惠普企業 (HPE) 2026 Q3 法說會逐字稿

Good day, and welcome to the third quarter 2026 Hewlett Packard Enterprise earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Ms. Shannon Cross, Chief Strategy Officer. Please go ahead.

大家好，歡迎參加慧與科技（Hewlett Packard Enterprise）2026 會計年度第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想將會議交給首席策略長 Shannon Cross 女士。請開始。

Good afternoon. I'm Shannon Cross, Chief Strategy Officer for HPE. I'd like to welcome you to our fiscal 2026 third quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Marie Myers, HPE's Chief Financial Officer.

各位下午好。我是 Shannon Cross，HPE 的首席策略長。歡迎各位參加我們 2026 會計年度第三季財報電話會議；與會者包括 HPE 總裁暨執行長 Antonio Neri，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 the slide presentation accompanying the release on our HPE Investor Relations web page.

在把電話交給 Antonio 之前，先提醒各位，本次會議將以網路直播方式進行。直播重播將在會議結束後不久提供。我們已在 HPE 投資人關係網站上發布新聞稿，以及隨附於新聞稿的簡報投影片。

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

本次電話會議所提及的部分財務資訊屬於前瞻性陳述，係基於我們對自身業務以及目前所見之外部影響因素的最佳判斷。HPE 不承擔、亦無意更新任何此類前瞻性陳述之義務。

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, 2026.

我們亦提醒，本次電話會議所討論的財務資訊反映的是基於目前可得資訊所作之估計，且可能與 HPE 於截至 2026 年 7 月 31 日之會計季度所提交的 Form 10-Q 季度報告中最終揭露的金額存在重大差異。

Figures used in verbal remarks are rounded for ease of discussion. For more detailed information, please see the earnings materials as well as disclaimers relating to forward-looking statements that involve risks, uncertainties and assumptions. Please refer to HPE's filings with the SEC for a more detailed discussion of these risks.

口頭說明中使用的數字已為便於討論而四捨五入。如需更詳細資訊，請參閱財報相關資料，以及與涉及風險、不確定性與假設之前瞻性陳述相關的免責聲明。關於這些風險的更詳細討論，請參閱 HPE 向美國證券交易委員會（SEC）提交的文件。

For financial information that we are showing on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information. Please refer to the tables and slide presentation accompanying today's earnings release on our Investor Relations website for details. Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year-over-year basis.

對於我們以非 GAAP 基礎呈現的財務資訊，我們已提供與可比 GAAP 資訊之調節表。詳情請參閱我們投資人關係網站上，隨今日財報新聞稿一併發布的表格與簡報投影片。在本次電話會議中，除非另有說明，所有營收成長率皆以年對年（YoY）基礎呈現。

Unless otherwise noted, all financial metrics and growth rates discussed today are non-GAAP and EPS refers to non-GAAP diluted net earnings per share. Certain financial information featured in the presentation today has been normalized to include Juniper Networks results as of the beginning of HPE's fiscal year 2025.

除非另有說明，今日討論的所有財務指標與成長率皆為非 GAAP；EPS 指非 GAAP 稀釋後每股淨利。今日簡報中所呈現的部分財務資訊已進行常態化處理，假設自 HPE 2025 會計年度開始即納入 Juniper Networks 的業績。

Antonio and Marie will reference our earnings presentation in their prepared comments. We will also be disclosing records for certain financial metrics during the presentation. Please refer to our end notes in the presentation while reading these statements. With that, let me turn it over to Antonio.

Antonio 與 Marie 將在其事先準備的發言中引用我們的財報簡報。我們也將在簡報期間揭露若干財務指標的紀錄表現。在閱讀這些陳述時，請參閱簡報中的註解。接下來，我把時間交給 Antonio。

Thank you, Shannon, and good afternoon, everyone. Our strategy is proving itself again this quarter. We delivered another set of record financial results which demonstrates the durability of our profitable growth momentum and disciplined execution across the company. We exceeded all our company-wide financial commitments, achieving record results across revenue, gross margin, non-GAAP operating profit and earnings per share.

謝謝你，Shannon，各位下午好。我們的策略在本季再次證明其成效。我們再度交出一組創紀錄的財務成果，展現我們獲利成長動能的韌性，以及全公司一致且紀律性的執行力。我們超越了公司層級的所有財務承諾，在營收、毛利率、非 GAAP 營業利益與每股盈餘方面皆創下紀錄。

AI has become a multiyear growth driver, expanding demand across our HPE portfolio. Customer demand in the quarter accelerated across both business segments with orders growing faster than revenues. We booked more orders than any prior quarter in our history, resulting in a record-breaking backlog for the company.

AI 已成為跨年度的成長驅動力，帶動我們 HPE 產品組合的需求擴大。本季客戶需求在兩大事業部門皆加速成長，訂單成長快於營收。我們接獲的訂單量創下公司歷史上任何一季的新高，帶動公司積壓訂單（backlog）創下破紀錄水準。

Supply constraints continue to affect our ability to fulfill the increased customer demand. We are collaborating very closely with our partners to secure additional multiyear supply agreements. We're also providing our customers with alternative product configurations and deeper planning interlocks to better forecast supply availability.

供應限制仍持續影響我們滿足增加之客戶需求的能力。我們正與合作夥伴密切協作，以取得更多跨年度的供應協議。我們也為客戶提供替代性的產品配置，並加深規劃上的協同與銜接，以更好地預測供應可得性。

In fiscal Q3, HPE delivered record revenue of $12.2 billion, up 34% from a year ago. Our HPE revenue growth year-to-date has risen about twice as fast as it did over the same period last year. HPE non-GAAP gross margin was a record of 40%. We generated record non-GAAP operating profit of $2 billion, 2.5 times more than a year ago.

在 2026 會計年度第三季，HPE 營收創下 122 億美元新高，較去年同期成長 34%。截至目前為止，我們的 HPE 年初至今營收成長速度約為去年同期的兩倍。HPE 非 GAAP 毛利率創下 40% 的紀錄。我們創下 20 億美元的非 GAAP 營業利益紀錄，為去年同期的 2.5 倍。

Non-GAAP earnings per share was $1.11, another record and the first time we achieved more than $1 in non-GAAP EPS in a single quarter. Our outstanding operating results translated directly into stronger cash generation, resulting in our highest free cash flow ever for a third quarter at $958 million.

非 GAAP 每股盈餘為 1.11 美元，再創新高，亦是我們首次在單一季度達成超過 1 美元的非 GAAP EPS。我們卓越的營運成果也直接轉化為更強的現金創造能力，使第三季自由現金流創下歷史新高，達 9.58 億美元。

Last quarter, we updated our fiscal 2026 outlook and introduced our initial fiscal 2027 growth framework. Thanks to our record results, record orders and record backlog, we are raising our outlook for both fiscal 2026 and fiscal 2027. Marie will discuss the details shortly.

上季我們更新了 2026 會計年度展望，並提出 2027 會計年度的初步成長架構。受惠於創紀錄的成果、創紀錄的訂單與創紀錄的積壓訂單，我們上調 2026 與 2027 會計年度的展望。Marie 稍後將說明細節。

Before I hand over the call to Marie, I want to provide some observations about the market and our business segment performance. Also want to note an important milestone regarding our Juniper Networks acquisition. In August, a US Federal Court approved our settlement with the Department of Justice, saying, it serves the public interest.

在把電話交給 Marie 之前，我想分享一些對市場與我們各事業部門表現的觀察。同時也要提到我們收購 Juniper Networks 的一項重要里程碑。8 月，美國聯邦法院核准我們與司法部達成的和解，並表示該和解符合公共利益。

We are pleased with the outcome, which reinforces our confidence in the long-term value of bringing these two great networking portfolios together. A year after closing the Juniper Networks acquisition, our integration plan and cost synergies remain ahead of schedule. The business performance continues to strengthen through expanded innovation and strong execution. The enhanced ability to compete is already driving more innovative networking solutions for customers and higher profitable growth for shareholders.

我們對此結果感到欣慰，這也強化了我們對於將這兩個優秀的網路產品組合整合所能帶來長期價值的信心。在完成 Juniper Networks 收購案一年後，我們的整合計畫與成本綜效仍領先進度。透過擴大創新與強勁執行，業務表現持續增強。競爭能力的提升已在推動為客戶提供更具創新的網路解決方案，並為股東帶來更高的獲利成長。

Order bookings and revenue for our networking products and services reached record levels despite supply constraints, which limited our ability to convert the higher demand into revenue in the quarter. Campus & Branch had record revenue as customers modernize aging edge infrastructure and deploy AI-driven network operations.

儘管供應限制使我們在本季難以將更高需求轉化為營收，我們的網路產品與服務之訂單與營收仍達到創紀錄水準。Campus & Branch 營收創新高，因客戶正汰換老舊的邊緣基礎設施並部署 AI 驅動的網路營運。

Orders were ahead of revenue, demonstrating the differentiation of our self-driving networks and the versatility across multiple cloud deployment models. Routing and data center switching demand accelerated in the quarter with orders substantially ahead of revenue and our backlog at its highest ever. Our backlog reflects strong customer demand from hyperscalers and neo-clouds for our routers, switching and AI-driven operations software, as they continue to increase their AI cloud CapEx infrastructure investments.

訂單領先營收，展現我們自動駕駛網路（self-driving networks）的差異化優勢，以及在多種雲端部署模式下的多元適用性。本季路由與資料中心交換器需求加速，訂單顯著領先營收，積壓訂單創下歷史新高。我們的積壓訂單反映出超大規模雲端業者（hyperscalers）與新型雲端（neo-clouds）對我們路由器、交換器與 AI 驅動營運軟體的強勁需求，因其持續加大 AI 雲端資本支出（CapEx）基礎設施投資。

Growth in our backlog shows strong customer demand is running ahead of available supply. We expect to convert more orders into revenue in Q4, which give us even greater confidence in sustaining our networking growth in fiscal 2027. Today, we announced an expanded collaboration with Oracle to accelerate gigawatt scale AI infrastructure.

積壓訂單的成長顯示，強勁的客戶需求正超過可供應的產能。我們預期在第四季將把更多訂單轉化為營收，這也讓我們對於在 2027 會計年度持續維持網路業務成長更具信心。今天，我們宣布擴大與 Oracle 的合作，以加速吉瓦級（gigawatt scale）AI 基礎設施。

Oracle will deploy HPE Juniper networking routers and switches across one of the largest AI cloud infrastructure build-outs. HPE is uniquely positioned to support Oracle with a network for AI portfolio, which is one of the most comprehensive in the industry.

Oracle 將在其最大規模之一的 AI 雲端基礎設施建置中部署 HPE Juniper 的網路路由器與交換器。HPE 具備獨特優勢，可透過我們的「AI 網路」產品組合支援 Oracle；該產品組合是業界最完整的方案之一。

SASE and security also contributed to our growth. Our strong performance in firewall, SD-Branch and branch SRX reflects growing customer demand for networking and security that operates as one converged solution. I hope you will attend our upcoming Networking Investor Day later this month to hear more about how our networking strategy, innovation and business momentum are giving us even greater confidence in the opportunity ahead.

