惠普 (HPQ) 2021 Q2 法說會逐字稿

Good day, everyone, and welcome to the Second Quarter 2021 HP Inc. Earnings Conference Call. My name is Eily, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the call over to Beth Howe, Head of Investor Relations. Please go ahead.

大家好，歡迎參加 2021 年第二季度惠普公司收益電話會議。我的名字是 Eily，我將擔任您今天電話會議的主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。我現在想將電話轉給投資者關係主管 Beth Howe。請繼續。

Good afternoon, everyone, and welcome to HP's Second Quarter Fiscal 2021 Earnings Conference Call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Marie Myers, HP's Chief Financial Officer.

大家下午好，歡迎參加惠普 2021 財年第二季度收益電話會議。今天和我在一起的是惠普總裁兼首席執行官 Enrique Lores；和惠普首席財務官瑪麗·邁爾斯。

Before handing the call over to Enrique, let me remind you that this call is being webcast. A replay of this webcast will be made available on our website shortly after the call for approximately 1 year. We posted the earnings release and the accompanying slide presentation on our Investor Relations web page at investor.hp.com.

在將電話轉交給 Enrique 之前，讓我提醒您，此電話正在網絡直播中。該網絡廣播的重播將在電話會議後不久在我們的網站上提供，時間約為 1 年。我們在 Investor.hp.com 的投資者關係網頁上發布了收益發布和隨附的幻燈片演示。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K. HP assumes no obligation and does not intend to update any such forward-looking statements.

與往常一樣，本演示文稿的元素具有前瞻性，並基於我們對當今世界和我們業務的最佳看法。有關更多詳細信息，請參閱收益材料中與涉及風險、不確定性和假設的前瞻性陳述相關的免責聲明。有關其中一些風險、不確定性和假設的討論，請參閱惠普的 SEC 報告，包括我們最近的 10-K 表格。惠普不承擔任何義務，也不打算更新任何此類前瞻性陳述。

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 Form 10-Q for the fiscal quarter ended April 30, 2021, and HP's other SEC filings. During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period. For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to the comparable GAAP information. Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.

我們還注意到，本次電話會議中討論的財務信息反映了基於目前可用信息的估計，可能與惠普截至 2021 年 4 月 30 日的財政季度的 10-Q 表格和惠普向美國證券交易委員會提交的其他文件中最終報告的金額存在重大差異。在本次網絡直播期間，除非另有特別說明，所有比較均為與去年同期的同比比較。對於在非公認會計原則基礎上表達的財務信息，我們已將與可比公認會計原則信息的對賬包括在內。請參閱今天的收益發布隨附的表格和幻燈片演示以了解這些對賬。

With that, I'd like to turn it over to Enrique.

有了這個，我想把它交給恩里克。

Thanks, Beth. Good afternoon, everyone, and thank you for joining the call. I want to start by acknowledging the state of the pandemic particularly in countries such as India. We are doing everything we can for our employees, customers and partners during this difficult time. While some parts of the world are beginning to improve and reopen, there is much more work to do.

謝謝，貝絲。大家下午好，感謝您加入電話會議。我想首先承認大流行的狀況，特別是在印度等國家。在這個困難時期，我們正在為我們的員工、客戶和合作夥伴竭盡所能。雖然世界上一些地區開始改善和重新開放，但還有很多工作要做。

Turning to our results. It was another exceptional quarter of double-digit top and bottom line growth in which we delivered well above our guided range. Our performance reflects the relevance of our technology in an increasingly hybrid world, the resilience of our business model and the operational excellence of our team.

轉向我們的結果。這是又一個實現兩位數頂線和底線增長的特殊季度，我們的業績遠高於我們的指導範圍。我們的表現反映了我們的技術在日益混合的世界中的相關性、我們商業模式的彈性以及我們團隊的卓越運營。

In addition to summarizing our results, I also want to highlight secular trends driving sustained demand across our portfolio. HP Technology and Services are at the heart of hybrid work. We are accelerating our strategy to drive long-term sustainable growth. This includes continuing to transform the way we operate and deploy our substantial cash flow to maximize value creation.

除了總結我們的結果外，我還想強調推動我們投資組合持續需求的長期趨勢。惠普技術和服務是混合工作的核心。我們正在加快推動長期可持續增長的戰略。這包括繼續改變我們的運營方式和部署我們的大量現金流以最大限度地創造價值。

But let me start with the quarter. In Q2, we saw exceptional demand for our products and delivered record revenue of $15.9 billion, an increase of 27%, with balanced growth across Print and Personal Systems. Our non-GAAP net earnings increased 56% to $1.2 billion, and we generated $1.3 billion of free cash flow, returning $1.8 billion to shareholders. These results reflect continued strong growth in consumer as well as improvement in our commercial businesses as economic activity increased. In our Consumer segment, we delivered 72% growth in Personal Systems and 77% growth in print. Commercial PC revenue grew 10% and commercial print was up 34%, including 45% growth in our industrial printing businesses.

但讓我從這個季度開始。在第二季度，我們的產品需求異常旺盛，收入達到創紀錄的 159 億美元，增長 27%，印刷和個人系統實現平衡增長。我們的非 GAAP 淨收益增長 56% 至 12 億美元，我們產生了 13 億美元的自由現金流，向股東返還了 18 億美元。這些結果反映了隨著經濟活動的增加，消費者的持續強勁增長以及我們的商業業務的改善。在我們的消費者部門，我們的個人系統增長了 72%，印刷增長了 77%。商用 PC 收入增長 10%，商業印刷增長 34%，其中工業印刷業務增長 45%。

It is important to note that these results are against the backdrop of industry-wide component shortages and supply chain challenges. Currently, there is not enough supply to keep up with the robust demand. And the resurgence of COVID in Southeast Asia is creating additional pressures on our supply chain. We expect supply constraints to continue at least through the end of 2021.

值得注意的是，這些結果是在全行業組件短缺和供應鏈挑戰的背景下得出的。目前，供應不足以跟上強勁的需求。東南亞 COVID 的死灰復燃正在給我們的供應鏈帶來額外的壓力。我們預計供應限制將至少持續到 2021 年底。

Although the environment will likely remain dynamic, we are taking actions to navigate through the challenges, enabling us to deliver strong results and increase our outlook for the second half. As we remain focused on delivering in the short term, we are equally focused on capitalizing on attractive long-term opportunities. It is clear that the world will not simply go back to the way it was prior to COVID.

儘管環境可能會保持動態，但我們正在採取行動應對挑戰，使我們能夠取得強勁的業績並增加下半年的前景。由於我們仍然專注於短期交付，我們同樣專注於利用有吸引力的長期機會。很明顯，世界不會簡單地回到 COVID 之前的狀態。

There has been a fundamental shift in the way people work, learn, play and create. And this shift is here to stay. The future of work and education will be more hybrid. According to recent survey, more than 60% of employees want flexibility in where and how they work. As these future emerges, it will open the opportunity to create new products and services for our customers. Unless consumers and businesses see greater mobility, convenience and value, this supports our strategy to accelerate new business models geared toward more services and subscriptions enabled by the integration of our hardware and software.

人們工作、學習、娛樂和創造的方式發生了根本性的轉變。這種轉變將繼續存在。工作和教育的未來將更加混合。根據最近的調查，超過 60% 的員工希望在工作地點和工作方式上具有靈活性。隨著這些未來的出現，它將為我們的客戶創造新產品和服務提供機會。除非消費者和企業看到更大的移動性、便利性和價值，否則這將支持我們加速新業務模式的戰略，這些模式旨在通過我們的硬件和軟件集成實現更多服務和訂閱。

Underpinning all of this is the growing importance of cybersecurity. 88% of IT decision-makers tell us they worry their cyber risk has increased during the pandemic. This presents a huge opportunity for us to expand our security offerings and deliver the most secure and resilient PCs and printers. With our brand-differentiated portfolio, HP is uniquely positioned to capitalize on this secular trend. And as we have said, this is a time for strong companies to get stronger, and we are innovating across our portfolio to strengthen and grow our businesses.

支撐所有這一切的是網絡安全日益增長的重要性。 88% 的 IT 決策者告訴我們，他們擔心在大流行期間他們的網絡風險增加了。這為我們提供了一個巨大的機會，可以擴展我們的安全產品並提供最安全、最具彈性的 PC 和打印機。憑藉我們的品牌差異化產品組合，惠普在利用這一長期趨勢方面具有獨特優勢。正如我們所說，現在是強大的公司變得更強大的時候，我們正在對我們的投資組合進行創新，以加強和發展我們的業務。

In Personal Systems, our innovation is driving growth in key segments, including remote work, education and gaming. The PC continues to be essential in daily life. We're already capitalizing on this trend in a number of ways. Our latest award-winning PCs include features purpose built for hybrid work, and we are developing new services like HP Provisioning Connect that make it easier for IT teams to set up and support devices in employees' homes as well as in the office.

在個人系統方面，我們的創新正在推動關鍵領域的增長，包括遠程工作、教育和遊戲。個人電腦在日常生活中仍然是必不可少的。我們已經以多種方式利用了這一趨勢。我們最新屢獲殊榮的 PC 包括專為混合工作而設計的功能，我們正在開發新的服務，例如 HP Provisioning Connect，使 IT 團隊能夠更輕鬆地在員工家中和辦公室中設置和支持設備。

In the education market, where HP is the #1 vendor, PC sales have more than doubled due to remote learning. At the same time, however, The number of PCs per 100 students remains in the single digits. As an industry, we still have a long way to go to close this digital divide. And as a company, we have a big opportunity to be part of the solution.

