惠普 (HPQ) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the Third Quarter 2023 HP Inc. Earnings Conference Call. My name is Sarah, and I will 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 2023 年第三季度惠普公司收益電話會議。我叫莎拉，我將擔任今天電話會議的會議主持人。 （操作員說明）謹此提醒，本次會議正在錄製以供重播之用。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 2023 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 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 2023 年第三季度收益電話會議。今天與我在一起的有惠普總裁兼首席執行官恩里克·洛雷斯 (Enrique Lores)；以及惠普首席財務官瑪麗·邁爾斯 (Marie Myers)。在將通話轉交給 Enrique 之前，請允許我提醒您，本次通話是網絡廣播，通話後不久將在我們的網站上提供大約 1 年的重播。我們在投資者關係網頁（investor.hp.com）上發布了收益報告和隨附的幻燈片演示。

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

與往常一樣，本演示文稿的內容具有前瞻性，並且基於我們對當今世界和業務的最佳看法。欲了解更多詳細信息，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 HP 的 SEC 報告，包括我們最新的 10-K 表格。惠普不承擔任何義務，也不打算更新任何此類前瞻性聲明。

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 SEC filings. During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period. In addition, unless otherwise noted, references to HP channel inventory refer to Tier 1 channel inventory.

我們還注意到，本次電話會議中討論的財務信息反映了基於現有信息的估計，可能與惠普向 SEC 文件中最終報告的金額存在重大差異。在本次網絡直播中，除非另有特別說明，所有比較均為與去年同期的同比比較。此外，除非另有說明，否則提及的惠普渠道庫存均指一級渠道庫存。

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.

對於按非 GAAP 基礎表述的財務信息，我們已包含對可比 GAAP 信息的調節。請參閱今天收益發布所附的表格和幻燈片演示，了解這些對賬情況。

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

現在我想把電話轉給恩里克。

Thank you, Orit, and thank you, everyone, for joining the call today. When we spoke last quarter, we said that our second half performance would be stronger than the first half. We outlined a clear plan to drive sequential improvement, and this is exactly what we delivered in Q3. We grew net revenue, non-GAAP operating profit, non-GAAP EPS and free cash flow quarter-over-quarter in a tough market environment. And our Future Ready plan is enabling continued progress against our long-term growth priorities while driving structural cost savings.

謝謝 Orit，也謝謝大家今天加入電話會議。當我們上個季度講話時，我們說我們下半年的表現會比上半年更好。我們制定了一個明確的計劃來推動連續改進，這正是我們在第三季度交付的。在嚴峻的市場環境下，我們的淨收入、非公認會計準則營業利潤、非公認會計準則每股收益和自由現金流均實現了季度環比增長。我們的未來就緒計劃正在推動我們的長期增長重點不斷取得進展，同時推動結構性成本節約。

Today, I'm going to spend a few minutes recapping Q3. I will then talk about the market dynamics we see in each of our business units. And I will close by sharing my thoughts on the external environment heading into Q4 before handing the call to Marie.

今天，我將花幾分鐘回顧一下第三季度。然後我將談談我們在每個業務部門看到的市場動態。在將電話轉交給瑪麗之前，我將分享我對進入第四季度的外部環境的看法。

Starting with our results. Net revenue was $13.2 billion, that's down 10% year-over-year or 7% in constant currency. Even so, third quarter net revenue was up 2% sequentially despite macro headwinds continuing to impact demand across the industry. We also made good progress in our key growth areas. While these businesses are not immune to cover end market challenges, collectively, they delivered solid sequential growth in the quarter. This reflects the power of the portfolio we are building to meet a wider range of customer needs. And we are continuing to invest in these areas to strengthen our position and accelerate our momentum.

從我們的結果開始。淨收入為 132 億美元，同比下降 10%，按固定匯率計算下降 7%。即便如此，儘管宏觀不利因素繼續影響整個行業的需求，但第三季度淨收入仍環比增長 2%。我們在關鍵增長領域也取得了良好進展。儘管這些業務也不能倖免於終端市場的挑戰，但總的來說，它們在本季度實現了穩健的連續增長。這反映了我們為滿足更廣泛的客戶需求而構建的產品組合的力量。我們將繼續在這些領域進行投資，以鞏固我們的地位並加速我們的發展勢頭。

We remain on track to deliver at least 40% of our 3-year structural cost savings target by the end of this fiscal year. And I want to thank all of our teams for driving disciplined execution and cost management across the business. Because of their work, we delivered non-GAAP EPS of $0.86. This is at the midpoint of our previously provided guidance and was up 9% sequentially.

我們仍有望在本財年末實現至少 40% 的 3 年結構性成本節約目標。我要感謝我們所有的團隊推動整個企業的嚴格執行和成本管理。由於他們的努力，我們實現了 0.86 美元的非 GAAP 每股收益。這是我們之前提供的指導的中點，比上一季度增長了 9%。

As we reduce our structural cost, it's enabling sustained investment and innovation aligned with our long-term growth priorities. At SIGGRAPH, we launched our new Z4 Rack workstation for data scientists, content creators and engineers. With the option of our HP Anyware remote computing software, users can access the high performance power of the Z4 from any device. At Computex, we introduced our next-gen HyperX Cloud III gaming headset, which creates immersive audio experiences for gamers.

當我們降低結構成本時，就能實現與我們的長期增長優先事項相一致的持續投資和創新。在 SIGGRAPH 上，我們為數據科學家、內容創作者和工程師推出了新的 Z4 Rack 工作站。通過選擇我們的 HP Anyware 遠程計算軟件，用戶可以從任何設備訪問 Z4 的高性能。在 Computex 上，我們推出了下一代 HyperX Cloud III 遊戲耳機，它為遊戲玩家打造身臨其境的音頻體驗。

We unveiled our new Poly Studio video solution for hybrid meeting rooms. It rans on AI-driven software that automatically detects and frames participants to enable a better experience between people in the room and colleagues connecting remotely. And we launched HP SitePrint, an innovative robotic solution that empowers workers to print the most complex construction site layout with pinpoint accuracy while achieving 10x their productivity.

我們推出了適用於混合會議室的全新 Poly Studio 視頻解決方案。它運行在人工智能驅動的軟件上，可以自動檢測和框架參與者，以便在房間裡的人和遠程連接的同事之間提供更好的體驗。我們還推出了 HP SitePrint，這是一種創新的機器人解決方案，使工人能夠以高精度打印最複雜的建築工地佈局，同時將工作效率提高 10 倍。

I am even more excited about the progress we are making with our silicon and software partners to co-engineer new platforms that run generative AI at the Edge. As I mentioned last quarter, this is a massive opportunity for PC reinvention. Being able to run AI applications locally enables lower latency as well as more robust security and privacy protection. I am very pleased with pipeline of innovation our teams are building, and we view this as a significant driver of PC refresh in 2024 and beyond. We will be unveiling a wide range of new products and services at our first-ever HP Imagine event on October 5. This is a moment for us to showcase innovation across our portfolio, and I invite you all towards the live stream.

我對我們與芯片和軟件合作夥伴共同設計在邊緣運行生成式人工智能的新平台所取得的進展感到更加興奮。正如我上個季度提到的，這是 PC 重塑的巨大機遇。能夠在本地運行人工智能應用程序可以實現更低的延遲以及更強大的安全和隱私保護。我對我們團隊正在構建的創新渠道感到非常滿意，我們認為這是 2024 年及以後 PC 更新的重要驅動力。我們將於 10 月 5 日在首屆 HP Imagine 活動中推出各種新產品和服務。這是我們展示整個產品組合創新的時刻，我邀請大家觀看直播。

Last quarter, we also released our Annual Sustainable Impact Report. It outlines the progress we have made against our climate action, human rights and digital equity goals. We have now reduced our absolute carbon footprint by 18% since 2019. And we achieved our goal to enable better learning outcomes for 100 million people 3 years ahead of plan. I hope many of you were able to watch our webcast on these topics earlier this month. This work has a positive impact on our communities and helps us to win business.

上季度，我們還發布了年度可持續影響報告。它概述了我們在氣候行動、人權和數字公平目標方面取得的進展。自 2019 年以來，我們的絕對碳足跡現已減少了 18%。我們比計劃提前 3 年實現了為 1 億人提供更好學習成果的目標。我希望你們中的許多人能夠在本月早些時候觀看我們關於這些主題的網絡廣播。這項工作對我們的社區產生積極影響，並幫助我們贏得業務。

Let me now turn to our business unit performance. Starting at the macro level, we continue to navigate an uneven environment, including FX headwinds. From a customer segment perspective, the picture is somewhat mixed. We are seeing enterprise spending remain cautious, with a rising cost of capital being a notable factor. The SMB segment is showing resilience. And in consumer, we continue to see softness in discretionary spending. Geographically, we see various dynamics playing out in different parts of the world. Most markets are experiencing some weakness, although at different levels. For example, we saw a downturn in the China market, where demand is not even yet back in the lower GDP recovery.

現在讓我談談我們業務部門的業績。從宏觀層面開始，我們繼續應對不平衡的環境，包括外匯逆風。從客戶群的角度來看，情況有些複雜。我們看到企業支出仍然謹慎，資本成本上升是一個顯著因素。中小企業細分市場顯示出韌性。在消費者方面，我們繼續看到可自由支配支出的疲軟。從地理上看，我們看到世界不同地區正在發生各種動態。大多數市場都在經歷一些疲軟，儘管程度不同。例如，我們看到中國市場低迷，在 GDP 復甦較低的情況下，需求尚未恢復。

Personal Systems revenue was $8.9 billion in the quarter. That's down 11% year-over-year or 8% in constant currency. Even so, we saw a significant improvement this quarter with PS revenue up 9% sequentially. This reflects back-to-school demand as well as higher unit volume resulting in share gains. Our PS operating margin was strong at 6.6%. Operating profit dollars grew sequentially, driven by higher volume, our disciplined cost management and structural cost reduction. We also gained share in both Commercial and Consumer while still focusing on profitable share. Year-over-year, we gained 2.9 share points while retaining our #1 position in Commercial.

本季度個人系統收入為 89 億美元。同比下降 11%，按固定匯率計算下降 8%。即便如此，我們仍看到本季度 PS 收入環比增長 9% 的顯著改善。這反映了返校需求以及導致份額上漲的單位銷量增加。我們的 PS 營業利潤率強勁，達到 6.6%。在產量增加、嚴格的成本管理和結構性成本削減的推動下，營業利潤連續增長。我們還在商業和消費者領域獲得了份額，同時仍然專注於盈利份額。與去年同期相比，我們的份額增長了 2.9 個百分點，同時保持了商業領域第一的位置。

Gaming saw a significant recovery with double-digit sequential growth. And PS services TCV grew strong double digits sequentially and year-over-year.

