惠普 (HPQ) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to the third quarter 2026 HP Inc earnings conference call. My name is Lisa, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

各位好，歡迎參加 HP Inc 2026 會計年度第三季財報電話會議。我叫 Lisa，將擔任今天會議的主持人。（接線員指示）提醒各位，本次會議將錄音以供重播。

I would now like to turn the call over to Mr. Alok Juyal, Global Treasurer and Head of Investor Relations. Please go ahead.

現在我想把電話交給全球財務長兼投資人關係主管 Alok Juyal 先生。請開始。

Good afternoon, everyone, and welcome to HP's third quarter 2026 earnings conference call. With me today are Bruce Broussard, HP's Interim Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer. Before handing the call over to Bruce, let me remind you that this call is a webcast, and replay will be available on our website shortly after the call for approximately one year. We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com.

各位下午好，歡迎參加 HP 2026 會計年度第三季財報電話會議。今天與我一同出席的有 HP 臨時執行長 Bruce Broussard，以及 HP 財務長 Karen Parkhill。在把電話交給 Bruce 之前，先提醒各位，本次會議將以網路直播方式進行，會後不久將在我們網站提供重播，為期約一年。我們已在投資人關係網站 investor.hp.com 上發布財報新聞稿及隨附的簡報投影片。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our business as we see them today. For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K.

一如既往，本簡報部分內容屬於前瞻性陳述，係基於我們對當前世界與業務狀況的最佳判斷。如需更詳細資訊，請參閱財報資料中與前瞻性陳述相關的免責聲明；該等陳述涉及風險、不確定性與假設。關於其中部分風險、不確定性與假設之討論，請參閱 HP 向美國證券交易委員會（SEC）提交的報告，包括我們最新的 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.

HP 不承擔且無意更新任何此類前瞻性陳述之義務。我們亦提醒，本次電話會議所討論的財務資訊反映的是基於目前可得資訊的估計，且可能與最終在 HP 向 SEC 申報文件中所報告的金額存在重大差異。

During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period. References to HP channel inventory, referred to the Tier 1 channel inventory and market share references are based on calendar quarter information.

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年對年比較。提及 HP 通路庫存係指第一級（Tier 1）通路庫存；而市占率相關提及則以曆年季度資料為基礎。

In addition, unless otherwise specified, all financial measures discussed today are non-GAAP and EPS refers to non-GAAP diluted net earnings per share. Please refer to the tables in today's earnings release and the accompanying slide presentation on our website for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

此外，除非另有說明，今天討論的所有財務衡量指標均為非 GAAP；EPS 指非 GAAP 稀釋後每股淨利。請參閱今日財報新聞稿中的表格以及我們網站上隨附的簡報投影片，以取得這些非 GAAP 指標與最直接可比 GAAP 指標之調節表。

With that, I will now turn the call over to Bruce.

接下來，我把電話交給 Bruce。

Thank you, Alok, and thanks, everyone, for joining us today. I'm pleased to share that we delivered record third quarter revenue and continue to exceed expectations on EPS. We're also laying a strong foundation for the AI era and are building momentum. Our strategic execution, robust commodity mitigation plan and relentless commitment to innovation are helping us advance our business and enable our customers to successfully navigate this most significant technology shift. Today, I'll share our third quarter highlights.

謝謝你，Alok，也謝謝各位今天加入我們。我很高興與各位分享，我們第三季營收創下歷史新高，且每股盈餘（EPS）持續優於預期。我們也正在為 AI 時代奠定堅實基礎，並持續累積動能。我們的策略執行、強健的商品成本緩解計畫，以及對創新的不懈承諾，正協助我們推進業務，並讓客戶能成功因應這場最重大的科技轉變。今天我將分享第三季的重點成果。

Discuss the innovations we are bringing to market and touch on how we are managing the current environment. Before I do, I know some of you are interested in an update on the CEO search. I'm sure you can appreciate that I am unable to share details or a time line, but the search is proceeding well, and we continue to make good progress on finding the right next leader for HP.

並談談我們推向市場的創新，以及我們如何管理當前環境。在此之前，我知道各位中有些人關心執行長遴選的最新進展。相信各位能理解，我無法分享細節或時間表，但遴選進展順利，我們在為 HP 尋找合適的下一任領導者方面持續取得良好進度。

In the meantime, having spent the past several months leading the company day to day, I developed deeper perspective on HP, four observations stand out. First, we need to continue advancing our operating infrastructure to become better connected, AI-enabled and data-driven, improving productivity while delivering better experiences for our customers, partners and employees.

同時，在過去幾個月日常領導公司運作的過程中，我對 HP 有了更深的觀察，其中有四點特別突出。第一，我們需要持續推進營運基礎建設，使其更緊密連結、具備 AI 能力並以數據驅動，在提升生產力的同時，為客戶、合作夥伴與員工帶來更好的體驗。

Second, we will continue advancing our devices to be AI leading by bringing more computing to the edge or context of creating. This will enable more intelligent devices that anticipate needs and proactively solve problems. Third, we need to accelerate our evolution towards integrated solutions across our broad portfolio of devices, creating differentiated offerings that deliver greater value to our customers, outstanding recurring revenue opportunities.

第二，我們將持續推進裝置朝 AI 領先發展，把更多運算帶到邊緣端，或帶到創作情境之中。這將帶來更智慧的裝置，能預判需求並主動解決問題。第三，我們需要加速朝向跨越我們廣泛裝置產品組合的整合式解決方案演進，打造差異化產品，為客戶提供更高價值，並帶來卓越的經常性收入機會。

And lastly, we provide greater strategic clarity around where we choose to play and allocate capital, resources and capabilities against those priorities with focus and discipline. HP has tremendous assets, one of the most iconic brands and technology, a strong global footprint sophisticated supply chain, deep commercial relationships and a talented team, and there are meaningful opportunities to make HP stronger, more cohesive and more effective.

最後，我們需要在選擇投入的領域上提供更清晰的策略方向，並以專注與紀律，將資本、資源與能力配置到這些優先事項上。HP 擁有極為雄厚的資產：最具代表性的品牌與技術之一、強大的全球佈局、成熟的供應鏈、深厚的商業關係，以及一支才華洋溢的團隊；同時也存在重要機會，讓 HP 變得更強大、更一致、更有效率。

We are taking action now to strengthen the foundation, sharpen our priorities and improve execution. So that when our next CEO steps in, it can build on that momentum, and lead HP into its next chapter of growth and value creation. Let me get to our results. This quarter, we delivered $15.7 billion in revenue. A record Q3 for HP.

我們正立即採取行動，強化基礎、聚焦優先事項並提升執行力。如此一來，當下一任執行長上任時，便能在這股動能之上繼續推進，帶領 HP 進入下一個成長與價值創造的新篇章。接著我來談我們的業績表現。本季我們實現 157 億美元營收。創下 HP 第三季營收新高。

This represents an increase of 13% and our ninth consecutive quarter of top line growth, driven by another strong quarter in Personal Systems, while print results were in line with our expectations. We executed on our commitments and accelerating our key growth areas, which collectively grew 46% year-over-year and faster than our core.

這代表年增 13%，也是我們連續第九季營收成長，主要由個人系統（Personal Systems）再度強勁的一季所帶動，而列印業務表現則符合我們的預期。我們兌現承諾並加速推進關鍵成長領域；這些領域合計年增 46%，成長速度快於核心業務。

We continue to take share in high-value segments while managing commodity headwinds with our mitigation playbook, enabling us to deliver EPS above our expectations. Even when excluding a tariff refund benefit while also delivering strong free cash flow. In short, we did what we said we would do.

我們在高價值細分市場持續提升市占，同時透過我們的緩解作戰手冊管理商品成本逆風，使我們得以交出高於預期的 EPS。即使排除關稅退稅帶來的利益，我們仍同時實現強勁的自由現金流。簡而言之，我們做到了我們說要做到的事。

In Personal Systems, we achieved our tenth consecutive quarter of revenue growth, up 18% year-over-year, driven by solid growth across both commercial and consumer segments. We are particularly pleased with the continued strength of our AI PC portfolio continued to grow and is still expected to be 50% of our shipment mix by the end of this fiscal year.

在個人系統方面，我們達成連續第十季營收成長，年增 18%，商用與消費兩大市場皆有穩健成長所帶動。我們尤其對 AI PC 產品組合持續強勁感到振奮；其持續成長，且仍預期在本會計年度結束前占我們出貨組合的 50%。

At the same time, consistent with our strategy, we delivered double-digit revenue expansion in our key growth areas, including advanced compute solutions and workforce solutions. We also continue to capture share in high-value categories, including premium PC, returning us to share leadership in the Americas. Overall, these results show customers continue to invest in the hardware and solutions they need to run AI or work at the edge.

同時，依循我們的策略，我們在關鍵成長領域實現雙位數營收擴張，包括先進運算解決方案與勞動力解決方案。我們也持續在高價值品類取得市占，包括高階 PC，讓我們在美洲重回市占領先地位。整體而言，這些結果顯示客戶仍持續投資於在邊緣端運行 AI 或進行邊緣工作所需的硬體與解決方案。

Turning to Print. Revenue was down 2% year-over-year and what continues to be a competitive market. We remain focused on pricing discipline and the placement of profitable units. We said we would double down on Big Tank market, and we did, gaining another 4 points of share this quarter. Industrial Print delivered its 12th straight quarter of revenue growth as customers continue to leverage our award-winning hardware portfolio to drive their digital workflows and grow their businesses.

接著談列印業務。在競爭仍然激烈的市場中，營收年減 2%。我們仍專注於價格紀律與投放具獲利性的機種。我們曾表示將加碼投入大墨倉（Big Tank）市場，而我們也確實做到，本季市占再提升 4 個百分點。工業列印（Industrial Print）實現連續第 12 季營收成長，客戶持續運用我們屢獲獎項的硬體產品組合推動其數位工作流程並擴大業務。

Across both segments, we are balancing near-term execution with long-term investment and shifting our portfolio towards high-value and more profitable categories. Turning to innovation. This quarter, we unveiled advancements designed to help our customers thrive in the AI era.

在兩大事業群中，我們在兼顧短期執行與長期投資之間取得平衡，並將產品組合轉向高價值且更高獲利的品類。接著談創新。本季我們發表多項進展，旨在協助客戶在 AI 時代蓬勃發展。

We believe the future of AI is hybrid. That means AI will operate both in the cloud and increasingly at the edge. Our customers are already seeing the cost of cloud-based AI add up, economics alone makes edge AI compelling. It can also improve security, latency and strengthen data governance.

