惠普 (HPQ) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the second quarter 2025 HP Inc earnings conference call. My name is Tina, and I will 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 2025 年第二季 HP Inc 收益電話會議。我叫蒂娜，我將擔任今天電話會議的主持人。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

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

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

Good afternoon, everyone, and welcome to HP's second quarter '25 earnings conference call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer.

大家下午好，歡迎參加惠普 2025 年第二季財報電話會議。今天與我一起出席的還有惠普總裁兼執行長 Enrique Lores；以及惠普財務長凱倫‧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. We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com.

在將通話交給恩里克之前，請允許我提醒您，本次通話是網路直播，通話結束後不久，我們的網站上將提供重播，持續約一年。我們在投資者關係網頁 investor.hp.com 上發布了收益報告和隨附的幻燈片簡報。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions.

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。有關詳細信息，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. 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.

有關這些風險、不確定性和假設的討論，請參閱 HP 的 SEC 報告，包括我們最新的 10-K 表格。HP 不承擔任何義務，也不打算更新任何此類前瞻性聲明。我們還注意到，本次電話會議中討論的財務資訊反映了基於​​現有資訊的估計，可能與惠普最終在 SEC 文件中報告的金額有重大差異。

During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period. In addition, unless otherwise noted, references to HP channel inventory refer to Tier 1 channel inventory and market share references are based on calendar quarter information. For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to 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 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。對於以非 GAAP 基礎表達的財務訊息，我們已納入與可比較 GAAP 資訊的對帳。請參閱今天的收益報告隨附的表格和幻燈片簡報以了解這些對帳情況。

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. Against the backdrop of a highly dynamic landscape, we delivered another quarter of solid top line growth driven by continued momentum in the Personal Systems Commercial business. However, due to additional tariff costs that could not be fully mitigated in the quarter, our non-GAAP operating profit fell short of expectations.

謝謝你，Orit。感謝大家參加今天的電話會議。在高度動態的市場環境下，受個人系統商用業務持續成長的推動，我們在本季實現了穩健的營收成長。然而，由於本季無法完全抵銷額外的關稅成本，我們的非公認會計準則營業利潤未達預期。

Today, we will take a deeper dive into Q2 performance, the evolving external environment and our outlook. I will also highlight new innovations we introduced to drive our momentum forward. Let me start with our Q2 results.

今天，我們將深入探討第二季的表現、不斷變化的外部環境以及我們的展望。我還將重點介紹我們為推動前進勢頭而引入的新創新。讓我先從我們的第二季業績開始。

Overall, we delivered revenue growth for the fourth consecutive quarter with a 5% increase in constant currency year-over-year. We saw strong growth in Personal Systems, particularly in Commercial and high-value categories, driving momentum in our key growth areas. These meaningful results show that our Future of Work strategy is working.

整體而言，我們連續第四個季度實現營收成長，以固定匯率計算年增 5%。我們看到個人系統業務強勁成長，尤其是商業和高價值類別，推動了我們關鍵成長領域的發展勢頭。這些有意義的結果表明我們的未來工作策略正在發揮作用。

Nonetheless, the rapidly changing external landscape, including shift in trade policies and additional tariffs, had a net impact of approximately 100 basis points on our non-GAAP operating profit, mainly in April and primarily impacting Personal Systems. This resulted in a roughly $0.12 impact on our non-GAAP earnings per share. By net impact, we are referring to all tariff-related impacts after taking into account the mitigation actions.

儘管如此，快速變化的外部環境，包括貿易政策的轉變和額外關稅，對我們的非公認會計準則營業利潤產生了約 100 個基點的淨影響，主要發生在 4 月份，主要影響個人系統。這對我們的非公認會計準則每股收益產生了約 0.12 美元的影響。淨影響是指考慮到緩解措施後所有與關稅相關的影響。

We swiftly responded to these changing market dynamics and were able to partially offset them in the quarter through cost actions, pricing and accelerating the transition of our manufacturing footprint. We continue to diversify our manufacturing locations so that we can best respond to geopolitical changes with agility. We have expanded our manufacturing footprint for both PCs and printers to different locations and we recently increased our production coming from Vietnam, Thailand, India, Mexico and the US.

我們迅速應對這些不斷變化的市場動態，並在本季透過成本行動、定價和加速製造足跡的轉型部分抵消了這些變化。我們持續實現生產地點多元化，以便能夠靈活地應對地緣政治變化。我們已將個人電腦和印表機的製造業務擴展到不同地點，最近我們增加了來自越南、泰國、印度、墨西哥和美國的產量。

By the end of June, we now expect literally all of our products sold in North America will be built outside of China, significantly accelerating our previous plan. However, it takes time and investment to fully mitigate such impacts.

到 6 月底，我們預計我們在北美銷售的所有產品都將在中國以外生產，這將大大加快我們先前的計劃。然而，完全減輕這種影響需要時間和投資。

Let me now share more color on our business unit performance. In Personal Systems, revenue grew 8% in constant currency, above our expectations, driven by strong commercial performance. PC Commercial revenue grew 9% year-over-year, including strong growth in North America and Asia. As expected, we saw continued strength in AI PC demand and the Windows 11 Refresh. And we believe that momentum will carry forward.

現在讓我分享更多關於我們業務部門業績的資訊。個人系統業務方面，受強勁商業表現的推動，收入按固定匯率計算增長了 8%，超出了我們的預期。PC 商業收入較去年同期成長 9%，其中北美和亞洲的強勁成長。正如預期的那樣，我們看到 AI PC 需求和 Windows 11 Refresh 持續強勁。我們相信，這股勢頭將會繼續維持下去。

We drove share gains year-over-year in Commercial PC, particularly in premium, workstations, AI PCs and Gaming. We drove growth in services with several new wins in health care, financial services and retail. Personal Systems operating margin came in below our guidance, largely due to higher tariffs that were not fully offset by our actions in the quarter. We expect to successfully mitigate this cost and return to our long-term target range of 5% to 7% next quarter.

我們推動商用電腦市佔率年增，尤其是高階電腦、工作站、人工智慧電腦和遊戲電腦。我們在醫療保健、金融服務和零售領域取得了許多新勝利，推動了服務業的成長。個人系統營業利潤率低於我們的預期，主要是由於本季我們採取的行動未能完全抵銷更高的關稅。我們預計將成功降低這一成本，並在下個季度恢復到 5% 至 7% 的長期目標範圍。

In Print, revenue declined 3% in constant currency, in line with our expectations. We saw revenue growth across home and office in Europe, helping to offset a slowdown in North America and continued weak demand in China. And we continue to drive momentum in home with units up 2%, fueled by strong Big Tank growth. We grew share year-over-year in developed markets, optimizing profitable share, mainly in office A4 value and AV.

印刷業務收入以固定匯率計算下降了 3%，符合我們的預期。我們看到歐洲家庭和辦公室的收入成長，有助於抵消北美經濟放緩和中國持續疲軟的需求。在 Big Tank 強勁成長的推動下，我們繼續推動國內業務發展勢頭，銷量成長 2%。我們在已開發市場的份額逐年增長，獲利份額不斷優化，主要體現在辦公室 A4 價值和 AV 方面。

In our key growth areas for Print, we saw continued growth in consumer subscriptions and workforce solutions, and we drove another quarter of growth in industrial graphics, supported by the portfolio launched at Drupa, confirming the high adoption of our new product introductions. Our focus remains on what we can control, executing with discipline, supporting our customers and making strategic decisions that position HP for the long term.

在我們印刷業務的關鍵成長領域，我們看到消費者訂閱和勞動力解決方案持續成長，並且我們推動了工業圖形業務的另一個季度的成長，這得益於在德魯巴展會上推出的產品組合，證實了我們新產品的廣泛採用。我們仍然專注於我們能夠控制的事情，嚴格執行，支持我們的客戶，並制定有利於惠普長期發展的策略決策。

Now let's turn to the significant strides we made in innovation. This quarter, we advanced our strategy to lead the Future of Work by delivering experiences that help businesses grow and employees find greater professional fulfillment. At our global AMPLIFY conference in March, we deepened relationships with over 1,100 partners and customers. We unveiled more than 80 new products and services, and the positive reactions from attendees reaffirmed our direction.

現在讓我們來回顧一下我們在創新方面所取得的重大進步。本季度，我們推進了引領未來工作模式的策略，透過提供有助於企業發展和員工獲得更大職業成就感的體驗。在三月舉行的全球 AMPLIFY 會議上，我們與 1,100 多家合作夥伴和客戶加深了關係。我們推出了 80 多種新產品和服務，與會人員的積極反應再次堅定了我們的方向。

A key highlight was the global rollout of the HP Workforce Experience platform, combining AI with real-time insights, this forward solution enables CIOs to boost productivity and address issues before they disrupt work. Feedback from our early adopters has been incredibly positive, highlighting the platform's impact on workplace efficiency and its role in improving employee satisfaction.

