惠普 (HPQ) 2013 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the third quarter 2013 Hewlett Packard earnings conference call.

女士們，先生們，美好的一天，歡迎來到 2013 年第三季度惠普財報電話會議。

My name is Adrian and I'll be your conference moderator for today's call.

我的名字是 Adrian，我將擔任您今天電話會議的主持人。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

We will be facilitating a question-and-answer session towards the end of the conference.

我們將在會議結束時安排問答環節。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded for replay purposes.

提醒一下，正在錄製本次會議以供重播。

I would now like to turn the presentation over to your host for today's call, Mr. Rob Binns, Vice President of Investor Relations.

我現在想將演示文稿轉交給今天電話會議的主持人，投資者關係副總裁 Rob Binns 先生。

Please proceed.

請繼續。

Good afternoon.

下午好。

Welcome to our third quarter 2013 earnings conference call with Meg Whitman, HP's Chief Executive Officer, and Cathie Lesjak, HP's Chief Financial Officer.

歡迎參加我們與惠普首席執行官 Meg Whitman 和惠普首席財務官 Cathie Lesjak 舉行的 2013 年第三季度財報電話會議。

Before handing the call over to Meg, let me remind you that this call is being webcast.

在將電話轉交給 Meg 之前，讓我提醒您，此電話正在網絡廣播中。

A replay of the webcast will be made available shortly after the call for approximately one year.

電話會議後不久將提供大約一年的網絡廣播重播。

Some information provided during this call may include forward-looking statements that involve risks, uncertainties and assumptions.

本次電話會議期間提供的一些信息可能包括涉及風險、不確定性和假設的前瞻性陳述。

If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements.

如果風險或不確定性成為現實，或者假設被證明不正確，惠普的結果可能與此類前瞻性陳述中明示或暗示的結果大不相同。

All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including, but not limited to, any projections of revenue, margins, expenses, earnings, earnings per share, tax provisions, cash flows, share repurchases, currency exchange rates, or other financial items, any statements of the plans, strategies, and objectives of management for future operations, and any statements concerning the expected development, performance, market share or competitive performance relating to products or services.

除歷史事實陳述外，所有陳述均為可被視為前瞻性陳述的陳述，包括但不限於對收入、利潤、費用、收益、每股收益、稅收準備金、現金流量、股份的任何預測回購、貨幣匯率或其他財務項目，任何關於未來運營的計劃、戰略和管理目標的聲明，以及與產品或服務相關的預期發展、業績、市場份額或競爭業績的任何聲明。

A discussion of some of these risks, uncertainties and assumptions is set forth in more detail in HP's SEC reports, including its most recent Form 10-Q.

HP 的 SEC 報告（包括其最新的 10-Q 表格）中更詳細地討論了其中一些風險、不確定性和假設。

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。

The financial information discussed in connection with this call, including any tax-related items, reflect estimates based on information available at this time and could differ materially from the amounts ultimately reported in HP's third quarter Form 10-Q.

與本次電話會議討論的財務信息（包括任何與稅收相關的項目）反映了基於目前可用信息的估計，並且可能與惠普第三季度 10-Q 表格中最終報告的金額存在重大差異。

Revenue, earnings, operating margins and similar items at the Company level are sometimes expressed on a non-GAAP basis and have been adjusted to exclude certain items, including, amongst other things, amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

公司層面的收入、收益、營業利潤率和類似項目有時在非公認會計原則基礎上表示，並已進行調整以排除某些項目，其中包括所購無形資產的攤銷、重組費用和與收購相關的費用.

The comparable GAAP financial information and a reconciliation of non-GAAP amounts to GAAP are included in the tables and in the slide presentation accompanying today's earnings release, both of which are available on the HP Investor Relations web page, at www.HP.com.

可比的 GAAP 財務信息和非 GAAP 金額與 GAAP 的對賬包含在表格和今天的收益發布隨附的幻燈片中，兩者均可在惠普投資者關係網頁 www.HP.com 上找到。

I'll now turn the call over to Meg.

我現在將把電話轉給梅格。

Thank you, Rob, and thanks to all of you for joining us today.

謝謝你，Rob，也感謝大家今天加入我們。

As we continue our fix and rebuild year, parts of the business, like Printing, Enterprise Services, Converged Storage and Software, are making progress, while others, like Industry Standard Servers and Personal Systems, have not completely turned the corner.

隨著我們繼續我們的修復和重建年，部分業務，如打印、企業服務、融合存儲和軟件，正在取得進展，而其他業務，如行業標準服務器和個人系統，還沒有完全扭轉局面。

So overall, I would say our turnaround continues.

所以總的來說，我想說我們的好轉仍在繼續。

We're moving forward against our plans and I remain comfortable with where we're heading.

我們正在違背我們的計劃前進，我對我們前進的方向仍然感到滿意。

Most importantly, we once again achieved the financial performance we said we would, delivering $0.86 in non-GAAP diluted earnings per share, within our previously provided outlook of $0.84 to $0.87.

最重要的是，我們再次實現了我們所說的財務業績，在我們之前提供的 0.84 美元至 0.87 美元的前景範圍內，實現了 0.86 美元的非公認會計原則攤薄後每股收益。

During the third quarter, we held our annual HP Discover event in Las Vegas.

第三季度，我們在拉斯維加斯舉辦了年度 HP Discover 活動。

We brought together more than 11,000 people, including more than 120 of the world's top CIOs.

我們匯集了 11,000 多人，其中包括 120 多名世界頂級 CIO。

These are record numbers for HP.

這些是惠普創紀錄的數字。

I was encouraged by the interest I heard from our customers about technologies like HP Moonshot, StoreOnce, 3PAR, Software Defined Networking, Vertica and Autonomy.

客戶對 HP Moonshot、StoreOnce、3PAR、軟件定義網絡、Vertica 和 Autonomy 等技術的興趣讓我深受鼓舞。

At HP Discover, we introduced some very significant new innovations.

在 HP Discover，我們引入了一些非常重要的新創新。

We announced Haven, a big data analytics platform that leverages our analytics software, hardware and services to allow customers to make decisions in realtime.

我們發布了 Haven，這是一個大數據分析平台，它利用我們的分析軟件、硬件和服務讓客戶實時做出決策。

We also expanded our converged cloud portfolio, with a common, open stack-based architecture for HP's private, managed and public cloud offering.

我們還擴展了我們的融合雲產品組合，為惠普的私有云、託管雲和公共雲產品提供了一個通用的、基於開放堆棧的架構。

And we announced a new partnership with Google to introduce a one-stop shop technology solution for small and medium-sized business customers.

我們還宣布與 Google 建立新的合作夥伴關係，為中小型企業客戶推出一站式技術解決方案。

As I've said before, HP's turnaround will happen on the back of great products and services.

正如我之前所說，惠普的好轉將發生在出色的產品和服務的背後。

As the benefits of our focus and investment begin to pay dividends in 2014, I expect that you will see increased innovation across HP.

隨著我們的專注和投資的收益在 2014 年開始顯現，我預計您將看到整個惠普的創新不斷增加。

From a macroeconomic standpoint, we see a continued weak enterprise spending environment.

從宏觀經濟的角度來看，我們看到企業支出環境持續疲軟。

Sentiment in the US is improving, although it's not translating to our results yet, due to inconsistent execution.

美國的情緒正在改善，儘管由於執行不一致，它還沒有轉化為我們的結果。

I would characterize Europe as challenging, and China continues to be soft.

我將歐洲描述為具有挑戰性的，而中國仍然是軟弱的。

We're also seeing acceleration in trends, driving customers to the cloud and shifting to mobility.

我們還看到趨勢的加速，將客戶推向雲端並轉向移動性。

For the third quarter, our results were driven by solid execution in Software, Printing, Converged Storage and Enterprise Services, coupled with the savings from our restructuring program and improvements in our operations.

第三季度，我們的業績得益於軟件、打印、融合存儲和企業服務的穩健執行，以及重組計劃帶來的節省和運營的改進。

As a result of our focus on operations, we were able to bring our cash conversion cycle down to 18 days, a remarkable achievement compared to 27 days in the prior year.

由於我們專注於運營，我們能夠將現金轉換週期縮短至 18 天，與去年的 27 天相比，這是一個了不起的成就。

In the quarter, operating cash flow was $2.7 billion.

本季度，經營現金流為 27 億美元。

Once again, another strong performance.

又是一次強勁的表現。

As a result, we lowered operating company net debt by $1.7 billion, to $1.2 billion.

因此，我們將運營公司的淨債務減少了 17 億美元，降至 12 億美元。

This represents our sixth consecutive quarter of reducing our operating company net debt by more than $1 billion.

這代表我們連續第六個季度將我們的運營公司淨債務減少了超過 10 億美元。

Our operating company net debt is now below pre-autonomy levels and is approaching our goal of approximately zero.

我們的運營公司淨債務現在低於自治前的水平，並且正在接近我們接近零的目標。

We also returned approximately $283 million to shareholders, primarily in the form of dividends in the quarter.

我們還向股東返還了大約 2.83 億美元，主要以本季度股息的形式。

Along with the operational improvements and the workforce restructuring, we're focused on getting the right leadership in place to lead the Company through the next phase of the turnaround.

除了運營改進和勞動力重組外，我們還專注於建立正確的領導層，以帶領公司度過下一階段的轉型。

To that end, we announced several changes to our executive leadership team during the quarter.

為此，我們在本季度宣布了對執行領導團隊的幾項變動。

In June, Dion Wiesler took over Printing and Personal Systems.

6 月，Dion Wiesler 接管了印刷和個人系統。

Dion is more aggressively shifting to a multi operating system, multi architecture and multi-form factor strategy.

Dion 正更積極地轉向多操作系統、多架構和多外形的戰略。

And earlier today, we announced additional changes to our executive leadership team.

今天早些時候，我們宣布對我們的執行領導團隊進行額外的變動。

Bill Veghte, currently HP's Chief Operating Officer, will become EVP and General Manager of the Enterprise Group, replacing Dave Donatelli, who will remain with HP and take on a special assignment.

現任惠普首席運營官的比爾·維特（Bill Veghte）將成為企業集團的執行副總裁兼總經理，接替將留在惠普並承擔一項特殊任務的戴夫·多納泰利（Dave Donatelli）。

Bill brings a critical set of skills to the management of HP's Enterprise Group.

Bill 為惠普企業集團的管理帶來了一套重要的技能。

He is a proven technology executive with a wide range of experiences leading sales, services, marketing, and engineering at scale.

他是一位久經考驗的技術主管，在領導銷售、服務、營銷和工程方面擁有廣泛的經驗。

During his tenure at HP, he has run HP Software, held the responsibility of Chief Strategy Officer, and for over 15 months, has served as HP's Chief Operating Officer.

在惠普任職期間，他負責管理惠普軟件，擔任首席戰略官，並擔任惠普首席運營官超過 15 個月。

As COO, Bill helped create HP's blueprint for the future and deeply understands the strategic challenges and opportunities facing both the Company and its customers.

作為首席運營官，比爾幫助制定了惠普的未來藍圖，並深刻理解公司及其客戶面臨的戰略挑戰和機遇。

As hardware becomes more standardized, leadership solutions are increasingly differentiated by the software layer that drives the hardware.

隨著硬件變得更加標準化，領先的解決方案越來越被驅動硬件的軟件層所區分。

This is true for both traditional IT and cloud environments.

傳統 IT 和雲環境都是如此。

Bill will retain his current responsibility for the Pan HP Cloud initiative; and Bill's experiences in software and in the enterprise, combined with HP's infrastructure leadership, will help HP accelerate innovation in converged infrastructure, cloud, and the emerging area of software defined data centers.

