惠普 (HPQ) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to the HP Inc.

下午好，歡迎來到惠普公司。

Third Quarter 2021 Earnings Conference Call.

2021 年第三季度收益電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Beth Howe, Head of Investor Relations.

我現在想將會議轉交給投資者關係主管 Beth Howe。

Please go ahead.

請繼續。

Good afternoon, everyone, and welcome to HP's Third Quarter 2021 Earnings Conference Call.

大家下午好，歡迎參加惠普 2021 年第三季度財報電話會議。

With me today are Enrique Lores, HP's President and Chief Executive Officer; and Marie Myers, HP's Chief Financial Officer.

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.

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。

A replay of this webcast will be made available on our website shortly after the call for approximately 1 year.

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。

We posted the earnings release and the accompanying slide presentation on our Investor Relations web page at investor.hp.com.

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.

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。

For more detailed information, please see disclaimers in the earnings materials related to forward-looking statements that involve risks, uncertainties and assumptions.

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。

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.

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。

HP assumes no obligation and does not intend to update any such forward-looking statements.

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-Q for the fiscal quarter ended July 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 7 月 31 日的財政季度的 10-Q 表格和惠普其他提交給美國證券交易委員會的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.

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。

For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to the comparable GAAP information.

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。

Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.

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 like to turn the call over to Enrique.

有了這個，我想把電話轉給恩里克。

Thanks, Beth.

謝謝，貝絲。

Good afternoon, everyone, and thank you for joining the call.

大家下午好，感謝您加入電話會議。

I hope that you and your families are safe and well.

我希望你和你的家人平安無事。

It's an important time for us to connect.

這是我們建立聯繫的重要時刻。

The hybrid world taking shape is expanding our addressable market and creating new opportunities to drive profitable growth.

正在形成的混合世界正在擴大我們的潛在市場並創造新的機會來推動盈利增長。

We have already started to capitalize on this and have a long runway ahead.

我們已經開始利用這一點，並且還有很長的路要走。

This is evident in our Q3 performance.

這在我們第三季度的表現中很明顯。

We delivered another quarter of top and bottom line growth, with EPS growing substantially faster than revenue.

我們實現了另一個季度的收入和利潤增長，每股收益的增長速度大大快於收入。

This reflects continued progress against our strategic priorities and strong and sustained demand for our products and services.

這反映了我們在戰略重點方面的持續進展以及對我們產品和服務的強勁和持續的需求。

In Q3, we delivered revenue of $15.3 billion, an increase of 7%.

第三季度，我們實現了 153 億美元的收入，增長了 7%。

Our non-GAAP net earnings increased 71% to $1.2 billion.

我們的非 GAAP 淨收益增長 71% 至 12 億美元。

Non-GAAP EPS increased to $1 compared to $0.49 in Q3 last year.

與去年第三季度的 0.49 美元相比，非 GAAP 每股收益增至 1 美元。

And we generated $1 billion of free cash flow, returning $1.7 billion to shareholders.

我們創造了 10 億美元的自由現金流，向股東返還了 17 億美元。

Before I take you through the highlights, I want to first share 3 key points of context as you think about our performance and outlook.

在我向您介紹重點之前，我想先分享 3 個關鍵點，讓您了解我們的業績和前景。

First, as I mentioned, we continue to see strong demand for our products and services.

首先，正如我所提到的，我們繼續看到對我們的產品和服務的強勁需求。

The hybrid world is accelerating trends in our segments and our leadership across commercial and consumer categories, positions us well even as demand continues to outpace supply.

混合動力世界正在加速我們細分市場的趨勢以及我們在商業和消費類別中的領導地位，即使在需求繼續超過供應的情況下，我們也處於有利地位。

The second point is that we continue to hit our match products as we can while navigating a complex operational environment.

第二點是我們在復雜的運營環境中繼續盡可能地推出我們的匹配產品。

We are managing through component shortages, COVID-related factory lockdowns in Southeast Asia and congested ports and transportation disruptions.

我們正在通過組件短缺、東南亞與 COVID 相關的工廠停工以及港口擁擠和運輸中斷進行管理。

Even under these conditions, we delivered solid financial results.

即使在這些條件下，我們也取得了穩健的財務業績。

And third, we are performing while transforming our business models and service offerings to capitalize on emerging growth opportunities.

第三，我們在轉變我們的業務模式和服務產品以利用新興增長機會的同時表現出色。

We have continued to make progress reducing our fixed cost structure, evolving our business model and creating new growth businesses.

我們繼續在降低固定成本結構、發展業務模式和創造新的增長業務方面取得進展。

And we are expanding our time in key segments to drive additional top and bottom line growth.

我們正在擴大我們在關鍵領域的時間，以推動額外的頂線和底線增長。

In Personal Systems, this will be driven by our focus on peripheral and new compute models.

在個人系統中，這將由我們對外圍設備和新計算模型的關注推動。

In Printing, we are expanding our services and subscription offerings.

在印刷方面，我們正在擴展我們的服務和訂閱服務。

I will talk about all of this in more detail by looking at the progress we are making across our portfolio.

我將通過查看我們在產品組合中取得的進展來更詳細地討論所有這些。

In Personal Systems, demand for our products continue to be strong with our backlog increasing again quarter-on-quarter.

在個人系統方面，對我們產品的需求繼續強勁，我們的積壓訂單再次環比增加。

PC penetration rates are growing across our markets as devices become increasingly essential in today's hybrid world.

隨著設備在當今的混合世界中變得越來越重要，PC 滲透率在我們的市場中不斷增長。

While we delivered strong operating profit, PS revenue was less than we expected, primarily because of our supply chain constraints.

雖然我們實現了強勁的營業利潤，但 PS 收入低於我們的預期，主要是因為我們的供應鏈限制。

We expect industry-wide supply shortages, particularly in IC, to continue into 2022.

我們預計整個行業的供應短缺，尤其是 IC 供應短缺，將持續到 2022 年。

Given this, we have identified the necessary improvements we need to make and are accelerating their execution to drive stronger top line performance.

鑑於此，我們已經確定了我們需要進行的必要改進，並正在加快其執行速度，以推動更強勁的頂線業績。

We expect that it will take more than 1 quarter to show results.

我們預計需要超過 1 個季度才能顯示結果。

As we run supply, our PS portfolio is extremely well positioned for the hybrid world, and we see significant opportunities for market expansion.

隨著我們的供應，我們的 PS 產品組合非常適合混合動力世界，我們看到了市場擴張的重要機會。

And our leading share in commercial PCs positions us well as more businesses reopen.

隨著更多企業重新開業，我們在商用 PC 領域的領先份額使我們處於有利地位。

In the commercial market, we launched a new all-in-one and expanded our ZBook portfolio of high-performance PCs for creative professionals.

在商業市場，我們推出了一款全新的一體機，並擴展了面向創意專業人士的 ZBook 高性能 PC 產品組合。

This includes the ZBook Studio G8, the world's most powerful mobile workstation for its size.

這包括 ZBook Studio G8，它是世界上同等尺寸的最強大的移動工作站。

And our new ZBook power brings ZBook performance to students, SMB and the public sector.

我們新的 ZBook 功能為學生、中小型企業和公共部門帶來了 ZBook 性能。

In Q3, we also launched a new Pavilion lineup that brings premium computing experiences into the main theme.

在第三季度，我們還推出了全新的 Pavilion 陣容，將優質計算體驗帶入主旋律。

We allowed a series of new displays that are purpose-built for home office and entertainment setups.

我們允許了一系列專為家庭辦公和娛樂設置而設計的新顯示器。

And we continued to drive momentum outside of our core hardware businesses.

我們繼續推動核心硬件業務之外的發展勢頭。

This quarter, we completed our acquisition of HyperX, giving us a leading position in gaming peripherals and a platform from which to accelerate our peripherals leadership more broadly.

本季度，我們完成了對 HyperX 的收購，使我們在遊戲外設領域處於領先地位，並提供了一個平台，可以更廣泛地加速我們在外設領域的領先地位。

We also continue to advance our Device-as-a-Service business, which grew 32% in the quarter.

我們還繼續推進我們的設備即服務業務，該業務在本季度增長了 32%。

And we are investing to meet emerging customer needs in the commercial space.

我們正在投資以滿足商業領域新興的客戶需求。

This is highlighted by our recent agreement to acquire Teradici Corporation.

我們最近達成的收購 Teradici Corporation 的協議突出了這一點。

Teradici's software is widely used by leading organizations around the world to deliver superior remote computing solutions.

Teradici 的軟件被世界各地的領先組織廣泛用於提供卓越的遠程計算解決方案。

We expect this deal will accelerate new compute models and services tailored for hybrid work environment.

我們預計這筆交易將加速為混合工作環境量身定制的新計算模型和服務。

In Printing, revenue was up 24%, driven by recovery in commercial and strength in consumer.

在印刷領域，在商業復甦和消費者實力強勁的推動下，收入增長了 24%。

As in Personal Systems, the rise of all things hybrid plays towards strength and is creating new opportunities for print innovation and growth.

