a more favorable impact on gross margin. So we do expect that we'll see improving profitability as the market moves in that direction.

現在，在我們前進的過程中需要記住一些事情。隨著我們看到企業人工智慧發展勢頭強勁，這將對毛利率產生更有利的影響。因此，我們確實預計，隨著市場朝這個方向發展，我們的獲利能力將會提高。

And then finally, Samik, just to sort of bear in mind that we're getting closer to the close of Juniper. We expect to see that at the end of calendar '24, beginning of '25. In itself, that transaction is going to have a significant impact on both gross and operating margins. And we expect that more than 50% of the company's operating profit will come from networking.

最後，Samik，請記住，我們已經接近 Juniper 的終結了。我們預計在 24 年底、25 年初看到這一點。就其本身而言，該交易將對毛利率和營業利潤率產生重大影響。我們預計公司50%以上的營業利潤將來自網路。

So that's how I'd sort of leave it with you in terms of thinking about margins. And as we said, we'll continue to focus on managing OpEx and being very prudent on deals.

因此，這就是我在考慮利潤方面如何將其留給您。正如我們所說，我們將繼續專注於管理營運支出並對交易非常謹慎。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Good afternoon and thanks for taking my question. I guess Marie, I was hoping you could talk a little bit more about the free cash flow number. It was down a fair bit year over year. Maybe you can just talk about what is driving the downtick in free cash flow. If there's a way to think about the headwind you're seeing from the AI ramps versus the strategic prebuys, just talk about what those buckets are. And then related to free cash flow, I think last quarter, it was at least $1.9 billion for the full year.

下午好，感謝您提出我的問題。我想瑪麗，我希望你能多談談自由現金流數字。年比下降了不少。也許你可以談談是什麼導致自由現金流下降。如果有一種方法可以思考你所看到的人工智慧提升與策略預購之間的逆風，那麼只需談談這些桶子是什麼。然後與自由現金流相關，我認為上個季度全年至少為 19 億美元。

I think this time it's $1.9 billion so seems like a bit of a downtick, maybe I'm overthinking it. But could you just talk about how do you think about that October quarter free cash flow number as well?

我認為這次是 19 億美元，所以看起來有點下降，也許我想太多了。但您能否談談您如何看待 10 月季度的自由現金流數字？

Well. Thank you. Yeah, sure. No worries, Amit. And so yes, I think you probably are -- just in terms of where we're at in cash flow, let me hit Q3 and then I'll go into Q4. So from a Q3 perspective, it's really driven by a couple of things.

出色地。謝謝。是的，當然。不用擔心，阿米特。所以，是的，我認為你可能是 - 就我們的現金流而言，讓我進入第三季度，然後我將進入第四季度。因此，從第三季的角度來看，它確實是由幾件事驅動的。

Firstly, the timing of working capital and also just some of the normal seasonality that we see. And then as we get into Q4, we do expect to see some of the benefits of working capital. So we'll see a reversal in CCC and that will benefit free cash flow.

首先，營運資金的時間安排以及我們看到的一些正常的季節性。然後，當我們進入第四季度時，我們確實希望看到營運資金的一些好處。因此，我們將看到 CCC 的逆轉，這將有利於自由現金流。

And then obviously, we're going to see that stronger conversion of AI revenue. I think I mentioned in my prepared remarks that we're going to see a sequential improvement in the shipment of AI revenue. So you can see that will also have an impact on our free cash flow.

顯然，我們將看到人工智慧收入的更強勁轉化。我想我在準備好的發言中提到，我們將看到人工智慧收入的出貨量連續改善。所以你可以看到這也會對我們的自由現金流產生影響。

So for the full year, Amit, I'd just say we are still on track for $1.9 billion. It's just as you can imagine, we're in Q3 now, we're getting into Q4, we sort of tightened up the expectations, given where we're at in the year. So still on track for $1.9 billion, Amit.

因此，阿米特，我只想說，全年我們仍有望實現 19 億美元的目標。正如你可以想像的那樣，我們現在處於第三季度，我們即將進入第四季度，考慮到我們今年的處境，我們在某種程度上收緊了預期。阿米特，因此仍有望獲得 19 億美元。

Toni Sacconaghi, Bernstein.

