惠普 (HPQ) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to the First Quarter 2024 HP Inc. Earnings Conference Call. My name is Krista, 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. 2024 年第一季財報電話會議。我的名字是克里斯塔，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 will now turn the call over to Orit Keinan-Nahon, Head of Investor Relations. Please go ahead.

現在我將把電話轉給投資者關係主管 Orit Keinan-Nahon。請繼續。

Good afternoon, everyone, and welcome to HP's First Quarter 2024 Earnings Conference Call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Tim Brown, HP's Interim Chief Financial Officer.

大家下午好，歡迎參加惠普 2024 年第一季財報電話會議。今天與我一起出席的還有惠普總裁兼執行長 Enrique Lores；以及惠普臨時財務長 Tim Brown。

Before handing the call over to Enrique, let me remind you that this call is a webcast, and a replay will be available on our website shortly after the call for approximately 1 year. We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com.

在將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，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. 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.

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 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。

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.

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 all for joining today's call. Let me begin by saying it was a solid start to the year. we delivered non-GAAP operating profit and non-GAAP EPS growth year-over-year. And our Future Ready plan is positioning us well to deliver on our long-term growth targets. I'm going to focus my remarks today on our first quarter performance, our progress against key strategic priorities and our expectations for the market for the balance of 2024. I will then turn the call over to Tim for a deeper dive into our financials and outlook.

謝謝你，Orit，也謝謝大家參加今天的電話會議。首先我要說，這是今年的一個好開始。我們實現了非公認會計準則營業利潤和非公認會計準則每股收益同比增長。我們的未來就緒計畫將幫助我們實現長期成長目標。今天的演講將重點討論我們第一季的業績、我們在關鍵戰略重點方面取得的進展以及我們對 2024 年剩餘時間市場的預期。

Starting with our results, we are managing through a volatile external environment that continues to impact demand across our industry. This is reflected in our top line with net revenue down 4% year-over-year. It's worth noting that the rate of revenue decline slowed for the third straight quarter, which we see as an encouraging sign of market stabilization.

從我們的業績開始，我們正在應對動盪的外部環境，這種環境繼續影響著我們整個行業的需求。這反映在我們的營業收入上，淨收入年減 4%。值得注意的是，收入下降速度連續第三個季度放緩，我們認為這是市場穩定的令人鼓舞的跡象。

We continue to make progress in our key growth areas. We're maintaining our investments in a down market to strengthen our competitive position, and there are several bright spots this quarter. We grew revenue and market share year-over-year in gaming. Workforce solutions delivered solid revenue growth and won several new accounts, including large global companies in the energy, retail and telecommunication sectors. And we drove continued momentum in consumer subscriptions with Instant Ink delivering another quarter of revenue and net subscriber growth year-over-year.

我們在關鍵成長領域持續取得進展。我們在低迷的市場中仍保持投資以增強我們的競爭地位，本季有幾個亮點。我們遊戲業務的收入和市場份額逐年增長。勞動力解決方案實現了穩健的收入成長並贏得了多個新客戶，其中包括能源、零售和電信行業的大型跨國公司。我們繼續推動消費者訂閱業務的發展，其中 Instant Ink 又實現了一個季度的營收和淨訂閱用戶同比增長。

Alongside the progress we are making in our growth areas, we are also driving disciplined execution across the business. Non-GAAP operating profit dollars grew 5% year-over-year, and we delivered 11% non-GAAP EPS growth, which was right at the midpoint of our last quarter's guide. This reflects our focus on managing our mix, reducing our costs and maximizing operational efficiencies. And we remain well on track to deliver on our 3-year gross annual run rate structural cost savings target of $1.6 billion by fiscal year '25.

我們在成長領域取得進展的同時，也推動整個業務的嚴格執行。非公認會計準則營業利潤年增 5%，非公認會計準則每股收益成長 11%，正好處於我們上一季預期的中間水平。這反映了我們對管理組合、降低成本和最大限度提高營運效率的關注。我們仍有望實現 2025 財年 16 億美元的 3 年總年運行率結構成本節約目標。

Q1 was also a quarter of strong innovation across our portfolio. I'm particularly pleased with the progress we are making on the company-wide AI strategy we shared with you previously. As you will recall, we are focused on creating new product categories, expanding our digital services and solutions and driving internal productivity.

第一季也是我們產品組合創新強勁的一個季度。我對我們之前與您分享的全公司 AI 策略所取得的進展感到特別高興。您可能還記得，我們​​專注於創造新的產品類別、擴展我們的數位服務和解決方案並提高內部生產力。

We took a big step forward this quarter at CES, where we launched our first laptops using Intel's new Core Ultra processors. This launch help us to win over 100 innovation awards at CES. More importantly, this is just the start of what will be an exciting year for AI PC innovation as we bring new products to market with our silicon and software partners in the coming quarters.

本季度，我們在 CES 上邁出了一大步，推出了首款採用英特爾全新 Core Ultra 處理器的筆記型電腦。此次發布幫助我們在 CES 上贏得了 100 多個創新獎項。更重要的是，這只是 AI PC 創新令人興奮的一年的開始，因為我們將在未來幾季與我們的矽片和軟體合作夥伴一起將新產品推向市場。

Alongside the PC opportunity, we continue to develop new AI applications to run on top of our installed base of more than 200 million commercial devices. The best example of this is the Workforce Central platform we have discussed with you previously. We have since expanded and renamed the offering, which we now refer to as the HP Workforce Experience platform. It integrates data and telemetry from our PC printer and poly devices into a single dashboard to improve productivity, security and collaboration. And it is now available to all of our managed solution customers.

除了個人電腦的機會外，我們還將繼續開發新的人工智慧應用程序，以在超過 2 億台商用設備的安裝基數上運行。最好的例子就是我們之前與您討論過的 Workforce Central 平台。此後，我們擴展並重新命名了該產品，現在我們稱之為 HP Workforce Experience 平台。它將來自我們的 PC 印表機和聚合設備的資料和遙測整合到單一儀表板中，以提高生產力、安全性和協作性。現在我們所有的託管解決方案客戶都可以使用它。

We're also shifting more of our offerings to subscriptions in Consumer segment. This week, we will be launching our HP all-in subscription plan, which we previewed with you at our Investor Day last October. For a monthly fee, consumers will receive a printer in delivery, premium 24/7 support and an option to upgrade their hardware every 2 years. This has tested extremely well in our pilots with customer satisfaction exceeding Instant Ink's already high scores. All of this gives us great momentum heading into our Amplify partner conference next week.

我們也將把更多產品轉向消費者領域的訂閱服務。本週，我們將推出我們的 HP 全包訂閱計劃，我們去年 10 月在投資者日上與您一起預覽了該計劃。消費者只需每月支付一定費用，即可獲得一台印表機、全天候優質支援以及每兩年升級一次硬體的選擇。在我們的試點中，該產品測試結果非常出色，客戶滿意度超過了 Instant Ink 原本就很高的分數。所有這些都為我們下週參加 Amplify 合作夥伴會議提供了巨大的動力。

Amplify is our largest channel event of the year, drawing our top 1,500 commercial resellers from around the world. We will have several of our top silicon and software partners with us to discuss the AI PC opportunity. And we will be launching a range of new innovations across personal systems, print and workforce solutions.

Amplify 是我們今年最大的通路活動，吸引了來自世界各地的 1,500 家頂級商業經銷商。我們將邀請幾家頂尖的矽片和軟體合作夥伴與我們一起探討 AI PC 機會。我們將在個人系統、印刷和勞動力解決方案領域推出一系列新創新。

In addition to our innovation, I'm really excited about the work we are doing to elevate the HP brand. To lead this work, I am pleased that Antonio Lucio rejoined HP last month as our Chief Marketing and Corporate Affairs Officer. Antonio was our first CMO following the creation of HP Inc. in 2015. Under his leadership, we strengthened our reputation as one of the world's most trusted brands. And you will see us launching new brand campaigns that are globally scalable and locally relevant.

