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，歡迎參加 HP Inc. 2023 年第二季財報電話會議。我叫莎拉，我將擔任今天電話會議的主持人。 （操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn the call over to Orit Keinan-Nahon, Head of Investor Relations. Please go ahead.

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

Good afternoon, everyone, and welcome to HP's Second Quarter 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，歡迎參加惠普 2023 年第二季財報電話會議。今天與我一起出席的還有惠普總裁兼執行長 Enrique Lores；以及惠普財務長瑪麗·邁爾斯（Marie Myers）。在將通話交給恩里克之前，請允許我提醒您，本次通話是網路直播的，通話結束後不久，我們的網站上將提供重播，為期約 1 年。我們在投資者關係網頁 investor.hp.com 上發布了收益報告和隨附的幻燈片簡報。

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，本次演示的內容具有前瞻性，基於我們對當今世界和我們業務的最佳看法。欲了解更詳細信息，請參閱收益資料中有關前瞻性陳述的風險、不確定性和假設的免責聲明。有關這些風險、不確定性和假設的討論，請參閱 HP 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.

HP 不承擔任何義務，也不打算更新任何此類前瞻性聲明。我們還注意到，本次電話會議中討論的財務資訊反映了基於​​現有資訊的估計，可能與惠普最終在 SEC 文件中報告的金額有重大差異。在本次網路直播中，除非另有特別說明，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 HP 通路庫存的引用均指一級通路庫存。

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.

對於以非 GAAP 基礎表達的財務訊息，我們已將與可比較 GAAP 資訊的對帳納入其中。請參閱今天的收益報告中附帶的表格和幻燈片介紹，以了解這些對帳。

With that, I'd now like to turn the call over to Enrique.

說完這些，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，也謝謝大家今天參加電話會議。

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.

當我們六個月前開始財政年度時，我們清楚兩件事。我們表示，我們將專注於我們能夠控制的事情，以應對 23 財年需求受限的市場。我們表示，我們將繼續推動我們的長期成長重點的進展。今年已經過去一半了，我們正是這麼做的。我很高興地說，我們作為未來準備計劃的一部分所採取的行動已開始產生效果。正因為如此，我們的非公認會計準則每股收益達到了預期的高位，並為今年下半年建立了強勁的發展勢頭。

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業績以及未來就緒計畫的進展。然後，我將介紹我們業務部門的業績，最後我將對我們如何看待今年的平衡做出一些見解，然後將電話轉給瑪麗。

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，下降 22%，以固定匯率計算下降 18%。正如預期的那樣，我們在上個季度描述的全行業逆風繼續影響我們的業務。在此背景下，我們的團隊在控製成本、管理定價和轉變產品組合方面做得非常出色。這使我們能夠實現 0.80 美元的非 GAAP 每股盈餘。我們的非公認會計準則每股收益和營業利潤也較上一季成長。我們實現了年初至今的成本目標，並預計在 23 財年末實現至少 40% 的 3 年節省目標。

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.

我們策略的關鍵部分是將儲蓄重新投資於創新。我們正在我們的核心業務和關鍵成長領域中實現這一目標。我們認為這一點非常重要，因為儘管我們的核心市場和成長市場都受到當前宏觀環境的影響，但我們看到了在這一下行週期中進一步鞏固我們地位的機會。我們的創新在 3 月的 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。這是我們近4年來最大的通路活動，吸引了來自全球1500多位頂尖合作夥伴參加。

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.

它激發了我們銷售團隊的強大活力和動力，我們的合作夥伴可以看到我們在關鍵成長領域的重大進展。我們收購 Poly 所帶來的好處是我們在此次會議上關注的重點領域之一。混合工作是一種長期趨勢，我們相信它將繼續創造有吸引力的成長機會。我們向合作夥伴展示如何利用組合混合系統為客戶創造新的解決方案。一個很好的例子就是我們新的 Poly 視訊作業系統，它使用 AI 驅動的揚聲器追蹤和自動取景來實現更好的遠端協作。我們也展示了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端定位、阻止和清除 PC 的數位服務，即使 PC 處於關閉或離線狀態。我們透過 Zbook 系列推出了新的先進運算解決方案，其中包括專為資料科學、人工智慧和機器學習應用設計的特定產品。

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.

現在讓我向您詳細介紹一下本季每個業務的情況。首先從市場層面來看，全球經濟不確定性仍然較高。宏觀環境對更多地區都充滿挑戰。我們繼續看到消費者對可自由支配的支出保持謹慎，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.

