惠普 (HPQ) 2022 Q4 法說會逐字稿

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

大家好，歡迎來到 2022 年第四季度惠普收益電話會議。我叫艾瑪，我將擔任今天電話會議的主持人。 （操作員說明）提醒一下，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.

我現在想把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 Fourth 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. 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.

大家下午好，歡迎來到惠普 2022 年第四季度收益電話會議。今天和我在一起的有惠普總裁兼首席執行官 Enrique Lores；和惠普首席財務官 Marie Myers。在將電話轉給恩里克之前，讓我提醒您，此電話是網絡廣播，電話後不久將在我們的網站上提供重播，時間約為 1 年。

We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com. As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions.

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。與往常一樣，本次演講的內容具有前瞻性，並且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，請參閱收益材料中有關涉及風險、不確定性和假設的前瞻性陳述的免責聲明。

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. 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 SEC filings for the years ending October 31, 2022 and 2023 and the quarter ending January 31, 2023.

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，包括我們最新的 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。我們還注意到，本次電話會議討論的財務信息反映了基於現有信息的估計，可能與惠普提交給美國證券交易委員會的文件中最終報告的截至 2022 年 10 月 31 日和 2023 年以及截至 2023 年 1 月 31 日的季度的最終金額存在重大差異。

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.

在本次網絡直播中，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 GAAP 基礎上表達的財務信息，我們已經包含了與可比較的 GAAP 信息的調節。有關這些對賬，請參閱今天的收益發布隨附的表格和幻燈片演示。

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。

Thank you, Orit, and thank you, everyone, for joining the call today. I'm going to focus my remarks on 3 key topics. First, I will recap our Q4 and full year results. Then I will discuss actions we are taking to position our business for the future, including a new 3-year plan focused on structural cost reductions that will drive the next phase of our digital transformation and the investment in our growth businesses. And I will close by talking about our outlook for 2023.

謝謝 Orit，也謝謝大家今天加入電話會議。我將重點關注 3 個關鍵主題。首先，我將回顧我們的第四季度和全年業績。然後我將討論我們為未來業務定位而採取的行動，包括一項新的 3 年計劃，該計劃側重於結構性成本削減，這將推動我們下一階段的數字化轉型和對增長業務的投資。最後，我將談談我們對 2023 年的展望。

But let me start by setting some important context. It has now been 3 years since I became CEO. From the day I took over, my top priority has been to deliver long-term, sustainable, profitable growth while transforming our business for the future, and we have made important progress. We started by launching an aggressive plan to unlock value. We implemented a new global operating model that brought us closer to customers and helped us significantly reduce structural costs.

但讓我先設定一些重要的背景。我成為 CEO 已經 3 年了。從我接手的那一天起，我的首要任務就是實現長期、可持續、盈利的增長，同時為未來轉變我們的業務，我們已經取得了重要進展。我們首先啟動了一項積極的計劃來釋放價值。我們實施了一種新的全球運營模式，拉近了我們與客戶的距離，並幫助我們顯著降低了結構性成本。

We initiated actions to rebalance profitability in our Print business. And we began to diversify our portfolio to capture more value per customer. We expanded into adjacent growth categories such as peripherals. We extended our services and solutions offering, and we shifted more of our business to subscription and contractual models. These changes helped us to improve our operational performance. They also position us well for the disruption caused by the pandemic, which we were able to use as a catalyst to accelerate our transformation.

我們採取行動重新平衡印刷業務的盈利能力。我們開始使我們的產品組合多樣化，以便為每位客戶獲取更多價值。我們擴展到外圍設備等相鄰的增長類別。我們擴展了我們的服務和解決方案，並將更多業務轉移到訂閱和合同模式。這些變化幫助我們提高了運營績效。它們還使我們能夠很好地應對大流行造成的破壞，我們能夠將其用作加速轉型的催化劑。

And our track record over these past few years provides a window into what you can expect from us moving forward. We have proven to be resilient in the face of changing market conditions. We delivered strong free cash flow, controlled our costs and scaled our growth businesses. At the same time, we will continue challenging ourselves to do better regardless of the external environment, and there are areas where we need to do better.

我們過去幾年的業績記錄為您提供了一個窗口，讓您了解我們對未來的期望。事實證明，面對不斷變化的市場條件，我們具有韌性。我們提供了強勁的自由現金流，控制了成本並擴大了我們的增長業務。同時，無論外部環境如何，我們都會不斷挑戰自己，做的更好，也有需要做得更好的地方。

When we see things that aren't working, we will fix them, and we will embrace every opportunity to improve our performance because our customers, shareholders and other stakeholders deserve nothing less. You can expect us to take the same approach in 2023 and beyond.

當我們看到無法正常工作的事情時，我們會解決它們，我們會抓住每一個機會來提高我們的績效，因為我們的客戶、股東和其他利益相關者理應得到這樣的待遇。您可以期待我們在 2023 年及以後採取同樣的方法。

Let me now turn to our results for the quarter. Revenue was $14.8 billion, down 11% nominally or 8% in constant currency. This reflects macro headwinds in the market and is very consistent with what we described last quarter. We continue to focus on what we can control. We managed our pricing mix and costs to deliver non-GAAP EPS of $0.85, which is towards the high end of our previously provided outlook. And we delivered strong free cash flow of $1.8 billion, while returning $1 billion to shareholders.

現在讓我談談我們本季度的業績。收入為 148 億美元，名義上下降 11%，按固定匯率計算下降 8%。這反映了市場的宏觀逆風，與我們上個季度的描述非常一致。我們繼續專注於我們可以控制的事情。我們管理了我們的定價組合和成本，以實現 0.85 美元的非 GAAP 每股收益，這接近我們之前提供的展望的高端。我們提供了 18 億美元的強勁自由現金流，同時向股東返還了 10 億美元。

Very importantly, we also maintained our momentum in our growth portfolio. In short, we did what we said we were going to do last quarter. Turning to our Q4 business unit performance. Personal Systems revenue were $10.3 billion. That's down 9% in constant currency year-over-year, but up 2% sequentially or 4% in constant currency, including 2 months of Poly's results. The Poly integration is going well so far with the business performing better than expected.

非常重要的是，我們還保持了增長組合的勢頭。簡而言之，我們按照上個季度所說的去做。轉向我們第四季度的業務部門業績。個人系統收入為 103 億美元。按固定匯率計算，同比下降 9%，但按固定匯率計算連續增長 2% 或 4%，包括保利 2 個月的業績。到目前為止，Poly 整合進展順利，業務表現好於預期。

We continue to receive very positive feedback from the market about the opportunity ahead. We are well positioned to accelerate our peripheral growth, and we expect Poly to be accretive to non-GAAP operating profit and EPS in fiscal year '23. Our PS operating margin was 4.5% in the quarter, below our long-term target range due to increased competitive pricing, particularly in EMEA. Still, we remain confident in the long-term trajectory of PS as we navigate near-term volatility in the market. The PS TAM remains above pre-pandemic levels, and we are making progress against our long-term strategic priorities.

我們繼續從市場收到關於未來機會的非常積極的反饋。我們有能力加速我們的外圍增長，我們預計 Poly 將在 23 財年增加非 GAAP 營業利潤和每股收益。我們本季度的 PS 營業利潤率為 4.5%，低於我們的長期目標範圍，原因是價格更具競爭力，尤其是在歐洲、中東和非洲地區。儘管如此，在我們應對市場的近期波動時，我們仍然對 PS 的長期軌跡充滿信心。 PS TAM 仍高於大流行前的水平，我們正在針對我們的長期戰略重點取得進展。

This includes shifting more of our mix to high-value segments. In Q4, our Commercial business continues to account for more than 2/3 of our overall PS revenue. However, we are not satisfied with our PS market share results this quarter. We know we can do better, and we will. We see many opportunities to improve our execution and gain share in key segments of the market. In Print, revenue was $4.5 billion. That's down 7% year-over-year or 6% in constant currency, largely due to continued softness in the consumer market, both hardware and supplies and supply constraints.

這包括將我們的更多組合轉移到高價值細分市場。在第四季度，我們的商業業務繼續占我們整體 PS 收入的 2/3 以上。然而，我們對本季度的 PS 市場份額結果並不滿意。我們知道我們可以做得更好，我們會的。我們看到了很多機會來提高我們的執行力並在市場的關鍵部分獲得份額。在印刷品方面，收入為 45 億美元。同比下降 7% 或按固定匯率計算下降 6%，這主要是由於消費市場持續疲軟，包括硬件和供應以及供應限制。

That said, our operating margin of 19.9% was well above our target range, reflecting disciplined cost management and pricing. Our Commercial business made a good recovery during the quarter, with office hardware revenue growing double digits year-over-year and sequentially. This was offset by declines in home and supplies, both of which were in line with our expectations. We also made progress against our plan to rebalance system profitability and further reduce our reliance on transactional supplies. HP+ and Big Tank printers continue to become a larger portion of our portfolio mix, representing about 55% of our printer shipments. And we had another good quarter in industrial graphics and 3D, both of which grew revenue year-over-year and sequentially.

也就是說，我們 19.9% 的營業利潤率遠高於我們的目標範圍，反映了嚴格的成本管理和定價。我們的商業業務在本季度恢復良好，辦公硬件收入同比和環比增長兩位數。這被房屋和供應的下降所抵消，兩者都符合我們的預期。我們在重新平衡系統盈利能力和進一步減少對交易供應的依賴的計劃方面也取得了進展。 HP+ 和 Big Tank 打印機繼續在我們的產品組合中佔據更大的份額，約占我們打印機出貨量的 55%。我們在工業圖形和 3D 領域又迎來了一個不錯的季度，這兩個季度的收入都同比和環比增長。

Now turning to the full year. Our Q4 results capped off a solid 2022 in the face of tough market conditions in the second half. Fiscal year '22 revenue was $63 billion. That's down 1% nominally and up 1% in constant currency. We exceeded our full year revenue target for our key growth businesses, each of which delivered double-digit organic growth. Collectively, they generated more than $11 billion in revenue. That's $1 billion above our target and reflects the strong momentum we are building.

現在轉向全年。面對下半年嚴峻的市場環境，我們的第四季度業績為 2022 年的穩健業績畫上了句號。 22 財年的收入為 630 億美元。名義上下跌 1%，按固定匯率計算上漲 1%。我們超過了關鍵增長業務的全年收入目標，每個業務都實現了兩位數的有機增長。總的來說，它們創造了超過 110 億美元的收入。這比我們的目標高出 10 億美元，反映了我們正在建立的強勁勢頭。

We delivered non-GAAP EPS of $4.08. That's up 8% year-over-year and within our target range. We generated free cash flow of $3.9 billion, and we returned $5.3 billion to shareholders in the form of share repurchases and dividends. We also continued to advance our Sustainable Impact Agenda. This is a key differentiator for our brand, and I am proud of the work our teams are doing to make it a competitive advantage.

我們交付了 4.08 美元的非 GAAP 每股收益。同比增長 8%，在我們的目標範圍內。我們產生了 39 億美元的自由現金流，並以股票回購和股息的形式向股東返還了 53 億美元。我們還繼續推進我們的可持續影響議程。這是我們品牌的一個關鍵差異化因素，我為我們的團隊為使其成為競爭優勢所做的工作感到自豪。

This year, we were the only technology company globally to receive an A rating from CDP, one of the world's leading NGOs dedicated to environmental sustainability reporting. And almost all the new printers, laptops, notebooks, displays and workstations we launched in 2022 included recycled materials. Sustainable impact will remain a key strategic priority moving forward.

