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HP2-Q06 Selling HP BCS Solutions

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HP2-Q06 exam Dumps Source : Selling HP BCS Solutions

Test Code : HP2-Q06
Test name : Selling HP BCS Solutions
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HP Selling HP BCS Solutions

Chevy buyers are actually promoting 1,000-HP Tahoes and Suburbans | existent Questions and Pass4sure dumps

if you are drawn to an overly gigantic and excessively powerful car (here's the usa, why wouldn't you be?), Chevrolet has just the pair of SUVs for you. attainable at Chevy buyers, warranties protected, are modified versions of the Suburban and Tahoe producing...wait for it...1,000 horsepower. 

Tuned via distinctiveness automobile Engineering, a regular GM organisation answerable for the existing Yenko muscle automobiles, the SUVs pickup a customized-developed, 6.eight-liter, supercharged V-8 based on the LT1 producing exactly 1,000 ponies and 875 pound-toes of torque. For those greater automatically inclined than I, the mill facets a "blueprinted LT1 aluminum block, race-first-class, desktop-balanced rotating assembly together with forged 4340 steel crankshaft and solid metal H-beam rods, forged aluminum pistons, CNC ported excessive-flow LT4 cylinder heads, a custom supercharger, and an eight-rib belt drive device."

If utter of that seems fondness gibberish, just comprehend 1,000 hp is 37 extra from what you pickup out of a Ferrari LaFerrari.

The engine and supercharger are backed with the aid of a 3-12 months/36,000-mile guarantee while the heavy-duty upgraded transmission is covered for three hundred and sixty five days/12,000 miles. 

Xyratex Continues Momentum: Dell and HP to promote ClusterStor HPC solutions | existent Questions and Pass4sure dumps

in this video SC12, Mike Stoltz from Xyratex describes the enterprise’s ClusterStor items for HPC. Xyratex lately announced that HP and Dell will resell ClusterStor to vigour their advanced HPC clusters.

Symmetry to promote HP Jet Fusion 3D Printing retort | existent Questions and Pass4sure dumps

MINNEAPOLIS, MN, may besides eleven, 2017 – Symmetry solutions, Inc., the main provider of 3D engineering design application and 3D printing solutions in the Midwest, announced that they are one of the crucial first companions selected by passage of HP Inc. to sell and aid the HP Jet Fusion 3D Printing retort – the realm’s first construction-capable 3D printing gadget.

The HP Jet Fusion 3D Printing retort revolutionizes design, prototyping and manufacturing. It offers advanced first-class physical ingredients up to 10 instances sooner and at half the charge of present 3D printing systems.  useful components are printed at the particular person voxel plane (the 3D equal of a 2nd pixel), enabling valued clientele to bring mass customization.

prospective customers of the HP Jet Fusion 3D Printing retort are massive, andincludegeneral manufacturers, model stores and 3D print service bureaus. advantages of the product encompass the following:

  • Simplified workflow and reduced cost for radical prototyping
  • start of ultimate ingredients manufacturing with breakthrough economics
  • Open materials platform that lowers barriers to adoption and allows for recent purposes throughout industries
  • Symmetry options will be offering and aiding the Midwest with both the brand recent HP 3D printers, designed for lickety-split prototyping and creation.

  • The HP Jet Fusion 3D 3200 printer: gives more desirable productivity and the means to raise utilization at a decrease can charge per part.
  • The HP Jet Fusion 3D 4200 printer: gives tall productivity to fulfill identical-day calls for on the lowest cost per half.
  • “we're completely satisfied to be chosen through HP Inc. as one of the vital first resellers of this progressive 3D printer,” cited Paul Rudin, president, Symmetry solutions. “Designed for actual construction constituents and quick prototyping, the HP Jet Fusion 3D Printing retort absolutely transforms how manufacturers design and bring solutions to their shoppers. This recent expertise goes to trade their trade, and we're excited to be section of it.”

    About Symmetry solutions, Inc.

    Symmetry solutions, Inc. is the leading issuer of 3D engineering design software and 3D printing solutions in the Midwest.From conception to production, their crew of experts work with you to present the most efficient equipment, working towards, assist and event available to fulfill your particular person needs. Their intent is to streamline your engineering and design strategies to boost productivity, speed time to market, and accomplish certain you're a success with their solutions. Symmetry solutions is your professional SOLIDWORKS 3D CAD, HP 3D printing, and Markforged 3D printing issuer for the Midwest.Symmetry options is headquartered in Brooklyn Park, MN.

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    Hewlett-Packard's CEO Discusses F1Q 2014 Results - Earnings call Transcript | existent questions and Pass4sure dumps

    No result found, try recent keyword!We besides introduced recent solutions in their converged storage portfolio ... But there's besides a fuse thing going on here as well because every time they sell storage and networking that is margin accretive to ...