與個人系統一樣，所有事物混合的興起都在發揮作用，並為印刷創新和增長創造了新的機會。

Specifically, we are expanding our services and subscription offerings, each of which delivered double-digit growth this quarter.

具體來說，我們正在擴展我們的服務和訂閱產品，本季度每一項都實現了兩位數的增長。

We continue to scale HP+ and Instant Ink across North America and Europe, including the addition of HP+ on the ENVY and DeskJet product family.

我們繼續在北美和歐洲擴展 HP+ 和 Instant Ink，包括在 ENVY 和 DeskJet 產品系列中添加 HP+。

We have seen positive response to HP+ to date and HP Instant Ink hit a major milestone by surprising 10 million subscribers.

迄今為止，我們已經看到對 HP+ 的積極響應，HP Instant Ink 達到了一個重要的里程碑，訂閱者達到了 1000 萬。

Our subscription services are providing a simple and seamless experience for today's hybrid workers, paving the way for new offerings in the future.

我們的訂閱服務正在為當今的混合型員工提供簡單無縫的體驗，為未來的新產品鋪平道路。

We also continue to evolve our hardware portfolio, with success in our award-winning HP Laser Jet 400 and 500 series.

我們還繼續發展我們的硬件產品組合，在我們屢獲殊榮的 HP Laser Jet 400 和 500 系列中取得成功。

HP continues to be recognized as a best managed print vendor, helping SMB solution providers thrive in a competitive market where quality and security are essential.

惠普繼續被公認為管理最好的打印供應商，幫助 SMB 解決方案提供商在質量和安全性至關重要的競爭激烈的市場中茁壯成長。

The strength of our position in the commercial market is significant as more people return to the office.

隨著越來越多的人返回辦公室，我們在商業市場的地位優勢顯著。

In our industrial businesses, we drove very strong hardware revenue growth in the quarter.

在我們的工業業務中，我們在本季度推動了非常強勁的硬件收入增長。

Importantly, our number of pages printed is at or above 2019 levels.

重要的是，我們的印刷頁數達到或高於 2019 年的水平。

We once again saw double-digit growth in print impressions and square meters as well as strength in key categories like labels and packaging.

我們再次看到印刷印象和平方米的兩位數增長以及標籤和包裝等關鍵類別的實力。

And in 3D, we remain focused on driving high-value end-to-end applications in strategic vertical markets.

在 3D 領域，我們仍然專注於在戰略性垂直市場中推動高價值的端到端應用。

This quarter, we launched the new Arize for orthotic solution.

本季度，我們推出了新的 Arize 矯形解決方案。

It leverages HP's CD printing and cloud-based software to help the millions of patients who suffer from foot pain.

它利用惠普的 CD 打印和基於雲的軟件來幫助數百萬足部疼痛的患者。

It is a great example of the opportunity we see to disrupt industries with highly personalized solutions.

這是我們看到通過高度個性化的解決方案顛覆行業的機會的一個很好的例子。

Our combination of innovation and execution enables us to continue making progress across our business and portfolio.

我們將創新與執行相結合，使我們能夠繼續在我們的業務和投資組合中取得進展。

And we remain committed to generating strong cash flow and to value-creating capital allocation.

我們仍然致力於產生強勁的現金流和創造價值的資本配置。

This includes our robust share repurchase and dividend program and disciplined organic and inorganic investment.

這包括我們強大的股票回購和股息計劃以及嚴格的有機和無機投資。

In Q3, we returned $1.7 billion to shareholders and have returned $6.8 billion over the past 12 months.

在第三季度，我們向股東返還了 17 億美元，過去 12 個月已返還了 68 億美元。

We believe our shares remain undervalued and are committed to aggressive repurchase levels of at least $1.5 billion in Q4.

我們認為我們的股票仍然被低估，並致力於在第四季度積極回購至少 15 億美元的水平。

As part of our value creation strategy, we also remain focused on M&A that can accelerate our growth in strategic areas.

作為我們價值創造戰略的一部分，我們還繼續專注於可以加速我們在戰略領域增長的併購。

HyperX and Teradici are 2 great examples.

HyperX 和 Teradici 就是兩個很好的例子。

We will continue using our rigorous returns-based framework to evaluate and pursue deals that complement our strategy and accelerate new sources of value creation.

我們將繼續使用我們嚴格的基於回報的框架來評估和尋求補充我們戰略並加速新的價值創造來源的交易。

As we drive our portfolio strategy and transformation agenda, we continue to prioritize making a sustainable impact.

在推動我們的投資組合戰略和轉型議程時，我們將繼續優先考慮產生可持續的影響。

This quarter, we released our 20th Annual Sustainable Impact Report that highlights the work we are doing in climate action, human rights and digital equity and outlined new 2030 goals.

本季度，我們發布了第 20 份年度可持續影響報告，重點介紹了我們在氣候行動、人權和數字公平方面所做的工作，並概述了新的 2030 年目標。

Not only is this the right thing to do, it's also driving business success.

這不僅是正確的做法，而且還能推動業務成功。

In 2020, our sustainable impact initiatives help us win more than $1 billion in new sales for the second consecutive year.

2020 年，我們的可持續影響計劃幫助我們連續第二年贏得超過 10 億美元的新銷售額。

Aligned with this, we recently issued $1 billion in sustainability bonds.

與此一致，我們最近發行了 10 億美元的可持續發展債券。

We are allocating these proceeds to ESG-related initiatives consistent with our strategy and values.

我們將這些收益分配給與我們的戰略和價值觀一致的 ESG 相關舉措。

Looking ahead to Q4, our backlog remains significantly elevated.

展望第四季度，我們的積壓訂單仍然顯著增加。

We expect robust demand to continue, and we are taking decisive steps to address operational headwinds.

我們預計強勁的需求將持續下去，我們正在採取果斷措施來應對運營逆風。

Our portfolio is strong and resilient, and we remain on track to significantly exceed the full year EPS target we set in February.

我們的投資組合強勁且有彈性，我們仍有望大大超過我們在 2 月份設定的全年每股收益目標。

And today, we are raising our Q4 outlook.

今天，我們提高了第四季度的展望。

And more importantly, we plan to build on this performance and expect to grow full year EPS in fiscal year '22.

更重要的是，我們計劃在這一業績的基礎上再接再厲，並期望在 22 財年實現全年每股收益增長。

Longer term, the hybrid world plays to our strength and creates attractive opportunities across our categories.

從長遠來看，混合世界發揮了我們的優勢，並在我們的類別中創造了有吸引力的機會。

We are well positioned to drive sustained performance as we innovate, improve and continue to reinvent for our customers, partners and shareholders.

在我們為客戶、合作夥伴和股東進行創新、改進和持續改造的過程中，我們有能力推動持續的業績。

I look forward to our upcoming October analyst meeting to discuss our strategy and our plans to drive continued business success.

我期待著我們即將在 10 月召開的分析師會議，討論我們的戰略以及推動業務持續成功的計劃。

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

現在讓我把電話轉給 Marie，她將帶您了解本季度的詳細信息和我們的財政年度展望。

Marie, over to you.

瑪麗，交給你了。

Thanks, Enrique.

謝謝，恩里克。

Looking at our third quarter financial results, we delivered another solid quarter of revenue growth, with operating profit and EPS growing substantially faster.

從我們第三季度的財務業績來看，我們實現了又一個穩健的季度收入增長，營業利潤和每股收益的增長速度大大加快。

We are continuing our transformation journey while generating strong free cash flow, returning significant capital to shareholders and investing for long term value creation.

我們正在繼續我們的轉型之旅，同時產生強大的自由現金流，向股東返還大量資本並為長期價值創造進行投資。

Looking at the details of Q3.

看第三季度的細節。

Net revenue was $15.3 billion, up 7% nominally and 4% in constant currency.

淨收入為 153 億美元，名義增長 7%，按固定匯率計算增長 4%。

Regionally, in constant currency, Americas increased 12%, EMEA increased 1%, and APJ declined 6%.

從地區來看，按固定匯率計算，美洲增長 12%，EMEA 增長 1%，APJ 下降 6%。

Supply chain constraints affected both Print and Personal Systems revenue.

供應鏈限制影響了印刷和個人系統的收入。

And this was particularly impactful in EMEA and APJ in Personal Systems.

這在個人系統中的 EMEA 和 APJ 尤其有影響。

Across Personal Systems and Print, we continue to see strong demand for our products and solutions, capitalizing on opportunities we see as the hybrid world take shape.

在個人系統和印刷領域，我們繼續看到對我們的產品和解決方案的強勁需求，利用我們看到的混合世界形成的機會。

The gross margin was 22.2%, up 5.5 points year-on-year.

毛利率為22.2%，同比上升5.5個百分點。

The increase was primarily driven by continued favorable pricing, including lower promotions as well as a reduction to previously estimated sales and marketing program incentives as well as currency, partially offset by higher costs.

這一增長主要是由持續優惠的定價推動的，包括較低的促銷活動以及先前估計的銷售和營銷計劃激勵措施以及貨幣的減少，部分被較高的成本所抵消。

Non-GAAP operating expenses were $1.9 billion or 12.4% of revenue.

