惠普 (HPQ) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to the third-quarter 2024 HP Inc earnings conference call. My name is Tesere and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the call over to Orit Keinan-Nahon, Head of Investor Relations. Please go ahead.

大家好，歡迎參加 2024 年第三季惠普公司財報電話會議。我叫 Tesere，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 2024 earnings conference call. With me today are Enrique Lores, HP's President and Chief Executive Officer; Karen Parkhill , HP's Chief Financial Officer; and Tim Brown, who is the Interim Chief Financial Officer.

大家下午好，歡迎參加惠普 2024 年第三季財報電話會議。今天與我在一起的有惠普總裁兼執行長 Enrique Lores； Karen Parkhill，惠普財務長；臨時財務長蒂姆·布朗(Tim Brown)。

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 webpage 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 Investor.hp.com 的投資者關係網頁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.

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。

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.

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.

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。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。

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.

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 基礎表達的財務訊息，我們已包含可比較 GAAP 訊息的調整。請參閱今天財報發佈時附帶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 all for joining today's call. Let me start by welcoming our new CFO, Karen Parkhill, who joined HP earlier this month. Her expertise and background are a great addition to our leadership team, and we are delighted to have her on board. And a big thank you to Tim Brown for stepping in as interim CFO over the last three quarters.

謝謝 Orit，也謝謝大家參加今天的電話會議。首先，我要對本月初加入惠普的新任財務長凱倫‧帕克希爾 (Karen Parkhill) 表示歡迎。她的專業知識和背​​景對我們的領導團隊來說是一個重要的補充，我們很高興她的加入。非常感謝蒂姆·布朗在過去三個季度擔任臨時財務長。

Today, I will cover our third quarter results, a few of the new innovative experiences we have introduced, how we are tracking against our strategic priorities, and our expectations for Q4. Karen will provide additional details on our financials and outlook.

今天，我將介紹我們第三季的業績、我們推出的一些新的創新經驗、我們如何追蹤我們的策略重點以及我們對第四季的期望。凱倫將提供有關我們的財務狀況和前景的更多詳細資訊。

Starting with our results, let me first focus on revenue. I am pleased to share. We are building solid momentum. The Company returned to revenue growth for the first time in nine quarters, up 2% year over year. This was driven by strong performance in personal systems and our key growth areas.

從我們的結果開始，讓我先專注於收入。我很高興分享。我們正在建立堅實的勢頭。該公司九個季度以來首次恢復營收成長，年增 2%。這是由個人系統和我們的關鍵成長領域的強勁表現所推動的。

Commercial PC recovery was strong, in line with our expectations and a signal of ongoing market stabilization. That said, the recovery of our print market was slower than expected, which impacted print revenue.

商用個人電腦復甦強勁，符合我們的預期，也是市場持續穩定的訊號。儘管如此，印刷市場的復甦速度慢於預期，這影響了印刷收入。

Non-GAAP operating profit was down 7% and non-GAAP EPS was within our previously provided outlook range but below our expectations. We have been taking decisive actions to address this. We see an immediate opportunity to drive additional structural cost savings in Q4 as part of our future ready program.

非 GAAP 營業利潤下降 7%，非 GAAP 每股盈餘在我們先前提供的展望範圍內，但低於我們的預期。我們一直在採取果斷行動來解決這個問題。作為我們面向未來的計劃的一部分，我們看到了在第四季度推動額外結構性成本節省的直接機會。

We are accelerating our plan, raising our exit goal for fiscal year '24. We expect to reach 80% of the three year structural cost run-rate target by the end of this year.

我們正在加快實施計劃，提高 24 財年的退出目標。我們預計今年底將達到三年結構性成本運行率目標的80%。

We will also keep executing our plan to strengthen momentum and drive long-term profitable growth. This includes investments in support of our growth businesses. And these combined efforts will help us win in the market to drive profitable growth and build a stronger HP.

我們還將繼續執行我們的計劃，以增強勢頭並推動長期盈利增長。這包括支持我們成長型業務的投資。這些共同努力將幫助我們贏得市場，推動獲利成長並打造更強大的惠普。

Turning to new innovations, Q3 was another strong quarter. We continue to deliver industry-leading experiences by putting our customers at the center of everything we do.

談到新的創新，第三季又是一個強勁的季度。我們將客戶置於一切工作的中心，繼續提供業界領先的體驗。

In the AI PC category, we are charging ahead. Our next-gen AI PCs and empowering everyone from knowledge workers to data scientists to unlock the power of AI. In May, we launched our first generation using the latest Qualcomm processor.

在AI PC領域，我們正在衝鋒。我們的下一代人工智慧 PC 使從知識工作者到資料科學家的每個人都能釋放人工智慧的力量。五月，我們推出了第一代使用最新高通處理器的產品。

As the world's thinnest next-gen AI PCs with the longest battery life, they are made for mobility. And in July, we introduced a new premium model powered by the latest AMD processor. It is the most powerful AI PC in the industry with up to 55 TOPS of NPU performance.

作為世界上最薄、電池壽命最長的下一代人工智慧電腦，它們專為行動性而生。 7 月，我們推出了一款採用最新 AMD 處理器的全新高級型號。它是業界最強大的AI PC，NPU性能高達55 TOPS。

It delivers personalized experiences like real-time translation, personal communication coaching, and quick professional video creation and to help protect against AI-assisted cyber-attacks, the new OmniBook Ultra includes the industry-leading protections and capabilities of HP Wolf Security. We are doing even more to raise the bar for data scientists and AI developers.

全新 OmniBook Ultra 提供個人化體驗，如即時翻譯、個人溝通輔導和快速專業視訊創建，並幫助防範人工智慧輔助的網路攻擊，它包括 HP Wolf Security 業界領先的保護和功能。我們正在採取更多措施來提高資料科學家和人工智慧開發人員的標準。

Our HP AI studio is a world's most comprehensive workstation solution for AI development. In Q3, we made even stronger by being the first and only to build gen-AI trust into our solution. This means developers can more effectively detect, correct, and monitor inaccurate output from AI modems, making it faster and safer for companies to deploy AI-powered application.

我們的 HP AI studio 是世界上最全面的 AI 開發工作站解決方案。在第三季度，我們成為第一個也是唯一一個在我們的解決方案中建立人工智慧信任的公司，從而變得更加強大。這意味著開發人員可以更有效地偵測、修正和監控人工智慧調變解調器的不準確輸出，使公司更快、更安全地部署人工智慧驅動的應用程式。

In workforce solutions, our proprietary workforce experience platform is exceeding our expectations. Customers are now leveraging our AI capabilities to manage over 250,000 devices on growing. We also recently added several managed devices wins and deployments, including larger companies like Eaton.

在勞動力解決方案中，我們專有的勞動力體驗平台超出了我們的預期。客戶現在正在利用我們的 AI 功能來管理超過 250,000 台設備，而且數量還在增加。我們最近還增加了多個託管設備的成功和部署，其中包括伊頓等較大的公司。

Our continued partnership with this global intelligent power management company will help support their IT journey in serving more than 90,000 employees around the world. We set a new standard for industrial printing at DRUPA, introducing advanced digital presses and intelligent automation solutions. These included autonomous mobile robots that save up to two hours of production a day per press.

我們與這家全球智慧電源管理公司的持續合作將有助於支持他們的 IT 之旅，為全球 90,000 多名員工提供服務。我們在德魯巴展會上為工業印刷樹立了新標準，推出了先進的數位印刷機和智慧自動化解決方案。其中包括自主移動機器人，每台印刷機每天最多可節省兩小時的生產時間。

We also enhanced our print OS platform, giving customers the ability to monitor their entire production floor from job submission to delivery. We were honored to take home more best of awards than any other exhibitor at the show.

我們還增強了列印作業系統平台，使客戶能夠監控從作業提交到交付的整個生產車間。我們很榮幸獲得比展會上任何其他參展商更多的最佳獎項。

We also announced a new partnership with Canva. Their 185 million monthly users can now similarly design and create online and print locally. We also secured major deals with print and digital industry leaders like RR Donnelly, All4Labels and SYNTHES. We are excited about what's ahead. In September, we will host our second annual HP Imagine event. Here, we will unveil even more new experiences that help our customers drive growth and professional fulfillment.

我們也宣布與 Canva 建立新的合作夥伴關係。他們的每月 1.85 億用戶現在可以進行類似的線上設計和創作以及本地列印。我們也與 RR Donnelly、All4Labels 和 SYNTHES 等印刷和數位產業領導者達成了重大交易。我們對未來感到興奮。九月，我們將舉辦第二屆年度 HP Imagine 活動。在這裡，我們將推出更多新體驗，幫助我們的客戶推動成長和職業成就。

In Q3, we further invested in our long-term success. We acquired Cybercore Technologies, a leading provider of secure supply-chain management and cyber solutions for the US Federal Government. The addition of Cybercore to the HP family will help further strengthen our security expertise and enhance our offerings.