SASE 與資安也為我們的成長做出貢獻。我們在防火牆、SD-Branch 與分支 SRX 的強勁表現，反映客戶對於能以單一融合解決方案運作之網路與資安的需求持續提升。希望各位能參加本月稍晚即將舉行的 Networking Investor Day，進一步了解我們的網路策略、創新與業務動能如何讓我們對前方機會更具信心。

While our networking segment continues to strengthen through our thoughtful integration, our Cloud & AI segment continues to perform exceptionally well in a very supply-constrained environment. We delivered record revenue, operating profit and operating margin. AI is beginning to inflect beyond early proof-of-concept training deployments into a broader enterprise workflow transformation opportunity.

在我們透過審慎的整合持續強化網路業務部門之際，我們的雲端與 AI 部門在供應高度受限的環境下仍持續表現出色。我們創下營收、營業利益與營業利益率的新高紀錄。AI 正開始從早期的概念驗證訓練部署，轉向更廣泛的企業工作流程轉型機會。

Customers are increasingly investing in new agentic AI applications and AI inferencing, requiring accelerated computing infrastructure, secure data storage access and enterprise-grade cloud management. Our comprehensive Cloud & AI portfolio is perfectly positioned for this market inflection. We continued to experience strong demand across traditional servers, AI systems, storage, private cloud solutions and GreenLake cloud services.

客戶正日益加碼投資新的代理式（agentic）AI 應用與 AI 推論，這需要加速運算基礎設施、安全的資料儲存存取，以及企業級雲端管理。我們完整的雲端與 AI 產品組合，正好站在這波市場拐點的最佳位置。我們在傳統伺服器、AI 系統、儲存、私有雲解決方案與 GreenLake 雲端服務方面，持續看到強勁需求。

The server product category drove the outperformance with high demand for our traditional servers and AI systems. We saw strong demand from large enterprises, neo-cloud service providers and sovereign customers. We expect demand to remain exceptionally high as our pipeline remains multiples of our backlog.

伺服器產品類別以對傳統伺服器與 AI 系統的高需求，帶動整體表現超越預期。我們看到大型企業、新型雲端服務供應商（neo-cloud）以及主權客戶的強勁需求。由於我們的商機管線仍為積壓訂單的數倍，我們預期需求將維持異常強勁。

A fundamental shift in the server business is becoming quite clear. The way customers value their IT infrastructure is changing. Their focus is not just whether a server can run AI workloads, but also how it can enable entirely new business workflows using new AI applications.

伺服器業務正在出現一個根本性的轉變，已變得相當明顯。客戶評估其 IT 基礎設施價值的方式正在改變。他們關注的不僅是伺服器是否能執行 AI 工作負載，也包括它如何透過新的 AI 應用，促成全新的業務工作流程。

We are seeing AI-related enterprise initiatives receive higher levels of investment than traditional IT projects. There is more top-level executive engagement in making those investment decisions, including company Boards, which are championing AI technology to unlock further business transformation potential.

我們看到與 AI 相關的企業計畫獲得的投資水準高於傳統 IT 專案。在做出這些投資決策時，最高層級的主管參與度更高，包括公司董事會；董事會正積極倡議 AI 技術，以釋放更多業務轉型的潛力。

Storage had a standout quarter with record revenue. It benefited from our decision to focus on our own IP offerings by delivering a modern multi-data protocol platform for the AI era. Customers are beginning to evaluate where the AI workloads can be run most efficiently with the best secured data management and the lowest cost per token.

儲存業務本季表現亮眼，創下營收新高。這得益於我們決定聚焦自有 IP 產品，為 AI 時代提供現代化的多資料協定平台。客戶開始評估 AI 工作負載在哪裡能以最高效率運行、具備最佳的安全資料管理，以及最低的每 token 成本。

Organizations are still in the process of modernizing data storage environments while preparing for the next generation of AI-driven workloads and applications. They want data to be close to their AI infrastructure and they want control over sensitive information. These trends are driving strong demand for our HPE Alletra MP storage solutions. We are confident our comprehensive data storage value proposition will continue to accelerate this momentum in our storage business.

各組織仍在現代化其資料儲存環境，同時為下一代 AI 驅動的工作負載與應用做準備。他們希望資料靠近其 AI 基礎設施，並希望能掌控敏感資訊。這些趨勢正推動對我們 HPE Alletra MP 儲存解決方案的強勁需求。我們有信心，我們完整的資料儲存價值主張將持續加速儲存業務的這股動能。

Our private cloud AI platform allows customers to manage enterprise AI applications and AI agents, while keeping control of data, governance, security and operations. Demand for PCAI is strong from enterprise customers that want to optimize the token economics of large-scale AI deployments on premises. That is rapidly scaling our order bookings and the size of our customer base.

我們的私有雲 AI 平台讓客戶能管理企業 AI 應用與 AI 代理，同時保有對資料、治理、安全與營運的控制權。對於希望在地端（on premises）大規模部署 AI、並最佳化 token 經濟性的企業客戶而言，PCAI 的需求強勁。這正快速擴大我們的訂單簿記（order bookings）以及客戶基礎規模。

GreenLake remains one of our greatest differentiators because it allows customers to manage infrastructure and software through a secure hybrid cloud operating model regardless of where our traditional and new AI workloads reside. Customers are broadening their utilization of our GreenLake cloud services, expanding their existing usage by consuming our new software and intelligent cloud services, which increases our net retention rates.

GreenLake 仍是我們最重要的差異化優勢之一，因為它讓客戶無論其傳統與新 AI 工作負載位於何處，都能透過安全的混合雲營運模式來管理基礎設施與軟體。客戶正擴大對我們 GreenLake 雲端服務的使用，透過採用我們新的軟體與智慧雲端服務來擴充既有用量，進而提升我們的淨留存率（net retention rates）。

In Q3, the number of GreenLake customers grew 18% to 52,000, up from 44,000 a year ago. HPE Financial Services continues to deepen our customer relationships and offer a meaningful competitive advantage, which has become especially important as more customers look for financing options to help with their AI investments. As a result, HPE FS generated third quarter records in financing volumes, residual value and return on equity.

在第三季，GreenLake 客戶數成長 18% 至 52,000 家，高於一年前的 44,000 家。HPE Financial Services 持續深化我們的客戶關係並提供具實質意義的競爭優勢；隨著更多客戶尋求融資選項以支持其 AI 投資，這一點變得尤其重要。因此，HPE FS 在第三季創下融資量、殘值與股東權益報酬率的新高紀錄。

In closing, HPE delivered another outstanding quarter, exceeding our company-wide commitments and demonstrating the ongoing differentiation in our strategy and its execution. As we look ahead, the same underlying drivers of our performance give us confidence in continuing to deliver higher profitable growth, higher cash flow generation and higher capital returns for shareholders.

總結來說，HPE 再次交出亮眼的一季，超越我們全公司的承諾，並展現我們策略及其執行的持續差異化。展望未來，支撐我們表現的相同基本驅動因素，讓我們有信心持續為股東帶來更高的獲利成長、更高的現金流創造，以及更高的資本回饋。

I want to thank our team members for their focus and strong execution so far this year. Our amazing talent and culture has set our performance apart this quarter and in fiscal 2026 to date. With that, let me turn the call over to Marie. Marie?

我要感謝我們的團隊成員在今年迄今的專注與強勁執行力。我們卓越的人才與文化，使我們在本季以及 2026 會計年度迄今的表現脫穎而出。接下來，我把電話會議交給 Marie。Marie？

Thank you, Antonio, and good afternoon, everyone. We delivered another strong quarter, reflecting accelerating demand for AI and solid networking momentum, together with disciplined execution across the company. The demand environment remains robust as orders continue to outpace revenue. Investment in AI infrastructure is increasing at a rapid pace with enterprise spending focused on agentic AI workloads and AI inferencing.

謝謝你，Antonio，各位下午好。我們再度交出強勁的一季，反映 AI 需求加速成長與網路業務穩健動能，同時公司各面向皆維持紀律性的執行。需求環境仍然強勁，因為訂單持續超過營收。AI 基礎設施投資正以快速步伐增加，企業支出聚焦於代理式 AI 工作負載與 AI 推論。

Importantly, this opportunity is broadening across use cases, customer verticals and geographies, reinforcing the value of HPE's expanded portfolio and our ability to provide customers with integrated solutions across the enterprise technology stack.

重要的是，這個機會正在跨越使用情境、客戶產業別與地理區域而擴大，進一步凸顯 HPE 擴充後產品組合的價值，以及我們在企業技術堆疊各層面為客戶提供整合式解決方案的能力。

We remain focused on executing against strong customer demand navigating a dynamic supply environment, managing mix and input costs while driving operating leverage. This discipline is reflected in our financial performance, supporting durable, profitable growth in fiscal 2026 and 2027.

我們仍專注於在充滿變動的供應環境中，因應強勁客戶需求並落實執行，同時管理產品組合與投入成本，並推動營運槓桿。這份紀律反映在我們的財務表現上，支持我們在 2026 與 2027 會計年度實現可持續的獲利成長。

Let me walk you through the results. Revenue of $12.2 billion increased 34%, exceeding the high end of our guidance range with order growth up 42% on a normalized basis, led by demand in traditional servers, AI systems and networking.

我來帶各位看一下本季成果。營收 122 億美元成長 34%，超越我們指引區間的上緣；在標準化基礎上，訂單成長 42%，主要由傳統伺服器、AI 系統與網路需求帶動。

Gross margin exceeded 40% driven by disciplined pricing in traditional servers and increased networking mix. Going forward, we expect our gross margin to moderate toward more historical levels driven by the growth in AI systems and the normalization in traditional servers, offset by the growing mix of networking.

毛利率超過 40%，主要受惠於傳統伺服器的紀律性定價以及網路業務占比提升。展望未來，隨著 AI 系統成長與傳統伺服器回歸常態，我們預期毛利率將朝較符合歷史水準的方向溫和回落；而網路業務占比提升將形成抵銷。

Operating expense was up 17% sequentially due to higher variable compensation reflecting our record financial results. We expect operating expense to decrease in FY27 as variable compensation normalizes, and we see continued benefit from Catalyst transformation efficiencies and Juniper integration synergies. Operating profit was $2 billion, up nearly 40% sequentially.

營業費用較前一季增加 17%，主要因反映我們創紀錄財務成果的較高變動薪酬。我們預期在 2027 會計年度，隨著變動薪酬常態化，營業費用將下降；同時我們也將持續受惠於 Catalyst 轉型效率與 Juniper 整合綜效。營業利益為 20 億美元，較前一季增加近 40%。

Operating margin of 16.2% expanded by 290 basis points sequentially, driven by gross margin expansion and operating leverage. EPS was $1.11, well above the high end of our guidance. GAAP EPS was $1.06. We delivered Q3 free cash flow of $958 million, driven by strong operating profit as well as collections.

