惠普 (HPQ) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Second Quarter 2023 HP Inc. Earnings Conference Call. My name is Sarah, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

大家好，歡迎來到惠普公司 2023 年第二季度收益電話會議。我叫莎拉，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 Second 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 webcast and a replay will be available on our website shortly after the call for approximately 1 year. We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com.

大家下午好，歡迎來到惠普 2023 年第二季度收益電話會議。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，此電話是網絡直播的，並且在電話結束後不久將在我們的網站上重播大約 1 年。我們在 investor.hp.com 的投資者關係網頁上發布了收益發布和隨附的幻燈片演示。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K.

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。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。

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. 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.

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，可能與惠普向美國證券交易委員會提交的文件中最終報告的金額存在重大差異。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。

For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to the comparable GAAP information. Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.

對於在非 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.

謝謝 Orit，也謝謝大家今天加入電話會議。

When we began our fiscal year 6 months ago, we were clear about 2 things. We said we would focus on the things we can control to navigate a demand-constrained market in fiscal year '23. And we said we would continue driving progress against our long-term growth priorities. Halfway through the year, this is exactly what we have done. And I am pleased to say the actions we are taking as part of our Future Ready plan have started to take hold. Because of this, we delivered non-GAAP EPS towards the high end of our guidance, and we have built strong momentum for the second half of the year.

當我們 6 個月前開始我們的財政年度時，我們清楚兩件事。我們說過，我們將專注於我們可以控制的事情，以在 23 財年駕馭需求受限的市場。我們表示，我們將繼續推動我們的長期增長優先事項取得進展。今年過半，這正是我們所做的。我很高興地說，作為未來就緒計劃的一部分，我們正在採取的行動已經開始發揮作用。正因為如此，我們將非 GAAP 每股收益交付給了我們指導的高端，並且我們為今年下半年建立了強勁的勢頭。

Today, I'm going to discuss our Q2 results and the progress against our Future Ready plan. I will then provide color on our business unit performance and I will close with some insight into how we see the balance of the year before turning the call over to Marie.

今天，我將討論我們的第二季度業績以及我們未來就緒計劃的進展情況。然後，我將提供有關我們業務部門績效的顏色，並且在將電話轉交給 Marie 之前，我將深入了解我們如何看待今年的餘額。

Starting with our results. Net revenue was $12.9 billion, that's down 22% or 18% in constant currency. As expected, the industry-wide headwinds we described last quarter continued to impact our business. Against this backdrop, our teams did an excellent job controlling our costs, managing our pricing and shifting our mix. This allowed us to deliver non-GAAP EPS of $0.80. We also grew non-GAAP EPS and operating profit quarter-over-quarter. And we delivered on our year-to-date cost target, keeping us on track to deliver at least 40% of our 3-year savings by the end of fiscal year '23.

從我們的結果開始。淨收入為 129 億美元，按固定匯率計算下降 22% 或 18%。正如預期的那樣，我們上個季度描述的全行業逆風繼續影響我們的業務。在這種背景下，我們的團隊在控製成本、管理定價和調整產品組合方面做得非常出色。這使我們能夠交付 0.80 美元的非 GAAP 每股收益。我們還實現了非 GAAP 每股收益和營業利潤的環比增長。我們實現了年初至今的成本目標，使我們有望在 23 財年末實現至少 40% 的 3 年節省。

A key part of our strategy is to reinvest savings into innovation. We are doing this in our core business and our key growth areas. We believe this is very important because even though both our core and growth markets are impacted by the current macro environment, we see opportunities to further strengthen our position during this down cycle. Our innovation was on full display at our Amplify Partner Conference in March, where we launched more than 50 new products and solutions. This was our largest channel event of the past 4 years, attracting more than 1,500 of our top partners from around the world.

我們戰略的一個關鍵部分是將儲蓄再投資於創新。我們正在我們的核心業務和關鍵增長領域這樣做。我們認為這非常重要，因為儘管我們的核心市場和增長市場都受到當前宏觀環境的影響，但我們在這個下行週期中看到了進一步鞏固我們地位的機會。我們的創新在 3 月份的 Amplify 合作夥伴大會上得到了充分展示，我們在會上推出了 50 多種新產品和解決方案。這是我們過去 4 年來最大的渠道活動，吸引了來自世界各地的 1,500 多個頂級合作夥伴。

It has sparked strong energy and momentum across our sales teams and our partners could see the significant progress we are making in our key growth areas. The benefit of our acquisition of Poly was one of our key areas of focus at the conference. Hybrid work is a long-term secular trend that we believe will continue to create attractive growth opportunities. We showed our partners how we are leveraging our combined hybrid system portfolio to create new solutions for customers. A great example is our new Poly video operating system, which uses AI-driven speaker tracking and auto framing to enable better remote collaboration. We also showcased the progress we are making in Workforce Services & Solutions, including the launch of HP Wolf Protect and Trace.

它在我們的銷售團隊中激發了強大的能量和動力，我們的合作夥伴可以看到我們在關鍵增長領域取得的重大進展。我們收購 Poly 的好處是我們在會議上關注的重點領域之一。混合工作是一種長期的長期趨勢，我們相信它將繼續創造有吸引力的增長機會。我們向我們的合作夥伴展示了我們如何利用我們的組合混合系統產品組合為客戶創建新的解決方案。一個很好的例子是我們新的 Poly 視頻操作系統，它使用 AI 驅動的揚聲器跟踪和自動取景來實現更好的遠程協作。我們還展示了我們在勞動力服務和解決方案方面取得的進展，包括推出 HP Wolf Protect 和 Trace。

This is the world's first digital service capable of remotely locating blocking and erasing a PC, even if it is turned off or off-line. And we unveiled new advanced computing solutions through our Zbook line including specific offerings designed for data science, AI and machine learning applications.

這是世界上第一個能夠遠程定位阻止和擦除 PC 的數字服務，即使它已關閉或離線。我們通過 Zbook 系列推出了新的高級計算解決方案，包括專為數據科學、人工智能和機器學習應用程序設計的特定產品。

Let me now give you some more color on what we saw this quarter in each business. Looking first at the market level, global economic uncertainty remains elevated. The macro environment is challenging across more geographies. We continue to see cautious consumer discretionary spending, while enterprises are delaying capital investments.

現在讓我給你更多關於本季度我們在每項業務中看到的情況的顏色。首先從市場層面來看，全球經濟的不確定性仍然很高。宏觀環境在更多地區都充滿挑戰。我們繼續看到謹慎的非必需消費支出，而企業正在推遲資本投資。

With that as a context, Personal Systems revenue was $8.2 billion. That's down 29% or 25% in constant currency. Like last quarter, we estimate that the sellout to customers exceeded sell-in to the channel, which means that end-user demand was stronger than revenue shipments. This helped us further reduce our channel inventory. There are still pockets where we need to improve, but we are making good progress as per our plan. Our peer's operating margin was 5.4%, in line with our expectations.

以此為背景，Personal Systems 的收入為 82 億美元。按固定匯率計算，下降了 29% 或 25%。與上個季度一樣，我們估計對客戶的售罄超過了對渠道的銷售，這意味著最終用戶的需求強於收入出貨量。這有助於我們進一步減少渠道庫存。我們仍有一些地方需要改進，但我們正在按照我們的計劃取得良好進展。我們同業的營業利潤率為 5.4%，符合我們的預期。

PS margins remained flat sequentially, reflecting our disciplined mix strategy and cost reductions in a competitive pricing environment. We delivered solid PS services growth with particularly strong performance in digital services. We also continue to improve our execution. Our teams are showing a relentless drive to win in the market. We gained PC share in calendar Q1, both year-over-year and quarter-over-quarter. And we are not simply gaining share for the sake of share, we are gaining in more profitable areas such as Commercial, where we now have the #1 position and gained 2.5 share points year-over-year. We will keep acting with urgency to build on this momentum while improving our results in segments like premium and gaming. And while the broader gaming market is currently challenged, it remains a massive long-term opportunity where we continue to invest. This quarter, we launched a wide range of OMEN and Victus's gaming innovation incorporating the latest NVIDIA RTX graphics technology.

PS 利潤率環比持平，反映了我們在競爭激烈的定價環境中嚴格的組合策略和成本削減。我們實現了穩健的 PS 服務增長，尤其是在數字服務方面表現強勁。我們還繼續改進我們的執行力。我們的團隊展示了在市場上取勝的不懈動力。我們在第一季度的同比和環比都獲得了 PC 份額。而且我們不僅僅是為了份額而獲得份額，我們正在更有利可圖的領域獲得份額，例如商業，我們現在在這些領域排名第一，同比增長 2.5 個份額點。我們將繼續採取緊急行動，以鞏固這一勢頭，同時改善我們在高端和遊戲等領域的業績。雖然更廣泛的遊戲市場目前面臨挑戰，但它仍然是我們繼續投資的巨大長期機會。本季度，我們推出了一系列採用最新 NVIDIA RTX 圖形技術的 OMEN 和 Victus 遊戲創新產品。

We are equally focused on the opportunities, generative AI is starting to create for our PS business. We are actively working with our major software and silicon partners to engineer new architectures that will integrate AI applications into everyday use cases. This is a very exciting opportunity. In the same way, the Internet age fundamentally changed the way people use computers, I believe the age of AI will transform the role PCs play in our lives.