一個關鍵亮點是 HP Workforce Experience 平台的全球推廣，該平台將人工智慧與即時洞察相結合，這項前瞻性解決方案使 CIO 能夠提高生產力並在問題擾亂工作之前將其解決。我們的早期採用者的回饋非常積極，突顯了該平台對工作效率的影響及其在提高員工滿意度方面的作用。

To accelerate the adoption of AI and bring its benefits to the mainstream, we introduced one of the most comprehensive AI PC portfolios in the industry. This portfolio features the redesigned HP EliteBook and EliteDesk engineered to help people work smart and faster while keeping their data secure.

為了加速人工智慧的採用並將其優勢帶入主流，我們推出了業界最全面的人工智慧 PC 產品組合之一。產品組合包括重新設計的 HP EliteBook 和 EliteDesk，旨在幫助人們更聰明、更快速地工作，同時確保資料安全。

To enhance advanced workflows for data scientists and AI developers, we teamed up with NVIDIA to launch the HP ZGX AI Station, a high-performance workstation powered by Blackwell and designed to accelerate productivity and enhance security.

為了增強資料科學家和人工智慧開發人員的高級工作流程，我們與 NVIDIA 合作推出了 HP ZGX AI Station，這是一款由 Blackwell 提供支援的高效能工作站，旨在提高生產力並增強安全性。

In Print, we are leading the way in security with our new LaserJet Enterprise devices, the first printers in the world designed to guard against quantum computer attacks. And our industrial print team received five prestigious European Digital Press Award, recognizing our bold vision to lead the industry for automation, productivity and sustainability.

在列印領域，我們以全新的 LaserJet Enterprise 設備引領安全潮流，這是世界上第一台專為防禦量子電腦攻擊而設計的印表機。我們的工業印刷團隊獲得了五個享有盛譽的歐洲數位印刷獎，這是對我們引領行業實現自動化、生產力和可持續性的大膽願景的認可。

In April, we brought our latest generation of latest technology to life engineered to simplify production and optimize printing processes. Third, we have our print hub software print shops can now drive greater efficiency and control from a single platform. This innovation played a pivotal role in our recent collaboration with Scuderia Ferrari, where we co-engineered a high-performance car prop that's up to 14% lighter and 17% thinner, translating breakthrough technology into real-world speed. The advancements across our entire portfolio this quarter demonstrate our leadership in creating a secure and powerful AI stack that connects device data and workflows to drive meaningful productivity.

四月份，我們推出了最新一代的最新技術，旨在簡化生產並優化印刷流程。第三，我們有印刷中心軟體，印刷店現在可以從單一平台提高效率和控制力。這項創新在我們最近與法拉利車隊的合作中發揮了關鍵作用，我們共同設計了一款高性能汽車道具，其重量減輕了 14%，厚度減少了 17%，將突破性技術轉化為現實世界的速度。本季我們整個產品組合的進步證明了我們在創建安全且強大的人工智慧堆疊方面的領導地位，該堆疊連接設備數據和工作流程以推動有意義的生產力。

In Q2, we acted quickly to address tariff-related headwinds, taking decisive steps like accelerating our manufacturing rebalancing, redesigning our logistics network, shift in sourcing and qualifying new product configurations. This effort both strengthen our operational agility and led the foundation for continued resilience. We will carry this momentum into Q3 and Q4 as we further reinforce our supply chain and operational capabilities.

在第二季度，我們迅速採取行動應對與關稅相關的不利因素，採取了果斷措施，例如加速製造業再平衡、重新設計物流網絡、轉變採購方式和認證新產品配置等。這項努力既增強了我們的營運靈活性，也為持續的彈性奠定了基礎。我們將把這股勢頭延續到第三季和第四季，進一步加強我們的供應鏈和營運能力。

Additionally, we have implemented price increases to help offset cost pressure. While these decisions are never taken lightly, they are essential to maintaining our financial discipline. Looking ahead, the remainder of fiscal 2025 will be shaped by a range of factors, some of which remain uncertain. We have planned for today's tariff landscape, and if it changes, we will respond swiftly as we did in Q2.

此外，我們還實施了價格上漲以幫助抵消成本壓力。雖然這些決定絕對不會輕易做出，但它們對於維持我們的財務紀律至關重要。展望未來，2025財年剩餘時間將受到一系列因素的影響，其中一些因素仍不確定。我們已經針對當今的關稅狀況​​做好了計劃，如果發生變化，我們將像第二季一樣迅速做出反應。

We continue to expect the PC market will grow in 2025, but softer than originally planned, driven by increased macro uncertainty. That said, we remain confident in our ability to grow faster than the market and gain share.

我們仍預期 2025 年 PC 市場將會成長，但由於宏觀不確定性增加，成長速度將低於最初的計畫。儘管如此，我們仍然對自己以高於市場的速度成長並獲得市場份額的能力充滿信心。

In Print, we continue to expect the market to decline low single digits for calendar year 2025. We expect the actions we are taking to gain full traction in the second half, leading to sequential operating profit improvement. We are making progress with execution of the future-ready accelerated plan that we announced last quarter, and we are now expecting to exceed our goal and deliver at least $2 billion in gross annual run rate structural savings by the end of fiscal year '25. This incremental structural savings will help mitigate macro and geopolitical uncertainties while continuing to support investments in strategic areas.

在印刷領域，我們仍然預期 2025 年市場將出現個位數的低幅度下滑。我們預計，我們正在採取的行動將在下半年獲得全面實施，從而帶來連續的營業利潤成長。我們正在執行上個季度宣布的面向未來的加速計劃，目前我們預計超越目標，到 2025 財年末實現至少 20 億美元的年度總運行率結構性節約。這種增量結構性儲蓄將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。

We are confident in our ability to navigate an evolving market. We have always excelled in managing complex environment. We have an incredible team capable of optimizing processes, implementing best practices and achieving global efficiency. As we move forward, we remain committed to delivering sustainable growth and creating long-term value for our shareholders. Our focus on harnessing the power of AI to make work more personal, productive and fulfilling will drive our success now and into the future.

我們對自己駕馭不斷發展的市場的能力充滿信心。我們在管理複雜環境方面一直表現出色。我們擁有一支出色的團隊，能夠優化流程、實施最佳實踐並實現全球效率。在前進的過程中，我們將繼續致力於實現永續成長並為股東創造長期價值。我們專注於利用人工智慧的力量使工作更加個人化、高效和充實，這將推動我們現在和未來的成功。

Let me now hand it over to Karen.

現在讓我把它交給凱倫。

Thank you, Enrique, and good afternoon, everyone. We delivered another quarter of solid top line growth driven by continued momentum in the Personal Systems commercial business, aligned with our vision of leading the Future of Work. We executed our strategy across multiple fronts, including growing share in high-value categories across Personal Systems and Print, driving momentum in our key growth areas and exercising disciplined cost management while continuing to invest in strategic initiatives.

謝謝你，恩里克，大家下午好。在個人系統商業業務持續成長的推動下，我們又實現了一個季度的穩健營收成長，這與我們引領未來工作模式的願景一致。我們在多個方面實施了我們的策略，包括增加個人系統和印刷領域高價值類別的份額，推動我們關鍵成長領域的發展勢頭，並實施嚴格的成本管理，同時繼續投資於策略舉措。

However, against the backdrop of a dynamic geopolitical landscape, our non-GAAP operating profit fell short of expectations due to additional tariff costs that could not be fully mitigated in the quarter. As a reminder, our guidance for Q2 included tariffs in place at the time. While we plan for a range of scenarios in the quarter and we worked aggressively to respond to changes in the regulatory trade environment, the tariff increases announced in April were higher than expected. That said, as you heard from Enrique, we made meaningful progress expanding our supply chain and manufacturing footprint, and we accelerated actions on cost reduction and pricing.

然而，在地緣政治格局不斷變化的背景下，由於本季未能完全抵銷額外的關稅成本，我們的非公認會計準則營業利潤未達預期。提醒一下，我們對第二季的指導包括當時實施的關稅。雖然我們為本季的一系列情況做好了計劃，並積極應對監管貿易環境的變化，但 4 月宣布的關稅上調幅度高於預期。話雖如此，正如您從恩里克那裡聽到的，我們在擴大供應鏈和製造足跡方面取得了有意義的進展，並且我們加快了降低成本和定價的行動。

However, as we indicated last quarter, the full benefit of these mitigating actions can take a few months lead time depending on the scope. So in the quarter, our operating margin was impacted by net tariff costs, mainly in Personal Systems.