我們相信 AI 的未來是混合式的。這意味著 AI 將同時在雲端運行，並且愈來愈多地在邊緣端運行。我們的客戶已經看到雲端 AI 的成本逐步累積；僅從經濟性來看，邊緣 AI 就具吸引力。它也能提升安全性、降低延遲，並強化資料治理。

To make Edge AI a reality, we are working with customers and ecosystem partners to build platforms to extend data center class AI capabilities to the edge by enabling GPU sharing through HP Z Boost and integrating it with our WXP software layer security and device features, we are making traditional cloud AI capabilities available locally.

為了讓邊緣 AI 成為現實，我們正與客戶及生態系夥伴合作打造平台，透過 HP Z Boost 啟用 GPU 共享，並將其與我們的 WXP 軟體層安全性與裝置功能整合，把資料中心等級的 AI 能力延伸到邊緣，讓傳統雲端 AI 能力可在本地端使用。

Building advanced AI locally has required a lot of specialized infrastructure, large budgets and complex setups. We are changing that. With our HP ZGX Fury, we bring data center class AI to the debt side, so teams can build and run frontier scale models and always on agents locally.

在本地端建置先進 AI 一直需要大量專用基礎設施、龐大預算與複雜的部署。我們正在改變這一點。透過我們的 HP ZGX Fury，我們把資料中心等級的 AI 帶到邊緣端，讓團隊能在本地端建置並運行前沿規模模型與常駐代理（always-on agents）。

The response since we first showed this direction at Computex has been clear customers want local AI, they can own. Over the next month, we will extend this momentum into more of the form factors people already carry with the memory empower those on device models actually need.

自從我們在 Computex 首次展示這個方向以來，回饋很明確：客戶想要他們能夠擁有的本地 AI。在接下來的一個月，我們將把這股動能延伸到更多人們日常攜帶的產品形態，並配備能支援裝置端模型實際所需的記憶體。

A leading automotive company is using HP solutions to bring visual AI and inferencing directly to its manufacturing line, helping improve quality inspections, performance and economics. We see the same potential in many other sectors that require on-site compute performance, strong security and the most cost-effective ways to manage increasingly complex AI models.

一家領先的汽車公司正在使用 HP 解決方案，將視覺 AI 與推論直接導入其製造產線，協助提升品質檢測、效能與經濟效益。我們也在許多其他需要現場運算效能、強健安全性，以及以最具成本效益方式管理日益複雜 AI 模型的產業中，看見同樣的潛力。

This creates significant opportunities in areas like retail, public sector and health care. We are also advancing what PCs can do as edge devices. In the Agentic era, PCs are becoming partners that understand their needs and help meet them. So we are reimagining what a personal computer can do with our new OmniBook Ultra 16 powered by NVIDIA RTX Spark.

這在零售、公部門與醫療保健等領域創造了顯著機會。我們也在推進 PC 作為邊緣裝置的能力。在 Agentic 時代，PC 正成為能理解使用者需求並協助滿足需求的夥伴。因此，我們以搭載 NVIDIA RTX Spark 的全新 OmniBook Ultra 16，重新想像個人電腦能做到什麼。

It brings the compute needed to build and run sophisticated AI models and personal agents to a thin mainstream mobile PC and our OmniDesk mini desktop combines full-sized performance for the contact design and built-in AI capabilities.

它把建置與運行複雜 AI 模型與個人代理所需的運算能力帶到一台輕薄的主流行動 PC；而我們的 OmniDesk 迷你桌機則結合全尺寸效能、精巧設計與內建 AI 能力。

In Print, we're already delivering tangible customer value with AI. In June, we expanded our flagship AI-powered print experience Precise Print to more than 150 countries. By intelligently removing unnecessary web content before printing.

在列印業務方面，我們已透過 AI 為客戶帶來可衡量的價值。6 月，我們將旗艦 AI 驅動的列印體驗 Precise Print 擴展至 150 多個國家。它能在列印前智慧移除不必要的網頁內容。

Precise Print helps customers reduce paper usage by up to 38% and ink consumption up to 47%. Our HP neo AI companion brings agentic AI to industrial print operations and is gaining momentum. Neo was awarded a 2026 European Digital Press Association Award for Best Software agent in the print industry AI category. This underscores our commitment to intelligent, data-driven production systems with built in remote remediation capabilities, and importantly, solving uptime problems for our printer service customers.

Precise Print 可協助客戶最多減少 38% 的用紙量，並最多降低 47% 的墨水消耗。我們的 HP neo AI 夥伴將代理式 AI 帶入工業列印營運，並正加速獲得市場動能。Neo 榮獲 2026 年歐洲數位印刷協會獎（European Digital Press Association Award）之「列印產業 AI 類別最佳軟體代理」獎項。這凸顯我們對智慧化、數據驅動的生產系統（內建遠端修復能力）的承諾；更重要的是，協助我們的印表機服務客戶解決稼動率（uptime）問題。

In Q3, we also signed a three-year $100 million strategic agreement with RRD one of the world's leading print service providers. This reflects our shared vision to accelerate AI and industrial automation and print production. Succeeding at the edge also requires intelligent ways to manage the technology portfolio.

在第三季，我們也與 RRD（全球領先的印刷服務供應商之一）簽署為期三年、1 億美元的策略協議。這反映我們共同的願景：加速 AI 與工業自動化及印刷生產。在邊緣端取得成功也需要以智慧方式管理技術產品組合。

Work moves across PCs, meeting rooms, collaboration tools, printers and other end points. Our WXP platform helps CIOs track and manage fleets of connected devices and applications. This quarter, we integrated HP Poly Lens and collaboration capabilities into WXP, giving IT teams greater visibility across PCs, printers and collaboration devices.

工作會在 PC、會議室、協作工具、印表機與其他端點之間流動。我們的 WXP 平台協助 CIO 追蹤並管理連網裝置與應用程式的機隊（fleets）。本季我們將 HP Poly Lens 與協作能力整合進 WXP，讓 IT 團隊能更全面掌握 PC、印表機與協作裝置的可視性。

By bringing together insights that were previously isolated across different environments, organizations and channel partners can turn data into actionable intelligence, improved workforce experiences, lower costs and establish a governance layer. WXP was named a leader in the 2026 Gartner Magic Quadrant for digital employee experience management tools.

透過整合過去分散在不同環境中的洞察，企業與通路夥伴能把資料轉化為可執行的情報、改善員工體驗、降低成本，並建立治理層。WXP 在 2026 年 Gartner 魔力象限（Magic Quadrant）數位員工體驗管理工具中被評為領導者。

We believe the future of computing will be increasingly intelligent and integrated with devices anticipating user needs, executing tasks seamlessly and connecting traditionally separate cloud and desktop environments. By bringing AI capabilities closer to users, these devices can provide the context required for more effective reasoning and inference.

我們相信，運算的未來將愈來愈智慧且更深度整合，裝置能預判使用者需求、無縫執行任務，並連結傳統上彼此分離的雲端與桌面環境。將 AI 能力更貼近使用者，這些裝置就能提供更有效推理與推論所需的情境脈絡。

AI at the edge offers meaningful benefits for our customers while creating significant incremental growth opportunities for HP and the broader industry. We believe HP is uniquely positioned to lead this evolution through our broad portfolio of products and services, trusted brand presence in more than 180 countries and robust innovation pipeline.

邊緣端 AI 能為客戶帶來實質效益，同時也為 HP 與更廣泛的產業創造可觀的增量成長機會。我們相信，憑藉廣泛的產品與服務組合、在 180 多個國家的可信賴品牌能見度，以及強健的創新管線，HP 具備獨特優勢引領這場演進。

Together, these strengths create substantial opportunities for growth. At HP, we consider ourselves a customer, using our own business as a proving ground for the products and solutions we develop. Like our customers, HP is benefiting today from localized AI capabilities using edge inferencing across our business.

這些優勢結合在一起，創造了可觀的成長機會。在 HP，我們也把自己視為客戶，將自身業務作為我們所開發產品與解決方案的驗證場域。如同我們的客戶一樣，HP 目前也正透過在全公司採用邊緣推論的在地化 AI 能力而受益。

For example, in our Singapore production facility, teams are using our ZBook workstations running an OPUS model to enhance quality assurance and detection capabilities on the manufacturing line. This past quarter, we scaled our work with OpenAI. OpenAI Frontier, we are integrating AI across the customer and partner experiences, the HC store, digital support, WXP (inaudible) employee productivity and software development.

例如，在我們新加坡的生產基地，團隊使用運行 OPUS 模型的 ZBook 工作站，以強化產線上的品質保證與偵測能力。在過去一季，我們擴大了與 OpenAI 的合作。透過 OpenAI Frontier，我們正把 AI 整合到客戶與夥伴體驗、HP 商店、數位支援、WXP（聽不清）員工生產力與軟體開發之中。

Early deployments are already helping teams accelerate engineering workflows, enhanced security analysis and automate routine tasks while maintaining HP's high standards for data governance and security. We are just getting started with an AI and expect to share more as we turn our pilots into scale capabilities that create business value.

早期部署已協助團隊加速工程工作流程、強化安全性分析並自動化例行任務，同時維持 HP 對資料治理與安全性的高標準。我們在 AI 方面才剛起步，並預期在把試點轉化為可規模化能力、創造商業價值的過程中，分享更多進展。

Let me now focus on the external supply and cost environment, which remains complex. We continue to effectively execute our mitigation plan. We remain confident in our memory and storage supply availability for this fiscal year and our focus on our needs into next year and beyond.

接下來我將聚焦外部供應與成本環境，這仍然相當複雜。我們持續有效執行我們的緩解計畫。我們對本財年記憶體與儲存供應的可取得性仍具信心，並將重點放在滿足我們到明年及更長期的需求。

Enhanced operating model we are building is designed to compound over time, creating a more connected, process-led enterprise that can serve customers with greater consistency, speed and predictability. What we are building is not a short-term efficiency program or a situational response but a fundamental stronger operating model that better connects planning, decision-making and execution across the enterprise.

我們正在打造的強化營運模式，旨在隨時間累積效益，形成更緊密連結、以流程為導向的企業，能以更一致的品質、更快速度與更高可預測性服務客戶。我們所打造的並非短期效率方案或情境式回應，而是一個更強健的根本性營運模式，能更好地串聯全企業的規劃、決策與執行。

We already see early signs of this working in areas such as order delivery predictability, improved accuracy rates leading to better conversion on incoming orders. The solid mitigation efforts already in place and additional steps planned, we remain confident about HP's upside potential, both in near term and long term and the constraints the industry face begins to lift.

