全錄公司 (XRX) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Xerox Holdings Corporation Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your speaker today to Mr. David Beckel, Vice President of Investor Relations at Xerox Holdings Corporation. Please go ahead.

美好的一天，感謝您的支持。歡迎來到施樂控股公司 2022 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把今天的會議交給施樂控股公司投資者關係副總裁大衛貝克爾先生。請繼續。

Good morning, everyone. I'm David Beckel, Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation Second Quarter 2022 Earnings Release Conference Call hosted by Steve Bandrowczak, Interim Chief Executive Officer. He is joined by Xavier Heiss, Executive Vice President and Chief Financial Officer.

大家，早安。我是施樂控股公司副總裁兼投資者關係主管大衛貝克爾。歡迎參加由臨時首席執行官 Steve Bandrowczak 主持的施樂控股公司 2022 年第二季度收益發布電話會議。執行副總裁兼首席財務官 Xavier Heiss 也加入了他的行列。

At the request of Xerox Holdings Corporation, today's conference call is being recorded. Other recording and/or rebroadcasting of this call are prohibited without the expressed permission of Xerox.

應施樂控股公司的要求，今天的電話會議正在錄音中。未經 Xerox 明確許可，禁止對本次通話進行其他錄音和/或轉播。

During this call, Xerox executives will refer to slides that are available on the web at www.xerox.com/investors and will make comments that contain forward-looking statements which, by their nature, address matters that are in the future and are uncertain. Actual future financial results may be materially different than those expressed herein.

在本次電話會議中，施樂高管將參考網站 www.xerox.com/investors 上提供的幻燈片，並將發表包含前瞻性陳述的評論，這些陳述就其性質而言，涉及未來和不確定的問題.未來的實際財務結果可能與本文所述的存在重大差異。

At this time, I'd like to turn the meeting over to Mr. Bandrowczak.

在這個時候，我想把會議交給 Bandrowczak 先生。

Good morning, and thank you for joining our Q2 2022 earnings call. I'd like to begin today's call by acknowledging the passing of our dear friend and colleague, John Visentin. As we mourn this loss, I am inspired and deeply humbled by how the Xerox family has come together and become stronger. We will honor John by continuing to execute across the four strategic initiatives he articulated for returning Xerox to long-term sustainable growth, and by operating as one cohesive team to help propel us forward. John instilled in all of us one boat, one team mentality. And these words will serve as inspiration as we work to fulfill his legacy. I am honored to have received the confidence of the Board to lead this great company.

早上好，感謝您參加我們的 2022 年第二季度財報電話會議。我想以感謝我們親愛的朋友和同事約翰·維森丁的逝世來開始今天的電話會議。當我們哀悼這一損失時，施樂家族如何團結起來並變得更強大，這讓我深受鼓舞並深感謙卑。我們將繼續執行他為使施樂恢復長期可持續增長而闡述的四項戰略舉措，並作為一個有凝聚力的團隊運作來幫助推動我們前進，以此向約翰致敬。約翰向我們所有人灌輸了一條船，一種團隊的心態。這些話將成為我們努力實現他的遺產的靈感。我很榮幸得到董事會的信任來領導這家偉大的公司。

Summarizing results for the quarter. Revenue of $1.75 billion declined 2.6% in actual currency and grew 1.1% in constant currency. Adjusted EPS was $0.13, $0.34 lower year-over-year. Free cash flow was a use of $98 million, which includes the onetime contract termination charge of $41 million we disclosed in last quarter's earnings compared to a source of $198 million in the prior year. And adjusted operating margin of 2% was lower year-over-year by 500 basis points.

總結本季度的結果。收入為 17.5 億美元，按實際匯率計算下降 2.6%，按固定匯率計算增長 1.1%。調整後每股收益為 0.13 美元，同比下降 0.34 美元。自由現金流使用了 9800 萬美元，其中包括我們在上一季度收益中披露的 4100 萬美元的一次性合同終止費用，而去年同期為 1.98 億美元。調整後的營業利潤率為 2%，同比下降 500 個基點。

Revenue was slightly ahead of our expectation and reflects momentum in demand for our products and services, notwithstanding a challenging operating environment. Equipment revenue declined 14.7% or 11.4% on a constant currency basis. Supply chain constraints continued to limit our ability to fulfill demand, which remained strong as evidenced by further growth in our equipment order backlog.

儘管經營環境充滿挑戰，但收入略高於我們的預期，反映了對我們產品和服務的需求增長勢頭。按固定匯率計算，設備收入下降 14.7% 或 11.4%。供應鏈限制繼續限制我們滿足需求的能力，我們的設備訂單積壓進一步增長證明了這一點。

Post sale revenue grew 1.2% or 5% in constant currency. This represents a sequential improvement, mirroring a recovery in print-related activities as employees gradually return to the office. Page volumes once again grew modestly this quarter. And importantly, we are beginning to see the early benefits of pricing actions, particularly for our transactional goods and service agreements. As a result, revenue for service agreements outpaced year-over-year growth in page volumes this quarter. Post sale revenue also benefited from our faster-growing adjacencies, IT services and digital services, which I will discuss in detail later.

按固定匯率計算，售後收入增長 1.2% 或 5%。這代表了一個連續的改進，反映了隨著員工逐漸返回辦公室，打印相關活動的複蘇。本季度頁面量再次小幅增長。重要的是，我們開始看到定價行動的早期好處，特別是對於我們的交易商品和服務協議。因此，本季度服務協議的收入超過了頁面量的同比增長。售後收入還受益於我們快速增長的鄰接、IT 服務和數字服務，我將在後面詳細討論。

Our margins declined year-over-year due in large part to a broad-based inflationary pressure and supply chain constraints. But we saw a sequential improvement in both gross and operating margins this quarter, reflecting early benefits associated with price increases and Project Own It savings. We expect margins to continue to improve in the second half of the year as we realize benefits from additional price increases and cost reductions as well as expected improvements in return-to-office trends and supply chain conditions.

我們的利潤率同比下降，很大程度上是由於廣泛的通脹壓力和供應鏈限制。但我們看到本季度毛利率和營業利潤率都出現了連續改善，這反映了與價格上漲和 Project Own It 節省相關的早期收益。我們預計下半年利潤率將繼續提高，因為我們意識到額外的價格上漲和成本降低以及復工趨勢和供應鏈狀況的預期改善帶來的好處。

Fears of an economic slowdown have emerged, but we do not yet see a slowdown in spending from our clients. Rather, we continued to experience a recovery in demand from post pandemic lows, particularly in equipment sales. Further, our IT services and digital services businesses are positioned to benefit from growing levels of investment in digital transformation projects and hybrid workplace solutions, which are far less acceptable to a pullback in IT spending. And we are now starting to see signs of supply chain improvements and resilience.

對經濟放緩的擔憂已經出現，但我們尚未看到客戶支出放緩。相反，我們的需求繼續從大流行後的低點復甦，尤其是在設備銷售方面。此外，我們的 IT 服務和數字服務業務將受益於對數字轉型項目和混合工作場所解決方案的不斷增長的投資，而這些投資對於 IT 支出的回落來說是難以接受的。我們現在開始看到供應鏈改善和恢復的跡象。

Given the strength in demand we see across our portfolio of products and services and a line of sight to margin improvement through price increases and cost reductions, we are maintaining our 2022 revenue and free cash flow guidance.

