惠普 (HPQ) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the first-quarter 2025 HP Inc., earnings conference Call.

大家好，歡迎參加 HP Inc. 2025 年第一季財報電話會議。

My name is Regina, and I will be your conference moderator for today's call.

我的名字是 Regina，我將擔任今天電話會議的主持人。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員指示）提醒一下，本次會議將會被錄音以供重播。

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

現在，我想將電話轉給投資者關係主管 Orit Keinan-Nahon。

Please go ahead.

請繼續。

Good afternoon, everyone, and welcome to HP's first-quarter 2025 earnings conference call.

大家下午好，歡迎參加惠普2025年第一季財報電話會議。

With me today are Enrique Lores, HP's President and Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer.

今天與我一起出席的還有惠普總裁兼執行長 Enrique Lores；以及惠普財務長凱倫·帕克希爾（Karen Parkhill）。

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 one year.

在將電話交給恩里克之前，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，為期約一年。

We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com.

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.

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。

For more detailed information, please see disclaimers in the earnings materials into forward-looking statements that involve risks, uncertainties and assumptions.

欲了解更詳細信息，請參閱收益資料中有關涉及風險、不確定性和假設的前瞻性陳述的免責聲明。

For a discussion of some of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K.

有關這些風險、不確定性和假設的討論，請參閱 HP 的 SEC 報告，包括我們最新的 10-K 表格。

HP assumes no obligation and does not intend to update any such forward-looking statements.

HP 不承擔任何義務，也不打算更新任何此類前瞻性聲明。

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.

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.

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。

In addition, unless otherwise noted, references to HP channel inventory refer to Tier 1 channel inventory and market share references are based on calendar quarter information.

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，而市佔率的引用則基於日曆季度資訊。

For financial information that has been expressed on a non-GAAP basis, we've included reconciliations due to comparable GAAP information.

對於以非 GAAP 基礎表達的財務訊息，我們已納入了根據可比較 GAAP 資訊進行的調整。

Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.

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 to everyone for joining today's call.

謝謝你，Orit，也謝謝大家參加今天的電話會議。

Q1 was a strong start to the year.

今年第一季開局強勁。

We delivered top line revenue growth, increased momentum across our key growth areas and maintain our focus on positioning HP for long-term success.

我們實現了營收成長，增強了主要成長領域的發展勢頭，並繼續致力於惠普的長期成功。

Today, I will focus on three main areas: first, our Q1 results and key innovation highlights.

今天，我將重點放在三個主要方面：第一，我們的第一季業績和主要創新亮點。

Second, a deeper dive on our business unit performance.

第二，深入了解我們業務部門的績效。

And finally, I will share our outlook for the year ahead including the actions we are taking to respond to evolving market conditions while continuing to fuel our long-term growth.

最後，我將分享我們對未來一年的展望，包括我們為應對不斷變化的市場狀況而採取的行動，同時繼續推動我們的長期成長。

Let me now turn to our Q1 results.

現在我來談談我們的第一季業績。

Overall, we delivered revenue growth for the third consecutive quarter, up 2% year over year.

整體而言，我們連續第三個季度實現營收成長，年增 2%。

This was largely driven by growth in our Personal Systems, commercial business and key growth areas.

這主要得益於我們的個人系統、商業業務和關鍵成長領域的成長。

Non-GAAP earnings per share of $0.74 sales was slightly above the midpoint of our guidance.

非公認會計準則每股收益為 0.74 美元，略高於我們預期的中位數。

Operating profit margins for both Print and Personal Systems were in line with our expectations.

印刷和個人系統的營業利潤率符合我們的預期。

These results demonstrate our ability to deliver on our commitments and execute our strategy to build a stronger HP.

這些結果顯示我們有能力履行承諾並執行策略以打造更強大的惠普。

Last quarter, I outlined our ambition to lead the future of work.

上個季度，我概述了我們引領未來工作方式的野心。

We know companies need highly productive workforces to drive growth and employees are seeking fulfillment in the work they do.

我們知道，公司需要有效率的勞動力來推動成長，員工也在尋求工作中的滿足感。

With our robust portfolio of PCs, printers, peripherals and more, we not only have a unique competitive advantage as we sit at the intersection of this opportunity.

憑藉我們強大的個人電腦、印表機、週邊設備等產品組合，我們不僅在機會面前擁有獨特的競爭優勢。

I am pleased to report we are making solid progress against our strategy.

我很高興地報告，我們的策略正在取得堅實的進展。

We are doubling down our efforts in the commercial segment and aggressively investing and innovating in new AI and software capabilities.

我們正在商業領域加倍努力，並積極投資和創新新的人工智慧和軟體功能。

As an example of that, we recently entered into an agreement to acquire strategic assets from Humane.

例如，我們最近與 Humane 達成了一項收購策略資產的協議。

Once completed, we will benefit from their AI-powered platform, Cosmos, highly skilled technical team and hundreds of patents.

一旦完成，我們將受益於他們的人工智慧平台 Cosmos、高技能的技術團隊和數百項專利。

With this acquisition, we will accelerate our plans to build an intelligent ecosystem across all HP devices, from AI PCs to smart printers and connected conference rooms.

透過此次收購，我們將加速建立涵蓋所有 HP 設備的智慧生態系統的計劃，從 AI PC 到智慧印表機和連網會議室。

We look forward to boosting our technology and innovation organization by integrating the Humane team to HP.

我們期待透過將 Humane 團隊整合到 HP 來增強我們的技術和創新組織。

We're also realigning our key growth areas to reflect the shift of our investment focus on the future of work.

我們也正在重新調整我們的關鍵成長領域，以反映我們的投資重​​點對未來工作的變化。

In addition to hybrid systems, workforce solutions consumer subscriptions, industrial graphics and CD, we are now including AI PCs and advanced-compute solutions, such as workstations and retail solutions.

除了混合系統、勞動力解決方案消費者訂閱、工業圖形和 CD，我們現在還包括人工智慧 PC 和高級運算解決方案，例如工作站和零售解決方案。

Gaming will no longer be one of the key growth areas and will instead be managed as part of our core portfolio because even though it will continue to be a very important business for us, is not directly related to the future of work.

遊戲將不再是主要成長領域之一，而是作為我們核心投資組合的一部分進行管理，因為儘管遊戲對我們來說仍然是一項非常重要的業務，但它與未來的工作並不直接相關。

Collectively, we expect these realign key growth areas to continue to grow faster than the core and to be accretive to our margins over time.

總的來說，我們預計這些重新調整的關鍵成長領域將繼續比核心成長得更快，並且隨著時間的推移增加我們的利潤率。

Turning to our innovation highlights.

談談我們的創新亮點。

In Q1, our vision for the future of work was brought to life at with AI-powered innovations.

在第一季度，我們對未來工作的願景透過人工智慧創新變成了現實。

For example, we announced several new models of AI PC. We are empowering professionals with faster decision-making an effective collaboration with the EliteBook Ultra, adapting to how and where people work best, our EliteBook X offers flexibility and enhanced security protection.

例如，我們發布了幾款新的AI PC。我們透過 EliteBook Ultra 幫助專業人士更快地做出決策並進行有效協作，適應人們的最佳工作方式和工作地點，我們的 EliteBook X 提供靈活性和增強的安全保護。

And these new PCs now bring HP's award-winning AI companion to our Intel platforms.

這些新電腦現在將 HP 屢獲殊榮的 AI 伴侶引入我們的英特爾平台。

And for product designers and data scientists, the Zbook Ultra recognized with the best laptop award at CES can help manage complex projects and data sets with ease.

對於產品設計師和資料科學家來說，獲得 CES 最佳筆記型電腦獎的 Zbook Ultra 可以幫助輕鬆管理複雜的專案和資料集。

We are strengthening the end-to-end experience of hybrid workers with thunderbolt docks.

我們正在利用雷電基座增強混合工作者的端到端體驗。

With a quick connect locking experience employees are instantly connected to their workspace before they even sit down at their desk.

透過快速連接鎖定體驗，員工甚至在坐到辦公桌前就可以立即連接到他們的工作空間。

In gaming, we introduced OMEN AI beta, a groundbreaking software innovation that automatically adjust or optimize performance.

在遊戲方面，我們推出了 OMEN AI beta，這是一項突破性的軟體創新，可自動調整或優化效能。

Our customer-centric approach also expands our print innovation.

我們以客戶為中心的理念也拓展了我們的印刷創新。

To meet the growing demand for convenience, we recently added Smart Tank printers to our HP all-in subscription plans, is all-inclusive print program has strongly resonated with our customers.

