惠普 (HPQ) 2013 Q4 法說會逐字稿

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

女士們，先生們，美好的一天，歡迎來到惠普 2013 年第四季度財報電話會議。

My name is John, and I will be your conference moderator for today's call.

我的名字是約翰，我將成為你今天電話會議的主持人。

(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 fourth-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 年第四季度財報電話會議。

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, HP's effective tax rate, cash flow, 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、利潤率、費用、收益、每股收益、惠普有效稅率的任何預測，現金流量、股票回購、貨幣匯率或其他財務項目、管理層對未來運營的計劃、戰略和目標的任何聲明，以及與產品相關的預期發展、業績、市場份額或競爭業績的任何聲明或服務。

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.

惠普的 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 FY13 form 8-K.

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，可能與惠普 2013 財年 8-K 表格中最終報告的金額存在重大差異。

Revenue, earnings, operative margin, 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收費。

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' webpage 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。

What the final quarter of our fix and rebuild year now behind us, I'm pleased with our progress in fiscal 2013.

我們修復和重建年的最後一個季度已經過去了，我對我們在 2013 財年取得的進展感到高興。

As we said when we laid out our five-year plan, we expected that our turnaround would not be linear, and we saw that during the year.

正如我們在製定五年計劃時所說，我們預計我們的轉變不會是線性的，我們在這一年中看到了這一點。

However, as I reflect on the key priorities we outlined at the beginning of 2013, driving innovation across HP, improving operations, aligning our cost structure, and rebuilding our balance sheet, we made great progress.

然而，當我回顧我們在 2013 年初概述的關鍵優先事項時，即推動整個惠普的創新、改善運營、調整成本結構和重建資產負債表時，我們取得了很大進展。

We also saw some positive momentum in our execution, leading to pockets of revenue growth in key areas in Q4.

我們在執行方面也看到了一些積極的勢頭，導致第四季度關鍵領域的收入增長。

The fourth quarter capped a year of significant innovation at HP.

第四季度結束了惠普一年的重大創新。

We launched OneView, a revolutionary consumer-inspired infrastructure management platform that allows customers to dramatically improve data center operations while reducing cost.

我們推出了 OneView，這是一個革命性的受消費者啟發的基礎設施管理平台，它允許客戶在降低成本的同時顯著改善數據中心運營。

We introduced the new StoreVirtual storage appliance, bundled with our industry-leading ProLiant servers, underscoring our leadership in the software-defined storage market.

我們推出了新的 StoreVirtual 存儲設備，與我們行業領先的 ProLiant 服務器捆綁在一起，突顯了我們在軟件定義存儲市場的領先地位。

We also launched version 7 of the HP Vertica Analytics Platform, which dramatically simplifies analysis of semistructured data.

我們還推出了第 7 版 HP Vertica 分析平台，它極大地簡化了半結構化數據的分析。

And just last week, we announced a partnership with Salesforce.com to create the HP/Salesforce Superpod, a dedicated instance of Salesforce running exclusively on HP's converged infrastructure.

就在上週，我們宣布與 Salesforce.com 合作創建 HP/Salesforce Superpod，這是一個專門在 HP 融合基礎架構上運行的 Salesforce 專用實例。

In addition to the product innovation happening across HP, we are driving significant business model innovation as well.

除了惠普的產品創新，我們也在推動重要的商業模式創新。

In printing, we are seeing success with our Ink Advantage program and our newly-launched Instant Ink offering.

在印刷方面，我們看到了 Ink Advantage 計劃和新推出的 Instant Ink 產品的成功。

In software-defined networking, we launched a new App Store that, coupled with our network developer kit, will create the industry's first enterprise-class open ecosystem.

在軟件定義網絡方面，我們推出了新的 App Store，與我們的網絡開發工具包相結合，將創建業界首個企業級開放生態系統。

As you all know, in fiscal 2013, we focused on improving our operations, driving better cash flow, and rebuilding our balance sheet.

眾所周知，在 2013 財年，我們專注於改善我們的運營、推動更好的現金流以及重建我們的資產負債表。

These foundational improvements were critical early steps in our turnaround, and I'm extremely proud of the results we've delivered in this area.

這些基礎性改進是我們轉型的關鍵早期步驟，我為我們在這一領域取得的成果感到非常自豪。

In Q4, we brought our cash conversion cycle down to 17 days and delivered free cash flow of $2 billion.

在第四季度，我們將現金轉換週期縮短至 17 天，並實現了 20 億美元的自由現金流。

For the full year, we delivered more than $9 billion of free cash flow, well above our most recent outlook of about $8 billion.

全年，我們實現了超過 90 億美元的自由現金流，遠高於我們最近約 80 億美元的預期。

We reduced operating company net debt by more than $1 billion for the seventh consecutive quarter, and as a result, we achieved our operating company net debt goals ahead of plan.

我們連續第七個季度將運營公司的淨債務減少了超過 10 億美元，因此，我們提前實現了運營公司的淨債務目標。

We also ramped back up our share repurchase activity in the fourth quarter, and returned a combined $763 million to shareholders in the form of share repurchases and dividends.

我們還在第四季度加強了股票回購活動，並以股票回購和股息的形式向股東返還了總計 7.63 億美元。

More importantly, we once again achieved the non-GAAP diluted earnings per share we said we would, delivering $1.01 in the fourth quarter and $3.56 for fiscal 2013, at the high end of our most recently provided outlook.

更重要的是，我們再次實現了我們所說的非公認會計原則攤薄後每股收益，第四季度為 1.01 美元，2013 財年為 3.56 美元，處於我們最近提供的展望的高端。

Looking forward, we will stay committed to smart capital allocation and profitable growth.

展望未來，我們將繼續致力於明智的資本配置和盈利增長。

As we said at our security analyst meeting last month, we believe we can grow both margin and share over the longer term.

正如我們在上個月的安全分析師會議上所說，我們相信我們可以在長期內增加利潤率和份額。

We'll continue to be aggressive in targeted cases, but we have more opportunity to improve our profitability.

我們將繼續在有針對性的情況下積極進取，但我們有更多機會提高盈利能力。

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。

Overall, results in Q4 were driven by strong performance in Printing, revenue growth in the Enterprise Group, improved revenue performance in Personal Systems, plus continued execution in Software and Enterprise Services.

總體而言，第四季度的業績受到印刷業務強勁表現、企業集團收入增長、個人系統收入業績改善以及軟件和企業服務持續執行的推動。

Our Printing business delivered an excellent quarter with continued strong profitability.

我們的印刷業務在一個季度表現出色，盈利能力持續強勁。

We outperformed the market for the second successive quarter, gaining 4 points of total unit market share over the prior year.

我們連續第二個季度跑贏大市，總單位市場份額比上年增加 4 個百分點。

Revenue for the quarter was down 1%, but we saw growth of 1% in constant currency.

本季度的收入下降了 1%，但按固定匯率計算，我們看到了 1% 的增長。

For the second consecutive quarter, we grew unit placement, which was up 6% over the prior year, driven by strength in laser volume and our SMB home business.

連續第二個季度，在激光銷量和我們的 SMB 家庭業務的推動下，我們的單位佈局比去年增長了 6%。

Our managed print services business also had a good quarter, with double-digit TCV growth driven by our partner program.

我們的託管印刷服務業務也有一個不錯的季度，我們的合作夥伴計劃推動了兩位數的 TCV 增長。

In Personal Systems, we outperformed the market with particular strength in our commercial PC business.

在個人系統方面，我們在商用 PC 業務方面的表現尤其出色。

Revenue for the quarter was down 2% over the prior year, but flat in constant currency, against the backdrop of a market declining 9.5% in units in the third calendar quarter.

在第三季度市場單位下降 9.5% 的背景下，本季度的收入比上年下降 2%，但按固定匯率計算持平。

Overall, we gained 1.8 points of share over the prior year and 1.2 points sequentially.

總體而言，我們的份額比上一年增加了 1.8 個百分點，環比增加了 1.2 個百分點。

As a result, we improved our share position in all three regions.

結果，我們提高了我們在所有三個地區的份額。

In the fourth fiscal quarter, HP saw its first unit growth since the first calendar quarter of 2012, even as the market saw a continued decline in units.

在第四財季，惠普實現了自 2012 年第一季度以來的首次銷量增長，儘管市場銷量持續下滑。

Our commercial PC business grew revenue 4% over the prior year, driven by commercial notebooks, with our EliteBook Folio doing particularly well.

在商用筆記本電腦的推動下，我們的商用 PC 業務收入比上一年增長了 4%，其中我們的 EliteBook Folio 表現尤為出色。

The Personal Systems Team did a good job managing the DRAM challenges in the quarter, but we expect upward cost pressure will create a headwind in the first quarter of fiscal 2014.

個人系統團隊在本季度管理 DRAM 挑戰方面做得很好，但我們預計上漲的成本壓力將在 2014 財年第一季度造成不利影響。

We continue to manage the end-to-end cost structure of our Personal Systems business, with profitability very much in mind.

我們繼續管理我們的個人系統業務的端到端成本結構，非常注重盈利能力。

In Enterprise Services, the business is now more predictable, and we continue to execute well against our recovery plan.

在企業服務中，業務現在更加可預測，我們繼續按照我們的恢復計劃執行良好。

ES revenue was down 9% for the quarter and down 8% for the full year, well within our previously-provided outlook range.

ES 收入本季度下降 9%，全年下降 8%，遠在我們之前提供的展望範圍內。

Operating margin in the fourth quarter was 4.4%, resulting in operating margin of 2.9% for fiscal 2013, at the high end of the target range for the year.

第四季度的營業利潤率為 4.4%，導致 2013 財年的營業利潤率為 2.9%，處於年度目標範圍的高端。

In Q4, bookings were up over 30% over the prior year, driven by strong renewals.

在強勁續訂的推動下，第四季度的預訂量比上年增長了 30% 以上。

At the end of fiscal 2013, trailing 12-month book to bill was approximately 1, in line with our guidance at last year's security analyst meeting.

在 2013 財年末，過去 12 個月的賬面收賬率約為 1，與我們在去年安全分析師會議上的指導一致。

Looking to fiscal 2014, we are focused on the salesforce retooling program that we outlined at our security analyst meeting.

展望 2014 財年，我們專注於我們在安全分析師會議上概述的銷售人員重組計劃。

We will continue our relentless attention to cost and productivity as the delayed revenue runoff puts further pressure on our fiscal 2014 services revenue.

由於延遲的收入流失對我們 2014 財年的服務收入造成進一步壓力，我們將繼續不懈地關注成本和生產力。

In the Enterprise Group, we saw revenue growth of 2%, the first time we have grown revenue in eight quarters.

在企業集團，我們的收入增長了 2%，這是我們八個季度以來的首次收入增長。

We saw improved sales execution, a strong hyperscale quarter, and stabilization in Blades, complemented by revenue growth in networking and storage.

我們看到了銷售執行的改善、超大規模季度的強勁表現以及 Blades 的穩定，以及網絡和存儲的收入增長。

Overall, margins were pressured by a competitive price environment and an unfavorable mix.

總體而言，利潤率受到競爭價格環境和不利組合的壓力。

Looking forward, we are focused on improving our channel performance, driving cost savings to improve operating margins, and bringing new innovations to market in converged infrastructure.