在此背景下，個人系統收入為 82 億美元。以固定匯率計算，下降了 29%，或 25%。與上一季一樣，我們估計客戶的銷售量超過了通路的銷售量，這意味著終端用戶需求強於收入出貨量。這幫助我們進一步減少渠道庫存。我們仍有需要改進的地方，但我們正在按照計劃取得良好進展。我們同業的營業利益率為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利潤率環比保持平穩，反映了我們在競爭激烈的定價環境下嚴謹的組合策略和成本降低。我們的 PS 服務實現了穩健成長，其中數位服務表現尤為強勁。我們也在不斷提高我們的執行力。我們的團隊表現出在市場上贏得勝利的不懈動力。我們第一季的個人電腦市佔率年比和季比都有所成長。而且我們不只是為了份額而增加，我們還在商業等更有利可圖的領域增加份額，現在我們在該領域排名第一，並且份額比去年同期增加了 2.5 個百分點。我們將繼續採取緊急行動，鞏固這一勢頭，同時提高我們在高端和遊戲等領域的表現。儘管目前整個遊戲市場都面臨著挑戰​​，但它仍然是一個巨大的長期機會，我們將繼續投資。本季度，我們推出了一系列融合最新 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.

我們同樣關註生成式人工智慧開始為我們的 PS 業務創造的機會。我們正在積極與主要的軟體和矽片合作夥伴合作，設計新的架構，將人工智慧應用整合到日常用例中。這是一個非常令人興奮的機會。正如網路時代從根本上改變了人們使用電腦的方式一樣，我相信人工智慧時代將改變個人電腦在我們生活中所扮演的角色。

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.

轉向列印。營收為 47 億美元，下降 5%，以固定匯率計算下降 2%。我們繼續看到消費印刷市場需求疲軟且定價激進。這被我們辦公業務的良好組合所抵消，其中商業硬體和耗材的收入增長了 10%，表現好於預期，這得益於辦公需求的增加。我們實現了 19% 的印刷營業利潤率。這表明，隨著我們向市場推出強大的創新功能，嚴格的成本管理和優惠的辦公室定價持續帶來效益。

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 列印系統，旨在幫助企業最大限度地提高生產力。我們在重新平衡整體系統獲利能力方面也持續取得進展。我們的 HP+ 和 Big Tank 印表機在本季再次占到我們出貨量的 50% 以上。我們的市佔率逐年增加，Big Tank 和 Instant Ink 的收入和新註冊用戶也隨之增加。

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.

正如我們在個人系統領域所做的那樣，我們需要提高印刷領域的執行力以獲得份額。我們的目標是以深思熟慮的方式實現這一目標，專注於在正確的領域取勝，以推動獲利成長並增加我們的獲利客戶組合。

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了增長，但卻被平整度的下降所抵消。在 3D 領域，本季業務恢復成長，塑膠和金屬均呈現良好勢頭。我們最近推出了全新的 HP Jet Fusion 自動化解決方案，它簡化了工作流程並降低了大量 3D 生產的成本。總體而言，本季的結果表明我們在實現優先事項方面正在取得進展。

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，我們還有更多的工作要做，但是我們在執行未來就緒計劃的過程中不斷提高自己的水平，我們的團隊正在努力爭取勝利。我們也繼續以正確的方式贏得勝利。下個月，我們將發布年度永續影響報告。它將揭示我們在氣候行動、人權和數位公平目標方面取得的持續進展。如您所知，這項工作已融入我們經營公司的方式中。這是過去幾年來贏得新銷量的重要因素。

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領域持續延續。展望未來，我們將採取更全面的方法來衡量永續發展舉措的整體業務影響。具體來說，我們採用了企業騎士可持續經濟分類法。這是衡量所謂可持續收入的完善的行業基準。這項措施使我們能夠量化符合領先環境標準並減少對環境影響的產品和服務所產生的收入。根據 Corporate Knight 方法論，永續收入占我們 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.

現在我來談談資本配置。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，投資回報率更高的機會會越來越少。只要我們的總槓桿率保持在 2 倍 EBITDA 以下。按照計劃，考慮到本季我們的總槓桿率，我們在第二季度沒有回購任何股票。

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，我們仍預期下半年的表現將強於上半年。我們認為這是由通路庫存改善和季節性推動的，主要是在個人系統方面，以及我們的成本節約措施的正面影響。

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.

進入下半年，我們相信我們完全有能力實現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。我們之前談到創造一個更簡單、更專注的公司。實現這一目標的方法有很多，例如減少 SKU 數量、合理化我們的產品組合或削減我們的各項業務線。

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.