Bill 將保留他目前對 Pan HP Cloud 計劃的責任； Bill 在軟件和企業領域的經驗，結合惠普在基礎設施方面的領先地位，將幫助惠普加快融合基礎設施、雲計算和軟件定義數據中心新興領域的創新。

In a separate organizational move, Henry Gomez, EVP and Chief Communications Officer, will assume the additional responsibilities of Chief Marketing Officer.

在單獨的組織變動中，執行副總裁兼首席傳播官 Henry Gomez 將承擔首席營銷官的額外職責。

By combining Marketing and Communications, we will accelerate programs that will drive sales, build brand loyalty and help customers embrace the new style of IT.

通過結合營銷和傳播，我們將加速推動銷售、建立品牌忠誠度並幫助客戶接受新的 IT 風格的計劃。

HP's current CMO, Morty Homlish, will become Chief Customer Experience Officer, a new role that will focus on driving more consistent and high value interactions with customers across all business units.

惠普現任首席營銷官 Morty Homlish 將成為首席客戶體驗官，這一新職位將專注於推動與所有業務部門的客戶進行更加一致和高價值的互動。

Now, let me turn to our business group performance in the quarter.

現在，讓我談談本季度的業務集團業績。

As you would expect in the turnaround, there are areas where we're doing well and areas where we have to improve.

正如您在轉型中所期望的那樣，有些領域我們做得很好，有些領域我們必須改進。

Let me start with the parts of the business that performed well in the quarter.

讓我從本季度表現良好的部分業務開始。

In Printing, we once again delivered a solid quarter.

在印刷方面，我們再次實現了穩定的季度。

Business initiatives like Ink Advantage and new products like Office Jet Pro X continue to take hold, with strong customer adoption.

Ink Advantage 等業務計劃和 Office Jet Pro X 等新產品繼續佔據主導地位，客戶採用率很高。

As a result, we're seeing strength in our Ink in the Office program.

因此，我們看到了 Ink in the Office 計劃的優勢。

Overall, we grew hardware unit sales for the first time since 2011, gaining 1 point of share in both ink and laser over the prior year, and 5 points of share in laser over the prior quarter.

總體而言，我們的硬件單位銷售額自 2011 年以來首次增長，墨水和激光的份額比上一年增加 1 個百分點，激光的份額比上一季度增加 5 個百分點。

The Printing team has done a very good job executing the strategy we laid out last October.

印刷團隊在執行我們去年 10 月制定的戰略方面做得非常好。

Although revenue is down, profitability is in line with our expectations and the top line is stabilizing.

儘管收入下降，但盈利能力符合我們的預期，並且收入正在穩定。

Printing revenue was down 3.6% over the prior year and 1.4% in constant currency, while margins were 15.6%, essentially flat over the prior year.

印刷收入比上年下降 3.6%，按固定匯率計算下降 1.4%，而利潤率為 15.6%，與上年基本持平。

In Enterprise Services, the business is stabilizing, as we continue to execute well against our recovery plans.

在企業服務方面，業務正在穩定，因為我們繼續按照我們的恢復計劃執行良好。

Revenue was down 8.7% over the prior year, better than the FY '13 outlook range we previously provided.

收入比去年下降 8.7%，好於我們之前提供的 13 財年展望範圍。

We saw add-on business offset the anticipated revenue run-off from the four exceptional accounts we identified at our security analyst meeting last October.

我們看到附加業務抵消了我們在去年 10 月安全分析師會議上確定的四個特殊賬戶的預期收入流失。

Margin in the quarter was 3.3%, bringing Enterprise Services year-to-date margins to 2.4%, at the high end of our FY '13 outlook range.

本季度的利潤率為 3.3%，使企業服務年初至今的利潤率達到 2.4%，處於我們 13 財年展望範圍的高端。

We continue to see improvements in signings, but they are mostly renewals.

我們繼續看到引援方面的改善，但主要是續約。

Going forward, we're focused on strengthening our go-to-market capabilities dedicated to strategic Enterprise Service solutions in areas like cloud, big data, and apps modernization, and new account wins.

展望未來，我們將專注於加強我們的上市能力，專注於雲、大數據和應用程序現代化等領域的戰略企業服務解決方案，以及贏得新客戶。

As we outlined in October, this will be a multi-year journey.

正如我們在 10 月所概述的，這將是一個多年的旅程。

Enterprise Services was able to secure some major wins in the third quarter.

企業服務在第三季度取得了一些重大勝利。

We announced that Enterprise Services and its partners were awarded the United States Department of the Navy's Next Generation Enterprise Network, contract value at up to $3.4 billion over five years.

我們宣布 Enterprise Services 及其合作夥伴獲得了美國海軍部的下一代企業網絡，合同價值在五年內高達 34 億美元。

The contract's being protested, but we have every confidence in the Navy's evaluation and the ultimate selection of HP.

合同正在受到抗議，但我們對海軍的評估和惠普的最終選擇充滿信心。

In the Enterprise Group, we're making progress in executing our vision of converged infrastructure based on HP intellectual property and the software defined data center.

在企業集團，我們在執行基於惠普知識產權和軟件定義數據中心的融合基礎架構願景方面取得了進展。

We see near term revenue pressures in ISS and some parts of Storage, where we face aggressive pricing and competition.

我們看到 ISS 和 Storage 的某些部分近期面臨收入壓力，我們在這些領域面臨激烈的定價和競爭。

Customer interest in our revolutionary HP Moonshot product has been strong.

客戶對我們革命性的 HP Moonshot 產品的興趣一直很強烈。

We're working hard to ramp this product in the market.

我們正在努力將這款產品推向市場。

We're currently in testing and development with many key customers and expect to roll out a number of new innovations on this platform over the next few quarters.

我們目前正在與許多主要客戶進行測試和開發，並希望在接下來的幾個季度在這個平台上推出一些新的創新。

In Storage, we're seeing the planned portfolio shift continued, with strong performance in our Converged Storage business, which was up 37% over the prior year, being offset by weakness in traditional Storage.

在存儲方面，我們看到計劃中的產品組合轉移仍在繼續，我們的融合存儲業務表現強勁，比上一年增長 37%，但被傳統存儲的疲軟所抵消。

We continue to see solid growth in our mid-range 3PAR products that were launched in the first quarter.

我們繼續看到我們在第一季度推出的中端 3PAR 產品的穩健增長。

While we were pleased with our Networking performance in China, revenue was essentially flat and we must grow this business faster.

雖然我們對我們在中國的網絡表現感到滿意，但收入基本持平，我們必須更快地發展這項業務。

Going forward, we're focusing on new channel plays and improved go-to-market actions to accelerate growth.

展望未來，我們將專注於新的渠道播放和改進的上市行動，以加速增長。

Enterprise Group had a number of significant customer wins in the quarter.

Enterprise Group 在本季度贏得了許多重要的客戶。

HP was selected as the official technology partner to Oriental Dreamworks, the joint venture between the China consortium led by China Media Capital and Dreamworks Animation.

惠普被選為東方夢工廠的官方技術合作夥伴，東方夢工廠是由中華文化傳媒牽頭的中國財團與夢工廠動畫的合資企業。

In Software, we saw good performance and improved execution.

在軟件方面，我們看到了良好的性能和改進的執行。

We grew revenue nearly 1% over the prior year and 4.3% sequentially.

我們的收入比去年增長了近 1%，環比增長了 4.3%。

We saw continued improvement in operating leverage, as margin expanded 2.5 points over the prior year and 1.4 points over the prior quarter, and achieved an operating margin of 20.5%.

我們看到經營槓桿持續改善，利潤率比去年同期擴大 2.5 個百分點，比上一季度擴大 1.4 個百分點，營業利潤率達到 20.5%。

Performance in Software was driven by strength in Security, which saw double digit revenue growth, strong momentum in Vertica, which saw triple digit growth, and sequential license revenue growth in Autonomy.

軟件業績的推動力來自安全領域的強勁表現（收入實現兩位數增長）、Vertica 的強勁勢頭（實現三位數增長）以及 Autonomy 的連續許可收入增長。

In addition, we saw pockets of improvement in IT Management, although we saw continued pressure from the shift to SAS coupled with a portfolio that is weighted towards Services and Support.

此外，我們看到了 IT 管理方面的一些改進，儘管我們看到轉向 SAS 以及側重於服務和支持的產品組合帶來的持續壓力。

Now let me turn to where our performance needs to improve.

現在讓我談談我們的表現需要改進的地方。

Overall, the Enterprise Group's performance was very disappointing.

整體而言，企業集團的表現非常令人失望。

Enterprise Group profitability was pressured by lower revenue, particularly in ISS, resulting in an operating margin of 15.2%, down 1.9 points over the prior year and 0.7 points sequentially.

Enterprise Group 的盈利能力受到收入下降的壓力，尤其是 ISS，導致營業利潤率為 15.2%，比上年下降 1.9 個百分點，環比下降 0.7 個百分點。

ISS continues to experience near-term business model challenges, impacting our competitiveness in the Hyperscale market.

ISS 繼續面臨近期的商業模式挑戰，影響著我們在超大規模市場的競爭力。

In addition, mainstream server weakness was driven by execution challenges, competitive pricing and a misaligned go-to-market model.

此外，執行挑戰、競爭性定價和錯位的上市模式推動了主流服務器的疲軟。

This impacted our revenue and profitability.

這影響了我們的收入和盈利能力。

The net impact of these execution challenges is an expected loss of 5 points of market share on a revenue basis.

這些執行挑戰的淨影響是按收入計算，市場份額預計會損失 5 個百分點。

Fixing execution across Enterprise Group will be Bill Veghte's top priority in his new role.

修復 Enterprise Group 的執行問題將是 Bill Veghte 在新職位上的首要任務。

In our Personal Systems business, we're seeing continued PC market contraction, as HP revenue declined 11% over the prior year.

在我們的個人系統業務中，我們看到個人電腦市場持續萎縮，因為惠普的收入比去年下降了 11%。

On a positive note, in the third quarter we saw relative strength and market share gains in growth markets, like Asia Pacific, and in commercial PCs.

積極的一面是，在第三季度，我們看到增長市場（如亞太地區）和商用 PC 的相對實力和市場份額有所增長。

According to IDC's second calendar quarter results, HP has achieved its highest ever PC share in India, with 34.1%, leading every category of the PC market.

根據 IDC 的第二季度業績，惠普在印度的個人電腦市場份額創下歷史新高，達到 34.1%，在個人電腦市場的各個類別中均處於領先地位。

Overall margin for the quarter was 3%, down 0.2 points sequentially and down 1.7 points over the prior year.

本季度整體利潤率為 3%，環比下降 0.2 個百分點，比上年下降 1.7 個百分點。

Looking forward, we're focused on driving profitable growth in Personal Systems.

展望未來，我們將專注於推動個人系統的盈利增長。

It's going to take time to get margins to our desired levels against the backdrop of a changing marketplace, but we're confident that our differentiated approach from competitors, including our focus on beyond-the-box innovation, will pay off over the long term.

在不斷變化的市場背景下，將利潤率提高到我們想要的水平需要時間，但我們相信，我們與競爭對手的差異化方法，包括我們對開箱即用創新的關注，將在長期內獲得回報.

Now let me turn to our future outlook.

現在讓我談談我們的未來展望。

As you know, I stated in May that I believe that company-level revenue growth was still possible in fiscal 2014.

如你所知，我在 5 月份曾表示，我相信 2014 財年公司層面的收入增長仍然是可能的。

Particularly given the challenges I just highlighted in Enterprise Group and Personal Systems, as well as the fact that 2013 revenue from key accounts in Enterprise Services is running off more slowly than anticipated, we now expect that total company year-over-year revenue growth in fiscal 2014 is unlikely.