為了滿足日益增長的便利性需求，我們最近將 Smart Tank 印表機添加到我們的 HP 全包訂閱計劃中，這項全包列印計劃引起了客戶的強烈共鳴。

In Industrial, we're empowering print providers with new equipment and capabilities.

在工業領域，我們為印刷供應商提供新設備和新能力。

With the introduction of two game changes, HP PageWide process, we are delivering high-speed, high-quality prime production.

隨著兩項遊戲變革 HP PageWide 工藝的推出，我們正在提供高速、高品質的優質產品。

As we continue to innovate, we remain committed to technology that fastest connection improves access and support sustainability.

在不斷創新的同時，我們始終致力於以最快的連接技術改善存取並支持永續性。

In 2024, HP reached nearly 20 million people through digital equity programs and partnerships.

2024 年，惠普將透過數位公平計畫和合作關係覆蓋近 2,000 萬人。

And I am proud to share earlier this month, HP jumped to the number two spot on America's most just companies listed.

本月早些時候，我很自豪地告訴大家，惠普在美國最公正公司榜單中躍居第二位。

Our progress was driven in large part by how we invest in our employees, support our communities, and treat our customers.

我們的進步很大程度取決於我們如何投資員工、支持社區以及對待客戶。

We were recognized as the leader in our industry or all three.

我們被公認為我們行業或所有三個行業的領導者。

In a few weeks, we will host Amplify, our flagship conference to engage with customers and partners.

幾週後，我們將舉辦 Amplify，這是我們與客戶和合作夥伴互動的旗艦會議。

This event provides an opportunity to share our vision and the progress we have made including how we are delivering AI-powered innovation and technology experience.

這項活動提供了一個機會來分享我們的願景和所取得的進展，包括我們如何提供由人工智慧驅動的創新和技術體驗。

This past quarter, HP led the way in shaping the future of work, thanks to the dedication of our talented team, and I want to take the opportunity to thank all of them.

在過去的一個季度中，由於我們優秀團隊的奉獻，惠普在塑造未來工作方式方面發揮了引領作用，我想藉此機會向他們所有人表示感謝。

Let me now turn to Personal Systems performance for the quarter.

現在我來談談本季的個人系統表現。

Revenue was up 5% year over year, with conversion continuing to power the growth more than offsetting a decline in consumer and continued softness in China.

營收年增 5％，轉換率持續推動成長，足以抵消消費下滑和中國經濟持續疲軟的影響。

We drove share gains in the PC commercial windows market, particularly in high-value categories such as commercial premiums.

我們推動了個人電腦商用窗戶市場的份額成長，特別是在商業高端等高價值類別。

However, we lost share in consumer with units down year over year.

然而，我們在消費市場的份額則是年減導致銷量下降。

While our strategy is not to gain share for the sake of gaining share you should expect us to improve our performance through the year in this segment, especially in the premium category.

雖然我們的策略不是為了增加份額而增加份額，但您應該期望我們在今年提高這一領域的業績，特別是在高端類別。

Worldwide PC commercial revenue grew 10% year over year, fueled in part by the growing adoption of AI and the positive impact of the Windows 11 refresh cycles.

全球個人電腦商用收入年增 10%，部分原因是人工智慧的日益普及以及 Windows 11 更新週期的正面影響。

The AI PC market experienced remarkable momentum achieving a sequential growth rate of 25% in calendar quarter four, and we continued to gain share in this market.

人工智慧PC市場發展勢頭強勁，第四季環比成長率達到25%，我們在該市場的佔有率持續擴大。

We believe the refresh cycle, combined with an increasing mix of AI PCs will further propel our commercial growth through fiscal year 2025 and beyond.

我們相信，更新週期加上不斷增加的 AI PC 組合將進一步推動我們的商業成長，直到 2025 財年及以後。

Internally, we are empowering our teams with enhanced AI tools.

在內部，我們正在透過增強的 AI 工具來增強我們的團隊能力。

Going forward, all new PCs we purchased will be AI PC, giving our teams greater insights and helping them better address customers' needs.

展望未來，我們購買的所有新電腦都將是人工智慧電腦，這將為我們的團隊提供更深入的洞察力，幫助他們更好地滿足客戶的需求。

In our growth areas, hybrid systems, advanced compute and AI PCs delivered strong performance with revenue up year over year.

在我們的成長領域，混合系統、高階運算和人工智慧個人電腦表現強勁，營收年增。

We believe there is more opportunity here, and we'll continue to prioritize investments in these categories.

我們相信這裡有更多機會，我們將繼續優先投資這些類別。

Shifting to Print.

轉向印刷。

We saw strong unit growth and share gains in home and specifically big tanks.

我們看到家用產品（尤其是大型儲罐產品）的單位數量和份額增長強勁。

In office, we maintained our share overall and importantly, gaining share in our strategic areas, A4 value and A3.

在任期間，我們總體上保持了份額，更重要的是，在我們的策略領域 A4 價值和 A3 中獲得了份額。

We continue to see a competitive pricing market in office and weak demand in China that will continue to push us to improve our operational execution.

我們繼續看到辦公室定價市場的競爭激烈以及中國需求疲軟，這將繼續推動我們改善營運執行。

For the Print business, revenue declined 1% in constant currency year over year, in line with our expectations.

就印刷業務而言，以固定匯率計算，營收年減 1%，符合我們的預期。

In growth areas, consumer subscriptions revenue and subscribers grew year over year.

在成長領域，消費者訂閱收入和訂閱用戶逐年成長。

This quarter, we achieved a milestone of 1 million instant paper subscribers with double-digit revenue growth, and we continue to drive revenue growth in industrial graphics.

本季度，我們實現了100萬即時紙訂戶的里程碑，營收實現了兩位數的成長，並繼續推動工業圖形業務的營收成長。

In Workforce Solutions, momentum continued with revenue growth year over year.

勞動力解決方案業務保持良好發展勢頭，收入逐年成長。

We had several new managed print wins during the quarter, including Prime Healthcare.

本季度，我們獲得了幾項新的管理印刷合同，包括 Prime Healthcare。

These new customers in a growing industry enables us to support their IT journey in 44 hospitals and more than 45,000 employees.

這些處於不斷發展的行業中的新客戶使我們能夠為 44 家醫院和超過 45,000 名員工的 IT 之旅提供支援。

And we saw notable wins in managed device services in multiple verticals, which include automotive, industrial, banking, agriculture, and pharmaceuticals in multiple geographies.

我們在多個垂直領域的託管設備服務取得了顯著的成功，其中包括多個地區的汽車、工業、銀行、農業和製藥。

The range of deals demonstrates our ability to close and manage diverse customer deals around the globe.

一系列交易證明了我們在全球範圍內完成和管理各種客戶交易的能力。

Before I close, important that I take a moment to share the efforts underway to address the evolving external environment.

在結束之前，我想花點時間來分享我們為應對不斷變化的外部環境所做的努力。

We have been tracking geopolitical developments and are well prepared to respond to these shifting dynamics.

我們一直在關注地緣政治的發展，並已做好充分準備應對這些不斷變化的情況。

Over the past few years, we have taken proactive measures to ensure manufacturing resiliency.

過去幾年來，我們採取了積極措施確保製造業的彈性。

We have built a globally diverse supply chain, and we are continuing to expand our footprint across multiple countries to meet growing customer demand and multi-source production.

我們已經建立了全球多元化的供應鏈，並正在繼續擴大我們在多個國家的足跡，以滿足日益增長的客戶需求和多源生產。

We have made significant progress.

我們已取得重大進展。

And by the end of fiscal year 2025, we expect more than 90% of HP products sold in North America will be built outside of China.

到 2025 財年末，我們預計在北美銷售的惠普產品中 90% 以上將在中國以外生產。

China will continue to be an important manufacturing hub for the rest of the world.

中國將繼續成為世界其他地區的重要製造業中心。

As we look ahead, we are managing the current tariff increases on China and have included them in our outlook.

展望未來，我們正在管理當前對中國的關稅上調，並將其納入我們的展望中。

Should additional tariffs be implemented we would manage them the same way we have with China, leveraging the flexibility of our global supply chain network, along with cost improvements and pricing actions as needed.

如果實施額外的關稅，我們將採取與中國相同的管理方式，利用我們全球供應鏈網路的靈活性，並根據需要改善成本和採取定價行動。

Depending on the scope, while some of our mitigating actions can take a few months lead time, we would be focused on fully offsetting over time.

根據範圍，雖然我們的一些緩解措施可能需要幾個月的準備時間，但我們會專注於隨著時間的推移實現完全抵消。

During the first two years of our future ready plan, we have made excellent progress across process efficiency, automation, portfolio optimization, and operational excellence.

