惠普 (HPQ) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to the Fourth Quarter 2023 HP Inc. Earnings Conference Call. My name is Krista, and I'll be your conference moderator for today. (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 年第四季惠普公司財報電話會議。我叫克里斯塔，我將擔任今天的會議主持人。 （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 Fourth 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.

大家下午好。歡迎參加 HP 2023 年第四季財報電話會議。今天與我在一起的有惠普總裁兼執行長 Enrique Lores；以及惠普財務長瑪麗‧邁爾斯 (Marie Myers)。

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

在將通話轉交給恩里克之前，請允許我提醒您，本次通話是網路廣播，通話後不久將在我們的網站上提供大約一年的重播。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簡報。

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.

與往常一樣，本簡報的內容具有前瞻性，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，請參閱收益資料中與涉及風險、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。

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

惠普不承擔任何義務，也不打算更新任何此類前瞻性聲明。我們也注意到，本次電話會議中討論的財務資訊反映了基於​​現有資訊的估計，可能與惠普向 SEC 文件中最終報告的金額有重大差異。

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. 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'd now like to turn the call over to Enrique.

在本次網路直播中，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，否則提及的惠普通路庫存均指一級通路庫存。對於以非 GAAP 基礎表述的財務訊息，我們已包含可比較 GAAP 資訊的調整。請參閱今天收益發布所附的表格和幻燈片演示，以了解這些對帳情況。現在我想把電話轉給恩里克。

Thank you, Orit, and thank you, everyone, for joining our final earnings call of 2023. It was great to host many of you for our Securities Analyst Meeting last month. As I said at that time, we have made significant progress against our strategic priorities, and we see attractive opportunities ahead.

謝謝 Orit，也謝謝大家參加我們 2023 年最後一次財報電話會議。很高興能夠接待你們中的許多人參加上個月的證券分析師會議。正如我當時所說，我們在戰略重點方面取得了重大進展，我們看到了未來誘人的機會。

Our Future Ready plan, combined with our relentless focus on the things we can control, enable us to make steady progress against our plan in fiscal year '23. We are very pleased with our Q4 results, and we have finished the year in a much stronger position than we begun. We knew from the start that it would be a tough year. A challenging external environment constrained demand across the industry, and this is reflected in our full year results. Net revenue was $53.7 billion, down 15% year-over-year. And non-GAAP operating profit was $4.6 billion, down 14%. We executed well in the face of these market dynamics, growing non-GAAP operating profit and non-GAAP EPS sequentially throughout the year.

我們的未來就緒計劃，加上我們對我們可以控制的事情的不懈關注，使我們能夠在 23 財年的計劃中取得穩步進展。我們對第四季的業績非常滿意，今年結束時我們的處境比開始時要好得多。我們從一開始就知道這將會是艱難的一年。充滿挑戰的外部環境限制了整個產業的需求，這反映在我們的全年業績中。淨收入為 537 億美元，年減 15%。非 GAAP 營業利潤為 46 億美元，下降 14%。面對這些市場動態，我們表現良好，全年非公認會計原則營業利潤和非公認會計原則每股收益連續成長。

And our second half results were significantly stronger than the first. We also made good progress in our key growth areas, which grew mid-single digits and drove approximately 20% of our total company revenue for the year. Our plan is designed to grow these businesses to at least $15 billion in revenue by the end of fiscal year '26. And we over-delivered on our gross annualized structural cost savings plan, putting us well on track to achieve our recently increased 3-year target of $1.6 billion.

我們下半年的成績明顯強於上半年。我們在關鍵成長領域也取得了良好進展，實現了中個位數成長，約占公司全年總收入的 20%。我們的計劃旨在到 26 財年末將這些業務的收入成長到至少 150 億美元。我們超額完成了年度總結構性成本節約計劃，使我們有望實現最近增加的 16 億美元的 3 年目標。

Our results reinforce our confidence in the financial outlook we shared with you in October. And I want to say a big thank you to our entire HP team for paving the way toward our next phase of growth. I am going to use my time today to summarize our Q4 performance, provide insight into each of our segments and reiterate some of the thoughts I shared last month about the market in 2024. Let me start with Q4. Net revenue was $13.8 billion. That was down 6% year-over-year due to the expected market dynamics we discussed last quarter. Revenue grew 5% sequentially, reflecting our progress.

我們的業績增強了我們對 10 月與您分享的財務前景的信心。我想對我們整個惠普團隊表示衷心的感謝，他們為我們下一階段的發展鋪平了道路。我將利用今天的時間總結我們第四季度的業績，深入了解我們的每個細分市場，並重申我上個月分享的關於 2024 年市場的一些想法。讓我從第四季度開始。淨收入為 138 億美元。由於我們上季度討論的預期市場動態，該數字年減 6%。營收季增 5%，反映了我們的進步。

I want to mention our key growth areas. Collectively, they grew 10% sequentially or 2x faster than our total company growth. We delivered non-GAAP EPS of $0.90, up 5% sequentially and 10% year-over-year. And free cash flow was strong at $1.9 billion, enabling us to meet our full year target of approximately $3 billion. I'm particularly pleased with the strength of our innovation. This was on display at our HP Imagine event last month, where we gathered media and industry analysts from around the globe to showcase more than 20 new products and services.

我想提一下我們的關鍵成長領域。總體而言，它們的環比成長率為 10%，比我們公司整體成長率快 2 倍。我們的非 GAAP 每股收益為 0.90 美元，季增 5%，年增 10%。自由現金流強勁，達到 19 億美元，使我們能夠實現約 30 億美元的全年目標。我對我們的創新實力感到特別滿意。這在我們上個月的 HP Imagine 活動中得到了展示，我們聚集了來自世界各地的媒體和行業分析師，展示了 20 多種新產品和服務。

This included the Spectre Fold, a device that reflects HP's culture of innovation at its best. Seamlessly transforming from laptop to tablet to desktop, it has widespread recognition as one of the most innovative form factor the industry has seen. And it recently received a Red Dot Design award, one of the (inaudible) industrial design. We also continue to build momentum in AI.

其中包括 Spectre Fold，這款設備充分體現了惠普的創新文化。它可以從筆記型電腦無縫轉變為平板電腦再到桌上型電腦，被廣泛認為是業界最具創新性的外形規格之一。它最近獲得了紅點設計獎，這是（聽不清楚）工業設計獎之一。我們也繼續在人工智慧領域發展勢頭。

We are the first company to offer dedicated workstation solutions with NVIDIA's AI enterprise software. And more broadly, we're advancing our work to create the AI PC category. We have built the widest range of client products based on Intel's next generation of processors, Intel Core (inaudible), giving us a strong foundation on which to build as we co-engineer and commercialize new AI architectures next year. And I am very encouraged by the work underway with all of our silicon and software partners. The emergence of the AI PC in 2024, will start a new cycle of market expansion and refresh. As I shared last month, we believe this can double the overall PC category growth rate over the next 3 years.

我們是第一家使用 NVIDIA AI 企業軟體提供專用工作站解決方案的公司。更廣泛地說，我們正在推動創建人工智慧 PC 類別的工作。我們已經基於英特爾下一代處理器英特爾酷睿（聽不清楚）構建了最廣泛的客戶端產品，為我們明年共同設計和商業化新的人工智慧架構奠定了堅實的基礎。我對與所有晶片和軟體合作夥伴正在進行的工作感到非常鼓舞。 2024年AI PC的出現，將開啟新的市場擴張與刷新週期。正如我上個月分享的那樣，我們相信這可以使未來 3 年內個人電腦類別的整體成長率翻倍。

In Print, we have refreshed our entire A3 and A4 portfolio, making devices smaller, more modular and easier to manage and secure. We also continue to leverage our IP to create new categories. This includes our SitePrint construction solution, which has already laid out more than 1 million square feet at construction sites in North America and the U.K. and is launching in new geographies.

在列印方面，我們更新了整個 A3 和 A4 產品組合，使設備更小、更模組化、更易於管理和安全。我們也繼續利用我們的智慧財產權來創造新的類別。其中包括我們的 SitePrint 建築解決方案，該解決方案已在北美和英國的建築工地上鋪設了超過 100 萬平方英尺的面積，並且正在新的地區推出。

We expanded our Poly solutions for large conference rooms and small (inaudible). We also launched a new conference room as-a-service subscription to help customers optimize usage and create better employee experiences. And we launched HP Workforce Central, which integrates data for more than 60 service tools across PCs, printers and Poly devices into a single platform. This will drive simplicity, productivity and security for IT departments. We're in beta with over 2,000 customers and will be rolling it out to all managed solution accounts. As we innovate across our portfolio, we remain equally focused on our Sustainable Impact priorities.