展望未來，我們將專注於改善我們的渠道績效、推動成本節約以提高運營利潤率，以及為融合基礎設施的市場帶來新的創新。

As we discussed last quarter, we made significant leadership changes in the Enterprise Group.

正如我們上個季度所討論的，我們在企業集團中進行了重大的領導層變動。

Bill Veghte and his Leadership Team have hit the ground running, and the early signs are encouraging.

Bill Veghte 和他的領導團隊已經開始行動，早期跡象令人鼓舞。

In addition, last week, we announced that Martin Fink will assume responsibility for leading the HP cloud business as its General Manager.

此外，上週，我們宣布 Martin Fink 將擔任其總經理，負責領導惠普雲業務。

This is in addition to his role as HP CTO and Director of HP Labs.

這是他作為惠普首席技術官和惠普實驗室主任的補充。

Martin is a true technology visionary who brings tremendous understanding of the enterprise hardware and software space, extensive experience in platform development, and he literally wrote the book on Open Source.

Martin 是一位真正的技術遠見者，他對企業硬件和軟件領域有著深刻的理解，在平台開發方面擁有豐富的經驗，並且他確實寫了一本關於開源的書。

We believe Martin will help significantly accelerate our cloud business.

我們相信 Martin 將有助於顯著加速我們的雲業務。

In servers we saw very strong growth in hyperscale over the prior year, driven by several key wins, although this did put pressure on our margins in the quarter.

在服務器方面，我們看到去年超大規模的增長非常強勁，這得益於幾項關鍵勝利，儘管這確實給我們本季度的利潤率帶來了壓力。

Our Blades business recovered as the benefits of our targeted segmentation and efforts to improve operational excellence paid off.

我們的刀片業務復甦，因為我們有針對性的細分和提高運營卓越性的努力得到了回報。

We expect to gain over 1 point of share here and extend the market leadership position we have already held for 27 quarters.

我們預計將在這裡獲得超過 1 個百分點的份額，並擴大我們已經保持了 27 個季度的市場領導地位。

We saw improved sales in our mainstream server business, but we need to improve our pricing discipline and profitability.

我們看到主流服務器業務的銷售額有所改善，但我們需要改善定價規則和盈利能力。

Although revenue continued to decline and business-critical systems, we expect to hold or gain share in calendar Q3.

儘管收入和關鍵業務系統繼續下降，但我們預計在第三季度保持或獲得份額。

And we have announced plans to bring a 100% fault-tolerant HP nonstop platform to the x86 architecture.

我們還宣布了將 100% 容錯的 HP 不間斷平台引入 x86 架構的計劃。

In Storage, I'm very pleased with our progress.

在存儲方面，我對我們的進步感到非常滿意。

Total Storage product revenue grew 1% year over year, with good sequential growth.

總存儲產品收入同比增長 1%，環比增長良好。

We saw another record 3PAR quarter and are very encouraged by the strong customer acceptance we're seeing.

我們看到了另一個創紀錄的 3PAR 季度，並且對我們所看到的強大客戶接受度感到非常鼓舞。

As a result, converged storage product revenue grew 47% over the prior year.

因此，融合存儲產品收入比上一年增長了 47%。

Revenue declines moderated in traditional storage, driven by higher storage networking attach and sales of our recently refreshed entry products.

由於更高的存儲網絡連接和我們最近更新的入門產品的銷售，傳統存儲的收入下降有所緩和。

With these results, we expect to once again gain share in the combined high-end and midrange markets.

憑藉這些結果，我們預計將再次在高端和中端市場中獲得份額。

In HP Networking, we saw 3% growth, driven by strong performance in China as well as growth in EMEA.

在 HP Networking，我們看到了 3% 的增長，這得益於中國的強勁表現以及 EMEA 的增長。

We are also encouraged by our growth momentum in wireless LAN, and we will continue to focus on driving innovation in software-defined networking.

我們也對無線局域網的增長勢頭感到鼓舞，我們將繼續專注於推動軟件定義網絡的創新。

In Technology Services, revenue was down, driven by lower hardware sales in prior quarters, particularly in BCS.

在技術服務方面，由於前幾個季度硬件銷售下降，尤其是 BCS，收入下降。

However, I'm encouraged by the positive traction in new portfolio offerings, like Flexible Capacity Services and Proactive Care, new services that give customers cost-effective flexibility in their data center while ensuring they can manage spikes in demand.

然而，我對新產品組合的積極吸引力感到鼓舞，例如靈活容量服務和主動式護理，這些新服務可為客戶在其數據中心提供具有成本效益的靈活性，同時確保他們能夠管理需求高峰。

In Software, disciplined cost management resulted in operating profit of 30.8% for the quarter.

在軟件方面，嚴格的成本管理導致本季度的營業利潤為 30.8%。

Revenue decreased 9% over the prior year, although we had a tough compared to a large General Motors deal last year.

儘管與去年通用汽車的大型交易相比，我們的收入比去年下降了 9%，但我們遇到了困難。

However, the Software Team did grow in a number of areas, including good growth in cloud and automation and SaaS bookings, double-digit growth in security, after normalizing for the impact of the General Motors deal.

然而，在通用汽車交易的影響正常化之後，軟件團隊在許多領域確實有所增長，包括雲計算和自動化以及 SaaS 預訂的良好增長，安全性的兩位數增長。

And in Autonomy, we continue to make progress and saw the second successive quarter of sequential licensed revenue growth.

在 Autonomy 方面，我們繼續取得進展，並看到連續第二個季度的許可收入連續增長。

Now, let me turn to our future outlook.

現在，讓我談談我們的未來展望。

Overall, I'm very pleased with the progress we have made, but we still have a lot of work to do to drive consistent execution and navigate a rapidly-shifting marketplace.

總體而言，我對我們取得的進展感到非常滿意，但我們仍有很多工作要做，以推動一致的執行並駕馭快速變化的市場。

As we enter the third year of our turnaround, we will continue to execute against the improvement areas we outlined at our security analyst meeting last month, including increasing our commitment to research and development.

隨著我們進入轉型的第三年，我們將繼續執行我們在上個月安全分析師會議上概述的改進領域，包括增加我們對研發的承諾。

This work broadly falls into three buckets.

這項工作大致分為三個方面。

The first is the shifting market forces.

首先是不斷變化的市場力量。

As an example, in Personal Systems, we are making progress on our mobility strategy, but we still have not broken through.

例如，在個人系統方面，我們的移動戰略正在取得進展，但我們仍未取得突破。

Similarly, we are still in early stages of building an ecosystem to capture a greater share of personal device accessories and services.

同樣，我們仍處於建立生態系統以獲取更大份額的個人設備配件和服務的早期階段。

Second is the changing competitive landscape.

二是競爭格局的變化。

We need to keep the customer at the center of what we do and deliver comprehensive and innovative solutions as our competitors look to expand across the IT stack.

當我們的競爭對手希望在 IT 堆棧中擴展時，我們需要將客戶置於我們工作的中心，並提供全面和創新的解決方案。

And finally, the third bucket is our own ability to execute.

最後，第三個桶是我們自己的執行能力。

At our security analyst meeting, we highlighted a number of areas where we need to execute better.

在我們的安全分析師會議上，我們強調了一些我們需要更好地執行的領域。

For example, we need to do more work to fix our go-to-market strategy in Enterprise Group, particularly in channel engagement and pricing.

例如，我們需要做更多的工作來確定我們在 Enterprise Group 中的上市戰略，特別是在渠道參與和定價方面。

On cost management, we are optimizing our service delivery in Enterprise Services, and as we reinvigorate our core software business, we must ensure we have the right back-office systems and operational excellence to support this effort.

在成本管理方面，我們正在優化企業服務中的服務交付，在重振核心軟件業務的同時，我們必須確保我們擁有合適的後台系統和卓越運營來支持這項工作。

As a result of both the challenges and the progress we're making, we expect first quarter non-GAAP earnings per share will be $0.82 to $0.86, and our full-year outlook is $3.55 to $3.75.

由於挑戰和我們正在取得的進展，我們預計第一季度非公認會計原則每股收益將為 0.82 美元至 0.86 美元，我們的全年展望為 3.55 美元至 3.75 美元。

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。

In the fourth quarter of fiscal 2013, we generated revenue of $29.1 billion, down 3% year over year and down only 1% in constant currency.

2013 財年第四季度，我們創造了 291 億美元的收入，同比下降 3%，按固定匯率計算僅下降 1%。

Total FY13 revenue was $112.3 billion, down 7% year over year, or down 5% in constant currency.

2013 財年總收入為 1123 億美元，同比下降 7%，或按固定匯率計算下降 5%。

We saw year-over-year revenue growth this quarter in Industry Standard Servers, Networking, Storage, and constant currency revenue growth in Printing.

我們看到本季度行業標準服務器、網絡、存儲和印刷領域的固定貨幣收入增長的收入同比增長。

Personal Systems' performance was better than expected, and sales outpaced the market.

個人系統的表現好於預期，銷售額超過市場。

Enterprise Services was broadly in line, and Software had a tough year-over-year compare, but continued to drive growth in key areas while expanding operating profit.

企業服務大致符合預期，軟件與去年同期相比表現不佳，但在擴大營業利潤的同時繼續推動關鍵領域的增長。

On a regional basis, America's fourth-quarter revenue was $13.3 billion, down 2% year over year, or down 1% in constant currency.

按地區劃分，美國第四季度收入為 133 億美元，同比下降 2%，按固定匯率計算下降 1%。

US revenue was down slightly, with declines also in Brazil and Canada, and America's full-year revenue declined 6%.

美國收入略有下降，巴西和加拿大也出現下滑，美國全年收入下降 6%。

EMEA fourth-quarter revenue of $10.3 billion was down 4% year over year, or down 5% in constant currency.

EMEA 第四季度收入為 103 億美元，同比下降 4%，或按固定匯率計算下降 5%。

The Q4 EMEA environment remained tough, although sales declined less year over year than in Q3, and we saw growth in Germany and other pockets of Western Europe.

第四季度歐洲、中東和非洲的環境依然嚴峻，儘管銷售額同比下降幅度低於第三季度，而且我們看到德國和西歐其他地區的銷售額有所增長。

Full-year EMEA revenue declined 9%.

全年 EMEA 收入下降 9%。

APJ fourth-quarter revenue was $5.6 billion, down 1% year over year, but up 4% in constant currency.

APJ 第四季度收入為 56 億美元，同比下降 1%，但按固定匯率計算增長 4%。

In Q4, we saw strong growth in India, mostly due to our recent educational PC win in the state of Uttar Pradesh.

在第四季度，我們看到了印度的強勁增長，這主要是由於我們最近在北方邦獲得了教育 PC 的勝利。

This offset weaker China performance across many of our businesses, although networking continued to perform well in China.

這抵消了我們許多業務在中國的疲軟表現，儘管網絡在中國繼續表現良好。

APJ full-year revenue declined 5%.

APJ 全年收入下降 5%。

Overall, we're pleased with our fourth-quarter results.

總體而言，我們對第四季度的業績感到滿意。

Revenue declines moderated, demonstrating the quality and the competitiveness of our portfolio.

收入下降放緩，表明我們投資組合的質量和競爭力。

At the same time, we recognize we have more work to do on continuing to align our cost structure to support profitable long-term growth.