特別是考慮到我剛剛在企業集團和個人系統中強調的挑戰，以及 2013 年企業服務關鍵客戶的收入流失速度比預期慢的事實，我們現在預計公司總收入同比增長2014財年不太可能。

That said, I remain confident that we are making progress in our turnaround.

話雖如此，我仍然相信我們在扭虧為盈方面取得了進展。

We are already seeing significant improvement in our operations.

我們已經看到我們的運營有了顯著改善。

We are successfully rebuilding our balance sheet.

我們正在成功地重建我們的資產負債表。

Our cost structure is more closely aligned with our revenue, and we have reignited innovation at HP, with a focus on the customer.

我們的成本結構與我們的收入更加一致，我們重新點燃了惠普的創新，並以客戶為中心。

So I do expect that we'll see pockets of year-over-year revenue growth across certain parts of the business in 2014.

所以我確實預計我們會在 2014 年看到業務的某些部分的收入同比增長。

As is our normal practice, we'll give a more comprehensive outlook on 2014, including EPS, at our security analyst meeting October 9 and I look forward to seeing you all there.

按照我們的常規做法，我們將在 10 月 9 日的證券分析師會議上對 2014 年的前景進行更全面的展望，包括每股收益，我期待與大家見面。

Now let me turn it over to Cathie for a closer look at our performance in the quarter.

現在讓我把它交給 Cathie 來仔細看看我們在本季度的表現。

Cathie?

凱蒂？

Thanks, Meg.

謝謝，梅格。

Good afternoon, everyone.

大家下午好。

Total revenue for the quarter was $27.2 billion, down 8% year-over-year and down 7% in constant currency.

本季度總收入為 272 億美元，同比下降 8%，按固定匯率計算下降 7%。

Overall, our results came in largely as expected, with some variance in performance among the business units.

總體而言，我們的結果基本符合預期，業務部門之間的表現存在一些差異。

Enterprise Services came in slightly ahead of expectations, and Printing and Software were broadly in line; however, a weak PC market and increasingly competitive pricing pressured Personal Systems, and execution challenges and aggressive pricing impacted Industry Standard Server performance.

企業服務略超預期，印刷和軟件基本符合預期；然而，疲軟的 PC 市場和競爭日益激烈的定價給 Personal Systems 帶來了壓力，執行挑戰和激進的定價影響了行業標準服務器的性能。

I'll go into more detail on each segment shortly.

稍後我將詳細介紹每個部分。

By region, EMEA remains weak, particularly in Consumer, with revenue of $9.6 billion, down 10% year-over-year and 8% in constant currency.

按地區劃分，EMEA 仍然疲軟，特別是在消費者領域，收入為 96 億美元，同比下降 10%，按固定匯率計算下降 8%。

Revenue in the Americas, up $12.4 billion, declined 7% year-over-year as reported and in local currency, partly driven by weakness in US public sector spending, as well as soft demand in Brazil and Canada.

美洲收入增加 124 億美元，按報告和當地貨幣計算同比下降 7%，部分原因是美國公共部門支出疲軟以及巴西和加拿大的需求疲軟。

APJ was mixed, with strong growth in India, due in part to our recent educational PC win in the state of Uttar Pradesh partially offsetting weaker China performance.

APJ 喜憂參半，印度增長強勁，部分原因是我們最近在北方邦的教育 PC 獲勝部分抵消了中國表現疲軟的影響。

APJ revenue was $5.2 billion, down 8% year-over-year and down 5% in constant currency.

APJ 收入為 52 億美元，同比下降 8%，按固定匯率計算下降 5%。

Turning to gross margins.

轉向毛利率。

Improved Enterprise Services and Technology Services margins, combined with a favorable mix from Software, Printing and Personal Systems, offset a highly competitive pricing environment across most of our hardware businesses.

企業服務和技術服務利潤率的提高，加上軟件、打印和個人系統的有利組合，抵消了我們大多數硬件業務的高度競爭定價環境。

Gross margins were flat on a year-over-year basis and down 30 basis points sequentially.

毛利率同比持平，環比下降 30 個基點。

Non-GAAP operating expenses were $4.1 billion, down 4% year-over-year and 2% sequentially, driven by expense benefits from restructuring actions and lower R&D investments in Business Critical Systems.

非 GAAP 運營費用為 41 億美元，同比下降 4%，環比下降 2%，主要得益於重組行動帶來的費用收益和關鍵業務系統研發投資減少。

Non-GAAP operating profit of $2.3 billion was 8.4% of revenue, down 80 basis points year-over-year.

非美國通用會計準則營業利潤為 23 億美元，佔收入的 8.4%，同比下降 80 個基點。

We recorded $146 million of expense on the other income and expense line.

我們在其他收入和支出項目中記錄了 1.46 億美元的支出。

With a 22% tax rate and roughly flat share count of 1.9 billion shares outstanding, we delivered non-GAAP diluted earnings per share of $0.86.

憑藉 22% 的稅率和大致持平的 19 億股流通股，我們實現了 0.86 美元的非公認會計原則攤薄後每股收益。

Our non-GAAP EPS excludes pre-tax charges of $356 million in amortization of purchase intangibles, $81 million of restructuring charges, and $4 million in acquisition-related charges.

我們的非公認會計原則每股收益不包括 3.56 億美元的購買無形資產攤銷稅前費用、8100 萬美元的重組費用和 400 萬美元的收購相關費用。

Turning to the business groups.

轉向業務組。

I'll start with Printing.

我將從打印開始。

We continue to execute on our strategy and the group delivered solid results in the third quarter.

我們繼續執行我們的戰略，該集團在第三季度取得了可觀的業績。

Revenue of $5.8 billion was down 4% year-over-year.

收入為 58 億美元，同比下降 4%。

Total unit shipments grew 5% year-over-year, as we took advantage of the depreciating yen to place more units and partially offset other currency headwinds.

單位出貨量同比增長 5%，因為我們利用日元貶值的機會放置更多單位並部分抵消其他貨幣逆風。

Operating profit of $908 million, or 15.6% of revenue, was down 0.2 points from last year.

營業利潤為 9.08 億美元，佔收入的 15.6%，比去年下降 0.2 個百分點。

Commercial hardware revenue declined 3% year-over-year, while units increased 12%.

商業硬件收入同比下降 3%，而單位增長 12%。

We experienced strength in low end laser sales, while high end revenue declined due to mix shifts in the value segment.

我們在低端激光銷售方面表現強勁，而高端收入則因價值領域的混合變化而下降。

We saw good growth in Managed Services and Indigo sales.

我們看到託管服務和 Indigo 銷售增長良好。

Consumer Hardware revenue was flat, while units increased 2% against the prior year, driven by strong Ink in the Office and Ink Advantage sales.

消費硬件收入持平，而單位比上年增長 2%，這主要得益於 Ink 在 Office 和 Ink Advantage 銷售方面的強勁表現。

Supplies revenue declined 4% against prior year and made up 66% of Printing revenue.

耗材收入同比下降 4%，佔印刷收入的 66%。

Our overall channel inventory has moved slightly above our target range.

我們的整體渠道庫存已略高於我們的目標範圍。

This was partly driven by supplies demand from our channel partners seeking to maintain service and reliability levels to their customers.

這部分是由於我們的渠道合作夥伴尋求維持其客戶的服務和可靠性水平的供應需求。

We need to bring down channel inventory in the fourth quarter.

我們需要在第四季度降低渠道庫存。

Personal Systems continues to face a challenging environment.

個人系統繼續面臨充滿挑戰的環境。

Revenue was $7.7 billion, down 11% over prior year, led by weakness in Consumer.

由於消費者業務疲軟，收入為 77 億美元，比上年下降 11%。

Total unit shipments declined 8% year-over-year.

總出貨量同比下降 8%。

We saw broad-based regional softness, led by EMEA.

我們看到了以歐洲、中東和非洲為首的廣泛區域疲軟。

Consumer sales declined 22% year-over-year, while Commercial performed much better, down just 3%.

消費者銷售額同比下降 22%，而商業表現要好得多，僅下降 3%。

Commercial unit shipments out paced the market by 8% year-over-year, and we maintained our number one market share position in this category.

商業單位出貨量同比增長 8%，我們在該類別中保持了第一的市場份額。

Continued pricing pressure and currency headwinds drove an operating profit of $228 million, or 3% of revenue, down 1.7 points over prior year.

持續的定價壓力和貨幣逆風推動營業利潤為 2.28 億美元，佔收入的 3%，比去年下降 1.7 個百分點。

Personal Systems contributed just 9% of HP's segment operating profit.

個人系統僅貢獻了惠普部門營業利潤的 9%。

We remain focused on improving profitability in this business over the long term.

從長遠來看，我們仍然專注於提高該業務的盈利能力。

Turning to Enterprise Group, results were weaker than expected, with revenue down 9% year-over-year, to $6.8 billion.

談到企業集團，業績弱於預期，收入同比下降 9%，至 68 億美元。

We continue to see positive momentum with our Converged Storage Solutions, but we face extreme competitive pricing in Industry Standard Server and Storage and continued weakness in Traditional Storage demand.

我們的融合存儲解決方案繼續保持積極勢頭，但我們在行業標準服務器和存儲方面面臨極具競爭力的定價，以及傳統存儲需求持續疲軟。

We are also working to address execution challenges across IFS, and as Meg noted, we need to improve the go-to-market fundamentals across Enterprise Group.

我們還在努力解決 IFS 的執行挑戰，正如 Meg 所指出的，我們需要改善整個 Enterprise Group 的上市基礎。

Operating profit was $1 billion, or 15.2% of revenue, down 1.9 points from last year.

營業利潤為 10 億美元，佔收入的 15.2%，比去年下降 1.9 個百分點。

Higher margins in Technology Services helped offset weakness in the other businesses, primarily ISS and Storage.

技術服務的更高利潤率幫助抵消了其他業務的疲軟，主要是 ISS 和存儲。

By business unit, Industry Standard Server revenue declined 11% year-over-year, to $2.9 billion.

按業務部門劃分，行業標準服務器收入同比下降 11%，至 29 億美元。

We saw double-digit declines in Mainstream and Hyperscale.

我們看到主流和超大規模的兩位數下降。

Hyperscale results partly reflected a tough compare over the prior year.

超大規模結果部分反映了與去年相比的艱難比較。

Storage revenue declined 10% year-over-year, to $833 million.

存儲收入同比下降 10%，至 8.33 億美元。

We remain excited about our Converged Storage offerings, which grew 37% year-over-year.

我們仍然對我們的融合存儲產品感到興奮，該產品同比增長 37%。

3PAR was up double digits again, and StoreOnce continued to do well.

3PAR 再次上升兩位數，StoreOnce 繼續表現良好。

Together, 3PAR plus XP plus EDA, a metric that adjusts for the planned product transition, outgrew the market.

3PAR 加 XP 加 EDA（一種針對計劃中的產品過渡進行調整的指標）一起超過了市場。

Business Critical Systems revenue declined 26% year-over-year, consistent with expectations, at $284 million.

關鍵業務系統收入同比下降 26%，與預期一致，為 2.84 億美元。

We continue to face Itanium pressures, and the overall UNIX market secular declines persisted.

我們繼續面臨安騰的壓力，整個 UNIX 市場的長期下滑持續存在。

This more than offset solid growth in Mission Critical x86 sales.

這遠遠抵消了關鍵任務 x86 銷售的穩健增長。

Networking sales were flat year-over-year, at $644 million.