    HP Reports Record Revenue in Q1 | existent questions and Pass4sure dumps

    Thursday, February 17, 2005

    Press release from the issuing company

    PALO ALTO, Calif.--Feb. 16, 2005-- HP today reported monetary results for its first fiscal quarter ended Jan. 31, 2005. First quarter revenue increased 10% year-over-year to $21.5 billion. Non-GAAP(1) operating profit was $1.3 billion, with non-GAAP diluted earnings per partake (EPS) of $0.37, up 6% from $0.35 in the prior-year period. Non-GAAP diluted EPS and non-GAAP net earnings for the first quarter reflect a $135 million adjustment on an after-tax basis, or $0.05 per diluted share. GAAP operating profit for the first quarter was $1.2 billion. GAAP diluted EPS was $0.32 per share, up 7% from $0.30 in the prior-year period. On Jan. 21, 2005, HP announced it had settled utter ongoing patent litigation with Intergraph Corporation. This settlement had an repercussion of approximately $0.03 per partake on first quarter 2005 GAAP and non-GAAP net earnings. HP benefited during the quarter from a reduced non-GAAP tax rate of 13.3%, which reflects the tax repercussion of the Intergraph settlement and the resolution of prior-period tax items. "HP had a solid first quarter, highlighted by strong growth and profit in their Personal Systems Group, strong revenue growth in their Services business and cash flux from operations of $1.6 billion," said Robert Wayman, HP chief executive officer and chief monetary officer. "While they continue to accomplish progress in growing their top line, there is work to be done to better their profitability. As the board conducts a CEO search, their management team is focused on driving improved execution to serve their customers, strengthen their competitiveness and better shareholder value," Wayman said. During the quarter, on a year-over-year basis, revenue in Europe, the Middle East and Africa (EMEA) grew 12% to $9.3 billion, in Americas grew 6% to $8.9 billion and in Asia Pacific/Japan grew 15% to $3.3 billion. On a consolidated basis, when adjusted for the effects of currency, first quarter 2005 revenue grew 5% year-over- year. Imaging and Personal Systems Group The Imaging and Personal Systems Group (IPSG), which was formed in mid-January, consists of the Personal Systems Group (PSG) and the Imaging and Printing Group (IPG). IPSG reported first quarter revenue of $12.9 billion, up 7% year-over-year. Operating profit for the first quarter totaled $1.1 billion, or 8.3% of revenue, compared to $1.0 billion, or 8.5% of revenue, in the prior-year period. "The formation of the Imaging and Personal Systems Group provides us with a unique opening to leverage the strengths of both groups into one unified business," said Vyomesh (VJ) Joshi, executive vice president, Imaging and Personal Systems Group, HP. "Today, their combined organization has a stronger focus on business and customer solutions that enables us to accelerate profitable growth and strengthen their market position." Personal Systems Group PSG revenue grew 11% year-over-year to $6.9 billion. Unit shipments increased 12% year-over-year, reflecting stable uninterested selling prices. On a year-over-year basis, desktop revenue increased 8%, notebook revenue grew 9% and handhelds revenue grew 15%. Revenue for commercial clients, which includes workstations, grew 11% over the prior-year period, while consumer clients revenue grew 7%. PSG reported an operating profit of $147 million, or 2.1% of revenue, up $86 million year-over- year. Imaging and Printing Group IPG posted quarterly revenue of $6.1 billion, up 3% year-over-year. On a year-over- year basis, supplies revenue grew 8%, fueled by strong growth in color printing. Commercial hardware revenue grew 4%, driven by might in color laser, multi- duty printers and digital press. Consumer hardware revenue decreased 13%. During the quarter, HP shipped 12 million printers. IPG reported an operating profit of $932 million, or 15.4% of revenue, down $35 million year-over-year. Technology Solutions Group The Technology Solutions Group (TSG) consists of Enterprise Storage and Servers, Software and HP Services. The group reported revenue of $8.1 billion, up 14% from the prior-year period. Operating profit for the quarter totaled $312 million, or 3.9% of revenue, down from $365 million, or 5.2% of revenue, year-over-year. "TSG posted strong top line results for the quarter, but they continue to visage ongoing margin pressure due to pricing and product mix, as well as costs associated with workforce reductions. They are actively managing their cost structure to achieve improved profitability," said Ann Livermore, Executive Vice President, HP's Technology Solutions Group. "In this highly competitive environment, I'm especially arrogant of the strong top line they achieved in HP Services, which continues to grow faster than the market and their leading competitors." Enterprise Storage and Servers Enterprise Storage and Servers (ESS) reported revenue of $4.0 billion, up 9% over the prior-year period. On a year-over-year basis, industry-standard server revenue increased 19%, business-critical systems (BCS) revenue declined 2% and networked storage revenue was down 1%. Within BCS, HP-UX revenue growth of 3% year-over-year was more than offset by NonStop declines of 19% and ongoing declines in AlphaServer sales. ESS reported operating profit of $71 million for the quarter, or 1.8% of revenue, down from $153 million in the prior-year period. HP Services HP Services (HPS) revenue grew 20% year-over-year to a record $3.8 billion. On a year-over-year basis, Managed Services revenue grew 44%, Consulting and Integration grew 20% and Technology Services grew 14%. Operating profit was $281 million, or 7.4% of revenue, compared with $261 million in the prior-year period. Software Software reported quarterly revenue of $240 million, an augment of 18% year-over- year. HP OpenView revenue increased 16% year-over-year. HP OpenCall revenue was up 22%. Software reported an operating loss of $40 million, compared with a loss of $49 million in the prior-year period. monetary Services HP monetary Services (HPFS) reported revenue of $555 million, up 26% year-over- year. Finance volume, a leading indicator of future revenue, grew 25% over the prior-year era and net portfolio assets increased by 3% to $7.2 billion. Operating profit was $45 million, or 8.1% of revenue, up from $29 million in the prior-year period. Asset management Inventory ended the quarter at $7.1 billion, essentially flat sequentially and up $633 million year-over-year. Accounts receivable declined $1.6 billion sequentially and increased $344 million over the prior-year era to $8.7 billion. HP's dividend payment of $0.08 per partake in the first quarter resulted in a cash usage of $233 million. In addition, HP utilized $637 million of cash during the first quarter in connection with stock repurchases. HP exited the quarter with $13.6 billion in indecent cash, which includes cash and cash equivalents of $13.3 billion and short- and inescapable long-term investments of $0.3 billion. Outlook HP estimates Q2 FY05 revenue will be in the compass of $21.2 billion to $21.6 billion, with non-GAAP earnings per partake in the compass of $0.35 to $0.37. The non-GAAP EPS expectations assume after-tax exclusion for charges of approximately $0.04 per partake from amortization of purchased intangible assets.


    Hewlett-Packard Management Discusses Q3 2012 Results - Earnings call Transcript | existent questions and Pass4sure dumps

    Margaret C. Whitman - Chief Executive Officer, President and Director

    Catherine A. Lesjak - Chief monetary Officer and Executive Vice President

    Benjamin A. Reitzes - Barclays Capital, Research Division

    Bill C. Shope - Goldman Sachs Group Inc., Research Division

    A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC., Research Division

    Kathryn L. Huberty - Morgan Stanley, Research Division

    Keith F. Bachman - BMO Capital Markets U.S.

    Aaron C. Rakers - Stifel, Nicolaus & Co., Inc., Research Division

    Brian G. Alexander - Raymond James & Associates, Inc., Research Division

    Shannon S. Cross - Cross Research LLC

    Welcome to the Third Quarter 2012 Hewlett-Packard Earnings Conference Call. My name is Monica, and I'll be your operator for today's call. [Operator Instructions] gladden note that this conference is being recorded. I would now fondness to circle the call over to Mr. Rob Binns, Vice President of Investor Relations. Rob, you may begin.

    Good afternoon. Welcome to their third quarter 2012 earnings conference call with Meg Whitman, HP's Chief Executive Officer; and Cathie Lesjak, HP's Chief monetary Officer.

    Before handing the call over to Meg, may I remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately 1 year. Some information provided during this call may embrace forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may vary materially from those expressed or implied by such forward-looking statements and assumptions. utter statements, other than statements of historical facts, are statements that could be deemed forward-looking statements, including, but not limited to, any projections of revenue, margins, expenses, earnings, earnings per share, tax provisions, cash flows, partake repurchases, currency exchange rates, the repercussion of acquisitions or other monetary items; any projections of the amount, timing or repercussion of cost savings, restructuring charges, early retirement programs, workforce reductions or impairment charges; any statements of the plans, strategies and objectives of management for future operations; and any statements concerning the expected development, performance, market partake or competitive performance relating to products or services; and any statements of assumptions underlying any of the foregoing. A discussion of some of these risks, uncertainties and assumptions is set forth in more detail in HP's SEC reports, including its most recent contour 10-Q. HP assumes no responsibility and does not intend to update any such forward-looking statements.

