惠普 (HPQ) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the fourth-quarter 2025 HP Inc earnings conference call. My name is Regina, 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，歡迎參加惠普公司2025年第四季財報電話會議。我叫雷吉娜，我將擔任今天電話會議的主持人。（操作員說明）提醒各位，本次會議將進行錄音，以便重播。

I would now like to turn the call over to Alok Juyal, Head of Investor Relations. Please go ahead.

現在我將把電話交給投資人關係主管阿洛克‧朱亞爾。請繼續。

Good afternoon, everyone, and welcome to HP's fourth-quarter 2025 earnings conference call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer.

各位下午好，歡迎參加惠普公司2025年第四季財報電話會議。今天陪同我的是惠普公司總裁兼執行長恩里克·洛雷斯，以及惠普公司財務長凱倫·帕克希爾。

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.

在將電話交給恩里克之前，請允許我提醒各位，本次通話為網絡直播，通話結束後不久，我們將在網站上提供回放，有效期約為一年。我們已將收益報告和隨附的幻燈片簡報發佈在投資者關係網頁 investor.hp.com 上。

As always, elements of this presentation are forward-looking and are based on our best view of the world and our business as we see them today. For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K. HP assumes no obligation and does not intend to update any such forward-looking statements.

與以往一樣，本次演講的內容具有前瞻性，並且基於我們對當今世界和我們業務的最佳看法。有關更詳細信息，請參閱收益資料中的免責聲明，其中涉及風險、不確定性和假設的前瞻性陳述。有關其中一些風險、不確定性和假設的討論，請參閱惠普向美國證券交易委員會提交的報告，包括我們最新的 10-K 表格。惠普公司不承擔任何義務，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. During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period.

我們也注意到，本次電話會議中討論的財務資訊反映的是基於當前可獲得的資訊的估計，可能與惠普最終向美國證券交易委員會提交的文件中所披露的金額存在重大差異。在本次網路直播中，除非另有特別說明，所有比較均為與去年同期相比的同比比較。

In addition, unless otherwise noted, references to HP channel inventory referred 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 have included reconciliations to the comparable GAAP information. Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.

此外，除非另有說明，否則提及的惠普通路庫存是指一級通路庫存，市佔率參考數據基於日曆季度資訊。對於以非公認會計準則 (non-GAAP) 編制的財務信息，我們已將其與相應的公認會計準則 (GAAP) 信息進行了核對。有關這些調整情況，請參閱今天發布的收益報告中的表格和投影片簡報。

With that, I will now turn the call over to Enrique.

接下來，我將把電話交給恩里克。

Thank you, Alok, and a special welcome to your first earnings call, and thank you to everyone for joining today's call. Today, we will cover our Q4 performance and 2025 full year results. We will also highlight the opportunities ahead of us expectations for fiscal year '26 and how we are continuing to advance our company strategy.

謝謝阿洛克，特別歡迎你參加你的首次財報電話會議，也謝謝大家今天參加會議。今天，我們將介紹我們第四季的業績以及2025年全年業績。我們還將重點介紹我們面臨的機會、對 2026 財年的預期以及我們如何繼續推進公司策略。

I want to begin by saying how proud I am of the progress we have made across our priorities, especially as we have navigated a challenging external landscape. We have driven sequential profit improvement the last two quarters, demonstrating our ability to quickly respond to the challenging trade environment we began to face in Q2.

首先，我想表達我對我們在各項優先事項上取得的進展感到多麼自豪，尤其是在我們應對充滿挑戰的外部環境的情況下。在過去的兩個季度中，我們的利潤實現了連續成長，這證明了我們有能力迅速應對我們在第二季開始面臨的充滿挑戰的貿易環境。

We also invested in our supply chain making it more resilient to mitigate future risks, which is core to the future-ready plan we laid out three years ago. Our performance both for the quarter and the full year underscores the strength of our strategy, the power of our portfolio and the tenacity of our team.

我們也投資於供應鏈，使其更具韌性，以降低未來的風險，這是我們三年前製定的面向未來的計畫的核心。本季和全年的業績都凸顯了我們策略的優勢、投資組合的實力和團隊的韌性。

Let's start with our Q4 results. I am pleased to report that HP delivered its sixth consecutive quarter of revenue growth, up 4% year-over-year largely driven by Personal Systems gains in commercial and consumer.

我們先來看第四季業績。我很高興地宣布，惠普連續第六個季度實現了營收成長，年增 4%，這主要得益於商業和消費領域個人系統業務的成長。

In Print, the market remained soft, but we delivered revenue in line with our expectations. Collectively, key growth areas grew double digit year-over-year and delivered gross margin above our core business. Non-GAAP EPS came above the midpoint of our guidance.

印刷市場依然疲軟，但我們的收入達到了預期。整體而言，各主要成長領域年增兩位數，毛利率高於我們的核心業務。非GAAP每股收益高於我們預期的中位數。

We continue to execute our future of work strategy. We are accelerating innovation with AI-powered devices that harness AI at the edge and create better together experiences across our portfolio. We are also empowering CIOs with the tools they need to drive transformation and we are leveraging the power of customer data to deliver meaningful insight.

我們將繼續執行未來工作策略。我們正在利用人工智慧驅動的設備加速創新，這些設備在邊緣端運用人工智慧，並在我們的產品組合中創造更好的協同體驗。我們也正在為資訊長們提供推動轉型所需的工具，並利用客戶數據的力量來提供有意義的洞察。

These priorities guide our innovation. For example, we introduced a new edge class device, the AI station powered by NVIDIA, which can run up to 200 billion parameter model. It brings highly performing AI compute to the data, instead of moving this data to the cloud for processing.

這些優先事項指導著我們的創新。例如，我們推出了一款新的邊緣級設備——NVIDIA AI 工作站，它可以運行高達 2000 億參數的模型。它將高效能的 AI 運算能力直接應用於數據，而不是將數據移至雲端進行處理。

We also launched innovations that boost productivity. As for example, the industry's first 49-inch ultra-wide monitor that integrates AI noise reduction. And focusing on solutions, we are making printing smarter and more intuitive with new AI-driven printing and scanning features. These enhancements make printing easier by cleaning web and e-mail layouts, producing unnecessary pages. They also streamline everyday tasks, improving scan quality and auto generating file range.

我們也推出了一些能夠提高生產力的創新技術。例如，業界首款整合 AI 降噪功能的 49 吋超寬顯示器。我們專注於解決方案，透過全新的人工智慧驅動的列印和掃描功能，使列印更加智慧、更加直覺。這些改進使列印更加便捷，因為它清理了網頁和電子郵件佈局，並減少了不必要的頁面生成。它們還能簡化日常任務，提高掃描品質並自動產生文件範圍。

Our workforce experience platform now uses telemetry from 48 million endpoints to manage 2.4 million connected devices and already remediate more than 12 million IT issues every month. With its new integration with Microsoft Security Copilot, we are bringing generative AI directly into IT management or faster, smarter responses to critical issues.

我們的員工體驗平台現在利用來自 4,800 萬個終端機的遙測資料來管理 240 萬台連網設備，並且每月已修復超過 1,200 萬個 IT 問題。透過與微軟安全助理 (Microsoft Security Copilot) 的全新集成，我們將生成式人工智慧直接引入 IT 管理，從而更快、更聰明地應對關鍵問題。

Inside HP, we are adopting our AI power innovations first, leading as a customer zero. For example, by deploying AI PCs with curated applications, we are equipping teams to deliver better results with their productivity up 16%.

在惠普內部，我們率先採用人工智慧技術創新，以客戶為中心引領產業發展。例如，透過部署預先安裝精選應用程式的 AI PC，我們能夠幫助團隊取得更好的成果，生產力提高 16%。

Now I will take a closer look at the performance of each business unit. In Personal Systems, revenue grew 8% year-over-year, above our expectations. We drove worldwide PC market share gains, particularly in high-value categories, including commercial and consumer premium and workstations.

現在我將仔細查看每個業務部門的業績。個人系統業務收入年增 8%，超出預期。我們推動了全球個人電腦市場份額的成長，尤其是在高價值類別中，包括商用和消費級高端產品以及工作站。

With 40% of the installed base still on Windows 10 at the end of Q4, the Windows 11 refresh will remain a tailwind for the PC market into 2026. And demand for AI PCs continues to accelerate, now representing more than 30% of our shipments this quarter.

截至第四季末，仍有 40% 的用戶正在使用 Windows 10，因此 Windows 11 的更新將持續推動 PC 市場發展至 2026 年。對人工智慧個人電腦的需求持續加速成長，本季已占我們出貨量的 30% 以上。

In our key growth areas for Personal Systems, strong performance in data science work stations contributed to double-digit revenue growth in advanced compute solutions.

在個人系統的關鍵成長領域，資料科學工作站的強勁表現促成了高階運算解決方案兩位數的營收成長。

In Print, revenue declined 4%, reflecting market softness and delayed purchasing decisions across all regions. Print units declined year-over-year but improved sequentially. We maintained our number one share in print. Supply revenue performed as expected, and we gained share. Looking closer at Print key growth areas Consumer subscriptions delivered double-digit revenue growth and is just under $1 billion in annual revenue.

印刷業務收入下降 4%，反映出市場疲軟以及所有地區購買決策的延遲。印刷銷量年減，但季比有所改善。我們在印刷品領域保持了第一的市場份額。供應收入符合預期，並且我們獲得了市場份額。仔細觀察印刷業的關鍵成長領域，消費者訂閱業務實現了兩位數的收入成長，年收入接近 10 億美元。

We continue to see strong adoption of our all-in plan offering with subscribers up double digits sequentially. Momentum continued in Industrial graphics, which exceeded $1.8 billion in annual revenue. driven by the ninth consecutive quarter of year-over-year growth. We also saw double-digit growth in 3D driven by applications in drone and robotics manufacturing.