我們擴展了適用於大型和小型（聽不清楚）會議室的 Poly 解決方案。我們還推出了新的會議室即服務訂閱，以幫助客戶優化使用並創造更好的員工體驗。我們還推出了 HP Workforce Central，它將跨 PC、印表機和 Poly 裝置的 60 多種服務工具的資料整合到一個平台中。這將提高 IT 部門的簡單性、生產力和安全性。我們正處於測試階段，擁有 2,000 多個客戶，並將推廣到所有託管解決方案帳戶。當我們在產品組合中進行創新時，我們仍然同樣關注永續影響優先事項。

A great example is our recently announced HP Renew Solutions. By enhancing our refurbishment capabilities, we are now able to extend the life of devices and drive (inaudible). In addition to supporting our sustainability goals, this reduces total cost of ownership and creates an accretive business. We have launched in India and will be expanding to other markets during fiscal year '24.

我們最近發布的 HP Renew 解決方案就是一個很好的例子。透過增強我們的翻新能力，我們現在能夠延長設備和驅動器的使用壽命（聽不清楚）。除了支持我們的永續發展目標之外，這還降低了總擁有成本並創造了增值業務。我們已在印度推出產品，並將在 24 財年擴展到其他市場。

We're also playing an active role to support our communities. Right now, we are particularly focused on the needs of those suffering in Israel and Gaza. Since the attacks of October 7, our #1 priority has been the safety and well-being of our employees in the region. I want to take a moment to recognize the incredible work our team is doing to keep our business in Israel fully operational in the phase of an extremely difficult situation.

我們也發揮積極作用來支持我們的社區。目前，我們特別關注以色列和加薩受苦民眾的需求。自 10 月 7 日襲擊以來，我們的首要任務一直是該地區員工的安全和福祉。我想花點時間來認識我們的團隊為在極其困難的情況下保持我們在以色列的業務全面運作所做的令人難以置信的工作。

HP Foundation has committed $1 million to humanitarian relief partners in the region. We will continue doing everything we can to support our local teams. Let me now turn to our business unit performance.

惠普基金會已向該地區的人道救援合作夥伴承諾提供 100 萬美元。我們將繼續竭盡全力支持我們當地的團隊。現在讓我談談我們業務部門的業績。

External environment remains consistent with what we discussed at our Securities Analyst Meeting.

外部環境與我們在證券分析師會議上討論的情況保持一致。

Our baseline scenario of market stabilization across fiscal year '24 has not changed, and our markets largely behaved as we expected in Q4. Consumer showed a more typical seasonal uptick. Commercial customers remain cautious, but we saw some signs of stabilization, especially in Personal Systems. And we continue to see demand weakness in China due to challenging economic conditions.

我們對整個 24 財年市場穩定的基準情境沒有改變，我們的市場在第四季的表現基本上符合我們的預期。消費者表現出更典型的季節性上升。商業客戶仍然保持謹慎態度，但我們看到了一些穩定的跡象，特別是在個人系統領域。由於經濟情勢嚴峻，我們持續看到中國的需求疲軟。

Personal Systems net revenue was $9.4 billion in the quarter, that's down 8% year-over-year or 7% in constant currency. But what's most important is we continue to drive significant sequential improvement in the business, with PS revenue up 5% quarter-over-quarter. Our disciplined execution delivered strong PS operating margin of 6.7%. We once again gained share in Commercial and Consumer year-over-year.

個人系統本季淨收入為 94 億美元，年減 8%，以固定匯率計算下降 7%。但最重要的是，我們繼續推動業務顯著連續改善，PS 收入環比成長 5%。我們嚴謹的執行力帶來了 6.7% 的強勁 PS 營運利潤率。我們在商業和消費者領域的份額再次同比增長。

We saw a continued recovery in Consumer and Gaming, both of which grew double digits sequentially. And through our stepped-up focus on Workforce Solutions, we grew our PS services TCV double digits, including new wins with several large global customers spanning multiple industries. Hybrid systems grew sequentially, largely driven by seasonality in consumer peripherals.

我們看到消費和遊戲領域持續復甦，兩者均連續成長兩位數。透過加強對勞動力解決方案的關注，我們的 PS 服務 TCV 成長了兩位數，其中包括與多個行業的多個全球大型客戶取得的新勝利。混合系統持續成長，主要是受到消費性週邊設備季節性的推動。

This market is currently impacted by enterprise spending, but we remain bullish on the long-term growth opportunity and the breadth of our offering across hardware peripherals and services is a huge advantage.

該市場目前受到企業支出的影響，但我們仍然看好長期成長機會，並且我們在硬體週邊和服務方面提供的產品的廣度是一個巨大的優勢。

Turning to Print. Net revenue was $4.4 billion. That's down 3% year-over-year or 2% in constant currency. Print revenue grew 4% sequentially while units were flat. Supplies revenue was up in constant currency in Q4 on an easier compare and finished the year down 1% in constant currency, in line with our long-term outlook.

轉向列印。淨收入為 44 億美元。年減 3%，以固定匯率計算下降 2%。印刷收入環比成長 4%，而單位數量持平。比較起來，第四季的供應收入以固定匯率計算有所增長，但以固定匯率計算，年底下降了 1%，這與我們的長期前景一致。

We drove strong Print operating margins of 18.9%, reflecting disciplined execution and cost management. HP+ enabled and big tank printers, once again comprised approximately 60% of our shipments. Instant Ink delivered another quarter of revenue and subscriber growth year-over-year, and we drove strong momentum in Workforce Solutions with double-digit TCV growth and significant new NPS wins.

我們的印刷營業利潤率實現了 18.9% 的強勁成長，這反映出嚴格的執行和成本管理。支援 HP+ 的大罐印表機再次占我們出貨量的約 60%。 Instant Ink 又實現了一個季度的收入和用戶同比增長，我們以兩位數的 TCV 增長和新的 NPS 勝利推動了勞動力解決方案的強勁發展勢頭。

We remain focused on regaining profitable print share and improving our performance in office, and we are starting to see the impact of our efforts, with solid share recovery in Americas, parts of Europe and China quarter-over-quarter as well as strong share gains in A3. Our Industrial Graphics business returned to growth year-over-year and was up double digits sequentially, including continued recovery in labels and packaging.

我們仍然專注於重新獲得盈利的印刷份額並改善我們的辦公室業績，我們開始看到我們努力的影響，美洲、歐洲部分地區和中國的份額逐季度穩步回升，份額也強勁增長在A3中。我們的工業圖形業務恢復同比增長，環比增長兩位數，其中標籤和包裝業務持續復甦。

And while 3D is impacted by the current environment, we continue to build momentum in the market. At Formnext earlier this month, we showcased our work with partners and customers like BMW, Decathlon and Siemens, to scale our 3D solution.

儘管 3D 受到當前環境的影響，但我們仍在繼續增強市場動力。在本月稍早的 Formnext 上，我們展示了與 BMW、迪卡儂和西門子等合作夥伴和客戶的合作，以擴展我們的 3D 解決方案。

Overall, Q4 was a solid quarter. We are showing the resilience, agility and operational rigor needed to win in the market while advancing our long-term growth priorities. And we feel good about the outlook we shared with you in October. We also remain committed to returning at least 100% of free cash flow over time, unless opportunities with a higher return on investment arise, and as long as our gross leverage ratio remains under 2x EBITDA. We expect to resume share repurchases in Q1.

總體而言，第四季是一個穩健的季度。我們展現了贏得市場所需的韌性、敏捷性和營運嚴謹性，同時推進我們的長期成長重點。我們對 10 月與您分享的前景感到滿意。我們也仍然致力於隨著時間的推移返還至少 100% 的自由現金流，除非出現更高投資回報的機會，並且只要我們的總槓桿率保持在 2 倍 EBITDA 以下。我們預計第一季將恢復股票回購。

Let me close by reiterating something I said at our Securities Analyst Meeting. HP is a compelling investment. We have market-leading portfolios in the PC and Print categories, and we are well positioned to drive profitable growth in our core markets going forward. We have significant opportunities to accelerate in our key growth areas.

最後，讓我重申我在證券分析師會議上所說的話。惠普是一項引人注目的投資。我們在個人電腦和列印領域擁有市場領先的產品組合，並且我們已準備好推動核心市場的獲利成長。我們有重大機會在關鍵成長領域加速發展。

We have world-class operational capabilities to deliver on our targets and reduce our structural costs. And we have a shareholder-friendly capital return strategy. These are core strengths of HP. Our Q4 and fiscal year '23 results reflect the consistent progress we are making. And we are confident in our plan to deliver sustained revenue, non-GAAP operating profit, non-GAAP EPS and free cash flow growth. Let me now turn the call over to Marie for a deeper dive into the numbers.

我們擁有世界一流的營運能力來實現我們的目標並降低我們的結構成本。我們有一個有利於股東的資本回報策略。這些都是惠普的核心優勢。我們第四季和 23 財年的業績反映了我們不斷的進展。我們對實現持續收入、非公認會計原則營業利潤、非公認會計原則每股收益和自由現金流增長的計劃充滿信心。現在讓我把電話轉給瑪麗，以便更深入地了解這些數字。

Thanks, Enrique, and good afternoon, everyone. It's a pleasure to be here with you all today. We delivered another strong quarter financially due to outstanding operational execution and good progress in our future ready transformation.

