惠普 (HPQ) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to the Second Quarter 2024 HP Inc. Earnings Conference Call. My name is Eric, 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 2024 年第二季惠普公司財報電話會議。我叫艾瑞克，我將擔任今天電話會議的會議主持人。 （操作員說明）謹此提醒，本次會議正在錄製以供重播之用。

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

我現在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 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 年第二季財報電話會議。今天與我在一起的有惠普總裁兼執行長 Enrique Lores；以及惠普臨時財務長蒂姆·布朗(Tim Brown)。

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.

在將通話轉交給 Enrique 之前，請允許我提醒您，本次通話是網路直播，通話後不久將在我們的網站上提供大約 1 年的重播。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，本簡報的內容具有前瞻性，並且基於我們對當今世界和業務的最佳看法。欲了解更多詳細信息，請參閱收益資料中與涉及風險、不確定性和假設的前瞻性陳述相關的免責聲明。有關其中一些風險、不確定性和假設的討論，請參閱 HP 的 SEC 報告，包括我們最新的 10-K 表格。惠普不承擔任何義務，也不打算更新任何此類前瞻性聲明。我們也注意到，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，可能與惠普向 SEC 文件中最終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. For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to the comparable GAAP information. Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.

在本次網路直播中，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，否則提及的惠普通路庫存均指一級通路庫存。對於以非 GAAP 基礎表述的財務訊息，我們已包含可比較 GAAP 資訊的調整。請參閱今天收益發布所附的表格和幻燈片演示，以了解這些對帳情況。

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

現在我想把電話轉給恩里克。

Thank you, Orit, and thank you all for joining today's call. When we started the fiscal year, we committed to very specific goals: drive profitable growth in our core, accelerating key growth areas and deliver operational efficiency. I am pleased to say we accomplished this and delivered a solid quarter and first half.

謝謝 Orit，也謝謝大家參加今天的電話會議。當我們開始本財年時，我們致力於實現非常具體的目標：推動核心利潤成長，加速關鍵成長領域並提高營運效率。我很高興地說我們實現了這一目標，並交付了穩定的季度和上半年業績。

The focus of our teams and actions we have taken continue to drive results and build momentum. We delivered non-GAAP operating profit and non-GAAP EPS growth on a sequential and year-over-year basis. We made good progress against our Future Ready plan, and we continue to invest in innovative technologies with a strong emphasis on AI and hybrid.

我們團隊的重點和我們所採取的行動將繼續推動成果並累積動力。我們實現了非 GAAP 營業利潤和非 GAAP 每股收益的環比和同比增長。我們的未來就緒計畫取得了良好進展，我們繼續投資創新技術，並專注於人工智慧和混合技術。

Today, I will cover our second quarter results, including the recovery we are starting to see in commercial PCs, progress against our strategic priorities, key innovations we are bringing to market and our expectations for the remainder of fiscal year 2024. Then I will turn the call over to Tim for a deeper dive into our financials and outlook.

今天，我將介紹我們第二季度的業績，包括我們在商用 PC 領域開始看到的復甦、我們戰略重點的進展、我們為市場帶來的關鍵創新以及我們對 2024 財年剩餘時間的預期。電話給提姆，讓他更深入地了解我們的財務狀況和前景。

I will start with our results. We continue to navigate well in a dynamic and competitive environment. While our net revenue was down 1%, the rate of decline slowed for the fourth straight quarter. Personal Systems also returned to growth for the first time in 8 quarters. This is a good indicator of overall market stabilization and solid execution. Non-GAAP operating profit grew 2%, and non-GAAP EPS was up 4% year-over-year, which was slightly above the midpoint of our last quarter's guide.

我將從我們的結果開始。我們繼續在充滿活力和競爭的環境中保持良好的發展。雖然我們的淨收入下降了 1%，但下降速度連續第四個季度放緩。個人系統也八個季度以來首次恢復成長。這是整體市場穩定和執行穩健的良好指標。非 GAAP 營業利潤年增 2%，非 GAAP 每股盈餘較去年同期成長 4%，略高於我們上季指引值的中位數。

In terms of new innovations, Q2 was one of our most significant quarters. At our Amplify Partner Conference in March, we showcased over 100 AI-enabled solutions redefining productivity and collaboration. This event is our largest annual channel conference, attracting over 1,500 of our top partners from 95 countries. It inspired our partners and will help us to drive long-term sustained growth.

就新創新而言，第二季是我們最重要的季度之一。在 3 月的 Amplify 合作夥伴大會上，我們展示了 100 多種人工智慧解決方案，重新定義了生產力和協作。這項活動是我們最大的年度通路會議，吸引了來自 95 個國家的 1,500 多名頂級合作夥伴。它激勵了我們的合作夥伴，並將幫助我們推動長期持續成長。

Let me share some of the key innovations we announced. For the more than 0.5 million data scientists who are using our workstation solutions to create AI models that improve company workflows, we had a lot to share. We announced the HP AI Creation Center, the world's most comprehensive workstation solutions for AI development. And we unveiled a strategic collaboration with NVIDIA to integrate their pretrained models and software into our AI Studio set of tools. They will allow customers to access, share and edit their data science workflows more easily from anywhere. At the same time, we launched the industry's largest portfolio of AI PCs, the first to deliver the benefits of running AI locally on the device for improved performance, efficiency and privacy.

讓我分享我們宣布的一些關鍵創新。對於超過 50 萬使用我們的工作站解決方案創建 AI 模型以改善公司工作流程的資料科學家來說，我們有很多東西可以分享。我們發布了 HP AI Creation Center，這是世界上最全面的 AI 開發工作站解決方案。我們還宣布了與 NVIDIA 的策略合作，將他們的預訓練模型和軟體整合到我們的 AI Studio 工具集中。它們將允許客戶從任何地方更輕鬆地存取、共享和編輯他們的資料科學工作流程。同時，我們推出了業界最大的人工智慧電腦產品組合，這是第一個提供在設備上本地運行人工智慧的優勢的產品，以提高效能、效率和隱私。

In Print, we shared how AI will unlock opportunities to make printing smarter, more efficient and more personalized. And we unveiled our new Color LaserJet series optimized for small and medium businesses.

在《印刷》中，我們分享了人工智慧如何釋放機遇，使列印變得更聰明、更有效率、更個人化。我們也推出了專為中小型企業優化的全新彩色雷射印表機系列。

We also stepped up in our key growth areas. In hybrid systems, we expanded our portfolio of room solutions with a Poly Studio 360-degree camera, enabling more immersive meeting experiences. In Workforce Solutions, we introduced an enhanced Workforce Experience platform, providing CIOs with an AI-enabled digital experience to unlock the full potential of their teams. In addition, we are enabling our partners and sales teams to capitalize on the AI opportunity. We have introduced the industry's first ever role-based AI MasterClass training and certification program.

我們也加強了關鍵成長領域的發展。在混合系統中，我們透過 Poly Studio 360 度攝影機擴展了房間解決方案組合，從而實現更身臨其境的會議體驗。在勞動力解決方案中，我們推出了增強的勞動力體驗平台，為資訊長提供人工智慧支援的數位體驗，以釋放其團隊的全部潛力。此外，我們還使我們的合作夥伴和銷售團隊能夠利用人工智慧機會。我們推出了業界首個以角色為基礎的人工智慧大師班培訓和認證計畫。

Doubling down on our momentum, last week at a Microsoft Copilot+ PC event, we introduced the world's most powerful ultra-mobile next-gen AI PCs. Designed from the ground up, they enable on-the-go leaders and freelancers to harness the most powerful AI technologies available. We also showcased our new AI Helix logo that helps you easily identify and select this new category of devices. Initial reaction has been overwhelmingly positive with our next-gen devices being recognized as some of the most premium announced and having beyond cutting-edge hardware.

為了進一步增強我們的勢頭，上週在 Microsoft Copilot+ PC 活動中，我們推出了世界上最強大的超移動下一代 AI PC。它們從頭開始設計，使忙碌的領導者和自由工作者能夠利用最強大的人工智慧技術。我們還展示了新的 AI Helix 徽標，可協助您輕鬆識別和選擇此新類別的裝置。最初的反應非常積極，我們的下一代設備被認為是最優質的設備之一，並且擁有超越尖端的硬體。

We are already helping customers unlock tangible value from their AI PCs. For example, collaborating with Deloitte Consulting, together, we have created an on-device assistant to drive efficiency around common IT support challenges. The solution has the potential to return close to 100,000 hours of productivity to their practitioners. This is a powerful example of the positive impact of AI PCs.

我們已經在幫助客戶從他們的人工智慧電腦中釋放有形價值。例如，我們與德勤諮詢合作，共同創建了一個設備上助手，以提高解決常見 IT 支援挑戰的效率。該解決方案有可能為從業者帶來近 100,000 小時的生產力。這是人工智慧電腦正面影響的有力例證。

One of HP's most important assets is the strength of our brand, and we continue to invest in it to build even greater value. This quarter, we announced a historic title partnership with Scuderia Ferrari. This is an opportunity to elevate our brand and reach new audiences and geographies, particularly younger and premium customers. It also improves the effectiveness and efficiency of our marketing spend. And we are excited to work with Scuderia Ferrari, leveraging the latest HP innovations to help them drive their competitive advantage.