我們的全包套餐產品持續受到消費者的熱烈歡迎，訂閱用戶數量較上季成長兩位數。工業圖形業務持續成長，年收入超過18億美元，主要得益於連續第九個季度年增。我們也看到，在無人機和機器人製造等應用的推動下，3D 列印業務實現了兩位數的成長。

In Workforce Solutions, double-digit growth was accompanied by key wins in industries such as energy, technology and services. We added new customers from the world's 200 largest companies a testament to the strength of our sales team.

在勞動力解決方案領域，兩位數的成長伴隨著在能源、技術和服務等產業的關鍵勝利。我們新增了來自全球200家最大公司的客戶，證明了我們銷售團隊的實力。

Turning to our full year performance. Revenue grew by 3% and returning to growth. Our key growth areas collectively grew double digit year-over-year and represented over one-third of our revenue for the year. Personal Systems revenue grew 6%, driven by commercial strength. Print revenue declined 4% as market weakness persisted, and we prioritized placement of profitable units.

接下來回顧我們全年的業績。營收成長3%，重回成長軌道。我們的主要成長領域整體實現了兩位數的年成長，佔全年收入的三分之一以上。個人系統業務收入成長 6%，主要得益於強勁的商業實力。由於市場疲軟持續，印刷收入下降了 4%，我們優先安排盈利單元的投放。

Applied revenue declined 2% in constant currency, and we gained share. Operating profits declined as trade-related cost during the year took a few quarters to be absorbed.

以固定匯率計算，應用收入下降了 2%，但我們獲得了市場份額。由於本年度與貿易相關的成本需要幾季才能消化，營業利潤有所下降。

Aligned to our commitments, we executed with discipline in a challenging environment, driving a double-digit operating profit increase from the first half to the second. This reflects our ability to act decisively and accelerate supply chain transformation. HP continues to evolve highlighted by recent leadership transitions that underscore our focus on combining the best internal and external talent to drive our long-term strategy.

我們恪守承諾，在充滿挑戰的環境中嚴謹執行，實現了上半年到下半年兩位數的營業利潤成長。這體現了我們果斷行動、加速供應鏈轉型的能力。惠普持續發展，近期領導層的更迭凸顯了我們致力於將最優秀的內部和外部人才結合，以推動我們的長期策略。

I am excited to welcome Ketan Patel as Head of Personal Systems; Manoj Leelanivas as Head of HP Solutions; and Prakash Arunkundrum as Chief Strategy and Transformation Officer to our leadership team. Each brings the rate capabilities, experiences and a proven track record of driving innovation and delivering results. I also want to thank Alex Cho and Dave Cho for their many contributions to HP. The leadership has been instrumental in strengthening our business.

我很高興地歡迎 Ketan Patel 加入我們的領導團隊，擔任個人系統主管；Manoj Leelanivas 擔任惠普解決方案主管；以及 Prakash Arunkundrum 擔任首席策略和轉型長。他們都具備相應的能力、經驗以及推動創新和取得成果的成功記錄。我還要感謝 Alex Cho 和 Dave Cho 對惠普公司的許多貢獻。領導階層的卓越作用對增強我們的業務實力起到了至關重要的作用。

Now let me address the trend of rise in memory costs and its implications for our business. Memory costs are currently 15% to 18% of the cost of a typical PC. And while an increase was expected, its rate has accelerated in the last few weeks. Our portfolio is less sensitive to the commodities market than it was during the last memory cycle. Over one-third of the PS gross profit comes from services and peripherals.

現在讓我來談談記憶體成本上漲的趨勢及其對我們業務的影響。目前記憶體成本佔普通PC成本的15%到18%。雖然記憶體成本上漲在意料之中，但近幾週來漲幅明顯加快。與上一個記憶週期相比，我們的投資組合對大宗商品市場的敏感度較低。PS公司超過三分之一的毛利來自服務和周邊設備。

We expect to mitigate the impact of these cost headwinds in the first half of our fiscal year with our inventory on hand an asset of actions across our portfolio and basket of commodities.

我們預計，憑藉現有的庫存以及我們投資組合和商品籃子中的一系列行動，我們將在本財年上半年減輕這些成本不利因素的影響。

For the second half of the year, we expect Personal Systems margins to be impacted. Therefore, we are taking a prudent approach to our guide, while implementing aggressive actions to mitigate this. They include qualifying lower-cost suppliers and redesigning the portfolio for reduced memory configurations, accelerating our AI-enabled transformation to drive further cost savings and raising prices in close partnerships with our channel and direct customers. From a supply perspective, we are in a good position due to our strong relationships and long-term contracts with key suppliers.

我們預計下半年個人系統業務的利潤率將受到影響。因此，我們對指南採取了謹慎的態度，同時採取了積極的措施來緩解這種情況。這些措施包括篩選成本更低的供應商，重新設計產品組合以減少記憶體配置，加速人工智慧賦能轉型以進一步降低成本，並與通路和直接客戶緊密合作提高價格。從供應角度來看，由於我們與主要供應商建立了牢固的關係並簽訂了長期合同，我們處於有利地位。

Moving to fiscal year '26. Our plan is built on four pillars. First, in Personal Systems, we expect the revenue market to be up low single digit with Windows 11 Refresh, AI PCs and pricing as catalysts. Wel also expect to see a positive impact from the growth of premium devices including workstations and an increase of attach rate from services and peripherals. Our goal is to perform better than market.

進入2026財年。我們的計劃建立在四大支柱之上。首先，在個人系統領域，我們預期營收市場將實現個位數低成長，Windows 11 更新、人工智慧 PC 和定價將成為推動成長的催化劑。我們也預計，高階設備（包括工作站）的成長以及服務和周邊設備附加率的提高將產生正面影響。我們的目標是超越市場平均。

Second, in Print, we expect to grow slightly faster than industry projections of low single-digit market decline. We intend to take share by doubling down on big tanks. We are increasing our marketing investments, driving new product and solution introductions are expanding globally our successful all-in subscription offering.

其次，在印刷業，我們預期成長速度將略高於產業預測的個位數低市場下滑幅度。我們打算透過加大對大型儲罐的投入來搶佔市場份額。我們正在增加行銷投入，推動新產品和解決方案的推出，並在全球擴展我們成功的全方位訂閱服務。

We also intend to grow share in office with new products and solutions designed for SMB and enterprise customers, reinforcing HP's leadership in manageability, security and AI. And we intend to strengthen our leadership in 3D printing and further build on the momentum from labels and packaging to maintain our lead in industrial printing.

我們還計劃透過為中小企業和企業客戶設計的新產品和解決方案，擴大在辦公室領域的市場份額，從而鞏固惠普在可管理性、安全性和人工智慧方面的領先地位。我們計劃加強在 3D 列印領域的領先地位，並進一步利用標籤和包裝領域的成長勢頭，保持我們在工業列印領域的領先地位。

Third, in Workforce Solutions, we are focused on growing recovering revenue by expanding our software, security and services businesses. We are also scaling our workforce experience platform in key verticals, building on the strong momentum generated in fiscal '25. Fourth, driving an improved cost structure remains a top priority. We have demonstrated our ability to execute major transformations as part of our future-ready program, over delivering on our initial expectations.

第三，在人力資源解決方案方面，我們專注於透過擴展軟體、安全性和服務業務來增加正在恢復的收入。我們也正在關鍵垂直領域擴大我們的員工體驗平台，以鞏固 2025 財年取得的強勁勢頭。第四，改善成本結構仍是首要任務。作為面向未來的計劃的一部分，我們已經證明了我們有能力執行重大變革，並且超出了我們最初的預期。

And as we look ahead, we see a significant opportunity to embed AI into HP to accelerate product innovation improve customer satisfaction and boost productivity. We have launched a company-wide program led by an executive reporting directly to me.

展望未來，我們看到了一個將人工智慧融入惠普的巨大機遇，可以加速產品創新，提高客戶滿意度，並提升生產力。我們啟動了一項全公司範圍的項目，由一位直接向我報告的高階主管領導。

And we have a line of sight to drive approximately $1 billion of gross run rate savings over three years across product development, customer service and support and many of our operational processes. This will result in workforce reductions of 4,000 to 6,000 people over the next years. These are some of the most difficult decisions we need to make, and we are committed to treating our colleagues with care and respect.

我們預計在三年內，透過產品開發、客戶服務和支援以及許多營運流程，實現約 10 億美元的毛利率節約。這將導致未來幾年內裁員 4000 至 6000 人。這些是我們必須做出的最艱難的決定之一，我們承諾會以關懷和尊重對待我們的同事。

We are planning to hold our Investor Day on April 23, where we will share the full plan on how AI is transforming HP. We remain confident in our ability to lead the future of work through technology. With a clear strategy and disciplined execution, we are focused on driving long-term value while managing short-term headwinds.

我們計劃於 4 月 23 日舉辦投資者日活動，屆時我們將分享人工智慧如何改變惠普的完整計劃。我們依然對透過科技引領未來工作充滿信心。我們制定了清晰的策略並嚴格執行，專注於創造長期價值，同時應對短期不利因素。

I will now turn it over to Karen.