在我們未來準備計畫的頭兩年裡，我們在流程效率、自動化、投資組合優化和卓越營運方面取得了顯著的進展。

This has given us visibility in traditional opportunities aligned to our future of work strategy.

這使我們能夠看到與未來工作策略一致的傳統機會。

There is more we can do to reduce our structural costs and we now plan to deliver $1.9 billion in gross annual run rate structural savings by the end of fiscal year '25.

我們還可以採取更多措施來降低結構性成本，目前我們計劃在 25 財年末實現 19 億美元的年度總運行率結構性成本節約。

These incremental structural savings to help mitigate macro and geopolitical uncertainty while continuing to support the investments in strategic areas.

這些增量結構性儲蓄有助於緩解宏觀和地緣政治的不確定性，同時繼續支持戰略領域的投資。

Karen will share more details about this shortly.

Karen 將很快分享更多關於此事的細節。

I will close by reiterating our confidence in our full-year outlook and our ability to deliver on our strategy to lead the future of work.

最後，我要重申我們對全年前景的信心以及我們實施引領未來工作模式的策略的能力。

As demonstrated in Q1, we have continued to build strong momentum while taking the measures necessary to mitigate risks, navigate policy changes and importantly, invest in our long-term growth.

正如第一季所顯示，我們在採取必要措施降低風險、應對政策變化以及更重要的是投資於我們的長期成長的同時，繼續保持強勁勢頭。

Let me now turn it over to Karen.

現在讓我把話題交給凱倫 (Karen)。

Thank you, Enrique, and good afternoon, everyone.

謝謝你，恩里克，大家下午好。

We are pleased with our first quarter and the solid progress on delivering towards our financial commitments for the year.

我們對第一季的表現以及在履行全年財務承諾方面取得的堅實進展感到滿意。

We drove revenue growth for the third consecutive quarter with continued strength in the Personal Systems commercial business and momentum in our key growth areas.

憑藉個人系統商用業務的持續強勁表現和主要成長領域的強勁發展勢頭，我們連續第三個季度推動營收成長。

We also gained share in a stabilizing print market, while executing against our plan to drive strong operating margins.

我們還在穩定的印刷市場中獲得了份額，同時執行了提高強勁營業利潤率的計劃。

We have made excellent progress in accelerating our future-ready plans.

我們在加速推進未來計劃方面取得了顯著進展。

And as Enrique said, have increased the gross annualized run rate savings target for the program by the end of fiscal year '25.

正如恩里克所說，到 2025 財年末，該計劃的年度總運行率節省目標已經提高。

And through disciplined execution and rigorous cost management, we delivered on our EPS commitments while maintaining important investments in strategic areas, including the future of work.

透過嚴謹的執行和嚴格的成本管理，我們兌現了每股盈餘承諾，同時保持了對包括未來工作在內的策略領域的重要投資。

Now, taking a closer look at the details of the quarter.

現在，仔細看看本季的細節。

Net revenue was up 2% nominally and 3% in constant currency with growth across all regions.

淨收入名目成長 2%，以固定匯率計算成長 3%，所有地區均成長。

In constant currency, APJ grew 5% and Americas grew 3% and EMEA grew 2%.

以固定匯率計算，APJ 地區成長 5%，美洲地區成長 3%，EMEA 地區成長 2%。

Gross margin was 21%, down year over year due to increased commodity costs.

毛利率為21%，因商品成本增加而較去年同期下降。

As mentioned last quarter, we have put in place cost reduction and pricing actions to offset these headwinds.

正如上個季度所提到的，我們已經採取了降低成本和定價措施來抵銷這些不利因素。

However, they will take time to ramp through the year, leading to stronger margins in the second half.

然而，他們還需要一些時間來提高全年的利潤率，從而在下半年實現更高的利潤率。

Non-GAAP operating expenses were up year over year, reflecting continued investment in key strategic initiatives and our people, offset in part by disciplined cost management, including future-ready cost savings.

非公認會計準則下的營業費用年增，反映了對關鍵策略計畫和員工的持續投資，但嚴格的成本管理（包括面向未來的成本節約）部分抵銷了這一影響。

All in, non-GAAP operating profit was $984 million, in line with our expectations.

整體而言，非 GAAP 營業利潤為 9.84 億美元，符合我們的預期。

Below the op profit line, non-GAAP net OI&E was also in line with our expectations and flat year over year with lower levels of short-term financing activity offset by higher currency-related losses.

在營業利潤線以下，非公認會計準則下的淨營業利潤和淨支出也符合我們的預期，與去年同期持平，短期融資活動水準的降低被貨幣相關損失的增加所抵銷。

Finally, with a diluted share count of approximately 960 million shares, our non-GAAP diluted net earnings per share was $0.74.

最後，稀釋股數約為 9.6 億股，我們的非 GAAP 稀釋每股淨收益為 0.74 美元。

Now, let's turn to segment performance.

現在，我們來討論一下細分市場的表現。

We drove solid growth in Personal Systems with revenue up 5%, both nominally and in constant currency from higher commercial volumes and increased ASPs as we continue to take disciplined pricing actions to help mitigate increased component costs.

我們推動了個人系統業務的穩健成長，由於商業銷售增加和平均售價提高，名目收入和固定匯率收入均成長了 5%，因為我們繼續採取嚴格的定價措施來幫助降低零件成本的上升。

We are focused on leading the future of work and doubling down on commercial which represented over 70% of our PS revenue mix for the quarter.

我們專注於引領未來的工作，並加倍投入商業業務，這佔本季 PS 收入組合的 70% 以上。

We also drove strong performance in key growth areas across AI PC, advanced compute solutions and hybrid systems.

我們也在人工智慧 PC、先進運算解決方案和混合系統等關鍵成長領域取得了強勁表現。

Aligned with our strategy, we drove commercial revenue up 10% on 6% unit growth with stronger pricing and mix shift towards premium in a market that is beginning to show signs of accelerating refresh activity.

根據我們的策略，在一個開始顯示出加速更新活動跡象的市場中，我們透過更強勁的定價和產品組合向高端轉移，將商業收入提高了 10%，單位成長率為 6%。

However, the consumer market remained competitive, with revenue down 7% on lower volume as a result of our strategy to rebalance our portfolio to a more profitable mix.

然而，消費市場仍然競爭激烈，由於我們實施了重新平衡產品組合、向更有利可圖的組合轉型的策略，銷售量下降導致收入下降 7%。

Our operating margin in PS was 5.5%, in line with the range we guided at the beginning of the quarter and down year over year from higher commodity costs that were not yet fully offset by repricing and cost initiatives.

我們的 PS 營業利潤率為 5.5%，與我們在本季度初指導的範圍一致，且同比有所下降，因為商品成本上漲但尚未通過重新定價和成本舉措完全抵消。

We also continued to invest in important strategic initiatives.

我們也持續對重要策略舉措進行投資。

In Print, our results reflect our focus on profitable unit placement and disciplined execution.

在印刷方面，我們的業績反映了我們對獲利單位佈局和嚴格執行的關注。

While total print revenue was down 2%, we increased our market share with strong performance in consumer hardware.

雖然總印刷收入下降了 2%，但我們憑藉消費硬體的強勁表現增加了市場份額。

We also drove double-digit revenue growth in consumer subscriptions and maintains momentum in industrial.

我們也推動了消費者訂閱收入實現兩位數成長，並維持了工業領域的發展動能。

By customer segment, we grew consumer 5% year over year on 7% unit growth and drove share gains with double-digit growth in big tank.

按客戶細分，我們的消費者業務年增 5%，單位成長 7%，並透過大容量兩位數的成長推動份額成長。

In commercial, while units were flat year over year, revenue declined 7% in a competitive pricing environment, particularly in China, where the market remains weak.

在商業領域，雖然銷售量與去年同期持平，但在競爭激烈的定價環境下，營收下降了 7%，尤其是在市場依然疲軟的中國。

We continued our purposeful focus on profitable long-term unit growth, gaining share in the higher-value categories of A4 and A3 and across all markets in the Americas and EMEA.

我們持續專注於長期獲利單位成長，在 A4 和 A3 等高價值類別以及美洲、歐洲、中東和非洲地區的所有市場中獲得份額。

We increased market share and drove favorable pricing and supplies, though revenue declined 1%, with currency and usage headwinds.

儘管受到貨幣和使用方面的不利影響，收入下降了 1%，但我們增加了市場份額並推動了有利的定價和供應。

And we delivered print operating margin at the high end of our range, as expected, reflecting rigorous cost discipline in a competitive market.

正如預期的那樣，我們的印刷營業利潤率達到了行業最高水平，反映了我們在競爭激烈的市場中嚴格的成本紀律。

Now, turning to our future ready plan.