在惠普是第一供應商的教育市場，由於遠程學習，PC 銷量翻了一番多。但與此同時，每 100 名學生的個人電腦數量仍保持在個位數。作為一個行業，要彌合這一數字鴻溝，我們還有很長的路要走。作為一家公司，我們有很大的機會成為解決方案的一部分。

The importance of the PC extends far beyond work and school. In many cases, it has become the entertainment center of the home, from streaming and content creation, to the rise of gaming and eSports. In Q2, revenue growth in gaming outpaced overall consumer PC growth. We are building on these trends to expand into attractive adjacencies, including peripherals. We are on track to close the HyperX acquisition in Q3, which we expect to be accretive in year 1.

個人電腦的重要性遠遠超出工作和學校。在許多情況下，它已成為家庭的娛樂中心，從流媒體和內容創作到遊戲和電子競技的興起。在第二季度，遊戲收入增長超過了整體消費 PC 增長。我們正以這些趨勢為基礎，將業務擴展到有吸引力的鄰接領域，包括外圍設備。我們有望在第三季度完成對 HyperX 的收購，我們預計這將在第一年實現增值。

In printer, we are leveraging our leadership across consumer and commercial market to provide innovative solutions needed in today's hybrid world. This includes accelerating the evolution of our business model and subscription services. We recently announced the expansion of HP+ and Instant Ink, which are now in 35 countries across North America and Europe. We believe HP+ will help us to optimize system profitability and provide a better customer experience. Additionally, employers are looking for more distributed printing environment, which plays to HP's strength in A4 printers. The new LaserJet Enterprise 400 series is designed to deliver seamless remote management for both hybrid workers and new office configurations geared toward collaboration.

在打印機方面，我們正在利用我們在消費和商業市場的領先地位，提供當今混合世界所需的創新解決方案。這包括加速我們的商業模式和訂閱服務的發展。我們最近宣布擴大 HP+ 和 Instant Ink 的業務，這些產品現已在北美和歐洲的 35 個國家/地區推廣。我們相信 HP+ 將幫助我們優化系統盈利能力並提供更好的客戶體驗。此外，雇主正在尋找更分散的打印環境，這可以發揮惠普在 A4 打印機方面的優勢。新的 LaserJet Enterprise 400 系列旨在為混合型員工和麵向協作的新辦公室配置提供無縫遠程管理。

At the same time, greater workforce mobility is a catalyst for our print services portfolio. Within our managed print services, we have introduced HP Flexworker Service to incorporate remote workers and branch offices into a company's MPS contract. This is allowing companies such as General Motors to have better visibility and manageability across their printer fleet.

同時，更大的勞動力流動性是我們印刷服務組合的催化劑。在我們的託管打印服務中，我們引入了 HP Flexworker 服務，將遠程工作人員和分支機構納入公司的 MPS 合同。這使通用汽車等公司能夠在其打印機機群中獲得更好的可見性和可管理性。

In our industrial businesses, new innovation is enabling production to be more agile and more personalized. In industrial graphics, we are seeing improvements in the market and growth in hardware installations. Among the customer wins this quarter were the installation of the 100 Indigo press at CCL, a world leader in label, security and packaging solutions. We also continue to see consistent double-digit growth in print impressions and square meters.

在我們的工業業務中，新的創新使生產更加靈活和個性化。在工業圖形方面，我們看到了市場的改善和硬件安裝的增長。本季度贏得的客戶包括在標籤、安全和包裝解決方案的全球領導者 CCL 安裝 100 Indigo 印刷機。我們還繼續看到印刷量和平方米的持續兩位數增長。

In 3D, we are creating more vertical go-to-market solutions spanning equipment, software and services across industries, from industrial tooling, to automotive, to health and wellness. For example, our molded fiber tooling solution has strong customer engagement and adoption, including numerous prepaid purchases, and we enable them to achieve significant process and cost efficiency.

在 3D 領域，我們正在創建更多垂直上市解決方案，涵蓋跨行業的設備、軟件和服務，從工業工具到汽車，再到健康和保健。例如，我們的模塑纖維模具解決方案具有強大的客戶參與度和採用率，包括大量預付費購買，我們使他們能夠實現顯著的流程和成本效率。

In addition, we are partnering with Ford Motor Company to extend the life of already used 3D-printed parts by turning them into auto components for their F-250 trucks, creating a closed loop on waste.

此外，我們正在與福特汽車公司合作，通過將已使用的 3D 打印部件轉變為 F-250 卡車的汽車部件來延長其使用壽命，從而形成一個廢物處理閉環。

With our strong and diverse portfolio, we also continue to generate meaningful free cash flow, and we remain focused on deploying our cash to maximize value creation. We have the flexibility to return significant capital to shareholders and reinvest in our businesses, while also exploring disciplined M&A. We will continue to look for opportunities to strengthen our core, expand into attractive adjacencies and create additional growth engines.

憑藉我們強大而多樣化的投資組合，我們還繼續產生有意義的自由現金流，我們仍然專注於部署我們的現金以最大限度地創造價值。我們可以靈活地向股東返還大量資本，並對我們的業務進行再投資，同時也探索有紀律的併購。我們將繼續尋找機會來加強我們的核心，擴展到有吸引力的鄰近地區並創造額外的增長引擎。

As always, we will take a rigorous approach to evaluating M&A, requiring strategic fit, attractive financial returns that exceed those of buying our own stock and a strong operational plan to execute on the value proposition.

與往常一樣，我們將採取嚴格的方法來評估併購，要求戰略契合、超過購買我們自己股票的有吸引力的財務回報以及執行價值主張的強大運營計劃。

And an important enabler of our strategy is continuing to transform the company to become leaner and more digitally enabled. For HP, there is a continued focus on both reducing structural costs and reinvesting for the future. To help us accelerate our progress, we announced 3 new leadership appointments, Didier Deltort is joining HP as the President of Personalization and 3D Printing; Greg Baxter will be our next Chief Transformation Officer; and Kristen Ludgate is joining in HP as our Chief People Officer. Working together with our leadership team, they will strengthen our innovation capabilities and help drive our long-term strategy. And a key part of our strategy is to deliver strong results while staying true to HP's values.

我們戰略的一個重要推動因素是繼續改造公司，使其變得更精簡、更數字化。對於惠普來說，他們將繼續關注降低結構成本和為未來進行再投資。為了幫助我們加快進展，我們宣布了 3 位新的領導任命，Didier Deltort 將加入惠普，擔任個性化和 3D 打印總裁； Greg Baxter 將成為我們下一任首席轉型官； Kristen Ludgate 將加入惠普，擔任我們的首席人事官。他們將與我們的領導團隊合作，加強我們的創新能力並幫助推動我們的長期戰略。我們戰略的一個關鍵部分是在堅守惠普價值觀的同時提供出色的成果。

Last month, we announced an ambitious set of climate action goals. By 2025, we aim to achieve carbon neutrality, 0 waste in HP operations and 0 differentiation for HP paper and paper-based packaging. We are also committed to achieving net 0 carbon emissions across our entire value chain by 2040. And last week, we announced a new set of diversity and inclusion goals. This includes a pledge to achieve 50-50 gender equality in HP leadership by 2030, making us the first Fortune 100 tech company to make such a commitment. I am proud to say our partners are joining us in these efforts.

上個月，我們宣布了一套雄心勃勃的氣候行動目標。到 2025 年，我們的目標是實現碳中和、惠普運營中的 0 浪費以及惠普紙張和紙基包裝的 0 差異化。我們還致力於到 2040 年在整個價值鏈中實現零碳排放。上週，我們宣布了一套新的多元化和包容性目標。這包括承諾到 2030 年在惠普領導層實現 50-50 的性別平等，這使我們成為第一家做出此類承諾的財富 100 強科技公司。我很自豪地說，我們的合作夥伴正在加入我們的努力。

Today, over 1,400 partners have signed the Amplify Impact pledge to set their own long-term objective to drive a sustainable impact. This is where the size and scale of HP's ecosystem truly shines. Overall, I am very pleased with our performance this quarter and excited for what lies ahead.

今天，超過 1,400 名合作夥伴簽署了“擴大影響力”承諾，以設定他們自己的長期目標，以推動可持續的影響力。這就是惠普生態系統的規模和規模真正大放異彩的地方。總體而言，我對我們本季度的表現感到非常滿意，並對未來的發展感到興奮。

We continue to drive a relentless focus on execution, while taking decisive actions to capitalize on attractive opportunities to advance our leadership in personal systems and print, expand into attractive adjacencies, disrupt new markets and transform the way we operate. And I am confident that our strategy will continue to create significant shareholder value. I know I speak for our more than 50,000 employees when I say we are not content simply maintaining our current position. We have a much bigger ambition.

我們繼續堅持不懈地專注於執行，同時採取果斷行動，利用有吸引力的機會來提升我們在個人系統和印刷領域的領導地位，擴展到有吸引力的鄰近地區，擾亂新市場並改變我們的運營方式。我相信我們的戰略將繼續為股東創造重要價值。當我說我們不滿足於僅僅維持目前的職位時，我知道我代表我們的 50,000 多名員工。我們有一個更大的野心。

And with that, I will turn the call over to Marie, who will take you through the details of our quarter and our fiscal year outlook. Marie, over to you.

