惠普 (HPQ) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the third quarter 2025 HP Inc. earnings conference call. My name is Krista, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

大家好，歡迎參加 HP Inc. 2025 年第三季財報電話會議。我叫克里斯塔，我將擔任今天電話會議的主持人。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn the conference over to Orit Keinan-Nahon, Head of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係主管 Orit Keinan-Nahon。請繼續。

Good afternoon, everyone, and welcome to HP's third-quarter 2025 earnings conference call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer. Before handing the call over to Enrique, let me remind you that this call is a webcast and a replay will be available on our website shortly after the call for approximately one year.

大家下午好，歡迎參加惠普2025年第三季財報電話會議。今天與我一起出席的還有惠普總裁兼執行長 Enrique Lores 和惠普財務長 Karen Parkhill。在將電話交給恩里克之前，請允許我提醒您，本次通話是網路直播，通話結束後不久，我們的網站上將提供重播，為期約一年。

We posted the earnings release and accompanying slide presentation on our Investor Relations webpage at investor.hp.com. 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.

我們在投資者關係網頁 investor.hp.com 上發布了本財報及隨附的幻燈片簡報。與以往一樣，本演示的內容具有前瞻性，並基於我們對當前世界和業務的最佳展望。欲了解更詳細的信息，請參閱收益資料中有關前瞻性陳述的免責聲明，這些陳述涉及風險、不確定性和假設。

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. 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.

有關這些風險、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 不承擔任何義務，也不打算更新任何此類前瞻性聲明。我們還注意到，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，可能與惠普最終在 SEC 文件中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, and market share references are based on calendar quarter information. 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.

此外，除非另有說明，否則 HP 通路庫存的引用均指一級通路庫存，而市佔率的引用則基於日曆季度資訊。對於以非 GAAP 基礎表達的財務訊息，我們已納入與可比較 GAAP 資訊的對帳。請參閱今天的收益報告隨附的表格和幻燈片演示以了解這些對帳情況。

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

說完這些，我現在想把電話轉給恩里克。

Thank you, Orit, and thank you to everyone for joining today's call. Let me start by saying we made solid progress against our goals and key strategic initiatives in Q3. We continue to execute with discipline and focus, delivering on our commitments and advancing our ambition to be a leader in the future of work. Today, we will take a closer look at our third-quarter performance, highlight some of our newest innovations, and discuss our Q4 outlook.

謝謝你，Orit，也謝謝大家參加今天的電話會議。首先，我要說的是，我們在第三季的目標和關鍵策略舉措方面取得了堅實的進展。我們將繼續嚴格執行並專注執行，履行我們的承諾並推動我們成為未來工作領導者的雄心壯志。今天，我們將仔細審視我們的第三季業績，重點介紹我們的一些最新創新，並討論我們的第四季展望。

Beginning with our performance, I am pleased to report that we delivered a fifth consecutive quarter of growth in Q3. Top-line revenue increased 3% year over year, driven by strong performance in Personal Systems. This momentum was fueled by continued Windows 11 refresh, AI PC adoption, and services growth. We also drove collective double-digit growth year over year and sequentially in our key growth areas.

從我們的業績開始，我很高興地報告，我們在第三季連續第五個季度實現成長。受個人系統強勁表現的推動，營業收入年增 3%。這一勢頭得益於 Windows 11 的持續更新、AI PC 的採用以及服務的成長。我們也在主要成長領域實現了同比和環比兩位數的集體成長。

Our operating profit margins for both Print and Personal Systems were in line with our guidance. A non-GAAP EPS was slightly above the midpoint of our guide, reflecting a sequential improvement of 6%. These results demonstrate our ability to execute our plan and adapt quickly to the evolving trade environment. We are on track to reach our future-ready gross annualized savings of $2 billion by the end of fiscal year '25, which we expect will help drive continued improvements in operating profit.

我們的印刷和個人系統營業利潤率均符合我們的預期。非公認會計準則每股收益略高於我們指引的中點，季增 6%。這些結果證明了我們有能力執行計劃並快速適應不斷變化的貿易環境。我們預計在 2025 財年末實現 20 億美元的未來年度總節約，我們預計這將有助於推動營業利潤的持續改善。

At the same time, we are making solid progress on our actions to mitigate higher trade-related costs, including manufacturing diversification, cost reduction, and pricing adjustments. This quarter, as planned, nearly all products sold in North America are now built outside of China, helping to further reduce trade-related costs. We continue to ramp up production across Vietnam, Thailand, Mexico, and the US. Most importantly, we have done what we said we would. We have demonstrated we can remain agile in responding to external pressures while staying focused on our long-term strategy.

同時，我們在降低貿易相關成本方面的行動正在取得紮實進展，包括製造業多樣化、降低成本和調整價格。本季度，按照計劃，北美銷售的幾乎所有產品均在中國境外生產，有助於進一步降低貿易相關成本。我們持續提高越南、泰國、墨西哥和美國的產量。最重要的是，我們已經做到了我們所說的一切。我們已經證明，我們可以靈活應對外部壓力，同時專注於我們的長期策略。

Now let me share more color on the performance of each business unit. In Personal Systems, revenue grew 6% year over year, above our expectations. We continued to shift our mix to higher-value segments such as AI PCs, commercial premium, and services. We saw strong year-over-year growth in both commercial and consumer segments. Commercial performance was supported by the Windows 11 refresh and increased AI PC adoption.

現在讓我來分享更多關於每個業務部門表現的細節。個人系統業務的營收年增 6%，超出我們的預期。我們繼續將產品組合轉向人工智慧個人電腦、商業高端產品和服務等更高價值的領域。我們看到商業和消費領域均實現了強勁的同比增長。Windows 11 的更新和 AI PC 採用率的提高支持了商業表現。

We are very pleased with accelerating demand for the AI PC category, which grew revenue double-digit sequentially. It has surpassed our expectations with shipments continuing to ramp, now reaching over 25% of our mix, a quarter ahead of our plan. Consumer growth was supported by a strong back-to-school season.

我們對 AI PC 類別的需求加速成長感到非常高興，該類別的收入連續實現了兩位數成長。它已經超出了我們的預期，出貨量持續增加，目前已達到我們產品組合的 25％ 以上，比我們的計劃提前了四分之一。強勁的返校季推動了消費者的成長。

In our key growth areas, we deliver double-digit revenue growth in advanced compute solutions. In services, momentum continued with strong revenue growth year over year, driven mainly by digital services and managed services. Yes, we did see software demand in hybrid systems as companies are delaying some of their IT projects.

在我們的關鍵成長領域，我們在先進的計算解決方案方面實現了兩位數的收入成長。服務業持續保持強勁成長勢頭，營收年增，主要得益於數位服務和託管服務。是的，由於公司正在推遲一些 IT 項目，我們確實看到了混合系統中的軟體需求。

Our installed base of active AI PC users is growing significantly and positioning as well for future AI-driven innovations. We are seeing strong momentum in the AI PC ecosystem, with a number of software companies introducing solutions growing by double digits quarter over quarter. We are working closely with Microsoft and Silicon providers to capture the opportunity created by the AI PC platform.

我們的活躍 AI PC 用戶群正在大幅成長，並且也為未來 AI 驅動的創新做好了準備。我們看到AI PC生態系統發展勢頭強勁，許多軟體公司推出的解決方案較上季成長兩位數。我們正在與微軟和矽片供應商密切合作，抓住 AI PC 平台創造的機會。

Key ISV partners, such as Adobe and Zoom, are shifting workloads locally to take advantage of the NPU. We grew share in high-value categories, especially in premium segments. This includes year-over-year and sequential gains in PC commercial premium, consumer premium, and AI PCs. Last quarter, we committed to actions to return our Personal Systems operating margin to its long-term target range. I am pleased to report we achieved that, delivering an operating margin back into our target range.

Adobe 和 Zoom 等主要 ISV 合作夥伴正在本地轉移工作負載以利用 NPU。我們在高價值類別中的市佔率有所成長，尤其是高端市場。其中包括 PC 商用高階產品、消費者高階產品和 AI PC 的年比和環比成長。上個季度，我們承諾採取行動，將個人系統營業利潤率恢復到長期目標範圍。我很高興地報告我們實現了這一目標，使營業利潤率回到了我們的目標範圍內。

Turning to Print, revenue declined 3% in constant currency as expected. Our key growth areas in Print continued to perform well and had strong growth year over year. While we continue to take actions to mitigate the increase in trade-related costs, we saw overall a more aggressive pricing environment.

