惠普 (HPQ) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the First Quarter 2023 HP Inc. Earnings Conference Call. My name is Lisa, 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，歡迎來到惠普公司 2023 年第一季度收益電話會議。我叫麗莎，我將擔任今天電話會議的會議主持人。 （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 First Quarter 2023 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 2023 年第一季度收益電話會議。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 Enrique 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. 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 Form 10-Q for the fiscal quarter ended January 31, 2023, and HP's other SEC filings.

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。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，可能與惠普截至 2023 年 1 月 31 日的財政季度 10-Q 表格以及惠普提交給美國證券交易委員會的其他文件中最終報告的金額存在重大差異。

During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period. In addition, unless otherwise noted, references to HP channel inventory refer to Tier 1 channel inventory. 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 accompanies 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。此外，除非另有說明，否則提及的惠普渠道庫存指的是一級渠道庫存。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 to everyone for joining today. Since our Q4 call last November, the macro volatility we described has continued. Our approach remains consistent. We are taking decisive actions to improve our performance while continuing to invest in long-term growth.

謝謝 Orit，也感謝大家今天的加入。自我們去年 11 月的第四季度電話會議以來，我們所描述的宏觀波動一直在持續。我們的方法始終如一。我們正在採取果斷行動來改善我們的業績，同時繼續投資於長期增長。

By doing what we said we would do, we delivered on our Q1 EPS guidance. And we are reaffirming our full year outlook. Today, I'm going to focus my comments on 3 areas: I will begin by summarizing our results and progress against our future ready plan. I will then cover our business unit performance. And I will conclude with our outlook before handing the call to Marie.

通過按照我們所說的去做，我們實現了第一季度 EPS 指導。我們重申我們的全年展望。今天，我將把我的評論集中在 3 個方面：首先，我將根據我們未來的準備計劃總結我們的結果和進展。然後我將介紹我們的業務部門的績效。在將電話轉給瑪麗之前，我將總結一下我們的展望。

Starting with our results. Net revenue was $13.8 billion in the quarter. That's down 19% nominally and 15% in constant currency. This reflects industry-wide headwinds including corporate budget tightening that has started to impact large enterprise demand. Despite this top line pressure, we delivered non-GAAP EPS of $0.75. This is in line with our previously provided outlook, and it reflects the actions we are taking on cost as well as disciplined execution on pricing and mix.

從我們的結果開始。本季度淨收入為 138 億美元。名義上下降了 19%，按固定匯率計算下降了 15%。這反映了整個行業的逆風，包括已經開始影響大型企業需求的企業預算緊縮。儘管存在這種頂線壓力，我們仍交付了 0.75 美元的非 GAAP 每股收益。這與我們之前提供的展望一致，它反映了我們正在採取的成本行動以及對定價和組合的嚴格執行。

The future ready plan we shared with you last quarter is already having an impact. As a reminder, the plan has 2 primary objectives. One is to further reduce our cost structure. The second is to continue to assess and optimize our overall portfolio and to develop a required operational capabilities to deliver long-term sustainable growth. We are making clear progress in both areas.

我們上個季度與您分享的未來就緒計劃已經產生了影響。提醒一下，該計劃有 2 個主要目標。一是進一步降低我們的成本結構。第二是繼續評估和優化我們的整體產品組合，並發展所需的運營能力以實現長期可持續增長。我們在這兩個領域都取得了明顯進展。

In terms of costs, our teams have done an excellent job reducing spend and driving efficiencies. We delivered on our Q1 cost target, and we are on track to deliver at least 40% of our 3-year savings by the end of fiscal year '23. This is allowing us to maintain our investments in long-term growth.

在成本方面，我們的團隊在減少支出和提高效率方面做得非常出色。我們實現了第一季度的成本目標，並且有望在 23 財年末實現至少 40% 的 3 年節省。這使我們能夠維持對長期增長的投資。

Collectively, our key growth businesses grew double digits in Q1, including Poly. We're investing in a down market so we can accelerate our growth when the external environment improves. For example, new hybrid work models are fueling demand for peripherals and other collaboration solutions. We will now refer to this part of our business as hybrid systems. Our hybrid systems business more than doubled year-over-year, and our Poly integration is going very well. The combined HP and Poly portfolio is creating better experiences for customers and building a strong funnel.

總的來說，我們的主要增長業務在第一季度實現了兩位數的增長，其中包括 Poly。我們正在投資低迷的市場，以便在外部環境改善時加快增長。例如，新的混合工作模式正在推動對外圍設備和其他協作解決方案的需求。我們現在將這部分業務稱為混合系統。我們的混合系統業務同比增長了一倍多，我們的 Poly 整合進展順利。 HP 和 Poly 的組合組合正在為客戶創造更好的體驗並建立強大的渠道。

Hybrid work is a long-term secular trend driving innovation across our portfolio. We introduced more than 25 new products that earn over 50 innovation awards at CES. This included our new Dragonfly pro series, which we co-engineer with AMD. It reflects how we are building deeper partnerships with our silicon partners to co-create better experiences for customers.

混合工作是推動我們產品組合創新的長期長期趨勢。我們推出了超過 25 款新產品，在 CES 上獲得了 50 多個創新獎。這包括我們與 AMD 共同設計的全新 Dragonfly pro 系列。它反映了我們如何與我們的芯片合作夥伴建立更深層次的合作夥伴關係，共同為客戶創造更好的體驗。

In addition, we launched our new Poly Voyager wireless earbuds, with 3 mics per earbud they deliver higher quality voice transmission and audio experiences. We are also doubling down on services and subscriptions. There is growing demand for new consumption models that allow us to deliver a better value proposition. And we have created dedicated teams to drive greater focus on these growth opportunities.

此外，我們還推出了全新的 Poly Voyager 無線耳塞，每個耳塞配備 3 個麥克風，可提供更高質量的語音傳輸和音頻體驗。我們還在服務和訂閱方面加倍努力。對新消費模式的需求不斷增長，這使我們能夠提供更好的價值主張。我們還創建了專門的團隊來更加關注這些增長機會。

This supports our strategy to foster lifetime customer relationships and drive recurring revenue. Last year, we created our Workforce Services & Solutions organization. It is providing customers with an integrated set of offerings and expanding our addressable market. We delivered healthy WSS revenue growth in Q1, and we drove margin expansion by shifting more of our mix to digital services and achieving cost efficiencies. We are excited about the opportunities ahead.

這支持我們培養終身客戶關係和推動經常性收入的戰略。去年，我們創建了勞動力服務和解決方案組織。它為客戶提供一整套產品並擴大我們的目標市場。我們在第一季度實現了健康的 WSS 收入增長，我們通過將更多的產品組合轉向數字服務和實現成本效益來推動利潤率的增長。我們對未來的機遇感到興奮。

Our investments in software, security and AI will enable us to develop new solutions. For example, our HP workstations and data science stack is accelerating machine learning and AI workflows, which is leading to the creation of a new category of high-performance PCs specifically designed for data science and AI applications. And we are partnering closely with NVIDIA on new products and platforms for this growing use case.

我們在軟件、安全和人工智能方面的投資將使我們能夠開發新的解決方案。例如，我們的 HP 工作站和數據科學堆棧正在加速機器學習和 AI 工作流程，這將導致創建專門為數據科學和 AI 應用程序設計的新型高性能 PC。我們正在與 NVIDIA 密切合作，為這個不斷增長的用例開發新產品和平台。

And this quarter, we also created a new organization focused on consumer subscriptions. It's designed to expand upon the success of Instant Ink. Our long-term goal is to ultimately offer the HP portfolio as a subscription.

本季度，我們還創建了一個專注於消費者訂閱的新組織。它旨在擴展 Instant Ink 的成功。我們的長期目標是最終以訂閱方式提供惠普產品組合。

Let me now touch on our business unit performance, starting with Personal Systems. At the market level, we continue to see soft demand in consumer and commercial. We also see pricing pressure given elevated channel inventory across the industry. In addition, corporate budget tightening began to affect large enterprise demand. This is leading to longer sales cycles in our commercial business. Against that backdrop, Personal Systems revenue was $9.2 billion. That's down 24% or 20% in constant currency.

現在讓我談談我們業務部門的績效，從個人系統開始。在市場層面，我們繼續看到消費者和商業需求疲軟。鑑於整個行業的渠道庫存增加，我們還看到了定價壓力。此外，企業預算緊縮開始影響大企業的需求。這導致我們商業業務的銷售週期更長。在此背景下，Personal Systems 的收入為 92 億美元。按固定匯率計算，下降了 24% 或 20%。

Rollout to our customers was higher than selling to the channel with a corresponding reduction in channel inventory. Our estimate is that end-user demand was stronger than revenue shipments. PS operating margin was better than expected at 5.4%, and we grew operating profit sequentially. This reflects our actions on cost and a favorable mix shift improving our performance.

向我們的客戶推出比向渠道銷售更高，渠道庫存相應減少。我們的估計是最終用戶需求強於收入出貨量。 PS 營業利潤率為 5.4%，好於預期，營業利潤環比增長。這反映了我們在成本方面的行動以及改善我們業績的有利組合轉變。

We accelerated the growth of our hybrid systems and PS services businesses, and we remain focused on growing profitable share. In calendar Q4, we grew share sequentially in the high-value segments we have prioritized. Our commercial PC share increased by 2.8 points. And our overall PC share grew by 2.5 points as we regained the #1 or #2 position in all regions.

我們加快了混合系統和 PS 服務業務的增長，我們仍然專注於增加盈利份額。在第 4 季度，我們在優先考慮的高價值細分市場中的份額連續增長。我們的商用 PC 份額增加了 2.8 個百分點。隨著我們在所有地區重新獲得第一或第二的位置，我們的整體 PC 份額增長了 2.5 個百分點。

Turning to Print. Current market conditions are more stable, and we see different dynamics playing out by business. The consumer print market continues to see demand softness and pricing pressure. In supplies, the situation in Q1 was better than expected and we continue to see strong adoption of profit upfront and subscription models. The commercial print market is being impacted by macro uncertainty corporate budget tightening and the uneven pace of return to office.