現在，談談我們未來的準備計畫。

We have continued to drive progress, not only accelerating our initial plan, but also identifying additional initiatives to further reduce costs in our core and drive efficiencies.

我們不斷推動進展，不僅加快了我們的初步計劃，而且還確定了其他舉措，以進一步降低核心成本並提高效率。

Given this, we are raising our cumulate gross run rate savings target from $1.6 billion to $1.9 billion by the end of fiscal year '25.

有鑑於此，我們將累計總運轉率節省目標從 16 億美元提高到 25 財年末的 19 億美元。

We expect restructuring charges associated with the plan to increase by approximately $150 million to $1.2 billion and anticipate approximately $400 million in charges this fiscal year as we complete the program.

我們預計與該計劃相關的重組費用將增加約 1.5 億美元至 12 億美元，並且預計本財年完成該計劃後將產生約 4 億美元的費用。

These incremental structural savings will be a key lever to help offset macro and geopolitical uncertainties while also continuing to fuel investments in our key growth areas and AI innovation, all designed to position us well for long-term sustainable growth.

這些增量結構性儲蓄將成為幫助抵消宏觀和地緣政治不確定性的關鍵槓桿，同時繼續推動對我們關鍵成長領域和人工智慧創新的投資，所有這些都是為了讓我們為長期永續成長做好準備。

Now, let me move to cash flow and capital allocation.

現在，讓我來談談現金流和資本配置。

As expected, our cash flow from operations was approximately $375 million in the quarter, and free cash flow was $70 million.

如預期，本季我們的營運現金流約為 3.75 億美元，自由現金流為 7,000 萬美元。

Our results reflect normal seasonality associated with the timing of variable compensation payments and sequentially lower volumes in Personal Systems.

我們的結果反映了與可變薪酬支付時間相關的正常季節性以及個人系統銷售的連續下降。

With regard to working capital, as part of the tariff response actions, we purposely produced additional inventory and also took advantage of strategic buy opportunities as part of overall cost mitigations.

關於營運資金，作為關稅響應行動的一部分，我們特意生產了額外的庫存，並利用策略性購買機會作為整體成本降低的一部分。

While these actions will be economically beneficial to the year, they increased our cash conversion cycle.

雖然這些措施在經濟上對今年有利，但它們增加了我們的現金轉換週期。

And as we pay for and sell the increased inventory, we anticipate a further impact in cash conversion, resulting in negative free cash flow in Q2.

而且，隨著我們支付和銷售增加的庫存，我們預計現金轉換將受到進一步影響，導致第二季的自由現金流為負。

It is important to note that these are timing impacts only and do not impact our full-year outlook.

值得注意的是，這些只是時間影響，不會影響我們的全年展望。

Lastly, we returned close to $400 million to shareholders through both share repurchase and dividends and finished the quarter within our target leverage range.

最後，我們透過股票回購和股息向股東返還了近 4 億美元，並在本季度達到了目標槓桿率範圍。

As we look ahead, we will continue to monitor the evolving geopolitical environment.

展望未來，我們將繼續關注不斷變化的地緣政治環境。

And as Enrique mentioned, we have been focused for some time on response plans to mitigate potential adverse impacts.

正如恩里克所提到的，我們一直專注於制定應對計劃，以減輕潛在的不利影響。

In both our full year and Q2 guide, we have accounted for the added cost driven by the current tariffs on China and associated mitigations, including our higher future-ready cost reductions.

在我們的全年和第二季指南中，我們都考慮了目前對中國的關稅和相關緩解措施所帶來的額外成本，包括我們更高的面向未來的成本削減。

I would note that those tariffs mostly impact our Personal Systems business.

我想指出的是，這些關稅主要影響我們的個人系統業務。

Though the environment ahead remains fluid, we will be focused on offsetting any additional tariffs with further leveraging the flexibility of our global supply chain network, along with cost and pricing actions as needed.

儘管未來的環境仍然不穩定，但我們將專注於抵消任何額外的關稅，進一步利用我們全球供應鏈網路的靈活性，並根據需要採取成本和定價行動。

We continue to expect non-GAAP diluted EPS to be in the range of $3.45 and to $3.75. FY25 GAAP diluted net earnings per share is expected to be in the range of $2.86 to $3.16 including increased restructuring costs for our future ready plan.

我們繼續預計非 GAAP 稀釋每股收益在 3.45 美元至 3.75 美元之間。預計 FY25 GAAP 每股攤薄淨收益將在 2.86 美元至 3.16 美元之間，其中包括我們未來準備計畫增加的重組成本。

As we said at the beginning of the year, we expect EPS to be stronger in the second half with consistent levels of sequential growth each quarter.

正如我們年初所說的那樣，我們預計下半年每股收益將會更加強勁，並且每個季度都會保持持續的連續成長。

Normal seasonal strength in Personal Systems, combined with the timing of the Windows 11 refresh and increased penetration of AI PCs are catalysts that we expect to drive revenue strength in the back half of the year.

個人系統的正常季節性強勁，加上 Windows 11 更新的時間和 AI PC 普及率的提高，都是我們預計在下半年推動營收成長的催化劑。

And we continue to execute on our offset commodity costs, including repricing efforts and cost reduction actions that are ramping and will have a more significant impact in the second half.

我們將繼續執行抵銷商品成本的措施，包括重新定價的努力和正在增加的成本削減行動，這些措施將在下半年產生更顯著的影響。

These actions and the overall measures we are taking to deliver incremental structural cost savings from our future-ready plans are expected to drive EPS improvement throughout the year, particularly in Q4.

這些行動以及我們為從面向未來的計劃中實現增量結構性成本節約而採取的整體措施預計將推動全年每股收益的改善，尤其是在第四季度。

There is no change to our beginning of the year projection for print revenue to grow at least in line with the market in fiscal year '25.

我們年初的預測沒有變化，即 25 財年的印刷收入將至少與市場同步成長。

And we now expect Personal Systems to grow faster than the market, driven by share gains in commercial.

現在，我們預計，在商業份額成長的推動下，個人系統的成長速度將超過市場。

Our focus on premium categories, including AI PC, is also expected to contribute to increased levels of revenue growth in the second half.

我們對AI PC等高階類別的關注預計也將有助於下半年營收成長。

We continue to expect PS operating margins to be in the upper half of our 5% to 7% range for the year due to the actions I described earlier as well as the sustained efforts to drive higher ASPs through the increased mix of premium products.

由於我之前描述的行動以及透過增加高端產品組合來提高平均售價的持續努力，我們繼續預計今年 PS 營業利潤率將處於 5% 至 7% 範圍的上半部分。

And for Print, we continue to expect our operating margins to be near the top of our 16% to 19% long-term range as we exercise disciplined cost management and execute on our future ready plans.

對於印刷業務，隨著我們實施嚴格的成本管理並執行我們未來的計劃，我們繼續預計我們的營業利潤率將接近 16％ 至 19％ 的長期範圍的上限。

For the second quarter, we expect non-GAAP diluted EPS to be in the range of $0.75 to $0.85 and GAAP diluted net earnings per share to be in the range of $0.62 to $0.72.

對於第二季度，我們預計非 GAAP 稀釋每股收益在 0.75 美元至 0.85 美元之間，GAAP 稀釋每股淨收益在 0.62 美元至 0.72 美元之間。

In Personal Systems, we expect Q2 revenue to perform better than typical seasonality as we continue to see strength in commercial aligned with our future work efforts.

在個人系統方面，我們預計第二季的收入將表現優於典型的季節性，因為我們繼續看到商業方面的實力與我們未來的工作努力保持一致。

And we expect Personal Systems margins to remain in the lower half of the 5% to 7% range given the timing of tariff mitigation.

考慮到關稅減免的時機，我們預計個人系統利潤率將保持在 5% 至 7% 區間的下半部分。

In Print, we expect Q2 year-over-year revenue growth to be in line with full-year growth rates and operating margins to remain near the top of our 16% to 19% range as we continue to focus profitable unit placement and disciplined cost management.

在印刷領域，我們預計第二季度的同比收入成長將與全年成長率保持一致，且由於我們繼續專注於盈利的單位佈局和嚴格的成本管理，營業利潤率將保持在 16% 至 19% 的區間上限附近。

And just to note, we expect corporate other expense to continue to be higher in Q2, though not as high as Q1 with the timing of some stock compensation expenses.

值得注意的是，我們預計第二季公司其他支出將繼續走高，但由於一些股票薪資支出的時間安排，支出不會像第一季那麼高。

We continue to expect free cash flow to be in the range of $3.2 billion to $3.6 billion for FY25 with the second half of the year stronger than the first.