談到印刷業務，收入按固定匯率計算下降了 3%，正如預期。我們在印刷領域的關鍵成長領域持續表現良好，並且較去年同期成長強勁。雖然我們繼續採取行動來減輕貿易相關成本的增加，但我們看到整體定價環境更加激進。

Demand in the office segment was slightly softer than anticipated, particularly across North America and parts of Europe. However, we maintained our shared position in office, and we continue to focus on profitable unit placement. In home, we maintain discipline in a competitive pricing environment. Supplies revenue performed as expected.

辦公大樓領域的需求略低於預期，尤其是在北美和歐洲部分地區。然而，我們維持了在辦公室的共同立場，並繼續專注於獲利單位的配置。在國內，我們在競爭激烈的定價環境中保持紀律。供應收入表現符合預期。

Diving deeper into our key growth areas, consumer subscriptions had a strong ramp in new subscribers of our all-in plan. We had key wins with workforce solutions in industries such as finance, manufacturing, retail, and public sector. We saw another quarter of strong growth in industrial graphics, with share gains year over year reflecting the strength of our portfolio.

深入研究我們的關鍵成長領域，我們發現消費者訂閱量在我們全包計畫的新訂閱者中出現了強勁成長。我們在金融、製造、零售和公共部門等行業的勞動力解決方案方面取得了重大勝利。我們見證了工業圖形領域又一個季度的強勁增長，市場份額的同比增長反映了我們產品組合的實力。

Now let's take a closer look at recent innovations that are positioning us as a leader in the future of work. In Q3, we advanced our portfolio of AI-powered solutions that help businesses drive growth and employees achieve professional fulfillment. On the commercial side, our AI PC lineup received industry recognition. Our EliteBook Ultra was named Top AI PC in the CRN Tech Innovator Awards. It was noted for its design, performance, and impact on productivity.

現在讓我們仔細看看最近的創新，這些創新使我們成為未來工作的領導者。在第三季度，我們改進了人工智慧解決方案組合，幫助企業推動成長並幫助員工實現職業成就。在商用方面，我們的AI PC產品線獲得了業界的認可。我們的 EliteBook Ultra 在 CRN 技術創新獎中被評為頂級 AI PC。它因其設計、性能和對生產力的影響而聞名。

Our Workforce Experience Platform was recognized in the Enterprise IT Management category, praised for its ability to reduce digital friction and improve IT efficiency. Since launch, the platform has been deployed in 40 countries, and we plan to expand to more than 30 additional countries in the coming months.

我們的員工體驗平台在企業 IT 管理類別中獲得認可，因其減少數位摩擦和提高 IT 效率的能力而受到讚揚。自推出以來，該平台已在 40 個國家/地區部署，我們計劃在未來幾個月內擴展到另外 30 多個國家。

We are redefining how people connect and collaborate. We introduced HP Dimension with Google Beam, a video communication tool that uses six cameras and AI to generate 3D video of participants designed to enhance remote collaboration. And we are excited to bring advanced AI capabilities to a broader audience with our OmniBook 5 notebook. For the consumer, it delivers high performance and up to 34 hours of battery life, empowering customers to stay productive longer.

我們正在重新定義人們聯繫和協作的方式。我們推出了帶有 Google Beam 的 HP Dimension，這是一種視訊通訊工具，它使用六個攝影機和人工智慧生成參與者的 3D 視頻，旨在增強遠端協作。我們很高興透過 OmniBook 5 筆記本為更廣泛的受眾帶來先進的 AI 功能。對於消費者來說，它提供高效能和長達 34 小時的電池壽命，使客戶能夠更長時間地保持高效工作。

In our Print portfolio, we are integrating AI to drive intelligent automation and customer-centric design. HP Nio, an AI-powered chatbot for industrial print, is helping print shops improve production efficiency. In large format, HP Build Workspace, an AI vectorization tool, helps architecture, engineering, and construction professionals reduce drafting time by up to 80%.

在我們的印刷產品組合中，我們正在整合人工智慧來推動智慧自動化和以客戶為中心的設計。HP Nio 是一款用於工業印刷的人工智慧聊天機器人，它正在幫助印刷店提高生產效率。在大幅面中，AI 向量化工具 HP Build Workspace 可協助建築、工程和施工專業人士將繪圖時間縮短高達 80%。

Responsible innovation and sustainability are foundational to our future of work efforts, and we continue to demonstrate meaningful, measurable impact. Today, 99% of HP home and office printers, desktops, notebooks, displays, and workstations incorporate recycled content. We have reached 100% renewable electricity across our US operations, marking a significant step toward our net zero goal.

負責任的創新和永續性是我們未來工作努力的基礎，我們將繼續展示有意義的、可衡量的影響。如今，99% 的 HP 家用和辦公室印表機、桌上型電腦、筆記型電腦、顯示器和工作站均採用了再生材料。我們在美國的業務中已經實現了 100% 使用再生電力，這標誌著我們朝著淨零目標邁出了重要一步。

And in partnership with the YMCA, we're establishing digital hubs that have already reached over 700,000 people worldwide, helping them succeed in the digital age. In addition, HP is pleased to support the White House initiative to advance AI education for America's youth. This is an important step toward equipping the next generation with the skills needed to thrive in the future of work.

我們與基督教青年會合作，建立數位中心，目前已覆蓋全球 70 多萬人，幫助他們在數位時代取得成功。此外，惠普很高興支持白宮推動美國青少年人工智慧教育的倡議。這是為下一代提供未來工作所需技能的重要一步。

As we look ahead, we remain confident in the strength of the PC market in 2025. We expect the market to grow mid-single digits in the second half, with continued stroke momentum from Windows 11 refresh and the AI PC adoption. We believe this catalyst will continue to drive PC market growth in 2026.

展望未來，我們仍對 2025 年 PC 市場的強勁表現充滿信心。我們預計下半年市場將實現中等個位數成長，Windows 11 更新和 AI PC 的採用將持續帶來強勁成長動能。我們相信這項催化劑將在 2026 年繼續推動 PC 市場的成長。

We expect the Print market to decline low single digits in 2025 and at a similar level in 2026. However, our strategy is focused on protecting the operating profit contribution of the Print business to the company. We will continue focusing on reducing unprofitable units by shifting to big tanks, increasing lifetime customer profitability through growth in our consumer subscription business, gaining share in the higher-value office categories, growing our key growth areas, and maintaining cost discipline.

我們預計，2025 年印刷市場將出現個位數低幅下滑，2026 年也將出現類似下滑。然而，我們的策略重點是保護印刷業務對公司的營業利潤貢獻。我們將繼續致力於透過轉向大型儲油罐來減少無利可圖的單位，透過成長消費者訂閱業務來提高終身客戶獲利能力，在高價值辦公類別中獲得份額，發展我們的關鍵成長領域，並保持成本紀律。

AI is also opening new possibilities to transform how we operate and compete. Beyond driving structural cost reductions, we see tremendous potential to automate additional workflows, streamline decision making, and accelerate innovation across the business. These capabilities will help us reduce complexity and drive lower costs. You will hear more about this from us in the quarters ahead.

人工智慧也為改變我們的營運和競爭方式開闢了新的可能性。除了推動結構性成本削減之外，我們還看到了自動化更多工作流程、簡化決策和加速整個業務創新的巨大潛力。這些功能將幫助我們降低複雜性並降低成本。在接下來的幾個季度中，您將聽到我們關於此事的更多消息。

Externally, we recognize there is continued uncertainty in the global trade environment. We have planned for today's landscape and have proven our ability to respond quickly to any future changes. Through our actions, we have strengthened our operational agility and have full confidence in our ability to navigate evolving conditions.

從外部來看，我們認識到全球貿易環境仍然存在不確定性。我們已經為今天的情況做好了規劃，並已證明我們有能力對未來的任何變化做出快速反應。透過我們的行動，我們增強了我們的營運靈活性，並對我們應對不斷變化的條件的能力充滿信心。

As we continue to adapt to this dynamic environment, engagement with investors is a top priority. We are looking forward to sharing our long-term plans during our Investor Day in early 2026. There, we'll provide updates on our progress and explore the exciting opportunities ahead to advance our strategy. Before I close, I want to thank our employees for their dedication, resilience, and customer-first mindset, which have been key to our progress. We know what it takes to deliver results and be a leader in the future of work, and we are executing with focus.

