惠普 (HPQ) 2022 Q3 法說會逐字稿

Good day, everyone, and welcome to the Third Quarter 2022 HP Inc. Earnings Conference Call. My name is Josh, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the call over to Orit Keinan-Nahon, Head of Investor Relations. Please go ahead.

大家好，歡迎參加 2022 年第三季度惠普公司收益電話會議。我的名字是喬希，我將成為你今天電話會議的主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。我現在想將電話轉給投資者關係主管 Orit Keinan-Nahon。請繼續。

Good afternoon, everyone, and welcome to HP's Third Quarter 2022 Earnings Conference Call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Marie Myers, HP's Chief Financial Officer. Before handing the call over to Enrique, let me remind you that this call is a webcast, and a replay will be available on our website shortly after the call for approximately 1 year. We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com.

大家下午好，歡迎參加惠普 2022 年第三季度收益電話會議。今天和我在一起的是惠普總裁兼首席執行官 Enrique Lores；和惠普首席財務官瑪麗·邁爾斯。在將電話轉交給 Enrique 之前，讓我提醒您，本次電話是網絡直播，在電話會議結束後不久，我們的網站上將提供大約 1 年的重播。我們在investor.hp.com 的投資者關係網頁上發布了收益發布和隨附的幻燈片演示。

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

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

We also note that the financial information discussed on this call reflects estimates based on information available now and could differ materially from the amounts ultimately reported in HP's Form 10-Q for the fiscal quarter ended July 31, 2022, and HP's other SEC filings.

我們還注意到，本次電話會議中討論的財務信息反映了基於目前可用信息的估計，可能與惠普截至 2022 年 7 月 31 日的財政季度的 10-Q 表格和惠普向美國證券交易委員會提交的其他文件中最終報告的金額存在重大差異。

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

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

Thank you, Orit, and thanks to everyone who is joining the call today. As part of our earnings today, we will cover 3 important themes. First, we will talk about the unexpected and very abrupt shift in the macroeconomic environment and how this is challenging our overall business in the short term. Second, we will enumerate the decisive actions we are taking in response to this macroeconomic challenge, including continued progress in our structural cost reduction programs while we continue prioritizing our investments in growth areas. Third, we will convey that our confidence in the medium- and longer-term prospects of our markets and growth drivers remains intact. We are firmly committed to our strategy for sustainable, profitable growth over the long term and disciplined capital return to shareholders.

謝謝你，Orit，也感謝今天加入電話會議的每一個人。作為我們今天收益的一部分，我們將涵蓋 3 個重要主題。首先，我們將討論宏觀經濟環境的意外和非常突然的轉變，以及這在短期內如何挑戰我們的整體業務。其次，我們將列舉我們為應對這一宏觀經濟挑戰而採取的決定性行動，包括我們在結構性成本削減計劃方面的持續進展，同時我們繼續優先考慮對增長領域的投資。第三，我們將傳達我們對市場中長期前景和增長動力的信心保持不變。我們堅定地致力於我們的戰略，以實現長期可持續、盈利的增長，並為股東提供有紀律的資本回報。

First, regarding the macroeconomic environment, like many companies, we are managing through some challenging market conditions with a focus on what we can control. Inflation increased in many parts of the world, and this led to lower consumer spending for our product categories. And demand in Europe worsened against the backdrop of the Russia-Ukraine war. Although we highlighted pockets of consumer softness during our Q2 call, the environment deteriorated more rapidly late in the third quarter.

首先，關於宏觀經濟環境，與許多公司一樣，我們正在通過一些具有挑戰性的市場條件進行管理，重點是我們可以控制什麼。世界許多地方的通貨膨脹率上升，這導致我們產品類別的消費者支出下降。在俄烏戰爭的背景下，歐洲的需求惡化。儘管我們在第二季度的電話會議中強調了消費者疲軟的部分，但第三季度末環境惡化得更快。

The strength of our commercial business, particularly in the enterprise, helped us to partially offset declines in consumer demand. Still, the fact that we remain supply constrained did not allow us to fully rebalance. As a result, our net revenue was $14.7 billion in the quarter. That's down 4% nominally and 2% in constant currency year-over-year. Despite this, we were still able to deliver non-GAAP EPS of $1.04 in line with our previously provided outlook. This reflects our very disciplined cost management and pricing strategy as well as our continued ability to shift more of our portfolio to higher-growth, higher-value segments.

我們商業業務的實力，尤其是企業業務，幫助我們部分抵消了消費者需求的下降。儘管如此，我們仍然受到供應限制的事實並沒有讓我們完全重新平衡。因此，我們本季度的淨收入為 147 億美元。名義上下降 4%，按固定匯率計算同比下降 2%。儘管如此，我們仍然能夠實現 1.04 美元的非公認會計原則每股收益，這與我們之前提供的展望一致。這反映了我們非常嚴格的成本管理和定價策略，以及我們將更多的投資組合轉移到更高增長、更高價值的細分市場的持續能力。

And while we cannot control how the economic situation evolves in the coming months, there are some very clear actions we can take to mitigate the impact of near-term headwinds and drive continued progress against our long-term growth strategy. And we are taking a very measured approach with a focus on 5 clear priorities: First, we are optimizing our performance by staying disciplined in our pricing and increasing our focus on pockets of profitable growth, such as premium, peripherals, services and solutions. Second, given volatility is becoming the norm, we are focused on continuously improving the way we respond to it. We are taking decisive actions to address issues that have surfaced due to the abrupt changes we have seen in the industry. And we view this as an opportunity to further improve our ability to adapt to quick transitions in the market in the future.

雖然我們無法控制未來幾個月的經濟形勢如何演變，但我們可以採取一些非常明確的行動來減輕近期不利因素的影響，並推動我們的長期增長戰略繼續取得進展。我們正在採取一種非常謹慎的方法，重點關注 5 個明確的優先事項：首先，我們通過在定價方面保持紀律並增加對盈利增長領域的關注來優化我們的績效，例如溢價、外圍設備、服務和解決方案。其次，鑑於波動正在成為常態，我們專注於不斷改進我們應對波動的方式。我們正在採取果斷行動來解決由於我們在行業中看到的突然變化而出現的問題。我們認為這是一個機會，可以進一步提高我們適應未來市場快速轉變的能力。

Third, we are doubling down on our growth portfolio while protecting our core business. Collectively, our key growth businesses once again grew double digits in Q3. And we remain on track to exceed our $10 billion revenue target for the full year. We expect our key growth businesses will continue to be a critical part of our growth strategy. Fourth, we are taking actions to reduce our variable spend and further reduce our structural cost by accelerating our digital transformation.

第三，我們在保護我們的核心業務的同時加倍投資增長組合。總體而言，我們的主要增長業務在第三季度再次增長了兩位數。我們仍有望超過全年 100 億美元的收入目標。我們預計我們的關鍵增長業務將繼續成為我們增長戰略的關鍵部分。第四，我們正在採取行動減少可變支出，並通過加快數字化轉型進一步降低結構成本。

We have already met or exceeded many of our objectives in our current transformation plan. And we're in the process of finalizing the foundation for a new multiyear transformation program that we plan to share with you during our Q4 call. And finally, we are maintaining our capital allocation strategy. In Q3, we returned $1.3 billion to shareholders, and we expect to exceed our commitment to return $16 billion to shareholders as part of our value creation plan. These are the right areas of focus regardless of the macro environment. In times like this, they become even more important, and the actions we are taking will enable us to continue building a stronger HP.

我們已經達到或超過了我們當前轉型計劃中的許多目標。我們正在敲定一項新的多年轉型計劃的基礎，我們計劃在第四季度電話會議期間與您分享該計劃。最後，我們正在維持我們的資本配置策略。在第三季度，我們向股東返還了 13 億美元，作為我們價值創造計劃的一部分，我們預計將超過我們向股東返還 160 億美元的承諾。無論宏觀環境如何，這些都是正確的關注領域。在這種情況下，它們變得更加重要，我們正在採取的行動將使我們能夠繼續建立更強大的 HP。

Let me now spend a few minutes discussing our Q3 business unit performance. In Personal Systems, revenue declined 3%, primarily driven by softening consumer demand for our categories and more price competition. In constant currency, PS revenue was flat in the quarter. We delivered operating profit margin of 6.9%. This is at the high end of our target range, driven by disciplined pricing and our mix shift to high-value segments and robust cost management.

現在讓我花幾分鐘時間討論我們第三季度業務部門的表現。在個人系統方面，收入下降了 3%，主要是由於消費者對我們類別的需求減弱和價格競爭加劇。按固定匯率計算，本季度 PS 收入持平。我們實現了 6.9% 的營業利潤率。這是我們目標範圍的高端，這是由嚴格的定價和我們向高價值細分市場的組合轉變和穩健的成本管理推動的。

Within commercial, our Windows-based revenue grew approximately 18% with commercial premium and workstations up double digits. And commercial was more than 2/3 of our PS revenue mix in Q3. We are taking actions to optimize consumer performance, and we are focusing on pockets of growth across our portfolio, such as premium and peripheral, which grew double digits this quarter. We saw overall higher channel inventory levels in the quarter, and we expect pricing will become more aggressive in Q4 to address this.

在商業領域，我們基於 Windows 的收入增長了約 18%，其中商業溢價和工作站增長了兩位數。第三季度，商業廣告占我們 PS 收入組合的 2/3 以上。我們正在採取行動優化消費者表現，我們專注於我們投資組合的增長點，例如本季度增長兩位數的高端和外圍產品。我們看到本季度整體渠道庫存水平較高，我們預計第四季度定價將變得更加激進以解決這個問題。

While this environment creates some near-term market uncertainty, our long-term view of the PC market and its adjacencies has not changed. And we have confidence in the trajectory of Personal Systems over time. One source of our confidence is our acquisition of Poly, which we closed yesterday. We are thrilled to welcome the Poly team to HP. Poly accelerates our expansion and scale in 2 key growth businesses, peripheral and workforce solutions.