然而，正如我們上個季度所指出的，這些緩解措施的全部效益可能需要幾個月的準備時間，具體取決於範圍。因此，在本季度，我們的營業利潤率受到淨關稅成本的影響，主要是個人系統方面。

Taking a closer look at the details of the quarter. Net revenue was up 3% nominally and 5% in constant currency, with growth across all regions. In constant currency, APJ grew 9%, Americas grew 5% and EMEA grew 1%. And while we made progress on the cost of good reduction actions we started at the beginning of the year, gross margin at 20.7% was down year-over-year with increased tariff and commodity costs. We drove non-GAAP operating expenses down year-over-year to help offset, including driving future-ready cost savings, continuing disciplined cost management and reducing variable compensation.

仔細查看本季的細節。淨收入名義上成長 3%，以固定匯率計算成長 5%，所有地區均成長。以固定匯率計算，亞太及日本地區成長 9%，美洲地區成長 5%，歐洲、中東和非洲地區成長 1%。雖然我們在年初啟動的降低商品成本行動上取得了進展，但由於關稅和商品成本的增加，毛利率為 20.7%，同比下降。我們推動非公認會計準則營運費用年減，以協助抵銷損失，包括推動面向未來的成本節約、持續嚴格成本管理和減少浮動薪資。

All in, our operating margin of 7.3% was impacted by roughly 100 basis points due to unmitigated tariff and related impacts, mainly in Personal Systems. Below the op profit line, non-GAAP net OI&E was flat year-over-year, in line with our expectations, with lower short-term borrowing costs offset by currency losses. Finally, with a diluted share count of approximately 956 million shares, our non-GAAP diluted net earnings per share was $0.71, reflecting the tariff and related impacts net of mitigations of approximately $0.12.

整體而言，我們的營業利潤率為 7.3%，由於未減輕的關稅和相關影響（主要在個人系統方面）受到約 100 個基點的影響。在營業利潤線以下，非公認會計準則淨營業收入和支出與去年同期持平，符合我們的預期，較低的短期借貸成本被貨幣損失所抵銷。最後，稀釋後股份數量約為 9.56 億股，我們的非 GAAP 稀釋每股淨收益為 0.71 美元，反映了關稅和相關影響扣除緩解措施後的約 0.12 美元。

Now let's turn to segment performance. We delivered another quarter of solid growth in Personal Systems with revenue up 7% nominally and 8% in constant currency, above our expectations and driven by higher Commercial volumes and increased ASPs. We did see some demand pull forward, but estimate it was minimal, accounting for less than 1% of our revenue growth. As we signaled, we drove disciplined pricing actions to help mitigate increased tariff and component costs and shifted mix toward premium categories. And momentum continued in our key growth areas, with strong performance in AI PCs, Advanced Compute and Workforce Solutions.

現在讓我們來談談細分市場的表現。個人系統業務再創佳績，本季營收名目成長 7%，以固定匯率計算成長 8%，超出預期，這得益於商業銷量增加和平均售價上漲。我們確實看到了一些需求的提前，但估計幅度很小，占我們收入成長的不到 1%。正如我們所暗示的，我們採取了嚴格的定價行動，以幫助緩解關稅和零件成本的上漲，並將產品組合轉向高端類別。我們的主要成長領域持續保持強勁勢頭，人工智慧個人電腦、進階運算和勞動力解決方案表現強勁。

We also drove commercial unit growth of 11%, gaining share overall and in premium categories as the market momentum and refresh activity continued. Commercial revenue increased 9% year-over-year with pricing actions and mix shift toward premium offset in part by currency impacts.

隨著市場動能和更新活動的持續，我們的商業單位也成長了 11%，整體和高端類別的份額均有所增長。商業收入年增 9%，定價措施和產品組合向高端轉變部分抵消了貨幣影響。

In Consumer, our results reflect our strategy to rebalance our portfolio to a more profitable mix. We saw 2% revenue growth on lower volume through favorable pricing and mix shift, including share gains and gaming. Our operating margin in Personal Systems was 4.5%, below the range we guided at the beginning of the quarter and down year-over-year from higher commodity costs and tariff costs that were not yet fully offset by repricing and cost reductions. It's worth noting that excluding the impact of tariff costs, our PS margin would have been well within our 5% to 7% guidance range.

在消費品方面，我們的表現反映了我們重新平衡投資組合、實現更有利可圖的組合的策略。透過優惠的定價和產品組合轉變（包括份額成長和遊戲），我們在銷售較低的情況下實現了 2% 的收入成長。個人系統業務的營業利潤率為 4.5%，低於本季度初我們預測的範圍，且同比有所下降，因為商品成本和關稅成本的增加尚未通過重新定價和成本削減完全抵消。值得注意的是，排除關稅成本的影響，我們的 PS 利潤率將遠低於我們 5% 至 7% 的指導範圍。

Turning to Print. Our results were in line with expectations as we continue to focus on profitable unit placement. We increased our market share in high-value categories and drove overall hardware unit growth. Our key growth areas continued to gain momentum, including revenue and subscriber growth and consumer subscriptions and industrial growth fueled by both hardware and supplies. Across Print, revenue declined 3% in constant currency on supplies declines and hardware softness in North America.

轉向列印。由於我們持續專注於獲利單位的配置，我們的業績符合預期。我們增加了高價值類別的市場份額，並推動了整體硬體單位的成長。我們的關鍵成長領域繼續獲得發展勢頭，包括收入和用戶成長以及由硬體和供應推動的消費者訂閱和工業成長。由於北美供應量下降和硬體疲軟，印刷業務收入按固定匯率計算下降了 3%。

By customer segment, we grew consumer units 3% year-over-year, led by strong growth in Big Tank. In Commercial, revenue declined 3% year-over-year on a 2% unit decline. We continued our purposeful focus on profitable long-term unit growth, gaining share in the higher-value categories of A4 and A3. Supplies performed as expected, down 3% in constant currency, and we drove favorable pricing and market share gains that were more than offset by installed base and usage headwinds. Yet we delivered strong Print operating margins, up year-over-year and above the high end of our range, reflecting rigorous cost discipline and pricing actions as well as the favorable impact of grant funding received in the quarter.

按客戶細分，我們的消費者單位年增 3%，其中 Big Tank 的強勁成長尤為突出。商業業務方面，營收年減 3%，銷量下降 2%。我們持續專注於長期獲利單位成長，在 A4 和 A3 等高價值類別中贏得份額。供應表現符合預期，以固定匯率計算下降了 3%，我們推動了有利的定價和市場份額增長，但這些增長被安裝基數和使用逆風所抵消。然而，我們實現了強勁的印刷營業利潤率，同比增長且高於我們的最高水平，這反映了嚴格的成本紀律和定價行動，以及本季度收到的贈款資金的有利影響。

We continue to execute our accelerated future-ready plan across process efficiency, automation, portfolio optimization and operational excellence. And as Enrique mentioned, we now expect to achieve cumulative gross run rate savings of at least $2 billion by the end of fiscal year '25, with no change to our estimated restructuring charges of $1.2 billion for the program. These incremental structural savings continue to be a key lever to help offset macro and geopolitical uncertainties, while also continuing to fuel investment in our key growth areas and AI innovation, all designed to position us well for long-term sustainable growth.

我們將繼續執行面向未來的加速計劃，提高流程效率、自動化、投資組合優化和卓越營運。正如恩里克所提到的，我們現在預計到 2025 財年末將實現至少 20 億美元的累計總運行率節省，而該計劃預計的 12 億美元重組費用保持不變。這些增量結構性儲蓄繼續成為幫助抵消宏觀和地緣政治不確定性的關鍵槓桿，同時也繼續推動我們的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. Our cash flow from operations was roughly $38 million in the quarter. And as expected, free cash flow was slightly negative due to the timing of payments for intentional inventory actions we took in the prior quarter as part of our overall tariff mitigation. Those payments resulted in a decrease in DPO and corresponding increase in our cash conversion cycle in Q2, also as expected.

現在讓我來談談現金流和資本配置。本季我們的經營現金流約為 3800 萬美元。正如預期的那樣，由於我們上一季作為整體關稅減免的一部分採取的有意庫存行動的付款時間，自由現金流略為負值。這些付款導致 DPO 減少，並相應增加了我們第二季的現金轉換週期，這也符合預期。

Lastly, we returned close to $400 million to shareholders through both dividends and share repurchases. A planned debt refinancing ahead of an upcoming maturity contributed to us finishing the quarter slightly above our target leverage range. So in line with our stated policy, with a temporary increase in leverage, we limited our repurchase to offsetting stock compensation dilution.

