惠普 (HPQ) 2021 Q1 法說會逐字稿

Good day, everyone, and welcome to the First Quarter 2021 HP Inc.

大家好，歡迎來到 2021 年第一季度惠普公司。

Earnings Conference Call.

收益電話會議。

My name is Eiley, and I'll be your conference moderator for today's call.

我的名字是 Eiley，我將擔任今天電話會議的會議主持人。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員說明）作為提醒，正在錄製此會議以供重播。

I would now like to turn the call over to Beth Howe, Head of Investor Relations.

我現在想將電話轉給投資者關係主管 Beth Howe。

Please go ahead.

請繼續。

Good afternoon, everyone, and welcome to HP's First Quarter 2021 Earnings Conference Call.

大家下午好，歡迎參加惠普 2021 年第一季度收益電話會議。

With me today are Enrique Lores, HP's President and Chief Executive Officer; and Marie Myers, HP's Chief Financial Officer.

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.

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。

A replay of this webcast will be made available on our website shortly after the call for approximately 1 year.

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。

Earlier today, we issued our earnings release, and we have posted the release and the accompanying slide presentation on our Investor Relations web page at investor.hp.com.

今天早些時候，我們發布了我們的收益報告，並在我們的投資者關係網頁上發布了該新聞稿和隨附的幻燈片演示，網址為investor.hp.com。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today.

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。

For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions.

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。

For a discussion of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K.

有關這些風險、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。

HP assumes no obligation and does not intend to update any such forward-looking statements.

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 January 31, 2021, and HP's other SEC filings.

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現在可用信息的估計，可能與惠普截至 2021 年 1 月 31 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。

During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year-ago period.

在本次網絡直播期間，除非另有特別說明，否則所有比較均為與去年同期的同比比較。

For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to the comparable GAAP information.

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。

Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.

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。

And now I'll turn it over to Enrique.

現在我將把它交給恩里克。

Thank you, Beth, and thank you, everyone, for joining the call today.

謝謝你，貝絲，謝謝大家今天加入電話會議。

I hope you and your families are safe and well.

我希望你和你的家人平安無事。

HP had an exceptional start to the year with strong revenue and profit growth in Q1.

惠普今年開局不凡，第一季度收入和利潤增長強勁。

We are benefiting from the strength of our portfolio and the diversity of our businesses.

我們受益於我們的投資組合的實力和我們業務的多樣性。

We continue to evolve our business model to meet changing customer needs while expanding into adjacencies to grow our addressable market.

我們繼續發展我們的商業模式以滿足不斷變化的客戶需求，同時擴展到鄰近地區以發展我們的目標市場。

And we are driving an aggressive transformation agenda by rigorously managing our costs while investing to drive future growth.

我們正在推動積極的轉型議程，嚴格管理成本，同時投資以推動未來增長。

Simply put, we are doing what we said we would do, and our strategy is working.

簡而言之，我們正在按照我們所說的去做，我們的戰略正在奏效。

Our Q1 results are impressive across many dimensions.

我們的第一季度業績在許多方面都令人印象深刻。

We delivered strong top line growth with net revenue up 7% to $15.6 billion and balanced growth across Personal Systems and Print.

我們實現了強勁的收入增長，淨收入增長 7% 至 156 億美元，個人系統和印刷業務實現平衡增長。

We delivered strong bottom line growth with $295 million in non-GAAP operating profit dollar flow-through and double-digit profit growth in both Personal Systems and Print.

我們實現了強勁的底線增長，非 GAAP 營業利潤的美元流動為 2.95 億美元，個人系統和印刷業務實現了兩位數的利潤增長。

We delivered non-GAAP net earnings of $1.2 billion, up 24% with $0.92 of non-GAAP diluted net earnings per share.

我們實現了 12 億美元的非 GAAP 淨收益，增長 24%，其中非 GAAP 攤薄後的每股淨收益為 0.92 美元。

This is up $0.27 compared to Q1 of last year.

與去年第一季度相比，這增加了 0.27 美元。

And finally, we delivered $908 million of free cash flow in the quarter.

最後，我們在本季度實現了 9.08 億美元的自由現金流。

We also remain committed to a significant return of capital.

我們還繼續致力於資本的顯著回報。

We returned $1.6 billion to shareholders, including $1.4 billion in share repurchases and $250 million in dividends.

我們向股東返還了 16 億美元，其中包括 14 億美元的股票回購和 2.5 億美元的股息。

Over the last 3 quarters, we have returned $4.4 billion to shareholders and repurchased approximately 13% of our shares.

在過去的三個季度中，我們向股東返還了 44 億美元，並回購了大約 13% 的股份。

At the onset of the pandemic, I told our teams that this is a time when strong companies find ways to emerge stronger, and last quarter results show that's exactly what we are doing.

在大流行開始時，我告訴我們的團隊，這是一個強大的公司想方設法變得更強大的時候，上一季度的結果表明這正是我們正在做的事情。

HP's broad and differentiated portfolio and leadership across consumer and commercial markets make us more resilient across business cycles.

惠普廣泛且差異化的產品組合以及在消費者和商業市場中的領先地位使我們在整個商業周期中更具彈性。

We continue to capitalize on the strong demand for our offering, particularly in Consumer to drive profitable growth.

我們繼續利用對我們產品的強勁需求，特別是在消費者領域推動盈利增長。

Yet, the impact of the pandemic is ongoing and the pace of the economic recovery remains uneven.

然而，大流行的影響仍在持續，經濟復甦的步伐仍然不平衡。

We are continuing to manage our business in a disciplined and prudent manner while remaining agile in the face of change.

我們將繼續以有紀律和審慎的方式管理我們的業務，同時在面對變化時保持敏捷。

This means capitalizing on opportunities when they arise while also managing volatility when it occurs.

這意味著在機會出現時抓住機會，同時在波動出現時進行管理。

As we balance all of these dynamics, we have stayed focused on executing against our strategy to advance our leadership in Personal Systems and Print by optimizing our core and expanding into attractive adjacencies.

當我們平衡所有這些動態時，我們一直專注於執行我們的戰略，通過優化我們的核心和擴展到有吸引力的鄰域來提升我們在個人系統和打印領域的領導地位。

We attract industries with our technology to create new businesses in areas like 3D, industrial print and microfluidics and transform the way we work to be more digitally enabled and cost efficient.

我們用我們的技術吸引行業，在 3D、工業打印和微流體等領域創造新業務，並轉變我們的工作方式，使其更具數字化能力和成本效益。

Our continued progress against these strategic priorities is reflected in the strong revenue and profit growth, free cash flow and capital returns we delivered in Q1 and in the positive momentum in each of our businesses.

我們在這些戰略重點方面的持續進展體現在我們在第一季度實現的強勁收入和利潤增長、自由現金流和資本回報，以及我們每項業務的積極勢頭。

I will start with Personal Systems, which had another strong quarter with revenue of $10.6 billion.

我將從個人系統開始，該公司又一個強勁的季度實現了 106 億美元的收入。

We shipped more than 18 million units and generated operating margins of 7.1%.

我們的出貨量超過 1800 萬台，營業利潤率為 7.1%。

Consumer revenue growth accelerated to 34%, with consumer premium up 34%, gaming up 29% and consumer accessories up 22%.

消費收入增長加速至 34%，其中消費溢價增長 34%，遊戲增長 29%，消費配件增長 22%。

And on top of this, Chromebook revenue quadrupled.

最重要的是，Chromebook 的收入翻了兩番。

We exited the quarter with a record backlog as we continue to operate with component supply shortages that are expected to constrain our growth through at least Q3.

我們以創紀錄的積壓退出本季度，因為我們繼續在零部件供應短缺的情況下運營，預計這將至少在第三季度限制我們的增長。

It's clear we have entered a new era of innovation and growth for PCs.

很明顯，我們已經進入了個人電腦創新和增長的新時代。

They have become an essential part of how people work, learn and play, and we continue to innovate to create new experiences.

它們已成為人們工作、學習和娛樂方式的重要組成部分，我們不斷創新以創造新體驗。

It's funny to say, but the PC is personal once again.

說起來很有趣，但 PC 又是個人的。

And we are seeing this in the awards we are receiving.

我們在獲得的獎項中看到了這一點。

At last month's consumer Electronics Show, we introduced new devices and solutions to power hybrid work environment and personal creative studios.

在上個月的消費電子展上，我們為混合工作環境和個人創意工作室推出了新設備和解決方案。

And we were recognized with over 70 awards for our latest launches, including our new 5G-enabled products.

我們最近發布的產品（包括支持 5G 的新產品）獲得了 70 多個獎項。

Looking ahead, we expect to see continued PC unit growth through 2021, which we anticipate will create additional opportunities for us to drive profitable growth.

展望未來，我們預計到 2021 年個人電腦銷量將持續增長，我們預計這將為我們創造更多機會來推動盈利增長。

We are also accelerating in attractive adjacencies such as gaming and peripherals.

我們還在遊戲和外圍設備等有吸引力的鄰接領域加速發展。

As with every market in which we play, our goal is to be a leader in this space.

與我們所涉足的每個市場一樣，我們的目標是成為該領域的領導者。

This week, we announced the acquisition of HyperX, the market leader in gaming headsets.

本週，我們宣布收購遊戲耳機市場的領導者 HyperX。

The addition of HyperX expands our presence in the growing peripherals market with a brand that is trusted by gamers around the world.

