惠普 (HPQ) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the first-quarter 2026 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2026年第一季財報電話會議。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, Global Treasurer and Head of Investor Relations. Please go ahead.

現在我將把電話交給全球財務主管兼投資者關係主管阿洛克‧朱亞爾。請繼續。

Good afternoon, everyone, and welcome to HP's first-quarter 2026 earnings conference call. With me today are Bruce Broussard, HP's Interim Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer. Before handing the call over to Bruce, 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.

各位下午好，歡迎參加惠普公司2026年第一季財報電話會議。今天陪同我出席的有惠普公司臨時執行長布魯斯·布魯薩德和惠普公司財務長凱倫·帕克希爾。在將電話交給布魯斯之前，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。

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

我們已在投資者關係網頁 investor.hp.com 上發布了盈利報告和配套的幻燈片簡報。與以往一樣，本次簡報中的部分內容具有前瞻性，並基於我們對當前世界和業務的最佳理解。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。

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。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。

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

在本次網路直播中，除非另有特別說明，所有比較均為與去年同期相比的同比比較。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 Bruce.

接下來，我將把電話交給布魯斯。

Thank you, Alok, and thank you, everyone, for joining us here today. I'm excited to be here with you for my first earnings call as Interim CEO. I have served as a director on HP's Board since 2021, and I, along with my fellow board members, strongly believe in the management team and the strategic direction we are charging at HP. I'd like to also acknowledge Enrique Lores and his contribution to the success of the company during his 36 year tenure. We are sincerely grateful to him.

謝謝阿洛克，也謝謝各位今天蒞臨現場。我很興奮能以臨時執行長的身份與大家一起參加我的第一次財報電話會議。自 2021 年以來，我一直擔任惠普董事會的董事，我和我的董事會成員都堅信惠普的管理團隊和我們正在推行的策略方向。我還要感謝恩里克·洛雷斯，感謝他在公司任職的 36 年間為公司的成功所做的貢獻。我們由衷地感謝他。

The Board and I are committed to a strong stewardship, including disciplined decision-making, operational consistency, stability for our employees and delivering value for our customers and shareholders.

董事會和我致力於履行強有力的管理職責，包括嚴謹的決策、營運的一致性、員工的穩定以及為客戶和股東創造價值。

With that in mind, I want to provide a brief update on the CEO search. The process is well underway. The Board's priority is to identify the right leader to guide HP through its next phase of evolution. We will consider a broad range of candidates with a preference for proven executives who have successfully operated large multi-segment business in a complex and dynamic environment.

有鑑於此，我想簡要地報告CEO遴選工作的最新進展。過程正在順利進行中。董事會的首要任務是找到合適的領導者，帶領惠普公司進入下一個發展階段。我們將考慮各種類型的候選人，優先考慮在複雜多變的環境中成功經營大型多元化業務的資深主管。

During my first few weeks since we've announced the CEO transition, I've immersed myself in the company. I've met with thousands of employees and spent considerable time talking with customers and suppliers. We've also had the opportunity to work closely with the leadership team. I want to thank the employees, suppliers and customers with a warm welcome. Together, these discussions give me a clear view of the opportunity ahead and the deep confidence in what the organization can deliver.

自從我們宣布執行長更迭以來，在我上任的最初幾周里，我全心投入公司的工作。我與數千名員工會面，並花費大量時間與客戶和供應商交談。我們也獲得了與領導團隊密切合作的機會。我謹代表全體員工、供應商和客戶，向大家表達衷心的感謝和熱情歡迎。這些討論讓我清楚地看到了未來的機遇，也讓我對組織所能達成的成就充滿信心。

We are at an exciting inflection point in technology, where customers need a trusted partner to enable edge computing, simplify experiences through integrated solutions and embed AI into products that proactively anticipate user needs. This is the foundation of our Future of Work strategy, which positions us to expand market share and ensures our pricing reflects the value we deliver, especially as we navigate near-term challenges.

我們正處於技術令人興奮的轉折點，客戶需要一個值得信賴的合作夥伴來實現邊緣運算，透過整合解決方案簡化體驗，並將人工智慧嵌入到能夠主動預測用戶需求的產品中。這是我們未來工作策略的基礎，它使我們能夠擴大市場份額，並確保我們的定價反映出我們提供的價值，尤其是在我們應對近期挑戰的時候。

We will stay disciplined in executing our fiscal '26 plan, which you'll hear more about today, taking great care of our customers, partners and suppliers and continuing to build a company where people are proud to work and grow. I'm working directly with the talented HP leadership team to ensure we are actively managing every lever available to us to drive value creation.

我們將繼續嚴格執行 2026 財年計畫（今天您將聽到更多相關資訊），悉心照顧我們的客戶、合作夥伴和供應商，並繼續打造​​一個讓員工引以為傲、樂於工作和成長的公司。我正與才華橫溢的惠普領導團隊直接合作，以確保我們積極利用一切可用的手段來推動價值創造。

With that, let's get into the quarter. Overall, we executed well in Q1 and made solid progress against our strategy. Karen will cover the details shortly, but let me highlight a few points. We delivered another quarter of steady top line growth with revenue of $14.4 billion, up 7% year-over-year, driven by performance in Personal Systems, as we continue to see the positive impact on PC demand in the Windows 11 refresh cycle and the continuing momentum of AI PC.

那麼，讓我們進入本季吧。總體而言，我們在第一季執行良好，並在策略方面取得了穩步進展。Karen稍後會詳細介紹，但我想先強調幾點。我們實現了又一個季度穩定的營收成長，營收達到 144 億美元，年成長 7%，這主要得益於個人系統業務的出色表現，因為我們持續看到 Windows 11 更新周期對 PC 需求的積極影響以及 AI PC 的持續發展勢頭。

We achieved PC market share gains across our high-value commercial and Consumer categories, contributing to our double-digit revenue growth in the segment. In Print, our results were in line with expectations with continued momentum in Consumer Subscriptions, which grew revenue double digit and industrial print, which grew mid-single digit with continuing shift from analog to digital production.

我們在高價值商用和消費性產品中實現了個人電腦市場份額的成長，從而推動了該細分市場兩位數的收入成長。在印刷業務方面，我們的業績符合預期，消費者訂閱業務繼續保持增長勢頭，收入實現了兩位數增長；工業印刷業務也實現了中等個位數增長，這得益於從模擬生產向數位生產的持續轉變。

We prioritized the placement of profitable units and grew big tank share in developed markets. Non-GAAP EPS of $0.81 reflected 9% growth compared to the prior year and was at the top of our guidance.

我們優先部署獲利單元，並在已開發市場擴大了大型儲罐的市場份額。非GAAP每股盈餘為0.81美元，較前一年成長9%，達到我們預期的上限。

Turning to our strategic advancement highlights. HP is dedicated to creating a more fulfilling professional experience. In the first quarter, we made meaningful progress bringing AI to the workplace through innovation. HP's focus on AI at the edge reflects an increasingly critical role of this technology in the daily lives of our customers.

接下來，我們來看看策略發展亮點。惠普致力於創造更令人滿意的職業體驗。第一季度，我們透過創新，在將人工智慧引入工作場所方面取得了實質進展。惠普對邊緣人工智慧的關注反映了這項技術在我們客戶日常生活中日益重要的角色。

As the AI curve moves from an experiment, the scale deployment and measurable returns, we are enabling customers with compute power to run powerful large language models locally, complementing AI in the cloud with secure high-performance and cost-effective AI at the edge. This is an important part of our Future of Work strategy.

隨著人工智慧的發展從實驗階段過渡到規模化部署和可衡量的回報階段，我們正在幫助擁有運算能力的客戶在本地運行強大的大型語言模型，以安全、高效能和經濟高效的邊緣人工智慧來補充雲端人工智慧。這是我們未來工作策略的重要組成部分。

This quarter, AI PC has accounted for over 35% and of our PC shipments up from 30% in the prior quarter and 25% a quarter before. We also launched the HP EliteBoard G1a. This is the first AI PC with intelligence built into the keyboard or hybrid work and is just one example of how we are bringing on device architecture to life.

本季度，AI PC 占我們 PC 出貨量的 35% 以上，高於上一季的 30% 和再上一季的 25%。我們也推出了 HP EliteBoard G1a。這是第一款將智慧內建於鍵盤或混合工作系統中的人工智慧個人電腦，這只是我們將裝置架構變為現實的一個例子。

In Print, our new AI-powered scanning and redaction capabilities are now reaching customers, simplifying workflows and reducing friction for small business. Our focus on delivering more secure and AI-enabled print experiences is also being recognized with industry analysts (technical difficulty), recognizing our leadership in AI-driven print solution.

在印刷領域，我們全新的 AI 驅動的掃描和編輯功能現在已惠及客戶，簡化了工作流程，減少了小型企業的摩擦。我們致力於提供更安全、更具人工智慧的列印體驗，這也得到了產業分析師的認可（技術難度），他們認可了我們在人工智慧驅動的列印解決方案領域的領導地位。

The next step in our strategy is driving Better Together experiences. We believe there is enormous value in integrating devices, software and services to work as a unified experience. In the first quarter, we launched HP Digital Passport, personalized hub that centralizes information across the full HP ecosystem, resulting in better customer engagement and more efficient support. We also expanded our partnership with Microsoft, embedding Microsoft 360 Copilot directly into HP printers to improve how employees manage documents on the device. This brings us to our third step, empowering CIOs with tools to gain actionable insights, manage risk and run IT more strategically at scale.

我們策略的下一步是打造「攜手共進」的體驗。我們相信，將設備、軟體和服務整合起來，打造統一的體驗，具有巨大的價值。第一季度，我們推出了 HP Digital Passport，這是一個個人化中心，集中了整個 HP 生態系統的訊息，從而提高了客戶參與度，並提供了更有效率的支援。我們也擴大了與微軟的合作，將 Microsoft 360 Copilot 直接嵌入到惠普印表機中，以改善員工在裝置上管理文件的方式。這就引出了我們的第三步，賦予資訊長 (CIO) 工具，以便他們能夠獲得可操作的見解、管理風險並更具策略性地大規模運行 IT。

To that end, we introduced multiple enterprise-focused updates in Q1, expanding our workforce experience platform commonly called WXP capabilities to further simplify device and printer management, combined with reducing downtime. WXP is now the most comprehensive multivendor fleet management solution across PCs, print and collaboration.

