全錄公司 (XRX) 2022 Q3 法說會逐字稿

Welcome to the Xerox Holdings Corporation Third Quarter 2022 Earnings Release Conference Call. (Operator Instructions) At this time, I'd like to turn the program over to Mr. David Beckel, Vice President and Head of Investor Relations. Please go ahead, sir.

歡迎來到施樂控股公司 2022 年第三季度收益發布電話會議。 （操作員說明）此時，我想將該計劃交給副總裁兼投資者關係主管 David Beckel 先生。請繼續，先生。

Good morning, everyone. I'm David Beckel, Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation Third Quarter 2022 Earnings Release Conference Call, hosted by Steve Bandrowczak, Chief Executive Officer. He is joined by Xavier Heiss, Executive Vice President and Chief Financial Officer. 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. During this call, Xerox executives will refer to slides that are available on the web at www.xerox.com/investors. And we'll 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. At this time, I'd like to turn the meeting over to Mr. Bandrowczak.

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。歡迎來到施樂控股公司 2022 年第三季度收益發布電話會議，該電話會議由首席執行官 Steve Bandrowczak 主持。執行副總裁兼首席財務官 Xavier Heiss 也加入了他的行列。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。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。我們將發表包含前瞻性陳述的評論，這些陳述就其性質而言，涉及未來且不確定的問題。未來的實際財務結果可能與本文所述的存在重大差異。在這個時候，我想把會議交給 Bandrowczak 先生。

Good morning and thank you for joining our Q3 2022 earnings call. I want to stop by saying how honored I am to lead this great company and team of people as we embark on Xerox next phase of growth. Since being named Xerox permanent CEO in August, I have spent a large portion of my time with our stakeholders, employees, clients, partners and investors. On a recent international road trip, I spoke with dozens of clients and thousands of employees in more than 20 different cities. The goal for my meetings with clients was to hear about their current needs what they expected from Xerox and what we can do to improve our business. It was clear that Xerox brand and legacy are meaningful, and we have earned our clients' trust over time. And from that position of trust, clients are asking us to do more to help them streamline, optimize and improve the overall productivity of their information workflows.

早上好，感謝您參加我們的 2022 年第三季度財報電話會議。我想說的是，在我們開始施樂下一階段的增長時，我很榮幸能夠領導這家偉大的公司和團隊。自從 8 月被任命為施樂永久首席執行官以來，我大部分時間都與我們的利益相關者、員工、客戶、合作夥伴和投資者一起度過。在最近的一次國際公路旅行中，我與 20 多個不同城市的數十名客戶和數千名員工進行了交談。我與客戶會面的目的是了解他們當前的需求，他們對施樂的期望是什麼，以及我們可以做些什麼來改善我們的業務。很明顯，施樂的品牌和遺產是有意義的，隨著時間的推移，我們贏得了客戶的信任。從這種信任的角度來看，客戶要求我們做更多的事情來幫助他們簡化、優化和提高他們信息工作流程的整體生產力。

We have the solutions today to help them do just that, including solutions like Workflow Central and Digital Mailroom, to name a few. And by focusing more on client solutions rather than product offerings, I believe we can maximize our relevancy and share of wallet with existing clients. We also have the reputation and credibility, the right to win to build new solutions for our clients that leverage our institutional knowledge of client processes and integrate leading technologies such as AI, AR, RPA and machine learning. These new solutions can provide intelligence, value-added services and automation to workflows we already process for our clients as well as new workflows we can and will process in the future.

我們今天有解決方案來幫助他們做到這一點，包括 Workflow Central 和 Digital Mailroom 等解決方案。通過更多地關注客戶解決方案而不是產品供應，我相信我們可以最大限度地提高我們與現有客戶的相關性和錢包份額。我們還擁有聲譽和信譽，有權為我們的客戶構建新的解決方案，利用我們對客戶流程的機構知識並集成人工智能、AR、RPA 和機器學習等領先技術。這些新的解決方案可以為我們已經為客戶處理的工作流程以及我們能夠並且將在未來處理的新工作流程提供智能、增值服務和自動化。

You will hear more from me in coming quarters about how we plan to become a more customer-centric business, one that is capable of expanding and capturing more of the addressable market within our existing client base by further embedding our offerings into our clients' end-to-end processes.

在接下來的幾個季度中，您將聽到我更多關於我們計劃如何成為以客戶為中心的業務的更多信息，通過進一步將我們的產品嵌入到客戶的終端中，該業務能夠在我們現有的客戶群中擴展和占領更多的潛在市場端到端的流程。

Summarizing results for the quarter. Revenue of $1.75 billion grew 4.7% in constant currency and declined 0.4% in actual currency. Adjusted EPS was $0.19, $0.29 lower year-over-year. Free cash flow was a use of $18 million compared to a source of $81 million in the prior year. an adjusted operating margin of 3.7% was lower year-over-year by 50 basis points. Revenue growth this quarter accelerated in constant currency, reflecting strength in demand for our products and services amid an increasingly challenging macroeconomic environment.

總結本季度的結果。收入為 17.5 億美元，按固定匯率計算增長 4.7%，按實際匯率計算下降 0.4%。調整後每股收益為 0.19 美元，同比下降 0.29 美元。自由現金流使用了 1800 萬美元，而上一年的來源為 8100 萬美元。調整後的營業利潤率為 3.7%，同比下降 50 個基點。本季度的收入增長以固定匯率計算加速，反映了在日益嚴峻的宏觀經濟環境中對我們產品和服務的需求強勁。

Equipment revenue grew 6.7% in constant currency or 0.8% in actual currency, marking the first quarter of equipment revenue growth since supply chain constraints began last year. As expected, backlog declined slightly sequentially, reflecting sustained order flows offset by a gradual, but lower-than-expected easing of supply chain constraints.

設備收入按固定匯率計算增長 6.7%，按實際匯率計算增長 0.8%，這是自去年供應鏈限制開始以來設備收入增長的第一季度。正如預期的那樣，積壓訂單環比略有下降，反映出持續的訂單流被供應鏈限制的逐步放鬆但低於預期的程度所抵消。

Post-sale revenue increased 4.1% in constant currency and decreased 0.7% in actual currency. Post-sale growth was driven by another strong quarter for consumables, such as paper and supplies. Growth in consumables reflects the early benefit of recent pricing actions and for supplies an ongoing gradual recovery in print-related activity. Page volume continued to closely correlate with return-to-work trends. Post-sale revenue also benefited from strong growth in IT and digital services, including contributions from recent acquisitions.

售後收入按固定匯率計算增長 4.1%，按實際貨幣計算下降 0.7%。售後增長是由紙張和耗材等消耗品的另一個強勁季度推動的。消耗品的增長反映了近期定價行動的早期收益，以及耗材方面印刷相關活動的持續逐步復甦。頁面量繼續與重返工作崗位的趨勢密切相關。售後收入也受益於 IT 和數字服務的強勁增長，包括近期收購的貢獻。

Adjusted operating margin declined slightly year-over-year, but improved sequentially, reflecting the benefits of price and cost actions taken year-to-date. Improvement was slower than expected. However, due to persistent high rates of inflation across our cost base, an unfavorable geographic mix in equipment sales and a slower-than-expected easing of supply chain constraints. Xavier will discuss our outlook for profitability in more detail.

調整後的營業利潤率同比略有下降，但環比有所改善，反映了年初至今採取的價格和成本措施的好處。改善慢於預期。然而，由於我們成本基礎的持續高通脹率、不利的設備銷售地域組合以及供應鏈限制的放鬆慢於預期。 Xavier 將更詳細地討論我們的盈利前景。

The global macroeconomic outlook has become increasingly somber over the past 3 months. The current outlook notwithstanding, we believe our prospects for continued revenue growth are strong. We see resiliency in demand for our products, particularly our A3 devices. We have a sizable and healthy backlog, and we have visibility into the realization of benefits from recent pricing actions. However, the adverse effects of Western European currency on full year revenue are now forecasted to be significantly larger than expected. Therefore, we are lowering our revenue guidance for the year from at least $7.1 billion to a range of $7 billion to $7.1 billion in actual currency.

過去三個月，全球宏觀經濟前景愈發黯淡。儘管有當前的前景，但我們相信我們的收入持續增長前景強勁。我們看到對我們產品的需求有彈性，尤其是我們的 A3 設備。我們有大量且健康的積壓工作，並且我們可以看到近期定價行動帶來的好處的實現。然而，目前預計西歐貨幣對全年收入的不利影響將顯著大於預期。因此，我們將今年的收入指引從至少 71 億美元下調至 70 億至 71 億美元的實際貨幣範圍。

While our revenue outlook declined only slightly, we are lowering our 2022 free cash flow guidance from at least $400 million to at least $125 million, both of which excludes $41 million onetime product supply termination payment. The reduction to our outlook is in part due to persistently high rates of inflation across our cost base and slower-than-expected supply chain improvements, both of which are expected to inhibit margin improvements this year relative to our expectations. Most of the reduction in free cash flow guidance, however, is a function of larger-than-expected use of working capital, which has no earnings impact, including our decision to utilize more capital to fund FITTLE's origination and operating lease growth.

雖然我們的收入前景僅略有下降，但我們將 2022 年的自由現金流指導從至少 4 億美元下調至至少 1.25 億美元，這兩項都不包括 4100 萬美元的一次性產品供應終止付款。我們下調預期的部分原因是我們成本基礎的通脹率持續居高不下，供應鏈改善速度慢於預期，相對於我們的預期，預計這兩者都會抑制今年的利潤率改善。然而，自由現金流指引的大部分減少是由於營運資金的使用超出預期，這對盈利沒有影響，包括我們決定利用更多資金為 FITTLE 的發起和經營租賃增長提供資金。

We continue to expect operating margins to improve going forward as supply chain conditions ease and previously enacted pricing actions are realized. When combined with additional plans to streamline our operations, we believe our 2022 free cash flow performance will be an anomaly and not a trend. I am often asked by investors if we are planning a significant strategic shift now that I have been made permanent CEO. I alluded to some of our longer-term strategic plans a few moments ago. But in the near term, we remain focused on the execution of our print and services strategy and improving operating efficiencies amid a challenging macro backdrop.