除了我們的創新之外，我對我們為提升惠普品牌所做的工作感到非常興奮。為了領導這項工作，我很高興安東尼奧·盧西奧上個月重新加入惠普，擔任我們的首席行銷和企業事務長。安東尼奧是惠普公司於 2015 年成立以來的首任首席行銷長。您還將看到我們推出具有全球可擴展性和本地相關性的全新品牌活動。

For example, earlier this month, we announced a multiyear deal with Real Madrid football club with millions of fans and more than 0.5 billion followers on social media, Real Madrid is one of the most loved brands. And as the club's newest technology partner, we will be collaborating to create new fan experiences. We also recently announced a global collaboration with Riot Games, one of the world's top game developers. And we will be working with them to develop future gaming products, technical innovation and co-branded marketing campaigns.

例如，本月初，我們宣布與皇家馬德里足球俱樂部達成一項多年期協議，該俱樂部在社交媒體上擁有數百萬球迷和超過 5 億粉絲，皇家馬德里是該俱樂部最受喜愛的品牌之一。作為俱樂部最新的技術合作夥伴，我們將共同努力創造新的球迷體驗。我們最近也宣布與世界頂級遊戲開發商之一 Riot Games 建立全球合作。我們將與他們合作開發未來的遊戲產品、技術創新和聯合品牌行銷活動。

Underpinning all of this, we are continuing to advance our sustainable impact strategy, which continues to drive innovation and help us to win new deals. I was proud to see HP ranked #13 on this year's list of America's Most JUST Companies from Just Capital and CNBC. This was our fifth straight year on the list and our highest-ever ranking, up 34 spots year-over-year and putting us in the top 2% of companies measured.

在所有這些的基礎上，我們將繼續推進我們的永續影響策略，這將不斷推動創新並幫助我們贏得新的交易。我很榮幸看到惠普在 Just Capital 和 CNBC 評選的今年美國最公正公司榜單中位列第 13 位。這是我們連續第五年上榜，也是我們有史以來的最高排名，比去年上升了 34 位，進入了受評公司的前 2%。

Let me now provide some additional color on our business unit performance. The external environment remains dynamic. In Consumer, we anticipated a post-holiday slowdown, and this was a bit more pronounced than initially expected. Commercial customers remain cautious. While we saw signs of stabilization in the SMB and education markets, we saw a slowdown in U.S. enterprise and federal sales, especially in the month of January. We also continue to see demand weakness in China due to challenging economic conditions, partially offset by strength in India.

現在，讓我進一步介紹一下我們業務部門的表現。外部環境依然動態。在消費品方面，我們預計假期後會出現銷售放緩，而且這種放緩比最初預期的更為明顯。商業客戶依然保持謹慎。雖然我們看到中小企業和教育市場出現穩定的跡象，但我們看到美國企業和聯邦銷售放緩，尤其是在一月。我們也看到，由於嚴峻的經濟形勢，中國的需求持續疲軟，但印度的需求強勁部分抵消了這一影響。

Personal Systems net revenue was $8.8 billion in the quarter. That's down 4% year-over-year or 5% in constant currency, reflecting market dynamics and seasonality. Consistent with the industry estimate, we continue to expect the PC market to grow low single digits in 2024, and we expect to grow at least in line with the market. Our PS team continued to show resilience and operational rigor, delivering operating profit of 6.1%, which was solidly within our long-term target range, though slightly below our expectations.

個人系統本季淨收入為 88 億美元。與去年同期相比下降了 4%，以固定匯率計算下降了 5%，反映了市場動態和季節性。與行業預估一致，我們繼續預計 2024 年 PC 市場將實現低個位數成長，並且我們預計至少將與市場同步成長。我們的 PS 團隊繼續表現出韌性和營運嚴謹性，實現了 6.1% 的營業利潤，儘管略低於我們的預期，但仍穩固地處於我們的長期目標範圍內。

Importantly, we once again gained PC share in calendar Q4, both year-over-year and quarter-over-quarter. This shows that HP innovation is winning in the market, and we are winning in the right areas with a focus on high-value segments such as premium workstations and gaming. PS services revenue was up year-over-year with strong growth in digital services. And while hybrid systems remains impacted by the current enterprise spending environment, we are investing in the portfolio for the eventual market recovery and long-term growth opportunity.

重要的是，我們在第四季度的 PC 市佔率再次實現年比和季比成長。這表明惠普的創新正在市場上獲勝，我們在正確的領域獲勝，並專注於高端工作站和遊戲等高價值領域。由於數位服務強勁成長，PS 服務收入較去年同期成長。儘管混合系統仍然受到當前企業支出環境的影響，但我們正在投資該產品組合以實現最終的市場復甦和長期成長機會。

Turning to Print. Net revenue was $4.4 billion. That's down 5% year-over-year, reflecting market headwinds, China softness and the aggressive pricing environment. And I am pleased with the progress we are making on pricing and share gains in supply. We continue to effectively manage our costs and mix between Consumer and Commercial with operating profit of 19.9%. We're also making progress on our efforts to regain profitable share. We gained share in Big Tank, both year-over-year and sequentially. And we drove sequential share gains in office in parts of Europe, India and China.

轉向列印。淨收入為44億美元。與去年同期相比下降了 5%，反映了市場逆風、中國經濟疲軟以及激進的定價環境。我對我們在定價和供應份額成長方面取得的進展感到滿意。我們持續有效管理成本以及消費和商業之間的組合，營業利潤達到 19.9%。我們在重新獲得獲利份額的努力中也取得了進展。我們在 Big Tank 的份額同比和環比都有所增加。我們在歐洲部分地區、印度和中國市場的份額也實現了連續成長。

We're also pleased with our progress in industrial graphics and 3D, both of which grew revenue year-over-year in Q1. We also saw continued recovery in labels and packaging, and we are ramping up for drupa in May. Held every 4 years, this is the world's largest printing event, where we will launch a range of new innovations to accelerate our momentum in the market.

我們對工業圖形和 3D 領域的進展也感到滿意，這兩個領域的收入在第一季都實現了同比增長。我們也看到標籤和包裝產業持續復甦，我們正在為五月的德魯巴展會做準備。每四年舉辦一次，這是世界上最大的印刷盛會，我們將在會上推出一系列新的創新，以加速我們在市場上的發展勢頭。

Consistent with the capital allocation strategy we have shared with you previously, we resumed share repurchases in Q1. And we plan to remain active in the market for the remainder of the year.

與我們先前與您分享的資本配置策略一致，我們在第一季恢復了股票回購。我們計劃在今年剩餘時間內繼續活躍於市場。

Let me now close by providing some insight into how we see the market for the balance of the year. Despite pockets of softness in Q1, we saw signs of improvement overall. While we expect the pace of recovery to be uneven across different segments, we remain confident in our ability to deliver on our full year non-GAAP EPS and free cash flow targets. And as we said before, we expect performance in the second half of fiscal year '24 to be seasonally stronger than the first half.

最後，請容許我為我們如何看待今年剩下的市場提供一些見解。儘管第一季出現了一些疲軟跡象，但我們總體上看到了改善的跡象。儘管我們預計不同部門的復甦速度會有所不同，但我們仍然有信心實現全年非公認會計準則每股收益和自由現金流目標。正如我們之前所說，我們預計 24 財年下半年的業績將比上半年表現更好。

By remaining focused on things we can control and investing in our future, we have proven our ability to navigate current market dynamics while capitalizing on long-term growth opportunities. This is exactly what we did in Q1, and it's what you can expect from us moving forward as we drive progress against our Future Ready plan.