有了這個，我將把電話轉給瑪麗，她將帶你了解我們季度的細節和我們的財政年度展望。瑪麗，交給你了。

Thanks, Enrique. HP's second quarter results highlights both our operational strength and the breadth of our portfolio. We are demonstrating our ability to meet customer needs and continuing on our transformation journey, all while growing operating profits, generating strong free cash flow and maintaining a robust capital returns while continuing to make investments in the company for our future.

謝謝，恩里克。惠普的第二季度業績突出了我們的運營實力和我們產品組合的廣度。我們正在展示我們滿足客戶需求並繼續我們的轉型之旅的能力，同時增加運營利潤，產生強大的自由現金流並保持強勁的資本回報，同時繼續為我們的未來對公司進行投資。

Turning to the details of the second quarter. Q2 net revenue was $15.9 billion, up 27% nominally and 25% in constant currency. Regionally, in constant currency, Americas increased 32%, EMEA increased 19%, and APJ increased 23%. The year-on-year growth rate benefited from the prior year impact of COVID and supply chain disruptions.

轉向第二季度的細節。第二季度淨收入為 159 億美元，名義增長 27%，按固定匯率計算增長 25%。從地區來看，按固定匯率計算，美洲增長 32%，EMEA 增長 19%，APJ 增長 23%。同比增長率受益於 COVID 和供應鏈中斷的前一年影響。

Demand continued to outpace supply and we ended the quarter with elevated backlog in both Personal Systems and Printing. At the highest since the split, gross margin was 21.7%, up 1.7 points year-on-year. The increase was primarily driven by favorable pricing, including historically low promotion expense and favorable currency partially offset by higher costs.

需求繼續超過供應，我們在本季度結束時個人系統和打印的積壓增加。毛利率為21.7%，同比上升1.7個百分點，創分拆以來最高。這一增長主要是由有利的定價推動的，包括歷史上較低的促銷費用和有利的貨幣，部分被較高的成本所抵消。

Non-GAAP operating expenses were $2 billion or 12.6% of revenue, up 10 basis points year-on-year. The increase in operating expenses was primarily driven by higher variable compensation as a result of the very strong performance this year as compared to Q2 2020 as well as increased investments in innovation and go-to-market.

非美國通用會計準則運營費用為 20 億美元，佔收入的 12.6%，同比增長 10 個基點。與 2020 年第二季度相比，今年的業績非常強勁，以及對創新和上市的投資增加，導致運營費用增加的主要原因是可變薪酬增加。

Non-GAAP net OI&E expense was $64 million for the quarter. Non-GAAP diluted net earnings per share increased 82% to $0.93, with a diluted share count of approximately 1.2 billion shares. Non-GAAP diluted net earnings per share excludes net benefits totaling $70 million primarily related to other tax adjustments and nonoperating retirement-related credits partially offset by restructuring and other charges as well as amortization of intangible assets. As a result, Q2 GAAP diluted net earnings per share was $0.98.

本季度非 GAAP 淨 OI&E 費用為 6400 萬美元。 Non-GAAP 攤薄後每股淨收益增長 82% 至 0.93 美元，攤薄後的股票數量約為 12 億股。非公認會計原則攤薄後每股淨收益不包括總額為 7000 萬美元的淨收益，主要與其他稅收調整和非經營性退休相關信貸相關，部分被重組和其他費用以及無形資產攤銷所抵消。因此，第二季度 GAAP 攤薄後每股淨收益為 0.98 美元。

Turning to segment performance. In Q2, Personal Systems benefited from strong demand related to working and learning from home. Revenue was $10.6 billion, up 27% year-over-year. Demand for our product remained very strong with backlog increasing again quarter-on-quarter. Drilling into the details, we saw strength across Consumer and Commercial, with revenue up 72% and 10%, respectively. By product category, revenue was up 47% for notebooks, down 8% for desktops, and down 7% for workstations. Strong demand for notebooks drove total unit growth of 44%, with Chromebooks representing 20% of our total Personal Systems units as the need for technology and education continued to grow.

轉向細分性能。在第二季度，個人系統受益於與在家工作和學習相關的強勁需求。收入為 106 億美元，同比增長 27%。對我們產品的需求仍然非常強勁，積壓訂單再次環比增加。深入細節，我們看到消費者和商業領域的實力，收入分別增長了 72% 和 10%。按產品類別劃分，筆記本電腦收入增長 47%，台式機收入下降 8%，工作站收入下降 7%。由於對技術和教育的需求持續增長，對筆記本電腦的強勁需求推動了 44% 的總銷量增長，其中 Chromebook 占我們個人系統總銷量的 20%。

We also saw solid services attached with particular strength in commercial and significant double-digit growth in consumer peripherals. Personal Systems delivered $710 million in operating profit and operating margins of 6.7%. The year-over-year improvement was primarily due to favorable pricing, including lower promotion expenses as well as currency, partially offset by unfavorable mix and higher costs, including variable compensation, commodity costs as well as investments in innovation and go-to-market.

我們還看到了堅實的服務，特別是在商業方面的實力和消費外圍設備的顯著兩位數增長。 Personal Systems 實現了 7.1 億美元的營業利潤和 6.7% 的營業利潤率。同比改善主要是由於有利的定價，包括較低的促銷費用和貨幣，部分被不利的組合和更高的成本（包括可變薪酬、商品成本以及對創新和進入市場的投資）所抵消.

In Print, our results reflected continued focus on execution and the strength of our portfolio. We are uniquely positioned as leaders in both consumer and commercial and have the hardware supplies and services to deliver value in a hybrid world. Q2 total Print revenue was $5.3 billion, up 28%, and total hardware units grew 42% to 10.6 million. By customer segment, Consumer revenue was up 77%, with units up 45%; and commercial revenue and units were up 34% and 22%, respectively.

在印刷方面，我們的業績反映了對執行的持續關注和我們產品組合的實力。我們在消費者和商業領域都處於獨特的領先地位，並擁有在混合世界中創造價值的硬件供應和服務。第二季度印刷總收入為 53 億美元，增長 28%，總硬件單位增長 42% 至 1060 萬。按客戶細分，消費者收入增長 77%，單位增長 45%；商業收入和單位分別增長 34% 和 22%。

In Commercial, the recovery momentum continued, with revenue up 13% sequentially, but we continue to expect the recovery to be gradual and uneven, at times across segments and geographies. Supplies revenue was $3.3 billion, up 17%. The year-on-year growth was primarily driven by favorable pricing as well as ongoing consumer demand and improving commercial demand.

在商業領域，復甦勢頭持續，收入環比增長 13%，但我們繼續預計復甦將是漸進且不均衡的，有時會跨越細分市場和地區。供應收入為 33 億美元，增長 17%。同比增長主要受到有利的定價以及持續的消費者需求和商業需求改善的推動。

Our contractual business is a key element of our Print strategy in both consumer and commercial printing. In Consumer, our Instant Ink business continue to resonate well with customers, with cumulative enrollees growing 7% sequentially to 9.7 million. On the commercial side, we drove growth in Managed Print Services revenue, and new TCV bookings for the first time since the pandemic took hold and strong renewal TCV bookings again this quarter.

我們的合同業務是我們在消費者和商業印刷領域的印刷戰略的關鍵要素。在消費者領域，我們的 Instant Ink 業務繼續與客戶產生良好的共鳴，累計註冊人數連續增長 7% 至 970 萬。在商業方面，我們推動了託管打印服務收入的增長，以及自大流行爆發以來的首次新 TCV 預訂以及本季度再次強勁的續訂 TCV 預訂。

Print operating profit increased $403 million to $951 million, and operating margins were 17.9%. This year-over-year increase was driven by increased volume and favorable pricing across hardware and supplies, including less promotional expense, partially offset by unfavorable mix and higher costs.

印刷營業利潤增加 4.03 億美元至 9.51 億美元，營業利潤率為 17.9%。這一同比增長是由硬件和用品的銷量增加和優惠價格推動的，包括促銷費用減少，部分被不利的組合和更高的成本所抵消。

Let me now turn to our transformation efforts and specifically our cost savings initiatives. In the second year of our program, we continue to look at new cost savings opportunities and remain ahead of our $1.2 billion gross run rate structural cost reduction plan. During the quarter, we continued our efforts to optimize our factory footprint to enable a best-in-class supply chain network and enhanced supply resiliency while reducing our cost structure.

現在讓我談談我們的轉型努力，特別是我們的成本節約計劃。在我們計劃的第二年，我們繼續尋找新的成本節約機會，並保持領先於我們 12 億美元的總運行率結構性成本削減計劃。在本季度，我們繼續努力優化我們的工廠足跡，以實現一流的供應鍊網絡並增強供應彈性，同時降低我們的成本結構。

In addition, we continue to enhance and leverage our digital capabilities to transform ways in which we operate and deliver value to our customers. The structural cost savings from our transformation efforts give us the flexibility to reinvest in our business for long-term growth and profitability.