在第三季度，我們進一步投資於我們的長期成功。我們收購了 Cyber​​core Technologies，這是一家為美國聯邦政府提供安全供應鏈管理和網路解決方案的領先供應商。 Cyber​​core 加入 HP 系列將有助於進一步加強我們的安全專業知識並增強我們的產品。

And just yesterday, we announced we have received a $50 million award from the US Department of Commerce. This funding from the chiefs and science act will help modernize and expand at our microfluidics semiconductor fab in Corvallis, Oregon. It will also help us further explore the potential of our microfluidics technology in new areas such as life sciences.

就在昨天，我們宣布獲得美國商務部 5,000 萬美元的獎勵。來自酋長和科學法案的這筆資金將有助於我們位於俄勒岡州科瓦利斯的微流體半導體工廠的現代化和擴張。它也將幫助我們進一步探索微流控技術在生命科學等新領域的潛力。

In Q3, we released our annual sustainable impact report, highlighting the important progress we have made. In 2023, our initiatives helped us reach a 27% reduction in value chain greenhouse gas emissions. We continue to rollout easily recyclable packaging created from recycled content.

第三季度，我們發布了年度永續影響報告，強調了我們所取得的重要進展。 2023 年，我們的措施幫助我們將價值鏈溫室氣體排放量減少了 27%。我們繼續推出由回收材料製成的易於回收的包裝。

In 2023, we reached a 62% reduction in single-use plastic packaging and our digital equity efforts have reached 45 million people since 2021. We know there is always more that can be done, but we are proud of our progress, and we are honored to be ranked first in our industry on Time Magazine's, world's most sustainable companies list.

2023 年，我們的一次性塑膠包裝減少了62%，自2021 年以來，我們的數位資產工作已惠及4500 萬人。我們我們很榮幸在《時代》雜誌全球最具永續發展能力的公司排行榜上名列業界第一。

Now let me share more details on the performance of each of our businesses in the third quarter. In personal systems, revenue was up 5% year over year, the second consecutive quarter of year-over-year growth. Operating profit was 6.4% in line with our expectations.

現在讓我詳細介紹一下我們第三季各項業務的業績。在個人系統中，營收年增 5%，連續第二季年增。營業利潤為 6.4%，符合我們的預期。

Globally, our PC share was flat year over year, but up 1.3 points quarter over quarter. This was driven by growth in high-value categories, including workstations and consumer premium. We continue to see strong progress in key growth areas with revenue up year over year in personal systems services and in hybrid systems, driven by strong demand for video collaboration. And we grew gaming revenue quarter-over-quarter in line with normal seasonality.

在全球範圍內，我們的 PC 份額同比持平，但環比增長 1.3 個百分點。這是由工作站和消費者溢價等高價值類別的成長所推動的。在視訊協作強勁需求的推動下，我們繼續看到關鍵成長領域取得了強勁進展，個人系統服務和混合系統的收入逐年增長。我們的遊戲收入逐季成長，符合正常的季節性。

We remain very excited about the AI PC opportunity. Shipments are ramping and initial reactions are overwhelmingly positive. We have a strong portfolio with an unprecedented level of HP engineering. Our growing ecosystem of developers and AI software providers are a huge competitive advantage.

我們對人工智慧 PC 機會仍然感到非常興奮。出貨量不斷增加，最初的反應非常正面。我們擁有強大的產品組合和前所未有的惠普工程水平。我們不斷發展的開發者和人工智慧軟體供應商生態系統是一個巨大的競爭優勢。

Forbes declared HP won the AI PC crown, and they are right. Our focus is on delivering new AI experiences for our customers. Overall, our AI PC expectations across shipments, higher ASPs and premium mix remains on track with our expectations for the second half.

《富比士》宣稱惠普贏得了人工智慧 PC 桂冠，他們是對的。我們的重點是為客戶提供新的人工智慧體驗。總體而言，我們對人工智慧 PC 的出貨量、更高的平均售價和高階產品組合的預期仍符合我們對下半年的預期。

Shifting to print, net revenue was down 3% year over year. We delivered print operating profit of 17.3%, which was below our expectations. We saw softer demand, unfavorable geo mix, and a more aggressive pricing environment. Even in this type of challenging environment, I expect us to do better. And as I said earlier, we are taking actions to accelerate our structural cost savings for this year.

轉向印刷版，淨收入年減 3%。我們的印刷營業利潤為 17.3%，低於我們的預期。我們看到需求疲軟、不利的地域結構以及更激進的定價環境。即使在這種充滿挑戰的環境中，我也希望我們能做得更好。正如我之前所說，我們正在採取行動，加速今年的結構性成本節約。

We have made progress on gaining profitable share with growth year over year and quarter over quarter in home and in office when excluding China. We gained share in our strategic areas, especially in big tanks, A3 and A4 value. Key growth areas in print continue to make progress. Consumer services revenue and subscribers grew year over year.

我們在獲得獲利份額方面取得了進展，在國內和辦公室（不包括中國）的利潤份額同比和季度均有所增長。我們在戰略領域獲得了份額，特別是在大型坦克、A3 和 A4 價值領域。印刷業的主要成長領域持續取得進展。消費者服務收入和訂戶數量逐年增加。

Industrial graphics did as well and we have strong momentum coming out of DRUPA. And supplies continued to perform as expected. Overall, we generated strong free-cash flow of $1.3 billion in the quarter and returned $0.9 billion to shareholders.

工業圖形也表現出色，德魯巴展將為我們帶來了強勁的動力。供應繼續符合預期。總體而言，我們在本季產生了 13 億美元的強勁自由現金流，並向股東返還了 9 億美元。

We remain committed to our capital allocation strategy. Our Board of Directors urged us to increase the total share repurchase authorization to $10 billion. This reaffirms our commitment to deliver strong and sustained capital returns to our shareholders.

我們仍然致力於我們的資本配置策略。我們的董事會敦促我們將股票回購授權總額增加到 100 億美元。這重申了我們為股東提供強勁且持續的資本回報的承諾。

Looking forward to Q4, we expect the demand environment will remain dynamic and that our markets will continue to be competitive. We expect the PC commercial momentum to continue and our key growth areas to make progress.

展望第四季度，我們預期需求環境將保持動態，我們的市場將持續保持競爭力。我們預計個人電腦商業動能將持續，我們的關鍵成長領域將取得進展。

At the same time, the competitive pricing environment will remain in Q4 and the print market recovery will continue to be slower. As a result, we decided to moderate our expectations for Q4 and the full year. We will maintain investments and progress in high value on key growth areas and accelerate our cost reduction plan.

同時，第四季競爭性定價環境仍將持續，印刷市場復甦將持續放緩。因此，我們決定降低對第四季和全年的預期。我們將保持對關鍵成長領域的高價值投資和進展，並加快成本削減計劃。

We are confident in our strategy and well equipped to drive meaningful progress as we round out fiscal year '24. Across our entire portfolio, leveraging AI and enabling hybrid work experiences will remain central to creating solutions that deliver growth and fulfillment for all HP customers. I will pause here and turn it over to Karen.

我們對我們的策略充滿信心，並做好充分準備，在 24 財年結束之際推動取得有意義的進展。在我們的整個產品組合中，利用人工智慧和實現混合工作體驗仍然是創建為所有惠普客戶帶來成長和實現的解決方案的核心。我將在這裡暫停並將其交給凱倫。

Thank you, Enrico, for the warm welcome. I'm thrilled to join HP., and I'm eager to meet you our analysts and investors in the months ahead. So I have been here just a few weeks. I'm incredibly impressed by the innovation all around me. HP is an iconic company, and I'm excited to work with Enrique gate and our leadership team to create an even stronger future ahead, building upon our market-leading portfolio, attractive growth businesses and culture keenly focused on delivering value for our shareholders.

謝謝恩里科的熱情歡迎。我很高興加入惠普，並渴望在未來幾個月與大家見面，我們的分析師和投資者。所以我來這裡才幾週。我周圍的創新給我留下了難以置信的印象。惠普是一家標誌性公司，我很高興能與恩里克·蓋特和我們的領導團隊合作，以我們市場領先的產品組合、有吸引力的成長業務和專注於為股東創造價值的文化為基礎，創造更美好的未來。

Now onto the quarter, starting high level, we are building on the progress we made in the first half, and as Enrique said, are pleased with our return to revenue growth for the first time in nine quarters. Solid performance in personal systems, which grew for the second quarter in a row and in our key growth areas drove our Q3 revenue growth. And double digit sequential growth in personal systems drove strong free cash flow in the quarter.

