惠普 (HPQ) 2021 Q4 法說會逐字稿

Good day, everyone, and welcome to the Fourth Quarter 2021 HP Inc. Earnings Conference Call. My name is Gary, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

大家好，歡迎參加 2021 年第四季度惠普公司收益電話會議。我的名字是加里，我將擔任今天電話會議的主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。

I would now like to turn the call over to Orit Keinan-Nahon, Head of Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係主管 Orit Keinan-Nahon。請繼續。

Good afternoon, everyone, and welcome to HP's Fourth Quarter 2021 Earnings Conference Call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Marie Myers, HP's Chief Financial Officer.

大家下午好，歡迎參加惠普 2021 年第四季度財報電話會議。今天和我在一起的是惠普總裁兼首席執行官 Enrique Lores；和惠普首席財務官瑪麗·邁爾斯。

Before handing the call over to Enrique, let me remind you that this call is being webcast. A replay of this webcast will be made available on our website shortly after the call for approximately 1 year. We posted the earnings release and the accompanying slide presentation on our Investor Relations web page at investor.hp.com.

在將電話轉交給 Enrique 之前，讓我提醒您，此電話正在網絡直播中。該網絡廣播的重播將在電話會議後不久在我們的網站上提供，時間約為 1 年。我們在 Investor.hp.com 的投資者關係網頁上發布了收益發布和隨附的幻燈片演示。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K. HP assumes no obligation and does not intend to update any such forward-looking statements.

與往常一樣，本演示文稿的元素具有前瞻性，並基於我們對當今世界和我們業務的最佳看法。有關更多詳細信息，請參閱收益材料中與涉及風險、不確定性和假設的前瞻性陳述相關的免責聲明。有關其中一些風險、不確定性和假設的討論，請參閱惠普的 SEC 報告，包括我們最近的 10-K 表格。惠普不承擔任何義務，也不打算更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available now and could differ materially from the amounts ultimately reported in HP's Form 10-K for the fiscal year ended October 31, 2021 and HP's other SEC filings.

我們還注意到，本次電話會議中討論的財務信息反映了基於現在可用信息的估計，可能與惠普截至 2021 年 10 月 31 日的財政年度的 10-K 表格和惠普向美國證券交易委員會提交的其他文件中最終報告的金額存在重大差異。

During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period. For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to the comparable GAAP information. Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.

在本次網絡直播期間，除非另有特別說明，所有比較均為與去年同期的同比比較。對於在非公認會計原則基礎上表達的財務信息，我們已將與可比公認會計原則信息的對賬包括在內。請參閱今天的收益發布隨附的表格和幻燈片演示以了解這些對賬。

With that, I'd now like to turn the call over to Enrique.

有了這個，我現在想把電話轉給恩里克。

Thanks, Orit, and thank you all for joining today's call.

謝謝，Orit，感謝大家加入今天的電話會議。

At our Securities Analyst Meeting last month, we shared our plans to continue building a stronger HP, one that delivers sustained revenue, operating profit, EPS and free cash flow growth. This quarter's results reflect our continued momentum against this plan, and they give us great confidence in our future.

在上個月的證券分析師會議上，我們分享了繼續打造更強大的惠普的計劃，該惠普可以帶來持續的收入、營業利潤、每股收益和自由現金流增長。本季度的業績反映了我們對該計劃的持續動力，它們使我們對未來充滿信心。

Let me talk through the details. In Q4, revenue grew 9% to $16.7 billion. Non-GAAP EPS grew 52% to $0.94. And we generated more than $900 million of free cash flow while returning $2 billion to shareholders through share repurchases and dividends. Our Q4 results are a great finish to an exceptional year.

讓我談談細節。第四季度，收入增長 9% 至 167 億美元。非公認會計原則每股收益增長 52% 至 0.94 美元。我們創造了超過 9 億美元的自由現金流，同時通過股票回購和股息向股東返還了 20 億美元。我們的第四季度業績為非凡的一年畫上了圓滿的句號。

For the full year, we grew revenue 12% to $63.5 billion and generated $1.7 billion of incremental non-GAAP operating profit. Non-GAAP EPS grew 66%. This means that we exceeded our value creation plan target for non-GAAP operating profit and EPS a full year ahead of plan. And we returned a record $7.2 billion to shareholders while continuing to invest in strategic growth opportunities across the business.

全年，我們的收入增長了 12% 至 635 億美元，並產生了 17 億美元的非公認會計原則營業利潤增量。非公認會計原則每股收益增長 66%。這意味著我們提前一整年超出了非公認會計準則營業利潤和每股收益的價值創造計劃目標。我們向股東返還了創紀錄的 72 億美元，同時繼續投資於整個業務的戰略增長機會。

Our Q4 and full year performance shows a company on its front foot and hitting its stride. Long-term secular trends such as hybrid play to our competitive strength. Our leadership across our market and the innovation agenda we are driving are enabling us to turn these trends into tailwinds. We are making organic and inorganic investments to drive profitable growth. And we are accelerating our transformation, building new digital capabilities while also reducing structural costs and driving efficiencies. The progress we are making against our priorities is creating a more growth-oriented portfolio.

我們的第四季度和全年業績表明一家公司處於領先地位並大踏步前進。混合動力等長期長期趨勢發揮著我們的競爭優勢。我們在整個市場的領導地位和我們正在推動的創新議程使我們能夠將這些趨勢轉化為順風。我們正在進行有機和無機投資以推動盈利增長。我們正在加速轉型，建立新的數字能力，同時降低結構成本並提高效率。我們在優先事項方面取得的進展是創建一個更加以增長為導向的投資組合。

At our Analyst Day, I shared that we expect our 5 key growth areas to grow double digits and generate over $10 billion in revenue in fiscal '22. These businesses collectively grew 12% this quarter. This includes more than 30% growth for our Instant Ink business as well as more than 20% growth for our industrial graphics portfolio. We see our key growth areas becoming a bigger part of overall revenue and profit mix moving forward. We are driving this growth even as we continue to navigate a complex and dynamic operational environment that includes robust demand and persistent supply constraints.

在我們的分析師日，我分享了我們預計我們的 5 個關鍵增長領域將增長兩位數，並在 22 財年產生超過 100 億美元的收入。這些業務本季度共同增長了 12%。這包括我們 Instant Ink 業務增長超過 30% 以及我們的工業圖形產品組合增長超過 20%。我們認為我們的關鍵增長領域將在未來的整體收入和利潤組合中佔據更大的比重。即使我們繼續在包括強勁需求和持續供應限制在內的複雜而動態的運營環境中航行，我們仍在推動這一增長。

The actions we have been taking to mitigate industry-wide headwinds are paying off. There is no quick fix, but we are strengthening our operational execution and making continued progress quarter-by-quarter. And I just want to say how proud I am of the way our teams are stepping up. It has not been easy, but the challenges we have faced have not deterred us from driving our business forward and the fact that we delivered double-digit revenue and profit growth for the year gives us confidence as we enter 2022.

我們為緩解全行業不利因素而採取的行動正在取得成效。沒有快速解決辦法，但我們正在加強我們的運營執行，並逐季度取得持續進展。我只想說我為我們的團隊正在加強的方式感到多麼自豪。這並不容易，但我們面臨的挑戰並沒有阻止我們推動業務向前發展，而且我們在今年實現了兩位數的收入和利潤增長，這讓我們在進入 2022 年時充滿信心。

Let me now talk about the strength we see across each of our business units. In Personal Systems, there continues to be very strong demand. Here, revenue and operating profit, each grew double digits in Q4. And our disciplined execution and pricing strategy allowed us to effectively manage costs and component headwinds. A big part of our success is the improved mix we are driving given our leadership in the commercial PC market. As more offices reopen, we led a shift toward Windows-based commercial products where we saw the strongest demand and highest profitability. We continue to see a significantly elevated order backlog.

現在讓我談談我們在每個業務部門看到的實力。在個人系統中，需求仍然非常強勁。在這裡，收入和營業利潤在第四季度均增長了兩位數。我們嚴格的執行和定價策略使我們能夠有效地管理成本和組件逆風。鑑於我們在商用 PC 市場的領先地位，我們成功的很大一部分是我們正在推動的改進組合。隨著越來越多的辦公室重新開放，我們引領轉向基於 Windows 的商業產品，我們看到了最強勁的需求和最高的盈利能力。我們繼續看到訂單積壓顯著增加。

As I shared last month, we expect component shortages, particularly in IC, to persist into at least the first half of '22. The operational actions we outlined in our Q3 call are generating positive results. We continue to increase our direct engagement with Tier 2 and Tier 3 suppliers. We have expanded long-term agreements to secure capacity. And our digital transformation initiatives are enabling greater real-time visibility to optimize our speed, agility and mix. This work remains a daily priority and we expect our trajectory to continue to improve.

正如我上個月分享的那樣，我們預計組件短缺，尤其是在 IC 中，將至少持續到 22 年上半年。我們在第三季度電話會議中概述的運營行動正在產生積極的結果。我們繼續增加與二級和三級供應商的直接接觸。我們擴大了長期協議以確保產能。我們的數字化轉型計劃正在提高實時可見性，以優化我們的速度、敏捷性和組合。這項工作仍然是每天的優先事項，我們預計我們的發展軌跡將繼續改善。

We are also creating important innovation as we design for all things hybrid. This includes a new lineup of Windows 11 devices that enable premium computing experiences for work and home. We are also expanding into valuable adjacencies. Last quarter, we introduced HP Presence, the world's most advanced video conferencing system. This is a large opportunity that will continue to grow as our digital and physical world converge. Seven out of 10 companies are already investing in technologies that improve hybrid work experience for their employees. HP Presence combines our hardware, software, imaging and peripheral capabilities to create a more immersive experience so that distributed teams can truly feel they are in the same room, even if they are not. You will see us continuing to innovate and expand our presence in the growing hybrid collaboration space.