惠普最重要的資產之一是我們的品牌實力，我們將繼續對其進行投資，以創造更大的價值。本季度，我們宣布與法拉利車隊建立歷史性的冠軍合作關係。這是提升我們品牌並吸引新受眾和地區，特別是年輕和高端客戶的機會。它還提高了我們行銷支出的有效性和效率。我們很高興與法拉利車隊合作，利用最新的惠普創新技術幫助他們提升競爭優勢。

HP is a trusted brand. We are a company that stands for more than just the products we make. For the fifth year in a row, HP has earned a AAA rating from CDP. Next month, we will release our annual Sustainable Impact Report, outlining the progress we are making towards our climate action, human rights and digital equity goals.

惠普是值得信賴的品牌。我們是一家不僅僅代表我們生產的產品的公司。惠普連續第五年獲得 CDP 的 AAA 評級。下個月，我們將發布年度永續影響報告，概述我們在實現氣候行動、人權和數位公平目標方面所取得的進展。

Let me now share in more detail what we saw in each of our businesses in Q2. In Personal Systems, we executed our strategy, driving both revenue growth and increasing profitability year-over-year. The PS revenue was $8.4 billion. That's up 3% year-over-year, driven mainly by market growth and signs of commercial recovery. Our PS operating profit was 6%, in line with our expectations and solidly within our long-term target range. Our teams continue to show their focus by driving profitable PC share in calendar Q1 in high-value categories like commercial premium and mobile workstation.

現在讓我更詳細地分享我們在第二季的每項業務中看到的情況。在個人系統方面，我們執行了我們的策略，推動了收入成長和獲利能力逐年提高。 PS 收入為 84 億美元。這一數字年增 3%，主要受到市場成長和商業復甦跡象的推動。我們的 PS 營業利潤為 6%，符合我們的預期，並且完全在我們的長期目標範圍內。我們的團隊繼續透過在第一季度推動商業高端和行動工作站等高價值類別的獲利 PC 份額來展示他們的專注。

Importantly, we continue to invest and grow in high value and key growth areas. In gaming, we grew revenue year-over-year again this quarter. PS services was up with strong growth in managed services. And in hybrid systems, we saw signs of recovery. Here, we drove sequential growth and strong performance in video collaboration. We remain confident that this evolving market will be a long-term growth opportunity. In the second half, we expect to see the introduction of AI PCs accelerate demand over and above the anticipated PC refresh cycle and Windows 11 rollout.

重要的是，我們繼續在高價值和關鍵成長領域進行投資和成長。在遊戲領域，本季我們的營收再次較去年同期成長。 PS 服務隨著託管服務的強勁成長而成長。在混合動力系統中，我們看到了復甦的跡象。在這裡，我們推動了視訊協作的連續成長和強勁表現。我們仍然相信，這個不斷發展的市場將是一個長期成長機會。下半年，我們預期人工智慧 PC 的引入將加速需求，超過預期的 PC 更新週期和 Windows 11 的推出。

We believe the AI opportunity in front of us will help drive higher ASPs and premium mix. We have a comprehensive portfolio of AI-enabled devices from consumer, commercial, gaming, accessories, room solutions to advanced workstation solutions. We're innovating beyond hardware with software and security solutions like HP AI Companion and HP Wolf security that uses deep learning, behavior analysis and AI-based protection against malware and deepfakes. With a rich history and proven track record of integrating meaningful AI technologies such as noise removal and gesture controls. Together with our strong innovation pipeline, we are well positioned to capture the opportunity and lead the industry.

我們相信擺在我們面前的人工智慧機會將有助於推動更高的平均售價和優質產品組合。我們擁有全面的人工智慧設備產品組合，從消費性、商業、遊戲、配件、房間解決方案到高階工作站解決方案。我們正在透過軟體和安全解決方案（例如 HP AI Companion 和 HP Wolf security）進行超越硬體的創新，這些解決方案使用深度學習、行為分析和基於人工智慧的惡意軟體和深度偽造防護。在整合降噪和手勢控制等有意義的人工智慧技術方面擁有豐富的歷史和良好的記錄。加上我們強大的創新管道，我們有能力抓住機會並引領產業。

Turning to Print. Results were in line with what we expected. Revenue was $4.4 billion, down 8% year-over-year and flat quarter-over-quarter. We continue to see soft demand, particularly in China and some parts of Europe. The pricing environment remains competitive in consumer with intensifying pressure in commercial. We continue to make progress on pricing and share gains in Supplies with revenue results as expected. We delivered Print operating profit of 19%, in line with our guidance.

轉向列印。結果符合我們的預期。營收為 44 億美元，年減 8%，季減。我們繼續看到需求疲軟，特別是在中國和歐洲部分地區。消費者的定價環境仍具有競爭力，商業壓力不斷增加。我們繼續在供應品的定價和份額收益方面取得進展，收入結果符合預期。我們的印刷營業利潤為 19%，與我們的指導一致。

Once again, we demonstrated disciplined cost management, improved mix and the benefits of the strong innovations we have brought to market. Our focus in Print remains on regaining profitable share, and we are making progress. We grew share quarter-over-quarter in home and in office. Importantly, we gained share year-over-year and sequentially in Big Tank and business ink. We also grew in key growth areas like consumer services. We saw growth in revenue and in subscriber numbers across Instant Ink and our new All-In plans.

我們再次展示了嚴格的成本管理、改進的產品組合以及我們推向市場的強大創新的優勢。我們在印刷領域的重點仍然是重新獲得獲利份額，我們正在取得進展。我們在家庭和辦公室的份額逐季增長。重要的是，我們在 Big Tank 和商業墨水領域的份額同比和連續增長。我們也在消費者服務等關鍵成長領域取得了成長。我們看到 Instant Ink 和新的 All-In 計劃的收入和訂閱者數量都有所增長。

In Industrial Graphics, we continue to accelerate the adoption of digital technologies. In Q2, we grew year-over-year and for the third straight quarter. We also expanded our portfolio, adding new end-to-end automation processes, leveraging AI and robotics. These are on full display right now at drupa 2024, the largest trade fair for the printing and graphics industry worldwide. 3D continue to be impacted by elongated purchasing cycles in Q2, reflecting constraints on capital spending. The decline in hardware was partially offset by growth in services and supplies.

在工業圖形領域，我們繼續加速數位技術的採用。第二季度，我們連續第三個季度年增。我們還擴展了我們的產品組合，並添加了新的端到端自動化流程，利用人工智慧和機器人技術。這些現已在全球印刷和圖形行業最大的貿易展覽 drupa 2024 上全面展示。 3D 持續受到第二季採購週期延長的影響，反映出資本支出的限制。硬體的下降被服務和供應的成長部分抵消。

Overall, in Q2, we made good progress against our Future Ready strategy. We continue to execute according to plan, and we are on track to deliver on our 3-year annual gross run rate structural cost savings target of $1.6 billion by the end of fiscal year 2025. We remain committed to our capital allocation strategy and expect to return approximately 100% of our free cash flow to shareholders in fiscal year 2024 and over time as long as our gross leverage ratio remains below 2x and unless higher ROI opportunities arise. Looking forward to Q3 and the second half of fiscal year '24, we expect the demand environment will remain dynamic and that our market will continue to be very competitive.

總體而言，在第二季度，我們在未來就緒策略方面取得了良好進展。我們繼續按計劃執行，並預計在 2025 財年末實現 16 億美元的 3 年年度總運行率結構性成本節約目標。倍以下，除非有更高的投資報酬率機會，否則我們將在2024 財年及以後將約100% 的自由現金流返還給股東。展望第三季和 24 財年下半年，我們預期需求環境將保持活躍，我們的市場將持續保持高度競爭。

That said, we're encouraged by the progress we have made delivering a solid first half, and we expect a stronger second half. The anticipated commercial PC refresh as well as early gains from the AI PC together with our plans to gain share in Print gives us confidence we are well positioned to drive growth in our core businesses. At the same time, we see significant opportunities to accelerate in our key growth areas. As you have seen repeatedly, we are delivering to expectations and will continue to maintain our focus as we enter the second half. We remain confident in our strategy, and we'll continue to execute on our plan.

也就是說，我們對上半年的穩健進展感到鼓舞，並預計下半年會更加強勁。預期的商用 PC 更新以及人工智慧 PC 的早期收益，加上我們在列印領域獲得份額的計劃，讓我們相信我們有能力推動核心業務的成長。同時，我們看到了在關鍵成長領域加速發展的重大機會。正如您反覆看到的那樣，我們正在實現預期，並將在進入下半年時繼續保持我們的專注。我們對我們的策略仍然充滿信心，我們將繼續執行我們的計劃。

Let me now turn it over to Tim.

現在讓我把它交給提姆。

Thank you, and good afternoon, everyone. We delivered solid financial results in Q2 driven by disciplined financial management and focused execution while navigating a dynamic and competitive environment. We are pleased with our continued progress we made in Q2 toward delivering on our financial commitments.