遊戲業出現顯著復甦，環比增長兩位數。 PS 服務 TCV 環比和同比均實現強勁的兩位數增長。

Turning to Print, revenue was $4.3 billion. That's down 7% year-over-year or 5% in constant currency. We continue to see soft demand, particularly in China as well as aggressive pricing in the consumer print market and delayed enterprise spending in the industrial space. Supplies revenue was broadly flat year-over-year in constant currency, in line with our expectations. We delivered Print operating margin of 18.6%. This reflects our disciplined cost management as well the work we are doing to rebalance overall system profitability.

至於印刷業，收入為 43 億美元。同比下降 7%，按固定匯率計算下降 5%。我們繼續看到需求疲軟，尤其是在中國，以及消費印刷市場的激進定價和工業領域企業支出的延遲。按固定匯率計算，供應收入同比基本持平，符合我們的預期。我們的印刷營業利潤率為 18.6%。這反映了我們嚴格的成本管理以及我​​們為重新平衡整個系統盈利能力所做的工作。

For example, this quarter, about 60% of our shaped units where HP+-enabled or profit upfront big tank printers. And Instant Ink once again grew revenue and new enrollees year-over-year. We also see opportunities to improve our Print performance. We are specifically focused on regaining profitable share and improving our performance in office through stepped-up execution. And given the competitive environment in home printing, we need to improve our cost structure to maintain long-term profitability.

例如，本季度，大約 60% 的成型單位採用了支持 HP+ 的或預付大槽打印機的利潤。 Instant Ink 的收入和新註冊人數再次同比增長。我們還看到了提高打印性能的機會。我們特別注重通過加強執行來重新獲得盈利份額並提高我們的績效。鑑於家庭打印的競爭環境，我們需要改善成本結構以保持長期盈利能力。

Turning to our industrial business. The graphics and 3D markets continue to be impacted by macro environment and delayed ordering cycles. That said, they remain important parts of our plan to drive long-term growth and value creation, and we continue to innovate to strengthen our position. I also want to acknowledge the continued progress we are making in our workforce services and solutions business. We delivered solid growth in the quarter, both year-over-year and sequentially. And we are building a strong funnel as we spend time introducing our newly integrated portfolio of services with customers. We are very encouraged by the opportunities to grow this business moving forward.

轉向我們的工業業務。圖形和 3D 市場繼續受到宏觀環境和延遲的訂購週期的影響。儘管如此，它們仍然是我們推動長期增長和價值創造計劃的重要組成部分，我們將繼續創新以鞏固我們的地位。我還想感謝我們在勞動力服務和解決方案業務方面取得的持續進步。我們在本季度實現了同比和環比的穩健增長。當我們花時間向客戶介紹我們新整合的服務組合時，我們正在建立一個強大的渠道。我們對未來發展這項業務的機會感到非常鼓舞。

Overall, Q3 was a solid quarter, given current market conditions. Our Future Ready plan is on track. We're investing in innovation and making good progress against our long-term growth priorities, and we are doubling down on execution across every facet of our business. This is important as we expect the market to remain challenging in Q4. The macro situation is not improving as quickly as anticipated. And while we expect to deliver another quarter of sequential growth, we are moderating our expectations for Q4 and the full year, consistent with the revised market outlook. This outlook is largely driven by the continued aggressive pricing environment in PCs, sluggish demand in China and enterprise demand softness.

總體而言，鑑於當前的市場狀況，第三季度是一個穩健的季度。我們的“未來就緒”計劃正在步入正軌。我們正在投資於創新，並在長期增長優先事項方面取得良好進展，並且我們正在加倍加強業務各個方面的執行力。這很重要，因為我們預計第四季度市場仍將充滿挑戰。宏觀形勢並沒有像預期那樣迅速改善。雖然我們預計將再實現一個季度的環比增長，但我們正在調整對第四季度和全年的預期，這與修訂後的市場前景一致。這一前景主要是由於個人電腦定價環境持續激進、中國需求疲軟以及企業需求疲軟所推動。

Notwithstanding the actions we are taking to mitigate these headwinds, we believe it's prudent to lower our outlook based on near-term market reality. Let me be clear, we will use this moment as an opportunity to double down on the things we can control. We have already begun identifying additional opportunities to further reduce our cost structure where we believe we can overdeliver on our cost saving target. This is certainly not the first time we have had to adapt market volatility. It's something we have been doing consistently over the past few years. We know how to manage the business through this situation. And we have a strong track record, taking actions that protect our profitability and free cash flow, which is what you can continue to expect from us. And while we clearly have some additional work to do in the near term, we remain confident in our long-term trajectory.

儘管我們正在採取措施減輕這些不利因素，但我們認為根據近期市場現實降低我們的前景是謹慎的做法。讓我明確一點，我們將利用這一刻作為一個機會，在我們可以控制的事情上加倍努力。我們已經開始尋找其他機會來進一步降低成本結構，我們相信我們可以超額實現成本節約目標。這當然不是我們第一次不得不適應市場波動。這是我們過去幾年一直在做的事情。我們知道如何在這種情況下管理業務。我們擁有良好的記錄，採取行動保護我們的盈利能力和自由現金流，這是您可以繼續對我們期望的。雖然我們在短期內顯然還有一些額外的工作要做，但我們對我們的長期發展軌跡仍然充滿信心。

We have consistently said that progress won't always be linear, but we are focused on what we can control and driving disciplined execution to unlock value. We will also continue to execute the capital allocation strategy we have shared previously. We are committed to returning 100% of free cash flow to shareholders over time unless opportunities with a better return on investment arise and as long as our gross leverage ratio remains under 2x EBITDA. I'm looking forward to seeing many of you in Palo Alto in October for our Securities Analyst Meeting.

我們一直說，進步並不總是線性的，但我們專注於我們可以控制的事情，並推動嚴格的執行以釋放價值。我們還將繼續執行我們之前分享的資本配置策略。我們致力於隨著時間的推移將 100% 的自由現金流返還給股東，除非出現更好的投資回報機會，並且只要我們的總槓桿率保持在 2 倍 EBITDA 以下。我期待十月份在帕洛阿爾托參加我們的證券分析師會議。

As many of you know, this was an event we hosted each fall prior to 2020. We hosted it virtually in 2021 and it will be great to be back together in person. We will use the meeting to share more detail on the progress we are making against our Future Ready plan, including some of the opportunities we see to accelerate our digital transformation and structural cost reduction. We will also highlight exciting innovation across the HP portfolio. And we will talk a lot about the significant long-term opportunities we see to deliver long-term sustainable growth and value creation.

正如你們許多人所知，這是我們在 2020 年之前每年秋天舉辦的活動。我們在 2021 年以虛擬方式舉辦了這次活動，很高興能親自回到現場。我們將利用這次會議分享更多有關我們未來就緒計劃所取得進展的細節，包括我們看到的一些加速數字化轉型和降低結構性成本的機會。我們還將重點介紹整個惠普產品組合中令人興奮的創新。我們將大量討論我們看到的實現長期可持續增長和價值創造的重大長期機遇。

With that, let me stop here and turn the call over to Marie to discuss our results and outlook in more detail.

說到這裡，讓我停下來，將電話轉給瑪麗，更詳細地討論我們的結果和前景。

Thank you, and good afternoon, everyone. We delivered positive results in Q3 and continued to build on the progress we made during the first half of the year despite the challenging macro environment. We have increased our non-GAAP operating profit and non-GAAP EPS sequentially over the course of the year in line with our outlook. In Q3, our Personal Systems business drove high single-digit sequential revenue growth, which in turn helped drive strong free cash flow performance in the quarter.

謝謝大家，大家下午好。儘管宏觀環境充滿挑戰，我們在第三季度取得了積極的業績，並在上半年取得的進展的基礎上繼續前進。我們在這一年中連續增加了非 GAAP 營業利潤和非 GAAP 每股收益，這與我們的前景一致。在第三季度，我們的個人系統業務推動了高個位數的連續收入增長，這反過來又有助於推動本季度強勁的自由現金流表現。

We successfully completed a debt tender exceeding $1.1 billion late in the quarter that reduced our gross leverage ratio as planned. And our Future Ready transformation plan is on track to achieve at least $560 million in gross annual run rate structural cost savings this year. While there are pockets of our business where we are working to improve our execution, we made good progress during the quarter.

我們在本季度末成功完成了超過 11 億美元的債務招標，按計劃降低了我們的總槓桿率。我們的未來就緒轉型計劃有望在今年實現至少 5.6 億美元的年運行率結構成本節約。雖然我們正在努力提高某些業務的執行力，但我們在本季度取得了良好的進展。

Now let's take a closer look at the details of the quarter. Net revenue was $13.2 billion in the quarter, down 10% nominally and 7% in constant currency, driven by the declines across each of our regions. In constant currency, Americas declined 8%, EMEA declined 5% and APJ declined 9%, driven by weakened demand in China. Gross margin was 21.4% in the quarter, up 1.7 points year-on-year, primarily due to lower component and logistics costs in Personal Systems and favorable mix, partially offset by currency and competitive pricing across both of our businesses.

現在讓我們仔細看看本季度的詳細信息。本季度淨收入為 132 億美元，名義下降 10%，按固定匯率計算下降 7%，這是由於我們每個地區的收入下降所致。按固定匯率計算，由於中國需求疲軟，美洲下降了 8%，歐洲、中東和非洲下降了 5%，亞太及日本地區下降了 9%。本季度毛利率為 21.4%，同比增長 1.7 個百分點，這主要是由於個人系統的組件和物流成本降低以及有利的產品組合，但部分被我們兩個業務的貨幣和有競爭力的定價所抵消。

Non-GAAP operating expenses were $1.7 billion or 12.6% of revenue. The increase in operating expenses was driven primarily by the Poly acquisition and investments in growth initiatives, partially offset by disciplined cost management, including Future Ready structural cost savings. Non-GAAP operating profit was $1.2 billion, down 15.1%. Non-GAAP net OI&E expense was $143 million, down sequentially due to lower short-term financing activity and up year-on-year primarily due to higher interest expense, driven by an increase in both debt outstanding and interest rates as well as higher factoring expenses.