當我們為所有事物設計混合動力時，我們也在創造重要的創新。這包括全新的 Windows 11 設備系列，可為工作和家庭提供優質計算體驗。我們也在向有價值的鄰域擴展。上個季度，我們推出了全球最先進的視頻會議系統 HP Presence。這是一個巨大的機會，隨著我們的數字世界和物理世界的融合，它將繼續增長。十分之七的公司已經在投資改善員工混合工作體驗的技術。 HP Presence 結合了我們的硬件、軟件、成像和外圍功能，創造了更加身臨其境的體驗，讓分散的團隊能夠真正感受到他們在同一個房間裡，即使他們不在。您將看到我們在不斷增長的混合協作空間中繼續創新並擴大我們的影響力。

We also delivered another quarter of double-digit Device as a Service revenue growth. This included the launch of new digital services to help commercial customers simplify the complexity of hybrid IT environment. And following the close of our Teradici acquisition, we launched a lineup of new Z by HP, Teradici and NVIDIA Omniverse subscription offer to enable high-performance remote collaboration.

我們還實現了另一季度兩位數的設備即服務收入增長。這包括推出新的數字服務，以幫助商業客戶簡化混合 IT 環境的複雜性。在完成對 Teradici 的收購後，我們推出了一系列新的 Z by HP、Teradici 和 NVIDIA Omniverse 訂閱服務，以實現高性能遠程協作。

Turning to Print. We grew revenue 1% in the quarter. This was primarily driven by our disciplined pricing strategy as well as our continued growth in services and subscriptions which offset expected volume decline driven by limited supply. Like others in the industry, we continue to operate in a supply-constrained environment driven by COVID-related disruption and broader logistics issues.

轉向打印。我們在本季度的收入增長了 1%。這主要是由於我們嚴格的定價策略以及我們服務和訂閱的持續增長抵消了供應有限導致的預期銷量下降。與業內其他公司一樣，我們繼續在由 COVID 相關中斷和更廣泛的物流問題驅動的供應受限環境中運營。

Against this backdrop, demand for our print hardware and supply remains strong. The fact is we had more hardware order than we could fulfill in the quarter. And as we said last month, we expect this to impact print growth in fiscal year '22. But this is not stopping us from advancing our strategic priorities. We continue to grow our HP+ portfolio globally, including the rollout of our ENVY Inspire 7000 series that is designed for families working, learning and creating new memories from home. Importantly, it is built with sustainability in mind and made from over 45% recycled plastic content.

在此背景下，對我們的打印硬件和供應的需求依然強勁。事實上，我們的硬件訂單比我們在本季度所能完成的要多。正如我們上個月所說，我們預計這將影響 22 財年的印刷增長。但這並不能阻止我們推進我們的戰略重點。我們將繼續在全球範圍內發展我們的 HP+ 產品組合，包括推出專為在家工作、學習和創造新回憶的家庭而設計的 ENVY Inspire 7000 系列。重要的是，它的建造考慮到了可持續性，並由超過 45% 的再生塑料製成。

We are also growing our digital services to enable hybrid office printing. A great example is this quarter's launch of HP Managed Print Flex, a new cloud-first MPS subscription plan for hybrid work environment. In Q4, we drove double-digit growth of MPS revenue and total contract value. And this supports our workforce solutions momentum. We're increasingly integrating our offerings across print and personal systems to meet new customer needs and unlock new growth opportunities. Our recently launched HP Work From Home Service is a great example of how we are leveraging our diverse portfolio to win in the hybrid office.

我們還在發展我們的數字服務，以實現混合辦公打印。一個很好的例子是本季度推出的 HP Managed Print Flex，這是一種新的雲優先 MPS 訂閱計劃，適用於混合工作環境。在第四季度，我們推動了 MPS 收入和總合同價值的兩位數增長。這支持了我們的勞動力解決方案勢頭。我們越來越多地將我們的產品整合到印刷和個人系統中，以滿足新的客戶需求並釋放新的增長機會。我們最近推出的惠普在家辦公服務是我們如何利用多樣化的產品組合在混合辦公室中取勝的一個很好的例子。

As I mentioned earlier, we are also driving industrial graphics and 3D printing growth. In industrial graphics, we drove double-digit revenue growth in the quarter and have built a healthy backlog of industrial presence. This continued the positive recovery trend from prior quarter. We also continue to see a mix shift towards more productive industrial presence with significant growth in labels and packaging. And in 3D, our focus on high-value end-to-end applications is paving the way for entirely new growth businesses. Our molded fiber, footwear and orthotics initiatives are on track.

正如我之前提到的，我們也在推動工業圖形和 3D 打印的增長。在工業圖形方面，我們在本季度推動了兩位數的收入增長，並建立了健康的工業存在積壓。這延續了上一季度的積極復甦趨勢。我們還繼續看到向更高效的工業存在轉變，標籤和包裝顯著增長。在 3D 領域，我們對高價值端到端應用程序的關注正在為全新的增長業務鋪平道路。我們的模塑纖維、鞋類和矯形器計劃正在步入正軌。

Our progress against our strategic priorities is also driving strong cash flow, and we continue to be disciplined stewards of capital. We have a robust returns-based approach that we are applying to every aspect of our capital allocation. We will continue to invest in areas where we see growth opportunities while continuing to return capital to our shareholders. We believe our shares remain undervalued. And we are committed to aggressive repurchase levels of at least $4 billion in fiscal year '22. We also expect M&A will continue to play an important role. Specifically, we plan to pursue deals that accelerate our strategies and drive profitable growth.

我們在戰略重點方面取得的進展也推動了強勁的現金流，我們繼續成為紀律嚴明的資本管理者。我們有一個強大的基於回報的方法，我們將其應用於我們資本配置的各個方面。我們將繼續投資於我們認為有增長機會的領域，同時繼續向股東返還資本。我們認為我們的股票仍然被低估。我們致力於在 22 財年實現至少 40 億美元的積極回購水平。我們還預計併購將繼續發揮重要作用。具體來說，我們計劃尋求能夠加速我們的戰略並推動盈利增長的交易。

And we are making ongoing progress against our sustainable impact agenda. ESG is a driver of long-term value creation for all stakeholders and we continue to pursue an ambitious agenda. The latest example is our expanded partnership with World Wildlife Fund. We are working to restore, protect and improve the management of nearly 1 million acres of forest landscape. This supports our focus on making every page printed forest positive.

我們正在針對我們的可持續影響議程不斷取得進展。 ESG 是為所有利益相關者創造長期價值的驅動力，我們將繼續追求雄心勃勃的議程。最新的例子是我們與世界自然基金會擴大合作夥伴關係。我們正在努力恢復、保護和改善近 100 萬英畝森林景觀的管理。這支持我們專注於使每一頁印刷的森林都是積極的。

To sum up, our portfolio is innovative and resilient. Our strategy is driving sustained revenue, operating profit, EPS and free cash flow growth. We are returning highly attractive levels of capital to shareholders, and we are confident in the fiscal year '22 guidance that we shared at our Analyst Day. We are entering the new year from a position of great strength, and I look forward to continuing to share our progress.

總而言之，我們的產品組合具有創新性和彈性。我們的戰略是推動持續的收入、營業利潤、每股收益和自由現金流增長。我們正在向股東返還極具吸引力的資本水平，我們對我們在分析師日分享的 22 財年指導充滿信心。我們正以強大的姿態進入新的一年，我期待繼續分享我們的進步。

Let me now turn the call over to Marie who will take you through the details of the quarter and our fiscal Q1 outlook. Marie, over to you.

現在讓我將電話轉給 Marie，她將帶您了解本季度的詳細信息和我們的第一財季展望。瑪麗，交給你了。

Thanks, Enrique, and hello, everyone. It's good to be back together and it was great to connect with so many of you following our Analyst Day.

謝謝，恩里克，大家好。很高興再次聚在一起，很高興在我們的分析師日之後與你們中的許多人聯繫。

I want to start by building on something Enrique said a moment ago. Q4 was a strong finish to a very strong year. It builds on our proven track record of meeting or exceeding the goals we set, and it underscores our confidence in our FY '22 and long-term financial outlook. Let me begin by providing some additional color on our results, starting with the full year. Revenue was $63.5 billion, up 12%. Non-GAAP operating profit was $5.8 billion, up 42%. We grew non-GAAP EPS even faster, up 66% to $3.79. This continues our trend of growing non-GAAP EPS every year since separation.