鑑於我們在產品和服務組合中看到的需求強勁，以及通過提價和降低成本提高利潤率的預期，我們將維持 2022 年的收入和自由現金流指導。

As I mentioned earlier, the same four strategic initiatives that have guided us since 2018, optimize operations, drive revenue, monetize innovation and focus on cash flow, are expected to lead to sustainable and long-term growth.

正如我之前提到的，自 2018 年以來指導我們的相同四項戰略舉措，即優化運營、推動收入、將創新貨幣化和關注現金流，預計將帶來可持續和長期的增長。

Last quarter, we increased our targeted Project Own It savings for 2022 from $300 million to $450 million, primarily in response to inflationary pressures across our cost base. Such an undertaking is not done lightly, and in some cases, requires sacrifice within our organization.

上個季度，我們將 2022 年的 Project Own It 目標節省從 3 億美元增加到 4.5 億美元，主要是為了應對我們成本基礎的通脹壓力。這樣的工作不是輕而易舉的，在某些情況下，需要在我們的組織內做出犧牲。

As Chief Operating Officer of Xerox, I was responsible for designing and executing Project Own It, which has driven cumulative savings of $1.8 billion from 2018 to 2021. Project Own It is more than cost-cutting program. It's a philosophy. And that philosophy, which includes the principles of continuous improvement and efficiency gains is now firmly established in the culture of Xerox.

作為 Xerox 的首席運營官，我負責設計和執行 Project Own It，從 2018 年到 2021 年，該項目累計節省了 18 億美元。Project Own It 不僅僅是削減成本的計劃。這是一種哲學。這一理念，包括持續改進和提高效率的原則，現已在施樂的文化中牢固確立。

We expect our team to achieve this year's savings target because we understand the importance of maintaining profitability and free cash flow regardless of the macroeconomic environment, not only for investors, but as a means of preserving the health of our business and enabling our growth strategies.

我們希望我們的團隊能夠實現今年的儲蓄目標，因為我們了解無論宏觀經濟環境如何都保持盈利能力和自由現金流的重要性，這不僅對投資者而言，而且是保持我們業務健康和實現增長戰略的一種手段。

A key source of future growth for Xerox is our print and services business. Growth will be driven by an expansion of our leading position in Print and Managed Print Services as well as continued investments in our growth adjacencies, IT services and digital services.

施樂未來增長的一個關鍵來源是我們的印刷和服務業務。增長將由我們在印刷和託管印刷服務領域的領先地位的擴大以及對我們的增長鄰接、IT 服務和數字服務的持續投資推動。

In Q2, we continued to deliver the most advanced services and solutions portfolio for our customers. In equipment, our ConnectKey offerings lead the industry, driving strong demand and growth in our backlog for end-to-end workplace solutions. A4 color installs grew significantly, which is a key driver of profit from supplies. And production color had good performance in both the xerographic and inkjet categories due to better product availabilities led by Iridesse and Baltoro.

在第二季度，我們繼續為客戶提供最先進的服務和解決方案組合。在設備方面，我們的 ConnectKey 產品引領行業，推動了我們對端到端工作場所解決方案積壓的強勁需求和增長。 A4 彩色安裝量顯著增長，這是供應利潤的主要驅動力。由於 Iridesse 和 Baltoro 領導的更好的產品可用性，生產顏色在靜電印刷和噴墨類別中都有良好的表現。

In Managed Print Services, we were recently recognized by industry experts, Quocirca, as a clear leader in cloud print services. This cloud services supports our clients' drive to digitalization, cost improvement and sustainability goals while ensuring maximum scalability and commercial flexibility. As a result, we have seen licensing sales for Workplace Cloud print services more than doubled year-over-year.

在託管打印服務方面，我們最近被行業專家 Quocirca 認可為雲打印服務領域的明顯領導者。這種雲服務支持我們的客戶實現數字化、成本改進和可持續發展目標，同時確保最大的可擴展性和商業靈活性。因此，我們看到 Workplace Cloud 打印服務的許可銷售額同比增長了一倍多。

Advancements in our portfolio of offerings are resonating strongly with clients. In the second quarter, we announced the expansion of our relationship with the United States Department of Agriculture. The USDA has been a Xerox client since 2016. Over the years, our teams have worked closely to provide best-in-class print solutions for the USDA's over 100,000 employees. This past quarter, we agreed to add services and solutions that further streamline the management of their print fleet and enhance the mobility, security and productivity of their print processes.

我們產品組合的進步引起了客戶的強烈共鳴。在第二季度，我們宣布擴大與美國農業部的關係。自 2016 年以來，美國農業部一直是施樂的客戶。多年來，我們的團隊密切合作，為美國農業部超過 100,000 名員工提供一流的打印解決方案。在上個季度，我們同意增加服務和解決方案，進一步簡化他們的印刷機隊的管理，並提高他們印刷流程的移動性、安全性和生產力。

As a trusted technology solutions partner, we helped the USDA optimize their print spend while expanding the overall value of our commercial relationships, culminating in a new 10-year contract worth $164 million. The deal is representative of the ways in which we approach our client relationships with the goal being to create value through advanced solutions.

作為值得信賴的技術解決方案合作夥伴，我們幫助 USDA 優化了他們的印刷支出，同時擴大了我們商業關係的整體價值，最終簽訂了價值 1.64 億美元的 10 年新合同。該交易代表了我們處理客戶關係的方式，其目標是通過先進的解決方案創造價值。

Digital services comprise a growing portion of our total service signings, a trend that is expected to continue well into the future as we invest in new capabilities to meet the evolving needs of our clients. In the second quarter, signings for our Capture & Content businesses, which includes digital mailroom, data extraction and processing services once again grew double digits. In July, we acquired Go Inspire, a U.K.-based digital marketing and communication service provider, to bolster our customer engagement service offering in EMEA. And we recently launched a global intelligent document process offering to strengthen our capture and content capabilities. This new offering leverages artificial intelligence and machine learning to deliver best-in-class inbound digital and physical data processing, enabling the interpretation of that information to make predictive outputs without human intervention and automate client business processes.

數字服務在我們的總服務簽約中所佔的比例越來越大，隨著我們投資新功能以滿足客戶不斷變化的需求，這一趨勢預計將持續到未來。在第二季度，我們的捕獲和內容業務（包括數字收發室、數據提取和處理服務）的簽約再次增長了兩位數。 7 月，我們收購了總部位於英國的數字營銷和通信服務提供商 Go Inspire，以加強我們在 EMEA 的客戶參與服務產品。我們最近推出了全球智能文檔流程產品，以增強我們的捕獲和內容能力。這項新產品利用人工智能和機器學習來提供一流的入站數字和物理數據處理，從而能夠解釋該信息以在無需人工干預的情況下進行預測輸出，並使客戶業務流程自動化。

Our IT services business grew more than 30% organically this quarter as we find new ways to partner with small- and medium-sized businesses that are undergoing complex digital transformation and adapting to a hybrid work environment.

我們的 IT 服務業務本季度有機增長超過 30%，因為我們找到了與正在經歷複雜數字化轉型並適應混合工作環境的中小型企業合作的新方法。

In our robotic process automation offering, commercial transaction volumes in Q2 grew 40% sequentially due to growth in new and repeat SMB customer signings to help automate business processes such as invoicing, order entry and document management.

在我們的機器人流程自動化產品中，第二季度的商業交易量環比增長 40%，這是由於新的和重複的 SMB 客戶簽約的增長，以幫助自動化業務流程，例如發票、訂單輸入和文檔管理。

Our new businesses are progressing along their commercial road maps. FITTLE grew noncaptive originations 22% this quarter, a significant acceleration over Q1 growth of 7%. Growth in noncaptive originations was more than offset by 25% decline in captive originations, reflecting constrained equipment availability.