非美國通用會計準則運營費用為 19 億美元，佔收入的 12.4%。

The increase in operating expenses was primarily driven by increased investments in go-to-market and innovation as well as higher variable compensation due to the very strong performance this fiscal year as compared to 2020.

運營費用的增加主要是由於對上市和創新的投資增加，以及由於本財年與 2020 年相比非常強勁的表現而導致的更高的可變薪酬。

Non-GAAP net OI&E expense was $78 million for the quarter.

本季度非 GAAP 淨 OI&E 費用為 7800 萬美元。

Non-GAAP diluted net earnings per share increased $0.51 to $1, including $0.25 related to the reduction in previously estimated incentives, of which $0.12 were reinvested during the quarter primarily in accelerating R&D, incremental marketing and our hybrid work strategy.

非 GAAP 攤薄後每股淨收益增加 0.51 美元至 1 美元，其中 0.25 美元與先前估計的激勵措施減少有關，其中 0.12 美元在本季度主要用於加速研發、增量營銷和我們的混合工作戰略。

Non-GAAP diluted net earnings per share excludes net expense totaling $90 million, primarily related to restructuring and other charges, amortization of intangibles, acquisition-related charges, debt extinguishment costs, other tax adjustments, partially offset by nonoperating retirement-related credits.

非公認會計原則攤薄後每股淨收益不包括總計 9000 萬美元的淨費用，主要與重組和其他費用、無形資產攤銷、收購相關費用、債務清償成本、其他稅收調整有關，部分被非經營性退休相關信貸抵消。

As a result, Q3 GAAP diluted net earnings per share was $0.92.

因此，第三季度 GAAP 攤薄後每股淨收益為 0.92 美元。

Before I get into the details of the segments, let me briefly address the reduction in previously estimated sales and marketing program incentives.

在詳細介紹細分市場之前，讓我簡要介紹一下先前估計的銷售和營銷計劃激勵措施的減少。

Consistent with our policies, we review these estimates every quarter.

根據我們的政策，我們每季度審查一次這些估計。

We estimate incentives based on a number of factors like historical experience, customer behavior and market conditions.

我們根據歷史經驗、客戶行為和市場條件等多種因素估算激勵措施。

The change in estimate is a result of lower-than-expected incentives due to increased supply constraints, shifts in customer behavior and the evolving impact of the COVID-19 pandemic.

估計的變化是由於供應限制增加、客戶行為轉變以及 COVID-19 大流行的不斷變化影響而導致的激勵措施低於預期的結果。

As a result, it became clear that we had to make an unusually large change in estimate in Q3.

結果，很明顯，我們必須在第三季度對估計進行異常大的更改。

Now let me turn to segment performance.

現在讓我談談細分性能。

In Q3, Personal Systems revenue was $10.4 billion, flat year-over-year as supply chain challenges continue to constrain our growth.

第三季度，由於供應鏈挑戰繼續限制我們的增長，個人系統收入為 104 億美元，與去年同期持平。

Demand for our products remain strong with backlog increasing again sequentially despite substantially clearing the Chrome backlog.

儘管 Chrome 的積壓已基本清除，對我們產品的需求依然強勁，積壓量再次環比增長。

Drilling into the details.

鑽研細節。

Consumer and Commercial revenue was up 3% and down 1%, respectively.

消費者和商業收入分別增長 3% 和下降 1%。

By product category, revenue was flat for notebooks, up 1% for desktops and down 9% for workstations.

按產品類別劃分，筆記本電腦的收入持平，台式機增長 1%，工作站下降 9%。

Total units were flat year-over-year.

總單位與去年同期持平。

We also drove double-digit growth in both consumer peripherals and services attach across consumer and commercial.

我們還推動了消費者外圍設備和服務附加在消費者和商業領域的兩位數增長。

Personal Systems delivered $869 million in operating profit and operating margins of 8.4%.

Personal Systems 的營業利潤為 8.69 億美元，營業利潤率為 8.4%。

The operating margin improved 2.9 points primarily due to favorable pricing, including the reduction in estimated incentives and currency, partially offset by higher costs, including commodity costs, investments in innovation in go-to-market and variable compensation.

營業利潤率提高了 2.9 個百分點，主要是由於有利的定價，包括估計激勵措施和貨幣的減少，部分被更高的成本所抵消，包括商品成本、上市創新投資和可變薪酬。

In Print, our results reflected continued focus on execution and the strength of our portfolio.

在印刷方面，我們的業績反映了對執行的持續關注和我們產品組合的實力。

We are uniquely positioned as leaders in both consumer and commercial and have the hardware, support and services to deliver value in a hybrid world.

我們在消費者和商業領域都處於獨特的領先地位，並擁有在混合世界中創造價值的硬件、支持和服務。

Q3 total group revenue was $4.9 billion, up 24%, driven by strong growth in supply, hardware and services.

在供應、硬件和服務強勁增長的推動下，第三季度集團總收入為 49 億美元，增長 24%。

Total hardware units declined 4% due to manufacturing and component constraints, primarily in consumer produce.

由於製造和組件限制，主要是消費品，硬件單位總數下降了 4%。

We expect these Q3 constraints to impact Q4 as well.

我們預計第三季度的這些限制也會影響第四季度。

By customer segment, Consumer revenue was up 15%, with units down 8% and commercial revenue in units were up 46% and 29%, respectively.

按客戶細分，消費者收入增長 15%，單位收入下降 8%，單位商業收入分別增長 46% 和 29%。

Consumer demand remained strong, however, revenues, particularly A4 laser, was constrained by supply and factory disruptions.

消費者需求依然強勁，但收入，尤其是 A4 激光，受到供應和工廠中斷的限制。

The commercial recovery continued with double-digit hardware revenue growth in office and triple-digit increases in industrial printing hardware.

商業復甦繼續，辦公硬件收入實現兩位數增長，工業打印硬件實現三位數增長。

Given what we're seeing with the Delta variant and evolving hybrid models, we still expect recovery to be gradual and uneven at times across segments and geographies.

鑑於我們在 Delta 變體和不斷發展的混合模型中看到的情況，我們仍然預計復甦將是漸進的，有時會在各個細分市場和地區出現不平衡。

Supply revenue was $3.1 billion.

供應收入為 31 億美元。

The 20% year-on-year growth was driven by inventory replenishment, stronger commercial demand and favorable pricing.

20%的同比增長是受庫存補充、商業需求增強和優惠定價的推動。

Our contractual business is a key element of our print strategy in both Consumer and commercial printing.

我們的合同業務是我們在消費者和商業印刷領域的印刷戰略的關鍵要素。

In Consumer, our Instant Ink business model continued to resonate well with customers with strong double-digit revenue and subscriber growth.

在消費者方面，我們的 Instant Ink 業務模式繼續與客戶產生良好的共鳴，收入和訂閱人數均實現強勁增長。

On the commercial side, we drove growth in Managed Print Services revenue and total contract value with particular strength in new TCV bookings.

在商業方面，我們推動了託管打印服務收入和總合同價值的增長，特別是新的 TCV 預訂量。

Print operating profit increased $377 million to $857 million, and operating margins were 17.6%.

印刷營業利潤增加 3.77 億美元至 8.57 億美元，營業利潤率為 17.6%。

Operating margin grew 5.4 points, driven primarily by favorable pricing, including the reduction in estimated incentives, higher volumes in commercial hardware, including graphics and 3D, partially offset by unfavorable mix and higher costs, including commodity costs, investments in innovation and go-to-market and variable compensation.

營業利潤率增長 5.4 個百分點，主要受優惠定價的推動，包括估計激勵措施的減少、包括圖形和 3D 在內的商業硬件的銷量增加，部分被不利的組合和更高的成本（包括商品成本、創新投資和首選）所抵消-市場和可變薪酬。

Let me now turn to our transformation efforts and our cost savings initiatives.

現在讓我談談我們的轉型努力和我們的成本節約計劃。

In the second year of our program, we continue to look at new cost savings opportunities and remain ahead of our $1.2 billion gross run rate structural cost reduction plan.

在我們計劃的第二年，我們繼續尋找新的成本節約機會，並保持領先於我們 12 億美元的總運行率結構性成本削減計劃。

Our hybrid work strategy is one example.

我們的混合工作策略就是一個例子。

It has enabled us to accelerate our location strategy while providing a more flexible workspace.

它使我們能夠加速我們的選址戰略，同時提供更靈活的工作空間。

Going forward, we are enabling HP's hybrid work strategy by monetizing our sites to be critical hubs for collaboration and innovation.

展望未來，我們將通過將我們的網站貨幣化為協作和創新的關鍵中心來實現惠普的混合工作戰略。

This will also deliver savings in our real estate portfolio.

這也將節省我們的房地產投資組合。

In addition to our progress on our location strategy, we are making progress in our digital transformation.

除了在選址戰略上取得進展外，我們還在數字化轉型方面取得進展。

We are enhancing and leveraging our digital capabilities to transform the ways we operate and deliver value to our customers.

我們正在增強和利用我們的數字能力來改變我們的運營方式並為客戶創造價值。

In the third quarter, we completed the initial deployment of our SAP S/4HANA system, one of the largest ERP implementations.