與此同時，我們認識到，在繼續調整成本結構以支持盈利的長期增長方面，我們還有更多工作要做。

Our Q4 gross margin was 23%, down 1.2 points year over year, and down 0.4 points sequentially.

我們第四季度的毛利率為 23%，同比下降 1.2 個百分點，環比下降 0.4 個百分點。

The year-over-year decline was mostly driven by competitive pricing environment and an unfavorable mix across the Enterprise Group, particularly in ISS.

同比下降主要是由於競爭激烈的定價環境和整個企業集團的不利組合，特別是在國際空間站。

Sequentially, the competitive dynamics in the Enterprise Group and Personal Systems were mostly offset by the seasonal uptick in Enterprise Services and an improvement in printing.

隨後，企業集團和個人系統的競爭動態大部分被企業服務的季節性增長和印刷的改善所抵消。

Our full-year gross margin was 23.1%, down 0.2 points year over year, as the competitive pricing pressures in EG and Personal Systems were partially offset by margin improvement in Printing.

我們的全年毛利率為 23.1%，同比下降 0.2 個百分點，因為 EG 和個人系統的競爭性定價壓力部分被印刷利潤率的提高所抵消。

Savings from our restructuring program in Enterprise Services and Technology Services were offset by revenue declines in those businesses.

我們在企業服務和技術服務方面的重組計劃所節省的資金被這些業務的收入下降所抵消。

In the fourth quarter, we had non-GAAP operating expenses of $4.1 billion, down 1.4% year over year, and up 0.2% sequentially.

第四季度，我們的非公認會計原則運營費用為 41 億美元，同比下降 1.4%，環比增長 0.2%。

R&D is down due to streamlined operations across the Enterprise Group and lower R&D expenses, specifically within BCS.

由於整個企業集團的運營簡化和研發費用降低，特別是在 BCS 內部，研發費用下降。

Long term, we remain focused on investing in innovation across the organization, and in fact, we've added headcount in engineering in FY13.

從長遠來看，我們仍然專注於整個組織的創新投資，事實上，我們在 2013 財年增加了工程人員。

SG&A is up around 3.8% year over year, although that largely reflects the impact of our real estate gain in the prior-year quarter.

SG&A 同比增長約 3.8%，儘管這在很大程度上反映了我們上一季度房地產收益的影響。

We also made investments to improve operational efficiency, which are already driving significantly shorter quote turnaround time and improved win rates.

我們還進行了投資以提高運營效率，這已經大大縮短了報價周轉時間並提高了勝率。

Total non-GAAP operating expenses in fiscal 2013 were $16.4 billion, down 2.9% year over year.

2013 財年非美國通用會計準則運營費用總額為 164 億美元，同比下降 2.9%。

This reduction was mostly due to savings from our labor restructuring initiative and our ongoing efforts to better align costs with revenue.

這種減少主要是由於我們的勞動力重組計劃以及我們不斷努力更好地使成本與收入保持一致。

For the year, across cost of sales and OpEx, we saw labor savings of approximately $2 billion, slightly below the range we estimated for you at the beginning of the year.

今年，在銷售成本和運營支出方面，我們節省了大約 20 億美元的勞動力，略低於我們在年初為您估計的範圍。

But total savings, including non-labor, were in line with expectations.

但包括非勞動力在內的總節省符合預期。

We are continuing to look for further cost savings, and while we are still in the early stages, we believe there may be incremental opportunity.

我們正在繼續尋求進一步的成本節約，雖然我們仍處於早期階段，但我們相信可能會有更多的機會。

Our fourth-quarter non-GAAP operating profit was $2.6 billion, down 16% year over year, but up sequentially 14%.

我們第四季度非公認會計準則營業利潤為 26 億美元，同比下降 16%，但環比增長 14%。

We recorded $103 million of expense on the other income and expense line, a decline from the prior year, due in part to currency gains in the quarter.

我們在其他收入和支出項目上記錄了 1.03 億美元的支出，比上一年有所下降，部分原因是本季度的貨幣收益。

With a 22% tax rate and a share count of 1.94 billion shares outstanding, we delivered fourth-quarter non-GAAP diluted earnings per share of $1.01.

憑藉 22% 的稅率和 19.4 億股流通股，我們實現了第四季度非公認會計原則攤薄後每股收益 1.01 美元。

Fourth-quarter non-GAAP earnings exclude pretax charges of $371 million for restructuring and $317 million for amortization of intangible assets.

第四季度非公認會計原則收益不包括用於重組的 3.71 億美元稅前費用和用於無形資產攤銷的 3.17 億美元。

For the full year, non-GAAP diluted earnings per share was $3.56, which is at the high end of the $3.40 to $3.60 outlook we provided at our security analyst meeting in 2012.

全年，非公認會計原則攤薄後每股收益為 3.56 美元，這是我們在 2012 年證券分析師會議上提供的 3.40 至 3.60 美元前景的高端。

Full-year non-GAAP earnings exclude pretax charges of $1.4 billion for amortization of intangible assets, $1 billion for restructuring, and $22 million of acquisition-related charges.

全年非公認會計原則收益不包括 14 億美元的無形資產攤銷稅前費用、10 億美元的重組費用和 2200 萬美元的收購相關費用。

Turning to the Business units.

轉向業務部門。

We're very pleased with the fourth-quarter performance in Printing.

我們對印刷業第四季度的表現感到非常滿意。

The initiatives we've begun executing to increase printing relevance, drive high-usage units, and improve unit shares are paying off.

我們已經開始執行以提高打印相關性、推動高使用率單位和提高單位份額的舉措正在取得成效。

Q4 revenue of $6 billion was down 1% year over year, but up 1% in constant currency, as hardware unit growth offset declines in supplies.

第四季度收入為 60 億美元，同比下降 1%，但按固定匯率計算增長 1%，因為硬件單位的增長抵消了供應的下降。

Total unit shipments grew 6% over last year, and this was the second quarter in a row of year-over-year unit growth, and as Meg said, we continue to gain share.

總出貨量比去年增長 6%，這是連續第二個季度同比增長，正如 Meg 所說，我們繼續獲得份額。

We are seeing great results with Ink in the Office, which helped drive Q4 SMB hardware sales up double digits, and Ink Advantage had strong performance across all regions.

我們看到 Ink in the Office 取得了不錯的成績，這有助於推動第四季度 SMB 硬件銷售額增長兩位數，並且 Ink Advantage 在所有地區都有強勁的表現。

In the laser market, in calendar Q3, HP grew at over twice the rate of the rest of the market, and graphics revenue grew to a record level in Q4.

在激光市場，在第三季度，惠普的增長率是其他市場的兩倍多，圖形收入在第四季度增長到創紀錄的水平。

Within graphics, digital press, which includes Indigo saw a double-digit growth.

在圖形方面，包括 Indigo 在內的數字印刷機實現了兩位數的增長。

Printing operating profit was $1.1 billion, or 17.7% of revenue, up 0.2 points from the prior-year period.

印刷營業利潤為 11 億美元，佔收入的 17.7%，比去年同期增長 0.2 個百分點。

Unfavorable yen impact and operational improvements were mostly offset by lower supplies mix.

不利的日元影響和運營改善大部分被較低的供應組合所抵消。

Commercial hardware revenue grew 5% year over year, while units grew 9%, driven by strength in transaction laser, Managed Print Services, and graphics.

商業硬件收入同比增長 5%，而單位收入增長 9%，這主要得益於激光交易、託管打印服務和圖形的實力。

Consumer hardware revenue grew 7%, while units grew 4% year over year in Q4.

消費硬件收入增長 7%，而第四季度的銷量同比增長 4%。

Officejet Pro X, a great example of our recent innovations, is seeing strong customer traction.

Officejet Pro X 是我們近期創新的一個很好的例子，它正在獲得強大的客戶吸引力。

Supplies revenue declined 4% from the prior-year period and made up 63.9% of Printing revenue.

耗材收入較去年同期下降 4%，佔印刷收入的 63.9%。

Supplies declined only 0.5% on a constant currency basis.

按固定匯率計算，供應量僅下降 0.5%。

The Team executed well in the quarter, and supplies channel inventory levels are back down within our targeted range.

該團隊在本季度表現良好，供應渠道庫存水平回落到我們的目標範圍內。

Personal Systems performed better than expected in the quarter, driven by commercial sales and supported by the India PC deal I mentioned earlier.

在商業銷售的推動和我之前提到的印度 PC 交易的支持下，個人系統在本季度的表現好於預期。

Fourth-quarter revenue was $8.6 billion, down just 2% over prior year, and almost flat in constant currency, reflecting the good progress Dion is making.

第四季度收入為 86 億美元，僅比去年同期下降 2%，按固定匯率計算幾乎持平，反映出 Dion 取得的良好進展。

Total unit shipments grew 2% year-over-year in Q4, with growth in both consumer and commercial.

第四季度總出貨量同比增長 2%，消費和商業均有所增長。

Consumer sales declined 10% year over year, but grew 19% sequentially, while commercial revenue grew 4% over prior year, and 8% sequentially.

消費者銷售額同比下降 10%，但環比增長 19%，而商業收入同比增長 4%，環比增長 8%。

Personal Systems operating profit of $259 million, or 3% of revenue, was down 0.5 points over prior year.

個人系統營業利潤為 2.59 億美元，佔收入的 3%，比去年下降 0.5 個百分點。

As we discussed in our recent analyst meeting, we remain focused on improving long-term profitability and returning this business to growth.

正如我們在最近的分析師會議上所討論的那樣，我們仍然專注於提高長期盈利能力並使這項業務恢復增長。

Our channel partners are key to helping us succeed, and we continue to seek opportunities to make it easier to promote and sell HP products.

我們的渠道合作夥伴是幫助我們取得成功的關鍵，我們將繼續尋找機會，讓惠普產品的推廣和銷售變得更加容易。

For example, we are expanding our receivable programs to support the demand of our resellers and distributors.

例如，我們正在擴大我們的應收賬款計劃，以支持我們的經銷商和分銷商的需求。

Our fourth-quarter Enterprise Group results proved that we can be competitive across our portfolio, but we still have work to do so that we can continue to win deals at the right margins.

我們第四季度的企業集團業績證明，我們可以在我們的投資組合中具有競爭力，但我們仍有工作要做，以便我們能夠繼續以適當的利潤率贏得交易。

EG revenue grew 2% year-over-year to $7.6 billion in Q4, with growth in Industry Standard Servers, networking, and storage.

EG 第四季度的收入同比增長 2% 至 76 億美元，其中行業標準服務器、網絡和存儲均有所增長。

Operating profit was $1.1 billion, or 14.5% of revenue, down 2 points from last year.

營業利潤為 11 億美元，佔收入的 14.5%，比去年下降 2 個百分點。

We experienced competitive pricing, particularly in ISS and networking, higher cost of service delivery in TS, and an unfavorable margin mix from strong hyperscale revenue.

我們經歷了有競爭力的定價，特別是在 ISS 和網絡方面，TS 中更高的服務交付成本，以及超大規模收入帶來的不利利潤組合。

In general, the pricing environment remains similar to Q3, with continued aggressive pricing specifically in ISS, and to a lesser extent, in networking.