我們繼續預計25財年的自由現金流將在32億美元至36億美元之間，下半年將強於上半年。

And on capital allocation, we remain committed to returning approximately 100% of free cash flow to shareholders over time as long as our gross leverage ratio remains under 2 times, and there aren't better return opportunities.

在資本配置方面，只要我們的總槓桿率保持在 2 倍以下，並且沒有更好的回報機會，我們仍致力於隨著時間的推移向股東返還約 100% 的自由現金流。

In closing, we drove solid progress in Q1 against our strategic objectives and full-year commitments while taking action that will help us navigate through the dynamic geopolitical environment.

最後，我們在第一季穩步推進戰略目標和全年承諾的實現，同時採取了有助於我們應對動態地緣政治環境的行動。

We remain focused on disciplined execution as we continue to invest for the future and believe we are well positioned to deliver long-term profitable growth.

我們將繼續專注於嚴格的執行，繼續為未來進行投資，並相信我們有能力實現長期獲利成長。

With that, I would like to hand it back to the operator and open the call for your questions.

說完這些，我想將電話交還給接線員，開始回答你們的提問。

(Operator Instructions) Samik Chatterjee, JPMorgan.

(操作員指示) Samik Chatterjee，摩根大通。

Hi.

你好。

Thanks for the question.

謝謝你的提問。

This is actually Joe Cardoso on for Samik.

這實際上是喬·卡多佐 (Joe Cardoso) 代替薩米克 (Samik)。

I guess first one here is just wondering if you can quantify the impact of the China tariff in the guidance?

我想第一個問題只是想知道您是否可以量化中國關稅在指導中的影響？

And how are you expecting that to trend through the year, given the mitigation efforts you outlined?

考慮到您所概述的緩解措施，您預計今年的趨勢會如何？

And then just relative to the latter part in terms of the mitigation efforts, any color in terms of where this production may be heading in terms of essentially moving production a bit out of China, just given kind of the outstanding tariffs currently up in the air?

那麼就後半部分的緩解措施而言，考慮到目前懸而未決的關稅問題，您認為生產可能走向何方，將部分生產轉移出中國？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

Yeah.

是的。

Thanks, Joe, for your question.

謝謝喬的提問。

In terms of the tariffs, as a practice, we will include the known impacts in our guide.

在關稅方面，按照慣例，我們會將已知的影響納入我們的指南中。

So in both Q2 and the full year guide, we've included the added costs driven by the current tariffs in China, and those mostly impact our PS business.

因此，在第二季和全年指南中，我們都納入了中國當前關稅帶來的額外成本，這些成本主要影響我們的 PS 業務。

I would say, keep in mind, roughly a third of our revenue is generated in the US.

我想說，請記住，我們大約三分之一的收入來自美國。

And as Enrique said, by the end of FY25, less than 10% of this revenue will come from China and be subject to the tariff.

正如恩里克所說，到2025財年末，其中不到10%的收入將來自中國，並需要繳納關稅。

We're not going to quantify.

我們不會量化。

But in terms of what we're doing, we're leveraging our global supply network to mitigate this impact.

但就我們正在做的事情而言，我們正在利用我們的全球供應網絡來減輕這種影響。

We are moving production around the world to the network where we've got other places to produce.

我們正在將生產轉移到世界各地有其他地方可以生產的網路。

We're also -- have got our higher future-ready cost reductions that we talked about on the call that will help mitigate and we can take pricing actions as needed.

我們在電話會議上也談到了更高的面向未來的成本削減措施，這將有助於緩解成本壓力，並且我們可以根據需要採取定價行動。

And let me provide some additional color.

讓我提供一些額外的顏色。

I think you have heard us talking before after COVID, we said we needed to build a more resilient supply chain, and this is what we have done.

我想你們之前應該聽過我們在疫情之後的討論，我們說我們需要建立一個更具彈性的供應鏈，這就是我們所做的。

And to do that, we have built manufacturing facilities in multiple countries.

為了實現這一目標，我們在多個國家建立了製造工廠。

Southeast Asia, other parts of Asia increased the capacity in other parts where we already present.

東南亞、亞洲其他地區增加了我們已經存在的其他地區的產能。

And this is, as Karen said, this is what we are doing.

正如卡倫所說，這就是我們正在做的事情。

Rebalancing supply chain, and we are now in a much stronger position than we were 3 years ago because we have been really putting a lot of focus on that and having a lot of changes.

重新平衡供應鏈，我們現在的地位比三年前強大得多，因為我們一直非常重視這一點，並且進行了許多變革。

No, I appreciate the color there, guys, for both of you.

不，我很欣賞你們兩人的色彩。

I guess maybe the follow-up here is just in terms of the PS growth.

我想也許這裡的後續內容只是與 PS 成長有關。

Obviously, you guys kind of raised your outlook here in terms of growing faster than the market.

顯然，你們在某種程度上提高了自己對比市場成長更快的前景的預期。

Just curious if you can rank order the drivers here.

只是好奇你是否可以對這裡的司機進行排序。

You talked about share gains, perhaps a little bit of pricing, maybe there's a bit of a higher mix on the AI PCs than what you were expecting further.

您談到了份額成長，或許還有一點點定價，也許人工智慧個人電腦的組合比您預期的要高一些。

Just wondering if you can flesh that out a bit in terms of where the goodness is materializing for HP.

我只是想知道您是否可以稍微詳細說明一下 HP 的優點體現在哪裡。

Yes, of course.

是的當然。

I think, first of all, is we expect the market to continue to grow, especially in commercial as we have seen during the last two quarters.

我認為，首先，我們預計市場將繼續成長，尤其是商業領域，正如我們在過去兩個季度所看到的那樣。

And the key drivers of that first is the aging of the installed base, second the Windows 11 refresh.

其中，首先關鍵的驅動因素是安裝基礎的老化，其次是 Windows 11 的更新。

And third, to some extent, the penetration of AI PC. This is what is driving that.

第三，從某種程度上來說，AI PC的滲透率。這就是推動這現象的因素。

Then in this market, we are performing well, we are driving significant innovation.

那麼在這個市場上，我們表現良好，我們正在推動重大創新。

We have a strong sales team and this has been driving our progress and driving the better competitive position that we have and the improvement that we have made.

我們擁有一支強大的銷售團隊，這推動了我們的進步、提高了我們的競爭地位並取得了進步。

Of course, pricing is part of it, also because of mix.

當然，定價是其中的一部分，也是因為混合。

Our focus, as you know, is to grow in the most profitable premium categories.

如您所知，我們的重點是在最賺錢的高端類別中實現成長。

This is what we are doing, and this is impacting our results, and this will continue to impact our results through the end of the year.

這就是我們正在做的事情，這正在影響我們的業績，並且會持續影響今年年底。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

Hey, thanks for taking the question.

嘿，謝謝你回答這個問題。

This is actually Brian Luke on for David.

這實際上是 Brian Luke 為 David 主持的。

So for my first one, just on Windows end of life.

因此，對於我的第一個，就在 Windows 生命終結之時。

Do you think it's becoming clearer to businesses what devices they will need as it relates to spec like optimal tops, AI-related use cases or security?

您是否認為，企業對於需要什麼設備（與最佳頂部、人工智慧相關用例或安全性等規格）的了解變得越來越清晰？

In other words, are they becoming more confident in refreshing their devices?

換句話說，他們是否對更新自己的設備變得更有信心了？

Or is the fall deadline still the main driver in businesses decisions?

或者秋季截止日期仍然是企業決策的主要驅動因素？

And then I have a follow-up.

然後我有一個後續問題。

Yeah, I would say it's both.

是的，我想說兩者兼具。

First of all, what we have seen is that there is an acceleration of the Windows 11 refresh.

首先，我們看到的是Windows 11的刷新速度正在加快。

As I have said in previous calls, one of the key leading indicators for us is the size of the funnel and the funnel has grown significantly in the last two quarters, which tells us that customers are really much more aware and much more ready to drive the refresh.

正如我在之前的電話會議中所說，對我們來說，一個關鍵的領先指標是漏斗的規模，而漏斗在過去兩個季度中顯著增長，這告訴我們，客戶的意識確實更加強烈，並且更願意推動更新。

In terms of products they buy, I think they see the need to buy some of the later generation products, both driven by the AI capabilities, but also by the new use models of PC that more and more are used as communication tools, and this has a big influence also in the type of devices that they are building -- that they are buying.

就他們購買的產品而言，我認為他們看到了購買一些下一代產品的需求，這既受到人工智慧功能的驅動，也受到越來越多地用作通訊工具的 PC 的新使用模式的驅動，這也對他們正在製造的設備類型產生了很大的影響——他們正在購買。

And in both cases, we have a leading portfolio that is showing at in the progress that we are making in this category.