現在我將把它交給凱倫。

Thank you, Enrique, and good afternoon, everyone. We are pleased with our results in Q4, delivering another quarter of solid performance to close out the fiscal year. Our teams executed well driving better-than-expected top line growth, fueled by continued momentum in Personal Systems and in our key growth areas. We delivered operating margins within our expected ranges for both businesses. and non-GAAP EPS slightly above the midpoint of our guidance range, underscoring our ability to meet or exceed our financial commitments.

謝謝你，恩里克，大家下午好。我們對第四季的業績感到滿意，又一個季度表現穩健，為本財年畫上了圓滿的句號。我們的團隊表現出色，推動了營收成長超出預期，這得益於個人系統和我們主要成長領域的持續成長動能。兩項業務的營業利益率均在預期範圍內，非GAAP每股收益略高於預期範圍的中點，凸顯了我們履行或超越財務承諾的能力。

We are also proud of the results we delivered with our multiyear future-ready cost plan. We surpassed our $1.4 billion savings target, ultimately delivering $2.2 billion in cumulative gross annualized savings. And on $1.2 billion of restructuring spend, we delivered a savings to charge ratio of almost 1.8 times, well above our initially projected ratio of 1.4 times.

我們也為我們多年面向未來的成本規劃所取得的成果感到自豪。我們超額完成了 14 億美元的節省目標，最終實現了 22 億美元的年度累積毛節約額。在 12 億美元的重組支出中，我們實現了近 1.8 倍的節省成本與支出比率，遠高於我們最初預期的 1.4 倍比率。

On the quarter, we delivered revenue growth of 4% year-over-year, both nominally and in constant currency. In constant currency, EMEA grew 6% and APJ was up 9% on strong Personal Systems performance. Americas revenue was flat in constant currency reflecting demand softness in North America, particularly in commercial. Our gross margin at 20.2% was impacted by a higher mix from Personal Systems and increased trade-related costs which we partly offset with pricing actions and cost reduction.

本季度，我們實現了同比增長 4% 的收入，無論以名目匯率還是按固定匯率計算都是如此。以固定匯率計算，EMEA 成長了 6%，APJ 成長了 9%，這主要得益於 Personal Systems 的強勁表​​現。以固定匯率計算，美洲地區的營收持平，反映出北美地區（尤其是商業領域）的需求疲軟。我們的毛利率為 20.2%，受到個人系統產品佔比上升和貿易相關成本增加的影響，我們透過價格調整和成本削減部分抵消了這些影響。

Contributions from our Future Ready cost program and continued strong expense management drove operating expenses down as a percent of revenue year-over-year. These efforts also enabled our investment in key strategic and go-to-market initiatives aligned with our future of work strategy.

「未來就緒」成本計畫的貢獻以及持續有效的費用控制，使得營運費用佔收入的百分比年減。這些努力也使我們能夠投資於與我們未來工作策略一致的關鍵策略和市場推廣措施。

All in, our non-GAAP operating margin was 8%. And down year-over-year but improving almost 1 point sequentially, in line with our expectations. And our non-GAAP diluted net earnings per share was $0.93, representing a sequential increase of 24%.

綜合來看，我們的非GAAP營業利益率為8%。雖然年減，但季增近 1 個百分點，符合我們的預期。我們的非GAAP稀釋後每股淨收益為0.93美元，季增24%。

Now let's turn to segment performance. We delivered better-than-expected top line growth in Personal Systems with revenue up 8% on increased ASPs and 7% unit growth. We outperformed the market in both consumer and commercial and continue to shift mix towards premium categories while maintaining disciplined pricing to help mitigate cost increases.

現在我們來看看細分市場的表現。個人系統業務的營收成長超出預期，平均售價成長 8%，銷量成長 7%。我們在消費品和商業領域都超越了市場，並繼續將產品組合轉向高端類別，同時保持嚴格的定價策略，以幫助降低成本上漲。

Key growth areas performed well, including in AI PC where we doubled revenue year-over-year. In commercial, we drove revenue and units up 7% and on continued momentum from Win 11 refresh and AI PC adoption.

重點成長領域表現良好，包括 AI PC 領域，該領域營收年增了一倍。在商業領域，我們推動營收和銷售成長了 7%，這得益於 Win 11 更新和 AI PC 普及帶來的持續成長動能。

We also delivered strong performance in consumer, growing revenue 10% on 8% unit growth. We drove higher ASPs and share gains in consumer premium, in line with our strategy to rebalance our portfolio to a more profitable mix. And with holiday seasonality in consumer, we delivered revenue and unit growth of 17% sequentially.

我們在消費者領域也取得了強勁的業績，銷量成長 8%，營收成長 10%。我們提高了平均售價，並在消費者溢價方面取得了更大的市場份額成長，這符合我們重新調整產品組合以實現更獲利組合的策略。受假期消費季節性影響，我們實現了營收和銷量較上季成長 17%。

As we had signaled, the actions we started earlier in the year, the leverage supply chain flexibility, reduce costs and maintain pricing discipline gained traction in the second half. As a result, we drove sequential improvement in our PS operating margins, reaching 5.8% in Q4, in line with our guidance.

正如我們之前所表明的那樣，我們年初開始採取的措施，即利用供應鏈的靈活性、降低成本和保持價格紀律，在下半年取得了成效。因此，我們的PS營業利潤率實現了環比成長，第四季達到5.8%，符合我們的預期。

In Print, our results reflect a pricing environment that remains competitive despite higher industry costs and continued market softness globally as customers delay printer hardware refresh decisions. Against this backdrop, we continue to focus on profitable long-term unit placement, increasing lifetime value per customer and cost reduction actions.

在印刷領域，我們的結果反映出，儘管行業成本較高，且全球市場持續疲軟（因為客戶推遲了印表機硬體更新的決定），但價格環境仍然具有競爭力。在此背景下，我們繼續專注於獲利的長期產品部署、提高每位客戶的終身價值和降低成本。

We also drove solid growth in key growth areas in the quarter. Looking at the details. Print revenue declined 4% on lower supplies volume and market-driven hardware declines in both consumer and commercial. Consumer revenue was down 9% year-over-year and commercial revenue down 4% as higher ASPs were offset by lower volumes. Supplies performed as expected, down 3% year-over-year in constant currency.

本季我們在關鍵成長領域也實現了穩健成長。注意細節。列印收入因耗材銷售下降以及消費和商業領域硬體市場需求下降而減少 4%。由於平均售價上漲被銷售下降所抵消，消費者收入年減 9%，商業收入較去年同期下降 4%。供應情況符合預期，以固定匯率計算年減 3%。

We continue to drive market share gains with favorable pricing that partially offset installed base and usage headwinds. For the year, supplies revenue declined 2% in constant currency, in line with our long-term range. And we delivered operating margin of 18.9%, in line with our guidance and at the top end of our range.

我們透過優惠的價格繼續擴大市場份額，部分抵消了安裝基礎和使用量方面的不利因素。本年度，供應收入以固定匯率計算下降了 2%，符合我們的長期預期。我們實現了 18.9% 的營業利潤率，符合我們的預期，並且達到了我們預期範圍的上限。

Now let me move to cash flow and capital allocation. We generated $1.6 billion in cash from operations and roughly $1.5 billion in free cash flow on the strength of the sequential growth in Personal Systems. Free cash flow for the fiscal year was $2.9 billion, consistent with our outlook, and we improved our cash conversion cycle quarter-over-quarter, driving days payable up through higher manufacturing activity. On capital allocation, we remain committed to returning approximately 100% of our free cash flow to shareholders as long as our gross leverage remains below 2 times, and there aren't better return opportunities.

現在讓我來談談現金流和資本配置。由於個人系統業務的持續成長，我們從經營活動中產生了 16 億美元的現金，自由現金流約為 15 億美元。本財年自由現金流為 29 億美元，與我們的預期一致，並且我們環比改善了現金週轉週期，透過提高製造業活動來延長應付帳款週轉天數。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，我們仍然致力於將大約 100% 的自由現金流返還給股東。

In Q4, we returned close to $800 million to shareholders through both dividends and share repurchase and returned more than $1.9 billion for the fiscal year. While we finished the quarter slightly above our target leverage ratio, we increased our cash balances, reserving sufficient funds to pay down 2026 debt maturities, which enabled us to buy back shares in the quarter. And if needed, as we move through the year, we can operate with higher cash balances in fiscal '26 to further reduce leverage with maturities in fiscal '27.

第四季度，我們透過股利和股票回購向股東返還了近 8 億美元，本財年返還金額超過 19 億美元。雖然本季我們的槓桿率略高於目標值，但我們增加了現金餘額，預留了足夠的資金來償還 2026 年到期的債務，這使我們能夠在本季回購股票。如果需要，隨著年內的發展，我們可以在 2026 財年保持較高的現金餘額，以進一步降低 2027 財年到期債務的槓桿率。

Our Q4 and FY25 results reflect strong execution against challenging trade dynamics with continued sequential improvement as promised in the back half of the year. Looking ahead, our guidance reflects the increasing inflationary pressures predicted for memory costs, which we expect at this point to have an impact as we move into the back half of our fiscal year.

我們的第四季和 2025 財年業績反映了在充滿挑戰的貿易環境下強勁的執行力，並如承諾的那樣在下半年持續取得環比改善。展望未來，我們的指導意見反映了預計記憶體成本將面臨越來越大的通膨壓力，我們預計這將在我們進入本財年下半年時產生影響。

That said, we have a proven track record of managing challenges, and this one will be no different. We are prudently including these pressures in our outlook. Yet we remain confident in the strength of our organization and partnerships we've built with our suppliers to deliver the best possible outcome for our shareholders.