隨著供應鏈條件的緩解和先前製定的定價行動的實現，我們繼續預計營業利潤率將繼續提高。再加上精簡運營的其他計劃，我們相信我們 2022 年的自由現金流表現將是反常現象，而不是趨勢。投資者經常問我，既然我已被任命為永久首席執行官，我們是否正在計劃進行重大的戰略轉變。我剛才提到了我們的一些長期戰略計劃。但在短期內，在充滿挑戰的宏觀背景下，我們仍然專注於執行我們的印刷和服務戰略並提高運營效率。

As in the past, the successful execution of our strategy rests on 4 strategic priorities: optimize operations, drive revenue, monetize innovation and focus on free cash flow. Operational efficiencies and flexibilities have taken on a new level of importance in light of the current macroeconomic environment. We remain on track to achieve our targeted $450 million of gross cost savings from Project Own It in 2022. Our target was designed to completely offset the effects of inflation for the year, but in the past few months, inflationary pressure has outpaced our initial expectations.

與過去一樣，我們戰略的成功執行取決於 4 個戰略重點：優化運營、增加收入、將創新貨幣化和專注於自由現金流。鑑於當前的宏觀經濟環境，運營效率和靈活性的重要性達到了一個新的水平。我們仍有望在 2022 年實現從 Project Own It 中節省 4.5 億美元總成本的目標。我們的目標旨在完全抵消當年通脹的影響，但在過去幾個月中，通脹壓力超過了我們最初的預期.

With less than 3 months remaining in the fiscal year, we will not be amending our savings target for 2022. We will provide an update on 2023 savings target when a full year guidance is provided next quarter.

本財年還剩不到 3 個月，我們將不會修改 2022 年的儲蓄目標。我們將在下個季度提供全年指導時提供 2023 年儲蓄目標的更新。

Along with this update, we will provide additional details about changes to our business structure that are expected to drive greater operating efficiency and enable further penetration of services at existing clients.

除此更新外，我們還將提供有關我們業務結構變化的更多詳細信息，這些變化有望提高運營效率並進一步滲透到現有客戶中。

Our print and services products continued to resonate strongly in the marketplace as we deliver the most advanced services and solutions portfolio for our clients. I am pleased to announce that we grew our leading share in managed print services in 2021 per IDC's recent MarketScape report. In further support of our leading position in managed print, Quocirca recently named Xerox as a leader in managed print services in its 2022 Landscape Report. According to Quocirca, Xerox maintained the highest position over all other vendors in the market in both strategic vision and depth of service offerings.

隨著我們為客戶提供最先進的服務和解決方案組合，我們的印刷和服務產品繼續在市場上引起強烈反響。我很高興地宣布，根據 IDC 最近的 MarketScape 報告，我們在 2021 年在託管打印服務方面的領先份額有所增長。為了進一步支持我們在託管打印領域的領先地位，Quocirca 最近在其 2022 年景觀報告中將施樂列為託管打印服務的領導者。根據 Quocirca 的說法，施樂在戰略眼光和服務產品深度方面都保持在市場上所有其他供應商的最高位置。

To ensure we continue gaining share in print and managed print services, we are focused on consistently improving the customer experience to meet clients' most pressing needs. To that end, in Q4, we will be launching the Xerox Customer Experience App, which will help our clients streamline the installation of our products, better monitor supplies and help clients self-troubleshoot our A4 products.

為確保我們繼續在印刷和託管印刷服務中獲得份額，我們專注於不斷改善客戶體驗，以滿足客戶最緊迫的需求。為此，我們將在第四季度推出 Xerox 客戶體驗應用程序，這將幫助我們的客戶簡化我們產品的安裝、更好地監控耗材並幫助客戶對我們的 A4 產品進行自我故障排除。

In IT Services, we are seeing traction in newer markets like Canada as we realize synergistic benefits from the recent acquisition of Powerland, and greater collaboration with our existing print and managed print services, Salesforce. And then our robotics process automation offering once again grew signings double digits quarter-over-quarter. In Q3, Xerox Automation expanded its presence to retail, sports and entertainment and manufacturing verticals. In Digital Services, our recently acquired Go Inspire business won a breakthrough with Data award from Data IQ for its partnership with the U.K. home goods company, Lakeland. Go Inspire uses Lakeland's customer data to deliver a hyper-personalized experience for each of its members resulting in a strong uptick in revenue and triple-digit return on investments.

在 IT 服務方面，隨著我們從最近收購 Powerland 以及與我們現有的打印和託管打印服務 Salesforce 的更大合作中實現協同效益，我們在加拿大等新興市場看到了吸引力。然後，我們的機器人流程自動化產品再次環比增長了兩位數。在第三季度，施樂自動化將其業務擴展到零售、體育和娛樂以及製造垂直領域。在數字服務方面，我們最近收購的 Go Inspire 業務因與英國家居用品公司 Lakeland 的合作而獲得了 Data IQ 的數據獎。 Go Inspire 使用 Lakeland 的客戶數據為其每位成員提供超個性化的體驗，從而實現收入的強勁增長和三位數的投資回報。

Xerox Digital Services recently launched an intelligent document processing platform, which leverages AI, ML, object content recognition and natural language tools to automate document and data processing. Born from our legacy of innovation and service excellence in this domain, the platform will help our clients recognize a variety of languages, classify documents and validate customer identities without human intervention, providing significant time and cost savings. We see the evidence of value being delivered through our integrated solution offerings each quarter. For example, this quarter, we assisted a European commercial banking client with a digital transformation project, in which our devices were used to digitize document workflows and improve the clients' onboarding process.

Xerox Digital Services 最近推出了一個智能文檔處理平台，該平台利用 AI、ML、對象內容識別和自然語言工具來自動化文檔和數據處理。該平台源於我們在該領域的創新和卓越服務傳統，將幫助我們的客戶識別多種語言、分類文檔並驗證客戶身份，而無需人工干預，從而顯著節省時間和成本。我們每個季度都看到通過我們的集成解決方案產品交付價值的證據。例如，本季度，我們協助一家歐洲商業銀行客戶進行了數字化轉型項目，在該項目中，我們的設備被用於數字化文檔工作流程並改善客戶的入職流程。

For a large Brazilian insurance client, we added services to help them automate invoicing and medical claims reimbursement, improving processing time from days to hours and reducing manual processing performed from 150 employees down to 40. Moving forward, we will enable more of these types of success stories as we place a greater focus on holistic client solutions rather than discrete product offerings.

對於一家大型巴西保險客戶，我們增加了服務以幫助他們自動開具發票和醫療索賠報銷，將處理時間從幾天縮短到幾小時，並將手動處理從 150 名員工減少到 40 名。展望未來，我們將啟用更多此類成功案例，因為我們更加關注整體客戶解決方案，而不是離散的產品供應。

Regarding our newer businesses, we are adjusting our approach to capital allocation in response to changes in the macroeconomic environment. As a result, we have taken recent actions to streamline our innovation portfolio by closing Eloque, scaling back our 3D print operations and reevaluating research priorities at PARC. Separately, we continue to see promise from Novity, an industrial predictive maintenance company created at PARC in MOJAVE, an energy-efficient HVAC business leveraging PARC technology. We recently spun both companies out as a separate independent business, with Xerox continuing to hold minority share. These actions will help us preserve free cash flow while maintaining the opportunity to realize value from their future success.

對於我們的新業務，我們正在調整我們的資本配置方法以應對宏觀經濟環境的變化。因此，我們最近採取了行動，通過關閉 Eloque、縮減我們的 3D 打印業務和重新評估 PARC 的研究重點來簡化我們的創新組合。另外，我們繼續看到 Novity 的承諾，這是一家在 MOJAVE 的 PARC 創建的工業預測性維護公司，這是一家利用 PARC 技術的節能 HVAC 業務。我們最近將兩家公司拆分為獨立的獨立業務，施樂繼續持有少數股權。這些行動將幫助我們保持自由現金流，同時保持從未來成功中實現價值的機會。

Meantime, we continue to invest in commercialization of FITTLE and CareAR, both of which are executing on their strategic plans. FITTLE made significant progress this quarter in its effort to diversify its lending operations away from captive sources towards new customer and product lines. Non-captive originations grew 33%, including a more than 150% increase in originations for third-party equipment and services. CareAR completed a soft launch of Experience Builder, an intuitive, no-code tool kit, which allows users to quickly self-publish instructional content at scale. We believe the Experience Builder toolkit will provide a unique point of differentiation for CareAR and further its leading position in rapidly growing service experience management market.

同時，我們繼續投資於 FITTLE 和 CareAR 的商業化，這兩者都在執行他們的戰略計劃。本季度，FITTLE 在將其貸款業務從專屬來源轉向新客戶和產品線的努力方面取得了重大進展。非專屬來源增加了 33%，其中第三方設備和服務的來源增加了 150% 以上。 CareAR 完成了 Experience Builder 的軟啟動，這是一個直觀的無代碼工具包，允許用戶快速自行大規模發布教學內容。我們相信 Experience Builder 工具包將為 CareAR 提供一個獨特的差異化點，並進一步鞏固其在快速增長的服務體驗管理市場中的領先地位。

At Xerox, we are accelerating our own use of CareAR as a means of improving operating efficiencies and client service. Our remote resolution rate is better by 9% when CareAR is used, which greatly improves equipment availability and avoids sending technicians on site. CareAR helped Xerox reduce site visits by more than 21,000 in just 1 year, saving more than 269,000 metric tons of CO2 as a result.

在施樂，我們正在加速我們自己使用 CareAR 作為提高運營效率和客戶服務的一種手段。使用 CareAR 時，我們的遠程解決率提高了 9%，大大提高了設備可用性，避免了派技術人員到現場。 CareAR 幫助施樂在短短 1 年內減少了超過 21,000 次現場訪問，從而減少了超過 269,000 公噸的二氧化碳排放。

Among our technicians using the product, calls escalated to higher-level reps are resolved on an average 1 business day sooner. We expect further efficiencies and progress towards our sustainability goals as we more fully introduce the platform to more of our clients.