此外，我們將繼續增強和利用我們的數字能力來改變我們的運營方式並為客戶創造價值。我們的轉型努力節省的結構性成本使我們能夠靈活地對我們的業務進行再投資，以實現長期增長和盈利。

Shifting to cash flow and capital allocation. Second quarter cash flow from operations and free cash flow were better than expected at $1.4 billion and $1.3 billion, respectively. In Q2, the cash conversion cycle was minus 28 days. Sequentially, the cash conversion cycle was up 2 days as growth in inventory, primarily due to strategic buys, drove increased days of inventory, partially offset by a reduction in days sales outstanding and higher days payable outstanding.

轉向現金流和資本配置。第二季度運營現金流和自由現金流分別好於預期，分別為 14 億美元和 13 億美元。在第二季度，現金轉換週期為負 28 天。隨後，現金轉換週期增加了 2 天，因為庫存增長（主要是由於戰略性採購）推動了庫存天數的增加，部分被未償銷售天數的減少和應付未償天數的增加所抵消。

For the quarter, we returned a total of $1.8 billion to shareholders, which represented 137% of free cash flow. This included $1.6 billion in share repurchases and $239 million in cash dividends. Looking forward, we expect to continue buying back shares at elevated levels of at least $1 billion per quarter in the coming quarters, unless higher return opportunities emerge.

本季度，我們向股東返還了 18 億美元，佔自由現金流的 137%。其中包括 16 億美元的股票回購和 2.39 億美元的現金股息。展望未來，除非出現更高的回報機會，否則我們預計未來幾個季度將繼續以每季度至少 10 億美元的高水平回購股票。

Looking forward to the third quarter and the rest of fiscal '21, we continue to model multiple scenarios related to supply availability, pricing dynamics and the pace of economic reopening. In particular, keep the following in mind related to our overall financial outlook. From a demand perspective, we expect to continue to see strong demand for our PCs, particularly in consumer. In Print, We expect solid demand in consumer and continued improvement in commercial as offices reopen. While we expect year-on-year revenue growth in FY '21 to reflect our continued progress on our strategy, it is also important to note that growth trends in Q3 will also reflect the tougher year-over-year comparisons, particularly in Personal Systems.

展望第三季度和 21 財年的剩餘時間，我們將繼續模擬與供應可用性、定價動態和經濟重新開放步伐相關的多種情景。特別是，請牢記以下與我們的整體財務前景相關的內容。從需求的角度來看，我們預計對我們的個人電腦的需求將繼續強勁，特別是在消費者方面。在印刷方面，我們預計隨著辦公室重新開放，消費者需求將保持穩定，商業將繼續改善。雖然我們預計 21 財年的收入同比增長將反映我們在戰略上的持續進展，但同樣重要的是要注意，第三季度的增長趨勢也將反映更嚴峻的同比比較，尤其是在個人系統方面.

We expect supply constraints to continue to negatively impact our ability to meet demand in PCs and printers, at least through the end of calendar 2021. We expect gross margin pressure in the second half of the year in both Personal Systems and Print due to increased costs in commodities and logistics as compared to Q2 levels and as we expect to see some more normalization in the market and pricing environment. We expect operating expenses in the second half of the year to be more similar to Q1 run rate.

我們預計供應限制將繼續對我們滿足 PC 和打印機需求的能力產生負面影響，至少到 2021 年年底。我們預計，由於成本增加，個人系統和打印業務將在下半年面臨毛利率壓力與第二季度相比，在商品和物流方面，我們預計市場和定價環境會更加正常化。我們預計下半年的運營費用將更接近於第一季度的運行率。

Finally, we continue to closely monitor the current COVID resurgence and its potential impact to our supply chain, particularly in Southeast Asia. Taking these considerations into account, we are providing the following guidance for Q3 and FY '21. We expect third quarter non-GAAP diluted net earnings per share to be in the range of $0.81 to $0.85, and third quarter GAAP diluted net earnings per share to be in the range of $0.77 to $0.81. We expect FY '21 non-GAAP diluted net earnings per share to be in the range of $3.40 on to $3.50, and FY '21 GAAP diluted net earnings per share to be in the range of $3.24 to $3.34. For FY '21, we expect our free cash flow to be at least $4 billion.

最後，我們將繼續密切關注當前的 COVID 死灰復燃及其對我們供應鏈的潛在影響，尤其是在東南亞。考慮到這些因素，我們為第三季度和 21 財年提供以下指導。我們預計第三季度非 GAAP 攤薄後每股淨收益將在 0.81 美元至 0.85 美元之間，第三季度 GAAP 攤薄後每股淨收益將在 0.77 美元至 0.81 美元之間。我們預計 21 財年非 GAAP 攤薄後每股淨收益將在 3.40 美元至 3.50 美元之間，而 21 財年 GAAP 攤薄後每股淨收益將在 3.24 美元至 3.34 美元之間。對於 21 財年，我們預計我們的自由現金流至少為 40 億美元。

And now I would like to hand it back to the operator and open the call for your questions.

現在我想把它交還給接線員並打開電話詢問您的問題。

(Operator Instructions) Our first question today comes from Amit Daryanani with Evercore.

（操作員說明）我們今天的第一個問題來自 Evercore 的 Amit Daryanani。

I guess I have 2. The first one, I guess, I was hoping if you could talk a little bit about the Print margins in the April quarter. I'm somewhat surprised they were down on a sequential basis by nearly 200 basis points, even though the supplies mix, I think, was fairly stable in July versus April. So can you maybe just touch on what happened to the Print margins and then -- in the April quarter? And how do we think about it in the back half of the year?

我想我有 2 個。第一個，我想，我希望你能談談 4 月季度的印刷邊距。我有點驚訝他們連續下降了近 200 個基點，儘管我認為 7 月份的供應組合與 4 月份相比相當穩定。那麼，您能否談談打印邊距發生的情況，然後 - 在四月季度？我們如何看待下半年？

Sure. No, thanks, Amit, and good afternoon. So the decline we saw in the Print operating rate was really driven by several factors. So first of all, some of the unfavorable costs in commodities, factory and logistics; and secondly, by investments that we made in OpEx across R&D, marketing to support future growth and higher variable comp. And look, overall, I'd just say, we have seen strength in resiliency in our broad -- in our Print portfolio, which really positions us well against the competition.

當然。不，謝謝，阿米特，下午好。因此，我們看到的印刷開工率下降實際上是由幾個因素驅動的。所以首先是商品、工廠和物流方面的一些不利成本；其次，通過我們在研發、營銷方面對運營支出的投資，以支持未來的增長和更高的可變薪酬。總體而言，我只想說，我們已經看到了我們廣泛的彈性優勢 - 在我們的印刷產品組合中，這確實使我們在競爭中處於有利地位。

And as we look ahead into the future, we do expect our margins to be in the long-term range of 16% to 18%. And let me give you just a few things to think about as you think about the second half. So obviously, the full year was very strong in the first half. So we expect to be towards the higher end of the range.

當我們展望未來時，我們確實預計我們的利潤率將在 16% 至 18% 的長期範圍內。讓我給你一些思考下半場的事情。很明顯，上半年全年表現非常強勁。因此，我們預計將接近該範圍的高端。

And just a couple of other points I would add is, some of the exceptional benefit that we saw in H1, particularly in favorable pricing will start to diminish. And so we would expect that our mix as well would normalize as the office reopens. We're likely to see higher commodity costs, logistics costs, and that will potentially impact our ability to meet demand. And then finally, there is some seasonal mix headwinds in Q2, as -- in supplies as Q2 is typically our strongest quarter for supplies. So just keep that in mind as you're thinking about the second half, and I would just conclude that we're in the business of generating incremental OP dollars.

我要補充的其他幾點是，我們在上半年看到的一些特殊好處，特別是在有利的定價方面將開始減少。因此，我們預計隨著辦公室重新開放，我們的組合也會正常化。我們可能會看到更高的商品成本、物流成本，這可能會影響我們滿足需求的能力。最後，第二季度存在一些季節性混合阻力，因為第二季度通常是我們供應最強勁的季度。因此，當您考慮下半年時，請記住這一點，我會得出結論，我們正在從事產生增量運營費用的業務。

I think a key point for our performance of Print this quarter is that we are really pleased of how the Print business did. Whether you look at year-on-year comparisons, whether you look at growth, it really aligned to the trends that we described last quarter, the rebalancing that we see happening between home and office, the growth that we are starting to see in some of the commercial and industrial categories. So Print had a very strong quarter, and we expect it to continue through the rest of the year.

我認為我們本季度印刷業務表現的一個關鍵點是我們對印刷業務的表現感到非常滿意。無論您是查看同比比較，還是查看增長，它都與我們上個季度描述的趨勢、我們看到的家庭和辦公室之間發生的再平衡、我們開始在某些方面看到的增長保持一致的商業和工業類別。所以 Print 有一個非常強勁的季度，我們預計它會持續到今年剩下的時間。

Got it. That is really helpful. And then if I could just follow up in a comparable dynamic, really. Enrique, I think a big focus for everyone is trying to understand what does steady-state EPS look like for HP over time, especially given the strong performance you've had in the first half? And I think your back half guide sort of implies EPS will decline high single digits, 10%-plus in Q3 and Q4. I'm curious, you touched on Print, but I'm curious, what are the other vectors that are driving the slowdown in EPS, especially given the fact you have elevated backlog? And then do you think the $0.75, $0.80 imply the EPS in October quarter is a representation of what normal EPS run rates would look like for HP?