HyperX 的加入擴大了我們在不斷增長的外圍設備市場的影響力，其品牌深受全球遊戲玩家的信賴。

Our existing strength in gaming hardware combined with HyperX' portfolio spanning gaming headsets, microphones and other peripherals will further expand our ecosystem and create another growth engine in Personal Systems.

我們在遊戲硬件方面的現有實力與 HyperX 涵蓋遊戲耳機、麥克風和其他外圍設備的產品組合相結合，將進一步擴展我們的生態系統，並在個人系統領域創造另一個增長引擎。

Much like Personal Systems, Print is off to a terrific start to the year.

與 Personal Systems 一樣，Print 今年的開局非常好。

This quarter demonstrated the power of print to help people learn, create and perform, with 7% revenue growth, 16% unit growth and 32% profit growth.

本季度展示了印刷品在幫助人們學習、創造和表演方面的力量，收入增長 7%，單位增長 16%，利潤增長 32%。

In Q1, our Printing business generated revenue of $5 billion and operating profit of $1 billion.

第一季度，我們的印刷業務創造了 50 億美元的收入和 10 億美元的營業利潤。

Similar to the Personal Systems business, we remain supply constrained, particularly in consumer printer hardware and supplies.

與個人系統業務類似，我們仍然受到供應限制，特別是在消費打印機硬件和耗材方面。

While the COVID-19-related impacts on our manufacturing and supply chain have diminished, we anticipate these constraints to continue into the third quarter.

儘管與 COVID-19 相關的對我們的製造和供應鏈的影響已經減弱，但我們預計這些限制將持續到第三季度。

HP is outperforming its printing peers and remain uniquely well positioned given our leadership across both consumer and commercial print.

鑑於我們在消費者和商業印刷領域的領先地位，惠普的表現優於其印刷同行，並保持獨特的優勢地位。

Our strong Consumer business is a clear competitive advantage as hybrid work and school becomes the norm.

隨著混合工作和學校成為常態，我們強大的消費者業務是一個明顯的競爭優勢。

We have seen that people who didn't have home printers went and bought them.

我們已經看到沒有家用打印機的人去購買它們。

And people signed up for Instant Ink in record numbers, accelerating an already growing part of our business.

人們以創紀錄的數量註冊了 Instant Ink，加速了我們業務中已經增長的部分。

In Instant Ink we added 1 million new subscribers, surpassing 9 million enrollees in the first quarter.

在 Instant Ink 中，我們增加了 100 萬新訂戶，第一季度註冊人數超過 900 萬。

Commercial print improved in Q1, with most product categories showing sequential revenue growth.

商業印刷在第一季度有所改善，大多數產品類別顯示出連續收入增長。

In Q4, total print market units grew 6%.

第四季度，印刷市場總單位增長 6%。

We continue to expect a gradual recovery in the overall commercial print market, although the pace might be uneven given the varying pace of economic recovery.

我們繼續預計整體商業印刷市場將逐步復甦，儘管鑑於經濟復甦步伐不同，復甦步伐可能不均衡。

And we expect that the strength in Consumer will gradually subside as more schools and offices reopen.

我們預計，隨著更多學校和辦公室的重新開放，消費者的實力將逐漸減弱。

We continue to execute on our strategy to modernize Print and evolve our Print business model.

我們將繼續執行我們的戰略，以實現印刷現代化並發展我們的印刷業務模式。

In Q1, we rolled out our end-to-end platform strategy called HP+ that combines convenient Instant Ink and HP Smart App services with innovative hardware.

在第一季度，我們推出了名為 HP+ 的端到端平台戰略，將便捷的 Instant Ink 和 HP Smart App 服務與創新硬件相結合。

It's early days, but we are already seeing positive adoption.

現在還為時尚早，但我們已經看到了積極的採用。

In the coming quarters, we will be rolling HP+ out more broadly across multiple markets and product lines.

在接下來的幾個季度中，我們將在多個市場和產品線中更廣泛地推出 HP+。

New value propositions like HP+ are indicative of the opportunities ahead as we continue to innovate to meet evolving customer needs.

隨著我們不斷創新以滿足不斷變化的客戶需求，HP+ 等新的價值主張預示著未來的機遇。

This also applies to our contractual businesses such as Managed Print Services, where we see attractive opportunities to deliver services designed for the hybrid workforce of the future.

這也適用於我們的合同業務，例如託管打印服務，我們看到了為未來混合勞動力提供服務的有吸引力的機會。

One example is our HP Flexworker Service.

我們的 HP Flexworker 服務就是一個例子。

This service can be added to a company's existing MPS contract to help remote workers maintain their productivity.

可以將此服務添加到公司現有的 MPS 合同中，以幫助遠程工作人員保持其生產力。

This means being able to seamlessly print, scan and copy securely all while working from home.

這意味著在家工作時能夠安全地無縫打印、掃描和復印。

With leadership in both consumer and commercial and a strong track record of innovation, HP is positioned to define and lead the future of printing in a post-pandemic world.

憑藉在消費者和商業領域的領先地位以及強大的創新記錄，惠普有能力在大流行後的世界中定義和引領印刷的未來。

In 3D printing and industrial graphics, we continue to innovate across the portfolio to position ourselves for future growth.

在 3D 打印和工業圖形方面，我們繼續在整個產品組合中進行創新，為未來的增長做好準備。

Customers continue to use Multi Jet Fusion for production-grade output, and we are seeing more than 30% growth in the number of 3D-printed parts across our customer base.

客戶繼續使用 Multi Jet Fusion 進行生產級輸出，我們的客戶群中 3D 打印零件的數量增長了 30% 以上。

We are also seeing strong early traction in our new molded fiber business that leverages our 3D printing technology to create an end-to-end service for quick, customized and environmentally sustainable packaging.

我們還看到我們新的模塑纖維業務在早期具有強大的吸引力，該業務利用我們的 3D 打印技術為快速、定制和環境可持續的包裝創建端到端服務。

In industrial printing, we continue to see growth in digital labels and packaging, with double-digit growth in impressions and square meters printed.

在工業印刷方面，我們繼續看到數字標籤和包裝的增長，印數和印刷面積都實現了兩位數的增長。

Georgia-Pacific, one of the world's largest packaging and paper goods providers, is deploying their third Inkjet web press to expand their digital printing business.

Georgia-Pacific 是世界上最大的包裝和紙製品供應商之一，它正在部署他們的第三台 Inkjet 捲筒印刷機來擴展他們的數字印刷業務。

This is a great milestone and validation of our technology.

這是一個偉大的里程碑，也是對我們技術的驗證。

We are excited for the disruptive potential in this sector as our innovative technology opens up entirely new possibilities in personalization and digital manufacturing.

我們對這一領域的顛覆性潛力感到興奮，因為我們的創新技術為個性化和數字製造開闢了全新的可能性。

We are doing all this while continuing to transform the company to unlock value and become a leaner, more digitally enabled company.

我們正在做這一切，同時繼續改造公司以釋放價值並成為一家更精簡、更具數字化能力的公司。

Our transformation journey continues to be ahead of plan.

我們的轉型之旅繼續超前。

We have significantly reduced structural costs and driven productivity savings.

我們顯著降低了結構成本並推動了生產力的節約。

At the same time, we are enabling enhanced digitization, and we are shifting investments to attractive growth areas where we see opportunities for us to continue driving innovation and long-term sustainable growth.

與此同時，我們正在加強數字化，我們正在將投資轉移到有吸引力的增長領域，我們看到了繼續推動創新和長期可持續增長的機會。

We are focused on both reducing structural costs and accelerating investments for the future.

我們專注於降低結構成本和加速未來的投資。

Recently, we announced several new appointments to further strengthen HP's innovation capabilities and support its long-term growth strategy.

最近，我們宣布了幾項新任命，以進一步加強惠普的創新能力並支持其長期增長戰略。

Savi Baveja joined as our Chief Strategy and Incubation Officer, and Tolga Kurtoglu has joined HP as Chief Technology Officer.

Savi Baveja 加入我們的首席戰略和孵化官，Tolga Kurtoglu 加入惠普擔任首席技術官。

In these roles, they will drive cutting-edge research and incubate new business opportunities, working together with the leadership team.

在這些職位上，他們將與領導團隊一起推動前沿研究並孵化新的商機。

And last week, we named Marie Myers as our Chief Financial Officer.

上週，我們任命 Marie Myers 為首席財務官。

Marie is a veteran of HP, having held a number of leadership positions at the company, including as our controller and most recently, as our Chief Transformation Officer.

Marie 是惠普的資深人士，曾在公司擔任過多個領導職務，包括擔任我們的財務總監，最近擔任我們的首席轉型官。

Marie and I have worked together for many years, and she's a truly outstanding leader.

瑪麗和我一起工作了很多年，她是一個真正傑出的領導者。

I know you will all enjoy getting to know her better.

我知道你們都會喜歡更好地了解她。

Overall, I am very pleased with the way we have started the year.

總的來說，我對我們今年開始的方式感到非常滿意。

We built on our momentum from the end of 2020, and our teams are performing at a very high level.

我們在 2020 年底的勢頭基礎上再接再厲，我們的團隊表現非常出色。

And on top of delivering strong results, we are also staying true to HP's values.