總體而言，定價環境與第三季度相似，特別是在 ISS 和在較小程度上在網絡方面繼續積極定價。

By business, Industry Standard Server revenue grew 10% year over year to $3.5 billion, significantly outpacing the market, with strong sales in hyperscale, which grew by double digits, due in part to one large deal.

按業務劃分，行業標準服務器收入同比增長 10% 至 35 億美元，顯著超過市場，超大規模的銷售強勁，增長了兩位數，部分原因是一筆大筆交易。

Storage revenue grew 1% year over year to $952 million, with very strong growth in converged storage, which represented 43% of total storage revenue for the quarter, up 13.5 points year over year.

存儲收入同比增長 1% 至 9.52 億美元，其中融合存儲增長非常強勁，佔本季度存儲總收入的 43%，同比增長 13.5 個百分點。

As Meg mentioned, we saw great traction with 3PAR, which grew 64% year over year.

正如 Meg 所說，我們看到了 3PAR 的巨大吸引力，同比增長 64%。

When you combine 3PAR, XP and EDA, you have a metric that adjusts for the planned product transition, and based on this, we outgrew the market again this quarter.

當您將 3PAR、XP 和 EDA 結合起來時，您就有了一個針對計劃中的產品過渡進行調整的指標，基於此，我們在本季度再次超越了市場。

Business Critical Systems revenue declined 17% year over year to $334 million, due to a declining UNIX market.

由於 UNIX 市場下滑，關鍵業務系統收入同比下降 17% 至 3.34 億美元。

Networking sales grew 3% year over year in the quarter to $656 million, led by strong growth in China and more moderate growth across the rest of APJ and EMEA.

本季度網絡銷售額同比增長 3% 至 6.56 億美元，主要得益於中國的強勁增長以及亞太及日本和歐洲、中東和非洲其他地區的溫和增長。

Revenue in the Americas was down year over year, but we are taking action to improve results by targeting areas where we can win and deliver disruptive solutions.

美洲的收入同比下降，但我們正在採取行動，通過瞄准我們可以贏得併提供顛覆性解決方案的領域來改善結果。

Technology Services revenue declined 6% year over year, to $2.2 billion in Q4, or 4% in constant currency.

技術服務收入同比下降 6%，第四季度為 22 億美元，按固定匯率計算下降 4%。

We are moving to reduce reliance on traditional hardware businesses and offer new services to address the new style of IT.

我們正在減少對傳統硬件業務的依賴，並提供新服務來應對新型 IT。

The Enterprise Services business performed broadly, as expected in the quarter.

正如本季度預期的那樣，企業服務業務表現廣泛。

Revenue of $5.8 billion was down 9% year over year, due to the account runoff we discussed.

由於我們討論的賬戶流失，58 億美元的收入同比下降 9%。

ES operating profit of $255 million, or 4.4% of revenue, was down 2.3 points year over year, as the revenue runoff offset continued improvements in productivity and underperforming contracts.

ES 營業利潤為 2.55 億美元，佔收入的 4.4%，同比下降 2.3 個百分點，因為收入流失抵消了生產力的持續改善和表現不佳的合同。

By business, IT outsourcing revenue was $3.6 billion, down 9% year over year, primarily due to runoff pressures, and we saw declines across all regions.

按業務劃分，IT 外包收入為 36 億美元，同比下降 9%，主要是由於徑流壓力，我們看到所有地區都出現了下降。

Applications and Business Services revenue was $2.2 billion, down 10% year over year, primarily due to softness in the Applications business.

應用程序和商業服務收入為 22 億美元，同比下降 10%，主要是由於應用程序業務疲軟。

Overall, we saw good momentum in signings and had strong renewal rates in our expiring contracts.

總體而言，我們看到簽約勢頭良好，到期合同的續約率很高。

Strategic Enterprise Services, which includes cloud, big data, application modernization, and security, grew double digits.

包括雲、大數據、應用程序現代化和安全性在內的戰略企業服務增長了兩位數。

As discussed at our analyst meeting last month, we are pivoting to a more proactive sales approach, and longer term, we are focused on building out our portfolio to push more aggressively with Strategic Enterprise Services.

正如我們在上個月的分析師會議上所討論的，我們正在轉向更積極的銷售方式，從長遠來看，我們專注於構建我們的產品組合，以更積極地推動戰略企業服務。

Now, turning to Software.

現在，轉向軟件。

Overall, Software also performed in line with expectations, with good margin performance in the quarter.

總體而言，軟件的表現也符合預期，本季度利潤率表現良好。

Operating profit for the quarter was $328 million, or 30.8% of revenue.

本季度營業利潤為 3.28 億美元，佔收入的 30.8%。

This was up 3.6 points year over year and 10.3 points sequentially, driven by great cost management and our efforts to exit low-margin Professional Service contracts while we continue to invest in innovation.

這一數字同比增長 3.6 個百分點，環比增長 10.3 個百分點，這得益於出色的成本管理以及我們在繼續投資創新的同時努力退出低利潤專業服務合同的努力。

Revenue declined 9% year over year to $1.1 billion on a tough year-over-year compare.

與去年同期相比，收入同比下降 9% 至 11 億美元。

You'll recall that last year in the fourth quarter fiscal 2012, we signed a General Motors contract.

您會記得去年在 2012 財年第四季度，我們簽署了通用汽車的合同。

That is the largest customer deployment of HP software on record.

這是有記錄以來最大的客戶部署惠普軟件。

Excluding that deal, revenue declined low single digits.

不包括那筆交易，收入下降了低個位數。

License revenue in the fourth quarter was down 24% year over year, as the shift to SaaS continues to impact us and given the large GM license deal last year.

第四季度的許可收入同比下降 24%，因為轉向 SaaS 繼續影響著我們，並考慮到去年通用汽車的大規模許可交易。

Support revenue grew 4% over the prior year, and Professional Services revenue declined 13%.

支持收入同比增長 4%，專業服務收入下降 13%。

SaaS revenue was up 15% over the prior year, with higher bookings growth across all business units, particularly in Autonomy, IT Management, and Fortify on Demand.

SaaS 收入比上一年增長 15%，所有業務部門的預訂量增長都較高，特別是在自治、IT 管理和 Fortify on Demand 方面。

We have received great feedback from our customers and partners on HAVEn, our big-data analytics platform, and going forward, we are focused on delivering new, innovative solutions.

我們的客戶和合作夥伴對我們的大數據分析平台 HAVEn 給予了很好的反饋，今後我們將專注於提供新的創新解決方案。

Additionally, as described at our analyst meeting, we are focused on rejuvenating the IT Management business and expanding Autonomy.

此外，正如我們的分析師會議所述，我們專注於振興 IT 管理業務並擴大 Autonomy。

HP Financial Services revenue in the quarter declined 6% year over year to $912 million.

本季度惠普金融服務收入同比下降 6% 至 9.12 億美元。

Financing volume was down 3% year over year, with net portfolio assets of $12.2 billion.

融資量同比下降 3%，投資組合淨資產為 122 億美元。

Operating profit for the business was $102 million or 11.2% of revenue.

該業務的營業利潤為 1.02 億美元，佔收入的 11.2%。

The return on equity in HP Financial Services continue to be strong at 18.9% for the fourth quarter and 17.8% for the full year.

惠普金融服務的股本回報率繼續保持強勁，第四季度為 18.9%，全年為 17.8%。

Turning now to cash flow and capital allocation.

現在轉向現金流和資本配置。

We generated operating cash flow of $2.8 billion in the fourth quarter and $11.6 billion for the full year.

我們在第四季度產生了 28 億美元的經營現金流，全年產生了 116 億美元。

This is drove Q4 free cash flow of $2 billion and fiscal 2013 free cash flow of $9.1 billion, up 21% year over year.

這推動了第四季度 20 億美元的自由現金流和 2013 財年 91 億美元的自由現金流，同比增長 21%。

Our strong cash flow performance was driven by a disciplined focus on working capital throughout the year.

我們強勁的現金流表現得益於全年對營運資金的嚴格關注。

In the fourth quarter, we were able to get the cash conversion cycle to 17 days, down 4 days year over year, through improvements in days payable and lower inventory days.

在第四季度，通過改進應付天數和降低庫存天數，我們能夠將現金轉換週期縮短至 17 天，同比減少 4 天。

I'm pleased with the progress we've made this year, and we will continue to focus on working capital going forward.

我對我們今年取得的進展感到高興，我們將繼續專注於未來的營運資金。

For example, we are making improvements to our payment terms with key suppliers.

例如，我們正在改進與主要供應商的付款條款。

As we said at our analyst meeting, we believe a cash conversion cycle in the low 20 days is sustainable, although we continue to look for ways to drive a better result.

正如我們在分析師會議上所說，我們相信 20 天內的現金轉換週期是可持續的，儘管我們繼續尋找方法來推動更好的結果。

With this Q4 cash flow, we returned $479 million to shareholders in the form of share repurchases, buying 21.5 million shares, and paid $284 million in dividends.

憑藉第四季度的現金流，我們以股票回購的形式向股東返還了 4.79 億美元，購買了 2150 萬股，並支付了 2.84 億美元的股息。

We ended the year with gross cash of $12.5 billion and moved to an operating company net cash position of $103 million.

到年底，我們的現金總額為 125 億美元，運營公司的淨現金頭寸為 1.03 億美元。

We reduced gross debt by over $5.5 billion in fiscal 2013, and have improved our net debt position by over $12 billion since the beginning of fiscal 2012.

我們在 2013 財年將總債務減少了超過 55 億美元，自 2012 財年開始以來，我們的淨債務狀況改善了超過 120 億美元。

We are extremely pleased with the progress we've made on our goal of rebuilding our balance sheet.

我們對我們在重建資產負債表的目標方面取得的進展感到非常滿意。

In fiscal 2014, we remain committed to the capital allocation priorities that we outlined at our analyst meeting in October.

在 2014 財年，我們將繼續致力於我們在 10 月份的分析師會議上概述的資本配置優先事項。

Looking forward to Q1, at a macro level, the environment remains challenging and somewhat choppy.

展望第一季度，在宏觀層面上，環境仍然充滿挑戰並且有些波動。

EMEA continues to be soft, and China and other high-growth markets continue to face pressure.

EMEA 繼續疲軟，中國和其他高增長市場繼續面臨壓力。

We expect currency to be about a 1-point headwind year over year to revenue in Q1.

我們預計貨幣對第一季度的收入同比增長約 1 個百分點。

By business, in Printing, we will continue to invest in unit placements, where the lifetime return on the unit makes economic sense, and we expect to drive continued momentum in key strategies across ink, laser, and graphics.

就業務而言，在印刷方面，我們將繼續投資於單位佈局，其中單位的終生回報具有經濟意義，我們希望推動墨水、激光和圖形等關鍵戰略的持續發展勢頭。

For Personal Systems, we expect a greater revenue decline in Q1 than Q4, as we will not have the same big deal benefit, and expect commodity costs to pressure margins.

對於個人系統，我們預計第一季度的收入下降幅度將大於第四季度，因為我們不會獲得同樣大的收益，並且預計商品成本將給利潤率帶來壓力。

As we focus on profitability, this costs pressure may limit revenue upside.

由於我們專注於盈利能力，這種成本壓力可能會限制收入增長。

In Enterprise Group, we expect revenue may decline from Q4 with a smaller impact from the large hyperscale deal we mentioned.