雖然這種環境造成了一些近期市場的不確定性，但我們對 PC 市場及其鄰接市場的長期看法並未改變。隨著時間的推移，我們對個人系統的發展軌跡充滿信心。我們的信心來源之一是我們昨天完成了對保利的收購。我們很高興歡迎 Poly 團隊加入惠普。 Poly 加快了我們在 2 個關鍵增長業務、外圍和勞動力解決方案方面的擴張和規模。

Poly devices and software, combined with HP's leadership across compute, device management and security creates a comprehensive portfolio of highly work solutions. We continue to receive very positive feedback from resellers, partners and commercial customers about the opportunity ahead. We expect the transaction will be accretive to non-GAAP EPS and in fiscal year '23. With the Poly deal completed, I am pleased to share that Dave Shull, Poly's former CEO, will be joining HP to lead a newly created workforce services and solutions organization.

Poly 設備和軟件與惠普在計算、設備管理和安全方面的領先地位相結合，創建了一個全面的高工作解決方案組合。我們繼續從經銷商、合作夥伴和商業客戶那裡收到關於未來機會的非常積極的反饋。我們預計該交易將增加非公認會計準則每股收益和 23 財年。隨著與 Poly 的交易完成，我很高興地宣布，Poly 的前首席執行官 Dave Shull 將加入惠普，領導一個新成立的勞動力服務和解決方案組織。

This is a big step forward for our business that will allow us to drive a more integrated and expansive commercial services growth agenda across Personal Systems and Print. Dave is a terrific executive with extensive global experience, and he will be a great addition to our leadership team.

這是我們業務向前邁出的一大步，這將使我們能夠推動跨個人系統和打印的更集成和更廣泛的商業服務增長議程。 Dave 是一位出色的高管，擁有豐富的全球經驗，他將成為我們領導團隊的重要補充。

Let me now turn to our Print business. Like PS, consumer softness and supply constraints weighed on our results. Specifically, Print revenue declined 6% or 5% in constant currency, with supply revenue declining 9%. We delivered operating profit margin of 19.9%, which is well above our target range and reflects our disciplined pricing and cost management in a tough market as well as commercial hardware supply constraints.

現在讓我談談我們的印刷業務。與 PS 一樣，消費者疲軟和供應限制影響了我們的業績。具體而言，按固定匯率計算，印刷收入下降 6% 或 5%，供應收入下降 9%。我們實現了 19.9% 的營業利潤率，遠高於我們的目標範圍，反映了我們在艱難的市場以及商業硬件供應限制下嚴格的定價和成本管理。

We also made progress against our plans to rebalance system profitability and accelerate in key growth areas. HP+ and Big Tank printers continue to become a larger portion of our portfolio mix, representing more than 50% of printer shipments in the quarter. And our focus on Big Tank in emerging markets allowed us to gain share. We delivered another quarter of double-digit revenue and cumulative subscriber growth in our consumer subscription business. This model is proving to be resilient, and its value proposition is even more attractive to consumers in this environment.

我們在重新平衡系統盈利能力和加快關鍵增長領域的計劃方面也取得了進展。 HP+ 和 Big Tank 打印機繼續成為我們產品組合的重要組成部分，佔本季度打印機出貨量的 50% 以上。我們對新興市場大坦克的關注使我們獲得了份額。我們的消費者訂閱業務又實現了兩位數的收入和累計用戶增長的四分之一。這種模式被證明是有彈性的，它的價值主張在這種環境下對消費者更具吸引力。

Industrial graphics impressions also grew year-over-year, and we built a strong funnel with recovery in all segments. And we delivered double-digit revenue growth in as customers increase their deployment of our thermoplastic solutions. Across both Personal Systems and Print, we continue to drive an aggressive innovation agenda. Last week, we kicked off a global roadshow with our top channel partners. And I will tell you what I told them. We have built our strongest portfolio ever. We have introduced more than 100 new products and solutions over the past 18 months. Much of this innovation is being driven by the rise of the hybrid office. Our devices are what's enabling people to connect, create and collaborate across multiple locations and do it securely.

工業圖形的印像也逐年增長，我們建立了一個強大的漏斗，所有領域都在復蘇。隨著客戶增加對我們熱塑性塑料解決方案的部署，我們實現了兩位數的收入增長。在個人系統和印刷領域，我們繼續推動積極的創新議程。上週，我們與頂級渠道合作夥伴開始了一場全球路演。我會告訴你我告訴他們的。我們已經建立了我們有史以來最強大的產品組合。在過去的 18 個月中，我們推出了 100 多種新產品和解決方案。這種創新的大部分是由混合辦公室的興起推動的。我們的設備使人們能夠跨多個地點進行連接、創建和協作並安全地進行。

Last week, we introduced our HP Instant Ink for small business and our new LaserJet Pro with HP+. This is an intuitive printing system that's tailor-made to meet the unique needs of small businesses by enabling greater productivity, effortless device management and advanced security. And in Personal Systems, we just unveiled our next-gen Dragonfly Folio, a beautiful PC that has been thoughtfully crafted for hybrid work. Enhanced by our HP Presence video conferencing solution, the Dragonfly's advanced camera capabilities, automatic voice leveling and background noise filtering technologies and digital temp create a superb remote work experience. The Dragonfly is also made using ocean-bound plastic and other recycled materials, which supports our overall commitment to sustainable impact.

上週，我們推出了面向小型企業的 HP Instant Ink 以及帶 HP+ 的全新 LaserJet Pro。這是一個直觀的打印系統，通過實現更高的生產力、輕鬆的設備管理和高級安全性來滿足小型企業的獨特需求。在個人系統中，我們剛剛推出了我們的下一代 Dragonfly Folio，這是一款經過精心打造的精美 PC，適合混合工作。通過我們的 HP Presence 視頻會議解決方案增強，Dragonfly 的高級攝像頭功能、自動語音調平和背景噪音過濾技術以及數字溫度創造了卓越的遠程工作體驗。 Dragonfly 還使用海洋塑料和其他回收材料製成，這支持了我們對可持續影響的總體承諾。

We continue to advance our efforts in this area. We announced last week a significant expansion of our HP Amplify Impact program, which mobilizes and rewards our channel partners as they make progress on their own sustainability and diversity goals. This work is differentiating our brand, motivating our people and strengthening our communities.

我們將繼續推進我們在這方面的努力。我們上周宣布大幅擴展我們的 HP Amplify Impact 計劃，該計劃在我們的渠道合作夥伴在他們自己的可持續性和多樣性目標上取得進展時動員並獎勵他們。這項工作正在使我們的品牌脫穎而出，激勵我們的員工並加強我們的社區。

Looking ahead, the macroeconomic environment remains challenging. Consumer softness is likely to continue in the near term. We also see some companies taking a more measured approach to their spending and new orders showing signs of softening demand in commercial categories. And although we have made significant progress on supply chain, some shortages remain. Given that we do not currently foresee an economic rebound in the short term, we believe the prudent thing to do is to adjust our Q4 outlook, which Marie will discuss in her remarks.

展望未來，宏觀經濟環境依然充滿挑戰。短期內消費者疲軟可能會持續。我們還看到一些公司對其支出和新訂單採取更加謹慎的方法，顯示出商業類別需求疲軟的跡象。儘管我們在供應鏈方面取得了重大進展，但仍然存在一些短缺。鑑於我們目前預計短期內不會出現經濟反彈，我們認為謹慎的做法是調整我們的第四季度展望，瑪麗將在她的講話中討論這一點。

But like all economic downturns, we also believe that the current situation is temporary. And just as market conditions deteriorated quickly, they could also rebound quickly. We have consistently proven our ability to manage the company through up and down markets. We are prepared for multiple scenarios and ready to act as needed. Most importantly, the fundamentals from which our long-term strategy is built have not changed. Hybrid work is here to stay. Gaming will continue to grow in popularity. The rise of digital services and subscriptions is unlocking new business models. And industrial markets are being disrupted by new technologies.

但與所有經濟下滑一樣，我們也認為目前的情況是暫時的。正如市場狀況迅速惡化一樣，它們也可能迅速反彈。我們始終如一地證明了我們在上下市場中管理公司的能力。我們為多種情況做好了準備，並準備好根據需要採取行動。最重要的是，我們制定長期戰略的基本面沒有改變。混合工作將繼續存在。遊戲將繼續流行。數字服務和訂閱的興起正在開啟新的商業模式。工業市場正在被新技術所擾亂。

These are long-term secular trends. Each of them plays to HP's strength. And we are confident in our long-term growth targets even as we take the actions necessary to mitigate near-term headwinds. To give you additional insight into our performance and outlook, I'm going to pass it over to Marie.

這些是長期的長期趨勢。他們每個人都發揮了惠普的實力。我們對我們的長期增長目標充滿信心，即使我們採取了必要的行動來緩解近期的不利因素。為了讓您更深入地了解我們的表現和前景，我將把它交給瑪麗。

Thank you, and good afternoon, everyone. As Enrique mentioned, our Q3 results were impacted by macroeconomic challenges, including a significant slowdown in consumer demand in our categories: inflation, currency and geopolitical challenges. We took swift actions across the levers within our control to help address these headwinds, focusing on rigorous financial management in both our costs and our investments across our businesses.

謝謝大家，大家下午好。正如恩里克所提到的，我們的第三季度業績受到宏觀經濟挑戰的影響，包括我們類別中的消費者需求顯著放緩：通貨膨脹、貨幣和地緣政治挑戰。我們在控制範圍內迅速採取行動，幫助應對這些不利因素，重點對我們的成本和我們的業務投資進行嚴格的財務管理。

In addition, we are executing on our strategy and returning significant amounts of capital to shareholders. Disciplined financial management, particularly OpEx and cost management, is core to our DNA at HP, and we are confident in our ability to navigate adeptly in up and down market conditions. Furthermore, we continue to realize structural cost savings from our transformation program and see additional opportunities to drive significant cost reductions ahead of us. Despite these recent challenges, we remain confident in both our end markets and strategy to drive the long-term value creation opportunities we see ahead of us.

此外，我們正在執行我們的戰略並向股東返還大量資本。紀律嚴明的財務管理，尤其是運營支出和成本管理，是我們在惠普 DNA 的核心，我們對自己在上下市場條件下的駕馭能力充滿信心。此外，我們繼續從我們的轉型計劃中實現結構性成本節約，並看到更多的機會來推動我們顯著降低成本。儘管最近面臨這些挑戰，我們仍然對我們的終端市場和戰略充滿信心，以推動我們看到的長期價值創造機會。

With that, let's take a closer look at the details of the quarter. Net revenue was $14.7 billion in the quarter, down 4% nominally and 2% in constant currency. Approximately 2 points or half of the decline was due to the change in estimated sales and marketing incentives benefit in our prior year results. Gross margin was 19.8% in the quarter, down 2.4 points year-on-year, driven by the change in estimated incentives benefit in the prior year and currency. Non-GAAP operating expenses were $1.5 billion or 10.3% of revenue, down 20% year-on-year. In Q3, we installed further rigor in our cost management. We reduced our OpEx spend by over $370 million year-on-year and quarter-on-quarter by prioritizing our variable spend in R&D and marketing aligned with our growth categories.