透過繼續專注於我們能夠控制的事情並投資於我們的未來，我們已經證明了我們有能力駕馭當前的市場動態，同時利用長期成長機會。這正是我們在第一季所做的事情，也是我們在推動未來就緒規劃進度過程中可以期待的事情。

I now want to introduce Tim Brown. As you know, he took over as our interim CFO in January. For those of you that don't know, Tim is one of HP's most successful and respected financial executives. He has over 30 years of HP experience, including as CFO of Print and Personal Systems. And he is a steady hand on the wheel while we complete our CFO search process.

現在我想介紹提姆布朗。如您所知，他於一月接任我們的臨時財務長。對於那些不知道的人來說，蒂姆是惠普最成功和最受尊敬的財務主管之一。他在惠普擁有 30 多年的工作經驗，並擔任印刷和個人系統的財務長。在我們完成財務長搜尋過程的過程中，他始終堅定地掌控著方向盤。

Tim, thank you for your leadership. Over to you.

提姆，感謝您的領導。交給你了。

Thank you, Enrique, for the kind introduction. It's great to be with you all today. We are pleased with the progress we made during Q1 toward delivering on our financial commitments this year. On a year-on-year basis, our revenue declines continued to slow sequentially, consistent with the stabilizing trends we expected heading into the year. Non-GAAP operating profit dollars grew. Margins expanded in both Personal Systems and Print, and non-GAAP EPS grew double digits.

謝謝恩里克 (Enrique) 的熱情介紹。今天能和大家在一起我感到非常高興。我們對今年第一季在履行財務承諾方面取得的進展感到非常高興。與去年同期相比，我們的營收降幅持續連續放緩，與我們預期的今年的穩定趨勢一致。非公認會計準則營業利潤增加。個人系統和印刷業務的利潤率均有所擴大，非公認會計準則每股收益則達到兩位數成長。

We remain on track with our Future Ready plan to achieve our gross annual run rate structural cost savings target for this year and continue to reinvest these savings in our growth areas. We also returned a significant amount of capital to shareholders as we actively repurchased shares during the quarter.

我們將繼續按照「未來就緒」計畫的進度，實現今年的年度總運行率結構成本節約目標，並繼續將這些節約的資金再投資於我們的成長領域。由於我們在本季積極回購股票，我們也向股東返還了大量資本。

Top line results were impacted by lower market TAMs in both Personal Systems and Print. We saw cautious commercial demand as macro challenges persisted and a bit more pronounced slowdown than initially expected in Consumer following Q4. As Enrique said, HP remains focused on executing each quarter while also driving long-term shareholder value.

個人系統和印刷領域的市場 TAM 較低，對營收績效產生了影響。由於宏觀挑戰持續存在，我們看到商業需求保持謹慎，第四季度之後消費市場的放緩比最初預期的更為明顯。正如恩里克所說，惠普仍然專注於每季的執行，同時也推動長期股東價值。

Our overall results reflect disciplined financial management and investment for sustainable profitable growth, all while navigating a dynamic and competitive environment in the near term. We will continue to manage our business prudently while seizing opportunities to improve our market position as we continue to execute on our plan to deliver our fiscal year commitments.

我們的整體業績體現了嚴謹的財務管理和可持續獲利成長的投資，同時在短期內應對充滿活力的競爭環境。我們將繼續審慎管理我們的業務，同時抓住機會提高我們的市場地位，並繼續執行我們的計劃以兌現我們的財政年度承諾。

Now let me give you a closer look at the details. Net revenue was $13.2 billion in the quarter, down 4% nominally and 5% in constant currency, driven by declines across each of our regions. In constant currency, Americas declined 7%, EMEA declined 2%, and APJ declined 7%. APJ was impacted as soft demand in China continued. Gross margin was 21.9% in the quarter, up 1.7 points year-on-year, primarily due to improved commodity and logistics costs and cost savings, partially offset by competitive pricing. Non-GAAP operating expenses were $1.8 billion or 13.5% of revenue. The year-over-year increase in operating expenses were driven primarily by investments in growth initiatives and higher marketing expenses, partially offset by lower variable compensation and structural cost reductions.

現在讓我向您詳細介紹一下。本季淨收入為 132 億美元，名目下降 4%，以固定匯率計算下降 5%，原因是各地區收入均出現下降。以固定匯率計算，美洲地區下降 7%，歐洲、中東和非洲地區下降 2%，亞太及日本地區下降 7%。由於中國需求持續疲軟，亞太及日本地區受到影響。本季毛利率為21.9%，較去年同期上漲1.7個百分點，主要由於商品及物流成本的改善和成本的節省，部分被有競爭力的定價所抵銷。非公認會計準則營業費用為 18 億美元，佔營收的 13.5%。營業費用年增主要由於對成長計劃的投資和更高的行銷費用，但可變薪酬的降低和結構性成本的降低部分抵消了這一增長。

Non-GAAP operating profit was $1.1 billion, up 5%. Non-GAAP net OI&E was $144 million, down primarily due to lower interest expense driven by a decrease in debt outstanding. Non-GAAP diluted net earnings per share increased $0.08 or 11% to $0.81 with a diluted share count of approximately 1 billion shares. Non-GAAP diluted net earnings per share excludes a net expense totaling $186 million, primarily related to amortization of intangibles restructuring and other charges, acquisition and divestiture-related charges and other tax adjustments. As a result, Q1 GAAP diluted net earnings per share was $0.62.

非公認會計準則營業利潤為 11 億美元，成長 5%。非公認會計準則淨 OI&E 為 1.44 億美元，主要由於未償還債務減少導致利息支出降低。非公認會計準則稀釋每股淨收益增加 0.08 美元或 11%，至 0.81 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 1.86 億美元的淨支出，該支出主要與無形資產重組攤銷和其他費用、收購和資產剝離相關費用以及其他稅收調整有關。因此，第一季 GAAP 稀釋每股淨收益為 0.62 美元。

Now let's turn to segment performance. In Q1, Personal Systems revenue was $8.8 billion, down 4% or 5% in constant currency, driven by soft demand and an unfavorable mix shift, partially offset by market share gains in both Consumer and Commercial, including categories such as premium notebooks and workstations. Total units were up 5% with Consumer up 10% and Commercial up 2%. Year-over-year growth rates for units and revenue improved sequentially in both Consumer and Commercial as stabilizing trends continued, consistent with our outlook for a PC market recovery this year.

現在我們來談談細分錶現。第一季度，個人系統收入為 88 億美元，下降 4%（按固定匯率計算為 5%），這主要受需求疲軟和產品組合不利變化的影響，但被消費和商業市場份額的增長（包括高端筆記型電腦和工作站等類別）部分抵消。總單位數上漲 5%，其中消費者單位數上漲 10%，商業單位數上漲 2%。隨著穩定趨勢的延續，消費和商用市場的出貨量和收入年增率均有所提高，這與我們對今年個人電腦市場復甦的預測一致。

Drilling into the details, Commercial revenue was down 5% and Consumer down 1%. ASPs were flat quarter-over-quarter, driven by a favorable mix, including improved Commercial premium mix offset primarily by an unfavorable mix shift in Consumer. We remain focused on driving profitable revenue and share growth in both our Consumer and Commercial markets.

具體來看，商業收入下降了 5%，消費者收入下降了 1%。平均售價環比持平，這主要得益於有利的產品組合，包括商業高端產品組合的改善，但主要被消費者產品組合的不利變化所抵消。我們將繼續專注於推動消費者和商業市場的獲利收入和份額成長。

Personal Systems delivered $537 million of operating profit with operating margins of 6.1%. Our margin increased 0.9 points year-over-year, primarily due to lower commodity and logistics costs and cost savings. This was partially offset by pricing and investments in growth areas. Sequentially, our operating margin declined, primarily due to higher commodity costs and marketing expenses, offset in part by favorable mix towards our Commercial business segment.