今年，我們是全球唯一一家獲得 CDP A 評級的科技公司，CDP 是世界領先的致力於環境可持續性報告的非政府組織之一。我們在 2022 年推出的幾乎所有新打印機、筆記本電腦、筆記本電腦、顯示器和工作站都包含回收材料。可持續影響仍將是向前發展的關鍵戰略重點。

Fiscal year '22 also marked the completion of our 3-year value creation plan, and we exceeded all the key targets we set. In addition to delivering on our financial commitments, the plan drove important investments in our future. Most notably, we invested in our digital infrastructure to begin replatform in the company. And we invested in both R&D and M&A to accelerate the growth of our businesses. These investments have strengthened our resilience and positioned as well for the volatile market ahead.

22 財年也標誌著我們 3 年價值創造計劃的完成，我們超過了我們設定的所有關鍵目標。除了兌現我們的財務承諾外，該計劃還推動了對我們未來的重要投資。最值得注意的是，我們投資於我們的數字基礎設施，開始在公司進行平台改造。我們投資於研發和併購，以加速我們業務的增長。這些投資增強了我們的韌性，並為未來動蕩的市場做好了準備。

I now want to talk about what comes next because while we have delivered on our value plan, we are not done, and we have initiated the next phase of our transformation. Our ultimate goal is to create a Future Ready HP. Future Ready is our strategic framework that we are driving across the company. It has 2 primary objectives. One is to develop the portfolio and operational capabilities needed to drive sustainable growth. The other is to further reduce our cost.

我現在想談談接下來會發生什麼，因為雖然我們已經實現了我們的價值計劃，但我們還沒有完成，我們已經啟動了下一階段的轉型。我們的最終目標是打造面向未來的惠普。 Future Ready 是我們在整個公司推動的戰略框架。它有兩個主要目標。一是發展推動可持續增長所需的投資組合和運營能力。另一個是進一步降低我們的成本。

Marie will talk more about the cost side of this transformation. Today, I am going to walk you through 3 key elements of our Future Ready plan, digital transformation, portfolio optimization and operational efficiency. They are also the major drivers of savings of the plan we are announcing today.

瑪麗將更多地談論這種轉變的成本方面。今天，我將帶您了解我們未來就緒計劃的 3 個關鍵要素：數字化轉型、投資組合優化和運營效率。它們也是我們今天宣布的計劃節省開支的主要推動力。

I will start with digital transformation. We are continuing the process of digitizing the company. We plan to capitalize on the infrastructure investments we made over the past 3 years to simplify and accelerate many processes through automation and end-to-end management. For example, we are launching end-to-end initiatives that will enable faster conversion from lead generation to free cash flow.

我將從數字化轉型開始。我們正在繼續公司的數字化進程。我們計劃利用我們在過去 3 年中進行的基礎設施投資，通過自動化和端到端管理來簡化和加速許多流程。例如，我們正在啟動端到端計劃，以加快從潛在客戶生成到自由現金流的轉換。

Our digital transformation will also drive productivity, speed and quality of our execution across supply chain, customer support and go-to-market. In addition, our new digital backbone will enable us to scale key growth businesses by delivering new customer value propositions such as personalized services and solutions that allow us to capture more value per customer. The second area of focus is on optimizing our portfolio. In the current environment, I believe it's essential that we zero in on businesses where we can drive significant competitive advantage and market leadership.

我們的數字化轉型還將提高我們在供應鏈、客戶支持和上市方面的執行效率、速度和質量。此外，我們新的數字骨幹網將使我們能夠通過提供新的客戶價值主張（例如個性化服務和解決方案，使我們能夠為每位客戶獲取更多價值）來擴展關鍵增長業務。第二個重點領域是優化我們的投資組合。在當前環境下，我認為我們必須將重點放在可以推動顯著競爭優勢和市場領導地位的業務上。

We have an opportunity to create a more focused and more growth-oriented line of businesses based on innovation that meets the changing needs of our customers. We also have opportunities to simplify our portfolio. For example, in Personal Systems, there is an opportunity to significantly reduce our number of unique SKUs. And we plan to significantly reduce complexity and cost in businesses where we don't expect to achieve growth but can drive value.

我們有機會在滿足客戶不斷變化的需求的創新基礎上，創建一個更專注、更以增長為導向的業務線。我們也有機會簡化我們的產品組合。例如，在個人系統中，有機會顯著減少我們獨特 SKU 的數量。我們計劃顯著降低我們不希望實現增長但可以推動價值的業務的複雜性和成本。

A significant portion of the savings we generate is expected to be invested to drive innovation in our key growth businesses to increase the lifetime value of our customers. I'll give you some examples. In hybrid work solutions, we intend to leverage the combined strength of Poly and HP to drive attach, while expanding in software and services to deliver differentiated hybrid work solutions for meeting rooms and home offices.

我們節省的資金中有很大一部分預計將用於推動關鍵增長業務的創新，以提高客戶的終身價值。我會給你一些例子。在混合工作解決方案中，我們打算利用 Poly 和 HP 的綜合實力來推動附加，同時擴展軟件和服務，為會議室和家庭辦公室提供差異化的混合工作解決方案。

In gaming, we see significant opportunity to drive better collective experiences through both software and hardware. And we will create seamless experiences across PCs, displays and peripherals. Through our newly informed workforce services and solutions business, we will simplify IT management for customers through new Device as a Service offering tailored for hybrid ecosystem. We will also expand our consumer services offerings beyond Instant Ink to include new areas such as paper and print hardware.

在遊戲領域，我們看到了通過軟件和硬件推動更好的集體體驗的重要機會。我們將打造跨 PC、顯示器和外圍設備的無縫體驗。通過我們新近了解的勞動力服務和解決方案業務，我們將通過為混合生態系統量身定制的新設備即服務產品簡化客戶的 IT 管理。我們還將擴大 Instant Ink 以外的消費者服務產品，以包括紙張和打印硬件等新領域。

In industrial graphics, we will continue to lead the industry in innovation that drives that analog to digital transformation. And in 3D, we will continue to invest in our own 3D end-to-end printing applications and in our Metals portfolio. And we expect these businesses collectively to continue growing organically double digits next year. The third area of focus I'm going to cover today is delivering operational excellence. We plan to continue to optimize our performance by driving efficiencies, simplifying organizational structure and removing unnecessary costs.

在工業圖形領域，我們將繼續引領行業創新，推動模擬到數字的轉型。在 3D 方面，我們將繼續投資於我們自己的 3D 端到端打印應用程序和我們的金屬產品組合。我們預計這些企業明年將共同繼續實現兩位數的有機增長。我今天要討論的第三個重點領域是實現卓越運營。我們計劃通過提高效率、簡化組織結構和消除不必要的成本來繼續優化我們的績效。

This work will build on our previous transformation initiatives to unlock new structural savings. We will be taking actions across the company to reduce our variable spend and structural costs. For example, in our Print business, we will further reduce our core fixed cost structure and align it to post-pandemic market sizing. And our consumer subscription offerings will allow us to be more efficient in simplifying our portfolio.

這項工作將建立在我們之前的轉型計劃的基礎上，以釋放新的結構性儲蓄。我們將在整個公司採取行動，以減少我們的可變支出和結構性成本。例如，在我們的印刷業務中，我們將進一步降低我們的核心固定成本結構，並使其與大流行後的市場規模保持一致。我們的消費者訂閱產品將使我們能夠更有效地簡化我們的產品組合。

The cost actions of our Future Ready plan will generate at least $1.4 billion in gross annual run rate structural savings by year-end fiscal year '25. They will allow us to mitigate near-term market headwinds, mitigate softness in the core businesses and just as importantly, to maintain investments in long-term growth. As part of the actions we are taking, we will be reducing the size of our workforce over the next 3 years. We expect to reduce it by 4,000 to 6,000 people. These are the toughest decisions we have to make because they impact colleagues we care deeply about.

到 25 財年年底，我們未來就緒計劃的成本行動將產生至少 14 億美元的年度總運行率結構性節省。它們將使我們能夠減輕短期市場逆風，減輕核心業務的疲軟，同樣重要的是，能夠維持對長期增長的投資。作為我們正在採取的行動的一部分，我們將在未來 3 年內縮減員工規模。我們預計將減少 4,000 至 6,000 人。這些是我們必須做出的最艱難的決定，因為它們會影響我們非常關心的同事。

We are committed to treating people with care and respect, including financial and career services support to help them find their next opportunity. But while these are difficult decisions, we are doing what's best for our business. Let me now provide some color on our outlook for the year ahead. We expect to operate in a challenging macro environment during fiscal year '23. In our guide, we are not assuming a significant economic recovery over the next 12 months. We expect our second half performance to improve, mostly driven by the cost-saving measures we are implementing.

我們致力於以關懷和尊重的態度對待人們，包括財務和職業服務支持，以幫助他們找到下一個機會。但是，儘管這些都是艱難的決定，但我們正在做對我們的業務最有利的事情。現在讓我對我們對未來一年的展望提出一些看法。我們預計在 23 財年將在充滿挑戰的宏觀環境中運營。在我們的指南中，我們假設未來 12 個月內經濟不會出現顯著復甦。我們預計我們下半年的業績會有所改善，這主要是由於我們正在實施的成本節約措施所致。

We plan to maintain our current capital allocation approach, applying the same framework we have used during the last 3 years. We plan to continue to return at least 100% of free cash flow to our shareholders over time unless opportunities with a better return on investment arise and as long as our gross leverage ratio remains under 2x.

我們計劃維持我們目前的資本配置方法，應用我們在過去 3 年中使用的相同框架。隨著時間的推移，我們計劃繼續將至少 100% 的自由現金流返還給我們的股東，除非出現投資回報率更高的機會，並且只要我們的總槓桿率保持在 2 倍以下。

Given the volatility of the market, we believe it's important to maintain a healthy balance sheet through prudent financial management. Therefore, we will temporarily reduce our share repurchase activity in the near term. We are confident in the actions we are taking to navigate current market conditions and drive long-term value creation. And today marks the start of the next phase of our strategic journey. While our growth trajectory may be uneven in the face of volatile market conditions, we remain confident to grow low single digits over the long term. Based on our track record over these past 3 years, you can count on us to deliver on our commitments.

鑑於市場的波動性，我們認為通過審慎的財務管理來維持健康的資產負債表非常重要。因此，我們將在短期內暫時減少股票回購活動。我們對我們正在採取的應對當前市場狀況和推動長期價值創造的行動充滿信心。今天標誌著我們戰略旅程下一階段的開始。儘管面對動蕩的市場條件，我們的增長軌跡可能不平衡，但我們仍然有信心在長期內實現低個位數增長。根據我們過去 3 年的業績記錄，您可以相信我們會兌現我們的承諾。

Let me now hand the call over to Marie to talk more about our financials and outlook.

現在讓我把電話轉給瑪麗，讓她更多地談談我們的財務狀況和前景。

Thank you, and good afternoon, everyone. Our Q4 results were impacted by many of the same macroeconomic challenges we highlighted last quarter, including a significant slowdown in consumer demand, FX and inflation. That said, we are adapted quickly to the current environment and have demonstrated disciplined cost management to deliver solid results to finish out the year.