我們同樣關註生成人工智能開始為我們的 PS 業務創造的機會。我們正積極與我們的主要軟件和芯片合作夥伴合作，設計新的架構，將 AI 應用程序集成到日常用例中。這是一個非常令人興奮的機會。同樣，互聯網時代從根本上改變了人們使用電腦的方式，我相信人工智能時代將改變電腦在我們生活中扮演的角色。

Turning to Print. Revenue was $4.7 billion, that's down 5% or 2% in constant currency. We continue to see soft demand and aggressive pricing in the consumer print market. This was offset by favorable mix in our office business, including 10% revenue growth in commercial hardware and supplies performed better than expected, driven by better demand in office. We delivered Print operating margin of 19%. This shows the continued benefit of our disciplined cost management as well as favorable pricing in office as we bring strong innovation to market.

轉向打印。收入為 47 億美元，按固定匯率計算下降 5% 或 2%。我們繼續看到消費印刷市場的需求疲軟和激進的定價。這被我們辦公業務的有利組合所抵消，其中商業硬件和用品的收入增長 10%，在辦公需求增加的推動下表現好於預期。我們實現了 19% 的印刷營業利潤率。這表明，隨著我們將強大的創新推向市場，我們嚴格的成本管理以及有利的辦公室定價將持續帶來好處。

For example, this quarter, we launched a new lineup of LaserJet printing systems designed to help businesses maximize productivity. We also continue to make progress rebalancing overall system profitability. Our HP+ and Big Tank printers once again represented more than 50% of our shipments in the quarter. We gained share year-over-year and sequentially in Big Tank and Instant Ink grew revenue and new enrollees.

例如，本季度，我們推出了一系列新的 LaserJet 打印系統，旨在幫助企業最大限度地提高生產力。我們還在重新平衡整體系統盈利能力方面繼續取得進展。我們的 HP+ 和 Big Tank 打印機再次佔本季度出貨量的 50% 以上。我們在 Big Tank 和 Instant Ink 中的份額逐年增加，並依次增加了收入和新加入者。

Just as we have done in Personal Systems, we need to improve our execution in Print to gain share. We aim to do this in a thoughtful way, focused on winning in the right areas to drive profitable growth and increasing our mix of profitable customers.

就像我們在個人系統中所做的那樣，我們需要改進我們在打印中的執行力以獲得份額。我們旨在以深思熟慮的方式做到這一點，專注於在正確的領域取勝，以推動盈利增長並增加我們的盈利客戶組合。

Turning to our Industrial segment. Graphics continued to be impacted by macro headwinds. While flexible packaging and folding cartons are back to growth, this was offset by a decline in leveling. In 3D, the business returned to growth this quarter with good momentum in both plastics and metals. And we recently introduced our new HP Jet Fusion automation solutions, which simplify workflows and reduce cost for high-volume 3D production. Overall, this quarter's results show that we are making progress against our priorities.

轉向我們的工業部門。圖形繼續受到宏觀逆風的影響。雖然軟包裝和折疊紙盒恢復增長，但這被平整度下降所抵消。在 3D 方面，該業務在本季度恢復增長，塑料和金屬的發展勢頭良好。我們最近推出了新的 HP Jet Fusion 自動化解決方案，可簡化工作流程並降低大批量 3D 生產的成本。總體而言，本季度的結果表明我們在優先事項方面取得了進展。

Yes, we have more work ahead, but we are continually upping our game as we execute our Future Ready plan, and our teams are playing to win. We also continued to win the right way. Next month, we will release our annual Sustainable Impact Report. It will disclose the continued progress we are making towards our climate action, human rights and digital equity goals. As you know, this work is integrated into how we run the company. It has been an important factor of new sales wins for the past several years.

是的，我們還有更多工作要做，但我們在執行“未來就緒”計劃時會不斷改進我們的遊戲，我們的團隊正在為勝利而戰。我們也繼續以正確的方式獲勝。下個月，我們將發布年度可持續影響報告。它將披露我們在氣候行動、人權和數字公平目標方面取得的持續進展。如您所知，這項工作融入了我們經營公司的方式。在過去幾年中，它一直是新銷售獲勝的重要因素。

And we see this trend continuing across Commercial and Consumer segments. Going forward, we are taking a more comprehensive approach to measuring the total business impact of our sustainability initiatives. Specifically, we have adopted the Corporate Knights Sustainable Economic Taxonomy. This is a well-established industry benchmark to measure what's called sustainable revenue. This measure allows us to quantify revenue generated from products and services that meet leading environmental standards and reduce our environmental impact. Using the Corporate Knight methodology, sustainable revenue represented more than 60% of our total revenue in fiscal year '22.

我們看到這種趨勢在商業和消費者領域繼續存在。展望未來，我們正在採取更全面的方法來衡量我們的可持續發展計劃的總體業務影響。具體來說，我們採用了 Corporate Knights 可持續經濟分類法。這是一個公認的行業基準，用於衡量所謂的可持續收入。這一衡量標準使我們能夠量化滿足領先環境標準並減少我們對環境影響的產品和服務所產生的收入。使用 Corporate Knight 方法，可持續收入占我們 22 財年總收入的 60% 以上。

Let me now turn to capital allocation. As we said last quarter, we plan to maintain our current capital allocation approach. 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 and less opportunities with a better return on investment arise. And as long as our gross leverage ratio remains under 2x EBITDA. As planned, we did not repurchase any shares in Q2 given where we finished the quarter on our gross leverage ratio.

現在讓我談談資本配置。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。我們正在應用過去幾年使用的相同框架。我們致力於隨著時間的推移將 100% 的自由現金流返還給股東，並減少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。按照計劃，我們沒有在第二季度回購任何股票，因為我們在本季度結束時的總槓桿率。

Looking ahead, we continue to expect our second half performance to be stronger than the first half. We see this being driven by improved channel inventory and seasonality, primarily in Personal Systems as well as the positive impact of our cost savings measures.

展望未來，我們繼續預期下半年的表現會強於上半年。我們認為這是由改進的渠道庫存和季節性（主要是個人系統）以及我們的成本節約措施的積極影響所推動的。

Entering the second half of the year, we believe we have full line of sight to deliver on our structural cost reduction goal for fiscal year '23. We remain focused on optimizing our portfolio. We have talked before about creating a simpler, more focused company. There are many ways to deliver on this, such as reducing our number of SKUs, rationalizing our portfolio or trimming our various lines of business.

進入今年下半年，我們相信我們完全可以實現 23 財年的結構性成本削減目標。我們仍然專注於優化我們的投資組合。我們之前討論過創建一個更簡單、更專注的公司。有很多方法可以實現這一目標，例如減少我們的 SKU 數量、合理化我們的產品組合或削減我們的各種業務線。

We will continue to approach this work in a way that enables us to best meet customer needs while creating value for our shareholders. We are also capitalizing on infrastructure investment to become a more digital company. This is driving greater speed and efficiency across our operations while enabling new value propositions for customers as we expand our services and subscription offerings.

我們將繼續以一種使我們能夠最好地滿足客戶需求同時為股東創造價值的方式來開展這項工作。我們還利用基礎設施投資成為一家更加數字化的公司。隨著我們擴展服務和訂閱產品，這推動了我們整個運營的速度和效率的提高，同時為客戶提供了新的價值主張。

To sum up, we are confident in our Future Ready plan. We strongly believe we have the right strategy and team in place to deliver on our priorities and drive long-term sustainable growth. And our continued execution of our plan will allow us to emerge stronger as the market improves.

總而言之，我們對我們的 Future Ready 計劃充滿信心。我們堅信我們擁有正確的戰略和團隊來實現我們的優先事項並推動長期可持續增長。隨著市場的改善，我們繼續執行我們的計劃將使我們變得更強大。

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. We delivered solid financial results in Q2 against the backdrop of a tough macroeconomic environment. We generated sequential growth in non-GAAP operating profit and margin, non-GAAP EPS and free cash flow. Non-GAAP EPS was at the high end of our guidance range, while free cash flow was better than we expected. We delivered these results by remaining focused on prudently managing costs and optimizing our cost structure further under our Future Ready plan.

謝謝，大家下午好。在艱難的宏觀經濟環境的背景下，我們在第二季度取得了穩健的財務業績。我們在非 GAAP 營業利潤和利潤率、非 GAAP 每股收益和自由現金流方面實現了連續增長。非 GAAP 每股收益處於我們指導範圍的高端，而自由現金流好於我們的預期。我們通過繼續專注於謹慎管理成本和根據我們的未來準備計劃進一步優化我們的成本結構來取得這些成果。

At the same time, we prioritize strategic investments that will help drive future growth when the macro economy recovers. We remain focused on what we can control in the current environment, which enabled us to deliver on our commitments for Q2.

同時，我們優先考慮在宏觀經濟復甦時有助於推動未來增長的戰略投資。我們仍然專注於我們在當前環境中可以控制的事情，這使我們能夠兌現我們對第二季度的承諾。

Now let's take a closer look at the details of the quarter. Net revenue was $12.9 billion in the quarter, down 22% nominally and 18% in constant currency driven by the declines across each of our regions. In constant currency, Americas declined 21%, EMEA declined 22% and APJ declined 7%. Gross margin was 22.7% in the quarter, up 2.5 points year-on-year, primarily due to mix shift to print and lower commodity costs in Personal Systems, partially offset by currency and competitive pricing, particularly in consumer print.