除了提供強勁的業績外，我們還忠於惠普的價值觀。

Last quarter, HP was recognized by Newsweek as America's most responsible company for the second straight year.

上個季度，惠普連續第二年被《新聞周刊》評為美國最負責任的公司。

And we appeared on the Barron's list of 100 Most Sustainable Companies for the third straight year.

我們連續第三年出現在巴倫周刊的 100 家最具可持續性公司名單中。

In December, we were named one of the 10 best managed companies by The Wall Street Journal.

12 月，我們被《華爾街日報》評為 10 家最佳管理公司之一。

These accolades simply mean that we continue to ensure that making a sustainable impact remains an integrated part of our business strategy.

這些榮譽僅僅意味著我們將繼續確保產生可持續的影響仍然是我們業務戰略的一個組成部分。

Let me close by saying Q1 was a strong quarter that increases our confidence about the opportunities ahead.

最後讓我說第一季度是一個強勁的季度，增加了我們對未來機會的信心。

We have a diverse and resilient business model.

我們擁有多樣化且有彈性的商業模式。

We are leading in our core print and personal systems market while taking the steps necessary to create and scale new businesses for the future.

我們在核心打印和個人系統市場處於領先地位，同時採取必要措施為未來創建和擴展新業務。

And our strong cash flow generation provides us flexibility to return significant capital to shareholders and reinvest in businesses while also exploring disciplined M&A.

我們強大的現金流產生使我們能夠靈活地向股東返還大量資本並重新投資於業務，同時還探索有紀律的併購。

We believe this is a time when strong successful companies like HP can get stronger.

我們相信這是一個像惠普這樣強大的成功公司可以變得更強大的時代。

We are not running our business to achieve incremental improvements.

我們經營業務不是為了實現漸進式改進。

We are driving a much bolder transformation agenda that will expand our portfolio, fuel innovation and unlock attractive new sources of long-term growth and value creation.

我們正在推動更大膽的轉型議程，這將擴大我們的產品組合、推動創新並釋放有吸引力的長期增長和價值創造的新來源。

That is our ambition.

這就是我們的抱負。

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

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

Marie, over to you.

瑪麗，交給你了。

It's great to be with all of you today, and I wanted to thank Enrique for his trust in me as his finance partner.

今天很高興能和大家在一起，我要感謝恩里克對我作為他的財務合夥人的信任。

I'm excited to take on the CFO role after more than 2 decades at HP.

在惠普工作了 2 多年後，我很高興能擔任首席財務官一職。

I'm looking forward to getting to know the investment community as I settle into my new role.

在我適應新角色時，我期待著了解投資界。

It's clear that HP remains focused on executing each quarter while also positioning the company for the future.

很明顯，惠普仍然專注於每個季度的執行，同時也在為公司定位未來。

And our results demonstrate this balance of delivering in the near term while investing in growth and leading through this dynamic environment.

我們的結果證明了在短期內實現交付、投資增長和引領動態環境之間的平衡。

Q1 was a very strong quarter, we grew revenue, non-GAAP operating profit dollars faster than revenue and non-GAAP EPS even faster.

第一季度是一個非常強勁的季度，我們的收入增長，非 GAAP 營業利潤美元快於收入，非 GAAP 每股收益更快。

We are off to a strong start for the year.

我們今年有一個強勁的開端。

And overall, we are very pleased with our results.

總的來說，我們對我們的結果非常滿意。

Now let's look at the details of the first quarter.

現在讓我們看看第一季度的細節。

Q1 net revenue was $15.6 billion, up 7%, both nominally and in constant currency.

第一季度淨收入為 156 億美元，增長 7%，名義和固定匯率均如此。

Regionally, in constant currency, Americas increased 17%, EMEA increased 3% and APJ decreased 5%.

從地區來看，按固定匯率計算，美洲增長 17%，EMEA 增長 3%，APJ 下降 5%。

Gross margin was 21.2%, up 1.6 points year-on-year.

毛利率為21.2%，同比上升1.6個百分點。

The increase was driven by favorable pricing and commodity costs in Personal Systems and favorable pricing in Printing, particularly in consumer hardware.

這一增長是由個人系統的有利定價和商品成本以及印刷的有利定價推動的，特別是在消費硬件方面。

Non-GAAP operating expenses were $1.8 billion, up $157 million.

非美國通用會計準則運營費用為 18 億美元，增加 1.57 億美元。

The increase in operating expenses was driven by investments to position for future growth and an increase in certain onetime expenses.

運營費用的增加是由為未來增長做準備的投資和某些一次性費用的增加所推動的。

Non-GAAP net OI&E expense was $63 million for the quarter.

本季度非 GAAP 淨 OI&E 費用為 6300 萬美元。

Non-GAAP diluted net earnings per share increased 42% to $0.92 with a diluted share count of approximately 1.3 billion shares.

Non-GAAP 攤薄後每股淨收益增長 42% 至 0.92 美元，攤薄後股票數量約為 13 億股。

Non-GAAP diluted net earnings per share excludes a net expense totaling $120 million primarily related to restructuring and other charges, amortization of intangible assets, other tax adjustments and partially offset by nonoperating retirement-related credits.

非公認會計原則攤薄後每股淨收益不包括總額為 1.2 億美元的淨支出，主要與重組和其他費用、無形資產攤銷、其他稅收調整有關，並被非經營性退休相關信貸部分抵消。

As a result, Q1 GAAP diluted net earnings per share was $0.83.

因此，第一季度 GAAP 攤薄後每股淨收益為 0.83 美元。

Turning to segment performance.

轉向細分性能。

In Q1, peripheral systems benefited from strong demand related to working and learning from home with revenue of $10.6 billion, up 7% year-over-year.

第一季度，外圍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 7%。

Our top line remained constrained due to industry-wide component shortages.

由於全行業的零部件短缺，我們的收入仍然受到限制。

Drilling into the details, we continue to see differing results by customer segment, with consumer revenue up 34% while commercial revenue was down 6%.

深入細節，我們繼續看到不同客戶群的不同結果，消費者收入增長 34%，而商業收入下降 6%。

By product category, revenue was up 23% for notebooks, down 18% for desktops and down 36% for workstations.

按產品類別劃分，筆記本電腦的收入增長了 23%，台式機的收入下降了 18%，工作站的收入下降了 36%。

Strong demand for notebooks drove total unit growth of 15% year-over-year, with Chromebooks representing 16% of our total Personal Systems units as the need for technology and education continue to grow.

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總銷量同比增長 15%，其中 Chromebook 占我們個人系統總銷量的 16%。

Personal Systems delivered a record $758 million in operating profit and operating margins of 7.1%, much higher than our outlook.

Personal Systems 實現了創紀錄的 7.58 億美元的營業利潤和 7.1% 的營業利潤率，遠高於我們的預期。

The year-over-year increase was primarily due to favorable pricing, including fewer promotions and favorable commodity cost.

同比增長主要是由於優惠的定價，包括較少的促銷活動和優惠的商品成本。

In Print, our results reflected very strong execution as we continue to benefit from the strength of our portfolio as a leader across both consumer and commercial print.

在印刷方面，我們的業績反映了非常強勁的執行力，因為我們繼續受益於我們作為消費者和商業印刷領域領導者的投資組合的實力。

Q1 total Print revenue was $5 billion, up 7%.

第一季度印刷總收入為 50 億美元，增長 7%。

By customer segment, consumer revenue was up 55% with units up 18%, and commercial revenue was down 11% and flat in units.

按客戶細分，消費者收入增長 55%，單位增長 18%，商業收入下降 11%，單位持平。

In total, hardware units were very strong at 11.1 million units, up 16%.

總體而言，硬件單元非常強勁，達到 1110 萬台，增長 16%。

Supplies revenue was $3.1 billion, up 3%.

供應收入為 31 億美元，增長 3%。

In the first quarter, ongoing consumer demand, combined with favorable pricing and inventory replenishment, more than offset lower commercial demand.

第一季度，持續的消費者需求，加上有利的定價和庫存補充，抵消了商業需求下降的影響。

Sequentially, Supplies revenue was flat.

隨後，供應收入持平。

Print operating profit was very strong at $1 billion, and operating margins were 19.8%.

印刷營業利潤非常強勁，達到 10 億美元，營業利潤率為 19.8%。

The year-over-year increase was primarily due to favorable pricing, including fewer promotions.

同比增長主要是由於優惠的價格，包括較少的促銷活動。

Let me now turn to our transformation efforts and specifically, our cost savings opportunities.

現在讓我談談我們的轉型努力，特別是我們的成本節約機會。

In Q1, about 700 people exited the company as we continue to be ahead of plan against our 3-year $1.2 billion gross run rate structural cost reduction plan.

在第一季度，大約 700 人離開了公司，因為我們繼續領先於我們的 3 年 12 億美元總運行率結構性成本削減計劃。

During the quarter, we continue to execute real estate site optimization activities at 6 sites that are aligned with our location and mobility strategies.

在本季度，我們繼續在 6 個符合我們的位置和移動戰略的地點執行房地產網站優化活動。

In addition, we have achieved additional efficiency improvements in customer service and support as we continue to shift to digitization and automation.

此外，隨著我們繼續轉向數字化和自動化，我們在客戶服務和支持方面取得了額外的效率提升。

Finally, we continue to be focused on further digital enablement and driving a lean cost structure as it provides us the flexibility to reinvest in other areas of our business.

