惠普企業 (HPE) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the fiscal 2025 third quarter Hewlett Packard Enterprise earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

下午好，歡迎參加 2025 財年第三季惠普企業財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Paul Glaser, Head of Investor Relations. Please go ahead, sir.

現在我想將會議交給投資者關係主管保羅·格拉澤 (Paul Glaser)。先生，請繼續。

Good afternoon. I am Paul Glaser, Head of Investor Relations for Hewlett Packard Enterprise. I would like to welcome you to our fiscal 2025 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。歡迎您參加我們 2025 財年第三季財報電話會議，與會人員包括 HPE 總裁兼執行長 Antonio Neri 和 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 the slide presentation accompanying the release on our HPE investor relations web page.

在將電話交給安東尼奧之前，請允許我提醒您，本次通話正在進行網路直播。會議結束後不久將提供網路直播的重播。我們已在 HPE 投資者關係網頁上發布了新聞稿和隨附的幻燈片簡報。

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.

本次電話會議中引用的財務資訊部分具有前瞻性，基於我們對當今世界和我們業務的最佳看法。HPE 不承擔任何義務，也不打算更新任何此類前瞻性聲明。

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, 2025.

我們還注意到，本次電話會議上討論的財務資訊反映了基於​​目前可用資訊的估計，可能與 HPE 2025 年 7 月 31 日結束的財政季度的 10-Q 表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.

欲了解更詳細的信息，請參閱收益資料中有關前瞻性陳述的免責聲明，其中涉及風險、不確定性和假設。請參閱 HPE 向美國證券交易委員會提交的文件，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.

對於我們以非 GAAP 基礎表達的財務訊息，我們在網站上提供了與可比較 GAAP 資訊的對帳。有關詳細信息，請參閱我們網站上今天收益報告隨附的表格和幻燈片演示。

Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year over year basis and adjusted to exclude the impact of currency. Antonio, Marie will reference our earnings presentation in their prepared comments.

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，並經過調整以排除貨幣的影響。安東尼奧和瑪麗將在他們準備好的評論中參考我們的收益報告。

Finally, I would like to clarify that in the discussion today, any mention of HPE Intelligent Edge will refer to HPE's prior business segment, and networking will refer to the combination of intelligent edge and juniper networks.

最後，我想澄清一下，在今天的討論中，任何提到 HPE Intelligent Edge 的地方都將指 HPE 之前的業務部門，而網路將指智慧邊緣和瞻博網路的結合。

With that, let me turn it over to Antonio.

說完這些，讓我把話題交給安東尼奧。

Thank you, Paul. Good afternoon, everyone. In Q3, we delivered solid results and completed a major milestone, closing our acquisition of Juniper Networks. Together with Juniper, we will accelerate our momentum across our three strategic business pillars, networking, cloud and AI, building a stronger, leaner and more profitable HPE.

謝謝你，保羅。大家下午好。在第三季度，我們取得了穩健的業績並完成了一個重要的里程碑，完成了對瞻博網路的收購。我們將與瞻博網路攜手，加速推動網路、雲端和人工智慧三大策略業務支柱的發展，打造更強大、更精簡、更獲利的 HPE。

In Q3, HPE achieved record-breaking revenue with and without Juniper. Revenue was $9.1 billion, up 18% year over year, fueled by strong momentum across AI, networking and hybrid cloud. We grew revenues year over year across our three largest business segments. Demand was broad-based across our products and services.

第三季度，無論是否包括 Juniper，HPE 的收入都創下了歷史新高。營收達到 91 億美元，年增 18%，這得益於人工智慧、網路和混合雲的強勁發展勢頭。我們三大業務部門的收入逐年成長。對我們的產品和服務的需求十分廣泛。

We increased sequential operating profit dollars in server hybrid cloud and both Intelligent Edge and the new combined networking segment. We also grew operating profit dollars in financial services on a year over year basis. The new combined networking segment accounted for nearly 50% of HPE's non-GAAP consolidated operating profit. We also improved sequential operating profit margins in server and hybrid cloud.

我們在伺服器混合雲、智慧邊緣和新的組合網路部門的連續營業利潤方面都有所增加。我們的金融服務營業利潤也較去年同期成長。新的合併網路部門佔 HPE 非 GAAP 合併營業利潤的近 50%。我們也提高了伺服器和混合雲的連續營業利潤率。

Our improved profitability flowed through to non-GAAP diluted net earnings per share of $0.44. Free cash flow was $790 million as we significantly lowered our inventory driven by higher AI backlog conversion to revenue and strong supply chain execution.

我們獲利能力的提升，使得非公認會計準則每股攤薄淨收益達到0.44美元。自由現金流達到7.9億美元，這得益於我們大幅降低了庫存，這得益於人工智慧積壓訂單轉化為收入的增加以及強大的供應鏈執行力。

We continue to transform our business through catalyst, the structural cost-saving program we announced last quarter, including enhancing operational efficiency simplifying our portfolio, adopting AI and optimizing our workforce.

我們繼續透過催化劑（我們在上個季度宣布的結構性成本節約計劃）轉變我們的業務，包括提高營運效率、簡化我們的產品組合、採用人工智慧和優化我們的勞動力。

In Q3, customers continue to demonstrate strong demand for our AI portfolio. We nearly doubled our AI order sequentially, driven by sovereign opportunities up approximately 250%. Cumulative orders since Q1 2023 for sovereign and enterprise now account for more than 50% of total AI systems net orders.

在第三季度，客戶繼續對我們的人工智慧產品組合表現出強勁的需求。我們的人工智慧訂單連續幾乎翻了一番，這得益於主權機會增長了約 250%。自 2023 年第一季以來，主權和企業的累計訂單現已佔人工智慧系統淨訂單總量的 50% 以上。

We accessed the quarter with record AI backlog at $3.7 billion. Marie will provide more details on the quarter and our Q4 fiscal year 2025 guide. But first, I would like to provide key Q3 highlights across our business segments.

我們本季的人工智慧積壓訂單金額達到創紀錄的 37 億美元。瑪麗將提供有關本季和我們的 2025 財年第四季指南的更多詳細資訊。但首先，我想提供我們各業務部門第三季的主要亮點。

I am incredibly pleased that we closed the Juniper acquisition in July. Integration is progressing well. I have been spending time with Rami and the new combined networking leadership team, which is world-class. Going forward, we will refer to the combination of our HPE Intelligent Edge segment and Juniper as our new HPE Networking segment.

我非常高興我們在七月完成了對 Juniper 的收購。整合工作進展順利。我一直與拉米和新組建的世界級網路領導團隊共度時光。展望未來，我們將把 HPE Intelligent Edge 部門和 Juniper 的合併稱為新的 HPE Networking 部門。

Our vision for this segment is clear, to build the best networking business, providing customers with a modern, secure and AI-driven networking portfolio.

我們對這領域的願景很明確，那就是打造最好的網路業務，為客戶提供現代、安全且由人工智慧驅動的網路產品組合。

Rami and I will discuss our networking strategy in more detail at our upcoming Securities Analyst Meeting in October. On the demand front, the networking market recovery continues. In enterprise, we continue to see robust demand in campus and branch driven by the wire and wireless refresh, SASE and data center switching.

拉米和我將在十月即將召開的證券分析師會議上更詳細地討論我們的網路策略。在需求方面，網路市場持續復甦。在企業中，我們繼續看到由有線和無線更新、SASE 和資料中心交換推動的校園和分支機構的強勁需求。

Wi-Fi 7 demand is ramping with orders up triple digits sequentially. In cloud, we see strong demand for networking for AI, particularly in data center switching and Juniper PTX routed. Revenue of $1.7 billion increased 54% year over year, driven by strong performances in both Intelligent Edge and Juniper.

Wi-Fi 7 的需求正在激增，訂單量連續增加三位數。在雲端，我們看到對人工智慧網路的強勁需求，特別是在資料中心交換和 Juniper PTX 路由方面。得益於智慧邊緣和瞻博網路的強勁表現，營收年增 54% 至 17 億美元。

Intelligent Edge revenue increased 11% year over year and 8% quarter over quarter. We generated double-digit year over year revenue growth in campus and branch data center switching automated one and services.

智慧邊緣營收年增 11%，季增 8%。我們在校園和分支資料中心交換自動化和服務方面實現了兩位數的年增長。

We also grew SASE and security revenue. These strong results contributed to sustained momentum in networking SaaS and support services. Operating profit for the networking segment was $360 million, up 43% year over year, benefiting from one month of Juniper results and operating profit dollars expansion in Intelligent Edge.

我們的 SASE 和安全收入也增加了。這些強勁的業績促進了網路 SaaS 和支援服務的持續發展。網路部門的營業利潤為 3.6 億美元，年增 43%，這得益於瞻博網路當月的業績以及智慧邊緣的營業利潤成長。

Network and innovation is accelerating across the entire networking portfolio. Just last week, we introduced a new Mist Agentic AI native innovations for campus and branch data center switching and automated one. These complement the new agentic AI Mesh technology from our HPE Aruba networking portfolio that we announced alongside GreenLake Intelligence at HP Discover in June.

整個網路產品組合的網路和創新正在加速發展。就在上週，我們推出了針對校園和分支資料中心交換和自動化的全新 Mist Agentic AI 原生創新。這些技術補充了我們 HPE Aruba 網路產品組合中的新型 agentic AI Mesh 技術，該技術於 6 月在 HP Discover 上與 GreenLake Intelligence 一起發布。

Our innovation has been noticed by the market. HPE and Juniper Networks were both recognized again as leaders in the latest 2025 Gartner Magic Quadrant for Enterprise Wire and Wireless LAN infrastructure. Customers are already taking advantage of the power of our full HP portfolio with inclusion of HPE Juniper networking solutions.

我們的創新已經得到了市場的關注。HPE 和瞻博網路在最新的 2025 年 Gartner 企業有線和無線 LAN 基礎設施魔力像限中再次被評為領導者。客戶已經在利用包括 HPE Juniper 網路解決方案在內的全套 HP 產品組合的強大功能。

For example, Early this year, HPE won a multimillion dollar deal with SPAR Austria Group, a leading retailer in Central Europe. SPAR is building out a digital business services platform underpinned by GreenLake. The full IT stack solution is designed and implemented by HPE professional services. It will be fully managed by HP managed services and includes Aruba switches, Juniper firewalls, Alletra MP Storage plus HPE CloudOps software, including Zerto, OpsRamp and Morpheus.

