惠普 (HPQ) 2022 Q1 法說會逐字稿

Good day, everyone, and welcome to the First Quarter 2022 HP Inc. Earnings Conference Call. My name is Betsy, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

大家好，歡迎參加 2022 年第一季度惠普公司收益電話會議。我的名字是 Betsy，我將擔任您今天電話會議的會議主持人。 （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 Orit Keinan-Nahon, Head of Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係主管 Orit Keinan-Nahon。請繼續。

Good afternoon, everyone, and welcome to HP's First Quarter 2022 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 2022 年第一季度收益電話會議。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 a webcast, and a replay will be available on our website shortly after the call for approximately 1 year. We posted the earnings release and 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，本次電話是網絡直播，在電話會議結束後不久，我們的網站上將提供大約 1 年的重播。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 January 31, 2022, 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目前可用信息的估計，可能與惠普截至 2022 年 1 月 31 日的財政季度的 10-Q 表格和惠普其他提交給美國證券交易委員會的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. 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.

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。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 now like to turn the call over to Enrique.

有了這個，我現在想把電話轉給恩里克。

Thanks, Orit, and thank you all for joining today's call. Before I discuss the quarter, I want to briefly address the unfolding situation in Ukraine. The well-being of our people, their families and our customers and partners is our top concern. We are doing everything we can to keep them safe. We want nothing more than to see peace and stability restored to the region. We have an experienced cross-functional team in place focused on business continuity. The environment is very fluid, and we are preparing for a range of scenarios.

謝謝，Orit，感謝大家加入今天的電話會議。在討論本季度之前，我想簡要談談烏克蘭正在發生的局勢。我們的員工、他們的家人以及我們的客戶和合作夥伴的福祉是我們最關心的問題。我們正在盡一切努力保護他們的安全。我們只想看到該地區恢復和平與穩定。我們擁有一支經驗豐富的跨職能團隊，專注於業務連續性。環境非常不穩定，我們正在為一系列場景做準備。

But in the meantime, in compliance with administration's recently approved sanctions, we have suspended shipments to Russia. The difficult situation in Ukraine is the latest in a series of global challenges we have faced. Time and again, our team has shown remarkable agility and determination, and I have great confidence in their ability to manage these situations.

但與此同時，根據政府最近批准的製裁措施，我們已暫停向俄羅斯發貨。烏克蘭的困難局勢是我們面臨的一系列全球挑戰中的最新一個。一次又一次，我們的團隊表現出非凡的敏捷性和決心，我對他們處理這些情況的能力充滿信心。

When we were last together at the end of 2021, I talked about our strategy to modernize our core, expand into valuable adjacencies and build a more growth-oriented portfolio. And our first quarter results show the progress we are making against this plan. We continue to see very strong demand driven in large part by the secular tailwinds associated with hybrid. The way people work and live have fundamentally changed, and we see this trend continuing across our segments long past the pandemic. This creates incredible opportunities for innovation and growth.

當我們在 2021 年底最後一次在一起時，我談到了我們的戰略，即我們的核心現代化、擴展到有價值的鄰接地區並建立一個更加以增長為導向的投資組合。我們的第一季度業績顯示了我們針對該計劃所取得的進展。我們繼續看到非常強勁的需求在很大程度上是由與混合動力相關的長期順風推動的。人們的工作和生活方式已經發生了根本性的變化，我們看到這一趨勢在我們的細分市場中持續很久，直到大流行之後。這為創新和增長創造了難以置信的機會。

Companies are reconfiguring office space to be more collaborative, and this is requiring a refresh in their IT strategies, services and security offerings. Consumers are investing to improve their home office setups as hybrid work becomes the norm. And when they are not working, people are looking for more immersive entertainment experiences with improved video, audio and battery performance.

公司正在重新配置辦公空間以提高協作性，這需要更新其 IT 戰略、服務和安全產品。隨著混合工作成為常態，消費者正在投資以改善他們的家庭辦公室設置。當他們不工作時，人們正在尋找更身臨其境的娛樂體驗，以及改進的視頻、音頻和電池性能。

Underlying all these is a growing desire from both consumers and commercial customers to buy from companies with well-developed ESG goals. Each of these trends play to our strength, and they drove our Q1 results. We grew revenue, operating profit, EPS and free cash flow, continuing our track record of meeting or exceeding our commitments.

在所有這些的基礎上，消費者和商業客戶都越來越渴望從具有完善 ESG 目標的公司購買產品。這些趨勢中的每一個都發揮了我們的優勢，它們推動了我們的第一季度業績。我們增加了收入、營業利潤、每股收益和自由現金流，繼續實現或超過我們的承諾的記錄。

Let me walk through the details. For the quarter, revenue grew 9% to $17 billion. This is our highest-ever quarterly revenue since separation, driven by demand for our products and services. Non-GAAP EPS grew more than twice as fast as revenue, up 20% to $1.10. And we generated $1.4 billion of free cash flow while returning 127% of free cash flow to shareholders through share repurchases and dividends.

讓我來看看細節。本季度，收入增長 9% 至 170 億美元。在對我們產品和服務的需求的推動下，這是我們自分離以來最高的季度收入。非美國通用會計準則每股收益的增長速度是收入的兩倍多，增長 20% 至 1.10 美元。我們創造了 14 億美元的自由現金流，同時通過股票回購和股息向股東返還了 127% 的自由現金流。

Our results were particularly strong in the key growth areas that I outlined last year. Collectively, these businesses grew double digits this quarter. This includes more than 20% growth in gaming, more than 40% growth in peripheral and 20% growth for our industrial graphics and 3D portfolio. We are bullish in our opportunities in these areas, and we expect them to become a larger part of our overall revenue and profit mix moving forward.

在我去年概述的關鍵增長領域，我們的業績特別強勁。總的來說，這些業務本季度增長了兩位數。其中包括超過 20% 的遊戲增長、超過 40% 的外圍設備增長以及 20% 的工業圖形和 3D 產品組合增長。我們看好我們在這些領域的機會，我們預計它們將成為我們未來整體收入和利潤組合的重要組成部分。

We delivered while continuing to navigate a complex environment of industry-wide component shortages and logistical constraints. Despite steady progress against our plans to strengthen our operational processes, it will take time before the gap between supply and demand fully dissipates. We are securing more parts for products, sourcing from alternate part suppliers and allocating available parts to optimize our product mix. This is an area of relentless focus for our team.

我們在交付的同時繼續在全行業組件短缺和物流限制的複雜環境中導航。儘管我們加強運營流程的計劃取得了穩步進展，但供需之間的差距完全消散還需要時間。我們正在為產品獲取更多零件，從替代零件供應商處採購併分配可用零件以優化我們的產品組合。這是我們團隊不懈關注的一個領域。

Let me now talk about the progress we see across each of our business units. In Personal Systems, it was a record quarter with our highest revenue and operating profit since separation. Revenue grew 15% to more than $12 billion. We delivered OP rate above the high end of our target range, and our disciplined execution and pricing strategy enabled us to manage cost and component headwinds.

現在讓我談談我們在每個業務部門看到的進展。在個人系統方面，這是我們自分離以來收入和營業利潤最高的季度。收入增長 15%，超過 120 億美元。我們提供了高於目標範圍高端的 OP 率，我們嚴格的執行和定價策略使我們能夠管理成本和組件逆風。

A big contributor to our success is the improved mix we are driving. Our leadership in the commercial PC market is a significant competitive advantage as more and more offices reopen. This is where we saw the most demand and highest profitability. Within commercial, we saw strong growth in Windows-based notebooks and mobile workstations, where our share expanded this quarter. In consumer, we continue to experience demand shift into high-value categories like premium and gaming.

我們成功的一個重要因素是我們正在推動的改進組合。隨著越來越多的辦公室重新開業，我們在商用 PC 市場的領先地位是一項顯著的競爭優勢。這是我們看到最多需求和最高盈利能力的地方。在商業領域，我們看到基於 Windows 的筆記本電腦和移動工作站的強勁增長，本季度我們的份額有所擴大。在消費者方面，我們繼續經歷需求轉向高端和遊戲等高價值類別。

We also reduced our backlog quarter-over-quarter, and our supply chain actions are generating positive results. And as we prioritize operational execution, we continue to innovate at the heart of hybrid.

我們還環比減少了積壓訂單，我們的供應鏈行動正在產生積極的結果。當我們優先考慮運營執行時，我們將繼續在混合動力的核心進行創新。

Last month, we had our biggest Consumer Electronics Show ever, launching nearly 50 new innovations that are changing the way people collaborate, create and play. This included a major expansion of our portfolio of HP Presence-enabled devices as we strengthen our position in the large and growing video conferencing market. We also launched our latest gaming solutions and peripherals, including a new HyperX wireless headset that can last 300 hours on a single charge.