我們將繼續以能夠最大程度地滿足客戶需求同時為股東創造價值的方式進行這項工作。我們也利用基礎設施投資來成為一家更數位化的公司。隨著我們擴大服務和訂閱產品範圍，這不僅推動了我們整個營運的速度和效率，也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，我們對未來就緒計畫的信心。我們堅信，我們擁有正確的策略和團隊來實現我們的優先事項並推動長期可持續成長。我們將繼續執行我們的計劃，這將使我們在市場好轉時變得更加強大。

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

現在，讓我將電話交給瑪麗，讓她進一步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。在嚴峻的宏觀經濟環境背景下，我們在第二季取得了穩健的財務表現。我們的非公認會計準則營業利潤和利潤率、非公認會計準則每股收益和自由現金流均實現了連續增長。非公認會計準則每股收益處於我們預期範圍的高位，而自由現金流則優於我們的預期。我們透過在未來就緒計劃下繼續專注於審慎管理成本並進一步優化成本結構來實現這些成果。

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，我們優先考慮有助於在宏觀經濟復甦時推動未來成長的策略投資。我們仍然專注於當前環境下我們能夠控制的事情，這使我們能夠履行第二季的承諾。

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本季的細節。本季淨收入為 129 億美元，名目下降 22%，以固定匯率計算下降 18%，這歸因於我們各地區的下滑。以固定匯率計算，美洲地區下降 21%，歐洲、中東和非洲地區下降 22%，亞太及日本地區下降 7%。本季毛利率為 22.7%，比去年同期成長 2.5 個百分點，主要由於產品組合向印刷品轉移以及個人系統商品成本降低，但被貨幣和有競爭力的定價（尤其是在消費者印刷品方面）部分抵消。

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.

非公認會計準則營業費用為 18 億美元，佔營收的 14%。營業費用的下降主要得益於嚴格的成本管理，包括 Future Ready 結構成本節約和較低的變動成本，但被 Poly 收購部分抵銷。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.

非公認會計準則營業利潤為 11 億美元，下降 22.4%。非公認會計準則淨 OI&E 費用為 1.72 億美元，與上一季基本持平，但比去年同期有所上升，這主要是由於利息支出增加（受未償還債務和利率增加以及保理費用增加的影響）。

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.

非公認會計準則稀釋每股淨收益減少 0.28 美元或 26% 至 0.80 美元，稀釋股份數量約 10 億股。非公認會計準則攤薄每股淨收益不包括總計 2.69 億美元的淨收益，這主要與重組和其他費用、無形資產攤銷以及收購和資產剝離相關費用有關，但其他稅收調整和非經營性退休相關抵免額超過了這些費用。因此，第二季 GAAP 稀釋每股淨收益為 1.07 美元，主要歸因於與稅務規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.

現在我們來談談細分錶現。第二季度，個人系統營收為 82 億美元，下降 29%，以固定匯率計算下降 25%。由於經濟活動減弱，消費和商業銷售均出現下滑，導致總銷量下降 28%，因為兩個細分市場的消費者在支出方面都更加謹慎。儘管如此，我們在第一季的整體市佔率仍比去年同期提高了 1.3 個百分點，這得益於商業市場的成長，我們在商業市場的佔有率提高了 2.5 個百分點。市佔率的提升使商業業務佔本季我們收入組合的 70% 以上，同時占我們 PC 單位組合的 53% 左右。

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.

我們在連續降低渠道庫存水準方面繼續取得穩步進展，但對於我們和整個行業而言，庫存水準仍然略高。因此，我們在本季繼續看到激進的定價。我們估計第二季的銷售量下降幅度低於銷售量，這表示終端用戶需求強於銷售量。

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 39%，商業收入下降 24%。銷售下降、外匯和促銷價格上漲仍然是不利因素，但混合系統收入的貢獻部分抵消了這種影響。我們增加了在高價值、更有利可圖的領域的市場份額，包括商用和高端筆記型電腦。我們的策略仍然專注於推動獲利份額的成長。個人系統部門實現營業利潤近 4.5 億美元，營業利益率為 5.4%。我們的利潤率年減了 1.5 個百分點，主要原因是貨幣價格競爭加劇以及收購 Poly 導致的營運成本增加。這被成本降低（包括商品成本、結構性成本節約和服務組合）部分抵銷。

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.

在印刷領域，我們的表現反映了我們對關鍵舉措的關注以及在印刷市場疲軟的背景下提高執行力。第二季度，印刷總收入為 47 億美元，名目下降 5%，以固定匯率計算下降 2%。下降的主要原因是消費硬體價格下降、供應收入和貨幣貶值。由於銷售下降和消費者市場的競爭性定價行為，硬體收入下降了約 1 億美元，但商業硬體收入的增加部分抵消了這一下降。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%.

由於市場佔有率損失和軟家用印表機需求下降，硬體總銷量下降了 4%。按客戶細分，商業收入按固定匯率計算增加了 5% 或 8%，單位數基本持平。消費者收入下降 19%，以固定匯率計算下降 15%，單位數下降 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.