我們的新業務正在沿著他們的商業路線圖前進。本季度，FITTLE 的非專屬發起增長了 22%，比第一季度的 7% 增長顯著加速。非專屬來源的增長被專屬來源的 25% 下降所抵消，反映出設備可用性受限。

FITTLE continues to expand its presence among independent dealers and third-party OEMs. During the second quarter, FITTLE added 41 new dealers globally, bringing the total dealer additions for the year to 65.

FITTLE 繼續擴大其在獨立經銷商和第三方 OEM 中的影響力。在第二季度，FITTLE 在全球新增了 41 家經銷商，使全年經銷商總數達到 65 家。

FITTLE expansion beyond Xerox equipment and services has driven a stabilization of its asset balance on a constant-currency basis, bringing FITTLE's total financing asset base to $3.2 billion. And strong underwriting has resulted in FITTLE's asset quality remaining consistently high over the past few quarters with an LTM loan loss rate of only 0.5%.

FITTLE 在施樂設備和服務之外的擴張推動了其在固定貨幣基礎上的資產餘額的穩定，使 FITTLE 的總融資資產基礎達到 32 億美元。強大的承銷能力使 Fittle 的資產質量在過去幾個季度一直保持在高水平，LTM 貸款損失率僅為 0.5%。

CareAR added 72 new customer logos and expanded offerings to another 50 customers in the second quarter. CareAR continues to execute on its product development road map and expand its distribution network. In the quarter, CareAR added 6 system integrators and reseller partners. CareAR has also benefited from an improved overall time to revenue through these relationships.

CareAR 在第二季度增加了 72 個新的客戶徽標並為另外 50 個客戶擴展了產品。 CareAR 繼續執行其產品開發路線圖並擴大其分銷網絡。在本季度，CareAR 增加了 6 家系統集成商和經銷商合作夥伴。 CareAR 還受益於通過這些關係改善的整體收入時間。

At PARC, each of our innovation towers is pursuing opportunities in large and growing markets. And our recently launched businesses are defining new business opportunities through the commercialization of disruptive technologies. For example, Elem, our 3D printing business recently installed a 3D liquid metal printer on the USS Essex, the first of its kind to be deployed on a U.S. Navy vessel.

在 PARC，我們的每一個創新塔都在不斷發展的大市場中尋求機會。我們最近推出的業務正在通過顛覆性技術的商業化來定義新的商機。例如，我們的 3D 打印業務 Elem 最近在 USS Essex 上安裝了一台 3D 液態金屬打印機，這是部署在美國海軍艦艇上的第一台此類打印機。

We continue to assess the optimum means of maximizing the value of each of our new businesses. This requires balancing the funding requirements of each new business with the needs of our print and services business, all while ensuring the adequate return of capital to shareholders and responsibly managing our capital structure.

我們將繼續評估最大化我們每項新業務價值的最佳方式。這需要平衡每項新業務的資金需求與我們的印刷和服務業務的需求，同時確保向股東提供充足的資本回報並負責任地管理我們的資本結構。

Free cash flow was a use of cash during the quarter of $98 million or $57 million excluding a onetime contract termination payment. Excluding this onetime payment, we ended the first half with a slight use of free cash flow, due in part to a buildup of inventories to support growth in the second half of the year.

自由現金流是本季度使用的現金 9800 萬美元或 5700 萬美元，不包括一次性合同終止付款。不包括一次性付款，我們在上半年結束時略微使用了自由現金流，部分原因是庫存增加以支持下半年的增長。

We remain committed to our guidance of at least $400 million of free cash flow or essentially $360 million excluding the onetime payment. Free cash flow generation is of paramount importance and remain a key tenet to our strategic priorities.

我們仍然致力於至少 4 億美元的自由現金流或基本上 3.6 億美元的指導，不包括一次性付款。自由現金流的產生至關重要，並且仍然是我們戰略重點的關鍵原則。

To ensure we hit our free cash flow target, we have taken appropriate measures to pass pricing increases along to our customers, offsetting some of the effects of inflation across our cost base. We have also taken actions to significantly lower our fixed cost base, which will not only help us to achieve our free cash flow target, but provide incremental flow-through of revenue to free cash flow as return to the office and supply chain conditions improve.

為了確保我們達到我們的自由現金流目標，我們採取了適當的措施將價格上漲轉嫁給我們的客戶，抵消了通貨膨脹對我們成本基礎的一些影響。我們還採取措施顯著降低固定成本基數，這不僅有助於我們實現自由現金流目標，而且隨著辦公室回報和供應鏈狀況的改善，為自由現金流提供增量收入流。

To recap, we are pleased to see momentum in demand across our business. When combined with the line of sight to price increases and cost actions, we are confident in our ability to achieve full year guidance.

回顧一下，我們很高興看到整個業務的需求增長勢頭。結合價格上漲和成本行動的視線，我們對實現全年指導的能力充滿信心。

We continue to be guided by our 4 strategic initiatives to position Xerox for sustainable long-term growth. The means of achieving that growth will necessarily evolve in response to a dynamic macroeconomic environment.

我們將繼續以我們的 4 項戰略舉措為指導，以使施樂實現可持續的長期增長。實現這種增長的手段必然會隨著動態的宏觀經濟環境而變化。

I will now hand it over to Xavier.

我現在把它交給澤維爾。

Thank you, Steve, and good morning, everyone. As Steve mentioned, strong demand for our product and services this quarter drove revenue growth in constant currency despite ongoing supply constraint.

謝謝你，史蒂夫，大家早上好。正如史蒂夫所提到的，儘管供應受限，但本季度對我們產品和服務的強勁需求推動了固定匯率的收入增長。

Equipment revenue declined, as expected, but order continued to outpace supplies as evidenced by another quarter of backlog growth.

正如預期的那樣，設備收入下降，但訂單量繼續超過供應量，這一點從另一個季度的積壓增長中可以看出。

Backlog in Q2 was $440 million, which is more than double last year level and exceeds a full quarter of revenue. Backlog remained elevated but is healthy and its rate of growth declined quarter-over-quarter. We expect to convert substantially all of our backlog into revenue and believe backlog is now at peak levels.

第二季度的積壓訂單為 4.4 億美元，是去年水平的兩倍多，超過了整個季度的收入。積壓仍然很高，但很健康，其增長率環比下降。我們預計將我們所有的積壓工作轉化為收入，並相信積壓工作現在處於峰值水平。

Post sales revenue grew in actual currency and constant currency due to growth in IT services and print activity-driven revenue, such as consumables and services. Consistent with prior quarters, we see a strong correlation between return-to-office trends and page volumes.

由於 IT 服務和打印活動驅動的收入（例如消耗品和服務）的增長，以實際貨幣和固定貨幣計算的售後收入增長。與前幾個季度一致，我們看到返回辦公室趨勢與頁面量之間存在很強的相關性。

In the second quarter, we were encouraged to see service revenue growth outpace page volume growth as contractual price increases began to materialize. We expect that trend to continue through the remainder of the year.

在第二季度，隨著合同價格上漲開始實現，我們很高興看到服務收入增長超過頁面數量增長。我們預計這一趨勢將持續到今年剩餘時間。

Turning to profitability. As with prior quarter results, profits were lower year-over-year due to lower equipment sales, lower margin on equipment and post sales revenue, broad-based inflationary pressure on incremental investment associated with our new businesses. However, early benefit of price increases and lower spending resulted in a sequential improvement in both profit and profit margin.