現在進入本季度，從高水準開始，我們正在上半年取得的進展的基礎上再接再厲，正如恩里克所說，我們對九個季度以來首次恢復收入成長感到高興。個人系統的穩健表現（連續第二季成長）以及我們的關鍵成長領域推動了我們第三季營收的成長。個人系統的兩位數連續成長推動了本季強勁的自由現金流。

We also returned nearly $870 million to our shareholders through repurchases and dividends and remain focused on returning approximately 100% of our free cash flow this fiscal year. Looking across the company the print market was softer than we expected at the beginning of the quarter. And both print and PS saw a dynamic pricing environment that puts some pressure on our margins as did our focus on continuing to invest for long-term sustainable growth.

我們也透過回購和股息向股東返還近 8.7 億美元，並繼續致力於本財年返還約 100% 的自由現金流。縱觀整個公司，印刷市場比我們本季初的預期要疲軟。印刷和 PS 都面臨著動態的定價環境，這給我們的利潤帶來了一些壓力，我們對繼續投資以實現長期可持續增長的關注也受到了壓力。

As a result and as Enrique mentioned, we are accelerating our future-ready plan and intend to deliver savings sooner than expected. As a reminder, our plan incorporated our goal to deliver gross annualized structural cost savings of $1.6 billion by the end of fiscal year '25 with approximately 70% or $1.1 billion achieved by the time we exit the fiscal year.

因此，正如恩里克所提到的，我們正在加快我們的面向未來的計劃，並打算比預期更快地實現節省。提醒一下，我們的計劃納入了我們的目標，即到 25 財年結束時實現年化總結構性成本節省 16 億美元，到本財年結束時實現約 70%，即 11 億美元。

Given our focus to mitigate near-term market challenges and just as importantly, maintain investments to drive longer-term growth, we have accelerated our efforts and now expect our cumulative savings target exiting the fiscal year to be approximately $1.3 billion or 80% of the planned target.

鑑於我們的重點是緩解近期市場挑戰，同樣重要的是，保持投資以推動長期增長，我們加快了努力，現在預計本財年結束時的累計儲蓄目標約為 13 億美元，即 80%。目標。

Now, let's take a closer look at the details of the quarter. Net revenue was up 2% nominally and up 3% in constant currency. And constant currency revenue increased in all regions with Americas, AMEA and APJ, each growing 3%. Gross margin at 21.5% in the quarter was up slightly year over year.

現在，讓我們仔細看看本季的詳細資訊。名目淨收入成長 2%，以固定匯率計算成長 3%。美洲、AMEA 和 APJ 等所有地區的固定貨幣收入均有所成長，各成長 3%。本季毛利率為 21.5%，較去年同期略有上升。

Our cost saving efforts offset both competitive pricing in the face of rising commodity costs and a mix shift given the strong PS performance. Non-GAAP operating expenses were up year over year from continued investment in key initiatives and our people. And of course, we continue to drive cost reductions, including the future-ready cost savings. All in non-GAAP operating profit was $1.1 billion, down 7% year over year.

我們節省成本的努力抵消了商品成本上漲帶來的競爭性定價和強勁 PS 表現所帶來的產品組合轉變的影響。由於對關鍵措施和員工的持續投資，非公認會計準則營運費用逐年增加。當然，我們將繼續推動成本降低，包括面向未來的成本節約。全部非 GAAP 營業利潤為 11 億美元，較去年同期下降 7%。

Below the profit line, Non-GAAP net OI&E was down year over year, benefiting from less short term financing activity and lower interest expense from the debt tender we completed last year. Finally, with a diluted share count of roughly 1 billion shares, our non-GAAP diluted net earnings per share was $0.83, a year-over-year decrease of $0.03 and GAAP diluted net earnings per share was $0.65.

在利潤線以下，非 GAAP 淨 OI&E 年比下降，受益於短期融資活動減少以及我們去年完成的債務招標帶來的利息費用降低。最後，稀釋後的股票數量約為 10 億股，我們的非 GAAP 攤薄每股淨利潤為 0.83 美元，年減 0.03 美元，GAAP 攤薄每股淨利潤為 0.65 美元。

Now, let's turn to segment performance. Personal systems revenue was up 5%, both nominally and in constant currency with higher commercial volumes and increased ASPs as we worked to adjust pricing where possible to mitigate increased commodity costs.

現在，讓我們轉向分段性能。個人系統收入名義上和以固定匯率計算增長了 5%，隨著商業量的增加和平均售價的增加，我們努力調整定價以減輕商品成本的增加。

Total units were up 1% year over year, with strength in commercial. And sequentially, revenue was up 11% and units were up 14%, with seasonal strength and overall share gains. Of note, hybrid systems revenue grew in the double digits year over year including strong growth in video collaboration.

單位總數較去年同期成長 1%，商業不動產表現強勁。隨著季節性的增強和整體份額的增長，收入連續增長了 11%，銷量增長了 14%。值得注意的是，混合系統收入較去年同期以兩位數成長，其中視訊協作的強勁成長。

Drilling more into the details. Consumer revenue was down 1% with units down 6% and commercial revenue was up 8% on 6% unit growth. Improved pricing in consumer, along with favorable commercial mix and a shift to premium consistent with our strategy drove higher overall ASPs. In fact, we continue to see commercial representing greater than 70% of personal systems revenue.

更深入研究細節。消費者收入下降 1%，單位數量下降 6%；商業收入成長 8%，單位數量增加 6%。消費者定價的改善、有利的商業組合以及符合我們策略的高端產品的轉變推動了整體平均售價的提高。事實上，我們繼續看到商業收入佔個人系統收入的 70% 以上。

And while calendar Q2 market share was flat year over year, we gained share sequentially driving improvements in high-value categories. And of course, we remain focused on driving profitable revenue and share growth in both our consumer and commercial markets. Personal systems operating margin of 6.4% was down slightly year over year. We had higher commodity costs and purposely continued our strategic investments, offset in part by future-ready savings.

儘管第二季的市佔率與去年同期持平，但我們的市佔率不斷增加，推動了高價值類別的改善。當然，我們仍然專注於推動消費者和商業市場的獲利收入和份額成長。個人系統營業利益率為 6.4%，較去年同期略有下降。我們的商品成本較高，因此有目的地繼續我們的策略投資，但部分被面向未來的節省所抵消。

In print, our results reflected the slower pace of market recovery and an incrementally aggressive pricing environment as our Japanese competitors continued to benefit from the weaker yen. Overall, the market came in below expectations, particularly in China.

在印刷版中，我們的業績反映出市場復甦步伐放緩，以及隨著我們的日本競爭對手繼續受益於日圓貶值，定價環境逐漸積極。整體而言，市場表現低於預期，尤其是在中國。

Total print revenue was down 3% on a reported basis and 2% in constant currency. And while hardware units declined 2% year over year, total print market share increased both year-over-year and sequentially. And momentum in industrial graphics continued with supplies and services driving the fourth straight quarter of year-over-year revenue growth.

以報告計算，印刷總收入下降 3%，以固定匯率計算下降 2%。儘管硬體單位年減 2%，但印刷市場總份額同比和環比均有所增加。工業圖形領域持續保持強勁勢頭，供應和服務連續第四個季度推動營收年增。

By customer segment, commercial revenue decreased 5% with units down 4%. And as mentioned, we felt the impact of market declines, most notably in China and competitive pricing. Consumer revenue returned to growth, increasing 2% on flat units with favorable mix offsetting pricing. Of note, hardware units grew 5% sequentially, driven by strength in consumer. And supplies revenue was down 2% nominally and 1% in constant currency, in line with our outlook.

依客戶群劃分，商業收入下降 5%，銷量下降 4%。如前所述，我們感受到了市場下滑的影響，尤其是在中國和競爭性定價。消費者收入恢復成長，公寓單位收入成長 2%，有利的組合抵銷了定價。值得注意的是，在消費者實力的推動下，硬體部門較上季成長了 5%。供應收入名義上下降 2%，以固定匯率計算下降 1%，與我們的預期一致。

Print operating margin of 17.3% was down year over year with headwinds from pricing and increased investments, not fully offset by savings from our future-ready actions. On our future-ready transformation plan, we continue to drive greater effectiveness and efficiency across the company. For example, we're using generative-AI capabilities to reduce customer call times in Workforce Solutions.

由於定價和投資增加帶來的阻力，印刷營業利潤率為 17.3%，同比下降，但我們為未來做好準備而採取的行動所帶來的節省並沒有完全抵消這一影響。在我們面向未來的轉型計畫中，我們持續提高整個公司的有效性和效率。例如，我們在勞動力解決方案中使用生成式人工智慧功能來減少客戶呼叫時間。

And in our commercial organization, our move to more end to end processes is enabling much faster deal close for contractual customers and allowing customers to more easily buy and renew on hp.com. There is more to come as we accelerate and complete this program, particularly in print, where we are driving further reductions across the core, including business consolidation, supply chain optimization and reductions in platforms.