在我們使用該產品的技術人員中，上報給更高級別代表的電話平均會提前 1 個工作日得到解決。隨著我們更全面地向更多客戶介紹該平台，我們期望在實現我們的可持續發展目標方面取得進一步的效率和進展。

Free cash flow was a use of cash of $18 million in the quarter. In the first 9 months of the year, free cash flow has been a use of $66 million or $25 million excluding a onetime contract termination payment of $41 million in Q2. To be clear, our cash flow generation year-to-date has fallen well below our expectations due to our strategic decision to invest in FITTLE's growth, a slower-than-expected improvement in supply chain conditions and persistent inflation. I do want to emphasize that free cash flow remains a key tenet of our strategic priorities and an enabler of our future growth. We expect a significant improvement in free cash flow next year as supply chain conditions improve further and benefits of additional price and cost actions are realized.

自由現金流是本季度使用了 1800 萬美元的現金。今年前 9 個月，自由現金流已使用 6600 萬美元或 2500 萬美元，不包括第二季度的一次性合同終止付款 4100 萬美元。需要明確的是，由於我們投資於 FITTLE 增長的戰略決策、供應鏈狀況的改善慢於預期以及持續的通貨膨脹，我們年初至今的現金流量生成遠低於我們的預期。我想強調的是，自由現金流仍然是我們戰略重點的關鍵原則，也是我們未來增長的推動力。隨著供應鏈狀況的進一步改善以及額外價格和成本行動的好處得以實現，我們預計明年自由現金流將顯著改善。

To recap, the current macroeconomic environment presents risk to all businesses, but I see far more opportunity in the coming quarters and years for Xerox. I see opportunities to expand our penetration of existing products within clients, as we are doing with managed print, IT and digital services. And I see opportunities to expand our TAM with clients by leveraging our unique position as a trusted partner to deliver value-added digital solutions to our clients' workflow processes.

回顧一下，當前的宏觀經濟環境給所有企業都帶來了風險，但我認為施樂在未來幾個季度和幾年內會有更多的機會。我看到了擴大我們現有產品在客戶中的滲透率的機會，就像我們在管理印刷、IT 和數字服務方面所做的那樣。通過利用我們作為值得信賴的合作夥伴的獨特地位，為客戶的工作流程提供增值數字解決方案，我看到了與客戶一起擴大 TAM 的機會。

In the near term, we remain laser-focused on profitability and free cash flow generation. I will now hand over to Xavier.

在短期內，我們仍然專注於盈利能力和自由現金流的產生。我現在將移交給 Xavier。

Thank you, Steve, and good morning, everyone. As Steve noted, quarter 3 results reflect continued strength in demand for our products and services. We saw an acceleration of revenue growth in constant currency and delivered the highest rate of constant currency growth in over a year. Currencies, notably euro and British pound, negatively impacted revenue by more than 500 basis points this quarter. Equipment revenue grew for the first time since Q2 2021 in both actual and constant currency, driven by healthy demand and modest improvements in product availability. Equipment backlog of $429 million declined slightly quarter-over-quarter but remain well above historical level as improvement in supply chain conditions did not materialize to the extent expected. We continue to expect backlog to decline in Q4 and throughout 2023 as supply chain conditions ease.

謝謝你，史蒂夫，大家早上好。正如史蒂夫所指出的，第三季度的業績反映了對我們產品和服務的需求持續強勁。我們看到以固定匯率計算的收入增長加速，並實現了一年多以來的最高固定匯率增長率。貨幣，尤其是歐元和英鎊，本季度對收入的負面影響超過 500 個基點。受健康需求和產品可用性適度改善的推動，設備收入自 2021 年第二季度以來以實際貨幣和不變貨幣計算首次增長。 4.29 億美元的設備積壓量環比略有下降，但仍遠高於歷史水平，因為供應鏈狀況的改善並未達到預期的程度。隨著供應鏈狀況的緩解，我們繼續預計第四季度和整個 2023 年的積壓訂單將減少。

Our sales revenue grew again in constant currency due to strong growth in consumables, such as paper and supplies and IT and digital services, including benefit from recent acquisitions. Consistent with prior quarter, we continue to see a strong correlation between return to office trends on page volumes. We are encouraged to see another quarter of page volume improvement relative to 2019 levels. However, page volumes are recovering slower than we expected, as employers' effort to bring employees back to offices have been slow to gain momentum.

由於紙張和耗材以及 IT 和數字服務等消耗品的強勁增長，包括最近收購的收益，我們的銷售收入以固定匯率計算再次增長。與上一季度一致，我們繼續看到返回辦公室趨勢與頁面量之間存在很強的相關性。我們很高興看到相對於 2019 年水平的頁面量再增加四分之一。然而，頁面量的恢復速度比我們預期的要慢，因為雇主將員工帶回辦公室的努力進展緩慢。

Turning to profitability. Profits were lower year-over-year due to a slight decline in revenue at actual currency, the effect of persistent high inflation on cost of goods sold on the slower-than-expected improvement in supply chain conditions, which negatively impacted product geographic mix. These factor, along with the release of bad debt reserves in the prior year, drove adjusted operating income margin lower on a year-over-year basis. However, adjusted operating margin improved 170 basis points sequentially due to benefits associated with pricing and cost reduction actions. We expect operating margin to improve sequentially in Q4, but at a slower pace than previously communicated as I will discuss later.

轉向盈利能力。利潤同比下降的原因是實際貨幣收入略有下降，持續高通脹對銷售商品成本的影響，供應鏈狀況改善慢於預期，這對產品地域組合產生了負面影響。這些因素，加上上一年釋放的壞賬準備金，導致調整後的營業利潤率同比下降。然而，由於定價和降低成本行動帶來的好處，調整後的營業利潤率環比提高了 170 個基點。我們預計第四季度的營業利潤率將連續改善，但速度將低於我將在稍後討論的之前傳達的速度。

Gross margin declined 60 basis points in the third quarter. Constraint on the availability of equipment and product cost inflation, net of lower logistic costs contributed the majority of the decline. Favorable currency, pricing and restructuring benefits were offset by lower benefit of government subsidies in the prior year and other non-product-related operating costs. More specifically, supply chain constraint adversely affected the geographic mix of equipment installed in Q3. We expect gross margin to improve significantly in Q4 as geographic and product mix improve, the higher portion of contractual price increase are realized, and we see further benefit from improvement in supply chain costs.

第三季度毛利率下降了 60 個基點。受設備供應和產品成本上漲的限制，扣除物流成本的下降是造成下降的主要原因。有利的貨幣、定價和重組收益被上一年度政府補貼的較低收益和其他非產品相關的經營成本所抵消。更具體地說，供應鏈限制對第三季度安裝的設備的地理組合產生了不利影響。我們預計第四季度毛利率將顯著提高，因為地域和產品組合有所改善，合同價格上漲的較高部分已實現，並且我們看到供應鏈成本的改善將進一步受益。

Adjusted operating margin of 3.7% decreased 50 basis points year-over-year, reflecting lower gross profit, higher bad debt expense and inflation-related operating cost increases, partially offset by lower R&D spending on project Own It savings. Specifically, supply chain disruption and higher product costs accounted for 60 basis points of the decline in operating margin. Higher bad debt expense on government subsidies benefits in the prior year accounted for another 110 basis points of the decline. Offsetting this impact will benefit from pricing, currently and the recent cost reduction actions noted above.

調整後的營業利潤率為 3.7%，同比下降 50 個基點，反映了較低的毛利潤、較高的壞賬費用和與通脹相關的運營成本增加，部分被項目 Own It 節省的研發支出減少所抵消。具體而言，供應鏈中斷和更高的產品成本佔營業利潤率下降的 60 個基點。上一年度政府補貼福利的壞賬支出增加，又造成了 110 個基點的下降。抵消這種影響將受益於定價、當前和上述最近的成本降低行動。

SAG expenses of $418 million increased $5 million year-over-year. The year-over-year increase was largely driven by an increase in bad debt expense of $11 million, reflecting a release of bad debt expenses reserved in the prior year as well as labor inflation, the effect of acquisition and benefit from temporary government subsidies in the prior year. These increases were partially offset by currency benefit on savings from Project Own It. SAG expense declined sequentially by $20 million, excluding the onetime accelerated share-based compensation expense recognized in Q2 due to Project Own It savings offset by the effect of acquisition and investment in new businesses.

SAG 費用為 4.18 億美元，同比增長 500 萬美元。同比增長主要是由於壞賬費用增加了 1100 萬美元，這反映了上一年預留的壞賬費用的釋放以及勞動力通脹、收購的影響以及從臨時政府補貼中受益前一年。這些增長被 Project Own It 節省的貨幣收益部分抵消。 SAG 費用環比下降 2000 萬美元，不包括在第二季度確認的一次性加速股權補償費用，原因是 Project Own It 節省被收購和新業務投資的影響所抵消。

RD&E was $73 million in the quarter, or 4.2% of revenue, which was a decrease of 50 basis points as a percentage of revenue year-over-year. The reduction was driven by lower spending for print and the suspension or deferral of innovation projects. Other expenses net were $34 million higher year-over-year. The increase was mainly driven by lower sales of noncore business asset, an increase in nonservice retirement-related interest cost due to higher discount rate and higher litigation expenses. Third quarter adjusted tax rate was 42.1% compared to minus 3.5% last year. The increase was largely due to changes in election made to certain tax positions for recently filed return as well as prior year nonrecurring tax benefit from tax return filing position on the remeasurement of deferred tax assets.

本季度 RD&E 為 7300 萬美元，佔收入的 4.2%，佔收入的百分比同比下降 50 個基點。減少的原因是印刷支出減少以及創新項目的暫停或推遲。其他費用淨額同比增加 3400 萬美元。這一增長主要是由於非核心業務資產的銷售減少、貼現率較高導致非服務退休相關利息成本增加以及訴訟費用增加所致。第三季度調整後稅率為 42.1%，而去年為負 3.5%。這一增長主要是由於對最近提交的納稅申報表的某些稅收立場的選擇發生了變化，以及對遞延所得稅資產重新計量的納稅申報表立場的上一年非經常性稅收優惠。

Adjusted EPS of $0.19 in the third quarter was $0.29 lower than in the prior year. This decline was driven by a year-over-year reduction in adjusted operating income, lower sales on noncore business asset and a higher tax rate, offset by a lower share count.