也就是說，我們在應對挑戰方面有著良好的記錄，這次也不例外。我們謹慎地將這些壓力因素納入了我們的展望。但是，我們仍然對我們組織的實力以及與供應商建立的夥伴關係充滿信心，相信我們能夠為股東帶來最佳結果。

We are also continuing to invest in driving transformation within the company. And we see a significant opportunity ahead to embed AI into almost all that we do to improve productivity, accelerate innovation and improve customer experiences.

我們也持續投資，推動公司內部的轉型。我們看到，未來將有很大的機會將人工智慧融入我們所做的幾乎所有事情中，以提高生產力、加速創新和改善客戶體驗。

As Enrique said, we have already made excellent progress in identifying key focus areas that are expected to generate approximately $1 billion in gross run rate savings by the end of our fiscal year 2028, and we expect approximately $300 million of those savings to be achieved by the end of fiscal 2026.

正如恩里克所說，我們在確定關鍵重點領域方面已經取得了顯著進展，預計到 2028 財年末，這些重點領域將產生約 10 億美元的毛利率節省，我們預計到 2026 財年末，其中約 3 億美元的節省將實現。

We estimate associated restructuring charges of around $650 million over the three-year period, which include roughly $250 million in charges to be incurred in FY26. We continue to identify additional opportunities as part of this initiative, and we'll share those with you at our upcoming Investor Day.

我們估計，三年內相關的重組費用約為 6.5 億美元，其中包括 2026 財年將產生的約 2.5 億美元費用。作為這項計劃的一部分，我們將繼續尋找其他機會，並將在即將舉行的投資者日上與您分享這些機會。

Now turning to our segment outlook for FY26. In Personal Systems, we are aligned with industry experts projecting the PC unit TAM to decline in units, but the revenue TAM to grow low single digit. Against that backdrop, we expect to gain share in premium categories, including AI PCs, workstations and new device categories and increase our attach of higher-margin offerings, all leading to revenue share gains. And we anticipate revenue to be stronger in the second half of the year, driven by normal seasonality and pricing as needed against rising costs.

現在來看看我們對2026財年各業務部門的展望。在個人系統領域，我們與產業專家一致預測，個人電腦的TAM（市場規模）將會下降，但營收TAM（市場規模）將會達到低個位數成長。在此背景下，我們預計在高端產品類別（包括人工智慧個人電腦、工作站和新設備類別）中獲得市場份額，並增加對高利潤產品的投入，所有這些都將帶來收入份額的成長。我們預計下半年收入將更加強勁，這主要得益於正常的季節性因素以及根據成本上漲情況進行的必要定價。

On operating margin, we expect the PS OP rate to stay in the 5% to 6% range in the first half of the year. And as Enrique said, we are already taking decisive steps to manage commodity inflation. However, with higher memory cost increases impacting our back half, we estimate our OP rate for the full year could be at the low end of our long-term 5% to 7% range.

關於營業利潤率，我們預計今年上半年PS OP率將維持在5%至6%的範圍內。正如恩里克所說，我們已經在採取果斷措施來控制大宗商品通膨。然而，由於記憶體成本上漲影響了我們下半年的業績，我們估計全年的營運成本率可能處於我們長期目標 5% 至 7% 範圍的低端。

In Print, we anticipate a low single-digit decrease in the hardware market in 2026, with growth in big tank and industrial markets, offset by declines in traditional hardware. We expect to outperform the market as we execute our plans to gain share in big tank and higher-value office categories through new products and solutions and to expand our subscription business and deliver continued growth in industrial.

在印刷領域，我們預計 2026 年硬體市場將出現個位數百分比的下降，大型儲槽和工業市場將實現成長，但傳統硬體的下滑將抵消這一成長。我們期望透過實施我們的計劃，在大型儲罐和高價值辦公領域獲得市場份額，並透過新產品和解決方案擴大我們的訂閱業務，並在工業領域實現持續成長，從而超越市場表現。

We also anticipate supplies revenue to be down low single digits in constant currency within our long-term guidance range with favorable pricing and continued share gains. And we expect Print revenue by quarter to be generally in line with historical seasonality. We expect Print operating margins for the year to be in the upper half of our 16% to 19% range while we continue to focus on profitable unit placement and disciplined cost management.

我們也預計，在有利的定價和持續的市場份額成長的背景下，供應收入按固定匯率計算將下降個位數百分比，但仍在我們的長期指導範圍內。我們預計各季度的印刷收入將基本符合歷史季節性規律。我們預計今年印刷業務的營業利潤率將處於 16% 至 19% 預期範圍的上半部分，同時我們將繼續專注於盈利的單位佈局和嚴格的成本管理。

Beyond the segments, we expect corporate other and OI&E to be roughly flat year-over-year. And as is typical, we expect corporate other expense to be more heavily weighted in Q1 due to the timing of our stock compensation expense.

除了上述各業務部門之外，我們預計其他企業支出和營運收入與支出將與去年同期基本持平。與往常一樣，由於股票補償費用的支付時間，我們預計第一季的其他公司支出將佔比較高。

With all of this, and including an estimated $0.30 impact from projected memory cost increases net of mitigations. We expect FY26 non-GAAP diluted net earnings per share to be in the range of $2.90 to $3.20 and FY26 GAAP diluted net earnings per share to be in the range of $2.47 to $2.77.

綜上所述，包括預計記憶體成本增加帶來的 0.30 美元影響（扣除緩解措施後）。我們預計 2026 財年非 GAAP 攤薄後每股淨收益將在 2.90 美元至 3.20 美元之間，2026 財年 GAAP 攤薄後每股淨收益將在 2.47 美元至 2.77 美元之間。

For Q1, we expect non-diluted net earnings per share to be in the range of $0.73 to $0.81. And first quarter GAAP diluted net earnings per share to be in the range of $0.58 to $0.66. On FY26 free cash flow, we expect to deliver between $2.8 billion to $3 billion. As typical, we expect the second half to be stronger than the first, consistent with our earnings and recognizing that our first quarter is typically lower, given the timing of our incentive payment.

我們預計第一季未稀釋每股淨收益將在0.73美元至0.81美元之間。第一季GAAP稀釋每股淨收益將在0.58美元至0.66美元之間。 2026財年自由現金流預計將在28億美元至30億美元之間。與往常一樣，我們預計下半年業績將強於上半年，這與我們的盈利情況一致，並且考慮到激勵性付款的時間安排，我們第一季的業績通常會較低。

Before closing, over the past year since joining HP, I have had the opportunity to not only learn and understand our businesses more deeply, but also reflect on key drivers of growth and value ahead. Across both Print and Personal Systems, we have a relatively small but growing base of services, subscriptions, software and products as a Service that are contractual in nature.

最後，我想說，自從加入惠普以來的過去一年裡，我不僅有機會更深入地學習和了解我們的業務，而且還有機會思考未來成長和價值的關鍵驅動因素。無論在列印系統或個人系統方面，我們都擁有規模相對較小但不斷增長的服務、訂閱、軟體和產品即服務基礎，這些服務、訂閱、軟體和產品即服務本質上都是合約性質的。

And as we look to the future, we intend to drive greater growth in this important base of higher margin, more stable recurring revenue. So expect us to highlight this even more for you as we continue to focus on strengthening our company and increasing the value we offer to our investors.

展望未來，我們計劃在這個利潤率更高、更穩定的經常性收入的重要基礎領域實現更大成長。因此，我們將繼續專注於加強公司實力，提高我們為投資者提供的價值，並期待我們將更加突出這一點。

Lastly, we are pleased to announce today that we are raising our quarterly dividend to $0.30 per share. This is the tenth consecutive annual increase since our separation in 2015 and reflects the confidence we and our Board have in our long-term outlook head. With that, I would like to hand it back to the operator and open the call for your questions.

最後，我們很高興地宣布，我們將季度股息提高至每股 0.30 美元。這是自 2015 年我們分拆以來連續第十年實現成長，反映了我們和董事會對我們長期前景的信心。接下來，我將把電話交還給接線員，現在開始接受大家的提問。

(Operator Instructions)

（操作說明）

Wamsi Mohan, BofA.

Wamsi Mohan，美國銀行。

Yes, thank you so much. I guess to start, your free cash flow guide for next year is flat year-on-year despite the margin pressures you alluded to from increased memory pricing. What are some of the elements offsetting these headwinds in cash flows? And does the $2.9 billion in free cash flow include any cash restructuring charges? And I have a follow-up.

是的，非常感謝。首先，儘管您提到內存價格上漲會帶來利潤率壓力，但您明年的自由現金流預期與去年持平。有哪些因素可以抵銷現金流量的這些不利因素？29億美元的自由現金流是否包含任何現金重組費用？我還有一個後續問題。

Yeah. Thanks, Wamsi, for your question. We obviously remain focused on driving value to our shareholders through strong free cash flow. And like we're doing with our earnings guide, we're taking a prudent approach to our expectations there. particularly the recently projected increase in memory costs.

是的。謝謝 Wamsi 的提問。我們顯然仍將專注於透過強勁的自由現金流為股東創造價值。就像我們對獲利預期所做的那樣，我們對這方面的預期也採取了謹慎的態度，特別是考慮到最近預計的記憶體成本上漲。

So at this point, we expect our free cash flow to be relatively flat, as you said, with slightly lower earnings, and that's offset by improvements in working capital primarily due to the favorable cash conversion cycle we have with the expectations of our growing PS business. We also expect CapEx and restructuring costs to be down slightly year-over-year. And I would just say on free cash flow, as always, if we can do better, we will.