在第三季度，我們完成了 SAP S/4HANA 系統的初始部署，這是最大的 ERP 實施之一。

Also, as part of our end-to-end business planning and forecasting efforts, we also went live with our new cloud-based platform, which we believe will improve our forecasting agility as part of our digital transformation.

此外，作為我們端到端業務規劃和預測工作的一部分，我們還啟用了新的基於雲的平台，我們相信這將提高我們的預測敏捷性，作為我們數字化轉型的一部分。

The structural cost savings from our transformation efforts are a key enabler of reinvesting in our business for long-term growth and profitability.

我們的轉型努力節省的結構性成本是對我們的業務進行再投資以實現長期增長和盈利的關鍵推動力。

Shifting to cash flow and capital allocation.

轉向現金流和資本配置。

Third quarter cash flow from operations and free cash flow were $1.1 billion and $1 billion, respectively.

第三季度運營現金流和自由現金流分別為 11 億美元和 10 億美元。

In Q3, the cash conversion cycle was minus 29 days.

在第三季度，現金轉換週期為負 29 天。

Sequentially, the cash conversion cycle improved 1 day as higher days payable outstanding more than offset the increased days of inventory due to growth in inventory across PS and Print, and the 1-day increase in days sales outstanding.

隨後，現金轉換週期改善了 1 天，因為應付未清償天數增加超過了由於 PS 和印刷庫存增加而導致的庫存天數增加，以及未償銷售天數增加了 1 天。

For the quarter, we returned a total of $1.7 billion to shareholders, which represented 178% of free cash flow.

本季度，我們總共向股東返還了 17 億美元，佔自由現金流的 178%。

This included $1.5 billion in share repurchase and $230 million in cash dividends.

其中包括 15 億美元的股票回購和 2.3 億美元的現金股息。

Looking forward, we expect to continue to aggressively buy back shares at elevated levels of at least $1.5 billion in Q4.

展望未來，我們預計第四季度將繼續以至少 15 億美元的高水平積極回購股票。

Looking forward to the fourth quarter, we continue to navigate supply availability and logistics constraints, pricing dynamics and the pace of economic reopening.

展望第四季度，我們將繼續關注供應可用性和物流限制、定價動態和經濟重新開放的步伐。

In particular, keep the following in mind related to our overall financial outlook.

特別是，請牢記以下與我們的整體財務前景相關的內容。

For Personal Systems, we continue to see strong demand for our PCs, particularly in commercial.

對於個人系統，我們繼續看到對我們 PC 的強勁需求，尤其是在商業領域。

In Print, we expect solid demand in consumer and a mix shift of commercial continues to improve.

在印刷方面，我們預計消費者需求強勁，商業的混合轉變將繼續改善。

For both Personal Systems and Print, we expect that component shortages as well as some manufacturing, port and transit disruptions will continue to constrain revenue due to the ongoing pandemic and resurgence driven by the Delta variant.

對於個人系統和打印，我們預計組件短缺以及一些製造、港口和運輸中斷將繼續限制收入，因為持續的大流行和由 Delta 變體驅動的複蘇。

Taking these considerations into account, we are increasing our Q4 and FY '21 EPS.

考慮到這些因素，我們正在增加第四季度和 21 財年的每股收益。

We expect fourth quarter non-GAAP diluted net earnings per share to be in the range of $0.84 to $0.90, and fourth quarter GAAP diluted net earnings per share to be in the range of $0.82 to $0.88.

我們預計第四季度非 GAAP 攤薄後每股淨收益在 0.84 美元至 0.90 美元之間，第四季度 GAAP 攤薄後每股淨收益將在 0.82 美元至 0.88 美元之間。

We expect full year non-GAAP diluted net earnings per share to be in the range of $3.69 to $3.75, and FY '21 GAAP diluted net earnings per share to be in the range of $3.56 to $3.62.

我們預計全年非 GAAP 攤薄後每股淨收益將在 3.69 美元至 3.75 美元之間，21 財年 GAAP 攤薄後每股淨收益將在 3.56 美元至 3.62 美元之間。

For FY '21, we expect our free cash flow to be at least $4 billion.

對於 21 財年，我們預計我們的自由現金流至少為 40 億美元。

And now I would like to hand it back to the operator and open the call for your questions.

現在我想把它交還給接線員並打開電話詢問您的問題。

(Operator Instructions) Our first question comes from Matt Cabral with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Matt Cabral。

I wanted to start off on the PC side.

我想從PC端開始。

So really strong operating margins, especially relative to just how you were talking about that business 90 days ago.

如此強勁的營業利潤率，尤其是相對於您 90 天前談論該業務的方式而言。

It sounds like a lot of that was the reduction in estimated incentives.

聽起來其中很大一部分是估計激勵措施的減少。

Curious if there's any way to quantify that impact, and just if there's any other swing factors to call out.

好奇是否有任何方法可以量化這種影響，以及是否有任何其他波動因素需要指出。

And then going forward, just curious for your perspective on sustainability of margin that or above the longer-term range versus the need for some normalization beyond that point.

然後繼續前進，只是好奇您對長期範圍內或以上的利潤率可持續性的看法，以及超出該點的一些正常化的需要。

Matt, thanks for the opportunity.

馬特，謝謝你的機會。

So why don't I unpack your question.

所以我為什麼不解開你的問題。

I'll start on the outlook for PS for Q4, and then I'll flip over and give you an update on the change in estimated incentive impact on margins.

我將從第四季度 PS 的前景開始，然後我會翻過來，向您提供有關估計激勵對利潤率影響的變化的最新信息。

So with respect to our PS rate outlook, look, we have strong confidence in our Q4 operating profit and margin outlook.

因此，關於我們的 PS 利率前景，看，我們對第四季度的營業利潤和利潤率前景充滿信心。

So part of that, we're really pleased with our PS operating margins to date.

因此，我們對迄今為止的 PS 營業利潤率感到非常滿意。

And overall, we expect that PS will be well above our long-term range of 3.5% to 5.5% in Q4.

總體而言，我們預計第四季度的 PS 將遠高於我們 3.5% 至 5.5% 的長期範圍。

So think about it in terms of being similar to half 1 levels.

所以從類似於半 1 級別的角度來考慮它。

And we'll talk more about that when we get to SAM.

當我們談到 SAM 時，我們會更多地討論這個問題。

Now to address your question with respect to the change in incentive, in terms of the impact on PS margin with respect to OP quarter-on-quarter, the net impact of the reduction in the previously estimated sales and marketing incentive was approximately -- about 1.5 points, and we're talking about that net of investments.

現在，為了解決您關於激勵變化的問題，就 OP 季度環比對 PS 利潤率的影響而言，先前估計的銷售和營銷激勵減少的淨影響約為 - 大約1.5分，我們談論的是投資淨額。

And I'm going to turn it to Enrique now.

我現在要把它交給恩里克。

Yes.

是的。

Thank you, Marie.

謝謝你，瑪麗。

Let me address your question about sustainability.

讓我來回答你關於可持續性的問題。

I think a very important thing to understand about this quarter is the strength of the demand that we are seeing.

我認為關於本季度需要了解的一件非常重要的事情是我們所看到的需求強度。

Demand continues to be significantly stronger than our supply chain capacity.

需求繼續明顯強於我們的供應鏈能力。

Backlog grew quarter-over-quarter, and this is really driven by the trends that we have been describing before.

積壓工作環比增長，這實際上是由我們之前描述的趨勢驅動的。

The hybrid world is opening and driving opportunities for us to continue to sell PCs.

混合世界正在為我們打開和推動繼續銷售 PC 的機會。

There is a very strong demand for PC for people working from home, and we expect that to continue.

在家工作的人們對 PC 的需求非常強烈，我們預計這種情況會持續下去。

So as we saw strong demand in Q4 -- in Q3, we expect to see strong demand in Q4 and to continue through 2022.

因此，正如我們在第四季度看到強勁的需求——在第三季度，我們預計第四季度的強勁需求將持續到 2022 年。

Perfect.

完美的。

And then maybe building on that last answer, Enrique, you mentioned confidence in EPS growth next year.

然後也許在最後一個答案的基礎上，恩里克，你提到了對明年每股收益增長的信心。

I'm sure we'll hear a lot more at SAM.

我相信我們會在 SAM 聽到更多。

But just curious if you could give us a preview of the biggest drivers underneath there.

但只是好奇你能否給我們預覽一下下面最大的驅動程序。

And just how dependent it is on that sustainability of demand or your revenue trajectory versus maybe other levers you have to pull.

以及它對需求的可持續性或您的收入軌跡與您可能必須拉動的其他槓桿的依賴程度。

So we continue to see a lot of opportunities across the company, both in PCs, in printing, in the new businesses we are creating.

因此，我們繼續在整個公司看到很多機會，無論是在個人電腦、印刷還是我們正在創建的新業務中。

And as you said, we will be having our Investor Day in a few weeks from now, and we will be sharing all the details about next year at that point.

正如你所說，我們將在幾週後舉行投資者日，屆時我們將分享有關明年的所有細節。

Our next question is from Jim Suva with Citi.

我們的下一個問題來自花旗的 Jim Suva。

Could I just ask one question, and that's kind of on the PC side.