在 Enterprise Group 中，我們預計收入可能會從第四季度開始下降，而我們提到的超大規模交易的影響較小。

However, we expect continued traction in converged storage, networking, and converged infrastructure.

但是，我們預計融合存儲、網絡和融合基礎設施將繼續受到關注。

In ES, we expect the delayed revenue runoff from fiscal 2013 to negatively impact Q1 growth and put pressure on first-half results overall.

在 ES，我們預計 2013 財年延遲的收入流失將對第一季度的增長產生負面影響，並對上半年的整體業績造成壓力。

Finally, in Software, we will accelerate our shift to SaaS and our Professional Services rationalization, while investing in our disruptive growth opportunities like HAVEn and security.

最後，在軟件方面，我們將加速轉向 SaaS 和我們的專業服務合理化，同時投資於我們的顛覆性增長機會，如 HAVEn 和安全性。

With that context, we continue to expect full-year fiscal 2014 non-GAAP earnings per share to be in the range of $3.55 to $3.75.

在此背景下，我們繼續預計 2014 財年全年非公認會計原則每股收益將在 3.55 美元至 3.75 美元之間。

For fiscal 2014 Q1, we expect non-GAAP earnings per share to be in the range of $0.82 to $0.86.

對於 2014 財年第一季度，我們預計非公認會計準則每股收益將在 0.82 美元至 0.86 美元之間。

From a GAAP perspective, we continue to expect a full-year GAAP earnings per share to be in the range of $2.85 to $3.05.

從 GAAP 的角度來看，我們繼續預計全年 GAAP 每股收益將在 2.85 美元至 3.05 美元之間。

And GAAP earnings per share for fiscal Q1 is expected to be in the range of $0.60 to $0.64.

第一財季的 GAAP 每股收益預計在 0.60 美元至 0.64 美元之間。

We don't guide quarterly cash flow, but note that we have several factors that will significantly temper cash flow generation in the first quarter, including our annual bonus payments and accelerated restructuring payout.

我們不指導季度現金流，但請注意，我們有幾個因素將顯著抑制第一季度的現金流產生，包括我們的年度獎金支付和加速重組支付。

With that, I'll open it up for questions.

有了這個，我會打開它來提問。

(Operator Instructions)

（操作員說明）

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Thanks, good afternoon.

謝謝，下午好。

What do you attribute the improved unit performance in PCs, printers, and servers, if you can just walk through those three segments?

如果您可以了解這三個部分，您認為 PC、打印機和服務器的改進單元性能是什麼？

And more importantly, does the fiscal fourth-quarter revenue performance give you any confidence that there is at least an opportunity to actually perform better on the revenue line then you had originally planned for fiscal 2014?

更重要的是，第四財季的收入表現是否讓你有信心至少有機會在收入線上實際表現比你最初計劃的 2014 財年更好？

Hi, Katy.

嗨，凱蒂。

It's Meg.

是梅格。

Let me take that, and I'll let Cathie chime in as well.

讓我接受，我也會讓 Cathie 插嘴。

So let me answer your last question first.

所以讓我先回答你的最後一個問題。

I think the characterization of the business that we laid out at the security analyst meeting just 6 weeks ago remains the same.

我認為我們在 6 週前的安全分析師會議上提出的業務特徵保持不變。

Obviously, there was real acceptance by our products and services in Q4, so we're encouraged by that.

顯然，我們的產品和服務在第四季度得到了真正的認可，因此我們對此感到鼓舞。

But we've got macro economic headwinds almost across the board, and we still have a lot of work to do in our go to market.

但我們幾乎全面面臨宏觀經濟逆風，我們在進入市場方面還有很多工作要做。

So I think it's prudent to characterize the business the exact same way we did at the security analyst meeting.

因此，我認為以我們在安全分析師會議上所做的完全相同的方式來描述業務是謹慎的。

In terms of units, in our printing business, you'll recall we have to look at the total lifetime value of a unit that we place the market.

就單位而言，在我們的印刷業務中，您會記得我們必須查看我們投放市場的單位的總生命週期價值。

And we, over the last couple quarters, have been aggressive now at placing units that have a positive lifetime value.

而且，在過去的幾個季度中，我們現在一直在積極地放置具有正生命週期價值的單元。

And we're going to continue to do that because that's an investment in the future of that business.

我們將繼續這樣做，因為這是對該業務未來的投資。

In the server business, listen, we strengthened our go to market in just the last 6 weeks of the quarter.

在服務器業務中，聽著，我們在本季度的最後 6 週內加強了我們的上市。

I think we were more focused on market segmentation.

我認為我們更關注市場細分。

We did a better job with the channel.

我們在頻道上做得更好。

Of course, we would've liked to have see more margin drop than we did in EG.

當然，我們希望看到比 EG 更多的利潤率下降。

But listen, I'm encouraged by the fact that we got more aggressive, we had good quality, and I think our products were very well accepted, and I know we can do better in terms of managing the margin.

但是聽著，我們變得更加積極進取，質量很好，而且我認為我們的產品很受歡迎，我知道我們可以在管理利潤方面做得更好，這讓我感到鼓舞。

We're capable of more, and we recognize that we've got more work to do.

我們有更多的能力，我們認識到我們還有更多的工作要做。

And whether that's around customer segmentation, optimizing our cost structure, more bundles to get a better blended margin, we know what to do and actually are in progress with that as we head into Q1.

無論是圍繞客戶細分、優化我們的成本結構、更多捆綁以獲得更好的混合利潤，我們都知道該做什麼，並且在我們進入第一季度時實際上正在進行中。

Cathie, do you want to add anything to that?

凱茜，你想補充什麼嗎？

I think the only thing that I would add is that in the PSG space, it was heavily skewed to commercial units, which is really where we're seeing more of the mix to shift.

我想我唯一要補充的是，在 PSG 領域，它嚴重偏向於商業單位，這確實是我們看到更多組合轉變的地方。

And that's been going on now for probably the last couple of years, but certainly a pretty strong shift in fiscal 2013, and we expect that to continue into 2014.

這可能在過去幾年一直在進行，但在 2013 財年肯定會發生相當大的轉變，我們預計這種情況將持續到 2014 年。

And then IPG, it's really Ink in the Office that helps really drive unit placements.

然後是 IPG，它真的是辦公室裡的墨水，它有助於真正推動單位放置。

Those are good quality units, high usage units.

那些是優質單位，高使用單位。

Multifunction printers, the fact that we've got a pretty -- almost entirely new product lineup is also helping us there.

多功能打印機，我們擁有漂亮的——幾乎全新的產品陣容這一事實也為我們提供了幫助。

And then graphics, we had a very strong quarter in graphics, especially when you look at Indigo.

然後是圖形，我們在圖形方面有一個非常強勁的季度，尤其是當您查看 Indigo 時。

And so I would say that in IPG, from a unit placement perspective, we're really hitting on almost all cylinders here.

所以我想說的是，在 IPG 中，從單位佈局的角度來看，我們真的在這裡擊中了幾乎所有的圓柱體。

Great.

偉大的。

Super.

極好的。

Thanks, Katy for the question.

謝謝，凱蒂的問題。

Next question, please?

請問下一個問題？

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

Yes, good day, afternoon.

是的，美好的一天，下午。

Thank you very much.

非常感謝。

I just wanted to talk a little bit about the margin sustainability in Printing and how it foots to your guidance for the next quarter and the year.

我只是想談談印刷的利潤率可持續性以及它如何與您對下一季度和下一年度的指導有關。

That there seems like there was major yen benefit in the quarter, and while the operating margin year over year was only a little better, I think it was much better than people expected.

本季度日元似乎有很大的收益，雖然營業利潤率同比僅略好一點，但我認為這比人們預期的要好得多。

So I wanted to foot the margins in Printing to the first quarter in the year and see if you can keep up this level of outperformance.

所以我想把印刷業務的利潤留到今年第一季度，看看你是否能保持這種出色的表現水平。

And what you're going to do about pricing and hardware, why not get more aggressive?

你將在定價和硬件方面做些什麼，為什麼不變得更加激進呢？

Thanks.

謝謝。

Thanks, Ben let me start with that.

謝謝，本讓我從那開始。

As we shared at the security analyst meeting, we are expecting a positive year from an EPS contribution perspective from IPG.

正如我們在安全分析師會議上所分享的，從 IPG 的每股收益貢獻的角度來看，我們預計會有積極的一年。

As we laid out there, we expect somewhere between $0.07 and $0.11 of incremental EPS before they get their share of the $0.12 of investment.

正如我們在那裡所說的那樣，我們預計在他們獲得 0.12 美元投資的份額之前，每股收益將增加 0.07 美元到 0.11 美元之間。

And our strategies in the segment are paying off.

我們在該領域的戰略正在取得成效。

We're really focused on driving print relevance.

我們真正專注於推動印刷相關性。

We're focused on driving high-usage units, whether that's Ink in the Office, Ink Advantage for the emerging markets, ink subscription for the developed markets.

我們專注於推動高使用率的單位，無論是 Ink in the Office、新興市場的 Ink Advantage 還是發達市場的墨水訂閱。

And then obviously, the multi-function printers and managed print services.

然後很明顯，多功能打印機和託管打印服務。

So we feel really good about the progress that we're making under those initiatives.

因此，我們對我們在這些舉措下取得的進展感覺非常好。

And we think that that, combined with a disciplined approach to profitability, really looking at opportunities across the portfolio where we can simplify, unify or go to market, really make sure that the contra dollars are as effective as they can be.

我們認為，結合嚴格的盈利方法，真正尋找投資組合中的機會，我們可以簡化、統一或進入市場，真正確保對沖美元盡可能有效。

Ultimately, that that allows us to then focus on the cost side as well, and ultimately allow us to contribute this incremental EPS of $0.07 to $0.11 on a year-over-year basis.

最終，這使我們也可以專注於成本方面，並最終使我們能夠貢獻 0.07 美元至 0.11 美元的同比增長每股收益。

Great, thanks for that question, Ben.

太好了，謝謝你的問題，本。

Next question, please?

請問下一個問題？

Mark Moscowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

Yes, thanks.

對了謝謝。

Good afternoon.

下午好。

I wanted to touch base here on margin as well, but more from an OpEx perspective at the consolidated level.

我也想在這里以利潤率為基礎，但更多的是從合併層面的運營支出的角度來看。

SG&A seemed to be a little higher than I would've expected.

SG&A 似乎比我預期的要高一點。

Is there some sort of accelerated comp that's being revived in the company model?

公司模式中是否有某種加速補償？

And then R&D seemed and a lot lighter than I would've thought.

然後研發似乎比我想像的要輕得多。

Is that a one-off, or is that a sign that maybe PCs and printing are a lot less R&D intensive going forward, and so we could see that line item in terms of R&D, that run rate start to really continue to drift lower?

這是一次性的，還是表明 PC 和打印在未來的研發密集度可能會大大降低，所以我們可以看到研發方面的項目，運行率開始真正繼續下降？

Just trying to get a sense of how we should think about those two line items as we go into fiscal 2014.

只是想了解我們在進入 2014 財年時應該如何考慮這兩個項目。

Thank you.

謝謝你。

So let me address the R&D question first.

所以讓我先解決研發問題。

So as you look at the year-over-year declines in R&D, that was really driven by two primary things.