知道了。這真的很有幫助。然後，如果我能以類似的動態跟進，真的。恩里克，我認為每個人的一個重點是試圖了解惠普的穩態每股收益隨著時間的推移會是什麼樣子，特別是考慮到你在上半年的強勁表現？而且我認為你的後半部分指南暗示每股收益將下降高個位數，在第三季度和第四季度下降 10% 以上。我很好奇，你談到了印刷，但我很好奇，還有哪些其他因素導致 EPS 放緩，尤其是考慮到你的積壓增加了？然後你認為 0.75 美元、0.80 美元是否意味著 10 月季度的每股收益代表了惠普的正常每股收益運行率？

Yes. So first of all, let me talk about year-on-year comparison, so we put things in perspective. EPS for the second half is growing more than 40%, 40% from where we were a year ago, so really representing very solid growth. At the same time, as you are saying, we continue to see very strong demand across all of our portfolio. We expect this to continue to happen through the second half, but we are going to be limited by supply, given the shortages that we see in the market. And this is a fundamental part of what is driving our guide.

是的。所以首先，讓我談談同比比較，所以我們要正確看待事情。下半年的每股收益增長超過 40%，比一年前增長了 40%，因此確實代表了非常穩健的增長。同時，正如您所說，我們繼續看到我們所有投資組合的需求非常強勁。我們預計這種情況將持續到下半年，但鑑於我們在市場上看到的短缺，我們將受到供應的限制。這是推動我們指南的基本部分。

As we have done in the past, we are prudent when we guide. We have been in the past, and we will continue to be. If we can do better, we will. We could be better because of better pricing, because we could do better because of better capacity. So again, prudent guide. We have demonstrated that if we can do better, we will do better. And therefore, given all the anomalies that we see and the supply constraints, I don't think we should be using the Q4 numbers to project the business in the future.

正如我們過去所做的那樣，我們在指導時是謹慎的。我們已經過去了，我們將繼續如此。如果我們能做得更好，我們會的。我們可以因為更好的定價而變得更好，因為我們可以因為更好的容量而做得更好。再次，謹慎的指導。我們已經證明，如果我們能做得更好，我們就會做得更好。因此，鑑於我們看到的所有異常情況和供應限制，我認為我們不應該使用第四季度的數據來預測未來的業務。

Our next question comes from Shannon Cross with Cross Research.

我們的下一個問題來自 Cross Research 的 Shannon Cross。

I had a question on inventory, both on your balance sheet and then within the channel, up about $800 million quarter-over-quarter. I'm curious how much of that was component buying or maybe some end product, just given supply chain hiccups. And then Lenovo said today, I think, that they see 2 to 3 weeks of inventory -- or channel inventory on PCs. Usually, I can't remember, I think it was 6 to 8 weeks is their normal. Can you talk a bit about what you're seeing in the channel and both on the PC and the printer side? And then I have a follow-up.

我有一個關於庫存的問題，無論是在您的資產負債表上還是在渠道內，環比增長約 8 億美元。我很好奇其中有多少是組件購買或一些最終產品，只是考慮到供應鏈打嗝。然後聯想今天說，我認為，他們看到了 2 到 3 週的庫存——或 PC 上的渠道庫存。通常，我不記得了，我認為是 6 到 8 周是他們的正常情況。您能談談您在頻道中以及在 PC 端和打印機端看到的內容嗎？然後我有一個跟進。

Let me start. And I think maybe before Marie share some of the numbers, let me share some of the strategy that we have behind it. We shared last quarter that we were anticipating some of the supply challenges that we are seeing, we decided to operate with higher levels of HOI, and this is what you see reflected in the numbers. So Marie, why don't you give some color on what are the increases in HOI.

讓我開始吧。我想也許在瑪麗分享一些數字之前，讓我分享一下我們背後的一些策略。我們在上個季度分享了我們正在預測我們看到的一些供應挑戰，我們決定以更高水平的 HOI 運營，這就是您在數字中看到的反映。所以瑪麗，你為什麼不給一些關於 HOI 增加的顏色。

Yes. No, absolutely, Enrique. So let me step back and set some context for you, Shannon. So obviously, we've seen that strong demand across PS and print. And as you know, we're also lapping the factory closures and disruptions from those inventory drawdowns last year. And obviously, that impacted the system all the way through. And then we're obviously trying to continue to navigate the supply chain challenges, given the ongoing nature of the pandemic.

是的。不，絕對，恩里克。所以讓我退後一步，為你設置一些背景，Shannon。很明顯，我們已經看到 PS 和印刷領域的強勁需求。如您所知，我們還在考慮去年因庫存下降而導致的工廠關閉和中斷。顯然，這一直影響著整個系統。然後，鑑於大流行的持續性質，我們顯然正試圖繼續應對供應鏈挑戰。

So to approve assurance of supply, we are carrying higher levels of owned inventory. And as we said, we do this to navigate during this time. So HOI at this point is likely to stay elevated to support business growth. So -- and that includes strategic buys, to answer your question, where, particularly in CPUs. And then going on to the second part of your question, around channel inventory. Overall, CI in PS, print, hardware and supplies is currently below historical levels. And our backlog is up, frankly, quarter-on-quarter, and that gives us confidence on the demand that we are seeing, Shannon.

因此，為了批准供應保證，我們持有更高水平的自有庫存。正如我們所說，我們這樣做是為了在這段時間內導航。因此，此時的 HOI 可能會保持較高水平以支持業務增長。所以 - 這包括戰略購買，以回答您的問題，尤其是在 CPU 方面。然後繼續你問題的第二部分，關於渠道庫存。總體而言，PS、打印、硬件和耗材方面的 CI 目前低於歷史水平。坦率地說，我們的積壓訂單環比增加，這讓我們對我們看到的需求充滿信心，香農。

Okay. Great. And then just a question on pricing. I think you noted you expect some normalization in pricing, but what we're hearing is prices are somewhat increasing. So is this more sort of an average price or mix impact? Or what are you seeing? Because if there's no supply out there and demand remains strong, I don't see where you might not have some pricing pressure -- or sorry, pricing advantage.

好的。偉大的。然後只是一個關於定價的問題。我想你已經註意到你期望定價會出現一些正常化，但我們聽到的是價格有所上漲。那麼這更像是平均價格還是混合影響？或者你在看什麼？因為如果那裡沒有供應並且需求仍然強勁，我看不出你在哪裡可能沒有一些定價壓力——或者對不起，定價優勢。

Thank you, Shannon. I think it's worth to go through the pricing discussion business by business. In the case of print, we are having price increases across the board, and you have -- you can see in our numbers an increase in the average price. In the case of PCs, pricing rates are growing. So price in each category -- almost in each category are going up. But overall, price is going down because of mix, because of where we are seeing the highest demand in the market. So prices are up. But because of mix, you may see the average price going down.

謝謝你，香農。我認為值得按業務進行定價討論。就印刷品而言，我們的價格全面上漲，而你有——你可以從我們的數字中看到平均價格的上漲。就個人電腦而言，定價率正在增長。所以每個類別的價格——幾乎每個類別的價格都在上漲。但總體而言，價格正在下降，因為混合，因為我們看到市場上的最高需求。所以價格上漲。但由於混合，您可能會看到平均價格下降。

And Shannon, just to add to Enrique's comments, some of the favorable pricing that we saw and the benefit in the first half is starting to abate in the second half as well.

香農，只是為了補充 Enrique 的評論，我們看到的一些優惠定價和上半年的收益在下半年也開始減弱。

Our next question comes from Toni Sacconaghi with Bernstein.

我們的下一個問題來自托尼·薩科納吉和伯恩斯坦。

Yes. I just want to just try and square the circle on a couple of things, particularly around your guidance. So seasonally, you're typically up in EPS, and you're guiding for EPS to be down about 10% sequentially. Revenue is typically up 3% or 4%. Are you suggesting that revenue is going to be lower than normal seasonal? Or is this all margin pressure? And the reason I struggle with the margin question is it sounds like your backlog is even bigger. You should be able to sell whatever you have, you have incremental inventory, so that should allow you to arguably meet demand better.

是的。我只是想試著在幾件事上打個圓，尤其是在你的指導下。因此，季節性情況下，您的每股收益通常會上升，並且您正在指導每股收益連續下降約 10%。收入通常增長 3% 或 4%。您是否暗示收入將低於正常的季節性？或者這都是利潤壓力？我在保證金問題上苦苦掙扎的原因是，聽起來您的積壓工作更大。你應該能夠出售你擁有的任何東西，你有增量庫存，所以這應該可以讓你更好地滿足需求。

So if you're in a situation where people are chasing demand and the mix doesn't fundamentally change, why do you expect pricing to abate? So I guess a couple of questions in there. One, do you expect an impact to top line that's different from normal seasonal? Or is it all margin in terms of your way below normal seasonal EPS guidance? And then how do we square that margin pressure with the fact that there's really strong demand. You have better inventory to fulfill that demand and you should be able to continue to take price?

因此，如果您處於人們追逐需求並且組合併沒有從根本上改變的情況下，您為什麼期望價格會下降？所以我猜裡面有幾個問題。一，您是否預計對頂線的影響不同於正常的季節性？或者就您的方式而言，這一切都低於正常的季節性每股收益指導？然後我們如何將利潤率壓力與需求強勁這一事實相提並論。你有更好的庫存來滿足這種需求，你應該能夠繼續接受價格嗎？

Toni, it's Marie. So let me walk you through how to think about our guide, and specifically, I'll give you a sense of what the headwinds and the tailwinds are looking like. So first of all, with respect to your comments on revenue, we do expect that revenue will be driven more by available supply than demand, and there are increasing margin headwinds versus the first half.