我可以問一個問題嗎，那是在 PC 端。

There's a lot of investor questions about the peaking of the PC cycle and what we're starting to see post the big boost on year-over-year, a year ago, big sales.

有很多投資者對 PC 週期的頂峰提出疑問，以及我們開始看到的同比大幅增長後的情況，一年前，大銷售。

Can you give us some color about your orders, your outlook?

你能給我們一些關於你的訂單，你的前景的顏色嗎？

It sounds like there's a handoff going on from consumer to enterprise strength, if I heard you correctly, and therefore probably less strength in Chromebooks.

如果我沒聽錯的話，這聽起來像是從消費者到企業實力的轉變，因此 Chromebook 的實力可能會減弱。

Am I getting that right?

我說對了嗎？

And the installed base has been healthily weighed above 300 million units per year, kind of, on this run rate.

在這個運行速度上，安裝基數每年超過 3 億台。

Do you think we're going to stay up there or go down quite a bit?

你認為我們會留在那兒還是會下降很多？

That's kind of the big debate.

這是一場大辯論。

So let me try to go one by one.

所以讓我一一嚐試。

So first of all, as I was mentioning before, during the quarter, we continued to see very strong demand for PC driven by the trends that I described.

首先，正如我之前提到的，在本季度，我們繼續看到由我描述的趨勢推動的對 PC 的非常強勁的需求。

What we saw was that when we finished the quarter, our backlog orders that we had at one customer that wanted us to ship were significantly larger than what it was at the beginning of the quarter.

我們看到的是，當我們完成本季度時，我們在一位希望我們發貨的客戶處的積壓訂單比本季度初的要大得多。

And what we saw is very strong demand from both commercial and consumer categories.

我們看到的是來自商業和消費類別的非常強勁的需求。

In both cases, we saw increase of demand.

在這兩種情況下，我們都看到了需求的增長。

The area you were mentioning where we saw some weakness was on the Chromebook space because many -- and it was mostly in the U.S., because many school districts decided to stop their purchase activities until they had clarity on what type of new funds they were going to be getting from the federal government and the timing of those funds.

你提到的我們看到一些弱點的領域是 Chromebook 領域，因為很多——而且主要是在美國，因為許多學區決定停止他們的購買活動，直到他們清楚他們將要購買哪種類型的新基金從聯邦政府獲得資金以及這些資金的時間安排。

And now this has been clarified.

現在這一點已經得到澄清。

We expect that now, demand on the education space in Chromebooks will pick up at the end of this quarter or at the beginning of next quarter.

我們預計現在，Chromebook 教育領域的需求將在本季度末或下個季度初回升。

But in any case, very strong demand on the PC side, faster growth on the commercial, but very strong growth for some consumer.

但無論如何，PC端的需求非常強勁，商用的增長更快，但對一些消費者來說增長非常強勁。

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 also wanted to just follow up on PCs, with the question being why do you appear to be facing supply and logistics constraints that are significantly more pronounced than your competitors?

我還想跟進個人電腦，問題是為什麼你們似乎面臨比競爭對手更明顯的供應和物流限制？

Dell just reported PC growth of 27%.

戴爾剛剛報告 PC 增長率為 27%。

Yours was 0. Lenovo had very strong growth.

你的是 0。聯想的增長非常強勁。

HP being a perennial share gainer, and I think has lost share in PCs 3 out of the last 5 quarters or 4 out of the last 5 quarters, why are these constraints so unique to HP?

惠普是一個長期的份額增長者，我認為過去 5 個季度中有 3 個或過去 5 個季度中有 4 個失去了個人電腦的份額，為什麼這些限制對惠普來說如此獨特？

And then related to that, you expressed confidence in the backlog.

然後與此相關，您表達了對積壓工作的信心。

But the Chromebook backlog was enormous 1 or 2 quarters ago, and it's completely gone.

但 Chromebook 的積壓工作在 1 或 2 個季度前非常龐大，現在已經完全消失了。

And so what makes the certainty of your conviction and the sustainability of your backlog in PCs for commercial and consumer different from Chromebook?

那麼，是什麼讓您的信念的確定性以及您在商業和消費者 PC 中積壓的可持續性與 Chromebook 不同？

So Toni, let me also go one by one.

所以托尼，讓我也一一去吧。

On the PC side, what we saw is we clearly have some areas where we need to improve operationally to be able to optimize our performance given the delta between supply and demand.

在 PC 方面，我們看到的是，鑑於供需之間的差異，我們顯然有一些需要改進運營的領域，以便能夠優化我們的性能。

And there are 3 areas where specifically we need to -- we are working and we need to do some more work.

我們特別需要在 3 個領域——我們正在努力，我們需要做更多的工作。

First of all, as you know, we have an outsourced model, where the majority of our production is managed by ODM.

首先，如您所知，我們有一個外包模式，我們的大部分生產由 ODM 管理。

This means that also ODMs were managing it until now, the relationship with the providers of the components that we are missing.

這意味著直到現在 ODM 也在管理它，與我們缺少的組件的提供者的關係。

We have been changing that, signing now direct relationship and direct supply agreements with them, so this is addressing that gap.

我們一直在改變這一點，現在與他們簽署了直接關係和直接供應協議，所以這正在解決這個差距。

Second important factor is one of the key strengths of our PC business is the breadth of our portfolio.

第二個重要因素是我們個人電腦業務的主要優勢之一是我們產品組合的廣度。

We lead both in consumer and commercial.

我們在消費者和商業領域都處於領先地位。

But this portfolio has not been designed to optimize for low-cost components, which is what we are missing now.

但是這個產品組合的設計並不是針對低成本組件進行優化，而這正是我們現在所缺少的。

We have been changing that.

我們一直在改變這一點。

And what you will -- as we will introduce our new products going forward, you will see an increase of leverage of components across multiple products, so we can really optimize our de-utilization of components.

你會做什麼——隨著我們將在未來推出我們的新產品，你會看到跨多個產品的組件的槓桿作用增加，因此我們可以真正優化我們對組件的去利用。

And third, as we -- as Marie mentioned during the prepared remarks, we have been working to deploy a new ERP system.

第三，正如瑪麗在準備好的評論中提到的那樣，我們一直在努力部署一個新的 ERP 系統。

That -- the ERP system is now in place.

那——ERP系統現在就位。

And now we have the ability to create tools that will help us to optimize the allocation of orders, not only based on business priorities but also on component availability.

現在我們有能力創建工具，幫助我們優化訂單分配，不僅基於業務優先級，還基於組件可用性。

And this is something that until now, because we were in the middle of the ERP change, we had to do manually.

直到現在，因為我們正處於 ERP 變更的中間，所以我們必須手動完成。

So when I look at all these 3 areas, explain kind of the improvements that you are going to see on this side and give us confidence on how we will continue to optimize, how we manage the current situation.

因此，當我查看所有這三個領域時，請解釋您將在這方面看到的改進，並讓我們對我們將如何繼續優化、如何管理當前情況充滿信心。

Then the second part of your question around Chromebooks.

然後是關於 Chromebook 的問題的第二部分。

I think that an important factor to realize is that during the quarter, we closed the backlog because the shipments of Chromebooks were 100% higher than shipments that we made before.

我認為需要意識到的一個重要因素是，在本季度，我們關閉了積壓訂單，因為 Chromebook 的出貨量比我們之前的出貨量高出 100%。

When we look at the backlog that is left, we analyzed it customer by customer, retailer by retailer, partner by partner.

當我們查看剩下的積壓訂單時，我們逐個客戶、逐個零售商、逐個合作夥伴分析它。

And this gives us very strong confidence on the value and the solidity of that backlog.

這讓我們對積壓的價值和穩固性充滿信心。

If we look at cancellations, with the exception of Chromebooks coming from some of the changes in the U.S. School District, we are not seeing cancellations of the backlog.

如果我們查看取消，除了來自美國學區的一些變化的 Chromebook，我們沒有看到積壓的取消。

And as we mentioned before, it is more than one full quarter of demand what we have in backlog.

正如我們之前提到的，這是我們積壓的需求的四分之一以上。

Just my final question is, you did say you were going to grow revenues in fiscal '22.

我的最後一個問題是，您確實說過您將在 22 財年增加收入。

You did not say you were going to grow revenues in fiscal '22.

您並沒有說您將在 22 財年增加收入。

Are you confident you will grow revenues in fiscal '22?

您有信心在 22 財年增加收入嗎？

As I said before, we are going to be having our Investor Day in a few weeks from now.

正如我之前所說，我們將在幾週後舉行投資者日。

And we will -- that will be the right time to have all the conversations about fiscal year '22.

我們將 - 這將是就 22 財年進行所有對話的合適時機。

Thank you, Toni.

謝謝你，托尼。

The next question is from Amit Daryanani with Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

I have 2 as well.

我也有2個。

I guess the first one, Enrique, maybe you could talk about the Print business a little bit.

我想第一個，Enrique，也許你可以談談印刷業務。

It continues to perform really well.

它繼續表現得非常好。

I think supplies was up 19%, 20%.