謝謝大家，大家下午好。在嚴格的財務管理和集中執行的推動下，我們在第二季度取得了穩健的財務業績，同時在充滿活力和競爭的環境中前進。我們對第二季在履行財務承諾方面取得的持續進展感到高興。

Total revenue decline slowed further. Our gross profit dollars and margin, our non-GAAP operating profit dollars and margin and our non-GAAP EPS all improved both year-over-year and quarter-over-quarter. In addition, we generated solid free cash flow. We achieved these results while simultaneously reinvesting in our key growth areas and in AI and managing through a mixed market environment characterized by slightly stronger PS commercial performance balanced against continuing print market demand challenges.

總收入降幅進一步放緩。我們的毛利和利潤率、非公認會計準則營業利潤和利潤率以及非公認會計準則每股收益均較去年同期有所改善。此外，我們也產生了穩定的自由現金流。我們取得了這些成果，同時對我們的關鍵成長領域和人工智慧進行了再投資，並透過混合市場環境進行管理，其特點是 PS 商業業績略強，與持續的印刷市場需求挑戰相平衡。

Now let's take a closer look at the details of the quarter. Net revenue was $12.8 billion in the quarter, down 1%, both nominally and in constant currency. In constant currency, Americas increased 2%. EMEA declined 3% and APJ declined 5%. APJ was impacted as soft demand in China continued. Gross margin was 23.6% in the quarter, up 1 point year-over-year, primarily due to lower commodity and logistics costs and cost savings, partially offset by unfavorable mix and competitive pricing.

現在讓我們仔細看看本季的詳細資訊。本季淨收入為 128 億美元，名目營收和以固定匯率計算均下降 1%。以固定匯率計算，美洲成長了 2%。歐洲、中東和非洲地區下降 3%，亞太及日本地區下降 5%。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 23.6%，年增 1 個百分點，主要是由於商品和物流成本降低以及成本節省，但部分被不利的產品組合和競爭性定價所抵銷。

Non-GAAP operating expenses were $1.9 billion or 14.8% of revenue. The year-over-year increase in operating expenses was driven primarily by continued investments and higher variable compensation, partially offset by cost reductions. Non-GAAP operating profit was $1.1 billion, up 2%. Non-GAAP net OI&E was $158 million, down primarily due to lower interest expense driven by a decrease in debt outstanding.

非 GAAP 營運費用為 19 億美元，佔營收的 14.8%。營運費用的同比增長主要是由持續投資和更高的可變薪酬推動的，但部分被成本削減所抵消。非 GAAP 營業利潤為 11 億美元，成長 2%。非 GAAP 淨 OI&E 為 1.58 億美元，下降主要是因為未償債務減少導致利息支出下降。

Non-GAAP diluted net earnings per share increased $0.03 or 4% to $0.82, with a diluted share count of approximately 1 billion shares. Non-GAAP diluted net earnings per share excludes a net expense totaling $205 million, primarily related to amortization of intangibles, restructuring and other charges, acquisition and divestiture-related charges, nonoperating retirement-related credits and other tax adjustments. As a result, Q2 GAAP diluted net earnings per share was $0.61.

非 GAAP 攤薄後每股淨利增加 0.03 美元，或 4%，達 0.82 美元，攤薄後股數約 10 億股。非 GAAP 攤薄每股淨利潤不包括總計 2.05 億美元的淨費用，主要與無形資產攤銷、重組和其他費用、收購和剝離相關費用、非經營性退休相關信貸和其他稅收調整相關。結果，第二季 GAAP 攤薄後每股淨利為 0.61 美元。

Now let's turn to segment performance. In Q2, Personal Systems revenue was $8.4 billion, up 3% or 2% in constant currency, driven by higher volumes led by Commercial, partially offset by a decline in ASPs and continued weakness in China. Total units were up 7% with Consumer down 1% and Commercial up 12%. Personal Systems revenue returned to growth, exceeding our expectations. We are encouraged by the positive momentum exiting Q2 as we head into the seasonally stronger second half of the year.

現在讓我們轉向分段性能。第二季度，個人系統營收為 84 億美元，以固定匯率計算成長 3% 或 2%，這主要得益於商業部門帶動的銷量增加，但部分被平均售價下降和中國市場持續疲軟所抵消。單位總數成長 7%，其中消費類下降 1%，商業類成長 12%。個人系統收入恢復成長，超越我們的預期。隨著我們進入季節性強勁的下半年，我們對第二季度的積極勢頭感到鼓舞。

Drilling into the details. Consumer revenue was down 3%, and Commercial revenue was up 6%, representing greater than 70% of Personal Systems revenue. ASPs were flat quarter-over-quarter, driven by a favorable mix shift towards Commercial and increased Consumer pricing, offset largely by an increased mix of lower-end devices. While our market share declined in calendar Q1 as competition intensified, we drove share improvements in high-value categories, including mobile workstations and commercial premium.

深入細節。消費者收入下降了 3%，商業收入成長了 6%，佔個人系統收入的 70% 以上。平均售價環比持平，這是由於向商業和消費者定價的有利組合轉變所推動的，但在很大程度上被低端設備組合的增加所抵消。儘管隨著競爭加劇，我們的市場份額在第一季有所下降，但我們推動了高價值類別的份額提高，包括行動工作站和商業高端產品。

We remain focused on driving profitable revenue and share growth in both our consumer and commercial markets. Last week, we announced the launch of our next-gen AI PC, which is part of a series of launches planned for this year that will expand our portfolio of AI PCs as we enable our customers to deploy advanced AI technology at the edge.

我們仍然專注於推動消費者和商業市場的獲利收入和份額成長。上週，我們宣布推出下一代人工智慧電腦，這是今年計劃推出的一系列產品的一部分，這些產品將擴大我們的人工智慧電腦產品組合，讓我們的客戶能夠在邊緣部署先進的人工智慧技術。

Personal Systems delivered $508 million of operating profit with operating margins of 6.0%. Our margin increased 0.7 points year-over-year, driven by lower commodity and logistics costs and cost savings, including Future Ready savings, offset partially by competitive pricing and investments.

個人系統實現了 5.08 億美元的營業利潤，營業利潤率為 6.0%。我們的利潤率年增 0.7 個百分點，這是由於商品和物流成本降低以及成本節約（包括面向未來的成本節省）推動的，但部分被有競爭力的定價和投資所抵消。

In Print, our results reflected our focus on improving execution and diligently managing cost as we continue to navigate a very competitive print market. In Q2, total Print revenue was $4.4 billion, down 8% on a reported basis and down 7% in constant currency. The decline was driven by declines in both hardware and supplies. Hardware revenue was down 18% year-over-year, driven by lower volumes attributable primarily to continued weak demand, especially in China and EMEA, as well as share loss in both home and office due to aggressive pricing partially driven by further depreciation of the yen.

在印刷方面，我們的表現反映了我們在繼續駕馭競爭非常激烈的印刷市場時對提高執行力和努力管理成本的關注。第二季度，印刷總收入為 44 億美元，按報告計算下降 8%，以固定匯率計算下降 7%。下降的原因是硬體和供應量的下降。硬體收入較去年同期下降 18%，主要是由於需求持續疲軟（特別是在中國和歐洲、中東和非洲地區）導致銷量下降，以及由於人民幣進一步貶值而導致的激進定價導致家庭和辦公市場份額下降。 。

Total hardware units decreased 17% year-over-year. Industrial Graphics grew revenue for the third consecutive quarter, driven by supplies and service, offsetting softer hardware demand as we believe our customers delayed purchasing decisions in anticipation of drupa, which started yesterday.

硬體設備總數較去年同期下降 17%。在供應和服務的推動下，工業圖形公司的收入連續第三個季度增長，抵消了軟硬體需求的影響，因為我們相信我們的客戶因預期昨天開始的德魯巴展會而推遲了採購決定。

By customer segment, Commercial revenue decreased 12% with units down 17%. Consumer revenue decreased 16% with units down 17%. In Big Tank, we increased our volumes and market share sequentially, partially offsetting continued market softness and competitive pricing in the traditional home ink market. In consumer services, we drove revenue and subscriber growth in both our Instant Ink and All-In plans. Supplies revenue was $2.9 billion, down 5% on a reported basis and down 4% in constant currency. This was in line with our outlook.

以客戶細分來看，商業收入下降 12%，銷售量下降 17%。消費者收入下降 16%，銷量下降 17%。在Big Tank，我們的銷售和市場份額連續增加，部分抵消了傳統家用墨水市場持續的市場疲軟和競爭性定價。在消費者服務方面，我們透過 Instant Ink 和 All-In 計劃推動了收入和用戶成長。供應收入為 29 億美元，按報告計算下降 5%，以固定匯率計算下降 4%。這符合我們的預期。

Print operating profit was $829 million, down 8% year-over-year, and operating margin was 19%. Operating margin was flat year-over-year, driven by disciplined cost management, including Future Ready savings and favorable mix offset by competitive hardware pricing.