轉向打印。目前的市場狀況更加穩定，我們看到不同的企業正在發揮不同的作用。消費印刷市場繼續看到需求疲軟和定價壓力。在供應方面，第一季度的情況好於預期，我們繼續看到大量採用預付利潤和訂閱模式。商業印刷市場正受到宏觀不確定性企業預算緊縮和復工步伐不均的影響。

Within commercial, office printing has seen improvement as the supply situation normalizes. Taking all this into account, our Q1 Print revenue was $4.6 billion. That's down 4.5% or 2% in constant currency. We delivered Print operating margin of 18.9%. Operating profit was flat year-over-year in a very tough market. This shows that our strategy is working.

在商業、辦公印刷方面，隨著供應情況的正常化，情況有所改善。考慮到所有這些因素，我們第一季度的印刷收入為 46 億美元。按固定匯率計算，下降了 4.5% 或 2%。我們的印刷營業利潤率為 18.9%。在非常艱難的市場中，營業利潤同比持平。這表明我們的策略正在奏效。

Disciplined cost management and favorable pricing in office had a positive impact. Our office hardware revenue grew 13% year-over-year or 5% sequentially, and we gained share in office quarter-over-quarter in calendar Q4. Although return to office is uneven the pages per device remain in the range of 80% of pre-COVID expected levels. We also continued to rebalance system profitability. HP+ and big tank printers represented 56% of printer shipments in Q1 and we gained share sequentially in big tank.

紀律嚴明的成本管理和優惠的辦公室定價產生了積極影響。我們的辦公硬件收入同比增長 13%，環比增長 5%，並且我們在日曆第四季度的辦公設備份額環比增長。儘管重返辦公室的情況參差不齊，但每台設備的頁面仍保持在 COVID 前預期水平的 80% 範圍內。我們還繼續重新平衡系統的盈利能力。 HP+ 和 big tank 打印機佔第一季度打印機出貨量的 56%，我們在 big tank 中的份額連續增加。

We now offer the industry's broadest lineup of tanks from the low end of the market to the world's first and only laser tank printer. We delivered double-digit revenue growth in Instant Ink surpassing 12 million subscribers. And we drove early adoption of our Instant Ink with paper add on.

我們現在提供業界最廣泛的坦克系列，從低端市場到世界上第一台也是唯一一台激光坦克打印機。我們在 Instant Ink 中實現了兩位數的收入增長，訂閱者超過 1200 萬。我們推動了我們的 Instant Ink 與紙張添加的早期採用。

Industrial graphics and 3D were impacted by macro headwinds, with revenue down year-over-year. We view this as a short-term situation. and we plan to continue investing in these areas to drive long-term growth and value creation. This quarter, we expanded our Jet Fusion lineup and we drove adoption of our metal jet solution with key customers such as John Deere and Schneider Electric.

工業圖形和 3D 受到宏觀逆風的影響，收入同比下降。我們認為這是一種短期情況。我們計劃繼續在這些領域進行投資，以推動長期增長和價值創造。本季度，我們擴大了 Jet Fusion 產品線，並推動了 John Deere 和 Schneider Electric 等主要客戶採用我們的金屬噴射解決方案。

Across our business, sustainable impact remains at the core of our strategy and our leadership on important topics like climate change, human rights and digital equity is building trust in our brand. and it's helping us win new business. It's also driving innovation.

在我們的業務中，可持續影響仍然是我們戰略的核心，我們在氣候變化、人權和數字股權等重要主題上的領導地位正在建立人們對我們品牌的信任。它正在幫助我們贏得新業務。它還在推動創新。

Our new all-in-one lineup is a great example. It includes the world's first PC with recycled coffee grounds, which are used in the finish of the device. The enclosure is made with more than 40% post-consumer recycled plastics. The arm stand uses 75% recycled aluminum. And the stand base uses 100% reclaimed polyester. We have also reduced the product's packaging, so we can ship up to 66% more units per pallet.

我們全新的一體化產品陣容就是一個很好的例子。它包括世界上第一台使用回收咖啡渣的 PC，這些咖啡渣用於設備的表面處理。外殼由超過 40% 的消費後回收塑料製成。手臂支架使用 75% 的再生鋁。支架底座使用 100% 再生聚酯。我們還減少了產品的包裝，因此每個托盤的運輸量最多可增加 66%。

I am proud we were recently named America's Most Responsible Company by Newsweek for the fourth consecutive year.

我很自豪我們最近連續第四年被《新聞周刊》評為美國最負責任的公司。

Let me turn to capital allocation. As we said last quarter, we plan to maintain our current capital allocation approach, and we are applying the same framework we have used the last few years. We are committed to returning 100% of free cash flow to shareholders over time, unless opportunities with a better return on investment arise. And as long as our gross leverage ratio remains under 2x EBITDA.

讓我談談資本配置。正如我們上個季度所說，我們計劃維持目前的資本配置方法，並採用與過去幾年相同的框架。我們承諾隨著時間的推移將 100% 的自由現金流返還給股東，除非出現獲得更好投資回報的機會。只要我們的總槓桿率保持在 2 倍 EBITDA 以下。

Given the volatility of the market and our growing contractual business, we believe it's important to maintain a healthy balance sheet through prudent financial management. Therefore, we moderated our share repurchase activity in Q1 as planned while maintaining a leverage ratio within our target range.

鑑於市場的波動性和我們不斷增長的合同業務，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，我們按計劃在第一季度緩和了我們的股票回購活動，同時將槓桿率維持在我們的目標範圍內。

Looking ahead, we are not expecting a significant economic recovery during fiscal year 2023. We continue to expect our second half performance to improve relative to the first half, driven by our cost-saving measures and as the improved channel inventory levels create a more normalized pricing environment. This is consistent with the view we shared in November. The PC market in units may regress to pre-COVID levels in the short term, but we expect it will remain at a structurally higher level with more premium and high-value mix.

展望未來，我們預計 2023 財年經濟不會出現顯著復甦。我們繼續預計下半年的業績將相對於上半年有所改善，這得益於我們的成本節約措施以及改善的渠道庫存水平創造了更加正常的定價環境。這與我們在 11 月份分享的觀點一致。 PC 市場短期內可能會回歸到 COVID 之前的水平，但我們預計它將保持在結構性較高的水平，並具有更多的高端和高價值組合。

As we said last quarter, we expect the overall print market to be down low single digits this year. This is mainly driven by the challenging macro environment and slower-than-expected return to the office. And as I said at the top of the call, we are maintaining our full year financial outlook.

正如我們上個季度所說，我們預計今年整體印刷市場將下降個位數。這主要是受充滿挑戰的宏觀環境和低於預期的複工率所推動。正如我在電話會議開頭所說的那樣，我們將維持全年的財務展望。

To sum up, we are operating in a tough market right now. But we are taking decisive actions as part of our future ready plan to improve our performance, and we remain confident in our ability to deliver. By focusing on what we can control, we believe we are well positioned to navigate near-term volatility. And by maintaining investments in our growth priorities we are strengthening the company for the future. This is what we did in Q1. And it's what you can expect from us moving forward.

總而言之，我們目前在艱難的市場中運營。但我們正在採取果斷行動，作為我們未來改善績效的準備計劃的一部分，我們對我們的交付能力仍然充滿信心。通過專注於我們可以控制的事情，我們相信我們能夠很好地應對近期的波動。通過保持對我們增長優先事項的投資，我們正在為未來加強公司。這就是我們在第一季度所做的。這就是您對我們前進的期望。

Let me now hand the call over to Marie for more details.

現在讓我將電話轉給瑪麗了解更多詳情。

Thank you, and good afternoon, everyone. As Enrique said, we continue to focus on what we can control and deliver on the commitments we have made. In Q1, we remain disciplined in rigorously managing our costs and investing strategically while delivering on our outlook. However, our results were impacted by ongoing soft demand.

謝謝，大家下午好。正如恩里克所說，我們將繼續專注於我們可以控制的事情，並兌現我們做出的承諾。在第一季度，我們在實現展望的同時嚴格管理成本和進行戰略投資。然而，我們的業績受到持續疲軟需求的影響。

Macroeconomic challenges persisted and corporate budget tightening began to affect large enterprise demand this quarter. We are adapting quickly to the current environment but see continued opportunity to drive further improvement in our cost structure and operational execution.

本季度宏觀經濟挑戰依然存在，企業預算緊縮開始影響大型企業需求。我們正在迅速適應當前環境，但看到了繼續推動成本結構和運營執行進一步改善的機會。

Let me give you a closer look at the details. Net revenue was $13.8 billion in the quarter, down 19% nominally and 15% in constant currency, driven by the declines across each of our regions. In constant currency, Americas declined 16%, EMEA declined 15%, and APJ declined 13%. Gross margin was 20.3% in the quarter, up 0.4 points year-on-year, primarily due to improved commodities and favorable print mix, partially offset by competitive pricing, including currency.

讓我給你仔細看看細節。本季度淨收入為 138 億美元，名義上下降 19%，按固定匯率計算下降 15%，這是受我們每個地區收入下降的推動。按固定匯率計算，美洲下降 16%，EMEA 下降 15%，APJ 下降 13%。本季度毛利率為 20.3%，同比上升 0.4 個百分點，這主要是由於大宗商品的改善和有利的印刷組合，部分被包括貨幣在內的具有競爭力的定價所抵消。

Non-GAAP operating expenses were $1.7 billion or 12.5% of revenue. The decrease in operating expenses was driven primarily by lower variable compensation, rigorous cost management and favorable currency impacts, partially offset by the Poly acquisition. Non-GAAP operating profit was $1.1 billion, down 28.3%. Non-GAAP net OI&E expense was $183 million, up primarily due to higher interest expense driven by an increase in both debt outstanding and interest rates.

非 GAAP 運營費用為 17 億美元，佔收入的 12.5%。運營費用的減少主要是由於較低的可變薪酬、嚴格的成本管理和有利的貨幣影響，部分被保利收購所抵消。非美國通用會計準則營業利潤為 11 億美元，下降 28.3%。非 GAAP 淨 OI&E 費用為 1.83 億美元，主要是由於未償還債務和利率的增加導致利息費用增加。

Non-GAAP diluted net earnings per share decreased $0.35 or 32% to $0.75, with a diluted share count of approximately 1 billion shares. Non-GAAP diluted net earnings per share excludes a net expense totaling $262 million, primarily related to restructuring and other charges, amortization of intangibles, acquisition and divestiture-related charges, debt extinguishment costs and other tax adjustments, partially offset by nonoperating retirement-related credits. As a result, Q1 GAAP diluted net earnings per share was $0.49.