個人系統實現營業利潤 5.37 億美元，營業利益率為 6.1%。我們的利潤率年增0.9個百分點，主要由於商品和物流成本下降以及成本節約。這被成長領域的定價和投資部分所抵消。與上一季相比，我們的營業利潤率有所下降，主要原因是商品成本和行銷費用增加，但商業業務部門的有利組合在一定程度上抵消了這一影響。

In Print, we remain focused on improving our execution and driving rigorous cost management as we navigate a challenging and competitive print market. In Q1, total Print revenue was $4.4 billion, down 5% both nominally and in constant currency. The decline was driven by declines in hardware. Hardware revenue was down 19%, driven by lower volumes attributable primarily to continued weak demand in China and Greater Asia and share loss largely due to aggressive pricing by our Japanese competitors. Total hardware units decreased 17% year-over-year. Industrial graphics grew revenue again this quarter, driven by hardware, supplies and services. By customer segment, Commercial revenue decreased 12% with units down 18%. Consumer revenue decreased 22% with units down 15%.

在印刷領域，在充滿挑戰和競爭的印刷市場中，我們將繼續專注於提高執行力和推動嚴格的成本管理。第一季度，印刷總收入為 44 億美元，以名義和固定匯率計算均下降 5%。下滑的原因在於硬體的下滑。硬體收入下降 19%，主要原因是中國和大亞洲地區的需求持續疲軟導致銷售下降，而日本競爭對手的激進定價導致市場份額下降。硬體總數量比去年同期下降了 17%。在硬體、耗材和服務的推動下，本季工業圖形收入再次成長。按客戶細分，商業收入下降 12%，單位數下降 18%。消費者收入下降 22%，銷量下降 15%。

The market for Big Tank printers continue to increase sequentially, partially offsetting continued soft demand and aggressive pricing in the traditional home ink market. In Consumer services, Instant Ink revenue and subscribers continued to grow year-over-year. Total subscribers now exceed 13 million, including more than 700,000 subscribers to our instant Paper Add-on Service. Supplies revenue was $2.9 billion, flat on a reported basis and up 1% in constant currency, primarily driven by favorable pricing actions, share gains and an easy compare, partially offset by a lower installed base.

大容量印表機市場持續連續成長，部分抵消了傳統家用墨水市場持續疲軟的需求和激進的定價。在消費者服務方面，Instant Ink 的收入和用戶數量持續年增。現在，總訂閱用戶數已超過 1,300 萬，其中包括超過 70 萬的即時紙本附加服務訂閱用戶。供應收入為 29 億美元，按報告基礎持平，以固定匯率計算增長 1%，這主要得益於有利的定價行動、份額增加和易於比較，但被較低的安裝基數部分抵消。

Print operating profit was $872 million, essentially flat year-over-year, and operating margin was 19.9%. Operating margin increased 1 point, driven by lower hardware volumes, cost improvements, including lower variable compensation and supplies pricing, partially offset by hardware pricing headwinds.

印刷業務營業利潤為 8.72 億美元，與去年同期基本持平，營業利益率為 19.9%。營業利潤率增加了 1 個百分點，主要由於硬體銷售下降、成本改善（包括較低的可變薪酬和供應定價），但被硬體定價阻力部分抵銷。

Regarding our structural cost saving initiatives, we continued the momentum we had exiting FY '23, making progress in Q1 against our year 2 goals of our 3-year plan. We are on track to deliver on our $1.6 billion gross annual run rate structural cost savings goal exiting 2025, including achieving approximately 30% of those savings in FY '24. Recall that we expect to generate these savings across both our cost of sales and OpEx line items, enhancing our margin performance and enabling investments in our key growth areas.

關於我們的結構性成本節約舉措，我們延續了 23 財年結束時的勢頭，並在第一季度朝著三年計劃的第二年目標取得了進展。我們預計將實現 2025 年底前 16 億美元的年度總運行率結構成本節約目標，包括在 24 財年實現其中約 30% 的節約。回想一下，我們希望在銷售成本和營運支出項目中實現這些節約，從而提高我們的利潤率並促進我們在關鍵成長領域的投資。

Consistent with previous quarters, we continue to benefit from portfolio simplification initiatives in both Personal Systems and Print, digital transformation, automation and process improvements leveraging our AI capabilities and structural cost reductions across our business. We still expect to incur onetime restructuring cost of approximately $1 billion over the term of our plan, including approximately $0.3 billion of primarily cash charges in the fiscal year '24.

與前幾季一致，我們繼續受益於個人系統和印刷領域的產品組合簡化措施、數位轉型、自動化和流程改進，利用我們的人工智慧能力和整個業務的結構性成本降低。我們仍預計在計畫期限內將產生約 10 億美元的一次性重組成本，其中包括 24 財年的約 3 億美元主要現金費用。

Now let me move to cash flow and capital allocation. Q1 cash flow from operations was approximately $120 million, and free cash flow was $25 million. Our results were impacted by normal seasonality associated with the timing of variable compensation payments and sequentially lower volumes in Personal Systems. The cash conversion cycle was minus 29 days in the quarter. This increased 3 days sequentially due to days of inventory increasing 4 days, days payable decreasing 1 day and days receivable decreasing 2 days. The increase in DOI was driven primarily by an increase in strategic buys and sea shipments during the quarter, partially offset by our progress on optimizing our operational inventory, as we have discussed in the past.

現在讓我來談談現金流和資本配置。第一季經營現金流約 1.2 億美元，自由現金流為 2,500 萬美元。我們的業績受到與浮動薪酬支付時間相關的正常季節性以及個人系統銷售連續下降的影響。本季的現金轉換週期為負29天。由於庫存天數增加 4 天，應付帳款天數減少 1 天，應收帳款天數減少 2 天，因此較上季增加 3 天。 DOI 的成長主要得益於本季度策略採購和海運量的增加，但正如我們過去所討論的那樣，我們在優化營運庫存方面取得的進展部分抵消了這一增長。

In Q1, we returned approximately $775 million to shareholders, including $500 million in share repurchases and $275 million in cash dividends. We continue to prudently manage our leverage ratio and finished the quarter within our target leverage range. We resumed share repurchases in Q1, and we expect to return 100% of our FY '24 free cash flow to shareholders. As we have previously stated, we are committed to returning 100% of our free cash flow to shareholders over time as long as our gross debt-to-EBITDA ratio remains below 2x and unless higher ROI opportunities arise.

第一季度，我們向股東返還了約 7.75 億美元，其中包括 5 億美元的股票回購和 2.75 億美元的現金股利。我們繼續審慎管理我們的槓桿率，並在本季結束時維持在我們的目標槓桿範圍內。我們在第一季恢復了股票回購，預計將 24 財年 100% 的自由現金流返還給股東。正如我們之前所說，只要我們的總債務與 EBITDA 比率保持低於 2 倍，並且除非出現更高的投資回報率機會，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。

Looking forward to Q2 and the rest of FY '24, we expect the macro and demand environments will remain challenged and that our customer end markets will continue to be very competitive. We remain focused on rigorously managing costs, improving our performance and investing in growth.

展望第二季和24財年的剩餘時間，我們預期宏觀和需求環境仍將面臨挑戰，並且我們的客戶市場將繼續保持激烈的競爭。我們將繼續專注於嚴格管理成本、提高績效和投資成長。

Specifically, keep the following in mind related to our FY '24 and Q2 financial outlook. Given the challenging macro environment, we are modeling multiple scenarios based on several assumptions. For FY '24, we continue to see a wide range of potential outcomes, which are reflected in our outlook ranges. Consistent with the view we shared in November, we expect the performance in the second half of fiscal '24 will be seasonally stronger than the first half.