隨著我們不斷適應這種動態環境，與投資者的互動是重中之重。我們期待在 2026 年初的投資者日期間分享我們的長期計劃。在那裡，我們將提供我們進展的最新情況，並探索未來推進我們策略的令人興奮的機會。最後，我要感謝我們的員工，感謝他們的奉獻精神、韌性和客戶至上的理念，這些都是我們進步的關鍵。我們知道如何取得成果並成為未來工作領域的領導者，我們正在專注地執行。

Now let me hand it over to Karen.

現在讓我把它交給凱倫。

Thank you, Enrique. And good afternoon, everyone. We are pleased with the progress we've made in the quarter to advance our strategy to lead the future of work while navigating an evolving market environment and delivering on our financial commitments. We drove another quarter of solid revenue growth with continued momentum in Personal Systems fueled by AI PC and Win11 refresh activity and strong performance in our key growth areas. In fact, we delivered double-digit sequential growth in Personal Systems, resulting in strong free cash flow in the quarter.

謝謝你，恩里克。大家下午好。我們對本季的進展感到滿意，我們推進了引領未來工作的策略，同時應對不斷變化的市場環境並履行了我們的財務承諾。在人工智慧 PC 和 Win11 更新活動的推動下，個人系統業務持續保持強勁成長勢頭，關鍵成長領域的表現也十分出色，這推動了我們又一個季度的營收穩健成長。事實上，我們的個人系統業務實現了兩位數的連續成長，從而在本季度實現了強勁的自由現金流。

In Print and PS, we executed decisively on the actions we laid out to mitigate trade-related headwinds and are pleased with the meaningful progress we made in the quarter, including accelerating supply chain resiliency, cost reduction, and pricing action. As a result, we were able to mitigate the majority of tariff costs in Q3 while delivering operating margins within our expected ranges for both businesses and non-GAAP EPS slightly above the midpoint of our guidance range.

在印刷和 PS 領域，我們果斷執行了為緩解貿易相關不利因素而製定的行動，並對本季取得的重大進展感到滿意，包括加速供應鏈彈性、降低成本和採取定價行動。因此，我們能夠在第三季降低大部分關稅成本，同時實現兩個業務的營業利潤率均在預期範圍內，非公認會計準則每股收益略高於我們指導範圍的中點。

Taking a closer look at the details of the quarter, net revenue was up 3% year over year, both nominally and in constant currency, with growth across all regions. In constant currency, Americas and EMEA each grew 1%, and APJ was up 11%, with particularly strong Personal Systems performance in China. Gross margin was 20.5%, down year over year with a higher mix from Personal Systems, increased trade-related costs, and unfavorable currency impacts. We offset those headwinds in part with disciplined pricing actions and cost management.

仔細觀察本季的具體情況，淨收入以名目值和固定匯率計算均較去年同期成長 3%，所有地區均實現成長。以固定匯率計算，美洲和歐洲、中東和非洲地區均成長 1%，亞太及日本地區成長 11%，其中中國個人系統表現特別強勁。毛利率為 20.5%，較上年同期下降，原因是個人系統業務組合增加、貿易相關成本增加以及不利的貨幣影響。我們透過嚴格的定價行動和成本管理來部分抵銷這些不利因素。

As anticipated, non-GAAP operating expenses were up year over year. We drove our future-ready cost plans and maintained strong expense management while importantly investing in growth with key strategic and go-to-market initiatives. All in, our non-GAAP operating margin was 7.1%, down year over year and in line with our expectations. Finally, with a diluted share count of approximately 954 million shares, our non-GAAP diluted net earnings per share was $0.75, and our GAAP earnings per share was $0.80, helped by favorable tax adjustments in the quarter.

正如預期的那樣，非公認會計準則營運費用年增。我們推動了面向未來的成本計劃，保持了強有力的費用管理，同時重要的是透過關鍵策略和市場進入計劃投資於成長。整體而言，我們的非公認會計準則營業利潤率為 7.1%，年減，符合我們的預期。最後，稀釋後股數約為 9.54 億股，我們的非 GAAP 稀釋每股淨收益為 0.75 美元，GAAP 每股收益為 0.80 美元，這得益於本季有利的稅收調整。

Now let's turn to segment performance. We delivered our sixth consecutive quarter of solid growth in Personal Systems, with revenue up 6% above our expectations on 5% unit growth and increased ASPs. We continue to shift mix toward premium categories while executing disciplined pricing actions to help mitigate cost increases. Sequentially, revenue was up 10% and units were up 13% on seasonal strength and overall share gains. And momentum continued in our key growth areas, with strong performance in AI PCs, advanced compute, and workforce solutions, offset in part by softness in hybrid systems.

現在讓我們來談談細分市場的表現。我們個人系統業務連續第六個季度穩健成長，營收比預期高出 6%，銷量成長 5%，平均售價也有所提高。我們繼續將產品組合轉向高端類別，同時執行嚴格的定價措施以幫助緩解成本上漲。由於季節性強勁增長和整體份額增長，收入環比增長 10%，銷量環比增長 13%。我們的主要成長領域持續保持強勁勢頭，人工智慧個人電腦、高階運算和勞動力解決方案表現強勁，但混合系統的疲軟在一定程度上抵消了這一成長勢頭。

We drove commercial revenue up 5% on 3% unit growth with favorable pricing and a mixed shift toward premium. Consistent with our strategy, we gained share in Windows-based commercial PCs as refresh activity fueled by Win11 and AI PCs continued. Consumer revenue and units grew 8% with strong performance in North America, along with China, driven by gaming. And robust back-to-school seasonality and share gains drove consumer units up 34% sequentially. Importantly, as promised, we drove Personal Systems' operating margin back into our guidance range at 5.4% with our planned mitigation actions.

我們透過優惠的定價和向高端的混合轉變，推動商業收入成長 5%，單位成長 3%。與我們的策略一致，隨著 Win11 和 AI PC 推動的更新活動持續進行，我們在基於 Windows 的商用 PC 中的份額不斷增加。受遊戲推動，北美和中國市場表現強勁，消費者收入和單位增長了 8%。強勁的返校季效應和市佔率的成長推動消費單位較上季成長 34%。重要的是，正如承諾的那樣，我們透過計劃的緩解措施將個人系統的營業利潤率推回到我們的指導範圍內，即 5.4%。

Turning to Print, our results reflect a slightly softer-than-expected office market and a pricing environment that remained competitive despite rising trade-related costs across the industry. In this dynamic environment, we maintained our focus on profitable unit placement, prioritization of higher value categories, and disciplined cost management. We also drove strong performance in key growth areas, including double-digit growth in consumer subscriptions and strong performance in industrial, fueled by double-digit hardware growth.

談到印刷，我們的結果反映出辦公市場略微弱於預期，儘管整個產業的貿易相關成本不斷上升，但定價環境仍保持競爭力。在這種動態環境中，我們始終專注於獲利單位的配置、高價值類別的優先排序以及嚴格的成本管理。我們也在關鍵成長領域取得了強勁表現，包括消費者訂閱量的兩位數成長和工業領域的強勁表現，這得益於兩位數的硬體成長。

Looking at the details, Print revenue declined 4% year over year or 3% in constant currency, with market-driven hardware declines in both consumer and commercial. Supplies performed as expected, down 3% in constant currency, and we continued to drive market share gains and favorable pricing that partially offset installed base and usage headwinds. And in line with our guidance, we delivered an operating margin of 17.3%, solidly within our target range and flat year over year, as we offset increased trade-related costs with pricing actions and cost reductions.

具體來看，由於消費和商業市場硬體銷量均出現下滑，印刷收入較去年同期下降 4%，以固定匯率計算下降 3%。供應表現符合預期，以固定匯率計算下降了 3%，我們繼續推動市場份額的成長和優惠的定價，部分抵消了安裝基礎和使用方面的不利因素。根據我們的預期，我們的營業利潤率為 17.3%，穩固地處於目標範圍內，並且與去年同期持平，因為我們透過定價行動和降低成本來抵消貿易相關成本的增加。

Turning to our future-ready cost plans, we are pleased with the progress we have made to drive greater efficiency and effectiveness across the company. This includes leveraging AI capabilities internally to drive automation and optimization of processes to better support our customers, partners, and employees. We are well on track to hit our total program goal of at least $2 billion in annualized gross run rate savings by the end of our fiscal year. These incremental structural savings enable our continued investment in our key growth areas and AI innovation as well as to help us to mitigate macro uncertainties.