因此，正如您所說，我們預計目前自由現金流將相對平穩，盈利略有下降，但這將被營運資本的改善所抵消，這主要是由於我們對PS業務增長的預期帶來的有利現金週轉週期。我們也預期資本支出和重組成本將較去年同期略有下降。至於自由現金流，我想說的是，和以往一樣，如果我們能做得更好，我們一定會做得更好。

And yes, it includes the restructuring -- the funds of the restructuring activities.

是的，這包括重組——重組活動的資金。

Yes. And we expect for the year the restructuring cost to be roughly $250 million.

是的。我們預計今年的重組成本約為 2.5 億美元。

Okay. Okay. Great. And then maybe Enrique, like we've seen plenty of memory cycles in the past. This one, it's fairly unprecedented in rate and pace of change.

好的。好的。偉大的。然後或許是恩里克，就像我們過去看到的許多記憶循環一樣。這次的變化速度和幅度都相當驚人，是前所未見的。

And I'm just wondering, as you think about the various strategies you're going to deploy to navigate this, how do you think about price elasticity in a somewhat weaker consumer market? How do you think about despecking?

我想問的是，當您考慮將要採取的各種策略來應對這種情況時，您是如何看待在消費市場相對疲軟的情況下價格彈性的？你對去除斑點有什麼看法？

And any other sort of strategies that HP could deploy in terms of being able to raise price without sort of impacting the demand elasticity, if that's at all possible? Like what are some of the things that you're looking at executing to limit this impact to what you pointed at about $0.30 or so? Thank you.

如果可能的話，惠普還可以採取哪些其他策略來提高價格而不影響需求彈性？為了將影響限制在您提到的大約 0.30 美元左右，您正在考慮採取哪些措施？謝謝。

Thank you. So as you said, this is not the first time we go through a situation like that. So the team have plenty of experience handling the situation. I think the first thing that helps us in this situation is our scale. And by using our scale, we have today a good supply position, thanks to the long-term agreements and the relationships we have with many suppliers.

謝謝。正如你所說，這並非我們第一次遇到這種情況。因此，該團隊在處理這種情況方面經驗豐富。我認為在這種情況下，對我們有利的第一點就是我們的規模。憑藉我們的規模優勢，以及與眾多供應商建立的長期協議和良好關係，我們如今擁有良好的供應地位。

And we are doing that also to qualify additional suppliers to mitigate this even further. We also can use the breadth of our portfolio to make sure that customers get the right configuration and to the scale in those cases where it's possible to balance company profitability with experience from customers.

我們這樣做也是為了篩選出更多合格的供應商，以便進一步緩解這個問題。我們還可以利用我們廣泛的產品組合，確保客戶獲得合適的配置，並在能夠平衡公司獲利能力和客戶體驗的情況下，達到合適的規模。

Something unique that we have this time is something that I have been mentioning before, we see the Workforce Experience platform. This is a tool that we deploy to our commercial customers that allows AI to monitor the performance of individual users.

這次我們擁有的獨特之處在於，我之前也提到過，那就是員工體驗平台。這是我們部署給商業客戶的工具，它允許人工智慧監控單一用戶的效能。

And by using telemetry data that we have been capturing over time, we can make recommendations from what is the optimum configuration per customer, but this will help us significantly for those customers when we deploy the tool to make sure that they get the right solution and the right memory configuration.

透過使用我們長期以來收集的遙測數據，我們可以根據每個客戶的最佳配置提出建議，這將極大地幫助我們為這些客戶部署該工具，以確保他們獲得正確的解決方案和正確的記憶體配置。

And then what we have seen in the past in these situations from a demand perspective, and usually the more low-end categories, those that are impacted and by managing our portfolio and shifting demand to the areas where we think we will have more product available and better configurations is an important way for us to manage that. And then finally, of course, pricing will be another tool to mitigate the impact, and we will use this as soon as we can, given the contracts and the different relationships that we have.

從需求角度來看，過去在這些情況下，通常是低端類別受到影響，而透過管理我們的產品組合並將需求轉移到我們認為會有更多產品和更好配置的領域，是我們應對這種情況的重要方法。最後，當然，定價將是減輕影響的另一個工具，鑑於我們已有的合約和各種關係，我們將盡快利用這項工具。

David Vogt, UBS.

David Vogt，瑞銀集團。

Hey guys, thanks for taking the question. This is Brian Luke on for David. Just on the topic of higher memory prices, you talked about a number of actions you could take. Staying on the topic of pricing, now would you consider price increases across the entire portfolio? Or would you consider them more tactical in nature? And would you be able to quantify any price increases you'd be considering going forward? And then I have a follow-up. Thank you.

各位，謝謝你們回答這個問題。這裡是布萊恩·盧克，替大衛報道。關於記憶體價格上漲的問題，您提到了一些可以採取的措施。繼續討論定價問題，您是否考慮提高整個產品組合的價格？或者您認為它們更偏向戰術性質？您能否具體說明未來可能考慮的價格上漲幅度？然後我還有一個後續問題。謝謝。

Yeah. I would say we are going to be looking at it case by case, country by country, category by category. But the impact on memory cost is significant. So I would say, it's going to happen across the board, but more selectively or higher or lower depending on specific situations.

是的。我認為我們會逐案、逐國、逐類地進行審查。但對記憶體成本的影響很大。所以我認為，這種情況會普遍發生，但具體情況可能會有所不同，程度可能會有選擇性，也可能更高或更低。

Got it. That's helpful. And then in regards to the Windows 11 Refresh, you talked about us being roughly 60% the way through according to check, that's roughly in line, and you expect it to be a tailwind going forward in fiscal year '26. Do you expect it to be a tailwind for longer than that time period? And would you expect tariff considerations to be having an impact going forward?

知道了。那很有幫助。關於 Windows 11 更新，您提到根據檢查結果，我們已經完成了大約 60%，這大致符合預期，您預計這將對 2026 財年的發展起到推動作用。你預計這種順風局面會持續更久嗎？您認為關稅因素未來會產生影響嗎？

So you said it right. We estimate that about 60% of the installed base have moved to Windows 11. We have seen the conversion happening faster in the enterprise space and also in North America. But the biggest opportunity now is going to be in SMB and in Europe and in Asia. And this is very consistent with previous processes.

你說得對。我們估計約有 60% 的用戶已經升級到 Windows 11。我們看到，這種轉變在企業領域和北美地區發生得更快。但目前最大的機會將在中小企業、歐洲和亞洲。這與之前的流程非常一致。

In terms of the tailwind, if you think about what has been the conversion during the last quarter has been about 10 points, but this can give you a prediction of for how long we think this is going to last for sure for the first half of the year, but probably beyond that.

就順風而言，如果你想想上個季度的轉換率，大約是 10 分，但這可以讓你預測我們認為這種情況會持續多久，肯定在今年上半年，甚至可能更久。

We also have the catalyst of AI PCs being a continued uptick as we look ahead to -- we had about 30% or more than 30% of our shipments being AI PC in the fourth quarter, and we expect that to be higher next year, 40% to 50%.

展望未來，人工智慧個人電腦的持續成長也成為推動我們發展的催化劑——第四季度，人工智慧個人電腦的出貨量佔比約為 30% 或超過 30%，我們預計明年這一比例將更高，達到 40% 至 50%。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Hi, thank you for the question. This is [Irvin Liu] dialing in for Amit. I wanted to understand the rationale behind the company cost savings initiative that was announced today. Since you recently completed the -- you already recently leaded a Future Ready program. Was this new initiative more of a response to higher memory costs? Or should we view this as kind of a broader cost savings program in nature?

您好，感謝您的提問。這是 Irvin Liu 替 Amit 撥通的電話。我想了解公司今天宣布的成本節約計畫背後的邏輯。因為你最近完成了——你最近已經領導過一個未來準備計畫。這項新措施是否更多是為了應對不斷上漲的記憶體成本？或者我們應該將其視為一項更廣泛的成本節約計劃？

Yeah. I actually started to talk about this in the last earnings call. So this was way before the memory cycle started. And this is really driven by the opportunity that we think AI is going to bring an to accelerate product development, improve customer satisfaction and also boost productivity. Two years ago, we started to do some pilots on how AI could help us to drive these things.

是的。實際上，我在上次財報電話會議上就開始談到這個問題了。所以這遠在記憶循環開始之前。這主要是因為我們認為人工智慧將帶來機遇，加速產品開發，提高客戶滿意度，並提升生產力。兩年前，我們開始進行一些試點項目，探索人工智慧如何幫助我們推動這些事情。

And during the last two quarters, we have been shifting from pilots to specific initiatives in areas where we can have significant impact. What we have learned is that we need to start from redesigning the process. And once the process once we know how the process could be done using AI, using agent I can really have a very significant impact.

在過去的兩個季度裡，我們已經從試點計畫轉向在我們可以產生重大影響的領域開展具體舉措。我們了解到，我們需要從重新設計流程開始。一旦我們知道如何利用人工智慧和智能體來完成這個過程，我就可以產生非常顯著的影響。

And this is why we think that really over the next years, this can have a very significant impact across the areas I mentioned before, faster product development, customer satisfaction and also productivity. And we have quantified productivity around $1 billion over the next three years. And this is really what we have deployed now and what we are working with the teams to deliver on.