在這兩種情況下，我們都擁有領先的產品組合，顯示出我們在此類別中取得的進展。

Got it.

知道了。

That's helpful.

這很有幫助。

And then for my follow-up, do you have any updates on customer adoption of AI PCs?

然後，作為我的後續問題，您對客戶採用 AI PC 有什麼最新消息嗎？

Like do you still see them composing 20% of PC shipments this year?

您是否仍認為它們今年將佔據 PC 出貨量的 20% 呢？

And a 40% to 60% adoption rate into calendar year 2017?

到 2017 年採用率將達到 40% 至 60% 嗎？

And then any change to the 5% to 10% premium versus traditional PCs?

那麼與傳統 PC 相比，5% 至 10% 的溢價有什麼變化嗎？

Yeah.

是的。

Of course, yes.

當然可以。

Our core expectation is that the penetration this year -- at the end of this year, we'll be more in the 25% range, but slightly higher than the 20% you mentioned.

我們的核心預期是，今年年底的滲透率將達到 25% 左右，但略高於您提到的 20%。

We have not changed our projection for two years from now.

我們對今後兩年的預測不會改變。

We continue to expect it to be between 40% and 50%.

我們仍然預計這一比例將在 40% 至 50% 之間。

And then in terms of average selling price, our expectation continues to be -- that it will be at an average between 5% and 10% higher than what it is today driven by the penetration of AI PCs.

然後就平均售價而言，我們預計，由於人工智慧個人電腦的普及，它將比現在平均高出 5% 到 10%。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

First one for Karen.

第一個是 Karen。

If you -- I appreciate all the color you shared about first half versus second half seasonality.

如果您——我很感謝您分享的有關上半年和下半年季節性變化的所有細節。

But when you look at the second half versus first half, that's a very material increase in earnings, I think, 33%, which has never happened historically, despite other times when you have done restructuring.

但是，當你將下半年與上半年進行比較時，你會發現收益有了非常顯著的增長，我認為增長了 33%，這在歷史上從未發生過，儘管在其他時候你也進行過重組。

And even if you take into account the run rate, and this is at a gross level of restructuring and flow that through at some net rate that you have done historically.

即使你考慮到運行率，這也是重組的總體水平，並且按照歷史上的某個淨利率流動。

It just doesn't add to the full bridge.

它只是沒有添加到全橋中。

So I'm just hoping you could shed some color on what are -- which one of these drivers should we really be focused on, especially given the fact that the tariff environment still remains uncertain.

所以我只是希望您能夠解釋一下——我們應該真正關注哪個驅動因素，特別是考慮到關稅環境仍然不確定。

And so PC uptake has also been disappointing over the last several quarters.

因此，在過去幾個季度，個人電腦的普及率也令人失望。

How confident should we feel that this kind of seasonality can be achieved?

我們應該有多大信心能夠實現這種季節性？

And I have a follow-up, please.

我還有一個後續問題。

Yes.

是的。

Thanks for the question, Wamsi.

謝謝你的提問，Wamsi。

So I'm going to step back and just talk about why we're confident in our EPS guide and the ramp that we talk about between the first and the second half.

因此，我將退一步並談談為什麼我們對我們的每股盈餘指南以及我們談論的上半年和下半年之間的成長充滿信心。

I'd start with just a reminder that given the seasonality for our business, EPS is historically stronger in the second half.

首先我想提醒一下，考慮到我們業務的季節性，從歷史上看，下半年的每股盈餘會更強勁。

But specific to this year, on top of that, we expect both revenue and cost to improve in the back half.

但具體到今年，除此之外，我們預計下半年收入和成本都會改善。

And on revenue, we expect more pronounced PS seasonality tied to the PC recovery, which includes the Windows 11 refresh and the ramp of AI PC. We also expect continued mix shift to premium, including a higher penetration of AI PCs as we move through the year, which leads to higher ASPs, and we expect continued momentum in our growth segments that will help improve our margin profile.

在收入方面，我們預計與 PC 復甦相關的 PS 季節性將更加明顯，其中包括 Windows 11 的更新和 AI PC 的提升。我們也預計，隨著今年的到來，產品組合將繼續向高端轉移，包括人工智慧個人電腦的滲透率將提高，這將帶來更高的平均售價，而且我們預計成長部門將繼續保持強勁勢頭，這將有助於提高我們的利潤率。

And in cost, we expect reduced commodity costs because we're qualifying lower-cost components right now.

在成本方面，我們預計商品成本會降低，因為我們目前正在認證低成本的組件。

We're also further driving consolidated volumes through strategic partners that can provide us with a cost advantage.

我們也透過能夠為我們提供成本優勢的策略合作夥伴進一步推動綜合銷售。

And we've got incremental savings from our future-ready plan.

而且，我們從面向未來的計劃中獲得了增量節省。

And then lastly, we've got a step down in our corporate other costs as we move past the first half of our year.

最後，隨著今年上半年的到來，我們的企業其他成本已經下降。

So I'd say all of these things, along with the momentum you've seen already driving our revenue growth the last couple of quarters give us confident this ramp.

因此，我想說，所有這些因素，加上過去幾個季度我們已經看到的推動我們收入成長的勢頭，讓我們對這一成長充滿信心。

Let me emphasize a couple of the comments that Ken made.

讓我強調一下肯所提出的幾點評論。

I think test analysis that you were describing, Wamsi, there is both improvement on the revenue side and improvement on the cost side.

Wamsi，我認為您所描述的測試分析在收入方面和成本方面都有所改善。

And the combination of both is what drives us -- brings us confidence in the guide that we have provided.

兩者的結合推動著我們——讓我們對我們所提供的指南充滿信心。

As Karen said also at the beginning, we are including in the guide the impact of the current tariffs in -- for China.

正如卡倫一開始所說的，我們在指南中考慮了當前關稅對中國的影響。

We are not including the rest.

我們不包括其餘部分。

We think it's difficult to speculate, and it's hard to know exactly what the tariffs will be.

我們認為很難猜測，很難確切知道關稅是多少。

So we are not including that in the guide.

因此我們沒有將其納入指南中。

Okay.

好的。

Thanks for that.

謝謝。

Can I just ask around the tariff piece, right?

我可以就關稅問題詢問一下嗎？

So is it -- could you just clarify if it's a 10% tariff that you're incorporating in China or are there some news this morning of an incremental 10% or are you incorporating a full 20% rate at the moment?

那麼，你能否澄清一下，你們在中國徵收的關稅是 10% 嗎？

That's my clarification.

這就是我的澄清。

And just in light of that, if you think that you will have to utilize pricing I mean as you have decoupled your supply chain, let's say, away from China, if other PC makers are unable to do that, would you say you would utilize pricing as a lever to take share or how should we think about that?

有鑑於此，如果您認為您必須利用定價，我的意思是，由於您已經將供應鏈與中國脫鉤，如果其他個人電腦製造商無法做到這一點，您是否會利用定價作為槓桿來搶佔市場份額，或者我們應該如何看待這一點？

Sure.

當然。

So first of all, as Karen said at the beginning of the call, we are including only in the guide what is official.

首先，正如凱倫在通話開始時所說，我們只在指南中包含官方內容。

And at this point, only the first 10% tariff increase is built into the plan.

目前，該計劃僅考慮了首次10%的關稅上調。

Depending on what happens, we will -- I mean, we need to see what happens now for China or other parts of the world, but we are not including that in the guidance.

根據發生的情況，我們將——我的意思是，我們需要看看現在中國或世界其他地區發生的情況，但我們不會將其納入指導範圍。

In terms of how will we manage the situation, you know that our goal continues to be profitable growth, and we look at tariff as another area of cost.

關於我們如何應對這種情況，你知道我們的目標仍然是獲利成長，而我們將關稅視為另一個成本領域。

And if we have that advantage, we may use it for price, we may use it to create better profit to be able to invest in other areas.

如果我們擁有這種優勢，我們可能會利用它來提高價格，可能會​​利用它來創造更好的利潤，以便能夠在其他領域進行投資。

We will see how -- depending how the situation goes, we will go one direction or another.

我們將會看到——根據情況如何發展，我們將朝一個方向或另一個方向發展。

Our goal for the rest of the year is to do better than the market, as Karen has explained in the guide.

正如 Karen 在指南中所解釋的那樣，我們今年剩餘時間的目標是表現優於市場。

So our expectation is that we will be gaining share, especially in the commercial space, especially in premium.

因此，我們預期我們的份額將會增加，特別是在商業領域，特別是高端市場。

And I would also say, Wamsi, that with the future tariffs, we plan to use the same playbook that we've already used for the first 10% in China.