具體來說，請記住以下與我們的24財年和第二季財務展望相關的內容。鑑於充滿挑戰的宏觀環境，我們根據多項假設建立了多種情境模型。對於24財年，我們繼續看到各種潛在結果，這反映在我們的展望範圍內。與我們 11 月的觀點一致，我們預期 24 財年下半年的業績將因季節因素而強於上半年。

Regarding OI&E expense, we continue to expect it to be approximately $0.7 billion in FY '24. We continue to expect free cash flow to be in the range of $3.1 billion to $3.6 billion in FY '24 with the second half of the year stronger than the first. Our free cash flow outlook does include approximately $300 million of restructuring cash outflows.

關於 OI&E 費用，我們繼續預計在 24 財年將達到約 7 億美元。我們繼續預計24財年的自由現金流將在31億美元至36億美元之間，下半年將強於上半年。我們的自由現金流展望確實包括約 3 億美元的重組現金流出。

Turning to Personal Systems. We continue to expect the overall PC market unit TAM to recover over the course of this year, increasing by a low single-digit percent. Specifically for Q2, we expect Personal Systems revenue will decline sequentially by a high single digit, in line with typical seasonality. We expect Personal Systems margins to be solidly within our long-term target range in Q2 as the PC market continues to recover and as strong cost management and pricing actions help to offset rising commodity costs. For FY '24, we expect margins to be solidly within our long-term target range, driven by improved PC market demand, a seasonally stronger second half of the year, continued mix improvements, partially offset by higher commodity costs.

轉向個人系統。我們繼續預計今年整體 PC 市場單位 TAM 將出現復甦，並以低個位數百分比成長。具體到第二季度，我們預計個人系統收入將環比下降一個高個位數，與典型的季節性一致。由於個人電腦市場持續復甦，且強有力的成本管理和定價措施有助於抵消不斷上升的商品成本，我們預計個人系統利潤率將在第二季度穩固地維持在我們的長期目標範圍內。對於 24 財年，我們預計利潤率將穩固地處於我們的長期目標範圍內，這得益於 PC 市場需求改善、下半年季節性走強、產品組合持續改善，但商品成本上漲部分抵消了這些影響。

In Print, we expect consumer demand will remain soft and pricing competitive, while market uncertainty continues to impact our commercial Print business. Disciplined cost and mix management should help to partially offset these trends, driving flattish revenues sequentially in Q2, below typical seasonality. We expect Q2 supplies revenue to be down mid-single digit in constant currency, and we still expect Supplies revenue will decline low to mid-single digits for the year. Quarterly results can vary. For Q2, we expect Print margins to be at the high end of our 16% to 19% range and solidly within the range for FY '24. We continue to focus on driving Print operating profit dollars through new business models and rigorous cost management, including Future Ready transformation savings.

在印刷方面，我們預期消費者需求將保持疲軟且價格競爭力增強，而市場不確定性將繼續影響我們的商業印刷業務。嚴格的成本和組合管理應有助於部分抵消這些趨勢，導致第二季營收環比持平，低於典型的季節性。我們預計第二季的供應收入將按固定匯率計算將下降中等個位數，我們仍然預計全年供應收入將下降低至中個位數。季度業績可能會有所不同。對於第二季度，我們預計印刷利潤率將處於 16% 至 19% 範圍的高端，並穩固處於 24 財年的範圍內。我們將繼續致力於透過新的商業模式和嚴格的成本管理（包括未來就緒轉型節約）來提高印刷業務的利潤。

Taking these considerations into account, we are providing the following outlook for Q2 and fiscal year 2024. We expect second quarter non-GAAP diluted net earnings per share to be in the range of $0.76 to $0.86 and second quarter GAAP diluted net earnings per share to be in the range of $0.58 to $0.68. We expect FY '24 non-GAAP diluted net earnings per share to be in the range of $3.25 to $3.65 and FY '24 GAAP diluted net earnings per share to be in the range of $2.61 and $3.01.

考慮到這些因素，我們對 2024 年第二季度和財年做出了以下展望。我們預計 24 財年非 GAAP 稀釋每股淨收益在 3.25 美元至 3.65 美元之間，24 財年 GAAP 稀釋每股淨收益在 2.61 美元至 3.01 美元之間。

In closing, we started off our new fiscal year making solid progress against our strategic objectives and full year commitments while managing through demand and competitive challenges that have persisted in the current dynamic environment. We remain focused on disciplined execution and cost management and are confident that we have the right people, the right assets and the right strategy to deliver for both our customers and our shareholders for the long term.

最後，我們以新的財政年度為起點，在實現策略目標和全年承諾方面取得了紮實的進展，同時應對了當前動態環境中持續存在的需求和競爭挑戰。我們將繼續專注於嚴格的執行和成本管理，並相信我們擁有合適的人才、合適的資產和正確的策略，能夠長期為我們的客戶和股東提供服務。

I'll stop here so we can open the lines for your questions.

我的發言就到此為止，以便我們可以回答你們的問題。

(Operator Instructions) And our first questioner today will be from Samik Chatterjee from JPMorgan.

(操作員指示)我們今天的第一位提問者是摩根大通的 Samik Chatterjee。

Sorry, I'm having an echo, but sorry, that's coming across at your end as well. Maybe just to talk about the expectations for the year, you are outlining a seasonally stronger second half to be the driver of your full year guidance. Maybe you can flesh that out (inaudible) where you expect seasonally stronger second half is coming from.

抱歉，我聽到了迴聲，但很抱歉，你那邊也聽到了。也許只是談論今年的期望，你概述了季節性更強勁的下半年，作為全年指導的驅動力。也許您可以充實一下（聽不清楚）您預計下半年季節性強勁成長的來源是什麼。

Of course. Thank you, Samik, for the question. Let me take that one. So as you say and as we said in our prepared remarks, we are expecting a stronger second half than first half of the year, and there are multiple drivers for that. First of all, we expect some recovery in the commercial space. Second, also traditional seasonality, Consumer is stronger in the second half than in the first half. And then internally, we will see more impact from all of our cost reduction efforts that we will also be having a bigger impact in the second half.

當然。謝謝 Samik 提出的問題。讓我來拿那個。因此，正如您所說以及我們在準備好的發言中所說，我們預計下半年將比上半年表現更強勁，並且有多種推動因素。首先，我們預期商業領域會出現一些復甦。第二，同樣是傳統的季節性，下半年的消費比上半年更強勁。然後在內部，我們將看到我們所有的成本削減努力產生更大的影響，並且我們將在下半年產生更大的影響。

If we go for the different segments, especially in the PC space, we also expect to see an impact from the winter [reference] that as you know, will be happening in the coming quarters. And this will -- they have an impact. And then on the print space, mostly on commercial and industrial, we also expect to see some recovery.

如果我們關注不同的細分市場，特別是在個人電腦領域，我們也預計會看到冬季的影響，正如你所知，這種影響將在未來幾個季度發生。這會產生影響。在印刷領域，主要是商業和工業領域，我們也預期會看到一些復甦。

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

您的下一個問題來自美國銀行的 Wamsi Mohan。

Enrique, the share gains you noted in the (inaudible), both in Big Tank and also in office, what would you attribute that to given you noted like a very aggressive pricing environment and also a weak period for print hardware? What are some of the levers you're using for some of the share gains?

恩里克，您在（聽不清楚）中註意到的份額增長，無論是在 Big Tank 還是在辦公室，您認為這是什麼原因造成的，因為您注意到定價環境非常激進，而且印刷硬體市場處於疲軟時期？您使用哪些手段來提高市場佔有率？

Sure. They are slightly different, Wamsi. On the Big Tank side, during the last month, we have completed our portfolio. We have now a very complete lineup of products on the low end to products that will also be working on the home office side. And as we have completed that, as we are launching that into the different markets, we are starting to see the impact of the innovation that we brought to market.