網絡銷售額同比持平，為 6.44 億美元。

We continued to make strides in wireless LAN, and have had strong customer interest in our new software defined networking solutions that we introduced earlier this year.

我們繼續在無線局域網方面取得長足進步，並且客戶對我們今年早些時候推出的新軟件定義網絡解決方案產生了濃厚的興趣。

That was offset by weakness in US public sector spending.

這被美國公共部門支出的疲軟所抵消。

Finally, in Technology Services, revenue declined 7% year-over-year, to $2.2 billion, driven by hardware, declines particularly in BCS and Traditional Storage.

最後，在技術服務方面，收入同比下降 7%，至 22 億美元，受硬件驅動，尤其是 BCS 和傳統存儲的下降。

We are focused on improving our attach rates on our newer products.

我們專注於提高我們新產品的附加率。

Turning to Enterprise Services, revenue of $5.8 billion declined 9% year-over-year, as public sector austerity measures continued to pressure discretionary IT spending, particularly in the US and UK; but performance was still ahead of where we expected, due to incremental business offsetting expected run-off.

談到企業服務，由於公共部門的緊縮措施繼續對可自由支配的 IT 支出施加壓力，特別是在美國和英國，收入為 58 億美元，同比下降 9%；但由於增加的業務抵消了預期的流失，業績仍高於我們的預期。

Operating profit of $192 million, or 3.3% of revenue, was down 0.5 points year-over-year, due to higher operating expenses on a tough year-over-year compare offsetting improvements in resource management and cost control, and our handling of underperforming contracts.

營業利潤為 1.92 億美元，佔收入的 3.3%，同比下降 0.5 個百分點，原因是在艱難的同比比較中運營費用增加抵消了資源管理和成本控制方面的改進，以及我們對錶現不佳的處理合同。

By business unit, IT Outsourcing revenue was $3.7 billion, down 7% year-over-year; and Applications and Business Services revenue was $2.2 billion, down 11% year-over-year.

按業務部門劃分，IT 外包收入為 37 億美元，同比下降 7%；應用和商業服務收入為 22 億美元，同比下降 11%。

Both business units were significantly impacted by contractual run-off.

兩個業務部門都受到合同流失的顯著影響。

Strategic Enterprise Services revenue continues to grow double digits, driven by cloud, security, application modernization and big data solutions.

在雲、安全、應用程序現代化和大數據解決方案的推動下，戰略企業服務收入繼續保持兩位數增長。

We are pleased with the execution progress across ES.

我們對整個 ES 的執行進度感到滿意。

Our signings were up double digits both year-over-year and sequentially, driven by renewals; however, our ability to grow sales beyond traditional offerings needs to improve.

在續約的推動下，我們的簽約人數同比和環比都增長了兩位數；但是，我們在傳統產品之外增加銷售額的能力需要提高。

Growing our bookings at SES by better embedding in our large deals and winning smaller deals remains a top area of focus.

通過更好地嵌入我們的大宗交易和贏得小宗交易來增加我們在 SES 的預訂量仍然是我們關注的首要領域。

Software had a solid quarter, with revenue up 1% year-over-year, to $982 million.

軟件季度表現穩健，收入同比增長 1%，達到 9.82 億美元。

We are especially pleased with the continued performance in our strategic areas of cloud, security, and big data.

我們對我們在雲、安全和大數據等戰略領域的持續表現感到特別高興。

Sales of our Security Solutions grew double digits, while Vertica revenue was up triple digits.

我們的安全解決方案銷售額增長了兩位數，而 Vertica 收入增長了三位數。

At the same time, we continue to prune our Professional Services portfolio, which tempers revenue growth, but improves profitability.

與此同時，我們繼續精簡我們的專業服務組合，這會抑制收入增長，但會提高盈利能力。

Operating profit for the quarter was $201 million, or 20.5% of revenue.

本季度的營業利潤為 2.01 億美元，佔收入的 20.5%。

This was up 2.5 points year-over-year and 1.4 points sequentially, showing real signs of improved operating leverage.

同比上升 2.5 個百分點，環比上升 1.4 個百分點，顯示出經營槓桿改善的真實跡象。

License revenue was flat year-over-year, while Support revenue grew 4% over the prior year.

許可收入同比持平，而支持收入同比增長 4%。

By design, Professional Services revenue declined 11% from last year and SAS revenue was up 4% on prior year, which is below our expectations, but bookings growth was solid in the quarter.

按照設計，專業服務收入比去年下降 11%，SAS 收入比上年增長 4%，低於我們的預期，但本季度的預訂增長穩健。

Across Software, we saw better sales execution in this quarter, with improved license conversion.

在整個軟件領域，我們在本季度看到了更好的銷售執行，以及改進的許可證轉換。

But we still have work to do on building our pipeline and continuing to improve our sales execution.

但我們仍有工作要做，以建立我們的管道並繼續改善我們的銷售執行。

HP Financial Services revenue declined 6% year-over-year, to $879 million, due to Enterprise Services volume declines offsetting solid direct business growth.

由於企業服務量下降抵消了穩健的直接業務增長，惠普金融服務收入同比下降 6%，至 8.79 億美元。

Financing volumes were down 9% year-over-year, with net portfolio assets of $12 billion, down 4%.

融資量同比下降 9%，投資組合淨資產為 120 億美元，下降 4%。

Operating profit was $99 million, or 11.3% of revenue.

營業利潤為 9900 萬美元，佔收入的 11.3%。

The return on equity in HP Financial Services continues to be strong.

惠普金融服務的股本回報率繼續保持強勁。

Moving on to our balance sheet and capital allocation for the quarter.

繼續我們的資產負債表和本季度的資本分配。

We continue to execute our strategy of driving free cash flow and strengthening our balance sheet.

我們繼續執行推動自由現金流和加強資產負債表的戰略。

Operating cash flow was $2.7 billion in the quarter, down 6% year-over-year, and free cash flow was $2 billion, down 2%.

本季度經營現金流為 27 億美元，同比下降 6%，自由現金流為 20 億美元，下降 2%。

We continued to see improvement in working capital, with the cash conversion cycle down 9 days year-over-year, to 18 days.

我們繼續看到營運資金有所改善，現金轉換週期同比減少 9 天，至 18 天。

The year-over-year reduction was driven primarily by improvements in days payable.

同比減少主要是由於應付天數的改善。

Sequentially, the reduction of 3 days was in line with typical seasonality for days payable and days inventory, where we were able to offset the increases from the large deals I noted last quarter with other inventory improvements.

因此，減少 3 天的天數與應付天數和天數庫存的典型季節性一致，我們能夠通過其他庫存改善來抵消我上季度注意到的大宗交易的增加。

Days sales outstanding was better than normal seasonality, as a result of strong collections, as well as better usage of cash discounts.

由於收款強勁以及現金折扣的更好使用，未結銷售天數好於正常的季節性。

I want to take a minute to comment on our share repurchase program.

我想花一點時間評論一下我們的股票回購計劃。

In Q3, we spent just $3 million on repurchasing 168,000 shares in the quarter, well below our historical levels.

在第三季度，我們在本季度僅花費了 300 萬美元回購了 168,000 股，遠低於我們的歷史水平。

During the quarter, we had material, non-public information that prevented us from putting in place a share buyback plan as we typically do.

在本季度，我們掌握了重要的非公開信息，使我們無法像往常一樣制定股票回購計劃。

However, we have developed a plan for Q4 that will ramp up our spending to offset dilutions from Q3 and Q4, but will remain in line with our broader FY13 goal of rebuilding our balance sheet.

然而，我們已經制定了第四季度的計劃，該計劃將增加我們的支出以抵消第三季度和第四季度的稀釋，但仍將符合我們重建資產負債表的更廣泛的 FY13 目標。

We will provide an update on our capital allocation priorities for fiscal '14 at our security analyst meeting in October.

我們將在 10 月的安全分析師會議上提供有關 14 財年資本分配優先事項的最新信息。

We remain committed to overall capital distribution to shareholders, and we paid out $280 million in dividends in Q3.

我們仍然致力於向股東分配整體資本，並在第三季度支付了 2.8 億美元的股息。

Gross cash at the end of the quarter was $13.7 billion.

本季度末的總現金為 137 億美元。

Operating company net debt was $1.2 billion, down another $1.7 billion from the last quarter and down $10.6 billion from the peak in the first quarter of fiscal 2012.

運營公司淨債務為 12 億美元，比上一季度再減少 17 億美元，比 2012 財年第一季度的峰值減少 106 億美元。

I am pleased with our progress in reducing operating company net debt; and on August 1, we further reduced gross debt by paying off a $1.1 billion maturity.

我對我們在減少運營公司淨債務方面取得的進展感到高興； 8 月 1 日，我們還清了 11 億美元的到期債務，進一步減少了總債務。

Looking ahead to the fourth quarter, we see mixed trends.

展望第四季度，我們看到了喜憂參半的趨勢。

At a macro level, we expect consumer demand weakness in the PC industry will likely continue to impact Personal Systems, and we expect continued pricing pressure in Printing, Personal Systems, and Industry Standard Servers.

在宏觀層面，我們預計 PC 行業的消費者需求疲軟可能會繼續影響個人系統，我們預計打印、個人系統和行業標準服務器的價格壓力將持續。

At the same time, we expect to see more favorable trends in demand for commercial PCs relative to Consumer.

與此同時，我們預計相對於消費者而言，商用 PC 的需求將呈現更有利的趨勢。

We expect Printing to continue to perform well, as we utilize yen tail winds to place more units.

我們預計印刷將繼續表現良好，因為我們利用日元順風放置更多單位。

But as we mentioned, we do have a little bit more work to do to bring down supplies channel inventory.

但正如我們所提到的，我們確實還有一些工作要做，以降低供應渠道庫存。

For Enterprise Services, contractual run-offs continue, but we expect the overall full year revenue decline to be in the 8% to 9% range, less than the 11% to13% range we indicated in the Q2 earnings call.

對於企業服務，合同流失仍在繼續，但我們預計全年整體收入下降幅度將在 8% 至 9% 之間，低於我們在第二季度財報電話會議中指出的 11% 至 13% 的範圍。

For the year, we continue to expect margins to be at the high end of our 0% to 3% range that we provided last October.

今年，我們繼續預計利潤率將處於我們去年 10 月提供的 0% 至 3% 範圍的高端。

Software will have a tough Q4 compare, due to the large General Motors deal we noted last year.

由於我們去年註意到通用汽車的大筆交易，軟件將在第四季度進行艱難的比較。

We still expect to see improved execution and strong customer demand across our big data, security, and cloud offerings.

我們仍然希望在我們的大數據、安全和雲產品中看到改進的執行和強勁的客戶需求。

Finally, we anticipate 1 point of currency headwind to revenue in Q4.

最後，我們預計第四季度的收入將受到 1 個貨幣阻力。

With that context, we expect full year fiscal 2013 non-GAAP earnings per share to be in the range of $3.53 to $3.57.

在此背景下，我們預計 2013 財年全年非公認會計原則每股收益將在 3.53 美元至 3.57 美元之間。

We expect full-year fiscal 2013 GAAP earnings per share to be in the range of $2.67 to $2.71.

我們預計 2013 財年全年 GAAP 每股收益將在 2.67 美元至 2.71 美元之間。

Finally, although we don't typically update our cash flow outlook quarterly, we think it makes sense to update our expectations, given our Q3 cash flow performance.

最後，雖然我們通常不會每季度更新我們的現金流展望，但鑑於我們第三季度的現金流表現，我們認為更新我們的預期是有意義的。

We now expect free cash flow to approach $8 billion for the full fiscal year 2013.