托尼，是瑪麗。因此，讓我帶您了解如何思考我們的指南，具體來說，我會讓您了解逆風和順風的樣子。因此，首先，關於您對收入的評論，我們確實預計收入將更多地受到可用供應而非需求的推動，並且與上半年相比，利潤率逆風越來越大。

With all that said, as Enrique said right at the onset of the call, we are guiding for double-digit operating profit and EPS growth in Q3. And frankly, we believe that this is a prudent guide in the context of the current environment. Obviously, If we can do better, we always will. But let me walk you through what we're seeing from the headwinds and tailwinds to give you some of that color.

儘管如此，正如恩里克在電話會議開始時所說，我們正在指導第三季度兩位數的營業利潤和每股收益增長。坦率地說，我們認為這是在當前環境下的審慎指南。顯然，如果我們能做得更好，我們總是會做得更好。但是，讓我帶你了解一下我們從逆風和順風中看到的情況，給你一些顏色。

So on the headwinds, we're seeing component costs and logistics costs in both PS and Print, and they will be an incremental headwind, both quarter-on-quarter and year-on-year. And those overall basket of commodities, particularly in panels, ICs and PS, and then ICs and resins and Print. And then there are other tailwinds that we've had in the first half around those favorable pricing dynamics, they will start to dissipate as we lap the onset of those historically low promotion expenses.

因此，在逆風中，我們看到 PS 和印刷中的組件成本和物流成本，這將是一個增加的逆風，無論是季度環比還是同比。還有那些一攬子商品，特別是面板、IC和PS，然後是IC、樹脂和印刷品。然後，我們在上半年圍繞這些有利的定價動態還有其他順風，隨著我們開始那些歷史上較低的促銷費用，它們將開始消散。

Then getting into your comments on tailwinds and how we're thinking about it, demand in both PS and Print continue obviously to be very strong, as you mentioned. Again, we're seeing those trends of hybrid work continue. But obviously, they're constrained by supply. So -- and in addition, just to kind of wrap up here, as we said, we're going to continue to return capital to shareholders. So we expect that repo of at least about $1 billion a quarter. So for the full year, we expect PS margins will be slightly above the high end of our longer-term range of 3.5% to 5.5%, and Print for the full year at the higher end of 16% to 18%. So at this point, we remain very confident of our guide. And if we can do better, like I said, we will.

然後進入您對順風的評論以及我們如何考慮它，PS 和印刷的需求顯然繼續非常強勁，正如您所提到的。同樣，我們看到混合工作的這些趨勢仍在繼續。但顯然，它們受到供應的限制。所以 - 此外，正如我們所說，我們將繼續向股東返還資本。因此，我們預計每季度回購至少約 10 億美元。因此，對於全年，我們預計 PS 利潤率將略高於我們長期範圍 3.5% 至 5.5% 的高端，而全年印刷利潤率將處於 16% 至 18% 的高端。所以在這一點上，我們對我們的指南仍然非常有信心。如果我們能做得更好，就像我說的，我們會的。

And I think, Toni, something important to have in consideration this year is really the business and the market is driven by supply, not by demand. So therefore, comparing this year with other years based on seasonality, it will not work because really, the dynamics behind the market are very different. But we continue to see very strong demand across our portfolio. And this is really the key driver is how much supply we can get.

我認為，托尼，今年需要考慮的重要一點是業務和市場是由供應驅動的，而不是由需求驅動的。因此，因此，將今年與基於季節性的其他年份進行比較，這是行不通的，因為實際上，市場背後的動態非常不同。但我們繼續看到我們投資組合的需求非常強勁。這真的是關鍵驅動因素是我們可以獲得多少供應。

If I could just follow up on the pricing dynamics. So if I look at consumer Print, ASPs last quarter were up 30%. This quarter, were up 27%. If we went to something like 0 pricing, it would basically put your operating margins dramatically down in the IPG group. So I want to understand what is driving this pricing. So is this purely an absence of discounting? Is this a, we're not building lower-end SKUs with lower margin, and we're forcing people to take sort of more richly configured consumer printers that have better margin? Or is it, we're actually raising price because we can, because demand is constrained. But obviously, 27% ASP growth this quarter, 30% last quarter is helping your economics enormously. As you suggested, it's going to be less. But I want to understand very specifically what is driving that ASP increase?

如果我能跟進定價動態。因此，如果我看一下消費者印刷品，上個季度的 ASP 增長了 30%。本季度，上漲了 27%。如果我們採用 0 定價，它基本上會使您在 IPG 組中的營業利潤率大幅下降。所以我想了解是什麼推動了這個定價。那麼這純粹是沒有折扣嗎？這是不是，我們不是在構建利潤率較低的低端 SKU，而是在強迫人們採用配置更豐富、利潤率更高的消費類打印機？或者，我們實際上是在提高價格，因為我們可以，因為需求受到限制。但顯然，本季度 27% 的 ASP 增長，上一季度 30% 的增長極大地幫助了您的經濟。正如你所建議的，它會更少。但我想非常具體地了解是什麼推動了 ASP 的增長？

I think, Toni, we -- in a situation like the one we are facing, we are doing anything we can to optimize our business. And therefore, we are guiding all the actions that we were mentioning. We, of course, have reduced significantly our promotional discounts because of how strong the demand is. We are steering demand towards higher-margin products. And of course, in the cases where we can, also prices are going up. Because as we said before, we are seeing -- we are living in an inflationary environment, and whenever we can, we will -- we have increased prices.

我認為，托尼，我們 - 在我們面臨的這種情況下，我們正在盡我們所能來優化我們的業務。因此，我們正在指導我們提到的所有行動。當然，由於需求強勁，我們已經大幅降低了促銷折扣。我們正在將需求轉向利潤率更高的產品。當然，在我們可以的情況下，價格也在上漲。因為正如我們之前所說，我們看到——我們生活在一個通貨膨脹的環境中，只要有可能，我們就會——我們已經提高了價格。

Our next question comes from Katy Huberty with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Katy Huberty。

I heard you mention that PC backlog is up sequentially. Is your print backlog also up versus the first quarter? And then can you talk about how the makeup of backlog is changing as you go through the year? Is there any shift from consumer to commercial, from Chromebook to other PCs and just mix between hardware and supplies? And then I have a follow-up.

我聽說你提到 PC 積壓是按順序增加的。與第一季度相比，您的印刷積壓是否也有所增加？然後你能談談你在這一年中積壓的構成是如何變化的嗎？是否存在從消費者到商業、從 Chromebook 到其他 PC 的任何轉變，並且只是在硬件和耗材之間進行混合？然後我有一個跟進。

Let me take that question, Katy. So the answer to the first question is, yes, we are seeing an increase in backlog across both PCs and printers. And in terms of how do we expect this to evolve is really aligned to where do we see demand coming during the next quarters. As we mentioned before, we expect through the end of the year an increase in the demand on the commercial side, both on the PC side and also on the print side. And this is where this -- because of that, backlog will be moving into this direction. But still, we continue to see strong demand on consumer, as I mentioned before.

讓我來回答這個問題，凱蒂。所以第一個問題的答案是，是的，我們看到 PC 和打印機的積壓量都在增加。就我們預計這將如何發展而言，這實際上與我們預計未來幾個季度的需求將在何處保持一致。正如我們之前提到的，我們預計到今年年底，商業方面的需求將會增加，無論是在 PC 方面還是在印刷方面。這就是——正因為如此，積壓工作將朝著這個方向發展。但是，正如我之前提到的，我們仍然看到對消費者的強勁需求。

Great. And then PC margins this quarter were a bit lower than the flat sequential guidance. What were the surprises on costs or mix in the quarter? And then should we expect with cost inflation that PC margins return to that roughly 5% range from a couple of years ago?

偉大的。然後本季度的個人電腦利潤率略低於持平的連續指引。本季度的成本或組合有哪些意外？那麼，隨著成本膨脹，我們是否應該期望 PC 利潤率從幾年前恢復到大約 5% 的範圍內？

Yes, Katy, it's Marie. So let me hit up your margin question. So yes, the margins were strong again at 6.7%, which as you know, is above the high end of our long-term range. And Some of that was obviously driven by that strong pricing discipline that we've spoken about as well as some benefit from currency. But really, it was offset by mix and some of those commodity headwinds.

是的，凱蒂，是瑪麗。所以讓我來回答你的保證金問題。所以是的，利潤率再次強勁，達到 6.7%，正如你所知，這高於我們長期範圍的高端。其中一些顯然是由我們所說的強大的定價紀律以及貨幣帶來的一些好處所驅動的。但實際上，它被混合和一些商品逆風所抵消。

And as we get into the full year, we do expect that margins to be slightly above the high end of our range of 3.5% to 5.5%. And it's going to be driven by the themes that you're hearing today, particularly around those continued shortages in commodities, and that's obviously sort of transforming into higher component costs and then knock on costs and logistics. But -- and then I'd finally just add, we are starting to enter a period where the impact of favorable pricing is going to start to diminish as we start to lap that period in time.