最後，我們將繼續專注於進一步的數字化支持和推動精益成本結構，因為它為我們提供了對我們業務的其他領域進行再投資的靈活性。

Shifting to cash flow and capital allocation.

轉向現金流和資本配置。

First quarter cash flow from operations and free cash flow were solid at $1 billion and $908 million, respectively.

第一季度運營現金流和自由現金流分別穩定在 10 億美元和 9.08 億美元。

In Q1, the cash conversion cycle was minus 30 days.

在第一季度，現金轉換週期為負 30 天。

Sequentially, the cash conversion cycle was flat as growth in inventory, primarily driven by strategic buys and finished goods, drove increases in days of inventory offset by increases in days payable outstanding.

隨後，現金轉換週期持平，因為主要受戰略採購和成品驅動的庫存增長推動庫存天數的增加被未償應付天數的增加所抵消。

Days sales outstanding also decreased during the quarter.

本季度的未結銷售天數也有所減少。

For the quarter, we returned a total of $1.6 billion to shareholders, which represented 179% of free cash flow.

本季度，我們向股東返還了 16 億美元，佔自由現金流的 179%。

This included $1.4 billion in share repurchases and $250 million in cash dividends.

其中包括 14 億美元的股票回購和 2.5 億美元的現金股息。

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.

展望未來，除非出現更高回報的機會，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 second quarter and the rest of fiscal '21, keep the following in mind related to our overall financial outlook.

展望第二季度和 21 財年的剩餘時間，請牢記以下與我們的整體財務前景相關的內容。

While we expect year-over-year revenue growth in FY '21 to reflect our continued progress on our strategy, it is also important to note that growth trends in Q2 and Q3 will also reflect the easier year-over-year comparisons due to the unusual COVID-related impacts we saw last year.

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，第二季度和第三季度的增長趨勢也將反映更容易的同比比較，因為我們去年看到的不尋常的與 COVID 相關的影響。

And in the second half of the year, we expect to see a more normalization of the market environment as more people return to the office and kids return to school and as the pricing environment normalizes.

而在下半年，隨著越來越多的人重返辦公室和孩子們重返學校以及定價環境正常化，我們預計市場環境將更加正常化。

Our outlook range is broader than usual given the current market environment.

鑑於當前的市場環境，我們的展望範圍比平時更廣。

We are modeling multiple scenarios related to supply availability, pricing dynamics and the pace of economic reopening.

我們正在模擬與供應可用性、定價動態和經濟重新開放步伐相關的多種情景。

Our comments for Q2 are the following: in Personal Systems, our backlog remains elevated as demand in consumer and education remains very strong, and we expect industry-wide component constraints to continue to negatively impact our ability to meet demand, especially for notebooks, which will constrain top line growth.

我們對第二季度的評論如下：在個人系統方面，由於消費者和教育的需求仍然非常強勁，我們的積壓仍然很高，我們預計整個行業的組件限制將繼續對我們滿足需求的能力產生負面影響，尤其是筆記本電腦，這將限制收入增長。

We expect the cost from the overall basket of commodities to be slightly higher compared to Q1 levels.

我們預計整個一攬子商品的成本將略高於第一季度的水平。

And from a margin perspective, we expect Q2 operating margins to be in the range of Q1 margins.

從利潤率的角度來看，我們預計第二季度的營業利潤率將在第一季度的利潤率範圍內。

In Printing, from a demand perspective, we expect to continue to see strong demand for home printing as well as the continued economic pressure in commercial printing.

在印刷方面，從需求角度來看，我們預計家庭印刷的需求將繼續強勁，商業印刷的經濟壓力將持續存在。

We expect to have to navigate supply constraints and the need to replenish stock so that our ecosystem of partners are well positioned to satisfy the strong demand that we see in printers and supplies.

我們預計必須應對供應限制和補充庫存的需要，以便我們的合作夥伴生態系統能夠很好地滿足我們在打印機和耗材方面看到的強勁需求。

We expect that our operating margin for Q2 to be at the high end of our long-term range of 16% to 18%.

我們預計第二季度的營業利潤率將處於我們長期範圍 16% 至 18% 的高端。

Taking these considerations into account we are providing the following guidance for Q2 and FY '21.

考慮到這些因素，我們為 Q2 和 FY '21 提供以下指導。

We expect second quarter non-GAAP diluted net earnings per share to be in the range of $0.84 to $0.90 and second quarter GAAP diluted net earnings per share to be in the range of $0.82 to $0.88.

我們預計第二季度非 GAAP 攤薄後每股淨收益將在 0.84 美元至 0.90 美元之間，第二季度 GAAP 攤薄後每股淨收益將在 0.82 美元至 0.88 美元之間。

We expect FY '21 non-GAAP diluted net earnings per share to be in the range of $3.15 to $3.25 and FY '21 GAAP diluted net earnings per share to be in the range of $2.98 to $3.08.

我們預計 21 財年非 GAAP 攤薄後每股淨收益將在 3.15 美元至 3.25 美元之間，而 21 財年 GAAP 攤薄後每股淨收益將在 2.98 美元至 3.08 美元之間。

For FY '21, we expect our free cash flow to be at least $4 billion.

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 will come from Shannon Cross with Cross Research.

（操作員說明）我們今天的第一個問題將來自 Cross Research 的 Shannon Cross。

And Marie, I just wanted to congratulate you on the new role.

還有瑪麗，我只是想祝賀你擔任新角色。

My question, I'm going to -- it's a 2-part question so I'll just leave it to one question today.

我的問題，我要-- 這是一個由兩部分組成的問題，所以我今天只討論一個問題。

I was wondering, Enrique, can you talk a bit about sustainability and sort of beyond the quarter that you've guided to?

我想知道，Enrique，你能談談可持續性以及你所指導的季度之外的事情嗎？

And that's one of the big questions I think people have right now.

這是我認為人們現在面臨的重大問題之一。

Maybe if you can -- you've pointed to shortages in PCs lasting until third quarter.

如果可以的話，也許你已經指出個人電腦的短缺會持續到第三季度。

So maybe you can talk on the PC side a little bit about what you see long term for the market and what might support the PC business sort of in future quarters.

因此，也許您可以在 PC 方面談談您對市場的長期看法以及未來幾個季度可能支持 PC 業務的因素。

And then if you could turn to Printing, if you can talk a bit about what Print Plus means for the long-term model and how you see that impacting margins as well as discussing a bit, because I think maybe it's underappreciated, how the shift to Inkjet is going to help margins long term since you own the whole Inkjet stack and have to partner with Canon for laser.

然後，如果您可以轉向印刷，如果您可以談談 Print Plus 對長期模型的意義以及您如何看待這會影響利潤率並進行一些討論，因為我認為它可能被低估了，如何轉變由於您擁有整個 Inkjet 堆棧並且必須與 Canon 合作進行激光，因此 Inkjet 將有助於長期利潤率。

So if you could maybe address those 2 parts, that is my -- completes my question.

因此，如果您可以解決這兩個部分，那就是我的 - 完成了我的問題。

Thank you, Shannon, and I will try to answer all your points.

謝謝你，香農，我會盡力回答你的所有觀點。

So let me start with sustainability of the momentum that we see.

因此，讓我從我們所看到的勢頭的可持續性開始。

And I would say that we are very optimistic about what we -- what are our expectations for the market for the coming quarters.

我想說的是，我們對我們非常樂觀——我們對未來幾個季度的市場預期是什麼。

We think that many of the underlying trends that are driving demand today are going to stay.

我們認為，當今推動需求的許多潛在趨勢將繼續存在。

I think the pandemic has made technology a clear necessary for people to work, to entertain, to live.

我認為大流行已經使技術成為人們工作、娛樂和生活的必要條件。

And this is going to continue to drive very strong demand for PCs and for home printers for the foreseeable future, but especially for PCs.

在可預見的未來，這將繼續推動對個人電腦和家用打印機的強勁需求，尤其是個人電腦。

We also think that as offices will reopen, we are going to see an increase of demand on the PC space because CIOs will have to invest on PCs again to make their employees productive.

我們還認為，隨著辦公室的重新開放，我們將看到對 PC 空間的需求增加，因為 CIO 將不得不再次投資 PC 以提高員工的工作效率。

And we are going to continue to see a shift towards notebooks that also helps on the demand side as the renewal cycles are shorter.

我們將繼續看到向筆記本電腦的轉變，這也有助於需求方面的更新周期更短。

We also think that the need to -- the hybrid model of working between office and home opens new opportunities for us on the printing side to offer new services, create new services by combining both.

我們還認為，辦公室和家庭之間的混合工作模式的需要為我們在印刷方面提供了新的機會，以提供新的服務，通過結合兩者來創造新的服務。

So overall, again, we see that this is creating an opportunity for us not only to leverage new opportunities, but really to continue to drive change and to continue to gain momentum.

因此，總的來說，我們再次看到這為我們創造了一個機會，不僅可以利用新的機會，而且可以真正繼續推動變革並繼續獲得動力。

If I go now to the second part of your question on PCs.

如果我現在轉到關於 PC 的問題的第二部分。

We expect to continue to see very strong demand for PCs in the coming quarters.

我們預計未來幾個季度對個人電腦的需求將繼續非常強勁。

And this strong demand is what is creating the supplies, the component shortages that you were mentioning.