為此，我們在第一季推出了多項以企業為中心的更新，擴展了我們通常稱為 WXP 的員工體驗平台的功能，以進一步簡化設備和印表機管理，並減少停機時間。WXP 現在是涵蓋 PC、列印和協作的最全面的多廠商設備管理解決方案。

By taking in data from 50 million endpoints and processing more than 1 terabyte of data daily, the platform enables predictive insights that allow IT teams to proactively identify issues, streamline operations and improve workforce activity.

該平台每天從 5000 萬個終端接收數據並處理超過 1TB 的數據，從而實現預測性洞察，使 IT 團隊能夠主動識別問題、簡化操作並提高員工的工作效率。

In addition, this month, HP established an exploratory partnership with Open AI to pilot Open AI frontier their new enterprise platform for building and managing AI agents. This puts HP at the forefront of enterprise AI deployments but built in governance, security and observability as we move from pilots to scaled adoption across workflow.

此外，惠普本月與 Open AI 建立了探索性合作夥伴關係，以試點 Open AI Frontier 的新企業平台，該平台用於建立和管理 AI 代理。這使惠普在企業人工智慧部署方面處於領先地位，同時在從試點到整個工作流程的大規模採用過程中，也內建了治理、安全性和可觀測性。

In March, we will host our HP Imagine event for industry and media analysts. This showcases our latest innovative solutions to help people do their best work from anywhere. The new experiences we unveil at HP Imagine, will demonstrate how we continue to lead the Future of Work by helping customers drive growth, professional fulfillment and foster innovation in the era of AI.

三月份，我們將舉辦為產業和媒體分析師的 HP Imagine 活動。這展示了我們最新的創新解決方案，旨在幫助人們隨時隨地有效工作。我們在 HP Imagine 大會上推出的全新體驗，將展示我們如何繼續引領未來工作，幫助客戶在人工智慧時代推動成長、實現職業成就並促進創新。

Now let me touch on the rising memory cost environment, how HP is addressing these market challenges, which are impacting companies across the technology sector. Like others, we are seeing increased input costs driven primarily by the rising prices of DRAM and NAND. We expect this volatility to remain throughout fiscal '26 and likely into fiscal '27. While we believe the market will rationalize over time, we have already been implementing a number of mitigation measures. And since I moved into this role, I've been actively working with the team to drive these actions forward.

現在讓我談談記憶體成本不斷上漲的環境，以及惠普是如何應對這些市場挑戰的，這些挑戰正在影響整個科技產業的公司。和其他人一樣，我們看到投入成本增加，這主要是因為DRAM和NAND價格上漲所致。我們預計這種波動性將持續到 2026 財年，並可能延續到 2027 財年。雖然我們相信市場會隨著時間的推移而趨於理性，但我們已經實施了一些緩解措施。自從我擔任這個職位以來，我一直積極與團隊合作，推動這些行動向前邁進。

Make adjustments where needed and bring as much of the memory dynamic as we can under our control. To get a bit more granular on these mitigation measures. Let me focus on progress of our key strategies.

根據需要進行調整，盡可能將記憶體動態控制在我們的掌控之中。為了更詳細地了解這些緩解措施。讓我重點介紹一下我們關鍵策略的進展。

First, on the supply side, we have leveraged the strength of our supplier relationships and secured long-term agreements covering our memory requirements for fiscal '26. We've qualified new suppliers built in strategic inventory positions for key platforms and cut the time to qualify new material on path to accelerate our product configuration changes.

首先，在供應方面，我們利用了與供應商的良好關係，並簽訂了涵蓋我們 2026 財年記憶體需求的長期協議。我們已經為關鍵平台建立了戰略庫存位置，並篩選出合格的新供應商，縮短了新材料的認證時間，從而加快了我們產品配置變更的速度。

Second, on the cost side, we've expanded lower-cost sourcing across our commodity basket, lowering logistics costs agile end-to-end planning processes as part of the company-wide AI-enabled program. And we've accelerated company-wide productivity efforts as part of this program to use the company-wide broader cost base to execute offset.

其次，在成本方面，我們擴大了商品籃子中低成本採購的範圍，降低了物流成本，並採用了敏捷的端到端規劃流程，這是公司範圍內人工智慧賦能計畫的一部分。作為該計劃的一部分，我們加快了全公司的生產力提升工作，並利用全公司更廣泛的成本基礎來執行抵銷措施。

Third, at the same time, we are implementing strategies on supply and cost. We are also configuring our products and shaping demand to align the supply we have with our customer needs. And we are taking targeted pricing actions to offset the remaining cost impact in close partnership with both our channel and direct customer.

第三，同時，我們正在實施供應和成本的策略。我們也正在調整產品配置和引導需求，以使現有供應與客戶需求保持一致。我們正與通路客戶和直接客戶緊密合作，採取有針對性的定價措施，以抵銷剩餘的成本影響。

We have a strong track record of managing through commodity super cycles and uncertain times. We've demonstrated this during the pandemic and more recently through trade cost uncertainty. We built a more resilient supply chain and leverage our strong brand and distribution strength to gain share and expand margin.

我們在應對大宗商品超級週期和不確定時期方面擁有良好的業績記錄。我們在疫情期間以及最近貿易成本的不確定性中都證明了這一點。我們建立了更具韌性的供應鏈，並利用我們強大的品牌和分銷實力來獲取市場份額和擴大利潤率。

HP is also well diversified with a meaningful portion of our Personal Systems profit coming from services and peripherals. While the near-term environment will remain challenged and pressured PS margins, we are confident the actions we are taking will position us for long-term success.

惠普的業務也十分多元化，其個人系統業務利潤的很大一部分來自服務和周邊設備。儘管短期環境仍將充滿挑戰，並對PS利潤率構成壓力，但我們相信，我們正在採取的行動將使我們為長期成功奠定基礎。

I also want to touch briefly on last week's US Supreme Court ruling on tariffs. We are evaluating the impact of including the announcement of new tariffs in the last few days. Right now, we do not expect to be negatively impacted by the subsequent developments following the court decision. However, we will continue to engage the administration on these matters and others.

我還想簡單談談上周美國最高法院關於關稅的裁決。我們正在評估最近幾天宣布的新關稅措施的影響。目前，我們預計不會受到法院判決後續事態發展的負面影響。但是，我們將繼續就這些問題及其他問題與政府進行溝通。

We are confident in the strength and agility of our supply chain which provides the flexibility needed to navigate an uncertain trade-related cost environment.

我們對自身供應鏈的實力和靈活性充滿信心，這為我們應對不確定的貿易相關成本環境提供了必要的靈活性。

In this fluid operating environment, fiscal '26 will be shaped by a range of factors, some of which remain uncertain. Our focus will be on prudent execution of mitigation plans to offset the impact of memory costs, accelerate company-wide cost actions and continue to execute against our Future of Work strategy. We expect that the memory situation will normalize at some point.

在目前瞬息萬變的經營環境下，2026 財年將受到多種因素的影響，其中一些因素仍存在不確定性。我們將重點謹慎執行緩解計劃，以抵消記憶體成本的影響，加快公司範圍內的成本控制措施，並繼續執行我們的未來工作策略。我們預計記憶體狀況會在某個時候恢復正常。

In the meantime, we are not backing away from our long-term commitments despite the headwinds. And my focus is to ensure we continue to move forward with the urgency and discipline without missing a beat.

同時，儘管面臨許多不利因素，我們仍不會動搖我們的長期承諾。我的重點是確保我們繼續以緊迫感和嚴謹的態度向前推進，不出現任何錯誤。

Before I close, I want to say what an honor it is to be part of the HP team. This is a special company, and I have great respect for our mission culture and people. To our shareholders, thank you for your continued belief and confidence in HP. And to our employees around the world, thank you for your dedication and commitment. And I'm proud to be on this journey with you.

在結束演講之前，我想表達我作為惠普團隊一員的榮幸之情。這是一家特別的公司，我非常尊重我們的使命文化和員工。給各位股東：感謝你們一直以來對惠普的信任與信心。感謝世界各地員工的奉獻與付出。我很榮幸能與你們一起踏上這段旅程。

And lastly, I want to provide an update on the Investor Day we had planned for April. In light of our ongoing CEO transition, we will be rescheduling this and look forward to sharing a date with you at the right time.

最後，我想就我們原計劃於四月舉行的投資者日活動作個最新匯報。鑑於我們目前正在進行執行長換屆，我們將重新安排此次會議，並期待在適當的時機與您分享具體日期。

I'll now hand it off to Karen to walk through the first quarter results and outlook for the remainder of the year.

現在我將把發言權交給凱倫，讓她來介紹第一季的業績以及今年剩餘時間的展望。

Thank you, Bruce, and good afternoon, everyone. We are pleased with our first quarter results and the solid progress we made on delivering against our financial commitments. We drove better-than-expected top line growth fueled by continued refresh momentum in Personal Systems and in our key growth areas. We also delivered non-GAAP EPS at the top of our guidance range.

謝謝你，布魯斯，大家下午好。我們對第一季的業績以及在履行財務承諾方面取得的穩步進展感到滿意。由於個人系統和我們主要成長領域的持續更新勢頭，我們的營收成長超出了預期。我們也實現了非GAAP每股收益，達到了預期範圍的上限。

In a dynamic environment, our teams executed well. Making progress on the playbook we laid out at the beginning of the quarter to mitigate higher input costs. As you heard from Bruce, our initiatives are focused on securing supply, shaping demand and product configuration, implementing targeted cost reductions and taking pricing actions and all of these are well on track.

在瞬息萬變的環境中，我們的團隊表現出色。我們正在按本季初制定的計劃推進，以降低投入成本上升的風險。正如布魯斯所說，我們的各項措施都集中在確保供應、塑造需求和產品配置、實施有針對性的成本削減以及採取定價措施等方面，所有這些措施都進展順利。

While the memory situation remains fluid, we are executing well on all of the levers within our control and will continue to do so in the quarters ahead.

雖然記憶體狀況仍不穩定，但我們在所有可控範圍內的措施都執行良好，並將在接下來的幾個季度繼續這樣做。

Now let me walk you through our first quarter performance. We delivered revenue growth of 7% year-over-year, up 5% in constant currency with growth across all regions. Strength in Personal Systems drove APJ revenue up 13% in constant currency with EMEA and Americas growing 5% and 1%, respectively.