有了這個，讓我們仔細看看這個季度的細節。本季度淨收入為 147 億美元，名義下降 4%，按固定匯率計算下降 2%。大約 2 個百分點或一半的下降是由於我們上一年業績中估計的銷售和營銷激勵收益的變化。本季度毛利率為 19.8%，同比下降 2.4 個百分點，受上年估計激勵收益和貨幣變化的推動。非美國通用會計準則運營費用為 15 億美元，佔收入的 10.3%，同比下降 20%。在第三季度，我們進一步加強了成本管理。通過優先考慮與我們的增長類別保持一致的研發和營銷可變支出，我們的運營支出同比和環比減少了超過 3.7 億美元。

Lower variable compensation given the more challenging business environment was also a key driver. At the same time, we are making prudent and targeted investments where we anticipate significant opportunity to drive growth, including our key growth areas which I will touch upon in a few moments.

鑑於更具挑戰性的商業環境，較低的可變薪酬也是一個關鍵驅動因素。與此同時，我們正在進行審慎和有針對性的投資，我們預計將有重大機會推動增長，包括我將在稍後談到的關鍵增長領域。

Non-GAAP operating profit was $1.4 billion, down 8%, and non-GAAP net OI&E expense was $104 million for the quarter. Non-GAAP diluted net earnings per share increased 4% to $1.04 with a diluted share count of approximately $1 billion shares. Non-GAAP diluted net earnings per share excludes a net benefit totaling $40 million, primarily related to nonoperating retirement-related credits and other tax adjustments, partially offset by restructuring and other charges, amortization of intangibles, acquisition-related charges and Russia exit charges. As a result, Q3 GAAP diluted net earnings per share was $1.08.

本季度非 GAAP 營業利潤為 14 億美元，下降 8%，非 GAAP 淨 OI&E 費用為 1.04 億美元。非 GAAP 攤薄後每股淨收益增長 4% 至 1.04 美元，攤薄後股數約為 10 億美元。非公認會計原則攤薄每股淨收益不包括總計 4000 萬美元的淨收益，主要與非經營性退休相關信貸和其他稅收調整有關，部分被重組和其他費用、無形資產攤銷、收購相關費用和俄羅斯退出費用所抵消。因此，第三季度 GAAP 攤薄後每股淨收益為 1.08 美元。

Now let's turn to segment performance. In Q3, Personal Systems revenue was $10.1 billion, down 3% and flat in constant currency. Total units were down 25% as a result of a decline in chrome demand as well as the rapid deterioration of demand late in the quarter, particularly in our consumer business. In addition, we continue to see ongoing supply chain constraints as expected in some pockets of PS. In spite of those challenges, there were several bright spots in the quarter. We saw solid demand in our higher-value categories across commercial and consumer, consistent with our strategy. Commercial revenue constituted over 2/3 of our Personal Systems revenue in Q3, and our commercials Windows-based revenue grew approximately 18%, with units up 6%.

現在讓我們轉向細分性能。第三季度，個人系統收入為 101 億美元，下降 3%，按固定匯率計算持平。由於鉻需求下降以及本季度末需求迅速惡化，特別是在我們的消費業務中，總單位下降了 25%。此外，我們繼續看到一些 PS 領域的供應鏈如預期的那樣持續受到限制。儘管存在這些挑戰，但本季度仍有幾個亮點。我們看到商業和消費者的高價值類別需求強勁，這與我們的戰略一致。商業收入占我們第三季度個人系統收入的 2/3 以上，我們基於 Windows 的商業廣告收入增長約 18%，單位增長 6%。

Mobile workstation revenue was up approximately 60%. Consumer premium revenue was up 10%. The long-term secular tailwinds we continue to see in Personal Systems, including hybrid work, give us confidence in our long-term outlook. And regarding hybrid work, an area of focus, I want to give a warm welcome to our Poly team. We anticipate significant opportunity ahead from both a strategic and financial perspective, with clear opportunities to capitalize on both secular tailwinds and synergies to help drive long-term revenue and non-GAAP operating profit and EPS growth. I will cover the financial impact of Poly shortly.

移動工作站收入增長約 60%。消費者保費收入增長了 10%。我們繼續在個人系統中看到的長期長期順風，包括混合工作，讓我們對我們的長期前景充滿信心。關於混合工作，一個重點領域，我想熱烈歡迎我們的 Poly 團隊。從戰略和財務角度來看，我們預計未來會有重大機遇，有明確的機會利用長期順風和協同效應來幫助推動長期收入和非公認會計準則營業利潤和每股收益增長。我將很快介紹保利的財務影響。

Let's drill into the details. Commercial revenue was up 7% year-on-year and up 11% in constant currency. Consumer revenue was down 20% year-on-year and down 18% in constant currency. FX was clearly a key factor in our results this quarter. As an example, currency was an approximate 5-point headwind to our Personal Systems business in EMEA this quarter. By product category, revenue was down 10% for notebooks, up 13% for desktops and up 38% for workstations. We also continued to perform well in many of our key growth areas, including peripherals and DaaS, which was up strong double digits.

讓我們深入了解細節。商業收入同比增長 7%，按固定匯率計算增長 11%。消費者收入同比下降 20%，按固定匯率計算下降 18%。外匯顯然是我們本季度業績的一個關鍵因素。例如，本季度貨幣對我們在歐洲、中東和非洲的個人系統業務造成了大約 5 個百分點的阻力。按產品類別劃分，筆記本電腦的收入下降了 10%，台式機的收入增長了 13%，工作站的收入增長了 38%。我們在許多關鍵增長領域也繼續表現良好，包括外圍設備和 DaaS，增長了兩位數。

Personal Systems delivered $695 million of operating profit with operating margins of 6.9%, flat sequentially as we continue to execute despite the headwinds I mentioned earlier. Operating margin declined 1.5 points year-on-year primarily due to currency and higher costs particularly in consumer, partially offset by lower OpEx, including lower R&D and variable compensation and improved commercial product mix.

Personal Systems 實現了 6.95 億美元的營業利潤，營業利潤率為 6.9%，儘管我前面提到了逆風，但由於我們繼續執行，因此環比持平。營業利潤率同比下降 1.5 個百分點，主要是由於貨幣和成本上升，尤其是消費者成本上升，部分被運營支出下降所抵消，包括研發和可變薪酬下降以及商業產品組合的改善。

In Print, our results reflected our focus on execution and the breadth of our portfolio as we navigate the current environment. In Q3, total Print revenue was $4.6 billion, down 6% nominally and down 5% in constant currency, driven by lower supplies revenue and lower print hardware units. This was partially offset by higher home and office hardware ASPs and growth in industrial graphics and Instant Ink services. Total hardware units declined 3%, driven largely by lower-than-expected IC component availability and logistics constraints.

在印刷方面，我們的結果反映了我們在當前環境中對執行的關注以及我們產品組合的廣度。第三季度，印刷總收入為 46 億美元，名義上下降 6%，按固定匯率計算下降 5%，這主要是由於耗材收入下降和印刷硬件單位下降。這部分被更高的家庭和辦公硬件 ASP 以及工業圖形和 Instant Ink 服務的增長所抵消。硬件單位總數下降 3%，主要是由於低於預期的 IC 組件可用性和物流限制。

While we have qualified additional suppliers and our Board redesigns are on track for product inclusion later this year, we still expect Print hardware constraints to extend into FY '23. By customer segment, commercial revenue declined 3% and down 1% in constant currency on unit declines of 15%. Consumer revenue was up 1% and 3% in constant currency with units down 1%. However, we saw some softening in home hardware demand sequentially, particularly on low-end units, impacting ASPs driven by the headwinds I described earlier.

雖然我們有合格的其他供應商，並且我們的董事會重新設計有望在今年晚些時候納入產品，但我們仍然預計打印硬件限制將延伸到 23 財年。按客戶細分，商業收入下降 3%，按固定匯率計算下降 1%，單位下降 15%。消費者收入增長 1%，按固定匯率計算增長 3%，單位下降 1%。然而，我們看到家庭硬件需求連續出現一些疲軟，特別是在低端設備上，影響了我之前描述的逆風驅動的 ASP。

In Q3, commercial recovery continued to be impacted by the slow return to the office. In contrast, we did see solid growth in industrial graphics and 3D. In graphics, our flexible packaging business had another solid quarter and impressions have more than doubled versus pre-pandemic levels. Overall, we continue to expect a gradual and uneven recovery in commercial, with the overall office market returning to approximately 80% of its pre-pandemic TAM over time based on our current outlook.

第三季度，商業復甦繼續受到復工緩慢的影響。相比之下，我們確實看到了工業圖形和 3D 的穩健增長。在圖形方面，我們的軟包裝業務又一個穩健的季度，與大流行前的水平相比，印象增加了一倍以上。總體而言，我們繼續預計商業將逐步且不均衡地複蘇，根據我們目前的展望，隨著時間的推移，整體寫字樓市場將恢復到大流行前 TAM 的約 80%。

Supplies revenue of $2.8 billion declined 9% in constant currency. The decline was driven primarily by a significant reduction in consumer demand, driven by the challenging environment and continued normalization in home printing, partially offset by the gradual recovery in industrial print. The estimated impact of our decision to stop and permanently wind down our Russia business was approximately 1 point headwind to our supplies revenue year-on-year. Instant Ink services delivered another quarter of double-digit increases in both cumulative subscriber growth and revenue, continuing to highlight the success of this business model even in a tougher macro. Print operating profit was $911 million, up 6%, yielding an operating margin of 19.9%. Operating margin increased 2.3 points, driven by rate improvement in hardware and OpEx management particularly lower variable compensation, partially offset by unfavorable mix.