隨著我們進入全年，我們確實預計利潤率將略高於我們 3.5% 至 5.5% 範圍的高端。它將受到您今天聽到的主題的推動，特別是圍繞商品持續短缺的主題，這顯然會轉化為更高的組件成本，然後會影響成本和物流。但是 - 然後我最後要補充一點，我們開始進入一個時期，隨著我們開始在那個時期開始，優惠定價的影響將開始減弱。

Our next question comes from Tim Long with Barclays.

我們的下一個問題來自巴克萊銀行的 Tim Long。

Yes, 2, if I could. First, on the print side, could you talk a little bit about, you mentioned some of the user numbers for the out-of-service offering, both for consumer and commercial. It seems like it's pretty steady growth there. Could you talk a little bit about some of the underlying drivers beyond that, maybe usage or anything else that's potentially showing the strength there other than just the user base?

是的，2，如果可以的話。首先，在印刷方面，您能否談一談，您提到了一些針對消費者和商業的停止服務產品的用戶數量。那裡的增長似乎相當穩定。您能否談談除此之外的一些潛在驅動因素，可能是使用情況或其他任何可能顯示其實力的東西，而不僅僅是用戶群？

And then second, if -- you talked about another quarter, a very strong Chromebook, could you just talk a little bit about the impacts there on the model margin ASP? And then also as you expect to see a little bit of normalization to PC growth, is the expectation that the rapid growth in Chromebook will be something that will pull back? Or do you think that's something that could start replacing other mid and lower tiers of the PC segment?

其次，如果你談到另一個季度，一個非常強大的 Chromebook，你能談談那裡對模型利潤率 ASP 的影響嗎？然後，正如您期望看到 PC 增長一點點正常化一樣，Chromebook 的快速增長是否會有所回落？還是您認為這可能會開始取代 PC 領域的其他中低端產品？

So many questions in one question. I will try to go one by one. So starting from print, what the dynamics we are seeing are very similar to what we explained a quarter ago and the evolution is what we were expecting. Before to pre-pandemic levels, we continue to see our home business to perform better than what we were projecting, and this is driving the demand that we see, both on printers and also on supply.

這麼多問題一個問題。我會一一嚐試。因此，從印刷開始，我們所看到的動態與我們四分之一前解釋的非常相似，並且演變是我們所期待的。在達到大流行前水平之前，我們繼續看到我們的家庭業務表現好於我們的預期，這推動了我們看到的對打印機和供應的需求。

And on the office side, we are seeing the opposite effect as many offices are still closed, and people are not going back to the office, the overall office business continued to be below where it was before the pandemic. Through the end of the year, we expect the situation to reverse. As offices will reopen, we expect our office business to perform better. And at the same time, as more people will be -- less people will be working from home, we expect that it will have also an impact -- a negative impact on our home business. So a similar trend to what we expected a quarter ago.

而在辦公室方面，我們看到了相反的效果，因為許多辦公室仍然關閉，人們不再回到辦公室，整體辦公室業務繼續低於大流行前的水平。到今年年底，我們預計情況會逆轉。隨著辦公室將重新開放，我們希望我們的辦公室業務表現更好。同時，隨著越來越多的人——越來越少的人在家工作，我們預計這也會產生影響——對我們的家庭業務產生負面影響。因此，與我們一個季度前預期的趨勢相似。

Then in terms of demand on the Chromebook side, we continue to see very strong demand from education. We have -- this is what is driving the growth of Chromebook, and this is what also -- when we were talking before about ASPs on the PC side and the mix there, this is what is having some of the impact in the pricing on the PC side because Chromebooks overall have lower prices than the rest of the PC portfolio.

然後在 Chromebook 方面的需求方面，我們繼續看到來自教育的非常強勁的需求。我們有——這就是推動 Chromebook 增長的原因，這也是——當我們之前談論 PC 端的 ASP 及其組合時，這就是對定價產生一些影響的原因PC 方面，因為 Chromebook 的整體價格低於其他 PC 產品組合。

Our next question comes from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Congratulations on another solid quarter. First question, and I have a follow-up, is, when we look at the results, the commercial business starting to recover, I think you reported 10% growth. I think your peer reported growth around that tonight. So I'm curious of how you're thinking about the back to work, back to office trend on the commercial PC side? Any thoughts on kind of the installed base, the age of the installed base? Just how you think that demand shapes up through the course of the year?

祝賀又一個穩定的季度。第一個問題，我有一個跟進，當我們看結果時，商業業務開始復蘇，我認為你報告了 10% 的增長。我認為您的同行在今晚報告了增長。所以我很好奇您是如何看待商業 PC 端的重返工作崗位和重返辦公室趨勢的？關於安裝基數的種類、安裝基數的年齡有什麼想法嗎？您認為需求在一年中的增長情況如何？

Sure. So again, similar to what we shared a quarter ago, we expect the demand on the commercial side to start to recover, and we are starting to see some recovery, as you are saying. But we -- what we are seeing from our clients is that they are realizing the need to invest in better equipment for their officers as employees come back. And this is really going to be helping both the print and the PC business, as you were mentioning.

當然。因此，與我們在一個季度前分享的內容類似，我們預計商業方面的需求將開始復蘇，正如您所說，我們開始看到一些復甦。但是我們——我們從客戶那裡看到的是，隨著員工的回歸，他們意識到有必要為他們的官員投資更好的設備。正如您所提到的，這確實將有助於印刷和 PC 業務。

In terms of dynamics, we continue to see a shift from desktops into notebooks because even if employees will be going back to the office, we still see the need for companies to offer a hybrid way of working and enabling their employees to work from home. And therefore, we expect the shift mix from desktops into notebooks to continue, which as we have talked in the past, overall has a positive impact for the business because of both pricing but also because of the recycle -- the recycle time that PC -- that notebook has compared to desktops.

在動態方面，我們繼續看到從台式機到筆記本電腦的轉變，因為即使員工將回到辦公室，我們仍然認為公司需要提供一種混合工作方式，讓員工能夠在家工作。因此，我們預計從台式機到筆記本電腦的轉變組合將繼續下去，正如我們過去所說，總體上對業務產生積極影響，因為定價和回收——PC的回收時間—— - 該筆記本與台式機相比。

Yes. And then as a quick follow-up, just on the free cash flow. I think you've stuck with the $4 billion free cash flow, or at least $4 billion for this year. You're raising EPS. I'm just trying to maybe understand why free cash flow wouldn't be stronger and trending higher with the EPS?

是的。然後作為快速跟進，僅針對自由現金流。我認為你已經堅持了 40 億美元的自由現金流，或者說今年至少 40 億美元。你正在提高每股收益。我只是想了解為什麼自由現金流不會隨著每股收益而變得更強和趨勢更高？

Yes. Sure, Aaron. Let me go ahead and hit that one up for you. So look, regarding future free cash flow, as you know, this is always driven by our strong net earnings. Look, for -- what we're thinking is that working capital is going to be a headwind due to some of the decisions we're making to carry more inventory. So look, for '21, we continue to remain confident, obviously, in our outlook and confident in our guide of at least $4 billion in free cash flow.

是的。當然，亞倫。讓我繼續為你打那個。所以看，關於未來的自由現金流，如你所知，這始終是由我們強勁的淨收益驅動的。看，因為 - 我們正在考慮的是，由於我們正在做出的一些決定攜帶更多庫存，營運資金將成為逆風。因此，對於 21 年，我們顯然繼續對我們的前景保持信心，並對我們至少 40 億美元的自由現金流的指導充滿信心。

And I think let me add one more comment. We are really pleased with the progress we have made in free cash flow in Q1 and Q2. And the guide that we have provided is of at least $4 billion for the year. And as Marie just mentioned, we are really expecting to be at that level.

我想讓我再添加一條評論。我們對第一季度和第二季度在自由現金流方面取得的進展感到非常滿意。我們提供的指南是一年至少 40 億美元。正如瑪麗剛剛提到的，我們真的希望達到那個水平。

Our next question comes from Ananda Baruah with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the strong results. Two quick ones, if I could. Enrique, based on conversations with corporate customers, And given the backlog, do you get the sense that this momentum will actually continue into calendar '22? We'd love to get any updated context there. And then I just have a quick follow-up.

恭喜取得了不錯的成績。兩個快的，如果可以的話。恩里克，基於與企業客戶的對話，鑑於積壓，您是否覺得這種勢頭實際上會持續到 22 年日曆？我們很想在那裡獲得任何更新的上下文。然後我只是快速跟進。

So thank you for the question. And we think that the changes that we have seen driven by the pandemic are going to be permanent and are going to continue to have an impact in 2021 and 2022. The more and more people will have -- will be working in a hybrid way, we think that more kids will continue to learn from home and from school, and this is going to continue to have a positive impact on the overall size of the PC market. And therefore, we expect the size of the market to continue to be significantly larger than what we were expecting before of the pandemic. Additionally to that, as we just described, we also expect to see strong commercial demand through the end of the year. So this will also help and put even more -- drive even more growth on the PC side.