轉向盈利能力。與上一季度的業績一樣，由於設備銷售下降、設備利潤率和售後收入下降、與我們的新業務相關的增量投資面臨廣泛的通脹壓力，利潤同比下降。然而，價格上漲和支出減少的早期收益導致利潤和利潤率的連續改善。

Gross margin declined 370 basis points in the second quarter. 340 basis points of this decline is attributable to supply chain costs and capacity restriction, including higher freight and shipping costs, constrained availability of higher-margin A3 devices and higher product and service cost. Approximately 80 basis points of the decline relate to investment to support future growth, lower royalty from FUJIFILM Business Innovation and lower government subsidies. This decline was partially offset by currency and restructuring benefit.

第二季度毛利率下降了 370 個基點。這一下降 340 個基點歸因於供應鏈成本和產能限制，包括更高的運費和運輸成本、更高利潤的 A3 設備的可用性受限以及更高的產品和服務成本。大約 80 個基點的下降與支持未來增長的投資、FUJIFILM Business Innovation 的特許權使用費降低和政府補貼降低有關。這一下降被貨幣和重組收益部分抵消。

We expect gross margin to improve in the second half of the year as supply constraints ease, product mix improves particularly with A3 devices and additional price and cost actions are realized.

我們預計，隨著供應限制的緩解、產品組合的改善（尤其是 A3 設備）以及額外的價格和成本行動的實現，我們預計下半年的毛利率將有所改善。

Adjusted operating margin of 2% decreased 500 basis points year-over-year, reflecting lower gross profit, investment associated with our new businesses, acquisitions and prior year benefit from temporary government subsidies and furlough measures. These headwinds were partially offset by the favorable impact from currency on Project Own It savings.

調整後的營業利潤率為 2%，同比下降 500 個基點，反映了較低的毛利潤、與我們的新業務、收購相關的投資以及上一年受益於臨時政府補貼和休假措施。這些不利因素部分被貨幣對 Project Own It 節省的有利影響所抵消。

SAG expense of $459 million increased $25 million year-over-year. Excluding $21 million of accelerated share-based compensation expense associated with the passing of our former CEO, SAG expense was up $4 million year-over-year. The year-over-year increase was mostly driven by investment in new businesses, benefit from temporary government subsidies on furlough measure in the prior year, higher bad debt expense and acquisition. This increases were partially offset by the favorable impact from currency, savings from Project Own It and lower sales and marketing expenses.

SAG 費用為 4.59 億美元，同比增加 2500 萬美元。不包括與我們前任首席執行官去世相關的 2100 萬美元的加速股權補償費用，SAG 費用同比增長 400 萬美元。同比增長主要是由於對新業務的投資，受益於上一年休假措施的政府臨時補貼，較高的壞賬費用和收購。這一增長部分被貨幣的有利影響、Project Own It 的節省以及較低的銷售和營銷費用所抵消。

RD&E was $84 million in the quarter or 4.8% of revenue, which was an increase of 40 basis points as percentage of revenue year-over-year. The increase was driven largely by continued investments in our new businesses, specifically PARC and CareAR, partially offset by lower spending for print and modest productivity savings.

本季度 RD&E 為 8400 萬美元，佔收入的 4.8%，佔收入的百分比同比增長 40 個基點。這一增長主要是由於對我們新業務的持續投資，特別是 PARC 和 CareAR，部分被印刷支出的減少和適度的生產力節省所抵消。

Other expenses, net, were $7 million higher year-over-year. The increase was mainly driven by an $18 million increase in nonservice retirement-related interest costs mostly due to elevated interest costs associated with higher discount rate and higher settlement losses as well as a $4 million loss on the early extinguishment of debt, which will be offset by lower interest expenses in the second half of the year.

其他費用淨額同比增加 700 萬美元。增加的主要原因是非服務性退休相關利息成本增加了 1800 萬美元，主要是由於較高的貼現率和較高的結算損失相關的利息成本增加，以及提前清償債務造成的 400 萬美元損失，這將被抵消下半年利息支出減少。

This charge was partially offset by a $16 million benefit associated with the refund of excess employer contribution to a defined contribution pension plan in Latin America.

該費用被與向拉丁美洲固定繳款養老金計劃退還雇主超額繳款相關的 1600 萬美元福利所部分抵消。

Second quarter adjusted tax rate was 18.5% compared to 9.7% last year. This increase was driven by prior year tax benefit associated with the change in tax law resulting in the remeasurement of deferred tax asset.

第二季度調整後的稅率為 18.5%，而去年為 9.7%。這一增長是由於與稅法變化相關的上一年稅收優惠導致重新計量遞延所得稅資產。

Adjusted EPS of $0.13 in the second quarter was $0.34 lower than in prior year. This decline was largely driven by the year-over-year reduction in adjusted operating income and a higher tax rate, offset by the pension refund in Latin America on a lower share count. GAAP EPS of minus $0.05 was $0.51 lower year-over-year due to an increase in adjusted items, including higher nonservice retirement-related costs and the $21 million charge associated with accelerated share-based compensation.

第二季度調整後每股收益為 0.13 美元，比去年同期低 0.34 美元。這一下降主要是由於調整後的營業收入同比下降和較高的稅率，被拉丁美洲因股票數量減少而退還的養老金所抵消。 GAAP EPS 為負 0.05 美元，同比下降 0.51 美元，原因是調整後的項目增加，包括與非服務性退休相關的成本增加以及與加速股票薪酬相關的 2100 萬美元費用。

Turning to revenue. Total revenue exceeded our expectations this quarter due to momentum in demand for our products and services. Equipment sales declined at the slowest rate in Q3 of last year and post sales revenue grew at the fastest rate in Q2 of last year in constant currency.

轉向收入。由於對我們產品和服務的需求強勁，本季度總收入超出了我們的預期。按固定匯率計算，設備銷售在去年第三季度以最慢的速度下降，而在去年第二季度的售後收入以最快的速度增長。

Improvements in the fundamental of our business were broad-based. Equipment order once again outpaced supplies, resulting in a cumulative backlog this quarter of equipment and IT hardware of $440 million, a 4% increase over Q1.

我們業務基礎的改善是廣泛的。設備訂單再次超過供應，導致本季度設備和 IT 硬件累計積壓 4.4 億美元，比第一季度增長 4%。

We see little risk associated with the recognition of our backlog into revenue. Unlike some type of IT hardware, customer rarely place multiple orders for office printer while they wait for equipment to arrive. A benefit of our equipment financing business model, customers typically extend their lease while waiting for new equipment and product shortage at our competitor limit risk of defection.

我們認為將我們的積壓工作確認為收入的風險很小。與某些類型的 IT 硬件不同，客戶在等待設備到達時很少會多次訂購辦公室打印機。我們的設備融資業務模式的一個好處是，客戶通常會在等待新設備和產品短缺的同時延長租約，而我們的競爭對手限制了叛逃風險。

Equipment sales of $366 million in Q2 declined 14.7% year-over-year or 11.4% in constant currency. The decline was driven by supply constraint, which continued to limit our ability to fulfill demand. Installation was down year-over-year across all categories for black-and-white machines, which were more significantly affected by supply constraints in color machine. And tricolor installation grew due to higher demand for new device and increased product availability. High-end color installations were also up versus last year due to increased product availability particularly for our Iridesse and Baltoro product.