非 GAAP 運營支出為 17 億美元，佔收入的 12.6%。運營費用的增加主要是由保利收購和增長計劃投資推動的，部分被嚴格的成本管理所抵消，包括面向未來的結構性成本節約。非 GAAP 營業利潤為 12 億美元，下降 15.1%。非 GAAP 淨 OI&E 費用為 1.43 億美元，環比下降是由於短期融資活動減少，同比上升主要是由於未償債務和利率增加以及保理業務增加導致利息費用增加花費。

Non-GAAP diluted net earnings per share decreased $0.17 or 17% to $0.86 with a diluted share count of approximately 1 billion shares. Non-GAAP diluted net earnings per share excludes a net expense totaling $93 million, primarily related to restructuring and other charges, amortization of intangibles, acquisition and divestiture-related charges and other tax adjustments, offset partially by the debt extinguishment benefit and nonoperating retirement-related credits. As a result, Q3 GAAP diluted net earnings per share was $0.76.

非 GAAP 稀釋後每股淨利潤下降 0.17 美元或 17%，至 0.86 美元，稀釋後股數約為 10 億股。非公認會計原則稀釋每股淨利潤不包括總計9300 萬美元的淨費用，主要與重組和其他費用、無形資產攤銷、收購和剝離相關費用以及其他稅務調整相關，部分由債務清償福利和非經營性退休金抵消。相關學分。因此，第三季度 GAAP 攤薄後每股淨利潤為 0.76 美元。

Now let's turn to segment performance. In Q3, Personal Systems revenue was $8.9 billion, down 11% or 8% in constant currency. Total units were up 3%. Sequentially, revenue was up 9% and total units were up 21% with Commercial up 17% and Consumer up 28%. Improved sequential demand was driven by seasonal strength with back-to-school demand. We also saw continued commercial enterprise softness driven by cautious spending and delayed purchase decisions. We improved our overall market share in calendar Q2 on both a year-over-year and sequential basis, driven by gains in both Commercial and Consumer markets. We continued to see Commercial representing approximately 70% of our revenue mix for the quarter.

現在讓我們轉向分段性能。第三季度，個人系統收入為 89 億美元，下降 11%，按固定匯率計算下降 8%。總單位數增長了 3%。隨後，收入增長了 9%，總單位數增長了 21%，其中商業增長了 17%，消費者增長了 28%。連續需求的改善是由返校需求的季節性強勁推動的。我們還看到，由於謹慎支出和延遲購買決定，商業企業持續疲軟。在商業和消費者市場增長的推動下，我們第二季度的整體市場份額同比和環比均有所提高。我們繼續看到商業業務約佔本季度收入組合的 70%。

Our strategy remains focused on driving profitable share growth. Our channel inventory levels are normalizing. However, our estimate is that the industry-wide channel inventory continues to remain elevated. As a consequence, ASP pressures offset volume growth accounting for year-over-year revenue decline in Personal Systems in the quarter.

我們的戰略仍然專注於推動盈利份額的增長。我們的渠道庫存水平正在正常化。然而，我們預計全行業渠道庫存繼續保持在較高水平。因此，平均售價壓力抵消了本季度個人系統收入同比下降的銷量增長。

Drilling into the details. Consumer revenue was down 12% and Commercial was down 11%. Increased competitive and promotional pricing drove ASPs lower, partially offset by contributions from hybrid systems revenue and higher unit volumes resulting in share gains. We increased our market share and higher-value premium categories, including Commercial Windows and Gaming. Personal Systems delivered almost $600 million of operating profit with operating margins of 6.6%. Our margin declined 0.1 points year-over-year, primarily due to increased pricing competition, mix, currency and higher OpEx due to the Poly acquisition. This was partially offset by lower costs, including commodity costs, structural cost savings and logistics expense.

深入細節。消費者收入下降 12%，商業收入下降 11%。競爭性和促銷性定價的增加導致平均售價下降，但部分被混合動力系統收入的貢獻和更高的銷量帶來的份額收益所抵消。我們增加了市場份額和更高價值的優質類別，包括商業窗戶和遊戲。個人系統實現了近 6 億美元的營業利潤，營業利潤率為 6.6%。我們的利潤率同比下降 0.1 個百分點，主要是由於定價競爭加劇、產品組合、貨幣以及保利收購帶來的運營支出增加。這部分被成本降低所抵消，包括商品成本、結構性成本節約和物流費用。

In Print, our results reflect our continued focus on key initiatives as we navigated the challenges of a softer and increasingly competitive print market. In Q3, total Print revenue was $4.3 billion, down 7% nominally or 5% in constant currency. The decline was driven by soft demand in both Consumer and Commercial, market share [lower] currency and lower supplies revenue. Hardware revenue was down $256 million, driven by lower volumes, primarily due to China market softness and aggressive pricing competition as our Japanese competitors have leveraged the weaker yen to their advantage.

在印刷方面，我們的業績反映了我們在應對日益疲軟且競爭日益激烈的印刷市場的挑戰時對關鍵舉措的持續關注。第三季度，印刷總收入為 43 億美元，名義下降 7%，按固定匯率計算下降 5%。下降的原因是消費者和商業需求疲軟、市場份額[較低]貨幣和供應收入下降。由於銷量下降，硬件收入下降了 2.56 億美元，這主要是由於中國市場疲軟以及我們的日本競爭對手利用日元貶值作為優勢而激烈的價格競爭。

Total hardware units decreased 19%, driven by softer print demand in both home and commercial. Industrial graphics revenue, particularly hardware, remains pressured by persistent soft enterprise demand with the greatest impact seen in Europe.

由於家庭和商業打印需求疲軟，硬件設備總數下降了 19%。工業圖形收入（尤其是硬件）仍然受到持續的軟企業需求的壓力，其中歐洲影響最大。

By customer segment, Commercial revenue decreased 6% or 5% in cost currency with units down 8%. Consumer revenue decreased 28% or down 26% in constant currency with units down 20%. ASPs were down year-over-year, driven by the promotional and competitive pricing and currency, offset partially by a favorable mix in both Consumer and Commercial. Supplies revenue was $2.8 billion, declining 2% nominally and roughly flat at constant currency, in line with expectations. The decline was driven by demand softness, particularly in China, lower usage and a lower installed base. This was offset partially by pricing actions earlier in the year and share gains [in toner].

按客戶細分來看，商業收入下降了 6%，以成本貨幣計算則下降了 5%，單位數量下降了 8%。消費者收入下降 28%，按固定匯率計算下降 26%，單位數量下降 20%。受促銷和競爭性定價及貨幣的推動，平均售價同比下降，但消費和商業領域的有利組合部分抵消了這一影響。供應收入為 28 億美元，名義下降 2%，按固定匯率計算大致持平，符合預期。下降的原因是需求疲軟（尤其是在中國）、使用量下降和安裝基數較低。今年早些時候的定價行動和[墨粉]份額收益部分抵消了這一影響。

Print operating profit was approximately $800 million, down 12% year-on-year, and operating margin was 18.6%. Operating margin decreased 1.2 points, driven by competitive pricing and unfavorable currency, partially offset by structural cost savings and favorable mix. I would also like to note that we recorded accounting adjustments primarily related to a revenue contract in our Personal Systems segment. This has been reflected in our prior quarter compares which I just covered. It was not material to any of our previously filed financial statements and does not impact our current quarter results.

印刷營業利潤約為8億美元，同比下降12%，營業利潤率為18.6%。由於競爭性定價和不利貨幣的推動，營業利潤率下降了 1.2 個百分點，但結構性成本節約和有利的產品組合部分抵消了這一影響。我還想指出，我們記錄的會計調整主要與個人系統部門的收入合同相關。這已經反映在我剛剛介紹的上一季度的比較中。這對我們之前提交的任何財務報表都不重要，也不會影響我們當前的季度業績。

We continue to make strong progress on our Future Ready transformation in Q3, and we expect to deliver at least 40% of our 3-year gross annual structural run rate savings target of $1.4 billion for FY '23. As I've mentioned previously, we are working on a range of programs, which should enable us to achieve and potentially exceed key milestones for reducing costs across our business. Given the dynamic in Print, we are building the plan to accelerate cost reductions in that business.

我們在第三季度繼續在面向未來的轉型方面取得重大進展，我們預計將在 23 財年實現 3 年總年度結構性運行率節省目標 14 億美元的至少 40%。正如我之前提到的，我們正在製定一系列計劃，這些計劃將使我們能夠實現並有可能超越降低整個業務成本的關鍵里程碑。鑑於印刷行業的動態，我們正在製定計劃以加速降低該業務的成本。

Let me update you on our progress in Q3. A key pillar of our transformation plan is focused on simplifying our product portfolio, significantly reducing the number of platforms we support to drive agility and operating leverage. We've made great progress in Personal Systems as the actions we've taken have positively impacted our Q3 operating profit rate performance. Specifically, we continue to make great progress standardizing our Personal Systems platforms. At the end of Q3, we were nearly halfway to our goal of reducing our total number of Personal Systems platforms by approximately 1/3 by the end of FY '24. In addition, we continue to reduce our commodity complexity, decreasing the number of client SKUs in our Personal Systems portfolio.

讓我向您介紹第三季度的最新進展。我們轉型計劃的一個關鍵支柱是簡化我們的產品組合，顯著減少我們支持的平台數量，以提高敏捷性和運營槓桿。我們在個人系統方面取得了巨大進展，因為我們採取的行動對我們第三季度的營業利潤率表現產生了積極影響。具體來說，我們繼續在個人系統平台標準化方面取得巨大進展。在第三季度末，我們的目標已接近一半，即到 24 財年末將個人系統平台總數減少約 1/3。此外，我們繼續降低商品複雜性，減少個人系統產品組合中的客戶 SKU 數量。

In addition, we continue to look for new opportunities to reduce our cost structure across the organization. In Q3, for example, we optimized our media spend by consolidating our marketing programs and expanding our in-housing model further. We expect marketing will continue to deliver additional savings in headcount productivity and cost optimization as we unlock new digital solutions.

此外，我們繼續尋找新的機會來降低整個組織的成本結構。例如，在第三季度，我們通過整合營銷計劃並進一步擴展我們的內部模型來優化媒體支出。我們預計，隨著我們解鎖新的數字解決方案，營銷將繼續在員工生產力和成本優化方面帶來更多節省。

We are aggressively pressing forward with our AI agenda to reinvent various functions inside the company to accelerate both our products and productivity. We are enhancing our software coding practices to accelerate code development to improve speed, efficiencies and quality reviews. We are also leveraging our telemetry data to proactively address customer needs and to provide tailored recommendations and solutions to improve their efficiency and productivity.