所以謝謝你的問題。我們認為，我們所看到的由大流行驅動的變化將是永久性的，並將在 2021 年和 2022 年繼續產生影響。越來越多的人將以混合方式工作，我們認為更多的孩子將繼續在家和學校學習，這將繼續對 PC 市場的整體規模產生積極影響。因此，我們預計市場規模將繼續顯著大於我們在大流行之前的預期。除此之外，正如我們剛剛描述的那樣，我們還預計到年底將看到強勁的商業需求。因此，這也將有所幫助並帶來更多 - 推動 PC 方面的更多增長。

And just sticking there, just going back to the questions about mix on the PC side. Would -- you talked about strengthening Chromebook and how that is having a sort of softer mix impact on ASP. Would that not reverse as commercial -- so business continue to open up, should we not expect that to reverse and carry sort of into '22, the mix?

並堅持到這裡，回到關於 PC 端混音的問題。會 - 你談到了加強 Chromebook 以及它如何對 ASP 產生一種更柔和的混合影響。這不會像商業一樣逆轉——所以業務繼續開放，我們是否應該期望它會逆轉並進入 22 年，混合？

So in terms of mix, yes, we expect the mix of commercial to go up through during the next quarter. And this is why Marie was mentioning before that we expect the overall operating profit of Personal Systems to be slightly higher than our guided range through the end of the year.

因此，就組合而言，是的，我們預計商業組合將在下一季度上升。這就是為什麼瑪麗之前提到我們預計個人系統的整體營業利潤將略高於我們的指導範圍，直到今年年底。

Our next question comes from Matt Cabral with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Matt Cabral。

Yes. On the print side, I was wondering if you can give us an update on where you stand in trying to refill some of the supplies channel inventory. Just talk about how big of a factor that was in the quarter and how we should think about the contribution from here? And maybe more broadly, just an update on your efforts to add visibility as we start thinking about getting below those Tier 1, Tier 2 distributors that you have out there?

是的。在印刷方面，我想知道您是否可以向我們提供有關您在嘗試重新填充一些供應渠道庫存方面的最新情況。只需談談本季度的一個因素有多大，以及我們應該如何看待這裡的貢獻？也許更廣泛地說，只是當我們開始考慮低於您現有的 1 級、2 級分銷商時，您為增加可見性所做的努力的最新情況？

Yes. No, sure, Matt. So maybe I'll just start with a quick comment on where we see the channel right now relative to supplies. And I think I mentioned earlier that overall, our channel inventory levels for the company are sort of below historic levels, and that includes supplies. And obviously, we continue to monitor that very carefully so that we can maintain healthy and appropriate levels. But this quarter, given -- you wind it back a year ago, we had the sort of the onset of the pandemic, so we've had that channel depletion that occurred last year. And so we did see some benefit in the year-on-year compare. And from that impact of the inventory movements, we estimate that to be approximately 3% year-on-year. And as you know, we have a multi-tiered channel. So this is our best estimate based on the data we have, including our channels for product across our channel and end-user stock.

是的。不，當然，馬特。所以也許我會先快速評論一下我們現在看到的頻道相對於供應的位置。我想我之前提到過，總體而言，我們公司的渠道庫存水平略低於歷史水平，其中包括供應。顯然，我們將繼續非常仔細地監控這一點，以便我們能夠保持健康和適當的水平。但是，考慮到本季度-您將其倒回一年前，我們經歷了大流行的爆發，因此我們經歷了去年發生的渠道枯竭。因此，我們確實在同比比較中看到了一些好處。從庫存變動的影響來看，我們估計同比增長約為 3%。如您所知，我們有一個多層次的渠道。因此，這是我們基於我們擁有的數據的最佳估計，包括我們跨渠道的產品渠道和最終用戶庫存。

That's helpful. And then I think it was last week that you guys announced the new head of your 3D printing business. Maybe just a broader update on how 3D has been ramping, where you guys stand with the push? And just maybe a bigger picture on when we should start to think about some more explicit disclosure just to think about the impact to that business more going forward?

這很有幫助。然後我認為是上週你們宣布了你們 3D 打印業務的新負責人。也許只是關於 3D 如何發展的更廣泛的更新，你們站在哪裡推動？或許我們應該開始考慮一些更明確的披露，只是為了考慮對未來業務的影響？

Sure. Let me take that one. So first of all, this quarter, we started to see -- or we had seen the [previous one], solid growth on the 3D side. Parts grew more than 30%, which is a very solid number. And I think these are -- this shows kind of the potential that this business has in the long term.

當然。讓我拿那個。因此，首先，本季度，我們開始看到 - 或者我們已經看到 [上一個] 3D 方面的穩健增長。零件增長超過 30%，這是一個非常可靠的數字。我認為這些是 - 這表明了該業務在長期內具有的潛力。

As we had announced before, we are complementing our strategy on 3D to also focus on some end-to-end applications where we think we can get even more value than just by selling printers or consumables. And we were mentioning on our prepared remarks the work that we are doing on molded fiber as an example. But we really think that, more and more, we will be focusing on applications to capture value in this business.

正如我們之前宣布的那樣，我們正在補充我們的 3D 戰略，同時專注於一些我們認為我們可以獲得更多價值的端到端應用程序，而不僅僅是銷售打印機或耗材。我們在準備好的評論中提到了我們在模塑纖維方面所做的工作作為一個例子。但我們真的認為，我們將越來越多地專注於應用程序以在該業務中獲取價值。

And this is why we selected the Didier Deltort to lead this business. He comes from the health and wellness industry. So he comes from an industry that will be disrupted by 3D, and we think this will be adding significant value to the definition of our strategy.

這就是我們選擇 Didier Deltort 來領導這項業務的原因。他來自健康和保健行業。因此，他來自一個將被 3D 顛覆的行業，我們認為這將為我們的戰略定義增添重要價值。

And then in terms of when we will be more transparent on the 3D business, I think as I have said before, there are 2 major things. One is we want the business to have higher scale. And second and probably most important, we need to have a better defined business model. And this is where this combination of selling printers or supplies or going after end-to-end applications is so important. So once we will have a complete perspective of where this will be going longer term is when we will be providing more visibility.

然後關於我們何時會在 3D 業務上更加透明，我認為正如我之前所說的，有兩件主要的事情。一是我們希望業務具有更高的規模。其次，可能也是最重要的一點，我們需要有一個定義更好的商業模式。這就是銷售打印機或耗材或追求端到端應用程序的組合如此重要的地方。因此，一旦我們對長期發展的方向有了完整的了解，我們將提供更多的可見性。

Our final question today comes from Sidney Ho with Deutsche Bank.

我們今天的最後一個問題來自德意志銀行的 Sidney Ho。

This is Jeff Rand on for Sidney. Can you give us an update on the competitive environment in your Personal Systems business and how this has changed through the pandemic and now a tight supply environment?

這是西德尼的傑夫蘭德。您能否向我們介紹一下您的個人系統業務中的競爭環境以及這種情況在大流行和現在供應緊張的環境中是如何變化的？

Yes. I think that, first of all, as we have discussed before, really, the performance of this business now is more driven by supply than by the strength of the portfolio. Now having said that, we are really pleased with the progress we have made from a portfolio perspective. We -- if you look at the innovation that we have introduced this quarter, we've won significant awards across both consumer and commercial products. We have one of the broadest portfolios in the market covering from low-end education products to high-end commercial products, and we are in a very solid position to continue to grow share, as we did this quarter, that show really the relevance of our portfolio.

是的。我認為，首先，正如我們之前所討論的，實際上，這項業務的表現現在更多地受供應驅動，而不是投資組合的實力。話雖如此，從投資組合的角度來看，我們對我們取得的進展感到非常滿意。我們——如果你看看我們本季度推出的創新，我們已經在消費和商業產品中贏得了重要獎項。我們擁有市場上最廣泛的產品組合之一，涵蓋從低端教育產品到高端商業產品，我們處於非常穩固的地位，可以繼續增長份額，就像我們本季度所做的那樣，這確實表明了我們的投資組合。

Great. And just my follow-up. How should we think about your operating expenses trending in the near term as costs like business travel start to return?

偉大的。只是我的後續行動。隨著商務旅行等成本開始回歸，我們應該如何看待您的近期運營支出趨勢？

Well, I think if you look at the projections that we have for the second half, we think we will be going back to a similar level to where we were in Q1.

好吧，我認為如果你看看我們對下半年的預測，我們認為我們將回到與第一季度相似的水平。

This concludes our question-and-answer session. I'd like to turn the call back over to Enrique Lores for any closing remarks.

我們的問答環節到此結束。我想將電話轉回給 Enrique Lores 以獲取任何結束語。

Okay. So let me close, and thank you, everybody, for having joining us today. I think the strong results of the quarter demonstrate the relevance of HP in this hybrid world and how our technology is going to be helping customers to really perform in a very different environment. We are really pleased with the growth opportunities that we see, both in our core markets, in attractive adjacencies and also in the new segments that we are creating. And we are going to continue to innovate across our technology to continue to create and drive differentiation. Thank you for your time today. I'm looking forward to meet in person sometime soon. Thank you.

好的。所以讓我結束，感謝大家今天加入我們。我認為本季度的強勁業績證明了惠普在這個混合世界中的相關性，以及我們的技術將如何幫助客戶在一個非常不同的環境中真正發揮作用。我們對我們在核心市場、有吸引力的鄰近地區以及我們正在創造的新細分市場中看到的增長機會感到非常滿意。我們將繼續在我們的技術上進行創新，以繼續創造和推動差異化。謝謝你今天的時間。我期待在不久的某個時候親自見面。謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。