謝謝，大家下午好。我們第四季度的業績受到我們上一季度強調的許多相同的宏觀經濟挑戰的影響，包括消費者需求、外彙和通貨膨脹的顯著放緩。也就是說，我們很快適應了當前的環境，並展示了嚴格的成本管理，以在今年結束時取得可觀的成果。

In addition, we returned significant capital to our shareholders while successfully closing our acquisition of Poly. We continue to believe in the long-term opportunities across our business and are confident we have the right strategy and portfolio of assets to drive long-term value creation.

此外，我們在成功完成對保利的收購的同時，向股東返還了大量資金。我們繼續相信我們業務的長期機遇，並相信我們擁有正確的戰略和資產組合來推動長期價值創造。

Today, I will cover our Q4 results and a recap of FY '22 followed by details about the cost transformation component of Future Ready, building upon the foundation we laid in our previous program and then finish with our outlook for Q1 and FY '23. Turning to our Q4 results. Net revenue was $14.8 billion in the quarter, down 11% nominally and 8% in constant currency. Gross margin was 18.4% in the quarter, down 1.2 points year-on-year driven by FX and increased pricing competition, particularly in PS.

今天，我將介紹我們的第四季度業績和 22 財年的回顧，然後詳細介紹 Future Ready 的成本轉型部分，建立在我們之前計劃中奠定的基礎上，然後結束我們對第一季度和 23 財年的展望。轉向我們的第四季度結果。本季度淨收入為 148 億美元，名義上下降 11%，按固定匯率計算下降 8%。本季度毛利率為 18.4%，同比下降 1.2 個百分點，受外彙和價格競爭加劇的推動，尤其是 PS。

Non-GAAP operating expenses were $1.6 billion or 10.7% of revenue, down 18% year-on-year. In Q4, we installed further rigor in our cost management with OpEx down sequentially, excluding Poly. Year-on-year, we reduced our OpEx spend by nearly $350 million by prioritizing our spend and reducing variable compensation, while also capturing additional structural cost savings under our transformation plan. At the same time, we made and expect to continue to make prudent and targeted investments where we anticipate significant opportunity to drive growth, including our key growth areas, which Enrique outlined earlier.

非 GAAP 運營費用為 16 億美元，佔收入的 10.7%，同比下降 18%。在第四季度，我們進一步嚴格了成本管理，OpEx 連續下降，不包括 Poly。與去年同期相比，我們通過優先支出和減少可變薪酬減少了近 3.5 億美元的運營支出，同時還在我們的轉型計劃下節省了額外的結構性成本。與此同時，我們進行並期望繼續進行審慎和有針對性的投資，我們預計有重大機會推動增長，包括我們的關鍵增長領域，恩里克早些時候概述了這一點。

Non-GAAP operating profit was $1.1 billion, down 15%. Non-GAAP net OI&E expense was $128 million for the quarter, up sequentially, largely as a result of our acquisition of Poly. Non-GAAP diluted net earnings per share decreased 10% to $0.85 with a diluted share count of approximately 1 billion shares. Non-GAAP diluted net earnings per share excludes net expenses totaling $855 million, primarily related to acquisition-related charges, amortization of intangibles, tax adjustments and restructuring and other charges, partially offset by nonoperating retirement-related credits. As a result, Q4 GAAP diluted net earnings per share was 0, mostly due to onetime noncash tax expenses.

非 GAAP 營業利潤為 11 億美元，下降 15%。本季度非 GAAP 淨 OI&E 費用為 1.28 億美元，環比上升，這主要是由於我們收購了 Poly。非 GAAP 攤薄後每股淨收益下降 10% 至 0.85 美元，攤薄後股份數量約為 10 億股。非 GAAP 每股攤薄淨收益不包括總計 8.55 億美元的淨支出，主要與收購相關費用、無形資產攤銷、稅收調整和重組以及其他費用有關，部分被非經營性退休相關信貸抵消。因此，第 4 季度 GAAP 攤薄後每股淨收益為 0，主要是由於一次性非現金稅收支出。

Now let's turn to segment performance. In Q4, Personal Systems revenue was $10.3 billion, down 13% or 9% in constant currency. This compares to the 3-point headwind we had expected. PS revenue includes just 2 months of Poly's results following the successful completion of the acquisition in late August. Total units were down 21% on tough compares. We also saw pricing competition increased sequentially due to high-channel inventory across the industry.

現在讓我們轉向細分市場表現。第四季度，個人系統收入為 103 億美元，按固定匯率計算下降 13% 或 9%。這與我們預期的 3 分逆風形成對比。 PS 收入僅包括 Poly 在 8 月下旬成功完成收購後 2 個月的業績。在艱難的比較中，總單位下降了 21%。由於整個行業的高渠道庫存，我們還看到定價競爭不斷加劇。

And while supply availability has improved significantly, constraints persisted in some pockets of the business. Drilling into the details, Commercial revenue was down 6% or 2% in constant currency. Consumer revenue was down 25% or 21% in constant currency, with FX remaining a significant headwind this quarter. As an example, currency was an approximate 6-point headwind to our Personal Systems business in EMEA this quarter, increasing 1 percentage point sequentially. By product category, revenue was down 23% for notebooks, up 1% for desktops and up 9% for workstations.

雖然供應可用性已顯著改善，但業務的某些領域仍然存在限制。深入研究細節，商業收入下降了 6% 或 2%（按固定匯率計算）。以固定匯率計算，消費者收入下降了 25% 或 21%，本季度外匯仍然是一個重大的不利因素。例如，本季度貨幣對我們在 EMEA 的個人系統業務造成了大約 6 個百分點的不利影響，環比增長了 1 個百分點。按產品類別劃分，筆記本電腦的收入下降了 23%，台式機的收入增長了 1%，工作站的收入增長了 9%。

We saw a strong recovery in gaming sequentially with revenue up solid double digits due to better product availability. We have cleared most of our outstanding backlog and finished the quarter at a level consistent with pre-pandemic levels and with most of the remaining backlog reflecting higher value units. Personal Systems delivered $458 million of operating profit with operating margins of 4.5%. We ended the quarter below our long-term range for operating margins, largely as a result of particular weakness in EMEA consumer revenue.

由於更好的產品可用性，我們看到遊戲連續強勁復甦，收入增長了兩位數。我們已經清理了大部分未完成的積壓訂單，並以與大流行前水平一致的水平結束了本季度，並且大部分剩餘積壓訂單反映了更高價值的單位。 Personal Systems 實現了 4.58 億美元的營業利潤，營業利潤率為 4.5%。本季度結束時，我們的營業利潤率低於我們的長期範圍，這主要是由於 EMEA 消費者收入特別疲軟。

Operating margin declined 2 points year-over-year due to currency and increased promotional activity given elevated industry channel inventory levels, especially in the consumer business. These headwinds were partially offset by mix, lower commodity costs and variable compensation. We are pleased with the strong execution by the Poly team. They delivered just above breakeven operating profit and exceeded expectations for the quarter.

營業利潤率同比下降 2 個百分點，原因是貨幣和促銷活動增加，因為行業渠道庫存水平上升，尤其是在消費者業務中。這些不利因素被混合、較低的商品成本和可變薪酬部分抵消。我們對 Poly 團隊的強大執行力感到滿意。他們實現了略高於收支平衡的營業利潤，超出了本季度的預期。

In Print, our results reflect our focus on execution and the breadth of our portfolio as we navigated the highly dynamic environment. In Q4, total Print revenue was $4.5 billion, down 7% nominally or 6% in constant currency, driven by lower supplies revenue and lower home hardware units combined with increased pricing competition in the home business. This was partially offset by higher office hardware units and ASPs and growth in industrial graphics and Instant Ink services. Total hardware units declined 3% driven largely by continued supply constraints for certain IC components and lower consumer demand. We have taken mitigating actions that are beginning to yield improvements in our supply availability at a pace consistent with our plans.

在印刷方面，我們的結果反映了我們在高度動態的環境中航行時對執行的關注以及我們產品組合的廣度。第四季度，印刷總收入為 45 億美元，名義上下降 7% 或按固定匯率計算下降 6%，這是由於耗材收入下降和家庭硬件單位減少以及家庭業務的價格競爭加劇所致。這部分被更高的辦公硬件單位和平均售價以及工業圖形和 Instant Ink 服務的增長所抵消。硬件總量下降了 3%，這主要是由於某些 IC 組件的持續供應限制和消費者需求下降所致。我們已採取緩解措施，這些措施開始以符合我們計劃的速度改善我們的供應可用性。

While this has enabled us to make progress on reducing our backlog, we still expect print hardware constraints to extend into FY '23. By customer segment, Commercial revenue increased 1% or 5% in constant currency, with units up 5%. Consumer revenue was down 7% or 4% in constant currency with units down 4%. Office continued with its gradual recovery, while pricing remained disciplined even as supply constraints eased incrementally.

雖然這使我們能夠在減少積壓方面取得進展，但我們仍然預計打印硬件限制會延伸到 23 財年。按客戶細分，商業收入按固定匯率計算增長 1% 或 5%，單位增長 5%。消費者收入下降 7% 或 4%（按固定匯率計算），銷量下降 4%。寫字樓繼續逐步復甦，而即使供應限制逐漸緩解，定價仍受到約束。

Home hardware demand softened further sequentially, particularly in the EMEA and Americas regions impacting ASPs as competitive pricing increased during the quarter. In Q4, Commercial recovery remained slow due to the gradual and uneven pace at which the return to office is progressing. There were pockets of strength with Commercial hardware units, up 5%. And in graphics, our Indigo business closed its largest deal to date for 50 digital presses with ePAC, a leader in the flexible packaging market.

家庭硬件需求環比進一步疲軟，尤其是在 EMEA 和美洲地區，隨著本季度競爭性定價的增加，影響了平均售價。第四季度，由於恢復辦公的步伐緩慢且不均衡，商業復甦仍然緩慢。商業硬件部門表現強勁，增長了 5%。在圖形方面，我們的 Indigo 業務與軟包裝市場的領導者 ePAC 達成了迄今為止最大的 50 台數字印刷機交易。

Supplies revenue of $2.7 billion declined just under 10% in constant currency, slightly better than expected as demand weakness appeared to stabilize in the quarter. The decline was driven primarily by continued consumer weakness, particularly in the EMEA region and the slow recovery in the office, partially offset by favorable pricing actions and continued market share gains in ink and toner. Supplies finished FY '22 down nearly 7% on a constant currency basis.

供應收入為 27 億美元，按固定匯率計算下降略低於 10%，略好於預期，因為本季度需求疲軟似乎趨於穩定。下降的主要原因是消費者持續疲軟，尤其是在歐洲、中東和非洲地區以及寫字樓復甦緩慢，部分被有利的定價行動和墨水和碳粉市場份額的持續增長所抵消。按固定匯率計算，22 財年的供應量下降了近 7%。

Adjusting for approximate 1-point headwind related to the exit of our Russia business, the year-on-year decline in supplies came in consistent with our original guidance range of a decline of low to mid-single digits. Print operating profit increased $73 million to $903 million, up 9%, yielding an exceptional operating margin of 19.9%. Operating margin increased 2.9 points year-on-year, driven by favorable overall pricing and OpEx management, including lower variable compensation, partially offset by unfavorable mix and higher commodity costs.