現在讓我們仔細看看這個季度的細節。本季度淨收入為 129 億美元，名義上下降 22%，按固定匯率計算下降 18%，這是由於我們每個地區的收入下降所致。按固定匯率計算，美洲下降 21%，EMEA 下降 22%，APJ 下降 7%。本季度毛利率為 22.7%，同比增長 2.5 個百分點，這主要是由於混合轉向打印和個人系統商品成本降低，部分被貨幣和有競爭力的定價所抵消，特別是在消費打印方面。

Non-GAAP operating expenses were $1.8 billion or 14% of revenue. The decrease in operating expenses was driven primarily by rigorous cost management, including Future Ready structural cost savings and lower variable comp, partially offset by the Poly acquisition. In addition, recall last year, we provided aid related to the war in Ukraine.

非 GAAP 運營費用為 18 億美元，佔收入的 14%。運營費用的減少主要是由嚴格的成本管理推動的，包括未來就緒的結構成本節約和較低的可變成本，部分被保利收購所抵消。此外，回想去年，我們提供了與烏克蘭戰爭有關的援助。

Non-GAAP operating profit was $1.1 billion, down 22.4%. non-GAAP net OI&E expense was $172 million, relatively flat sequentially and up year-over-year primarily due to higher interest expense, driven by an increase in both debt outstanding and interest rates as well as higher factoring expenses.

非 GAAP 營業利潤為 11 億美元，下降 22.4%。非 GAAP 淨 OI&E 支出為 1.72 億美元，環比持平，同比增長，這主要是由於未償還債務和利率的增加以及保理費用增加導致利息支出增加。

Non-GAAP diluted net earnings per share decreased $0.28 or 26% to $0.80 with a diluted share count of approximately 1 billion shares. Non-GAAP diluted net earnings per share excludes a net benefit totaling $269 million, primarily related to restructuring and other charges amortization of intangibles and acquisition and divestiture-related charges more than offset by other tax adjustments and nonoperating retirement-related credits. As a result, Q2 GAAP diluted net earnings per share was $1.07, mostly due to onetime noncash tax benefits related to tax planning.

非 GAAP 攤薄後每股淨收益下降 0.28 美元或 26% 至 0.80 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 2.69 億美元的淨收益，主要與重組和其他無形資產費用攤銷以及收購和資產剝離相關費用超過其他稅收調整和非經營性退休相關信貸抵消。因此，第二季度 GAAP 稀釋後每股淨收益為 1.07 美元，主要是由於與稅收籌劃相關的一次性非現金稅收優惠。

Now let's turn to segment performance. In Q2, Personal Systems revenue was $8.2 billion, down 29% or 25% in constant currency. Total units were down 28% with declines in both consumer and commercial driven by weaker economic activity as customers in both market segments were more cautious with spending. Despite this, we improved our overall market share in calendar Q1 by 1.3 points year-over-year, driven by gains in the commercial market, where we improved our share by 2.5 points. Improved market share contributed to commercial representing greater than 70% of our revenue mix for the quarter, while constituting about 53% of our PC unit mix.

現在讓我們轉向細分市場表現。第二季度，個人系統收入為 82 億美元，按固定匯率計算下降 29% 或 25%。由於經濟活動疲軟，消費者和商業部門的總銷量下降了 28%，因為這兩個細分市場的客戶對支出更加謹慎。儘管如此，在商業市場增長的推動下，我們在第一季度的整體市場份額同比提高了 1.3 個百分點，我們的市場份額提高了 2.5 個百分點。提高的市場份額使商業占我們本季度收入組合的 70% 以上，同時約占我們 PC 單位組合的 53%。

We continue to make solid progress on reducing our channel inventory level sequentially, but levels remain slightly elevated for us and across the industry. As a result, we continue to see aggressive pricing in the quarter. We estimate sellout declined less than sell-in during Q2, which means that end-user demand was stronger than sell-in shipments.

我們繼續在降低渠道庫存水平方面取得穩步進展，但我們和整個行業的水平仍然略有上升。因此，我們繼續看到本季度的激進定價。我們估計第二季度售出量下降幅度小於售出量，這意味著終端用戶需求強於售出量。

Drilling into the details. Consumer revenue was down 39% and commercial was down 24%. Lower volumes, FX and increased promotional pricing remained headwinds, partially offset by contributions from hybrid systems revenue. We increased our market share in high-value more profitable segments, including commercial and premium notebooks. Our strategy remains focused on driving profitable share growth. Personal Systems delivered almost $450 million of operating profit with operating margins of 5.4%. Our margin declined 1.5 points year-over-year primarily due to currency increased pricing competition and the higher OpEx due to the Poly acquisition. This was partially offset by lower costs, including commodity costs and structural cost savings and services mix.

深入細節。消費者收入下降了 39%，商業收入下降了 24%。較低的銷量、外彙和增加的促銷價格仍然是不利因素，部分被混合系統收入的貢獻所抵消。我們增加了在高價值、利潤更高的細分市場的市場份額，包括商用和高端筆記本電腦。我們的戰略仍然專注於推動盈利份額增長。 Personal Systems 實現了近 4.5 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 1.5 個百分點，這主要是由於貨幣價格競爭加劇以及收購 Poly 導致運營支出增加。這部分被較低的成本所抵消，包括商品成本和結構成本節約以及服務組合。

In Print, our results reflect our focus on key initiatives and improving execution within the context of a softer print market. In Q2, total Print revenue was $4.7 billion, down 5% nominally or 2% in constant currency. The decline was driven mostly by lower consumer hardware and lower supplies revenue and currency. Hardware revenue was down about $100 million driven by lower volumes and competitive pricing actions in consumer, partially offset by an increase in commercial hardware revenue. Industrial graphics revenue declined, reflecting continued demand weakness in the enterprise space.

在印刷品方面，我們的業績反映了我們在印刷市場疲軟的背景下對關鍵舉措和改進執行的關注。第二季度，印刷總收入為 47 億美元，名義上下降 5%，按固定匯率計算下降 2%。下降的主要原因是消費者硬件的減少以及供應收入和貨幣的減少。硬件收入下降了約 1 億美元，原因是消費者的銷量下降和價格競爭激烈，部分被商業硬件收入的增長所抵消。工業圖形收入下降，反映出企業領域的需求持續疲軟。

Total hardware units decreased 4%, driven by market share loss and soft home printer demand. By customer segment, commercial revenue increased 5% or 8% in constant currency with units roughly flat. Consumer revenue decreased 19% or down 15% in constant currency with units down 5%.

受市場份額下降和家用打印機需求疲軟的推動，硬件總出貨量下降 4%。按客戶群劃分，商業收入按固定匯率計算增長 5% 或 8%，單位大致持平。消費者收入下降 19%，按固定匯率計算下降 15%，銷量下降 5%。

ASPs were mixed. Favorable mix shift towards commercial helped to offset promotional pricing and incremental price reductions in consumer across multiple geographies to remain competitive. Supplies revenue was $3 billion, declining 4% nominally and 3% in constant currency; better than expected. The decline was driven primarily by lower usage as expected as home printing normalizes further a lower installed base and a gradual recovery in commercial. This was partially offset by favorable pricing actions last year and [eluded] New Year timing as well as continued market share gains.

ASP 好壞參半。向商業的有利組合轉變有助於抵消多個地區消費者的促銷定價和增量降價，以保持競爭力。供應收入為 30 億美元，名義上下降 4%，按固定匯率計算下降 3%；好於預期。下降的主要原因是家庭打印進一步正常化、較低的安裝基數和商業逐漸復蘇，如預期的那樣使用率下降。這部分被去年有利的定價行動和[逃避]新年時間以及持續的市場份額增長所抵消。

Print operating profit was approximately $900 million, down 5% year-on-year and operating margin was 19%. Operating margin decreased 0.1 points driven by promotional pricing, higher commodity costs and unfavorable currency, partially offset by cost improvements and pricing actions. The cost improvements were largely due to lower variable comp and transformation plan related savings. Our Future Ready transformation continues to build on our strong start through the first half of FY '23 and we remain on track to deliver at least 40% of structural run rate savings of at least $1.4 billion in FY '23. We continue to see significant opportunities to drive further structural construction across our business.

印刷營業利潤約為 9 億美元，同比下降 5%，營業利潤率為 19%。營業利潤率下降 0.1 個百分點，原因是促銷定價、商品成本上升和貨幣不利，部分被成本改善和定價行動所抵消。成本改善主要是由於較低的可變補償和轉型計劃相關的節省。我們的 Future Ready 轉型繼續建立在我們 23 財年上半年的強勁開端之上，我們仍有望在 23 財年實現至少 40% 的結構性運行率節省至少 14 億美元。我們繼續看到重要的機會來推動我們業務的進一步結構建設。

Let me update you on our progress in Q2. We further enhanced our digital capabilities, driving additional automation and process improvements. In our Workforce Solutions & Services business, we harvested more proactive data insights from more connected devices with our enhanced diagnostic tools that drove repair cost efficiencies. In our supply chain, we delivered significant improvements in reducing portfolio complexity, improving continuity of supply and increasing our forecast accuracy to facilitate material cost and profit improvements. We saw further opportunities to drive structural cost reductions through headcount reductions and driving efficiencies in our core businesses. In Print, we focused on platform consolidations and road map reductions in our large format business.