談到我們面向未來的成本計劃，我們對在提高整個公司的效率和效力方面所取得的進展感到滿意。這包括在內部利用人工智慧功能來推動流程的自動化和最佳化，以更好地支援我們的客戶、合作夥伴和員工。我們預計在本財年結束前實現年度總運行率節省至少 20 億美元的總體計畫目標。這些增量結構性儲蓄使我們能夠繼續投資於我們的關鍵成長領域和人工智慧創新，並幫助我們減輕宏觀不確定性。

Now let me move to cash flow and capital allocation. We generated approximately $1.7 billion in cash from operations in the quarter and roughly $1.5 billion in free cash flow, in line with our expectations. We also improved our cash conversion cycle this quarter, driving days payable up with higher manufacturing activity.

現在讓我來談談現金流和資本配置。本季度，我們從營運中產生了約 17 億美元的現金和約 15 億美元的自由現金流，符合我們的預期。本季我們也改善了現金轉換週期，透過增加製造活動來增加應付天數。

Lastly, we returned more than $400 million to shareholders through both dividends and share repurchases. As we signaled at the beginning of the quarter, our leverage ratio remained slightly above our target range. So in line with our stated framework, we limited our repurchase to offsetting stock compensation dilution. Of course, we remain committed to returning approximately 100% of our free cash flow to shareholders over time, as long as gross leverage remains under 2 times and there aren't better return opportunities.

最後，我們透過股利和股票回購向股東返還了超過4億美元。正如我們在本季度初所暗示的那樣，我們的槓桿率仍然略高於我們的目標範圍。因此，根據我們所述的框架，我們將回購限制在抵銷股票薪資稀釋的範圍內。當然，只要總槓桿率保持在 2 倍以下且沒有更好的回報機會，我們仍然致力於隨著時間的推移將大約 100% 的自由現金流返還給股東。

Looking forward to the fourth quarter, we will continue to focus on disciplined execution while maintaining the agility needed to respond to changes in a fluid environment. Our Q4 guide takes into account current global tariff rates as well as the market growth expectations that Enrique just covered.

展望第四季度，我們將繼續專注於嚴格的執行，同時保持應對不斷變化的環境所需的靈活性。我們的第四季度指南考慮了當前的全球關稅稅率以及 Enrique 剛剛提到的市場成長預期。

By segment, in Personal Systems, we expect Q4 revenue to be in line with prior-year seasonality, driven by the typical holiday uptick in consumer, continued Windows 11 refresh, and AI PC adoption. And we expect Personal Systems' margin to be solidly in our 5% to 7% target range, improving sequentially as the mitigation actions we have taken gain full traction in the quarter.

以個人系統細分市場來看，我們預計第四季度收入將與去年同期持平，這主要得益於假期期間消費者數量的增長、Windows 11 的持續更新以及 AI PC 的採用。我們預計個人系統的利潤率將穩固地保持在 5% 至 7% 的目標範圍內，並且隨著我們採取的緩解措施在本季度獲得全面實施，利潤率將逐季提高。

In Print, we also expect Q4 revenue to be in line with prior-year seasonality, an operating margin to be near the top of our 16% to 19% range, reflecting a higher supplies mix, along with disciplined pricing and cost management, offset in part by increased trade-related costs. We continue to expect free cash flow to be in the range of $2.6 billion to $3 billion for fiscal year '25, including approximately $400 million in cash restructuring charges for the year.

在印刷方面，我們也預計第四季度的收入將與去年同期的季節性持平，營業利潤率將接近 16% 至 19% 的區間上限，這反映了更高的供應組合以及嚴格的定價和成本管理，但貿易相關成本的增加部分抵消了這一影響。我們繼續預期 25 財年的自由現金流將在 26 億美元至 30 億美元之間，其中包括該年度約 4 億美元的現金重組費用。

We expect our non-GAAP tax rate to remain consistent with prior periods. Of note, we appreciate the recently enacted One Big Beautiful Bill Act, which will help keep our tax rate more consistent and enable continued investment and long-term growth opportunities. With all of this, we expect fourth-quarter non-GAAP diluted EPS to be in the range of $0.87 to $0.97 and GAAP diluted net earnings per share to be in the range of $0.75 to $0.85.

我們預計我們的非公認會計準則稅率將與前期保持一致。值得注意的是，我們讚賞最近頒布的《一項偉大的美麗法案》，這將有助於保持我們的稅率更加一致，並確保持續投資和長期成長機會。綜合上述因素，我們預計第四季度非 GAAP 稀釋每股收益將在 0.87 美元至 0.97 美元之間，GAAP 稀釋每股淨收益將在 0.75 美元至 0.85 美元之間。

Looking beyond Q4, we expect continued momentum in the refresh catalyst driving growth in the PC market. And we are confident in the measures we are taking to capitalize on opportunities in the Print market and to protect operating profit. I will share more in our fiscal '26 outlook on our Q4 earnings call.

展望第四季之後，我們預計更新催化劑將繼續推動 PC 市場的成長。我們對所採取的措施充滿信心，這些措施將利用印刷市場的機會並保護營業利潤。我將在第四季財報電話會議上分享更多關於 26 財年的展望。

In closing, we delivered solid results in the quarter while executing well against our strategic initiatives. We are confident that the actions we are taking are the right ones to enable us to respond swiftly to near-term market dynamics while continuing to invest for long-term profitable growth. With that, I would like to hand it back to the operator and open the call for your questions.

最後，我們在本季度取得了穩健的業績，同時很好地執行了我們的策略性舉措。我們相信，我們正在採取的行動是正確的，使我們能夠迅速應對短期市場動態，同時繼續投資於長期獲利成長。說完這些，我想將電話交還給接線員，開始回答你們的問題。

(Operator Instructions) Krish Sankar, TD Cowen.

（操作員指示） Krish Sankar，TD Cowen。

Hi, thanks so much for taking my questions. This is Steven calling on behalf of Krish. I guess the first one for either Enrique or Karen, I'm just kind of curious about the tariff-related costs in the quarter. Are you able to help quantify what the total impact was, whether it's on a dollar basis or maybe in terms of impact to gross margins? And given all the actions you've taken, how much are you able to offset as opposed to having to absorb by the company?

你好，非常感謝您回答我的問題。我是史蒂文，代表克里什打電話來。我想第一個問題要么是針對 Enrique，要么是 Karen，我只是有點好奇本季與關稅相關的成本。您能否幫助量化整體影響，無論是按美元計算還是按對毛利率的影響計算？考慮到您採取的所有行動，您能夠抵消多少而不是由公司承擔？

Thanks for the question, Steven. we made meaningful progress in the quarter with our mitigation actions, which included accelerating our supply chain to optimize driving cost reduction and taking pricing actions. And as a result, we were able to mitigate the majority of the tariff costs in Q3 while still delivering EPS slightly above the midpoint of our guide. As we've said, we do expect to fully offset these trade-related costs as quickly as possible. The full benefit of our mitigating actions, really depending on the scope, can take a little bit of time. But again, we expect to fully mitigate as quickly as we can.

謝謝你的提問，史蒂文。我們在本季透過採取緩解措施取得了有意義的進展，其中包括加速我們的供應鏈以優化推動成本降低和採取定價行動。因此，我們能夠在第三季減輕大部分關稅成本，同時仍實現略高於我們指導中點的每股盈餘。正如我們所說，我們確實希望盡快完全抵消這些與貿易相關的成本。我們的緩解措施的全部效益實際上取決於範圍，可能需要一點時間。但同樣，我們希望盡快完全緩解這個問題。

And I would say we are pleased with the progress we made. As we had said before, this quarter, we completed the change of manufacturing on all products going to the US, or the great majority of products going to the US are not built in China anymore. We also drove additional cost actions, and we did selective price increases. Overall, we made good progress, and this is why we are confident in our ability to mitigate tariffs down the road, as we will continue to execute on these plans.

我想說，我們對所取得的進展感到非常高興。正如我們之前所說，本季度，我們完成了所有銷往美國的產品的生產製造轉變，或者說絕大多數銷往美國的產品不再在中國生產。我們還採取了額外的成本措施，並選擇性地提高了價格。總體而言，我們取得了良好的進展，這就是為什麼我們對未來降低關稅的能力充滿信心，因為我們將繼續執行這些計劃。

Great. Thank you for that. And as my follow up, one question on the Print business. I guess anecdotally, just given the number of large, I guess, enterprises around the world that have announced return office initiatives so far this year, I guess I'm a little surprised that there weren't any slight improvements to the outlook for the Print business.