營業利益率為 16.2%，較前一季擴大 290 個基點，主要由毛利率擴張與營運槓桿帶動。每股盈餘（EPS）為 1.11 美元，明顯高於我們指引上緣。GAAP EPS 為 1.06 美元。我們第三季自由現金流為 9.58 億美元，主要由強勁的營業利益以及收款所帶動。

Now let's turn to our segment results. Networking revenue of $2.9 billion was up 10% on a normalized basis, consistent with our outlook. Orders increased 36%, about 3.5 times faster than revenue. Order growth was broad-based across the portfolio, led by AI infrastructure-related investments in data center switching and routing, and strong demand for self-driving networks in Campus & Branch.

接著來看各部門表現。網路業務營收為 29 億美元，在標準化基礎上成長 10%，符合我們的展望。訂單成長 36%，約為營收成長速度的 3.5 倍。訂單成長遍及整體產品組合，主要由 AI 基礎設施相關投資帶動，包括資料中心交換與路由，以及 Campus & Branch 對自駕網路（self-driving networks）的強勁需求。

Networks for AI demand accelerated in Q3, with orders reaching a new high of $700 million, up triple digits. Our portfolio and competitive position in scale-up, scale-out and scale-across strengthened by the recent launch of our direct liquid cooled Tomahawk six-based switch and our differentiated PTX and MX routing portfolio.

AI 網路需求在第三季加速，訂單達到 7 億美元的新高，呈現三位數成長。隨著我們近期推出採用直接液冷的 Tomahawk six-based 交換器，以及具差異化的 PTX 與 MX 路由產品組合，我們在 scale-up、scale-out 與 scale-across 的產品組合與競爭地位進一步強化。

Our pipeline continues to increase with further acceleration expected as we bring the Helios platform to market. We expect networks for AI to be a meaningful growth engine for the company. Cumulative networks for AI orders were $2.2 billion, surpassing our FY26 target. As a result, we are increasing our year-end target to $2.5 billion to $3 billion.

我們的商機管線持續增加，並預期在我們將 Helios 平台推向市場後進一步加速。我們預期 AI 網路將成為公司重要的成長引擎。AI 網路累計訂單達 22 億美元，已超越我們 2026 會計年度的目標。因此，我們將年終目標上調至 25 億至 30 億美元。

To meet this order growth, we have more than doubled our networking purchase commitments quarter-over-quarter. Within networking, Campus & Branch revenue grew 8% on a normalized basis. Routing revenue growth accelerated to 23% as we benefit from increasing demand for our on- and off-ramp AI network infrastructure. Security grew 12%, while data center networking revenue declined 6% due to shipment timing driven by supply constraints.

為了滿足這一訂單成長，我們的網路設備採購承諾較上一季已增加逾一倍。在網路業務中，Campus & Branch（園區與分支）營收以標準化口徑計成長 8%。路由（Routing）營收成長加速至 23%，受惠於市場對我們 AI 網路基礎設施（包含 on-ramp 與 off-ramp）的需求提升。資安（Security）成長 12%，而資料中心網路營收因供應受限導致出貨時點影響而下滑 6%。

Order momentum was much stronger across most product categories with data center switching and routing up high double digits and Campus & Branch up low teens. We remain focused on improving order conversions to drive faster top line growth and greater scale. Across customer verticals, enterprise revenue grew 12% and service provider grew 5% on a normalized basis.

在多數產品類別中，訂單動能明顯更強，資料中心交換器與路由皆達到高雙位數成長，而 Campus & Branch 則為低十位數成長。我們仍專注於提升訂單轉換，以推動更快的營收成長與更大的規模效益。就客戶垂直領域而言，企業營收以標準化口徑計成長 12%，服務供應商成長 5%。

Enterprise growth was driven by strong demand from large global accounts prioritizing network modernization across Campus & Branch and data center switching. Networking operating margin of 22% was in line with guidance, reflecting disciplined execution and the early realization of Juniper synergies, partially offset by higher variable compensation.

企業端成長主要來自大型全球客戶的強勁需求，這些客戶優先推動 Campus & Branch 與資料中心交換器的網路現代化。網路業務營業利益率為 22%，符合指引，反映我們的紀律執行以及 Juniper 協同效益的早期實現，但部分被較高的變動薪酬所抵銷。

Moving to Cloud & AI. We delivered fiscal Q3 revenue of $9 billion, up 25%, exceeding our outlook, reflecting strength in traditional servers as higher average selling prices drove server revenue to an all-time high. Our disciplined pricing and increased scale drove operating profit above $1.5 billion. We were pleased to see operating profit growth accelerate, up 61% sequentially and triple digits year-over-year.

接著談 Cloud & AI。我們第三財季（Q3）營收達 90 億美元，成長 25%，優於我們的展望，主要反映傳統伺服器的強勁表現，較高的平均銷售價格（ASP）推動伺服器營收創歷史新高。我們的定價紀律與規模擴大，帶動營業利益超過 15 億美元。我們很高興看到營業利益成長加速，季增 61%，年增達三位數。

Operating margin of 17% was up 460 basis points sequentially, demonstrating our ability to scale our business profitably. Server revenue growth of 35% accelerated sequentially as strong ASP growth in traditional servers offset supply-constrained unit volumes. Orders increased strong double digits year-over-year, reflecting robust demand from large enterprise, sovereign and cloud providers.

營業利益率為 17%，較上一季提升 460 個基點，展現我們具備以獲利方式擴大規模的能力。伺服器營收成長 35%，較上一季加速，傳統伺服器 ASP 的強勁成長抵銷了供應受限的出貨量。訂單年增達強勁雙位數，反映大型企業、主權客戶與雲端服務供應商的旺盛需求。

Our supplier agreements now multiyear, in some cases, ensure us the capacity allocations we need to reduce lead times, improve our backlog conversion and drive higher new order growth, supported by our historically highest level of purchase commitments.

我們與供應商的協議如今在部分情況下已延伸為多年期，可確保我們取得所需的產能配額，以縮短交期、提升積壓訂單（backlog）轉換，並在我們歷史最高水準的採購承諾支持下，推動更高的新訂單成長。

We see enterprises increasingly moving from AI pilots to production deployments using traditional servers for agentic AI workloads and inferencing. Examples include a global financial services firm, leveraging AI for market analytics and trading insights and a large retail customer deploying on-prem agentic AI workloads to lower public cloud AI token costs.

我們看到企業正日益從 AI 試點轉向正式上線部署，使用傳統伺服器承載代理式（agentic）AI 工作負載與推論（inferencing）。例如，一家全球金融服務公司運用 AI 進行市場分析與交易洞察；以及一位大型零售客戶在地端部署代理式 AI 工作負載，以降低公有雲 AI token 成本。

As evidence of this strong growth, we are pleased to report that after quarter end, HPE was awarded a multibillion-dollar server deal with a hyperscaler customer specifically designed for inferencing, supporting our view that demand for inferencing and agentic AI workloads is building.

作為此強勁成長的佐證，我們很高興報告在季末之後，HPE 獲得一筆與超大規模（hyperscaler）客戶的數十億美元伺服器合約，該方案專為推論設計，支持我們的觀點：推論與代理式 AI 工作負載的需求正在形成。

AI systems orders of $2.4 billion increased over 30% sequentially, reflecting broad-based demand across customer segments. Enterprise demand more than doubled, reflecting increasing overall infrastructure spending as AI initiatives have become Board-level priorities.

AI 系統訂單達 24 億美元，季增逾 30%，反映各客戶族群的廣泛需求。企業需求較上一季增加逾一倍，反映隨著 AI 計畫成為董事會層級的優先事項，整體基礎設施支出正在提升。

Our AI Systems backlog increased 14% sequentially to a new high, and our pipeline remains multiples of our backlog. AI Systems revenue for the quarter was almost $1.6 billion. We expect AI Systems revenue to improve sequentially in Q4 given timing of backlog conversion.

我們的 AI 系統積壓訂單季增 14% 至新高，而我們的商機管線（pipeline）仍為積壓訂單的數倍。本季 AI 系統營收接近 16 億美元。考量積壓訂單轉換時點，我們預期 Q4 的 AI 系統營收將較 Q3 逐季改善。

Storage revenue increased 10%, driven by strong order growth with higher ASPs and a favorable mix shift towards higher-value owned IP and private cloud. PCAI orders increased triple digits in Q3 as customers are adopting our AI factory platform to support agentic AI and inferencing initiatives.

儲存（Storage）營收成長 10%，受惠於強勁的訂單成長、較高的 ASP，以及產品組合有利地轉向更高價值的自有 IP 與私有雲。PCAI 訂單在 Q3 呈三位數成長，因客戶正採用我們的 AI 工廠平台以支援代理式 AI 與推論計畫。

Alletra MP orders and revenue increased strong double digits year-over-year. We see robust growth potential for our X10000 object and file system, broadening our AI solutions portfolio to address the rapidly expanding unstructured data market.

Alletra MP 的訂單與營收年增皆達強勁雙位數。我們看好 X10000 物件與檔案系統的強勁成長潛力，藉此擴充我們的 AI 解決方案組合，以因應快速擴張的非結構化資料市場。

And finally, Financial Service revenue was roughly flat year-over-year, and the business continued to generate a return on equity exceeding 20%.

最後，金融服務（Financial Service）營收年比大致持平，而該業務持續創造超過 20% 的股東權益報酬率（ROE）。

Turning to our integration and transformation initiatives. We are making strong progress in building a more efficient company as we are running ahead of plan on multiple projects to lower our cost of sales and operating expenses. Juniper synergies capture remains on track to achieve our $600 million annual run rate savings target by the end of FY28, with integration costs tracking better than planned.

接著談我們的整合與轉型計畫。我們在打造更高效率的公司方面進展良好，多個專案的進度領先計畫，旨在降低銷貨成本與營業費用。Juniper 協同效益的取得仍按計畫推進，目標在 FY28 年底前達成每年 6 億美元的年化節省（run rate），且整合成本的表現優於原先規劃。

Last quarter, we highlighted the growing contribution of AI-enabled process simplification within Catalyst. Since then, we have expanded both our AI and operational simplification efforts across the enterprise. HPE is now deploying an internal agentic AI platform built on our own private cloud AI, open source and open-weight models, leveraging intelligent routing that sends each workload request to the most cost-effective AI model.

上一季我們強調 Catalyst 中 AI 賦能的流程簡化所帶來的貢獻正在提升。自那之後，我們已在全公司擴大 AI 與營運簡化的推動。HPE 現正部署一個內部代理式 AI 平台，建構於我們自有的私有雲 AI、開源與開放權重（open-weight）模型之上，並運用智慧路由，將每一個工作負載請求導向成本效益最高的 AI 模型。

According to our own internal analysis, our PCAI offering can reduce token costs versus the public cloud by up to 60%. Routine tasks stay on-premise while frontier models are reserved for the most complex work. Moving to cash. We delivered operating cash flow of $1.6 billion. Free cash flow totaled $958 million in Q3. As a result, we are raising our free cash flow target to at least $3.75 billion for FY26.