例如，今年年初，HPE 與中歐領先的零售商 SPAR 奧地利集團贏得了數百萬美元的交易。SPAR 正在建立以 GreenLake 為基礎的數位業務服務平台。完整的 IT 堆疊解決方案由 HPE 專業服務設計和實施。它將完全由 HP 託管服務管理，包括 Aruba 交換器、Juniper 防火牆、Alletra MP Storage 以及 HPE CloudOps 軟體，包括 Zerto、OpsRamp 和 Morpheus。

The solution will enable a cloud-native and AI-driven platform experience. Finally, with respect to integration synergies, we are reiterating at least $600 million in cost synergies over the next three years. In the server segment, market demand is robust across our portfolio.

該解決方案將實現雲端原生和人工智慧驅動的平台體驗。最後，關於整合綜效，我們重申未來三年至少達到 6 億美元的成本綜效。在伺服器領域，我們產品組合的市場需求強勁。

Revenue of $4.9 billion was an all-time high, increased 16% year over year and 21% quarter over quarter driven by strong conversion of AI orders and solid demand for traditional servers. AI systems revenue of [$1.6 billion] was also an all-time high as we completed the delivery of a large GB200 system.

營收達49億美元，創歷史新高，年成長16%，季增21%，這得益於AI訂單的強勁轉換和傳統伺服器的強勁需求。隨著我們完成大型 GB200 系統的交付，人工智慧系統收入 [16 億美元] 也創下歷史新高。

Server operating margin improved sequentially, benefiting from the changes we made in pricing and discounting early in the year, which returned traditional server product margins to historical levels. This was partially offset by higher AI mix, including a large deal.

伺服器營業利潤率環比提高，受益於我們年初在定價和折扣方面做出的調整，傳統伺服器產品的利潤率恢復到了歷史水平。這被更高的人工智慧組合（包括一筆大交易）部分抵消。

As we enter Q4, we continue to expect total server operating margin to be around 10% for the quarter. AI systems orders increased nearly 100% quarter over quarter, including Middle East sovereign winds and continued traction in enterprise. We have grown enterprise AI orders year over year every quarter since the beginning of fiscal 2024.

進入第四季度，我們繼續預計本季伺服器總營運利潤率將在 10% 左右。人工智慧系統訂單較上季成長近 100%，其中包括中東主權風電和企業的持續成長。自 2024 財年伊始，我們每季的企業 AI 訂單都逐年成長。

From an innovation perspective, we continue to keep pace with new accelerators technology and time-to-market customer demands. Last month, we launched HPE servers with the new NVIDIA RTX PRO 6000 Blackwell and NVIDIA Blackwell Ultra accelerated computing platforms.

從創新角度來看，我們不斷跟上新的加速器技術和上市時間客戶需求。上個月，我們推出了搭載全新 NVIDIA RTX PRO 6000 Blackwell 和 NVIDIA Blackwell Ultra 加速運算平台的 HPE 伺服器。

In traditional servers, customers are continuing to refresh aged infrastructure with more powerful, richly configured servers. As a result, revenue increased double digits year over year on mix shift to HPE Gen-11 and Gen-12 servers.

在傳統伺服器中，客戶正在繼續使用更強大、配置更豐富的伺服器來更新老化的基礎架構。因此，由於混合轉向 HPE Gen-11 和 Gen-12 伺服器，營收年增了兩位數。

During the quarter, we expanded the Gen-12 compute portfolio to include the latest AMD fifth generation EPYC processors. The new servers includes support for HP computer ops management with AI-driven life cycle management.

在本季度，我們擴展了 Gen-12 運算產品組合，包括最新的 AMD 第五代 EPYC 處理器。新伺服器支援具有人工智慧驅動的生命週期管理的 HP 電腦操作管理。

We expect the Gen-12 adoption to accelerate through 2026. In Q3, we also released our next-generation HP nonstop compute solutions for mission-critical workloads with double the memory capacity and double the system interconnect bandwidth.

我們預計到 2026 年 Gen-12 的採用將會加速。在第三季度，我們也發布了針對關鍵任務工作負載的新一代 HP 不間斷運算解決方案，其記憶體容量和系統互連頻寬均增加了一倍。

Finally, hybrid cloud performance was solid. Revenue of $1.5 billion increased year over year for the fourth consecutive quarter. In addition, operating profit margins were up 17 basis points and operating profit dollars increased 26% year over year.

最後，混合雲效能穩定。營收連續第四個季度年增 15 億美元。此外，營業利益率上升了 17 個基點，營業利潤年增 26%。

ARR increased 75% compared to Q3 2024 with the inclusion of one month of Juniper results. On an organic basis, AIR increased 40%, in line with our guidance of 35% to 45% CAGR. In storage, we saw robust growth in our IP product portfolio.

與 2024 年第三季相比，如果納入 Juniper Network 一個月的業績，ARR 成長了 75%。從有機基礎來看，AIR 成長了 40%，符合我們 35% 至 45% 複合年增長率的預期。在儲存方面，我們的 IP 產品組合實現了強勁成長。

HPE Alletra storage revenue increased triple digits year over year. We have now shipped more than 5,000 Alletra MP to date. We continue to successfully migrate our customer installed base while gaining new customer logos resulting in a one point share gain in the most recently released IDC market share report.

HPE Alletra 儲存收入較去年同期成長三位數。到目前為止，我們已經發貨了 5,000 多台 Alletra MP。我們繼續成功遷移客戶安裝基礎，同時獲得新的客戶標識，從而在最近發布的 IDC 市場份額報告中獲得了一個百分點的份額增長。

In private cloud, we continue to ramp sales of our enterprise AI factory solutions. During Q3, we added twice the number of new private cloud AI customers compared to Q2 with particular interest in our developer configuration. Software is a core differentiator for our GreenLake cloud and for our private cloud portfolio, which is a key contributor to our AIR growth.

在私有雲領域，我們持續提高企業人工智慧工廠解決方案的銷售。在第三季度，我們增加了新的私有雲 AI 客戶數量，與第二季度相比增加了一倍，尤其關注我們的開發人員配置。軟體是我們 GreenLake 雲端和私有雲產品組合的核心差異化因素，也是我們 AIR 成長的關鍵貢獻者。

In June, we announced our new HPE hybrid cloud op-suite software, bringing together Morpheus, VM Essentials, OpsRamp and Zerto, to assist customers from hybrid cloud orchestration, virtualization and observability to continuous data protection.

6 月，我們發布了全新的 HPE 混合雲操作套件軟體，該軟體整合了 Morpheus、VM Essentials、OpsRamp 和 Zerto，幫助客戶實現從混合雲編排、虛擬化和可觀察性到持續資料保護等功能。

Our cloud software revenue in the quarter increased strong double digits year over year. At Discover Las Vegas, we unveiled GreenLake Intelligence. Our framework for deploying AI agents across cloud and infrastructure to simplify customers' hybrid IT operations.

本季我們的雲端軟體營收年增了兩位數。在探索拉斯維加斯大會上，我們推出了 GreenLake Intelligence。我們的框架用於跨雲端和基礎設施部署 AI 代理，以簡化客戶的混合 IT 營運。

We also expanded our Agentic AI capabilities in OpsRamp, networking and storage. Innovations like these continue to attract new customers to our GreenLake cloud. In Q3, we added approximately 2,000 new customers bringing our GreenLake cloud customer count to approximately 44,000.

我們也擴充了 OpsRamp、網路和儲存方面的 Agentic AI 功能。此類創新不斷吸引新客戶使用我們的 GreenLake 雲端。第三季度，我們增加了約 2,000 名新客戶，使我們的 GreenLake 雲端客戶數量達到約 44,000 名。

In closing, as we look ahead, I am excited for HPE's next chapter. The completion of our Juniper acquisition position us to win in networking as the market enters a new era of IT and business transformation where AI, cloud and networking converge.

最後，展望未來，我對 HPE 的下一章充滿期待。隨著市場進入人工智慧、雲端和網路整合的 IT 和業務轉型新時代，我們對瞻博網路的收購使我們在網路領域佔據了優勢。

We launched a new brand for HP to reflect this potential. The brand is modern, expresses what our technology and talent make possible and reinforces our relevance with our customers. Our vision for the company is clear, to lead in the AI era through a modern secure cloud native, an AI-driven networking portfolio that accelerates our profitable growth.

我們為惠普推出了一個新品牌來體現這種潛力。該品牌非常現代，表達了我們的技術和人才所能實現的目標，並加強了我們與客戶的相關性。我們對公司的願景很明確，透過現代安全的雲端原生、人工智慧驅動的網路產品組合引領人工智慧時代，從而加速我們的獲利成長。

We are focused on executing with precision to capitalize on the growing opportunities in the market to deliver strong value to our customers and our shareholders. I look forward to providing more details about our strategy and our long-term value creation framework at our Securities Analyst Meeting on October 15 at the New York Stock Exchange.

我們專注於精準執行，利用市場上不斷成長的機會為我們的客戶和股東提供強大的價值。我期待在 10 月 15 日於紐約證券交易所舉行的證券分析師會議上提供有關我們的策略和長期價值創造框架的更多細節。

I would like now to turn it over to Marie to provide more insights into our quarterly results and full fiscal year guide. Marie?

現在我想把時間交給瑪麗，讓她對我們的季度業績和整個財政年度指南提供更多見解。瑪麗？

Thank you, Antonio, and good afternoon. I'm pleased with our performance this quarter while navigating an evolving market environment. Regarding our results. First, all segments of our business performed well. Our server business has moved past the pricing and discounting issues we reported earlier this year in compute.

謝謝你，安東尼奧，下午好。在不斷變化的市場環境中，我對我們本季的表現感到滿意。關於我們的結果。首先，我們各業務區表現良好。我們的伺服器業務已經擺脫了我們今年稍早在計算領域報告的定價和折扣問題。

Hybrid cloud posted its fourth consecutive quarter of year over year top line growth and operating margin expansion. And revenue growth that our Intelligent Edge business is improving as the networking market recovery continues.

混合雲連續第四個季度實現年成長和營業利潤率擴大。隨著網路市場的持續復甦，我們的智慧邊緣業務的收入成長也不斷提高。

Second, I'm pleased that we completed our acquisition of Juniper, which will shift our revenue mix towards a higher growth, higher-margin networking business. We continue to expect the acquisition to be accretive to our non-GAAP results in year one enhancing our profitability as we capture synergies and drive new market opportunities without increased scale.