我們正在積極推進人工智能議程，以重塑公司內部的各種功能，以加速我們的產品和生產力。我們正在增強我們的軟件編碼實踐，以加速代碼開發，從而提高速度、效率和質量審查。我們還利用遙測數據主動滿足客戶需求，並提供量身定制的建議和解決方案，以提高他們的效率和生產力。

Shifting to cash flow and capital allocation. Q3 cash flow from operations was solid at $1 billion, and free cash flow was approximately $900 million. The cash conversion cycle was minus 31 days in the quarter. This improved 2 days year-over-year, primarily due to days of inventory decreasing 1 day and days payable increasing 4 days, partially offset by days receivable increasing 3 days. The sequential growth in Personal Systems has improved the overall cash conversion cycle as expected.

轉向現金流和資本配置。第三季度運營現金流穩定在 10 億美元，自由現金流約為 9 億美元。本季度現金周轉週期為負 31 天。這一天數同比增加了 2 天，主要是由於庫存天數減少了 1 天，應付天數增加了 4 天，部分被應收賬款天數增加了 3 天所抵消。個人系統的連續增長如預期改善了整體現金轉換週期。

Looking ahead to Q4, we expect operational improvements will help drive a sequential increase in free cash flow, including an increase in Personal Systems revenue and an improvement in working capital. In Q3, we returned approximately $260 million to shareholders via cash dividends. In addition, we successfully completed a debt tender during the quarter, retiring greater than $1 billion of debt. Consistent with our outlook, we did not repurchase any shares in the quarter.

展望第四季度，我們預計運營改進將有助於推動自由現金流的連續增長，包括個人系統收入的增加和營運資本的改善。第三季度，我們通過現金股息向股東返還約 2.6 億美元。此外，我們在本季度成功完成了債務招標，償還了超過 10 億美元的債務。與我們的預期一致，我們本季度沒有回購任何股票。

Looking forward to Q4, we expect the challenging economic climate and continued demand softness will remain headwinds for our business near term. In particular, keep the following in mind related to our overall financial outlook. We still expect operating expenses, excluding Poly, will be down year-over-year for FY '23. We intend to start managing dilution this quarter as we remain committed to our capital allocation strategy over the long term while maintaining our investment-grade credit rating.

展望第四季度，我們預計充滿挑戰的經濟環境和持續的需求疲軟將在短期內繼續成為我們業務的阻力。特別是，請記住以下與我們整體財務前景相關的內容。我們仍然預計 23 財年的運營支出（不包括保利）將同比下降。我們打算在本季度開始管理稀釋，因為我們仍然致力於長期資本配置策略，同時維持我們的投資級信用評級。

For Personal Systems, the PC market size for the second half of calendar year '23 is smaller versus prior expectations, driven mainly by demand weakness in China. We expect industry CI levels will normalize by the end of Q4, resulting in improving ASPs as the quarter progresses but by less than initially expected and that enterprise demand will be softer. We expect Personal Systems margins in Q4 to be at the higher end of our 5% to 7% long-term range, driven by sequential revenue growth, lower commodity costs and strong structural and operating cost savings.

對於個人系統而言，23 日曆年下半年的 PC 市場規模小於之前的預期，這主要是由於中國需求疲軟所致。我們預計行業 CI 水平將在第四季度末正常化，從而導致平均售價隨著季度的進展而提高，但幅度低於最初預期，而且企業需求將會疲軟。我們預計，在收入連續增長、商品成本下降以及結構和運營成本大幅節省的推動下，第四季度個人系統利潤率將處於 5% 至 7% 長期範圍的高端。

In Print, we expect overall Print revenue will rebound sequentially due to seasonality. We expect supplies revenue in FY '23 to decline by a low single-digit in constant currency with easier year-on-year compares in Q4. We expect Print enterprise demand softness, including industrial, which will remain under pressure due to elongated sales cycles. We expect Print margins to be above the high end of our 16% to 18% target range for Q4, driven by disciplined pricing in a competitive environment and cost management that will help to offset softened demand. Taking these considerations into account, we are providing the following outlook for Q4 and fiscal year 2023.

在印刷方面，我們預計整體印刷收入將因季節性而環比反彈。我們預計，按固定匯率計算，23 財年的供應收入將出現低個位數下降，而第四季度的同比下降幅度較小。我們預計印刷企業需求疲軟，包括工業，由於銷售週期拉長，印刷企業將繼續面臨壓力。我們預計印刷利潤率將高於第四季度 16% 至 18% 目標範圍的上限，這得益於競爭環境中嚴格的定價和成本管理，這將有助於抵消需求疲軟的影響。考慮到這些因素，我們對 2023 年第四季度和財年做出以下展望。

We are lowering our FY '23 non-GAAP EPS outlook range by $0.11 at the midpoint. The primary factors driving our guidance include our revised outlook for Q4 due to the macro challenges I discussed previously and the effect of the accounting adjustments I referenced earlier, which impacts our H1 '23 non-GAAP EPS by $0.03. We expect fourth quarter non-GAAP diluted net earnings per share to be in the range of $0.85 to $0.97, and fourth quarter GAAP diluted net earnings per share to be in the range of $0.65 to $0.77.

我們將 23 財年非 GAAP 每股收益展望範圍中值下調 0.11 美元。推動我們指引的主要因素包括我們對第四季度前景的修訂，這是由於我之前討論的宏觀挑戰以及我之前提到的會計調整的影響，這對我們的23 年上半年非GAAP 每股收益影響了0.03 美元。我們預計第四季度非 GAAP 稀釋後每股淨利潤將在 0.85 美元至 0.97 美元之間，第四季度 GAAP 稀釋後每股淨利潤將在 0.65 美元至 0.77 美元之間。

We expect FY '23 non-GAAP diluted net earnings per share to be in the range of $3.23 to $3.35, and FY '23 GAAP diluted net earnings per share to be in the range of $2.95 to $3.07. We expect free cash flow to be approximately $3 billion for FY '23, in line with the low end of our prior guidance range of $3 billion to $3.5 billion.

我們預計 23 財年非 GAAP 攤薄後每股淨利潤將在 3.23 美元至 3.35 美元之間，23 財年 GAAP 攤薄後每股淨利潤將在 2.95 美元至 3.07 美元之間。我們預計 23 財年的自由現金流約為 30 億美元，與我們之前 30 億至 35 億美元指導範圍的下限一致。

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

現在我想將其交還給接線員並打開電話詢問您的問題。

(Operator Instructions) Our first questioner today will be Amit Daryanani with Evercore ISI.

（操作員說明）今天我們的第一位提問者是 Evercore ISI 的 Amit Daryanani。

I guess, Enrique, you've talked a fair bit about looking to optimize your cost structure. Can you just talk about what sort of cost savings are you expecting from these initiatives? And does that suggest that you expect these revenue headwinds that you're seeing right now persist into fiscal '24 as well?

我想，恩里克，您已經談到了很多關於尋求優化成本結構的問題。您能談談您期望從這些舉措中節省哪些成本嗎？這是否表明您預計目前看到的這些收入逆風也會持續到 24 財年？

So as we have said before, our goal for the next year is to reduce our structural cost by $1.4 billion and to achieve 40% of those in fiscal year '23. And as Marie said in the prepared remarks, we are on track to deliver on those. And you can see the impact of those in the rates of both businesses, Personal Systems and Print, is probably the best way to see the impact of what we are seeing.

正如我們之前所說，我們明年的目標是減少 14 億美元的結構成本，並在 23 財年實現 40% 的目標。正如瑪麗在準備好的發言中所說，我們有望實現這些目標。您可以在個人系統和打印這兩個業務的費率中看到這些影響，這可能是了解我們所看到的影響的最佳方式。

I think some of the headwinds -- on the second part of your question about the headwinds, we think that most of the headwinds are temporary and that is more a delay on some of the progress that we were starting to see from a pricing perspective, for example. But nevertheless, we -- as we always do, we are going to be looking at accelerating some of the savings that we had in the plan to compensate for them on the short term.

我認為一些逆風 - 關於你關於逆風的問題的第二部分，我們認為大多數逆風都是暫時的，這更多的是我們從定價角度開始看到的一些進展的延遲，例如。但儘管如此，我們——一如既往，我們將考慮加速計劃中的一些節省，以在短期內補償它們。

In terms of our outlook for fiscal year '24, sorry, I will finish. We have our Investor Day in about 5 weeks from now, and this is when we will be sharing our plans for '24 and kind of the overall view that we have for the company.

關於我們對 24 財年的展望，抱歉，我會講完。大約 5 週後我們將迎來投資者日，屆時我們將分享我們 24 年的計劃以及我們對公司的總體看法。

That's perfect. I'll wait for the Analyst Day for that one. And I guess, Marie, when I think about free cash flow generation, $1.3 billion, give or take, for the year so far. As you think about what you need in Q4 to hit the $3 billion number, can you just talk about how much of that do you think is working capital improvement versus net income? Because it does seem like a pretty good step-up in Q4 to achieve that. So just the levers that enable you to get that would be helpful.

那很完美。我會等待分析師日的到來。我想，瑪麗，當我想到今年迄今為止的自由現金流生成時，無論給予還是接受，都會有 13 億美元。當您思考第四季度需要什麼才能達到 30 億美元的數字時，您能否談談您認為其中營運資本改善與淨利潤相比有多少？因為在第四季度實現這一目標似乎確實是一個相當不錯的進步。因此，只要能夠幫助您實現這一目標的槓桿就會有所幫助。

So first of all, I'll just start out with sort of unpacking how to think about the free cash flow for Q4. If you take the midpoint of our revised guide, you can see that our net earnings is approximately $3.3 billion. So if you take that $3.3 billion and then you take off the $400 million of expected restructuring charges, that gets you into the $2.9 billion range. And really, the remaining, as you pointed out, Amit, it's really coming from an improvement in CCC. So really, working capital is really one of the key drivers for cash flow in Q4, and that's very much in line with what actually happened in cash flow in Q3.