當然。它們略有不同，Wamsi。在 Big Tank 方面，上個月我們已經完成了我們的投資組合。現在，我們擁有非常完整的產品線，從低階產品到適用於家庭辦公室領域的產品。當我們完成這一目標並將其推向不同市場時，我們開始看到我們帶給市場的創新的影響。

On the office side, as we highlighted a few quarters ago, we acknowledged that we have some operational work to do to address and to be able to regain some of the share that we have lost. We have been actively working on that. We have started to make progress. We are starting to see that in the progress that we are making quarter-over-quarter. That has been more relevant in some regions like Europe, China, India. But we will continue to work on that because our goal is to continue to regain share in both categories.

在辦公室方面，正如我們在幾個季度前所強調的那樣，我們承認我們需要做一些營運工作來解決並能夠重新獲得我們失去的部分份額。我們一直在積極致力於此。我們已經開始取得進展。我們開始看到我們每個季度都取得進展。這在歐洲、中國、印度等一些地區更為重要。但我們將繼續努力，因為我們的目標是繼續重新獲得兩個類別的份額。

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

您的下一個問題來自伯恩斯坦公司的 Toni Sacconaghi。

I just wanted to follow up on the question about second half strength. It sounds like you expect your printing margins to fall pretty notably in the second half. You were 20% this quarter. We're expecting to be at the high end of the range in the second quarter, to be solidly in the range for the second half that would imply printing margins fall considerably. And that's probably possible given that hardware weakness has been pretty strong the last few quarters, and that may translate into weakening supplies growth and therefore lower margins.

我只是想繼續回答下半場實力的問題。聽起來您預計下半年的印刷利潤將大幅下降。本季您的成長率為 20%。我們預計第二季的利潤率將處於該範圍的高端，下半年的利潤率將穩固地處於該範圍，這意味著印刷利潤率將大幅下降。這可能是有可能的，因為過去幾季硬體市場表現非常疲軟，這可能導致供應成長放緩，進而導致利潤率下降。

So I'm just trying to reconcile if 65% of your profits are going to have lower margins, perhaps notably lower margins in the second half of the year per your guidance. Why are you optimistic? And if I just roll out normal seasonality right now, it points to 4% decline in revenues. Are you expecting revenues to grow in fiscal '24?

因此，我只是想知道，如果您的 65% 利潤的利潤率會降低，或許按照您的指導，下半年的利潤率會明顯下降。您為什麼如此樂觀？如果我現在只考慮正常的季節性，那麼收入將下降 4%。您預計24財年營收會成長嗎？

Yes. So let me take that, Toni. First of all, just from a general perspective on Print, we do expect to be, as you said, at the high end of the range in Q2 in the kind of -- solidly in the range of 16%, 19% for the year. And part of that is driven by what you said where we're trying to drive our mix from a hardware perspective up. That does change the rate a little bit. And we aren't changing really what we expect from a Supplies perspective where we expect Q2, as I noted in the prepared remarks, to be down mid-single digits in constant currency and then low to mid-single digits for the year.

是的。所以，讓我來承擔這個責任，東尼。首先，僅從印刷業務的整體角度來看，正如您所說，我們確實預計第二季的印刷業務成長率將處於區間的高端，全年成長率將穩定在 16% 到 19% 之間。其中一部分是由您所說的驅動的，我們正嘗試從硬體角度推動我們的混合。這確實會稍微改變利率。而且我們實際上並沒有改變從供應角度進行的預期，正如我在準備好的評論中所指出的那樣，我們預計第二季度的銷售額按固定匯率計算將下降中等個位數，而全年銷售額將下降低至中等個位數。

So I think that mix is really what's kind of driving the potential for that rate to move back a little bit through the course of the year. From an overall perspective, we expect PS, as we said, to be seasonally stronger in the second half. And that will drive -- and we'll be in the middle point of the range there. And then from a growth perspective, we do expect PS to grow in low single digits, kind of the 2% to 4% range, and Print will be flattish to down for the course of the year.

所以我認為，這種組合實際上是推動該利率在年內略有回落的因素。從整體來看，我們預期 PS 在下半年將呈現季節性強勁表現。這將會推動——我們將處於該範圍的中間點。然後從成長角度來看，我們確實預計 PS 將以低個位數成長，大概在 2% 到 4% 的範圍內，而 Print 在今年將保持平穩或下降。

And Toni, I think another clarification. When we look at H1 '24 versus H1 '23, H2 '24 versus H2 '23, EPS will be growing around 7% in the first half. If you look at the midpoint of our guide, it will be growing 4% in the midpoint of our guide. So we are expecting growth, but the growth will be slightly lower with the projections that we're making today in the second half. And as we have said before, we've managed the company to grow operating profit dollars. We don't manage it to deliver on the margin guide we provide. We provide it because we know it's important for modeling, but this is not what -- the way we manage the company internally.

東尼，我想再澄清一下。當我們比較 2024 年上半年與 2023 年上半年、2024 年下半年與 2023 年下半年時，我們會發現上半年的每股盈餘將成長 7% 左右。如果你看一下我們的指南的中點，它將在我們的指南中點增加 4%。因此，我們預計下半年會出現成長，但與我們今天做出的預測相比，成長幅度將略低。正如我們之前所說，我們已經管理公司增加了營業利潤。我們無法按照我們提供的保證金指南進行交付。我們提供它是因為我們知道它對於建模很重要，但這不是我們內部管理公司的方式。

Your next question comes from the line of Brian Luke from UBS.

您的下一個問題來自瑞銀的 Brian Luke。

This is Brian Luke in for David. So in your view, what are the key drivers and milestones for AI-enabled PCs to get traction with commercial customers? Are customers currently in possession of [devices] today based on the financial benefits of more robust PC?

這是 Brian Luke，代替 David。那麼，您認為人工智慧個人電腦受到商業客戶青睞的關鍵驅動因素和里程碑是什麼？目前擁有 [設備] 的客戶是否基於更強大的 PC 所帶來的經濟利益？

So first of all, let me say that we remain extremely excited about the opportunity that AI PCs will bring in terms of both the customer value that they will deliver in terms of security, in terms of latency, in terms of cost and also the impact it will have over time in the company. I think milestones come from 2 -- 3 different angles.

首先，我要說的是，我們對 AI PC 帶來的機會感到非常興奮，無論是從安全性、延遲、成本方面提供的客戶價值，還是從它對公司產生的長期影響。我認為里程碑來自 2 至 3 個不同的角度。

First of all, we need to deliver the hardware to be able to support these new models, and we are working on that with the key silicon providers to make sure that we have a wide range of products and a very solid portfolio. Second, we need to make sure that the applications support that, and we are working with all the key software companies again to make sure they understand the new capabilities and that they build them into their applications. And third is training both in terms of our customers but also in terms of the sales teams, either HP or the resellers that will be selling that. And we are working on all fronts.

首先，我們需要提供支援這些新模型的硬件，並且我們正在與主要的矽片供應商合作，以確保我們擁有廣泛的產品和非常穩固的產品組合。其次，我們需要確保應用程式支援這一點，我們正在與所有主要軟體公司再次合作，以確保他們了解新功能並將其建置到他們的應用程式中。第三是針對客戶和銷售團隊（無論是惠普或銷售該產品的經銷商）進行培訓。我們正在各方面努力。

Our projections continue to be that 3 years after launch, the penetration of AI PCs will be somewhere between 40% and 60% of the total sales that we will be making. And that growth is going to be gradual. There will be some impact in '24. But since this will be at the end of the year, fiscal year for us, the impact will be modest. The impact would be bigger in '25, and the impact will be bigger in '26. But really from both innovation and customer value, this is going to be very significant for our portfolio.