而這種強勁的需求是造成供應的原因，也就是你提到的組件短缺。

We have provided strong guidance today both for the quarter and for the year.

我們今天為季度和年度提供了強有力的指導。

And this is based, of course, on the visibility that we have today for components, what we think we are going to be able to hit.

當然，這是基於我們今天對組件的可見性，以及我們認為我們將能夠達到的目標。

If we get more components, we could do even better.

如果我們得到更多的組件，我們可以做得更好。

And then your final question on Print.

然後是關於打印的最後一個問題。

As you know, we launched HP+ during last quarter.

如您所知，我們在上個季度推出了 HP+。

The reception has been very positive in terms of both adoption of the end-to-end model and also feedback from customers in terms of the value proposition and feedback from partners.

就端到端模型的採用以及客戶在價值主張和合作夥伴反饋方面的反饋而言，該接待非常積極。

So going -- I would say, we are optimistic about the results we have seen.

所以——我想說，我們對我們所看到的結果持樂觀態度。

And as you know, we are going to expand into more countries and more categories during the coming months until we complete the rollout in the middle of 2022.

如您所知，我們將在未來幾個月內擴展到更多國家和更多類別，直到我們在 2022 年年中完成推出。

You were also asking about the impact on margins.

您還詢問了對利潤率的影響。

Let me start there, and maybe Marie will complement that.

讓我從那裡開始，也許瑪麗會補充這一點。

Clearly, we see a benefit from the mix moving into Inkjet versus laser because, as you know, we own the full end-to-end system.

顯然，我們看到了噴墨與激光混合的好處，因為如您所知，我們擁有完整的端到端系統。

But this quarter, we are also seeing a strong benefit from pricing, especially on hardware, that is really helping to increase the profitability on print.

但本季度，我們也看到了定價帶來的巨大好處，尤其是在硬件方面，這確實有助於提高印刷品的盈利能力。

And yes, thank you for your warm introduction, Shannon.

是的，謝謝你的熱情介紹，香農。

Yes.

是的。

Look, we expect our print margins to remain strong throughout FY '21, and we expect our operating dollars to grow and operating profit rate to be at the higher end of the 16% to 18% range for '21.

看，我們預計我們的印刷利潤率在 21 財年將保持強勁，我們預計我們的營業收入將增長，營業利潤率將處於 21 年 16% 至 18% 範圍的高端。

And in Q2, we'd expect to be above the range as well.

在第二季度，我們預計也會高於該範圍。

And our next question will come from Katy Huberty with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Katy Huberty。

I want to ask a clarification first.

我想先澄清一下。

You said in your prepared remarks that you see PCs growing through 2021.

您在準備好的講話中說，您看到 PC 將在 2021 年之前增長。

Does that mean that you will see growth in each of the 4 quarters?

這是否意味著您將在 4 個季度中看到每個季度的增長？

Obviously, you grew strong in 1Q.

顯然，你在一季度變得強大。

Or is that just implying that you will grow for the full year?

或者這只是暗示你將全年成長？

And then in terms of my question, just following up on the Print business.

然後就我的問題而言，只是跟進印刷業務。

Can you talk about how much channel inventory rebuild contributed to Print revenue in the quarter?

您能否談談本季度的渠道庫存重建對印刷收入的貢獻？

And Marie, you made it clear that you expect Print margins at the upper end of the range, but why would they come down sequentially given that the pricing environment remains quite favorable?

瑪麗，您明確表示您希望印刷利潤率處於該範圍的高端，但鑑於定價環境仍然相當有利，為什麼它們會依次下降？

Okay.

好的。

Thank you, Katy.

謝謝你，凱蒂。

Let me start with a clarification.

讓我先澄清一下。

When I was talking about PC growth to continue, I was referring to market.

當我談到 PC 繼續增長時，我指的是市場。

As I was saying in Shannon's -- in the answer to Shannon, we expect the market to continue to be very strong, both this year and in the long term.

正如我在香農的文章中所說的那樣——在對香農的回答中，我們預計今年和長期市場將繼續非常強勁。

And then let me offer a data point.

然後讓我提供一個數據點。

If we look at the projection that we have for PC market in 2021, the one we have now, and we compare it to the projection that we have for '21 before the pandemic started, the market is 45% bigger.

如果我們看一下我們現在對 2021 年 PC 市場的預測，並將其與大流行開始前的 21 年的預測進行比較，市場規模要大 45%。

So this talks about the growth that we have seen in PCs and really the -- why we are so optimistic about this business going forward.

所以這談到了我們在個人電腦中看到的增長，以及為什麼我們對這項業務的未來如此樂觀。

And now Marie will talk about the margins for Print in Q1.

現在瑪麗將談論第一季度印刷的利潤。

Actually, I was going to move on and just cover your question around channel inventory, Katy.

實際上，凱蒂，我打算繼續討論你關於渠道庫存的問題。

So look, with respect to that, overall channel inventory is below what we believe are healthy, appropriate levels for Print.

因此，就這一點而言，整體渠道庫存低於我們認為適合印刷的健康、適當水平。

And that's really as a result of that strength that we're seeing in consumer.

這實際上是我們在消費者身上看到的那種力量的結果。

And right now, we're also below the range, and that's driven by that demand in home.

而現在，我們也低於這個範圍，這是由國內需求驅動的。

We do expect, however, some replenishment of stock throughout our partner ecosystem into Q3, and that's going to help to bridge some of that demand from our customers.

但是，我們確實希望在第三季度整個合作夥伴生態系統中都會補充一些庫存，這將有助於彌合我們客戶的部分需求。

So overall, we want to make sure that our partner ecosystem is very well positioned to satisfy that demand.

因此，總的來說，我們希望確保我們的合作夥伴生態系統能夠很好地滿足這一需求。

Our next question will come from Toni Sacconaghi with Bernstein.

我們的下一個問題將來自托尼·薩科納吉和伯恩斯坦。

I have 2 questions as well.

我也有2個問題。

First, if I look at your guidance for the full year, it implies an EPS decline at the midpoint, down more than 20% in the second half versus the first half.

首先，如果我看一下你對全年的指導，這意味著每股收益在中點下降，下半年與上半年相比下降了 20% 以上。

Typically, seasonality would point to EPS being up 10% in the second half.

通常，季節性因素表明下半年每股收益將增長 10%。

So I was wondering if you can comment on that.

所以我想知道你是否可以對此發表評論。

Are you being conservative?

你保守嗎？

Because it sounds like you're going to be supply-constrained through potentially Q3.

因為聽起來你可能會在第三季度受到供應限制。

Or are you believing that this very favorable price environment is going to come off?

或者您是否相信這種非常有利的價格環境將會消失？

So are you expecting this deceleration because of conservatism?

那麼，您是否因為保守主義而期待這種減速？

Are you expecting it because of weaker-than-normal sequential revenue growth?

您是否因為低於正常的連續收入增長而期待它？

Or are you expecting it because you expect margins to go down to lower levels in the second half?

或者您是否期待它，因為您預計下半年利潤率會下降到較低水平？

And then I have a follow-up, please.

然後我有一個跟進，請。

Right.

正確的。

It's a pleasure to meet you.

很高興見到你。

So look, frankly, Toni, we've provided actually a very strong guide for the year, and we're investing for our future.

所以，坦率地說，托尼，我們實際上為這一年提供了一個非常有力的指導，我們正在為我們的未來進行投資。

In fact, we expect revenue growth in FY '21 and EPS to be up 38% to 43% and free cash flow growth as well.

事實上，我們預計 21 財年的收入增長和每股收益將增長 38% 至 43%，自由現金流也將增長。

So while, to your point, this is front end-loaded in the first half, the second half EPS growth is actually 23% to 32% of the 1.11 that we actually delivered last year.

因此，就您而言，這是上半年的前端負載，下半年每股收益增長實際上是我們去年實際交付的 1.11 的 23% 到 32%。

And this actually includes earnings growth as well as the benefit of lower shares.

這實際上包括盈利增長以及股價下跌的好處。

So given the current environment, as you could imagine, we are modeling multiple scenarios for the second half.

因此，正如您可以想像的那樣，鑑於當前的環境，我們正在為下半年的多個場景建模。

So look, all in all, we believe that this is a prudent guide based on what we know today.

所以看，總而言之，我們相信這是基於我們今天所知道的審慎指南。

And clearly, if we can do better, we absolutely will.

顯然，如果我們能做得更好，我們絕對會的。

Okay.

好的。

I guess I was trying to get a better sense of whether there was more confidence in the revenue trajectory or the margin trajectory.

我想我是想更好地了解是否對收入軌跡或利潤率軌跡更有信心。

But just in terms of the follow-up, I want to better understand this restocking, whether this is hardware or supplies or both on the print side.

但就後續而言，我想更好地了解這次補貨，無論是硬件還是耗材，還是兩者兼而有之。

Is it principally consumer?

主要是消費者嗎？

So I presume your stock is going down on the corporate side since demand is much weaker and your channel inventory in dollars is going up on the consumer side, and that's obviously very, very favorable.

因此，我認為您的庫存在企業方面正在下降，因為需求要疲軟得多，而您的以美元計的渠道庫存在消費者方面正在上升，這顯然非常非常有利。

But you talked about this being a benefit last quarter, this being a benefit this quarter, this potentially being a benefit next quarter.

但是你談到這是上個季度的好處，這是本季度的好處，這可能是下個季度的好處。

I'd like to understand exactly what that benefit is.