首先，我將首先闡述如何思考第四季度的自由現金流。如果您採用我們修訂後的指南的中點，您可以看到我們的淨利潤約為 33 億美元。因此，如果你拿走這 33 億美元，然後扣除 4 億美元的預期重組費用，那麼你就進入了 29 億美元的範圍。事實上，正如您所指出的，阿米特，剩下的確實來自 CCC 的改進。事實上，營運資金確實是第四季度現金流的關鍵驅動因素之一，這與第三季度現金流的實際情況非常一致。

Your next question comes from the line of Shannon Cross with Credit Suisse.

你的下一個問題來自瑞士信貸銀行的 Shannon Cross。

As you look at the, I guess, PC and Print business and subscriptions, you've talked about, obviously, subscription ink, you've had a number of different things you're looking at on the Print side. And I know you've talked about it in the future on PCs. I'm just curious, as you're looking at the market, if you're thinking about opportunities going forward, has there been any change in maybe customer buying behavior related to subscriptions? Have you seen any changes in terms of increased churn or maybe lower churn? I'm just wondering how that model is playing through your product line. And then I have a follow-up.

我想，當您查看 PC 和打印業務以及訂閱時，您顯然已經談到了訂閱墨水，您在打印方面也看到了許多不同的東西。我知道您已經談到了未來在 PC 上的情況。我只是好奇，當您關注市場時，如果您正在考慮未來的機會，與訂閱相關的客戶購買行為是否發生了任何變化？您是否發現流失率增加或減少方面有任何變化？我只是想知道該模型如何在您的產品線中發揮作用。然後我有一個後續行動。

So no big changes in our thinking. As we have shared, this quarter, we continue to see growth in the number of enrollees, also in the revenue that we get from our subscription program. We have also continued the expansion of our paper program. As we shared a quarter ago, we wanted to expand internationally, and this is what we have done. We are now present in several countries in Europe, and the adoption continues to grow.

所以我們的想法沒有大的改變。正如我們所分享的，本季度，我們的註冊人數以及我們從訂閱計劃中獲得的收入繼續增長。我們還繼續擴大紙質項目。正如我們四分之一前分享的那樣，我們希望進行國際擴張，這就是我們所做的。我們現在已在歐洲多個國家開展業務，並且採用率持續增長。

In terms of churn, no big changes in what we have seen during the last quarter. And then our plan continues to be, as you were outlining, to integrate more and more parts of our portfolio. In the coming months, we will start having the first PC and Print subscription, and we will continue the expansion after that. And important to highlight is going to become, over time, a more important part of our business, mostly because it allows us to deliver a better value proposition to our customers. This is really why not only because of the financial but also because of the return and the NPS is a critical part of our strategy going forward.

就客戶流失率而言，我們在上個季度看到的情況沒有大的變化。然後，正如您所概述的那樣，我們的計劃繼續是整合我們產品組合中越來越多的部分。在接下來的幾個月中，我們將開始提供第一個 PC 和打印訂閱，之後我們將繼續擴展。需要強調的是，隨著時間的推移，它將成為我們業務中更重要的一部分，主要是因為它使我們能夠為客戶提供更好的價值主張。這就是為什麼不僅因為財務，還因為回報，NPS 是我們未來戰略的關鍵部分。

I was wondering, just with Poly, maybe if you could provide more sort of insights into what you've seen since the acquisition. I'm curious if there are opportunities. I know AI gets used ad nauseam these days, but in terms of different ways that we might interact with our computers over time, I'm just wondering how you're seeing that asset, both since you acquired it and then going forward to the extent you'll talk about it before the Analyst Day.

我想知道，就保利而言，也許您可​​以提供更多關於自收購以來您所看到的情況的見解。我很好奇是否有機會。我知道人工智能現在的使用已經令人厭煩，但就我們隨著時間的推移與計算機交互的不同方式而言，我只是想知道你如何看待該資產，無論是自從你獲得它之後還是繼續使用它。您將在分析師日之前談論它。

Sure. So a couple of comments. First of all, of course, some of the macro trends that we have seen in the industry and some of the Poly competitors have shared those details. The Poly business has been impacted in the short term by a reduction in the term of some of the major markets. At the same time, the reaction from our partners, customers, as I have shared in the past, has been extremely positive.

當然。所以有幾點評論。首先，當然，我們在行業中看到的一些宏觀趨勢以及保利的一些競爭對手已經分享了這些細節。保利業務在短期內受到一些主要市場期限減少的影響。與此同時，正如我過去所分享的，我們的合作夥伴、客戶的反應非常積極。

And as you are saying, there is a lot of opportunity to innovate in that space and to deliver a much better value proposition and a much better experience. We all know how painful some of the video conferences are when you have people in the room, people outside. And we just launched a solution using AI, I'm sorry to use the AI term, where with AI, we can manage or produce almost the video conference to let who will be talking frame, the different people in the room, and we are seeing really much better experience for both people in the room and people outside the room. And when we will have both Innovation Day and our Investor Day, you will be able to see some of these solutions and see the value that they bring.

正如您所說，該領域有很多創新機會，可以提供更好的價值主張和更好的體驗。我們都知道，當房間裡有人、室外有人時，一些視頻會議是多麼痛苦。我們剛剛推出了一個使用人工智能的解決方案，我很抱歉使用人工智能術語，通過人工智能，我們可以管理或製作幾乎視頻會議，讓誰將發言，房間裡的不同人，我們是看到房間內和房間外的人都有更好的體驗。當我們舉辦創新日和投資者日時，您將能夠看到其中一些解決方案並看到它們帶來的價值。

Your next question comes from the line of Toni Sacconaghi with Bernstein.

你的下一個問題來自托尼·薩科納吉和伯恩斯坦的對話。

You talked about printing and the need to really focus on trying to find incremental cost improvement, and you specifically alluded to that for printing. And I'm wondering if that statement is pointing to the fact that you see something structurally more challenged in Printing than you did before. And then I have a follow-up, please.

您談到了印刷以及需要真正專注於尋求增量成本改進，並且您特別提到了印刷。我想知道這個說法是否表明您在印刷中看到了比以前更具結構性的挑戰。然後我有一個後續行動，請。

Good question, Toni. So as we -- what we have seen in Printing is that especially on the home side, we have seen a significant decline of units and it's in the range of 20%. And this clearly will put more pressure on the Print business going forward. It's not a short-term impact. It's really more a medium- and long-term impact. And even if in many cases, the units we have lost as low-end units which have relatively low value, clearly, there is going to be more pressure there. And this is why we mentioned that we are going to be accelerating some of the cost reduction activities that we had in the plan, especially focused on home, on consumer, which is where we are seeing this pressure and things like acceleration of the simplification of the portfolio, acceleration of the business model transformation growing more in what we call Big Ink and Big Toner are all the different combinations where we are accelerating our plans. And again, we will discuss this more in detail in a few weeks.

好問題，托尼。因此，我們在印刷領域看到的是，尤其是在家庭方面，我們看到單位數量大幅下降，下降幅度在 20% 左右。這顯然會給印刷業務的未來帶來更大的壓力。這不是短期的影響。這確實是一個中長期的影響。即使在很多情況下，我們失去的單位都是價值相對較低的低端單位，但顯然，那裡會面臨更大的壓力。這就是為什麼我們提到我們將加速計劃中的一些成本削減活動，特別是針對家庭、消費者，這就是我們看到這種壓力以及加速簡化產品等方面的原因。產品組合、加速商業模式轉型，我們稱之為“Big Ink”和“Big Toner”，這些都是我們正在加速計劃的不同組合。再次，我們將在幾週內更詳細地討論這個問題。

And then if I could just follow up, it sounds like the demand environment is pretty challenging, and the pricing environment is pretty challenging. And yet the margins that you're experiencing in both businesses and that you're guiding for in Q4 are actually above what your longer-term targets are. And so I was wondering if you could reconcile that. And are those targets too low for Printing and for PCs? Or what -- why in the face of pricing pressure and volume pressure are you not seeing margins go down into the range? And what are the trigger points for margins going back down into the range on Print and more in the middle of the range on PCs?

如果我能跟進的話，聽起來需求環境非常具有挑戰性，定價環境也非常具有挑戰性。然而，您在這兩項業務中所經歷的利潤率以及您在第四季度指導的利潤率實際上高於您的長期目標。所以我想知道你是否可以調和這一點。對於打印和個人電腦來說，這些目標是否太低了？或者什麼——為什麼面對定價壓力和銷量壓力，你沒有看到利潤率下降到這個範圍內？打印頁邊距回落到範圍內以及 PC 上頁邊距範圍中間的觸發點是什麼？

It's Marie. So why don't I go ahead and comment on the margin ranges for both business and sort of unpack some of the drivers there. But first of all, I'd start out by saying you are seeing some of the benefits that we've spoken about today and in prior calls of the Future Ready transformation. As we've said in the past, we do expect to see those savings flow through to both cost of sales and OpEx. And frankly, I think you're seeing the benefits of that in the rate. But obviously, there are some nuances by business so I'll just unpack it quickly, so to give you that detail.

是瑪麗。那麼，我為什麼不繼續評論一下這兩項業務的利潤範圍，並分析其中的一些驅動因素。但首先，我首先要說的是，您已經看到了我們今天和之前的未來就緒轉型呼籲中談到的一些好處。正如我們過去所說，我們確實希望看到這些節省可以轉化為銷售成本和運營成本。坦率地說，我認為您已經在費率中看到了這樣做的好處。但顯然，業務之間存在一些細微差別，所以我會快速解開它，以便為您提供詳細信息。

In terms of Personal Systems, we are expecting to see quarter-on-quarter, sequentially, some gradual improvement in pricing as we start to see some of that normalization of CI. So there is a factor of that in the rate as well, combined with the impact of lower commodity costs and then both structural and operating costs that we spoke about earlier. And obviously, that's offset by some of the enterprise softness.

就個人系統而言，隨著我們開始看到 CI 的一些正常化，我們預計會看到定價逐季度、連續地逐步改善。因此，利率中也存在一個因素，再加上商品成本降低以及我們之前談到的結構成本和運營成本的影響。顯然，這被一些企業的疲軟所抵消。

With respect to Print, it is a combination of both strategy and execution. We've got the portfolio rebalancing. I think we talked a little bit about that earlier with Shannon, plus honestly, pricing discipline and then the cost management from our transformation. So it's all those factors combined, but you can see there that certainly, cost is a key element.