現在讓我帶您了解我們第一季的業績。我們實現了7%的年收入成長，以固定匯率計算成長5%，所有地區均實現成長。個人系統業務的強勁表現推動亞太及日本地區營收以固定匯率計算成長 13%，歐洲、中東和非洲地區以及美洲地區分別成長 5% 和 1%。

Gross margin was 19.6%, reflecting an increased mix from Personal Systems as well as higher commodity and trade-related costs, offset in part by pricing and cost reduction actions. We drove non-GAAP operating expenses down year-over-year through strong expense management and the continued benefit from our Future Ready cost savings program completed at the end of fiscal year '25.

毛利率為 19.6%，反映出個人系統產品佔比增加以及商品和貿易相關成本上升，但部分被定價和成本削減措施所抵銷。透過強有力的費用管理以及在 2025 財年末完成的「未來就緒」成本節約計畫的持續效益，我們實現了非 GAAP 營運費用的逐年下降。

All in, our non-GAAP operating margin was 6.9%. Below the operating profit line, lower net financing expense and lower currency impact contributed to better-than-expected non-GAAP other income and expense in the quarter.

綜合來看，我們的非GAAP營業利益率為6.9%。在營業利潤線以下，較低的淨融資費用和較低的匯率影響促成了本季非GAAP其他收入和支出優於預期。

And with a diluted share count of approximately 932 million shares, our non-GAAP diluted net earnings per share was $0.81, up 9% year-over-year.

稀釋後的股份總數約為 9.32 億股，我們的非 GAAP 稀釋後每股淨收益為 0.81 美元，年增 9%。

Now let's turn to segment performance. We delivered better-than-expected top line growth in Personal Systems with revenue up 11% on 12% unit growth with continued momentum in Win 11 refresh, AI PC adoption and particularly strong consumer performance. We outperformed the market and consistent with our strategy, gained share in premium categories. We also drove strong performance in key growth areas, including AI PC, Advanced Compute Solutions and Workforce Solutions.

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，營收成長 11%，銷量成長 12%，這得益於 Win 11 更新換代、AI PC 普及以及消費者表現的持續強勁勢頭。我們的表現優於市場，並且與我們的策略一致，在高端產品類別中獲得了市場份額。我們在人工智慧個人電腦、高階運算解決方案和勞動力解決方案等關鍵成長領域也取得了強勁的業績。

In Consumer, we delivered 16% revenue growth on a 14% unit increase above our expectations. We attribute part of this above seasonal performance to demand Poland aimed at avoiding the impact of rising memory prices.

在消費品領域，我們實現了 16% 的營收成長，銷量成長了 14%，超出預期。我們認為，波蘭為避免記憶體價格上漲的影響而提出的要求，是導致這種高於季節性表現的部分原因。

At the same time, we drove increased ASPs while delivering share gains in premium consumer devices. In Commercial, we drove 9% revenue growth with units up 11%, fueled by Win 11 refresh, particularly in EMEA and AI PC strength. While we increased prices to help offset rising memory costs, we also had some large education deals in the quarter that impacted ASPs.

同時，我們在高階消費性電子設備領域實現了市場份額的成長，並提高了平均售價。在商業領域，我們實現了 9% 的營收成長，銷量成長了 11%，這主要得益於 Win 11 的更新換代，尤其是在 EMEA 地區以及 AI PC 的強勁表​​現。雖然我們提高了價格以幫助抵消不斷上漲的記憶體成本，但本季我們也達成了一些大型教育交易，這影響了平均售價。

Consistent with our Future Work strategy, we gained share both year-over-year and sequentially in commercial premium categories. Our operating margin in Personal Systems was 5% within the range we guided at the beginning of the quarter but slightly below expectations, given the stronger-than-expected performance in consumer and education.

與我們的「未來工作」策略一致，我們在商業高端產品類別中實現了同比和環比市場份額的成長。個人系統業務的營業利潤率為 5%，在我們季度初的預期範圍內，但略低於預期，因為消費者和教育業務的業績強於預期。

In print, our results were in line with expectations with improvement in the rate of market decline. Revenue was down 2% on lower supplies volumes and market-driven hardware declines. Consumer revenue was down 8% year-over-year and Commercial revenue down 3%, with higher ASPs helping to offset lower volumes.

從印刷版來看，我們的結果與預期相符，市場下滑速度有所改善。由於供應量下降和市場驅動的硬體價格下跌，營收下降了 2%。消費者收入年減 8%，商業收入年減 3%，但平均售價的提高有助於抵銷銷售量的下降。

Supplies performed as expected, down 2% year-over-year in constant currency. We continue to gain share in supplies while increasing pricing to partially offset installed base and usage headwinds. We delivered solid performance in our key growth areas. Consumer subscriptions grew double digit year-over-year, helped by the continued ramp of our all-in plan and reflecting our focus on increasing lifetime value per customer.

供應情況符合預期，以固定匯率計算年減 2%。我們不斷擴大市場份額，同時提高價格，以部分抵消裝機量和使用量方面的不利因素。我們在關鍵成長領域取得了穩健的業績。消費者訂閱量年增兩位數，這得益於我們全方位計畫的持續推​​進，也反映了我們致力於提升每位客戶的終身價值。

Strong demand in drones and robotics drove double-digit growth in 3D and industrial print revenue grew for the tenth consecutive quarter, driven by the continued transition from analog to digital. And in line with our guidance, we delivered an operating margin of 18.3%, within the upper half of our long-term range. We are making solid progress on our initiative to embed AI into our processes to accelerate product innovation, improve customer satisfaction and boost productivity.

無人機和機器人的強勁需求推動了 3D 列印和工業列印收入連續第十個季度實現兩位數成長，這主要得益於類比列印向數位列印的持續轉型。正如我們預期的那樣，我們實現了 18.3% 的營業利潤率，處於我們長期預期範圍的上半部分。我們在將人工智慧融入產品流程以加速產品創新、提高客戶滿意度和提升生產力方面取得了穩步進展。

For example, we are working to integrate AI into our channel partner experience through a digital teammate that will answer questions act on queries, provide integrated workflows and proactively guide next steps. We are also scaling additional AI agents and supply chain to automate order entry, sales returns and product data management.

例如，我們正在努力將人工智慧融入我們的通路合作夥伴體驗中，透過數位團隊成員來回答問題、處理查詢、提供整合工作流程並主動指導後續步驟。我們也正在擴大人工智慧代理商和供應鏈規模，以實現訂單輸入、銷售退貨和產品資料管理的自動化。

We remain on track to generate approximately $1 billion in gross annualized run rate savings by the end of our fiscal year 2028 and are actively working to accelerate and scale these initiatives. These important efforts enable our continued investment in key strategic and go-to-market initiatives aligned with our Future of Work strategy.

我們仍有望在 2028 財年末實現約 10 億美元的年度總運行率節約目標，並且正在積極努力加快和擴大這些舉措的規模。這些重要舉措使我們能夠持續投資於與未來工作策略一致的關鍵策略和市場推廣措施。

Now let me move to cash flow and capital allocation. We generated close to $400 million in cash from operations and roughly $200 million in free cash flow in the quarter, in line with our expectations and reflecting typical seasonality. And we improved our cash conversion cycle sequentially, unfavorable linearity, offset in part by higher days of inventory reflecting rising commodity prices.

現在讓我來談談現金流和資本配置。本季度，我們從經營活動中產生了近 4 億美元的現金流和約 2 億美元的自由現金流，符合我們的預期，並反映了典型的季節性因素。我們逐步改善了現金週轉週期，改善了不利的線性變化，但部分被反映商品價格上漲導致的庫存週轉天數增加所抵消。

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

在資本配置方面，只要我們的總槓桿率保持在 2 倍以下，並且沒有更好的回報機會，我們仍然致力於隨著時間的推移將大約 100% 的自由現金流返還給股東。

In Q1, we returned over $600 million to shareholders through both dividends and share repurchases. While our leverage ratio remains slightly above target in Q1, we have maintained increased 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 fiscal '26, we can operate with higher cash balances to further reduce leverage with maturities in fiscal '27.

第一季度，我們透過股利和股票回購向股東返還了超過 6 億美元。雖然我們第一季的槓桿率仍略高於目標，但我們保持了增加的現金餘額，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度回購股票。如果需要，隨著我們進入 2026 財年，我們可以利用更高的現金餘額來進一步降低槓桿率，以應對 2027 財年到期的債務。

As we look ahead, we have contemplated the dynamic memory environment highlighted earlier as well as the associated mitigation actions we are taking. These include expanding pricing actions and implementing additional company-wide cost reductions. And as Bruce mentioned, we are evaluating last week's US Supreme Court tariff ruling and the subsequent developments, but at this point, do not expect to be negatively impacted.

展望未來，我們已經考慮了前面提到的動態記憶體環境以及我們正在採取的相關緩解措施。這些措施包括擴大價格戰和實施更多全公司範圍的成本削減。正如布魯斯所提到的，我們正在評估上周美國最高法院的關稅裁決及後續發展，但目前來看，預計不會受到負面影響。

Looking at our outlook by segment. In Personal Systems, we are aligned with industry experts now projecting the PC unit TAM to decline double digits in calendar year '26, reflecting the impact of industry-wide pricing actions on demand.

從各個細分市場來看我們的前景。在個人系統領域，我們與行業專家一致預測，2026 年個人電腦 (PC) 的市場規模 (TAM) 將出現兩位數的下降，這反映了行業整體定價策略對需求的影響。

Against this backdrop, we continue to expect to drive revenue growth in our fiscal year through pricing actions, share gains in premium categories and increased attach of higher-margin offerings. We expect above seasonal revenue performance to continue in our fiscal Q2, driven largely by the pricing actions we have taken with revenue growth then moderating in the back half of the year.

在此背景下，我們預計本財年將透過價格策略、高端產品類別的市場份額提升以及高利潤率產品的增加來推動收入成長。我們預計第二財季的營收表現將高於季節性水平，這主要得益於我們採取的定價措施，而營收成長將在下半年放緩。

Considering the continued fluidity of the commodities market, we are modeling a range of outcomes that factor in memory prices that are roughly doubling versus the prior quarter.

考慮到大宗商品市場持續的波動性，我們正在模擬一系列結果，其中考慮了記憶體價格與上一季相比大約翻倍的情況。

Given this, we now expect the PSOP rate to be below our long-term range for the remainder of the year, reflecting this additional cost pressure offset in part by mitigation actions. In print, we continue to expect the hardware market to decline low single digit in calendar '26. Yet we expect to drive growth in big tanks and industrial print to help offset. We are continuing to execute against our plans to gain share in big tank and office and to drive further momentum in key growth areas, expanding our subscription business and driving growth in industrial.