我們現在預計 2013 財年的自由現金流將接近 80 億美元。

We did better than expected in Q3, but we believe the Q3 cash conversion cycle was below what we consider to be a sustainable long-term rate, so we expect some pullback in Q4.

我們在第三季度的表現好於預期，但我們認為第三季度的現金轉換週期低於我們認為的可持續長期利率，因此我們預計第四季度會出現一些回調。

I know everyone wants to hear our view on Fiscal '14, but we will provide our detailed outlook at our upcoming security analyst meeting on October 9. We look forward to seeing you all then.

我知道每個人都想听聽我們對 14 財年的看法，但我們將在 10 月 9 日即將舉行的安全分析師會議上提供我們的詳細展望。屆時我們期待與大家見面。

With that, let's open it up for questions.

有了這個，讓我們打開它來提問。

(Operator Instructions) Mark Moskowitz, JPMorgan.

（操作員說明）馬克·莫斯科維茨，摩根大通。

Yes, thanks.

對了謝謝。

Good afternoon.

下午好。

Meg, the first question is for you.

梅格，第一個問題是給你的。

I was curious, regarding this commentary around execution, can you give us a little more specifics, particularly in context of today's management changes, how much is driven by technology deficiencies versus go-to-market, or both?

我很好奇，關於這個關於執行的評論，你能不能給我們更多的細節，特別是在今天的管理變化的背景下，有多少是由技術缺陷和進入市場驅動的，或者兩者兼而有之？

And just want to see how we should think about that trajectory, if there's a lot more R&D required going forward?

只是想看看我們應該如何看待這個軌跡，如果未來需要更多的研發？

And then I have a follow-up for Cathie, if I could, around the Services business.

然後，如果可以的話，我會圍繞服務業務對 Cathie 進行跟進。

I hear you on the revenue decline not being as bad as expected at last October's analyst meeting.

我聽說你在去年 10 月的分析師會議上收入下降沒有預期的那麼糟糕。

But how should we think about some of the Services slippage going forward?

但是我們應該如何考慮未來的一些服務滑點？

As these extensions with some of these four exceptional Services customers unwind, will there be any sort of operating margin hit down the road that we should prepare for?

隨著與這四個特殊服務客戶中的一些客戶的這些擴展逐漸解除，我們應該準備的道路上是否會出現任何形式的營業利潤？

Great.

偉大的。

Well, let me take the first one.

好吧，讓我拿第一個。

So we were disappointed, as I said, in EG's performance this quarter.

因此，正如我所說，我們對 EG 本季度的表現感到失望。

And there are a couple of issues.

還有幾個問題。

This is less technology than it is a number of other areas.

與許多其他領域相比，這是更少的技術。

First is, we've got to have the right products targeted to the market segments that we choose to go after with the right cost structure.

首先，我們必須擁有針對我們選擇追求的細分市場的正確產品，並具有正確的成本結構。

And we've got some more work to do on having a competitive cost structure around supply chain, as well as our manufacturing strategy.

在圍繞供應鏈建立具有競爭力的成本結構以及我們的製造戰略方面，我們還有更多工作要做。

We also have got to simplify and make more effective our selling motion.

我們還必須簡化我們的銷售動作並使其更有效。

This is a very big, very complicated sales motion, and frankly we've got to simplify it.

這是一個非常大、非常複雜的銷售活動，坦率地說，我們必須簡化它。

And then we've got to see our channel programs that we put in place earlier this year, and some changes to the partner compensation program in August, have got to work.

然後我們必須看到我們今年早些時候實施的渠道計劃，以及 8 月份對合作夥伴薪酬計劃的一些改變，已經開始發揮作用。

And actually, there's some bright spots there.

實際上，那裡有一些亮點。

But my view is we've got some operational excellence work that needs to be done here.

但我的觀點是，我們需要在這裡完成一些卓越運營工作。

So I actually am quite confident in our technology.

所以我其實對我們的技術很有信心。

I'm confident in our next generation Blades, in Moonshot.

我對我們在 Moonshot 中的下一代 Blades 充滿信心。

I think we can turn the corner on this, but we're going to have -- we have a bit more work to do.

我認為我們可以在這個問題上扭轉局面，但我們將會——我們還有更多工作要做。

And also, on the Services business question, in terms of the slippage.

此外，在服務業務問題上，就滑點而言。

So I'm not sure I would call it slippage.

所以我不確定我會稱之為滑點。

That sounds unplanned in some way.

這在某種程度上聽起來是沒有計劃的。

We've been working closely with these top four accounts.

我們一直在與這四大客戶密切合作。

And at least one of them is completely done, but the three that remain.

至少其中一個已經完全完成，但剩下的三個。

And we're working very methodically to make sure that their transition works well.

我們正在非常有條不紊地工作，以確保他們的過渡順利進行。

And frankly, that gives us time to come in and do a couple of things, a, get our cost structure in line for now the new run rate business, but also it's enabling us a chance to come in and sell a bit more on a sell and bill basis within the quarter.

坦率地說，這讓我們有時間進來做幾件事，a，讓我們的成本結構與新的運行率業務保持一致，但它也讓我們有機會進來並在 a 上銷售更多在季度內銷售和開票。

And we saw that this quarter.

我們在本季度看到了這一點。

So this quarter, we had just had the run-off from these exceptional accounts and we hadn't been able to bring in some additional revenue, then the reduction in revenue would have been much lower.

因此，本季度，我們剛剛從這些特殊賬戶中流出，我們無法帶來一些額外的收入，那麼收入的減少會少得多。

And so -- or sorry, much higher, much worse.

所以——或者對不起，更高，更糟。

And so I think that that's giving us time.

所以我認為這給了我們時間。

So I think actually, letting these things take a little bit longer to transition has been good for us.

所以我認為實際上，讓這些事情花一點時間來過渡對我們有好處。

Great.

偉大的。

Thanks, Mark.

謝謝，馬克。

Next question, please?

請問下一個問題？

Tony Sacconaghi.

托尼·薩科納吉。

Yes, thank you.

是的，謝謝。

Meg, I was wondering if you could comment a little more on the management changes.

梅格，我想知道你是否可以對管理層的變動發表更多評論。

In the last two months, you've changed leadership of business units that comprise more than 80% of your profits.

在過去兩個月中，您更換了佔您利潤 80% 以上的業務部門的領導層。

So you outlined some of the things that you were dissatisfied with.

所以你概述了一些你不滿意的事情。

Perhaps you can comment on what are the specific marching orders to the new executives.

或許您可以評論一下對新高管的具體行軍命令是什麼。

And can you also comment on why you are not looking to attract talent from the outside?

您能否評論一下為什麼您不希望從外部吸引人才？

I think in your press release, you said the imperative is to rapidly respond with fresh ideas and bold execution.

我認為在你的新聞稿中，你說當務之急是用新的想法和大膽的執行迅速做出反應。

Fresh ideas often come from the outside, and all the management changes that have occurred recently have included promotions solely from within.

新鮮的想法往往來自外部，最近發生的所有管理變化都包括完全來自內部的晉升。

So marching orders and then recruiting outside talents, and I have a separate follow-up, please.

所以請行軍命令，然後招募外部人才，我有一個單獨的跟進，請。

Okay, good.

好的。

So this, as I've said for a long time, is a five-year turnaround, with appropriate milestones along the way.

因此，正如我長期以來所說，這是一個五年的轉變，沿途有適當的里程碑。

But we're entering the next phase of the turnaround, and my view is we need to accelerate into the next turn.

但是我們正在進入下一階段的轉變，我的觀點是我們需要加速進入下一個轉變。

And my job is to get the right people in the right job at the right time with the right experience and domain expertise.

我的工作是讓合適的人在合適的時間從事合適的工作，擁有合適的經驗和專業知識。

And as I evaluate the performance of each of these businesses, what I think is necessary, then I've got to match the right executive to the challenge at the time.

當我評估每一項業務的表現時，我認為必要的，然後我必須讓合適的高管與當時的挑戰相匹配。

And I am excited about the makeup of this new team.

我對這個新團隊的組成感到興奮。

And you're right, Tony.

你是對的，托尼。

I have relied more on promote from within, because we've got a lot of very talented executives in the Company who have been in second or third level jobs, who are more than capable of stepping up.

我更依賴內部提拔，因為我們公司有很多非常有才華的高管，他們都在二三級工作，他們完全有能力升職。

In the case of Dion Weisler, the results in APJ for PPS are really quite good.

就 Dion Weisler 而言，APJ 中 PPS 的結果非常好。

And it takes a long time to learn how HP does things and understand the business.

了解惠普如何做事並了解業務需要很長時間。

In the case of Bill Veghte, he had been our Chief Operating Officer, had helped plot the blueprint for the future, and brings a tremendous amount of software expertise to a business that is relying more on software to differentiate the hardware than the bare metal.

就 Bill Veghte 而言，他曾擔任我們的首席運營官，幫助規劃了未來的藍圖，並為一家更多地依賴軟件來區分硬件而非裸機的企業帶來了大量的軟件專業知識。

Also has tremendous expertise in selling, ran Microsoft North America.

在銷售方面也擁有豐富的專業知識，經營過微軟北美公司。

And one of our big weaknesses here is our selling motion and our sales go-to-market.

我們的一大弱點是我們的銷售動作和我們的銷售進入市場。

So it's always a balance.

所以它總是一個平衡。

I have brought some new people in from the outside.

我從外面帶來了一些新人。

But you're right.

但你是對的。

I tend to want to go with people who I think have the fresh ideas, and the energy and the enthusiasm, but also don't have to start at the beginning of the learning curve.

我傾向於和我認為有新鮮想法、精力和熱情的人一起去，但也不必從學習曲線的起點開始。

Great.

偉大的。

Thanks for that, Tony.

謝謝你，托尼。

Next question, please?

請問下一個問題？

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Yes, thank you.

是的，謝謝。

Cathie, can you talk a little more specifically about the cash cycle improvement in the quarter, and importantly, why you don't think that's sustainable?

凱茜，您能否更具體地談談本季度現金周期的改善，重要的是，為什麼您認為這是不可持續的？

Were there mix or timing situations this quarter that won't continue?

本季度是否存在不會繼續的混合或時機情況？

And then also, can you reconcile the fact that Printer Hardware units growth was the best in a couple years, and yet Printer Supplies growth declined this quarter, which was a deterioration from last quarter.

此外，您能否調和這樣一個事實，即打印機硬件單位的增長是幾年來最好的，但打印機耗材的增長在本季度有所下降，與上一季度相比有所惡化。

and you're sort of down ticking on the outlook around Printer Supplies, as well.

而且您對打印機耗材的前景也有些失望。

Thank you.

謝謝你。

Thanks, Katy.

謝謝，凱蒂。

On the cash conversion cycle, first off, we're very pleased with the performance that we've delivered, both in Q3, as well as frankly throughout the year, around cash flow.

在現金轉換週期中，首先，我們對我們在第三季度以及坦率地說全年圍繞現金流的表現感到非常滿意。

What is showing up in the numbers is the work we did to educate everybody in the Company, help them understand how they can contribute to improving cash flow, and then frankly also embedding, in a more significant way, cash flow into the executives' bonus metrics, doesn't hurt either.

數字中顯示的是我們所做的工作以教育公司的每個人，幫助他們了解他們如何為改善現金流做出貢獻，然後坦率地說，還以更重要的方式將現金流嵌入到高管的獎金中指標，也沒有傷害。

And so we've seen that kind of improvement.

所以我們已經看到了這種改進。

Specifically in Q3, one of the big drivers of the year-over-year improvement was in days payable, and that really was the result of some purchasing linearity in the quarter.