我想確切地了解這種好處是什麼。

And then maybe you could kind of zoom out a bit and just talk about how we should think about normalized Supplies growth.

然後也許你可以稍微縮小一點，談談我們應該如何看待標準化的供應增長。

I think over the last 8 or 9 years, it's gone down about 4% per year.

我認為在過去的 8 或 9 年中，它每年下降約 4%。

The aspiration was to get to flat Supplies growth.

我們的願望是實現平穩的供應增長。

I think it took you a little longer to get there.

我想你到那里花了一點時間。

You haven't really provided an update on how you think about Supplies growth sort of in a more normalized environment.

您還沒有真正提供有關在更加規範化的環境中如何看待供應增長的更新。

How should we think about that?

我們應該怎麼想？

Okay.

好的。

Thank you, Toni.

謝謝你，托尼。

Let me start, and let me emphasize that we are very confident on both the revenue and profit projections for the year, and this is what supports the strong guide that we have provided today.

首先，讓我強調一下，我們對今年的收入和利潤預測都非常有信心，這就是我們今天提供的強有力指南的支持。

In terms of channel inventory, the comments from -- that we made in the prepared remarks are not only for supply but also for hardware, and we continue to be, across the board in PCs, printers and supplies, below what we think are the ideal inventory levels that we have for the channel.

在渠道庫存方面，我們在準備好的評論中發表的評論不僅針對供應，還針對硬件，而且我們繼續在 PC、打印機和耗材方面全面低於我們認為的我們為渠道所擁有的理想庫存水平。

So that's -- this is where we are today.

這就是我們今天所處的位置。

And all this is driven by the very strong demand that we continue to see, especially on our home products.

所有這一切都是由我們繼續看到的非常強勁的需求推動的，尤其是對我們的家居產品。

I'll now let Marie explain what do we see on Supplies and what do we think is the impact on the replenishment this quarter.

我現在讓 Marie 解釋一下我們在供應方面看到了什麼，以及我們認為對本季度補貨的影響。

And thanks, Enrique.

謝謝，恩里克。

So Toni, looking at Supplies performance, there's sort of really 3 key dynamics to discuss.

所以托尼，看看耗材的表現，真的有 3 個關鍵動態需要討論。

First of all, ongoing demand in consumer supplies with work-from-home and learn-from-home -- and there are ongoing challenges in commercial print, as you know.

首先，對於在家工作和在家學習的消費用品的持續需求——正如你所知，商業印刷領域也存在著持續的挑戰。

And then secondly, there's that favorable pricing environment, which was actually a tailwind.

其次，有有利的定價環境，這實際上是順風。

And then thirdly, the year-over-year compare also benefited from that replenishment of stock, which was consistent with what we had indicated on the call in Q4.

第三，同比比較也受益於庫存的補充，這與我們在第四季度的電話會議上表示的一致。

Now if you adjust for the impact of inventory movements, we estimate that Supplies revenue was down roughly 1% year-on-year.

現在，如果您調整庫存變動的影響，我們估計供應收入同比下降約 1%。

As you know, we have a multi-tiered channel.

如您所知，我們有一個多層次的渠道。

So this is our best estimate based on the data we have, including our estimates for product across the channel and end-user stock.

因此，這是我們基於現有數據的最佳估計，包括我們對跨渠道產品和最終用戶庫存的估計。

So this replenishment should have a short-term benefit to Supplies revenue.

所以這種補貨應該對供應收入有短期的好處。

I'm talking -- commenting on the projections for the future, Toni.

我說的是——對未來的預測發表評論，托尼。

As you know, we are -- we have redesigned the strategy of the company to reduce the dependency on supplies to deliver our goals.

如您所知，我們已經重新設計了公司的戰略，以減少對供應的依賴來實現我們的目標。

This is why the subscription programs, HP+ are so critical.

這就是訂閱計劃 HP+ 如此重要的原因。

And we are very pleased with the progress that we're making on that front.

我們對我們在這方面取得的進展感到非常滿意。

We shared in the prepared remarks that we reached 9 million subscribers on Instant Ink, which means we added 1 million subscribers this quarter, which is faster than the most we have done in the history of the program.

我們在準備好的評論中分享了我們在 Instant Ink 上達到了 900 萬訂閱者，這意味著我們在本季度增加了 100 萬訂閱者，這比我們在該計劃歷史上所做的最多速度還要快。

So clearly, that is accelerating.

很明顯，這正在加速。

And at the same -- and I also shared before, we are really pleased with the response that we have got on HP+, and we are also making good progress on what we call Big Ink and big toner for -- in emerging countries, which are a key part of our strategy as well.

同時——我之前也分享過，我們對我們在 HP+ 上得到的回應感到非常滿意，而且我們在所謂的大墨水和大墨粉方面也取得了良好進展——在新興國家，其中也是我們戰略的關鍵部分。

Our next question will come from Amit Daryanani with Evercore.

我們的下一個問題將來自 Evercore 的 Amit Daryanani。

Perfect.

完美的。

It looks like I really have no Printing questions for you guys anymore.

看來我真的沒有打印問題要問你們了。

But I do want to talk about free cash flow.

但我確實想談談自由現金流。

And if I look at the fiscal '21 guide, I think you talked about $4 billion of free cash flow.

如果我看一下 21 財年指南，我認為您談到了 40 億美元的自由現金流。

It's really a modest uplift from the $3.9 billion we did in fiscal '20.

與我們在 20 財年所做的 39 億美元相比，這確實是一個適度的提升。

So really, just help me understand.

所以真的，只是幫助我理解。

With revenue up the way it is, and I think EPS is going to be up 35%, 40%, why is free cash flow up $100 million and change?

隨著收入的增長，我認為每股收益將增長 35%、40%，為什麼自由現金流會增長 1 億美元並發生變化？

Just what are the puts and takes?

什麼是看跌期權？

That would be really helpful.

那真的很有幫助。

Yes.

是的。

So first of all, look, I'd start up by saying, look, we're really pleased with the results of free cash flow and what we saw in the quarter.

所以首先，看，我首先要說，看，我們對自由現金流的結果和我們在本季度看到的結果感到非常滿意。

Now as we look forward to FY '21, Amit, we expect free cash flow, as I said in my prepared remarks, to be at least $4 billion, and that is being driven by the earnings growth in both PS and Print.

現在我們期待 21 財年，阿米特，正如我在準備好的講話中所說，我們預計自由現金流至少為 40 億美元，這是由 PS 和 Print 的盈利增長推動的。

And it is being -- sort of the headwind that we do have is -- will be partially offset by changes in working capital, which we expect to -- from higher expected inventory and AR.

而且它正在——我們確實面臨的某種逆風——將被營運資本的變化部分抵消，我們預計這將來自更高的預期庫存和 AR。

And that's being driven, obviously, by the environment that we're in with PS.

顯然，這是由我們使用 PS 所處的環境所驅動的。

Got it.

知道了。

And then, I guess, Marie, really, from your perspective, as you step into the CFO role and your background as the Chief Transformation Officer, I'd love to get a sense on, as you go forward, how do you go between managing the need to reduce costs and optimize margins versus perhaps investing for growth as you go forward?

然後，我想，瑪麗，真的，從你的角度來看，當你踏上首席財務官的角色和你作為首席轉型官的背景時，我很想了解，隨著你的前進，你如何在管理降低成本和優化利潤的需求，而不是在前進的過程中為增長而投資？

And as we think about HP over the next 2, 3 years, what are the big priorities for the company for investments?

當我們考慮惠普在未來 2、3 年的投資時，公司的主要投資重點是什麼？

No.

不。

Thanks, Amit.

謝謝，阿米特。

Look, frankly, I believe that great companies like HP focus on the end.

看，坦率地說，我相信像惠普這樣的偉大公司專注於最終。

We have to do both.

我們必須兩者都做。

We have to reduce costs, and we have to make the right investments for the future.

我們必須降低成本，我們必須為未來做出正確的投資。

So I can tell you, as the CFO, I'm going to be relentless about going after inefficiency and making sure we're driving value from our investments.

所以我可以告訴你，作為首席財務官，我將堅持不懈地追求低效率並確保我們從投資中獲得價值。

I think my role as the Chief Transformation Officer really teed me up nicely for that outlook.

我認為我作為首席轉型官的角色確實讓我很好地適應了這種前景。

Now with respect to investments, I'm going to turn it over to Enrique to add some color there.

現在關於投資，我將把它交給 Enrique 在那裡添加一些顏色。

And before I do that, let me emphasize the comment from Marie about the end.

在我這樣做之前，讓我強調一下瑪麗關於結尾的評論。

We need to continue, and we will continue reducing cost, and we will continue to invest in areas where we see opportunities for the future.

我們需要繼續，我們將繼續降低成本，我們將繼續投資於我們看到未來機會的領域。

And my answer is not going to surprise anybody because this is the strategy we have been executing during the last years.

我的回答不會讓任何人感到驚訝，因為這是我們過去幾年一直在執行的策略。

It's about modernizing our core businesses, both Personal Systems and Print.

這是關於使我們的核心業務現代化，包括個人系統和印刷。

We see opportunities to create value on both.

我們看到了為兩者創造價值的機會。

It is about expanding into adjacencies.

它是關於擴展到相鄰的。

And yesterday, we shared the acquisition of Hyperx.