第三季度調整後每股收益為 0.19 美元，比去年同期低 0.29 美元。這一下降是由於調整後的營業收入同比下降、非核心業務資產銷售額下降和稅率提高，但被股票數量減少所抵消。

GAAP loss per share of $2.48 was $2.96 lower year-over-year due to an after tax noncash goodwill impairment charge of $395 million or $2.54, an increase in adjusted items, including higher nonservice retirement-related and restructuring costs. The goodwill impairment charge reflects a revaluation associated with macroeconomic uncertainty as well as higher discount rate being applied to our forecast.

GAAP 每股虧損 2.48 美元，同比減少 2.96 美元，原因是稅後非現金商譽減值費用為 3.95 億美元或 2.54 美元，調整項目增加，包括非服務性退休相關和重組成本增加。商譽減值費用反映了與宏觀經濟不確定性相關的重估，以及我們對預測應用更高的貼現率。

Turning to revenue. Demand for our products and services was strong in Q3, but total revenue fell slightly below our expectation due to significant euro and British pound weakness. Despite adverse currency movement, Equipment revenue was at its highest level since supply chain constraint began last year. Post-sales revenue grew mid-single digit on a constant currency basis for the second straight quarter, inclusive of the benefit of acquisitions.

轉向收入。第三季度對我們產品和服務的需求強勁，但由於歐元和英鎊大幅疲軟，總收入略低於我們的預期。儘管貨幣走勢不利，但設備收入仍處於自去年供應鏈限制開始以來的最高水平。按固定匯率計算，包括收購收益在內，售後收入連續第二個季度增長中個位數。

While we are observing increased caution from some of our customer, the underlying driver of demand and revenue growth for our business remains healthy. Equipment orders continue to benefit from years of underinvestment in print hardware. Growth in supplies revenue reflect improvement in print activity, managed print, IT and digital services revenue is growing. And we are realizing the early benefit of recent price increase.

雖然我們觀察到一些客戶越來越謹慎，但我們業務需求和收入增長的潛在驅動力仍然健康。設備訂單繼續受益於多年來對打印硬件的投資不足。耗材收入的增長反映了印刷活動的改善，託管印刷、IT 和數字服務收入正在增長。我們正在意識到近期價格上漲的早期好處。

Equipment sales of $390 million in Q3 grew 6.7% year-over-year in constant currency, or 0.8% in actual currency. Constant currency growth was driven by strength in EMEA. The geographic disparity of revenue growth between region this quarter reflects the availability of unit more than demand trend, which remain resilient in both regions, particularly for A3 equipment. We received more equipment specific to European's market than expected, which negatively affected gross margin as the achieved selling prices are lower in EMEA. Installation were down year-over-year across all category of black and white machine, but higher year-over-year for all categories of color machines. This reflects our prioritization of installation to higher-value color equipment.

第三季度設備銷售額為 3.9 億美元，按固定匯率計算同比增長 6.7%，或按實際匯率計算增長 0.8%。歐洲、中東和非洲地區的強勢推動了貨幣持續增長。本季度各地區收入增長的地域差異反映了單位供應量大於需求量的趨勢，這在兩個地區都保持彈性，尤其是 A3 設備。我們收到了比預期更多的歐洲市場專用設備，這對毛利率產生了負面影響，因為在歐洲、中東和非洲地區實現的銷售價格較低。所有類別的黑白機器的安裝量同比下降，但所有類別的彩色機器的安裝量同比均有所增加。這反映了我們優先安裝更高價值的彩色設備。

Margin benefit associated with an improvement in the mix of color devices were offset by geographical mix on the installation of equipment from our backlog that does not yet reflect recent price increases. We expect a more favorable geographic channel and product mix in Q4. Post-sales revenue of $1.36 billion grew 4.1% in constant currency year-over-year and fell 0.7% in actual currency. Post-sales growth in constant currency was driven by IT services, which includes revenue associated with the recent acquisition of Powerland in Canada and growth in sole supplies and paper. Maintenance and outsourcing services revenue growth accelerated this quarter in constant currency due to recent pricing action and the acquisition of Go Inspire. These improvements were partially offset by lower financing revenue, which was impacted by Xerox product availability.

與改進彩色設備組合相關的利潤率收益被我們積壓的設備安裝的地理組合所抵消，這尚未反映最近的價格上漲。我們預計第四季度會有更有利的地理渠道和產品組合。售後收入 13.6 億美元，按固定匯率計算同比增長 4.1%，按實際匯率計算下降 0.7%。以固定匯率計算的售後增長是由 IT 服務推動的，其中包括與最近在加拿大收購 Powerland 相關的收入以及唯一供應和紙張的增長。由於最近的定價行動和對 Go Inspire 的收購，本季度維護和外包服務收入增長加速（按固定匯率計算）。這些改進被施樂產品可用性影響的較低融資收入部分抵消。

Let's now review cash flow. Free cash flow was a use of $18 million in Q3, and was lower year-over-year by $99 million, driven by a $60 million increase in the use of working capital on an incremental $46 million of capital used to finance origination on operating lease growth at FITTLE. Operating cash flow was a use of cash of $8 million in Q3 compared to a source of cash of $100 million in the prior year. Working capital was a use of cash of $14 million this quarter, $60 million higher than the prior year driven by the late receipt of product in the quarter on an increase in inventory in anticipation of higher Q4 revenues. Additionally, cash used to fund an increase in finance receivables and operating lease was $54 million in the quarter compared to a use of fund of $ 8 million in the prior year quarter, reflecting FITTLE portfolio growth strategy. Investing activity were a use of cash of $33 million compared to a source of cash of $18 million in the prior year due in large part to $41 million of cash used to acquire businesses and lower proceeds from the sales of noncore business asset, partially offset by lower CapEx.

現在讓我們回顧一下現金流。自由現金流在第三季度使用了 1800 萬美元，同比下降 9900 萬美元，原因是營運資金的使用增加了 6000 萬美元，其中增加了 4600 萬美元用於資助經營租賃的發起FITTLE 的增長。第三季度經營現金流使用了 800 萬美元的現金，而上一年的現金來源為 1 億美元。營運資本是本季度使用現金 1400 萬美元，比上年增加 6000 萬美元，這是由於預期第四季度收入增加導致庫存增加，導致本季度延遲收到產品。此外，本季度用於增加融資應收賬款和經營租賃的現金為 5400 萬美元，而去年同期為 800 萬美元，這反映了 FITTLE 投資組合增長戰略。投資活動使用了 3300 萬美元的現金，而上一年的現金來源為 1800 萬美元，這在很大程度上是由於用於收購業務的 4100 萬美元現金以及出售非核心業務資產的收入減少，部分抵消了較低的資本支出。

CapEx of $10 million was $9 million lower year-over-year. CapEx mainly support our investment in IT infrastructure. Financing activity consumed $168 million of cash this quarter, driven by a net reduction in securitized debt. During the quarter, we paid dividend totaling $43 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 the year-to-date share repurchase on our annualized dividend.

1000 萬美元的資本支出同比減少 900 萬美元。資本支出主要支持我們對 IT 基礎設施的投資。在證券化債務淨減少的推動下，本季度的融資活動消耗了 1.68 億美元現金。在本季度，我們支付了總計 4300 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. Adjusted operating income margin improved sequentially this quarter, but at a slower pace than expected due to the effect of supply constraint, geographic mix and the impact of higher-than-expected inflation across our cost structure. We remain on target to deliver $150 million of gross cost savings this year through Project Own It, but high level of inflation has caused a rise in operating costs above the level expected when we increased our savings target to $450 million in Q1. Further, supply chain conditions are improving, but not at the pace we anticipated as recently as last quarter.

回歸盈利。本季度調整後的營業收入利潤率環比有所改善，但由於供應限制、地域組合以及整個成本結構中通脹高於預期的影響，增速低於預期。我們今年仍有望通過 Project Own It 實現 1.5 億美元的總成本節約目標，但高通脹導致運營成本上升高於我們在第一季度將節約目標提高至 4.5 億美元時的預期水平。此外，供應鏈狀況正在改善，但並未達到我們在上個季度預期的速度。

We expect adjusted operating margin to improve again in Q4, as product supplies constrained eased further, and we realize the benefit of incremental pricing benefit and more profitable geographic mix on cost action. However, we no longer expect our full year operating income margin to exceed prior year level. We are not providing an update to our 2023 margin outlook today, but I will provide some perspective.

我們預計第四季度調整後的營業利潤率將再次提高，因為產品供應受限進一步緩解，我們意識到增量定價優勢和成本行動帶來的更有利可圖的地域組合的好處。但是，我們不再期望我們的全年營業利潤率超過上年水平。我們今天沒有提供 2023 年利潤率展望的更新，但我會提供一些觀點。

Profitability improvement is the most important mid-term prerogative for our management team. We expect adjusted operating margin to improve in Q4 and continue into 2023. Specifically, price increases and cost actions taken this year have trailing on compounding benefit for 2023, and incrementally, if revenue continues to grow, as we expect it will. Further aiding our profitability next year are the actions we have taken to reduce our spend on innovation project with longer period of realized benefit. We will provide more detail on expected 2023 savings from adjusting spending on new businesses when we provide 2023 guidance next quarter.

提高盈利能力是我們管理團隊最重要的中期特權。我們預計調整後的營業利潤率將在第四季度有所改善，並持續到 2023 年。具體而言，今年採取的價格上漲和成本行動將追隨 2023 年的複合收益，並且如果收入繼續增長，正如我們預期的那樣，它會逐漸增加。明年進一步幫助我們盈利的是我們採取的行動，以減少我們在具有更長實現收益的創新項目上的支出。當我們在下個季度提供 2023 年指導時，我們將提供更多關於調整新業務支出的 2023 年預期節省的細節。

Finally, we remain diligent in our approach to managing our overall cost structure. Project Own It will have delivered more than $2.2 billion of savings since 2018 by the end of this year. As we have noted in prior calls, Own It is as much about generating operating efficiencies as it is cost cutting. We have additional capacity to do both in the coming year. As Steve noted, we are currently undergoing a detailed strategic review of our business structure, the result of which is expected to yield significant savings and enable greater sales. We expect the combination of margin improvement from better supply chain condition on price and cost action already executed, along with future profit-enhancing actions will drive operating margin in 2023 closer to the level indicated at our February 2022 Investor Day.