非 GAAP 每股攤薄淨收益下降 0.35 美元或 32% 至 0.75 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 2.62 億美元的淨支出，主要與重組和其他費用、無形資產攤銷、收購和資產剝離相關費用、債務清償成本和其他稅收調整有關，部分被非經營性退休相關費用抵消學分。因此，第一季度 GAAP 攤薄後每股淨收益為 0.49 美元。

Now let's turn to segment performance. Let me start with pointing out that we have changed our revenue reporting presentation for Personal Systems this quarter. We are now reporting revenue by business capability, consumer and commercial versus our previous disclosure by product category, which better aligns with how we think about and manage the business.

現在讓我們轉向細分市場表現。首先讓我指出，我們已經更改了本季度個人系統的收入報告介紹。我們現在按業務能力、消費者和商業報告收入，而我們之前按產品類別披露，這更符合我們對業務的思考和管理方式。

The composition of our consumer and commercial business capabilities remains consistent with what we have outlined in the past, with the exception of Poly, which is now included in commercial. Also note that Q1 reflects the first full quarter of Poly results.

我們的消費者和商業業務能力的構成與我們過去概述的內容保持一致，但現在包含在商業中的 Poly 除外。另請注意，第一季度反映了 Poly 業績的第一個完整季度。

In Q1, Personal Systems revenue was $9.2 billion, down 24% or 20% in constant currency, with FX headwinds as expected. Total units were down 28% with declines in both consumer and commercial, driven by soft demand and a tough prior year compare. And while commercial constituted about 60% of our units, it represented approximately 70% of our revenue mix for the quarter.

第一季度，個人系統收入為 92 億美元，按固定匯率計算下降 24% 或 20%，外匯逆風如預期。受需求疲軟和上一年艱難的推動，總銷量下降了 28%，消費者和商業銷量均下降。雖然商業廣告約占我們單位的 60%，但它占我們本季度收入組合的約 70%。

We made solid progress on reducing our channel inventory levels sequentially. However, levels remained elevated for us and across the industry. With that, combined with improved supply availability, pricing competition intensified incrementally in the quarter. Our backlog remains consistent with prepandemic levels and still skews favorably towards commercial higher-value units.

我們在連續降低渠道庫存水平方面取得了穩步進展。然而，我們和整個行業的水平仍然很高。因此，加上供應可用性的改善，定價競爭在本季度逐漸加劇。我們的積壓訂單與大流行前的水平保持一致，並且仍然傾向於高價值的商業單位。

Drilling into the details. Consumer revenue was down 36% and Commercial was down 18%. Lower volumes, FX and increased promotional pricing were again headwinds. Within Commercial, these were partially offset by favorable mix. During calendar Q4, we improved our go-to-market execution and grew our overall market share sequentially. We also increased our market share in high-value, more profitable segments, including commercial, desktops and notebooks. Our focus continues to be on driving profitable share growth, especially in the premium segment of our consumer and commercial markets.

深入細節。消費者收入下降了 36%，商業收入下降了 18%。銷量下降、外彙和促銷價格上漲再次成為不利因素。在 Commercial 中，這些被有利的組合部分抵消了。在第 4 季度，我們改進了上市執行，並連續增加了我們的整體市場份額。我們還增加了在高價值、利潤更高的細分市場的市場份額，包括商用、台式機和筆記本電腦。我們的重點仍然是推動盈利份額的增長，尤其是在我們的消費者和商業市場的高端領域。

Personal Systems delivered almost $500 million of operating profit with operating margins of 5.4%. Our margin declined 2.4 points year-over-year, primarily due to currency headwinds, increased promotional pricing and favorable prior period R&D partner funding. This was partially offset by Poly contributions and lower costs, including variable compensation and commodity costs.

Personal Systems 實現了近 5 億美元的營業利潤，營業利潤率為 5.4%。我們的利潤率同比下降 2.4 個百分點，這主要是由於貨幣逆風、促銷價格上漲以及有利的前期研發合作夥伴資金。這部分被 Poly 的貢獻和較低的成本所抵消，包括可變補償和商品成本。

In Print, our results reflect our focus on execution and growing our NPV positive units as well as the strength of our portfolio as we navigate the supply chain environment. In Q1, total Print revenue was $4.6 billion, down 5% nominally or 2% in constant currency. The decline was driven mostly by lower supplies revenue and currency. Hardware revenue was relatively flat, driven by favorable pricing actions in Commercial, partially offset by unfavorable mix and competitive pricing actions.

在印刷方面，我們的結果反映了我們對執行和增長 NPV 正單位的關注，以及我們在供應鏈環境中的投資組合實力。第一季度，印刷總收入為 46 億美元，名義上下降 5%，按固定匯率計算下降 2%。下降的主要原因是供應收入和貨幣的減少。硬件收入相對持平，這主要是受到商業領域有利的定價行為的推動，但部分被不利的組合和競爭性定價行為所抵消。

Industrial Graphics and services revenue declined slightly, reflecting emerging demand weakness in the enterprise space. Total hardware units increased 2% as component availability and logistics constraints improved sequentially, augmented by better-than-expected China demand. We continued to make solid progress reducing our backlog and are largely back to our pre-pandemic level.

工業圖形和服務收入略有下降，反映出企業領域新出現的需求疲軟。總硬件單位增長 2%，因為組件可用性和物流限制依次改善，中國需求好於預期。我們繼續在減少積壓方面取得穩步進展，並在很大程度上恢復到大流行前的水平。

By customer segment, Commercial revenue increased 2% or 5% in constant currency, with units down 8%. Consumer revenue was down 3% or up 1% in constant currency with units up 3%. Consumer printer demand remained soft in the Americas and EMEA regions, driving incremental promotional activity as supply constraints continue to ease. Commercial hardware demand remained tepid due to both the slow and uneven pace at which the return to office progressing and enterprise budget tightening.

按客戶細分，商業收入按固定匯率計算增長 2% 或 5%，單位收入下降 8%。消費者收入下降 3% 或按固定匯率計算增長 1%，單位收入增長 3%。美洲和 EMEA 地區的消費者打印機需求仍然疲軟，隨著供應限制的繼續緩解，推動了促銷活動的增加。由於復工進度緩慢且參差不齊以及企業預算緊縮，商業硬件需求仍然不溫不火。

Supplies revenue was $2.9 billion, declining 7% nominally and 6% in constant currency. The decline was driven primarily by further normalization in home printing and a gradual recovery in Commercial. This was partially offset by favorable pricing actions and continued market share gains in ink and toner. Print operating profit was $870 million, essentially flat year-on-year and operating margin was 18.9%.

供應收入為 29 億美元，名義上下降 7%，按固定匯率計算下降 6%。下降的主要原因是家庭印刷的進一步正常化和商業的逐漸復蘇。這部分被有利的定價行動以及墨水和碳粉市場份額的持續增長所抵消。印刷營業利潤為 8.7 億美元，同比基本持平，營業利潤率為 18.9%。

Operating margin increased 0.8 points driven by pricing actions and cost improvements, partially offset by promotional pricing of favorable currency and higher commodity costs. The cost improvements were largely due to lower variable comp expense management and transformation savings.

營業利潤率在定價行動和成本改善的推動下增長了 0.8 個百分點，部分被有利貨幣的促銷定價和更高的商品成本所抵消。成本改善主要是由於較低的可變補償費用管理和轉型節省。

Now let me turn to our future-ready efforts. We saw strong progress on our plan in Q1 and are on track to deliver at least 40% of our targeted $1.4 billion in gross annual run rate structural cost savings by the end of FY '23. In Personal Systems, we are targeting structural savings by streamlining our portfolio to better target customer needs.

現在讓我談談我們為未來所做的努力。我們在第一季度的計劃中取得了長足的進步，並且有望在 23 財年末實現至少 40% 的年度總運行率結構性成本節約目標 14 億美元。在個人系統方面，我們旨在通過精簡我們的產品組合以更好地滿足客戶需求來實現結構性節省。

We are increasing leverage in our product and engineering operations by standardizing on fewer platforms to reduce component complexity. We expect these initiatives to reduce duplication and improve our agility and response time to shifting market needs. We also took actions to optimize costs in our corporate business where we drove significant savings. We continue to optimize and reduce structural costs across our core businesses, particularly in office print and in our supplies, supply chain, including headcount reductions.

通過在更少的平台上進行標準化以降低組件複雜性，我們正在提高我們產品和工程運營的影響力。我們希望這些舉措能夠減少重複並提高我們對不斷變化的市場需求的敏捷性和響應時間。我們還採取行動優化公司業務的成本，從而節省了大量資金。我們繼續優化和降低我們核心業務的結構性成本，特別是在辦公室打印和我們的用品、供應鏈中，包括裁員。

In addition, we continue to see benefits from our investments to transform our customer support and services organization enhancing our capabilities to provide a more digital enabled customer-centric support experience. We continue digitizing our customer support engagement assets using AI-based interactive voice response technology. We expect this initiative will help automate our processes to deliver a more seamless and connected support experience.

此外，我們繼續看到我們投資的好處，以轉變我們的客戶支持和服務組織，增強我們的能力，以提供更加數字化的以客戶為中心的支持體驗。我們繼續使用基於 AI 的交互式語音響應技術將我們的客戶支持參與資產數字化。我們希望這一舉措將有助於自動化我們的流程，以提供更加無縫和互聯的支持體驗。

Lastly, in January, as part of our future-ready target to reduce employee head count by 4,000 to 6,000, we announced a voluntary early retirement program in the United States. The offer provided eligible employees the opportunity to retire from HP with enhanced benefits. More than 900 participants have opted into the plan with the majority expected to exit during Q2. I continue to be confident in our ability to drive operating cost reductions consistent with our future-ready goals, enabling investments in our key growth areas.

最後，在 1 月，作為我們將員工人數減少 4,000 至 6,000 人的未來目標的一部分，我們在美國宣布了一項自願提前退休計劃。該提議為符合條件的員工提供了從惠普退休並享受更高福利的機會。超過 900 名參與者選擇了該計劃，其中大多數人預計將在第二季度退出。我繼續相信我們有能力推動與未來就緒目標一致的運營成本降低，從而實現對我們關鍵增長領域的投資。

Now let me move to cash flow and capital allocation. Q1 cash flow from operations was nominally negative and free cash flow was an outflow of $0.2 billion, in line with our expectations. Our results were impacted by normal seasonality associated with the timing of variable comp payments as well as restructuring charges and lower volumes in Personal Systems.