上個月，我們舉辦了有史以來規模最大的消費電子展，推出了近 50 項正在改變人們協作、創造和娛樂方式的新創新。這包括大幅擴展支持 HP Presence 的設備組合，以鞏固我們在龐大且不斷增長的視頻會議市場中的地位。我們還推出了最新的遊戲解決方案和外圍設備，包括全新的 HyperX 無線耳機，一次充電可持續使用 300 小時。

Turning to Print. We continue to face industry-wide supply chain challenges. As a result of component shortages and logistics exceptions, revenue declined 4% in the quarter, and our elevated order backlog increased sequentially. We now expect these dynamics to impact Print throughout March of fiscal year '22. We are driving a very disciplined pricing and allocation strategy across Print, and our operating profit rate of 18.2% was above the high end of our target range.

轉向打印。我們繼續面臨全行業的供應鏈挑戰。由於零部件短缺和物流異常，本季度收入下降了 4%，我們的訂單積壓量環比增加。我們現在預計這些動態將影響整個 22 財年 3 月的 Print。我們正在整個印刷行業推行非常嚴格的定價和分配策略，我們 18.2% 的營業利潤率高於我們目標範圍的高端。

We are also making good progress against our long-term priorities. We continue to modernize core Print and drive HP+ global adoption. HP+ is a big selling point of our new ENVY Inspire lineup, which we successfully launched in the U.S. last year and rolled out across Europe in Q1. And we are seeing strong demand for our commercial portfolio as companies plan for office reopenings. We are earning accolades for industry leadership in areas such as hybrid work, security and print sustainability.

我們在長期優先事項方面也取得了良好進展。我們繼續實現核心打印的現代化並推動 HP+ 的全球採用。 HP+ 是我們新 ENVY Inspire 系列的一大賣點，我們去年在美國成功推出該系列，並於第一季度在歐洲推出。隨著公司計劃重新開放辦公室，我們看到對我們的商業投資組合的強勁需求。我們在混合工作、安全和打印可持續性等領域的行業領導地位贏得了讚譽。

It was an outstanding quarter for our industrial printing businesses. In industrial graphics, we generated another quarter of double-digit revenue growth and have built a healthy backlog of industrial presence. This illustrates the positive recovery trend from prior quarter. And we delivered significant year-over-year revenue growth in 3D printing. More than 120 million Multi Jet Fusion parts have been printed, and we are accelerating our strategy to create high-value end-to-end applications in vertical markets.

對於我們的工業印刷業務來說，這是一個出色的季度。在工業圖形方面，我們又實現了四分之一的兩位數收入增長，並建立了健康的工業存在積壓。這說明了上一季度的積極復甦趨勢。我們在 3D 打印方面實現了顯著的同比收入增長。已經打印了超過 1.2 億個 Multi Jet Fusion 零件，我們正在加快我們的戰略，在垂直市場上創建高價值的端到端應用程序。

Along these lines, we completed the acquisition of Choose Packaging. Choose has invented the world's only commercially available zero-plastic paper bottle, and they are working with many global brands to commercialize their offerings, including large enterprises like Henkel. This acquisition complements our molded fiber solution and positions HP well in the $10 billion fiber-based sustainable packaging industry.

沿著這些思路，我們完成了對選擇包裝的收購。選擇發明了世界上唯一的商用零塑料紙瓶，他們正在與許多全球品牌合作，將他們的產品商業化，包括像漢高這樣的大型企業。此次收購補充了我們的模塑纖維解決方案，並使惠普在價值 100 億美元的基於纖維的可持續包裝行業中處於有利地位。

There are more than 150 million tons of single-use plastics produced each year, and we intend to disrupt this market with fiber-based 100% plastic-free packaging. In fact, our focus on sustainability is driving innovation across our entire portfolio. In Personal Systems, we now have more than 300 products made using ocean bottle plastic. And in Print, we recently launched the most sustainable toner cartridge we have ever developed. This supports our broader ESG and sustainable impact strategy.

每年生產超過 1.5 億噸一次性塑料，我們打算用基於纖維的 100% 無塑料包裝來顛覆這個市場。事實上，我們對可持續發展的關注正在推動我們整個產品組合的創新。在個人系統中，我們現在有 300 多種使用海洋瓶塑料製成的產品。在印刷領域，我們最近推出了我們開發過的最可持續的碳粉盒。這支持了我們更廣泛的 ESG 和可持續影響戰略。

The actions we are taking on climate, human rights and digital equity are differentiating our brand and helping to drive our business forward. In fact, our Sustainable Impact agenda helped us to win more than $3.5 billion in new sales in fiscal 2021. This is a threefold increase over the previous year, reflecting the power of our commitments. Our partners are also doubling down on sustainability. More than 10,000 channel partners across over 40 countries are now able to participate in HP Amplify impact, a first-of-its-kind partner program aligned with our Sustainable Impact strategy. It is a great example of how we are leveraging our global scale to help address some of society's biggest challenges while also positioning our business for success.

我們在氣候、人權和數字公平方面採取的行動正在使我們的品牌與眾不同，並有助於推動我們的業務向前發展。事實上，我們的可持續影響議程幫助我們在 2021 財年贏得了超過 35 億美元的新銷售額。這比上一年增長了三倍，反映了我們承諾的力量。我們的合作夥伴也在加倍致力於可持續發展。 40 多個國家/地區的 10,000 多個渠道合作夥伴現在能夠參與 HP Amplify Impact，這是與我們的可持續影響戰略相一致的首個合作夥伴計劃。這是一個很好的例子，說明我們如何利用我們的全球規模來幫助解決社會面臨的一些最大挑戰，同時也為我們的業務定位成功。

The progress we are making across our strategic priority is driving strong cash flow. And we continue to be disciplined stewards of capital. We have a robust return-based approach that we are applying to every aspect of our capital allocation strategy. We expect to continue to make organic and inorganic investments in areas where we see growth opportunities while continuing to return capital to our shareholders. And we are committed to aggressive repurchase levels of at least $4 billion in fiscal year '22.

我們在戰略重點方面取得的進展正在推動強勁的現金流。我們繼續成為紀律嚴明的資本管家。我們有一個強大的基於回報的方法，我們將其應用於我們資本配置策略的各個方面。我們預計將繼續在我們看到增長機會的領域進行有機和無機投資，同時繼續向股東返還資本。我們致力於在 22 財年實現至少 40 億美元的積極回購水平。

It was an excellent start to the year. We are delivering on our commitment and creating significant value for our shareholders. We are returning highly attractive levels of capital to shareholders, and we remain confident in our ability to deliver sustained revenue, operating profit, EPS and free cash flow growth as we build a stronger HP.

這是一個很好的開端。我們正在兌現我們的承諾，並為我們的股東創造重大價值。我們正在向股東返還極具吸引力的資本水平，並且在我們建立更強大的惠普的過程中，我們對實現持續收入、營業利潤、每股收益和自由現金流增長的能力充滿信心。

Let me now turn the call over to Marie, who will take you through the details of the quarter and our fiscal Q2 outlook. Marie, over to you.

現在讓我把電話轉給 Marie，她將帶您了解本季度的詳細信息和我們的第二財季展望。瑪麗，交給你了。

Thank you, and good afternoon, everyone. It's great to connect with all of you again. I want to start where Enrique left off in terms of our performance in the quarter. It was a very strong start to the year. Demand for our technology, favorable trends such as hybrid and powerful innovation across our portfolio are driving long-term value creation. And you see this reflected in our Q1 results as we delivered across all of our key financial metrics, including growing revenue, operating profit and EPS.

謝謝大家，大家下午好。很高興再次與大家聯繫。我想從 Enrique 在本季度的表現中停下來的地方開始。這是今年的一個非常強勁的開端。對我們技術的需求，以及我們產品組合中的混合和強大創新等有利趨勢正在推動長期價值創造。您會在我們的第一季度業績中看到這一點，因為我們交付了所有關鍵財務指標，包括不斷增長的收入、營業利潤和每股收益。

Let me give you a closer look at the details. Net revenue was $17 billion in the quarter, up 9% nominally and 8% in constant currency. Regionally, in constant currency, Americas declined 1%, EMEA increased 8% and APJ increased 28%. Demand remains strong, creating sustained tailwinds across our businesses. But as Enrique mentioned, supply chain constraints remain a top line headwind for both Personal Systems and Print revenue. These dynamics were particularly impactful to our Print hardware results, which I will talk about in a moment.

讓我給你仔細看看細節。本季度淨收入為 170 億美元，名義增長 9%，按固定匯率計算增長 8%。從地區來看，按固定匯率計算，美洲下降 1%，EMEA 增長 8%，APJ 增長 28%。需求依然強勁，為我們的業務創造了持續的順風。但正如 Enrique 所提到的，供應鏈限制仍然是個人系統和印刷收入的主要阻力。這些動態對我們的打印硬件結果影響特別大，我稍後會談到。

Gross margin was 19.9% in the quarter, down 1.3 points year-on-year. The decrease was primarily driven by increased Personal Systems mix and higher costs, including commodities and logistics, partially offset by pricing, including currency. Non-GAAP operating expenses were $1.9 billion or 11.1% of revenue. The increase in operating expenses was primarily driven by increased investments in go-to-market, partially offset by lower Personal Systems R&D due to partner funding.