我想從 Enrique 剛才所說的話開始。第四季度是非常強勁的一年的強勁結束。它建立在我們達到或超過我們設定的目標的良好記錄的基礎上，它強調了我們對 22 財年和長期財務前景的信心。讓我首先為我們的結果提供一些額外的顏色，從全年開始。收入為 635 億美元，增長 12%。非美國通用會計準則營業利潤為 58 億美元，增長 42%。我們的非公認會計原則每股收益增長更快，增長 66% 至 3.79 美元。這延續了我們自分離以來每年增長非公認會計原則每股收益的趨勢。

Our $4.2 billion of free cash flow was consistent with our full year guidance and adjusting for the net Oracle litigation proceeds. And we returned a record $7.2 billion to shareholders. That's 172% of free cash flow. What's especially important to note is how well balanced our performance is. We are growing our top and bottom line. We are returning capital to shareholders and investing in the business. We are accelerating new growth businesses and driving efficiencies.

我們 42 億美元的自由現金流與我們的全年指引一致，並根據甲骨文訴訟淨收益進行了調整。我們向股東返還了創紀錄的 72 億美元。這是自由現金流的 172%。特別需要注意的是我們的表現是多麼平衡。我們正在增長我們的收入和利潤。我們正在向股東返還資本並投資於業務。我們正在加速新的增長業務並提高效率。

This reflects a company geared towards both short and long-term value creation as we enter a new period of growth for HP. This is supported by our Q4 numbers. Net revenue was $16.7 billion in the quarter, up 9% nominally and 7% in constant currency. Regionally, in constant currency, Americas declined 4%, EMEA increased 15% and APJ increased 18%. As Enrique mentioned, supply chain constraints continue to impact both print and personal systems revenue, and this was particularly impactful to our print hardware results this quarter. That said, demand remains strong as hybrid work creates sustained tailwinds.

這反映了在我們進入惠普新的增長期時，一家致力於短期和長期價值創造的公司。我們的第四季度數據支持這一點。本季度淨收入為 167 億美元，名義增長 9%，按固定匯率計算增長 7%。從地區來看，按固定匯率計算，美洲下降 4%，EMEA 增長 15%，APJ 增長 18%。正如 Enrique 所提到的，供應鏈限制繼續影響打印和個人系統收入，這對我們本季度的打印硬件業績影響尤其大。儘管如此，由於混合工作創造了持續的順風，需求仍然強勁。

Gross margin was 19.6% in the quarter, up 2 points year-on-year. The increase was primarily driven by continued favorable pricing, including currency, partially offset by higher costs. Non-GAAP operating expenses were $1.9 billion or 11.5% of revenue. The increase in operating expenses was primarily driven by increased investments in go to market and innovation.

本季度毛利率為 19.6%，同比上升 2 個百分點。這一增長主要是由於持續有利的定價（包括貨幣），部分被更高的成本所抵消。非美國通用會計準則運營費用為 19 億美元，佔收入的 11.5%。運營費用的增加主要是由於對上市和創新的投資增加。

Non-GAAP operating profit was $1.3 billion, up 28% and non-GAAP net OI&E expense was $64 million for the quarter. Non-GAAP diluted net earnings per share increased $0.32 or 52% to $0.94, with a diluted share count of approximately 1.1 billion shares. Non-GAAP diluted net earnings per share excludes Oracle litigation gains, defined benefit plan settlement gains, nonoperating retirement-related credits, partially offset by restructuring and other charges, amortization of intangibles, acquisition-related charges, other tax adjustments. As a result, Q4 GAAP diluted net earnings per share was $2.71.

本季度非 GAAP 營業利潤為 13 億美元，增長 28%，非 GAAP 淨 OI&E 費用為 6400 萬美元。 Non-GAAP 攤薄後每股淨收益增加 0.32 美元或 52% 至 0.94 美元，攤薄後的股票數量約為 11 億股。非公認會計原則攤薄每股淨收益不包括甲骨文訴訟收益、固定福利計劃結算收益、與非經營性退休相關的抵免，部分被重組和其他費用、無形資產攤銷、收購相關費用、其他稅收調整抵消。因此，第四季度 GAAP 攤薄後每股淨收益為 2.71 美元。

Now let's turn to segment performance. In Q4, Personal Systems revenue was $11.8 billion, up 13% year-on-year. Total units were down 9% given the expected supply chain challenges and lower Chrome mix. The fact we still grew revenue double digits in this environment reflected the strength of demand and positive impact of our mix shift towards mainstream and premium commercial.

現在讓我們轉向細分性能。第四季度，個人系統收入為 118 億美元，同比增長 13%。鑑於預期的供應鏈挑戰和較低的鉻組合，總單位下降了 9%。在這種環境下，我們仍然實現了兩位數的收入增長，這反映了需求的強勁以及我們向主流和高端商業組合轉變的積極影響。

Drilling into the details, consumer revenue was down 3% and commercial was up 25%. By product category, revenue was up 13% for notebooks, 11% for desktops and 39% for workstations. We also continue to drive double-digit growth across peripherals and services. Personal Systems delivered $764 million in operating profit with operating margins of 6.5%. Our margin improved 1.4 points, primarily due to continued favorable pricing, product mix and currency, partially offset by higher costs, including commodity costs and investments in innovation and go to market.

深入研究細節，消費者收入下降了 3%，商業收入增長了 25%。按產品類別劃分，筆記本電腦收入增長 13%，台式機收入增長 11%，工作站收入增長 39%。我們還繼續推動外圍設備和服務實現兩位數的增長。 Personal Systems 實現了 7.64 億美元的營業利潤，營業利潤率為 6.5%。我們的利潤率提高了 1.4 個百分點，主要是由於持續優惠的定價、產品組合和貨幣，部分被更高的成本所抵消，包括商品成本和對創新和上市的投資。

In Print, our results reflected continued focus on execution and the strength of our portfolio as we navigated the supply chain environment. Q4 total print revenue was $4.9 billion, up 1%, driven by favorable pricing in hardware and growth in services, partially offset by a decline in supplies. Total hardware units declined 26% due to consumer replenishment last year in Q4 and increased manufacturing and component constraints. We expect these print hardware constraints to extend at least into the first half of 2022.

在印刷方面，我們的業績反映了我們在供應鏈環境中的持續關注執行和我們產品組合的實力。第四季度印刷總收入為 49 億美元，增長 1%，這主要得益於硬件價格優惠和服務增長，部分被供應量下降所抵消。由於去年第四季度消費者補貨以及製造和組件限制增加，硬件單位總數下降了 26%。我們預計這些打印硬件限制至少會延續到 2022 年上半年。

By customer segment, consumer revenue was down 6% with units down 28%. Commercial revenue grew 19% with units down 12%. Consumer demand remains solid. However, revenue across both home and office was constrained by the current supply and factory environment. The commercial recovery showed further progress with double-digit hardware revenue growth with triple-digit increases in industrial printing hardware. We expect to see a continued gradual and uneven recovery in commercial extending into FY '22.

按客戶細分，消費者收入下降 6%，單位下降 28%。商業收入增長 19%，單位下降 12%。消費需求依然強勁。然而，家庭和辦公室的收入都受到當前供應和工廠環境的限制。商業復甦進一步推進，硬件收入實現兩位數增長，工業打印硬件實現三位數增長。我們預計到 22 財年，商業將繼續緩慢且不均衡地複蘇。

Supplies revenue was $3.1 billion, declining 2% year-on-year, driven primarily by prior year channel inventory replenishment. We also saw steady normalization of ink and toner mix, partially offset by favorable pricing. We saw continued momentum in our contractual business. As we discussed at our Analyst Day, this is a key part of our broader services strategy. Instant Ink delivered double-digit increases in both cumulative subscriber growth and revenues. We also drove growth in Managed Print Services revenue and total contract value with strength in both renewals and new TCV bookings.

供應收入為 31 億美元，同比下降 2%，主要受去年渠道庫存補充的推動。我們還看到墨水和碳粉組合穩步正常化，部分被有利的定價所抵消。我們看到我們的合同業務持續增長。正如我們在分析師日所討論的，這是我們更廣泛的服務戰略的關鍵部分。 Instant Ink 的用戶累計增長和收入均實現了兩位數的增長。我們還推動了託管打印服務收入和總合同價值的增長，續訂和新的 TCV 預訂均表現強勁。

Print operating profit increased $117 million to $813 million, and operating margins was 17%. Operating margin grew 2.2 points driven primarily by favorable pricing and improved performance in industrial, including graphics and 3D, partially offset by unfavorable mix and higher costs, including commodity cost and investments in innovation and go to market.

印刷營業利潤增加了 1.17 億美元，達到 8.13 億美元，營業利潤率為 17%。營業利潤率增長 2.2 個百分點，這主要是由於有利的定價和工業（包括圖形和 3D）性能的改善，部分被不利的組合和更高的成本（包括商品成本和對創新和上市的投資）所抵消。

Now let me turn to our transformation efforts. As we completed the second year of our cost savings program, we have now delivered more than 80% of our $1.2 billion gross run rate structural cost reduction plan and we continue to look at new cost savings opportunities. Transformation is not only about cost savings, but about also creating new capabilities and long-term value creation. One example I'd like to highlight is our ongoing digital transformation. By leveraging our new digital platforms, we are enhancing our capabilities and transforming the way we operate to deliver new solutions to our customers.

現在讓我談談我們的轉型努力。隨著我們完成第二年的成本節約計劃，我們現在已經交付了 12 億美元總運行率結構性成本削減計劃的 80% 以上，我們將繼續尋找新的成本節約機會。轉型不僅關乎成本節約，還關乎創造新能力和創造長期價值。我想強調的一個例子是我們正在進行的數字化轉型。通過利用我們新的數字平台，我們正在增強我們的能力並改變我們的運營方式，以便為我們的客戶提供新的解決方案。

With this capability, we recently launched Wolf Pro Security, a new subscription service that enables customers to digitally manage their software on an annual subscription basis. The structural cost savings from our transformation efforts are enabling us to invest in these types of strategic growth drivers. And we see many more opportunities like this to drive business enablement through additional software, services and solutions offerings.