印刷營業利益為 8.29 億美元，年減 8%，營業利益率為 19%。在嚴格的成本管理的推動下，營運利潤率同比持平，其中包括面向未來的節省以及有競爭力的硬體定價所抵消的有利組合。

Turning to our Future Ready transformation plan. We are on track to achieve our fiscal year-end '24 goal of delivering a cumulative 70% of our year-end '25 goal of gross annual run rate structural cost savings of $1.6 billion. We expect to achieve this by driving efficiencies in our core businesses. We are pleased with our progress in reducing our cost across print MPS. We continue to see the benefits of initiatives we launched in prior quarters. For example, we continue to optimize our location strategy with plans for additional site actions this year.

轉向我們的未來就緒轉型計劃。我們預計將實現 24 財年末的目標，即累計實現 25 財年末目標的 70%，即每年總運行率結構性成本節省 16 億美元。我們希望透過提高核心業務的效率來實現這一目標。我們對降低印刷 MPS 成本的進展感到高興。我們繼續看到我們在前幾個季度推出的舉措的好處。例如，我們繼續優化我們的選址策略，並計劃今年採取額外的選址行動。

In our digital transformation initiatives, we're accelerating our generative AI capabilities, including rolling out AI tools such as GitHub Copilot to approximately 60% of our developers as well as implementing HP-specific large language models to improve efficiencies across our sales and service organizations.

在我們的數位轉型計畫中，我們正在加速我們的生成式人工智慧能力，包括向大約60% 的開發人員推出GitHub Copilot 等人工智慧工具，以及實施惠普特定的大型語言模型，以提高我們銷售和服務組織的效率。

In marketing, we continue to optimize and in-house our digital media capabilities and maximize programmatic investments. Specifically, we are delivering savings through AI-enhanced capabilities, scaling content production and working towards translation cost efficiencies, helping us improve our NPI marketing efficiency with lower agency costs and next-gen market insights and measurement.

在行銷方面，我們繼續優化和內部管理我們的數位媒體能力，並最大限度地提高程序化投資。具體來說，我們透過人工智慧增強功能、擴大內容製作規模並努力提高翻譯成本效率來節省成本，幫助我們透過降低代理成本和下一代市場洞察和衡量來提高 NPI 行銷效率。

In PS, we are simplifying our portfolio. As we announced last week, our brand simplification strategy across our Consumer and Commercial portfolios.

在 PS 中，我們正在簡化我們的產品組合。正如我們上週所宣布的，我們的消費者和商業產品組合的品牌簡化策略。

Now let me move to cash flow and capital allocation. Q2 cash flow from operations was approximately $581 million, and free cash flow was $481 million, driven by net earnings. The cash conversion cycle was minus 31 days in the quarter. This decreased 2 days sequentially due to days inventory increasing 9 days, days payable increasing 16 days and days receivable increasing 5 days.

現在讓我談談現金流和資本配置。第二季營運現金流約 5.81 億美元，在淨利的推動下，自由現金流為 4.81 億美元。本季現金週轉週期為負 31 天。由於存貨天數增加 9 天，應付天數增加 16 天，應收天數增加 5 天，季減 2 天。

The increase in DOI was driven primarily by an increase in strategic buys and sea shipments, both of which drive economic value. The strategic buys continue to allow us to take advantage of attractive economic offerings from suppliers to reduce the near-term financial impact of rising commodity costs. The increase in DPO was driven by an increase in accounts payable due to purchase timing and a higher strategic buy inventory.

DOI 的成長主要是由策略採購和海運的增加所推動的，這兩者都推動了經濟價值。策略採購繼續使我們能夠利用供應商提供的有吸引力的經濟產品，以減少商品成本上漲的短期財務影響。 DPO 的成長是由於採購時機和策略採購庫存增加導致的應付帳款增加所致。

In Q2, we returned approximately $369 million to shareholders, including $100 million in share repurchases and $269 million in cash dividends. We finished the quarter within our target leverage range and expect to return approximately 100% of our free cash flow to shareholders in FY '24 and over time as long as our gross leverage ratio remains below 2x and less higher ROI opportunities arise.

第二季度，我們向股東返還約 3.69 億美元，其中包括 1 億美元的股票回購和 2.69 億美元的現金股利。我們在目標槓桿範圍內完成了本季度，並預計將在24 財年向股東返還約100% 的自由現金流，只要我們的總槓桿率保持在2 倍以下，且投資回報率較高的機會較少，隨著時間的推移，我們將向股東返還約100% 的自由現金流。

Looking forward to the second half of FY '24, keep the following in mind related to our FY '24 and Q3 financial outlook. As Enrique said, we expect performance in the second half of fiscal '24 will be seasonally stronger than the first half.

展望 24 財年下半年，請記住以下與我們 24 財年和第三季財務展望相關的內容。正如恩里克所說，我們預計 24 財年下半年的業績將季節性強於上半年。

We continue to model multiple scenarios based on several assumptions. For FY '24, we are narrowing our non-GAAP EPS outlook range to $0.30, but we continue to see a range of potential outcomes for H2 '24, which is reflected in our updated outlook. We remain focused on improving our cost structure and our performance while continuing to invest in our growth businesses.

我們繼續根據幾個假設對多種場景進行建模。對於 24 財年，我們將非 GAAP 每股盈餘展望縮小至 0.30 美元，但我們繼續看到 24 財年下半年的一系列潛在結果，這反映在我們更新的展望中。我們仍然專注於改善成本結構和績效，同時繼續投資我們的成長型業務。

Regarding OI&E expense, we now expect it will be approximately $0.6 billion in FY '24. We continue to expect free cash flow to be in the range of $3.1 billion to $3.6 billion for FY '24, improving sequentially in both fiscal Q3 and Q4. As a reminder, our free cash flow outlook includes approximately $300 million of restructuring cash outflows.

關於 OI&E 支出，我們現在預計 24 財年將約為 6 億美元。我們繼續預期 24 財年的自由現金流將在 31 億至 36 億美元之間，第三財季和第四財季將持續改善。提醒一下，我們的自由現金流前景包括約 3 億美元的重組現金流出。

Turning to Personal Systems. Specifically for Q3, we expect Personal Systems revenue will increase sequentially by a high-single digit, though slightly less than typical seasonality. We expect Personal Systems margins to be towards the high end of our long-term target range of 5% to 7% in Q3 augmented by disciplined cost management actions. For FY '24, we expect Personal Systems margins to be solidly within our long-term target range, driven by improved PC revenue in the back half of the year, continued mix improvements and cost efficiencies.

轉向個人系統。具體來說，對於第三季度，我們預計個人系統收入將連續出現高個位數成長，儘管略低於典型的季節性成長。我們預計，透過嚴格的成本管理行動，個人系統利潤率將在第三季達到我們長期目標範圍 5% 至 7% 的高端。對於 24 財年，我們預計個人系統利潤率將穩定在我們的長期目標範圍內，這得益於下半年 PC 收入的成長、持續的產品組合改善和成本效率。

In Print, we expect Print to stabilize in the second half of the year, consistent with the market outlook. For Q3, we expect Print revenue to decrease sequentially by low single digit, in line with typical seasonality. We continue to expect Supplies revenue in FY '24 to decline by a low to mid-single digit in constant currency. For Q3, we expect Print margins to be in the upper half of our 16% and 19% range and now expect FY '24 margins to be at the high end of the range, driven by rigorous cost management.

在印刷方面，我們預期印刷業下半年將趨於穩定，這與市場前景一致。對於第三季度，我們預計印刷收入將環比下降低個位數，這與典型的季節性相符。我們繼續預期 24 財年的供應收入以固定匯率計算將出現低至中個位數的下降。對於第三季度，我們預計印刷利潤率將位於 16% 和 19% 範圍的上半部分，現在預計在嚴格的成本管理的推動下，24 財年利潤率將處於該範圍的高端。

Taking these considerations into account, we are providing the following outlook for Q3 and fiscal year 2024. We expect third quarter non-GAAP diluted net earnings per share to be in the range of $0.78 to $0.92 and third quarter GAAP diluted net earnings per share to be in the range of $0.63 to $0.77. We expect FY '24 non-GAAP diluted net earnings per share to be in the range of $3.30 to $3.60 and FY '24 GAAP diluted net earnings per share to be in the range of $2.60 to $2.90.

考慮到這些因素，我們對2024 年第三季和財年做出以下展望。股淨利潤將在0.78 美元至0.92 美元之間。我們預計 24 財年非 GAAP 攤薄後每股淨利將在 3.30 美元至 3.60 美元之間，24 財年 GAAP 攤薄後每股淨利將在 2.60 美元至 2.90 美元之間。

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

我就在這裡停下來，以便我們可以回答您的問題。

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

（操作員說明）今天我們的第一位提問者是摩根士丹利的埃里克·伍德林（Erik Woodring）。

Enrique, maybe if I turn to you first. At the start of the year, you had talked about the Print business kind of performing in line with the market at roughly flat this year. Year-to-date, it's declining, let's call it, mid-single digits. You're telling Supplies will continue to decline low to mid-single digits, but you expect the market to stabilize in the second half of the year.