對於印刷來說，它是戰略和執行的結合。我們已經重新平衡了投資組合。我想我們早些時候與香農討論過這一點，加上老實說，定價紀律，然後是我們轉型中的成本管理。所以這是所有這些因素的結合，但你可以看到，成本當然是一個關鍵因素。

And then I think from a -- in terms of the long term, we're still very confident that for Print, the 16% to 18% is the right long-term rate, and that's because there are a number of different forcing functions there, particularly as you look at the guidance that we've given about supplies in terms of the revenue decline there, the low to mid-single digit and plus a much more competitive sort of pricing [emprent] that we've seen in Consumer, and some of that is even evidenced in enterprise more recently. But I think we're overall confident that the rates are the right rates and the right ranges for us for both Personal Systems and Print.

然後我認為，從長期來看，我們仍然非常有信心，對於印刷業來說，16% 到 18% 是正確的長期利率，這是因為有許多不同的強制函數在那裡，特別是當你看到我們就收入下降方面給出的有關供應的指導時，低到中個位數，加上我們在消費者中看到的更具競爭力的定價[emrent] ，其中一些甚至在最近的企業中得到了證明。但我認為我們總體上有信心，對於我們個人系統和打印而言，費率是正確的費率和正確的範圍。

And I'll turn it to Enrique if he has anything else to add.

如果恩里克還有什麼要補充的，我會轉給他。

I mean, not much to add, Marie. You covered it well. Maybe the last comment is, as we have mentioned before, we don't manage the businesses for the rates. We manage them for operating profit dollars. And this is really what we care the most. We provide ranges because we know it's important for all of you to be able to model, but our goal is to grow operating profit dollars for the company.

我的意思是，沒什麼可補充的，瑪麗。你覆蓋得很好。也許最後的評論是，正如我們之前提到的，我們管理業務不是為了費率。我們管理它們是為了營業利潤。這確實是我們最關心的。我們提供範圍是因為我們知道能夠建模對所有人來說都很重要，但我們的目標是增加公司的營業利潤。

Your next question comes from the line of 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 off with a question more in relation to the moderation of the sequential improvement into 4Q that you're outlining because of the macro. And maybe if you can flesh out how to think about how much of that impact is volume- or unit-driven versus a more promotional environment in the segments than you anticipated at this time. Just trying to get a sense of how much of this relates to sub-seasonal PC volume growth versus maybe just a more promotional environment than you were anticipating. And I have a quick follow-up.

我想我是否可以從一個與您因宏觀原因概述的第四季度連續改進的適度相關的問題開始。也許您可以詳細說明如何考慮這種影響有多少是數量或單位驅動的，而不是細分市場中比您目前預期的更具促銷性的環境。只是想了解一下這在多大程度上與次季節 PC 銷量增長有關，而不是與您預期的促銷環境有關。我有一個快速的跟進。

And really, thank you for the question because this was one of the most important thing we wanted to clarify in the call. Let me start by saying that the biggest driver of the change of guide we have made is that we are not expecting PC prices to recover sequentially as much as we were expecting 1 quarter ago. And this is really driven by what do we think is the channel situation at the market level. Because even if we have mostly normalized our channel inventories, our estimate is that the industry continues to have significant channel inventory. And therefore, we will continue -- we need to continue to expect aggressive prices, aggressive promotions through Q4. And this is really what is the major driver behind that. There are other changes that maybe Marie, you want to explain as well.

真的，謝謝你提出這個問題，因為這是我們想在電話中澄清的最重要的事情之一。首先我要說的是，我們改變指南的最大驅動力是，我們預計個人電腦價格不會像一季度前預期的那樣環比回升。這實際上是由我們認為市場層面的渠道狀況驅動的。因為即使我們已經基本實現了渠道庫存的正常化，我們的估計是該行業仍然擁有大量的渠道庫存。因此，我們將繼續——我們需要繼續期待第四季度激進的價格和激進的促銷活動。這確實是其背後的主要驅動力。也許瑪麗，你也想解釋一下其他的變化。

Yes, absolutely. So why don't I just give a little bit more context in terms of what Enrique commented on, Samik. I think if you think about the Q4 guide, obviously, the macro is in there and we've talked about that, I think, in our prepared remarks around those headwinds that we've seen, including the sluggish recovery in China. But in addition, just in terms of Personal Systems, it's really -- the way to think about it is the market size and the opportunity. And it's driven by sort of both ASP pressure that we talked about in terms of that CI and then also the softer demand that we've seen in the enterprise. And then finally, there's also some pressure on the Print business just in terms of the enterprise softness, and that's really in industrial where we're seeing today just elongated sales cycles due to that pressure.

是的，一點沒錯。那麼，我為什麼不根據恩里克的評論提供更多背景信息，薩米克。我認為，如果你考慮第四季度的指導，顯然，宏觀因素就在那裡，我想，我們在針對我們所看到的不利因素（包括中國復甦緩慢）準備好的評論中已經討論過這一點。但除此之外，就個人系統而言，思考它的方式實際上是市場規模和機會。它是由我們在 CI 方面討論的 ASP 壓力以及我們在企業中看到的疲軟需求推動的。最後，印刷業務在企業疲軟方面也面臨一些壓力，這確實是在工業領域，我們今天看到由於這種壓力而導致銷售週期延長。

So let me maybe add 2 final things. First of all is even if our expectation is that most of these changes are really temporary, we are not standing still, and this is why we mentioned that we are going to be accelerating some of the Future Ready cost reductions to compensate for this. And then to close, I think it's also important to remember that despite of this change, we expect the performance of the company to improve once more sequentially Q4 to Q3, like we have done Q3 to Q2 and as we did Q2 to Q1. I think that's important to have in mind.

所以讓我添加最後兩件事。首先，即使我們的預期大部分變化實際上是暫時的，我們也不會停滯不前，這就是為什麼我們提到我們將加快一些未來就緒成本削減的速度來彌補這一點。最後，我認為同樣重要的是要記住，儘管發生了這一變化，我們預計公司的業績將在第四季度到第三季度再次改善，就像我們在第三季度到第二季度以及第二季度到第一季度所做的那樣。我認為記住這一點很重要。

Good. And for my follow-up, if I can just ask, the India market, they have instituted a ban, I think, or proposed a ban since from October 31 on PC imports. How are you thinking about sort of the implementation of that or what are you assuming in your guide relative to that impact? I know it's not a big market overall, but just in terms of what you're assuming and what are you seeing in terms of how to navigate that situation.

好的。對於我的後續行動，如果我可以問的話，印度市場，我認為他們已經制定了禁令，或者從 10 月 31 日起提議禁止 PC 進口。您如何考慮該實施的方式，或者您在指南中對這種影響有何假設？我知道總體而言這不是一個大市場，但只是就您的假設以及您在如何應對這種情況方面所看到的而言。

Yes. So we don't think there is going to be much impact of a potential ban in India in the short term. And in the long term, we had already been working for a while to increase our manufacturing capacity in India. You know in parallel to the ban, they launched also the local production plant, the PLI 2.0 plan. We have applied to participate on that, and we are working with them to ramp our manufacturing capacity there.

是的。因此，我們認為印度的潛在禁令短期內不會產生太大影響。從長遠來看，我們已經努力提高在印度的製造能力一段時間了。你知道，在禁令的同時，他們還啟動了本地生產工廠，即 PLI 2.0 計劃。我們已申請參與該項目，並且正在與他們合作以提高我們在那裡的製造能力。

India is not a huge market but is a very important market for us, where we see a lot of long-term potential, and this is why we are reacting to that. And in fact, maybe just to close, only this week, we announced we [gear] the launch of the first cloud PC that we have been working with them for a while, which we think is going to -- is a new category of PCs that are going to help us to really accelerate our growth in that country.

印度不是一個巨大的市場，但對我們來說是一個非常重要的市場，我們看到了很大的長期潛力，這就是我們對此做出反應的原因。事實上，也許只是為了結束，就在本週，我們宣布我們[準備]推出第一台雲電腦，我們已經與他們合作了一段時間，我們認為這將是一個新的類別個人電腦將幫助我們真正加速在該國的增長。

Your next question comes from the line of Erik Woodring with Morgan Stanley.

您的下一個問題來自摩根士丹利的埃里克·伍德林 (Erik Woodring)。

Enrique, maybe can you dig into some of the PC channel inventory comments a bit more? Meaning how should we think about the specific regions where channel inventories might be more elevated than others? Are there any regions where channel inventories have normalized? Maybe how to think about that with traditional PCs versus Chromebooks, if there is any difference. And then ultimately, how that does impact your view on the 2023 PC TAM? I think last quarter, you talked about 250 million to 260 million units. How are you guys thinking about it today? And then I have a follow-up.

Enrique，也許你能深入研究一下 PC 渠道庫存評論嗎？這意味著我們應該如何考慮渠道庫存可能比其他地區更高的特定區域？有哪些地區渠道庫存已經正常化？也許如何看待傳統 PC 與 Chromebook（如果有什麼區別）。最終，這對您對 2023 年 PC TAM 的看法有何影響？我想上個季度，您談到了 2.5 億至 2.6 億台。大家今天想到的怎麼樣？然後我有一個後續行動。

Sure. Lots of questions in the question. I'll try to cover everything. Now in terms of channel inventory, we are really pleased with the progress we have made normalizing our inventory. We are almost there, and I say almost because the area where we still have channel inventory is actually what you mentioned about Chromebooks. As you know, Google is going to be increasing the royalty prices in the coming weeks. And therefore, we saw at the very end of the quarter some increased orders and pull-up demand of customers and partners that wanted to take advantage of lower prices. So we ship those, and this is the area where we still have some high inventory. But for the rest, we are now in a good position.

當然。問題中有很多疑問。我會盡力涵蓋所有內容。現在就渠道庫存而言，我們對庫存正常化所取得的進展感到非常滿意。我們已經快到了，我說幾乎是因為我們仍然擁有渠道庫存的領域實際上就是您提到的有關 Chromebook 的領域。如您所知，谷歌將在未來幾週內提高版稅價格。因此，我們在本季度末看到一些訂單增加，並拉動了希望利用較低價格的客戶和合作夥伴的需求。因此，我們運送這些產品，而在這個領域，我們的庫存仍然很高。但對於其他方面，我們現在處於有利位置。

In terms of TAM, we have reduced slightly the TAM for fiscal year 2023. Most of the reduction is coming from the new TAM in China that is really as the market has not grown as much as we were expecting, this has created some impact on the overall TAM. And then we have seen also a slight change between the mix of Consumer and Commercial where Consumer has been performing better and especially because of more sluggish demand on the enterprise side, we have seen the Commercial projection reducing.