現在讓我談談現金流和資本配置。第一季度運營現金流名義上為負，自由現金流流出 2 億美元，符合我們的預期。我們的結果受到與可變薪酬支付時間相關的正常季節性以及重組費用和個人系統數量減少的影響。

Additionally, our free cash flow was favorably impacted by the timing of receipts and payments related to our factoring program. This is expected to be net neutral to our full year free cash flow.

此外，我們的自由現金流受到與我們的保理計劃相關的收支時間的有利影響。預計這對我們全年的自由現金流量是淨中性的。

The cash conversion cycle was minus 22 days in the quarter. This increased 7 days sequentially, primarily due to an increase in strategic buys driving up DOI and an unfavorable business mix impacting both DOI and DPO.

本季度現金轉換週期為負 22 天。這連續增加了 7 天，主要是由於戰略購買的增加推動了 DOI 以及影響 DOI 和 DPO 的不利業務組合。

While we decreased our inventory $0.3 billion sequentially in Q1, we have more work to better align our inventory to our business volumes through operational excellence. We will, however, continue to take advantage of economic opportunities like strategic buys, or more seed transit, both of which would result in carrying more inventory.

雖然我們在第一季度連續減少了 3 億美元的庫存，但我們還有更多工作可以通過卓越運營更好地使我們的庫存與我們的業務量保持一致。然而，我們將繼續利用戰略購買或更多種子運輸等經濟機會，這兩者都會導致持有更多庫存。

In Q1, we returned approximately $360 million to shareholders, including $100 million in share repurchases and $259 million in cash dividends. We finished the quarter towards the high end of our target leverage range. Consistent with our disciplined financial management and our strategy to prudently manage our leverage profile and maintain our credit rating in the current challenging environment, we limited our Q1 share repurchases to an amount needed to offset share dilution.

第一季度，我們向股東返還了約 3.6 億美元，其中包括 1 億美元的股票回購和 2.59 億美元的現金股息。我們在本季度結束時達到了目標槓桿範圍的高端。根據我們嚴格的財務管理和我們在當前充滿挑戰的環境中審慎管理我們的槓桿狀況和維持我們的信用評級的戰略，我們將第一季度的股票回購限制在抵消股票稀釋所需的數量。

Looking forward to Q2 and the rest of FY '23, we expect the macro and demand environment will remain challenged and that our customer end markets will remain competitive. We remain focused on what we can control as we navigate these difficult market conditions. We will continue to rigorously manage costs, streamline operations and improve our performance as the year progresses while continuing to invest in our growth businesses.

展望第二季度和 23 財年的剩餘時間，我們預計宏觀和需求環境將繼續面臨挑戰，我們的客戶端市場將保持競爭力。在應對這些困難的市場條件時，我們仍然專注於我們可以控制的事情。隨著時間的推移，我們將繼續嚴格管理成本、簡化運營並提高我們的績效，同時繼續投資於我們的增長業務。

In particular, keep the following in mind related to our Q2 and overall financial outlook. Given the challenging macro environment, we are modeling multiple scenarios based on several assumptions. For FY '23, we continue to see a wide range of potential outcomes, which are reflected in our outlook ranges I will discuss shortly. Consistent with the view we shared in November, we are not expecting a significant economic recovery during fiscal 2023.

特別是，請牢記以下與我們的第二季度和整體財務前景相關的信息。鑑於充滿挑戰的宏觀環境，我們正在基於多種假設對多種情景進行建模。對於 23 財年，我們繼續看到廣泛的潛在結果，這反映在我將很快討論的展望範圍中。與我們在 11 月分享的觀點一致，我們預計 2023 財年不會出現顯著的經濟復甦。

We will continue to focus on driving structural cost savings and efficiencies in our business consistent with the progress we made in Q1 regarding our future ready transformation strategy. We expect these cost savings will scale into the back half of the year.

我們將繼續專注於推動我們業務的結構性成本節約和效率，這與我們在第一季度就我們未來就緒的轉型戰略取得的進展保持一致。我們預計這些成本節約將擴展到今年下半年。

Given recent weakness in the U.S. dollar, we now expect currency to be about a 3 percentage year-over-year headwind for FY '23. Regarding OI&E expense, we now expect it will be approximately $0.7 billion for FY '23 based on Q1 as a run rate for the year.

鑑於近期美元疲軟，我們現在預計 23 財年匯率將同比上漲 3% 左右。關於 OI&E 費用，我們現在預計，根據第一季度的運行率，23 財年的費用約為 7 億美元。

We continue to expect free cash flow to be in the range of $3 billion to $3.5 billion for FY '23, with the second half of FY '23 stronger than the first. As a reminder, our FY '23 free cash flow outlook includes approximately $400 million of restructuring cash outflows.

我們繼續預計 23 財年的自由現金流將在 30 億美元至 35 億美元之間，23 財年下半年比上半年強。提醒一下，我們的 23 財年自由現金流展望包括大約 4 億美元的重組現金流出。

Turning to Personal Systems. We now expect the overall PC market unit TAM to decline by a high teens percent in FY '23. Specifically, for Q2, we expect Personal Systems revenue will remain under pressure near term and decline sequentially by a high single digit. We expect revenue to improve over the course of the back half of the year as elevated channel inventory levels are expected to normalize by early fiscal Q3.

轉向個人系統。我們現在預計整個 PC 市場單位 TAM 將在 23 財年下降百分之十幾。具體來說，對於第二季度，我們預計個人系統收入在短期內仍將面臨壓力，並以高個位數連續下降。我們預計收入將在今年下半年有所改善，因為渠道庫存水平預計將在第三財季初恢復正常。

We expect to continue to drive improved mix shifts toward high value, more profitable units and services and expect this will help partially offset the headwinds we've discussed today. We expect Personal Systems margins to be in the lower half of our 5% to 7% long-term range in Q2 as commodities and logistics costs improve in the quarter. But given elevated industry and HP channel inventory levels, pricing continues to be very competitive.

我們預計將繼續推動向高價值、利潤更高的部門和服務的改進組合轉變，並預計這將有助於部分抵消我們今天討論的不利因素。隨著本季度商品和物流成本的改善，我們預計第二季度個人系統利潤率將處於我們 5% 至 7% 長期範圍的下半部分。但鑑於行業和惠普渠道庫存水平的提高，定價仍然非常具有競爭力。

For FY '23, we expect margins to be solidly in our target range driven by the gradual improvement in PC revenue in the back half of the year and increasing future-ready transformation savings. In Print, we expect consumer demand softness will persist and macro uncertainty and corporate budgeting tightening will remain headwinds for commercial. Disciplined cost management and further normalization and mix as office gradually improves should help to partially offset these trends.

對於 23 財年，我們預計利潤率將穩定在我們的目標範圍內，這得益於今年下半年 PC 收入的逐步改善和為未來準備的轉型節省的增加。在印刷品方面，我們預計消費者需求疲軟將持續，宏觀不確定性和企業預算緊縮仍將對商業造成不利影響。隨著辦公室的逐漸改善，嚴格的成本管理以及進一步的規範化和混合應該有助於部分抵消這些趨勢。

With regard to print supply chain, similar to what we saw in Q1, we expect component shortages will continue to improve but persist into at least Q2 particularly for office hardware, providing continued support for favorable pricing. Regarding supplies, we expect Q2 revenue in constant currency to decline by a high single digit versus our previous expectation to be down closer to double digits. Given its variability, we do not believe inter-quarter growth is indicative of our long-term supplies growth.

關於打印供應鏈，與我們在第一季度看到的情況類似，我們預計組件短缺將繼續改善，但至少會持續到第二季度，尤其是辦公硬件，為有利的定價提供持續支持。關於供應，我們預計第二季度固定匯率收入將下降高個位數，而我們之前的預期將下降接近兩位數。鑑於其可變性，我們認為季度間增長並不代表我們的長期供應增長。

We continue to expect revenue to decline in FY '23 by low to mid-single digits in constant currency. We now expect print margins to be above the high end of our 16% to 18% range for Q2, driven by continued hardware constraints. We expect FY '23 margins also will be above the high end of our range, driven by disciplined pricing, continued progress on rebalancing our system profitability and rigorous cost management, including future ready transformation savings.

我們繼續預計 23 財年的收入將以固定匯率計算的中低個位數下降。在持續的硬件限制的推動下，我們現在預計第二季度印刷利潤率將高於我們 16% 至 18% 範圍的高端。我們預計 23 財年的利潤率也將高於我們範圍的高端，這得益於嚴格的定價、在重新平衡我們的系統盈利能力和嚴格的成本管理方面的持續進展，包括未來準備好的轉型節省。

Taking these considerations into account, we are providing the following outlook for Q2 and fiscal year 2023. We expect second quarter non-GAAP diluted net earnings per share to be in the range of $0.73 to $0.83 and second quarter GAAP diluted net earnings per share to be in the range of $0.40 to $0.50. We expect FY '23 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，我們對第二季度和 2023 財年做出以下展望。我們預計第二季度非 GAAP 攤薄後每股淨收益在 0.73 美元至 0.83 美元之間，第二季度 GAAP 攤薄後每股淨收益為在 0.40 美元到 0.50 美元之間。我們預計 23 財年非 GAAP 攤薄後每股淨收益在 3.20 美元至 3.60 美元之間，23 財年 GAAP 攤薄後每股淨收益在 2.22 美元至 2.62 美元之間。

We continue to make meaningful progress against both our short- and long-term strategic priorities in a demanding environment. I am confident we are taking the right actions and making the right decisions to create long-term value for our shareholders. I'll stop here so we could open the line for your questions.

在苛刻的環境中，我們繼續在短期和長期戰略重點方面取得有意義的進展。我相信我們正在採取正確的行動並做出正確的決定，為我們的股東創造長期價值。我會在這裡停下來，這樣我們就可以為您的問題打開熱線。

(Operator Instructions) Our first question comes from Shannon Cross with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Shannon Cross。

Can you talk a bit about what's going on in terms of PCs with regard to end demand? And I think you're not alone in saying that second half of '23 should be better because inventory levels will normalize. But I'm wondering where you're seeing pockets of strength, what you're hearing, how you're thinking about discounting or what features are kind of going to drive an improvement as we get to the second half? And then I have a follow-up.