其次，我很高興我們完成了對瞻博網路的收購，這將使我們的營收結構轉向更高成長、更高利潤的網路業務。我們仍然預計此次收購將在第一年增加我們的非公認會計準則業績，提高我們的獲利能力，因為我們能夠在不擴大規模的情況下抓住協同效應並推動新的市場機會。

And finally, we made solid progress on our cost-reduction initiatives announced last quarter. I'm looking forward to sharing more about the next chapter of our company at our Security Analyst Meeting next month.

最後，我們在上個季度宣布的成本削減措施上取得了堅實的進展。我期待在下個月的安全分析師會議上分享更多有關我們公司下一章的資訊。

Let's talk about the details of the quarter. Third quarter revenue of $9.1 billion, which included Juniper was up 18% year over year and quarter over quarter and up 11% excluding Juniper revenue of $480 million. Excluding Juniper, total revenue of $8.7 billion exceeded the high end of our outlook range.

我們來談談本季的細節。第三季營收為 91 億美元，其中包含瞻博網路的營收年增 18%，季增 11%，不包含瞻博網路的營收為 4.8 億美元。不包括瞻博網絡，總營收為 87 億美元，超出了我們預期範圍的高端。

Demand was strong this quarter, and we did not see material demand pull-in. Our reported annualized recurring revenue run rate was $3.1 billion, including $590 million contributed by Juniper. Reported ARR was up 75% year over year or up 40%, excluding Juniper.

本季需求強勁，我們並未看到材料需求的拉動。我們報告的年經常性營收運作率為 31 億美元，其中包括瞻博網路貢獻的 5.9 億美元。報告的 ARR 年成長 75%，不包括瞻博網路則成長 40%。

Software and Services ARR, including Juniper, doubled year over year as the mix of this higher margin revenue improved sequentially by 640 basis points to over 81%. Including Juniper, non-GAAP gross margin was 29.9%, down 190 basis points year over year and up 50 basis points quarter over quarter.

包括瞻博網路在內的軟體和服務 ARR 年比成長了一倍，因為這項高利潤收入組合較上季提高了 640 個基點，達到 81% 以上。包括瞻博網路在內，非 GAAP 毛利率為 29.9%，較去年同期下降 190 個基點，較上季上升 50 個基點。

On a year over year basis, gross margin was impacted by unfavorable mix within server, networking and hybrid cloud, which more than offset the beneficial margin contribution from one month of Juniper.

與去年同期相比，毛利率受到伺服器、網路和混合雲內部不利組合的影響，這抵消了瞻博網路一個月帶來的有利利潤貢獻。

Excluding Juniper, gross margin was 28.3%. Non-GAAP operating expense, including Juniper as a percentage of revenue was flat sequentially and declined 40 basis points year over year, reflecting strong revenue performance and disciplined cost management, partially offset by variable compensation.

不含瞻博網絡，毛利率為 28.3%。非 GAAP 營運費用（包括瞻博網路在內）佔營收的百分比與上一季持平，與去年同期相比下降了 40 個基點，這反映了強勁的營收表現和嚴格的成本管理，但被浮動薪酬部分抵銷。

We will continue to manage costs rigorously as we target efficiencies through catalyst, complemented by at least [$600 million] at expected Juniper related cost synergies over the next three years with $200 million expected to be realized next year.

我們將繼續嚴格管理成本，因為我們的目標是透過催化劑提高效率，並在未來三年內透過預計至少 [6 億美元] 的瞻博網路相關成本協同效應來補充，預計明年將實現 2 億美元。

Excluding Juniper, non-GAAP operating expense as a percentage of revenue was 20.2%, down 160 basis points year over year and down 120 basis points sequentially, driven by strong cost discipline as we grew revenue faster than expenses.

不包括瞻博網絡，非 GAAP 營運費用佔營收的百分比為 20.2%，年減 160 個基點，季減 120 個基點，這是由於我們營收成長速度快於費用而嚴格控製成本所致。

Non-GAAP operating margin, including Juniper, was 8.5%, down 150 basis points year over year, primarily due to lower gross margins, partially offset by cost management. The 50 basis point sequential improvement was primarily due to the inclusion of Juniper's results.

包括瞻博網路在內的非公認會計準則營業利潤率為 8.5%，年減 150 個基點，主要原因是毛利率較低，但成本管理部分抵銷了這一影響。連續 50 個基點的改善主要歸因於納入了 Juniper 的結果。

Excluding Juniper, operating margin was 8.1%, down 190 basis points year over year, but up 10 basis points sequentially. During the quarter, we generated free cash flow of $790 million including approximately $200 million of deal-related costs and higher net interest expense, partially offset by improved inventory management.

不包括瞻博網絡，營業利益率為 8.1%，年減 190 個基點，但較上季上升 10 個基點。本季度，我們產生了 7.9 億美元的自由現金流，其中包括約 2 億美元的交易相關成本和更高的淨利息支出，但庫存管理的改善部分抵消了這一影響。

Non-GAAP diluted net earnings per share of $0.44 was toward the high end of our guided range of $0.40 to $0.45. And non-GAAP diluted net EPS includes a $0.01 net impact attributable to consolidating one month of Juniper's results and the impact of net interest costs related to the acquisition.

非公認會計準則 (Non-GAAP) 稀釋每股淨收益為 0.44 美元，接近我們 0.40 美元至 0.45 美元指導區間的上限。非公認會計準則 (Non-GAAP) 稀釋每股淨收益包含 0.01 美元的淨影響，該影響歸因於合併瞻博網路一個月業績以及與收購相關的淨利息成本的影響。

Q3 GAAP diluted net earnings per share was $0.21, below our guidance of $0.24 to $0.29. In terms of these results, non-GAAP diluted net earnings per share excludes $326 million in net costs primarily due to Juniper related acquisition costs, stock-based compensation expense, amortization of intangible assets and acquisition, disposition and other charges, partially offset by adjustments for taxes, gain from litigation settlement and other adjustments.

第三季度，以美國通用會計準則 (GAAP) 計算的每股攤薄淨收益為 0.21 美元，低於我們預期的 0.24 美元至 0.29 美元。非美國通用會計準則 (Non-GAAP) 計算的每股攤薄淨收益不包括 3.26 億美元的淨成本，該成本主要源於瞻博網絡相關的收購成本、股票薪酬費用、無形資產攤銷以及收購、處置和其他費用，部分被稅費調整、訴訟和解收益和其他調整所抵消。

Now let's turn to our segment results. Starting with networking. As previously mentioned, we closed our acquisition of Juniper on July 2. So our Q3 earnings report includes only one month of Juniper's results. Our Q4 networking results will include our first full quarter of consolidated Juniper financials.

現在讓我們來看看我們的分部業績。從網路開始。如前所述，我們於 7 月 2 日完成了對 Juniper 的收購。因此，我們的第三季財報僅包含瞻博網路一個月的業績。我們的第四季網路業績將包括瞻博網路合併財務的第一個完整季度。

We will provide more details regarding our near-term and longer-term strategy and outlook for our networking business at our Security Analyst Meeting next month.

我們將在下個月的安全分析師會議上提供有關我們的網路業務的近期和長期策略和前景的更多細節。

Net working revenue for the quarter was $1.7 billion, up 54% year over year, up 48% sequentially and up 11% year over year, excluding Juniper. Strong networking revenue growth was driven by the ongoing recovery in the networking market and consolidation of Juniper's results for the month of July.

本季淨營業收入為 17 億美元，年增 54%，季增 48%，年增 11%（不含瞻博網路）。網路收入強勁成長的動力源自於網路市場的持續復甦以及瞻博網路 7 月業績的鞏固。

While it's early days, we are pleased with our order growth and revenue performance we generated across the combined networking business. Reported orders grew strong double digits year over year, including double-digit growth in both campus switching and the SMB markets.

雖然還處於早期階段，但我們對合併後的網路業務的訂單成長和收入表現感到滿意。報告的訂單量較去年同期強勁成長兩位數，其中校園交換和中小企業市場均達到兩位數成長。

Excluding Juniper, Intelligent Edge orders grew a mid-teens percent year over year. Demand in Q3 was strong as sell-out increased sequentially and year over year. Net working operating margin was 20.8%, down 160 basis points year over year.

不包括瞻博網絡，Intelligent Edge 訂單年增百分之十幾。第三季需求強勁，銷售量較上季及年比均成長。淨營業利益率為20.8%，年減160個基點。

This is inclusive of a 22.7% operating margin from HPE's former Intelligent Edge business and 15.8% operating margin from Juniper's networking business. Excluding Juniper, operating margin was down 90 basis points sequentially, primarily due to variable compensation and product-related costs.

其中包括 HPE 前智慧邊緣業務的 22.7% 營業利潤率和 Juniper 網路業務的 15.8% 營業利潤率。不包括瞻博網絡，營業利益率較上月下降 90 個基點，主要原因是可變薪酬和產品相關成本。

Server revenue was $4.9 billion, up 16% year over year and up 21% sequentially, above the high end of our guidance range. The quarter over quarter revenue increase was driven largely by a double-digit increase in AI systems revenue due to a large AI deal we shipped in the quarter, augmented by higher AUP from a favorable mix shift in core compute.

伺服器營收為 49 億美元，年增 16%，環比成長 21%，高於我們預期範圍的高端。季度環比營收成長主要得益於人工智慧系統營收的兩位數成長，這得益於我們本季交付的大量人工智慧交易，而核心運算的有利組合轉變帶來了更高的 AUP。

In traditional server, revenue increased sequentially, driven by volume increases and AUP strength supported by the continued shift to Gen-11 service augmented by early yet improving sales of our Gen-12 service.

在傳統伺服器領域，營收環比成長，這得益於銷售成長和 AUP 增強，這得益於向 Gen-11 服務的持續轉變，以及 Gen-12 服務早期但不斷改善的銷售。

In AI systems, we signed $2.1 billion in net new orders driven by robust growth in sovereign net new orders, which increased by triple digits both year over year and sequentially, while enterprise net new orders were also up year over year.

在人工智慧系統領域，我們簽署了 21 億美元的淨新訂單，這得益於主權淨新訂單的強勁增長，主權淨新訂單同比增長和環比增長均達到三位數，而企業淨新訂單也同比增長。

Together, enterprise and sovereign constitute greater than 50% of our cumulative AI orders since Q1 '23. We generated $1.6 billion of revenue during the quarter, up 25% year over year and up 57% sequentially driven by the previously disclosed large AI system that we shipped in the quarter.

