惠普 (HPQ) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the Second Quarter 2022 HP Inc. Earnings Conference Call. My name is Josh, 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 年第二季度惠普公司收益電話會議。我的名字是喬希，我將成為你今天電話會議的主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。

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 Second 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 年第二季度收益電話會議。今天和我在一起的是惠普總裁兼首席執行官 Enrique Lores；和惠普首席財務官瑪麗·邁爾斯。

Before handing the call over to Enrique, let me remind you that this call is 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 and Form 10-Q. 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 表格和 10-Q 表格。惠普不承擔任何義務，也不打算更新任何此類前瞻性陳述。

We also note that the financial information discussed on this call reflects estimates based on information available now and could differ materially from the amounts ultimately reported in HP's Form 10-Q for the fiscal quarter ended April 30, 2022, and HP's other SEC filings. During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period.

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有信息的估計，可能與惠普截至 2022 年 4 月 30 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。在本次網絡直播期間，除非另有特別說明，所有比較均為與去年同期的同比比較。

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.

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 to everyone joining our call today. We are now halfway for our 2022 fiscal year, and I am proud of the results our teams have delivered as we continue building a stronger HP.

謝謝，奧里特。感謝大家今天加入我們的電話會議。我們的 2022 財年現在已經過半，我為我們的團隊在繼續打造更強大的惠普時所取得的成果感到自豪。

But before I talk about our performance, I want to acknowledge the tragic events of the past few weeks. Last Tuesday, 19 children and 2 of their teachers were sensitively killed at a Texas elementary school. About a week earlier, 10 people were killed in a racially motivated attack in Buffalo. These horrific events and others like them are deeply disturbing and our hearts are with the communities who are bearing unimaginable loss right now.

但在我談論我們的表現之前，我想承認過去幾週發生的悲慘事件。上週二，德克薩斯州一所小學的 19 名兒童和他們的 2 名老師被敏感地殺害。大約一周前，10 人在布法羅的一場出於種族動機的襲擊中喪生。這些可怕的事件和其他類似事件令人深感不安，我們的心與現在承受著難以想像的損失的社區同在。

At the same time, we're also thinking about the people of Ukraine. More than 3 months into the war with Russia, the devastation and suffering across Ukraine is difficult to comprehend. So too is the situation facing the 6 million Ukrainian refugees. We continue to mobilize resources to support them. The HP Foundation has provided additional funding to support humanitarian relief across Central Europe. And we are donating a significant number of PCs to help refugees and their families, consistent with our global efforts to promote digital equity and education.

同時，我們也在考慮烏克蘭人民。與俄羅斯開戰3個多月後，烏克蘭各地的破壞和苦難難以理解。 600萬烏克蘭難民面臨的情況也是如此。我們繼續調動資源支持他們。惠普基金會提供了額外的資金來支持整個中歐的人道主義救援。我們正在捐贈大量個人電腦來幫助難民及其家人，這與我們在全球促進數字公平和教育的努力相一致。

Times like this are a painful reminder of how much work is still needed to create a more just future. And I believe it's incumbent upon companies to lead with purpose. These values have long been core to HP brand, and they will continue to guide us.

像這樣的時代是一個痛苦的提醒，要創造一個更公正的未來還需要做多少工作。我相信公司有責任有目的地領導。這些價值觀長期以來一直是惠普品牌的核心，並將繼續指導我們。

Let me now turn to our results. When we held our Investor Day last October, I discussed our plans to continue our push to advance our leadership in our core markets, while creating a more growth-oriented portfolio by expanding its adjacencies and creating new businesses. I also highlighted the long-term secular trends we see propelling us forward, especially the rise of hybrid work and the exciting opportunities it creates across our broad portfolio.

現在讓我談談我們的結果。去年 10 月舉行投資者日時，我討論了我們的計劃，即繼續推動提升我們在核心市場的領導地位，同時通過擴大鄰近地區和創建新業務來創建更加以增長為導向的投資組合。我還強調了我們看到的推動我們前進的長期長期趨勢，特別是混合工作的興起以及它在我們廣泛的投資組合中創造的令人興奮的機會。

Our second quarter results show strong momentum in each of these areas. In the face of a volatile and dynamic macro environment, we executed well and grew revenue and non-GAAP EPS while returning capital to our shareholders. We are delivering on our commitment, and our business is well positioned for sustainable long-term growth.

我們的第二季度業績顯示了這些領域的強勁勢頭。面對動盪和動態的宏觀環境，我們執行良好，收入和非公認會計準則每股收益增長，同時向股東返還資本。我們正在兌現我們的承諾，我們的業務已為可持續的長期增長做好準備。

For the quarter, revenue grew 4% year-over-year to $16.5 billion as we continue to see strong demand for HP technology and services. Non-GAAP EPS grew 16% year-over-year to $1.08. That's at the high end of our previously provided outlook. We generated $0.4 billion of free cash flow, and we returned $1.3 billion to shareholders through share repurchases and dividends.

由於我們繼續看到對惠普技術和服務的強勁需求，本季度的收入同比增長 4% 至 165 億美元。非公認會計原則每股收益同比增長 16% 至 1.08 美元。這是我們之前提供的展望的高端。我們產生了 4 億美元的自由現金流，並通過股票回購和股息向股東返還了 13 億美元。

We remain committed to building a more growth-oriented portfolio. Our key growth businesses, which includes gaming, peripherals, instant ink, workforce solutions and industrial graphics and 3D collectively grew double digits and delivered total revenue of $5.6 billion in the first half of fiscal '22. And we are well on track to deliver on our $10 billion full year revenue target that we announced last October. We feel very good about these results.

我們仍然致力於建立一個更加以增長為導向的投資組合。我們的主要增長業務，包括遊戲、外圍設備、即時墨水、勞動力解決方案和工業圖形和 3D，在 22 財年上半年共同增長了兩位數，總收入為 56 億美元。我們正在順利實現去年 10 月宣布的 100 億美元全年收入目標。我們對這些結果感覺非常好。

We mitigated the impact of higher commodity costs by implementing effective pricing strategies in both print and personal systems while maintaining strong demand. And as we navigate the macro environment, we are making consistent progress on our strategic priorities and bringing strong innovation to market.

我們通過在印刷和個人系統中實施有效的定價策略，同時保持強勁的需求，減輕了商品成本上漲的影響。在我們駕馭宏觀環境的同時，我們在戰略重點方面不斷取得進展，並將強大的創新推向市場。

This is reflected in our business unit performance. In Personal Systems, revenue grew 9% to $11.5 billion. This was our highest Q2 revenue ever, reflecting the durability of PC demand. We also delivered operating profit margin of 6.9%, at the high end of our target range. We are managing our PS portfolio with great discipline, focused on driving profitable revenue growth more than units.

這反映在我們的業務部門業績中。在個人系統方面，收入增長 9% 至 115 億美元。這是我們有史以來最高的第二季度收入，反映了 PC 需求的持久性。我們還實現了 6.9% 的營業利潤率，處於我們目標範圍的高端。我們以嚴格的紀律管理我們的 PS 產品組合，專注於推動盈利收入增長而不是單位。

Our continued mix shift towards commercial and premium combined with our pricing strategy allowed us to more than offset fewer unit shipments in the quarter. Increased spending on hybrid work solutions is driving strong commercial PC demand. Commercial revenue grew 18%, driven by double-digit growth in Windows-based notebooks, desktops and workstations. And commercial was trending up to 65% of our peer revenue mix in the quarter.

我們繼續向商業和高端產品組合轉變，再加上我們的定價策略，使我們能夠抵消本季度更少的單位出貨量。混合工作解決方案支出的增加推動了強勁的商用 PC 需求。受基於 Windows 的筆記本電腦、台式機和工作站兩位數增長的推動，商業收入增長了 18%。本季度，商業收入占我們同行收入組合的 65%。

In Consumer, while the market has seen some signs of softening demand, it still exceeded pre-pandemic levels. There are pockets of growth in areas like premium and gaming that we are most focused on. And we are driving continued growth in peripherals, which grew more than 40% this quarter.

在消費方面，雖然市場出現了一些需求疲軟的跡象，但仍超過了大流行前的水平。在我們最關注的高端和遊戲等領域有一些增長。我們正在推動外圍設備的持續增長，本季度增長超過 40%。

Our supply chain actions also continue to have a positive impact. We reduced our backlog quarter-over-quarter. While the backlog remains elevated, particularly in commercial, we believe the actions we are taking will drive continued improvement. And as we prioritize operational execution, we are equally focused on strengthening our portfolio.

我們的供應鏈行動也繼續產生積極影響。我們按季度減少了積壓工作。雖然積壓仍然很高，特別是在商業方面，但我們相信我們正在採取的行動將推動持續改進。當我們優先考慮運營執行時，我們同樣專注於加強我們的產品組合。

During the quarter, we entered into an agreement to acquire Poly. Once completed, we expect this transaction will strengthen our position in hybrid work solutions and accelerate our growth in peripherals and workforce solutions. Since the announcement was made, we have received very positive feedback from reseller partners and commercial customers about the opportunity ahead. Our integration planning efforts are well underway. And we are working closely with the Poly team to prepare for a smooth transition upon deal close. We look forward to welcoming the Poly team to HP later this year.