按固定匯率計算，供應收入為 28 億美元，下降了 9%。下降的主要原因是消費者需求顯著下降，受挑戰的環境和家庭印刷持續正常化的推動，部分被工業印刷的逐步復甦所抵消。我們決定停止並永久關閉我們的俄羅斯業務的估計影響是我們的供應收入同比下降約 1 個百分點。 Instant Ink 服務在累計用戶增長和收入方面又實現了兩位數的增長，即使在更艱難的宏觀環境中，這種商業模式也繼續取得成功。印刷營業利潤為 9.11 億美元，增長 6%，營業利潤率為 19.9%。營業利潤率增長 2.3 個百分點，這主要得益於硬件和運營支出管理率的提高，尤其是可變薪酬的降低，部分被不利的組合所抵消。

Now let's move to our transformation efforts, where we had another strong quarter of progress and are on track to exceed our $1.2 billion in gross run rate structural cost reductions by fiscal year end. During Q3, we delivered on numerous fronts, driving cost reductions to help drive long-term value creation. In Q3, we took several actions to drive structural cost reductions across both our manufacturing and real estate footprint. We executed 2 significant actions intended to optimize our factory footprint, driving both efficiency and increased global resiliency across our ink and laser hardware and supplies manufacturing.

現在讓我們轉向我們的轉型工作，我們在該季度取得了又一個強勁的進展，並且有望在本財年末實現超過 12 億美元的總運行率結構性成本削減。在第三季度，我們在多個方面交付，推動降低成本以幫助推動長期價值創造。在第三季度，我們採取了幾項行動來推動我們的製造和房地產業務的結構性成本降低。我們執行了 2 項重大行動，旨在優化我們的工廠足跡，在我們的墨水和激光硬件和耗材製造中提高效率並提高全球彈性。

In addition, we continue to optimize our real estate footprint with site exits or reductions. Year-to-date, we have now executed 23 site optimizations, including 8 site exits, and our overall plan has now reached 90 site optimizations since the start of our transformation. Our efforts have established a strong foundation that we fully intend to build upon going forward. As Enrique mentioned, we are currently finalizing our next phase of digital transformation focused on further cost and efficiency opportunities and plan to provide an update during our Q4 earnings call.

此外，我們繼續通過退出或減少站點來優化我們的房地產足跡。年初至今，我們已經進行了 23 次站點優化，其中 8 次站點退出，我們的整體計劃自轉型開始以來已達到 90 次站點優化。我們的努力奠定了堅實的基礎，我們完全打算在此基礎上繼續前進。正如恩里克所說，我們目前正在完成下一階段的數字化轉型，重點是進一步的成本和效率機會，併計劃在我們的第四季度財報電話會議上提供更新。

Now let's move to cash flow and capital allocation. Q3 cash flow from operations and free cash flow was $0.4 billion and $0.3 billion, respectively. The cash conversion cycle was minus 29 days in the quarter, a sequential improvement of 3 days. Free cash flow and the sequential improvement in the cash conversion days came in below our expectations, driven primarily by the larger-than-expected sequential decrease in Personal Systems volume, delays in supply availability and unfavorable manufacturing linearity. And while we saw a meaningful improvement in our days of inventory in Personal Systems driven primarily by a decrease in commodities, these benefits were more than offset by higher days of Print inventory largely from assurance of supply and increased lead times.

現在讓我們轉向現金流和資本配置。第三季度運營現金流和自由現金流分別為 4 億美元和 3 億美元。本季度現金轉換週期為負 29 天，環比改善 3 天。自由現金流和現金轉換天數的連續改善低於我們的預期，這主要是由於個人系統數量的連續下降大於預期、供應可用性延遲和不利的製造線性度。雖然我們看到個人系統庫存天數的顯著改善主要是由於商品的減少，但這些好處被打印庫存天數的增加所抵消，主要是由於供應保證和交貨時間的增加。

Looking ahead to Q4, we expect to see further improvement to our cash conversion cycle. Driving our outlook are our expectations for additional operational improvements, including further reductions to inventory levels, and we also expect some improvement in Personal Systems volume sequentially in Q4. Strong capital returns continue to be a key part of our capital allocation strategy. In Q3, we returned approximately $1.3 billion to shareholders. This included approximately $1 billion in share repurchases and $255 million in cash dividends. Since the start of our value plan, we have returned over $15.6 billion to shareholders and remain on track to exceed our $16 billion return of capital target by fiscal year end while also maintaining a strong balance sheet and investment-grade rating. In Q4, we expect to continue to be active in our shares.

展望第四季度，我們預計我們的現金轉換週期將進一步改善。推動我們展望的是我們對額外運營改進的預期，包括進一步降低庫存水平，我們還預計個人系統數量在第四季度會有所改善。強勁的資本回報仍然是我們資本配置策略的關鍵部分。在第三季度，我們向股東返還了大約 13 億美元。這包括大約 10 億美元的股票回購和 2.55 億美元的現金股息。自我們的價值計劃開始以來，我們已向股東返還超過 156 億美元，並有望在財政年度結束前超過 160 億美元的資本回報目標，同時保持強勁的資產負債表和投資級評級。在第四季度，我們預計將繼續活躍在我們的股票中。

Looking forward to Q4 and our fiscal year end, we continue to navigate the challenging macro and demand environment, including inflation, logistics constraints and pricing dynamics. In particular, keep the following in mind related to our Q4 and overall financial outlook. Given the changing demand environment driven by the headwinds I've described, we are modeling several scenarios based on a range of assumptions. For FY '22, we now see a wider range of outcomes. And as a result, we are lowering our overall outlook for FY '22.

展望第四季度和我們的財年末，我們將繼續應對充滿挑戰的宏觀和需求環境，包括通貨膨脹、物流限制和定價動態。特別是，請記住以下與我們的第四季度和整體財務前景相關的內容。鑑於我所描述的逆風驅動的不斷變化的需求環境，我們正在根據一系列假設對幾種場景進行建模。對於 22 財年，我們現在看到了更廣泛的結果。因此，我們降低了 22 財年的整體前景。

We expect to rigorously manage our overall cost structure and OpEx spend while continuing to prioritize investments where we see opportunities for growth. We expect currency to be approximately 3 percentage points year-over-year headwind in Q4 and about 1.5 percentage points for FY '22, reflecting the continued strengthening of the U.S. dollar. For Personal Systems, we expect many of the trends we saw in Q3 to continue, including softer demand in both consumer and commercial. We anticipate these factors will put some sequential pressure on overall pricing. We expect Personal Systems unit mix to continue to shift towards higher-value categories, including commercial premium and peripherals.

我們希望嚴格管理我們的整體成本結構和運營支出，同時繼續優先考慮我們認為有增長機會的投資。我們預計第四季度貨幣將同比逆風約 3 個百分點，在 22 財年約為 1.5 個百分點，這反映了美元的持續走強。對於個人系統，我們預計我們在第三季度看到的許多趨勢將繼續下去，包括消費者和商業的需求疲軟。我們預計這些因素將對整體定價產生一定的連續壓力。我們預計個人系統單元組合將繼續轉向更高價值的類別，包括商業溢價和外圍設備。

With regard to our Personal Systems supply chain, we expect availability and most of our key components to improve with pockets of semiconductors to remain constrained into FY '23. We expect Personal Systems margins to be in the lower end of our 5% to 7% target range in Q4. And regarding Q4 Personal Systems revenue, we expect to be up slightly sequentially. Regarding Poly and our results, they will only reflect the last 2 months of the quarter, and we expect Poly to be accretive to non-GAAP EPS in FY '23.

關於我們的個人系統供應鏈，我們預計可用性和我們的大部分關鍵組件都會得到改善，而半導體口袋仍將受限於 23 財年。我們預計個人系統的利潤率將在第四季度的 5% 至 7% 目標範圍的下限。關於第四季度個人系統收入，我們預計將環比小幅增長。關於保利和我們的業績，它們只會反映本季度的最後兩個月，我們預計保利將在 23 財年增加非公認會計準則每股收益。

In Print, we expect further softening in demand in consumer similar to what we saw in the latter part of Q3. Favorable pricing in higher-end consumer and commercial units and further normalization and mix as we expect commercial to gradually improve over time. With regard to Print supply chain, we expect, similar to Q3, component shortages and logistics delays to constrain hardware revenue in some areas. We expect these conditions to continue into FY '23, but with some incremental improvement in Q4. We now expect Print margins for Q4 specifically to once again be above the high end of our range, given continued hardware constraints and disciplined cost management.

在印刷方面，我們預計消費者的需求將進一步疲軟，類似於我們在第三季度後期看到的情況。高端消費和商業單位的優惠定價以及進一步的正常化和混合，因為我們預計商業將隨著時間的推移逐漸改善。關於印刷供應鏈，我們預計與第三季度類似，組件短缺和物流延遲將限制某些領域的硬件收入。我們預計這些情況將持續到 23 財年，但在第四季度會有所改善。鑑於持續的硬件限制和嚴格的成本管理，我們現在預計第四季度的印刷利潤率將再次高於我們範圍的高端。

And finally, regarding supplies revenue, we are holding to our long-term outlook of a low- to mid-single-digit annual decline in constant currency. In the near term, over the next few quarters, we expect to see a decline of roughly low double digits, given the challenging environment. And as a result, we expect to be above our long-term range for FY '22.

最後，關於供應收入，我們堅持我們的長期展望，即按固定匯率計算，年度下降幅度為中低個位數。在短期內，鑑於環境充滿挑戰，我們預計未來幾個季度將出現大約兩位數的下降。因此，我們預計將高於我們 22 財年的長期範圍。

With regard to the impact of Poly on our financials in the fourth quarter and for FY '22, we expect a non-GAAP diluted net earnings per share and approximately $0.05 headwind from Poly, including debt-related expenses and other deal-related costs. And for our GAAP diluted net earnings per share, we expect an incremental approximately $0.27 GAAP-only charge related to the Poly acquisition charges. And regarding free cash flow, we expected approximately $300 million cash flow headwind related to Poly acquisition and integration costs.

關於保利在第四季度和 22 財年對我們財務狀況的影響，我們預計保利的非公認會計準則攤薄後每股淨收益和大約 0.05 美元的逆風，包括與債務相關的費用和其他與交易相關的成本。對於我們的 GAAP 稀釋每股淨收益，我們預計與 Poly 收購費用相關的僅 GAAP 費用增加約 0.27 美元。關於自由現金流，我們預計與保利收購和整合成本相關的現金流逆風約為 3 億美元。

Taking these considerations into account, we are providing the following outlook. We expect fourth quarter non-GAAP diluted net earnings per share for HP without Poly to be in the range of $0.84 to $0.94. For HP with Poly, we expect fourth quarter non-GAAP diluted net earnings per share to be in the range of $0.79 to $0.89. Fourth quarter GAAP diluted net earnings per share for HP without Poly to be in the range of $0.76 to $0.86. For HP with Poly, we expect fourth quarter GAAP diluted net earnings per share to be in the range of $0.44 to $0.54.