謝謝恩里克，大家下午好。很高興今天能和大家在一起。由於出色的營運執行力和未來轉型的良好進展，我們在財務上又實現了強勁的季度業績。

We generated solid results across revenue, non-GAAP operating margin, non-GAAP EPS and free cash flow, building on our proven track record of meeting or exceeding our goals. Our team is executing well despite the challenging macro environment, delivering Q4 sequential growth in revenue and non-GAAP operating profit dollars in both Personal Systems and Print.

我們在收入、非公認會計原則營業利潤率、非公認會計原則每股收益和自由現金流方面取得了堅實的業績，建立在我們達到或超越目標的良好記錄的基礎上。儘管宏觀環境充滿挑戰，我們的團隊仍表現良好，第四季度個人系統和印刷業務的收入和非公認會計原則營業利潤均實現環比增長。

Margins were at or above the high end of our ranges, resulting in a return to year-over-year growth in non-GAAP EPS while free cash flow more than doubled sequentially, consistent with our outlook. We exceeded our Future Ready transformation cost savings target for fiscal '23 and are on track in '24, to continue reducing our structural costs while investing in our key growth areas.

利潤率達到或高於我們範圍的高端，導致非公認會計原則每股收益恢復同比增長，而自由現金流量連續增加一倍多，這與我們的前景一致。我們超越了 23 財年的未來就緒轉型成本節約目標，並預計在 24 財年繼續降低結構成本，同時投資於我們的關鍵成長領域。

While we continue to monitor economic indicators and geopolitical risks, we're pleased with the momentum and health of our business. We will continue our efforts to drive fundamental improvements to our cost structure longer term while prudently and aggressively managing near-term expenses. With the savings we generate, we'll continue to focus on prioritizing our investments so that we are well positioned to deliver on the longer-term financial outlook we outlined at our Securities Analyst Meeting last month.

在我們繼續監控經濟指標和地緣政治風險的同時，我們對我們業務的勢頭和健康狀況感到滿意。我們將繼續努力推動長期成本結構的根本改善，同時審慎、積極地管理近期費用。憑藉我們節省的資金，我們將繼續專注於投資的優先順序，以便我們能夠很好地實現我們在上個月的證券分析師會議上概述的長期財務前景。

Now let me begin by providing some additional color on our results. Starting with the full year, we stayed focused on what we could control, disciplined execution and cost management, and we delivered solid performance despite the macroeconomic and competitive dynamics we faced. Revenue was $53.7 billion, down 15% nominally and down 12% in constant currency. Revenue in our key growth areas grew mid-single digits, constituting approximately 20% of total revenue.

現在讓我開始為我們的結果提供一些額外的資訊。從全年開始，我們繼續專注於我們可以控制的事情、嚴格的執行和成本管理，儘管我們面臨宏觀經濟和競爭動態，但我們仍取得了穩健的業績。營收為 537 億美元，名目下降 15%，以固定匯率計算下降 12%。我們主要成長領域的營收實現中個位數成長，約佔總營收的 20%。

Non-GAAP operating profit was $4.6 billion, down 14% or 8.5% of total revenue, flat year-over-year. Non-GAAP net earnings per share was down 18% to $3.28. We generated $3.1 billion of free cash flow, consistent with our full year guidance. And we returned $1.1 billion to shareholders and raised our dividend by 5%.

非 GAAP 營業利潤為 46 億美元，下降 14%，佔總營收的 8.5%，與去年同期持平。非 GAAP 每股淨利潤下降 18% 至 3.28 美元。我們產生了 31 億美元的自由現金流，與我們的全年指引一致。我們向股東返還了 11 億美元，並將股息提高了 5%。

Now let's take a closer look at the details of Q4. Net revenue was $13.8 billion in the quarter, down 6% nominally and 5% in constant currency. Year-over-year declines improved sequentially across each of our regions in constant currency, Americas declined 6%, EMEA declined 2%, and APJ declined 8%, as demand remained soft in China. Gross margin was 21.6% in the quarter, up 3.4 points year-on-year, primarily due to lower component and logistics costs and a favorable mix, partially offset by currency and competitive pricing in Personal Systems.

現在讓我們仔細看看Q4的細節。本季淨收入為 138 億美元，名目下降 6%，以固定匯率計算下降 5%。以固定匯率計算，各地區年減幅均有所改善，美洲下降 6%，歐洲、中東和非洲下降 2%，亞太及日本地區下降 8%，原因是中國需求依然疲軟。本季毛利率為 21.6%，年成長 3.4 個百分點，主要是由於組件和物流成本降低以及有利的產品組合，但部分被貨幣和個人系統競爭性定價所抵消。

Non-GAAP operating expenses were $1.7 billion. The year-over-year increase in operating expenses was driven primarily by reinvestment of some Future Ready savings and growth initiatives, investment in people and one extra month of Poly, offset in part by structural and other cost reductions.

非 GAAP 營運費用為 17 億美元。營運支出的年增率主要是由於一些未來就緒儲蓄和成長計畫的再投資、對人員的投資以及保利多一個月的投資，部分被結構性和其他成本削減所抵消。

Non-GAAP operating profit was $1.2 billion, up 11.5%. Non-GAAP net OI&E expense was $173 million, up sequentially due largely to higher currency losses and up year-on-year due to higher currency losses and (inaudible). Non-GAAP diluted net earnings per share increased $0.08 or 10% to $0.90, with a diluted share count of approximately 1 billion shares.

非 GAAP 營業利潤為 12 億美元，成長 11.5%。非 GAAP 淨 OI&E 費用為 1.73 億美元，環比增加主要是由於貨幣損失增加，同比增加是由於貨幣損失增加和（聽不清楚）。非 GAAP 攤薄後每股淨利增加 0.08 美元，或 10%，達 0.90 美元，攤薄後股數約 10 億股。

Non-GAAP diluted net earnings per share excludes a net benefit totaling $72 million, primarily related to tax adjustment related credits and pension and post-retirement benefits, partially offset by restructuring and other charges, amortization of intangibles and acquisition and divestiture-related charges. As a result, Q4 GAAP diluted net earnings per share was $0.97.

非公認會計準則稀釋後每股淨利潤不包括總計7,200 萬美元的淨利潤，主要與稅務調整相關的抵免、退休金和退休後福利相關，部分被重組和其他費用、無形資產攤銷以及收購和剝離相關費用所抵銷。結果，第四季 GAAP 稀釋後每股淨利潤為 0.97 美元。

Now let's turn to segment performance. In Q4, Personal Systems revenue was $9.4 billion, down 8% or 7% in constant currency, but up 5% sequentially, reflecting seasonal strength ahead of the holiday season. Total units were flat on a net basis with Commercial down 6% and Consumer up 9%.

現在讓我們轉向分段性能。第四季度，個人系統收入為 94 億美元，按固定匯率計算下降 8% 或 7%，但環比增長 5%，反映了假期季節前的季節性強勁。單位總數淨值持平，其中商業單位下降 6%，消費單位成長 9%。

Nevertheless, we improved our overall market share in calendar Q3 on a year-over-year basis for the third consecutive quarter. And year-over-year Commercial revenue declines stabilized sequentially even as Commercial customers remain cautious.

儘管如此，我們在第三季的整體市佔率連續第三個季度同比提高。儘管商業客戶仍保持謹慎態度，但商業收入年減幅度仍趨於穩定。

Drilling into the details, Consumer revenue was down 1% and Commercial was down 11%, driven by lower TAM, increased competitive pricing and unfavorable mix, offset in part by market share gains in both Consumer and Commercial. Strong profit and margin results in both customer segments were driven by our emphasis on profitable growth and effective cost management.

深入研究細節，消費者收入下降了 1%，商業收入下降了 11%，原因是 TAM 下降、競爭性定價增加和不利的產品組合，但消費者和商業市場份額的成長部分抵消了這一影響。我們對獲利成長和有效成本管理的重視推動了這兩個客戶群的強勁利潤和利潤率結果。

Competitive pricing pressures eased somewhat in Q4, resulting in increased ASPs, contributing to the sequential improvement in Personal Systems revenue this quarter, consistent with our outlook. Our channel inventory is back to normalized levels.

第四季競爭性定價壓力有所緩解，導致平均售價增加，有助於本季個人系統收入的環比改善，這與我們的預期一致。我們的通路庫存恢復到正常水準。

Personal Systems delivered $631 million of operating profit with operating margins of 6.7%. Our margin increased 2.5 points year-over-year, primarily due to lower commodity and logistics costs and structural cost savings. This was partially offset by mix, currency and investment in people. Sequentially, our operating margin held firm towards the high end of our target range, driven by strong profitability in both our Consumer and Commercial business segments.