我們已在訂單交付可預測性等領域看到早期成效，例如準確率提升，帶動新進訂單更好的轉換表現。在既有的扎實緩解措施與規劃中的額外步驟之下，隨著產業所面臨的限制開始緩解，我們對 HP 在短期與長期的上行潛力仍具信心。

Looking ahead, we remain focused on being the trusted resource for customers in navigating a dynamic environment. In Personal Systems, we see opportunity from increasing commercial workloads, AI PCs, advanced compute to the broader shift towards hybrid AI and growing need for compute-intensive use cases at the edge.

展望未來，我們仍專注於成為客戶在動態環境中前行的可信賴資源。在個人系統方面，我們看到來自商用工作負載增加、AI PC、先進運算，以及更廣泛轉向混合式 AI 的機會，並且邊緣端對運算密集型使用情境的需求持續成長。

In Print, we will continue to place profitable hardware units, grow big tank and subscription businesses and invest in industrial applications. Our teams will continue to manage memory storage and geopolitical pressures through pricing, sourcing, supply chain actions, productivity and portfolio choices.

在列印方面，我們將持續投放具獲利性的硬體裝機量、擴大大墨倉（big tank）與訂閱業務，並投資工業應用。我們的團隊將持續透過定價、採購、供應鏈行動、生產力提升與產品組合選擇，來管理記憶體、儲存與地緣政治壓力。

Opportunity ahead is significant. AI is moving from isolated experimentation into day-to-day workflows, devices and environments. HP is well positioned to be the customer's trusted edge AI platform, helping them make the most of that transition.

前方的機會相當可觀。AI 正從零散的實驗走向日常工作流程、裝置與環境之中。HP 已具備良好定位，成為客戶可信賴的邊緣 AI 平台，協助他們充分把握這項轉變。

In closing, I'm proud of how the HP team performed this quarter. We delivered strong Personal Systems growth, managed through a challenging end market and continue to drive innovation that will shape how work is done. Thank you to our employees for their commitment and to our customers, partners and investors for the trust you continue to place in HP.

最後，我為 HP 團隊本季的表現感到自豪。我們實現了個人系統的強勁成長，在充滿挑戰的終端市場中穩健應對，並持續推動將形塑未來工作方式的創新。感謝員工的投入，也感謝客戶、夥伴與投資人持續對 HP 的信任。

With that, I'll turn it over to Karen.

那麼，我把時間交給 Karen。

Thank you, Bruce, and good afternoon, everyone. We are pleased with our third quarter results, which reflect solid execution and continued progress against the priorities we outlined at the start of the year.

謝謝你，Bruce，各位下午好。我們對第三季的業績感到滿意，這反映了穩健的執行力，以及在年初所提出優先事項上的持續進展。

For the third consecutive quarter, we delivered better-than-expected top line growth and EPS at the top or above our guidance range, underscoring the discipline of our teams in a dynamic operating environment. We drove yet another quarter of robust revenue growth with continued momentum in Personal Systems and key growth areas.

連續第三個季度，我們交出了優於預期的營收成長，且 EPS 位於或高於我們的指引區間上緣，凸顯團隊在多變的營運環境中仍能保持紀律。在個人系統與關鍵成長領域持續動能的帶動下，我們再度實現強勁的營收成長。

Double-digit sequential growth in Personal Systems also supported strong free cash flow in the quarter. And at the same time, as Bruce mentioned, we are continuing to drive our 4-pillar plan to mitigate rising input costs. These ongoing efforts to secure supply, shape demand, implement targeted cost reductions and take disciplined pricing action, all continue to ramp and have enabled us to deliver OP rates in line with our, growth after excluding the favorable impact of tariff refunds received in the quarter.

個人系統的連續雙位數成長，也支撐了本季強勁的自由現金流。同時，如 Bruce 所提到的，我們持續推進四大支柱計畫，以緩解投入成本上升。這些持續性的措施——確保供應、引導需求、推動具針對性的成本降低，以及採取有紀律的定價行動——都在持續加速推進，並使我們在排除本季收到的關稅退稅之有利影響後，仍能交出與我們預期一致的營業利益率水準。

Now let me walk you through more details on our third quarter performance. We delivered 13% revenue growth or 11% in constant currency, with growth across all regions. By geography, strong Personal Systems performance drove constant currency revenue up 22% in APJ, 10% in EMEA and 5% in the Americas.

接下來我將更詳細說明第三季的表現。我們的營收成長 13%，以固定匯率計成長 11%，各地區皆有成長。按地理區域來看，個人系統的強勁表現帶動 APJ 固定匯率營收成長 22%、EMEA 成長 10%、美洲成長 5%。

As customers continue to upgrade their devices to manage more demanding workloads. Our gross margin at 18.8% was down year-over-year as expected driven by higher commodity costs and increased mix from Personal Systems. Pricing, strong growth from our key growth areas and tariff refunds partially offset these headwinds.

隨著客戶持續升級裝置以因應更高負載的工作需求。我們的毛利率為 18.8%，如預期較去年同期下滑，主要受較高的大宗商品成本以及個人系統占比提高的組合影響所致。定價、關鍵成長領域的強勁成長，以及關稅退稅部分抵銷了這些逆風。

Strong revenue growth, along with our focus on disciplined cost management, helped to drive operating expenses down as a percent of revenue while still enabling important investments in innovation, product promotion and our people. All in, our operating margin was 6.5%.

強勁的營收成長，加上我們對成本管理紀律的重視，推動營業費用占營收比重下降，同時仍能支持在創新、產品推廣與人才方面的重要投資。整體而言，我們的營業利益率為 6.5%。

And when excluding the benefit of tariff refunds, this was in line with our expectations. Below operating profit, higher cash balances contributed to lower financing costs in the quarter. and led to better-than-expected other income and expense. Our net earnings per share at $0.83 grew 11% and includes $0.11 related to tariff refunds.

若排除關稅退稅帶來的效益，該表現與我們的預期一致。在營業利益以下，本季較高的現金餘額帶來較低的融資成本，並使其他收益與費用優於預期。我們的每股淨利為 0.83 美元，成長 11%，其中包含與關稅退稅相關的 0.11 美元。

Importantly, without the tariff benefit, we still delivered EPS above the top end of our guidance range. Now let's turn to segment performance. In Personal Systems, we delivered record third quarter revenue of $11.8 billion, up 18% and a stronger-than-expected market.

重要的是，即使不含關稅效益，我們仍交出高於指引區間上緣的 EPS。接下來看各事業部表現。在個人系統方面，我們第三季營收創下 118 億美元的紀錄，年增 18%，且市場表現強於預期。

While volume was down as expected, our continued prioritization of higher-value unit placements, repricing for higher commodity costs and services expansion more than offset the volume headwind. And consistent with our strategy, we gained share in the premium PC categories and delivered strong performance from our key growth areas.

雖然出貨量如預期下滑，但我們持續優先配置高價值機種、因應大宗商品成本上升進行重新定價，以及服務業務擴張，均足以抵銷出貨量的逆風。並且與我們的策略一致，我們在高階 PC 類別提升市占，關鍵成長領域也交出強勁表現。

With double-digit revenue growth in AI PC, advanced compute solutions, hybrid systems and workforce solutions. From a segment perspective, we also delivered double-digit revenue growth in both commercial, up 22% and Consumer, up 10%, driven by disciplined pricing actions and favorable mix.

AI PC、先進運算解決方案、混合系統與勞動力解決方案的營收皆呈現雙位數成長。從事業部角度來看，商用營收年增 22%、消費者營收年增 10%，主要受有紀律的定價行動與有利的產品組合所帶動。

Aligned with our focus on higher value segments, commercial represented over 70% of our Personal Systems revenue in the quarter. PS operating margin of 4.6% and was below our long-term range as expected and down year-over-year from higher commodity costs and variable compensation, which we worked to partially offset with repricing actions and other cost reductions.

配合我們聚焦高價值區隔的策略，本季商用占個人系統營收超過 70%。個人系統營業利益率為 4.6%，如預期低於我們的長期區間，且因大宗商品成本上升與變動薪酬增加而較去年同期下滑；我們透過重新定價行動與其他成本降低措施，努力部分抵銷其影響。

Turning to Print. As expected, revenue was down 2% or 4% in constant currency on lower supplies and hardware volumes and what remained the competitive pricing environment. These headwinds were offset in part by key growth area contributions, including continued momentum in industrial print, fueled by increased usage, double-digit growth in 3D and and a continued ramp of subscribers to our all-in plan.

接著看列印業務。如預期，因耗材與硬體出貨量下降，以及競爭性定價環境仍在，營收下滑 2%，以固定匯率計下滑 4%。這些逆風部分被關鍵成長領域的貢獻所抵銷，包括工業列印在使用量提升帶動下持續增長、3D 業務雙位數成長，以及我們全包方案（all-in plan）訂閱用戶的持續擴張。

By customer segment, Consumer revenue declined 2% with lower traditional printer volume, offset in part by higher ASPs. Aligned with our strategy, we continue to increase our penetration of the tank printer market, delivering 42% unit growth in this important profit upfront category and gaining share both year-over-year and sequentially.

按客戶區隔來看，消費者營收下滑 2%，主因為傳統印表機出貨量下降，但部分被較高的平均售價（ASP）所抵銷。與我們的策略一致，我們持續提高在連供式（tank）印表機市場的滲透率，在這個重要的「利潤前置」類別中實現 42% 的單位成長，並在年對年與季對季皆提升市占。

In commercial, revenue was down 1%, driven by lower volume and unfavorable mix. We saw particular softness in the office market in North America and China, and our results reflect our focus on placing profitable units in an aggressive pricing environment. And in line with expectations, supplies revenue was down 4% in constant currency, impacted in part by headwinds in the Middle East.

在商用方面，營收下滑 1%，主要受出貨量下降與不利的產品組合影響。我們在北美與中國的辦公市場看到特別疲弱的需求，而我們的結果也反映出在激進的定價環境下，我們聚焦於投放具獲利性的機種。並且如預期，耗材營收以固定匯率計下滑 4%，部分受到中東地區逆風影響。

All in, print operating margin was 18.1%. The up roughly 1 point year-over-year, reflecting the favorable impact of tariff refunds and pricing actions. Excluding the benefit of tariff refunds, print operating margin was in line with our guidance at the low end of our long-term range.

整體而言，列印營業利益率為 18.1%。年對年約提升 1 個百分點，反映關稅退稅與定價行動的有利影響。若排除關稅退稅效益，列印營業利益率與我們的指引一致，位於長期區間的低端。

Now let me move to cash flow and capital allocation. We generated over $1.7 billion in cash from operations and roughly $1.6 billion in free cash flow in Q3 on the strength of Personal Systems performance. And as planned, we paid down slightly more than $500 million in debt maturities due in the quarter.