調整與我們的俄羅斯業務退出相關的大約 1 點逆風，供應同比下降與我們最初的低至中個位數下降指導範圍一致。印刷營業利潤增加 7300 萬美元，達到 9.03 億美元，增長 9%，營業利潤率高達 19.9%。營業利潤率同比增長 2.9 個百分點，這得益於有利的整體定價和運營支出管理，包括較低的可變薪酬，部分被不利的組合和較高的商品成本所抵消。

Now turning to cash flow and capital allocation in Q4. Q4 cash flow from operations and free cash flow was $1.9 billion and $1.8 billion, respectively, exceeding our guidance for the quarter. The cash conversion cycle was minus 29 days in the quarter, flat sequentially as lower days payable outstanding and higher days sales outstanding was offset by the decrease in days of inventory. In Q4, we returned approximately $1 billion to shareholders. This included $750 million in share repurchases and $249 million in cash dividends.

現在轉向第四季度的現金流和資本配置。第 4 季度運營現金流和自由現金流分別為 19 億美元和 18 億美元，超出了我們對該季度的指導。本季度的現金周轉週期為負 29 天，環比持平，因為較低的未償付應付天數和較高的銷售未償天數被庫存天數的減少所抵消。在第四季度，我們向股東返還了大約 10 億美元。這包括 7.5 億美元的股票回購和 2.49 億美元的現金股息。

At the end of FY '22, we successfully finished our transformation plan, generating better-than-expected structural cost savings. Our strong performance and our value plan over the past 3 years, including our capital return and broader capital allocation priorities were made possible in part by the transformation journey we have been on. In 2019, we launched a 3-year plan to unlock significant value and become a leaner, simpler and more digitally enabled company.

在 22 財年末，我們成功完成了轉型計劃，產生了好於預期的結構性成本節約。我們在過去 3 年的強勁業績和價值計劃，包括我們的資本回報和更廣泛的資本配置優先事項，部分歸功於我們一直在進行的轉型之旅。 2019 年，我們啟動了一項 3 年計劃，以釋放巨大價值，成為一家更精簡、更簡單、更數字化的公司。

We took decisive actions aligned to the principles of our value creation plan to become closer to our customers by simplifying our operations and replatforming the company. In total, our transformation program delivered growth annualized run rate savings of over $1.3 billion and reduced our headcount by approximately 7,700 as expected. As part of our simplification journey, we changed our operating model, moving to one commercial organization, and created strong centers of excellence to drive efficiency and faster decision-making.

我們採取了符合我們價值創造計劃原則的果斷行動，通過簡化我們的運營和重組公司平台來更貼近我們的客戶。總的來說，我們的轉型計劃實現了超過 13 億美元的增長年化運行率節省，並按預期減少了約 7,700 名員工。作為我們簡化過程的一部分，我們改變了我們的運營模式，轉向一個商業組織，並創建了強大的卓越中心來提高效率和更快的決策制定。

In addition, we optimized our real estate footprint, creating efficient digital workspaces as we transitioned to a hybrid work model. We also made significant progress in optimizing our manufacturing footprint and continuing to enhance resiliency while reducing our cost structure. Digital replatforming was another defining enabler of our transformation efforts. We built a new digital backbone for the company with the deployment of 1 ERP system, creating the ability to deploy additional tools and capabilities.

此外，我們優化了我們的房地產足跡，在我們過渡到混合工作模式時創建了高效的數字工作空間。我們還在優化我們的製造足跡和繼續增強彈性同時降低我們的成本結構方面取得了重大進展。數字化平台重構是我們轉型工作的另一個決定性推動因素。我們通過部署 1 個 ERP 系統為公司構建了一個新的數字骨幹網，創造了部署其他工具和功能的能力。

In addition, this new platform provides the foundation upon which we can drive incremental cost savings as well as build new businesses with different business models as we move into FY '23 with the launch of our Future Ready transformation plan. We are now launching cost action efforts as part of that Future Ready program, continuing to the next phase of our transformation. We'll continue to take actions to reduce structural costs across COGS and OpEx to drive efficiencies while protecting the investments necessary to accelerate our transformation, ensuring we are well positioned to drive long-term growth.

此外，這個新平台為我們推動增量成本節約以及建立具有不同業務模型的新業務奠定了基礎，因為我們將推出面向未來的轉型計劃，從而進入 23 財年。作為未來就緒計劃的一部分，我們現在正在啟動成本行動工作，繼續我們轉型的下一階段。我們將繼續採取行動降低 COGS 和 OpEx 的結構性成本，以提高效率，同時保護加速轉型所需的投資，確保我們有能力推動長期增長。

This program is expected to run for 3 years, and we expect to generate at least $1.4 billion in gross annual run rate structural cost savings by the end of FY '25. We expect at least 40% of the run rate savings or approximately $560 million to be achieved by the end of FY '23. We have line of sight to these savings, and we also have a good funnel of additional cost savings opportunities that we are betting to help us exceed these targets.

該計劃預計將運行 3 年，我們預計到 25 財年末將產生至少 14 億美元的年度總運行率結構成本節約。我們預計到 23 財年末將實現至少 40% 的運行率節省或約 5.6 億美元。我們看到了這些節省，我們也有一個很好的額外成本節省機會的漏斗，我們打賭這些機會可以幫助我們超越這些目標。

The total expected restructuring charge is approximately $1 billion, which includes approximately $200 million in noncash charges in FY '23. We anticipate approximately $600 million of the total charges to be in FY '23 with the rest, split roughly equally in FY '24 and FY '25.

預計重組費用總額約為 10 億美元，其中包括 23 財年約 2 億美元的非現金費用。我們預計 23 財年的總費用中約有 6 億美元與其餘費用在 24 財年和 25 財年大致平分。

As Enrique mentioned, we take workforce reductions very seriously and with the utmost care, but they remain critical to the long-term health of HP. In total, we expect to reduce headcount by 4,000 to 6,000 over the next 3 years. In addition to labor-related restructuring charges of roughly $700 million, we expect additional nonlabor charges related to IT, real estate and other corporate charges.

正如恩里克所提到的，我們非常重視並極其謹慎地對待裁員問題，但它們對於惠普的長期健康發展仍然至關重要。總體而言，我們預計在未來 3 年內將裁員 4,000 至 6,000 人。除了大約 7 億美元的與勞動力相關的重組費用外，我們預計還會有與 IT、房地產和其他公司費用相關的額外非勞動力費用。

We anticipate the gross savings from this next phase of transformation will partially offset the challenging macro in the near term and incremental investments in growth opportunities we discussed earlier. In summary, these actions will help enable us to build a stronger HP. Looking forward to our Q1 and FY '23 outlook. We continue to believe in the long-term opportunities and growth in our end markets, including our key growth areas and our strategy to create value for shareholders over time. Given the current macro environment, we do expect near-term volatility, in particular, keep the following in mind related to Q1 and FY '23 financial outlook.

我們預計下一階段轉型帶來的總節省將部分抵消短期內具有挑戰性的宏觀經濟以及我們之前討論的增長機會的增量投資。總之，這些行動將有助於我們打造更強大的惠普。期待我們的第一季度和 23 財年展望。我們繼續相信我們終端市場的長期機遇和增長，包括我們的關鍵增長領域和我們為股東創造價值的戰略。鑑於當前的宏觀環境，我們確實預計近期會出現波動，特別是要牢記以下與第一季度和 23 財年財務前景相關的內容。

Given the challenging macro environment driven by the headwinds I've described, we are modeling multiple scenarios based on several assumptions. For FY '23, we see a wide range of potential outcomes, which are reflected in the outlook ranges we are providing today. Consistent with our Q4 results and ongoing strategy, we will continue to rigorously manage our OpEx spend while continuing to prioritize investments where we see opportunities for growth. This is made possible in part by the decisive cost actions we are announcing today.

考慮到我所描述的逆風帶來的具有挑戰性的宏觀環境，我們正在根據幾個假設對多個場景進行建模。對於 23 財年，我們看到了廣泛的潛在結果，這些結果反映在我們今天提供的展望範圍中。根據我們第四季度的業績和持續的戰略，我們將繼續嚴格管理我們的運營支出，同時繼續優先考慮我們看到增長機會的投資。這在一定程度上得益於我們今天宣布的決定性成本行動。

We expect currency to be about an approximate 5% year-over-year headwind in Q1 and 5% for FY '23 reflecting the current strength of the U.S. dollar. In Personal Systems, we expect the overall PC market to see an approximate 10-point unit decline versus FY '22. Many of the recent challenges we have seen in FY '22 will likely continue into FY '23, including softer demand in both consumer and commercial and higher channel inventory levels across the industry.

我們預計第一季度貨幣同比逆風約為 5%，23 財年逆風約為 5%，反映出當前美元的強勢。在個人系統方面，我們預計整個 PC 市場的出貨量將比 22 財年下降約 10 個百分點。我們在 22 財年看到的許多近期挑戰可能會持續到 23 財年，包括消費者和商業需求疲軟以及整個行業的渠道庫存水平上升。

We anticipate these factors will put continued pressure on overall pricing at least through the first half of '23. We expect Personal Systems unit mix to continue to improve as we focus on higher-value categories, including commercial premium and hybrid work solutions. We expect Personal Systems margins to be below the low end of our 5% to 7% target range through at least the first half of FY '23 driven by the high normalization of industry channel inventory levels. And then improve into the second half as channel inventory normalizes and our transformation-related cost actions start to more meaningfully impact our cost structure. And regarding Q1 Personal Systems revenue, we expect to be down mid-single digits sequentially.

我們預計這些因素將至少在 23 年上半年對整體定價造成持續壓力。隨著我們專注於更高價值的類別，包括商業溢價和混合工作解決方案，我們預計個人系統部門組合將繼續改善。我們預計，至少在 23 財年上半年，受行業渠道庫存水平高度正常化的推動，個人系統利潤率將低於我們 5% 至 7% 目標範圍的低端。然後隨著渠道庫存正常化以及我們與轉型相關的成本行動開始對我們的成本結構產生更有意義的影響，下半年有所改善。關於第一季度個人系統收入，我們預計將連續下降中個位數。

In Print, in terms of the overall print market sizing, we expect it to be down approximately 3% year-on-year driven by the challenging macro environment and slower-than-expected return to the office. In the office market, we continue to expect the market sizing to be approximately 80% of our pre-pandemic projections. In home, we expect the market to be down in '23 versus the exceptional performance during COVID, but still above our pre-pandemic projections.

在印刷品方面，就整體印刷品市場規模而言，我們預計受充滿挑戰的宏觀環境和低於預期的複工率推動，該市場規模將同比下降約 3%。在寫字樓市場，我們繼續預計市場規模約為我們大流行前預測的 80%。在國內，我們預計市場將在 23 年下跌，而 COVID 期間的表現卻非常出色，但仍高於我們在大流行前的預測。

We expect continued softness in consumer demand and favorable pricing in commercial units, offsetting some normalization in consumer pricing, particularly in the first half of '23. In terms of our print hardware supply chain, we expect constraints strengths to continue, particularly in office hardware, at least through first half of FY '23. We expect Print margins for FY '23 to be at the high end of our 16% to 18% range, driven by the resiliency of our portfolio and disciplined pricing and cost management including our transformation efforts to reduce our print fixed cost structure, as Enrique mentioned.