根據我們內部分析，我們的 PCAI 方案相較公有雲可將 token 成本最多降低 60%。例行性任務留在地端，而前沿模型（frontier models）則保留給最複雜的工作。接著談現金。我們的營運現金流為 16 億美元。Q3 自由現金流合計 9.58 億美元。因此，我們將 FY26 自由現金流目標上調至至少 37.5 億美元。

Our cash conversion cycle improved by one day from Q2, driven primarily by a decrease in days receivable due to more favorable billings linearity within the quarter, along with stronger collections. This was offset by an increase in days of inventory due to higher purchases in anticipation of future shipments. Inventory ended the quarter at $11.8 billion, up year-over-year and sequentially, reflecting higher commodity costs and targeted purchases to support increased orders and increased backlog.

我們的現金轉換週期較 Q2 改善 1 天，主要由應收帳款天數下降所帶動，原因是本季開立帳單的線性度（billings linearity）更佳，且收款表現更強。但這被存貨天數上升所抵銷，因我們為因應未來出貨而提高採購。季末存貨為 118 億美元，年增且季增，反映較高的商品成本，以及為支援訂單增加與積壓訂單上升而進行的策略性採購。

In Q3, we returned $324 million to common shareholders, including $189 million in common dividends and $135 million via share repurchases. We received gross proceeds of approximately $1.4 billion after closing our H3C transactions and used cash on hand to retire our term loan.

Q3 我們向普通股股東回饋 3.24 億美元，包括 1.89 億美元普通股股利與 1.35 億美元庫藏股回購。在完成 H3C 交易交割後，我們收到約 14 億美元的總收入，並以手上現金償還定期貸款（term loan）。

Consequently, we exited Q3 with a net leverage ratio of 1.8 times, below our target of 2 times. We completed the sale of our Telco Solutions business last month and intend to retire $1.25 billion of notes maturing later this month. We plan to return at least 75% of our free cash flow to shareholders in Q4.

因此，我們在 Q3 結束時的淨槓桿比率為 1.8 倍，低於我們 2 倍的目標。我們上月完成出售 Telco Solutions 業務，並計畫償還本月稍晚到期的 12.5 億美元票據（notes）。我們計畫在 Q4 至少將 75% 的自由現金流回饋給股東。

Turning to guidance. We are increasing our outlook on the strength of our Q3 results and confidence in the durability in demand. We expect Q4 revenue to be between $13.9 billion and $14.8 billion, reflecting continued strong demand across both segments.

接著談財測指引。基於 Q3 結果的強勁表現以及對需求持續性的信心，我們上調展望。我們預期 Q4 營收介於 139 億至 148 億美元之間，反映兩大事業部皆持續強勁的需求。

We expect networking revenue to grow 11% to 13%, driven by order strength and improved supply chain conversion. We expect networking operating margin to improve modestly quarter-over-quarter driven by top line growth and Juniper synergies.

我們預期網路營收成長 11% 至 13%，由訂單強勁與供應鏈轉換改善所帶動。我們預期網路業務營業利益率將較上一季小幅改善，主要受營收成長與 Juniper 協同效益推動。

In Cloud & AI, we expect revenue to grow 60% to 72%, reflecting sustained demand, higher ASPs in traditional servers and greater AI revenue conversion. We expect operating margin to moderate sequentially to a mid-teens rate. We expect Q4 total operating expenses to decrease sequentially by a low single digit due to lower variable compensation expense and increased Catalyst transformation efficiencies and Juniper synergy capture.

在 Cloud & AI 方面，我們預期營收成長 60% 至 72%，反映需求延續、傳統伺服器 ASP 較高，以及 AI 營收轉換提升。我們預期營業利益率將逐季回落至約中十位數水準。我們預期 Q4 總營業費用將因變動薪酬費用降低、Catalyst 轉型效率提升以及 Juniper 協同效益取得而逐季下降低個位數百分比。

We expect our operating margin rate to decline sequentially driven primarily by a higher mix of AI systems in Cloud & AI and pricing. As a result, we expect EPS between $1.20 and $1.30, a GAAP EPS between $1.12 and $1.22. Based on our Q3 results and Q4 outlook, we are raising our FY26 EPS guidance range to $3.75 to $3.85. We are also raising our GAAP EPS range to $2.93 to $3.03. We now expect FY26 free cash flow of at least $3.75 billion.

我們預期營業利益率將較前一季下滑，主要受雲端與 AI 業務中 AI 系統占比提高以及定價因素所驅動。因此，我們預期 EPS 介於 1.20 美元至 1.30 美元之間，GAAP EPS 介於 1.12 美元至 1.22 美元之間。基於我們第三季的結果與第四季展望，我們將 FY26 EPS 指引區間上調至 3.75 美元至 3.85 美元。我們也將 GAAP EPS 區間上調至 2.93 美元至 3.03 美元。我們目前預期 FY26 自由現金流至少為 37.5 億美元。

Given the demand strength and sizable backlog we saw at the end of Q3, combined with some large deals we signed post quarter close, we are updating our fiscal '27, framework and now expect consolidated revenues to grow 13% to 17%. Networking revenue growth of 14% to 17%. Cloud & AI revenue growth of 14% to 18%.

鑑於我們在第三季末看到的強勁需求與可觀的積壓訂單，再加上我們在季末結束後簽下的幾筆大型交易，我們正在更新 27 財年的框架，並且現在預期合併營收成長 13% 至 17%。網路業務營收成長 14% 至 17%。雲端與 AI 業務營收成長 14% 至 18%。

Company operating profit growth of 14% to 18%. Company operating margin of 14% to 15%, supported by a modest decline in operating expense. Networking operating margin in the mid- to high 20% range. Cloud & AI operating margin of approximately 13%.

公司營業利益成長 14% 至 18%。公司營業利益率為 14% 至 15%，並由營業費用小幅下降所支撐。網路業務營業利益率落在 20% 中段至高段區間。雲端與 AI 業務營業利益率約為 13%。

EPS of $4.40 to $4.60, which implies growth of 16% to 20% versus the midpoint of our FY26 EPS outlook and free cash flow of at least $5 billion. Importantly, this framework builds on our higher FY26 guidance, pointing to a significant improvement in our fiscal 2027 outlook.

EPS 為 4.40 美元至 4.60 美元，這意味著相較於我們 FY26 EPS 展望中點成長 16% 至 20%，且自由現金流至少為 50 億美元。重要的是，這一框架建立在我們較高的 FY26 指引之上，指向我們 2027 財年展望的顯著改善。

In closing, Q3 was an exceptional quarter for HPE. We generated strong financial results, raised our fiscal '26, and fiscal '27, commitments and achieved our leverage target more than a year ahead of our original plan. Demand remains ahead of revenue, and our backlog is a record, and our Juniper integration and Catalyst initiatives are delivering ahead of our FY26 plan.

最後，第三季對 HPE 而言是非常出色的一季。我們交出強勁的財務表現，上調了 26 財年與 27 財年的承諾，並且比原先計畫提前一年以上達成我們的槓桿目標。需求仍高於營收，我們的積壓訂單創下新高，而我們的 Juniper 整合與 Catalyst 計畫的推進也優於 FY26 計畫。

As we head into the final quarter of fiscal '26, and look ahead to fiscal '27, we are executing from a position of strength, with durable demand, strong margins and the operational discipline to sustain both. With that, I'll turn the call back to the operator to begin Q&A.

在邁入 26 財年最後一季並展望 27 財年之際，我們以強勢姿態執行，具備持久的需求、強勁的利潤率，以及能夠同時維持兩者的營運紀律。接下來我把電話交回給主持人，開始問答環節。

(Operator Instructions)

(主持人指示)

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

It was encouraging to see the momentum across the total portfolio, the record orders that you mentioned in the quarter as well as the raised fiscal '27, outlook for 13% to 17% growth. First, can you talk about what's giving you confidence that the current demand represents a sustained infrastructure cycle rather than customers pulling forward spend? And then as a follow-up, can you quantify how much of the raised fiscal '27, outlook is related to the new hyperscale inference and Oracle deal that you highlighted versus improved outlook within the remaining business.

看到整體產品組合的動能令人鼓舞，包括你們提到本季創紀錄的訂單，以及上調 27 財年展望至 13% 至 17% 的成長。首先，你們能否談談是什麼讓你們有信心，認為目前的需求代表的是一個可持續的基礎設施循環，而不是客戶提前拉貨（提前支出）？接著作為追問，你們能否量化一下，上調的 27 財年展望中，有多少與你們強調的新超大規模推論（inference）與 Oracle 交易相關，相較之下其餘業務展望改善貢獻了多少？

Well, thanks, Kathy, and good afternoon. Our guide is informed by what we see in the market, and the market is telling us the demand continues to be exceptionally strong. So there continues to be large build-out for AI cloud.

好的，謝謝你，Kathy，下午好。我們的指引是基於我們在市場上看到的情況，而市場告訴我們需求仍然異常強勁。因此，AI 雲端仍在持續進行大規模建置。

And obviously, we participate in that in a very disciplined approach. Although networking, we continue to see significant demand for our routers and data center switches, which you saw we had record-breaking orders of $700 million this particular quarter, and we expect that to end between $2.5 billion and $3 billion for the year.

而且很明顯，我們以非常嚴謹自律的方式參與其中。至於網路業務，我們仍看到對路由器與資料中心交換器的顯著需求；你們也看到本季我們創下 7 億美元的破紀錄訂單，我們預期全年將落在 25 億至 30 億美元之間。

And when I think about 2027, in our guide, we have not included the AMD Helios opportunity at all, which is going to start ramping sometime end of this calendar year and 2027. So demand is exceptionally strong. And then on the Cloud & AI what gives us the confidence is the acceleration in the enterprise. The enterprise clearly has hit an inflection point.

當我思考 2027 年時，在我們的指引中完全沒有納入 AMD Helios 的機會，該項目將在今年曆年年底到 2027 年某個時間開始放量。因此需求非常強勁。另外在雲端與 AI 方面，讓我們有信心的是企業端的加速。企業端顯然已經到達一個拐點。

And that inflection point is driven by the deployment of agentic AI and AI inferencing. And what we see that is because the number of use cases. And we see that ourselves. Just to give a perspective, we have more than 1,200 use cases in our company, 300-plus in production. And we continue to learn how to do that and accelerate the pace.

而這個拐點是由代理式 AI（agentic AI）與 AI 推論的部署所驅動。我們看到這是因為使用案例的數量。我們自己也看得到。提供一個角度，我們公司內部有超過 1,200 個使用案例，其中 300 多個已在生產環境上線。我們也持續學習如何做到這點並加快推進速度。

We see that now in the broader enterprise market across multiple verticals. And the reality, that's going to favor our traditional server and storage business in our private cloud stack because they don't need huge amount of GPUs or even CPUs for that matter. What they need is a very tight capital infrastructure that ultimately brokers the cost of tokens that ultimately allows them to do what they need to do.