我認為供應量增加了 19%、20%。

And I think the struggle everyone ends up having, though, is what does profit normalization look like as supply growth starts to moderate back to the long-term averages?

不過，我認為每個人最終都會遇到的困難是，隨著供應增長開始放緩至長期平均水平，利潤正常化會是什麼樣子？

So I'd love to understand, do you think there are structural changes in place within supplies, within Print actually, that ensure that even if supply starts to slow down, you can sustain the high teens margins you've been seeing over the last few quarters?

所以我很想了解，您是否認為供應中存在結構性變化，實際上在印刷中，即使供應開始放緩，您也可以維持您在過去看到的高青少年利潤率幾個季度？

Thank you.

謝謝你。

So first of all, in terms of the supplies performance, we are really pleased with the performance that we saw this quarter.

因此，首先，就供應表現而言，我們對本季度的表現感到非常滿意。

Though we need to accept that the 20% growth is also coming because we had an easy compare to last year.

儘管我們需要接受 20% 的增長也即將到來，因為我們與去年相比很容易。

But again, we are pleased with the performance of supplies.

但同樣，我們對耗材的表現感到滿意。

In terms of what do we see happening?

就我們看到的情況而言？

Basically, the trends that we shared before, as offices are reopening, we are starting to see an increase in growth on the toner side, on the office side.

基本上，我們之前分享的趨勢，隨著辦公室的重新開放，我們開始看到碳粉方面的增長，在辦公室方面。

And at the same time, we are starting to see some light slowdown on the consumer side, which again is what we were expecting.

與此同時，我們開始看到消費者方面略有放緩，這又是我們所期待的。

And in any case, the consumer business today continues to be above the projections that we have for this time before the pandemic started.

無論如何，今天的消費者業務繼續高於我們在大流行開始之前的這段時間的預測。

And this is a structural change that has happened.

這是已經發生的結構性變化。

Additionally to that, we have been able to accelerate the transition of our business models, both rebalancing profitability but also significantly growing our subscription businesses.

除此之外，我們還能夠加速業務模式的轉變，既重新平衡盈利能力，又顯著發展我們的訂閱業務。

And this gives us strong confidence about the evolution of the business going forward.

這讓我們對未來業務的發展充滿信心。

But also in terms of protecting our supply shares because more and more customers are part of the subscription program, we will make sure that they continue to use HP supply.

但在保護我們的供應份額方面，因為越來越多的客戶加入了訂閱計劃，我們將確保他們繼續使用惠普供應。

Just to supplement Enrique's comments.

只是為了補充恩里克的評論。

Right now, our channel is where we want it to be.

現在，我們的頻道是我們想要的。

So going into Q4, we're not expecting any channel replenishment at this stage either, Amit.

因此，進入第四季度，我們預計現階段也不會有任何渠道補充，阿米特。

Perfect.

完美的。

And then Marie, maybe a follow-up with you.

然後是瑪麗，也許是你的後續行動。

On the free cash flow dynamics and your inventory base, you talked in that a little bit to the why it ramped up so much.

關於自由現金流動態和您的庫存基礎，您談到了為什麼它會如此快速增長。

How do you see that normalizing back into the October quarter?

您如何看待回歸到 10 月季度的正常化？

Does it normalize in October?

十月份會正常嗎？

Does it stay elevated, I guess, longer term?

我猜，它會長期保持高位嗎？

And what do you need to see as a company to take leverage back up to, I think, 2x debt to EBITDA, which you talked about a year ago or so to accelerate the buybacks even further.

我認為，作為一家公司，你需要看到什麼才能將槓桿率恢復到 EBITDA 的 2 倍，你大約在一年前談到過，以進一步加速回購。

Yes.

是的。

Look, no worries.

看，不用擔心。

I mean, and I think I got the first part of your question.

我的意思是，我想我得到了你問題的第一部分。

I'll address your comments on inventory.

我將解決您對庫存的評論。

And quite rightly so, you said that inventory is elevated this quarter, and that's really due to strategic assurance of supply.

非常正確，您說本季度庫存增加，這實際上是由於供應的戰略保證。

Look, we expect that it's frankly going to remain higher than pre-COVID levels.

看，我們希望坦率地說它會保持在高於 COVID 之前的水平。

But look, we might see some adjustments quarter-on-quarter as we drive and meet customers' needs.

但是看，隨著我們推動和滿足客戶的需求，我們可能會看到一些季度環比的調整。

We're in a pretty dynamic environment as we speak here.

當我們在這裡發言時，我們處於一個非常動態的環境中。

Now to address the second part of your question on leverage.

現在來解決您關於槓桿問題的第二部分。

Right now, our gross debt to EBITDA is about 1.17, which is -- it's below our stated goal of getting towards 1.5 to 2. And look, we continue -- we expect to reach that lower end of the range over time.

目前，我們對 EBITDA 的總債務約為 1.17，低於我們設定的 1.5 到 2 的既定目標。看，我們繼續——我們預計隨著時間的推移會達到該範圍的下限。

But right now, given our strong earnings and free cash flow performance, it's going to be a couple of quarters.

但現在，鑑於我們強勁的收益和自由現金流表現，這將是幾個季度。

But I might just add that we are really proud of the job that we've done around capital allocation.

但我可能只是補充一點，我們為圍繞資本配置所做的工作感到非常自豪。

I think you heard in my prepared remarks that we said we plan to purchase back at least $1.5 billion in shares in the quarter.

我想你在我準備好的講話中聽到我們說我們計劃在本季度回購至少 15 億美元的股票。

Enrique, I might just turn it over to you for any closing comments.

恩里克，我可能會把它交給你，以徵求任何結束意見。

Well, maybe a couple of comments.

好吧，也許有幾條評論。

I think it's important to remember that we are really -- and we stay very committed to aggressively return capital to our shareholders, and our actions during the last quarter reflect that.

我認為重要的是要記住我們真的 - 我們仍然非常致力於積極向股東返還資本，我們在上個季度的行動反映了這一點。

As we mentioned, we have returned this quarter $1.7 billion to shareholders, which is 178% of free cash flow.

正如我們所提到的，我們本季度向股東返還了 17 億美元，佔自由現金流的 178%。

And since the value plan started, we have returned -- we have about 20% of our outstanding shares, so really strong commitment to that.

自從價值計劃開始以來，我們已經回歸——我們擁有大約 20% 的流通股，因此對此做出了非常堅定的承諾。

We -- during Q4, we are going to be buying at least $1.5 billion.

我們 - 在第四季度，我們將購買至少 15 億美元。

So we are continuing with that.

所以我們繼續這樣做。

And during the Analyst Day, we will share what our plans for '22 are, but you can expect from a very strong focus on continued buying back and dividend.

在分析師日期間，我們將分享我們對 22 年的計劃，但您可以非常關注持續回購和股息。

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。

Marie, can you help us understand what the catalyst was to change the sales and marketing incentives in the quarter?

瑪麗，你能幫助我們了解改變本季度銷售和營銷激勵措施的催化劑是什麼嗎？

Because that was a big surprise.

因為那是一個很大的驚喜。

And at face value, it almost looks like it was a reaction to operational execution and shortfalls, but maybe that wasn't the case.

從表面上看，這幾乎看起來像是對運營執行和不足的反應，但也許事實並非如此。

And specifically, is this an accrual change?

具體來說，這是應計變化嗎？

Or is it an actual change in the level of payments that you were making in the quarter?

還是您在本季度支付的付款水平發生了實際變化？

And should we think about this new level as a new structural level?

我們應該把這個新的層次看作一個新的結構層次嗎？

Or will this recover as you come out of COVID?

或者，當您從 COVID 中走出來時，這種情況會恢復嗎？

And then I have a follow-up.

然後我有一個跟進。

Yes, Katy.

是的，凱蒂。

Why don't I explain to you, just walk you through this change in estimate.

我為什麼不給你解釋一下，只是帶你了解一下這個估計的變化。

Then I'll address your question specifically around the accrual and the reserves.

然後，我將專門針對應計和準備金解決您的問題。

So we typically look at these estimates every quarter.

因此，我們通常每季度查看這些估計值。

So we estimate our sales and marketing incentives based on a number of different factors.

因此，我們根據許多不同的因素來估計我們的銷售和營銷激勵措施。

So for example, historical experience, expected customer behavior, acceptance rates.

例如，歷史經驗、預期的客戶行為、接受率。

And a very important driver is market conditions, which, as you know, we've experienced a lot of volatility since the COVID-19 pandemic began.

一個非常重要的驅動因素是市場狀況，如您所知，自 COVID-19 大流行開始以來，我們經歷了很多波動。

It's also worth noting that some of these programs take several months, from 6 to 12 months for partners to claim.

還值得注意的是，其中一些計劃需要幾個月的時間，合作夥伴需要 6 到 12 個月才能申請。

So with the impact of these market dynamics, combined with the lower claims that we've seen from our partners, it became clear that we had to make this unusually large change in estimate in Q3.

因此，考慮到這些市場動態的影響，再加上我們從合作夥伴那裡看到的較低索賠額，很明顯我們必須在第三季度對估計進行這種異常大的改變。

And frankly, we don't expect future changes of this size.