讓我向您介紹我們在第二季度的進展情況。我們進一步增強了我們的數字能力，推動了更多的自動化和流程改進。在我們的勞動力解決方案和服務業務中，我們使用增強的診斷工具從更多連接的設備中獲得了更主動的數據洞察力，從而提高了維修成本效率。在我們的供應鏈中，我們在降低產品組合複雜性、提高供應連續性和提高預測準確性方面進行了重大改進，以促進材料成本和利潤的改善。我們看到了通過裁員和提高核心業務效率來推動結構性成本削減的更多機會。在印刷方面，我們專注於大幅面業務的平台整合和路線圖縮減。

Looking ahead, we see potentially significant and incremental opportunities to leverage AI and generative AI to positively impact both our products and solutions and how we operate. We are actively exploring opportunities such as expanding our product portfolio to include a new category of high-performance PCs, accelerating software development productivity and enhancing the customer service experience to drive higher value offers while optimizing pricing.

展望未來，我們看到了利用人工智能和生成人工智能對我們的產品和解決方案以及我們的運營方式產生積極影響的潛在重要增量機會。我們正在積極探索機會，例如擴展我們的產品組合以包括新類別的高性能 PC、加快軟件開發效率和增強客戶服務體驗以在優化定價的同時提供更高的價值。

Shifting to cash flow and capital allocation. Q2 cash flow from operations was solid at $0.6 billion and free cash flow of $0.5 billion was better than expected. Free cash flow results benefited from better purchasing linearity. The cash conversion cycle was minus 26 days in the quarter. This improved 4 days sequentially, primarily due to days payable increasing 10 days more than offsetting an increase in DOI. While we decreased our inventory by $0.1 billion sequentially in Q2, the upward pressure on days inventory was driven by strategic buys, increased ocean transit mix and a change in business mix. We have more opportunity to improve our core inventory turns and are focused on doing that. But when it is economic to do so, we intend to continue to drive value via strategic buys or more sea transit, both of which would result in carrying more inventory.

轉向現金流和資本配置。第二季度運營現金流穩定為 6 億美元，自由現金流為 5 億美元，好於預期。自由現金流結果得益於更好的採購線性度。本季度現金轉換週期為負 26 天。這連續改善了 4 天，這主要是由於應付天數增加了 10 天多於抵消了 DOI 的增加。雖然我們在第二季度連續減少了 1 億美元的庫存，但天數庫存的上升壓力是由戰略購買、增加的海洋運輸組合和業務組合的變化推動的。我們有更多機會改善我們的核心庫存周轉率，並且專注於此。但如果這樣做是經濟的，我們打算繼續通過戰略購買或更多的海上運輸來推動價值，這兩者都會導致攜帶更多的庫存。

In Q2, we returned approximately $260 million to shareholders via cash dividends. Given where we finished the quarter on our debt-to-EBITDA ratio, we did not repurchase any shares in the quarter consistent with our outlook. We remain committed to our capital allocation strategy longer term, but near term, we'll continue to manage our leverage profile prudently and maintain an investment-grade credit rating in the current challenging environment.

在第二季度，我們通過現金股息向股東返還了約 2.6 億美元。鑑於我們在本季度結束時的債務與 EBITDA 比率，我們在本季度沒有回購任何符合我們預期的股票。從長遠來看，我們仍然致力於我們的資本配置策略，但在短期內，我們將繼續審慎地管理我們的槓桿狀況，並在當前充滿挑戰的環境中維持投資級信用評級。

Looking forward to Q3 and the rest of FY '23, we expect the macro environment will remain challenged and we will remain focused on rationalizing our cost structure further while continuing to invest in our growth businesses. In particular, keep the following in mind related to our overall financial outlook. We are narrowing our FY '23 non-GAAP EPS outlook range, reflecting greater visibility into the potential range of outcomes for H2 '23. We still expect operating expenses, excluding Poly, will be down year-over-year for FY '23. For Personal Systems, we expect our and the industry's channel inventory will normalize in Q3 and the back half of the year will be seasonally stronger from an end-user demand perspective. We expect Personal Systems margins in Q3 to be in the mid-range of our 5% to 7% long-term target, driven by increased volumes, the continued progress on normalizing CI levels as well as further cost reductions and efficiencies.

展望第三季度和 23 財年的剩餘時間，我們預計宏觀環境仍將充滿挑戰，我們將繼續專注於進一步合理化我們的成本結構，同時繼續投資於我們的增長業務。特別是，請牢記以下與我們的整體財務前景相關的信息。我們正在縮小我們的 FY '23 非 GAAP 每股收益展望範圍，反映出對 H2 '23 潛在結果範圍的更大可見性。我們仍然預計 23 財年的運營費用（不包括 Poly）將同比下降。對於個人系統，我們預計我們和行業的渠道庫存將在第三季度正常化，而從最終用戶需求的角度來看，今年下半年將出現季節性增長。我們預計第三季度的個人系統利潤率將處於我們 5% 至 7% 長期目標的中間範圍，這得益於銷量的增加、CI 水平正常化的持續進展以及進一步的成本削減和效率提升。

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.

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 Future Ready 轉型節省的增加。

In Print, we continue to expect supplies revenue at FY '23 to decline by a low to mid-single digit in constant currency with easier year-on-year compares in the back half of the year. We expect Print margins to be above the high end of our 16% to 18% target range for H2 '23, driven by disciplined pricing and cost management and continued progress on rebalancing our system profitability.

在印刷品方面，我們繼續預計 23 財年的供應收入將以固定匯率計算下降中低個位數，而下半年同比下降幅度較小。我們預計印刷利潤率將高於我們 23 年下半年 16% 至 18% 的目標範圍的高端，這得益於嚴格的定價和成本管理以及在重新平衡我們的系統盈利能力方面的持續進展。

Taking these considerations into account, we are providing the following outlook for Q3 and fiscal year 2023. We expect third quarter non-GAAP diluted net earnings per share to be in the range of $0.81 to $0.91, and third quarter GAAP diluted net earnings per share to be in the range of $0.61 to $0.71. We expect FY '23 non-GAAP diluted net earnings per share to be in the range of $3.30 to $3.50, and FY '23 GAAP diluted net earnings per share to be in the range of $2.91 and $3.11. We continue to expect free cash flow to be in the range of $3 billion to $3.5 billion for FY '23.

考慮到這些因素，我們對第三季度和 2023 財年做出以下展望。我們預計第三季度非 GAAP 攤薄後每股淨收益在 0.81 美元至 0.91 美元之間，第三季度 GAAP 攤薄後每股淨收益在 0.61 美元到 0.71 美元之間。我們預計 23 財年非 GAAP 攤薄後每股淨收益在 3.30 美元至 3.50 美元之間，23 財年 GAAP 攤薄後每股淨收益在 2.91 美元至 3.11 美元之間。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。

And now I would like to hand it back to the operator and open the call for your questions.

現在我想把它交還給接線員並打開電話詢問你的問題。

(Operator Instructions) And our first questioner today will be Erik Woodring with Morgan Stanley.

（操作員說明）我們今天的第一個提問者是摩根士丹利的埃里克伍德林。

Maybe Enrique, if I start with you. Just on some of the PC and Personal Systems commentary you made. Can you help us think how you guys are viewing the PC TAM in 2023. Why you have confidence in the back half recovery if you're seeing any signs of end market demand and specifically why you think the second half of the year could be above seasonal? And then I have a follow-up.

也許恩里克，如果我從你開始。就您所做的一些 PC 和個人系統評論而言。你能幫我們想想你們是如何看待 2023 年 PC TAM 的嗎？如果你看到任何終端市場需求的跡象，為什麼你對後半年的複蘇充滿信心，特別是為什麼你認為下半年可能會高於季節性？然後我有一個後續行動。

Sure. Thank you, Erik. So let me start by talking about what we saw during the first half, which really helps to understand our projections for the second half. During the first half, our performance was impacted by the channel reduction that we have been driving. And as I said in my prepared remarks, channel inventory continues to be slightly elevated, but we are almost there. What we saw also was that end-user demand was stronger achievement, which is what really enabled us to drive these channel inventory reduction. When we think about the second half, usually, second half end-user demand is stronger than in the first half, mostly in the consumer side and driven by things like back-to-school or the holiday season sales. Now when we combine both, the fact that channel inventory will be normalized, which will help from a shipment perspective and also from a pricing perspective and we expect to see more normal demand following seasonality pre-COVID. This makes us believe that the second half will be stronger than the first half as we said during our prepared remarks.

當然。謝謝你，埃里克。因此，讓我首先談談我們在上半場看到的情況，這確實有助於理解我們對下半場的預測。上半年，我們的業績受到我們一直推動的渠道減少的影響。正如我在準備好的發言中所說，渠道庫存繼續略有上升，但我們已經快到了。我們還看到，最終用戶需求是更強勁的成就，這才是真正使我們能夠推動這些渠道庫存減少的原因。當我們考慮下半年時，通常下半年的最終用戶需求會比上半年強勁，主要是在消費者方面，並受到返校或假期銷售等因素的推動。現在，當我們將兩者結合起來時，渠道庫存將正常化這一事實，從出貨的角度和定價的角度來看都將有所幫助，我們預計在 COVID 之前的季節性之後會看到更多的正常需求。這讓我們相信，正如我們在準備好的發言中所說，下半年將比上半年更強勁。

Okay. That's helpful. And then maybe, Marie, I think you just posted your strongest gross margin in quarter, quarterly gross margin ever, I believe. But at the same time, we're seeing declines in PC units, Print units, supplies are declining. They're all declining year-over-year. So maybe one, were there any onetime benefits that you saw in the quarter? But if not, can you maybe help us understand the most important margin factors this quarter by maybe rank ordering. What was the most significant tailwind to margin strength? And maybe help us understand what was the most significant headwind. If you could quantify that, that would be very helpful for us.