憑藉此功能，我們最近推出了 Wolf Pro Security，這是一項新的訂閱服務，使客戶能夠以年度訂閱的方式對其軟件進行數字化管理。我們的轉型努力節省的結構性成本使我們能夠投資於這些類型的戰略增長動力。我們看到了更多這樣的機會，通過額外的軟件、服務和解決方案產品來推動業務支持。

Let me now move to cash flow and capital allocation. Q4 cash flow from operations was $2.8 billion and free cash flow was $0.9 billion after the additional adjustment for the net Oracle litigation proceeds of $1.8 billion. The cash conversion cycle was minus 25 days in the quarter. This deteriorated 4 days sequentially as lower days payable outstanding and higher days sales outstanding was only partially offset by the decrease in days of inventory.

現在讓我談談現金流和資本配置。在對 18 億美元的甲骨文訴訟淨收益進行額外調整後，第四季度運營現金流為 28 億美元，自由現金流為 9 億美元。本季度的現金轉換週期為負 25 天。這種情況連續 4 天惡化，因為較低的未償應付天數和較高的未償銷售天數僅部分被庫存天數的減少所抵消。

For the quarter, we returned a total of $2 billion to shareholders, which represented 210% of free cash flow. This included $1.75 billion in share repurchases and $219 million in cash dividends. For FY '21, we returned a record $7.2 billion to shareholders or 172% of free cash flow.

本季度，我們總共向股東返還了 20 億美元，佔自由現金流的 210%。其中包括 17.5 億美元的股票回購和 2.19 億美元的現金股息。在 21 財年，我們向股東返還了創紀錄的 72 億美元或自由現金流的 172%。

Looking ahead to FY '22, we expect to continue aggressively buying back shares at elevated levels of at least $4 billion. Our share repurchase program, combined with our recently increased annual dividend of $1 per share, has us on track to exceed our $16 billion return of capital target set in our value creation plan.

展望 22 財年，我們預計將繼續以至少 40 億美元的高水平積極回購股票。我們的股票回購計劃，加上我們最近增加的每股 1 美元的年度股息，使我們有望超過我們在價值創造計劃中設定的 160 億美元的資本回報目標。

Looking forward to Q1 and FY '22, we continue to navigate supply availability, logistics constraints, pricing dynamics and the pace of the economic recovery. In particular, keep the following in mind related to our Q1 and overall fiscal 2022 financial outlook.

展望第一季度和 '22 財年，我們將繼續關注供應可用性、物流限制、定價動態和經濟復甦步伐。特別是，請牢記以下與我們的第一季度和 2022 財年整體財務展望相關的內容。

For Personal Systems, we continue to see strong demand for our PCs, particularly in commercial as well as favorable pricing. We expect solid PS revenue growth to continue into fiscal '22 with the shift to higher growth categories, including commercial, premium and peripherals. We expect PS margins to be towards the high end of our 5% to 7% long-term range.

對於個人系統，我們繼續看到對我們個人電腦的強勁需求，特別是在商業和優惠價格方面。隨著轉向更高增長的類別，包括商業、高端和外圍設備，我們預計 PS 收入的穩健增長將持續到 22 財年。我們預計 PS 利潤率將接近我們 5% 至 7% 長期範圍的高端。

In Print, we expect solid demand in consumer, a continued normalization in mix as commercial gradually improves through 2022 and disciplined cost management. We expect print margins to be towards the high end of our 16% to 18% long-term range.

在印刷方面，我們預計消費者需求強勁，隨著商業在 2022 年逐漸改善，組合將繼續正常化，以及嚴格的成本管理。我們預計印刷利潤率將接近我們 16% 至 18% 長期範圍的高端。

For Personal Systems, we expect the component shortages as well as manufacturing port and transit disruptions will continue to constrain revenue due to the ongoing pandemic in many parts of the world. In Print, we expect similar but more acute challenges, particularly with regard to factory disruptions and component shortages. We expect these challenges across peers in print to persist at least through the first half of 2022.

對於個人系統，我們預計組件短缺以及製造港口和運輸中斷將繼續限制收入，因為世界許多地區的持續流行。在印刷行業，我們預計會有類似但更嚴峻的挑戰，尤其是在工廠中斷和零部件短缺方面。我們預計印刷同行的這些挑戰至少會持續到 2022 年上半年。

Furthermore, normal sequential seasonality doesn't apply for FY '22, and we expect our revenue performance to be more linear by quarter, particularly driven by PS. In addition, we expect a slight headwind year-on-year, approximately $20 million per quarter from corporate investments and others.

此外，正常的連續季節性不適用於 '22 財年，我們預計我們的收入表現將按季度更加線性，尤其是在 PS 的推動下。此外，我們預計企業投資和其他方面將同比略有下降，每季度約 2000 萬美元。

Taking these considerations into account, we are providing the following outlook. We expect first quarter non-GAAP diluted net earnings per share to be in the range of $0.99 to $1.05. And first quarter GAAP diluted net earnings per share to be in the range of $0.92 to $0.98. We expect full year non-GAAP diluted net earnings per share to be in the range of $4.07 to $4.27. And FY '22 GAAP diluted net earnings per share to be in the range of $3.86 to $4.06. For FY '22, we expect free cash flow to be at least $4.5 billion.

考慮到這些因素，我們提供以下展望。我們預計第一季度非公認會計原則攤薄後每股淨收益將在 0.99 美元至 1.05 美元之間。第一季度 GAAP 攤薄後每股淨收益在 0.92 美元至 0.98 美元之間。我們預計全年非公認會計原則攤薄後每股淨收益將在 4.07 美元至 4.27 美元之間。 22 財年 GAAP 攤薄後每股淨收益在 3.86 美元至 4.06 美元之間。對於 22 財年，我們預計自由現金流至少為 45 億美元。

Overall, I feel very good about our performance and our outlook. I am confident in our ability to deliver consistent, long-term sustainable growth. And we look forward to taking your questions. So let me hand it back to the operator.

總的來說，我對我們的表現和前景感覺非常好。我對我們實現持續、長期可持續增長的能力充滿信心。我們期待著回答您的問題。所以讓我把它交還給接線員。

(Operator Instructions) The first question is from Amit Daryanani with Evercore.

（操作員說明）第一個問題來自 Evercore 的 Amit Daryanani。

Congrats on a nice quarter here. I guess my first question really is on the PC side, on the Personal Systems side, a very impressive, I think, reversal on the growth profile versus last quarter ago. It looks like it's heavily driven by ASPs. If my math is right, maybe ASPs are up close to 20%. So I'd love to understand, when I look at the ASP uplift, how much of that is just mix because you perhaps have less Chromebooks versus just apples-to-apples price increases? And then how should we think about the durability of that ASP increase as you go forward into the next fiscal year?

恭喜這裡有一個不錯的季度。我想我的第一個問題確實是在個人電腦方面，在個人系統方面，我認為，與上一季度相比，增長情況出現了非常令人印象深刻的逆轉。看起來它在很大程度上是由 ASP 驅動的。如果我的數學是正確的，ASP 可能會接近 20%。所以我很想了解，當我看到 ASP 的提升時，其中有多少只是混合，因為您的 Chromebook 可能更少，而不僅僅是蘋果對蘋果的價格上漲？然後，隨著您進入下一個財政年度，我們應該如何考慮 ASP 增長的持久性？

Amit, thank you for the question. Let me start and then Marie will provide more detail. So first of all, we, as you said, we are very pleased with the performance of the PC business this quarter. It is really a consequence of the strong demand that we continue to see both across consumer but especially in commercial and the way we have been managing both mix and pricing, as you were saying. We have been very effectively managing both, driving the component that we have towards the categories where we saw the highest value for the company, which, in general, are the commercial categories and the high end of the consumer side. And this has really been driving the performance that you saw. And now Marie will comment on pricing.

阿米特，謝謝你的問題。讓我開始，然後瑪麗將提供更多細節。首先，正如您所說，我們對本季度 PC 業務的表現感到非常滿意。正如您所說，這實際上是我們繼續在消費者中看到的強勁需求的結果，尤其是在商業領域，以及我們一直在管理組合和定價的方式。我們一直非常有效地管理這兩者，將我們擁有的組件推向我們認為公司價值最高的類別，通常是商業類別和消費者方面的高端。這確實推動了您所看到的性能。現在瑪麗將對定價發表評論。

Sure. Amit, so first of all, just to give you some context around ASPs, they're actually up 24% year-on-year and 17% Q-on-Q. And what's driving that is really a combination of favorable pricing, including some currency. But as you said, there's that favorable mix into higher commercial as well as even a mix shift inside commercial to both premium and mainstream. So we've got less low end and that favorable mix shift within consumer. In terms of year-on-year, consumer is up 11%, driven predominantly by pricing and commercial is up 31.7%, which is a combination of both mix and pricing. And as we've said earlier and I think in our Security Analyst Meeting, we do expect to see some of that favorable mix shift continue into the following year as well.