我們預計消費者需求持續疲軟和商業單位的有利定價，抵消了消費者定價的一些正常化，特別是在 23 年上半年。就我們的印刷硬件供應鏈而言，我們預計至少在 23 財年上半年，約束強度將繼續存在，尤其是在辦公硬件方面。我們預計 23 財年的印刷利潤率將處於我們 16% 至 18% 範圍的高端，這得益於我們產品組合的彈性以及嚴格的定價和成本管理，包括我們為減少印刷固定成本結構所做的轉型努力，正如 Enrique提及。

And finally, regarding supplies revenue, we expect to decline low to mid-single digits in FY '23 in constant currency, consistent with our long-term outlook. For FY '23, we expect to be within that range in aggregate. But for the first half of '23, we expect to be at similar levels to Q4 given the macro environment and tough compares.

最後，關於供應收入，我們預計 23 財年按固定匯率計算將下降中低個位數，這與我們的長期前景一致。對於 23 財年，我們預計總體上會在該範圍內。但對於 23 年上半年，鑑於宏觀環境和艱難的比較，我們預計將達到與第四季度相似的水平。

We expect free cash flow to be in the range of $3 billion to $3.5 billion, which includes approximately $400 million of restructuring cash charges.

我們預計自由現金流將在 30 億美元至 35 億美元之間，其中包括約 4 億美元的重組現金費用。

From a seasonality perspective, we expect the second half to be stronger than the first, largely consistent with our net earnings combined with the fact that our first quarter is typically lower given the timing of prior year variable comp. Furthermore, normal, quarterly sequential seasonality does not apply for FY '23, given the dynamic macro environment. But we do expect some improvement in our revenue trajectory in the second half of '23. That said, we expect our key growth businesses collectively will continue to grow double digits organically in FY '23 as we continue to invest in innovation and adjacent market opportunities.

從季節性的角度來看，我們預計下半年將強於上半年，這在很大程度上與我們的淨收益相一致，而且考慮到上一年可變補償的時間安排，我們的第一季度通常較低。此外，考慮到動態的宏觀環境，正常的、連續的季度季節性不適用於 FY '23。但我們確實預計 23 年下半年我們的收入軌跡會有所改善。也就是說，隨著我們繼續投資於創新和鄰近的市場機會，我們預計我們的主要增長業務將在 23 財年繼續實現兩位數的有機增長。

With regard to OpEx, we expect to rigorously manage our overall cost structure as part of our transformation, particularly in our core businesses, where we expect OpEx to be down year-on-year However, including Poly, we do expect total OpEx to be up year-on-year. In addition, for FY '23, we expect OI&E expense will be approximately $0.5 billion, consistent with our Q4 exit run rate.

關於 OpEx，我們希望嚴格管理我們的整體成本結構，作為我們轉型的一部分，特別是在我們的核心業務中，我們預計 OpEx 將同比下降但是，包括 Poly，我們確實預計總 OpEx 將是同比增長。此外，對於 23 財年，我們預計 OI&E 費用約為 5 億美元，與我們第四季度的退出運行率一致。

Moving to capital allocation. We are not making any changes to our capital return framework. As we have discussed in the past, we are committed to our strategy of returning 100% of free cash flow to shareholders over time as long as our gross leverage ratio remains under 2x, and there aren't any better return opportunities in order to maintain our credit rating.

轉向資本配置。我們不會對我們的資本回報框架做出任何改變。正如我們過去所討論的那樣，只要我們的總槓桿率保持在 2 倍以下，我們就會致力於將 100% 的自由現金流隨著時間的推移返還給股東的戰略，並且沒有更好的回報機會來維持我們的信用評級。

Given the challenging current environment, consistent with our disciplined financial management, we expect share repurchases will be modest near term based on our FY '23 outlook today. Lastly, we announced today that we are raising our annual dividend by 5% to $1.05 per share, reflecting confidence in our long-term outlook for the business. We have raised our dividend every year since separation in late 2015.

鑑於當前充滿挑戰的環境，與我們嚴格的財務管理相一致，我們預計根據我們今天的 23 財年展望，短期內股票回購將是適度的。最後，我們今天宣布將年度股息提高 5% 至每股 1.05 美元，反映出我們對業務長期前景的信心。自 2015 年底分拆以來，我們每年都提高股息。

Taking these considerations into account, we are providing the following outlook -- We expect first quarter non-GAAP diluted net earnings per share to be in the range of $0.70 to $0.80 and first quarter GAAP diluted net earnings per share to be in the range of $0.47 to $0.57. We expect full year non-GAAP diluted net earnings per share to be in the range of $3.20 to $3.60. And FY '23 GAAP diluted net earnings per share to be in the range of $2.22 to $2.62.

考慮到這些因素，我們提供以下展望——我們預計第一季度非 GAAP 稀釋後每股淨收益在 0.70 美元至 0.80 美元之間，第一季度 GAAP 稀釋後每股淨收益在 0.70 美元至 0.80 美元之間。 0.47 美元至 0.57 美元。我們預計全年非 GAAP 稀釋後每股淨收益將在 3.20 美元至 3.60 美元之間。 23 財年 GAAP 稀釋後每股淨收益在 2.22 美元至 2.62 美元之間。

For FY '23, we expect our free cash flow to be in the range of $3 billion to $3.5 billion, which is net of about $400 million in restructuring cash outflows.

對於 23 財年，我們預計我們的自由現金流量將在 30 億美元至 35 億美元之間，其中扣除了約 4 億美元的重組現金流出。

Before we open for Q&A, I want to leave you with the following thoughts. First, as part of our Future Ready plan, we are taking clear and decisive actions, which includes aggressive structural cost reductions as we have just shared.

在我們開始問答之前，我想給您留下以下想法。首先，作為我們未來準備計劃的一部分，我們正在採取明確而果斷的行動，其中包括我們剛剛分享的積極的結構性成本削減。

Second, we are adapting to these challenging market conditions with our Future Ready cost transformation program, which includes plans to drive significant cost savings. Third, we're confident in the long-term growth opportunities and are capitalizing on these opportunities by investing to become a more digital company with a more growth-oriented portfolio.

其次，我們正在通過我們的 Future Ready 成本轉型計劃來適應這些具有挑戰性的市場條件，其中包括推動顯著節省成本的計劃。第三，我們對長期增長機會充滿信心，並通過投資成為一家更具增長導向的投資組合的數字化公司，從而利用這些機會。

Fourth, we have an experienced management team with a proven track record in up and down markets. We deliver on our financial commitments. We are disciplined in our capital allocation and committed to a strong balance sheet. In short, we are steadfast in our commitment to deliver long-term value creation. We are building a stronger HP, and I look forward to sharing our progress with you at FY '23.

第四，我們擁有一支經驗豐富的管理團隊，在漲跌市場上都有良好的業績記錄。我們兌現我們的財務承諾。我們在資本配置方面遵守紀律，並致力於保持強勁的資產負債表。簡而言之，我們堅定不移地致力於創造長期價值。我們正在建設一個更強大的惠普，我期待在 23 財年與您分享我們的進展。

Operator, please open the line so we can take your questions.

接線員，請打開線路，以便我們回答您的問題。

(Operator Instructions) Our first question comes from the line of Amit Daryanani with Evercore.

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

I guess, Enrique, I'm hoping if you can just start off talking a little bit more about the transformation plan. And then what I'd love to understand is what do you think HP looks like after the transformation plan is done, maybe in terms of the growth rates on the operating margin profile versus what you've seen historically?

我想，恩里克，我希望你能開始多談談轉型計劃。然後我想知道的是，您認為惠普在轉型計劃完成後會是什麼樣子，可能是營業利潤率增長率與歷史增長率相比？

I want to just to understand what would be different about HP post the current transformation plan? And then if you can also just touch on, how do we think about net savings versus the growth numbers you're talking about through this transformation, that would be helpful.

我只想了解惠普發布當前轉型計劃後會有什麼不同？然後，如果您也可以談談，我們如何看待淨儲蓄與您通過這種轉變談論的增長數字，那將很有幫助。

Sure. Thank you, Amit. So first of all, we -- because of the transformation, we think that we will continue to support the guide that we provided last year about sustained revenue and profit growth year-over-year. This has been the goal that we had before and continues to be the goal that we have now.

當然。謝謝你，阿米特。所以首先，我們 - 由於轉型，我們認為我們將繼續支持我們去年提供的關於持續收入和利潤同比增長的指南。這一直是我們以前的目標，並且仍然是我們現在的目標。

From a business perspective, this will allow us to continue to accelerate our subscription and services business. We will be a more efficient company because we will be leveraging our digital infrastructure to support and to -- we will have transformed many of the key processes that we have and the mix of our business between the core businesses and what we call the growth businesses will also be different. This will be the key driver that we will expect to achieve through the transformation.

從業務角度來看，這將使我們能夠繼續加速我們的訂閱和服務業務。我們將成為一家更有效率的公司，因為我們將利用我們的數字基礎設施來支持和 - 我們將改變我們擁有的許多關鍵流程以及核心業務與我們所謂的增長業務之間的業務組合也會不同。這將是我們期望通過轉型實現的關鍵驅動力。

Amit, maybe I will just add a comment, and good afternoon, regarding the savings. So we do expect at least $1.4 billion of gross run rate structural savings by the end of '25 and approximately $560 million of that by the exit of '23. Just to add, it will be a mix of both COGS and OpEx. And we look at this over time, as Enrique said, and we expect that these savings and investments that we're making are going to provide that significant flow through over time.

阿米特，也許我會添加一條關於節省的評論，下午好。因此，我們確實預計到 25 年底將至少節省 14 億美元的總運行率結構性儲蓄，到 23 年底將節省約 5.6 億美元。補充一下，它將是 COGS 和 OpEx 的混合體。正如恩里克所說，隨著時間的推移，我們會審視這一點，我們希望我們正在進行的這些儲蓄和投資將隨著時間的推移提供顯著的流動。

Got it. And if I can just follow up on the Print margins. They've held up really well despite the decline we see on the supply side of the business. As you think about the performance just in the last 3, 4 quarters on Print margins, what are the 2, 3 things that you think that can make these margins to sit at 20% right now, near 20%? And then what do you think is the durability of this margin level at least in the first half of next year?

知道了。如果我可以跟進打印邊距。儘管我們在業務供應方面看到下滑，但他們的表現非常好。當您考慮過去 3、4 個季度印刷利潤率的表現時，您認為可以使這些利潤率現在達到 20%，接近 20% 的 2、3 件事是什麼？然後你認為至少在明年上半年這個保證金水平的持久性如何？

Yes. No, thanks very much, Amit. So look, as you said, we're really pleased with the Print margins that were at 19.9% in Q4, which is actually at the high end of our expected range. And that increase, if we look at it from a year-on-year perspective, is a combination of things. Firstly, we've demonstrated disciplined OpEx management that's contributed along with overall pricing durability, as you mentioned.

是的。不，非常感謝，阿米特。因此，正如您所說，我們對第四季度 19.9% 的印刷利潤率感到非常滿意，這實際上處於我們預期範圍的高端。如果我們從同比的角度來看，這種增長是多種因素的結合。首先，正如您提到的，我們已經展示了有紀律的運營支出管理以及整體定價持久性。

And I think both of these factors combined have really helped to sort of play into our performance. As we look into next year, we do expect once again to be at the high end of the range. And it's really contributed by both the resiliency of the portfolio, our strategy, a combination of that pricing management. I think that we've really mastered along, obviously, with the benefits of the Future Ready transformation program that we just announced today as well.