恩里克，也許我先找你。今年年初，您曾談到今年印刷業務的表現與市場基本持平。今年迄今為止，它正在下降，我們可以稱之為中個位數。您告訴供應商將繼續下降低至中個位數，但您預計市場將在今年下半年趨於穩定。

And so maybe my first question is, why do you believe other than easier year-over-year compares the Print market will stabilize in the second half of the year? Are there any of the underlying factors that have impacted the Print business? Are any of those changing as you look to the second half like [yen] competition and broader market trends? And then as we think about hardware seasonality in the second half of the year, should we still be thinking -- should we still be thinking about an improving trend sequentially there? How does that translate to year-over-year growth? Kind of -- if you could unpack all of that just for Print, that would be super helpful. And then I have a follow-up.

因此，也許我的第一個問題是，除了與去年同期相比更容易之外，為什麼相信印刷市場將在今年下半年趨於穩定？是否存在影響印刷業務的潛在因素？當您展望下半年時，這些因素是否會發生變化，例如日圓競爭和更廣泛的市場趨勢？然後，當我們考慮下半年的硬體季節性時，我們是否仍然應該考慮那裡的持續改善趨勢？這如何轉化為年成長？有點——如果你能把所有這些都解壓出來供打印，那就太有幫助了。然後我有一個後續行動。

Thank you, Erik. It's a long question. So I'll try to cover all your points. So first of all, in terms of what do we see from a competitive perspective, as you mentioned, we continue to see fairly strong competition in the Consumer side, similar to what we were seeing in Q1. Where we have seen an intensified competition is in the office space, driven by the similar reasons and what has happened in Consumer. So this clearly has evolved.

謝謝你，埃里克。這是一個很長的問題。所以我會盡力涵蓋您的所有觀點。首先，就我們從競爭角度來看的情況而言，正如您所提到的，我們繼續看到消費者方面的競爭相當激烈，類似於我們在第一季看到的情況。我們看到辦公空間的競爭更加激烈，這是由類似的原因和消費者領域發生的情況所推動的。所以這顯然已經演變了。

When we think about the second half, we expect the market to stabilize. And you mentioned one of the key reasons, which is an easier compare to what we had in the second half of 2023. Underlying drivers that give us some confidence in this number, first of all, is what we are seeing from a usage perspective that usage has been fairly stable, especially in the office space per printer, which is always a good indicator of what is going to be the overall performance from a printer perspective.

當我們考慮下半年時，我們預期市場將趨於穩定。您提到了其中一個關鍵原因，與 2023 年下半年的情況相比，這更容易。尤其是在每台印表機的辦公空間中，從印表機的角度來看，這始終是衡量整體表現的良好指標。

And then in terms of our own projections for HP, as we shared last quarter, we have been working to reduce our cost structure to be able to be more competitive. So we expect to have some share gains in the second half, again, because of the cost actions that we have been driving during the previous 2 quarters. So in our performance, you should see that reflected. And again, this doesn't mean that we have changed our strategy. Our strategy continues to be profitable growth. It's just that we will be able to sell more units in a profitable way and capture share in this way.

然後，就我們對惠普的預測而言，正如我們上季度分享的那樣，我們一直在努力降低成本結構，以便更具競爭力。因此，由於我們在前兩個季度採取的成本行動，我們預計下半年的份額將再次出現一些增長。所以在我們的表演中，你應該會看到這一點。再次強調，這並不代表我們改變了策略。我們的策略仍然是獲利成長。只是我們將能夠以有利可圖的方式出售更多單位並以這種方式獲取份額。

Okay. That's helpful. And then maybe if I just -- if I stay on the Printing side. Again, really strong Print operating margin performance. It was down about 90 basis points sequentially. And I think Print -- as Print -- Supplies as a percentage of Print mix was up sequentially just given the weak Print hardware trend. So I deduce that would mean Supplies margins were lower sequentially. Can you maybe just unpack, one, if that's the correct way of thinking about it? And then two, what drove that trend? And how is it impacting your view on Print operating margins for the second half of the year?

好的。這很有幫助。然後也許如果我只是——如果我留在印刷方面。再次，印刷營業利潤率表現非常強勁。環比下跌約 90 個基點。我認為，鑑於列印硬體趨勢疲軟，列印——作為列印——耗材在列印組合中所佔的百分比連續上升。所以我推斷這意味著供應利潤率持續下降。如果這是正確的思考方式的話，你可以打開包裝嗎？第二，是什麼推動了這個趨勢？它對您對下半年印刷營業利潤率的看法有何影響？

Yes, Erik, this is Tim. I'll maybe take that. From a quarter-on-quarter perspective, you're right, it was down about 0.9. It wasn't so much driven by Supplies gross margin rate. We made some additional investments, most notably in variable compensation, and that was a bigger driver.

是的，埃里克，這是提姆。我也許會接受。從季度環比來看，你是對的，下降了約 0.9。這並不是由供應品毛利率所推動的。我們進行了一些額外的投資，尤其是在可變薪酬方面，這是一個更大的驅動力。

Margins for the second half?

下半年的利潤？

Oh, I'm sorry, margins for the second half. Yes, from a Print perspective, as I said in the prepared remarks, we expect to be in the upper half of the long-term 16% to 19% range in Q3 and for the full year at the upper end of that range. I think a couple of the key drivers that you should think about is, one, the 2H sequential improvement we do expect to see in hardware, both from a market and a share perspective. We'll continue to focus on driving operating profit dollars as well through new business models and cost management.

哦，對不起，下半場的利潤。是的，從印刷品的角度來看，正如我在準備好的發言中所說，我們預計第三季將處於長期 16% 至 19% 範圍的上半部分，全年將處於該範圍的上端。我認為您應該考慮的幾個關鍵驅動因素是，第一，我們確實期望在硬體方面看到從市場和股票角度來看的 2H 連續改進。我們將繼續專注於透過新的業務模式和成本管理來提高營業利潤。

And then just to reiterate, as we said before, our forecast for supplies is to decline low to mid-single digits in constant currency for the full year. And again, from a range perspective, just keep in mind, we provide these for modeling purposes, but we really are trying to drive OP dollars.

然後重申一下，正如我們之前所說，我們對全年供應的預測是按固定匯率計算將下降到低個位數至中個位數。再次強調，從範圍的角度來看，請記住，我們提供這些是為了建模目的，但我們確實在努力推動 OP 收入。

Your next question comes from Michael Ng with Goldman Sachs.

您的下一個問題來自高盛的 Michael Ng。

Within Personal Systems, we saw inflections in both Consumer and Commercial units. You talked a little bit about recovery that you're seeing in Commercial PCs. I was wondering if you could just expand a little bit more on that. Are there any specific verticals where you're seeing that spend improve? Do you think this is an indication of a broader IT spending recovery? And then are there any comments you can make on the slowdown in Consumer unit growth?

在個人系統中，我們看到消費者和商業部門都發生了變化。您談到了在商用 PC 中看到的恢復。我想知道您是否可以對此進行更多擴展。您認為哪些特定垂直領域的支出有所改善？ 您認為這是否表明 IT 支出將出現更廣泛的復甦？那麼您對消費者單位成長放緩有何評論？

Sure. So let me start, and maybe Tim wants to make a few comments afterwards. So I think you highlighted the key points. We saw for the first time in 8 quarters growth in the PC business, and really Commercial is the highlight of the quarter. That performed even better than we were expecting. It was fairly consistent between North America and Europe and between enterprise and SMB. So probably the key thing is that it was not one segment. It was across the segments.

當然。那麼讓我開始吧，也許蒂姆想隨後發表一些評論。所以我認為你強調了關鍵點。我們在 8 個季度中首次看到 PC 業務的成長，真正的商業是本季的亮點。表現甚至比我們預期的還要好。北美和歐洲之間以及企業和中小企業之間的情況相當一致。所以可能關鍵在於它不是一個片段。它跨越了各個細分市場。

Well, we continue to see weakness in Asia, especially in China. Probably some of the underlying factors that we have seen the drivers of this is the need to refresh the installed base as it has been aging, and especially as we look at the second half, when we look at the funnel of opportunities that we see that is significantly bigger than what we had last year, and also the fact that we are starting to see some deals driven by Windows 11 refresh. This is what we are reflecting in the projections that we have for the second half, where we expect this momentum to continue.

嗯，我們繼續看到亞洲的疲軟，特別是在中國。我們看到的驅動因素的一些潛在因素可能是需要更新已安裝的基礎，因為它已經老化，特別是當我們看到下半年時，當我們看到我們看到的機會漏斗時比去年要大得很多，而且我們開始看到一些由Windows 11 更新所驅動的交易。這就是我們在下半年的預測中所反映的，我們預計這種勢頭將繼續下去。

Also for the second half, we expect the federal business, and this is our U.S. focused comment, will also improve because during the first half, the business was impacted by the budget discussions. And as some of them has been released. We expect the federal business to also be stronger in the second half.

同樣對於下半年，我們預計聯邦業務（這是我們針對美國的評論）也將有所改善，因為在上半年，該業務受到了預算討論的影響。其中一些已經被釋放。我們預計下半年聯邦業務也會更加強勁。

Excellent. And then just as a quick follow-up, it was helpful to hear about the inventory increase due to strategic buys. I was just wondering if you could refresh us on your philosophy and strategy around those component purchases. Said differently, how far in advance are you buying some of these components? When would we see more market rate component flow through the P&L?