好的。這很有幫助。然後也許，瑪麗，我認為你剛剛發布了有史以來最強的季度毛利率，我相信是有史以來的季度毛利率。但與此同時，我們看到 PC 單位、打印單位和供應量都在下降。它們都在逐年下降。那麼也許一個，你在這個季度看到過任何一次性的好處嗎？但如果沒有，您能否通過排序幫助我們了解本季度最重要的利潤率因素。利潤率最重要的推動因素是什麼？也許可以幫助我們了解最重要的逆風是什麼。如果你能量化，那將對我們非常有幫助。

Yes. Sure, Erik. So let me sort of give you a perspective first on PS and then I'll sort of flip to Print. So I mean on the PS side of the house, I'd say, first of all, definitely, we saw the strength in terms of the cost reductions, and we started our Future Ready transformation program now a couple of quarters ago. And some of that was offset by demand, et cetera, and increased competitive pricing. But in addition, we actually saw very strong commercial rates as well. So all of that together helped to really contribute to the strong margin performance in PS. And frankly, we expect to see that continue into the back half as well.

是的。當然，埃里克。所以讓我先給你一個關於 PS 的觀點，然後我會轉向打印。所以我的意思是在房子的 PS 方面，我想說，首先，我們肯定看到了成本降低方面的優勢，我們在幾個季度前開始了我們的未來準備轉型計劃。其中一些被需求等因素和競爭性價格的提高所抵消。但除此之外，我們實際上也看到了非常強勁的商業利率。因此，所有這些共同幫助真正促進了 PS 的強勁利潤率表現。坦率地說，我們希望看到這種情況也能持續到後半部分。

Now as we get to the Print side of the house, I would say you've seen very robust margins in Print, and this is really driven by a few factors, everything from the portfolio, strong pricing discipline. We actually saw a really favorable pricing in the commercial side. And then once again, just like the PS side of the house, we've had the benefits of cost management coming from the Future Ready transformation program that's are very much on track, Erik.

現在，當我們談到房子的打印方面時，我想說你已經看到打印的利潤非常可觀，這實際上是由幾個因素驅動的，從投資組合的一切，強大的定價紀律。實際上，我們在商業方面看到了非常優惠的定價。然後再一次，就像房子的 PS 方面一樣，我們已經從未來就緒轉型計劃中獲得了成本管理的好處，該計劃已經步入正軌，埃里克。

And let me add a comment because there are always things that we could do better, but we are very pleased with the execution of the teams this quarter, both across Personal Systems and Print and this had a big impact in the results that we have posted.

讓我添加一條評論，因為總有一些事情我們可以做得更好，但我們對本季度團隊在個人系統和打印方面的執行情況感到非常滿意，這對我們發布的結果產生了重大影響.

Your next question comes from the line of Samik Chatterjee with JPMorgan.

你的下一個問題來自摩根大通的 Samik Chatterjee。

I guess if I can start on the Print side. You talked about the margin improvement we're seeing there. But I'm just wondering, as you're reporting margins that are above your long-term range, it's hard to imagine that you're still seeing any benefit from supply chain constraints. You've done a lot of sort of -- you've taken a lot of actions around improving the upfront profit recognition subscriptions there. So as we think about these margins, should we think of them as more sustainable going forward relative to sort of how you probably imagine them 12 months ago? Just more curious about you can sustain these margins? And I have a follow-up.

我想我是否可以從打印方面開始。你談到了我們在那裡看到的利潤率提高。但我只是想知道，當你報告的利潤率高於你的長期範圍時，很難想像你仍然看到供應鏈限制帶來的任何好處。你做了很多事情——你已經採取了很多行動來改善那裡的前期利潤確認訂閱。因此，當我們考慮這些利潤率時，我們是否應該認為它們相對於 12 個月前您可能想像的那樣更具可持續性？只是更好奇您能否維持這些利潤率？我有一個後續行動。

Samik, I'd say we're still very much committed to our long-term range of 16% to 18%. Obviously, we've seen some of the benefits as you mentioned from supply chain constraints, et cetera. And then as I mentioned earlier, with Erik, we've had the benefits of the portfolio, the pricing discipline, the cost management. But I'd just add that as we sort of think around the back half and going forward, we do expect to see some continued pricing normalization. And ultimately, we -- supplies revenue will continue to decline, as we've said, low to mid-single digits over time. And so for those reasons, we expect that we will stay in that 16% to 18% operating range for the long term, and it's the right range for the long term, frankly.

Samik，我想說我們仍然非常致力於 16% 到 18% 的長期範圍。顯然，我們已經從供應鏈限制等方面看到了您提到的一些好處。然後正如我之前提到的，與 Erik 一起，我們從產品組合、定價紀律和成本管理中受益。但我只想補充一點，當我們考慮後半部分並展望未來時，我們確實希望看到一些持續的定價正常化。最終，正如我們所說，隨著時間的推移，我們的供應收入將繼續下降到中低個位數。因此，出於這些原因，我們預計我們將長期保持在 16% 至 18% 的運營範圍內，坦率地說，這是長期的正確範圍。

And maybe add one comment from my side. We manage the businesses to drive operating profit dollar growth. This is really what we are focused, and this is what our strategies are designed for. We provide margins because we think it will help all of you modeling the business and understanding where the business is going to go, but growth in operating profit dollars is a key priority that we have as we manage the businesses.

也許從我這邊添加一條評論。我們管理業務以推動營業利潤美元增長。這確實是我們關注的重點，也是我們設計戰略的目的。我們提供利潤率，因為我們認為這將幫助你們所有人建模業務並了解業務的發展方向，但營業利潤美元的增長是我們管理業務時的一個關鍵優先事項。

Okay. Got it. And for my follow-up, it's more of a clarification and maybe a follow-up to Erik's question partly. When I go back and look at pre-pandemic trends in PS, you've talked about -- you've generally done a high single-digit quarter-over-quarter revenue growth in PS in the back half in both the quarters. Are you basically implying that maybe 3Q is a bit below seasonal and then you are above seasonal in 4Q just as you sort of get through all the inventory digestion in 3Q itself? Is that how should we be reading into your guidance?

好的。知道了。對於我的跟進，它更像是一個澄清，也許是對 Erik 問題的部分跟進。當我回過頭來看看 PS 的大流行前趨勢時，你已經談到了——在兩個季度的後半段，你的 PS 收入總體上實現了高個位數的季度環比增長。你的意思是說，也許第三季度略低於季節性，然後你在第四季度高於季節性，就像你在第三季度完成所有庫存消化一樣？我們應該如何解讀您的指導？

Yes. Maybe I'll take that one there. So what we expect is that PS Q3 revenue is expected to be in the high single digits sequentially. So we're getting back to what you typically see from a seasonality perspective. And then Q4, obviously, we'll see greater volumes as Enrique pointed out, because that's our typical holiday season as well. So I think the way to think about it is we're starting to see more the normalized seasonality trends return back.

是的。也許我會把那個帶到那裡。因此，我們預計 PS Q3 收入有望連續保持高個位數。所以我們要回到你通常從季節性角度看到的東西。然後是第四季度，很明顯，正如恩里克指出的那樣，我們會看到更大的銷量，因為那也是我們典型的假期。所以我認為思考它的方式是我們開始看到更多正常化的季節性趨勢回歸。

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。

I'm just wondering if you can comment on OpEx and SG&A sequentially from Q1 to Q2. What the forces that work were there and how we think about the trajectory of operating expense over the course of the year, do you expect most of the savings from your restructuring actions to actually help OpEx? Or will we see that more on the gross margin line? And then I have a follow-up, please.

我只是想知道您是否可以從第一季度到第二季度依次對 OpEx 和 SG&A 發表評論。那裡起作用的力量是什麼以及我們如何看待一年中運營費用的軌跡，您是否希望重組行動節省的大部分資金真正幫助運營支出？或者我們會在毛利率線上看到更多嗎？然後我有一個後續行動，請。

So maybe I'll start out with the back half of the year first. So we do expect OpEx to be up in the back half. And that's because it's going to be driving both our contribution to some of the growth and investments that we're doing in our growth areas and also in our people. But in terms of where the savings are going, they're going to both cost of sales and OpEx. And as you look at the sequential OpEx, you asked me both sequential and year-on-year. Sequentially, we did see an increase, and that was primarily due to some external funding that we had in R&D that we received in the quarter plus we had some incremental investments and we had some unfavorable currency and bad debt. And obviously, that was offset by Future Ready savings and expenses. But on year-on-year, you did see a decline, and that was due to management, the work we've done around Future Ready.

所以也許我會先從今年下半年開始。所以我們確實預計 OpEx 會在後半段上升。那是因為它將推動我們對我們在增長領域以及我們的人員中所做的一些增長和投資的貢獻。但就節省的去向而言，它們將用於銷售成本和運營支出。當您查看順序 OpEx 時，您問我順序和同比。隨後，我們確實看到了增長，這主要是由於我們在本季度收到的研發方面的一些外部資金加上我們有一些增量投資以及一些不利的貨幣和壞賬。顯然，這被 Future Ready 儲蓄和支出所抵消。但與去年同期相比，你確實看到了下降，這是由於管理，我們圍繞 Future Ready 所做的工作。

And last year, we did have some onetime contributions for aid relief in the Ukraine. So that's how to think about OpEx. And obviously, Future Ready, we're pleased with our performance so far and we're looking at new programs as the program continues to mature. But essentially, it's both cost of sales and OpEx, and we are on track to achieve the numbers that we talked about earlier.