本季度毛利率為 19.9%，同比下降 1.3 個百分點。下降的主要原因是個人系統組合的增加和更高的成本，包括商品和物流，部分被包括貨幣在內的定價所抵消。非美國通用會計準則運營費用為 19 億美元，佔收入的 11.1%。運營費用的增加主要是由於對上市的投資增加，部分被合作夥伴資金導致的個人系統研發減少所抵消。

Non-GAAP operating profit was $1.5 billion, up 1.5%, and non-GAAP net OI&E expense was $66 million for the quarter. Non-GAAP diluted net earnings per share increased $0.18 or 20% to $1.10, with a diluted share count of approximately 1.1 billion shares. Non-GAAP diluted net earnings per share excludes a net expense totaling $117 million, primarily related to restructuring and other charges, amortization of intangibles, acquisition-related charges and other tax adjustments, partially offset by nonoperating retirement-related credits. As a result, Q1 GAAP diluted net earnings per share was $0.99.

本季度非 GAAP 營業利潤為 15 億美元，增長 1.5%，非 GAAP 淨 OI&E 費用為 6600 萬美元。 Non-GAAP 攤薄後每股淨收益增加 0.18 美元或 20% 至 1.10 美元，攤薄後的股票數量約為 11 億股。非公認會計原則攤薄每股淨收益不包括總計 1.17 億美元的淨費用，主要與重組和其他費用、無形資產攤銷、收購相關費用和其他稅收調整有關，部分被非經營性退休相關信貸抵消。因此，第一季度 GAAP 攤薄後每股淨收益為 0.99 美元。

Now let's turn to segment performance. In Q1, Personal Systems revenue was $12.2 billion, up 15% year-on-year. Total units were down 6% given the expected supply chain challenges, logistics delays and lower Chrome mix. Despite this, we still grew revenue double digits, reflecting the strength of Windows demand, favorable pricing and our mix shift towards higher-value categories like mainstream and premium commercial. As an example, commercial PC Windows units were up over 20% year-on-year.

現在讓我們轉向細分性能。第一季度，個人系統收入為 122 億美元，同比增長 15%。鑑於預期的供應鏈挑戰、物流延誤和較低的鉻組合，總單位下降了 6%。儘管如此，我們的收入仍然增長了兩位數，這反映了 Windows 需求的強勁、優惠的定價以及我們向主流和高端商業等更高價值類別的轉變。例如，商用 PC Windows 單元同比增長超過 20%。

Drilling into the details. Consumer revenue was down 1% and commercial was up 26%. By product category, revenue was up 14% for notebooks, 17% for desktops and 40% for workstations. We also continued to drive double-digit growth across peripherals, gaming and device as a service, each of which are part of what Enrique shared as our focus on creating a more growth-oriented portfolio.

鑽研細節。消費者收入下降 1%，商業收入增長 26%。按產品類別劃分，筆記本電腦收入增長 14%，台式機收入增長 17%，工作站收入增長 40%。我們還繼續推動外圍設備、遊戲和設備即服務的兩位數增長，每一項都是 Enrique 分享的重點，即我們專注於創建更加以增長為導向的產品組合。

Personal Systems delivered almost $1 billion of operating profit with operating margins of 7.8%. Our margin improved 0.7 points, primarily due to favorable pricing, including currency, product mix, operating expense mix and [part] R&D funding, partially offset by higher commodity costs. In Print, our results reflected our focus on execution and the strength of our portfolio as we navigate the supply chain environment.

Personal Systems 實現了近 10 億美元的營業利潤，營業利潤率為 7.8%。我們的利潤率提高了 0.7 個百分點，主要是由於有利的定價，包括貨幣、產品組合、運營費用組合和 [部分] 研發資金，部分被較高的商品成本所抵消。在印刷方面，我們的業績反映了我們在供應鏈環境中對執行的關注以及我們產品組合的實力。

In Q1, total Print revenue was $4.8 billion, down 4%, driven by lower print hardware units and lower supplies revenues. This was partially offset by favorable pricing in hardware and growth in industrial graphics and services. Total hardware units declined 28%, largely due to continued component and logistics constraints, which we now expect to extend into the second half of 2022.

第一季度，印刷總收入為 48 億美元，下降 4%，主要受印刷硬件單位減少和耗材收入減少的推動。這部分被硬件的有利定價以及工業圖形和服務的增長所抵消。硬件單位總數下降了 28%，主要是由於持續的組件和物流限制，我們現在預計這種限制將延續到 2022 年下半年。

By customer segment, consumer revenue was down 23% with units down 31%. Commercial revenue grew 9% with units down 3%. Consumer print demand remains solid. However, revenue across both home and office was again constrained by the current supply chain and logistics environment. The commercial recovery showed further progress with hardware revenue growth and double-digit increases in both industrial graphics and large format. We expect to see a gradual and uneven recovery in commercial extending through 2022.

按客戶細分，消費者收入下降 23%，單位下降 31%。商業收入增長 9%，單位下降 3%。消費者打印需求保持穩定。然而，家庭和辦公室的收入再次受到當前供應鍊和物流環境的限制。商業復甦進一步推進，硬件收入增長，工業圖形和大幅面均實現兩位數增長。我們預計到 2022 年，商業將出現逐步且不均衡的複蘇。

Supplies revenue was $3.1 billion, declining 2% year-on-year, consistent with our outlook that we provided at our Analyst Day. The decline was driven primarily by further normalization in home printing, as expected, partially offset by the gradual recovery in commercial. We saw momentum in our contractual business with Instant Ink once again delivering double-digit increases in both cumulative subscriber growth and revenue. We also drove Managed Print Services revenue and total contract value with renewals TCV up double digit.

供應收入為 31 億美元，同比下降 2%，與我們在分析師日提供的展望一致。下降的主要原因是家庭印刷的進一步正常化，正如預期的那樣，部分被商業印刷的逐漸復蘇所抵消。我們看到 Instant Ink 合同業務的發展勢頭再次實現了累計訂戶增長和收入的兩位數增長。我們還推動了託管打印服務收入和總合同價值，續訂 TCV 增長了兩位數。

Print operating profit was $879 million, declining $119 million, and operating margin was 18.2%. Operating margin decreased 1.6 points, driven primarily by a tough prior year compare and higher costs, including commodity and logistics costs. This was partially offset by pricing, including currency and improved performance in industrial graphics and 3D.

印刷營業利潤為 8.79 億美元，下降 1.19 億美元，營業利潤率為 18.2%。營業利潤率下降 1.6 個百分點，主要是由於上一年的艱難對比和更高的成本，包括商品和物流成本。這部分被定價所抵消，包括貨幣和工業圖形和 3D 性能的提高。

Now let me turn to our transformation efforts. As we move into the third year of our cost savings program, we remain steadfast in our focus on delivering on our $1.2 billion gross run rate structural cost reduction plan. Our transformation continues to create new capabilities and long-term value creation. In Print, for example, we are modernizing our digital ecosystem by consolidating our software and firmware platforms. Our new architecture provides a digital ecosystem, allowing us to develop modern capabilities and services offerings to drive differentiated customer experiences via our HP Smart App.

現在讓我談談我們的轉型努力。隨著我們進入成本節約計劃的第三個年頭，我們仍將堅定不移地專注於實現我們 12 億美元的總運行率結構性成本削減計劃。我們的轉型繼續創造新的能力和長期的價值創造。例如，在印刷領域，我們正在通過整合我們的軟件和固件平台來現代化我們的數字生態系統。我們的新架構提供了一個數字生態系統，使我們能夠開發現代功能和服務產品，以通過我們的 HP Smart 應用程序推動差異化的客戶體驗。

In addition, we are leveraging these digital ecosystem enhancements to streamline and scale our big data platform capabilities, allowing us to gain valuable real-time insights about our customers and business operations. The structural cost savings from our transformation efforts are enabling these types of strategic growth drivers, and we see many more opportunities to drive business enablement through additional software, services and solutions offerings.

此外，我們正在利用這些數字生態系統增強功能來簡化和擴展我們的大數據平台功能，使我們能夠獲得有關客戶和業務運營的寶貴實時洞察。我們的轉型努力帶來的結構性成本節約正在促成這些類型的戰略增長驅動因素，我們看到了更多通過額外的軟件、服務和解決方案產品來推動業務支持的機會。

Now let me move to cash flow and capital allocation. Q1 cash flow for operations and free cash flow was strong at $1.7 billion and $1.4 billion, respectively. The cash conversion cycle was minus 33 days in the quarter. This improved 8 days sequentially as higher days payable outstanding and lower days sales outstanding was only partially offset by the increase in days of inventory.

現在讓我談談現金流和資本配置。第一季度運營現金流和自由現金流強勁，分別為 17 億美元和 14 億美元。本季度的現金轉換週期為負 33 天。這連續 8 天有所改善，因為較高的應付未償天數和較低的未償銷售天數僅部分被庫存天數的增加所抵消。

Significant capital return remains a key part of our capital allocation strategy. In Q1, we returned approximately $1.8 billion to shareholders, which represented 127% of free cash flow. This included $1.5 billion in share repurchases and $271 million in cash dividends. We expect to aggressively buy back shares of at least $4 billion in FY '22, and we remain on track to exceed our $16 billion return of capital target.