當然。阿米特，首先，為了給你一些關於 ASP 的背景信息，它們實際上同比增長 24%，環比增長 17%。真正推動這一切的是優惠價格的組合，包括一些貨幣。但正如你所說，這種有利的組合進入了更高的商業，甚至商業內部的混合轉變為高端和主流。因此，我們的低端產品減少了，消費者內部的有利組合轉變。同比來看，消費類增長 11%，主要受定價驅動，商業類增長 31.7%，這是混合和定價的結合。正如我們之前所說，我認為在我們的安全分析師會議上，我們確實希望看到一些有利的組合轉變也會持續到下一年。

Perfect. And if I could just follow up. Enrique, I think everyone is sort of used to thinking as supply revenues go down, print margins will be under pressure. And certainly, I think what you're seeing right now, what you're guiding for more importantly in fiscal '22 would say, even if supply start to decline, margins should hold up in that 17%, 18% kind of range. So I'd love to kind of get your perspective, what are the 2 or 3 big things or vectors that investors should think about that is enabling print margins to expand even as supplies revenues might be a little bit more down next year?

完美的。如果我能跟進。恩里克，我認為每個人都習慣於認為隨著供應收入的下降，印刷利潤將面臨壓力。當然，我認為你現在所看到的，你在 22 財年更重要的指導會說，即使供應開始下降，利潤率也應該保持在 17%、18% 的範圍內。所以我很想听聽你的看法，投資者應該考慮的 2 或 3 件大事或載體是什麼，即使明年供應收入可能會進一步下降，也能擴大印刷利潤？

Thank you. And this is really consistent to the strategy that we started to execute 2 years ago when we are driving the change of profitability from supply more into hardware. And as we shared with you in analyst meeting, we have been making very good progress driving that strategy. We have increased the mix of products that include supplies when customers buy them, what we call profit upfront products. We have also increased the percentage of end-to-end systems, what we call now HP+. And we have also been driving a transition towards subscription and service-oriented businesses that is also contributing very positively from a profitability perspective.

謝謝你。這與我們 2 年前開始執行的戰略是一致的，當時我們正在推動盈利能力從供應更多轉向硬件。正如我們在分析師會議上與您分享的那樣，我們在推動該戰略方面取得了非常好的進展。我們增加了產品組合，包括客戶購買時的用品，我們稱之為利潤前期產品。我們還增加了端到端系統的百分比，我們現在稱之為 HP+。我們還一直在推動向訂閱和麵向服務的業務轉型，從盈利角度來看，這些業務也做出了非常積極的貢獻。

So what you see happening is what we said 2 years ago, we were going to drive. We have been making good progress. And this makes us confident in the guide that we provided for fiscal year '22 in our Analyst Day and about the guide that we have provided today for Q1.

所以你所看到的就是我們兩年前所說的，我們要開車。我們一直在取得良好的進展。這使我們對我們在分析師日為 22 財年提供的指南以及我們今天為第一季度提供的指南充滿信心。

Also, just to keep in mind, and I'm sure you know this, that we're lapping some tough compares. So what we're really focused on is driving incremental OP dollars over time and driving more OP dollars outside of supply. That's exactly what Enrique said to really shifting the business model.

另外，請記住，我相信您知道這一點，我們正在進行一些艱難的比較。因此，我們真正關注的是隨著時間的推移推動增加的 OP 美元，並在供應之外推動更多的 OP 美元。這正是恩里克所說的要真正改變商業模式。

The next question is from Ananda Baruah with Loop Capital.

下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the strong results. Yes. Just 2, if I could. Enrique, any new anecdotes? I mean, you guys clearly continue to sound as net positive on demand as you did 5 weeks ago at the Analyst Day. But any new context over the last 5 weeks with regard to what you're seeing, customer conversations, conversion, anything like that, that you picked up in the last 5 weeks would be super helpful. And then I have a quick follow-up.

恭喜取得了不錯的成績。是的。如果可以的話，就2個。恩里克，有什麼新的軼事嗎？我的意思是，你們顯然繼續像 5 週前在分析師日所做的那樣在需求方面保持積極的態度。但是，過去 5 週內有關您所看到的內容、客戶對話、轉換等任何新背景，您在過去 5 周中獲得的任何信息都會非常有幫助。然後我有一個快速跟進。

What we have seen is, I'm sorry to disappoint you, is very consistent to what we discussed in our Analyst Day. We continue to see strong demand, especially from commercial customers. As we shared there, as companies are reopening offices, getting employees back to work, they're investing to improve their experiences and therefore, they're investing in PCs, they're investing in notebooks and desktops. We also are seeing strong consumer demand as the holiday season comes. We are seeing demand behaving as per plan. So no deviation from what we discussed a few weeks ago.

我們所看到的是，很抱歉讓您失望了，這與我們在分析師日討論的內容非常一致。我們繼續看到強勁的需求，尤其是來自商業客戶的需求。正如我們在那里分享的那樣，隨著公司重新開放辦公室，讓員工重返工作崗位，他們正在投資以改善他們的體驗，因此，他們正在投資個人電腦，他們正在投資筆記本電腦和台式機。隨著假期的到來，我們也看到了強勁的消費者需求。我們看到需求按計劃運行。因此，與我們幾週前討論的內容沒有偏差。

And I think that we did with backlog, too. So our backlog still remains elevated.

我認為我們也處理了積壓工作。所以我們的積壓仍然很高。

Yes. And then I guess the follow-up is on the commercial side, any distinction to make what you're seeing between true enterprise, the small and medium business? Small and medium business has been a good chunk of your business for a while. And so any distinction to make there between the tenor of demand between those 2?

是的。然後我想後續是在商業方面，你所看到的真正的企業、中小型企業之間有什麼區別嗎？一段時間以來，中小型企業一直是您業務的重要組成部分。那麼這兩者之間的需求基調有什麼區別嗎？

I wouldn't make any big distinction. We see growth across the board, both for large enterprises and for SMBs. We have a very strong business in both areas, and we see demand in the 2 customer segments. So no major deviations around that.

我不會做任何大的區分。我們看到大型企業和中小型企業的全面增長。我們在這兩個領域都有非常強大的業務，我們看到了這兩個客戶群的需求。因此，圍繞這一點沒有重大偏差。

The next question is from Toni Sacconaghi with Bernstein.

下一個問題來自托尼·薩科納吉和伯恩斯坦。

I was wondering if you could maybe just provide a little more detail on your backlog. I think last quarter you said that your backlog in PCs was about 13 weeks. Can you provide an update on that? And you mentioned that print hardware was probably the most supply constrained, so perhaps you can dimension the backlog and how much it may have changed in the quarter? And then I have a follow-up, please.

我想知道您是否可以在積壓工作中提供更多詳細信息。我想上個季度你說你的 PC 積壓大約是 13 週。你能提供一個更新嗎？你提到打印硬件可能是最受供應限制的，所以也許你可以確定積壓的數量以及它在本季度可能發生了多少變化？然後我有一個跟進，請。

So in terms of PC backlog, it remains at a very elevated level, Toni, very similar to where we were a quarter ago, so no major changes. It continues to be similar to what you saw despite of the strong business that we have created this quarter.

因此，就 PC 積壓而言，它仍然處於非常高的水平，托尼，與我們四分之一前的情況非常相似，因此沒有重大變化。儘管我們在本季度創造了強勁的業務，但它仍然與您所看到的相似。

And then in terms of print, you are correct. Print hardware is where we have seen the major supply chain limitations, mostly because of factory lockdowns in many Southeast Asia countries, which is what we shared during the last weeks, so no news here. And the outlook is also elevated, but it is lower than what we have on PC.

然後在印刷方面，你是對的。打印硬件是我們看到主要供應鏈限制的地方，主要是因為許多東南亞國家的工廠停工，這是我們在過去幾週分享的，所以這裡沒有消息。前景也有所提升，但低於我們在 PC 上的水平。

Okay. And then just to follow up, you talked about the strength in pricing. Prices were up 17% sequentially in PC, yet your operating margins in PC were the lowest they were all year. I know there were some incremental supply chain costs, but with that kind of price leverage, why did you not see greater operating profit leverage?

好的。然後只是跟進，您談到了定價的優勢。 PC 價格環比上漲 17%，但您的 PC 營業利潤率是全年最低的。我知道有一些增量供應鏈成本，但在這種價格槓桿作用下，你為什麼沒有看到更大的營業利潤槓桿？

And then somewhat related to that, I think, Marie, you basically said we should sort of ignore traditional seasonality and kind of think a flattish growth throughout the year. But if you're actually going to make any progress in drawing down your backlog and demand remains strong, your seasonality actually should be above normal seasonality because demand is continuing at the same rate, but you're getting a tailwind from backlog ultimately if you're able to draw that down. So maybe you could just help provide some color on both of those things, potential inconsistencies and set me straight.

然後有點相關，我認為，瑪麗，你基本上說我們應該忽略傳統的季節性，並認為全年增長持平。但是，如果您真的要在減少積壓方面取得任何進展並且需求仍然強勁，那麼您的季節性實際上應該高於正常的季節性，因為需求以相同的速度繼續存在，但如果您最終會從積壓中獲得順風'能夠把它畫下來。所以也許你可以幫助為這兩件事提供一些顏色，潛在的不一致並讓我直截了當。

Yes. No worries, Toni. So why don't I talk first about seasonality. And I'd say that first out, we've seen that strength in the quarter in PS, and we do expect that to continue into '22. So as a result, we do expect revenue linearity in the year to be more linear across the quarters. And that's more so, Toni, than what we've seen in the last few years.