而且我認為這兩個因素結合起來確實有助於發揮我們的表現。當我們展望明年時，我們確實希望再次處於該範圍的高端。這實際上是由投資組合的彈性、我們的戰略以及定價管理的結合所促成的。顯然，我認為我們已經真正掌握了我們今天剛剛宣布的未來就緒轉型計劃的好處。

Yes. If you remember, we announced a plan to rebalance profitability between hardware and supply 2 years ago. We have been executing on that. This quarter, we shared that more than 50% of the printers were profit upfront. So all this has also helped. But as Marie said, we expect to be the business within range during 2023.

是的。如果您還記得，我們在 2 年前宣布了一項重新平衡硬件和供應之間盈利能力的計劃。我們一直在執行。本季度，我們分享了超過 50% 的打印機預付了利潤。所以這一切也有所幫助。但正如 Marie 所說，我們希望在 2023 年成為範圍內的業務。

Your next question comes from the line of Shannon Cross with Credit Suisse.

你的下一個問題來自瑞士信貸的 Shannon Cross。

My first question is looking at your growth areas. I think we understand where there's pressure on your model. But maybe if you could talk a bit more about the $11 billion in revenue that you've generated, and I'm not sure if that's like pro forma for Poly or it doesn't include Poly. I think it is excluding. I'm sure it's very small print. But if we can think about each one and their potential growth contributions, and maybe how to think about the margin potential for each one of those? And then I have a follow-up question.

我的第一個問題是看你的增長領域。我認為我們了解您的模型在哪裡存在壓力。但也許如果你能多談談你產生的 110 億美元的收入，我不確定這是否像 Poly 的備考，或者它不包括 Poly。我認為是排除。我敢肯定這是非常小的印刷品。但是，如果我們可以考慮每一項及其潛在的增長貢獻，也許如何考慮每一項的利潤潛力？然後我有一個後續問題。

Sure. So yes, you are right, Shannon. The $11 billion does not include Poly so this will be on top of $11 billion that we explained. And the goal that we had at the beginning of the year was for them to be about $10 billion. So this is almost $1 billion more than what the plan was.

當然。所以是的，你是對的，香農。 110 億美元不包括 Poly，因此這將超出我們解釋的 110 億美元。我們在年初的目標是讓他們達到大約 100 億美元。所以這比計劃多了近 10 億美元。

I think what we can say at this point is all of them grew double digit during 2022, and we expect collectively to grow again double digit in 2023. And as we share, if we look at the year, the gross margin was above the gross margin of the company. In some of them, we are still in investment mode, and we know we need to continue to invest to continue to accelerate the growth. And this is one of the reasons why we have been working on the transformation for a few months now because we know that we need to both compensate for some of the challenges that we see on the market side given the slowdown in some of the markets, but we also need to continue to invest on the growth initiatives because they will carry the growth of the company and the value of the company in the future.

我想我們現在可以說的是，它們在 2022 年都實現了兩位數的增長，我們預計到 2023 年將再次實現兩位數的增長。正如我們分享的那樣，如果我們看一下這一年，毛利率高於毛利率公司的保證金。在其中一些，我們仍處於投資模式，我們知道我們需要繼續投資以繼續加速增長。這就是我們幾個月來一直致力於轉型的原因之一，因為我們知道，鑑於某些市場放緩，我們需要彌補我們在市場方面看到的一些挑戰，但我們還需要繼續投資於增長計劃，因為它們將承載公司的增長和未來公司的價值。

Okay. And then Marie, if you can talk a bit about on the cash flow side of things. I mean, you're guiding $3 billion, $3.5 billion. I assume that includes restructuring. Maybe it doesn't. But just in general, how do we think about sort of normalized cash flow for this model after you go through or as you go through the restructuring plan and areas where maybe you can draw down in terms of working capital? And just again, I think people are trying to understand maybe when you would get back to where you can buy back stock, just your comfort level and what you're seeing in terms of cash flow?

好的。然後瑪麗，如果你能談談現金流方面的事情。我的意思是，你指導了 30 億美元、35 億美元。我認為這包括重組。也許不是。但總的來說，我們如何考慮這種模式的正常現金流，在你通過重組計劃之後或在你通過重組計劃以及你可能可以在營運資金方面提取的領域？再說一次，我認為人們正在試圖了解你什麼時候可以回到可以回購股票的地方，只是你的舒適度以及你在現金流方面看到的情況？

Absolutely. So as you said, the cash flow guide is $3 billion to $3.5 billion. And just for clarification, that actually does include the $400 million of restructuring cash flow. So just take that into account in your model. Now in terms of how to think about free cash flow, as you know, it tracks with net earnings. But in any quarter, as you've seen just in our results, in the last couple of quarters, it's driven very much by the mix of business that we see in the quarter and changes in working capital.

絕對地。所以正如你所說，現金流量指南是 30 億至 35 億美元。澄清一下，這實際上包括 4 億美元的重組現金流。因此，只需在您的模型中考慮到這一點。現在，就如何考慮自由現金流而言，如您所知，它與淨收益相關。但在任何一個季度，正如你在我們的結果中看到的那樣，在過去幾個季度中，它在很大程度上受到我們在本季度看到的業務組合和營運資金變化的推動。

And those items conclude everything from the restructuring, the bonus, et cetera, and also just adjustments that we make to our inventory level. So you're going to expect that there's going to be a level of seasonality around it as well. And then as we're thinking -- specifically about the first quarter that's coming up, we would say it's going to be -- we're going to guide here to a lower number because we expect typically from a seasonality perspective, that's when we pay out the bonus that we accrue in the prior year.

這些項目包括重組、獎金等一切，以及我們對庫存水平所做的調整。所以你會期望它也會有一定程度的季節性。然後，正如我們所考慮的那樣——特別是關於即將到來的第一季度，我們會說這將是——我們將在這裡引導一個較低的數字，因為我們通常從季節性的角度來看，那是我們支付我們在前一年積累的獎金。

And also, we expect specifically in Q1 just due to the fact we've got this combination of both the unfavorable business mix from the top line pressure of Personal Systems, you combine that with the bonus payout and restructuring and with the increase in AR from contract manufacturers, which is partially offset by continued reductions we're taking entry level, we expect that our cash flow in Q1 is probably likely to be negative towards breakeven.

而且，我們特別期待第一季度，因為我們已經從個人系統的頂線壓力中獲得了不利的業務組合，你將其與獎金支付和重組以及來自 AR 的增加結合起來合同製造商，這部分被我們進入入門級的持續削減所抵消，我們預計我們第一季度的現金流量可能對盈虧平衡產生負面影響。

So I know I've said a lot there is definitely a lot of factors going into driving the linearity in our cash flow. But once again, still very confident in the guide that we've given for the year of $3 billion to $3.5 billion. And then I'll just turn it to Enrique if he wants to comment at all with respect to our repo strategy.

所以我知道我已經說了很多，肯定有很多因素會推動我們現金流的線性。但再一次，我們對今年 30 億至 35 億美元的指導仍然非常有信心。然後，如果他想就我們的回購策略發表評論，我會把它交給恩里克。

Sure. We can talk about that. We also shared in the prepaid remarks that we are not changing our capital allocation plan. But as we have said before, we are going to be returning to shareholders 100% of free cash flow unless better opportunities arise and always within the our -- where we will stay within our leverage rate. In Q4, we completed the acquisition of Poly. We did it one quarter before we were planning, and therefore, during the beginning of the year, we are going to slow down or moderate our share buyback to -- in alignment with our plan. But our plan is to go back to the original plan in the second half as we will have more stronger situation for a free cash flow perspective. And that's our plan.

當然。我們可以談談。我們還在預付評論中分享了我們不會改變我們的資本配置計劃。但正如我們之前所說，我們將向股東返還 100% 的自由現金流，除非出現更好的機會，並且始終在我們的槓桿率範圍內。第四季度，我們完成了對保利的收購。我們在計劃前一個季度就這樣做了，因此，在今年年初，我們將放慢或緩和我們的股票回購，以符合我們的計劃。但我們的計劃是在下半年回到原來的計劃，因為我們將有更強大的自由現金流觀點。這就是我們的計劃。

Yes. I'll just add, it is important that we're going to ensure that we at least offset dilution from employee benefit plans as well.

是的。我只想補充一點，重要的是我們要確保我們至少也要抵消員工福利計劃的稀釋。

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

你的下一個問題來自 Toni Sacconaghi 與 Bernstein 的對話。

Yes. I'm wondering if you could specify how significant the backlog drawdown was in the quarter, just so we can get a sense of what kind of baseline normalized order of revenue growth was. And then you provided some context on your expectation for Q1 revenues for PCs to be down mid-single digits sequentially. I'm wondering if you can comment on your revenue expectations for Q1 overall and for fiscal '23. For the next 4 quarters, Dell is calling for revenues to be down in the teens. I'm wondering if you see a more optimistic outlook than that? And I have a follow-up, please.

是的。我想知道您是否可以具體說明本季度積壓縮減的嚴重程度，這樣我們就可以了解收入增長的基準標準化順序是什麼樣的。然後你提供了一些關於你對第一季度 PC 收入連續下降中個位數的預期的背景信息。我想知道您是否可以評論您對第一季度整體和 23 財年的收入預期。在接下來的 4 個季度中，戴爾呼籲將收入下降十幾倍。我想知道你是否看到比這更樂觀的前景？我有一個後續行動，請。

Sure. I'll take the question on market and then Marie will talk about Q1. So from an order and projection perspective, Toni, the way we are modeling the PC market for next year is to -- we are expecting that it will be declining by 10%. And from a backlog perspective, we basically cleaned the majority of our backlog during Q4. And we are back to where we were before the pandemic, which is one of the reasons why we expect the market to be in the minus 10% range in -- during 2023. Marie, do you want to talk about Q1?

當然。我將在市場上提出問題，然後 Marie 將談論 Q1。因此，從訂單和預測的角度來看，托尼，我們為明年的個人電腦市場建模的方式是——我們預計它將下降 10%。從積壓的角度來看，我們在第四季度基本上清理了大部分積壓。我們又回到了大流行之前的狀態，這就是我們預計 2023 年市場將處於負 10% 範圍內的原因之一。瑪麗，你想談談第一季度嗎？

So just on the revenue per PS, we do expect it to be down mid-single digits sequentially. And obviously, that's driven by all the conditions we've talked about earlier today. And as you know, we normally don't guide revenue, but we do expect that normal seasonality won't apply in '23. So we'll see some improvements in the overall revenue trajectory in the back half. But overall, we do expect to see PS revenue down here in Q1.

因此，僅就每 PS 的收入而言，我們確實預計它會連續下降中個位數。顯然，這是由我們今天早些時候談到的所有條件驅動的。如您所知，我們通常不指導收入，但我們確實預計正常的季節性不會適用於 23 年。因此，我們將看到後半部分整體收入軌蹟有所改善。但總的來說，我們確實預計第一季度 PS 收入會下降。

And the situation is different on the Print side, especially on the Commercial side, we continue to have some shortages as we were expecting. So backlog for commercial print remains elevated and we expect to clear it during the first half of 2023.