顯著的資本回報仍然是我們資本配置策略的關鍵部分。在第一季度，我們向股東返還了大約 18 億美元，佔自由現金流的 127%。其中包括 15 億美元的股票回購和 2.71 億美元的現金股息。我們預計將在 22 財年積極回購至少 40 億美元的股票，我們仍有望超過 160 億美元的資本回報目標。

Looking forward to Q2 and the rest of FY '22, we continue to model multiple scenarios related to supply availability, logistics constraints, pricing dynamics and the overall macro environment. In particular, keep the following in mind related to our Q2 and overall financial outlook. We are raising our full year outlook for FY '22 to reflect the strength of our Q1 results and expected strength of our Q2 performance. We expect currency to be about 1% year-over-year headwind for FY '22.

展望第二季度和 22 財年的剩餘時間，我們將繼續模擬與供應可用性、物流限制、定價動態和整體宏觀環境相關的多種情景。特別是，請牢記以下與我們的第二季度和整體財務前景相關的內容。我們正在提高我們對 22 財年的全年展望，以反映我們第一季度業績的實力和第二季度業績的預期實力。我們預計 22 財年的匯率同比逆風約為 1%。

With regard to the financial impact of the unfolding situation in Ukraine, including the current sanctions on Russia, we are factoring in our best assumptions at this time, recognizing that the situation remains fluid and highly uncertain. In Q2, we expect a negative impact to our top line and bottom line as a result of the sanctions that have been imposed. In total, net of mitigations, we have factored in a $0.02 to $0.03 EPS headwind to our Q2 guidance. For the second half of '22, the broad ramifications of the situation in Europe and beyond are uncertain, and we are monitoring this closely.

關於烏克蘭局勢的發展對財務的影響，包括目前對俄羅斯的製裁，我們目前正在考慮我們的最佳假設，認識到局勢仍然不穩定且高度不確定。在第二季度，我們預計實施的製裁將對我們的收入和利潤產生負面影響。總的來說，扣除緩解措施後，我們將第二季度指引的每股收益逆風計算為 0.02 美元至 0.03 美元。對於 22 年下半年，歐洲及其他地區局勢的廣泛影響尚不確定，我們正在密切關注這一點。

For Personal Systems, we continue to see strong demand for our PCs, particularly in commercial as well as favorable pricing. We expect solid PS revenue growth to continue through fiscal '22 with a further shift towards higher-value categories, including commercial, premium and peripherals. Specifically for Q2, we expect our top line results to be incrementally constrained by a volatile supply chain and logistics environment and also the dynamic macro environment, including the Russia situation, all negatively impacting our top line. In total, we expect a high single-digit decline quarter-on-quarter to Personal Systems revenue. We expect PS margins at the high end of our 5% to 7% long-term range, particularly in Q2.

對於個人系統，我們繼續看到對我們個人電腦的強勁需求，特別是在商業和優惠價格方面。我們預計 PS 收入的穩健增長將持續到 22 財年，並進一步轉向更高價值的類別，包括商業、高端和外圍設備。特別是對於第二季度，我們預計我們的收入結果將逐漸受到不穩定的供應鍊和物流環境以及動態宏觀環境（包括俄羅斯局勢）的限制，所有這些都對我們的收入產生負面影響。總體而言，我們預計個人系統收入將出現高個位數的季度環比下降。我們預計 PS 利潤率處於 5% 至 7% 長期範圍的高端，尤其是在第二季度。

In Print, we expect solid demand in consumer, favorable pricing, disciplined cost management and further normalization in mix as commercial gradually improves through 2022. With regard to print supply chain, we expect similar to what we saw in Q1, component shortages and logistics delays to constrain revenue. We expect these supply chain constraints to continue into the second half of 2022. We now expect Print margins to be at the high end of our 16% to 18% range for FY '22. For Q2 specifically, given the continued hardware constraints we are anticipating, we expect Print margin to be above our 16% to 18% range.

在印刷方面，我們預計到 2022 年，隨著商業的逐步改善，消費者需求穩健、定價優惠、成本管理嚴格以及組合進一步正常化。關於印刷供應鏈，我們預計與第一季度相似，組件短缺和物流延遲限制收入。我們預計這些供應鏈限制將持續到 2022 年下半年。我們現在預計印刷利潤率將處於 22 財年 16% 至 18% 範圍的高端。特別是對於第二季度，鑑於我們預期的持續硬件限制，我們預計印刷利潤率將高於我們 16% 至 18% 的範圍。

Taking these considerations into account, we are providing the following outlook. We expect second quarter non-GAAP diluted net earnings per share to be in the range of $1.02 to $1.08 and second quarter GAAP diluted net earnings per share to be in the range of $0.95 to $1.01. We expect FY '22 non-GAAP diluted net earnings per share to be in the range of $4.18 to $4.38 and FY '22 GAAP diluted net earnings per share to be in the range of $3.87 to $4.07. For FY '22, we expect our free cash flow to be at least $4.5 billion.

考慮到這些因素，我們提供以下展望。我們預計第二季度非 GAAP 攤薄後每股淨收益將在 1.02 美元至 1.08 美元之間，第二季度 GAAP 攤薄後每股淨收益將在 0.95 美元至 1.01 美元之間。我們預計 22 財年非 GAAP 攤薄後每股淨收益將在 4.18 美元至 4.38 美元之間，而 22 財年 GAAP 攤薄後每股淨收益將在 3.87 美元至 4.07 美元之間。對於 22 財年，我們預計我們的自由現金流至少為 45 億美元。

We are making excellent progress against our priorities, and I am confident in our ability to deliver consistent, long-term sustainable growth.

我們在優先事項方面取得了顯著進展，我對我們實現持續、長期可持續增長的能力充滿信心。

I'll stop here so we can take your questions.

我會在這裡停下來，以便我們回答您的問題。

(Operator Instructions) The first question today comes from Shannon Cross with Cross Research.

（操作員說明）今天的第一個問題來自 Cross Research 的 Shannon Cross。

Given the importance of ASP growth in your revenue, can you help us to understand a little bit more about the dynamics behind what's driving the increases both in Print and PCs? And what I'm thinking is how much of the growth is related to mix, like in PCs going to commercial from consumer and -- versus sort of how much are the price increases more on a like-for-like basis and are kind of positioned to offset inflation? And then I have a follow-up.

鑑於 ASP 增長在您的收入中的重要性，您能否幫助我們更多地了解推動印刷和 PC 增長背後的動力？我在想的是增長有多少與混合有關，比如個人電腦從消費者轉向商業，而價格在同類基礎上的上漲幅度更大，有點像定位於抵消通貨膨脹？然後我有一個跟進。

Shannon, I hope you're doing well. So first of all, I'll just start out by saying, look, we've continued to see the benefit from favorable pricing, as you mentioned, due to the dynamics around supply and demand imbalances. And with respect to how we see it to mix shifts, we've seen the impact of mix shifts year-on-year and quarter-on-quarter from consumer to commercial. As you heard in the -- in our earnings announcement, we had a very strong performance on our revenue in commercial, particularly in PCs. So in PS and in Print hardware, that mix shift was actually what drove a lot of the strength that you've seen in ASPs.

香農，我希望你一切都好。因此，首先，我首先要說的是，正如您所提到的，由於供需失衡的動態，我們繼續看到優惠定價的好處。關於我們如何看待混合轉變，我們已經看到了混合轉變的影響，從消費者到商業的同比和環比變化。正如您在我們的收益公告中所聽到的那樣，我們在商業收入方面的表現非常強勁，尤其是在個人電腦方面。因此，在 PS 和印刷硬件中，這種混合轉變實際上是推動了您在 ASP 中看到的許多優勢的原因。

Was some of it inflation though or...

是通貨膨脹還是...

Well, actually, we have been pricing -- I think one of the benefits we've seen in the quarter is the impact of favorable pricing. So right now, we've been able to price through the impacts that we've been seeing around supply chain, commodity costs and logistics. So I'd say overall, we're managing the pricing environment very well.

好吧，實際上，我們一直在定價——我認為我們在本季度看到的好處之一是優惠定價的影響。所以現在，我們已經能夠通過我們在供應鏈、商品成本和物流方面看到的影響進行定價。所以我想說，總的來說，我們很好地管理了定價環境。

Okay. And then the second question is just on free cash flow. Going forward, you had a significant benefit from accounts payable. How should we think about free cash flow dynamics as we look through the year? And how are you thinking about perhaps the ability -- I mean, what's going on now in Europe is sort of throwing this all in the air, but in terms of the ability to maybe manage inventory levels a bit better and bleed through some of the excess component inventory you may have.

好的。然後第二個問題只是關於自由現金流。展望未來，您從應付賬款中獲益良多。我們應該如何看待全年的自由現金流動態？你如何看待這種能力——我的意思是，歐洲現在正在發生的事情有點把這一切都拋在腦後，但就可能更好地管理庫存水平並通過一些您可能有多餘的組件庫存。

Yes. No. Sure, Shannon. So first of all, I'd start out by saying that, look, we're really pleased with the free cash flow in the quarter of $1.4 billion. And I'd just, at this point in time, reiterate that we're still confident in our guide of at least $4.5 billion. And I'd just point out that given the supply chain challenges that you referred to, we are not planning to decrease our inventory as we originally commented. Therefore, we expect, at this point in time, to stay on track to our guide of at least $4.5 billion. In addition, I'd add just in closing that typically we don't adjust out, I think, our free cash flow guide at this point in the quarter either.