瓦姆西，我還要說，對於未來的關稅，我們計劃使用與對中國徵收前 10% 關稅相同的策略。

So should there be more in China, we've got the playbook.

所以，如果中國出現更多這類事件，我們已經準備好應對策略。

Would there be more somewhere else, we're going to run that same playbook.

如果在其他地方還會有更多的話，我們將運行相同的劇本。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Hi.

你好。

It's actually [Dylan Liuma] for Erik.

這其實是 [Dylan Liuma] 為 Erik 所寫。

So my question is, can you help us better understand when you expect the current commodity cycle to reflect to a tailwind to margins?

所以我的問題是，您能否幫助我們更了解您預計當前商品週期何時會為利潤率帶來順風？

And would you try to hold pricing at that time?

那時您會嘗試維持價格不變嗎？

Or would you be willing to pass those savings back to a customer at that time?

還是您願意將節省的這些資金回饋給客戶？

And I have a follow-up after this.

我對此還有後續行動。

Yes.

是的。

For the full year, we expect commodity will continue to be a headwind for margin for the full year, but we expect to see improvements quarter over quarter starting in Q2 that's the best view that we have at this point.

就全年而言，我們預計大宗商品將繼續成為全年利潤率的阻力，但我們預計從第二季開始利潤率將逐季改善，這是我們目前所看到的最佳看法。

And again, how will we use that will depend on the competitive environment.

再次，我們如何利用它將取決於競爭環境。

Again, our goal is to drive profitable growth and we will be looking at pricing and other tools depending on what the situation will be.

再次強調，我們的目標是推動獲利成長，我們將根據具體情況考慮定價和其他工具。

Got it.

知道了。

Just to follow up, I want to make sure we understand your personal system comments.

只是為了跟進，我想確保我們了解您的個人系統評論。

So last quarter, you talked about a mid-single-digit unit growth with ASP growth later on top of that.

上個季度，您談到了中等個位數的單位成長，隨後是 ASP 成長。

And is it correct to think that you're now expecting a better than mid-single-digit unit growth or how material is the outperformance you're now betting in the full-year guidance?

您現在預計銷售成長率將高於中位數個位數，或者您現在對全年業績預期的預測有多重要？

Yes.

是的。

I would say right now, we're saying for PS that we expect to continue to gain share, particularly in commercial and grow faster than the market.

我現在想說，對於 PS，我們預計將繼續獲得份額，特別是在商業領域，並且成長速度快於市場。

And our expectations for the total market have not radically changed as what we were saying a quarter ago, so no changes there.

而且我們對整個市場的預期並沒有像我們一個季度前所說的那樣發生根本性的變化，所以沒有變化。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Just as a follow-up to the prior one around Personal Systems growth and the PC market.

這只是對先前關於個人系統成長和 PC 市場問題的後續討論。

Can you just talk about what element got better?

能談談哪些元素變得更好了嗎？

It sounded like Personal Systems performance in the quarter, was in line.

聽起來個人系統本季的表現符合預期。

Is the April outlook better than you had originally anticipated?

四月的前景是否比您原先預期的要好？

Is it the back half?

是後半部嗎？

Any color there would be helpful.

任何顏色都有幫助。

Yeah.

是的。

I think more -- it's not only the market that we expect to perform as we were saying a quarter ago, is really the momentum that we see, and this is being translated into results.

我認為更重要的是——這不僅是我們預期的市場表現，正如我們一個季度前所說的那樣，這是我們真正看到的勢頭，而且這正在轉化為結果。

If you look at the growth that we had this quarter on commercial of 10%.

如果你看一下我們本季商業業務的 10% 成長率。

This is clearly an improvement from where we were a quarter ago.

這顯然比一個季度前的情況有所改善。

And when we look at the momentum, the progress that we see in the market, this gives us confidence in the projections that we have shared for the rest of the year.

當我們觀察市場的發展動能和進展時，我們對今年剩餘時間的預測充滿信心。

Great.

偉大的。

And I wanted to follow up on the Humane acquisition and the investments in the intelligent ecosystem across the HP devices.

我想跟進 Humane 的收購以及對 HP 設備智慧生態系統的投資。

Is this a reference and an investment in workforce solutions and DEX, if you could just expand on your vision there and the momentum that you think you can get in that piece of the business?

這是對勞動力解決方案和 DEX 的參考和投資嗎？

Sure.

當然。

I think it's really the impact of Humane will be beyond workforce solutions and that part of the company.

我認為 Humane 的影響確實會超越勞動力解決方案和公司本身。

When we think that this is a smart acquisition for us, we have got into the company a very talented team with a lot of experience in AI development and create offer portfolio a great set of total assets that we can integrate in to really drive the future of work strategy.

當我們認為這是一次明智的收購時，我們已經為公司引入了一支非常有才華的團隊，他們在人工智慧開發方面擁有豐富的經驗，並創建了產品組合，我們可以將這些資產整合在一起，真正推動未來的工作策略。

What you will see us doing is use those total assets to accelerate the deployment of AI at the edge and accelerate our plans there and also to accelerate what we call the better-together experience of having our products connecting amongst themselves and offering a much better and radically simpler to experience to our customers.

您將看到我們所做的是利用這些總資產來加速邊緣人工智慧的部署，加速我們在那裡的計劃，同時也加速我們所謂的更好的融合體驗，即讓我們的產品相互連接，並為我們的客戶提供更好、更簡單的體驗。

For example, one of the first areas we're going to be deploying that is in having our PCs and video conferencing rooms connecting in a seamless way, which we know is a big pain point for customers.

例如，我們要部署的首批領域之一就是讓我們的個人電腦和視訊會議室無縫連接，我們知道這對客戶來說是一個很大的痛點。

I'm sure that all of you experienced that when you have to go to a conference room, that will be the first area where we will use some of the technologies from Humane, and we expect to do that in the coming quarters.

我相信大家都有過這樣的經驗：當你必須去會議室時，那將是我們第一個使用 Humane 的一些技術的地方，我們預計將在未來幾個季度內做到這一點。

Asiya Merchant, Citigroup.

花旗集團亞洲商人。

This is Mike Cadiz for Asiya Merchant at Citi.

我是花旗銀行亞洲商戶部的 Mike Cadiz。

So can I ask how do you think about the PC industry growth rate for this year some external parties are saying maybe 4% to 5%.

那麼我可以問一下您如何看待今年的個人電腦產業的成長率嗎？

We at Citi are saying about 4%.

花旗銀行給的預測是 4% 左右。

And then if you layer on top of that your price increases can one relatively safely assume that PCs can see high single digits this year?

那麼，如果在此基礎上再增加價格，我們是否可以相對安全地假設今年個人電腦的價格將出現高個位數成長？

So the answer is yes.

所以答案是肯定的。

As I said before, our projections for the market continue to be the mid-single-digit growth for units.

正如我之前所說，我們對市場的預測仍然是單位數的中等個位數成長。

We haven't changed that, which is aligned with what most of the industry analysts are saying and we expect pricing to have a positive impact on top of that, and we expect to be growing faster than the market.

我們沒有改變這一點，這與大多數行業分析師的說法一致，我們預計定價將在此基礎上產生積極影響，並且我們預計將以比市場更快的速度增長。

And then as my follow-up, could you add more color and characterize PC demand across the different segments like consumer SMB and large enterprise piece?

然後作為我的後續問題，您能否補充更多細節並描述不同領域（例如消費者 SMB 和大型企業部分）的 PC 需求？

Let me provide some color.

讓我提供一些顏色。

Last quarter, we saw growth both in the -- in terms of unit, both growth in both the consumer and the commercial space.

上個季度，我們看到了消費者和商業領域單位數量的成長。

In the consumer space, was more driven by lowering products in the commercial space cost more balance.

在消費領域，更多的是透過降低產品成本來推動商業領域的更加平衡。

If I go through segments, we saw growth in the government space.

如果我仔細觀察各個部分，我們會發現政府領域出現了成長。

We saw significant growth in the enterprise and SMB spaces, and we only saw a decline in the education category.

我們看到企業和中小型企業領域出現了顯著的成長，而教育類別則出現了下滑。

So overall, fairly solid growth for PCs and again, especially in the commercial -- in the more premium categories.

因此總體而言，個人電腦的成長相當穩健，特別是在商用和更高端的類別中。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

This is Steven calling on behalf of Krish.

我是史蒂文，代表克里什打電話來。

My first question is regarding your print business.

我的第一個問題是關於你們的印刷業務。

I guess, in the UK, like, just given the ongoing strength of the US dollar, I know this is sort of value control, but given the pricing power that some of your Japanese competitors have, do you feel like there could be a longer-term structural disadvantage that you guys have, and are you seeing any of the pricing disadvantage still into commercial contract pricing?