是的。不用擔心，托尼。所以我為什麼不先談談季節性。我首先要說的是，我們已經在 PS 的季度看到了這種實力，我們確實希望這種情況會持續到 22 年。因此，我們確實預計今年的收入線性在各個季度會更加線性。托尼，這比我們過去幾年看到的情況更是如此。

So our sequential revenue growth in '22 is, therefore, going to be more consistent quarter-to-quarter. And I'd just reiterate, like I did, I think, at the SAM meeting that we don't expect normal seasonality. And then with respect to the PS operating margins in the quarter, PS was actually, the rate was actually down slightly quarter-on-quarter, and that was just really due to, you might recall, the material change in estimate that we had back in Q3. And also, you saw just the strength of the business that we actually had. So we did take the opportunity to make some onetime investments that we don't expect that they are probably going to repeat in '22.

因此，我們在 22 年的連續收入增長將更加一致。我只想重申，就像我在 SAM 會議上所做的那樣，我們預計不會出現正常的季節性。然後就本季度的 PS 營業利潤率而言，PS 實際上是，該比率實際上環比略有下降，這實際上是由於，您可能還記得，我們收回的估計值發生了重大變化在第三季度。而且，您只看到了我們實際擁有的業務實力。因此，我們確實藉此機會進行了一些一次性投資，我們預計它們可能不會在 22 年重複。

The next question is from Shannon Cross with Cross Research.

下一個問題來自 Cross Research 的 Shannon Cross。

Enrique, could you talk a bit about your peripherals initiative and what we should look for in terms of proof points and what you've done internally to try to improve that business so that it can contribute in fiscal 2022? And then I have a follow-up.

Enrique，您能否談談您的外圍設備計劃以及我們應該在證明點方面尋找什麼以及您在內部為改善該業務所做的工作，以便它可以在 2022 財年做出貢獻？然後我有一個跟進。

Sure. Thank you, Shannon. So as we said in our Analyst Day, peripherals is 1 of the 5 growth areas of the company. And we think that really is going to be contributing to the sustained growth that we expect to see in Personal Systems. We have done a lot of changes internally to manage the business better. In the past, if you remember, we were calling it attach. And when you call a business attach, you don't put the best engineers, you don't put the investment that the business requires and you don't have the organizational focus. And we have changed all that.

當然。謝謝你，香農。因此，正如我們在分析師日中所說，外圍設備是公司 5 個增長領域之一。我們認為這確實將有助於我們期望在個人系統中看到的持續增長。我們在內部做了很多改變，以更好地管理業務。過去，如果您還記得的話，我們稱之為附加。當你打電話給業務專員時，你沒有派最好的工程師，你沒有投入業務所需的投資，你也沒有組織重點。而我們已經改變了這一切。

We have a dedicated organization to peripheral. We have put some of the strongest leaders in the company to drive that initiative. We are increasing internal investment. We are moving some of our best engineers to the group. And we have also invested in inorganic, in acquisitions as the acquisition we did with HyperX to reinforce our position in some specific areas, like in the case of HyperX in peripherals for gaming.

我們有專門的外設組織。我們已經任命了公司中一些最強大的領導者來推動這一舉措。我們正在增加內部投資。我們正在將一些最優秀的工程師調到這個團隊。我們還投資於無機收購，就像我們對 HyperX 所做的收購一樣，以鞏固我們在某些特定領域的地位，例如 HyperX 在遊戲外圍設備中的地位。

What you will see us doing in the future is to continue to invest in this space. We think we have a great opportunity to continue to grow going forward. And we will be providing regular updates of the progress that we are going to see in that category going forward. And just to close, this quarter, we have double digit growth in this category. So we are really pleased with the growth in peripheral.

你會看到我們在未來做的是繼續投資這個領域。我們認為我們有一個很好的機會繼續向前發展。我們將定期更新我們將在該類別中看到的進展。最後，本季度，我們在這一類別中實現了兩位數的增長。因此，我們對外圍設備的增長感到非常滿意。

Okay. And then I was wondering if you could give us an update on 3D printing. What kind of contribution you're seeing? I know you're not going to give us specific numbers, but how that's going coming out of the pandemic and where you're seeing strong demand?

好的。然後我想知道您是否可以向我們提供有關 3D 打印的最新信息。你看到什麼樣的貢獻？我知道你不會給我們具體的數字，但大流行之後的情況如何以及你看到強勁的需求在哪裡？

Thank you. So let me cover 3D printing from 2 angles. First is after the pandemic, we have seen very strong growth in what I would call the traditional 3D printing, basically selling printers, selling supplies and selling services around those. Very strong growth, we are seeing really a pickup of demand. But also we shared during our Investor Day that we have complemented that part of the business with the investment in 3 specific end-to-end, we call it, applications or businesses where we think we have the opportunity of capturing more value because we are not just selling the printers, we are designing the part. And in some cases, we are also selling the part to the consumers or to the end users.

謝謝你。因此，讓我從 2 個角度介紹 3D 打印。首先是在大流行之後，我們看到了我所說的傳統 3D 打印的強勁增長，基本上是銷售打印機、銷售耗材和銷售服務。非常強勁的增長，我們看到需求確實在回升。但我們在投資者日期間也分享了我們已經通過對 3 個特定的端到端的投資來補充這部分業務，我們稱之為應用程序或業務，我們認為我們有機會獲得更多價值，因為我們是不僅僅是銷售打印機，我們還在設計零件。在某些情況下，我們還將零件出售給消費者或最終用戶。

And we shared in our Investor Day that we were working on molded fiber and sustainable packaging and on orthotics and on footwear, 3 areas of businesses in the $8 billion to $12 billion where we can really drive a strong disruption because we think 3D printing is really going to help us to grow and to transform those industries. So great progress, we are on track. This is what we discussed a few weeks ago. And during 2022, we will continue to provide update on where we see this business going.

我們在投資者日分享了我們正在研究模塑纖維和可持續包裝以及矯形器和鞋類，這 3 個業務領域在 80 億到 120 億美元之間，我們可以真正推動強大的顛覆，因為我們認為 3D 打印真的是將幫助我們發展和改造這些行業。進展如此之大，我們正在走上正軌。這是我們幾週前討論的。在 2022 年，我們將繼續提供有關我們看到該業務發展方向的最新信息。

The next question is from Katy Huberty with Morgan Stanley.

下一個問題來自摩根士丹利的 Katy Huberty。

There's a pretty wide dispersion in revenue growth across the regions this quarter with Americas down 4% and double-digit positive growth in EMEA and Asia Pacific. What explains that dispersion? Some of it is year-on-year comps, but that's not nearly all of it. Are prices passing through in different rates across the regions? Is there differences in how the distribution channels are rebuilding inventory coming out of the downturn? Just any context around the pretty wide dispersion in geographic growth and then I have a follow-up.

本季度各地區的收入增長差異很大，美洲下降 4%，歐洲、中東和非洲和亞太地區實現兩位數的正增長。是什麼解釋了這種分散？其中一些是逐年比較，但這還不是全部。不同地區的價格是否以不同的價格通過？分銷渠道如何從低迷中重建庫存是否存在差異？只是關於地理增長相當廣泛分散的任何背景，然後我有一個後續行動。

Yes. I think the dispersion is really driven by what have we been prioritizing and where we have seen growth. If you think about a year ago, we saw very strong growth on the consumer business in North America. And as we have shared, we are now driving our business more towards higher premium categories, mostly in commercial. And therefore, this has implications on the year-on-year compares. This is really what is driving the delta, Katy.

是的。我認為這種分散實際上是由我們的優先事項和我們看到的增長驅動的。如果您回想一年前，我們看到北美消費者業務增長非常強勁。正如我們所分享的，我們現在正將我們的業務更多地推向更高的高端類別，主要是在商業領域。因此，這對同比比較有影響。這真的是推動三角洲的原因，凱蒂。

Okay. And then as a follow-up maybe for Marie, inventory was a use of cash over the past year. It did come down in the fourth quarter. Should we assume that your balance sheet inventory gradually normalizes as you move through fiscal '22?

好的。然後作為瑪麗的後續行動，庫存是過去一年現金的使用。它確實在第四季度有所下降。我們是否應該假設您的資產負債表庫存隨著您進入 22 財年而逐漸正常化？

Yes. No. We expect basically for our inventory levels to remain somewhat elevated while going through this supply chain constrained environment. However, we do expect to moderate our components depending on the supply and the demand that we see around the components. But certainly, as we look forward into the first half of '22, we still expect to see those levels somewhat elevated.

是的。不會。我們基本上預計，在經歷這種供應鏈受限的環境時，我們的庫存水平將保持一定水平。但是，我們確實希望根據我們在組件周圍看到的供應和需求來調整我們的組件。但可以肯定的是，當我們展望 22 年上半年時，我們仍然希望看到這些水平有所提高。

What you saw, Katy, is like what we, if we look at components, where availability has improved, we don't need to maintain those levels of inventory. And therefore, we are correcting that. But as Marie was saying, since we expect to continue to be in a supply-constrained environment at least to the first half, inventory will stay at high levels.