在我們的商業組織中，我們轉向更多的端到端流程，使合約客戶能夠更快地完成交易，並允許客戶更輕鬆地在 hp.com 上購買和續約。隨著我們加速和完成這項計劃，特別是在印刷領域，我們正在推動整個核心業務的進一步削減，包括業務整合、供應鏈優化和平台削減，還有更多的事情要做。

Now, let me move to cash flow and capital allocation. We generated more than $1.4 billion in cash from operations and $1.3 billion in free cash flow. We continue to improve our cash conversion cycle this quarter, driving inventory days down with seasonally higher volumes in Personal Systems, offset in part by an increase in strategic buys as we focused on reducing the near-term impact of rising commodity costs.

現在，讓我談談現金流和資本配置。我們從營運中產生了超過 14 億美元的現金，以及 13 億美元的自由現金流。本季我們繼續改善現金週轉週期，個人系統銷售季節性增加，從而降低了庫存天數，但由於我們專注於減少商品成本上漲的短期影響，因此戰略採購的增加部分抵消了庫存天數。

Lastly, we returned close to $870 million to shareholders through both share repurchase and dividends and finished the quarter within our target leverage range. Just as a reminder, unless higher ROI opportunities arise. And as long as our gross leverage ratio remains below two times, we expect to return approximately 100% of our free cash flow to our shareholders over time.

最後，我們透過股票回購和股息向股東返還了近 8.7 億美元，並在我們的目標槓桿範圍內結束了本季。提醒一下，除非出現更高的投資報酬率機會。只要我們的總槓桿率保持在兩倍以下，我們預計隨著時間的推移，我們將大約 100% 的自由現金流返還給股東。

Looking forward to the fourth quarter and our fiscal year end, we will continue to navigate a dynamic environment and have therefore modeled multiple scenarios based on several assumptions. In Personal Systems, we expect Q4 revenue to increase sequentially low to mid-single digits.

展望第四季和財年末，我們將繼續應對動態環境，因此根據多種假設對多種情境進行了建模。在個人系統領域，我們預期第四季營收將環比成長至低個位數至中個位數。

We are expecting continued strength in commercial, but given the lingering softness in the consumer market, we are expecting less seasonal growth than we have seen historically. We anticipate Personal Systems operating margin to remain in the upper half of our long-term target range of 5% to 7% in Q4 as we work to offset increased commodity costs through pricing and disciplined cost management while continuing to invest in strategic priorities.

我們預計商業市場將持續強勁，但鑑於消費市場持續疲軟，我們預計季節性成長將低於歷史水準。我們預計第四季度個人系統營業利潤率將保持在5% 至7% 長期目標範圍的上半部分，因為我們致力於透過定價和嚴格的成本管理來抵消增加的商品成本，同時繼續投資於策略重點。

In print, we see improving trends in the market, but the pace of recovery is slower than we expected with continued competitive pricing pressure. For Q4, we expect print revenue to increase low to mid-single digits sequentially, driven by typical seasonal strength as well as strong momentum in our industrial business, coming out of DRUPA.

在印刷方面，我們看到市場趨勢有所改善，但由於持續的競爭性定價壓力，復甦速度比我們預期的要慢。對於第四季度，我們預計印刷收入將連續成長低至中個位數，這得益於典型的季節性優勢以及來自德魯巴的工業業務的強勁勢頭。

We expect supplies revenue in FY24 to decline low-single digits and we anticipate Q4 print margins to be near the top of our 16% to 19% range, given seasonal strength and acceleration of future ready cost savings. Taking all of these considerations into account, we are moderating our guide for Q4 and fiscal year 2024, and we are narrowing our non-GAAP EPS outlook range to $0.1, which is reflected in our updated outlook.

我們預計 2024 財年的耗材收入將下降低個位數，考慮到季節性強勁和未來成本節約的加速，我們預計第四季度的印刷利潤率將接近 16% 至 19% 範圍的頂部。考慮到所有這些因素，我們正在調整第四季度和 2024 財年的指南，並將非 GAAP 每股收益展望範圍縮小至 0.1 美元，這反映在我們更新的展望中。

We expect fourth quarter non-GAAP diluted net earnings per share to be in the range of $0.89 to $0.99 and fourth quarter GAAP diluted net earnings per share to be in the range of $0.74 to $0.84. For the full year, we now expect non-GAAP diluted net earnings per share to be in the range of $3.35 to $3.45 and FY24, GAAP diluted net earnings per share to be in a range of $2.62 to $2.72.

我們預計第四季非 GAAP 攤薄後每股淨利潤將在 0.89 美元至 0.99 美元之間，第四季度 GAAP 攤薄後每股淨利潤將在 0.74 美元至 0.84 美元之間。對於全年，我們目前預計非 GAAP 攤薄後每股淨利潤將在 3.35 美元至 3.45 美元之間，而 2024 財年，GAAP 攤薄後每股淨利潤將在 2.62 美元至 2.72 美元之間。

Lastly, we continue to expect free cash flow to be in the range of $3.1 billion to $3.6 billion for FY24. As a reminder, our free cash flow outlook includes approximately $300 million of restructuring cash outflows. At this point, we want to open the lines for your questions. But before we do, I want to express my gratitude to my HP colleagues for their help in making my onboarding as smooth as possible. And in particular, I want to thank Tim Brown for his leadership in the interim and his continued help these past few weeks with me. Tim is also on the call with Enrique and me to help answer your course.

最後，我們繼續預期 2024 財年自由現金流將在 31 億美元至 36 億美元之間。提醒一下，我們的自由現金流前景包括約 3 億美元的重組現金流出。現在，我們想開放您的提問專線。但在此之前，我想對我的惠普同事表示感謝，他們幫助我盡可能順利地入職。我特別要感謝蒂姆·布朗在過渡期間的領導以及他在過去幾週對我的持續幫助。提姆也正在與恩里克和我通話，以幫助回答您的課程。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Yes, hi. This is Andrew for David. I wanted to ask about the print margins in fiscal '24. Can you disaggregate some of the pressure you saw in this quarter? What was the -- what were the primary drivers? What were the bigger drivers? And why do you expect that to reverse next quarter? Is it entirely on the cost cuts from the future-ready plan? Or are there other drivers that you're expecting to improve margins in Q4.

是的，嗨。這是大衛的安德魯。我想詢問 24 財年的列印邊距。您能否分解您在本季看到的一些壓力？主要驅動因素是什麼？更大的驅動因素是什麼？為什麼您預計下個季度這種情況會發生逆轉？完全取決於面向未來的計劃的成本削減嗎？或者您預計還有其他驅動因素可以提高第四季度的利潤率。

Thanks for your question, Andrew. Our Q3 print margin was below our expectations, although I would note that supplies did come in as expected in the quarter. So our margin was impacted by more aggressive pricing as we talked about as well as a challenging market environment, particularly in China. And that was driving unfavorable geographic mix.

謝謝你的提問，安德魯。我們第三季的印刷利潤率低於我們的預期，儘管我注意到該季度的供應量確實符合預期。因此，我們的利潤率受到了我們談到的更激進的定價以及充滿挑戰的市場環境（尤其是在中國）的影響。這導致了不利的地理組合。

And against that environment, we took the opportunity to place hardware units that are profitable long term, but dilutive to the current overall margin rates. And despite the headwinds, we also maintained our investment in the key growth areas that are going to generate long-term value. And then as we look ahead to Q4, we expect to be seasonally stronger on revenue.

在這種環境下，我們藉此機會放置了長期獲利的硬體部門，但會稀釋目前的整體利潤率。儘管面臨阻力，我們仍保持對將產生長期價值的關鍵成長領域的投資。然後，當我們展望第四季度時，我們預計收入將季節性強勁。

We're also, as we talked about taking more aggressive actions to drive that margin improvement. We said we're accelerating our future-ready plan. We're driving further reductions across the core. That includes business consolidation, reduction in platforms and supply chain optimization. And with all of this taken together, we're confident in our ability to deliver the print margins near the top end of our 16% to 19% target range.

正如我們談到的那樣，我們也正在採取更積極的行動來推動利潤率的提高。我們說過我們正在加快面向未來的計劃。我們正在推動整個核心的進一步削減。這包括業務整合、平台減少和供應鏈優化。綜合考慮所有這些因素，我們對實現 16% 至 19% 目標範圍上限附近的列印邊距充滿信心。

Thanks.

謝謝。

Samik Chatterjee, JP Morgan.

薩米克‧查特吉，摩根大通。

Thanks for take my question. I have a couple if I can just start with maybe AI PCs, which you referred to in terms what you're seeing with customers and the launches that you have done. If you could share how you are seeing that flow-through when you look at the segments between consumer, PS and commercial, what are you seeing in terms of activity there? Where do you expect it will make a more material impact in the coming quarters? How do you sort of see that feeling into maybe a bit of the recovery on the consumer PS side as well. Any thoughts on that would be appreciated and I have a follow-up.