第二季度設備銷售額為 3.66 億美元，同比下降 14.7%，按固定匯率計算下降 11.4%。下降的原因是供應限制，這繼續限制了我們滿足需求的能力。黑白機器所有類別的安裝量同比下降，受彩色機器供應限制的影響更大。由於對新設備的更高需求和產品可用性的提高，三色安裝量也有所增長。由於產品可用性的增加，尤其是我們的 Iridesse 和 Baltoro 產品，高端色彩裝置的安裝量也與去年相比有所增加。

High-margin mid-range product continued to be most impacted by supply chain constraint. We expect this constraint to ease in the second half of the year, driven by the improved component availability on factory output that we observed at the end of June.

高利潤的中檔產品繼續受到供應鏈限制的最大影響。我們預計，由於我們在 6 月底觀察到工廠產出的組件可用性有所改善，這一限制將在下半年得到緩解。

Post sales revenue of $1.38 billion grew 1.2% year-over-year or 5% in constant currency. Page volume grew modestly year-over-year in Q2. Revenue growth tied to printing activity once again improved on correlations between page volume and usage-based post sales revenue remain high.

售後收入為 13.8 億美元，同比增長 1.2%，按固定匯率計算增長 5%。第二季度頁面量同比溫和增長。與印刷活動相關的收入增長再次改善，因為頁面量和基於使用的售後收入之間的相關性仍然很高。

Post sales growth was driven by IT services, which increased more than 30% year-over-year on an organic basis and benefited from a full quarter of revenue from the recent acquisition of Powerland in Canada.

售後增長是由 IT 服務推動的，該服務在有機基礎上同比增長 30% 以上，並受益於最近收購加拿大 Powerland 的整個季度收入。

Sold supplies and paper revenue, which corresponds with printing activity, both grew this quarter. And sold services revenue grew on a constant currency basis, outpacing improvement in service page volume due to recently enacted price increases.

與印刷活動相對應的已售耗材和紙張收入在本季度均有所增長。銷售服務收入在固定貨幣基礎上增長，超過了最近實施的價格上漲導致的服務頁面數量的增長。

Post sale revenue growth was partially offset by lower FUJIFILM Business Innovation royalty, lower financing commissions and lower financing revenue.

售後收入增長被 FUJIFILM Business Innovation 特許權使用費減少、融資佣金減少和融資收入減少部分抵消。

In our services business, total signings grew mid-single digit year-over-year with increases in both new business and renewal and were led by double-digit growth in signings for our Capture & Content digital services.

在我們的服務業務中，隨著新業務和續訂的增加，總簽約量同比增長中個位數，這主要得益於我們的捕獲和內容數字服務簽約量的兩位數增長。

Let's review cash flow now. Free cash flow was a use of $98 million in Q2 and was lower year-over-year by $296 million, driven by the receipt of a $100 million Fujifilm prepaid royalty in the prior year and $41 million onetime contract termination payment in the current quarter as well as lower cash earnings, which included incremental investment in our new businesses, a larger working capital outlay and the timing of management bonus payment.

現在讓我們回顧一下現金流。自由現金流在第二季度使用了 9800 萬美元，同比減少了 2.96 億美元，原因是上一年收到了 1 億美元的富士膠片預付特許權使用費和本季度 4100 萬美元的一次性合同終止付款以及較低的現金收益，其中包括對我們新業務的增量投資、更大的營運資金支出以及支付管理層獎金的時間。

Operating cash flow was a use of $85 million in Q2 compared to a source of $214 million in the prior year. Working capital was a use of cash of $65 million this quarter, $30 million in higher than the prior year, mainly driven by an increase in inventory in anticipation of higher second half revenues, partially offset by growth in accounts payable.

第二季度運營現金流為 8500 萬美元，而去年同期為 2.14 億美元。營運資金本季度使用現金 6500 萬美元，比上年增加 3000 萬美元，主要是由於預期下半年收入增加導致庫存增加，部分被應付賬款的增長所抵消。

Investing activity were a source of cash of $13 million compared to a use of $55 million in the prior year due to proceeds from the sales of property and lower cash used for acquisitions.

投資活動是 1300 萬美元的現金來源，而上一年的使用為 5500 萬美元，原因是出售財產的收益和用於收購的現金減少。

CapEx of $30 million was slightly lower year-over-year. CapEx overall support our strategic growth program and investment in IT infrastructure.

3000 萬美元的資本支出同比略低。資本支出總體支持我們的戰略增長計劃和對 IT 基礎設施的投資。

Financing activity consumed $438 million of cash this quarter, driven by the partial tender offer of our $1 billion 2023 senior note and the net reduction in securitized debt.

本季度融資活動消耗了 4.38 億美元現金，這得益於我們對 10 億美元 2023 年優先票據的部分要約收購以及證券化債務的淨減少。

During the quarter, we paid dividend totaling $42 million and did not repurchase any shares. We remain committed to returning at least 50% of our free cash flow back to shareholders. We expect to exceed this amount based on year-to-date share repurchase on our annualized dividend.

在本季度，我們支付了總計 4200 萬美元的股息，並且沒有回購任何股票。我們仍然致力於將至少 50% 的自由現金流返還給股東。根據我們年度股息的年初至今股票回購，我們預計將超過這一數額。

Turning back to profitability. Like last quarter, adjusted operating income was negatively affected by supply constraints, broad-based inflationary pressure across our cost structure and investment in our new businesses. We expect profitability to improve sequentially for the remaining 2 quarters of the year as supply chain cost normalize, particularly freight cost and through an easing of product supply constraint, which will not only improve equipment sales, but equipment gross margin as product mix normalize.

回歸盈利。與上個季度一樣，調整後的營業收入受到供應限制、成本結構中廣泛的通脹壓力以及對新業務的投資的負面影響。我們預計，隨著供應鏈成本（尤其是運費）的正常化，以及產品供應限制的放鬆，我們預計今年剩餘兩個季度的盈利能力將連續提高，這不僅會改善設備銷售，而且隨著產品組合的正常化，設備毛利率也會有所改善。

Inflationary pressure is expected to continue in the near term, but we will offset a large portion of inflation-related cost growth with price increases for our products and services. The effects of our price increases will compound over time, particularly for our contractual business where price increase are enacted at specific times throughout the year or upon contract renewal.

通脹壓力預計將在短期內持續，但我們將通過產品和服務的價格上漲來抵消大部分與通脹相關的成本增長。我們提價的影響將隨著時間的推移而加劇，特別是對於我們在全年特定時間或續簽合同時提價的合同業務。

Further offsetting this cost pressure will be savings generated through Project Own It. We are on track to achieve our target gross cost savings of $450 million in 2022, the vast majority of which will be realized in the second half of the year. Through this action, we expect to achieve a full year adjusted operating margin consistent with that of the prior year.

Project Own It 將進一步抵消這種成本壓力。我們有望在 2022 年實現 4.5 億美元的總成本節約目標，其中絕大多數將在下半年實現。通過這一行動，我們預計全年調整後的營業利潤率與上一年持平。

The benefit of this year's cost reduction on price increases are expected to result in a sustainably higher operating margin in future years, subject to improved supply chain on stable macroeconomic condition.

今年的成本降低對價格上漲的好處預計將在未來幾年帶來持續更高的營業利潤率，這取決於宏觀經濟穩定的供應鏈改善。

Turning to segment. FITTLE revenue declined 14.7% in Q2, mainly due to a reduction in operating lease revenue, reflecting lower Xerox equipment installed. Segment profit increased by $2 million or 13% due to lower intersegment commission on new lease originations, which were partially offset by incremental start-up costs. Segment margin of 11.5% improved 290 basis points year-over-year and was higher than our full year estimate of 8% to 9%. We expect FITTLE margin to normalize as Xerox lease volume pick up, driving increase in intersegment commission.