偉大的。謝謝你。作為我的後續問題，我有一個關於印刷業務的問題。我想，從傳聞來看，考慮到今年迄今為止世界各地宣布重返辦公室計劃的大型企業數量，我猜我有點驚訝印刷業務的前景沒有任何輕微的改善。

I guess, can you talk about any expectations perhaps going into fiscal '26 on whether some of these return office initiatives, if that might have a delayed growth impact into next year perhaps? Or is there some different dynamic about return office initiatives in terms of spending on supplies and commercial hardware. Thank you so much.

我想，您能否談談對 26 財年的預期，這些重返辦公室的舉措是否會對明年的成長產生延遲影響？或者在耗材和商業硬體支出方面，重返辦公室計劃是否存在一些不同的動態。太感謝了。

Yes, thank you. I think there are two dynamics that we need to have in mind. First of all, from an investment perspective, we are seeing enterprise and commercial businesses prioritizing other areas above Print, for example, investments in AI or even investments in PCs. So we think that this has impacted in the short term the sales of Print hardware in the office site.

是的，謝謝。我認為我們需要牢記兩種動態。首先，從投資角度來看，我們看到企業和商業企業優先考慮印刷以外的其他領域，例如對人工智慧的投資，甚至是對個人電腦的投資。因此我們認為這在短期內影響了辦公室列印硬體的銷售。

On the other side, when we look at pages printed -- and as you know, this is the most fundamental variable to understand, the health of the business going forward, we have not seen a deviation versus our plan, which means that down the road, we will see the demand for printers come back because customers continue to Print.

另一方面，當我們查看列印的頁數時——正如你所知，這是需要了解的最基本的變量，未來業務的健康狀況，我們沒有看到與計劃的偏差，這意味著將來，我們會看到對印表機的需求回升，因為客戶會繼續列印。

And there has not been a deviation there, which is in line with the return of the office assumptions that we were making. So short-term impact on the hardware, but not impact on supplies, which means in the long term, the business will come back as companies will have to build new hardware to complete or to make sure that employees are having the right experience.

那裡沒有出現偏差，這與我們所做的辦公室回歸假設一致。因此，短期內會對硬體產生影響，但不會對供應產生影響，這意味著從長遠來看，業務將會恢復，因為公司必須建立新的硬體來完成或確保員工擁有正確的體驗。

Amit Daryani, Evercore ISI.

Amit Daryani，Evercore ISI。

Hi, thank you for the question. This is Irvin Liu calling in for Ami. It's great to see your momentum in your AI PC product category. I think the sequential 25% growth was rather notable. But can you help us understand whether AI PCs carry a higher ASP or margin profile versus non-AI PCs?

你好，謝謝你的提問。我是 Irvin Liu，為 Ami 打電話。很高興看到你們在 AI PC 產品類別中取得的進展。我認為連續 25% 的成長相當顯著。但是您能否幫助我們了解人工智慧 PC 是否比非人工智慧 PC 具有更高的平均銷售價格或利潤率？

Yes, so let me confirm that we are very pleased with the growth that we are seeing in AI PCs, and not only of the category by itself, but also how the ecosystem is being developed because, eventually, the demand for AI PCs is going to be driven by applications, and we are seeing more and more applications taking advantage of the new capabilities that AI PCs have.

是的，讓我確認一下，我們對人工智慧 PC 的成長感到非常高興，不僅是該類別本身的成長，還有生態系統的發展，因為最終對人工智慧 PC 的需求將由應用程式驅動，我們看到越來越多的應用程式利用人工智慧 PC 的新功能。

In terms of pricing, we can confirm the estimations that we had before. We are seeing an uplift in pricing of AI PCs compared to similar units that don't bring this capability. And we maintain the assumptions that we had shared before of the 5% to 10% price increase given by AI PCs.

在定價方面，我們可以確認先前的估算。與不具備此功能的類似產品相比，我們發現 AI PC 的價格有所上漲。我們維持先前提出的AI PC價格上漲5%到10%的假設。

Got it. And then I have one for Karen as well. As I look at your Q4 EPS guidance, I think this sequential or seasonal increase in EPS or Q4 is at $0.17 at the midpoint, and it's higher than what we've historically seen. I'm just kind of curious whether this is going to be driven by any sort of margin benefits from your [Ready Next] program.

知道了。然後我也為凱倫準備了一個。當我查看您的第四季度每股收益指引時，我認為第四季度每股收益的連續或季節性增長在中間點為 0.17 美元，高於我們歷史上看到的水平。我只是有點好奇這是否會受到你們的 [Ready Next] 計劃帶來的任何利潤收益的推動。

Yes, thanks for the question, Irvin. Yes, we are seeing good momentum heading into fourth quarter. And in PS, we do expect sequential revenue growth in line with the prior year seasonality. And that's really driven by the continued momentum and the Win11 refresh and AI PC adoption, as well as we've got the holiday uptick in consumer that we expect to happen strongly.

是的，謝謝你的提問，Irvin。是的，我們看到第四季的勢頭良好。在 PS 方面，我們確實預期收入將與去年的季節性保持一致。這實際上是由持續的勢頭和 Win11 更新和 AI PC 的採用所推動的，同時我們預計假期消費者數量將強勁增長。

I'd say more importantly, though, we do expect the PSOP rate to continue to improve as we continue to work to offset the headwinds of trade-related costs and commodity costs. And in Print, we also expect sequential revenue growth in line with prior-year seasonality and sequential OP improvement to the top of our 16% to 19% target range, and that's really driven by seasonally higher supplies volume. So we're confident in our Q4 guide.

不過，我想說，更重要的是，隨著我們繼續努力抵銷貿易相關成本和商品成本的阻力，我們確實預期 PSOP 利率將持續提高。在印刷領域，我們也預計連續收入成長將與去年的季節性因素保持一致，連續營業利潤將改善至我們 16% 至 19% 的目標範圍的上限，而這實際上是受到季節性供應量增加的推動。因此，我們對我們的第四季度指南充滿信心。

And to complement that, we also will see a bigger impact of some of the actions we took around tariffs. Some of the new tariffs were put in place at the end of last quarter, beginning of this quarter, and these we will continue to mitigate as time goes.

同時，我們也將看到我們在關稅方面採取的一些行動產生更大的影響。一些新關稅是在上個季度末和本季初實施的，隨著時間的推移，我們將繼續降低這些關稅。

Understood. Thank you for the color.

明白了。謝謝你的顏色。

David Vogt, UBS.

瑞銀的戴維·沃格特。

Hey, guys. Thanks for taking my questions. So maybe we go back to the PC market because I think, Karen, you mentioned you expect normal seasonality in the PC market. And I guess what I'm struggling with a little bit is you've had incredibly strong growth the last two quarters.

嘿，大家好。感謝您回答我的問題。因此，也許我們可以回到 PC 市場，因為我認為，Karen，您提到過，您預計 PC 市場會出現正常的季節性。我想我有點困惑的是，過去兩個季度你們實現了非常強勁的成長。

And if I think about your business over the years, generally speaking, you don't have that degree of strength for, call it, three quarters in a row sequentially. Can you just maybe expand upon what gives you confidence in this side? And I think you also mentioned strength in, I guess, momentum at the next year. And I know you mentioned AI PC and obviously some other Windows 11 refresh dynamics, but a little bit more color there would help.

如果我回顧一下你多年來的經營情況，一般來說，你不會連續三個季度都保持這種程度的強勁勢頭。您能否詳細說明一下是什麼讓您對此充滿信心？我想您也提到了明年的強勁勢頭。我知道您提到了 AI PC 以及其他一些 Windows 11 刷新動態，但如果能多一點色彩會更有幫助。

And I'll give you my second question at the same time. And so maybe just help us understand kind of the margin dynamics within Print a little bit better. I know last quarter you had the grant. This quarter, obviously, mixed, and some pricing dynamics, probably hurt margins. Can you maybe walk us through kind of what's going to reverse a little bit in the October quarter to help get us back towards the upper bound of that range from a trend perspective? Thanks.

我同時會問您第二個問題。因此也許可以幫助我們更好地理解印刷中的利潤動態。我知道上個季度你獲得了補助金。顯然，本季的漲跌互現，一些定價動態可能會損害利潤率。您能否向我們介紹一下 10 月季度將出現哪些逆轉，以幫助我們從趨勢角度回到該範圍的上限？謝謝。

Okay. So let me take the first question, and Karen will take the second question. In terms of PC demand, I think there are different things to have in mind. First of all, Q4 versus Q3, in the consumer side, there is always an increase of demand driven by completing the back-to-school cycle and also preparing for holidays. And this always drives a sequential improvement.