自 2023 年第一季以來，企業和主權訂單占我們累積 AI 訂單的 50% 以上。本季度，我們創造了 16 億美元的收入，年增 25%，環比增長 57%，這得益於我們在本季度交付的先前披露的大型 AI 系統。

We finished Q3 with our pipeline at multiples of our $3.7 billion ending backlog. Serve operating margin of 6.4% was consistent with our outlook. Margin performance improved sequentially, benefiting from the changes we made in pricing and discounting earlier in the year, which returned traditional server product margins to historical levels. This was partially offset by higher AI mix, including a large deal and AI inventory.

我們在第三季結束時，訂單量已達到 37 億美元的期末積壓訂單量的數倍。6.4% 的服務營業利潤率與我們的預期一致。利潤率表現較上季提高，得益於我們今年稍早在定價和折扣方面所做的調整，傳統伺服器產品的利潤率恢復到了歷史水平。這被更高的 AI 組合（包括一筆大交易和 AI 庫存）部分抵消。

Moving to hybrid cloud. Revenue was $1.5 billion, up 11% year over year the fourth consecutive quarter of double-digit growth. Sequentially, revenue increased 1%, consistent with our outlook. In storage, our HPE Alletra MP platform continues to drive robust growth achieving triple-digit year over year revenue growth for the third consecutive quarter, while high double-digit margins expanded sequentially again.

轉向混合雲。營收為 15 億美元，年增 11%，連續第四個季度實現兩位數成長。與上一季相比，營收成長了 1%，與我們的預期一致。在儲存方面，我們的 HPE Alletra MP 平台持續保持強勁成長，連續第三個季度實現三位數的同比增長，同時高兩位數的利潤率再次環比擴大。

In Q3, new logos were up more than 350 sequentially and grew over 70% year over year. In private cloud, revenue grew strong double digits year over year as we see continued growth in our pipeline for PC AI with a number of new enterprise customers doubled quarter over quarter.

第三季度，新標誌數量較上季增加 350 多個，較去年同期成長 70% 以上。在私有雲領域，營收年增兩位數，因為我們看到 PC AI 的通路持續成長，新企業客戶數量較上季翻了一番。

Also, our VM Essentials solutions closed over 120 customers in Q3 and has generated a pipeline exceeding 1,000 interested customers since its launch last November. Hybrid cloud operating margin increased 50 basis points sequentially to 5.9% and increased 70 basis points year over year the fourth consecutive quarter that our OP margin has expanded on a year over year basis.

此外，我們的 VM Essentials 解決方案在第三季度已獲得超過 120 個客戶，自去年 11 月推出以來已產生超過 1,000 個感興趣的客戶。混合雲營運利潤率較上季成長 50 個基點至 5.9%，年增 70 個基點，這是我們營運利潤率連續第四個季度同比增長。

Lastly, our Financial Services business generated revenue of $886 million, down 1% year over year and flat quarter over quarter. Financing volumes increased 2% year over year to $1.5 billion. Our Q3 loss ratio was 0.7%, and return on equity improved sequentially and year over year to 17.7%.

最後，我們的金融服務業務創造了 8.86 億美元的收入，年減 1%，環比持平。融資額年增2%，達15億美元。我們第三季的損失率為 0.7%，股本回報率環比和年比均有所提高，達到 17.7%。

Operating margin of 9.9% increased 90 basis points year over year, primarily due to a higher mix of financing versus operating leases, but declined 50 basis points quarter over quarter, driven by unfavorable operating expenses despite the higher revenue.

營業利潤率為 9.9%，較上年同期增加 90 個基點，主要由於融資與經營租賃的比例較高，但環比下降 50 個基點，原因是儘管收入增加，但營業費用不利。

Last quarter, we announced Catalyst a series of initiatives designed to accelerate growth increase efficiency and make it easier to do business with HPE. Our starting point was an approximate 5% workforce reduction from the exit of Q1 with gross savings of at least $350 million by fiscal year 2027.

上個季度，我們宣布了 Catalyst 一系列旨在加速成長、提高效率並使與 HPE 開展業務變得更加容易的舉措。我們的出發點是從第一季末開始裁員約 5%，到 2027 財年總共節省至少 3.5 億美元。

We are executing well against our plan and expect to achieve our target of 20% of the total savings by fiscal year-end 2025. We are taking an AI-first approach to reimagine our key workflows and have started in my own finance organization, leveraging AI to increase productivity.

我們的計劃執行得很好，預計到 2025 財年末將實現總節省 20% 的目標。我們正在採取人工智慧優先的方法來重新構想我們的關鍵工作流程，並已在我自己的財務組織中開始利用人工智慧來提高生產力。

Turning to cash flow and capital allocation. We generated $1.3 billion of operating cash flow in the quarter and free cash flow was a positive $790 million, a significant improvement sequentially and as expected. At the end of fiscal Q3, inventory totaled $7.2 billion, down $933 million sequentially.

轉向現金流和資本配置。我們在本季產生了 13 億美元的營運現金流，自由現金流為正 7.9 億美元，與上一季相比有顯著改善，符合預期。截至第三財季末，庫存總額為 72 億美元，季減 9.33 億美元。

Excluding July ending Juniper inventory of approximately $1 billion. Q3 ending stand-alone HP inventory was $6.2 billion, down $1.9 billion sequentially. Reducing inventory levels has been a key priority, and we exited Q3 with our balance near our normalized level.

不包括 7 月底瞻博網路約 10 億美元的庫存。第三季期末獨立惠普庫存為 62 億美元，較上一季下降 19 億美元。降低庫存水準一直是我們的首要任務，我們在第三季結束時庫存餘額已接近正常水準。

Our Q3 cash conversion cycle was positive 35 days, up 9 days from last quarter. The inclusion of Juniper unfavorably impacted our CCC calculation this quarter as it includes only one month of Juniper's revenue and cost of sales results versus the consolidation of Juniper's July ending balances.

我們第三季的現金轉換週期為正 35 天，比上一季增加了 9 天。Juniper 的加入對我們本季的 CCC 計算產生了不利影響，因為它僅包括 Juniper 一個月的收入和銷售成本結果，而不是 Juniper 7 月份期末餘額的合併。

This timing issue obscures both the progress we made improving our CCC and the positive contributions for working capital the business generated on a sequential basis when excluding Juniper. We expect our CCC will improve in Q4 with a full quarter's consolidation of Juniper's financials as we expect the amount of free cash flow we generate to increase sequentially, consistent with typical seasonality.

這個時間問題掩蓋了我們在改善 CCC 方面所取得的進展，以及在排除瞻博網路後業務連續產生的營運資本的正面貢獻。我們預計，隨著瞻博網路整個季度的財務狀況合併，我們的 CCC 將在第四季度得到改善，因為我們預計我們產生的自由現金流量將連續增加，與典型的季節性一致。

We returned $171 million to shareholders through dividends, but were unable to repurchase shares during the quarter because we were in possession of material non-public information that we have since disclosed.

我們透過股息向股東返還了 1.71 億美元，但由於我們掌握了後來披露的重大非公開信息，因此本季度無法回購股票。

As we prioritize debt reduction, we remain committed to our dividend policy and expect quarterly share repurchases comparable to levels reported in the first half of fiscal '25. And partially offsetting share dilution resulting from stock-based compensation.

在我們優先考慮減少債務的同時，我們仍然致力於我們的股息政策，並預計季度股票回購將與 25 財年上半年報告的水平相當。並部分抵銷股票薪酬造成的股份稀釋。

At quarter end and including incremental debt associated with the transaction, our pro forma combined net leverage ratio was 3.1 times. We remain committed to our investment-grade credit rating and intend to reduce our net leverage ratio back to our target in the 2 times range by the end of fiscal 2027.

截至季末，包括與交易相關的增量債務，我們的預測合併淨槓桿率為 3.1 倍。我們仍然致力於維持我們的投資等級信用評級，並計劃在 2027 財年末將淨槓桿率降低至 2 倍左右的目標水準。

Now let's turn to guidance. We are revising our FY25 outlook to incorporate four months of contributions from Juniper Networks. For revenue, we expect constant currency growth of 14% to 16% and estimate currency impacts of 30 basis points, up nominally versus last quarter's estimate.

現在讓我們轉向指導。我們正在修改 FY25 展望，以納入瞻博網路四個月的貢獻。對於收入，我們預計固定匯率成長率為 14% 至 16%，並估計匯率影響為 30 個基點，與上一季的估計相比名義上有所上升。

With the inclusion of Juniper, we expect our non-GAAP gross margin outlook for Q4 to be in the mid-30% range and fiscal 2025 to be above 30%. We expect operating expense to increase sequentially, driven by a full quarter inclusion of Juniper.

隨著瞻博網路的加入，我們預計第四季的非 GAAP 毛利率將達到 30% 左右，2025 財年的毛利率將達到 30% 以上。我們預計，由於 Juniper 整個季度的納入，營運費用將環比增加。

We expect full year non-GAAP operating margin to be in the upper 9% range at the midpoint, benefiting from a sequential improvement in Q4 to the upper 11% range, driven by the continued improvement in server margins and the accretive contributions from Juniper.

我們預計全年非 GAAP 營業利潤率將在中點處於 9% 的較高水平，受益於第四季度環比改善至 11% 的較高水平，這得益於伺服器利潤率的持續提高和瞻博網路的增值貢獻。

We are revising our FY25 GAAP EPS range to $0.42 to $0.46, which includes the impact of Juniper. We are raising our non-GAAP EPS range to $1.88 to $1.92, which reflects accretive contributions from Juniper, though minimal for the year. We are reaffirming our estimate of a $0.02 impact from tariffs in the second half of the year.

我們將 25 財年 GAAP EPS 範圍修改為 0.42 美元至 0.46 美元，其中包括 Juniper 的影響。我們將非 GAAP 每股收益範圍上調至 1.88 美元至 1.92 美元，這反映了瞻博網路的增值貢獻，儘管對於今年來說貢獻很小。我們重申對下半年關稅影響 0.02 美元的估計。

Lastly, we are revising our free cash flow outlook to approximately $700 million. Excluding Juniper, we expect to generate approximately $1 billion of free cash flow in line with the guidance we provided last quarter.

最後，我們將自由現金流預期修改為約 7 億美元。不包括瞻博網絡，我們預計將產生約 10 億美元的自由現金流，符合我們上個季度提供的指引。

Through the end of Q3, year-to-date free cash flow was $934 million use of cash. We expect Q4 free cash flow to be up materially quarter over quarter due to better net earnings in addition to favorable working capital driven by significant improvements in accounts receivable collections.