凱蒂，你所看到的就像我們一樣，如果我們查看組件，可用性有所提高，我們不需要維持這些庫存水平。因此，我們正在糾正這一點。但正如瑪麗所說，由於我們預計至少到上半年將繼續處於供應受限的環境中，因此庫存將保持在高水平。

The next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

This is Angela Jin on for Samik Chatterjee. Just had one question. I wanted to dig in a little into the margin here. I think someone mentioned earlier that you had 17% price increase in PC. And so just thinking about moving forward, assuming you have sort of favorable pricing into fiscal year '22 and that the supply situation at least start to seem to be stabilizing or maybe easing a bit. Should we expect to see margin sort of remain at that elevated level even beyond your first quarter guidance?

這是 Samik Chatterjee 的 Angela Jin。剛問了一個問題。我想在這裡深入挖掘一下。我想之前有人提到你有 17% 的 PC 價格上漲。因此，只要考慮向前發展，假設您在 22 財年有某種有利的定價，並且供應情況至少開始似乎開始趨於穩定或可能有所緩和。即使超出您的第一季度指導，我們是否應該期望看到利潤率保持在較高水平？

Yes. No. Sure. So we are very much on track towards the high end of our long term SAM range which we gave at our Analyst Day for PS. So we continue to see that strong demand for our PCs, particularly in commercial, and we expect to see that favorable pricing as well. And that's how we think about our guide for Q1. I would just add, I think I mentioned it with Toni that we were down slightly Q-on-Q, and that was really driven by the material change in estimate we had last quarter. But going forward, we absolutely expect our PS margins to continue to be at the high end of our long-term range.

是的。不確定。因此，我們正朝著我們在分析師日為 PS 提供的長期 SAM 範圍的高端邁進。因此，我們繼續看到對我們個人電腦的強勁需求，特別是在商業領域，我們也希望看到有利的定價。這就是我們對第一季度指南的看法。我想補充一下，我想我和托尼提到過，我們的 Q-on-Q 略有下降，這實際上是由我們上個季度的估計發生重大變化推動的。但展望未來，我們絕對預計我們的 PS 利潤率將繼續處於我們長期範圍的高端。

And just a brief reminder, we increased our long-term range a few weeks ago. So what we are saying is, we are going to stay at the high end of the new ranges that we just provided.

只是一個簡短的提醒，我們在幾週前增加了我們的長期範圍。所以我們要說的是，我們將保持在我們剛剛提供的新系列的高端。

The next question is from Sidney Ho with Deutsche Bank.

下一個問題來自德意志銀行的 Sidney Ho。

I got 2 questions. First one is, you mentioned your backlog is staying at elevated levels. Now that you have another quarter observing these dynamics, can you talk about how you monitor to make sure the orders are real? And how confident are you that once supply constraints start to ease, you don't see a sharp increase in cancellation rate or decline in this backlog? And I have a follow-up.

我有2個問題。第一個是，您提到您的積壓工作處於較高水平。既然您有另一個季度觀察這些動態，您能談談您如何監控以確保訂單是真實的嗎？您對一旦供應限制開始緩解，您不會看到取消率急劇上升或積壓訂單減少有多大信心？我有一個後續行動。

Yes. Thank you. So as we have shared in the past, this is really something that we pay a lot of attention to. And we constantly monitor the orders that we get, the quality of the orders and what cancellations are happening. And as we have shared before, the percentage of cancellations is very, very small. So we are not seeing any cancellations.

是的。謝謝你。因此，正如我們過去所分享的，這確實是我們非常關注的事情。我們會不斷監控我們收到的訂單、訂單的質量以及取消的情況。正如我們之前分享的那樣，取消的百分比非常非常小。所以我們沒有看到任何取消。

Also, as we look at the composition of the backlog, the majority of the backlog now is coming from commercial customers, given that this is where we continue to see the strongest demand. Usually, there is an end user or in many cases, there is an end user associated with that backlog. So it means the probabilities of double booking or cancellation is even lower. But rest assured, this is something we monitor constantly, and we don't see any cancellations. Now of course, our goal is to, over time, to reduce the amount of backlog that we have because -- and we expect that as supply will get normalized during the next quarter, we will be reducing the amount of backlog that we have.

此外，當我們查看積壓的構成時，現在大部分積壓來自商業客戶，因為這是我們繼續看到最強勁需求的地方。通常，有一個最終用戶，或者在許多情況下，有一個與該積壓相關的最終用戶。所以這意味著重複預訂或取消的概率更低。但請放心，這是我們不斷監控的事情，我們沒有看到任何取消。當然，現在我們的目標是隨著時間的推移減少我們的積壓數量，因為我們預計隨著下個季度供應正常化，我們將減少我們擁有的積壓數量。

Great. That's helpful. Maybe my follow-up question is on the free cash flow for fiscal '22 of more than $4.5 billion. How should we think about the profile of that going to look like as we go through the year? Typically, you see the lowest free cash flow in fiscal second quarter and highest in fiscal third quarter, but this year could be different. But any other factors we should be thinking about? And kind of related to that, how may that change the amount of share buyback as we go through the year?

偉大的。這很有幫助。也許我的後續問題是關於 22 財年超過 45 億美元的自由現金流。我們應該如何看待這一年的情況？通常，您會在第二財季看到最低的自由現金流，在第三財季看到最高的自由現金流，但今年可能會有所不同。但是我們應該考慮其他任何因素嗎？與此相關的是，隨著我們這一年的發展，這將如何改變股票回購的數量？

Yes. So maybe I'll hit up cash flow and then we'll go to the buyback. So first of all, we guide cash flow on an annual basis. And as we mentioned at SAM, we're confident in our guide of at least $4.5 billion. A couple of things to bear in mind. Obviously, cash flow is driven by revenue and operating profit growth. And then secondly, I think we did comment that we did expect to see some favorable working capital as we start to see those inventory levels potentially moderate in the second half. So that's how we're thinking about and we've built that all into our guide, basically, in terms of free cash flow.

是的。所以也許我會增加現金流，然後我們會去回購。因此，首先，我們每年引導現金流。正如我們在 SAM 上提到的，我們對至少 45 億美元的指導充滿信心。有幾件事要記住。顯然，現金流是由收入和營業利潤增長驅動的。其次，我認為我們確實評論說，我們確實希望看到一些有利的營運資金，因為我們開始看到這些庫存水平在下半年可能會放緩。這就是我們正在考慮的方式，我們已經將所有這些都納入了我們的指南，基本上，就自由現金流而言。

With respect to our buybacks, we remain committed to repurchase at least $4 billion of our shares. And as you probably recently saw in our analyst reports, analyst meeting as well, we're expecting to pay out a dividend of $1 per share. So I think really a meaningful plan there with respect to our buyback starting the return of capital to our shareholders.

關於我們的回購，我們仍然承諾回購至少 40 億美元的股票。正如您可能最近在我們的分析師報告和分析師會議中看到的那樣，我們預計將支付每股 1 美元的股息。所以我認為關於我們的回購開始向我們的股東返還資本是一個有意義的計劃。

The next question is from David Vogt with UBS.

下一個問題來自瑞銀的 David Vogt。

I just have one question. It's more of a financial philosophical question. I'm trying to think through your long-term financial framework that sort of underpins the high single-digit EPS growth that you laid out at the SAM. And if I just take sort of your framework at face value as operating profit grows and your dividends grows along with op profit and/or earnings, what are sort of the parameters that you're using to think about the buyback in terms of how much you want to use?

我只有一個問題。這更像是一個金融哲學問題。我正在嘗試考慮您在 SAM 中提出的高個位數每股收益增長的長期財務框架。如果我只是從表面上看你的框架，隨著營業利潤的增長和你的股息隨著運營利潤和/或收益的增長，你用來考慮回購的參數是多少你想用嗎？

Because as the stock appreciates and let's say, the multiple expands and you're no longer "undervalued" or maybe even less value, I would imagine that you might ratchet down or maybe pull back on the buyback, and that seems to be a pretty important part of the longer-term EPS growth that you laid out at the SAM. So I just want to get a better understanding how you're thinking about it over the longer term.

因為隨著股票升值，比方說，倍數擴大，你不再“被低估”甚至價值更低，我想你可能會降低或撤回回購，這似乎很不錯您在 SAM 中提出的長期 EPS 增長的重要組成部分。因此，我只是想更好地了解您從長遠來看是如何考慮的。

Yes. Maybe I'll just start off by commenting firstly that our FY '22 guidance is a combination of both operational flow-through and the results of share buyback. Now addressing your question specifically about how we're thinking about your philosophical question around the buyback. Look, I would just say that we're absolutely committed to the capital allocation strategy that we've outlined at SAM. And those ingredients, nothing's changed there. And a big part of that is our return of capital to shareholders. So we're on track to continue to buy back shares at elevated levels of at least $4 billion. And in fact, I think we're going to surpass what we said we'd do back at our value plan of at least $16 billion. So that's how we're thinking about it, and our commitment really hasn't changed.

是的。也許我首先要評論說，我們的 22 財年指導是運營流程和股票回購結果的結合。現在具體解決您的問題，即我們如何考慮您關於回購的哲學問題。看，我只想說我們絕對致力於我們在 SAM 概述的資本分配策略。而那些成分，那裡沒有任何改變。其中很大一部分是我們向股東返還資本。因此，我們有望繼續以至少 40 億美元的高水平回購股票。事實上，我認為我們將超過我們所說的至少 160 億美元的價值計劃。所以我們就是這麼想的，我們的承諾真的沒有改變。

And maybe to complement a little what Marie was saying. What we have committed is that we will be returning, and I'm talking about the long term, 100% of free cash flow, unless other better opportunities arise. And we have also committed to increase our leverage ratio to 2 points, and we will be doing this over time. So both will be sources of cash that we will be using to return capital to shareholders or potentially to M&A, if M&A will bring better returns.