好的。那麼，讓我來回答第一個問題，凱倫將回答第二個問題。就 PC 需求而言，我認為需要考慮不同的事情。首先，與第三季相比，第四季在消費者方面，返校週期的結束和假期的準備推動了需求的成長。這總是會推動持續的改進。

In the commercial side, we expect to continue to see two major drivers of growth. One is the Windows 11 refresh, and second is AI PCs. In Windows 11, year and year and quarter and quarter, we see an improvement in the funnel, meaning the funnel at the beginning of Q4 is higher than it was at the beginning of Q3 and also bigger than what it was at the beginning of Q4 last year. And Windows 11 is playing a key role there.

在商業方面，我們預計將繼續看到兩大成長動力。一是Windows 11的更新，二是AI PC。在 Windows 11 中，我們看到漏斗逐年、逐季改善，這意味著第四季初的漏斗高於第三季初的漏斗，也比去年第四季初的漏斗更大。Windows 11 在其中扮演關鍵角色。

Second, while is also very important to assess long-term sales, when we look at where are we in the cycle, our estimate is that slightly more than 50% of the installed base has been converted to Windows 11, which means there is still going to be a positive impact, not only in Q4 but also in the earlier quarters of next year. And this is why we think the demand for PCs is going to continue in Q4. We projected that the growth of PCs will be mid-single digits for the second half and that there will be growth in fiscal year '26.

其次，雖然評估長期銷售情況也很重要，但當我們審視自己處於週期的哪個階段時，我們估計，已有略多於 50% 的安裝基數轉換為 Windows 11，這意味著不僅在第四季度，而且在明年前幾季度，仍將產生積極影響。這就是我們認為第四季個人電腦需求將持續成長的原因。我們預計下半年個人電腦的成長率將達到中等個位數，並且26財年也將成長。

And on the margins, we're confident in our sequential improvement in Print margins. Our Q3 Print operating margin at 17.3% was solidly within our guidance range and in line with our expectations. We typically have lower supply sales in the summer months, and that can cause some seasonality in the margins.

在利潤率方面，我們對印刷利潤率的連續提高充滿信心。我們的第三季印刷營業利潤率為 17.3%，穩固地處於我們的指導範圍內，並符合我們的預期。我們的夏季供應銷售通常較低，這可能會導致利潤率出現一些季節性變化。

But as we look into Q4, we do expect the Print margins to be at the top end of our range, and that's reflecting some higher supplies volumes as we saw very similar to last year, along with disciplined pricing and cost management. I know you also mentioned the grant last quarter. We did see a grant last quarter from the EDB that had a bit of a catch-up from the beginning of the calendar year to be booked in the quarter. But it is a multi-year grant, and we are continuing to receive that grant this fiscal year and into future fiscal years.

但當我們展望第四季度時，我們確實預計印刷利潤率將處於我們範圍的最高端，這反映了供應量增加，與去年非常相似，同時還有嚴格的定價和成本管理。我知道您上個季度也提到了這項撥款。我們確實看到教育局上個季度提供了一筆補助金，這筆補助金與年初相比有所增加，並已在本季度記帳。但這是一項多年期撥款，我們將在本財政年度和未來的財政年度繼續獲得這筆撥款。

Great. Thanks, Enrique. Thanks, Karen.

偉大的。謝謝，恩里克。謝謝，凱倫。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you so much. I guess, Enrique or Karen, I know you spoke up quite a bit earlier on Print margins just now, but I normally don't think of Print margins to be that volatile. But you just dropped 200-plus basis points on Print margins sequentially, and it's going to bounce back next quarter. And Enrique, you made some comments on sort of where you're emphasizing and deemphasizing certain parts of the portfolio as well.

是的，非常感謝。我想，恩里克或凱倫，我知道你剛才談到了印刷利潤率，但我通常認為印刷利潤率不會那麼不穩定。但印刷利潤率剛剛連續下降了 200 多個基點，下個季度將會反彈。恩里克，你對投資組合中某些部分的強調和弱化發表了一些評論。

So if you were to pull those together and we fast-forward beyond sort of fiscal 4Q, are you thinking that the range for these Print margins is sort of going to be in this long-term range that you've given because you seem to be tracking at the higher end, even about the higher end in quite a few quarters? And given some of the cost actions that you're taking, should we just be calibrating towards a higher range for Print margins?

因此，如果您將這些放在一起，並且我們快進到第四財季之後，您是否認為這些印刷利潤率的範圍將會處於您給出的這個長期範圍內，因為您似乎正在追踪較高端，甚至在相當多的季度中都處於較高端？考慮到您正在採取的一些成本措施，我們是否應該將印刷利潤調整到更高的範圍？

Let me make a couple of comments. First, in terms of the changes quarter over quarter, what we have seen this year is very similar to what we saw last year. As Karen mentioned before, the biggest impact in Q3 was driven by the mix of supplies that was lower compared to Q2 and is lower compared to what we expect to see in Q4. And this really has a big impact. And again, we saw very similar performance a year ago. So we don't think it's out of what we have seen in previous cases.

請容許我發表幾點評論。首先，就季度環比變化而言，今年我們看到的情況與去年非常相似。正如 Karen 先前提到的，第三季最大的影響是由於供應組合比第二季低，也比我們預期的第四季低。這確實有很大的影響。一年前，我們也看到了非常相似的表現。因此我們認為這與先前的案例並無不同。

In terms of the projections long term, we are not changing our projections from what we have been seeing before. We continue to maintain the ranges that we have seen. As we have said before, having these ranges gives us the opportunity in a given quarter to be more aggressive placing units. If this is what we decide to do because we see that they will be profitable units, we have done this in the past, and we want to have the ability to do that without getting out of the ranges that we have.

就長期預測而言，我們不會改變先前的預測。我們將繼續維持我們所看到的範圍。正如我們之前所說，這些範圍使我們有機會在特定季度更積極地推出產品。如果我們決定這麼做是因為我們看到它們會成為獲利單位，那麼我們過去就這麼做，我們希望有能力做到這一點，而不會超出我們現有的範圍。

In terms of the actions that we are taking for the Print business going forward, they are very consistent with conversations we have had in the past once. We are going to continue to drive in the consumer space a shift to more profitable units, especially big tanks. We are going to continue to drive improvements to capture more lifetime customer profitability by shifting the business to subscriptions and services.

就我們未來針對印刷業務採取的行動而言，它們與我們過去的對話非常一致。我們將繼續推動消費領域向更有利可圖的單位轉變，尤其是大型坦克。我們將繼續推動改進，透過將業務轉向訂閱和服務來獲取更多的終身客戶獲利能力。

We see opportunities to grow shares in profitable office categories. And we see an opportunity to drive growth in the industrial side that we have done -- that we have driven in the past and we will continue to do. And of course, we are going to be very disciplined in managing our cost structure and looking for any opportunity we have to improve productivity and increase efficiency. So it's very consistent with the plan that you have seen us executing before, and we will continue to do that going forward.

我們看到了在獲利性辦公類別中增加份額的機會。我們看到了推動工業領域成長的機會，我們過去已經這樣做了，我們將繼續這樣做。當然，我們將非常嚴格地管理我們的成本結構，並尋找任何提高生產力和提高效率的機會。因此，這與您之前看到的我們執行的計劃非常一致，我們將繼續這樣做。

Okay, thanks, Enrique. And I have a follow up just on PCs. If you look at industry expectations, there is below-normal seasonality based on whether it be ODM builds or other things that industry third parties that we can look at, below-normal seasonal trends in the back half of this year, and then even projections for a decline.

好的，謝謝，恩里克。我對個人電腦進行了追蹤。如果你看一下行業預期，你會發現無論是基於 ODM 構建還是我們可以觀察到的行業第三方的其他事物，季節性都低於正常水平，今年下半年的季節性趨勢低於正常水平，甚至預測會下降。

You're kind of saying something very different, which is sequentially consistent with prior years and then growth next year. is the implication here that HP is taking share? And if you are, where is that coming from, any particular regions, any particular players? And where is that success maybe coming from?