最後，我們透過股利和股票回購向股東返還了近4億美元。在即將到期的債務之前進行的計劃債務再融資使我們本季的槓桿率略高於目標槓桿率範圍。因此，根據我們既定的政策，在暫時增加槓桿的情況下，我們將回購限制在抵銷股票薪資稀釋的範圍內。

As we look ahead, we will continue to navigate a dynamic environment that may be impacted by a continuing evolution in global trade policy, broader macroeconomic trends and the associated impact on customer demand. For that reason, we believe it is prudent to moderate our guidance for the second half of the year to reflect this. In our guide, we have accounted for the added cost driven by the current tariffs in place and associated mitigations, including leveraging our supply chain flexibility, future-ready cost reductions and pricing actions. We were able to mitigate part of these costs in Q2, and we are confident that we will fully mitigate them by Q4.

展望未來，我們將繼續應對動態環境，該環境可能會受到全球貿易政策持續演變、更廣泛的宏觀經濟趨勢以及對客戶需求的相關影響的影響。因此，我們認為調整下半年的業績預期以反映這種情況是明智之舉。在我們的指南中，我們考慮了現行關稅和相關緩解措施所帶來的額外成本，包括利用我們的供應鏈彈性、面向未來的成本削減和定價行動。我們在第二季度已經能夠減輕部分成本，並且我們有信心在第四季度完全減輕這些成本。

In Personal Systems, while we expect to continue to gain share, we now expect the PC market to grow low single digits for both the second half and full calendar year given the uncertain macro environment. We still anticipate Commercial PC catalysts, including the Win 11 Refresh and AI PC adoption to drive solid revenue growth in the back half of the year, and we expect the actions we are taking to offset the cost of tariffs to gain full traction in the second half, leading to sequential improvement in Personal Systems margins in both Q3 and Q4.

在個人系統方面，雖然我們預期市場佔有率將繼續成長，但鑑於不確定的宏觀環境，我們現在預計下半年和全年個人電腦市場都將實現低個位數成長。我們仍然預計商用 PC 催化劑（包括 Win 11 Refresh 和 AI PC 的採用）將在下半年推動穩健的收入增長，並且我們預計我們為抵消關稅成本而採取的行動將在下半年獲得全面牽引力，從而導致第三季度和第四季度個人系統利潤率連續提高。

In Print, we continue to expect the market to decline low single digits for the calendar year, with the second half of the year declining closer to mid-single digits, in line with industry experts. We also expect our operating margin to continue to be near the top of our 16% to 19% long-term range for the year.

在印刷領域，我們繼續預期市場在今年將出現低個位數下滑，而下半年的下滑幅度將接近中位數個位數，這與業界專家的預測一致。我們也預計，今年我們的營業利潤率將繼續保持在 16% 至 19% 的長期區間上限附近。

Beyond the segments, we expect Corporate Other to be slightly higher, approaching $1.1 billion as we integrate the operations of our humane asset acquisition into our technology and innovation organization. With this all in, we now expect FY25 non-GAAP diluted net earnings per share to be in the range of $3 to $3.30 and FY25 GAAP diluted net earnings per share to be in the range of $2.32 to $2.62.

除了上述部門之外，隨著我們將人文資產收購業務整合到我們的技術和創新組織中，我們預計其他企業部門的支出將略高一些，接近 11 億美元。綜合考慮這些因素，我們現在預計 25 財年非 GAAP 稀釋每股淨收益將在 3 美元至 3.30 美元之間，25 財年 GAAP 稀釋每股淨收益將在 2.32 美元至 2.62 美元之間。

Turning to Q3. In Personal Systems, we expect revenue to grow high single digits sequentially as we continue to see strength in commercial aligned with our future work efforts and pricing actions. And we expect Personal Systems margins in the lower half of the 5% to 7% range, improving sequentially as a result of the mitigation efforts we are driving.

轉向 Q3。在個人系統方面，我們預計收入將連續實現高個位數成長，因為我們繼續看到商業實力與我們未來的工作努力和定價行動相一致。我們預計個人系統利潤率將在 5% 至 7% 的下半部分，由於我們正在採取的緩解措施，利潤率將比去年同期提高。

In Print, we expect Q3 revenue growth to perform better than typical seasonality on incremental hardware placements and pricing actions. We expect operating margins solidly within our 16% to 19% range as we continue to focus on profitable unit placement, tariff mitigation and disciplined cost management. With all of this, we expect third quarter non-GAAP diluted EPS to be in the range of $0.68 to $0.80 and GAAP diluted net earnings per share to be in the range of $0.57 to $0.69.

在印刷領域，我們預計第三季的營收成長將比典型的季節性表現更好，這得益於增量硬體配置和定價行動。由於我們繼續專注於盈利單位佈局、降低關稅和嚴格的成本管理，我們預計營業利潤率將穩定在 16% 至 19% 的範圍內。綜合以上因素，我們預計第三季非 GAAP 稀釋每股收益將在 0.68 美元至 0.80 美元之間，GAAP 稀釋每股淨收益將在 0.57 美元至 0.69 美元之間。

In line with our revised earnings, particularly in Personal Systems, where we have a negative cash conversion cycle, we now expect free cash flow to be in the range of $2.6 billion to $3 billion for FY25. With regard to working capital, we expect our cash conversion cycle to also be impacted by the timing of purposeful actions we are taking to mitigate the fluidity of the tariff situation.

根據我們修正後的收益，特別是個人系統業務，由於現金轉換週期為負，我們目前預計 2025 財年的自由現金流將在 26 億美元至 30 億美元之間。關於營運資金，我們預期我們的現金轉換週期也會受到我們為緩解關稅狀況的流動性而採取的有目的的行動時機的影響。

It is important to note, however, that we not only expect the impact of these actions on working capital to be temporary, but as mentioned earlier, we also expect to fully mitigate the current cost of tariffs by Q4. And on our balance sheet and capital allocation, given the impact of tariffs, we expect our leverage ratio to continue to be above our target range in Q3. That said, we remain fully 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 we do not see more attractive investment opportunities.

但值得注意的是，我們不僅預期這些行動對營運資金的影響是暫時的，而且如前所述，我們預計到第四季將完全緩解目前的關稅成本。在我們的資產負債表和資本配置方面，考慮到關稅的影響，我們預計第三季的槓桿率將繼續高於我們的目標範圍。也就是說，只要我們的總槓桿率保持在 2 倍以下，並且我們沒有看到更具吸引力的投資機會，我們仍然完全致力於隨著時間的推移將約 100% 的自由現金流返還給股東。

In closing, we responded quickly to the changing market dynamics in the quarter to address headwinds from a rapidly changing trade environment. We remain focused on what we can control and are confident that the actions we are taking are the right ones to position us for long-term profitable growth.

最後，我們對本季不斷變化的市場動態做出了快速反應，以應對快速變化的貿易環境帶來的阻力。我們始終專注於我們能夠控制的事情，並相信我們正在採取的行動是正確的，可以讓我們實現長期獲利成長。

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，開始回答你們的問題。

(Operator Instructions)

（操作員指示）

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Enrique, maybe just to start. Can you maybe add a little bit more context around your expectations for the PC market in the second half of the year? What is causing the guide down? Is it large enterprises weaker? Is it small enterprise weaker? I see the SMB that's weaker? International markets weaker? You've talked about raising prices. So I just love a little bit of context, a little more context on kind of PCs in the second half of the year, including any channel inventory comments.

恩里克，也許這只是一個開始。您能否再補充一些關於今年下半年 PC 市場的預期？什麼原因導致指南失效？是不是大企業比較弱？是不是小企業比較弱？我看到了更弱的 SMB？國際市場疲軟？您談到了提高價格。因此，我只是喜歡了解一些背景信息，更多關於下半年個人電腦的背景信息，包括任何渠道庫存評論。

And then big picture, does that just -- does this really mean that kind of Windows 11 refresher is really not a catalyst that we need to think about? If we're growing low single digits during the refresh -- during the refresh period. Just a little bit more context would be helpful. And then I have a quick follow-up.

那麼從整體來看，這是否真的意味著 Windows 11 複習真的不是我們需要考慮的催化劑？如果我們在刷新期間成長低個位數——在刷新期間。只要多提供一點背景資訊就會很有幫助。然後我有一個快速的跟進。

Sure. Thank you, Erik. So let me try to answer all the questions you have in your question. So first of all, in Q2 and in the first half, we have seen strong demand on the PC side, especially in Commercial are reflected in our results. When we think about the second half, though, we thought it was important to be more prudent in the estimation that we have for the market given a few of the trends that we see.