特別是在第三季度，同比增長的主要驅動力之一是應付天數，這確實是該季度某些採購線性的結果。

When we step back and we look at what is a long-term sustainable cash conversion cycle for the Company, we think it's more in the low 20s.

當我們退後一步，看看公司的長期可持續現金轉換週期是什麼時，我們認為它更多的是在 20 年代低點。

And that's really where the pullback that we expect to see in Q4, as well.

這也是我們期望在第四季度看到的回調。

So that's on that side.

所以就在那邊。

In terms of the Hardware units, again, what we did this quarter was we were able to use the yen tail winds that we have in our cost structure to really go after more units.

再次就硬件單位而言，我們本季度所做的是我們能夠利用成本結構中的日元順風來真正追求更多單位。

And we saw that with units being up 5% year-over-year, in the Commercial space, up 12% year-over-year, in the Consumer space, up 2%.

我們看到，在商業領域，單位同比增長 5%，同比增長 12%，在消費者領域，增長 2%。

And so we're really pleased with having that opportunity to get those units out, for exactly the reason that you raise is that in a fairly short amount of time, that's going to drive additional Supplies consumption.

所以我們真的很高興有機會把這些單位拿出來，因為你籌集的確切原因是，在相當短的時間內，這將推動額外的供應消耗。

In terms of the specifics around the quarter for Supplies this quarter, we do expect that Supplies will continue to be relatively volatile quarter-to-quarter.

就本季度供應品的具體情況而言，我們確實預計供應品將繼續在季度間保持相對波動。

Our strategies for the long term are to really drive units out there that will ultimately use more HP-branded ink.

我們的長期戰略是真正推動最終將使用更多惠普品牌墨水的設備。

Those strategies are things like Ink in the Office, Ink Advantage, Ink Subscriptions, multi-function printers, Managed Print Services, those are all really designed to drive more supplies per unit.

這些策略是諸如 Ink in the Office、Ink Advantage、Ink Subscriptions、多功能打印機、託管打印服務之類的東西，這些都是真正旨在提高單位供應量的策略。

And while it's still early days, the early indications are encouraging that those strategies are going to bear out.

雖然現在還為時過早，但早期跡象令人鼓舞，這些策略將會奏效。

Thank you.

謝謝你。

Thanks for that, Katy.

謝謝你，凱蒂。

Next question, please?

請問下一個問題？

Jim Suva, Citi Research.

花旗研究部的吉姆·蘇瓦。

Thanks very much.

非常感謝。

And Meg, a quick question.

梅格，一個快速的問題。

It seems like awhile ago you were talking a lot of confidence about the five-year program, especially with the revenue growth next year.

似乎不久前您對五年計劃充滿信心，尤其是在明年收入增長的情況下。

It seems like now that the confidence is down shifting a little bit, and maybe I misinterpreted the tone of your voice recently or maybe that is true.

現在好像信心有點下降了，也許我最近誤解了你的語氣，或者那是真的。

And if it is true, is it mostly due to PCs, or how should we think about your confidence in outlook?

如果這是真的，這主要是由於個人電腦，還是我們應該如何看待您對前景的信心？

And is this five-year program changing at all?

這個五年計劃是否發生了變化？

Yes.

是的。

So listen, I'm very confident that our turnaround is working.

所以聽著，我非常有信心我們的轉變正在奏效。

As you would expect in any turnaround, some businesses are performing better than you would think and some are somewhat performing not as well as you would hope.

正如您在任何轉機中所期望的那樣，有些企業的表現比您想像的要好，而有些企業的表現則不如您希望的那麼好。

But what has changed about 2014's revenue outlook for me is a couple of things.

但對我來說，2014 年收入前景的改變有幾件事。

First is Enterprise Group's performance, especially during the last quarter.

首先是企業集團的表現，尤其是在上個季度。

I would say that weak execution has amplified the market challenges that we know exist, and it's been a very aggressive pricing environment.

我想說的是，弱執行放大了我們知道存在的市場挑戰，這是一個非常激進的定價環境。

The server market growth rates have come down in the last quarter.

服務器市場增長率在上個季度有所下降。

The PC market has not stabilized as much as I had anticipated it would.

PC 市場並沒有像我預期的那樣穩定。

That stabilization is yet to occur.

這種穩定尚未發生。

And then finally, Enterprise Services, which is good for this year, is running -- the revenue is running off more slowly this year, which is good for this year but creates growth challenges for next year.

最後，對今年有利的企業服務正在運行——今年的收入流失得更慢，這對今年有利，但給明年的增長帶來挑戰。

So I am confident that we can address the challenges.

所以我有信心我們能夠應對挑戰。

There are some segments that will absolutely grow next year and will deliver very good performance, but I think it is unlikely, given the changes that occurred over the last quarter or so, that we're going to see growth in 2014, as I had hoped.

有一些細分市場明年絕對會增長，並會提供非常好的表現，但我認為，考慮到上個季度左右發生的變化，我們不太可能在 2014 年看到增長，就像我之前所做的那樣希望。

That's on the revenue side, but then also on the profitability side, it seems like cash flow is better and restructuring is progressing well.

這是在收入方面，但在盈利方面也是如此，現金流似乎更好，重組進展順利。

Do you think on the earnings side you could see growth, or just the top line is so much pressure?

您是否認為在收益方面您可以看到增長，或者只是頂線有這麼大的壓力？

You know, we're being very smart about this, as smart as we can in a dynamic market, which is, it's not growth at any cost.

你知道，我們對此非常聰明，在動態市場中盡可能聰明，也就是說，這不是不惜一切代價的增長。

We want to manage the margin revenue trade-off here.

我們想在這裡管理利潤收入的權衡。

And we'll give you a lot more insight to that in our security analyst meeting, where we're going to talk about our earnings per share projections, capital allocation, the investments we need to make, and where we think the growth is going to come from next year by market segment.

我們將在我們的證券分析師會議上為您提供更多關於這一點的見解，我們將在會上討論我們的每股收益預測、資本分配、我們需要進行的投資以及我們認為增長的方向從明年開始按市場細分。

Great.

偉大的。

Thanks Jim.

謝謝吉姆。

Great.

偉大的。

Thank you very much.

非常感謝。

Next question, please?

請問下一個問題？

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

Yes, hello.

是的你好。

Can you talk a little bit about the Technology Services business.

你能談談技術服務業務嗎？

That had been pretty stable, and it kind of dipped down 7% and inflected.

那一直很穩定，它下跌了 7% 並出現了變化。

And I think that's your most profitable business at the whole company, even more profitable than Software.

而且我認為這是整個公司最賺錢的業務，甚至比軟件更賺錢。

And then just one clarification.

然後只是一個澄清。

I wanted to know, Meg, that the server business, ISS, has been declining for several quarters.

Meg，我想知道服務器業務 ISS 已經連續幾個季度下滑。

I believe this is the seventh or eighth in a row, or sixth or seventh in a row, and I was wondering like, why now.

我相信這是連續第七次或第八次，或者連續第六次或第七次，我想知道為什麼是現在。

Why didn't we hear about this a couple quarters ago, and what actually came to light to make the decision happen now, on this call, rather than over the last year?

為什麼我們在幾個季度前沒有聽說這件事，以及在這次電話會議上，而不是在去年，實際上是什麼讓決定發生在現在？

Thanks.

謝謝。

Thanks, Ben.

謝謝，本。

Let me start with the Technology Services question that you have.

讓我從您遇到的技術服務問題開始。

One of the things that we are absolutely seeing in Technology Services is the need to really improve our attach rates on some of our newer products.

我們在技術服務中絕對看到的一件事是需要真正提高我們對一些新產品的附加率。

And so as some of the older products, like Business Critical Systems, which has a very strong attach and penetration rate, as that has a long tail, but it is coming down, and hardware in general has been coming down, that's starting to impact Technology Services.

因此，對於一些較老的產品，例如具有非常強的附加和滲透率的關鍵業務系統，因為它有一個長尾，但它正在下降，而且硬件總體上一直在下降，這開始產生影響技術服務。

And so what we're doing about that is trying to improve our attach on the newer products, and then also coming out with new innovative service offerings, like what we call Proactive Care or what we call Data Center Care, coming out with these new offerings to somewhat cushion the pressure that we're seeing, because hardware sales are declining.

因此，我們正在做的就是努力提高我們對新產品的重視程度，然後推出新的創新服務產品，例如我們所謂的主動式護理或數據中心護理，推出這些新產品由於硬件銷售正在下降，提供的產品可以在一定程度上緩解我們所看到的壓力。

If you go back and you look at fiscal '11 and fiscal '12, we were able to improve the penetration rates in Storage and in Networking over 300 basis points each.

如果你回頭看看 '11 財年和 '12 財年，我們能夠將存儲和網絡的滲透率提高 300 個基點以上。

In this year, we've had a little bit of a step back, particularly in this quarter we were down a little bit on pen rates, and that's really due to mix.

今年，我們稍微退了一步，特別是在本季度，我們的筆率略有下降，這確實是由於混合造成的。

We've got to get the attach rates up on the newer products.

我們必須提高新產品的附加費率。

Let me take the question on our Enterprise Group performance overall.

讓我來回答一下我們企業集團整體表現的問題。

The server business has been under pressure for some time.

一段時間以來，服務器業務一直處於壓力之下。

The pricing in the marketplace is as intense as I've seen it since I've been at HP.

自從我在惠普工作以來，市場上的定價就如我所見。

But the revenue share loss this quarter was bigger than we had anticipated.

但本季度的收入份額損失比我們預期的要大。

I had said in the script it was 5 points of share loss on a revenue basis.

我在腳本中說過，按收入計算，份額損失為 5 點。

And we have got to move faster on our Hyperscale initiatives.

我們必須更快地推進我們的超大規模計劃。

We've got to -- and Moonshot will be the disruptive force there, so we've got to move that faster.

我們必須——Moonshot 將成為那裡的破壞力量，所以我們必須加快步伐。

And then we must see Networking grow faster.

然後我們必須看到網絡發展得更快。

We are the upstart in this business.

我們是這個行業的新貴。

So a flat Networking performance is not what we need to see.

所以平坦的網絡性能並不是我們需要看到的。

And then frankly, our Storage business, the Converged Storage part is growing well, but the decline in tape and other areas, XP, we can do better than that.

然後坦率地說，我們的存儲業務，Converged Storage 部分增長良好，但是磁帶和其他領域的下降，XP，我們可以做得更好。

So my job, as I said, is to make sure that we are positioning these businesses for the future.

因此，正如我所說，我的工作是確保我們為未來定位這些業務。

And what I ask of our Senior Executives, to double back to Tony's question that I didn't answer as directly as I could have, is listen, set realistic targets, deliver on your commitments, while keeping an eye on the long term.

我對我們的高級管理人員的要求，再次回到托尼的問題，我沒有盡可能直接地回答，是傾聽，設定現實的目標，兌現你的承諾，同時關注長期。

I've said for a long term, we're not here for this quarter or for this year.

我已經說過很長時間了，我們不是在這個季度或今年在這裡。

We are trying to set HP up for another really great run here.

我們正在嘗試為 HP 設置另一個非常好的運行。

You've got to decide where you're going to play and how you're going to win, because this isn't all about revenue growth.

你必須決定你要去哪裡比賽以及如何取勝，因為這不僅僅是關於收入增長。

This is a margin revenue trade-off business, and we have to be very clear about where we want to play and how it is that we're going to win.

這是一項利潤收入權衡業務，我們必須非常清楚我們想在哪裡玩，以及我們將如何取勝。

And then make sure that you have done a perfect job of segmenting your market and marrying the right products to that market segmentation.

然後確保您在細分市場並將正確的產品與市場細分相結合方面做得很好。

And if you do that and manage your cost structure, we'll have a very successful business here.