個人系統實現了 6.31 億美元的營業利潤，營業利潤率為 6.7%。我們的利潤率年增 2.5 個百分點，主要是因為商品和物流成本下降以及結構性成本節省。這部分被混合、貨幣和人員投資所抵消。隨後，在消費者和商業業務部門強勁獲利能力的推動下，我們的營業利潤率維持在目標範圍的高端。

In Print, our results reflect our continued focus on execution and disciplined cost management as we navigate a weak and competitive Print market. In Q4, total Print revenue was $4.4 billion, down 3% nominally or 2% in constant currency. The decline was driven by soft demand in both Consumer and Commercial, market share loss and currency, offset partially by supplies revenue growth.

在印刷方面，我們的表現反映了我們在疲軟且競爭激烈的印刷市場中持續專注於執行和嚴格的成本管理。第四季度，印刷總營收為 44 億美元，名目下降 3%，以固定匯率計算下降 2%。下降的原因是消費者和商業需求疲軟、市場份額損失和貨幣，但部分被供應收入成長所抵消。

Hardware revenue was down $188 million, driven by lower volumes attributable largely to continued soft demand in Greater Asia and China and share loss as our Japanese competitors continued to price aggressively. Total hardware units decreased 19% year-over-year. Industrial Graphics finished the year positively with revenue returning to growth in Q4, driven by hardware and services with performance improvements across all major geographical regions.

硬體收入下降了 1.88 億美元，主要是由於大亞洲和中國的需求持續疲軟以及我們的日本競爭對手繼續激進地定價而造成的份額損失，導致銷量下降。硬體設備總數較去年同期下降 19%。在硬體和服務以及所有主要地理區域性能改善的推動下，工業圖形部門今年取得了積極的成果，第四季度收入恢復成長。

By Customer segment, Commercial revenue decreased 4% on a reported basis and in constant currency with units down 24%. Consumer revenue decreased 21% or down 19% in constant currency with units down 18%. Demand for traditional (inaudible) printers remained soft but was offset partially by increased demand for big tank printers.

以客戶細分來看，以固定匯率計算，商業收入下降了 4%，單位數量下降了 24%。消費者收入下降 21%，以固定匯率計算下降 19%，單位數量下降 18%。對傳統（聽不清楚）印表機的需求仍然疲軟，但部分被大罐印表機需求的增加所抵消。

In office hardware, ASPs were up double-digit year-over-year as favorable mix offset competitive pricing and currency headwinds, driven by improved contractual A3 demand across multiple markets. Supplies revenue was $2.8 billion, increasing 3% nominally and 4% in constant currency.

在辦公室硬體方面，由於多個市場的 A3 合約需求改善，有利的組合抵消了競爭性定價和貨幣阻力，平均售價比去年同期增長了兩位數。供應收入為 28 億美元，名目成長 3%，以固定匯率計算成長 4%。

For FY '23, supplies revenue declined 1% on a constant currency basis, in line with our long-term outlook of down low- to mid-single digits. Print operating profit was approximately $836 million, down 6% year-over-year, and our operating margin was 18.9%. Operating margin decreased 0.8 points, driven by investments in people, competitive pricing and unfavorable currency, partially offset by favorable mix and cost reductions.

23 財年，以固定匯率計算，供應收入下降了 1%，這與我們預測的低至中個位數下降的長期前景一致。印刷營業利益約 8.36 億美元，年減 6%，營業利益率為 18.9%。受人員投資、有競爭力的定價和不利貨幣的推動，營業利潤率下降了 0.8 個百分點，但部分被有利的產品組合和成本降低所抵消。

Turning to our Future Ready Transformation plan. We successfully completed the first year of our 3-year program and delivered better-than-expected performance against our goals for fiscal year '23. Given the strong progress we made during the year and confidence we have to drive additional structural cost savings, we recently raised our cumulative program target to $1.6 billion.

轉向我們的未來就緒轉型計劃。我們成功完成了 3 年計畫的第一年，並根據 23 財年的目標實現了好於預期的業績。鑑於我們在這一年中取得的強勁進展以及我們必須推動進一步節省結構性成本的信心，我們最近將累積計劃目標提高到 16 億美元。

In FY '23, we generated gross annual run rate structural cost savings across COGS and OpEx, exceeding our revised target. Let me briefly recap some key accomplishments across each of the 3 core pillars of our program that we achieved during fiscal year '23. Under our operational excellence pillar, we continue to optimize and reduce structural costs across our businesses, particularly in corporate.

在 23 財年，我們在 COGS 和 OpEx 方面實現了年度總運行率結構性成本節約，超出了我們修訂後的目標。讓我簡單回顧一下我們在 23 財年在計畫的 3 個核心支柱中取得的一些關鍵成就。在我們卓越營運的支柱下，我們持續優化和降低整個業務的結構成本，特別是企業成本。

We embraced hybrid work, enabling us to rationalize our real estate portfolio, executing 13 site consolidations or exits during the year. We also simplified our go-to-market organization, including streamlining our management structure. We made solid progress on our digital transformation efforts by driving additional automation and process improvements. We modernized our data infrastructure to leverage AI machine learning to deliver richer, data-driven insights for business decisions.

我們採用混合工作，使我們能夠合理化我們的房地產投資組合，在這一年中執行了 13 次場地整合或退出。我們也簡化了進入市場的組織，包括精簡我們的管理架構。透過推動更多自動化和流程改進，我們在數位轉型方面取得了堅實進展。我們對資料基礎設施進行了現代化改造，利用人工智慧機器學習為業務決策提供更豐富、數據驅動的見解。

Looking ahead, we are accelerating generative AI capabilities, including rolling out AI tools like GitHub Copilot to approximately half of our developers as well as implementing HP-specific large language models to improve efficiencies through a chatbot for our sales and service representatives.

展望未來，我們正在加速產生人工智慧能力，包括向大約一半的開發人員推出 GitHub Copilot 等人工智慧工具，以及實施惠普特定的大型語言模型，透過聊天機器人為我們的銷售和服務代表提高效率。

Further, there are significant opportunities ahead across many additional use cases. Our third pillar is focused on simplifying our product portfolio, significantly reducing the number of platforms we support to drive agility and operating leverage. In FY '23, the actions we took in Personal Systems continue to impact our overall performance.

此外，許多其他用例都存在重大機會。我們的第三個支柱專注於簡化我們的產品組合，顯著減少我們支援的平台數量，以提高敏捷性和營運槓桿。在 23 財年，我們在個人系統中採取的行動持續影響我們的整體績效。

At the end of FY '23, we were approximately halfway to our year-end FY '24 goal of reducing our total number of Personal Systems platforms by approximately 1/3. In addition, we made great progress reducing our commodity complexity by decreasing the number of client SKUs at our Personal Systems portfolio. We expect these initiatives will optimize our overall supplier ecosystem, increase our supply chain efficiency and drive better forecast capabilities.

到 23 財年末，我們已達成 24 財年年底目標的一半，即將個人系統平台總數減少約 1/3。此外，我們透過減少個人系統產品組合中的客戶 SKU 數量，在降低商品複雜性方面取得了巨大進展。我們預計這些措施將優化我們的整體供應商生態系統，提高我們的供應鏈效率並提高預測能力。

And in Print, by rationalizing our investments, we plan to simplify our Print portfolio to drive a 40% reduction in ink hardware platforms shipped by FY '25. As we discussed at our Securities Analyst Meeting, we see significant opportunities ahead of us to focus on our Future Ready plan and position the company to optimize our cost structure and enhance our margin performance.

在印刷方面，透過合理化我們的投資，我們計劃簡化我們的列印產品組合，以推動 25 財年墨水硬體平台出貨量減少 40%。正如我們在證券分析師會議上討論的那樣，我們看到了重大機遇，可以專注於我們的未來就緒計劃，並使公司能夠優化我們的成本結構並提高我們的利潤表現。

Shifting to cash flow and capital allocation. Q4 cash flow from operations was strong at $2 billion, and free cash flow was $1.9 billion on the strength of the sequential growth in Personal Systems. Free cash flow for fiscal year '23 was approximately $3.1 billion, consistent with our outlook. The cash conversion cycle was minus 32 days in the quarter. This improved 3 days year-over-year, driven exclusively by an increase in days payable.

轉向現金流和資本配置。第四季營運現金流強勁，達到 20 億美元，而由於個人系統業務連續成長，自由現金流達到 19 億美元。 23 財年的自由現金流約為 31 億美元，與我們的預期一致。本季現金週轉週期為負 32 天。天數比去年同期增加了 3 天，這完全是由於應付天數的增加所致。

In Q4, we returned approximately $260 million to shareholders via cash dividends. We did not repurchase any shares in the quarter, given that we were in possession of material nonpublic information, but we expect to resume repurchases in Q1 and be active throughout FY '24. For fiscal year '23, we returned greater than $1.1 billion to shareholders and retired $1.6 billion of debt.