是的。不，當然，香農。所以首先，我首先要說的是，看，我們對本季度 14 億美元的自由現金流感到非常滿意。我只想在這個時候重申，我們仍然對我們至少 45 億美元的指導充滿信心。我只想指出，鑑於您提到的供應鏈挑戰，我們不打算像我們最初評論的那樣減少庫存。因此，我們預計，在這個時間點上，我們將保持在至少 45 億美元的指導水平上。此外，我想在結束時補充一點，我認為，我們通常不會在本季度的這個時候調整我們的自由現金流指南。

The next question comes from Ananda Baruah with Loop Capital.

下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the solid execution and the ongoing [amendment]. I appreciate you guys taking the question. Two if I could. I guess I jumped on a few minutes late, so I apologize if this was already talked to. But what are you guys thinking at this juncture for PC growth for the year? And if you have like a calendar year view also, that would be helpful. And then I have a quick follow-up as well.

祝賀紮實的執行和正在進行的[修正]。我感謝你們提出這個問題。如果可以的話，兩個。我想我遲到了幾分鐘，所以如果已經談過了，我很抱歉。但是你們在這個關頭對今年的 PC 增長有什麼看法？如果您也喜歡日曆年視圖，那將很有幫助。然後我也有一個快速跟進。

Let me -- Ananda, I will give you, first, a view of what are we seeing in the market, and then Marie will give you some comments on the guide. I think market-wise, we continue to see strong demand on the PC side. The market projection for this year is that it will be around $200 billion bigger than what it was before the pandemic. And we don't expect to see the level of growth that we saw in the past, but we think that the market is going to stay at the level where it is today, which is, again, significantly higher than it was before the pandemic. Now Marie will talk about our guide and what we expect to see in our side.

讓我——阿南達，我先給你一個關於我們在市場上看到的看法，然後瑪麗會給你一些關於指南的評論。我認為在市場方面，我們繼續看到 PC 方面的強勁需求。今年的市場預測是，它將比大流行之前增加約 2000 億美元。我們預計不會看到過去的增長水平，但我們認為市場將保持在今天的水平，這再次顯著高於大流行之前的水平.現在瑪麗將談論我們的導遊以及我們期望在我們身邊看到的東西。

Yes. Ananda, I hope you're doing well. So for the year, we expect PS margins to be at the high end of the range. Now I would comment just to note that in Q1, there were some partner benefits from our Personal Systems partners that were onetime in nature. So if you look at our PS rate in Q1, if you exclude those benefits, we're still ahead of the Q1 EPS range. But basically, we'd be at the high end.

是的。阿難，我希望你一切都好。因此，今年，我們預計 PS 利潤率將處於該範圍的高端。現在我要評論一下，在第一季度，我們的個人系統合作夥伴提供了一些合作夥伴利益，這些利益是一次性的。因此，如果您查看我們在第一季度的 PS 率，如果您排除這些好處，我們仍然領先於第一季度的每股收益範圍。但基本上，我們將處於高端。

And so if you think about -- the way to think about the margins in the rest of the year is really it's that mix shift that we're seeing towards commercial, those higher-margin categories are driving the rate. And finally, we're seeing the benefit of favorable pricing. And we're really seeing the ability for us to be able to reprice for some of those commodity challenges that are out there in the market.

因此，如果您考慮一下 - 考慮今年剩餘時間的利潤率的方式實際上是我們看到的向商業的混合轉變，那些利潤率較高的類別正在推動利潤率。最後，我們看到了優惠定價的好處。我們真的看到了我們能夠為市場上存在的一些商品挑戰重新定價的能力。

That's helpful. And then just my follow-up is I know throughout 2021, you guys have been putting in some initiatives to improve your positioning for component allocation and was just wondering what the state of those are today. And do you think you'll be successful in procuring, so improving your component allocation share as you go through the year?

這很有幫助。然後我的後續行動是，我知道整個 2021 年，你們一直在採取一些舉措來改善你們在組件分配方面的定位，只是想知道今天的情況如何。您認為您會在採購方面取得成功，從而在這一年中提高您的組件分配份額嗎？

Let me take that question. So I think the progress we are making is reflected in the strong results that we had in Personal Systems this quarter. As we said during our Investor Day, our focus was really on getting capacity and getting components for the premium categories for commercial, and the growth in this area reflects the progress we have made. So we are pleased with the progress. At the same time, we have to acknowledge that the situation continues to be difficult. We expect to continue to be and to operate with high levels of inventory through the -- of backlog through the end of the year, but we are making good progress, Ananda.

讓我來回答這個問題。因此，我認為我們正在取得的進展反映在本季度個人系統方面的強勁業績中。正如我們在投資者日期間所說，我們的重點實際上是為商業的高端類別獲取容量和獲取組件，該領域的增長反映了我們取得的進展。因此，我們對進展感到滿意。與此同時，我們必須承認，情況仍然很艱難。我們預計到年底將繼續保持高水平的庫存，但我們正在取得良好的進展，阿南達。

The next question comes from Jim Suva with Citi.

下一個問題來自花旗的 Jim Suva。

Since you spoke about PCs some, can we talk a little bit about Printing? And specifically, can you talk about the supply chain about ink as well as print units in the channel versus equilibrium, a little bit about that? And then maybe my follow-up I'll ask right now about what type of assumptions or page volumes are you expecting versus, say, pre-COVID levels?

既然您談到了一些個人電腦，我們可以談談打印嗎？具體來說，您能否談談關於墨水的供應鏈以及渠道中的印刷單位與平衡的關係，關於這一點？然後也許我的後續行動我現在會問你期望什麼類型的假設或頁面量與 COVID 之前的水平相比？

So let me talk about the situation first on the hardware, and then I will talk about supplies. From the hardware perspective, shipments this quarter have been impacted by availability of supply. As we shared both in our Investor Day and during our Q4 earnings call, we have a majority of the factories for printers and of our suppliers in Southeast Asia, and those countries were in full lockdown the majority of the fall until December. And therefore, we are seeing now the impact of that situation.

所以我先說硬件上的情況，然後再說耗材。從硬件的角度來看，本季度的出貨量受到供應可用性的影響。正如我們在投資者日和第四季度財報電話會議上分享的那樣，我們在東南亞擁有大部分打印機工廠和供應商，而這些國家在秋季的大部分時間裡都處於完全封鎖狀態，直到 12 月。因此，我們現在看到了這種情況的影響。

Additionally, in Print, we used several components that are ASICs that have been designed by us, where also we are seeing shortages. So as a consequence of both, we clearly had our sales impacted this quarter, and we expect this to continue through the rest of the year.

此外，在 Print 中，我們使用了幾個由我們設計的 ASIC 組件，我們也看到了短缺。因此，由於兩者的原因，我們的銷售顯然受到了本季度的影響，我們預計這種情況將持續到今年剩餘時間。

In the case of supplies, the situation has significantly improved. We don't have any more limitations in terms of shipment. And the supplies business overall performed in a very positive way, similar to what we shared during our Investor Day, so no big deviation from the plan that we had.

在供應方面，情況已顯著改善。我們在裝運方面沒有更多限制。供應業務整體表現非常積極，類似於我們在投資者日期間分享的情況，因此與我們的計劃沒有太大偏差。

Maybe I'll just add on the comments on the channel, I think, you brought up. Right now for both print hardware and supplies, we're comfortably within our range. And in some cases, due to those supply constraints that Enrique referred to, we're actually below in some cases.

也許我會在頻道上添加評論，我想，你提出來了。現在，對於打印硬件和耗材，我們都在我們的範圍內。在某些情況下，由於恩里克提到的那些供應限制，我們實際上在某些情況下低於。

Great. And then the follow-up about assumptions of return to the office versus pre-COVID levels for Printing, what's your thoughts on that?

偉大的。然後是關於返回辦公室的假設與 COVID 之前的打印水平的假設的後續行動，您對此有何看法？

Yes. So let me take that one. On the office side, again, no different from what we shared a few months ago. We expect that the volume of pages and the overall size of the market will be around 80%, 8-0, of what it was pre-COVID. And we are on our way to get there. Clearly, because of Omicron and the delays in some office reopening, we're still not there, but we are seeing steady progress. In the case of home, the market is now stronger than what we were predicting before COVID, and we expect it to continue to be for the foreseeable future.

是的。所以讓我拿那個。同樣，在辦公室方面，與我們幾個月前分享的內容沒有什麼不同。我們預計頁面量和市場整體規模將是 COVID 之前的 80%，即 8-0。我們正在前往那裡的路上。顯然，由於 Omicron 和一些辦公室重新開放的延遲，我們仍然沒有在那裡，但我們看到了穩步進展。就家庭而言，現在的市場比我們在 COVID 之前的預測要強勁，我們預計在可預見的未來它將繼續如此。

The next question comes from Toni Sacconaghi with Bernstein.