    The monetary information discussed in connection with this call, including any tax-related items, reflect estimates based on information available at this time and could vary materially from the amounts ultimately reported in HP's third quarter contour 10-Q. Revenue, earnings, operating margins and similar items at the company plane are sometimes expressed on a non-GAAP basis and enjoy been adjusted to exclude inescapable items, including, amongst other things, amortization of purchased intangibles, restructuring charges and acquisition-related charges. The comparable GAAP monetary information and a reconciliation of non-GAAP amounts to GAAP are included in the tables and in the coast presentation accompanying today's earnings release, both of which are available on HP Investor Relations webpage at Now I'll circle the call over to Meg.

    Margaret C. Whitman

    Thank you, Rob, and thanks to utter of you for joining us today. Since their last earnings call, we've made progress on HP's turnaround. They are focusing the company on their strategic priorities and driving organizational change. These actions will accomplish HP more efficient, easier to upshot business with and easier to work for. They enjoy Great opportunities in front of us, but they besides enjoy a number of challenges. Some of them are macroeconomic, others are industry trends and, frankly, some are about HP's execution.

    Make no mistake about it, we're still in the early stages of a turnaround. There will be challenges ahead that could create some variability in performance. But I'm confident in their faculty to work through them and pickup to where they want to be.

    With that as a backdrop, let's assume a recognize at the third quarter. Overall, they had a decent quarter. And again, they did what they said they are going to do. While revenue declined 5%, or 2% in constant currency, the trajectory of the decline flattened in Q3. This is encouraging in light of the deteriorating macroeconomic environment. At the identical time, they exceeded the non-GAAP diluted EPS outlook of $0.94 to $0.97 that they gave in May. They delivered $1, beating the tall halt of their outlook by $0.03 a partake on revenues of $29.7 billion.

    When you recognize at their performance during the quarter, there were things that they did well, and there were things that they could enjoy done better. Looking at the positives for the quarter, Storage, Networking, IPG and hyperscale servers delivered solid results. Their 3PAR business grew more than 60% in the third quarter, and they announced recent enhancements to their HP StoreOnce product that delivered record-breaking backup performance. This technology was developed in HP Labs and includes more than 50 patent pending innovations. In HP Networking, they delivered strong results with revenue growth of 10% over the prior year, normalized for divestiture. Their Virtual Application Networks technology is enabling administrators to automate changes in their network and deploy an application in minutes instead of the weeks it currently takes. In Industry measure Servers, they made progress in aligning their supply chain and engineering capabilities in hyperscale. This is pile their competitive advantage to win and win profitably in this fast-growing market.

    On a less positive note, the mainstream server market continues to justify weakness. However, they believe the progress we're making in hyperscale will inform their capabilities to further better in the mainstream server business over the long term.

    In IPG, they saw solid margin improvement in the third quarter. Ink Advantage, their innovative business model targeting affordable printing in emerging markets, made significant progress. They greatly expanded the number of countries they now cover with this program. Their focus on the tall halt of the hardware market continues to justify positive results with strong partake gains. They besides launched HP ePrint Enterprise 2.0. This fanciful technology enables enterprises to easily connect every employee's mobile device to an existing fleet of network printers via HP's cloud printing solution.

    In the locality of cloud and information, they introduced a number of innovations, including an enhanced version of their flagship product, HP CloudSystem. CloudSystem enables enterprises and service providers to create private, managed and public cloud environments. They now enjoy almost 750 unique CloudSystem customers. They besides announced HP Converged Cloud services for airlines, a hybrid delivery approach to the cloud specifically designed to befriend airlines create recent revenue streams, deliver better service to their customers, lower their costs and augment productivity. And they released their first public cloud services, backed by an industry-leading Service plane Agreement. Built on proven HP technologies, HP Cloud Services besides leverages OpenStack, providing a foundation for one of the most open and scalable set of cloud services in the market. And they continue to leverage the IP of their acquisitions across the portfolio. They announced a number of integrated solutions that combine the power of Autonomy, Vertica, Enterprise Services and their Converged Infrastructure to address the problems and opportunities of gigantic Data.

    Now let me talk about their customers. And in Q3, they had some Great customer wins. For example, Russian Railways, the world's second largest railway, engaged HP Software to better the efficiency of their IT operations using HP's broad portfolio of IT management software. The U.S. Air constrain selected HP to provide PCs and workstations around the world. NASCAR announced the development of the NASCAR Fan and Media assignation Center, a resource that will leverage HP's Information Management, analytics and convivial media offerings to enable NASCAR to engage with consumers through leading media channels. And Consolidated Graphics, one of the world's largest and most extensive commercial print service providers, purchased 10 HP Indigo 10000 digital presses. These customer engagements give you a sense of the breadth and scale of the incompatibility HP makes in the world every day.

    Now let me contour some areas where we're not where they need to be. While Enterprise Services' performance in the third quarter was within their expectations, there are still a lot of work that needs to be done. Earlier this month, they announced a change in leadership at ES with Mike Nefkens stepping in to lead on an acting basis. Mike is an experienced leader who has led IT transformations for a number of their largest accounts. In addition, JJ Charhon has taken on a newly defined role as Chief Operating Officer for ES, focusing on increasing customer satisfaction and improving service delivery efficiency.

    ES is in a multiyear turnaround. And as I enjoy said before, progress will not be linear. They expect to notice some variability in performance as they transition and build a more profitable business. They will circle ES around, but it's going to assume some time as they focus on margins with both their recent business and contract renewals.

    Moving to PPS, the PC market remains weak, and channel inventory is tall across the industry ahead of recent product releases. Their PC revenue was down 10% year-over-year, driven by this weakness and an aggressive pricing from their competitors. The reality is, we're locked in serious, competitive battles, but we're determined to win. They will fight to sustain their leadership position, particularly in the Commercial space, while remaining focused on profitable growth. To this end, they are executing targeted marketing and promotional programs to back the business in Q4.

    Autonomy still requires a Great deal of attention, and we've been aggressively working on that business. Among the many changes we've instituted is a global dashboard to track Autonomy's pipeline, a sole global sales methodology, a sole HP services assignation process and a global process to measure client satisfaction and service delivery progress. These actions are designed to befriend deliver predictable results and better after-sale customer satisfaction.

    We crossed an significant customer milestone with Autonomy LiveVault, their cloud-based data protection service for content archiving, passing the 10,000th customer notice during the quarter, demonstrating Great momentum for this HP cloud service. Overall, they enjoy a very long passage to go, but they are taking steps to fix the problems and befriend Autonomy succeed.

    In Q3, they achieved significant progress in reorganizing and restructuring the company. They made several executive moves to befriend strengthen HP's leadership bench and back their turnaround. Bill Veghte was named Chief Operating Officer, with responsibility to further accelerate the execution of the company's strategy. Bill is working closely with his peers to back key projects with the ultimate goal of making the collective HP more than just the sum of its parts. And they welcome George Kadifa as their recent head of HP Software. George joined us from Silver Lake partners and is well known for his expertise in pile and managing technology businesses and software development.

    The integration of PSG and IPG is well under way. They are reducing overlaps and driving cost reductions between the 2 businesses, while, at the identical time, taking advantage of their combined scale.