考慮到這些因素，我們提供以下展望。我們預計惠普第四季度非公認會計準則攤薄後每股淨收益（不含保利）將在 0.84 美元至 0.94 美元之間。對於惠普與 Poly，我們預計第四季度非公認會計原則攤薄後每股淨收益將在 0.79 美元至 0.89 美元之間。惠普第四季度 GAAP 攤薄後每股淨收益（不含 Poly）在 0.76 美元至 0.86 美元之間。對於惠普與 Poly，我們預計第四季度 GAAP 攤薄後每股淨收益將在 0.44 美元至 0.54 美元之間。

We expect FY '22 non-GAAP diluted net earnings per share for HP without Poly to be in the range of $4.07 to $4.17. For HP with Poly, we expect FY '22 non-GAAP diluted net earnings per share to be in the range of $4.02 to $4.12. And FY '22 GAAP diluted net earnings per share for HP without Poly to be in the range of $3.78 to $3.88. For HP with Poly, we expect FY '22 GAAP diluted net earnings per share to be in the range of $3.46 to $3.56.

我們預計沒有保利的惠普在 22 財年非 GAAP 攤薄後每股淨收益將在 4.07 美元至 4.17 美元之間。對於惠普與 Poly，我們預計 22 財年非公認會計原則攤薄後每股淨收益在 4.02 美元至 4.12 美元之間。惠普在 22 財年 GAAP 攤薄後的每股淨收益（不含保利）在 3.78 美元至 3.88 美元之間。對於惠普與 Poly，我們預計 22 財年 GAAP 攤薄後每股淨收益在 3.46 美元至 3.56 美元之間。

For FY '22, we now expect free cash flow for HP without Poly to be in the range of $3.5 billion to $4 billion. For HP with Poly, we now expect free cash flow to be in the range of $3.2 billion to $3.7 billion. We continue to make progress against our priorities as we navigate through a very volatile fiscal 2022. And we are taking decisive actions with the levers within our control. Looking forward, we plan to provide guidance for FY '23 as part of our Q4 earnings call.

對於 22 財年，我們現在預計沒有保利的惠普的自由現金流將在 35 億美元到 40 億美元之間。對於惠普與保利，我們現在預計自由現金流在 32 億美元至 37 億美元之間。在我們度過非常動蕩的 2022 財年時，我們將繼續在優先事項方面取得進展。我們正在利用我們控制的槓桿採取果斷行動。展望未來，我們計劃在第四季度財報電話會議中為 23 財年提供指導。

Typically, we would provide guidance as part of our Annual Analyst Day or Security Analyst Meeting event. Moving forward, we plan to have these Analyst Day events biannually or as we have key updates to our strategy. We continue to be confident in our ability to deliver long-term value creation and we look forward to sharing our progress with you. I'll stop here so we can take your questions.

通常，我們會在年度分析師日或安全分析師會議活動中提供指導。展望未來，我們計劃每兩年舉辦一次這些分析師日活動，或者在我們對戰略進行重要更新時。我們繼續對我們提供長期價值創造的能力充滿信心，我們期待與您分享我們的進步。我會在這裡停下來，以便我們回答您的問題。

(Operator Instructions)

（操作員說明）

And our first question today will be from Erik Woodring with Morgan Stanley.

我們今天的第一個問題將來自摩根士丹利的 Erik Woodring。

I guess maybe one for you, Enrique, and then one for you, Marie. Just on the pricing side, Enrique, maybe can you just give us a little more detail on the pricing actions you're taking and really in respect to kind of balancing or the challenge of balancing kind of softening demand with U.S. dollar strength and what that means for international sales? And if you could just specify again across Personal Systems and Print, that would be super. And then I have a follow-up.

我想可能給你一個，恩里克，然後給你一個，瑪麗。只是在定價方面，恩里克，也許你能給我們提供更多關於你正在採取的定價行動的細節，以及真正關於平衡的類型或平衡需求疲軟與美元走強的挑戰以及那是什麼國際銷售的手段？如果您可以在個人系統和打印中再次指定，那就太好了。然後我有一個跟進。

Sure. Thank you, Erik. So I think that overall this quarter and similar to what we have done in the previous quarter, the team has done a very nice job managing pricing. If we look at year-on-year compares. We continue to see benefit of pricing, which is really driven by this. What we're starting to see is some erosion quarter-on-quarter, driven by both the increase in competitiveness that we see but also by the fact that, especially in PC, we see a high channel inventory. So we expect that the pricing situation is going to become more aggressive, especially as we enter in Q4.

當然。謝謝你，埃里克。因此，我認為本季度總體而言，與我們在上一季度所做的類似，團隊在定價管理方面做得非常好。如果我們看一下同比比較。我們繼續看到定價的好處，這確實是受此驅動的。我們開始看到季度環比有所下降，這是由於我們看到競爭力的提高以及我們看到高渠道庫存這一事實，特別是在 PC 領域。因此，我們預計定價情況將變得更加激進，尤其是當我們進入第四季度時。

From a currency perspective, traditionally, we have been very effective managing currency and pricing it. Again, depends also on what the competitive situation is and what the channel inventory is. So we may not be able to fully price it, but traditionally, this has been one of the key things that we have done over time.

從貨幣的角度來看，傳統上，我們一直非常有效地管理貨幣並對其進行定價。同樣，還取決於競爭形勢和渠道庫存。所以我們可能無法完全定價，但傳統上，這是我們隨著時間的推移所做的關鍵事情之一。

Super. And then maybe, Marie, just a quick clarification question regarding Poly. Is the low single-digit sequential increase in fiscal 4Q revenue that you're talking about, is that overall revenue? And does that include the 2 months of Poly? And do we think about including that in Personal Systems for now? Are you thinking about resegmenting? Just any color that you could provide there would be super helpful.

極好的。然後，瑪麗，也許只是一個關於 Poly 的快速澄清問題。您所說的第四財季收入的低個位數連續增長是整體收入嗎？這包括保利的兩個月嗎？我們現在是否考慮將其包含在個人系統中？您是否正在考慮重新細分？您可以提供的任何顏色都會非常有幫助。

Sure, Erik. So maybe I'll just start out by clarifying Poly. So for now, Poly will be in our Personal Systems external reporting going forward. And in terms of Poly, just a point of clarification. The guide actually just comprehends the last 2 months of Poly. So going forward, we do expect Poly to be accretive to our non-GAAP EPS. And in terms of the $0.05 headwind, there's a combination of both macro headwinds in there and plus debt-related expenses and integration costs. But net-net, Erik, it's roughly in line with our expectations. And just a point to follow up on Enrique's comments on currency, we do actually see a 3-point headwind in Q4 as well.

當然，埃里克。所以也許我會從澄清 Poly 開始。因此，就目前而言，Poly 將出現在我們的個人系統外部報告中。就 Poly 而言，只是澄清一點。該指南實際上只是理解了 Poly 的最後 2 個月。因此，展望未來，我們確實希望保利能夠增加我們的非公認會計準則每股收益。就 0.05 美元的逆風而言，既有宏觀逆風，也有與債務相關的費用和整合成本。但是net-net，Erik，大致符合我們的預期。只是為了跟進恩里克對貨幣的評論，我們實際上在第四季度也看到了 3 分的逆風。

Let me share kind of the excitement that we have about the announcement we made yesterday. We think that the acquisition of Poly positions us very strongly as a leader in hybrid work. We see tremendous opportunity to add value, to innovate and to differentiate ourselves. So we're really eager to start working with the Poly/HP team to start bringing new solutions to market and really expand that business.

讓我分享一下我們對昨天宣布的消息的興奮。我們認為，收購 Poly 使我們成為混合工作領域的領導者。我們看到了增加價值、創新和差異化的巨大機會。因此，我們非常渴望開始與 Poly/HP 團隊合作，開始將新的解決方案推向市場並真正擴展該業務。

Your next question comes from Toni Sacconaghi with Bernstein.

您的下一個問題來自托尼·薩科納吉（Toni Sacconaghi）和伯恩斯坦。

I'm wondering if you can just comment on the state of your backlog in the Personal Systems group. I think going into the quarter, you had anticipated not being able to reduce backlog because it was elevated. And I'm wondering where -- weather backlog changed over the course of the quarter and whether you expect backlog to be at normal levels by the end of the fiscal year? And I have a follow-up, please.

我想知道您是否可以在個人系統組中評論您的積壓狀態。我認為進入本季度，您預計無法減少積壓，因為它已經升高。我想知道在本季度期間，天氣積壓在哪裡發生了變化，您是否預計到本財年末積壓會處於正常水平？我有一個跟進，拜託。

Thank you, Toni. I'll take that one. So backlog reduced during the quarter. As we had talked before, majority of the backlog was on the commercial side. And given the supply chain improvements that we had that we were expecting, we were able to clear some of it. We are entering Q4 still with more elevated backlog than normal, but it's lower than what we had at the beginning of the quarter.

謝謝你，托尼。我會拿那個。因此，本季度的積壓工作減少了。正如我們之前所說，大部分積壓工作都在商業方面。鑑於我們所期望的供應鏈改進，我們能夠清除其中的一部分。我們進入第四季度的積壓仍高於正常水平，但低於本季度初的水平。

And do you expect to be at normal levels at the end of the fourth quarter? And maybe I'll ask my second question with -- at this point as well. Supplies was down 9%. That feels extremely abrupt, change from kind of the minus 3% level that you were at before. Was there any meaningful level of supplies channel inventory change? And I think you said you anticipated supplies being down double digits for the next few quarters.

您是否預計在第四季度末會處於正常水平？也許我會在這一點上問我的第二個問題。供應量下降了 9%。這感覺非常突然，與之前的負 3% 水平有所不同。是否有任何有意義的供應渠道庫存變化？而且我認為您說過您預計未來幾個季度的供應量將下降兩位數。

How do we know that there's not something structural akin to what we saw a couple of years ago happening with supplies? And why shouldn't we be worried about a pronounced negative mix shift, given supplies are higher margin than hardware, that once hardware goes back to kind of normalized pricing levels, printing margins could actually be below your trend?