在本季度，我們簽訂了收購保利的協議。一旦完成，我們預計這筆交易將加強我們在混合工作解決方案中的地位，並加速我們在外圍設備和勞動力解決方案方面的增長。自公告發布以來，我們收到了經銷商合作夥伴和商業客戶對未來機會的非常積極的反饋。我們的整合規劃工作正在順利進行。我們正在與 Poly 團隊密切合作，為交易完成後的平穩過渡做準備。我們期待在今年晚些時候歡迎 Poly 團隊加入惠普。

Turning to Print. We continue to operate in our components and logistics constrained environment, and performance was also impacted by the macro events this quarter. As a result, Print revenue declined 7% in the quarter, and our order backlog remained elevated in Q2. We expect supply chain dynamics to improve but continued shortages, especially in application-specific integrated circuit will impact Print for the remainder of the year.

轉向打印。我們繼續在我們的組件和物流受限的環境中運營，並且業績也受到本季度宏觀事件的影響。結果，本季度印刷收入下降了 7%，而我們的訂單積壓在第二季度仍然很高。我們預計供應鏈動態將改善，但持續短缺，特別是在專用集成電路方面，將影響今年剩餘時間的印刷。

We are actively working with our partners to mitigate the risks by executing on dual sourcing whenever possible and redesigning safety boards and components in our printers. We are also managing prices with great discipline, and we delivered another quarter of solid profitability. Our Print operating profit margin was 19.3%, our second consecutive quarter above our target range. Print consumer demand remained solid despite some softening in Europe.

我們正積極與合作夥伴合作，盡可能執行雙重採購併重新設計我們打印機中的安全板和組件，從而降低風險。我們還以嚴格的紀律管理價格，我們又實現了四分之一的穩健盈利能力。我們的印刷營業利潤率為 19.3%，連續第二個季度高於我們的目標範圍。儘管歐洲有所疲軟，但印刷品消費需求依然強勁。

And we made important progress on 2 strategic objectives: rebalancing system profitability and growing our subscription business. We have seen strong acceleration with HP+ and increased adoption in developed markets since launching last spring. In addition, we see strong growth on our profit upfront units including our Big Tank model, especially in emerging markets.

我們在兩個戰略目標上取得了重要進展：重新平衡系統盈利能力和發展我們的訂閱業務。自去年春天推出以來，我們已經看到 HP+ 的強勁加速和發達市場的採用率增加。此外，我們看到包括 Big Tank 模型在內的前期利潤單元強勁增長，尤其是在新興市場。

Big Tank revenue and units grew double digits year-over-year. We plan to continue expanding the Big tank portfolio with new product launches of high-end platforms in the rest of our markets. Overall, HP+ and Big Tank printers have become a larger portion of our portfolio mix, representing 48% of printer shipments in the quarter.

大坦克收入和單位同比增長兩位數。我們計劃通過在其他市場推出高端平台的新產品來繼續擴大大型坦克產品組合。總體而言，HP+ 和 Big Tank 打印機已成為我們產品組合的較大部分，佔本季度打印機出貨量的 48%。

In consumer subscriptions, Instant Ink delivered another quarter of double-digit growth in revenue and cumulative subscribers. In commercial print, the office segment continued to be impacted by supply availability as well as uncertainty around the timing of offices reopening. This was partially offset by our industrial graphics and 3D businesses growth.

在消費者訂閱方面，Instant Ink 在收入和累計訂閱人數方面又實現了兩位數的增長。在商業印刷方面，辦公部分繼續受到供應可用性以及辦公室重新開放時間不確定性的影響。這部分被我們的工業圖形和 3D 業務增長所抵消。

In Industrial Graphics, we delivered solid revenue growth and build a strong funnel, continuing the positive trajectory we have seen in recent quarters. We had significant new installations of our latest Indigo digital presence. And I am particularly proud of the team's work for our customer Hershey as we created customized packaging to support their International Women's month campaign.

在工業圖形方面，我們實現了穩健的收入增長並建立了強大的渠道，延續了我們在最近幾個季度看到的積極軌跡。我們為最新的 Indigo 數字產品安裝了重要的新設備。我為該團隊為我們的客戶 Hershey 所做的工作感到特別自豪，因為我們創建了定制包裝來支持他們的國際婦女月活動。

We also delivered double-digit revenue growth in 3D printing. This quarter, we announced a partnership with Legor Group, a leader in metal science and production for the luxury jewelry and fashion accessories market. This is an important milestone as we prepare to make metal yet more broadly available later this year.

我們還在 3D 打印領域實現了兩位數的收入增長。本季度，我們宣布與奢侈品珠寶和時尚配飾市場的金屬科學和生產領導者 Legor Group 建立合作夥伴關係。這是一個重要的里程碑，因為我們準備在今年晚些時候更廣泛地生產金屬。

The progress we made in our first half of 2022 gives us confidence to raise our full year non-GAAP EPS outlook. And as we enter the second half, we will remain focused on disciplined execution in today's challenging and volatile macro environment.

我們在 2022 年上半年取得的進展使我們有信心提高全年非公認會計準則每股收益前景。隨著我們進入下半年，我們將繼續專注於在當今充滿挑戰和動蕩的宏觀環境中嚴格執行。

From a demand perspective, we expect to continue to see strong commercial demand with some softening of the consumer businesses. From a supply perspective, we see 2 quarters of constraints. First is the industry-wide component shortages that we expect will continue through fiscal '22. Second are the COVID-related disruptions in China, which we expect will primarily impact fiscal Q3.

從需求的角度來看，我們預計隨著消費業務的疲軟，商業需求將繼續強勁。從供應的角度來看，我們看到了兩個季度的限制。首先是我們預計整個行業的零部件短缺將持續到 22 財年。其次是中國與 COVID 相關的中斷，我們預計這將主要影響第三財季。

We will also see an impact from the Russia-Ukraine war. Last February, we suspended shipments to Russia and Belarus across our portfolio and paused all marketing and advertising activities. Considering the COVID environment and long-term outlook for Russia, we have decided to stop our Russia activity and have begun the process of fully winding down our operations. Business there accounted for approximately $1 billion in revenue in fiscal year 2021. Marie will talk more about the financial aspects of our Russia plants.

我們還將看到俄烏戰爭的影響。去年 2 月，我們暫停向俄羅斯和白俄羅斯發貨，並暫停所有營銷和廣告活動。考慮到俄羅斯的 COVID 環境和長期前景，我們決定停止在俄羅斯的活動，並開始全面關閉我們的業務。那裡的業務在 2021 財年的收入約為 10 億美元。瑪麗將更多地談論我們俄羅斯工廠的財務方面。

We remain committed to taking structural costs out of the business, and we are on track to meet our transformation cost targets. These actions, combined with top line growth and effective working capital management give us confidence in achieving our free cash flow target. And we remain committed to our share repurchase plan of at least $4 billion in fiscal year 2022.

我們仍然致力於將結構性成本從業務中剔除，並且我們有望實現我們的轉型成本目標。這些行動，加上收入增長和有效的營運資金管理，讓我們有信心實現我們的自由現金流目標。我們仍然致力於在 2022 財年至少 40 億美元的股票回購計劃。

The final point I'd like to make is that we are delivering on our financial commitments while making progress against our sustainable impact strategy. Later this week, we will release our annual Sustainable Impact Report, outlining progress against climate action, human rights and digital equity goals.

我想說的最後一點是，我們正在兌現我們的財務承諾，同時在我們的可持續影響戰略方面取得進展。本週晚些時候，我們將發布年度可持續影響報告，概述在氣候行動、人權和數字公平目標方面取得的進展。

Let me give you a few examples. From 2019 to 2021, we achieved a 9% absolute reduction in our greenhouse gas emissions across HP's value chain. I am proud that we continue to decrease absolute emissions while our net revenue increased by 8% during the same period.

讓我給你舉幾個例子。從 2019 年到 2021 年，我們在整個惠普價值鏈中的溫室氣體排放量絕對減少了 9%。我很自豪我們繼續減少絕對排放量，而同期我們的淨收入增長了 8%。

We have reduced single-use plastic packaging by 44% compared to 2018. And we have enabled better learning outcomes for over 74 million people globally since 2015 by providing curriculum training and technology. I am inspired by the progress we are making towards becoming the world's most sustainable and just technology company. Not only are these the right things to do, they are also differentiating our brand and helping to drive our business.

與 2018 年相比，我們將一次性塑料包裝減少了 44%。自 2015 年以來，我們通過提供課程培訓和技術，為全球超過 7400 萬人實現了更好的學習成果。我們在成為世界上最具可持續性和公正性的科技公司方面取得的進展讓我深受鼓舞。這些不僅是正確的做法，它們還使我們的品牌與眾不同並有助於推動我們的業務。

To sum up, this quarter caps off a strong first half of 2022. We are building a more growth-oriented portfolio, while also operating with great discipline and agility in the face of macro challenges. The environment will remain dynamic in the second half. We are not immune to these challenges, but our strong performance and momentum through the first 2 quarters gives us confidence to increase our full year non-GAAP EPS outlook.

總而言之，本季度結束了 2022 年上半年的強勁表現。我們正在建立一個更加以增長為導向的投資組合，同時在面對宏觀挑戰時也以嚴格的紀律和敏捷性運作。下半年環境將保持動態。我們不能倖免於這些挑戰，但我們在前兩個季度的強勁表現和勢頭讓我們有信心提高全年非公認會計準則每股收益前景。

We are equally confident in our free cash flow outlook for the year, and we remain committed to our capital allocation strategy and continuing to return capital to shareholders while investing in the business to build a stronger HP.

我們對今年的自由現金流前景同樣充滿信心，我們將繼續致力於我們的資本配置戰略，並繼續向股東返還資本，同時投資於業務以建立更強大的惠普。

I will stop here and let Marie provide a closer look into our financials and outlook.