接下來談現金流與資本配置。受個人系統強勁表現帶動，我們第三季營運活動現金流超過 17 億美元，自由現金流約 16 億美元。並且依計畫，我們償還了本季到期的債務本金略高於 5 億美元。

Through disciplined working capital management and robust Personal Systems growth, we have driven year-to-date free cash flow of more than $2.5 billion, well ahead of our typical seasonality. Through both dividends and share repurchase, we returned nearly $600 million to shareholders in the quarter and over $1.5 billion year-to-date, and we ended the quarter within our target leverage range.

透過有紀律的營運資金管理與個人系統的強勁成長，我們年初至今的自由現金流已超過 25 億美元，明顯優於我們典型的季節性走勢。本季我們透過股利與庫藏股回購向股東返還近 6 億美元，年初至今返還超過 15 億美元；季末我們的槓桿水準落在目標區間內。

As always, we remain committed to returning approximately 100% of our free cash flow to shareholders over time as long as our gross leverage remains under 2x, and there aren't better return opportunities. Looking ahead to the remainder of our fiscal year, we continue to expect input costs to rise, putting near-term pressure on our operating margins, particularly in Personal Systems.

一如既往，只要我們的總槓桿維持在 2 倍以下，且沒有更佳的報酬機會，我們仍承諾長期將約 100% 的自由現金流回饋給股東。展望本財年剩餘期間，我們仍預期投入成本將持續上升，對短期營業利益率造成壓力，尤其是在個人系統。

We are factoring that into our Q4 outlook, along with the traction we are making on our cost mitigation plans. By segment, in Personal Systems, we remain aligned with industry experts projecting the PC unit TAM to decline high teens year-over-year for the second half of the calendar year.

我們已將此納入第四季展望，同時也考量我們在成本緩解計畫上取得的進展。按事業部來看，在個人系統方面，我們仍與產業專家一致，預期今年下半年（以曆年計）PC 單位總可服務市場（TAM）將年減高十位數百分比。

Given the impact of commodity-driven price increases, we expect below seasonal revenue performance in Q4. That said, we do expect year-over-year revenue growth in the quarter, driven by pricing actions, share gains in premium categories attach of higher-margin offerings and increased penetration of AI PCs as more AI workloads move to edge devices.

考量大宗商品驅動的價格上調影響，我們預期第四季營收表現將低於季節性水準。不過，我們仍預期本季營收將年對年成長，主要由定價行動、高階類別市占提升、較高毛利產品的搭售/附加率提升，以及隨著更多 AI 工作負載移轉至邊緣裝置而帶動 AI PC 滲透率提高所驅動。

We continue to expect memory and storage costs to increase further as a percentage of the bill of materials. And as we signaled last quarter, we expect our Q4 margin to be below Q3 levels, and then to sequentially improve as we look ahead into FY27. In print, our outlook is aligned with industry expectations for a mid-single-digit decline in the hardware market in the second half of the calendar year.

我們仍預期記憶體與儲存成本占物料清單（BOM）的比重將進一步上升。並且如同我們上季所指出的，我們預期第四季毛利率將低於第三季水準，之後在展望 FY27 時將逐季改善。在列印方面，我們的展望與產業預期一致，預估今年下半年（以曆年計）硬體市場將出現中個位數百分比的下滑。

We will continue building on our share gain progress in tank printers through portfolio extensions and targeted promotions, while completing the rollout of our latest AI-enabled laser portfolio and office by the end of the fiscal year. For Q4, we expect print revenue to be in line with historical seasonality.

我們將透過產品組合延伸與精準促銷，持續鞏固我們在連供式印表機（tank printers）市占提升的進展，同時在本財政年度結束前完成我們最新 AI 賦能雷射產品組合與辦公產品的全面推廣。針對第四季，我們預期列印營收將符合歷史季節性表現。

And excluding the impact of any tariff refunds in the quarter, we expect operating margins in the lower half of our long-term range, reflecting our focus on incremental hardware unit placement and near-term input cost pressures, which we are actively working to mitigate.

此外，若排除本季任何關稅退稅的影響，我們預期營業利益率將落在我們長期區間的下半部，反映我們聚焦於增加硬體出貨量（unit placement）以及短期投入成本壓力；我們正積極採取措施以降低其影響。

Beyond the segments, we expect Q4 OI&E and corporate to be similar to Q3 levels. All in, based on our strong performance in the quarter, we are increasing our outlook for the fiscal year. We now expect diluted net earnings per share to be in the range of $3.19 to $3.29. Up from our previous range of $2.90 to $3.10 and including a $0.19 favorable impact from estimated tariff refunds.

在各事業部門之外，我們預期第四季的其他收入與費用（OI&E）及公司層級項目將與第三季水準相近。整體而言，基於本季強勁表現，我們上調本財政年度展望。我們目前預期稀釋後每股淨利將介於 3.19 美元至 3.29 美元。高於先前 2.90 美元至 3.10 美元的區間，並包含估計關稅退稅帶來的 0.19 美元正面影響。

For Q4 specifically, we expect diluted net earnings per share to be in the range of $0.69 to $0.79, including an $0.08 favorable impact from estimated tariff refunds. And given our improved earnings performance and strong free cash flow in Q3, we are also increasing our outlook for free cash flow to be in the range of $3 billion to $3.2 billion for the fiscal year.

就第四季而言，我們預期稀釋後每股淨利將介於 0.69 美元至 0.79 美元，其中包含估計關稅退稅帶來的 0.08 美元正面影響。此外，鑑於我們第三季獲利表現改善且自由現金流強勁，我們也上調本財政年度自由現金流展望至 30 億美元至 32 億美元。

Looking beyond this fiscal year, as Bruce said, we see meaningful opportunity as workloads continue shifting to the edge, and we are well positioned to lead this transition through our trusted devices software and services.

展望本財政年度之後，如 Bruce 所言，隨著工作負載持續向邊緣端轉移，我們看見顯著機會；我們也已做好準備，將透過我們可信賴的裝置、軟體與服務引領這項轉型。

In Personal Systems, we plan to continue to invest in innovation across AI PC, workstations and high-value solutions with a disciplined focus on gaining share in premium categories. We expect input costs to continue to rise but at a slower rate than we have experienced in fiscal '26. And of course, we remain focused on mitigating the impact of this dynamic commodities environment and expect to bring our PSOP rate back into our long-term range as quickly as possible in FY27.

在個人系統（Personal Systems）方面，我們計畫持續投資於 AI PC、工作站與高價值解決方案的創新，並以嚴謹紀律聚焦於在高階品類提升市占。我們預期投入成本仍將持續上升，但上升速度將低於我們在 2026 財年所經歷的水準。當然，我們仍專注於降低此一動態大宗商品環境的影響，並預期在 2027 財年盡快將 PSOP 比率拉回至我們的長期區間。

In Print, we will remain focused on protecting operating profit through share gains and profit upfront tank printers expansion in consumer subscriptions, strengthening our position in office through AI-enabled innovation, sustaining momentum in industrial graphics and maintaining cost discipline. I will share more on our fiscal 2027 outlook in our Q4 earnings call.

在列印（Print）方面，我們將持續聚焦於透過市占提升與消費者訂閱中「利潤前置（profit upfront）」的連供式印表機擴張來守住營業利益；並透過 AI 賦能創新強化我們在辦公市場的地位，延續工業圖形（industrial graphics）的動能，同時維持成本紀律。我將在第四季財報電話會議中分享更多關於 2027 財年展望的內容。

In closing, we are pleased with the performance in the quarter and the progress we are making against our strategic and financial priorities. We have a strong track record of execution and remain confident in our ability to drive continued growth and value ahead.

最後，我們對本季表現以及在策略與財務優先事項上的推進進度感到滿意。我們擁有強勁的執行紀錄，並對未來持續推動成長與創造價值的能力保持信心。

Turning to Q&A. Given the continued dynamic PC environment, we have invited Ketan Patel, Head of Personal Systems to join us.

接下來進入問答。鑑於 PC 市場環境仍持續動態變化，我們邀請個人系統事業群負責人 Ketan Patel 一同加入。

So with that, I would like to hand it back to the operator and open the call for your questions.

那麼，我想把時間交還給接線員，並開放各位提問。

(Operator Instructions) Amit Daryanani, Evercore ISI.

(接線員指示) Amit Daryanani，Evercore ISI。

I guess I have a question and a follow-up, but maybe just to start with Karen, could you just spend a little bit of time on the Personal Systems assumptions for Q4? I think you sort of implying PS revenues will be sub seasonal, but you should still see year-over-year growth in the model.

我想我有一個問題以及一個追問；不過先從 Karen 開始，能否請你花一點時間談談第四季個人系統（PS）的假設？我理解你似乎在暗示 PS 營收會低於季節性，但模型中仍應該會看到年增。

I think it's a fair way to think about it, but I'd love to understand, do you see that fiscal Q4 trend line of units being down high teens, but revenue is still growing by a few points, persisting through fiscal '27? Or is that more in Q4?

我覺得這樣理解很合理，但我想更清楚的是：你們是否認為 2026 財年第四季那種「出貨量年減十幾個百分點高段，但營收仍小幅成長」的趨勢，會延續到 2027 財年？還是主要只發生在第四季？

Yes. Thanks for the question, Amit. On Q4, our outlook reflects the industry's view that PC units will decline high teens in the second half as pricing actions pressure demand as we said, though, we do still expect to drive year-over-year revenue growth.

是的。謝謝你的問題，Amit。就第四季而言，我們的展望反映產業觀點：由於我們提到的定價措施對需求造成壓力，下半年 PC 出貨量將年減十幾個百分點高段；不過，我們仍預期能推動營收年增。

We expect it to be down quarter-over-quarter but growing year-over-year with a richer mix of higher-value categories including premium and commercial and consumer PCs, AI PC, workstations and attach offerings along with pricing and all of that to more than offset the lower units.

我們預期營收將季減，但年增；主因是產品組合更偏向高價值品類，包括高階、商用與消費型 PC、AI PC、工作站與周邊搭售（attach）產品，再加上定價等因素，足以抵銷較低的出貨量。

I would also note that we're maintaining our discipline to prioritizing profitable growth and edge AI driven demand rather than chasing a low margin share. Our comments on revenue growth relate to Q4. It's too early for us to be giving FY27 guidance. We'll be doing that on our Q4 call.

我也要補充，我們仍維持紀律，優先追求獲利性成長與邊緣 AI 驅動的需求，而不是去追逐低毛利的市占。我們對營收成長的評論是針對第四季。現在對我們而言，提供 2027 財年指引仍為時過早。我們會在第四季電話會議時提供。

Fair enough. I figure I can try nonetheless. On memory, in your prepared in the press release, you folks talked about meaningful improvements in memory supply, higher fulfillment rate. Can you just talk about. Is that just you getting better allocations or there's more spot availability?