下一個問題來自托尼·薩科納吉和伯恩斯坦。

Maybe I could first ask for just better clarification on what is happening with backlog. I think, Enrique, in your prepared remarks, you said that PC backlog came down in the quarter, but Marie said that supply was a constraint to PCs in the quarter. So maybe you can be explicit about either how your backlog changed in the quarter for both PCs and print hardware, or you can comment on order growth versus revenue growth for both PCs and print hardware in the quarter. That would be helpful to dimension that backlog question. And then I have a follow-up, please.

也許我可以首先要求更好地說明積壓的情況。我認為，Enrique，在你準備好的評論中，你說 PC 積壓在本季度有所下降，但 Marie 表示供應是本季度 PC 的限制因素。因此，也許您可以明確說明本季度 PC 和打印硬件的積壓訂單如何變化，或者您可以評論本季度 PC 和打印硬件的訂單增長與收入增長。這將有助於確定積壓問題。然後我有一個跟進，請。

Sure. So let me take that one. As I said in the prepared remarks, in the case of Personal Systems or PCs, we saw a decline of backlog during the quarter. It was driven by 2 things. Number one is the progress we made on the supply chain side, being able to address the demand that we had in categories like commercial or premium. It was also driven down because we saw a slowdown in some other categories like, for example, low-end consumer, where we have seen a reduction of demand. The combination of both drove a reduction of backlog, but we are still operating with significantly higher backlog than what we normally do. So backlog remains elevated, and we expect it to continue to be elevated for -- during the next quarters.

當然。所以讓我拿那個。正如我在準備好的評論中所說，就個人系統或個人電腦而言，我們看到本季度的積壓訂單有所下降。它是由兩件事驅動的。第一是我們在供應鏈方面取得的進展，能夠滿足我們在商業或高級等類別中的需求。它也被推低，因為我們看到其他一些類別的放緩，例如低端消費者，我們看到需求減少。兩者的結合推動了積壓工作的減少，但我們的工作積壓工作仍然比我們通常做的要高得多。因此，積壓仍然很高，我們預計在接下來的幾個季度中它會繼續增加。

In the case of Print, the situation is different. Backlog grew quarter-on-quarter because of the 2 factors I explained before, where the factories are located and also the availability of certain components like ASICs or other type of power -- chips that we are still experiencing shortages.

在打印的情況下，情況就不同了。由於我之前解釋的兩個因素，工廠所在的位置以及某些組件（如 ASIC 或其他類型的電源）的可用性——我們仍然面臨短缺的芯片，積壓訂單環比增長。

That's helpful. I appreciate the color. Could you quantify specifically what happened to PC backlog in the quarter? I think last quarter, you said it was nearly a quarter of backlog, so either provide the number of weeks that it came down or what the relative order growth rate was in dollar terms for PCs relative to your revenue rate. That would be really helpful.

這很有幫助。我很欣賞這種顏色。您能否具體量化本季度 PC 積壓的情況？我認為上個季度，你說它是近四分之一的積壓，所以要么提供它下降的周數，或者相對於你的收入率，以美元計算的 PC 的相對訂單增長率是多少。那真的很有幫助。

And then just so I -- just to clarify on guidance for my second question. It looks like normal seasonality is down 4% or 5% sequentially. I think on your last call, you sort of said this is going to be a wacky year in terms of normal seasonality. So how do we think about what seasonal growth will be in Q2? I think you said PCs would be down high single digits sequentially. How do we think about overall revenue for HP on a sequential basis? And how do we sort of think about seasonality for the year? Are your comments around kind of a more smooth year still sort of how we should expect things? Or can you add any color on that? So just a follow-up on specificity on PC backlog, please, and then Q2 and seasonality for the remainder of the year.

然後我——只是為了澄清我的第二個問題的指導。看起來正常的季節性下降了 4% 或 5%。我想在你最後一次電話會議上，你有點說，就正常的季節性而言，這將是一個古怪的一年。那麼我們如何看待第二季度的季節性增長呢？我想你說個人電腦會連續下降個位數。我們如何看待惠普的連續收入？我們如何看待這一年的季節性？你對更順利的一年的評論是否仍然是我們應該期待的事情？或者你可以在上面添加任何顏色嗎？因此，請跟進關於 PC 積壓的具體情況，然後是第二季度和今年剩餘時間的季節性。

Yes. So on PC backlog, I will only be a little bit more specific. It is below 1 quarter, which is where we were, but continues to be very elevated. Maybe the only -- the other color I will provide is similar to what I shared a week last -- a quarter ago, we are seeing it more concentrated now in some areas of the portfolio like commercial and premium home. This is where the backlog is elevated. And Marie will take the question on guide.

是的。所以關於 PC 積壓，我只會更具體一點。它低於我們所在的 1 個季度，但仍然非常高。也許是唯一的——我將提供的另一種顏色類似於我上週分享的顏色——一個季度前，我們現在看到它更加集中在商業和高檔住宅等投資組合的某些領域。這是積壓的地方。瑪麗將回答關於指南的問題。

Toni, so in terms of just addressing your question around seasonality, very much in line with what we said at the Analyst Day that normal seasonality, I'll just start out there, doesn't apply for FY '22. Obviously, now as you think about Q2 and beyond, we've had a very strong start to the year. And as a result of that, with the performance that we've had a year in Q1, we expect now a much more balanced first half versus second half. And so we're no longer expecting our revenue to be more linear across the quarters as we have historically seen.

托尼，因此，就您關於季節性的問題而言，這與我們在分析師日所說的正常季節性非常一致，我將從那裡開始，不適用於 22 財年。顯然，當您考慮第二季度及以後的時間時，我們今年的開局非常強勁。因此，憑藉我們在第一季度的一年表現，我們預計現在上半年與下半年更加平衡。因此，我們不再期望我們的收入在各個季度中更加線性，正如我們歷史上所看到的那樣。

And then just to sort of reiterate the point that you made around Personal Systems revenue, as we said earlier, due to the record revenue, the Russian situation and the continuing supply challenges that you've heard Enrique talk about, we do expect Q2 PS revenue to decline high single digits sequentially. I hope that helps.

然後只是重申一下您在個人系統收入方面的觀點，正如我們之前所說，由於創紀錄的收入、俄羅斯的局勢以及您聽到 Enrique 談到的持續供應挑戰，我們確實預計 Q2 PS收入環比下降高個位數。我希望這會有所幫助。

The next question comes from Amit Daryanani with Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

I have 2 as well. I guess first on the supply side, very specifically within Print, I think it was down 2%, 3% year-over-year in Jan quarter. I'm wondering, how should we think about supplies in April quarter and even beyond? Because your compares start to get very difficult in that business. So I'd love to understand how you're going to see that supplies business stack up for the next couple of quarters because I don't think you have a whole lot of supply chain issues in that piece of the business.

我也有2個。我想首先是在供應方面，特別是在印刷方面，我認為它在 1 月季度同比下降了 2% 和 3%。我想知道，我們應該如何考慮 4 月季度甚至以後的供應？因為您的比較開始在該業務中變得非常困難。因此，我很想了解您將如何看到未來幾個季度的供應業務堆積，因為我認為您在該業務中沒有很多供應鏈問題。

So I think on the -- in supplies, what the performance is for this quarter is in line to the guide that we provided at some during the Investor Day, where decline that -- we said we expected supplies to decline low to mid-single digits. And when we look at the rest of the year, we expect that this will continue and be aligned to that projection, Amit. Again, as I said before, supplies performed as we were expecting. Very small deviations, slight reductions or usage in the office side as offices were closed were probably below expectations, but share and price compensated for that. So overall, in line to what we were expecting.

所以我認為 - 在供應方面，本季度的表現與我們在投資者日期間提供的指導一致，其中下降 - 我們說我們預計供應量將下降到中低位數。當我們展望今年餘下的時間時，我們預計這將繼續下去並與該預測保持一致，阿米特。同樣，正如我之前所說，供應的表現符合我們的預期。由於辦公室關閉，辦公室方面的微小偏差、輕微減少或使用可能低於預期，但股價和價格彌補了這一點。總的來說，符合我們的預期。

Got it. And then if I could just follow up, either Enrique or Marie. But when I think about the full year guide that's been raised right now, you're sort of implying 12%, 14% EPS growth, I think, for fiscal '22. Could you just talk about how do I think about the delta or how much of that is going to come from buybacks versus operating profit dollar expansion, operating profit dollar growth? Because in Q1 at least, your share count reduction was 15%. So if that momentum sustained, you could conceivably achieve your full year guide even if your operating profit dollars don't have any growth. So maybe just talk about how that math works for you for the year.

知道了。然後，如果我可以跟進，恩里克或瑪麗。但是，當我考慮現在提出的全年指南時，我認為你的意思是 22 財年每股收益增長 12%、14%。您能否談談我如何看待增量或其中有多少將來自回購與營業利潤美元擴張，營業利潤美元增長？因為至少在第一季度，您的股票數量減少了 15%。因此，如果這種勢頭持續下去，即使您的營業利潤沒有任何增長，您也可以想像實現全年指導。所以也許只是談談這個數學對你今年的影響。

Yes, sure. It's Marie here. So look, I think at our guide at Analyst Day, we commented that the operating profit flow-through was really a full fiscal year view. So I'd just say that we're confident that we will see the total of Print and PS operating profit dollars, that they will increase year-on-year for the full year '22, though I would just point out, it's probably going to vary quarter by quarter.