我將在這裡停下來，讓瑪麗更仔細地了解我們的財務和前景。

Thank you, and good afternoon, everyone. It's great to connect with you again. As Enrique highlighted, we have continued to build on our progress here in Q2, executing on our strategy, delivering solid results, returning significant capital to shareholders and investing both organically and inorganically to drive long-term value creation.

謝謝大家，大家下午好。很高興再次與您聯繫。正如 Enrique 強調的那樣，我們在第二季度繼續取得進展，執行我們的戰略，取得穩健的成果，向股東返還大量資本，並進行有機和無機投資以推動長期價值創造。

Overall demand remained solid, driven by the strong secular tailwinds we see propelling our businesses forward, and we continue to execute on our objectives despite ongoing supply chain and logistics challenges and new macro impacts from the recent round of COVID-related lockdowns in China and the Russia-Ukraine war. Overall, I am pleased with how our teams are meeting these challenges head on and remain confident in our execution as we navigate this evolving macro environment.

在我們看到推動我們業務向前發展的強勁長期順風的推動下，總體需求保持穩定，儘管供應鍊和物流面臨持續挑戰，以及最近一輪在中國和中國與 COVID 相關的封鎖帶來了新的宏觀影響，我們仍繼續執行我們的目標俄烏戰爭。總體而言，我很高興我們的團隊如何直面這些挑戰，並在我們駕馭這個不斷變化的宏觀環境時對我們的執行充滿信心。

Let's take a closer look at the details of the quarter. Net revenue was $16.5 billion in the quarter, up 4% nominally and 5% in constant currency. Regionally, in constant currency, Americas increased 1%, EMEA increased 7% and APJ increased 10%. Gross margin was 20.2% in the quarter, down 1.5 points year-on-year. The decrease was primarily driven by proportionally higher Personal Systems mix and higher costs, including commodities, partially offset by favorable pricing net of currency.

讓我們仔細看看本季度的細節。本季度淨收入為 165 億美元，名義增長 4%，按固定匯率計算增長 5%。從地區來看，按固定匯率計算，美洲增長 1%，EMEA 增長 7%，APJ 增長 10%。本季度毛利率為 20.2%，同比下降 1.5 個百分點。下降的主要原因是個人系統組合比例較高和包括商品在內的成本較高，部分被扣除貨幣後的優惠定價所抵消。

Non-GAAP operating expenses were $1.9 billion or 11.4% of revenue, down 5%. The decrease in operating expenses was primarily driven by lower R&D due to last year's ramp up in investments and lower variable compensation, including sales commissions.

非美國通用會計準則運營費用為 19 億美元，佔收入的 11.4%，下降 5%。運營費用的減少主要是由於去年投資增加和包括銷售佣金在內的可變薪酬減少導致研發減少。

Non-GAAP operating profit was $1.4 billion, and non-GAAP net OI&E expense was $74 million for the quarter. At the key segment level, operating profit grew 6%. Non-GAAP diluted net earnings per share increased $0.15 or 16% to $1.08 with a diluted share count of approximately 1.1 billion shares.

本季度非 GAAP 營業利潤為 14 億美元，非 GAAP 淨 OI&E 費用為 7400 萬美元。在關鍵部門層面，營業利潤增長了 6%。非公認會計原則攤薄後每股淨收益增加 0.15 美元或 16% 至 1.08 美元，攤薄後的股票數量約為 11 億股。

Non-GAAP diluted net earnings per share excludes a net expense totaling $152 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, Q2 GAAP diluted net earnings per share was $0.94.

非公認會計準則每股攤薄淨收益不包括總計 1.52 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，第二季度 GAAP 攤薄後每股淨收益為 0.94 美元。

Now let's turn to segment performance. In Q2, Personal Systems revenue was $11.5 billion, up 9% and up 11% in constant currency. Total units were down 17%, driven by ongoing supply chain challenges, lower Chrome units and the overall macro environment. Despite this, we grew revenue, reflecting the strength of Windows demand, our mix shift towards higher-value commercial categories like mainstream premium and mobile workstation, and favorable pricing. Furthermore, to highlight some of the secular tailwinds we have seen in Personal Systems versus pre-pandemic, our commercial notebook mix, excluding Chrome, now represents over 60% of our commercial unit mix, up 15 points versus Q2 2019.

現在讓我們轉向細分性能。第二季度，個人系統收入為 115 億美元，增長 9%，按固定匯率計算增長 11%。由於持續的供應鏈挑戰、較低的鉻單位和整體宏觀環境，總單位下降了 17%。儘管如此，我們的收入增長了，這反映了 Windows 需求的強勁，我們的組合轉向了更高價值的商業類別，如主流高端和移動工作站，以及優惠的定價。此外，為了突出我們在個人系統中看到的與大流行前相比的一些長期順風，我們的商用筆記本組合（不包括 Chrome）現在占我們商用單元組合的 60% 以上，比 2019 年第二季度增加了 15 個百分點。

And in gaming, revenue has grown by over 140% versus Q2 2019. These are significant structural changes in our business. Drilling into the details, Commercial revenue was up 18% year-on-year and Consumer revenue was down 6% year-on-year. By product category, revenue was up 3% for notebooks, 28% for desktops and 21% for workstations. We also continue to see strong performance across our key growth areas, including peripherals, gaming and workforce solutions, with even more opportunities to drive growth ahead of us.

在遊戲領域，與 2019 年第二季度相比，收入增長了 140% 以上。這些是我們業務的重大結構性變化。深入細節，商業收入同比增長 18%，消費者收入同比下降 6%。按產品類別劃分，筆記本電腦的收入增長了 3%，台式機增長了 28%，工作站增長了 21%。我們還繼續看到我們關鍵增長領域的強勁表現，包括外圍設備、遊戲和勞動力解決方案，並有更多機會推動我們前面的增長。

Personal Systems delivered almost $800 million of operating profit with operating margins of 6.9%. Our Personal Systems business has grown operating profit dollars in 17 of the last 18 quarters. This consistent performance is indicative of our strong portfolio, the strong secular tailwinds we continue to see and our ability to deliver results in very different environments.

Personal Systems 實現了近 8 億美元的營業利潤，營業利潤率為 6.9%。在過去的 18 個季度中，我們的個人系統業務有 17 個季度的營業利潤增長了。這種一致的表現表明了我們強大的投資組合、我們繼續看到的強大的長期順風以及我們在非常不同的環境中交付成果的能力。

Operating margin improved 0.2 points, primarily due to product mix, favorable pricing and lower OpEx, including lower R&D spend due to last year's investments ramp up, partially offset by higher commodity costs in currency. Sequentially, operating margin declined 0.9 points, driven by higher OpEx due to R&D investment, more competitive pricing in several segments of consumer, partially offset by lower commodity and logistics costs.

營業利潤率提高 0.2 個百分點，主要是由於產品組合、有利的定價和較低的運營支出，包括由於去年投資增加導致的研發支出減少，部分被較高的商品貨幣成本抵消。隨後，營業利潤率下降了 0.9 個百分點，原因是研發投資導致運營支出增加、消費者的多個細分市場更具競爭力的定價，部分被商品和物流成本下降所抵消。

In Print, our results reflected our focus on execution and the strength of our portfolio as we navigate the current environment. In Q2, total Print revenue was $5 billion, down 7% and down 6% in constant currency, driven by lower Print hardware units and lower Supplies revenue. This was partially offset by higher hardware ASPs and growth in industrial graphics and services. Total hardware units declined 23%, largely due to continued component and logistics constraints, which we now expect to extend at least through 2022.

在印刷方面，我們的結果反映了我們在當前環境中對執行的關注以及我們投資組合的實力。在第二季度，印刷總收入為 50 億美元，下降 7%，按固定匯率計算下降 6%，主要受印刷硬件單位下降和耗材收入下降的推動。這部分被更高的硬件 ASP 和工業圖形和服務的增長所抵消。硬件單位總數下降了 23%，主要是由於持續的組件和物流限制，我們現在預計至少會延長到 2022 年。

By customer segment, Commercial revenue declined 4% on a decrease of 17% in units and Consumer revenue was down 12% with units down 24%. Home product demand remains solid. However, revenue across both home and office was again constrained by available supply.

按客戶細分，商業收入下降 4%，單位下降 17%，消費者收入下降 12%，單位下降 24%。家居產品需求保持穩定。然而，家庭和辦公室的收入再次受到可用供應的限制。

In Q2, the commercial recovery, particularly in the Office segment, continued to be impacted by the slower-than-expected return to the office. We did see, however, solid growth in industrial graphics and 3D, as Enrique mentioned. We continue to expect a gradual and uneven recovery in Commercial over time, with the overall office market returning to approximately 80% of its pre-pandemic TAM, as we have discussed previously.

第二季度，商業復甦，尤其是寫字樓部分，繼續受到寫字樓回歸慢於預期的影響。然而，正如 Enrique 所說，我們確實看到了工業圖形和 3D 的穩健增長。正如我們之前所討論的，隨著時間的推移，我們繼續預計商業市場將逐漸且不均衡地複蘇，整體寫字樓市場將恢復到大流行前 TAM 的約 80%。

Supplies revenue was $3.1 billion, declining 6% in constant currency year-on-year. We continue to expect for FY '22 and over the long term, Supplies will decline in the mid- to low single-digit range, consistent with the outlook provided at our Analyst Day. In Q2, the decline was driven primarily by continued normalization in home printing, as expected, partially offset by the gradual recovery in both office and industrial print.