我們怎麼知道沒有類似於我們幾年前在供應上看到的結構性的東西？鑑於供應品的利潤率高於硬件，我們為什麼不應該擔心明顯的負面組合轉變，一旦硬件恢復到正常定價水平，印刷利潤率實際上可能低於您的趨勢？

Sure. So let me answer first the question on backlog. Our current plan is that we should be able to clear that during Q4, of course, depends on both how demand and supply able, but this is a plan that we have at this stage. And really, thinking about the question on supply because I -- this is really something that I wanted to clarify. The situation that we see today is radically different from what we saw in 2019. The slowdown that we have seen is driven by a reduction in demand especially in consumer, which is driven by the macroeconomic situation, very similar to what we are seeing in consumer PCs.

當然。所以讓我先回答關於積壓的問題。我們目前的計劃是，我們應該能夠在第四季度明確這一點，當然，這取決於需求和供應的能力，但這是我們現階段的計劃。真的，考慮供應問題，因為我 - 這真的是我想澄清的事情。我們今天看到的情況與我們在 2019 年看到的情況完全不同。我們看到的放緩是由需求減少驅動的，尤其是消費者需求減少，這是由宏觀經濟形勢驅動的，與我們在消費者中看到的非常相似件。

If I look at the business fundamentals like share, they are behaving as expected. And even if channel inventory is slightly high, again driven by the slowdown we have seen in demand, overall channel inventory dollars are down year-on-year. So therefore, we see this as temporary. It's similar to other economic slowdowns that we have seen in the past and the speed of decline has been similar. But long term, we continue to project that supplies will decline in low to mid-single digits.

如果我看一下股票等業務基本面，它們的表現符合預期。即使渠道庫存略高，再次受到需求放緩的推動，整體渠道庫存美元同比下降。因此，我們認為這是暫時的。這與我們過去看到的其他經濟放緩相似，而且下降的速度也相似。但從長遠來看，我們繼續預計供應量將以中低個位數下降。

And based on how we have designed the strategy of the company, we don't need supplies to grow to meet our profit goals. And maybe one silver lining that I would like to share is something that we have seen through this quarter and that has confirmed the importance of the strategy is that subscription models are significantly more resilient than the traditional model, which really reinforces the need to continue to shift the business towards that model.

根據我們設計公司戰略的方式，我們不需要供應增長來實現我們的利潤目標。也許我想分享的一線希望是我們在本季度看到的，它證實了該策略的重要性，即訂閱模式比傳統模式更具彈性，這確實加強了繼續將業務轉向該模式。

Your next question comes from Shannon Cross with Credit Suisse.

您的下一個問題來自瑞士信貸的 Shannon Cross。

I was wondering sort of a follow-up to that. Can you talk a bit about the subscription business in maybe more detail? I'm just wondering percent of revenue or growth you've seen. Also, anything you can talk about with Print Plus in terms of regaining share from the aftermarket? And then I have a follow-up.

我想知道一個後續行動。您能否更詳細地談談訂閱業務？我只是想知道你所看到的收入或增長的百分比。此外，就從售後市場重新獲得份額而言，您可以與 Print Plus 談論什麼？然後我有一個跟進。

Sure. And Shannon, it's great to hear your voice again. So talking about Instant Ink, it continues to grow double digit, both revenue and net new subscribers so all this is doing really well. And really, this is driven by the fact that the value proposition to consumers is better than the traditional model. Cost of printing is lower. It is more convenient because they get consumables at home. And on top of that, it's more sustainable, which is really becoming, every time, more important.

當然。還有香農，很高興再次聽到你的聲音。所以談到 Instant Ink，它繼續以兩位數的速度增長，包括收入和淨新用戶，所以這一切都做得很好。實際上，這是由對消費者的價值主張優於傳統模式這一事實驅動的。印刷成本較低。這更方便，因為他們在家中獲得消耗品。最重要的是，它更具可持續性，每一次都變得更加重要。

We continue to see growth in that space, and you are going to continue to shift the business in that direction. And as we have discussed in the past, we continue to see this as a platform to sell additional subscription programs. And as we shared a few months ago, we have example, the pilot of paper subscription in the U.S., and we are seeing good traction and good progress. So very, very good progress there.

我們繼續看到該領域的增長，您將繼續朝著這個方向轉變業務。正如我們過去所討論的，我們繼續將其視為銷售額外訂閱計劃的平台。正如我們幾個月前分享的那樣，我們有一個例子，即美國的紙質訂閱試點，我們看到了良好的牽引力和良好的進展。那裡取得了非常非常好的進展。

In terms of HP+, penetration continues to grow. We announced a new system on the laser side this quarter that had very strong reception. And as we have shared in the script, when we look at the combination of HP+ plus Big Ink and Big Toner, the combination of both is more than 50%, 5-0, of our hardware shipment this quarter. So this talks about the progress that we continue to make in that space, and this is really important, as we have said before, to rebalance profitability between hardware and supplies.

在 HP+ 方面，滲透率繼續增長。我們在本季度宣布了一個激光方面的新系統，該系統受到了非常強烈的歡迎。正如我們在腳本中所分享的，當我們查看 HP+ 加上 Big Ink 和 Big Toner 的組合時，兩者的組合占我們本季度硬件出貨量的 50% 以上，即 5-0。因此，這談到了我們在該領域繼續取得的進展，正如我們之前所說，這對於重新平衡硬件和供應之間的盈利能力非常重要。

Okay. And then you're basically about 16% -- I'm sorry, I'm echoing, 1 second. You're basically at about $16 billion for your cash return to shareholders. I'm curious as to how you're thinking about it, given the potential pressure on free cash flow, given the PC business slowdown. What we should think about in terms of your commitment to share repurchase and I mean, obviously, dividend growth over the coming year or 2?

好的。然後你基本上是16%——對不起，我在附和，1秒。你給股東的現金回報基本上是 160 億美元。我很好奇你是怎麼想的，考慮到自由現金流的潛在壓力，考慮到個人電腦業務的放緩。就您對股票回購的承諾而言，我們應該考慮什麼，我的意思是，很明顯，未來一兩年的股息增長？

Sure. So for the rest of the year, we have shared that we are going to be exceeding the plan that we explained about 3 years ago to returning $16 billion of capital, so we will be above that plan. In terms of going forward, we don't foresee any changes in our capital allocation strategy. We are going to continue to execute the model that we have been sharing or the framework that we have been sharing during the last year.

當然。因此，在今年剩下的時間裡，我們已經分享了我們將超過我們大約 3 年前解釋的計劃返還 160 億美元的資本，因此我們將超過該計劃。就未來而言，我們預計我們的資本配置策略不會發生任何變化。我們將繼續執行我們一直在分享的模型或去年我們一直在分享的框架。

First of all, we think that for us, it's important to stay investment-grade credit rating. For us to be there, we need to be in a leverage ratio between 1.5 and 2, which is where we are now. And once we are in that range, our plan is to continue to return 100% of free cash flow to investors, either in dividend or in share buyback unless an M&A opportunity with a better return shows up. This is what we have been doing during the last quarter, and this continues to be the plan going forward.

首先，我們認為對我們來說，保持投資級信用評級很重要。為了讓我們在那裡，我們需要處於 1.5 到 2 之間的槓桿比率，這就是我們現在所處的位置。一旦我們處於這個範圍內，我們的計劃是繼續將 100% 的自由現金流返還給投資者，無論是股息還是股票回購，除非出現具有更好回報的併購機會。這是我們在上個季度一直在做的事情，並且這仍然是未來的計劃。

Your next question comes from Sidney Ho with Deutsche Bank.

您的下一個問題來自德意志銀行的 Sidney Ho。

Last quarter, you had expected strength in the commercial PC for the rest of fiscal '22. Obviously, things have changed. It seems like third quarter commercial revenue did decline but better than consumer. When did you start seeing signs of demand weakness? Any color on how the quarter progress would be great? And do you have a view when you will start seeing some stabilization in that market? Then I have a follow-up.

上個季度，您曾預計 22 財年剩餘時間內商用 PC 的實力。顯然，情況發生了變化。看起來第三季度商業收入確實下降了，但好於消費者。您什麼時候開始看到需求疲軟的跡象？關於季度進展如何的任何顏色？您是否認為該市場何時開始趨於穩定？然後我有一個跟進。

Sure, thank you. So let me explain what we have seen on the commercial side, which is a little bit more complex than on the consumer side. But I think the influencing factors are the same. I mean, really how the macro situation has evolved and the implications of -- especially of inflation and the -- and companies in general becoming more cautious as they manage that investment.

當然，謝謝。所以讓我解釋一下我們在商業方面看到的情況，這比在消費者方面要復雜一些。但我認為影響因素是一樣的。我的意思是，宏觀形勢是如何演變的，以及——尤其是通貨膨脹和——以及公司在管理投資時總體上變得更加謹慎的影響。

So what we are seeing is that from one side, companies continue to open significant deals because they see the need to improve the experience of their employees as they come to the office. Feedback that we get constantly from our customers is that the employees have now better systems to work from home than to work in the office, so they need to invest in the equipment in the office to convince them to come back to the office. And this is really creating a lot of opportunities and the funnel of opportunities that we see is very significant, significantly above what we need to make our sales targets.

因此，我們看到的是，從一方面來看，公司繼續開展重大交易，因為他們認為有必要在員工來到辦公室時改善他們的體驗。我們不斷從客戶那裡得到的反饋是，員工現在在家工作的系統比在辦公室工作更好，所以他們需要投資辦公室的設備來說服他們回到辦公室。這確實創造了很多機會，我們看到的機會漏斗非常重要，遠遠超出了我們制定銷售目標所需的數量。

But at the same time, what we are seeing is once we win those deals, the conversion of those deals into orders has slowed down, which really reflects the fact that enterprises are being more cautious in how they manage their budgets for any new employees that are hired. And this is having an impact. This had an impact in Q3 of orders in the commercial space.

但與此同時，我們看到的是，一旦我們贏得了這些交易，這些交易轉化為訂單的速度就會放緩，這確實反映了企業在管理新員工預算時更加謹慎的事實。被雇用。這正在產生影響。這對商業領域的第三季度訂單產生了影響。

Additionally to this, we also saw, at the end of the quarter, a reduction in sell-out, especially in the more transactional commercial categories, those that are closer to the consumer business. And this is what we are projecting is going to continue into Q4. And this was one of the elements that Marie commented that we are using in our guide because we have seen the slowdown in the commercial category.