了解。我想我還是試著問問看。關於記憶體，在你們的新聞稿準備稿中提到記憶體供應有顯著改善、履約率（fulfillment rate）更高。能否談談這點？這只是你們拿到更好的配額（allocations），還是現貨（spot）供應也更充足？

Just what do those things mean for HP Inc. And from your perspective, where do you think PS margins would trough as you go forward?

這些對 HP Inc. 代表什麼？另外，從你們的角度看，個人系統（PS）毛利率在往後走的過程中，大概會在什麼位置觸底？

Yes. Thanks for the question. On supply, we are getting the supply that we need to fill our customer demand. So that has not been an issue. And as we look ahead in Q4 at our margins, I would say that -- we said that we expected Q4 margins to be a low point last quarterly call.

是的。謝謝你的問題。就供應而言，我們已取得滿足客戶需求所需的供應量。因此這並不是問題。而展望第四季的毛利率，我會說——我們在上一次季度電話會議中提到，預期第四季毛利率會是低點。

We continue to believe that. But we have high confidence that it will improve from there. As we work through this volatile environment, I would say we've not only been transparent, but we've also shown that we can deliver what we say we will do.

我們仍然相信如此。但我們也非常有信心，之後毛利率將會改善。在我們應對這個波動環境的過程中，我想我們不僅保持透明，也已證明我們能做到我們所說的。

And we signaled at the beginning of the year, that margins would be increasingly impacted as we move through the fiscal year. Costs have continued to rise, and we are working through the benefit of the lower cost of inventory on our balance sheet that we had more in the first half and now you're seeing inventory that is carrying higher cost working through our P&L in the back half.

我們在年初就已指出，隨著財政年度推進，毛利率將受到愈來愈大的影響。成本持續上升，而我們也正在消化資產負債表上較低成本庫存所帶來的效益——這在上半年較多；而在下半年，你們看到的是成本較高的庫存逐步反映到損益表（P&L）中。

But at the same time, we've been successfully implementing our mitigation plan. We've secured supply. We've qualified new suppliers. We've reshaped demand and configuration, and we've taken targeted cost actions and reprice with discipline.

但同時，我們也成功推動我們的緩解計畫。我們已確保供應。我們已完成新供應商的認證。我們已調整需求與配置，並採取有針對性的成本行動，同時以紀律進行重新定價。

And as we said before, some of those actions move quickly, while others like product redesign and platform optimization on the cost reduction side and long-term contract revisions on the pricing side takes some lead time.

如同我們先前所說，其中一些行動見效很快；但另一些，例如在降本方面的產品重新設計與平台最佳化，以及在定價方面的長期合約修訂，則需要一些前置時間。

We also expect margin benefit from the areas where we're prioritizing growth in the premium categories and AI PCs and higher value attach and edge AI workloads and all of that contributes to improved overall margins. So on input costs, we said we still expect them to rise in FY27 and in but at a slower rate than we've seen to date.

我們也預期，來自我們優先在高階品類、AI PC、更高價值的周邊搭售（attach）以及邊緣 AI 工作負載等領域推動成長，將帶來毛利率助益；這些都將促進整體毛利率改善。至於投入成本，我們表示仍預期在 2027 財年上升，但上升速度將低於目前為止所見。

So our focus, as I said, is just going to be to recover PS margins back to the long-term range as quickly as possible while also continuing to drive profitable growth.

因此，我們的重點，如我所說，就是在持續推動獲利性成長的同時，盡快把個人系統（PS）毛利率恢復到長期區間。

(Operator Instructions) Mark Newman, Bernstein.

(操作員指示) Mark Newman，Bernstein。

Following up on the margin. On the timing of memory cost increases, is the inventory, the low cost may lower cost memory inventory benefit done? Or in the Q3 that you just printed, is there still some cost benefit? . I'm just trying to figure out on the cost line, are there more headwinds for you to normalize to the market price of memory?

接續關於毛利率的問題。關於記憶體成本上升的時點，庫存中較低成本的記憶體庫存所帶來的成本優勢是否已經用完、反映完了？或者在你們剛公布的第三季，是否仍然還有一些成本上的好處？.我只是想釐清在成本端，你們是否還會面臨更多逆風，因為要回歸到記憶體的市場價格？

Or is the upcoming cost increase just based on the market increases of memory? And related to that on pricing for PCs, Obviously, these results are implying quite considerable price increases, which is leading to the strong revenue growth. But I'm trying to understand, is there -- because some of your revenue is coming from channel relationships and those gene relationships may be a bit of a lag in sort of how quickly you can increase prices.

還是說接下來的成本上升只是基於記憶體市場價格上漲？另外，關於 PC 的定價，很明顯這些結果意味著相當可觀的漲價，進而帶動強勁的營收成長。但我想了解的是，是否因為你們部分營收來自通路關係，而這些通路關係在你們能多快調漲價格方面可能會有一些滯後。

So are you caught up to where you want to be for pricing or some of those relationships with some of your thermal partners still need catching up due to whatever terms. So in other words, I'm trying to figure out -- is there more upside to pricing? Or should we expect you to be quite in line with the market going forward?

所以你們的定價是否已經追上你們希望達到的水準？還是說，因為某些條款，你們與一些散熱合作夥伴的關係仍需要時間追上？換句話說，我想釐清——定價是否還有更多上行空間？或者我們應該預期你們未來會與市場大致同步？

Sure, Mark. I'll start answering that long question, and I'll ask Ketan to chime in if he's got anything to add. I would say, first, on the PS margin, yes, we were benefiting earlier in the year from that lower cost of inventory that was on our balance sheet and flowing through to the P&L.

好的，Mark。我先回答這個很長的問題，如果 Ketan 有要補充的我也會請他加入。我會說，首先在 PS 毛利率方面，是的，我們在今年稍早確實受惠於資產負債表上較低成本的庫存，並且隨著出貨流入損益表。

While we still have a mix of lower cost of inventory, I would say that benefit is largely behind us. And we now have higher cost of inventory that's working through our P&L, as I said. But on the cost side, we have other things that we are doing to help drive costs down.

雖然我們目前仍有一部分較低成本庫存的組合，但我會說那個好處大致已經過去了。如我所說，我們現在有較高成本的庫存正在透過損益表反映出來。不過在成本端，我們也在做其他事情來協助降低成本。

Things like product redesign and platform optimization, those things take some time, and we'll begin to start seeing the benefit of some of those things going forward. And that is one of the levers that will be helping us improve our margin as we move forward.

例如產品重新設計與平台最佳化，這些需要一些時間，我們將在未來開始看到其中一些措施帶來的效益。而這也是我們在往前走的過程中，協助提升毛利率的其中一個槓桿。

On pricing, we have been increasing pricing -- we expect to continue to increase pricing as input costs rise. We use that as a last lever after we have focused on demand shaping and product reconfiguration and and taking cost out everywhere that we can. We use pricing as the last lever.

在定價方面，我們一直在調漲價格——並且預期在投入成本上升時會持續調漲。在我們先專注於需求引導、產品重新配置，以及在所有可行之處降本之後，才會把定價作為最後一個槓桿。我們把定價當作最後一個槓桿。

So I'll let Ketan add anything.

我讓 Ketan 補充看看。

Karen. You covered it very well on a few of the pricing questions. I'll just add one thing that we have several go-to-market options including we do business with online channels. We do business with our regular channel partners, enterprise customers, and we also have contractual end user deals.

Karen。你已經把幾個定價相關問題講得很完整了。我只補充一點：我們有多種上市（go-to-market）方式，包括與線上通路合作。我們也與一般通路夥伴、企業客戶合作，另外也有與終端用戶的合約型交易。

And all of them have different durations for reflecting updated pricing. So the lag can range from immediately to a few months before price changes will be fully reflected for all the customers. And this is all post mitigations, which Karen already spoke about.

而這些不同模式反映更新定價的時間長短各不相同。因此，滯後時間可能從立即生效到需要幾個月不等，價格變動才會在所有客戶端完全反映。而這些都是在完成緩解措施之後的情況，Karen 也已經談過。

So definitely, we'll continue to work on some of those actions. On top of it, I would say that while pricing is one of the levers, some of the actions which we have taken, let me quote a couple of examples which are helping us navigate the situation.

所以我們肯定會持續推進其中一些行動。此外我會說，雖然定價是其中一個槓桿，但我們已採取的一些行動——我舉兩個例子——也正在幫助我們因應這個情勢。

This robust supply informed demand planning and demand shaping muscle which we are leveraging through our WSP workforce Experience Platform Insights to identify key configurations for specific customer workloads is helping customers with the best value with the right cost.

第一，我們運用強健的「供應驅動需求規劃」與「需求引導」能力，並透過我們的 WSP Workforce Experience Platform Insights，辨識特定客戶工作負載所需的關鍵配置，協助客戶以合適成本取得最佳價值。

And the second example I would quote is we have aggressive design for cost initiative, which has led to highly optimized costs for specific products for specific countries, which gives us structural capability to serve customer needs again at the right value and cost.

第二個例子是，我們推動積極的「以成本為導向的設計」計畫，使特定產品在特定國家達到高度最佳化的成本，讓我們具備結構性的能力，以合適的價值與成本再次滿足客戶需求。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

This is Stephen on on behalf of Krish. The first one that I had was for Bruce, previously in the prepared remarks, you talked about a 50% AI PC mix target by year-end. I'm just kind of curious, like in terms of the configurations of those AI PC, does that include a lot of AI workstations and what's sort of the attach rate of discrete AI accelerators in -- within that IPC mix?

我是 Stephen，代表 Krish 提問。第一個問題想問 Bruce：你先前在準備好的發言中提到，年底前 AI PC 的組合目標是 50%。我有點好奇，就這些 AI PC 的配置而言，是否包含很多 AI 工作站？以及在這個 IPC 組合中，獨立式 AI 加速器的搭載率大概是多少？

Well, thank you for the question. And really is oriented to the AI PCs in totality at the workstation. So just to provide that context relative to the attach rate. The tax rate on the AI PCs are very similar to the attach rate that we see and other parts of the PC business.

謝謝你的問題。這其實是以整體 AI PC（包含工作站）為範疇來看。所以就搭載率提供一些背景說明。AI PC 的搭載率與我們在 PC 業務其他部分看到的搭載率非常相近。

And that's traditionally around a third have a 30% margin kind of opportunity for us. On top of that, we also see opportunity to continue to add solutions to our IPCs that is oriented to really things like the HP IQ, which will be coming out later this year, device security, there's another area where we look at.