當然。謝謝你，埃里克。因此，讓我嘗試回答您問題中的所有問題。首先，在第二季和上半年，我們看到了PC端的強勁需求，尤其是商業領域的需求，這反映在我們的業績上。然而，當我們考慮下半年時，我們認為，鑑於我們看到的一些趨勢，對市場進行更謹慎的估計是很重要的。

First of all, we are today in a very different economic situation from where we were a few months ago in terms of both consumer and business confidence. Second, we have seen announcements across the industry for price increases in the second half. And we think the combination of both will potentially have an impact in the demand that we see. We are not integrating any effect from channel inventory. All of them are under control and they're good in a healthy position. We think that the impact will be both for Consumer and Commercial.

首先，無論從消費者信心或企業信心來看，我們今天的經濟狀況與幾個月前相比都有很大不同。第二，我們看到整個產業都宣布下半年將漲價。我們認為兩者的結合可能會對我們所看到的需求產生影響。我們沒有整合任何來自通路庫存的影響。他們全都處於控制之中並且處於健康狀態。我們認為這將對消費者和商業都產生影響。

And again, it's more a matter of prudency as we look at the second half more than we saw any trends in Q2 that we thought we were going to be impacting the overall market size in the second half. Our plan and our goal is to grow share in that market. And of course, if the market is bigger than what we are expecting today, this should be reflected in our results.

再說一次，這更多的是一個謹慎的問題，因為我們更關注下半年，而不是第二季度看到的任何趨勢，我們認為這些趨勢將會影響下半年的整體市場規模。我們的計劃和目標是擴大該市場的份額。當然，如果市場比我們今天預期的要大，這應該會反映在我們的業績上。

And I would just add, Erik, that Win 11 does remain a catalyst for the back half. And if demand comes in stronger than our moderated guide, that will be reflected in our results.

艾瑞克，我還要補充一點，Win 11 仍然是後半部的催化劑。如果需求高於我們的預期，那麼這將反映在我們的結果中。

Okay. I appreciate all that color, guys. And then maybe a follow-up, Enrique, I would just love if you could give a little bit more kind of high-level color for your growth businesses. I think it would help us all better understand kind of two key metrics there. First, just when you add up all of the growth businesses that you alluded to in your presentation, how big are them? What percentage of revenue or Personal Systems or Print? Any color that you could share on the size there?

好的。夥計們，我很欣賞這些顏色。然後也許還有後續問題，恩里克，如果你能為你的成長業務提供更多高層次的色彩，我會很高興。我認為它將幫助我們更好地理解其中的兩個關鍵指標。首先，當您把演講中提到的所有成長型企業加起來時，它們的規模有多大？個人系統或印刷品的收入佔比是多少？您可以分享一下那裡的顏色和尺寸嗎？

And then how fast are they growing? I appreciate the commentary on sequential growth, but I assume many of these businesses have different seasonality. So just how big are these businesses? How fast are they growing year-over-year? And how should we think about growth of these businesses, say, over the next one to three years? Would just love to get better context on that.

那麼它們的成長速度有多快？我很欣賞關於連續成長的評論，但我認為其中許多企業都有不同的季節性。那麼這些企業到底有多大呢？他們的年增長率有多快？那麼，我們該如何看待這些業務在未來一到三年內的成長？只是想獲得有關此問題更好的背景資訊。

Thank you, Erik. So we haven't disclosed the overall size of the business. Let me tell you the two key metrics we have shared before that continue to be true is, they are growing faster than the core businesses and the gross margin is also higher than the gross margin of the core businesses. So these two key factors continue to be true. We've seen growth businesses, we include businesses like AI PCs where we have seen very solid growth, not only quarter-on-quarter, but year-on-year.

謝謝你，埃里克。因此我們還沒有透露業務的整體規模。讓我告訴您，我們之前分享過的兩個關鍵指標仍然有效，那就是它們的成長速度快於核心業務，毛利率也高於核心業務的毛利率。因此這兩個關鍵因素仍然適用。我們看到了成長型業務，包括人工智慧個人電腦等業務，我們看到了非常穩健的成長，不僅環比成長，而且比去年同期成長。

We said that we -- our goal is for AI PCs to represent more than 25% of the PC business by the end of the year, and we are on track to meet that goal. Within growth businesses, we have also our Workforce Solutions business on services and consumer services. Both of them have very solid growth in the quarter. Within in growth businesses, we have workstations that had a very solid growth performance during the quarter, industrial print.

我們說過，我們的目標是到今年年底，人工智慧 PC 將佔據 PC 業務的 25% 以上，而我們正朝著這個目標邁進。在成長型業務中，我們也有針對服務和消費者服務的勞動力解決方案業務。本季度，兩家公司都實現了非常穩健的成長。在成長型業務中，我們的工作站在本季度實現了非常穩健的成長表現，即工業印刷。

So overall, they performed well, they performed as we were expecting, and they will see a significant part of why we continue to see the second half stronger than the first half because they will continue to drive growth for the company.

因此，總體而言，他們的表現良好，他們的表現正如我們所預期的那樣，他們將會看到為什麼我們繼續認為下半年比上半年表現強勁的很大一部分原因是他們將繼續推動公司的成長。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I have just two, both in Personal Systems. First, just on Personal Systems margins, it's encouraging to hear that you'll return to the long-term range next quarter. I was just wondering if you'll -- you're assuming that you'll be in that 5% to 7% range for the full year as well? And what are some of the key swing factors that you're watching for? And then secondly, I was just wondering if you could comment on whether you saw any Personal Systems demand pull-in in this past quarter ahead of any prospective tariffs and the current outlook there.

我只有兩個，都在個人系統中。首先，僅就個人系統利潤率而言，聽到你們下個季度的利潤率將恢復到長期範圍，我們感到很鼓舞。我只是想知道您是否認為全年成長率也會處於 5% 到 7% 的範圍內？您正在關注哪些關鍵的波動因素？其次，我只是想知道您是否可以評論一下，在任何潛在關稅和當前前景之前，您是否看到上個季度個人系統需求增加。

Yes. Thanks, Michael, for the question. In terms of PS margins, yes, we do expect our margins to be in the 5% to 7% range for the full year. Given the impact in Q2 for the full year, it's likely to be in the lower half of that range, but with good sequential improvement.

是的。謝謝邁克爾提出這個問題。就 PS 利潤率而言，是的，我們確實預計全年利潤率將在 5% 至 7% 之間。考慮到第二季對全年的影響，它可能會處於該範圍的下半部分，但會有一個連續的改善。

And in terms of pull-in, we saw some pull-in of -- in the PC space into Q2. But at the overall level, fairly small. Our estimation, having look at achievement data, sell data is less than 1 point of growth was driven by pull-in. These are relatively small number overall. Of course, if we look at North America sales is -- it would be bigger because it will represent a bigger percentage. But again, overall, at the company level or less than 1%. And this is the case for PCs. We didn't see any pull-in for print.

就吸引力而言，我們看到 PC 領域在第二​​季度出現了一些吸引力。但從整體來看，還是比較小的。根據業績數據，我們估計，銷售數據中不到 1 個百分點的成長是由拉動推動的。總體而言，這些數量相對較少。當然，如果我們看看北美的銷售額——它會更大，因為它佔比更大。但同樣，整體而言，在公司層級仍不到1％。對於個人電腦來說，情況也是如此。我們沒有看到任何可供列印的內容。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Great. couple ones. One on just AI PC. I know you're still pretty bullish on AI PCs. But if you can just help us understand what are some of the killer applications that you hear from your end customers on this mix shift towards AI PCs? And then within your expectations for PS Systems growth, how should we think about the impact of pricing and mix shift towards this AI PCs within your overall growth expectations for that segment? And then I have a quick follow-up.

偉大的。幾對。僅在 AI PC 上有一個。我知道你對人工智慧個人電腦仍然非常看好。但是，您能否幫助我們了解一下，在向 AI PC 轉變的過程中，您從最終客戶那裡聽到了哪些殺手級應用程式？那麼，在您對 PS Systems 成長的預期中，我們應該如何看待定價和產品組合向 AI PC 轉變對您在該領域整體成長預期的影響？然後我有一個快速的跟進。

Thank you. So overall, as I said before, we are very pleased with the progress that we see in AI PCs. Our goal is that there will be more than [35%] of the mix of PCs by the end of the year, and this continues to be the case.