坦率地說，我們預計未來不會發生這種規模的變化。

But if it changes, we'll make the appropriate disclosures.

但如果它發生變化，我們將作出適當的披露。

Now typically, reserves, just to answer your question, you asked me about the reserve, and then I'll address your structural component.

現在通常，儲備，只是為了回答你的問題，你問我儲備，然後我會解決你的結構組件。

Reserves are typically liabilities for estimated future payments.

儲備金通常是估計未來付款的負債。

So a reserve can occur for a variety of reasons.

因此，由於各種原因，可能會出現儲備。

One of those can actually be a change in estimate.

其中之一實際上可能是估計的變化。

And in terms of structural, as you know, we have in place a transformation plan.

如您所知，在結構方面，我們制定了轉型計劃。

We are expecting to be at 75% of our $1.2 billion plan.

我們預計將占我們 12 億美元計劃的 75%。

And we're always looking for opportunities to drive efficiency in our pricing.

我們一直在尋找提高定價效率的機會。

And we've been very effective, actually, in pricing for the current market environment, as you see in the results that we've delivered.

實際上，我們在為當前市場環境定價方面非常有效，正如您在我們交付的結果中看到的那樣。

So certainly, in terms of structural, we're looking for opportunities to continually improve our pricing and our ability to price effectively in this dynamic period.

因此，當然，就結構而言，我們正在尋找機會來不斷提高我們的定價和我們在這個動態時期有效定價的能力。

And just as a follow-up.

並且只是作為後續行動。

Historically, revenue increases 5% to 7% sequentially in October.

從歷史上看，10 月份收入環比增長 5% 至 7%。

Is normal seasonality a reasonable expectation given that you're coming from the lower base of revenue in 3Q, given some of the execution issues that need to be addressed?

鑑於您來自第三季度較低的收入基數，考慮到一些需要解決的執行問題，正常的季節性是一個合理的預期嗎？

Or will it take longer to fix, for instance, the shortfall you saw in PCs in international markets, and we shouldn't necessarily be assuming normal seasonality?

或者是否需要更長的時間才能解決，例如，您在國際市場上看到的個人電腦短缺，我們不應該假設正常的季節性？

Yes.

是的。

Let me take that question, Katy.

讓我來回答這個問題，凱蒂。

And I think we need to realize that we are in a very different situation than before the pandemic.

我認為我們需要意識到，我們的處境與大流行之前截然不同。

Usually, our business is demand driven, and therefore, there is some seasonality driven by buying patterns.

通常，我們的業務是需求驅動的，因此，購買模式存在一定的季節性。

Today, our business is totally driven by supply.

今天，我們的業務完全由供應驅動。

As I said before, orders exceed significantly what we can produce.

正如我之前所說，訂單大大超過了我們的生產能力。

And therefore, normal seasonality doesn't apply to a year like this because what we will be shipping is not what we will be getting orders for.

因此，正常的季節性不適用於這樣的一年，因為我們將要運送的不是我們將獲得的訂單。

It is going to be what is the maximum amount of product that we can produce every day, every week, every month.

這將是我們每天、每週、每月可以生產的最大產品量。

The next question is from Shannon Cross with Cross Research.

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

My first question is just with regard to underlying trends in print volumes.

我的第一個問題只是關於印刷量的潛在趨勢。

And if you can talk about what you're seeing consumer Soho in the office.

如果你能談談你在辦公室看到的消費者 Soho。

And maybe if you can talk about within regions that are either, I guess, returning to the office or reversing course.

也許如果你能在我猜想返回辦公室或改變方向的地區內談論。

Just to get some idea of what you're seeing with the data that you get.

只是為了了解您使用所獲得的數據所看到的內容。

Thank you, Shannon.

謝謝你，香農。

The trends that we are seeing are aligned to the trends that we were expecting to see a quarter ago.

我們看到的趨勢與我們在一個季度前預期看到的趨勢一致。

We are starting to see recovery in the office side.

我們開始看到辦公室方面的複蘇。

Though I have to say that, that recovery is uneven, and it is impacted by the evolution of the pandemic.

儘管我不得不說，這種複蘇是不平衡的，並且受到大流行演變的影響。

And certain countries when they are hit, we still -- we see offices closed again and then we see an impact there.

在某些國家受到打擊時，我們仍然 - 我們看到辦公室再次關閉，然後我們看到那裡的影響。

But the trend is positive in terms of office growth.

但就寫字樓增長而言，趨勢是積極的。

And we see faster growth on the SMB side than on the enterprise side.

我們看到 SMB 方面的增長快於企業方面。

When I say growth, I mean recovery.

當我說增長時，我的意思是恢復。

On the other side, on the home side, again, as we were expecting, we are starting to see a slowdown as kids are starting to go back to the -- to schools in many countries, and the balance of work between home and office is also changing.

另一方面，在家庭方面，正如我們所預料的那樣，隨著孩子們開始回到許多國家的學校，以及家庭和辦公室之間的工作平衡，我們開始看到放緩也在發生變化。

Again, is what we were expecting.

再次，是我們所期待的。

And in any case, what we see today and the projections that we have now continue to be above the projections that we have before the pandemic.

無論如何，我們今天所看到的和我們現在的預測繼續高於我們在大流行之前的預測。

And as a clarification, can you say you're at 80% or 85% of where you were printing?

作為澄清，你能說你在你打印的地方的 80% 或 85% 嗎？

And then my -- just I'll jump it in.

然後我的 - 只是我會跳進去。

My second question is with regard to acquisitions, especially if you're going to start to see some revenue pressure next year given some of the strength you've seen in PCs this year.

我的第二個問題是關於收購的，尤其是考慮到你今年在 PC 中看到的一些優勢，如果你明年將開始看到一些收入壓力。

Where are you at with regard to acquisitions?

你在收購方面處於什麼位置？

Sure.

當然。

In terms of deviation versus number of pages printed, I guess your question is in the office, it goes between minus 15% and minus 25% or minus 20% something between SMB and enterprise.

就偏差與打印頁數而言，我猜你的問題是在辦公室，它在 SMB 和企業之間的負 15% 和負 25% 或負 20% 之間。

So we are still below where we want to be, but this gives you some ranges.

所以我們仍然低於我們想要的水平，但這給了你一些範圍。

And then in terms of acquisitions, we -- M&A continues to be part of our plan.

然後在收購方面，我們 - 併購仍然是我們計劃的一部分。

We have a rigorous framework to analyze the opportunities that we see based on returns, based on alignment and strategy, based on our ability to execute.

我們有一個嚴格的框架來分析我們看到的基於回報、基於一致性和戰略、基於我們的執行能力的機會。

We are constantly evaluating opportunities in our core businesses, in adjacencies to support our new growth strategies.

我們不斷評估我們核心業務中的機會，以支持我們的新增長戰略。

And this quarter, we had 2 great examples that show how do we approach and how do we think about M&A.

本季度，我們有兩個很好的例子，展示了我們如何處理以及我們如何看待併購。

We closed the HyperX deal that is really allowing us to accelerate our growth into the peripheral space.

我們完成了 HyperX 交易，這確實使我們能夠加速我們在外圍領域的增長。

And now we have a leading position in peripheral for gaming.

現在我們在遊戲外設領域處於領先地位。

And we did also a very exciting opportunity on the services space, with the acquisition of Teradici Corporation, that will allow us to integrate into our services, remote compute for highly complex environments, which many of our customers are utilizing today.

通過收購 Teradici 公司，我們在服務領域也獲得了一個非常令人興奮的機會，這將使我們能夠集成到我們的服務中，為高度複雜的環境進行遠程計算，我們的許多客戶現在都在使用它。

So M&A is part of our plan, and we are executing on that when we see the right opportunity.

因此，併購是我們計劃的一部分，當我們看到合適的機會時，我們就會執行此計劃。

Next question is from David Vogt with UBS.

下一個問題來自瑞銀的 David Vogt。

So I just wanted to go back and [recut] to the backlog.

所以我只想回去[重新剪輯]積壓。

Can you give us a little bit more granularity on sort of the mix?

你能給我們更詳細一點的組合嗎？

I know you mentioned that the Chromebook part of the backlog come down pretty dramatically.

我知道你提到了 Chromebook 的積壓部分大幅下降。

But any more color on what that mix might look like, given where the margin strength came in, in the quarter?

但是，考慮到本季度利潤率的優勢所在，這種組合可能看起來像什麼顏色？

So it's a little bit surprising.

所以這有點令人驚訝。

And then obviously, it sounds like you think Chromebooks are going to come back a little bit into the mix.

然後很明顯，聽起來您認為 Chromebook 會重新融入其中。

How do you think about sort of order growth from a Chromebook perspective relative to where the backlog is today?

從 Chromebook 的角度來看，相對於今天的積壓情況，您如何看待訂單增長？

So what I mean by that is, so when you think about the October quarter, should backlog, given the supply constraints, tick up again given your commentary?

所以我的意思是，當你考慮到 10 月季度時，考慮到供應限制，是否應該根據你的評論再次增加積壓？

Or do you think we're at reasonable equilibrium despite the supply chain constraints from a demand perspective?