因此，當您查看研發的同比下降時，這實際上是由兩個主要因素驅動的。

One is the rationalization of R&D, specifically in EG for business-critical systems, so that we really align the R&D investment in that space with the long-term business realities of the UNIX market.

一是研發的合理化，特別是在關鍵業務系統的 EG 中，以便我們真正使該領域的研發投資與 UNIX 市場的長期業務現實保持一致。

And then also, we did get some, what we call the R&D value-added tax subsidy credits that come through, and those basically offset some of the R&D expense.

然後，我們確實得到了一些，我們所說的研發增值稅補貼抵免，這些抵免基本上抵消了一些研發費用。

And when I step back and say, okay, what should you take away from what we're doing in R&D, the first is, innovation is still at the core of Hewlett-Packard.

當我退後一步說，好吧，你應該從我們在研發中做的事情中拿走什麼，首先是，創新仍然是惠普的核心。

That ultimately, and I think I said this in my prepared remarks, our number of engineers which are at the core of what's going to drive innovation are actually up year over year.

最終，我想我在準備好的講話中說過這一點，我們作為推動創新核心的工程師人數實際上逐年增加。

And then finally, if I go back to the security analyst meeting, we expect that R&D will be up across most of our segments -- major segments next year and in total at the HP level.

最後，如果我回到安全分析師會議，我們預計研發將在我們的大部分領域——明年的主要領域——總體上達到惠普水平。

So we're still very much committed to driving the right R&D at the right time and the right place.

因此，我們仍然非常致力於在正確的時間和正確的地點推動正確的研發。

And then from an OpEx perspective, there's a little bit of volatility in the OpEx, but specifically if you look in SG&A.

然後從運營支出的角度來看，運營支出有一點波動，但特別是如果你看一下 SG&A。

We had, I guess you'd say a tough compare to last year this quarter because we did have some gains from property sales that obviously don't repeat themselves, or didn't repeat themselves in Q4 of this year.

我們有，我想你會說本季度與去年相比很難，因為我們確實從房地產銷售中獲得了一些收益，這些收益顯然不會重複，或者在今年第四季度沒有重複。

And then also, we are making investments for improving operational efficiency.

此外，我們正在投資以提高運營效率。

And some of that shows up in SG&A as well, and it's showing up a little bit in, obviously, quicker turnaround times from a quote perspective, and that's leading to better win rates.

其中一些也出現在 SG&A 中，顯然，從報價的角度來看，它的周轉時間更快，這會帶來更高的贏率。

So we believe that we're making the right set of investments in that space as well.

因此，我們相信我們也在該領域進行了正確的投資。

Great, super.

太好了，超級。

Thanks for the question, Mark.

謝謝你的問題，馬克。

Next question please?

請問下一個問題？

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

Yes, thank you.

是的，謝謝。

I was wondering if you could provide us with an update on your cost savings, mainly in terms of number of positions that had been reduced.

我想知道您是否可以向我們提供有關您節省成本的最新信息，主要是減少的職位數量。

Cathie, you mentioned that there are incremental opportunities possible in cost cutting as you look into 2014.

Cathie，您提到在您展望 2014 年時，削減成本的機會可能會增加。

Are those labor or non-labor, and can you give us any sense on how big they are?

這些是勞動還是非勞動，你能給我們任何關於它們有多大的意義嗎？

And then finally, on cash conversion, you're at 17 days.

最後，在現金轉換方面，您有 17 天。

You think sustainable is low 20s.

你認為可持續發展是低 20 多歲。

How -- if that's really the case, how does cash flow equal or be better than net income next year?

怎麼樣——如果真的是這樣，明年的現金流量如何等於或好於淨收入？

So, Toni, let's start with the restructuring program.

所以，托尼，讓我們從重組計劃開始。

Our restructuring program is really on track.

我們的重組計劃確實步入正軌。

At the and of fiscal 2013, on a program-to-date basis, roughly 24,600 people exited under the program, so that's just under 13,000 in fiscal 2013.

在 2013 財年和 2013 財年，從項目至今的基礎上，大約有 24,600 人退出了該項目，因此這在 2013 財年略低於 13,000 人。

As we talked about at the security analyst meeting, our current plan is to end at the end of 2014 at the high end of our range, so 29,000 plus 15%, so somewhere between 33,000 and 34,000 people.

正如我們在安全分析師會議上談到的那樣，我們目前的計劃是在 2014 年底結束我們範圍的高端，即 29,000 加 15%，因此介於 33,000 到 34,000 人之間。

We expect incremental labor savings in 2014 of $1.1 billion.

我們預計 2014 年新增勞動力節省 11 億美元。

That's on top of the little bit over $2 billion that we delivered in 2013.

這是我們在 2013 年交付的超過 20 億美元的基礎上的。

And as you mentioned and I mentioned, is that we are continuing to aggressively look at whether or not there are incremental opportunities.

正如你提到的和我提到的，我們正在繼續積極研究是否存在增量機會。

And we've got some work still to do to really vet those, but we do think that there may well be some additional opportunities.

我們還有一些工作要做來真正審查這些，但我們確實認為可能會有一些額外的機會。

One of the things that is a lot more difficult now than it was a year ago is that we're looking at business processing re-engineering and really going after cost that is what I would consider it not low-hanging fruit.

現在比一年前困難得多的一件事是，我們正在考慮重新設計業務流程並真正追求成本，我認為這不是唾手可得的成果。

And so it takes us a little longer to really vet through exactly what that's going to look like over the course of the year, but we will update you as we finalize that.

因此，我們需要更長的時間才能真正審查這一年的具體情況，但我們會在最終確定時為您提供最新信息。

Cash conversion cycle, 17 days.

現金兌換週期，17天。

Very pleased with that performance, but we do still believe that the long-term sustainable is in the low 20s, so 20 to 21 days.

對這種表現非常滿意，但我們仍然相信長期可持續發展是在 20 年代的低點，所以是 20 到 21 天。

And in terms of free cash flow, I don't have a change to the outlook that I provided for 2014 at the security analyst meeting.

就自由現金流而言，我沒有改變我在證券分析師會議上提供的 2014 年展望。

We still expect it to be in the $6 billion to $6.5 billion range.

我們仍然預計它將在 60 億至 65 億美元之間。

Great.

偉大的。

Thanks for that, Toni.

謝謝你，托尼。

Next question, please.

下一個問題，請。

Jim Suva, Citi.

花旗銀行的吉姆蘇瓦。

Thank you, and congratulations, Meg and Cathie, to you and your Team there at HP.

謝謝，並祝賀 Meg 和 Cathie，感謝您和您在 HP 的團隊。

A clarification item is your outlook you reiterated, which is fabulous next year for earnings.

澄清項目是您重申的前景，明年的收益非常好。

And you mentioned since your security analyst meeting in October, which was 6 weeks ago, much of it has remained the same and challenging.

您提到自 6 週前 10 月召開安全分析師會議以來，其中大部分內容保持不變且具有挑戰性。

But us as investors and analysts take a look at it, and it actually appears as if China has actually slowed a little bit more via the outlooks and results of IBM and Cisco and many other companies, but again you're reiterating.

但是作為投資者和分析師的我們來看一看，通過 IBM 和思科以及許多其他公司的前景和業績，看起來中國實際上已經放緩了一點，但你再次重申。

So the question is this, is something causing you to outperform a little bit stronger and offset that more challenging environment in China?

所以問題是，是什麼讓你們的表現更強勁，並抵消了中國更具挑戰性的環境嗎？

Or back in October, 6 weeks ago, did you already foresee what Cisco and IBM were seeing, or simply does China just not impact you quite as much?

或者早在 10 月，也就是 6 週前，您是否已經預見到思科和 IBM 所看到的，或者只是中國對您的影響沒有那麼大？

Thank you.

謝謝你。

So, Jim, we flagged weakness in China last quarter, and China does remain soft across many of our businesses, although we saw growth in Enterprise Group led by very strong performance in networking in China.

所以，吉姆，我們在上個季度指出了中國的疲軟，儘管我們看到企業集團的增長得益於中國網絡的強勁表現，但我們的許多業務確實仍然疲軟。

You also probably read that we recently appointed a new executive to run in China for us, a fellow by the name of Robert Mao.

您可能還讀到，我們最近任命了一位新的高管來為我們在中國運行，他的名字叫毛澤東。

And he is in the newly-created role of Chairman of the China Region.

他是新設立的中國區主席一職。

We've actually created a fourth region, and China now reports directly to me, and I think that is going to help energize our overall efforts in China and drive a uniform strategy and a quite differentiated report.

我們實際上已經創建了第四個區域，中國現在直接向我匯報，我認為這將有助於激發我們在中國的整體努力，並推動統一的戰略和差異化的報告。

So listen, we have a big business in China, so if China is soft, we're going to feel the effects, but we've been flagging this for some time, and I feel like we've got the right outlook on China for 2014.

聽著，我們在中國有很大的業務，所以如果中國疲軟，我們會感受到影響，但我們已經標記了一段時間，我覺得我們對中國的看法是正確的2014 年。

Thank you very much.

非常感謝。

Great, thanks.

太謝謝了。

Next question, please.

下一個問題，請。

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

I was curious about your improvement in storage.

我很好奇你在存儲方面的改進。

How much of that is related to selling storage as part of converged infrastructure?

其中有多少與將存儲作為融合基礎設施的一部分進行銷售有關？

I'm assuming you still sell quite a bit of storage in a best-of-breed mode where it might be hooked up to somebody else's server or whatever.

我假設您仍然以最佳模式銷售相當多的存儲，它可能連接到其他人的服務器或其他任何東西。

But I think Bill had said at the analyst meeting that in general, converged infrastructure was something like 10% to 15% of your compute sales, if you will.

但我認為比爾在分析師會議上說過，如果你願意的話，一般來說，融合基礎設施大約佔你計算銷售額的 10% 到 15%。

And I'm just wondering how much of the storage success is because it's being sold in a single box, if you will?

我只是想知道有多少存儲成功是因為它是在一個盒子裡出售的，如果你願意的話？

Thanks for the question.

謝謝你的問題。

So most of the suspects that we're seeing in storage is in our converged storage solutions, but that's not -- a heavy piece of it is not from selling converged infrastructure.

因此，我們在存儲中看到的大多數嫌疑人都存在於我們的融合存儲解決方案中，但這不是——其中很大一部分不是來自銷售融合基礎設施。

It really is a best-of-breed.

它確實是同類中的佼佼者。

And it's really in the mid range, the 3PAR midrange solution.

它確實屬於中檔產品，即 3PAR 中檔解決方案。

And this quarter, we also saw really nice growth in the 3PAR high-end solutions as well.

本季度，我們還看到 3PAR 高端解決方案的增長非常好。

And you might note that at some point soon, we're going to -- our storage business, our converged storage solutions are actually going to cross lines.

您可能會注意到，在不久的某個時候，我們將——我們的存儲業務、我們的融合存儲解決方案實際上將跨越界限。

And they're going to become a bigger piece of the storage business.

他們將成為存儲業務中更大的一部分。

As I mentioned in my prepared remarks, as of Q4 we are at 43%.

正如我在準備好的評論中提到的那樣，截至第四季度，我們的比例為 43%。

Sometime in the first half of fiscal 2014, we will -- converged solutions will be more than 50% of storage, and that will allow us to continue to accelerate growth in the storage space.