謝謝。總的來說，正如我之前所說，我們對人工智慧個人電腦的進步感到非常滿意。我們的目標是到今年年底，個人電腦的市場份額將超過 [35%]，而且這一目標將繼續實現。

In terms of key applications, what we have seen is a large ambit of software companies introducing solutions that utilize the capabilities of AI PCs. We had more than 100 supporting that now. And this number is only growing. And this is why we think that the penetration is going to continue to grow because if you're in the commercial space and you buy a PC today, you want to be able to take advantage of those capabilities as software will be available. That's the key message we make to customers. And as you can see from the progress we are making is resonating.

在關鍵應用方面，我們看到大量軟體公司推出了利用人工智慧PC功能的解決方案。目前已有 100 多人支持此觀點。而且這個數字還在不斷增加。這就是我們認為滲透率將繼續增長的原因，因為如果你在商業領域並且你今天購買了一台電腦，你希望能夠利用這些功能，因為軟體將會可用。這是我們向客戶傳達的關鍵訊息。正如您所看到的，我們所取得的進展正在產生共鳴。

In terms of the impact it will have, you are correct, it will have an impact on average selling price. Our -- the goal that we have shared before is that they will represent around 50% of the total shipments of PCs three years have introductions about two years from now, we are on track to make that number. And average in average -- at the average, they are between 10% and 20% higher price than regular PCs. But this, of course, will have an impact on the total value.

就其產生的影響而言，您說得對，它會對平均售價產生影響。我們先前分享的目標是，三年後，它們將占到 PC 總出貨量的 50% 左右，大約兩年後，我們有望實現這一目標。平均而言——平均而言，它們的價格比普通電腦高出 10% 到 20%。但這當然會對總價值產生影響。

Something relevant to highlight this quarter is that we introduced AI PCs for the main theme. This was one of the major innovation announcements we made in Q2. That is going to continue to help to drive adoption and to drive growth in this category.

本季值得強調的是，我們引入了 AI PC 作為主要主題。這是我們在第二季發布的重大創新公告之一。這將繼續幫助推動這一類別的採用和成長。

Okay. And then if I may on just free cash flow. I understand PCs are a negative cash conversion cycle and hence, affecting. But just if you can help us understand the free cash flow margins ticking down a little bit. This in terms of your guide that would help a lot. And what are the drivers for that?

好的。然後，如果我可以的話，只討論自由現金流。我知道 PC 是一個負現金轉換週期，因此會產生影響。但如果您能幫助我們了解自由現金流利潤率略有下降的情況。就您的指南而言，這將會有很大幫助。其驅動因素為何？

Yes. No, thanks for the question. Our free cash flow guide that we revised does follow earnings. And so in line with that earnings guide, we did reduce our free cash flow expectations for the year, but it's mainly driven by the reduction that we saw in earnings, which is really driven by the operating margin impact that we had this quarter. That, along with lower-than-expected working capital improvement is what caused us to guide down. We still do expect working capital improvement but just a little lower than we had anticipated given the fact that we're focused on doing everything we can to offset these trade-related costs. I would say it's important to note, though, that these working capital moves are temporary and they are purposeful actions really as we mitigate the fluidity of the situation.

是的。不，謝謝你的提問。我們修訂的自由現金流指南確實遵循收益。因此，根據該獲利指南，我們確實降低了今年的自由現金流預期，但這主要是由於獲利減少所致，而獲利減少實際上是受本季營業利潤率影響所致。這一點，加上低於預期的營運資本改善，導致我們下調了預期。我們仍然預期營運資本會有所改善，但考慮到我們正致力於盡一切努力抵消這些與貿易相關的成本，這一數字略低於我們的預期。不過，我想說，要注意的是，這些營運資金的變動都是暫時的，而這些舉動其實都是有目的的，因為我們要緩和局勢的波動性。

And let me maybe provide some color on the working capital side. As we have said in the prepared remarks, we have diversified our supply chain, we have built factories in different places. And to operate those factories now, we need more working capital than we did in the past. Over time, we will optimize and we will make them more efficient. And this is what Karen was saying, this will be temporary, but we see an immediate increase now as the supply chain has become more diverse.

讓我來對營運資金方面提供一些說明。正如我們在準備好的演講中所說，我們已經實現了供應鏈多樣化，並在不同的地方建立了工廠。現在，為了營運這些工廠，我們需要比過去更多的營運資金。隨著時間的推移，我們將進行優化並使其更有效率。正如卡倫所說的那樣，這只是暫時的，但隨著供應鏈變得更加多樣化，我們現在看到了立即的成長。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

I was wondering if you could share a little more color on some of the mitigation impacts that you're putting in place. How much of this tariff impact you expect to offset from pricing? So maybe some thoughts around what those price increases could look like and which areas of the market would you be targeting versus cost actions versus potentially moving supply chain? Any quantification there would be helpful. And I have a follow-up.

我想知道您是否可以更詳細地介紹您正在實施的一些緩解措施。您預計定價能抵銷多少關稅影響？那麼，也許您可以考慮這些價格上漲會是什麼樣子，以及您會針對哪些市場領域，採取哪些成本行動，還是可能轉移供應鏈？任何量化都會有幫助。我還有一個後續問題。

Let me provide more color on that, and maybe Karen also wants to complement. So we have taken a lot of actions during the quarter to mitigate the change of the trade environment. Let me start by we accelerated the shift of factories out from China into Southeast Asia, into Mexico to a certain extent in the US to mitigate the impact of the change.

讓我對此提供更多的說明，也許 Karen 也想補充一下。因此，我們在本季採取了許多措施來緩解貿易環境的變化。首先，我們加快了將工廠從中國轉移到東南亞、墨西哥以及美國的步伐，以減輕這種變化的影響。

A quarter ago, we shared that our goal was to have less than 10% of the products in North America being shipped from China by September. We have accelerated that, and we shared that now almost no products will be coming from China sold in the US by June. This is a very significant acceleration of the plan that we have.

一個季度前，我們曾表示，我們的目標是到 9 月份，北美從中國運出的產品比例將低於 10%。我們已經加快了這一進程，並表示，到 6 月份，美國將幾乎沒有來自中國的產品銷售。這對我們現有的計劃來說是一個非常重要的加速。

We have also changed our logistics network. And for example, we have removed the US as a distribution hub or products that will be going to Canada or to Latin America, which I will avoid them having -- we will avoid us having to pay tariffs. We have also taken additional cost actions, as Karen mentioned in the call. And also in a very targeted way, we have also taken price actions across the full portfolio, both in Personal Systems and Print to reflect the cost that we have seen. This, we have seen the market and the rest of the competitors taking similar actions across the two industries. So we see this as an industry change that will be being put in place at the end of Q2 and now in Q3.

我們也改變了我們的物流網絡。例如，我們已將美國作為產品銷往加拿大或拉丁美洲的分銷中心，這將避免他們產生關稅，我們將避免我們支付關稅。正如凱倫在電話中提到的那樣，我們還採取了額外的成本措施。我們也以非常有針對性的方式對整個產品組合（包括個人系統和印刷系統）採取了價格行動，以反映我們所看到的成本。這一點，我們看到市場和其他競爭對手在兩個產業都採取了類似的行動。因此，我們認為這是一項行業變革，將在第二季末和第三季實施。

And I would just add that we're not going to quantify what comes from price versus supply chain moves versus other cost actions. But on our future-ready program, we did talk about driving an additional $100 million more in savings. And those are really we targeted higher goals for many of the savings opportunities that we're already working on. That included the consolidation of some of our teams under our new TIO organization, also driving more simplified management layers and locations and reduction in IT applications throughout. And as a result, these actions are now yielding more upside than we initially anticipated and will be realized sooner than planned. And then lastly, I would just note, as we said before, that by the time we exit this year in Q4, we expect to fully mitigate the cost of these current tariffs.

我還要補充一點，我們不會量化價格、供應鏈變動以及其他成本行動帶來的影響。但在我們的未來計畫中，我們確實談到了再省 1 億美元。這些其實是我們為已經在努力實現的許多節約機會設定的更高目標。其中包括將我們的一些團隊整合到新的 TIO 組織下，同時推動更簡化的管理層和位置，並減少整個 IT 應用程式。因此，這些行動現在產生的好處超出了我們最初的預期，而且將比計劃更早實現。最後，我想指出的是，正如我們之前所說，到今年第四季結束時，我們預計將完全降低這些現行關稅的成本。

Okay. And as my follow-up, you are actively moving the supply chain away from China, but you also noted like areas like Vietnam, Thailand, Mexico, Philippines. What gives you confidence that your moves given sort of we still don't know where reciprocal tariffs might end up, that these moves are going to be optimal? What are some of the things that you're thinking through? And how quickly would you be able to shift production between these areas as you think about what might happen potentially with reciprocal tariffs?