我們現在也在更廣泛的企業市場、跨多個垂直產業看到同樣情況。而現實是，這將有利於我們在私有雲堆疊中的傳統伺服器與儲存業務，因為他們不需要大量 GPU，甚至就 CPU 而言也不需要那麼多。他們需要的是非常緊密的資本基礎設施，最終能夠仲介（分攤/管理）token 的成本，讓他們能完成所需的工作。

So the number of tokens on-premise is growing very, very rapidly. So that's what informs us on the durability of this demand. And we see that in our pipeline, because ultimately, you guide yourself about the pipeline and how much of the pipeline you could convert first in orders and eventually through revenue. So that's what gives us the confidence to provide the guide that we guided for 2027. Marie?

因此，地端（on-premise）的 token 數量正在非常、非常快速地成長。這就是我們判斷需求具備持久性的依據。我們也在管線中看到這點，因為最終你會根據管線來做指引，並評估管線中有多少能先轉化為訂單，最終再轉為營收。所以這就是我們有信心給出 2027 年指引的原因。Marie？

I think, yes. So just in terms of the guide itself, as you know, we guided to 13% to 17% of revenue for the total company. In terms of networking, the Oracle deal plus the core, the beginning of the Oracle deal is in the 14% to 17% that we guided for the networking growth.

我想，是的。就指引本身而言，如你所知，我們對全公司營收指引為成長 13% 至 17%。在網路業務方面，Oracle 交易加上核心業務，以及 Oracle 交易的初期貢獻，都包含在我們對網路業務成長 14% 至 17% 的指引之中。

And in terms of the hyperscaler deal, some of that as well is included in the Cloud & AI, which we guided to 14% to 18%. So that's how you should be thinking about the revenue. Once again, there's puts and takes in all. There is more AI revenue in Cloud & AI as well as you get into '27, so just bear that in mind.

至於超大規模客戶（hyperscaler）的交易，其中一部分也納入雲端與 AI 業務，我們對該業務的指引為成長 14% 至 18%。因此你應該用這樣的方式來思考營收。再次強調，所有事情都有利有弊、此消彼長。進入 27 年後，雲端與 AI 中的 AI 營收占比也會更高，請把這點納入考量。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Congrats on some fairly impressive numbers over here. Antonio, I wanted to just ask on networking though. The organic growth of 10% looks a little light relative to what I think your peers are seeing right now, I think, relative to what you perhaps expected.

恭喜你們交出一些相當亮眼的數字。Antonio，我想就網路業務問一下。10% 的有機成長看起來相對偏弱，與我認為你們同業目前看到的情況相比，或相較於你們可能原先的預期。

But your orders are up 36% is really strong. Maybe just talk about what's driving the gap over here? And how should revenues begin to catch up in orders? If you just spend a little bit of time on that, that would be helpful.

但你們的訂單成長 36% 非常強勁。能否談談造成這個落差的原因？以及營收應該如何開始追上訂單？如果你能花一點時間說明，會很有幫助。

And then I didn't hear you folks talk about the Oracle announcement a lot. Maybe just help us appreciate what are you providing them? Is it scale-out, scale-across? Just provide a little bit more color on that deal because it seems like a fairly important thing on the networking side, at least.

另外，我沒有聽到你們談很多關於 Oracle 的公告。能否協助我們理解你們提供給他們的是什麼？是 scale-out、scale-across 嗎？請就這筆交易多提供一些細節，因為至少在網路業務面向上，它看起來相當重要。

Sure, Amit. The order momentum is super strong. In fact, as we said in our prepared remarks, our orders are growing 3.5 times faster than the revenue. And so what it has limited us is the availability of supply. And we expect that supply to become more aligned to our order bookings as we go forward.

當然可以，Amit。訂單動能非常強。事實上，正如我們在事先準備的講稿中所說，我們的訂單成長速度是營收的 3.5 倍。因此限制我們的因素是供應的可得性。我們預期隨著時間推進，供應將會更貼近並對齊我們的接單量。

Starting Q4, where you can see we're going to grow on the revenue side from 10% in Q3 to 11% to 13% in Q4 and then eventually to 14% to 17% in the full 2027 year. And so that's our focus is really on that supply availability.

從第四季開始，你可以看到我們在營收端將從第三季的 10% 成長提升到第四季的 11% 到 13%，並且最終在 2027 全年達到 14% 到 17%。因此，我們的重點其實是在供應可得性上。

That's why Marie said that we have doubled the number of commitments in terms of inventory. And we are working with our suppliers through that. And the reality is that we will see continued orders ahead of revenues, but we expect that to kind of close a little bit as we go forward. So we don't -- we expect an acceleration of revenue as we go forward, but supply will continue to be the constraint.

這也是為什麼 Marie 說我們在庫存承諾方面把承諾數量加倍。而我們也正與供應商一起推進這件事。現實情況是，我們會看到訂單持續領先於營收，但我們預期隨著時間推進，這個差距會稍微縮小一些。所以我們——我們預期未來營收會加速，但供應仍將是限制因素。

Now within that, Marie talked about core. So core for us is the Campus & Branch, which always has represented more than 50%. This quarter was probably 50% of it. And that had double-digit order growth, low double digit order growth, but we posted record revenue, and we expect that to continue to improve as we go forward because we have a terrific value proposition with our self-driving networks and the versatility of both Mist and Aruba Central platform.

在這之中，Marie 談到了核心業務。對我們而言，核心就是 Campus & Branch，一直以來都占比超過 50%。本季大概是 50%。而這部分的訂單成長達到兩位數、偏低兩位數的訂單成長；同時我們創下營收新高，並且我們預期隨著時間推進會持續改善，因為我們的自駕網路以及 Mist 與 Aruba Central 平台的多功能性，提供了極具吸引力的價值主張。

And then on the Oracle side of the equation, it's an expansion of what Juniper used to do. But now we are doing at gigawatt scale and it's going to be a very set number of deployments on a global basis, and they're going to use both our QFX switching products, which is based on the Broadcom Tomahawk 6 and our software and our AI Ops.

接著在 Oracle 這一端，這是對 Juniper 過去所做事情的擴展。但現在我們是在 GW（吉瓦）等級的規模上運作，而且在全球範圍內會是非常固定數量的部署；他們將同時使用我們的 QFX 交換器產品（基於 Broadcom Tomahawk 6）以及我們的軟體與 AI Ops。

So think about that as a scale-out. And then our scale-across, which is our PTX routing platform, which uses our own silicon, which is a major differentiation for scalability, which is our Express 5 silicon, which we designed now a couple of years ago. So on a combined basis, this is a multi-gigawatt on a multiyear basis.

所以可以把它視為 scale-out（橫向擴展）。而我們的 scale-across（跨域擴展）則是 PTX 路由平台，採用我們自研的晶片，這在可擴展性上是重要差異化；也就是我們的 Express 5 晶片，這是我們在幾年前設計的。因此綜合來看，這是一個在多年期、達到多吉瓦規模的機會。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Congratulations on the strong results. On the traditional server side, I guess the question I have is, I think you talked about a lot of the growth being driven by the ability to pass through pricing relative to unit growth.

恭喜你們交出強勁的成績。在傳統伺服器這一端，我想我的問題是：你們似乎談到很多成長是由於相較於出貨量成長，你們能夠把價格調整（轉嫁）反映出來所驅動。

So I guess my question is, as we think about AI moving into the enterprise environments more prolifically, how would you characterize the installed base and the upgrade opportunity that you're seeing associated with that? And should we start to think about unit growth accelerating on top of the ASP pass-through?

所以我的問題是，當我們思考 AI 更普遍地進入企業環境時，你會如何描述你們所看到的既有裝機基礎（installed base）以及相關的升級機會？而我們是否應該開始思考，在 ASP 轉嫁之外，出貨量成長也會加速？

And then secondarily to that, the hyperscale deal, I think in the past, HPE has been pretty clear of you'll be opportunistic on AI opportunities and maybe some of the larger hyperscalers. Has this changed strategically at all? Are you going after some additional hyperscale deals more actively going forward?

其次，關於這筆超大規模（hyperscale）交易，我想過去 HPE 一直很清楚地表示，你們會在 AI 機會上採取機會主義（opportunistic）的策略，可能也包含一些較大的 hyperscaler。這在策略上有任何改變嗎？未來你們是否會更積極地爭取更多 hyperscale 的交易？

Thank you, Aaron. Maybe I'll start with the latter because it's a very important use case. It is a hyperscaler customer, but think about them as an enterprise customer who is going to use our AI inferencing for their own internal usage.

謝謝你，Aaron。也許我先從後者開始，因為這是一個非常重要的使用案例。它確實是一個 hyperscaler 客戶，但你可以把他們視為一個企業客戶，他們將使用我們的 AI 推論（inferencing）來滿足其內部使用。

So our strategy has not changed from selling large amount of infrastructure for them to serve like it used to be in the past, the cloud business. This is about a multibillion-dollar AI inferencing for their own internal usage as an enterprise customer. It just happened to be they are labeled as a hyperscaler customer, okay? And so that's one takeaway.

所以我們的策略並沒有改變；我們並不是像過去雲端業務那樣，向他們銷售大量基礎設施來對外提供服務。這是關於一筆數十億美元規模、用於其內部使用的 AI 推論，作為企業客戶的需求。只是剛好他們被標示為 hyperscaler 客戶，明白嗎？所以這是第一個重點。

Second is that, look, units will modulate as supply becomes available, right? And so we -- as Marie said in her prepared remarks, we were obviously -- we are still, like everyone else, working through the supply availability.

第二點是，你看，當供應變得可得時，出貨量會隨之調整，對吧？因此我們——如同 Marie 在事先準備的發言中所說，我們顯然——我們仍然和其他人一樣，在處理供應可得性的問題。

But what we are very excited about is that the acceleration of traditional servers and storage, by the way, in private cloud because some customers go server-only, some go with servers attached to -- storage attached to servers and some are using the full stack like a private cloud AI, which in many ways, the AI factory that we co-engineered with NVIDIA. And in that case, right, it's about the growing of the AI deployment on-premise.

但我們非常振奮的是，傳統伺服器與儲存的加速成長——順帶一提是在私有雲中——因為有些客戶只買伺服器，有些客戶是伺服器搭配——儲存連接到伺服器，還有一些客戶使用完整堆疊，例如私有雲 AI；在很多方面，這就是我們與 NVIDIA 共同工程打造的 AI 工廠（AI factory）。而在那種情況下，對吧，重點在於讓 AI 的部署在地端（on-premise）持續擴大。

And so over time, right, it's going to become how large does the deployments come. And ultimately, whether you are server-only or you go private cloud, that will drive units, but it also would come down to the conversion of the units based on the supply availability as we navigate 2027. But right now, as we said, right, we expect continued exceptional demand into Q4 and 2027.

因此隨著時間推進，對吧，將會變成部署規模到底有多大。最終，不論你是只買伺服器或是採用私有雲，這都會帶動出貨量；但同時也會回到一個問題：在我們走過 2027 的過程中，供應可得性將如何影響出貨量的轉換。但就目前而言，如同我們所說，對吧，我們預期第四季以及 2027 年仍會維持持續且非常強勁的需求。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Congrats as well. Maybe if I could, I think, Antonio, you mentioned that you're not embedding the Helios opportunity into the fiscal '27, outlook. Can you just touch on the rationale behind that decision and what's keeping you on the sidelines from introducing that into the framework.