也許是為了補充一點瑪麗所說的話。我們承諾的是，我們將回歸，我說的是長期的、100% 的自由現金流，除非出現其他更好的機會。我們還承諾將我們的槓桿率提高到 2 個百分點，我們將隨著時間的推移這樣做。因此，如果併購能帶來更好的回報，兩者都將成為我們將用於向股東返還資本或可能用於併購的現金來源。

Great. Maybe just as a quick follow-up, Enrique. So does that imply that the dividend effectively is sort of marching in lockstep with sort of earnings growth and then the flexible use of cash flow between M&A will be, the cash flow will be between M&A and buybacks over the longer term?

偉大的。也許只是作為一個快速跟進，恩里克。那麼，這是否意味著股息實際上與某種盈利增長步調一致，然後併購之間現金流的靈活使用將是併購和回購之間的長期現金流？

At least while we believe that the shares are undervalued. And this is clearly the situation today. So this is what you should expect us to do, again, at least while we see that delta.

至少在我們認為股票被低估的情況下。這顯然是今天的情況。所以這就是你應該期望我們做的，再次，至少在我們看到那個增量時。

The next question is from Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的 Wamsi Mohan。

In your prepared commentary, Enrique, you mentioned that you had also called out M&A as an important lever. And I was curious, just given the strong cash flow, free cash flow that you'd be generating, plus the payment from Oracle, you have a sizable war chest for M&A. So any sizing parameters? Anything that you can share with us and what you're looking? Should we expect similar to what you've done here in the recent past or something larger?

在你準備好的評論中，恩里克，你提到你還把併購作為一個重要的槓桿。我很好奇，只要考慮到您將產生的強勁現金流、自由現金流，再加上甲骨文的付款，您就有相當大的併購資金。那麼有什麼尺寸參數嗎？您可以與我們分享什麼以及您在尋找什麼？我們應該期待類似於您最近在這裡所做的事情還是更大的事情？

Yes. So let me kind of remind what we have been discussing during the last week. First is, we have shared that M&A is an important part of our plan. Second, we have identified 5 key growth areas for the company where we think M&A could help us to grow profitably at a faster way and that we are scanning opportunities to do that. At the same time, we have also said that we are going to be very rigorous stewards of capital that any opportunity we will check versus the strategy versus the operational ability that we need to have to deliver on the financial goals. And then, of course, we need to have attractive returns, better than returns by buying back shares, which is a fairly high threshold given that we believe that shares are undervalued.

是的。因此，讓我提醒一下我們上週一直在討論的內容。首先，我們已經分享了併購是我們計劃的重要組成部分。其次，我們已經確定了公司的 5 個關鍵增長領域，我們認為併購可以幫助我們以更快的方式實現盈利增長，並且我們正在尋找實現這一目標的機會。同時，我們還表示，我們將成為非常嚴格的資本管家，我們將檢查任何機會與戰略與實現財務目標所需的運營能力。然後，當然，我們需要獲得有吸引力的回報，比回購股票的回報要好，這是一個相當高的門檻，因為我們認為股票被低估了。

In terms of the specific size, I don't think we have any -- we haven't made any commitments on that space. They really need to deliver strong financial returns and be aligned with the strategy. But we are not going to do anything different because of the Oracle cash that we got. We are going to continue to manage capital with the framework that we have been discussing until now and with the same rigor.

就具體規模而言，我認為我們沒有——我們沒有在該領域做出任何承諾。他們確實需要提供強勁的財務回報並與戰略保持一致。但我們不會因為我們獲得的甲骨文現金而做任何不同的事情。我們將繼續使用我們迄今為止一直在討論的框架並以同樣的嚴謹性來管理資本。

Okay. I have a follow-up. A few people have asked about the ASP and the sustainability. And clearly, you talk about strong demand backlog and this ASP strength to sustain in fiscal '22. But if I could ask it maybe a little differently, how much of this ASP increase would you attribute to the tightness in the market, which is driving favorable pricing versus potentially as supply improves over the course of the next few quarters, do you still anticipate the mix can drive these sort of elevated levels of ASP growth?

好的。我有後續行動。一些人詢問了 ASP 和可持續性。很明顯，你談到了強勁的需求積壓和這種 ASP 在 22 財年維持的實力。但是，如果我可以問一些不同的問題，您認為 ASP 的增長在多大程度上歸因於市場的緊張，這推動了有利的定價，而不是隨著未來幾個季度供應的改善，您是否仍然預期這種組合可以推動這種高水平的平均售價增長嗎？

Yes. I think the key thing really is what is going to be the gross margin that we will be delivering or the operating profit margin. And as Marie was saying, we increased our guidance a few weeks ago, and we expect to continue to be at the high end of the range through 2022. What we think will happen is eventually the price favorability will reduce as volumes will increase. But as volumes will increase, we will also see additional business. So one will compensate the other. So we will stay within the high end of the range through 2022.

是的。我認為真正的關鍵是我們將交付的毛利率或營業利潤率。正如瑪麗所說，我們在幾週前增加了我們的指導，我們預計到 2022 年將繼續處於該範圍的高端。我們認為最終會發生的情況是，隨著銷量的增加，價格的好感度將會降低。但隨著銷量的增加，我們也會看到更多的業務。所以一個人會補償另一個人。因此，到 2022 年，我們將保持在該範圍的高端。

And I'd just add, we are still in that, it's a bit like the laws of economics, while you're in a supply-constrained environment, your favorable pricing really persists. But in addition, demand is strong. So together, that really contributes to what we've seen in terms of this favorable pricing dynamic, which we do expect will continue through '22, but we do expect some normalization as the year goes on as well.

而且我想補充一點，我們仍然在其中，這有點像經濟規律，當您處於供應受限的環境中時，您的優惠價格確實會持續存在。但此外，需求強勁。因此，總的來說，這確實有助於我們看到這種有利的定價動態，我們確實預計這種情況將持續到 22 年，但我們確實預計隨著時間的推移也會出現一些正常化。

The next question is from Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

This is Jake on for Aaron. Congrats on the great quarter. Just really quick, I was wondering if you could talk a little bit more about what you're seeing in the graphics market. And then kind of just how you're thinking about that business heading into 2022?

這是亞倫的傑克。祝賀偉大的季度。真的很快，我想知道您是否可以多談談您在圖形市場上看到的情況。然後您如何看待進入 2022 年的業務？

Yes. So we have seen a strong recovery of the overall industrial graphics business, mostly driven by the more industrial side driven by labels and packaging. We have seen nice growth in Q4, and we expect to see very nice growth in 2022. So really good progress and really a contributor of growth for the company in 2022.

是的。因此，我們看到了整體工業圖形業務的強勁復甦，主要是由標籤和包裝推動的更多工業方面推動的。我們在第四季度看到了不錯的增長，我們預計 2022 年的增長會非常好。所以進展非常好，並且確實是公司 2022 年增長的貢獻者。

And just as a kind of a follow-up on that. Is that a market you guys would be targeting for M&A with just how fragmented it is? Is that something you're focused on?

就像對此的一種跟進。這是否是你們將瞄準的併購市場，它是多麼分散？這是你關注的事情嗎？

Well, we have a very strong portfolio in that category that is a combination of both internal development and M&A that we have done over the years. We have done several acquisitions in that space, both in printing technologies and also in software. And we have identified this as one of the key 5 growth areas of the company. And as I said, M&A is part of our plan. We expect to continue to do that in 2022.

好吧，我們在該類別中擁有非常強大的投資組合，它結合了我們多年來所做的內部開發和併購。我們在該領域進行了多次收購，包括印刷技術和軟件。我們已將其確定為公司的 5 個關鍵增長領域之一。正如我所說，併購是我們計劃的一部分。我們希望在 2022 年繼續這樣做。

And as we also shared, we have room to do that while at the same time we return aggressive capital to shareholders through both share repurchases and dividends. And as I said before, over time, we will be increasing our ratio to 1.5 to 2, which will be also another source of capital.

正如我們也分享的那樣，我們有空間這樣做，同時我們通過股票回購和股息向股東返還積極的資本。正如我之前所說，隨著時間的推移，我們將把我們的比率提高到 1.5 比 2，這也是另一個資金來源。

And I think it's now time to wrap up. So let me close the call by saying that we really feel strong about the quarter that we have, is a great proof point of the ability that we have to deliver value to our shareholders and shows the strong momentum that we have entered in fiscal year '22. And this is why we provided the guide that we provided for Q1 that show the strength that we see in our business. So thank you, everybody, for the call today, and we wish all of you a great Thanksgiving with your families. Thank you.

我認為現在是結束的時候了。因此，讓我結束電話會議，說我們對我們擁有的季度感到非常強烈，這是我們必須為股東創造價值的能力的一個很好的證明點，並顯示了我們在本財年進入的強勁勢頭' 22.這就是為什麼我們提供了我們為第一季度提供的指南，以展示我們在業務中看到的實力。所以，謝謝大家，今天的電話，我們祝你們所有人和家人度過一個美好的感恩節。謝謝你。

The conference has 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。您現在可以斷開連接。