是的，當然。這裡是瑪麗。所以看，我認為在分析師日的指南中，我們評論說營業利潤流向確實是一個完整的財政年度視圖。所以我只想說，我們有信心看到印刷和 PS 營業利潤總額，它們將在 22 年全年同比增長，儘管我只想指出，這可能是將逐季變化。

And I think it's important to remember, Amit, how strong last year was because we are saying we are going to be growing EPS and also profit after a very, very strong year. So that's always important to remember given the compare that we had in '21.

我認為重要的是要記住，阿米特，去年有多強勁，因為我們說我們將在非常非常強勁的一年之後增加每股收益和利潤。因此，鑑於我們在 21 年進行的比較，記住這一點總是很重要的。

The next question comes from Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的 Wamsi Mohan。

Marie, you noted this quarter-on-quarter decline on high single digits to PS revenues. I was wondering if you could frame it a little differently sequentially. How should we be thinking about units versus ASPs? And correct me if I'm wrong here, but from your comments, it sounded like the size of the partner benefits to margins was roughly $100 million, which was onetime. Can you give us some color on that? And I have a follow up.

瑪麗，您注意到 PS 收入的高個位數環比下降。我想知道您是否可以按順序對它進行一些不同的構圖。我們應該如何考慮單位與 ASP？如果我在這裡錯了，請糾正我，但從你的評論來看，聽起來合作夥伴收益對利潤的規模約為 1 億美元，這是一次。你能給我們一些顏色嗎？我有一個跟進。

Yes. So just a couple of comments to help you then on the sequential on PS. So as I mentioned, we do see that single-digit sequential decline on PS revenue driven primarily, as I mentioned, around both the ongoing supply chain challenges and the Russia-Ukraine situation, which we also, I think, commented in my prepared remarks. So that's what's guiding the revenue.

是的。因此，只有幾條評論可以幫助您了解 PS 上的順序。正如我所提到的，我們確實看到 PS 收入出現個位數的連續下降，正如我所提到的，主要是圍繞持續的供應鏈挑戰和俄羅斯 - 烏克蘭局勢，我認為，我們也在我準備好的評論中評論了這一點.這就是指導收入的原因。

Then on the op margin, as I mentioned earlier, there were some partner benefits from our Personal Systems partners. They're onetime in nature. Now if you basically sort of exclude those in Q1, that you would get back to basically the PS margin range being at the high end of the range, which is where we anticipate we will -- what the results will look like for Q2.

然後在運營利潤上，正如我之前提到的，我們的個人系統合作夥伴為合作夥伴帶來了一些好處。它們在自然界中是一次性的。現在，如果您基本上排除了第一季度的那些，那麼您基本上會回到 PS 保證金範圍處於該範圍的高端，這是我們預期的——第二季度的結果會是什麼樣子。

Okay. And Enrique, if I could. If we look at sort of a broader picture of what is happening with units, we're starting to see a decline on a year-on-year basis. And it aligns fully with your comments on the comps being extremely tough from last year. Why should investors not be concerned that this deceleration in units is a leading indicator of an eventual compression of ASPs in Print but also on the PC side?

好的。還有恩里克，如果可以的話。如果我們從更廣泛的角度來看單位正在發生的事情，我們開始看到同比下降。它與你對去年比賽非常艱難的評論完全一致。為什麼投資者不應該擔心這種單位的減速是印刷品最終壓縮平均價格的領先指標，而且在 PC 方面也是如此？

Well, in the -- thank you. In the case of Print, really shipments this quarter are really totally determined by availability of supply. So I really wouldn't read anything on declines of volumes because this is really totally driven by how many printers we and the rest of the market has been able to produce because it's not -- has not been an HP situation. It has heavily been an industry situation.

好吧，在 - 謝謝。就印刷品而言，本季度的出貨量實際上完全取決於供應情況。所以我真的不會讀任何關於銷量下降的文章，因為這完全是由我們和其他市場能夠生產的打印機數量驅動的，因為它不是 - 不是惠普的情況。這在很大程度上是一種行業狀況。

In the case of Personal Systems, our view and the rest of the industry is that the size of the market this year will be in the 340 million to 350 million units. This is what it was a few months ago and continues to be. We also said that we expect the demand to shift towards commercial. This is what we have seen this quarter. And actually, if you look at our numbers, we grow significantly in both Windows-based PCs and commercial PCs, in many cases, above 20%.

就個人系統而言，我們和業內其他人的看法是，今年的市場規模將在 3.4 億至 3.5 億台之間。這是幾個月前的情況，現在仍然如此。我們還表示，我們預計需求將轉向商業化。這就是我們本季度所看到的。實際上，如果您查看我們的數據，我們會在基於 Windows 的 PC 和商用 PC 中顯著增長，在許多情況下超過 20%。

So it's happening, what we told the market it was going to happen. And when we look now at the funnel not only in backlog but at the funnel of opportunities we have for the second half in -- for the rest of the year in commercial, continues to be very strong.

所以它正在發生，我們告訴市場它將會發生。當我們現在不僅查看積壓的漏斗，而且查看我們在下半年擁有的機會漏斗 - 在今年剩下的時間裡，商業仍然非常強大。

The next question comes from Erik Woodring with Morgan Stanley.

下一個問題來自摩根士丹利的 Erik Woodring。

I think I want to just follow up on that question and really just ask about the sustainability of PC ASPs. And I ask because I imagine your ability to leverage pricing gets more difficult as we move later into the year and supply improves, plus you obviously face more difficult pricing comps. And so maybe just to dig down a little bit more. So how should we think about maybe PC pricing versus units in the second half of this year? Any color that you can share there? And then I have a follow-up.

我想我只想跟進這個問題，真的只是問一下 PC ASP 的可持續性。我問是因為我想隨著我們進入今年晚些時候並且供應改善，您利用定價的能力變得更加困難，而且您顯然面臨著更困難的定價補償。所以也許只是為了進一步挖掘。那麼我們應該如何考慮今年下半年的 PC 定價與單位？你可以在那里分享任何顏色嗎？然後我有一個跟進。

Yes. I think the evolution of pricing is really going to be determined by the difference between supply and demand. As I mentioned before, there are areas where the demand-supply -- there is more balance between demand and supply like low-end consumer. And therefore, there, we expect to see more price competition. There are other areas like premium, like commercial, where really still demand is above supply, where we expect to continue to maintain the ability to price that we have had until now. And all these factors are built into the guide that we provided.

是的。我認為定價的演變實際上將取決於供需之間的差異。正如我之前提到的，有些領域是供需關係——比如低端消費者，供需之間更加平衡。因此，我們預計在那裡會看到更多的價格競爭。還有其他領域，如優質，如商業，需求仍然高於供應，我們預計將繼續保持我們迄今為止的定價能力。所有這些因素都包含在我們提供的指南中。

I think it's also important to highlight that within the Personal Systems side, we continue to see very high growth opportunities in the growth area that we have identified on both gaming, peripheral, workplace solutions are really growing in a very strong way, which also gives confidence in our ability to continue to grow in a sustainable way.

我認為強調在個人系統方面也很重要，我們繼續看到我們在遊戲、外圍、工作場所解決方案方面確定的增長領域的非常高的增長機會，這確實以非常強勁的方式增長，這也給對我們以可持續方式繼續增長的能力充滿信心。

Awesome. I appreciate that. And then maybe just as my follow-up, you guys have committed to doing $5 billion of buybacks this year. But if I look back over the last quarters, you've done more than $1.5 billion of buybacks on average each quarter. So maybe why shouldn't we think about buybacks and the rest of this fiscal year being -- or for the total of this fiscal year being closer to $5 billion or $6 billion? And if they -- if $4 billion is the target, would that imply -- or should we be thinking about buybacks slowing down into the remainder of the year?

驚人的。我很感激。然後也許就像我的後續行動一樣，你們已經承諾今年進行 50 億美元的回購。但如果我回顧過去幾個季度，你平均每個季度完成了超過 15 億美元的回購。那麼也許我們為什麼不考慮回購和本財年的剩餘時間——或者本財年的總額接近 50 億美元或 60 億美元？如果他們——如果目標是 40 億美元，這是否意味著——或者我們是否應該考慮將回購放緩到今年剩餘時間？

Well, I have to clarify because you mentioned $5 billion. Our goal and what we have said is that we will buy at least $4 billion of shares, and this continues to be our plan. So this is what I would build in your model. Yes, we bought more this quarter, but our goal is to complete the value plan as we declared it 3 years ago. And $4 billion is the minimum we need to do.

好吧，我必須澄清一下，因為你提到了 50 億美元。我們的目標和我們所說的是，我們將購買至少 40 億美元的股票，這仍然是我們的計劃。這就是我將在您的模型中構建的內容。是的，我們本季度購買了更多，但我們的目標是完成我們 3 年前宣布的價值計劃。 40億美元是我們需要做的最低限度。

The next question comes from David Vogt with UBS.