    We've streamlined the Enterprise group sales management. As I mentioned earlier, they are taking aggressive steps to prerogative the ship at Enterprise Services.

    Moving on to other parts of their restructuring, they achieved their targets in Q3 with approximately 4,000 employees leaving the company. Given the timing of the action, they saw minimal savings due to these efforts inside the quarter. However, greater-than-expected acceptance of the early retirement program has accelerated the workforce reduction program, and they now expect approximately 11,500 employees to leave the company in fiscal year '12 versus their prior appraise of 9,000.

    That sums up where they ended Q3. Now let me expend a pair of moments talking about Q4 and their future outlook.

    There are a number of headwinds they visage that tumble into 3 areas: macroeconomic and industry trends, as well as challenges in HP's execution. I've talked before about the tectonic plate shifts in the industry that are occurring, cloud, mobility, virtualization and more, utter impacting the passage customers, both enterprise and consumer, are leveraging technology. This means HP needs to shift its portfolio. This will require some trade-offs and some time. They expect the underlying macro and industry headwinds, which enjoy recently intensified, will remain in Q4 and well into FY '13. This will pressure both their top line performance and their faculty to reposition their portfolio and accomplish the prerogative investments. HP has some Great assets to build on, but the the near-term outlook will be challenging as they set this company up for the long term.

    While there is limited they can upshot about the macroeconomic and industry trends, execution is another matter. HP has to upshot a better job of executing against its goals. To that end, we've made a number of organizational changes that may be a distraction in the short term but are absolutely the prerogative thing to upshot in the long term. Therefore, they expect fiscal year '12 non-GAAP EPS to be between $4.05 to $4.07, consistent with the low halt of their previous outlook for the fiscal year.

    So in summary, we're focused on driving innovation across their business. I'm very excited about the recent products and services they will launch this fall, including a recent line of PCs and tablets with a focus on design, a line of multifunction printers and recent additions to their security portfolio, both in Software and Enterprise Services. We're besides rebuilding their equipoise sheet. They generated $2.8 billion in operating cash flux and $2.1 billion in free cash flux in the quarter and reduced their net debt position by over $1.5 billion in the quarter.

    In short, they still enjoy a lot of a lot of work ahead us, but with the back of customers, employees and investors, I'm confident in their faculty to reinvigorate HP. With that, I'd fondness to circle over to Cathie to provide more detail on the quarter.

    Catherine A. Lesjak

    Thank you, Meg. I'll review the third quarter performance and then immediate with their fourth quarter outlook.

    In the third quarter, revenue was $29.7 billion, down 5% year-over-year, as reported, and down 2% in constant currency. Their geographic performance reflects the continued macroeconomic challenges across the globe. In the Americas, revenue was $13.4 billion, down 5% year-over-year, as reported, and down 3% in constant currency. Revenue in EMEA was down 4% to $10.6 billion, and revenue in Asia Pacific was down 7% year-over-year to $5.7 billion. On a constant currency basis, EMEA was up 1% as growth in Russia and Central and Eastern Europe was moderately offset by declines in Western Europe. APJ was down 6% in constant currency, largely driven by continued weakness in China.

    Non-GAAP indecent margin of 23.4% was flat year-over-year as improvements in IPG and Software margins were offset by declines in PSG and Services. The 20-basis-point sequential improvement in indecent margins was driven by the improvement in IPG.

    Non-GAAP operating expenses were $4.2 billion, down $22 million year-over-year and down 4% sequentially due to lower marketing and bailiwick selling costs. As they discussed previously, there was limited repercussion of the restructuring cost savings in Q3 as most of the employee departures were late in the quarter.

    Non-GAAP operating margin was 9.2%, down 60 basis points year-over-year, and the company delivered $2.7 billion in operating profit. The bridge from non-GAAP operating profit to non-GAAP earnings per partake includes the following: other income and expense yielded a net expense of $224 million; their tax rate was approximately 22%; and they used $365 million in the quarter to repurchase 16.5 million shares, bringing their weighted uninterested partake matter to 1,975,000,000 shares, which is down 5% year-over-year.

    As a result, they exceeded their non-GAAP guidance in the quarter, delivering non-GAAP diluted earnings per partake of $1 and a GAAP loss per partake of $4.49. Third quarter fiscal 2012 GAAP loss per partake includes after-tax costs of approximately $5.49 per partake related primarily to the impairment of goodwill, amortization and impairment of purchased intangible assets, restructuring charges and acquisition-related charges. They enjoy a detailed bridge in the earnings deck posted on the HP Investor Relations website.

    Now turning to their business segments. Personal Systems Group delivered revenue of $8.6 billion in the quarter, down 10% year-over-year, with a 4.7% operating margin. Total units shipped were down 10% year-over-year as they saw weakness in overall consumer claim as well as geographic softness across Asia Pacific and the Americas. By category, commercial revenue was down 9%, and consumer revenue declined 12% year-over-year.

    Turning to Imaging and Printing. Net revenue for IPG was $6 billion, down 3% year-over-year with supplies revenue declining 3%. As Meg mentioned, they enjoy made hardware partake gains in the tall halt and are pleased to notice the traction with poignant ink products into the commercial segment. At the identical time, the claim environment, particularly for consumers, remains a headwind, affecting their success in balancing sell-in and sell-through activity with the channel. They need to reduce channel inventory through immediate inspection and halt user claim stimulation. Operating profit was up 1.6 points year-over-year to 15.8% of revenue and $949 million in profits. Supplies were 67% of the mix, and they saw margin rate improvements across hardware and toner, which contributed to the margin improvement.

    By business unit, total printer unit shipment volume was down 17% year-over-year, largely driven by the decline in consumer as they focused on the higher-end units. Consumer printer revenue was down 13% year-over-year with hardware units down 23%. Commercial printer revenue and hardware units were up 4% year-over-year.

    Moving on to Services. As they announced on August 8, they are recording a GAAP-only noncash pretax charge of approximately $8 billion for the impairment of goodwill within the Services segment. The impairment stems from the recent trading values of HP stock, coupled with market conditions and business trends within the Services segment. They upshot not expect this goodwill impairment charge to result in any future cash expenditures or otherwise influence the ongoing business or monetary performance of the Services segment.

    In the third quarter, Services delivered revenue of $8.8 billion, down 3% from the prior year and up 1% in constant currency. Operating profit of $959 million was 11% of revenue, down 2.7 points from the prior year but still within their expected compass of 10% to 12%. The year-over-year decline was due to the unfavorable repercussion of resource management and account performance and runoff, moderately offset by an improvement in the cost of services delivery. They saw strong sequential growth in the total contract signings for their Strategic Enterprise Services, which includes cloud, application modernization, security and information management and analytics. The revenue pipeline is promising, although it is not yet significant enough to outweigh the revenue declines created by the runoff of lower margins in that strategic business.