第四季度，我們透過現金股利向股東返還約 2.6 億美元。鑑於我們掌握了重大非公開訊息，我們在本季度沒有回購任何股票，但我們預計將在第一季度恢復回購，並在整個 24 財年保持活躍。在 23 財年，我們向股東返還了超過 11 億美元，償還了 16 億美元的債務。

Regarding FY '24, we are reiterating our outlook provided at our Securities Analyst Meeting last month. We intend to return approximately 100% of our free cash flow to shareholders next year as long as our debt-to-EBITDA ratio remains under 2x and unless higher ROI opportunities arise, such as strategic acquisitions.

關於 24 財年，我們重申我們在上個月的證券分析師會議上提供的展望。只要我們的債務與 EBITDA 比率保持在 2 倍以下，並且除非出現更高的投資回報率機會（例如策略性收購），我們打算明年將大約 100% 的自由現金流返還給股東。

Looking forward to FY '24, consistent with what we said at our October Securities Analyst Meeting, we assume the market will stabilize in our base case scenario, underlying our outlook for Personal Systems is for revenues to grow in line with the Personal Systems market and for Print revenue to be in line with the Print market. We expect operating margins for both Personal Systems and Print to be solidly within their respective target ranges as we continue to manage costs and pricing in this dynamic and uncertain environment.

展望24 財年，與我們在10 月份證券分析師會議上所說的一致，我們假設市場將在我們的基本情況下穩定下來，我們對個人系統的前景的基礎是收入將隨著個人系統市場的成長而成長，並且使印刷收入與印刷市場保持一致。我們預期個人系統和列印的營業利潤率將穩定在各自的目標範圍內，因為我們將繼續在這個動態和不確定的環境中管理成本和定價。

Regarding our non-GAAP FY '24 EPS outlook, consistent with historical seasonality, we expect second half performance will be greater than the first half. As we said at our Securities Analyst Meeting, we expect corporate other expense for fiscal '24, to be relatively flat year-over-year at approximately $1 billion.

關於我們的非 GAAP 24 財年每股收益展望，與歷史季節性一致，我們預計下半年業績將優於上半年。正如我們在證券分析師會議上所說，我們預計 24 財年的企業其他支出將比去年同期相對持平，約 10 億美元。

Keep in mind that due to the timing of stock compensation expense, we expect approximately 1/3 of FY '24's corporate other expense in Q1. And in Q1, we expect the economic and demand environment to remain challenging but stable. As we continue to manage cost aggressively to help offset some of these pressures, we expect our operating profit margins for both Personal Systems and Print to be toward the high end of their respective target ranges for the quarter.

請記住，由於股票補償費用的時間安排，我們預計第一季的 24 財年公司其他費用約為 1/3。在第一季度，我們預計經濟和需求環境仍將充滿挑戰但穩定。隨著我們繼續積極管理成本以幫助抵消其中一些壓力，我們預計個人系統和印刷的營業利潤率將接近本季度各自目標範圍的高端。

Taking these considerations into account, we are providing the following outlook for Q1 and fiscal year 2024. We expect first quarter non-GAAP diluted net earnings per share to be in the range of $0.76 to $0.86, and first quarter GAAP diluted net earnings per share to be in the range of $0.60 to $0.70. We expect FY '24 non-GAAP diluted net earnings per share to be in the range of $3.25 to $3.65, and FY '24 GAAP diluted net earnings per share to be in the range of $2.68 to $3.08.

考慮到這些因素，我們對2024 年第一季和財年做出以下展望。我們預計第一季非GAAP 稀釋後每股淨利潤將在0.76 美元至0.86 美元之間，第一季GAAP 稀釋後每股淨利潤將在0.76 美元至0.86 美元之間範圍為 0.60 美元至 0.70 美元。我們預計 24 財年非 GAAP 攤薄後每股淨利將在 3.25 美元至 3.65 美元之間，24 財年 GAAP 攤薄後每股淨利將在 2.68 美元至 3.08 美元之間。

In summary, we are pleased with our Q4 results as we delivered on our commitments even in light of the continued challenging macro environment. Our longer-term financial framework that we outlined at our Securities Analyst Meeting last month, remains unchanged, and we have good momentum to execute on our near-term FY '24 objectives.

總之，我們對第四季度的業績感到滿意，因為即使在宏觀環境持續充滿挑戰的情況下，我們仍然履行了我們的承諾。我們上個月在證券分析師會議上概述的長期財務框架保持不變，並且我們有良好的勢頭來執行 24 財年的近期目標。

Our focus remains on profitable growth in the higher value segments of the market and structural cost savings across our P&L, while returning 100% of our free cash flow to our shareholders. And now I would like to hand it back to the operator and open the call for your questions.

我們的重點仍然是市場高價值領域的獲利成長以及整個損益表的結構性成本節約，同時將 100% 的自由現金流返還給股東。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) And our first questioner today is Wamsi Mohan from Bank of America.

（操作員說明）今天我們的第一位提問者是來自美國銀行的 Wamsi Mohan。

I was wondering maybe you could help us think through the seasonality. Obviously, it's been for the first half versus second half. What's implied in your guidance? If we go back a few years, in the low 50% of EPS was recognized in the second half versus first half. So I'm wondering if you could maybe either characterize it that way or second half versus first half on a growth basis on earnings?

我想知道也許你可以幫助我們思考季節性。顯然，這是上半場和下半場的對比。您的指導暗示了什麼？如果我們回顧幾年，與上半年相比，下半年的每股盈餘只有 50%。所以我想知道你是否可以這樣描述下半年與上半年的獲利成長？

And maybe within that context, you can just give us some sense, the Commercial PC market continues to be quite weak. I know Marie, you said that the guidance for fiscal '24 makes in line with market performance. But can you be somewhat explicit about what that performance is in Commercial PCs in your fiscal year guide?

也許在這種背景下，你可以給我們一些感覺，商用個人電腦市場仍然相當疲軟。我知道瑪麗，您說過 24 財年的指導與市場表現相符。但您能否在您的財政年度指南中明確說明商用 PC 的效能如何？

Yes. So Wamsi, let me provide the view on macro and then Marie will be more specific about seasonality on EPS because I think it will help to understand it better. So from a macro perspective, what we saw in Q4, is an increase in seasonality, especially for PCs between Q3 and Q4. And also, on the Commercial side, we saw stability of sales, market continues to remain soft.

是的。因此，Wamsi，讓我提供對宏觀的看法，然後瑪麗將更具體地介紹每股收益的季節性，因為我認為這將有助於更好地理解它。因此，從宏觀角度來看，我們在第四季度看到的是季節性的增加，尤其是第三季和第四季之間的個人電腦。此外，在商業方面，我們看到銷售穩定，市場持續保持疲軟。

But especially when we look at real end-user demand, we saw demand being stable. And somehow, this helps us in the projection that we have for next year. As we discussed before, we expect the PC market to be slightly growing from 2024 to 2023, and the (inaudible) to slightly decline between '24 and '23, and we expect both segments to improve gradually through the year. So having said that context, Marie will address the EPS question.

但尤其是當我們專注於實際的最終用戶需求時，我們發現需求是穩定的。不知何故，這有助於我們對明年的預測。正如我們之前討論的，我們預計PC 市場從2024 年到2023 年將略有增長，而（聽不清）在24 年到23 年之間將略有下降，我們預計這兩個細分市場將在這一年中逐步改善。說了這麼多，瑪莉將解決 EPS 問題。

So let me walk you through how to think about seasonality. If you take the midpoint of our guide, which is what we gave at SAM, which is the (inaudible), if you take the midpoint, basically, you can assume the macro is stabilizing. And also we expect the revenue to improve over the course of the year. So I would just say we're not back yet quite to normal seasonal patterns, but we're definitely expecting the back half to improve over the first half.

因此，讓我引導您了解如何思考季節性。如果你採用我們指南的中點，這就是我們在 SAM 給出的，也就是（聽不清楚），如果你採用中點，基本上，你可以假設宏觀正在穩定。我們也預計今年的收入將有所改善。所以我想說，我們還沒有完全恢復正常的季節性模式，但我們肯定預計後半段會比上半年有所改善。

So think about a gradual recovery over the year. But I'd just add, as we think about the Q1 guide, particularly for Personal Systems, I would say at this point, we don't expect that normal seasonality yet due to the pace of the market recovery. So we're going to see that quarter-on-quarter differential relative to the Q4 period that we've just come out of. So same guide unchanged. But we're definitely still not quite back to normal seasonality yet throughout the year.