最後，我們仍然努力管理我們的整體成本結構。自 2018 年以來，到今年年底，Project Own It 將節省超過 22 億美元。正如我們在之前的電話會議中所指出的那樣，Own It 不僅可以提高運營效率，還可以降低成本。我們有額外的能力在來年做這兩件事。正如史蒂夫所指出的，我們目前正在對我們的業務結構進行詳細的戰略審查，其結果預計將產生大量節省並實現更大的銷售。我們預計，由於供應鏈條件改善、價格和成本行動已經執行，利潤率將得到改善，再加上未來的利潤提升行動，將推動 2023 年的營業利潤率接近 2022 年 2 月投資者日所表明的水平。

Turning to segments. FITTLE revenue declined 12.3% in Q3, mainly due to a reduction in operating lease revenue reflecting lower Xerox equipment in store due to product constraints. Segment profit fell $16 million or 67% due to lower profit from operating lease and higher bad debt expense, including a reserve release of approximately $14 million in 2021, which were only partially offset by lower intersegment commissions due to lower originations. Segment margin was 5.4% compared to 14.3% a year ago. Year-to-date, FITTLE margin of 9.3% remained above our full year estimate of 8% to 9%.

轉向細分市場。 FITTLE 收入在第三季度下降 12.3%，主要是由於產品限制導致商店中施樂設備減少，導致經營租賃收入減少。分部利潤下降 1600 萬美元或 67%，原因是經營租賃利潤減少和壞賬費用增加，其中包括 2021 年釋放的約 1400 萬美元的準備金，這僅部分被由於來源減少導致的部門間佣金減少而部分抵消。分部利潤率為 5.4%，而一年前為 14.3%。年初至今，9.3% 的 FITTLE 利潤率仍高於我們全年預期的 8% 至 9%。

We continue to expect FITTLE margin to fall in that range for the full year as Xerox lease volume pickup, driving increase in intersegment commission. In Q3, FITTLE's finance assets were stable at constant currency quarter-over-quarter. FITTLE origination volume grew 6% year-over-year. Non-captive channel originations, which includes third-party dealers and non-Xerox vendors, grew 33% year-over-year due to growth in new dealer relationship and third-party equipment origination volumes. This growth was partially offset by a decline in captive product origination of 11%, which were negatively affected by Xerox product availability. Print and Other revenue grew slightly in Q3 in actual currency. Print and Other segment profit grew 14% year-over-year, with a 50-basis-point expansion in segment profit margin despite being negatively impacted by the ongoing effect of supply chain constraint and inflation.

隨著施樂租賃量的增加，我們繼續預計全年的 FITTLE 利潤率將在該範圍內下降，從而推動跨部門佣金的增加。第三季度，FITTLE 的金融資產環比穩定在固定貨幣。 FITTLE 發起量同比增長 6%。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來源同比增長 33%。這一增長被自保產品起源下降 11% 部分抵消，這受到施樂產品可用性的負面影響。按實際貨幣計算，第三季度印刷和其他收入略有增長。儘管受到供應鏈約束和通貨膨脹的持續影響，印刷和其他部門的利潤同比增長 14%，部門利潤率擴大了 50 個基點。

Turning to capital structure. We ended Q3 with a neutral net core cash position. $2.7 billion of the $3.7 billion of our outstanding debt is allocated to (inaudible) FITTLE lease portfolio. The remaining debt of around $1 billion is attributable to the core business. Debt consists of senior unsecured bond on finance asset securitization. We have a balanced bond maturity lagger and no unsecured maturity for the remainder of the year.

轉向資本結構。我們以中性的淨核心現金頭寸結束了第三季度。在我們 37 億美元的未償債務中，有 27 億美元分配給（聽不清）FITTLE 租賃投資組合。其餘約 10 億美元的債務歸於核心業務。債務包括金融資產證券化的高級無抵押債券。我們有一個平衡的債券到期滯後，並且在今年剩餘時間內沒有無擔保到期。

As a reminder, we plan to refinance the entirety of our 2023 obligation with additional securitized receivable financing. The vast majority of our debt carries a fixed rate. As a result, we do not expect material near-term profitability or free cash flow headwind associated with rising interest rate.

提醒一下，我們計劃通過額外的證券化應收賬款融資為我們 2023 年的全部義務再融資。我們的絕大多數債務都是固定利率的。因此，我們預計不會出現與利率上升相關的重大近期盈利能力或自由現金流逆風。

Finally, I will address guidance. We lowered our revenue guidance from at least $7.1 billion to a range of $7 billion to $7.1 billion at actual currency, largely due to adverse currency movement and to a lesser extent, slower-than-expected easing of supply chain constraint. Since we last gave guidance, currency fluctuation has caused a $70 million headwind to our revenue outlook in actual currency. Our constant currency outlook for full year revenue growth is largely unchanged as we maintain a sizable backlog and have good visibility to Q4 product shipment.

最後，我將介紹指導。我們將收入指引從至少 71 億美元下調至 70 億美元至 71 億美元的實際貨幣範圍，這主要是由於不利的貨幣波動，以及在較小程度上，供應鏈限制的放鬆慢於預期。自從我們上次給出指導以來，貨幣波動給我們的實際貨幣收入前景帶來了 7000 萬美元的阻力。我們對全年收入增長的不變貨幣前景基本保持不變，因為我們保持大量積壓並且對第四季度產品出貨量具有良好的可見性。

We lower our free cash flow guidance for the year from at least $400 million to at least $125 million. As noted on previous calls, our guidance was predicated on the easing of supply chain conditions and an expected level of paid volume improvement. While we have experienced improvement on both fronts and continue to expect further improvement going forward, the improvement realized to date are lower than our initial expectation. More than $150 million of the decrease in free cash flow guidance reflect a greater-than-expected use of working capital to fund origination growth of FITTLE on inventory, which was the larger-than-expected use of cash in Q3 due to late delivery of equipment. Neither of these had any impact on profitability, and our investment in FITTLE portfolio are expected to produce double-digit margins and return on investment over time.

我們將今年的自由現金流指引從至少 4 億美元下調至至少 1.25 億美元。正如之前的電話會議所指出的，我們的指導是基於供應鏈條件的緩解和預期的支付量提高水平。雖然我們在這兩個方面都經歷了改進，並繼續期待未來進一步改進，但迄今為止實現的改進低於我們最初的預期。超過 1.5 億美元的自由現金流指引減少反映了營運資金用於資助 FITTLE 的庫存創始增長超出預期，這是由於延遲交付導致第三季度現金使用超出預期設備。這些都對盈利能力沒有任何影響，隨著時間的推移，我們對 FITTLE 投資組合的投資預計將產生兩位數的利潤率和投資回報。

The remainder of the reduction in free cash flow guidance reflects a lower operating profit outlook for the second half of the year due to slower-than-expected improvement in supply constraint, page volume trends and stronger-than-expected inflation across our cost base, the effect of which we expect will normalize in 2023.

自由現金流指引的其餘部分減少反映了下半年的營業利潤前景較低，原因是供應限制改善慢於預期、頁面數量趨勢以及我們成本基礎的通脹強於預期，我們預計其影響將在 2023 年正常化。

Similar to my comment on margin, I want to be clear that we are in no way satisfied with this year's expected free cash flow result. Our team is working tirelessly to improve margin and working capital efficiency, and we expect significantly stronger free cash flow result in the years ahead, due in part to improvement in supply chain constraint and a leasing of inflationary pressure on our cost base in combination with additional strategic action. Our expectation is that free cash flow will more than amply cover our dividend of $1 a share, which we have every intention of maintaining.

與我對利潤率的評論類似，我想明確表示我們對今年的預期自由現金流結果並不滿意。我們的團隊正在孜孜不倦地努力提高利潤率和營運資本效率，我們預計未來幾年的自由現金流將顯著增強，部分原因是供應鏈約束的改善以及我們成本基礎上的通脹壓力的減輕以及額外的戰略行動。我們的預期是，自由現金流將足以覆蓋我們每股 1 美元的股息，我們有意維持這一股息。

We'll now open the line for Q&A.

我們現在將打開問答線路。

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

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

And a lot of really, really useful detail. So I appreciate that. I guess the big one for me is really on demand and on revenue, which has held up really well. Any customer context that you can share that would be useful. And I guess even including any sense you guys have for how much of the revenue that you've been putting up is driven by backlog relative to fresh organic demand coming on as you've been moving forward? And I guess what's your -- without giving a guide sort of a '23 guide, what would you convey as your expectation for us with regards to how you see macro kind of manifesting on your customer base and on demand? I appreciate that.

還有很多非常非常有用的細節。所以我很感激。我想對我來說最重要的是按需和收入，這一直保持得很好。您可以共享的任何客戶上下文都會很有用。而且我想，即使包括你們對你們所提供的收入中有多少是由積壓驅動的，相對於你們一直在前進的新的有機需求，我想也包括在內？我猜你的想法是什麼——在不提供 23 年指南之類的指南的情況下，你對我們的期望是什麼？我很感激。

Thanks, Ananda. So as we noticed it, so our demand for product and services remain very, I would say, resilient. You understand the macro environment is challenging. But, at the same time, what we have seen is the demand for our product remains strong. Our backlog moderately reduced. It was only 8%. As we mentioned it in quarter 2, we are expecting the backlog to tail and then to reduce around quarter 3, quarter 4. We have still seen a high demand of product, I would say, all products range and specifically on A suite. And what we see from the macro environment is that we are not pursuing a reduction in IT investments related to our product. And our product support the resolution or how our customers are currently looking at addressing some of the challenges that they had specifically when you speak about workflow solution, everything which is around digital services, where we have a set of solutions that address some of the challenge here.