出色的。然後，作為快速跟進，聽到策略性採購導致庫存增加的消息很有幫助。我只是想知道您是否可以向我們介紹一下您圍繞這些組件採購的理念和策略。換句話說，您提前多久購買其中一些組件？我們什麼時候會看到更多的市場利率成分流經損益表？

Yes, sure. This is Tim. I'll take that one. We haven't changed our philosophy or our strategy with respect to strategic buys. We'll continue to kind of evaluate them based on the opportunities that present themselves. And if it makes financial sense for us, we'll take those. And certainly, that is something that we try and do and offset from an operational standpoint by making our operational inventory more efficient and utilize that more efficient. So I think that just underscores our commitment to efficient inventory management, and I think as we look forward, we'll continue to do that.

是的，當然。這是蒂姆。我會接受那個。我們沒有改變我們在策略購買方面的理念或策略。我們將繼續根據出現的機會對它們進行評估。如果這對我們來說有經濟意義，我們就會接受。當然，這是我們嘗試做的事情，並從營運的角度來看，透過提高我們的營運庫存效率並更有效地利用它來抵消這一點。因此，我認為這凸顯了我們對高效庫存管理的承諾，而且我認為，展望未來，我們將繼續這樣做。

And there is not a predetermined view in terms of how many months or we're really looking at the impact that will have in the P&L and on our ability to consume those products in a reasonable amount of time.

對於多少個月或我們真正關注對損益表以及我們在合理時間內消費這些產品的能力的影響，並沒有預先確定的觀點。

Your next question comes from Amit Daryanani with Evercore ISI.

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

This is Chan on for Amit. I just had a question on the commentary about AI PCs that you talked about on the call. We're obviously hearing a lot about AI PCs across the supply chain heading into the second half of the year. How are you thinking about the adoption curve of these AI PCs? And really because there hasn't been a killer app introduced, how should we think about the mix of AI PCs versus non-AI PCs and your units shipped in the back half of the year? And how should we think about the ASP tailwinds from these AI PCs in fiscal '24 and '25?

這是阿米特的陳。我剛剛對您在電話會議中談到的有關人工智慧電腦的評論有疑問。進入今年下半年，我們顯然聽到了很多有關整個供應鏈的人工智慧電腦的消息。您如何看待這些人工智慧電腦的採用曲線？事實上，因為還沒有推出殺手級應用程序，我們應該如何考慮人工智慧 PC 與非人工智慧 PC 的組合以及您在今年下半年發貨的設備？我們該如何看待 24 財年和 25 財年這些人工智慧 PC 帶來的平均售價推動因素？

Sure. We think that the penetration of AI PCS is going to be growing over time. This year, we have products coming both from the first generation that we announced in January and February and for the next generation that we just announced a couple of weeks ago. If we look at the total of both, we expect that they will represent around 10% of the shipments for the second half. That's how we are quantifying that. But really, the impact will be more relevant in '25 and in '26.

當然。我們認為人工智慧 PCS 的滲透率將會隨著時間的推移而不斷增長。今年，我們推出了一月和二月推出的第一代產品以及幾週前剛推出的下一代產品。如果我們看一下兩者的總和，我們預計它們將佔下半年出貨量的 10% 左右。這就是我們量化的方式。但實際上，這種影響在 25 年和 26 年會更加重要。

In fact, we expect that AI PCs, and at that point will be our new generation, will be between 40% and 60% of our sales 3 years after launch. That's kind of how we're looking at that. And as we have discussed before, we continue to believe that they will drive an improvement in average selling price of between 5% and 10%.

事實上，我們預計 AI PC（屆時將成為我們的新一代產品）在推出 3 年後將占我們銷售額的 40% 至 60%。我們就是這樣看待這個問題的。正如我們之前討論過的，我們仍然相信它們將推動平均售價提高 5% 至 10%。

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

您的下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Enrique, I was wondering if you could expand a little more on the comment on signs of commercial recovery in PS. I think you said partially driven by adoption of Win 11. How much would you characterize? Have you seen any real traction yet on Win 10 end-of-life support driven strength? Or perhaps if you could characterize it even from a COVID refresh perspective or anything else, any color there would be helpful. And I have a follow-up.

恩里克，我想知道您是否可以對 PS 商業復甦跡象進行更多評論。我認為您所說的部分驅動因素是 Win 11 的採用。您是否看到 Win 10 生命週期終止支援帶來的真正吸引力？或者，如果你甚至可以從新冠病毒刷新的角度或其他任何角度來描述它，那麼任何顏色都會有幫助。我有一個後續行動。

Sure. As you know, Wamsi, this was one of the assumptions that we had at the beginning of the year, that Windows 11 refresh would be impacting the results on the second half. And we are starting to see that not so much on the numbers for Q2, but yes, in the funnel that we are starting to see and the opportunities that many of our large enterprise customers are starting to bring us.

當然。如您所知，Wamsi，這是我們在年初的假設之一，即 Windows 11 更新將影響下半年的結果。我們開始在第二季的數字上看到這一點，但是是的，在我們開始看到的漏斗中以及許多大型企業客戶開始為我們帶來的機會。

It's clearly starting to happen. During Q2, Microsoft publicly stated some costs to support the previous operating systems. And this always creates an acceleration of the process, and this is what we have started to see. In parallel to that, as you mentioned, clearly, the installed base has been aging during the last 2, 3 years, and we think this is also impacting the strength that we are starting to see on the Commercial side.

這顯然已經開始發生了。在第二季度，微軟公開表示了支援以前作業系統的一些費用。這總是會加速這個過程，這就是我們已經開始看到的。同時，正如您所提到的，顯然，安裝基礎在過去兩三年中一直在老化，我們認為這也影響了我們開始在商業方面看到的實力。

Okay. As a follow-up, I was wondering if you could touch a little bit on the seasonality. I think you said you're expecting NPS revenue up high single digits, slightly below typical seasonality and then continuing to grow into Q4. Just wondering maybe if you could put that in perspective of maybe second half versus first half, how that might compare to a typical year seasonality half versus half.

好的。作為後續行動，我想知道你是否可以談談季節性。我想您說過您預計 NPS 收入將成長高個位數，略低於典型的季節性，然後繼續成長到第四季。只是想知道您是否可以從下半年與上半年的角度來看待這一點，這與典型的一年季節性一半與一半相比如何。

And just on the margin side, clearly, very impressive margins here, and you're on track on your Future Ready program. Would you say that -- like is there any sense you can give us on how those savings are flowing across PS and Print just so we would understand sort of cost savings and things that you're doing on your Future Ready side versus pricing and mix?

就利潤而言，顯然，這裡的利潤非常可觀，而且您的「未來就緒」計劃已步入正軌。您是否可以這麼說 - 您是否可以向我們介紹這些節省如何在 PS 和印刷中流動，以便我們了解成本節省以及您在未來就緒方面所做的事情與定價和組合的比較？

Tim, do you want to take the seasonality one?

提姆，你想買季節性的嗎？

Yes. From a -- as you said, Wamsi, from Q3 to -- Q2 -- excuse me, Q3 perspective, we do expect to grow sequentially high single digits, slightly below normal seasonality. I think if your question is really about the full half, I think you could think about the seasonality to be slightly stronger than historical for the full half, if you think about Q4 in PCs.

是的。正如您所說，Wamsi，從第三季度到第二季度，對不起，第三季度的角度來看，我們確實預計會出現連續高個位數增長，略低於正常季節性。我認為，如果你的問題確實是關於整個一半的問題，那麼如果你考慮個人電腦的第四季度，我認為你可以認為整個一半的季節性比歷史稍強。

And the split between Q3 and Q4, traditionally, Q4 is a stronger quarter. So this is how we've built the guide for the second half and the guide for each quarter. And then in terms of savings, Tim.

第三季和第四季之間的劃分，傳統上來說，第四季是一個更強勁的季度。這就是我們建立下半年指南和每個季度指南的方式。然後就儲蓄而言，提姆。

From a Future Ready savings perspective, we do see the Future Ready across both businesses. I don't know that it's more pronounced in one versus the other. We're definitely focused from a core perspective where we're driving some of those efficiencies. I think the important thing to note about the future ready savings is, it does help us deliver our margin rates even in a challenging demand environment. And it is allowing us to reinvest in some of the key growth areas in key areas such as AI and our people. I'll leave it at that.

從未來就緒儲蓄的角度來看，我們確實看到了這兩家企業的未來就緒。我不知道其中一種與另一種相比是否更明顯。我們絕對從核心角度關注，推動其中的一些效率。我認為關於未來準備儲蓄的重要一點是，即使在充滿挑戰的需求環境中，它也確實有助於我們提供保證金率。它使我們能夠對人工智慧和員工等關鍵領域的一些關鍵成長領域進行再投資。我就這樣吧。

The next question comes from Ananda Baruah with Loop Capital Market.