東尼薩科納吉、伯恩斯坦。

Yes, thank you. You did mention repeatedly the lumpiness of AI server deals. And I'm wondering if there was any unusually large deals in Q3 or whether you're anticipating your AI bookings to be significantly different in Q4. And then just on the free cash flow, Marie. Net income is going to be about $2.5 billion to $2.6 billion. Free cash flow is going to be about $1.9 billion.

是的，謝謝。您確實多次提到人工智慧伺服器交易的混亂性。我想知道第三季是否有任何異常大的交易，或者您是否預計第四季度的人工智慧預訂會出現顯著不同。然後就是自由現金流，瑪莉。淨利潤約 25 億至 26 億美元。自由現金流將約為 19 億美元。

That's about 75% realization. I think since HPE split off, free cash flow realization has actually been even lower than that. How do we think about that going forward? I presume free cash flow realization will be less than [1] for next year and maybe even the following year because of Juniper integration charges. Or where is the pathway to where we can see free cash flow to net income being positive?

這大約是 75% 的實現。我認為自從HPE分拆以來，自由現金流的實現實際上甚至更低。我們如何看待未來的發展？我認為由於瞻博網路的整合費用，明年甚至下一年的自由現金流實現將低於 [1]。或者我們可以看到自由現金流對淨利為正的途徑在哪裡？

I'm going to take the first part. The quick answer is no, there have not been very, very large deals or lumpy deals.

我要講第一部分。簡單的回答是否定的，沒有非常非常大的交易或不穩定的交易。

It's been more spread and more uniform across the service provider space. And on the enterprise side, because obviously we talk about this, the percentage of bookings relative to the $1.6 billion was in -- as a mix was in the mid-teens. So very consistent with the prior quarter. However, obviously, the dollars are much larger, right? Because now this quarter, we booked $1.6 billion.

它在整個服務提供者領域更加分散和更加統一。在企業方面，因為顯然我們正在談論這一點，所以相對於 16 億美元的預訂百分比處於中等水平。與上一季非常一致。然而，顯然，美元要大得多，對吧？因為本季我們預訂了 16 億美元。

So I actually argue this is a good thing. And we don't expect significant super large deals, I call it, in Q4 based on what we have visibility in the pipeline but more a continuation of what we saw in Q3. Marie, do you want to talk about the free cash flow?

所以我實際上認為這是一件好事。根據我們在管道中的可見性，我們預計第四季度不會出現重大的超大型交易，我稱之為，但更多的是我們在第三季度看到的延續。瑪麗，你想談談自由現金流嗎？

Yes, no. Just Toni, I mean, I think in terms of your comments on free cash flow, from an FY24 perspective, I mean, in terms of bridging net earnings to free cash flow, it's the normal puts and takes for the year, so working capital, CapEx, et cetera, and sort of employee benefits. So there is no specific charges in there in terms of our working capital -- sort of our net earnings for the year to free cash flow. In terms of '25, what we said, Toni, I think in the transaction stays the same. And look, honestly, we'll be guiding '25 when we do our next earnings call.

是的，不是。東尼，我的意思是，我認為就您對自由現金流的評論而言，從2024 財年的角度來看，我的意思是，就將淨利潤與自由現金流聯繫起來而言，這是今年的正常賣權和拿跌選擇權，因此營運資本、資本支出等等，以及員工福利。因此，就我們的營運資金而言，沒有具體的費用——相當於我們今年自由現金流的淨利潤。就25年而言，托尼，我們所說的，我認為在交易中保持不變。老實說，我們將在 25 年召開下一次財報電話會議時提供指導。

So I'll provide more color around free cash flow for '25 as we get into the next call.

因此，當我們進入下一次電話會議時，我將提供有關 25 年自由現金流的更多資訊。

Mike Ng, Goldman Sachs.

麥克吳，高盛。

Hey, good afternoon. Thank you for your question. I just had a question about the mix of products and services for the AI systems orders and revenues that you guys disclosed on slide 12. I think I was struck by two things.