下一個問題來自瑞銀的 David Vogt。

So my first question is, can you give us some more clarity on sort of the price increases that you pushed through on the Printing side, I think, earlier this year, kind of what the market reaction has been and the likelihood of that sticking as supply comes online as we move through the rest of this year?

所以我的第一個問題是，你能否讓我們更清楚地了解你在印刷方面推動的價格上漲，我認為，今年早些時候，市場反應是什麼以及這種情況持續下去的可能性隨著今年剩餘時間的到來，供應上線了嗎？

And I'll just give you my second question as well, is when you think about backlog, I think you mentioned it's primarily commercial and high-end consumer. Can you just kind of give us an update on where Chromebook sits in that backlog and how we should think about potentially Chromebook becoming a bigger part of the backlog as we move into, let's say, the fall and next year's holiday season and kind of the prospects for Chromebook becoming a bigger part of the business in the second half of the year?

我也將給你第二個問題，當你考慮積壓時，我想你提到它主要是商業和高端消費者。您能否向我們介紹一下 Chromebook 在該待辦事項中的位置以及我們應該如何考慮 Chromebook 可能成為待辦事項中更大的一部分，比如秋季和明年的假期等Chromebook 在下半年成為業務的更大一部分的前景如何？

Let me take those questions. In the case of Print, I think we should differentiate hardware versus supply. In the case of hardware, the current shipments are so limited by supply that it had to read any implication on pricing because really what has been driving the number of units we have shipped is the number of units we have been able to produce. We are shipping everything we build.

讓我回答這些問題。就印刷而言，我認為我們應該區分硬件和供應。就硬件而言，當前的出貨量受到供應的限制，以至於它必須閱讀對定價的任何影響，因為真正推動我們出貨的單位數量的是我們能夠生產的單位數量。我們正在運送我們建造的所有東西。

In the case of supplies, where we also drive price increases, I think what is important to highlight is that for both ink and toner, despite the price increases, we were able to grow share, which I think is a very important metric that shows that the -- from a volume perspective, we haven't seen any negative impact driven by the price increase.

在耗材方面，我們也推動價格上漲，我認為需要強調的是，對於墨水和碳粉而言，儘管價格上漲，但我們能夠增加份額，我認為這是一個非常重要的指標，表明從數量的角度來看，我們沒有看到價格上漲帶來的任何負面影響。

To Enrique's point, our full year guide actually contemplates also those price increases as well.

在恩里克看來，我們的全年指南實際上也考慮了這些價格上漲。

And then your question on Chromebooks, let me -- as I did a quarter ago, let me remind that Chromebook is a relatively small part of our business. We already said a quarter ago that the backlog for Chromebooks has been basically totally reduced. We are expecting demand for Chromebooks to start growing, as we had seen in previous years, in the Q2, Q3 time frame. But at this point, we have enough availability of components on that side that we -- and we don't expect backlog to grow in that space.

然後你關於 Chromebook 的問題，讓我 - 就像我在一個季度前所做的那樣，讓我提醒一下 Chromebook 是我們業務中相對較小的一部分。我們在一個季度前已經說過，Chromebook 的積壓訂單基本上已經完全減少了。正如我們在前幾年看到的那樣，我們預計在第二季度和第三季度的時間框架內，對 Chromebook 的需求將開始增長。但在這一點上，我們在這一方面有足夠的組件可用性 - 我們不希望積壓在該領域增長。

And just quickly, that's embedded in your PSG margin, sort of a growth in the Chromebook business as we move through the year as well?

很快，這會嵌入到您的 PSG 利潤中，隨著我們這一年的發展，Chromebook 業務也在增長？

Yes. All of it is built into the guide and into the margin projections that we have, of course.

是的。當然，所有這些都內置在指南和我們擁有的邊距預測中。

The next question comes from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

If I can just start on Print first. In the commercial segment, Enrique, you mentioned the ongoing recovery in the office print business as well as the market share increases. Was really curious because I think even when we talk to one of your smaller competitors in the commercial print market, they talk about share increases. So if you can dive into that a bit more. What's driving the share increase, particularly as you remain supply constrained, what drives longer-term share increases for HP in the commercial print business? And then I have a follow-up.

如果我可以先開始打印。在商業領域，恩里克，您提到了辦公印刷業務的持續復甦以及市場份額的增加。真的很好奇，因為我認為即使我們與您在商業印刷市場上的一個較小的競爭對手交談，他們也會談論份額增加。因此，如果您可以深入研究一下。是什麼推動了份額的增長，尤其是在供應受限的情況下，是什麼推動了惠普在商業印刷業務中的長期份額增長？然後我有一個跟進。

Yes, sure. My comment on share increases was specifically on supply, which as we shared a couple of years ago, is a big part of our strategy on supply. And what we have been doing during the last 2 years is to execute on the toner side, on the commercial printers, the same strategy that we had implemented on home printers for ink for previous years. And this is a combination of marketing efforts. It's a combination of technology that we built in the printer. It's a combination of improving the quality of supplies.

是的，當然。我對份額增加的評論特別針對供應，正如我們幾年前分享的那樣，這是我們供應戰略的重要組成部分。在過去的兩年裡，我們一直在做的是在墨粉方面，在商業打印機上，我們在前幾年在家用打印機上實施的墨水策略相同。這是營銷工作的結合。這是我們在打印機中內置的技術組合。這是提高供應質量的組合。

And as a result of all of that, we are driving -- we have been able to reverse a trend that we had in the past of losing share in toner. And as we have been sharing during the last quarters now, we are growing share of toner again. So that's the -- this is what I meant.

由於所有這些，我們正在推動——我們已經能夠扭轉過去失去碳粉份額的趨勢。正如我們在過去幾個季度中一直在分享的那樣，我們再次增加了碳粉的份額。這就是- 這就是我的意思。

In the case of hardware, there were also some improvements from a share perspective. But again, this is just driven by availability of supply. When we have supply, there is demand, and we're able to ship more.

在硬件方面，從份額的角度來看也有一些改進。但同樣，這只是由供應的可用性驅動的。當我們有供應時，就有需求，我們能夠運送更多。

Got it. Got it. And for my follow-up, I think this might be more for Marie. The PS margins, I think, for the quarter, you mentioned you'll be -- once we exclude the partner benefits, you'll be at the high end of the range that you specified, 5% to 7%. But how do we think about the higher cost of components or supply in that number? I'm just trying to think about -- does that moderate as you go through the year or you take some supply actions? Is that going to drive that higher component cost to process for longer? How should I think about it?

知道了。知道了。對於我的後續行動，我認為這可能更適合瑪麗。我認為，您提到的本季度的 PS 利潤率將是 - 一旦我們排除合作夥伴利益，您將處於您指定範圍的高端，即 5% 到 7%。但是我們如何看待這個數字中更高的組件或供應成本？我只是想考慮一下——在你度過這一年或者你採取一些供應行動時，這是否會緩和？這是否會導致更高的組件成本需要更長的加工時間？我應該怎麼想？

Yes. So with respect to our margin ranges for the rest of the year, we basically calibrated our ability to be able to reprice for commodities. So I think we've done an excellent job of actually managing our pricing and really being able to deal with the volatility that we're seeing across commodities, logistics and then repricing that through the market. So our PS margin, we expect it to be at the high end of the range for the remainder of the year, and it reflects that.

是的。因此，關於我們今年剩餘時間的保證金範圍，我們基本上調整了我們能夠為商品重新定價的能力。因此，我認為我們在實際管理定價方面做得非常出色，並且真正能夠應對我們在商品、物流中看到的波動，然後通過市場對其進行重新定價。因此，我們的 PS 利潤率預計將在今年剩餘時間內處於該範圍的高端，這反映了這一點。

And I think this was our last question, so let me say thank you all for joining the call. As I said at the beginning of the call, we are really pleased with our start of the year. Clearly, the strategy that we have to modernize our core, expand into adjacencies and creating new businesses is growing, and this is reflected in the results that we posted today. And this, of course, gives us great confidence in our ability to grow revenue, operating profit, EPS and free cash flow in a sustained way.

我認為這是我們的最後一個問題，所以讓我感謝大家加入電話會議。正如我在電話會議開始時所說，我們對今年的開始感到非常滿意。顯然，我們必須使核心現代化、擴展到鄰近地區和創建新業務的戰略正在增長，這反映在我們今天發布的結果中。當然，這讓我們對我們以持續方式增加收入、營業利潤、每股收益和自由現金流的能力充滿信心。

And today, before we leave, I want to invite all of you to join me in wishing Marie a very happy birthday because I am sure there is nothing better to do in her birthday than spending it with us in an earnings call. Marie, happy birthday.

今天，在我們離開之前，我想邀請你們所有人和我一起祝瑪麗生日快樂，因為我相信在她的生日沒有什麼比在財報電話會議上和我們一起度過更好的事情了。瑪麗，生日快樂。

Thank you, Enrique.

謝謝你，恩里克。

And thank you, everybody, for joining.

謝謝大家的加入。

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。