有鑑於此，我們現在預計今年剩餘時間內的 PSOP 利率將低於我們的長期預期範圍，這反映了額外的成本壓力，但部分被緩解措施所抵消。在紙媒方面，我們仍預期 2026 年硬體市場將出現個位數低幅下滑。但我們預期大型儲槽和工業印刷業務的成長將有助於抵銷部分損失。我們正繼續執行我們的計劃，以獲得大型儲罐和辦公領域的市場份額，並在關鍵成長領域推動進一步的成長勢頭，擴大我們的訂閱業務，並推動工業領域的成長。

While we continue to anticipate Supplies revenue to be down low single digit for the year in constant currency, we expect to drive both pricing and share gains. For Q2, we expect print revenue to be in line with normal seasonality. We now expect Print operating margins for both Q2 and the full year to be near the top end of our long-term range.

儘管我們仍然預計以固定匯率計算，全年供應收入將出現個位數百分比的下降，但我們預計價格和市場份額都將有所增長。我們預計第二季印刷收入將與正常的季節性波動保持一致。我們現在預計第二季和全年的印刷業務營業利潤率將接近我們長期預期範圍的上限。

With our focus on profitable unit placement and incremental cost discipline, helping to offset the impact we expect to have in PS margins.

我們專注於獲利的單位佈局和逐步降低成本，這有助於抵消我們預期對 PS 利潤率的影響。

Beyond the segments, we expect both non-GAAP OI&E and corporate other to be roughly flat year-over-year for the remainder of the year. Factoring this all in, we are maintaining our annual non-GAAP diluted earnings per share guidance range of $2.90 to $3.20. Given an increasingly challenging operating environment, and the time it takes to fully implement our mitigating actions.

除了上述業務部門之外，我們預計今年剩餘時間內，非GAAP營運收入和支出以及其他公司收入將與去年同期基本持平。綜合考慮以上因素，我們維持年度非GAAP稀釋後每股收益預期在2.90美元至3.20美元之間。鑑於日益嚴峻的經營環境，以及全面實施我們的緩解措施所需的時間。

At this point, we expect to be closer to the lower end of our guidance range. We recognize that the environment remains fluid, and we are pulling every lever available to offset these unprecedented headwinds.

目前，我們預期實際值將更接近預期範圍的下限。我們認識到當前環境瞬息萬變，我們正在盡最大努力抵消這些前所未有的不利因素。

For Q2, we expect non-GAAP diluted net earnings per share to be in the range of $0.70 to $0.76. And our second quarter GAAP diluted net earnings per share to be in the range of $0.52 to $0.58. We are also maintaining our annual free cash flow guidance range of $2.8 billion to $3 billion. However, consistent with our comment on EPS, given the environment, we currently expect to be closer to the low end of that range.

我們預計第二季非GAAP攤薄後每股淨收益將在0.70美元至0.76美元之間，GAAP攤薄後每股淨收益將在0.52美元至0.58美元之間。同時，我們維持全年自由現金流預期在28億美元至30億美元之間。然而，正如我們對 EPS 的評論所述，鑑於當前環境，我們目前預計會更接近該範圍的下限。

In closing, we are making solid progress against our financial commitments. We have a track record of strong execution and remain confident in our ability to navigate these near-term headwinds while also focusing on driving long-term shareholder value.

最後，我們在履行財務承諾方面取得了穩步進展。我們擁有出色的執行力，並且仍有信心克服這些短期不利因素，同時專注於提升股東的長期價值。

Before we move to Q&A, we've been talking to you about the strength of our leadership team and particularly given the memory situation, we wanted to make sure you got the chance to hear directly from the leader of our PS business on that topic. So we've invited Ketan Patel to join us for this Q&A session.

在進入問答環節之前，我們一直在和大家談論我們領導團隊的實力，特別是考慮到內存方面的情況，我們希望確保大家有機會直接聽取我們 PS 業務負責人對此的看法。所以我們邀請了凱坦·帕特爾參加這次問答環節。

Operator, please open the line for questions. Thank you.

接線員，請開通提問線。謝謝。

(Operator Instructions) Krish Sankar, TD Cowen.

（操作說明）Krish Sankar，TD Cowen。

I understand you're operating well in a tough and fluid commodity environment. I want to find out if you can quantify what is the memory cost impact in Jan quarter what is baked in terms of the memory cost increase in April and fiscal year? And along the same path, with your memory suppliers, are you able to secure LTAs for volume only? Or is it volume and pricing? And then I had a quick follow-up.

我知道你們在競爭激烈、瞬息萬變的商品市場環境中運作良好。我想了解您是否能夠量化 1 月份季度記憶體成本的影響，以及 4 月份和本財年記憶體成本成長的具體情況？同樣地，你們能否與記憶體供應商協商，確保僅針對批量採購獲得長期授權 (LTA)？還是銷售量和價格的問題？然後我又快速地跟進了一次。

Yes. Thanks, Chris, for that question. I'll start, and then I'll ask Ketan to add on. In terms of the memory cost in the quarter, we -- it was included in our overall results. And given the fluidity of memory at this point, we're not going to try to quantify that net of mitigation actions.

是的。謝謝克里斯的提問。我先開始，然後我請凱坦補充。就本季的記憶體成本而言，我們——它已計入我們的整體業績中。鑑於目前記憶的流動性，我們不打算嘗試量化這些緩解措施的總和。

I would say that we have included a significant increase in memory costs in our guidance. We have seen memory costs increase roughly 100% of sequentially, and we do forecast that to further increase as we move into the fiscal year. To put this in a little bit more concrete terms, we did share last quarter that memory and storage costs made up roughly 15% to 18% of our PC bill of materials and we now currently estimate this to be roughly 35% for the year.

我想說的是，我們在業績指引中已經包含了記憶體成本的大幅成長。我們看到記憶體成本環比增長了約 100%，而且我們預計隨著本財年的推進，這一數字還會進一步增長。更具體地說，我們在上個季度曾透露，記憶體和儲存成本約占我們個人電腦物料清單的 15% 到 18%，而我們現在預計今年這一比例將達到約 35%。

As we've said, we expect to see that largest impact in the second half and because of that, we also said that we now expect our PS OP margins to be below our long-term range for the rest of the year. But that said, we are working hard to mitigate these headwinds, and we have a combination of product cost actions, company-wide cost actions and price increases to help us recover that entire impact over time.

正如我們所說，我們預計下半年將受到最大影響，因此，我們也表示，我們現在預計今年剩餘時間裡，我們的PS OP利潤率將低於我們的長期預期範圍。但即便如此，我們仍在努力減輕這些不利因素的影響，我們採取了一系列產品成本控制措施、公司範圍內的成本控制措施以及提價措施，以幫助我們隨著時間的推移彌補這些影響。

Ketan, happy for you to add anything.

Ketan，歡迎你補充任何內容。

You corporate well, Karen, I'll just add one thing, Krish, is that given the volatility of the situation, we have a range of mitigation actions, which we are working on. And we have managed this type of disruption before and we are using our playbook to ensure how we navigate this volatility with two vectors in mind, continue to provide strong value to the customer and then protect our margins.

凱倫，你做得很好。克里什，我只想補充一點，鑑於局勢的不穩定性，我們有一系列緩解措施，我們正在努力實施。我們以前也曾應對過這種類型的混亂局面，我們正在運用我們的策略來確保我們能夠應對這種波動，同時牢記兩個方面：繼續為客戶提供強大的價值，並保護我們的利潤率。

And this is delivered through, number one, through managing supply and portfolio. We have LTAs, which obviously protects our supply coverage. We also want to leverage part of our broad portfolio with silicon diversity so that we can offer different choices to customers in order to ensure how we do the demand-supply equation matching and also introduce lower memory configurations.

而這一切的實現，首先是透過管理供應和投資組合。我們有長期供應協議，這顯然可以保障我們的供應保障。我們還希望利用我們廣泛的產品組合中的矽多樣性，以便為客戶提供不同的選擇，從而確保我們能夠實現供需平衡，並推出更低記憶體配置。

Cost actions, Karen has already covered. We keep working across commodity baskets to reduce cost as much as possible so that we don't pass to the customers. And also, we have a strong design for cost initiatives which includes platform offerings and other decontenting options in order to make sure the customer gets various prices.

成本控制措施，凱倫已經介紹過了。我們不斷努力降低各類商品的成本，以免將成本轉嫁給顧客。此外，我們也制定了強而有力的成本控制方案，包括平台產品和其他減價​​選項，以確保客戶獲得不同的價格。

And also lastly, it's about pricing actions, driving favorable mix to our strategy and then most importantly, we will be demand shaping to the available supply what we have with optimized platform and config options so that customer gets the best value to choose from. And also offer within their budgetary needs. And that's why this labor is super important that we are working across various sectors to ensure we are delivering the right value equation for the customer.

最後，也要考慮定價策略，推動有利於我們策略的產品組合，最重要的是，我們將根據現有供應情況，透過優化平台和配置選項來塑造需求，以便客戶能夠獲得最佳選擇。而且價格也符合他們的預算需求。正因如此，這項工作才顯得尤為重要，我們需要跨多個領域開展工作，以確保我們為客戶提供正確的價值等式。

Very helpful. Just a quick follow-up. You kind of mentioned PE unit TAM to decline double digits. I'm just wondering, is there a way to quantify it? Is it low teens, high teens, down 20% and any specific segments which will decline more than the others?

很有幫助。再補充一點。你之前提到過本益比單位TAM可能會出現兩位數下滑。我只是想知道，有沒有辦法量化它？是十度低位、十度高點、下降20%？還有哪些特定細分市場會比其他細分市場跌幅更大？

Yes. Thanks for that question, too. Yes, we do expect it to be down double digits in line with many in the industry. And Ketan, feel free to add.

是的。謝謝你的提問。是的，我們預計這一數字將出現兩位數的下降，與業內許多公司的預期一致。Ketan，歡迎補充。

No, it's pretty much in line. We also believe that the opportunity to grow revenue as we have given the outlook for the rest of the year will be there. Fundamentally, because we see momentum on Windows 11 and also mix shift on APCs as Bruce covered that we have at 35% mix now and it's only increasing every single quarter. And pricing and other actions are only going to drive mix expansion on revenue terms. So very much we are in line with what industry forecast is.