    IT Outsourcing revenue, at $3.7 billion, was down 6% year-over-year as they continued to scrutinize recent deals and renewals for margin and strategic fit. Application and business services revenue was flat year-over-year at $2.5 billion and up 5% in constant currency. Technology Services revenue was down 1% year-over-year to $2.6 billion and flat sequentially.

    Turning to Enterprise Servers, Storage and Networking. Revenue of $5.1 billion was down 4% year-over-year, impacted by declines in BCS and softness in the EMEA market. Operating profit was $562 million, and the operating margin of 10.9% was 2 points lower than the prior year period. The margin decrease was driven by competitive pricing and a higher fuse of less profitable customers in regions within Industry measure Servers and a lower fuse of BCS, moderately offset by growth in networking.

    Now let's dive into the ESSN performance by business. In Storage, the continued strong performance of 3PAR with more than 60% growth and StoreOnce with double-digit growth did not offset the decline in EVA and Tape revenue. External disk revenue was flat year-over-year, and total Storage revenue was down 5% year-over-year. Overall, business captious Systems revenue declined 16% year-over-year. Within BCS, NonStop server revenue grew double digits, but BCS' performance continued to be impacted by Itanium revenue decline even with the first ruling in the Oracle Itanium case going in their favor. Industry measure Server revenue declined 3% year-over-year with broad-based geographic weakness across the industry and competitive pricing. The order ramp for the Gen8 ProLiant server is still outpacing that of Gen7. Networking revenue was up 6% year-over-year at $647 million, or up 10% when normalized for divestitures in Q1. They enjoy made significant improvements in sales execution, successfully signing 46 recent logos in the quarter, which has been up every quarter this year.

    Software revenue of $973 million was up 18% from the prior year quarter. Macro challenges in EMEA and the Americas as well as sales execution issues negatively impacted Software license revenue, which grew 2%. This was offset by growth in their back and services revenue of 16% and 65%, respectively. As Meg discussed, they enjoy a lot of work to upshot over the next several quarters to better Autonomy performance, and they will be focused on improving pipeline conversions and execution across the entire Software business. SaaS revenue, a strategic aspect of the portfolio, is growing well. Overall, third quarter operating profit for Software was $175 million or 18% of revenue.

    HP monetary Services revenue was flat year-over-year at $935 million. Financing volume was down 2%, and net portfolio assets increased 2% year-over-year. Operating profit of $97 million was up 10% year-over-year to 10.4% of revenue.

    Now on to capital allocation and the equipoise sheet. As they enjoy said, they remain committed to rebuilding their equipoise sheet. Operating cash flux was up quarter-on-quarter to $2.8 billion, and free cash flux was $2.1 billion. Total indecent cash at the halt of the quarter was $9.9 billion. During the quarter, they returned $365 million in cash to shareholders via partake repurchases, leaving roughly $9.3 billion remaining in the authorized partake repurchase program. They besides increased the dividend by 10% and paid $260 million to shareholders in the contour of dividends. They enjoy been working to better their cash conversion cycle and brought it down by 1 day sequentially this quarter. But at 27 days, it is still up 1 day from the prior year. They enjoy more work to upshot in Q4 and fiscal '13 on accelerating their cash conversion cycle. And their focus here: to pickup back to historical levels.

    Now turning to their outlook, which was impacted by HP execution issues, market dynamics and macro assumptions. For HP as a company, they are in the early stages of their turnaround and of their restructuring efforts. In fact, some of the changes they are making to better their business long term, such as realigning and restructuring their sales force, are impacting their revenue performance in the short term. In Services, their diligence around account profitability is putting pressure on their signings of both recent logos and renewals, which accelerates the need to manage costs aggressively. The organizational and operational improvements they are making to their cost structure will enjoy a positive repercussion in the fourth quarter, but those benefits will be needed to counteract some of the headwinds they are facing.

    In terms of the market conditions, consumer claim remains soft in PCs and printing, resulting in elevated levels of channel inventory for us in PSG consumer and IPG. They will recognize to manage sell-ins, consistent with the underlying soft demand. Additionally, the pricing environment in their hardware business remains competitive. From a macro perspective, the environment is even more challenging than they previously thought even 2 months ago. They are cautious about the growth prospects globally for both consumer and commercial spending. And they expect that currency will be a headwind to revenue of approximately 3 points year-over-year in Q4.

    With that context, they expect fiscal year 2012 non-GAAP EPS to be between $4.05 and $4.07, at the low halt of their previous outlook for the fiscal year. From a GAAP perspective, they expect their replete year GAAP loss per partake to be in the compass of $2.23 to $2.25.

    We typically conduct an annual review of the carrying value of goodwill during the fourth quarter of each fiscal year. The factors considered in such a review embrace market conditions, the trading value of HP stock and the long-term outlook for the business. Any one of these factors, or any combination thereof, may require us to record in Q4 an additional impairment charge against the carrying values of goodwill in the HP portfolio. Their largest equipoise for goodwill is in the Software segment. Additionally, as is typical in these cases, there could be a true-up to the goodwill and related tax repercussion of the impairment charge they recorded in Q3 as they finalize the impairment. They expect to provide an outlook for fiscal 2013 at the Security Analyst Meeting on October 3. Now I'll circle it back over to Meg.

    Margaret C. Whitman

    Thank you, Cathie. And operator, why don't they depart prerogative to question and answer?

    Question-and-Answer Session


    [Operator Instructions] Their first question comes from Ben Reitzes of Barclays.

    Benjamin A. Reitzes - Barclays Capital, Research Division

    I wanted to quiz about printing. And you mentioned the channel inventory was really high. Obviously, it would appear that you overearned in the segment in the quarter. The Street consensus was looking for about 13.7 in terms of operating margins, and so maybe it overearned by $0.05, if the consensus would enjoy been right, without the extra inventory and sales of those supplies. I was wondering if that analysis makes any sense and what the earnings hit will be in the future when you upshot finally pull back that inventory? And how should they recognize at it?

    Margaret C. Whitman

    So Ben, let me talk first a limited bit more broadly about their margins in IPG. So while they continue to visage headwinds of lower volumes and the repercussion from the Japanese yen on their cost structure, the year-over-year augment in margins was really driven by 3 things. The first is that in Q3 '11, they were dealing with the tragic repercussion of the tsunami. And as a result of trying to pickup parts and products out the door, they incurred significant additional costs that they talked about at the time. Obviously, that didn't betide in Q3 '12. They besides had improved hardware margins generally due to the higher fuse of higher-value units. And also, a lower fuse of inkjet hardware. So those are what contributed to the year-over-year. From a sequential perspective, what you saw was again a higher fuse of higher-value units as well as higher margins in toner -- on toner. When you arbiter about benevolent of going forward and thinking about margins, you enjoy to assume into consideration the challenging claim environment that they expect will continue, as well as competitive pricing. The yen will remain quite strong on a year-over-year basis. And then in Q3, benevolent of to your point, they did halt with higher channel inventories than the underlying claim would suggest, and that was especially upright for ink supplies. What they need to upshot in that space is continue to focus on channel inventory. The sellout in the last pair of weeks of July fell off a bit more than what they had expected, and they ended up with more than they intended. In terms of the actual math and the fence that you came up with, my math would intimate a lower delta as a result of the channel inventory.