您說的有點不同，這與前幾年保持一致，並且明年會增長。這是否意味著惠普正在搶佔市場份額？如果是的話，那是從哪裡來的？是哪個特定地區，哪個特定玩家？那麼成功可能來自哪裡呢？

There are two comments. One is our projections are consistent to what we are seeing in the market. And we have seen strong commercial demand in Q3. We have seen strong consumer demand. And as I mentioned before, we don't think this is a pull-in of demand. We think this is real demand, because it's not only happening in the US. We are seeing this across multiple countries and across multiple geographies.

有兩則評論。一是我們的預測與我們在市場上看到的情況一致。我們看到第三季的商業需求強勁。我們看到了強勁的消費者需求。正如我之前提到的，我們不認為這是需求的拉動。我們認為這是真正的需求，因為這不僅發生在美國。我們在多個國家和多個地區都看到了這種情況。

In terms of our projections going forward, they rely on the fact that we continue to see strong demand for AI PCs, strong demand for Windows 11. And something I didn't mention before is also the fact that we expect ASPs to continue to grow because of stronger demand and stronger growth in premium categories, which has been our strategy in the previous quarters and will continue to be going forward.

就我們未來的預測而言，它們依賴我們繼續看到對 AI PC 的強勁需求、對 Windows 11 的強勁需求這一事實。我之前沒有提到的是，我們預計平均售價將繼續成長，因為需求更強勁，高端產品類別的成長也更強勁，這是我們前幾季的策略，並將繼續推行。

So answering your question on share, you know that our goal and our objective is not to grow share for the sake of gaining share. It's to drive profitable growth. What we have been doing in the last quarter is growing share in the more premium segments of commercial consumer AI PCs, and this is going to continue to be our strategy going forward.

因此，回答您關於份額的問題，您知道我們的目標和目的不是為了獲得份額而增加份額。這是為了推動獲利成長。上個季度我們一直在努力擴大商用消費級 AI PC 高階市場的份額，這將繼續成為我們未來的策略。

Okay. Thanks, Enrique.

好的。謝謝，恩里克。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Great. Thank you. I just have two as well, one for Enrique on Print and one for Karen just on capital allocation. Enrique, on Print, you guys have talked a little bit about the more aggressive pricing environment, the demand in office softer than expected in North America and Europe. As you look out to the rest of this year and into next, I was wondering if you could just talk about your expectation on those two things, pricing and the office environment, and whether you see that becoming better or worse in the next couple of months, in the next year or so.

偉大的。謝謝。我也只有兩份，一份是 Enrique 的印刷版，另一份是 Karen 的資本配置版。恩里克，在印刷方面，你們談到了更激進的定價環境，北美和歐洲的辦公室需求比預期要弱。展望今年剩餘時間和明年，我想知道您是否可以談談對定價和辦公環境這兩件事的預期，以及您認為在接下來的幾個月或明年左右，情況會變好還是變壞。

And then, Karen, I just wanted to ask for a clarification. Are we at the point -- from the gross leverage standpoint, I think you guys are below 2 now, where you guys will return 100% of free cash flow to shareholders as soon as next quarter? And I just wanted to ask if you could clarify, when you guys talked about the revenue guidance for the segments, was that consistent with prior years or typical years? I feel like you may have said both, so I just wanted to clarify that. Thank you.

然後，凱倫，我只是想要求澄清一下。我們是否正處於這樣的境地——從總槓桿率的角度來看，我認為你們現在的槓桿率低於 2，你們最早將在下個季度向股東返還 100% 的自由現金流？我只是想問一下，您是否可以澄清一下，當您談論各部門的收入指導時，這是否與前幾年或典型年份一致？我覺得你可能都說了，所以我只是想澄清一下。謝謝。

Let me start on the question on Print demand. So at this point, what we are expecting or what we're building in the plans is similar market behavior to what we have seen in Q3. If many of our competitors announce price increases as a consequence of the trade-related cost, what we have seen in the market is that these price increases didn't materialize in the competitive space. So we are expecting that this aggressive price competition is going to continue going forward.

讓我先來談談關於印刷需求的問題。因此，目前，我們所預期的或我們正在計劃中的市場行為與我們在第三季度看到的類似。如果我們的許多競爭對手因為貿易相關成本而宣布漲價，那麼我們在市場上看到的情況是，這些漲價並沒有在競爭領域實現。因此，我們預計這種激烈的價格競爭將會持續下去。

We think it's connected to the fact that the market was smaller. And therefore, there was in the market more pressure on the price side. But as I said before, we think this is going to be temporary. We have not seen a change in the fundamental variable, which is the number of pages printed, which gives us confidence on the future. And in terms of 2026, it's early to give you a lot of detail. We will in the coming quarters, in the coming months, as we do more work to estimate what will be the demand for next year.

我們認為這與市場規模較小有關。因此，市場價格方面面臨更大壓力。但正如我之前所說，我們認為這只是暫時的。我們沒有看到根本變量，也就是列印頁數的變化，這讓我們對未來充滿信心。至於 2026 年，現在透露太多細節還為時過早。我們將在未來幾季、幾個月內做更多工作來估計明年的需求。

Yes, and Michael, on your second question on capital allocation, our leverage did improve from Q2, where it was slightly over 2.2 times, and improved in Q3 to just be slightly over 2 times, the 2.04 in Q3. And that was driven by improved EBITDA and the repayment of a debt maturity that we had in June.

是的，邁克爾，關於你關於資本配置的第二個問題，我們的槓桿率確實比第二季度有所改善，當時略高於 2.2 倍，而在第三季度有所改善，略高於 2 倍，即第三季度的 2.04 倍。這是由於 EBITDA 的提高和我們 6 月到期債務的償還。

While it could remain slightly elevated in Q4, we do expect it to continue to improve in FY26. So we do anticipate more repurchase activity soon. And I would say, should we continue to operate at higher leverage levels, we would use cash to reduce debt as bonds mature, and that would also enable us to repurchase stock as well.

儘管第四季該數字可能仍會略有上升，但我們預計 2026 財年將繼續改善。因此我們確實預計很快會有更多的回購活動。我想說，如果我們繼續以較高的槓桿水平運營，我們將在債券到期時使用現金來減少債務，這也使我們能夠回購股票。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Hi. Good afternoon. This is Maya on for Eric. Enrique, maybe if we start with you, could you maybe elaborate a little bit on your AI PC comments? When we speak to CIOs or channel partners, we don't hear as much enthusiasm for AI PCs, but clearly your comments prove otherwise. Can you just please unpack maybe the industries you see adopting AI PCs or regions that are particularly strong? And then what are the key use cases you're hearing that are driving this AI PC adoption? And then I have a follow up. Thank you.

你好。午安.這是瑪雅為艾瑞克表演的。恩里克，如果我們從你開始的話，你能否詳細說明一下你對 AI PC 的評論？當我們與資訊長或通路合作夥伴交談時，我們並沒有聽到人們對 AI PC 的熱情，但您的評論顯然證明了事實並非如此。您能否簡單介紹一下您所看到的採用人工智慧 PC 的行業或特別強大的地區？那麼，您聽說推動 AI PC 採用的關鍵用例是什麼？然後我有一個後續行動。謝謝。

Yes. And I think it's really my comments are driven by what we see in actuals. As I said in the prepared remarks, our mix of AI PCs today is more than 25%. And this is the goal that we had for Q4, for the end of the year. So we are one quarter ahead of our original target, which shows the demand that we see. I think the key thing behind these AI PCs is the fact that over the next quarters, more and more software applications are going to take advantage of the capabilities that the AI PCs have. And we have started to see it now, and we expect that it will continue.

是的。我認為我的評論實際上是由我們所看到的實際情況決定的。正如我在準備好的演講中所說，我們今天的 AI PC 組合已超過 25%。這是我們為第四季度，也就是年底設定的目標。因此，我們比最初的目標提前了一個季度，這表明了我們看到的需求。我認為這些人工智慧電腦背後的關鍵在於，在接下來的幾個季度裡，越來越多的軟體應用程式將利用人工智慧電腦的功能。現在我們已經開始看到這種情況，我們預計這種情況將會持續下去。

For example, we have now Adobe and Zoom that are taking advantage of the capabilities of running some of their application software in their PCs, which means it will be faster, and also it will reduce some of the cloud costs that they will be having. We have seen security companies like CrowdStrike taking advantage of the ability to use the MPUs to scan the memory faster, which means for many of their applications, this brings a significant advantage.