印刷方面的情況有所不同，尤其是在商業方面，我們繼續像我們預期的那樣出現一些短缺。因此，商業印刷的積壓量仍然很高，我們預計將在 2023 年上半年將其清除。

Okay. I still don't feel like we have a pretty good sense of what your range of outcomes is for revenue growth for 2023. But -- maybe you can address that. But just following up with the second question, you said supplies would be back to your traditional model of down kind of low to mid-single digits. But you pointed to minus 10% growth in the first half. So that means you're expecting supplies to grow in the second half. That's pretty well the simple math.

好的。我仍然覺得我們對 2023 年收入增長的結果範圍沒有很好的了解。但是 - 也許你可以解決這個問題。但是緊接著第二個問題，你說供應會回到你傳統的低到中個位數的模式。但你指出上半年的增長率為負 10%。所以這意味著你預計下半年供應量會增加。這是非常簡單的數學。

And why did we have this big perturbation from model the last couple of quarters and maybe the next couple of quarters. Is this just channel inventory correction? Or why do we have a sudden reset off of model that is minus 3% to minus 5% and minus 10% and then it kind of bounces back.

為什麼我們在過去幾個季度甚至接下來的幾個季度對模型產生如此大的擾動。這只是渠道庫存修正嗎？或者為什麼我們突然將模型重置為負 3% 至負 5% 和負 10%，然後它會反彈回來。

Sure. So as I explained in the last call, the changes in the performance in the supply business is really driven by a slowdown of consumer demand. We started to see this at the end of Q3. And as we were expecting, we have continued to see that in Q4, and we project that this will continue. Of course, as demand gets adjusted, there is an inventory adjustment, but this is not the reason why we are seeing -- the impact in supply is really driven by adjustments in user demand.

當然。因此，正如我在上次電話中所解釋的那樣，供應業務績效的變化實際上是由消費者需求放緩驅動的。我們在第三季度末開始看到這一點。正如我們預期的那樣，我們在第四季度繼續看到這種情況，我們預計這種情況將繼續下去。當然，隨著需求的調整，庫存也會有所調整，但這不是我們看到的原因——供應的影響實際上是由用戶需求的調整驅動的。

For the full year, as we said last quarter and we continue to say, we expect the business to go back to our original guide. And this means that the second half will have stronger performance than the first half. I think as we look at quarter growth as one of the key metrics, I think it's important to realize, Toni, that adjustments done in previous quarter have a lot of impact on growth. So we don't think it's the best way to measure the health of the business because anything that happened a quarter ago will have an impact on what is the next quarter. But again, the big impact is driven by a slowdown on consumer demand. And I think it's also important to highlight that our channel inventory is in a very good position today. I mentioned last quarter that it was slightly above where we wanted it to be. We are now totally within the position where we like to be.

對於全年，正如我們上個季度所說，我們繼續說，我們預計業務將回到我們原來的指南。而這意味著，下半場的表現將強於上半場。我認為，當我們將季度增長視為關鍵指標之一時，我認為重要的是要意識到，托尼，上一季度所做的調整對增長有很大影響。所以我們認為這不是衡量業務健康狀況的最佳方式，因為一個季度前發生的任何事情都會對下一季度產生影響。但同樣，巨大的影響是由消費者需求放緩造成的。而且我認為強調我們的渠道庫存今天處於非常好的位置也很重要。我在上個季度提到它略高於我們想要的水平。我們現在完全處於我們喜歡的位置。

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

你的下一個問題來自 Aaron Rakers 與 Wells Fargo 的合作。

Yes. I've got 2 as well. Just going back to kind of Toni's questions a little bit. I guess on the context of the revenue side, just correct me if I'm wrong, the 10% number with regard to PCs being down, that's a unit number. So as we see ASP pressure come into play, would the assumption be that revenue declines more? And then also, on the revenue context, I think there was a comment thrown out there about 3% with regard to Print. I'm curious, was that 3% sequential down in this quarter? Or was that kind of the commentary for the full year? I was just confused by that comment around 3% decline in Print. And I got a follow-up.

是的。我也有2個。稍微回到托尼的問題。我想在收入方面，如果我錯了請糾正我，關於 PC 下降的 10% 的數字，這是一個單位數字。因此，當我們看到 ASP 壓力開始發揮作用時，是否會假設收入下降更多？然後，在收入方面，我認為關於打印的評論大約有 3%。我很好奇，這個季度是連續下降了 3% 嗎？或者是那種全年的評論？我只是對印刷品下降 3% 左右的評論感到困惑。我得到了跟進。

Sure. Let me start with the Print side, and then Marie will talk about PC. On the Print side, the minus 3% is the expected decline in the overall market for Print between fiscal year '23 and fiscal year '22, and there are different dynamics behind that number. We are expecting the consumer number to -- the consumer market to go down year-on-year, the office market to go slightly up and the industrial market to continue to grow like it has been growing during 2022. The net effect of all these 3 is a minus 3% growth year-on-year. Marie?

當然。讓我從印刷方面開始，然後瑪麗將談論 PC。在印刷品方面，負 3% 是 23 財年和 22 財年印刷品整體市場的預期下降，這個數字背後有不同的動力。我們預計消費者數量——消費市場將同比下降，辦公市場將略有上升，工業市場將繼續增長，就像 2022 年一直在增長一樣。所有這些的淨效應3 同比增長-3%。瑪麗？

Yes. No. With respect to revenue, I think as I said earlier with Toni's question, we do expect to see down mid-single digits sequentially. And as we mentioned earlier, I think Enrique commented in the prepared remarks, down 10% on units, and this is obviously with an environment where you've got higher channel imagery, there is going to be some ASP pressure. So we do anticipate though, as you get into the second half, that should clear out the inventory that we'll see some of the revenue adjust. But I think the way to think about it is that certainly the first half of PCs is going to be challenged. But obviously, we will be doing our best to offset all of this with an improvement in our mix. And I think we've demonstrated that over the last couple of quarters.

是的。不。關於收入，我認為正如我之前對 Toni 的問題所說的那樣，我們確實希望看到連續下降中個位數。正如我們之前提到的，我認為恩里克在準備好的評論中評論說，單位下降了 10%，這顯然是在你擁有更高頻道圖像的環境中，將會有一些 ASP 壓力。所以我們確實預計，當你進入下半年時，這應該會清理我們將看到一些收入調整的庫存。但我認為考慮的方式是，PC 的前半部分肯定會受到挑戰。但顯然，我們將盡最大努力通過改進我們的產品組合來抵消所有這些影響。我認為我們在過去幾個季度已經證明了這一點。

Yes, that's very helpful. And then I guess the follow-up was on the channel inventory discussion. I guess, do you see that channel inventory -- is the assumption right now that channel inventory normalizes as we get towards the mid part of calendar '23. Any context of how you would currently characterize your own channel inventory in that?

是的，這很有幫助。然後我猜後續是關於渠道庫存的討論。我想，你看到渠道庫存了嗎——現在假設渠道庫存在我們接近 23 年日曆的中期時正常化。您目前如何描述您自己的渠道庫存的任何背景？

Sure. if we're talking just Personal Systems, absolutely. We expect that the inventory will remain elevated through the first half, but then normalize in the second half. And then as I think Enrique said earlier, Print's in really good shape, both supplies and hardware.

當然。如果我們只談論個人系統，那絕對是。我們預計上半年庫存將保持高位，但隨後在下半年恢復正常。然後正如我認為 Enrique 早些時候所說的那樣，Print 的狀態非常好，包括供應和硬件。

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

你的下一個問題來自摩根士丹利的 Erik Woodring。

I have 2 as well. Maybe Enrique I start with you. This is your third consecutive kind of 3-year cost cutting or transformational plan, I should say, HP's third consecutive at more than kind of $1 billion of gross cost savings, each plan. So I guess if you take a step back and you think about the last maybe almost a decade in that context. Why have the prior plans, I guess, not been enough? Or what are you doing with this specific plan that you haven't necessarily already done, given even last summer, you talked about portfolio SKU rationalization and digital transformation. So just maybe if you could help us understand that. And then I have a follow-up.

我也有2個。也許恩里克我從你開始。這是您連續第三次實施為期 3 年的成本削減或轉型計劃，我應該說，惠普連續第三次在每個計劃中節省超過 10 億美元的總成本。所以我想如果你退後一步，想想過去可能近十年的情況。我猜為什麼之前的計劃還不夠？或者你在做什麼你不一定已經完成的這個特定計劃，甚至在去年夏天，你談到了組合 SKU 合理化和數字化轉型。所以也許你能幫助我們理解這一點。然後我有一個後續行動。

Sure. Thank you, Erik. I would say there are 2 things. First is the world is in a very different position now than when it was 3 years ago, but also the company is in a very different position. In fact, a significant part of the savings that we are going to be able to achieve now are really driven by the investments that we have made during the last 3 years that really are enabling a significant part of it.

當然。謝謝你，埃里克。我會說有兩件事。首先，世界現在的處境與 3 年前截然不同，而且公司的處境也大不相同。事實上，我們現在能夠實現的節省的很大一部分實際上是由我們在過去 3 年中所做的投資驅動的，這些投資確實實現了其中的很大一部分。

For example, when we talk about continuing to work on the digital transformation, we can do it now because of all the investments that we have made during the last 3 years. Additionally to that, when we look at the return on this investment, it really brings -- has very good results. We are going to be investing $1 billion, and we will get, as Marie was saying, $1.4 billion of run rate savings at the end of '25.

例如，當我們談論繼續致力於數字化轉型時，由於我們在過去 3 年中進行的所有投資，我們現在可以做到。除此之外，當我們查看這項投資的回報時，它確實帶來了非常好的結果。我們將投資 10 億美元，正如瑪麗所說，到 25 年底，我們將節省 14 億美元的運行率。

So really very solid return. And on top of that, this will also help us to continue to invest in our growth businesses. We think that it is really important that as we go through a challenging marketing conditions during the next quarter, we continue to invest in the future businesses of the company, and this transformation is going to enable us to do that going forward.

所以真的非常穩固的回報。最重要的是，這也將幫助我們繼續投資於我們的增長業務。我們認為，在下個季度經歷充滿挑戰的營銷條件時，我們繼續投資於公司未來的業務非常重要，而這種轉型將使我們能夠在未來做到這一點。

Okay. And then maybe Marie, this one would be for you. Net debt is up a little $4 billion to $5 billion year-over-year. Obviously, Poly had an impact on that. And your gross leverage is creeping towards the higher end of your 1.5x to 2x range -- target range. And so would you be willing to go over 2x temporarily? I mean the math says, you could technically get over 2x over the next 12 months. So are you willing to let leverage get over 2x? And/or why not try to work down some of that just given the more uncertain macro backdrop, rising interest rates, et cetera?

好的。然後也許瑪麗，這個適合你。淨債務同比增長 40 億至 50 億美元。顯然，Poly 對此產生了影響。而且您的總槓桿率正在向您的 1.5 倍至 2 倍範圍（目標範圍）的高端移動。那麼你願意暫時超過 2 倍嗎？我的意思是數學表明，在接下來的 12 個月內，從技術上講，您可以獲得超過 2 倍的收益。那麼你願意讓槓桿超過 2 倍嗎？和/或鑑於更加不確定的宏觀背景、利率上升等因素，為什麼不嘗試減少其中的一些呢？

Yes. No worries. No, we're very much committed to the strategy. I think we've articulated of staying inside our range. So absolutely, we'll continue to execute against our strategy.