去年，我們確實為烏克蘭的援助救濟提供了一些一次性捐款。這就是考慮 OpEx 的方式。顯然，Future Ready，我們對迄今為止的表現感到滿意，並且隨著該計劃的不斷成熟，我們正在尋找新的計劃。但從本質上講，它既是銷售成本又是運營支出，我們有望實現我們之前談到的數字。

If you could just clarify when you say that OpEx will be up in the second half, is that from Q2 levels or in absolute dollars? Is that how you're thinking about? And then just my follow-up is maybe you can provide a bridge from EPS to free cash flow or from net income to free cash flow. So I think your net income is going to be about $3.3 billion at the midpoint of your guide. You have restructuring charges of $400 million. I would imagine if your PC business is continuing to decline, that working capital will actually be a headwind on free cash flow. So how do we get to your free cash flow range if we start from net income? What are the puts and takes, please?

如果你能澄清下半年 OpEx 將上升的時間，那是從第二季度的水平還是以絕對美元計算？你是這麼想的嗎？然後我的後續行動是，也許你可以提供從 EPS 到自由現金流或從淨收入到自由現金流的橋樑。所以我認為你的淨收入在你指南的中點約為 33 億美元。你有 4 億美元的重組費用。我可以想像，如果您的 PC 業務繼續下滑，那麼營運資金實際上將成為自由現金流的逆風。那麼，如果我們從淨收入開始，我們如何才能達到您的自由現金流範圍呢？請問什麼是 puts 和 takes？

Yes. Maybe I'll start on free cash flow, and then I'll go back and answer your question on OpEx. So in terms of free cash flow, Toni, let me start out by saying that, obviously, you saw the results in the quarter and certainly they're better than expected. But as you know, Enrique commented here a moment ago, the sequential growth in Personal Systems is really driven by that negative cash conversion cycle. And that's a very important factor as we think about the second half. And obviously, this is going to drive a material improvement in CCC in terms of the actual business mix.

是的。也許我會從自由現金流開始，然後我會回去回答你關於 OpEx 的問題。因此，就自由現金流而言，托尼，首先讓我說，顯然，你看到了本季度的結果，而且肯定好於預期。但正如你所知，恩里克剛才在這裡評論道，個人系統的連續增長實際上是由負現金轉換週期驅動的。當我們考慮下半場時，這是一個非常重要的因素。顯然，這將在實際業務組合方面推動 CCC 的實質性改進。

And as Enrique said, just with the second half, PS will have a substantially stronger Q3 and then ensuing Q4, and that will obviously drive the cash flow as well. And I'll just might add, as I said in the last quarter and I think in the prepared remarks, we're also looking at capacity for strategic buyers and shipments. So we're going to make sure that we may not see a material improvement in inventory just due to that.

正如恩里克所說，就在下半年，PS 將有一個更強勁的第三季度，然後是隨後的第四季度，這顯然也會推動現金流。我可能會補充一點，正如我在上個季度所說的那樣，我認為在準備好的發言中，我們也在考慮戰略買家和出貨量的能力。因此，我們將確保我們可能不會因此而看到庫存的實質性改善。

Now in terms of OpEx itself, we do expect to see an increase in the second half. As I mentioned earlier, Toni, some of that's because we're investing in some of the growth initiatives from our Future Ready savings and some of it is the investment we're making in people. But just a reminder that year-on-year, we still expect OpEx to be down. But if you think about the back half of last year, we did take some fairly significant actions. So just keep that in mind when you think about the back half compares as well.

現在就運營支出本身而言，我們確實預計下半年會有所增加。正如我之前提到的，托尼，其中一些是因為我們正在從我們的未來準備儲蓄中投資於一些增長計劃，其中一些是我們在人身上進行的投資。但只是提醒我們，與去年同期相比，我們仍然預計 OpEx 會下降。但如果你想想去年下半年，我們確實採取了一些相當重要的行動。因此，當您考慮後半部分比較時，請記住這一點。

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。

I'm curious the AI PC commentary. Can you flesh that out a bit in terms of where you see the opportunity, timing? I guess I'm a little concerned that people right now have x amount of IT dollars to spend. And obviously, there's a big tuck-ins coming out of all of the AI initiatives. So how do you see your PC offerings fit in? And when do -- should we expect to see some benefit? And then I have a follow-up.

我很好奇 AI PC 評論。你能從你看到機會的地方、時機來充實一下嗎？我想我有點擔心人們現在有多少 IT 美元可以花。顯然，所有 AI 計劃都產生了很大的影響。那麼您如何看待您的 PC 產品？什麼時候——我們應該期望看到一些好處？然後我有一個後續行動。

Sure. Let me start by saying that we are really excited about the opportunity that PC is going to bring because we really think it's an opportunity to redefine what PCs are redesigned, the value that PC brings and be a big, big driver of refresh, both in the Commercial, but also in the Consumer space. What we are working on is to build AI capabilities in the PC, so consumers or professionals will be able to run AI applications at the edge and will not have to run them on the cloud.

當然。首先讓我說，我們對 PC 將帶來的機遇感到非常興奮，因為我們真的認為這是一個重新定義 PC 重新設計的機會，PC 帶來的價值以及成為更新的巨大驅動力，無論是在商業領域，但也在消費者領域。我們正在做的是在 PC 中構建 AI 功能，這樣消費者或專業人士將能夠在邊緣運行 AI 應用程序，而不必在雲端運行它們。

The benefit this will bring is that if you're a small company and you want to use some of your private data, your confidential data to in an AI application, you will not have to upload it, you will be able to run it locally. And also, there will be advantages in cost and advantages in latency. What this requires is a new architecture of PCs that combine [Core M] processors with AI processors or GPUs. And this is the work that we are doing with the key silicon providers to make sure that their new designs are integrated into our PCs and into -- and really help to drive this new value. So it's going to be a significant change. Customers will start seeing some of these solutions available in 2024, about 12 months, 20 months from now, and it's going to be a huge opportunity to really bring energy to the category.

這將帶來的好處是，如果你是一家小公司並且你想在 AI 應用程序中使用你的一些私人數據、機密數據，你將不必上傳它，你將能夠在本地運行它.而且，在成本和延遲方面也會有優勢。這需要一種新的 PC 架構，將 [Core M] 處理器與 AI 處理器或 GPU 相結合。這就是我們正在與主要矽供應商合作的工作，以確保他們的新設計被集成到我們的 PC 中，並真正幫助推動這一新價值。所以這將是一個重大的變化。客戶將在 2024 年（大約 12 個月、20 個月後）開始看到其中一些解決方案可用，這將是真正為該類別帶來活力的巨大機會。

Okay. That's helpful. And then -- in terms of the printing business, I know there's been talk about moving more to subscription. And you obviously are doing it for ink, but then just start adding in hardware. So I'm wondering, and maybe you can talk about PCs-as-a-service, too. But I'm just curious how we should think about as you consolidate your SKUs. How you're thinking about new -- more recurring revenue business model.

好的。這很有幫助。然後——就印刷業務而言，我知道有人在談論更多地轉向訂閱。你顯然是為了墨水而做的，但隨後才開始添加硬件。所以我想知道，也許你也可以談談 PC 即服務。但我只是很好奇，當你整合你的 SKU 時，我們應該如何思考。你是如何考慮新的——更多經常性收入的商業模式。

Yes. So as we have said before, growing our subscription business is one of the priorities that we have. And over the time, we want to offer the majority of our portfolio as a subscription. As you said, we started offering ink, we have extended into toner. We have also -- we are offering now also a paper subscription that really grew -- has been growing very fast during the last quarter. And during this year, we will start introducing the first printers as a subscription, and we will start by offering that to customers that will be already in the program. We think this is really important because it enables us to capture more value per customer. We are all -- and we do that because we offer a stronger value proposition. NPS is higher in subscription models, and we really see this as an opportunity to grow and expand our businesses in the future.

是的。因此，正如我們之前所說，發展我們的訂閱業務是我們的首要任務之一。隨著時間的推移，我們希望以訂閱的形式提供我們的大部分產品組合。正如你所說，我們開始提供墨水，我們已經擴展到碳粉。我們也——我們現在也提供真正增長的紙質訂閱——在上個季度增長非常快。在今年，我們將開始以訂閱的形式推出第一台打印機，我們將首先向已經加入該計劃的客戶提供。我們認為這非常重要，因為它使我們能夠為每位客戶獲取更多價值。我們都是——我們這樣做是因為我們提供了更強大的價值主張。 NPS 在訂閱模式中更高，我們確實將此視為未來發展和擴展業務的機會。

Your next question comes from the line of Michael Ng with Goldman Sachs.

你的下一個問題來自高盛的 Michael Ng。

It was encouraging to hear about the continued expectation for the normalization of PC channel inventory next quarter. I was just wondering if you could talk a little bit about whether you expect sell-in to also return to growth as we approach the latter part of the fiscal year? And what do you expect to happen from a pricing perspective, both from an industry perspective and then also for HP.