您能否談談終端需求方面 PC 方面的情況？而且我認為你並不是唯一一個說 23 年下半年應該更好的人，因為庫存水平將會正常化。但我想知道你在哪裡看到了力量，你聽到了什麼，你是如何考慮折扣的，或者當我們進入下半場時，哪些功能會推動改進？然後我有一個後續行動。

Sure. Thank you, Shannon. Let me take the question. So first of all, something that has not changed this quarter is the weakness that we have seen in the consumer space that we started to talk a couple of quarters ago. Something new, though, has been as we shared in the script, that we have seen weakening demand on the corporate enterprise space as we have seen especially large companies becoming more conscious about how they use their budget being slowly hiring people, and this has had an impact in the PC side.

當然。謝謝你，香農。讓我來回答這個問題。因此，首先，本季度沒有改變的是我們在幾個季度前開始討論的消費者領域的弱點。不過，正如我們在腳本中分享的那樣，我們看到了一些新情況，即我們已經看到對公司企業空間的需求減弱，因為我們看到特別是大公司越來越意識到他們如何使用預算慢慢僱用人員，這已經對PC端的影響。

On the positive side, we have seen reductions of inventory especially that one that addresses consumer and SMB business, the more transactional side of the business, which reflects that end-user demand has been stronger than shipments.

從積極的一面來看，我們已經看到庫存減少，尤其是針對消費者和中小企業業務的庫存減少，這是業務的更多交易方面，這反映出最終用戶的需求強於出貨量。

Our current view is that we will be getting to a normalized channel inventory situation by the end of Q2, early Q3, which means that in the second half, we will not have this headwind, and this is one of the reasons why we are optimistic about the evolution of the PC business during the year.

我們目前的看法是，我們將在二季度末、三季度初達到正常的渠道庫存情況，這意味著在下半年，我們不會遇到這種逆風，這是我們樂觀的原因之一關於這一年個人電腦業務的發展。

We think that demand will evolve similar to previous seasonality before COVID, and this is one of the reasons why we expect our second half to be stronger than the first half.

我們認為需求的變化將與 COVID 之前的季節性變化相似，這也是我們預計下半年將強於上半年的原因之一。

Okay. And then, Marie, can you talk about working capital and how we should think about it as we go through the year? I understand factoring helped receivables this quarter. I don't know if that's sort of an immediate bounce back or a reversal. And then just in general, maybe where you think we can end the year in terms of inventory in that given some of the prebuys versus ability to work through what you have?

好的。然後，瑪麗，你能談談營運資金以及我們在這一年中應該如何考慮它嗎？我知道保理業務有助於本季度的應收賬款。我不知道這是立即反彈還是逆轉。然後總的來說，也許你認為我們可以在庫存方面結束這一年，因為考慮到一些預購與處理你所擁有的東西的能力？

Shannon, so maybe it's a good time for me just to start out first with how I think about inventory and DOI sort of going forward. I mean look, candidly, we need to be good at doing both operationally and excellent actually and driving value where we see opportunities. So as you've seen, we've been very focused on driving up our inventory turns. And when we see economic value, we will pursue strategic buys, right, and look for lower-cost modes of transport.

香農，所以也許現在是我開始思考庫存和 DOI 未來發展的好時機。我的意思是，坦率地說，我們需要擅長在運營和實際方面做得很好，並在我們看到機會的地方推動價值。因此，正如您所見，我們一直非常專注於提高庫存周轉率。當我們看到經濟價值時，我們將進行戰略購買，對，並尋找成本更低的運輸方式。

But let me sort of hit up specifically your question around Q1. And what we saw is that inventory turns declined but not necessarily in line with all our business volumes, and that was really largely a result, Shannon, of the strategic buys that we did in the quarter. So we want to remain open to evaluate those economic opportunities, both for strategic buys and frankly, for lower-cost modes of transport throughout the year.

但是，讓我具體談談您在第一季度的問題。我們看到的是庫存周轉率下降，但不一定與我們所有的業務量一致，香農，這在很大程度上是我們在本季度進行的戰略購買的結果。因此，我們希望保持開放的態度來評估這些經濟機會，無論是戰略購買還是坦率地說，全年的低成本運輸方式。

We'll take our next question from Erik Woodring with Morgan Stanley.

我們將接受摩根士丹利的 Erik Woodring 的下一個問題。

Marie, maybe this one is for you. You obviously just guided the PC market a little weaker than you communicated 3 months ago. I think of that as a headwind to cash just given the strong negative cash conversion cycle. At the same time, as you just alluded to, your inventory is still at relatively elevated levels and 1Q free cash flow was negative with a tailwind from factoring. And so I guess my question is really just what gives you confidence in maintaining the full year free cash flow guide? What is it you see in the data? What are some of the specific factors that you think ultimately get you back or get you into that range for the full year? And then I have a follow-up.

瑪麗，也許這個適合你。很明顯，你對 PC 市場的引導比你 3 個月前所說的要弱一些。鑑於強勁的負現金轉換週期，我認為這是現金的逆風。同時，正如您剛才提到的，您的庫存仍處於相對較高的水平，並且在保理業務的推動下，第一季度自由現金流為負。所以我想我的問題真的只是什麼讓你有信心維持全年的自由現金流量指南？你在數據中看到了什麼？您認為最終讓您回到或讓您全年進入該範圍的具體因素有哪些？然後我有一個後續行動。

So in terms of how we look at cash for the year, I'd say, first out, our free cash flow for Q1 was absolutely in line with what we expected. And plus, if you look at the earnings outlook that I gave in the guide for the rest of the year. It's absolutely in line with what we guided last quarter. So really, it is the combination of both that give me confidence in our guide of 3% to 3.5% for the year.

因此，就我們如何看待今年的現金而言，我首先要說的是，我們第一季度的自由現金流絕對符合我們的預期。另外，如果你看看我在指南中給出的今年剩餘時間的盈利前景。這完全符合我們上個季度的指導。所以真的，正是這兩者的結合讓我對我們今年 3% 到 3.5% 的指南充滿信心。

A couple of other points of note to pivot off what Enrique said early about seasonality. Now we do expect cash flow to sort of line up with the seasonality comments that Enrique made earlier. So we expect it to be better and materially stronger in the second half of the year. With that said we do expect cash flow in Q2, therefore, to be roughly in line with Q1. And just remember, in the second half of the year, PS revenue will grow on the top line. And as you know, that PS contributes cash when it grows sequentially because of its negative cash conversion cycle.

其他幾個要點與恩里克早先所說的季節性有關。現在我們確實預計現金流量會與恩里克早些時候發表的季節性評論保持一致。因此，我們預計它在今年下半年會更好、更強大。話雖如此，我們確實預計第二季度的現金流量將與第一季度大致持平。請記住，在今年下半年，PS 收入將在收入增長。正如你所知，由於其負現金轉換週期，PS 在連續增長時會貢獻現金。

Another source of cash just to hit on it. I know Shannon brought up that point a moment ago, another sort is obviously continued inventory reductions. And actually this quarter, we did reduce inventory. So both of those, I think, are just really good examples of how we think about cash flow for the year.

另一種現金來源只是碰上它。我知道 Shannon 剛才提到了這一點，另一種顯然是繼續減少庫存。實際上本季度，我們確實減少了庫存。所以我認為，這兩個都是我們如何看待今年現金流量的很好的例子。

Okay. That's really helpful. And then maybe my second question is just on print operating margins. Another really strong quarter. That's 5 consecutive quarters above your 16% to 18% target range. Do you expect to be above that range for the full year? So are we entering a new paradigm maybe where print operating margins are going to be above that long-term range? Or are there other factors that you expected to become offset such that longer term, we should think about print operating margins more within that 16% range?

好的。這真的很有幫助。然後也許我的第二個問題只是關於印刷營業利潤率。另一個非常強勁的季度。這是連續 5 個季度高於 16% 到 18% 的目標範圍。您預計全年會高於該範圍嗎？那麼，我們是否正在進入一個新範式，印刷營業利潤率可能會高於該長期範圍？或者是否有其他因素您預計會被抵消，以便從長遠來看，我們應該更多地考慮 16% 範圍內的印刷營業利潤率？

Yes. Erik, maybe I'll take a shot at that one. So as we've guided, we do expect print margins to be above the high end of the range going forward, at least for '23. And really, it's a tale of what you saw in Q1. The Print margins are really driven by, I think, our strategy working. And you see that, I think, in a couple of dimensions, both in terms of rebalancing the profitability between hardware and supplies, also just shifting the business into HP+, big tanks. In fact, if you look at the last quarter, more than 50% -- 56% of the units shipped were in that HP+ and big tank.

是的。埃里克，也許我會試一試。因此，正如我們所指導的那樣，我們確實預計印刷利潤率將高於未來範圍的高端，至少在 23 年是這樣。實際上，這是您在第一季度看到的故事。我認為，印刷利潤率確實是由我們的戰略驅動的。我認為，你會在幾個方面看到這一點，無論是在重新平衡硬件和供應品之間的盈利能力方面，還是在將業務轉移到 HP+ 大坦克方面。事實上，如果你看看上個季度，超過 50% - 56% 的出貨單位是在 HP+ 和大坦克中。

The other point to note is just execution. I think if you look at what we did in this last quarter, it's a really good example of where you're seeing the actions both around future-ready cost cutting, expense management are all showing up, combined with resilient pricing. All those factors are contributing to the robust margins. So what we saw in Q1, Erik, is really what we expect to see for the rest of the year in Print.

另一點要注意的是執行。我認為，如果你看看我們在上個季度所做的事情，這是一個很好的例子，你可以看到圍繞未來就緒的成本削減、費用管理都出現了，並結合了彈性定價。所有這些因素都促成了強勁的利潤率。所以我們在第一季度看到的，埃里克，真的是我們期望在今年餘下時間在印刷品上看到的。

Let me add that we are pleased both with the strategic progress we have made at executing the strategies that we defined 3 years ago but also taking advantage and getting the benefit from all the work on cost that we did during the last 3 years and that we are continuing to do now.

讓我補充一點，我們對我們在執行 3 年前製定的戰略方面取得的戰略進展以及利用我們在過去 3 年中所做的所有成本工作並從中獲益感到高興，並且我們現在正在繼續做。

We'll take our next question from Ananda Baruah with Loop Capital.

我們將接受來自 Loop Capital 的 Ananda Baruah 的下一個問題。

Really appreciate it. I may have missed it Enrique and Marie, but did you mention of the growth business category what percentage of revenue those are now? And what's the growth profile was for the quarter? And then I have a follow-up as well.