昨天，我們分享了對 Hyperx 的收購。

That is an example of a very attractive adjacency for us.

這對我們來說是一個非常有吸引力的鄰接的例子。

And we are also investing to create new businesses in industrial graphics, in 3D printing, in microfluidics.

我們還投資在工業圖形、3D 打印和微流體領域創建新業務。

And we see also the need to invest in improving our digital infrastructure that will help us to create new business model but, as Marie was saying, also to become more efficient, leaner and really being able to respond to our customers in a better way.

我們還看到有必要投資改善我們的數字基礎設施，這將幫助我們創建新的商業模式，但正如瑪麗所說，還要變得更高效、更精簡，並真正能夠以更好的方式回應我們的客戶。

This is the strategy we have been executing.

這是我們一直在執行的策略。

The results show that it is growing, and this is where we're going to be investing going forward.

結果表明它正在增長，這就是我們未來要投資的地方。

Our next question comes from Matt Cabral with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Matt Cabral。

Enrique, you just mentioned Hyperx.

恩里克，你剛才提到了 Hyperx。

I wanted to dig a little bit more into that.

我想深入研究一下。

I guess, first, just a clarification.

我想，首先，只是一個澄清。

I saw in the release you guys said it's EPS accretive, but wondering if you guys can comment on the revenue contribution you expect from Hyperx going forward.

我在新聞稿中看到你們說它可以增加每股收益，但想知道你們是否可以對 Hyperx 未來的收入貢獻發表評論。

And then more broadly, just wondering for your perspective on PC gaming and just how we should think about sustainability there once people start leaving their homes in a more normalized manner and just how you think about HyperX' peripheral spending versus your OMEN brand within the lineup.

然後更廣泛地說，只是想知道您對 PC 遊戲的看法，以及一旦人們開始以更正常的方式離開家，我們應該如何考慮那裡的可持續性，以及您如何看待 HyperX 的外圍設備支出與陣容中的 OMEN 品牌.

So first of all, let me start on gaming.

所以首先，讓我開始玩遊戲。

Gaming is a very attractive opportunity for us, both on the hardware side, where we have been growing significantly during the last quarter and where we expect to continue to see growth in the coming years.

遊戲對我們來說是一個非常有吸引力的機會，無論是在硬件方面，我們在上個季度一直在顯著增長，而且我們預計未來幾年將繼續增長。

More and more people are using gaming as their main entertainment, and this is driving growth today and will continue to drive growth in the future.

越來越多的人將游戲作為他們的主要娛樂方式，這正在推動今天的增長，並將在未來繼續推動增長。

When we look about gaming, the peripheral opportunity is especially attractive.

當我們看遊戲時，外圍機會特別有吸引力。

A gamer spends about 15, 16 more money on accessories than a normal PC user.

遊戲玩家在配件上的花費比普通 PC 用戶多 15 到 16 倍。

And when we think about that opportunity, the acquisition of HyperX makes us really excited about the opportunity of really capturing that.

當我們想到這個機會時，收購 HyperX 讓我們對真正抓住這個機會感到非常興奮。

HyperX is the leader in gaming headsets.

HyperX 是遊戲耳機領域的領導者。

They have a very strong portfolio on microphones, mice, keyboard.

他們在麥克風、鼠標、鍵盤方面擁有非常強大的產品組合。

And really, the growth -- the value proposition of the acquisition is very clear.

實際上，增長——收購的價值主張非常明確。

We are going to accelerate that growth by leveraging our geographical presence and our broader retail presence as well as we will be taking their portfolio and expanding into new segments like commercial.

我們將通過利用我們的地理分佈和更廣泛的零售業務以及我們將利用他們的產品組合併擴展到商業等新領域來加速這一增長。

So it's all about growth, and this is -- and this growth is what makes it accretive for us in 2022.

所以這一切都與增長有關，這就是——這種增長是讓它在 2022 年為我們增值的原因。

And as my follow-up, I wanted to broaden out the discussion on M&A and just talk about how you think about M&A strategically.

作為我的後續行動，我想擴大關於併購的討論，並談談你如何從戰略上看待併購。

And I heard in the prepared remarks that the plan is still outsized buybacks once a better opportunity comes along.

我在準備好的評論中聽說，一旦更好的機會出現，該計劃仍然是超大規模的回購。

So maybe just help us understand the criteria as you think about that trade-off between repurchases and other uses of capital going forward.

因此，當您考慮回購和未來其他資本用途之間的權衡時，也許只是幫助我們理解標準。

So our approach has not changed from what we have been communicating during the last quarter.

因此，我們的方法與上個季度的溝通方式沒有改變。

We continue to believe that our stock is undervalued, and we are going to continue to buy aggressively our shares.

我們仍然認為我們的股票被低估了，我們將繼續積極購買我們的股票。

Marie mentioned that we are going to be buying at least $1 billion of shares every quarter.

瑪麗提到，我們將每季度至少購買 10 億美元的股票。

And at the same time, we are always looking for opportunities to accelerate our strategies through M&A.

與此同時，我們一直在尋找機會通過併購來加速我們的戰略。

We are looking at opportunities in the core businesses, in adjacencies and also to support our new businesses.

我們正在尋找核心業務、鄰接業務以及支持我們的新業務的機會。

And the criteria are very simple.

標準非常簡單。

Any M&A we will do will have to be aligned to the strategies we have explained.

我們將進行的任何併購都必須與我們已解釋的策略保持一致。

It will have to have attractive financial returns, at a minimum, a better ROI than buying our own stock.

它必須有有吸引力的財務回報，至少，比購買我們自己的股票更好的投資回報率。

And third, we need to have a strong operational plan to execute on the value proposition of the acquisition.

第三，我們需要有一個強有力的運營計劃來執行收購的價值主張。

These are the criteria we have been applying.

這些是我們一直在應用的標準。

This is what we used to decide to acquire HyperX, and this is how we think about M&A.

這就是我們過去決定收購 HyperX 的原因，也是我們對併購的看法。

Our next question comes from Krish Sankar with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Krish Sankar。

And congrats on the solid results.

並祝賀取得了可靠的結果。

And Marie, congrats on the full-time CFO title.

還有瑪麗，恭喜獲得全職 CFO 頭銜。

I have 2 quick questions.

我有 2 個簡單的問題。

First, Enrique or Marie, is there a way to quantify what would be the upside to revenues if you had no supply constraints?

首先，Enrique 或 Marie，如果沒有供應限制，有沒有辦法量化收入的上升空間？

And then I had a quick follow-up.

然後我進行了快速跟進。

Let me take that question.

讓我來回答這個問題。

What you have in the guide is what we think we -- based on the current supply that we see available, we can deliver.

您在指南中的內容是我們認為的內容——根據我們看到的當前供應，我們可以提供。

Of course, if there was more supply, we will be able to drive more, but I don't think we will quantify what this number is.

當然，如果有更多的供應，我們就能開得更多，但我認為我們不會量化這個數字是多少。

But let me tell you, as I said in the prepared remarks, our backlog is at a record high so it will be a significant number.

但讓我告訴你，正如我在準備好的評論中所說，我們的積壓工作處於歷史最高水平，所以這將是一個很大的數字。

But again, we are seeing shortages given how strong the demand is across the board.

但是，鑑於全面的需求強勁，我們再次看到短缺。

Got it.

知道了。

Got it.

知道了。

And then as a quick follow-up, the gross margins in the January quarter were really strong.

然後作為快速跟進，第一季度的毛利率非常強勁。

What were the drivers there?

那裡的司機是什麼？

And how to think about gross margin for the rest of the year, especially as component costs get inflationary for you folks?

以及如何考慮今年剩餘時間的毛利率，特別是當組件成本對你們來說變得通貨膨脹時？

Yes.

是的。

Thanks for the kind words.

感謝您的客氣話。

So look, fundamentally, it's just all about demand, frankly, outpacing supply and really creating that favorable environment.

所以看，從根本上說，這完全取決於需求，坦率地說，它超過了供應，真正創造了有利的環境。

So it's basically just the laws of supply and demand, which helped us with better pricing in the quarter.

所以這基本上只是供需規律，這幫助我們在本季度獲得了更好的定價。

So regardless of whether you're sort of talking year-on-year or quarter-on-quarter, that improvement in gross margin was primarily driven by favorable pricing, which showed up as fewer promotions and as cost improvements.

因此，無論您是在談論同比還是環比，毛利率的提高主要是由有利的定價推動的，這表現為促銷活動減少和成本改善。

Our next question will come from Wamsi Mohan with Bank of America.

我們的下一個問題將來自美國銀行的Wamsi Mohan。

Yes.

是的。

I was wondering if you -- we can go back to Print margins for a second and look at this on a quarter-on-quarter basis.

我想知道您是否 - 我們可以回到打印邊距一秒鐘，然後按季度查看。

When we look at the sequential revenue improvement that was about $200 million in Print, the Print profitability went up by $300 million.

當我們查看印刷業務約 2 億美元的連續收入增長時，印刷業務的盈利能力增加了 3 億美元。

So maybe you can help us think through how much of it was pricing on hardware, where there is fixed cost leverage that you might be recognizing versus higher mix on HP Inc.

因此，也許您可以幫助我們考慮其中有多少是硬件定價，您可能會認識到固定成本槓桿與 HP Inc. 的更高組合。

versus laser toner.