或者你認為從需求的角度來看，儘管供應鏈受到限制，我們仍處於合理的平衡狀態？

And then I have a follow-up.

然後我有一個跟進。

Sure.

當然。

Let me address some of your points.

讓我談談你的一些觀點。

So first of all, first important factor is backlog grew during the quarter.

因此，首先，第一個重要因素是本季度的積壓訂單增長。

So we ended the quarter with a higher backlog than what we had when the quarter started.

因此，我們在本季度結束時的積壓量高於本季度開始時的積壓。

The mix of the backlog was different.

積壓的組合是不同的。

As I said before, we basically fulfill all the orders that we had with Chromebooks, but the rest of the commercial business and consumer grew significantly.

正如我之前所說，我們基本上完成了 Chromebook 的所有訂單，但其他商業業務和消費者增長顯著。

And today, when we closed the quarter, more than 60% of the backlog was coming from commercial customers, which is where margins are higher and where we -- and this is really an important factor to have in mind.

今天，當我們結束本季度時，超過 60% 的積壓訂單來自商業客戶，這是利潤率更高的地方，也是我們的地方——這確實是一個需要牢記的重要因素。

As we look at the future, we expect the Chromebook business to accelerate again at the end of Q3 and at the end of Q4.

展望未來，我們預計 Chromebook 業務將在第三季度末和第四季度末再次加速。

But I think it's important to have in mind that Chromebooks represents around 10% of our total PC business, even slightly below that.

但我認為重要的是要記住，Chromebook 約占我們總 PC 業務的 10%，甚至略低於這一比例。

So it's a relatively small business for us.

所以這對我們來說是一個相對較小的業務。

What I really want to highlight is the strength of the commercial business, which really driven by companies reopening, offices being reopened and investments that corporations are doing and SMBs are doing in improving their working experience for their employees.

我真正想強調的是商業業務的實力，這實際上是由公司重新開業、辦公室重新開業以及公司正在進行的投資以及中小型企業為改善員工的工作體驗所做的投資所推動的。

And then -- that's helpful.

然後 - 這很有幫助。

I appreciate that.

我很感激。

And maybe just a follow-up for Marie along those lines.

也許只是瑪麗的後續行動。

So I know you mentioned Q4 margins will be more likely resembling kind of 1/2 margins in Personal Systems Group.

所以我知道你提到第四季度的利潤率更可能類似於個人系統集團的 1/2 利潤率。

Is that the right way to think about it in terms of commercial margins are above where we are now in Chromebooks as it comes back into the mix into Q4 is slightly dilutive to margins and that's how we think about sort of that step down from 3Q into 4Q?

考慮商業利潤率的正確方法是否高於我們現在在 Chromebook 中的位置，因為它回到第四季度的組合略微稀釋了利潤率，這就是我們如何看待從第三季度到第三季度的下降4Q？

And then into 2022, if enterprise or commercial is still relatively strong, should we be expecting margins in PSG to be above sort of your normal historical 3.5% to 5.5% range?

然後到 2022 年，如果企業或商業仍然相對強勁，我們是否應該期望 PSG 的利潤率高於你正常的歷史 3.5% 至 5.5% 範圍？

Yes.

是的。

So going into Q4, as I mentioned earlier, we expect PS to be well above our long-term range of 3.5% to 5.5%.

因此，正如我之前提到的，進入第四季度，我們預計 PS 將遠高於我們 3.5% 至 5.5% 的長期範圍。

So just think about it in terms of being similar to the sort of half 1 levels.

因此，只需將其視為類似於半 1 級別。

And to your comment about Chrome, yes, Chrome margins are usually more dilutive to PS.

對於您對 Chrome 的評論，是的，Chrome 邊距通常對 PS 更具稀釋性。

Now in terms of '22 and how to think about '22 margins, we're going to talk more about that in terms of the mid- and long term at our Security Analyst Meeting in October.

現在就 22 年以及如何考慮 22 年利潤率而言，我們將在 10 月的安全分析師會議上更多地討論中長期的問題。

So we look forward to seeing you then.

因此，我們期待著與您見面。

And our last question today is from Ananda Baruah with Loop Capital.

我們今天的最後一個問題來自 Loop Capital 的 Ananda Baruah。

Two, if I could.

二，如果可以的話。

Enrique, just to the remarks you made a few moments ago, if back to office gets meaningfully delayed as we go through the fall here, like how should we think about the impact to both the PC and the printing business?

恩里克，就你剛才所說的，如果在我們這裡度過秋天的時候，回到辦公室被有意義地推遲了，我們應該如何考慮對 PC 和印刷業務的影響？

And in that, if the demand for back office PCs is put on hold to any extent, do you think that there could be a switch back to -- is there sort of PC demand still at the home that would need to be satiated?

在這方面，如果對後台 PC 的需求在某種程度上被擱置，您是否認為可能會轉向——家庭中是否仍有某種 PC 需求需要滿足？

And then I have a follow-up as well.

然後我也有後續行動。

I think that the backlog that we have when the quarter starts is so high.

我認為我們在本季度開始時的積壓非常高。

When I say backlog is close to 1 full quarter, this gives you the magnitude of the order that we are not able to fulfill.

當我說積壓接近 1 個完整季度時，這給了您我們無法完成的訂單量。

I think in the short term, really, we are very protected from any deviations as with the COVID plan.

我認為在短期內，真的，我們受到了與 COVID 計劃一樣的任何偏差的保護。

So I don't think this will have any big impact from that perspective, Ananda.

所以我認為從這個角度來看這不會產生任何重大影響，阿南達。

And what we are seeing is, especially on the PC side, we have not seen a big implication of the officer reopening or not because more corporations realize that they need to invest in improving the experience of their employees, and we are seeing very strong demand across the board.

我們看到的是，特別是在 PC 方面，我們沒有看到官員重新開放或不重新開放的重大影響，因為更多的公司意識到他們需要投資改善員工的體驗，我們看到了非常強勁的需求全線。

That's really helpful.

這真的很有幫助。

And then I guess the second one is the actions that you described, Enrique, with regards to sort of the underutilized -- sort of the comments about being under-indexed on share, and you had talked about, sort of, executional dynamics, outsourced model, components being optimized across SKUs, ERP system.

然後我想第二個是你描述的行動，Enrique，關於未充分利用的行為——關於股票索引不足的評論，你談到了，執行動態，外包模型、跨 SKU 優化的組件、ERP 系統。

When do you believe that those actions collectively can start to make an impact that will show up in the P&L?

您認為這些行動集體何時可以開始產生影響並出現在損益表中？

And I'm assuming that also you're suggesting that will lead the share repurchase as well.

而且我假設您也暗示這也將導致股票回購。

Well, I think in terms of the actions, we have been working on them for a couple of quarters now, and they will have impact gradually during the next month.

好吧，我認為就行動而言，我們已經研究了幾個季度，他們將在下個月逐漸產生影響。

This is really more about how do we optimize our performance within the current constrained environment.

這實際上更多地是關於我們如何在當前受限的環境中優化我們的性能。

We shouldn't expect that with this, we are going to be able to double our capacity because there are significant shortages of components, but it will have a gradual improvement in our performance, especially when we look at it competitively.

我們不應該指望有了這個，我們將能夠使我們的產能翻倍，因為存在嚴重的組件短缺，但它會逐漸改善我們的性能，特別是當我們從競爭中看待它時。

And I'm not sure if I understand your comment about share repurchase.

我不確定我是否理解你關於股票回購的評論。

We are fully committed to continue to repurchase stock.

我們完全致力於繼續回購股票。

We announced that we -- during Q4, we will be buying at least $1.5 billion of shares.

我們宣布，在第四季度，我們將購買至少 15 億美元的股票。

And during the analyst meeting, we will share what are the plans for 2022.

在分析師會議期間，我們將分享 2022 年的計劃。

Thank you.

謝謝你。

And I think that was the last question.

我認為這是最後一個問題。

So let me close by saying thank you, everybody, for participating.

最後，讓我感謝大家的參與。

As you have seen during the call, we remain very optimistic about the opportunities that the new way of working, that the hybrid world is opening for us.

正如您在電話會議中看到的那樣，我們對新的工作方式以及混合世界正在為我們打開的機會仍然非常樂觀。

And we are making very good progress executing our strategy.

我們在執行我們的戰略方面取得了很好的進展。

We continue to see very strong demand.

我們繼續看到非常強勁的需求。

And in the short term, our results are going to be impacted by component availability.

在短期內，我們的結果將受到組件可用性的影響。

It's not a demand-driven world, it's a supply-driven world.

這不是一個需求驅動的世界，而是一個供應驅動的世界。

In this world, our ability to drive financial results is very strong.

在這個世界上，我們推動財務業績的能力非常強。

We are confident in the future, and this is why we raised guidance for the year and for Q4, to reflect the confidence that we have in the business.

我們對未來充滿信心，這就是為什麼我們提高了今年和第四季度的指導，以反映我們對業務的信心。

And as we said, we are looking forward to seeing all of you in our Investor Day in October.

正如我們所說，我們期待在 10 月的投資者日與大家見面。

Thank you.

謝謝你。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。