截至第三季末，年初至今的自由現金流為 9.34 億美元。我們預計第四季度自由現金流將比上一季大幅成長，這得益於淨利潤的增加以及應收帳款回收情況的顯著改善帶來的良好營運資本。

For Q4, we expect revenue to be between $9.7 billion and $10.1 billion. For networking, we expect revenue will be up over 60% quarter over quarter, reflecting a full quarter of Juniper. We expect our networking operating margin in Q4 and fiscal 2025 to be in the low 20% range.

對於第四季度，我們預計營收將在 97 億美元至 101 億美元之間。對於網路方面，我們預計營收將環比成長 60% 以上，與瞻博網路整個季度的營收持平。我們預計第四季和 2025 財年的網路營運利潤率將在 20% 以下。

For hybrid cloud, we expect revenue to be roughly flat quarter over quarter with a sequentially improved operating margin in the mid to high single digits. For server, we forecast a mid to high single-digit decline in revenue quarter over quarter, driven by a greater than 30% sequential decline in AI systems revenue following the large deal that shipped in Q3.

對於混合雲，我們預計營收將與上一季大致持平，而營業利潤率將環比提高到中高個位數。對於伺服器，我們預測其收入將環比下降中高個位數，這是由於在第三季大宗交易之後，人工智慧系統收入將比去年季下降超過 30%。

We expect server operating margin to improve sequentially to around 10% for the quarter, reflecting continued momentum behind our improved execution and an improved mix towards enterprise and sovereign as we continue to focus on profitable growth.

我們預計本季伺服器營運利潤率將環比提高至約 10%，這反映出我們執行力的提升以及企業和主權業務組合的改善背後的持續動力，因為我們將繼續專注於獲利成長。

Going forward, we will remain focused on profitable growth in the service segment, and we'll continue to assess the optimal balance between volume growth and margins. We expect GAAP diluted net earnings per share to be between $0.50 and $0.54 and non-GAAP diluted net earnings per share to be between $0.56 and $0.60.

展望未來，我們將繼續專注於服務領域的獲利成長，並繼續評估銷售成長和利潤率之間的最佳平衡。我們預計 GAAP 稀釋每股淨收益在 0.50 美元至 0.54 美元之間，非 GAAP 稀釋每股淨收益在 0.56 美元至 0.60 美元之間。

Our Q4 EPS outlook reflects a sequential increase in diluted shares outstanding to 1.44 billion attributable to the conversion of Juniper related stock-based compensation shares and forward awards.

我們對第四季度每股收益的預期反映出，由於瞻博網路相關的股票薪酬股份和遠期獎勵的轉換，稀釋流通股數將連續增加至 14.4 億股。

Following the acquisition of Juniper, we now expect Q4 OI&E in the $180 million to $200 million range. We expect Q4 free cash flow to be up sequentially, reflecting typical seasonality and favorable working capital and increased net earnings.

收購瞻博網路之後，我們預計第四季的 OI&E 將在 1.8 億至 2 億美元之間。我們預期第四季自由現金流將較上季上升，反映出典型的季節性、有利的營運資本和增加的淨收益。

With that, I look forward to seeing you at SAM in October. And now let me open the floor for questions.

因此，我期待十月在 SAM 見到您。現在請容許我回答大家的提問。

(Operator Instructions)

（操作員指示）

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah. Thanks for taking the question and congrats on the close of the Juniper acquisition. I guess I want to just dive a little bit deeper into the server margin profile that you guys see. I think -- and Tony, in your prepared comments, you said that we've returned to more of a normalized operating margin on the traditional server line.

是的。感謝您回答這個問題，並祝賀瞻博網路收購完成。我想我想更深入地了解你們看到的伺服器邊際概況。我認為——托尼，在您準備好的評論中，您說過，我們在傳統伺服器產品線上已經恢復到了更正常的營運利潤率。

I guess if I look back, I would assume that's kind of in that low double digit, let's call it, 11% to 13% range. I guess if I'm to do that math, it leaves me to question the profitability of the AI server business. And so I guess as you think about that 10%, maybe you can unpack the drivers of getting to that level? And how should we think about that AI server margin profile? Thank you.

我想，如果我回顧一下，我會認為這個數字處於低兩位數，我們稱之為 11% 到 13% 的範圍內。我想如果我要做這個計算的話，我就會質疑人工智慧伺服器業務的獲利能力。因此我想，當您考慮那 10% 時，也許您可以找到達到該水平的驅動因素？我們該如何看待 AI 伺服器的邊際概況？謝謝。

Thank you, Aaron, for the question. First, we are very pleased with the progression we made between Q1 to Q2 to Q3 based on the challenges we experienced in Q1 with price and discounting. And as you said, we resolved those issues and the traditional servers back to historical levels around that 10% to 12%, as you talked about it.

謝謝 Aaron 提出的問題。首先，基於我們在第一季遇到的價格和折扣方面的挑戰，我們對在第一季到第二季到第三季之間的進展感到非常滿意。正如您所說，我們解決了這些問題，傳統伺服器恢復到了您所說的 10% 到 12% 左右的歷史水平。

And so we believe that's consistent with what we see going forward. Remember, there is a mix shift in addition to those pricing and discount changes to Gen-11 and Gen-12. The structure of those products is different than Gen-10 or Gen-10.5, obviously, as higher AUP, different attach rates and the like. And that's going to be a core foundation as we enter Q4 for delivering at the total server segment the around 10% for the quarter.

因此我們相信這與我們未來的看法是一致的。請記住，除了 Gen-11 和 Gen-12 的定價和折扣變化之外，還有組合變化。這些產品的結構與 Gen-10 或 Gen-10.5 明顯不同，例如 AUP 較高、附加率不同等等。這將是我們進入第四季度的核心基礎，以實現本季整個伺服器領域的約 10% 的成長。

Now this quarter, obviously, the mix of AI and in particular, one deal -- and the work we did on inventory had a short-term impact that ultimately took that what I call the overall server margin down to the 6.4%, but as we exit that, which already recognized, then you're going to get a natural lift into that higher single digit to close to 10%.

現在，本季度，顯然，人工智慧的結合，特別是一筆交易——以及我們在庫存方面所做的工作，產生了短期影響，最終將我所說的整體伺服器利潤率降至 6.4%，但隨著我們退出這個已經確認的水平，那麼你將自然而然地獲得更高的個位數提升，接近 10%。

And then, therefore, also, you have also the mix of sovereign and enterprise in the AI revenue conversion because as we move from more a server provider centric revenue conversion to more sovereign an enterprise revenue conversion in AI, obviously, we're going to convert less in aggregate numbers, but it's going to have a different margin profile. And that's why Maria and I and the team are very confident that in Q4, the total server operating margin will be around 10%.So that's the WACC, Aaron.

因此，在人工智慧收入轉換中，你也會看到主權收入和企業的混合，因為隨著我們從以伺服器提供者為中心的收入轉換轉向人工智慧中主權企業收入轉換，顯然，我們的總體轉換數量會減​​少，但利潤率會有所不同。這就是為什麼瑪麗亞、我和團隊非常有信心，第四季度的總伺服器營運利潤率將達到 10% 左右。這就是加權平均資本成本 (WACC)，Aaron。

And I'd just add, Aaron, we also have a robust internal framework that guides us in how we evaluate these AI-related deals and prioritize them as well.

我還要補充一點，Aaron，我們還有一個強大的內部框架，可以指導我們如何評估這些與人工智慧相關的交易並確定其優先順序。

Very good. Thank you, Aaron. Operator, next question, please.

非常好。謝謝你，亞倫。接線員，請問下一個問題。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you so much. Now that Juniper is closed, can you maybe just talk about some of the early progress on integration and go-to-market changes that we should expect? And any top line synergies and early customer feedback?

是的，非常感謝。現在 Juniper 已經關閉，您能否談談我們應該期待的整合和上市變化方面的一些早期進展？還有什麼頂線協同效應和早期客戶回饋嗎？

And Marie, maybe if you could Talk about just the longer-term opportunity for HPE in AI or Antonio. Just relative to networking versus servers, where do you see the larger opportunity for both from a revenue TAM and from a margin or profitability standpoint? Thank you so much.

瑪麗，也許您可以談談 HPE 或安東尼奧在人工智慧領域的長期機會。僅相對於網路與伺服器而言，從收入 TAM 以及利潤率或獲利能力的角度來看，您認為兩者的更大機會在哪裡？太感謝了。

Thank you, Wamsi. So first, we are incredibly pleased. We closed the transaction of Juniper. I think it was close to the right time because, obviously, market recovery is taking place. But also we see demand across multiple subsegments of the networking market.

謝謝你，Wamsi。首先，我們非常高興。我們完成了 Juniper 的交易。我認為現在已接近正確時機，因為顯然市場正在復甦。但我們也看到網路市場多個細分領域的需求。

And as we commented during my remarks and Marie's remark, every subsegment networking had a very strong performance, whether it was HP Intelligent Edge standalone or Juniper standalone and obviously, on a combined basis is even very, very strong.

正如我和瑪麗在演講中所說，每個子段網絡都有非常強勁的表現，無論是 HP Intelligent Edge 獨立網絡還是 Juniper 獨立網絡，而且顯然，綜合起來表現非常非常強勁。

But if you look at Campus and Branch, both companies are doing very well, both companies grow in double digits. So that's very strong in data center switching, and we talked about this during the July 9 call. Juniper had a record break in performance in data center switches and also a very good performance in routing, which we call it the automated one.

但如果你看看 Campus 和 Branch，兩家公司都表現得很好，兩家公司都實現了兩位數的成長。因此，這在資料中心交換方面非常強大，我們在 7 月 9 日的電話會議上討論了這一點。Juniper 在資料中心交換器的效能上創下了紀錄，在路由方面也有非常好的表現，我們稱之為自動化路由。

Security was also up in the single-digit year over year revenue growth driven by SASE. And then the progress we have made is that is very strong, meaning integration is progressing really well. We have a series of milestones, which we call it the employee day one, which is onboarding the employees into our systems. That's a combination of benefits and other things that have to take place.