我想，在英國，鑑於美元持續走強，我知道這是一種價值控制，但考慮到你們一些日本競爭對手的定價權，你是否覺得你們可能存在長期結構性劣勢？

Well, we continue to see a very competitive environment on the print side, but not more competitive than what we have seen during the last few quarters.

嗯，我們繼續看到印刷方面的競爭環境非常激烈，但並不比過去幾季的競爭更激烈。

And we are not expecting it to change in the coming quarters, and this is what we're using as a planning assumption.

我們預計它在未來幾季不會發生變化，這就是我們用作規劃假設的情況。

Despite of that, and driven by enabled by the work that we did in cost, we grew share in the prime space this quarter, especially in the home side.

儘管如此，由於我們在成本方面所做的努力，本季我們在主要市場的份額有所增長，尤其是在主場。

And our plan continues to be to drive profitable growth and really focus on the more profitable customer side as we have -- as we have been during the last year.

我們的計劃仍然是推動獲利成長，並真正關注更有利可圖的客戶方面，就像我們去年所做的那樣。

And for my second question, I had one for Karen regarding inventories.

我的第二個問題是關於庫存的，想問 Karen。

I just wanted to clarify for the second quarter.

我只是想澄清一下第二季的情況。

Just given your comment earlier on negative free cash flow I was wondering if that was implying further growth in inventories?

剛才您提到了負自由現金流，我想知道這是否意味著庫存進一步成長？

And if so, is that more on the component side or finished good side?

如果是這樣，那麼這更多的是在組件方面還是在成品方面？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

It was not necessarily implying further growth in inventory, though we might take advantage of strategic buys like we do in any given quarter.

這並不一定意味著庫存進一步成長，儘管我們可能會像在任何特定季度一樣利用策略性購買。

It was really taking into account the fact that we took on extra inventory that we will pay and accounts receivable this quarter, which will impact our cash conversion cycle.

這實際上考慮到了我們本季承擔了額外的庫存，我們將支付這些庫存和應收帳款，這將影響我們的現金轉換週期。

And this was one of the actions that we do to mitigate the impact of tariffs.

這是我們為減輕關稅影響而採取的措施之一。

We grew -- we increased the amount of finished good inventories in the US so we could respond to it, we could protect some shipments from a tariff increase.

我們擴大了業務——我們增加了美國成品庫存量，以便我們能夠對此做出反應，能夠保護部分貨物免受關稅上調的影響。

And again, we said that that's not going to impact our full year free cash flow, it's a timing impact only.

我們再次強調，這不會影響我們全年的自由現金流，只是時間上的影響。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

This is Jake on for Aaron.

這是傑克 (Jake) 代替亞倫 (Aaron)。

Maybe to start out, I was wondering if you could just give some additional color around the competitive environment for print within China.

首先，我想知道您是否可以進一步介紹中國印刷業的競爭環境。

Maybe specifically around supplies and how that has potentially changed over the last few quarters?

也許具體涉及供應情況以及過去幾季供應情況可能發生的變化？

Sure.

當然。

I'll take the question.

我來回答這個問題。

So we haven't seen from a supplies competitive perspective are radical change from what we have been in China or actually anywhere in the world.

因此，從供應競爭的角度來看，我們並沒有看到與中國或世界任何地方相比發生根本性的變化。

We -- the Supplies business is performing well.

我們的供應業務表現良好。

We have been able to both -- to continue to grow share overall, which is one of our key plans, key strategies, as you know, and we are very pleased with the progress we are making overall.

我們已經能夠——繼續擴大整體份額，這是我們的關鍵計劃和關鍵策略之一，正如你所知，我們對整體的進展感到非常滿意。

Great.

偉大的。

And maybe just as a follow-up, I think you noted some strength in consumer subscriptions.

也許只是作為後續問題，我認為您注意到了消費者訂閱方面的一些優勢。

I was just wondering if you could give some extra color there.

我只是想知道您是否可以在那裡添加一些額外的顏色。

Sure.

當然。

Thank you.

謝謝。

So yes, in terms of our key growth areas, this is one of the areas where we continue to see more solid growth.

因此，就我們的關鍵成長領域而言，這是我們繼續看到更穩健成長的領域之一。

We had double-digit revenue growth this quarter.

本季我們的營收實現了兩位數的成長。

We continue to grow the number of subscribers -- and we highlighted in the call that we are launching additional services, for example, paper, they also have been good traction, and we surpassed 1 million subscribers for our paper program.

我們的訂閱用戶數量持續成長，我們在電話會議中強調，我們正在推出其他服務，例如紙本版，這些服務也取得了良好的發展勢頭，我們的紙本訂閱用戶數量已超過 100 萬。

And as I have said before, this is a service to deliver paper at the home of our customers and is, I would call premium paper because this is really driven by convenience, not driven by price.

正如我之前所說，這是一種將紙張送到客戶家中的服務，我稱之為優質紙張，因為這確實是為了方便，而不是為了價格。

We have also expanded the rest of the offering that we have.

我們也擴大了其餘產品的供應範圍。

And in the all-in program where customers get the printer and also consumables.

在一體化方案中，客戶可以獲得印表機和耗材。

We have added the big tank products which is also a strong differentiator for this category of products in the market.

我們增加了大容量產品，這也是市場上該類別產品的強大差異化因素。

So we are really pleased with the program that progress we are making in this space.

因此，我們對該計劃在該領域取得的進展感到非常高興。

Alek Valero, Loop Capital.

Loop Capital 的 Alek Valero。

Hey, guys.

嘿，大家好。

Thanks for taking the question.

感謝您回答這個問題。

This is Alek on for Ananda.

這是 Alek 為 Ananda 表演的。

My first question is what kind of back office assumptions have you baked into your assumptions for print?

我的第一個問題是，您在製定印刷假設時考慮了哪些後台假設？

I could go back to office, I think you said, we are not assuming any radical change in terms of those assumptions and that the situation will remain fairly stable in the coming quarters.

我可以回到辦公室，我想你說過，我們不會假設這些假設會發生任何根本性的變化，而且未來幾季情況將保​​持相當穩定。

As a quick follow-up, do you guys have any thoughts on the competitors' landscape and IPCs given that there's new players coming to market, such as NVIDIA, do you potentially view this as a positive for greater AI PC market adoption?

作為一個快速的跟進，你們對競爭對手的格局和 IPC 有什麼看法，考慮到 NVIDIA 等新玩家進入市場，您是否認為這對 AI PC 市場更廣泛採用有積極作用？

Well, we are working with NVIDIA to integrate their technology into AI PC. NVIDIA has been, and we expect to continue to be a key partner for us, and you will see us introducing very exciting products with their technology in the coming quarters.

嗯，我們正在與 NVIDIA 合作，將他們的技術整合到 AI PC 中。 NVIDIA 一直是我們的重要合作夥伴，我們希望繼續成為我們的合作夥伴，您將看到我們在未來幾季推出採用其技術的非常令人興奮的產品。

That will conclude our question-and-answer session.

我們的問答環節到此結束。

And I'll now turn the call back over to Enrique Lores for closing remarks.

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.

完美的。

Thank you.

謝謝。

Thank you, everybody, for joining the call today.

感謝大家今天的電話會議。

We know it's a little bit later than other times.

我們知道這比其他時間晚一點。

So I really thank you for staying with us.

所以我真的很感謝您和我們在一起。

And I just want to finish by reemphasizing some of the comments we have made today.

最後，我只想再次強調我們今天所發表的一些評論。

First, we are pleased with the results that we achieved in Q1, not only from a financial perspective, but also from a competitive and from an innovation perspective because show the way we are going to be going forward.

首先，我們對第一季的業績感到滿意，不僅從財務角度，而且從競爭和創新角度，因為它展示了我們前進的方向。

Second, we are pleased with the momentum that we have in the market, and this is why we maintain the guide that we provided last quarter despite, for example, the incremental tariffs that we have seen in China.

其次，我們對市場的發展勢頭感到滿意，這就是為什麼儘管中國增加了關稅，我們仍維持上個季度提供的指導方針。

And third, when we look at the future, we are really excited about the opportunity we see in the future of work, and this is really what is driving the innovation and the plans that we have for new products and new services.

第三，當我們展望未來時，我們對未來工作中看到的機會感到非常興奮，這才是真正推動創新和製定新產品、新服務計畫的動力。

Thank you again, and looking forward to talk to you again next quarter.

再次感謝您，並期待下個季度再次與您交談。

Thank you.

謝謝。

And that concludes our call today.

今天的通話到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。