我們預測，推出 3 年後，AI PC 的滲透率將達到總銷售額的 40％ 至 60％ 之間。而且這種成長將是漸進的。 '24年會產生一些影響。但由於這對我們來說是財政年度的年底，所以影響將是適中的。其影響在25年會更大，在26年也會更大。但實際上，無論從創新或客戶價值來看，這對我們的產品組合都有非常重要的意義。

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

您的下一個問題來自摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Great. Enrique, again, nice performance on the supply side. You outperformed expectations for a second consecutive quarter. I'm going to ask you the same question I asked you last quarter, which is just if you can talk about the 4-box model and kind of the different factors that are impacting Supplies performance. And then if we kind of port that over to the rest of the year, you've been flat to growing over the last quarters on the supply side. What are the factors that are driving the deceleration to low to mid-single-digit declines for the entirety of the year, implying the rest of the year deteriorates from here?

偉大的。恩里克在供應方面再次表現出色。您的業績連續第二個季度超出預期。我要問您上個季度問過的同一個問題，即您是否可以談談 4 箱模型以及影響供應性能的不同因素。然後，如果我們將其延續到今年剩餘時間，那麼供應方面在過去幾季一直保持穩定成長。哪些因素導致今年全年經濟成長放緩至低至中等個位數下降，並意味著今年剩餘時間的經濟狀況將會進一步惡化？

Thank you, Erik. And my answer is going to be very similar to the answer I gave you last quarter. So first of all, let me also share that, as we have said many times, looking at quarter-on-quarter comparisons is not the best way to understand the health of the projections for the Supplies business because each quarter, many things happen that have an impact on the growth comparison quarter-on-quarter. And second, we are not changing the long-term projections for Supplies of low to mid-single-digit decline nor the projections that we have for '24. But also, we expect it to be low single low to mid-single digits and no changes in our projections.

謝謝你，埃里克。我的答案與上個季度給您的答案非常相似。首先，我要分享的是，正如我們多次說過的，查看季度環比比較並不是了解供應業務預測健康狀況的最佳方式，因為每個季度都會發生許多事情，對季度環比增長產生影響。其次，我們不會改變供應量低至中位數個位數下降的長期預測，也不會改變24年的預測。但同時，我們預期它將處於低個位數到中等個位數之間，並且我們的預測不會發生任何變化。

In terms of what of the performance this quarter, there are, as always, multiple factors. First of all, we continue to manage our share and to gain share of supplies. This has always a positive impact. Second, pricing. We have made some pricing adjustments that are having positive impact. And also last quarter, we need to acknowledge that the compare is easy because supplies were declining in Q1 '23, so that comparison is also positive.

就本季的表現而言，一如既往，有多種因素。首先，我們繼續管理我們的份額並獲得供應份額。這始終都會有正面的影響。第二，定價。我們做出了一些價格調整，正在產生積極影響。而且上個季度，我們需要承認比較很容易，因為 23 年第一季的供應量正在下降，所以比較也是正面的。

On the other side, again, similar to what we discussed last quarter, we continue to see negative impact from usage and negative usage -- negative impact from the size of the installed base that has been shrinking. And then maybe to close a comment on channel inventory that I know is something of interest, channel inventory for supplies and actually for the rest of the business stays in a very healthy position. So we are in good position there.

另一方面，與我們上個季度討論的情況類似，我們繼續看到使用量和負面使用量帶來的負面影響——安裝基數規模不斷縮小帶來的負面影響。然後也許可以結束關於渠道庫存的評論，我知道這是令人感興趣的，供應的渠道庫存以及實際上其餘業務的渠道庫存保持非常健康的狀態。因此我們在那裡處於有利地位。

Your next question comes from the line of Amit Daryani from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Amit Daryani。

This is Lauren on for Amit. I was wondering if you guys could talk a bit about what gives you conviction for the recovery in the commercial space given the pockets of weakness that you guys saw in Q1.

這是勞倫 (Lauren) 代替阿米特 (Amit) 表演的。我想知道，鑑於你們在第一季看到的一些疲軟跡象，你們是否可以談談是什麼讓你們對商業領域的復甦充滿信心。

Thank you. So first of all, I think we -- I would like to start by acknowledging that it's not only our projection, but it's really the projection that we see from industry analysts and also from the rest of the key players in the industry. And there are multiple factors. I mentioned before the fact that we expect to see more impact from the Windows refresh cycle that is starting, and this will have a bigger impact on the second half. We also expect to see a positive impact from pricing and mix, given that we expect component cost to increase, that this will also have a positive impact.

謝謝。因此首先，我認為我們——我首先要承認這不僅是我們的預測，也是我們從產業分析師以及產業其他關鍵參與者看到的預測。其中有多個因素。我之前提到過，我們預計即將開始的 Windows 更新週期將產生更多影響，這將對下半年產生更大的影響。我們也預期定價和產品組合將產生正面影響，因為我們預期零件成本會增加，這也將產生正面影響。

And then when we look at what we saw this quarter, we have seen more stability on the SMB space. We have seen also more stability in the education space. We started to see growth in Europe on the PC side that has not happened in a long time. So while we continue to see some areas of weakness like China or, for example, the federal business in the U.S. that we saw softness in January, we continue to believe that the overall market will be improving in the second half.

當我們回顧本季的情況時，我們發現中小企業領域更加穩定。我們也看到教育領域更加穩定。我們開始看到歐洲個人電腦市場出現了長期以來未曾出現過的成長。因此，儘管我們繼續看到一些疲軟領域，例如中國或美國聯邦業務在一月份表現疲軟，但我們仍然相信整體市場將在下半年有所改善。

Your next question comes from the line of Asiya Merchant from Citigroup.

您的下一個問題來自花旗集團的 Asiya Merchant。

If I may, just given the conviction that you have that commercial will see improvement, maybe if you could talk a little bit about the peripheral side of your business, how that tracked. And overall, how did the growth portion of your business do as we started the year in '24 -- in fiscal '24?

如果可以的話，鑑於您確信商業會有所改善，也許您可以談論您業務的外圍方面，以及它是如何追蹤的。整體而言，在 24 財年伊始，您的業務成長部分錶現如何？

Sure. Thank you. Thank you, Asiya. So let's see. In terms of peripherals, as you are indicating, they have been impacted by the cautiousness that we have seen on the commercial side. And as the commercial market will recover, we expect them -- they will be recovering as well. And this is why we have continued to invest in innovation in these categories. Because we think that long term, it's a great growth opportunity for us, and this is confirmed both by our customers, our clients and also by resellers.

當然。謝謝。謝謝你，阿西婭。讓我們看看。就週邊設備而言，正如您所指出的，它們受到了我們在商業方面看到的謹慎態度的影響。隨著商業市場的復甦，我們預計它們也將復甦。這就是我們持續投資這些類別創新的原因。因為我們認為從長遠來看，這對我們來說是一個巨大的成長機會，這也得到了我們的客戶、客戶和經銷商的證實。

In terms of the growth areas in Q1, we -- several of them started to grow, which was really a very positive sign. We -- and for example, we -- for me personally, the fact that both services businesses, both our workforce solutions business and our consumer services business grew in Q1 is a very important sign of recovery, also because of the strategic importance that this business has for the medium and long term for the company.