嘿，下午好。謝謝你的提問。我剛剛有一個關於你們在幻燈片 12 上披露的人工智慧系統訂單和收入的產品和服務組合的問題。

First, the growing share of services as a percentage of AI system orders. Should we expect that to continue over time? And more to some of the key services you're selling with AI systems.

首先，服務在人工智慧系統訂單中所佔比例不斷增加。我們是否應該期望這種情況會隨著時間的推移而持續下去？還有更多關於您透過人工智慧系統銷售的一些關鍵服務。

And then second, the very little services revenue that's being recognized to date. As you recognize that services revenue and AI systems, should that improve the margins for Server margins and AI system margins? And how much can that improve margins by?

其次，迄今為止確認的服務收入非常少。當您認識到服務收入和人工智慧系統時，這是否會提高伺服器利潤和人工智慧系統利潤？這可以將利潤率提高多少？

Yes. Thanks, Mike. Yes, we -- listen, we are very pleased with the services attach momentum on the AI systems portion of our business, which I believe will continue to grow as we grow the enterprise segment of the market because that segment of the market comes with more rich services, day zero, day one, and day two services like we call it. And yesterday was the first day it became available out of HPE Private Cloud AI, and that has quite a bit of services component with it.

是的。謝謝，麥克。是的，我們——聽著，我們對服務為我們業務的人工智慧系統部分帶來的動力感到非常高興，我相信隨著我們市場的企業部分的發展，該部分將繼續增長，因為該市場部分有更多豐富的服務，零日、第一日和第二天服務，就像我們所說的那樣。昨天是它從 HPE 私有雲 AI 推出的第一天，其中包含相當多的服務元件。

And so -- but right now, as we started disclosing last quarter, the services component of that, which you saw in one of the slides, as Marie was providing in her remarks, much of that is pretty much all deferred. So unless we are doing an installation and that gets recognized immediately, most of that is the maintenance that gets recognized over the length of the contract.

所以- 但現在，正如我們在上個季度開始披露的那樣，其中的服務部分，您在一張幻燈片中看到，正如瑪麗在她的講話中所提供的那樣，其中大部分幾乎都被推遲了。因此，除非我們正在進行安裝並且立即得到認可，否則大部分都是在合約期間內得到認可的維護。

And therefore, over time, we expect that will be contributing positive to our gross margin in the segment that we recognize that revenue, which obviously is the Server segment of the market. So yes, but I'm positive on both, gross margin accretion as we recognize the revenue, and more services as we start selling the HPE Private Cloud in the enterprise space.

因此，隨著時間的推移，我們預計這將為我們確認收入的細分市場（這顯然是市場的伺服器細分市場）的毛利率做出積極貢獻。所以是的，但我對毛利率的成長和我們開始在企業領域銷售 HPE 私有雲的更多服務都持正面態度。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you very much. I wanted to see, Antonio, if you could talk a little bit about the trends with traditional servers, given we hear these arguments that AI-accelerated platforms would cannibalize traditional servers, but you're seeing good growth and good order patterns. How should we think about the risk that maybe that cannibalization eventually happens? Or how are you really thinking about traditional versus AI?

非常感謝。安東尼奧，我想知道您是否可以談談傳統伺服器的趨勢，因為我們聽到了人工智慧加速平台會蠶食傳統伺服器的論點，但您看到了良好的成長和良好的訂單模式。我們應該如何考慮這種蠶食最終發生的風險？還是你是如何看待傳統與人工智慧的？

Yes. Thank you, Simon. We have seen no signs of cannibalization into the traditional server market. And remember, I'm always trying to bring a segment point of view, right? So the segment point of view in the AI space, you have three segments.

是的。謝謝你，西蒙。我們沒有看到傳統伺服器市場被蠶食的跡象。請記住，我總是試著提出一個細分市場的觀點，對吧？因此，從人工智慧領域的細分角度來看，可以分為三個細分。

You have the service providers, model builders, which obviously include the hyperscalers. And there, we have now sold traditional servers in a long time once we made the decision in 2017 to not participate in that market. And then you have the sovereign space, which is now going up in terms of interest, but the sales cycles are longer because of the government engagements and the procurement. But there generally speaking, there is no traditional service per se. It's a combination of architectures and GPUs and CPUs in a unique form factor.