不，基本符合預期。我們也相信，正如我們先前對今年剩餘時間的展望，公司仍有機會實現營收成長。從根本上講，我們看到了 Windows 11 的發展勢頭，而且正如 Bruce 所說，APC 的產品組合也發生了變化，目前佔比已達 ​​35%，並且每個季度都在增長。而定價和其他措施只會從收入方面推動產品組合的擴張。所以，我們目前的情況與產業預測基本一致。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

I have two. Karen, maybe starting with you, don't want to overly focus on memory, but can you just help us understand how you at least approach guiding for the full year, understanding that memory cost beyond this quarter are largely uncertain, but likely to inflate further.

我有兩個。Karen，或許可以從你開始，我們不想過度關注記憶力，但你能幫我們了解一下你是如何安排全年的指導工作的嗎？考慮到本季之後的記憶成本很大程度上是不確定的，但可能會進一步上漲。

Meaning what kind of memory price appreciation are you embedding in your fiscal '26 guide today? And then how are you kind of balancing the potential for demand destruction versus protecting margins? And what that all means for EPS? I just love the approach that you're taking given all these uncertainties? And then a quick follow-up, please.

也就是說，你們在今天的 2026 財年投資指南中預留了什麼樣的記憶體價格上漲空間？那麼，你該如何平衡需求萎縮的可能性與保護利潤率之間的關係呢？這對每股盈餘 (EPS) 意味著什麼？鑑於目前種種不確定因素，我非常欣賞你採取的方式！然後請再補充一個細節。

Yes. Thanks for the question, Erik. Obviously, things remain fluid. But I will start with the fact that we're pleased with our Q1 performance particularly with the stronger-than-expected revenue in PS and EPS at the high end of our expected range. And our guide for Q2 calls for continued revenue growth above normal seasonality.

是的。謝謝你的提問，艾瑞克。顯然，情況仍在不斷變化。但我首先要說的是，我們對第一季的業績感到滿意，尤其是每股盈餘 (PS) 和每股盈餘 (EPS) 都超出了預期，達到了我們預期範圍的高端。我們對第二季的預期是，營收將繼續高於正常的季節性成長。

And with pricing increases and with the continued tailwinds from the Win 11 refresh and further AI PC penetration. So really, as far as the full year goes, I'd really summarize it with three key factors that help shape our current outlook.

隨著價格上漲，以及Win 11更新和AI PC進一步滲透帶來的持續利好，市場前景更加光明。所以，就全年而言，我會用三個關鍵因素來概括，這三個因素塑造了我們目前的展望。

One, we had stronger revenue, particularly in the first half that I just mentioned. Second, yes, we do see increased memory cost, and that's going to be partly offset by our higher mitigations that we've talked about. And third, we -- on print margins, we now expect to be at the high end of our long-term range.

第一，我們的營收成長強勁，尤其是我剛才提到的上半年。第二，是的，我們確實看到了記憶體成本的增加，而我們之前討論過的更高水平的緩解措施將部分抵消這一增加。第三，關於印刷利潤率，我們現在預計會達到長期預期範圍的高端。

So when you take all that together, right now, I would say that we're taking a prudent view, assuming that some of our revenue strength in the first half moderates and our fiscal year EPS is more first half weighted than typical. It obviously goes without saying though that we are operating in this very fluid environment. And we'll be executing our playbook. We're going to be pulling all levers to offset these headwinds. And of course, we'll continue to update you going forward.

所以綜合所有因素來看，目前我認為我們採取的是謹慎的態度，假設上半年的收入成長勢頭有所放緩，並且本財年的每股收益將比往常更多地受到上半年的影響。顯然，我們身處在一個瞬息萬變的環境中，這點毋庸置疑。我們將執行既定的計劃。我們將竭盡全力抵消這些不利因素。當然，我們會繼續向您報告最新情況。

But at this point, under our current assumptions for memory costs, which do include 100% sequential increase this quarter and some further increases from there. We also take into account price increases that can take time to fully implement and the expected unit demand that we've talked about. So with all of that, we do anticipate being at the lower end of our guidance range.

但就目前而言，根據我們對記憶體成本的假設（包括本季環比成長 100%，以及之後的進一步成長），情況是這樣的。我們也會考慮價格上漲可能需要一段時間才能完全實施，以及我們之前討論過的預期單位需求。綜上所述，我們預期最終結果將處於預期範圍的下限。

Okay. I appreciate all that detail, Karen. And then maybe just as a follow-up. I was if you could maybe clarify a bit on capital returns. I know that you kind of talked about remaining committed to 100% return of free cash flow to shareholders over time.

好的。凱倫，我非常感謝你提供的所有細節。然後或許可以作為後續跟進。我想請您稍微解釋一下資本報酬率的問題。我知道您曾說過要永遠致力於將自由現金流的100%回饋給股東。

I guess you're balancing two factors butting up against your gross leverage target would limit buyback versus your stock at a multiyear low. So just how do you balance these factors and think about returns to shareholders in fiscal '26. With just a little bit more clarification to detail.

我猜你是在權衡兩個因素，這兩個因素與你的總槓桿目標相衝突，這將限制股票回購，而你的股票價格則處於多年低點。那麼，您究竟該如何平衡這些因素，並考慮 2026 財政年度股東的回報呢？只需再稍作細節說明。

Yes. Thanks, Erik. So we do remain committed to returning 100% of our free cash flow to shareholders over time. And we've talked about that as long as our gross leverage remains below 2 times, and there aren't higher return opportunities. That said, you've seen us be operating with leverage slightly above 2 times right now.

是的。謝謝你，埃里克。因此，我們仍然致力於在未來將100%的自由現金流返還給股東。我們一直討論過這個問題，只要我們的總槓桿率保持在 2 倍以下，並且沒有更高的回報機會。也就是說，你們已經看到我們目前的槓桿率略高於 2 倍。

and we have basically earmarked cash on our balance sheet to repay debt as it comes due in '26, and we can continue to do that in '27 if needed. All of that combined has enabled us to also return to shareholders. And in Q1, we returned -- we were pleased, honestly, to return about $600 million to shareholders just in our first quarter and over $300 million of that was in share repurchase.

我們基本上已經在資產負債表上預留了現金，用於償還 2026 年到期的債務，如果需要，我們可以在 2027 年繼續這樣做。所有這些因素加在一起，也使我們能夠向股東返還收益。在第一季度，我們實現了回報——說實話，我們很高興僅在第一季就向股東返還了約 6 億美元，其中超過 3 億美元用於股票回購。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Maybe for the first one, I know you mentioned sort of this is a dynamic environment and you're seeing some level of pull-in in the ES segment. But just wondering, like, can you just dig into that a bit is the pull-in largely on the consumer side that you're seeing right now?

或許對於第一個問題，我知道你提到這是一個動態的環境，而且你看到 ES 領域出現了一定程度的吸引力。但我想問的是，您能否深入探討一下，您目前看到的這種吸引力主要來自消費者方面嗎？

And how are you sort of dilating that versus whether you're seeing any pull-in on the enterprise side as well. Just wanted to understand sort of the thought process there and what for the second half in terms of revenue outlook for those two segments? And I have a quick follow-up.

那麼，您如何看待這種擴張，以及您是否也看到企業方面有任何吸引人的跡象？我只是想了解你們的思路，以及下半年這兩個業務板塊的收入前景如何？我還有一個後續問題。

Thanks, Samik. And I'm happy to take that. And Ketan feel free to add. We did see a moderate amount of customer demand pull in the quarter, particularly in consumer. That said, we also delivered stronger-than-expected revenue growth, and that was really driven by several key factors including the strength of the fundamentals on the Win 11 refresh and on AI PC adoption.

謝謝你，薩米克。我很樂意接受。Ketan，歡迎補充。本季我們看到客戶需求出現了一定程度的拉動，尤其是在消費領域。儘管如此，我們的營收成長也超出了預期，這主要得益於幾個關鍵因素，包括Win 11更新和AI PC普及等基本面的強勁表現。

AI PCs were 30% of our total shipments in Q1. That was up from -- they were 35% of our total shipments in Q1, and that was up from 30% in the prior quarter and honestly, 25% in the quarter prior to that. And in enterprise demand, we had good demand, particularly in Europe and in Asia, and it was related to the Win 11 refresh cycle. We believe now that about 60% has refreshed to date.

第一季度，AI PC 占我們總出貨量的 30%。這比上一季有所增長——它們占我們第一季總出貨量的 35%，而上一季這一比例為 30%，老實說，再上一季為 25%。在企業需求方面，我們獲得了良好的需求，尤其是在歐洲和亞洲，這與 Windows 11 的更新週期有關。我們認為目前已有約 60% 的用戶完成了刷新。

So that means we still have more to go. And we did increase prices along with a shift in product mix toward commercial and consumer premium devices, which contributed to higher average selling prices. So Ketan, happy for you to add.

這意味著我們還有很長的路要走。我們提高了價格，同時產品組合也向商用和消費高階設備轉變，這導致了平均售價的上漲。Ketan，很高興你能加入。

Yes. So Samik, I'll just add a couple of comments. To our regular operational metrics, we have not observed any major disconnect from customer demand pattern versus market growth, especially on the commercial side. And consumer, as Karen said, there was a bit of pull-in in the month of December is what we observe and we can consistently measure sell-out versus our selling data to look at that.

是的。薩米克，我再補充幾點。根據我們的常規營運指標，我們沒有觀察到客戶需求模式與市場成長之間存在任何重大脫節，尤其是在商業方面。正如凱倫所說，消費者在 12 月出現了一些購買熱潮，我們觀察到這一點，我們可以持續地將售罄情況與我們的銷售數據進行比較，以驗證這一點。

The other proof point is that our channel inventory remains at a very healthy level, which means the customer demand powered by AI PC and Windows 11 has been strong in the geography is called out.

另一個證明點是，我們的通路庫存仍然處於非常健康的水平，這意味著在所指出的地區，由 AI PC 和 Windows 11 驅動的客戶需求一直很強勁。

Got it. Great. And maybe just a quick follow-up. Karen, probably more for you. I know you've sort of talked about the memory back being greater in the second half for PS margins. But with the mitigation actions you're taking, do you sort of get to a point where you have confidence about seeing more stable PS margins as you exit the year and potentially some recovery towards the longer-term range?

知道了。偉大的。或許還需要一個簡短的後續問題。凱倫，這可能更適合你。我知道你之前提到過，PS 利潤率在下半年的記憶體佔用會更大。但是，隨著您採取的緩解措施，您是否有信心在年底看到更穩定的PS利潤率，並有可能向長期範圍有所恢復？

Like how would that trajectory look like in the back half? And sort of any confident that it looks like a more stable trajectory sort of exiting the year on your front?