謝謝你回答我的問題。如果我可以從人工智慧個人電腦開始的話，我有幾個，你提到了你在客戶中看到的情況以及你所做的發布。如果您能分享一下，當您查看消費者、PS 和商業之間的細分市場時，您如何看待這種流程，您在這些領域的活動方面看到了什麼？您預計它將在未來幾季在哪些方面產生更實質的影響？您如何看待消費者 PS 方面的復甦？對此有任何想法將不勝感激，我有後續行動。

Sure. Thank you. Let me let me take that question. So first of all, when we talk about consumer -- AI PC, we used a IDC description. We had said that we expected sales to be around 10% during the second half, and we think we are going to be slightly above that number. So they are performing well.

當然。謝謝。讓我來回答這個問題。所以首先，當我們談論消費者－AI PC時，我們使用了IDC的描述。我們曾表示，預計下半年銷售額將成長 10% 左右，而且我們認為會略高於該數字。所以他們表現得很好。

Where we really are also focused in what we call next-generation AI PCs that we have just started to launch, we announced our first product with Qualcomm and with AMD only a few weeks ago, and shipments are starting to -- are beginning now. So we haven't seen a significant impact from those yet.

我們真正關注的是我們剛開始推出的下一代人工智慧 PC，幾週前我們與高通和 AMD 合作發布了我們的首款產品，並且現在已經開始發貨。所以我們還沒有看到這些帶來的重大影響。

The reaction has been positive. The experiences that we are able to generate are very compelling. We had an event with many of our software providers a few weeks ago in New York when we were able to display that. So the reaction is positive, but the impact on our results has been very very small yet.

反應是積極的。我們能夠創造的體驗非常引人注目。幾週前，我們在紐約與許多軟體供應商一起舉辦了一次活動，當時我們能夠展示這一點。所以反應是正面的，但對我們結果的影響還非常非常小。

In terms of adoption, we've seen that in the very short term, adoption in consumer will be faster because adoption in commercial is always limited by the evaluation process that many of our customers have to go through. And those evaluation processes are only starting.

在採用方面，我們已經看到，在很短的時間內，消費者的採用將會更快，因為商業採用總是受到許多客戶必須經歷的評估過程的限制。這些評估過程才剛開始。

So it's going to take some time until they have an impact in our results. And in terms of the projections that we have for the future, we maintain the projections that we have been sharing over the last quarters. We expect next-generation AI PCs to represent around 50% of shipment in 2027, three years after launch. And they drive an average selling price increase between 5% and 10%. This has been the projections we have been hearing before, and we are confident that we will continue -- we will deliver on those in the future.

因此，它們需要一些時間才能對我們的結果產生影響。就我們對未來的預測而言，我們維持過去幾季分享的預測。我們預計，到 2027 年，即推出三年後，下一代人工智慧 PC 將佔出貨量的 50% 左右。它們推動平均售價上漲 5% 至 10%。這是我們之前聽到的預測，我們有信心我們將繼續下去——我們將在未來實現這些預測。

For my follow up, I can just ask you in the print business. I understand, these sort of headwinds and the competitive landscape that you're calling out, but how should we think about what are you seeing in terms of market share play out, particularly as the competitive landscape sounds like it's tougher. Would you look at it from a market share perspective and say the Japanese competitors are more competitive? And you are giving up some share in certain segments or do you think it's more just the underlying market, that's a challenge here relative to market share?

對於我的後續行動，我可以向印刷業的您詢問。我理解您所說的這些逆風和競爭格局，但我們應該如何考慮您在市場份額方面所看到的情況，特別是在競爭格局聽起來更加嚴峻的情況下。您是否會從市場佔有率的角度來看並認為日本競爭對手更具競爭力？您正在放棄某些細分市場的部分份額，還是您認為這只是基礎市場，相對於市場份額而言，這是一個挑戰？

Let me take this opportunity to share a bit more about what we are seeing on the print market? And then how do we project these going forward? As we said in the prepared remarks, clearly the print market was challenged and we didn't see the recovery that we were expecting. But within that, we saw some signs of positive change.

讓我藉此機會分享更多我們在印刷市場上看到的情況？那我們要如何預測這些未來呢？正如我們在準備好的演講中所說，顯然印刷市場受到了挑戰，我們沒有看到我們預期的復甦。但其中，我們看到了一些正面改變的跡象。

For example, we saw positive growth from the home space. The decline in the office category was lower than the declines we had seen in previous quarter. And as Karen said before, we have seen supplies performing as expected, but especially usage is a good predictor of what is going to be happening in the future.

例如，我們看到家居空間的正面成長。辦公室類別的降幅低於上一季的降幅。正如凱倫之前所說，我們已經看到供應的表現符合預期，但特別是使用情況可以很好地預測未來將發生的情況。

This is why we've seen that there's lower recovery is temporary, and we expected to see changing going forward. The majority of it was in the office space, and this is really what drove it from a demand perspective.

這就是為什麼我們看到復甦速度較低是暫時的，我們預計未來會發生變化。其中大部分位於辦公空間，從需求角度來看，這確實是推動其發展的原因。

From a pricing perspective, what we have seen is a continuation of what we have shared before.Many of our competitors are taking advantage of the weak yen, and this is allowing them to be more cost -- more aggressive from a price perspective.

從定價的角度來看，我們所看到的是我們之前分享的內容的延續。

We have been working to reduce the cost structure of our products to be able to place profitable unit. And this is what we did this quarter. We placed units. We hold our share. We grew share in the home space.

我們一直致力於降低產品的成本結構，以便能夠實現獲利。這就是我們本季所做的。我們放置了單位。我們持有我們的份額。我們在家居空間中的份額不斷增加。

And as we continue to drive cost, we will continue -- if we see the opportunity, we will continue to place profitable unit, which continues to be our goal.

當我們繼續降低成本時，我們將繼續——如果我們看到機會，我們將繼續放置獲利單位，這仍然是我們的目標。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey, guys. Thanks so much for taking my questions. I have two as well. Maybe Enrique, for you, it's something that you didn't necessarily allude to in depth in your prepared remarks on the PC side was the kind of commercial/enterprise recovery that we've been talking about for a few quarters. So can you maybe one just help us understand, as you look at commercial -- consumer versus SMB versus large enterprises, kind of how you would characterize PC demand across each of those end markets?

嘿，夥計們。非常感謝您回答我的問題。我也有兩個。也許恩里克，對你來說，你在準備好的關於個人電腦方面的演講中不一定深入提到的是我們幾個季度以來一直在談論的商業/企業復甦。那麼，您能否幫助我們理解，當您考慮商業（消費者、中小企業、大型企業）時，您將如何描述每個終端市場的 PC 需求？

And second to that, how does that influence your view that whether there is or is not a large commercial refresh cycle still in front of us or is that behind us? We would just love to know where do you think we are in that phase? And then I have a follow up. Thank you.

其次，這對您的觀點有何影響：大型商業更新周期是否仍在我們面前或已經過去？我們只是想知道您認為我們處於這個階段的哪個階段？然後我有一個後續行動。謝謝。

So let me go there. I think the market evolution and our results confirm is that we have seen our recovery of the PC market. And this recovery is mostly driven by the commercial side of the business. Trying to provide some more specifics on on about your question, we saw a market for enterprise growing close to 5%, government between 6% and 7%, SMB 3%, and education 1%.

那麼就讓我去那裡吧。我認為市場的演變和我們的結果證實我們已經看到了個人電腦市場的復甦。而這種復甦主要是由商業方面所推動的。試圖提供有關您的問題的更多細節，我們看到企業市場成長了近 5%，政府市場成長了 6% 至 7%，中小企業市場成長了 3%，教育市場成長了 1%。

We saw significant growth on the on the commercial space, especially in enterprise. And this is really supported by the trends that we had discussed before. The installed base has been aging, and the companies are seeing the need to refresh at.

我們看到商業領域，尤其是企業領域的顯著成長。我們之前討論過的趨勢確實支持了這一點。安裝基礎已經老化，公司認為需要更新。

Windows 11 is starting to have an impact. And especially since Microsoft announced when they will start supporting Windows 10. And it's not only we have seen in sales, we continue to see that in the funnel of new opportunities that we see that continues to grow and is much stronger this year than it was last year. So we've seen that the refresh is still ahead of us. We have only started to see that, and we continue to believe that these opportunities he's coming.

Windows 11 開始產生影響。特別是自從微軟宣布何時開始支援Windows 10 以來。得多去年。所以我們看到刷新仍然在我們前面。我們才剛開始看到這一點，而且我們仍然相信他的這些機會即將到來。

Thank you. That was really helpful, Enrique. Maybe, Karen if -- first, nice to meet you. Looking forward to working together. It's great that you guys are accelerating some of these cost savings initiatives this year. If I just look year to date, revenue -- through the first three quarters, revenue was down about $400 million year over year. OpEx is up about $300 million year over year.