平均售價漲跌互現。向商業化的有利組合轉變有助於抵消多個地區消費者的促銷價格和增量降價，從而保持競爭力。供應收入為 30 億美元，名目下降 4%，以固定匯率計算下降 3%；比預期的要好。下降的主要原因是使用率下降，這是預料之中的，因為家庭列印進一步正常化，安裝基數降低，商業列印逐漸復甦。這在一定程度上被去年有利的定價措施、新年時機和持續的市場份額成長所抵消。

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.

印刷業務營業利潤約9億美元，較去年同期下降5%，營業利益率為19%。由於促銷定價、商品成本上漲和不利的貨幣因素，營業利潤率下降了 0.1 個百分點，但成本改進和定價行動部分抵消了這一影響。成本改善主要歸因於較低的變動薪酬和轉型計劃相關的節省。我們的未來就緒轉型繼續鞏固我們在 23 財年上半年的強勁開局，並且我們仍有望在 23 財年實現至少 40% 的結構性運行率節約，即至少 14 億美元。我們繼續看到推動整個業務進一步結構建設的重大機會。

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.

讓我向您通報我們第二季的進度。我們進一步增強了數位化能力，推動了更多的自動化和流程改善。在我們的勞動力解決方案和服務業務中，我們利用增強的診斷工具從更多連網設備中獲取了更多主動資料洞察，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取得了重大進展，以促進材料成本和利潤的改善。我們看到了透過裁減員工和提高核心業務效率來推動結構性成本削減的進一步機會。在印刷領域，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慧和產生人工智慧對我們的產品和解決方案以及我們的運作方式產生積極影響的潛在重大和漸進的機會。我們正在積極探索機會，例如擴大我們的產品組合以包括新類別的高效能個人電腦、加快軟體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價值的產品。

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。第二季經營現金流穩健，為 6 億美元，自由現金流為 5 億美元，優於預期。自由現金流結果受益於更好的採購線性。本季的現金轉換週期為負26天。該數字比上一季提高了 4 天，主要因為應付天數增加了 10 天，超過了 DOI 增加的影響。雖然我們在第二季度的庫存環比減少了 1 億美元，但庫存天數的上升壓力是由戰略採購、海運運輸組合的增加以及業務組合的變化所推動的。我們有更多的機會提高核心庫存週轉率，並專注於做到這一點。但當經濟適用時，我們打算繼續透過戰略採購或更多的海運來推動價值，這兩種方式都將導致持有更多的庫存。

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.

第二季度，我們透過現金股利向股東返還了約 2.6 億美元。考慮到本季末我們的負債與 EBITDA 比率，我們在本季沒有回購任何與我們的預期一致的股票。我們仍致力於長期資本配置策略，但短期內，我們將繼續審慎管理我們的槓桿狀況，並在當前充滿挑戰的環境中保持投資等級信用評級。

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.

展望第三季和23財年的剩餘時間，我們預期宏觀環境仍將面臨挑戰，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成長業務。尤其要記住以下與我們的整體財務前景有關的事情。我們正在縮小23財年非GAAP每股盈餘預期範圍，以反映對23年下半年潛在結果範圍的更大可見度。我們仍預計，不包括Poly在內的營運費用在23財年將年減。對於個人系統，我們預計我們和產業的通路庫存將在第三季恢復正常，從最終用戶需求的角度來看，下半年的季節性庫存將更加強勁。我們預計第三季個人系統利潤率將處於我們 5% 至 7% 長期目標的中間範圍，這得益於銷量增加、CI 水平持續正常化以及成本進一步降低和效率提高。

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，我們預期利潤率將穩固地維持在目標範圍內，這得益於下半年PC收入的逐步改善和未來就緒轉型節省的增加。

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.

在印刷領域，我們繼續預期23財年的供應收入將以固定匯率下降低至中個位數，而下半年的年減將會更加容易。我們預計，在嚴格的定價和成本管理以及持續平衡系統盈利能力的推動下，印刷利潤率將高於 23 年下半年 16% 至 18% 的目標範圍的高端。

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 2023 年第三季和財年做出了以下展望。我們預計 23 財年非 GAAP 稀釋每股淨收益在 3.30 美元至 3.50 美元之間，23 財年 GAAP 稀釋每股淨收益在 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.

現在我想將電話交還給接線員，並開始回答大家的提問。

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

（操作員指示）我們今天的第一位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.