因此，請考慮在這一年中逐步復甦。但我想補充一點，當我們考慮第一季指南時，尤其是個人系統，我想說，由於市場復甦的步伐，我們預計不會出現正常的季節性。因此，我們將看到與剛結束的第四季相比的季度環比差異。所以相同的指南不變。但我們全年肯定還沒有完全恢復正常的季節性。

Your next question comes from the line of Amit Daryanani from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Amit Daryanani。

I guess my question is just on the Print side. Enrique, (inaudible) what are you seeing from a competitive perspective given a lot of your peers in Japan (inaudible) probably leveraging the weaker currency, I think, on the pricing side. I'd like to understand how you are reacting to that? And then really, how do you maintain the operating margin with this run rate, given the competitive headwinds that you have. Maybe you can just touch on that. And then maybe could you maybe (inaudible) free cash flow. Is there any seasonality we should be cognizant about in Q1 versus rest of the year, that would be helpful.

我想我的問題只是在列印方面。恩里克（Enrique），（聽不清楚）考慮到您在日本的許多同行（聽不清楚）可能會在定價方面利用較弱的貨幣，您從競爭的角度看到了什麼。我想了解您對此有何反應？事實上，考慮到您所面臨的競爭阻力，您如何在這樣的運行率下維持營業利潤率。也許你可以談談這一點。然後也許你可以（聽不清楚）自由現金流。與今年剩餘時間相比，我們是否應該了解第一季的季節性，這會有所幫助。

So let me start on Print. So not much has changed since we met a few weeks ago. So we continue to see a competitive environment on the Print side, especially driven by the current situation between yen and dollar. But I have to say between Q3 and Q4, we didn't see more aggressive pricing, if anything, prices sequentially improved Q3 to Q4. We have not seen an increase in competition from that perspective. When we look at '24 and the actions that we are taking to compensate for a potential more pricing increase, we are going to be executing the plan that we described before. We have an aggressive cost reduction plan that will help us to manage that.

那麼讓我從列印開始。自從幾週前我們見面以來，情況並沒有太大變化。因此，我們繼續看到印刷方面的競爭環境，特別是受到日圓和美元之間當前局勢的推動。但我不得不說，在第三季和第四季之間，我們沒有看到更積極的定價，如果有的話，價格在第三季到第四季連續改善。從這個角度來看，我們並沒有看到競爭的加劇。當我們考慮 '24 以及我們為補償潛在的更多價格上漲而採取的行動時，我們將執行我們之前描述的計劃。我們有一個積極的成本削減計劃，這將幫助我們管理這個問題。

We continue to drive the shift to our HP+ units and (inaudible) units, that will also help from that perspective. And we continue to drive -- and we expect to grow share in the office space, which will be a contributor of margin improvement. And finally, as we shared in our prepared remarks, we have seen an improvement of the performance of the Industrial business. We have seen a recovery of the market. And within the market, we have grown both hardware and consumption, and we think this is going to help us also in 2024.

我們繼續推動向 HP+ 單位和（聽不清楚）單位的轉變，從這個角度來看這也將有所幫助。我們將繼續推動——我們預計辦公空間的份額將增加，這將有助於提高利潤率。最後，正如我們在準備好的演講中所分享的那樣，我們看到工業業務的表現有所改善。我們看到了市場的復甦。在市場內部，我們的硬體和消費都在成長，我們認為這也將在 2024 年對我們有所幫助。

Yes. And just a couple of points on the Print rate. So as we guided in SAM, we're still very confident in the outlook we gave around the revised range on Print. And as a result of that, we do expect in Q1 to still be at the high end of that range. And then in '24, we expect to be solidly in the range.

是的。還有關於列印率的幾點。因此，正如我們在 SAM 中所指導的那樣，我們對印刷版修訂後的範圍的前景仍然非常有信心。因此，我們確實預計第一季仍處於該範圍的高端。然後在 24 年，我們預計將穩定在該範圍內。

So just keep that in mind as you're sort of working through your model. And then with respect to cash flow and the comments on seasonality, reiterating our guide that we had at SAM of $3.1 billion to $3.6 billion, I'll just add from a seasonality perspective, just always bear in mind that Q1, we do expect cash flow to be lower, and that's due to the fact that we always accrue for our bonus in the prior period, and we typically pay that out in Q1 of the current year. So expect that Q1 free cash flow will, therefore, be somewhat lower. But similarly, as I said at SAM, we expect it to be in line with net earnings and continue to see those fluctuations around working capital throughout the remaining quarters.

因此，在處理模型時請記住這一點。然後關於現金流和對季節性的評論，重申我們在 SAM 的 31 億至 36 億美元指導，我只是從季節性角度補充一下，請始終記住第一季度，我們確實預計現金流量較低，這是因為我們總是在上一期累積獎金，並且通常在今年第一季支付。因此，預計第一季自由現金流將有所下降。但同樣，正如我在 SAM 所說，我們預計將與淨利潤保持一致，並在剩餘季度中繼續看到圍繞營運資本的波動。

Your next question comes from the line of Krish Sankar from TD Cowen.

您的下一個問題來自 TD Cowen 的 Krish Sankar。

Enrique, I had a question on the PC side. You said you're expecting modest growth next year. I'm kind of curious, is there a way to quantify it? And how much is AI driving it? And also, when it comes to AI PC, how much kind of an uplift in ASP do you expect versus regular PC?

Enrique，我有一個關於 PC 方面的問題。您說過預計明年將出現溫和成長。我很好奇，有沒有辦法量化呢？人工智慧在多大程度上推動了它的發展？另外，當談到人工智慧 PC 時，您預計 ASP 與普通 PC 相比會有多大程度的提升？

So let me start by saying that we are really excited about the impact that AI PCs are going to have in the overall PC category. As we have shared before, we think that they will drive -- they will double the expected growth from '24 to '26. So it's really going to have significant impact. If we talk about '24, we think the impact will be smaller just because of first timing. The first AI PCs will be introduced in the second half. And second, because of penetration. When we launch a new category, we know also it takes time for the category to penetrate. Our expectation is that in 3 years, 40% to 60% of the PCs will be AI PCs, but it's going to be a gradual penetration of the category. But again, we are really excited, not only because of the impact that it will have on the business, but also because of the additional value this is going to bring to our customers.

首先我要說的是，我們對人工智慧電腦對整個電腦類別的影響感到非常興奮。正如我們之前分享的，我們認為他們將推動 - 他們將使預期增長從 24 年到 26 年翻倍。所以這確實會產生重大影響。如果我們談論'24，我們認為由於是第一次，影響會更小。第一批人工智慧電腦將於下半年推出。其次，因為滲透力。當我們推出一個新類別時，我們也知道該類別的滲透需要時間。我們的預期是，3年內，40%到60%的PC將是AI PC，但這將是該品類的逐步滲透。但我們再次感到非常興奮，不僅因為它將對業務產生影響，還因為這將為我們的客戶帶來附加價值。

And can you quantify the ASP uplift?

您能量化平均售價的提升嗎？

Thank you. Yes. So what we had said before, and we haven't changed our projection is -- average selling price for PCs will increase between 5% and 10% as a consequence of the penetration of AI PCs.

謝謝。是的。因此，我們之前說過，而且我們沒有改變我們的預測，那就是——由於人工智慧 PC 的滲透，PC 的平均售價將增加 5% 到 10%。

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

你的下一個問題來自伯恩斯坦的托尼·薩科納吉（Toni Sacconaghi）。

I was wondering if you could comment on supplies growth in the quarter. It was up sequentially. That hasn't happened at any point in the last 10 years on an organic basis. So what was driving the nonseasonal growth in supplies? Did you change prices and people bought in before? Or was there some channel fill? And then could you also just comment on -- you talked a lot about Future Ready and the strength, I think you've taken out maybe run rate about $600 million worth of costs. But OpEx is essentially identical to the first quarter of this year. So when we think about Future Ready, should we actually think about OpEx going down in fiscal '24 or we won't see the impact of Future Ready on OpEx?

我想知道您是否可以評論本季的供應增長。是依序上升的。在過去十年中，這種情況在任何時候都沒有發生過。那麼是什麼推動了供應的非季節性成長呢？您是否改變了價格並且人們之前購買了？或者是否有一些通道填充？然後您是否也可以評論一下——您談到了很多關於未來就緒和實力的內容，我認為您已經扣除了大約價值 6 億美元的運行成本。但營運支出與今年第一季基本相同。因此，當我們考慮「未來就緒」時，我們實際上是否應該考慮營運支出在 24 財年下降，或者我們不會看到「未來就緒」對營運支出的影響？

So let me just start out with the question on Future Ready. So first of all, obviously, really pleased with the performance. I think as I mentioned in my prepared remarks, for '23 and then going into '24, as you know, we raised our target to (inaudible) at SAM, so very much on track. And I think as we've discussed at SAM, Future Ready is a combination of both OpEx and cost of sales. So some of those savings, we're reinvesting back in growth and in people to help us manage through some of the volatility. But we do also drop that through to the bottom line.