就 TAM 而言，我們略微降低了 2023 財年的 TAM。大部分減少來自中國的新 TAM，這實際上是因為市場的增長沒有達到我們的預期，這對總體 TAM。然後我們還看到消費者和商業的組合之間發生了細微的變化，其中消費者表現更好，特別是由於企業方面的需求更加疲軟，我們看到商業預測有所減少。

That's helpful, Enrique. And then maybe just a follow-up, I wanted to get back to some of your comments on PC pricing. Maybe can you just talk about, again, some of those underlying factors in terms of relative to the July quarter, how we should think about the intensity of promotions, mix shift. And ultimately, you interpreted from your comments, we should be thinking about PC ASP growth sequentially just at a lower rate. I just want to make sure that's the takeaway we should be taking away from your comments.

這很有幫助，恩里克。也許只是後續行動，我想回復一下您對 PC 定價的一些評論。也許您可以再次談談相對於七月季度的一些潛在因素，我們應該如何考慮促銷的強度和組合轉變。最終，根據您的評論，我們應該考慮 PC ASP 的連續增長，只是以較低的速度增長。我只是想確保這是我們應該從您的評論中得出的結論。

So let me start there. So yes, our current assumption is that price -- ASP for PCs will grow Q3 to Q4, but the growth will be more moderate than we were expecting a quarter ago. And again, the major driver of this is the fact that at the market level, we continue to see -- or our estimate is that channel inventory is higher than what it should be. And therefore, we are going to continue to see pressure from a promotional perspective.

讓我從這裡開始。所以，是的，我們目前的假設是，個人電腦的平均售價將在第三季度至第四季度增長，但增長將比我們一個季度前的預期更為溫和。再次強調，這一現象的主要驅動因素是，在市場層面，我們繼續看到——或者我們的估計是渠道庫存高於應有水平。因此，從促銷角度來看，我們將繼續面臨壓力。

There is also an element of mix. Hence, I also mentioned that Consumer in Q3 and we expect in Q4 perform better than expected, and we -- the reverse happen on the Commercial side. And as you know, usually, ASPs for Commercial are better than ASPs for Consumer. Now what I think is important to highlight is our PC business grew from Q3 to Q2. We expect it to grow also from Q4 to Q3. So the recovery of the business is happening.

還有一個混合的元素。因此，我還提到，消費者在第三季度的表現，我們預計第四季度的表現會好於預期，而在商業方面，情況恰恰相反。如您所知，通常商業 ASP 比消費者 ASP 更好。現在我認為重要的是要強調的是我們的個人電腦業務從第三季度增長到第二季度。我們預計第四季度到第三季度它也會增長。因此，業務正在復蘇。

Your next question comes from the line of Sidney Ho with Deutsche Bank.

你的下一個問題來自德意志銀行的 Sidney Ho。

I want to ask about the full year EPS guidance. The midpoint is coming down by $0.11, and I assume most of that is coming out of fiscal Q4. Based on your answer to a previous question, is it fair to assume most of that is coming from lower revenue? How big of an impact is lower margin also a factor? And then are there other offsets that we should be thinking about?

我想詢問全年每股盈利指引。中點下降了 0.11 美元，我認為其中大部分來自第四財季。根據您對上一個問題的回答，假設其中大部分來自較低的收入是否公平？較低的利潤率也是一個因素，影響有多大？那麼我們還應該考慮其他抵消措施嗎？

Let me start talking about Q4 and then Marie will talk about the full year. So in Q4, as I said before, the majority of the impact comes from the change in the expectation that we have in PC pricing. We expect it to improve Q3 to Q4 but less than we were expecting before. And this has a significant impact on margin. There are other smaller factors like the size of the market in China, the enterprise performance where we have seen a slowdown of orders driven by industrial print. That also is a segment where we have seen an impact, but the majority of it comes from the price -- the change in price assumptions for PCs. And then Marie, for the full year?

讓我開始談論第四季度，然後瑪麗將談論全年。因此，正如我之前所說，在第四季度，大部分影響來自我們對 PC 定價預期的變化。我們預計第三季度至第四季度會有所改善，但低於我們之前的預期。這對利潤率有重大影響。還有其他較小的因素，例如中國市場的規模、企業業績，我們看到工業印刷推動的訂單放緩。這也是我們看到影響的一個部分，但大部分來自價格——個人電腦價格假設的變化。那麼瑪麗，全年呢？

Yes. So why don't I just walk you through the full year here, Sidney? So basically, as Enrique said, it's -- the Q4 is $0.08 and then we had a $0.03 adjustment for an accounting correction in the first half. So really just in terms of just the drivers, I think the right way to unpack it is it's really the PC market size for the second half of calendar '23 that's smaller than expected and the industry CI comments that Enrique talked about. But I think the key is we're going to see those improving ASPs as the quarter progresses but it's less than we initially expected. So if you look at that plus the enterprise demand in PS and Print, that's really what are the drivers of the $0.08 in Q4.

是的。那麼，西德尼，我為什麼不帶你在這裡度過一整年呢？所以基本上，正如恩里克所說，第四季度是 0.08 美元，然後我們在上半年進行了 0.03 美元的會計修正調整。因此，就驅動程序而言，我認為正確的解讀方式是，23 年下半年的 PC 市場規模確實小於預期，而且 Enrique 談到的行業 CI 評論也較小。但我認為關鍵是，隨著本季度的進展，我們將看到平均售價有所提高，但低於我們最初的預期。因此，如果您考慮一下這一點，再加上 PS 和打印方面的企業需求，這確實是第四季度 0.08 美元的驅動因素。

Okay, that's helpful. Maybe as a follow-up, last quarter, you guys talked about commodities pricing being a tailwind for you in fiscal Q3, which seems to be the case. But fiscal Q4 could be different. Can you give us an update there? How long do you think those strategic buys that you have done be able to shield you from commodity price increases? Any way you can quantify that, that would be helpful.

好的，這很有幫助。也許作為後續行動，上個季度，你們談到大宗商品定價對你們來說是第三財季的順風車，情況似乎確實如此。但第四財季可能會有所不同。你能給我們更新一下嗎？您認為您所做的這些戰略性購買能夠使您免受大宗商品價格上漲的影響多久？任何可以量化的方式都會有幫助。

Sure. So to give you some context there, Sidney, as you rightly said, we have seen the benefit of commodity costs in Q3 across both businesses, frankly, both Personal Systems and Print. There are some unique ICs in Print that are still somewhat in an inflationary state. But overall, the costs have been favorable for commodities in both businesses. We do expect that, that will carry forward into Q4. So there will be additional commodity cost declines in Q4 sequentially.

當然。因此，為了給您提供一些背景信息，西德尼，正如您所說的那樣，我們已經看到了第三季度商品成本對兩項業務（坦率地說，個人系統和打印）的好處。有一些獨特的印刷IC仍處於某種程度的通貨膨脹狀態。但總體而言，成本對這兩個行業的商品都是有利的。我們確實預計這將延續到第四季度。因此，第四季度的商品成本將會進一步下降。

And in terms of how we're thinking about strategic buys, I would say -- I think I've said this in prior calls, we do feel it's really important to be operationally excellent. But frankly we're going to take advantage of opportunities that make financial sense. So if there are strategic buys that make -- that fit that profile and that character, we'll absolutely take advantage of them. But I think the overall environment is we're seeing those positive trends. But I'd just add that the favorable trends in CPUs, we're starting to expect to see those to flatten out.

就我們如何考慮戰略購買而言，我想說——我想我在之前的電話會議中已經說過了，我們確實認為卓越的運營非常重要。但坦率地說，我們將利用具有經濟意義的機會。因此，如果有符合這種形象和特徵的戰略收購，我們絕對會利用它們。但我認為總體環境是我們看到了這些積極的趨勢。但我想補充一點，CPU 的有利趨勢，我們開始預計這些趨勢會趨於平緩。

Your next question comes from the line of David Vogt with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的大衛·沃格特 (David Vogt)。

Can I just go back to the margin dynamic, Marie, given all of the moving pieces, particularly around lower, obviously, PC sales, smaller TAM, and sort of the mix, I guess, away from Chromebooks in the fiscal fourth quarter. I guess I'm still going back to Toni's question. I'm still trying to struggle with how, kind of walk through again all the different moving factors on why PSG margins are going to be towards the high end, given a smaller sort of unit base with, obviously, pricing pressure that's leading to maybe a slower uptick in price in the fourth quarter than you had originally expected. And then I have a follow-up.

我可以回到利潤率動態嗎，瑪麗，考慮到所有的變化，特別是明顯下降的 PC 銷量、較小的 TAM，以及我猜想在第四財季遠離 Chromebook 的情況。我想我還是要回到托尼的問題。我仍在努力思考如何再次遍歷所有不同的移動因素，解釋為什麼巴黎圣日耳曼的利潤率將走向高端，因為單位基礎較小，顯然，定價壓力可能會導致第四季度價格上漲速度比您最初預期的要慢。然後我有一個後續行動。

So why don't I walk you through Q3 first, what happened, and then through Q4 because I think that paints the context on how to think about Q4. So if you look at the Q3 rate, which was 6.6%, it was really a cost story. Whether we talked about just the way we manage costs, the results of sort of the structural costs that we've driven through the Future Ready program. And then I just spoke about with Sidney about the commodity costs. So we saw that cost benefit clearly in Personal Systems in Q3. Much of that is frankly going to be a rinse and repeat into Q4.

那麼，我為什麼不先帶您了解第三季度，發生了什麼，然後再了解第四季度，因為我認為這描繪瞭如何思考第四季度的背景。因此，如果你看看第三季度的利率，即 6.6%，這確實是一個成本故事。我們是否只討論了管理成本的方式，以及我們通過“未來就緒”計劃推動的結構性成本的結果。然後我剛剛和西德尼談到了商品成本。因此，我們在第三季度的個人系統中清楚地看到了成本效益。坦率地說，其中大部分內容將在第四季度進行沖洗和重複。

And there's just a couple of additional sort of drivers in there that help to sort of buffer the rate into the higher end of the range. And that is, I think, what Enrique clearly articulated was that gradual improvement in pricing that we expect to happen Q3, Q4, and that's really due to the stabilization of the CI level. So that's sort of like an additional factor over and above what we had in Q3. And that's really sort of, I think, the best way to think about the rates, particularly in Personal Systems as you think about Q4. And then obviously, we still got -- underpinning all of that is the enterprise softness that continues to be out there in the market as well. But that's really what's driving it. I hope that provides you some more context.