供應收入為 31 億美元，按固定匯率計算同比下降 6%。我們繼續預計 22 財年，從長遠來看，供應量將在中低個位數範圍內下降，這與我們分析師日提供的前景一致。在第二季度，下降的主要原因是家庭印刷繼續正常化，正如預期的那樣，部分被辦公和工業印刷的逐步復甦所抵消。

Supplies revenue was also impacted by the China lockdowns and the Russia-Ukraine war. Adjusting for these impacts, supplies revenue was down approximately 4% in constant currency. As part of our contractual business, our Instant Ink services continued its momentum, once again delivering double-digit increases in both cumulative subscriber growth and revenue while monthly churn continues to remain low at approximately 1%.

供應收入也受到中國封鎖和俄烏戰爭的影響。調整這些影響後，供應收入按固定匯率計算下降了約 4%。作為我們合同業務的一部分，我們的 Instant Ink 服務繼續保持增長勢頭，在累計用戶增長和收入方面再次實現兩位數的增長，而月度流失率繼續保持在 1% 左右的低水平。

Operating profit was approximately $1 billion, up $7 million and operating margin was strong at 19.3%. Operating margin increased 1.4 points, driven by favorable mix and pricing, combined with lower OpEx as a result of lower variable compensation, including sales commissions, partially offset by lower volumes.

營業利潤約為 10 億美元，增加了 700 萬美元，營業利潤率高達 19.3%。營業利潤率增長了 1.4 個百分點，這得益於有利的組合和定價，以及由於包括銷售佣金在內的可變薪酬較低導致的運營支出下降，部分被銷量下降所抵消。

Now let's move to our transformation efforts where we have made strong progress and are on track to deliver $1.2 billion in gross run rate structural cost reductions by year-end. Our transformation continues to create new capabilities and long-term value creation. For our sales teams and partners, we have accelerated the selling cycle by transforming the way we configure price and quote HP solutions for our customers worldwide.

現在讓我們轉向我們的轉型工作，我們已經取得了長足的進步，並有望在年底前實現 12 億美元的總運行率結構性成本削減。我們的轉型繼續創造新的能力和長期的價值創造。對於我們的銷售團隊和合作夥伴，我們通過改變我們為全球客戶配置價格和報價惠普解決方案的方式來加快銷售週期。

Utilizing advanced analytical pricing capabilities with a cloud-based platform, we have enabled the delivery of competitive quotes for HP solutions in 1/4 of the time, delivering a faster and more efficient customer sales experience. Lastly, we continue to optimize our real estate footprint, including 15 real estate actions in the first half of 2022. We are rebuilding and modernizing our key locations, focusing on collaboration hybrid work for our employees.

利用基於雲的平台的高級分析定價功能，我們可以在 1/4 的時間內為惠普解決方案提供有競爭力的報價，從而提供更快、更高效的客戶銷售體驗。最後，我們繼續優化我們的房地產足跡，包括 2022 年上半年的 15 項房地產行動。我們正在重建和現代化我們的關鍵地點，專注於為我們的員工提供協作混合工作。

A great example of this is our accelerated actions in Korea to both consolidate our sites and open a new state-of-the-art office and R&D facility, bringing together most of our employees in Korea.

一個很好的例子是我們在韓國加快行動，以鞏固我們的網站並開設一個新的最先進的辦公室和研發設施，將我們在韓國的大多數員工聚集在一起。

Now let's move to cash flow and capital allocation. Q2 cash flow from operations and free cash flow was $0.5 billion and $0.4 billion, respectively. The cash conversion cycle was minus 26 days in the quarter, a sequential decline of 7 days. So free cash flow and the sequential decline in cash conversion days were driven primarily by the decrease in Personal Systems volume and back-end loaded revenue linearity driven by supply chain delays.

現在讓我們轉向現金流和資本配置。第二季度運營現金流和自由現金流分別為 5 億美元和 4 億美元。本季度現金周轉週期為負26天，環比下降7天。因此，自由現金流和現金轉換天數的連續下降主要是由於供應鏈延遲導致的個人系統數量和後端負載收入線性的下降。

Looking ahead to the second half of 2022, we expect to improve our cash conversion cycle by fiscal year-end. Driving our outlook is our expectations for Personal Systems volumes to recover in Q4, which I will provide more color on in a moment and other operational improvements in our cash conversion cycle, including reduced inventory.

展望 2022 年下半年，我們預計到財年末將改善我們的現金轉換週期。推動我們展望的是我們對個人系統銷量在第四季度恢復的預期，我將在稍後提供更多的色彩以及我們現金轉換週期的其他運營改進，包括減少庫存。

As a result, we remain confident in our ability to deliver on our free cash flow guidance of at least $4.5 billion for 2022. Strong capital returns remain a key part of our capital allocation strategy. In Q2, we returned approximately $1.3 billion to shareholders. This included approximately $1 billion in share repurchases and $262 million in cash dividends, and we remain on track to exceed our $16 billion return of capital target by year-end.

因此，我們仍然有能力實現 2022 年至少 45 億美元的自由現金流指導。強勁的資本回報仍然是我們資本配置戰略的關鍵部分。在第二季度，我們向股東返還了大約 13 億美元。這包括大約 10 億美元的股票回購和 2.62 億美元的現金股息，我們仍有望在年底前超過 160 億美元的資本回報目標。

Looking forward to Q3 and the rest of FY '22, we continue to navigate supply availability, logistics constraints, inflation, pricing dynamics and the evolving macro environment while continuing to deliver on our commitments. In particular, [kept up], following in line related to our Q3 and overall financial outlook.

展望第三季度和 22 財年的剩餘時間，我們將繼續應對供應可用性、物流限制、通貨膨脹、定價動態和不斷變化的宏觀環境，同時繼續履行我們的承諾。特別是，[跟上]，與我們的第三季度和整體財務前景保持一致。

We are once again raising our full year non-GAAP outlook for FY '22 as we navigate through a challenging macro environment. We expect currency to be about a 2% year-over-year headwind in both Q3 and for FY '22, reflecting the recent strength of the U.S. dollar.

隨著我們在充滿挑戰的宏觀環境中航行，我們再次提高了 22 財年的全年非公認會計原則展望。我們預計貨幣在第三季度和 22 財年的同比逆風約為 2%，這反映了美元近期的強勢。

With regard to the financial impact of the Russia-Ukraine war and the recent lockdowns in China, we are factoring in our best assumptions at this time, recognizing that conditions remain fluid and highly uncertain with impacts to our top and bottom line results. Regarding Russia, as Enrique mentioned, we have made the decision to stop our activity there and have begun the process of fully winding down our operations. At FY '21, Russia accounted for approximately $1 billion in revenue.

關於俄羅斯-烏克蘭戰爭的財務影響和中國最近的封鎖，我們目前正在考慮我們的最佳假設，認識到情況仍然不穩定且高度不確定，對我們的頂線和底線結果產生影響。關於俄羅斯，正如恩里克所說，我們已決定停止在俄羅斯的活動，並開始全面關閉我們的業務。在 21 財年，俄羅斯的收入約為 10 億美元。

In China, we expect to see a reopening and easing of restrictions from the recent lockdowns beginning in June. For Personal Systems, we continue to see solid demand and pricing for our PCs in commercial with some softening of demand in consumer, driven in part by the macro factors I mentioned earlier, including currency. We expect year-over-year Personal Systems revenue growth through the second half of 2022 with a continued shift towards higher-value categories, including commercial, premium and peripherals.

在中國，我們預計將從 6 月開始的近期封鎖措施中重新開放和放寬限制。對於個人系統，我們繼續看到商業 PC 的穩定需求和定價，消費者需求有所減弱，部分原因是我之前提到的宏觀因素，包括貨幣。我們預計到 2022 年下半年，個人系統收入將同比增長，並將繼續轉向更高價值的類別，包括商業、高端和外圍設備。

With regard to our Personal Systems supply chain, while we expect to see a gradual improvement in the supply environment, we did experience a supplier-specific disruption late in Q2 that we expect will resolve by the end of Q3, resulting in a sequential decline in Personal Systems revenue in Q3 and a rebound in Q4, more in keeping with typical seasonality. We expect PS margins to remain near the high end of our 5% to 7% long-term range, particularly in Q3.

關於我們的個人系統供應鏈，雖然我們預計供應環境會逐漸改善，但我們確實在第二季度末經歷了供應商特定的中斷，我們預計將在第三季度末解決，導致供應量環比下降第三季度個人系統收入和第四季度反彈，更符合典型的季節性。我們預計 PS 利潤率將保持在我們 5% 至 7% 的長期範圍的高端附近，尤其是在第三季度。

In Print, we expect solid demand in consumer, favorable pricing, disciplined cost management and further normalization and mix as commercial gradually improves through 2022. With regard to print supply chain, we expect similar to Q2, component shortages and logistics delays to constrain revenue. We expect these conditions to continue at least through 2022, but with some improvement into the latter part of the year. We expect group margins to be at the high end of our 16% to 18% range for FY '22. For Q3, specifically, given continued hard work constraints, we expect Print margin to be above our 16% to 18% range.

在印刷方面，我們預計到 2022 年，隨著商業逐步改善，消費者需求穩健、定價有利、成本管理嚴格以及進一步正常化和混合。關於印刷供應鏈，我們預計與第二季度類似，組件短缺和物流延遲將限制收入。我們預計這些情況至少會持續到 2022 年，但到今年下半年會有所改善。我們預計 22 財年集團利潤率將處於 16% 至 18% 範圍的高端。特別是對於第三季度，鑑於持續的艱苦工作限制，我們預計印刷利潤率將高於我們的 16% 至 18% 的範圍。

Taking these considerations into account, we are providing the following outlook. We expect third quarter non-GAAP diluted net earnings per share to be in the range of $1.03 to $1.08. And third quarter GAAP diluted net earnings per share to be in the range of $0.91 to $0.96, which includes an incremental GAAP-only charge of approximately $0.04 related to the wind down of operations in Russia.