後半程的軌跡會是什麼樣的呢？你們方面是否有信心認為，到年底時，公司的發展軌跡會更加穩定？

Yes. Thanks for that question. Clearly, the environment is fluid. And at this point, we do say that we expect our margins for the rest of the year to be below our long-term range. But that said, we are not changing our long-term guidance range for our margins. And we do expect to be back into those long-term range over time. We'll see how quickly we can do it. Obviously, we're going to do it as quickly as we can, but the environment just remains very fluid.

是的。謝謝你的提問。顯然，環境是不斷變化的。目前，我們預計今年剩餘時間的利潤率將低於我們的長期預期範圍。但即便如此，我們也不會改變我們對利潤率的長期預期範圍。我們預計隨著時間的推移，價格會回到這些長期區間。我們看看能多快完成。顯然，我們會盡快完成這項工作，但情況仍然瞬息萬變。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

First a clarification, can you just tell us, maybe, Karen, like what you experienced in actual memory pricing impact that you realized in the quarter? Because it sounds like you're saying you're going to see a sequential 100% increase next quarter and it's still going to go up. And yet for the full year, it's going to be up 100%. So I just want to understand like what you actually experienced in the quarter itself in terms of memory price inflation?

首先，我想澄清一下，Karen，你能告訴我們一下，比如說，你在本季實際感受到的記憶體價格變化影響嗎？因為聽起來你的意思是下個季度將環比增長 100%，而且還會繼續增長。但全年來看，漲幅將達到 100%。所以我想了解一下，就記憶體價格上漲而言，你們本季實際經歷了什麼？

Yes. The current prices that are up 100% sequentially are more looking forward. We did have some memory cost increases in Q1 and but it was roughly in line with what we had outlined at the beginning of the year. The increases are more going forward.

是的。目前環比上漲 100% 的價格更看好未來。第一季我們的記憶體成本確實有所增加，但這與我們年初制定的目標大致相符。未來成長幅度還會更大。

Right. Okay. And for the full year, you're saying that, that's your expectation is for a 100% year-over-year increase if I understood that right.

正確的。好的。如果我理解正確的話，你的意思是，你預計全年業績將年增 100%。

No. We said we're seeing current prices up about 100% sequentially. And that's so Q1 to Q2. And we do expect them to further increase in the latter part of the year. We'll see how much they increase, but we don't expect to have reached peak by the time we're in Q1 to Q2.

不。我們說過，目前的價格環比上漲了約 100%。這就是第一季到第二季的情況。我們預計今年下半年它們還會進一步成長。我們會觀察它們成長多少，但我們預計到第一季到第二季之間不會達到高峰。

And then -- can you maybe just talk a little bit about the memory negotiations you're having with your suppliers? I want to go back to Krish's question on these LTAs. Is that all volume commitments and pricing negotiations still open? And has the frequency of those price negotiations changed at all for you? And is there any chance of being short supply at all as you go through the course of the year?

那麼—您能否稍微談談您與供應商之間關於記憶體採購的談判情況？我想回到 Krish 關於這些 LTA 的問題。所有數量承諾和價格談判都還進行嗎？你們的價格談判頻率是否有改變？那麼，在這一年中，是否存在出現供應短缺的可能性？

At this point, we have really good relationships with our long-term suppliers and we've been working quite well with them. And we've said that we believe we've got the supply that we need to meet our plans and execute on our strategy at this point. We -- as we look at pricing with our suppliers, we work to lock it in on a rolling basis and really so that we can help both shape demand and think through our pricing strategy around it.

目前，我們與長期供應商的關係非常好，我們與他們合作得也很順利。我們已經說過，我們相信目前我們擁有足夠的供應能力來滿足我們的計劃並執行我們的策略。我們——在與供應商討論定價時，我們努力以滾動的方式鎖定價格，這樣我們才能真正幫助塑造需求並圍繞需求思考我們的定價策略。

David Vogt, UBS.

David Vogt，瑞銀集團。

I might have missed this because I jumped on late. Karen or anyone, can you guys talk to the nature of your long-term agreements? And what I mean by that is obviously, I would assume it covers volume and price. But more importantly, I think you mentioned qualifying new suppliers. Can you expand on what that potentially means? Is that local sourced memory in China or in APAC? And how does that factor into sort of your kind of strategy going forward? Is that a permanent source of supply do you think is likely? And then I have a follow-up.

我可能錯過了這個，因為我加入得比較晚。Karen或其他任何人，你們能談談你們長期協議的性質嗎？我的意思是，很顯然，我認為它涵蓋了數量和價格。但更重要的是，我想你提到了新供應商的資格認證。您能詳細解釋一下這可能意味著什麼嗎？這是中國本地採購的內存，還是亞太地區的本地採購的內存？那麼，這會如何影響你未來的發展策略呢？你認為這會是長期穩定的供應來源嗎？然後我還有一個後續問題。

Yes, David, I'm happy to start and have Ketan chime in. Yes, we did talk about the fact that we are pleased that we have secured the supply that we believe we need to execute our plans for the rest of the year. We have long-term good relationships with suppliers, and we've been adding new suppliers into the mix.

是的，大衛，我很樂意先開始，然後讓凱坦插話。是的，我們確實談到了我們很高興能夠確保所需的供應，以執行我們今年剩餘時間的計劃。我們與供應商保持著長期良好的合作關係，並且一直在增加新的供應商。

So we, on the price side, we do look at price with our suppliers on a rolling basis, and we lock that in as quickly as we can so that we can help demand shape and focus on our pricing strategy around it. Ketan, feel free to add.

因此，在價格方面，我們會與供應商持續關注價格，並儘快鎖定價格，以便幫助塑造需求，並圍繞需求制定我們的定價策略。Ketan，請隨意補充。

Yes. And all these new suppliers, as we look at various supply at our ecosystem, we are also accelerating our engineering efforts to qualify these commodities across our different platforms. So depending on the regulatory and compliance needs of specific country wherever we are able to ship specific commodity. Those are getting qualified in different products across the world so that we can maximize available supply in the market and create a system to be shipped out to a customer.

是的。在我們檢視生態系中各種供應情況的同時，我們也正在加快工程研發工作，以驗證這些商品在我們不同平台上的適用性。因此，根據特定國家的監管和合規要求，我們可以向任何地方運送特定商品。這些產品正在世界各地接受不同產品的認證，以便我們能夠最大限度地利用市場上的可用供應，並建立一個可以發貨給客戶的系統。

No, that's helpful. And just maybe quickly as a follow-up. Can you maybe speak to -- and I apologize if you covered this. Can you speak to your pricing strategy, obviously, I think the industry has been used to having relatively stable pricing in the market, whether it's to the channel or through distributors. Are you tightening up those sort of windows in terms to better match your underlying commodity prices that you're procuring?

不，這很有幫助。或許可以很快地跟進一下。您能否談談—如果您已經談過這件事，我深表歉意。您能否談談您的定價策略？顯然，我認為業內人士已經習慣了市場上相對穩定的價格，無論是對通路商還是透過經銷商。您是否正在收緊這類價格窗口，以更好地匹配您採購的基礎商品價格？

Like how does that work in the marketplace? And what are your channel partners thinking or feedback around your sort of pricing dynamics to better match your supply to where the market's headed.

這在市場中是如何運作的呢？您的通路夥伴對您的定價策略有何想法或回饋，以便更好地使您的供應與市場走向相符？

Ketan, feel free to take that one.

Ketan，你隨便拿吧。

Yes, I'll take that. Pricing is, of course, a big topic into this environment. But remember, as we have several route-to-market options which we deal with including online business, we have the channel business, enterprise business, public sector, end-user deals and also a lot of contractual business. So each one of them have different durations, which will work on in terms of how the pricing will fully reflect depending on the type of the business with some of the RTM, which I called out.

是的，我要了。當然，定價是這種環境下的重要議題。但請記住，我們有多種市場管道可供選擇，包括線上業務、通路業務、企業業務、公共部門、終端用戶交易以及大量的合約業務。因此，它們各自的持續時間都不同，這也會根據業務類型以及我提到的某些 RTM 來決定定價方式。

So times can change from immediately in some cases, through these various route-to-market options and it takes a few months in other cases. So that's how the pricing is getting worked out right now. As soon as we get the pricing information, we apply this across the board through this different RTM as I called out.

因此，在某些情況下，時間可能會立即發生變化，透過這些不同的市場管道選擇；而在其他情況下，則需要幾個月的時間。所以，目前定價就是這樣確定的。一旦我們獲得定價信息，我們就會像我剛才提到的那樣，透過這種不同的 RTM 方式將其全面應用。

More importantly, where we are working on pricing is we want to be also sensitive about demand elasticity and working with customers in order to find the optimal configuration both of the right platform offering as well as some decontenting required in order to hit specific budgetary needs of specific customers. And we are also driving this through a right level of intelligence using our workforce experience platform management software which actually gives user insights in terms of what ideal configuration is for a particular work use case so that we can be more on shape to that specific need and drive pricing accordingly.

更重要的是，我們在定價方面也希望專注於需求彈性，並與客戶合作，找到合適的平台產品的最佳配置，以及為了滿足特定客戶的特定預算需求而需要進行的一些內容精簡。我們也透過運用我們的員工體驗平台管理軟體，以適當的智慧水準來推動這一目標。該軟體能夠為用戶提供關於特定工作用例的理想配置的見解，以便我們能夠更好地滿足特定需求並據此調整定價。

So that we are not able to -- we are not fully -- if I say this, that if there is a specific cost discretion on the memory, you pass on that cost increase, but overall system increase will be limited because of some of these actions, which I called out.

因此，我們不能——我們不能完全——如果我這樣說，如果內存方面存在特定的成本酌情權，你會把這部分成本增加轉嫁出去，但由於我提到的這些措施，整體系統的增長將受到限制。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I have two as well. I guess, maybe, Karen, to start with on the free cash flow generation target of the $2.8 billion to $3 billion. Can you just walk us through how you sort of get that especially in the back half of the year? Because historically, I think free cash flow tends to be back half heavy, but then your profits tend to be back half too. So this time, it looks like profits might be front half heavy. So just walk us through like what are the puts and takes and what enables the free cash flow expansion this year, especially given the trajectory of net income.