    Our next question comes from Bill Shope of Goldman Sachs.

    Bill C. Shope - Goldman Sachs Group Inc., Research Division

    Given the comments you made about being aggressive in PCs, the channel inventory issues you enjoy there now and some of the promotional programs you talked about in the coming quarter, how should they arbiter about the near-term trajectory for operating margins and ASPs in PSG? Obviously, they saw some pressure this quarter on the operating margin line, but my sense is that your commentary's telling us that things could pickup a lot worse in that respect.

    Margaret C. Whitman

    Again, maybe perspective on what drove the margins this quarter will befriend inform benevolent of how you arbiter about it going forward. The operating margins for PSG this quarter was 4.7%. So while it was down year-on-year, it is still very much in the compass that we've been targeting for some time. The bridge from -- on a year-over-year basis includes items fondness the volume, currency. And to some extent, obviously, commodity prices were besides unfavorable. Now this was partially offset by auspicious warranty and logistics costs. When they recognize out at commodity prices into Q4, they would remark that LCDs and DRAM prices are going to be up slightly quarter-on-quarter, so there will be additional prices from a quarter-on-quarter perspective. They upshot expect the claim environment to remain challenging and the pricing to remain competitive. Let me just give you a limited perspective on their strategy for their PC business because I arbiter that can befriend shape your thinking about where margins will go. So first is they are focused on profitable growth and continuing to deliver very strong recur on invested capital in this business. But they are under beset by very strong competitive pressures, and we're going to respond. And what we're -- how we're responding is really 3 parts. One is product lineup. I arbiter they enjoy among the best product lineup we've had in the PC business for a long time: a host of thin and light ultrabooks, a Windows 8 tablet for the enterprise. Two, sort of tablet, if you will, tablet combined with laptops for the consumer space. And we've besides done a lot of work on their cost structure. One of the benefits of putting IPG and PSG together is they enjoy a much more seamless go-to-market. They enjoy -- they notice very suitable opportunities for freight, logistics, supply chain. And they enjoy got to accomplish certain that their cost structure allows us to compete effectively because we're going to preserve their #1 position in this business.


    Toni Sacconaghi at Sanford Bernstein is online with a question.

    A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC., Research Division

    I wanted to supervene up on the comments that you made about channel inventories in both PC and printing. So perhaps you can disclose us where absolute levels of channel inventory are for hardware and supplies on the printing side and how that changed sequentially. And similarly, on the IPG side, where are -- excuse me, on the PC side, where is inventory? And given the launch of Windows 8 at the very halt of your fiscal Q4, how should they be thinking about inventory changes in both PCs and IPG, quite frankly, over the next 1 to 2 quarters?

    Margaret C. Whitman

    Thanks, Toni. Let me start. In terms of channel inventory for IPG, on an absolute dollar basis, they're down. What they enjoy -- the repercussion that they enjoy is really a denominator effect, and that's why I talked a limited bit about the fact that sell-throughs softened in the second half of July, because that is what ended up driving weeks of supply higher than their acceptable ranges, but the dollars were down on an absolute basis. And really, where they saw decrepit claim was predominantly in Europe and Asia, and that impacted the sell-through in Q3 and obviously hampered their efforts to reduce the channel inventory. The channel inventory is more problematic in the supplies locality and not in the hardware locality for IPG. For PSG, the channel inventory challenges -- overall, the channel inventory is within their acceptable ranges. But where they saw a pop-up was in the consumer space. And so we've got some work to upshot on that end.

    A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC., Research Division

    Okay. And if I could just supervene up. If your IPG absolute inventory is down seasonally, IPG is always up in Q4. So that would intimate on a look-forward basis, unless you're expecting a dramatic decline in IPG revenues, you actually should be in better shape. So perhaps you can befriend us understand how supplies inventory, particularly on the consumer side, changed sequentially in terms of number of weeks. Because from the information you've given us, it actually sounds fondness your weeks of forward-looking inventory should be better, unless you're expecting something cataclysmic on the claim side. And similarly, on the PSG side, maybe you can befriend us understand where a number of weeks of consumer inventory went.

    Margaret C. Whitman

    So Toni, they are not expecting anything cataclysmic on the claim side in Q4, and they will continue to work on bringing down their channel inventory levels for supplies in the fourth quarter, as well as we're focused on bringing down the consumer channel inventory in PSG.


    Katy Huberty of Morgan Stanley is online with a question.

    Kathryn L. Huberty - Morgan Stanley, Research Division

    Similar to your comments in the week -- last few weeks of July in IPG business, can you remark on linearity in the other businesses? And upshot you at utter prescribe to the Cisco commentary that there were some signs of stabilization or improvement in the month of July in the Enterprise business?

    Margaret C. Whitman

    Except for the comments that I've made with respect to the sellout in the second half of July, they don't enjoy a significant linearity difference. What they would probably remark is that the entire quarter was fairly weak.


    Okay, Keith Bachman of Bank of Montreal, online with a question.

    Keith F. Bachman - BMO Capital Markets U.S.

    Yes, I was hoping you could talk a limited bit about what you arbiter the revenue trends would be in the division. You've talked about IPG and the PC division. But if you could just talk a limited bit more about HP in total relative to daily seasonality in October and specifically with the enterprise systems and Software division as well in that overall context, please?

    Catherine A. Lesjak

    So I arbiter when you arbiter about -- I'll talk broadly about the Q4 guidance, if you don't mind. Several key considerations that drive the Q4 guidance are really related to revenue. And in fact, at some plane for me, it begins and ends with revenue.

    Keith F. Bachman - BMO Capital Markets U.S.

    Yes, sorry, Cathie. I was referring to revenue.

    Catherine A. Lesjak

    Yes, I know. The macro softer than what they had expected in Q3, and they don't expect that to pickup better in Q4. So that's going to drive year-over-year revenue declines in Q4. They besides felt -- they expect to notice well-below-normal seasonality when you depart from Q3 to Q4 in revenue. And that's driven by macro, it's driven by a very competitive pricing environment, but it's besides due to HP-specific issues, which compass from the Oracle Itanium situation, their challenge in getting their software license growth where it needs to be, as well as choices that we're making when you arbiter about focusing on services that enjoy better margins and are more strategic for us. And then also, one of the things that Meg mentioned which I arbiter is significant is that the realignment of their sales force, while in the short term is creating some revenue challenges, has a Great long-term payback. So that's benevolent of section of what's going on with revenues that they just talked about, the fact that channel inventory is besides a bit of a headwind from Q3 to Q4 as well, because of the [indiscernible] underlying demand. So the passage I arbiter about it, the judgement why I arbiter revenue is the rise and the end, because they are maniacally focused on cost reduction, and they are going to pickup the benefits from the restructuring charge that we've announced and we're well on their way. The top line headwinds are limiting their faculty to expand operating margins.