與激光碳粉相比。

If there's a way to dissect this somewhat differently in the $300 million.

如果有一種方法可以在 3 億美元中有所不同。

And clearly, replenishment has a role there.

很明顯，補給在那裡發揮了作用。

To -- any way to maybe size those different components?

到 - 有什麼方法可以調整這些不同組件的大小？

And also if we can split between hardware and supplies, I think that will give us a better sense of how the trajectory of this could progress.

此外，如果我們可以在硬件和供應品之間進行拆分，我認為這將使我們更好地了解其發展軌跡。

Sure.

當然。

No, thanks for your question.

不，謝謝你的問題。

And so, look, the Print rate really benefited from improved gross margins, particularly in home hardware, and that was driven by that favorable pricing that I mentioned earlier.

因此，看，印刷率確實受益於毛利率的提高，特別是在家用硬件方面，這是由我之前提到的優惠價格推動的。

And it was particularly in the consumer side.

尤其是在消費者方面。

And some of those -- and then we had reductions from COVID-related supply chain costs that we had in Q4, and then that was partially offset by higher consumer mix and lower supplies mix.

其中一些——然後我們減少了第四季度與 COVID 相關的供應鏈成本，然後這部分被更高的消費者組合和更低的供應組合所抵消。

So that in all is what contributed to the rate.

因此，這就是促成利率的原因。

And overall, we're seeing the strength and resiliency of our broad Print portfolio and leadership across customer segments, and that's really positioned us very well against our competition.

總體而言，我們看到了我們廣泛的印刷產品組合的實力和彈性以及在客戶群中的領導地位，這確實使我們在競爭中處於有利地位。

Our next question will come from David Vogt with UBS.

我們的下一個問題將來自瑞銀的 David Vogt。

Great.

偉大的。

Maybe just going back to the component shortages issue for a second.

也許只是回到組件短缺問題上一秒鐘。

It's been persistent for some time now, and there's been commentary across different industries that lead times are lengthening across the board.

它已經持續了一段時間，並且不同行業的評論都認為交貨時間正在全面延長。

I know inventory is up this quarter, 49 days.

我知道本季度庫存增加了 49 天。

It was 43 last quarter.

上個季度是 43 歲。

But can you give us more qualitative discussion on how you're thinking about remediation going forward in your future procurement plans in case there's a greater disruption and what that might mean for your top line going forward?

但是，如果出現更大的中斷，您能否就您在未來採購計劃中如何考慮補救措施進行更多定性討論，以及這對您未來的收入可能意味著什麼？

Sure.

當然。

So as I said before, the shortages that we are seeing are really driven by the very strong demand that we are getting across the full portfolio.

因此，正如我之前所說，我們看到的短缺實際上是由我們在整個產品組合中遇到的非常強勁的需求所驅動的。

We, of course, are taking any action we can to mitigate the impact and make sure that we can deliver even more than what we have in the plan.

當然，我們正在採取一切可能的行動來減輕影響，並確保我們能夠提供比計劃中更多的東西。

One of the big things that we have decided, as Marie mentioned before, is to increase the amount of inventory that we have on hand.

正如瑪麗之前提到的，我們決定的一件大事是增加我們手頭的庫存量。

This will help us not only to increase the delivery of the shipment of products but also to be able to ship more products in case some components are made available during the quarter.

這不僅將幫助我們增加產品的交付量，而且還能夠在本季度提供一些組件的情況下運送更多產品。

We are also building direct connection with suppliers that until now will be managed from our ODMs, usually suppliers of low-cost components, because we have seen that it's important to really establish a direct connection with them and in some cases, even buy products directly from them.

我們還與供應商建立直接聯繫，到目前為止，這些供應商將由我們的 ODM 管理，通常是低成本組件的供應商，因為我們已經看到真正與他們建立直接聯繫非常重要，在某些情況下，甚至直接購買產品從他們。

And this, I would say, are the 2 big things that we have already done and that we expect will help us to manage the situation during the coming quarters.

我想說，這是我們已經完成的兩件大事，我們預計這將有助於我們在未來幾個季度管理局勢。

Yes.

是的。

And maybe just a quick follow-up on that.

也許只是對此的快速跟進。

So when you think about sort of the inventory that you're taking in and that you're going to procure going forward, is there any sort of commentary or guidance you can give us in terms of what the margin impact might look like from that inventory today going forward as you burn through that inventory maybe later this year into next fiscal year?

因此，當您考慮您正在接受的庫存以及您將在未來採購的庫存時，您是否可以就利潤率影響可能給我們提供任何形式的評論或指導今天的庫存繼續向前，因為您可能會在今年晚些時候將庫存消耗到下一個財政年度？

I think given how strong our demand is, if you are concerned about obsolescence of some of the inventory, I think the risk is extremely low because we really have very strong demand, and we expect it to continue during the coming quarters.

我認為鑑於我們的需求有多強勁，如果您擔心一些庫存過時，我認為風險極低，因為我們的需求確實非常強勁，我們預計未來幾個季度這種情況會持續下去。

In terms of cost of components, we are expecting that, in some cases, cost will be increasing during the coming quarters.

在組件成本方面，我們預計在某些情況下，成本將在未來幾個季度增加。

But all of this is built into our guidance and built into the comments that Marie made before in terms of operating margin during the coming quarters.

但所有這些都包含在我們的指導中，也包含在瑪麗之前就未來幾個季度的營業利潤率所做的評論中。

And just a follow-up on Enrique's comment.

只是對恩里克評論的跟進。

As a result then, we would expect, from an overall basket of commodity pricing perspective, for those prices to be higher than what we've seen in Q1 going forward as well.

因此，我們預計，從整體商品定價的角度來看，這些價格也將高於我們在未來第一季度看到的價格。

Our next question will come from Jim Suva Citigroup.

我們的下一個問題將來自 Jim Suva Citigroup。

And congratulations on the very strong results and outlook.

並祝賀非常強勁的結果和前景。

When we dive -- I have one question.

當我們潛水時——我有一個問題。

When we dive into the results on PCs, yes, you are growing, but it seems like some of your competitors, especially your North America competitors, growing much stronger than you.

當我們深入研究 PC 上的結果時，是的，您正在成長，但您的一些競爭對手，尤其是您的北美競爭對手，似乎比您強大得多。

You did highlight that you grew a lot in Chromebook.

您確實強調了您在 Chromebook 中的成長。

So I'm wondering, is the strategy there to really focus on education and Chromebooks or profit share gains or market share maintaining even if you lose some share?

所以我想知道，即使你失去了一些份額，那裡的戰略是否真正專注於教育和 Chromebook 或利潤份額增長或市場份額保持？

I just wanted to revisit your strategy in the PC side when we look at the data versus the industry.

當我們查看數據與行業時，我只是想重新審視您在 PC 方面的策略。

Sure.

當然。

Let me be very clear, Jim.

讓我說得很清楚，吉姆。

So we had a very strong quarter in absolute terms on PCs, revenue growth, unit growth, profit growth, but we didn't on relative terms.

因此，在個人電腦、收入增長、單位增長、利潤增長的絕對值上，我們有一個非常強勁的季度，但相對而言，我們沒有。

And being as competitive as we are, this is not something that we are satisfied about.

和我們一樣有競爭力，這不是我們滿意的事情。

As I explained before, we are looking at what can we do and what will we do to improve our relative performance.

正如我之前解釋的那樣，我們正在研究我們可以做些什麼以及我們將做些什麼來提高我們的相對錶現。

We have already taken some actions to do that by increasing inventory and changing how -- the connections that we have with certain component providers, and this will be helping us to improve our performance going forward.

我們已經採取了一些行動，通過增加庫存和改變我們與某些組件供應商的聯繫方式來做到這一點，這將幫助我們提高未來的業績。

We are really using this as a catalyst to optimize even further our operational capabilities.

我們確實將其用作催化劑，以進一步優化我們的運營能力。

And this is what great companies do and what we will continue to do because, again, we like to win, and this is what we will do -- continue to do going forward.

這就是偉大的公司所做的，也是我們將繼續做的事情，因為我們想再次獲勝，這就是我們將要做的——繼續前進。

So having said that, I think we are close to time so let me use this as an opportunity to wrap up.

話雖如此，我認為我們已經接近時間，所以讓我藉此機會總結一下。

First of all, I want to repeat some of the comments I made during the prepared remarks.

首先，我想重複一下我在準備好的評論中發表的一些評論。

We are doing what we said we would do, and our strategy is working.

我們正在做我們說過我們會做的事情，我們的戰略正在奏效。

We have had a very strong start of the year, and we are confident in the projections that we have for '21 and beyond.

我們今年的開局非常強勁，我們對 21 年及以後的預測充滿信心。

We see growth opportunities in our core markets, in the adjacencies and also in the new businesses that we are creating.

我們在核心市場、鄰近地區以及我們正在創建的新業務中看到了增長機會。

And we are really leveraging the opportunities that we see to accelerate our strategy, accelerate our growth, which gives us great confidence in the future of the company.

我們確實在利用我們看到的機會來加速我們的戰略，加速我們的增長，這讓我們對公司的未來充滿信心。

So again, thank you for joining us today and looking forward to continue to talk to all of you in the future.

因此，再次感謝您今天加入我們，並期待在未來繼續與大家交談。

Thank you.

謝謝你。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。