考慮到這些因素，我們提供以下展望。我們預計第三季度非公認會計原則攤薄後每股淨收益將在 1.03 美元至 1.08 美元之間。第三季度 GAAP 攤薄後每股淨收益在 0.91 美元至 0.96 美元之間，其中包括與俄羅斯業務縮減相關的僅 GAAP 增量費用約 0.04 美元。

We expect FY '22 non-GAAP diluted net earnings per share to be in the range of $4.24 to $4.38 and FY '22 GAAP diluted net earnings per share to be in the range of $3.79 to $3.93. For FY '22, we expect our free cash flow to be at least $4.5 billion.

我們預計 22 財年非 GAAP 攤薄後每股淨收益將在 4.24 美元至 4.38 美元之間，而 22 財年 GAAP 攤薄後每股淨收益將在 3.79 美元至 3.93 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 have made excellent progress against our priorities in the first half of fiscal 2022. And I am confident in our ability to continue to deliver on our second half outlook while investing for long-term sustainable growth.

我們在 2022 財年上半年的優先事項方面取得了巨大進展。我相信我們有能力繼續實現下半年的展望，同時投資於長期可持續增長。

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) And our first question today will be from Krish Sankar with Cowen and Company.

（操作員說明）今天我們的第一個問題將來自 Cowen and Company 的 Krish Sankar。

Congrats on the strong results and execution in a tough environment. My first question is for Enrique, and then I have a follow-up for Marie. Enrique, on the PC business, it makes sense commercial is strong. But it looks like desktop did much better than notebooks, both in terms of revenue and units. Can you just help us understand what's happening in commercial between desktop and notebook? And any view on PC TAM, unit TAM for this year? Your competitors spoke about 330 million units, kind of curious what your view is. And then I have a quick follow-up for Marie on inventory.

祝賀在艱難的環境中取得的出色成績和執行力。我的第一個問題是針對 Enrique，然後我對 Marie 進行了跟進。恩里克，在個人電腦業務上，商業強大是有道理的。但看起來台式機在收入和單位方面都比筆記本電腦做得好得多。你能不能幫助我們了解台式機和筆記本電腦之間的商業化情況？對今年的 PC TAM、單位 TAM 有何看法？你的競爭對手談到了 3.3 億台，有點好奇你的觀點是什麼。然後我對 Marie 的庫存進行了快速跟進。

Sure. Thank you. Let me start with desktops, and actually, same happened with workstations. The growth this quarter is really helped from an easy compare last year. If you remember last year, not many companies were investing in equipment for the office. This drove the sales of desktops and workstations down. And now we are seeing the opposite effect as some of this investment is coming back.

當然。謝謝你。讓我從台式機開始，實際上，工作站也是如此。本季度的增長確實得益於去年的簡單比較。如果你還記得去年，沒有多少公司投資辦公室設備。這導致台式機和工作站的銷量下降。現在我們看到了相反的效果，因為其中一些投資正在回歸。

I think on the overall PC market, the important thing to have in mind is the strength of the demand on the commercial side. We are seeing this across the board, across all geographies, and this is especially true on high configurations given the new use models that PCs are going to have.

我認為在整個 PC 市場上，重要的是要牢記商業方面的需求強度。我們在所有地區都看到了這一點，考慮到個人電腦將擁有的新使用模式，在高配置上尤其如此。

And this is why even if for the year, going now to the second part of your question, we expect the overall PC market in terms of units to decline slightly. This is very similar to what other analysts and other companies have shared. From a revenue perspective, we see growth really driven by mix as commercial will become bigger, premium categories within commercial will be bigger. And also as premium consumer and gaming will become a more relevant part of the market.

這就是為什麼即使今年，現在轉到問題的第二部分，我們預計整體 PC 市場的單位數將略有下降。這與其他分析師和其他公司所分享的非常相似。從收入的角度來看，我們認為增長真正由混合驅動，因為商業將變得更大，商業中的高端類別將更大。此外，高端消費者和遊戲將成為市場中更重要的部分。

Got it. Next, a follow-up for Marie on inventory. Last quarter, you said you're not planning to decrease inventory, and it's kind of elevated in terms of inventory days. Can you give us some color on how much of it is finished goods or raw materials and components, how much of it is actually buildup of materials versus cost inflation, any kind of color on inventory would be very helpful.

知道了。接下來，對 Marie 進行庫存跟進。上個季度，您說您不打算減少庫存，而且庫存天數有所增加。您能否給我們一些顏色，說明其中有多少是成品或原材料和組件，有多少實際上是材料積累與成本膨脹，庫存上的任何顏色都會非常有幫助。

Sure, and good afternoon, Christian, and thanks for your question. So from a sequential perspective, our inventory actually declined, and that was due to in-transit offset by higher commodity costs due to supply constraints. Now in terms of both Print and PS, a couple of different dynamics. So let me give you some color. So on the print side, it's really driven by the assurance of supply, given the ongoing supply constraints that we're seeing on the print side and also just the longer lead and transit times.

當然，下午好，克里斯蒂安，謝謝你的提問。因此，從連續的角度來看，我們的庫存實際上下降了，這是由於供應限制導致的商品成本上升抵消了在途運輸。現在就 Print 和 PS 而言，有一些不同的動態。所以讓我給你一些顏色。因此，在印刷方面，考慮到我們在印刷方面看到的持續供應限制以及更長的交貨時間和運輸時間，它實際上是由供應保證驅動的。

And then in PS, what's going on there is really the shift in motor transport. So as you might recall, I think we made this comment in our last call that we stopped using the train that we have used extensively from China to Europe, and we shifted a lot more of PS onto the ocean. So we've seen that shift from air to ocean. So that's what you're seeing. And then obviously, sea shipments are really for economic value and really drive much better pass-through, a lot better cost for us. So that's hopefully the perspective on inventory for you.

然後在 PS 中，真正發生的是汽車運輸的轉變。你可能還記得，我想我們在上次電話會議中發表了這樣的評論，我們停止使用從中國到歐洲廣泛使用的火車，我們將更多的 PS 轉移到海洋上。所以我們已經看到了從空氣到海洋的轉變。這就是你所看到的。然後很明顯，海運真的是為了經濟價值，真的推動了更好的傳遞，對我們來說成本要低得多。希望這就是您對庫存的看法。

We have said in the past, our medium-term plan is to continue to reduce own inventory. We think we have an opportunity there. And with the component situation getting better, we really think that this is going to be our plan during the next quarter.

我們過去說過，我們的中期計劃是繼續減少自己的庫存。我們認為我們在那裡有機會。隨著組件情況的好轉，我們真的認為這將是我們下一季度的計劃。

Your next question comes from the line of Aaron Rakers with Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

Yes. Congrats on the good execution in the quarter. Two questions, one and one follow-up. First, I'm just curious, Enrique and Marie, if you could kind of dive a little bit deeper into the commercial backlog in the PC segment. What's your expectations of working that backlog down? Is your guidance assuming that you continue to have an elevated backlog? Any kind of commentary on how we should think about the trajectory of that backlog through the back half of this fiscal year.

是的。祝賀本季度的良好執行。兩個問題，一個和一個跟進。首先，Enrique 和 Marie，我很好奇，您能否深入了解一下 PC 領域的商業積壓。你對處理積壓的工作有什麼期望？您的指導是否假設您的積壓工作繼續增加？關於我們應該如何考慮本財年下半年積壓的軌蹟的任何評論。

Yes. So thank you. So as we said in the prepared remarks, commercial backlog, commercial PC backlog and especially commercial continues to be elevated. Our plan is to reduce that during the coming quarters, and we will continue to improve the situation from a supply chain perspective. And by the end of the year or early next year, should be -- we should be done with that.

是的。所以謝謝。因此，正如我們在準備好的評論中所說，商業積壓、商業 PC 積壓，尤其是商業積壓繼續上升。我們的計劃是在未來幾個季度減少這種情況，我們將從供應鏈的角度繼續改善這種情況。到今年年底或明年初，應該 - 我們應該完成這個。

Okay. That's helpful. And then the follow-up question is just looking at the pricing trends you're seeing within PSG. Could you help us appreciate how much of it is being mix driven versus your ability to pass-through increased pricing from components and logistics? I'm just curious if you can help us understand the effects of pricing.

好的。這很有幫助。然後後續問題只是查看您在 PSG 中看到的定價趨勢。您能否幫助我們了解其中有多少是混合驅動的，而不是您通過組件和物流增加定價的能力？我只是想知道您是否可以幫助我們了解定價的影響。

Yes. No, I'd say, first of all, we definitely benefited from favorable pricing. And I think we've made those comments over the last couple of quarters. And really, it's due to that supply and demand imbalance that we've been experiencing. And I'd say particularly on the PS side, we've been able to actually pass-through a lot of that inflationary pricing straight through into our products.

是的。不，我想說，首先，我們肯定受益於優惠的定價。我認為我們已經在過去幾個季度發表了這些評論。實際上，這是由於我們一直在經歷的供需失衡。我想說的是，特別是在 PS 方面，我們實際上已經能夠將很多通脹定價直接傳遞到我們的產品中。

Now I would just add, if the supply and demand starts to come back into closer alignment, we'll start to see some of that pricing normalize. But right now, in terms of just the current outlook, we really expect pricing to remain strong in the second half of the year.