    Keith F. Bachman - BMO Capital Markets U.S.

    Cathie, is there any quantification you could provide to the sequential revenue trends on a consolidated basis? Will, in fact, it be up sequentially from the July numbers? Or any benevolent of quantification?

    Catherine A. Lesjak

    So the daily seasonality is that it would grow from Q3 to Q4, and they expect it will grow. It's just going to grow well behind daily seasonal trends.


    Aaron Rakers of Stifel, Nicolaus is online with a question.

    Aaron C. Rakers - Stifel, Nicolaus & Co., Inc., Research Division

    Questions on the Services -- or server side of the business, particularly in the x86 servers side. You talked about broad-based weakness there. You besides benevolent of hinted at a faster Gen8 cycle. Maybe you could give us some insight into what you're seeing competitively and besides from a claim perspective. And any color on where they stand with respect to the Gen8 product cycle? I believe your closest competitors talked about 50% of their business now being on the latest platforms.

    Margaret C. Whitman

    Yes, let me assume that. It's Meg. So their Industry measure Servers business, I'd disclose you where they enjoy made the most progress is actually in hyperscale. And they are improving that business, and they enjoy some existent business model innovation that's absolutely required to compete in that business. We're working on their cost structure. We've got modular shared architecture. And I arbiter we're getting a lot better at this business. And I arbiter they can win in this business and win profitably. prerogative now, that is dilutive. The hyperscale business is dilutive to their overall ISS margins, and they need to hurry that up a bit over time. It will always be a slightly lower margin, but they can upshot better. I will remark they are seeing still some weakness in mainstream ISS, and we've got an action routine in locality around their sales efforts, around their R&D efforts to accomplish certain that they don't continue to lose ground in that business. It's a very significant business for HP and deeply focused on sort of changing the trajectory of that business.

    Aaron C. Rakers - Stifel, Nicolaus & Co., Inc., Research Division

    And can I supervene up? How much is hyperscale of that business today? Is it fairly small? Or any color there would be helpful.

    Margaret C. Whitman

    It's -- well, I don't know what your definition of small is, but I would remark it's relatively small but growing rapidly. And it's where utter the growth in the market is. The mainstream server business is probably declining in low sole digits. The blade business is still growing reasonably well. But existent growth in the business is in hyperscale, and we're making a concerted exertion there with, I think, quite suitable results so far.


    Brian Alexander of Raymond James, online with a question.

    Brian G. Alexander - Raymond James & Associates, Inc., Research Division

    Cathie, should they arbiter about the $8 billion goodwill write-down in Services as a reflection of past deterioration in profitability? Or is that perhaps a precursor of future profit erosion? I wasn't lucid based on your comments. And if you can update us on the 10% to 12% margin target in Services and if that's still applicable going forward.

    Catherine A. Lesjak

    Okay. So let's start with the 10% to 12% margins. That is what they are reconfirming for fiscal '12. And then in terms of the impairment of the Services segment, you really enjoy to recognize at the fact that there's a number of different factors that drive that, things fondness the trading value of HP stock plays a role, as well as the market conditions and the business trends within the Services segment. Their view is that the goodwill impairment charge doesn't result in any -- I'm sorry, I can't talk -- future cash expenditures or otherwise influence the ongoing business or monetary performance of the Services segment.

    Margaret C. Whitman

    Yes, let me add a point of view on Enterprise Services. I arbiter I've said from the very rise of my tenure at HP that this was a business that was in need of a turnaround. And after watching and working closely with the group over the first 9 months, I decided that they were not making progress lickety-split enough in terms of the turnaround and so decided to accomplish a leadership change. But here's the things that they need to upshot to fundamentally pickup this business on a better track. First is, we've got to change the accountability model. Somewhere along the line, the account basis of accountability with the account leader got diffused across the organization. And in the end, the person who leads these accounts needs to be in charge, enjoy control of revenue and control of the costs. They then need to shift the business fuse from some of the low-end services that, frankly, EDS was founded on to where they want to be, which is profitable ITO, the Strategic Enterprise Services, in cloud, in security, in information optimization. And over time, that will shift the margins in the passage -- in a locality that they want to be and will frankly add a lot more value to their customers, which will in circle allow us to sell in more hardware and other products into those very significant top 200 accounts that account for a gigantic chunk of that revenue. So we're on a journey here. I feel more confident today about the pass forward in that business than I enjoy any time in the last 12 months. But accomplish no mistake about it, we've got a limited ways to depart here.

    Brian G. Alexander - Raymond James & Associates, Inc., Research Division

    And just a quick follow-up on the accelerated headcount for Q4, Cathie. I approach up with about a $0.03 benefit to EPS. I just wanted to validate that.

    Catherine A. Lesjak

    So they haven't quantified that benefit. I arbiter the best passage to arbiter about it is obviously, it's included in their guidance and that some of the benefit that we're getting from the restructuring activities is in fact going to counteract the top line headwinds we're seeing.


    Mark Moskowitz from JPMorgan is online with a question.

    Mark A Moskowitz - JP Morgan Chase & Co, Research Division

    Meg, I want to pickup a sense to your -- as they utter talk about or arbiter about growth and some of the challenges, both macro and structural and company specific. As they arbiter about rolling forward to 2013, with the pace of reinvestment in terms of taking HP where you want it to be, would that require EPS to actually maybe decline year-over-year in 2013 because of these reinvestments?

    Margaret C. Whitman

    So they will give their fiscal year '13 guidance at their Security Analyst Meeting in the first section of October. And so we'll be quite precise at that point. Let me just sort of elevate utter the passage back up here and just try to give you some perspective on the situation that I notice at HP now, having been here nearly a year. So first is, they are facing some macroeconomic trends, Western Europe, the United States, China and the consumer broadly. From an industry perspective, we've got changes where tablets is a growing section of the consumer device business; we've got some challenges around consumer printing; and we've got pricing pressure across-the-board, which means they need to adjust their cost structure to be able to compete. Sometimes, folks remark to me, "Well, I'm certain the competitor's losing money." Well, actually, they aren't. And they need to accomplish certain that they enjoy a cost structure that allows us to be successful in utter parts of the world in utter of their businesses. And then we've got some execution challenges. And HP had some very serious challenges and headwinds when I first got here. And we've made progress on many things, but there are still some very serious execution issues in this business, and whether that is improving sales and delivery in ES, whether that is getting the pipeline conversion to where it needs to be in Software, whether that is their faculty to compete successfully in hyperscale, whether that is fixing the decrepit supplies, claim in IPG. I will remark a minute about IPG. I arbiter they set up a very crisp strategy after I've been here about 3 or 4 months. And by the way, I arbiter that's section of the judgement you're seeing some improvement in that business. But as the category leader, they are the acknowledged category leader here, and we've got some weakened competitors and they need to depart after them. And they besides need -- as the category leader, they need to grow the relevance of printing, which you've seen us open to upshot in some of the advertising that we've done and justify the incompatibility between their ink and reman ink and their toner and reman toner. And then lastly, sales, in my view, is not where it should be. I arbiter we've done the prerogative things in reorganizing sales management. I'm excited about that. But we've got to better their aggressiveness. We've got better their go-to-market. And we've just got to pickup a lot more aggressive and with a much more, shall I say, focused accountability model that they implement on a day-to-day basis. So when they recognize at 2013, we're going to tumble utter of the pluses and the minuses. We're going to establish in the investments that they arbiter are required, and yet they enjoy to enjoy a cost structure that allows us to win in the marketplace. So we'll enjoy a crisp view of that by 2013. Let me remark there's puts and takes.