你有服務提供者、模型建構者，其中顯然包括超大規模提供者。在那裡，自從我們在 2017 年決定不參與該市場以來，我們已經在很長一段時間內出售傳統伺服器了。然後是主權空間，其利息現在正在上升，但由於政府參與和採購，銷售週期更長。但一般來說，那裡沒有傳統的服務本身。它以獨特的外形結合了架構、GPU 和 CPU。

And then last but not least, we have the enterprise. And the enterprise, while it's growing, has been very much focused on the AI applications. And for customers to move a traditional workload, call it legacy workload and the like to an accelerated compute, the question is why you will do that when, A, you need to use the compute to either fine-tune the model or to do inferencing.

最後但並非最不重要的一點是，我們有企業。企業在不斷發展的同時，也非常關注人工智慧應用。對於客戶將傳統工作負載（稱為遺留工作負載等）轉移到加速運算，問題是為什麼當 A、您需要使用計算來微調模型或進行推理時，您會這樣做。

And second, from a TCO perspective, there is no clear view that, that will cost less. And so that's why when I think about world loads and customer segments, we don't see signs of cannibalization from the AI deployments into the traditional workloads.

其次，從 TCO 的角度來看，沒有明確的觀點認為這會降低成本。因此，這就是為什麼當我考慮世界負載和客戶群時，我們沒有看到人工智慧部署蠶食傳統工作負載的跡象。

Wamsi Mohan, Bank of America Merrill Lynch.

萬西莫漢 (Wamsi Mohan)，美銀美林。

Antonio, I was wondering if you could just share some color on what the AI backlog composition is across maybe your portfolio where you're seeing more strength versus not? And within the enterprise demand commentary that you're calling out, can you share some color on what kind of projects are being evaluated? I know you called out some verticals like health care and Financial Services. Curious if you could provide some color on that as well.

Antonio，我想知道您是否可以分享一些關於人工智慧積壓工作構成的一些信息，也許您的投資組合中您看到的優勢與否？在您提出的企業需求評論中，您能否分享一些關於正在評估的項目類型的信息？我知道您提到了一些垂直行業，例如醫療保健和金融服務。很好奇你是否也能提供一些顏色。

Yes. So first of all, the pipeline we have in front of us is multiples of the current backlog, which is a positive news because that tells you the momentum will continue in the next few quarters. Second is that the backlog composition, as I said, in the mid-teens is the enterprise space and the rest is the traditional service provider space.

是的。首先，我們面前的管道是目前積壓訂單的數倍，這是一個積極的消息，因為這告訴你這種勢頭將在未來幾季持續下去。其次是積壓的組成，正如我所說，十幾歲左右的是企業空間，其餘的是傳統服務提供者空間。

On the service provider space is basically compute capacity to trade models or to do hosting for them other in large colos. And then on the enterprise space is really focused on the use cases where they see clear line of sight for the return on that investment, and there are several use cases by segment that their customers buy verticals that they are driving.

服務提供者空間基本上是交易模型或在大型託管中心中為模型進行託管的運算能力。然後，在企業領域，真正關注的是用例，在這些用例中，他們可以清楚地看到投資回報，並且按細分市場，有幾個用例是他們的客戶購買他們正在推動的垂直領域。

Obviously, many of them are very obvious. And now we are seeing a little bit more sophistication in some of those use cases and the maturity of. And that's why our Private Cloud AI offering is targeting those type of customers because comes with an entire stack from the, what I call the workflows at the top, specifically designed for the verticals down into the training models, all the way down to the infrastructure. They are sized for that type of deployment.