在 SASE 的推動下，安全業務的收入也實現了年比個位數成長。我們取得的進展非常強勁，這意味著整合進展非常順利。我們有一系列的里程碑，我們稱之為員工第一天，即將員工納入我們的系統。這是各種好處和其他必須發生的事情的結合。

And then we have the harmonization of the sales force, which we call it sales day one, and that takes place at the end of this calendar year. And we already are incentivizing both sales forces to sell both products.

然後，我們對銷售團隊進行協調，我們稱之為銷售第一天，這將在今年年底進行。我們已經在激勵雙方銷售人員銷售這兩種產品。

And I can tell you the channel community is super excited to be able to sell both products because the combination of both products allows them to cover every vertical, every use case in every geography. And the fact of the matter is that the complementary two portfolio allows us to drive strong security integration in our stack in addition to the integration with the rest of the portfolio with server and storage.

我可以告訴你們，通路社群非常高興能夠銷售這兩種產品，因為這兩種產品的結合使他們能夠涵蓋每個地區的每個垂直領域、每個用例。事實上，除了與伺服器和儲存產品組合的其他部分整合之外，互補的兩個產品組合還使我們能夠在我們的堆疊中推動強大的安全整合。

So we will be able to talk more about this once at the Securities Analyst Meeting. Rami will take center stage and walk through the strategy, early views of the [pro roadmap], how we are driving the sales force integration including our channel ecosystem. And we believe that's going to be an opportunity as we enter 2026 and then obviously, '27, '28.

因此我們將能夠在證券分析師會議上進一步討論這個問題。拉米 (Rami) 將佔據中心位置，介紹該策略、[專業路線圖] 的早期觀點，以及我們如何推動銷售隊伍整合，包括我們的通路生態系統。我們相信，這將是我們進入 2026 年以及隨後的 2027 年、2028 年的機會。

Your question about AI. As I think about the AI space, I always grant myself on three very distinct customer segments. In the service provider segment and model builders, -- our strategy is to lead with networking for AI. The opportunity is significant.

您關於人工智慧的問題。當我思考人工智慧領域時，我總是將自己分成三個截然不同的客戶群。在服務提供者和模型建構者領域，我們的策略是引領人工智慧網路。這個機會意義重大。

Juniper is getting traction is becoming the de facto standard in many of those customers and the opportunity with HP is to expand that footprint. And then we will sell the server products in that unique segment where it makes sense for an accretion from a margin perspective and working capital perspective. If you go to the sovereign space, which we saw this quarter a 200%-plus growth on a year over year basis, and that sovereign also includes new clouds.

Juniper 正在獲得發展，成為許多客戶事實上的標準，而與 HP 合作的機會就是擴大這一影響力。然後，我們將在該獨特領域銷售伺服器產品，從利潤率和營運資本的角度來看，這有利於實現成長。如果你關注主權領域，我們會看到本季該領域年增超過 200％，而且主權領域還包括新的雲端。

We will lead with an integrated rack scale architecture, meaning networking plus the server business and all the services that comes with it. And that will allow us to cover multiple type of offerings as customers in that segment may have the need to drive optionality and flexibility.

我們將採用整合式機架規模架構，即網路加上伺服器業務以及隨之而來的所有服務。這將使我們能夠涵蓋多種類型的產品，因為該領域的客戶可能需要推動可選性和靈活性。

And we have unique conversations with our partners. And then in the enterprise space, through the AI factory engagement with our private cloud AI portfolio, which this quarter added 300-plus new logos, double from last quarter. We will lead with a full integrated stack.

我們與合作夥伴進行了獨特的對話。然後在企業領域，透過 AI 工廠與我們的私有雲 AI 產品組合的合作，本季增加了 300 多個新標識，比上一季增加了一倍。我們將以完整的整合堆疊為主導。

And that's what we did with NVIDIA. The integration of their software with our GreenLake plus the integrated infrastructure with our HP proline and Cray for the GPUs and then our Alletra MP Storage or fast object and file plus all the services around it to life cycle manage that solution.

這就是我們與 NVIDIA 合作所做的事情。他們的軟體與我們的 GreenLake 集成，加上與我們的 HP proline 和 Cray 的集成基礎設施（用於 GPU），然後是我們的 Alletra MP 存儲或快速對象和文件以及圍繞它的所有服務，以生命週期管理該解決方案。

So I think at a portfolio level, we can service every segment find the right balance. But I think network make us now stronger in the AI space because one of the key elements of that IT stack is the network at scale. Juniper brings amazing technology, both the data center switching and the routing piece because once you integrate this in a large AI deployment, you need to core aggregate all of this through the leaf and spine into the data center footprint, and that requires also a routing product. So more to come at some.

因此我認為在投資組合層面，我們可以為每個細分市場找到適當的平衡。但我認為網路讓我們在人工智慧領域變得更加強大，因為 IT 堆疊的關鍵要素之一是大規模網路。Juniper 帶來了令人驚嘆的技術，包括資料中心交換和路由部分，因為一旦將其整合到大型 AI 部署中，就需要透過葉子和主幹將所有這些核心聚合到資料中心覆蓋範圍內，而這也需要路由產品。還有一些其他內容。

Okay. Thank you, Wamsi. Operator, next question, please.

好的。謝謝你，Wamsi。接線員，請問下一個問題。

Samik Chatterjee, JP Morgan.

摩根大通的 Samik Chatterjee。

Yeah. Hi, thanks for taking my question. Antonio, you talked about -- just following up here on the Juniper sort of line of topics. Your networking overall margins are taking a bit of a step down to the sort of low 20 range, where the segment historically has been about mid-20s.

是的。你好，謝謝你回答我的問題。安東尼奧，您剛才談到了——只是在這裡跟進 Juniper 之類的話題。您的網路整體利潤率略微下降至 20% 以下，而該細分市場的歷史利潤率一直都在 20% 左右。

How should we think about with the synergy road map that you have when the segment gets back to that sort of mid-20s level because some of the back of the envelope math on the synergies would suggest you could actually probably go north of that as well long term, but maybe just lay out the roadmap for us in terms of how to think about the progress on the margin front from the new sort of level that you have post consolidation of Juniper?

當該部門回到 25 年代中期的水平時，我們應該如何考慮你們的協同路線圖，因為一些關於協同效應的粗略計算表明，從長遠來看，你們實際上可能會超越這個水平，但也許你們只是為我們制定了路線圖，說明如何從你們與瞻博網絡合併後的新水平來考慮利潤方面的進展？

And Marie, if I can quickly squeeze in one on cash, get the headwinds in terms of closing Juniper on the cash flow this year. But -- how should we think about sort of the impact on next year's cash flow in relation to any closing costs or integration costs? Thank you.

瑪麗，如果我能快速擠出一筆現金，那麼今年在關閉瞻博網路的現金流方面就會遇到阻力。但是——我們應該如何考慮任何成交成本或整合成本對明年現金流的影響？謝謝。

So I will pass it to Marie because I think she will be able to answer both questions. So simply.

所以我會把它傳給瑪麗，因為我認為她能夠回答這兩個問題。就這麼簡單。

Yeah, no worries. And thanks, Antonio. So just to preface my answer before I get started. So I'm going to answer both questions in the context of our Q4 and full year '25 guide. We will provide longer-term update to your questions, particularly around cash as we get into Security Analyst Meeting in early October.

是的，不用擔心。謝謝你，安東尼奧。因此，在我開始回答之前，我先做個鋪墊。因此，我將根據我們的 2025 年第四季和全年指南來回答這兩個問題。我們將為您的問題提供長期更新，特別是在 10 月初召開安全分析師會議時有關現金的問題。

So let me unpack first of all the networking margin rate. So in the quarter, -- as you recall, we integrated a month of Juniper's results and our Intelligent Edge business. We combine them now into one segment called the networking segment. And the combined operating margins were 20.8%.

首先讓我來解釋一下網路保證金率。因此，在本季度，正如您所記得的那樣，我們整合了瞻博網路一個月的業績和我們的智慧邊緣業務。我們現在將它們合併為一個部分，稱為網路部分。合併營業利益率為20.8%。

If you look -- I think your question was focused specifically on the Edge business. Our edge margin, actually, I disclosed in my prepared remarks, was 22.7%. And we did see a sequential reduction, and that was really due to two primary factors, one is variable comp expense and the other one is product-related costs.

如果你看一下——我認為你的問題特別集中在 Edge 業務上。實際上，我在準備好的發言中透露，我們的優勢利潤率為 22.7%。我們確實看到了連續的減少，這實際上是由於兩個主要因素，一個是變動補償費用，另一個是產品相關成本。

And I did guide the Q4 up range to the low 20s as we get into the quarter. And the reason for that Summit is obviously, Juniper's rate was a few points below our intelligent ad business. So just bear that in mind as you think forward to the networking margin rates.

當我們進入本季時，我確實將第四季的漲幅預測到了 20% 出頭。舉辦此次高峰會的原因顯然是，Juniper 的費率比我們的智慧廣告業務低幾個百分點。因此，當您考慮網路保證金率時，請記住這一點。

Now with respect to your question on cash flow, we're confident in our guidance for the year. And I would just say, as you think about cash, the puts and takes, obviously, you brought up Juniper costs, and we will give more clarity on that as we get through to Sam.

關於您關於現金流的問題，我們對今年的指導充滿信心。我想說的是，當你考慮現金、投入和收益時，顯然你提到了瞻博網路的成本，當我們與 Sam 聯繫時，我們會對此做出更清晰的說明。

But even as we get into Q4, there's obviously cost that I believe I commented on in Q3 and Q4 and also the increase in OI&E. So all of that taken into account when you think about cash flow. And I'd just add, look, we are absolutely focused on free cash flow. We'll give you a lot more detail as we had the security analysts. As you know, our leverage has gone up. And so free cash flow generation is paramount for us.

但即使我們進入第四季度，顯然仍存在成本，我相信我在第三和第四季度已經評論過，而且 OI&E 也有所增加。因此，當您考慮現金流時，所有這些都會被考慮在內。我還要補充一點，看，我們絕對要關注自由現金流。由於我們有安全分析師，我們會向您提供更多詳細資訊。如您所知，我們的槓桿率已經上升。因此，自由現金流的產生對我們來說至關重要。

Thank you. I want to enforce the last point. Because of the integration of Juniper and the ability to generate earnings, but also pay down the debt, our main focus going forward, in addition to drive the right balance of growth and operating margins is really free cash flow generation. And so we will be able to talk more about this at some.

謝謝。我想強調最後一點。由於瞻博網路的整合以及創造收益的能力，同時也償還了債務，我們未來的重點除了推動成長和營業利潤率的適當平衡之外，還真正致力於自由現金流的產生。因此我們可以在某些時候進一步討論這個問題。

Thank you for the question, Samik. Operator, next question, please.