也恭喜你們。如果可以的話，我想問：Antonio，我記得你提到你們沒有把 Helios 的機會納入 2027 財年的展望。你能否談談做出這個決定背後的理由，以及是什麼讓你們暫時不把它納入這個框架？

And any thoughts on how we should think about the magnitude of upside that you could introduce to the networking revenue and margin outlook when and if that gets introduced into the framework?

另外，你對於我們應該如何看待其潛在上行幅度有何想法？也就是當它在某個時間點被納入框架時，可能會如何影響網路營收與毛利率展望？

Yes. No, thank you for the question. Well, I mean, we are working very closely with our partner, AMD. And we expect that infrastructure to be available for ordering later in this calendar year, and we're working together on a very large pipeline, which obviously this infrastructure is designed for large AI deployment at scale, particularly for training and then obviously, it can be used as well for inferencing.

是的。不，謝謝你的問題。嗯，我的意思是，我們正與合作夥伴 AMD 非常緊密地合作。我們預期該基礎設施會在今年稍晚的這個曆年開放下單，我們也正共同推進一個非常龐大的商機管線；顯然，這套基礎設施是為了大規模 AI 部署而設計，特別是用於訓練，當然也可以用於推論。

But these are a concentrated number of customers in the end that need that level of infrastructure, not different they're using today with NVIDIA NVLs, 72 and 144 of Vera Rubin. We felt that we wanted to see a little bit more as the schedule firm up and then eventually start deploying these capabilities. And then as we go through the subsequent quarters, we're going to share more about how that's happening. But the opportunity is pretty massive.

但最終需要這種等級基礎設施的客戶數量是相對集中的，並不像他們今天使用 NVIDIA NVL（72 與 144、Vera Rubin）那樣多樣。我們覺得我們希望在時程更明確一些之後再多觀察一下，然後再逐步開始部署這些能力。接著在後續幾個季度，我們會分享更多進展。但這個機會相當巨大。

When you look at the size of that deployment, it can be as a market, okay, not HPE, tens of billions of dollars, okay? Tens of billions of dollars. The difference this time is that, for us, the scale-up tray switches are HPE Juniper. And let me be clear, we are going to sell HPE Juniper scale-up switches beyond just embedded in HPE Helios rack.

當你看這種部署的規模，它作為一個市場（好嗎，不是指 HPE），可能是數百億美元的規模，好嗎？數百億美元。這次不同之處在於，對我們而言，scale-up 機架托盤（tray）交換器是 HPE Juniper。而我要說清楚，我們將銷售 HPE Juniper 的 scale-up 交換器，不僅僅是嵌入在 HPE Helios 機架之中。

So we can sell it to anyone for that matter because obviously, customers will want sometimes different compute vendors, which is totally fine. But that opportunity is in the margins of the tray switch and the opportunity to sort of broadly beyond the HPE as a partner with AMD as we go forward. So once we see a little bit more of that, Marie now will share more. But this is not in the 14% to 17% growth that we just shared with you as a part of networking only.

所以就此而言，我們可以賣給任何人，因為顯然客戶有時會想要不同的運算供應商，這完全沒問題。但這個機會體現在托盤交換器的毛利，以及未來我們與 AMD 作為合作夥伴、在 HPE 之外更廣泛拓展的機會。因此，一旦我們對這些情況看得更清楚一些，Marie 會再分享更多。但這並未包含在我們剛剛與各位分享、僅就網路業務而言的 14% 到 17% 成長之中。

And I would just add that once we get to the end of Q4, we'll give a fulsome guide for '27, as well.

我只想補充一點，一旦我們走到第四季末，我們也會就 2027 年提供更完整的指引。

Yes.

是的。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

I was wondering if you could share any more details around your $3.5 billion inferencing deal that you signed. What exactly is part of that? And can you talk a little bit about the economics around this? And are you changing your approach to incremental hyperscale opportunities?

我想請問您是否能分享更多關於您簽下的 35 億美元推論（inferencing）交易的細節。那裡面究竟包含哪些內容？另外能否談談這筆交易的經濟性（economics）？以及您是否正在改變您對新增超大規模（hyperscale）機會的策略？

Yes. So obviously, we can't talk about the customer, but it's a hyperscaler customer, but is acting, as I said to Aaron, as an enterprise. We are not selling, Wamsi, what used to refer as a Tier 1 infrastructure. You recall that during the cloud days, we are not selling that type of infrastructure. We are selling traditional servers for AI inferencing that they will use for their own internal usage.

是的。很顯然，我們不能談論客戶是誰，但這是一家超大規模客戶，不過如同我對 Aaron 所說，他們是以企業客戶的方式在運作。Wamsi，我們並不是在銷售過去所稱的 Tier 1 基礎設施。你還記得在雲端時期，我們並沒有在賣那種基礎設施。我們賣的是用於 AI 推論的傳統伺服器，他們將用於自身的內部使用。

Asiya Merchant, Citi.

Asiya Merchant，花旗。

Can you tick down a little bit on supply constraints? Where do you see them most acute right now? And kind of your expectations on the supply constraints easing or how you're thinking about your agreements, long-term agreements that you've signed to source the supply?

能否再多談一點供應限制（supply constraints）？您目前認為哪些地方的供應限制最為嚴峻？以及您對供應限制緩解的預期，或您如何看待您已簽署的協議、長期協議（long-term agreements）以取得供應？

Yes. Thank you for the question. The supply constraints, generally speaking, continue to be the same, right? So obviously, on the commodity side, DDR5 is a great example of it. DDR4 for the older generation, NAND in the flash drive space.

是的。謝謝你的問題。整體而言，供應限制大致仍是同樣的情況，對吧？所以很明顯，在大宗商品端，DDR5 就是一個很好的例子。舊世代的 DDR4，以及快閃儲存領域的 NAND。

Those have been consistent themes now for three quarters since the beginning of 2026. And then there is another set of parts underneath that they are constrained by wafer capacity. And so we expect that to continue to be the case because ultimately, you have to solve two problems.

自 2026 年初以來，這些一直是連續三個季度的共同主題。另外還有一組零組件，其受限於晶圓產能（wafer capacity）。因此我們預期這種情況仍會持續，因為最終你必須解決兩個問題。

One is clean room capacity to turn wafer into more available supply that going to -- that should improve some in 2027 because we know our partners continue to invest in clean room capacity, but ultimately, structurally, this will be solved with wafer capacity. Because in the end, you need the wafers to turn parts into actual supply of products.

第一是無塵室（clean room）產能，把晶圓轉化為更可用的供應——這在 2027 年應該會有所改善，因為我們知道合作夥伴持續投資無塵室產能，但從結構上來看，最終仍要靠晶圓產能來解決。因為到最後，你需要晶圓才能把零組件轉變成實際的產品供應。

And so that's the challenge we're all navigating through. And the wafer capacity affects other parts, right? But in the memory space, you also have another trend underneath that obviously is driven by the technology shift. We had DDR4 to DDR5, that's understood, but then you have traditional DRAM moving to HBM.

所以這就是我們大家正在共同面對的挑戰。而晶圓產能也會影響其他零組件，對吧？但在記憶體領域，你還有另一個趨勢，顯然是由技術轉移所驅動。我們從 DDR4 轉到 DDR5，這大家都理解，但接著你會看到傳統 DRAM 轉向 HBM。

And that HBM demand is super high because it's driven by the GPU and the better memory that comes with it. So this is why you have to look at this wafer capacity, clean room capacity and then eventually the mix of what type of memory will be used and demanded as we go forward.

而 HBM 的需求非常高，因為它是由 GPU 以及隨之而來的更佳記憶體所帶動。因此，這也是為什麼你必須同時看晶圓產能、無塵室產能，並最終看未來將使用與需求的記憶體類型組合（mix）。

Now in the traditional server, we use DRAM. We don't use HBMs. And so that's where we are focused very extensively. Once you buy a rack scale architecture, you come with HBMs and therefore, once you get that server tray with the GPUs, the memory comes with it.

在傳統伺服器中，我們使用的是 DRAM。我們不使用 HBM。因此這就是我們非常專注的地方。一旦你購買機架級（rack scale）架構，就會搭配 HBM，因此當你拿到含 GPU 的伺服器托盤（server tray）時，記憶體也會隨之附帶。

So this is what we need to navigate through, but my expectation personally after seeing the exceptional demand that we see in the market and talking with our suppliers, some of them we signed already multiyear LTA agreements to lock our capacity.

所以這就是我們需要去因應的部分；但就我個人而言，在看到市場上極為強勁的需求、並與供應商交流後——其中一些我們已經簽了多年期的 LTA（長期協議）來鎖定產能。

We decide how to use that capacity. Then it tells me this is going to last for a longer period of time, which obviously will have consequences on cost and pricing. But so far, I think HPE has been very effective in managing that process.

我們會決定如何使用那個產能。這讓我認為這種情況會持續更長一段時間，這顯然會對成本與定價帶來影響。但到目前為止，我認為 HPE 在管理這個流程上一直非常有效。

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利。

Congrats on the nice quarter here. Marie, in your prepared remarks on -- you mentioned gross margins, and you mentioned a normalization in traditional server margins, I think, looking forward. Can you maybe just elaborate a bit on what that means?

恭喜本季表現不錯。Marie，在你準備好的發言中——你提到毛利率，也提到我想是展望未來傳統伺服器毛利率將正常化（normalization）。你能否再多說明一下這代表什麼？

Like why would you see normalization in server margins if demand is as strong as you're referencing and your unit trajectory should seemingly improve as you get better supply? Like is this -- have you benefited from low-cost inventory now that's starting to uptick in your bill of materials? I'm just trying to understand your comment and exactly what you're trying to message there.

如果需求如你所說那麼強，而隨著供應改善，你們的出貨/單位走勢看起來也應該會更好，那為什麼伺服器毛利率會正常化？這是否表示你們先前受惠於低成本庫存，而現在物料清單（bill of materials）成本開始上升？我只是想理解你的評論，以及你想傳達的訊息到底是什麼。

Yes. No worries, Erik. So maybe I'll just start up by giving you some context on the quarter, what drove those margins and then how we think about them going into Q4 and into '27. So I would think about Q3 more as a confluence of everything coming together at once. Obviously, you saw the impact of strong revenue scale, and that played through in terms of leverage, higher gross margins.

是的。別擔心，Erik。我先從本季的一些背景談起：是什麼驅動了那些毛利率，以及我們如何看待進入第四季與 2027 年的情況。我會把第三季視為各種因素同時匯聚的結果。很明顯，你看到強勁營收規模帶來的影響，並透過營運槓桿反映為更高的毛利率。

We talked about our disciplined pricing. You heard Antonio talk about how we've been very diligent around pricing in this constrained component environment. Don't forget we've also got the benefits of programs like Catalyst that have been flowing through as a put and take. And then there was a mix of deals in the quarter that also impacted and really frankly benefited us in terms of our Q3 rates on what I'd say with respect to servers.