也許是恩里克，如果我從你開始的話。僅針對您所做的一些 PC 和個人系統評論。您能否幫助我們思考一下您們如何看待 2023 年的 PC TAM。然後我有一個後續問題。

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。所以，首先讓我談談我們在上半年看到的情況，這對我們理解對下半年的預測確實有幫助。上半年，我們的業績受到了通路縮減的影響。正如我在準備好的演講中所說，渠道庫存繼續略有上升，但我們已經快達到了。我們也看到，終端用戶需求更加強勁，這才是我們真正能夠推動這些通路庫存減少的動力。當我們考慮下半年時，通常下半年的終端用戶需求比上半年更強勁，主要是在消費者方面，受到返校或假日季銷售等因素的推動。現在，當我們將兩者結合起來時，通路庫存將正常化，這將從出貨量和定價角度提供幫助，我們預計在新冠疫情之前的季節性變化之後，需求將更加正常。這讓我們相信，正如我們在準備好的發言中所說的那樣，下半年將比上半年更加強勁。

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。那麼也許，瑪麗，我認為你剛剛公佈了本季最強勁的毛利率，我相信這是有史以​​來最高的季度毛利率。但同時，我們看到個人電腦數量、印刷機數量和供應量都在下降。它們的數量都在逐年下降。那麼也許首先，您在本季看到過什麼一次性好處嗎？但如果不是，您能否透過排序幫助我們了解本季最重要的利潤因素？對利潤率提升而言，最顯著的推動因素是什麼？也許可以幫助我們了解最大的阻力是什麼。如果您可以量化這一點，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。因此，讓我先向您介紹 PS，然後再轉到列印。所以我的意思是，在 PS 方面，我想說，首先，我們肯定看到了成本削減方面的優勢，並且我們在幾個季度前就啟動了我們的未來就緒轉型計劃。其中一部分被需求等和競爭性定價的增加所抵消。但除此之外，我們其實也看到非常強勁的商業利率。所以，所有這些因素共同真正促進了 PS 的強勁利潤表現。坦白說，我們預計這種情況還將持續到下半年。

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，當我們談到印刷業務時，我想說，您已經看到印刷業務的利潤率非常可觀，而這實際上是由幾個因素推動的，包括產品組合、嚴格的定價紀律等。我們實際上看到了商業方面的真正優惠的定價。然後再一次，就像 PS 方面一樣，我們從 Future Ready 轉型計劃中獲得了成本管理方面的好處，該計劃正在順利進行，Erik。

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.

讓我補充一點，因為我們總是有可以做得更好的事情，但我們對本季度團隊的執行情況感到非常滿意，無論是個人系統還是印刷部門，這對我們發布的結果產生了很大的影響。

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

您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.

我想我可以從印刷方面開始。您談到了我們看到的利潤率提高。但我只是想知道，由於您報告的利潤率高於長期範圍，很難想像您仍然會從供應鏈限制中看到任何好處。您已經做了很多事情——您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時，我們是否應該認為它們相對於您 12 個月前想像的利潤更具可持續性？只是更好奇您是否能維持這些利潤？我還有一個後續問題。

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.

薩米克，我想說，我們仍然堅定地致力於 16% 至 18% 的長期目標範圍。顯然，正如您所提到的，我們已經看到了供應鏈限制等方面的一些好處。正如我之前提到的，有了艾瑞克，我們獲得了產品組合、定價原則和成本管理方面的好處。但我想補充一點，當我們思考下半年及未來時，我們確實預期價格將繼續正常化。最終，正如我們所說，供應收入將繼續下降，隨著時間的推移，降幅將達到低至中等個位數。因此，基於這些原因，我們預計我們將長期保持在 16% 至 18% 的營運範圍內，坦白說，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.

也許還可以添加一條我方的評論。我們管理業務以推動營業利潤的成長。這確實是我們關注的重點，也是我們制定策略的目的。我們提供利潤是因為我們認為這將有助於大家模擬業務並了解業務的發展方向，但營業利潤的成長是我們管理業務的首要任務。

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。對於我的後續問題，這更像是一種澄清，也許部分是對 Erik 問題的跟進。當我回顧 PS 疫情前的趨勢時，您談到了——在兩個季度的下半年，PS 收入環比增長通常都達到了高個位數。您基本上是在暗示，也許第三季的庫存略低於季節性，而第四季的庫存又高於季節性，就像您在第三季完成了所有的庫存消化一樣？我們是不是應該這樣解讀您的指導？

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 第三季的營收將環比成長至高個位數。因此，我們回到您從季節性角度通常看到的情況。然後，正如恩里克指出的那樣，在第四季度，我們顯然會看到更大的銷量，因為這也是我們典型的假期季節。因此，我認為思考這個問題的方式是，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.

您的下一個問題來自伯恩斯坦的托尼·薩科納吉。

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按第一季到第二季的順序對營運支出 (OpEx) 和銷售、一般及行政開支 (SG&A) 進行評論。起作用的力量是什麼？或者我們會在毛利率方面看到更多這樣的變化嗎？然後我還有一個後續問題。

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.