謝謝你的提問，薩米克。接線員，請問下一個問題。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Good afternoon. Thanks for being my question. Yeah. I guess -- Antonio, I wanted to sort of go back to the networking discussion. It sounds like both Intelligent Edge and also Juniper are doing fairly well from a revenue basis. I guess, simplistically, how do you think about the growth rate for the combined business as we go forward, if you think the networking market grows 5%, 6% a year? How do you think HPE plus Juniper can do?

午安.謝謝你提出我的問題。是的。我想——安東尼奧，我想回到網路討論。聽起來，從收入角度來看，Intelligent Edge 和 Juniper 的表現都相當不錯。我想，簡單地說，如果您認為網路市場每年成長 5% 或 6%，那麼您如何看待合併後業務未來的成長率？您認為 HPE 和 Juniper 的組合效果如何？

And then really, over time, how do you think about product integration on the campus side between Aruba and Mist, do you think we need to mystify Aruba or -- and have a single product? Or do you think you can have both the products in the marketplace simultaneously? Thank you.

那麼，隨著時間的推移，您如何看待 Aruba 和 Mist 在校園方面的產品集成，您認為我們需要讓 Aruba 變得神秘還是——擁有單一產品？或者您認為您可以同時在市場上銷售這兩種產品嗎？謝謝。

Yeah. Thanks, Amit. Rami and I and the team are very pleased with the momentum both businesses have in the market. That's a reflection of the both offers are very strong. And let's remind ourselves that that's true for campus and branch.

是的。謝謝，阿米特。拉米、我和團隊對兩家公司在市場上的發展勢頭感到非常滿意。這反映出這兩個報價都非常有吸引力。讓我們提醒自己，這對校園和分店來說都是正確的。

But when you go to data center switch in and obviously, the one business, that's 100% Juniper. And then in the security space, we have a robust security portfolio because we need to lead with a secure network approach, and that's inclusive of Juniper firewalls and the Secure Access Service Edge or the which both companies have very strong offerings.

但是當你進入資料中心切換時，顯然，這一項業務 100％ 都是 Juniper 的。然後在安全領域，我們擁有強大的安全產品組合，因為我們需要採用安全網路方法，其中包括瞻博網路防火牆和安全存取服務邊緣，或兩家公司都擁有非常強大的產品。

And as you recall, in 2020, we acquired Silver Peak to drive the convergence between -- convergence between SD-WAN and security. But as I think going forward, our goal is to build the best networking business, and that means we're going to grow above market.

大家還記得，2020 年，我們收購了 Silver Peak，以推動 SD-WAN 與安全性之間的整合。但我認為，展望未來，我們的目標是打造最好的網路業務，這意味著我們的成長速度將超越市場。

And that's the reality, and we're going to explain how that's going to be the case over the next three years. And we have an opportunity across AI and cloud and across the infrastructure itself. And when I think about the Campus and Branch question, -- we were very clear with Rami. We're going to thoughtfully integrate the Juniper platform and the Aruba Central platform because you need to think about Dallager, everything below that is very straightforward.

這就是現實，我們將解釋未來三年的情況將如何發展。我們在人工智慧、雲端運算和基礎設施本身領域都擁有機會。當我考慮校園和分支機構的問題時，我們對拉米的回答非常清楚。我們將精心整合 Juniper 平台和 Aruba Central 平台，因為你需要考慮 Dallager，以下的一切都非常簡單。

There is no confusion because the reality is that we have a very strong robust campus switching portfolio, which obviously has -- a lot of that has the wire piece, which is Aruba silicon than Wi-Fi access points, I don't think that's too complicated, and we're going to show what that looks like.

這並不令人困惑，因為事實上我們擁有非常強大的校園交換產品組合，其中顯然有很多線路部分，即 Aruba 矽片而不是 Wi-Fi 接入點，我認為這並不太複雜，我們將展示它的樣子。

And then finally, is the extension into IoT private 5G,which obviously HPE has unique offers. But that integration of the cloud and AI Ops is where that experience will evolve. But we are not going to leave any customers behind. We're going to sell both products -- and you're going to see an integration that suddenly happen over time through the AI Ops layer.

最後，是向物聯網私有 5G 的擴展，顯然 HPE 在這方面有獨特的優勢。但雲端和 AI Ops 的整合才是體驗發展的基石。但我們不會拋棄任何客戶。我們將銷售這兩種產品——並且您將看到透過 AI Ops 層隨著時間的推移突然發生的整合。

And that's the opportunity we have here. And the good news customers want both today, and we can serve every market vertical. And we can also deploy any type of solution, whether it's cloud-based, virtual private cloud, meaning sovereign and then on-prem. And that's the opportunity we have ahead of us.

這就是我們所擁有的機會。好消息是，如今客戶需要這兩種服務，而我們可以服務每個垂直市場。我們還可以部署任何類型的解決方案，無論是基於雲端的、虛擬私有雲、主權雲或內部部署。這就是我們面臨的機會。

And then last but not least, on the data center switching side, in addition to networking for AI, we are also working integration in the private cloud portfolio with the software-defined networking components that Juniper brings through Fidelma's hybrid cloud, OpSuite. And then obviously, in our storage and server business, which required a switch along the way.

最後但同樣重要的一點是，在資料中心交換方面，除了人工智慧網路之外，我們還致力於將私有雲產品組合與瞻博網路透過 Fidelma 的混合雲 OpSuite 帶來的軟體定義網路元件整合。顯然，我們的儲存和伺服器業務需要在過程中進行轉換。

Very good. Thank you, Amit. Operator, next question, please.

非常好。謝謝你，阿米特。接線員，請問下一個問題。

David Vogt, UBS.

瑞銀的戴維·沃格特。

Great. Thanks guys for taking the question. So, Antonio, I want to go back to the networking piece and maybe Marie can chime in on this. I think you talked about the traction that Juniper is getting with some of these AI model builders and sort of that part of the network.

偉大的。感謝大家回答這個問題。所以，安東尼奧，我想回到網路部分，也許瑪麗可以對此發表意見。我想您談到了瞻博網路在一些 AI 模型建構器和網路的某些部分上所取得的進展。

How much of sort of the opportunity to grow is predicated on Juniper's traction with those customers? And then maybe along those lines, I think Marie mentioned some product-related costs. Was that mix in the networking section do more AI-centric offerings?

有多少成長機會取決於瞻博網路對這些客戶的吸引力？然後也許沿著這個思路，我認為瑪麗提到了一些與產品相關的成本。網路部分的組合是否提供更多以人工智慧為中心的產品？

And how do we think about that mix shift going forward from a more enterprise campus centric model to one more -- hopefully, one more towards an AI model building sort of cloud model going forward? Thank you.

我們如何看待這種混合轉變，從更以企業園區為中心的模式轉變為更接近人工智慧模式建構的雲端模型？謝謝。

Yeah. Thank you. No, the AI opportunity is across all the three segments I mentioned earlier, right, in networking, which is the service provider where we have the vision to lead with networking there because there is unique value proposition, performance, cost, simplicity, life cycle management and AI-driven capabilities. When you go to the sovereign space, same thesis. And that's even more important because you now drive rack-scale integration with the rest of the server business.

是的。謝謝。不，人工智慧的機會遍及我之前提到的所有三個領域，在網路領域，即服務提供者領域，我們有願景引領網路領域，因為它具有獨特的價值主張、效能、成本、簡單性、生命週期管理和人工智慧驅動的能力。當你進入主權空間時，論點是一樣的。這甚至更為重要，因為您現在推動機架規模與其他伺服器業務的整合。

And then at the enterprise layer, -- of course, we want to integrate the Juniper switch in everything we do in cloud and AI going forward by giving customers choice and flexibility. So the opportunity for networking in AI is across all three segments.

然後在企業層——當然，我們希望透過為客戶提供選擇和靈活性，將瞻博網路交換器整合到我們在雲端和人工智慧領域所做的一切工作中。因此，人工智慧網路的機會遍及所有三個領域。

Now in the service provider space, obviously, once you lay down the simple analogy I make you laid the pipes inside the data center and you connect the data center to the rest of the interconnect process, then obviously, you become the standard. And then from that solution, you kind of hang this amount of that comes with those deployments.

現在在服務提供者領域，顯然，一旦你放下簡單的類比，我讓你在資料中心內鋪設管道，並將資料中心連接到其餘的互連過程，那麼顯然，你就成為了標準。然後從該解決方案中，您可以掛起這些部署所帶來的數量。

And so this is why the opportunity is significant. And the benefit for Juniper, which already had good traction, is access to a very -- a larger number of customers that were not able to access before because we are strategic in many geos.

這就是為什麼這個機會如此重要。對於已經具有良好發展勢頭的瞻博網路來說，其優勢在於可以接觸到大量以前無法接觸到的客戶，因為我們在許多地區都具有策略性。

Remember, we cover 172 countries -- and also our heritage in countries and geographies where our mix is shifted to those geos, example, Europe and Asia versus North America. So -- there is an opportunity here as we integrate the sales force but also integrate the architectures.

請記住，我們的業務涵蓋了 172 個國家/地區，我們的業務組合也轉移到了其他國家和地區，例如歐洲和亞洲與北美。因此，當我們整合銷售團隊並整合架構時，這裡就存在著一個機會。

And then, David, just to add on to your question around the product costs. That was actually in the Intelligent Edge business that I mentioned that was on a sequential basis, and it was related to a platform transition. Thank you.

然後，大衛，我只是想補充你關於產品成本的問題。這實際上是我提到的智慧邊緣業務，它是連續的，並且與平台轉型有關。謝謝。

Thank you, David. Operator, next question, please.

謝謝你，大衛。接線員，請問下一個問題。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Hey guys, thanks so much for taking my question. Antonio, I was wondering if you could maybe -- just take a step back and share some details on what you're hearing from customers, what you're seeing in the pipeline as it relates to kind of end market growth for your three core end markets, networking, server and storage.

嘿夥計們，非常感謝你們回答我的問題。安東尼奧，我想知道您是否可以——退一步，分享一些您從客戶那裡聽到的細節，以及您在渠道中看到的與三大核心終端市場（網絡、伺服器和存儲）的終端市場增長相關的內容。

And really, what I'm trying to understand is there are some maybe concerns that the markets could be rolling over. There's obviously a lot of aged infrastructure that can be refreshed. What are you hearing from your customers about prioritizing those types of upgrades.