謝謝，阿難。因此，正如我們所注意到的，我們對產品和服務的需求仍然非常有彈性，我想說。您了解宏觀環境具有挑戰性。但是，與此同時，我們看到對我們產品的需求依然強勁。我們的積壓工作適度減少。只有8%。正如我們在第 2 季度提到的那樣，我們預計積壓訂單會減少，然後在第 3 季度和第 4 季度左右減少。我們仍然看到對產品的高需求，我想說，所有產品範圍，特別是 A 套件。我們從宏觀環境中看到的是，我們並沒有追求減少與我們產品相關的 IT 投資。我們的產品支持解決方案，或者我們的客戶目前正在考慮如何解決他們在談到工作流解決方案時特別遇到的一些挑戰，圍繞數字服務的一切，我們有一套解決方案來解決一些挑戰這裡。

So in a nutshell, we don't see demand decrease. And the backlog is steady. We are expecting to absorb some of the backlog as well in Q4. And what we are facing currently is mainly related, or the challenges we faced during the quarter was mainly related to supply chain and inflation pressure.

所以簡而言之，我們沒有看到需求減少。而且積壓是穩定的。我們預計在第四季度也會吸收一些積壓的訂單。而我們目前面臨的主要是相關的，或者說我們在本季度面臨的挑戰主要與供應鍊和通脹壓力有關。

And then I would say the other thing is --

然後我會說另一件事是——

the other thing I would say is on productivity. Customers are facing the same headwinds that everybody else is doing on the macro side and our products and services are really helping to drive productivity inside of their infrastructure. So we see strong demand where we've got clients that are trying to deal with inflationary costs as well as we are, and our products help us significantly there.

我要說的另一件事是關於生產力。客戶在宏觀方面面臨著與其他人一樣的逆風，我們的產品和服務確實有助於提高其基礎設施內部的生產力。因此，我們看到了強勁的需求，我們的客戶正試圖像我們一樣應對通脹成本，而我們的產品在這方面為我們提供了極大的幫助。

And Xavier, I believe you may have mentioned you expect -- you guys expect to grow in 2023? Is that accurate? And I guess what underpins that? Was it really just sort of the stuff you talked to just a moment ago? Or is there anything incremental to that?

Xavier，我相信你可能已經提到過你的期望——你們期望在 2023 年增長？那準確嗎？我猜這是什麼支撐？真的只是你剛才談的那種東西嗎？或者有什麼增量的嗎？

Yes. So. I would say -- I will give you 2 data points. First data point is on equipment revenue. Equipment revenues, the backlog still remains strong. We have $429 million of backlog. It was down only 8% during quarter 3. And if you compare this backlog compared to the total equipment revenue we are used to generate, it's close to 1/4 of the full year revenue. So still a strong backlog here. on the -- I will call that as well a healthy backlog. I gave a data point by saying that less than 50% -- or more than 50% of this backlog is less than 90 days old. So it does not mean that this backlog is aging. We do not see cancellation of orders from customer. So this is healthy and the customer clearly waiting the supply chain challenges to be fixed there.

是的。所以。我會說——我會給你2個數據點。第一個數據點是設備收入。設備收入方面，積壓依然強勁。我們有 4.29 億美元的積壓工作。第三季度僅下降了 8%。如果將此積壓訂單與我們過去產生的設備總收入進行比較，它接近全年收入的 1/4。所以這裡仍然有大量的積壓。關於--我也將其稱為健康的積壓工作。我給出了一個數據點，即少於 50% - 或超過 50% 的積壓工作不到 90 天。因此，這並不意味著此積壓工作正在老化。我們沒有看到客戶取消訂單。所以這是健康的，客戶顯然在等待供應鏈挑戰在那裡得到解決。

Regarding post sales, as you have noticed it in quarter 2, by the way, both on equipment and post-sale since quarter 2, 2021. So this was the first time where we started to face some of the supply chain challenges there. But equipment revenue and post-sales, both revenue -- both these 2 revenue grew in constant currency since more than a year, which is as well a good indication that we saw the gradual recovery of sales volume, but also saw other revenue stream in post-sales taking shape and generating additional revenue here.

關於售後，順便說一句，自 2021 年第 2 季度以來，您在第 2 季度已經註意到了設備和售後。所以這是我們第一次開始在那裡面臨一些供應鏈挑戰。但是設備收入和售後收入，這兩項收入都是一年多以來以固定匯率增長的，這也是我們看到銷量逐漸恢復的一個很好的跡象，但也看到了其他收入來源售後在這裡形成並產生額外收入。

We mentioned into the call IT services was growing, the supply business was growing. So it's a post-sales stream there so quite a good indication. I also call that 80% -- when you compare to 2019, post-sales revenue is now at 80% of where we were in 2019. So if you take all this component on new projects this for next year, we are expecting revenue to grow. [ESR] will be a key driver, but IT services as well and other revenue streams in post sales will drive the growth.

我們提到到調用 IT 服務正在增長，供應業務正在增長。所以這是一個售後流，所以這是一個很好的跡象。我也稱之為 80%——當你與 2019 年相比時，售後收入現在是 2019 年的 80%。因此，如果你將所有這些組件用於明年的新項目，我們預計收入將生長。 [ESR] 將是一個關鍵驅動因素，但 IT 服務和其他售後收入流將推動增長。

Our next question comes from the line of Erik Woodring from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erik Woodring。

This is Maya Neuman on for Erik Woodring. Maybe just to start. You highlighted that project deployments are taking a little bit longer and that page volume commitments are slower. When did you see this behavior start to change? And how should we think about what linearity looks like in the quarter?

這是 Erik Woodring 的 Maya Neuman。也許只是開始。您強調項目部署需要更長的時間，並且頁面量承諾更慢。你什麼時候看到這種行為開始改變的？我們應該如何考慮本季度的線性度？

Yes. So these 2 indications is to address one question we often receive around how do you see the post-sales revenue stream going there? So as I mentioned it, post sales was a growth in the quarter and it was at constant currency growth of 4.1%. So still, I would say, a healthy stream here. However, we have noticed, in some occasion, customers are taking longer to deploy a certain project. This could be related to return to the office, but also, I would say, budget decisions that they are making. This delay in project does not mean it has a direct impact and we're not losing revenue because offline this customers are currently using our solutions. So this is an expansion of the current contract up to next contract.

是的。因此，這兩個跡像是為了解決我們經常收到的一個問題，即您如何看待那裡的售後收入流？因此，正如我所提到的，該季度的售後銷售額有所增長，貨幣增長率為 4.1%。所以，我想說，這裡還是一條健康的河流。但是，我們注意到，在某些情況下，客戶需要更長的時間來部署某個項目。這可能與返回辦公室有關，但我想說，也與他們正在做出的預算決定有關。項目的這種延遲並不意味著它會產生直接影響，而且我們不會因為這些客戶目前正在離線使用我們的解決方案而損失收入。所以這是當前合約到下一個合約的擴展。

Commenting on the page volume. We have seen in quarter 3 over quarter 2, a sequential growth increase of page volume. We have -- we are not yet at 80%. Some of our geography at 80% of what we were in 2019, but it's a gradual recovery. To be, I would say, transparently, in our expectation, we were expecting a higher recovery during this quarter, but this just reflects some of the challenges a lot of firms are currently facing in bringing employees back to the office. However, despite this, it was still a growth. So this is not like page volume going down. This is still growth quarter-over-quarter and a sequential improvement here and still the correlations that we flagged in the past between present to the office and page volume.

評論頁面量。我們在第 3 季度比第 2 季度看到，頁面量連續增長。我們有——我們還沒有達到 80%。我們的一些地理位置是 2019 年的 80%，但這是一個逐漸恢復的過程。坦率地說，在我們的預期中，我們預計本季度會有更高的複蘇，但這只是反映了許多公司目前在讓員工重返辦公室方面面臨的一些挑戰。然而，儘管如此，它仍然是一個增長。所以這不像頁面量下降。這仍然是季度環比增長和連續改善，仍然是我們過去標記的當前辦公室和頁面量之間的相關性。

Great. And so just a follow-up question. Can you provide a little more color on what exactly the goodwill impairment charge relates to? And then Yes, I'll let you go.

偉大的。所以只是一個後續問題。您能否提供更多關於商譽減值費用與什麼相關的顏色？然後是的，我會讓你走。

Okay. No, it's very, I would say, simple and technical. So every year, we conduct, at this time of the year, an assessment of our goodwill. The goodwill is mainly related to prior goodwill being booked on acquisition. You have mainly 2 components when you make this adjustment. One key component is what is the interest rate assumption that you have when you build the case, so discount rate and how you calculate the WACC. And I would say, the vast majority of -- the big chunk of this goodwill impairment is driven by this due to the current macro environment.

好的。不，我會說，它非常簡單和技術性。因此，每年的這個時候，我們都會對我們的商譽進行評估。商譽主要與收購時入賬的前期商譽有關。進行此調整時，您主要有 2 個組件。一個關鍵組成部分是您在構建案例時所擁有的利率假設，即貼現率以及您如何計算 WACC。我想說的是，由於當前的宏觀環境，這種商譽減值的很大一部分是由這個驅動的。

The second element is related to the way we look at our forecast on how we just adjusted. And it's one of the components that help us to assess how the goodwill should be sustained in the future. This is -- I want to reiterate this point there. This is a noncash item and you have noticed this is treated below the line. So this is something that we are doing every year. I am certain that this is challenges that other companies are facing as well.

第二個因素與我們看待我們剛剛調整的預測的方式有關。它是幫助我們評估未來應如何維持商譽的組成部分之一。這是- 我想在此重申這一點。這是一個非現金項目，您已經註意到這是在行下方處理的。所以這是我們每年都在做的事情。我確信這也是其他公司面臨的挑戰。

And our next question comes from the line of Samik Caddy from JPMorgan.

我們的下一個問題來自摩根大通的 Samik Caddy。

I guess I wanted to go back to the comment about page volumes again. And I think I heard you say page volume recovery has been slower than expected. And I wanted to see if you can dig into that a bit. Is that -- is it the understanding that, that's driven by less return to the office? Or has printing behavior sort of been different even as employees have come back?

我想我想再次回到關於頁面卷的評論。而且我想我聽到你說頁面量恢復比預期的要慢。我想看看你是否可以深入研究一下。是不是 - 是不是因為回到辦公室的次數減少了？或者即使員工回來了，印刷行為也有所不同？

And as you're starting to sort of see some budget considerations from your customers, why isn't that more of where we would -- you would expect sort of your customers to take certain budget decisions or priorities based on the page volumes that you're seeing, why weren't there sort of priorities and their budgets change around print? Why shouldn't we think of that into 2023? And I have a follow-up, please.