真的很感激。我可能錯過了恩里克和瑪麗，但你有沒有提到增長業務類別現在佔收入的百分比是多少？本季度的增長情況如何？然後我也有一個後續行動。

Sure. Let me -- thank you for the question because this is something that we wanted to clarify. We mentioned briefly on the script, but we wanted to provide more details. So during this quarter, we have made some changes in the definition of the growth categories because we wanted to align better how we talk about them externally to some of the internal changes we have made.

當然。讓我——謝謝你提出這個問題，因為這是我們想要澄清的事情。我們簡要提到了腳本，但我們想提供更多細節。因此，在本季度，我們對增長類別的定義進行了一些更改，因為我們希望更好地使我們在外部談論它們的方式與我們所做的一些內部更改保持一致。

By growth categories, we really are referring to the 6 businesses that we think are going to be growing faster than the core business and that we're going to have accretive margins compared to core. Something common, they have a common strategic intent, which is really to create more value for our customers by focusing on the long-term relationship with those customers. And this is behind the expansion into services, subscriptions and many of these businesses.

通過增長類別，我們實際上指的是我們認為將比核心業務增長更快的 6 項業務，並且與核心業務相比，我們將獲得更高的利潤率。有一點很共同，他們有一個共同的戰略意圖，就是通過專注於與客戶的長期關係，為我們的客戶創造更多價值。這是向服務、訂閱和許多此類業務擴展的背後原因。

During the last quarter, we made 2 internal changes: one is we created a focused organization to (inaudible) after Workforce Solutions and Services. And we defined the goal of that team to drive and to grow service-driven opportunities. We also have just created a consumers subscriptions team that will be driving that opportunity across the company starting from the work that we have done on Instant Ink and expanding now and during the next quarter to the rest of HP portfolio. And we also decided to align the HyperX business with our gaming PC team. So we have one group that is really responsible for the full experience for gamers.

在上個季度，我們進行了 2 項內部更改：一個是我們創建了一個專注於（聽不清）勞動力解決方案和服務的組織。我們定義了該團隊的目標，以推動和增加服務驅動的機會。我們還剛剛創建了一個消費者訂閱團隊，該團隊將從我們在 Instant Ink 上所做的工作開始，在現在和下個季度擴展到惠普產品組合的其餘部分，從而在整個公司推動這一機會。我們還決定將 HyperX 業務與我們的遊戲 PC 團隊結合起來。所以我們有一個團隊真正負責遊戲玩家的完整體驗。

As we went through all these changes, we realign also how we externally will be reporting those especially in the Workforce Solutions & Services, since we are really focused now on service-enabled businesses.

在經歷所有這些變化時，我們還重新調整了我們在外部報告這些變化的方式，尤其是在勞動力解決方案和服務中，因為我們現在真正專注於支持服務的業務。

And Enrique -- I'll keep it here Enrique. Is that to say that you'll no longer be providing us a sense of kind of the old grouping, what the percentage of revenue is and what the growth rates of that old grouping was? And then I have just a quick clarification after that, too.

還有恩里克——我會把它留在這裡，恩里克。那是說你將不再向我們提供一種舊分組的感覺，收入的百分比是多少，舊分組的增長率是多少？在那之後我也有一個快速的澄清。

No, we will continue to do that. I was just highlighting the changes because, for example, as we have done that, the overall size of Workforce Solutions is going to be smaller than what it was because we have redesigned, redefined the business. This is what I was highlighting. Every quarter, we will provide visibility as we have done over the last quarter of the growth of the different businesses, you see that on the deck. And every year, we will be reporting the total size as we have done in the past, Ananda.

不，我們將繼續這樣做。我只是強調這些變化，因為，例如，正如我們所做的那樣，勞動力解決方案的整體規模將比我們重新設計、重新定義業務的規模要小。這就是我強調的。每個季度，我們都會提供可見性，就像我們在上個季度所做的那樣，了解不同業務的增長，你可以在甲板上看到。每年，我們都會像過去一樣報告總規模，Ananda。

And they did grow double digit collectively in the quarter as well and other just to answer part of your question.

他們在本季度也確實實現了兩位數的集體增長，其他只是為了回答你的部分問題。

And then my quick follow-up is, Enrique, you mentioned in the prepared remarks and you just mentioned a moment ago, shifting the HP portfolio towards subscription. Is that to say the entirety of the HP portfolio, you guys have an eye on moving towards the subscription model? I just want to make sure I understand the context of those remarks.

然後我的快速跟進是，恩里克，你在準備好的評論中提到，你剛才提到，將惠普產品組合轉向訂閱。那就是說整個 HP 產品組合，你們都在關注轉向訂閱模式嗎？我只是想確保我理解這些言論的背景。

So this is something that we shared already in our Investor Day a couple of years ago, so it's not new. But we see an opportunity to better serve our customers by expanding our subscription business from supplies to eventually other parts of the portfolio, our long-term direction is to enable a large part of the HP portfolio, but this is a journey that is going to take multiple quarters. You will see us making progress in the next quarters. We are now included paper. We will be including some of our PCs and printers in the coming quarters. And over time, we will continue to expand the offering.

所以這是我們幾年前在投資者日分享的東西，所以它不是新的。但我們看到了一個機會，可以通過將我們的訂閱業務從耗材擴展到產品組合的其他部分來更好地為我們的客戶服務，我們的長期方向是啟用惠普產品組合的很大一部分，但這是一個將要進行的旅程採取多個季度。您將看到我們在接下來的幾個季度取得進展。我們現在包括論文。我們將在未來幾個季度包括一些個人電腦和打印機。隨著時間的推移，我們將繼續擴大產品範圍。

We'll take our next question from David Vogt with UBS.

我們將接受來自瑞銀的 David Vogt 的下一個問題。

Maybe just a question for both Enrique and Marie. When I think about your comments about how the TAM develops in fiscal '23, if I extrapolate what you've done in the past pre-COVID it would suggest that by, let's say, by fiscal Q4, your PC segment could be basically flat on a year-over-year basis. Is that the right way to think about the business as it sort of plays out over the next couple of quarters? And then I have a follow-up.

也許只是恩里克和瑪麗的一個問題。當我想到你關於 TAM 在 23 財年如何發展的評論時，如果我推斷你過去在 COVID 之前所做的事情，這表明到，比方說，到第四財季，你的 PC 細分市場可能基本持平同比增長。在接下來的幾個季度中，這是考慮業務的正確方式嗎？然後我有一個後續行動。

Yes. Maybe I can sort of talk to just the PC outlook and how to think about the guide. So obviously, a big part of this is, I think what Enrique said earlier around the channel inventory. We do expect that, that channel inventory will get cleaned up through the course of Q2 and then into Q3. And I think Enrique mentioned that some of that pressure that we're seeing in the corporate enterprise space. And I think this is largely in line with what the industry is assuming.

是的。也許我可以談談 PC 前景以及如何考慮該指南。很明顯，這其中很大一部分是，我認為恩里克早些時候在渠道庫存方面所說的話。我們確實預計，渠道庫存將在第二季度和第三季度得到清理。我認為恩里克提到了我們在企業領域看到的一些壓力。我認為這在很大程度上符合行業的假設。

So at this point, if you look at the midpoint of our guide, we're not expecting any type of macro recovery. But if you sort of group all this together, what we're expecting is we're going to see better PS revenue in the back half as that channel sort of corrects and cleans up.

因此，在這一點上，如果您查看我們指南的中點，我們預計不會出現任何類型的宏觀復甦。但是，如果您將所有這些組合在一起，我們期望的是，隨著該渠道的糾正和清理，我們將在後半部分看到更好的 PS 收入。

Okay. And then maybe just as a follow-up. If I think about the profitability of PC for the full year, and I kind of extrapolate your comments on revenue in the back half. that would suggest that in the second half of the year, just round numbers, quarterly profitability per quarter is going to have to be north of $0.90 per share. You're basically flattish with last year. Do you expect -- is that the kind of -- if I just kind of take the midpoint of your full year guide, is that the kind of leverage you would expect to get as the cost cuts start to flow in more in the July and October quarter from sort of where we are in the April quarter?

好的。然後也許只是作為後續行動。如果我考慮 PC 全年的盈利能力，我可以推斷出你對下半年收入的評論。這表明，在今年下半年，只是整數，每季度的季度盈利能力將不得不超過每股 0.90 美元。你基本上對去年持平。你是否期望 - 是那種 - 如果我只是採取你全年指南的中點，隨著成本削減在 7 月和10 月季度與我們在 4 月季度的情況相比如何？

Yes. So that ties very much to the comments I made earlier around the channel but also just combined with the fact that we do expect, I think I said in my prepared remarks, to see ourselves in the lower half of the range in Q2 as we go through that channel correction. Then as we get into the back half, we're going to see the margin rates lift back up to be fully in the range. And so it's a combination of the channel plus we've got the impact of our future-ready efforts. We've already seen some of that impact play out here in Q1. We expect those actions to continue to take a stronger hold throughout the year. So expect to see some of that in the rates as well.

是的。因此，這與我之前在該渠道發表的評論有很大關係，但也與我們確實期望的事實相結合，我想我在準備好的發言中說過，隨著我們的發展，我們將看到我們處於第二季度範圍的下半部分通過那個頻道修正。然後，當我們進入後半部分時，我們將看到保證金率回升至完全在該範圍內。因此，它是渠道的結合，加上我們為未來做好準備的努力所產生的影響。我們已經在第一季度看到了其中的一些影響。我們預計這些行動將在全年繼續發揮更大作用。因此，期望在利率中也能看到其中的一些。

And then I would add another factor which did help and contribute actually to the margin in Q1, and that was the mix inside the PS business. So remember, we have now a full quarter of Poly in our numbers and that overall mix shift is also a driver and contributing to the overall margin structure as well.

然後我會添加另一個因素，它確實有助於並實際貢獻了第一季度的利潤率，那就是 PS 業務內部的組合。所以請記住，我們現在有四分之一的 Poly 在我們的數字中，整體組合轉變也是一個驅動因素，也對整體利潤率結構做出了貢獻。

Yes. Maybe let me add a comment on TAM that I think will help to understand these numbers from Marie. As you were saying from a unit perspective, we expect the TAM of the year to be flattish compared to what it was in 2019, but we expect it to be higher from a revenue perspective because of the change of mix that Marie was explaining. So from a revenue perspective, this has an impact on total TAM, and it will also have an impact on our performance.