謝謝。這真的很有幫助，恩里克。也許，凱倫，如果——首先，很高興認識你。期待合作。很高興你們今年加速了其中一些成本節約計劃。如果我只看今年迄今為止的營收——前三個季度的營收年減了約 4 億美元。營運支出較去年同期成長約 3 億美元。

So can you just help me understand how much of these cost savings as we look forward you want to flow through to the bottom line versus it seems you are more prone maybe to make investments for longer term growth. Can you just help me understand with this new view on your cost savings, how do you expect to balance that drop-through versus reinvestment? Thank you.

那麼，您能否幫我了解一下，我們期待您希望將這些成本節省中有多少轉化為利潤，而您似乎更傾向於為長期成長進行投資。您能幫我了解一下您對成本節省的新看法嗎？謝謝。

Yeah, thanks for the question, Eric. And I look forward to meeting you in person too. In terms of flow through, our savings are flowing through and reflected really in our ability to deliver the margins within or above our target ranges for both PS and print, despite the fact that we've got this challenging macro backdrop.

是的，謝謝你的提問，艾瑞克。我也期待與您見面。就流量而言，儘管我們面臨著充滿挑戰的宏觀背景，但我們的節省正在不斷流動，並真正反映在我們將 PS 和印刷的利潤率維持在或高於目標範圍的能力上。

Just a reminder, our savings are reflected in both OpEx and COGS and we are reinvesting. And so as we reinvest, we're seeing a bit of a geography shift in our P&L with some higher gross profit offset by higher operating expenses because much of our investments are going to be in the OpEx area.

請注意，我們的節省已反映在營運支出和銷貨成本中，並且我們正在進行再投資。因此，當我們再投資時，我們看到損益表發生了一些地理變化，較高的毛利被較高的營運費用所抵消，因為我們的大部分投資將在營運支出領域。

We've talked about the fact that we're focused on driving these savings so that we can both offset our headwinds and continue to invest in our important growth drivers for the future, and you can expect that to continue.

我們已經討論過這樣一個事實，即我們專注於推動這些節省，以便我們既可以抵消我們的不利因素，又可以繼續投資於我們未來的重要成長動力，你可以期望這種情況會持續下去。

Thanks so much.

非常感謝。

Toni Sacconaghi, Bernstein.

東尼薩科納吉、伯恩斯坦。

Hello, Enrique, and welcome, Karen. I have two questions as well. Just for the full year, I think, one of your objective was to grow revenues for the full year. Do you still expect that to be the case?

你好，恩里克，歡迎，凱倫。我也有兩個問題。我認為，就全年而言，你們的目標之一是增加全年收入。您仍然希望情況如此嗎？

And if I could just follow up on the last question, if I look at what your guidance does imply for this year, revenues are close to flat and operating profit dollars are expected to be close to flat, despite reaching $1.3 billion in run rate saving.

如果我能跟進最後一個問題，如果我看看你們今年的指導意味著什麼，收入接近持平，營業利潤預計將接近持平，儘管運行率節省達到 13 億美元。

So should we be thinking future-ready as really just providing air cover to make investments rather than structurally changing your profit profile because certainly the 2024 results don't really seems to suggests that there are any expected overall improvement in operating profit despite the cost cutting? And I have a follow-up.

因此，我們是否應該考慮為未來做好準備，實際上只是為投資提供空中掩護，而不是從結構上改變您的利潤狀況，因為當然，2024 年的結果似乎並沒有真正表明，儘管成本削減，營業利潤會有任何預期的整體改善？我有一個後續行動。

Okay. Thanks for your question, Tony. And as we as we look ahead in Q4, we are expecting some seasonal growth ahead. Personal Systems, we expect to increase sequentially low to mid-single digits. And we said, given the lingering softness in consumer, we're expecting some less seasonal growth than we've had historically.

好的。謝謝你的提問，托尼。當我們展望第四季時，我們預計未來會出現一些季節性成長。個人系統，我們預計將連續成長低至中個位數。我們表示，鑑於消費者持續疲軟，我們預計季節性成長將低於歷史水準。

And for print, obviously, we've got improving trends in the market, but the pace is slower than we initially expected. And we've got some continued pricing pressure. So we expect print revenues to increase low to mid-single digit. And that's driven by typical seasonal strength, along with some seasonality coming out of industrial with DRUPA.

對於印刷品來說，顯然，我們的市場趨勢正在改善，但步伐比我們最初預期的要慢。我們面臨持續的定價壓力。因此，我們預計印刷收入將成長低至中個位數。這是由典型的季節性強度以及德魯巴工業展的一些季節性因素所推動的。

And obviously, we expect supplies to increase sequentially in line with last year. I would say on the future ready, we are focused on driving savings to offset our headwinds and ensure that we can maintain our investments.

顯然，我們預計供應量將與去年持平。我想說的是，為未來做好準備，我們的重點是節省開支，以抵消我們的不利因素，並確保我們能夠維持我們的投資。

And what you saw this quarter was having some headwinds hit us, taking some action that's going to help us more in the quarter ahead than it did in this quarter, and purposely continuing our investment because we're focused on the longer term.

您在本季度看到的是，我們遇到了一些阻力，採取了一些行動，這將在未來一個季度比本季度對我們有更多幫助，並有目的地繼續我們的投資，因為我們專注於長期目標。

So what is important is as we look at year to date operating profit growth for the different businesses versus the plan that we had at the beginning of the year, we have seen operating profit growth in personal systems and this is a combination of both the future-ready savings and the progress that we have seen in the market.

因此，重要的是，當我們對比不同業務的年初至今的營業利潤增長與年初的計劃時，我們看到了個人系統的營業利潤增長，這是未來兩者的結合- 準備好的儲蓄和我們在市場上看到的進步。

We have not seen operating profit growth in print. And we -- this is not what we were expecting at the beginning of the year. But this is a major change that we have seen. And a major driver for that is a smaller market that we see, especially in office and the more aggressiveness that we see, especially driven by the weakness in yen. We've seen both in short term price. We don't see this as structural changes, but definitely they are impacting our performance in 2024.

我們沒有看到印刷業務的營業利潤成長。而我們——這並不是我們年初所期望的。但這是我們看到的一個重大變化。造成這種情況的一個主要驅動因素是我們看到的市場規模較小，尤其是在辦公室，以及我們看到的更具侵略性，尤其是在日圓疲軟的推動下。我們已經在短期價格中看到了這兩種情況。我們並不認為這是結構性變化，但它們肯定會影響我們 2024 年的表現。

Thank you for that. And just to follow up, Karen, I would imagine that capital allocation is probably one of the biggest decisions that you need to think about as the new CFO. I saw the increase in authorization to $10 billion. I think last time HP increased the authorization in February 2020 was actually the $15 billion. A, should we read anything into that?

謝謝你。凱倫，我想跟進一下，我認為資本配置可能是您作為新任財務長需要考慮的最大決策之一。我看到授權增加到了100億美元。我認為惠普上次在2020年2月增加授權其實是150億美元。 A，我們應該對此進行解讀嗎？

And Karen, as a new CFO, what do you have a firm opinion yet on what capital return should be on an ongoing basis and whether 100% is really the right thing for the business over the next three to five years.

Karen，作為新任財務官，對於持續的資本回報應該是多少以及 100% 對於未來三到五年的業務是否真的是正確的事情，您有什麼堅定的看法嗎？

Thanks for that question is Tony. First of I would say don't read anything into the new authorization. And we did have a $15 billion authorization that we are near expiration and pleased that the Board increased the authorization to $10 billion at this stage.

感謝托尼提出這個問題。首先我想說的是不要在新授權中解讀任何內容。我們確實擁有 150 億美元的授權，但該授權即將到期，我們很高興董事會現階段將授權增加到 100 億美元。

And it shows our commitment to continuing to return roughly 100% of our free cash flow to our shareholders. And I think that is the right commitment for our shareholders at this stage. We're not changing any of that commitment. Longer-term, we are still committed to that capital allocation policy of returning 100% and of course, we said unless higher ROI opportunities arise and as long as our gross leverage remains below two times, but what you've seen is us really returning roughly 100%. And we're committed to that this year too.

這表明我們致力於繼續將大約 100% 的自由現金流返還給股東。我認為這是現階段對我們股東的正確承諾。我們不會改變任何承諾。長期來看，我們仍然致力於回報100%的資本配置政策，當然，我們說過除非出現更高的投資回報率機會，只要我們的總槓桿率保持在兩倍以下，但你看到的是我們真正的回報大約100%。今年我們也致力於這一點。

Let me emphasize that, Tony, nobody should read anything on the number 10 billion is close to a third of our market cap. It's a very big number. And this is going to take us several years to get there. So nothing important behind the number except our commitment to continue to do it.