傳統上大約有三分之一，對我們而言是約 30% 毛利率的機會。除此之外，我們也看到持續在 IPC 上增加解決方案的機會，主要像是今年稍晚會推出的 HP IQ、裝置安全等，這也是我們關注的另一個領域。

And even in our areas of primer we have AI-enabled print, which complements our AI and so I would say, as you look at the IPC there as Pete and Karen have talked about that they are at premium pricing and our significant value to our customers that are complemented by the attach rate that we firmly and then on top of that, we have a number of solutions that we're able to add to the ITCs that offer it to be more valuable to the customer and, frankly, more value to us.

甚至在我們的印表機領域，我們也有 AI 強化列印，能與我們的 AI 相互補強。因此我會說，當你看 IPC 時，正如 Pete 和 Karen 所談到的，它們具備溢價定價，並為客戶帶來顯著價值；同時也有我們堅實的搭載率作為支撐。除此之外，我們還能在 ITC 上加入多項解決方案，使其對客戶更有價值，坦白說，對我們也更有價值。

I'll just add on top of what Bruce mentioned, AIP sees a strong performance also for us this quarter. It contributed 46% of our mix, in line with our 40% to 50% forecast for FY26. And we are expecting it to get up to 60% to 70% in 2027 and more than 70% in 2028.

我再補充 Bruce 提到的內容：AIP 本季對我們也有強勁表現。它貢獻了我們組合的 46%，符合我們對 FY26 的 40% 到 50% 預測。我們預期 2027 年會提升到 60% 到 70%，2028 年則超過 70%。

Also the work which we have accelerated with ISV partners with software companies with more than 150 of them to leverage the capabilities of the species. And as Bruce mentioned in his comments, with a growing AI workload being pushed to the edge, driven by cost, latency and privacy considerations. The lower of these pieces in customer fleets will continue to expand.

另外，我們也加速與 ISV 夥伴、軟體公司合作，超過 150 家，來運用這些平台的能力。如 Bruce 在評論中提到，隨著 AI 工作負載因成本、延遲與隱私考量而更多被推向邊緣端。這些設備在客戶機隊中的滲透率將持續擴大。

So this will be margin accretive to us, and that's what we'll continue to focus in terms of AI PC mix as well as workstations, which are critical categories for growth.

因此這將對我們的毛利率具有增益效果，而這也是我們將持續聚焦的方向：AI PC 組合以及工作站——這些都是關鍵的成長類別。

Got you. Maybe for the color, Ketan, and for a follow-up, I had a question on the strong double-digit growth that you guys are seeing in both the EMEA and APJ markets. If I recall correctly, the Windows 10 refresh was a big driver of that in the near term.

了解。Ketan，想請你補充一些細節，並作為追問：你們在 EMEA 與 APJ 市場都看到強勁的雙位數成長。如果我沒記錯，Windows 10 的換機潮在短期內是很大的驅動因素。

Kind of curious like in the current quarter and maybe like the quarter after as well, is when does the refresh still a big driver there? Or is that going to play out in the near term? And any other thoughts on demand pricing to be helpful.

我有點好奇，在本季以及可能下一季，這波換機是否仍是主要驅動力？還是說它會在短期內就告一段落？另外對需求與定價方面，若有任何看法也請分享。

Yes. Thanks for the question, Stephen. We now see roughly 70% of the Win 11 refresh complete. That's been a good catalyst for the last couple of years, and we are seeing it still drive small and medium business demand.

是的。謝謝你的提問，Stephen。我們現在看到大約 70% 的 Win 11 換機更新已完成。這在過去幾年一直是很好的催化劑，我們也看到它仍在帶動中小企業需求。

I would say, that said, the Win 11 catalyst is really being increasingly augmented by a rising demand for AI PCs, Edge AI and genic workloads requiring more capable PCs. So we honestly see these tailwinds to shape the market in the coming years.

我會說，話雖如此，Win 11 的催化效應正日益被對 AI PC、邊緣 AI 以及需要更高效能 PC 的生成式工作負載日益上升的需求所強化。因此，我們確實看到這些順風因素將在未來幾年塑造市場。

And we're proud to have an increased penetration of AI PCs today as part of our shipments, as Ketan just mentioned and a growing part as we look ahead.

而且我們也很自豪，如 Ketan 剛才提到的，我們目前出貨中 AI PC 的滲透率正在提高，並且展望未來占比還會持續成長。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

I was wondering if you could talk about channel inventory levels in both PC and print and how they're shaking out maybe relative to where you would ideally like them and I have a follow-up.

我想請你談談 PC 與列印兩個業務的通路庫存水位，以及它們目前的消化情況，可能相對於你們理想希望達到的水位如何；我還有一個追問。

Thanks, Wamsi. I would say that we are definitely disciplined in how we manage inventory across our channels. And in an inflationary cost environment, we would expect inventory to be higher than normal, and that's exactly what we see in PS right now.

謝謝，Wamsi。我會說，我們在管理各通路的庫存方面確實非常自律。而在通膨推升成本的環境下，我們預期庫存會高於正常水準，而這正是我們目前在 PS（個人系統）看到的情況。

But that said, the inventory levels in the channel remain well controlled. They're within our demand outlook, and they continue to support the supply continuity that we really want in a constrained memory environment. And in print, our channel inventory remains at healthy levels and within the range that we would consider normal.

但話雖如此，通路端的庫存水位仍然控制得很好。它們在我們的需求展望範圍內，並且在記憶體供應受限的環境下，持續支撐我們真正想要的供應連續性。至於列印業務，我們的通路庫存仍維持在健康水位，並落在我們認為正常的區間內。

Okay. As a follow-up, we heard a lot about AI and IPC as positive mix. I'm just wondering, are you seeing these customers already quantifying ROI from local inference deployments and what kind of use cases are driving that?

好的。追問一下，我們聽到很多關於 AI 與 IPC 作為正向產品組合的因素。我想了解的是，你們是否已看到這些客戶已經在本地推論部署上量化 ROI（投資報酬率），以及是哪些使用情境在驅動？

Or is it more so that customers are selecting AI PCs because that's becoming the default specification in refresh cycles. Just how much utilities being provided today towards ROI from IPCs versus future proof debt?

或者更像是客戶選擇 AI PC，是因為在換機週期中它正逐漸成為預設規格。目前 IPC 在 ROI 上提供的效用有多少，相較於為未來做準備的成分有多少？

I'll take that. So one, thank you for the question. Clearly, this is -- the PCs are now providing more value than what it was last year. Clearly, as the workloads are coming from cloud to the device, it's adding to significant value for our customers, especially on token economics, which is a big topic right now as you start deploying workloads in a customer environment.

我來回答。首先，謝謝你的問題。很明顯，PC 現在提供的價值比去年更高。很明顯，當工作負載從雲端移到裝置端時，會為客戶帶來顯著價值，特別是在 token 經濟（token economics）方面——這是目前在客戶環境中開始部署工作負載時的一個重要議題。

So that's significant value which customers are seeing. On top of it, they also see advantage of keeping sensitive data closure to where it is generated, reduced dependency on network connectivity improve response times and manage AI cost, as I said earlier, more effectively.

因此，這是客戶正在看到的重大價值。此外，他們也看到把敏感資料更貼近其產生位置所帶來的優勢、降低對網路連線的依賴、改善回應時間，並且如我先前所說，更有效地管理 AI 成本。

So this we see as adoption developing in stages it right now is helping us on higher-value use cases where the return on investment of the customer is clear, such as employee productivity, engineering and design workflows or customer service, predictive maintenance kind of use cases.

因此，我們看到採用正在分階段發展；目前它正幫助我們聚焦在高價值使用情境上，因為客戶的投資報酬率很清楚，例如員工生產力、工程與設計工作流程、客服，以及預測性維護等使用情境。

As customers gain confidence in some of those use cases, these capabilities will expand across a fleet of devices and also to broader enterprise workflows. So that's how we see the current trend.

當客戶對其中一些使用情境更有信心後，這些能力將擴展到一整個裝置機隊，也會延伸到更廣泛的企業工作流程。這就是我們對目前趨勢的看法。

Asiya Merchant, Citi.

Asiya Merchant，花旗。

Mike Cadiz on for Asiya with Citi. Let me just go ahead and ask both my questions at once. So the first would be, could you give more color on the upside of the free cash flow guide -- could it be more than just tariff refund related or levels in that? So that's question one.

我是花旗的 Mike Cadiz，代 Asiya 提問。我就把兩個問題一起問。第一個是，能否就自由現金流指引上修的上行空間提供更多細節——是否可能不只是與關稅退稅相關，或其幅度大概如何？這是第一題。

And the second one would be on additional color, please, on the proportion of enterprise customers deploy AITC in various pilot versus at-scale kind of deployments.

第二題是，請再多提供一些細節：企業客戶在各種試點（pilot）與規模化（at-scale）部署中，部署 AITC 的比例大概如何？

Thanks, Mike, for the question. I'll answer the free cash flow, and then I'll ask Ketan to take the second one. In terms of free cash flow, we are pleased with our performance year-to-date. It is above seasonal performance and enabled us to increase our guide for the full year.

謝謝你的問題，Mike。我先回答自由現金流，然後請 Ketan 回答第二題。就自由現金流而言，我們對年初至今的表現感到滿意。它高於季節性水準，並使我們得以上調全年指引。

That performance is really driven by strong Personal Systems growth along with continued focus on working capital. Our cash conversion cycle is negative 37 days, and we continue to have a strong focus on that. So it was driven by -- yes, more than the tariffs. Tariffs helped a little bit, but clearly driven by underlying performance.

這個表現主要是由個人系統（Personal Systems）的強勁成長所帶動，同時我們也持續聚焦於營運資金。我們的現金轉換週期為負 37 天，我們仍然非常專注於此。所以它的驅動因素——是的——不僅僅是關稅。關稅有些許幫助，但顯然主要是由基本面表現所驅動。

Ketan, do you want to take the second question?

Ketan，你要回答第二個問題嗎？

Yes. On top of the comments, which I had on the IPC and the workloads, I would say that -- there are clearly unique needs, which we are addressing right now through our PC printer pay for our services and meeting room solutions for modern work.

是的。除了我先前對 IPC 與工作負載的評論之外，我會說——目前我們正透過 PC 與印表機的按使用付費（pay-for-our）服務，以及面向現代工作的會議室解決方案，來滿足一些明確且獨特的需求。

Simultaneously, our solutions like WXP are allowing great control for IT and admins to monitor support end user, which is becoming a big need in the world where you will have humans and agents operating together.