是的。也許讓我在 TAM 上添加一條評論，我認為這將有助於理解 Marie 的這些數字。正如您從單位角度所說的那樣，我們預計今年的 TAM 與 2019 年相比持平，但由於 Marie 解釋的組合變化，我們預計從收入角度來看會更高。所以從收入的角度來看，這會對總 TAM 產生影響，也會對我們的業績產生影響。

We'll take our next question from Toni Sacconaghi with Bernstein.

我們將與 Bernstein 一起接受 Toni Sacconaghi 的下一個問題。

Yes. Thank you. I have 2 as well. Perhaps you can just give us an update on how much progress and savings were realized in Q1 and specifically, it looks like SG&A went up considerably sequentially, even though revenues were down. And I thought you had 2 months of Poly last quarter, so there's some incremental Poly, but maybe you can just reconcile what happened with SG&A on a sequential basis? And then how much of the progress towards 40% of the savings do you feel you captured in Q1? And I have a follow-up, please.

是的。謝謝。我也有2個。也許您可以向我們提供有關第一季度實現了多少進展和節省的最新信息，具體來說，儘管收入下降，但 SG&A 似乎連續大幅上升。而且我認為你上個季度有 2 個月的 Poly，所以有一些增量 Poly，但也許你可以按順序協調 SG&A 發生的事情？然後，您認為您在第一季度取得了多少節省 40% 的進展？我有一個後續行動，請。

It's Marie. So maybe I will just hit up quickly SG&A, what drove that increase sequentially. So primarily, Toni, that was due to the increase in incentive comp and stock comp. So you might recall that Q1 is a normal quarter for our annual equity grants for employees. So that's what you've seen there relative to what drove that increase.

是瑪麗。因此，也許我會快速討論 SG&A，是什麼推動了它的連續增長。托尼，這主要是由於激勵補償和股票補償的增加。所以你可能還記得，第一季度是我們每年向員工發放股權的正常季度。這就是你在那裡看到的與推動增長的因素相關的內容。

And then with respect to the transformation savings, I would say that we're off to a very strong start. And in fact, these savings contributed to the overall results in the quarter. And you saw that obviously in the evidence and the strength of the margins in both PS and print. And I would say, look, we are absolutely confident we're on track for the plan for the year. And we're continuing to work that funnel put more into the funnel. So at this point in time, I'd say we're absolutely committed to delivering at least that $560 million of gross structural run rate savings by the end of this fiscal year.

然後關於轉型節省，我想說我們有了一個非常好的開端。事實上，這些節省為本季度的整體業績做出了貢獻。您在 PS 和打印的邊距的證據和強度中明顯看到了這一點。我會說，看，我們絕對有信心我們正在按計劃完成今年的計劃。我們正在繼續努力，把更多的東西放入漏斗中。因此，在這個時間點，我會說我們絕對致力於在本財政年度結束前實現至少 5.6 億美元的結構性運行率總節省。

And we -- and Toni, we have work going across all the areas that we described last quarter from portfolio simplification, removing some elements of the portfolio, simplifying them making our processes more efficient using some digital tools, looking for efficiencies across the board. So I think we have a full program across the company driving that, and we are making very good progress.

我們——還有托尼，我們的工作涉及上個季度我們從投資組合簡化中描述的所有領域，刪除投資組合的一些元素，簡化它們，使用一些數字工具提高我們的流程效率，尋求全面的效率。所以我認為我們在整個公司都有一個完整的計劃來推動這一點，我們正在取得很好的進展。

And just to reiterate, Toni, they're in both cost of sales and OpEx. Just so (inaudible)

重申一下，托尼，他們既有銷售成本又有運營支出。就這樣（聽不清）

Right. And if I could follow up just on cash flow. So if I think just really high level, midpoint of your guidance sort of points to about $3.3 billion in net income. You have $400 million in restructuring costs that would take you down to $2.9 million, adjusting just for that. And then you have a negative mix shift in terms of PCs growing slower than the overall company in all likelihood per your guidance. So that would also hurt free cash flow.

正確的。如果我能跟進現金流量。因此，如果我認為只是非常高的水平，你的指導的中點有點指向大約 33 億美元的淨收入。你有 4 億美元的重組成本，這將使你降低到 290 萬美元，僅為此進行調整。然後，根據您的指導，PC 的增長速度很可能低於整個公司，因此您會出現負面的混合轉變。因此，這也會損害自由現金流。

So if I just look at those 3 structural things, you're actually looking below $3 billion. So are you -- what's the bridge to get to above $3 billion? Are you counting on meaningful working capital improvements? Because you did condition that you still might do strategic guides or there may be other reasons why perhaps you may not be able to bring down inventory. So perhaps starting with my bridge, you can tell me what's missing and how we can get comfortable with $3 billion to $3.5 billion?

所以如果我只看這 3 個結構性的東西，你實際上看到的是 30 億美元以下。你也是——達到 30 億美元以上的橋樑是什麼？您是否指望有意義的營運資本改善？因為你的條件是你仍然可以做戰略指南，或者可能有其他原因導致你可能無法降低庫存。所以也許從我的橋樑開始，你可以告訴我缺少什麼，以及我們如何才能接受 30 億到 35 億美元的資金？

Sure, Toni. So I think just to reiterate what I did say earlier that both the Q1 numbers and the earnings guide that we gave last quarter, we're absolutely committed to those yet again. I think that's just another point to note. But to build off your bridge, so one additional point that you pointed out just around working capital. So we did actually reduce our owned inventory in the quarter from -- by about $300 million. We do intend to continue to have reductions of owned inventory throughout the year. So obviously, we'll be managing those, pending any economic opportunities for strategic buys, as I said earlier.

當然，托尼。所以我想重申一下我之前說過的話，即我們上個季度提供的第一季度數據和收益指南，我們絕對會再次致力於這些。我認為這只是要注意的另一點。但是要建立你的橋樑，所以你還指出了關於營運資金的另一點。因此，我們確實在本季度實際減少了我們的自有庫存——減少了約 3 億美元。我們確實打算全年繼續減少自有庫存。很明顯，正如我之前所說，我們將管理這些，等待戰略購買的任何經濟機會。

The other important point to think about is the -- we talked about -- a bit about this during the call, it's just that second half improvement that we're expecting in Personal Systems revenue. As you know, PS contributes cash when it grows sequentially, and that's because it has that negative cash conversion cycle. So there are just 2 incremental points to help you sort of model out the cash flow for the year.

另一個需要考慮的重要點是——我們在電話會議上談到了這一點，這只是我們期望個人系統收入的下半年改善。如您所知，PS 在按順序增長時會貢獻現金，這是因為它具有負現金轉換週期。因此，只有 2 個增量點可以幫助您對當年的現金流量進行建模。

And then just one clarification. The improvement in inventory that Marie mentioned is net of the strategic buys that we already did this quarter. So we already did some in Q1.

然後只是一個澄清。 Marie 提到的庫存改善扣除了我們本季度已經進行的戰略購買。所以我們已經在第一季度做了一些。

We'll take our next question from Sidney Ho with Deutsche Bank.

我們將接受德意志銀行 Sidney Ho 的下一個問題。

My first question is on the print side. It does look like the supply is a little better than you expected and you also slightly upticked the guidance for Q2. Just curious what the dynamics that you're seeing there? And do you think the overall business for Print has reached a bottom in Q1, considering supplies are starting to improve and commercial constraints are starting to ease as well. And then I have a follow-up.

我的第一個問題是關於印刷方面的。看起來供應確實比你預期的要好一些，你也略微上調了第二季度的指導。只是好奇你在那裡看到的動態是什麼？考慮到供應開始改善，商業限制也開始緩解，您是否認為印刷業的整體業務在第一季度已經觸底？然後我有一個後續行動。

Yes. So maybe I'll just answer your question on supply. So yes, you're right. We did actually see supplies perform better in Q1 and our guidance that -- I think the guidance we gave in our prepared remarks is that we expect it to decline by only high single digits in Q2. As we sort of think about the year, we do expect supplies revenue growth to be back to what we said at our Analyst Day so back in that sort of low to mid-single digit.

是的。所以也許我只會回答你關於供應的問題。所以是的，你是對的。實際上，我們確實看到第一季度的供應表現更好，我們的指導意見是——我認為我們在準備好的評論中給出的指導意見是，我們預計第二季度供應量只會下降高個位數。當我們考慮這一年時，我們確實預計供應收入增長將回到我們在分析師日所說的那樣，回到那種低到中等的個位數。

Some of the sort of drivers of that, firstly, are really the strength that we're seeing around consumer usage and share trends. Plus I think I commented earlier, just around the pricing resiliency that we're seeing in print and specifically in supplies. And then finally, I'll just add because I know many of you asked this question, is just around the channel imagery. And if you look across our entire sort of multitiered ecosystem, supplies channel inventory is in very good shape.

首先，其中一些驅動因素確實是我們在消費者使用和分享趨勢方面看到的力量。另外，我想我之前評論過，只是圍繞我們在印刷品和特別是供應品中看到的定價彈性。最後，我只想補充一點，因為我知道你們中的很多人都問過這個問題，只是圍繞頻道圖像。而且，如果您縱觀我們整個多層生態系統，就會發現供應渠道庫存狀況非常好。

And let me add one comment. And we have said that when results were below the expectations we had. And I will say now it also when we are above, looking at quarter-on-quarter comparison 1 year, is really not the best way to look at the health of the business. This is why Marie was saying, we continue to -- we maintain the guide that we had for the year for supplies. Year-on-year comparisons are much better. Small changes 1 quarter could have a big impact on the quarter-on-quarter compared so easily not the right way to look at the health of the business.

讓我添加一條評論。我們說過，當結果低於我們的預期時。我現在也會說，當我們在上面時，看看 1 年的季度環比比較，確實不是查看業務健康狀況的最佳方式。這就是為什麼瑪麗說，我們繼續——我們維持我們今年的供應指南。同比比較要好得多。 1 個季度的小變化可能會對季度環比產生重大影響，因此很容易不是查看業務健康狀況的正確方法。

Great. That's helpful. A quick follow-up here is that if I look at the full year EPS guide being unchanged, obviously, but there is a lot of different moving parts. Partly, on the goods on the positive side, you've got foreign exchange being better, margins seems to be better. it sounds like on the negative side, there's some PC demand weaker than you expected. Just maybe if you can help us bridge the various components that get you back to the original guidance, that would be helpful.