如果您這樣做並管理您的成本結構，我們將在這裡擁有非常成功的業務。

So that's what I'm looking for.

所以這就是我要找的。

And this is something, historically, HP's done really well.

從歷史上看，這是惠普做得非常好的事情。

But it is not being done as well as it could be in all parts of the business, and it needs to be a real strength of the Company going forward, especially as we are navigating these incredible shifts in the industry.

但它並沒有在業務的所有部分都做得很好，它需要成為公司前進的真正力量，特別是當我們正在駕馭行業中這些令人難以置信的轉變時。

It's not business as usual in our industry, and we have to be better at it than we've been in the last year or two.

這在我們的行業中並不像往常一樣，我們必須比過去一兩年做得更好。

Great.

偉大的。

Thank you.

謝謝你。

Thanks very much.

非常感謝。

Thanks, Ben.

謝謝，本。

Next question, please?

請問下一個問題？

Brian Alexander, Raymond James.

布賴恩·亞歷山大、雷蒙德·詹姆斯。

Just on the leadership change.

只是關於領導層的變化。

Do you expect trends in the Enterprise business to deteriorate further as you go through this transition, and at what point, Meg, would you actually hope that this business would start growing again?

您是否預計企業業務的趨勢會隨著您的過渡而進一步惡化？梅格，您真的希望該業務在什麼時候再次開始增長？

And with the change in responsibilities for Dave Donatelli, how should we think about HP's emphasis on returning to M&A as a key growth driver, given you now have two very senior executives focused on early stage opportunities?

隨著 Dave Donatelli 職責的變化，鑑於您現在有兩位非常高級的高管專注於早期機會，我們應該如何看待惠普對回歸併購作為關鍵增長動力的重視？

Thanks.

謝謝。

So listen, we are in the happy position now, from a capital allocation perspective, of being able to -- our capital allocation strategy has been very clear, return cash to shareholders in dividends, buy back enough shares to offset dilution and pay down debt.

所以聽著，從資本配置的角度來看，我們現在處於幸福的境地，能夠 - 我們的資本配置策略非常明確，以股息的形式向股東返還現金，回購足夠的股票以抵消稀釋和償還債務.

So we now have an opportunity to say, where can we use strategic acquisitions to further our overall objectives as a Company.

所以我們現在有機會說，我們可以在哪裡使用戰略收購來推進我們作為一家公司的總體目標。

And we will be back in the market, as we think about acquisitions that can further our objectives.

當我們考慮可以進一步實現我們目標的收購時，我們將重返市場。

Again, we will be incredibly measured and disciplined.

再一次，我們將受到難以置信的衡量和紀律。

We are very mindful of the event that we just came off with Autonomy, so don't worry about that.

我們非常注意我們剛剛推出 Autonomy 的事件，所以不用擔心。

We are very focused and disciplined.

我們非常專注和自律。

But I think as we see these big tectonic plate shifts, there's no question that acquisitions are going to have to be a part of how we turn this Company around.

但我認為，當我們看到這些大板塊的轉變時，毫無疑問，收購將成為我們扭轉這家公司的一部分。

So listen, there's a lot of changes going on in the marketplace.

所以聽著，市場上發生了很多變化。

The good news about EG -- someone asked me the question earlier, do you think it's a technology problem, in other words, you're not spending enough R&D?

EG的好消息——之前有人問我這個問題，你認為這是一個技術問題，換句話說，你的研發投入不夠嗎？

I actually don't think that's the case.

我其實不認為是這樣的。

I think we have the right technology.

我認為我們擁有正確的技術。

We've got to work on go-to-market, we've got to work on cost structure, and we've got to work on market segmentation, which frankly are easier, more near-term things that can be fixed, as opposed to hoping that we're going to have the right product two or three or four years from now, based on what's in the labs today.

我們必須致力於進入市場，我們必須致力於成本結構，我們必須致力於市場細分，坦率地說，這更容易，更近期可以修復的事情，因為反對希望我們能在兩三四年後根據今天實驗室的成果生產出合適的產品。

I am less worried about that and much more focused on what I would call more prosaic execution.

我不太擔心這一點，而是更專注於我稱之為平淡無奇的執行。

Thank you.

謝謝你。

Thanks for that one, Brian.

謝謝你，布賴恩。

Next question, please?

請問下一個問題？

Maynard Um, Wells Fargo.

梅納德嗯，富國銀行。

Hello.

你好。

Thanks.

謝謝。

On your go-to-market, I'm just curious, your partner changes were put in place on May 1 or somewhere around there, so you've had about three months since implementation.

關於你的上市，我只是好奇，你的合作夥伴變更是在 5 月 1 日或附近的某個地方實施的，所以自實施以來你已經有大約三個月的時間。

Is the go-to-market change a function of not having had it right initially, or is it something else?

進入市場的變化是最初沒有正確的功能，還是其他原因？

And I'm curious how long, you seem to imply that these are short-term things, I'm curious if it really is a short-term thing or if these are changes in the channel that need to sort of play out over a period of time, multi quarters?

而且我很好奇多久，你似乎暗示這些都是短期的事情，我很好奇這是否真的是短期的事情，或者這些是否是需要在一段時間內發揮作用的渠道變化一段時間，多季度？

And if not, why it's a short-term phenomenon?

如果不是，為什麼這是一個短期現象？

Thanks.

謝謝。

So whenever you make changes to your go-to-market selling motion, these take a while to work through the system.

因此，每當您對進入市場的銷售動作進行更改時，這些都需要一段時間才能通過系統。

And our channel partners have just gotten their first checks from the new compensation program that went in in June.

我們的渠道合作夥伴剛剛從 6 月份實施的新薪酬計劃中獲得了第一筆支票。

And actually, there's some light at the end of that tunnel.

實際上，在隧道的盡頭有一些光。

We feel good about the changes we made to our partner selling motion.

我們對我們對合作夥伴銷售動議所做的改變感到滿意。

But go-to-market is more than just a coverage model.

但進入市場不僅僅是一種覆蓋模式。

It is our ability to price.

這是我們定價的能力。

It is our ability to provide the specialists and the solution architects that are needed to sell.

我們有能力提供銷售所需的專家和解決方案架構師。

It is about our ability to provide compelling bundles of server and storage, like an appliance for some of our software elements.

這是關於我們提供引人注目的服務器和存儲捆綁包的能力，例如我們某些軟件元素的設備。

So it is a holistic view of go-to-market.

因此，這是進入市場的整體觀點。

I think there's some real light at the end of the tunnel.

我認為隧道盡頭有一些真正的光明。

We've had our AGMs and our AEs in place now for a number of quarters, in fact, a number of years now, and so there's more account consistency.

我們的 AGM 和 AE 現在已經有好幾個季度了，事實上，現在已經有好幾年了，所以賬戶的一致性更高。

But there's still work to do here.

但是這裡還有工作要做。

And frankly, my view is we've made this a bit more complicated than we need to have and simplicity -- in my experience in sales organizations is simplicity and clarity of role and the right people against the right opportunities is critical.

坦率地說，我的觀點是，我們已經使這變得比我們需要的更複雜和簡單——根據我在銷售組織的經驗，角色的簡單和清晰，合適的人對抗合適的機會是至關重要的。

Great.

偉大的。

Thanks, Maynard.

謝謝，梅納德。

Next question, please?

請問下一個問題？

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Thank you very much.

非常感謝。

I have two questions.

我有兩個問題。

Well, one with a follow-up.

好吧，一個有後續的。

The first is, can you talk a little bit about strategy in terms of profit versus your willingness to price and to take share?

首先是，你能談談利潤方面的策略與你定價和分享的意願嗎？

Obviously, some of your competitors are being extremely aggressive in certain areas.

顯然，您的一些競爭對手在某些領域非常激進。

Is this a situation where you just don't want to follow them down and so you're going to continue to give up share, or how are you weighing that?

在這種情況下，您只是不想跟隨他們，因此您將繼續放棄分享，或者您如何權衡？

Because obviously, on printers, you're willing to do that, where you have the yen benefit, but I'm thinking in some of the other categories where you have seen some share slippage.

因為很明顯，在打印機上，你願意這樣做，因為你可以獲得日元收益，但我認為在其他一些類別中你已經看到了一些份額下滑。

Shannon, our focus, whether it's in Industry Standard Service, which Meg talked a little bit about a few minutes ago, or in PCs that we've talked about for a long time, same thing in printers, is that we're focused on long-term profitability.

Shannon，我們的重點，無論是 Meg 幾分鐘前談到的行業標準服務，還是我們已經討論了很長時間的 PC，打印機也是如此，我們專注於長期盈利。

And so if in the short-term there are reasons to make an investment that we think will give us a good return, then we'll do that deal.

因此，如果在短期內有理由進行一項我們認為會給我們帶來良好回報的投資，那麼我們就會做這筆交易。

And it may not always make money, at least on a fully loaded basis.

而且它可能並不總是賺錢，至少在滿負荷的基礎上。

But our goal is long-term profitability.

但我們的目標是長期盈利。

And we believe that ultimately the way we're going to get there is investing in our own IP, driving products and services that have a strong value proposition for customers and will then enable us to compete very effectively.

我們相信，最終實現這一目標的方式是投資於我們自己的 IP，推動對客戶具有強大價值主張的產品和服務，然後使我們能夠非常有效地競爭。

You even saw in PCs this quarter, we were able to do well from a profitability perspective and also gain share.

你甚至在本季度的個人電腦中看到，從盈利能力的角度來看，我們能夠做得很好，也獲得了份額。

So we gained share both year-over-year and quarter-on-quarter.

因此，我們同比和環比都獲得了份額。

But ultimately, the decision is what's the best thing for this business over the long term and how we're going to drive profitability.

但最終，從長遠來看，對這項業務來說最好的事情是什麼，以及我們將如何提高盈利能力。

Okay.

好的。

Thanks.

謝謝。

And then can you just talk a bit about what you've seen in China, if there are any more details in terms of demand, enterprise, government, consumer, linearity during the quarter, just any color you can provide on what's going on over in China?

然後你能談談你在中國看到的情況嗎在中國？

Well, I'll make some top level comments, and Cathie can chime in.

好吧，我會發表一些頂級評論，Cathie 可以插嘴。

China is softer than we'd anticipated.

中國比我們預期的要軟。

And it is actually across-the-board.

它實際上是全面的。

We are seeing more rapid growth in tier 4 through 6 cities, a little less in the big areas.

我們看到 4 到 6 線城市的增長速度更快，而大區域的增長速度要慢一些。

But it is reasonably soft demand across the board, at least as we see it.

但至少在我們看來，這是全面的需求疲軟。

Do you want to add anything to that, Cathie?

你想補充什麼嗎，凱茜？

Let me give you some data points.

讓我給你一些數據點。

Networking in China, for us, was very strong.

對我們來說，在中國的網絡非常強大。

We saw very good growth year-over-year in Networking in China.

我們看到中國網絡的同比增長非常好。

And you all may not focus on this, but we do.

你們可能不會關注這一點，但我們會關注。

We are the leading market share holder in China for Networking.

我們是中國領先的網絡市場份額持有者。

So we're pleased with the results in Networking.

因此，我們對 Networking 的結果感到滿意。

And then in Printing, as well, on a local currency basis year-over-year, we grew revenue, as well.

然後在印刷方面，以當地貨幣計算，我們的收入也同比增長。

That's in the context of what Meg said, is that overall, the economy does seem to be slowing a bit.

這是在梅格所說的背景下，總體而言，經濟似乎確實有點放緩。

Great.

偉大的。

Thanks, Shannon.

謝謝，香農。

Next question, please?