顯然，其中許多都是非常明顯的。現在我們看到其中一些用例變得更加複雜和成熟。這就是為什麼我們的私有雲人工智慧產品瞄準了這些類型的客戶，因為它配備了整個堆疊，從我所說的頂部工作流程，專門為垂直行業設計，一直到培訓模型，一直到基礎設施。它們的大小適合該類型的部署。

And then on the sovereign AI, obviously, we see now a significant interest. We are working across multiple geos on several opportunities. A lot of them are basically to open AI clouds for sovereign reasons or private and compliance reasons on data. And a lot of them actually want to look a little bit like supercomputers in many ways because many of those systems are designed to do both AI, large language models. And that's very obvious with some of the deployments we have done in the European Union and the one we are going to do now for the UK. And other ones are basically for traditional supercomputing.

然後，在主權人工智慧方面，顯然，我們現在看到了巨大的興趣。我們正在多個地區尋找多個機會。其中許多基本上都是出於主權原因或資料隱私和合規原因而開放人工智慧雲端。他們中的許多人實際上希望在許多方面看起來有點像超級計算機，因為其中許多系統都是為人工智慧和大型語言模型而設計的。我們在歐盟進行的一些部署以及我們現在將為英國進行的部署非常明顯。而其他的基本上都是針對傳統超級計算的。

So the infrastructure in the end is the same. All of these systems are very much liquid cooled systems and so that's an opportunity for us. But on the enterprise side, I think you can see now expansion from traditional bots and customer service into other areas, in finance, manufacturing, marketing, where they can see the clear return on that investment. And we are helping them even upfront through a partner ecosystem to define those use cases because ultimately it goes beyond just deploying IT but really to realize the business value.

所以最終的基礎設施是一樣的。所有這些系統在很大程度上都是液體冷卻系統，因此這對我們來說是一個機會。但在企業方面，我認為您現在可以看到傳統機器人和客戶服務擴展到其他領域，例如金融、製造、行銷，在那裡他們可以看到投資的明顯回報。我們甚至透過合作夥伴生態系統預先幫助他們定義這些用例，因為最終它不僅僅是部署 IT，而是真正實現業務價值。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Hey, guys, good afternoon. I really appreciate you taking the question. Maybe Antonio, actually just dovetailing from there, like I'd love any more insight you can give or context around like what's the HPE sort of sweet spot right now for business you want in gen AI? Like what types of deployments or workloads? And then how do you see that changing or how do you see that evolving over the next two years as well? And that's it for me.

嘿，夥計們，下午好。我真的很感謝你提出這個問題。也許安東尼奧，實際上只是從那裡切合，就像我希望你能提供更多的見解或背景，例如對於你想要在新一代人工智慧領域開展的業務來說，HPE 目前的最佳點是什麼？例如什麼類型的部署或工作負載？那麼您如何看待這種變化，或者您如何看待未來兩年這種變化？對我來說就是這樣。

Well, I think right now, one of the key sweet spots is we now have to build and deploy and run these large systems. That requires a unique expertise. That's why you see the services portion being attached to those assistants. And ultimately, you need expertise both in the manufacturing space. And again, we are going to host our AI Day in what I believe is the largest footprint in the world, where you can see how this gets done.

嗯，我認為現在的關鍵點之一是我們現在必須建置、部署和運行這些大型系統。這需要獨特的專業知識。這就是為什麼您會看到服務部分附加到這些助手上。最終，您需要製造領域的專業知識。再說一遍，我們將在我認為是世界上佔地面積最大的地方舉辦人工智慧日，在那裡您可以看到這是如何完成的。

And then on the services side, you should not underestimate the services expertise needed to run. But for enterprise, where is the next big thing is, in my view, it's all about the simplicity. And several of the patents we are actually filing and getting done are actually in areas like ease-of-use, automation, obviously, security. These are all spaces where we are actually building all those capabilities in our offer. And remember, all of this gets built inside HPE GreenLake as we deploy this optimized infrastructure and configurations.

然後在服務方面，您不應該低估運行所需的服務專業知識。但對企業來說，下一件大事在哪裡，在我看來，一切都與簡單性有關。我們實際上正在申請和完成的幾項專利實際上涉及易用性、自動化，顯然還有安全性等領域。這些都是我們實際上在我們的產品中建立所有這些功能的空間。請記住，當我們部署此最佳化的基礎架構和配置時，所有這些都是在 HPE GreenLake 內部建置的。

And that's why for me, GreenLake is an important component of our AI strategy because ultimately, we manage a lot of the deployment on-prem through enterprise customers specifically through HPE GreenLake. And that's an accelerator and a way to upsell, cross-sell, customers confidence and control of the data, which is the fundamental value when it comes down to AI.