當您開始從您的客戶那裡看到一些預算考慮因素時，為什麼我們不會更多 - 您會期望您的客戶根據您的頁面量做出某些預算決策或優先級'看到了，為什麼沒有優先事項，他們的預算圍繞印刷而改變？為什麼我們不應該考慮到 2023 年呢？我有一個跟進，拜託。

Thank you, Samik. So the main point that we observe here is that the return to the office has been slower than the compare where either expected or [incented] employees to. When employees are in the office, and you remember, we commented this during the prior quarter, we see employees using the devices on printing, even if they are on a working pattern of -- you remember, I was giving this example of 3 days out of 5. 3 days out of 5 could mean 60% of our page volume. We are getting our trajectory to go to 60%. We are getting closer to this number. As I mentioned, some geographies are already above 80%, but we are not yet there in every places there. So getting closer, gradual improvement, but we do not observe like a significant shift or changes in the printing pattern of our employees.

謝謝你，薩米克。因此，我們在這裡觀察到的要點是，返回辦公室的速度比預期或[激勵]員工的速度要慢。當員工在辦公室時，您還記得，我們在上一季度對此發表了評論，我們看到員工在打印時使用這些設備，即使他們的工作模式是——您還記得，我舉了一個 3 天的例子5 天。5 天中的 3 天可能意味著我們頁面量的 60%。我們正在讓我們的軌跡達到 60%。我們越來越接近這個數字。正如我所提到的，有些地區已經超過 80%，但我們還沒有在每個地方都做到這一點。所以越來越接近，逐漸改進，但我們沒有觀察到員工印刷模式的重大轉變或變化。

Another point is we still have a strong demand around our MPS, managed print solution around working from home or when an employee wants -- company wants to support the working from home. And the A4 business or the demand that we have seen on A4 businesses and the solution that we are leveraging here was quite strong in the quarter here.

另一點是我們仍然對我們的 MPS 有強烈的需求，圍繞在家工作或當員工需要時管理打印解決方案 - 公司希望支持在家工作。 A4 業務或我們在 A4 業務上看到的需求以及我們在這裡利用的解決方案在本季度非常強勁。

And finally, I would like to add a point because page volume is one indicator, but another indicator is how the devices have been used by our customer. I would like to flag that if you remember, we launched earlier this year, I would say, a suite of software that customers are using, which is called Workflow Central, which can do, I would say, a lot of things much more than printing for customer like they can do translation, reduction or conversion to audio. And this quarter, we have seen the sales of this solution for workers that are either working from home or in the office, rising significantly, and being very close to the sales that we are seeing on the apps that we are selling on the product here. So this is encouraging because what does that mean? It means that page volume is an indicator, but we see also other revenue stream around the multifunction devices being generated.

最後，我想補充一點，因為頁面量是一個指標，但另一個指標是我們的客戶如何使用這些設備。我想提醒一下，如果您還記得，我們今年早些時候推出了一套客戶正在使用的軟件，稱為 Workflow Central，我想說，它可以做的事情遠不止於此為客戶打印，就像他們可以進行翻譯、縮減或轉換為音頻一樣。本季度，我們看到該解決方案面向在家或在辦公室工作的員工的銷售額顯著上升，並且非常接近我們在此處銷售的產品的應用程序上看到的銷售額.所以這是令人鼓舞的，因為這意味著什麼？這意味著頁面量是一個指標，但我們還看到圍繞正在生成的多功能設備的其他收入來源。

Got it. And for my follow-up, if I can ask on the cash flow, the change in guidance here from $400 million to $125 million for the year. Can you just outline how much of that is just the different sort of endpoint related to inventory given some of the supply challenges that's more one-off versus more underlying sort of profitability? And then you mentioned you were looking to scale back on investments in PARC. I believe you had updated us that you spent looking at a cash flow or cash investment about $250 million or so annually. But maybe just update us in terms of what you're thinking there, as you go forward, what the run rate could be in terms of cash investment on an annual basis?

知道了。對於我的後續行動，如果我可以詢問現金流，今年的指導從 4 億美元變為 1.25 億美元。鑑於一些供應挑戰更多的是一次性而不是更潛在的盈利能力，您能否概述其中有多少只是與庫存相關的不同類型的端點？然後你提到你正在尋求縮減對 PARC 的投資。我相信你已經更新了我們，你每年花費大約 2.5 億美元來查看現金流或現金投資。但也許只是根據您的想法更新我們，隨著您的前進，每年現金投資的運行率可能是多少？

Yes. So the way to look at it and to simplify it. So the reduction between $400 million to $125 million, more than $150 million is related to working capital. One item of working capital, as you describe it, is more of the one-off, it is related to inventory. And this is later a level of product in Q3, which is a good news because it will help us as well to deliver strong quarter 4 from a [near-term] point of view. The second part of this working capital is what I call the good collateral is the use of cash in order to fund FITTLE growth. And FITTLE is a business where you borrow money and then you sell this money back to customers as part of our financing arrangement with customers here. And the fact that FITTLE is growing, it's a good thing because what does that mean, you have heard it. The portfolio of FITTLE now at constant currency is flattish and [stopped] has a trajectory to reverse the trend that was a trend down. What does that mean that FITTLE is able, outside of Xerox, to grow and to generate origination new businesses with non-Xerox equipment, which is exactly the strategy that we built for FITTLE.

是的。所以看待它並簡化它的方式。因此，從 4 億美元減少到 1.25 億美元，超過 1.5 億美元與營運資金有關。正如您所描述的，一項營運資金更多的是一次性的，它與庫存有關。這是第三季度後期的一個產品級別，這是一個好消息，因為從 [近期] 的角度來看，它也將幫助我們實現第四季度的強勁表現。營運資金的第二部分是我所說的良好抵押品，即使用現金為 FITTLE 增長提供資金。 FITTLE 是一項業務，您可以在其中藉錢，然後將這筆錢賣給客戶，這是我們與這裡的客戶進行融資安排的一部分。事實上，FITTLE 正在增長，這是一件好事，因為這意味著什麼，你已經聽到了。現在以固定貨幣計算的 FITTLE 投資組合持平，並且 [停止] 具有扭轉趨勢下降趨勢的軌跡。這意味著 FITTLE 能夠在施樂之外發展並使用非施樂設備產生新業務，這正是我們為 FITTLE 制定的戰略。

So that the working capital, it's more than $150 million of decline, free cash flow declined or difference versus guidance. The remainder, which is around $125 million is mainly related to profitability and (inaudible) profitability. This is the supply chain challenges that we face on the fact that the mix of products that we are receiving and the inflation we see on supply chain, we won't be able to correct the trajectory this year. However, I want to repeat this message because I think it's important. We expect sequential improvement in margin on free cash flow in Q4 and in 2023. And the reason why, it's mainly related to the fact that we have put in place price increases on cost action to address some of the inflation pressure. We are also seeing improvement in supply chain, as I mentioned it, late delivery in Q3 means good delivery in quarter 4 or good in-store in quarter 4. And we have also taken actions on -- we mentioned it during our call there, reducing some of the R&D on the innovation project. Some of these projects have a longer recession period. So we are focusing on the better return on investment on some of these project here. And, as always, Project Own It is 1 of the drivers of our cost base adjustment.

因此，營運資金下降超過 1.5 億美元，自由現金流下降或與指導意見的差異。其餘約 1.25 億美元主要與盈利能力和（聽不清）盈利能力有關。這是我們面臨的供應鏈挑戰，因為我們收到的產品組合和我們在供應鏈上看到的通貨膨脹，我們今年將無法糾正軌跡。但是，我想重複這個信息，因為我認為它很重要。我們預計第四季度和 2023 年自由現金流的利潤率將連續改善。其原因主要與我們已採取成本行動提價以應對部分通脹壓力有關。正如我所提到的，我們也看到供應鏈的改善，第三季度延遲交付意味著第四季度的良好交付或第四季度的良好店內交付。我們還採取了行動——我們在電話會議中提到了這一點，減少對創新項目的部分研發。其中一些項目的衰退期較長。因此，我們在這裡專注於對其中一些項目進行更好的投資回報。而且，與往常一樣，Project Own It 是我們調整成本基礎的驅動因素之一。

So again, I want to repeat and reinforce this message here. Improvement in margin sequentially on free cash flow in Q4 and 2023.

再次，我想在這裡重複並加強這一信息。第四季度和 2023 年第四季度和 2023 年自由現金流的利潤率連續提高。

And our next question comes from the line of Shannon Cross from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

I was wondering, can we take a step back and just talk a bit -- I mean, if we went back to the Analyst Day, and there was all this focus on growth businesses, which obviously aren't working out or are costing too much, I guess, I don't know if you can talk just a bit about what you think will be the drivers of growth going forward since there was so much of a focus on 3D print and the Bridge business and the HVAC business in that? And how should we think about the value, or how to track the minority ownership that you retained in those businesses? And then I have a follow-up.

我想知道，我們能不能退後一步，聊一聊——我的意思是，如果我們回到分析師日，所有這些都集中在增長業務上，這顯然沒有奏效或成本太高很多，我想，我不知道你是否可以談談你認為未來增長的驅動力，因為其中非常關注 3D 打印、橋樑業務和 HVAC 業務?我們應該如何考慮價值，或者如何跟踪您在這些業務中保留的少數股權？然後我有一個跟進。

Shannon, it's Steve. Thank you for the question. So when you think about macroeconomic conditions, the cost of capital and valuations of high-growth businesses, they've evolved since Investor Day, right? Current opportunity is in favor, investments out businesses over investments in long deep tech technology. So if you really think about it. Some of these early-stage technologies require a longer lead time, require a significant amount of capital, and what we've decided to do is to take a look at, given the macro conditions, to reevaluate how we deploy capital. So we've shut down Eloque as we think about the amount of investment that it would take and the long lead time for return. We have scaled back 3D. But importantly, we've made sure that 2 businesses, specifically Novity and our HVAC business, Mojave, have been spun out and they will get cash investments and see that growth. We have a minority position in that. So those are 2 good assets that we see have potential to grow, but we didn't want to use our cash as you think about long-term return on those investments, and we reallocated our capital towards things like -- if you think about digital services, you think about IT services, all the things that we have in front of us that we think can grow our revenue near term.