因此我或許會先從今年下半年開始。因此，我們確實預計下半年營運支出將會上升。這是因為它將推動我們對成長領域和員工的一些成長和投資的貢獻。但就節省的去向而言，這些節省將用於銷售成本和營運支出。當您查看連續的營運支出時，您會問我連續的和同比的情況。連續而言，我們確實看到了成長，這主要是由於我們在本季度收到了一些研發外部資金，加上我們的一些增量投資以及一些不利的貨幣和壞帳。顯然，這被未來準備的儲蓄和支出所抵消了。但與去年同期相比，你確實看到了下降，這是由於管理以及我​​們圍繞未來準備所做的工作。

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救援行動提供了一些一次性捐款。這就是對 OpEx 的看法。顯然，對於 Future Ready，我們對目前的表現感到滿意，並且隨著計劃的不斷成熟，我們也在尋找新的計劃。但本質上，這既是銷售成本，也是營運成本，我們有望實現之前談到的數字。

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?

您能否澄清一下，當您說下半年營運支出將會上升時，是從第二季的水平來看，還是以絕對美元計算？您是這麼想的嗎？然後我的後續問題是，也許您可以提供從每股收益到自由現金流或從淨收入到自由現金流的橋樑。因此，我認為您的淨收入將達到指南中間值約 33 億美元。你的重組費用為4億美元。我想，如果您的個人電腦業務持續下滑，營運資金實際上將成為自由現金流的阻力。那麼，如果我們從淨收入開始，我們如何獲得您的自由現金流範圍？請問，投入和產出有哪些？

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，然後再回頭回答你關於營運支出的問題。因此，就自由現金流而言，托尼，我首先要說的是，顯然，您看到了本季度的結果，而且肯定比預期的要好。但正如您所知，恩里克剛才在這裡評論道，個人系統的連續成長實際上是受到負現金轉換週期的推動。當我們考慮下半場時，這是一個非常重要的因素。顯然，這將推動 CCC 在實際業務組合方面的實質改善。

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，僅在下半年，PS 的第三季和第四季就會表現得更強勁，這顯然也會推動現金流。我還要補充一點，正如我在上個季度所說的，我想在準備好的評論中，我們也在關注戰略買家和出貨量的產能。因此，我們要確保不會因為這一點就看到庫存出現實質的改善。

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.

現在就營運支出本身而言，我們確實預計下半年會成長。正如我之前提到的，托尼，部分原因是我們正在從「未來就緒」儲蓄中投資一些成長計劃，部分原因是我們對人才的投資。但需要提醒的是，我們預期營運支出年比仍會下降。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，也請記住這一點。

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

您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.

我對 AI PC 評論很好奇。您能否就您認為的機會和時機稍微詳細說明一下？我想我有點擔心人們現在有多少 IT 資金可供支出。顯然，所有的人工智慧計畫都帶來了巨大的收益。那麼您認為您的 PC 產品如何適應這一情況呢？那我們什麼時候才能看到一些好處呢？然後我有一個後續問題。

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。首先我要說的是，我們對個人電腦將帶來的機會感到非常興奮，因為我們真的認為這是一個重新定義個人電腦設計的機會，個人電腦帶來的價值，以及成為商業和消費領域更新的巨大推動力。我們致力於在PC中建立AI功能，這樣消費者或專業人士就能夠在邊緣運行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.

這帶來的好處是，如果你是一家小公司，你想在人工智慧應用程式中使用一些私人數據和機密數據，你不必上傳它，你可以在本地運行它。此外，在成本和延遲方面也具有優勢。這需要一種將 [Core M] 處理器與 AI 處理器或 GPU 結合的新型 PC 架構。我們正在與主要的矽片供應商合作，以確保他們的新設計能夠融入我們的個人電腦中，並真正幫助推動這一新價值。所以這將是一個重大的改變。客戶將在 2024 年（大約 12 個月或 20 個月後）開始看到其中一些解決方案，這將是一個真正為該類別注入活力的巨大機會。

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，我知道有關於更多轉向訂閱的討論。顯然，你是為了墨水而這樣做的，但隨後就開始添加硬體。所以我想知道，也許您也可以談談「個人電腦即服務」。但我只是好奇當您整合 SKU 時我們應該如何思考。您如何看待新的—更具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。正如我們之前所說，發展訂閱業務是我們的首要任務之一。隨著時間的推移，我們希望將我們的大部分投資組合以訂閱形式提供。正如您所說，我們開始提供墨水，現在已擴展到碳粉。我們現在也提供紙本訂閱服務，上個季度紙本訂閱服務成長非常快。今年，我們將開始推出首批訂閱式印表機，並將首先向已經加入該計劃的客戶提供這項服務。我們認為這非常重要，因為它使我們能夠從每個客戶那裡獲得更多價值。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。訂閱模式中的 NPS 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.