因此，我們認為，在未來幾年，這將對我之前提到的各個領域產生非常顯著的影響，例如加快產品開發速度、提高客戶滿意度和提高生產力。我們已量化預測，未來三年生產力將成長約 10 億美元。而這正是我們目前正在部署的，也是我們正在與團隊合作實現的目標。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hey, good afternoon. Thanks for the question. This is Joe Cardoso on for Samik. Maybe I just wanted to follow up on kind of the PS momentum or PC momentum you're thinking about or seeing going into 2026. I was curious if you could just flesh out the conviction here, particularly as we're cycling past the bulk of the wind teen refresh.

嘿，下午好。謝謝你的提問。這裡是喬·卡多索替薩米克報道。我只是想跟進一下你正在思考或看到的 2026 年 PS 或 PC 的發展勢頭。我很好奇你是否能詳細闡述你在這裡的信念，尤其是在我們即將度過風青少年更新的大部分時期之際。

I know, Antonio, you talked about 60% or 50% plus of the installed base moved over. And so there's some headroom there to continue but interestingly enough, when you guys talked about the forecast for next year, it seems like pricing was a bigger contributor for the next year relative to this year, where I think units were bigger.

我知道，安東尼奧，你說過有 60% 或 50% 以上的已安裝用戶群轉移過來了。所以，這方面還有一些成長空間，但有趣的是，當你們談到明年的預測時，似乎價格對明年的影響比今年更大，而我認為銷售更大。

So I'm just curious like where you guys are seeing that dynamic play out? And what's kind of the conviction behind it? And then I have a follow-up.

所以我很好奇，你們都在哪裡看到這種動態變化？這種想法背後有著怎樣的信念？然後我還有一個後續問題。

Yeah. So the conviction comes from the same drivers that we have seen driving demand during the last few quarters. We have a installed base of PCs that need to be refreshed of all the PCs that were bought four, five years ago.

是的。因此，這種信念源於我們在過去幾季中看到的推動需求的相同因素。我們現有電腦設備需要更新換代，這些電腦都是四、五年前購買的。

We have the opportunity driven by the change to Windows 11, and we have being that tailwind helping during the last quarter. As you said, the conversion has been run to 60% of the today. So we have still close to 40% of the installed base to be converted especially in SMB and especially outside of North America, and this will be a tailwind now for several quarters.

由於 Windows 11 的變革，我們迎來了發展機遇，並且在上個季度我們一直扮演著推動這項變革的順風角色。正如你所說，今天的轉換率已經達到了 60%。因此，我們仍有近 40% 的已安裝用戶需要轉化，尤其是在中小企業和北美以外的地區，這將在未來幾季成為一個有利因素。

And we also see the opportunity to continue to improve the mix of AI PCs that has exceeded the expectations that we had for the year. So all these will be positive drivers. On top of that, our strategy is going to continue to be focused on premium categories as it has been during the last few quarters where we have made very significant progress, both in commercial customers, consumer customers and workstations, and we also have an opportunity to continue to drive attach of peripheral attach of services. So all these kind of will help us to drive revenue growth faster than unit growth in '26.

我們也看到了繼續改進人工智慧個人電腦組合的機會，其表現已經超出了我們今年的預期。所以所有這些都將是積極的驅動因素。除此之外，我們的策略將繼續專注於高端產品類別，就像過去幾季一樣，我們在商業客戶、消費者客戶和工作站領域都取得了非常顯著的進展，我們也有機會繼續推動外圍設備和服務的附加銷售。因此，所有這些因素都將幫助我們在 2026 年實現營收成長速度超過銷售成長速度。

Got it. And then maybe a follow-up for Karen. So just curious if you could share any thoughts on how you're thinking about seasonality for next year. seems like a lot of moving pieces with the company cycling past the tariffs of this year, maybe the bulk of the Windows 11 refresh this year. and then kind of entering a dynamic memory pricing environment, just to kind of name a few of the things that are going on, obviously.

知道了。然後或許還要給凱倫做個後續報道。所以，我很好奇您能否分享一下您對明年季節性因素的看法。公司今年要應對的關稅問題很多，可能今年也會推出大部分Windows 11更新版本，然後還要進入動態記憶體定價環境，這只是目前正在發生的一些事情的一部分。

Anything we should keep on top of mind relative to maybe first half, second half dynamics relative to revenues? I know you talked about the margin implications as you kind of cycle past some of the inventory that you built on the memory side.

關於上半年和下半年的收入走勢，我們該專注在哪些方面？我知道你談到了利潤率的影響，因為你正在逐步淘汰你在記憶體方面累積的一些庫存。

But any other moving pieces we should think about as we're thinking about our models for next year in terms of some of the different dynamics we should be considering just given that we've been in somewhat of a volatile or moving pieces environment?

但是，鑑於我們一直處於某種動盪或多變的環境中，在考慮明年模型時，還有哪些因素需要考慮？例如，我們應該考慮哪些不同的動態因素？

Thanks, Joe. Happy to talk about that. So I did mention that we anticipate our revenue to be stronger in the second half of the year, and that's really just driven by normal seasonality as well as pricing as needed against the tariffs and the rising costs.

謝謝，喬。我很樂意談論這個話題。我確實提到過，我們預計下半年的收入會更強勁，這主要是由於正常的季節性因素以及根據關稅和不斷上漲的成本進行必要的定價。

When I say -- when you look at our margins, we expect our print operating margins to be in line with seasonality, where we see Q3 typically lower seasonally than the rest. And on PS, as we talked about, we expect our PS operating profit rate to stay in the 5% to 6% range in the first half of the year. But then with higher memory cost increases in our back half, we expect -- we said we expected our full year rate to be at the low end of our long-term 5% to 7% range.

我的意思是——當你查看我們的利潤率時，我們預計印刷業務的營業利潤率將與季節性因素保持一致，我們看到第三季通常會比其他季度低。至於PS業務，正如我們之前討論過的，我們預計今年上半年PS業務的營業利潤率將保持在5%至6%的範圍內。但是，由於下半年內存成本上漲幅度更大，我們預計——我們曾表示，我們預計全年增長率將處於我們長期 5% 至 7% 範圍的低端。

So given that we could see Q3 and Q4 temporarily below that 5% range. But as you know, we're working to minimize that and ultimately mitigate the full impact. So if we can do better, we will. When you think about it from an EPS perspective, we typically have EPS more stronger in the back half -- but with the impact of memory in the back half of this year, you can think about EPS being more evenly weighted through the year. Hopefully, that helps.

因此，我們可能會看到第三季和第四季暫時低於 5% 的區間。但正如您所知，我們正在努力將這種情況降到最低，並最終減輕其全部影響。所以如果我們能做得更好，我們一定會做得更好。從每股盈餘 (EPS) 的角度來看，我們通常會看到下半年的 EPS 表現更強勁——但考慮到今年下半年記憶效應的影響，你可以認為 EPS 在全年的分佈更加均衡。希望這能有所幫助。

And maybe let me add a couple of comments on the memory side. As we said in our prepared remarks, we expect the major impact of the memory cost increases to impact the second half of the year. In fact, almost no impact in the first half given the inventories on hand that we have I think it's important to have in mind that we are one of the first companies that are guiding for the full year and the impact we really see on the second half, we don't see it in the first half.

或許我還想就內存方面補充幾點。正如我們在事先準備好的發言稿中所說，我們預計記憶體成本上漲的主要影響將在今年下半年顯現。事實上，鑑於我們目前的庫存情況，上半年幾乎沒有受到影響。我認為重要的是要記住，我們是第一批對全年業績做出預測的公司之一，而我們真正看到的影響是在下半年，而不是在上半年。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

Hey, good afternoon, thanks for the question. I was wondering, Karen, Enrique, if you could just expand a little bit about the comment around the growing base of services, subscriptions and software that are more contractual in nature.

嘿，下午好，謝謝你的提問。Karen、Enrique，我想請你們稍微詳細解釋一下關於服務、訂閱和軟體（這些服務、訂閱和軟體的合約性質越來越強）的評論。

Was that a comment more about Workforce Solutions or Print subscriptions? I appreciate the highlight. Just if you could expand on anything that you're thinking about in the future, that would be helpful and how you would want to grow that type of business.

那條評論更多的是關於人力資源解決方案還是印刷訂閱？我很欣賞你的亮點。如果您能詳細說明您未來的想法，以及您希望如何發展這類業務，那就太好了。

Yes. It's a comment across the board. So we have seen very solid growth, for example, in the consumer subscription side of Instant Ink. We mentioned that business is approaching $1 billion, which is really a significant milestone for these type of businesses.

是的。這是普遍的看法。例如，我們看到 Instant Ink 的消費者訂閱業務實現了非常穩健的成長。我們提到過，公司營業額即將達到 10 億美元，這對這類企業來說確實是一個重要的里程碑。

We have also seen very solid growth in the workforce solutions space, especially in PCs, PCs as a service that has driven very significant growth during 2025 and that we expect to continue to see in 2026. And also our software businesses are having very strong performance, and I will let Karen make a few comments.

我們也看到勞動力解決方案領域，特別是個人電腦和個人電腦即服務領域，在 2025 年實現了非常顯著的成長，我們預計這種成長勢頭將在 2026 年繼續保持。此外，我們的軟體業務也表現非常強勁，接下來請凱倫做幾點說明。

Yes, I would just add that we're excited to drive even greater growth in value in the future with revenue that is less cyclical and more stable and higher margins. It's really an important focus for us as a company. And it means that as we innovate products and develop new business models around them, we'll be focused on driving more recurring revenue. And when we think about doing our capital allocation to, this is going to be a priority focus for us. But I would say it's not something that's going to change rapidly overnight.