請問下一個問題？

Keith Bachman, Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Hello.

你好。

Thank you.

謝謝你。

I wanted to see if you could give us update on the restructuring and the cost opportunities that still have yet to show up.

我想看看您是否可以向我們提供有關重組和尚未出現的成本機會的最新信息。

And the reason I ask the question, it's not apparent that HP's getting material benefits from the cost restructuring activities.

我問這個問題的原因是，惠普從成本重組活動中獲得了實質性利益並不明顯。

So if I look at the guidance for this fiscal year, your operating profit dollars are going to be down roughly $1.5 billion, and that's assuming that you're getting cost savings that are flowing to the income statement of about $1.5 billion.

因此，如果我查看本財年的指導，您的營業利潤將減少約 15 億美元，這是假設您正在節省約 15 億美元的損益表。

So why aren't we seeing more of this show up in terms of the income statement?

那麼為什麼我們沒有在損益表中看到更多這種情況呢？

Because I know, Meg, you've said that you're making some investments, but it seems like an extraordinary amount.

因為我知道，梅格，你說過你正在進行一些投資，但這似乎是一筆不小的數目。

And then how much still has yet to be delivered in terms of the cost actions, and will we see any of that show up?

那麼在成本行動方面還有多少尚未交付，我們會看到其中的任何一個出現嗎？

And that's it for my question.

這就是我的問題。

Thank you.

謝謝你。

So Keith, let me give some update on the restructuring program.

基思，讓我介紹一下重組計劃的最新情況。

Of course, we've got two dimensions to it.

當然，我們有兩個維度。

Of course, we've got the labor and the non-labor.

當然，我們有勞動力和非勞動力。

From a labor perspective, the restructuring remains on track.

從勞動力的角度來看，重組仍在進行中。

We had roughly 3,800 people leave under the program in Q3.

在第三季度，我們有大約 3,800 人根據該計劃離開。

On a program to date basis, that's roughly 22,500 people have left under the program.

在迄今為止的計劃基礎上，大約有 22,500 人離開了該計劃。

And we're on track to hit the 26,000, roughly, exiting under the program by the end of fiscal '13.

我們有望在 13 財年末通過該計劃退出大約 26,000 人。

So I would say good progress on the labor side.

所以我會說在勞動力方面取得了良好的進展。

On the non-labor side, we're on track in most areas and ahead in others.

在非勞工方面，我們在大多數領域都走上了正軌，在其他領域處於領先地位。

And so we're feeling good about the non-labor progress, as well.

因此，我們也對非勞動進展感到滿意。

And it's really both the labor and the non-labor savings that's enabling us to compete and price more effectively in the market, and I think that that gets to kind of your second question.

真正使我們能夠在市場上更有效地競爭和定價的是勞動力和非勞動力節省，我認為這就是你的第二個問題。

If you go back to our EPS guidance implied for Q4 specifically, that's roughly normal seasonality at the EPS line, but we don't have the same seasonal growth in the revenue line.

如果您回到我們專門針對第四季度暗示的每股收益指導，那在每股收益線上大致是正常的季節性，但我們在收入線上沒有相同的季節性增長。

And the difference between that is basically the savings that are getting generated under the labor and the non-labor restructuring efforts.

這之間的區別基本上是在勞動力和非勞動力重組努力下產生的儲蓄。

That's what's cushioning the bottom line.

這就是緩衝底線的原因。

If it weren't for those savings coming through, the results would be materially lower.

如果不是因為這些節省，結果會大大降低。

I guess, Cathie, just to follow-up, if I could though, but the challenge there for investors is when the cost cuts run out, the pricing in the market will presumably still remain.

我想，Cathie，如果可以的話，我只是跟進一下，但投資者面臨的挑戰是，當成本削減用完時，市場定價可能仍然存在。

How do we reconcile that with HP being able to grow its earnings over time?

我們如何與惠普能夠隨著時間的推移增加其收益相協調？

And then, sorry, I'll cede the floor.

然後，對不起，我會放棄發言權。

Well, I think, Keith, part of the challenge, obviously, is the macro and our execution issues.

好吧，我認為，基思，挑戰的一部分顯然是宏觀和我們的執行問題。

These savings are, frankly, giving us the -- if I can call it, air cover or room and time to actually fix execution issues; and hopefully, over time, the macro environment starts to become a little bit easier.

坦率地說，這些節省給了我們——如果我可以稱之為，空中掩護或空間和時間來實際解決執行問題；希望隨著時間的推移，宏觀環境開始變得更容易一些。

We're not planning on that when we think about '14, but it does give us kind of this time to fix some of our execution issues.

當我們考慮 14 年時，我們並沒有計劃這樣做，但它確實給了我們一些時間來解決我們的一些執行問題。

Okay.

好的。

Thank you.

謝謝你。

The other thing I would add here is that while we are making these cost cuts, we are making investments that we think will result in revenue growth over time.

我要在這裡補充的另一件事是，在我們進行這些成本削減的同時，我們正在進行我們認為隨著時間的推移會導致收入增長的投資。

And we have three segments of businesses.

我們擁有三個業務部門。

We've got businesses that are growing, businesses that are maintaining roughly flat, and then we have declining businesses.

我們的業務正在增長，業務基本保持平穩，然後我們的業務正在下降。

The mix is now quite heavily weighted toward declining businesses.

現在，這種組合在很大程度上偏向於衰退的業務。

Over time, that mix will shift because of the investments we're making and frankly, the market shift.

隨著時間的推移，這種組合會因為我們正在進行的投資而發生變化，坦率地說，市場也會發生變化。

So our mix of business is not helping us right now, but we think over time -- take Storage, for example, so our Converged Storage business is growing very rapidly.

因此，我們的業務組合現在對我們沒有幫助，但隨著時間的推移，我們會思考——以存儲為例，因此我們的融合存儲業務增長非常迅速。

The traditional Storage business is shrinking.

傳統的存儲業務正在萎縮。

At some point, the Converged Storage gets bigger than the traditional Storage, and then you have a growth story in Storage.

在某個時候，融合存儲變得比傳統存儲更大，然後您就有了存儲的增長故事。

And that actually is a metaphor for the whole company.

這實際上是整個公司的隱喻。

So it's a financial architecture that actually works in our favor over time.

因此，隨著時間的推移，它實際上是一種對我們有利的金融架構。

But to your point, we have to continue to be vigilant about costs, we have to restructure our business, we have to make this very large company as lean and efficient as we possibly can.

但就你的觀點而言，我們必須繼續對成本保持警惕，我們必須重組我們的業務，我們必須讓這家非常大的公司盡可能地精簡和高效。

And some of the organizational changes that I announced today, I think there's more efficiency that we can gain from combining Marketing and Communications.

我今天宣布的一些組織變革，我認為我們可以通過結合營銷和傳播獲得更高的效率。

And we need to think through new models for delivering what our customers want and being laser-like focused on that, and not doing a lot of other things that aren't laser-like focused about the places that we can win and then how we're going to win there.

我們需要考慮新的模式來滿足客戶的需求，並像激光一樣專注於這一點，而不是像激光一樣專注於我們可以贏得的地方以及我們如何贏得的其他很多事情'會在那裡贏。

Right, right.

是的是的。

Okay.

好的。

Thanks, guys.

多謝你們。

Thanks, Keith.

謝謝，基思。

I think we've probably got time for maybe one more.

我想我們可能還有時間再做一次。

Ananda Baruah, Brean Capital.

Ananda Baruah，布賴恩資本。

Hello.

你好。

Thanks, guys, for taking the question.

謝謝各位，接受提問。

I guess to that end, can you give us a little bit of a sense of what's -- maybe a preview, if you will -- of what the opportunity for cost savings might be going forward?

我想為此，您能否讓我們了解一下——如果你願意的話，也許可以預覽一下——未來節省成本的機會是什麼？

Presumably, we are going to get market forces that are going to continue to be pretty aggressive across a number of segments.

據推測，我們將獲得市場力量，這些力量將繼續在許多細分市場中發揮相當積極的作用。

So even if you give us something anecdotal, that would be helpful.

所以即使你給我們一些軼事，那也會有幫助。

Thanks.

謝謝。

So listen, we have done, I think, a very good job of identifying areas of cost savings.

所以聽著，我認為，我們在確定成本節約領域方面做得非常好。

Cathie very accurately described the labor savings.

Cathie 非常準確地描述了節省的勞動力。

We have a non-labor program also in place, and we continue as we are in place.

我們還制定了一項非勞工計劃，並且我們將繼續執行現有計劃。

And consistency of leadership for Hewlett Packard is so important, because you actually have one year to the next of learning behind you and an ability to see things that you might not have seen even two or three years ago.

對於 Hewlett Packard 來說，領導力的一致性非常重要，因為您實際上有一年到下一年的學習時間，並且有能力看到甚至兩三年前您可能還沒有看到的事物。

So listen, I think there's still opportunity for us in how we support the sales force.

所以聽著，我認為我們在如何支持銷售人員方面仍有機會。

Sales operations is an opportunity for us.

銷售業務對我們來說是一個機會。

How we are organized between product marketing and category management and product management versus what takes place in the field versus what takes place in the business unit.

我們如何在產品營銷和類別管理以及產品管理與現場發生的事情與業務部門發生的事情之間進行組織。

How do we leverage our key accounts, our big accounts, between ES and the Enterprise Group?

我們如何在 ES 和 Enterprise Group 之間利用我們的關鍵客戶、我們的大客戶？

So I think there is a next generation, if you will, of learning how we can be more efficient.

所以我認為，如果你願意的話，下一代會學習如何提高效率。

You also have to remember, this Company was the product of many acquisitions, going all the way back to Compaq, EDS, Arcsite, Tipping Point, Fortify, Opswear, you name it.

您還必須記住，這家公司是多次收購的產物，可以追溯到 Compaq、EDS、Arcsite、Tipping Point、Fortify、Opswear 等等。

And while there were many acquisitions that I think were integrated well, not all of them were fully integrated in such a way that we had the right ERP systems, et cetera.

雖然我認為有許多收購整合得很好，但並非所有收購都以我們擁有正確的 ERP 系統等的方式完全整合。

So I think you'll see pockets of growth over the next year, as we continue to work on this.

所以我認為你會在明年看到一些增長，因為我們會繼續努力。

And I think we continue to take out costs.

而且我認為我們會繼續降低成本。

And we will talk a lot more about this at our security analyst meeting in October, when we really lay out all of the different elements of the fiscal '14 plans.

我們將在 10 月份的安全分析師會議上對此進行更多討論，屆時我們將真正列出 14 財年計劃的所有不同要素。

And continued cost reduction will certainly be prominently featured.

持續降低成本肯定會成為突出特點。

But let me -- I think we're ready to close.

但是讓我 - 我想我們已經準備好關閉了。

Okay.

好的。

So listen, I feel very confident in our turnaround.

所以聽著，我對我們的轉變充滿信心。

This is a journey.

這是一個旅程。

We have achieved a lot of milestones along the way, and I'm confident we're on the right track.

在此過程中，我們取得了許多里程碑，我相信我們正走在正確的軌道上。

And I'm really excited about this new management team and what we're going to accomplish for the benefit of customers, shareholders and employees.

我對這個新的管理團隊以及我們將為客戶、股東和員工的利益所做的事情感到非常興奮。

So I feel like we're on track and things are headed in the right direction.

所以我覺得我們正在走上正軌，事情正朝著正確的方向發展。

Great.

偉大的。

I think we're done.

我想我們已經完成了。

So with, that we'll conclude the call.

因此，我們將結束通話。

Thanks very much, everybody.

非常感謝大家。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes our call today.

我們今天的電話到此結束。