讓我從「未來準備」的問題開始。首先，顯然，我對錶現非常滿意。我認為正如我在準備好的發言中提到的，從 23 年開始到 24 年，如您所知，我們將目標提高到了 SAM（聽不清楚），所以一切都步入正軌。我認為正如我們在 SAM 上討論的那樣，未來就緒是營運支出和銷售成本的組合。因此，我們將其中一些儲蓄重新投資於成長和人員，以幫助我們應對一些波動。但我們也確實將其納入底線。

And frankly, Toni, you can see that in the rates that we even delivered in this last quarter and also in terms of how we're guiding the rates going forward in terms of solidly in the range for the year and really at the high end of the range for both businesses in Q1. Now OpEx will be up year-on-year, and it's driven by exactly those factors I mentioned earlier, the investments in our growth, the investments in our people.

坦白說，托尼，你可以看到我們在上個季度提供的費率以及我們如何引導費率在今年的範圍內穩定增長，並且真正處於高端。第一季這兩項業務的範圍。現在，營運支出將同比增長，而它正是由我之前提到的那些因素驅動的，即對我們成長的投資，對我們員工的投資。

And I would just sort of add as a sort of closing comment around this is, if you look at the geography of the P&L, you could see in our gross margins that we're shifting out now to higher gross margins, and that's been partially offset by operating expenses.

我想補充一點，作為對此的結束評論，如果您查看損益表的地理分佈，您可以在我們的毛利率中看到我們現在正在轉向更高的毛利率，這部分是由於由營業費用抵消。

So hopefully, that gives you a little bit more context around how to think about Future Ready. And I'll turn it back to Enrique on supplies. I'll just add on the supplies ecosystem. We're in good shape, Toni. From a multi-tier perspective, we ended the quarter in good shape.

希望這能為您提供更多有關如何思考「未來就緒」的背景資訊。我會把補給品還給恩里克。我將添加供應生態系統。我們狀態很好，東尼。從多層次的角度來看，我們以良好的狀態結束了本季。

Yes. So let me complement that. So I think there are multiple factors that drove the good performance of supplies in Q4. As I have said many times though, when we look at year-on-year comparisons, it's not the best way to look at the performance in the quarter because there are many adjustments that are done every quarter, and then comparisons can distort the overall perspective.

是的。讓我補充一下。所以我認為有多種因素推動了第四季供應的良好表現。正如我多次說過的，當我們查看同比比較時，這並不是查看季度業績的最佳方式，因為每個季度都會進行很多調整，然後比較可能會扭曲整體看法。

We are driving many positive actions on supplies. We continue to grow share overall, which is something that we have been doing already for several quarters. We have increased prices to reflect the value that we bring to the combination of all these things that help us to grow supplies quarter-on-quarter. And again, we are pleased with the performance. But in the long term, we continue to expect the supplies to decline low- to mid-single digits. We are not changing our projections for supplies in the future.

我們正在推動許多積極的供應行動。我們的整體份額繼續增長，這是我們幾個季度以來一直在做的事情。我們提高了價格，以反映我們為所有這些因素組合帶來的價值，這些因素有助於我們按季度增加供應量。再次，我們對錶現感到滿意。但從長遠來看，我們仍然預期供應量將下降到低至中個位數。我們不會改變對未來供應的預測。

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

您的下一個問題來自花旗集團的 Asiya Merchant。

A little bit on inventory. If you could just comment on how you look at the inventory in the channel, both on the PC and on the Print side as well. Specifically PCs, I think there was commentary that there were some elevated ones when you spoke about it last quarter, not for HP but generally for the industry in general.

有點庫存。您能否評論一下您如何看待頻道中的庫存，無論是在 PC 端還是在印刷端。特別是個人電腦，我認為當你上個季度談到這個問題時，有人評論說有一些升高，不是針對惠普，而是針對整個行業。

And then if you can just talk about the cadence of EPS. As you progress it, the second half is going to be stronger, I think, as was commented earlier, you're starting the first year -- first quarter up 10%, if that's correct, and you're ending for the year at 5% for the year. So if you can just kind of walk through that, that would be great.

那可以談談 EPS 的節奏嗎？隨著你的進展，下半年將會變得更加強勁，我認為，正如之前評論的那樣，你將開始第一年——第一季度增長10%，如果這是正確的，那麼你的今年將以全年5%。因此，如果您能大致了解一下，那就太好了。

So why don't I just start out on the EPS sort of seasonality and how to think about it. So in terms of Q1, just to sort of give you some context there. 1/3 -- we usually have corporate other expense that hits in from a seasonality perspective, 1/3 of that hits in Q1. So if you look at our Q1 guide, just bear that in mind because that's typically the stock comp expense period. So as a result of that, you're going to see that seasonality adjustment in our Q1 EPS.

那麼，我為什麼不從每股盈餘的季節性以及如何思考它開始呢？因此，就第一季度而言，只是為了給您一些背景資訊。 1/3—我們通常有從季節性角度來看的公司其他費用，其中 1/3 在第一季發生。因此，如果您查看我們的第一季指南，請記住這一點，因為這通常是股票補償費用期間。因此，您將在我們的第一季每股收益中看到季節性調整。

And as you correctly said, we're actually up, I think, 11% on the midpoint year-on-year in our Q1. But at SAM guide, I'll just reiterate, of $3.25 to $3.65 hasn't changed. And just to close, Q1 is just really typical seasonality. And then if you think about channel inventory, both Personal Systems and Print were in really healthy shape, and we're pleased with where we landed in terms of the progress we made this quarter.

正如您所說，我認為我們實際上比第一季的中點成長了 11%。但在 SAM 指南中，我重申一下，3.25 美元到 3.65 美元的價格沒有變化。最後，第一季是非常典型的季節性。然後，如果您考慮通路庫存，個人系統和列印都處於非常健康的狀態，我們對本季的進展感到滿意。

I would add on Personal Systems that we've seen declines sequentially and that we are really now back to much more normalized levels. And in fact, the industry levels themselves are also normalizing. And you can see that in terms of the quality of our pricing in the last quarter as well. So I think looking back, we've seen CI really return back to more normalized levels, particularly in Personal Systems and in Print as well.

我想補充一下個人系統，我們已經看到連續下降，而且我們現在確實回到了更正常化的水平。而事實上，產業層面本身也正在走向常態化。從我們上個季度的定價品質來看，您也可以看到這一點。所以我認為回顧過去，我們已經看到 CI 確實回到了更規範化的水平，特別是在個人系統和列印領域。

Great. And one more on components (inaudible) expectations, I think there was some commentary previously on how you think about components?

偉大的。還有一個關於組件（聽不清楚）的期望，我認為之前有一些關於您如何看待組件的評論？

Yes. It's very much in line with our SAM guide in terms of forward-looking. We expect both Print and PS to be headwinds for the year. And as we look into Q1, we do expect a headwind in PS, but a slight tailwind on Print. And then in terms of just what you've seen in the quarter, we've seen tailwinds and favorability on Print as well, but definitely headwinds for both businesses for the year.

是的。這與我們的 SAM 指南的前瞻性非常一致。我們預計印刷和 PS 都將成為今年的阻力。當我們展望第一季時，我們確實預期 PS 會出現逆風，但 Print 會出現輕微順風。然後，就您在本季所看到的情況而言，我們也看到了印刷業的順風和好感，但今年這兩項業務肯定都面臨逆風。

Your next question comes from the line of Aaron Rakers from Wells Fargo.

你的下一個問題來自富國銀行的 Aaron Rakers。

This is Jake on for Aaron. I was hoping if you could give some additional color on the amount of promotional pricing for PCs? Do you expect to see heading into the holiday season and maybe how this could compare to prior years?

這是傑克替亞倫發言。我希望您能對個人電腦的促銷價格金額提供一些額外的說明嗎？您預計假期即將到來嗎？與往年相比如何？

We expect to see a similar level of aggressiveness that we were seeing before channel inventory was high. And at this point, what we know about the holiday season is that based on (inaudible) the shipments we have been making, the strength of our portfolio, we have very good assortment on the stores. We have just introduced significant innovation across our full portfolio, so we are optimistic about the holiday season in the coming weeks.

我們預計會看到與渠道庫存較高之前類似的激進程度。目前，我們對假期的了解是，根據（聽不清楚）我們一直在生產的發貨量和我們產品組合的實力，我們在商店裡有非常好的品種。我們剛剛在整個產品組合中引入了重大創新，因此我們對未來幾週的假期持樂觀態度。

Great. And then I was also wondering if you could talk a little bit more about the growth you're seeing in Poly and maybe some of the momentum you expect with the new as-a-service subscription offering?

偉大的。然後我還想知道您是否可以更多地談談您在保利看到的成長，以及您對新的即服務訂閱產品的期望動力？

Sure. We continue to be very bullish about the opportunities that we have with the Poly business. Of course, during the last quarter, it has been impacted by macro. But the feedback we get from our channel and from our customers, continues to be very positive.