事實上，我想了解的是，人們可能擔心市場可能會出現波動。顯然，有很多老化的基礎設施可以更新。您從客戶那裡聽到了什麼關於優先考慮這些類型的升級的意見。

And from the HPE perspective, if we put networking to the side because you've talked to nauseum there, just where do you see the biggest opportunity to take share with the core HPE portfolio in those respective end markets? Thanks so much.

從 HPE 的角度來看，如果我們將網路放在一邊，因為您已經與 nauseum 討論過了，那麼您認為在各個終端市場中利用核心 HPE 產品組合奪取份額的最大機會在哪裡？非常感謝。

Well, thank you, Erik and welcome. I know you are starting the coverage of our company just a few weeks ago. So we appreciate you spending time with us. My view is that the market is robust. We saw that throughout the Q3 quarter.

好吧，謝謝你，艾瑞克，歡迎你。我知道您幾週前才開始報道我們公司。因此我們非常感謝您花時間與我們在一起。我的觀點是市場是強勁的。我們在整個第三季都看到了這一點。

Linearity was very consistent. There was nothing unnatural -- despite sometimes the true tariffs, no tariffs, but Marie commented on that, that the net impact of that is very minimal for us at this point in time. And I will say on the server side, let's start with that on the traditional server side. There is a refresh going on. We saw double-digit year over year revenue growth in traditional servers.

線性非常一致。沒有什麼不自然的——儘管有時有真正的關稅，但沒有關稅，但瑪麗評論說，目前這對我們造成的淨影響非常小。我要說的是伺服器端，讓我們從傳統的伺服器端開始。正在進行刷新。我們看到傳統伺服器的營收年增了兩位數。

Customers are refreshing edge infrastructure with more richly configured servers because they can reduce space and cooling on an aggregate basis. So with our introduction in Gen 12 servers, we demonstrate we can replace 7 Gen 11 servers and 14 Gen 10 servers, and, at the same time, reducing the power consumption by 65% in addition to increase the security in their infrastructure because now we support our own internal iLO 7, which is basically the quantum proof encryption.

客戶正在使用配置更豐富的伺服器來更新邊緣基礎設施，因為他們可以從整體上減少空間和冷卻需求。因此，隨著我們推出第 12 代伺服器，我們證明我們可以替換 7 台第 11 代伺服器和 14 台第 10 代伺服器，同時將功耗降低 65%，此外還提高了其基礎設施的安全性，因為現在我們支援我們自己的內部 iLO 7，這基本上是量子證明加密。

And so that's an example of what we see, and that was consistent across all three gears. Now there, we participate with discipline. And ultimately, it's a question of volume and margins, which we demonstrated in Q3 that we can do after the challenge we had in Q1. So that's one example. And we believe over time, we believe we are poised to potentially gain share in enterprise.

這就是我們所看到的一個例子，並且在所有三個齒輪中都是一致的。現在，我們要有紀律地參與。最終，這是一個數量和利潤的問題，我們在第三季度證明了，在克服了第一季的挑戰之後，我們可以做到這一點。這是一個例子。我們相信，隨著時間的推移，我們將有可能在企業中獲得份額。

In the hybrid cloud space, huge opportunity through the transition of the virtualization layer. One of the areas people are focused on AI, obviously, for good reasons. But I can tell you, one of the most exciting areas we see is the ability for customers to update or change their virtualization layer because of the rising costs they have seen in the last, call it, two years.

在混合雲領域，透過虛擬化層的轉換可以帶來巨大的機會。顯然，人們關注的領域之一是人工智慧，這是有充分理由的。但我可以告訴你，我們看到的最令人興奮的領域之一是客戶能夠更新或更改他們的虛擬化層，因為他們在過去兩年中看到成本不斷上升。

We have an enormous amount of proof of concepts going on with our Morpheus and Via Essentials. What we really focus there is the conversion from PCs to revenue. This quarter, we had double-digit growth in our entire software portfolio, which includes OpsRamp, which provides deep observability inside the data center and outside the data center and a multi-cloud and multi-vendor so that they can use our AI co-pilot capabilities that we built inside GreenLake to reduce OpEx.

我們對 Morpheus 和 Via Essentials 進行了大量的概念驗證。我們真正關注的是從個人電腦到收入的轉換。本季度，我們的整個軟體產品組合都實現了兩位數的成長，其中包括 OpsRamp，它在資料中心內部和資料中心外部提供深度可觀察性，以及多雲和多供應商，以便他們可以使用我們在 GreenLake 內部構建的 AI 副駕駛功能來降低營運支出。

So they can reduce OpEx on licenses and can reduce OpEx on running that infrastructure in a way that is observed. So that's another example of growth that we expect. Private cloud is another area we expect to grow.

因此，他們可以減少許可證的營運支出，並可以以可觀察到的方式減少運行該基礎設施的營運支出。這是我們預期的成長的另一個例子。私有雲是我們預期成長的另一個領域。

And then storage on our transition to our IP portfolio. This was the third consecutive quarter of triple-digit year over year revenue growth in Alletra MP. Why that's happening is because we architect a new platform, that's totally disaggregated that provides the most effective block solution for those structural databases while at the same time, leverage the same infrastructure and grow that in a scale auto architecture into the unstructured data for fast object, which is necessary for training or fine-tuning rack models, especially if you do that on-prem and then eventually to do file ingestion. That value proposition is resonating with customers. That's why we gained 1 point of share in the last report from IDC.

然後儲存我們向 IP 產品組合的轉變。這是 Alletra MP 連續第三個季度實現三位數的年增長。之所以發生這種情況，是因為我們建立了一個完全分解的新平台，為這些結構化資料庫提供了最有效的區塊解決方案，同時利用相同的基礎架構，並將其在規模自動架構中擴展到快速物件的非結構化數據，這對於訓練或微調機架模型是必要的，特別是如果您在本地進行並最終進行文件提取。這項價值主張引起了顧客的共鳴。這就是我們在 IDC 的最新報告中獲得 1 個百分點的份額的原因。

And then in networking, you're right, we spoke (inaudible) but I do believe there is a transition anyway in the wire switching. Remember, we grew triple digits in Wi-Fi 7. And when you go to Wi-Fi 7, also you need more power at the port level to support those access points. And I believe that's going to be also another opportunity for us.

然後在網路方面，你是對的，我們說過（聽不清楚）但我確實相信在線路交換中無論如何都會有一個轉變。請記住，我們的 Wi-Fi 7 成長了三位數。當您使用 Wi-Fi 7 時，您還需要連接埠層級的更多電力來支援這些存取點。我相信這對我們來說也是另一個機會。

Very good. Thank you, Eric. Welcome. Last question, please, operator.

非常好。謝謝你，埃里克。歡迎。接線員，請問最後一個問題。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Thanks for taking the question. I wanted to see if you could revisit the topic of Juniper's position in AI. On the call, you hosted in July, Rami had indicated that Juniper had landed some deals in the back end. I'm wondering if you could unpack and give us a little bit more detail on that particular part of the business. Thank you.

感謝您回答這個問題。我想看看您是否可以重新討論瞻博網路在人工智慧領域的地位。在您 7 月主持的電話會議上，拉米表示瞻博網路已經在後端達成了一些交易。我想知道您是否可以詳細闡述該業務的特定部分並向我們提供更多細節。謝謝。

Yeah, Simon, I think team had done a great job in landing several customers to become the reference in the networking space above the deployment of NVIDIA Spectrum X, right? So obviously, inside the rack, it has from my spectrum all the way down to the Blink with the EBITDA Blackwell GPUs and the Grace Hopper GPUs.

是的，西蒙，我認為團隊在吸引多個客戶方面做得很好，成為 NVIDIA Spectrum X 部署之上網路領域的參考，對嗎？因此顯然，在機架內部，它涵蓋了從我的頻譜一直到帶有 EBITDA Blackwell GPU 和 Grace Hopper GPU 的 Blink。

But above that, we have become the standard in some of these very large deployments, and we are in a number of conversations with Neoclouds and other service providers where we want to become the standard in that space. And that's why we believe there is a big opportunity in leading with networking for a in that particular couple of segments. And so that's our strategy going forward.

但除此之外，我們已經成為一些非常大型部署的標準，我們正在與 Neoclouds 和其他服務提供者進行多次對話，我們希望成為該領域的標準。這就是為什麼我們相信，透過網路引領這些特定領域存在著巨大機會。這就是我們未來的策略。

And then obviously, that will make our servers more attractive because also we will have more integration of the rack scale for the sovereign space. And Juniper, when the transaction closed, had a very nice backlog that they built prior to the acquisition, and we expect to unwind up backlog and new orders as we go forward. And so Rami will be able to explain more about this as we go to the Security Analyst Meeting from a pure architecture perspective and how we are approaching that from a sales perspective. So thank you.

顯然，這將使我們的伺服器更具吸引力，因為我們也將對主權空間的機架規模進行更多的整合。在交易結束時，瞻博網路在收購前累積了大量積壓訂單，我們預計在未來的進展中，這些積壓訂單將得以解決，新訂單也將隨之而來。因此，當我們參加安全分析師會議時，拉米將能夠從純粹架構的角度對此進行更多解釋，以及我們如何從銷售的角度來解決這個問題。所以謝謝你。

Yeah. Sorry, we're running out of time, but we appreciate your time today. I hope you take away that we are executing with precision that we have a clear vision for the company. I am and the management team is very excited about the next chapter of HPE after the closing of the Juniper transaction.

是的。抱歉，我們的時間不多了，但我們很感謝您今天抽出時間。我希望你們能夠明白，我們正在精準執行，我們對公司有著清晰的願景。我和管理團隊對 Juniper 交易結束後 HPE 的下一篇章感到非常興奮。

You see the results of Juniper in our numbers with just one month, and we are excited to share more about this when we get at the Security Analyst Meeting in New York, which I know everybody is wanting to get framework for '26, '27, '28. But beyond that, I'm excited to share our vision and the strategy for the company with this amazing portfolio we've built. So thank you very much for your time.

您只需一個月的時間就能從我們的數據中看到 Juniper 的成果，我們很高興在紐約的安全分析師會議上分享更多相關信息，我知道每個人都希望獲得 26、27、28 年的框架。但除此之外，我很高興透過我們建立的這個令人驚嘆的投資組合來分享我們的願景和公司策略。非常感謝您抽出時間。

Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。