這就是為什麼對我來說，GreenLake 是我們人工智慧策略的重要組成部分，因為最終，我們透過企業客戶（特別是透過 HPE GreenLake）管理大量本地部署。這是一個加速器，也是一種追加銷售、交叉銷售、客戶信心和數據控制的方式，這是人工智慧的基本價值。

And then next year, once we close the Juniper transaction, we're going to add another key component, which is the networking piece. And it's very important we recognize that AI, A, is hybrid workload, the core foundation of that across hybrid is the network, and HPE will have unique IP and capabilities in that space in addition to the traditional server storage, which is now certified for AI, and then the GreenLake software and services attached to it. And that's how I want to think about it.

明年，一旦我們完成了瞻博網路的交易，我們將增加另一個關鍵元件，即網路部分。非常重要的是，我們認識到 AI A 是混合工作負載，跨混合的核心基礎是網絡，除了傳統的伺服器儲存之外，HPE 將在該領域擁有獨特的 IP 和功能，該儲存現已通過認證人工智能，然後是與之相連的GreenLake 軟體和服務。這就是我想思考的問題。

Independent business are all accretive to AI, but then when we get to a solution, HPE will have the full stack solution to offer to our enterprise customers.

獨立業務都會促進人工智慧的發展，但是當我們找到解決方案時，慧與將擁有完整的堆疊解決方案來為我們的企業客戶提供。

Okay. Thank you very much. Antonio, any comments?

好的。非常感謝。安東尼奧，有什麼意見嗎？

Yes. No, thank you very much for the time. Again, I will say, we delivered a strong quarter. We drove very strong revenue growth. We said we did what we said.

是的。不，非常感謝您抽出時間。我再說一遍，我們交付了一個強勁的季度。我們推動了非常強勁的營收成長。我們說過我們說過的話。

And honestly, I'm very confident about the next quarter and what comes next after the Juniper acquisition. I'm super pleased that we also closed the first tranche of our H3C with option. Obviously, that took a lot of work in an environment that's complex. And as you think about our ability to deliver profitable growth, it's there. I mean, I understand the questions around margins.

老實說，我對下個季度以及收購瞻博網路後的下一步充滿信心。我非常高興我們也透過選擇權關閉了 H3C 的第一部分。顯然，這需要在複雜的環境中進行大量工作。當您想到我們實現盈利增長的能力時，它就在那裡。我的意思是，我理解有關利潤的問題。

But when I think about margins, on the Server side, we are consistently driving a stable, around 11% or so operating margins. We think about that way more than gross margin because ultimately, it's all about cash. And then ultimately, on the networking and Hybrid Cloud is about both gross margin because of our content, it's more software and services, where we'll deliver on the bottom line.

但當我考慮伺服器端的利潤率時，我們始終保持穩定的營運利潤率，約 11% 左右。我們考慮的不僅僅是毛利率，因為歸根結底，這一切都是關於現金的。最終，在網路和混合雲上，我們的內容決定了毛利率，更多的是軟體和服務，我們將在其中實現盈利。

So I think our strategy all coming together. But it's a very competitive dynamic there, and we have to execute every day with discipline, which is what we did again this quarter. And again, we raised guidance for the full year on the EPS side of the house. So thank you very much for your time, and I look forward to hosting some of you at our facility in Wisconsin on October 10.

所以我認為我們的策略都是一致的。但那裡的競爭非常激烈，我們必須每天嚴格執行，這就是我們本季再次所做的。我們再次提高了每股盈餘方面的全年指引。非常感謝您抽出寶貴的時間，我期待著 10 月 10 日在我們位於威斯康辛州的工廠接待你們中的一些人。

Very good. Thank you, everyone, for joining today.

非常好。謝謝大家今天的加入。

Ladies and gentlemen, this concludes our call for today. Thank you.

女士們、先生們，我們今天的呼籲到此結束。謝謝。