在 2014 財年上半年的某個時候，我們將——融合解決方案將超過 50% 的存儲，這將使我們能夠繼續加速存儲空間的增長。

And Steve, it's Meg.

史蒂夫，是梅格。

With regard to converged infrastructure, you will recall, this was our term, our definition, and our vision for the market, and we are going to continue to aggressively pursue that.

關於融合基礎設施，您會記得，這是我們的術語、我們的定義和我們對市場的願景，我們將繼續積極追求這一點。

I think Bill was right, it's probably 10% to 15% of the total components are sold at a converged infrastructure format.

我認為 Bill 是對的，可能有 10% 到 15% 的組件以融合基礎架構形式出售。

But I think it's changing pretty fast because converged infrastructure is the backbone of the cloud.

但我認為它的變化非常快，因為融合基礎設施是雲的支柱。

So we're coming to market with HP OneView -- I talked about that my opening comments -- which is a new management plane that links our server storage and networking together in a very consumer-friendly way.

因此，我們將 HP OneView 推向市場——我談到了我的開場評論——這是一個新的管理平面，它以一種對消費者非常友好的方式將我們的服務器存儲和網絡連接在一起。

It's almost a consumer UI design for the enterprise.

它幾乎是企業的消費者 UI 設計。

And then, of course, we're working very hard on improving our bundles and our go to market around converged infrastructure, so I think that actually that move in the market is going to accelerate it.

然後，當然，我們正在非常努力地改進我們的捆綁包和我們圍繞融合基礎設施進入市場的工作，所以我認為實際上市場上的這一舉動將加速它。

Accelerate it, and we're going to actually try to drive that even harder than we have.

加速它，我們實際上會比我們更努力地駕駛它。

Thank you.

謝謝你。

Thanks, Steve.

謝謝，史蒂夫。

Next question, please.

下一個問題，請。

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Great, thanks.

太謝謝了。

Could you give us a bit more color on how we should think about the steady state for profitability versus revenue growth in the Enterprise Group, particularly in servers.

您能否就我們應該如何考慮企業集團的盈利能力與收入增長的穩定狀態，特別是在服務器方面，給我們更多的色彩。

Obviously, you're able to gain quite a bit of share in Industry Standard Servers this quarter, but you did have the fairly hefty margin hit year-over-year.

顯然，本季度您可以在行業標準服務器中獲得相當大的份額，但您確實獲得了相當高的同比利潤率。

So can you walk through whether or not we should view this as a trend over the next few quarters, or is this more of a one-time issue given the hyperscale performance you discussed earlier?

那麼，您能否談談我們是否應該將其視為未來幾個季度的趨勢，或者考慮到您之前討論的超大規模性能，這更像是一個一次性問題？

So, Bill, we've thought a lot about this, and in my view, market share and profitability are not mutually exclusive as we believe we can grow both concurrently over the long term.

所以，比爾，我們對此進行了很多思考，在我看來，市場份額和盈利能力並不是相互排斥的，因為我們相信我們可以在長期內同時增長。

And margins will be managed a lot more effectively, I think, by refining our customer and market segmentation to focus on those segments that we can grow profitably.

我認為，通過優化我們的客戶和市場細分，專注於那些我們可以盈利增長的細分市場，利潤率將得到更有效的管理。

We still have work to optimize our end-to-end cost structure, that is all the way from designed to logistics, and obviously, offering more bundled solutions.

我們仍在努力優化我們的端到端成本結構，從設計到物流，顯然，提供更多捆綁的解決方案。

So I think, listen, we have to be very careful about transaction-only business because it's generally not sticky, so we don't want to trade profit for market share that isn't sticky over time.

所以我認為，聽著，我們必須非常小心僅交易業務，因為它通常不具有粘性，所以我們不想用利潤來換取隨著時間的推移不具有粘性的市場份額。

So listen, I think we've improved our ability to see what's actually going on, to manage it, and now there's clear direction to the Sales Team about how we want to manage this.

所以聽著，我認為我們已經提高了我們了解實際情況和管理它的能力，現在銷售團隊有了明確的方向，說明我們要如何管理它。

So I -- my belief is this is not a trend, that we ought to be able to reverse this trend to some degree.

所以我 - 我的信念是這不是一種趨勢，我們應該能夠在某種程度上扭轉這種趨勢。

That said, obviously, a very competitive pricing environment, but I feel good about our ability to do a better job in the future of managing margin in ISS.

也就是說，顯然，這是一個非常有競爭力的定價環境，但我對我們在未來管理 ISS 保證金方面做得更好的能力感到滿意。

Let me just add that our view of margins and EPS contribution from EG has not changed since our security analyst meeting.

讓我補充一點，自我們的安全分析師會議以來，我們對 EG 的利潤率和每股收益貢獻的看法沒有改變。

And at that time, we talked about the fact that EG would be somewhere between $0.01 dilutive to $0.02 accretive to EPS before their share of the $0.12 of incremental investment.

那時，我們談到了這樣一個事實，即 EG 在 0.12 美元的增量投資中所佔份額之前，每股收益將在 0.01 美元到 0.02 美元之間增加。

And that's really made up, if you look at the BU level, you've got BCS that obviously is continuing to come down.

這真的是虛構的，如果你看一下 BU 級別，你的 BCS 顯然會繼續下降。

You've got both TS and ISS that we think of being relatively neutral.

你有我們認為相對中立的 TS 和 ISS。

And then HP networking and storage growth and the profit margins that we see there, then, basically bring us up to basically this $0.01 dilutive to $0.02 accretive, and that has not changed since the security analyst meeting.

然後是惠普網絡和存儲的增長以及我們在那裡看到的利潤率，基本上把我們帶到了從 0.01 美元稀釋到 0.02 美元的增值，自安全分析師會議以來，這一點並沒有改變。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thanks very much.

非常感謝。

Next question please.

請下一個問題。

Kulbinder Garcha, Credit Suisse.

庫爾賓德·加查，瑞士信貸。

Thanks.

謝謝。

A question on free cash flow I think for both of you.

我想你們倆都有一個關於自由現金流的問題。

And Cathie, you mentioned that your free cash flow targets remain the same, so that's guidance for this year, $6 billion to $6.5 billion, which would be down about 28%, even though income probably isn't going to be down anywhere near that.

Cathie，你提到你的自由現金流目標保持不變，所以這是今年的指導，60 億至 65 億美元，將下降約 28%，儘管收入可能不會下降接近那個水平.

I understand working capital headwind potentially as the days there change, but what are the drivers?

我理解營運資金可能會隨著日子的變化而逆風，但驅動因素是什麼？

And that's my first question.

這是我的第一個問題。

And the second one linked to that for both of you.

第二個與你們倆有關。

If you have another year like you have had over the past 12 months where you are able to operate at these very good levels of cash conversion, where does the incremental cash flow go?

如果您有像過去 12 個月那樣的另一年，您能夠在這些非常好的現金轉換水平上運營，那麼增量現金流將流向何方？

Does it still gets split 50/50 between distribution and acquisitions, or do you actually do more in terms of buybacks?

它是否仍然在分銷和收購之間分配 50/50，或者您實際上在回購方面做得更多？

Many thanks.

非常感謝。

Thanks.

謝謝。

So let me start with the year-on=year, what's going on with free cash flow.

因此，讓我從年同比開始，自由現金流發生了什麼。

And really, the big impact in free cash flow from a fiscal-year 2014 perspective is the working capital pressure.

實際上，從 2014 財年的角度來看，對自由現金流的最大影響是營運資金壓力。

The fact that at some level, we actually pulled cash into fiscal 2013 by delivering a 17-day cash conversion cycle, and we will give some of that back when we move back to the 20- to 21-day range.

事實上，在某種程度上，我們實際上通過提供 17 天的現金轉換週期將現金引入 2013 財年，當我們回到 20 至 21 天的範圍時，我們將返還部分現金。

We also will see on a year-over-year basis CapEx pressure.

我們還將看到與去年同期相比的資本支出壓力。

Part of that CapEx pressure is due to better volumes in HP Financial Services, and then the other broad volume comment is there as well, and finally restructuring.

資本支出壓力的部分原因是惠普金融服務的銷量增加，然後還有其他廣泛的銷量評論，最後是重組。

The restructuring cash payouts are significantly higher in fiscal 2014 than in fiscal 2013.

2014 財年的重組現金支出顯著高於 2013 財年。

And they are also more front-end loaded in 2014 than they were in 2013, so that leads me to something that I think is important to talk about, and that's Q1 cash flow.

與 2013 年相比，它們在 2014 年的前端負載也更多，這讓我想到了一些我認為很重要的話題，那就是第一季度的現金流。

Q1 cash flow, as you know, Q1 is typically our seasonally weakest cash flow quarter.

如您所知，第一季度現金流量通常是我們季節性最弱的現金流量季度。

It's going to be impacted by the working capital backup a bit and the fact that we've got these restructuring charges or cash outflows are a bit more front-end loaded.

它會受到營運資金備份的影響，而且我們有這些重組費用或現金流出這一事實在前端負荷更大。

And then as is typical, it's also impacted by our annual cash bonus.

然後就像典型的那樣，它也受到我們年度現金獎金的影響。

I'm so sorry.

我很抱歉。

What would be cash restructuring this fiscal year, then cash restructuring?

什麼是本財年的現金重組，然後是現金重組？

So the cash outflow this year is $1.4 billion in fiscal 2014.

因此，今年的現金流出在 2014 財年為 14 億美元。

Great.

偉大的。

And then in terms of your question, okay, now that you've generated -- you've gotten back to a net debt position, the OPCO level that is actually a net cash position, does that fundamentally change your capital allocation strategy I think is ultimately what your question is.

然後就你的問題而言，好吧，既然你已經產生 - 你已經回到淨債務頭寸，實際上是淨現金頭寸的 OPCO 水平，我認為這是否從根本上改變了你的資本分配策略最終是你的問題。

And the short answer is it doesn't, because at the end of the day, our strategy is a return-space framework with a long-term goal of a mid-single A. That still remains the same.

簡短的回答是沒有，因為歸根結底，我們的策略是一個回報空間框架，其長期目標是中單 A。這仍然是一樣的。

Now, it does give us a bit more flexibility because we had anticipated needing to reduce our net debt position further in the first half of fiscal 2014, and now we don't need to do that.

現在，它確實給了我們更多的靈活性，因為我們預計需要在 2014 財年上半年進一步減少我們的淨債務頭寸，現在我們不需要這樣做。

But it still remains that we're returns based, and we'll look at the opportunities, whether they're share repurchase opportunities or M&A opportunities, and determine what is the best move for Hewlett-Packard and adding shareholder value.

但我們仍然以回報為基礎，我們將關注機會，無論是股票回購機會還是併購機會，並確定什麼是惠普和增加股東價值的最佳舉措。

Great, thanks very much.

太好了，非常感謝。

We've got time probably for two or three more, so next question, please?

我們可能還有兩三個時間，請問下一個問題？

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場。

Thanks a lot.

非常感謝。

Good afternoon, guys.

下午好，伙計們。

Just had a question on the Enterprise Group operating margin.

剛剛對企業集團的營業利潤率有疑問。

It was down about 70 basis points sequentially.