現在我要補充一點，如果供需開始重新接近一致，我們將開始看到一些定價正常化。但就目前的前景而言，我們確實預計下半年定價將保持強勁。

And in terms of your comment about mix, mix has also a significant impact on pricing. And really, when we -- you need to think PCs have more and more use as communication tools, which means customers need more memory, better cameras, better audio. And this is really driving demand towards the richer categories and the more premium products and is really having a significant impact on the overall price -- on pricing.

就您對混合的評論而言，混合對定價也有重大影響。真的，當我們——你需要認為個人電腦越來越多地用作通信工具時，這意味著客戶需要更多的內存、更好的相機、更好的音頻。這確實推動了對更豐富類別和更優質產品的需求，並且確實對整體價格 - 定價產生了重大影響。

Yes. I should add. Just on the mix comment actually, this quarter, around 65% of our PS portfolio is commercial, which obviously, as you know, has higher ASPs. So it's a combination of both the mix and the rate, which is really driving that favorability in pricing.

是的。我應該補充。實際上，就混合評論而言，本季度，我們大約 65% 的 PS 產品組合是商業的，正如您所知，這顯然具有更高的 ASP。因此，這是組合和費率的結合，這確實推動了定價的有利性。

Your next question comes from the line of Amit Daryanani with Evercore.

您的下一個問題來自於 Evercore 的 Amit Daryanani。

Congrats on a good quarter of mine as well. I guess I have 2 as well. The first one is just on the Print side, and I think your operating margin performance there was really impressive in the April quarter. So maybe you could just talk about what is enabling this really strong 19%-plus operating margin performance in April despite the supply [situation] that you had? And then as you think about the back half, it doesn't seem like mix is getting any different versus what you have in April. So why would margins dip down based on what you said on the Print side?

祝賀我的四分之一好。我想我也有2個。第一個只是在印刷方面，我認為你們在 4 月季度的營業利潤率表現確實令人印象深刻。所以，也許你可以談談是什麼讓 4 月份的營業利潤率表現如此強勁，儘管你有供應 [情況]？然後，當您考慮後半部分時，看起來混合與四月份的混合似乎沒有任何不同。那麼，為什麼根據您在印刷方面所說的利潤率會下降呢？

So the performance of the Print business this quarter was really driven by supply. We continue to see demand significantly above supply. And in supply, we are impacted mostly by component availability. And therefore, our focus was really profit optimization through pricing, through allocation of units. And this is why profitability this quarter was so strong. As we shared before, we expect the supply situation to improve through the end of the year. And as we -- this will happen, we also expect that pricing will be normalized, as Marie just explained.

因此，本季度印刷業務的表現確實受到供應的推動。我們繼續看到需求顯著高於供應。在供應方面，我們主要受到組件可用性的影響。因此，我們的重點實際上是通過定價和單位分配來優化利潤。這就是本季度盈利能力如此強勁的原因。正如我們之前分享的，我們預計供應情況將在年底前有所改善。正如我們 - 這將發生，我們也期望定價將正常化，正如瑪麗剛剛解釋的那樣。

Yes. Maybe I'll just add some comments then on Q3 on the print rate and what we expect to happen. As we've said, with respect to the full year, that would be at the high end of that range. And in fact, actually, what we're expecting in Q3, it actually would be slightly above that. And really what that's driven by is a combination of the supply constraints that Enrique spoke about, some of the mix that we're starting to see as the office reopens.

是的。也許我會在第三季度就打印率和我們期望發生的情況添加一些評論。正如我們所說，就全年而言，這將處於該範圍的高端。事實上，實際上，我們在第三季度的預期實際上會略高於此。真正驅動的是恩里克所說的供應限制的結合，隨著辦公室重新開放，我們開始看到一些混合。

And then given that backdrop, we're still seeing the impact of that favorable pricing I just spoke about a moment ago. So we'll expect some of that to come through. And obviously, we're doing all of that while we're offsetting currency headwinds as well. So overall, we would expect the rate for Print to certainly in the year be at the high end of that long-term range.

然後在這種背景下，我們仍然看到我剛才談到的優惠定價的影響。因此，我們希望其中一些能夠實現。顯然，我們在抵消貨幣逆風的同時也在做這一切。因此，總體而言，我們預計今年的印刷率肯定會處於該長期範圍的高端。

Understood. And then if I could just ask you around the non-GAAP adjustments that are being made for the fiscal '22 guide. I understand you're raising the non-GAAP numbers, but the GAAP numbers that are coming down. So I think the adjustments are $0.45 this time. 90 days ago, that was $0.31. Maybe I don't understand this enough, but could you just talk about what is resulting or what are the incremental adjustments that are being made? Is it restructuring? Is it Russia? And if you could just break that down, that would be helpful.

明白了。然後，如果我可以問你正在為 '22 財年指南進行的非公認會計原則調整。我了解您正在提高非 GAAP 數字，但 GAAP 數字正在下降。所以我認為這次的調整是 0.45 美元。 90 天前，這是 0.31 美元。也許我對此還不夠了解，但您能否談談結果或正在進行的增量調整？是重組嗎？是俄羅斯嗎？如果你能把它分解，那會很有幫助。

Sure. Happy to do so. So we actually revised our FY '22 GAAP guidance. And we actually have $0.11, just to clarify at the midpoint. So let me walk you through these really 4 key items that are driving it, which you captured a couple in your comments.

當然。很高興這樣做。所以我們實際上修改了我們的 FY '22 GAAP 指導。我們實際上有 0.11 美元，只是為了澄清中間點。因此，讓我帶您了解這 4 個真正推動它的關鍵項目，您在評論中捕捉到了其中的幾個。

So first of all, with the acquisition-related charges, related to Poly. As you know, we announced that just a little while ago, so that wasn't included in our prior GAAP guidance. Secondly, there are charges with Russia, which we actually -- I spoke about, I think, in my prepared remarks.

所以首先，跟收購相關的收費，跟保利有關。如您所知，我們不久前宣布了這一點，因此我們之前的 GAAP 指南中沒有包含這一點。其次，有對俄羅斯的指控，我們實際上 - 我認為，我在準備好的發言中談到了這一點。

And then we also have the timing acceleration of some real estate actions related to our transformation. And then finally, we've got some onetime related tax adjustments as well. So that's basically the construct for the revised GAAP guide.

然後我們還有一些與我們轉型相關的房地產行動的時間加速。最後，我們也進行了一些與一次性相關的稅收調整。因此，這基本上就是修訂後的 GAAP 指南的結構。

Your next question comes from the line of Toni Sacconaghi with Bernstein.

您的下一個問題來自托尼·薩科納吉（Toni Sacconaghi）與伯恩斯坦（Bernstein）的對話。

I have 2 as well. I just want to understand the backlog dynamics that happened in the quarter and what you're expecting going forward. So I think you said you drew down backlog in PCs. Was book-to-bill and revenues positive in the quarter? Can you give us some sense of how much backlog drawdown there was in PCs? And was there any backlog drawdown in printing? And when we think about the remainder of the year, if there's a supplier disruption in PCs, why would you expect to be able to continue to draw down backlog in Q3? And I have a follow-up, please.

我也有2個。我只想了解本季度發生的積壓動態以及您對未來的期望。所以我想你說你減少了 PC 的積壓。本季度的賬面比和收入是否為正？你能給我們一些關於 PC 中有多少積壓的縮編的感覺嗎？印刷中是否有任何積壓的縮編？當我們考慮今年剩餘時間時，如果 PC 供應商中斷，您為什麼希望能夠在第三季度繼續減少積壓？我有一個跟進，拜託。

Sure. So as I commented before, Toni, we saw a reduction of backlog Q2 -- Q1 to Q2, visibly driven by the ability to ship some of the units at the -- and increase some of the volumes in some specific areas. As we look out through the end of the year, we expect the supply situation to improve, and therefore, we expect to continue to reduce backlog in the rest of the year.

當然。因此，正如我之前評論過的，托尼，我們看到第二季度的積壓訂單減少——第一季度到第二季度，這明顯是由於能夠運送一些單位的能力——並增加了某些特定領域的一些銷量。展望今年年底，我們預計供應情況將有所改善，因此，我們預計在今年剩餘時間內將繼續減少積壓。

In the case of print, we continue to operate also with a high level of backlog. The reduction there was smaller. And we expect that we will be able to start reducing that more significantly in the Q4 time frame, which is where we have visibility of some of the actions we have taken in supply chain to take more impact.

在印刷的情況下，我們也繼續以高水平的積壓運作。那裡的減少更小。我們預計我們將能夠在第四季度開始更大幅度地減少這種情況，這是我們可以看到我們在供應鏈中採取的一些行動以產生更大的影響。

Okay. But I'm still not quite clear why if you have a supplier constraint and you're expecting lower revenues in Q3 from PCs, why you think you'll draw down backlog? And can I also just get you to clarify, typically, seasonally, printing is down Q2 to Q3. I think you're saying PCs will be down Q2 to Q3. Is that what we should expect? And again, if we -- if you're drawing down backlog, that feels a lot lower. Typically, you're up 4% sequentially from Q2 to Q3. So again, I'm just trying to square the circle with your anticipated backlog drawdowns and the dynamics of having weaker than seasonal PC revenues in Q3.

好的。但我仍然不太清楚，如果您有供應商限制，並且您預計第三季度 PC 的收入會下降，為什麼您認為您會減少積壓訂單？我也可以讓你澄清一下，通常情況下，季節性地，印刷在第二季度到第三季度下降。我認為您是說個人電腦將在第二季度到第三季度下降。這是我們應該期待的嗎？再說一次，如果我們 - 如果你正在減少積壓，那感覺要低得多。通常情況下，您從第二季度到第三季度連續增長 4%。再說一次，我只是想用你預期的積壓減少以及第三季度 PC 收入低於季節性的動態來確定這個圓圈。

Yes. So the comment about growing backlog is more a second half quarter -- a second half comment. Specifically in Q3, we have identified a very specific problem with one of our PC component suppliers that is having some special issues on yield in one other factory. This is going to be impacting our shipments in Q3 for PCs. We have line of sight for this to be recovered in Q4. And this is why from a seasonality perspective, revenue in Personal Systems in PC in Q3 will be below Q2. And again, the backlog comment is a second half comment, not a quarter-over-quarter comment. Thank you.