我們也談到我們有紀律的定價策略。你也聽到 Antonio 談到，在零組件供應受限的環境下，我們在定價方面一直非常謹慎。別忘了，我們也受惠於像 Catalyst 這類計畫所帶來的效益，這些在本季也有正負相抵的影響。此外，本季交易組合（mix of deals）也帶來影響，坦白說，就伺服器而言，對我們第三季的比率是有利的。

As you get forward and you look forward into Q4 and then this does carry forward into the guide that we gave into '27, bear in mind that the mix of deals, specifically in AI will ship. So we do expect to ship more AI revenue, specifically in Q4, and you can see that in our inventory number, inventory number went up. So we're positioning ourselves to ship some larger AI transactions, and we expect to have a bigger mix of that also into '27.

當你往前看、看第四季，並且這也會延伸到我們給出的 2027 年指引時，請記住，交易組合，特別是在 AI 方面，將會出貨（ship）。因此我們確實預期在第四季出貨更多 AI 營收，你也可以從我們的庫存數字看到這點，庫存上升了。所以我們正在為出貨一些較大型的 AI 交易做準備，而我們也預期在 2027 年這部分的占比會更高。

And then to just double down, it's actually the mix of deals even inside of traditional server will also moderate as we go into Q4 and into '27. So that's how I'd be thinking about the margins. Obviously, we're pleased with the guide that we've given, but I think at this point, we had a great quarter in terms of a confluence of all the factors coming together.

再強調一次，其實即便在傳統伺服器內部，交易組合也會在進入第四季與 2027 年時趨於溫和（moderate）。所以這就是我看待毛利率的方式。當然，我們對所給出的指引感到滿意，但我認為此刻，第三季確實是各項因素同時到位而帶來的一個很好的季度。

Tim Long, Barclays.

Tim Long，巴克萊。

A two-parter, if I could, on AI networking side. First, nice win with Oracle. As you mentioned, it had been a pretty big Juniper customer. So just curious if that win can propel any other -- be used as a reference design or reference case for other either hyperscalers or neo-clouds, there's obviously a lot of new networking opportunities out there.

如果可以的話，我有兩個問題，關於 AI 網路（networking）方面。第一，恭喜拿下 Oracle 這個漂亮的案子。如你提到的，他們之前是相當大的 Juniper 客戶。所以我想了解，這個勝利是否能推動其他機會——例如作為其他超大規模業者或新型雲（neo-cloud）的參考設計或參考案例？畢竟現在外面有很多新的網路機會。

So I'm curious if you think that larger, more profile AI win can do that? And second, Antonio, you mentioned the scale across with the custom silicon. I'm curious what you guys are hearing on the importance of having that customer silicon. Do you think that was important for the win? And similarly, is that something that can help drive even more scale across as that's becoming more important for the AI companies?

所以我想問，你是否認為這個更大型、更具指標性的 AI 勝利能起到那樣的作用？第二，Antonio，你提到與客製化矽（custom silicon）的跨域擴展（scale across）。我想了解你們聽到的訊息：擁有客戶自有晶片（customer silicon）的重要性如何？你認為這對贏得這個案子是否重要？同樣地，隨著這對 AI 公司變得更重要，這是否也能幫助推動更多的跨域擴展？

Yes, Tim, thank you. The answer is yes and yes. I mean, yes, because obviously, it proves on the first part of your question, that we have a scalable set of products that deliver the performance with the AI capabilities that now everybody is looking for to drive these self-driving kind of operations. And we have embedded that across the entire portfolio, not just in the Campus & Branch, but also if you look at our routers are amazing what they can do in optimizing the bandwidth using AI.

是的，Tim，謝謝你。答案是是、也是。我的意思是，是的，因為很明顯，這證明了你問題的第一部分：我們擁有一套可擴展的產品組合，能以 AI 能力交付大家現在都在尋找的效能，用來推動這種自動駕駛式的營運。而且我們已把這些能力嵌入到整個產品組合中，不只是在 Campus & Branch（園區與分支），你也可以看到我們的路由器在利用 AI 最佳化頻寬方面能做到的事情非常驚人。

But also, we were first time to market with a 1.6-terabit. And time to market here is a very important aspect of competing and winning in the market. So Rami and I spent a lot of time with the team how we continue to stay ahead of the curve and be first time to market with these latest technologies.

另外，我們也是第一個把 1.6Tbps 推向市場的。這裡的「上市時間」是競爭並在市場取勝的一個非常重要的面向。所以 Rami 和我花了很多時間和團隊討論，我們要如何持續領先、並以最新技術做到第一時間上市。

So we were definitely first time to market, Juniper was, with a 1.6 terabit in air cooled. And we were the first 1.6 time to market with the direct liquid cooling. And then on the route -- and so we hope that that's going to drive a significant amount of interest, and we have a lot of conversations with customers, right, to leverage this portfolio. On the routing side, look, it's very hard to do what our silicon does. There's only two, three players who have done this at massive scale. And it's a source of differentiation.

所以我們確實是第一個把 1.6Tbps（Juniper 是）以風冷方式推向市場的。而且我們也是第一個以直接液冷方式把 1.6Tbps 推向市場的。接著在路由——因此我們希望這會帶來大量的關注，我們也正與客戶進行許多對話，對吧，來運用這個產品組合。在路由這一端，坦白說，要做到我們的矽晶片能做到的事情非常困難。只有兩三家業者能在超大規模下做到這點。而這就是差異化的來源。

What our Express silicon does for the routing is unique. And if you think about the PTX, I'll give this example, right, perhaps not in the AI space. But if you take the latest PTX product, which is three-forth of a rack and you take New York and London, all 60 million people watching a Netflix movie concurrently on the platform, the platform can manage it.

我們的 Express 矽晶片在路由上的能力是獨一無二的。如果你想想 PTX，我舉個例子，對吧，也許不是在 AI 領域。但如果你拿最新的 PTX 產品，它大約是四分之三個機櫃，然後你把紐約和倫敦算進來，總共 6,000 萬人同時在平台上看 Netflix 影片，這個平台都能處理。

Think about the scale, right, that these products can do. And that's very hard to do. So that's why as these gigawatts and gigawatts of infrastructure gets deployed, which we think by the end of the decade will be over 270 gigawatts, you have to connect all of them. And therefore, you need a -- at the end of that pipe, you need a router with that level of capabilities.

想想這些產品能做到的規模，對吧。而那是非常難做到的。所以這就是為什麼當這些一個又一個 GW 等級的基礎設施被部署——我們認為到本十年末將超過 270GW——你必須把它們全部連接起來。因此，在那條管道的末端，你需要一台具備那種等級能力的路由器。

David Vogt, UBS.

David Vogt，UBS。

Maybe a combo for Antonio and Marie. So I think Antonio, if I think about your '27, outlook, you're taking the revenue up by about $4 billion relative to where we were 90 days ago. Can you kind of dig in on the supply chain? I know you talked a little bit about it before, but what improved on the margin? Was it just securing more purchase commitments? What gives you more confidence that you have enough supply chain relative to 90 days ago to kind of hit that target?

也許這題給 Antonio 和 Marie 一起回答。所以 Antonio，我想如果看你對 '27 年的展望，你把營收相較於 90 天前提高了大約 40 億美元。你能否深入談談供應鏈？我知道你之前稍微提過，但在邊際上有哪些改善？只是因為取得了更多採購承諾嗎？相較於 90 天前，是什麼讓你更有信心供應鏈足以支撐你達成那個目標？

And then Marie, for you, same kind of question. You're taking that number up by about $4 billion, and it looks like the free cash flow drop through is pretty impressive, incrementally $500 million flows through at least, which is better than your current conversion on the business. Can you help us understand kind of what's going on with the free cash flow conversion from the guidance raise?

然後 Marie，對你也是類似的問題。你也把那個數字提高了大約 40 億美元，而且看起來自由現金流的增量轉換率相當亮眼，至少有 5 億美元的增量流入，這比你目前業務的轉換率還要好。你能幫我們理解一下，這次上調指引後，自由現金流轉換率背後發生了什麼嗎？

So yes, the first part of your question, the answer is yes because obviously, we put numbers out there if we have the ability to fulfill it, and that came through the work our supply chain team have done to secure these multiyear long-term agreements that locks the capacity.

所以，是的，你問題的第一部分答案是肯定的，因為很明顯，我們只有在有能力履約時才會把數字對外提出，而這來自我們供應鏈團隊所做的工作：確保這些多年期的長期協議，將產能鎖定下來。

And obviously, every 90 days, we can actually adjust what type of usage in that capacity within that capacity, we want to get out of it. And so your math is absolutely in the range, and that's why we are confident in this guide. Because at one end, you have the demand for it, and on the other end, you have the supply to fulfill it. And that's why this is a durable profitable growth. And on the cash flow, Marie?

而且很明顯，每 90 天我們其實都可以調整，在那個產能之內、我們希望如何使用、以及要從中取得什麼樣的配置。所以你的推算完全落在合理範圍內，這也是為什麼我們對這份指引有信心。因為一端是需求，另一端是能夠滿足需求的供給。因此這是一種可持續、且具獲利性的成長。至於現金流，Marie？

Yes. No, look, first of all, I will say, look, really pleased with the guide we gave of at least $5 billion, which is up 33% year-on-year. And as you correctly pointed out, one of the biggest drivers of that improvement in the rate is really the fact that we've got a lot less restructuring as we go into '27.

是的。不，首先我要說，我們對所給出的至少 50 億美元指引非常滿意，年增 33%。而且如你正確指出的，改善轉換率的最大驅動因素之一，確實是我們在進入 '27 年時，重組的規模會小很多。

Just remember that the programs that we had like Catalyst and the Juniper synergy programs, really we had the sort of, I'd say, the brunt of the restructuring in this year in '26. So as we get into '27, we start to bleed that down, and it will be a bit of a tail left on the Juniper synergy plan, which will honestly bleed off by the sort of end of Q4 of next year.

請記得，我們之前的計畫，例如 Catalyst 以及 Juniper 協同效益計畫，基本上重組的主要衝擊是在今年、也就是 '26 年。所以當我們進入 '27 年時，這部分會開始逐步下降；而 Juniper 協同效益計畫會留下一點尾巴，坦白說，到明年第四季末左右就會逐漸消退。

I think the other thing, Marie, that's important to understand is that as we accelerate the growth in networking, which obviously 14% to 17% is an acceleration compared to 2026. The working capital demand in networking is significantly lower because it's a faster turn to revenue once you get the inventory on hand.

Marie，我認為另一個重要的理解點是：當我們加速網路業務的成長——很明顯 14% 到 17% 相較於 2026 年是加速——網路業務對營運資金的需求顯著更低，因為一旦你手上有庫存，就能更快轉成營收。

Mark Newman, Bernstein.

Mark Newman，Bernstein。

Digging a bit more into the server side. You reported server revenue up 35% year-on-year. Obviously, you've got some AI servers in there. So I think if you take that out, it implies that traditional servers growing a bit faster than that number. Just wondered if you could -- and you said orders for traditional servers up 75% year-over-year.