下一個問題來自 Loop Capital Market 的 Ananda Baruah。

I appreciate you guys taking the question. I guess let's -- well, yes, just sticking with PCs, what's a good way to think, Enrique and Tim, about, I guess, kind of margins as you go through the refresh cycle given that it sounds like you think gen AI PCs are going to -- AI PCs are going to be sort of a disproportionate amount in the mix? And then just a quick follow-up also.

我很感謝你們提出這個問題。我想讓我們- 嗯，是的，只是堅持個人電腦，什麼是一個好的思考方式，恩里克和蒂姆，關於，我想，當你經歷更新周期時，考慮到你認為新一代人工智能個人電腦的利潤率人工智慧電腦將在混合中佔據不成比例的數量？然後也只是快速跟進。

Well, from a margin perspective, Ananda, we are not changing the guidelines that we have provided in the past. We expect the PC business to stay in the 5% to 7% range, and Tim mentioned where we expect this to be for the second half. On the -- and this is, I think, what at this point is the projection that we have. We have multiple variables, ups and downs, but this is our view at this point.

嗯，從利潤的角度來看，阿南達，我們不會改變我們過去提供的指導方針。我們預計 PC 業務將保持在 5% 至 7% 的範圍內，而蒂姆提到了我們預計下半年的情況。我認為，這就是我們目前的預測。我們有多個變量，有起有落，但這是我們目前的觀點。

Cool. And just a quick follow-up is, have you guys -- I'm just interested in if you have any thoughts yet, Enrique, on battery, battery power, battery capacity, battery life over the next sort of [36 months] as gen AI PCs start to make their way into the world, the battery drain becomes -- with the use of gen AI capability. Any thoughts there on battery? And that's it for me.

涼爽的。我只想快速跟進一下，恩里克，我只是想知道你們對電池、電池電量、電池容量、未來 [36 個月] 的電池壽命有什麼想法嗎？一代AI PC 開始走向世界，電池消耗變得越來越大。關於電池有什麼想法嗎？對我來說就是這樣。

Sure. Let me make 2 comments. First of all, in the next-generation AI PCs that we introduced a couple of weeks ago, actually, battery life is one of the key differentiators. In fact, battery life is over 30 hours, and this is driven by the fact that both we are using ARM technology in the PCs, which is more efficient from a cost perspective, but also because one of the enablers of AI PCs is that we are building in our PCs large language models that optimize the utilization of the PC based on how each user is going to be using that.

當然。讓我發表2則評論。首先，實際上，在我們幾週前推出的下一代人工智慧電腦中，電池壽命是關鍵的差異化因素之一。事實上，電池續航力超過 30 小時，這是因為我們在 PC 中使用了 ARM 技術，從成本角度來看效率更高，也因為 AI PC 的推動因素之一是我們正在我們的PC 中建造大型語言模型，根據每個使用者的使用方式來最佳化PC 的使用率。

What this means is the PC will learn what applications we are using, what applications we are not using and how to optimize consumption based on that. There is really a personal device based on your own utilization, which over time is also going to have a significant impact on battery savings not only on ARM products but also on x86 products. It's one of the big differentiators of AI PCs.

這意味著電腦將了解我們正在使用哪些應用程式、我們沒有使用哪些應用程式以及如何據此優化消耗。確實有一種基於您自己的使用情況的個人設備，隨著時間的推移，這也會對 ARM 產品和 x86 產品的電池節省產生重大影響。這是人工智慧電腦的一大特色。

The next question comes from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I guess if I can just start, Enrique, you had in your prepared remarks, just in terms of the outlook or what you're seeing in the China market looks overall from the momentum perspective that overall demand is not strong in that market. We've seen some of the more, I guess, macro data come out a bit more positive in recent weeks. Anything more you can share in terms of how you're thinking about the geography, sort of that particular region progressing through the rest of the year? Are things getting a bit better? Or do you see further downside from where things are in terms of demand? Any more recent sort of commentary that you can see in terms of your order trends there? And I have a quick follow-up.

我想我可以先開始，恩里克，您在準備好的發言中提到，就前景或您在中國市場看到的情況而言，從動量角度來看，該市場的總體需求並不強勁。我想，最近幾週我們看到一些宏觀數據變得更加積極。關於您對地理的看法，以及今年剩餘時間該特定地區的進展，您還有什麼可以分享的嗎？情況有好轉了嗎？或者您認為需求方面還有進一步的下行空間嗎？您可以在訂單趨勢方面看到任何更新的評論嗎？我有一個快速的跟進。

Sure. So we didn't see an improvement of demand in the second quarter, not for Print nor for Personal Systems. And then we haven't built any improvement in our projections for the second half. We think that the economic situation will continue to be challenged, and this is what we are building in our plan. And this applies to China. In other geographies, we are seeing great momentum, great progress, for example, in India, and this has been a very positive market for us in the last quarter.

當然。因此，我們沒有看到第二季的需求有所改善，無論是印刷還是個人系統。然後我們對下半年的預測沒有任何改善。我們認為經濟情勢將繼續受到挑戰，這就是我們在計劃中所建構的。這也適用於中國。在其他地區，我們看到了巨大的勢頭和巨大的進步，例如在印度，這對我們來說是上個季度非常積極的市場。

Got it. Great. On the Poly business specifically, I mean, it seems like overall, demand trends are starting to improve. But when you think about sort of overall enterprises and their willingness to go back and spend on video collaboration again, what you're seeing in relation to sort of reengaging in terms of making that a priority in relation to their office space and investments in their office space.

知道了。偉大的。具體到保利業務，我的意思是，整體而言，需求趨勢開始改善。但是，當您考慮整個企業以及他們再次在視訊協作上投入資金的意願時，您會看到與重新參與相關的內容，即使其成為與其辦公空間和投資相關的優先事項。

Yes. Thank you. On the overall hybrid systems business, which is how we call it, we continue to see from one side the demand has been limited. And as you said, enterprises have been limiting their investment. At the same time, quarter-on-quarter, we started to see some momentum, and we expect it to continue in the second half. And this was especially true in video conferencing systems.

是的。謝謝。就整個混合系統業務（我們是這樣稱呼它）而言，我們繼續從一方面看到需求有限。正如你所說，企業一直在限制投資。同時，與上一季相比，我們開始看到一些勢頭，我們預計這種勢頭將在下半年持續下去。在視訊會議系統中尤其如此。

From a long-term perspective, we continue to believe that this is going to be a growth opportunity for us. We think that the flexibility that the hybrid work all means -- brings is important for companies, and it's important for employees. And therefore, this opportunity is going to continue to be very real in the years to come.

從長遠來看，我們仍然相信這對我們來說將是一個成長機會。我們認為混合工作所帶來的彈性對公司來說很重要，對員工來說也很重要。因此，這個機會在未來幾年將繼續存在。

Next question comes from Toni Sacconaghi with Bernstein Research.

下一個問題來自伯恩斯坦研究中心的托尼·薩科納吉。

Yes. I just had a couple of quick clarifications and then a question. Just to clarify, you sound very constructive on the recovery in PCs and some further tailwind from AI PC. So I'm a little surprised you're actually guiding below normal seasonal for Q3. Can you explain why that is? And also just on the buyback, the buybacks are only $100 million this quarter, quite a bit lower than first quarter. Again, could you just clarify? And I have a follow-up, please.

是的。我只是做了一些簡短的澄清，然後提出了一個問題。澄清一下，您對個人電腦的復甦以及人工智慧個人電腦的進一步推動作用聽起來非常有建設性。所以我有點驚訝你的第三季指導值實際上低於正常季節性。你能解釋一下這是為什麼嗎？而且僅在回購方面，本季的回購金額僅為 1 億美元，比第一季低了不少。再說一次，你能澄清一下嗎？我有一個後續行動，請。

Sure. Let me take the question on PCs. We are -- we saw strength on the Commercial side in Q2, and we are projecting that in the second half. At the same time, we are more cautious on the demand side on Consumer, and we are also projecting that to continue in the second half. And this is what has some impact from a seasonality perspective because, as you know, from a seasonality perspective, Consumer has a stronger seasonality in the second half, and this is why we've been a bit more conservative in our assumptions for the second half.

當然。讓我來回答一下關於PC的問題。我們在第二季度看到了商業方面的實力，我們預計下半年會出現這種情況。同時，我們對消費需求方面更加謹慎，預計下半年這種情況還會持續。這從季節性角度來看會產生一些影響，因為如您所知，從季節性角度來看，消費者在下半年有更強的季節性，這就是為什麼我們對下半年的假設更加保守一半。

In terms of share buyback, really the most important comment to make is we have not changed our approach. Our goal continues to be to return 100% of free cash flow to investors unless we identify better ROI opportunities and while our leverage stays below 2, and investors should expect that we will continue to return 100% of free cash flow over time.