是的。不用擔心。不，我們非常致力於該戰略。我認為我們已經明確表示要保持在我們的範圍內。所以絕對，我們將繼續執行我們的戰略。

We think that the world is, as we have said, very volatile and having a strong balance sheet is really important. So this is why we will stay below 2, keeping investment-grade rating is critical for many of our big deals with large corporations. So this is one of the big reasons why we want to stay there. And if everything we will deliver, we are not planning to go beyond the range.

正如我們所說，我們認為世界非常不穩定，擁有強大的資產負債表非常重要。所以這就是為什麼我們將保持在 2 以下，保持投資級評級對於我們與大公司的許多大交易至關重要。所以這是我們想留在那裡的重要原因之一。如果我們要交付的一切，我們不打算超出範圍。

Your next question comes from the line of Wamsi Mohan with Bank of America.

你的下一個問題來自美國銀行的 Wamsi Mohan。

It's Ruplu filling in for Wamsi today. I have 2 questions. Enrique, one on PCs and one on print. In the prepared remarks, with respect to Personal Systems, you said that you're not happy with the share performance. It looks like HP lost some share, both sequentially and year-on-year. But I'm sure you've already done in this quarter what other companies are doing, which is reducing price. And with the inventory -- channel inventory remaining high for half of fiscal '23, can you talk about your strategy in Personal Systems. How do you think you can gain share? And what are some of the things that -- you talked about execution. So what are some of the things you can do better to gain share in this year?

今天是 Ruplu 代替 Wamsi。我有兩個問題。 Enrique，一本在 PC 上，一本在印刷品上。在準備好的評論中，關於個人系統，你說你對股票表現不滿意。看起來惠普失去了一些份額，無論是環比還是同比。但我敢肯定，您在本季度已經完成了其他公司正在做的事情，即降價。由於庫存——渠道庫存在 23 財年的一半時間裡仍然很高，你能談談你在個人系統方面的戰略嗎？您認為如何才能獲得份額？還有一些事情 - 你談到了執行。那麼，今年您可以做哪些更好的事情來獲得市場份額？

Sure. As we have explained in the past, our strategy and our goal is profitable growth is not to gain share for the sake of gaining share. And therefore, we are very judicious and very careful as we look at deals in different geographies, different segments to make sure that the deals make financial sense for us. This quarter, we saw very aggressive pricing in many countries in the world, especially in the consumer segment, especially EMEA.

當然。正如我們過去所解釋的那樣，我們的戰略和目標是盈利增長，而不是為了獲得份額而獲得份額。因此，當我們審視不同地區、不同領域的交易時，我們非常明智和謹慎，以確保這些交易對我們具有財務意義。本季度，我們看到世界上許多國家的定價都非常激進，尤其是在消費領域，尤其是 EMEA。

And in many cases, we decided not to participate. But we also know that to maintain a strong leadership position in this market, we need to regain share. And this is -- and we think that the cost reduction activities that we have been working on for some time are going to be part of the Future Ready plan, are going to help us to be more competitive and help us to win share during 2023, which is our goal. And that's really the key -- this will be the key driver of the share growth that we expect to have.

在許多情況下，我們決定不參與。但我們也知道，要在這個市場保持強大的領導地位，我們需要重新獲得份額。這是 - 我們認為我們已經進行了一段時間的成本削減活動將成為未來準備計劃的一部分，將幫助我們更具競爭力並幫助我們在 2023 年贏得市場份額，這是我們的目標。這才是真正的關鍵——這將是我們預期的份額增長的主要驅動力。

Okay. Can I ask a follow-up on the Print segment. As people are going back to work, how do you see the relative growth rate of your home subscription business Instant Ink versus the Commercial managed Print services business are either one -- is one more profitable than the other?

好的。我可以問一下打印部分的後續問題嗎？隨著人們重返工作崗位，您如何看待您的家庭訂閱業務 Instant Ink 與商業管理印刷服務業務的相對增長率是哪一個——一個比另一個更有利可圖？

And then just as you look at Print margins throughout the year, you guided for the full year to remain at the high end of the range. But should we think that the first half going to second half, your Print margins normalize somewhat towards within that range. So can you just give us your thoughts on the relative margins of those 2 subscription businesses? And how do you see the growth rates for them as well as the margin progression this year?

然後就像您查看全年印刷利潤率一樣，您指導全年保持在該範圍的高端。但是我們應該認為上半場到下半場，您的打印邊距會在一定程度上趨向於該範圍內。那麼，您能告訴我們您對這兩項訂閱業務的相對利潤率的看法嗎？您如何看待他們的增長率以及今年的利潤增長？

Sure. From a margin perspective, similar to what happens on the transactional side, the home -- the Instant Ink program is more profitable than the managed Print service program. They are driven by the fact that we own almost all the technology stack. From a growth perspective, though, they are not related. We have a lot of opportunity to grow both to grow the consumer subscription business and to grow as well the managed Print service business, especially as we start seeing some slow but some recovery on the office side.

當然。從利潤的角度來看，與交易方面的情況類似，家庭 Instant Ink 計劃比託管打印服務計劃更有利可圖。他們是由我們擁有幾乎所有的技術堆棧這一事實驅動的。但是，從增長的角度來看，它們並不相關。我們有很多機會來發展消費者訂閱業務和託管打印服務業務，特別是當我們開始看到辦公室方面出現一些緩慢但有些復甦的情況時。

And just on the margins, as I said in our prepared remarks, we do expect to be at the high end of the range. But in terms of just how to think about it half-on-half, just in the first half, we do expect a little more softness in Consumer due to some of the favorable pricing. So we'll see that probably in the first half, some normalization.

正如我在準備好的發言中所說，就邊緣而言，我們確實希望處於該範圍的高端。但就如何半對半地考慮這一點而言，就在上半年，我們確實預計由於一些優惠的定價，消費者的表現會更加疲軟。所以我們可能會在上半年看到一些正常化。

Your final question today comes from the line of Krish Sankar with Cowen & Company.

您今天的最後一個問題來自 Krish Sankar 與 Cowen & Company 的合作。

I have two of them. First one, either for Marie or Enrique, on your cost reduction plan. With the portfolio optimization, how should we think about the TAM opportunity for HP in FY '25, given that I understand you want to do profitable growth. But do you think with the portfolio optimization and the headcount reduction, you're prioritizing one over the other? And then I have a follow-up.

我有兩個。第一個，對於 Marie 或 Enrique，關於您的成本削減計劃。通過投資組合優化，我們應該如何考慮惠普在 25 財年的 TAM 機會，因為我知道你想實現盈利增長。但是你認為通過投資組合優化和裁員，你會優先考慮其中一個嗎？然後我有一個後續行動。

Yes. So our portfolio optimization have many different elements. Let me highlight a couple of them. First, we are going to maintain, and in some cases, increase our investment in the growth businesses. As I said before, we expect to get double-digit growth in 2023. And going forward, they will continue to become a more relevant part of the company.

是的。所以我們的投資組合優化有很多不同的元素。讓我強調其中的幾個。首先，我們將維持並在某些情況下增加對成長型業務的投資。正如我之前所說，我們預計 2023 年將實現兩位數的增長。未來，他們將繼續成為公司更重要的一部分。

On the other side, we also know we have opportunities to optimize some of the businesses in the core side. For example, during 2021 and '22 because of the component shortages, we have to duplicate many SKUs. We had to duplicate investments in boards, in many different parts to compensate for component shortages. This is clearly now an opportunity to simplify, to rationalize and to reduce investment and cost in the core side. And there are many other things, but these are 2 good examples of the type of things you will see us doing.

另一方面，我們也知道我們有機會優化核心端的一些業務。例如，在 2021 年和 22 年期間，由於組件短缺，我們不得不復制許多 SKU。我們不得不在許多不同的部分對電路板進行重複投資，以彌補組件短缺。這顯然是現在簡化、合理化和減少核心方面投資和成本的機會。還有很多其他事情，但這些是您將看到我們做的事情類型的 2 個很好的例子。

Got it. Got it. Super helpful, Enrique. And then a quick follow-up, actually, a 2-part follow-up. On the 10% PC units down, is that for FY '23? Or is it for calendar '23? And can you just help us understand what your calendar '22 baseline is? And then the second part of the question is, I think, Marie, you mentioned how second half of FY '23 should get better as inventory digest for PCs.

知道了。知道了。超級有幫助，恩里克。然後是快速跟進，實際上是分為兩部分的跟進。下降 10% 的 PC 單位，是 23 財年的嗎？還是 23 年日曆？您能否幫助我們了解您的 22 年日曆基準是什麼？然後問題的第二部分是，我認為，瑪麗，你提到了 23 財年下半年作為 PC 的庫存摘要應該如何變得更好。

I'm just kind of curious, is that really a function of inventory digestion and you expect demand to improve? Or is that -- because it seems like most companies expect a second half 2023 recovery, but with an uncertain demand environment, what is your confidence level on that improvement?

我只是有點好奇，這真的是庫存消化的功能嗎？您預計需求會改善嗎？或者是因為大多數公司似乎預計 2023 年下半年會復蘇，但在需求環境不確定的情況下，您對這種改善的信心水平是多少？

Sure. So let me start with a minus 10%. The minus 10% is what we expect the unit decline to be during our fiscal year that goes from November '22 to November '23. We are using that number because we think it's more relevant to understand the guide that we provided today. Marie?

當然。所以讓我從負 10% 開始。負 10% 是我們預計從 22 年 11 月到 23 年 11 月的財政年度的單位下降幅度。我們使用該數字是因為我們認為它與理解我們今天提供的指南更相關。瑪麗？

Yes. And just on the second half, just bear in mind that not only the channel inventory will be in better shape, but we also will see the impact of the Future Ready transformation program. So we'll expect to see those gross run rate structural savings that I mentioned about $560 million kick in, in the back half as well. So that's another driver along with -- we should see supply chain improved, particularly in Print and high-end PCs. And I'd just add that at the high end of the guide, the upside is really coming from a better macro, but we're not counting on it. So that's what could drive us to the high end of the range.

是的。就在下半年，請記住，不僅渠道庫存會更好，而且我們還將看到 Future Ready 轉型計劃的影響。因此，我們預計也會在後半部分看到我提到的約 5.6 億美元的總運行率結構性節省。所以這是另一個驅動因素——我們應該看到供應鏈得到改善，特別是在印刷和高端個人電腦方面。我只是補充說，在指南的高端，優勢確實來自更好的宏，但我們並不指望它。所以這就是可以推動我們走向高端的原因。

Well, thank you, everybody, for joining the call today. But you can see that we are taking the actions under our control to manage the situation and to improve the situation. Clearly, we know that we need to both continue to reduce our cost structure, but also to invest for the future of the company because I don't think anybody can predict when the rebound of the economy will happen. But what we want to make sure is that we have a stronger HP when this happens, so we can take advantage of that.

好吧，謝謝大家今天加入電話會議。但你可以看到，我們正在採取我們控制下的行動來管理和改善情況。顯然，我們知道我們既需要繼續降低成本結構，也需要為公司的未來進行投資，因為我認為沒有人可以預測經濟何時會出現反彈。但我們想要確保的是，當這種情況發生時我們有更強的 HP，所以我們可以利用它。

So really thank you, everybody, for joining. And happy Thanksgiving for those of you in the U.S. Thank you.

非常感謝大家的加入。祝你們這些在美國的人感恩節快樂。謝謝你們。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。