除此之外，我們還看到，在本季度末，銷售量有所減少，尤其是在交易性更強的商業類別中，即那些更接近消費者業務的類別。這就是我們預計將持續到第四季度的情況。這是瑪麗評論我們在指南中使用的元素之一，因為我們已經看到商業類別的放緩。

Okay, that's helpful. My follow-up question is I want to get an update on your growth area initiatives. You kind of talked about the various businesses there. But you already had $5.6 billion of revenue in the first half of fiscal '22, so reaching $10 billion target doesn't seem to be a stretch. But can you talk about what you expect half over half in the second half of the fiscal year? Especially interested in your comments on gaming, given what we've been hearing about the weakness there, but also how does the full year target change with the inclusion of Poly?

好的，這很有幫助。我的後續問題是我想了解您的增長領域計劃的最新信息。你談到了那裡的各種業務。但在 22 財年上半年，您已經獲得了 56 億美元的收入，因此達到 100 億美元的目標似乎並不容易。但是你能談談你對本財年下半年一半多一半的預期嗎？考慮到我們一直聽到的有關遊戲弱點的信息，您對您對遊戲的評論特別感興趣，而且隨著 Poly 的加入，全年目標有何變化？

Okay. So let me start from the end. When we talk about being above $10 billion, we are not including the additional revenue coming from Poly. We were not planning to close the deal in Q4, and the target was without them. So what we have seen for the category is continue the overall categories' double-digit growth. And I -- let me refresh what these categories are because the consumer subscriptions, is workforce solutions. It is gaming. It is industrial print. It is industrial print and 3D and is peripheral. So all these categories overall are growing double digit.

好的。所以讓我從頭開始。當我們談論超過 100 億美元時，我們不包括來自保利的額外收入。我們不打算在第四季度完成交易，目標是沒有他們。因此，我們看到該類別繼續保持整體類別的兩位數增長。我 - 讓我刷新一下這些類別是什麼，因為消費者訂閱是勞動力解決方案。這是遊戲。是工業印刷。它是工業打印和 3D 並且是外圍設備。因此，所有這些類別總體上都在以兩位數的速度增長。

Of course, some of them are growing slower than others. In this quarter, we saw slower performance of gaming than what we had seen in the past, which was a combination of demand and some supply constraints that we were expecting, but we expect it to recover in Q4. So overall, very strong performance of the growth businesses that is really critical for us because this is -- they will continue to contribute to the overall growth of the company even in a more relevant way going forward.

當然，其中一些的增長速度比其他的慢。在本季度，我們看到遊戲的表現比我們過去看到的要慢，這是我們預期的需求和一些供應限制的結合，但我們預計它會在第四季度恢復。因此，總體而言，增長業務的非常強勁的表現對我們來說非常重要，因為它們將繼續為公司的整體增長做出貢獻，即使是以更相關的方式向前發展。

Your next question comes from Wamsi Mohan with Bank of America.

您的下一個問題來自美國銀行的 Wamsi Mohan。

Enrique, I was wondering if you might be willing to share some thoughts on the PC industry outlook overall for calendar '22? I think industry analysts are forecasting roughly $300 million. We heard one of your large competitors talk about a number that's lower. Our own work is showing something even lower than that. And any early thoughts into calendar '23, particularly as we stand here because there's a lot of concern about things reverting to sort of pre-COVID levels, given the dynamics that happened during COVID. And I have a follow-up.

恩里克，我想知道你是否願意分享一些關於 22 年日曆整體 PC 行業前景的想法？我認為行業分析師的預測約為 3 億美元。我們聽說您的一位大型競爭對手談到了一個較低的數字。我們自己的工作展示了比這更低的東西。以及對 '23 日曆的任何早期想法，尤其是當我們站在這裡時，因為鑑於 COVID 期間發生的動態，人們非常擔心事情會恢復到 COVID 之前的水平。我有一個後續行動。

Sure. So our current projection is similar to what you were describing. We see the market somewhere in between 290 million to 300 million units. This is what we are using for our plan. This is in [June]. We continue to see more growth from the premium categories. So from a revenue perspective, the market is proportionally bigger from that perspective. This is still significantly higher than what we -- than where we were pre-COVID.

當然。因此，我們當前的預測與您所描述的相似。我們看到市場在 2.9 億至 3 億台之間。這就是我們在計劃中使用的。這是在[六月]。我們繼續看到高端類別的更多增長。因此，從收入的角度來看，從這個角度來看，市場成比例地更大。這仍然比我們在 COVID 之前的水平要高得多。

And we think that the fundamentals of the business have not changed from the perspective that PCs are way more relevant now than they were 3 years ago. If you think about hybrid work, for example, which is where we think the majority of the companies are going to be working, if you think how majority of the companies are going to be working. If you think about telehealth, if you think about how students are using PCs today, all these are drivers of growth for PC. We see that the slowdown we are going through in consumer and potentially in commercial is driven by macro, is not driven by preferences for PCs or whether PCs are more useful or not. We continue to believe they are critical. And so we remain optimistic about the future of PCs even if we think we are going to go through this temporary headwinds driven by the macro situation.

我們認為，從個人電腦現在比三年前更重要的角度來看，業務的基本面並沒有改變。例如，如果您考慮混合工作，我們認為大多數公司將在這方面工作，如果您認為大多數公司將如何工作。如果您考慮遠程醫療，如果您考慮當今學生如何使用 PC，所有這些都是 PC 增長的驅動力。我們看到，我們在消費者和商業領域所經歷的放緩是由宏觀驅動的，而不是由對 PC 的偏好或 PC 是否更有用的驅動。我們仍然認為它們很關鍵。因此，即使我們認為我們將經歷由宏觀形勢驅動的暫時逆風，我們仍然對個人電腦的未來持樂觀態度。

Thanks, Enrique. Any thoughts on '23 there? And as a follow-up, can you talk about the state of the channel in terms of inventory? You clearly noted a more aggressive pricing environment. How worried should investors be about any potential write-downs that you might have to take? And do you expect the PC print profit mix to revert back to the 75%, 25% as we look over the next few years?

謝謝，恩里克。對'23有什麼想法嗎？並且作為後續，你能談談庫存方面的渠道狀態嗎？您清楚地註意到了更加激進的定價環境。投資者應該對您可能不得不承擔的任何潛在減記感到多擔心？您是否預計 PC 打印利潤組合會在未來幾年恢復到 75% 和 25% 的水平？

So in terms of '23, at this stage, since we think that the major impact is macro, it's really hard to predict what is going to be the evolution on the macro side. And this is why we highlighted that we -- given that macro we cannot control, we are taking all the necessary actions in the company to manage it through the next quarter because we think the difficult macro situation is going to continue.

因此，就 23 年而言，在現階段，由於我們認為主要影響是宏觀的，因此很難預測宏觀方面的演變。這就是為什麼我們強調我們 - 鑑於我們無法控制的宏觀，我們正在公司採取所有必要的行動來管理它到下一季度，因為我們認為困難的宏觀形勢將繼續下去。

In terms of guide for fiscal year '23, we will be providing it at the end of -- during our Q4 call, and then this is the plan to share kind of how do we see the different businesses performing. And then in terms of channel, and these were like 3 follow-ups in the follow-up, we see, as I mentioned, high inventory in the channel. We are going to be managing it down through the different quarters, and we have this built into the guide that Marie shared with all of you.

就 23 財年的指南而言，我們將在第四季度電話會議結束時提供它，然後這是分享我們如何看待不同業務表現的計劃。然後在渠道方面，這些就像後續行動中的 3 次跟進，正如我所提到的，我們看到渠道中的高庫存。我們將在不同的方面對其進行管理，我們將其內置到瑪麗與大家分享的指南中。

And what Enrique just said, so just a point of clarification on the inventory. So it's certainly on the PS side of the house that in Print hardware, actually, we're in good shape, given the current supply chain position. And also, just to add a comment to Enrique's comments about the PS profit mix and how to think about the rates, et cetera, I mean, we do expect, however, for PS to stay in those long-term ranges. So if you think about the acquisition of -- we just did here of Poly, I think that's a good example of how we see these growth businesses that have higher gross margins really playing into the mix going forward as well.

恩里克剛才所說的，只是對庫存的一點澄清。因此，考慮到當前的供應鏈位置，在打印硬件方面，實際上我們的狀態很好，這肯定是在 PS 方面。而且，只是為了對恩里克關於 PS 利潤組合以及如何考慮費率等的評論添加評論，我的意思是，我們確實希望 PS 保持在這些長期範圍內。因此，如果您考慮收購 - 我們剛剛在這裡收購了保利，我認為這是一個很好的例子，說明我們如何看待這些具有更高毛利率的增長業務也真正參與到未來的組合中。

Your next question comes from Samik Chatterjee with JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

I guess if I can start with the PS segment. You've talked today about primarily the sort of consumer weakness that you're seeing, but you still expect the mix to sort of move towards the higher end there in terms of the high-end consumer, premium consumer remaining strong. I'm just wondering, what are you seeing in terms of price elasticity from consumers? Why shouldn't we sort of be a bit more concerned that maybe the next step is for consumers to start to trade down a bit and sort of the mixing to start to move down a bit? If you can share your thoughts around that, and then I have a follow-up.

我想我是否可以從 PS 部分開始。你今天主要談到了你所看到的那種消費者疲軟，但你仍然預計這種組合會朝著高端消費者的方向發展，高端消費者保持強勁。我只是想知道，您對消費者的價格彈性有何看法？為什麼我們不應該更加擔心下一步可能是讓消費者開始降低交易量，而混合開始降低一點？如果你能分享你的想法，然後我會跟進。

Yes. Let me share our view on that. What we are seeing in consumer is a shift towards more premium category because we think that the traditional buyer of the premium category is less impacted by the macro situation that we see. As inflation has grown, as energy prices have increased in many parts of the world, as food prices have increased, families with lower income, families with lower budgets have a bigger impact. And they usually traditionally buy lower price PCs versus families with higher impact. And we think this is really one of the key drivers of the change of mix that we are seeing.