我想再更深入一點談伺服器端。你們公布伺服器營收年增 35%。很明顯其中包含一些 AI 伺服器。所以我想如果把那部分扣掉，代表傳統伺服器的成長可能比那個數字還快一些。想請問你是否可以——而且你也提到傳統伺服器的訂單年增 75%。

I wondered if you could clarify for us like how much of this growth is higher ASPs and richer configurations, which you mentioned on slide 8 versus unit growth. Is there any significant unit growth in terms of units of CPU cores or any kind of metric like that? Or is this exclusively pricing and configuration?

我想請你幫我們釐清：這些成長中有多少來自更高的 ASP（平均售價）與更高階的配置（你在投影片 8 提到的），相對於出貨量成長？在 CPU 核心數量或任何類似指標的「單位」方面，是否有顯著的單位成長？還是這完全是價格與配置帶動？

And related to that, the orders being stronger growth than the revenue, can we ascertain from that that you're significantly supply constrained and should we -- how long would that supply constraint last? I'm just wondering in terms of projecting out like should we see further acceleration of server growth from here as supply constraint alleviates? Or is that supply constraint going to remain at similar levels going forward?

另外相關的是，訂單成長比營收更強，從這點我們是否可以推斷你們受到明顯的供應限制？以及——這種供應限制會持續多久？我只是想在做預測時理解：隨著供應限制緩解，我們是否會看到伺服器成長從這裡進一步加速？還是供應限制在未來仍會維持在類似水準？

Yes, you put a lot in that question, but I'm going to simplify it for you a little bit. Look, we expect in Q4 units to strengthen because of what we see in the market. And obviously, in 2026, the units have been constrained by the supply availability, which means a lot of the growth came through the ASPs, but as we go into Q4, we expect units to strengthen. And a lot of that will be on the back of the AI inferencing and agentic AI that we see.

是的，你這個問題涵蓋很多內容，但我先幫你稍微簡化一下。我們預期第四季的出貨單位會轉強，因為我們看到市場的狀況。而且很明顯，在 2026 年，出貨單位一直受到供應可得性的限制，這表示很多成長是透過 ASP 來實現；但當我們進入第四季，我們預期出貨單位會轉強。而其中很大一部分將由我們看到的 AI 推論（inferencing）以及代理式 AI（agentic AI）所帶動。

Supply will continue to be constrained, which means we're going to continue to run into high backlog as we go forward. But to the question that was asked earlier on, we factored that in, in our guide because our guide reflects what we believe the supply availability against the backlog and the demand will be. So I will stay focused on the guide.

供應仍將持續受限，這表示我們往後仍會面臨較高的積壓訂單（backlog）。但回到先前有人問到的問題，我們已在指引中把這點納入考量，因為我們的指引反映了：在積壓訂單與需求之下，我們認為供應可得性會是什麼樣子。所以我會專注在這份指引上。

I will stay focused on the fact that supply will continue to stay constrained, but the demand will continue to be exceptionally high. And so we expect the Cloud & AI segment to grow 14% to 18% on revenue. And that's a very strong growth, and it will continue to be led by traditional servers, higher conversion on AI systems as we go forward, particularly in Q4.

我會持續聚焦在供給將繼續受限這一事實上，但需求仍將維持異常強勁。因此，我們預期雲端與 AI（Cloud & AI）部門營收將成長 14% 至 18%。這是非常強勁的成長，而且未來仍將由傳統伺服器所帶動，並且隨著我們往前推進，AI 系統的轉換率會更高，尤其是在第四季（Q4）。

And then ultimately, the storage business because, obviously, the storage business helps on the profitability side because of the margin structure. But look, as we said in our remarks, storage grew twice as fast as the revenue that we posted in the quarter.

接著最終是儲存業務，因為很明顯，儲存業務在獲利面有幫助，這與其毛利結構有關。但你看，正如我們在談話中提到的，儲存的成長速度是我們本季所公布營收成長速度的兩倍。

Yes. And I'll just add, Mark, that we actually -- it was a raise on Cloud & AI revenue actually for '27, to get to the 14% to 18%. So I think that just illustrates the strength of the demand that we're seeing out there.

是的。我再補充一下，Mark，我們其實是上調了 '27 年雲端與 AI 的營收指引，才提高到 14% 至 18%。所以我認為這正好說明了我們在市場上看到的需求強度。

Operator, we'll take our final question.

接線員，我們來接最後一個問題。

Matt Niknam, Truist.

Truist 的 Matt Niknam。

I'll echo the congrats on the great results. Maybe more of a high-level question. I'm wondering, Antonio, if you're seeing any incremental hesitation or pushback from customers with regards to demand appetite, just in light of some of the bigger pricing actions aimed at offsetting higher memory costs.

我也要呼應一下，恭喜你們交出很棒的成績。我可能問一個比較高層次的問題。Antonio，我想請教你是否看到客戶在需求意願上有任何新增的猶豫或反彈，尤其考量到為了抵銷記憶體成本上升而採取的一些較大幅度的定價措施。

And maybe on a related note, if you can speak to where incremental budget to invest in IT infrastructure and HPE products are coming from at some of your larger customers?

另外一個相關問題是，你能否談談在一些大型客戶那邊，用於投資 IT 基礎設施與 HPE 產品的新增預算，主要是從哪裡來的？

Sure. No, we don't see hesitation. I will say at the beginning of this hyper cycle on the cost, obviously, they were a little bit, I mean, shocked, and they're trying to navigate through the timing by focusing on understanding the trends and looking at the spot market and the like.

當然。沒有，我們沒有看到猶豫。我會說，在這一波成本超級循環的初期，顯然他們確實有點——我是說，有點震驚，並且試著透過聚焦理解趨勢、觀察現貨市場等方式，來掌握時點並加以因應。

Once they understood that, they understood that, particularly in AI, you need to go faster. They figured it out, look, waiting is not an option, but they are getting smarter about where to land their budgets, and how to optimize for these token economics, which Marie talked about.

一旦他們理解了這些，特別是在 AI 方面，他們就明白你必須更快推進。他們算清楚了：等待不是選項；但他們也變得更聰明，知道預算該落在哪裡，以及如何針對這些 token 經濟學做最佳化，Marie 也談到了這點。

Look, when you do it on-premise, and we do that ourselves and we share the number, we can see up to 60% cost benefits on a token basis. And so no, I don't see hesitation on this point in time, and that's why demand continued to be exceptionally strong. That's very clear.

你看，當你在地端（on-premise）部署——我們自己也這麼做，並且分享過數據——以 token 為基礎來看，成本效益最高可達 60%。所以不，我在目前這個時間點沒有看到猶豫，這也是為什麼需求仍然異常強勁。這非常明確。

In terms of budget, look, budgets overall are going up. Look, in our case, Marie can talk about it. Of course, there is prioritization within the budget to replace that older infrastructure, to invest more in AI. It's a balanced approach. But in our case, we are growing the budget to consume more tokens because we are very aggressive in deploying AI as a part of the Catalyst transformation.

就預算而言，你看，整體預算都在增加。以我們的情況來說，Marie 可以談談。當然，預算內部會有優先順序：汰換較舊的基礎設施、加大 AI 投資。這是一種平衡的做法。但以我們而言，為了在 Catalyst 轉型中非常積極地部署 AI，我們正在增加預算以消耗更多 tokens。

Obviously, we do it with governance, rigor, return on invested capital and all the things. But in the end, it's an add-on, okay? It's not the subtraction of something else. So I was talking to a large customer yesterday, which is in the financial sector.

當然，我們會以治理、嚴謹度、投入資本報酬率（ROIC）以及所有相關要求來執行。但最終，這是一個加成，好嗎？它不是從其他項目中扣減而來。所以我昨天和一位金融業的大型客戶聊過。

And he told me, yes, we are going all in, and now we have done the math, and we believe it will be better suited for us to build an AI factory on-premise so that we can improve the agility of deploying AI with the cost and controls, particularly in financial services with the compliance, right, that regulates that vertical.

他告訴我：是的，我們會全力投入；而且現在我們已經算過了，我們相信對我們來說，更適合在地端打造一座 AI 工廠，這樣我們就能在成本與控管之下提升 AI 部署的敏捷性——特別是在金融服務業，還有合規要求，對吧，這個垂直產業受到相關法規監管。

So we see that momentum continue. And I believe 2027 is going to be even stronger for enterprise because they become more confident in what they are doing and one win takes -- leads to another win, right, on how this has been successful. Because in the end, it's business process transformation, it's workflow transformation. It's not just technology for the sake of technology.

所以我們看到這股動能持續。我相信 2027 年對企業端會更強，因為他們對自己在做的事情更有信心，而且一個成功案例會——帶來另一個成功案例，對吧，因為他們看到這些做法如何奏效。因為歸根結底，這是業務流程轉型，是工作流程轉型。不只是為了技術而技術。

Antonio, would you like to.

Antonio，你要不要——

Yes. No. Thank you for your time. I know you have a lot of earnings to cover. I will remind you of the Networking Investor Day, please attend if you can. We're going to share with Rami, our view of the future. Clearly, super-excited about the Juniper acquisition. It has been a huge success.

是的。沒有。謝謝各位的時間。我知道你們還有很多場法說要跑。我想提醒各位我們的網路（Networking）投資人日，如果可以的話請務必參加。我們會和 Rami 一起分享我們對未來的看法。我們對 Juniper 的收購顯然非常興奮。這已經是一個巨大的成功。

And we're just at the beginning. You saw some of the wins that we just announced. The runway ahead of us is enormous, whether it's new wins to Tim's question early on or with further customers or the Helios opportunity.

而且我們才剛開始。你們也看到我們剛宣布的一些勝利案例。我們前方的跑道非常巨大，不論是回到 Tim 先前提問的新案子，或是更多客戶的拓展，或是 Helios 的機會。

The fact that everybody was concerned about integration, this was executed very thoughtfully. And the fact we're growing 3.5 times faster than revenue shows you that we have the right portfolio at the right time with the right talent. And then in the Cloud & AI, I think we are delivering operating leverage. I mean, the execution there has been excellent.

大家原本都擔心整合問題，但這次整合執行得非常周全。而且我們的成長速度是營收的 3.5 倍，這顯示我們在對的時間擁有對的產品組合與對的人才。另外在雲端與 AI 方面，我認為我們正在實現營運槓桿。我是說，那邊的執行表現一直非常出色。

But our strategy is very intentional. We are leading with networking. We are at the core becoming a networking company. And the rest of the portfolio is there to serve the customer needs by driving the profitability and ultimately generating more cash, which has been a huge success so far, and it will be a bigger success in 2027. So thank you for your time today.

但我們的策略是非常有意識、非常明確的。我們以網路為先。我們正在核心上成為一家網路公司。而產品組合的其餘部分，是為了透過提升獲利能力來滿足客戶需求，並最終產生更多現金；到目前為止這已是巨大的成功，而且在 2027 年會是更大的成功。所以謝謝各位今天撥冗參與。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。