聽到對下季度 PC 渠道庫存正常化的持續預期令人鼓舞。我只是想知道你是否可以談談你是否預計隨著我們接近本財年的下半年，銷售量也會恢復增長？從行業角度和惠普角度來看，您期望從定價角度發生什麼。

Yes. So let me take that question and maybe Marie wants to complement. So from a channel inventory perspective, we expect it to be normalized in Q3 and exit Q3, we channel at normalized levels. What this will mean is especially in consumer where during the first half, including Q2, there have been significant promotional activity. This will have a positive impact on price teams, those promotions will not be necessary anymore. And as I said before, what we also expect is that end-user demand toward customers will really be buying to be stronger in the second half than in the first half following normal seasonality. From a revenue perspective, what this will imply is that second half will grow versus the first half, which will have a significant impact on free cash flow, as Marie was saying before and is one of the key drivers of the free cash flow generation that we expect to see in the second half.

是的。那麼讓我回答這個問題，也許 Marie 想補充一下。因此，從渠道庫存的角度來看，我們預計它會在第三季度正常化並退出第三季度，我們的渠道處於正常化水平。這意味著尤其是在上半年，包括第二季度在內的消費者中，有大量的促銷活動。這將對價格團隊產生積極影響，不再需要那些促銷活動。正如我之前所說，我們還預計，在正常的季節性之後，下半年最終用戶對客戶的購買需求將比上半年更強勁。從收入的角度來看，這意味著下半年將比上半年增長，這將對自由現金流產生重大影響，正如瑪麗之前所說，並且是產生自由現金流的主要驅動力之一我們希望在下半年看到。

I think you said it all, Enrique.

我想你都說了，恩里克。

Great. Excellent. And just as a quick follow-up. I was just wondering if you could update us on your industry PC selling expectations for this year. And any comments you can make about the new size of the installed base relative to pre-pandemic levels.

偉大的。出色的。就像快速跟進一樣。我只是想知道您是否可以向我們更新您今年的行業 PC 銷售預期。以及您可以就相對於大流行前水平的新安裝基礎規模發表的任何評論。

Sure. We have not significantly changed the expectations that we have in terms of the selling sizing of PC market this year, we continue to believe that it will be in the 250 million to 260 million unit range, very similar to what it was in 2019, pre-COVID. We also think that the market is going to grow beyond that. We think that the fact that the installed base is bigger than it used to be, the new applications that we see, especially driven by hybrid work that requires better cameras, better audio, better systems are going to be all positive drivers. And in '24 and beyond, we expect to see growth. Specifically, what we expect to see in '24 and '25 is something that we would be -- we are working on that, and we'll be sharing the details during the next quarter.

當然。我們沒有顯著改變我們對今年 PC 市場銷售規模的預期，我們仍然相信它將在 2.5 億至 2.6 億台之間，與 2019 年非常相似，預-冠狀病毒。我們還認為市場將超越這一範圍。我們認為，安裝基礎比以前更大的事實，我們看到的新應用程序，尤其是需要更好的相機、更好的音頻、更好的系統的混合工作所驅動的，都將成為積極的驅動因素。在 24 世紀及以後，我們預計會看到增長。具體來說，我們希望在 24 年和 25 年看到的是我們將會成為的東西——我們正在努力，我們將在下個季度分享細節。

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。

You mentioned strategic buys a couple of times. I was wondering if you could talk about the component pricing environment for you and where you're specifically thinking about strategic buys and I have a follow-up.

你多次提到戰略購買。我想知道您是否可以為您談談組件定價環境以及您具體考慮戰略購買的地方，我有一個後續行動。

Yes, Wamsi, it's Marie. So look, I think as we said last quarter, that basically look -- even though we're focused on driving inventory declines operationally, we said we'd take advantage of strategic buys and frankly, lower the ships where it made economic sense. And so we have continued to do so, and we will continue to do that in the back half of the year. And I think then your second part of your question was around commodities and what the outlook is on commodities. And so I just said for PS, we do expect to see declines sequentially into Q3. Q4, slightly different situation because we expect, as Enrique said earlier, there's going to be a bit of a demand recovery. And plus, coupled with some of the comments you're seeing from commodity suppliers that's potentially scaling back on production, that's likely to result in some price increases in the basket of commodities. So that's how we're looking at commodities in terms of the back half of the year.

是的，Wamsi，是瑪麗。所以看，我認為正如我們上個季度所說的那樣，基本上看起來 - 儘管我們專注於在運營上推動庫存下降，但我們表示我們將利用戰略購買並坦率地說，在具有經濟意義的地方降低船舶。所以我們繼續這樣做，我們將在今年下半年繼續這樣做。我認為你問題的第二部分是關於商品以及商品的前景。所以我剛才說，對於 PS，我們確實希望看到第三季度連續下降。第 4 季度，情況略有不同，因為我們預計，正如恩里克早些時候所說，需求將會有所復甦。此外，再加上您從大宗商品供應商那裡看到的一些可能會縮減生產的評論，這可能會導致一籃子大宗商品的價格上漲。這就是我們在今年下半年看待商品的方式。

And let me reinforce the comment that Marie just made. Operationally, we are going to be driving HOI down because as we have said before, we increased HOIs during the pandemic. We think we can operate with lower levels of HOI. But at the same time, if we see opportunities to do strategic buys or to increase the amount of product that we send by boat, which has lower cost, is something that we will do even if it has implications in terms of HOI because they have both have good financial return to the company, and they are both good decisions. So this is something that we manage very carefully, but if we do it, it's because we really see the economic value behind those decisions.

讓我強調 Marie 剛剛發表的評論。在操作上，我們將降低 HOI，因為正如我們之前所說，我們在大流行期間增加了 HOI。我們認為我們可以在較低水平的 HOI 下運作。但與此同時，如果我們看到機會進行戰略購買或增加我們通過成本較低的船發送的產品數量，即使它對 HOI 有影響，我們也會這樣做，因為他們有兩者都給公司帶來了良好的財務回報，而且都是很好的決定。所以這是我們非常謹慎地管理的事情，但如果我們這樣做，那是因為我們真正看到了這些決定背後的經濟價值。

And I'll just add to Enrique's comments that all of that is reflected in our guide as well too, Wamsi.

我只想補充一下 Enrique 的評論，所有這些也反映在我們的指南中，Wamsi。

Okay. And as a follow-up. Early, you mentioned this promotional pricing in PCs. How is the elasticity of demand response to that promotional activity? And as you think about the back half of the fiscal year, is that increase in PC growth largely coming from Consumer or Commercial? And what kind of impact do you expect on margins?

好的。並作為後續行動。早些時候，您提到了 PC 的促銷定價。該促銷活動的需求響應彈性如何？當您考慮本財年的後半部分時，PC 增長的增長主要來自消費者還是商業？您預計對利潤率有什麼樣的影響？

Yes. The impact of pricing that I was mentioning before was mostly in Consumer, where we saw the need to drive more promotional activities. As we look at the second half, we expect Consumer pricing to slightly improve as the situation will normalize from an inventory perspective, and we expect to see stability in prices on the Commercial side.

是的。我之前提到的定價的影響主要是在消費者中，我們看到需要推動更多的促銷活動。展望下半年，我們預計消費者價格將略有改善，因為從庫存角度來看情況將正常化，我們預計商業方面的價格將保持穩定。

Yes. And I'd say just from a guide perspective, if you look at PS, our Q3 op margin is in the range of 5% to 7%. So it would incorporate what Enrique said and plus just to reiterate that we see very strong Commercial margin rates right now, too, as well.

是的。我想說，從指導的角度來看，如果你看一下 PS，我們的第三季度運營利潤率在 5% 到 7% 之間。因此，它將結合恩里克所說的內容，並重申我們現在也看到非常強勁的商業保證金率。

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

你的下一個問題來自 Evercore 的 Amit Daryanani。

I guess, Enrique, maybe to start with -- it's been a fair bit of talk on PCs, but as you think about the back half performance being better than the first half, can you just touch about -- how do you think about the Print segment stacking up in the back half across both consumer, commercial and supplies. It would be helpful to understand how you think Print ramps up in the back half, given the fact you're talking about a better -- stronger back half versus first half?

我想，Enrique，也許首先 - 這是關於 PC 的一些討論，但是當你認為後半部分的性能比上半部分更好時，你能不能談談 - 你如何看待打印部分在消費者、商業和供應品的後半部分堆積如山。考慮到你談論的是更好的 - 更強的後半部分與上半部分相比，了解你認為 Print 如何在後半部分增加會很有幫助？

So let me talk briefly about Print. I think for -- during the first -- during Q2, 2 things to highlight. Clearly, supplies performed better than we were expecting, and this was more driven by stronger demand on the office side. And also, actually, we saw a bigger market in the office space than we were expecting, which is really related to the previous comment. When we project and when we look at the second half, we expect Print to continue to perform at similar levels in terms of operating profit that we have seen in the first half. And some of it will be supported by stronger growth in the office side, really leveraging and being driven by the trend that I just explained.

那麼讓我簡單談談打印。我認為 - 在第一個 - 在第二季度期間，有兩件事要強調。顯然，供應表現好於我們的預期，這更多是受到辦公樓需求強勁的推動。而且，實際上，我們看到辦公空間的市場比我們預期的要大，這確實與之前的評論有關。當我們預測和展望下半年時，我們預計 Print 的營業利潤將繼續保持與上半年相似的水平。其中一些將得到辦公室方面更強勁增長的支持，真正利用並受到我剛才解釋的趨勢的推動。

And I'll just add with respect to the margin ranges that we also expect to see the continued impact of cost management from our transformation costs as well in terms of supporting the margin outlook.