您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.

令人鼓舞的是，市場預期下個季度個人電腦通路庫存將繼續恢復正常。我只是想知道您是否可以稍微談談，隨著我們接近財政年度的後半段，您是否預計銷售量也會恢復成長？從定價角度、從行業角度以及對惠普而言，您預期會發生什麼？

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。所以讓我來回答這個問題，也許瑪麗想補充一下。因此，從通路庫存的角度來看，我們預計它將在第三季實現正常化，並在第三季退出時以正常化的水平進行通路管理。這對於消費市場尤其重要，包括第二季在內的上半年，市場出現了大量促銷活動。這將對價格團隊產生正面的影響，那些促銷將不再有必要。正如我之前所說，我們也預計，由於正常的季節性因素，下半年終端用戶對客戶的購買需求將比上半年更加強勁。從收入角度來看，這意味著下半年的收入將比上半年有所增長，這將對自由現金流產生重大影響，正如瑪麗之前所說的那樣，這也是我們預計下半年自由現金流產生的關鍵驅動因素之一。

I think you said it all, Enrique.

我想你已經說完了，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。這只是快速的後續行動。我只是想知道您是否可以向我們介紹今年行業 PC 的銷售預期。您還可以對相對於疫情前的水平的新安裝基數規模提出什麼評論嗎？

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。我們對今年個人電腦市場銷售規模的預期沒有重大改變，我們仍然相信銷量將在 2.5 億至 2.6 億台之間，與 2019 年新冠疫情之前的水平非常相似。我們也認為市場還將進一步成長。我們認為，安裝基數比以前更大，我們看到的新應用，特別是由需要更好的攝影機、更好的音訊、更好的系統的混合工作所驅動的應用，都將成為積極的驅動因素。我們預計在24年及以後還會看到成長。具體來說，我們預計 24 年和 25 年會看到一些變化——我們正在為此努力，並將在下個季度分享詳細資訊。

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

您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.

您幾次提到了策略性收購。我想知道您是否可以談談您的零件定價環境以及您對策略採購的具體想法，我有一個後續問題。

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，我是瑪莉。所以，我認為正如我們上個季度所說的那樣，基本上看起來——即使我們專注於從營運上推動庫存下降，但我們表示我們將利用戰略採購，坦白說，在經濟合理的情況下降低船舶數量。因此我們一直堅持這樣做，並且今年下半年還會繼續這樣做。我認為你問題的第二部分是關於商品以及商品的前景。所以我剛才說了，對於 PS，我們確實預期第三季會出現連續下降。 Q4，情況略有不同，因為正如恩里克之前所說，我們預計需求將有所復甦。此外，再加上您看到的一些大宗商品供應商表示可能會縮減產量，這可能會導致一籃子商品的價格上漲。這就是我們對下半年大宗商品的看法。

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.

讓我重申一下瑪麗剛才的評論。在營運上，我們將降低 HOI，因為正如我們之前所說，我們在疫情期間增加了 HOI。我們認為我們可以以較低水平的 HOI 進行運作。但同時，如果我們看到進行策略性收購的機會，或者增加透過船舶發送的產品數量，這樣成本會更低，那麼我們就會這麼做，即使這會對 HOI 產生影響，因為它們都會為公司帶來良好的財務回報，而且都是很好的決策。因此，這是我們非常謹慎管理的事情，但如果我們這樣做，那是因為我們確實看到了這些決策背後的經濟價值。

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 Enrique 的評論，Wamsi，所有這些也都反映在我們的指南中。

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，您提到過個人電腦的促銷定價。對該促銷活動的需求反應彈性如何？您想想本財年的下半年，個人電腦的成長主要來自於消費市場還是商業市場？您預計這對利潤會產生什麼樣的影響？

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方面，我們認為有必要推動更多的促銷活動。展望下半年，我們預期消費者價格將略有改善，因為從庫存角度來看情況將會正常化，並且我們預期商業方面的價格將會穩定。

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，僅從指導角度來看，如果你看看 PS，我們的第三季營業利潤率在 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利潤率。

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

您的下一個問題來自 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，恩里克，也許首先——人們已經就個人電腦進行了相當多的討論，但是當您認為下半年的表現會比上半年更好時，您能否簡單談談——您如何看待印刷部門在下半年在消費者、商業和供應方面的表現。鑑於您所談論的是後半部分比前半部分更好、更強，了解您認為印刷業在後半部分如何增長將會很有幫助？

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.