它連續下跌約70個基點。

Maybe you could just touch on how much of that was really driven due to the mix headwind that you guys talked about versus the pricing dynamics that you have alluded to.

也許您可以談談由於你們談到的混合逆風與您所暗示的定價動態，其中有多少是真正受到推動的。

And on the pricing side, do you think that issue becomes less severe now that one of your largest competitor in ISS MPC side, Dell, is a private entity?

在定價方面，您認為現在您在 ISS MPC 方面的最大競爭對手之一戴爾是一家私營實體，這個問題是否變得不那麼嚴重了？

So the declines in margin year over year in EG were a combination of both of a very competitive pricing environment and the unfavorable mix.

因此，EG 的利潤率同比下降是競爭激烈的定價環境和不利組合的結合。

And that's really what drove a lot of the declines on a year-over-year basis.

這確實是導致同比下降的原因。

In terms of will the competitive environment continue to be competitive with Dell going private, our expectation and the way we're planning and modeling is that this environment continues to be very competitive.

就戴爾私有化後競爭環境是否會繼續具有競爭力而言，我們的期望以及我們規劃和建模的方式是，這種環境將繼續非常具有競爭力。

We are not expecting any change in any of our competitors stance from a pricing perspective.

從定價的角度來看，我們預計我們的任何競爭對手的立場都不會發生任何變化。

And this is Meg.

這是梅格。

The way we have to win in our Industry Standard Server Group is obviously, we have to be a competitive -- we have to have a competitive cost structure.

我們必須在我們的行業標準服務器組中獲勝的方式顯然是，我們必須具有競爭力——我們必須具有具有競爭力的成本結構。

But we have to win through innovation, and whether that Moonshot or our next-generation of ProLiant servers or HP OneView or the way we bundle together for the benefit of our channel partners, that's the way we're headed here.

但我們必須通過創新取勝，無論是 Moonshot 還是我們的下一代 ProLiant 服務器或 HP OneView 還是我們為渠道合作夥伴的利益而捆綁在一起的方式，這就是我們前進的方向。

And so we're really focused on go to market and innovation, at the same time, making sure that we, from a server perspective, we look at end to end cost, how we design, how we source, how we ship.

因此，我們真正專注於進入市場和創新，同時確保從服務器的角度來看，我們關注端到端成本、我們的設計方式、採購方式和發貨方式。

And how much of it is config-to-order versus build-to-order is also an important driver of cost.

其中有多少是按訂單配置與按訂單生產，也是成本的重要驅動因素。

And then, of course, focusing on SKUs.

然後，當然，專注於 SKU。

More SKUs means more inventory, means more logistics, and we've done a good job of actually focusing as we head into 2014.

更多的 SKU 意味著更多的庫存，意味著更多的物流，我們在進入 2014 年時已經很好地集中精力。

Super, thanks.

超級，謝謝。

Thanks the question, Amit.

謝謝這個問題，阿米特。

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 actually had a question on a commercial PC market with your revenue up 4% year-over=year, I was curious as to -- that included the India units, I believe.

實際上，我對商用 PC 市場有疑問，您的收入同比增長 4%，我很好奇——我相信這包括印度部門。

But what are you seeing in terms of demand for a convertibles, tablets in the market?

但是，您對市場上對敞篷車、平板電腦的需求有何看法？

How much of this is end-of-life for XP, and how much of this to think is repeatable?

其中有多少是 XP 的生命終結，又有多少是可重複的？

Well, I think, listen, we have focused a lot on the commercial business.

好吧，我想，聽著，我們非常關注商業業務。

We like our product lineup for 2014.

我們喜歡我們 2014 年的產品陣容。

I think it's too early to tell how the demand for convertibles is going, whether it's in the commercial space or the consumer space.

我認為現在判斷敞篷車的需求如何發展還為時過早，無論是在商業領域還是在消費領域。

The Christmas season, we've got a lot of convertibles in the market.

聖誕節期間，我們在市場上有很多敞篷車。

So do our competitors.

我們的競爭對手也是如此。

And we're advertising behind those because we think that's a really innovative form factor that is the best of a tablet and the best of a PC, so I think we'll know more after we get through the Christmas season on the consumer side.

我們在這些背後做廣告，因為我們認為這是一種真正創新的外形，是最好的平板電腦和最好的個人電腦，所以我認為在消費者方面度過聖誕節後我們會知道更多。

And on the enterprise side, I think this is all about price and lineup, as what we see in the enterprise is, CIOs are trying to match the device to the worker group and what they need.

在企業方面，我認為這完全與價格和陣容有關，正如我們在企業中看到的那樣，CIO 正試圖將設備與工人群體以及他們的需求相匹配。

So maybe a certain group of workers just needs VDI.

因此，也許某些工人群體只需要 VDI。

There are some who needs workstation, some who needs laptops, and whether they're backwards compatible to Windows, or whether they're Chromebooks depends on what kind of work that the team is doing.

有些人需要工作站，有些人需要筆記本電腦，以及它們是否向後兼容 Windows，或者它們是否是 Chromebook，取決於團隊正在進行的工作類型。

So that underscores our multi-OS, multi-architectural, multi-form factor strategy that is frankly as relevant in the commercial space as it is in the consumer space.

因此，這突顯了我們的多操作系統、多架構、多形式因素戰略，坦率地說，它在商業領域和消費者領域一樣重要。

So we're cautiously optimistic, although we're not in the business of really forecasting the core PC business growth.

因此，我們謹慎樂觀，儘管我們並未真正預測核心 PC 業務的增長。

We've been wrong over a couple of quarters on this, and listen, IDC and others are forecasting 4% to 5% down next year.

幾個季度以來，我們在這方面都錯了，聽著，IDC 和其他公司預測明年會下降 4% 到 5%。

And I think that's probably a good assumption going into next year.

我認為這可能是明年的一個很好的假設。

And Shannon, let me just clarify because it is a bit confusing.

還有香農，讓我澄清一下，因為這有點令人困惑。

The PC win that we had in the state of Uttar Pradesh in India in our numbers is in consumer.

在我們的數據中，我們在印度北方邦獲得的 PC 勝利來自於消費者。

It is not what's driving our commercial revenue increase.

這不是推動我們商業收入增長的原因。

Now it's confusing because IDC puts it in commercial, so it's in the commercial share.

現在很混亂，因為 IDC 把它放在商業上，所以它在商業份額中。

Okay, that's very helpful.

好的，這很有幫助。

Just really quickly on end-of-life of XP, how are you thinking of that?

很快就結束了 XP 的生命週期，您對此有何看法？

So we're leading, actually, the migration off of XP.

因此，實際上，我們正在引領從 XP 的遷移。

And we actually -- I think Microsoft would probably tell you we're among the leaders in terms of spearheading that migration.

事實上，我們 - 我認為微軟可能會告訴你，我們在引領遷移方面處於領先地位。

Within on this for well over a year, and it's actually going pretty well.

在這方面已經有一年多的時間了，實際上進展順利。

All right, thanks.

好的，謝謝。

Next question, please?

請問下一個問題？

Peter Misek, Jefferies.

彼得米塞克，傑富瑞。

Peter Misek, your line is now open.

彼得·米塞克，您的線路現已開通。

Let's take an alternative question.

讓我們換一個問題。

Maynard Um, Wells Fargo.

梅納德嗯，富國銀行。

Hello, thanks.

你好謝謝。

Meg, you talked about, in terms of looking for a permanent Chairman of the Board, you've talked about having a lot more interest given the recovery of HP.

梅格，你談到，在尋找董事會常任主席方面，你談到了考慮到惠普的複蘇有更多的興趣。

I'm just curious where HP is in terms of finding a new permanent Chairman of the Board?

我只是好奇惠普在尋找新的常任董事會主席方面進展如何？

And following that, any indication of whether or not Ralph Whitworth would still continue to sit on the Board?

在那之後，是否有任何跡象表明 Ralph Whitworth 是否仍將繼續擔任董事會成員？

Thanks.

謝謝。

Ralph, as you know, is Chairman of the Board on an interim basis.

如您所知，拉爾夫是臨時董事會主席。

And he has stepped up to the plate beautifully, and we really are very grateful to his service.

他的表現非常出色，我們真的非常感謝他的服務。

He's done a great job.

他做得很好。

And he said the other day he'll continue to serve until we find someone else.

前幾天他說他會繼續服務，直到我們找到其他人。

So you should assume he is in place for the foreseeable future.

所以你應該假設他在可預見的未來就位。

And we're just delighted with his working relationship with Management Team, with the Board.

我們很高興他與管理團隊和董事會的工作關係。

He's made an outstanding contribution, so he'll be in place until we find someone else.

他做出了傑出的貢獻，所以在我們找到其他人之前，他會一直在位。

Super, thanks, Meg.

超級，謝謝，梅格。

Thanks for the question.

謝謝你的問題。

One last question, please.

最後一個問題，請。

Brian Alexander, Raymond James.

布賴恩·亞歷山大、雷蒙德·詹姆斯。

Okay, thanks.

好的謝謝。

I want to ask a question about the 3D printing opportunity.

我想問一個關於 3D 打印機會的問題。

Meg, you've highlighted this as an opportunity and you seem genuinely interested in the market.

梅格，你強調這是一個機會，你似乎對市場真的很感興趣。

So what are your aspirations in terms of market position relative to your leading position in the traditional printing market?

那麼，相對於您在傳統印刷市場的領先地位，您對市場地位的期望是什麼？

And you think you can reach that organically, or do you think you have to acquire an established player?

你認為你可以有機地達到這個目標，還是你認為你必須獲得一個成熟的球員？

Thanks.

謝謝。

So we intend to play in the 3D printing market because it is an adjacency.

所以我們打算進軍3D打印市場，因為它是相鄰的。

It's obviously different than paper printing, but some of the technology is the same.

它明顯不同於紙質印刷，但有些技術是相同的。

And at least as we sit here today, we anticipate entering this organically.

至少當我們今天坐在這裡時，我們預計會有機地進入這個領域。

And what we're doing is focusing on, what's the value proposition by market segment, whether that be consumer or industrial.

我們正在做的是關注細分市場的價值主張，無論是消費者還是工業。

What's the competitive differentiation?

什麼是競爭差異化？

And we've got some very interesting things coming, so stay tuned in 2014.

我們還有一些非常有趣的事情即將推出，敬請期待 2014 年。

But this is an acorn, right?

但這是橡子，對吧？

You've heard me say we've got to plant acorns, and they will eventually become oak trees.

你聽我說我們必須種橡子，它們最終會變成橡樹。

But you should think in 2014 and 2015, this is an acorn that maybe has very good long potential.

但你應該認為，在 2014 年和 2015 年，這是一顆可能具有非常好的長期潛力的橡子。

But the market is at its earliest stages, and there's a lot of technology work that needs to be done to be able to print in the kind of timeframe that most consumers and most industries would actually find acceptable.

但是市場還處於早期階段，需要做很多技術工作才能在大多數消費者和大多數行業實際上可以接受的時間範圍內進行打印。

Thank you.

謝謝你。

Great, super.

太好了，超級。

Thanks for that, and thanks everyone.

謝謝你，也謝謝大家。

I think with that, we'll conclude the questions.

我認為，我們將結束這些問題。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes our call for today.

女士們，先生們，我們今天的呼籲到此結束。

Thank you.

謝謝你。