例如，現在 Adob​​e 和 Zoom 正在利用在其 PC 上運行某些應用軟體的功能，這意味著速度會更快，而且還會降低他們的一些雲端成本。我們已經看到像 CrowdStrike 這樣的安全公司利用 MPU 來更快地掃描內存，這意味著對於他們的許多應用程式來說，這帶來了顯著的優勢。

Also, Microsoft is doing a remarkable job continuing to improve the libraries that they offer to other companies so they can do a lot of activities in the PCs that before they had to do in the cloud. And finally, of our own AI applications, during the last month we launched AI companion, Omen AI. We launched a specific AI application in China. We continue to see month-over-month and quarter-over-quarter improvements in utilization.

此外，微軟也正在不斷改進其向其他公司提供的程式庫，以便他們可以在個人電腦上完成許多以前必須在雲端才能完成的活動。最後，關於我們自己的人工智慧應用程序，上個月我們推出了人工智慧伴侶 Omen AI。我們在中國推出了一個具體的人工智慧應用。我們繼續看到利用率逐月和逐季度的改善。

So we see clearly a gradual improvement. And as we said to many of our customers, if you are driving a refresh of your install base, an AI PC, you expect to live two, three, four years. And you expect your employees to use it for this time. If you don't want to be left out of the productivity improvements that over time are going to come, you should be considering buying an AI PC now, and this is what we see happening.

因此，我們清楚地看到了逐步的改善。正如我們對許多客戶所說的那樣，如果您正在推動安裝基礎的更新，即人工智慧 PC，那麼您預計它的使用壽命為兩到四年。您希望您的員工這次能夠使用它。如果您不想錯過隨著時間的推移而來的生產力改進，您應該考慮現在購買一台 AI PC，這就是我們所看到的。

Great. Thank you. And then I know you mentioned that we're a little over 50% of the way through Windows 11 refresh. If we think about the SMB category, do you see them adopting more of that 12-month extended support that could come back and refresh in 2026, or kind of how do the trends differ by underlying customer segments?

偉大的。謝謝。然後我知道您提到我們已經完成了 Windows 11 更新的 50％多一點。如果我們考慮 SMB 類別，您是否認為他們會採用更多可​​能在 2026 年恢復和更新的 12 個月延長支持，或者趨勢如何因基礎客戶群而異？

Yes, I think it's a great question. So first of all, when we look at the total conversion, we are behind what we have been other years -- sorry, in previous refreshes, which is why we think this process is going to be extended. When we look at the penetration in enterprise and SMB, and this is very consistent to what we have seen before, the changes are in enterprise. And over time, it takes in SMB. This is what is happening this year, which is very consistent with previous refreshes. So we see a bigger opportunity in SMB going forward, which, again, is very consistent with previous refreshes that happened before.

是的，我認為這是一個很好的問題。首先，當我們看整體轉換率時，我們發現我們落後於其他年份——抱歉，是先前的更新，這就是為什麼我們認為這個過程將會延長。當我們觀察企業和中小企業的滲透率時，發現這與我們之前看到的非常一致，變化發生在企業中。隨著時間的推移，它會吸收 SMB。這就是今年發生的事情，與以前的刷新非常一致。因此，我們看到中小企業未來將面臨更大的機遇，這與先前發生的更新非常一致。

Great. Thank you.

偉大的。謝謝。

Alek Valero, Loop Capital.

Alek Valero，Loop Capital。

Hey, guys. This is Alek on for Ananda. Thank you for taking my questions. Just very quickly on the Poly business, is there anything that you could update us on? Are you seeing any noticeable pickup or increased certainty in enterprise and corporate spending?

嘿，大家好。這是 Alek 為 Ananda 表演的。感謝您回答我的問題。關於 Poly 業務，您能向我們簡單介紹一下最新情況嗎？您是否看到企業和公司支出明顯回升或確定性增強？

Thank you. We mentioned in the prepared remarks that this was not a strong quarter for what we call hybrid systems. We have seen companies, especially in Europe, especially in the headset space, deprioritizing some of these projects versus PCs or versus AI. So we have seen an impact in the short term.

謝謝。我們在準備好的發言中提到，對於我們所謂的混合系統來說，這不是一個強勁的季度。我們看到，尤其是歐洲的公司，尤其是耳機領域的公司，將一些專案與個人電腦或人工智慧專案進行了比較，從而降低了它們的優先順序。因此我們在短期內看到了影響。

We continue to think that this is going to be -- or this is a very important business for us going forward. And we continue to invest not only in the headset space, also in the video side. We announced a very innovative solution on 3D video collaboration that we did with Google. And we are going to continue to invest in this category. On the other side, on the gaming side, in similar categories, we have seen very strong growth this quarter. This is driven by HyperX. So on that side of the peripheral space, we had a strong quarter.

我們仍然認為這將是——或者說這對我們未來發展來說是一項非常重要的業務。我們不僅繼續在耳機領域進行投資，還在影片方面進行投資。我們宣布了與 Google 合作開發的一項非常創新的 3D 視訊協作解決方案。我們將繼續對此類別進行投資。另一方面，在遊戲方面，在類似的類別中，我們本季看到了非常強勁的成長。這是由 HyperX 驅動的。因此，在外圍空間的這一側，我們有一個強勁的季度。

Very helpful. And just a quick follow up, as part of your refresh initiative, is there any specific product lines that you are eyeing to refresh?

非常有幫助。簡單跟進一下，作為更新計劃的一部分，您是否正在考慮更新哪些特定的產品線？

Is the question on PCs or really across the full portfolio?

這個問題是關於個人電腦的還是涉及整個產品組合的？

Yes, just across the full portfolio.

是的，涵蓋整個投資組合。

I mean, the answer is yes, across the board. We continue to invest significantly in R&D. Innovation is a key part of how we win and how do we compete. And next year, there will be refreshes across the PC portfolio, both in the consumer side, in the commercial side, in the workstation space, and many of the key areas of printing. So lots of innovation that is coming. We mentioned a bit of that of what we did in Q3, but the next quarters are going to be very exciting from an innovation perspective.

我的意思是，答案是肯定的，全面如此。我們繼續在研發方面投入大量資金。創新是我們取勝和競爭的關鍵部分。明年，整個 PC 產品組合都會更新，包括消費性、商用類、工作站領域以及許多關鍵的列印領域。大量的創新即將到來。我們提到了我們在第三季所做的一些工作，但從創新的角度來看，接下來的幾季將會非常令人興奮。

Super helpful. Thank you, guys.

超有幫助。謝謝你們。

I think it was the last question. So in closing, let me reiterate a few of the key points that we have been making. First of all, we are executing with discipline in an environment that continues to be dynamic. Second, we expect to continue to see momentum in the refresh catalyst driving growth in the PC market. As I just mentioned, we are innovating to be a leader in the future of work, and we remain very energized by the opportunities that we see ahead.

我認為這是最後一個問題。最後，讓我重申我們一直在強調的幾個關鍵點。首先，我們在持續動態的環境中嚴格執行紀律。其次，我們預期更新催化劑將持續推動個人電腦市場的成長。正如我剛才提到的，我們正在不斷創新，以成為未來工作領域的領導者，我們對未來的機會充滿信心。

And before we wrap the call, I want to share that Orit will be moving to a new role as my new Chief of Staff. And I want to use this opportunity to thank her for her leadership as Global Head of IR. Her financial insight, sound judgment, and guidance have been invaluable to HP, to me, and to Karen, and we look forward to her continued strong contribution in her next role.

在我們結束通話之前，我想告訴大家，奧里特將擔任我的新參謀長。我想藉此機會感謝她作為全球投資者關係主管所扮演的領導角色。她的財務洞察力、合理判斷和指導對惠普、我和凱倫來說都是無價的，我們期待她在下一個職位上繼續做出巨大貢獻。

And I am also pleased to welcome Alok Juyal, our new Global Head of IR. With more than a decade at HP, including his recent role as CFO of our Personal Systems business, Alok brings deep expertise and a clear understanding of our operations. And he is very well positioned to support our investor relationships and contribute to HP's long-term goals. So thank you to both, and thank you to all of you for attending today's call. Thank you.

我也很高興歡迎我們新任全球投資者關係主管 Alok Juyal。Alok 在惠普工作了十多年，最近還擔任了個人系統業務的財務官，他擁有深厚的專業知識，並且對我們的營運有著清晰的了解。他非常適合支持我們的投資者關係並為惠普的長期目標做出貢獻。所以感謝你們兩位，也感謝大家參加今天的電話會議。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，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。