讓我強調一下，東尼，任何人都不應該讀到 100 億這個數字接近我們市值的三分之一的任何內容。這是一個非常大的數字。我們需要幾年的時間才能實現這一目標。因此，除了我們繼續這樣做的承諾之外，這個數字背後沒有什麼重要的。

Thank you.

謝謝。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Thank you so much. Two for me as well. First, if we just look over the last three quarters and it's kind of been asked in different ways, but I just thought I'd ask it a little differently here. If you look at the last three quarters, you show revenue overall company level revenue acceleration. But in the same timeframe, you'll also see EPS growth deceleration and decline the last reported quarter.

太感謝了。我也有兩個。首先，如果我們回顧過去三個季度，就會發現人們以不同的方式提出了這個問題，但我想我在這裡會以不同的方式提出這個問題。如果你看一下過去三個季度的情況，你會發現整個公司層級的營收正在加速成長。但在同一時間範圍內，您還會看到每股盈餘成長減速，並在上一個報告季度下降。

Are you hitting some type of inflection where the cost savings impact is no longer able to offset, arguably where you've been operating in terms of maybe unsustainably high print margins this year. And as we carry the thought process into next year, does it really mean that given some of the efforts that Karen alluded to in terms of acceleration of cost savings into this year that there was incremental flow through into next year? And can we see revenue and EPS growth be in sync or is there something more structural that's kind of causing this dislocation. And I have a follow up.

您是否遇到了某種類型的拐點，成本節省的影響不再能夠抵消，可以說您今年一直在以不可持續的高印刷利潤率運營。當我們將思考過程帶入明年時，考慮到凱倫提到的今年加速成本節約的一些努力，這是否真的意味著明年會有增量流量？我們能否看到營收和每股盈餘成長同步，或者是否存在更具結構性的因素導致這種混亂。我有一個後續行動。

We've don't think there is anything structural. I think it's more of the result of what we see from a competitive perspective. And I will go back to some of the data we're sharing with Tony before. Year to date, PCs are growing operating profit. We are not seeing that growth in print and digitally driven by the softness that we see on the off-lease space and the aggressive pricing that we see because of the weakness of the yen.

我們認為不存在任何結構性的東西。我認為這更多是我們從競爭角度看到的結果。我將回顧我們之前與托尼分享的一些數據。今年迄今為止，個人電腦的營業利潤不斷增加。我們並沒有看到紙本和數位印刷品的成長是由租賃空間疲軟以及日圓疲軟導致的激進定價所推動的。

On the positive side, we have seen the home business recoveries. And probably more important than that is the fact that supplies, and our supplies business is performing as we were expecting. So really no changes in supplies and always supplies is a good indicator of what we expect to see in the print side going forward because talks about the you said that our customers are using and how really our the devices and the printers have been utilized.

從積極的一面來看，我們看到了家庭業務的復甦。也許比這更重要的是供應以及我們的供應業務的表現符合我們的預期。因此，耗材確實沒有變化，並且始終耗材是我們期望在列印方面看到的未來​​的一個很好的指標，因為談到您所說的我們的客戶正在使用以及我們的設備和印表機的實際使用情況。

If you look at the guide at the midpoint of the guide, we expect EPS to grow this year. So from that perspective, we expect growth, but yes, it's slightly lower than we were expecting because of the competitive environment that we are facing, especially in print.

如果您查看指南的中點，我們預計今年每股收益將會成長。因此，從這個角度來看，我們預期會出現成長，但是，由於我們面臨的競爭環境，尤其是印刷業，它略低於我們的預期。

Okay. Thanks, Enrique. And look forward to working with you, I guess if I could just follow up on this -- on the free cash flow. When you look at the lower -- coming in at the lower end of the EPS range, your free cash flow range has been unchanged. You also called out some acceleration of the future-ready program.

好的。謝謝，恩里克。期待與您合作，我想我是否可以跟進這個問題——關於自由現金流。當你觀察每股盈餘範圍的下限時，你的自由現金流範圍並沒有改變。您也呼籲加快面向未來的計劃。

So should we take that there is no incremental cash impact because of future-ready program in this fiscal year end and should we think also that despite that wider range, you're more likely to come in at the lower end of that free cash flow range as well? Or are there other puts and takes that would maybe drive it higher than that? Thank you.

因此，我們是否應該認為，由於本財年末的面向未來的計劃，不會對現金產生增量影響，並且我們是否應該認為，儘管範圍更廣，但您更有可能處於自由現金流的較低端範圍也一樣？或者是否有其他看跌期權和看跌期權可能會推動其更高？謝謝。

Thanks, Wamsi. I would just start with, we're pleased that our free cash flow this quarter. It did come in better than expected, and it really reflects the strength of that sequential growth, NPS that drives working capital improvements.

謝謝，瓦姆西。首先，我們很高興本季的自由現金流。它的表現確實好於預期，並且確實反映了連續成長的力量，NPS 推動了營運資本的改善。

Remember that our PS cash conversion cycle is negative. And so we're going to continue to expect a projected sequential PS revenue improvement, and you can expect that to contribute to Q4 free cash flow as well.

請記住，我們的 PS 現金轉換週期是負數。因此，我們將繼續預期 PS 收入將連續改善，並且您可以預期這也將為第四季度的自由現金流做出貢獻。

So our outlook remains unchanged to deliver $3.1 billion to $3.6 billion. for the full year. We're confident in our ability to deliver the remainder that we've got in Q4 and keep in mind that our free cash flow is stronger in the back half. And so we just expect that strength to continue.

因此，我們的預期保持不變，即實現 31 億至 36 億美元的目標。全年。我們對交付第四季度剩餘資金的能力充滿信心，並請記住，我們的自由現金流在後半段更為強勁。因此，我們希望這種力量能夠持續下去。

I think, what's important to put in context, the change of overall guide for the year. We're talking about $0.05, which represent $60 million to $70 million. So you put that in the context of the cash flow guide, you will see though the impact of the small change that we are driving is really small.

我認為，重要的是要考慮到今年總體指南的變化。我們談論的是 0.05 美元，代表 6000 萬到 7000 萬美元。因此，如果您將其放在現金流量指南的背景下，您會發現我們正在推動的小變化的影響確實很小。

Just related to the future ready, I don't know if this is part of your question, Wamsi, but the cash outlays for future ready expect to be roughly the same as we've been saying about $300 million.

只是與未來準備有關，我不知道這是否是您問題的一部分，Wamsi，但未來準備的現金支出預計與我們所說的約 3 億美元大致相同。

Okay. Thank you so much.

好的。太感謝了。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hey, good afternoon. Thank you very much for the question. I was just wondering if you could expand around some of the comments you made around placing more hardware prints, potentially at the expense of margin. And can you talk a little bit more about the strategy there?

嘿，下午好。非常感謝你的提問。我只是想知道您是否可以圍繞放置更多硬體打印件發表的一些評論進行擴展，這可能會以犧牲利潤為代價。您能多談談那裡的策略嗎？

And then maybe you can just update us on some of the print KPIs. What's the current percentage of revenue that's profit upfront and what are some of the latest figures on the instant ink or other plan like all in a hardware subscription today?

然後也許您可以向我們更新一些印刷版 KPI。目前預付利潤佔收入的百分比是多少？ 即時墨水或其他計劃（如當今硬體訂閱中的所有計劃）的最新數據是多少？

First of all, our strategy has not changed. And it continued to be placed profitable units. And as we have said before, we were expecting to be able to be more aggressive in the second half as we were driving a cost reductions at the hardware level. And this is what we did.

首先，我們的策略沒有改變。並且繼續放置盈利單位。正如我們之前所說，我們預計下半年能夠更積極地推動硬體層面的成本降低。這就是我們所做的。

And this is why, at the overall print level, we grew market share this quarter, and especially in the home space and also in A3 and A4 value. So this is what drove our ability to place more units and to gain some share even if the environment was more competitive than what we were expecting.

這就是為什麼在整體印刷水準上，我們本季的市佔率有所成長，特別是在家庭領域以及 A3 和 A4 價值方面。因此，這就是推動我們能夠放置更多單位並獲得一些份額的原因，即使環境的競爭比我們預期的更具競爭力。

We continue to make good progress in driving the business model changes that we have been sharing before. Instant inc, revenue continues to grow. Net subscribers continue to grow. The number of subscribers in the all-in program continues to grow. So we continue to make very good progress on that front.

我們在推動之前分享的商業模式變革方面繼續取得良好進展。 Instant inc，營收持續成長。淨訂戶持續成長。 All-in 方案的訂閱者數量持續成長。因此，我們繼續在這方面取得很好的進展。

And also, we continue to be in the 50% range of profit upfront unit, similar to what we have shared before. So good performance in that level and nothing relevant to share in those areas.