偉大的。這很有幫助。這裡的一個快速跟進是，如果我看全年 EPS 指南沒有變化，顯然，但有很多不同的移動部分。部分地，在積極的一面，你有更好的外匯，利潤率似乎更好。這聽起來像是消極的一面，有些 PC 需求比您預期的要弱。也許如果您能幫助我們彌合使您回到原始指南的各種組件，那將會很有幫助。

Yes. Look, maybe I'll start out and say, look, the outlook, as you know, we've got a pretty broad range there. So it does contemplate multiple scenarios. And obviously, it's prudent. And as always, I think you see that from us. If we can do better, we absolutely will. So -- but a couple of drivers there. I'll just walk you through to kind of get you through the puts and takes on the guide.

是的。看，也許我會開始說，看，前景，如你所知，我們在那裡有相當廣泛的範圍。所以它確實考慮了多種情況。顯然，這是謹慎的。和往常一樣，我想你從我們身上看到了這一點。如果我們能做得更好，我們絕對會的。所以 - 但那裡有幾個司機。我將帶您逐步了解看跌期權並接受指南。

First and foremost, we've talked a bit about our cost actions today for future ready. We do expect that they're going to continue to yield quite positive results in the back half of the year. And as I said earlier with Toni, we're working that funnel to pull even more savings into FY '23. So that will be a contributor.

首先也是最重要的是，我們今天已經討論了一些為未來做好準備的成本行動。我們確實預計他們將在今年下半年繼續取得相當積極的成果。正如我之前與 Toni 所說的那樣，我們正在努力為 FY '23 節省更多資金。所以這將是一個貢獻者。

We've talked about channel luminary contribution in terms of Personal Systems. Plus, we did get a chance to hit on today, just the continued improvement in supply chain. I think that's a very important point we didn't get much time to talk about. And then finally, just remember, at the midpoint, we don't expect a macro, but we're working multiple scenarios. So that's why we've got the range that we have on the guide this time.

我們已經討論了個人系統方面的渠道傑出貢獻。另外，我們今天確實有機會成功，只是供應鏈的持續改進。我認為這是一個非常重要的觀點，我們沒有太多時間討論。最後，請記住，在中點，我們不期望宏，但我們正在處理多個場景。所以這就是為什麼我們這次在指南中有範圍。

We'll take our next question from Amit Daryanani with Evercore.

我們將接受 Evercore 的 Amit Daryanani 的下一個問題。

This is Lauren on for Amit. I just wanted to double-click into your views on the PC TAM beyond 2023. What kind of gives you the confidence in a structurally larger PC TAM versus some of the comments that IDC has made and some of the revisions they've made to their long-term forecast?

這是阿米特的勞倫。我只是想雙擊了解您對 2023 年以後的 PC TAM 的看法。與 IDC 所做的一些評論和他們對其所做的一些修訂相比，哪種方式讓您對結構更大的 PC TAM 充滿信心長期預測？

I think there are 2 big positive trends that I think is worth to highlight. Today, the installed base is significantly higher than what it was before. And therefore, at some point, these PCs need to be refreshed. So this gives us a positive tailwind for the business. Second, from a revenue perspective, as I said before, the way PCs are used today, the applications that are being used for drive better mix require -- require better configurations. And when we put both of them together, this gives us the opportunity of them to be bigger.

我認為有兩大積極趨勢值得強調。今天，安裝基數明顯高於以前。因此，在某些時候，這些 PC 需要更新。因此，這為我們的業務帶來了積極的推動力。其次，從收入的角度來看，正如我之前所說，今天使用 PC 的方式，用於驅動更好組合的應用程序需要 - 需要更好的配置。當我們把它們放在一起時，這給了我們它們做大的機會。

Additional to that, we see the adjacencies around PCs like the hybrid opportunity in video conferencing systems, cameras that -- and we believe the hybrid work is here to stay. That's another incremental opportunity versus what we saw in 2019. And the shift to services, whether it's contractual services for businesses or subscriptions for consumers also gives us an opportunity of growing the business and growing the TAM.

除此之外，我們還看到了 PC 周圍的鄰接關係，例如視頻會議系統、相機中的混合機會——我們相信混合工作將繼續存在。與我們在 2019 年看到的情況相比，這是另一個增量機會。向服務的轉變，無論是企業的合同服務還是消費者的訂閱，也為我們提供了發展業務和擴大 TAM 的機會。

We'll take our next question from Jim Suva with Citigroup.

我們將接受花旗集團吉姆蘇瓦的下一個問題。

Congratulations on the results and outlook. It's very impressive considered the macro outlook. Question, Enrique, I'm -- me and my family are a subscription on Instant Ink, and we love it. Your comments about shifting to subscriptions. Was that for all options of your various projects? Or was it you actually think the future sales actually strategically as you think everyone will probably be doing subscriptions only?

祝賀結果和展望。考慮到宏觀前景，這是非常令人印象深刻的。恩里克，問題是——我和我的家人訂閱了 Instant Ink，我們很喜歡。您對轉向訂閱的評論。這是否適用於您的各種項目的所有選項？還是您實際上認為未來的銷售實際上是戰略性的，因為您認為每個人都可能只進行訂閱？

The reason why I ask is I just think there might be kind of the view of potentially both of them helping out. But I just kind of wanted to see, I mean you said subscriptions for everything. How far down you're kind of thinking about for every single transaction sale? Or is it more of options based upon your clientele?

我問的原因是我只是認為可能有一種觀點認為他們兩個都有可能提供幫助。但我只是想看看，我的意思是你說的一切都需要訂閱。對於每筆交易，您考慮了多遠？還是根據您的客戶提供更多選擇？

It will be more options depending on the clientele. We know that there are customers that will be willing to buy subscriptions and others that prefer not to. And of course, we will be offering both. But since you are a customer already of Instant Ink, let me do a small commercial, you should enroll now to the paper program because now you can get not only ink, but you can get only paper, which is an addition to the program. And over time, you will be able to buy the next printer and other type of services from us. So this is part of the road map that we have of expanding the portfolio of subscriptions that we shared in the past and that now is starting to become real.

根據客戶的不同，會有更多選擇。我們知道有些客戶願意購買訂閱服務，有些則不願意。當然，我們會同時提供這兩種服務。但是既然你已經是 Instant Ink 的客戶，讓我做一個小廣告，你現在應該註冊到紙質計劃，因為現在你不僅可以獲得墨水，而且你只能得到紙張，這是該計劃的補充。隨著時間的推移，您將能夠從我們這裡購買下一台打印機和其他類型的服務。因此，這是我們擴展我們過去共享的訂閱組合的路線圖的一部分，現在開始成為現實。

Well, Enrique, you never know, you can keep an eye on my account. And then a question for Marie. Can you talk about your capital allocation plans? Because now Poly is integrated, it's a full year into your books. How should we be thinking about stock buyback, debt levels, investment, cash levels, where you feel comfortable in uses of capital?

好吧，恩里克，你永遠不知道，你可以關注我的賬戶。然後是瑪麗的問題。你能談談你的資本配置計劃嗎？因為現在 Poly 已集成，所以整整一年都在你的書中。我們應該如何考慮股票回購、債務水平、投資、現金水平，以及您對資本使用感到滿意的地方？

Yes, no worries. I'd say nothing's changed. We continue to make the same capital allocation approach that we've used for the last sort of 3 years or so. But I would say one point, which I think you hit on there, would is that we are very focused on keeping our gross leverage under 2. And you would have seen in the quarter that we actually bought back only 100 million shares. So consistent with maintaining our leverage ratio, we don't anticipate buying back shares in Q2, but we do expect that we'll have room for share repurchases in the back half of the year.

是的，不用擔心。我會說什麼都沒有改變。我們繼續採用與過去 3 年左右相同的資本配置方法。但我想說的一點是，我認為你在那裡擊中了，那就是我們非常專注於將我們的總槓桿率保持在 2 以下。而且你會在本季度看到我們實際上只回購了 1 億股股票。因此，與維持我們的槓桿率一致，我們預計不會在第二季度回購股票，但我們確實預計我們將在今年下半年有回購股票的空間。

So I'd just like to kind of close and say, look, we're committed to staying within our target leverage range. For us, maintaining a strong balance sheet and an investment-grade credit rating is just critical to our business, Jim. I don't know, Enrique, if you have anything you want to add.

所以我只想說，看，我們致力於保持在我們的目標槓桿範圍內。吉姆，對我們來說，保持穩健的資產負債表和投資級信用評級對我們的業務至關重要。我不知道，恩里克，如果你有什麼要補充的。

Yes. I would like to add like as our leverage ratio will allow us, we continue to believe that buying back shares is a great way to return value to our shareholders, and this is something that we plan to continue to do as we have done in the last years.

是的。我想補充一點，因為我們的槓桿率允許我們，我們仍然相信回購股票是向股東回報價值的好方法，這是我們計劃繼續做的事情，就像我們在去年。

And I think with that, this was the last question. So thank you, everybody, for joining. Thank you for spending time with us today. And maybe let me confirm some of the key messages that we have driven today. First of all, that even in a challenging environment, we have delivered on the commitments that we made a quarter ago based on the progress we have made in the areas that we can control whether it's costs, price, mix, growing share in profitable categories.

我認為這是最後一個問題。謝謝大家的加入。感謝您今天花時間與我們在一起。也許讓我確認一下我們今天傳遞的一些關鍵信息。首先，即使在充滿挑戰的環境中，我們也兌現了一個季度前做出的承諾，這是基於我們在我們可以控制的領域取得的進展，無論是成本、價格、組合、盈利類別中不斷增長的份額.

We know that this is how we can manage where we need to focus and what we have been doing during the last quarter. And at the same time, we have maintained investment in the growth areas because we think that our goal continues to be to position HP in a strong way for whenever the economic recovery will happen. Thank you again for joining us today and looking forward to talk again in a quarter. Thank you.

我們知道這就是我們如何管理我們需要關注的地方以及我們在上個季度一直在做的事情。同時，我們保持對增長領域的投資，因為我們認為我們的目標仍然是在經濟復甦發生時讓惠普處於有利地位。再次感謝您今天加入我們，並期待在一個季度內再次交談。謝謝。

And that does conclude today's presentation. Thank you for your participation, and you may now disconnect.

這確實結束了今天的演講。感謝您的參與，您現在可以斷開連接。