好的。我的後續問題是，您正在積極將供應鏈從中國轉移出去，但您也提到了越南、泰國、墨西哥、菲律賓等地區。鑑於我們仍然不知道互惠關稅最終會如何發展，是什麼讓您有信心您的舉措是最佳的？您正在考慮哪些事情？當您考慮互惠關稅可能帶來的影響時，您能夠多快地在這些地區之間轉移生產？

Yes. I think you're right. We are in a fairly fluid environment. So I think I don't want to speculate on what could happen and what changes we will do. I think what you have seen is we have reacted very fast to the changes that we saw in April. We have been able to rebalance supply chain and accelerate some of the plans that we have. We will be fully compensating for that in about two quarters by Q4, as Karen just said. And we will respond in a similar way to whatever changes happen going forward. We will look for the opportunities. We will optimize the supply chain, and we will respond safely to those changes.

是的。我認為你是對的。我們處在一個相當不穩定的環境。所以我想我不想猜測會發生什麼以及我們會做出什麼改變。我想你們已經看到，我們對四月看到的變化做出了非常迅速的反應。我們已經能夠重新平衡供應鏈並加速我們的一些計劃。正如卡倫剛才所說，我們將在第四季度左右的兩個季度內完全彌補這一缺陷。我們將以類似的方式應對未來發生的任何變化。我們將尋找機會。我們將優化供應鏈，並安全地應對這些變化。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Question, and maybe if I can start off with the Print margins in the quarter, again, very solid margins. Maybe if you can just help us with sort of the driver of the margin outperformance you had there, how much of it that is maybe some business drivers versus the future-ready cost actions that you're taking? And particularly in relative to the guidance you have for 3Q, you talked about above seasonal revenue growth as well, but you're moderating the margin expectation. So is there a certain one-off driver there that we should think of? Or is that more just in terms of business mix to sort of really play out in the quarter? And then I have a follow-up.

問題是，如果我可以從本季的印刷利潤開始，那麼再次，利潤率非常穩定。也許您可以幫助我們了解利潤率優異的驅動因素，其中有多少可能是一些業務驅動因素，有多少是您正在採取的面向未來的成本行動？特別是相對於您對第三季的指導，您也談到了季節性收入成長，但您降低了利潤率預期。那麼，是否存在某個值得我們考慮的一次性驅動因素呢？或者這只是本季業務組合的真正體現？然後我有一個後續問題。

Yes. Thanks, Samik, for the question. So on our Print margins, we were pleased with the fact that they were -- continued to be high and above the high end of our range, and that reflects rigorous cost discipline as well as the pricing actions we were taking to offset the trade-related costs. And we mentioned the favorable impact of a grant funding received in the quarter. It was a multiyear grant from the Economic Development Board of Singapore and that was in support of activities that we've had there for over 20 years.

是的。謝謝 Samik 提出的問題。因此，對於我們的印刷利潤率，我們很高興看到它們繼續保持高位並高於我們的高端水平，這反映了嚴格的成本紀律以及我們為抵消貿易相關成本而採取的定價行動。我們提到了本季收到的贈款資金帶來的有利影響。這是新加坡經濟發展局提供的一項多年期撥款，用於支持我們在那裡開展的 20 多年的活動。

I would just say it's a long-term grant, and it was signed in Q2, but it was retroactive to the beginning of the calendar year. So the amount booked in Q2 was a little higher than the quarterly rate that we will see going forward. And in terms of our confidence in Print margins going forward, we do expect margins to be solidly within our 16% to 19% range in Q3, and that's really because we expect to drive some incremental hardware placements. But then we also expect sequential improvement in Q4 with a higher supplies mix that we typically have in that quarter, along with the full benefit of the traction that we're making on trade-related actions and future-ready cost savings. So hopefully, that helps.

我只想說這是一項長期撥款，它是在第二季簽署的，但它追溯到日曆年初。因此，第二季的預訂金額略高於我們未來看到的季度利率。就我們對未來印刷利潤率的信心而言，我們確實預計第三季的利潤率將穩定在 16% 至 19% 的範圍內，這實際上是因為我們預計會推動一些增量硬體配置。但隨後，我們也預期第四季的情況會有所改善，因為我們通常會在該季度擁有更高的供應組合，同時也能充分利用我們在貿易相關行動和未來成本節約方面所取得的進展。希望這能有所幫助。

Yes. And the second question is just a clarification on the PS margins and the sequential improvement we expect in Q3 and Q4. From your prepared remarks, Q3 does have a part quarter benefit from the supply chain changes that you're making. But as we look from Q3 to Q4, is it really the improvement, the realization of a full quarter benefit of the supply chain changes? Or is there incremental benefit from pricing as we move from Q3 to Q4 as well?

是的。第二個問題只是對 PS 利潤率以及我們預期的第三季和第四季的連續改善進行澄清。從您準備好的發言來看，第三季確實從您所做的供應鏈變革中獲得了部分好處。但從第三季到第四季，供應鏈變化真的有所改善，實現了整個季度的效益嗎？或者，當我們從第三季進入第四季時，定價是否也會帶來增量收益？

Yes. So we are expecting strong improvement in Q4, and I'll start with the fact that Q4 is typically our strongest quarter for both Print and PS. And this year, we do expect continued momentum in the PC market driven by Commercial. We also see Q4 is typically our highest season with an increase in consumer demand tied to back-to-school and the holiday purchases. And we have many new products for customers to choose from.

是的。因此，我們預計第四季度將出現強勁成長，首先要說的是，第四季通常是我們印刷和 PS 業務表現最強勁的季度。今年，我們確實預計在商業的推動下，個人電腦市場將繼續保持成長勢頭。我們也發現，第四季通常是我們銷售額最高的季節，返校和假日購物導致消費者需求增加。我們還有很多新產品供客戶選擇。

And then also, we talk about the cost side. We've implemented these moves in the manufacturing supply chain that are going to take broader traction as we proceed through the year. And then we're on track to achieve the additional $100 million to achieve the $2 billion in broader cost savings as we exit our future-ready program at the end of the year. And of course, pricing will play a role too. Altogether, we expect our PS margins to be in the lower half of the 5% to 7% range in Q3 and improved sequentially. So hopefully, that helps.

然後我們也討論成本方面。我們已經在製造供應鏈中實施了這些舉措，這些舉措將在今年內獲得更廣泛的關注。然後，當我們在今年年底退出面向未來的計劃時，我們將有望再節省 1 億美元，以實現 20 億美元的更廣泛的成本節約。當然，定價也會起到一定的作用。總體而言，我們預計第三季的 PS 利潤率將處於 5% 至 7% 區間的下半部分，並將環比提高。希望這能有所幫助。

And I think it's probably important to highlight that based on the guide that we are providing that we have high confidence for. We will be exiting Q4 with both the company with revenue growth at the company level and with both businesses within the long-term ranges that we have shared before, which is a sign of confidence for the future.

我認為，根據我們提供的指南，強調這一點很重要，我們對此充滿信心。我們將在第四季度結束時，公司層面的收入都將成長，並且兩項業務都將處於我們先前共享的長期範圍內，這是對未來充滿信心的標誌。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

I have two as well. I guess maybe just to start off with Enrique, what you were talking about the end right now. You sort of embedding a very sizable step-up in earnings in your fiscal Q4. I think the implication that you'll do $1 for earnings power in Q4. Can you just talk on how much of that ramp up from, call it, the $0.70 run rate you have right now to $1, how much of that is revenue driven versus driven by all the cost reduction initiatives that you have in place? Would be good to understand just how much of this is controllable versus not perhaps?

我也有兩個。我想也許只是從恩里克開始，你現在正在談論結局。您的財務第四季的收益將大幅增加。我認為這意味著你將在第四季度花費 1 美元來提高獲利能力。您能否談談從現在的 0.70 美元運行率到 1 美元的增長幅度，其中有多少是由收入驅動的，有多少是由您實施的所有成本削減舉措驅動的？了解其中有多少是可控的，有多少是不可控的，會很好嗎？

It's a combination of both. In Q4, as Karen just said, we expect to see strengthening of demand compared to Q3. And if you look at normal seasonality, this is what happens, for example, in the consumer space, driven by both back-to-school and the holiday season, Q4 is a very strong quarter. And in the Commercial side, we continue to expect to see the demand that we have seen in the previous quarters, driven by Windows 11, driven by the refresh of the installed base and driven by AI. All this will have an impact on the demand side.