轉向細分。 FITTLE 收入在第二季度下降 14.7%，主要是由於經營租賃收入減少，反映了施樂設備安裝量減少。由於新租賃發起的部門間佣金減少，部門利潤增加了 200 萬美元或 13%，這部分被增加的啟動成本所抵消。 11.5% 的分部利潤率同比提高 290 個基點，高於我們全年預期的 8% 至 9%。隨著施樂租賃量的增加，我們預計 FITTLE 利潤率將正常化，從而推動跨部門佣金的增加。

In Q2, FITTLE finance assets were down slightly quarter-over-quarter due mainly to unfavorable currency translation. On a constant currency basis, FITTLE asset balance was flat in the second quarter.

在第二季度，FITTLE 金融資產環比略有下降，主要是由於不利的貨幣換算。在固定貨幣基礎上，FITTLE 資產餘額在第二季度持平。

FITTLE origination volume declined 7% year-over-year due to a decline in captive product origination of 25%, which were negatively affected by product availability constraints. Noncaptive channel origination, which includes third-party dealers and non-Xerox vendor, grew 22% year-over-year due to growth in new dealer relationship and third-party equipment origination volumes.

由於受產品供應限制的負面影響，自保產品的起源下降了 25%，FITTLE 的起源量同比下降了 7%。由於新經銷商關係和第三方設備生產量的增長，包括第三方經銷商和非施樂供應商在內的非專屬渠道發起同比增長 22%。

Print and Other revenue fell 2% in Q2. Growth of post sales revenue was more than offset by lower equipment sales. Print and Other segment profit fell 84% year-over-year with a 580 basis point decline in segment profit margin due to a lower revenue on gross profit. As presented earlier, Print and Other segment profit margin was negatively impacted by the ongoing effect of supply chain constraints and inflation as well as incremental costs associated with new business.

印刷和其他收入在第二季度下降了 2%。售後收入的增長被較低的設備銷售所抵消。由於毛利收入下降，印刷和其他部門利潤同比下降 84%，部門利潤率下降 580 個基點。如前所述，印刷和其他部門的利潤率受到供應鏈限制和通貨膨脹的持續影響以及與新業務相關的增量成本的負面影響。

Turning to capital structure impacted by the ongoing effect of supply chain constraints and inflation as well as incremental costs associated with new business. Turning to capital structure. We ended Q2 with a slightly positive net core cash position. $2.8 billion of the $3.9 billion of our outstanding debt is allocated to and support FITTLE lease portfolio. The remaining debt of around $1.1 billion is attributable to the core business. That essentially consists of senior unsecured bond and finance asset securitization. We have a balanced bond maturity ladder and no unsecured maturity for the remainder of the year.

轉向受供應鏈約束和通貨膨脹的持續影響以及與新業務相關的增量成本影響的資本結構。轉向資本結構。我們在第二季度末的淨核心現金頭寸略為正。在我們 39 億美元的未償債務中，有 28 億美元分配給並支持 FTTLE 租賃組合。剩餘約 11 億美元的債務歸於核心業務。這主要包括高級無擔保債券和金融資產證券化。我們有一個平衡的債券期限階梯，在今年剩餘時間內沒有無擔保到期。

In the second quarter, we returned $42 million of cash back to shareholders in the form of dividend.

在第二季度，我們以股息的形式向股東返還了 4200 萬美元的現金。

Finally, I will address guidance. We are maintaining our guidance of at least $7.1 billion of revenue at actual currency and free cash flow of at least $400 million. As a reminder, our free cash flow guidance excludes $41 million of cash costs associated with the onetime product supply contract termination charge.

最後，我將介紹指導。我們維持至少 71 億美元的實際收入和至少 4 億美元的自由現金流的指導。提醒一下，我們的自由現金流指導不包括與一次性產品供應合同終止費相關的 4100 萬美元現金成本。

Supply chain and macroeconomic conditions remain fluid, but momentum in demand driven by favorable return-to-work trend, better supply chain visibility and line of sight to price increase on cost reduction in the second half of the year give us confidence to maintain our guidance.

供應鍊和宏觀經濟狀況仍然不穩定，但在良好的複工趨勢、更好的供應鏈可見性以及下半年成本降低導致價格上漲的推動下，需求勢頭強勁，使我們有信心維持我們的指導.

We will now open the line for Q&A.

我們現在將打開問答線路。

(Operator Instructions) I show our first question comes from the line of Ananda Baruah from Loop Capital.

（操作員說明）我表明我們的第一個問題來自 Loop Capital 的 Ananda Baruah。

Yes, and just want to say our thoughts remain with you guys and John's family at this time as well.

是的，我只想說，此時我們的想法仍然與你們和約翰的家人同在。

Business-wise, yes, I think listen, congrats on the solid execution and the ongoing sort of solid outlook for second half of the year, which also speaks to your execution. I guess just sort of starting there, any context, guys, you can provide with regard to what customers are actually communicating to you. Get it sounds like the sort of order patterns (inaudible). Any context that they're giving to you around under what conditions may cause them to sort of get more cautious, rethink their order patterns, rethink their projects, anything like that? Then I have a couple of quick follow-ups after that.

商業方面，是的，我想听著，祝賀下半年的穩健執行和持續穩健的前景，這也說明了你的執行。我想從那裡開始，任何背景，伙計們，你可以提供關於客戶實際與你交流的內容。聽上去像是那種訂單模式（聽不清）。他們在什麼情況下給你的任何背景可能會導致他們變得更加謹慎，重新考慮他們的訂單模式，重新考慮他們的項目，諸如此類？然後我有幾個快速跟進。

What we see currently is that as you see from the near-term point of view, our backlog remains strong and we still see demand that outpaced the supplies here. And clearly, customers are still planning return -- gradual return to the office.

我們目前看到的是，從近期的角度來看，我們的積壓仍然很強勁，而且我們仍然看到這裡的需求超過了供應。顯然，客戶仍在計劃返回——逐步返回辦公室。

And if I move now on to the post sales element here. You saw that our strong post sale revenue with a growth at constant currency of 5% was a growth across the, I would say, the board. It's not only related to page volume and print-related activity, but IT services as well grew significantly during the quarter.

如果我現在轉到這裡的售後元素。你看到我們強勁的售後收入以 5% 的固定匯率增長是整個董事會的增長。它不僅與頁面量和打印相關活動有關，而且在本季度 IT 服務也顯著增長。

So what the customers are indicating to us is that they are still relying on our technology and services, and the demand that we see currently for this remained strong and keep us positive for the remaining of the year.

因此，客戶向我們表明，他們仍然依賴我們的技術和服務，而我們目前看到的對此的需求依然強勁，讓我們在今年餘下的時間裡保持樂觀。

I got it, I got it. And just -- so just to that, Xavier, can you tell -- give us any sense of how big the backlog is?

我明白了，我明白了。只是 - 就這一點，Xavier，你能告訴我們 - 讓我們知道積壓有多大嗎？

How big, sorry, Ananda?

多大，對不起，阿難？

Yes. How large is the backlog? How big...

是的。積壓有多大？多大...

Backlog. So the backlog is $440 million. So backlog grew. It grew less than what we had from quarter 1 to quarter 4. So we grew roughly 5%. And we see, I would say, good sign of supply chain easing. But $440 million, as you know, it is more than a full quarter of equipment revenue sales here.