香農，是史蒂夫。感謝你的提問。因此，當您考慮宏觀經濟狀況、資本成本和高增長企業的估值時，它們自投資者日以來已經發生了變化，對吧？當前的機會是有利於企業的投資，而不是對長期深科技技術的投資。所以，如果你真的想一想。其中一些早期技術需要更長的交付時間，需要大量資金，我們決定做的是在宏觀條件下重新評估我們如何部署資金。所以我們關閉了 Eloque，因為我們考慮了它所需要的投資量和很長的回報時間。我們縮小了 3D。但重要的是，我們已確保將 Novity 和我們的 HVAC 業務 Mojave 兩個業務分拆出來，他們將獲得現金投資並看到增長。我們在這方面佔少數。因此，這是我們認為有增長潛力的兩項好資產，但我們不想在您考慮這些投資的長期回報時使用我們的現金，我們將我們的資本重新分配給諸如 - 如果您考慮數字服務，您會考慮 IT 服務，以及我們認為可以在短期內增加收入的所有事物。

Okay, so the 2 spun out businesses, what percentage you retain of them?

好的，那麼這 2 家分拆出來的業務，你保留他們的百分比是多少？

So it's a minority position, and we don't disclose the specific details here.

所以屬於少數派立場，具體細節我們不在這裡透露。

Okay. So there's no way to get a valuation on that just so we can watch how it goes? Okay. And then I guess, thinking about Project Own It, and you talked about some structural changes. I'm just curious if you could provide some more details on exactly what you're going to do to change costs? Are you looking at massively shrinking your technicians or going more to inside sales? Or how should we think about how you're going to morph this given sort of the end market dynamics as well as the macro challenges?

好的。因此，沒有辦法對此進行估值，以便我們可以觀察它的進展情況？好的。然後我想，想想 Project Own It，你談到了一些結構變化。我只是想知道您是否可以提供更多詳細信息，說明您將採取哪些措施來改變成本？您是在考慮大幅縮減技術人員還是更多地轉向內部銷售？或者我們應該如何考慮你將如何改變這種給定的終端市場動態以及宏觀挑戰？

Yes, I think there's a couple of things there, Shannon. First of all, large opportunity in our supply chain in terms of looking at what we do at our inventory, location inventory, supply chain, significant optimization there using technology, artificial intelligence, et cetera. As you look at our go-to-market opportunities, I've talked about a couple of times now where we can penetrate existing clients with expanding our products and services inside of our current client base. In other words, growing the TAM inside of our clients, looking at how we think about technology in and around our service delivery, talking about CareAR. We talk about artificial intelligence, the ability to do more remote solve, less truck rolls, meaning second calls to our customers, and the ability to drive productivity in our service delivery and our field service delivery using technology and significant technologies.

是的，我認為那裡有幾件事，香農。首先，就我們在庫存、位置庫存、供應鏈的工作、使用技術、人工智能等方面的重大優化而言，我們的供應鏈有很大的機會。當您查看我們的上市機會時，我已經談過幾次了，我們可以通過在當前客戶群中擴展我們的產品和服務來滲透現有客戶。換句話說，在我們的客戶內部發展 TAM，看看我們如何看待我們的服務交付中和周圍的技術，談論 CareAR。我們談論人工智能、進行更多遠程解決的能力、更少的上門服務，這意味著對客戶的第二次呼叫，以及使用技術和重要技術提高服務交付和現場服務交付生產力的能力。

We also will look at a variety of other things within our portfolio to think about how we optimize the costs in and around SG&A.? How we go to market, et cetera. So there's lots of opportunities that we can drive supply chain, field service, go-to-market as part of project Own It. And obviously, as we get to end of Q4, we'll give you more color on that.

我們還將研究我們投資組合中的各種其他事物，以思考我們如何優化 SG&A 內部和周圍的成本。？我們如何進入市場等等。因此，作為 Own It 項目的一部分，我們可以推動供應鏈、現場服務、進入市場的機會很多。很明顯，隨著我們到第四季度末，我們會給你更多的顏色。

And then just my final question is on cash flow. I know you're confident in driving higher cash flow numbers, but I'm just trying to figure out how you can maintain the dividend that you're at? And what your thought -- what you're doing given you're going to have some payments in December, I think, on the debt side. And maybe if you can just let us know what the minimum level of cash is that you need to run the business?

然後我的最後一個問題是關於現金流的。我知道您有信心推動更高的現金流量數字，但我只是想弄清楚您如何才能維持現有的股息？以及你的想法——我認為，鑑於你將在 12 月支付一些債務，你正在做什麼。也許您可以讓我們知道您經營業務所需的最低現金水平是多少？

So Shannon, we have no issue with paying the dividend and maintaining the dividend here. From a debt point of view, we have, as you know, it's $650 million to pay in March 2023. As part of the covenant, the revolver covenant that we have $350 million will be paid in December, will be entirely funded by securitization, and this is in flight. So we have no concern on this point here. Regarding free cash flow, again, in quarter 4, what I mentioned here, the vast majority of the Q3 use of free cash flow was related to FITTLE growth, which is a good thing to have. On the other side, inventory, I clearly expect the inventory situation to reverse. As you know it, Q4 is always the strongest quarter, and we are still sitting with a backlog of $420 million. So we should have a strong quarter 4 from a near term point of view that will be played in the [ESR] inventory and reduce this inventory down.

所以香農，我們在這裡支付股息和維持股息沒有問題。從債務的角度來看，如您所知，我們有 6.5 億美元需要在 2023 年 3 月支付。作為契約的一部分，我們擁有 3.5 億美元的左輪手槍契約將在 12 月支付，將完全由證券化提供資金，這是在飛行中。所以我們在這裡不關心這一點。關於自由現金流，我在這裡提到的第四季度，自由現金流的絕大多數使用與 FITTLE 增長有關，這是一件好事。另一方面，庫存，我顯然預計庫存情況會逆轉。如您所知，第四季度始終是最強勁的季度，我們仍然積壓了 4.2 億美元。因此，從短期來看，我們應該有一個強勁的第 4 季度，這將在 [ESR] 庫存中發揮作用，並減少庫存。

And our final question for today comes from the line of James Suva from Citi.

我們今天的最後一個問題來自花旗的 James Suva。

Can you help me better understand how to bridge with more investment in the FITTLE? And you just are reducing your sales outlook, is it your customers are asking you to finance more? Or is it the cost of capital more? Or are you like building or expanding something within FITTLE? Because if sales are being challenged, and you have a more cautionary outlook on macro concerns, building FITTLE just seems kind of interesting. If you can help me bridge that, that would be great.

您能否幫助我更好地了解如何在 FITTLE 上進行更多投資？而您只是在降低您的銷售前景，是您的客戶要求您提供更多資金嗎？還是資本成本更高？或者您喜歡在 FTTLE 中構建或擴展某些東西？因為如果銷售受到挑戰，並且您對宏觀問題的看法更加謹慎，那麼構建 FITTLE 似乎有點有趣。如果你能幫我解決這個問題，那就太好了。

Yes. So James, I will step back a little bit on the described FITTLE strategy. So FITTLE has been, for a long time, a captive operation. And this as a captive was behaving as what you described, which was completely linked, connected, correlated with Xerox equipment revenue. When Xerox equipment revenue was up, the originations were up and then the financing scope was up and the opposite was true as well. Since, I would say, 2 years now, and since we reinitiated, reinvigorated FITTLE, due to the fact that FITTLE has a strong credit assessment capability, a good platform and the ability to expand beyond Xerox, the FITTLE team, management team has expanded well beyond the pure Xerox product on the what we have noticed in quarter 3 and what we are expecting from the team is growth outside of the Xerox, what I call, captive activity. So this is what did happen in Q3. And as I described it at call that the good [cholesterol] because this is a use of cash that will have a strong return, double-digit return in the future. And this is as well an activity that help to strengthen and keep a good relationship with our partner and with our resellers and the end customers here. So back to your question, precise question. This was mainly related to non-Xerox equipment or solutions growth, not correlated to the pure Xerox equipment.

是的。所以詹姆斯，我將在所描述的 FITTLE 策略上退後一步。因此，長期以來，FITTLE 一直是一種俘虜行動。而這作為俘虜的行為正如你所描述的那樣，與施樂設備收入完全相關、相關、相關。當施樂設備收入上升時，起源上升，然後融資範圍上升，反之亦然。我想說，2年了，自從我們重新啟動，重振FITTLE以來，由於FITTLE具有強大的信用評估能力，良好的平台和超越施樂的能力，FITTLE團隊，管理團隊已經擴大遠遠超出了我們在第三季度注意到的純施樂產品以及我們對團隊的期望是施樂之外的增長，我稱之為俘虜活動。這就是第三季度發生的事情。正如我在電話會議上所描述的那樣，良好的 [膽固醇] 因為這是一種現金的使用，未來將獲得強勁的回報，兩位數的回報。這也是一項有助於加強和保持與我們的合作夥伴、經銷商和最終客戶的良好關係的活動。所以回到你的問題，精確的問題。這主要與非施樂設備或解決方案的增長有關，與純施樂設備無關。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Steve Bandrowczak for any further remarks.

這確實結束了今天節目的問答環節。我想把程序交還給 Steve Bandrowczak 以作進一步的評論。

Thank you for listening to our earnings conference call this morning. The past few years have tested the resolve of our people. I'm honored to lead this company that is filled with great people who have proven time and again, their ability to overcome incredible challenges. When I meet with our clients and our employees, I am filled with optimism about Xerox ability to do more with our clients, and about the team we have in place to deliver more value to our key stakeholders, including shareholders, clients, partners and employees. Thank you for listening to this call and have a great day.

感謝您今天早上收聽我們的收益電話會議。過去幾年考驗了我們人民的決心。我很榮幸能夠領導這家公司，這家公司充滿了優秀的人才，他們一次又一次地證明了他們克服令人難以置信的挑戰的能力。當我與我們的客戶和員工會面時，我對施樂與客戶合作的能力以及為我們的主要利益相關者（包括股東、客戶、合作夥伴和員工）提供更多價值的團隊感到非常樂觀.感謝您收聽這個電話，祝您有美好的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。