我也有兩個。我想，凱倫，或許可以先從28億至30億美元的自由現金流目標開始。您能給我們詳細介紹一下您是如何做到這一點的，尤其是在下半年？因為從歷史數據來看，我認為自由現金流往往在下半年較為集中，但利潤也往往在下半年較為集中。所以這次，利潤似乎會主要集中在上半年。那麼請您詳細介紹一下，今年有哪些利好因素和利空因素，以及是什麼因素促成了自由現金流的擴張，尤其是在淨收入走勢如此的情況下。

Yes. Thanks for the question. You're right that our free cash flow is back-half loaded. That said, we delivered a better-than-anticipated free cash flow just in the first quarter. And as we drive expectations for Q2, we should see decent free cash flow in Q2 as well.

是的。謝謝你的提問。你說得對，我們的自由現金流主要集中在後半段。也就是說，僅在第一季度，我們就實現了超出預期的自由現金流。隨著我們對第二季的預期不斷提高，我們應該也會看到第二季有不錯的自由現金流。

For the full year, keep in mind that we're driving greater growth from our PS business through the year, and that has a negative cash conversion cycle. So clearly helps us when we think about working capital. While we do have some increased inventory even in this quarter, you saw the cash conversion cycle improved while we had increased inventory and that was really offset by the increased PS growth.

全年來看，請記住，我們將全年主要依靠 PS 業務實現更大成長，而該業務的現金轉換週期為負。這顯然有助於我們考慮營運資金問題。雖然本季我們的庫存有所增加，但您可以看到，在庫存增加的情況下，現金週轉週期有所改善，而這實際上被銷售利潤的成長所抵消。

Got it. That is super helpful. And then maybe I'll stay away from memory and ask you a question on the print side. You folks talked about print margins kind of going towards the higher end of your range as you kind of high end in the 19% range for the year.

知道了。這太有幫助了。然後，我或許會拋開記憶，問你一個關於印刷方面的問題。你們之前提到印刷利潤率會接近你們預期範圍的上限，因為你們今年的利潤率上限在 19% 左右。

Can you just talk about like what are the levers that enable print margins to expand from here, especially if you continue to have some of the supply segment. So just spend a little bit of time on print margins and what enables that growth over there. That would be helpful.

您能否談談有哪些因素可以推動印刷利潤率進一步擴大，尤其是在您持續掌控部分供應環節的情況下？所以，花點時間研究一下印刷邊距以及能夠促進那邊成長的因素。那會很有幫助。

Yes. Thanks for the question. So I'd say you've seen us operate at the high end of our long-term range in print quite a bit lately. And so this is not new to us. It's something that we'll continue to do and drive. With our print strategy, we're clearly focused on profitable growth. And that includes shifting our business model to profit upfront with big tanks and also driving increased subscriptions. And you've seen us do that over the last several quarters. We're also focused on gaining share in high-value categories. And of course, we're always focused on reducing our cost structure to remain competitive. So we'll be pulling all of those levers to drive stronger PS margins.

是的。謝謝你的提問。所以我想說，最近你們已經經常看到我們在印刷品方面處於長期價格區間的高端。所以這對我們來說並不新鮮。這是我們會繼續做並推進的事情。我們的印刷策略明確以獲利成長為目標。這包括將我們的商業模式轉變為透過大型坦克實現快速獲利，以及推動訂閱量的成長。過去幾個季度，你們也看到了我們在這方面所做的努力。我們也致力於在高價值品類中獲取市場佔有率。當然，我們始終致力於降低成本結構，以保持競爭力。因此，我們將動用所有這些手段來提高PS利潤率。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yes, appreciate it. I guess, what if I could maybe a follow-up, but would just love to get any context that you guys can share on the CEO search, what types of folks you're looking for and what the process is looking like? I appreciate it. And I have a quick follow-up as well.

是的，謝謝。我想問一個後續問題，希望能了解一下你們在尋找 CEO 方面的背景信息，比如你們在尋找什麼樣的人才，以及目前的招聘流程是怎樣的？謝謝。我還有一個後續問題。

Thanks for the question. A few things on the CEO search first we've already established a search committee, and we are in the market, and that's been going on for the last three weeks or so. I think in general, the Board is looking for a CEO that can take HP to the for the next level of our strategy, maybe a little more specific areas that we're oriented to.

謝謝你的提問。關於CEO的遴選，有幾點需要說明：首先，我們已經成立了遴選委員會，並且已經開始尋找合適的人選，這項工作已經持續了大約三週。我認為，總的來說，董事會正在尋找一位能夠帶領惠普邁向下一個戰略階段的首席執行官，或許還能在我們所關注的更具體領域有所建樹。

First, the individual has had a proven track record of delivering value for shareholders and customers. Second is as evidenced by this conversation, being able to navigate through a complex and dynamic environment.

首先，該人士擁有為股東和客戶創造價值的良好記錄。其次，正如這段對話所證明的那樣，能夠駕馭複雜多變的環境。

And then lastly, we've focused on the ability to have a global and multisegment business experience. As we think about the CEO, we really believe that being able to deliver value, be able to deal with the complexity of the marketplace and then at the same time, to have the expansion and scale of HP deserves.

最後，我們重點關注了擁有全球化和多領域業務經驗的能力。當我們思考CEO人選時，我們真心認為，他/她應該能夠創造價值，能夠應付市場的複雜性，同時也要具備惠普應有的擴張與規模。

I appreciate that. And so that includes folks outside of the PC and print industry?

我很感激。所以這也包括個人電腦和印刷業以外的人嗎？

Yes. I would say that the Board is having a very broad view of that as a result of both multiple businesses that HP is in addition to strategy. And in addition, as I mentioned, just the scale of the organization.

是的。我認為，由於惠普擁有多元化的業務以及策略考量，董事會對此持有非常全面的看法。此外，正如我所提到的，還有組織的規模。

That's super helpful. And just a quick clarification as a follow-up. You guys mentioned this was a great -- actually a great context, 35% of the BOM for the year for fiscal '26 now anticipated to be memory, up from the 15% to 18% typically. Is that -- as I understand it -- and actually just a clarification, your PSC GP dollars is 1/3 peripherals, 2/3 the PC cost.

這太有幫助了。最後再補充一點說明。你們提到這是一個非常好的背景——實際上是一個很好的背景，預計 2026 財年物料清單的 35% 將是內存，高於通常的 15% 到 18%。也就是說——據我理解——實際上只是想澄清一下，你的 PSC GP 美元有 1/3 用於外設，2/3 用於 PC 成本。

And so I guess the question is, number one, is that -- am I remembering that accurately? Number two, if so, is the 35% -- is it 35% of the 2/3 that's the PC BOM? Or is it 35% of the entire GP dollar basket? And that's it.

所以我想問的第一個問題是──我的記憶準確嗎？第二點，如果是這樣的話，35% 是指 PC BOM 中 2/3 的 35% 嗎？或者說，它是整個 GP 美元籃子的 35%？就這樣。

Yes. It's 35% of the PC BOM. So hopefully, that clarifies. And yes, we do have we do have 1/3 of our PS margins that come from businesses not reliant on memory. Those include higher-margin attached business, our Workforce Solutions and hybrid systems. And I would say, particularly in the attached business, we have a lot of headroom for higher margin growth from our installed base, and we're keenly focused on driving these more as part of our future work strategy.

是的。它佔PC物料清單的35%。希望這樣解釋清楚了。是的，我們確實有三分之一的PS利潤來自於不依賴記憶功能的業務。其中包括利潤較高的附屬業務、我們的人力資源解決方案和混合系統。而且我認為，尤其是在相關業務領域，我們現有的客戶基礎還有很大的利潤成長空間，我們將重點放在推動這些成長上，作為我們未來工作策略的一部分。

Katherine Murphy, Goldman Sachs.

凱瑟琳‧墨菲，高盛集團。

You noted that you're working to make sure that the overall systems price increase for PCs are limited, but obviously, we'll see some ASP uplift from the function of mix shift in the portfolio to more AI PCs and premium devices. -- thinking just about the like-for-like increase on systems, do you have a framework for how much of a price increase customers can digest before we start to see impact on demand? And then I have a quick follow-up as well.

您提到正在努力控制PC系統整體價格的漲幅，但顯然，由於產品組合向更多AI PC和高階設備轉移，平均售價（ASP）會有所提升。 ——僅就同類系統價格上漲而言，您是否有一個框架來衡量消費者能夠接受的價格漲幅達到多少才會開始對需求產生影響？然後我還有一個簡短的後續問題。

Yes, I'll start, Katherine, and then I'll ask Ketan to chime in. We are increasing prices currently. So yes, our ASP uplift is through mix and higher-margin things, but it's also through price increases that we have been driving.

好的，凱瑟琳，我先開始，然後我再請凱坦插話。我們目前正在漲價。所以，是的，我們的平均售價提升是透過產品組合和高利潤產品來實現的，但也得益於我們一直在推動的價格上漲。

So Ketan, I'll let you comment on those.

凱坦，這些問題就由你來評論吧。

Yes. And the demand to price elasticity constant thing which we observed by customer use case and customer type. And that's something which we'll keep adjusting to ensure that we are hitting specific demand equation. I think there are two tailwinds, which we are most encouraged with. We've spoken about this, which is Windows 11 and AI PCs, but more importantly, they are giving us a lot of confidence that the demand will continue.

是的。需求對價格的彈性是一個恆定值，我們根據客戶使用案例和客戶類型觀察到了這一點。我們會不斷調整，以確保滿足特定的需求方程式。我認為有兩個有利因素，這讓我們感到非常鼓舞。我們已經討論過 Windows 11 和人工智慧電腦，但更重要的是，它們讓我們對這種需求持續下去充滿信心。

Because on Windows 11, it is now showing strong data points where you see productivity gains and seamless collaboration across different use cases in enterprises. And that's very, very encouraging.

因為在 Windows 11 上，現在的數據表明，企業在不同的用例中都能實現生產力提升和無縫協作，這方面表現出色。這非常令人鼓舞。

Second, the reliable security, which is very important right now to secure devices to handle AI-driven cybersecurity threat is also getting tremendously valued by customers. And then, of course, the third is compliance.

其次，可靠的安全性對於保護設備應對人工智慧驅動的網路安全威脅至關重要，而這一點也越來越受到客戶的重視。當然，第三個要素是合規性。

And now on top of it, AI PCs have started showing the local models on started to deliver results with more and more ISVs developing applications, which are using locally and more effectively than ever before. And then HP, we have tied up with more than 100 ISVs to drive this forward.