積壓。因此，積壓的訂單為 4.4 億美元。所以積壓增加了。它的增長低於我們從第一季度到第四季度的增長。所以我們增長了大約 5%。我想說，我們看到了供應鏈放鬆的好跡象。但是，如您所知，4.4 億美元已經超過了設備銷售收入的四分之一。

So still strong. By the way, I should add as well good quality backlog. One question we have seen or one of the concerns you can see on the industry is will this backlog last, that means will the customers stop ordering? We see very, very minor cancellation and we are able to manage the aging of the backlog. So customer order can be fulfilled, I will say, on time. And with the support of FITTLE, our leading financing business, we're able to extend some of the leads so customers are not suffering from backlog here.

所以還是很強的。順便說一句，我還應該添加高質量的積壓工作。我們看到的一個問題或您可以看到的行業擔憂之一是這種積壓是否會持續下去，這意味著客戶會停止訂購嗎？我們看到非常非常小的取消，我們能夠管理積壓的老化。所以我會說，客戶的訂單可以按時完成。在我們領先的融資業務 FITTLE 的支持下，我們能夠擴展一些潛在客戶，因此客戶不會在這裡受到積壓的困擾。

So good confidence in the strength of the backlog. And also, we see line of sight during the second half of an ability to realize some of these backlog during the second half of the year.

所以對積壓的實力很有信心。而且，我們在下半年看到了能夠在下半年實現其中一些積壓的能力。

And I show our next question comes from the line of Erik Woodring from Morgan Stanley.

我展示了我們的下一個問題來自摩根士丹利的 Erik Woodring。

This is Maya on for Erik. So where are we along that path to reach 80% of pre-COVID page volume averages? Some of your peers have talked about returning close to that level. Are we at the point where page volumes have stabilized given the variability in working environments? Or are we still a little bit away?

這是 Erik 的 Maya。那麼，我們在這條道路上的哪個位置才能達到 COVID 之前 80% 的平均頁面量呢？你的一些同行已經談到回到接近那個水平。鑑於工作環境的可變性，我們是否處於頁面量穩定的地步？還是我們還差一點？

So it's a great question. So we are monitoring that very closely. So -- and if you remember, we observe and we carry on observing a straight correlation between vaccination rate, which is now raised all across the world, presence and return to the office and print volume. And what we have observed during quarter 2 is what we call the gradual recovery. So we are on the trajectory to increase and to get closer to this 80%.

所以這是一個很好的問題。因此，我們正在密切關注這一點。所以 - 如果你還記得，我們觀察並且我們繼續觀察疫苗接種率之間的直接相關性，現在全世界都在提高，存在和返回辦公室以及打印量。我們在第二季度觀察到的就是我們所說的逐漸復蘇。因此，我們正處於增加並接近這 80% 的軌道上。

So geographies have different type of dynamic. So between EMEA and Americas, we see different type of dynamic with this segment there. But currently, what we observe is that we are getting closer to the 80%. And we are also expecting during the second half of the year a gradual recovery of the print volumes.

所以地域有不同類型的動態。因此，在 EMEA 和美洲之間，我們看到該細分市場存在不同類型的動態。但目前，我們觀察到的是，我們正在接近 80%。我們還預計下半年印刷量將逐漸恢復。

(Operator Instructions) And I show our next question comes from the line of Samik Chatterjee from JPMorgan.

（操作員說明）我展示了我們的下一個問題來自摩根大通的 Samik Chatterjee。

I had a couple. I guess, firstly, if I'm looking at your revenue guide for the year, which you reiterated, there's a $300 million improvement, second half to the first half, I think, in terms of revenues that you're guiding to. Was wondering if you can give me a breakdown of how much that is supply improvement-led sort of equipment revenue relative to some of the price increases on services that you talked about? If you can just give me a bit more of details around sort of the improvement that you're expecting in the second half. And then I have a follow-up.

我有一對。我想，首先，如果我正在查看您重申的當年收入指南，我認為，就您所指導的收入而言，下半年到上半年有 3 億美元的增長。想知道你是否可以給我一個細目，相對於你談到的一些服務價格上漲，以供應改進為主導的設備收入是多少？如果你能告訴我更多關於你在下半年所期望的改進的細節。然後我有一個跟進。

Yes. Thanks, Samik. So 3 components that are the foundation of second half revenue improvement is, number one, equipment sales improvement and -- in equipment sales improvement, this is mainly related to supply chain capacities and component availability. We have line of sight based on the recent number from our OEM of improvement coming into the second half of the year. If you combine that as well with the price increase that we have enacted on equipment sales there, you have a double effect, more product on products that could be sold at a higher price.

是的。謝謝，薩米克。因此，作為下半年收入改善基礎的 3 個組成部分是，第一，設備銷售改善和 - 在設備銷售改善中，這主要與供應鏈能力和組件可用性有關。根據我們 OEM 進入下半年的近期改進數據，我們有視線。如果你把它和我們在那裡對設備銷售實施的價格上漲結合起來，你就會產生雙重效果，更多的產品可以以更高的價格出售。

I will add as well, and this is mainly related to margin, it will be done with a better mix. And one of the challenge that we have had since the beginning of the year is a lack of A3 equipment. We have a better line of sight now of A3 product availability driving profitability and margin improvement. So that's the first pillar.

我也會添加，這主要與保證金有關，它將通過更好的組合來完成。自今年年初以來，我們面臨的挑戰之一是缺乏 A3 設備。我們現在對 A3 產品可用性推動盈利能力和利潤率提高有了更好的看法。所以這是第一個支柱。

The second pillar is around the print volume and page volume improvement, and we are expecting here a double effect as well here with a gradual recovery of page volume, but also combined with price increase that we have been able to apply across the range of the contractual agreement with our customer.

第二個支柱是圍繞打印量和頁量的改進，我們預計這裡也會產生雙重效果，頁量會逐漸恢復，但也結合了我們能夠在整個範圍內應用的價格上漲。與我們的客戶簽訂的合同協議。

And lastly, IT services, and you certainly heard this year, in quarter 2 was an organic growth of more than 30% and we have also the benefit of inorganic growth there. IT services, both demand and availability, I would say, with some improved product availability will also drive the revenue improvement in the second half of the year. So the $300 million difference that you can see are based on these 3 pillars here.

最後，IT 服務，你今年肯定聽說過，在第 2 季度，有機增長超過 30%，我們也從無機增長中受益。我想說，IT 服務，無論是需求還是可用性，以及一些產品可用性的提高，也將推動下半年的收入增長。因此，您可以看到的 3 億美元差異是基於這裡的這 3 個支柱。

Got it, got it. And the second question is more of a follow-up on -- to the comments that you have on Slide 6 about how the business fares in a recession. I'm just trying to understand those comments a bit better here where you say 2/3 of your business is contracted for multiple years and you go on to say there's contractual revenue risk in the near-term downturn. So maybe just if you can give more details there to help me understand that a bit better. Do you expect some of the contracts to be paused by your customers in a near-term downturn or sort of downsize? How you're thinking about sort of the contractual revenue risk for what you mentioned is 2/3 of your business and is contracted for multiple years?