同時，我們像 WXP 這樣的解決方案，讓 IT 與管理員能夠更好地控管、監控並支援終端使用者；在未來人類與代理（agents）共同運作的世界裡，這正成為一項重大需求。

And currently, our AI PCs are most capable for running AI models locally. And as Bruce mentioned, we have debited all of this in our first local first AI model through HPI and also Wolf security solution, which HP is implementing is unique and in protecting at a bias level inclusions.

而目前，我們的 AI PC 在本地執行 AI 模型方面最具能力。如 Bruce 提到的，我們已透過 HPI 推出我們第一個「本地優先」（local-first）的 AI 模型，同時 HP 正在導入的 Wolf Security 安全解決方案也很獨特，能在偏置層級（bias level）保護並防範注入（inclusions）。

So some of these are coming together as customers are deploying, as I said earlier, on high-value use cases and expanding this at a broader level. But one thing which we are seeing as a trend for HP, which is a great advantage for our positioning is our ability uniquely to connect the endpoint, the user experiences, enterprise manageability, security and the broader IT environment is something which is becoming a good value equation, which we are able to deliver.

因此，當客戶如我先前所說，先在高價值使用情境中部署並在更廣泛層面擴大時，這些要素正在匯聚。但我們看到的一個趨勢、也是 HP 定位上的一大優勢，是我們能夠以獨特方式連結端點、使用者體驗、企業可管理性、安全性與更廣泛的 IT 環境；這正成為一個很好的價值方程式，而我們能夠交付。

Maybe I'll just add a little bit there. I would say that we are seeing better ROI and in a number of different areas. And I think that a large one we're seeing, as Ketan mentioned, was developer customer service, but we're also seeing it in manufacturing, where our workstations are able to be incorporated in the manufacturing line or our quality control that can use it for quality control and other NII-related manufacturing.

我再補充一點。我會說，我們在多個不同領域看到更好的 ROI。我認為其中很大一塊，如 Ketan 所提到的，是開發者與客服，但我們也在製造業看到——我們的工作站能夠被納入製造產線，或用於品質控管，以及其他與 NII 相關的製造應用。

And so we do see it there. We also see it in the retail area. And in addition, we're beginning to start to see it in the health care area. We're seeing a significant amount about interest and demand as a result of some very powerful use cases, both in the subsectors that we're focused on. in addition in the broader areas like what Ketan has talked about.

所以我們確實在那裡看到了。我們也在零售領域看到。此外，我們也開始在醫療保健領域看到。由於一些非常強而有力的使用情境，我們看到相當顯著的興趣與需求——不僅在我們聚焦的子領域，也包括更廣泛的領域，如 Ketan 所談到的。

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利。

I apologize I hopped on late, but Ketan, you sound very optimistic about fiscal '27 Personal Systems operating margins and you've in the October quarter being the trough. But if we think about unit declines accelerating component inflation is continuing, you're working through higher cost inventory.

抱歉我比較晚才加入，但 Ketan，你對 2027 會計年度個人系統的營業利益率聽起來非常樂觀，而且你提到 10 月季度會是谷底。但如果我們考慮到出貨量下滑正在加速、零組件通膨仍在持續、你們正在消化較高成本的庫存。

And it's fair to probably imagine demand elasticity likely increases to these factors. It's not totally clear to me what the factors are that allow Personal Systems operating margins to improve, even NVIDIA tonight is guiding to margin pressure next year from memory cost. So can you maybe just help me please better understand the offsets to some of these pressures that we're thinking about? And then I have a quick follow-up.

而且合理來說，可以想像需求彈性很可能會因這些因素而提高。我不太清楚有哪些因素能讓個人系統（Personal Systems）的營業利益率改善；甚至今晚 NVIDIA 也在指引明年因記憶體成本而面臨毛利率壓力。所以你能否幫我更好地理解一下，我們所思考的這些壓力有哪些抵銷因素？然後我有個簡短的追問。

Yes. Sure, Eric. Happy to help. So obviously, we talked about the fact that we expect cost to continue to increase, but at a slower rate. So I'll start there. And at the same time, the mitigation actions that we've been taking are really starting to kick in.

好的。當然，Eric。很樂意協助。很明顯地，我們談到過我們預期成本仍會持續上升，但上升速度會放緩。所以我先從這點開始。同時，我們一直在採取的緩解措施也確實開始發揮效果。

So things like long-term contract revisions on the pricing side, which takes some lead time. and other cost actions that we've been working through, like product redesign and platform optimization that can also take some time starting to kick in.

例如在定價面，我們對長期合約的價格條款進行修訂，這需要一些前置時間；以及我們一直在推進的其他成本措施，例如產品重新設計與平台最佳化，這些也需要一些時間，如今也開始見效。

And I would say, importantly, we're also going to continue to focus on what we've been driving so far, which is an increased mix of premium products with AI PCs and workstations and also a greater mix of attached offerings where we've got plenty of opportunity to drive even more.

而且我想強調的是，我們也會持續聚焦於目前一直在推動的方向，也就是提高高階產品的組合占比，包括 AI PC 與工作站；同時也提高隨附（attach）產品與服務的組合占比，在這方面我們仍有很大的空間可以進一步推動。

And that's inclusive of peripherals and services. things like our WXP platform, et cetera. So it's all of these things combined that give us high confidence that we can drive improvement from here.

這也包含周邊設備與服務，例如我們的 WXP 平台等等。因此，這些因素綜合起來，讓我們對於從現在起推動改善具有高度信心。

Okay. All right. I appreciate that. And as a quick follow-up, I know obviously, myself included there a focus on PS margins on this call. What about Print operating margins just as you think about them into next year, how do you expect them to trend? And what are some of the puts and takes to consider.

好的。好。謝謝你的說明。作為一個簡短追問，我知道這通電話上大家（包括我自己）都很關注個人系統（PS）的利潤率。那麼印表機（Print）的營業利益率呢？當你們展望到明年時，預期走勢如何？有哪些需要考量的利多與利空因素？

Yes. I would say on the print margins in FY27, I'll start by just confirming that we remain comfortable with our long-term operating profit range of 16% to 19% for print, and that still holds for our fiscal '27.

是的。我先談 FY27 的印表機利潤率：我先確認一下，我們仍然對印表機長期營業利益率 16% 到 19% 的區間感到有信心，而這個區間同樣適用於我們的 2027 會計年度。

Where we land in that range can really vary quarter-to-quarter and is influenced by seasonality along with the magnitude of long-term profitable units that we're able to place in the competitive environment. But as we look more broadly to FY27, we will remain focused on protecting operating profit through share gains and profit upfront tank printers through expansion in consumer subscriptions.

我們落在該區間的哪個位置，確實可能會隨季度而變動，並受到季節性影響，以及在競爭環境中我們能夠投放的長期高獲利機型數量多寡所影響。但更廣泛地看 FY27，我們將持續聚焦於透過提升市占來保護營業利益，並透過擴大消費者訂閱來推動「前置獲利」的墨水槽（tank）印表機。

And by strengthening our position in office through some AI-enabled innovation that we've been bringing to market, along with sustaining momentum in industrial graphics and, of course, always maintaining cost discipline. So hopefully, that helps.

同時，藉由我們已推向市場的一些 AI 賦能創新來強化我們在辦公室領域的地位，並維持工業圖形（industrial graphics）的動能，當然也一如既往維持成本紀律。希望這能有所幫助。

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

It was impressive to see the 18% revenue growth in the Personal Systems segment, though units were down 16%. And I was wondering if you could help quantify or otherwise rank how like-for-like price increases portfolio mix shift benefits and then the increased attach of related services benefited that implied ASP increase in the quarter? And if one third of gross profit in this segment coming from those attached businesses is still the right way to think about the mix? And then I have a quick follow-up.

個人系統部門營收成長 18% 令人印象深刻，儘管出貨量下滑 16%。我想請你們協助量化，或至少排序一下：同品項價格上調、產品組合轉向所帶來的效益，以及相關服務隨附率提升，這些因素各自對本季隱含 ASP（平均售價）上升的貢獻如何？另外，該部門約三分之一的毛利來自這些隨附業務，這樣理解其組合占比是否仍然正確？然後我有個簡短追問。

Thanks, Katherine. I'll take that question and Ketan, feel free to add, if you want. I would say all of the things that we are doing really drove our revenue growth, and we're not going to quantify how much was related to each.

謝謝你，Katherine。我來回答這個問題；Ketan，如果你想補充也請隨時加入。我會說，我們正在做的所有事情確實共同推動了營收成長，但我們不會量化每一項分別貢獻了多少。

But clearly, mix played a role as we drive more premium share, more AI PCs more hybrid, more workforce experience platform, all of those things played a role, along with pricing. We've been continuing to increase pricing given our higher input costs and that also played a role too. Ketan, anything you would add?

但很明顯地，組合確實發揮了作用：我們提高高階產品的市占、更多 AI PC、更多混合（hybrid）產品、更多 Workforce Experience Platform（WXP），這些都發揮了作用，同時也包括定價因素。鑑於投入成本較高，我們持續提高價格，這也同樣發揮了作用。Ketan，你有什麼要補充的嗎？

Yes, just to give some color to the mix thing that how mix is helping us in the overall margin performance is our sequential gains on premium categories has been pretty strong. We grew 2.6 points of share on premium and 1.8 points of share on workstations.

有的，我補充一些關於組合的背景：組合如何幫助我們整體利潤率表現——我們在高階品類的市占連續成長相當強勁。我們在高階產品的市占提升了 2.6 個百分點，在工作站的市占提升了 1.8 個百分點。

Those are categories which are growing and something which we are pleased that we continue to take share. And to your other comment around non-hardware business contribution, yes, the attach businesses, which is a combination of peripherals, collaboration solutions, services such as WXP and others have contributed one third of the overall PS gross profit. And that's in line with what we have been forecasting that those are the businesses which will continue to focus.

這些都是正在成長的品類，我們也很高興能持續取得市占。至於你提到的非硬體業務貢獻，是的，隨附業務（結合周邊、協作解決方案、WXP 等服務及其他）貢獻了個人系統整體毛利的三分之一。這與我們一直以來的預測一致，而這些也正是我們會持續聚焦的業務。

Great. And then I'll attempt to ask if there's any preliminary thoughts on industry PC volumes as we think about fiscal 2027.

很好。那我接著想問，當我們展望 2027 會計年度時，對於產業 PC 出貨量是否有任何初步看法？

Yes. I would say on FY27, obviously, we're still in our planning period. It's premature to give you specifics on our outlook for the fiscal year. And on unit volumes, that continues to move around. So premature for us to talk about that at this point.

是的。關於 FY27，很明顯我們仍在規劃期。現在就提供該會計年度展望的具體細節還為時過早。至於出貨量，仍在持續波動。所以目前我們還不便談這個。

I would just only add that there are two demand vectors as you look at 2027. As Karen mentioned previously, a growth catalyst being the shift towards AI workloads and hence, some of those categories are on AI PCs and premium PCs and workstations.