就第一季的成長領域而言，其中幾個開始成長，這確實是一個非常積極的信號。例如，就我個人而言，我們的服務業務、勞動力解決方案業務和消費者服務業務在第一季都實現了成長，這是一個非常重要的復甦跡象，也因為這項業務對於公司中長期具有戰略重要性。

And I think something I would like to highlight to close is tomorrow, we are going to be launching on the consumer services side the first subscription where we will be integrating hardware into the plan. It's something that we shared at our Investor Day. Finally, we will be releasing that tomorrow. And again, it's an important step because you know that one of the key directions we have for the long term is to offer our full portfolio as a subscription. And this will be the first time we are offering for consumers our hardware as well, and you will see us expanding this line over time.

最後我想強調的是，明天我們將在消費者服務方面推出第一個訂閱服務，我們將把硬體整合到計劃中。這是我們在投資者日分享的內容。最後，我們將於明天發布該消息。再次強調，這是重要的一步，因為你知道我們長期的關鍵方向之一就是以訂購的方式提供我們的全套產品。這也是我們首次向消費者提供我們的硬件，您將看到我們隨著時間的推移不斷擴展這條產品線。

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

您的下一個問題來自高盛的 Mike Ng。

I just wanted to follow up on the commentary around Personal Systems pricing. What drove some of the pricing dynamics in the quarter? I know you guys called out improved commercial mix, but there was also an unfavorable mix shift in consumer. Could you provide a little bit more color there? And maybe just talk a little bit more about your outlook for ASP for the full year, whether for the industry or for HP.

我只是想跟進有關個人系統定價的評論。哪些因素影響了本季的價格動態？我知道你們呼籲改善商業組合，但消費者組合也出現了不利的變化。您能提供更多一些顏色嗎？也許您可以再多談談您對全年 ASP 的展望，無論是對於行業還是對於 HP。

Sure. So let me start and maybe Tim will be making additional comments. When we look at Q1 performance quarter-over-quarter, which we think is the best indicator to look at to monitor progress, PC prices were flattish, driven by Commercial. Commercial prices were up, and the mix moved a bit to Consumer, when -- which means that from a mix perspective, we saw a positive impact.

當然。那麼讓我開始吧，也許提姆會做出補充評論。當我們查看第一季的環比表現時（我們認為這是監控進度的最佳指標），受商業推動，個人電腦價格持平。商業價格上漲，產品組合略微轉向消費品——這意味著從產品組合角度來看，我們看到了正面的影響。

But at the same time, rates were down, mostly driven by price pressure that we saw in the low end of the portfolio, especially in the Consumer side. And we think that this is a consequence of some of the softness that we saw in some of the Consumer markets during the last quarter. But going forward, as commodity costs will increase and also as we see price -- as mix will evolve more towards Commercial, we expect to see an overall increase of PC prices.

但同時，利率下降，主要受到投資組合低端（尤其是消費者方面）價格壓力的推動。我們認為這是上個季度部分消費市場疲軟的結果。但展望未來，隨著商品成本的上漲以及價格的上漲——由於商品組合將更傾向於商業化，我們預計 PC 價格將整體上漲。

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

您的下一個問題來自 TD Cowen 的 Krish Sankar。

This is Steven calling on behalf of Krish. Enrique, I wanted to ask you about the Print business. In terms of the pressures that you [had] coming from your Japanese peers, I was wondering if you're also seeing that applied on the commercial and supply -- hardware and also supply portion of your Commercial business, especially within the context of any long-term managed contracts and workforce solutions.

我是史蒂文，代表克里什打電話來。恩里克，我想問你關於印刷業務的問題。就您來自日本同行的壓力而言，我想知道您是否也看到這種壓力應用於商業和供應 - 商業業務的硬體和供應部分，特別是在任何長期管理合約和勞動力解決方案的背景下。

Thank you. So far, the pressure that we are seeing is mostly on the Consumer side. And this is very similar to the trend that we explained last quarter where we -- given where the exchange rate between dollar and yen is and euro and yen is. Clearly, this is giving a strong advantage to some of our competitors in that space, and we are seeing that in the prices that they are going after.

謝謝。到目前為止，我們看到的壓力主要來自消費者方面。這與我們上個季度解釋的趨勢非常相似，我們給出了美元兌日圓以及歐元兌日圓的匯率。顯然，這給我們在該領域的一些競爭對手帶來了強大的優勢，我們從他們追求的價格上也看到了這一點。

And this is why in the Consumer side, you have seen us, especially on the more traditional categories, we have decided not to go after certain deals because these will be unprofitable customers that we are not interested in targeting. On the Commercial side, we have seen more stability. There might be some risk of stabilization. We have some of that in our modeling, but all of this is built into the guide that we have provided today.

這就是為什麼在消費者方面，特別是在較傳統的類別上，我們決定不進行某些交易，因為這些是無利可圖的客戶，我們對這些客戶不感興趣。在商業方面，我們看到了更多的穩定性。可能存在一些穩定的風險。我們的建模中已經包含了一些內容，但所有這些都已融入我們今天提供的指南中。

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

您的下一個問題來自富國銀行的 Aaron Rakers。

This is Jake on for Aaron. I was just hoping to get some additional color on your industrial graphics business. It seems like over the past few quarters, you're seeing a little bit more momentum there. So I was just hoping to see how you viewed it throughout the remainder of the year.

這是傑克 (Jake) 代替亞倫 (Aaron)。我只是希望能夠對您的工業圖形業務獲得一些額外的了解。似乎在過去幾個季度裡，你會看到那裡有了更多的發展勢頭。所以我只是希望看看你在今年剩餘時間對此有何看法。

Yes. Thank you. So you said it well. We have started to see some momentum in that part of the business. Especially in the labels and packaging side, we have seen some good recovery. And we -- you know that we -- in May '24, there is this big show called drupa, which is like the print -- major printing event and happens every 4 years. We are -- we have prepared a lot of new products and services that we will be launching then. And they usually have a fairly positive impact in the quarters after that. So we are expecting to see that happening in '24. But good recovery and very good expectations for '24. At drupa, we will be launching a new set of products and solutions there.

是的。謝謝。所以你說得好。我們已經開始看到該部分業務的一些發展勢頭。特別是在標籤和包裝方面，我們看到了一些很好的復甦。你知道，24 年 5 月會有一場名為 drupa 的大型展會，這是印刷業的重大盛會，每 4 年舉辦一次。我們已經準備了許多即將推出的新產品和服務。而且它們通常會在隨後的幾個季度產生相當積極的影響。因此我們期待這現像在2024年發生。但復甦情況良好，對2024年的預期也很好。在德魯巴展會上，我們將推出一系列新的產品和解決方案。

That concludes the question-and-answer session today. I will now turn the call back over to Enrique Lores for closing remarks.

今天的問答環節到此結束。現在我將電話轉回給恩里克·洛雷斯 (Enrique Lores)，請他作最後發言。

Perfect. Thank you. So thank you all for joining today. And I'd like to close with 3 messages. First of all, as you saw, Q1 was a solid quarter and a solid way to start the year, where we grew both operating profit and EPS. We remain positive about the outlook that we provided a few quarters -- a few months ago about the rest of the year. And as we said, we expect -- continue to expect a stronger second half than first half. And we also remain very confident in the long term, especially driven by the opportunities that both hybrid work and AI are bringing to us as a company and the innovation that we are going to be launching around that. So again, thank you for joining us today and looking forward to continue to talk in the future. Thank you.

完美的。謝謝。非常感謝大家今天的參加。最後我想說三條訊息。首先，正如您所看到的，第一季是一個穩健的季度，也是開門紅，我們的營業利潤和每股收益都實現了成長。我們對幾個季度——幾個月前——對今年剩餘時間的展望仍然持樂觀態度。正如我們所說，我們預計下半年將比上半年更加強勁。我們對長期發展也非常有信心，尤其是混合工作和人工智慧為我們公司帶來的機遇，以及我們將圍繞這些機會推出的創新。再次感謝您今天的參與，我們期待將來繼續交流。謝謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。