是的，我還要補充一點，我們很高興未來能夠透過更穩定、波動性更小、利潤率更高的收入，實現更大的價值成長。這確實是我們公司非常重視的一環。這意味著，隨著我們不斷創新產品並圍繞它們開發新的商業模式，我們將專注於推動更多經常性收入。當我們考慮進行資本配置時，這將是我們優先關注的重點。但我認為這種情況不會在一夜之間迅速改變。

We see this as an important gradual transition, and we'll just continue to highlight it for investors.

我們認為這是一個重要的漸進式轉變，我們將繼續向投資人強調這一點。

Great. And if I could just follow up around the headwind from memory of $0.30 on EPS net of mitigations. What do you think the gross impact is and what's your confidence level on the mitigations? Could it be better or worse? And then just as a quick follow-up, are you also seeing similar kind of tightness on PCB and kind of inflation related to that?

偉大的。如果我還能跟進一下，根據我的記憶，每股盈餘扣除緩解措施後為 0.30 美元。你認為整體影響有多大？你對緩解措施的信心如何？情況會更好還是更糟？那麼，我再快速問一下，您是否也觀察到PCB方面類似的緊張局面以及與之相關的通貨膨脹？

Sure. So let me start the quantification. We have shared enough numbers that you can calculate. We have shared that the cost of memory is between 15% and 18% of PCs from there, you can calculate the gross impact that you will see is significantly bigger than the $0.30 that we are quantifying. And we have fairly high confidence in the actions that we have put in place.

當然。那麼，讓我開始量化分析。我們已經提供了足夠的數據，您可以自行計算。我們已經提到，記憶體成本佔個人電腦成本的 15% 到 18%，由此可以計算出，記憶體成本造成的總影響將遠大於我們量化的 0.30 美元。我們對已採取的措施相當有信心。

In fact, we mentioned that we have been conservative in the guide for the full year and that based on the actions I described before, if we can do better, we will be better. But given that we are guiding the full year and we expect to see the majority of the impact in the second half, we thought it was important to be present at this point.

事實上，我們在全年的指導方針中提到，我們一直採取保守的做法，並且根據我之前描述的行動，如果我們能做得更好，我們就會做得更好。但鑑於我們著眼於全年，並且預計大部分影響將在下半年顯現，我們認為此時此刻的出現至關重要。

In terms of other components, when -- this is the area where we see the biggest impact, memories and storage, the rest of the space, we are confident, and we don't see any shortages at this point. And as I said before, even in the memory and to pace, we are in a good position from a supply perspective. given the relationships and the contracts we have with our suppliers.

至於其他元件，也就是我們認為影響最大的領域——記憶體和存儲，至於其他方面，我們充滿信心，目前來看沒有任何短缺。正如我之前所說，即使從記憶和節奏的角度來看，鑑於我們與供應商之間的關係和合同，從供應角度來看，我們也處於有利地位。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Hi, good afternoon.

您好，下午好。

This is [Mike Cadiz] on half of Asia merchant at Citi. So my question is on AI PC penetration. So despite you hitting the 25% to 30% penetration ahead of schedule. How do you think that tariffs and now the elevated commodity costs have affected the expected trajectory towards the 50% in the coming years where you telegraphed?

這是花旗銀行亞洲商戶部的 [Mike Cadiz]。所以我的問題是關於人工智慧在個人電腦上的滲透率。所以儘管你們提前達到了 25% 到 30% 的市場滲透率目標。您認為關稅以及目前高企的大宗商品成本對您先前預測的未來幾年內實現 50% 目標的預期軌跡產生了怎樣的影響？

So we continue to be very optimistic about the penetration of AI PC. And as I mentioned before, as we will be prioritizing premium categories to -- we will be working on the memory situation next year. The penetration of AI PCs, as I said before, is about 30% and today as at the end of the quarter and is really driven by the additional value this be bring compared to the installed base and the fact that our customers want to be ready as soon as applications start taking advantage of the capabilities of these products.

因此，我們對人工智慧個人電腦的普及率依然非常樂觀。正如我之前提到的，我們將優先考慮高端產品類別——明年我們將著手解決記憶體方面的問題。正如我之前所說，人工智慧個人電腦的滲透率約為 30%，截至本季末，這主要是由於與現有產品相比，人工智慧個人電腦能夠帶來額外的價值，以及我們的客戶希望在應用程式開始利用這些產品的功能時做好準備。

Last quarter, I mentioned the work that we are doing with software companies to leverage those, and this work has continued, and we have continued to make progress with the announcement that Microsoft made last week on the consumer side, the ability to manage PCs with voice. I think are going to be exciting, very exciting for our consumers.

上個季度，我提到了我們正在與軟體公司合作，利用這些技術，這項工作一直在繼續，我們也在不斷取得進展，微軟上週在消費者方面宣布了透過語音管理 PC 的功能。我認為這將令我們的消費者感到非常興奮。

They have improved the tools that they have for other companies to take advantage of GPUs and MPUs in the devices. We have made progress with other software companies like Adobe in leveraging those assets with more local vendors like Rakuten or in Japan to take the models and the systems that they have in the cloud and bring them to the edge, an announcement we made a few weeks ago.

他們改進了現有工具，使其他公司能夠利用設備中的 GPU 和 MPU。我們與其他軟體公司（如 Adob​​e）在利用這些資產方面取得了進展，並與樂天等日本本地供應商合作，將他們在雲端的模型和系統帶到邊緣，這是我們幾週前宣布的。

And we have also worked with smaller companies that drive very specific value, for example, in helping sales teams to be more efficient or in helping product managers to present better, all these are helping to drive adoption.

我們也與一些規模較小的公司合作，這些公司創造了非常具體的價值，例如幫助銷售團隊提高效率或幫助產品經理更好地進行演示，所有這些都有助於推動產品的普及。

And something we think very relevant is that we have deployed these solutions internally in HP with not only the PCs, but with accurate set of applications, we have seen up to productivity improvement, and this is a very important value proposition for us, but also for our customers.

我們認為非常相關的一點是，我們在惠普內部部署了這些解決方案，不僅包括個人電腦，還包括一套精準的應用程序，我們已經看到生產力得到了提升。這對我們來說是一個非常重要的價值主張，對我們的客戶也是如此。

Thank you for that. And then as my follow-up, for both PC and Print, would you mind talking about the customer and market reception to the pricing actions that you've taken and whether or not it's different between consumer and commercial? And how you perhaps balance that with maintaining margins and share as well? Thank you.

謝謝。然後，作為我的後續問題，關於個人電腦和列印領域，您能否談談客戶和市場對您採取的定價措施的反應，以及消費者和商業用戶之間的反應是否有所不同？那麼，你又該如何平衡這兩者之間的關係，同時還要維持利潤率和市佔率呢？謝謝。

Sure. The majority of -- I mean, if I look at Print, we have done projections both in the consumer and commercial space. In the commercial space, probably because our -- most of our competitors are Japanese and they continue to have a very significant help from yen. We can see these changes happening across the board, and this is why we lost some share in Q4. It didn't happen in consumer.

當然。大部分——我的意思是，如果我看一下印刷業，我們已經對消費者和商業領域都進行了預測。在商業領域，這可能是因為我們的大多數競爭對手都是日本人，而日圓繼續為他們提供非常重要的幫助。我們可以看到這些變化正在各個領域發生，這也是我們在第四季度失去一些市場份額的原因。這並沒有發生在消費者身上。

You didn't have any supplies where we grew our share, especially in supplies where we grow our share. And in the PC space, our price increases have been smaller because the impact of tariffs so far has been smaller. And therefore, we haven't seen a strong reaction one way or another. Prices have grown year-on-year, quarter-on-quarter, but less than what we have seen in other spaces.

在我們種植作物的地區，你們沒有任何物資供應，尤其是在我們種植作物的地區。在個人電腦領域，我們的價格上漲幅度較小，因為到目前為止關稅的影響較小。因此，我們還沒有看到任何一方的強烈反應。價格年比、季均有所上漲，但漲幅低於其他領域。

And even with this pricing environment, you're seeing us have strong revenue performance, both last quarter and for the full year. We expect that to continue.

即使在這樣的價格環境下，您也可以看到我們上個季度和全年的營收表現都很強勁。我們預計這種情況會持續下去。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

This is [Maya Newman] on for Erik Woodring. Maybe just to start to build on some of your comments regarding your mitigation tactics for the memory cycle and your supplier relationships. Could you quantify how many weeks of memory inventory you have on hand?

替補上場的是瑪雅紐曼，她將代替艾瑞克伍德林出場。或許可以先從您先前關於記憶體週期緩解策略和供應商關係的一些評論入手。您能否量化一下手邊有多少週的記憶庫存？

And are suppliers willing to sign long-term agreements? And kind of just overall, where do you believe HP is most differentiated within the supply chain or has the greatest competitive differentiation versus years to weather this number cycle? And then I have a follow-up.

供應商是否願意簽訂長期協議？總的來說，您認為惠普在供應鏈中哪個環節最具差異化優勢，或者說，在應對當前經濟週期方面，惠普最大的競爭優勢體現在哪裡？然後我還有一個後續問題。

Sure. I'm not going to share the specifics of the week of inventory we have. But I said before that given the inventory we have today, we are fairly well in a fairly good situation for the first half of the year. So this helps you to understand that it's not going to have a short-term impact. In terms of long-term agreements, we have long-term agreements with our key suppliers and the scale, the depth of our relationships are key assets when we go through situations like this.