我只補充一點：當你看 2027 年時，有兩個需求向量。如 Karen 先前提到的，一個成長催化劑是轉向 AI 工作負載，因此其中一些品類會集中在 AI PC、高階 PC 與工作站。

So that's going to be a tailwind. At the same time, there has been demand delay or as some of the customers deferred product refresh, given the price increases this year. And as costs start stabilizing over the next period, you will start seeing some of those refreshes coming over a period of time. So that's how we look at two different demand signals coming through.

所以那會是一個順風。同時，今年因為價格上調，有些需求被延後，或部分客戶延後了產品汰換更新。隨著成本在接下來一段期間開始趨於穩定，你會在一段時間內看到其中一些更新需求逐步回流。這就是我們看待兩個不同需求訊號的方式。

David Vogt, UBS.

David Vogt，瑞銀（UBS）。

So Karen, I just want to maybe just a clarifying question about '27 profitability and margins. Can you help us walk through your comment in greater detail about protecting print margins.

Karen，我想就 2027 年的獲利能力與利潤率做一個釐清問題。你能否更詳細地帶我們理解你關於「保護印表機利潤率」的評論？

Does that exclude the benefit of the tariff contract count in '26 is that how we should be thinking about your comment in '27? Or is that inclusive of the benefit that you're seeing this year from the tariff refunds? And if you could help us understand, jump on late, and I apologize was the tariff refund largely in print? I would imagine there's a big chunk in PC also, but I didn't quite hear that in the prepared remarks.

那是否不包含 2026 年關稅合約結算所帶來的利益——我們應該用這種方式來理解你對 2027 年的評論嗎？還是說，這包含了你們今年因關稅退稅所看到的利益？另外，如果你能幫我們理解一下：我比較晚加入，先說聲抱歉——關稅退稅主要是在印表機業務嗎？我猜 PC 也有很大一部分，但我在事先準備的講稿裡沒有很清楚聽到。

Yes. So just on your question on print margins for next year when we talk about our long-term 16% to 19% range, that is without or excluding any onetime benefit that we might get from tariff refunds. We did have some benefit from tariff refunds this quarter and have signaled more next quarter.

是的。先回答你關於明年印表機利潤率的問題：當我們談到長期 16% 到 19% 的區間時，那是不包含、或說排除任何我們可能因關稅退稅而取得的一次性利益。我們本季確實從關稅退稅中獲得了一些利益，並且也已提示下季還會有更多。

It does largely benefit print. There is a smaller portion that benefited PS, but it is largely benefiting print. And -- so you saw our print margins in Q3 be higher than expectations, driven by that benefit. But once you exclude those benefits, they were largely in line with expectations.

這在很大程度上確實有利於列印業務。有一小部分受益於 PS，但主要受益的是列印。因此——你們看到我們第三季的列印毛利率高於預期，就是由這項利多所帶動。但一旦把這些利多因素排除後，整體大致仍符合預期。

Perfect. That's what we thought. And then maybe just as a quick follow-up. In terms of mix, I think we were -- we were worried about mix to hardware in the quarter, obviously, supplies are sub season, well, hardware is seasonally stronger relative to supplies.

很好。這正是我們的想法。接著也許快速追問一下。就產品組合而言，我想我們——我們擔心本季組合偏向硬體，因為耗材有淡季因素，而硬體相對於耗材在季節性上更強。

How do we think about the input cost on the hardware side relative to the business? Because I know we've talked about in the past the impact of currencies, the impact of commodities like oil, how are you thinking about that in context of when we're thinking about fiscal '27? I know you don't want to give a guide. But like when I think about those moving parts that are a little bit out of your control, how should we think about those contributions to the outlook?

我們該如何看待硬體端的投入成本相對於整體業務的影響？因為我知道我們過去談過匯率影響、以及像油價這類大宗商品的影響；在思考 2027 財年時，你們如何把這些因素納入考量？我知道你不想提供指引。但當我想到那些有點不在你們控制範圍內的變動因素時，我們應該如何看待它們對展望的貢獻？

Yes. I would just say, in general, in Print, we are going to continue to focus on momentum in our key growth areas and introducing new products in our more traditional print business. That includes expanding our tank portfolio and driving further traction from our recent rollout of our AI-enabled laser portfolio in office.

是的。我想我只能說，整體而言，在列印業務方面，我們會持續聚焦於關鍵成長領域的動能，並在較傳統的列印業務中推出新產品。這包括擴大我們的連續供墨（tank）產品組合，並推動我們近期在辦公室推出的 AI 賦能雷射產品組合取得更多進展。

And then in terms of just supplies, we have said for a long term that we expect supplies revenue to decline low to mid-single digits in constant currency. This year, in particular, in FY26, we see it declining low single digit in constant currency, but our long-term view of supplies hasn't changed.

至於耗材方面，我們長期以來一直表示，我們預期耗材營收在固定匯率下將以低到中個位數百分比下滑。今年特別是 2026 財年，我們看到其在固定匯率下將以低個位數百分比下滑，但我們對耗材的長期看法並未改變。

Ananda Baruah, Capital.

Ananda Baruah，Capital。

Appreciate you taking the question here. I guess going back to what sort of the revenue texture can look like as we go through '27. Do you think if the situation where corporate is refreshing to higher-spec PCs now as a trend such that it's not -- you got a -- you guys are seeing higher ASPs not only because of memory prices, but because it's actually what customers are increasingly watching.

感謝讓我在這裡提問。我想回到 2027 年一路走下去時，營收走勢可能呈現的樣貌。你是否認為企業端目前正朝向更新到更高規格 PC 的趨勢，因此——你們看到 ASP 提升不只是因為記憶體價格，也因為這其實是客戶越來越在意的方向。

And I guess what I'm trying to get like an echo sense of, is there increasingly a much more -- is there more appetite natural appetite for higher pricing as the thing for memory pricing increases as we go through '27 to '28

我想我試著想得到一個回音式的感受：隨著 2027 到 2028 年記憶體價格上升，市場是否愈來愈——是否對更高定價有更自然的接受度與意願？

Yes, I'll take that question. Thank you for that. Yes, we definitely see the effect of how customers are choosing those higher configuration products, largely because of the need to conduct AI at the edge to support increasing AI workloads.

是的，我來回答這個問題。謝謝你的提問。是的，我們確實看到客戶選擇更高配置產品的影響，主要是因為需要在邊緣端執行 AI，以支援日益增加的 AI 工作負載。

Our customers in their environment are now as they're implementing AI in their workflows, they are seeing this becoming more prevalent than before. Also increasing use of agents increasing concern about token costs, cybersecurity, privacy and a lot of applications, which requires a different kind of latency needs leading to a PC refresh with more capable PCs having these capabilities. And that's why, to your point, yes, we see demand shifting to those higher-end devices too as part of the natural mix.

我們的客戶在其環境中，當他們把 AI 導入工作流程時，他們看到這比以前更普遍。此外，代理（agents）的使用增加、對 token 成本的關注提高，以及資安、隱私與許多應用情境的需求，都需要不同類型的延遲（latency）要求，進而帶動 PC 更新，轉向更有能力、具備這些功能的 PC。因此如你所說，是的，我們也看到需求自然地在組合上轉向那些高階裝置。

And this is a tricky one here. Just a quick follow-up. But are you guys -- do you guys yet have visibility to enterprise users adopting AI PCs or talking about AI PC. You sort of quick touched on it as a way to get just to get off basically just to model off the Internet, right? So they don't have to observe token costs so they can actually run the native and just avoid the token costs. Is that a meaningful part of conversations yet?

這題有點棘手。再快速追問一下。但你們——你們目前是否已能看見企業用戶正在採用 AI PC，或正在討論 AI PC？你剛剛稍微提到它是一種方式，基本上就是讓模型不必依賴網際網路來運作，對吧？所以他們不必承擔 token 成本，可以在本地原生執行，並避免 token 成本。這是否已是對話中很重要的一部分？

Yes, there are two meaningful conversations which are going on right now as customers bring these workloads. One, this increasing cost of token and how bringing models locally on the edge can help them optimize cost as well as take care of customer -- take care of employee needs of requirements to use different AI models for their work.

是的，當客戶把這些工作負載帶進來時，目前確實有兩個重要的對話正在進行。第一，是 token 成本不斷上升，以及把模型在邊緣端本地化部署如何能幫助他們最佳化成本，同時也能照顧客戶——照顧員工在工作上需要使用不同 AI 模型的需求與要求。

So that's definitely one of the conversation. And the second big one is, as they deploy agents more in that environment, how to govern those agents more securely and drive the right level of enterprise manageability. I think those are the top two use cases, which we believe are happening as we speak, apart from the industry vertical workflows, which Bruce talked about earlier.

所以這絕對是其中一個對話主題。第二個大的主題是，當他們在該環境中更多部署代理（agents）時，如何更安全地治理這些代理，並達到適當程度的企業可管理性。我認為這是兩大主要使用案例；除了 Bruce 先前提到的各產業垂直領域工作流程之外，我們相信這些正如我們所說正在發生。

And everyone, that does conclude our question-and-answer session. I would like to hand the conference back to Mr. Bruce Broussard for any additional or closing remarks.

各位，我們的問答環節到此結束。我想把會議交回給 Bruce Broussard 先生，請他做任何補充或結語。

Thank you, and thank you all for the thoughtful questions and joining us today. As we -- you can tell from our voices, we are excited about the future and AI at the edge creates some incredible opportunities and HP is well positioned in this area. As we talked about with our strong portfolio, our network reach, trusted brand, we are all equipped to help our customers thrive in the AI era.

謝謝，也謝謝各位今天提出深思熟慮的問題並與我們一同參與。正如你們從我們的聲音中可以聽得出來，我們對未來感到興奮，而邊緣端 AI 創造了一些令人難以置信的機會，HP 在這個領域具備良好定位。如同我們所談到的，憑藉我們強大的產品組合、網路觸及能力與值得信賴的品牌，我們已準備就緒，協助客戶在 AI 時代蓬勃發展。

And thank you, as always, to our customers, partners and investors for the continued confidence she'd place in HP, and we look forward to keeping you updated on our progress, and have a good afternoon. Thank you.

也一如既往地感謝我們的客戶、合作夥伴與投資人，持續對 HP 投以信心；我們期待持續向各位更新我們的進展，祝各位下午愉快。謝謝。

Once again, ladies and gentlemen, this does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

再次提醒各位女士先生，今天的會議到此結束。感謝各位今天的參與。您現在可以掛線離開。