關於利潤率範圍，我只想補充一點，我們也希望看到成本管理對我們的轉型成本以及支持利潤率前景的持續影響。

Got it. And then I guess, Marie, when I think about the free cash flow cadence, and you sort of touched on this earlier, but you expect a bigger back half of [probably] about $3 billion of free cash flow in H2 roughly on better PCs, as you talked about and a few other things. I guess maybe just talk about do we start to think about as free cash flow improves in the back half and just logically, your net leverage comes down, buyback should resume as well in the back half. Is that the right thing to think about the buyback cadence or is there different things you're going to look at when in terms of deciding when to restart the buyback program?

知道了。然後我想，瑪麗，當我考慮自由現金流的節奏時，你之前有點提到過這個，但你預計下半年 [可能] 大約 30 億美元的自由現金流在更好的 PC 上會有更大的後半部分，正如您所說的和其他一些事情。我想也許只是談論我們是否開始考慮隨著後半部分自由現金流的改善，從邏輯上講，你的淨槓桿率下降，回購也應該在後半部分恢復。考慮回購節奏是正確的事情，還是在決定何時重啟回購計劃時你會考慮不同的事情？

No, great question, and thanks for asking. And you're absolutely spot on. We do expect that our leverage should trend down through the back half of the year. And to your point, based on the real strong cash flow that we're going to have, we expect that we will actually have room and actually repurchase shares in Q4. So you're absolutely spot on.

不，很好的問題，謝謝你的提問。你絕對是正確的。我們確實希望我們的槓桿率在今年下半年呈下降趨勢。就你而言，基於我們將擁有的真正強勁的現金流，我們預計我們實際上將有空間並在第四季度實際回購股票。所以你絕對是正確的。

Your next question comes from the line of Krish Sankar with TD Cowen.

你的下一個問題來自 Krish Sankar 與 TD Cowen 的對話。

This is Robert Mertens on for Krish. Just in terms of a quick question back in the channel inventory [commentary made by Enrique.] But just in terms of when you would think normalization would happen, is that something during Q3 or something you think could happen exiting the year this year? And then I have a quick follow-up.

這是 Krish 的 Robert Mertens。就渠道清單中的一個快速問題而言 [Enrique 發表的評論]。但就您認為正常化何時會發生而言，是在第三季度期間發生的事情還是您認為今年結束後可能發生的事情？然後我有一個快速跟進。

It will happen during Q3. So we expect to exit Q3 with normalized channel inventory levels.

這將在第三季度發生。因此，我們預計以正常化的渠道庫存水平退出第三季度。

Great. Got it. That's helpful. And then just -- in terms of looking at the print business, is there any sort of ramifications for the recent merger with Toshiba, how you think about strategically the Print market as a whole there?

偉大的。知道了。這很有幫助。然後 - 就印刷業務而言，最近與東芝的合併是否有任何影響，你如何從戰略上考慮整個印刷市場？

No, no changes in our approach. I think what this shows is the need to look for opportunities to find efficiencies, especially given that the Print market, the office side is going to be smaller than what the projections were before COVID. And this is what we have been doing during the last multiple quarters. The significant part of the $1.4 billion of savings that are part of our Future Ready plan will help on the Print space and our focus is on driving growth organically when we announced last quarter that we were creating the Workforce Solutions & Services business, growing our office business, growing our office business contractually is one of the key priorities for the team and we are making good progress there.

不，我們的方法沒有改變。我認為這表明需要尋找機會來提高效率，特別是考慮到印刷市場，辦公室方面的規模將小於 COVID 之前的預測。這就是我們在過去多個季度一直在做的事情。作為我們未來準備計劃的一部分，14 億美元的節省中的很大一部分將有助於打印空間，當我們上個季度宣布我們正在創建勞動力解決方案和服務業務、發展我們的辦公室時，我們的重點是推動有機增長業務，以合同方式發展我們的辦公室業務是團隊的主要優先事項之一，我們在這方面取得了良好進展。

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

你的下一個問題來自瑞銀集團的 David Vogt。

Great. And I apologize if this was asked. My line had a bit of a problem. So maybe Marie, just a bit of clarification. I think you mentioned that PSG margins would be sort of in the middle of the 5% to 7% range in the third quarter. But Enrique also mentioned. You would see relatively stronger growth sequentially because of consumer, which I think has a lower segment margin. So can you kind of talk through how do we bridge the gap from [5.4%] in the second quarter to something notably better in the third quarter?

偉大的。如果有人問到這個問題，我深表歉意。我的線路有點問題。瑪麗，也許需要澄清一下。我想你提到過，巴黎圣日耳曼的利潤率在第三季度將處於 5% 至 7% 範圍的中間。但恩里克也提到了。由於消費者，你會看到相對強勁的增長，我認為消費者的細分市場利潤率較低。那麼你能談談我們如何縮小從第二季度的 [5.4%] 到第三季度明顯更好的差距嗎？

And then I'll just give you my follow-up while I have you. When I think about the second half of the year, I think about normal seasonality, typically, Q4 is up mid- to high single digits versus 3Q as you build into your fiscal fourth quarter. Is that how we should be thinking about it because that would imply that the PC units would be down, I guess, again, year-over-year, high single digits. Is that kind of how we're thinking about the second half of the year?

然後我會在有你的時候給你我的後續行動。當我想到今年下半年時，我會想到正常的季節性，通常情況下，隨著您進入第四財季，第四季度與第三季度相比呈中高個位數增長。這是我們應該如何考慮它，因為這意味著 PC 單位會下降，我想，再次，同比，高個位數。這就是我們對下半年的看法嗎？

Yes. So maybe I'll take the second half of the year and then flip to the op margin question. So look, the PS revenues expect to be high single digits going into Q3. And then think about the back half as being seasonally stronger and lining up more with normal seasonality. So from an op margin perspective, let me quickly go there. So just to clarify, Q3, we expect to be in the mid- of the 5% to 7% long-term range. the year in the range. And then as you go to Q3 to Q4, just bear in mind that we're going to have the benefit of commodity cost reductions, cost management, better volumes, impact of Future Ready and then we're going to have stronger Q4 volumes, much stronger than Q3 and all of that will help to drive the op margin in Q4. So hopefully, then that gives you sort of some context that combined with what I mentioned earlier around the strong commercial margin rates as well. So all of that combined will contribute to the strength that we're expecting to see in Q4. And then in terms of just the PS rate being solidly in the long-term range in the year.

是的。所以也許我會在今年下半年開始討論運營利潤率問題。所以看，PS 收入預計將在第三季度達到高個位數。然後將後半部分考慮為季節性較強並且與正常季節性更加一致。因此，從運營利潤率的角度來看，讓我快速去那裡。因此，為了澄清一下，第三季度，我們預計將處於 5% 至 7% 的長期範圍內。範圍內的年份。然後當你進入第三季度到第四季度時，請記住，我們將受益於商品成本降低、成本管理、更好的銷量、未來就緒的影響，然後我們將擁有更強勁的第四季度銷量，比第三季度強得多，所有這些都將有助於推動第四季度的運營利潤率。因此，希望這能為您提供一些背景信息，結合我之前提到的關於強勁的商業保證金率的內容。因此，所有這些結合起來將有助於我們期待在第四季度看到的實力。然後就 PS 率而言，今年的長期範圍內穩固。

Got it. And maybe I can slip one in. So does the buyback -- high end of the guidance contemplated by the buyback picking up later this year? Is that kind of how we think -- should think about the high end of the full year guide?

知道了。也許我可以插入一個。回購也是如此——今年晚些時候回購所預期的指導的高端？我們是這樣想的——應該考慮全年指南的高端嗎？

So the high end of the guide, basically, it reflects that -- you saw we took $0.10 off. Originally, we had the high end actually representing the macro. So the high end today just reflects the range of scenarios that we have. And look as always, it's a prudent guide. If we can do better, we absolutely will. Like I said earlier, I think to, Amit, we do expect we'll have capacity based on the strong free cash flow, and that's when we would expect to buy back shares.

所以指南的高端基本上反映了這一點——你看到我們減價了 0.10 美元。最初，我們的高端實際上代表了宏觀。所以今天的高端只是反映了我們擁有的情景範圍。看起來一如既往，這是一個謹慎的指南。如果我們能做得更好，我們絕對會的。就像我之前說的，我認為，阿米特，我們確實希望我們有能力基於強大的自由現金流，那時候我們會回購股票。

Thank you. And let me now take an opportunity to close the call. I wanted to, first of all, thank everybody for joining today and also share that we are currently planning for our next analyst day event. We will provide more in-depth information as we close the details of the plan, and we will do that as soon as we have that.

謝謝。現在讓我藉此機會結束通話。首先，我想感謝大家今天的加入，並分享我們目前正在計劃下一次分析師日活動。當我們關閉計劃的細節時，我們將提供更深入的信息，我們會在獲得這些信息後立即這樣做。

So thank you, everybody, for joining. Looking forward to talk to all of you soon. Thank you.

謝謝大家的加入。期待盡快與大家交談。謝謝。

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

今天的電話會議到此結束。您現在可以斷開線路。