那裡只有一些額外的驅動程序可以幫助將速率緩衝到範圍的高端。我認為，恩里克明確表達的是，我們預計第三季度、第四季度的定價將逐步改善，這實際上是由於 CI 水平的穩定。所以這有點像第三季度之外的一個額外因素。我認為，這確實是考慮費率的最佳方式，特別是在您考慮第四季度時的個人系統中。顯然，我們仍然得到——支撐這一切的是市場上持續存在的企業疲軟。但這才是真正的推動力。我希望這能為您提供更多背景信息。

And then on capital allocation, I know you took down some debt in the third quarter. And I think if I heard you correctly, and I jumped on late, I apologize, but it sounds like you're going to restart the buyback in the fourth quarter. I guess from a cadence perspective, does that suggest that you think you'll be under the gross leverage target in fiscal '24 that you have sort of laid out there, that 2 turns of gross leverage, given the cost initiatives that you talked about in the prior remarks, and we should expect sort of a more consistent capital return going forward? Or could we see another situation where maybe there's a bit of a pause if we hit that gross leverage target or maybe still above it for a little bit?

然後在資本配置方面，我知道你們在第三季度減少了一些債務。我想如果我沒聽錯的話，而且我遲到了，我很抱歉，但聽起來你將在第四季度重新啟動回購。我想從節奏的角度來看，這是否表明您認為您將在 24 財年達到您在那裡制定的總槓桿率目標，即考慮到您談到的成本計劃，總槓桿率達到 2 倍在之前的評論中，我們應該期待未來更加一致的資本回報嗎？或者我們是否可以看到另一種情況，即如果我們達到總槓桿率目標或仍高於該目標，則可能會稍微暫停一下？

Well, I'll just say that sort of our strategy remains the same. We intend to manage our leverage under 2x. And I'd say we should also look at it over the longer term and not just sort of quarter-to-quarter. Obviously, we're pleased with where we landed Q3 and we're slightly under 2x debt to EBITDA. And in terms of then how to think about leverage and share repurchasing, just -- you might have missed the call so let me just clarify. We said in the call that we expect to start to buy back shares to start to manage dilution in Q4. And I think that comment is really important because I'm not sure if you caught the comments on the call, but that's just sort of how we're thinking about it. And obviously, key to us is the commitment we've made around returning 100% of our free cash flow to shareholders. So I'll turn it over to Enrique probably, I know he's got some thoughts around this as well.

好吧，我只想說我們的策略保持不變。我們打算將槓桿率控制在 2 倍以下。我想說，我們還應該從更長遠的角度來看待它，而不僅僅是按季度來看待。顯然，我們對第三季度的業績感到滿意，而且我們的 EBITDA 債務略低於 2 倍。就如何考慮槓桿和股票回購而言，您可能錯過了電話會議，所以讓我澄清一下。我們在電話會議中表示，我們預計將在第四季度開始回購股票以開始管理稀釋。我認為這個評論非常重要，因為我不確定你是否在電話會議上聽到了這些評論，但這就是我們的想法。顯然，對我們來說關鍵是我們做出的將 100% 的自由現金流返還給股東的承諾。所以我可能會把它交給恩里克，我知道他對此也有一些想法。

Yes. I think 2 comments. First is our strategy remains the same, so no change, and I think that's important for investors to know. At the same time, the way you asked the question, I think, is the right way to ask it. We are not managing our leverage ratio for 1 quarter. We need to manage it for the long term. And therefore we think it's important to restart in a prudent way. We are going to restart by compensating quarterly dilution and this is how we are going to start. And we will solidify our plans for '24 and beyond once we -- and we have conviction that we will be able to maintain the leverage ratio below 2x, we will accelerate our plans. But we're going to restart prudently, which we think, given the environment where we are, is the right thing to do.

是的。我想有2條評論。首先，我們的策略保持不變，因此沒有變化，我認為投資者了解這一點很重要。同時，我認為你提出問題的方式是正確的提問方式。我們一季度沒有管理槓桿率。我們需要對其進行長期管理。因此，我們認為以謹慎的方式重啟很重要。我們將通過補償季度稀釋來重新啟動，這就是我們的開始方式。一旦我們相信我們將能夠將槓桿率維持在 2 倍以下，我們將鞏固 24 年及以後的計劃，我們將加快我們的計劃。但我們將謹慎重啟，考慮到我們所處的環境，我們認為這是正確的做法。

Your next question comes from the line of Asiya Merchant with Citigroup.

您的下一個問題來自花旗集團的 Asiya Merchant 線路。

If you could just unpack a little bit of what's going on, on the supply side. Given that the Print hardware unit, I think even on the inkjet side, on the consumer side are guided down, what gives you some confidence that supplies revenue is, I guess, unchanged here, I think down low digits in constant currency terms.

如果你能稍微了解一下供應方面正在發生的事情。鑑於打印硬件部門，我認為即使在噴墨方面，在消費者方面也被引導下降，這給了你一些信心，我認為供應收入在這裡沒有變化，我認為以恆定貨幣計算，下降了低位數。

Yes, I'm happy to. So in terms of supplies, we still do expect to be in the range of low to mid for FY '23. And there's really 2 primary drivers. One is the usage trends and the second is the share trends. And I would say usage is very much, it's declining in line with what we expected. But what we've seen is that pricing remains resilient. And another important factor is the fact that our inventory in the multi-tiered ecosystem remains in a healthy shape.

是的，我很高興。因此，就供應而言，我們仍然預計 23 財年的供應量將處於中低水平。實際上有兩個主要驅動因素。一是使用趨勢，二是份額趨勢。我想說的是，使用量非常多，它的下降符合我們的預期。但我們看到的是定價仍然具有彈性。另一個重要因素是我們在多層生態系統中的庫存保持健康狀態。

And just 1 thing to think about when you do the comps, don't look for the sort of year-on-year because last quarter we had a relatively easy compare because we had a tough Q4 in '22. So look over the long term, I think that's the right way to think about supplies. I don't know, Enrique, if you've got anything else you want to add.

當你進行比較時要考慮一件事，不要尋找同比，因為上個季度我們進行了相對簡單的比較，因為我們在 22 年的第四季度經歷了艱難的時期。因此，從長遠來看，我認為這是考慮供應的正確方法。恩里克，我不知道你是否還有什麼要補充的。

And 1 additional comment. I think if we think about supplies, there are multiple drivers of supplies performance. Once clearly the number of units that is being installed, which as I told, I think it was Toni before, this is going to create some pressure as well as we are saying. On the other side, we also have the levels of price, which is something that has been working for us during the last year and especially share. And as we have said before, we have been growing our share of supply during the last quarter. It continued to happen this quarter and this is also a part of our strategy going forward.

還有 1 條附加評論。我認為，如果我們考慮供應，就會發現供應性能有多種驅動因素。一旦明確了正在安裝的設備數量，正如我所說，我認為之前是托尼，這將像我們所說的那樣產生一些壓力。另一方面，我們也有價格水平，這是去年一直為我們發揮作用的東西，尤其是份額。正如我們之前所說，上個季度我們的供應份額一直在增​​加。本季度這種情況繼續發生，這也是我們未來戰略的一部分。

Great. And then just on the Japanese competitors, anything -- I think there was some comments made on taking advantage of the [enemy], I misheard that. But if you could just kind of talk to us about the competitive dynamics in Print and how you guys are kind of thinking about that over the next couple of quarters.

偉大的。然後就關於日本競爭對手，任何事情——我認為有一些關於利用[敵人]的評論，我聽錯了。但是，如果您能與我們談談印刷業的競爭動態以及你們在接下來的幾個季度如何思考這一點。

Yes. So we have clearly seen an increase of aggressive pricing from some of our Japanese competitors. Of course, if you look at the currency rate between dollar and yen is at one of the lowest level it has been in a long time, and this clearly gives them an advantage. Our strategy has not changed. We think we need to continue to sell positive NPV units, units that will not create unprofitable customers. And this is why in some areas of the segments like in the low end, where really -- are not very attractive around profitable units. We are losing share because this is not a business that we're going to go after.

是的。因此，我們清楚地看到一些日本競爭對手的激進定價有所增加。當然，如果你看看美元和日元之間的匯率是很長一段時間以來的最低水平之一，這顯然給了他們優勢。我們的策略沒有改變。我們認為我們需要繼續銷售正淨現值單位，這些單位不會創造無利可圖的客戶。這就是為什麼在某些細分領域，例如低端領域，實際上，圍繞盈利單位並不是很有吸引力。我們正在失去市場份額，因為這不是我們要追求的業務。

And based on what we see, we don't think this is going to be changing anytime soon. And this is why we also mentioned that we are going to be accelerating our cost actions in Print, both to be more competitive in the short term but especially also to be able to maintain our profitability going forward. Thank you.

根據我們所看到的情況，我們認為這種情況不會很快改變。這就是為什麼我們還提到我們將加快印刷領域的成本行動，不僅是為了在短期內更具競爭力，而且尤其是為了能夠保持我們未來的盈利能力。謝謝。

And I think this was the last question, so let me use this opportunity to close. First of all, I think we delivered a solid quarter in Q3 in a clearly tough environment where we continued to improve our sequential performance while also continuing to invest in the future. And we -- this is really at the core of our Future Ready plan that is enabling to do both savings that we can use to continue to invest and also to respond to short-term challenges.

我認為這是最後一個問題，所以讓我藉此機會結束。首先，我認為我們在明顯艱難的環境中在第三季度實現了穩健的季度業績，我們繼續提高連續業績，同時繼續投資未來。這確實是我們“未來就緒”計劃的核心，該計劃既可以節省開支，又可以用來繼續投資，也可以用來應對短期挑戰。

And then to close, I'm really looking forward to see all of you in person or most of you in person on October 10 here in Palo Alto, when we will be talking about our plan for '24, innovation and long-term plans. So thank you for joining the call and looking forward to see all of you in a few weeks from now. Thank you.

最後，我真的很期待 10 月 10 日在帕洛阿爾托見到你們所有人或大多數人，屆時我們將討論我們的 24 世紀計劃、創新和長期計劃。感謝您加入此次電話會議，並期待在幾週後見到大家。謝謝。

This concludes today's conference call. We thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝您的加入。您現在可以斷開線路。