在股票回購方面，最重要的評論是我們沒有改變我們的做法。我們的目標仍然是向投資者返還100% 的自由現金流，除非我們找到更好的投資回報率機會，並且我們的槓桿率保持在2 以下，投資者應該期望我們將隨著時間的推移繼續向投資者返還100% 的自由現金流。

Okay. And just if I could zoom out and just try and level set, like I think revenue this year and last year for HP overall is going to be $53 billion to $54 billion. Pre-COVID, the 2 years, it was about $58 billion. The PC market is going to be about the same level of units this year. I suppose the printing market is down a little bit. But why do you think revenues are still almost 10% below pre-COVID levels? And do you think like there actually should be some snapback to pre-COVID levels? Or do you think there's been some share loss over the last few years? How do I reconcile those data points?

好的。如果我能縮小範圍並嘗試設定水平，就像我認為惠普今年和去年的整體收入將達到 530 億至 540 億美元。新冠疫情爆發前的兩年裡，這一數字約為 580 億美元。今年個人電腦市場的銷售量將大致相同。我認為印刷市場略有下降。但您認為為什麼收入仍比新冠疫情前的水平低近 10%？您認為實際上應該恢復到新冠疫情前的水平嗎？或者您認為過去幾年中存在一些份額損失？我如何協調這些數據點？

Yes. I think we will have a more detailed conversation about '25 in the coming quarters and what are the projections there. I think you touched on some of the key points. The premarket, both on print and office, is smaller than it used to be. So this has an impact on size. Also on PCs, even if during the last quarter, we have been recovering share, we are still not at the level where we were before the pandemic. And our goal is to continue to grow share. So there are multiple factors. And in Q4, we will talk about '25. We will give kind of the projections and what do we expect to see versus '19 and previous years. I'm looking forward to see you tomorrow, Toni.

是的。我認為我們將在接下來的幾季就「25」進行更詳細的討論以及預測。我認為您觸及了一些關鍵點。印刷版和辦公室版的售前市場都比以前小了。所以對尺寸有影響。同樣在個人電腦上，即使在上個季度，我們的份額一直在恢復，但我們仍然沒有達到大流行之前的水平。我們的目標是繼續增加份額。所以有多種因素。在第四季度，我們將討論'25。我們將給出一些預測，以及與 19 年和前幾年相比我們期望看到什麼。我期待明天見到你，東尼。

Your next question comes from Asiya Merchant with Citigroup.

您的下一個問題來自花旗集團的 Asiya Merchant。

This is Michael Cadiz for Asiya at Citi. Just one question. I know you've given some good points on Commercial versus Consumer in the second half. But through the lens of AI PCs as they gain traction starting in the back half, can you review those comments on Commercial versus Consumer and how we should look at them through that AI PC view?

我是花旗銀行 Asiya 的 Michael Cadiz。只有一個問題。我知道您在下半年就商業與消費者方面提出了一些很好的觀點。但是，隨著人工智慧 PC 從後半段開始獲得關注，您能否回顧一下商業與消費者的評論，以及我們應該如何透過人工智慧 PC 的觀點來看待它們？

Yes. I think the key thing, though, is from -- especially on the next-generation PCs, we expect a fairly small impact in the results of the second half. But the products were just launched, and we will continue to expand the portfolio, but the impact in the second half is going to be fairly small. Of the products we just launched, we expect a stronger traction in Consumer because Commercial requires some evaluation done by customers that take some time. But over time, we expect the penetration in Commercial to grow and to be more relevant in '25 and in '26.

是的。但我認為關鍵的是——尤其是在下一代個人電腦上，我們預計下半年的結果將受到相當小的影響。但產品剛推出，我們還會繼續擴大產品組合，但下半年影響會很小。在我們剛推出的產品中，我們預計在消費者中會有更強的吸引力，因為商業需要客戶進行一些評估，這需要一些時間。但隨著時間的推移，我們預計商業領域的滲透率將會成長，並且在 25 年和 26 年變得更加重要。

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

我們的下一個問題來自 Krish Sankar 和 TD Cowen 的對話。

This is Steven calling on behalf of Krish. The first one, if I could, I guess, Enrique, could you talk about what percentage of your revenues today are coming from subscription-based revenues, whether it's Print related or also the newer All-In programs? And kind of do you have like a longer-term view on what that mix could be for next year? And are you also willing to quantify what the operating margins might be for the subscription-based revenues versus what you normally sell through the retail and distribution channels?

這是史蒂文代表克里什的電話。第一個，恩里克，如果可以的話，您能談談您今天的收入中有多少百分比來自訂閱收入，無論是與印刷相關還是較新的 All-In 計劃？您對明年的組合有什麼更長遠的看法嗎？您是否也願意量化基於訂閱的收入與您通常透過零售和分銷管道銷售的收入相比的營業利潤率？

Sure. We don't disclose the specific numbers of our subscription business. But let me make a few qualitative comments. First of all, in Q2, we continue to see growth, both of net subscribers and also of revenue in the Consumer services space that integrates all the subscription models. During the last quarter, we have been expanding our portfolio to first paper and then in Q2 to also include the printer in what we call the All-In model, and we keep making good progress in the 3 subscription programs that we have at this point.

當然。我們不透露訂閱業務的具體數字。但讓我發表一些定性評論。首先，在第二季度，我們繼續看到淨訂戶數和整合所有訂閱模式的消費者服務領域收入的成長。在上個季度，我們一直在將我們的產品組合擴展到第一種紙張，然後在第二季度將印表機納入我們所謂的 All-In 模型中，並且我們目前在 3 個訂閱計劃中不斷取得良好進展。

Our goal is, of course, to continue to grow this business because both enables us to offer a better value proposition to our customers but also because it allows us to capture more value per customer as a value proposition seems stronger, and you can approximate that to profit that we get from customers. So we really think this is a way of building a more accretive business.

當然，我們的目標是繼續發展這項業務，因為這不僅使我們能夠為客戶提供更好的價值主張，而且還因為它使我們能夠為每個客戶獲取更多價值，因為價值主張似乎更強大，您可以近似我們從客戶那裡獲得利潤。因此，我們確實認為這是建立更具增值業務的一種方式。

And as my follow-up question, maybe for Tim. I had a question on the balance sheet, specifically inventories as well. I was wondering if there was a major structural change that is going on in terms of inventory dollar levels. If I look at the current revenue run rate and also the current inventory levels, we have -- and comparing to prepandemic levels in fiscal '17 where revenues were similar to today, your inventory levels are much higher in terms of dollars.

作為我的後續問題，也許是針對提姆的。我對資產負債表，特別是庫存有疑問。我想知道庫存美元水準是否正在發生重大結構性變化。如果我看看目前的收入運行率和當前的庫存水平，我們就會發現，與17 財年疫情爆發前的收入水平相比，當時的收入與今天相似，以美元計算，您的庫存水平要高得多。

I'm just kind of wondering, is this all just due to buy-aheads or strategic buys? Or is there also some element of changing your current business mix, whether it's higher Commercial PC mix and also the shift to more subscription model-based revenues? Is that having a bigger impact on how much inventory you have to maintain?

我只是想知道，這只是由於預購還是策略性購買？或者是否還有一些因素會改變您目前的業務組合，無論是更高的商用 PC 組合，還是轉向更多基於訂閱模式的收入？這對您必須維持的庫存量有更大的影響嗎？

Yes. First, on the subscription comment. No, that doesn't impact the inventory levels that we're taking. From a structural standpoint, we haven't changed our structural inventory meaningfully. Most of what you see is related to strategic buys and sea shipments as we choose to put those on the ocean. And that has -- that will change over time -- at times. So there's nothing more than those 2 things. And what I would say is -- and the only thing I would add is -- to what I said before is partially offsetting some of those decisions we make, we are continuing to actually improve our operational inventory to help fund those other items.

是的。首先，關於訂閱評論。不，這不會影響我們的庫存水準。從結構的角度來看，我們沒有有意義地改變我們的結構庫存。您看到的大部分內容都與策略性購買和海運有關，因為我們選擇將它們放在海上。有時，這種情況會隨著時間的推移而改變。所以除了這兩件事之外就沒有什麼了。我想說的是——我唯一要補充的是——我之前所說的部分抵消了我們做出的一些決定，我們正在繼續實際改善我們的營運庫存，以幫助為其他項目提供資金。

Thank you, Tim. Let me thank you, everybody, for joining the call. As you saw, Q2 was a solid quarter that closes a solid first half of the year. And the more relevant thing is the recovery that we saw in PC, especially in Commercial business, which makes us being positive about the second half, where we expect a stronger second half than what we have seen in the first half. And the combination of the progress on the execution side and the growth that we continue to experience in what we call the growth businesses gives us confidence in our ability to continue to create value long term. So thank you again, everybody, for joining and looking forward to seeing many of you in the coming weeks. Thank you.

謝謝你，提姆。讓我感謝大家加入這次電話會議。正如您所看到的，第二季度是一個穩健的季度，為今年上半年的業績奠定了堅實的基礎。更相關的是我們在個人電腦領域看到的復甦，尤其是商業業務，這讓我們對下半年持樂觀態度，我們預計下半年會比上半年更強勁。執行方面的進展和我們在所謂的成長型業務中持續經歷的成長相結合，使我們對繼續長期創造價值的能力充滿信心。再次感謝大家的加入，並期待在未來幾週內見到你們中的許多人。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。