    Maynard Um from Wells Fargo is online with a question.

    Maynard Joseph Um - Wells Fargo Securities, LLC, Research Division

    Meg, you talk about the tectonic plate shifts that are happening in the industry. But at the identical time, you're obviously navigating some challenging HP-specific issues. Can you just talk about whether you arbiter you can really focus on the longer term while you're still -- while you still enjoy a lot of work to upshot over the near term? And then relative to your competitors, feel fondness they're any further along than HP at this point?

    Margaret C. Whitman

    So that's what they enjoy to do, is they enjoy to focus on the short term and they enjoy to focus on the long term. Because if they don't focus on the long term, they will constantly be behind, but if they don't fix their short-term operations, they won't enjoy the money to invest in the long term. So they enjoy to upshot both, and it's a balancing act. I will remark one of the things they are doing is they are looking through utter the different things that they upshot at HP, and the portfolio is vast. I don't know if you had the chance to approach to HP discover and notice everything that HP did, but they are looking through utter their different portfolios and saying, "Do they need to be doing this R&D? upshot they need to be focused on this many products in this many segments of the market across 166 countries?" Because my deeply held credit is focus, focus, focus is going to be an significant thing for us, so they are committed to the major businesses that they are in 100%. But behind the curtain, there's lots of smaller initiatives that I arbiter they can assume those resources and pickup more bang for the buck by really investing behind some of their best growth opportunities. So that's section of the passage we're going to decipher their near-term problems and, at the identical time, free up the capacity to invest in the long term, along with, of course, their restructuring program. So it's complicated, there's no question about it. But I feel fondness we're much further along on that journey than they were, say, 9 or 10 months ago.

    Maynard Joseph Um - Wells Fargo Securities, LLC, Research Division

    If I could just supervene up. Does that imply then that some of the -- that you -- they could notice some smaller divestitures from HP and not necessarily the great ones that people enjoy talked about in the past about some of the sort of noncore assets?

    Margaret C. Whitman

    No, they wouldn't be gigantic divestitures by any stretch of the imagination, but they enjoy lots of limited initiatives buried throughout this company. And some of them they may just shut down if they are organic R&D. Some of them there may be a salable asset there. But these are not big-dollar items. They're just going to let us focus and let us establish the resources where we're going to pickup the best returns.

    Catherine A. Lesjak

    I arbiter the passage to arbiter about it is that we're stepping that up because they enjoy had small divestitures benevolent of off and on over the last number of years. This is just a much more focused attention. To Meg's point, they need to focus more, not less.


    Our next question comes from Kulbinder Garcha of Credit Suisse.

    Kulbinder Garcha - Crédit Suisse AG, Research Division

    I enjoy a question for, I guess, Cathie on free cash flow. It looks, Cathie, fondness this year, HP will probably upshot maybe $5 billion of free cash flow, which is meaningfully down year-on-year. But can you just remind us what the exceptional, let's say, onetime cash items may enjoy been this year? I'm just thinking, if this is the rate of cash that HP can generate to repair your equipoise sheet and really start meaningfully giving cash back to shareholders or accelerate it, it may assume 2 more years from where they are now.

    Catherine A. Lesjak

    Sure. So first off, I arbiter that a tall point for this quarter is the cash flux that they generated. They generated $2.8 billion of cash flow, free cash flux $2.1 billion. They were able to better their net debt position at the company plane by more than $1.5 billion this quarter at the identical time that they reduced the shares outstanding by roughly 17 million shares. And they increased their dividend 10%. So they paid dividends of $260 million. So I upshot arbiter that we're making progress there. If you recognize at what the meaningful headwinds were to cash flux for this year compared to last year, earnings has to be #1. They enjoy besides had cash conversion cycle. I'll besides disclose you I arbiter it was a positive point in this quarter around their cash conversion cycle. last quarter, I told you that they needed to pay attention to it and really focus on it, that they weren't delighted with the results. And quarter-on-quarter, they improved a day. We've got more work to do. It'll assume us into -- through Q4 and into '13 to pickup back to historical levels, but we're deeply focused on the cash conversion cycle as well.


    Shannon Cross of Cross Research is online with a question.

    Shannon S. Cross - Cross Research LLC

    Can you talk a bit about what you're seeing in China? I mean, they heard pretty negative commentary out of Dell yesterday. Clearly, you had some pressure in the region as well, but not just for PCs but besides within printers. And then any other services and products that you provide in the -- into that market? And besides from a perpendicular standpoint because it sounds fondness public may be slowing there, I don't know. Just any color you can give would be very helpful.

    Margaret C. Whitman

    Yes, sure. Well, let me elevate too the BRIC countries because actually, Russia and India were suitable performers for us. Brazil was sort of medium to mixed, and China was not as strong as they would enjoy liked. And there's challenges across-the-board there. They are rebuilding from, as you will recall, a all progression of incidents that damage HP disproportionately to their competitors there. So they are pile -- rebuilding first their leadership in China. They enjoy almost an entirely recent team across-the-board in China, and I'm very confident in their abilities. I fondness them very much. They know what's going on. They're experienced hands. Second, they are pile -- rebuilding the channel in China for both PCs as well as printers. This is actually one of the benefits of putting these 2 businesses together because as they build the channel in China, there's a lot more to present a channel partner. And then they are besides rebuilding the channel with ESSN, their Server, Storage and Networking. A shiny spot, of course, is their Networking business in China where they enjoy a very significant market partake that did very well during the quarter. But they notice economic slowdown in China. The reported growth rates, many people remark "Geez, I'm not certain that the reported growth rates are actually what we're seeing on the ground," and I would agree with that. And at the identical time, I arbiter they can better their execution in China. And you've got a regime change that will betide there as well, and I arbiter there's a bit of -- what I've seen in the business community there is: "Let's wait and notice what happens there," and "What is the public sector spending going to recognize like?," "What is the Chinese stimulus program going to recognize like," which will drive public sector sales.

    Rob Binns

    Okay, great. Thanks for that question, Shannon. And with that, ladies and gentlemen, I arbiter they can conclude the call for today. Thank you very much.

    Margaret C. Whitman

    Thank you very much.


    Thank you for participating in the Third Quarter 2012 Hewlett-Packard Earnings Conference Call. This concludes today's conference. You may now disconnect.

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