是的。所以關於增加積壓的評論更多的是下半年的評論——下半年的評論。特別是在第三季度，我們發現我們的一家 PC 組件供應商存在一個非常具體的問題，該供應商在另一家工廠的產量方面存在一些特殊問題。這將影響我們在第三季度的 PC 出貨量。我們認為這將在第四季度恢復。這就是為什麼從季節性的角度來看，第三季度 PC 個人系統的收入將低於第二季度。同樣，積壓評論是下半年評論，而不是季度評論。謝謝你。

Your next question comes from the line of Erik Woodring with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Erik Woodring。

Congrats on the quarter. If we take a step back, it's been a pretty unique time in the market, kind of the best PC growth in the decade plus short supply, which has allowed you to hold pricing. And then at the same time, you've been able to work through a multiyear cost-cutting kind of transformation program, and it's clearly showing up in your margin profile, right, pre kind of COVID period operating margins were around 7% to 7.5%.

祝賀本季度。如果我們退後一步，這是市場上一個非常獨特的時期，這是十年來最好的 PC 增長加上供應短缺，這讓你可以保持定價。然後同時，您已經能夠通過多年的成本削減轉型計劃工作，並且它清楚地顯示在您的利潤率概況中，對，在 COVID 時期之前的營業利潤率約為 7% 到 7.5 %。

Right now, they're running around 9% consistently. So just curious kind of -- is there a way that you can break down the margin uplift between kind of mix and kind of the permanency of the changes that you've made versus temporary factors like pricing that you expect to potentially normalize in the back half of the year and into next year? And then I have a follow-up.

現在，他們一直在運行 9% 左右。所以只是有點好奇——有沒有一種方法可以打破你所做的改變的種類和持久性與你期望在後面可能正常化的定價等臨時因素之間的利潤率上升半年到明年？然後我有一個跟進。

Sure. Probably the best way to answer, Erik, is to go back to the guidance we provided in our Investor Day in October, where we share -- what is our perspective for both businesses. In the case of Personal Systems, we expect margins to be between 5% and 7% going forward. We raised that in October from what we had before to reflect especially the impact of the cost activities that we have put in place, and also the focus that we had in higher margin categories. And I like to remind you that several of our growth areas like gaming, peripheral and services, in the case of PC, will help us to sustain these higher margins.

當然。埃里克，可能最好的回答方式是回到我們在 10 月份的投資者日提供的指導，我們在那里分享——我們對兩家企業的看法。就個人系統而言，我們預計未來的利潤率將在 5% 到 7% 之間。我們在 10 月份從之前的情況中提出了這一點，以特別反映我們已經實施的成本活動的影響，以及我們對更高利潤率類別的關注。我想提醒您，我們的幾個增長領域，如游戲、外圍設備和服務，就 PC 而言，將幫助我們維持這些更高的利潤率。

In the case of print, our margins -- we -- our projection is that margins will stay in the 16% to 18% range. And again, the -- our long-term strategy is really focused on those categories where we think we can drive both growth and sustainable margins. While at the same time, we expect that some of the pricing benefits we have experienced during the last 2 years will fade over time.

就印刷品而言，我們的利潤率——我們——我們的預測是利潤率將保持在 16% 到 18% 的範圍內。再一次，我們的長期戰略真正專注於我們認為我們可以推動增長和可持續利潤的那些類別。同時，我們預計我們在過去 2 年中體驗到的一些定價優勢會隨著時間的推移而消失。

Okay. That's really helpful, Enrique. And then maybe a question on Print. Go back to SAM 2019, you laid out this business model pivot for the printing business to collect more profits upfront from the sale of printing hardware, while at the same time introducing programs like HP+ to make supplies stickier in certain situations. So we're now more than 2 years away from that announcement.

好的。這真的很有幫助，恩里克。然後可能是關於打印的問題。回到 SAM 2019，您為打印業務制定了這種商業模式支點，以從打印硬件的銷售中預先獲得更多利潤，同時引入 HP+ 等程序以在某些情況下使耗材更具粘性。所以我們現在距離該公告還有 2 年多的時間。

Can you just kind of give us an update on where we are on this pivot? How much is left to do, kind of what inning we're in? And then really how a normalization and kind of supply and demand and pricing dynamics could change or alter your ability to kind of capture some of these higher hardware prices that you've been able to do over the last, call it, 2 years and change.

你能告訴我們我們在這個支點上的最新情況嗎？還有多少事情要做，我們在哪一局？然後真正的正常化以及供需和定價動態如何改變或改變你捕捉一些你在過去能夠做到的更高硬件價格的能力，稱之為，2 年並改變.

Sure. Thank you. We are very pleased with the program that we are doing in the pivot of the business model. We heard today that today, in Q2, around 48% of the units are either what we call profit upfront. So customers get a printer and the ink or toner when they get the unit or HP+ unit. So this gives you an idea of the progress that we have made in the last 2 years, and we expect this percentage to continue to increase as the adoption for HP+ will continue to grow.

當然。謝謝你。我們對我們在商業模式的樞紐中所做的計劃感到非常滿意。我們今天聽說，在第二季度，大約 48% 的單位要么是我們所說的前期利潤。因此，客戶在獲得設備或 HP+ 設備時會獲得打印機和墨水或碳粉。因此，這讓您了解我們在過去 2 年中取得的進展，我們預計隨著 HP+ 的採用率將繼續增長，這一百分比將繼續增加。

Another important element of our strategy is the growth of our subscription model. And also, we shared today that, in Q2, that business both from subscribers and from a revenue perspective, we grew double digit. So this also shows the momentum that we have in that part of the company.

我們戰略的另一個重要元素是訂閱模式的增長。此外，我們今天分享了第二季度的業務，無論是從訂閱用戶還是從收入的角度來看，我們都實現了兩位數的增長。所以這也顯示了我們在公司那部分的勢頭。

Your next question comes from the line of Jim Suva with Citigroup.

您的下一個問題來自花旗集團的 Jim Suva。

I have some pretty easy specific questions, one for Enrique and one for Marie. Enrique, I believe it was a year ago you highlighted the strength in Chromebooks from HP. Now what we -- can you help us kind of quantify how much exposure you have to PC because now the world, of course, is opposite of the view of strength for Chromebooks. Just want to see the risk there. And then for Marie, is the reason why we're not increasing free cash flow is that as a function of those 4 items that you mentioned on kind of the adjustments of the Russia, the closing costs, non-GAAP tax adjustments and things like that.

我有一些非常簡單的具體問題，一個是給 Enrique，一個是給 Marie。 Enrique，我相信一年前你強調了惠普 Chromebook 的優勢。現在我們——你能不能幫助我們量化你對 PC 的曝光率，因為現在世界當然與 Chromebook 的實力觀點相反。只是想看看那裡的風險。然後對於瑪麗來說，我們不增加自由現金流的原因是，作為你提到的關於俄羅斯調整的那 4 個項目的函數，關閉成本，非公認會計原則稅收調整等等那。

Yes. Thank you, Jim. So the exposure -- the size of the overall Chromebook business is relatively small in our Personal Systems business. It lends 10% from a revenue perspective and much smaller from an operating profit or margin perspective. So the exposure that we have is relatively small. Shipments of Chromebook this quarter were also small. So this shows that we can really perform in a very strong way of personal systems. Even in there, we have very small Chromebook market.

是的。謝謝你，吉姆。因此，在我們的個人系統業務中，整體 Chromebook 業務的規模相對較小。從收入的角度來看，它提供了 10% 的貸款，而從營業利潤或利潤率的角度來看，它的貸款利率要小得多。所以我們的曝光量比較小。本季度 Chromebook 的出貨量也很小。所以這表明我們確實可以以非常強大的方式執行個人系統。即使在那裡，我們的 Chromebook 市場也非常小。

What we have seen during this year, and we started to see it a few quarters ago, and we have talked about this before, is a significant slowdown of the Chromebook business in the U.S. in the Education segment, we are starting to see some signs of recovery, but the market has continued to be significantly below where it was a year ago.

我們在今年看到的，我們在幾個季度前開始看到，我們之前已經討論過，是美國 Chromebook 業務在教育領域的顯著放緩，我們開始看到一些跡象復甦，但市場繼續顯著低於一年前的水平。

And Jim, just on your comments on free cash flow, just to clarify. So as I mentioned in my prepared remarks, we do expect to generate at least $4.5 billion in free cash flow this year. So we remain very much on track.

吉姆，只是關於你對自由現金流的評論，只是為了澄清。因此，正如我在準備好的講話中提到的那樣，我們確實預計今年將產生至少 45 億美元的自由現金流。因此，我們仍然非常順利。

And with respect to the items that I explained on the GAAP guide in terms of their impact on cash flow, the impacts that we had in the quarter were really much more related to PS volumes in the back-end loaded revenue linearity. As you heard Enrique say earlier, we expect that to course correct in Q4. So at this point, we expect our cash flow to remain on track for our guide.