而且現在，人工智慧個人電腦已經開始展示本地模型，越來越多的獨立軟體開發商正在開發應用程序，這些應用程式比以往任何時候都更有效地在本地使用。此外，惠普還與 100 多家獨立軟體開發商合作，共同推動這項工作。

What I mean by this is looking at the overall equation when it comes to pricing is the total cost of ownership focus we are going after in making sure that depending on the use case, how much cost savings will come to the customer situation across these various application layers. And that's the key driver of how the pricing equation will work.

我的意思是，在定價方面，我們應該著眼於整體等式，專注於整體擁有成本，確保根據不同的用例，在各種應用層面上為客戶節省多少成本。這就是定價公式運作方式的關鍵驅動因素。

And as a follow-up, can you talk about any correlation that you observed between demand in the PC market and the opportunity in peripherals or print -- should we expect any weakness in PC industry unit shipments to weigh on the attach of monitors, keyboard, headsets, et cetera?

作為後續問題，您能否談談您觀察到的 PC 市場需求與外圍設備或印表機市場機會之間的任何相關性——我們是否應該預期 PC 行業出貨量的任何疲軟會對顯示器、鍵盤、耳機等產品的需求造成影響？

Ketan, feel free.

Ketan，請隨意。

The overall our -- historically, we have seen that post refresh cycles and the 2025 was the year when the Windows refresh started generally attach our peripherals business follows very well because a lot of budgetary needs in the previous years have been used by PC buying. And that also is a huge opportunity in terms of how we see demand equation is coming along as perform increase.

從歷史角度來看，我們發現，在更新周期之後，2025 年是 Windows 更新開始的一年，我們的周邊設備業務通常會隨之發展得非常好，因為前幾年的許多預算需求都用於購買 PC。這也為我們提供了一個巨大的機會，讓我們能夠看到需求方程式的發展趨勢，以及績效的成長。

And on top of it, as HP, we have also a headroom of growth in terms of gaining share in this category. That's what is going to drive growth in attach and peripherals for us.

此外，作為惠普公司，我們在該領域還有很大的市佔率成長空間。這將推動我們在配件和周邊領域的成長。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

I heard a lot about share gains. Like where does HP feel very confident in those share gains perhaps certain segments, certain regions? And specifically, I was talking about PCs, but please feel free to elaborate on print as well.

我聽說了很多關於股票上漲的事情。惠普對市佔率的成長尤其有信心嗎？或許是某些細分市場或某些地區？具體來說，我指的是個人電腦，但也請隨意詳細闡述印刷方面的內容。

And then just as a follow-up, OpEx I think I was -- it seems like some of the cost saving actions that you guys announced last quarter seems to be flowing through here in the first quarter results. How should we think about OpEx for the remainder of the year?

然後，作為後續問題，關於營運支出，我認為——你們上個季度宣布的一些節約成本的措施似乎正在第一季度的業績中發揮作用。我們該如何看待今年剩餘時間的營運支出？

Yes. I'm happy to take share gains and ask Ketan to comment particularly on PS. I'll take rent I'll let you take PS, Ketan, and then I'll take the OpEx question. We have been gaining share in print in big tanks in developed markets. We've also been gaining share in supplies, and we continue to be the number one leader in print with 33.5% of global market share.

是的。我很高興能獲得股票收益，並請 Ketan 特別就 PS 發表意見。我負責租金問題，我讓你負責PS問題，Ketan，然後我來負責營運支出問題。我們在已開發市場的大型印刷品領域不斷擴大市場份額。我們在供應領域的份額也在不斷增長，我們繼續保持印刷領域第一的領先地位，佔據全球市場份額的 33.5%。

We're also focused on regaining share in high-value office categories, and we've been driving product innovation and also continued cost reduction to remain competitive to help us regain some of that share. Ketan?

我們也專注於重新奪回高價值辦公用品類別的市場份額，我們一直在推動產品創新，並持續降低成本，以保持競爭力，幫助我們重新奪回部分市場份額。凱坦？

From a personal system standpoint in calendar quarter four, value share, which we gaining was across all key geographies in all three regions. So that's very, very encouraging, and that gives us confidence to take it forward. Also, we are not gaining -- we want to gain share for share's sake, as we've called out before, we want to drive to our strategy, and that's shown in our CQ4 10 to quarter four performance premium share, where we were up 1.6 points year-on-year and ABC share, which was up 1.8 points year-on-year. So we are driving strong growth in the areas which are identified and we will continue to focus and prioritize this categories in this demand supply equation environment to remain true to our strategy.

從個人系統角度來看，在日曆第四季度，我們獲得的價值份額涵蓋了所有三個區域的所有主要地區。這非常令人鼓舞，也給了我們繼續推動這項工作的信心。此外，我們並非為了獲得市場份額而獲得市場份額——正如我們之前所強調的，我們希望推動我們的策略，這一點從我們第四季度業績溢價份額（同比增長 1.6 個百分點）和 ABC 份額（同比增長 1.8 個百分點）中可以看出。因此，我們在已確定的領域實現了強勁成長，我們將繼續在當前的供需平衡環境下，重點關注並優先發展這些類別，以堅持我們的策略。

And on OpEx, we've said that we expect OpEx for FY26 to be roughly flat year-over-year in dollars. That means that we're very focused on driving expense reductions everywhere that we can to offset the important investments that we need to make.

至於營運支出，我們曾表示預計 2026 財年的營運支出將與去年同期基本持平（以美元計）。這意味著我們將全力以赴地削減開支，以抵消我們必須進行的重要投資。

As you know, last order, we did announce a transformation program centered around AI enablement where we said we expect to deliver $1 billion in gross run rate savings by FY28 with $300 million by the end of FY26. Right now, we're focused on accelerating that program where we can and intending to drive additional cost actions to help mitigate the increasing headwinds that we're facing.

如您所知，在上個訂單中，我們宣布了一項以人工智慧賦能為中心的轉型計劃，其中我們表示，預計到 2028 財年將實現 10 億美元的毛利率節省，到 2026 財年末將實現 3 億美元。目前，我們正集中精力在力所能及的範圍內加快該計劃的實施，並打算採取額外的成本控制措施，以幫助緩解我們面臨的日益增長的不利因素。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yes. I guess the first question, and I can appreciate there's a lot of volatility going on in the market right now. But I believe last quarter, you had alluded to like a $0.30 headwind for memory component costs. And I think, again, at that point, it was 15% to 18% of the PC build on material.

是的。我想先回答第一個問題，我理解目前市場波動很大。但我記得上個季度你曾提到記憶體組件成本將面臨每單位 0.30 美元的阻力。而且我認為，當時材料成本佔 PC 組裝成本的 15% 到 18%。

I guess, what I'm asking is the guidance at the low end of the $2.90 to $3.20 range. Clearly, these memory input costs have gone up dramatically. Any way to frame the current views on that $0.30 headwind or how that's evolved or changed relative to the current updated guidance that you've given?

我想問的是，價格在 2.90 美元到 3.20 美元區間下限的指導價是多少。顯然，這些記憶體輸入成本已經大幅上升。能否闡述目前對0.30美元的阻力的看法，或者相對於您目前給出的最新指引，這種阻力是如何演變或變化的？

Yes. Thanks for the question, Aaron. Obviously, memory costs are higher now. And at this point, we're not going to continue trying to quantify given the volatility and honestly, giving the myriad of mitigation actions that we're working. We are focused on mitigating as much as possible. And obviously, we've included that current assessment into our outlook.

是的。謝謝你的提問，亞倫。顯然，現在的記憶體成本更高了。鑑於目前的波動性，以及我們正在採取的各種緩解措施，我們目前不會繼續嘗試進行量化。我們正致力於盡可能減輕影響。顯然，我們已將目前的評估結果納入了我們的展望中。

Okay. And then as a quick follow-up, and I apologize for probably the naive question. But when you talk about seasonality, right, and being above seasonality, I'm just curious how -- when you look at PCs and you look at the Print business, how would you characterize or define normal seasonality in the fiscal second quarter?

好的。然後，我還有一個後續問題，可能這個問題有點幼稚，請見諒。但是，當您談到季節性，以及超越季節性時，我只是好奇——當您觀察個人電腦和列印業務時，您會如何描述或定義第二財季的正常季節性？

Yes. I would say just on PS revenue, which is what we're talking about being higher than seasonal, we intend to take share in premium categories and AI PCs and are expecting increasing contributions from our peripherals and solutions business, which are less impacted by memory costs. And obviously, the Win 11 refresh continues to be a driver outside of the US.

是的。就個人電腦收入而言（我們所謂的高於季節性收入），我們打算在高端產品類別和人工智慧個人電腦領域佔據份額，並期望我們的周邊和解決方案業務貢獻不斷增長，這些業務受記憶體成本的影響較小。顯然，Win 11 的更新換代在美國以外地區仍然是一個推動因素。

And we're taking additional prices to offset the rising impact of memory. So with all of this combined, we do expect our PS revenue to be stronger than normal in the second quarter. And then we also said that we expect it to moderate -- to still grow, but moderate into the back half.

我們還要額外加價以抵銷記憶體成本上漲的影響。綜上所述，我們預期第二季PS收入將高於往年同期水準。然後我們也表示，我們預計成長速度會放緩——仍會成長，但會在下半年放緩。

This concludes our question-and-answer session. I'll hand the call back over to Bruce Broussard, for any closing comments.

我們的問答環節到此結束。我將把電話轉回給布魯斯·布魯薩德，請他作總結發言。

Thank you, operator. Thank you all for joining us today. As we've talked about today, HP has an enormous opportunity ahead. We're managing through the headwinds that the industry is facing, leveraging our disciplined execution and mitigation actions while capitalizing on HP's DNA of innovation. We plan to provide more color on this in the coming quarters.

謝謝接線生。感謝各位今天蒞臨。正如我們今天所討論的，惠普面臨著巨大的機會。我們正在應對產業面臨的逆風，利用我們嚴謹的執行和緩解措施，同時發揮惠普的創新基因。我們計劃在接下來的幾個季度中對此進行更詳細的說明。

I'm confident that our Future of Work strategy puts us on the path to growth in 2026 and beyond, and I look forward to keeping you updated on our progress.

我相信，我們的未來工作策略將引領我們邁向 2026 年及以後的發展之路，我期待隨時向您報告我們的進展。

Have a great afternoon. Thank you.

祝您下午愉快。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。