當然。我不會透露本週庫存的具體情況。但我之前說過，鑑於我們目前的庫存狀況，今年上半年我們的情況相當不錯。所以這有助於你理解，它不會產生短期影響。就長期協議而言，我們與主要供應商簽訂了長期協議，這種規模和深度的關係是我們應對此類情況的關鍵資產。

As you know, also, after COVID, we made a lot of work to improve our operational processes within supply chain, both in terms of supply and margin in terms of forecasting, and they will be very useful downwards. We need to go through to this situation because it's not only about getting the memory. It's also about getting other supplies that will work with memory like processors and it's about aligning demand to that. We did a lot of work during the last quarters of Cove to improve that. And the team is very experienced how we had to manage the situation.

如您所知，在新冠疫情之後，我們做了很多工作來改善供應鏈的營運流程，包括供應和利潤率的預測，這些都將對未來的發展大有裨益。我們需要經歷這種情況，因為這不僅僅是獲取記憶體的問題。這也涉及到獲取其他能與記憶體配合使用的耗材，例如處理器，以及使需求與這些耗材相匹配。在 Cove 的最後幾季裡，我們做了很多工作來改善這一點。團隊在應對這種情況方面經驗非常豐富。

Got it. And then last question for me. If we take a step back and think about your overarching strategy in print, how should we think about it going forward? I understand we'll probably get more details at the Analyst Day, but it's obviously a secularly declining.

知道了。最後一個問題。如果我們退後一步，思考一下您在印刷領域的整體策略，那麼我們應該如何看待未來的發展呢？我知道我們可能會在分析師日上獲得更多細節，但這顯然是一個長期下降的趨勢。

So you're also seeing operating income decline in print as well on a dollar basis, which I mean a lot of actions around pricing, big ink, toner subscriptions, the graphics market are meant to protect. Is this a business where we should expect operating income growth? And if so, how do we get there on a sustainable basis?

因此，印刷業的營業收入也出現了下降，以美元計，這意味著圍繞定價、大宗油墨、碳粉訂閱、圖形市場的許多措施都是為了保護這一點。我們應該預期這家企業的營業收入會成長嗎？如果真是如此，我們如何以永續的方式實現這一目標？

Yeah. As we said, we will talk more about this in our Investor Day in a few months. But the strategy that we have been executing during the last year is not changing. Our goal continues to be to capture more value per customer and reduce the number of unprofitable customers, which we have been doing during the last year.

是的。正如我們所說，我們將在幾個月後的投資者日上詳細討論這個問題。但我們過去一年來一直執行的策略不會改變。我們的目標仍然是提高每個客戶的價值，減少不獲利的客戶數量，而我們在過去一年中也一直在努力實現這一目標。

Our shift or our doubling down on being is a consequence of that strategy as well. We see a big opportunity to grow profitable units in that space, while at the same time, continue to accelerate and continue to drive the transition into subscriptions in this space.

我們轉變或加倍投入存在的意義，也是這項策略的結果。我們看到在這個領域發展獲利業務的巨大機會，同時，我們將繼續加速並繼續推動這個領域向訂閱模式的轉型。

And we have been making very good progress both on the supply side and are also integrating printers in our all-in program. In the office space, we see an opportunity to grow our share in profitable units and the new portfolio that we will be launching during 2026 and the work that we continue to do in cost will help us to achieve that goal. And then finally, on the industrial space, both especially in the graphic side is a business that has been growing during the last 9 quarters, and we expect it to continue to grow during 2026.

我們在供應方面取得了非常好的進展，並且正在將印表機整合到我們的一體化計劃中。在辦公空間領域，我們看到了擴大盈利單元份額的機會，我們將在 2026 年推出的新產品組合以及我們在成本控制方面持續開展的工作將有助於我們實現這一目標。最後，在工業領域，尤其是圖形設計領域，過去 9 個季度以來一直保持成長，我們預計到 2026 年將繼續成長。

Mark Newman, Bernstein

馬克紐曼，伯恩斯坦

Apologies. Thanks for taking my question. Yeah, just following up a bit on the memory price environment. thanks very much for clarity on the $0.30 impact just clear though, you mentioned that's mostly on the back half. So presumably, it's -- do you think if you just do the math, $0.30 on or so annual earnings. So your impact is more than 10% in the back half.

抱歉。謝謝您回答我的問題。是的，我只是想再了解一下記憶體價格的情況。非常感謝您詳細解釋了0.30美元的影響，不過您提到這主要影響的是後半段的價格。所以，大概就是——你算一下，年收入大概是 0.30 美元左右。所以你在後半段的影響力超過了10%。

Considering, of course, you can pass through a lot of that with pricing. It seems like that should be less given you have quite a few months to correct pricing. So just wondering if anything I'm thinking about wrong there. This seems like it may be conservative from you on the $0.30. But let me know if I'm thinking about that wrong.

當然，很多成本都可以用價格來彌補。考慮到你有幾個月的時間來調整價格，這個數字似乎應該會更低一些。所以我想知道我的想法是不是有什麼地方錯了。你這個0.30美元的估價似乎有點保守。如果我的理解有誤，請告訴我。

And I also wanted to ask, does it have an impact on mix given how significant many prices have moved, I cut specs change average specs of what you sell change? Could that also impact the AI PC dynamic considering the AI PCs typically have higher specs? Thanks very much.

我還想問一下，考慮到許多產品的價格都發生了很大的變化，例如規格調整、銷售產品的平均規格變化等等，這會對產品組合產生影響嗎？考慮到人工智慧電腦通常具有更高的配置，這是否也會對人工智慧電腦的市場動態產生影響？非常感謝。

Yeah. Thanks for the question, Mark, and let me just talk about the $0.30 in the guide. I would just say, we remain focused on taking a prudent approach to our guidance. And particularly as we start a new year, we're setting our guidance at a level that we have a high confidence in meeting and hopefully exceeding. I'd say we're taking that same prudent approach this year with the rising cost of memory but we've already been implementing actions to mitigate.

是的。謝謝你的提問，馬克。讓我來談談指南中提到的 0.30 美元。我只想說，我們將繼續秉持謹慎的指導方針。尤其是在新的一年伊始，我們將業績目標設定在一個我們非常有信心能夠達到甚至超越的水平。我認為，面對不斷上漲的記憶體成本，我們今年依然採取了謹慎的態度，並且已經採取措施來緩解這個問題。

And I would note that we have a proven track record of managing challenges like this, and we are confident in the strength of our organizations and the partnerships that we've built to deliver the best possible outcomes. So while we have included that $0.30 in the guide, if we can do better, we certainly will. And your math is roughly right.

我想指出，我們在應對此類挑戰方面有著良好的記錄，我們對自身組織的實力以及我們建立的合作夥伴關係充滿信心，相信能夠取得最佳成果。所以，雖然我們在指南中已經包含了這 0.30 美元，但如果我們能做得更好，我們一定會做得更好。你的計算大致正確。

And then finally, in terms of configuration, as I said before, we are going to be prioritizing those units where we see more margin for the company. And what we have seen in other cases is where volumes are more impacted, but more in the entry space, where customers are usually more sensitive to price.

最後，就配置而言，正如我之前所說，我們將優先考慮那些我們認為能為公司帶來更大利潤的單位。而我們在其他案例中看到的是，銷售量受到的影響更大，尤其是在入門級市場，因為那裡的顧客通常對價格更敏感。

And as Karen said before, we decided to take a conservative approach. We are guiding now the full year. We think the impact will be mostly on the second half and we are taking a lot of actions to mitigate that impact. But given how fast things have unfold during the last few weeks. Again, we thought it was better to be prudent at this stage.

正如凱倫之前所說，我們決定採取保守的做法。我們現在負責全年的指導工作。我們認為影響主要會體現在下半年，我們正在採取許多措施來減輕這種影響。但鑑於過去幾週事態發展如此迅速。我們再次認為，現階段謹慎行事更為穩健。

And that will conclude our question-and-answer session. I'll turn the call back over to Enrique for any closing comments.

我們的問答環節到此結束。我將把電話轉回給恩里克，讓他做最後的總結演講。

Perfect. And thank you, everybody, for joining today's call. We remain confident in our ability to lead the future of work through technology, and I'm really proud of the progress we have made across our priorities. We finished 2025 strong growing profit from the first half to the second. In 2026, we intend to grow faster than the market.

完美的。感謝各位參加今天的電話會議。我們仍然有信心透過科技引領未來的工作方式，我為我們在各項優先事項上的進展感到非常自豪。2025 年我們取得了強勁的業績，利潤從上半年到下半年持續成長。到 2026 年，我們的目標是實現比市場更快的成長。

We have a significant opportunity to embed AI in everything we do and transform the company. The memory headwinds that we have been talking today, while material, are also temporary and we are taking action, and we have managed, as we said, also such challenges before, and we have a lot of experience on how to handle that.

我們擁有將人工智慧融入我們所做的每一件事並改變公司的絕佳機會。我們今天討論的記憶力逆風雖然是物質上的，但也是暫時的，我們正在採取行動，而且正如我們所說，我們以前也應對過類似的挑戰，我們有很多處理這類挑戰的經驗。

So with a clear strategy and disciplined execution, we are focused on driving long-term value while managing these headwinds. Again, thank you for joining today. And for those of you in the US. We wish you a very happy Thanksgiving holiday. Thank you.

因此，憑藉著清晰的策略和嚴謹的執行，我們專注於創造長期價值，同時應對這些不利因素。再次感謝您今天的參與。還有，對於身在美國的各位。祝您感恩節快樂！謝謝。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。