那麼讓我簡單談一下印刷。我認為在第二季度，有兩件事需要強調。顯然，供應表現優於我們的預期，這更多是由於辦公方面需求強勁所致。而且實際上，我們看到辦公空間的市場比我們預期的要大，這與先前的評論確實相關。當我們預測並展望下半年時，我們預計印刷業務的營業利潤將繼續保持與上半年相似的水平。其中一部分將受到辦公室方面更強勁增長的支持，真正利用和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.

我只想補充一點，關於利潤率範圍，我們也預期成本管理將持續受到轉型成本的影響，以支持利潤率前景。

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，當我想到自由現金流節奏時，你之前提到過這一點，但你預計下半年的自由現金流將更大，大約為 30 億美元，大約來自於更好的個人電腦，正如你所談到的和其他一些事情。我想也許我們只是討論一下，隨著下半年自由現金流的改善，從邏輯上講，你的淨槓桿率會下降，回購也應該在下半年恢復。這是考慮回購節奏的正確方法嗎？

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，這個問題問得很好，謝謝你的提問。您說得完全正確。我們確實預期我們的槓桿率在今年下半年會呈現下降趨勢。正如您所說，基於我們真正強勁的現金流，我們預計我們實際上會有空間並在第四季度回購股票。所以你說得完全正確。

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

您的下一個問題來自 TD Cowen 的 Krish Sankar。

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.

羅伯特·梅爾滕斯 (Robert Mertens) 代替克里希 (Krish)。只是回到通路庫存中的一個快速問題 [Enrique 的評論]。然後我有一個快速的後續問題。

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

它將在第三季發生。因此，我們預計第三季結束時渠道庫存水準將恢復正常。

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——從印刷業務的角度來看，最近與東芝的合併是否會產生任何影響，您如何從策略上看待整個印刷市場？

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提高效率，特別是考慮到印刷市場、辦公市場的規模將比 COVID 之前的預測要小。這正是我們過去多個季度一直在做的事情。作為我們未來就緒計劃的一部分，14 億美元的節省中很大一部分將有助於印刷領域，我們的重點是推動有機增長，上個季度我們宣布正在創建勞動力解決方案和服務業務，發展我們的辦公業務，透過合約發展我們的辦公業務是團隊的主要優先事項之一，我們在那裡取得了良好的進展。

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

您的下一個問題來自瑞銀的 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，我深感抱歉。我的線路出了點問題。所以也許瑪麗，只是一點澄清。我記得您提到過，PSG 利潤率在第三季會處在 5% 到 7% 的中間範圍。但恩里克也提到。由於消費品市場利潤率較低，你會看到相對更強勁的連續成長。那麼，您能否談談我們如何縮小第二季的 [5.4%] 與第三季明顯更好的差距？

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?

然後我會趁著還有你的時候繼續跟進。當我想到下半年時，我會想到正常的季節性，通常，隨著進入財政第四季度，第四季度的銷售額會比第三季度增長中高個位數。我們是不是應該這樣考慮？這就是我們對下半年的想法嗎？

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。因此，我或許會考慮下半年的情況，然後再轉向營運利潤率問題。因此，預計 PS 收入在第三季將達到高個位數。然後想想後半部會因季節而變得更加強勁，並且與正常季節更加一致。因此，從操作利潤率的角度來看，讓我快速地講一下。因此需要澄清的是，我們預計第三季的長期成長率將處於 5% 至 7% 的中間範圍。範圍內的年份。然後，當您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，然後我們將獲得更強勁的第四季度銷量，比第三季度強勁得多，所有這些都將有助於提高第四季度的營業利潤率。所以希望這能給你一些背景信息，並結合我之前提到的強勁的商業利潤率。因此，所有這些因素結合起來將為我們預計第四季度的強勁表現做出貢獻。然後就 PS 率在今年的長期範圍內保持穩固狀態而言。

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。這就是我們的想法嗎──應該考慮全年指引的高端嗎？

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.

因此，指南的高端基本上反映了這一點——您看到我們降低了 0.10 美元。最初，我們的高端實際上代表了宏觀。因此，今天的高端只是反映了我們所擁有的一系列情景。看起來，它總是一個審慎的指南。如果我們可以做得更好，我們絕對會的。就像我之前說的，阿米特，我認為，我們確實預期我們將擁有基於強勁自由現金流的產能，那時我們就會預期回購股票。

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。現在請允許我藉此機會結束本次通話。首先，我要感謝大家今天的參加，同時也要分享我們目前正在計劃下一次分析師日活動的資訊。當我們確定計劃細節後，我們將提供更深入的信息，一旦獲得這些信息，我們就會這樣做。

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

感謝各位的參與。期待很快與大家交談。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。現在您可以斷開線路了。