明白了，明白了。第二個問題更多是對您在幻燈片 6 上關於企業在經濟衰退中的表現的評論的跟進。我只是想更好地理解這些評論，你說你的 2/3 的業務是多年的合同，你接著說在短期低迷中存在合同收入風險。因此，也許您可以在那裡提供更多詳細信息以幫助我更好地理解這一點。您是否希望您的客戶在近期經濟低迷或縮小規模時暫停某些合同？您如何看待您提到的佔您業務的 2/3 並且簽訂了多年合同的合同收入風險？

Yes. So as you know, our business model is made on the, I would say, 2 type of revenues simply: a transactional type of revenue and a contractual type of review. On the transactional or the -- let's start with the contractual. So contractual is around 2/3 of the business. So when we enter into a period where a customer have a question around the future, for Xerox, the benefit of our business model is that 2/3 of the revenue is revenue that is booked and this booked contract with an average length of the contract, which is between 4 to 5 years.

是的。如您所知，我們的商業模式是基於兩種類型的收入：交易類型的收入和合同類型的審查。關於交易或 - 讓我們從合同開始。因此，合同約佔業務的 2/3。因此，當我們進入一個客戶對未來有疑問的時期時，對於施樂來說，我們的商業模式的好處是 2/3 的收入是預定的收入，而這個預定的合同具有平均合同期限，即 4 到 5 年之間。

So this gives us as well here confidence on top of the demand that we see currently because when you look at what customers are asking us to deliver today, this is mainly related to -- the demand that they have is mainly related to not only being able to support the processes with print and services here, but we have also IT and the digital services where usually this type of businesses have a countercyclical aspect.

因此，這也使我們對我們目前看到的需求充滿信心，因為當您查看客戶今天要求我們交付什麼時，這主要與-他們的需求主要與不僅是能夠支持這裡的印刷和服務流程，但我們也有 IT 和數字服務，通常這類業務具有反週期方面。

When a company goes through, I'd say, a recession or try to generate savings, they will invest in this technology in order to improve their own productivity, reduce the cost base and deliver their own cash flow here.

當一家公司經歷經濟衰退或試圖節省開支時，他們將投資於這項技術，以提高自己的生產力、降低成本基礎並在這裡提供自己的現金流。

And I show our next question comes from the line of Jim Suva from Citi.

我表明我們的下一個問題來自花旗的 Jim Suva。

Thank you so much for and -- all the details. Of course, our heart, thoughts go with Mr. Visentin and his family and loved ones and team members of Xerox.

非常感謝您提供所有詳細信息。當然，我們的心和想法與 Visentin 先生和他的家人、親人和施樂的團隊成員同在。

As we look ahead, the inflationary environment, both on labor costs and other things like that, I'm just kind of curious about how should we be thinking about your operating costs and your margins going forward? I know there's puts and takes about shipping costs, material costs or maybe operating margin is a better focus item. Can you give us any clarity?

展望未來，通脹環境，包括勞動力成本和其他類似因素，我只是好奇我們應該如何考慮您的運營成本和未來的利潤率？我知道運輸成本、材料成本或營業利潤可能是一個更好的焦點項目。你能給我們澄清一下嗎？

And also, I don't remember, are there like typical merit increases that fold into the Xerox employee base that we should kind of be mindful of as we look ahead for kind of either 2023, or believe it or not, we're starting to model and look into 2023. Just on the inflationary environment overall?

而且，我不記得了，在我們展望 2023 年時，我們應該注意施樂員工基礎的典型績效增長，不管你信不信，我們正在開始對 2023 年進行建模和展望。就整體通脹環境而言？

Yes. Thanks, Jim. So yes, we see as in a lot of businesses, see a pressure of inflation. However, as we mentioned it, some of the erosion that we are seeing currently on our business is mainly related to supply chain. And the supply chain, if you look at the gross margins that we printed for this quarter, we have a gross margin, which is down 370 basis points this quarter versus last quarter. Otherwise, the number were roughly the same in quarter 1 with a sequential improvement, but 340 out of the 370 basis points come from supply chain.

是的。謝謝，吉姆。所以，是的，我們在很多企業中看到了通脹壓力。然而，正如我們所提到的，我們目前看到的一些對我們業務的侵蝕主要與供應鏈有關。而供應鏈，如果你看看我們本季度打印的毛利率，我們的毛利率與上一季度相比下降了 370 個基點。否則，第一季度的數字大致相同，但有連續改善，但 370 個基點中有 340 個來自供應鏈。

Then we also, as you know, we made investment in our future businesses to support the future growth, business growth, outside of the print and services businesses here. And then we have put on [stake] from last year number with lower royalty government subsidies and things like that.

然後，如您所知，我們還對未來的業務進行了投資，以支持未來的增長，業務增長，這裡的印刷和服務業務除外。然後我們從去年的數字中增加了[股權]，降低了特許權使用費政府補貼之類的東西。

But when you look at the way we are addressing the inflation challenges, it's quite simple. The first thing is to ensure that via Project Own It, we optimize and drive the cost base of the company to the level that we can afford. The second point after this is also to enact on the increased prices all across the board. And when I say all across the board, it has been done at Xerox since quarter 3 of last year where we increased prices on equipment, but also on post sales contractual agreement that we have with customers. So that's the way to look at it.

但是，當您查看我們應對通貨膨脹挑戰的方式時，它非常簡單。首先要確保通過 Project Own It，我們優化並推動公司的成本基礎達到我們能夠承受的水平。在此之後的第二點也是全面提高價格。當我全面地說，施樂自去年第三季度以來就已經完成了，我們提高了設備價格，而且還根據我們與客戶簽訂的售後合同協議。所以這就是看待它的方式。

Employees on the specific, I will say, pressure on labor costs there are included within this. At the end of the day, what you try to drive is improve the productivity that you have on your labor cost, on doing technology as well in order to, I will say, lean or simplify some of the processes and the offerings that we offer to customers.

對具體的員工，我會說，勞動力成本的壓力也包括在其中。歸根結底，您試圖推動的是提高您在勞動力成本和技術方面的生產力，以便，我會說，精簡或簡化我們提供的一些流程和產品給客戶。

But at least the key message, Jim, here is that we believe with this action here that we will drive margin improvement during the second half of the year, by the way, at the level that the company has been able to achieve during the second half of the year. You know that traditionally, specifically in quarter 4, we have a strong finish. And depending on supply chain and macroeconomic condition being as what we know today, we are confident that we will be able to drive this gradual improvement in gross margin and operating margin.

但至少關鍵信息，吉姆，這裡是我們相信通過這裡的這一行動，我們將在今年下半年推動利潤率提高，順便說一下，達到公司在第二季度能夠達到的水平半年。你知道傳統上，特別是在第 4 季度，我們有一個強大的完成。根據我們今天所知道的供應鍊和宏觀經濟狀況，我們有信心能夠推動毛利率和營業利潤率的逐步改善。

I'm showing no further questions in the queue at this time. I would like to turn the call back over to Mr. Steve Bandrowczak for closing remarks.

我目前沒有在隊列中顯示更多問題。我想把電話轉回給 Steve Bandrowczak 先生做結束語。

Thank you for listening to our earnings conference call this morning. We are seeing encouraging signs in the second half of 2022. We look forward to a stronger second half of the year. I am honored to lead this great company and team who collectively are resolved and primed to grow revenue and profitability in the second half of 2022 and beyond. Thank you for attending, and have a great day.

感謝您今天早上收聽我們的收益電話會議。我們在 2022 年下半年看到了令人鼓舞的跡象。我們期待下半年更強勁。我很榮幸能夠領導這家偉大的公司和團隊，他們共同決心並準備在 2022 年下半年及以後增加收入和盈利能力。感謝您的出席，祝您有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。