這是兩者的結合。正如 Karen 剛才所說，我們預計第四季的需求將比第三季增強。如果你觀察正常的季節性，你會發現情況就是這樣的，例如，在消費領域，受返校和假期季節的推動，第四季度是一個非常強勁的季度。在商業方面，我們預計需求將繼續保持前幾季的水平，這得益於 Windows 11、安裝基礎的更新以及人工智慧的推動。這一切都會對需求方產生影響。

And then on the margin side, on the cost side, both the pricing actions that we are taking, but also all the work on costs, both the design and supply chain, the impact of future ready will have an impact in the margins on Q4 sequentially, and this is what gives us confidence that we'll be able to achieve these numbers. As we -- as I said at the beginning, we have moderated our growth expectations for peers, especially, but we continue to expect that the TS business will grow in the second half compared to where it was a year ago.

然後在利潤方面，在成本方面，我們採取的定價行動，以及所有成本工作，設計和供應鏈，未來就緒的影響將對第四季度的利潤率產生連續影響，這讓我們有信心能夠實現這些數字。正如我在一開始所說的那樣，我們已經降低了對同行的成長預期，但我們仍然預計，與一年前相比，TS 業務在下半年將實現成長。

I would just reiterate that much of our confidence is because of the actions that we're taking today that we know just take time and will gain full traction in Q4.

我只想重申，我們的信心很大程度上源於我們今天採取的行動，我們知道這些行動只是需要時間，並將在第四季度獲得全面進展。

Fair enough, and that's helpful. So just kind of understand those dynamics. You also talked about a couple of issues that are impacting your fiscal '25 EPS guide, right? It's about 40% impact right now. At a very high level, is there a way to think about how much of the 40% impact is from just the direct trade tariff-related issues that you have versus demand potentially moderating? Is there a way to do about those two buckets? And how big of an impact each one is causing?

很公平，而且很有幫助。所以只是了解這些動態。您也談到了影響您 25 財年每股盈餘指南的幾個問題，對嗎？目前影響約40%。從非常高的層面來看，有沒有辦法考慮 40% 的影響有多少是來自直接貿易關稅相關問題，有多少是需求可能會放緩？有沒有辦法解決這兩個問題？每一個造成的影響有多大？

Yes. I would think about it that the impact that we had in this quarter of 100 basis points on our margin and $0.12 of EPS was due to the tariff-related impact that we weren't able to fully mitigate. And as we look ahead in the back half, the reduction in our guide is mainly driven by us choosing to prudently moderate our growth expectations given the macroeconomic environment.

是的。我認為本季我們的利潤率下降 100 個基點，每股收益下降 0.12 美元，這是由於我們無法完全緩解關稅相關影響造成的。展望下半年，我們下調預期主要是因為我們根據宏觀經濟環境選擇審慎調整成長預期。

But in I mean indirect way, also, the change of expectations is related to the new trade environment to the new trade situation, not directly on cost, but just on demand.

但我的意思是，從間接的角度來說，預期的變化也與新的貿易環境和新的貿易情勢有關，不是直接與成本有關，而是與需求有關。

David Vogt, UBS.

瑞銀的戴維·沃格特。

Moving the manufacturing the manufacturing to avoid the near-term tariffs, and you've noted that you expect higher working capital. But my question is, what are the longer-term impacts from these changes particularly to your expense structure and margin for the new configuration versus the prior configuration in fiscal '26 and beyond?

轉移製造業以避免近期的關稅，並且您已經注意到您期望更高的營運資本。但我的問題是，這些變化的長期影響是什麼，特別是對新配置的費用結構和利潤率，與 26 財年及以後的先前配置相比？

As we said before, we expect to finish the year within the range that we had provided before. And at this point, this continues to be the expectation for the year '26 and beyond. We think that we can compensate the cost impact on tariffs. It takes us this time a couple of quarters, and this continues to be the assumption that we have going forward.

正如我們之前所說，我們預計今年的業績將在我們先前設定的範圍內完成。目前，這仍然是對 26 年及以後的期望。我們認為我們可以彌補關稅對成本的影響。這次我們花了幾個季度的時間，這仍然是我們未來的假設。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Maybe just on the first one on PC, one on Print. On the PC side, can you just talk a little bit about kind of price elasticity and what you've seen in prior cycles? It sounds like there might be some upward ASP pressure due to tariffs and everything else. If you could just talk about what you've seen traditionally in this time, do you think because of AI PC and enterprise and maybe an age space, it's not as much of an issue. And then second, on the Print-related businesses, could you just talk about competitive landscape and any kind of yen movement that might have impacted or might be impacting competition either way there?

也許只是第一個在 PC 上，一個在列印上。在 PC 方面，您能否簡單談談價格彈性以及您在先前的周期中看到的情況？聽起來關稅和其他因素可能會對平均售價造成一些上行壓力。如果您能談談您在這個時代傳統上看到的情況，您是否認為由於人工智慧、個人電腦和企業以及時代空間，這不是什麼大問題。其次，關於印刷相關業務，您能否談談競爭格局以及可能已經或正在影響競爭的日圓走勢？

Yes. I think in terms of elasticity, it's hard to compare the situation to previous situation given what is driving that we have built some of that into our estimation for the second half and the more conservative plan or estimation for market that we have put in place. And I think this is the best way to reflect kind of the changes and the elasticity that we see.

是的。我認為，就彈性而言，很難將目前的情況與先前的情況進行比較，因為我們已將部分因素納入了對下半年的估計，並且制定了更保守的市場計劃或估計。我認為這是反映我們所看到的變化和彈性的最佳方式。

In terms of Print, what we have seen quarter-on-quarter is that pricing has been more stable. So we haven't seen an improved pricing environment, but it has stayed stable versus what it was a quarter ago. And during the last weeks, most of the print competitors announced price increases related to the changes in the trade environment. So this will be reflected in the overall pricing environment in the market in Q3 and in Q4.

就印刷品而言，我們看到季度環比價格更加穩定。因此，我們還沒有看到定價環境有所改善，但與一個季度前相比，它保持穩定。在過去幾週內，大多數印刷競爭對手都宣布了與貿易環境變化相關的價格上漲。因此這將反映在第三季和第四季市場的整體定價環境中。

Alek Valero, Loop Capital.

Alek Valero，Loop Capital。

This is Alek on for Nanda. So my question actually I have one more on PC pull-in. So I know you mentioned you saw a very small impact during the quarter, but I wanted to see if there's any impact to second half of the year.

這是 Alek 為 Nanda 表演的。所以我的問題實際上是關於 PC 拉入的。所以我知道您提到您在本季度看到了非常小的影響，但我想看看是否會對下半年產生影響。

Again, the impact was small that, again, at the company level has a very minimal impact. If we look at the US, it had more just because of mathematics of dividing the pull-in versus a smaller market. And we have reflected on that in the guide that we have for the second half and in the estimation that we have for the market.

再一次，影響很小，在公司層面影響非常小。如果我們看看美國，它之所以能擁有更多，只是因為相對於較小的市場，它對吸引力進行了數學劃分。我們在下半年的指導和對市場的估計中已經反映了這一點。

Got it. Just a quick follow-up. Also on PCs, are you seeing customers buy richer PC configurations yet, specifically for the purpose of GenAI?

知道了。只是一個快速的跟進。同樣在 PC 方面，您是否看到客戶購買更豐富的 PC 配置，專門用於 GenAI？

Well, we have seen significant growth of the AI PC category and the mix continued to improve, of course, year-on-year, but especially quarter-on-quarter, which is more relevant at this stage. So clearly, they are having customers are valuing the new functionality, the new performance of this product, and this is driving the improvement in mix.

嗯，我們已經看到 AI PC 類別的顯著增長，而且產品組合繼續改善，當然，同比有所改善，但特別是環比有所改善，這在現階段更為重要。顯然，客戶非常重視該產品的新功能和新性能，這推動了產品組合的改進。

So I think that we are approaching the end of the call. So again, thank you, everybody, for participating and joining the call today. I would like to close the call confirming our confidence in the areas. First, the confidence in our Future of Work strategy to continue to drive growth. Second, the confidence in the team on how to respond and to how to navigate any type of environment, responding quickly and decisively. And finally, our confidence in our ability to continue to create shareholder value. Thank you, everybody, for joining today and looking forward to continue the conversation in the coming weeks. Thank you.

所以我認為我們的通話即將結束。再次感謝大家今天的參與和電話會議。最後，我想確認一下我們對這些領域的信心。首先，我們對未來工作策略將繼續推動成長充滿信心。第二，對團隊如何應對以及如何應對任何類型的環境的信心，能夠快速果斷地做出反應。最後，我們對自己持續創造股東價值的能力充滿信心。感謝大家今天的參與，並期待在接下來的幾週繼續討論。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連線。