當然。我們仍然非常看好保利業務所帶來的機會。當然，上個季度，受到了宏觀的影響。但我們從管道和客戶那裡得到的回饋仍然非常積極。

As you said, we just introduced both new technology in the systems and the new as-a-service model, which we think will help us to drive growth in 2024. And really the opportunity to grow and to innovate continues to be there. From a process perspective, we are now finishing the IT integration based on the plan that we shared a few quarters ago. We have been driving the process as per plan. And again, we are happy with the progress we have made. I'm really optimistic about the opportunities this business is going to bring to us.

正如您所說，我們剛剛引入了系統新技術和新的即服務模式，我們認為這將有助於我們推動 2024 年的成長。實際上，成長和創新的機會仍然存在。從流程的角度來看，我們現在正在根據我們幾個季度前分享的計劃完成IT整合。我們一直在按計劃推動這一進程。再次，我們對所取得的進展感到高興。我對這項業務帶給我們的機會非常樂觀。

Your next question comes from the line of Erik Woodring from 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）。

I just wanted to circle back to Toni's question on Print supplies. You obviously outperformed Print supplies this quarter. So I just wanted to make sure I understood specifically, what drove the upside in the quarter. And given Print hardware units are declining 20% year-over-year, what are the offsets to that as we think about supplies in the (inaudible)? I think you mentioned share gains in pricing. But if you could just go through kind of all the 4 different factors just to make sure we understand the different drivers, that would be helpful for '24.

我只是想回到托尼關於列印耗材的問題。本季您的表現顯然優於列印耗材。所以我只是想確保我具體了解推動本季上漲的因素。鑑於列印硬體單位年減 20%，當我們考慮（聽不清楚）的供應時，對此有何抵消？我想你提到了定價中的份額收益。但是，如果您可以檢查所有 4 個不同的因素，以確保我們了解不同的驅動因素，這對 24 世紀會有幫助。

Perfect. Thank you, Erik. And thank you because when I was answering to Toni, I missed to mention one of the elements that will also help, which is the easy compare because the Q4 last year was not a strong quarter for supply. So this also has an impact on the year-on-year compare. If we look at the (inaudible) and the different drivers of supplies, clearly, installed base has continued to decline. So this is a negative factor. Usage continues to go down, which is a negative factor.

完美的。謝謝你，埃里克。謝謝你，因為當我回答托尼時，我錯過了提到一個也有幫助的因素，這是很容易比較的，因為去年第四季度的供應並不強勁。所以這也會對同比產生影響。如果我們看看（聽不清楚）和供應的不同驅動因素，很明顯，安裝基數持續下降。所以這是一個負面因素。使用量持續下降，這是負面因素。

But I have to say, it continues to be above, especially (inaudible) the references and the projections that we were making before the pandemic and then 2 positive factors that have had an impact this quarter. One is pricing. We have increased prices for supplies and market share.

但我不得不說，它仍然高於，特別是（聽不清楚）我們在大流行之前所做的參考和預測，以及對本季產生影響的兩個積極因素。一是定價。我們提高了供應品價格和市場份額。

As I mentioned before, we have continued to grow share for supplies, which has a positive impact on the overall supplies growth. Thank you.

正如我之前提到的，我們的供應份額持續成長，這對整體供應成長產生了積極影響。謝謝。

Your next question comes from the line of Mike Ng from Goldman Sachs.

您的下一個問題來自高盛的 Mike Ng。

I just have one for Marie and one for Enrique. Marie, you guided to PS and Print margins to be at the high end of the range for the first quarter and then solidly in the range for the full year. Can you talk about some of the factors that drive that margin normalization for each of those 2 segments throughout the year? And then Enrique, within Commercial Printing, I was just wondering if you could talk a little bit about any differences in outlook for A3 versus A4 or are the competitive dynamics very similar?

我只有一本給瑪麗，一本給恩里克。瑪麗，您預計第一季的 PS 和印刷利潤率將處於該範圍的高端，然後全年將穩定在該範圍內。您能否談談全年推動這兩個細分市場利潤率正常化的一些因素？然後 Enrique，在商業印刷部門，我只是想知道您是否可以談談 A3 與 A4 的前景有何不同，或者競爭動態是否非常相似？

Yes, sure, Mike. Why don't I start out and give you some context on the ranges and how we're thinking about them. So on PS, as we mentioned, we'd be at the high end for Q1 and really what's driving that is just a combination of the mix. I think you heard Enrique talked about that in his prepared remarks in terms of the higher value and also the improved pricing as channel inventory is normalized.

是的，當然，麥克。為什麼我不先向您提供一些有關範圍的背景資訊以及我們如何考慮它們。因此，在 PS 上，正如我們所提到的，我們將在第一季處於高端，而真正推動這一趨勢的只是混合因素的組合。我想你聽到恩里克在他準備好的演講中談到了更高的價值以及隨著渠道庫存正常化而提高的定價。

As I mentioned earlier, we saw a sequential improvement, and we expect, as a result, to see less promotional pricing. And then obviously, we've got the benefits of the Future Ready program that I talked about a moment ago with Toni. Obviously, also working against that are the headwinds that we've got with commodity costs and some of that is really what's influencing the sort of seasonality of the rates that we see in terms of being more solidly in the range as the year progresses. So that's sort of Personal Systems.

正如我之前提到的，我們看到了連續的改善，因此我們預計促銷價格會減少。顯然，我們已經獲得了我剛才與托尼談到的未來就緒計劃的好處。顯然，與此相反的是我們在大宗商品成本方面遇到的阻力，其中一些確實影響了我們看到的利率季節性，隨著時間的推移，我們看到利率在該範圍內更加穩定。這就是個人系統。

And if you think about Print, similar drivers in terms of just being at the high end of the range for Q1, and it's really driven by the profitability that we talked about, the shift in the model with supplies. Some of the new business models. Also, frankly, the impact of growth is having an impact on both businesses.

如果你考慮印刷，類似的驅動因素只是處於第一季的高端，它實際上是由我們談到的盈利能力以及供應模式的轉變所驅動的。一些新的商業模式。此外，坦白說，成長的影響正在對兩家公司產生影響。

Similarly, the impact of the Future Ready. And once again, we also see pricing normalization and we see supplies, there is no change to the supplies outlook in terms of low- to mid-single digits. So all those factors together is what really drives us to see both businesses be solidly in the range for the year, but at the high end of the range for Q1. I'll turn it to Enrique.

同樣，未來就緒的影響。我們也再次看到定價正常化，我們看到供應，供應前景的中低個位數沒有改變。因此，所有這些因素共同推動我們看到這兩家公司今年都穩定在該範圍內，但在第一季處於該範圍的高端。我會把它轉給恩里克。

Yes. And just in your question about the office market in Print, and 2 key comments. One is we have continued to shift change from A3 to A4, especially in Commercial -- in large Commercial Customers. We think this is driven by the fact that we expect to see less people in the office. And therefore, they have reduced the printing volumes that they were expecting that they need less production type of products. So that has been one change.

是的。就在您關於印刷辦公市場的問題中，有兩個關鍵評論。一是我們繼續從 A3 轉向 A4，特別是在商業領域——在大型商業客戶中。我們認為這是由於我們預計辦公室裡的人會減少。因此，他們減少了預期的印刷量，因為他們需要更少的生產類型的產品。所以這是一個變化。

Second, in terms of both A4 and A3, we continue to see an opportunity to grow share. We did it in this quarter in A3, and we have started to grow our share in A4 in several geographies. We did it in the Americas, we did it in several countries in Europe, we did it in China, and we know we have some work to do, but we expect to continue to drive that during 2024.

其次，就 A4 和 A3 而言，我們繼續看到擴大份額的機會。我們在本季度的 A3 領域做到了這一點，我們已經開始在多個地區增加 A4 領域的份額。我們在美洲做到了，我們在歐洲幾個國家做到了，我們在中國做到了，我們知道我們還有一些工作要做，但我們預計將在 2024 年繼續推動這項工作。

We have no further questions at this time. I will now turn the call over to Enrique Lores for closing remarks.

目前我們沒有進一步的問題。現在我將把電話轉給恩里克·洛雷斯（Enrique Lores）做總結發言。

Thank you. Well, first of all, thank you all of you for joining. With the Q4 results, we believe are a signal of the progress that we are making and increased the confidence that we have in the plan that we shared with all of you a few weeks ago. And this reinforces the key message that we shared at SAM, that we believe that HP shares are undervalued and continue to be a good investment. And then last but not least, for those of you in the U.S., let me close the call, wishing all of you a very happy Thanksgiving. Thank you.

謝謝。嗯，首先感謝大家的加入。我們認為，第四季度的結果表明了我們正在取得的進展，並增強了我們對幾週前與大家分享的計劃的信心。這強化了我們在 SAM 上分享的關鍵訊息，即我們認為惠普股票被低估，並且仍然是一項不錯的投資。最後但並非最不重要的一點是，對於在美國的你們，讓我結束通話，祝你們所有人感恩節快樂。謝謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。