關於我在 GAAP 指南中解釋的對現金流的影響的項目，我們在本季度的影響實際上與後端負載收入線性中的 PS 量有關。正如您之前聽到恩里克所說的那樣，我們預計這將在第四季度得到糾正。因此，在這一點上，我們預計我們的現金流將保持在我們指導的軌道上。

Your next question comes from the line of Ananda Baruah with Loop Capital.

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

Congrats on the results and strong execution in an increasingly challenging environment. Two, if I could, have you guys seen any impact to any of your commercial business for macro? And are you getting any feedback yet if you've not seen any impact yet, are you getting any feedback yet from customers about what they're thinking? And then I have a follow-up as well.

祝賀在日益具有挑戰性的環境中取得的成果和強大的執行力。第二，如果可以的話，你們有沒有看到對您的任何商業業務的宏觀影響？如果您還沒有看到任何影響，您是否收到任何反饋，您是否收到客戶關於他們的想法的任何反饋？然後我也有後續行動。

Thank you, Ananda. So the answer is not yet. We haven't -- we continue to see strong demand on the commercial side. We have a strong funnel. So we don't see any signals of weakening of the demand on the commercial side. And this is one of the key drivers of the guide that we have provided for the rest of the year.

謝謝你，阿難。所以答案還沒有。我們沒有——我們繼續看到商業方面的強勁需求。我們有一個強大的漏斗。因此，我們沒有看到任何商業方面需求減弱的信號。這是我們為今年剩餘時間提供的指南的主要驅動力之一。

Enrique, that's really helpful. And then, Enrique, just moving over to the PC business quickly. How much -- I believe that 90 days ago, sort of 90 days ago, 180 days ago, you guys are thinking that the market -- PC market would be up kind of flat to slightly up for the year. So now sounds like slightly down for the year.

恩里克，這真的很有幫助。然後，恩里克，很快就轉向了個人電腦業務。多少 - 我相信 90 天前，大約 90 天前，180 天前，你們認為市場 - PC 市場今年將持平或略微上漲。所以現在聽起來今年略有下降。

Is that accurate by recollection? And if it is, is the change -- how much is supply chain related coming out of China with the lockdowns? And how much of it is demand related? And then the second part to that is you gave us your view on the market. How are you expecting HP to perform unit-wise this year as well?

回憶起來準確嗎？如果是的話，是否會發生變化——中國的供應鏈與封鎖有多少相關？其中有多少與需求相關？然後第二部分是你給了我們你對市場的看法。您如何看待惠普今年在單位方面的表現？

Yes. So 2 things. One is, from a unit perspective, we expect this year to see a small decline from where the market was in 2021, but to stay at a very elevated level compared to 2019. In terms of units, we expect the market to be in the 320 million, 330 million units in line with what many of the analysts and other companies have published.

是的。所以2件事。一是，從單位的角度來看，我們預計今年市場將比 2021 年的市場小幅下降，但與 2019 年相比將保持在非常高的水平。就單位而言，我們預計市場將處於3.2 億，3.3 億單位與許多分析師和其他公司公佈的數據一致。

From a revenue perspective, though, we expect to see growth. We expect the market to grow in the 3% to 4%, really driven by many of the things we have been discussing today, mix between consumer and commercial and a mixed shift towards more premium units in both segments. And that's really what is driving the growth that we expect to see in Personal Systems through the rest of the year.

不過，從收入的角度來看，我們預計會看到增長。我們預計市場將以 3% 到 4% 的速度增長，這實際上是由我們今天討論的許多事情推動的，消費者和商業之間的混合以及在這兩個細分市場中向更多高端單位的混合轉變。這確實是推動我們預計在今年餘下時間在個人系統中看到的增長的原因。

Your next question comes from the line of David Vogt with UBS.

您的下一個問題來自瑞銀集團的 David Vogt。

Great. I have 2 quick questions, one for Enrique and then a quick follow-up for Marie. So Enrique, you -- both you and your competitors have noted that you're focused on higher-end PCs, including commercial, gaming and high-end consumer as a reason for sustainable growth and better ASPs and mix going forward. But I guess the question I have is the supply chains have started the typical buying patterns and the pricing backdrop. How do we know that there's not risk to incremental buyers of PCs coming online when supply normalizes, targeting more lower-end devices, lower-spec PCs, given that there might have been some people lining up earlier in the queue for more richer configurations? And then I have a follow-up for Marie on margins.

偉大的。我有 2 個簡短的問題，一個是給 Enrique 的，然後是一個給 Marie 的快速跟進問題。所以恩里克，你和你的競爭對手都注意到你專注於高端個人電腦，包括商業、遊戲和高端消費者，這是可持續增長和更好的 ASP 和未來組合的原因。但我想我的問題是供應鏈已經開始典型的購買模式和定價背景。我們怎麼知道當供應正常化、瞄準更多低端設備、低規格 PC 時，增加的 PC 購買者不會面臨風險，因為可能有一些人在隊列中更早排隊以獲得更豐富的配置？然後我對 Marie 進行了後續跟進。

Well, I think the demand of both is certainly independent -- we -- because of -- as I mentioned before, because of the use model in commercial, consumer -- customers need higher and better configurations because of the growth in gaming. We see growth in that category, which in general has also higher average selling prices, and this is driving the demand of this category. We continue to have a very strong growing portfolio. And if we see more demand on that side. We will be happy to serve it. But at this point, we really see demand on the more premium categories, both on commercial and in consumer.

好吧，我認為兩者的需求肯定是獨立的——我們——因為——正如我之前提到的，因為商業、消費者的使用模式——由於遊戲的增長，客戶需要更高更好的配置。我們看到該類別的增長，通常平均售價也更高，這推動了該類別的需求。我們繼續擁有非常強勁的增長組合。如果我們看到這方面的更多需求。我們很樂意為它服務。但在這一點上，我們確實看到了對更高端類別的需求，無論是在商業領域還是在消費者領域。

Great. And then a quick follow-up for Marie. Marie, thanks for all the color on the margin. But just to follow up on margins. So you're well above your 16% to 18% range not only this quarter, but in the prior quarter and then in the guide for the third quarter. But if I just sort of analyze the full year guidance, are you intimating that by Q4 of this fiscal year, print margins return back towards the lower end of your long-term range, if I'm doing the math correctly? And if so, is that sort of the right way to think about the profitability of that segment going forward that this is sort of a onetime above the range period and that 16% to 18% is more likely the stable environment that we're going to be operating in for the foreseeable future?

偉大的。然後是瑪麗的快速跟進。瑪麗，感謝頁邊空白處的所有顏色。但只是為了跟進利潤。因此，您不僅在本季度，而且在上一季度以及第三季度的指南中都遠高於 16% 到 18% 的範圍。但是，如果我只是分析全年指導，您是否暗示到本財年第四季度，印刷利潤率會回到您長期範圍的下限，如果我計算正確的話？如果是這樣，那麼這種考慮該細分市場未來盈利能力的正確方法是，這比範圍期高出一倍，而 16% 到 18% 更有可能是我們正在走向的穩定環境在可預見的未來運營？

Yes. No, David. So I think the way to think about it for the full year is really that we expect to be at the high end. As I mentioned a bit earlier, we expect it to be above for Q3 due to the supply chain constraints. But overall, just to kind of give you a little extra context here, we've seen that favorable pricing impact, and we believe the durability around that is there, plus you've seen us very successfully manage through the headwinds in the business, whether that was currency, whether that was commodities, et cetera. And then Enrique talked today about the growth businesses and how we're driving that in terms of just the flow-through factor for a longer-term perspective. So that's the right way to think about our margin construct going forward. It's a combination of all of those factors coming together. But for the year, I really want you to leave with the thought that we're going to be at the high end of '16 to '18.

是的。不，大衛。所以我認為全年考慮它的方式是我們期望處於高端。正如我之前提到的，由於供應鏈的限制，我們預計第三季度會高於此水平。但總的來說，在這裡給你一些額外的背景信息，我們已經看到了有利的定價影響，我們相信它的耐用性是存在的，而且你已經看到我們非常成功地應對了業務中的逆風，那是貨幣，還是商品，等等。然後，Enrique 今天談到了增長業務，以及我們如何從長期的流動因素方面推動增長。所以這是思考我們未來的保證金結構的正確方法。這是所有這些因素的結合。但是對於這一年，我真的希望你離開時認為我們將處於 16 到 18 年的高端。

Thank you, Marie, and thank you, everybody, for your questions today and for joining the call. I think the first 6 months of fiscal year '22 show that our business continues to perform well and that we are entering the second half from a position of strength. I want to especially highlight the performance that we have had in our growth businesses.

謝謝你，瑪麗，謝謝大家今天提出的問題和加入電話會議。我認為 22 財年的前 6 個月表明我們的業務繼續表現良好，並且我們正從強勢進入下半年。我想特別強調我們在增長業務中的表現。

As I said at the beginning of the call, they represented $5.6 billion of business, well on track to deliver on the $10 billion goal that we shared with all of you in October. At the same time, we really show -- this gives us strong confidence as we enter in the second half. This is why we decided to raise our EPS guide for the year to reflect that confidence, and we are really well positioned to deliver sustained revenue, operating profit, EPS and free cash flow.

正如我在電話會議開始時所說，他們代表了 56 億美元的業務，有望實現我們在 10 月份與大家分享的 100 億美元的目標。與此同時，我們真的展示了——這讓我們在進入下半場時充滿了信心。這就是為什麼我們決定提高我們今年的每股收益指南以反映這種信心，我們確實有能力提供持續的收入、營業利潤、每股收益和自由現金流。

So really, thank you for joining today and looking forward to continue to speak to all of you soon. Thank you.

真的，感謝您今天的加入，並期待很快繼續與大家交流。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。