而且，我們的預付利潤單位仍然處於 50% 的範圍內，與我們先前分享的類似。在該級別上表現良好，但在這些領域沒有任何相關的內容可以分享。

Great, thanks. And if I could just follow up on the Personal Systems revenue seasonality, up low to mid sequentially. Appreciate there are some lingering headwinds in consumer. Is something getting worse sequentially? And is some of that consumer weakness concentrated in certain regions or industry verticals? Thank you.

太好了，謝謝。如果我能追蹤個人系統收入的季節性，從低到中依次上升。意識到消費者中存在一些揮之不去的阻力。事情是否逐次變得更糟？消費者的疲軟是否集中在某些地區或垂直產業？謝謝。

No, I think, it is a consequence of the softness that we see. And it really is -- when we compare to previous quarters, we think that the Q4 is going to be a stronger quarter than Q3 from a consumer PC perspective. But we think that the growth is going to be lower than what we had seen in previous years, given that we expect to see the softness in consumer, nothing is behind that, that is assumption.

不，我認為，這是我們看到的柔軟的結果。事實確實如此——當我們與前幾季進行比較時，我們認為從消費者個人電腦的角度來看，第四季將比第三季表現強勁。但我們認為，鑑於我們預期消費者會疲軟，成長將低於前幾年的水平，這背後沒有任何依據，這只是假設。

Thank you, Enrique.

謝謝你，恩里克。

Thank you.

謝謝。

Amit Daryanani, Evercore ISI.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore ISI。

Thank you for the question. This is a Irvin Liu on for Amit. I have one and a follow-up. So on the Personal Systems side, can you just give us a sense on how durable your recent price increases are? Understandably, some of this was commodity driven, but in the event that we see some of these commodity prices stabilize, how do you think about your ability to maintain your ASPs?

謝謝你的提問。這是歐文劉 (Irvin Liu) 為阿米特 ​​(Amit) 配音的節目。我有一個和一個後續。那麼，在個人系統方面，您能否讓我們了解您最近的價格上漲有多持久？可以理解的是，其中一些是大宗商品驅動的，但如果我們看到其中一些大宗商品價格穩定，您如何看待維持平均售價的能力？

I would say we are still in the process of adjusting our price perhaps. As I have shared in previous calls, we cannot adjust prices immediately because there are contracts that have been signed are deals that have been done. So it takes us sometimes to adjust.

我想說我們或許仍在調整價格。正如我在之前的電話中所說，我們不能立即調整價格，因為有些合約已經簽署，有些交易已經完成。所以有時我們需要調整。

And also this quarter, given the competitive environment that we are seeing, probably we were not able to adjust them as much as we wanted. So you should expect us that we will continue to do that in the coming quarters.

同樣在本季度，考慮到我們所看到的競爭環境，我們可能無法以我們想要的方式調整它們。因此，您應該期待我們在未來幾個季度繼續這樣做。

If we look at the PC business, from a historical perspective, we are always able to adjust prices, but it takes some time until we fully adjust them based on all the drivers that I mentioned before.

如果我們看PC業務，從歷史的角度來看，我們總是能夠調整價格，但根據我之前提到的所有驅動因素，我們需要一段時間才能完全調整它們。

Got it. Thank you. For my second question, I was hoping you can provide us an update on what you're seeing in the Federal Government customer vertical. I think during the first half of the year, budget discussions did weigh on your business a little bit. But with that sort of in the rearview mirror, how has your federal business trended? And how should we think about budget flush dynamics through the balance of the year?

知道了。謝謝。對於我的第二個問題，我希望您能為我們提供您在聯邦政府客戶垂直領域所看到的最新情況。我認為上半年，預算討論確實對你們的業務造成了一些壓力。但在這種情況發生後，你們的聯邦業務發展趨勢如何？我們該如何考慮今年餘下的預算充裕動態？

Yes. I mentioned that slightly before, when I talked about government, the Federal Government is part of that and it was actually the segment where we saw the strongest growth this quarter, it grew between 6% and 7% and we think that -- we think that this is going to continue in the second half. It will be a source of growth in the commercial -- in the commercial space.

是的。我之前提到過，當我談到政府時，聯邦政府是其中的一部分，它實際上是我們本季成長最強勁的部分，它的成長在6% 到7% 之間，我們認為——我們認為這種情況將在下半年繼續下去。它將成為商業領域的成長來源。

And for example, we signed a deal -- we have been signing deals with many of the large businesses. We signed one with NASA that we are especially proud of because it was a big replacement and a great mix of both workstations and notebooks. So very good deals and very good funnel in this space.

例如，我們簽署了一項協議——我們已經與許多大型企業簽署了協議。我們與 NASA 簽署了一個令我們特別自豪的產品，因為它是一個大型替代產品，是工作站和筆記型電腦的完美結合。在這個領域，非常好的交易和非常好的管道。

Thanks for the color.

謝謝你的顏色。

Thank you.

謝謝。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Hi, thanks so much for taking my questions. This is Steven calling on behalf of Krish. Enrique, the first question for you regarding personal systems and the commercial refresh cycle. With the Windows 10 end-of-life schedule to occur in about a year from now or four quarters, I was wondering just based on historic patterns whenever certain Windows is in its end of life. Any thoughts on how the refresh cycle might look from a quarterly basis?

您好，非常感謝您回答我的問題。這是史蒂文代表克里什的電話。恩里克，第一個問題是關於個人系統和商業更新周期的。由於 Windows 10 的生命週期終止計劃將在大約一年或四個季度後發生，我想知道根據歷史模式，每當某些 Windows 生命週期終止時。對於每季的刷新周期有何想法？

Do you expect fairly steady purchases from now until to next year? Or is there sort of like a stronger ramp-up towards that deadline? And also related, do you think, I guess the ramp volumes of Intel's new Lunar Lake if customers might be waiting for that in conjunction with the replacements?

您預計從現在到明年的採購量是否相當穩定？或者在截止日期之前是否有更強的加速？而且，您認為，我猜英特爾新的 Lunar Lake 的銷售量會增加嗎？

Sure. Let me let me go through both. So first of all, the majority of the refresh is still ahead of us. If we compare to previous cycles, it has probably started in a slightly slower way, but we are clearly picking-up momentum. And when we look at the funnel of opportunities that we have and the growth of the funnel compared to where we were a few quarters ago is definitely growing and definitely supporting the opportunity that we see.

當然。讓我來經歷這兩件事。首先，大部分的刷新工作仍在等著我們。如果我們與之前的周期相比，它的開始速度可能會稍慢一些，但我們顯然正在加速勢頭。當我們查看我們擁有的機會漏斗時，以及與幾個季度前相比，漏斗的成長肯定在成長，並且肯定支持我們看到的機會。

And in terms of customers waiting for the Intel refresh, this is not something that we are seeing the opposite. We are starting to see good momentum in commercial as the results this quarter reflect and the projections that we have shared for Q4 and for the coming quarters.

對於等待英特爾更新的客戶而言，我們看到的情況並非相反。隨著本季度的業績反映以及我們對第四季度和未來幾季的預測，我們開始看到商業領域的良好勢頭。

Ladies and gentlemen, that concludes the question-and-answer session. I would like to turn the call-back over to Enrique Lores for any closing remarks.

女士們、先生們，問答環節到此結束。我想將電話轉給恩里克·洛雷斯，讓其發表結束語。

So, let me just start by -- close by saying thank you to all for having joined today. A big welcome to Karen to the business and to the team. A big thank you to team for the great work that they have done over the last quarters. And going back to the business, I think Q3 confirms the momentum that we have.

所以，首先讓我對大家今天的加入表示感謝。熱烈歡迎凱倫加入公司和團隊。非常感謝團隊在過去幾個季度所做的出色工作。回到業務上，我認為第三季證實了我們所擁有的勢頭。

We are pleased to see the company growing again after nine quarters. So I think that's a great change. And we also know that the competitive environment continues to be difficult, especially in print, especially in office and that -- and we are accelerating our cost actions to compensate for that.

我們很高興看到該公司在九個季度後再次成長。所以我認為這是一個很大的改變。我們也知道，競爭環境仍然很困難，尤其是在印刷領域，尤其是在辦公室領域——我們正在加快成本行動以彌補這一點。

But we remain very confident in the long-term opportunity that the company has, especially integrating AI into our portfolio and redefining the future of work. This is where the company is focused and this is where we are really investing to continue to have profitable growth in the future. But thank everybody and looking forward to seeing all of you in the coming weeks. Thank you.

但我們對公司擁有的長期機會仍然充滿信心，特別是將人工智慧融入我們的產品組合併重新定義工作的未來。這是公司關注的重點，也是我們真正投資在未來繼續實現獲利成長的領域。但感謝大家，並期待在未來幾週內見到大家。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連線。