是的。讓我分享一下我們對此的看法。我們在消費者中看到的是向更高端類別的轉變，因為我們認為高端類別的傳統買家受我們所看到的宏觀形勢的影響較小。隨著通貨膨脹的加劇，世界許多地區的能源價格上漲，食品價格上漲，收入較低的家庭，預算較低的家庭產生了更大的影響。與影響更大的家庭相比，他們通常購買價格較低的個人電腦。我們認為這確實是我們所看到的組合變化的關鍵驅動因素之一。

Okay. And a quick follow-up for Marie here. Marie, I'm just looking at the cash flow, updated cash flow guidance. And the change in the cash flow seems a bit more pronounced than the change in the earnings outlook, particularly if I walk through sort of the EPS changes on the share count. It just looks like the cash flow is coming down a lot more. If you can just walk me through the big sort of buckets in terms of the cash flow guidance change.

好的。在這裡對瑪麗進行快速跟進。瑪麗，我只是在看現金流，更新了現金流指導。而且現金流的變化似乎比盈利前景的變化更明顯，特別是如果我仔細研究一下每股收益的變化。看起來現金流量正在下降更多。如果你能引導我了解現金流指導變化方面的一大堆問題。

Yes. No, we expect our cash flow is largely in line with our net earnings. Obviously, there's some differences quarter-to-quarter on working capital. But just in terms of how to think about cash flow and the guide and what we see as some of the drivers for Q4, firstly, I'd say, look, we've got plans to improve our working capital sequentially. And we're seeing that just in terms of the lower inventory levels. You would have seen that in Q3. We expect operationally to take additional actions going into Q4.

是的。不，我們預計我們的現金流量與我們的淨收益基本一致。顯然，每個季度的營運資金存在一些差異。但就如何考慮現金流和指南以及我們認為第四季度的一些驅動因素而言，首先，我想說，看，我們已經計劃按順序提高我們的營運資金。我們只是從較低的庫存水平上看到了這一點。你會在第三季度看到這一點。我們預計將在第四季度採取更多行動。

I'd say we also, in this last quarter in Q3, we did have some timing impacts around other assets and higher accounts receivable from our contract manufacturers, which caused that AR to be collected in early Q4. This was caused by component receipts and delays to us. So therefore, those month 3 shipments to our CMs were late. Now we do also continue to expect to see some sequential improvement in PS volumes. As you know, PS is a negative cash conversion cycle so that will be a tailwind. So based on these factors, I'm confident in our free cash flow outlook of $3.5 billion to $4 billion for HP for the year.

我想說的是，在第三季度的最後一個季度，我們確實對其他資產和合同製造商更高的應收賬款產生了一些時間影響，這導致在第四季度初收集了 AR。這是由於我們收到組件和延誤造成的。因此，發給我們 CM 的第 3 個月發貨延遲了。現在，我們也確實繼續期望看到 PS 量會出現一些連續的改善。如您所知，PS 是一個負現金轉換週期，因此這將是一個順風。因此，基於這些因素，我對惠普今年 35 億至 40 億美元的自由現金流前景充滿信心。

Your next question comes from Ananda Baruah with Loop Capital.

您的下一個問題來自 Loop Capital 的 Ananda Baruah。

Enrique, in your comments, you talked about sort of ASP declines becoming a bit stronger as you move through the quarter. And it also sounds like the commercial order slowing or sort of protracting is just on the front end. And so I guess the question is, should we anticipate the fundamentals become a bit more challenging post the October quarter, if even just in the near term. And then I have a quick follow-up as well.

恩里克，在你的評論中，你談到了隨著你整個季度的推進，ASP 的下降會變得更加強烈。而且聽起來商業訂單放緩或拖延只是在前端。所以我想問題是，我們是否應該預期基本面會在 10 月季度之後變得更具挑戰性，即使只是在短期內。然後我也有一個快速跟進。

So we are not guiding next year. So -- and we expect that channel inventory will be corrected or will be partially corrected at least during Q4. But as we entered in Q4, we expect this more aggressive pricing dynamics. When we look at the channel inventory of the industry, this is not an HP particular situation, channel inventories are high. And therefore, we expect to see competition be more aggressive on pricing. This is -- we are not going to be the drivers of that. We will only respond if we see the need to manage our sell-out. But we expect to see prices more -- pricing more aggressive as we enter in Q4.

所以我們明年不指導。因此，我們預計至少在第四季度將糾正或部分糾正渠道庫存。但當我們進入第四季度時，我們預計會出現這種更激進的定價動態。當我們看行業的渠道庫存時，這不是惠普的特殊情況，渠道庫存很高。因此，我們預計在定價方面的競爭會更加激烈。這是 - 我們不會成為它的驅動力。只有當我們看到需要管理我們的售罄時，我們才會做出回應。但我們預計價格會更高——隨著我們進入第四季度，定價會更加激進。

And another, just to add in Q4 -- I'm just going to add that our chrome shipments fall off. So in terms of the compares, so that was a tailwind obviously for Q3, which won't be repeated in Q4.

還有一個，只是在第四季度添加-我只是要補充一點，我們的 chrome 出貨量下降了。所以就比較而言，這顯然是第三季度的順風，第四季度不會重複。

Helpful. And then a quick follow-up is the transformation plan that you're going to be talking to us about 90 days, would we be -- I'm just trying to get a sense of how incremental it is. And I guess the way I'll ask the question is, would we be hearing of you guys -- in 90 days, would you be describing to us some actions that you'd be taking or some plan if you weren't seeing the incremental macro impact currently?

有幫助。然後快速跟進是您將在大約 90 天后與我們討論的轉型計劃，我們會不會 - 我只是想了解它的增量。我想我會問這個問題的方式是，我們是否會聽到你們的消息——在 90 天內，如果你們沒有看到當前增量宏觀影響？

Yes. I think what, in any case, no matter what the macro is, we need to continue to improve the efficiency of the company. And the investments that we have done during the last years in IT and in digital systems will allow us to continue to do going forward. So what you will see from us is this plan that will show what are the investments that we are going to be making, what are the returns that we expect to see over time. But a big part of it is be driven by digital, leveraging from the work that has been done during the last years.

是的。我覺得，無論如何，不管宏觀是什麼，我們都需要繼續提高公司的效率。過去幾年我們在 IT 和數字系統方面所做的投資將使我們能夠繼續前進。因此，您將從我們那裡看到的是這個計劃，它將顯示我們將進行哪些投資，隨著時間的推移我們期望看到的回報是什麼。但其中很大一部分是由數字驅動的，利用過去幾年所做的工作。

Your next question comes from Jim Suva with Citigroup.

您的下一個問題來自花旗集團的 Jim Suva。

Enrique and Marie. When you mentioned about pricing and margins to kind of -- I'm sorry, margins to come down a little bit lower, I remember pre-COVID, it was 3.5% to 5.5% operating margins for PS, and I think you took it from 5% to 7%. Are you kind of saying now we should kind of start to model in getting back to the 3.5% to 5.5% range? Or are you talking about kind of the lower end of the 5% to 7% range? I'm just kind of wondering about have we structurally moved higher or is it actually, with more supply, going to go back to the 3.5% to 5.5% range?

恩里克和瑪麗。當你提到定價和利潤率時——對不起，利潤率會下降一點點，我記得在 COVID 之前，PS 的營業利潤率是 3.5% 到 5.5%，我想你接受了從 5% 到 7%。你是說現在我們應該開始模擬回到 3.5% 到 5.5% 的範圍嗎？還是您說的是 5% 到 7% 範圍的下限？我只是想知道我們是否在結構上走高了，或者實際上，隨著供應的增加，會回到 3.5% 到 5.5% 的範圍？

Jim, it's Marie. So we absolutely remain committed to our long-term ranges for PS that we gave at our Security Analyst Meeting. I think the point of clarification is just what we're expecting to see in Q4, where we do expect to be at the lower end of the range based on a lot of what you've heard on the call today. Plus also remember that Q4 is typically our consumer holiday season where you'll see obviously a slightly different mix from a pricing perspective. So overall, Jim, we're not changing our ranges and we're staying on track for our long-term range.

吉姆，我是瑪麗。因此，我們絕對會繼續致力於我們在安全分析師會議上給出的 PS 的長期範圍。我認為澄清的重點正是我們期望在第四季度看到的，根據你今天在電話會議上聽到的很多內容，我們確實預計會處於範圍的低端。另外請記住，第四季度通常是我們的消費者假期季節，從定價的角度來看，您會看到明顯略有不同的組合。所以總的來說，吉姆，我們不會改變我們的範圍，我們會保持我們的長期範圍。

And just a reminder, Jim, what we said is we expected to see within the 5% to 7% range. We were already expecting margins for PC to go down as we shared that range. But we also were expecting the new businesses, peripherals and services, to grow in relevance to growing mix to compensate for the decline. These were the model that we had a year ago, continues to be the plan. We just need to see how this manages now as but we face this new and unexpected economic headwinds.

提醒一下，吉姆，我們所說的是我們預計會在 5% 到 7% 的範圍內看到。當我們分享這個範圍時，我們已經預計 PC 的利潤率會下降。但我們也預計新業務、外圍設備和服務將隨著不斷增長的組合而增長，以彌補下降。這些是我們一年前的模型，仍然是計劃。我們只需要看看它現在是如何管理的，但我們面臨著這種新的和意想不到的經濟逆風。

Okay. So I think we are at the end of the time. Thank you all for joining us today and for spending the last hour with us. I would like to make a few comments. Clearly, during the quarter, even if we faced significant economic challenges, we delivered solid EPS growth of 4%, and we continue to return capital to shareholders, in this case, was $1.3 billion. We are taking clear actions to mitigate the near-term macro headwinds that we are facing while we continue to drive progress and execute on our long-term growth strategy. Because as we always say, this, as every other, is an opportunity to further strengthen the company and to continue to build a stronger HP. Thank you.

好的。所以我認為我們已經走到了盡頭。感謝大家今天加入我們並與我們一起度過最後一個小時。我想發表幾點意見。顯然，在本季度，即使我們面臨重大的經濟挑戰，我們的每股收益也實現了 4% 的穩健增長，並且我們繼續向股東返還資本，在這種情況下為 13 億美元。我們正在採取明確的行動來緩解我們面臨的近期宏觀不利因素，同時繼續推動進展並執行我們的長期增長戰略。因為正如我們常說的，這和其他任何時候一樣，都是進一步加強公司並繼續打造更強大的惠普的機會。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。